$.,(!"//+*&-'(1
#0((2(0
*3 -H=89",LHG=@=F5G=CB
4=?<>;!(@@B
4-#4'&$'+87%#)6
#.0!%*)(
I`^^RZcV
F6HJ?; &*3 6L;HJ?II;C;DJI =zDzH6KN ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''+.
F6HJ?; &+3 F6HJ?;I ;J F?y8;I 9; LEJH; 8ED=zB6J;KH '''''''''''''''''''''''''''''''+2
F6HJ?; &,3 KJ?B?I6J?ED 9; B"6FF6H;?B''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''+2 F6HJ?; &-3 9?IFEI?J?ED 9;I 6B?C;DJI ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''',,
F6HJ?; &.3 H;FEI?J?EDB;H B6 FEHJ;'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''',, F6HJ?; &/3 6L6DJ 9"6FF;B;H B; I;HL?8; 6FHyI&L;DJ; '''''''''''''''''''''''''''''''',- F6HJ?; &03 6IJK8;I 9"z8EDEC?; 9"zD;H=?; '''''''''''''''''''''''''''''''''''''''''''''''''''',.
Pejh[ Yed] bWj[kh [ij Yed\ehc[ Wkn [n_][dY[i Z[ i Ykh_j WYjk[bb[i+ F%kj_b_iWj_ed _dWffhefh_ [ f[kj YedZk_h[ Z[i Xb[iikh[i Yehfeh[bb[i [j Z[i Z ] ji fhefh_ j + Jekh l_j[h b[ h_igk[ Z[ ZeccW][i b_h[ Wjj[dj_l[c[dj Y[ cWdk[b WlWdj Z%kj_b_i[h lejh[ Yed] bWj[kh fekh bW fh[c_ h[ \e_i+ Cb Yedj_[dj _d\ehcWj_edi Z[ i Ykh_j _cfehjWdj[i ikh b%_dijWbbWj_ed) bW i Ykh_j ) b%kj_b_iWj_ed [j b%[djh[j_[d Z[ lejh[ Yed] bWj[kh+ =edi[hl[p Y[ cWdk[b fekh kj_b_iWj_ed \kjkh[+
@L */1*
F6HJ?; &*3 6L;HJ?II;C;DJI =zDzH6KN
6L;HJ?II;C;DJ 3 NW[^^Wl q UW cgW ^We ad[ UWe VW l[dj_bWj_ed Z[ b%WffWh[_b d[ ie_[dj fWi eXijhk i+
6L;HJ?II;C;DJ 3 H%kj_b_i[p fWi Z%WffWh[_bi c YWd_gk[i ek Z%Wkjh[i ceo[di [d Z[^ehi Z[ Y[kn h[YeccWdZ i fWh b[ \WXh_YWdj fekh WYY b h[h b[ fheY[iiki Z[ Z ]_lhW][+
6L;HJ?II;C;DJ 3 l_j[p Z%kj_b_i[h Z[i WffWh[_bib[Yjh_gk[i ZWdi b[ YecfWhj_c[dj h i[hl bW Yedi[hlWj_ed Z[i Wb_c[dji+ M[kbi b[i WffWh[_bi b[Yjh_gk[i h[YeccWdZ i fWh b[ \WXh_YWdj \edj [nY[fj_ed+
6L;HJ?II;C;DJ 3 H%[dZeccW][p fWi b[ Y_hYk_j h \h_] hWdj+
6L;HJ?II;C;DJ 3 Jekh l_j[h jekj h_igk[ b_ b%_dijWX_b_j
VW ^%SbbSdW[^( jWl)^W eg[hS`f ^We [`efdgUf[a`e bdWeUd[fWe*
M_ lejh[ WffWh[_b kj_b_i[ b[ h \h_] hWdj L3--W &fekh b[ iWle_h) dWbadfWl)hage q ^%wf[cgWffW YgdS`f egd ^W Ua`Yw^SfWgd' hage
Z[l[p \W_h[ Wjj[dj_ed f[dZWdj b[ jhWdifehj [j b%_dijWbbWj_ed
S ` V%wh[fWd V%W`Va__SYWd ^We b[xUWe YdrUW SgjcgW^^We ^W h[\he_Z_ii[c[dj [ij feii_Xb[ b%_dj h_[kh Z[ b%WffWh[_b+ <_[d gk[ b[ h \h_] hWdj L3--W ie_j kd ]Wp dWjkh[b gk_ h[if[Yj[ b%[dl_hedd[c[dj) _b [ij [nfbei_\+ ?d YWi Z[ \k_j[ YWki [ fWh bW Z \W_bbWdY[ Z[i f_ Y[i ]h Y[ Wkngk[bb[i b[ h[\he_Z_ii[c[dj
Wef baee[T^W( w^a[Y`Wl hafdW dwXd[YwSfWgd VWe S__We dk[i [j Z[i iekhY[i Z[ Y^Wb[kh) fk_i l[dj_b[p bW iWbb[ ZWdi bWgk[bb[ i[ jhekl[ b%WffWh[_b f[dZWdj gk[bgk[i c_dkj[i+
(J[dZWdj b[ Z fbWY[c[dj [j b%_dijWbbWj_edZ[ lejh[ h \h_] hWj[kh)l_j[p Z%[dZeccW][h b[ Y_hYk_j Zk ]Wp Z[ h[\he_Z_ii[c[dj+
(H[ Yedi[hl[p fWi b[i ikXijWdY[i [nfbei_l[i j[bb[i gk[ b[i
Swdaea^e V%Swdaea^ ShWU bdabg^eWgd [` S__ST^W VS`e UWf
WffWh[_b+
(=[j WffWh[_b [ij Yed k fekh jh[ kj_b_i Zec_Y_b[ [j ZWdi b[i [dZhe_ji i_c_bW_h[i j[bi gk[ 7
* [ifWY[i Yk_i_d[i i[ jheklWdj ZWdi b[i cW]Wi_di) Xkh[Wkn [j jekj Wkjh[ [dl_hedd[c[dj Z[ jhWlW_b)
*cW_iedi Z[ YWcfW]d[ [j Y^WcXh[i Z%^ j[bi) Z[ cej[bi [j jekj Wkjh[ [ifWY[ h i_Z[dj_[b)
*[dl_hedd[c[dj \Wc_b_Wb jof[ <[Z $ <h[Wa\Wij)
*i[hl_Y[ Z[ h[ijWkhWj_ed [j b_[k i_c_bW_h[+
@L */2*
F6HJ?; &*3 6L;HJ?II;C;DJI =zDzH6KN
(K[ ^S bd[eW `W UaddWeba`V bSe q ^S UZW Vg dwXd[YwdSfWgd( W^^W
Ze_j jh[ h[cfbWY [ fWh b[ \WXh_YWdj) ied h[fh i[djWdj ek fagfW SgfdW bWdea``W cgS^[ wW S ` V%wh[fWd g` d[ecgW*
(=[j WffWh[_b d[ Ze_j fWi jh[ kj_b_i fWh b[i f[hiedd[i
&k Ua_bd[e ^We W`XS`fe' SkS`f VWe USbSU[fwe bZke[cgWe( i[dieh_[bb[i ek c[djWb[i h Zk_j[i ek fWh Z[i f[hiedd[i d[ feii ZWdj fWi b%[nf h_[dY[ ek bW YeddW_iiWdY[ h[gk_i[+ ?bb[i d[ f[kl[dj jh[ Wkjeh_i [i kj_b_i[h Y[j WffWh[_b gk%Wfh i Wle_h j \ehc [i ek X_[d ieki bW ikf[hl_i_ed Z%kd[ f[hiedd[ h[ifediWXb[ Z[ b[kh i Ykh_j + F[i [d\Wdji
Va[hW`f yfdW egdhW[^^we S ` VW e%SeegdWd cg%[^e `W \agW`f bSe
Wl[Y Y[j WffWh[_b+
( M`W UZW VW fWddW ebwU[S^W S wfw TdS`UZwW Sg UrT^W V%S^[_W`fSf[a` VW hafdW dwXd[YwdSfWgd* <WffW UZW Va[f
jh[ kj_b_i [ Wl[Y kd[ Wkjh[ fh_i[ Z[ j[hh[ if Y_Wb[ Z[ .3 Wcf h[i+ M_ leki d[ Z_ifei[p fWi Z%kd[ j[bb[ fh_i[ ZWdi hafdW Va_[U[^W( hWg[^^Wl Ua`fSUfWd g` fWUZ`[U[W` cgS^[ w bagd gk%_b fheY Z[ ied _dijWbbWj_ed+
(=[j WffWh[_b f[kj jh[ kj_b_i fWh b[i [d\Wdji ] i Z[ 5 Wdi [j fbki [j b[i f[hiedd[i WoWdj Z[i YWfWY_j i f^oi_gk[i) i[dieh_[bb[i ek c[djWb[i h Zk_j[i ek fWh Z[i f[hiedd[i d[ feii ZWdj fWi b%[nf h_[dY[ ek bW YeddW_iiWdY[ h[gk_i[ YedZ_j_ed gk%_bi ie_[dj \ehc i ikh b[i YedZ_j_edi Z%kj_b_iWj_ed iW_d[i [j gk%_bi Yecfh[dd[dj b[i h_igk[i Wkngk[bi _bi e%WjbaeW`f* DWe W`XS`fe Va[hW`f yfdW egdhW[^^we S ` VW e%SeegdWd cg%[^e `W \agW`f bSe ShWU UWf SbbSdW[^* DWe ef hWj_edi Z[ d[jjeoW][ [j Z%[djh[j_[d d[ Ze_l[dj fWi jh[ [\\[Yjk [i fWh b[i [d\Wdji iWdi ikf[hl_i_ed+
(?d YWi Z[ ZeccW][ Zk Y•Xb[ ZtWb_c[djWj_ed) \W_j[i*b[ h[cfbWY[h fWh b[ \WXh_YWdj) ied W][dj Z[ i[hl_Y[ ek jekj
SgfdW fWUZ`[U[W` cgS^[ w S ` V wUSdfWd fagf VS`YWd*
(=[j WffWh[_b d%[ij fWi fh lk fekh kd[ kj_b_iWj_ed Z[i Wbj_jkZ[i ikf h_[kh[i /--- c+
@L */3*
F6HJ?; &*3 6L;HJ?II;C;DJI =zDzH6KN
LZVfi T`_X ]ReVfcd Ve T`_X ]ReVfcd V_ aR__V
M_ lejh[ WdY_[d h \h_] hWj[kh [ij Zej Z%kd ioij c[ Z[ l[hhek_bbW][) Z jhk_i[p*b[ WlWdj Z[ fheY Z[h iW c_i[ Wk h[Xkj+ M_ leki d[ b[ \W_j[i fWi) b[i [d\Wdji f[kl[dj i%[d\[hc[h [j jh[ W_di_ l_Yj_c[i Z%kd WYY_Z[dj+
F[i WdY_[di h \h_] hWj[khi [j Yed] bWj[khi Yedj_[dd[dj kd _iebWdj [j kd h \h_] hWdj Wl[Y =@=+ ?d Yedi gk[dY[) l[_bb[p d[ fWi dk_h[ b%[dl_hedd[c[dj behi Z[ b% b_c_dWj_ed Z[ lei WdY_[di WffWh[_bi+
P[k_bb[p Z[cWdZ[h Yedi[_b Wkn Wkjeh_j i ckd_Y_fWb[i YedY[hdWdj bW c_i[ Wk h[Xkj Z[i gk_f[c[dji w^WUfd[cgWe Wf w^WUfda`[cgWe q VWe `e VW dwgf[^[eSf[a`( VW dWUkU^SYW Wf VW dwUgbwdSf[a`*
HV^RcbfVd Z^a`ceR_eVd 3
P[k_bb[p b_h[ Wjj[dj_l[c[dj b[ cWdk[b Z%kj_b_iWj_ed WlWdj Z[ fheY Z[h b%_dijWbbWj_ed [j b%kj_b_iWj_ed Z[ lejh[ WffWh[_b+ Hejh[ h[ifediWX_b_j d[ iWkhW_j jh[ [d]W] [ [d YWi Z[ ZeccW][i Zki kd[ cWklW_i[ kj_b_iWj_ed
Zk fheZk_j+
JWebWUfWl fagfWe ^We Ua`e[Y`We YgdS`f egd hafdW SbbSdW[^ Wf VS`e ^W _S`gW^ V%gf[^[eSf[a` Xagd`[( bg[e Ua`eWdhWl UW VWd`[Wd W` ^[Wg e d S ` VW dweagVdW ^We whW`fgW^e bdaT^x_We fWUZ`[cgWe egeUWbf[T^We VW eW baeWd q ^%ShW`[d*
F[ fh i[dj WffWh[_b W j \WXh_gk fekh b[i c dW][i [j fekh jh[ kj_b_i kd_gk[c[dj fWh Y[kn*Y_+ Cb d[ Yedl_[dj ZedY fWi kd[ kj_b_iWj_ed Yecc[hY_Wb[ ek Yecckd[+ Od[ j[bb[ kj_b_iWj_ed [djhW d[hW b%WddkbWj_ed Z[ bW ]WhWdj_[ [j dejh[ [djh[fh_i[ d[ iWkhW jh[ h[ifediWXb[ Z[i ZeccW][i [dYekhki+
F[ fh i[dj WffWh[_b W j \WXh_gk fekh jh[ kj_b_i Zec_Y_b[ [j Yedl_[dj kd_gk[c[dj Wk h[\he_Z_ii[c[dj [j bW Yedi[hlWj_ed Z[i Z[dh [i+ Cb dt[ij ZedY WZWfj d_ fekh kd[ kj_b_iWj_ed Yecc[hY_Wb[) d_ fekh kd[ kj_b_iWj_ed Yecckd[) [dYeh[ ce_di fekh kd[ Yedi[hlWj_ed Z[i ikXijWdY[i Z_\\ h[dj[i Z[i Z[dh [i Wb_c[djW_h[i+ Hejh[
[djh[fh_i[ dt[ij fWi h[ifediWXb[ Z[i f[hj[i gk_ ikhl_[dZhW_[dj ZWdi b[ YWi YedjhW_h[+
8`_dZX_Vd UV d TfcZe
l_j[p Z%kj_b_i[h Z[i fh_i[i ckbj_fb[i ek hWbbed][i+
l_j[p Z%kj_b_i[h Z[i fh_i[i [dZeccW] [i ek ki [i fWh b[ j[cfi+
l_j[p Z[ j_h[h) Z[ jehZh[ ek Z%[dZeccW][h b[ YehZed+
M_ lejh[ Y Xb[ Z%Wb_c[djWj_ed [ij [dZeccW] ) \W_j[i*b[ h[cfbWY[h fWh kd i[hl_Y[ W]h fekh l_j[h jekj ZWd][h+
F[ fh i[dj WffWh[_b W j Yed k fekh jh[ kj_b_i fWh Z[i WZkbj[i+ ?d Yedi gk[dY[) l_j[p Z[ bW_ii[h b[i [d\Wdji e%W` eWdh[d Ua__W \agWf( USd [^e bWghW`f bSd WjW_b^W gf[^[eWd ^S badfW bagd \agWd q ^S TS^S`va[dW*
FW bSe USeeWd ag YdSffWd ^S Y^SUW ShWU VWe aT\Wfe ba[`fge Ua__W g` UagfWSg ag VWe aT\Wfe e[_[^S[dWe*
l_j[p Z[ XhWdY^[h ek Z[ Z XhWdY^[h b%WffWh[_b Wl[Y Z[i cW_di cek_bb [i Wk h_igk[ Z% jh[ l_Yj_c[ Z%kd[b[YjheYkj_ed !
l_j[p Z[ c[jjh[ b[i Xekj[_bb[i YWiiWXb[i ek b[i h Y_f_[dji Z[ Xe_iied ZWdi b[ YecfWhj_c[dj Yed] bWj[kh+ F[i
Xekj[_bb[i ek b[i YWd[jj[i f[kl[dj [nfbei[h+
Hagd hafdW ewUgd[fw( `W b^SUWl bSe VWe _Sf[xdWe Wjb^ae[hWe ag [` S__ST^We VS`e hafdW dwXd[YwdSfWgd* H^SUWl b[i Xe_iiedi \ehj[ YedY[djhWj_ed Z%WbYeeb l[hj_YWb[c[dj ZWdi b[ YecfWhj_c[dj h \h_] hWj[kh [j \[hc[p X_[d b[
XekY^ed+
;k cec[dj Z[ iehj_h bW ]bWY[ \WXh_gk [ ZWdi b[ YecfWhj_c[dj Yed] bWj[kh) l_j[p Z[ bW jekY^[h+ M_ leki b[ \W_j[i) bW ]bWY[ f[kj leki YWki[h Z[i Xh¢bkh[i+
l_j[p Z[ jekY^[h Wkn Z[dh [i Yed][b [i Wl[Y b[i cW_di dk[i ! l_j[p Z[ Yediecc[h b[i ]bW edi [j b[i Yh c[i Z_h[Yj[c[dj Wfh i b[i Wle_h iehj_i Zk Yed] bWj[kh !
l_j[p Z[ Yed][b[h kd[ i[YedZ[ \e_i b[i Z[dh [i Yed][b [i kd[ \e_i Y[bb[i*Y_ Z ]_lh [i+ =[bW f[kj YWki[h Z[i fheXb c[i Z[ iWdj Yecc[ kd[ _djen_YWj_ed Wb_c[djW_h[+
@_n[p b[i WYY[iie_h[i ZWdi b[ Yed] bWj[kh f[dZWdj b[ jhWdifehj fekh l_j[h Z[ b[i [dZeccW][h+
?_deR]]ReZ`_ Ve ^ZdV V_ ^RcTYV UV ]"RaaRcVZ]
;lWdj Z[ Yecc[dY[h kj_b_i[h lejh[ Yed] bWj[kh) fh j[p kd[ Wjj[dj_ed fWhj_Ykb_ h[ Wkn fe_dji ik_lWdji+
FW j[di_ed Z[ \edYj_edd[c[dj Z[ lejh[ h \h_] hWj[kh [ij Z[ //-*/1- P 2- Bp+
9LL>FLBGF " FW dW_b^SUWl \S_S[e g`W b[xUW w^WUfd[cgW eW fdaghS`f VS`e ^W dwXd[YwdSfWgd* >` USe VW `wUWee[fw
Z[ h[cfbWY[c[dj) YedjWYj[p b[ i[hl_Y[ W]h +
K,=CA <3 A=;;3A >/A @3A>=<A/093A 23A 2=;;/43A 2CA F C<3 CB696A/B6=< 23 9"/>>/@369 A/<A ;6A3 F 9/ B3@@3'
CdijWbb[p lejh[ Yed] bWj[kh ZWdi kd [dZhe_j gk_ d[ b%[nfei[hW fWi bW bkc_ h[ Z_h[Yj[ Zk ieb[_b+
B`efS^^Wl ^W b^Sef[cgW V%S\gefW_W`f VW ^S V[efS`UW &^S bSdf[W Ua_badfS`f ^We S[^WffWe `a[dWe q ^%Sdd[xdW' W` ^W fagd`S`f VS`e ^%[`fWdhS^^W V%g` S`Y^W VW 5, Ua__W ^%[^^gefdW ^S YgdW bagd wh[fWd gk[ b[ YedZ[di[kh d[ jekY^[ b[ ckh+
JbWY[p b[ Yed] bWj[kh Yedjh[ kd ckh [d bW_iiWdj kd[ Z_ijWdY[ Z[ 42 cc cWn_ckc+
;iikh[p*leki Z[ b%Wle_h _dijWbb 2- Yc Z[i iekhY[i Z[ Y^Wb[kh Yecc[ b[i h Y^WkZi) b[i \ekhi) b[i fbWgk[i Y^Wk\\Wdj[i) [jY+) [j 2 Yc Wk ce_di Z[i \ekhi b[Yjh_gk[i+
F%gf[^[eWl \S_S[e hafdW SbbSdW[^ W` b^W[` S[d( `[ `W ^W ^S[eeWl eage ^S b^g[W*
Fehigk[ lejh[ Yed] bWj[kh i[ jhekl[ fhen_c_j Z%kd Yed] bWj[kh) _b Ze_j Wle_h Wk ce_di / Yc [djh[ [kn fekhl_j[h gk[ bW ikh\WY[ [nj[hd[ d[ ie_j ^kc_Z[+
@L */4*