>CDBE3D9?>C 49>CD1<<1D9?>
>DB?4E3D9?>
4@PDGG@U GDM@ >@N DINOMP>ODJIN
?DINO<GG<ODJI @IODkM@H@IO @O
NJDBI@PN@H@IO #GG@N QJPN A@MJIO
l>JIJHDN@M ?P O@HKN @O ?@N @AAJMON @O
QJPN <D?@MJIO g J=O@IDM ?@N
K@MAJMH<I>@N JKODH<G@N ?@ QJOM@
Nk>C@yGDIB@ 4@DGG@U g =D@I M@NK@>O@M
OJPN G@N <Q@MODNN@H@ION @O HDN@N @I
B<M?@ lIJI>lN
,
,(*))#$*
4#02'11#+#,2 0DNLP@
?DI>@I?D@
*DINO<GG<ODJI ?P Nk>C@GDIB@ ?JDO
mOM@ Ml<GDNl@ K<M PI DINO<GG<O@PM
LP<GDADl
'INO<GG@U G@ Nk>C@GDIB@
>JIAJMHlH@IO <PS DINOMP>ODJIN ?P
A<=MD><IO @O <PS >J?@N GJ><PS
,@ K<N DINO<GG@M PI Nk>C@GDIB@ @I
>JH=DI<DNJI <Q@> ?@N H<OlMD<PS
?@ Q@IODG<ODJI AG@SD=G@N @I
KG<NODLP@ 1D PI >JI?PDO @I HlO<G
AG@SD=G@ ?@ OTK@ <GPHDIDPH @NO
DINO<GGl DG ?JDO N<BDM ?PI OTK@
NKl>DADLP@ DI?DLPl K<M G@ A<=MD><IO
?@ G<KK<M@DG lG@>OMJHlI<B@M
>JHH@ lO<IO >JHK<OD=G@ <Q@> G@N
Nk>C@GDIB@ *@N H<OlMD<PS ?@
Q@IODG<ODJI AG@SD=G@N NJIO MlKPOlN
>JHH@ KJPQ<IO N<AA<DNN@M
Nl>M<N@M A<>DG@H@IO @O
@HKMDNJII@M G< >C<MKD@ !@N
>JI?DODJIN <PMJIO O@I?<I>@ g
=GJLP@M G< >DM>PG<ODJI ?@ G<DM ?P
Nk>C@GDIB@ @O g <>>MJoOM@ G@
MDNLP@ ?DI>@I?D@
.JPM Ml?PDM@ G@ MDNLP@ ?@ BM<Q@N
=G@NNPM@N JP ?@ HJMO NPDQ@U
OJPO@N G@N DINOMP>ODJIN
?DINO<GG<ODJI
!-,1#04#8 !#1
',1203!2'-,1
*@N KMlN@IO@N DINOMP>ODJIN ?PODGDN<ODJI
NJIO ?@NODIl@N g ?@N
DINO<GG<O@PMN
LP<GDADlN -POM@ G@ M@NK@>O ?@ >@N
DINOMP>ODJIN QJPN ?@Q@U DINO<GG@M G@
Nl>CJDM >JIAJMHlH@IO g OJPO@N G@N
MlBG@H@IO<ODJIN GJ><G@N JP =D@I @I
G<=N@I>@ ?@ O@GG@N M@>JHH<I?<ODJIN
PS
D1DC_+>9C
>JIAJMH@UyQJPN
<P ,<ODJI<G #G@>OMD> !J?@
,1',$. @I NJI l?DODJI G<
KGPN Ml>@IO@ @I >JIAJMHDOl <Q@>
G< MlBG@H@IO<ODJI l?D>Ol@ K<M G#O<O
?@ MlND?@I>@ G< MlBG@H@IO<ODJI
HPID>DK<G@ @OJP GJ><G@
P
1>141
>JIAJMH@UyQJPN <P
!J?@ #G@>OMDLP@ !<I<?D@I !
@I NJI l?DODJI G< KGPN Ml>@IO@
@I >JIAJMHDOl <Q@> G<
MlBG@H@IO<ODJI l?D>Ol@ K<M G<
KMJQDI>@ ?@ MlND?@I>@ G<
MlBG@H@IO<ODJI HPID>DK<G@ @OJP
GJ><G@
*DINO<GG<ODJI ?P B<U ?JDO mOM@ >JIAJMH@
<PS >J?@N GJ><PS JP @I G<=N@I>@ ?@
>J?@N GJ><PS N@GJI G@ ,<ODJI<G $P@G
%<N !J?@ ,1' 8,$. JP G@
!<I<?D<I ,<OPM<G %<N <I? .MJK<I@
'INO<GG<ODJI !J?@ !,!1 @O
<PS MkBG@H@IO<ODJIN ?DINO<GG<ODJI
(5=1BAE5
!@ Nk>C@yGDIB@ ADBPM@ ?<IN G< GDNO@ 3* @O
!y3* @O JAAM@ PI AJI>ODJIy
I@H@IO NuM EPNLPg PI@ <GODOP?@
?@ KD@?N H N<IN LPDGI@
A<DGG@ HJ?DAD@M LPJD LP@ >@ NJDO <PS
JMB<I@N OM<Q@MNl K<M G@B<UI<OPM@G
>6?B=1D9?>C CEB <1=9C5
1E B52ED
#9C5 1E B52ED 45 <5=21<<175
,
,(*))#$*
2@IDM G@N @IA<ION CJMN ?@ KJMOl@ ?P
><MOJI ?@SKl?DODJI @O ?@N lGlH@ION
?@ >JI?DODJII@H@IO *@N =JoO@N @I
KG<NODLP@ @I <GPHDIDPH @O KGD<IO@N
>JINODOP@IO PI ?<IB@M ?@
NPAAJ><ODJI
2JPN G@N H<OlMD<PS >JHKJN<IO
G@H=<GG<B@ NJIO l>JGJBDLP@N @O
M@>T>G<=G@N .JPM >JIOMD=P@M QJPN <PNND
g G< KMJO@>ODJI ?@ G< I<OPM@ H@OO@U G@N
H<OlMD<PS ?@H=<GG<B@ <P M@=PO ?@
A<jJI M@NK@>OP@PN@
?@G@IQDMJII@H@IO
.JPM >JII<oOM@ G@N >DM>PDON ?@ HDN@ <P
M@=PO Q@PDGG@U >JINPGO@M QJOM@
M@Q@I?@PM JP G@N N@MQD>@N >JHKlO@ION
?@ QJOM@ H<DMD@
#9C5 1E B52ED 45 <1>395>
1@@1B59<
,
,(*))#$*
1D G<KK<M@DG I@NO KGPN PODGDN<=G@
?l=M<I>C@M G< KMDN@ KMDI>DK<G@
>JPK@M G@ >JM?JI ?<GDH@IO<ODJI @O
E@O@M <Q@> G< KMDN@ KMDI>DK<G@ .JPM
lQDO@M LP@ G@N @IA<ION I@
N@IA@MH@IO ?<IN G<KK<M@DG @IG@Q@M
G@ CP=GJO
*@N <KK<M@DGN <I>D@IN I@ NJIO K<N?@N
?l>C@ON N<IN Q<G@PM 3IM@>T>G<B@
M@NK@>OP@PS ?@G@IQDMJII@H@IO
K@MH@O ?@Ml>PKlM@M ?@ KMl>D@PN@N
H<ODkM@NKM@HDkM@N
.JPM >JII<oOM@ G@N >DM>PDON ?@ HDN@ <P
M@=PO Q@PDGG@U >JINPGO@M QJOM@
M@Q@I?@PM JP G@N N@MQD>@N >JHKlO@ION
?@ QJOM@ H<DMD@
F1>D 49>CD1<<5B
<5CV385_<9>75
W21<<175 45 <1@@1B59<
Q<IO ?@ >JII@>O@M G@ Nk>C@GDIB@ g PI
NTNOkH@ ?@ >JI?PDON <T<IO ?lEg N@MQD
Q@DGG@U g >@ LP@ G@ NTNOkH@ NJDO KMJKM@
'G @NO M@>JHH<I?l ?@ A<DM@ I@OOJT@M
KMJA@NNDJII@GG@H@IO G@ NTNOkH@ ?@
>JI?PDON OJPN G@N <IN @O GJMN ?@
GDINO<GG<ODJI ?P Nk>C@GDIB@ g PI
NTNOkH@ ?@ >JI?PDON <T<IO ?lEg N@MQD
3I NTNOkH@ ?@ >JI?PDON KMJKM@
>JIOMD=P@ g ?DHDIP@M G< ?PMl@ ?@
Nl>C<B@ @O g <HlGDJM@M G@AAD><>DOl ?P
Nk>C@GDIB@
,
&(+$
!@ Nk>C@yGDIB@ @NO OMkN GJPM?
,@O@IO@U K<N ?@ G@ NJPG@Q@M
,@O@IO@U K<N ?@ NJPG@Q@M G<KK<M@DG
K<M >@MO<DI@N K<MOD@N N<DGG<IO@N N<
KJMO@ K<M @S 4JPNMDNLP@MD@U ?@ G@N
><NN@M
$%**%$
0@ODM@U NJDBI@PN@H@IO OJPO
G@H=<GG<B@ ?@ G<KK<M@DG >@>D KJPM
@HKm>C@M ?@I?JHH<B@M ?@N
NPMA<>@N
4lMDAD@U ND G@ Nk>C@GDIB@ < NP=D ?@N
?JHH<B@N GJMN ?P OM<INKJMO
,DINO<GG@U K<N PI
Nk>C@GDIB@ >JHKJMO<IO ?@N
?JHH<B@N QDND=G@N #I ><N ?@ ?JPO@
>JHHPIDLP@U <Q@> G@ H<M>C<I?
335CC?9B5C 6?EB>9C
$%**%$
KMkN <QJDM M@ODMl G@H=<GG<B@ NJMO@U
OJPN G@N J=E@ON lQ@IOP@GG@H@IO
KMlN@ION ?<IN G@ O<H=JPM