;SGNPNW\ @SPXWNSRV KSU 6IXHFWNSR
196? D@>6@?6 >6?E:@?D `>@3:=:EJ` @C `>@3:=6
4@>>F?:42E:@?D`e H92E 5@ J@F E9:?< @7u {EaD
2 72:C=J 3C@25 E6C>:?@=@8Jg -@ H92E 5@6D E92E
C62==J >62?u 192E E649?@=@8:6D 2C6 H6
E2=<:?8 23@FEu .96C6 2C6 EH@ EJA6D @7 D@=FE:@?D
E92E 4@?EC:3FE6 E@ >@3:=6 4@>>F?:42E:@?D f
E9@D6 E92E 6?23=6 >@3:=:EJe E92E 2==@H G@:46
2?5 52E2 56G:46D E@ 36 4@?E:?F@FD=J 2G2:=23=6
2?5 @A6C2E:G6 H9:=6 >@G:?8 2C@F?5 E96
42>AFDt 2?5 E9@D6 E92E DFAA@CE >@3:=6
4@>>F?:42E:@?D 2?5 :>AC@G6 :?5:G:5F2=
AC@5F4E:G:EJ :? 2 >@3:=6 6?G:C@?>6?Eg
@SPXWNSRV AMFW 6RFGPJ
;SGNPNW\
CSNHJ FRI 5FWF SYJU DNUJPJVV :2<
}@3:=6 92?5D6ED 6?23=6 DE277 E@ >@G6
2C@F?5 E96 42>AFD H9:=6 C6>2:? 2446DD:3=6g
{E :>AC@G6D AC@5F4E:G:EJ @7 @A6C2E:@?De 7@@5
D6CG:46De vh0 2?5 4@?76C6?46 >2?286>6?E
DE277 3J 6?23=:?8 E96> E@ 36 4@?E24E23=6
H:E9:? E96 42>AFD H9:=6 E96J 2C6 A6C7@C>:?8
4C:E:42= 7F?4E:@?D 2H2J 7C@> E96:C 56D<Dg
*G6C2== AC@5F4E:G:EJ :D :>AC@G65 3J C65F4:?8
A9@?6 E28e @G6C9625 A28:?8e @C E96 ?665 E@
A9JD:42==J D62C49 7@C 2 A6CD@?g .6IE
>6DD28:?8 2?5 AFD9fE@fE2=< 7F?4E:@?2=:E:6D
255 36?67:ED 3J A6C>:EE:?8 3@E9 BF:6Ee 5:D4C66E
>6DD286D 2?5 BF:4<e 2EE6?E:@?f8C233:?8
4@>>F?:42E:@?Dg
2A 2 7:2<46
;SGNPNW\ 6RFGPNRL @SPXWNSRV
] CSNHJ FRI 5FWF SYJU DNUJPJVV
:2<
] 6[TFRIJI D:2< HSYJUFLJ
] 8FRIV-KUJJ 4SQQXRNHFWNSR
3FILJV
] :SHFWNSR 2ZFUJ @JUYNHJV
] ;SGNPJ CSNHJ FRI 5FWF BRNW
SU ;SGNPJ DNUJPJVV :2<
;SGNPJ 4SQQXRNHFWNSRV
@XTTSUWNRL @SPXWNSRV
] BRNKNJI 4SQQXRNHFWNSRV ,
>UJVJRHJ ;FRFLJQJRW
] @SKW-TMSRJ
] AMNR 4PNJRW
6[TFRIJI D:2< 4SYJUFLJ
}6D9 ?6EH@C<:?8 2?5 @FE5@@C v446DD
+@:?ED bv+Dc 6?23=6 E96 42>AFD ?6EH@C< E@
4@G6C @FE5@@C DA246D 2?5 6IA2?5 :?5@@C
4@G6C286 H:E9 >:?:>2= :?7C2DECF4EFC6
C6BF:C6>6?EDg yIE6?5:?8 ?6EH@C< 4@G6C286
24C@DD E96 42>AFD AC@G:56D DEF56?EDe
E62496CD 2?5 DE277 E96 23:=:EJ E@ 2446DD
C6D@FC46D 7C@> 2?J 42>AFD =@42E:@?g
-EF56?ED 2C6 23=6 E@ DEF5J @? E96 =2H?e
E62496CD 42? >66E @G6C 4@7766g v?5
DE277 >6>36CD 2C6 23=6 E@ >2<6 4@?G6CD2E:@?D
2D E96J H2=< 24C@DD E96 42>AFDg }6D9 v+D
:? @FE5@@C DA246D 42? 2=D@ 36 FD65 E@ 255
1|v~ 4@G6C286 E@ 25;246?E 724:=:E:6Dg
8FRIV-KUJJ 4SQQXRNHFWNSR
3FILJV
162C23=6 92?5Df7C66 4@>>F?:42E:@?
32586D 2C6 G@:46f24E:G2E65 E6=6A9@?6
56G:46D E92E 2==@H 724F=EJ 2?5 DE277 E@
4@>>F?:42E6 H:E9@FE :?E6CCFAE:?8 E96:C
4FCC6?E 24E:G:E:6Dg 1:E9 D:>A=6 G@:46
4@>>2?5De :?5:G:5F2=D 42? A=246 2?5
C646:G6 42==D 3J DA62<:?8 ?2>6De 8C@FAD @C
56A2CE>6?EDe 6DE23=:D9 2 4@?76C6?46 42==
2?5 EC2?D76C @C 7@CH2C5 42==Dg 0@:46 @C E6IE
>6DD286D 42? 36 3C@2542DE65 E@ :?5:G:5F2=D
@C 8C@FAD FD:?8 E96 DJDE6>aD D@7EH2C6g
.9:D 42A23:=:EJ 6?23=6D =:3C2CJ DE277 H9@ C646:G6
2 C6D62C49 C6BF6DE E@ >@G6 2C@F?5 E96 =:3C2CJ
E@ 2446DD C6D@FC46D H9:=6 4@?E:?F:?8 E96
4@?G6CD2E:@? H:E9 E96 42==6Cg *A6C2E:@?D 2?5
96=A56D< A6CD@??6= 42? DE2J :? 4@?E24E
H:E9 E649?:42= C6D@FC46D H9:=6 =62G:?8 E96:C
92?5D 7C66 E@ H@C< H:E9 2AA=:42E:@?D @C E@@=D
2?5 A2CEDg
:SHFWNSR 2ZFUJ @JUYNHJV
|@42E:@? 2H2C6 D6CG:46D DF49 2D ,z{x 92G6
>F=E:A=6 FD6D 2C@F?5 E96 42>AFDs vDD6E
EC24<:?8 H:E9 ,z{x 2DDFC6D E92E D92C65
=23@C2E@CJ 6BF:A>6?E :D 2G2:=23=6 H96?
?66565g 1:E9 >@?:E@C:?8e E96 42>AFD 42?
2=D@ 4FE 5@H? =@DD6D 67764E:G6=J 5F6 E@
E967E @C >:DA=246>6?Eg ,z{x E28D 42? 36
FD65 2D D64FC6 {x 32586D :?4=F5:?8
4@?EC@==:?8 2446DD E@ 42>AFD 724:=:E:6Dg
{?E68C2E65 A2?:4 3FEE@?D 2==@H E96 H62C6C
E@ DF>>@? 96=A H96? ?66565g
762EFC6D 2?5 7F?4E:@?2=:E:6D 42? 36
2446DD65 7C@> 2?JH96C6e AC@G:5:?8
4@?E:?F:EJ @7 DEF56?Ee E62496C 2?5 DE277
4@>>F?:42E:@?Dg w2>AFD C@25fH2CC:@CDe
DF49 2D C64CF:E6CD 2?5 42C66C D6CG:46D DE277e
42? FD6 2 D@7EfA9@?6 2D E96:C AC:>2CJ
42>AFD A9@?6 H9:49 6?DFC6D E92E 42==D C6249
E96> H96C6G6C E96J 2C6g v3@G6 2==e E96J 92G6
2446DD E@ 2== E96 762EFC6D 2?5 7F?4E:@?D @7
2 EJA:42= 56D< A9@?6g
;SGNPJ CSNHJ FRI 5FWF BRNW SU
;SGNPJ DNUJPJVV :2<
y?E:C6 4=2DD6D 42? 36 >256 >@3:=6g v
}@3:=6 0@:46 2?5 x2E2 /?:E b}0x/c @C 2
}@3:=6 1:C6=6DD |v~ b}1|v~c 6?23=6D
DEF56?ED A2CE:4:A2E:?8 :? 2 7:6=5 C6D62C49
AC@;64E E@ 4@==23@C2E6 @?fD:E6t 4@==64Ee 2?2=JK6
2?5 42E2=@8 52E2t 2?5 C6>2:? :? 4@?E24E G:2
D2E6==:E6 @? E96 42>AFDg {?DECF4E@CD :? E96
7:6=5 42? >2<6 2? 2AA62C2?46 :? 42>AFD
4=2DDC@@>D H:E9 DEC62>:?8 G:56@g .96 }0x/
@C }1|v~ 42? 2=D@ AC@G:56 2? 25f9@4
?6EH@C< E@ 4@G6C DA64:2= 42>AFD 6G6?ED @C
5FC:?8 4C:E:42= D:EF2E:@?D H96? E96 42>AFD
?6EH@C< :D ?@E 2G2:=23=6g
@SPXWNSRV AMFW @XTTSUW
;SGNPJ 4SQQXRNHFWNSRV
BRNKNJI 4SQQXRNHFWNSRV ,
>UJVJRHJ ;FRFLJQJRW
/?:7:65 w@>>F?:42E:@?D D@=FE:@?D :>AC@G6
3@E9 :?E6C?2= 2?5 6IE6C?2= 4@>>F?:42E:@?De
6?DFC:?8 D>@@E9 CF??:?8 @7 2? 6?E:C6
42>AFDg w@>>F?:42E:@?D +@CE2= FD6D
AC6D6?46 >2?286>6?E 2?5 42==6C AC:@C:EJ
E@ 2DDFC6 E92E E96 >@DE :>A@CE2?E
4@>>F?:42E:@?D C6249 724F=EJ 2?5 DE277 :?
2?J =@42E:@?g /?:7:65 }6DD28:?8 AC@G:56D
BF:4< 2?5 62DJ C6>@E6 2446DD E@ G@:46e 72I
2?5 6>2:= >6DD286D 7C@> 2 +we E6=6A9@?6
@C E96 {?E6C?6E f H9:496G6C :D >@DE 4@?G6?:6?Eg
+C@76DD@CD >2?28:?8 C6D62C49 8C@FAD 42?
FD6 AC6D6?46 :?7@C>2E:@? E@ <?@H H96?
5@4E@C2= 42?5:52E6De A@DEf5@4D 2?5
C6D62C49 76==@HD 2C6 2G2:=23=6 E@ >66E
36EH66? 4=2DD6De 5FC:?8 @C 27E6C @77:46 9@FCDg
AMNR 4PNJRW
~ywaD 0:CEF2= +w w6?E6C b0+wwc :D 2 =625:?8
E9:? 4=:6?E D@=FE:@? E92E AC@G:56D 2 D64FC6
4@>AFE:?8 A=2E7@C> 7@C 65F42E:@? 2AA=:42E:@?D
H:E9 D:8?:7:42?E >F=E:>65:2 42A23:=:E:6Dg 1:E9
0+wwe DEF56?ED 42? 2446DD 2AA=:42E:@?D
D64FC6=J 7C@> E96 4=2DDC@@>
@C 7C@> @E96C DEF5J =@42E:@?D H:E9 42>AFD
?6EH@C< 2446DDg {?DE2==:?8 E9:? 4=:6?E :? E96
4=2DDC@@> AC@G:56D E96 36?67:E @7 2
<:?6DE96E:4 =62C?:?8 6IA6C:6?46 7@C DEF56?Ef
32D65 2AA=:42E:@?D @C D:>F=2E:@?De H9:=6
:>AC@G:?8 ?6EH@C< D64FC:EJ 2?5 AC6G6?E:?8
DEF56?ED 7C@> FD:?8 =2AE@AD E@ 492E H:E9
7C:6?5D @C 3C@HD6 E96 {?E6C?6E :? 4=2DDg .9:?
4=:6?ED 42? 36 2 4@DEf67764E:G6 4@>AFE6C =23g
.96 0+ww 2=D@ AC@G:56D :?E68C2E:@? H:E9
0@:46 @G6C {+ b0@{+c E6=6A9@?6 DJDE6>D E@
@776C >@3:=:EJ E@ DE277 H:E9 A9@?6 6IE6?D:@?Dg
.96 :>A=6>6?E2E:@? @7 2 H:C6=6DD ?6EH@C< @?
42>AFD @776CD >F49 >@C6 E92? ;FDE 32D:4
52E2 4@??64E:G:EJg vD J@F 42? D66e :E 2=D@
AC@G:56D 6?92?465 4@>>F?:42E:@?D E@
6?23=6 DEF56?EDe E62496CD 2?5 DE277 E@
36 AC@5F4E:G6 2?JH96C6 @? E96 42>AFDg
@SKW-TMSRJ
v D@7EfA9@?6 EFC?D 2?J =2AE@A :?E@ 2 G6CD2E:=6
>@3:=6 56D< A9@?6g .9C@F89 2?J 9:89fDA665
{?E6C?6E 2446DDe E96 D2>6 4@>>F?:42E:@?
.@ =62C? >@C6e G:D:E HHHg?64g4@>gD8
<64 @9<72>=?6
<64 ;2:2E@92
<64 A829:2<5
.s don okpq jqjq
.s doi l kjpq loii
.s doo k knr jjrk
HHHg?64g4@>gD8 HHHg?64>2=2JD:2g4@>g>J HHHg?64g4@gE9
Lkiiq ~yw w@CA@C2E:@?g v== C:89ED C6D6CG65g ~yw 2?5 ~yw =@8@ 2C6 C68:DE6C65
EC256>2C<D @C EC256>2C<D C6DA64E:G6=Jg +=62D6 C676C E@ J@FC =@42= ~yw C6AC6D6?E2E:G6D
7@C 7FCE96C 56E2:=Dg M Gipgiq
<64 >89:9>>9<6@
.s dol k qmq omii
HHHg?64g4@>gA9
<64 9<5=<6@92
<64 9<592
<64 C96A<2;
.s dok kj nki jkjn .s drj jj monp iiii .s dqm m rll lnqn
HHHg?64g4@g:5
HHHg?64:?5:2g:?
HHHg?64DGg4@>