ECD?=5B )5BF935
,=: L6H=>C< B68=>C: G:FJ>G:H CD
HE:8>6A 86G: DI=:G I=6C I=: 86G: 6C9
8A:6C>C< CDI:9 EG:K>DJHAN !; NDJ 6G:
=6K>C< 6 EGD7A:B L>I= NDJG L6H=>C<
B68=>C: EA:6H: G:;:G ID E6<:
7:;DG: 86AA>C< ;DG H:GK>8:
!; H:GK>8: 7:8DB:H C:8:HH6GN 8DCI68I
NDJG 9:6A:G DG >CHI6AA:G DG 6C 6JI=DG>O:9
H:GK>8: 8:CI:G D CDI 6II:BEI ID G:E6>G
I=: 6EEA>6C8: NDJGH:A; CN LDG@
E:G;DGB:9 7N JC6JI=DG>O:9 E:GHDCC:A
B6N KD>9 I=: L6GG6CIN
!; NDJ 6G: =6K>C< 6 EGD7A:B L>I= NDJG
L6H=>C< B68=>C: 6C9 6G: CDI EA:6H:9
L>I= I=: H:GK>8: NDJ =6K: G:8:>K:9
q
>GHI EA:6H: 8DCI68I NDJG >CHI6AA:G
DG I=: JI=DG>O:9 +:GK>8:
DCIG68IDG >C NDJG 6G:6 6C9
:MEA6>C ID I=:B L=N NDJ 6G: CDI
H6I>H;>:9 ,=>H L>AA JHJ6AAN 8DGG:8I
I=: EGD7A:B
q
!; 6;I:G LDG@>C< L>I= NDJG >CHI6AA:G
DG H:GK>8: I:8=C>8>6C I=: EGD7A:B
HI>AA =6H CDI 7::C G:HDAK:9 ID NDJG
H6I>H;68I>DC EA:6H: A:I JH @CDL
:>I=:G 7N LG>I>C< ID JH 6I
+ DB: EEA>6C8:H
%8 699:C K:
JCI>C<IDC :68=
DG 86AA>C< JH
!; LG>I>C< DG 86AA>C< EA:6H: EGDK>9: I=:
;DAADL>C< >C;DGB6I>DC
%D9:A &JB7:G
+:G>6A &JB7:G
6I: D; 'G><>C6A (JG8=6H:
6I: (GD7A:B D88JGG:9
MEA6C6I>DC D; (GD7A:B
!; LG>I>C< EA:6H: 6AHD >C8AJ9: 696NI>B:
I:A:E=DC: CJB7:G 6C9 68DEN D; I=:
H6A:H >CKD>8:
1DJ L>AA ;>C9 I=: BD9:A CJB7:G 6C9
H:G>6A CJB7:G DC I=: G6I>C< EA6I:
AD86I:9 DC I=: =DJH>C< 6C9 >H K>H>7A:
L>I= I=: 9DDG DE:C
)**#$* % "#* &(%+* -(($*/
-81D D89C -1BB1>DI 3?F5BC -8? 9D
@@<95C D?
,=: A>B>I:9 L6GG6CIN EGDK>9:9 +
DB: EEA>6C8:H '+ >C I=>H
+I6I:B:CI D; A>B>I:9 EGD9J8I /6GG6CIN
6EEA>:H DCAN ID I=: DH8= &:MMI L6H=:G
(GD9J8I HDA9 ID NDJ I=: ;>GHI JH>C<
EJG8=6H:G EGDK>9:9 I=6I I=: (GD9J8I
L6H EJG8=6H:9 ;DG NDJG CDGB6A
=DJH:=DA9 CDC 8DBB:G8>6A JH: 6C9
=6H >C ;68I 6I 6AA I>B:H DCAN 7::C JH:9
;DG CDGB6A =DJH:=DA9 EJGEDH:H
C:L 6I G:I6>A CDI 6 9>HEA6N P6H >H DG
EG:K>DJHAN G:IJGC:9 BD9:A 6C9 CDI ;DG
G:H6A: DG 8DBB:G8>6A JH: 6C9
L>I=>C I=: -C>I:9 +I6I:H DG 6C696
6C9 =6H 6I 6AA I>B:H G:B6>C:9 L>I=>C I=:
8DJCIGN D; DG><>C6A EJG8=6H: ,=:
L6GG6CI>:H HI6I:9 =:G:>C 6EEAN DCAN ID
I=: ;>GHI EJG8=6H:G D; I=: (GD9J8I 6C9
6G: CDI IG6CH;:G67A:
i
(A:6H: B6@: HJG: ID G:IJGC NDJG
G:<>HIG6I>DC 86G9 L=>A: CDI
C:8:HH6GN ID :;;:8IJ6I: L6GG6CIN
8DK:G6<: >I >H I=: 7:HI L6N ;DG
DH8= ID CDI>;N NDJ >C I=: JCA>@:AN
:K:CI D; 6 H6;:IN CDI>8: DG EGD9J8I
G:86AA
?G "?>7 D85 -1BB1>DI "1CDC
DH8= L6GG6CIH I=6I I=: (GD9J8I >H ;G::
;GDB 9:;:8IH >C B6I:G>6AH 6C9
LDG@B6CH=>E ;DG 6 E:G>D9 D; I=G::
=JC9G:9 H>MIN ;>K: 96NH ;GDB I=:
96I: D; EJG8=6H: ,=: ;DG:<D>C<
I>B:A>C: 7:<>CH ID GJC JEDC I=: 96I: D;
EJG8=6H: 6C9 H=6AA CDI 7: HI6AA:9
IDAA:9 :MI:C9:9 DG HJHE:C9:9 ;DG 6CN
G:6HDC L=6IHD:K:G
(5@19B(5@<135 1C /?EB H3<EC9F5
(5=54I
JG>C< I=>H L6GG6CIN E:G>D9
DH8= DG DC: D; >IH 6JI=DG>O:9 H:GK>8:
EGDK>9:GH L>AA G:E6>G NDJG (GD9J8I
L>I=DJI 8=6G<: ID NDJ HJ7?:8I ID
8:GI6>C A>B>I6I>DCH HI6I:9 =:G:>C >; NDJG
(GD9J8I EGDK:H ID =6K: 7::C
B6CJ;68IJG:9 L>I= 6 9:;:8I >C B6I:G>6AH
DG LDG@B6CH=>E !; G:6HDC67A:
6II:BEIH ID G:E6>G I=: (GD9J8I =6K:
7::C B69: L>I=DJI HJ88:HH I=:C
DH8= L>AA G:EA68: NDJG (GD9J8I
JE<G69: BD9:AH B6N 7: 6K6>A67A: ID
NDJ >C DH8=H HDA: 9>H8G:I>DC ;DG 6C
699>I>DC6A 8=6G<: AA G:BDK:9 E6GIH
6C9 8DBEDC:CIH H=6AA 7:8DB: I=:
EGDE:GIN D; DH8= 6I >IH HDA: DEI>DC 6AA
G:EA68:9 6C9DG G:E6>G:9 E6GIH H=6AA
6HHJB: I=: >9:CI>IN D; I=: DG><>C6A E6GI
;DG EJGEDH:H D; I=>H L6GG6CIN 6C9 I=>H
L6GG6CIN H=6AA CDI 7: :MI:C9:9 L>I=
G:HE:8I ID HJ8= E6GIH DH8=H HDA:
A>67>A>IN 6C9 G:HEDCH>7>A>IN =:G:JC9:G >H
ID G:E6>G B6CJ;68IJG:G 9:;:8I>K:
(GD9J8I DCAN JH>C< 6
DH8= 6JI=DG>O:9 H:GK>8: EGDK>9:G
9JG>C< CDGB6A 7JH>C:HH =DJGH
DG H6;:IN 6C9 EGDE:GIN 96B6<:
8DC8:GCH DH8= =><=AN G:8DBB:C9H
I=6I NDJ 9D CDI 6II:BEI ID G:E6>G I=:
(GD9J8I NDJGH:A; DG JH: 6C
JC 6JI=DG>O:9 H:GK>8:G DH8= L>AA =6K:
CD G:HEDCH>7>A>IN DG A>67>A>IN ;DG G:E6>GH DG
LDG@ E:G;DGB:9 7N 6 CDC 6JI=DG>O:9
H:GK>8:G !; NDJ 8=DDH: ID =6K:
HDB:DC: DI=:G I=6C 6C 6JI=DG>O:9
H:GK>8: EGDK>9:G LDG@ DC NDJG (GD9J8I
, !+ /**&,1 /!$$
-,'%,!$$1 '% &-$$
& .'! JI=DG>O:9 H:GK>8:
EGDK>9:GH 6G: I=DH: E:GHDCH DG
8DBE6C>:H I=6I =6K: 7::C HE:8>6AAN
IG6>C:9 DC DH8= EGD9J8IH 6C9 L=D
EDHH:HH >C DH8=H DE>C>DC 6 HJE:G>DG
G:EJI6I>DC ;DG 8JHIDB:G H:GK>8: 6C9
I:8=C>86A 67>A>IN CDI: I=6I I=:N 6G:
>C9:E:C9:CI :CI>I>:H 6C9 6G:
not
6<:CIH E6GIC:GH 6;;>A>6I:H DG
G:EG:H:CI6I>K:H D; DH8=
&DIL>I=HI6C9>C< I=: ;DG:<D>C< DH8=
