.ZHA C?
'cIcBcD cB:c EB7D XENI7OB_ CcD8cBcH JE[7D_D G7HJ7B_D 8cP? JZHA IEO Lc 8EOB7H_
JcHcYP c9:7:B7H_D_D A?X?A 8ZJBcH? ?XcH?I?Dc -EKH 7:B_ G7H[7D_D 8ZJZDZ :c cB7Lc ;:?HC?aBcH
U=;B I K GKa BJ7O cI7J?H?D:c .7DH_ WB=;D?D :ZPcBJ:?O? ?DI7D
8c:cDBcH? ZXZD 8YOZA .7DH_ %K:7O_D O7D_D:7D HK> =cJ?HcD 8?H GKa:KH d
;O?BcDBcHc a;OJ7D_D :ZPcBJ:?O? G7:_D Lc A?a?D?D GKa7 X;LH?BCcBcH?D? :c cB7Lc
;JCcA B7P_C:_H
)/<@Y 67@A:] ?/2YT@2T
&/2Y< ?C[ =:C0 CP2C =@2=F ?C[C2C@ /2Y
/B/?:Y? ?=@EC2C@ 6]@ 7B =
7[7 2] 07@ ?C[ =:2C =
F/?:/@Y P=E CGC< AC@]B7 2] P=E F/;/<
K=E ?]@70] ?C[2C@ 0C <]2]
]G70 B/>Y@ 6/@2/ D/@
/BY:;[ P]9;]:]@7
\< 0SFT9 ]F:<1]A7 B=>CUC
D:]@2]97 <]17A:]@ =
- (;ABOK:EL 8K 9ZH X;LH?BCcBcH? HK>KD CZNJcB?< 97DB_ Lc 97DI_P L7HB_GB7H:7
JcP7>ZH ;JCcI? ?Bc cB7GcBcD:?H?H p¢
cDPcH >7BB7 PcH87O97D JZHA c
CZCAZD:ZH K 87N_C:7D 7a7[_:7A_ C?< :;O?BcDBcHc cD =YPcB C?I7B:_H
W97 =U:/< 1TB AT@T@;T[ 07@7 WA/ /2Y<2/ 07@7 2] "CA/ /2Y<2/ C<:/@
F=@C:C0 07@ /G F/BY@:/@ 97 27<1:]@7<7 /:AY<:/@ M9TG:]@ /PY:Y0 ?/PY@:/@ WA/ 7:] "CA/
=F// 07:;7@:]@ U/:/@Y 2/
P=E ]G/G7: /2/; =:C@ C C[/?:/@ ?=@EC:/@Y<2/< 3D] ?/FY2/ 07:;7@:]@ ::/6/
F/:D/@Y@:/@ 97 07G7 ?C[/ 2S<2]@ ::/6 0C<:/@Y ?C[/ 2S<2]@7@ C<:/@ 0/[:/FY@:/@
S9TG:]@7 /EB/@;/U/ ];7[] 2] 07@ 07@7<2]< A=@C[C@:/@ 97 B/>2Y< PcH87O97D
C?
.ZHA a7C7D C?
EDGEDXKBK[KD ?PBcH?Dc PcH87O97D
87N_C:7D ¦%;XcBXcBcH§ D7[_B_D:7A_ IcHXc ;I7DE[BK Ic> ¦'cB?A
'cCCc: Lc 'cB?A b>Cc:§ ¦'EBJ7D_ F7:a7>_§ Lc ¦ 7a ZPZA§ D7[_BB7H_D:7A_
=YOcHX?D PcH87O97D D7[_BB7H_ BB 9 Ic> B0 9 Ic> BB 9
Ic> 8?H8?H?D?D
¦BJKD 8ZB8ZB§ D7[_BB7H_D:7A_ 8ZB8ZB PcH87O97D D7[_BB7H_ B 9 Ic>
.ZHA C7I7BB7H_ B A?J7F Ic> b>Cc:DcD -cDcC§ D7[_B_D:7A_ G7H7GKa
PcH87O97D D7[_BB7H_ 0 9 Ic> Lc I EDGED GKa IKHJBcH?D? C?I7B
XcACcA EB7H
K CYLPK 'c>cCCc: "7JcC? .7DJcA?D JcHccHJcHc
.7DJcA?D )DKD O7P:_[_D7 =YHc I;>HB? D7[_BB7H:7 I7:c9c ¦GKa§ 7:_ ?Bc
:?DBcO?9?BHc JcG:?C ;:?BcD IcJ?HBcH :c 7P :;O?B )DB7H YBZDZ :?H?B:?H cJBcH?OBc
?DI7DB7H7 G;OH? 7:?B?A =cJ?H?H G?OCcJB? OKCKHJ7B7H ?Bc A7I_8B7H_ L7HB7D:_H_HB7H
.7DJcA?D Ic>
(7[_BB7H_C_P:7 =;HXcA:cD :c I7:c9c ¦GKa§ 7:_ ?Bc X_N_a ;:cD EDGED IKHcJBcHc
H7IJ =cB?D?H Lc EDB7H =;HXcA:cD ?DI7DB7H_D >?C7OcX?BH? A?C? X_N_a ;:?HBcH UPZ :c 8K
>7B JcA9c PcH87O97D D7[_BB7HD:7 :;O?B .ZHA?Oc:cD JEFB7DC_a D7[_BB7H:7 :7 =;D?a
O7O_BC_a:H PcH87O97D D7[_BB7H_ BB 9 Ic> BBB 9 Ic>
.ZHA C7I7BB7H_ B A?J7F Ic> BB A?J7F Ic> .ZHA
PcH87O97D JZHABcH?Dc 7?: 7a7[_:7A_ C?< :c 8YOZA C7H7G :E[KHKH
7@ 5T< 7/2[/6Y 0SFT5T D/@ &C[:/@Y< 2/
5]@]9 >/2[/6Y =:AC< TBT< ?C[2/@Y FYUY0 23F7@ 97 6/ FCE/@Y ?/:EA/
=/2[/6 ?=F/1YF/; &C[2/@ @/GY =:C@ *PC::/@ /<1/E ?/@B/: 6/;YAY<
6T<2T@] CPC@ C 2];2] 7
?C[C PYE2Y :/> FCE/@Y C[2C Y]@B =:2C:/@ 97 0Y<
>/2[/6 PYE;/G
W FCE/@Y C[2C< /<1/E 9]:]F7<]<
$[Y@/; $/2[/6 ?=F/1YF/;
3B ;]<] 3:] 07@ PS> 5]B7@ 97 <] ]F@7 =:AC< <] 2] 2TG
3F7::]@ 97 1Y@B 1Y@B ?C[C = D/EB2/< 6];7[] 9=::C?2/ 5]G7@ 6];7< PS>T
/EB/@Y@ /<1/E B/>/;;Y@ &/@B/: 7A] ?C[:/@Y< >/2[/6Y =:C@ PcH87O97D C?CcJDBcH? I
.ZHA E 9ZCBc:cD PcH87O97D "KC7O:_H K GKa:7D IYP 7X7D U=cB 8?B:?H?H
¦ K GKaKD 7:_ cZC7 >KC7O GKaKDKD 7:_D:7D =cB?H KDKDB7
8cH78cH 8K 7: ?D:? CYL9K: EB7D GKaB7H7 :7 L;H?BC?a:?H 'cIcBcD >KC7 Lc O7 >ZC7
%H_C:7 cD O7Na_ 9?DI G7HJ7BB7H:7D 8?H?Dc L;H?BcD 7::_H K GKaKD 7:_ G_H[_P
Bc>9cI?D:c AKC7O EBCKa:KH +_H[_PB7H LKBJKH?:; DYLZDZD cD 8YOZA 9?DI?Dc AKC7O
:;O?HBcH K 7[8787 9?DI?D:cD EB7D G7H GKaK :7 :;O?BcD 8YOZA 8?H G7HJ7B:_H§ U=;B
I
OD? CYLPKO7 c>BKB 8:KBB7 :7 CZH79?cJ ;JC?a Lc ¦%?J78? c:c
+EHGK:§:7A_ GKa E8H7PB7H_D:7D IYP 7XC_a:_H 8:KBB7
'YLPKCKP 87N_C_D:7D 7a7[_:7A_ BJ7O cI7J?H?D:c IYOBcD?BcDBcH :c 8YOZA
C7H7G AcI8 ;:?H
K=E 0SFT9 07@ E/< D/@2Y P=E P=E ]A97 P/U:/@2/
-/[/@2Y 6S9;2/@2Y :B/F2/9Y 2/U:/@2/
C E/
$
,/
b&YGY ;]<] D3@c 23F] /U:/;Y[ F/:D/@/@/?
,/< @/GY =:;C[ 4]?]B =U:/
]: 97 E/
,/< =U:/
b7:7@A]<;7 /@C?/ ;T?]22]A 07@ ?/@B/:2Y@
]2]<7 P=E 0SFT92T@ BT9:]@7 A/<97 0C2/?2Y@
3270 0C ?/@B/:Y B/> BT9T<2]< 5]B7@ ;]<]
$ G/;/< 2T[T<;]2]< ?YGY D3@]@]@< A]<]c
]<1 /:;Y[ F/@/UY
