D[mi hdbbVgq`%%-

D[mihdbbVgq'%%-
;gZY\Zcdbh`daegd_Z`i
A~gV[Žga^kZi
=[dec Wjj bhW \ehdW ah_]i\_[dZ[hi XWhd
jeb[hWdi" h[if[aj eY^ ldiaWf iaWfWi
\hkjijjd_d]WhdW\hbd]i_aj_]\h[Z$:[jjW
hcb[jc[ZIY^eebi\eh;khef[#fhe`[aj[j
ieclWdd8CM=hekf7mWhZ\eh?dj[hYkbjkhWb
B[Whd_d]i\hijWfh_i_aWj[]eh_d¾J_bbcfd_d]¾$
? i`k iaebeh _ 8eid_[d#>[hp[]el_dW ^Wh
&"(
a^iZgb^cYgZWg~chaZ
igdih'%%]`bZg#
iWccWdbW]j *)& & eh jeZenW i[h X[h"
ckib_ciaWXeid_[heY^aWjebiaWaheWj[hlWj
i_] j_bbiWccWdi$ I[ZWd '//- ^Wh 8CM
=hekfZ[bWjkjkjcha[bi[hj_bbc[hd*&
_d_j_Wj_liec^WdZbWjecaWZ\hij[bi[
c[bbWdbdZ[h$
lll#Wbl\gdje#Xdb$VlVgY"a^[Z
C[h d jh[ZkXXbW [\\[aj[d eY^ f iWccW ]d] d]ej b]h[ \hXhkad_d]0 '/.+ b]
id_jj\hXhkad_d][d\hZ[d.,^a%,)aMijWhaW8CM)(*jZf,"/b_j[h%'&&ac$?ZW]\hXhkaWh
Z[di[nYob_dZh_]Wcejehd_))+ZXWhW,"-b_j[h%'&&acc[Z[d[\\[ajf(.,^a%('&aM$
I_\\hehdW\hZ[i[nYob_dZh_]WX[di_dcejeh[hdW_)#i[h_[dhdijWdb_aWi[diWj_ed[bbW1[\\[aj[d
^Wh^`ji\hd'((^a%/&aMj_bb(-(^a%(&&aMiWcj_Z_]jiec\hXhkad_d][di`kda_j\hd."*
j_bb-"(b_j[h%'&&ac$:hc[ZhZ[eb_aWceZ[bblWh_Wdj[hdW_)#i[h_[dabWiib[ZWdZ[dhZ[j
]bb[hilbahZodWc_aiecXhdib[[aedec_$
lll#Wbl#Xdb$Z[ÇX^ZciYncVb^Xh
%&#
dbLV^ih/6aai]ZLdgaY>h<gZZc
I
¾:[d^hbj[dfc_dd[hc_]ecWjjl_XehZ[WdldZW
\eii_bWXhdib[df[jjc[hWdilWhi\kbbjijj$L_^Wh`k
jhejiWbbjXWhWlhfbWd[jfbd\hdlhWXWhd$¾
%'#
bnL^cZ]djhZ/GZ]VW
6
¾;dijWhaal_ddWeY^[dbj_lhbZiabWii$¾
%(#
jhi^cI^bWZgaV`Z/L]Vi<dZh6gdjcY###
?
¾;jjh_aj_]jXhWifh$uhZ[jd]edZkiaWboiidWf
_ddWdZkiaWkjeY^\[ijWhZ[j@kij_d$>Wd\hXbeZ[j
WjjfkcfW$¾
%)#
dW9naVc/=jgg^XVcZ
7
¾>WdX[hjjWh^_ijeh_[dec[d\[bWaj_]jZcZfhe\\i#
XenWh[$:[d\kd][hWhdijWdiec[dhWZ_ef`i$¾
7BL
%*#
Vk^Y7dl^Z/=ZgdZh
9
¾;dWlZ[Zhid][hdWiec`W]XWhW_dj[\hde]Wl$
>[bj\WdjWij_ia¾
%+#
]VgaZh<Zg]VgYi/<dcZl^i]i]ZL^cY
8
@W]eY^c_dWld_ddehboiidWhe\jWfZ[d^hbj[d
dhl_hkj[eY^a[hX_b$EY^iahWjjWhil_]hj[h$¾
%,#
^aa#^#Vb/NZhLZ8Vc
L
¾:[j^hifh[j\hc_]Wbbj_ZfXhW^kch$:[d\h[d
Wjj\kdZ[hWah_d]7c[h_aW$¾
%-#
aaV;^io\ZgVaY/HjbbZgi^bZ
:
¾;dh_aj_]abWii_a[h\hZ[ZhlWYahW"alWlWZW]WhdW
dhieccWh[ddijWdhl[h$¾
E]didh/<Ziin>bV\Zh0@jaijgWg“X`Z=VbWjg\
B^cheZaa^hiV
HXVgaZii?d]Vchhdcºh`€YZheZaZgh`V
D[mi hdbbVgq'%%-
Idee^6jid>cYZm'%%8CMf\hijWfbWji_L_8_b]Wh[i7kje?dZ[n$DhX_b]WhdWi`blW\h
joYaWj_bbeci_jjX_b]WdZ[kj_\hdfheZkaj"j[h\hib`Wh["l[haijZ[h
eY^be`Wb_j[j^WcdWh8CM_jeff$vj[h_][d$
DhcWh['(&&&ibkcfl_ikjlWbZWX_b]Wh[khX_bh[]_ijh[j^Wh\jj
ilWhWf'+&\h]ehah_d]lWZZ[Wdi[heci_jjX_b]WdZ[$IlWh[dh[Ze#
l_iWi_Il[h_][iijhijWX_bj_Zd_d]L_8_b]Wh[$8eeM[dd[hX[h]"aedikc[dj#
h[fehj[hfL_8_b]Wh["l_bbihia_bjf[aWfWjjkdZ[hiad_d][d_dj[
^WdZbWhecc_iid`[$:[d^WdZbWhecfWhWc[j[hdc[ijeY^c_dij
d`Z$
»8CM#]WhdWhkff[dXWhjcoYa[jd`ZWeY^8CM^Whl[hab_][d
boYaWjiiaWfW[d[cej_ed[bbaeffb_d]j_bbi_dWakdZ[hiecX_ZhWhj_bbWjj
cWddkj[hjW]_j\hijWfbWji[d"i][h8eeM[dd[hX[h]$
BeoWbjo=hekfh\h[jW][jiec][dec\hkdZ[hiad_d][deY^^Wh
bd][h\Wh[d^[jWlWjjjW\hWccWj[h_WbiecjWbWhec^khlWhkcha[d
b_]][hj_bb^eii_dW"eY^WdZhWi"akdZ[h$
»Be`Wb_j[jc[ZlWhkcha[jhi`blWahdWdlWZZ[j]bb[hh[bWj_ed[d
c[bbWd\h[jW][jeY^Z[iiakdZ[h$:[jh^hiecZ[diWccWdbW]ZW
[\\[aj[dWlWbbWZ[eb_aW_diWji[hiec[jj\h[jW]^Wh]`ehjl_iWhi_]$L_b#
a[j]hbe`Wb_j[jj_bbZ[dl_aj_]Wij[fh[\[h[di[d"X[hjjWhC_aa[bAehdjl[Z"
lZfBeoWbjo=hekf$
;daj[dl_iWhjoZb_]j^khcoYa[jadibehiech_dXbWdZWZ[lWZZ[j
]bb[hlWb[jWlX_b$J_bb[n[cf[bÈddi[jjijehjX[^elWjj\hi_]i`blcej_#
l[hWi_jjX_blWblWh\hX_b]Wh["l_Z`c\h[bi["]hdWhWdaWhi_jj[][jcha[
^]h[dWdZhWi$C[d\h8CMXWdaWh^`hjWj^eicd]WÉ[hdZ[iec
l[hab_][d][h[d$7lWbbWcha[dkff\WjjWi8CM^WXij_cW]["l[dWl
]Wh[j_bbWdZhWcha[d$8CM^WheYai^]iji_\\hehlWZZ[j]bb[hWjj
X_b]WhdWiakbb[h[aecc[dZ[hWcha[jj_bbd]edWddWd$
»:[jjWh[dcoYa[jl_aj_]cWhahf^kh\hWc]d]ih_aW8CMh
[\j[hiecX_bXhWdiY^[d][d[h[bbj_dj[fh]bWiWlbe`Wb_j[jkjWdhcoYa[j
bjjhhb_]"i][hC_aa[bAehdjl[Z$
(&&*ibZ[8CM-&&&X_bWhcWhadWZiWdZ[b("-fheY[dj$C[Z
ZW][di')&&&ibZWX_bWh^WhcWhadWZiWdZ[b[dlkn_jj_bb*"(fheY[dj"
c[dh_ia[dWjj_dj[akddWb[l[h[hWi[hl_Y[j_bbhjjd_l\hWjjj_bb\h[ZiijbbW
\hldjd_d]WhdW^WhkdZl_a_ji$L_ba[jhWl]hWdZ[[\j[hiece[h^hj
coYa[jWlakdZd`Z^[j^WdZbWhec`kij\hldjd_d]WheY^_\WbbZ[kff#
\obbi[bb[h[`$<hldjd_d]Whiec_dj[Wbbj_Z^WhicoYa[jc[Zbe]_aWjj
]hWkjWdc[hif[]bWhZ[d_cW][iecX_bafWhdWWdi[h[jjcha[^Wh
eY^lWZcWdaWdahlWWlZ[j$;dilhXWbWdi]d]\h\h[jW][d[\j[h#
iecZ[j]bb[hWjjijdZ_]jcejilWhW\hldjd_d]WhdWc[deYaib[l[h[hW
ddkb_j[c[hdijW]d]$:[jjW[\j[hiecl_cdd_iaeh_dj[XWhWl_bb\
lhW\hldjd_d]Whkff\obbZW»kjWdl[dWjjZ[l[hjh\\Wi$7ddWhikff#
b[l[hl_eiic_dZh[d`ZW"l[decl_\jjfh[Y_ilWZl_iaW%X[^l[h^W$
»Ihia_bj^[ZhWdZ[hZ[j\WajkcWjjl_hXij_XZ[]hkff[dWl
]WcbWeY^doWX_bWh$L_^WhabWhWjWlWjjlnWkjWdWjjjWffW_akdZd`Z^[j
l_ba[jh[dcoYa[jl_aj_]\Wajehj_bbWjjl_^WhboYaWjiX[^bbWlhjeffei_j_ed"
i][h9^h_ij[hIjW^b"lZ8CMIl[h_][78$
;dicdi/7BL]VYZ]Ž\hi`jcYcŽ_Y]Zi^W€YZCdg\Z!9VcbVg`dX]HkZg^\Z#
8lkf@e[\o)''/ÆKfkXck
9@C<E&mXild€ib\Æ`dX^\
G‚m\ibXe19`c+'#=ij€cae`e^)'#M\ibjkX[)'#CfaXc`k\k)'
8ccXY`c€^Xi\jm€i[\i`e^Xi
/,'
.,'
/''
-,'
.,'
,,'
.''
+,'
-,'
-''
Xk
J\
X
B` b`
ql
Jl X
f[
Jb
\c
Fg [X`
le
?p
i[
=f lck
eX
I\ ‡e
kif
:` e
X
jj
E` \fk
l^ _`
G\ Y`j
l
`kj
D
<C
<;
D X
[
Xq
D il
YX
Jl X
e[
\e
?f nX^
cbj
Mf
XY
JX X
k
pf
Kf
cmf j
Mf \[\
Z
\i
D
[`
8l
N
9D
9D
Kf N
pf
Jl kX
YX
?f il
e[
X
8l
[`
M
f
D
\i cmf
Z\
[
D \j
Xq
[X
JX
X
Mf D<; Y
cbj
<
nX C
?p ^\e
D le[
`kj
lY X`
`j
Jb _`
f
:` [X
kif
‡e
B`
X
=f
i[
F
G\ g\c
l^
\
Jl fk
ql
E` b`
jj
I\ Xe
eX
lc
k
J\
Xk
*,'
B^``Za
@dgcikZY!
kYe€
AdnVain
<gdje
8dWgVe€eaVihk^Y7BL<da[8je
@kijdkf]hWhhWd][cWd]XbWdZil[diaW8CM#j[h\hib`Wh[
Zh]eb\if[bWh[acfWhec[dfbWji_8CM=eb\9kf"iecif[bWi
_i[fj[cX[hf<][bXhe=eb\9ekdjho9bkXfLhcZkjWd\h
IjeYa^ebc$<_dWb_ij[hdWZh_\hd\hZ[jijehWd`[jWjjZ[bjW_8CM
=eb\9kf?dj[hdWj_edWb"[dWllhbZ[diijhijWWcWjh]eb\jlb_d]Wh"
lWhiÈdWb_hif[bWif@eYa[o9bkX_8k[dei7_h[i_Z[Y[cX[h
(&&.$KdZ[hjlb_d][df<][bXheaecc[hZ[jcoYa[j\hWc#
]d]ih_aW]eb\\h[jW][j9eXhW"iec8CM^Wh[jjiWcWhX[j[c[Z"
WjjZ[bjW$9eXhWc[Zi_jjijWhaW\eakif]eb\abkXXeh^Whc[Zi_d
ijdZ_]WcWj[h_Wb#eY^j[ad_akjl[Yab_d]coYa[jWaj_ljX_ZhW]_jj_bb
]eb\ifehj[diijehWfefkbWh_j[j$
»?ddelWj_l^]j[adebe]_iaWfWhbid_d]Wh\hWjj]hWZ[jc`b_]j
\hÉ[hWjjidWXXWh[kffdXjjh[if[b"i][h>[dh_aFWdjpWhf
7Yki^d[j"[jj\h[jW]Zh9eXhW_d]hiec[jjWl\ohWW\\hiechZ[d
eY^]iWlZ[jWc[h_aWdiaW<ehjkd[8hWdZi$
KdZ[hiied][d][dec\h9eXhW(+&»)&&Z[ceZW]WhkdZ[h
.7BLCW]Wi_d
i_d:[cejekhZh]eb\Wh[][ic`b_]^[jWjjfhelWZ[jWbbhWi[dWij[$
C[ZZh_l[hiiaWfWZ[_ckbj_cWj[h_Wbj[adebe]_iec\hZ[d][dec#
id_jjb_][if[bWh[dWjjib(+&c[j[hhZ[jkff[dXWhjWjj_djh[ii[j
\h:[cejekh[dhijehj$8_bWhdWcWdahhjh[8CMN+eY^>[dh_a
FWdjpWhhc[hdd`Zc[ZlWb[jWlcha[eY^ceZ[bb$
»:[cejekh[dh[dWllhWl_aj_]Wij[cWhadWZi\h_d]iaWdWb[h
eY^]_l[jl_il_bbl_ahWZ[dX_biec][hfh[Y_iZ[i_]dWb[hdWWlWaj_l
ifehj_]^[jeY^lbZ[i_]dWZif`kjif[jij[adebe]_iecl[h[di#
ijcc[hc[Z[l[d[cWd][j"i][h>[dh_aFWdjpWh$
<h\hijW]d][daecc[hdk9eXhWÈddWiffbWjidhil[diaW
8CM=eb\9kfif[bWi$
»L_h]bWZW\hkjXoj[jc[bbWdeiieY^9eXhWZlhWlWhkcha[d
cWjY^WhlWhWdZhWlb][deci_dWfheÈb[hWlijdZ_]j[ad_a_ddelWj_ed
eY^fheZkajkjl[Yab_d]$@W]hl[hjo]WZecWjjZ[hWidhlWhel_Z
8CM=eb\9kfaecc[hXb_coYa[jkffiaWjjWjWlZ[bjW]WhdW"i][h
8CMIl[h_][icWhadWZiY^[\<h[Zh_a;bbij[h$
;did/EZg"BV\cjhEZg
HdbbVge€LVaYZbVghjYYZ
;did/AVgh:c\Za]VgYi
DkVc/8VgaB^aaZh!Ig^idc!&.&+
H`jaeijg^Wgdch
I^aa]Ž\Zg/BVX=Vb^aidc!@ŽghW~g!'%%'!
&.m'*!da_Ve€eVeeZg#
D`kjWldWjkh[d"fWha[d"iakbfjkh[hdWeY^ahiXhi#
jWlbehdW_ieccWhfMWbZ[cWhikZZ[$;dfbWji
iecc[Zff[d\WcdX`kZ[h_dj_bbXZ[aedij#
eY^dWjkhkffb[l[bi[h$
IebijhbWhdWb[jWhi_]d[h][decXbWZl[ha[j
eY^boi[hkffZ[bWhWld][dl_ZlWhiibkjjd_d]
WbbiadiXbeccehifh_Z[hi_dZe\j$<][bal_jjh[j
eY^l]ehdWiXhkih[dkdZ[hXWheclnb_d]
cejijWZ[diWbbWb`kZ$:[diecjWhi_]kjj_bbFh_di
;k][di MWbZ[cWhikZZ[ f :`kh]hZ[d _
IjeYa^ebcaWdd`kjWWlilbdWjkhiecZ[d
iadWaedij[d$7bbjiaWfWjkj_\hdZ[j[d]W][cWd]
eY^Z[dadibW\hZ[jWb`[hieclWhfh_di;k][di
i_]dkc$>WdiWi`blWjj¾Dij[\j[haedij[djheh
`W] Xbecij[h h c_d ijhijW ]bZ`[¾ eY^ ]Wl
de]]hWddWWdl_id_d]Whecl_baWXbeciehj[hiec
iakbb[fbWdj[hWilWhfZ[d-&&&&alcijehW
[][dZec[d$:[diecddk_ZW]X`kZ[hf[d
^hb_] fhWaj eY^ ijWjo[h Wl XZ[ ;bZ^ eY^
C_bb[i$
:[j]heYai]_l[jl_ikjchajWjjX[iaW
XZ[aedijiWcb_d][d"iecfh_di[dl_Zi_dZZ
Zed[hWZ[j_bbil[diaWijWj[d"eY^WdZhWkjijbb#
d_d]WhiecWhhWd][hWifMWbZ[cWhikZZ[$
C[bbWdZ[d')`kd_eY^)'Wk]kij_l_iWij_bb
[n[cf[bCWY>Wc_bjediij_bb[X[diecWbbW\h[#
ijbb[hahiXh$Aedijdh[dWhX[jWhc[Zeb`Wf
Zka"jhid_jjiWcjWalWh[bbeY^Èddih[fh[i[d#
j[hWZfCeZ[hdWCki[[j$I]_d\hdMWbZ[#
cWhikZZ[ifhkdaWdZ[jhZ]hZeY^bj_ijbb[j
Z_dW]edicWaWeY^Z_dWi_dd[dicbjWZ[]bd#
iWdZ[\h]]hWddWXh[dlWhiboij[haedijdh[d
boYaWji\d]Wc[ZXZ[[d[h]_iaW\h]aWiaWZ[h
eY^ilWbWf[di[bZhW]$ul[dZ[d\hWc]d]ih_aW
a[hWc_a[hdeY^\ehc]_lWh[dI_]d[F[hiied#
C[b_difefkbhW\kdaj_ed[bbWaedijeX`[ajaWd
c[Z]bZ`[X[iaZWi\hWcj_bb(.i[fj[cX[h$
;dicdi/7BLHkZg^\Z67dX]LVaYZbVghjYYZ
]VghZYVcb€c\V€gZiihVbVgWZiZ#
HkZch`,"hZg^ZegZb^~g^d`idWZg
DoW 8CM -#i[h_[d \h il[dia fh[c_h l_Z ?\
IjeYa^ebcEf[dZ[d*eajeX[h"iWccWZW]iec
Z[d _dj[hdWj_ed[bbW fh[c_h[d ][h hkc f
FWh_iiWbed][d$ ? 8CM0i cedj[h _ Akd]b_]W
J[dd_i^Wbb[daecc[hfkXb_a[dWjjakddWd`kjWWl
Z[j\WajkcWjj8CM0i_d][d`h[heY^Z[i_]d[hi
c[Z-)&Z"-*&_eY^-+&_ddk[d]d]^WhboYaWji
boYaWjiÉojjW\hWcfei_j_ed[hdWeY^iaWfWjdo
^_ijeh_W$;b[]Wdj"ahW\j\kbbeY^kjhkijWZc[Zj[ad_iaW
_ddelWj_ed[hiecWbbWX_ZhWhj_bbaWZfh[ijWdZW
c[dc_diaWZ\hXhkad_d]eY^b]h[aebZ_en_Zkjibff
» i`blabWhj h l[d Z[iiW `kl[b[h _ 8CMi
ceZ[bbfWb[jj[dZ[bWl8CM;\ÈY_[dj:odWc_Yi$
DoW8CM-#i[h_[daecc[h\hdXh`Wdl[dWjj
ÈddWi_Z[bd]Wl[hi_ed[hdW-*&B_eY^-+&B_$
<hdeY^c[ZZ[d'+del[cX[hÈddiX_bWhdW^ei
Z[[khef[_iaW^WdZbWhdW$
7BLCW]Wi_d/
D[mi hdbbVgq'%%-
GdWZgi8daa^c~gZc
VkHkZg^\ZhbZhi
gZheZ`iZgVYZ
bdidg_djgcVa^hiZg
dX]]naaVg7BL
:[ÇX^Zci9ncVb^Xh#
LdgaY<gZZc8Vgd[i]ZNZVg
7BL&&-YºYZcjikVaYV
IZmi
BVg\^iV>c\lVaa
Dh*-WllhbZ[di\hcijWcejeh`ekhdWb_ij[hhijWh\hWclhbZ[diXijW
X_bWhil_dd[h8CM''.Z»eY^8CM;\ÈY_[dj:odWc_Yi»¾MehbZ
=h[[d9Whe\j^[O[Wh¾$
7\jedXbWZ[jiHeX[hj9ebb_dlWh[dWlZ[hijWdZ[`ekhdWb_ij[hdWeY^
^WdhcoYa[j]bWZl[hWjj`kij8CM''.ZlWdd$
:[jlWhl_ZD[mOeha?dj[hdWj_edWb7kjeI^em(&&.iecXbWdZ
WdZhW¾MehbZ=h[[d9Whe\j^[O[Wh¾aehWZ[iWl*-kjlWbZWcejeh`ekh#
dWb_ij[h\hd(*bdZ[h$Kjcha[bi[d][i¾j_bb\ehZedeY^%[bb[hj[ad_aiec
h[ikbj[hWj_hWZ_aWbjc_diaWZ[kjibffeY^][decZ[jjWkj]h[dioc#
Xeb\hZ[dl_ddWdZ[j_bbl[haWh[dic_b`c[Zl[j[d^[j¾$;dojj[hij^[ZhWdZ[
j_j[b\h8CMc[ZWdZhWehZ$
»@W]^WZ[8CM''.Ziec\Wleh_jeY^add[hc_]l[hab_][d]bWZ
\hWjjZ[dlWdd$L_ba[jZ[d]`ehZ[coYa[jl[hjo]WdZ[[\j[hiecZ[
WdZhWeYai^WZ[ceZ[bb[dieci_jj\hijWlWb"i][hcejeh`ekhdWb_ij[d
HeX[hj9ebb_d$
?cej_l[h_d][djhoYa[hcWdihia_bjfZ[dijehWX[joZ[bi[iecZ[d
bd]i_aj_]Wkjl[Yab_d]iijhWj[]_d8CM;\ÈY_[dj:odWc_Yi^Wh$8Z[lWZ
Z[j]bb[hidajXhdib[j]d]eY^aebZ_en_ZkjibffXbWdZWbbW8CMi
ceZ[bb[h" Zh ''.Z kjcha[h i_] c[Z ojj[hij b] \hXhkad_d] eY^
kjibff$
»:[dh]hocjidbc[d\ehj\WhWdZ[[d8CMc[Zi_dah]bZ`[$
@W]joYa[hcWd^Wh]`ehjWbbj_d]hjjf8CMieci[jjj_bbWjjiWjiWf
idbZ_[i[bcejeh[h[\j[hiec`W]_dj[jhehf^eakifeakiiec[jWdeb
eY^^oXh_Z[h$8CM^WheYail_iWjf\hWciodj^[jdhcWdjW]_j\hWc
icX_bWh$@W]hl[dejheb_]j\hj`kij_8CM;\ÈY_[dj:odWc_YieY^Z[j
'&7BLCW]Wi_d
\WajkcWjjcWdi[hj_bbWjjidaW\hXhkad_d][d_^[bWceZ[bbfhe]hWc#
c[j_ijbb[j\hWjj"iecl_iiWWdZhW"XWhW^W;DceZ[bbiecc_b`iWc#
l[j[l_ba[j_dj[hihia_bjl[hjdaj[bb[hi[h_ij$
:[jlWhaecX_dWj_ed[dWl^]fh[ijWdZWeY^b]\hXhkad_d]%b]W
kjibffiecWl]`ehZ[i[][hd$@kijZ[ddWc_nWlah]bZ`[eY^ieÈi#
j_a[hWZj[ad_ia[\\[aj_l_j[jl[hjo]WZ[`khod$:[d\ohYob_dZh_]WZ_[i[b#
cejehdf("&b_j[hkjl[YabWh'&+aM%'*)^aeY^WYY[b[h[hWh\hd&j_bb
'&&ac%^fXWhW/"&i[akdZ[hc[Z[did_jj\hXhkad_d]f*"+b_j[h
'&&%acc[Z[jjkjibfff''/]%ac$
8CM;\ÈY_[dj:odWc_Yi#j[ad_ahijWdZWhZ_''.ZeY^d]hW[n[c#
f[bh8hWa[;d[h]oH[][d[hWj_edXheciahW\jj[hl_dd_d]"7kjeIjWhj
Ijeff#\kdaj_ed"lnb_d]i_dZ_aWjeh"X[^eliijohZWfh_ch#eY^^`bfioi#
j[c"efj_c[hWZW[heZodWc_aeY^ZYac[Zb]h[hkbbcejijdZ$
D[mi hdbbVgq'%%-
6AB6"eg^hZi'%%-
Zc`~chadhVb]^hidg^V
JejWbikYYƒdhIedoW>Whjd[jjÈYa7BC7#fh_i[jWlahedfh_di[iiWd
L_Yjeh_W$Fh_i[jf\[cc_b`ed[hahedehhlhbZ[diijhijW\hXWhd#eY^
kd]Zecib_jj[hWjkh$
7ijh_ZB_dZ]h[dlWh_dj[XWhW^[bWlhbZ[dihWhWiW]ejWdj$>edlWh
eYai[dkjchajia_bZhWh[WlZ[jaecfb[nWc[Zb_l[j"d]ediecakdZ[
ijjWehZfZ[c[ijia_\jWdZ[adibeh$L_baWhd]hWWliab[dj_bb^[d#
d[i[dehcWfefkbWh_j[j[\j[hiecZ[É[ijWcdd_iaeh"ijehWiecic"
Èdd[hXZ[d`["_dif_hWj_edeY^l]b[Zd_d]^eiF_ff_Bd]ijhkcf"
;c_b"IaehfWdeY^Z[WdZhW$
:h\hhZ[jbjjWjj\h[ijbbWi_]Wjj7ijh_ZB_dZ]h[di`bliakbb[^W
lWh_jd`Zc[Zh[jiY[h[ced_fIebb_Z[ddh7BC7#fh_i[j7ijh_Z
B_dZ]h[dC[ceh_Wb7mWhZZ[bWZ[ikjWlahedfh_di[iiWdL_Yjeh_Wj_bb
Z[dWkijhWb_[di_iaW\h\WjjWh_ddWdIedoW>Whjd[jj$8Z[c[Zfh_ijW]W#
h[d\h^[dd[i\hc]WWjjc[Zfioaebe]_iajZ`kf¾ia_bZhWkd]Wil_bbaeh
kjWdWjjl`W\hb_l[jichaWi_Zeh¾$EY^c[ZY[h[ced_dZh[dhWZ
il[diaWWhj_ij[hkff#
jhZZ[kdZ[hfhe\\#
i_]"lWhceY^^kce#
h_ij_ia b[Zd_d] Wl
AWjj_i 7^bijhc$
AWdia[^WZ[hWffW#
h[d 7ZWc J[dijW
ihia_bj\d]Wj^[d#
d[ikffchaiWc^[j
dh ^Wd i abeaj
X[iah[lbkij_]jde]
WdldZ[IedoW>Whjd[jj_fh_dY_fiWccWehZl_aj[dWlWjjWbbj_ZjW_d
^[bWl[hab_]^[j[deY^_dj[iao]]W\hWjjX[iah_lWl[dZ[jiechchaj$
7ijh_Z^WZ[`k[dX[]ld_d]\hWjjc[Zff[ji_dd[cjWXWhdeY^
kd]ZecWh\hdZ[c[ijia_\jWdZ[c_b`[h$
»Dhkd]Wcdd_iaehbi[hXYa[h\ehcWieY^fl[haWiZ[WlX[hj#
j[bi[deY^jWhc[Zi_]Z[dkffb[l[bi[dl_ZWh[_b_l[j$:h\hhZ[jiejhe#
b_]jl_aj_]jWjjbo\jW\hWcXWhd#eY^kd]Zecib_jj[hWjkhfZ[jijjiec7BC7#
fh_i[j]h"iW[dcoYa[jhhZeY^jWYaiWcIedoW>Whd[jj$
;dWlZ[ciec\WddiffbWjifIebb_Z[dlWh?bedM_abWdZ$:[d
_bbkijhWjhiech_jWZ[b_ljicd]WWl7ijh_ZB_dZ]h[diaWhWajh[h$
?bedi[][d\Wleh_jX[hjj[bi[hC_ec_dC_eeY^Z[jhc[Zijeh]bZ`[
^edX[iah_l[h^khZ[WhX[jWZ[j_bbiWccWdi$
»L_^WZ[[jjiZWdj\WdjWij_iajiWcWhX[j[7ijh_ZeY^`W]i[ZWdl_
\hijcjj[i'/+*$EY^Z[jh\hijdk`W]_di[hl_ba[jfh_l_b[]_kcZ[j
lWh$@W]]`ehZ[ia_ii[hkj_\hd^[dd[iX[hjj[bi[eY^i[ZWdlWbZ[^ed
_dh_ajd_d]$:h[\j[hÈYa`W]^bbWfi`bl\h^ed\hijeZWjjZ[jlWhl_a#
j_]j\h_bbkijhWjh[dWjj\ÈddWkji_d[][dij_b$EY^c_d^Wh`kWbZh_]
lWh_jilbZ_]j]kbb_]kjWdb_j[c[hijhWc"X[hjjWh?bedM_abWdZ$
I[ZWd]h^ed\hWjjbcdWl[h[dXeac[Z_bbkijhWj_ed[hj_bbIedoW
>Whjd[jj"ihia_bjkjlWbZ[\j[hiec[dWlÈ]kh[hdW_X[hjj[bi[d^Wh[d
^kdZiecb_adWhIedoWi$H[ij[dWll[YaWdX[iaj[fh_ijW]Wh[d[d
cd]ZWhhWd][cWd]eY^Xb[lcoYa[jc[Z_WbjkffchaiWccWZ$KdZ[h
h[iehdWahZ[i^ed_[d8CMZ7BC7eY^8CMIl[h_][78^Wh[jj
iWcWhX[j[$
;dicdi/Ik€WŽX`Zge€hkZch`VVkHdcnV=VgicZii/H`j\\VcVkYZcgVcY^\V
kVg\Zc7dcc^Zg8VgahZc'%%)!?V\~gY_~kjaZc7dcc^Zg8VgahZc'%%+#
K^aaYjWa^;dgbZa[ŽgVgZ[ŽgZcYV\4
Dk^WhZkY^Wdi[d$<hWhkjl[Yab_d]78^Whi[ZWdbd][[jjiWcWhX[j[c[Z8CMCejehifehj
eY^8CM<W^h[hJhW_d_d]$:h\h[hX`kZidkil[diaWhdW[dkd_aY^Wdidh<ehckbW8CMHWY_d]
;nf[h_[dY[aecc[hj_bb7dZ[hijehfHWY[mWo'+»'.i[fj[cX[h$Il[h_][Xb_h[jjWlijeff[df
Z[ddoWjkhdƒiec8CMWhhWd][hWh$
7jjahW[dX_biecWYY[b[h[hWh\hd&j_bb'&&f\ohWi[akdZ[hh[d\oi_iakffb[l[bi[$AedY[d#
jhWj_ed[dhjejWbZhZki_jj[hc[Zd[Z\bbjl_i_h_dhaedjWajWljh[Z`[]hWZ[dc[ZXZ[X_beY^
kdZ[hbW]",#fkdajiXbj[jifdd[h\WijZ_daheffc[ZWdWZh[dWb_d[j][h[dcWn_cWb¾^heY^dk¾#
kffb[l[bi[»j_bbiWccWdi]hWbbjZ[jjW<ehc[b#ahd_d][dj_bb[d^[bj[njhWehZ_dhi[diWj_ed$
?dijhkajh[hhXbWdZWdZhWIJ99#\hWhdWH_Y^WhZ=hWdiiedeY^@Wd¾<bWi^¾D_biiediWcj
jh[\WbZ_][MJ99#l_ddWh[d7dZoFh_bWkn$7bbjiecahliWbbji_d][db_Y[di[bb[hjlb_d]i[h\Wh[d#
^[jhWjjZkh\obbZW'.h"^Whahaehj"l][hcWn'&&a_beeY^_dj[^Whijhh[iaeijehb[ad*-$
lll#[dgVgjikZX`a^c\
;Žgad\^`dciV`iV/
>ej[bbD_iiWij_][d=_ibWl[Z
J[b0&)-'#+./&&&
CW_b0_d\e6^ej[bbd_iiWij_][d$i[
M[X0mmm$^ej[bbd_iiWij_][d$i[
'(7BLCW]Wi_d
Be]_jh[hjj[hic_ZZW]_dabki_l[ZhoYa[i#
fWa[j'//+ah$
Be]_ _ [da[bhkc _dabki_l[ \hkaeijXk\\ƒ
//+ah$