Here - The Siragusa Foundation

Transcription

Here - The Siragusa Foundation
B63A7@/5CA/4=C<2/B7=<
B63A7@/5CA/4=C<2/B7=<
% / < < C / : @ 3 > = @ B
bSZ ! %##$"
TOf! %##$'
eeeaW`OUcaO]`U
%/<<C/:@3>=@B
=\S3OabEOQYS`2`WdS
AcWbS '
1VWQOU]7:$$
³:SbbS`T`][bVS>`SaWRS\b
"³BS\GSO`aBS\;WZSab]\Sa
$³B`WPcbSb]5S]`US32`WaQ]ZZ
&³>`]U`O[a7\b`]RcQbW]\
$³ %5`O\b6WUVZWUVba
&³/`ba1cZbc`S
! ³3RcQObW]\
""³3\dW`]\[S\b
# ³6SOZbVAS`dWQSa;SRWQOZ@SaSO`QV
$ ³6c[O\AS`dWQSa
&³0]O`RRW`SQbSR5`O\ba
& ³ %5`O\bAc[[O`g
&$³4W\O\QWOZAbObS[S\ba
&&³5`O\b[OYW\U5cWRSZW\Sa
&'³4]c\RObW]\2W`SQb]`aO\RAbOTT
0]O`R]T2W`SQb]`a
AbOTT
/QY\]eZSRUS[S\ba
;`@WQVO`R2AW`OUcaO
7`S\SA>VSZ^a
23A75<8Oa]\;Q9SO\
16/7@;/<
>@3A723<B
;`8]V\36WQYa8`
AVO`[WZO@O]BVOYYO`
D71316/7@;/<
A3<7=@@=5@/;=44713@
;aAW\QZOW`1AW`OUcaO
9`WabS\;0cS`abS`
A31@3B/@G
/2;7<7AB@/B7D3
;a8S\\WTS`76WQYa
/AA7AB/<BA31@3B/@G
;`8O[Sa2c`YO\
;`;SZdg\6AQV\SWRS`
;`/ZSfO\RS`1AW`OUcaO
/AA7AB/<B5@/<BA
/2;7<7AB@/B=@
>6=B=5@/>6G9SdW\<Sbh
;WR1]OabAbcRW]
^OUSa&! # $ )
EOg\S5c\\^OUS"")
ORRWbW]\OZ^V]b]U`O^Vg
Q]c`bSagdO`W]caU`O\bSSa
>@7<B7<58]V\0`\QWQV
>S]^ZSa5`O^VWQa
A>317/:B6/<9A1O`]Z
2O\USZ[OXS`/\\S
>ObbS`a]\O\R2]`]bVSS
@]gOZ6SRW\US`
;`8]V\@AW`OUcaO777
;`a@]aa2AW`OUcaO
;`@]aa2AW`OUcaO777
;`8O[Sa0EWZa]\
;`5S]`US32`WaQ]ZZ
RSQSOaSR
27@31B=@3;3@7BCA
B67A@3>=@B7A>@7<B32=<@31G1:32>/>3@
µ5WdW\UPOQYWa^O`b]TPSW\UacQQSaaTcZBV`]cUVbVWaT]c\RObW]\eSeWZZS\`WQVO\R
S\VO\QSbVSZWdSa]T]bVS`aPgTc\RW\U^`]U`O[abVObVSZ^^S]^ZSVSZ^bVS[aSZdSa¶
@=AA2A7@/5CA/
=c`;WaaW]\
BVSAW`OUcaO4]c\RObW]\SabOPZWaVSRW\'#Pg@]aa2AW`OUcaOWaO^`WdObSTO[WZg
T]c\RObW]\bVObWaQ][[WbbSRb]V]\]`W\UWbaT]c\RS`PgacabOW\W\UO\RRSdSZ]^W\U
1VWQOU]¸aSfb`O]`RW\O`g\]\^`]¿b`Sa]c`QSa
5]dS`\SRb]ROgPgVWaac`dWdW\Ua^]caSVWaRSaQS\RO\baO\R\]\TO[WZgP]O`R[S[PS`a
bVST]c\RObW]\ac^^]`baQVO`WbOPZS]`UO\WhObW]\abVOb`SÀSQbbVST]c\RS`¸a
a^SQWOZW\bS`SabaW\O`baQcZbc`SSRcQObW]\bVSS\dW`]\[S\bVSOZbVaS`dWQSa[SRWQOZ
`SaSO`QVO\RVc[O\aS`dWQSaBV`]cUVbVSaS¿dS^`]U`O[O`SOabVST]c\RObW]\Tc\Ra
]`UO\WhObW]\aO\R^`]XSQbabVOb^`]dWRSaS`dWQSab]^]^cZObW]\aeWbVRS¿\SR\SSRaeWbV
bVScZbW[ObSU]OZ]TW[^`]dW\UbVS_cOZWbg]TZWTST]`^S]^ZSZWdW\UW\bVS[Sb`]^]ZWbO\
1VWQOU]O`SO
=c`DWaW]\
BVSAW`OUcaO4]c\RObW]\ab`WdSab]W[^`]dSbVS_cOZWbg]TZWTST]`^S]^ZSZWdW\UW\bVS
[Sb`]^]ZWbO\1VWQOU]O`SOESOW[b]R]a]PgTc\RW\U^`]XSQbaO\R^`]U`O[abVObVSZ^
QO`ST]`bV]aSW\\SSROaeSZZOa\c`bc`SbVSS\dW`]\[S\baW\eVWQVbVSgZWdSe]`YO\R
^ZOg0cWZRW\U]\T]c\RS`@]aa2AW`OUcaO¸aQ][^OaaW]\O\RUS\S`]aWbgbVST]c\RObW]\
PSZWSdSaW\e]`YW\UW\^O`b\S`aVW^eWbV]`UO\WhObW]\aQ][[c\WbWSaO\R]bVS`^VWZO\
bV`]^WQS\bWbWSab]Q]\\SQb^S]^ZSeWbV^S]^ZSS\UOUS^S]^ZSW\WaacSaO\RP`WRUS
^S]^ZSb]aS`dWQSa´OZZeWbVbVS^c`^]aS]TTcZ¿ZZW\UbVSW`POaWQ\SSRaS\VO\QW\UbVSW`
ZWdSaO\RT]abS`W\UOaS\aS]TQ][[c\Wbg
:SbbS`T`][bVS>`SaWRS\b
7`S\SA>VSZ^a
BVS^OabRSQORSVOaPSS\]\S]T[cQVU`]ebV
O\RRSdSZ]^[S\bT]`BVSAW`OUcaO4]c\RObW]\
4`][ORRW\UabOTTb]SabOPZWaVW\U\Se^]ZWQWSa
O\R^`]QSRc`Sab]W\Q`SOaW\UWbaUWdW\UbVS
T]c\RObW]\VOab`O\aT]`[SRWba]^S`ObW]\a/b
bVSaO[SbW[S]c`U`O\bSSaVOdSb`O\aT]`[SR
bVSZWdSa]TbVS^S]^ZSbVSgaS`dSESO`S^`]cR
b]PSbVSW`^O`b\S`aW\P`W\UW\UOP]cbQVO\US
4]`]c` %O\\cOZ`S^]`beSVWUV
ZWUVbbS\gSO`a]TU`O\b[OYW\U´ORSQORS
]T]\U]W\UO\RW\\]dObWdS^`]U`O[a
OW[SRObS\VO\QW\UbVS_cOZWbg]TZWTST]`
W\RWdWRcOZaO\RQ][[c\WbWSaO\RObW[S
]T[O`YSRU`]ebVT]`bVST]c\RObW]\W\
O\SdS`QVOZZS\UW\USQ]\][WQO\R
`SUcZOb]`gS\dW`]\[S\b
ESZ]]YPOQYO\R`SÀSQbc^]\eVS`S
eSVOdSQ][SO\RV]e]c`U`O\baVOdS
QVO\USRbV]aSeSac^^]`bBV]cUVO
`SZObWdSZga[OZZT]c\RObW]\eSQ]\bW\cS
b]OaY]c`aSZdSaµ/`SeS[OYW\UO\
W[^OQb-¶ESZZ]c`U`O\bSSaO\aeS`bVOb
_cSabW]\PSabBVSgVOdSb`O\aT]`[SR
ZWdSaQVO\USRbVSW`Q][[c\WbWSaO\R
ab`S\UbVS\SRbVSW`]e\W\abWbcbW]\ab]
PSbbS`aS`dSbVSW`QZWS\ba7\SOQV]T]c`
¿dSTc\RW\UQObSU]`WSaeSVOdSVWUVZWUVb
SRbe]\]\^`]¿baeV]aSSfb`O]`RW\O`g
e]`YVOaVOROaWU\W¿QO\bSTTSQb]\bVS
ZWdSa]T]bVS`a
!
BVST]c\RObW]\VOaOZa]U`]e\7b
VOaSd]ZdSRT`][Tc\RW\U]\Wba]e\b]
PSQ][SOQ]ZZOP]`ObWdS[S[PS`]TbVS
^VWZO\bV`]^WQQ][[c\WbgBVSaS^O`b\S`
aVW^aO\RQ]\\SQbW]\aP]bVab`S\UbVS\
bVST]c\RObW]\O\RW\a^W`Scab][SSb
bVSQVO\UW\U\SSRa]TbVSQ][[c\WbWSa
]c`U`O\bSSaaS`dSESVOdSOZWU\SR]c`
U]dS`\O\QS^]ZWQWSaeWbVPSab^`OQbWQSaW\
bVS¿SZRO\RVOdSb`WSRb]PSOa]^S\O\R
OQQSaaWPZSOa^]aaWPZSESPSZWSdSbVWaWa
bVS]\ZgeOgb]PSSTTSQbWdSW\]c`e]`Y
BS\gSO`aOU]bVS\SfbUS\S`ObW]\eOa
[W\W[OZZgW\d]ZdSRW\bVSOQbWdWbg]TbVS
T]c\RObW]\<]eP]bVbVW`RO\RT]c`bV
US\S`ObW]\TO[WZg[S[PS`aaWb]\bVS
P]O`RO\Rb]USbVS`eSVOdS`SOT¿`[SR
bVSdWaW]\]T]c`T]c\RS`B]^`S^O`SbVS
g]c\USabTO[WZg[S[PS`aeSVOdSQ`S
ObSRO^`]U`O[bVObbSOQVSabVS[OP]cb
^VWZO\bV`]^gO\RbVSe]`Y]T]c`U`O\b
SSaBVSgU]]\aWbSdWaWba`SdWSe^`]^]a
OZaRW`SQbSRb]bVSW`W\bS`SabaO\Rd]WQS
bVSW`]^W\W]\aObP]O`R[SSbW\UaORRW\U
O\Se^S`a^SQbWdSb]]c`RSQWaW]\[OYW\U
ESO`SOZa]^`]cR]T]c`a]c\R
¿\O\QWOZabSeO`RaVW^eVWQVWaQ`WbWQOZ
T]`bVST]c\RObW]\b][]dSab`]\UZgW\b]
bVSTcbc`SO\Rb]Q]\bW\cSb]c^V]ZR]c`
[WaaW]\=dS`bVS^OabbS\gSO`aeSVOdS
[ORS\SO`Zg ![WZZW]\W\U`O\baBVWa
`S^`SaS\ba&%^S`QS\b]T]c`W\WbWOZQO^W
bOZPOaS]T $"" %$ ObbVSabO`b]T
&2c`W\UbVWa^S`W]RbVST]c\RObW]\
ac`dWdSR]\S]TbVSZO`USabUZ]POZS_cWbg
[O`YSbR`OeR]e\aaW\QSE]`ZREO`777\
a^WbS]TbVWaeSS\RbVSRSQORS]TU`O\b
[OYW\UeWbVOPOZO\QS]T!# &'&!
OTbS`OZZTSSa]^S`ObW\USf^S\aSaO\R
U`O\baBVWa`S^`SaS\baO`Sbc`\Q][[S\
ac`ObSeWbVbVS`ObS]TW\ÀObW]\]dS`bVWa
^S`W]RbVca^`SaS`dW\UbVSTcbc`Sa^S\R
W\U^]eS`]TbVST]c\RObW]\
ESY\]ebVSgSO`aOVSOReWZZP`W\URWT
TS`S\bQVOZZS\USaO\R]^^]`bc\WbWSaT]`
P]bVbVST]c\RObW]\O\R]c`U`O\bSSaES
S\bS`bVWa\SfbRSQORSY\]eW\UbVObeS
`S[OW\Q]\\SQbSRb]]c``]]baeVWZS
T]`UW\U\Se^ObVab][SSbbVSQc``S\b
O\R^`SaaW\U\SSRa]TbVSQ][[c\WbWSa
eSac^^]`b
7`S\SA>VSZ^a
>@3A723<B
"
BS\GSO`aBS\;WZSab]\Sa
EVWZSbVWa`S^]`bc\dSWZabVSb`O\aT]`[ObW]\abVOb
bVSU`O\bSSaO\RQ][[c\WbWSaeSac^^]`bVOdS
Sf^S`WS\QSRbVST]c\RObW]\¸ab`O\aT]`[ObW]\]dS`
bVS^OabbS\gSO`aWaOZa]\]bOPZS6S`SO`SO
TSeYSgVWUVZWUVba
/>@7:''%4]c\RObW]\
VW`SaWba¿`ab3fSQcbWdS
2W`SQb]`´7`S\SA>VSZ^a
U`O\RROcUVbS`]TT]c\RS`
@]aa2AW`OUcaO
;/G'''0]O`R^ZSRU
Sa[WZZW]\b]\W\SO`SO
]`UO\WhObW]\a´$[WZZW]\
b]1VWZR`S\¸a;S[]`WOZ
6]a^WbOZO\R#
b]SOQV]TSWUVb]bVS`
W\abWbcbW]\a(BVS/RZS`
>ZO\SbO`Wc[
O\R/ab`]\][g;caSc[
BVS/`b7\abWbcbS]T1VW
QOU]BVS1`ORZSBVS
4WSZR;caSc[8]V\5
AVSRR/_cO`Wc[:W\Q]Z\
>O`YH]]BVS<SePS``g
:WP`O`gO\R<]`bVeSabS`\
;S[]`WOZ6]a^WbOZ
!
;/G''';]\]U`O^V
bVObQ][[S[]`ObSabVS
ZWTSO\RQ]\b`WPcbW]\a]T
T]c\RS`@]aa2AW`OUcaO
Wa^cPZWaVSR
"
<=D3;03@'''
4]c\RObW]\V]\]`SROa
>VWZO\bV`]^Wab]TbVSGSO`
PgbVS<ObW]\OZA]QWSbg]T
4c\R@OWaW\U3fSQcbWdSa
<A4@3
#
;/@16 BVS
AW`OUcaO4]c\RObW]\ESP
aWbSWaQ`SObSRb]S\VO\QS
bVST]c\RObW]\¸aQ][
[c\WQObW]\eWbVU`O\bSSa
O\RbVSQ][[c\Wbg
#
$;/G 4]c\RObW]\
&<=D3;03@ "
eW\abVSU]ZROeO`RT]`
WbaESPaWbST`][bVS
1]c\QWZ]\4]c\RObW]\¸a
EWZ[S`AVWSZRa@WQV
/eO`RaT]`3fQSZZS\QSW\
1][[c\WQObW]\a
4]c\RObW]\c^RObSaPg
ZOeab]Q`SObSO[]`ST]`
[OZQ][[WbbSSab`cQbc`S
O\Rd]bW\U^`]QSaa;OX]`
RWaQcaaW]\a`SUO`RW\U
ab`ObSUgO\RUWdW\UPSUW\
%
<=D3;03@ 7\WbWObSP]O`RO\RTO[WZg
aWbSdWaWbab]PSbbS`
TO[WZWO`WhSbVS[eWbV
U`O\bSS^`]U`O[a
'
<=D3;03@ $
4]c\RObW]\¸aT]c`bVUS\
S`ObW]\TO[WZg[S[PS`a
[SSbT]`[OZZgOaOU`]c^
T]`bVS¿`abbW[SO\R
`SQ][[S\ROU`O\bT]`
O^^`]dOZb]bVSP]O`R
8C<3 %4]c\RO
bW]\Q]ZZOP]`ObSaeWbVO
U`O\bSSb]V]abbVS¿`ab
]TOaS`WSa]TSRcQObW]\
aSaaW]\aT]`T]c\RObW]\
U`O\bSSaB]^WQ(?cOZWbg
>S`T]`[O\QS;SOac`S
[S\bO\R3dOZcObW]\
/ZZ]eaU`O\bSSab]UObVS`
b]USbVS`aVO`S`Sa]c`QSa
O\RZSO`\T`][O\Sf^S`b
W\bVS¿SZR
$
5S]`US32`WaQ]ZZ
'& $
7bWaeWbVU`SObaOR\SaabVObbVSAW`OUcaOTO[WZg
`SQ]U\WhSabVSZ]aa]TWbaT`WS\R5S]`US32`WaQ]ZZ
eV]^OaaSROeOg]\2SQS[PS` $ $
7\d]ZdSReWbVbVSAW`OUcaOTO[WZgPcaW
\SaaO\RT]c\RObW]\T`][bVSSO`ZWSab
ROga2`WaQ]ZZeOaOZ]gOZS[^Z]gSS]T
bVS/R[W`OZ1]`^]`ObW]\T]`! gSO`a
6SX]W\SRbVSQ][^O\gW\AS^bS[PS`
'!$OaOb`OQYS`]\bVS`ORW]ZW\S6S
bVS\[]dSRW\b]bVSQ]abRS^O`b[S\bW\
8O\cO`g'"PSQO[SOQS`bW¿SR^cPZWQ
OQQ]c\bO\bbe]gSO`aZObS`O\R]PbOW\SR
VWaPOQVSZ]`]TQ][[S`QSRSU`SST`][
:]g]ZOC\WdS`aWbgW\'"#2`WaQ]ZZeOa
SZSQbSRaSQ`SbO`g]T/R[W`OZW\'"'O\R
Oaac[SRbVSORRWbW]\OZRcbWSa]Tb`SO
ac`S`W\'#&eVS\VSeOaSZSQbSRb]
bVSP]O`R]TRW`SQb]`a6SeOaSZSQbSR
dWQS^`SaWRS\b]T¿\O\QSW\'$$O\RPS
QO[SOaaWabO\bb]bVS^`SaWRS\bW\SO`Zg
'$&BVS`SOTbS`VSaS`dSROaOQ]\acZ
bO\bO\R¿\O\QWOZQ]\¿RO\bSb]/R[W`OZ
1]`^]`ObW]\O\RAW`OUcaO4]c\RObW]\
T]c\RS`@]aa2AW`OUcaO
2`WaQ]ZZaS`dSROaORW`SQb]`]\bVS
P]O`R]TbVST]c\RObW]\T]`\SO`Zg gSO`aabOgW\U]\b]VSZ^UcWRSbVS
T]c\RObW]\¸a[OX]`UWTbab]W\abWbcbW]\aW\
1VWQOU]O\Rb]VSZ^S\ac`SbVST]c\RO
bW]\V]\]`SRVWaZ]\UbW[SQ]ZZSOUcSO\R
T`WS\R¸aPS_cSab
%
/[]RSab[O\eV]^`STS``SRb]e]`Y
_cWSbZgPSVW\RbVSaQS\Sa2`WaQ]ZZeOa
W\d]ZdSReWbV[O\g\]\^`]¿bO\R
Q][[c\WbgW\WbWObWdSaac^^]`bW\U
`SZWUW]caVSOZbVSRcQObW]\O\R[W\]`Wbg
]`UO\WhObW]\a6SOZa]aS`dSROaO[S\b]`
b]Q]c\bZSaag]c\U^S]^ZSW\ab`c[S\bOZ
W\aVO^W\UbVSW`PcaW\SaaQO`SS`a
/Z]\UbW[SVO[`ORW]]^S`Ob]`
2`WaQ]ZZVORbVSQOZZZSbbS`a]TE'@63
O\RPSQOcaSVSeOaO\OdWRPOaSPOZZ
TO\VWaQOZZZSbbS`aT`S_cS\bZgb]]Y]\bVS
WRS\bW¿QObW]\]Tµ`c\aVWbaS``]`a¶
1]ZZSOUcSaT`WS\RaO\RTO[WZgRSaQ`WPS
2`WaQ]ZZOaRSRWQObSRO\RT]QcaSRW\
OZZVWaS\RSOd]`aOUS\bZS[O\]TU`SOb
W\bSU`WbgeWbVOe`gaS\aS]TVc[]`6S
eOa^OaaW]\ObSOP]cbVWae]`Ya^]`ba
O\RVWaT`WS\RaO\RTO[WZgeS`SOZeOga
RSO`b]VWaVSO`b
2`WaQ]ZZWaac`dWdSRPgVWaeWTS/RSZS
QVWZR`S\2]\\O8]O\2O\WSZO\R
@]PS`bO\RU`O\RQVWZR`S\O\RVWa
P`]bVS`8]V\
5S]`US2`WaQ]ZZeOaOdS`ga^SQWOZ
^S`a]\O\RbVSAW`OUcaO4]c\RObW]\
O\RTO[WZgQ][[S[]`ObSVWa[O\g
Q]\b`WPcbW]\a
6]eR]eS
[OYSORWTTS`S\QS-
7\SSR
7VOdS
ESQO\¸b
ESQO\
7e]\¸b
7eWZZ
ESR]\¸b
ESR]
BVSAW`OUcaO4]c\RObW]\VOaVSZ^SRb]
b`O\aT]`[bVSZWdSa]TbV]caO\Ra
]T^S]^ZSOQ`]aa1VWQOU]aW\QS'#
ESVOdS\¸bXcab^cbR`SO[a
V]^SaeO\baO\R\SSRaeWbVW\`SOQV
eS¸dS[ORSbVS[O^]aaWPWZbg
7\bVSZOabbS\gSO`aeS¸dSPSS\
P]bVeWb\SaaO\RTOQWZWbOb]`b]QVO\US
ES¸`S^`]cRb]V]\]`@]aa2AW`OUcaO¸a
ZSUOQgPgacabOW\W\UO\RRSdSZ]^W\U
1VWQOU]¸aSfb`O]`RW\O`g\]\^`]¿b
`Sa]c`QSaW\¿dSYSg^`]U`O[O`SOa
$
%5`O\b6WUVZWUVba
BVS4]c\RObW]\
ac^^]`bSR"&
]`UO\WhObW]\a
eWbV$'U`O\ba
^`W[O`WZgW\bVS
[Sb`]^]ZWbO\
1VWQOU]O`SO
U`O\bW\UOb]bOZ
]T"#%# 5@/<B33A
5@/<BA
/`ba1cZbc`S
3RcQObW]\
AcabOW\W\UO\RSf^O\RW\U
OQQSaab]O`bWabWQO\R
QcZbc`OZ`Sa]c`QSaBVS
/`ba1cZbc`S>`]U`O[
WaQ][[WbbSRb]
P`]ORS\W\UOcRWS\QS
W\d]ZdS[S\bO\ROQQSaa
b]1VWQOU]¸aQcZbc`OZ
W\abWbcbW]\ab]T]abS`O
ZWTSZ]\US\UOUS[S\b
eWbVbVSO`baESac^^]`b
Q][[c\Wbg]cb`SOQV
W\WbWObWdSaQc``WQcZc[
S\`WQV[S\b^`]U`O[a
O\R^`]XSQbaRSaWU\SR
b]acabOW\O\RRSdSZ]^
1VWQOU]¸aO`bWabWQO\R
QcZbc`OZ`Sa]c`QSa
0cWZRW\UTcbc`SZSORS`a
BVS3RcQObW]\>`]U`O[
^`W[O`WZg^`]dWRSaZ]e
W\Q][S[WRRZSW\Q][S
O\R[W\]`WbgabcRS\ba
eWbVaQV]ZO`aVW^aT]`aSQ
]\RO`gO\Rc\RS`U`ORc
ObSSRcQObW]\3RcQObW]\
Tc\RW\UWa[ORSW\a^SQWOZ
V]\]`]T]c`T]c\RS`O\R
eSO`SRSRWQObSRb]^`S
aS`dW\UbVSQ]\bW\cWbg]T
bcWbW]\OaaWabO\QST]`bVS
abcRS\baeSac^^]`b
!'
! %$$
%
!%&
%
3\dW`]\[S\b
6SOZbVAS`dWQSa
;SRWQOZ@SaSO`QV
6c[O\AS`dWQSa
>`SaS`dW\UbVSS\dW`]\
[S\bQ]\aS`dW\U`Sa]c`Q
SaBVS3\dW`]\[S\b>`]
U`O[Tc\RaQ]\aS`dObW]\
^`SaS`dObW]\O\R`Sab]`O
bW]\^`]XSQbaOaeSZZ
OaS\dW`]\[S\bOZ^cPZWQ
SRcQObW]\^`]U`O[aW\
bVSU`SObS`1VWQOU]O`SO
bVObe]`Yb]`SdS`aS]`
^`SdS\bbVSSTTSQba]T
S\dW`]\[S\bOZ\SUZSQb
3\ac`W\UbVS^cPZWQ¸a
VSOZbVaS`dW\UVSOZbVQO`S
\SSRaS\VO\QW\UeSZZ
PSW\UBVS6SOZbVAS`dWQSa
;SRWQOZ@SaSO`QV
>`]U`O[WaPOZO\QSR
PSbeSS\[SRWQOZ`SaSO`QV
]`UO\WhObW]\aeVWQV
O`SQ]\QS`\SReWbV
aQWS\bW¿QW\_cW`gO\RbVS
Sf^Z]`ObW]\]Tb`SOb[S\b
[SbV]RaO\RVSOZbV
aS`dWQS]`UO\WhObW]\a
eVWQV^`]dWRSRW`SQb
a]QWOZO\RQZW\WQOZQO`S
>`][]bW\U_cOZWbg]TZWTS
Pg^`]dWRW\UOQQSaaBVS
6c[O\AS`dWQSa>`]U`O[
Tc\RaOZO`US\c[PS`
]T]`UO\WhObW]\abVOb
ORR`SaaOeWRS`O\US
]TQc``S\bO\R^`SaaW\U
a]QWOZ\SSRaESO`S
^`W[O`WZgW\bS`SabSRW\
acabOW\W\U^`]U`O[a
bVObW\bVSe]`Ra]T]c`
T]c\RS`µVSZ^^S]^ZS
VSZ^bVS[aSZdSa¶
''#$
"
$ #&
"$$
'
/`ba1cZbc`S
7b¸a\]bXcabO^OW`
]TPOZZSbaV]Sa7b¸aOT]]b
W\O\See]`ZR
/`ba1cZbc`S
µBV`]cUVbVWaQ`SObWdSO\RSf^`SaaWdS]^^]`bc\Wbg
abcRS\baRSdSZ]^ZWTSaYWZZa]TZSORS`aVW^`Sa^SQb
O\ROaS\aS]TOQQ][^ZWaV[S\b¶
BVS8]TT`Sg0OZZSb=dS`bVS^Oab gSO`aBVS8]TT`Sg0OZZSbVOaacQQSaaTcZZg
W[^ZS[S\bSRbVS;WRRZSAQV]]Z2O\QS
1ZcPa;A21RO\QSSRcQObW]\^`]U`O[a
W\b`]RcQSRb]Z]eW\Q][S[WRRZS
aQV]]ZabcRS\babV`]cUV]cb1VWQOU]
\SWUVP]`V]]Ra2O\QSSRcQOb]`aT`][
bVSQ][^O\gb`OdSZb] #[WRRZSaQV]]Za
T`][5OZSe]]Rb]ESab@]US`a>O`Yb]
;]c\b5`SS\e]]R:Saa]\aO`SUWdS\]\
OPW[]\bVZgPOaWab]bSOQVabcRS\baW\
c\RS`aS`dSR\SWUVP]`V]]RadO`WObW]\a]T
POZZSbaT`][BVS8]TT`Sg¸a`S^S`b]W`S
BVS2O\QS1ZcPaS\OPZSabcRS\ba
b]Sf^`SaabVS[aSZdSaW\O^]aWbWdS
aOTSOTbS`aQV]]ZS\dW`]\[S\b2O\QS
W\ab`cQb]`3ZWhOPSbV;WZZ[O\aOWRµBV`]cUV
bVWaQ`SObWdSO\RSf^`SaaWdS]^^]`bc\Wbg
abcRS\baRSdSZ]^ZWTSaYWZZa]TZSORS`aVW^
`Sa^SQbO\ROaS\aS]TOQQ][^ZWaV[S\b¶
BVS^`]U`O[\]b]\ZgS\VO\QSabVS
abcRS\ba¸ZWTSaYWZZa)WbOZa]P`W\Ua[WRRZS
aQV]]ZabcRS\baO\RbVSW`^SS`ab]USbVS`
W\O\SRcQObW]\OZO\RQcZbc`OZeOg7\
ORRWbW]\b]PWeSSYZgZSaa]\aBVS8]TT`Sg
V]ababe]O\\cOZ^S`T]`[O\QSaRc`W\U
eVWQVOZZ]TbVSRO\QSQZcPaUObVS`O\R
^S`T]`[T]`SOQV]bVS`
µ=c`^`]U`O[Wac\W_cSVS`SW\
1VWQOU]7b^`]dWRSaOP`WRUSPSbeSS\
\SWUVP]`V]]RaPgP`W\UW\URWTTS`S\b
aQV]]ZaT`][bV`]cUV]cbbVSQWbg
b]USbVS`T]`OQ][[]\^c`^]aS]T
aVO`W\UbVSW`VO`Re]`YO\RbOZS\ba
eWbVbVSW`^SS`a¶aOWR1]ZZSS\6]UO\
9SZZgQ]`^]`ObSO\RT]c\RObW]\
`SZObW]\aOaa]QWObSObBVS8]TT`SgBVSaS
^S`T]`[O\QSaab`S\UbVS\bVSabcRS\ba¸
aSZTQ]\¿RS\QSZSORS`aVW^O\R
O^^`SQWObW]\T]`RO\QS
/bbVSPSUW\\W\U]TbVS;A21ZSaa]\a
ZSaabVO\]\S^S`QS\b]TbVSabcRS\ba
VOdSSdS`ObbS\RSRO^`]TSaaW]\OZ
RO\QS^S`T]`[O\QS7\]`RS`b]VSZ^bVS
abcRS\ba`SZObS[]`SQZ]aSZgb]bVSO`b
]TRO\QSO\Rc\RS`abO\RbVSQ`SObWdS
Oa^SQba]T[caWQO\RQV]`S]U`O^Vg
BVS8]TT`Sg^`]dWRSaQ][^ZS[S\bO`g
bWQYSbab]bVSabcRS\baT]`bV`SS]TWba
^S`T]`[O\QSaBVWaORRSRSf^]ac`Sb]
RO\QSWaOeOgb]S\`WQVbVSabcRS\ba¸
ZWdSaObOg]c\UOUS7bS\Q]c`OUSaO\R
[]bWdObSabVS[b]PSW\d]ZdSReWbVbVS
O`baµBVSaSZWdS^S`T]`[O\QSaO`SbVS
OQQSaa^]W\bT]`bVS\SfbUS\S`ObW]\]T
O`bS\bVcaWOaba¶9SZZgORRSRµESO`S
UWdW\UabcRS\babVSbV`WZZ]TObbS\RW\U
bVSW`¿`abZWdS^S`T]`[O\QSO\RbVS
SfVWZO`ObW]\]T^S`T]`[W\UW\T`]\b]TbVSW`
TO[WZWSaO\R^SS`a¶
>`]U`O[aZWYSbVWaO`SW[^]`bO\b
PSQOcaSbVSg^`]dWRSabcRS\baOQQSaab]
O\RVSZ^T]abS`OZWTSZ]\US\UOUS[S\b
eWbVbVSO`ba!#1VWQOU]g]cbVVOdS
Sf^S`WS\QSRBVS8]TTS`g¸a;WRRZSAQV]]Z
2O\QS1ZcPaBVS^`]U`O[Q]\bW\cSab]
Sf^O\RVSZ^W\U^O`bWQW^O\baU`]eW\b]
Q]\¿RS\bO\ROQQ][^ZWaVSRW\RWdWRcOZa
/`ba1cZbc`S
µ=^^]`bc\WbWSaT]`aSZTSf^`SaaW]\^`][WaSb]
PcWZRaSZTSabSS[O\R^]bS\bWOZZgZSORS`aVW^aYWZZa
b`O\aT]`[W\UW\RWdWRcOZa¸ZWdSa¶
BVS<SWUVP]`V]]RE`WbW\U/ZZWO\QSµ7
caSRb]e`WbSabcTTO\RZSbWb^WZSc^BVS
8=BI8]c`\OZ]T=`RW\O`gBV]cUVbKVOa
VSZ^SR[Sb]aSSbVOb^S]^ZS`SOZZgR]
eO\bb]`SOReVOb7e`WbS´O\R`SOZZgR]
eO\bb]Y\]eeVOb¸aU]W\U]\W\[gVSOR
O\RW\[g\SWUVP]`V]]R¶`S^]`ba>S\\WS
6]Z[Sa0`W\a]\]\S]TVc\R`SRa]T
e`WbS`aeV]VOdSUObVS`SRO`]c\RbVSQWbg
W\e`WbW\Ue]`YaV]^aa^]\a]`SRPgbVS
<SWUVP]`V]]RE`WbW\U/ZZWO\QS<E/
3OQVeSSYORcZbaW\1VWQOU]eV]
[WUVb\]b]bVS`eWaSPSOPZSb]RSdSZ]^
bVSW`bOZS\baO\R^`OQbWQSbVSW`aYWZZa
[SSbW\^cPZWQZWP`O`WSaZ]QOZQVc`QVSa
\SWUVP]`V]]R^O`YaO\Ra]QWOZaS`dWQS
OUS\QWSab]RWaQcaaO\Re`WbSOP]cb
eVOb¸aW[^]`bO\bb]bVS[BVSge`WbS
OP]cbbVSW`TO[WZWSaT`WS\Rae]`Y
`SZWUW]\O\RQ][[c\WbgBVSg¿\RO^ZOQS
eVS`SbVSgQO\aSSbVSQ]\\SQbW]\aO\R
Q]\b`ORWQbW]\aPSbeSS\bVSW`ab]`WSa
O\RbV]aS]T]bVS`aBVSgS\Q]c`OUS
O\RQVOZZS\USSOQV]bVS`O\RbVSW`
e`WbW\UW[^`]dSaOabVSgUOW\OPSbbS`
c\RS`abO\RW\U]TbVSW`e]`ZRaBVSg
aVO`^S\bVSW`bVW\YW\UbVSW`Sf^`SaaW]\
O\R]TbS\bVSW`OPWZWbgb]OQbBVWa]cbZSbb]
Sf^Z]`SRWTTS`S\b^S`a^SQbWdSaORRa\Se
W\aWUVbb]bVSW`ZWdSaBVSgaSQc`SOQ]c`OUS
!
b]aSSYQVO\USO\R[]dST]`eO`RW\eOga
\]bOZeOgabO\UWPZSPST]`S
0g^`][]bW\UbVSWRSObVObSdS`g
^S`a]\WaO^VWZ]a]^VS`O\R^`]dWRW\U
bVSb]]ZaO\RRWaQW^ZW\Sab]bc`\bV]cUVba
W\b]e]`RabVS<SWUVP]`V]]RE`WbW\U
/ZZWO\QSP`W\Ua^S]^ZSb]USbVS`OZZ]ea
bVS[b]aVO`SbVSW`ab]`WSaO\R^`]dWRSa
OT]`c[T]`bVSSfQVO\US]TWRSOa
0SQOcaS]TbVSaS]^^]`bc\WbWSab]
aVO`S<E/OZa]QO\PSQ]\aWRS`SRO\
W[^]`bO\bQ][[c\WbgPcWZRW\U^`]U`O[
>cPZWaVW\UbVSe`WbW\UW\bVS8=B<E/
P`]ORQOaba]`RW\O`gd]WQSab]Z]QOZ
`SUW]\OZO\R\ObW]\OZOcRWS\QSa7\
1VWQOU]bVSe`WbS`a¸d]WQSaQO\OZa]PS
VSO`ROb[]`SbVO\!\SWUVP]`V]]R
O\RQWbgeWRS`SORW\UaO\R^S`T]`[O\QSa
SOQVgSO`AcQV]^^]`bc\WbWSaT]`
aSZTSf^`SaaW]\^`][WaSb]PcWZRaSZT
SabSS[O\R^]bS\bWOZZgZSORS`aVW^aYWZZa
b`O\aT]`[W\UW\RWdWRcOZa¸ZWdSa
BVSAW`OUcaO4]c\RObW]\ac^^]`babVSaS
e`WbW\Ue]`YaV]^aT]`ORcZbaW\Z]eW\Q][S
\SWUVP]`V]]RaPSQOcaSeSPSZWSdSbVOb
ZWbS`O`gO`bWaO\OdS\cST]`^S]^ZSb]
Sf^`SaabVS[aSZdSaO\RPSQOcaSbVS
^]eS`]TRWaQcaaW]\QO\a^c`QVO\USW\
bVSW`]e\ZWdSaO\RQ][[c\WbWSa
"
/`ba1cZbc`S
/RZS`>ZO\SbO`Wc[/ab`]\][g;caSc[
/`b@Sa]c`QSaW\BSOQVW\U/@B
%#
1671/5=>C0:71A16==:A>/@B<3@A67>
53<3@/:=>3@/B7<5AC>>=@B
BVS/RZS`>ZO\SbO`Wc[/ab`]\][g;caSc[
Q]\bW\cSab]Q]ZZOP]`ObSeWbVbVS1VWQOU]>cPZWQ
AQV]]Za¸1>A;ObVO\RAQWS\QS7\WbWObWdSRWdWaW]\
b]]TTS`^`]TSaaW]\OZRSdSZ]^[S\bO\RW\ab`cQ
bW]\OZ[ObS`WOZab]aQWS\QSbSOQVS`aa]bVObbVSg
[OgORdO\QSabcRS\bZSO`\W\UO\ROQVWSdS[S\bW\
bVSW`QZOaa`]][aB]RObS]dS`%#1>AbSOQVS`a
VOdS^O`bWQW^ObSRW\e]`YaV]^a]^S\V]caSaO\R
W\b`]RcQb]`gaSaaW]\a
4c\RaT`][bVWaU`O\bac^^]`bSRabOTTO\RbSOQV
W\UO`bWabaOZO`WSa[ObS`WOZQ]aba^`]U`O[RSdSZ]^
[S\bQ]abaO\R]bVS`Sf^S\aSaOaa]QWObSReWbV
bVSRSdSZ]^[S\bW[^ZS[S\bObW]\O\ROR[W\Wab`O
bW]\]T/@B¸adWacOZO`ba`SaWRS\QgO\R^`]TSa
aW]\OZRSdSZ]^[S\b^`]U`O[a
/RZS`>ZO\SbO`Wc[/ab`]\][g;caSc[
A6==B4=@B63;==<3F6707B7=<
>/@B=4B63:74B=441/>7B/:1/;>/75<
BVWaU`O\bac^^]`bSRbVSRSaWU\O\RW\abOZZO
bW]\]TAV]]bT]`bVS;]]\´O\SfVWPWbW]\OP]cb
/[S`WQO¸aSO`Zga^OQS^`]U`O[O\R^ZO\ab]`Sbc`\
b]bVS[]]\BO`USbSRb]eO`Rg]c\UTO[WZWSabVS
SfVWPWbW]\[OYSaaQWS\QSTc\O\RSRcQObW]\OZT]`
g]c\UdWaWb]`aAW\QSAV]]bT]`bVS;]]\]^S\SR
[caSc[ObbS\RO\QSVOaW\Q`SOaSR^S`QS\b
/`b7\abWbcbS]T1VWQOU]
4/;7:G>@=5@/;A/<27<B3@>@3B7D33F6707B7=<A
Be]W\bS`OQbWdSTO[WZgSfVWPWbW]\aT]QcaSR]\
SRcQObW\UQVWZR`S\bV`]cUVO`beWbVVO\Ra]\
OQbWdWbWSaTc\UO[SaO\RdW`bcOZSf^S`WS\QSa
4OQSa>ZOQSaO\R7\\S`A^OQSaTSObc`SRO`bT`][
RWdS`aSQcZbc`SaW\/aWO3c`]^SO\RbVS/[S`WQOa
O\R075a[OZZ^`SaS\bSRO`be]`Ya`SZObSRb]aWhS
O`bWabWQQW`QZSa
#
B73AB6/B07<232C1/B7=</:=CB@3/16
4]QcaU`]c^aQ][^`WaW\UVWUVaQV]]ZabcRS\ba
T`][1VWQOU]¸a<ObW]\OZ1]\TS`S\QST]`1][[c\Wbg
8cabWQSO\RS[^Z]gSSaT`][3fSZ]\¸aRWdS`aWbg
e]`YU`]c^aQ`SObSROQ][^`SVS\aWdSU`Oaa`]]ba
RWaQcaaW]\UcWRSb]OQQ][^O\gBWSaBVOb0W\RBVS
R]Qc[S\bO`gQ]\\SQbaQ][[c\WbWSaOQ`]aa`SZWUW]ca
P]c\RO`WSaO\RPcWZRa^SOQSPSbeSS\dO`W]caTOWbVa
/`ba0caW\Saa1]c\QWZ]T1VWQOU]
%#
B63=<0=/@2>@=5@/;
BVS=\0=/@2>`]U`O[b`OW\SRO\R^ZOQSR PcaW\Saa^`]TSaaW]\OZaeWbVSf^S`bWaSW\RWdS`aS
O`SOa]T[O\OUS[S\b]\bVSP]O`Ra]Ta[OZZb]
[WRaWhSRO`ba]`UO\WhObW]\a>`]U`O[^O`bWQW^O\ba
c\RS`eS\b¿dSaSaaW]\a]Tb`OW\W\Ub]UOW\bVS
SaaS\bWOZb]]Za\SSRSRT]`STTSQbWdS\]\^`]¿b
P]O`RaS`dWQS
#
/aa]QWObW]\]T4c\R`OWaW\U
>`]TSaaW]\OZa/4>
/aa]QWObW]\]TA[OZZ4]c\RObW]\a/A4
#
1671/5=43::=EA>@=5@/;
2c`W\UbVS % &gSO`\W\S/4>1VWQOU]
4SZZ]ea`SQSWdSRac^^]`bO\RSRcQObW]\OZ]^
^]`bc\WbWSa`SZObSRb]ORdO\QW\UbVSW`^`]TSaaW]\a
W\^VWZO\bV`]^gBV`]cUVbVS^`]U`O[bVSgeS`S
OPZSb]^O`bWQW^ObSW\bVS;WReSab1]\TS`S\QS]\
>VWZO\bV`]^gbVS>VWZO\bV`]^g/eO`Ra:c\QVS]\
bVS3aaS\bWOZa]T4c\R`OWaW\Ue]`YaV]^aS`WSaO\R
]bVS`SRcQObW]\OZZc\QVS]\aS[W\O`a
/aa]QWObW]\]TA[OZZ4]c\RObW]\a/A4
#
B637<<=D/B7=<4C<2
4]c\RObW]\ac^^]`bb]eO`RbVS5ObSa7\\]dObW]\
4c\ROQVOZZS\USU`O\bT`][bVS0WZZO\R;SZW\RO
5ObSa4]c\RObW]\S\OPZSR/A4b]S\VO\QSWa
[S[PS`aS`dWQSaW\Q`SOaSWbaSRcQObW]\OZ^`]
U`O[[W\UOQ`]aabVSQ]c\b`gO\RRSdSZ]^\Se
O\Rc^RObSR^`W\bSRb`OW\W\U^cPZWQObW]\a
#
53<3@/:=>3@/B7<5AC>>=@B
/A4Q]\bW\cSRWba[WaaW]\b]PcWZRO\Rab`S\UbVS\
a[OZZT]c\RObW]\^VWZO\bV`]^gPg^`]dWRW\U_cOZWbg
^`]U`O[a^`]RcQbaO\RaS`dWQSab]T]c\RObW]\
eWbVTSe]`\]abOTT
1VWQOU]1VWZR`S\¸a;caSc[
#
>@=5@/;A4=@167:2@3<E7B6A>317/:<332A
;WRRZSaQV]]ZabcRS\bd]Zc\bSS`aT`][1VWQOU]¸a
>O`YS`AQV]]ZeS`S^OW`SReWbVg]cbVdWaWb]`aeV]
VOdSa^SQWOZ\SSRaBVSb`OW\SRd]Zc\bSS`aVSZ^SR
[OYSbVS[caSc[dWaWbS\`WQVW\UUcWRW\UbVS
QVWZR`S\a]bVSgQ]cZRSf^S`WS\QSbVS[caSc[b]
WbaTcZZSabBVS^O`b\S`aVW^W\Q`SOaSROQQSaab]bVS
[caSc[T]`RWdS`aS\SSRaU`]c^aVSZ^SRPcWZR
ZSORS`aVW^aYWZZaT]`bVSd]Zc\bSS`aO\R^`]dWRSR
O\W\T]`[OZZSO`\W\US\dW`]\[S\bT]`P]bVbVS
QVWZR`S\O\Rd]Zc\bSS`a
µ1cZbc`SWabVSac[]TOZZbVST]`[a]TO`b]TZ]dSO\R]T
bV]cUVbeVWQVW\bVSQ]c`aS]TQS\bc`WSaVOdSS\OPZSR[O\
b]PSZSaaS\aZOdSR¶
/<2@3;/:@/CF
$
/`ba1cZbc`S
BVS1VWQOU]1][[c\WbgB`cab
1VWQOU]AVOYSa^SO`SBVSObS`1AB
#
27@31B=@=4B63=44713=4/@BA32C1/B7=<
B3/;A6/93A>3/@3
4=@B631671/5=>C0:71A16==:A
BVS1ABQ]\bW\cSRBSO[AVOYSa^SO`SWbaSf^O\
aWdSO`baW\SRcQObW]\^`]U`O[BVWagSO`BSO[
AVOYSa^SO`SaS`dSR"#"&%abcRS\baO\R bSOQVS`aT`]["'1VWQOU]ZO\R[WRRZSO\RVWUV
aQV]]ZaO\R^`]dWRSR^`]TSaaW]\OZRSdSZ]^[S\b
e]`YaV]^aT]`!&#bSOQVS`a
4c\Raac^^]`bSRbVSaSQ]\RgSO`]TaOZO`gT]`bVS
2W`SQb]`]TbVS=T¿QS]T/`ba3RcQObW]\T]`bVS
1VWQOU]>cPZWQAQV]]Za0cWZRW\U]\bVSW`Q][[Wb
[S\bb]bVS/`ba3RcQObW]\7\WbWObWdS4c\RaSdS`OZ
1VWQOU]Tc\RS`aQ]\bW\cSRb]ZSdS`OUSbVSaQV]]Z
RWab`WQb¸aQ][[Wb[S\bb]P`W\U_cOZWbgO`baW\ab`cQ
bW]\W\b]SdS`gaQV]]ZOaOQ]`SO`SO]TZSO`\W\U
1VWQOU]Ag[^V]\g=`QVSab`O1A=
%#
6756A16==:>@=5@/;A
1VWQOU]6Wab]`g;caSc[
#
@37<D3<B7<5B631671/5=67AB=@G;CA3C;´
1/>7B/:1/;>/75<
BVWaU`O\bVSZ^SRTc\RO\O[PWbW]caeWRSaQOZS
`S\]dObW]\^`]XSQbObbVS1VWQOU]6Wab]`g;caS
c[BVS^`]XSQbW\QZcRSRbVSb`O\aT]`[ObW]\]TbVS
¿`abO\RaSQ]\RÀ]]`a]TbVS[caSc[b]Q`SObSO
[]`S]^S\S\dW`]\[S\bO\RO%#^S`QS\bW\Q`SOaS
W\SfVWPWbW]\a^OQS
1VWQOU]=^S`OBVSObS`1=B
%#
=>3@/4=@/::>@=5@/;
B]P`]ORS\OQQSaab]bVSO`baO[]\UQWbgg]cbV
bSOQVW\UTSZZ]eaT`][bVS1=BW[^ZS[S\bSRO
eSSYZg^`]U`O[b]W\bSU`ObS]^S`OW\b]bVSaQV]]Z
Qc``WQcZc[Ob1VWQOU]>cPZWQAQV]]ZaAbcRS\ba
eS`SOPZSb]abcRgd]WQSO\RdW]ZW\O\RRSaWU\SR
aSbaeVWZSe]`YW\UeWbV^`]TSaaW]\OZQ]\RcQb]`a
RW`SQb]`aO\RQV]`S]U`O^VS`ab]^`SaS\bO^S`T]`
[O\QSb]Q][[c\Wbg[S[PS`a
BVWaU`O\b^`]dWRSRac^^]`bT]`1A=]^S\`SVSO`a
OZaO\RAg[^V]\g1S\bS`e]`YaV]^aT]`[]`S
bVO\ VWUVaQV]]ZabcRS\baW\bVS1VWQOU]
O`SOBV`]cUVbVSaSaaW]\aabcRS\baeS`SOPZSb]
]PaS`dSO\RW\bS`OQbeWbVe]`ZR`S\]e\SR^`]TSa
aW]\OZ[caWQWO\aZSRPgG]G];OEg\b]\;O`aOZWa
O\R]bVS`UcSabO`bWaba
1VWQOU]E][S\W\>VWZO\bV`]^g1E7>
%#
53<3@/:=>3@/B7<5AC>>=@B
1E7>Q]\bW\cSRV]abW\USRcQObW]\OZaSaaW]\a
^`]dWRW\UbSQV\WQOZOaaWabO\QSO\R]`UO\WhW\U
ORd]QOQg^`]U`O[aeVWQVO`SOZZRSaWU\SRb]
W\Q`SOaSTc\RW\UT]`]`UO\WhObW]\aO\R^`]U`O[a
aS`dW\Ue][S\O\RUW`Za
1]c\QWZ]\4]c\RObW]\a1]4
!!&
53<3@/:=>3@/B7<5AC>>=@B
BVS1]4Q]\bW\cSRb]^`]dWRS[S[PS`ac^^]`b
bV`]cUV^VWZO\bV`]^WQZSORS`aVW^STTSQbWdSUcWR
O\QSO\R\c[S`]ca^`]TSaaW]\OZ`Sa]c`QSaW\QZcR
W\USRcQObW]\OZ^`]U`O[a^`W\bSR^cPZWQObW]\a
O\R]\ZW\Sb]]Za
%
BVS2]\]`a4]`c[
#
BVS4WSZR;caSc[
:3/23@A=4B63:70@/@G>@=5@/;
B631@=E<4/;7:G>:/G:/0´1/>7B/:1/;>/75<
BVS2]\]`a4]`c[:WP`O`gO\RbV`SS>VWZO\bV`]^g
1S\bS`aaS`dSRO^^`]fW[ObSZg%^Ob`]\aeV]
SWbVS`dWaWbSRbV]aSaWbSaOaYSR`STS`S\QS_cSa
bW]\a]`^O`bWQW^ObSRW\e]`YaV]^aO\Rb`OW\W\Ua
:Oc\QVSRW\AS^bS[PS` %bVS1`]e\4O[WZg
>ZOg:OPWaO\SeSO`ZgQVWZRV]]RZSO`\W\USfVWPW
bW]\BVSSfVWPWbcaSa`SOZO`bWTOQbaO\Ra^SQW[S\a
R`Oe\T`][BVS4WSZR;caSc[¸aQ]ZZSQbW]\ab]W\
b`]RcQSQVWZR`S\OUSa bV`]cUV$b]bVS[caSc[
eVWZSTcSZW\UbVSW`Qc`W]aWbgOP]cb\Obc`SO\R]bVS`
QcZbc`Sa
BVS2]\]`a4]`c[
" &!
53<3@/:=>3@/B7<5AC>>=@B
BVS2]\]`a4]`c[Q]\bW\cSRb]OaaWabbVS^VWZO\
bV`]^WQO\R\]\^`]¿baSQb]`W\ORR`SaaW\UQ][
[c\WbgQ]\QS`\aeWbVQ][^`SVS\aWdSW\T]`[ObW]\
aYWZZSRZSORS`aVW^O\RbVS`Sa]c`QSa\SQSaaO`gb]
PcWZRW\abWbcbW]\aO\ROTTSQbQVO\USW\bVSaSQb]`
BVS4WSZR;caSc[
1=;;C<7BG=CB@3/16>@=5@/;A
BVWaU`O\bVSZ^SRS\UOUS[]`SbVO\ #"
aQV]]ZQVWZR`S\PgVSZ^W\UZW\YQZOaa`]][aQWS\QS
Q]\QS^bab]`SOZe]`ZRO^^ZWQObW]\aBV`]cUV
"]cb`SOQV^`]U`O[abVS4WSZRUOdSc\RS`
aS`dSROcRWS\QSaW\Q`SOaSR]^^]`bc\WbWSab]caS
Wba`Sa]c`QSaO\R^`]dWRSR#^S]^ZSeWbV
bVSQVO\QSb]Sf^O\RbVSW`c\RS`abO\RW\U]TbVS
3O`bV¸aPW]Z]UWQOZO\RQcZbc`OZRWdS`aWbg
BVS4]c\RObW]\1S\bS`
#
53<3@/:=>3@/B7<5AC>>=@B
BVWaU`O\bac^^]`bSRbVS4]c\RObW]\1S\bS`¸a
STT]`bb]ab`S\UbVS\bVS\]\^`]¿baSQb]`Pg]TTS`
W\UaS`dWQSaO\RW\T]`[ObW]\`Sa]c`QS^`]U`O[a
T]`U`O\baSSYS`aBVSQS\bS`Q]ZZSQbaO\RRWa
aS[W\ObSaW\T]`[ObW]\]\^VWZO\bV`]^gQ]\RcQba
`SaSO`QV]\bVS¿SZRO\R^`]dWRSa^cPZWQOQQSaa
b]`Sa]c`QSabV`]cUVZWP`O`WSabVSESPaWbSO\RWba
1]]^S`ObW\U1]ZZSQbW]\a
5]]R[O\BVSOb`S
%#
B63ABC23<BAC0A1@7>B7=<A3@73A
BVSAbcRS\bAcPaQ`W^bW]\AS`WSaWaOQ][^`S
VS\aWdS^`]U`O[bVOb^OW`abSOQVS`b`OW\W\UO\R
abcRS\bQZOaa`]][abcRgeWbVObbS\RO\QSObT]c`
]TbVS5]]R[O\¸a^`]RcQbW]\aBVWagSO`bVSAS`WSa
^`]dWRSRO^^`]fW[ObSZg %1VWQOU]^cPZWQVWUV
aQV]]ZabcRS\baeWbVbWQYSbab]bV`SS^`]RcQbW]\a
eWbV^`SO\R^]ab^S`T]`[O\QSS\VO\QS[S\b
OQbWdWbWSaO\R[ObS`WOZa
&
/`ba1cZbc`S
6O``WaBVSObS`T]`;caWQO\R2O\QS
#
8]V\5AVSRR/_cO`Wc[
=CB@3/16344=@BA4=@:3A0/::3BA/4@71/7<A
32C1/B7=<=CB@3/16>@=5@/;
7\Q]\Xc\QbW]\eWbV:Sa0OZZSb/T`WQOW\a¸^S`T]`
[O\QSa]Tµ;O\RW\YO;S[]`WSa¶bVS6O``Wa
BVSObS`^`SaS\bSROabcRS\b[ObW\SSO\Rc\RS`
e`]bSbWQYSbaT]`¿dSg]cbVU`]c^ab]ObbS\RbVS
^cPZWQ^S`T]`[O\QSa/bOZZ^S`T]`[O\QSaRO\QS`a
OeSRabcRS\baeWbVSfcPS`O\bOQ`]PObWQaO\Rb`O
RWbW]\OZW\ab`c[S\baeVWZSaVO`W\UbVSQcZbc`S
]TbVS@S^cPZWQ]T5cW\SO
BVSAVSRR/_cO`Wc[^`]dWRSRW\bS`OQbWdS]TTaWbS
^`]U`O[aRSaWU\SRb]P`W\UbVSe]\RS`a]TbVS
O_cO`Wc[W\b]OaQV]]ZOcRWb]`Wc[]`QZOaa`]][
T]`ZO`USU`]c^^O`bWQW^ObW]\T]`abcRS\babV`]cUV
]cb1VWQOU]7\bVS %aQV]]ZgSO`#!! abcRS\ba^`OQbWQSRbVSW`aYWZZa]TaQWS\bW¿QW\_cW`g
bV`]cUVXcab]\S]TbVS[O\g^`]U`O[a
6cPPO`RAb`SSb2O\QS1VWQOU]
:7B3@/1G>@=5@/;/B7@3<32C5/<
:WbS`Obc`S4]`/ZZ]TCa
#
32C1/B7=</<21=;;C<7BG>@=5@/;A
/^^`]fW[ObSZg&1VWQOU]abcRS\babSOQVS`a
O\RTO[WZg[S[PS`a^O`bWQW^ObSRW\^`]TSaaW]\OZ
RSdSZ]^[S\be]`YaV]^aW\aQV]]Z`SaWRS\Qg^`]
U`O[aW\QZcRW\UbVS4]QcaAQV]]Za7\WbWObWdSO\R
;]dW\UW\2W`SQbW]\aOTbS`aQV]]Z^`]U`O[aO\R
^S`T]`[O\QSaPg6cPPO`RAb`SSb BVS8]TT`Sg0OZZSb
#
/:B3@</B7D36756A16==:
BVWa^OabaQV]]ZgSO`%abcRS\baObbS\RW\U7`S\S
2cUO\/ZbS`\ObWdS6WUVAQV]]Z^O`bWQW^ObSRW\
:WbS`Obc`S4]`/ZZ]TCa¸OeO`ReW\\W\UP]]Y
U`]c^^`]U`O[3OQVeSSYbVSabcRS\baUObVS`SR
b]USbVS`b]RWaQcaaZWbS`Obc`SV]\SbVSW`Q`WbWQOZ
bVW\YW\UaYWZZaO\R¿\RbVSW`d]WQSabV`]cUVe`WbW\U
O\RaVO`W\U^]Sb`g
#
;722:3A16==:2/<131:C0A>@=5@/;
BVS8]TT`Sg0OZZSb¸a;WRRZSAQV]]Z2O\QS1ZcPa
;A21^`]U`O[WabVS^`W[O`gQ][^]\S\b]TBVS
8]TT`Sg¸aSRcQObW]\]cb`SOQV^`]U`O[BVSTc\Ra
T`][bVWaU`O\bVSZ^SRbVS;A21^`]U`O[^`]dWRS
Oc\W_cSW\bS`RWaQW^ZW\O`gabcRS\bQS\bS`SRQc``WQ
cZc[bVObRSdSZ]^aQVO`OQbS`O\RZWTSaYWZZabV`]cUV
bVSabcRgO\R^`OQbWQS]TRO\QSBVS^`]U`O[Wa
OQ]ZZOP]`ObW]\PSbeSS\8]TT`SgbSOQVW\UO`bWaba
bSOQVS`Q]]`RW\Ob]`aO\RabcRS\baT`][1VWQOU]
>cPZWQAQV]]Z[WRRZSaQV]]Za
:g`WQ=^S`O]T1VWQOU]
#
A3<7=@;/B7<33
BV`]cUVbVSAS\W]`;ObW\SS "& Z]eW\Q][S
1VWQOU]aS\W]`aSf^S`WS\QSR[SO\W\UTcZQcZbc`OZ
S\`WQV[S\beWbVbVS]^^]`bc\Wbgb]aSSOTcZZ
aQOZS:g`WQ^`]RcQbW]\Ob\]Q]abb]bVS[4]`bVS
% &aSOa]\^O`bWQW^O\baUObVS`SRObbVS
/`RWa9`OW\WYBVSOb`S]TbVS1WdWQ=^S`O6]caSW\
R]e\b]e\1VWQOU]b]Sf^S`WS\QS>cQQW\W¸aµ:O
P]V|[S¶
'
;WZZS\\Wc[>O`Y7\Q
#
;caSc[]TAQWS\QSO\R7\Rcab`g
:C@735/@23<AC;;3@7<B3@<A67>>@=5@/;
A173<13;7<=@A>@=5@/;´1/>7B/:1/;>/75<
/VWUVaQV]]ZabcRS\bO\RO`SQS\bQ]ZZSUSU`ORc
ObSS\VO\QSRbVSW`Y\]eZSRUSW\V]`bWQcZbc`SO\R
ZO\RaQO^SO`QVWbSQbc`SbV`]cUVW\bS`\aVW^aObbVS
:c`WS5O`RS\BVSgZSO`\SRW[^]`bO\bQ]\QS^ba
T`][Sf^S`baW\bVS¿SZR^O`bWQW^ObSRW\¿SZRb`W^a
O\RTc`bVS`SRbVSW`VO\Ra]\Sf^S`WS\QSOZZ]T
eVWQVVSZ^SRa]ZWRWTgbVSW`QO`SS`^ZO\a=\SeWZZ
e]`YW\O\c`aS`gO\RbVS]bVS`[OW\bOW\aW\bS`Sab
W\PSQ][W\UOZO\RaQO^SO`QVWbSQb
BV`]cUV[caSc[Sf^S`WS\QSaPOaSR]\aQWS\QS
O\RbSQV\]Z]UgbSS\aT`][c\RS``S^`SaS\bSR
Q][[c\WbWSaW\1VWQOU]ZSO`\SRX]PaYWZZaUOW\SR
O\c\RS`abO\RW\UOP]cbbVSW[^]`bO\QS]TVWUVS`
SRcQObW]\O\ReS`SOPZSb]Sf^Z]`SaQWS\QS`SZOb
SRQO`SS`a2c`W\U %$'bSS\aQ][^ZSbSRbVS
AQWS\QS;W\]`ab`OW\W\U^`]U`O[O\R"W\\S`QWbg
g]cbVeS`SS[^Z]gSRPgbVS;caSc[bV`]cUVbVS
ac[[S`W\bS`\aVW^^`]U`O[
;caSc[]T0`]ORQOab
1][[c\WQObW]\a;01
B637<AB7BCB34=@B63@/>GB6@=C56
;caWQ7\abWbcbS]T1VWQOU]
$$$%
#
B63<3E;01(/<3E:/<2;/@9
B63/@BA7B/´µE7::B=E=@9¶
7A=<B636=@7H=<´1/>7B/:1/;>/75<
/Q][^`SVS\aWdSQ][[c\WbgPOaSRO`babVS`O^g
^`]U`O[bVS7B/¸aµEWZZb]E]`Y¶caSRO`bOaO\
OUS\b]TQVO\USb]VSZ^ORcZbaO\Rg]c\UORcZba
eWbV^VgaWQOZ^agQV]Z]UWQOZO\RRSdSZ]^[S\bOZ
QVOZZS\USaUOW\aYWZZaO\RaSZTQ]\¿RS\QSb]S\bS`
O\RacabOW\S[^Z]g[S\bW\bVSe]`Y^ZOQS
BVWaU`O\bac^^]`bSRbVSRSdSZ]^[S\bO\RQ]\
ab`cQbW]\]TbVSµ7\dS\bW]\aO\R7\dS\b]`a¶SfVWPWb
ObbVS;01BVSTc\RaeS`ScaSRb]RSdSZ]^O\
O`bWTOQb^ZO\O\RQ][^ZSbSbVSRSaWU\]TbVS
SfVWPWb¸aQcab][QOaS
;caSc[]T1]\bS[^]`O`g/`b;1/
%#
<ObW]\OZ1S\bS`T]`4O[WZg>VWZO\bV`]^g
%#
A16==:B=C@A>@=5@/;
53<3@/:=>3@/B7<5AC>>=@B
;]`SbVO\SZS[S\bO`g[WRRZSO\RVWUV
aQV]]ZabcRS\ba^O`bWQW^ObSRW\Q][^ZW[S\bO`g
SRcQObW]\OZ^`]U`O[aObbVS;1/W\ %=dS`
$]TbVSaSabcRS\baSf^S`WS\QSRO`bWabZSRSf
VWPWbW]\b]c`aS\OPZW\UU`SObS`S\UOUS[S\beWbV
bVSO`baO\RQcZbc`SObbVS[caSc[BVWa`S^`SaS\b
SRO%^S`QS\bW\Q`SOaSW\aQV]]Zb]c`OdOWZOPWZWbg
]dS`bVS^`SdW]cagSO`
BVS<ObW]\OZ1S\bS`T]`4O[WZg>VWZO\bV`]^gQ]\
bW\cSRb]ac^^]`bR]\]`TO[WZWSaeWbVSRcQObW]\OZ
^`]U`O[a]\ZW\S`Sa]c`QSaO\R^cPZWQObW]\a
!
/`ba1cZbc`S
<SWUVP]`V]]RE`WbW\U/ZZWO\QS
#
E@7B7<5E=@9A6=>>@=5@/;A4=@7<<3@17BG/2C:BA
BVS@S\OWaaO\QSA]QWSbg
#
$ %>@=5@/;;7<51=ABA
BVS<SWUVP]`V]]RE`WbW\U/ZZWO\QSV]abSRbS\
eSSYZge`WbW\Ue]`YaV]^aT]`%#ORcZbaZWdW\UW\
Z]eW\Q][S\SWUVP]`V]]Ra]T1VWQOU]B]VSZ^
V]\SbVSW`Q][[c\WQObW]\aYWZZa^`]dWRSOdS\cS
T]`aSZTSf^`SaaW]\O\RRSdSZ]^Q]\¿RS\QS
aSZSQbSRe`WbW\UT`][bVSe]`YaV]^aeS`S^cP
ZWaVSRW\bVS_cO`bS`Zg8]c`\OZ]T=`RW\O`gBV]cUVb
O\R^O`bWQW^O\ba`SORbVSW`e]`YOb #`SORW\Ua
4]c\RObW]\Tc\RW\Uac^^]`bSRSfVWPWbW]\O\R
SRcQObW]\^`]U`O[[W\UQ]abaT]`^cPZWQObW]\a
ZSQbc`Sa^O\SZa`SORW\UaaQ`SS\W\UaQ]\QS`ba
^S`T]`[O\QSaO\RESPaWbSO`QVWdSa3fVWPWbW]\a
bVObeS`Sac^^]`bSRW\QZcRS(/dS`g>`SSa[O\
0S\5SabAQ]bbAV]`b/ZZ]`OO\R1OZhORWZZOO\R
9ObVO`W\O5`]aaS
>VWZO\bV`]^WQ@SaSO`QV7\Q
/<<C/:/E/@2A27<<3@
BVSA]QWSbg]T;WRZO\R/cbV]`aA;/
#
53<3@/:=>3@/B7<5AC>>=@B
5cWRSAbO`bVS]^S`ObW\U\O[S]T>VWZO\bV`]^WQ
@SaSO`QVQ]\bW\cSRb]^`]dWRSRObOb]]ZaO\R
aS`dWQSaOP]cb\]\^`]¿b]^S`ObW]\aO\RabObcaa]
bVObR]\]`aQ]cZR[OYSW\T]`[SRRSQWaW]\aW\bVSW`
^VWZO\bV`]^WQOQbWdWbWSa
BVS>VWZO\bV`]^g@]c\RbOPZS
#
#
A;/ac^^]`ba;WReSabS`\OcbV]`aO\R^]Sbab]
ORdO\QSbVSW`e`WbW\USf^S`WS\QSBVWaU`O\beS\b
b]eO`RbVS'!`RO\\cOZRW\\S`O\RP]]YOeO`Ra
Q][^SbWbW]\T]`PSabe]`Ya]T\]\¿QbW]\¿QbW]\
PW]U`O^Vg^]Sb`gQVWZR`S\¸a¿QbW]\QVWZR`S\¸a
\]\¿QbW]\O\RQ`WbWQWa[Pg;WRZO\Re`WbS`a
AbS^^S\e]ZTBVSOb`S1][^O\g
%#
4=AB3@7<5>67:/<B6@=>713F13::3<13
B63G=C<5/2C:B1=C<17:
BVS@]c\RbOPZSQ]\bW\cSRb]V]ab^cPZWQO\R
^`WdObS[SSbW\UaT]`U`O\b[OYS`aSfO[W\SPSab
^`OQbWQSaO\R^`]dWRS]^^]`bc\WbWSaT]`\Sbe]`Y
W\UPSbeSS\R]\]`a
%eOabVSW\OcUc`OZgSO`]TAbS^^S\e]ZT¸a
G]c\U/RcZb1]c\QWZ´O\SRcQObW]\OZ^O`bWQW^O
bW]\PcWZRW\UW\WbWObWdST]`VWUVaQV]]Zg]cbVBVS
1]c\QWZQ]\aWaba]TO\S\aS[PZS]TbSS\ZSORS`a
eV]caSbVSbVSObS`¸a`Sa]c`QSab]Q`SObSO\R
^`][]bS\Se^`]U`O[[W\UbVObS\UOUSaTSZZ]e
g]c\UORcZbaW\bVSO^^`SQWObW]\]TbVSObS`
!
BVS<SePS``g:WP`O`g
53<3@/::70@/@G;/B3@7/:A4C<2
BVS;ObS`WOZa4c\RObbVS<SePS``g:WP`O`gOQ_cW`SRdOZcOPZS`STS`S\QS[ObS`WOZa^S`W]RWQOZaO\R[]\]
U`O^VaBVSaSR]Qc[S\baO`SSaaS\bWOZT]`^`]dWRW\UQ]\bSfbb]c\RS`abO\RO\RW\bS`^`SbbVS^`W[O`ga]c`QSa
O\RQcZbc`OZZgaWU\W¿QO\bWbS[abVObQ][^`WaSbVS<SePS``g¸aQ]ZZSQbW]\a
!!
3RcQObW]\
B]ROgZSO`\OZUSP`O
B][]``]ea]ZdS
^`]PZS[aSdS`geVS`S
!"
3RcQObW]\
µIBVSaS^`]U`O[aObb`OQbK\Se^S]^ZSb]]c`aQV]]Z
[O\g]TeV][eWZZabOgO\RPSQ][S^O`b]TbVS
TOP`WQ]T1VWQOU]¸adWP`O\bO`baQ][[c\WbgP`W\UW\U
bVSW`W\Q`SRWPZS^S`T]`[O\QSab]OcRWS\QSa
bV`]cUV]cbbVSQWbg¶
BVS1VWQOU]1]ZZSUS]T>S`T]`[W\U
/`baBVS1VWQOU]1]ZZSUS]T>S`T]`[
W\U/`ba11>/VOaO`WQVVWab]`gRObW\U
OaTO`POQYOa&$%/bbVObbW[SbVSbVW`R
Q]\aS`dOb]`gb]PST]c\RSRW\bVSC\WbSR
AbObSaeOaQ`SObSROabVS1VWQOU];caWQOZ
1]ZZSUS3WUVbgaSdS\gSO`aZObS`W\'#"
bVS1VWQOU];caWQOZ1]ZZSUSX]W\SRbVS
\W\SgSO`]ZR@]]aSdSZbC\WdS`aWbgb]PS
Q][S@]]aSdSZb¸a[caWQaQV]]ZBS\gSO`a
OU]bVS[caWQaQV]]ZO\RbVSOb`S^`]
U`O[aOb@]]aSdSZbC\WdS`aWbg[S`USRb]
PSQ][SbVS1VWQOU]1]ZZSUS]T>S`T]`[
W\U/`ba11>/PcWZRW\U]\bVSab`S\UbVa
]TP]bVO[caWQO\RObVSObS`Q]\aS`dO
b]`gBV`]cUVWbabe][OW\RWdWaW]\a´BVS
BVSOb`S1]\aS`dOb]`gO\RBVS;caWQ
1]\aS`dOb]`g´11>/U`O\baOQQSaab]
^`]TSaaW]\OZQ]\aS`dOb]`gb`OW\W\Ub]
abcRS\baT`][O`]c\RbVSe]`ZR
BVSQ]ZZSUSVOaaSS\[cQVU`]ebVW\
bVS^OabRSQORS7\''%bVSQ][PW\SR
O^^ZWQObW]\ab]11>/eS`S #)W\ %
bVSgeS`SBS\gSO`aOU]11>/eOa
^`W[O`WZgOaQV]]ZeWbVabcRS\baT`][bVS
;WReSabB]ROg11>/Q][^SbSaeWbVbVS
b]^bS\bVSObS`O\R[caWQaQV]]ZaW\bVS
Q]c\b`geWbV[]`SbVO\##abcRS\baT`][
"abObSaO\R #Q]c\b`WSa^O`bWQW^ObW\UW\
Wbae]`ZR`S\]e\SR^`]U`O[a>`]TSaaW]\OZ
OQb]`aRW`SQb]`aO\R[caWQWO\aW\QZcRW\U
#[S[PS`a]TbVS1VWQOU]Ag[^V]\g
!#
O\R:g`WQ=^S`O]`QVSab`OaO`S]\abOTT
OaTOQcZbgBVSC\WdS`aWbg]TTS`ac\RS`
U`ORcObSO\RU`ORcObSRSU`SSaW\[caWQ
¿\SO`baO\RO`baOaeSZZOa^`S^`]TSa
aW]\OZQS`bW¿QObSO\R^]abPOQQOZOc`SObS
^`]U`O[aBVS]^^]`bc\Wbgb]e]`YeWbV
^`]TSaaW]\OZaW\SWbVS`[caWQ]`bVSObS`
WaYSgb]S\VO\QW\UbVSabcRS\ba¸bSQV
\W_cSbOZS\baO\RSRcQObW]\/RRWbW]\
OZZgabcRS\baVOdSOQVO\QSb]W\bS`\Ob
\]bSRTOQWZWbWSaW\1VWQOU]acQVOaBVS
5]]R[O\BVSOb`S1VWQOU]AVOYSa^SO`S
BVSOb`SbVS1VWQOU]Ag[^V]\gO\RbVS
1WdWQ=`QVSab`O]T1VWQOU]
BVSAW`OUcaO4]c\RObW]\^`]dWRSa
aQV]ZO`aVW^ab]be]abcRS\baObbS\RW\U
bVS11>/SOQVgSO`AQV]ZO`aVW^aO`SbVS
¿`ababS^b]abcRS\bacQQSaaOb@]]aSdSZb
C\WdS`aWbg=TbS\bVSU`SObSabQVOZZS\US
OabcRS\bTOQSaW\Q][^ZSbW\UVWa]`VS`
RSU`SSWabVSQ]ab]TbVSSRcQObW]\BVS
AW`OUcaOaQV]ZO`aVW^VOaOZZ]eSRbVS
bOZS\ba]Tbe]P`WZZWO\b^S`T]`[S`aO\R
RSRWQObSRabcRS\bab]aVW\SPg`SRcQ
W\UbVS¿\O\QWOZ^`Saac`Sa]TOQVWSdW\UO
Q]ZZSUSRSU`SSµBVWaaQV]ZO`aVW^[SO\a
OZ]bb][S7b¸aO\S[]bW]\OZTSSZW\Ub]
bVW\Ya][S]\SPSZWSdSaS\]cUVW\[Sb]
W\dSabW\[S¶aOgaBgZS`6]RUSa]\S]T
bVSbe]AW`OUcaOaQV]ZO`aVW^`SQW^WS\ba
eV]eS`SabcRS\baW\BVS;caWQ1]\aS`
dOb]`gZOabgSO`
µAW`OUcaO¸aac^^]`bVOab`cZg[ORSO
RWTTS`S\QSb]abcRS\baO\RbVSU`SObS`
1VWQOU]O`baQ][[c\Wbg¶aOga8O[Sa
5O\R`SRSO\]T11>/µBVSU`O\baVOdS
P`]cUVb\Se^S]^ZSb]]c`aQV]]Z[O\g
]TeV][eWZZabOgO\RPSQ][S^O`b]TbVS
TOP`WQ]T1VWQOU]¸adWP`O\bO`baQ][[c\W
bgP`W\UW\UbVSW`W\Q`SRWPZS^S`T]`[O\QSa
b]OcRWS\QSabV`]cUV]cbbVSQWbg¶
!$
3RcQObW]\
µ=c`^`]U`O[aVSZ^R`OePOQYbVSQc`bOW\]\
bVSbOZS\babVSaSabcRS\ba^]aaSaaQ`SObW\UOa]ZWR
^ZObT]`[T]`Tcbc`SOQORS[WQ^`]TSaaW]\OZO\R
^S`a]\OZacQQSaa¶
BVS/aa]QWObSR1]ZZSUSa]T7ZZW\]Wa
BVS/aa]QWObSR1]ZZSUSa]T7ZZW\]Wa
/17Q][^`WaS !^`WdObSQ]ZZSUSa
O\Rc\WdS`aWbWSaRSRWQObSRb]VSZ^W\U
Z]eW\Q][S¿`abUS\S`ObW]\abcRS\ba
U`ORcObST`][VWUVaQV]]ZO\R
Q]\bW\cS]\b]^c`acSVWUVS`SRcQObW]\
bV`]cUV]cbbVSabObS]T7ZZW\]WaEWbV
ac^^]`bT`][PcaW\SaaO\RQ][[c\Wbg
ZSORS`abVSaQV]]ZaQ]ZZOP]`ObSb]Q`SObS
O\RW[^ZS[S\bSRcQObW]\OZ^`]U`O[a
bVObW\Q`SOaSQ]ZZSUSS\`]ZZ[S\bO\R
W[^`]dSU`ORcObW]\`ObSaT]`^O`bWQW^ObW\U
abcRS\ba0SQOcaS]TbVS^S`a]\OZ
ObbS\bW]\O\Ra[OZZQZOaaaWhS]TTS`SROb
O\/17OT¿ZWObSRaQV]]ZabcRS\ba`SQSWdS
aS`dWQSabVObVSZ^bVS[acQQSSRW\bVS
Q]ZZSUSS\dW`]\[S\b[OYW\UWb[]`S
ZWYSZgbVObbVSgeWZZU`ORcObS
BVSAW`OUcaO4]c\RObW]\Tc\Ra/17¸a
1]ZZSUS@SORW\Saa>`]U`O[O\RbVS
1]ZZSUSAcQQSaa<Sbe]`YBVS1]ZZSUS
@SORW\Saa>`]U`O[WaOT]c`gSO`gSO`
`]c\R^`]U`O[RSaWU\SRb]W\Q`SOaS
VWUVaQV]]ZU`ORcObW]\`ObSaT]`[W\]`Wbg
O\Rc\RS`aS`dSRabcRS\baOaeSZZOab]
PSbbS`^`S^O`SbVS[T]`Q]ZZSUS;]\bVZg
VO\Ra]\aS[W\O`aRSdSZ]^OQORS[WQ
O\R^S`a]\OZaYWZZaVSZ^W\UabcRS\ba
acQQSSReVS\bVSgUSbb]Q]ZZSUSBVS
^`]U`O[OZa]]TTS`aabcRS\baSf^]ac`S
b]`SOZQ]ZZSUSSf^S`WS\QSa4]`SfO[^ZS
/17V]abaOeSSYZ]\UabOgObRWTTS`S\b
c\WdS`aWbWSaW\QZcRW\UQO[^cab]c`aZWdW\U
!%
W\OR]`[Wb]`gO\RObbS\RW\UQZOaaSaBVS
`SacZba]TbVS1]ZZSUS@SORW\Saa>`]U`O[
O`Sb`cZgO[OhW\U(''^S`QS\b]TQ]ZZSUS
`SORW\SaaabcRS\baU`ORcObST`][VWUV
aQV]]ZO\R'"^S`QS\bQ]\bW\cSb]VWUVS`
SRcQObW]\OTbS`VWUVaQV]]Z
B]PcWZR]\bVS1]ZZSUS@SORW\Saa
>`]U`O[bVS1]ZZSUSAcQQSaa<Sbe]`Y
OW[ab]W\Q`SOaSbVS\c[PS`]T[W\]`Wbg
Z]eW\Q][SO\R¿`abUS\S`ObW]\Q]ZZSUS
abcRS\baeV]acQQSaaTcZZgQ][^ZSbS
c\RS`U`ORcObSRSU`SSaeWbVW\aWfgSO`a
AbObWabWQaaV]ebVObaWfgSO`aOTbS`
S\bS`W\UQ]ZZSUS]\Zg $^S`QS\b]TZ]e
W\Q][SabcRS\baSO`\ORSU`SSQ][^O`SR
b]#$^S`QS\b]T[WRRZSb]VWUVW\Q][S
abcRS\baBVS1]ZZSUSAcQQSaa<Sbe]`Y
QZ]aSabVSUO^]\bVSaSabObWabWQaeWbVWba
Sf^S`bZgRSaWU\SR^`]U`O[abVObac^^]`b
[W\]`WbgabcRS\baOabVSge]`Yb]SO`\
OQ]ZZSUSRSU`SSBV`]cUVbcb]`W\U
aS`dWQSaaQV]ZO`aVW^aQ]c\aSZW\U
abcRgaYWZZae]`YaV]^aO\R]bVS`Q`WbWQOZ
aS`dWQSa/17OT¿ZWObSc\WdS`aWbWSaO\R
Q]ZZSUSaU`ORcObS[W\]`WbgabcRS\baOb
[cQVVWUVS``ObSabVO\O\g]bVS`aQV]]Z
W\7ZZW\]Wa
µEWbVAW`OUcaO¸aac^^]`beSQO\USb
bVS[W\b]Q]ZZSUS¶RW`SQb]`8S``g4cZZS`
aOgaµ=c`^`]U`O[aVSZ^R`OePOQYbVS
Qc`bOW\]\bVSbOZS\babVSaSabcRS\ba
^]aaSaaQ`SObW\UOa]ZWR^ZObT]`[T]`
Tcbc`SOQORS[WQ^`]TSaaW]\OZO\R
^S`a]\OZacQQSaa¶
!&
3RcQObW]\
/[S`WQO\7\RWO\1]ZZSUS4c\R
#
BVS0WUAV]cZRS`a4c\R
#
B@70/:1=::353A16=:/@A67>>@=5@/;
B6316/7@;/<¸A3;3@53<1GA16=:/@A67>4C<2
BV`]cUVbVSB`WPOZ1]ZZSUSAQV]ZO`aVW^>`]U`O[
T]c`bSS\/[S`WQO\7\RWO\abcRS\baObbS\RW\U
bVS\ObW]\¸ab`WPOZQ]ZZSUSaeS`SOPZSb]ac^^]`b
bVSW`TO[WZWSaO\R^c`acSbVSW`U]OZab]VSZ^bVSW`
Q][[c\WbWSa
BVS1VOW`[O\¸a3[S`US\QgAQV]ZO`aVW^4c\R
OaaWabSRTO[WZWSaeWbVbcWbW]\OaaWabO\QSb]YSS^
QVWZR`S\S\`]ZZSRW\bVSW`aQV]]ZRc`W\UOVO`RaVW^
acQVOabVSRSObV]TO^O`S\bS[S`US\Qg[SRWQOZ
Q]\RWbW]\ac\S[^Z]g[S\b]`RWd]`QS7\ %
[]`SbVO\QVWZR`S\eS`SOeO`RSRaQV]ZO`aVW^a
b]bOZW\U\SO`Zg#
BVS/aa]QWObSR1]ZZSUSa]T7ZZW\]Wa/17
$
1=::353@3/27<3AA>@=5@/;
/17¸a1]ZZSUS@SORW\Saa>`]U`O[^`]dWRSRgSO`
`]c\ROQORS[WQS\`WQV[S\b^S`a]\OZU`]ebV
]^^]`bc\WbWSaO\RVO\Ra]\Q]ZZSUSQO[^ca
Sf^S`WS\QSaRSaWU\SRb]W\Q`SOaSbVSVWUVaQV]]Z
U`ORcObW]\O\RQ]ZZSUSS\`]ZZ[S\b`ObSa]TZ]e
W\Q][S¿`abUS\S`ObW]\O\R[W\]`WbgVWUVaQV]]Z
abcRS\baOQ`]aa7ZZW\]Wa
BVS/aa]QWObSR1]ZZSUSa]T7ZZW\]Wa/17
$
1ObV]ZWQBVS]Z]UWQOZC\W]\1BC
$
=A1/@@=;3@=A16=:/@A>@=5@/;
BVS=aQO`@][S`]AQV]ZO`a>`]U`O[OaaWabSR
aWfbSS\6Wa^O\WQZOg[S\O\Re][S\Rc`W\UbVS
%a^`W\UO\RTOZZaS[SabS`aBVSU`O\bVSZ^SR
abcRS\baTc`bVS`bVSW`U`ORcObSbVS]Z]UWQOZabcRWSa
Ob1BCO\R^c`acSOQO`SS`W\^`]TSaaW]\OZ[W\Wab`g
1ObV]ZWQBVS]Z]UWQOZC\W]\1BC
1=::353AC113AA<3BE=@9
;/97<5/>:/134=@4/7B6´1/>7B/:1/;>/75<
/abObSeWRSW\WbWObWdSbVS1]ZZSUSAcQQSaa<Sbe]`Y
W\Q`SOaSRQ]ZZSUS`SbS\bW]\O\RU`ORcObW]\`ObSa]T
Z]eW\Q][S¿`abUS\S`ObW]\O\R[W\]`WbgQ]ZZSUS
abcRS\baS\`]ZZSR]\/17[S[PS`QO[^caSa
BVWaU`O\bVSZ^SR]TTaSbbVS]\U]W\UQ]\ab`cQ
bW]\Q]abaT]`bVS\Se/QORS[WQO\R1]\TS`S\QS
1S\bS`T]`bVS;OYW\UO>ZOQST]`4OWbV1O^WbOZ
1O[^OWU\7bOZa]ac^^]`bSRbVS`S\]dObW]\]TbVS
SfWabW\U[OW\PcWZRW\UW\b]OabcRS\b`SaWRS\QS
]T¿QSO\RRW\W\UVOZZ
!'
BVS1]dSAQV]]Z
3Z[Vc`ab1]ZZSUS
B63A16=:/@A67>4C<2
A16=:/@A67>A4=@;722:37<1=;3ABC23<BA
BV`]cUVbVWaTc\ROaWfbVU`ORSabcRS\b`SQSWdSRO
aQV]ZO`aVW^b]Q]\bW\cSObbS\RW\UbVS1]dSAQV]]Z
O\R[OYW\U^`]U`SaaW\VWaO`SOa]TQVOZZS\US
BVSaSaQV]ZO`aVW^aOZZ]eSfQS^bW]\OZZgOPZSO\R
e]`bVgabcRS\babVS]^^]`bc\Wbgb]]PbOW\O
VWUV_cOZWbgSRcQObW]\RSa^WbSW\Q`SOaW\USRc
QObW]\OZQ]abaBVWaU`O\b^`]dWRSR^O`bWOZbcWbW]\
aQV]ZO`aVW^ab]¿dS[WRRZSW\Q][SabcRS\baOb
3Z[Vc`ab1]ZZSUS
1`Wab]@Sg8SacWb6WUVAQV]]Z
B63A16=:/@A67>4C<2
BVSU]OZ]TbVSAQV]ZO`aVW^4c\RWab]VSZ^abc
RS\baT`][TO[WZWSaeWbVZW[WbSR¿\O\QWOZ[SO\a
Sf^O\RbVSW`Tcbc`S]^^]`bc\WbWSabV`]cUVOac^S`W]`
OQORS[WQS\dW`]\[S\b7\bVS $ %aQV]]Z
gSO`bS\abcRS\baeS`SOPZSb]^c`acSO^`WdObS
Q]ZZSUS^`S^O`Ob]`gSRcQObW]\Ob1`Wab]@Sg8SacWb
6WUVAQV]]ZbVObbVSgQ]cZR\]b]bVS`eWaSOTT]`R
BVS6ORZSgAQV]]ZT]`bVS0ZW\R
%#
A/43BG7<B636=;3/<25=7<5>:/13A
BVWaU`O\bac^^]`bSRbe]W\RS^S\RS\bZWdW\U
Q]c`aSaT]`PZW\RO\RdWacOZZgW[^OW`SRORcZba
µAOTSbgW\bVS6][S¶bSOQVSa^S]^ZSeWbVdWacOZ
W[^OW`[S\baV]eb]RSOZeWbVS[S`US\QgaWbc
ObW]\aO\Rµ5]W\U>ZOQSa¶^`]dWRSaOZbS`\ObWdS
b`O\a^]`bObW]\ab`ObSUWSaT]`W\RWdWRcOZaeV]\]
Z]\US`R`WdSPSQOcaS]TdWaW]\Z]aa
µ3RcQObW]\WabVS[]ab^]eS`TcZeSO^]\eVWQVg]cQO\caS
b]QVO\USbVSe]`ZR¶
<3:A=<;/<23:/
"
3RcQObW]\
7ZZW\]WaESaZSgO\C\WdS`aWbg
:OYS4]`Sab1]c\b`g2OgAQV]]Z:412A
#
A16=:/@A67>A4=@;722:37<1=;3ABC23<BA
B63B7;37A<=E´1/>7B/:1/;>/75<
BVWaU`O\bVSZ^SR7ZZW\]WaESaZSgO\C\WdS`aWbg
SfbS\R¿\O\QWOZac^^]`bb][WRRZSW\Q][Sabc
RS\baeV]VOdS\]OQQSaab]TSRS`OZO\RabObS
R]ZZO`aRcSb]TO[WZgW\Q][SZSdSZEWbVbVSaS
Tc\RaabcRS\baeS`SOPZSb]bOYSTcZZORdO\bOUS
]TOZWPS`OZO`baSRcQObW]\2c`W\UbVS % &
OQORS[WQgSO`be]abcRS\baeS`S`SQW^WS\ba]T
bVSaQV]ZO`aVW^
4c\RaT`][bVWaU`O\beS`ScaSRb]ac^^]`bbVS
aQV]]Z¸aRWdS`aWbgW\WbWObWdS4]ZZ]eW\UO\O\
\]c\QSRab`ObSUWQ^ZO\bVS:412A0]O`RSabOP
ZWaVSROQ][[WbbSS]\RWdS`aWbgO\RVOaabO`bSR
W[^ZS[S\bW\U[O\g]TbVSQ][[WbbSS¸a`SQ][
[S\RObW]\aW\QZcRW\UUS]U`O^VWQOZQcZbc`OZ`OQWOZ
O\RSQ]\][WQRWdS`aWbg
:OYS4]`Sab1]c\b`g2OgAQV]]Z:412A
B63A16=:/@A67>>@=5@/;
:]g]ZO/QORS[g
#
A16=:/@A67>4=@/:=E7<1=;3;7<=@7BGABC23<B
4]c\RObW]\ac^^]`bS\OPZSROZ]eW\Q][SabcRS\b
T`][<]`bV1VWQOU]b]`SQSWdSO¿\O\QWOZOWR
aQV]ZO`aVW^b]ObbS\R:412AAcQVaQV]ZO`aVW^a
VSZ^:412ARSdSZ]^ORWdS`aSQ][[c\WbgO\R
T]abS`O\S\`WQVSRSRcQObW]\OZS\dW`]\[S\bbVOb
^`S^O`SaabcRS\baT]`ZWTSW\OUZ]POZa]QWSbg
BVS:]g]ZO/QORS[gAQV]ZO`aVW^>`]U`O[
W\Q`SOaSRWbaabcRS\b¿\O\QWOZOWRPcRUSbPg ^S`QS\bBVWaU`O\beOacaSRb]^`]dWRSbcWbW]\
OaaWabO\QSb]O:]g]ZO/QORS[gabcRS\b
"
:]g]ZOC\WdS`aWbg1VWQOU]
#
;]`SV]caSAQV]]Z]T;SRWQW\S
ABC23<BAB=53B63@/@3@3/167<5AC113AAAB/@A
B63A16=:/@A67>4C<2
;3<B=@7<5>@=5@/;
BV`]cUVbVWaU`O\b;]`SV]caSAQV]]Z]T;SRWQW\S
Q]\bW\cSRWba[WaaW]\b]`SQ`cWbO\Rb`OW\abcRS\ba
Oa^VgaWQWO\aPW][SRWQOZaQWS\bWabaO\R^cPZWQ
VSOZbV^`]TSaaW]\OZaQ][[WbbSRb]aS`dW\UbVS
\ObW]\ac\RS`aS`dSR@SRcQW\UabcRS\ba¸¿\O\QWOZ
Pc`RS\aS\OPZSabVS[b]Q]\QS\b`ObS]\bVSW`
abcRWSaO\Rb]SfQSZOQORS[WQOZZg
BVSAB/@A;S\b]`W\U>`]U`O[^`]dWRSabcWbW]\
OaaWabO\QSb]OQORS[WQOZZgacQQSaaTcZabcRS\ba
eV]VOdSQ][[WbbSRb][S\b]`W\U¿`abgSO`
abcRS\baOabVSgb`O\aWbW]\b]:]g]ZOC\WdS`aWbg
1VWQOU]7\ % W\RWdWRcOZaeS`SQV]aS\Oa
[S\b]`ab]^ZOgOaWU\W¿QO\b`]ZSW\SOaW\UbVS
b`O\aWbW]\T]`bVSaSabcRS\ba
<]`bVeSabS`\C\WdS`aWbg
;S`WbAQV]]Z]T;caWQ
A16=:/@A67>AB=23A3@D7<5
B63>@3>/@/B=@G>@=5@/;
/4@71/</;3@71/<ABC23<BA
BVWaU`O\b^`]dWRSRO\ORdO\QS^WO\]abcRS\beWbV
^`WdObSZSaa]\aO\ROZ]eW\Q][SabcRS\beWbVO
aQV]ZO`aVW^b]ObbS\R;S`Wb¸a>`S^O`Ob]`g>`]U`O[
W\eVWQVW\bS`[SRWObSZSdSZabcRS\ba`SQSWdSU`]c^
]`^`WdObSZSaa]\abVS]`gQZOaaSaO\RbVS]^^]`bc
\Wbgb]^ZOgeWbVO\S\aS[PZS
Be]/T`WQO\/[S`WQO\c\RS`U`ORcObSaOb<]`bV
eSabS`\C\WdS`aWbg`SQSWdSRaQV]ZO`aVW^aT`][bVWa
U`O\bRc`W\UbVS % &OQORS[WQgSO`BVS
aQV]ZO`aVW^`SQW^WS\baQ]\b`WPcbSRb]bVSOQORS[WQ
Q][[c\WbgW\[O\geOgaW\QZcRW\UZSORS`aVW^O\R
]cb`SOQVb]g]c\US`abcRS\baW\bVSW`¿SZRa
"
3RcQObW]\
<]`bVeSabS`\C\WdS`aWbg
9SZZ]UUAQV]]Z]T;O\OUS[S\b
@caVC\WdS`aWbg1]ZZSUS]T<c`aW\U
#
<=<>@=47B3F31CB7D3A16=:/@A67>A
BVS9SZZ]UUAQV]]Z1S\bS`T]`<]\^`]¿b
;O\OUS[S\bVSZ^a\]\^`]¿bZSORS`aPcWZRbVSW`
]`UO\WhObW]\OZQO^OQWbgO\RW\RWdWRcOZ[O\OUS[S\b
aYWZZabV`]cUVSfSQcbWdSSRcQObW]\^`]U`O[aBVWa
U`O\b^`]dWRSRaQV]ZO`aVW^ab]aS\W]`abOTTO\R
P]O`R[S[PS`a]T\]\^`]¿b]`UO\WhObW]\aS\OPZW\U
bVS[b]ObbS\R[O\OUS[S\b^`]U`O[aW\QZcRW\U
4c\R`OWaW\U;O`YSbW\U:SORS`aVW^0]O`R
5]dS`\O\QSO\R]bVS`a
@]]aSdSZbC\WdS`aWbg
A16=:/@A67>AB=B631671/5=1=::353
=4>3@4=@;7<5/@BA
BVWaU`O\beOacaSRb]^`]dWRSaQV]ZO`aVW^Oa
aWabO\QSb]RSaS`dW\UO\RbOZS\bSRabcRS\baabcRg
W\UOb@]]aSdSZbC\WdS`aWbg¸a1VWQOU]1]ZZSUS]T
>S`T]`[W\U/`baBVS`SQW^WS\baT]`bVS % &
OQORS[WQgSO`eS`S]`QVSab`OZabcRWSaO\Rd]WQS
abcRWSaabcRS\ba
B63A16=:/@A67>4C<2
AQV]ZO`aVW^aeS`SOeO`RSRb]be]c\RS`U`ORc
ObS\c`aW\UabcRS\ba^c`acW\UOQO`SS`OaO@caV
<c`aS´OabcbSQ`WbWQOZbVW\YS`aO\Rb]^\]bQV
QZW\WQOZSf^S`baeV]O`S^`S^O`SRb]RSZWdS`QO`SW\
O\W\Q`SOaW\UZgQ][^ZSfVSOZbVQO`SS\dW`]\[S\b
AQV]]Z]TbVS/`b7\abWbcbS]T1VWQOU]
B63A16=:/@A67>4C<2
4]`Q]\aSQcbWdSgSO`abVWaU`O\bVOaOZZ]eSR
[O\gOa^W`W\UO`bWabab]ObbS\RO\W\bS`\ObW]\OZZg
`S\]e\SRaQV]]Z]T¿\SO`baO\RRSaWU\7\
%bV`SSc\RS`U`ORcObSabcRS\ba`SQSWdSR
¿\O\QWOZOaaWabO\QSb]^c`acSOQcbbW\USRUS
W\bS`RWaQW^ZW\O`gSRcQObW]\ObbVSAQV]]Z]TbVS/`b
7\abWbcbS]T1VWQOU]
"!
Ab7U\ObWca1]ZZSUS>`S^
BVSC\WdS`aWbg]T1VWQOU]
AB75</B7CA67563@/1673D3;3<B>@=5@/;A76/>
B63A7@/5CA/A16=:/@A>@=5@/;
BVWaU`O\bac^^]`bSRA76/>OVWUVS`OQVWSdS[S\b
^`]U`O[T]`#Z]eW\Q][S/T`WQO\/[S`WQO\O\R
:ObW\]QVWZR`S\b]aWU\W¿QO\bZgP`]ORS\bVSW`aYWZZa
W\e`WbW\U`SORW\UQ][^`SVS\aW]\[ObVQ][
^cbS`caOUSO\RW\b`]RcQbW]\b]aQWS\QST`][OTbS`
$bVbV`]cUV&bVU`ORS
4c\RaT`][bVWaU`O\beS`ScaSRb]^`]dWRSaQV]Z
O`aVW^aT]`[W\]`WbgabcRS\baObbVSC\WdS`aWbg]T
1VWQOU]Rc`W\UbVS % &OQORS[WQgSO`BVS
C\WdS`aWbg]T1VWQOU]Wa]\S]TbVS\ObW]\¸ab]^
`SaSO`QVW\abWbcbW]\aO\RWbac\RS`U`ORcObS^`]
U`O[WaRSaWU\SRb]W\a^W`SO\RRSdSZ]^abcRS\ba¸
OQORS[WQ`SaSO`QVaYWZZa
C\WbSR<SU`]1]ZZSUS4c\RC<14
A7@/5CA/4=C<2/B7=<A16=:/@A67>>@=5@/;
E]]RZO\Ra/QORS[g]TbVSAOQ`SR6SO`b
BVWa^`]U`O[OaaWabSRaSdS\RSaS`dW\UaQV]ZO`a
W\^c`acW\UbVSW`R`SO[a]TPSQ][W\UQ]ZZSUS
U`ORcObSaac^^]`bSRT]c`aQV]ZO`aVW^ab]
1VWQOU]>cPZWQAQV]]ZabcRS\baO\ReS\b
b]eO`RbVSUS\S`OZC<14AQV]ZO`aVW^4c\R
A16=:/@A67>4=@/<=<0=/@27<5
:=E7<1=;3:/931=C<BG@3A723<B
BVSaSTc\RaeS`ScaSRb]^`]dWRSaQV]ZO`aVW^ac^
^]`bT]`O\]\P]O`RW\UZ]eW\Q][SabcRS\bT`][
:OYS1]c\bgBV`]cUV]cbbVSgSO`aaQV]ZO`aVW^
`SQW^WS\baVOdS`SQSWdSR\ObW]\OZ`SQ]U\WbW]\O\R
OeO`RaT`][]`UO\WhObW]\aT]`OQQ][^ZWaV[S\baW\
e`WbW\UT]`SWU\ZO\UcOUSaQWS\QS[ObVZSORS`
aVW^[caWQT]`S\aWQaO\Ra^]`ba
"#
3\dW`]\[S\b
>`Sbbg-<Obc`OZZg
>`]bSQbWb-/Pa]ZcbSZg
"$
3\dW`]\[S\b
µ7\1VWQOU][WZZW]\a]T^S]^ZSUSbb]Sf^S`WS\QS
]c`e]`ZRQZOaaZOYSaV]`S/\RBVSB`cabT]`
>cPZWQ:O\RWaVSZ^W\U[OYSac`SbVObSdS`g]\S
W\^O`bWQcZO`SdS`gQVWZRVOaOQQSaab]O^O`Y
]`^ZOgU`]c\RQZ]aSb]V][S¶
BVSB`cabT]`>cPZWQ:O\RBVSB`cabT]`
>cPZWQ:O\RB>:WabVS]\Zg\ObW]\OZ
]`UO\WhObW]\T]QcaSR]\Q]\aS`dW\UZO\R
T]`^S]^ZS7b^`]bSQbab`SOac`SR`c`OZ
O\RacPc`PO\ZO\RaQO^SaO\Rc\b]cQVSR
eWZRZO\Ra)O\RWbOZa]RSdSZ]^aZO\RT]`
`SQ`SObW]\eObS`aVSR^`]bSQbW]\O\R
VOPWbObQ]\aS`dObW]\;]abW[^]`bO\bZg
B>:Q]\\SQba^S]^ZSb]ZO\RPgQ`SObW\U
O\OQQSaa^]W\bb]\Obc`SQZ]aSb]bVSW`
V][SaVSZ^W\UQ][[c\WbWSa`SQ]U\WhS
O\RO^^`SQWObSbVSW`\Obc`OZac``]c\RW\Ua
BVSAW`OUcaO4]c\RObW]\ac^^]`babVS
B`cab¸a1VWQOU]C`PO\>O`Ya>`]U`O[
eVWQVVSZ^a^`]bSQbc`PO\ZO\RT]`
\Se^O`YRSdSZ]^[S\ba=dS`bVS^Oab
RSQORSB>:VOab`O\aT]`[SR\c[S`]ca
^Z]ba]TZO\RW\b]PSOcbWTcZ^O`YaO\R
^ZOgW\UO`SOaT]`TO[WZWSaO\RQVWZR`S\
7\Q]ZZOP]`ObW]\eWbVQWdWQZSORS`a
^cPZWQOUS\QWSaO\RbVS^VWZO\bV`]^WQ
Q][[c\WbgB>:Wa`SRSdSZ]^W\UObV`SS
[WZSc\caSRab`SbQV]TbVS0Z]][W\UROZS
:W\S]\1VWQOU]¸a<SO`<]`bVeSabAWRSb]
Q]\ab`cQbbVSe]`ZR¸abVW`RSZSdObSRZW\SO`
^O`YBVWaeWZZORRO[cQV\SSRSR^cPZWQ
`SQ`SObW]\O`SOT]`bVS\SWUVP]`V]]Ra]T
:]UO\A_cO`S6c[P]ZRb>O`YEWQYS`
>O`YO\R0cQYb]e\eVS`SbVS`SWaZWbbZS
U`SS\a^OQSOdOWZOPZSBVSSZSdObSRb`OWZ
"%
eWZZPSQ]\\SQbSReWbVaWfU`]c\RZSdSZ
µ^]QYSb¶^O`YaP`O\QVW\U]TTOZ]\U
bVSb`OWZAcQV^O`YaO\R]cbR]]`O`SOa
O`SQ`WbWQOZb]Q][[c\WbgVSOZbVO\R
eSZZPSW\U/QQ]`RW\Ub]bVS1S\bS`a
T]`2WaSOaS1]\b`]Z/[S`WQO\aZWdW\U
QZ]aS`b]^O`YaO`S[]`SZWYSZgb]
SfS`QWaS`SUcZO`ZgZSORW\Ub]eSWUVb
Z]aaW\Q`SOaSRS\S`UgO\RPSbbS`]dS`OZZ
VSOZbV=bVS``SaSO`QVVOa^`]dS\bVOb
OQQSaab]U`SS\a^OQS`SRcQSaab`Saa
W\QVWZR`S\
µ7\1VWQOU][WZZW]\a]T^S]^ZSUSbb]
Sf^S`WS\QS]c`e]`ZRQZOaaZOYSaV]`SO\R
\]eeWbVbVSAW`OUcaO4]c\RObW]\¸aac^
^]`bBVSB`cabT]`>cPZWQ:O\RWa[OYW\U
ac`SbVObSdS`g]\SW\^O`bWQcZO`SdS`g
QVWZRVOaOQQSaab]O^O`Y]`^ZOgU`]c\R
QZ]aSb]V][SOaeSZZ¶OaaS`ba0SbV
EVWbSbVSSfSQcbWdSRW`SQb]`]TB>:
B>:VOaPSS\OPZSb]\]b]\Zgb`O\a
T]`[ZO\RPcbb]b`O\aT]`[O\Rab`S\UbV
S\bVSW`^`SaS\QSW\bVSQ][[c\WbgAcQV
`SQ]U\WbW]\VOaS\OPZSRWbb]Q]\\SQb
^S]^ZSeWbVbVSZO\RWbQ]\aS`dSaO\R
PcWZRQ][[c\Wbgac^^]`bT]`]\U]W\UO\R
Tcbc`SZO\R^`SaS`dObW]\7bae]`YQ`SObW\U
Obb`OQbWdS]^S\a^OQSaT]`^S]^ZSb]S\
X]gWaSa^SQWOZZgW[^]`bO\bW\VWUVRS\aWbg
c`PO\O`SOaµBVSS\dW`]\[S\bOTTSQba
V]e^S]^ZSbVW\YO\RTSSZOP]cbbVS[
aSZdSabVSW`\SWUVP]`aO\RbVSe]`ZR¶
"&
3\dW`]\[S\b
µ7TeSQO\`SdS`aSbVSRO[OUSO\RQVO\USa
bVOba]QWSbgVOaW\ÀWQbSR]\]c``WdS`a
O\Rab`SO[aeSQO\PSUW\b]b`O\aT]`[]c`
S\dW`]\[S\bW\b]^ZOQSabVObac^^]`bZWTS
T]`P]bVVc[O\aO\ReWZRZWTS¶
BVSESbZO\Ra7\WbWObWdSBVSVSOZbV]T]c`
Q]c\b`g¸aT`SaVeObS`VOaPSS\W\Q`WaWa
]dS`bVSZOabQS\bc`g^O`bZgRcSb]bVS
R`OW\W\U¿ZZW\UO\RZSdgW\U]T\SO`Zg
'^S`QS\b]TbVS\ObW]\¸aeSbZO\Ra
7\bVS;WReSab´O\R^O`bWQcZO`ZgW\
\]`bVS`\7ZZW\]Wa´BVSESbZO\Ra7\WbWO
bWdSWae]`YW\Ub]b`O\aT]`[]c``WdS`a
O\Rab`SO[aPg`Sab]`W\UeSbZO\Ra/aO
`SacZbeSUOW\W[^`]dSReObS`_cOZWbg
W\Q`SOaSReWZRZWTSVOPWbObO\RPW]RWdS`aWbg
O\R`SRcQSRÀ]]RRO[OUSa
C\bWZbVSZObS bVQS\bc`geSbZO\Ra
eS`S[Wac\RS`ab]]RO\Rc\RS`O^^`SQW
ObSRB]ROgeSY\]ebVObeSbZO\RaO`SO
Q`WbWQOZZW\YW\bVSSO`bV¸aeObS`QgQZSESb
ZO\RaV]ZRÀ]]ReObS`a\Obc`OZZg`S[]dS
O\Rb`O^SfQSaa\cb`WS\baV]ZRPOQYaSRW
[S\bO\R^`]dWRSVOPWbObT]`[WU`Ob]`g
PW`RaO\R[O\g]bVS`O\W[OZaESbZO\Ra
OZa]O`SO[]`SSTTSQbWdSO\RST¿QWS\b
QO`P]\aW\YbVO\T]`Saba]`TO`[¿SZRa
ab]`W\UQO`P]\W\`WQVRS^]aWba]T^SOb
BVSAW`OUcaO4]c\RObW]\VOaPSS\ac^
^]`bW\UBVSESbZO\Ra7\WbWObWdS¸aSTT]`ba
b]`Sab]`SeSbZO\RaaW\QS''$7\`SQS\b
gSO`abVST]c\RObW]\¸aac^^]`bVOaPSS\
T]QcaSR]\caW\UeSbZO\Rab]ORR`Saa
^`SaaW\Uc`PO\^`]PZS[a7\ %bVS
T]c\RObW]\PSUO\Tc\RW\UO\Sf^S`W[S\
bOZ^`]XSQbOb1]ZZObS`OZ1VO\\SZOa[OZZ
\OdWUObW]\OZaZW^]TTbVS1VWQOU]AO\WbO`g
O\RAVW^1O\OZ]\bVSQWbg¸aA]cbVAWRS
\SO`!abAb`SSb
BVSQVO\\SZWabg^WQOZ]T[cQV]T
bVS&[WZSa]T1VWQOU]¸aeObS`eOga
"'
Q]\bO[W\ObSReWbVZO`US_cO\bWbWSa]T
]`UO\WQO\RW\]`UO\WQQ][^]c\RaBVS
ESbZO\Ra7\WbWObWdSWae]`YW\Ub]b`O\a
T]`[]\SOQ`S]TbVWaRSU`ORSRO\R
\SO`ZgOPO\R]\SRQVO\\SZW\b]O`S
ab]`SReSbZO\R0S\SObVbVSeSbZO\R
aQWS\bWabaT`][bVSC\WdS`aWbg]T7ZZW\]Wa
O\RS\UW\SS`aT`][BVSESbZO\Ra7\WbWO
bWdSeWZZW\abOZZ[cZbW^ZSZOgS`a]Tag\bVSbWQ
[ObS`WOZab]µQO^¶bVSQ]\bO[W\ObSR
aSRW[S\baO\RYSS^bVS[T`][`SOQVW\U
bVSeObS`;WQ`]PSaeWbVW\bVSZOgS`aeWZZ
P`SOYR]e\bVSQ]\bO[W\O\baOQbcOZZg
b`O\aT]`[W\UbVSaSRW[S\baW\b]ZSaab]f
WQa]WZBVSeSbZO\RaOb]^bVSµQO^¶eWZZ
Q`SObSeWZRZWTSVOPWbOb^`]dWRSQZSO\S`
eObS`O\RP`W\UU`SS\a^OQSb]bVSac`
`]c\RW\Uc`PO\O`SO
µES\SSRb]VO`\Saa\SebSQV\]Z]
Ug´acQVOaQO^^W\UQ]\bO[W\ObSRaSRW
[S\baeWbV\Obc`OZagabS[aZWYS`Sab]`SR
eSbZO\Ra´b]abO`ba]ZdW\U abQS\bc`g
^`]PZS[a¶aOWR:Oc`OC`PO\RSdSZ]^
[S\bRW`SQb]`ObBVSESbZO\Ra7\WbWObWdS
µ7TeSQO\`SdS`aSbVSRO[OUSO\RQVO\U
SabVOba]QWSbgVOaW\ÀWQbSR]\]c``WdS`a
O\Rab`SO[aeSQO\PSUW\b]b`O\aT]`[
]c`S\dW`]\[S\bW\b]^ZOQSabVObac^^]`b
ZWTST]`P]bVVc[O\aO\ReWZRZWTS¶
µES¸`SbV`WZZSRbVObbVSAW`OUcaO
4]c\RObW]\VORbVSdWaW]\b]PSZWSdSbVOb
eSbZO\R`Sab]`ObW]\Q]cZRPSW[^]`bO\bb]
bVSQWbgES¸`SZ]]YW\UT]`eO`Rb]O^^Zg
W\UbVSZSaa]\aZSO`\SR]\bVWa^`]XSQbb]
]bVS`O`SOa]TbVSQWbg¸aeObS`eOga¶;a
C`PO\aOWR
#
3\dW`]\[S\b
/ZZWO\QST]`bVS5`SOb:OYSa
#
1671/5=E/B3@1=<A3@D/B7=<32C1/B7=<7<7B7/B7D3
CaW\UbVS5`SOb:OYSaW\;gE]`ZRO\RbVS/ZZW
O\QS¸aYW\RS`UO`bS\SWUVbVU`ORSQc``WQcZObVSW\W
bWObWdS^`]dWRSRSRcQOb]`aeWbV`Sa]c`QSab]bSOQV
W[^]`bO\bQ]\QS^bab]bVSW`abcRS\ba4]`bgbe]
O`SOSRcQOb]`aeS`Sb`OW\SRbV`]cUVe]`YaV]^a
OP]cbbVS5`SOb:OYSaO\ReObS`Q]\aS`dObW]\
1VWQOU]0]bO\WQ5O`RS\
3\dW`]\[S\bOZ:OeO\R
>]ZWQg1S\bS`3:>1
!
1=::353ABC23<B7<B3@<>@=5@/;
BVWaU`O\bac^^]`bSRbVS7ZZW\]WaAbcRS\b3\dW`]\
[S\bOZ1]OZWbW]\O\STT]`bb]PcWZRZSORS`aVW^T]`
S\dW`]\[S\bOZOeO`S\SaaO\ROQbWdWbWSa]\Q]ZZSUS
QO[^caSac\RS`3:>1¸aUcWRO\QS7\bS`\a[Sb
eWbVabcRS\babV`]cUV]cb7ZZW\]WaQ]]`RW\ObSR
Q]\TS`S\QSaO\RSf^O\RSRbVSQ]OZWbW]\ESPaWbS
O\R]bVS`abcRS\b`Sa]c`QSa
<=@B6:/E<2/:35@33<G=CB64/@;
BVS<]`bV:Oe\ROZS5`SS\G]cbV4O`[WaO
g]cbVZSORS`aVW^RSdSZ]^[S\b^`]U`O[T]`VWUV
aQV]]ZabcRS\babVObcaSaZSaa]\aW\V]`bWQcZbc`S
S\b`S^`S\Sc`aVW^T]]R^`S^O`ObW]\O\R\cb`WbW]\
7\ %abcRS\ba^`W[O`WZgT`][;O\ZSg1O`SS`
/QORS[gRSdSZ]^SRbVSW`^S`a]\OZO\ROQORS[WQ
^]bS\bWOZO\RPcWZbQWdWQS\UOUS[S\bbV`]cUV
^O`bWQW^ObW]\W\bVS^`]U`O[
1VWQOU]0]bO\WQ5O`RS\
A16==:=4B631671/5=0=B/<715/@23<
3\dW`]\[S\bOZ:OeO\R
>]ZWQg1S\bS`3:>1
#
A7@/5CA/4=C<2/B7=<4/;7:G>67:/<B6@=>G>@=5@/;
4]c\RObW]\P]O`RO\RTO[WZg[S[PS`a^O`bWQW^ObS
W\OgSO`ZgdWaWbeWbVOU`O\bSSb]PSbbS`c\RS`abO\R
Q]\QS^ba]TUWdW\Ud]Zc\bSS`Wa[O\RaS`dWQSBVS
Sf^S`WS\QSVSZ^aPcWZROQ]\\SQbW]\b]bVST]c\RO
bW]\¸a^VWZO\bV`]^WQe]`Y7\ %TO[WZgO\RP]O`R
[S[PS`aZSO`\SR[]`SOP]cbS\dW`]\[S\bOZWaacSa
O\R^`]U`O[aW\bVS;WReSabT`][3:>1abOTTO\R
abcRS\bW\bS`\a
32C1/B7=<=44713A´1/>7B/:1/;>/75<
AW\QSWbaU`O\R]^S\W\UW\AS^bS[PS` $bVS
1VWQOU]0]bO\WQ5O`RS\¸a\SeSRcQObW]\TOQWZWbg
VOaaS`dSRO^^`]fW[ObSZg'ORcZbaeWbV[]`S
bVO\"$#QZOaaSae]`YaV]^aO\RQS`bW¿QObS^`]
U`O[a=dS`OZZbVS5O`RS\¸aSRcQObW]\^`]U`O[a
VOdS`SOQVSR\SO`Zg abcRS\baO\RbSOQVS`a
4`WS\Ra]TbVS1VWQOU]@WdS`
#
/2=>B/@7D3@>@=5@/;
BVS/R]^b/@WdS`>`]U`O[e]`YaeWbVQ][[c\Wbg
U`]c^ab]^VgaWQOZZgW[^`]dSbVS1VWQOU]@WdS`
O\RRSdSZ]^Z]\UbS`[abSeO`RaVW^7\ %[]`S
bVO\"d]Zc\bSS`a`S^OW`SR`WdS`SRUS\Obc`S
b`OWZa`SW\b`]RcQSR\ObWdS^ZO\ba^SQWSaO\R`S
[]dSRVO`[TcZW\dOaWdSdSUSbObW]\OZ]\UbVS`WdS`
#
7\bS`\ObW]\OZ5O[S4WaV/aa]QWObW]\
$
BVSB`cabT]`>cPZWQ:O\R
%#
32C1/B7=<=CB@3/16>@=5@/;/<253<3@/:=>3@/B7<5
1671/5=C@0/<>/@9A>@=5@/;
#VSZ^SRSfbS\R[caSc[dWaWbaO\RZOP^`]
U`O[aOP]cbbVSW[^]`bO\QS]TQ]\aS`dObW]\O\R
bVS^`]bSQbW]\]TO_cObWQS\dW`]\[S\baW\A]cbV
4Z]`WROb]Ob`WaYabcRS\baT`][BWbZS7aQV]]Za
ac^^]`bSR]^S`ObW\USf^S\aSab]^`][]bS
¿aVW\UW\O[O\\S`Q]\aWabS\beWbVa]c\Ra^]`bW\U
O\RQ]\aS`dObW]\^`OQbWQSa
EWbVT]c\RObW]\ac^^]`bbVSB`cabT]`>cPZWQ:O\R
^`]bSQbSRbV`SS^O`QSZa]TZO\RW\1VWQOU]¸a:]UO\
A_cO`SbVObeWZZPSQ][S\SWUVP]`V]]R^O`YaO\R
OQQSaa^]W\baT]`bVSTcbc`S0Z]][W\UROZSB`OWZ
eVWQVeWZZPSO![WZSSZSdObSRZW\SO`^O`Y
BVSESbZO\Ra7\WbWObWdSBE7
#
@3AB=@/B7=<=4E3B:/<2A4=@
:W\Q]Z\>O`YH]]
/<7;/:1=<A3@D/B7=<>@=5@/;
BVSU`O\bac^^]`bSRbVSO\\cOZ]^S`ObW]\a]TbVS
1]\aS`dObW]\O\RAQWS\QS2S^O`b[S\b=\S]T
bVS¿dSZO`USabQ]\aS`dObW]\RS^O`b[S\baW\bVS
\ObW]\Wbac^^]`baaQWS\QS^`]U`O[aT]`O\W[OZ
eSZTO`SO\RQ]\aS`dObW]\O`]c\RbVSe]`ZR
<CB@73<B4/@;7<5´1/>7B/:1/;>/75<
BVWaU`O\bVSZ^SRBVSESbZO\Ra7\WbWObWdSW[^ZS
[S\bO\cb`WS\bTO`[W\UO\ReSbZO\R`Sab]`ObW]\
^`]XSQb]\bVS7ZZW\]Wa@WdS`PcWZR^O`b\S`aVW^aeWbV
Z]QOZ]`UO\WhObW]\aO\R`OWaSOeO`S\Saa
BVSESbZO\Ra7\WbWObWdSBE7
%#
1=::/B3@/:16/<<3:07=@3;327/B7=<B3AB>@=831B
=^S\ZO\Ra
%#
B@33933>3@A>@=5@/;
BVSB`SS9SS^S`a^`]U`O[WaOd]Zc\bSS`SRcQObW]\
b`OW\W\U^`]U`O[bVObQS`bW¿SaO\OdS`OUS]T$b]
&QWdWQZSORS`aSOQVgSO`eWbVY\]eZSRUS]TV]e
b]QO`SO\RORd]QObST]`bVSVSOZbV]TbVSc`PO\
T]`SabW\bVS[Sb`]^]ZWbO\O`SO7\ %B`SS9SS^S`a
ac`^OaaSRU`ORcObSa]dS`Wba%gSO`VWab]`g
BE7RSdSZ]^SRO\W\\]dObWdSaSRW[S\bO\ReSbZO\R
Q`SObW]\^`]XSQbW\1]ZZObS`OZ1VO\\SZOQ]\bO[W\Ob
SRaZW^]TT]TbVS1VWQOU]AO\WbO`gAVW^1O\OZBVS
RS[]\ab`ObW]\^`]XSQbeWZZ]TTS`bVSQWbgO[]RSZT]`
ORR`SaaW\UbVSRcOZc`PO\^`]PZS[a]TaSRW[S\b
Q]\bO[W\ObW]\O\RW[^OW`SReObS`_cOZWbg
µBVSS\dW`]\[S\bWaeVS`SeSOZZ[SSb)eVS`SOZZVOdSO[cbcOZ
W\bS`Sab)WbWabVS]\SbVW\UOZZ]TcaaVO`S7bWa\]b]\ZgO[W``]`]T
]c`aSZdSaPcbOT]QcaW\UZS\a]\eVObeSQO\PSQ][S¶
:/2G07@28=6<A=<
#!
6SOZbVAS`dWQSa;SRWQOZ@SaSO`QV
1VO\USbVOb¸a[SOac`SR
W\[]ZSQcZSaPcb
Q]c\bSR]\Pg[WZZW]\a
#"
6SOZbVAS`dWQSa;SRWQOZ@SaSO`QV
µ1O`SUWdW\UWaS[S`UW\UOaO[OX]`WaacSO\RbVWa
aS`WSa^`]dWRSaTO[WZWSaeWbVVSZ^TcZQ]^W\U
bSQV\W_cSaO\ReOgab]Z]QObS`Sa]c`QSab]VSZ^
bVSW`Z]dSR]\Sa¶
BVS/ZhVSW[S`¸a/aa]QWObW]\´5`SObS`
7ZZW\]Wa1VO^bS`BVSQ]ab]TVSOZbVQO`S
Q]\bW\cSab]PSOU`SObQ]\QS`\T]`
TO[WZWSaO\RWaO\SdS`U`]eW\UWaacSbVOb
^S]^ZSO\RPcaW\SaaSaTOQSSdS`g
ROg=\S]TbVSeOgab]P]bV^`][]bS
VSOZbVO\R^`SdS\bRWaSOaSWab]T]abS`
]\U]W\Uac^^]`b]TVSOZbVaS`dWQSaO\R
[SRWQOZ`SaSO`QV3fbS\aWdS`SaSO`QVO\R
ORS_cObSVSOZbVaS`dWQSaQO\W[^`]dS
P]bVbVS_cOZWbg]TZWTSO\RbVSab`S\UbV
]T]c`SQ]\][g
BOYST]`SfO[^ZSbVS/ZhVSW[S`¸a/a
a]QWObW]\´5`SObS`7ZZW\]Wa1VO^bS`eVWQV
T]`bVSZOabbeS\bggSO`aVOaPSS\Q]\
RcQbW\U`SaSO`QVb]SZW[W\ObSbVSRWaSOaS
^`][]bW\UP`OW\VSOZbVb]`SRcQSbVS`WaY
]TRS[S\bWOO\R^`]dWRW\UQO`SO\Rac^
^]`bT]`bV]aSOTTSQbSRPg/ZhVSW[S`¸a
A][S]\SW\/[S`WQORSdSZ]^abVS
/ZhVSW[S`¸aRWaSOaSSdS`g% aSQ]\Ra)
PgbVSgSO` #a][S]\SeWZZRSdSZ]^
/ZhVSW[S`¸aSdS`g!!aSQ]\RaBVWa[SO\a
bVObPg[WRQS\bc`gbVS\c[PS`]T^S]
^ZSeWbV/ZhVSW[S`¸aQ]cZRU`]eT`][bVS
Qc``S\b#[WZZW]\b]Oa[O\gOa$[WZZW]\
[]`SbVO\bVSQc``S\bb]bOZ^]^cZObW]\
]T<SeG]`Y1Wbg:]a/\USZSa1VWQOU]
O\R6]cab]\Q][PW\SRBVSRWaSOaSOZ]\S
Q]abaCAPcaW\SaaSa[]`SbVO\$PWZ
ZW]\W\OPaS\bSSWa[bO`RW\Saabc`\]dS`
O\RVSOZbVQO`SQ]abaBVSaST`WUVbTcZabO
##
bWabWQaO`SeVOb[]bWdObSabVS/ZhVSW[S`¸a
/aa]QWObW]\´5`SObS`7ZZW\]Wa1VO^bS`b]
¿UVbbVWaWZZ\SaabV`]cUV`SaSO`QVac^
^]`baS`dWQSaT]`TO[WZWSaO\RQO`ST]`
W\RWdWRcOZaZWdW\UeWbV/ZhVSW[S`¸a
2c`W\UbVS'&¸aO\R''¸abVS/Z
hVSW[S`¸a/aa]QWObW]\T]QcaSR]\V]abW\U
SO`ZgabOUSac^^]`bU`]c^ab]^`]dWRS
bV]aSacTTS`W\UT`][bVSWZZ\SaaeWbVW\
T]`[ObW]\OP]cbbVSRWaSOaS/bbVSbW[S
bVSgeS`SeWRSZgacQQSaaTcZO\RdOZcOPZS
/bbS\RO\QSObbVSac^^]`bU`]c^aPSUO\
b]RW[W\WaVeWbVbVS`WaS]T^S`a]\OZQ][
^cbS`aO\RbVS7\bS`\SbeVWQV^`]dWRSR
O\SOaWS`eOgb]OQQSaaW\T]`[ObW]\AcQV
a]QWSbOZQVO\USaO\RbVSU`]eW\U\SSR
T]`ac^^]`baS`dWQSaPgTO[WZgO\RT`WS\Ra
W\Q`SOaW\UZgQO`W\UT]`bV]aSeWbVbVS
RWaSOaSZSRbVS/aa]QWObW]\b]ORRbVS
a^SQWOZWhSR1O`SUWdS`3RcQObW]\AS`WSab]
Wba]TTS`W\Ua
1O`W\UT]`bV]aSeWbV/ZhVSW[S`¸aQO\
PSS[]bW]\OZZgO\R^VgaWQOZZgR`OW\W\U
O\RQO\QOcaSab`SaaO\R¿\O\QWOZVO`R
aVW^4O[WZg[S[PS`aeV]O`SaS`dW\U
OaQO`SbOYS`a]TbS\ZOQYORS_cObSb`OW\
W\UW\c\RS`abO\RW\UO\RQ]^W\UeWbVbVS
PSVOdW]`OZQVO\USa^`SaS\bSRPg/ZhVSW[
S`¸aBVST`SSSRcQObW]\OZaSaaW]\aVSZ^
TO[WZWSaW[^`]dSbVSQO`SbVSg^`]dWRS
bVSW`Z]dSR]\SOTTSQbSRPgbVSRWaSOaS
O\R`SZOgW\T]`[ObW]\OP]cb]bVS``Sa]c`Q
Sab][OYSbVSQO`SUWdW\USf^S`WS\QSZSaa
RWT¿QcZbO\R[]`S`SeO`RW\U1O`SUWdS`a
eV]bOYSORdO\bOUS]T]cbaWRS^`]U`O[a
acQVOaac^^]`bU`]c^aO\RORcZbROg
QO`SSf^S`WS\QSZSaaab`SaaO\RcacOZZg
YSS^bVSW`Z]dSR]\SObV][SZ]\US`
BVSAW`OUcaO4]c\RObW]\ac^^]`ba
bVSaSSRcQObW]\OZaSaaW]\aPSQOcaSeS
PSZWSdSbVOb^`]dWRW\URW`SQba]QWOZaS`
dWQSaO\R]TTS`W\U`Sa]c`QSaT]`TO[WZWSa
OTTSQbSRPgacQVWZZ\SaaSaQO\U`SObZgZSOR
b]OPSbbS`_cOZWbg]TZWTST]`bVSW\RWdWRc
OZaW\d]ZdSROU]OZeSab`]\UZgS\R]`aS
#$
6SOZbVAS`dWQSa;SRWQOZ@SaSO`QV
µESeS`SOPZSb]caSbSQV\]Z]Ugb][OYSO`SOZW[^OQb
W\bVSZWdSa]TbVSQVWZR`S\O\RTO[WZWSaeSaS`dS¶
BVS4]c\RObW]\T]`6SO`W\UO\RA^SSQV
@SVOPWZWbObW]\BVS4]c\RObW]\T]`
6SO`W\UO\RA^SSQV@SVOPWZWbObW]\
46A@W[^`]dSabVS_cOZWbg]TZWTST]`
QVWZR`S\O\RTO[WZWSaZWdW\UeWbVQVWZR`S\
P]`\eWbVQ][[c\WQObWdSRWa]`RS`a0g
^`]dWRW\UQZW\WQOZaS`dWQSaO\Rb`OW\W\U
^`]U`O[aOb1VWZR`S\¸a;S[]`WOZ6]a^WbOZ
W\1VWQOU]46A@VSZ^aQVWZR`S\ORO^b
b]SdS`gROgZWTSbV`]cUVbVScaS]T
W\\]dObWdSbSQV\]Z]UWSaO\Rac^^]`bWdS
`SVOPWZWbObWdSaS`dWQSaBVST]c\RObW]\
S\ac`SabVObSdS`gQVWZRbVObWaVSO`W\U
W[^OW`SR]`RSOTVOabVSSRcQObW]\OZO\R
a]QWOZ]^^]`bc\WbWSab]ZWdSOVSOZbVgO\R
aObWaTgW\UZWTSOaO\g]bVS`QVWZR
=dS`bVS^OabgSO`a46A@VOa
aSS\[O\gQVO\USaW\bVSbSQV\]Z]
UWSacaSRb]^`]dWRSQVWZR`S\eWbV
OZbS`\ObWdS[SO\a]TVSO`W\U=\S]T
bVSaS\SebSQV\]Z]UWSaORSdWQS]\QS
`O`SZgcaSRWa\]ebVSZSORW\UOUS\b
W\b`SObW\UVSO`W\UW[^OW`SRO\RRSOT
QVWZR`S\BVS1]QVZSO`7[^ZO\b]TbS\
`STS``SRb]OaOPW]\WQSO`WaOac`UW
QOZZgW[^ZO\bSRSZSQb`]\WQRSdWQSbVOb
^`]dWRSaOaS\aS]Ta]c\Rb]O^S`a]\
eV]Wa^`]T]c\RZgRSOT]`aSdS`SZgVO`R
]TVSO`W\UBVSPS\S¿babVObbVSW[^ZO\b
P`W\Uab]bVSQVWZR`S\ObbVS>SRWOb`WQ
=b]Z]Ug2S^O`b[S\bOb1VWZR`S\¸aO`S
]cbabO\RW\U9`WabS\DO\2gYSO\OQbWdS
P]O`R[S[PS`]T46A@VOaOa]\eV]
eOaP]`\RSOT9`WabS\ObbSabab]bVS
#%
ORdO\QSa]TbSQV\]Z]UgO\RbVSW\Q`SR
WPZSe]`YW\Ua]TbVS1]QVZSO`7[^ZO\b
/bXcab%[]\bVaVS`a]\;OfeOa]\S
]TbVSg]c\USabQVWZR`S\W\7ZZW\]Wab]
`SQSWdSbVSRSdWQSµ=c`a]\QO\W\TOQb
VSO`´VSVOaZSO`\SRVWa\O[SO\R
bc`\ab]a]c\RabVObVS\SdS`e]cZR
VOdSPST]`SWTeSVOR\]bQV]aS\W[
^ZO\bObW]\BV`]cUVOc`OZ`SVOPWZWbObW]\
bV]aSa]c\Ra\]eVOdS[SO\W\UO\RVS
QO\[OYSa]c\RaVW[aSZTbVObeS\SdS`
e]cZRVOdSVSO`R¶9`WabS\aOgabVObbVWa
eOa]\Zg^]aaWPZSbV`]cUVbVScaS]TbVS
W[^ZO\baO\R]\U]W\UbVS`O^g
µESO`SOPZSb]VSZ^TO[WZWSaZWYS
9`WabS\¸aPSQOcaS]Tac^^]`bT`][bVS
^VWZO\bV`]^WQQ][[c\Wbg¶aOWR8]SZ
;OaaSZSfSQcbWdSRW`SQb]`]TbVS]`UO\W
hObW]\µ4c\RW\UT`][bVSAW`OUcaO4]c\
RObW]\VOaOZZ]eSRcab]\]b]\ZgT]ZZ]e
bSQV\]Z]UgPcbb]OQbcOZZgcaSWbb][OYS
O`SOZW[^OQbW\bVSZWdSa]TbVSQVWZR`S\
O\RTO[WZWSaeSaS`dS¶
µESeO\b1VWQOU]b]PSORSabW\ObW]\
T]`VSO`W\Ub`SOb[S\b¶;OaaSZQ]\bW\cSR
¶ESVOdS[O\g^ZO\aT]`46A@¸aTcbc`S
W\QZcRW\UORRWbW]\OZ^O`b\S`aVW^aeWbV
1VWZR`S\¸a;S[]`WOZ6]a^WbOZb]PSbbS`
aS`dSQVWZR`S\eWbVVSO`W\UZ]aaW\bVS
`SUW]\O\RPSg]\R0gW[^ZS[S\bW\U
\Se^`]XSQbaO\RaS`dWQSa46A@QO\
Q]\bW\cSb]VSZ^QVWZR`S\ORO^bb]SdS`g
ROgZWTSeWbVb`O\aT]`[W\UW\\]dObWdS
bSQV\]Z]Ug¶
#&
6SOZbVAS`dWQSa;SRWQOZ@SaSO`QV
/Rd]QObS;SRWQOZ5`]c^
#
/`bV`WbWa4]c\RObW]\´
<71C4=::=EC>1:7<71>7:=BB=
5`SObS`1VWQOU]1VO^bS`
3FB3<21=;>@363<A7D31/@3
@3A3/@16/<2>/B73<B>@=5@/;A
BVS<71C4]ZZ]eC^1ZW\WQ^`]dWRSRQ][^`SVS\
aWdSQ]U\WbWdSa]QWOZS[]bW]\OZO\Ra^SSQVZO\
UcOUSOaaSaa[S\bb][]`SbVO\#QVWZR`S\
PSbeSS\bVSOUSa]Tbe]O\RbV`SSBVS<71CbSO[
OZa]Q][^ZSbSRbVSRSaWU\]TO\SeSZSQb`]\WQ
RObOPOaSbVObeWZZS\OPZS[]`SSTTSQbWdS[]\Wb]`
W\U]T<71CPOPWSabV`]cUVT]ZZ]ec^aS`dWQSa
/ZhVSW[S`¸a/aa]QWObW]\7\Q
%#
BVS/`bV`WbWa4]c\RObW]\Q]\bW\cSRb]`c\Q][[c
\Wbg]cb`SOQV^`]U`O[aW\bVSQ][[c\Wbg]T<]`bV
:Oe\ROZSO1VWQOU]\SWUVP]`V]]RbVObWaQc`
`S\bZgc\RS`aS`dSRPgO`bV`WbWaO\R]bVS`QV`]\WQ
VSOZbVSRcQObW]\^`]dWRS`aBVWa^`]XSQbT]QcaSR
]\^`][]bW]\]T^VgaWQOZOQbWdWbgOaO[SO\ab]
^`SdS\bO\RVSZ^Q]\b`]ZO`bV`WbWaag[^b][a
1/@357D3@32C1/B7=<A3@73A>@=5@/;
8C:7/4=AB3@>=@B3@>/B73<B1/@3
BVS1O`SUWdS`3RcQObW]\AS`WSaeOa^`SaS\bSRb]
&RWTTS`S\bZ]QObW]\abV`]cUV]cbbVS/ZhVSW[S`¸a
/aa]QWObW]\¸a$&Q]c\bgaS`dWQSO`SOBVSQZOaaSa
^`]dWRSa^SQW¿QW\T]`[ObW]\T]`QO`SUWdS`a]T/Z
hVSW[S`¸a^ObWS\ba(eVObb]Sf^SQbOabVSRWaSOaS
^`]U`SaaSaQVO\USaW\Q][[c\WQObW]\O\RPSVOd
W]`aO\RV]eb]`SRcQSQO`SUWdS`ab`Saa
3<2=E;3<B>@=5@/;
/[S`WQO\0`OW\Bc[]`/aa]QWObW]\
%#
B63>=AB2=1B=@/:@3A3/@16>@=5@/;
BVS/[S`WQO\0`OW\Bc[]`/aa]QWObW]\OeO`RSR
[]`SbVO\ [WZZW]\T]`P`OW\bc[]``SaSO`QV
W\QZcRW\UbV]aSSfO[W\W\UbO`USbSRbVS`O^WSaO
\SeP`OW\bc[]`dOQQW\STO[WZWOZP`OW\bc[]`a
US\SbWQQVO\USaO\RP`OW\bc[]``WaYTOQb]`a
1VWZR`S\¸a;S[]`WOZ4]c\RObW]\
#
#
BVS8cZWO4]abS`>]`bS`>ObWS\b1O`S3\R]e[S\b
VSZ^SRb]]TTaSbbVSQ]ab]T[SRWQOZZg\SQSaaO`g
VSOZbVQO`SaS`dWQSaT]`QVWZR`S\W\bVSQ][[c\Wbg
eV]eS`Sc\W\ac`SRc\RS`W\ac`SRZOQY¿\O\QWOZ
`Sa]c`QSa]`eS`SW\SZWUWPZST]`^cPZWQOWR
4]c\RObW]\T]`6SO`W\UO\R
A^SSQV@SVOPWZWbObW]\46A@
%#
AC>>=@B4=@B63>327/B@71=B=:=5G23>/@B;3<B
/B167:2@3<¸A;3;=@7/:6=A>7B/:
46A@¸aTO[WZgac^^]`bSRcQObW]\O\R`SaSO`QV
^`]U`O[aW\bVS>SRWOb`WQ=b]Z]Ug2S^O`b[S\bOb
1VWZR`S\¸a;S[]`WOZ6]a^WbOZO`SO]\S]TOYW\R
aSb]TaS`dWQSaBVSg^`]dWRSRR]Qb]`aeWbVb]]Za
b]^`SQWaSZgOaaSaaVSO`W\UZ]aaW\W\TO\baO\R
VSZ^SRTO[WZWSa\OdWUObSbVSW\b`WQOQWSa]Tb`SOb
[S\bQ][[c\WQObW]\O\RSRcQObW]\a]bVOb
bVSW`QVWZR`S\[OgOQVWSdSObO`ObSS_cWdOZS\bb]
bVSW`VSO`W\U^SS`a
#'
6]eO`R0`]e\6SOZbV1S\bS`
7\TO\bESZTO`SA]QWSbg]T1VWQOU]7EA
#
0@=/2E/GG=CB62@=>7<13<B3@
/B@7A9/AB6;/;/</53;3<B>@=5@/;
BVS0`]OReOgG]cbV1S\bS`O^`]U`O[]T6]eO`R
0`]e\O\R"Q][[c\Wbg^O`b\S`a^`]dWRSROb
`WaYg]cbVeWbVT`SSQ][^`SVS\aWdSVSOZbVO\R
a]QWOZaS`dWQSaaWfROga^S`eSSYAS`dWQSaW\QZcRS
[SRWQOZQO`SbVS`O^gQOaS[O\OUS[S\b67D
bSabW\U[S\b]`W\U532O\RX]Pb`OW\W\Uac^^]`b
U`]c^a`SaSO`QVPOaWQ\SSRaS`dWQSaO\RZSORS`
aVW^]^^]`bc\WbWSa
BVS/abV[O;O\OUS[S\b>`]U`O[T]QcaSa]\
SRcQObW\U7EA¸W\\S`QWbg^ObWS\b^]^cZObW]\OP]cb
OabV[O^`SdS\bW]\O\Rb`SOb[S\b)O^^`]^`WObS
caS]T[SRWQObW]\aT]`ag[^b][[O\OUS[S\b)
]\U]W\UT]ZZ]ec^QO`S)O\RO^^`]^`WObSOR[W\
Wab`ObW]\]TW\ÀcS\hOaV]baBVWaU`O\b^`]dWRSR
^O`bWOZac^^]`bT]`O^SRWOb`WQ\c`aSb]aS`dSOa
bVSZSOROabV[O[O\OUS[S\bSRcQOb]`;]`SbVO\
QVWZR`S\OUSa eWbVO^`W[O`gRWOU\]aWa]T
OabV[OeS`SaS`dSRbV`]cUVbVS^`]U`O[
6]eO`R0`]e\6SOZbV1S\bS`
53<3@/:=>3@/B7<5AC>>=@B
B`cSb]Wba[WaaW]\6]eO`R0`]e\^`][]bSRbVS
eSZZPSW\U]TUOgZSaPWO\PWaSfcOZO\Rb`O\aUS\
RS`^S`a]\abV`]cUVbVS^`]dWaW]\]TVSOZbVQO`S
O\ReSZZ\Saa^`]U`O[aW\QZcRW\UQZW\WQOZSRcQO
bW]\OZa]QWOZaS`dWQSO\R`SaSO`QVOQbWdWbWSa
7\TO\bESZTO`SA]QWSbg]T1VWQOU]
#
=>3<7<5<3E2==@AB=1=;;C<7BG63/:B6
BVSµ=^S\W\U<Se2]]`ab]1][[c\Wbg6SOZbV¶
QO^WbOZQO[^OWU\S\OPZSRbVS7\TO\bESZTO`S
A]QWSbg]T1VWQOU]b]`SZ]QObSb]bVSVSO`b]TbVSW`
^ObWS\bQ][[c\WbgW\:]UO\A_cO`SEWbVaVWTbW\U
RS[]U`O^VWQabVS`SZ]QObW]\VSZ^SR`SRcQSbW[S
O\RQ]abT]`^ObWS\bab]OQQSaaaS`dWQSaO\R^`]
dWRSR[cQV\SSRSRSf^O\RSRa^OQST]`[SRWQOZ
RS\bOZO\RTO[WZg^`]U`O[a
µ@SaSO`QVWab]aSSeVObSdS`gP]RgSZaSVOaaSS\O\Rb]bVW\Y
eVOb\]P]RgSZaSVOabV]cUVb¶
/:03@BAH3<B5G=@5G7
$
6SOZbVAS`dWQSa;SRWQOZ@SaSO`QV
:SaBc`\S`/:A4]c\RObW]\
"
;Og]4]c\RObW]\
#
B63@3A3/@16>@=5@/;/B<=@B6E3AB3@<C<7D3@A7BG
1/@33@23D3:=>;3<B/E/@24=@
437<03@5A16==:=4;32717<3
G=C<57<D3AB75/B=@A7<<3C@=A173<13A
BVWaU`O\bac^^]`bSRaOZO`WSaO\RS_cW^[S\bT]`
2`BSS^cAWRRW_cS¸a`SaSO`QVbSO[b]Q]\bW\cSb]
SfO[W\SbVSQOcaSaO\Rag[^b][a]T/:ABVS
abcRgW\QZcRSR2</bWaacSPO\YW\UO\RbVSWRS\
bW¿QObW]\]TUS\SaQOcaW\UTO[WZWOZO\Ra^]`ORWQ
/:A4]c\RObW]\Tc\RW\UVSZ^SRbVSZOPRWaQ]dS`
bVS¿`abS\dW`]\[S\bOZZg`Sa^]\aWdSUS\Sb]PS
WRS\bW¿SRW\/:A
BVS %AW`OUcaO4]c\RObW]\1O`SS`2SdSZ]^
[S\b/eO`RW\<Sc`]Z]UgeOa^`SaS\bSRb]2`
@]aSPcR@]PS`ba6S``SaSO`QV`SdSOZSROZW\Y
PSbeSS\[WZRQ]U\WbWdSW[^OW`[S\b;17O\R
RWaSOaSaacQVOaRWOPSbSaVSO`bRWaSOaSO\R
ab`]YSBVWaRWaQ]dS`geWZZ^`][^bVSOZbVQO`S
^`]dWRS`ab]aQ`SS\^ObWS\ba[]`SQZ]aSZgT]`Q]\
RWbW]\abVObW\Q`SOaSbVS`WaY]T;17O\Rb`SObbVS[
b]^`SdS\bRSdSZ]^[S\b]T;17O\RRS[S\bWO
:SaBc`\S`/:A4]c\RObW]\
#
E6=:353<=;3/AA=17/B7=<ABC2G=4/:A
BVWaU`O\bac^^]`bSRaOZO`WSaO\RS_cW^[S\bT]`
bVSEV]ZS5S\][S/aa]QWObW]\AbcRg]T/:ABVS
abcRgO\OZghSR]dS`2</aO[^ZSa´#
/:AQOaSaO\R#Q]\b`]ZaBVS`SaSO`QVaV]eSR
bVObbVSUS\SbWQacaQS^bWPWZWbg]T/:AWa^`]P
OPZgQOcaSRPg[cZbW^ZSa[OZZUS\SbWQSTTSQba]`
bVSW\bS`OQbW]\]TaSdS`OZUS\SbWQdO`WObW]\a;]`S
`SaSO`QVeWZZPSQ]\RcQbSR
<]`bVeSabS`\C\WdS`aWbg
4SW\PS`UAQV]]Z]T;SRWQW\S
E=C<263/:7<5@3A3/@16:/0=@/B=@G
BVSZOPQ]\bW\cSRWbaabcRg]TQV`]\WQe]c\RaW\
bVSSZRS`Zg=PaS`dObW]\aOP]cbbVS`]ZS]TORW^]aS
bWaacSW\bVSRSdSZ]^[S\b]TPSRa]`SaQ]cZR
W[^OQb^`SdS\bW]\O\Rb`SOb[S\b]TPSRa]`Sa
O\RVSZ^Sf^ZOW\a][S]TbVSW[^OQb]T]PSaWbg]\
VSOZbVAbcRWSaVOdS[]dSRT`][`ObaO\R[WQSb]
SfO[W\W\UQSZZaT`][ac`UWQOZa^SQW[S\a
$
<]`bVeSabS`\;S[]`WOZ4]c\RObW]\
! ;/B3@</:43B/:;32717<343::=EA67>>@=5@/;
BVWaTSZZ]eaVW^^`]U`O[]\S]T]\ZgbV`SSW\7ZZW\]Wa]TTS`ab`OW\W\UW\OZZO`SOa]T[SRWQOZaQV]ZO`aVW^OTSO
bc`Sc\W_cSb]<]`bVeSabS`\¸a^`]U`O[>VgaWQWO\a^`]dWRSQZW\WQOZQO`ST]`c\RS`aS`dSR[]bVS`aeWbVVWUV
`WaY^`SU\O\QWSa`SaSO`QV^`SU\O\QgQ][^ZWQObW]\aO\R^O`bWQW^ObSW\]\U]W\UOQORS[WQe]`Y
$!
6c[O\AS`dWQSa
C\Z]QYOR]]`S\bS`
Oe]`ZR]T^]aaWPWZWbWSa
$"
6c[O\AS`dWQSa
µBVWa^`]U`O[aS\RaOab`]\U[SaaOUSbVObeSO`S
OQ][[c\WbgbVObbOYSaQO`S]TSdS`gP]RgBVS`S
WaOTO[]caaOgW\UbVObOa]QWSbgQO\PSXcRUSR]\
V]eWbb`SObabVS^S]^ZS[]abW\\SSR¶
BVS5`SObS`1VWQOU]4]]R2S^]aWb]`g
=c`Q]c\b`gVOaPSS\¿UVbW\UVc\US`
SdS`aW\QS>`SaWRS\b:g\R]\08]V\a]\
RSQZO`SROeO`]\Vc\US`[]`SbVO\"
gSO`aOU]B]ROg^]dS`bg`ObSa`S[OW\
OZ[]abc\QVO\USR=\SW\\SO`ZgaSdS\
^S]^ZSR]\]bUSbS\]cUVT]]Rb]PS
VSOZbVgO\RZSORO\OQbWdSZWTS[OYW\U
Vc\US`O\R`SZObSR[OZ\cb`WbW]\bVS\c[
PS`]\S`WaYb]VSOZbVe]`ZReWRS7b¸aO
a]QWSbOZ^`]PZS[bVObb]cQVSaOZZZOgS`a]T
OQ][[c\Wbg/QQ]`RW\Ub]O $abcRg
Q][[WaaW]\SRPgbVSA]RSfV]4]c\RO
bW]\SdS`ggSO`Vc\US`Q]ababVS/[S`W
QO\^cPZWQObZSOab'PWZZW]\OgSO`W\
QVO`WbOPZSR]\ObW]\a`SRcQSR^`]RcQbWd
WbgO\RVSOZbVQO`SSf^S\aSa
BVS5`SObS`1VWQOU]4]]R2S^]aWb]`g
5142VOaPSS\ORR`SaaW\UbVSc\RS`Zg
W\UQOcaSa]TVc\US`T]` &gSO`aab`WdW\U
b]S\RVc\US`W\bVS1VWQOU]Q][[c\Wbg
Pg\]b]\Zg^`]dWRW\UT]]Rb]Vc\U`g
^S]^ZSPcbbV`]cUVdO`W]ca^`]U`O[a
T]`QVWZR`S\c\RS`S[^Z]gSRO\Rc\S[
^Z]gSRW\RWdWRcOZaORcZbaO\RaS\W]`a
BVSAW`OUcaO4]c\RObW]\ac^^]`ba]\S
]TbVSaS^`]U`O[a1VWQOU]¸a1][[c
\Wbg9WbQVS\a>`]XSQb119BVS^`]U`O[
$#
b`OW\ac\RS`S[^Z]gSRO\Rc\S[^Z]gSR
W\RWdWRcOZaT]`QcZW\O`gQO`SS`aW\bVST]]R
aS`dWQSW\Rcab`g>O`bWQW^O\ba[cab^Oaa
O`WU]`]caO^^ZWQObW]\^`]QSaab]S\`]ZZ
W\bVS eSSYQZOaabOcUVbPg^`]TSa
aW]\OZQVSTaBVSb`OW\SSaO`SQ]\bW\cOZZg
SdOZcObSRO\ROaaSaaSROUOW\abab`W\US\b
abO\RO`RaW\]`RS`b]`S[OW\W\bVS^`]
U`O[BVSgO`SOZa]`S_cW`SRb]^O`bWQW^ObS
W\Obe]eSSYW\bS`\aVW^ObOZ]QOZ^`]TSa
aW]\OZ]`W\abWbcbW]\OZYWbQVS\AbcRS\ba
ZSO`\OP]cbT]]R^`S^O`ObW]\O\RaO\WbO
bW]\UOW\US\S`OZS[^Z]g[S\bO\RZWTS
aYWZZaO\RO`SbOcUVbV]eb]Q]]YOdO`WSbg
]T[SOZa7\TOQbbVSgQObS`\SO`Zg \cb`WbW]ca[SOZaSOQVROgT]`Z]QOZaQV]]Z
QVWZR`S\b]SObOTbS`aQV]]ZbV`]cUVbVS
4]]R2S^]aWb]`g¸a9WRa1OTSa
BVSU]OZa]T119O`Sbe]T]ZR(b]
S[^]eS`^S]^ZSb]bOYSQVO`US]TbVSW`
ZWdSab]PcWZRaYWZZaO\R^`]dWRST]`bVS[
aSZdSaO\RbVSW`TO[WZWSaOaeSZZOab]UWdS
POQYPgVSZ^W\URSZWdS`T]]Rb]bV]aSW\
U`SObSab\SSR´bVcab`O\aT]`[W\UbVSW`
]e\ZWdSaO\ROZa]S\VO\QW\U_cOZWbg]T
ZWTST]`]bVS`a
9ObS;OSV`SfSQcbWdSRW`SQb]`]T
5142Q][[S\ba]\bVSW[^]`bO\QS]T
bVS1][[c\Wbg9WbQVS\a^`]U`O[µBVWa
W\WbWObWdSaS\RaOab`]\U[SaaOUSbVOb
eSO`SOQ][[c\WbgbVObbOYSaQO`S]T
SdS`gP]RgBVS`SWaOTO[]caaOgW\UbVOb
Oa]QWSbgQO\PSXcRUSR]\V]eWbb`SOba
bVS^S]^ZS[]abW\\SSR¶
BVS119^`]U`O[PcWZRa]\bVST]c\RO
bW]\¸aZ]\UVWab]`g]Tac^^]`bW\U^`]XSQba
bVObVSZ^^S]^ZSVSZ^bVS[aSZdSaO\R
Q]\\SQb^S]^ZSb]SOQV]bVS`´bV`]cUV
P]bVS[^]eS`W\URWaORdO\bOUSR^]^cZO
bW]\aO\R^`]dWRW\URW`SQbaS`dWQSab]VSZ^
P`SOYbVSQgQZS]T^]dS`bg
$$
6c[O\AS`dWQSa
µBVSaYWZZaO\RY\]eZSRUS]PbOW\SR^`]dWRSTO[WZWSa
eWbVW[[SRWObS¿\O\QWOZOaaWabO\QSPcbOZa]
Z]\UbS`[ab`ObSUWSaT]`SQ]\][WQW\RS^S\RS\QS¶
BVSBOf/aaWabO\QS>`]U`O[A][S
bW[SaPWUWRSOaabO`bW\a[OZZ^ZOQSa
7beOa''"eVS\@]PS`b0c`YSObOf
Q]\acZbO\beOad]Zc\bSS`W\UOaOPOaYSb
POZZQ]OQV]\1VWQOU]¸aeSabaWRSO\R
`SOZWhSRVSQ]cZRR][]`Sb]VSZ^bVS
YWRaO\RbVSW`TO[WZWSaµ7aOeO\]^^]`
bc\Wbgb]caS[gaYWZZaO\RbV]aS]T[g
Q]ZZSOUcSab][OYSO`SOZO\RZOabW\U
W[^OQb]\Z]eW\Q][S1VWQOU]Q][
[c\WbWSa¶6S`SQ`cWbSR'^`]TSaaW]\
OZaT`][^`][W\S\bO\ReSZZ`Sa^SQbSR
¿\O\QWOZO\RZSUOZW\abWbcbW]\ab]VSZ^
TcZ¿ZZVWaU]OZ]TVSZ^W\U]bVS`aW\\SSR
AW\QSbVS\bVSBOf/aaWabO\QS>`]U`O[
B/>VOaPSS\^`]dWRW\U[cQV\SSRSR
¿\O\QWOZaS`dWQSab]c\RS`^`WdWZSUSR
Q][[c\WbWSaW\1VWQOU]
BVST]c\RObW]\ac^^]`baB/>¸aBOf
>`S^O`ObW]\>`]U`O[O^`]U`O[W\eVWQV
d]Zc\bSS`^`]TSaaW]\OZaVSZ^Z]eW\Q][S
1VWQOU]TO[WZWSaQ][^ZSbSabObSO\RTSR
S`OZbOfT]`[a7\ %bVSbOf^`S^O`O
bW]\^`]U`O[aS`dSR[]`SbVO\&"
QZWS\ba`Sbc`\W\U\SO`Zg [WZZW]\W\
`STc\RaO\RbOfQ`SRWbabVSe]`YW\U^]]`
Q]cZRcaST]`\SQSaaWbWSaacQVOaT]]R
QZ]bVW\UO\RaVSZbS`BVWaWa[]\SgbVOb
bVSge]cZRVOdSSaaS\bWOZZgZ]abeWbV]cb
B/>¸aT`SSaS`dWQSa
/TbS`¿dSgSO`aO\RObbVS`S_cSab
]TWbaQZWS\baB/>Q`SObSRWba4W\O\QWOZ
:WbS`OQg>`]U`O[b]VSZ^SRcQObSTO[WZWSa
OP]cb^OgW\UT]`aSQ]\RO`gSRcQObW]\
$%
`SRcQW\URSPbO\RbOYW\UQ]\b`]Z]TbVSW`
¿\O\QSaBVS¿\O\QWOZZWbS`OQg^`]U`O[
VOaaS`dSR[]`SbVO\'QZWS\baO\R
Q`SObSRO\SQ]\][WQW[^OQb]T[]`SbVO\
!%#[WZZW]\eVWQV`S^`SaS\babVS¿\O\
QWOZOWR]PbOW\SRT]`VWUVS`SRcQObW]\O\R
bVSaOdW\UaUOW\SRPg]^S\W\UPO\YOQ
Q]c\baO\R\]bcaW\UQc``S\QgSfQVO\USa
µEWbVbVSac^^]`bO\R^O`b\S`aVW^]T
bVSAW`OUcaO4]c\RObW]\]c`^`]U`O[a
VOdSb`O\aT]`[SRW\b]O[cZbWTOQSbSR
STT]`bOW[SROb^`]dWRW\UZ]eW\Q][S
TO[WZWSaeWbVOQQSaab][OW\ab`SO[
¿\O\QWOZaS`dWQSaO\Rb]]ZaBVSaYWZZaO\R
Y\]eZSRUS]PbOW\SR^`]dWRSTO[WZWSaeWbV
W[[SRWObS¿\O\QWOZOaaWabO\QSPcbOZa]
Z]\UbS`[ab`ObSUWSaT]`SQ]\][WQW\RS
^S\RS\QS¶0c`YSSf^ZOW\SR
7\bVSZOabbS\gSO`aB/>VOaU`]e\
T`][Oa[OZZ\]\^`]¿b]`UO\WhObW]\aS`d
W\U$#bOfQZWS\baO\\cOZZgb]PSQ][S
]\S]TbVSZO`USab^`]dWRS`a]T¿\O\QWOZ
aS`dWQSaT]`1VWQOU]ZO\R¸ae]`YW\U^]]`
µBVS]`UO\WhObW]\VOaaS`dSR[]`SbVO\
%QZWS\baaW\QS''"ORSdSZ]^[S\b
eSQ]cZR\]bVOdSOQQ][^ZWaVSReWbV]cb
]c`abSORTOabac^^]`bS`a¶aVO`Sa0c`YS
B/>¸aW[OUSO\RaS`dWQSaQ]W\QWRSeWbV
@]aa2AW`OUcaO¸a[]bWdObW]\T]`abO`bW\U
bVSAW`OUcaO4]c\RObW]\0c`YSO`bWQc
ZObSaWb^S`TSQbZgeVS\VSaOWRµ/bbVS
S\R]TbVSROgbVWaWaeVObVSZ^a^S]^ZS
VSZ^bVS[aSZdSa7bWaRW`SQbaS`dWQSaT`][
]\SVc[O\PSW\Ub]O\]bVS`¶
$&
6c[O\AS`dWQSa
/QQSaa:WdW\U
#
0]bb][ZSaa1Z]aSb
#
:7D7<5B63D7A7=<´1/>7B/:1/;>/75<
53<3@/:=>3@/B7<5AC>>=@B
/QQSaa:WdW\U]T;Sb`]^]ZWbO\1VWQOU]Oaac[SR
]QQc^O\Qg]TWba\Se^S`[O\S\bVSOR_cO`bS`aOb
#E1VWQOU]/dS\cSW\;O`QV %BVWaRSdSZ
]^[S\bVOaZSR/QQSaa:WdW\Ub]U`SObS`]`UO\WhO
bW]\OZSTTSQbWdS\SaadWaWPWZWbg¿\O\QWOZabOPWZWbgO\R
aObWaTOQbW]\T`][QZWS\baO\RQ]\abWbcS\ba
BVS>`]TSaaW]\OZ2SdSZ]^[S\b>`]U`O[^`]dWRSR
^`]TSaaW]\OZQZ]bVW\UaYWZZRSdSZ]^[S\bO\RW[OUS
Q]OQVW\Ub]Z]eW\Q][Se][S\S\bS`W\U]`
`SS\bS`W\UbVSe]`YT]`QSBVSaSaS`dWQSaVSZ^SR
bVSe][S\[OYSO^]aWbWdSW[^`SaaW]\W\W\bS`
dWSeaO\RW\bc`\ObbOW\S[^Z]g[S\bO\R
cZbW[ObSZgOQVWSdSSQ]\][WQaSZTacT¿QWS\Qg
/72A4]c\RObW]\]T1VWQOU]
#
1671/5=6=CA7<54=@63/:B6>/@B<3@A67>166>
0]ga5W`Za1ZcPa]T1VWQOU]
BVWaU`O\bac^^]`bSR^`]U`O[SdOZcObW]\T]`
166>O%OUS\QgQ]ZZOP]`ObWdSbVOb^`]dWRSa
V]caW\UO\Re`O^O`]c\RaS`dWQSaT]`QV`]\W
QOZZgWZZV][SZSaaW\RWdWRcOZa=T $^O`bWQW^O\ba
##% ^S`QS\beS`S^ZOQSRW\abOPZSV]caW\U
O\R#`S[OW\SRV]caSR166>^O`bWQW^O\baVOR
W[^`]dSRVSOZbV]cbQ][SaO\RcaSRaWU\W¿QO\bZg
TSeS`VSOZbVaS`dWQSaQ][^O`SRb]bVScacOZQO`S
aS`dWQSaU`]c^W\QZcRW\U\c`aW\UV][SROga
S[S`US\Qg`]][dWaWbaO\RV]a^WbOZWhObW]\a
>=E3@6=C@>@=5@/;
$
BVWaU`O\bac^^]`ba>]eS`6]c`W\be]0]ga
5W`Za1ZcPaW\1VWQOU]6SZRROWZgT`][!^[b]"
^[bVSaSaaW]\a^`]dWRSV][Se]`YVSZ^b]1ZcP
[S[PS`aOUSa$">]eS`6]c`S\OPZSag]cbVb]
S\VO\QSY\]eZSRUSW\POaWQSRcQObW]\OZRWaQW
^ZW\SaO^^ZgZSO`\W\Ub]SdS`gROgaWbcObW]\aO\R
S[P`OQSbSQV\]Z]Ugb]OQVWSdSacQQSaaW\aQV]]Z
0]ga6]^S5W`Za6]^S
%#
>@=5@/;23D3:=>;3<B1=ABA53<3@/:=>3@/B7<5
BVS/\bW1`cSZbgA]QWSbg
#
BE=B3/163@E=@9A6=>A/<2>3BD7A7B/B7=<>@=5@/;
ac^^]`bSRdWRS]a12aO\R^`W\bSR[ObS`W
OZaRSdSZ]^SRb]VSZ^bSOQVS`aSRcQObSQVWZR`S\
]\bVSW[^]`bO\QS]TQO`W\UT]`OZZO\W[OZaBVS
bSOQVS`aaVO`SRbVSW`[ObS`WOZaRc`W\UOe]`YaV]^
ObBVS/\W[OZ/PcaS1VWZR`S\1]\TS`S\QSW\8O\c
O`g!ac^^]`bSRbVS>SbDWaWbObW]\>`]U`O[
eVWQVaVO`SabVSX]gTcZSf^S`WS\QS]TO^SbeWbV
bVSaWQYSZRS`ZgO\R[S\bOZZgQVOZZS\USRBVS
V][Sa^O`YaO\RTOQWZWbWSadWaWbSRVOdSSf^O\RSR
]dS`bVSgSO`aO\RbVS^`]U`O[Q]\bW\cSab]U`]e
/<257@:A6=>3>@=5@/;
#]TbVWaU`O\bac^^]`bSRUS\S`OZ]^S`Ob
W\USf^S\aSaO\R #ac^^]`bSR5W`Za6]^S
/Z]\UeWbVSRcQObW]\bcWbW]\V]caW\U\cb`WbW]\
O\R[SRWQOZQO`SbVSU`O\bTc\RSRQ]c\aSZW\UO\R
bcb]`W\UaS`dWQSaT]`5W`Za6]^SAQV]ZO`a7\ %
bVSUW`ZaOQVWSdSRbVSVWUVSab5>/O[]\U$OT¿ZW
ObSaW\bVS\ObW]\OZ]`UO\WhObW]\]T0656
$'
0`SOab1O\QS`<Sbe]`Y]TAb`S\UbV
T]`[S`ZgG;3]T7ZZW\]Wa
1OP`W\W1]\\SQbW]\a
#
µ8CAB4=@B33<A¶0@3/AB63/:B632C1/B7=<>@=5@/;
BVWaU`O\bOZZ]eSRG;37ZZW\]Wab]Q]\bW\cSb]
^`]dWRSOUSO^^`]^`WObSP`SOabVSOZbVSRcQObW]\
b]aS\W]`VWUVaQV]]ZUW`ZabV`]cUV]cb7ZZW\]WaBSS\a
O`SbOcUVbPgP`SOabQO\QS`ac`dWd]`abVSW[^]`
bO\QS]TO\RV]eb]^S`T]`[P`SOabaSZTSfO[a
4c\RaVSZ^SRacPaWRWhSbVSaOZO`g]TbVS^`]U`O[
[O\OUS`O\RQ]ab]T[ObS`WOZa
0C7:2
#
B63BCB=@;3<B=@1=<<31B7=<>@=5@/;
3WUVbgORcZbd]Zc\bSS`a[S\b]`SRO\Rbcb]`SR
[]`SbVO\aSdS\bg%bV bVU`ORSabcRS\baZWdW\U
W\1VWQOU]¸a1OP`W\W5`SS\^cPZWQV]caW\UO`SOa
;]`SbVO\"bSS\aO\R$d]Zc\bSS`aO`S
\]eOZc[\W]TbVS^`]U`O[BV`]cUVb`OW\W\UO\R
Q]ZZOP]`ObW]\eWbV]bVS`bcb]`[S\b]`^`]U`O[a
1]\\SQbW]\aVSZ^SRP`W\UaW[WZO``Sa]c`QSab]
\SO`Zg ]bVS`YWRaeV]ZWdSW\VWUV^]dS`bg
ZW[WbSR`Sa]c`QS1VWQOU]\SWUVP]`V]]Ra
#
>@=831B0C7:2
1O`SS`@Sa]c`QS1S\bS`7\Q1@1
>`]XSQb0C7:2^`]dWRSabcb]`W\Ud]QObW]\OZ
S[^Z]g[S\bO\Ra]QWOZaS`dWQSab]RSbOW\SRO\R
`SZSOaSROb`WaY[W\]`Wbgg]cbVObbVS1]]Y1]c\bg
8cdS\WZSBS[^]`O`g2SbS\bW]\1S\bS`BVS^`]U`O[
aWU\W¿QO\bZg`SRcQSa`SQWRWdWa[b] #!#^S`QS\b
O\Rb]!^S`QS\bT]`Q]`SU`]c^g]cbVeV]
`SQSWdSW\RWdWRcOZWhSRObbS\bW]\T`][T]c`QOaS
[O\OUS`aO\RbVSW`^SS`abVSUS\S`OZ^]^cZO
bW]\`SQWRWdObSaOb$%^S`QS\b>`]XSQb0C7:2
aS`dSR $g]cbV%]TeVWQVeS`SW\Q]`SU`]c^a
3;>:=G;3<BB@/<A7B7=<A3@D713A
%#
4]`bgSWUVbc\c\RS`S[^Z]gSRORcZbaTOQW\U
`SS[^Z]g[S\b`SQSWdSRSRcQObW]\b`OW\W\UO\R
[S\b]`W\UW\Oac^^]`bWdSS\dW`]\[S\beWbVbVWa
U`O\b=dS`OZZ1@1aS`dSR& W\RWdWRcOZaT`][
'$Q][[c\WbWSa)#^S`QS\beS`S]dS`#gSO`a
]TOUS7\ORRWbW]\b]¿\RW\UUOW\TcZS[^Z]g[S\b
&^S`QS\bQZWS\baWRS\bW¿SRbVSW`ab`S\UbVa
W\Q`SOaSRbVSW`Q][^cbS`Q][^SbS\QWSaO\RW[
^`]dSR^`SaS\bObW]\aYWZZa
µ<SdS`R]cPbbVObOa[OZZU`]c^]TbV]cUVbTcZQ][[WbbSRQWbWhS\a
QO\QVO\USbVSe]`ZR)W\RSSRWb¸abVS]\ZgbVW\UbVObSdS`VOa¶
;/@5/@3B;3/2
%
6c[O\AS`dWQSa
1VWQOU]1V`WabWO\7\Rcab`WOZ:SOUcS117:
#
BVS1VWQOU]:WUVbV]caS
#
53<3@/:=>3@/B7<5AC>>=@B
B630=:2D7A7=<A13<B3<<7/:1/;>/75<
117:¸a^`]U`O[aT]`V][SZSaa[S\e][S\O\R
TO[WZWSa\]b]\Zg^`]dWRSRT]`POaWQ\SSRaPcbOZa]
^`]dWRSR`SaWRS\baeWbVb]]ZaO\R`Sa]c`QSab]
PSQ][SaSZTacT¿QWS\b`SX]W\bVSe]`YT]`QSO\ROb
bOW\^S`[O\S\bOTT]`ROPZSV]caW\UBVSaSORRWbW]\OZ
aS`dWQSO`SOaW\QZcRSRQ]c\aSZW\UZWTSaYWZZa^`S
S[^Z]g[S\baYWZZaSRcQObW]\aYWZZaZWbS`OQg^`S532
O\R532W\Rcab`gPOaSRX]Pb`OW\W\UO\RP]bV^]ab
S[^Z]g[S\bO\RS[^Z]g[S\b`SbS\bW]\aS`dWQSa
BVWaU`O\b`S^`SaS\bSRbVST]c\RObW]\¸a¿\OZ^ZSRUS
^Og[S\bb]bVS1S\bS\\WOZ1O[^OWU\eVWQVVOa
`SOQVSRWbaU]OZ]T%[WZZW]\7\/^`WZ &bVS
:WUVbV]caSeWZZP`SOYU`]c\R]\O\SeeW\Ub]
V]caSOZO`US`abObS]TbVSO`b:]eDWaW]\1ZW\WQ
O\R/aaWabWdS2SdWQSa1S\bS`eVWQVVOdSU`]e\
T`][aS`dW\U&^S]^ZSW\''!b]\]e]dS`# 1VWQOU]1V`WabWO\7\Rcab`WOZ:SOUcS117:
B63/BB=@<3G;/<C/:C>2/B3
#
1VWQOU]D]Zc\bSS`:SUOZ
AS`dWQSa4]c\RObW]\
#
1/>7B/:1/;>/75<4=@/<3E4/17:7BG
/<2AC>>:3;3<B>@=5@/;
7<B63<=@B6:/E<2/:3/@3/
4c\RaT`][bVWaU`O\bac^^]`bSRQ]\bW\cSRRSdSZ
]^[S\b]Tb`OW\W\U[ObS`WOZab]SRcQObS\SO`Zg #
d]Zc\bSS`abVObVSZ^1D:A^`]dWRST`SSZSUOZaS`
dWQSab][]`SbVO\%QZWS\babVObQO\\]bOTT]`R
O^`WdObSObb]`\Sg7\ %bVSb`OW\W\U[O\cOZT]`
`S^`SaS\bW\UQVWZR`S\W\[W\]`UcO`RWO\aVW^QOaSa
eOaSf^O\RSRO\RO\Se[O\cOZ]\RSTS\RW\U
[]`bUOUST]`SQZ]ac`SaeOaR`OTbSR
7\/cUcab %117:QSZSP`ObSRbVS¿`abO\\WdS`
aO`g]TWba\SeQO[^caW\<]`bV:Oe\ROZS7\ORRW
bW]\b]OR[W\Wab`ObWdS]T¿QSabVSPcWZRW\UW\QZcRSa
aS^O`ObSb`O\aWbW]\OZZWdW\U_cO`bS`aT]`TO[WZWSa
O\RaW\UZS[S\)OVSOZbVQZW\WQ)T]]R^O\b`g)
QZ]bVSaQZ]aSbT]`^`]TSaaW]\OZR`Saa)QZOaa`]][
a^OQS)b`OW\W\UYWbQVS\O\RZO\RaQO^SUO`RS\a
%
BVS1VWQOU]:WUVbV]caS
#
07@B6B=B6@334/;7:G7<B3@D3<B7=<>@=5@/;
BV`]cUVeSSYZgW\V][SdWaWbadWaW]\bSOQVS`a^`]dWRSRRSdSZ]^[S\bOZbVS`O^gb]bVSdWacOZZg
W[^OW`SRQVWZR`S\OUSa!gSO`a>O`S\baOZa]ZSO`\SReOgab]VSZ^bVSW`QVWZR`S\OQVWSdSOUSO^^`]^`WObS
[WZSab]\Sa7\ %be]\SebSOQVS`aeS`SVW`SROZZ]eW\UbVSSf^O\aW]\]TaS`dWQSaTc`bVS`a]cbVW\bVS
[Sb`]1VWQOU]O`SOO\RSZW[W\ObW]\]TbVSZWab]TbVW`bgTO[WZWSaeOWbW\Ub]S\bS`bVS^`]U`O[
%
6c[O\AS`dWQSa
1VWZR`S\¸a6][S/WRA]QWSbg]T7ZZW\]Wa
#
3<5:3E==23/@:G63/2AB/@B>@=5@/;
BVS^`]U`O[Q]\bW\cSRb]^`]dWRSSO`ZgQVWZRV]]R
SRcQObW]\T]`Z]eW\Q][SOb`WaYW\TO\baO\Rb]R
RZS`aW\1VWQOU]¸a3\UZSe]]RO\RESab3\UZSe]]R
Q][[c\WbWSa% ^S`QS\b]T6SORAbO`babcRS\ba
W[^`]dSR]\[]`SbVO\%^S`QS\b]TbVS1`SObWdS
1c``WQcZc[W\RWQOb]`a)^S`QS\b]T3O`Zg6SOR
AbO`babcRS\baW[^`]dSR]\[]`SbVO\#^S`QS\b
]TbVSW\RWQOb]`a)O\R'"^S`QS\b]T^O`S\ba
`S^]`bSRbVObbVSW`QVWZR`S\eS`SPSbbS`^`S^O`SR
T]`YW\RS`UO`bS\OaO`SacZb]TaS`dWQSa^`]dWRSR
1]c`b/^^]W\bSRA^SQWOZ/Rd]QObSa
]T1]]Y1]c\bg1/A/
%#
53<3@/:=>3@/B7<5AC>>=@B
1/A/ORd]QObSaT]`bVSPSabW\bS`Saba]TOPcaSR
O\R\SUZSQbSRQVWZR`S\W\bVSQ]c`bagabS[7\
%1/A/aS`dSR#"%QVWZR`S\eV]eS`SW\d]ZdSR
eWbVbVS1]]Y1]c\bg8cdS\WZS1]c`bagabS[O\R
b`OW\SR&"\Sed]Zc\bSS`aP`W\UW\UbVSb]bOZ\c[
PS`]TRSRWQObSRO\ROQbWdSd]Zc\bSS`ab] #%
BVS1`ORZS
B631@/2:3<C@A3@G/<2A>317/:
<332A7<4/<B/2=>B7=<>@=5@/;
1]\\SQbW]\aT]`/PcaSRE][S\
O\RbVSW`1VWZR`S\T]`[S`Zg1VWQOU]
/PcaSRE][S\1]OZWbW]\
%#
B636=A>7B/:1@7A7A7<B3@D3<B7=<>@=831B617>
617>eOabVS¿`abR][SabWQdW]ZS\QS^`]U`O[
SabOPZWaVSRW\O^cPZWQV]a^WbOZO\RWa`SQ]U\WhSR
OaO\ObW]\OZ[]RSZ7\ %617>POaSR]\aWbS
Ob1]]Y1]c\bg¸aAb`]US`6]a^WbOZ^`]dWRSR"$
V]c`a]TQ`WaWaW\bS`dS\bW]\ZSUOZO\R[SRWQOZ
ORd]QOQgO\R`STS``OZab]!##QZWS\ba)O\R!!"
V]c`a]Tb`OW\W\Ub]!#QZW\WQWO\a]\V]eb]
WRS\bWTgO\ROaaWab^ObWS\baeV]O`SOPcaSR
BVSA^SQWOZ<SSRa7\TO\b/R]^bW]\>`]U`O[Wa
Q][[WbbSRb]^`]dWRW\UbVSVWUVSabZSdSZ]T^VgaW
QOZ[SRWQOZS[]bW]\OZO\R\cb`WbW]\OZQO`ST]`
SdS`gW\TO\bS\b`cabSRb]BVS1`ORZS<c`aS`gc\bWZ
bVSgO`S^ZOQSReWbVZ]dW\UTO[WZWSa7\ %'&
W\TO\baeV]aSPW`bV^O`S\baeS`SQ]\aWRS`W\UO\
OR]^bW]\^ZO\eS`SQO`SRT]`AWfbg]TbV]aSPOPWSa
VORa][SRSU`SS]Ta^SQWOZ\SSR
BVS3[S`US\Qg4c\R
#
53<3@/:=>3@/B7<5AC>>=@B
BVWaU`O\bVSZ^SRBVS3[S`US\Qg4c\R^`]dWRS
]dS` [WZZW]\W\¿\O\QWOZOaaWabO\QSW\ %BVS
4c\R[ORSORW`SQbW[^OQbW\bVSZWdSa]T[]`S
bVO\"1VWQOU]O`SOTO[WZWSaO\RW\RWdWRcOZa
eV]e]cZR]bVS`eWaSPSZWdW\UeWbV]cbVSObO\R
SZSQb`WQWbgT]]RZWTSaOdW\U[SRWQObW]\a]`aVSZbS`
%!
3fSQcbWdSAS`dWQS1]`^a
#
6O`P]`?cSab7\Q
53<3@/:=>3@/B7<5AC>>=@B
AB@7D31671/5=1/@33@>/B6>@=831B
BV`]cUVbVSSTT]`ba]TVWUVZgb`OW\SRd]Zc\bSS`a
3fSQcbWdSAS`dWQS1]`^P]ZabS`abVSW\T`Oab`cQ
bc`SO\RVSZ^aRSdSZ]^bVSZSORS`aVW^]T1VWQOU]
POaSRVSOZbVO\R]`Vc[O\aS`dWQSa\]\^`]¿ba
7\ %3A1PcWZbbVSQO^OQWbg]T &OUS\QWSa
bV`]cUV#'^`]XSQbaORR`SaaW\U[O\OUS[S\b
U]dS`\O\QSO\RZSORS`aVW^RSdSZ]^[S\b
BVSAB@7D31VWQOU]1O`SS`>ObV>`]XSQb^`]dWRSR
QO`SS`ORdO\QS[S\baS`dWQSab]Z]eaYWZZSRO\R
c\RS`S[^Z]gSRORcZbaBVS^`]U`O[b`OW\SR ! [S[PS`aW\Wbac^RObSRQ][^cbS`ZOPO\RaWU\W¿
QO\bZgVSZ^SRbVS[[OYSOa[]]bVb`O\aWbW]\W\b]
S\b`gZSdSZaS`dWQSaSQb]`X]Pa]TTS`W\URSQS\b^Og
5W`ZAQ]cba]T1VWQOU]
A=17/:8CAB71332C1/B7=<>@=5@/;
6]Zg<O[S1ObVSR`OZ
#
57@:A>/13
1/B6=:711/;>/75<4=@6C;/<23D3:=>;3<B
2c`W\UbVS $ %aQV]]ZgSO`5W`ZA^OQS
^`]dWRSR&UW`ZaOUSa$"ZWdW\UW\Z]eW\Q][S
c\RS`aS`dSRQ][[c\WbWSaOaOTSSRcQObW]\OZ^`]
U`O[b]ObbS\ROTbS`aQV]]ZOb $1VWQOU]>cPZWQ
AQV]]ZaBV`]cUV5W`ZA^OQSUW`Za^O`bWQW^ObSRW\
^`]U`O[[W\U]\¿\O\QWOZZWbS`OQgaQWS\QSZSORS`
aVW^O\RVSOZbVgZWdW\UW\QZcRW\UaSZTSabSS[
\cb`WbW]\O\R¿b\Saa
BVS1ObV]ZWQ1O[^OWU\T]`6c[O\2SdSZ]^[S\b¸a
1162[WaaW]\Wab]ORR`SaabVS`]]bQOcaSa]T
^]dS`bgBVWaU`O\bac^^]`bSROa]QWOZXcabWQSSRc
QObW]\Q]\TS`S\QSPcWZRW\UOeO`S\Saa]\a]QWOZ
XcabWQST]`bVS^]]`W\$^O`WaVSaO\Rb`OW\W\Ua
T]`^O`WaVZSORS`aO`]c\RbVSQ]c\b`gbV`]cUV
a]QWOZXcabWQSSRcQObW]\OZ[ObS`WOZaa^SQWOZZgRSdSZ
]^SRPg1VWQOU]1162]T¿QS
5`SObS`1VWQOU]4]]R2S^]aWb]`g
BVS6]a^WQS4]c\RObW]\]T
<]`bVSOabS`\7ZZW\]Wa7\Q
#
1=;;C<7BG97B163<A>@=5@/;
BVS1][[c\Wbg9WbQVS\a>`]U`O[^`]dWRSRT`SS
X]Pb`OW\W\Ub]^`S^O`Sc\S[^Z]gSRc\RS`S[
^Z]gSRO\ReSZTO`Sb]e]`YW\RWdWRcOZaT]`T]]R
aS`dWQSQO`SS`aAbcRS\baW\bVS^`]U`O[UOW\bVS
aYWZZa\SQSaaO`gT]`O^`]RcQbWdSQO`SS`W\bVST]]R
W\Rcab`geVWZS^`S^O`W\U \cb`WbW]ca[SOZa
ROWZgT]`bVS9WRa1OTS^`]U`O[AW\QSWbaW\QS^
bW]\\SO`Zg#abcRS\baVOdSU`ORcObSR
03@3/D3;3<BA3@D713A/BB63
13<B3@4=@:=AA/<26=>3
BVWaU`O\b^`]dWRSRTc\RW\UT]`PS`SOdS[S\b
aS`dWQSaT]`W\RWdWRcOZaQ]^W\UeWbVbVSZ]aa]TO
Z]dSR]\SAS`dWQSaW\QZcRSRW\RWdWRcOZQ]c\aSZW\U
U`]c^U`WSTac^^]`bV][SP]c\RPS`SOdS[S\b
QO`S[S[]`WOZaS`dWQSa6O\RZW\UbVS6]ZWROga
aS[W\O`a1O[^1]c`OUST]`QVWZR`S\O\RQ][
[c\WbgSRcQObW]\2c`W\U %#W\RWdWRcOZa
OQQSaaSRU`WSTac^^]`baS`dWQSabV`]cUV6]a^WQS¸a
1S\bS`T]`:]aaO\R6]^S
%"
6c[O\AS`dWQSa
6]caW\U=^^]`bc\WbWSaO\R;OW\bS\O\QS
T]`bVS3ZRS`Zg
9SaVSb
C>933>/<2@3>/7@A3@D713A>@=5@/;
BVSC^YSS^O\R@S^OW`AS`dWQSa>`]U`O[VSZ^SR
!#SZRS`ZgV][S]e\S`aZWdW\UW\Z]eW\Q][S
\SWUVP]`V]]Raa]cbV]T<]`bV/dS\cSW\1VWQOU]
OQQSaabVST`SSaS`dWQSa]TOVO\Rg[O\b]Q]\RcQb
[W\]`SZSQb`WQOZ^Zc[PW\UO\RQO`^S\b`gX]PaW\
bVSW`V][Sa4]QcaSR]\aOTSbgO\RQ][T]`bbVSaS
`S^OW`aVSZ^SRb]RSQ`SOaSTOZZ`SZObSRW\Xc`WSaO\R
W\Q`SOaSaSQc`WbgT`][^]bS\bWOZQ`W[S
9SaVSbQ]\bW\cSab]^`]dWRSSRcQObW]\OZ`SQ`S
ObW]\OZO\Rd]QObW]\OZ^`]U`O[aT]`W\RWdWRcOZa
eWbVRSdSZ]^[S\bOZRWaOPWZWbWSa9SaVSb^`]
U`O[a^`][]bSW\QZcaW]\O\Rac^^]`bW\RS^S\
RS\QS´eVS`SSdS`gW\RWdWRcOZOUS!b]g]c\U
ORcZbV]]R`SUO`RZSaa]TRWaOPWZWbgWaUWdS\]^
^]`bc\Wbgb]^O`bWQW^ObSOaTcZZgOa^]aaWPZSW\bVS
[OW\ab`SO[]TQ][[c\WbgZWTS
:SO^:SO`\W\UAgabS[a
8c\W]`/QVWSdS[S\b]T1VWQOU]
%#
31=<=;7132C1/B7=<B6@=C56
B63E6=:3A16==:>@=5@/;
BVSEV]ZSAQV]]Z3Q]\][WQ3RcQObW]\>`]
U`O[S\OPZSR\SO`Zg#ORRWbW]\OZabcRS\ba#
QZOaa`]][aT]`Ob]bOZ]TOP]cb!" !abcRS\ba
b]UOW\OTc\RO[S\bOZc\RS`abO\RW\U]TbVST`SS
S\bS`^`WaSagabS[BVS^`]U`O[VSZ^aabcRS\ba
^`S^O`Sb]ZWdSO\Re]`YW\OUZ]POZSQ]\][gPg
^`]dWRW\UdOZcOPZSZWTSZ]\UaYWZZa
%#
>/@3<B7<4/<B23D3:=>;3<B>@=5@/;
BVWa^`]U`O[^`]dWRSa^`SdS\bW]\O\RSO`ZgW\bS`
dS\bW]\aS`dWQSaW\QZcRW\Uac^^]`bSRcQObW]\O\R
b`SOb[S\bb]1VWQOU]¸adcZ\S`OPZSQVWZR`S\O\R
TO[WZWSaW\Q`WaWaAS`dWQSaO`SRSaWU\SRb]^`]bSQb
O\R^`][]bSbVSVSOZbVgRSdSZ]^[S\bO\ReSZZ
PSW\U]TQVWZR`S\7\ %8>/W\Q`SOaSRaS`dWQSa
Pg &^S`QS\b]dS`bVS^`SdW]cagSO`
#
:3/>¸A/4B3@A16==:3<@716;3<B:/A3@>@=5@/;
BVS:/A3@>`]U`O[WaO\c^RObSROTbS`aQV]]Z
Qc``WQcZc[eWbVO^`]TSaaW]\OZRSdSZ]^[S\b
Q][^]\S\bbVObT]QcaSa]\W[^`]dW\UabcRS\ba¸
`SORW\URSQ]RW\UaYWZZa`SORW\UQ][^`SVS\aW]\
ZO\UcOUSaYWZZaO\Re`WbW\UaYWZZaBVS\Se^`]U`O[
`SacZbSRW\W\Q`SOaSRaQ]`Sa]\abO\RO`RbSabaT]`
P]bVU`]c^abVOb^O`bWQW^ObSR´1OP`W\W5`SS\O\R
/ZbUSZR5O`RS\a
:WbbZS0`]bVS`a4`WS\Ra]TbVS3ZRS`Zg
8cdS\WZS>`]bSQbWdS/aa]QWObW]\
%#
53<3@/:=>3@/B7<5AC>>=@B
#
53<3@/:=>3@/B7<5AC>>=@B´B@/<A>=@B/B7=<
:WbbZS0`]bVS`a4`WS\Ra]TbVS3ZRS`ZgWaQ][[WbbSR
b]`SZWSdW\UZ]\SZW\SaaO\RWa]ZObW]\bV`]cUVT`WS\R
aVW^O\RQ][^O\W]\aVW^$##!^S`a]\OZO\R
^V]\SdWaWbaeS`S[ORS' T]]RPOUaRSZWdS`SR
O\R]\'%]QQOaW]\aOaaWabO\QSeOaUWdS\4c\Ra
T`][bVWaU`O\ba^SQW¿QOZZgac^^]`bSRbVS^c`QVOaS
]TQcab][WhSR[W\WdO\aT]`SZRS`Zgb`O\a^]`bObW]\
b]T`][aS`dWQSa
%#
:WbbZSAWabS`a]TbVS>]]`
#
;SSbbVSEWZRS`\Saa
53<3@/:=>3@/B7<5AC>>=@B
A7F2/G3F1C@A7=<7<1=:=@/2=
:WbbZSAWabS`a]TbVS>]]`Q]\bW\cSR[SSbW\UbVS
^VgaWQOZS[]bW]\OZO\Ra^W`WbcOZ\SSRa]TWba%$`Sa
WRS\ba]^S`ObW\U8cUO\BS``OQST]`#&W\RWdWRcOZa
ZWdW\UW\RS^S\RS\bZgO\ROR[W\WabS`W\UbVSAS\W]`
1S\bS`T]`OP]cb Z]\SZgSZRS`ZgO`SO\SWUVP]`a
4=@/B@7A9B33<A4@=;1671/5=
;OYS/EWaV4]c\RObW]\]T7ZZW\]Wa
"$
53<3@/:=>3@/B7<5AC>>=@B
7\ %bVS;OYS/EWaV]T7ZZW\]WaTcZ¿ZZSR$ #
eWaVSaT`][QVWZR`S\eWbVZWTSbV`SObS\W\U[SRWQOZ
Q]\RWbW]\aEWaVSa`O\USRT`][b`OW\W\UOaO\
Oab`]\OcbObbVS9S\\SRgA^OQS1S\bS`b][SSb
W\U5O`bV0`]]Yab]bVSSdS`^]^cZO`2Wa\Sg
E]`ZRTO[WZgdOQObW]\
;O`WZZOQA]QWOZ1S\bS`
>AG16=:=571/:B3AB7<54=@23D3:=>;3<B/:
23:/GA7<G=C<5167:2@3<
BVWaU`O\bac^^]`bSRbVSaOZO`gT]`OZWQS\aSR
QZW\WQOZQ]c\aSZ]`b]aQ`SS\QVWZR`S\W\ROgQO`SOb
;O`WZZOQT]`RSdSZ]^[S\bOZQ]U\WbWdS]`]bVS`RWT
¿QcZbWSaO\Rb]e]`YeWbVQZWS\baW\O^`]U`O[T]`
^`SU\O\b^O`S\bW\UbSS\aA^SQW¿QOZZg#QVWZR`S\
eS`SWRS\bW¿SReWbVRSdSZ]^[S\bOZRSZOgaO\R
`SQSWdSR]\aWbSQ]c\aSZW\U/Za]!^O`S\baeS`S
aS`dSRbV`]cUVbVSaS[W[]\bVZg^O`S\bW\UQZOaaSa
$#
;SSbbVSEWZRS`\SaaWaO\ORdS\bc`SO\RZWTSaYWZZa
^`]U`O[bVObW\b`]RcQSaZ]eW\Q][S1VWQOU]g]cbV
b]bVSPSOcbg]T3OUZS1]c\b`g1]Z]`OR]BVWaU`O\b
VSZ^SR^`]dWRSO$ROg1]Z]`OR]eWZRS`\Saab`W^
T]`]dS` #1VWQOU]g]cbVBVSQVOZZS\USa]T
bVSeWZRS`\SaaVSZ^bV]aS^O`bWQW^ObW\UPcWZRaSZT
SabSS[b`cabO\R^S`a]\OZ`Sa^]\aWPWZWbgOZ]\UeWbV
Q][[c\WQObW]\O\RbSO[e]`YaYWZZa
;S`Qg6][ST]`0]gO\R5W`Za
%#
B63:743A97::A>@=5@/;
BVS:WTSAYWZZa>`]U`O[WaRSaWU\SRb]bSOQVP]ga
O\RUW`ZaaYWZZabVObeWZZPScaSTcZT]`W\RS^S\RS\b
ZWdW\UacQVOaPOZO\QW\UOQVSQYP]]YU`]QS`g
aV]^^W\UQ]]YW\UO^^ZgW\UT]`X]PaW\bS`OQb
W\UeWbV^`]TSaaW]\OZaO\RRSdSZ]^W\UOVSOZbVg
ZWTSabgZS7\ %[]`SbVO\$g]c\U[S\O\R
e][S\Ob;S`Qg6][SQ][^ZSbSRbVSe]`YaV]^a
;S`Qg6]caW\U:OYST`]\b
#
<3/@<=@B6A@=5@33<23A75</>/@B;3<BA
B63;/@5=B/<26/@=:2A16744@3A723<13A´
1/>7B/:1/;>/75<
BVS;O`U]bO\R6O`]ZRAQVWTT@SaWRS\QSa]^S\SR
W\;O`QV %BVWaU`O\bVSZ^SRaS`dS'$ORcZba
bVObeS`S^`SdW]caZgV][SZSaa]`ZWdW\UW\aVSZbS`a
]`]bVS`acPabO\RO`RV]caW\U6SOZbVSfO[W\ObW]\a
POaWQZWTSaYWZZaaS[W\O`aO\RaSdS`OZS[^Z]g[S\b
TOW`aeS`S]TTS`SRb]bVS`SaWRS\baAcQVac^^]`ba
S\OPZSRbVS[b]OQ_cW`SbVS\SQSaaO`gb]]Zab]
PSUW\b]PSQ][S[]`SaSZTacT¿QWS\b
%$
6c[O\AS`dWQSa
;S`Qg6]caW\U:OYST`]\b
%#
<Sc[O\\/aa]QWObW]\
%#
53<3@/:=>3@/B7<5AC>>=@B
<3C;/<<<37560=@A
;S`Qg6]caW\U:OYST`]\bQ]\bW\cSRb]^`]dWRS
V]caW\UO\Rac^^]`bWdSaS`dWQSab]\SO`Zg bS\O\baW\Wba#PcWZRW\UaBV`]cUV2SQS[PS` %
& "^S`QS\b]TbVSaS ^S]^ZSeS`SOPZSb]
[OW\bOW\bVSW`V]caW\UT]` Q]\aSQcbWdS[]\bVa
O\R'"%^S`QS\b]TbVSbS\O\bacbWZWhSRS[^Z]g
[S\bb`OW\W\UO\RSRcQObW]\ac^^]`baS`dWQSa
<Sc[O\\<SWUVP]`a^c`QVOaSR\SeZOe\S_cW^
[S\bc\WT]`[aO\RQZSO\W\US_cW^[S\bS\OPZW\U
bVS^`]U`O[b]Sf^O\RWbaaS`dWQSaO\RSabOP
ZWaV\SeQ]\b`OQbaeWbVO^O`b[S\bPcWZRW\UaW\
bVSQ][[c\WbgBVS^`]U`O[OZa]abO`bSRO\Se
P`O\QVQOZZSRµ<Scb]C¶<Scb]CWaO\]\ZW\S
`SaOZSPcaW\Saa]TTS`W\UQZWS\baO\]^^]`bc\Wbgb]
RSdSZ]^O\SeaSb]TaYWZZaeVWZSW\Q`SOaW\UbVS
]`UO\WhObW]\¸adWaWPWZWbgW\bVSQWbg
;WRb]e\3RcQObW]\OZ4]c\RObW]\
#
AC;;3@>@=5@/;
BVS %;WRb]e\1S\bS`Ac[[S`>`]U`O[
aS`dSR! "W\\S`QWbgg]cbVeWbV`WU]`]caOQORS[
WQaab`cQbc`SRa^]`ba]\S]\]\S[S\b]`W\UO\R
S\`WQVW\USfb`OQc``WQcZO`Sf^S`WS\QSabV`]cUV¿SZR
b`W^adWaWbW\UQO`SS`a^SOYS`aO`baO\RbSQV\]Z
]UgOQbWdWbWSaBVSAc[[S`>`]U`O[VSZ^aYSS^
abcRS\baT]QcaSRO\RS\UOUSRW\^]aWbWdSOQbWdWbWSa
Rc`W\UObW[SeVS\[]ab^SS`aPSQ][SW\d]ZdSRW\
bVS\SUObWdSbS[^bObW]\a]TbVSW`\SWUVP]`V]]Ra
BVS<WUVb;W\Wab`g
#
53<3@/:=>3@/B7<5AC>>=@B
BVWaU`O\bac^^]`bSRUS\S`OZ]^S`ObW\USf^S\aSa
]T<WUVb;W\Wab`g^`]U`O[aa^SQW¿QOZZgbVS^S`
a]\\SZSf^S\aSa]TabOTTeV]e]`YRW`SQbZgeWbV
V][SZSaaORcZbaO\Rg]cbV7\ %'#W\RWdWRc
OZaeS`SaS`dSRObbVS=^S\2]]`G]cbVAVSZbS`
7\bS`W[^`]U`O[BVS=cb`SOQVO\R6SOZbV;W\Wab`g
^`]U`O[[ORS%'&&!Q]\bOQbab]$ W\RWdWRc
OZaO\RW\Q`SOaSRbVS\c[PS`]T67DbSabaOR[W\
WabS`SRW\Q][^O`Wa]\b]^`SdW]cagSO`a
%%
BVS>`]0]\]1S\bS`T]`2WaOPWZWbg
O\R3ZRS`:Oe123:
@Sac``SQbW]\2SdSZ]^[S\b4]c\RObW]\
#
53<3@/:=>3@/B7<5AC>>=@B
123:Q]\bW\cSab]]TTS`QZWS\baTcZZZWbWUObW]\
OaaWabO\QSOaeSZZOaRWaQ`SSbe]`YaV]^a^`]dWRSR
bV`]cUVO\Sbe]`Y]T[]`SbVO\'d]Zc\bSS`
Obb]`\SgaO\R^O`OZSUOZaT`][1VWQOU]¸ab]^ZOe
¿`[a7\ %123:]^S\SR&QOaS¿ZSab]cQV
W\U]\OP`]OR`O\US]TZSUOZWaacSaT]`Z]eW\Q][S
RWaOPZSRO\R]`SZRS`ZgQWbWhS\a]T1]]Y1]c\bg
>`]XSQb3f^Z]`ObW]\
%#
:=<5B3@;1/@3>@=5@/;
BVS:]\UBS`[1O`S>`]U`O[Ob@Sac``SQbW]\
6][S6SOZbVaS`dSaZ]eW\Q][SQV`]\WQOZZg
WZZO\Ra]QWOZZgWa]ZObSRSZRS`ZgW\1VWQOU]BVS
^`]U`O[P`WRUSabVSUO^T]`bV]aSeV]OTbS`RWa
QVO`UST`][bVSV]a^WbOZabWZZ`S_cW`S[SRWQOZO\R
a]QWOZObbS\bW]\O\R[]\Wb]`W\UBVSaS^ObWS\ba
`S[OW\W\bVSW`V][Sa]TbS\Od]WRW\U^`S[Obc`S
V]a^WbOZWhObW]\]`\c`aW\UV][SOR[WaaW]\
BVSAOZdObW]\/`[g
#
A3@D713A4=@57@:A>@=5@/;
;=07:343327<5>@=5@/;
BVSAS`dWQSaT]`5W`Za>`]U`O[W\QZcRSAWabS`a
"AQWS\QS5W`Za¸6SOZbVO\RAQWS\QS2Og/ZZ5W`Za
3f^SRWbW]\O\RE][S\W\AQWS\QSBVWaacWbS]T
Q][^ZS[S\bO`g^`]U`O[aUWdSaUW`ZaVO\Ra]\
Sf^S`WS\QSW\aQWS\QSSf^Z]`ObW]\O\RZSORS`aVW^
RSdSZ]^[S\bOQbWdWbWSaeVWQVSf^O\RabVSW`ZWTS
O\RQO`SS`]^bW]\ab]W\QZcRSaQWS\QS'[W\]`Wbg
[WRRZSO\RVWUVaQV]]ZUW`Za^O`bWQW^ObSRW\
AS`dWQSaT]`5W`ZaW\ %
BVS[]PWZSTSSRW\UdO\b`OdSZaSdS`gROgO`]c\R
1VWQOU]¸a[]abW[^]dS`WaVSRO`SOaRSZWdS`W\U
[SOZa7\ %&$!'' [SOZaeS`SaS`dSR
7\bVSeW\bS`[]\bVaPZO\YSbaa]QYaVOba
O\RUZ]dSaO`SRWab`WPcbSRBVS^`]U`O[\]e
OZa]^`]dWRSab`]cPZSRQZWS\baeWbV`STS``OZab]
O^^`]^`WObSa]QWOZaS`dWQS]`UO\WhObW]\aeVS`S
TSSRW\UaWbSaO`SZ]QObSR
%&
6c[O\AS`dWQSa
BVSAOZdObW]\/`[g
BVWaU`O\b^`]dWRSRUS\S`OZ]^S`ObW\Uac^^]`bT]`
BVSAOZdObW]\/`[g;Sb`]^]ZWbO\2WdWaW]\eVWQV
aS`dSa1VWQOU]O\R\SWUVP]`W\UacPc`PaBVSAOZ
dObW]\/`[gaS`dSa^S]^ZSeWbV^`]PZS[a`O\UW\U
T`][OZOQY]TT]]RO\RaVSZbS`b]R`cUORRWQbW]\
O\R^VgaWQOZ]`aSfcOZOPcaS7ba\c[S`]caa]QWOZ
aS`dWQS^`]U`O[aaS`dS[]`SbVO\]\S[WZZW]\
^S]^ZSO\\cOZZg
BOf/aaWabO\QS>`]U`O[B/>
#
B/F>@3>/@/B7=<>@=5@/;
BOf/aaWabO\QS>`]U`O[d]Zc\bSS`aVSZ^SR#"'
VO`Re]`YW\UTO[WZWSaO\RW\RWdWRcOZaOQQSaa
$[WZZW]\W\bOf`STc\Ra¿\O\QWOZOWRT]`
VWUVS`SRcQObW]\O\RSQ]\][WQaOdW\UaBV`]cUV
bVSW`RSRWQObSRSTT]`baB/>¸a'"#d]Zc\bSS`
^`]TSaaW]\OZa^`]dWRSRQZWS\baeWbVW[[SRWObS
¿\O\QWOZOaaWabO\QSO\RZ]\UbS`[ab`ObSUWSaT]`
SQ]\][WQW\RS^S\RS\QS
A6=@31][[c\WbgAS`dWQSa7\Q
BSOQVT]`/[S`WQOB4/
#
53<3@/:=>3@/B7<5AC>>=@B
#
53<3@/:=>3@/B7<5AC>>=@B
B3/164=@/;3@71/´1671/5=
BVWaU`O\beOacaSRb][OW\bOW\bVSQ][^`SVS\
aWdS^`]U`O[aW\RSdSZ]^[S\bOZb`OW\W\USO`Zg
QVWZRV]]RW\bS`dS\bW]\`Sa^WbS`SaWRS\bWOZd]QO
bW]\OZO\RaS\W]`aS`dWQSaT]`\SO`Zg!%QVWZR`S\
O\RORcZbaeWbVRSdSZ]^[S\bOZRWaOPWZWbWSaaS`dSR
PgA6=@31][[c\WbgAS`dWQSa
BSOQV4]`/[S`WQO`SQ`cWbaU`ORcObW\UaS\W]`a
eWbVab`]\UOQORS[WQPOQYU`]c\Rab]S\VO\QS
abcRS\bOQVWSdS[S\bW\bVS^cPZWQaQV]]ZagabS[
caW\UW\\]dObWdS[]RSZa7\ %B4/1VWQOU]
U`SeT`][#b] !Q]`^a[S[PS`a#b] OZc[\WbSOQVS`aO\R!b] OZc[\W^`W\QW^OZa´
\]eW[^OQbW\U!%]T1VWQOU]¸aVWUVSab\SSR
abcRS\baSdS`gROg
AWbAbOg@SOR
167:26==2:7B3@/1G7<7B7/B7D3
AWbAbOg@SOR¸aZWbS`OQg^`]U`O[W\d]ZdSabcb]`a
O\Rb`OW\SRbVS`O^gR]Uae]`YW\Ub]USbVS`b]
W[^`]dS`SORW\UaYWZZaW\aSQ]\RO\RbVW`RU`ORS
QVWZR`S\T`][1VWQOU]¸a^]]`Sab\SWUVP]`V]]Ra7\
%d]Zc\bSS`a^`]dWRSR'%!`SORW\UaSaaW]\a
T]`\SO`Zg#$QVWZR`S\W\1VWQOU]O\W\Q`SOaS]T
#^S`QS\b]dS`bVS^`SdW]cagSO`
BcSaROg¸a1VWZR
3/@:G7<B3@D3<B7=<32C1/B7=</<2
>/@3<BB@/7<7<54=@4/;7:73A/B@7A9
BcSaROg¸a1VWZR^`]dWRSa^O`S\baeWbVaS`dWQSabVOb
VSZ^bVS[b]PSQ][SPSbbS`QO`SUWdS`ab]bVSW`
a^SQWOZ\SSRaQVWZR`S\BVS]`UO\WhObW]\OZa]e]`Ya
eWbVQVWZR`S\PW`bV!gSO`a]ZReV]O`SOb`WaY
T]`]`RWOU\]aSReWbVORSdSZ]^[S\bOZRSZOg7\
%BcSaROg¸a1VWZR^`]dWRSRSO`ZgW\bS`dS\bW]\
aS`dWQSab]]dS`!#TO[WZWSa
%'
C[]XOAbcRS\b2SdSZ]^[S\b1]`^]`ObW]\
DWbOZ0`WRUSa
%#
C;=8/¸A:3/23@A67>23D3:=>;3<B
4==2/<2<CB@7B7=<>@=5@/;
/<2A3@D713:3/@<7<5>@=5@/;A
7\ %DWbOZ0`WRUSa^`]dWRSRaS`dWQSab][]`S
bVO\ #Z]eW\Q][S^S]^ZSeWbV67D/72A
7bac^^ZWSR"! $$%\cb`WbW]ca[SOZabV`]cUVWba
5`]QS`g1S\bS`aO\RRSZWdS`SR %&T]]RP]fSa
O\R[SOZab]QZWS\baeV]O`SV][SP]c\R]`ZOQY
OQQSaab]b`O\a^]`bObW]\@SUWabS`SRRWSbWbWO\a
OZa]^`]dWRSR%!$\cb`WbW]\OZOaaSaa[S\baO\R
Q]c\aSZW\UaSaaW]\a
BV`]cUVC[]XO¸a^`]U`O[[W\U[]`SbVO\!
abcRS\baRSdSZ]^SRbVSaYWZZaO\RQVO`OQbS`WabWQa
]TZSORS`aS\OPZW\UbVS[b]W[^ZS[S\b^]eS`
TcZ^`]XSQbaOTTSQbW\U^]aWbWdSQVO\USW\bVSW`
Q][[c\WbWSaAbcRS\ba1][[WbbSRb]2SdSZ]^W\U
bVSW`1][[c\WbgT]QcaSR]\OZbS`\ObWdST]`[a]T
Q]\ÀWQb`Sa]ZcbW]\W\QZcRW\U^SS`Xc`WSaE][S\
]T2SabW\gQ`SObSRO1Z]bVSaZW\S>`]XSQb`OWaW\U
OeO`S\Saa]TV]edW]ZS\QSOUOW\abe][S\W[
^OQbaSdS`g]\SW\bVSaQV]]ZO\RQ][[c\Wbg
C\WbSRAS`dWQS=`UO\WhObW]\a
]T7ZZW\]WaCA=
%
>@=5@/;A4=@/;3@71/¸AA3@D713;3<
/<2A3@D713E=;3<
BVSCA=S\VO\QSabVS_cOZWbg]TZWTS]TOQbWdSRcbg
[S\O\Re][S\]TbVS/`[SR4]`QSaO\RbVSW`
TO[WZWSabV`]cUVa]QWOZ`SQ`SObW]\OZS\bS`bOW\
[S\bO\RSRcQObW]\OZ^`]U`O[aOaeSZZOaac^^]`b
aS`dWQSaBVSCA=]T7ZZW\]WaSf^S`WS\QSROZO`US
W\Q`SOaSW\^`]U`O[\SSRaW\ %ac^^]`bW\U[]`S
bVS aS`dWQS[S[PS`aO\RbVSW`TO[WZWSa
EW\Rg1Wbg6O`dSabE16
53<3@/:=>3@/B7<5AC>>=@B
E16^c`QVOaSR#OQ`Sa]TZO\RW\<]`bV:Oe\ROZS
O\RPSUO\O^WZ]b^`]U`O[b]]TTS`b`O\aWbW]\OZX]P
b`OW\W\UPOaSRW\c`PO\OU`WQcZbc`SBS\O^^`S\bWQSa
`SQSWdSR]\U]W\UX]PaYWZZab`OW\W\UQ][^ZSbSR
O\]`UO\WQT]]R^`]RcQbW]\Qc``WQcZc[O\RO`S
\]eU`]eW\UT]`[O`YSbW\OU`SS\V]caSS\dW`]\
[S\bE16WaSf^O\RW\UbVS[O`YSbT]`c`PO\OU
`WQcZbc`SO\Rb`O\aT]`[W\UbVSQWbg¸aZO`USabP`]e\
¿SZRW\b]OQ][[c\WbgO\RQ][[S`QWOZQS\bS`
G;1/]T;Sb`]^]ZWbO\1VWQOU]
%#
G=C<5:3/23@A>@=5@/;
BVSG]c\U:SORS`a>`]U`O[VSZ^SR T]c`bVO\R
¿TbVU`ORS`aW\>WZaS\:WbbZSDWZZOUSO\R0OQY]T
bVSGO`RaRSdSZ]^ZSORS`aVW^aYWZZaO\RZSO`\V]e
b]Od]WRacPabO\QSOPcaSESSYZg[SSbW\UaUOdS
abcRS\baObOYSgabOUS]TRSdSZ]^[S\beV]ZWdSW\
O\O`SO]TVWUVQ`W[SaQV]]ZR`]^]cb`ObSaR`cUa
O\RUO\UabVSb]]Zaac^^]`bO\RW\a^W`ObW]\bVSg
\SSRb]PS`Sa^]\aWPZS`]ZS[]RSZa
&
0]O`RRW`SQbSR5`O\ba
/\bW2STO[ObW]\:SOUcS/2:
!
1VObVO[6OZZ
#
53<3@/:=>3@/B7<5AC>>=@B
E@7B3@7<@3A723<13>@=5@/;
BVWaU`O\b^`]dWRSRUS\S`OZ]^S`ObW\Uac^^]`bT]`
/2:b]b`OW\bSOQVS`aO\RabcRS\baW\O\bWPWOa
SRcQObW]\O\RRWdS`aWbg)bSOQVZOeS\T]`QS[S\b
]T¿QS`ab]WRS\bWTgO\RQ][PObVObSQ`W[SaO\R
Sfb`S[Wa[)W\dSabWUObSRWaQ`W[W\ObW]\Q][^ZOW\ba
O\R^`]dWRSdWQbW[OaaWabO\QS)[]\Wb]`Sfb`S[Wab
U`]c^a)O\R]TTS`^`]U`O[ab]Q][PObVOb`SRO\R
PWU]b`gW\bVSQ][[c\WbgObZO`US
1VObVO[6OZZW\dWbSROeO`ReW\\W\U^]SbO\R
Vc[O\`WUVbaOQbWdWab1O`]Zg\4]`QVSb]QO[^caOa
Wba %E`WbS`W\@SaWRS\QS;a4]`QVS^`SaS\b
SRO`SORW\Ub]bVSS\bW`SaQV]]ZQ][[c\Wbg[Sb
eWbV3\UZWaVA^O\WaVO\R1`SObWdSE`WbW\UQZOaaSa
O\ROZa]e]`YSReWbVa[OZZU`]c^a]TabcRS\ba
3fQS^bW]\OZ1VWZR`S\¸a4]c\RObW]\
%#
9/G<33@/A13<B3@3<@716;3<B>@=5@/;A3@D713A
/`O>O`aSUVWO\;SRWQOZ
@SaSO`QV4]c\RObW]\
#
@3A3/@16B=47<2/1C@34=@
B63<73;/<<>719BG>3127A3/A3
BVSTc\RaeS`ScbWZWhSRb]RST`OgbVSQ]ab]T^O`
bWQW^ObW]\T]`g]c\UaQWS\bWabaObbVSO\\cOZAQWS\
bW¿Q1]\TS`S\QS]\<WS[O\\>WQYBg^S12WaSOaS
V]abSRPgbVS>O`aSUVWO\4]c\RObW]\W\BcQa]\
/HAcQVac^^]`bVSZ^abVS]`UO\WhObW]\Q]\bW\cS
b]S\UOUSO\RSRcQObSbVSaS[SRWQOZ`SaSO`QVS`a
0`SOYbV`]cUVAOQ`O[S\b]
AC;;3@0@725332C1/B7=</:4C<2
BVWaU`O\bVSZ^SRac^^]`bbVSAc[[S`P`WRUS
3RcQObW]\OZ4c\ROQ]ZZSUS^`S^O`Ob]`g^`]U`O[
T]`VWUVaQV]]ZabcRS\baT`][AOQ`O[S\b]¸a[]ab
c\RS``Sa]c`QSRaQV]]Za0`SOYbV`]cUVAOQ`O
[S\b]VOaVORO' ^S`QS\bacQQSaa`ObS]TOZc[\W
U]W\U]\b]Q]ZZSUS
BVWaU`O\bTc\RSRbVSaOZO`WSa]TS\`WQV[S\b
bSOQVS`aW\bVS:]a/\USZSaO`SO3\`WQV[S\b
OQbWdWbWSaO`SSfb`S[SZgW[^]`bO\bW\bVSRSdSZ]^
[S\b]Ta^SQWOZSRcQObW]\abcRS\baOabVSgPcWZR
a]QWOZO\RZO\UcOUSaYWZZaaSZTSabSS[O\c\RS`
abO\RW\U]TbSO[e]`YO\R`WaYbOYW\UO\ROaS\aS
]TSf^Z]`ObW]\
:]a/\USZSa6WZZSZ1]c\QWZ
%#
3<5/53;3<B>@=5@/;;7<54=@1=::353ABC23<BA
AbcRS\bW\bS`\aO\RO`SOOZc[\W`SQSWdSb`OW\W\U
O\Rac^^]`bb]`SOQV]cbb]c\W\d]ZdSR8SeWaV
abcRS\baObbVSQ]ZZSUSQO[^caSaW\U`SObS`:]a
/\USZSaO\RAO\bO0O`PO`OBV`]cUV^S`a]\OZ
[SSbW\UaO\ROZ[]ab ^`]U`O[ab]abW[cZObS
a^W`WbcOZW\bSZZSQbcOZO\RQcZbc`OZU`]ebV:/6WZZSZ
S\UOUSR[]`SbVO\!#\SeabcRS\babVWa^Oab
gSO`´O\OZZbW[SVWUV
&
;Waa6OZZ¸aAQV]]Z;6A
#
/@BA>@=5@/;
BVS;Waa6OZZ¸aAQV]]Z/`ba>`]U`O[VOaVWab]`W
QOZZgPSS\]\S]TbVSaQV]]Z¸aU`SObSabab`S\UbVa
VSZ^W\US\ac`SbVOb;6AUW`ZaPcWZRQO`SS`aW\bVS
W\bS`\ObW]\OZO`be]`ZR;6AU`ORcObSaVOdSPS
Q][SUOZZS`g]e\S`aO`bWabaQ]ZZSQb]`aQ]ZZSUSO`b
VWab]`g^`]TSaa]`aO`bQ`WbWQaO\ROeO`ReW\\W\U
O`bVWab]`WO\a
<ObW]\OZ8SeWaV;SRWQOZ
O\R@SaSO`QV1S\bS`
BcZO\SC\WdS`aWbg
<SeQ][P1]ZZSUS7\abWbcbS
#
B63<3E1=;0:3/23@A67>1=<43@3<134=@57@:A
BVSbVS[S]TbVS %<SeQ][P:SORS`aVW^
1]\TS`S\QST]`5W`ZaeOaµ=e\G]c`D]WQS¶BVS
ROgZ]\UQ]\TS`S\QS^`]dWRSR [WRRZSaQV]]Z
UW`ZaT`][^cPZWQ^O`]QVWOZO\R^`WdObSaQV]]Za
W\<Se=`ZSO\abVS]^^]`bc\Wbgb]Sf^Z]`SbVSW`
ZSORS`aVW^abgZSaO\R^]bS\bWOZO\Rb]W[^ZS[S\b
bVSW`ab`S\UbVaOaZSORS`aW\bVSW`V][SaaQV]]Za
O\RQ][[c\WbWSa
%#
167:26==2/AB6;/;/</53;3<B>@=5@/;
GOZSC\WdS`aWbg
BVS1VWZRV]]R/abV[O;O\OUS[S\b>`]U`O[
Q]\bW\cSRb]`c\O[cZbWQS\bS``O\R][WhSR
R]cPZS[OaYSRQZW\WQOZb`WOZb]RSbS`[W\SZ]\U
bS`[STTSQba]Tb`SOb[S\bT]`[WZRb][]RS`ObS
QVWZRV]]ROabV[OBV`SSROWZgW\VOZSRb`SOb[S\ba
eS`SQ][^O`SR:O`USZgRcSb]bVS¿\RW\UaW\
bVSabcRgW\VOZSRabS`]WRaO`S\]e`SQ]U\WhSROa
bVS^`STS``SR[SRWQObW]\T]`bVS[O\OUS[S\b]T
^S`aWabS\bOabV[OW\P]bVQVWZR`S\O\RORcZba
/@BA16=:/@A67>4=@/;7<=@7BGABC23<B
AOQ`O[S\b]1]c\b`g2OgAQV]]Z
;ObQVW\U5WTba
!!"
BVSAW`OUcaO4]c\RObW]\OZa][ObQVSRd]Zc\bSS`
V]c`aO\R[]\SbO`gQ]\b`WPcbW]\aPgP]O`RTO[WZg
O\RabOTTb]#Q!\]\^`]¿b]`UO\WhObW]\a
b]bOZW\U !!"
#
0C7:27<54=@=C@167:2@3<¸A4CBC@3´1/>7B/:1/;>/75<
BVWaU`O\bQ]\bW\cSRb]ac^^]`bbVS0cWZRW\UT]`
=c`1VWZR`S\¸a4cbc`S1O^WbOZ1O[^OWU\W\eVWQV
bVSaQV]]ZWaPcWZRW\UµQcbbW\USRUS¶[WRRZSO\R
VWUVaQV]]ZaQWS\QSQZOaa`]][aO\RZOP]`Ob]`WSa
`S^ZOQW\U]cb[]RSRPcWZRW\UaeWbVa^OQW]ca
[]RS`\bSOQVW\US\dW`]\[S\baT]`bVSZ]eS`O\R
[WRRZSaQV]]Za)O\RPcWZRW\UOabObS]TbVSO`b
^S`T]`[W\UdWacOZO\R¿\SO`baQS\bS`
BVWaU`O\beOacaSRb]^`]dWRSOaQV]ZO`aVW^T]`
O\c\RS`U`ORcObS[W\]`WbgabcRS\bW\bVSO`ba
RS^O`b[S\bBVS %aQV]ZO`aVW^`SQW^WS\bWa
OXc\W]`W\bS`SabSRW\aQcZ^bc`S^OW\bW\UR`Oe
W\U^`W\b[OYW\UO\RbVSOb`WQOZQ]abc[SRSaWU\
6S`Z]\UbS`[U]OZWab]SO`\O\;4/RSU`SSO\R
PSQ][SO^`]TSaaW]\OZdWacOZO`bWab
&
%5`O\bAc[[O`g
7\ %BVSAW`OUcaO4]c\RObW]\U`O\bSROb]bOZ
]T"#%# b]"&]`UO\WhObW]\a
/QQSaa:WdW\U#
BVS0WUAV]cZRS`a4c\R #
/RZS`>ZO\SbO`Wc[/ab`]\][g;caSc[!
/Rd]QObS;SRWQOZ5`]c^ #
/72A4]c\RObW]\]T1VWQOU] #
/ZZWO\QST]`bVS5`SOb:OYSa #
/ZhVSW[S`¸a/aa]QWObW]\7\Q %#
/[S`WQO\0`OW\Bc[]`/aa]QWObW]\ %#
/[S`WQO\7\RWO\1]ZZSUS4c\R#
BVS/\bW1`cSZbgA]QWSbg #
/\bW2STO[ObW]\:SOUcS]T0¸\OW0¸`WbV !
/`O>O`aSUVWO\;SRWQOZ
@SaSO`QV4]c\RObW]\ #
BVS/`b7\abWbcbS]T1VWQOU]
/`b@Sa]c`QSaW\BSOQVW\U %#
/`bV`WbWa4]c\RObW]\
5`SObS`1VWQOU]1VO^bS` #
O`bWabWQQW`QZSa #
/`ba0caW\Saa1]c\QWZ]T1VWQOU] %#
BVS/aa]QWObSR1]ZZSUSa]T7ZZW\]Wa /aa]QWObW]\]T4c\R`OWaW\U>`]TSaaW]\OZa #
/aa]QWObW]\]TA[OZZ4]c\RObW]\a$#
0]bb][ZSaa1Z]aSb #
0]ga5W`Za1ZcPa]T1VWQOU] $
0]ga6]^S5W`Za6]^S %#
0`SOYbV`]cUVAOQ`O[S\b]
0`SOab1O\QS`<Sbe]`Y]TAb`S\UbV #
0C7:2 #
1OP`W\W1]\\SQbW]\a #
1O`SS`@Sa]c`QS1S\bS`7\Q %#
1ObV]ZWQBVS]Z]UWQOZC\W]\ $
1S\bS`T]`2WaOPWZWbgO\R3ZRS`:Oe #
1VObVO[6OZZ #
1VWQOU]0]bO\WQ5O`RS\!
1VWQOU]1VWZR`S\¸a;caSc[ #
1VWQOU]1V`WabWO\7\Rcab`WOZ:SOUcS%#
BVS1VWQOU]1][[c\WbgB`cab
1VWQOU]6Wab]`g;caSc[ #
BVS1VWQOU]:WUVbV]caS%#
1VWQOU]=^S`OBVSObS` %#
1VWQOU]AVOYSa^SO`SBVSObS` #
1VWQOU]Ag[^V]\g=`QVSab`O %#
&!
1VWQOU]D]Zc\bSS`:SUOZ
4]c\RObW]\T]`6SO`W\UO\R
AS`dWQSa4]c\RObW]\ #
1VWQOU]E][S\W\>VWZO\bV`]^g'"#
1VWZR`S\¸a6][S/WRA]QWSbg]T7ZZW\]Wa #
1VWZR`S\¸a;S[]`WOZ4]c\RObW]\#
1]\\SQbW]\aT]`/PcaSRE][S\
O\RbVSW`1VWZR`S\ %#
1]c\QWZ]\4]c\RObW]\a !!&
1]c`b/^^]W\bSRA^SQWOZ/Rd]QObSa
]T1]]Y1]c\bg %#
BVS1]dSAQV]]Z
BVS1`ORZS
1`Wab]@Sg8SacWb6WUVAQV]]Z
2]\]`a4]`c[]T1VWQOU] %%"
3Z[Vc`ab1]ZZSUS BVS3[S`US\Qg4c\R #
3\dW`]\[S\bOZ:OeO\R>]ZWQg1S\bS`!#
3fQS^bW]\OZ1VWZR`S\¸a4]c\RObW]\ %#
3fSQcbWdSAS`dWQS1]`^a #
BVS4WSZR;caSc[!
BVS4]c\RObW]\1S\bS`#
A^SSQV@SVOPWZWbObW]\ %#
4`WS\Ra]TbVS1VWQOU]@WdS` #
5W`ZAQ]cba]T1VWQOU] #
BVS5]]R[O\BVSOb`S %#
5`SObS`1VWQOU]4]]R2S^]aWb]`g #
BVS6ORZSgAQV]]ZT]`bVS0ZW\R %#
6O`P]`?cSab7\Q 6O``WaBVSOb`ST]`;caWQO\R2O\QS #
6]Zg<O[S1ObVSR`OZ
BVS6]a^WQS4]c\RObW]\
]T<]`bVSOabS`\7ZZW\]Wa7\Q
6]caW\U=^^]`bc\WbWSaO\R;OW\bS\O\QS
T]`bVS3ZRS`Zg
6]eO`R0`]e\6SOZbV1S\bS` 6cPPO`RAb`SSb2O\QS1VWQOU] #
7ZZW\]WaESaZSgO\C\WdS`aWbg 7\TO\bESZTO`SA]QWSbg]T1VWQOU]%#
7\bS`\ObW]\OZ5O[S4WaV/aa]QWObW]\ $
BVS8]TT`Sg0OZZSb]T1VWQOU]#
8]V\5AVSRR/_cO`Wc[
&"
%5`O\bAc[[O`gQ]\bW\cSR
8c\W]`/QVWSdS[S\b]T1VWQOU] %#
;S`WbAQV]]Z]T;caWQ
8cdS\WZS>`]bSQbWdS/aa]QWObW]\ %#
9SaVSb %#
:ORg0W`R8]V\a]\EWZRÀ]eS`1S\bS` #
:OYS4]`Sab1]c\b`g2OgAQV]]Z :SO^:SO`\W\UAgabS[a #
:SaBc`\S`/:A4]c\RObW]\:bR '
:W\Q]Z\>O`YH]]
:WbS`Obc`ST]`/ZZ]TCa #
:WbbZS0`]bVS`a4`WS\Ra]TbVS3ZRS`Zg #
:WbbZSAWabS`a]TbVS>]]` #
:]a/\USZSa6WZZSZ1]c\QWZ %#
:]g]ZO/QORS[g
:]g]ZOC\WdS`aWbg1VWQOU]#
:g`WQ=^S`O]T1VWQOU]#
;OYS/EWaV4]c\RObW]\]T7ZZW\]Wa "$
;O`WZZOQA]QWOZ1S\bS`
;Og]4]c\RObW]\ #
;SSbbVSEWZRS`\Saa$#
;S`Qg6][ST]`0]ga5W`Za %#
;S`Qg6]caW\U:OYST`]\b #
;WRb]e\3RcQObW]\OZ4]c\RObW]\ #
;WReSab>OZZWObWdSO\R6]a^WQS1O`S1S\bS` #
;WZZS\\Wc[>O`Y7\Q #
;Waa6OZZ¸aAQV]]Z #
;]`SV]caSAQV]]Z]T;SRWQW\S ;caSc[]T0`]ORQOab1][[c\WQObW]\a$$$%
;caSc[]T1]\bS[^]`O`g/`b %#
;caSc[]TAQWS\QSO\R7\Rcab`g ;caWQ7\abWbcbS]T1VWQOU] #
<ObW]\OZ1S\bS`T]`4O[WZg>VWZO\bV`]^g%#
<ObW]\OZ8SeWaV;SRWQOZ
O\R@SaSO`QV1S\bS` %#
<SWUVP]`V]]RE`WbW\U/ZZWO\QS #
<Sc[O\\/aa]QWObW]\ %#
BVS<SePS``g:WP`O`g
BVS<WUVb;W\Wab`g #
<]`bVeSabS`\;S[]`WOZ4]c\RObW]\ ! <]`bVeSabS`\C\WdS`aWbg <]`bVeSabS`\C\WdS`aWbg
4SW\PS`UAQV]]Z]T;SRWQW\S
&#
<]`bVeSabS`\C\WdS`aWbg
BVSB`cabT]`>cPZWQ:O\R %#
9SZZ]UUAQV]]Z]T;O\OUS[S\b #
=^S\ZO\Ra>`]XSQb%#$
>VWZO\bV`]^WQ@SaSO`QV7\Q#
BVS>VWZO\bV`]^g@]c\RbOPZS #
>`]XSQb3f^Z]`ObW]\ %#
BVS@S\OWaaO\QSA]QWSbg #
@Sac``SQbW]\2SdSZ]^[S\b4]c\RObW]\
@]]aSdSZbC\WdS`aWbg @caVC\WdS`aWbg1]ZZSUS]T<c`aW\U
AOQ`O[S\b]1]c\b`g2OgAQV]]Z #
BVSAOZdObW]\/`[g%#
BVSAQV]]Z]TbVS/`b7\abWbcbS
]T1VWQOU] A6=@3
AWbAbOg@SOR BVSA]QWSbg]T;WRZO\R/cbV]`a #
Ab7U\ObWca1]ZZSUS>`S^
AbS^^S\e]ZTBVSOb`S1][^O\g %#
BOf/aaWabO\QS>`]U`O[ #
BSOQVT]`/[S`WQO#
BcSaROg¸a1VWZR
BcZO\SC\WdS`aWbg
<SeQ][P1]ZZSUS7\abWbcbS #
C;=8/AbcRS\b2SdSZ]^[S\b
1]`^]`ObW]\
BVSC\WbSR<SU`]1]ZZSUS4c\R C\WbSRAS`dWQS=`UO\WhObW]\a
]T7ZZW\]Wa7\Q%
BVSC\WdS`aWbg]T1VWQOU] DWbOZ0`WRUSa %#
BVSESbZO\Ra7\WbWObWdS #
EW\Rg1Wbg6O`dSab
E]]RZO\Ra/QORS[g
]TbVSAOQ`SR6SO`b
GOZSC\WdS`aWbg G;1/]T;Sb`]^]ZWbO\1VWQOU] %#
;ObQVW\U5WTba !!"
B]bOZ %5WdW\U"#%#
&$
AbObS[S\b]T4W\O\QWOZ>]aWbW]\
/aaSba
1OaVO\RQOaVS_cWdOZS\ba
1S`bW¿QObS]TRS^]aWb
1S`bW¿QObS]TRS^]aWb^ZSRUSR
%
# "
'%
#"
$
%!%
%$$
7\dSab[S\baOb[O`YSbdOZcS
1]ab
=bVS`OaaSba
>`]^S`bgO\RS_cW^[S\b\Sb
ASQc`WbgRS^]aWb
!# $& !
$%%$%
&!%#
%!
!#" $%!
!!''&"#
:WOPWZWbWSaO\R\SbOaaSba
/QQ`cSRZWOPWZWbWSaO\ROQQ`cSRSf^S\aSa
<SbOaaSba´c\`Sab`WQbSR
!'
!#" $#'
!%'
!!'&%$$$
!#" $%!
!!''&"#
!!'!&!!&
#"'$
&&#$
%!
&%
AbObS[S\b]T/QbWdWbWSa
%
$
@SdS\cS
2WdWRS\RaO\RW\bS`Sab
@SOZWhSRUOW\a]\W\dSab[S\ba\Sb
1VO\USaW\c\`SOZWhSRUOW\a
]\W\dSab[S\baVSZR
#%%"
!%#!$'
#'&&
%"!
%"'
$#&
!%'&'
!!!!
5`O\baO\R]bVS`Sf^S\aSa
5`O\ba
7\dSab[S\b[O\OUS[S\bTSSa
5S\S`OZO\ROR[W\Wab`ObWdS
4SRS`OZSfQWaSbOf\Sb
"$! # ' &
##!'#
' '
"#!!
&"%
#% ##'
'# %!
$!$"
'$&!#
7\Q`SOaSW\\SbOaaSba
"!&' #
$ '%
<SbOaaSbaObPSUW\\W\U]TgSO`
!!'&%$$$
! '&!$'
<SbOaaSbaObS\R]TgSO`
!#" $#'
!!'&%$$$
&&
5`O\b[OYW\U5cWRSZW\Sa
BVSAW`OUcaO4]c\RObW]\WaQc``S\bZg\]bOQQS^bW\U
c\a]ZWQWbSR^`]^]aOZa]`ZSbbS`a]TW\_cW`g>ZSOaS
Q]\acZb]c`ESPaWbSObeeeaW`OUcaO]`UT]`OR
RWbW]\OZW\T]`[ObW]\`SUO`RW\U]c`Tc\RW\U
:SbbS`a]T7\_cW`g
0ST]`SacP[WbbW\UOT]`[OZ^`]^]aOZb]bVST]c\RO
bW]\^`]a^SQbWdSO^^ZWQO\baaV]cZRacP[WbObe]
^OUSZSbbS`]TW\_cW`g]cbZW\W\UbVSPOQYU`]c\R]T
bVS]`UO\WhObW]\O\RbVS^`]^]aSR^`]XSQbBVSZSb
bS`]TW\_cW`gaV]cZRRSaQ`WPSacQQW\QbZgbVS^`]XSQb
T]`eVWQVTc\RW\UWa`S_cSabSRW\QZcRW\UV]eWb
`SZObSab]bVST]c\RObW]\¸aW\bS`SababVSbO`USb
OcRWS\QSO\RbVSSabW[ObSRPcRUSb
4]`[OZ>`]^]aOZa
/TbS``SdWSeW\UbVSZSbbS`]TW\_cW`gbVST]c\RObW]\
[Og`S_cSabOT]`[OZ^`]^]aOZBVWa^`]^]aOZ[cab
W\QZcRSbVST]ZZ]eW\U[ObS`WOZa(
´1][^ZSbSR5`O\b/^^ZWQObW]\T]`[
OdOWZOPZS]\ZW\S
´Be]^OUS^`]^]aOZSZOP]`ObW\U]\
bVSW\bS\RSR^`]XSQb^`]U`O[
´>`]XSQbPcRUSbT]`bVSQc``S\bO\R
Q][W\U¿aQOZgSO`
´7\bS`\OZ@SdS\cSAS`dWQSbOfSfS[^b
#Q!ZSbbS`
´/cRWbSR¿\O\QWOZaT]`bVS[]ab`SQS\bZg
Q][^ZSbSR¿aQOZgSO`
1]\aWRS`ObW]\eWZZPSUWdS\b]US\S`OZO\ROR[W\
Wab`ObWdSSf^S\aSaOaO^S`QS\bOUS]TbVSPcRUSb
OaeSZZOabVS^S`QS\b]T^`WdObSTc\RW\UOa
Q][^O`SRb]U]dS`\[S\bTc\RW\U7TbVSW\bS`Saba
]TbVST]c\RObW]\eO``O\bbVSO^^ZWQO\b[OgPS
OaYSRb]^`]dWRSORRWbW]\OZ[ObS`WOZa
3fQZcaW]\a
BVST]c\RObW]\ZW[Wba^]bS\bWOZU`O\bSSaT`][
O^^ZgW\UT]`Tc\Rab]]\QS^S`QOZS\RO`gSO`
BVST]c\RObW]\R]Sa\]bac^^]`bW\RWdWRcOZa]`
^]ZWbWQOZORd]QOQg
BVST]c\RObW]\eWZZ\]bOQQS^bc\a]ZWQWbSR
^`]^]aOZaT`][]cbaWRSbVS1VWQOU]O`SO
BVST]c\RObW]\R]Sa\]bOQQS^b^`]^]aOZa
acP[WbbSR]\ZW\S]`dWOS[OWZ
=PXSQbWdSaO\R/`SOa]T7\bS`Sab
BVST]c\RObW]\ac^^]`ba]`UO\WhObW]\aW\bVS
O`SOa]TO`baQcZbc`SSRcQObW]\bVSS\dW`]\
[S\bVSOZbVaS`dWQSa[SRWQOZ`SaSO`QVO\R
Vc[O\aS`dWQSa4]`Tc`bVS`W\T]`[ObW]\OP]cb
]c`^`]U`O[O`SOa^ZSOaS`STS`b]bVS>`]U`O[
/`SOa^OUS]\]c`ESPaWbSBVST]c\RObW]\Wa
^`W[O`WZgW\bS`SabSRW\U`O\bab]eO`RaP]bVa^SQW¿Q
^`]U`O[aO\RUS\S`OZ]^S`ObW\USf^S\aSaBVS
T]c\RObW]\bg^WQOZZgR]Sa\]bac^^]`bQO^WbOZ
Sf^S\RWbc`Sa]`S\R]e[S\ba
³:SbbS`T`][bVS>`SaWRS\b
"³BS\GSO`aBS\;WZSab]\Sa
$³B`WPcbSb]5S]`US32`WaQ]ZZ
&³>`]U`O[a7\b`]RcQbW]\
$³ %5`O\b6WUVZWUVba
&³/`ba1cZbc`S
! ³3RcQObW]\
""³3\dW`]\[S\b
# ³6SOZbVAS`dWQSa;SRWQOZ@SaSO`QV
$ ³6c[O\AS`dWQSa
&³0]O`RRW`SQbSR5`O\ba
& ³ %5`O\bAc[[O`g
&$³4W\O\QWOZAbObS[S\ba
&&³5`O\b[OYW\U5cWRSZW\Sa
&'³4]c\RObW]\2W`SQb]`aO\RAbOTT
0]O`R]T2W`SQb]`a
AbOTT
/QY\]eZSRUS[S\ba
;`@WQVO`R2AW`OUcaO
7`S\SA>VSZ^a
23A75<8Oa]\;Q9SO\
16/7@;/<
>@3A723<B
;`8]V\36WQYa8`
AVO`[WZO@O]BVOYYO`
D71316/7@;/<
A3<7=@@=5@/;=44713@
;aAW\QZOW`1AW`OUcaO
9`WabS\;0cS`abS`
A31@3B/@G
/2;7<7AB@/B7D3
;a8S\\WTS`76WQYa
/AA7AB/<BA31@3B/@G
;`8O[Sa2c`YO\
;`;SZdg\6AQV\SWRS`
;`/ZSfO\RS`1AW`OUcaO
/AA7AB/<B5@/<BA
/2;7<7AB@/B=@
>6=B=5@/>6G9SdW\<Sbh
;WR1]OabAbcRW]
^OUSa&! # $ )
EOg\S5c\\^OUS"")
ORRWbW]\OZ^V]b]U`O^Vg
Q]c`bSagdO`W]caU`O\bSSa
>@7<B7<58]V\0`\QWQV
>S]^ZSa5`O^VWQa
A>317/:B6/<9A1O`]Z
2O\USZ[OXS`/\\S
>ObbS`a]\O\R2]`]bVSS
@]gOZ6SRW\US`
;`8]V\@AW`OUcaO777
;`a@]aa2AW`OUcaO
;`@]aa2AW`OUcaO777
;`8O[Sa0EWZa]\
;`5S]`US32`WaQ]ZZ
RSQSOaSR
27@31B=@3;3@7BCA
B67A@3>=@B7A>@7<B32=<@31G1:32>/>3@
B63A7@/5CA/4=C<2/B7=<
B63A7@/5CA/4=C<2/B7=<
% / < < C / : @ 3 > = @ B
bSZ ! %##$"
TOf! %##$'
eeeaW`OUcaO]`U
%/<<C/:@3>=@B
=\S3OabEOQYS`2`WdS
AcWbS '
1VWQOU]7:$$

Similar documents

Sept and Oct ads

Sept and Oct ads 7b¸a\]bO\S[^bg^`][WaSESO`ST]QcaSR]\S\VO\QW\U ]c` Qcab][S`a¸ ^S`T]`[O\QS SdS`g ROg /\R eS Y\]e bVOb b]VSZ^g]c`Q][^O\g Q]\aWabS\bZg ^S`T]`[ PSbbS`eSOZa] VOdSb]W\...

More information

PSQTFT B nFTI FBUJOH WJSVT UIF NPTU TVFE

PSQTFT B nFTI FBUJOH WJSVT UIF NPTU TVFE Be] []\bVa OTbS` 1O`Sgµa POb bZS eWbV ;@A/ VS` %gSO`]ZR a]\ OaYSRb]caSVS`Q][^cbS`EWbVW\"& V]c`a VS Q]\b`OQbSR bVS aO[S ab`OW\ ]T ;@A/ 3dS\ eWbV bVS TO[WZgµa SO`...

More information

2007 Annual Report - Chesapeake Energy

2007 Annual Report - Chesapeake Energy BVS %^SS`U`]c^eOaQ][^`WaSR]T/\ORO`Y]>Sb`]ZSc[1]`^]`ObW]\/^OQVS1]`^]`ObW]\1OP]b=WZ5Oa1]`^]`ObW]\2Sd]\3\S`Ug1]`^]`ObW]\3=5@Sa]c`QSa7\Q4]`Sab=WZ1]`^]`ObW]\ More information