GRAINES DE STARS

A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :
'+
&-
'%
''
;G::HINA:
6K:CIJG:
BJAI>Bw9>6 <A6BDJG
Ad‰XAZ[ZgbZ!
aZeajhbVg^c
YZheg^bViZh
E‚g‚\g^cVi^dch
bVgdXV^cZh
ZcfjVY
CdjkZVjmbdW^aZh A‚V7gVhhn!
edjg„igZ
[^aaZa^WgZ
WgVcX]‚hedgi
ZigZhedchVWaZ
A><J:&
7D9B:G!C6HG>!7:G<DJ<CDJM!
@67DJA!B6>8DC
<G6>C:H9:
HI6GH
<G6IJ>I
IDJHA:HK:C9G:9>H™C•(.™'-?6CK>:G'%%*
CDHED>CIH9:9>;;JH>DCHJGLLL#;G::HEDGI#;G
HEDGIH:9wKD>A:
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :
L L L# ; G : : H E D G I# ; G
CDJK:A:heVXZ8dgedgViZ
Eajhg^X]Z
Eajh^ciZgVXi^[
Eajh\aVbdjg
EajhHedgi
lll#[gZZhedgi#[g
<G6IJ>II:A:8=6G<:OHEDGIHJG
w
9
>
I
D
G
>
6
¥
;G::HEDGI#;G (
&-
A
DJK:GIJG:
B[iikffehj[hiiedj#_biZ[l[dki_dikffehjW#
Xb[i5I½_b\WkjX_[dZ_ij_d]k[hb[i^eeb_]WdiZ[i
ikffehj[hic…c[¯kbjhWi°"_bd½[ijfWi_dj[hZ_j
Z[f[di[hgk½kdikffehj[hZƒiWXkiƒfk_ii[i[
Yed\edZh[kd`ekhWl[Ykd^eeb_]Wd$B[ikffeh#
j[h[ijZ½WXehZWjjWY^ƒ}kd[ƒgk_f[$?bi½ƒc[kj
Z[le_h`ek[khi[jZ_h_][Wdjii[ikYYƒZ[hWki[_d
Z[iedYbkXWbehigk["
bk_"h[ij[\_Z„b[$7dn_[kn
WkjWdjgk[i[di_Xb["_b
A><J:&
[ijbWY^WcXh[Z½ƒY^e
<G6>C:H9:
HI6GH
Zk j[hhW_d$ CW_i Yec#
c[dj hƒfedZh[ } ied
_dl[ij_ii[c[dj fio#
Y^ebe]_gk[5 7behi"
gkWdZ<hƒZƒh_YJ^_h_[p"
fhƒi_Z[dj Z[ bW B_]k[
E]didYZXdjkZgijgZ/;gVco
8]VkVgdX]Z$C^XZ"BVi^c$BVmEEE
Z[\eejXWbbfhe\[ii_ed#
d[b b_h[ f$'*" fhŽd[
b[Z_Wbe]k[[djh[YbkXi[jikffehj[hi"Hedgi
WffbWkZ_jZ[iZ[kncW_di$N
EB?L?;HC?B>ECC;
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :
&-
')
''
'+
;DDI76AA
H@>6AE>C
=6C976AA
G6AAN:
;g^adh^i‚\‚c‚gVaZ
edjgaZBZgXVid
Y¼]^kZg'%%*
AZh6jig^X]^Zch
Y‚WdjaZci
|@^ioW“]Za
AZh;gVcV^h
\dc[a‚h|WadX
VkVciaZBdcY^Va
9‚WjiY¼jcZ
hV^hdch^cjZjhZ
edjg8^igd…c
7D9B:GC6HG>7:G<DJ<CDJ>M
@67DJAB6>8DC
<G6IJ>I
IDJHA:HK:C9G:9>H™C•&)™)?J>C'%%)
CDHED>CIH9:9>;;JH>DCHJGLLL#;G::HEDGI#;G
'%
7DCC:=JB:JG
;Gw9wG>FJ:7:A
G6DJA9D7G:B:A$86C6A
®?Zhj^higƒhVYb^gVi^kZYZXZfjZ
g‚Va^hZciaZh_djZjghYZ[ddiWVaa
VkZX jc h^beaZ WVaadc# Hjgidji
adghfjZX¼ZhiO^YVcZ°?ZeZchZfjZ
aVegVi^fjZY¼jchedgiYZ]Vjic^kZVjXdcY^i^dccZaV
kdadci‚#6kZXidjia¼^ckZhi^hhZbZcifjZXZaVhjeedhZ!
dcZchdgiVkZXjcbZciVaY¼VX^Zg#AZ[ddiWVaaZcZhi
a¼^aajhigVi^dceVg[V^iZ#6jc^kZVje]nh^fjZdjehnX]d"
ad\^fjZ!a¼^bea^XVi^dcYZh_djZjghbZ[VhX^cZ°AZ
YZ\g‚YZXdcXZcigVi^dcfj¼^ahhZbWaZciViiZ^cYgZ
eVg[d^hedjgVaa^ZgaZWZVj\ZhiZ|a¼Z[[^XVX^i‚YZkgV^i
„igZjcbdYƒaZedjgcdjhidjh#BV^h_jhiZbZci!_Z
igdjkZfjZaZ[ddiWVaagZhiZjchedgi^c\gVi#8Zh
]dbbZhfj^XdjgZcieZcYVciegƒhYZYZjm]ZjgZh
YVchidjhaZhhZchedjgcZbVgfjZgfj¼jceZi^iWji°
vVbVcfjZY¼VXi^dcBV^h^a[VjigZXdccVˆigZfjZaZh
_djZjghhdcikgV^bZcieVhbVa!Vadgh°¯N
'+
HEDGI;G::6II>IJ9::HI9>HIG>7Jw²/
7DG9:6JM!A>AA:!ANDC!B6GH:>AA:!
BDCIE:AA>:G!C6CI:H!C>8:!E6G>H$GE!
G:CC:H!HIG6H7DJG<:IIDJADJH:
''
HDBB6>G:(.
K:C9G:9>'-?6CK>:G
:m[d^WX_bb[deiYebfehj[khi
EdjgigdjkZgidjhaZhed^cihYZY^hig^Wji^dc/mmm$\h[[ifehj$\h
Hedgi;gZZ6ii^ijYZ
H^ƒ\ZhdX^Va/
&+"&-!gjZG^kVn.'(%%AZkVaad^h"EZggZi
H6VjXVe^iVaYZ&'-)%%%æ
G8HCVciZggZ7)).%&..+,
I‚a#/%&)&',-.,.
;Vm/%&),(,+-))
LZW/lll#hedgi[gZZVii^ijYZ#Xdb
:bV^a/XdciVXi5hedgi[gZZVii^ijYZ#Xdb
Eg^cX^eVjmVhhdX^‚hZi[dcYViZjgh/
7gjcd7gZidc!;gVcX^h?Vajodi!
;gVcd^hGdhh^\cda
Eg‚h^YZciZiY^gZXiZjgYZaV
ejWa^XVi^dc/;gVcX^h?Vajodi-.,+
9^gZXiZjg\‚c‚gVaY‚a‚\j‚
|a‚Y^idg^Va/7gjcd7gZidc-.,-
G‚YVXiZjghZcX]Z[/
Da^k^ZgB^a]dbbZ-.,(
7gjcd8aZbZcihjeea‚bZcih-.,&
G‚YVXiZjghZcX]Z[VY_d^cih/
AVjgZciAdj…ihedgi!‚k‚cZbZcih-.,'
A^dcZaKZaaV[ddiWVaa-.+'
8]Z[YZhZgk^XZ/
Hi‚e]VcZB‚_Vcƒhad^h^gh-.+,
9^gZXiZjg\‚c‚gVaVY_d^ciVj
XdbbZgX^VaZiVjbVg`Zi^c\/
;gVcd^hGdhh^\cda-.,,
9^gZXig^XZXdbbZgX^VaZ/
Hde]^ZD\Zg-.**
GZhedchVWaZbVg`Zi^c\/
BVg^Z7djgYdc-.,%
GZhedchVWaZYZhde‚gVi^dch/
;gVc`9jXgZi-.+-
8]Z[YZegd_ZiY^[[jh^dc/
K^g\^c^Z8dhiZ-.,*
8]Vg\‚ZYZXdbbjc^XVi^dc/
?ja^ZiiZEVhXVa-.++
EjWa^X^i‚/Hde]^ZD\Zg-.**
?V…a6odjaVn-.*)
AjXK^\cdc-.*.
H‚WVhi^ZcHdWdja-.*.
D[[gZhY¼Zbead^hZiYZ[dgbVi^dch/
HedgiXVgg^ƒgZ!6aV^c<]^WVjYd/
%&)',%+.+(lll#hedgiXVgg^ZgZ#Xdb
;VWg^XVi^dc/6cc^X`Idggƒh9ZaiV
6Y]‚gZci|9^[[jh^dc8dcigaZ
<gVe]^X!.'>hhn"aZh"Bdja^cZVjm
ZiVj8:HE
HedgihB‚Y^VhHigVi‚\^Z! >begZhh^dc/Fj‚W‚XdgH6!
'%%)
,,))%BVgn"hjg"BVgcZ
IdjiZgZegdYjXi^dcZi$dj
I^gV\Z/+%%%%%ZmZbeaV^gZh
gZeg‚hZciVi^dcb„bZeVgi^ZaaZZhi
^ciZgY^iZhVchaVjidg^hVi^dc‚Xg^iZ 9‚eiA‚\Va/|eVgji^dc
eg‚VaVWaZYZa‚Y^iZjg#
C•>HHC/&,+)"&,*+
G‚YVXiZjg/GdcVc;da\dVh-.+*
8g‚Vi^dc/6cid^cZAV[[daVnAVWZ
9^gZXi^dcVgi^hi^fjZ/
EVhXVaAVgX]‚-.*-
EgZb^ƒgZbVfjZii^hiZ/
AVZi^i^V@VaV[Vi-.+&
HZXg‚iV^gZ\‚c‚gVaZYZg‚YVXi^dc/
;adgZcXZGdjXdaaZ-.*+
HZXg‚iV^gZYZg‚YVXi^dc/
AVjgZci<^gVjY"8djY^ƒgZ-.*,
8]Z[e]did/
6cVIZcdg^d"EdciZh-.+)
>Xdcd\gVe]Z/
6aZm^hG‚Vj-.+(
DciXdaaVWdg‚|XZcjb‚gd/
8]g^hide]Zg6aWVcd!8]g^hide]Z7ZaaZjY^!
G‚b^AZ;aZb!EVjaBda\V!9Vc^ZaEdciVa!
hjeZgk^h‚eVg=j\jZh9Vc\n
GZbZgX^ZbZcih/;adgZcXZ=VgYdj^c!
BVi]^Zj<jYZ[^c!8]VgaZh@Vh]ZbV
%):C?:JMGwHJAI6IH
AZhegdcdhi^Xh
ZiaVXdiZYZh‚fj^eZh
%+;DDI76AA
AZWVgdbƒigZ
YZaVA^\jZ&
%-A¼wKwC:B:CI
<gV^cZhYZhiVgh
;ddiWVaa/aZhkVaZjgh
bdciVciZhYZaVA^\jZ&
&)A¼wKwC:B:CI
Ida‚gVcXZO‚gd
;g‚Y‚g^XI]^g^Zo!eg‚h^YZci
YZaVA^\jZ!^cX^iZXajWh
ZihjeedgiZghVjY^Vad\jZ
&+DBC>HEDGIH
A¼VXijVa^i‚ZcWgZ[!oddb
hjgaZIgde]‚Z6cYgdh
ZihjgaVYZb^"[^cVaZ
YZaV8djeZYZaVA^\jZ
&-;G::HINA:
Eadc\‚ZYVch
aZbdcYZYZhhZch
Ad‰XAZ[ZgbZ!cdjkZVj
gZXdgYY¼Vec‚Z|&,&b
YZegd[dcYZjg
'%6K:CIJG:
9gdbVYV^gZYZ[Zg
&'%%`bZcfjVY
hjgaZhe^hiZh
bVgdXV^cZhYZa¼6iaVh
''<J>9:9¼68=6I
HedgibdW^aZ
FjVcYaVi‚a‚ZiaZh
egd\gVbbZhhedgi^[h
Y‚WVgfjZcihjg
aZhbdW^aZh
'+<A6BDJG
A‚V7gVhhn
AVk^ZYZkVcihd^
'-BwBDHEDGI
I‚a‚k^h^dc
ZiV\ZcYV
(%E:DEA:
A¼VXijVa^i‚hedgi
YZhhiVgh
'-?6CK>:G'%%*
) :C?:JMGwHJAI6IH
:C7G:;###
Gj\Wn
6jidbdW^aZ
gZ
G6AAN:9:BDCI:"86GAD
&gZbVcX]ZYj8]Vbe^dccViYjbdcYZYZhGVaanZh
&
'
(
)
*
+
,
-
E>ADI:H
Hw76HI>:CAD:7;G6
IDC><6G9:B:>HI:G;>C
<>AA:HE6C>OO>;G6
B6G@@DB6GI>C:HI
B6G8JH<GyC=DAB;>C
B6C;G:9HID=A6JI
=6GG>GDK6CE:G6;>C
GDB6C@G:HI6GI8
w8JG>:$BDI:JG
I:BEH
EIH
8>IGDÎCMH6G6
)]&(¼%*º+ &%
;DG9;D8JH
|'¼*-º(
B>IHJ7>H=>A6C8:G
|(¼)%º&
+
E:J<:DI(%,
|*¼',º,
*
E:J<:DI(%,
|,¼((º)
8>IGDÎCMH6G6e^adiZeg^k‚ |-¼%-º.
(
B>IHJ7>H=>A6C8:G
|-¼'.º(
'
;DG9;D8JH
|.¼&-º&
&
8A6HH:B:CI
9:H8DCHIGJ8I:JGH
EIH
& 8>IGDÎC
&%
· ;DG9
&%
( E:J<:DI
.
· B>IHJ7>H=>
.
* H@D96
&
H‚WVhi^ZcAdZWcZedjkV^ieVhb^ZjmZciVbZg
XZiiZcdjkZaaZhV^hdc#>ah¼^bedhZhjghdc
X^gXj^i[‚i^X]ZedjgaV(Z[d^hY¼V[Äa‚Z!ad^c
YZkVcihZhVYkZghV^gZhfjVh^bZci(bc
Y¼VkVcXZhjgaZ'Z!<VgYZbZ^hiZg#HZh
XdcXjggZcihY^gZXihbVgfjZcieZjYZed^cih
<gŽc]dabiZgb^cZ*Z!VWVcYdcYZHdaWZg\#
JcVjigZ;gVcV^h!<^aaZhEVc^oo^!YZgZidjg
VkZXB^ihjW^h]^!VXXdbea^ijcZigƒhWZaaZ
eZg[dgbVcXZ!hZXaVhhVci(ZVj\‚c‚gVa#
;ddiWVaaJH
I67A:6J9:HEA6ND;;H
6;8 E>IIH7JG<=·C:L:C<A6C9
C;8 E=>A69:AE=>:·6IA6CI6
',")&
',"&%
<G:CD7A:·8A:GBDCI"6JK:G<C: G:EDGIw 76NDCC:·86HIG:H
'."&-
E:GE><C6C·IDJADJH:
&-"&+ 7wO>:GH·7G>K:
'&"'&
BDCIE:AA>:G·7DJG<D>C
&,"'' E6J·HI69:;G6Cv6>H &'"'.
6J8=·7>6GG>IO
."'%
:CKDN:OI:6B6J
'-?6CK>:G'%%*
6<:C·C6G7DCC:
',"&(
8A6HH:B:CI
EIH
7
?
<
C
E
EE E8# 9>;;#
&#HI69:;G6Cv6>H
**
,
&,
&&
'
)
)-+ ()+ &)%
'#7DJG<D>C
**
,
&,
&&
'
)
),+ (+- &%-
(#IDJADJH:
*'
-
&,
&&
%
+
)'( (&) &%.
)#E:GE><C6C
*&
,
&,
&&
%
+
(.+ (*' ))
*#7>6GG>IO
).
.
&,
&%
%
,
)(* ',* &+%
+#86HIG:H
),
*
&,
.
(
*
(*+ (') ('
,#7G>K:
)+
)
&,
&%
&
+
(.& ((* *+
-#6<:C
)(
*
&,
.
&
,
(). '.. *%
;DDI76AAJH/& ?DJGCw:
8=6BE>DCC6I9:;G6C8:
9VchaZbViX]e]VgZYZXZiiZ
egZb^ƒgZ_djgc‚Z!aZh;aVh]YZaV
8djgcZjkZYdb^cZciaZh6g\dcVjiZh
Y¼6^m"Zc"EgdkZcXZ(*"'+![^cVa^hiZh
YZa¼‚Y^i^dc'%%)#9Vcha¼VjigZ\gdjeZ!
aZhHeVgi^ViZhY¼6b^Zch!iZcVcih
Yji^igZ!dciWViijaZhBdadhhZh
Y¼6hc^ƒgZh(+"+#AZhVjigZh
bViX]Zh/I]dcdc"aZh"7V^ch·HV^ci"
DjZc"A¼6jbcZ&)"&+0
wkgn·waVcXdjgi%"'%#
7>6I=ADC/
8DJE:9JBDC9:96B:H
AV;gVcV^hZHVcYg^cZ7V^aanV
gZbedgi‚aVedjghj^iZ&%`b
Y¼6ciZghZakV>iVa^Z!dWiZcVci
hV(Zk^Xid^gZYZaVhV^hdc!aV&%Z
YZhVXVgg^ƒgZ#HVcYg^cZ7V^aanZhi
(ZYjXaVhhZbZci\‚c‚gVaYZaV8djeZ
YjbdcYZZigZk^Zci|)'ed^cih
YZaVaZVYZggjhhZDa\VEnaZkV#
.#C6G7DCC:
(.
(
&,
-
'
,
('* )(( "&%-
&%#76NDCC:
('
)
&,
+
'
.
((' )(* "&%(
&&#BDCIE:AA>:G
(&
,
&,
+
%
&& (&. (,& "*'
&'#E6J
(%
)
&,
+
&
&% (%* (.* ".%
&(#<G:CD7A:
(%
+
&+
*
'
.
&)#7wO>:GH
'.
*
&,
*
'
&% (), )'' ",*
H@>6AE>C/HA6ADB96B:H
&*#8A:GBDCI"6JK:G<C:
',
(
&+
*
'
.
&+#6J8=
&*
,
&,
'
%
&* '.& )() "&)(
AV;^caVcYV^hZIVc_VEdji^V^cZcV
Xdcfj^haZ<adWZYZXg^hiVaYZhaVadb
ZcdWiZcVciaV(ZeaVXZYjhaVadb
YZBVg^WdgHadk‚c^ZgZbedgi‚eVg
aVHj‚Yd^hZ6c_VEVZghdcZid‘AVjgZ
EZfjZ\cdiegZcYjcZWZaaZ.ZeaVXZ#
6jXaVhhZbZci\‚c‚gVa!Edji^V^cZc
()* )(+ ".&
(', (+) "(,
<g}XZ|aZjghk^Xid^gZhhjgEVj&'"'.ZiBdcieZaa^Zg&,"''!aZHiVYZ;gVcV^hZi7djg\d^c
[dciY‚hdgbV^haVXdjghZhZjahZci„iZYjIde&+#IdjadjhZgZhiZZcZbWjhXVYZ_jhiZYZgg^ƒgZ
|(ed^cihbVa\g‚hVY‚[V^iZ[VXZ|EZge^\cVc&-"&+#7^Vgg^io!kV^cfjZjg|6jX]."'%!
Zi8VhigZh!WViij|7VndccZ'."&-!hj^kZci|Y^hiVcXZgV^hdccVWaZ#9VchaZWVhYjiVWaZVj!
aZbViX]<gZcdWaZ·8aZgbdciVY’„igZgZedgi‚edjgXVjhZY¼^ciZbe‚g^Zh#
?Zj\gVij^ihVchdWa^\Vi^dcY¼VX]Vidg\Vc^h‚eVgHedgiB‚Y^VhZiHigVi‚\^Zh!&+!gjZG^kVn!.'(%%AZkVaad^h"EZggZi!kVaVWaZZc;gVcXZb‚igdeda^iV^cZYj'-_Vck^Zg'%%*|%]%%Vj'[‚kg^Zg
'%%*|'(]*.!g‚hZgk‚|idjiZeZghdccZbV_ZjgZhVj[eVgiZcV^gZhdjhdX^‚i‚hdg\Vc^hVig^XZh#B^cZjgh/YZbVcYZoa¼Vjidg^hVi^dc|kdheVgZcih#EdjgeVgi^X^eZg/ZckdnZoI:6BeVgHBH
Vj,&%&%%!*%æII8$Zckd^ eg^mYjHBH#AZh\V\cVcihhZgdciY‚h^\c‚hZc[dcXi^dcYjgVc\Y¼Zckd^YZaZjgbZhhV\Z#JchZjaeg^mViig^Wj‚eVgeVgi^X^eVcib„bZcjb‚gdYZi‚a‚e]dcZ
bdW^aZ#(*\V\cVcihhZgdciY‚iZgb^c‚h#Adihb^hZc_Zj/&eV^gZYZajcZiiZh7daa‚9dlcYgV[iY¼jcZkVaZjgjc^iV^gZXdbbZgX^VaZYZ&(*æII8(*adihb^hZc_Zj#;gV^hYZeVgi^X^eVi^dc
gZbWdjgh‚hVjmXdcY^i^dcheg‚kjZhYVchaZgƒ\aZbZci#Gƒ\aZbZciXdbeaZiYj_ZjY‚edh‚X]ZobVˆigZBdciVcZ!]j^hh^ZgYZ_jhi^XZ!(&%%%IdjadjhZ#Gƒ\aZbZciVYgZhh‚\gVij^iZbZcieVg
Xdjgg^Zg|idjiZeZghdccZZc[V^hVciaVYZbVcYZ|Eajg^bZY^V"®?:J7DAA:HEDGI;G::¯!&&!gjZYZ8VbWgV^!,*.)*EVg^h8ZYZm&.!;gVcXZ#EdjgidjiZg‚XaVbVi^dc!ZckdnZoaZbdi
8DCI68IeVgHBHVj,&%&%#8dc[dgb‚bZci|aVad^!kdjhY^hedhZoY¼jcYgd^iY¼VXXƒh!YZgZXi^ÃXVi^dcZiYZhjeegZhh^dcYZhYdcc‚Zhcdb^cVi^kZhkdjhXdcXZgcVci#
CZl:c\aVcYEVig^dih·E]^aVYZae]^V:V\aZh#8¼Zhia¼V[ÄX]ZYj(.ZHjeZgWdlafj^hZ
Y^hejiZgVaZ+[‚kg^ZgegdX]V^c|?VX`hdck^aaZ!Zc;adg^YZ#AZhEVig^dih!iZcVcihYji^igZ!hZ
hdci^bedh‚hhjgaZiZggV^cYZE^iihWjg\]!bZ^aaZjgZ‚fj^eZYZaVhV^hdcg‚\ja^ƒgZ',")&#
²aVeVjhZ!aZhEVihbZcV^Zci("')\g}XZ|YZjmeVhhZhYZaZjgfjVgiZgWVX`Idb7gVYn
edjg9Z^dc7gVcX]Zi9Vk^Y<^kZch#9Vcha¼VjigZ8dc[‚gZcXZ!9dcdkVcBXCVWWV‚i‚aZ
\gVcYVgi^hVcYZaVk^Xid^gZYZh:V\aZhVkZX&,eVhhZhedjg')*nVgYhZiYZjmidjX]Ydlch#
B„bZB^X]VZaK^X`!aVhiVgYZh;VaXdchY¼6iaVciV!c¼Vg^Zcej[V^gZ#
IDE&+·&,Z?DJGCw:
YZkVcXZjcig^d[dgb‚YZ?Vc^XV
@dhiZa^X!6c_VEVZghdcZiGZcViZ
<dZihX]a#AZhfjVigZ_ZjcZh[ZbbZh
hZi^ZccZciZcbd^chYZ&%%ed^cih#
H@>6AE>C/
HJE:G"<B:HH>:JGH
=ZgbVccBV^Zgh^\cZhdc\gVcY
gZidjgZcgZbedgiVciaZHjeZg"<
YZ@^ioW“]Za6jig^X]ZYZkVci9Vgdc
GV]akZhZihdcXdbeVig^diZ;g^io
HigdWaVadghfjZ7dYZB^aaZg
egZcYaV*ZeaVXZ#BV^ZggZbedgiZ
aV)-Zk^Xid^gZYZhVXVgg^ƒgZ!
aVegZb^ƒgZYZaVhV^hdc!Zih¼ZbeVgZ
YZaVi„iZYjXaVhhZbZciYZaV8djeZ
YjbdcYZYZaVhe‚X^Va^i‚#AZHjeZg"<
djkg^gVaZh8]Vbe^dccVihYjbdcYZ
YZ7dgb^d>iVa^ZXZhVbZY^#
HCDL7D6G9/
8=6BE>DCC6IH9JBDC9:
AVEZge^\cVcV^hZ9dg^VcZK^YVa
gZbedgiZhdcigd^h^ƒbZi^igZ
YZX]Vbe^dccZYjbdcYZ
YZ]Va["e^eZ#FjZafjZh_djgheajhii!
@Vg^cZGjWn!YZgZidjgYZWaZhhjgZ!
VkV^ih^\c‚jcZhjeZgWZ'ZeaVXZZc
WdVgYZgXgdhhZiC^XdaVh=jZih¼‚iV^i
Y^hi^c\j‚eVgjcYdjWa‚Vg\Zci"
WgdcoZZchaVadbZi\‚VcieVgVaaƒaZ#
JcW^aVcYZ)b‚YV^aaZhfj^Zhijcidc
ZcYZhhdjhYZheg‚X‚YZciZh‚Y^i^dch#
ADID;DDI,&*
AZhegdcdhi^XhYZ
&
'
(
)
*
+
,
.
&%
&&
&'
&(
&)
&*
C•,·K6A>96I>DC?JHFJ¼6J'.$%&!&.])*
BDC68D
E6G>H"H#<#
&
C
IDJADJH:
B6GH:>AA:
&
C
86:C
A>AA:
&
C
G:CC:H
7DG9:6JM
&
C
HD8=6JM
C>8:
&
C
B:IO
6JM:GG:
&
C
>HIG:H
C6CI:H
&
C
A:CH
HIG6H7DJG<
&
C
6HH6>CI"wI>:CC:
686?688>D
&
C
6I6A#7:G<6B:
?JK:CIJH
&
C
B>A6C68
7DAD<C:
&
C
E6GB:
J9>C:H:
&
C
;8K6A:C8:
6I=A#7>A76D
&
C
CJB6C8>6
G:6AB69G>9
&
C
;8HwK>AA:
;876G8:ADC:
&
C
'
'
'
'
'
'
'
'
'
'
'
'
'
'
'
C:J;B6I8=:H9:A><J:&HDCI
6JEGD<G6BB:9:8:II:<G>AA:#
H¼N6?DJI:CIIGD>HB6I8=:H9:
HwG>:6:IIGD>H9:A><6#96CH
A:B6I8=C•'!B6GH:>AA:!
6K:8JC:?DJGCw:9:G:EDH
HJEEAwB:CI6>G:E6GG6EEDGI
²IDJADJH:!EDJGG6>I7>:C
H¼>BEDH:G#A:H86:CC6>H!E:J
:CK:GK:!HDCI:C96C<:G;68:
²A>AA:#96CHA:8=D89J=6JI
9:I67A:6J:HE6<CDA!A:
9wEA68:B:CI9J76Gv6²HwK>AA:
C:H:G6E6HJC:EGDB:C69:
9:H6CIw#A:;8HwK>AA:EDJGG6>I
BÌB:8Gw:GA6HJGEG>H:#?DJ:O
9DC8IGD>H9DJ7A:H#
G‚hjaiVihZi\V^ch
&
'
(
)
*
+
,
.
&%
&&
&'
&(
&)
A>AA:
HD8=6JM
IDJADJH:
86:C
76HI>6
H6>CI"wI>:CC:
BDC68D
>HIG:H
G:CC:H
>CI:GB>A6C
?JK:CIJH
A>KDJGC:
G:6AB69G>9
;876G8:ADC:
G6EEDGIHC•,
ANDC
7DG9:6JM
C6CI:H
6JM:GG:
C>8:
E6G>H"H#<#
A:CH
HIG6H7DJG<
686?688>D
8=>:KDK:GDC:
7G:H8>6
B>A6C68
G:6AB6?DGFJ:
G:6AH6CI6C9:G
& C '
& C '
&& CC ''
& C '
&
C '
& C '
& C
'
&& CC ''
& C '
& C '
&& CC ''
&)EGDCDHI>8H
'
''&)-.æ
&(EGDCDHI>8H
CJBwGD
B>H:
,
.)
''-&!+%æ
&'EGDCDHI>8H
''+%
,(!+%æ
&&EGDCDHI>8H
'%+&-
&%!,%æ
,EGDCDHI>8H
CJBwGD
B>H:
'+
'(&)
.+æ
+EGDCDHI>8H
'))-.
&%!&%æ
IDJIHJGHEDGI
CDJK:A:heVXZ8dgedgViZ
Eajhg^X]Zeajh^ciZaa^\Zcieajhh^beaZ
EajhHedgi
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :
L L L# ; G : : H E D G I# ; G
lll#[gZZhedgi#[g
+ ;DDI76AAA:76GDBÎIG:9:A6A><J:&
A:HHI6IH9J
L::@":C9
G:CC:H"7DG9:6JM
8dbbZaZcdbWgZYZed^ciheg^h
|Ydb^X^aZhjg'&edhh^WaZheVg
GZccZhYZej^hhVY‚[V^iZXdcigZ
A^aaZ%"&ZcdXidWgZYZgc^Zg
edjgaZXdbeiZYZaV.Z_djgc‚Z
YZA&#6egƒhXZgZkZgh!aZh
7gZidchhdciYZkZcjh^cigV^iVWaZh
hjgaZjgeZadjhZ!cZXdcX‚YVcifjZYZjmcjahXdcigZ
8VZcZiIdjadjhZZchZeibViX]Zh#
76HI>6"DA
<JN?:;;GDN$;A6H=EG:HH$9EE>
)
H^E^ZggZ"6aV^c;gVjc¼VeVh|a¼DAaZgZcYZbZcifj¼^aVkV^i|
HdX]Vjm!^ah¼Zhi[V^ic‚Vcbd^chjcZhe‚X^Va^i‚!XZiiZhV^hdc#
8ZaaZY¼^chXg^gZhZhWjihhjgeZadjhZVYkZghZ#>aVZcZ[[ZibVgfj‚
)Wjih|a¼Zmi‚g^Zjg#AZh7Vhi^V^hVjgV^Zciidji^ci‚g„i|aZ
hjgkZ^aaZgYZegƒh#
>HIG:H"C6CI:H
H6>CI"wI>:CC:·686?688>D
,
A¼ViiVfjVcihi‚e]Vcd^h!a¼]dbbZZc[dgbZYZa¼6HHV^ci"wi^ZccZ!gZk^Zci
8dbbZaZidiVaYZbViX]ZhVjXdbeiZjgYZ<gVkZaV^cZZiAZ
9^oZi#8]dXYZWVhYZiVWaZVj!>higZh"CVciZhhZXVgVXi‚g^hZeVg
aVigƒh[V^WaZZme‚g^ZcXZZcA^\jZ&YZhYZjmZcigVˆcZjgh#Cdbb‚h
g‚XZbbZciZcgZbeaVXZbZciYZBZ]bZi7VoYVgZk^XZiYZAd‰X
6b^hhZ!MVk^Zg<gVkZaV^cZZiHZg\ZAZ9^oZidcigZheZXi^kZbZci
Y^g^\‚igd^hZifjVigZbViX]ZhVkVciYZh¼V[[gdciZg#
hjgaZhbdbZcih[dgihYZhh^megZb^Zghbd^hYjegdbjZcA&#AjY^fjZ#
IDJADJH:"B6GH:>AA:
;Gw9wG>8E>FJ>DCC:!BDCH>:JGEAJH
’
A¼69K:GH6>G:A:EAJH
8DG>68:4®IdjadjhZ|
<Zd[[gdn"<j^X]VgY)$&'$%)!%"%#
9‚[Zch^kZbZci!^ahhdciigƒhW^Zc
dg\Vc^h‚h#DchZXg‚ZigƒheZj
Y¼dXXVh^dch#Jck‚g^iVWaZhZci^bZci
Y¼^bej^hhVcXZ#¯
A:?DJ:JGA:EAJHI6A:CIJ:JM4
®?‚g‚b^Z?Vcdi!cdigZ\VgY^ZcYZWji#
?ZcZaZXdccV^hhV^heVhZcVgg^kVci|
HV^ci"wi^ZccZ#>ab¼^begZhh^dccZ#>aV
g‚Va^h‚YZigƒh\gVcYhbViX]Zh#Dcaj^
Yd^icdigZWdcXaVhhZbZciVXijZa#¯
A:B6I8=A:EAJH;GJHIG6CI4®Andc
|Ydb^X^aZ($&%$%)!'"(#DcbƒcZ'"&Zi
dcegZcY'WjihZcX^cfb^cjiZh#Igd^h
bd^hZiYZb^Vegƒh!_¼V^ZcXdgZXZbViX]
ZcigVkZghYZaV\dg\Z#BV^hXZg‚hjaiVi
cdjhVeZgb^hYZg‚V\^g#¯
A:9w;:CH:JGA:EAJH9JG²?DJ:G4
®AZA^aad^hIVkaVg^Y^h#²A^aaZY‚[V^iZ&"%
YZhKZgih!(%$&%$%)!^ab¼VXdbeaƒiZbZci
‚idj[[‚#?Zc¼V^_VbV^hhjXdbbZci
edjkd^gaZXdcigZg#>aZhiYjghjga¼]dbbZ
bV^hhV^iidj_djghgZhiZgXdggZXi#¯
A:B6I8=A:EAJH67DJI>
I:8=C>FJ:B:CI4®8VZc*"%!
&&$&'$%)#8Zhd^g"a|!dc‚iV^iZc‚iViYZ
\g}XZ#>anVkV^iY‚_|)"%|aVb^"iZbeh#
IdjiXZfjZcdjhiZci^dchg‚jhh^hhV^i#
?¼V^bVgfj‚YZjmWjih#HVchg‚Ä‚X]^g¯
A:B6I8=A:EAJH8JG>:JM4®²AZch!
Zc8djeZYZaVA^\jZ&-$&$%*!%"(#Dc
h¼ViiZcYV^i|hdj[[g^g[VXZ|jcZ‚fj^eZ
fj^kZcV^iYZeZgYgZ|Ydb^X^aZXdcigZ
>higZh%"&#²a¼Vgg^k‚Z!dc\V\cZ("%#
Ad\^fjZbZci#¯
A:B6I8=A:EAJH8=6C8:JM4
®8dcigZC^XZ|Ydb^X^aZ+$&&$%)!'"&#
DcVggVX]ZaVk^Xid^gZYVchaZhYZgc^ƒgZh
b^cjiZh-,Z#:ceaZ^cZhjg[VXZYZ
g‚eVgVi^dc!aVWVaaZigVkZghZjcZ[dg„iYZ
_VbWZh_jhfj¼|EVhXVa;Z^cYdjcd!fj^aV
edjhhZVj[dcY#¯
A:EAJHB6JK6>HB6I8=4®²AZch!("%
'Z_djgc‚Z!&)$-$%)#DcZhiidjheVhh‚h
|igVkZgh#Bd^aZegZb^Zg#?Zc¼V^eVh‚i‚
XVeVWaZYZ[V^gZaZbd^cYgZVeeZaYZWVaaZ#
?¼V^XdjgjYVchaZk^YZ#?Zc¼V^eVhg‚jhh^
jchZja\ZhiZiZX]c^fjZ#¯
A:B6I8=A:EAJHHIG:HH6CI4
®:cXdgZC^XZ&(Z_djgc‚Z!'"&#Cdjh
gZhidchhjgX^cfbViX]ZhhVchk^Xid^gZ#
A¼‚fj^eZZhiVje^ZYYjbjg#>a[Vji\V\cZg#
8¼ZhijcidjgcVciYZaVhV^hdc#:cXVhYZ
Y‚[V^iZ!a¼‚fj^eZcZh¼ZchZgV^ieZji"„igZ
eVhgZb^h#¯
HDCEAJH?DA>7JI4®6jEVgX!XdcigZaZ
EH<'.$-$%)!)Z_djgc‚Z!'"'#;Z^cYdjcd
eVgk^Zci|XZcigZg#?Zhj^hYZgg^ƒgZNZeZh
Zig‚jhh^h|eaVXZgjcZi„iZZceaZ^cZ
ajXVgcZ#DcdjkgZaZhXdgZ#JckgV^
B?ED;BL;BB7
Wdc]Zjg¯
)
9Zej^ha¼Vgg^k‚ZYZE]^a^eeZIgdjhh^Zg|aVi„iZYZa¼DB!
aZhBVghZ^aaV^hc¼dcieajheZgYjadghYZaZjghfjVigZ
Y‚eaVXZbZcih#6egƒhaZjgk^Xid^gZ|8VZc("'!aZhE]dX‚Zch
dci[V^icja|Andc&"&!dcib^hjciZgbZ|a¼^ck^cX^W^a^i‚
a^aad^hZ|Ydb^X^aZ'"&ZidciYdb^c‚BZio
|HV^ci"Hnbe]dg^Zc&"%#
86:C"A>AA:
+
8dbbZaZcdbWgZYZbViX]Zh|Ydb^X^aZhVchk^Xid^gZedjg
8VZc#AVYZgc^ƒgZk^Xid^gZYZhCdgbVcYh|9¼DgcVcdgZbdciZ
Vj'(dXidWgZYZgc^Zg&&Z_djgc‚ZYZA&#9Zej^h!8VZcVeZgYj
fjVigZ[d^hhjghdciZggV^cedjgYZjmcjah#
')Z?DJGCw:9:A&
H6B:9>'.?6CK>:G&,]&*
7Vhi^V·Andc8VcVa H6B:9>'.?6CK>:G'%]
IdjadjhZ·BVghZ^aaZIEHHiVg
HV^ci"wi^ZccZ·686_VXX^d
BZio·6jmZggZ
GZccZh·7dgYZVjm
8VZc·A^aaZ
HdX]Vjm·C^XZ
AZch·HigVhWdjg\
Idjhhjg;ddi ZiHjeZghiVYZh
9>B6C8=:(%?6CK>:G
&.]
>higZh·CVciZh
;ddi ZiHjeZghiVYZh
'&]
BdcVXd·EVg^h"H<8VcVa A6<G>;;:9:9?>7G>A8>HHw
69>96H
®?Zkd^hYZjm\gdh
X]dXhadghYZXZiiZ
')Z_djgc‚ZYZ
X]Vbe^dccViYZA^\jZ&#
IdjadjhZ"BVghZ^aaZ!
Y¼VWdgY#8ZbViX]Zhi
^bedgiVciedjgaZhYZjm
XajWhYVcha¼dei^fjZY¼jcZ
eaVXZZjgde‚ZccZ#AZh
YZgc^Zghg‚hjaiVihYZh
IdjadjhV^chcZb¼‚idccZci
\jƒgZVjkjYj
gZXgjiZbZcifj^V‚i‚
Z[[ZXij‚YjgVci
'-?6CK>:G'%%*
a¼^ciZghV^hdc#Hi‚e]VcZ
9VabViZi9Vc^Za
BdgZ^gVhdcikZcjh
VeedgiZgaZjgZme‚g^ZcXZ
|jcZ_ZjcZbV^h
iVaZcijZjhZ‚fj^eZYj
I;8#BVa]ZjgZjhZbZci!
aZegZb^ZgZhiidj_djgh
WaZhh‚iVcY^hfjZ
aZYZjm^ƒbZgZkZcV^i
bZgXgZY^YZgc^ZgXdcigZ
6_VXX^dVegƒheajh^Zjgh
hZbV^cZhY¼VWhZcXZ#?ZcZ
YdjiZXZeZcYVcieVhjc
hZja^chiVcifj¼^ahi^gZgdci
a¼‚fj^eZYZIdjadjhZkZgh
aZhhdbbZih
:cXZfj^XdcXZgcZa¼DB!
_Zhj^h‚k^YZbbZci
]ZjgZjmfj¼^aV^igZYgZhh‚
aVWVggZ!XVgeajhfj¼jc
XajWX¼ZhiidjiZjcZg‚\^dc
ZiYZigƒhcdbWgZjm
hjeedgiZghfj^aZb‚g^iZci#
?Zhj^heZghdccZaaZbZci
]ZjgZjmedjgE‚\jn
Ajn^cYjaVZiHiZkZ
BVgaZifj^hZbWaZci
gZigdjkZgidjhaZjgh
bdnZch#>ahdciigVkZgh‚
jcZe‚g^dYZY‚a^XViZfjZ
_¼V^!bd^Vjhh^!XdccjZ#Dc
eZjiY^gZfj¼dcZcgZhhdgi
idj_djgheajh[dgi#8Z
bViX]hZgVXZgiV^cZbZci
heZXiVXjaV^gZbV^hbdc
X¶jgeZcX]ZYjXi‚
bVghZ^aaV^h^a[VjiY^gZ
fjZ_Zhj^hc‚|6gaZh!
Y¼VjiVcieajhfjZ
a¼Danbe^fjZYZBVghZ^aaZ
eVgVˆiYZeajhZceajh
gZYdjiVWaZ|a¼Zmi‚g^Zjg#
AVhZXdcYZV[[^X]ZYZ
XZiiZ_djgc‚ZYZ
X]Vbe^dccViZhiW^Zch’g
XZBdcVXd"EVg^h"H<!fj^
Zhiegd\gVbb‚Zceg^bZ
i^bZY^bVcX]Zhd^g#AZh
Zc_Zjmhdci^X^‚cdgbZh
edjgaZhYZjm‚fj^eZh#
BdcVXd_djZeajhfjZ
_VbV^haZi^igZVadgh
fjZEVg^hkVidji[V^gZ
edjghVjkZghVhV^hdcZi
VXXgdX]Zg·fj^hV^i·jc
i^X`Ziedjga¼:jgdeZ#
JcZX]dhZZhih’gZ!YVch
idjhaZhXVhaZeZgYVci
g^hfjZ\gdh#
:c[^c!XdbbZcicZeVh
‚kdfjZgbZhediZh
YZa¼6?6jmZggZ!
VXijZaaZbZciZc
ZbWjhXVYZ!fj^edjggV^Zci
„igZaZh\gVcYh
W‚c‚[^X^V^gZhYZXZiiZ
_djgc‚Z#²XdcY^i^dc!
W^Zc‚k^YZbbZci!fj¼^ah
a¼ZbedgiZci|BZio°¯
,
C:LH
;68:²;68:
BDC68D
C>8:8=6CI:
EH<
H6>HDC'%%*9db^X^aZ
H6>HDC'%%*:mi‚g^Zjg
E6G8DJGH9:HwFJ>E:H
È
H‚g^ZVXijZaaZ E<C<<
A:H8>CF9:GC>:GHYdb#
'"%
''ZBdcVXd·AZch
*"'
'&ZBdcVXd·8VZc
&"&
&.ZBdcVXd·7dgYZVjm
'"%
&,ZBdcVXd·GZccZh
&"(
&*ZBdcVXd·HdX]Vjm
&*
EH<HV^hdc'%%*
:mi‚g^Zjg
'%
&
(
*
,
BdcVXd
7>A6C
(cjah
&%
È
H‚g^ZVXijZaaZ E<C<<
A:H8>CF9:GC>:GHZmi#
%"%
''ZHi"wi^ZccZ·EH<
%"%
'%Z8VZc·EH<
&"'
&-ZHdX]Vjm·EH<
&"&
&+ZC^XZ·EH<
("%
&)Z7dgYZVjm·EH<
*
BDC68DHV^hdc'%%*
9db^X^aZ
.
&&
EH<
&(
&*
&,
&.
A^\jZYZhX]Vbe^dch
'&
Ä
H‚g^ZVXijZaaZ EC<CC
GZa‚\VWaZh
E6G8DJGH9:HwFJ>E:H
A:H8>CF9:GC>:GHBDC68D"EH<:C8=6BE>DCC6I
(k^Xid^gZhedjgBdcVXd
%k^Xid^gZedjgEH<
'Y‚[V^iZh
Ä
H‚g^ZVXijZaaZ EC<CC
7>A6C
'k^Xid^gZh
+cjah
'cjah
+k^Xid^gZh
BVgfj‚h
)Y‚[V^iZh
BDN:CC:9:H7JIH
'!& :cXV^hh‚h &!)
8=>;;G:H8AwH
Adghfj¼ZaaZbVgfjZaZegZb^ZgWji
*
K^Xid^gZh
%
Cjah
&
9‚[V^iZh
Adghfj¼ZaaZZcXV^hhZaZegZb^ZgWji
&
K^Xid^gZh
'
Cjah
&
9‚[V^iZh
HVeajhaVg\Zk^Xid^gZ
BdcVXd*"'8VZc
HVeajhaVg\ZY‚[V^iZ
BdcVXd&"(HdX]Vjm
A:9wI6>A
..$%% %%$%& %&$%' %'$%( %($%)
&"%
'"%
'"'
("&
&"&
BdcVXd"EH<
7JIHB6GFJwHE6G&$)9¼=:JG::C%)$%*
,
'
+
&*¼
(
-
(%¼
-
*
)*¼
(
&
+%¼
*
)
,*¼
'
&
.%¼
%
6?
7JIH:C86>HHwHE6G&$)9¼=:JG::C%)$%*
&
'
(
)
*
(%¼
Ê
'
%
)*¼
(
(
+%¼
*
*
,*¼
*
&
.%¼
&
6?
BVgfj‚h
8=>;;G:H8AwH
Adghfj¼ZaaZbVgfjZaZegZb^ZgWji
&
K^Xid^gZh
(
Cjah
%
9‚[V^iZh
Adghfj¼ZaaZZcXV^hhZaZegZb^ZgWji
&
K^Xid^gZh
&
Cjah
)
9‚[V^iZh
HVeajhaVg\Zk^Xid^gZ
7Vhi^V&"'EH<
HVeajhaVg\ZY‚[V^iZ
7dgYZVjm("%EH<
7JIHE6G&$)9¼=:JG:²9DB>8>A:9:BDC68D:C%)$%*
BDN:CC:9:HI>GH/&&!,
)
&
)
&
+
(
)
%
&
(
(
)
&
BDN:CC:9:H7JIH
&!( :cXV^hh‚h %!.
BDN:CC:9:HI>GH/-!)
&
+.
+%
)&
&*¼
(%¼
)*¼
7jihbVgfj‚h 7jihZcXV^hh‚h
I^ghcdcXVYg‚h
I^ghXVYg‚h
8:II:H6>HDCYdb#
'"%
BdcVXd·AZch
*"'
BdcVXd·8VZc
&"&
BdcVXd·7dgYZVjm
'"%
BdcVXd·GZccZh
&"(
BdcVXd·HdX]Vjm
'"'
BdcVXd·686_VXX^d
%"%
BdcVXd·6jmZggZ
(")
BdcVXd·C^XZ
'"&
BdcVXd·CVciZh
("&
BdcVXd·HigVhWdjg\
'"&
BdcVXd·>higZh
+%¼
,*¼
.%¼
+%
6?
7JIHE6G&$)9¼=:JG:²A¼:MIwG>:JG9JEH<:C%)$%*
%
'
(
(
*
%
&*¼
(%¼
)*¼
7jihbVgfj‚h 7jihZcXV^hh‚h
&
(
&
+%¼
(
,*¼
&
(
.%¼
%
&
6?
A:H=DBB:H
²HJGK:>AA:GYdb^X^aZ
BZ^aaZjgWjiZjg
@Vaadc-
BZ^aaZjgeVhhZjg 8]ZkVcidc
(
A:H=DBB:H
²HJGK:>AA:GZmi‚g^Zjg
BZ^aaZjgWjiZjg
EVjaZiV)
BZ^aaZjgeVhhZjg 8dg^Ydc'
I^ghcdcXVYg‚h
I^ghXVYg‚h
8:II:H6>HDCZmi#
HV^ci"wi^ZccZ·EH<
8VZc·EH<
HdX]Vjm·EH<
C^XZ·EH<
7dgYZVjm·EH<
6jmZggZ·EH<
CVciZh·EH<
7Vhi^V·EH<
AZch·EH<
>higZh·EH<
IdjadjhZ·EH<
GZccZh·EH<
%"%
%"%
&"'
&"&
("%
&"&
&"%
&"'
'"'
&"&
'"&
'"&
JcZcdjkZaaZkZgh^dc
YZa¼]nbcZc^d^h!
C^hhVaV7ZaaV!k^Zci
Y¼„igZZcgZ\^hig‚Z#
A¼^ciZgegƒiZh¼VeeZaaZ
HVcYgV7Zii^#:aaZ
gZbZiVj\d’iYj_djg
aZiZmiZ‚Xg^iZc&.%)
eVgaZedƒiZc^d^h
BZc^XVGdcYZaan#AZh
W‚c‚[^XZhYZaVkZciZ
_jhfj¼|[^c_Vck^Zg^gdci
|jcZVhhdX^Vi^dc
YZaVk^aaZYZE]j`Zi
I]V‰aVcYZVkZXfj^
aVk^aaZYZC^XZZhi
_jbZa‚Z#
HDCCN
6J8>Cw
?ZVc"B^X]Za6jaVh!
aZeg‚h^YZciYZ
a¼Danbe^fjZAndccV^h!
hZgV^iigƒhh‚Yj^i
|a¼^Y‚ZYZkd^gjc
XdbeaZmZX^c‚bVYZ
aVk^aaZegZcYgZaZcdb
YZa¼VcX^Zc\daZVYdg
Wg‚h^a^Zc!hZadcjcZ
^Y‚Z[dgbja‚ZeVg
?‚gbZHZnYdjm!
eg‚h^YZciYZEVi]‚Zi
eg^cX^eVaVXi^dccV^gZ
YZa¼DA#
6?6!>AH
G:K>:CC:CI
HjheZcYjhadghYZ
aV'(Z_djgc‚Z!7da[!
B^\cdiZi<g^X]i^c\
gZk^ZccZciVjhZ^cYZ
aVY‚[ZchZVjmZggd^hZ
edjgaZY‚eaVXZbZci|
BZio#Jc)Z‚a‚bZci!
A^dcZaBVi]^h!hZgVaj^
Vjhh^eg‚hZciVegƒh
Vkd^gejg\‚(bViX]Zh
YZhjheZch^dc|aV
hj^iZY¼jcXVgidcgdj\Z
g‚Xdai‚|8VaV^hVkZXaV
g‚hZgkZegd[Zhh^dccZaaZ
8;6#
B:C>G>G:HI:
²B:IO
AZY‚[ZchZjgbZhh^c
BZ]Y^B‚c^g^cZeVgi^gV
eVh|BZhh^cZHZg^Z6
^iVa^ZccZ#®8ZXajWc¼V
_VbV^heg^hXdciVXiVkZX
cdjh¯!VgZXi^[^‚EVig^X`
GVojgZa!aZY^gZXiZjg
\‚c‚gVaYj;8BZio#
Fj¼dchZaZY^hZ
9L:C!eVgiZcV^gZYZHedgiedjg
XZiiZ')Z_djgc‚ZYZA^\jZ&
'-?6CK>:G'%%*
A6JG:CI76=:JM$;A6H=EG:HH$9EE>
- A¼wKwC:B:CI;DDI76AA
9Zej^hYZjmhV^hdch!
BVi]^Zj7dYbZg
ZhiaZbZcZjgYZ_Zj
YZaVhjgegZcVciZ
‚fj^eZYZA^aaZ#
'-?6CK>:G'%%*
8=6BE>DCC6IA><J:&
<G6>C:H
.
A:H7A:JH:C'%&%
H^aZh_ZjcZhdciaZ
c^kZVj!edjgfjd^cZeVhaZjg
YdccZgaZjgX]VcXZ4
?‚g‚bn<6K6CDC!'&Vch!
Danbe^fjZBVghZ^aaZ
7V`Vg^H6<C6!
'&Vch!6?6jmZggZ
Ndjcƒh@67DJA!
&.Vch!6?6jmZggZ
?VXfjZh;6IN!
'%Vch!HiVYZGZccV^h
<V…a8A>8=N!&.Vch!
6ghZcVa;86c\
A^dcZaBVi]^h!'(Vch!
&%+bViX]ZhZcA&!6?6jmZggZ
?‚g‚bnIDJA6A6C!
'&Vch!;8
CVciZh"6iaVci^fjZ
BVi]^Zj7D9B:G!
''Vch!A^aaZDH8
7gnVc7:G<DJ<CDJM!
''Vch!Danbe^fjZAndccV^h
HVb^gC6HG>!
&,Vch!Danbe^fjZ
BVghZ^aaZ
G^d6cidc^d
B6KJ76!'%Vch!
<^gdcY^ch
YZ7dgYZVjm
=ViZb7:C6G;6!&,Vch!
Danbe^fjZAndccV^h
GZbeaVVcih/C^XdaVhE:CC:I:6J!'(Vch!H87Vhi^V0?ja^Zc;6J7:GI!'&Vch!<^gdcY^chYZ7dgYZVjm0
?‚g‚bnB6I=>:J!'&Vch!;8HdX]Vjm0Nd]Vcc<DJG8J;;!&-Vch!HiVYZGZccV^h0BdjgVYB:<=C>!'%Vch!
7dad\cZ>iV0;adgZciH>C6B6"EDC<DAA:!'%Vch!A^kZgedda;86c\0?‚g‚bnBwC:O!&,Vch!;8HdX]Vjm
<g}XZ|aVfjVa^i‚YZhZhXZcigZhYZ[dgbVi^dch!a¼‚fj^eZYZ;gVcXZ'%&%edjggV^i
gZhhZbWaZg|XZaaZ"X^#
AVA&c¼V_VbV^h‚i‚Vjhh^g^X]ZZc_ZjcZhiVaZcih#
Kd^X^XZjmfj^h¼VccdcXZciXdbbZaZh[jijgh
\gVcYhYZcdigZX]Vbe^dccVi#9‚XdjkZgiZh#
’
HjgaZh),,_djZjghYZA&
gZXZch‚heVgaVA^\jZYj
[ddiWVaaegd[Zhhh^dccZa!
eajhYZ')%dcibd^chYZ')Vch#
EVgb^Zjm!&&&dciidji_jhiZ'%Vch
djbd^ch#Hd^i'(YZh[ddiWVaaZjgh
ZcVXi^k^i‚ZcA&#JcZYdcc‚Zfj^
Zmea^fjZZc\gVcYZeVgi^Za¼‚Xadh^dc
YZeajhZceajheg‚XdXZYZ_ZjcZh
_djZjghYVchcdigZX]Vbe^dccVi#AZ
HiVYZGZccV^h!fj^Vidj_djghej^h‚
YVchhdcXZcigZYZ[dgbVi^dc!V[ÃX]Z
eVgZmZbeaZjcZ[[ZXi^[egd[dgiYZ
&'\Vgdchc‚hZcigZ&.-)Zi&.-+#
Nd]Vcc<djgXj[[!ÃahYZ8]g^hi^Vc!
ZcigVˆcZjgYj;8Adg^ZciA'!
eg‚hZci‚XdbbZjc[jijg\gVcY!
c¼VjgVfjZ&.VchZc_j^aaZiegdX]V^c#
Eajh^ci‚gZhhVciZcXdgZ!a¼Danbe^fjZ
AndccV^h!fj^VedjgiVciaZhbdnZchYZ
h¼d[[g^gYZh_djZjgh]VjiYZ\VbbZ!
[V^iaVeVgiWZaaZVjm_ZjcZh^hhjhYZhV
e‚e^c^ƒgZ#>ahhdci-YVchaZ\gdjeZ
VXijZaaZbZciZci„iZ#9dci=ViZb7Zc
6g[V!Y‚_|XdbeVg‚|O^YVcZ!&-VchaZ
,bVghegdX]V^c#®H¼^ahdciaZc^kZVj!
edjgfjd^cZeVhaZjgYdccZgaZjg
X]VcXZ4VYbZiA^dcZaBVi]^h!k^Zjm
Wg^hXVgYYZ'(VchY‚_|&%+bViX]Zh
ZcA^\jZ&!b^a^Zjg‚Xje‚gViZjgYZ
a¼6?6jmZggZ!XajWg‚eji‚edjghdc
XZcigZYZ[dgbVi^dc#8¼ZhiigdeW„iZYZ
gZiVgYZgjcZ‚Xadh^dc#:iX¼ZhiW^Zc
fj¼jcXajWXdbbZAndcV^iXZ\ZcgZ
YZeda^i^fjZ#8¼Zhiidji|a¼]dccZjg
YZEVjaAZ<jZc#¯EajhbVijgZh!
h’gZbZcib^ZjmZcidjg‚hedjg
V[[gdciZgaV_jc\aZYjbdcYZ
egd[Zhh^dccZa!XZjm"X^Y‚bdcigZci
jcZ^cXgdnVWaZXVeVX^i‚Y¼VYVeiVi^dc#
¹>ahYd^kZci\gVcY^gk^iZº
®9VchaZhXZcigZh!edjghj^iBVi]^h!
dcaZjgYZbVcYZYZ\gVcY^gk^iZ#BV^h
YZkZc^gegdc¼ZhieVhidj_djghaZeajh
Yjg#8Zfj^XdbeiZX¼ZhiYZaZgZhiZgaZ
eajhadc\iZbehedhh^WaZ#:iVjeajh
]Vjic^kZVj#¯®Cdjhg‚XdaidchaZh
[gj^ihY¼jcZeg^hZYZXdchX^ZcXZfj^
YViZYZa¼Vgg„i7dhbVc&*Y‚XZbWgZ
&..*!Zmea^fjZwa^Z7Vje!
a¼ZcigVˆcZjgYZa¼6HHV^ci"wi^ZccZZi
VcX^Zc[dgbViZjg|IdjadjhZ#8dbeiZ
iZcjY¼jcZÄhXVa^i‚eajhadjgYZfj¼Zc
6c\aZiZggZdjfj¼Zc:heV\cZ!aZhXajWh
dciVXXZcij‚aZjgigVkV^ahjgaV
[dgbVi^dc#C¼djWa^dcheVhfjZXZiiZ
[VbZjhZ[dgbVi^dc!_Vadjh‚ZZiXde^‚Z
eVgcdhkd^h^ch!cdjhVeZgb^hYZ
\V\cZgaV8djeZYjbdcYZZc&..-#
Edjgbd^!X¼ZhiidjihVj[jc]VhVgYYZ
kd^gYZh\VgdchXdbbZCVhg^!BVkjWV!
dj7Zc6g[Vh¼^bedhZgZcA^\jZ&#¯N
B?ED;BL;BB7
9:I6GH
'-?6CK>:G'%%*
&% A¼wKwC:B:CI;DDI76AA
6kVci!_¼‚iV^heajii[V^c‚Vci#
8¼ZhiYZej^hbdcVgg^k‚Z|A^aaZ
fjZ_¼V^Xdbeg^hfjZ_ZYZkV^h
bZWdj\ZgedjgnVgg^kZg
6#7>76G9$;:E$E6CDG6B>8
²''Vch!BVi]^Zj7dYbZg[V^iYZhZck^Zjm!|XdbbZcXZgeVgAndc
ZiaZB^aVc68#Aj^ZciZcYgZhiZg|A^aaZ_jhfj¼Zc'%%,edjg_djZg
YVchaVcdjkZaaZZcXZ^ciZYjXajW#9Zfjd^gVhhjgZgBVgi^cZ6jWgn!
fj^Y‚XaVgV^i^anVeZjfjZaV^hhZgeVgi^g7dYbZghZgV^i®jchXVcYVaZ¯#
B6I=>:J7D9B:G
A68A:;9:KDJI:
9^aZiiVciZ|8VZc!d‘eZghdccZc¼VhjaZgZiZc^g!BVi]^Zj7dYbZg
ZhiVj_djgY¼]j^jcbZcZjgYZ_ZjXdchX^ZcX^ZjmZi^cXdciZhi‚|A^aaZ#
Dca¼VccdcXZb„bZigƒhW^ZciiZc‚fj^eZYZ;gVcXZ#IgV_ZXid^gZ#
>I>CwG6>G:
BVi]^Zj7dYbZg
C‚aZ''cdkZbWgZ&.-'
|:kgZjm:jgZ
&b--0,+`\
>ciZgcVi^dcVa:hed^gh
B^a^ZjYZiZggV^c
A^aaZ!hV^hdcA&'%%)"'%%*/
''bViX]Zh!'Wjih#
8ajWhhjXXZhh^[h
8VZc/&..-"'%%(
wkgZjm/&..,"&..HiVihVgg„i‚Zh
VkVciaV'(Z_djgc‚Z#
'-?6CK>:G'%%*
’
>anVjcVc!X¼‚iV^ijcejg^cXdccj#
6j_djgY¼]j^!aZB^aVc68ZiAndc
h¼^ci‚gZhhZcih‚g^ZjhZbZci|hdcXVh#
:ca¼ZheVXZY¼jcZeZi^iZhV^hdc!BVi]^Zj7dYbZg!aZ
cdjkZVjbZcZjgYZ_ZjYjADH8!ZhiYZkZcja¼jcZ
YZh\gVcYZhViigVXi^dchYjX]Vbe^dccViYZA&#
²a¼^bV\ZYZhdcXajW!‚idccVci'ZYZgg^ƒgZa¼DA#
®?Zk^heajiiW^ZcXZfj^b¼Vgg^kZVj_djgY¼]j^!
hdja^\cZXZhda^YZCdgbVcYYZ''Vch#?Zhj^hZc
igV^cYZY‚Xdjkg^gXZfj¼ZhiaZb‚i^ZgYZ[ddiWVaaZjg
egd#AZB^aVc684?Zc¼V^ZjVjXjcXdciVXi#>ac¼nVg^Zc
YZXdcXgZi#?¼V^hjfjZeVhbVaY¼‚b^hhV^gZhYZ\gVcYh
XajWh‚igVc\ZghhdcikZcjhbZkd^g_djZg#BV^h_Zc¼V^
_VbV^hgZcXdcig‚XZh\Zch"a|#²kgV^Y^gZ!_Zc¼neg„iZ
eVhViiZci^dc#?Zhj^h|A^aaZedjgZcXdgZjcWdjiYZ
iZbeh#EVhfjZhi^dcYZWg’aZgaZh‚iVeZh#¯
A¼ZmZbeaZg‚XZciYZ7gjcd8]Zngdj!aj^Vjhh^\gVcY
Zhed^ga^aad^h!eVgi^Zc6c\aZiZggZ^anVigd^hVchedjg
ÃcVaZbZcih¼VhhZd^ghjgaZWVcXYZhgZbeaVVcih
YZA^kZgeddaej^hYZBVghZ^aaZ!Zhia|edjgXVabZg
aZheajhi‚b‚gV^gZhXVcY^YVihVjY‚eVgi#®8¼ZhikgV^!
VgZ[gd^Y^i¯!gZXdccVˆi7dYbZg#HdceaVcYZ
XVgg^ƒgZ!^aZcXdccVˆiY‚_|aZheg^cX^eVjmXdcidjgh/
®ÌigZ|A^aaZedjgaVhV^hdc'%%+"'%%,fjVcYaZADH8
Y^hedhZgVYZhdccdjkZVjhiVYZ#?¼ZheƒgZfj¼dc
_djZgVVadghaVA^\jZYZhX]Vbe^dch#6egƒh4Jc
igVch[ZgikZghjc\gVcYXajW[gVcV^h!ej^hk^ZcYgV
Zchj^iZa¼‚kZcijVa^i‚YZiZciZghVX]VcXZ|a¼‚igVc\Zg#¯
A^WZgdej^hVgg^ƒgZYgd^i
K‚g^iVWaZeVigdcYZa¼‚fj^eZY^g^\‚ZeVg8aVjYZEjZa
·®fjZafj¼jcfjZ_ZgZheZXiZWZVjXdje#>aZhi]dcc„iZ
VkZXaZh_djZjgh¯·!^cY^heZchVWaZeVghdciVaZci
iZX]c^fjZZihdcZcYjgVcXZ!BVi]^ZjVeVgi^X^e‚|
idjhaZhbViX]ZhYZA^aaZYZej^haZY‚WjiYZaV
hV^hdc#Hd^i(+bViX]Zh!idjiZhXdbe‚i^i^dch
Xdc[dcYjZh#²XZ_djg!^ac¼VbVcfj‚fj¼jcZhZjaZ
gZcXdcigZ/aZbViX]gZidjg|AZ^g^VVjEdgij\Va!Zc
ÃcVaZYZaV8djeZ>ciZgididaZ')Vd’iYZgc^Zg#
®Edjg„igZ[gVcX!aVig„kZ]^kZgcVaZZhiVgg^k‚ZVjWdc
bdbZci!hdj[ÄZ"i"^a#?¼V^hZci^jc\gVcYXdjeYZ
[Vi^\jZ#GZeVgi^gfjZafjZh_djghbZgZedhZgZc
CdgbVcY^Z!X]Zobd^!b¼V[V^iWZVjXdjeYZW^Zc#¯
C‚|wkgZjmZc&.-'!^ac¼V!idji_ZjcZ!fjZYZjm
dWhZhh^dch/aZ[ddiWVaaZiaZhXdchdaZhYZ_Zjm#
6kZXhZhXdeV^ch!^a^b^iZaZh\gVcYh_djZjghYZhdc
Zc[VcXZ!EVe^cZiLVYYaZ#6iiVfjVcidjbZcZjg
YZ_ZjigƒhYdj‚Zc"YZ&*Vch|a¼6ABwkgZjm!^a
W‚c‚ÃX^ZYjeVgiZcVg^Vifj^Zm^hiZVadghZcigZ
wkgZjmZiaZhiVYZBVa]ZgWZYZ8VZc#BVi]^Zj
fj^iiZa¼:jgZedjgaZ8VakVYdh#HiV\^V^gZ!dcaZ[V^i
_djZga^WZgd!hdcZcigVˆcZjg!AVjgZciAZh\Zci!cZaZ
_j\ZVcieVhVhhZoZcYjgVci#EajhiVgY!^a_djZ
fjVh^bZci|idjhaZhedhiZhVjb^a^ZjYjiZggV^c
VkVciYZY‚WjiZghdcegZb^ZgbViX]ZcegdZciVci
fjZaVi‚gVaYgd^iHj^ijcZe‚g^dYZY^[ÃX^aZd‘
EVig^X`GZbn!a¼ZcigVˆcZjgXVZccV^h!cZaj^[V^ieajh
XdcÃVcXZ#A¼Zje]dg^ZYjegZb^ZgXdcigViegdh^\c‚
|&,VchZiaVgZhedchVW^a^i‚Y¼„igZXVe^iV^cZXƒYZci
aVeaVXZVjYdjiZ#®6kVci!_¼‚iV^heajii[V^c‚Vci!
hdja^\cZaZA^aad^h!_¼VkV^hYjbVa|bZ[V^gZk^daZcXZ#
8¼ZhiYZej^hbdcVgg^k‚Z|A^aaZfjZ_¼V^Xdbeg^hfjZ
_ZYZkV^hbZWdj\ZgedjgnVgg^kZg#¯6j_djgY¼]j^!
dcaZY^iidjiegƒhY¼jcZ[jijgZh‚aZXi^dcZc7aZj#
>aYZk^ZcYgV^iVadghaZegZb^ZgA^aad^hZcWaZjYZej^h
E]^a^eeZ7Zg\Zgdd!ZcbV^°&.-%N
B?ED;BL;BB7
&&
:cfjZafjZhhZbV^cZh!CVhg^ZhiYZkZcjaZhnbWdaZY¼jc‚fj^eZ
e]dX‚ZccZfj^gZXdbbZcXZ|\V\cZg#HdjkZciXdbeVg‚|O^YVcZ!
aZbZcZjgYZ_ZjbVghZ^aaV^hX]ZgX]ZhZjaZbZci|igVXZghVgdjiZ#
H6B>GC6HG>
A:9>6B6CI7GJI
:cfjZafjZhbd^h!aZ_ZjcZHVb^gCVhg^ZhieVhh‚YZaV8;6|aVA^\jZ&#
AVcX‚eVg?dh‚6c^\d!Xdc[^gb‚eVgE]^a^eeZIgdjhh^Zg!aZbZcZjgYZ_Zj
YZa¼DBh¼V[[^gbZXdbbZa¼jcYZhaZVYZghYjgZcdjkZVjbVghZ^aaV^h#
>I>CwG6>G:
HVb^gCVhg^
C‚aZ'%_j^c&.-,|BVghZ^aaZ
7djX]Zh"Yj"G]cZ
&b,,0,*`\
>ciZgcVi^dcVa"&-Vch
B^a^ZjYZiZggV^c
;dgb‚|BVghZ^aaZ
BVghZ^aaZ!hV^hdcA&'%%)"'%%*
&'bViX]Zh!&Wji#
HiVihVgg„i‚Zh
VkVciaV'(Z_djgc‚Z#
’
9^hXgZiZii^b^YZYVchaVk^Z!HVb^gCVhg^
cZa¼ZhieajhhjgjciZggV^cYZ[ddi#>ac¼V
eVhZcXdgZ&-Vch!XdbeiZhZjaZbZci
YdjoZgZcXdcigZhYZA^\jZ&!Zih¼^bedhZY‚_|
XdbbZaZbZcZjgYZ_Zjfj^[V^hV^iY‚[Vji|a¼DB#
:caZaVcVciYVchaZ\gVcYWV^cXZi‚i‚|HdX]Vjm!
?dh‚6c^\d!fj^a¼V[Vdcc‚ZiaZhj^iVjXZcigZYZ
[dgbVi^dcbVghZ^aaV^hYZej^hYZhVcc‚Zh!VkV^i
eg‚kZcj/®HVb^gZhijc_dnVjm#JcY^VbVci|a¼‚iVi
Wgji#¯>aa¼VkV^i[V^iY‚WjiZg|eZi^iZhYdhZh!edjg
cZeVhVWˆbZgigdek^iZhVeZgaZgVgZ#GZYZkZcj
Xdbe‚i^i^[Y‚WjiY‚XZbWgZVegƒhjcZWaZhhjgZ
bjhXjaV^gZ!aZb^a^Zjd[[Zch^[bVghZ^aaV^hh¼Zhi
gZigdjk‚[VXZ|jccdjkZaZcigVˆcZjg#Fj¼^ac¼VeVh
iVgY‚|h‚Yj^gZ#E]^a^eeZIgdjhh^ZgV^bedh‚CVhg^
YZgg^ƒgZYZjmViiVfjVcih!bVa\g‚aVXdcXjggZcXZYZ
7ViaaZh!8]Zngdjdj;^dgƒhZ#>aZcV[V^ijccjb‚gd
&%!ZheƒXZZckd^ZYZg‚VeeVg^i^dc#8ZedhiZ!hZh
Yg^WWaZhX]Vadje‚h!hZheVhhZhY‚X^h^kZh!hZh
dg^\^cZhYZhfjVgi^ZghcdgYYZBVghZ^aaZdci
ZcigVˆc‚jcZXdbeVgV^hdc]}i^kZVkZXO^YVcZ#Fj¼^a
g‚[jiZ#®O^YVcZ!^aZhijc^fjZ#8¼ZhijcbV\^X^Zc#Bd^
_Zhj^hHVb^gCVhg^#?Zhj^hZcXdgZ_ZjcZZi_ZY‚WjiZ
ZcA^\jZ&#>a[VjifjZ_ZbZ[VhhZbdcegdegZcdb#¯
AZegdY^\ZbVghZ^aaV^heVgiV\ZY¼VjigZhed^cih
XdbbjchVkZXO^odj#JcZWdccZ‚YjXVi^dc!jc
eƒgZfj^a¼VbƒcZZiaZgVbƒcZYZa¼ZcigVˆcZbZci
|AV8dbbVcYZg^Z_jhfj¼|aV<VkdiiZ"EZngZi!hdc
fjVgi^Zg!egƒhYZHZeiƒbZh"aZh"KVaadch#A|!d‘^a
ZhigZhi‚aZb„bZ#®>ahZegdbƒcZXdbbZVkVci
hVch[V^gZaZÄZgZicdjhgZ_d^cifjVcY^aaZeZjiedjg
[V^gZYZeZi^ihbViX]Zh¯!gVeedgiZhdckd^h^c#
¹Fj¼^a_djZVkZXaZh_ZjcZhYZhdc}\Zº
®BdcZcidjgV\ZZibV[Vb^aaZhdcia|edjg
b¼Zbe„X]ZgYZegZcYgZaV\gdhhZi„iZ#>aZcZhiYZ
b„bZVkZXbZhXd‚fj^e^ZghZibdcXdVX]fj^hVjgdci
bZgZbZiigZ|bVeaVXZh^^aaZ[Vji#¯7^Zc‚aZk‚YdcX!
bV^hXjadii‚hjgjcZeZadjhZ!CVhg^egZcY
Y‚hdgbV^haZ_ZjbVghZ^aaV^h|hdcXdbeiZ#>aY^hi^aaZ
|bZgkZ^aaZaZheVhhZhZcegd[dcYZjgedjghZh
ViiVfjVcih#IZciZidj_djghYZeVhhZghdcVYkZghV^gZ
Y^gZXi#>aZhiXdbbZaZY^iE]^a^eeZIgdjhh^Zg!®jc
_djZjgkZgi^XVa#¯:ih^a¼DBh¼ZhigZ[V^ijcZhVci‚!
^aaZYd^iZcbV_ZjgZeVgi^ZVj_ZjcZegdY^\Z#9Zjm
eVhhZhY‚X^h^kZhCVciZhZiC^XZZijcWjiA^aaZ
Zca¼ZheVXZYZfjZafjZh_djgh#CVhg^ZhiZcigV^c
Y¼ZmeadhZg#Aj^fj^cZh¼ViiZcYV^ieVh|‚kdajZgh^
gVe^YZbZciVj]Vjic^kZVj![V^iY‚hdgbV^haZkZg
aZejWa^XYjK‚adYgdbZ|X]VfjZidjX]ZYZWVaaZ#
®?ZeZchV^hVkd^gbVX]VcXZiidjiVgY#BV^hedjg
a¼^chiVci_ZeZchV^h_jhiZb¼ZcigVˆcZgVkZXaZhegdh
ej^h_djZgZc8;6#8ZaVVjgV^iY‚_|‚i‚hjeZg#¯
8]Vbe^dcY¼:jgdeZYZh&,VchVkZXNV]^Vdj^!
7Zc6g[VdjB‚cZo!aZ_ZjcZbVghZ^aaV^hZhiZcXdgZ
[gV\^aZ#>acZ[VjihjgidjieVhaZ\g^aaZg#8dbbZaZY^i
<jnGdjm!®jcbViX]eVghZbV^cZbVm^bjbZiYZh
eaV\ZhYZgZedhVhhZoaVg\Zhedjg[VX^a^iZgjcZWdccZ
g‚Xje‚gVi^dc¯8¼ZhiaVgV^hdcedjgaVfjZaaZE]^a^eeZ
7Zg\ZgddcZa¼VeajhVeeZa‚VkZXaZhbd^chYZ
&-VchYZej^hYZhbd^h#BV^hVjeg^ciZbeh!CVhg^
gZ_d^cYgVaVh‚aZXi^dcedjgeVgi^X^eZg|aVB‚g^Y^Vc
8je#®>aZhiWdcfj¼^a_djZVkZXYZh_ZjcZhYZhdc}\Z!
Zmea^fjZ=Zcg^:b^aZ#8VgVkZXZjm^aedjggV„igZaZ
eVigdc#6ÄcYZaZYZkZc^geajhiVgYVkZXa¼DB#¯H^!Y¼^X^
a|!aZhh^gƒcZhYZa¼‚igVc\ZgcZa¼dcieVhZckd’i‚#N
9>H?IJEF>;H7B87DE"³C7HI;?BB;
'-?6CK>:G'%%*
?:6C"B6G>:=:GK>D$;A6H=EG:HH$9EE>
BdcZcidjgV\ZZibV[Vb^aaZ
hdcia|edjgb¼Zbe„X]Zg
YZegZcYgZaV\gdhhZi„iZ
&' A¼wKwC:B:CI;DDI76AA
FjVcY_Zkd^hBVkjWV
X]ZoaZh7aZjh!VbZYdccZ
YZh^Y‚Zh#?ZbZY^h
fjZ_ZcZhj^heVhh^ad^c
?:6C"B6G>:=:GK>D$;A6H=EG:HH$9EE>
EVjaAZ<jZcVY‚X^Y‚YZYdccZgaZjgX]VcXZVjm_ZjcZh
YjXZcigZYZ[dgbVi^dc#7gnVc7Zg\dj\cdjm
XdbbZcXZ|gZbea^gaZgaZYj_d`Zgfj^bVgfjZ#
7GN6C7:G<DJ<CDJM
NDJC:H@67DJA
A¼6K>H9:7GN6C
>I>CwG6>G:
7gnVc7Zg\dj\cdjm
C‚aZ&'_Vck^Zg&.-(
|AndcG]cZ
&b,,·,,`\
>ciZgcVi^dcVa:hed^gh
&%h‚aZXi^dch!,Wjih
6iiVfjVci
;dgb‚|Andc
Andc!hV^hdcA&'%%)"'%%*
&'bViX]Zh!'Wjih
8]Vbe^dcYZ;gVcXZ
'%%'!'%%)
Igde]‚ZYZhX]Vbe^dch
'%%(!'%%)
HiVihVgg„i‚Zh
VkVciaV'(Z_djgc‚Z#
K6A:JG9¼:M:BEA:
’
6jhZ^cYZaV_ZjcZ\‚c‚gVi^dcandccV^hZ!7gnVc
7Zg\dj\cdjm[ZgV^iegZhfjZÃ\jgZY¼VcX^Zc#
;dgb‚VjXajW!a¼^ciZgcVi^dcVaZhed^gXdbeiZY‚_|
YZjmi^igZhYZX]Vbe^dcYZ;gVcXZ'%%'!'%%)#BV^h|
a¼Danbe^fjZAndccV^h!a¼VeegZci^hhV\ZYj]Vjic^kZVjZhi
V[[V^gZYZeZgh‚k‚gVcXZZiY¼]jb^a^i‚#7gnVcVY’ViiZcYgZ
hV''Z[Zj^aaZYZbViX]edjg„igZi^ijaV^gZZi\d’iZg!aZb„bZ
_djg!|aV_d^ZYjegZb^ZgWjiZcA^\jZ&#8¼‚iV^iXdcigZ
HdX]Vjm!aZ&'_Vck^Zg!edjghdc''ZVcc^kZghV^gZ#Igd^h_djgh
eajhiVgY!^ag‚X^Y^kV^iXdcigZBZioY¼jcZ[gVeeZYZ'%b!
ej^hhVciZZieaZ^cZY¼Vjidg^i‚#JcXa^cY¼¶^a|EVjaAZ<jZc
fj^VkV^idei‚edjgjcig^d;gVj"<dkdj"C^abVg#AZXdVX]
andccV^hY^hedhZY¼jcZe‚e^c^ƒgZY¼ViiVfjVcihiVaZcijZjm!
bV^hVjXjccZh¼^bedhZeVghdcZ[ÃXVX^i‚#9VchXZ
XdciZmiZ!7Zg\dj\cdjm[V^ihdcigdjZihƒbZaVo^oVc^Zhjg
aZÄVcX\VjX]ZYZa¼ViiVfjZ\g}XZ|hVhedciVc‚^i‚ZihV
k^iZhhZY¼Zm‚Xji^dc#®>aYd^ibV^ciZcVciVeegZcYgZ|[V^gZ
aVeVhhZ_jhiZVjWdcbdbZci¯!eg‚k^ZciidjiZ[d^h7ZgcVgY
AVXdbWZ!XdchZ^aaZgYjeg‚h^YZci6jaVh#8dchX^ZciY¼Vkd^g
bVgfj‚aZhZheg^ih!7gnVcaV_djZigVcfj^aaZ/®?¼VeegZcYh
bdcb‚i^ZgVjegƒhYZ\gVcYhegdhXdbbZ?jc^c]ddjL^aidgY#
8ZYZgc^ZgbZYdccZWZVjXdjeYZXdchZ^ahhjgaVeg‚eVgVi^dc
bZciVaZ!hjga¼‚X]Vj[[ZbZci###¯A¼VbW^i^dcc¼ZhieajhiVWdjZ
|AndcZi7gnVcaVY‚Xa^cZVjh^c\ja^ZgXdbbZVjeajg^Za/
®FjVcY_Zkd^hG^dBVkjWV'%Vch!'h‚aZXi^dchX]ZoaZh6!V
YdccZYZh^Y‚ZhZi_ZbZY^hfjZ_Zc¼Zchj^heVhh^ad^c#FjVci|
aVA^\jZYZhX]Vbe^dch!dcVaZhbdnZchYZaV\V\cZg¯N
HED7D<EB=E7I
'-?6CK>:G'%%*
>I>CwG6>G:
NdjcZh@VWdja
C‚aZ)_Vck^Zg&.-+!|
HV^ci"?ja^Zc"Zc"<ZcZkd^h
=VjiZ"HVkd^Z
&b.%·-,`\
>ciZgcVi^dcVa"&-Vch
9‚[ZchZjg
;dgb‚|6jmZggZ
6jmZggZ!hV^hdcA&'%%)"'%%*/
,bViX]Zh
HiVihVgg„i‚Zh
VkVciaV'(Z_djgc‚Z#
’
®?ZcZkZjmeVhfjZNdjcZhegZccZaV\gdhhZi„iZ#
>aVZcXdgZWZVjXdjeYZigVkV^a|[V^gZ#>aYd^ihZ
XdcXZcigZghjghdc_Zj#?ZhV^hfj¼^aZhih‚g^Zjm!
bV^h°¯²a¼VjigZWdjiYjÃa!6WYZggV]bVcZ@VWdjagZ[jhZ
\Zci^bZci!bV^h[ZgbZbZci!a¼^Y‚ZY¼jcZ^ciZgk^ZlYZhdc
Ãah#:m"_djZjgYZegZb^ƒgZY^k^h^dcVjBVgdX!aZeVeVkZ^aaZ
|a¼Zmedh^i^dcb‚Y^Vi^fjZYZhdcgZ_Zidc#8Zaj^fj¼^aVedjhh‚
hjgaZhiZggV^chYZ[ddiVadghfj¼^ac¼VkV^ieVhX^cfVch!
gZhiZ|hZhnZjmZcXdgZjceZjiZcYgZedjg[V^gZa¼dW_Zi
YZidjiZhaZhViiZci^dch#®EVhYZegdWaƒbZ!Xdgg^\ZNdjcZh#
?ZXdbegZcYhbdceƒgZ#>ab¼dWa^\Z|bZgZbZiigZ
XdchiVbbZciZcfjZhi^dcedjg‚k^iZgfjZ_Zb¼ZcÅVbbZ#
BV^h_ZhV^hVjhh^XZfjZ_Z[V^h#¯6gg^k‚|&)VchVjXZcigZYZ
eg‚[dgbVi^dcYZa¼6?6jmZggZ!aZeVgXdjghYZNdjcZh@VWdja
eaV^YZedjgaj^#HVegd\gZhh^dcViiZhiZfjZaZ\VgdcVaV
i„iZW^ZcXVa‚ZhjgaZh‚eVjaZh#6kZXhdce]nh^fjZ^bedhVci
&b.%edjg-,`\!aZ_ZjcZ]dbbZY^hedhZ‚\VaZbZci
Y¼^cY‚c^VWaZhVidjihedjg[V^gZhVad^VjhZ^cYZaVY‚[ZchZ
VjmZggd^hZ#6egƒhaZY‚eVgiYZ?ZVc"6aV^c7djbhdc\!^aV
eg^hXdchX^ZcXZXZiiZhV^hdcfj¼^agZeg‚hZciV^ia¼VkZc^gY¼jcZ
‚fj^eZWdjg\j^\cdccZd‘aZh\‚c‚gVi^dchhZhjXXƒYZci
hVch]Zjgih#®BV^ciZcVci!_ZYd^hbdcigZga¼ZmZbeaZ¯!
XdcXƒYZ"i"^aZc‚kdfjVcihZhfjZafjZhVeeVg^i^dchZc
A^\jZ&#8ZiiZhV^hdc!NdjcZh@VWdjaVgZ[jh‚jcZ
egdedh^i^dcYZh‚aZXi^dcYZaV[‚Y‚gVi^dcbVgdXV^cZYZ
[ddiWVaa#HdcVkZc^g!aZ_ZjcZY‚[ZchZjgVjmZggd^ha¼^bV\^cZ
ZcWaZjYZ;gVcXZ#N
B7KH;DJBEKÎJ
&(
1)'*.',
?D=ILEKJJ=PO@QIKJ@A
@QF=JREAN=QBhRNEAN
AJ*'4#APAJEJPhCN=HEPhOQNAQNKOLKNP
<JN?:;;GDN$;A6H=EG:HH$9EE>
8djk‚eVghdceƒgZ!VcX^Zc
[ddiWVaaZjgegd[Zhh^dccZa!
aZgdWjhiZNdjcZh@VWdja
cZkZjieVhWg’aZgaZh‚iVeZh#
.11
#30-1.-02
;G6CO8=6K6GD8=:$C>8:"B6I>C$B6MEEE
B6>8DC
JCEGwCDB9:HI6G
>I>CwG6>G:
9dj\aVhH^hZcVcYdBV^Xdc
C‚aZ'+_j^aaZi&.-&|
8g^X^jbV7g‚h^a
&b-)b·,,`\
>ciZgcVi^dccVa6
9‚[ZchZjg
HV^hdcA&'%%)"'%%*/
'%bViX]Zh!(Wjih
8ajWhhjXXZhh^[h
9Zej^h'%%)BdcVXd
'%%&"'%%)8gjoZ^gd7Zad
=dg^odciZ7g‚h^a
HiVihVgg„i‚Zh
VkVciaV'(Z_djgc‚Z#
’
6jiZjgYZhdcfjVig^ƒbZWjiYZaVhV^hdcXdcigZ
AZch!BV^XdcVigVkZgh‚aZiZggV^cedjghVajZg
BVgXZaaV!hVÃaaZYZfj^coZbd^hfj^!fjZafjZh
]ZjgZhVjeVgVkVci!g‚XaVbV^ieVgi‚a‚e]dcZhVeg‚hZcXZ#
GZXgji‚|a¼^ciZghV^hdcedjgfjVigZhV^hdchZi(b^aa^dchæ!
XZi^ciZgcVi^dcVaWg‚h^a^Zcigƒhe]nh^fjZ&!-)bZi,,`\
YZ'(Vch·i^ijaV^gZZcÃcVaZYZaV8deV6bZg^XVgZbedgi‚Z
XZi‚i‚[VXZ|a¼6g\Zci^cZ·kZcV^iVadghYZg‚Va^hZgjcZWZaaZ
hV^hdcVkZX8gjoZ^gd#>aVedjgiVciZjYjbVa|h¼VYVeiZg#
®BV^hXZc¼‚iV^ieVhYjhVjYVYZ¯!Zmea^fjZaZ_djZjg!
Vj_djgY¼]j^^chiVaa‚ZcEg^cX^eVji‚VkZXhVXdbeV\cZZihV
ÃaaZ!bV^hVjhh^hVh¶jgZihZhYZjmcZkZjm#?djZjgd[[Zch^[
YVcha¼}bZ!BV^XdcVY’bdY^ÃZghdcVeegdX]ZiVXi^fjZ#EZj
ZcXa^c|gZheZXiZgaZgZeaVXZbZciZia¼Va^\cZbZciY‚[Zch^[!^aV
adc\iZbeh‚i‚a¼dW_ZiY¼jc®igV^iZbZciYZ[VkZjg¯YZaVeVgi
YZ9ZhX]Vbehfj^aj^eg‚Y^ijcZWZaaZegd\gZhh^dc#®8ZWji
g‚XdbeZchZhZhZcigZeg^hZhd[[Zch^kZh!Y^i"^a#BV^h_¼V^hjgidji
Veeg‚X^‚hdch‚g^ZjmZihdcVWc‚\Vi^dcZcY‚[ZchZ!hZXiZjgd‘^a
c¼ZhieVhidj_djghXdcXZcig‚#¯B^ZjmVYVei‚VjmZm^\ZcXZh
Zjgde‚ZccZhZi[gV^he]nh^fjZbZciVegƒhc¼Vkd^gZjfjZ
fjVigZ_djghYZkVXVcXZhXZi‚i‚!BV^XdcYZkgV^i„igZa¼jcZ
YZhViigVXi^dchYZ'%%*#9¼V^aaZjgh!hZheVgZcihdci!YƒhhV
cV^hhVcXZ!Y‚X^Y‚YZa¼VhhdX^ZgVj®hiVghnhiZb¯#8Z'+_j^aaZi
&.-&!aZhH^hZcVcYd!|aVe]dc‚i^fjZZia¼dgi]d\gVe]Z
hjheZXiZh!Y‚X^YƒgZci!ZcZ[[Zi!YZeg‚cdbbZgaZjghYZjm
_jbZVjmBVgadc!Zc]dbbV\Z|7gVcYd!ZiBV^Xdc9dj\aVh!
Zc]dbbV\Z|B^X]VZa9dj\aVh#vVcZh¼^ckZciZeVh#N
9>H?IJEF>;8;BB;K:?"³CED79E
'-?6CK>:G'%%*
&AQNA
!KILhPEPEKJ
N%
LA
1Q
1QLAN%
"AO?AJPA
#JPN=nJAIAJP
"AO?AJPA
#JPN=nJAIAJP
"AO?AJPA
#JPN=nJAIAJP
"AO?AJPA
@Q!KI>EJh
"=PA
A¼Vgg^ƒgZYgd^iWg‚h^a^Zc
ZhiVgg^k‚|BdcVXdeg‚X‚Y‚
Y¼jcZg‚ejiVi^dc[aViiZjhZ#
Eg‚hZci‚XdbbZaZhjXXZhhZjg
YZ8V[!BV^XdcVjgVb^h
h^mbd^h|h¼VYVeiZg#
1H=HKI
@Q!KI>EJh
"AO?AJPA
@Q!KI>EJh
1H=HKI
@Q!KI>EJh
"AO?AJPA
"AO?AJPA
0ALKO
P
1H=HKI%h=J
P
1H=HKI%h=J
0ALKO
1H=HKI
1H=HKI
1QLAN%
1H=HKI
KJ=HAO
#MQELAOJ=PE
""=IAO#
++AOOEAQNO
#3 0
," 0#.12
'0#1*#6
+1,"
!-++#,2
$*-0#,!#
8
!3
03,-
R
WWWEUROSPORTF
WWWEUROSPORTFR
MQA?AQTMQE=EIAJPHAHERAJKQOOQERAJP
#QNKOLKNPAOP@EBBQOhAOQNHA?c>HA!=J=HO=PAHHEPAAPPLO
&) A¼wKwC:B:CI;DDI76AA
AZh]dda^\Vch!
X¼Zhi|-*jc
egdWaƒbZeVg^h^Zc
?#7#6JI>HH>:G$;:E$E6CDG6B>8
AZeg‚h^YZciYZaVA^\jZgZhiZY‚iZgb^c‚
|ajiiZgXdcigZidjiZhaZh[dgbZhYZk^daZcXZ
YVchaZhhiVYZh#HVchXdcXZhh^dc#
;Gw9wG>8I=>G>:O
IDA:G6C8:O:GD
6adghfjZaVA^\jZ&XdccVˆihjgaZiZggV^cjchVXg‚XdjeYZ[gVˆX]Zjg\g}XZ
Vjm_ZjcZh_djZjgh!YVchaZhig^WjcZh!aZhhjeedgiZghgZkZcY^fjZciYZeajh
ZceajhaZYgd^i|aVeVgdaZ#AZeg‚h^YZciYZaVA^\jZZhieg„iVjY^Vad\jZ#
>I>CwG6>G:
;g‚Y‚g^XI]^g^Zo
C‚Zc&.*'
9Zej^h&..%6kdXViVjXdchZ^a
Y¼wiViZi|aV8djgYZXVhhVi^dc#
&..'"&..*H^ƒ\ZVjXdchZ^a
[‚Y‚gVaYZaV;‚Y‚gVi^dc
[gVcV^hZYZ[ddiWVaa;;;#
&..*8dchZ^aY¼VYb^c^higVi^dc
YZaVA^\jZYj[ddiWVaa
egd[Zhh^dccZaA;E#
'%%'wajaZ'-bV^eg‚h^YZciYZaV
A;E!ZcgZbeaVXZbZciYZ<‚gVgY
7djg\d^c!Y‚b^hh^dccV^gZ#9Zk^Zci
k^XZ"eg‚h^YZciY‚a‚\j‚YZaV;;;#
'%%)G‚‚ajedjgfjVigZVch#
BZbWgZYZaVXdbb^hh^dcYj
[ddiWVaaegd[Zhh^dccZaYZa¼J:;6#
'-?6CK>:G'%%*
’
Ifehj_l[c[dj"…j[i#lekiiWj_i\W_jZ[Y[
gk[lekileo[pikhb[ij[hhW_diZ[B'5
HVch]‚h^iZg8ZaVbVcfjZYZWjih
DcZhiZcbdnZccZ|'!'WjiheVgbViX]#?ZXgd^h
fjZa¼:heV\cZZhi|'!)WjihVadghfjZaZh6c\aV^h
hdcifjVh^bZci|(#7dc!aZhiZX]c^X^Zchkdjh
Y^gdcifjZaZhY‚[ZchZhdcieg^haZeVhhjgaZh
ViiVfjZh°BV^h_ZeZchZeajiifjZidjhcdh
ViiVfjVcihhjhXZei^WaZhYZ[V^gZ\g^beZgXZiiZ
bdnZccZhdci|a¼‚igVc\Zg#H^dcVkV^iXZiiZVcc‚Z
ZcA&9_^Wg^a8^hh‚Zi9^Y^Zg9gd\WV!
dchZgV^i|eajhYZ'!'WjiheVggZcXdcigZ#
?Zh^bea^ÃZeZji"„igZ!bV^hX¼ZhiaVhig^XiZk‚g^i‚#
;dh[lWdY^["ZWdib[ijh_Xkd[i"‚Wd[i[fWii[
fWijh„iX_[d±
Dj^!b„bZh^aVk^daZcXZgZXjaZ#AZcdbWgZ
Y¼^cX^YZcihWV\VggZh![jb^\ƒcZh!_ZihYZ
egd_ZXi^aZhZhiZcg‚\gZhh^dc#AVXdjgWZZhi
XdchiVbbZci|aVWV^hhZYZej^higd^hVch#BV^h
XZc¼ZhieVhVhhZo#Bd^!_Zhj^hedjgaVida‚gVcXZ
o‚gd#?ZigdjkZ^cVYb^hh^WaZYZeaVXZgYZh8GH
VkZXYZhWdjXa^Zghedjgegdi‚\Zgjc_djZjg
fj^hZeg‚eVgZ|i^gZgjcXdgcZg#8¼Zhi^cida‚gVWaZ#
8dbbZYZi^gZghjgYZh_djZjghVkZXYZh
[jb^\ƒcZhadghYZEH<"BZiodjY¼^c_jg^Zg
YZh_djZjghcd^gh|7Vhi^V#7gZ[!^anVXaV^gZbZci
YZh\Zchfj¼^a[Vjihdgi^gYZhhiVYZh#
B[^eeb_]Wd_ic[[d<hWdY["Y½[ijgke_5
?Za¼‚kVajZ|(%%eZghdccZh#Hjgidji|EVg^h#
8¼ZhiY¼V^aaZjgh|-*jcegdWaƒbZeVg^h^Zc#
8¼ZhijcZWVcYZYZkdndjhfj^Xdbbjc^fjZ
eVg>ciZgcZi!fj^hZYdccZgZcYZo"kdjhhjgaZh
Y‚eaVXZbZcihYjEH<!ZiYdciaZhZjaWji
ZhiYZXVhhZg#BV^h_ZcZkZjmeVhVhh^b^aZg
aZh]dda^\VchVjmjaigVh#DcVedjgiVcikdjajbZ
aZ[V^gZY^gZ#KdjhhVkZo!aVX^WaZYZh]dda^\Vch!
X¼ZhiY¼VWdgYaZhjeedgiZg#:ihjgidjiaZhjaigVh#
BWj[di_edZWdib[iijWZ[id½W`WcW_iƒjƒWkii_
fWbfWXb[$9ecc[djb½[nfb_gk[p#leki5
>anV!X¼ZhikgV^!jcegdWaƒbZYZ[dcYYj
¹hjeedgiZg^hbZºZc;gVcXZ#Kd^a|YZh\Zchfj^
V^bZciaZ[ddiWVaaZieVg"YZhhjhidjiaZjgXajW#>ah
dcia¼^begZhh^dcfjZaZh_djZjghc¼^cXVgcZcieajh
a¼VbdjgYjbV^aadi#>YZbedjgaZhZcigVˆcZjgh
ZiedjgaZhY^g^\ZVcihfj^!hVaVg^‚h!eZjkZciZjm
Vjhh^hZ[V^gZk^gZgYj_djgVjaZcYZbV^c#
;^cVaZbZci!fj^gZhiZ4AZhhjeedgiZgh#8ZaV
^cYj^ijcXdbedgiZbZciYZedjkd^g#>ahhZY^hZci
fjZaZXajWZiaZedjkd^ghdci|Zjm#8¼ZhiXZ
fj^h¼ZhieVhh‚|CVciZh!|BVghZ^aaZdjZcXdgZ
|AZch#AVA^\jZZci^ZciXdbeiZZidcYd^i
Y^Vad\jZgWZVjXdjeeajhZcXdgZfj¼VXijZaaZbZci#
B[iikffehj[hiZƒdedY[djZ[fbki[d
fbkibWfeb_j_gk[ZkjekjXki_d[ii[dB_]k['$
Gk[fekl[p#lekib[khhƒfedZh[5
DceZjigZ\gZiiZgaZiZbehYZhaVbeZh|]j^aZZi
YZaVbVg^cZ|kd^aZ!X¼ZhikgV^#BV^hdcZhidWa^\‚
YZiZc^gXdbeiZYZaVg‚Va^i‚‚Xdcdb^fjZ#DceZji
Vjhh^g„kZgYZaVe‚g^dYZYZhhVcYl^X]Zhfj¼dc
Y‚\jhiV^ihjgaZWdgYYZaVeZadjhZ#BV^hXZiiZ
‚edfjZZhig‚kdajZ#AZbdcYZVX]Vc\‚#AZhXajWh
YZ[ddihdciYZkZcjh!ZjmVjhh^!YZhZcigZeg^hZh
fj^hZY‚kZadeeZci#:ifj^iZciZciYZcZeVheZgYgZ
YZa¼Vg\Zci#>a[Vjikd^gVjhh^aZWdcXi‚YZhX]dhZh
ej^hfjZX¼ZhiVkZXa¼Vg\Zcifj¼dceZjiVX]ZiZg
YZh_djZjghZiVhh^hiZg|YjWZVjheZXiVXaZ#Idji
aZbdcYZYd^inigdjkZghdcXdbeiZ#KdjhhVkZo!
dcc¼VkVcXZ_VbV^hVkZXaVcdhiVa\^Z#N
FHEFEIH;9K;?BB?IF7HB?ED;BL;BB7
CDJK:6J<G6IJ>I
Hjglll#[gZZhedgi#[gX]VfjZhZbV^cZ
9ZcdjkZaaZhgjWg^fjZh#
8¼ZhiW^ZcZiX¼ZhieVhX]Zg
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :
L L L# ; G : : H E D G I# ; G
lll#[gZZhedgi#[g
&+ DBC>HEDGIH:C7G:;
;6NDAA:$H>E6
9>7CF?EDD7J:;<H7D9;
>7D:?#@K:E
AZhegZb^ZghX]Vbe^dccVih
YZ;gVcXZ]VcY^"_jYdhZ
Y‚gdjaZgdciXZhVbZY^
'._Vck^Zg|<VgX]Zh.'#
8ZciVi]aƒiZhYZc^kZVj
^ciZgcVi^dcVacdc$
bVakdnVcih!hdjgYhZibVa
ZciZcYVcihhZgdciZc
Xdbe‚i^i^dcVj\nbcVhZYZh
BZjg^Zh!d‘&*%%heZXiViZjgh
hdciViiZcYjh#Dg\Vc^h‚eVg
a¼:cZg\n8ajWYZ<VgX]Zh!
XZi‚k‚cZbZcihZgVa¼dXXVh^dc
YZbZcZgjcZXVbeV\cZ
YZhZch^W^a^hVi^dcYVchaZh
‚XdaZhYZaVg‚\^dc#
7KJECE8?B;"<?D7B;:KJHEF>x;7D:HEI(&&+
CDJK:6JH68G:
EDJGNK6CBJAA:G4
6jiZgbZYZhX^cf‚egZjkZh
XdjgjZhXZi]^kZg!aZh
eVgi^X^eVcihVjIgde]‚Z
6cYgdh'%%*dcigZcYZo"kdjh
XZlZZ`"ZcYedjgaV[^cVaZ|
8aZgbdci";ZggVcY#>ahXdjggdci
aZhYZjmYZgc^ƒgZhbVcX]Zh
YZaVhV^hdchjgaZX^gXj^i
\aVX‚YZHjeZg7ZhhZ#9‚_|
'-?6CK>:G'%%*
kV^cfjZjgYjIgde]‚Z6cYgdh|
]j^igZeg^hZhYZej^h&..+!NkVc
BjaaZg@^VG^dV^bZgV^iW^Zc
Y‚XgdX]ZgjccdjkZVjhVXgZ
|a¼^hhjZYZXZiiZ[^cVaZ#HZh
eajhgZYdjiVWaZhXdcXjggZcih
hZcdbbZci?ZVc"E]^a^eeZ
9VngVji;^ViHi^adZi6aV^c
EgdhiIdndiV8dgdaaV#
BDID
B7F?IJ;:;97D:?;
HxDELx;
Jc^fjZZc;gVcXZ!aVe^hiZYZ
bdidYZ8VcY^Z!|IdjadjhZ
(&!Zhijc‚fj^eZbZci
bjc^X^eVa\gVij^i!djkZgi|
idjh#>ci‚\gVaZbZcig‚cdk‚Z
ZigZb^hZVjmcdgbZhYZ
h‚Xjg^i‚!ZaaZegdedhZgVXZ
lZZ`"ZcYYZhVc^bVi^dch
YVchaZXVYgZYZhdc
^cVj\jgVi^dc#8^cfX^gXj^ih
hdciY‚hdgbV^hY^hedc^WaZh/
9>B>I6G9>A@D;;$<:IIN$6;E
?J9D
k^iZhhZ&&*%b!hjeZg
bdiVgY'%&*b!Xgdhh
&&**b!ig^Va)**%b'!
‚YjXVi^dcgdji^ƒgZ)%%%b'#
GZchZ^\cZbZcih/
%*+&))..),#
@6GI>C<
'[hCKBJ?JH79A:½;KHEF;
7KNxJ7H:I--
7dccZcdjkZaaZedjgaZh
VbViZjghYZhZchVi^dch
[dgiZh#JcXdbeaZmZYZ
`Vgi^c\djkgZhZhedgiZhZc
G‚\^dceVg^h^ZccZ!VjmwiVgYh
,,#AZh^iZZhi‚fj^e‚
YZYZjmX^gXj^ihZmi‚g^Zjgh
ZiY¼jcZhjg[VXZXdjkZgiZ
YZ(*%%b!edjgegVi^fjZg
aZ`VgiZch‚Xjg^i‚fjZaaZfjZ
hd^iaVb‚i‚d#9ZhhiV\Zh
Y¼^c^i^Vi^dchdciegdedh‚hVjm
eajheZi^ihYƒh,VchZiaZh
`Vgih®aZheajhej^hhVcih
YjbdcYZ¯Vjme^adiZh
X]Zkgdcc‚h#:c[^c![g^hhdch
\VgVci^hhjgaZX^gXj^i®fjVY
[dg„i¯#GZchZ^\cZbZcih/
lll#`Vgi^c\"Wj[[d#Xdb
Zi%&+)%,+&++#
Vedjghj^k^aZhZXdcY#AZh
Xg^iƒgZhYZh‚aZXi^dcYZh
Vi]aƒiZhhZgdciYdcXeajh
h‚kƒgZh!ZiaZheZg[dgbVcXZh
b^c^bVaZhViiZcYjZheajh
Zm^\ZVciZh#9VchXZXVYgZ!
aVY‚a‚\Vi^dc[gVcV^hZ|
=Zah^c`^YZkgV^iXdbeiZgjcZ
fjVgVciV^cZY¼Vi]aƒiZhVja^Zj
YZhhd^mVciZeg‚hZcih
|6i]ƒcZh#
6I=AwI>HB:
96CH:HEDGI>K:
CED:?7KN
;DB?=D;:;C?H;
H^mbd^hVegƒhYZhg‚hjaiVih
Y‚XZkVcihVjm?#D#'%%)!
aV;‚Y‚gVi^dcY¼Vi]a‚i^hbZ
Veg‚hZci‚!aVhZbV^cZ
YZgc^ƒgZ!aZh\gVcYhigV^ihYZ
aVhigVi‚\^ZYZkVciXdcYj^gZ
aZhVi]aƒiZh[gVcV^hkZgh
YZcdjkZVjmedY^jbh#AZ
eg‚h^YZci7ZgcVgY6bhZaZb
ZiaZY^gZXiZjgiZX]c^fjZ
cVi^dcVaGdWZgiEd^g^Zg·fj^
fj^iiZgVhZh[dcXi^dchZcVd’i
VegƒhaZh8]Vbe^dccVih
YjbdcYZ'%%*=Zah^c`^!
;^caVcYZ·dcidei‚edjgaV
[ZgbZi‚#®CdjhVkdchi^g‚aZh
aZdchY¼6i]ƒcZh¯!VZmea^fj‚
aZegZb^Zg#®?ZXgd^h|aV
c‚XZhh^i‚YZgZhhZggZga¼‚a^iZ¯!
F;HB;:KDEH:
:7D9;C7IJ;H
HedgiVgi^hi^fjZZiY^hX^ea^cZ
hedgi^kZ|eVgiZci^ƒgZ!aV
YVchZhedgi^kZXVei^kZidjh
aZhgZ\VgYh#AV'&Z‚Y^i^dcYj
9VcXZBVhiZgVa^ZjXZlZZ`"
ZcY'.Zi(%_Vck^ZgVjEVaV^h
dbc^hedgihYZEVg^h"7ZgXn#
9Zjm_djgc‚ZhedjgY‚Xdjkg^g
a¼‚a^iZbdcY^VaZYZYVchZ
hiVcYVgYZiYVchZaVi^cZZc
Xdbe‚i^i^dc#:chiVcYVgY
kVahZaZciZ!kVahZk^Zccd^hZ!
iVc\d!aZhXdjeaZhhdci
ZcaVX‚h!a¼]dbbZedgiZa¼]VW^i
djaZ[gVXZiaV[ZbbZjcZ
\gVcYZgdWZ|kdaVcih#Edjg
aZhYVchZhaVi^cZhhVbWV!
X]V"X]V"X]V!eVhd"YdWaZ!
aZhXdjeaZhhdcih‚eVg‚h!
EVgiZcV^gZhYZej^h&.,%!aZ
[VWg^XVciVaaZbVcYZiaV;^[V
[ZgdciYdcX‚fj^eZadghYZh
‚Y^i^dch'%&%Zi'%&)YZaV
8djeZYjbdcYZeg‚kjZhZc
6[g^fjZYjHjYej^heZji"
„igZZc6b‚g^fjZYjHjY#
>B6<D$E6CDG6B>8
?#D#
B;I7C87II7:;KHI
:;F7H?I(&'(
9VchhVfj„iZYZXdc[^VcXZ
VjegƒhYj8>D!VkZXa¼dW_ZXi^[
a¼^ciZgeg‚iVi^dcZiaVhZch^W^a^i‚ YZhZkd^gViig^WjZg
egZccZciaZeVh#9Zfjd^[V^gZ a¼dg\Vc^hVi^dcYZh?Zjm
danbe^fjZh!aVXVcY^YVijgZ
X]Vk^gZg7ZgXn
EVg^h'%&'Xdci^cjZYZ
GZchZ^\cZbZcihZi
g‚hZgkVi^dch/lll#WZgXn#[g
djVj%-.'(.%).%
[‚Y‚gZgYZhVaa^‚hVjidjgYZ
hdccdbZiYZhdcegd_Zi#
E]^a^eeZ7VjY^aadc!hdc
Y^gZXiZjg\‚c‚gVa!VV^ch^
d[[^X^Va^h‚aZ8ajW^ciZgcVi^dcVa
YZhVbWVhhVYZjghYZEVg^h
'%&'#GZ\gdjeVciYZh
hedgi^[h!YZhVgi^hiZhZiYZh
aZVYZghY¼de^c^dcYjbdcYZ
Zci^Zg!XZXajWXdbeiZYZh
eZghdccVa^i‚hVjhh^Y^kZghZh
fj¼>hhZnB^nV`ZXg‚ViZjg
YZbdYZ!?Vedc!Ndjhhdj
C¼9djgX]VciZjg!H‚c‚\Va!
C^X`BVaaZiiZcigVˆcZjg
YZgj\Wn!6[g^fjZYjHjY
djGdYg^\dEZhhdV
‚fj^iVi^dc!7g‚h^a#
<EEJ87BB":;C?#<?D7B;I:;B79EKF;:;B7B?=K;
K:GHJC:;>C6A:
BDC68D·H6>CI"wI>:CC:4
;DDI76AA
B7<?<7FHEBED=;7:?:7I
AV;‚Y‚gVi^dc^ciZgcVi^dcVaZ
YZ[ddiWVaa;^[VVegdadc\‚
hdcVXXdgYYZeVgiZcVg^Vi
VkZX6Y^YVh_jhfj¼Zc'%&)#
AZbdciVciYZXZcdjkZVj
XdcigViYZhZeiVchh¼‚aƒkZ
|'+-Bæ#6Y^YVhkZghZgV
Y¼VWdgY|aV;^[V&+)Bæ
ZiaZgZhiZhdjh[dgbZYZ
Y^kZghegdYj^ihYZaVbVgfjZ
k„iZbZcihYZhedgi!WVaadch#
?:6C"B6G>:=:GK>D$;A6H=EG:HH$9EE>
&,
?biiekj_[dd[djWkii_bWc_ii_ed>_bmWŠWl[YHedgi[j>WdZ_YWf?dj[hdWj_edWb0
Hdccn6cYZghdcX]Vbe^dcYjbdcYZ$[ddi!K^cXZci8aVg^XdX]Vbe^dcYZ
;gVcXZ$Vi]a‚i^hbZ!MVk^Zg9ZaZgjZX]Vbe^dcYjbdcYZ$WdVgYZgXgdhh!
;g‚Y‚g^X9j[djgk^XZ"X]Vbe^dcdanbe^fjZ$Vk^gdc!;gVcX`9jbdja^cX]Vbe^dc
danbe^fjZ$i^g!:hiZaaZ;adjgZchX]Vbe^dccZYjbdcYZ$gdaaZg!:Y\Vg<gdhe^gdc
X]Vbe^dcdanbe^fjZ$h`^WdhhZh!?‚gbZ?ZVccZiX]Vbe^dcdanbe^fjZ$
ZhXg^bZ!7ZiinA^hZX]Vbe^dccZYZ;gVcXZ$Vi]a‚i^hbZ!K‚gdc^fjZBVc\
b‚YV^aa‚Zdanbe^fjZ$Vi]a‚i^hbZ!<^aaZhFj‚c‚]Zgk‚k^XZ"X]Vbe^dcYjbdcYZ$
Vi]a‚i^hbZ!;adg^VcGdjhhZVjX]Vbe^dcdanbe^fjZ$XnXa^hbZ!AVjgZI]^WVjY
[^cVa^hiZdanbe^fjZ$cViVi^dchncX]gdc^h‚Z#
A¼VcX^ZcX]Vbe^dcYjbdcYZY¼Vi]a‚i^hbZ
Hi‚e]VcZ9^V\VcVVZjYjcZoZcegdX‚YVciVj
i^gV\ZVjhdgiYZhYZb^"[^cVaZhYZaV8djeZYZ
aVA^\jZ#DcXgV^\cV^ijcBdcVXd·HV^ci"wi^ZccZ!
fjZidjhaZhdWhZgkViZjghVccdcXZciY‚_|XdbbZ
aV[jijgZ[^cVaZ!Y^heji‚ZaZ(%Vkg^aegdX]V^c#
AZ]VhVgYZcVY‚X^Y‚VjigZbZciZcegdedhVci
YZjmXdc[gdciVi^dchigƒh‚fj^a^Wg‚Zh#HigVhWdjg\
gZd^iHV^ci"wi^ZccZ|AVBZ^cVjiVcY^hfjZ
BdcVXd!aZ[Vkdg^!hZY‚eaVXZ|8VZc#®AVeg^dg^i‚
YZbZjgZaZ8]Vbe^dccVi!fj^cdjheZgbZiYZcdjh
fjVa^[^ZgX]VfjZVcc‚ZZcA^\jZYZhX]Vbe^dch!
XdbbZciZ9^Y^Zg9ZhX]Vbeh!aZXdVX]
bdc‚\VhfjZ#BV^hcdjhcZhdbbZheajhfj¼|
jcbViX]YjHiVYZYZ;gVcXZ#6adgh°¯#
BVgY^&Zg[‚kg^ZgZibZgXgZY^'[‚kg^Zg/
8VZcA&·BdcVXdA&
HigVhWdjg\A&·HV^ci"wi^ZccZA&
'-?6CK>:G'%%*
&- ;G::HINA:6ECw:
A
DÑ8A:;:GB:/EADC<w:96CH
A:BDC9:9:HH:CH
&,&B
;G6C8@H:<J>C$9:69A>C:
?ZcZeZchZeVhfj¼^aZm^hiZYZ
a^b^iZe]nh^dad\^fjZ#AZbZciVa
ZiaVg^\jZjg[dciaVY^[[‚gZcXZ
Ad‰XAZ[ZgbZ!gZXdgYbVcYZeadc\‚ZZcVec‚ZCdA^b^i/&,&bZc(b^c'&h#
'-?6CK>:G'%%*
7GÎK:H
A¼6ECw:
AV[dgbZaVeajh®h^beaZ¯Zhia¼Vec‚Z
hiVi^fjZfj^Xdch^hiZ|gZiZc^ghVgZhe^gVi^dc!
Vaadc\‚hdjha¼ZVjhVchWdj\Zg#:aaZh¼deedhZ
|a¼Vec‚ZYncVb^fjZfj^k^hZ|eVgXdjg^gaV
eajh\gVcYZY^hiVcXZZce^hX^cZ|a¼V^YZYZ
eVabZhaZeajhhdjkZci#AVY^hX^ea^cZgZ^cZ
ZhiaZed^YhXdchiVci#AZeadc\ZjgViiZ^ci!|aV
[dgXZYZh_VbWZh!aVeajh\gVcYZegd[dcYZjg
ZcbZgXdcigV^gZbZci|a¼^bbZgh^dca^WgZ
fj^Vjidg^hZa¼ji^a^hVi^dcY¼jcX}WaZ#GZhiZci
ZcÃcaZed^YhkVg^VWaZZiaZCdA^b^i#
9VchaZhYZjmXVh!aZeadc\ZjgYZhXZcY
|a¼V^YZY¼jcZ\jZjhZ#AZegZb^ZggZbdciZ
|aVeVabZdj|aVXdgYZ#AZhZXdcYji^a^hZ
jceVgVX]jiZjcWVaadcgZbea^Y¼V^g#
;G6C8@H:<J>C$9:69A>C:
AZ;gVcV^hAd‰XAZ[ZgbZY‚i^ZciaZgZXdgYYjbdcYZ
YZeadc\‚ZZcVec‚ZCdA^b^i#>acdjhZbbƒcZYVchhdc
;G6C8@H:<J>C$9:69A>C:
EZcYVcihVh‚VcXZfjdi^Y^ZccZYZnd\V!Ad‰X‚egdjkZaVbdW^a^i‚YZhdcY^Ve]gV\bZ#
bdcYZ#8Zaj^YZa¼Vec‚Z#8Zaj^YjhZch#8Zaj^YZhhZch#
’
Hdjha¼ZVj!|&,&bYZegd[dcYZjg!
idjikVigƒhk^iZ#EVhaZiZbehYZb‚Y^iZg#
9ZeZchZg#:cXdgZbd^chY¼]‚h^iZg#Idji
ZhiV[[V^gZYZg‚ÄZmZh#9¼dj‰Z#AZWgj^iYZhWjaaZh!aZ
XaVfjZbZciYZaV\jZjhZ#9ZidjX]Zg#A¼‚XgVhZbZci
egd\gZhh^[YjXdgeh#A¼VWnhhZc¼ZhifjZijbjaiZ
Zi^kgZhhZ#8]VfjZeZgXZei^dcV\^iXdbbZjcZ
^c[dgbVi^dceg‚X^ZjhZ#6eV^hZbZci#DWhXjg^i‚
idiVaZ!hda^ijYZ!VWhZcXZY¼dmn\ƒcZ!egZhh^dcfj^
Xdbeg^bZkdhdg\VcZhZig‚Yj^ikdhedjbdch
|aViV^aaZY¼jcZh^beaZdgVc\Z#BV^heVhfjZhi^dc
YZh¼ViiVgYZgigdeadc\iZbeh#>a[VjigZbdciZg#
8VgYZjmb^cjiZhhZhdci‚Xdja‚ZhY‚_|#9Zjm
b^cjiZhhVchdmn\ƒcZ#DccZWVY^cZeVhVkZX
aVh‚Xjg^i‚#AZWVaadca^WƒgZhZhWjaaZh#:cÃc#
DcgZeVgi^aa^Xd!Y^gZXi^dcaZhdaZ^aZia¼V^gejg°
8ZhhZchVi^dcha|!Ad‰XAZ[ZgbZaZhk^iVjfjdi^Y^Zc#
A¼]dbbZZhigZXdgYbVcYjbdcYZYZeadc\‚ZZc
Vec‚ZCdA^b^i!gZWVei^h‚Zg‚XZbbZci
®egd[dcYZjgVWhdajZ¯#6kZX&,&beVgXdjgjhZc
hZjaZbZci(b^c'&h!aZ;gVcV^hZhijcZcdjkZaaZ
[d^heVgkZcj|gZedjhhZgjceZjeajhad^cZcXdgZaZh
WdgcZhYZaVY^hX^ea^cZ#®?ZcZeZchZeVhfj¼^aZm^hiZ
YZa^b^iZe]nh^dad\^fjZ#8¼ZhiaVbdi^kVi^dc!aZbZciVa!
aVg^\jZjg!fj^[dciaVY^[[‚gZcXZ#¯²fjVcYYdcXaV
WVggZhnbWda^fjZYZh'%%b4A¼]dbbZVkdjZ
hZXgƒiZbZciVkd^gY‚eVhh‚jc_djgaZh&,)b
|a¼ZcigVˆcZbZciZib„bZZck^hV\‚jcZ[d^h
YZhXZcYgZ|&-*b#GZbVgfjVWaZfjVcYdchV^i
fj¼^anVY^mVch|eZ^cZZihZhegZb^ƒgZhiZciVi^kZh!
^aViiZ^\cV^iY^[ÃX^aZbZciaZh&*b#®?ZbZhdjk^Zch
YZhY‚Wjih!YZaV[VX!YZa¼‚edfjZd‘a¼Vec‚Z‚iV^i
ZcXdgZa¼V[[V^gZYZe^dcc^Zgh#8¼ZhiXZfj^bZbdi^kV^i
Y‚_|#?¼V^idj_djghV^b‚VaaZgkZgha¼^cXdccj!YVchYZh
ZcYgd^ih!YZhb^a^Zjmd‘eZghdccZc¼ZhiXZch‚VaaZg#¯
6kZXaZiZbeh!a¼Vec‚Zh¼ZhiY‚kZadee‚Zedjg
YZkZc^gjcZY^hX^ea^cZXdaaZXi^kZd‘aZ]VhVgYc¼V
eajhhVeaVXZ#6kZXaVh‚Xjg^i‚ZcdWhZhh^dc#;^c^
aZiZbehYZheadc\‚ZhZchda^iV^gZhdjkZci[ViVaZh#
AZbdcYZYZa¼Vec‚ZX]ZgX]ZVj_djgY¼]j^|
egdbdjkd^gjccdjkZa‚iViY¼Zheg^i!jcZegVi^fjZ
h’gZYVchaVfjZaaZaZeaV^h^gcZhZgV^ieVhigde
eVgVh^i‚eVgaZhXdcigV^ciZhiZX]c^fjZh#®CdjhcZ
hdbbZheVhVjhh^[dgifjZaVcVijgZ#A¼Vec‚Z!XZc¼Zhi
eVhkdjad^gYdbeiZgaVcVijgZ#AVcVijgZ!ZaaZ!VVjigZ
X]dhZ|[V^gZ#Cdc#>a[Vji_jhiZX]ZgX]Zg|h¼VYVeiZg
|XZb^a^Zj¯HVkd^gh¼VYVeiZg#AZbdiZhia}X]‚#
H¼VYVeiZgXdbbZaVhZ^X]Z!a¼Vc^bVaeg‚[‚g‚YZ
Ad‰X!fj^hV^iX]Vc\ZgYZXdjaZjgZihZ[dcYgZYVch
hdcZck^gdccZbZci#
?VXfjZhBV^aada!a¼ZbWaƒbZ
8Vga¼Vec‚^hiZgZX]ZgX]ZVkVciidjiaVea‚c^ijYZ#Jc
eaV^h^gZmZbeiYZidjiZhdj[[gVcXZ#®EZghdccZcZ
eadc\ZedjgVkd^gbVa#DchZ[V^ijceZjeZjg|aV
g^\jZjg#:iZcXdgZ!^anVeZjgfjVcY^anVb^hZZc_Zj
YZa¼^chi^cXiYZhjgk^Z#JcH9;eZjieVgaZgYZeZjg#EVh
jc\Vghfj^hVjiZ|a¼‚aVhi^fjZ#8Zaj^a|h¼^c_ZXiZ_jhiZ
jceZjY¼VYg‚cVa^cZ#¯Eajhfj¼jchedgi!a¼Vec‚ZZhi
jcZe]^adhde]^Z#A¼‚XdaZYZaVeVi^ZcXZZiYZaV
XdccV^hhVcXZYZhd^#®A¼Vec‚ZZhijcdji^a!jc
^chigjbZciYZk^Zfj^bZeZgbZiYZXdccVˆigZYZh
bdbZcihZmXZei^dccZah!YZbZhZci^geg^k^a‚\^‚ZiYZ
edjkd^gaZgVXdciZgVjmVjigZh#¯A¼Vec‚Z!X¼ZhiVjhh^
a¼VkZcijgZ#JcZXjg^dh^i‚Zc[Vci^cZfj^edjhhZYZh
VYjaiZh|ZmeadgZghVchXZhhZYZcdjkZVjm
Xdci^cZcih#²gZedjhhZgjceZjeajhad^caZha^b^iZh
‚iVWa^Zh#®8¼ZhiYVchaVcVijgZ]jbV^cZYZkdjad^g
egd\gZhhZg#Dcegd\gZhhZeVgXZfjZa¼dck^iZchdX^‚i‚#
AVkgV^Zbdgi!X¼ZhiYZcZeVh„igZgZXdccj#¯
²XZ_Zj!a¼]dbbZeZji"^aZhe‚gZg‚iZgcZaaZbZci
egd\gZhhZg48Vg^a[VjYgVW^Zcjc_djgdja¼VjigZ
eZchZg|gVXXgdX]Zg#®?VXfjZhBVndaVkV^i*,Vch
adghfj¼^aV‚iVWa^ihdcgZXdgY|&%,b#IdjiZhijcZ
fjZhi^dcYZbdi^kVi^dc#¯?VXfjZhBVnda#A¼ZbWaƒbZ#
AZ<gVcY7aZj#®AZ<gVcY7aZj4JcÄabeVgb^iVci
Y¼VjigZh#>aZhiÄYƒaZ|aVg‚Va^i‚W^Zcfj¼jceZj
XVg^XVijgVa#AZb^a^ZjYZa¼Vec‚ZZcVXZeZcYVci
idj_djghZjjcZWdccZ^bV\Z#¯Ad‰XAZ[ZgbZeg‚[ƒgZ
edjghVeVgiHZjaVjbdcYZ#Hda^ijYZ#IdjiZhiY^i#N
:7D?;BFEDJ7B
HZjaVjbdcYZYZGdWZgiOZbZX`^h!VkZXIdb=Vc`h
A:HG:8DG9H
-b^c*-h#8¼ZhiaZg‚XZcigZXdgYYjbdcYZ
Y¼Vec‚ZhiVi^fjZY‚iZcjeVga¼6aaZbVcY
IdbH^ZiVhZiWViijaZ&'Y‚XZbWgZYZgc^Zg#
AZh6aaZbVcYhhdcibVˆigZh‚\VaZbZci
YZa¼Vec‚ZYncVb^fjZVkZXHi^\6VkVaa
HZkZg^chZcZihZh&++beVgXdjgjh
Zce^hX^cZ#:ced^YhXdchiVciXdbbZ
Zc^bbZgh^dca^WgZ!aZgZXdgYbVch¼VeeZaaZ
BVgi^cHiZeVcZ`#AZIX]ƒfjZVViiZ^ci
gZheZXi^kZbZciaZh&%(bZi&%'b#:ced^Yh
kVg^VWaZ!aZK‚c‚ojZa^Zc8Vgadh8dhiZZhi
YZhXZcYj|&(*baZ',dXidWgZ'%%)#Bd^ch
fjZAd‰XAZ[ZgbZZihZh&,&bZcCdA^b^i
g‚jhh^haZ(%dXidWgZ'%%)#
;G6C8@H:<J>C$9:69A>C:
B
&.
7>D:MEG:HH
C‚aZ'-Vd’i&.,%!Ad‰XAZ[ZgbZVWViijX^cf
[d^haZgZXdgYYjbdcYZY¼Vec‚ZCdA^b^iZcigZ
&...&(,bZi'%%)&,&b#:c&..-!^aZhiaZ
egZb^Zg;gVcV^hVegƒh?VXfjZhBVnda|
‚iVWa^gjccdjkZVjgZXdgYYZ;gVcXZZcVec‚Z
ed^YhkVg^VWaZVkZX&&-b#8d"dg\Vc^hViZjgYZ
aV&gZ8djeZYjbdcYZ6>96YZeadc\‚ZZc
Vec‚ZZc&..+!^ag„kZYZbdciZgjcZ‚fj^eZ
YZ;gVcXZY¼Vec‚Z#>aZchZ^\cZhVY^hX^ea^cZ
|C^XZa¼Vec‚ZVjhZ^cYjCJ8hjWVfjVi^fjZ
YZej^h&..'#lll#ad^X"aZ[ZgbZ#Xdb
'-?6CK>:G'%%*
'% 6K:CIJG:B6GD8
B6CJBDG:A
A:B6GD8:CFJ69
9GDB696>G:
JcZhZbV^cZYVcha¼6iaVhedjgWdjXaZg&'%%`bYZhZci^ZgheVhidj_djgh
WViijh#A¼VkZcijgZegZcY^X^aZhVaajgZhY¼jcgVaanZ#Hedgin‚iV^i!edjgjcZ
hdgiZYZEVg^h"9V`VgZcb^c^VijgZ#BdiZjg
’
AZeVgXdjghYd^icdjhXdcYj^gZYZh
]VjiZhkVaa‚ZhYZa¼6iaVhVjmg^kZhYZ
a¼6iaVci^fjZZceVhhVcieVgjcZbjai^ijYZ
YZXdah!Y¼dVh^h!YZYjcZhZiYZeaV^cZhZcigZI^X]`V
|a¼ZhiYZBVggV`ZX]!DjVgoVoViZ!OV\dgV!IV[gVdji
Zi6\VY^g#BV^hjcZa‚\ƒgZVeeg‚]Zch^dchV^h^iaZ
\gdjeZ[VXZVjmZc\^chfj^kdcicdjhVXXdbeV\cZg
eZcYVci&'%%`b#6kZXXZhfjVYYZ*%%Xb(!aV
WVaVYZ|igVkZghaZheVcdgVbVhYZa¼6iaVhbVgdXV^c
egZcYjcZVaajgZeajhiZX]c^fjZ#AZhegZb^Zgh
`^adbƒigZhaZXdcÃgbZci#8Zi]nWg^YZb^"Vjid
b^"bdidedhhƒYZhZhegdegZhgƒ\aZh#BV^h|[dgXZ
YZeZgh‚k‚gVcXZ!a¼Zc\^cÃc^eVghZaV^hhZg
YdbZhi^fjZg#®AZfjVYZhiiZX]c^fjZbZciigƒh
'-?6CK>:G'%%*
egdX]ZYZa¼‚fj^iVi^dc¯!XdbeVgZ6a^!\j^YZYZ
a¼Zme‚Y^i^dc!fj^[ji_dX`ZnVkVciY¼VXXdbeV\cZgXZh
k^g‚Zhb‚XVc^fjZh#®AZ\j^YdchZgiYZg„cZh/h^dc
gZa}X]ZaViZch^dc!a¼Zc\^ceVgid‘^akZji#6kZXaZh
_VbWZhfj^hZggZci[ZgbZbZciaVhZaaZ!dc^beg^bZaV
Y^gZXi^dcVjmgdjZhVgg^ƒgZ#JcXdjeYZ\Voedjghdgi^g
Yjk^gV\ZZiaZidjgZhi_dj‚¯#9VchaZhgdjZhYZeajh
]VW^aZfjZhd^!dcXdbegZcYfjZa¼dceZjiY‚gVeZg!
XVhhZgaZhk^gV\Zh!hVjiZgYZhdWhiVXaZh#GdjaZg
gZYZk^ZcijceaV^h^g!jcZhZhh^dcYZ\a^hhZd‘
a¼dchZegZcY|_djZgXdbbZdcegZcYjcZkV\jZ#
Fjdi^Y^ZccZbZci!XZhdciZcigZ&*%Zi(%%`bYVch
YZheVnhV\Zh|XdjeZgaZhdj[ÄZ#>bedhh^WaZY¼Zc
kd^gVjiVciZc)m)!ZcXdgZbd^chZcigZ`#
A¼‚igd^iZhhZYZa¼Zc\^c!VkZXhZjaZbZci&bYZ
Y‚WViiZbZci!eZgbZiY¼ZbegjciZgYZhe^hiZh
]VW^ijZaaZbZci^cVXXZhh^WaZhVjmZc\^ch
b‚XVc^fjZh#AZidji|k^iZhhZg‚Yj^iZ!hVch
igdeeZgijgWZgjc‚XdhnhiƒbZk^h^i‚YZej^hYZh
Y‚XZcc^Zh#Cdh]j^ifjVYhh¼Zc[dcXZciV^ch^
hjgaVe^hiZ‚igd^iZfj^XdjgiaZadc\Yj9g}V#
8¼ZhijcZWVcYZYZiZggZ[Zgi^aZfj^h¼‚iZcY
hjgjcZXZciV^cZYZ`^adbƒigZhaZadc\YjY‚hZgi#
AZfjVY!a¼Zc\^c^Y‚Vaedjga¼VkZcijgZ
9¼‚igVc\Zh[dgiZgZhhZhW}i^ZhY¼Vg\^aZhZiYZeV^aaZ
b„a‚Z!Y‚a^b^iVcijcaVWng^ci]ZYZe^ƒXZh|k^kgZ!
_VadccZciXZiiZXdja‚ZkZgiZ#:aaZheZgbZiiV^ZciVjm
edejaVi^dchh‚YZciV^gZhY¼‚X]VeeZgVjgVX`ZiYZh
ig^WjhcdbVYZh#AVYncVhi^ZYZh<aVdj^!fj^Ydb^cV
idjiaZhjYYjBVgdX_jhfj¼|a¼^cY‚eZcYVcXZYj
eVnhZc&.*+!VaV^hh‚a|hZheajhWZVjmdjkgV\Zh/
YZk‚g^iVWaZheVaV^heVg‚hYZbdhV‰fjZhZiYZ
[gZhfjZhhXjaei‚Zh!Vj_djgY¼]j^|a¼VWVcYdc#>X^!
aZhgj^cZh[dcieVgi^ZYjeVnhV\Z/aVigVY^i^dckZji
'&
GdjaZggZYZk^ZcijceaV^h^g!
jcZhZhh^dcYZ\a^hhZd‘dchZegZcY
|_djZgXdbbZdcegZcYjcZkV\jZ
AZX^gXj^ibVgdXV^cegdedh‚eZgbZiYZ[g‚fjZciZgidjiZhhdgiZhYZ
iZggV^ch/\gVk^Zgh!e^ZggV^aaZh!gdX]Z!hVWaZ°XdbbZ^X^YVchaZh
YjcZhYZ8]^\V\V!|egdm^b^i‚YZaV[gdci^ƒgZVa\‚g^ZccZ#
B6CJBDG:A
9VchaZhXdcigZ[dgihYZhbdciV\cZh
YZa¼6iaVh!|&*%`b|a¼ZhiYZBVggV`ZX]!
aZeZi^i\gdjeZVWdgYZjck^aaV\Z^hda‚#
&'%%@BIDJII:GG6>C
:hhVdj^gV
6;G>FJ:
IZadjZi
8daYj
I^X]`V
6‰i7Zc
6\VY^g
IVgdjYVci
A
cihY
ZhBd
I^oc^i
6\Yo
KVaa‚Z
Yj9g}V
OV\dgV
>g]Zgb
BVhhV
7djhdjc
DjVgoVoViZ
IVoZcV`]i
B 6 G D 8
I^[c^iZ
7djbVacZ
h
Za¼6iaV =VYYdj
;djbO\j^Y
:g\A^]djY^
IV[gVdji
AVX>g^fj^
IViV
B¼]V]^Y
L6<
D 8
w 6
6 I A
6 C I C > F J :
*%@B
BVggV`ZX]
>C;DHEG6I>FJ:H
wFJ>E:B:CI
:IBwIwD
9:;:G
VjmbVX]^cZh!aVigVkZgh‚ZYjaVXVhh‚X]‚YZ>g^fj^!
adc\Y¼jcZX^cfjVciV^cZYZ`^adbƒigZh!eZgbZiYZ
Y‚Wg^YZgaZhbdiZjgh#²egZhfjZ.%`b$]!aVk^iZhhZ
bVm^bjbYZXZhWda^YZhidjiiZggV^c!^a[Vji
h¼VXXgdX]ZgVj\j^Ydc#Eajhad^c!cdhZc\^chhZ
[VjÃaZciZcigZYZhVaa‚ZhYZXVXijh\‚Vcih#wXVgi
^ciZgY^i#6^aaZjgh!idjiZhhdgiZhYZiZggV^ch\g^hZci
aZhhZchbV^ciZcVciW^ZcV[[’i‚h/hVWaZ!e^ZggV^aaZ!
\gVk^Zgh!gdX]Z°®8¼ZhijchedgiXdbeaZifj^hdaa^X^iZ
idjiaZXdgehZibZi|a¼‚egZjkZaZhg‚ÅZmZhZiaV
k^\^aVcXZ¯!g‚hjbZcdigZ]iZfj^egdbZijcWZa
VkZc^g|a¼VXi^k^i‚hjgXZXdci^cZci#AjY^fjZ!
VXXZhh^WaZ|idjheVhWZhd^cYZeZgb^h!eVhhZ"
eVgidji!bZ^aaZjgbVgX]‚fjZaZ)m)!aZfjVY
XdccVˆijc[gVcXhjXXƒh/jcZfj^coV^cZ
Y¼ZcigZeg^hZhdciÄZjg^XZhYZgc^ƒgZhVcc‚Zhedjg
dg\Vc^hZgXZh®k^g‚Zh|YdhYZbdiZjg¯!ZiY‚_|
egƒhYZX^cfXZcihYZXZhYgdbVYV^gZhYZ[Zg
X^gXjaZgV^ZciVjBVgdX#>aZhiYdcX\gVcYiZbeh
Y¼Zc[djgX]ZgaZkigZ#N
HJGEA68:
:cVk^dc!BVggV`ZX]Zhi
YZhhZgk^Zeajh^Zjgh[d^h
eVg_djghjgeajh^Zjgh
]dgV^gZheVgGdnVa6^gBVgdX!
VjY‚eVgiYZEVg^hZiYZh
eg^cX^eVaZhk^aaZhYZegdk^cXZ
I‚a#/%-'%-'&-'&#
A¼VaiZgcVi^kZ!X¼Zhi6^g;gVcXZ!
VkZXYZhkdahhjgidjiaZlZZ`"
ZcYI‚a#/%-%'-%'-%'#
A¼de‚gViZjg;jc;anegdedhZ
jcZ[dgbjaZidjiXdbeg^h
-_djghYdci+YZfjVY
|eVgi^gYZ&,)%æVjY‚eVgi
YZEVg^hdjYZaVegdk^cXZ
I‚a#/%-'%)'%-'%!
lll#[jcVcY[an#Xdb#
8ZgiV^chZcYgd^ihgZXja‚h
hdci‚igVc\ZghVjmhiVcYVgYh
dXX^YZciVjm#wk^iZoaZh
XVYZVjmfj^Y‚cVijgZciaV
hedciVc‚^i‚YZhgZaVi^dch#
IgdjkZoeajiijc^chi^ijiZjg
djjc^c[^gb^ZgedjggZbZiigZ
kdhYdch#EVhYZe]didhhVch
Vjidg^hVi^dc#EVhYZiZcjZ
egdkdXVciZ#GZ[jhZgaZi]‚
d[[ZgiZhijcV[[gdci#Idj_djgh
hZhZgk^gYZaVbV^cYgd^iZ#
A¼VjigZ!g‚hZgk‚Z|aVid^aZiiZ!
Zhi^bejgZ#
6YgZhhZji^aZ/
D[[^XZcVi^dcVabVgdXV^cYj
idjg^hbZ#I‚a#/%&)'+%+(*%#
7^kdjVXYVchjc
XVbeYZIdjVgZ\
h^ij‚Vje^ZYYZh
YjcZhYZ8]^\V\V#
F7KBCEB=7
B6CJBDG:A
ZcZ[[ZifjZaZhÃah!eVggZheZXiZckZghaZjgeƒgZ
Y‚[jci!VWVcYdccZciaV`VhWV]fj^a¼VkjcVˆigZ
edjgZcW}i^gjcZcdjkZaaZ#9ZkZcjhV\^aZh!cdh
fjVYhh^aadccZciY^hXgƒiZbZciXZhX^bZi^ƒgZh
jgWV^chedjgiVcieaZ^chYZk^Zh#CdjheZch^dch
Y‚gVc\Zg!^begZhh^dccZgb„bZ#BV^h!|XZiiZ
VaajgZ!aZgdcgdccZbZci[Zjig‚YZhbdiZjghhjhX^iZ
jcZXjg^dh^i‚egde^XZVjmgZcXdcigZh#:c[V^i!
X]VfjZeVhhV\ZYZk^aaV\Z[V^ihdgi^gYZh\Vb^ch
eVg\gVeeZh#9ZheVnhVch!Vjhh^!eajhg‚hZgk‚h!
bV^haZhnZjmWg^aaVcihYZÃZgi‚!eZghjVY‚hfj¼^ah
hdciY¼Vhh^hiZg|jcZXdjghZ#®8¼ZhiaVX^k^a^hVi^dc
fj^aZjg[V^ia¼]dccZjgYZXgd^hZgaZjggdjiZ¯!Zmea^fjZ
E]^a^eeZ!dg\Vc^hViZjgYZXZgV^Y!cVi^[YjeVnh#
6jmedgiZhYZhYjcZhYZ8]^\V\V!cdh]j^iZc\^ch
e‚iVgVYVcih!hdjaZkVciYZaVedjhh^ƒgZZiXgVX]Vci
YZh\VoY¼‚X]VeeZbZci!k^ZccZcijceZjigdjWaZg
aZgZXjZ^aaZbZciY¼jck^aaV\ZYZiZciZhWZgWƒgZh
^ckZhi^heVgYZhidjg^hiZhoZc#BV^haZgZheZXi
bjijZaYZhkdnV\ZjghYjbdcYZgZegZcYk^iZhZh
Ygd^ih#8]^\V\Vd[[gZY¼^begZhh^dccVcihigZbea^ch
AVbZ^aaZjgZe‚g^dYZedjg
eVgi^gh¼‚iVaZYZhZeiZbWgZ|
bVgh!fjVcYaZhiZbe‚gVijgZh!
eajhXa‚bZciZhfj¼Zc‚i‚
ZcigZ&%Zi&*•8!eVg[d^h
bd^ch!eZgbZiiZciYZ
hjeedgiZga¼‚fj^eZbZci
XVhfjZ!XV\djaZ!ajcZiiZh
YZegdiZXi^dc!\Vcih!WdiiZh!
kZhiZedaV^gZZiXdjeZkZci#
²XVjhZYZaVk^iZhhZYjfjVY
ZiYZhY‚eVgihbVi^cVjm!
jcZhdjh"XdjX]ZX]VjYZ
c¼ZhieVhhjeZg[ajZ#6iiZci^dc
‚\VaZbZciVjmcj^ih!igƒh
[gd^YZhYVchaZY‚hZgi#
N6AA:G
'-?6CK>:G'%%*
;Gw9wG>88>GDJ$+E6$B6MEEE
'' <J>9:9¼68=6IBD7>A:H
HEDGIBD7>A:
8]VfjZ[d^hfj¼jccdjkZVjb‚Y^VVeeVgVˆi!aZhedgia¼^ckZhi^i#AVi‚a‚e]dc^Z
bdW^aZc¼VeVh‚X]Vee‚|aVgƒ\aZ#6kZXaV(<!XZaVegZcYb„bZjcZVjigZ
Y^bZch^dc#AVi‚a‚Y‚WVgfjZhjgkdigZedgiVWaZ#CZXdjeZoeVh
’
?j^aaZi'%%,#EdgiYZKVaZcXZ!Zc:heV\cZ#
6jWdgYYjeaVcY¼ZVj!kdjhkZcZo
Y¼Vhh^hiZgVjig^dbe]ZYjY‚Ã[gVcV^h@"
8]VaaZc\Z!ZcÃcVaZYZaV('Z‚Y^i^dcYZaV8djeZYZ
a¼6bZg^XV#KdjhViigVeZokdigZi‚a‚e]dcZbdW^aZ
edjg[V^gZW^hfjZgkdigZbZ^aaZjgVb^#IdjX]Z
k^h^de]dc^ZVXi^k‚Z!kdjhkdjhÃabZoYZkVciaZ
8aVhh6bZg^XVkV^cfjZjg!ÃZgXdbbZjc]VjWVc°
®GZ\VgYZd‘_Zhj^h¯AVg‚edchZ[jhZ/®vVb¼Zhi
‚\Va!_¼V^idjikjZcY^gZXihjga¼‚XgVcYZbdc
i‚a‚e]dcZ#¯8ZhX‚cVg^dXdci^ZciYZkgV^hbdgXZVjm
YZhX^ZcXZ"ÃXi^dc!bV^heVha|d‘dcedjggV^iaZ
Xgd^gZ#:cY‚XZbWgZYZgc^Zg!B^X]Za7dccZ[djh!
eVigdcY¼68BVcV\ZbZci!dg\Vc^hViZjgYZaV8djeZ
'-?6CK>:G'%%*
YZa¼6bZg^XV!cZXVX]V^ieVhhdcZmX^iVi^dc|
a¼VccdcXZYjcdjkZVjeVgiZcVg^Vih^\c‚VkZXaV
ÃgbZ[gVcV^hZ6aXViZafj^aj^eZgbZi!V[ÃgbV^i"^a
Vadgh!®Y¼Zck^hV\ZgjcZXdjkZgijgZbjai^b‚Y^V
Y‚eVhhVciaZhbdnZchigVY^i^dccZahb^hZc¶jkgZ
_jhfj¼|XZ_djgYVchaZh‚k‚cZbZcihhedgi^[hYZXZiiZ
^bedgiVcXZ¯#AVk^Xid^gZYZ@"8]VaaZc\ZgZhiZ
]nedi]‚i^fjZ!aVb‚Y^Vi^hVi^dcYZa¼‚egZjkZ!hjg
idjhaZhXVcVjmY^hedc^WaZh!ZhiVhhjg‚Z#
EZi^igZidjgZcVgg^ƒgZ#6jXdbbZcXZbZci‚iV^iaV
egZhhZ‚Xg^iZ!‚eajX]‚ZeVga¼VbViZjgYZhedgiVj
aZcYZbV^cYZhXdbe‚i^i^dch#Ej^hk^ciaVgVY^d!hjg
aVfjZaaZiVciY¼dgZ^aaZhhZhdci‚X]Vj[[‚ZhVjmg‚X^ih
YZhXdbbZciViZjghhedgi^[h|aVkd^m[Vb^a^ƒgZ#
Edjga¼^bV\Zfj^Wdj\Z!^aV[VaajViiZcYgZaV
i‚a‚k^h^dc!hZhegZb^ƒgZhgZigVchb^hh^dch
bVaVYgd^iZhZihZhY^[[‚g‚h[gjhigVcih#6j_djgY¼]j^
ZcXdgZ!ÃcVaZbZci!hZjahfjZafjZhV[[Vb‚h
eZjkZciXdchdbbZgZcY^gZXi!bdnZccVci
ÃcVcXZh!a¼^ci‚\gVa^i‚YZhbViX]ZhYjegZb^Zg
8]Vbe^dccViYZ;gVcXZYjhedgi"gd^/aVA^\jZ&YZ
[ddiWVaa#:i!edjgV!^a[VjigZhiZgigVcfj^aaZbZci
X]Zohd^#Dg!a¼]dbbZYjMM>Zh^ƒXaZ!|a¼^chiVgYZ
hdcVcX„igZ!HVe^Zch!ZhigZYZkZcjcdbVYZ#
CZg^ZcgViZg!bdW^aZZcbV^c
9ZhdcXi‚!a¼=dbdhedgi^kjh!jc\gVcYb}aZ
Ydb^cVci!cZeZjieVhidjikd^gbV^h^akZjiidji
hVkd^g#BdW^aZZcbV^c!^aZhiVgb‚edjgcZg^Zc
gViZg#²hVY^hedh^i^dc!jcZbjai^ijYZYZhdjgXZh
Y¼^c[dgbVi^dch#AZhhZgk^XZh6jY^diZadciY¼VWdgY
‚iVcX]‚hVhd^[YZg‚hjaiVih#EdjgeajhYZXdc[dgi!^a
eZjiaZjgeg‚[‚gZgaZhhZgk^XZhiZmiZhYVchaZhfjZah
^aigdjkZ!e„aZ"b„aZ!YZhhXdgZhZcY^gZXi!YZh
XaVhhZbZcih!YZhXdbeiZhgZcYjhZiYZhVcVanhZh#
A : B 6 < 6 O > C : H E D G I ; G : : 6I I > I J 9 :
L L L# ; G : : H E D G I# ; G
CDJK:6J<G6IJ>I
HedgiZhiZca^\cZ
lll#[gZZhedgi#[g
EVgaZo"Zc|kdhVb^h
8¼Zhibd^chX]ZgfjZeVhX]Zg
') <J>9:9¼68=6IBD7>A:H
8=>8:I8=D8
2%-)033)4
3)4./45-$/,/
3)4./45-$/,/
CD@>6++(%
IDJI:CJC
2%-)033)4
AZYZh^\cVgiY‚XdYjCd`^V,'+%c¼ZhieVhhdchZja
ViigV^i#>acZhjeedgiZeVhaZg‚hZVjJBIHbV^hhZ
h^ijZ|b^"X]Zb^cej^hfj¼^aZhiVYVei‚|aVcdgbZ
:Y\Z#AVk^h^de]dc^Zc¼ZhieVhedhh^WaZbV^haV
XdchjaiVi^dcYZk^Y‚dhhZ[V^ihVchhdjX^#EVhYZ
7ajZiddi]cdceajhbV^hjcijcZggVY^d;B^ci‚\g‚!
^Y‚VaedjgaZhbjai^eaZm#EdjgaZh[Vh]^dck^Xi^bh!
^aXdci^ZcijcXdckZgi^hhZjgYZiV^aaZYZk„iZbZcih
ZiYZed^cijgZh°
Ed^Yh/.'\
6jidcdb^Z/_jhfj¼|(]ZjgZhZcXdbbjc^XVi^dc$
_jhfj¼|(*%]ZjgZhZckZ^aaZ
Eg^m/(&.æ]dgheVX`
8Z®hbVgie]dcZ¯i‚a‚e]dcZYdi‚YZh[dcXi^dccVa^i‚h
YZhE96!XZhdg\Vc^hZjgh‚aZXigdc^fjZh!‚\VaZbZci
aZXiZjgBE(!Zhijcdji^aXdbeaZi#KdjhedjggZo
Zme‚g^bZciZgidjiZaV\VbbZYZhhZchVi^dch
a^‚Zh|aV(<#EdjgaVk^h^de]dc^Z!^aZhibVa\g‚
idjic‚XZhhV^gZYZedhZgaZCd`^V++(%hjgjcZ
XdchdaZkZcYjZh‚eVg‚bZci#²cdiZgfj¼VkZXhV
g‚hdaji^dcYZ&!'(b‚\Ve^mZa!a¼VeeVgZ^ae]did
^ci‚\g‚c¼Zhieajhjc\VY\Zi#
Ed^Yh/&',\
6jidcdb^Z/_jhfj¼|(]ZjgZhZcXdbbjc^XVi^dc$
_jhfj¼|&&_djghZckZ^aaZ
Eg^m/('.æeVX`H;Gdj+-.æhZja
;G6C8:I:A:8DB7DJN<J:HI:A:8DB
CD@>6<6B:AD;I
CD@>6,'+D
;Gw9wG>88>GDJ$+E6$B6MEEE
HJGKDIG:BD7>A:!
A:H7JIH9:A><J:&:C9>;;wGw
9:FJ:AFJ:HB>CJI:H
;DC9H;Gw9wG>88>GDJ$+E6$B6MEEE
AZheajh^beVi^Zcihh¼^chXg^kZciedjggZXZkd^gYZh
VaZgiZhHBHXdcXZgcVciaZjghhedgiheg‚[‚g‚hZi
aZjghXajWh[‚i^X]Zh#AZhhd^ghYZbViX]ZhYZA&!
kZgh''])*!VkVcib„bZ®?djgYZ;ddi¯!
a¼‚b^hh^dcYZ8VcVa Y‚Y^‚ZVjm_djgc‚ZhYZ
X]Vbe^dccVi!aZbVc^VfjZZc\d\jZiiZ!ViiVWa‚Vj
gZhiVjgVci!|aVhdgi^ZYjX^c‚djYVchaVfjZjZYj
eVg`^c\![V^iaZed^cihjgaZhYZgc^Zgh‚k‚cZbZcih#
8Zfj^kVaV^iedjgaZg‚hZVj<HB!eZch‚edjgaV
kd^m!h¼Zhi‚id[[‚VkZXa¼Vgg^k‚ZYZa¼>"bdYZ
7djn\jZhI‚a‚XdbZiYj<EGHDgVc\ZZiH;G!
(dj)[d^heajhgVe^YZh#6jmiZmiZhWgjihhdci
kZcjZhh¼V_djiZgYZhe]didhej^hYZhk^Y‚dh#AV
igd^h^ƒbZ\‚c‚gVi^dc(<hdccZXdbbZjcZ
g‚kdaji^dc#A¼JBIH!VkZXYZhY‚W^ihZcXdgZ&%[d^h
hje‚g^Zjgh!cdjgg^iidjhaZh[VciVhbZh#H;GV
djkZgiaZWVaZccdkZbWgZ'%%)!hj^k^!ZcY‚XZbWgZ!
eVgDgVc\Z#7djn\jZhI‚a‚Xdb!ZcVkVcXZVkZXhdc
>"bdYZ^bedgi‚Yj?Vedc!VX]d^h^YZ[V^gZ
²<6<C:G+%?:JM
a¼^beVhhZhjga¼JBIHYZegZb^ƒgZ\‚c‚gVi^dc#AZ
YZgc^Zg"c‚YZh\gVcYhde‚gViZjghaVcXZgVVj
hZXdcYhZbZhigZ'%%*aViZX]cdad\^Z^ciZgb‚Y^V^gZ
:Y\Z!egdX]ZYZa¼JBIHbV^hc¼Vjidg^hVcieVhaV
k^h^de]dc^Z!VkVciYZgVXXgdX]ZgaZlV\dcYjigƒh
]VjiY‚W^i!XdbeVgVWaZ|aVXdccZm^dc69HAedjg
a¼>ciZgcZiej^hfjZaVegdX]V^cZ‚kdaji^dcYZa¼JBIH
egdbZiYZhÄjm'%%[d^heajhgVe^YZhfjZaZ<HB#
9Zhg‚hjaiVih‚edjhidj[aVcih
Edjg[V^gZeVi^ZciZghZhVWdcc‚h!aV(<c¼‚iVci
VXXZhh^WaZVj_djgY¼]j^fj¼Vjm]VW^iVcihYZhodcZh
jgWV^cZhYZ[dgiZYZch^i‚Zck^gdc)%YZaV
edejaVi^dc[gVcV^hZ!DgVc\Zh¼djkg^gV‚\VaZbZci
|a¼:Y\Z-*YZXa^ZcihediZci^Zah#
DjigZaVk^h^de]dc^Z!fj^eZgbZiYZ[V^gZeVgiV\Zg
ZciZbehg‚ZahZh‚bdi^dchYZej^haZhiVYZ!aVk^Y‚d
Zi!hjgidji!aVi‚a‚k^h^dcZcY^gZXicZhdcieajhYZh
‚ajXjWgVi^dchYZgdbVcX^Zgh[jijg^hiZh#vV
bVgX]ZAZg‚hjaiViZhib„bZVhhZo‚edjhidjÄVci#
:cfjZafjZhhZXdcYZh!YZkVcikdhnZjm^cXg‚YjaZh!
h¼Vc^bZAVjgZciAjnVi!eg‚hZciViZjgYZHiVYZ'!
hjg;gVcXZ'#AV(<eZgbZiYZh¼V[[gVcX]^gYj
i‚a‚X]Vg\ZbZci!aVY^[[jh^dch¼Z[[ZXijZZcXdci^cj
®higZVb^c\¯#A¼^bV\ZZhiÄj^YZ!idji|[V^ia^h^WaZ#
8¼Zhi‚k^YZbbZcibd^cheVg[V^iadghfj¼^anV
WZVjXdjeYZbdjkZbZciZiYZheaVchaVg\Zh#Jc
XdbWaZ!dc‚k^iZgVVjhh^YZigdeWdj\Zg###6jÃcVa!
dcgZ\gZiiZhjgidjiaVfjVa^i‚Yjhdc!eajii
bdnZccZ#EdjgY^gZaVk‚g^i‚!aZ[gZ^cZhiV^aaZjgh/aZ
eg^m#EdjgaZh&%X]VˆcZhYjhZgk^XZDgVc\ZLdgaY
>ciZchZ>c[dhedgi!;gVcXZ'!(Zi*!>"I‚a‚!B+
Bjh^X!IgVXZIK!GIA.!8^c‚>c[dZi;Vh]^dcIKZi
aZhYZjmX]VˆcZhYjhZgk^XZH;G(<:jgdcZlhZi
;Vh]^dcIK!^a[VjiXVhhZghVi^gZa^gZ#²eVgi^gYZ
'%%æedjgaZi‚a‚e]dcZYVchjceVX`!ZiVjidjgYZ
*%æa¼VWdccZbZcibZchjZa!fj^c¼^cXajieVhaV
XdchjaiVi^dcYZaVi‚a‚!edjgaVfjZaaZ^a[VjiZcXdgZ
Y‚WdjghZg%!*%æaVb^cjiZ#
6jidiVa!dcZhi^bZ|*%%%%aZcdbWgZYZeZghdccZh
XdccZXi‚Zh|aV(<#DgVc\ZiVWaZhjg&b^aa^dc
Y¼VWdcc‚hÃc'%%+!H;Ghjg*%%%%%#Edjgidjh
XZjm"a|XdbbZedjgaZhVjigZh!aZhedgiZhijc
XZcigZY¼^ci‚g„ibV_Zjg#HVchhZ_ZiZg|[dcYh
eZgYjhhjgaVcdjkZVji‚!^aZhiedhh^WaZYZhZ[V^gZ
eaV^h^g#:c‚iVcijceZjeVi^Zci!VkZXjcZh^beaZ
XdccZm^dc<EGH!dceZjiXdchjaiZgYZh[dgbVih
XdjgihYZbV\Vo^cZhZck^Y‚d!XdbbZ!X]Zo
DgVc\Z!jc_djgcVaYZhhedgih!aZg‚hjb‚Y¼jc
bViX]YZEgZb^ZgAZV\jZX]Vbe^dccVi
Y¼6c\aZiZggZYZ[ddiWVaa!YZhcdjkZaaZhYjWViZVj
YZ7gjcdEZngdc!djjcZ^ciZgk^ZlYZO^YVcZ#H;G
>i¼h^ci]Z<VbZIB
'%%*:aZXigdc^X6gih>cX#:aZXigdc^X6gih!:6!:6HEDGIHZiaZad\d:6HEDGIHhdciYZhbVgfjZhXdbbZgX^VaZhdjYZhbVgfjZhY‚"
edh‚ZhY¼:aZXigdc^X6gih>cX#VjmwiVih"Jc^hZi$djYVchY¼VjigZheVnh#IdjhYgd^ihg‚hZgk‚h#A¼ji^a^hVi^dcYZhcdbhZiYZhVeeVgZcXZhYZ
_djZjghg‚ZahZhiVjidg^h‚ZeVg;>;Egd;djcYVi^dcZieVgaZh‚fj^eZhcVi^dcVaZh!aZhXajWhZi$djaZhX]Vbe^dccVih#;VWg^fj‚hdjha^XZcXZ
Y¼:aZXigdc^X6gih>cX#8dcjZcJ:#AZhcdbhJ:;6Zi8=6BE>DCHA:6<J:!V^ch^fjZaZad\d‚id^a‚ZiaZigde]‚ZYZa¼J:;68]Vbe^dch
AZV\jZhdciYZhbVgfjZhXdbbZgX^VaZhegdi‚\‚ZheVgaZhYgd^ihY¼VjiZjg#IdjhaZhegdYj^ihhedchdg^h‚h!cdbhYZhdX^‚i‚hdjYZbVg"
fjZh! ad\dh Zi bVgfjZh XdbbZgX^VaZh VeeVgi^ZccZci | aZjgh egdeg^‚iV^gZh gZheZXi^[h# :6 HEDGIHž Zhi jcZ bVgfjZ Y¼:aZXigdc^X 6gihž#
:CKDN:OHI69:6J
?Zj \gVij^i hVch dWa^\Vi^dc Y¼VX]Vi dg\Vc^h‚ eVg Hedgi &+! gjZ G^kVn .'(%% AZkVaad^h"EZggZi! kVaVWaZ Zc ;gVcXZ b‚igdeda^iV^cZ Yj '- _Vck^Zg Vj ( [‚kg^Zg '%%*! g‚hZgk‚ | idjiZ eZghdccZ bV_ZjgZ hVj[ eVgiZcV^gZh dj hdX^‚i‚h dg\Vc^hVig^XZh# B^cZjgh/
YZbVcYZo a¼Vjidg^hVi^dc | kdh eVgZcih#Edjg eVgi^X^eZg/ :ckdnZo HI69: eVg HBH Vj ,&%&% %!*%æ II8$Zckd^ eg^m Yj HBH# AZh \V\cVcih hZgdci Y‚h^\c‚h Zc [dcXi^dc Yj gVc\ Y¼Zckd^ YZ aZjg bZhhV\Z# Jc hZja eg^m Viig^Wj‚ eVg eVgi^X^eVci b„bZ
cjb‚gd YZ i‚a‚e]dcZ bdW^aZ# +% \V\cVcih hZgdci Y‚iZgb^c‚h# Adih b^h Zc _Zj/ & _Zj E8 8]Vbe^dch AZV\jZ %)"%* Y¼jcZ kVaZjg jc^iV^gZ XdbbZgX^VaZ YZ **æ II8 +%adih b^h Zc _Zj# ;gV^h YZ eVgi^X^eVi^dc gZbWdjgh‚h Vjm XdcY^i^dch eg‚kjZh YVch aZ
gƒ\aZbZci# Gƒ\aZbZci XdbeaZi Yj _Zj Y‚edh‚ X]Zo BVˆigZ BDCI6C:! ]j^hh^Zg YZ _jhi^XZ! (&%%% IdjadjhZ# Gƒ\aZbZci VYgZhh‚ \gVij^iZbZci eVg Xdjgg^Zg | idjiZ eZghdccZ Zc [V^hVci aV YZbVcYZ | Eajg^bZY^V · ®?:J :A:8IGDC>8 6GIH HEDGI ;G::¯!
&& gjZ YZ 8VbWgV^! ,*.)* EVg^h 8ZYZm &. ;gVcXZ# Edjg idjiZ g‚XaVbVi^dc! ZckdnZo aZ bdi 8DCI68I eVg HBH Vj ,&%&%# 8dc[dgb‚bZci | aV ad^! kdjh Y^hedhZo Y¼jc Ygd^i Y¼VXXƒh! YZ gZXi^ÃXVi^dc Zi YZ hjeegZhh^dc YZh Ydcc‚h cdb^cVi^kZh kdjh XdcXZgcVci#
'-?6CK>:G'%%*
HDCN:G>8HHDC>C;DHEDGI
®8¼ZhiYVchaZ_Zj¯
IB
'*
H6BHJC<H<="O&%,k
(<:I?:JM
E:I>IEG>M
BDIDGDA6
8Zi‚a‚\VcibdW^aZ!aZBdidgdaV:&%%%!eƒhZhdc
ed^YhZc[dcXi^dccVa^i‚h#AVk^h^de]dc^ZZiaVXVeijgZ
k^Y‚d&*^bV\Zh$heZgbZiiZciYZegd[^iZgYZaV(<!
cdiVbbZcia¼Zckd^YZBBHK^Y‚d#9Zeajh!aZ\gVcY
‚XgVcZiaZhdc(9hdciidji^cY^fj‚hedjgaZh_Zjm!
Bdid<e'^cXajhdjXZjmYZa¼‚Y^iZjg<VbZad[i!K^_Vn
H^c\]Egd<da['%%*djKVchH`ViZVcYHaVb!eVg
ZmZbeaZ!|i‚a‚X]Vg\Zg|YZheg^mXdbeg^hZcigZ
(Zi+ælll#\VbZad[i#Xdb#
Ed^Yh/&)%\
6jidcdb^Z/_jhfj¼|&(%b^cjiZhZcXdbbjc^XVi^dc$
_jhfj¼|&**]ZjgZhZckZ^aaZ
Eg^m/(+.æeVX`H;G
H6BHJC<?:6C"B6G>:=:GK>D$;A6H=EG:HH$9EE>
BDIDGDA6:&%%%
;^YƒaZ|hVeda^i^fjZYZWVheg^m!HVbhjc\hZeaVXZ!
VkZXaZH<="O&%,k!ZcZcig‚ZYZ\VbbZYZaV(<#
EdjgeVaa^ZgaVhjgXdchdbbVi^dca^‚ZVjm
[dcXi^dccVa^i‚hbjai^b‚Y^V!^aZhia^kg‚VkZXYZjm
WViiZg^Zh#8Zfj^cZaZhZbe„X]ZeVhYZX]Vj[[Zg!
XdbbZdceZjiaZXdchiViZghjga¼ZchZbWaZYZh
bdW^aZh(<#>aZhiXdbeVXi!Ydi‚Y¼jcdW_ZXi^[gdiVi^[|
&-%•!bV^hhdj[[gZYZa¼VWhZcXZYZaV[dcXi^dccVa^i‚
WajZiddi]a^V^hdchVch[^aedjg‚X]Vc\ZgYZhYdcc‚Zh#
Ed^Yh/&&*\
6jidcdb^Z/_jhfj¼|']ZjgZhZcXdbbjc^XVi^dc$
_jhfj¼|&+%]ZjgZhZckZ^aaZ
Eg^m/').æeVX`DgVc\ZZiH;G
c¼ZhieVhZcgZhiZVkZXhdc_djgcVa!fjVigZ[d^heVg
_djgZiX^cf[d^haZlZZ`"ZcY!YZh‚k‚cZbZcih
EVg^h"9V`Vg!jcbV\Vo^cZYZhhedgihZmig„bZh!
Zib„bZ!Xi‚[ddiWVaa!aVXdaaVWdgVi^dcY¼6ghƒcZ
LZc\ZgZiYZBVgXZa9ZhV^aan#EdjgaZheVgZhhZjm!
a¼VWdccZbZci|BBH;aVh]K^Y‚dH;G!eZgbZiigV!
YƒhaZ''[‚kg^Zg!YZgZXZkd^gY^gZXiZbZciaZhWjih
YZaVA^\jZYZhX]Vbe^dch!,|-b^cjiZhVegƒh
fj¼^ahdci‚i‚bVgfj‚h#AZeg^mYZa¼VWdccZbZciZhi
|a¼‚ijYZbV^ha¼de‚gViZjgegdbZiYZhWV^hhZhYVch
aZhbd^h|kZc^g!ZceVgVaaƒaZY¼jcZh^bea^ÃXVi^dcYZ
aVXdchjaiVi^dcZiYZh\g^aaZhiVg^[V^gZh#
JcZeVcdea^ZY¼VWdccZbZcih
DcaZkd^iYVchaZhhZgk^XZhegdedh‚h!XZjm"X^hdci
‚igd^iZbZcia^‚hVjmYgd^ihVX]Zi‚hdjeVheVgaZh
de‚gViZjgh#6kZXaVA&!aVA'!aZIde&+!GdaVcY"
<VggdhZiaZIdjgYZ;gVcXZ!DgVc\ZVb^h‚\gdh#
H;Gh¼Veej^ZhjgaV8djeZZia¼‚fj^eZYZ;gVcXZYZ
[ddi!7djn\jZhI‚a‚XdbhjgaV8djeZYZaVA^\jZ#
6jiVciY^gZfjZedjgk^kgZhVeVhh^dc|[dcY!YVch
a¼VWhdaj!igd^hVWdccZbZcihY^[[‚gZcihhdci
c‚XZhhV^gZh#Jci‚a‚e]dcZhj[ÃgVh^a¼dcVXXZeiZYZ
_dc\aZgVkZXaVXVgiZH>BJH>Bedjga¼JBIH#6kZX
aZhYZjmeVgVWdaZh!edjg8VcVaHViZaa^iZZiIEH!aV
egZhhZhe‚X^Va^h‚Z!aVXVgiZY¼VWdccZbZciVjXajW
ZiaZhW^aaZih!aZWjY\Zihedgic¼ZhieajhVcZXYdi^fjZ#
EdjgkdjhVXXdbeV\cZgYVchkdhY‚eaVXZbZcihZi
g‚edcYgZ|kdhViiZciZh!^anVb^Zjm!bV^hX¼Zhi
bd^chX]Zg#vVh¼VeeZaaZHedgiZiX¼Zhi\gVij^i###N
IJxF>7D;Cx@7DÏI
9‚iV^ahYZhd[[gZhg‚hZgk‚Zh|aV;gVcXZB‚igdeda^iV^cZhjg
lll#Wdjn\jZhiZaZXdb#[g!lll#h[g#[gZilll#dgVc\Z#[g
HDCN:G>8HHDCK-%%
86BwG6868=w:
EajhVc\jaZjmfjZhZhXdc[gƒgZh!aZHdcn:g^Xhhdc
K-%%V‚i‚eVgi^Xja^ƒgZbZcihd^\c‚ZciZgbZYZeg^hZZc
bV^c#AV[dcXi^dck^h^de]dc^ZZhieVgi^Xja^ƒgZbZci
VhijX^ZjhZ#A¼dW_ZXi^[gdiVi^[ji^a^h‚Z‚\VaZbZciedjgaV
e]didZiaVk^Y‚dZhih^ij‚ZZmVXiZbZci|aVX]Vgc^ƒgZYj
XaVeZiZieZgbZiYZbdcigZg|hdc^ciZgadXjiZjghdc
k^hV\ZdjhdcZck^gdccZbZci#EZi^ieajhjceZj^cY^hXgZi!
^aZhiedhh^WaZY¼ZcgZ\^higZghVXdckZghVi^dc°
Ed^Yh/&'-\
6jidcdb^Z/_jhfj¼|&%]ZjgZhZcXdbbjc^XVi^dc$
_jhfj¼|')%]ZjgZhZckZ^aaZ
Eg^m/().æeVX`H;G
'-?6CK>:G'%%*
'+ <A6BDJG
vVb¼‚idccZfj¼dcbZ
igdjkZ_da^Z#?Zeg‚[ƒgZ
fjVcYdcbZY^ifj¼dcV^bZ
W^ZcbV[VdcYZkd^g
aZhX]dhZh
ED>CIH9:K:CI:/H>AK>6I8=:G6HH>!%&)''&()-.#AJIOE6IBDH!%&)',+%%%%#;G::A6C8:!%'*&++(+(+#
Edjgh‚Yj^gZA‚V!eVhfjZhi^dcYZ[V^gZegZjkZYZbdaaZhhZ!
YZhZaV^hhZgVaaZg#AVWZaaZV^bZa¼VbW^i^dc#:aaZZcV!
bV^heVh|gZkZcYgZ#:aaZVkdjZb„bZbVcfjZgeVg[d^h
YZXdc[^VcXZZcZaaZ#:aaZc¼ViiZcYfj¼jcZX]dhZ!
fj¼dcaVedjhhZkZgha¼VkVci#²WdcZciZcYZjg°
'-?6CK>:G'%%*
',
Aw67G6HHN
A6K>:
9:K6CIHD>
IdjiZhVk^Zi^ZciYVchaZeZi^iXVb^dcd[[ZgieVghdc\gVcY"eƒgZ#Jc_djg^X^!jc
_djga|!A‚V7gVhhnZhia^WgZXdbbZa¼V^gfj¼ZaaZgZhe^gZhjghVeaVcX]ZYZhjg[#
GZcXdcigZVkZXjcZhjg[ZjhZZcfj„iZY¼jc]VkgZ#
96B>:CEDJAA:CDI$E68>;>8BDI>DC
>I>CwG6>G:
A‚V7gVhhn
C‚ZaZ,cdkZbWgZ&.-*
|=dc[aZjg"&!,%b
He‚X^Va^i‚/Hjg[
EVabVgƒh/
'%%)/wa^b^c‚ZVj&Zgidjg
YZh8]Vbe^dccVihYZ;gVcXZ
'%%(/'Z8djeZ<jVYZadjeZ!
(Z8]Vbe^dccVi<jVYZadjeZ
'%%'/8]Vbe^dccZ;^c^hiƒgZ
DeZcZi:hed^g
'%%%/K^XZ"X]Vbe^dccZ
7gZiV\cZDeZc
’
HdjhhZhX]ZkZjmWadcYhhV\ZbZci
Xdje‚hVjXVgg‚!YZgg^ƒgZhZhnZjmY¼jc
kZgiegd[dcY!hdjhhdciZ^ci]}a‚YZÃaaZYZ
a¼dcYZ!A‚V7gVhhnZhiW^Zceajhfj¼jcZ_da^Zedje‚Z
edjgXViVad\jZ#9^Z\d!aZe]did\gVe]ZX]d^h^eVg
HedgiedjgaVh‚VcXZ!ZcZhi|eZ^cZgZkZcj#:c
kdnVciY‚WVgfjZgjcZi^b^YZ_ZjcZÃaaZ!Y¼jcZ
Y‚XdcigVXi^dckZhi^bZciV^gZW^ZcYZhdc}\Z!^aV
Y¼VWdgY‚i‚jceZj^cfj^ZiedjghVXdbbVcYZ
\aVbdjg°:iej^h!aZeVe^aadcVWg^h‚hVX]gnhVa^YZ#
A‚Vc¼Zhieajh|jcZcV^hhVcXZegƒh#²&.Vch!ZaaZV
Y‚_|k‚Xjeajh^Zjghk^Zh#C‚Z|=dcÄZjg8VakVYdh!
ZaaZXdccVˆijcZZc[VcXZeV^h^WaZ!Xdjk‚ZeVgjc
[gƒgZYZfjVigZVchhdcVˆc‚#Adghfj¼ZaaZV*Vch!aV
[Vb^aaZZbb‚cV\Z|8VZc!hZeiVchVkVciaZY‚Xƒh
WgjiVaYZhdceƒgZ#®?Zc¼V^eVhkgV^bZcig‚Va^h‚!
VkdjZA‚V#vVbZ[V^hV^ibVa!bV^h_ZcZbZgZcYV^h
eVhXdbeiZfjZ_Zc¼VaaV^heajh_VbV^haZkd^g#¯
9‚_|XdcÄ^XijZaaZh!aZhgZaVi^dchVkZXhVbƒgZ
YZk^ZccZci^chjeedgiVWaZh#®?¼VkV^hWZhd^cfjZ
bVk^ZcZhd^ieVh^cÅjZcX‚ZeVgZaaZ!a}X]Z"i"ZaaZ!
YZbZ[V^gZbVegdegZde^c^dcYZhX]dhZh#¯
AZhedgiV\^iXdbbZjcZhdjeVeZYZh‚Xjg^i‚#:aaZ
[ZgVcViVi^dc!Zchedgi"‚ijYZh!_jhfj¼Zc(Z#9VchaZh
]ZjgZhhdbWgZh!aZ\gVcY[gƒgZZhiVjhh^jcZkVaZjg
gZ[j\Z#®DcVidj_djgh‚i‚bV^cYVchaVbV^c#
DcVkdnV\‚!YVchjceZi^iXVb^dc!Yƒhfj¼^aVZjhdc
eZgb^h!Zc>gaVcYZ!VjEdgij\Va#¯8¼Zhiaj^fj^a¼V
^c^i^‚ZVjhjg[!hjgaVeaV\ZYZH^djmk^aaZ#²&)Vch!
XZaVaj^d[[gZjceg‚iZmiZedjgeVgi^g#®?ZbZhZciV^h
|a¼‚igd^iX]Zobd^¯!Zmea^fjZ"i"ZaaZ#Adghfj¼dcaj^
egdedhZY¼„igZVXXjZ^aa^ZZc7gZiV\cZ!|AVIdgX]Z!
edjghjg[ZgZiedjghj^kgZhVhXdaVg^i‚!ZaaZc¼]‚h^iZ
eVh!bVa\g‚aZhY^[ÃXjai‚h#®8¼Zhihe‚X^VaY¼Vgg^kZg
YVchjc[dnZgfj^c¼ZhieVhaZh^Zc!VcVanhZA‚V#:c
eajh!_ZkZcV^hY¼jcZ[Vb^aaZjceZjVWˆb‚Z#?¼VkV^h
a¼^begZhh^dcY¼„igZa¼^cigjhZ#¯:aaZZhiW^ZcigV^i‚Z
bV^hhVbVijg^i‚aVgZcY[dgX‚bZcih^c\ja^ƒgZ#
®>anVYZhigjXhhjgaZhfjZah^ahc¼VkV^ZcieVhaZYgd^i
YZbZ[V^gZaVbdgVaZ!XaVbZ"i"ZaaZ#?¼V^idj_djgh[V^i
XZfjZ_ZkdjaV^h!_VbV^hYZW„i^hZh#?ZhdgiV^h!_¼VkV^h
YZhVb^hYZ(%Vch#?Zc¼VkV^heVhaZb„bZgZ\VgY!
_¼VkV^hk‚XjYZhX]dhZhY^[[‚gZciZh#¯
¹AZhjg[c¼ZhieVhjcZ[^cZchd^º
9ƒhaVigd^h^ƒbZVcc‚Z!|&+Vch!ZaaZh¼^chiVaaZZc
XdadXVi^dcVkZXjcVb^!ZigZcdjkZaaZa¼Zme‚g^ZcXZ
adghfj¼ZaaZZciVbZhdceƒaZg^cV\ZkZghAVBZXfjZ
YZaV\a^hhZZc;gVcXZ/7^Vgg^io#:aaZVfj^ii‚aV
Ãa^ƒgZhedgi^kZ!bV^hhjg[ZeajhfjZ_VbV^h#waƒkZ
Ydj‚Z!ZaaZVhhjgZa¼ZhhZci^ZaedjgY‚XgdX]Zg
V^h‚bZciaZ7VX#:iVegƒh46jhh^ad^cfj¼ZaaZh¼Zc
hdjk^ZccZ!A‚VVidj_djghkdjajkdnV\Zg#:aaZeVhhZ
idjhaZhXdcXdjghhjhXZei^WaZhYZa¼ZckdnZgkZghaZh
9DB"IDB#Edjgjcg‚hjaiVihjgegZcVci#®?¼V^‚i‚
eg^hZZc<jVYZadjeZ!Zc7IH¹9‚kZadeeZbZciYZ
a¼V\g^XjaijgZYZhg‚\^dchX]VjYZhº!h¼VbjhZ"i"ZaaZ#
?ZbZhj^hgZigdjk‚Z|eaVciZgYZhX]djm#¯
A¼Zme‚g^ZcXZc¼Zhi\jƒgZXdcXajVciZ#9¼V^aaZjgh!
fjVcYZaaZeVhhZaZXdcXdjghY¼^cÃgb^ƒgZ!ZaaZ
eg‚[ƒgZgZcigZgZcB‚igdedaZedjgedjghj^kgZ
hZh‚ijYZhYVchXZYdbV^cZ!|7VndccZZcbVgh
egdX]V^c#:cgZkVcX]Z!^chiVaa‚ZYZkVciaZhediYj
BdjaZVkZXhdceZi^iVb^W^VggdiYZa¼‚edfjZ!ZaaZ
VW^Zc[V^iX]Vj[[ZghVeaVcX]Z#Hj[ÃhVbbZciedjg
fj¼|hdcgZidjg|7^Vgg^io!|a¼‚i‚'%%(!hdccdb
X^gXjaZZik^ZccZVjmdgZ^aaZhYZaVbVgfjZEVX^ÃX
Bdi^dc!fj^Y‚X^YZY¼Zc[V^gZhdc^XcZ!hZjaZ
[ZbbZVjb^a^ZjY¼VjigZhhjg[Zjgh#®vVb¼‚idccZ
fj¼dcbZigdjkZ_da^Z!ZiVbZ[V^ieaV^h^g!VYbZi"ZaaZ#
?ZXdbbZcXZ|XdbegZcYgZfjZYVchXZb^a^Zj"a|!
VbZhZgi#BV^h_Zeg‚[ƒgZfjVcYdcbZY^ifj¼dc
V^bZW^ZcbV[VdcYZkd^gaZhX]dhZh#¯EVhYZfjd^!
ZcidjiXVh!aj^[V^gZeZgYgZaVi„iZ#AVk^ZhjgaV
gdjiZ!hZjaZYVchaZ8&*Vb‚cV\‚eVghdc\gVcY"
eƒgZ!V[dg\ZaZXVgVXiƒgZ#:i!ej^h!®aZhjg[c¼Zhi
eVhjcZÄcZchd^!X¼ZhijceaV^h^g!bdYƒgZ"i"ZaaZ#?¼V^
Zck^ZY¼„igZji^aZ#6kZXaZb‚i^ZgY¼^cÄgb^ƒgZ!_¼ZheƒgZ
VaaZgeajhad^c#¯BV^ciZcVcifj¼dcaVXdccVˆijceZj
b^Zjm!^bedhh^WaZY¼ZcYdjiZg#N
IJxF>7D;Cx@7DÏI
F>EJE=H7F>?;0:?;=EP?J;BB?$IJOB?IC;0?H?I8xH7K:
9E?<<KH;C7GK?BB7=;0DE8K<K@?M7H7
A‚VedgiZjcXdaa^ZgZcaVc^ƒgZhZieVhi^aaZhYZXj^gH^ak^V
IX]ZgVhh^!&+-æ!jch]dgiZcYZciZaaZYZXVX]Zb^gZk^Zjm
gdhZAjioEVibdh!)**æ!ZiYZhcj"e^ZYh;gZZAVcXZ!',%æ#
>CH8G>H"ID>
HJG
[gZZhedgi#[g
DJw8G>H²
J<D
&
>CH8G>H"ID>:CKD>:
I:HE=DIDH
’ '
;G6C8=>HA:86E9:H
HwA:8I>DCH
’ (
;6>HA68DJK:GIJG:
9:HEDGI
&+"&-!GJ:G>K6N
.'(%%
A:K6AAD>H"E:GG:I
'-?6CK>:G'%%*I
'- BwBDHEDGI
wA:8I>DCIK Hw
wA:8I>DC
HwA:8I>DCIK Hw
9J
'-?6CK>:G
6J(;wKG>:G
K:C9G:9>'-
6K6CI
&'=
KdjhigdjkZgZoYVchXZiiZ\g^aaZ
jcZh‚aZXi^dccdcZm]Vjhi^kZ
YZhegd\gVbbVi^dchhedgi^kZh
YZaVhZbV^cZ#:cZmZg\jZhjg[dcY
dgVc\Z/aZhegd\gVbbZhgZXdbbVcY‚h
eVgaVg‚YVXi^dcYZHedgi#
&'=
²&+=
&+=
²'%=
'%=
²''=
6EGÏH
''=
H6B:9>'.
AJC9>(&
|-](%7D7HA:><=9>G:8I
8djeZYjBdcYZ=dbbZh|HV^ci"Bdg^ioHj^hhZ
7dW|'/7gjcdB^c\ZdcZcfj„iZY¼Zmead^i#
|.](%I:CC>H9>G:8I
DeZcY¼6jhigVa^Z![^cVaZ=dbbZh
Gd\Zg;ZYZgZgVjgV"i"^aeZgYjjchZi4
|&&])%H@>6AE>C9>G:8I
8]Vbe^dccVihYjBdcYZ|7dgb^d>iVa^Z
HjeZg"<=dbbZh#
|&&])*H@>6AE>C9>G:8I
8]Vbe^dccVihYjBdcYZ|7dgb^d>iVa^Z
HjeZg"<9VbZh#
|&&])*H@>6AE>C9>G:8I
8]Vbe^dccVihYjBdcYZ|7dgb^d>iVa^Z
:cigVˆcZbZciedjgaVYZhXZciZ=dbbZh#
|&(]7D7HA:><=9>G:8I
8djeZYjbdcYZ9VbZh|HV^ci"Bdg^ioHj^hhZ
9Zjm^ƒbZbVcX]Z!|egƒhYZXZci|a¼]ZjgZ###
|&(]&*E6I>C6<:6GI>HI>FJ:9>G:8I
8]Vbe^dccVihY¼:jgdeZ|Ijg^c>iVa^Z
Egd\gVbbZa^WgZ9VbZh#
|&(])*H6JI²H@>9>G:8I
8djeZYjbdcYZ|OV`deVcZEda
AZbV\^X^ZcedadcV^h6YVbBVanhohjghdcigZbea^c#
|&(])*<DA;9>G:8I
BVhiZghYZH^c\Vedjg
FjVig^ƒbZZiYZgc^Zgidjg#9Zh;gVcV^hYVchaVWV\VggZ4
|&*](%9D8JB:CI6>G:
²aVY‚XdjkZgiZYjbdcYZhVjkV\Z
6jX¶jgYZaVbZgGdj\Z!aZg‚X^[XdgVaa^ZcZcYVc\Zg#
|&*]GJ<7N9>G:8I
Ide&+/7g^kZ·6\Zc
9ZgWnY¼djih^YZghYjHjY"DjZhi#
|&*]=>EE>HB:9>G:8I
Eg^mY¼6b‚g^fjZBVg^dccVjY
6jmXdbbZciV^gZh/Hi‚e]VcZ<jnZiB^X]ZaGdjhhZa#
|&-](%E6I>C6<:6GI>HI>FJ:9>G:8I
8]Vbe^dccVihY¼:jgdeZ|Ijg^c>iVa^Z
Egd\gVbbZa^WgZYVbZh#
|&+])*H6JI²H@>9>G:8I
8djeZYjbdcYZ|OV`deVcZEdad\cZ
Fj^Vgg„iZgV?VccZ6]dcZc!aZeaVcZjg[^caVcYV^h4
|&,]&*;DDI76AA9>G:8I
A^\jZ'/IgdnZh·CVcXn
FjVcYa¼6jWZhZaƒkZ|a¼:hi#
|&+])*GJ<7N
?djgYZgj\Wn
IdjhaZhZhhV^h!igVch[dgb‚hdjeVh!YjIde&+#
|&.]'*GJ<7N9>G:8I
Ide&+/7^Vgg^io·EVj
²fjZaaZhVjXZaZh7‚VgcV^hkdci"^ah„igZbVc\‚h4
|&,];DDI76AA9>G:8I
A^\jZ&/7Vhi^V·Andc
9Zh8dghZhZcXg^hZ[VXZVjm^beaVXVWaZhaZVYZgh#
|&,]**B6<6O>C:
HiVYZ'
7^aVchedgi^[YZaVhZbV^cZeg‚hZci‚eVgAVjgZciAjnVi#
|&-])*;DDI76AA
:jgd\dVah
D‘Y¼VjigZkd^i"dcaZhWjihYjX]Vbe^dccViWZa\Z4
|'%]&*=6C976AA9>G:8I
BdcY^Va=dbbZhIjc^h^Z/;gVcXZ·6c\daV
6kVci"YZgc^ZgbViX]YZedjaZ#:cXdgZjcZ[dgbVa^i‚4
|'%];DDI76AA9>G:8I
A^\jZ&/IdjadjhZ·BVghZ^aaZ
JcZWZaaZajiiZYVchaVXdjghZ|a¼:jgdeZ#
|'%])%B6<6O>C:
Hedgi+
Hi‚e]VcZIdgidgVgZigVXZaZh‚k‚cZbZcihYjlZZ`"ZcY#
|'%];DDI76AA9>G:8I
A^\jZ'/AVkVa·<jZj\cdc
AZhBVnZccV^hkdciYZkd^ghZ[dg\ZgjcbdgVaY¼VX^Zg#
|'%]&*;DDI76AA9>G:8I
A^\jZ'/HZYVc·8aZgbdci
9Zh6jkZg\cVihYdcc‚hZce}ijgZVjm6gYZccV^h#
|'%]&*=6C976AA9>G:8I
BdcY^Va=dbbZhIjc^h^Z/;gVcXZ·9VcZbVg`
AZbViX]aZeajhY^[[^X^aZYjegZb^ZgidjgedjgaZh7aZjh#
|'&]6JIDBD7>A:
Igde]‚Z6cYgdh|8aZgbdci"HjeZg7ZhhZ
6aV^cEgdhiegdjkZfj¼^ac¼VeVheZjgYZY‚gVeZg#
|'&]&*GJ<7N
'%VchYZGj\Wn
>ac¼nVeVhfjZYj[ddihjg8VcVa#AVegZjkZ°
|'%]*%96CH:HEDGI>K:
EZgaZYjCdgY9VcXZBVhiZgYZEVg^h"7ZgXn
N¼VY¼aVgjbWVYVcha¼V^g°
|'&];DDI76AA9>G:8I
A^\jZ&/BdcVXd·EH<
JcXaVhh^fjZedjgiZciZgYZhj^kgZaZgni]bZYZa¼DA#
|'(]8N8A>HB:
AZh\gVcYZh‚iVeZhYZbdciV\cZ
:c'%%%!a¼Vgg^k‚Zidj_djghajcV^gZVjbdciKZcidjm#
;^\]i8ajW
AVcj^iYZhX]Vbe^dch#
|'']&*E6I>C6<:6GI>HI>FJ:
8]Vbe^dccVihY¼:jgdeZ|Ijg^c>iVa^Z
IZcjZYZ\VaVedjgidjhaZhb‚YV^aa‚hYZaVXdbe‚i^i^dc#
|%])*;DDI76AA
Ide')YZhXajWh
AZXaVhhZbZciYZhbZ^aaZjgZh‚fj^eZhZjgde‚ZccZh#
|'']'*;DDI76AA
?djgYZ[ddi
AZhWjihYZaV')Z_djgc‚ZVkZXCVi]Va^Z>VcZiiVZiHi‚e]VcZ<jn#
|'(]B6<6O>C:
A¼wfj^eZYjY^bVcX]Z
AZhWjihYZh\gVcYhX]Vbe^dccVihZjgde‚Zch#
|''])*B6<6O>C:
LViih
AZh^bV\ZhXdXVhhZhYZaVhZbV^cZ#
|(]'%76H@:I9>G:8I
C76/CZlNdg`·8aZkZaVcY
JcZb‚i‚dg^iZcdbb‚ZAZ7gdc?VbZhVjBVY^hdcHfjVgZ#
|(](%I:CC>H9>G:8I
DeZcY¼6jhigVa^Z![^cVaZ9VbZh
6b‚a^ZedjghdcegZb^Zgi^igZYj\gVcYX]ZaZb4
|'(]&%;>AB
GdX`n(
A¼‚iVadc^iVad"Vb‚g^XV^cgZk^Zci#:i^aZhieVhXdciZci#
|%](%=6C976AA
BdcY^Vjm=dbbZhIjc^h^Z/'Ze]VhZ
9‚WjiYZaVYZjm^ƒbZe]VhZ!VkZXaZh7aZjh4
|'']&*HEDGIH9:8DB76I
|&&]I:CC>H
DeZcY¼6jhigVa^Z
&.--"&..-!aZhbZ^aaZjghbdbZcih|BZaWdjgcZ#
|&+];DDI76AA
BVghZ^aaZ"BdcVXd&.-.
FjVcYaVbV\^Zdanbe^ZccZde‚gV^i|[dcY#
|'&](%;DDI76AA
*%VchYZ8djeZYZ;gVcXZ
AZh\gVcYhbdbZcihYZa¼‚egZjkZZcigZ&.&-Zi&.+,#
|'&])*GJ<7N
8]Vbe^dccViY¼6c\aZiZggZ/HVaZ"Cdgi]Vbeidc
AZHVaZYZH‚WVhi^Zc8]VWVagZd^iCdgi]Vbeidc#
|''])%KD>A:
KZcY‚Z<adWZ
Jced^cihjgaZheg^ci[^cVakZghaZhHVWaZh"Y¼DadccZ#
Edjghj^kgZX]VfjZ_djga¼^c[dgbVi^dchedgi^kZZcXdci^cj/
6<:C969JHEDGI’
=>EE>HB:
Eg^mY¼6b‚g^fjZ
BVg^dccVjY
wk‚cZbZcijc^fjZYZaVhV^hdc
]^ee^fjZ!X¼ZhijcgZcYZo"kdjh|
cZeVhbVcfjZg#(%%%%heZXiViZjghhdci
ViiZcYjh|a¼]^eedYgdbZYZK^cXZccZh
edjgXZiiZXdjghZbZiiVciVjmeg^hZh
aZhbZ^aaZjghigdiiZjghbdcY^Vjm#6kZX
&b^aa^dcæYZYdiVi^dc!a¼‚egZjkZhZgV
a¼dXXVh^dcYZkd^ghZY‚[^Zg?V\YZ7ZaadjZi
Zi@ZhVYdE]ZYd#?ZVc"B^X]Za7Vo^gZ!
kV^cfjZjga¼VceVhh‚VkZX@ZhVYdE]ZYd!
iZciZgVjc^begZhh^dccVciYdjWa‚!
bV^haVXdcXjggZcXZh¼VccdcXZVgYjZ#
;diWle_hfbki0lll#[[Z#Xdb
N
9N<6$E6CDG6B>8
9>B6C8=:(%
'-?6CK>:G·(;wKG>:G
'-?6CK>:G'%%*
'-?6CK>:G·&(;wKG>:G
'-?6CK>:G·+;wKG>:G
H@>6AE>C
I:CC>H
9^Wcf_eddWjiZkcedZ[
JcgZcYZo"kdjhigƒhViiZcYj
eVgaVY‚a‚\Vi^dcig^XdadgZ!
Zcfj„iZYZgVX]ViVegƒh
YZhg‚hjaiVihb‚Y^dXgZhZc
8djeZYjbdcYZ#9jXi‚YZh
[Vkdg^h!7dYZB^aaZg!7Zc_Vb^c
GV^X]!B^X]VZaLVaX]]d[Zg
Zi=ZgbVccBV^ZgZheƒgZci
gV[aZgaVb^hZX]ZoaZh]dbbZh#
6adghfjZX]ZoaZh[ZbbZh!
aZhgZ\VgYhhZgdcicdiVbbZci
idjgc‚hkZgh6c_VEVZghdc!
?Vc^XV@dhiZa^XZiGZcViZ
<dZihX]a#
;diWle_hfbki0lll#[[h#[g
B[iF[j_ji7i
IVgWZh+*VXXjZ^aaZaV'(Z
‚Y^i^dcYjidjgcd^YZhEZi^ih
6h#Jc‚k‚cZbZciXdchVXg‚
Vjm_ZjcZhZhed^ghYjiZcc^h
bdcY^Va}\‚hYZ&'|&)Vch#
JcZX^cfjVciV^cZYZcVi^dch
hZgVgZeg‚hZci‚ZedjgXZiiZ
‚egZjkZYZgZcdbb‚Z
^ciZgcVi^dcVaZ|aVfjZaaZaZh
eajh\gVcYhcdbhYjiZcc^hdci
eVgi^X^e‚/=Zc^c!9VkZcedgi!
E^ZgXZ!BVjgZhbd!;ZYZgZg!
<gdh_ZVc!HV[^c!CVYVa°
;diWle_hfbki0
lll#aZheZi^ihVh#Xdb
<G6IJ>II:A:8=6G<:OHEDGIHJG
CIK Hw
wA:8I>DCIK
ED%E<<
HIwE=6C:<JN86C6A B:G8G:9>'
?:J9>(
|-](%B6<6O>C:
AZbV\Vo^cZdanbe^fjZ
6kZXjced^cihjgaZheg^ci|a¼dg\Vc^hVi^dcYZh?#D#'%&'#
|-](%=6C976AA
8]Vbe^dccViYZ;gVcXZYVbZh
9ZgWnYZa¼:hiZcigZBZioZi7ZhVcdc#
|.](%HCDL7D6G9
8djeZYjbdcYZ|BdhXdj
>ahdciYZWdccZhYZhXZciZhZcGjhh^Z#
|&&]I:CC>H
DeZcY¼6jhigVa^Z
>kVcAZcYaZcXdgZVjide[VXZ|7dg^h7ZX`ZgZc&..&#
|.]'%9D8JB:CI6>G:
A^WgZZihVjkV\Z
AZhb¶jgh‚igVc\ZhYZhVc^bVjm#
|&&](*H@>6AE>C9>G:8I
8]Vbe^dccVihYjbdcYZ|7dgb^d>iVa^Z!XdbW^c‚=dbbZh
EgZb^ƒgZ‚iVeZYZaV_djgc‚ZVkZXaVYZhXZciZ#
|&(])*B6<6O>C:
6egƒh"h`^
:c[^aZoaZhBddc7ddihedjgjcidjgYjX^gfjZWaVcX#
|&(]H@>6AE>C
8]Vbe^dccVihYjbdcYZ|7dgb^d>iVa^Z
AZhYVbZhZcgZXdccV^hhVcXZYZaVYZhXZciZ#
|&)]I:CC>H9>G:8I
Idjgcd^YZB^aVc!&$-YZ[^cVaZ
GZidjgZc:jgdeZVegƒha¼DeZcY¼6jhigVa^Z#
|&+];DDI76AA
|&*]&*B6<6O>C:
|&*]&*<DA;9>G:8I
HiVgiZg
:b^hh^dche‚X^VaZIgde]‚Z6cYgdh#
:jgdeZVcIdjg!=Z^cZ`Zc8aVhh^X|BZaWdjgcZ
:gc^Z:ahh¼‚iV^i^bedh‚a¼VceVhh‚#:iXZiiZVcc‚Z4
|&+]&%9D8JB:CI6>G:
8VgcZihYZeadc\‚Z
AV[djgcV^hZZc\adji^Z#
|&-]&%B6<6O>C:
C76BV\ AZheVgfjZihVb‚g^XV^chh¼ZbWgVhZciVkZX<Zdg\Z:YYn#
|&+]&*=6C976AA9>G:8I
BdcY^Vjm=dbbZhIjc^h^Z!&$)YZ[^cVaZ
EajhfjZ-‚fj^eZhZcXdjghZ#6kZXaV;gVcXZ4
|&+]&*=6C976AA9>G:8I
BdcY^Vjm=dbbZhIjc^h^Z/'Ze]VhZ
AZh7aZjh!®WVg_dh¯djeVh!YZkgV^Zcin„igZ#
|&.]'*B6<6O>C:
EaVn\gdjcY
CZbVcfjZoeVhaZhXdchZ^ahYZ;g‚Y‚g^fjZ7Vc\j‚#
|&-]H@>6AE>C9>G:8I
BdcY^Vjm|7dgb^d>iV!XdbW^c‚=dbbZh
'ZbVcX]ZYjhaVadb#
|'%](%;DDI76AA9>G:8I
EgZb^ZgAZV\jZ/6ghZcVa·BVcX]ZhiZgJc^iZY
6kZX8]ZahZVfj^XVgVXdaZZci„iZ!bViX]cja^ciZgY^i#
|'%]&*wFJ>I6I>DC
HVjiY¼dWhiVXaZh
8]Zoaj^|6bhiZgYVb!L^bHX]gdZYZgkZjiWg^aaZg#
|'%]&*HCDD@:G9>G:8I
8djeZYZBVaiZ
FjZaaZfjZhd^ia¼ˆaZ!aZhgƒ\aZhhdciaZhb„bZh#
|'&]7DM:9>G:8I
8]Vbe^dccViY¼:jgdeZ/7dccZa·>cdb
Jc;gVcV^hhZgVi^ig‚XZhd^g!Zced^YhbdjX]Z#
|'%](%76H@:I9>G:8I
:jgda^\jZ/6HK:A·7VgXZadcZ
BViX]YZ\VaVedjgK^aaZjgWVccZ!Y‚_|‚a^b^c‚Z#
|'%](%76H@:I9>G:8I
&(Z_djgc‚ZYZa¼:jgda^\jZ/EVj"Dgi]Zo·Ig‚k^hZ
6eg^dg^a¼VkVci"YZgc^ZgbViX]Zjgde‚ZcYZhEVad^h#
|'&])*=D8@:NHJG<A68:9>G:8I
A^\jZBV\cjh/GdjZc·6b^Zch
GZcYZo"kdjhViiZcYjZcigZYZjm‚fj^eZhgZXdccjZh#
|'%])*;DDI76AA9>G:8I
EgZb^ZgAZV\jZ/7aVX`Wjgc·8]ZahZV
AZhGdkZghhZgdci"^ah|aV]VjiZjg[VXZVjm7ajZh4
|'']&*;DDI76AA
8djeZY¼:heV\cZ
&$-YZ[^cVaZ!bViX]|Y‚iZgb^cZg#
|''])%B6<6O>C:
9ZbV^c!X¼Zhi[ddi
AV'*Z_djgc‚ZYZA&eg‚hZci‚ZeVgI#6eeVgjZi6#6aaZ\g^c^#
8djeZY¼:jgdeZ&.,,"&.,-/7Vhi^V·Ijg^c>iV
AZh8dghZh|a¼VhhVjiYjXdci^cZci#
|''](%GJ<7N
Idjgcd^YZhKcVi^dch&..(
AZh7aZjhgZd^kZcia¼wXdhhZVjEVgXYZhEg^cXZh#
|'(]BDID
Ig^Va/8]Vbe^dccViYjbdcYZ^cYddg|BVghZ^aaZ
JcgZcYZo"kdjhe]VgZZijcZY^hX^ea^cZheZXiVXjaV^gZ#
|''](*<DA;
BVhiZghYZH^c\Vedjg
G‚hjb‚YZa¼‚egZjkZ#
|'(])*8N8A>HB:
<gVcYEg^mAVBVghZ^aaV^hZ
9‚X^Y‚bZci!aVX^i‚e]dX‚ZccZV^bZaZYZjm"gdjZh###
Ed`Zg|7VgXZadcZ
JceVg^Waj[[Vci###
|'(]9>K:GI>HH:B:CI
:HE68::BEAD>
;G::HEDGI#;G '.
|'&]**9D8JB:CI6>G:
6jma^b^iZhYjedhh^WaZ
A¼:kZgZhi!W^ZckZcjZhjgaZid^iYjbdcYZ#
|''])*9D8JB:CI6>G:
9Zjmkd^ijgZhYZa‚\ZcYZ
A¼6ae^cZGZcVjaiZiaVG*IjgWd|[dcYaVXV^hhZ
|'(])*;DDIJH
C;ABV\
Eg‚hZciVi^dcYjHjeZgWdla|igd^h_djghYj\gVcYbViX]#
8D"EGwH:CI6I:JG9:¹?DJG9:;DDIº
8DBB:CI6I:JG9JEG>M9¼6BwG>FJ:
96C>:A76G9DJ$86C6A
B6G9>&Zg
¥
¹;ddiZiX]ZkVjm!
bZheVhh^dchegdhº
Ijƒf^Wd[=ko"Y½[ijkdm[[a#[dZZ[h…l[gk_
i[fhƒfWh[fekhleki}b½Wdj[dd[Z[9WdWb!5
N?Zhj^hY¼VWdgYjcXdbbZciViZjg
Y¼‚k‚cZbZcihZcY^gZXi#:cX]VˆcZg®?djgYZ
[ddi¯ZceaViZVjej^haZEg^mY¼6b‚g^fjZ|
K^cXZccZh!fjZaajmZedjgbd^AZ[ddiZiaZh
X]ZkVjmhdcibZhYZjmeVhh^dch|a¼VciZccZ#
H[ii[dj[p#lekikd[fh[ii_edfWhj_Ykb_„h[
Z[fk_ib½Wjjh_Xkj_edZ[iZhe_jiZ[bWB'5
N+%%Bæ!X¼ZhijcYZkd^gY¼ZmXZaaZcXZ|
a¼‚\VgYYZcdhVWdcc‚h#®?djgYZ;ddi¯Zhi
jcZ‚b^hh^dcigƒhVcXg‚Z!VkZXhZhY^mVch
Y¼Zm^hiZcXZ#8¼ZhiVjhh^aVeajhXdaaZXi^kZYZaV
X]VˆcZ/'%%|(%%eZghdccZhnigVkV^aaZci#6kZX
CVi]Va^Z>VcZiiV!cdjhegZcdcha¼VciZccZigd^h
b^cjiZhVegƒhaV[^cYZhbViX]Zh#8¼ZhihVch
[^aZiedjgaZhg‚Va^hViZjgh7^YZVjm!6bhZaaZb#
CdjhYZkdch„igZZcg‚VXi^dceZgbVcZciZedjg
bZiigZZckVaZjgaZ[Zj^aaZidcYj[ddi[gVcV^h#
AVcdiZbdnZccZhjg+!Viig^Wj‚Z|a¼‚b^hh^dc
eVgaZhi‚a‚heZXiViZjgh!Zhihje‚g^ZjgZ|*
YZej^haZY‚WjiYZaVhV^hdc#
B[Yecc[djW_h[^_ff_gk["lejh[ZWZW5
N?Zhj^h]neZg]ZjgZjmYZedjkd^gXdbbZciZg
aZEg^mY¼6b‚g^fjZ!bdc(ZVjb^XgdY^bVcX]Z#
8¼ZhijcWdc]Zjg^YZci^fjZ|XZaj^YZ
XdbbZciZgjcEH<"DB>a[Vji„igZZcigVchZ
edjgXdbbZciZgjcZXdjghZ]^ee^fjZ!h^cdcij
eZjmeVhhZgXdbeaƒiZbZci|Xi‚°
FHEFEIH;9K;?BB?IF7HB7KH;DJBEKÎJ
HVbZY^|'']'*#9^bVcX]Z|&*]!hjg8VcVa #
C•&[gVcV^h![VWg^XVciY¼‚fj^eZbZcihhedgi^[hZiYZ_ZjmY¼Zc[Vcih
edjg8daaZXi^k^i‚h!fjVa^[^‚FjVa^hedgihZiXZgi^[^‚>HD.%%%kZgh^dc'%%%#
EVgiZcV^gZYZh[‚Y‚gVi^dchYZ7Vh`Zi!=VcYWVaa!CViVi^dc!;ddiWVaa8aV^gZ[dciV^cZ!
Gj\WnBVgXdjhh^h!YZa¼>CH:E!gZXgjiZZc89>/
(I:8=C>8D"8DBB:G8>6JM=$;EDJGHJ>K>9:H8DAA:8I>K>IwHAD86A:H
™Hx=?ED8H;J7=D;g‚[‚gZcXZ/H;7G:Ih[WgZi5hedgiXVgg^ZgZ#Xdb
™Hx=?EDC?:?#FOHxDx;Ig‚[‚gZcXZ/H;B>9>h[b^Y^5hedgiXVgg^ZgZ#Xdb
™Hx=?ED8EKH=E=D;g‚[‚gZcXZ/H;7DJG<h[Wdjg\5hedgiXVgg^ZgZ#Xdb
D–':;B½;CFBE?:7DIB;IFEHJ
867>C:I9:G:8GJI:B:CI"8DCH:>A
:CG:HHDJG8:H=JB6>C:H96CHA:HEDGI
9EDJ79J07B7?D=>?87K:E
HEDGI86GG>:G:!(!GJ:?JA:H"<J:H9:
.'(%%A:K6AAD>H"E:GG:I
IwA#/%&)',%+.+(;6M/%&)',%+.,(
IDJHA:H:BEAD>H96CHA:HEDGIHJG/
MMM$IFEHJ97HH?;H;$9EC
Fhe\_b0Egd[Zhh^dccZaXdc[^gb‚VkZX:MEwG>:C8:HDJ=6>I67A:YVchaVkZciZVjm8daaZXi^k^i‚hYZbVi‚g^Zah
YZhedgihdjYZ_ZjmY¼Zc[Vcih#
C_ii_ed0EVg[V^iZbZciVjidcdbZ!kdjhVjgZoedjgb^hh^dcY¼VhhjgZgaZhj^k^YZcdhXa^ZcihYVchaVg‚\^dcX]d^h^Z
d‘cdjhhdbbZh[dgiZbZcieg‚hZcih!ZiYZY‚kZadeeZgkdigZedgiZ[Zj^aaZXa^Zcih#
HƒckdƒhWj_ed0;^mZ Eg^bZh K‚]^XjaZ ;gV^h
C[hY_Z½WZh[ii[hlejh[YWdZ_ZWjkh[}dejh[Yedi[_bIFEHJ97HH?;H;Wl[Y9$L$[jb[jjh[Z[cej_lWj_ed
fWh[#cW_bZ[fhƒ\ƒh[dY[[dY^e_i_iiWdjbWhƒ]_ed"fWhYekhh_[hekfWh\Wn$
'-?6CK>:G'%%*
(% E:DEA:
<>H:A:
EDH:
;DM$>E6$HI>AAH$<6BB6
8¼ZhiYVchjcZiZcjZ
YZhedgiidjiZh^beaZ
fjZ<^hZaZ7“cYX]ZcV
Xdcfj^haZ_jgnYZa¼:a^iZ
BdYZaAdd`VjY‚Wji
YZhVXVgg^ƒgZ#9Zej^h!
aV7g‚h^a^ZccZYZ
')VchZhiYZkZcjZjc
idebdYZaeaVc‚iV^gZ#
:aaZeZjiVj_djgY¼]j^
hZeZgbZiigZYZX]d^h^g
hZhXdaaVWdgVi^dchZc
idjiZa^WZgi‚#DcaVkd^i
^X^eg„iZ|bdj^aaZghdc
bV^aadiYZWV^cadgh
Y¼jcZh‚VcXZe]did
edjgaZhidc\hBZa^hhV
YZaVbVgfjZ
Wg‚h^a^ZccZ<gZcYZcZ!
ZckZciZedjgaV
egZb^ƒgZ[d^hZc
;gVcXZ#JcZ^bV\Zad^c
YZXZaaZY¼jcZ\gVcYZ
ÃaaZcVijgZaaZ!fj^cZ
hZbVfj^aaZeVhYVch
aVk^Z!bdciZ|X]ZkVa
ZieVhhZYjiZbeh
Zc[Vb^aaZ!VkZXhZh
fjVigZh¶jgh#
?:CC>;:G!A:G:IDJG
Dca¼VkV^iaV^hh‚ZedjgbdgiZYVch9VgZYZk^a!hdgi^ZZc'%%'Zc;gVcXZ#
:aZ`igVCViX]^dhgZigdjkZjchZXdcYhdj[ÄZYVch:aZ`igVaZ.bVgh
ZchVaaZh#?Zcc^[Zg<VgcZg!c‚Z^anV('VchVjIZmVh!ngZegZcY
hdcgaZedjgiZc^gaZ]VjiYZa¼V[ÃX]Z#Ad^cYZh^cig^\jZhY¼®6a^Vh¯!
aVh‚g^Zfj^a¼Vg‚k‚a‚Z!a¼VXig^XZVb‚g^XV^cZnZcX]VˆcZaZhegdjZhhZh
Vi]a‚i^fjZh!XdcÃgbVciaZhiVaZcihZcigZkjZhYVchaZÃabY¼dg^\^cZ#
AZ'(bVghegdX]V^c!kdjhaVY‚Xdjkg^gZoYVchaZcdjkZVjÃab
Y^g^\‚Zi^ciZgeg‚i‚eVg8a^ci:VhilddY!,)Vch!B^aa^dc9daaVg
7VWn#=^aaVgnHlVc`!(%Vch!XdckV^cXaZk^Z^aZcigVˆcZjgYZ
fj^iiZghVgZigV^iZedjgaVbZcZgVjXdbWViYZhVk^Z#A¼VXig^XZ
Vb‚g^XV^cZh¼ZhiV^h‚bZci\a^hh‚ZYVchaVeZVjY¼jcZ
X]Vbe^dccZedjgaZgaZ®aZeajhe]nh^fjZYZhVXVgg^ƒgZ¯#
:c[Vci!ZaaZ‚iV^ijcZcV\ZjhZhjgYdj‚ZZiÃ\jgV^iYVchaZide*
YZhbZ^aaZjgZh\nbcVhiZh
YZa¼wiViYZLVh]^c\idc#
=‚g^i^ƒgZYZa¼6XidghHijY^d!
ZaaZh¼‚iV^iXdje‚aZh
X]ZkZjmedjgk^kgZXdbbZ
jc\VgdceZcYVcijcbd^h!
VkVcihdcegZb^Zg\gVcY
gaZYVch7dnhYdc¼iXgn#
LEJH;M;;A#;D:
HVbZY^!aZhcjV\ZhYdb^cZgdcihjgaVeajeVgiYZhg‚\^dch!VXXdbeV\c‚h
eVgZcYgd^ihY¼VkZghZh#>ah¼V\^gVYZcZ^\ZZcigZaZBVhh^[8ZcigVaZiaZ
CdgY":hi#FjZafjZhWZaaZh‚XaV^gX^ZhhZY‚kZadeeZgdciegƒhYZa¼6iaVci^fjZ
'-?6CK>:G'%%*
8VgbZc:aZXigVVaVigZciV^cZ
ig^dbe]VciZ#AZXadcZWgjcYZ
EVbZaV6cYZghdcYVch®6aZgiZ|
BVa^Wj¯!Zm"eZi^iZVb^ZYj
WVh`ZiiZjg9Zcc^hGdYbVc!
eg‚hZciZjc9K9fj^kV[V^gZ[jgZjg#
7Vei^h‚6ZgdW^XHig^eiZVhZ!^ahZ
egdedhZYZkdjhZchZ^\cZga¼VgiYZ
a¼Z[[Zj^aaV\ZhVcheZgYgZaV[dgbZ###
G>G:6J
HDBB:I
H6B$HI6G;68:
>CI:G;DIDJH6$H>E6
B:G>:L#L6AA68:$6E$H>E6
=>AA6GN:I8A>CI
HJGA:G>C<
<G6NAD8@$?E>$HI6G;68:
FJ::C$HI6G;68:
86GB:C
H:9wKD>A:
HjgaZheZciZhYZa¼6aeZ"Y¼=jZo!
aZ;Zhi^kVa^ciZgcVi^dcVaYjÃab
YZXdb‚Y^ZVXdchVXg‚IZaaZbZci
EgdX]Zhhdgi^ZaZ'+_Vck^Zg!
YZIZgZhVYZEZaZ\g^Zi9db^c^X
=VgVg^#>aVgZja¼wid^aZYjg^gZ"
<gVcYEg^mB‚Y^Vk^h^dcZiaZEg^mYZ
A¼wijY^Vci!YdciaZ?jgn_ZjcZ‚iV^i
eg‚h^Y‚eVg7^W^CVXZg^e]did#
J;D:7D9;
bV^hhjgidjiVjidjgYZaVB‚Y^iZggVc‚Zd‘b^higVaZiigVbdciVcZ
hdj[[aZgdci#9^bVcX]Z!aViZcYVcXZhZgV|a¼Vb‚a^dgVi^dcVkZXjciZbeh
hZXZihdjkZciZchdaZ^aa‚#>a[ZgV[gd^YVkZXYZcdbWgZjhZh\Za‚Zh#
AV;gVcXZhZgVhdjha¼^c[ajZcXZY¼jcVci^XnXadcZej^hhVciXZcig‚hjgaZh
ÑaZh7g^iVcc^fjZh#>aVeedgiZgVjcXdjgVciYZcdgY"ZhihZXZi[gd^Yhjg
cdhg‚\^dch#8¼ZhiYdcXaZhdaZ^afj^YZkgV^ih¼^bedhZghjgaVbV_ZjgZ
eVgi^ZYjeVnh#AZ[gd^YgZhiZgVhZch^WaZ!cdiVbbZciZcbVi^c‚Zd‘aZh
\Za‚ZhhZgdcicdbWgZjhZhZieVg[d^h[dgiZh#:cB‚Y^iZggVc‚Z!aZb^higVa
ZiaVigVbdciVcZXdci^cjZgdciYZhdj[[aZgVhhZo[dgi#