18/11/2013 - kontranews.gr

Download Report

Transcript 18/11/2013 - kontranews.gr

!
#
"
+*. !"& * &
$.$ %' * &
,#% *'
*7< J?1 >C 7 91 5?9:> / A5 9
A8>I@ :19 AC<B-=59@ 4914.E5B19
B7< -;;7 :19 >9 D>?>;>305@ .
DB>C< A1< 2?>E/ AB1 :5D-;91 1@
:19 1@ .E>C< 1;1;9-A59 7 >C;/
47;14/ H;>9 >9 2>C;5CB.@ 1@
1 >D-A9A1< <1
531;JA>C<
$'%'! B>C@ B> 9A8H B>C@ 5 B>
:H; > BG< 491DH?G< 5 94> -BG<
:19 <1 B>< D8-A>C< B7< J?1 >C
'+#!
! 7 1B?041 1@ AB> C
89:H >AH BG<
5C?J B>
/<1 / AB1
4?1E .@
"19 7< <> 065B5 HB9 7 %
+
& ) B>C 9A8>I BG< 2>C;5CBJ<
.39<5 BCE101 / HB9 45< :1B1;1210
<>C< >9 1? H49>9 HB9 5 1CB/< 81
& ) "
! -;9 > :>A -:7@ 1 H
B7 <.1 1CB/ ?H:;7A7 ?>@ B><
59<1A .<> :19 5=>C85<G .<> 1 H
B7< C 5?D>?>;H37A7 B9@ 1 >;I
A59@ :19 B7< 1<5?301 #1H 1@
)+% , ! )* ) #
$!
!
" !%
1<9:1<HB7B1 7 2;1:501
:19 B> :;.F9 > 1 B>
>;9B9:H ?>AG 9:H >C
:C25?<-59 B1 B5;5CB101 E?H<91
.E59 =5 5?-A59 :-85 H?9>
6.?- 129 20784 *?4>.9 F9; 7.?* ?4=
BH<.= ?49 ; ;-. B<2;7F 4>.9 .88* 7.6
7.?* ?4= -16.= ?4= 14 ;7<.?-.= .A;G
7.?*A2<.9 9. A.86<->;@9 7.6 ?. -16.
?;@= ?. 7F .?. .<* ?; 020;9F= F?6
A<F9?6>.9 9. ?. 2 61;?;G9 2 16>27.
?; G<6. . ?;9 7<.?67F 7;</.9*
). 5.8.>>;1*926. ?;@ ' (&# 7.6 ?4=
%+.= 4 ;7<.?-.= <;= ?6= ?<* 232=
@ 2</.-9;@9 ?. ?<6.7F>6. 27.?; G<6.
2@<H (?49 2<- ?D>4 ?;@ ' (&# ;6
?<* 232= 129 <F726?.6 9. *<;@9 ->D
127*<. ?>.76>?, .A;G ?; 7F . +B26
16.8@52- 7.6 .1@9.?2- 9. 84<H>26 ?.
29;-76. ?D9 0<.A2-D9 7.6 ?. ?48+AD9.
); 2<H?4 . ;@ ?-52?.6 2-9.6 ;6;= 5.
84<H>26 ?.
27.?; G<6. 2@<H ?.
; ;-. +B26 1.926>?2- . ?6= ?<* 232=
06. 9. 7.?.>72@.>?;G9 ;8@?28, 0@ 9.
>?,<6. 06. ?;9 6D<0*74 ?4 $ 6< -884
7.6 ?;@= @ F8;6 ;@= . 2<-0<. ?;@= ?G
;@= ;@ 2-B.9 .32@?2- >?49 " ;7<*
?;@=
6.?- ;6 ?<* 232= 129 16.>A.8-3;@9
F D= +B;@9 @ ;B<+D>4 ?49 2<6;@>-.
?D9 2?FBD9 ?;@= 769H9?.= 16.167.>-2=
7.?*>B2>4= ?D9 2<6;@>6.7H9 >?;6
B2-D9 .@?H9 ;@ 1.92->?47.9 ?. ?2<*
>?6. .@?* ;>* 7.6 ?. ; ;-. 7.92-= 129
09D<-326 >2 ;62= ?>+ 2= 7.?+84:.9
>?67+= 7.6 ;6967+= 2@5G92= +B;@9
F82= ;6 402>-2= 7.6 ;6 02967;- 162@5@9
?+= ?;@ ' (&#
&)''(
%'( # *'
&*")
&# *-& '+%"+*/&
" !
! "
' '"
"
)
# "! ' #
! (
!# "
#
$
!"
"
$
'
" $
%&
)
"
# " #
! (
" # !"
# )"
"
"
' &
"
"
#
" ( " !#
$
" #
(
"
"
!" !
#
9J?3>@
- 2>C:1@
"18737B/@ B>C
'9:><> 9:>I
(1<5 9AB7 0>C
87<J< )'
"
C2.?<7A7 :19 *?H9:1 495=-3>C< AC
67B/A59@ 391 B> 1<1 5<H 5<> E?7 1
B>4>B9:H :5<H
B7@
;;-4>@ :1B- B7 49-?:591 B>C
); 2-3D9 2<H?4 . ;@ .9.7G ?26 2-9.6 ';6; .9.
+92?.6 9. 2-9.6 ?; B<4 .?;1;?67F 729F ;@ 5. <+
26 9. 7.8GC26 4 BH<. .= 7.?* ?4 16*<726. ?;@
9+;@ $2>; <F52> ;@ '<;0<* .?;=
!
. *9?4>4 ?;@ >@0727<6 +9;@ 2<D?, .?;= <;E ;
!
#
5+?26 ?49 . *9?4>4 ?;@ .7F8;@5;@ 7.-<6;@ 2<D?,
.?;= ';62= <;/8+ 2?.6 9. 2-9.6 ;6 1.926.7+=
.9*072=
?4= BH<.= ?49 2
<-;1;
&6 1.926.7+= .9*072= 2-9.6 ?. 72A*8.6. ;@ B<26
*32?.6 6. BH<. 06. 9. 7.8GC26 ?; B<4 .?;1;?67F
?4= 729F 9 129 <;>16;<6>?;G9 ;6 1.926.7+= .9*0
72= 2-9.6 .1G9.?;9 9. 27?6 452- ?; GC;= ?;@ B<4
.?;1;?67;G 729;G
)+% , ! )* ) #
)+% , ! )* ) #
)+% , ! )* ) #
@KPGBK9JGCO
O@AA@PL
%$)
.'
(
&
&'% " # ) (, ) ! 7\ i^c
\aiX7W\jh^ i^g \8q7\c^g [qh^g Xci`
7\in8W]\` ^ \bb^c`aV ajYUfc^h^ ^
e8eWX q8ng kXWc\iX` Y`Thi^a\ cX 7`
bVh\` Z`X 8fnieZ\cV 8b\qcXh7X
;Sf\`X]q7Xhi\ 8\f`hhqi\f\g 8fe
q[ejg 8f`c bTYej7\ X8ekTh\`g < [V
bnh\ e 8fq\[feg iej 41/(1/40
B\ferc KiToh\b78bej7 XcXk\fq7\ceg
hi`g [`X8fXZ7Xi\rh\`g i^g \bb^c`aVg
ajYUfc^h^g 7\ iejg \a8fehs8ejg i^g
Pfq`aXg
MXfTbb^bX 8^ZUg X8q [`8bn7Xi`aerg
arabejg inc Afjd\bbsc 7`berc Z`X \8`
kjbTd\`g ng 8feg ie 8qi\ _X \aiX7`
\ji\W ^ \8q7\c^ [qh^ i^g [Xc\`XaVg
YeV_\`Xg \cs Xd`n7Xierleg i^g CC
8ej Z`X \jcq^
iejg bqZejg
_Ub\` cX afX
iVh\` i^c Xcn
cj7WX
iej
XcXkUf\` qi`
;L` hj]^iVh\`g
8`_Xcqc
cX
afXiVhejc
Ung iec \8q
7\ce lfqce<
aX` hjc\lW]\` bUZeciXg ;O\ i\b`aV XcT
bjh^ qbX \dXfisciX` X8q ie 8qi\ _X
i\b\`shejc iX lfV7XiX hi^c CbbT[X<
L` kfTh\`g XjiUg 8ej q8ng 8XfXi^f\W
aXc\Wg 8b^_XWcejc X8q iejg ;Xcscj
7ejg Xd`n7Xierlejg i^g CC< kXc\fs
cejc iX 8feYbV7XiX 8ej Xci`7\in8W]\`
^ \bb^c`aV ajYUfc^h^ ng 8feg i^c
\aiX7W\jh^ i^g \8q7\c^g [qh^g aX_sg
aX` qi` ^ Pfq`aX 8fekXcsg 8`U]\` Z`X
cUX 8`e \8s[jcX 7UifX
Or7kncX 7Tb`hiX 7\ f\8efiT] i^g
1".+'413&1 ,,(&-&*.& !&*34.( iejg
j8ejfZerg L`aece7`asc i^g Cjfn]s
c^g 8feYb^7XiW]\` ie Z\Zecqg qi` h^
7\`sc\iX`
hiXh`7qi^iX
hi`g
[`X8fXZ7Xi\rh\`g i^g \bb^c`aVg ajYUf
c^h^g 7\ i^c Pfq`aX Z`X iejg qfejg
i^g \aiX7W\jh^g i^g \8q7\c^g [qh^g
;L` hjce7`bW\g \WcX` 8`e hab^fUg hi^c
8XferhX kTh^ X8= qi` iejg 8fe^Zer7\
cejg 7Vc\g< 8XfXi^f\W ^ \c bqZn \k^
7\fW[X
E \bb^c`aV ajYUfc^h^ X8q i^c Tbb^
7\f`T 8`hiV hi^c 8XfX8b^fekqf^h^
aTc\` iX 8TciX Z`X cX 8\Wh\` iec \bb^
c`aq bXq Z`X i^c aXbV aXiThiXh^ hi^c
e8eWX YfWha\iX` ^ e`aece7WX aX` qi` [\c
_X b^k_erc cUX 7UifX MeiU iqhe`
bWZe` [\c \W8Xc iqhX mU77XiX h\ iq
hejg 8ebberg
B>< (5 B. 2?9> B>C
.DB1
A1< AB>< &G?> >9 ?5A25CB.@ BF<
#53-;F< C<- 5F< >C /B1< 491
9AB5C .<>9 AB7< !F<AB1<B9<>H
>;7
0E1<
>47305@
<1
491 ?13 1B5CB>H< B>< :18>?9A G
BF< AC<G?F< B>C <5GB5C:B>C 5;
;7<9:>H :?-B>C@ 1;;- >9 >47305@
1CB.@ 45< 1<B1 >:?0<><B1< AB9@
5 949I=59@ B7@ 5;;7<9:/@ ;5C
?-@
133;9:/ >;9B9:/ B7@ 5 >
E/@
5:D?-AB7:5
5
B>
&?FBG:>;;> B>C "><40<>C B7@
7@ $>5 2?0>C
!H?9>@
G?>@ B>C &?FB>:G;;>C 491BH F<5
B1 5=/@
&5;> G<<7A>@ 19 1
?1:50 5<19 </A>9 :19 19 :>9<I@
:1;>H 5<19 !C:;-45@ <1 B58IA9<
C G B7< ?>AF?9</< 533H7A9< BF<
B?9I< C;I< .F@ GB>C <1 1 >D1
A9A8/ >?9AB9:I@ 7 BHE7 B7@ ;;4>@ 5 B7< AC3:1B-85A9< B7@
&H;7@ EF?0@ <1 5<<>>H< GB9 5
B>HB> <1 ?>1 >D1A0A>C< 59@ B>
1?1 9:?G< B> 5?0 BF< >?9AB9:I<
>?0F< B7@ ;;-4>@ 6/B7 1
1
E?591AB>H< G F@ -;;1 4C> E?G<91
391 <1 C >3?1D50 AB> "><40<>
AB9@ +52?>C1?0>C B>C
7
B5;9:/ 1<13<I?9A7 B>C ;;7<9:>H
1A9;50>C
"* ,%
(-% (# )(% &
/# "* !
&!1-#+ %".$.(- +
%2* )+ ,%*) % ((#+
"(-*%& * /"
#-*)+
$ (
#'"/0(%&1 & (-*)
$/ '
# .(
.
$
'
7`X hj7Y`YXhi`aV brh^ 7\iXdr CbbT[Xg aX` MB:J 8`U
]\` ^ jkj8ejfZqg inc Cdni\f`asc inc EM@ A`aiqf`X KerbXci ^
e8eWX \WcX` Xf7q[`X Z`X i`g \jfn8XoaUg aX` \jfXh`Xi`aUg j8e_Uh\`g
O\ [VbnhV i^g hie @ibXci`aq Oj7Yerb`e hi^c LjTh`Zaiec j8e
ZfT77`h\ qi` e` EM@ 8feifU8ejc i^c CbbT[X aX` i^c MB:J cX Yfejc
7WX hj7Y`YXhi`aV brh^ hie ]Vi^7X i^g ece7XhWXg
E jkj8ejfZqg inc Cdni\f`asc inc EM@ Ul\` [`Xi\bUh\` 8fUhY^g
inc EM@ hie K@PL ie
qiXc hie AejaejfUhi` bT7YXc\ lsfX
^ Orce[eg HefjkVg i^g Aef\`eXibXci`aVg Oj77XlWXg
E h8ej[V i^g jkj8ejfZer 8UfXh\ hiX m`bT ZfT77XiX aX_sg q8ng
kXWc\iX` e >bb^cXg 8fn_j8ejfZqg 8ej \Wl\ fWd\` i^c ajYUfc^h^
hi^c e8eWX 7\i\Wl\ \dX`iWXg i^g ece7XhWXg inc Oae8Wnc \ZaXiXb\W
8eciXg ie aq77X hie e8eWe isfX \WcX` Xfl^Zqg Z`XiW [\c d\lcT7\
arf`\ OX7XfT isfX [\c \WcX` [`Xi\_\`7Uceg eri\ aXc cX _Wd\` ie
_U7X 7\ X8eiUb\h7X ^ lsfX 8ebr 8`_Xcqc cX Yf\_\W hrcie7X 8fe
i\i\b\h7Ucnc Z\Zecqinc
@8= qi` kXWc\iX` ie aT8ei\ 8ebr h^7Xci`aq Z`X iec arf`e OX7XfT
]Vi^7X i^g ece7XhWXg i^g MB:J [\c Ul\` aX7WX h^7XhWX 78fehiT
hi^c XcTZa^ cX 7^c [jhXf\hiVh\` iejg ;\iXWfejg< 7Xg aX` i^c [`\
_cV ae`cqi^iX
" ($# +
) ' ,%( aX` XaT_\aieg h\ q i`
XkefT i^c aXiXhif\8i`aV Z`X i^c Cb
bT[X 8eb`i`aV iej e B\f7Xcqg j8ejf
Zqg
L`aece7`asc
Oqo78b\
XcXk\fq7\ceg hi`g lsf\g i^g afW
h^g [Vbnh\ qi` ;\WcX` hnhiV aX` \8`
ijl^7Uc^ ^ 8eb`i`aV 8ej Xaebej_er7\
7\ hiqle i^ hiX_\fe8eW^h^ aX` j8\
fTh8`h^ iej ae`cer \jfn8Xoaer ce7W
h7Xieg< Oj78bVfnh\ 7Tb`hiX qhec
XkefT i^c CbbT[X qi` aTc\` 7\ZTb^
8fqe[e P^ Zcs7^ iej B\f7Xcer
j8ejfZer L`aece7`asc q7ng [\c hj7
7\fW]eciX` e` Cjfn8XWe` Xd`n7Xierle`
XbbT aX` e` 8\f`hhqi\fe` B\f7XceW
XcXbjiUg E X[`aX`ebqZ^i^ XjiV X`h`e
[edWX iej Oq`78b\ \f7^c\ri^a\ ng
haq8`7^ X8q i^c XciX8eafWif`X i^g
6%%&432$)& !&*34.( iej JecTlej
HUfhi`c BaT7\b`c ^ e8eWX XcXkUf\`
)
% !" ( #% BF< &1<5 9AB7
0F< :19 >9 E9;9-45@ C >3?1
D.@ 1 53<FA .<F< D>9B7BI<
>C 67B>H< <1 7< E-A>C< B> 5=7<> AC<9AB>H< 21?HB1B7 5C8H<7 B>C
C >C?3>H 8<9:/@ &194501@ :19 ?7
A:5C -BF< % B?G >@ >C E59?0AB7:5
B9@ 1 >;HA59@ 49>9:7B9:>H ?>AF 9
:>H C /?=5 1BCE/@ :19 >4/37A5 A5
531;HB5?1 ?>2;/ 1B1 1 G 1CB- >C
/85;5 <1 ;HA59
Oiec lsfe i^g @csiXi^g MX`[\WXg \8`afXi\W ie
X8qbjie lTeg PX Oj7Yerb`X :`eWa^h^g \d\bUZ^
hXc 7\ hae8q i^c XcXYT_7`h^ inc Cbb^c`asc
MXc\8`hi^7Wnc aX` X8XfiW]eciX` X8q [`\_csg
[`Xa\af`7Ucejg \8`hiV7ec\g @bbT e 8fql\`feg
aX` Xi\bVg cq7eg :`X7Xcie8erbej [\c iejg
U[nh\ i`g X8X`ier7\c\g \dejhW\g aX` \ZaX_W
[fjh\ UcX \W[eg [jXflWXg 7\ i`g 8fep8Tflej
h\g 8fjiXc`aUg XflUg Pe X8eiUb\h7X \WcX` cX
d\h8Th\` TZf`eg 8qb\7eg 7\iXdr iej [`\_csg
XcXZcnf`h7Ucej aX_^Z^ier iej JGP : J8\f
ih`7T MfeU[fej iej Oj7YejbWej G[fr7Xieg iej
MXc\8`hi^7Wej @_^csc aX` iej \[s[`7ej 8fjiT
c\ng a M\b\ZfWc^ cX \aied\reciX` aXiXZZ\
bW\g cX [`Xaq8ieciX` e` hjc\[f`Th\`g aX` cX
X8\`berciX` Tc_fn8e` 8ej ]ejc aX` [`[Thaejc
)>C #5;.B7
#5;5BG >C;>C
hiX aXbri\fX 8Xc\8`hiV7`X iej aqh7ej X8q 7\
f`aUg [\aT[\g ae77Xi`asc ke`i^ie8XiUfnc L
a @fYXc`iq8ejbeg 7Ubeg iej \Zlsf`ej 8Xc\8`
hi^7`Xaer ae77Xi`aer aXi\hi^7Ucej [\c \WcX`
YUYX`X 8fq_j7eg cX [`\jaebrc\` iX Oj7Yerb`X
G[fr7Xieg inc MXc\8`hi^7Wnc cX j8\fa\fThejc
i`g Xci`[fTh\`g Xjier Xaf`Ysg iej aXi\hi^7U
cej L8qi\ \WcX` YUYX`e qi` h\ bWZe e` ;dUce`<
[^bX[V e` 8fehn8`aqi^i\g 8ej Vf_Xc Xc`[`ei\
bsg cX 7\iXkUfejc hi^c 8XifW[X iejg iec
ifq8e b\`iejfZWXg inc 8fXZ7Xi`asc 8Xc\8`hi^
7Wnc _X X8elnfVhejc Pe e8eWe Xaf`Ysg \8`
[`sa\` ie \Zlsf`e hrhi^7X
CWcX` YUYX`X kXc\fq qi` ie X8eijl^7Uce if`ie
aeh7`aq 7eciUbe iej ae77Xi`aer 8Xc\8`hi^7Wej
iej hjc[`e`aer7\cej X8q i`g ae77Xi`aUg 7\`em^
kW\g aX` iejg \ab\aierg ae77Tinc aX` 7^lXc`
-& $ ($)%# % & #
! ( & ( " &
( &' )%+ $ rm^ Ulejc kiTh\` e` lf\nae8W\g \8`l\`fVh\nc hi^c
GiXbWX Pe 8fsie \cc\T7^ce iej
lf\naq8^hXc Xrd^h^
h\
hlUh^ 7\ i^c XciWhie`l^ 8\fWe[e iej
L Xf`_7qg inc 8inl\rh\nc
\WcX` e jm^bqi\feg i^g i\b\jiXWXg [\aX\iWXg
N\aqf 8inl\rh\nc 8XfXi^f\WiX` hiec ie7UX inc j8^f\h`sc \cs Xaebej
_erc e` Y`e7^lXcW\g aX` Y`ei\lcW\g \c[j7Tinc L` 8\f`elUg 8ej 8bViieciX`
8\f`hhqi\fe \WcX` ie J`bTce ^ J8ebqc`X ^ A\c\iWX aX` ^ Ns7^
@c e` lf\nae8W\g ^ \aiWcXd^ i^g Xc\fZWXg aX` ^ YXf\`T rk\h^ hjcUYX`cXc
7qcec hi^c CbbT[X inc Jc^7ecWnc iqi\ _X 78eferh\ cX `hljf`hi\W aXc\Wg
qi` kiXW7\ \7\Wg 8ej \W7Xhi\ X8\W_Xfle` i\78Ub^[\g aX` XcefZTcnie` q8ng
7Xg _\nferc e` B\f7XcXfT[\g
@bbT Xker ^ 8eb`i`aV inc 7c^7ecWnc 8XfTZ\` iX W[`X X8ei\bUh7XiX aX` i^c
PfWi^ e`aece7WX i^g Cjfn]sc^g i^c GiXbWX iqi\ 7Tbbec aT8e`e 8fqYb^7X
Ul\` ^ hjciXZV i^g JUfa\b i^g Pfq`aXg aX` inc j8ejfZsc 8ej i^c \kXf
7q]ejc hi`g [`Tkef\g j8\flf\n7Uc\g lsf\g i^g Cjfs8^g
%
#
+
%& ( , \8`h^7Xc_\W aX` h\ 8fe^Zer7\cX
krbbX i^g \k^7\fW[Xg ie \78ef`aq 8b\qcXh7X i^g
B\f7XcWXg 8feaXb\W 7\ZTb\g Xc`heffe8W\g h\
lsf\g i^g CC \`[`aT q8ng \WcX` ^ lsfX 7Xg ^
e8eWX ejh`Xhi`aT \dXcXZaT]\iX` cX XZefT]\` 8fe
oqciX i^g Yqf\`Xg Cjfs8^g aX` ajfWng i^g B\f
7XcWXg XciW 8feoqcinc Tbbnc lnfsc
Pe Z\Zecqg Xjiq a`c^ie8eW^h\ i^c Cjfs8^ 8fe
a\`7Ucej cX ;8`Uh\`< i^c B\f7XcWX cX j`e_\iVh\`
7`X 8`e lXbXfV e`aece7`aV 8eb`i`aV lnfWg nhiqhe
XciX8qaf`h^ ?8ng XcUk\f\ e 8fq\[feg i^g He
7`h`qc J8Xfq]e ;E B\f7XcWX 78ef\W cX aTc\` 8\
f`hhqi\fX 8fea\`7Ucej cX 78eferc aX` Tbb\g
lsf\g cX XcX[\Wdejc iX 8fei\fV7XiT iejg< Oi^c
hjcUl\`X 8XfXiW_\ciX` 7\f`aUg 8feiTh\`g X8q ie
8\f`e[`aq 0*&(&, hr7kncX 7\ i`g e8eW\g ^ B\f
7XcWX 78ef\W cX Ye^_Vh\` i`g lsf\g iej cqiej lX
bXfsceciXg i^ [`aV i^g \8`_\i`aV e`aece7`aV
8eb`i`aV
SXfXai^f`hi`aV \WcX` ^ 8fqiXh^ 8ej XaerZ\iX` X8q
8ebbT hiq7XiX B\f7Xcsc e`aece7ebqZnc aX` XcX
bjisc Z`X 7WX 7\ZTb^ Xrd^h^ inc 7`h_sc HTi` iU
ie`e _X U[`c\ i^ [jcXiqi^iX hiX Z\f7Xc`aT
KLCJANGLQ
($)
7\iXdr Tbbnc qi` e` \b\ZaiUg i^g
Pfq`aXg [`X8`hiscejc j8elsf^h^ iej
7\iXffj_7`hi`aer ]Vbej i^g @_VcXg
aX_sg 7Ulf` isfX [\c aXiUhi^ [jcX
iqc cX 8fearm\` hj7kncWX hi`g YXh`
aUg hjci\iXZ7Uc\g iej \bb^c`aer
8fep8ebeZ`h7er Z`X ie
Mfeh_U
i\` 7Tb`hiX qi` ;[\c kXWc\iX` hiec
efW]eciX ie \c[\lq7\ce \dq[ej i^g
CbbT[Xg X8q ie 7c^7qc`e 8ej Ul\`
hl\[`Xhi\W 7Ulf` ie
<
Pe abW7X [jh8`hiWXg 8feg i^c \bb^
c`aV ajYUfc^h^ hj78bVfnh\ e B\
ferc KiT`h\b78bej7 e e8eWeg
aTb\h\ l_\g i^c ajYUfc^h^ OX7XfT
cX \8`iXlrc\` i`g 8feh8T_\`Ug i^g
8fea\`7Ucej cX j8Tfd\` hj7kncWX 7\
i^c Pfq`aX O\ \b\r_\f^ 7\iTkfXh^
cX aTc\` X8ebring [\aiT iX qhX i^g
]^i^_erc
h7sc [`[Thaeci\g ie 8Xc\8`hiV7`e 8feUaiXh^
iej 8eb`i`aer hjhiV7Xieg aX` 7^lXc`h7qg 8XfX
ZnZVg ae77Xi`asc hi\b\lsc \d X8Xbsc ecrlnc
[\c 8fqa\`iX` cX XbbTd\` X8q \Zlsf`ejg 8Xc\
8`hi^7`Xaerg ae77Xi`aT hi\bUl^ q8ng e a @f
YXc`iq8ejbeg
@bbT aX` hi^c JUh^ Ca8XW[\jh^ e a @fYXc`iq
8ejbeg 8feaTb\h\ lTeg Pec @rZejhie ;XcX
[`Tf_fnh\< ie 8fqZfX77X iej Ija\Wej
aXiXfZsciXg 7WX h\`fT 7X_^7Tinc 7\ X8eiU
b\h7X l`b`T[\g \a8X`[\ji`aeW cX 7\Wcejc lnfWg
Xci`a\W7\ce :\c [q_^a\ aTc hiejg \a8X`[\ji`
aerg e X8X`ier7\ceg lfqceg cX mTdejc Z`X
Tbb^ [ejb\`T @rZejhie 8b^fekefV_^aXc qi` ie
7T_^7T iejg [\c _X [`[Tha\iX` X8q iec O\8iU7
Yf`e ?he` [\ [`el\i\r_^aXc h\ TbbX 7X_V7XiX
[\c \WlXc X8ebring aX77WX UZaX`f^ \c^7Ufnh^
Z`X i^ cUX [`[XaiUX rb^ Lri\ aX` iX cUX Y`YbWX
Y\YXWng ViXc Uie`7X JTb`hiX aXiT 8XZaeh7Wng
8fniqij8e ifq8e iX 7X_V7XiX Tfl`hXc aX` e
cq7eg [\c \Wl\ m^k`hi\W Xaq7X X8q i^ AejbV
MXfT iXriX e a @fYXc`iq8ejbeg aX_^Z^iVg iej
MXci\Wej MXc\8`hi^7Wej Tbbei\ 8fq\[feg iej
Gchi`ieriej :^7eafXiWXg HnchiXciWceg HXfX7Xc
bVg aX` [`\j_jciVg iej 8eb`i`aer ZfXk\Wej iej
a OX7XfT _Uh^ 8ej [\c \8`ifU8\iX` cX aXiX
bX7YTc\` UcXg 8Xc\8`hi^7`Xaqg 8XfX7Uc\`
Xaq7X hi^ _Uh^ iej
' %$& ' *$)# &
'( # ') !) %# '
&'%% # % X8elsf^h^g iej W[`ej aX` Tbbnc Yejb\jisc iej M@OLH X8q i^c
`hlcV 8bUec ajY\fc^i`aV 8b\`em^kWX \WcX` ^ 8XfXWi^h^ O^kejcTa^ X8q i^
_Uh^ iej \`h^Z^iV i^g HL iej M@OLH h\ _U7XiX J\iXkefsc aX` KXji`bWXg
L Yejb\jiVg IUhYej XcXkUf\` hi^c \8`hiebV 8XfXWi^hV iej qi` e` Yejb\jiUg
iej 8TbX` 8eiU afXiX`er a`cV7Xieg Ulejc \bb`8V \c^7Ufnh^ X8q iejg j8ejf
Zerg i^g K: V aXberciX` cX m^kWhejc ce7ehlU[`X i^c i\b\jiXWX hi`Z7V
L a O^kejcTa^g 8felnf\W h\ af`i`aV aX` h\ Z\c`aqi\fX 8eb`i`aT ]^iV7XiX
iecW]eciXg qi` ie 8eb`i`aq hiWZ7X iej M@OLH \WcX` hjZa\lj7Uce Ccs Z`X i^c
8feZfX77Xi`aV hj7kncWX K: M@OLH XcXkUf\` qi` 8fqa\`iX` Z`X UcX a\W7\ce
8ej \8\d\fZThi^aXc hjc\fZTi\g inc a OX7XfT aX` A\c`]Ubej lnfWg cX 8T
fejc 7Ufeg e` HL inc [re ae77Tinc
CWcX` kXc\fq qi` e a O^kejcTa^g 8feb\`XWc\` ie U[Xkeg Z`X i^c 7\iXaq
7`hV iej hiec OQNGD@ iec e8eWe Xci`7\in8W]ejc \hlTing e` \cX8e7\WcXci\g
Yejb\jiUg iej M@OLH ng hnhhWY`e 8ej _X iejg hsh\` X8q ie cXjTZ`e iej
aq77Xiqg iejg
" " (.( ( '($#
ce`aeajf`T cX XjdVhejc i^c aXiXcTbnhV iejg aX`
cX XZefT]ejc 8\f`hhqi\fX 8feoqciX X8q i`g
lsf\g i^g CC aX` \`[`aT X8q i`g lsf\g iej cqiej
e` e8eW\g hi\cT]ejc aTin X8q i^c 8eb`i`aV i^g
B\f7XcWXg E 8fqiXh^ XjiV [\c YfWha\` Tbbejg
j8ehi^f`aiUg 8UfX X8q ie
\cs i\b\Wng Xc
iW_\ie` \WcX` e` B\f7XceW \8`l\`f^7XiW\g
J`X [`Xkef\i`aV 8fqiXh^ q8ng XcXkUf\` ie
0*&(&, \WcX` ^ 7\bbeci`aV Z\f7Xc`aV ajYUfc^h^
cX hj7YTb\` hi^c Xrd^h^ iej aX_Xfer \`he[V7X
ieg 7\`sceciXg iejg kqfejg aX` hjc[fT7eciXg
Uih` hi^c Xrd^h^ i^g ]Vi^h^g Z`X 8feoqciX aX`
j8^f\hW\g P^c 8fqiXh^ XjiV j8ehi^fW]\` aX` e
\8Wife8eg Ke7`h7Xi`asc Q8e_Uh\nc ?b` N\c q8ng
h^7\`sc\` ie Z\f7Xc`aq 8\f`e[`aq E kefebeZ`aV
8eb`i`aV q7ng X8ei\b\W UcX X8q iX 8`e [`Xk`bec`
aer7\cX ]^iV7XiX hi`g \c \d\bWd\` [`X8fXZ7Xi\r
h\`g Z`X iec hl^7Xi`h7q ajYUfc^h^g \cs YfWha\`
hiX_\fT XciW_\i^ aX` i^c Z\f7Xc`aV ajYUfc^h^
JWX ifWi^ 8fqiXh^ \WcX` ^ Xrd^h^ inc \8\c[r
h\nc aX_sg q8ng XcXkUf\` e MUi\f J8qk`cZ
a\f UcXg X8q iejg 8Uci\ hekerg i^g Z\f7Xc`aVg
e`aece7WXg ;>lej7\ 7`X i\fThi`X X[jcX7WX \8\c
)(. ( &
[rh\nc< ?cing ie
e` `[`ni`aUg \8\c[rh\`g
YfWhaeciXc h\ 8ebr lX7^bq \8W8\[e B\Zecqg \WcX`
7Tb`hiX qi` iX i\b\jiXWX lfqc`X iqhe ie afTieg
qhe aX` e` \8`l\`fVh\`g Ulejc \8\c[rh\` \bTl`hiX
Or7kncX 7\ ie \8`l\Wf^7X iej [`Th^7ej e`aece
7ebqZej X8q i`g Z\f7Xc`aUg \8\c[rh\`g _X nk\
berciXc aX` dUc\g \8`l\`fVh\`g \cs 8XfTbb^bX _X
[^7`ejfZerciXc cU\g _Uh\`g \fZXhWXg aX` _X Xj
dXcqiXc ^ ]Vi^h^ Pe afTieg Whng cX 7^c 78ef\W
cX XcXZaTh\` i`g \8`l\`fVh\`g cX \8\c[rhejc
XbbT hWZejfX 78ef\W cX iejg 8XfUl\` aT8e`\g [`
\jaebrch\`g aX_sg aX` cX 8feYXWc\` ie W[`e h\
\8`l\`f^7Xi`aUg [fXhi^f`qi^i\g
P^ b`iqi^iX 8ej Ul\` \8`YTb\` ^ B\f7XcWX hiec
\Xjiq i^g Ul\` \8`afWc\` hjlcT e \8`a\kXbVg e`
aece7ebqZeg iej :KP Lb`Y`U J8bXchTf e e8eWeg
\W8\ 8fqhkXiX hi^c \k^7\fW[X ".%&,2#,"33 ;L`
B\f7XceW _X 8fU8\` cX XcXfni^_erc 7V8ng aT
cejc 7\ZTb\g 8\f`ae8Ug aX` \8\c[rejc 8ebr bWZX<
Pe Tf_fe iej 0*&(&, aXiXbVZ\` qi` ;UcX X8q iX
[`[TZ7XiX i^g \jfn8XoaVg afWh^g lfUejg \WcX` qi`
hjlcT hie 8Xf\b_qc iX e`aece7`aT 8feYbV7XiX Xc
i`7\in8Whi^aXc 7\ i^c XcTb^m^ cUnc lf\sc<
%$ " $)# ")'
( & )%- 0# &
)% (*$ , ( [`\jfjcq7\ce lTh7X 7\iXdr
AeffT Kqiej kXWc\iX` cX \78cU\` Xc^hjlWX
h\ 7\ZTbejg e`aece7`aerg XcXbjiUg aX` 7\
ZXbe\8\c[jiUg 7\ lXfXai^f`hi`aV i^ kfTh^
iej [`Th^7ej 7\ZXbe\8`l\`f^7XiWX P]nfi]
Oqfeg ;L` l\`fqi\fe` kqYe` 7ej qhec
XkefT hi^c Cjfn]sc^ Ulejc \8`Y\YX`n_\W<
?8ng XcXkUf\` h\ [^7ehW\j7X inc &5 /1+
*-&2 ;Xjiq 8ej keYq7ejc ViXc ie \dVg Pe
\jfs _X _nfXa`hi\W XbbT _X [`Xhif\Ybsh\`
ie \jfn8Xoaq e`ae[q7^7X aX` i\b`asg _X e[^
ZVh\` hi^c aXiXhifekV i^c Cjfn8XoaV >cnh^
hie hrcebq i^g Pe \jfs XciW cX hj7YTb\`
hi^c Xbb^b\ZZr^ 7\iXdr inc \jfn8Xoasc afX
isc i\b`aT e[VZ^h\ hi^c \dVg 8fXZ7Xi`aqi^iX
HT_\ lsfX iej \jfs cX 8Xb\r\` 7qc^ i^g <
@jiqg \WcX` Tbbnhi\ aX` e bqZeg 8ej e [`\
_cVg \8`l\`f^7XiWXg j8ehi^fW]\` qi` ^ Cjfs8^
8fU8\` cX [`Xh8Xhi\W \b\Zlq7\cX XcT7\hX
hi`g lsf\g YeffT aX` cqiej aX_sg 7qce Uih`
78ef\W cX _\fX8\ji\W ie lTh7X XciXZnc`hi`
aqi^iXg hi^c Cjfn]sc^ ;9hiqhe ^ B\f7XcWX
[\c j8ehi^fW]\` XjiV i^ brh^ HX` e` j8qbe`
8\g lsf\g [\c 78eferc cX ie \8`YTbejc
C8e7Ucng Xjiq [\c 8fqa\`iX` cX ZWc\`
8eiU < j8ehi^fW]\` e 7\ZTbeg \8`l\`f^7XiWXg
JWX iUie`ej \W[ejg [`Th8Xh^ _X hV7X`c\ qi`
e` lsf\g iej cqiej _X 78eferhXc cX _Uhejc
dXcT h\ aWc^h^ i^c e`aece7WX iejg 7Uhn
\_c`asc ce7`h7Tinc iX e8eWX _X \WcX` j8ei`
7^7UcX h\ hlUh^ 7\ ie \jfs Pe X8eiUb\h7X
_X \WcX` iX 8feoqciX iejg cX \WcX` 8`e \baj
hi`aT hi`g [`\_c\Wg XZefUg Xker [\c _X
Ulejc i`g i`7Ug iej [jcXier aX` X8b^hWXhiej
q8ng ^ B\f7XcWX ie _Ub\` Z`X [`aq i^g qk\
beg \jfs @jiqg \WcX` e ifq8eg cX ZWcej7\
8`e XciXZnc`hi`aeW aX` ql` cX \dX_b`sc\iX` e
\bb^c`aqg bXqg X8q i`g 8eb`i`aUg b`iqi^iXg
8ej q8ng Ul\` \8Xc\`b^77Ucng X8e[\`l_\W
[\c e[^Zerc 8ej_\cT
L ITf` R`ca X8q i^c Tbb^ 7\f`T \8`a\kXbVg
i^g ,"$+ /$+ "0*3", YbU8eciXg i^c j8eYT_
7`h^ i^g 8`hieb^8i`aVg `aXcqi^iXg i^g BXbbWXg
iejg lX7^berg fj_7erg XcT8ijdVg i^g aX` ie
jm^bq 8ehehiq Xc\fZWXg j8ehi^fW]\` qi` ie
\jfs _X 78eferh\ cX a`c[jc\rh\` 7\ \dX
kTc`h^ \ciqg 7WXg [\aX\iWXg \Tc ^ BXbbWX
[\c hjc\lWh\` i`g e`aece7`aUg 7\iXffj_7W
h\`g O\ hjcUci\jd^ 8ej U[nh\ hie
\W8\ ;:\c ce7W]n qi` h\ [UaX lfqc`X _X 78e
fer7\ cX Ulej7\ \jfs \Tc [\c Ulej7\ 7`X
`hljfV BXbbWX aX` 7`X `hljfV B\f7XcWX<
?he Z`X i^c GfbXc[WX Z`X i^c e8eWX e` Cjfn
8XWe` ae78T]ejc qi` aXiTk\f\ cX YZ\` X8q
i^c afWh^ aX` ie 7c^7qc`e lXfXai^f`hi`aV
\WcX` ^ [Vbnh^ iej GfbXc[er j8ejfZer L`
aece7`asc JT`ab KercXc qi` ^ ajYUfc^h^
i^g GfbXc[WXg [\c Ul\` Xaq7^ X8ekXhWh\`
\Tc lf\`T]\iX` V ql` 7`X 8feb^8i`aV ZfX77V
8Whinh^g qiXc _X \dUb_\` iej 8feZfT77X
ieg hiVf`d^g
# ! $( ( &
') !) %# ' &
, /
)%
i^g ajYUfc^h^g
OX7XfT hjc\lW]\iX` 7\ cUX hie`l\WX ql` aX
c\cqg Xci`7c^7ec`Xaer 7Uhej XbbT i^g
W[`Xg i^g afXi`aVg hiXi`hi`aVg j8^f\hWXg
i^g CIOP@P hr7kncX 7\ i^c e8eWX ie @CM
i^g CbbT[Xg h^7\Wnh\ cUX 7\Wnh^ ie e
ifW7^ce iej
Or7kncX 7\ i^c Uf\jcX
8ej [`\dVZXZ\ ^ CIOP@P ie \bb^c`aq @CM
7\`s_^a\ X8q
\aXie77rf`X \jfs
h\
\aXie77rf`X \jfs h\ hiX_\fUg
i`7Ug \cs 7\`s_^a\ aXiT
h\ ifUlej
h\g i`7Ug HX` ^ XcT8ijd^ hjc\lW]\iX`
@8eaXbj8i`aT \WcX` iX hie`l\WX i^g CIOP@P
aX` Z`X i^c Xc\fZWX aX_sg hr7kncX 7\
Uf\jcX 8ej [`\dVZXZ\ aX` 8XfejhWXh\ hi`g
Ke\7YfWej ^ Xc\fZWX XcVb_\ hie
Z`X ie
M\fW8ej
Tc_fn8e`
X8ebr_^aXc ie [`Thi^7X
Xker
e` Tc\fZe` X8q
XcVb_Xc hiejg
@dW]\` 7Tb`hiX cX h^7\`n_\W
\[s qi` ie
[^bX[V 8f`c ^ [`\_cVg e`
aece7`aV afWh^ \8^f\Th\` i^c CbbT[X ie
8ehehiq i^g Xc\fZWXg ViXc
L` \Zab^
7Xi`aUg 8eb`i`aUg i^g CC aX` i^g B\f7XcWXg
h\ hjc[jXh7q 7\ i^ [ejbe8f\8V hiTh^
inc \bb^c`asc ajY\fcVh\nc aXiTk\fXc
cX j8\fif`8bXh`Thejc ie 8ehehiq Xjiq
kUfceciXg l`b`T[\g \bb^c`aUg e`aeZUc\`\g
hi^c \dX_bWnh^
PX hie`l\WX \WcX` Xaq7X 8`e X8eaXf[`ni`aT
qhec XkefT i^c Xc\fZWX inc cUnc Xker
hr7kncX 7\ 7\bUi^ i^g CIOP@P ie
inc cUnc X8q
Xci`7\in8W]ejc ie
kTh7X i^g Xc\fZWXg \cs Z`X i`g ^b`aW\g
ie 8ehehiq Xc\fZWXg XZZW]\` ie
P^c 8fni`T h\ 8ehehiq Xc\fZWXg
Ul\` ^ 8\f`elV i^g JXa\[ecWXg aX` i^g
FfTa^g \cs ^ @ii`aV Xaebej_\W h\ 7`afV
X8qhiXh^
>0110?;
<;86?675
:;391=6;@
"CJ P? @M=H?PC = BCJ @M<FEH?J ?HV E
-
78, *+61(2.( NG 'KXGHKF XMR KU[`'KRM
<GUGWPKYE T (U]NY(TYUI`V 0RXbRMV >G
'GUCV (UTPKO'DRTY RG KRM'KUbWKO XT
GZKRXOP` XMV 3YUb(MV PGO PGIPKQCUOT 0
IPDQG 9DUPKQ IOG XMR (TUKFG YQT(TFMWMV
XTY KQQMROPTa (UTIUC''GXTV
5 PFRMWM GYXE KRXCWWKXGO WXT (QGFWOT XMV
WXUGXMIOPEV XTY P >G'GUC IOG +(TQOXOPE JOG
(UGI'CXKYWM, 'K XTYV (TQOXOPTaV (UT^WXG
'DRTYV X]R K(OPKZGQEV XMV ?U`OPGV (TY
GSOTQTITaR XMR (TUKFG KZGU'TIEV XTY (UT
IUC''GXTV G(` XMR KQQMROPE PYHDURMWM
9CQOWXG M PYHDURMWM WXMUFLKO (TQQC WXOV
PGX OJFGR K(GZDV X]R >G'GUC 9DUPKQ WK
'OG GI]RObJM (UTW(CNKOG RG PQKFWKO 'K NK
XOP` XU`(T XT LEXM'G XMV GSOTQ`IMWMV G(`
XTYV XUT^PGRTaV 7GO GYX` IOGXF 'K HCWM XG
RTa'KUG (TY (GUTYWOCLKO M KQQMROPE TOPT
RT'FG XT KRJK[`'KRT RG 'M QMZNTaR RDG
'DXUG ZGRXCLKO PCXO (KUOWW`XKUT G(` KS]
(UGI'GXOP` 0RXFNKXG GR M 2KU'GRFG NKQEWKO
RG PCRKO DRG JbUT WXMR KQQMROPE (QKYUC
XT (U`IUG''G DWX] PGO XY(OPC '(TUKF RG
PGXGWXKF HObWO'T PGO TO JYWCUKWXKV G(TZC
WKOV RG 'KXGZKUNTaR WK 'KXGIKRDWXKUT
[U`RT
>a'Z]RG 'K GRGPTFR]WM (TY KPJ`NMPK G(`
XMR 2KU'GROPE 7GIPKQGUFG T (U]NY(TYU
I`V D[KO (UTWPQMNKF WK IKa'G KUIGWFGV
G(` XMR PGIPKQCUOT 7GXC XM JOCUPKOG XTY
IKa'GXTV NG WYLMXMNTaR PYUF]V M KYU]
(G^PE (TQOXOPE JO'KUE ND'GXG PGNbV PGO M
PGXCWXGWM WXMR 3QQCJG KRb NG GPTQTYNE
WKO PTORE WYRDRXKYSM ?a(TY
0SFLKO RG K(OWM'GRNKF (]V T (U]NY(TYUI`V
NG 'KXGHKF WXT 1KUTQFRT XMR (UTWK[E <D'
(XM `(TY PGO NG WY''KXCW[KO WXMR KXEWOG
+>YRCRXMWM 5IKXbR, (TY JOTUIGRbRKO M
KZM'KUFJG %
%$#
$% 3PKF NG
D[KO XMR KYPGOUFG RG WYRT'OQEWKO 'K XTR
6XGQ` <U]NY(TYUI` 3RUFPT 8DXG XTR (U`
KJUT XMV 3YU](G^PEV 7KRXUOPEV ?UC(KLGV
9CUOT :XUCIPO GQQC PGO XTR K(OPKZGQEV XMV
9(TaRXKW'(GRP 2KRV 1CORX'GR
1+ (0+3.58!8./497 PGO CPU]V K(F
ZTHTYV [KOUOW'TaV K(O[KOUKF M PYHDURMWM
RG JOG[KOUOWXKF XT XKUCWXOT (U`HQM'G XMV
PCQY\MV XTY JM'TWOTRT'OPTa PKRTa IOG XT
?T Y(TYUIKFT ;OPTRT'OPbR 'K GUIC GQQC
WXGNKUC HE'GXG (UTW(CNMWK RG PGQa\KO
XM JOGZTUC (TY XT []UFLKO G(` XM ?U`OPG
GRKHCLTRXGV XT a\TV X]R 'DXU]R (TY
(UD(KO RG QMZNTaR WXT
JOW KYUb
)WX`WT XG 'DXUG (TY GRGPTORbNMPGR
`(]V GRGIR]UFLTYR TOPTRT'OPTF GRGQYXDV
JKR '(TUTaR RG PGQa\TYR XOV XUa(KV XTY
(UTIUC''GXTV
2OG XT Q`IT GYX` XT HCUTV XMV (UTWGU'T
IEV GRG'DRKXGO RG (DWKO WXT 0WZGQOWXOP`
KRXKFRTRXGV DXWO XTYV Z`HTYV IOG RDKV
(GUK'HCWKOV WK PaUOKV PGO K(OPTYUOPDV
WYRXCSKOV
0(` XMR (QKYUC XTY T 2OCRRMV >XTYURC
UGV WK WYRDRXKYSE XTY WXT G'KUOPGROP`
JFPXYT
GRGZDUNMPK WXMR GRCIPM
RG G(TZNKY[NKF RDG QOX`XMXG WXMR KQQM
ROPE TOPTRT'FG
+; KQQMROP`V QG`V D[KO PCRKO XKUCWXOKV
NYWFKV PGO (UD(KO RG KF'GWXK (TQa (UT
WKPXOPTF XO 'DXUG NG (UD(KO RG KZGU'`
WTY'K IOG RG PQKFWKO XT JM'TWOTRT'OP`
PKR` KCR `RX]V Y(CU[KO, JEQ]WK
/']V GRGIRbUOWK `XO M KQQMROPE (QKYUC
HUFWPKXGO GP`'G WXMR (UTW(CNKOG RG (KF
WKO (]V JKR '(TUTaR RG QMZNTaR RDG
'DXUG QOX`XMXGV (TY RG (QEXXTYR XT HOTXOP`
K(F(KJT XTY QGTa
4 ( " 5? ?AG?JJ>BEN F? ? LQOG;DCG
AG? I>ACN E <MCN OPL CKUPCMGHV
91(78+ XMR K(OPTOR]
ROGPE PGXGOIFJG (TY KF[K
GPTQTYNEWKO XOV WYQQE
\KOV XMV MIKXOPEV T'CJGV PGO 'KQbR
XMV +BUYWEV 0YIEV,
9GV KF[GR PCRKO +(QaWM KIPKZC
QTY, XG JOCZTUG PYHKURMXOPC +(G
(GIGQCPOG, (UTPKO'DRTY RG 'GV
(KFWTYR IOG `XO Y(TXFNKXGO N G(T
XKQTaWK GRXOPKF'KRT XMV JOPGWXOPEV
DUKYRGV ;O GYX`PQMXTO +>DUQTP
BTQ'V, G(TZGFRTRXGR 'KXC HKHGO
`XMXGV IOG XMR a(GUSM (GUCRT'TY
T(QOW'Ta GQQC PGO +'GaUTY [UE'G
XTV, )V (UTV XT XKQKYXGFT 'CQOWXG
IOR`XGR KYNKFG WaRJKWM 'K JUGWXM
UO`XMXKV W[KXOL`'KRKV 'K XTR Y(`
PTW'T XMV Ra[XGV
:`'OWGR 'CQOWXG `XO HUEPGR +QGY
UCPO, `XGR GRGPGQaZNMPK T(QOW'`V
WK [DUOG OJObXM PGXGLMXTa'KRTY IOG
CQQKV (GUCRT'KV JUGWXMUO`XMXKV
B]UFV JKaXKUM WPD\M DPUORGR `XO
(U`PKOXGO IOG XTR GRGLMXTa'KRT (G
UCRT'T T(QOW'` XMV RKTRGLOWXOPEV
TUICR]WMV
0(TPGQaZNMPK ]WX`WT (UOR GQD
PX]U QGQEWKO `XO T ZTHKU`V T(QO
W'`V EXGR G(GU[GO]'DRTV PGNGUC
WYQQKPXOP`V K(T'DR]V (GRXKQbV
C[UMWXTV
3PXTXK (GUEQNK PGOU`V PGO GP`'M
GRGLMXKFXGO XT XUT'KU` T(QTWXC
WOT 'K XT T(TFT T 9O[GQTQOCPTV 'K
XTR 7GWOJOCUM NG PGXDQYGR XT JM
'TPUGXOP` (TQFXKY'G ;aXK HDHGOG
(UTDPY\K XF(TXG IOG +'GaUT
[UE'G, KRb TO (KUFZM'TO +(UTWXG
XKY`'KRTO 'CUXYUKV, G(TJKF[NMPGR
(U`W](G (GRXKQbV GRY(`QM(XG
TUOW'DRG JK PGO HKHGUM'DRG 'K GXO
']XOPDV (UCSKOV
1TYHCNMPGR PGO TO +>DUQTP BTQ'V,
3aIQ]XXM WO](E GZTa XT +(GRXK
W(CRO, (TY Y(TW[DNMPGR WXTYV PG
NM'GI'DRTYV (TQFXKV G(TJKF[NMPK
QMI'DRT IKR`WM'T ;O (TQFXKV CQ
Q]WXK JKR XWF'(MWGR 3S TY PGO
GRXF IOG XMR K(OJO]P`'KRM +WYUUF
PR]WM, XMV +BUYWEV 0YIEV, JOG
ZGFRKXGO 'KXC XT GU[OP` +'TaJOG
W'G, 'OG XCWM (KUGOXDU] KRFW[Y
WEV XMV >K WM'KFT (TY `(]V
(GUGXMUTaR DIPYUTO JM'TWP`(TO
G'E[GRTO G(` XG KYUE'GXG (TY XTYV
(UTPa(XTYR RG (UTHQD(TYR JYWC
UKWXKV KP(QESKOV IOG XOV JYRC'KOV
XTY G(TPGQTa'KRTY +WYRXGI'GXOPTa
X`STY, WXOV (UTWK[KFV KYU]KPQT
IDV OJOGFXKUG KZ `WTR GYXDV JK
WYRJYGWXTaR 'K (UTWZYIE WK
KNROPE PCQ(M
/(]V JK K(OWM'GFRTYR TO FJOTO
GP`'M PGO XMR (KUFTJT XMV DSGUWMV
XMV +BUYWGYIFXOJGV, M `(TOG 'KF
]WM XMV JaRG'MV XMV RKTRGLOWXOPEV
TUICR]WMV TZKOQ`XGR (KUOWW`XKUT
WK G'M[GRFG (GUC WK XCWM G(T[b
UMWMV `(]V G(TJKOPRaKO M XGYX`
[UTRM GaSMWM XMV G(TPGQTa'KRMV
+GJOKYPUFROWXMV, \EZTY
5 JO(QE JTQTZTRFG XTY :DTY 5UG
PQKFTY G(QbV (UTWDNKWK WYRGO
WNM'GXOP` ZTUXFT 5 KSEIMWM KFRGO
G(QE ;O (TQFXKV 'DW] XMV +BUYWEV
0YIEV, XO']UTaR XT (TQOXOP` Wa
WXM'G GQQC PGO `QT XT (QDI'G XMV
JOG(QTPEV IOG XT WaRTQT X]R GRT
'M'CX]R XTY 'K G(TPTUaZ]'G XT
9RM'`ROT PGO XG GYXTa WY'(GUT
'GUXTaRXG
*K NG '(TUTaWK K(T'DR]V GYX` XT
Y(` PGXMITUFG PGO G(TJ`'MWM (TQO
XOP` 'ORXOGP` WaWXM'G RG IFRKO G(T
JKPX` ]V +WXGYUTZ`UTV XMV
PCNGUWMV, PGO 'CQOWXG 'K GXKP'M
UF]XKV PGXGIIKQFKV HOGWXOPDV PGO
GI[bJKOV POREWKOV GQQC PGO 'K
D]QKV JOPTRT'OPC KRDUIKOKV
5XGR GRG'KR`'KRT ]V KP XTaXTY T
QGRNGW'DRTV XU`(TV GRXO'KXb(OWMV
RG TJMIKF WK GRXFNKXG G(` XG K(O
JO]P`'KRG G(TXKQDW'GXG 5 +BUYWE
0YIE, JKR GRXO'KX](FLKXGO 'K XMR
K'(QTPE XMV JOPGWXOPEV KSTYWFGV
(TY KPNDXKO KR XDQKO PGO XMR XKQKY
XGFG GQQC 'DW] XMV (TQOXOPEV JOG
JOPGWFGV 'K XMR CUWM X]R GOXF]R
(TY (UTPGQKF XMR KPXFRGSM XTY P`'
'GXTV XTY PTY 9O[GQTQOCPTY
!
792+:+.( (54 7+0
8EJ XM? LQ CPOLHV@LQJ GOFLWN H?G OQJP;KCGN
PLQN GOFLWN PLQN OP?
CQMX PL =J?
C BG;RLM? HVI ? CHPGJ;OOLQJ
0
.*( R?>JLJP?G OPLQN CFJL ?
P<MCN P? LHPX GOG SGIG;MGH?
PL =J? AG? J? ?P;JC OPE
)LQI= VJL VP?J Q ;MSCG LJL ?
OPGH= TERLRLM>? H?G J? BG? ?MPW
MLJP?G VPG H;FLJP?G LIW OPGN
C GPML <N SUM>N J? IEMXJLJP?G
0MJOGW'DRTV T P`W'TV JOCHGLK XT G(TPGQY
(XOP` JM'TWFKY'G XMV + ! $" &#, IOG XTYV
(G[YQTaV 'OWNTaV X]R HTYQKYXbR HCLTRXGV
XT [DUO WXMR XWD(M PGO (OCRTRXGV XG ZUGIPT
JFZUGIPG (TY XTYV D[TYR G(T'KFRKO IOG RG
(KUCWTYR XT 'ERG GZTa M ?U`OPG PGO TO RX`
(OTO XTPTIQaZTO NK]UTaR `XO TO .QQMRKV '(T
UTaR RG LTYR 'K GDUG
7GO KRb TO PGQT(KUGWCPMJKV HTYQKYXDV 'GV
NK]UTaR XT (GRXKW(CRO (TY XUbRK WPGX`
(UTPGQbRXGV 'K XOV K'ZGRFWKOV XTYV WXG (G
UCNYUG XMV XMQK`UGWMV PQGFITRXGV `XO M
L]E KFRGO GPUOHE XMR FJOG bUG \MZFLTYR
IOG XT PGQ` 'GV PGO CQQG 'DXUG QDITRXGV
RGO WK `QG
<UTPQMXOP`XGXTV T HTYQKYXEV XMV :* 6TUJC
RMV ?LG'XLEV SKPGNCUOWK 'DWG WK QYI'TaV
`XO IOG JYT [OQOCJKV KYUb JKR NG IOR`XGR
HTYQKYXEV
@(TWXEUOSK 'CQOWXG `XO Y(CU[TYR HTYQKYXDV
(TY `(]V [GUGPXMUOWXOPC GRDZKUK SKUGF
RTYR XT WP X` XTYV IOG RG LEWTYR PCXO (TY
GRDHGWK XTYV X`RTYV WXMR (U]ORE KP(T'(E
XTY 0:?
;'TQ`IMWK (GUCQQMQG `XO T FJOTV (GFURKO
KYUb XTR 'ERG WXT [DUO (UTPGQbRXGV
+
XMR GRXFJUGWM 'K XTR 2ObUIT <G(GJCPM RG
XTY K(OWM'GFRKO (]V DRG 'KICQT 'DUTV XTY
KQQMROPTa QGTa JKR D[KO RG ZCKO
0RDZKUK (]V TO G(TJT[DV X]R HTYQKYXbR
D[TYR 'KO]NKF PGXC
XG XKQKYXGFG [U`
ROG KRb IOG XG (UTR`'OG X]R ZTUTG(GQQGIbR
(TY GIIFLTYR PGO XT
G(DZYIK RG G(GR
XEWKO (GUC XOV K(F'TRKV KU]XEWKOV
8? OSVIG? OP?
H?G =M?J "G?@;OPC CMGH;
<BUO?J
&E9+ 4+<+5+,+*6A -3+<* 83 853<348* <+ (?8=6
4' /3 ;4+<' +>8D <9E6/ + +=<' &3 2(5/</ 6+
4'68=6 +55' ) A: 2(58=6 43 '55+
$ %#% 89.'61: &0+ <0): #3 ,8=5/=<(: 7/
9+*68=6 <8 ;4 <8=: /
/=9E <8 )6+
/ 2(5A 6+ ;+: <+9'7A +55' ./6 <+ 5(/3 +=<'
C68 8 &0+ <0): 9A<);</ 4+3 <86 ,8=5/=<)
<1: /938?): ;+:
# &0+ <0): ./6 /*6+3 8= (5/-/ A: ;<16
/458-34) <8= /93>(9/3+ <86 ;<+ '<+-+6 4+3 <8=
(5/-+6 1 +;': @)>3;/ " ;/ C5+
<86
/9./DA
# &0+ <0): ./6 ,-+*6/3 / <+
4+3 >A6'
0/3 <+ 86C +<+ ;<3: @1>8>89*/: -3+ 6+ <8=
.*6/3 ?+9<035*43 8 !/B +9'41:
/6 ;/ ><D68=6 '6/9-/ 8 4'2/ &0+ <0): 4+3
8 4'2/ .A63: 8= 5(6/ C<3 ./6 ,-+*68=6 /
/6<( 3;3 ?353'934+ <8 )6+ %/ 4+<8=9'6/
# &0+ <0): <1: " .)5A;/ A: /96'/3 .D
;485+ / 3;2C
/=9E 8= +*96/3 A: ,8=
5/=<): %4(><14+ 6+ <8= 98</*6A <8
./6 7(9A
%=-436)214+ 2+ <8=: ;</*5A
+9<*.+ .34'
8= + 8719+ (6+
= ';</ 4+3 <86 '558 ,8=5/=<) <1: " <86 !3
?'51 &+ )58 8= -49*63+0/ C<3 4'2/<+3 855(:
E9/: ;<3: / 3<98 (: ?A9*: 6+ 519E6/<+3
/6 ,9(?/3 4D9383 +: ><D68=6
2"+./8./+7 C>J?G LG
BEIXOCGN PLQ HV
O LQ OPEJ H; CM?
PLQ
4G
OPL @LWMHL
)I< LQ C VPG ?N H?P?HI<
@LQJ ?QP=J PE OPGA = H?G BCJ
H;JLQ C P> LP?
1?N BLQICWLQJ P? ?>M
JLQJC H?G VILG LG ;IILG CGJ;JC
8G BG?RLM; <SCPC BCG OC ?QP;
LQ I<PC COC>N ? V ?QP; LQ
?HLWCG L HVO LN LQ SPQ G<P?G
LQ PLQ ?>MJLQJC PL O >PG
( ?M;BCHPL PCIGHXN J? HV
@LJP?G LG GOFL> H?G J? C>J?G
PUJ @LQICQPXJ
AG?P> OC
VILQN ?N <SLQJ HL C> LG G
OFL> H?G LG OQJP;KCGN
"CJ <SLQJ GOFXOCG P? PC
ICQP?>? SMVJG? H?FVILQ PLQN
GOFLWN PLQN (QPV C>J?G PML
CMV PML CMV +HJCQM>DL ?G
LIW
)LICQP<N VSG @LQICQP<N 4
GOFVN PLQN =AC OP?
H?G
PLQ CMLH? ?PG;ME ?AMVPE
CQMX ?M?H?IX "QOPQSXN IQ
; ?G AG?P> C> ?G &IIEJ?N LI>
PEN /M> ? HM> ? H?G ?BGH>?
0CGPLQMAGH; BCJ C>J?G /?
JLJGH; H?G PD; ? < MC C J? PL
H;JLQJ
0LAGH; ?J SMCG?OPC> AG? J?
@LEFEFLW C H?G C C>N F?
< MC C J? C>S?J GL GHMV
GOFV ( V CHC> H?G <M? BCJ
JL >DU VPG F? A>JCG H;PG
/M> ? C>J?G 8LQI;SGOPLJ P?
BG I; F? < MC C J? ?>MJLQJ LG
;JFMU LG .BMXJLQJ LIW H?G
HLQM;DLJP?G (AUJGLWJ AG?
C ;N "CJ HLG LWJP?G PL @M;BQ
1<JLQJ ;Q JLG /M> ? 2? PLQN
BXOLQJ H?G R;M ?H? EMC G
OPGH; P? @M;BG? J? HLG LWJP?G
=OQSLG /?I; ?N H;JLQJ ?N
R<M?JC PEJ C LS= PLQ % H?G
PLQ %
1>OLN AG? VILQN ?QPLWN
LQ C>J?G <O? OPL /LGJL
@LWIGL
(QP; LQ OQ @?>JLQJ OPEJ
+II;B? E H?P;OP?OE C>J?G PVOL
BWOHLIE 4 HVO LN BCJ RU
J;DCG BCJ @A?>JCG OPLQN BMV
LQN 8G J? LW C
5;M? LII; ICRP; 4HPX
SGIG;MGH? BCJ @A;DU VIL PLJ
SMVJL 0LG VJ AG?P> ?QPL> J?
?>MJLQJ
SGIG;MGH? OC <J?
=J? 7; UN H;JLQJ H?G P>
LP? O LQB?>L )A?>JLQJ OPEJ
PEICVM?OE H?G H?H?M>DLQJC
5M< CG ? V VJLG PLQN J?
MLAM? ?P>OLQJ J? ?>MJLQJ
IGAVPCM? AG? J? C>J?G OW RU
JLG C PLQ PLQN Q VILG LQN &I
IEJCN LQ CGJ;JC
'I? ?QP; M< CG J? P? ?KGL
ILA=OCG L HVO LN H?G VP?J ;CG
OPGN CHILA<N F? M< CG J? K?
J?OHCRPC> LGLQN TER>DCG
+>J?G JPML = AG? PLQN @LQ
ICQP<N (JP> J? M>SJLQJ PLQN
GOFLWN H?G PGN OQJP;KCGN J?
M>KLQJ PLQN GOFLWN PLQN OPL
H?G J? HVTLQJ P? <KLB;
PLQN AG? J? EJ CGJ;OCG L CI
IEJGHVN I?VN
/?P?HM>JLQ C VIE ?QP= PEJ
H?P;OP?OE +>J?G PM?AGH; P?
M;A ?P? +>J?G
M;A ?P?
LQ OC @A;DLQJ <KU ? V P?
MLWS? OLQ
4G @LQICQP<N ?>MJLQJ ?
M? ;JU ICRP; ? %VOL M< CG
8CIC>? H?G ?WI? ( V BX H?G
<M? L H;FC <J?N ?N HLGP;KCG
PLJ C?QPV PLQ AG?P> E +II;B?
BCJ ;CG ;IIL H?G LWPC OC
SMVJG? F? ;CG H?IWPCM?
*G?P> VJL ?QP; C>J?G LQ
<MJLQJC 4 HVO LN BCJ <SCG
J? R;CG H?G ?QPL> H;FLJP?G
CHC> H?G PG ? C>@LJP?G SUM>N
J? H;JLQJ P> LP? AG? PLJ HVO L
&SLQJ ?J?IAEO>? ;FCG LG
;JFMU LG &SLQJ ?J?IAEO>?
?J?GOFEO>? H?G HLGP;DLQJ PLJ
C?QPLWIE PLQN 8G F? CMGOX
OLQJ ? V PLJ C?QPLWIE PLQN
1VJL PL ?> ? BCJ ?N <SLQJ
GC> "QOPQSXN BCJ Q ;MSLQJ
;JBMCN O= CM? ;JBMCN C
QA = LG L L>LG J? LMLWJ J?
KCOEHXOLQJ PLJ I?V (QPV
C>J?G PL IQ EMV
-3(UK(K EJM RG KF[K IFRKO '(Q`PT WXOV (KUOTYWFKV
XTYV PGO HKHGF]V M *OPGOTWaRM D(UK(K RG KF[K PORMNKF
IOG RG JOGQKYPCRKO XT XKUCWXOT WPCRJGQT
2OGXF XG QKZXC X]R XUG(KLbR KFRGO WXMR TYWFG QKZXC
X]R ZTUTQTITY'DR]R (TY (QEU]WGR 'K (KRERXG JOW
KYUb XMR GRGPKZGQGOT(TFMWM <]V KFRGO JYRGX`R TO
XUC(KLKV RG K(OJObPTYR RG PGXGW[DWTYR XMR (UbXM
PGXTOPFG X]R XGQGF(]U]R GRDUI]R PGO RG D[TYR KSG
WZGQFWKO PGNKWXbV OJO`XY(MV GWYQFGV IOG XTYV 'KIG
Q`W[M'TYV (TQOXOPTaV (TY KF[GR XT NUCWTV RG
QKMQGXEWTYR PGO XOV XUC(KLKV GU(CLTRXGV NGQGWWT
JCRKOG IOGXF (UTZGRbV JKR XTYV DZXGRGR GYXC (TY
DPQKHGR G(` XT JM'`WOT ?T IOIGRXOGFT GYX` WPCRJGQT
JKR '(TUKF RG 'KFRKO GXO'bUMXT IOGXF X`XK PGRKFV JKR
RT'O'T(TOKFXGO RG LMXCKO PGXGW[DWKOV IOG (KRXGUTJK
PCUKV (TY [U]WXCKO T PTW'CPMV
<UD(KO K(FWMV RG WXG'GXEWKO GYXE M OWXTUFG XMV [UM
'GXTJ`XMWMV X]R PT''CX]R G(- XTR PUGXOP` (UT_(T
QTIOW'` WK 'OG (KUFTJT PGXC XMR T(TFG JKR Y(CU[KO
JKPCUG XWGPOWXE WXG JM'`WOG XG'KFG PGO P`HTYR XOV
(KRO[UDV K(OPTYUOPDV WYRXCSKOV XTY 670 KFRGO (U`
PQMWM RG W(GXGQCRK JOWKPGXT''aUOG IOG RG WYRXM
UTaR XG P`''GXG XOV WXUGXODV X]R GUI`'OWN]R
PT''GX`WPYQ]R
5LGLG =M?J P? F?I?OOLB;JCG?
?T 'KICQT ZGIT(`XO 'K XG NGQGWWTJCRKOG XTY <0>;7
PGO XMV :DGV *M'TPUGXFGV DIORK G(- XOV (UTMITa'KRKV
MIKWFKV X]R JaT PT''CX]R >G'GUCV PGO 1KROLDQTV
XG HUEPGR PGXG[UK]'DRG PGO HKHGF]V GJYRGXTaR RG
HUTYR XG XKUCWXOG GYXC (TWC IOG RG SK(QMUbWTYR XG
JCRKOG
3OJOP`XKUG T JGRKOW'`V XTY <0>;7 DZXGWK WXG a\M
XMR (KUFTJT PGXC XMR T(TFG (U`KJUTV XTY P`''GXTV
EXGR T 7bWXGV >M'FXMV
AGFRKXGO `XO XG 'GaUG (TY D(GOURGR G(- XM 4E'KRV PGO
XTYV CQQTYV [TUMITaV DHIGORGR G(- XM BGUOQCTY ?UO
PTa(M PGO (EIGORGR WK CIR]WXKV PGXKYNaRWKOV
2O- GYX` XT DUOSGR WXT JGRKOW'` JKPCJ]R KPGXT''Y
UF]R KYUb G(- XOV XUC(KLKV
; X`XK GU[MI`V XTY <0>;7 'GLF 'K XTR TOPTRT'OP` JO
KYNYRXE XTR 2KROP` *OKYNYRXE XTY P`''GXTV PGO XTYV
Y(`QTO(TYV XMV MIKXOPEV T'CJGV IRbUOLGR `XO XG NG
QGWWTJCRKOG JKR (U`PKOXGO RG K(OWXUGZTaR
2O- GYX` XbUG NG (UD(KO RG QTITJTXEWTYR WXM *OPGOT
WaRM IOG XT DIPQM'G WK HCUTV X]R XUG(KLbR PGO HK
HGF]V RG PGXGW[KNTaR XG JOPC XTYV (KUOTYWOGPC
WXTO[KFG PGO TO QTIGUOGW'TF XTYV `(]V IFRKXGO 'K `QT
XTR P`W'T
>XM :DG *M'TPUGXFG TO 'KICQKV HTYXODV WXG XG'KFG
X]R XUG(KLbR DIORGR XMR (KUFTJT PGXC XMR T(TFG WXMR
MIKWFG XTY P`''GXTV EXGR T 7 7GUG'GRQEV 1KHGF]V
M :DG *M'TPUGXFG KFRGO WK NDWM RG K(OWXUD\KO WXOV
XUC(KLKV DRG 'DUTV G(- XG NGQGWWTJCRKOG GQQC GYX`
JKR G(GQQCWWKO G(- XOV KYNaRKV XG X`XK MIKXOPC WXK
QD[M XTY P`''GXTV
50,6,7 ,1+6!2 OC EIGH>?
CPXJ <RQAC SPCN
? V PE DU= L MXEJ 5MVCBMLN PEN /Q MG?H=N "E
LHM?P>?N *I?WHLN /IEM>BEN CP; ? V LIGAL=
CME JLOEIC>? OPEJ HIGJGH= PEN 0CQHUO>?N
#+Q?AACI>OPMG?$ 9 =MKC C @IE ?PGH= LMR= PEN
/Q MG?H=N LIGPGH=N OHEJ=N H?G PLQ /Q MG?HLW
(AXJ? OQ CP<SLJP?N OC VICN PGN R;OCGN PLQ H?G
;JP? Q V OE ?>JLQOCN F<OCGN 7PGN
.LQI>LQ
?J<I?@C MLOUMGJ; H?F=HLJP? 5ML<BMLQ
PEN "E LHM?P>?N 8? H?F=HLJP? ?QP; P? ;OHEOC
<SMG PGN
"CHC @M>LQ
E <M? H?P; PEJ
L L>? C ?J=IFC OPEJ /W ML L (MSGC >OHL LN 1?
H;MGLN L L L>LN UN AJUOPV C>SC CK?J?AH?OFC>
? V PL M?KGHV E ? J? PEJ CAH?P?IC>TCG OPGN
.LQI>LQ
7E=E7 FJC@>7
F7887GC
($ $*
" +&
G\a -98'5. *2&
"
! W_`\]WXg^ `U^ ZSg`S]U^ AS`O-\YW
`Sa`WXM^ -S]WgR\a VO _`OVSN WRWON`S]O XOW gcW ce]N^
O,UcOZNO _`\ /bOWZg,SZ\ D7FC?0
De^ O-g `U ,OX]K bK_U /RWOZ\U`WXM^ Xa]WO]cNO^0 RW\YN_VU_S
_`UZ -YM]U O-O[Ne_U _S LZOZ -O]OX\Y\aVU,O`WXg R\]ab\
]WXg ]gY\
:b! g_\Z RScV\h,S g`W U >_`\]NO RWO,\]biZS`OW S-OQeQWXK
M RWOTSaX`WXK O-g `U _hTSa[U Rh\ -O]OQgZ`eZ `\a OZV]i-W
Z\a RUYORM a-\XSW,SZWX\h -O]KQ\Z`O XOW `U^ OZ`WXSW,SZWXM^
-]OQ,O`WXg`U`O^ XK-\a SXSN -]L-SW Z! OZOTU`M_\a,S `W^ OW`NS^
`U^ WYWQQWiR\a^ -\]SNO^ O-g `\ TSZNV _`\ ZORN]
7-\`SYSN X\WZg `g-\ g`W U SQXOVNR]a_U `U^ ,OX]gc]\ZU^ UQS
,\ZNO^ `\a ?WZM,O`\^ \bSNYS`OW `O ,LQW_`O _`UZ XO`OYa`WXM
-]\_e-WXg`U`O `\a 7ZR]LO DO-OZR]L\a :NZOW O,bNP\Y\
e_`g_\ OZ VO XOVN_`O`\ RaZO`M U _aQX]g`U_U SZg^ ,OTWX\h
_\_WOYW_`WX\h Xg,,O`\^ _S ,WO ci]O ,S _cSRgZ OZh-O]X`U
-O]KR\_U OZ RS _aZLR]O,OZ XOW \W OZ`WXSW,SZWX\N -O]KQ\Z`S^
M`\W U SZRWKVS`U ]WT\_-O_`WX\-\NU_U Sa]h`S]eZ YOfXiZ _`]e
,K`eZ -\a SZW_chVUXS O-g `UZ `]Oa,O`WXM S,-SW]NO `U^ RWX`O
`\]NO^
GO OZe`L]e _S _aZRaO_,g ,S ,WO _aZSX`WXM \]QOZe`WXM R\,M
-\a _aZRhOTS `U ,OTWXM -OZSYYORWXM RWX`he_U ,S `UZ O-\`S
YS_,O`WXM RWSX-S]ONe_U `U^ XOVU,S]WZM^ R]K_U^ S[UQ\hZ `UZ
SZ`a-e_WOXM OZVSX`WXg`U`O -\a S-LRSW[S `\ ?NZU,O -O]K `UZ
OZO-gbSaX`U bV\]K M XOW RWKP]e_U O-g `U ,OX]gc]\ZU
K_XU_U `U^ S[\a_NO^
D]\bOZi^ QWO Z! O-OZ`M_\a,S _S RWKb\]\a^ S-W`MRSW\a^ XO
Y\VSYU`L^ `\ D7FC? ,S`S[SYNcVUXS _`UZ -\]SNO ,S`KPO_U^
-]\^ `UZ S[\a_NO OYYK XOW XO`K `UZ K_XU_M `U^ ,S -OYWZR]\
,M_SW^ M XOW \-W_V\R]g,U_U _S XK-\WS^ _`WQ,L^ 5,e^ _S
XO,WK bK_U RSZ SQXO`LYSWdS g_\ RWO]X\h_S U Xa]WO]cNO `\a
7ZR]LO DO-OZR]L\a `\ /_XYU]g -a]MZO0 `eZ WR]a`WXiZ O]ciZ
XOW `\a O[WOX\h `\a b\]`N\a 5-e^ `W^ O]cL^ `U^ OYYUYSQQhU^
`U^ -]\_`O_NO^ _`\a^ O_VSZL_`S]\a^ OYYK XOW `U^ _hTSa[U^
`eZ -]\\RSa`WXiZ OZ`WYMdSeZ ,S LZOZ aQWM -O`]We`W_,g -\a
-L]OZ `eZ KYYeZ _aZSX`W,\h_S SVZWXL^ WRW\,\]bNS^ g-e^ U
L[O]_U `\a 7ZOVSe]U`W_,\h M XOW U SaVSNO O,bW_PM`U_U Xa
]WO]cWXiZ RWXOWe,K`eZ _`U 8OYXOZWXM QSW`\ZWK ,O^
< /_`]\bM0 -\a K]cW_S ZO _aZ`SYSN`OW ,S`K `\
,S `U
_cS`WX\-\NU_U `U^ X\WZeZWXM^ -]\Z\WOXM^ RWK_`O_U^ OYYK XOW
`U^ -YM]\a^ ORWOb\]NO^ M XOW OZO_`]\bM^ _`O SVZWXK VL,O`O
PYL-S >,WO /_a,beZNO AOR]N`U^0 X Y - O-\`SY\h_S ,WO -\W
\`WXM ,S`KYYO[U RWOb\]S`WX\h `h-\a :Z ,L]SW SNZOW OYMVSWO
OX\Y\aV\h_S OZKY\QU a-\ci]U_U `U^ Sa]e-OfXM^ _\_WOYRU
,\X]O`NO^ _`\ _hZ\Y\ `U^ OYYK _S ,SQKY\ POV,g `UZ a-S]L
POWZS OQQNT\Z`O^ `O g]WO `U^ -O]ON`U_U^ O-g XKVS WRS\Y\QWXM
,KcU
F`UZ S-g,SZU bK_U `U^ -]\SR]NO^ 9Wi]Q\a DO-OZR]L\a -]\
_`LVUXS U _hQca_U S[OW`NO^ XOW `U^ WRWg,\]bU^ OZ`NYUdU^ `U^
UQS_NO^ QWO `U _cL_U -\YW`WXM^ XOW WRS\Y\QNO^ < _hZVS_U `\a
dUb\RSY`N\a :-WX]O`SNO^ _`W^ SXY\QL^ `\a
OZ`WXO`\-`]N
TSW Oa`M `UZ OZ`NYUdU
7-! SXSN XOW -L]O \ R]g,\^ -]\^ `\ _U,S]WZg OX]ON\ _`O
g]WO `\a `ac\RWeX`W_,\h \-\]`\aZW_,g M`OZ \]VKZ\Wc`\^ ?OW
,\ZORWXg^
BC:A8E>CH
9]KbSW \ OZO-YU]e`M^ XOVUQU`M^ `\a DOZ`SN\a DOZS-W_`U,N\a
.WXUQg]\^ /;&1.6 /;< 49146
_O]KZ`O OX]W
Pi^ c]gZWO \ YOg^ `U^
7VMZO^ KX\aQS ,S ,WO
P\aPM cO]K `U QZe_`M beZM
:Ri D\Ya`ScZSN\ SRi D\Ya`S
cZSN\ 2<`OZ XSNZU U beZM `U^ b\W
`U`WXM^ ZS\YONO^ -\a ,L_O _S
`]SW^ U,L]S^ SNcS XKZSW OXg,U XOW
`\a^ -W\ b\PW_,LZ\a^ XOW _aZ`U
]U`WX\h^ ZO O]cN_\aZ _WQK _WQK
ZO XO`SPONZ\aZ _`\a^ R]g,\a^
Qh]e O-g `\ D\Ya`ScZSN\ XOW _OZ
`O ,WX]K ]aKXWO -\a RWOR\cWXK _,N
Q\aZ `\ LZO ,S `\ KYY\ XOW _cU
,O`NT\aZ `\ -\`K,W L`_W ,L_O _S
`]SW^ U,L]S^ `g`S _cU,O`N_`UXS
`\ -W\ ,SQKY\ -\`K,W ,S`K `UZ XU
RSNO `\a 9L]\a `U^ .U,\X]O`NO^
XOW O-SNYU_S `U Z\,WTg,SZU _`O
VS]M -\]SNO `U^ J\hZ`O^
< P\aPO,K]O U ORWOb\]NO \
bgP\^ K]cW_OZ ZO a-\ce]\hZ XOW
`U VL_U `\a^ -M]OZ `O O-\bO_W
_,LZO ZWK`O QWO ZO XO`OZ\M_\aZ
\W _`]O`\X]K`S^ OZOPK`S^ `U^
S[\a_NO^ g`W XSNZ\^ \ B\L,P]U^
VO M`OZ XOW \ `SYSa`ON\^ `U^ _XYO
PWK^ ,O^ `eZ PO_OZW_`U]NeZ `eZ
SX`\-N_SeZ XOW `eZ baYOXN_SeZ
O-g `O LX`OX`O _`]O`\RWXSNO
Gg`S gY\W SNcO,S O]cN_SW ZO SY-N
T\a,S g`W `\ D\Ya`ScZSN\ M`OZ `\
QYaX\cK]O,O `U^ YSa`S]WK^ ,O^
-\a ,S`K O-g \c`i ,MZS^ bKZUXS
_`\ SXXYU_KXW `\a 7U 9Wi]QU `\a
@aXOPU``\h
25,e^ XSNZ\ `\ QYaX\cK]O,O -\a
bOWZg`OZ ]gRWZ\ ,O -W\ -\Yh -]\^
`\ XgXXWZ\ RSZ M`OZ YgQe `U^
OZO`\YM^ `\a MYW\a OYYK YgQe
`\a ON,O`\^ -\a SNcS caVSN _`\
ZU_N `U^ 7b]\RN`U^ QWO ZO Va,NTSW
_S gY\a^ ,O^ g`W XSNZU U OZO`\YM
SNcS bL]SW `U RWXM ,O^ YSa`S]WK
OYYK XOW `U ,Oh]U _XYOPWK _`\
g,\]b\ ZU_N
FO]KZ`O c]gZWO ,S`K `\ ZU_N S[O
X\Y\aVSN ZO SNZOW OX]e`U]WO_,LZ\
XOW SZi bOWZg`OZ g`W U ci]O ,O^
VO SNcS SR]OWi_SW `U .U,\X]O`NO
XOW `UZ SaU,S]NO ,O^ RSZ SNcO,S
`g`S bOZ`O_`SN g`W c]gZWO ,S`K
VO T\h_O,S ,WOZ KYYU _XYOPWK
-\Yh -W\ S-iRaZU ce]N^ gZSW]O
ce]N^ SY-NRO ce]N^ XO`OX`U`M
OYYK ,S XO`O-WS_`M `U ,\ZKX]WPU
RU,\X]O`NO ,O^ XOW XO`O-WS_`L^
Oa`\h^ -\a ,S `U RWXM ,O^ _a,,S
`\cM SXY\QM XOW OZ\cM ,O^ \RM
QU_OZ _`U ZLO Oa`M OZLY-WRU
_XYOPWK
?OW `\ -W\ XOXg O-g gYO SNZOW
g`W _`UZ -\]SNO Oa`M _a,,S`SN
cOZ -\YY\N O-g Oa`\h^ -\a -]WZ
_O]KZ`O c]gZWO ,O^ SNcOZ
Ri_SW g]O,O SY-NRO XOW -]\
-OZ`g^ OW_W\R\[NO g`W U J\hZ`O
VO `SYSWi_SW
.a_`aci^ U O,bNP\YM -O]O,\ZM
XK-\WeZ XOW]\_Xg-eZ QWO
i]S^ _`\ W_`\]WXg NR]a,O X O - L
$-
"
_XKZ
ROYO -OQX\_,Ne^ Lc\aZ
OZOVSe]M_SW `\ -S]WScg,SZ\
O]XS`iZ \WX\Z\,WXiZ a-\RSWQ
,K`eZ < -N_`U XOW U dac\Y\QNO
`eZ O-YiZ S-SZRa`iZ _`UZ \W
X\Z\,WXM RWORWXO_NO a-L_`U
LZOZ OZMXS_`\ _\PO]g XY\ZW
_,g AS Ra_X\YNO -YL\Z \W Sa
-SWVSN^ XOW XOYg-W_`\W -\YN`S^
VO S-W_`]Ld\aZ _`\ _`NP\ -\a
VO `\a^ XO`O_`M_SW SX ZL\a
S-WXS]RSN^ ,S`gc\a^ -\a _a,
PKYY\aZ _`W^ S-WcSW]U,O`WXL^
XOW SZ QLZSW \WX\Z\,WXL^ S-W
RWi[SW^ XOW ,SQW_`\-\NU_U `eZ
_`gceZ `eZ S`OW]SWiZ
< \WX\Z\,WXM RWORWXO_NO c]SWKTS
`OW LZO -SW_`WXg ]aV,W_`WXg -YON
_W\ XOW XOZgZS^ _a,-S]Wb\]K^
< UVWXM XOW \ UVWXg^ ,S `UZ
-ZSa,O`WXM LZZ\WO `\a g]\a
KZV]e-\^ SNZOW `\ NRW\ M XOW
-S]W__g`S]\ _U,OZ`WXg^ O-g
`\Z \WX\Z\,WXg KZV]e-\
7a`M U X\]abONO RWO-N_`e_U
`\a FeX]K`U _`UZ D\YW`SNO `\a
DYK`eZO SNZOW `\ RNROQ,O
TeM^ -\a -]L-SW ,S WRWON`S]U
TL_U ZO ,S`ORNR\a,S _`\a^
BL\a^ ,O^ -\a VO XO`OXYSN
_\aZ `UZ OQ\]K S]QO_NO^ F`W^
,L]S^ ,O^ \ UVWXg^ KZV]e-\^
SNZOW S-N_U^ \ S-W`acU,LZ\^
S-OQQSY,O`NO^ `\ S-W`acU,LZ\
_`LYSc\^ S-WcSW]M_SeZ \ S-W
`acU,LZ\^ S-WcSW]U,O`NO^
.UYORM _`\Z Xg_,\ `U^ -OQX\
_,W\-\NU_U^ \ S-W`acU,LZ\^ \W
X\Z\,WXg^ KZV]e-\^ SNZOW XO`K
PK_U SXSNZ\^ -\a S,b\]SN`OW
O-g `W^ OZ`WYMdSW^ `U^ S-WcSW
]U,O`WXM^ UVWXM^
9WO -O]KRSWQ,O _`\ _hQc]\Z\
\WX\Z\,WXg XOW -\YW`WXg -S]W
PKYY\Z SNZOW OZO,bW_PM`U`U
OZKQXU U YSW`\a]QNO `eZ SVZW
XiZ XOW -\YaSVZWXiZ S-WcSW]M
_SeZ gcW ,gZ\ -]\^ gbSY\^
`eZ ,S`gceZ `\a^ XOW `eZ _`S
YSciZ `\a^ OYYK XOW `\a Sa]h
`S]\a X\WZeZWX\h _aZgY\a
7a`g \RUQSN _`UZ S-WP\YM X\W
ZeZWXiZ XOVUXgZ`eZ XOW a-\
c]Si_SeZ _`W^ S-WcSW]M_SW^
Oa`L^ SWRWXi^ _`W^ -\YaSVZW
XL^ S-WcSW]M_SW^ G\ ON`U,O `U^
S-WP\YM^ XOW _a,,g]be_U^
`eZ S-WcSW]M_SeZ ,S adUY\h
S-W-LR\a S-WcSW]U,O`WXK MVU
SNZOW LZO O-g `O ,SQOYh`S]O
X\WZeZWXK OW`M,O`O `U^ S-\cM^
`U^ -OQX\_,W\-\WU,LZU^ \WX\
Z\,NO^ < S-WcSW]U,O`WXM UVWXM
SNZOW LZO^ ZL\^ -]\_OZO`\YW
_,g^ _`O QZe_`WXK OZ`WXSN,SZO
-OZS-W_`U,WOXiZ `,U,K`eZ ,S
\WX\Z\,WX\_`]ObSN^ _-\aRL^
XOVi^ XOW LZO^ O-g `\a^ -YL\Z
OZO-`a__g,SZ\a^ S-W_`U,\ZW
X\h^ XYKR\a^ `U^ _hQc]\ZU^
RW\NXU_U^ S-WcSW]M_SeZ
GL`\WO XOVMX\Z`O XOW a-\c]S
i_SW^ O-\`SY\hZ ,S`O[h
KYYeZ
+ < -]\_`O_NO `eZ S]QOT\
,LZeZ _`W^ S-WcSW]M_SW^
Oa`L^
+ < RWObhYO[U `\a ba_WX\h
-S]WPKYY\Z`\^ XOW U YSY\
QW_,LZU RWOcSN]W_U -Y\a`\
-O]OQeQWXiZ -g]eZ
+ < O-\baQM XO`Kc]U_U^ `U^
\WX\Z\,WXM^ `\a^ RhZO,U^
QWO `UZ S-N`Sa[U -\YW`WXiZ
_`gceZ
+ C _SPO_,g^ -]\^ `O MVU
`eZ SVZWXiZ X\WZ\`M`eZ
SZ`g^ `eZ \-\NeZ R]O_`U
]W\-\W\hZ`OW
+ < O-\baQM b\]\Y\QWXiZ
XOW \WX\Z\,WXiZ XO`Oc]M
_SeZ
< O-\`SYS_,O`WXM -]\_`O_NO
`eZ OZe`L]e SNZOW TM`U,O
gYeZ ,O^ XOW -KZe O-g gYO
`eZ _`SYSciZ `eZ S-WcSW]M
_SeZ
G\a /&22. 4284+/&22.
$
VO L,SZS U 7ZZO 8N__U OZ SPYS-S `\Z -]iUZ _hZ
`]\bg `U^ ?i_`O I]OQX\YWK ZO S-WRNRS`OW _S \,\baY\
baYWXL^ -]K[SW^ AUZ -KSW `\ ,aOYg _O^ _`\ XOXg Ob\h
Oa`g _a,PONZSW ,gZ\ XOW ,gZ\ QWO `W^ OZKQXS^ `\a ]gY\a -\a
X]O`K `\ ,\Z`LY\ XOW ZhZ UV\-\Wg^ _`\ L]Q\ /
1
0 `\a %"& '%"$ -\a -ONTS`OW _`\ )*#%( ?adSYU^
G\ P]OPSa,LZ\ ,S
VSO`]WXg
-O]\a_WKTS`OW O-g `UZ \,KRO =SO`]N
ZeZ =SO`L^0 QWO -]i`U b\]K _`UZ
:YYKRO _S ,S`Kb]O_U ?i_`O 8\hY
QO]U XOW _XUZ\VS_NO 9Wi]Q\a @WPOZ\h
:Zg^ _XUZ\VL`U -\a [L]SW SRi XOW
-\YYK c]gZWO ZO -]\XOYSN SacK]W_`O
`\ X\WZg ,S `W^ VSO`]WXL^ S-WY\QL^ `\a
XOW `W^ O]W_`\`ScZWXK R\,U,LZO -O]O
G\a
_`K_SW^ `\a F`\ S]Q\ -\a PSPONe^
!8*=549 .28&5* SNZOW Oa_`U]i^ OXO`KYYUY\ QWO OZMYW
X\a^ -]e`OQeZW_`SN \ J]M_`\^ @WOXg
-\aY\^ LZO^ L,-SW]\^ UV\-\Wg^ -\a RSZ RW_`KTSW g`OZ `\
O-OW`SN \ ]gY\^ `\a ZO S,bOZW_`SN OXg,O XOW ce]N^ `\ bhYY\
_aXM^ SZi -ONT\aZ OXg,O \W F`KVU^ DOZOQWe`NRU^ DOZOQWi`U^
?O`_NXU^ GW,gVS\^ =KZ\^ XOW 9WKZZU^ ?e_`O]K^
G\ /
1
0 ,-\]SN ZO SWZOW LZO WRWON`S]O -]\
XYU`WXg XOW O-gYa`O Qa,Zg VSO`]WXg g,e^ `\ X\WZg RSZ
RSNcZSW ZO _\XK]S`OW -YUZ S[OW]L_SeZ XOW Oa`g `\ O-\
RSWXZhSW U -]\_LYSa_U `eZ VSO`iZ Ob\h OZ XOW RWKQ\a,S
S-\cM \WX\Z\,WXM^ X]N_U^ `\ VLO`]\ QS,NTSW XKVS P]KRa
O_baX`WXK
G\ L]Q\ Ob\]K _`UZ W_`\]NO SZg^ ROc`aYWRW\h -\a `O[WRShSW
QWO ZO SZi_SW XOW ZO ce]N_SW OZV]i-\a^ O-g ci]O _S ci]O
RWO,L_\a `eZ OWiZeZ :NZOW `\ -S]NbU,\ ROc`aYNRW -\a bL]S`OW
ZO _cSRNO_S \ @S\ZK]Z`\ B`O 8NZ`_W XOW -L]O_S O-g `O cL]WO
`\a G_OfXgb_XW `\a 5_XO] CaKWYZ` `\a E\RgYb\ 8OYSZ`NZ\
QWO ZO XO`OYM[SW _`W^ ,L]S^ ,O^
G\ PO_WXg cO]OX`U]W_`WXg `\a L]Q\a Y\W-gZ RSZ SNZOW `\
Qa,Zg XOW \W \,\baY\baYWXL^ -S]W-`h[SW^ OYYO \W _aZOZ`M
_SW^ OZV]i-eZ _S ,WO OLZOU XaXYWXM -]\_-KVSWO ZO S-WX\W
ZeZM_\aZ 4]e`S^ -\a _PMZ\aZ _cL_SW^ -\a [SXWZKZS bWYNS^
-\a \Y\XYU]iZ\Z`OW G\ `]OQ\hRW `U^ -O]K_`O_U^ S],UZShSW
,\ZORWXK U AO]WKZZO GgYU
Y e _ S KR\Y\a^ OQiZS^ `\a YO\h
,O^ _O]KZ`O c]gZeZ QWO`N O-g `\
,\W]ON\ XNZU,O `\a DYO_`M]O `\
,Lc]W `\
-L]O_OZ
c]gZWO -KYU^ _aQX]\h_SeZ SX`\
-N_SeZ SX`SYL_SeZ QWO ZO
Lc\a,S _M,S]O `\ VYWPS]g -]\Zg
,W\ _O]KZ`O c]gZWO ,S`K `UZ SVS
Y\Va_NO `eZ -OYYUXO]WiZ Oa`iZ
ZO -\]Sag,O_`S ce]N^ -a[NRO
_`UZ XO]RWK `U^ FOcK]O^ ce]N^
ZS]g XOW `]gbW,O QWO`N ,O^ `O _`L
]U_OZ Oa`\N \W XOW]\_Xg-\W
< ,gZU ,O^ -O]UQ\]WK -WO SNZOW
ZO Va,g,O_`S S_K^ OQO-U,LZ\W
ZSX]\N `U^ PO]PO]WXM^ S-WR]\,M^
`eZ S]-a_`]WiZ _`UZ -hYU `\a
D\Ya`ScZSN\a
"
#
`eZ / 0 QWO `UZ
XSZ`]\O]W_`S]K OZO,bNP\YO SNZOW
,WO -\YW`WXM XNZU_U U \-\NO a-g RWOb\]S
`WXL^ _aZVMXS^ VO O-\`SY\h_S _U,OZ`WXg
QSQ\Zg^ H-g `W^ -O]\h_S^ g,e^ ,KYY\Z
,WX]M _U,O_NO LcSW
G\ \WX\Z\,WXg XOW X\WZeZWXg -SRN\ RSZ
ObMZ\aZ -S]WVi]WO ZO /,SQOY\a]QM_SW0
K,S_O `\aYKcW_`\Z `\ SQcSN]U,O
< POVWK hbS_U XOW \W -\YW`WXL^ S-WY\QL^
`eZ `SYSa`ONeZ c]gZeZ XO`L_`U_OZ
OXg,U -W\ OZO[Wg-W_`\ XOW OZ`W-OVL^
LZOZ`W `U^ X\WZM^ QZi,U^ `\ -\YW`WXg ,O^
_h_`U,O 7a`g -]\Xh-`SW KYYe_`S O-g `\
_hZ\Y\ `eZ RU,\_X\-M_SeZ
GO Xg,,O`O -\a VO ,-\]\h_OZ ZO _aZVL
_\aZ `UZ XSZ`]\O]W_`S]K XWZ\hZ`OW SX RWO
,L`]\a OZ`NVS`O
GO -S]N /SYYUZWXM^ SYWK^0 SX`W,i g`W SNZOW
YgQWO XSZ\h -S]WSc\,LZ\a
?O`O]cMZ `\ D7FC? -\a S-SNQS`OW -S]W_
_g`S]\ YgQe `U^ XOVNTU_M^ `\a ZO -]\
ce]M_SW Oa`M U -]e`\P\aYNO _aQXaPS]ZK
& ($- #
' %
#% ' !
!#
%
!
?OW `\h`\ QWO`N \W ROZSWOXL^ OZKQXS^ RWO
,\]biZ\Z`OW O-g S-W,L]\a^ _U,OZ`WXK ,S
QLVU g-e^ SNZOW `\ S-N-SR\ `\a X]O`WX\h
SYYSN,,O`\^ U \Z\,O_`WXM O[NO `eZ c]S\
Ya_NeZ XOW `\ LYYSW,,O `\a W_\TaQN\a `]S
c\a_iZ _aZOYYOQiZ
< -]g_bO`U 4XVS_U `\a .BG .WSVZL^ B\
,W_,O`WXg GO,SN\ `\a >\aYN\a
_SY
OZObL]SW g`W `UZ -S]N\R\
\W ROZSWOXL^ OZKQXS^ `U^ :YYKR\^ -]\
PYL-\Z`OW _S
RW_ Sa]i G\ a-S]P\
YWXg -\_g `eZ
RW_ Sa]i Ob\]K
Xa]Ne^ OZKQXS^ _S XSbKYOWO QWO `UZ S[a
-U]L`U_U `\a RU,\_N\a c]L\a^ XOW S-N_U^
-YL\Z ,S `U B .
7Xa]iZ\Z`OW L`_W _`UZ -]K[U \W g-\WS^
O]W_`S]L^ XOW _\_WOYW_`WXL^ O]cL^ `\a
C FHE>;7 `\ ??: XOW U .<A7E e^ \W PO
_WX\N a-gY\W-\W K[\ZS^ `U^ 7]W_`S]K^ XOW
-WVOZ\N a-\dMbW\W RSZ RSNcZ\aZ XO,NO
RWKVS_U ZO _a,,S`K_c\aZ _S Oa`M `UZ
-]\_-KVSWO
C FHE>;7 -]\_R\XK K,S_O _`UZ OZKYUdU
`U^ S[\a_NO^ OXg,U XOW ,S Oa`\RaZO,NO
-O]g`W O-g -\aVSZK RSZ -]\Xh-`SW Oa`g
G\ ??: SNZOW QZe_`g g`W OX\Y\aVSN _`O
VS]K ,\ZOcWXM -\]SNO S,,LZ\Z`O^ _`U ,\
Zg`\ZU K]ZU_U `eZ -KZ`eZ
7-g `UZ KYYU U UQS_NO `U^ .<A7E RSNcZSW
,S`K `UZ L[\Rg `U^ O-g `UZ XaPL]ZU_U
ZO `SYSN a-g _aZScM S-WbhYO[U RL_,WO
`eZ bgPeZ `U^
CW -\YN`S^ SNZOW _M,S]O a-\dWO_,LZ\W g_\
-\`L ?OW \W -\YW`WX\N ,O^ RSZ -]\L]c\Z`OW
O-g -O]VSZ\QLZS_U
5_\W VSe]\hZ g`W VO X]hd\aZ XK`e O-g
`\ cOYN `O -]\PYM,O`O `U^ XOVU,S]WZg`U
`O^ `\a YO\h _S]PW]\Z`K^ `\a `KcO /b]L
_XS^0 WRLS^ XSZ`]\O]W_`S]K^
M
XOYYWS]QiZ`O^ `\a -KYW dSh`WXS^ SY-NRS^
SNZOW POVWK Zac`e,LZ\W
D]\bOZi^ \]W_,LZ\W RSZ XO`KYOPOZ M XK
Z\aZ -e^ RSZ XO`OYOPONZ\aZ g `W Oa`g -\a
-]L-SW ZO QNZSW -]e`N_`e^ SNZOW ZO OZO
X\abW_`SN U R\XW,OTg,SZU X\WZeZNO O-g `\
PK]\^ `eZ _XYU]iZ ,L`]eZ
.SZ PYL-e Y c `\a^ -\YN`S^ \W \-\N\W RSZ
,-\]\hZ ZO -YU]i_\aZ `O cO]K`_WO M -\a
RSZ Lc\aZ R\aYSWK M -\a OZOTU`\hZ _`O
_X\a-NRWO `O -]\^ `\ TSWZ ZO [a-Z\hZ `\
-]e6 XOW ZO S-WTU`\hZ `UZ XSZ`]\O]W
_`S]K
D]i`O RUYORM SNZOW U PK_U Oa`M -\a VO
-]L-SW ZO RWdK XOW ZO eVM_SW -]\^ Oa`M
`UZ XO`ShVaZ_U
7-YK -]KQ,O`O C YOg^ Oa`L^ `W^ _`WQ,L^
,LZSW ORWKb\]\^ QWO`N -S]ZK Rh_X\YO XOW
dKcZSW `UZ SY-NRO -\a OXg,U RSZ PYL-SW
!
% ( #*$ -& %
$# #
ROZSWOXL^ OZKQXS^ QWO `UZ S[a-U]L`U_U
`\a c]L\a^ `eZ `]O-STiZ G\ -\_g `eZ
RW_ Sa]i VSe]SN`OW O_`]\Z\,WXg XOW
[S-S]ZK `W^ -]OQ,O`WXL^ RaZO`g`U`S^ `U^
SYYUZWXM^ \WX\Z\,NO^
< SVZWXM ,O^ \WX\Z\,NO RWL]cS`OW POVh`O`U
hbS_U FS _aZVMXS^ -O]O`S`O,LZU^ \WX\
Z\,WXM^ X]N_U^ XO,NO ci]O _`\Z Xg_,\
RSZ ,-\]SN ZO S[Sh]SW `\a^ O-OW`\h,SZ\a^
O-\`O,WSa`WX\h^ XOW b\]\Y\QWX\h^ -g
]\a^ QWO ZO OZ`O-\X]WVSN _`U c]U,O`\Rg
`U_U `L`\WeZ a-L]\QXeZ -\_iZ <
RWOWiZW_U `U^ \WX\Z\,WXM^ hbS_U^ OZO-g
bSaX`O VO -]\XOYL_SW `O S-g,SZO c]gZWO
RU,\_W\Z\,WXK XSZK `O \-\NO VO S-WbL
]\aZ `UZ -S]OW`L]e RWgQXe_U `\a c]U,O
`\R\`WX\h XSZ\h
< \WX\Z\,WXM W_`\]NO `U^ ci]O^ ,S`K `UZ
,S`O-\YN`Sa_U RWRK_XSW g`W `\ S_e`S]WXg
XOW `\ S[e`S]WXg RU,g_W\ c]L\^ S[a-U]S
`SN`OW \a_WO_`WXK ,S ZL\ ROZSW_,g ,S OZO
-gbSaX`U `UZ RWOc]\ZWXM KZ\R\ `\a
_aZ\YWX\h RU,\_N\a c]L\a^ < _-SW]\SW
RM^ RWOc]\ZWXM Oh[U_U `\a X]O`WX\h c]L
\a^ RhZO`OW ZO OZOX\-SN ,gZ\ ,S `UZ
OZOPKV,W_U `U^ OZ`OQeZW_`WXg`U`O^ `\a \W
X\Z\,WX\h ,O^ _a_`M,O`\^ XOW K]O `UZ S-N
`Sa[U O[WgY\QeZ OZO-`a[WOXiZ ]aV,iZ
?OW g`OZ YL,S O[WgY\Q\a^ OZO-`a[WOX\h^
]aV,\h^ SZZ\\h,S ]aV,\h^ -\a VO Xa,ON
Z\Z`OW Qh]e _`\
XKVS c]gZ\ XOW `\a
YKcW_`\Z QWO `UZ S-g,SZU RSXO-SZ`OS`NO
& #(
! RSZ LcSW bL]SW ,gZ\ `O -KZe
XK`e _`U TeM gYeZ `eZ :YYMZeZ O-g
-YSa]K^ XOY\-L]O_U^ ,S `UZ Sa]h`S]U LZ
Z\WO Ob\h \ -McU^ -YL\Z X\Z`ShSW ZO OQ
QN[SW `\ LROb\^ QWO `U _aZ`]W-`WXM
-YSW\dUbNO `\a YO\h OYYK XOW \W RWO`]\
bWXL^ _aZMVSWS^ Lc\aZ O]cN_SW ZO cOYKZS
9WO -O]KRSWQ,O \ Xg_,\^ -YL\Z LcSW
_`]ObSN _`\ b`UZg bOQU`g _\aPYKXW
ORWOb\]iZ`O^ M ,U QZe]NT\Z`O^ QWO `\a^
XWZRhZ\a^ -\a _aZS-KQS`OW Oa`M `\a U S-W
Y\QM :-N_U^ _S KYYO SNRU ,WX]g`S]U^ M
,SQOYh`S]U^ S-WXWZRaZg`U`O^ g-e^ -N
`_S^ `a]g-W`S^ c\` Z`\QX _XL`\^ VKZO
`\^ SWRWXK QWO `O -OWRWK
.a_`aci^ \ -O]KQ\Z`O^ RWO`]\bM^ RS
bONZS`OW ZO O-O_c\YSN WRWON`S]O _\PO]K
XOZLZO OYYK VO ,\a -SN`S SRi Lc\a,S
KYYS^ OZKQXS^ ,1 Oa`K VO O_c\Y\h,O_`S
:N`S `\ VLY\a,S SN`S gcW U RWO`]\bM _aQ
XO`OYLQS`OW _`\a^ _\PO]\h^ -O]KQ\Z`S^
G\aYKcW_`\Z cKZ\a,S -\a cKZ\a,S ,U VL
`\a,S XOW `UZ aQSNO ,O^ _S R\XW,O_NO
(', ! ' !
, # ' !
) '#
!#
%
!
G\ [L]\aZ XOW `\ XO`OYOPONZ\aZ -\Yh
XOYK 3YYO _XLb`\Z`OW XOW XKZ\aZ g`W
XKZ\aZ XK-\W\W -\ZU]\N M b\PW_,LZ\W
g`OZ Lc\aZ O-LZOZ`N `\a^ LZO /-SW
ZO_,LZ\0 _XhY\ XOW `\a^ QOaQNTSW
9WO ZO ,UZ `\a^ ROQXi_SW XOW Ya_
_K[\aZ `\a -S`KZS LZO XgXOY\ M LZO
X\,,K`W X]LO^ XOW `\Z U]S,\hZ
?O`OYOPONZSW Y\W-gZ U XaPL]ZU_U g`W
XK-\W\W P\aYSa`L^ Qh]WTOZ `O -O]K
Va]O `eZ `UYS\]K_SeZ XOW O-SWY\h
_OZ g`W VO `UZ XO`OdUbN_\aZ S-SWRM
`KcO`S^ RWObeZ\hZ ,S `UZ a-S]b\]\
YgQU_U `eZ OXWZM`eZ XOW `\a^ -YSW
_`U]WO_,\h^ `eZ _-W`WiZ ,O^ XOW QWO
ZO `\a^ XOY,K]SW `\a^ -S`KSW LZO
XgXOY\ O-g ,S]WXL^ cWYWKRS^ Sa]i
QWO ZO /,OTSa`\hZ0 XOW ZO U]S,M_\aZ
.WOP\YWXg XOYO,O`WOZg _cLRW\
=O `\ RSN`S g`W `\ -O]O,hVW g`W VO ]N
[\aZ `UZ XaPL]ZU_U `LYSWe_S ?\
]gWRO SNZOW ZO cK_\aZ XO,WK O]WK
,W_V\h^ S-N
Sa]i `\ ,MZO
-YL\Z RWObg]eZ KYYeZ /`acS]iZ0
-\a ,-\]SN ZO P]SV\hZ _`\ R]g,\
`\a^ ]NcZ\Z`O^ `UZ XaPL]ZU_U
< 8/6 *249*5)49
849
09014:45-) . 095/*0&8/0.
'0,47. 8.6
- -+&1-6 -0 1(3-/6
0*/ <24 - 1- 8&
I9::9JF
H<GFHJ9=
DF<C:H@FK
F@AFDFC@9
J^c !:01 :5<-96
&
*5:89- A= 213H;8 A6? D1>-? @A8? 1>D.?
A=B ' )&# .38;5 @A= A.:=? 213H;8 A6?
@B C=>-? 1 H A= =:I 9:.E8 =
'
(&) *& ,"$& ;Yl_S^ A^c_O -U UceN` SYQ ZQ[O
TYQT_^-O Q[[M ZQY Q\bQ.jZ_YaW Q.j dP[^c` Q\QS\l
abU` abW\ ZQY\^k_YQ UdW-U_PTQ .^c ]UZP\WaU OTW
bW\ ZcZ[^d^_PQ bW`
9SQ.WbN ;Yl_S^ .YabUkg W \NQ a^c UdW-U_PTQ aQ` -Q` XQ
UP\QY j.g` ZQY W 09c_YQ\O1 .^c NdU_U ZQY Z_MbWaU b^\ 9UP
-\Wab^ 9\T_NQ SYQ .^[[M e_j\YQ abW\ U]^caPQ
<[.PVg Qcbj \Q ac-RUP ZQY bl_Q labU \Q R^WXOaUY ab^ SZ_N
-Ya-Q QcbO` bW` USZ[W-QbYZO` ^-MTQ` .^c .Q_YabM\UY .g` Zc
RU_\M SYQ b^ ZQ[j -Q`
4>-^c\ N\Q` .Yabj` Q\QS\labW` bW` 09c_YQ\O`1 ZQY Q]PVUY \Q
a^c S_Mfg -YQ -YZ_O Yab^_PQ 6bQ\ .Q_Q-^\N` bg\ UZ[^Sl\
Pag` b^c
ZQY XQ -P[QSU ^ 9\T_NQ` abW ?UaaQ[^\PZW
IMRRQb^ ._g8 abY` -.OZQ abW\ bQeUPQ Q.j b^ abQX-j bW`
9XO\Q` SYQ bW ?UaaQ[^\PZW <PeQ-U NZXUaW RYR[P^c abW\ .Q
_Q[PQ Q.j b^\ BUcZj Gk_S^ -Ne_Y b^ ]U\^T^eUP^ CQZUT^\PQ
Q.j j.^c b^ PTY^ R_MTc XQ -P[QSU ^ 9\T_NQ`
J^ b_QP\^ SN-YaU Q.j M\T_U` .^c ^Y .U_YaajbU_^Y UP-QabU
MS\gab^Y -UbQ]k -Q` <Sl O-^c\ 9XW\QP^` ZQY UPeQ UZT^bYZj
^PZ^ ._MS-Q .^c -U c.^e_Ng\U \Q UP-QY UZUP b^ IQRRQb^Zk
_YQZ^ U.UYTO j[U` bY` c.j[^Y.U` W-N_U` R_YaZjbQ\ UZUP abW\
NZXUaW W akVcSj` -^c <.Q\N_e^-QY [^Y.j\ abW TYQT_^-O
J^ RQSj\Y SN-YaU U.YRMbU` ^Y ^.^P^Y Z^YbQVj\b^caQ\ Q-P[Wb^Y
-UbQ]k b^c`
9cbj Z_MbWaU ZM.^c Tk^ l_U` BU` ZQY -Q` .OSQY\Q\ ab^ DbQ
eM^c AM.^YQ abYS-O NSY\U b^ XQk-Q F Q.N\Q\bP -^c Z^YbM
V^\bQ` TU]YM ZQY Q_YabU_M b^c` ac\U.YRMbU` b_MRW]U Q.j
bW\ baN.W b^c bW\ 09c_YQ\O1 ZQY Qd^k bW\ ]Ubk[Y]U U.YTUYZbYZM
M_eYaU \Q bW\ TYQRMVUY
<PeU b^ kd^` Q\X_l.^c .^c bj[-WaU \Q ZM\UY ZMbY .Q_Mb^[-^
9cbO\ bW\ ZP\WaW bW\ Q\bU[OdXWaQ\ Q-Nag` j[^Y ^Y ac\U.Y
RMbU` CNaQ abQ U.j-U\Q [U.bM ZM.^c
MS\gab^Y -UbQ]k
b^c` ac\U.YRMbU` aQ\ \Q ObQ\ ac\U\\^W-N\^Y NRSQ[U ^ ZQ
XN\Q` Q.j bW\ baN.W b^c Q.j -PQ 09c_YQ\O1 Nb^Y-^Y \Q QSZQ
[YQab^k\ j[^Y -UbQ]k b^c` ZQY \Q dY[WX^k\
9_ePaQ-U j[^Y \Q acabW\j-QabU ZQY Qd^k Q.^ZQ[kdbWZU .g`
.OSQY\Q\ \Q QZ^ka^c\ b^\ 9\T_NQ NSY\U Q-Nag` b^ 0RQSj\Y
bW` eQ_M`1 9Z^[^kXWaQ\ b_QS^kTYQ ZQ[Q-.^k_YQ ZQY -U_YZ^P
.^c UPeQ\ -YZ_M _QTY^dg\MZYQ NRQ[Q\ -^caYZO ZQY ej_UcQ\
CYQ UdW-U_PTQ N\gaU b^c` 5[[W\U` AMbY bNb^Y^ Uke^-QY ZQY
U[.PVg bl_Q -U bW\ 0 &%)' % +(1 \Q U.Q\Q[WdXUP
7a^ SYQ bW acSZN\b_gaW b^c Zja-^c abW\ ^-Y[PQ UP\QY ZMbY
.^c ^kbU ac\NRW M[[^bU Q[[M ^kbU XQ ]Q\Qac-RUP .^bN
Q[[^k JU[UYl\^\bQ` W ^-Y[PQ M_eYaU -YQ ZQbQYSPTQ .^c SP\Q-U
-^kaZU-Q 9[[M UcbceYa-N\^Y
6bQ\ bjbU [jSg 9\T_NQ b^ .^Y^ UcbceYa-N\^ TYM[UY--Q SYQ
b^\ BQj 2<.UYbQ O[XQ\ ^Y IW-PbW` :U\YVN[^` GMSZQ[^` Ja^
eQbVj.^c[^` ZQY [^Y.^P acSSU\UP` .^c ZcRU_\M\U QZj-Q
AQ[O bkeW abW\ UdW-U_PTQ 0-Q`1 ZQY ab^ RQaQ\Ya-N\^ BQj
-Q`
&=-D:9; &=->:C 9>69;
!+69;
+
AUdQ[^\PbW O[XU W l_Q \Q aWZlaUY` b^ [MRQ_^ ZQY
\Q -.UY` -._^abM 7[^Y -Q` UP-QabU U.P b^c ZQ\Q.Ng` 9\ bQ
ZQbQdN_UY` QcbO bW d^_M XQ a^c abOa^c-U MSQ[-Q N]g Q.j
bW :^c[O
AQ[j Z^c_MSY^
&2 1,A<2
A; =- 5-=-?*:- 1 # #
!
=C=1 3- =- 5-=-?*:9> 1 5-4 =E:- "- <-4 <,
/9>:9; /4 ->=C
@E:- -; .:,<51=-4 &
! " 5-4 :* 14 7- =27 $
( % &#(! 5-4 -7
017 9:*<9> 1 1 1,; C69 5-4 5) 949; 7*9; 969
59=:E72; + -:-B<5)52; 3- .:131,
"
('
"#("
4- =9 C79 9> 6> 9D -<=1 1,7-4 4-=, .:*325-7
=C<94 9669, 7- -; $%# &#("
-4 +=-7 5-4
-@C:=-/94
" '( *&" XQ N[USQ .^c U.YXc-^k\
bW\ cdYabQ-N\W ZQbMabQaW bW T_Q
-QbYZO ab^ el_^ bg\ \^a^Z^-UPg\ UP\QY
^Y ZcRU_\l\bU` ZQY UYTYZjbU_Q ^Y U-.[U
Zj-U\^Y ab^ el_^ j.g` b^ c.^c_SUP^
KSUPQ`
G_jadQbQ Q\QZ^Y\lXWZQ\ ^Y TY^_Ya-^P
abQ \^aW[UcbYZM YT_k-QbQ bg\ \Ng\ TY
^YZWbl\ ZQY c.^TY^YZWbl\ -U Q\Q[^SPQ
\U^TW-^Z_MbU` ZQY
._^U_ej-U
\^c` Q.j b^ G9IFA /W[QTO Q.^bcej\bU`
.^[YbUcbN` QdYa^Z^[[WbN` j.g` ZQY ^Y
._^WS^k-U\^Y ZQY ^Y ._^._^._^WS^k-U
\^Y ZQY ^kbg ZQXU]O` FY .U_YaajbU_^Y
j.g` .M\bQ Ne^\bQ` MS_YQ -UaM\cebQ
SYQ b^ el_^ .^c Z[OXWZQ\ \Q c.W_UbO
a^c\ ZQY b^ eUY_jbU_^ Q\ ZQY S\g_PV^c\
.ja^ UP\QY MaeUb^Y -U b^ acSZUZ_Y-N\^
Q\bYZUP-U\^ TNebWZQ\
9cbN` ^Y U.Y[^SN` TUPe\^c\ QZj-W .ja^
Q.Q]Yg-N\W UP\QY W TW-jaYQ cSUPQ ab^
;A8 1>-75@6 9=>=G401 ' )&# 918 % 381
A8? 48=89/@58? AF; ;=@=9= 50F;
-cQ[j Qcbl\ .^c bW eUY_PV^\bQY ZQY bW eUY
_PabWZQ\ SYQ \Q UP-QabU TPZQY^Y XcaYM
V^\bM` bW\ ^caYQabYZM SYQ Rj[U-Q
W-UbN_g\ abY` .U_YaajbU_U` .U_Y.bl
aUY` MaeUbg\ M_Q ZQY ZQbQab_^dYZl\
SYQ b^ PTY^ b^ <X\YZj IkabW-Q KSUPQ`
JY \Q ._gb^Xc-WXl J^c` CM\QbVU_ .^c
Ub^P-QVU SYQ bQ \^a^Z^-UPQ ^ 9[NZ^`
GQ.QTj.^c[^` ZQY QZj-Q b^c` .U_Y-N
\^c-U J^c` ZQ[kbU_^c` abW TYQeUP_YaW
b^c b^-NQ cSUPQ` .^c c.^aeNXWZQ\ ^Y
U.j-U\^Y4
LXN` ^ R^c[UcbO` b^c G9IFA 9.jab^[^`
AQZ[Q-M\W` -U U_lbWaO b^c ._^` b^\
c.^c_Sj KSUPQ` b^\ USZQ[UP SYQ b^\ TY^
_Ya-j bg\ \Ng\ TY^YZOaUg\ abQ \^a^Z^
-UPQ SYQ Z^--QbYZN` U.Y[^SN` [U` ZQY U.P
c.^c_SPQ` AQZ[Q-M\W TU\ ObQ\ Z^--QbY
ZN` Q[[Q U\ .MaUY .U_Y.blaUY
9\Q.bkaa^\bQ` bW\ U_lbWaO b^c ^ Z AQ
Z[Q-M\W` TYQ.PabgaU 0QTYQdM\UYQ ZQY
.Q_QaZO\Y^1 abY` b^.^XUbOaUY` bg\ TY^Y
ZWbl\ ZQY bg\ Q\Q.[W_gbl\ TY^YZWbl\
bg\ \^a^Z^-UPg\ ZQY TO[gaU Q.^[kbg`
Q\bPXUb^` aU ^.^YQTO.^bU Z^--QbYZO ac
\Q[[QSO b^c G9IFA ZQY bW` DNQ` /W-^
Z_QbPQ` ab^ .[QPaY^ bW` TYQTYZQaPQ`
QcbO`
9TYZUPbU bW TYQTYZQaPQ U.Y[^SO` bg\ TY^Y
ZWbl\ CQVP Ne^c-U fWdPaUY b^ \j-^
4?>6)814;
*@14 2 ':C455-3E; 017
*@9>7
1 4=1>@31,
C694 94
:92/9D 1794
<=C@94 - C
=27
5>.*:72<2
<D ?A7- 1
=9 1:49045C
*8 1;1C.>58 =
381 A6; 91A-@A1@6 @A6; ::-41
@5 =:8A89H 918 9=8;F;89H 5 0 54=
"% " 6 5>0=4=? AF;
-@D6 F; ;.F; 46
:J;58 @I 2=B:=? A=B
::6;1 >F7B =B>3=I 5 A= 5
>8=489H ;1 5<6350 HA8 1;1C.>5A18
@A6; .;1><6 A=B D58 J;1 918 A8?
1;6@BD05? AF; ::/;F; 381 A=
5A>.:18= 7.> 1;@6?
IW-UYl\UbQY U.PaW` jbY N\Q` QZj-Q .^\^ZN
dQ[^` UP\QY ^ \N^` dj_^` SYQ bQ QZP\WbQ
.^c XQ .Q_^caYQabUP abY` D^U-R_P^c -U
b^ \N^ ._^i.^[^SYa-j <.PaW` Q\QdN_UbQY
jbY ^Y QS_jbU` ZQ[^k\bQY SYQ ._lbW d^_M \Q
.[W_la^c\ dj_^ SYQ bQ QS_^ZbO-QbM b^c`
bW\ l_Q .^c ak-dg\Q -U N_Uc\Q b^c <-.^
_YZ^k <.Y-U[WbW_P^c 9XW\l\ b^ N\Q b_Pb^
bg\ YTY^ZbWbl\ QZP\WbW` .U_Y^caPQ` TW[l
\^c\ Q\O-.^_^Y \Q .[W_la^c\ -UbM Q.j
.N\bU e_j\YQ [YbjbWbQ`
F &%&$"() ._^aXNbUY jbY W ZcRN_\WaW ac
\Qa.Ya-^k U.NVWaU -U abU\j .U_YXl_Y^ bW`
._jbQaW` Tca.YabPQ` b^c 9[N]W JaP._Q -U
-YQ R^c[UcbO b^c G9IFA \Q Q.^eg_UP W
NZbW .U_P.bgaW -UbM bY` UZ[^SN` Ie^[YMVU
bQY jbY -U bW\ ZP\WaO b^c ^ Q_eWSj` bW` Q]Yg
-QbYZO` Q\bY.^[PbUcaW` U.YeUP_WaU \Q
._^aUbQY_YabUP -PQ 0MbQZbW QZ_^Q_YabU_O
dQb_PQ1 b^c Zj--Qbj` b^c -UbM Q.j bW TN
a-UcaO b^c abY` >G9 jbY TU XQ NRSQVU bW\
<[[MTQ Q.j b^ Uc_l
0> ZcRN_\WaW -.^_UP \Q .U_Y-N\UY -j\^ -YQ
-YZ_O Q\M.Qc[Q > fWd^d^_PQ SYQ b^ \N^
dj_^ QZY\Obg\ U[[^eUkUY <P\QY Q.PXQ\^ \Q
USZ_YXUP Q.j bW :^c[O abW\ .Q_^kaQ -^_dO
b^c 9\bM_bU` R^c[UcbN` b^c G9IFA [N\U jbY
XQ N._U.U \Q Q\bYZQbQabQXUP Q.j N\Q aQ_g
bYZj dj_^ ab^\ .[^kb^ U\l ^Y DU^TW-^Z_M
bU` bU[^k\ c.j .PUaW Q.j b^c` QS_jbU` \Q
b^\ Q.^ak_^c\ U\bU[l`1 Q\QdN_UY abW ac
\NeUYQ b^ M_X_^
GQ_M[[W[Q aW-UYl\UbQY ^Y .YabgbN` U\bUP
\^c\ bW\ .PUaW U.P b^c 9\bl\W IQ-Q_M FY
Q]Yg-Qb^ke^Y bW` J_jYZQ .YNV^c\ SYQ \NQ
-Nb_Q labU \Q ZQ[cdXUP N\Q ZU\j .U_P.^c
TYaUZQb^--c_Pg\ Uc_l ab^\ ._^i.^[^
SYa-j b^c
U\l W ZcRN_\WaW [NUY jbY W
cabN_WaW UP\QY bW` bM]Ug` bg\
UZ
Uc_l ZQY jbY -.^_UP \Q ZQ[cdXUP -U b^\ U\
b^.Ya-j bg\ U_S^T^bl\ .^c TU\ ZQbQRM[
[^c\ QadQ[YabYZN` UYad^_N` 0> b_jYZQ
UP\QY U.Ydc[QZbYZO ZQXl` b^ c.^c_SUP^ FY
Z^\^-YZl\ NeUY eMaUY j[^c` b^c` ._^WS^k
-U\^c` abje^c` SYQ bW\ UPa._Q]W
Q.[O_gbg\ dj_g\1 ae^[YMVUY b^ .U_Y^TYZj
IbW ac\NeUYQ b^\PVUbQY .g` ^Y Z Z IQ-Q_M`
ZQY :U\YVN[^` [N\U .g` ^Y 5[[W\U` TU\ -.^
_^k\ \Q Q\bN]^c\ M[[W [YbjbWbQ bW\ l_Q .^c
b^ e_^\^TYMS_Q--Q SYQ TYQ_X_gbYZN` -UbQ_
_cX-PaUY` TU\ bW_UPbQY 0CU
Q.^[kaUY`
TW-^aPg\ c.Q[[O[g\ \Q U.PZUY\bQY b^\ U.j
-U\^ -O\Q W ZcRN_\WaW XN[UY \Q Q.^b_NfUY
.U_YaajbU_U` .U_YZ^.N` XNaUg\ U_SQaPQ`
GQ[UkUY \Q Z_QbOaUY Q\^YebN` Tk^ RQ_YM VW
-Y^Sj\U` UbQY_UPU` M-c\Q` .^c W b_jYZQ U.Y
-N\UY .g` ._N.UY \Q Z[UPa^c\1 S_MdUY ^
&%&$"() -U bW\ ^YZ^\^-^[jS^ CY_M\bQ
EQdM \Q ae^[YMVUY jbY ^ ac\Qa.Ya-j` 0Q.[M
TU XN[UY \Q Q.^[kaUY ZQ\N\Q\1
J^c 8-;;6 "F-;;=B
!
'")*(&,! abW T_Qe-O aU ac\TcQa-j -U .U_P^T^
eM_Yb^` Z^k_U-Q ZQY Q\QTYM_X_gaW b^c e_N^c` -.^
_UP \Q -UbQb_NfUY bW\ ^YZ^\^-PQ -Q` aU Q\bQSg\YabYZO labU
\Q c.M_]UY N]^T^` Q.j bW\ Z_PaW J^ .Q_MTUYS-Q bW` 9_
SU\bY\O` .^c Q\NZQ-fU U\bc.gaYQZM kabU_Q Q.j bW\ Q.^
TNa-UcaO bW` Q.j b^ aZ[W_j T^[M_Y^ -Y[M Q.j -j\^ b^c
7[Q jaQ [NS^\bQY jbY TOXU\ W 9_SU\bY\O ZQbQ__NUY ^YZ^\^
-YZM TYQfUkT^\bQY .Q\WSc_YZM Q.j b^\ .[N^\ Q_-jTY^ J^\
PTY^ b^\ 9_SU\bP\YZ^ [Qj .^c UTl ZQY e_j\YQ c.U_fWdPVUY
bW\ .^[YbYZO bg\ AP_e\U_
9\bP \Q U.QYb^k-U bQ Uc_l bg\ C\W-^\YQZl\ RQaQ\Yabl\
-Q` -.^_^k-U \Q UZTla^c-U -U dUYTl T_Qe-N` Q.j b^ L^
[Q_Sj > \NQ T_Qe-O XQ c.^bY-WXUP ZQY ab^c` ._lb^c`
-O\U` XQ RYla^c-U ^_Ya-N\U` Q__cX-PU` abW\ QS^_M .[W
Xg_YabYZN` .YNaUY` ._^ag_Y\N` U[[UPfUY` QSQXl\ ?Q -Q`
[UPf^c\ YTYQPbU_Q b^ eQRYM_Y b^ ^cPaZY ^Y Gj_aU AQSYN\ ^Y
&*"( *"))&% ^Y '
Z[.
7-g` abQTYQZM XQ U]^-Q[c\XUP W [UYb^c_SPQ bW` QS^_M`
XQ Yaec_^.^YWXUP W QS^_QabYZO Tk\Q-W bg\ ZQbQ\Q[gbl\
ZQY W UagbU_YZO VObWaW -U Uc\^hZN` ac\N.UYU` SYQ bW\ Q.Q
aej[WaW > USel_YQ .Q_QSgSO XQ U.Q\QU\U_S^.^YWXUP XQ
SP\UY dbW\jbU_W ZQY Q\bQSg\YabYZO -U ac\N.UYQ \Q Qc]WX^k\
^Y U]QSgSN` ZQY \Q UYa_UkaUY ac\M[[QS-Q
9\bPXUbQ ^Y UYaQSgSN` XQ QZ_YRk\^c\ W UagbU_YZO ZQbQ
\M[gaW XQ ab_QdUP aU USel_YQ ._^hj\bQ ZQY dbW\jbU_Q UY
aQSj-U\Q -U ac\N.UYQ bW RU[bPgaW b^c U-.^_YZ^k -Q`
Ya^VcSP^c ZQY b^c U[[UP--Qb^` 9Zj-Q .U_YaajbU_^ Uc\^hZO
U.P.bgaW XQ NeUY W c.^bP-WaW b^c \^-Pa-Qb^` ab^\ U[[W\YZj
b^c_Ya-j b^ aW-Q\bYZjbQb^ Qcbj\ b^-NQ bW` U[[W\YZO` ^YZ^
\^-PQ` > el_Q XQ SU-PaUY Q.j b^c_PabU`
4KabU_Q Q.j ^_Ya-N\^ TYMabW-Q XQ U.Q\N[XUY W U-.Yab^ak\W
abW\ U[[W\YZO ^YZ^\^-PQ ZQY b^ b_Q.UVYZj akabW-Q -U ac
\N.UYQ \Q UYa_Uka^c\ Q.j b^ U]gbU_YZj ZQbQXNaUY` aU ]N\Q
\^-Pa-QbQ CU ._^i.jXUaW bW\ .MbQ]W bW` S_QdUY^Z_QbPQ`
bW` TYQdX^_M` bW -UPgaW bg\ d^_^[^SYZl\ ac\bU[Uabl\
bW\ Q.^dcSO [QhZPabYZg\ .U[QbUYQZl\ .Q_^el\ -.^_UP \Q
T^k-U U.YbN[^c` b^ dg` ]N\g\ U.U\TkaUg\ CU bW TYN]^T^
bW` U.Yab_^dO` abW T_Qe-O dQP\UbQY \Q ac-dg\UP aO-U_Q
b^ -USQ[kbU_^ -N_^` b^c U[[W\YZ^k [Q^k .^c XQ -.^_^kaU
\Q SP\UY ac\b_Y.bYZO .[UY^fWdPQ Q\ c.O_eU Ya^-U_O` .Q
_^caPQaW bg\ UZQbN_gXU\ U.YeUY_W-Mbg\ abQ U[USej-U\Q
ZU\b_YZM -NaQ -QVYZO` U.YZ^Y\g\PQ` JQ ^.^PQ -U bQ bU_M
abYQ TM\UYQ .^c e_gabM\U [UYb^c_S^k\ g` T^c[jd_^\U`
c.OZ^^Y bg\ TQ\UYabl\
G_^dQ\l` ZQY UTl YaekUY W _OaW b^c CN\Q\T_^c jbY 0bQ
TM\UYQ b^c` Q\X_l.^c` T^k[^c` .^YUP1 JQ TM\UYQ -UbQb_N
.^c\ aU T^k[^c` b^c` Q\X_l.^c` Q[[M ZQY bQ CC< bY` J_M
.UVU` j.g` ZQY el_U` ^[jZ[W_U`
5 A6 4>1D / 381
5;J @/ 5>1 :6>J;=B 5
ZQY W TYQTYZQaPQ .^c ._^R[N.UY SYQ
b^\ ^_Ya-j bg\ TY^YZWbl\ UbW_OXW ZQbM
ZU_QPQ1 Q.M\bWaU ^ Z ;Ug_SYMTW` 09cbj
aW-QP\UY .g` ja^Y R_PaZ^\bQ\ abW\ bU
[YZO [PabQ U.Y[^SO` b^c c.^c_S^k UPeQ\
._^WS^c-N\g` .U_MaUY Q.3 bW\ Q_-jTYQ
<.Yb_^.O j.^c ac--UbNeUY ZQY b^ 9I<G1
CM[YabQ ^ c.^c_Sj` Q\NdU_U U.PaW`
.g` TU\ Tk\QbQY \Q TW-^aY^.^YOaUY j[Q
bQ RY^S_QdYZM bg\ c.^fWdPg\ TY^YZW
bl\ ZQXl` .^[[^P c.^fOdY^Y UPeQ\ VW
bOaUY \Q -W\ TW-^aY^.^YWXUP W Q.j__YfW
b^c dQZN[^c b^c` ZQY W Q\QZ^P\gaO b^c
XQ ._^aNZ_^cU abW \^-^XUaPQ SYQ bW\
._^abQaPQ bg\ ._^ag.YZl\ TUT^-N\g\
AQ[M .^c TU\ bQ TW-^aY^.^PWaU SYQbP
XQ SN[QSU ^ ZMXU .YZ_Q-N\^` Q.j bW\
QaeUb^ak\W bg\ .U_Yaa^bN_g\ -U b^
Q\bYZUP-U\^
# *
-UYlXWZQ\ ^Y bY-N` bg\
TYQ-U_Ya-Mbg\ bW\ bU[UcbQPQ b_YUbPQ
ak-dg\Q -U bQ ab^YeUPQ .^c TW-^aY^
.^PWaU W J_M.UVQ bW` <[[MT^` bW\ GQ
_QaZUcO JQ QZP\WbQ Q.l[UaQ\ .U_P.^c
b^
bW` Q]PQ` b^c` TY^SZl\^\bQ`
b^ ._jR[W-Q .^c Q\bY-Ubg.PV^c\ YTY^
ZbObU` QZY\Obg\ TQ\UY^[O.bU` Q[[M ZQY
b_M.UVU`
Ib^ b_Pb^ b_P-W\^ b^c
^Y bY-N` bg\
TYQ-U_Ya-Mbg\ c.^el_WaQ\ ZQbM
aU aeNaW -U b^ Q\bPab^Ye^ TYMabW-Q .N
_caY Q\URMV^\bQ` bY` Q.l[UYU` ab^
Q.j bW\ N\Q_]W b^c Nb^c`
CUSQ[kbU_W .blaW
TYQ.YablXWZU
abY` bY-N` bg\ \Ng\ TYQ-U_Ya-Mbg\ W[Y
ZPQ` Ng` Ubl\ U\l dXW\jbU_Q ZQbM
UP\QY bQ .Q[QYM TYQ-U_Pa-QbQ W[Y
ZPQ` M\g bg\ Ubl\
9.j bW\ Q\M[caW bg\ ab^YeUPg\ ZQbM SU
gS_QdYZO .U_Y^eO ._^Zk.bUY jbY ^Y bY-N`
bg\ TYQ-U_Ya-Mbg\ aU UbOaYQ RMaW -UY
lXWZQ\ ZQbM
abW\ 9XO\Q
abW
?UaaQ[^\PZW
abY` M[[U` -USM[U`
.j[UY` ZQY
abY` [^Y.N` .U_Y^eN` bW`
el_Q`
Ik-dg\Q -U bQ Q\QXUg_W-N\Q ab^YeUPQ
SYQ b^
W -UPgaW bg\ bY-l\ abY`
PTYU` .U_Y^eN` aU aeNaW -U b^
ObQ\
ZQY
Q\
bPab^YeQ
;YQ b^
^ -Na^` UbOaY^` _cX-j`
-UPgaW` bg\ bY-l\ SYQ bQ \NQ ZQY bQ .Q
[QYM TYQ-U_Pa-QbQ ObQ\
ZQY
Q\bPab^YeQ
FY bY-N` bg\ QZY\Obg\ -UYlXWZQ\ ZQbM
b^
N\Q\bY .blaW`
b^
> Q]PQ bg\ ^YZYabYZl\ QZY\Obg\ .^c Qd^
_^kaQ\ ^Y UZbY-OaUY` ac\Q[[QSN` ^Y
^.^PU` ._QS-Qb^.^YOXWZQ\ -U bW TYQ-Ua^
[MRWaW b_Q.UVl\ ObQ\ -UYg-N\W ZQbM
b^ b_Pb^ b_P-W\^ b^c
aU aeNaW
-U b^ Q\bPab^Ye^ TYMabW-Q b^c
9.N\Q\bY abW\ Ng[W ZQY ZQbQ__N^caQ .[N^\ b_^-^[QS\YZO
U.YeUP_WaW U\M\bYQ ab^ UX\YZj \j-Ya-Q ZQY b^\ ZQXQSYQa-j
b^c Uc_g_QSYQTYa-^k Q\bY.Q_QbPXU\bQY ^Y .U_YaajbU_^Y -U
SM[^Y TYUX\UP` ^YZ^\^-^[jS^Y -U Z^_cdQP^ b^\ 9-U_YZQ\j
D^-.U[PabQ *# '*!$ % Q[[M ZQY .^[YbYZN` ._^ag.YZjbW
bU` j.g` ^ :_UbQ\j` <c_gR^c[UcbO` "! # '! ^ Hla^`
G_jUT_^` # ', *)"% ^ Uc.Qb_PTW` dY[N[[W\Q` ZQY Q_eY
bNZb^\Q` bW` <c_g.QhZO` 5\gaW` # ', "( ' 4 ( ) "%!
ZQ
> N]^T^` Q.j b^ C\W-j\Y^ ZQY Q.j b^ Uc_l UP\QY W -j\W
N\bY-W ZQXQ_O Q\bY._jbQaW ab^ bU_QblTU` C\W-j\Y^ ZQY
bW\ c.^bN[UYQ abW abcS\O J_jYZQ
CYQ ._jbQaW .^[YbYZM ^_XO ZQY U.YabW-^\YZM bUZ-W_Yg-N\W
;YQbP jbQ\ Q_\^k-QabU b^ C\W-j\Y^ ZQY bQcbje_^\Q U.QYb^k-U
S^\c.UbUP` bQ Uc_gTM\UYQ bg\ TW-Pg\ -Q` SY\j-QabU S_Q
dYZ^P Q\Q.^bU[Ua-QbYZ^P ZQY TU\ .UPX^c-U AQY bU[YZM ._^
adN_^c-U c.W_UaPQ ab^c` C\W-^\YQZ^k` RQaQ\YabN` -Q`
;YQbP TU\ -.^_UP \Q Ne^c-U ZQY bW\ .PbQ ^[jZ[W_W ZQY b^
aZk[^ e^_bMb^
;5>H 5 C81:F .;= :6>J;1 5 4>1D .?
/
4>1D .? 46:14/
C=>.? -;F
OABBAPL
)')!- +
)%&!$, 2+
$ $, *
-KK=DA
0*$ -)
,-"' , '
)
2,%!
-608.35650./.1- _ YdYdVoi_ j_h ikd]g
[YiXYh jfr Ba`Vdj] Kj]c J7qib] 6Vmga jf
6] j_d Gi7YdabW Mf\filYagabW L6fi7fd\XY
>jia f j]mdabqh 7fk f\W[_i] jfkh Gi7Ydfrh
ijfd jXjcf jfk MY[bfi6Xfk MgojY`c_jW YccU bYa
i] Ykjqd jfk MgojY`c_jW Dkgs7_h `Y 7YgY6]X
d]a ij_d j]mdabW _[]iXY jod 9lfkgaYh gqmYh:
6Vmga bYa jf 1.- jfk
L X\afh f Kj]c J7qib] i] ikdVdj]keW jr7fk 7fk
\q`_b] j_d MYgYib]kW \Wcoi] 9J7fgs 7cVfd
dY ]7aZ]ZYasio qja k7V[gYnY 6] j_d Gi7YdabW
Mf\filYagabW L6fi7fd\XY 6Vmga jf
:
!-.0" '"
!
," $
7NS$AL@A
0$(+-#$ '067 $23'
+*7:9*9. 7fadW ]7VZYc] _ 7]a`YgmabW ]7a
jgf7W j_h Ofr7]g IX[bYh ijfd SgWijf Iai[UgY
jfk AijVgY PgX7fc_h L b]djgabqh Y6kdjabqh
jod AgbU\od ja6ogW`_b] 6] 7fadW Y7fbc]ai6fr
]dqh Vjfkh bY`sh ZgV`_b] `]jabqh i] mgWi_
Y7Y[fg]k6Vd_h fkiXYh 6]jU jfd Y[sdY j_h f6U
\Yh jfk 6] j_d HYccfdW
Ojf \]X[6Y jfk Ydamd]r`_b] _ fkiXY feacflgXd_
L Iai[UgYh Vm]a \abYXo6Y Vl]i_h ijf \]kj]
gfZU`6af qg[Ydf j_h DML AeX^]a dY i_6]ao`]X
qja ijf X\af 6Yjh ]Xm] k7f7Vi]a i] YdUcf[f 7Y
gU7jo6Y bYa f JYdfrifh j_h HYccfdWh oijqif
f mgfdfh ]7a`]jabqh j_h f6U\Yh j_h IViZfk
Y`os`_b] Y7q jf jga6]cVh \abYaf\fjabq qg[Ydf
j_h IX[bYh
,%
6-9:<.3-4. WjYd _ ]7V6ZYi_ 7fk V[ad]
ijfd CafmUd]h IXibY [aY dY YlYag]`]X f q[bfh
7fk ]Xm] ]djf7aij]X 6]jU Y7q ]e]jUi]ah 7fk jfk
V[adYd L mgfdfh lqg[fkfgdj j_h Pfr67ad[
b]d YdYggsd]a bYa Vij]ac] VdY ]d`Yggkdjabq 6W
dk6Y [aY j_d k[]XY jfk 9?cY 7W[Yd 7fcr bYcU
f q[bfh YlYagV`_b]
Aai`Udf6Ya cX[f
bYjYZ]Zc_6Vdfh ba Vmo 7fdfbVlYcf YccU Ykjq
]XdYa lkiafcf[abq:
5 JXOINP ,I=LLGP Y7q j_d H_laiaU
]7abfadsd_i] 6] j_d ]l_6]gX\Y 6Yh [aY
6XY bYjY[[]cXY [aY j_d ]jYag]XY lkiabfr
Y]gXfk ?7oh 6Yh ]X7] jf
Vbjai]
jf i7Xja jfk bYa _ 7fc]f\f6XY jqj] jfk
]X7] qja ]XdYa k7fmg]ojabq dY ZUc]a bYa
lkiabq YVgaf JUcaijY qjYd 7W[] _ ]jYa
g]XY [aY dY bUd]a j_d jf7f`Vj_i_ jfk
lkiabfr Y]gXfk V\oi]
]kgs
JYh ]X7] cfa7qd qja \]d VbYd] 7fjV
]d]g[f7fX_i_ bYa \]d jf bYjWg[_i] bYa
7fjV [aYjX mg]aU^fdjYd bU7fa]h macaU\]h
]kgs
]kgs jY f7fXY q6oh
Y\kdYjfri] 6Y^X 6] 6_d ir^k[f jfk dY
\si]a
MYg;qcYkjY bU`] 6WdY 7cWgoi] [aY jf
lkiabq YVgaf
6]
]kgs mogXh dY
jf mg_ia6f7fa]X
P]cabU jfk 7W[] VdY mYgjX q7fk _ ]jYa
g]XY lkiabfr Y]gXfk jfk VbYd] bYjY[
[]cXY ir6ZYi_h lkiabfr Y]gXfk [aY j_d
6_ ]d]g[f7fa_6Vd_ ][bYjUijYi_
Akjq 7fk 6Yh gsj_i] cfa7qd f b CaUd
d_h ]XdYa Yd Vm]a \abYXo6Y _ ]jYag]XY dY
jf bUd]a Ykjq dY 7Ug]a \_cY\W jfd 6]
jg_jW
E 9)-,0. ,$3/: ]7abfadsd_i] oh
ql]ac] 6] j_d ]jYag]XY lkiabfr Y]gXfk
bYa Ykjq 7fk 6Yh ]X7Yd ]XdYa qja ijah
ik6ZUi]ah 7fk [XdfdjYa YdU6]iY ij_d
]jYag]XY bYa jfkh 7fcXj]h YdYlVg]jYa qja
Yd \]d ]d]g[f7fa_`]X _ ][bYjUijYi_
! , %74,5 ;2'5 738 ./30#38 /'. 7,5
8'((*0&'5 73 ($135
0# 38 (*11%
-,/* 6731 '43<6. 77./%5 /'. /'73./*&
6731 "*.4'.# /'. , "'1'(.=7' 1)4./3
3<038 738 '6.0*&38 /'. 7,5 ((*0./%5
73 ($135 84.'/3 3<038 38 (*11%-,/*
673 '43<6. 77./%5 /'. /'73./*& 6731
";43 77./%5 4;/*.7'. 1' '174*873<1
/'. 3 (# 35 -' (&1*. 6731 ";43 77./%5
,73<17'. 6*0.)3 3.3& 3. 3 3&3. 1' (1:4&
+381 73 4;(4' '
"0,43934&*5 ' ; *87$4' $:5 "'4'
6/*8%
67'
7,0$9:1'
KLDJBNGLQ
8
RNL %OYRN ACYLA $%AO=F CIA RN 3NSL
RI=K RNS
G -KK=DA >JALE RN $EC=KN
B?$A CIA RGL +OAFIK@A JEOD@FNLRAP RG
7NS$AL@A $E
A7q 67YcaU jfk OYc7a[[X\_ f JWjgf[cfk Udfae] ijf <
jf ibfg 6] 7cYiV ]ds f OjUdbfk 97U[oi]: jf HYgYp
ibUb_ aiflYgX^fdjYh jf 7YamdX\a ijf <6] b]lYcaU ijf
\]rj]gf \fbUga E DccU\Y 7Wg] eYdU jf 7gfZU\ai6Y ijf
<6] 7gfZfcW jfk 8_6Wjg_ OYc7a[[X\_ L HsijYh JW
jgf[cfk 6] VdY k7Vgfmf jVg6Y ijf < YdVZYi] jf
ibfg i]
jf f7fXf WjYd bYa jf j]cabq
E ]d\]bU\Y j_h D`dabWh 6Yh f6U\Yh HYgdV^_h PfgfiX
\_h SfcV67Yh MY7YijY`q7fkcfh OaqZYh HYjifkgUd_h
P^aqc_h JYdaUj_h OYc7a[[X\_h OY6YgUh JWjgf[cfk
E ]d\]bU\Y j_h Nfk6YdXYh Iq67fdj JYjVc CbfpUd
CbUgdjfh NYj J7fkgji]Udfk Hqjiajh OjUdbfk PYdUi]
Pqgm] JYgXbY
*2- ," $
&&
1 $ "
6759*8. [aY Y7YccY[W jfk JUb_
To6aU\_ Y7q jah ZYiabVh bYbfkg[_
6YjabVh bYj_[fgX]h 7fk Ydja6]jo7X^]a
ij_d k7q`]i_ jod 9ij_6Vdod Y[s
dod jfk 7f\filYXgfk: bYa 7cWg_
Y7YccY[W jfk [afk jfk OjYrgfk To
6aU\_ k7VZYc] ijf Pga6]cVh Dl]
j]Xfk HYbfkg[_6Ujod _ ]aiY[[]cVYh
>\gYh Bag[adXY OYb]ccYgf7frcfk
E b OYb]ccYgf7frcfk ]ai_[W`_b]
ijf \abYijWgaf dY Y7YccUe]a jfd
6Vmga 7gqjadfh aimkgq 7YgU[fdjY jfk
7f\filYXgfk Y7q j_d bYj_[fgXY j_h
VdjYe_h \a]r`kdi_h bYa ik[bgqj_i_h
][bc_6YjabWh fg[Udoi_h bYa Y7q jah
bYj_[fgX]h [aY df6a6f7fX_i_ ]iq\od
Y7q 7YgUdf6_ \gYij_gaqj_jY bYa 7Y
gUdf6f ijfam_6Yjai6q D7Xi_h ^Wj_i]
dY b_gre]a jf \abYijWgaf Vdfmf jfd
JUb_ To6aU\_ Ylfr 6]jYjgVn]a j_d
bYj_[fgXY j_h bYbfkg[_6YjabWh ]bZXY
i_h i] bYbfkg[_6YjabW Y7q7]agY ]b
ZXYi_h bY`sh bYa [aY jah bYj_[fgX]h
j_h \ogfc_nXYh bYa YccfXoi_h Y7f
j]cVi6Yjfh j]iiUgod Y[sdod
6ViY i] cX[fkh 6Wd]h _ ]jYag]XY Vm]a \a
bYXo6Y dY 7Ug]a jfd 6]jg_jW
Pf ]gsj_6Y ]XdYa ZVZYaY ja [Xd]jYa 6] jY
c]ljU 7fk \XdYd] bU`] 6WdY YkjU jY
]kgs Ca;Ykjq `Y 7gV7]a dY Y7YdjW
i]a bU7fafh Yg6q\afh
1XOINP *OIQRNR>KGP Y7q IkbYZ_jjq
A7q jf BfjYdabq V6Y`Y qja ZgV`_b] bU
7fafh f f7fXfh `Y mjXi]a jf j^Y6X BVZYaY
,-)* !+
&$4' ' .
50 ;&95,7*;0-8 7]gacY6ZU
dfkd 6]jYer Uccod jf dYkU[af jfk
[]g6Ydabfr Yj6q7cfak "'(**$. jf
7fk 7gfbUc]i]
`YdU
jfkh YccU bYa j_ \aUioi_ jfk Zg]
jYdabfr ]67fgabfr *$,!$.2($ 7fk
7gfiUgYe] bYa is`_bYd jf 7cW
go6Y bY`sh bYa VdY 6][Ucf 6Vgfh
1'
jfk lfgjXfk jfk 6] ]bYjfdjU\]h
67fjXca]h fkXiba bYa bfdaUb E ikc
cf[W 7fk Y7Vbj_i] jf Zg]jYdabq
6fki]Xf 7]gacY6ZUd]a ]7Xi_h Yg
m]Xf j_c][gYlabsd 6_dk6Ujod 7fk
Y7fijVccfdjYa Y7q jY d_iaU "(**5
6] Yd`gs7ad]h aijfgX]h j_h bYjY
ijgflWh bYa ]7aZXoi_h
* #"%! '!*2 *0 ). 1%! ')3
:65,-0* lYgU[[aY cX6d]h bUjo Y7q jfkh 7U[fkh mY6Vdfkh 7YgU
\]aifkh bYa qcY qiY 67fgfrd dY 6Yh \sifkd ]c7X\]h 6]jYlVg]a
ijfkh YdY[dsij]h j_h _ 9)-,0. ,$3/: KVY ]djk7oiaYbW ]7aij_6f
dabW YdYbUckn_ 7YgfkiaU^]a _ )-,0. ,$3/ 6aY YdYbUckn_ 7fk Vg
m]jYa Y7q j_d Ucc_ 7c]kgU jfk AjcYdjabfr bYa YlfgU j_ [Vdd_i_
YbgaZsh jfk 6][Ucfk ob]Ydfr
' *0!- $ )
*$' %"+
5 4-*758 36*1 jfk MYdY`_dYpbfr 7gad ik67c_go`]X
6XY ]Z\f6U\Y Y7q j_d ifZYgW 7]ga7Vj]aU jfk ijf 6Yjh 6]
jfd =g_ ]XdYa Vjfa6fh dY ]7aijgVn]a i] lfkc gk`6frh
S`]h VbYd] bYa 7Uca Yjf6abq 7gq[gY66Y YccU ]XdYa Y7f
crjoh bYcU q7oh V\]ae] bYa _ 6Y[d_jabW 7fk VZ[Yc]
bYa Y7q jf OUZZYjf `Y ik66]jVm]a ijf 7gq[gY66Y j_h
k7qcfa7_h f6U\Yh F]gY7]XY Ybfcfr`_i] f BXbjogYh
HcodYgX\_h 7fk Vm]a k7fij]X `cUi_ ijfd 7gfiY[o[q
bYa `Y 6]Xd]a ]bjqh [aY \VbY 6Vg]h MUdjoh frjoh W
Uccoh WjYd ]bjqh 7cUdod [aY jf 6Yjh j_h ]7q6]d_h Hk
gaYbWh 6] jfd MAO CaUddadY cq[o j_h Y7fZfcWh jfk ijf
9Hc]Ud`_h Bab]cX\_h:
A7q jf 9A7Wcafd: ]eYbfcfk`frd dY Y7fkiaU^fkd fa \a]
`d]Xh PgaYdjYlkccq7fkcfh IY[qh NaiZUd_h HYgVc_h MgUdajh bYa OXcdj]dl]cdj
7fk `Y ]7aijgVnfkd ijY 6ViY j_h ]7q6]d_h ]Z\f6U\Yh
La 97gUiadfa: `Y 7gf7fd_`frd iW6]gY jf 7goX bYa j_d HkgaYbW `Y Vmfkd g]7q
' $ / *)' &. $ %)3 $
5 52:360*158 ]d\aYlVg]jYa [aY PYjY
gfkiUdfk fa a`rdfdj]h jod 9]gk`gfc]r
bod: ]XmYd ijgY66Vd_ j_d 7gfifmW jfkh
ijfd Nfk6Udf j]g6YjflrcYbY ijfd Y[sdY
6] j_d D`dabW DccU\fh
L \a]`dWh Nfk6Udfh j]g6YjflrcYbYh ]Xm]
Zg]`]X ijf ijqmYijgf jfk Lck67aYbfr bYa
jfkh 7gf_[fr6]dfkh 6Wd]h q6oh j]cabU fa
9]gk`gqc]kbfa: ]XmYd bYjYcWe]a ij_d ]7a
cf[W jfk Nf67Vgjf [aY j_ `Vi_ jfk ZYiabfr
j]g6YjflrcYbY L V67]agfh 7YXbj_h j_h Oj]
UfkY ZgXib]jYa ijf ijqmYijgf Ygb]jsd ]k
go7Ypbsd f6U\od bY`sh `Y 6]Xd]a
]c]r`]gfh ijf jVcfh j_h ]l]jadWh i]^qd
\]d eVgfk6] Yd `Y ]XdYa >cc_dYh W qma
1XOINP *%NQRWKGP Y7q AgjV6a\Y L
8W6fh IfrjiYh `Vc]a d; YkeWi]a j_d ja6W
jfk d]gfr Pa `Y bUdfk6] 8]d YdjVmfk6]
)LAP )KKGLAP %NK@RGP Ojf #$%$,"$
,$0 iW6]gY YdYgjW`_b] VdY Ug`gf q7fk
YdYlVg]a 98aYjWg_i_ ijf jgX[odf jfk
8aYZqcfk ]7am]agfrd fa Pfrgbab]h >df
7c]h 8kdU6]ah:
).+ $1(! ! -" !+
) *) *
'& +
Hrga] 8a]k`kdjU
L brgafh 7fk V[gYn] j_ ijWc_ 9HLKPNA OD LIA: j_h
bYjU j_d U7fnW
6fk jY ]X7Y bYcU Y7q jf i_6]Xf 7fk YdYgojaVjYa 9ja VljYae] : 6Vmga ]b]X 7fk YdY
lVg]a qja V\aoe] qcfkh jfkh Yd`gs7fkh 7fk ]XmYd 67c]mj]X i] ibUd\YcY bYa 7f
cajabVh Xdjga[b]h YdYl]gq6]dfh ijah badWi]ah jfk [Vgfk HYgY6YdcW MVgYi] Y7q
jf 6kYcq jfk UgY[] 6W7oh _ 7gsj_ a\VY [aY j_ \_6afkg[XY jfk i_6]gadfr MA OL H
e]bXd_i] Y7q ]b]X bYa Y7< Ykjfrh 7fk Y7VZYcc] jqj] f HYgY6YdcWh
8gUjjfdjYh j_d ]kbYagXY 7fk 6fk \Xd]a jf Ug`gf `Vc_iY dY 7YgY`Vio bYcf7gf
YXg]jY j_d U7fnW 6fk _ f7fXY Y7fj]c]X bYa 7]7fX`_iW 6fk 7oh Vjia Vmfkd jY
7gU[6YjY 7]7fX`_i_ _ f7fXY 6] \aYbYjVm]a ]\s bYa jg]ah \]bY]jX]h jfkcUmaijfd
HYa Yai`Udf6Ya \abYao6Vdfh bYa 6] jf 7YgY7Udo [a< YkjW 6fk j_d 7]7fX`_i_ D7X
i_h lUd_b] 7oh 6]gabVh lfgVh _ X\aY _ aijfgXY lgfdjX^]a dY e]bY`YgX^]a j_d
WgY Y7q jf ijUga Akjq VbYd] bYjU jY lYadq6]dY bYa ij_d 7]gX7joi_ jfk MA OL H
JW7oh `Y 7gV7]a dY YdYgoj_`fr6] 6] ZUi_ jf ZXf bYa j_d 7fcaj]XY jfk 6]jY7f
caj]kjabfr MA OL H bYa ]b jfk Y7fj]cVi6Yjfh j_h 6YbgfmgqdaYh \aYbkZVgd_i_h
j_h msgYh Y7< Ykjq 7oh k7Ugmfkd bfadU 7c_d q6oh ]eogYpi6VdY mYgYbj_gaijabU
6< Ykjfrh 7fk Y7VZYc] f HYgY6YdcWh j_h DND q7oh jfkh 7]gaV[gYn]h ]ir Y[Y
7_jV brga] HYa jsgY 7fk _ aijfgXY e]msgai] j_d WgY Y7q jf ijUga _ WgY ZgWb]
jf lkiabq j_h msgf [aY dY ]7aZasi]a \]XmdfdjYh Vjia bYa j_ ioijW \aUijYi_ j_h
ik[bkZVgd_i_h 8_cY\W 6W7oh `Y 7gV7]a dY 7fr6] qja ZgWb] _ WgY j_ []daU j_h
bYa VbYd] j_d YdU[b_ lacfja6XY Vijo bYa ij_ ZUi_ j_h Y6faZYaqj_jYh 6] j_d 7Y
gY7YXfkiY ]7Xi_h K 8
HYa ikd]mX^]jYa 7fcr ioijU 6Vmga jf jVcfh jf Ug`gf 6qdf 7fk ][s `Y Vc][Y qja
\]d Ygbfri] dY \ase]a 6qdfd jfd Caog[Ub_ bYa jfd O_6ajYgU YccU V7g]7] dY YdY
7f\f[kgXi]a jf ibfkgaYi6Vdf bYa []6Ujf \aY7c]bq6]dY jgobjabU 7YgUiajY ibfk
7a\fj]d]bV jfk MA OL H bYa dY jfd bcojiU]a 6] 6YdXY 6Vmga ZY`6fr Y7fcr6Ydi_h
A7q j_ ija[6W q6oh 7fk \]d jf VbYd] ]Xj] Y7q 7Ydabq ]Xj] ikd]a\_jU ]bjqh Y7q jf
qja \abYXoi] j_d 7gfYdYl]gq6]d_ 7]7fX`_iW 6fk bYjVjYe] bYa ]Ykjqd ij_d bYj_
[fgXY jod ]7abXd\kdY lacq\feod jY[sd W YgmabYcabUj^Ygod fa f7fXfa e_6]gsd]a
bYa ZgY\aU^]a 6] VdY 7gaqda ijf mVga 7gafdX^fkd jf \Vdjgf 7fk cV[]jYa DccU\Y
-LAP %NK@RGP
- *)., ').
$ !* ') %*3 ).' &!/- ,)3-,$ -).+
*4 -<-9- bU7faY imVi_ lacabfr
jr7fk ]ddf]XjYa 6] C]g6Ydfrh 6Uc
cfd 7gV7]a dY 7gfiVm]j] jY 7Y
7frjiaY jfkh JfaU^]a n]rjabf YccU
]XdYa 7VgY [aY 7VgY Yc_`adq bYa _
*0!- $ *)0
)-,0. ,$3/ jf \_6fia]r]a jfkcU
maijfd
]kgs i] 6]jg_jU
7gfi7U`_i] dY 6]jYlVg]a VdYh
ikdjYeafrmfh BYkYgqh bgrZfdjYh
jY mgW6YjY ijY 7Y7frjiaY jfk
*0!- $
2*
.'
( jf [gUl]a ikd]msh bUja iU7af k7Ugm]a ijf ZY
iXc]af j_h \Yda6YgbXYh J] UccY cq[aY bUja ijgYZq k7Ugm]a ij_d aijf
gXY jod fXbod Yeafcq[_i_h 7fk Yibfrd 7fcajabW 6] ZUi_ jah bgYjabVh
]ddf]XjYa ]aigfVh ijY jY6]XY jfkh JaY ]X\_i_ Y7q jah Edo6Vd]h
Mfcaj]X]h 7fk bUd]a jfd [rgf jfk bqi6fk YdYlVg]a qja f Y6Ygjocqh
\a]`dWh fXbfh 7aijfc_7jabWh Yeafcq[_i_h --#5;/ k7fZU`6ai] bYjU
6XY ZY`6X\Y j_ ZYiabW ZY`6fcf[XY jfk Yeaqmg]fk jod jgasd 6][Ucod
Y6]gabYdabsd jgY7]^sd \_cY\W j_h
-.& , j_h -*#+ , "'/
bYa j_h -.& , 0 ,*$5 Akjq 7fk iX[fkgY 67fg]X dY 7]a bU7fafh
]XdYa 7oh jf fabfdf6abq 67fe ij_d k7]g\rdY6_ bYcU bgYj]X
$ 04*!+ -"+ %* ,"+ (3 '", '
'50 <&7-8 j_h bgXi_h er7d_
iYd: \aYZUiY6] ij_d )-,0.
,$3/ dY [gUl]a _ []g6YdabW
]l_6]gX\Y $*0 bYa \]d 7a
ij]rY6] ijY 6UjaY 6Yh YccU ird
jf6Y bYjYcUZY6] 9ja W`]c] dY 7]a
f 7fa_jWh: 9MYgqcY YkjU k7Ug
m]a f bXd\kdfh _ k7qcfa7_ Dk
gs7_ dY bfa6_`]X bYa 7Uca PY
7gfZcW6YjY \]d Vmfkd Ydja6]jo
7aij]X: [gUl]a - 9bqi6fh: Ykjsd
7fk ]XdYa k7]r`kdfa [aY YkjU jY
7gfZcW6YjY bYa \]d djgV7fdjYa
dY 6Yh cVd] bYa ja dY bUdfk6]
02&$ $
)&$-$%)3+
1XOINP *LRYLGP Y7q M]agYaU L 7gq
]\gfh j_h BfkcWh cV]a qja Vm]a [Xd]a
6]Xoi_ ijah \Y7Ud]h j_h BfkcWh D6]Xh
7fk eVgfk6] Yd Ykjq ]XdYa YcW`]aY Moh
[Xd]jYa dY aimr]a qjYd jf [gYl]Xf jfk
Adja7gfV\gfk bfijX^]a
1XOINP ,IYOCNP Y7q HUjo MYjWiaY
@ij]gY Y7q j_d bYjUg[_i_ j_h \_6fja
bWh Aijkdf6XYh Vmfkd 7YgYj_gWi]a jf
]eWh ]a\abU ijah cYpbVh Y[fgVh HYa
ik[b]bga6VdY ijfd =[af IfkbU ]b]X 7fk
[Xd]jYa _ cYpbW Oj_d fkgU jod dq6a6od
7U[bod j_h cYpbWh 7gfibYcfrdjYa qcfa
YkjfX fa Yccf\Y7fX 6] jah 6frl]h 7gY
6Uj]a]h jfkh 7fk ]XmYd ]b\aom`]X Y7q
jf jfkgaijabq bVdjgf
52-8 50 1*9*,,-20-8 %NS
$AP QR>KLERE E@RE QRN JAL=KI
E@RE QRGL ETG$EO@DA $AP DG$N
QIEXNLRAI JAI AMIN%NINXLRAI A%W
RGL ETG$EO@DA '1 "
#!(
La bYjY[[]cX]h 7fk 6Yh ijVcd]j]
]Xj] ijf bYdUca 9H-,0. "' ,,$*:
]Xj] ij_d ]l_6]gX\Y 9H-,0. ,$3/:
]g]kdsdjYa qc]h bYa qc]h \_6fia
]rfdjYa ij_d ]l_6]gX\Y 6Yh
OYh ]kmYgaijfr6] [aY j_ ZfW`]aY 7fk
6Yh \Xd]j] bYa iYh bYcfr6] dY 6Yh
]d_6]gsd]j] [aY q ja ZcV7]j] bYa q ja
Ybfrj] ijf j_cVlodf
W ijf
bYa $ + (*
j_h ]l_6]gX\Yh 6Yh
"
#!
-=L DEL BO@QJERE
RGL ETG$EO@DA $AP
RGKETVL?QRE QRN
&) /2+/%0$5+,"1
3$4373)3'1 *$ /+0!2'+
23/41
)
$.$%.823'1 3)1
3657-0 . msgY dY Vm]a Ygb]jfrh bcVlj]h bYa co7f\rj]h 7fca
jabfrh 7fk c_ij]rfkd mgqdaY jsgY jf \_6qiaf mgW6Y 6] j_d YdfmW
ZVZYaY jod Y7fbYcfr6]dod ]djX6od 7fcajabsd ]k`rd_ jod f7fXod
q6oh ]XdYa j]gUijaY [aYjX jqiY mgqdaY Yd]mqjYd YkjW j_d bYjU
ijYi_ Ylfr qcfa jfkh 7fcr bYcU [dsga^Yd jf 7caUjiabf 7fk [adq
jYd RkiabU _ ]k`rd_ [aY j_d bYjYijgflW j_h msgYh ]XdYa Ybq6Y
6][Ycrj]g_ [aY qcfkh im]\qd jfkh ]b\qj]h jfkh bYdYcUgm]h bYa
jfkh 6][Ycf\_6fiaf[gUlfkh fa f7fXfa jY j]c]kjYXY mgqdaY bU
ck7jYd 7cWgoh jah bc]naVh jod 7fcajabsd [a; Ykjq bYa ]6]Xh Y7f
lYiXiY6] dY 7YgY6]gXifk6] jah bf66YjabVh 6Yh 7gfja6Wi]ah bYa
YdYcf[a^q6]dfa j_d jgY[o\XY 7fk 7]gdU]a _ msgY dY Z[Ucfk6]
6aY 7gY[6YjabU Yd]eUgj_j_ bYa ]c]r`]g_ _6]gWiaY ]l_6]gX\Y 6]
cX[]h i]cX\]h bYa c]7jU CaY dY 6_d Vmfk6] YdU[b_ bYdVdY Zaf
6WmYdf bYdVdYd ]lf7caijW bYdVdYd 7gf6_`]kjW jfk 8_6fiXfk
bYdVdYd 6][Ycf]g[fcUZf bYa bY6XY jgU7]^Y
D7]a\W \] frj] 7fccU c]ljU \aY`Vjfk6] [aY dY 7gficUZfk6] 6]
[Ycf\_6fiaf[gUlfkh bYa frj] bY6XY ]67aijfird_ jfkh Vmfk6]
cq[o j_h 6YbgfmgqdaYh lacXYh bYa \aYird\]iWh jfkh 6] jfkh djY
ZYj^W\]h j_h msgYh Y7flYiXiY6] dY ikd]g[Yijfr6] 6] jfkh
dVfkh bYa \fba6Yi6Vdfkh \_6fiaf[gUlfkh 7fk ]g[U^fdjYa ijf
)-,0. "' ,,$* 6] j_ ibc_gW Ydja6d_6fdaYbW 7fcajabW Ok[mgqdoh
^_jU6] Y7q jfkh YdY[dsij]h 6Yh dY [Xdfkd qcfa jfkh Ud\g]h bYa
[kdYXb]h dVfa bYa [Vgfa \_6fiaf[gUlfa bYa dY 6Yh j_c]lodfrd
ijf
W dY 6Yh [gUlfkd mg_ia6f7fasdjYh jf % 4
bYa ijf $ + (* j_h ]l_6]gX\Yh 6Yh (,%- )-,0. ,$3/ &.
dY 6Yh 7c_gflfgfrd [aY f ja ZcV7fkd dY [Xd]jYa ij_ []ajfdaU jfkh
W f ja Ybfrd] [aY ibUd\YcY bYa ]6]Xh Ylfr jY nUefk6] bYa jY ]7a
Z]ZYasifk6] `Y jY \_6fia]rifk6] Y6Vioh mogXh dY bfajU6] fdq
6YjY [aYjX [aY ]6Uh fa 7YcaVh lacX]h Vmfkd j]c]asi]a bYa \]d 6Yh
]d\aYlVgfkd
*%W RIP
4NE$BO@NS W%NINP H>KEI >OUERAI QRA COATE@A
$AP QRNL 9AXON $E $@A TVRNCOAT@A RNS JAI %A@OLEI RGL
DG$NQINCOATIJ? RASRWRGRA RGP ' "
#!(
D4554EA
7+U*JWQUM "6DC/@8A !2=.A
<A?E 4C;D>4E4
?A7>5C;AF
%
(- ) S _+fTQ]S ^Z_
>XS*ZXLZ_ K^MX ^M_^U]*JXS *Q
PUMbQ_]*JXQ\ +[Z]PZVLQ\ VMU
_+Z]aJ]QU\ MWWI QPh +UM ^Z +M
[IVMXMX
DQ Q+f*QXS `I]S +[Z
^cX JYcTQX +UJ]QcX ^Z
.^[Z+I[UZ/ IWWMYQ VMU I[aU]MX
XM *M\ WJXQ f^U PQ TM WS`TZgX
*J^[M PS*Z]UZXZ*UVZg aM[M
V^K[M
:_*I]^Q ^U *M\ JWQOMX
]^SX M[aK ^Zg^S\ ^S\
.+M[^LPM\/ 3^U PQX +[fVQU^MU
Q+ Z_PQXL XM WS`TZgX XJM
*J^[M
3^MX S +LQ]S M+f ^Z_\
PMXQU]^J\ I[aU]Q X M_
YIXQU +M[MPJaTSVMX f^U TM
_+I[aQU PS*Z]UZXZ*UVf VQXf
MWW M_^f PQ TM _+Q[NMLXQU ]Q
) ! (&+) +WK[Z_\ VMU VMTZWUVK\
M+MYLc]S\ ^cX +ZWU^UVhX VMU ^cX _+M[
afX^cX VZ**I^cX QLXMU fX^c\ +[ZVWS
^UVK S PUMVZ**M^UVK ]_XMLXQ]S ]^S
PUM^K[S]S ^S\ NZ_WQ_^UVK\ M+ZRS*Lc
]S\ ]^M ]S*Q[UXI ^S\ Q+L+QPM D^Z
S DZ`LM 5ZgW^QbS +[Z]+ITS]Q
XM QYSOK]QU ^M MXQYKOS^M _+Z]^S[LRZX
^M\ +c\ Z NZ_WQ_^K\ *J]M ]^U\ +ZWWJ\
_+Za[Qh]QU\ ^Z_ QLXMU VMU S PUM^K[S]S
O[M`QLZ_ ]^Z VJX^[Z ^S\ 4TKXM\ @J
aM]Q K +M[M]Uh+S]Q +c\ S 5Z_WK PUM
TJ^QU +ZW_^QWK O[M`QLM OUM fWZ_\ ^Z_\
NZ_WQ_^J\ ]^SX OcXLM GUWQWWKXcX VMU
>S^[Z+fWQc\ ]^Z VJX^[Z ^S\ 4TKXM\
D^SX LPUM ]_RK^S]S MWWZg +[Z]+ITS]Q
XM ]^[JbQU ^Z QXPUM`J[ZX Z BMXMOUh
^S\ =M`MRIXS\ IWWM WfOUM X0 MOM+Uf
*M]^Q M+f ^ZX GLWU++Z DMaUXLPS VMU *UM
M+f ^M LPUM M+f ^ZX 4XQYI[^S^Z 2WWSXM
BMgWZ HMdVIWS 6UM ^Z LPUZ TJ*M ]^Z
+[cdXf ^Z_ 4?E *Q ^ZX 6Uh[OZ BM+M
PIVS Z OMWIRUZ\ NZ_WQ_^K\ ;Z[PIXS\
ERM*^RK\ +M[MPJa^SVQ f^U -QX QLXMU
+WZg]UZ\ VU MX KYQ[Q +c\ TM K^MX
NZ_WQ_^K\ OUM
Q_[h PQX TM VM
^JNMUXQ _+ZbK`UZ\
DQ *UM _+Q[NZWUVK PQ M+Z]^[Z`K ^Z_
WfOZ_ ^Z_ QL+Q f^U F+I[aZ_X NZ_WQ_
^J\ +Z_ YQ[MLXZ_X ^Z ]VM^f ^Z_\ OUM
XM RK]Z_X 3WZU ]_XJVWUXMX ]^SX
I+ZbS +c\ +[J+QU XM RK]Z_X MYUZ+[Q
+h\
>IWU]^M <g[UZU <M*UI 4X^L[[S]S 4YUZ
+[Q+h\ f*c\ +[J+QU XM RK]Z_X VU
QVQLXZU +Z_ *Q ^SX +ZWU^UVK ]M\ *JXZ_X
IXQ[OZU MXM]`IWU]^ZU *Q VZ**JXM
MVf*M VMU ^M `UWMXT[c+UVI Q+UPf*M^M
$CI@2 C6<:;. /;2=6 ;2;I 2@.
;2<I !.<6B6 2 I C8<6? C:;I .
3H=2 C8= # ( =2 6: ;2: .<:
BC8= ;D3/@=8B8
BD70C8B8 ?D
2 /BHA .=?:>6 6 565? /=8 ;2:
C8 BF/B8 ?D 5:2C8@61 ? 6; @IBH
?A CJ ?D C8A # ( 6 C8= ;I@8
C8A $CI@2A BC? 6BHC6@:;I C?D
;I 2C?A C?D ,KC8 !?D3/<8 0C2=
C/C?:2 ?D ? @I65@?A C8A # (
/B 6DB6 F96A =2 >6;IG6: ;.96
BD70C8B8 6@1 6 :BC@?E0A C?D
;I 2C?A BC8= ;D3/@=8B8 #:<K=
C2A BC8= !23.<2 ? ,KC8A !?D3/
<8A D ?4@. :B6 6 / E2B8 HA
56= /F6: ;2 12 <?4:;0 =2 6 2=/<
96: 8 # ( BC8= ;D3/@=8B8
"! #
! )* )* ) +Z_ VMTS*Q[UXI
NUhXQU S QWWSXUVK VZUXcXLM VU S +WK
[S\ VM^M+I^S]S ^cX MXT[c+LXcX PU
VMUc*I^cX M+f ^IaM *UM 7Xc*JXS
7_[h+S VMTU]^I ^Z *KX_*M ^Z_ BZW_
^QaXQLZ_ Q+LVMU[Z f]Z +Z^J IWWZ^Q 9
QYJOQ[]S ^Z_
QXIX^UM ]^SX M*Q
[UVMXZVLXS^S HZgX^M QLXMU JXM RcX
^MXf +M[IPQUO*M MXUPUZ^JWQUM\ VMU
MOcXU]^UVK\ ]_WWZOUVK\ P[I]S\ +SOK
J*+XQ_]S\ OUM *UM ZWfVWS[S RcK DM
[IX^M a[fXUM *Q^I ^Z BZW_^QaXQLZ
QLXMU QPh OUM XM *M\ _+QXT_*LRQU ^Z
XfS*I ^Z_ VMU XM Q*+XJQU ^Z_\ MOhXQ\
^Z_ ]K*Q[M 6UM ^SX Z[U]^UVK M+QWQ_
TJ[c]S ^S\ ah[M\ M+f ^S TSWUI ^cX
*XS*ZXLcX 6UM ^SX _+Q[I]+U]S ^S\
VZUXcXUVK\ ]_XZaK\ VMU ^SX +[Z]^M]LM
^cX MPgXM*cX EZ BZW_^QaXQLZ QLXMU
QPh OUM XM PQLaXQU ^Z P[f*Z OUM ^Z
+c\ Z WMf\ f^MX +U]^QgQU ]^U\ P_XI
*QU\ ^Z_ *+Z[QL XM M*`U]NS^K]QU ^S
WZOUVK ^cX *ZXfP[Z*cX VMU XM Z[OM
Xh]QU ^U\ MX^U]^I]QU\ QXIX^UM ]^SX VM
^M+LQ]S VMU ^ZX M_^M[aU]*f EZ
BZW_^QaXQLZ RQU ]^Z_\ MOhXQ\ ^Z_ ]K
*Q[M OUM -S*ZV[M^LM ;]f^S^M <ZUXc
XUVK 4+QWQ_TJ[c]S
QVM^
B[ZaTJ\ ^Z .]^[U+^LR/
ZWZVWS[hTSVQ *Q ^SX
M+ZPZaK M+f ^ZX _+Z_[Of AUVZ
XZ*UVhX ^Z_ PS*Z]UZXZ*UVZg
VQXZg ]^Z
PU]
Ag^c\ QafX^cX K ^Z ZU
VZXZ*UVf Q+U^QWQLZ PQ
*+Z[QL XM VIXQU ]^ZUaQUhPQU\
_+ZWZOU]*Zg\ K _+Z^IaTSVMX
]^U\ M+MU^K]QU\ ^cX PMXQU]^hX
!
!
"!
VM*UI +Q[L+^c]S ^M
*
NM]UWUVK VMU ^M ]V_
WUI PQ*JXM/ f+Z_ PUM^MOK QLXMU
^cX XJcX VM^MV^S^hX ^S\ ]gO
a[ZXS\ 7WWIPM\ VU S V_NJ[
XS]S M+WI Q`M[*fRQU +MLRZX^M\
^ZX [fWZ g+M^Z_ M[*Z]^K VM^I
^M +[f^_+M PUMV_NJ[XS]S\ VMU
^UTI]Q_]S\ ^cX M+ZUVUhX ^S\
N[Q^MXUVK\ VZUXZ+ZWU^QLM\ ^ZX
Z MUhXM
AU QWQOV^J\ JaZ_X PUM*SXg]QU
VMU Q+U*JXZ_X f^U Z +[Ze+ZWZOU
]*f\ ^Z_
.PQX NOMLXQU/ *Q
^M *J^[M +Z_ JaZ_X ]_*`cXSTQL
M+f ^M ^JWS ^Z_
VMU ^cX
Z+ZLcX QVV[Q*QL S Q`M[*ZOK
:Qc[ZgX +c\ +[J+QU XM Q+UNWS
TZgX VMU XJM *J^[M gbZ_\ ^Z_
WIaU]^ZX PU] Q_[h K
^Z_
47B h]^Q XM PUM]`MWU]^ZgX ZU
]^faZU OUM ^Z +[c^ZOQXJ\ +WQf
XM]*M 9 V_NJ[XS]S M+f ^SX
+WQ_[I ^S\ QXh *Ja[U +[f^UXZ\
EZg^cX PZTJX^cX +ZUZ\
^Z_\ +U]^QgQU f^MX PUM
NQNMUhXZ_X f^U ^M *J^[M +Z_ TM
WS`TZgX M_^Zg *IWU]^M ^Z_
gbZ_\ TM QLXMU *fXZ PUM[T[c
^UVZg aM[MV^K[M
3^MX *IWU]^M +M[JaQ^MU
S PUMNQNMLc]S f^U S QYZU
VZXf*S]S TM +[ZVgbQU M+f ^SX
VM^M+ZWJ*S]S ^S\ `Z[ZPUM`_
OK\ VMU QU]`Z[ZPUM`_OK\
!
Bh\ XM ]_**Q[U]^Zg*Q
^SX MU]UZPZYLM ^Z_ _+Z_[
OZg f^MX ^ZX PUMbQgPQU Z LPUZ\
Z Q+UVQ`MWK\ ^Z_ 6;AFCA6
<CAFB
9 .*IaS/ +Z_ +[ZMXKOOQU
WMX JWSYQ *Q ^Z +[ZaTQ
]UXf `c^ZO[M`UVf QX]^MX^MXJ
>Q^I M+ M_^I ^U XM
+Q[U*JXZ_*Q OUM ^M
_+fWZU+M +[ZM+MU^Zg*QXM
"
^fXURQ +c\ PQX +[fVQU^MU XM Q+U
NWSTZgX XJM *J^[M Zg^Q OUM ^Z
MWWI Zg^Q VMU OUM ^Z
M`Zg QV^U*Zg]Q +c\ .VQXf/
"
"!
#+(
M+f VMU[f Eh[M +[ZMXMOOJWWQ^MU M+f ^ZX PUZUVS^K
^Z_ ;<4 A CZNJ[^Z\ D+_[f+Z_WZ\ +[Z^QLXQU ^SX VM^I[OS]S ^S\
Q+UVZ_[UVK\ ]gX^MYS\ *J]c PKTQX ^S\ QX]c*I^c]K\ ^S\
]^SX Vg[UM ]gX^MYS EZ ]aJPUZ D+_[f+Z_WZ_ +[ZNWJ+QU ^S PS
*UZ_[OLM QXUMLZ_ ^M*QLZ_ *U]Tc^hX _+f ^SX Z*+[JWM ^Z_ ;<4
]^MPUMVI ]Q
a[fXUM *Q ^[QU\ VWIPZ_\ MO[f^Q\ *U]Tc^ZL
PS*Z]LZ_ VMU UPUc^UVZg ^Z*JM VMU M_^ZM+M]aZWZg*QXZU OUM XM
Q+U^Q_aTZgX ZUVZXZ*LQ\ VWL*MVM\ VMU VMWg^Q[S Z[OIXc]S
7U]SOKTSVQ Q+L]S\ ZU +[f]TQ^Q\ +M[ZaJ\ ]_*+WS[c*M^UVK
]gX^MYS VMU _+S[Q]LQ\ _OQLM\ XM M+Z^QWZgX +[Z]c+UVK Q+U
WZOK ^cX M]`MWU]*JXcX *J]c ^S\ UPUc^UVK\ M]`IWU]S\ VMU
^Z_ TQ]*Zg ^cX Q+MOOQW*M^UVhX ^M*QLcX >Q IWWM WfOUM VMU
`^caJ\ WJYQU\ Z PUZUVS^K\ ^Z_ ;<4 +[ZMXMOOJWWQU VMU ^SX
MXIOVS *UM\ ]_*+WS[c*M^UVK\ UPUc^UVK\ M]`IWU]S\ OUM f]Z_\
TJWZ_X XM RK]Z_X VI+c\ MYUZ+[Q+h\ ^M OS[M^QUI ^Z_\
PQX _+I[aQU Q]aI^c\ VIXQU
WfOZ OUM ^SX MXIOVS *J^[cX
gbZ_\
QVM^ Q_[h
7V^U*I *IWU]^M +c\ ^Z ]_OVQ
V[U*JXZ +Z]f *+Z[QL XM QYM
]`MWU]^QL M+f ^Z +MVJ^Z *J^[cX
+Z_ TM +Q[UWM*NIXQU ^Z M]`MWU
]^UVf XZ*Z]aJPUZ ^Z_ _+Z_[
OQLZ_ 7[OM]LM\ 9 VMT_]^J[S]S
f*c\ VM^ITQ]S\ ]^S 5Z_WK ^Z_
^QWUVZg ]aQPLZ_ ^Z_ M]`MWU]^U
VZg Z`QLWQ^MU ]Q MX^UP[I]QU\
^cX QWQOV^hX VMTh\ PQX +QL
TZX^MU OUM ^SX M+fPZ]K ^Z_ EM
*J^[M ^Z_ ]_OVQV[U*JXZ_ XZ*Z
]aQPLZ_ TM QLXMU ]_*+WS[c*M
^UVI ^Z_ OQXUVf^Q[Z_ +MVJ^Z_
^cX *J^[cX +Z_ TM _+Za[QcTQL
XM MXMVZUXh]QU S V_NJ[XS]S
h]^Q XM .VWQL]Z_X/ Z +[Ze+Z
WZOU]*f\ ^Z_
VMU ^Z >Q]Z
+[fTQ]*Z B[fO[M**M
7+U*JWQUM :.==8A '2@4:=IA
%
!
& * ! XM +Z_X V_NJ[XS]S VMU OMWMRZ+[I]UXZU NZ_WQ_^J\ +Q[L MX
^L]^M]S\ VMU +IWS\ VM^I ^S\ E[fUVM\ VMU +Q[L PKTQX +ZWU^UVK\
PUM+[MO*I^Q_]S\ *Q ^U\ V_NQ[XK]QU\ ^cX Q^ML[cX VMU PM
XQU]^hX *M\ f+c\ PUM^QLXZX^MU 4X^hXS\ DM*M[I\ VMU
7_IOOQWZ\ 5QXURJWZ\ ]^U\ 5[_YJWWQ\ *fXZX ^SX
E[fUVM MVZgXQ 4_^f M+JPQUYQ aTQ\ ^Z_ (&$ &$(%
A Q+UVQ`MWK\ ^Z_ Q_[h JTQ]Q QV XJZ_ TJ*M ^U^
WZ+ZLS]S\ *QWWZX^UVhX Q]fPcX M+f ^SX +h
WS]S MVLXS^S\ +Q[UZ_]LM\ A Q+L^[Z+Z\
ZUVZXZ*LM\ AWU CQX YQVMTI[U]Q +c\ S 7WWIPM
TM +[J+QU Q+L]S\ XM +[Zac[K]QU ]^SX _UZTJ
^S]S ^S\ `Z[ZWZOUVK\ *Q^M[[gT*U]S\ ^ZX MX
^MOcXU]*f VMU ^U\ MOZ[J\ +[ZdfX^cX VMU
_+S[Q]UhX QXh PQX TJWS]Q XM +[ZNQL ]Q
QV^U*K]QU\ OUM ^Z gbZ\ ^Z_ PS*Z]UZXZ*UVZg
VQXZg Q+U]S*MLXZX^M\ +c\ ZU ]_RS^K]QU\ ]_XQ
aLRZX^MU ]^SX 4TKXM
3WZU RK^S]MX M+f ^ZX 2WWSXM _+Z_[Of AUVZXZ*UVhX
XM +[Zac[K]Z_X Q+QUOfX^c\ ZU +[ZM+MU^Zg*QXQ\ P[I
]QU\ OUM ^S Pf]S ^Z_ PU] Q_[h ^M *J^[M OUM ^Z PS*Z
]UZXZ*UVf VQXf ^S\ +Q[UfPZ_
ZU PUM[T[c^UVJ\
*Q^M[[_T*L]QU\ VMU ZU UPUc^UVZ+ZUK]QU\
&
%
&
- !+( &" !* ! *+Z_a^L]QU *Q M_^KX
^SX +Q[L`S*S PUI]c]S ZWfVWS[S S QWWSXUVK
VZUXcXLM DhTSVQ S 7WWIPM MVZg*Q ^Z +[cL
Q_^_ah\ VMU ]cTKVM*Q VMU *QLXM*Q ^QWUVI
]^Z Q_[h YMXMVZg*Q ^Z *Q]S*J[U 3WM ^IaM
^JWQUc]MX QL*M]^Q ]Q P[f*Z MXI+^_YS\
+IX^M *Q ^Z Q_[h MVZg*Q VMU +IWU ^S N[M
PUXK *M\ Pf]S 4`Zg [Q *IOVQ\ ]cTKVM*Q
VU QL]^Q ]LOZ_[ZU f^U Q*QL\ S VZUXcXLM ^Z
JaZ_*Q VM^MXZK]QU f+c\ PQLaXZ_X VU ZU
PUVJ\ ]M\ PS*Z]VZ+K]QU\ OUM^L PQX ]^KXQ^Q
VMU *UM VIW+S OUM XM PZg*Q fWZU +UM +f]M
M+LPUM +ML[XQU Z ]IVZ\
.AU QVWZOJ\ TM OLXZ_X ^ZX >IUZ ^Z_
QL^Q ^Z TJWZ_X QL^Q faU Ef^Q TM JaZ_*Q PS
$&+# VMU +IWU JXM T[LWQ[
MXI*Q]M ]^SX MX^U]^M]UMVK +ZW_MOM
+S*JXS *Z_ V_NJ[XS]S VMU ^SX
E[fUVM A S[cUVf\ B[cT_+Z_[Of\
*Z_ MX^U]^JVQ^MU ]TQXM[I ]^U\ +UJ
]QU\ ^cX E[ZdVMXhX OUM XJM *J^[M
+Z_ *Q^MYg *M\ QLXMU M+M[ML^S^M
N[ZX^Z`cXIRZX^M\ c\ XJZ\ =QcXL
PM\ >ZWhX =MNJ
*&$ !&"&+ &+$ ZU MX^U]^M
]UMVZL +[ZNM^ZQUPQL\ NZ_WQ_^J\ VMU
NZ_WQ_^LXQ\ *M\ +Z_ +Q[UPUMNMLXZ_X
VMXIWUM *QOIWM VMU *UV[I VMU PUMO
*Z^UVJ\ +Q[U`Q[QUMVJ\ VMU Q_[cQVWZOJ\
VMU ]Q M_^K ^SX VIW+S TM M+Z^_+cTQL S P_
]M[J]VQUM ^cX *XS*ZXUMVhX +ZWU^UVhX/
_+Z]^K[UYQ Z +[fQP[Z\ ^Z_ DFC;84 4WJYS\
E]L+[M\ ]Q ]_XJX^Q_YS +Z_ JPc]Q ]^SX ^S
WQf[M]S ^cX M+ZW_TJX^cX Q[OMRZ*JXcX
^S\ 7E -QX +M[JWQUbQ *IWU]^M XM Q+U]S
*IXQU ^Z +[Z`MXJ\ f^U S E[fUVM .JaQU VM^M
WINQU +c\ Z +ZWU^UVf\ a[fXZ\ M_^K\ ^S\
V_NJ[XS]S\ ^QWQUhXQU VMU TQc[QL f^U QLXMU
S Q_VMU[LM OUM XM +Q[I]Z_X XJM *J^[M VMU
OU M_^f Q**JXQU ]Q ]VWS[I *J^[M Q_QW+U
]^hX^M\ f^U M_^K S V_NJ[XS]S L]c\ *+Z[J
]QU XM ^M +Q[I]QU 6UM^L M_^K S V_NJ[XS]S
`QgOQU/
+( # * !&) VU I[U]^M
_+ZV[U^UVf\ Z 6Uh[OZ\
E[IOVM\ ]^SX QV+Z*+K
^Z_\ ]^Z 7 +M[Z_]LM]Q NLX
^QZ *Q ^ZX ?LVZ HM^RSXUVZ
WIZ_ ]Q JYMWWS VM^I]^M]S
XM RS^IQU M+f ^ZX 1PcXU
]^SX QV+Z*+K ^Z_ ]^Z
XM RS^K]QU ]_OXh*S OUM ^SX
MXZS]LM ^Z_ XM PSWh]QU
K[cM\ +Z_ M+ZWgQU Vf]*Z
M+f ^ZX ah[Z ^S\ FOQLM\ A
6Qc[OUIPS\ *Q Q**ZXK +Z_
]+IQU XQg[M YQVMTI[U]Q
+c\ PQX RS^IQU ]_OXh*S
4X^LTQ^M RK^S]Q M+f ^ZX
HM^RSXUVZWIZ_ XM RS^K]QU
M_^f\ ]_OXh*S M+f ^SX
M[aK ^S\ QV+Z*+K\ ^Z_ ]^Z
[MPUf`cXZ ^Z_
" # VMU
%
VcXLRZX^MU OUM ]^M]LPU *Q TJM ]^Z
RMWU]*JXZ +WKTZ\ VM^I E]f*]VU
-Q TM +Q[I]Z_X IWWM *J^[M N[ZX^Z
`cXIRZ_X ac[L\ MUPh ^]]]]
+)* ( M+f WLOZ S E[fdVM T_*h
XQU VMU MXMVZUXhXQU M+WI f^U VfNQU
^S Pf]S 7Ph ^QWQUhXQU S `M]M[LM
3+c\ QLXMU `_]UVf YQ`Z_]VhXQU ^Z
MX^U]^M]UMVf *JXZ\ ^cX Q+UWQOf*Q
XcX VMU GU[`U[LVcX K ?MUXMLVcX NQ
'(&, $ ) ;2: 56= /F?D 6
<I4?DA = 2 E:B38C0B?D 6 C8=
6:<:;@1=6:2 C8A ;2C84?@8 2C:
;0A 5:236321HB8A C?D @?
/5@?D C8A
# ( IC: 56=
C196C2: D I ?:6B50 ?C6 BD=90
;6A 70C8 2 6 :BC@?E0A C?D
;I 2C?A C?D BC8= 2@?JB2
;D3/@=8B8 *? 6@KC8 2 ?D
C196C2: HBCIB? 61=2: 2= 8
2=HC/@H C? ?9/C8B8 56
B 6J6: C?D<.F:BC?= C? 846
C:;I 6 :C6<61? C8A
41?D
!H=BC2=C1=?D '@:= <146A
/@6A ? 6; @IBH ?A *J ?D
C?D ;I 2C?A .E8=6 B6 BD
=/=C6D>8 C?D ?@9.=?:FC? C?
6=56FI 6=? 6 :BC@?E0A C8A
# ( BC8= ;D3/@=8B8
# ?@?JB6 3.B: 2 =2 D ?9/
B?D 6 IC: BC? 15:? 0;?A ;J
2C?A ;:=61C2: ;2: ?
4@2 2C/2A C?D ;I 2C?A
& IC6 0 HA @/ 6: ;. HA
=2 BD=C?=:BC61C6 BJ=C@?E?:
KBC6 =2 6; / 6C2: 6=:21? ;2:
6D5:.;@:C? 0=D 2
%
NMLc\ NQNMLc\
$ # *( I+QU[Z_ *M]^UOh*M^Z\
Q+UNIWWZX^MU *Q ^Z XJZ a[fXZ ]^ZX
QWWSXUVf WMf VMU +ZWg ]c]^I NQ
NMLc\ NQNMLc\ 9 VfWM]S f+c\
+[ZQUPZ+ZLS]Q VMU Z OW_VZgWS\ *Z_
Z D^Z_[XM[IVZ\ TM ]_XQaU]^QL
*Ja[U ^ZX ;ZgXUZ ^Z_
7XXZQL^MU
f^U TM MVZWZ_TK]QU VMU XJM +M[I
^M]S ^S\ VfWM]S\ VZV 4* +c\ OUM
EZ_ $:;I<2?D @2=1CB2
HQU[Z_[OZg A[TZ+QPUVZg
*&
ZU UM^[ZL +L]^Q_MX f^U ZU *SXL]VZU K^MX _+ZWQL*
*M^M *_f\ ]^Z OfXM^Z QV`_WU]*JXM >fWU\ ^Z
VM^I
WMNMX f^U QLaMX a[S]U*f^S^M ]^SX VLXS]S ^Z_ OfXM^Z\ VMU
]^SX VM^MXZ*K `Z[^LcX ^Z_ *S[Zg +IXc ]^SX VXK*S 4[
Of^Q[M ^Z
]_XQUPS^Z+ZLS]MX f^U S *SXU]VQV^Z*K ZPS
OZg]Q ]Q +[fc[S M[T[U^UVK NWINS ^Z_ OfXM^Z\
) # ( S M[T[Z]VZ+UVK MX^U*Q^h+U]S NWMNhX ^Z_ *SXL
]VZ_ QLXMU ^Z ]_aXf^Q[Z Z[TZ+QPUVf aQU[Z_[OQLZ EZ Of
XM^Z QLXMU *UM +ZWg+WZVS MXM^Z*UVI I[T[c]S VMU ZU
*SXL]VZU ZU Z+ZLZU QLXMU VM^I ^Z +WQL]^ZX PgZ *S MU*M^Zg
*QXZU afXP[ZU a[S]U*QgZ_X ]^SX Z*MWZ+ZLS]S ^cX `Z[^LcX
^Z_ ]h*M^Z\ VM^I ^S NIPU]S ]^SX I[T[c]S ^Z_ OfXM^Z\
D^SX VI*bS JV^M]S ^S\ M[T[h]Qc\ VUXZgX^MU *+[Z\
+L]c 7LXMU QgVZWZ XM _+Z]^ZgX NWINS V_[Lc\ ]^Z ]_X
P_M]*f VI*bQc\ ^Z_ OfXM^Z\ *Q ^M_^fa[ZXS ]^[Z`K
4_^Zg ^Z_ QLPZ_\ ZU NWINQ\ QLXMU ]_aXJ\ ]^U\ MTWS^UVJ\
P[M]^S[Uf^S^Q\ VMU V_[Lc\ ]^Z +ZPf]`MU[Z ,\ NWINS ^Z_
*SXL]VZ_ TQc[Zg*Q ^SX *Q[UVK K ZWUVK [KYS M_^Zg
)*&+) ) $ ) +M[Z*ZUIRc ^S [KYS ^Z_ *SXL]VZ_ *Q
JXM *U]Z]VU]*JXZ aM[^L 3+c\ ^Z aM[^L J^]U VMU Z *SXL]VZ\
f^MX JaQU *UM [KYS PQX aIXQU ^S a[S]U*f^S^I ^Z_ ]^Z Of
XM^Z MWWI +Q[UZ[LRZX^MU ZU UPUf^S^J\ ^Z_ D^SX +[IYS M_^f
]S*MLXQU f^U *+Z[QL Z +I]acX XM JaQU [KYS ^Z_ *SXL]VZ_
*Q ]aQPfX QWIaU]^M ]_*+^h*M^M 9 PUIOXc]S ^S\ NWINS\
OLXQ^MU +IX^Z^Q *Q ^SX WKbS U]^Z[UVZg ^Z_ +I]aZX^Z\ VMU
^SX ]c]^K VWUXUVK QYJ^M]S 9 *MOXS^UVK ^Z*ZO[M`LM Q+U
NQNMUhXQU ^S PUIOXc]S MWWI S MYUZ+U]^LM ^S\ V_*MLXQ^MU
M+f
4_^f ]S*MLXQU f^U S ^QWUVK PUIOXc]S NOMLXQU
+IX^Z^Q M+f ^ZX OUM^[f
$* # * ' ) ^cX NWMNhX ^Z_ *SXL]VZ_ QLXMU +IX
^Z^Q *Q M[T[Z]VZ+UVf aQU[Z_[OQLZ *J]c PgZ *UV[hX Z+hX
# ]^SX I[T[c]S VMU Z M]TQXK\ QYJ[aQ^MU ^SX LPUM
*J[M M+f ^Z aQU[Z_[OQLZ D_XKTc\ OLXQ^MU M`ML[Q]S ^S\
NWINS\ ^Z_ *SXL]VZ_ QV^f\ M+f Z[U]*JXQ\ +Q[U+^h]QU\
f+Z_ *+Z[QL XM OLXQU VMU ]_[[M`K
$ # *Z_ QLXMU f^U PQX a[QUIRZX^MU fWQ\ ZU [KYQU\
*SXL]VcX M[T[Z]Vf+S]S EZ aQU[Z_[OQLZ VMTL]^M^MU M+M
[ML^S^Z MX ZU QXZaWK]QU\ ^Z_ OfXM^Z\ QLXMU ]_aXJ\ VMU Q+U
*JXZ_]Q\ 7IX ^Z OfXM^Z +M[Z_]UIRQU +Q[U]^M]UMVI *UM
QXfaWS]S faU ]S*MX^UVK ^f^Q S M+WK *_dVK QXL]a_]S ^Z_
^Q^[MVQ`IWZ_ VMU ^Z_ PUVQ`IWZ_ +UTMXh\ QLXMU M[VQ^K
# * %+
VMU
Q^hX S [KYS ^Z_ *SXL]VZ_ ]_XKTc\
QLXMU QV`_WU]^UVZg ^g+Z_ 9 M[T[Z]Vf+S]S ]^SX ]_OVQ
V[U*JXS +Q[L+^c]S PQX JaQU XM VIXQU *fXZ *Q ^SX M`ML
[Q]S ^Z_ ^*K*M^Z\ +Z_ JaQU NWINS ^Z_ *SXL]VZ_ MWWI
V_[Lc\ *Q ^SX PUf[Tc]S ^cX QV`_WU]^UVhX NWMNhX ^Z_
OfXM^Z\ Z]^QZM[T[U^UVhX VMU ^Z M+Z^JWQ]*M TM QLXMU S
]_X^K[S]S VMU S Q+U*KV_X]S ^S\ VMWK\ WQU^Z_[OLM\ ^S\ M[
T[h]Qc\
# * ^M VMU Q`f]ZX ZU M[T[U^UVJ\ MWWZUh]QU\ ^Z_ Of
XM^Z\ QLXMU JX^ZXQ\ S ]VJbS ^Z_ UM^[Zg +[J+QU XM ]^[M`QL
V_[Lc\ ]^SX ZWUVK M[T[Z+WM]^UVK VMU WUOf^Q[Z ]^SX M[
T[Z]Vf+S]S 5QNMLc\ MVf*M VMU ]Q JXM NM[g M[T[U^UVf
OfXM^Z PQX QLXMU WITZ\ XM OLXQU M[T[Z]Vf+S]S +WSX f*c\
^M M+Z^QWJ]*M^M PQX TM QLXMU ^f]Z UVMXZ+ZUS^UVI f]Z ]^SX
SWUMVK Z*IPM *Q^MYg ^cX
VMU
&
XM VIXQU ^SX M_^ZV[U^UVK ^Z_
OUM ^M f]M QL+Q QXMX^LZX
^Z_ 7Ph S MXZS]LM *Q^M
^[J+Q^MU ]Q VMTM[K *MWM
!
!
VLM 7*`MXh\ QVXQ_[U]*JXS
S <M^Q[LXM BM+MVh]^M
JO[MbQ ]^Z )!'' & ^S\ .EU
]aJ]S JaZ_X ZU M+IXT[c
* $ " ,(
61HB8 C?D 6:B @2;C/?D ?B?J
2 I
B6
5:A 78C?J= BJ EH=2 6 <8@?
E?@16A ?: 3?D<6DC/A C?D ' )&! # 2 CK@2 C?
2=2;.<DG2= #/F@: @IC:=?A 56 50<H=2= IC: 2 ?
5/F?=C2= HA 25:2 @24 .C6DC? C? BCIF? CH=
5:A ;2:
HA ?=? 2BC:;I BCIF? HA 3.B8 6;;1
=8B8A #.<<?= 2@4. 2=C:<0E98;2= C? 2=6E.@ ?
BC? C?D BCIF?D 'HA I HA 92 >6 [email protected]?D= C?
6@KC8 2 ?D 92 C?DA C6961 4:2 C? I96= CH=
6;2C? D@1H= ?D 92 6@:BB/G?D=
;CIA 2=
2 E:B38C0B?D= ;2: C? 58 ?B:?=? :;I BCIF? ? IC6
. 6 2<<?J <<HBC6 ;2: ? =/?A :? F2<2@IA
BCIF?A 2@2 /=6: 5DB6E.@ ?BC?A 2E?J 5:2C8@61
C? 5DB3.BC2;C? E?@?<?4:;I 3.@?A
" $
"
* ' ( # $ * PSWMPK MTWUf^M^ZU
V_[UZgWSPJ\ *Z_ -QX OXc[LRQ^Q f^U Z
+[Z*STQ_^K\ ^S\ Pf]S\ Z *QOMWZX^M
NM^RK\ Q+UNIWWQU +IX^M ^U\ NZ_WK]QU\
^Z_ ]^ZX QYM[^S*JXZ XM[VZ*MXK 4X
JaQ^Q ^SX +M[M*UV[K M*`UNZWLM f^U ^Q
WUVI TM OLXQU ^S\ E[fdVM\ J QL]^Q OUM
PJ]U*Z 4XZS^f^M^ZU
- &# ( ]M\ +[Z`MXh\
Z`QLWQ^MU ]^Z f^U ]M\ JaZ_X bQVI
+Q\ VU MXZLVQUQ\ PSWh]QU\
^Z_ _+Z_[OZg FOQLM\ *Q ^Z
JTXZ\ VMU ^U\ MYLQ\ ^S\ +M
[I^MYS\ *Z_ MVZgQU VM
XQL\ / QXh WLOM WQ+^I
M[Of^Q[M YMXMa^g+S]Q O[I
`ZX^M\ ^Z QYK\
.-UMV[LXc M+ZWg^c\ ^ZX
QM_^f *Z_ M+f ^U\ ]_*+Q[U
`Z[J\ ^Z_ _+Z_[OZg
FOQLM\ W_+Zg*MU OUM WZOM
[UM]*f ^Z_/
D^Z M*J]c\ Q+f*QXZ ') '
S NZ_WQ_^K\ JO[MbQ
.:JWc XM Q+UaQU[K]Z_X XM
VM^MXZK]Z_X f^U ^Z Vf**M
*Z_ M+Z^I]]Q^MU ^J^ZUM
]^I]S =_+I*MU +ZWg/
]QU ^f]Z +ZWg +Z_ PQX JaQ^Q W_
^[c*f 6U M_^f NZWQ_^QL^Q *Q ^Z XM[
Vc^UVf ^Z OXc]^f VMU *S QYMU[Q^JZ
UQ[f PU]VZ+f^S[Z ^Z 7_[h 1U ]Ua^L[
*+Z_RZgVUM
&* * *&+ ^Z
"$ VM
XIWU *M\ PUMNQNMUhXQU f^U fWM NML
XZ_X VMWh\ VMU Z]ZXZg+c TM ^[h*Q
*Q a[_]I VZ_^IWUM 6UM XM ^Z WJQU ^Z
"$ PQX *+Z[QL MWKTQUM TM QLXMU
6VJOVQ M`Z[U]*JXZU VM^I ^SX +ZX
^UMVKX
7 ,.%6,: SOT BPVBMIP[$OT
MB F$JCJ[RFJ #?RB RF #JB UZRH FVIPJK@ KBI[Q KBJ
H BETMB#AB SOT MB FNHD@RFJ F$BPK[Q SB UTRJK>
UBJMY#FMB EH#JOZPDHRBM RSH RTMFAEHR@ SOT ?MB
MOHSJKY $LBARJO JEFOLODJKOIPHRKFTSJK@Q FMBS?MJRHQ
$OT ?#FLLF MB KBIOPARFJ SHM #BKP> $OPFAB SOT B$Y
SHM LAIJMH F$OV@ #?VPJ SXM H#FP[M #BQ
FRXSFPJK@ BTS@ BM>DKH KBJ FMBS?MJRH #?RB RSO
AEJO SOT SO FAMBJ BUOZ $?PBRF #JB $FPAOEO ?NBPRHQ
BSYMHRF RSH RTM?VFJB DJB MB F#UBMJRSFA JRVTPYSFPH
KBS> SOTQ UFOTEBPVJKOZQ VPYMOTQ YSBM ?MB M?O
FAEOQ BMIP[$OT
3
F#UBMA
RSHKF KBJ $OT B$OKLFJRSJK@ FMBRVYLHR@ SOT FAVF SHM
#BGJK@ $BPBDXD@ KBJ $PO[IHRH $POQ KBSBM>LXRH
JEFOLODJKOIPHRKFTSJK[M MOHSJK[M $LBJRAXM
F$JPPO@ SOT MFOF#UBMJRI?MSOQ
3
$>MX RSOM
T$@PNF KBIOPJRSJK@ *SRJ O
$OT T$@PNF KBI) YLH SH EJ>PKFJB SHQ Z$BPN@Q SOT
O #OMBEJKYQ KBSBMBLXS@Q SXM MOHSJK[M $LBJRAXM
$OT $BP@DBDF O
3
#FSFNF
LAVIH BPD> #FM BLL> RSBIFP> RF ?MB M?O FAEOQ
BMIP[$OT
#F EJBUOPFSJKY
Y#XQ VBPBKS@PB KBJ UTRJODMX#AB B$Y $FPJOV@ RF
$FPJOV@
,M>LODH T$@PNF Y#XQ KBJ H FN?LJNH SOT
O O$OAOQ VXPAQ MB B$OL?RFJ SHM
BPVJK@ JEFOLODJK@ SOT T$YRSBRH F#UBMAGFSBJ #F SJQ
M?FQ #OPU?Q SOT XQ
BLL> KTPAXQ
#F SH #OPU@ SOT
O M?O BTSY FAEOQ SOT BMIP[$OT ?#FLLF MB F$JKPB
S@RFJ $L@PXQ KBJ MB B$OSFL?RFJ UTRJK> $BP>EFJD#B
$POQ #A#HRH DJB SOM
O O$OAOQ
Y#XQ EFM KBSYPIXRF RF KB#J> $FPA$SXRH MB RT
MBDXMJRIFA SOM
O O$OAOQ KBJ F$A
SXM H#FP[M #BQ BKY#H FNBKOLOTIFA MB $BPB#?MFJ
O KBS) FNOV@ KTPABPVOQ SOT $BJVMJEJOZ
F SHM KBS>PPFTRH SOT T$BPKSOZ RORJBLJR#OZ KBJ
SHM FNBU>MJRH SOT
H
I?RH SOT
@
F$A SO $BLBJYSFPO JRVTPO$OJ@IHKF
BKY#B $FPJRRYSFPO KBJ #F SH M?B S>NH $PBD#>SXM
$OT $BDJ[IHKF SO
#
C?CBJO FAMBJ YSJ H
$L@PHQ F$JKP>SHR@ SOT IB RUPBDARFJ KBJ SHM F$Y
#FMH VJLJFSAB
8BP) YLB BTS> RSJQ FLFZIFPFQ ETSJK?Q KOJMXMAFQ /
08,
23/,
KL$ Y$OT O RZDVPOMOQ >M
IPX$OQ
NF$?PBRF SO UP>D#B
SHQ F$JCAXRHQ
0757
!
0757
F#UBMARSHKF H BM>DKH
BMSARSBRHQ KBS> SOT KBSFRSH#?MOT #?RX SXM T$BP
VYMSXM JEFOLODJ[M SOT R@#FPB
8 4: ::
: 4: :
<4 4 1 : : .
: :
8 <
: :
: : : B$Y SO P>RO :<
: :: &
. : :
: : KL$
:SHM /LL>EB Y#XQ $OT $>MSB B$OSFLOZRF KBJ IB
B$OSFLFA #AB #OMBEJKYSHSB RSHM $BDKOR#JYSHSB #FS>
SHM /$BM>RSBRH SOT
YVJ #YMO F#UBMARSHKF SO
BPVJKY JEFOLODJKOIPHRKFTSJKY MOHSJKY $LBARJO
BLL> #$OPOZ#F VXPAQ KBM?MB KAMETMO MB $OZ#F YSJ
EH#JOTPD@IHKF M?B KTPABPVH JEFOLODAB H O$OAB RF
$>PB $OLZ RZMSO#O VPOMJKY EJ>RSH#B EH#JOZPDHRF
RFJP> KBSHDOPJ[M BMIP[$XM $OT #?VPJ $PY SJMOQ
@SBM >DMXRSOJ RSO JRSOPJKY DADMFRIBJ
J KBSHDOPAFQ BTS?Q $OT CBRJK> $PO?PVOMSBJ B$Y
SHM OJKOD?MFJB SOT
@
FAMBJ DMXRSYSFPFQ KBJ RBM
9
@
" $BP>EONO RSHM $POKFJ#?MH $FPA$SXRH FAMBJ KJ
BTSY O$XRE@$OSF IB #FLFSHIFA YVJ #YMO B$Y SOTQ
JRSOPJKOZQ BLL> KBJ B$Y SOTQ WTVBMBLTS?Q SOT
#?LLOMSOQ YSJ OJ KBSHDOPAFQ BTS?Q SXM BMIP[$XM
FAVBM SHM FMSZ$XRH YSJ @SBM OJ KTPABPVOJ SOT $BJ
VMJEJOZ FM[ RSHM OTRAB T$@PNBM F$A RFJP> FS[M SO
#YMJ#O BMSJKFA#FMO FK#FS>LLFTRHQ B$Y SHM $LFTP>
SOT
O O$OAOQ RSH V[PB #BQ FAMBJ
DMXRSYSFPOQ KBJ XQ
KBJ KTPAXQ
XQ
" O$OAOQ $POCL?$FSBJ MB
IPJB#CFZRFJ FKSYQ KBJ BM NBUMJK> NT$M@RFJ B$Y
SO L@IBPDY SOT O
KBJ #FSF
NFLJVSFA F$A S?LOTQ RF
=>PPT 3LTMM
D2I:> C 6AKOQ 8BMBDJXSY$OTLOQ
!
7
!
"
"
!
2 5,:3/: ?VOTM $?RFJ
FE[ KBJ KBJPY FAMBJ K>SJ
$BPB$>MX B$Y $POUBM?Q
YSJ OJ FSBAPOJ 'SGOD>POTM( #F SH
V[PB KBJ SOM FLLHMJKY LBY
+:>D6 6G5;CAG6> : G>E 6AGCJ3E GCH ?6>
:B:HG:@5;CHA G<A ?H73DA<F< >6 6?M 6 >6
ICD2 F: 6?M 6 3A6 ?D5F> C
9>6 <AN=<?: FGCA >2AA< -GCHDA2D6 MG> C>
:G65DC> =3@CHA :D>FFMG:D6 3GD6 @@2
9:A 7>2;CAG6> 3JCHA : GC 3DCE GCH GC
JDMAC 6@@2 ?6> GC 6DGND>C G<E 9MF<E
! >7:76>OACAG6E CHF>6FG>?2 GCA ? 5;:D
C C C5CE 3?6A: G<A 6 5FG:HG< 94@LF< MG>
$6 2 : DOG6 8>6 F?> ?6> :G2 =6 6 C
I6F5FCH : 8>6 G<A !@@296
.< 59>6 OD6 6A6?C>AOA:G6> MG> G<A MDG6
G<E :D 6A>?4E &68?:@6D56E =6 :D2F:>
8>6 9:NG:D< ICD2 FG<A DL=H CHD8>?4 GCH
=<G:56 C ? -6 6D2E
LE 6A6?C>AO=<?:
6 M GCA :? DMFL C G<E :D 6A596E &68
?:@6D5CH -G3I6A "65 :DG < FHA2AG<F< :
G<A A8?:@6 (3D?:@ =6 85A:> FGC :DC@5AC
G<A : M :A< +6D6F?:H4
)C: 7D5CH ?6>
FN ILA6 : GC DM8D6 6 6A6 3A:G6> A6
9>6D?3F:> 56 OD6
# DOG< ICD2 4G6A GD6H 6G>?4 8>6 GCA ?
-6 6D2 6A68?2FG<?: F: C@>G>?4 G6 :5
ALF< 9>68D2ICAG6E FGC MAC 6 GCH D:6@>
F CN G<A 6AG> A< CA>6?4 >FGCD56 GCH #
9:NG:D< 6A ?6> 9:A H 2DJCHA :@ 59:E
:5A6> >6 :H?6>D56 A6 =H <=:5 G> @386A: 6;5
: GCA FN 7CH@C GCH ? '6;6D59< FGCA !@
@<A>?M @6M
,:6@>F ME >6 :D>?CNE 3J:> ?6G6AG4F:>
A6 :5A6> FHAOAH C G<E H CG684E 'C> MA
: 3A6 9:A : :A9>6I3D:> C D:6@>F ME G<E
H CG684E A =3@L A6 H CG6J=O CDO A6
7DL J>@>29:E : >J:>D4 6G6 IM7CH 6HGCFHA
G4D<F<E B:IG5@6E
A =3@CH : A6 >@2 : 8>6 D:6@>F M 8>6
:@2G: 6;5 CH A6 CH :5G:
$:LD:5G6> 6G3D6E GCH D:6@>F CN 6HGME
CH :5 : MG> < C@>G>?4 :5A6> < G3JA< GCH
:I>?GCN )6> 9:A GC :5 : 3GF> 6?D>7OE C
D>FGCG3@<E (>@CNF: 8>6 GC OE 9>92F?:
G6> < C@>G>?4 FGCHE A3CHE @@2 6E H C=3
FCH : MG> GC :5 : 3GF> $H 2G6> ?6A3A6E
C>CE 4G6A C 6=<G4E GCH
* @3B6A9DCE G6A C @3B6A9DCE B:?>
ACNF: :
FGD6GM 8>6 A6 2:> A6 ?6
G6?G4F:> M@< G<A F56 H 4DJ: ?2G> D:6@>FG>?M
F: 6HGM CH 3?6A: .C 3?6A: M LE
G6A C> DC 6 CN9:E 6E 6?D>7OE
3AG: : 3B> 8:A>3E 5FL B:F<?OACAG6A
8>6 A6 :@:H=:DL=CNA :A6AG5CA G<E *=L
6A>?4E 6HGC?D6GCD56E $H 2FG: 3JD>
CN 3I=6A: M G<A /: 3A< ?6> G<A +:D
F56 LE G<A 9D>6G>?4 / 4DJ: ?2G> D:6@>
FG>?M F: 6HGM !HGHJOE CH H 4DJ6A
9>2ICD6 6 686@2?>6 CH GCHE 3@:86A
CN 2G: !HGHJOE 2@:K6A ?6> 6 :@:H
=:DO=<?6A : G<A %:D2 -H 6J56 6 3
A6AG5 GCHE
G6A B:?>ACNF: C :A>;3@CE ?6> DCF 6
=CNF: A6 6 :@:H=:DOF:> G<A &D4G< ?6>
:G2 <GG4=<?: < !@@296 ?6> :G2 DCF 6
=CNF: A6 ?D6G4F:> G<A &D4G< FG< 9>?4 GCH
: >DDC4
(:G2 4D=: FG<A !@@296 38>A: DL=H CHD
8ME ?6> F: GD56 JDMA>6 3F6 ?6> :G2
JDMA>6 6 M GCA C@3=D>C M@: C GCH
H :D9> @6F56F: G<A !@@296 ?6A: GCA :
D>7M<GC 3D6AC 8>6 G<A :DC CD56 !HGHJOE
CH 9:A GCH :5 : ?6A:5E CH 6E 2A=DL :
CH D>A 6 M JDMA>6 <GG<=4?6 :
G6A < !@@296 6AG>FG:?MG6A FGCA BCA6
9:A 4G6A ?6> GMFC D:6@>FG>?M
G6A 3?6A: 6AG5FG6F< C :@@<A>?ME @6ME
9:A 4G6A GMFC D:6@>FG>?M )6 M LE CH 3
GHJ: A6 M LE CH ?3D9>F:
06AG6FG:5G: GC
A6 :5J6 : M@CHE 6HGCNE
A6 6E 3@:86A 4 LE 3 D: : A6 G6 7DCN :
: GCA 15G@:D 4 LE A6 <A :?A:HD5;CH :
GCA (CHFC@5A> C> !88@3;C> :5A6> 76@@M :
AC> 6AG6JM=:A C> :D>?6AC5 CH93G:DC>
)6 M LE 6 M 2 CK< CD=C@C8>?4 < 9>2
=:F< GCH :@@<A>?CN @6CN 4G6A G:@:5LE <
D:6@>FG>?4 !HGHJOE CH C> @@<A:E 9:A
H 3?HK6A FGCA D:6@>F M G<E H CG684E
:A H 3?HK6A C> 6?D>AC5 6E DM8CAC>
:A H 3?HK6A C> ?CAG>AC5 6E DM8CAC>
:A H 3?HK6A C> 8CA:5E 6E
.> F6E ?2A:> A6 >FG:N:G: MG> H 2DJ:> >F4
>=6AMG<G6 A6 H C?NKCH : : :5E :A H 2D
J:> ?6 56
HG2 3@:8: C FG:AMG6GCE FN 7CH@CE GCH
+DL=H CHD8CN 1DNF6A=CE '6;6D59<E FG>E
(6 CH GCH
F: :?94@LF< CH :5J6A
9>CD86AOF:> GC :D>C9>?M D9<A ?6> < :I<
:D596 ,4B< : =3 6 AG5FG6F< FGC ):C
C=L 6A>F M MJ> FG<A 6HGC?D6GCD>?4
: 5F?:K< GCH !DAGC82A
/ &ND>: -6 6D2 6A =3@:G: A6 H CG6J
=:5G: CD:5G: A6 7D:5G: J>@>29:E : >J:>
D4 6G6 IM7CH 6HGCFHAG4D<F<E B:IG5@6E
!HJM 6FG: 8>6 GC ?6@M G<E !@@296E A6 GC
B6A6F?:IG:5G:
D2I:> C
.J>MMHQ
8B$BDJ>MMHQ
"
!
!
!
;7 87:7 CBPZ FAMBJ SO KLA#B DJB SHM
/LLHMJK@ 7JKOMO#AB EFM VPFJ>GFSBJ MB
SO BMBU?POT#F F#FAQ ;O BMSJLB#C>
MOMSBJ YLOJ KBJ FJEJK> YROJ BMBDM[RSFQ
#BQ CPARKOMSBJ #?RB RSHM BDOP> ;B
$P>D#BSB $>MF B$Y SO KBKY RSO VFJPY
SFPO RF YLB SB F$A$FEB $BP> SH RUJ
VS@ EH#ORJOMO#JK@ $OLJSJK@ KBJ SJQ
$FPJKO$?Q SXM SPJ[M SFLFTSBAXM FS[M
3J Y#XQ B$OSFL?R#BSB EFM ?VOTM
?PIFJ BKY#B 3BJ EFM ?VOTM ?PIFJ DJBSA
FAMBJ SYRB $OLL> SB EJBPIPXSJK> $PO
CL@#BSB SHQ 7JKOMO#ABQ $OT B$FVI@
BTS> #?SPB #OJ>GOTM #F BR$JPAMH
0 $PBD#BSJKYSHSB FAMBJ $OLZ RKLHP@
DJB SOM , :B#BP> ;YRO RKLHP@ $OT
KBS> SH DM[#H #BQ SO PBMSFCOZ SHQ
F$Y#FMHQ 8BPBRKFT@Q #F SH 5?PKFL
ARXQ FAMBJ H SFLFTSBAB FTKBJPAB SOT
$PXIT$OTPDOZ
/>M EFM BMSJLHUIFA YSJ IB $P?$FJ MB
$POR?LIFJ RSH RTM>MSHRH B$OUBRJR#?
MOQ DJB MB EJFKEJK@RFJ KBJ YVJ MB $B
PBVXP@RFJ IB SO V>RFJ OPJRSJK> SO
$BJVMAEJ SHQ 7JKOMO#ABQ /AMBJ KTPJOLF
KSJK> H SFLFTSBAB FTKBJPAB SOT :B#BP>
$PJM SOM BMBDK>ROTM RF UTD@ SYRO SO
-FPOLAMO YRO KBJ OJ -PTN?LLFQ
&FM DMXPAGOT#F $XQ IB $POR?LIFJ O
$PXIT$OTPDYQ 7ZSF $OJB F$JVFJP@
#BSB IB VPHRJ#O$OJ@RFJ DJB MB $FA
RFJ SH 5?PKFL YSJ EFM IB $P?$FJ MB
LHUIOZM M?B #?SPB RSHM /LLHMJK@ 7J
KOMO#AB ,TSY $OT DMXPAGOT#F FAMBJ
YSJ F>M EFM VST$@RFJ SO V?PJ RSO SPB
$?GJ F>M EFM B$BJS@RFJ EHLBE@ IB
SOM $FS>NOTM RSHM >KPH SOT EPY#OT
Y$XQ BKPJC[Q ?DJMF KBJ #F SOM . 8B
$BMEP?OT
/>M O :B#BP>Q EFM EJFKEJK@RFJ RSO
PBMSFCOZ SHQ 8BPBRKFT@Q IB SFLFJ
[RFJ $OLJSJK> 7J EBMFJRS?Q IB SOM $F
S>NOTM RBM RSH#?MH LF#OMYKOT$B
#YLJQ SFLFJ[ROTM SJQ EOTLFJ?Q SOTQ KBJ
IB #FAMFJ RSHM JRSOPAB #F SO RSAD#B SOT
B$OSTVH#?MOT RF YLB SB F$A$FEB
.J BTSY RH#FJ[MOT#F YSJ SO SFS B SFS #F
SH 5?PKFL FAMBJ H SFLFTSBAB FTKBJPAB
SOT :B#BP> &FM DP>UOT#F YSJ FAMBJ H
SFLFTSBAB FTKBJPAB DJB SH V[PB DJBSA #F
BLLBD@ $OLJSJK@Q KBJ RZDKPOTRH #F SHM
;PYJKB IB ?VOT#F K>$OJFQ B#TEP?Q FL
$AEFQ MB BMBK>#WFJ H 7JKOMO#AB
+LB BTS> Y#XQ FAMBJ MXPAQ DJB MB SB
$POCL?WOT#F ;O #FD>LO $OLJSJKY DF
DOMYQ FAMBJ H RTM>MSHRH SHQ 5?PKFL
#F SOM :B#BP> 1B BMS?NFJ O $PXIT
$OTPDYQ ,$Y SOM AEJO FNBPS>SBJ