C BCH A57<=B9 K5G< :=69F;@5GG
A5H9F=5@G GI7< 5G 7IFH5=BG 5B8
K=B8CK 7CJ9F=B;G H<5H IG9
:=69F;@5GG A5H9F=5@G *A5@@
D5FH=7@9G A5M F9A5=B =B H<9
K5G<=B; A57<=B9 5B8 GH=7? HC
:56F=7G =B GI6G9EI9BH K5G< @C58G
75IG=B; G?=B =FF=H5H=CB
.<9B 7<=@8F9B 697CA9 C@8
9BCI;< HC CD9F5H9 H<9 5DD@=5B79
=H =G H<9 @9;5@ F9GDCBG=6=@=HM C: H<9
D5F9BHG CF @9;5@ ;I5F8=5BG HC
9BGIF9 H<5H H<9M 5F9 =BGHFI7H98 =B
G5:9 DF57H=79G 6M EI5@=:=98
D9FGCBG
C BCH 5@@CK 7<=@8F9B HC D@5M CB CF
K=H< H<9 5DD@=5B79 @CG9
GID9FJ=G=CB C: 7<=@8F9B =G
B979GG5FM K<9B H<9 5DD@=5B79 =G
IG98 B95F 7<=@8F9B
"99D D9HG 5K5M :FCA H<9 K5G<=B;
A57<=B9
C BCH =BG9FHDI@@ CIH H<9 DCK9F
D@I; K=H< K9H <5B8G
C BCH HCI7< H<9 8CCF =: K5G<=B;
5H <=;< H9AD9F5HIF9G
,G9 75IH=CB K<9B 8F5=B=B; <CH
K5H9F
C BCH 7@=A6 CBHC H<9 K5G<=B;
A57<=B9 5B8CF @95B CB H<9 CD9B
8CCF
C BCH G=H CF GH5B8 CB H<9 HCD C:
H<9 K5G<=B; A57<=B9
+C F98I79 H<9 F=G? C: :=F9 CF
9@97HF=75@ G<C7? & %&+ IG9 5B
9LH9BG=CB 7CF8 CF 5B 585DH9F HC
7CBB97H H<9 K5G<=B; A57<=B9 HC
H<9 DCK9F GIDD@M
+<9 K5G<=B; A57<=B9 AIGH CB@M
69 IG98 :CF =HG =BH9B898 DIFDCG9
@K5MG :C@@CK H<9 :56F=7 75F9
=BGHFI7H=CBG F97CAA9B898 6M H<9
7@CH<=B; A5BI:57HIF9F
C BCH IG9 H<9 K5G<=B; A57<=B9 =:
=H <5G 5 KCFB DCK9F 7CF8 CF @CCG9
D@I; : H<=G =G H<9 75G9 7CBH57H 5B
5IH<CF=N98 G9FJ=79 5;9BH
$5?9 GIF9 H<5H 5@@ K5H9F
7CBB97H=CBG HC H<9 K5G<=B;
A57<=B9 <5J9 G<IHsC:: J5@J9G H<5H
5F9 F958=@M 5779GG=6@9 @CG9 H<9
K5G<=B; A57<=B9 K5H9F G<IHsC::
J5@J9G 5H H<9 9B8 C: 957< K5G<
85M
<97? H<9 :=@@ <CG9 7CBB97H=CBG CB
5 F9;I@5F 65G=G HC 9BGIF9 H<5H H<9M
5F9 H=;<H 5B8 BCH @95?=B;
@K5MG F958 5B8 :C@@CK H<9
=BGHFI7H=CBG C: H<9 A5BI:57HIF9F C:
H<9 89H9F;9BHG 7@95B=B; 5=8G
:56F=7 GC:H9B9FG 5B8 GH5H=7
9@=A=B5HCFG K<=7< MCI 5F9 IG=B;
998 5@@ K5FB=B;G 5B8
DF975IH=CBG
*HCF9 5@@ @5IB8FM 7<9A=75@G 5B8
5=8G =B 5 7CC@ 8FM D@579 577CF8=B;
HC H<9 A5BI:57HIF9FG =BGHFI7H=CBG
+C F98I79 H<9 F=G? C: DC=GCB=B; CF
7<9A=75@ 6IFBG ?99D 5@@ 7@95B=B;
DFC8I7HG CIH C: H<9 F957< C:
7<=@8F9B
C BCH CD9F5H9 H<9 K5G<=B;
A57<=B9 =: 5BM ;I5F8G D5B9@G
5B8CF :5GH9B9FG 9L79DH HF5BGDCFH
:=L=B; 6C@HG <5J9 699B F9ACJ98
C BCH CD9F5H9 H<9 K5G<=B;
A57<=B9 =: D5FHG 5F9 A=GG=B;
CF6FC?9B
C BCH 6MD5GG 5BM G5:9HM 89J=79G
+C 5JC=8 :@CCF 85A5;9 5B8 AC@8
;FCKH< 8C BCH @9H GD=@@G CF
GD@5G<9G 75IG9 GH5B8=B; K5H9F
5FCIB8 CF IB89F H<9 5DD@=5B79
C BCH CD9F5H9 H<=G K5G<=B;
A57<=B9 IBH=@ MCI 5F9 GIF9 H<5H
5
H<9 K5G<=B; A57<=B9 <5G
699B =BGH5@@98 577CF8=B; HC
H<9 %*+##+ &%
%*+),+ &%*
6 5@@ K5H9F 8F5=B DCK9F 5B8
;FCIB8=B; 7CBB97H=CBG 5F9 =B
7CAD@=5B79 K=H< 5@@ @C75@
F9;I@5H=CBG 5B8CF CH<9F
5DD@=756@9 F9;I@5H=CBG 5B8
F9EI=F9A9BHG
5=@IF9 HC =BGH5@@ A5=BH5=B 5B8CF
CD9F5H9 H<9 K5G<=B; A57<=B9
577CF8=B; HC H<9 A5BI:57HIF9F4G
=BGHFI7H=CBG A5M F9GI@H =B =B>IFM
5B8CF 85A5;9
)9ACJ=B; 5BM D5B9@ =B7@I8=B;
H<9 FCIB8 G9FJ=79 D5B9@ =B H<9
:FCBH 75B 9LDCG9 G<5FD 98;9G
5B8 DC=BHG 9@97HF=75@
7CBB97H=CBG 5B8 <CH GIF:579G
+C 5JC=8 85A5;9 HC H<9 8CCF
8C BCH DIG< 5;5=BGH H<9 8CCF
K<9B ACJ=B; H<9 IB=H
'F975IH=CBG G<CI@8 69 H5?9B HC
5JC=8 85A5;9 HC H<9 :@CCF
+<9 K5H9F 7CBB97H=CBG G<CI@8
69 A589 5B8 H9GH98 69:CF9
9@97HF=75@ DCK9F =G 5DD@=98 HC
H<9 A57<=B9
$?D5C
+<9 $'&)+%+
*,)* 5B8
.)% %* =B8=75H98 =B H<=G
A5BI5@ 8CBCH 7CJ9F 5@@
DCGG=6@9 7CB8=H=CBG K<=7<
A5M C77IF CAACB G9BG9
75IH=CB 5B8 75F9 AIGH 69
9L9F7=G98 K<9B =BGH5@@=B;
A5=BH5=B=B; CF CD9F5H=B; H<9
K5G<=B; A57<=B9
@K5MG 7CBH57H MCIF 895@9F
8=GHF=6IHCF G9FJ=79 5;9BH CF
H<9 A5BI:57HIF9F 56CIH 5BM
DFC6@9AG CF 7CB8=H=CBG H<5H
MCI 8C BCH IB89FGH5B8
(%+$$
$)*(+*%$)
+<=G 5DD@=5B79 AIGH 69 ;FCIB898 B
H<9 9J9BH C: 5 A5@:IB7H=CB CF
6F95?8CKB ;FCIB8=B; K=@@ F98I79 H<9
F=G? C: 9@97HF=7 G<C7? 6M DFCJ=8=B; 5
D5H< C: @95GH F9G=GH5B79 :CF H<9 9@97HF=7
7IFF9BH +<=G 5DD@=5B79 =G 9EI=DD98
K=H< 5 7CF8 H<5H <5G 5B
9EI=DA9BHs;FCIB8=B; 7CB8I7HCF 5B8 5
;FCIB8=B; D@I; +<9 D@I; AIGH 69
D@I;;98 =BHC 5B 5DDFCDF=5H9 CIH@9H H<5H
=G DFCD9F@M =BGH5@@98 5B8 ;FCIB898 =B
577CF85B79 K=H< 5@@ @C75@ 7C89G 5B8
CF8=B5B79G
-($$
ADFCD9F 7CBB97H=CB C: H<9
9EI=DA9BH ;FCIB8=B; 7CB8I7HCF
75B F9GI@H =B 9@97HF=7 G<C7?
CBB97H HC 5B =B8=J=8I5@ 6F5B7<
7=F7I=H
<97? K=H< 5 EI5@=:=98 9@97HF=7=5B CF
G9FJ=79A5B =: MCI 5F9 =B 8CI6H 5G HC
K<9H<9F H<9 K5G<9F =G DFCD9F@M
;FCIB898
& %&+ AC8=:M H<9 D@I; DFCJ=898
K=H< H<9 5DD@=5B79 t =:=HK=@@ BCH :=H
H<9 CIH@9H <5J9 5 DFCD9F CIH@9H
=BGH5@@98 6M 5 EI5@=:=98 9@97HF=7=5B
!& *)
$)*(+*%$) %(
+*+( (($
B 75G9 C: 7<5B;9 C: CKB9FG<=D
A5BI5@ G<CI@8 69 7CBJ9M98 K=H< H<9
K5G<9F
), *)
$)*(+*%$)
