6XXZcijgZ8dckZg\Zci7jh^cZhh

>ciZaa^\ZcXZHdaji^dc

6XXZcijgZ>c[dgbVi^dc
BVcV\ZbZciHZgk^XZh

>YZci^[n^c\i]ZegdYjXib^mZhVcYbVg`Zi^c\
higViZ\^Zhi]Vi]ZaeXdbbjc^XVi^dchegdk^YZgh
VX]^ZkZ]^\]eZg[dgbVcXZ
8dbbjc^XVi^dchegdk^YZgh]VkZ]VYhjXXZhhWn I]Z6XXZcijgZ8dckZg\Zci7jh^cZhh
>ciZaa^\ZcXZHdaji^dc^cXajYZh
WjcYa^c\hZgk^XZhhjX]Vh>ciZgcZi!bjh^X!k^YZd! i]ZhZ[ZVijgZh/
e]dcZVcYl^gZaZhh#7jii]Znhigj\\aZid[^\jgZdji ™ 6XdckZg\ZciYViVlVgZ]djhZ
YZa^kZg^c\i]Z^ciZ\gViZY(+%k^Zl
l]^X]WjcYaZhegdYjXZi]ZWZhigZijgch#I]Zg^X] d[XjhidbZghVcYegdYjXihVXgdhh
[ZVijgZhd[6XXZcijgZ>c[dgbVi^dcBVcV\ZbZci kVg^djh@ZnEZg[dgbVcXZ>cY^XVidgh
VcYY^bZch^dch#
HZgk^XZhÉVYkVcXZYWjh^cZhh^ciZaa^\ZcXZVcY ™ 6bViX]"VcY"bZg\ZZc\^cZid
VcVani^Xhhdaji^dcVaadlegdk^YZghidhZZigVYZ"d[[h ^YZci^[nXjhidbZghl]dWjn
ViV\aVcXZÅVcYi]ZcYZh^\ceg^X^c\higViZ\^Zh bjai^eaZegdYjXih#
™ >ccdkVi^kZYZbd\gVe]^XVcYVYkVcXZY
iV^adgZYegZX^hZanidXjhidbZghZ\bZcihVcY WZ]Vk^dgVahZ\bZciVi^dcbdYZah#
bVg`ZiX^gXjbhiVcXZh# ™ 6egdYjXib^mVcVanoZgi]ViXVc
^YZci^[ndeedgijc^i^Zhid^cXgZVhZ
i]Z6kZgV\ZGZkZcjZeZgJhZg
I]ZX]VaaZc\Zd[i]Z 6cZllVnid`cdll]Vi 6GEJVXgdhhY^[[ZgZciegdYjXi
ZbedlZgZYXdchjbZg XjhidbZghl^aaeVn[dg b^mZhVcYWjcYaZh#
IdYVnÉhXdchjbZghVgZZbedlZgZY 6XXZcijgZcdl]VhVhdaji^dci]Vi ™ 6XdbegZ]Zch^kZhZid[YVh]WdVgYh
a^`ZcZkZgWZ[dgZÅVcYi]ViÉhV VaadlhXdbbjc^XVi^dchegdk^YZgh VcYgZedgihi]ViXVc]Zaeidfj^X`an
YVjci^c\X]VaaZc\Z[dgegdk^YZgh idh]VeZYZbVcYÅVY^hi^cXi ^YZci^[negdYjXiV[[^c^inVcY
d[Xdbbjc^XVi^dchhZgk^XZh# higViZ\^XVYkVciV\Z^cidYVnÉh XVcc^WVa^oVi^dcZ[[ZXih#
]dianXdciZhiZYbVg`Zih# IldZmVbeaZh^aajhigViZi]ZedlZgd[
Egdk^YZghbjhihZgkZhVkknXjhidbZgh
l]dlVciegZX^hZaniV^adgZYhdaji^dch 6XXZcijgZ>c[dgbVi^dcBVcV\ZbZci 6XXZcijgZÉhcZlhdaji^dc#I]ZHigViZ\^X
VcYl]d^ch^hidcXdcigdadkZg]dl! HZgk^XZhÅ6XXZcijgZÉhXgdhh"^cYjhign HZ\bZciVi^dcYVh]WdVgYÅdcZZaZbZci
l]ZgZVcYl]Zci]ZnXdbbjc^XViZ# dg\Vc^oVi^dci]VibVm^b^oZhkVajZ d[i]Zhdaji^dcÅegdk^YZhjceVgVaaZaZY
I]dhZjhZghldcÉiWZi^ZYiddcZYZk^XZ# [gdbVXa^ZciÉhY^kZghZ^c[dgbVi^dc g^X]cZhhdcZVX]XjhidbZghZ\bZci!
I]ZnlVciidWZ[gZZidXgZViZXdciZci# VhhZihÅ]VhYZkZadeZYVWjh^cZhh" l^i]YZiV^adcZkZgni]^c\[gdb
6cYi]ZnlVciidhZa["hZgkZdc ^ciZaa^\ZcXZhdaji^dci]Vi]Zaeh hdX^dYZbd\gVe]^XhidXdbeZi^idghÉ
ZkZgni]^c\[gdbW^aa^c\idcZl Xdbbjc^XVi^dchegdk^YZghVX]^ZkZ bVg`Zih]VgZhVaadcdcZeV\Z#9gVl^c\
hZgk^XZh^\c"jeh# ]^\]eZg[dgbVcXZWndei^b^o^c\ dci]ZXdbedcZcihd[i]ZhZ\bZci
i]Zegd[^iVW^a^ind[i]Z^gXdckZg\Zci egd[^aZÅ[VXidghhjX]VhheZcY^c\
I]Zbjai^"eaVnWjcYaZhd[[ZgZY iZcYZcX^ZhVcYegdYjXib^mÅi]Z
d[[Zg^c\hVcY^begdkZh]VgZd[lVaaZi
idYViZVgZcdadc\ZgZcdj\]# 6XXZcijgZ8dckZg\Zci7jh^cZhh
l^i]i]Z^gXjhidbZgh#
IZaZXdbbjc^XVi^dchVcYXVWaZ >ciZaa^\ZcXZHdaji^dcl^aaVXijVaan
I]Z6XXZcijgZ8dckZg\Zci7jh^cZhh egdedhZcZld[[Zg^c\hVcYXVaXjaViZ
egdk^YZghcdlcZZYg^X]anYZiV^aZY
>ciZaa^\ZcXZHdaji^dcVaadlhXdbeVc^Zh i]Z^gZmeZXiZY^cXgZbZciVagZkZcjZ#
k^Zlhd[l]dZmVXiani]Z^gXjhidbZgh
idXdaaZXiVcYVcVanoZWdi]^ciZgcVa >il^aaVahdegZhZciVgVc\Zd[gZiZci^dc
VgZ!l]Vii]ZnlVciVcY]dli]ZnjhZ
VcYZmiZgcVaYViVid\ZiVbdgZ higViZ\^Zh!l^i]i]ZeZgXZciV\Z
i]ZhZgk^XZhi]ZnWjn#I]ZnVahdcZZY
XdbegZ]Zch^kZe^XijgZd[i]Z^g gZYjXi^dch^cXjhidbZgX]jgci]Vi
^ciZ\gViZYk^Zlhd[i]Z^gXjhidbZghÅ
XjhidbZghVcYi]Z^gYZX^h^dc"bV`^c\ VgZZmeZXiZY[gdbZVX]#
idhZZVaai]ZXdbbjc^XVi^dchegdYjXih
egdXZhhZh#Egdk^YZghÉbVg`ZiZghXVc
VcYhZgk^XZhi]Vii]Z^gXjhidbZghjhZ# I]ZEgdYjXiB^mDei^b^oZgXdbedcZci
cdl]VkZjcegZXZYZciZYk^h^W^a^in^cid
6ii]ZhVbZi^bZ!egdk^YZghbjhiWZ YZbdchigViZh]dljhZghXVchZaZXii]Z
i]Z^gXjhidbZghÉYZbd\gVe]^Xh!Wjn^c\
VWaZidVcVanoZi]Z^gegdYjXib^mid b^md[d[[Zg^c\hi]ZnlVci#7nha^Y^c\V
WZ]Vk^dghVcYjhV\ZeViiZgchVXgdhh
VhhZhhi]Z^beVXid[cZld[[Zg^c\hdc WVgd[Zhi^bViZYhVaZh[dgXgdhh"hZaa^c\
VaaegdYjXiedgi[da^dh#I]Zhdaji^dcÉh
Zm^hi^c\WjcYaZhÅZheZX^Vaan^ciZgbh EgdYjXi7idhjWhXg^WZghd[EgdYjXi6!
edlZg[jabdYZa^c\XVeVW^a^i^ZhVaadl
d[i]Zg^h`d[XVcc^WVa^oVi^dc# [dgZmVbeaZ!bVg`ZiZghXVc^chiVcian
bVg`ZiZghidZmeZg^bZcil^i]Y^[[ZgZci
I]ZigdjWaZ^h!bVcnXdbbjc^XVi^dch egdYjXib^mZhVcYfj^X`ane^ced^ci hZZi]ZX]Vc\Z^ccZlhjWhXg^ei^dch
XdbeVc^ZhXVccdiigjanhZZ]dlbjX] i]dhZi]Vi\ZcZgViZi]Zhigdc\Zhi idWdi]egdYjXih#
bdcZni]ZnÉgZaZVk^c\dci]ZiVWaZ# gZkZcjZ\gdli]!]^\]ZhibVg\^chVcY Di]ZgYVh]WdVgYk^ZlhVcYgZedgih
I]Zng^h`adh^c\h]VgZidXdbeZi^idgh \gZViZhiXjhidbZgadnVain#6cYi]Z \^kZVi"V"\aVcXZYZiV^adcXjhidbZg
i]ViXVc\Zii]ZgZVa"i^bZ(+%• hdaji^dcÉh^ciZgVXi^kZYVh]WdVgYh\^kZ gZiZci^dcXdhih!VXfj^h^i^dcXdhih
^ch^\]ihi]ZncZZY# gZVa"i^bZZVhn"id"jcYZghiVcYY^heaVnh VcYXdhihidYZkZadecZld[[Zg^c\h!
d[]dlZmVXianYZX^h^dchV[[ZXigZkZcjZ fjVci^[n^c\i]ZXjhidbZgÉhV[[^c^in
higZVbhVcYegd[^iVW^a^in# [dgVeVgi^XjaVgegdYjXidghZgk^XZ#

'
7ZcZ[^ih^cWg^Z[
8dbbjc^XVi^dchegdk^YZghi]Vi
^beaZbZcii]Z6XXZcijgZ8dckZg\Zci
7jh^cZhh>ciZaa^\ZcXZHdaji^dcl^aa]VkZ
Vc^bbZY^ViZVYkVciV\Z#Cdidcanl^aa
i]ZnWZVWaZidhZZXaZVganl]di]Z^g
XjhidbZghVgZ!l]Vii]ZnjhZVcY]dl
i]ZnjhZ^i!Wjii]ZnXVc^chiVcian
ZkVajViZ!^cgZVai^bZ!i]Z^beVXidc
gZkZcjZVcYegd[^iVW^a^ind[YZX^h^dch
VWdjicZld[[Zg^c\h!cZlXjhidbZg
hZ\bZcihVcYcZlXgdhh"hZaa^c\
^c^i^Vi^kZh#
L^i]i]^hhdaji^dc^ceaVXZ!bVg`ZiZgh
XVcZmeZXi]^\]ZggZkZcjZ[gdbcZl
bjai^"eaVnd[[Zg^c\h!bdgZZ[[ZXi^kZ
Xgdhh"hZaa^c\VcYWZiiZgeg^X^c\dc
XadhZaniVg\ZiZYWjcYaZh#I]ZnXVcadd`
[dglVgYidijgc^c\bdgZhjWhXg^WZgh
^cidadnVaadc\"i^bZXjhidbZghÅVcY
id]daY^c\dcidbVcnbdgZd[i]Z^g
XjggZcihjWhXg^WZgh#
I]ZnXVcVahdZmeZXiid\ZibdgZ
[gdbi]Z^gbVg`Zi^c\^ckZhibZcih#
Cdli]ZnXVcfj^X`an^YZci^[ni]ZWZhi
Xdbbjc^XVi^dcX]VccZahVcYbZi]dYh
idjhZ[dgXdciVXi^c\XjhidbZghVcY
VcVano^c\XjhidbZgWZ]Vk^dg#I]Zn
]VkZi]ZiddahidhiVndcided[gVe^Y
X]Vc\Zh^cYZbVcYÅVcYidiZhiVcY
aVjcX]^ccdkVi^kZd[[Zg^c\h[VhiZg
i]Vci]Z^gXdbeZi^idghXVc#
Egdd[ed^cih
6XXZcijgZ]VhWZZc]Zae^c\V\adWVa
Xdbbjc^XVi^dchXdc\adbZgViZdc^ih
eVi]idlVgYh]^\]eZg[dgbVcXZWn
bdk^c\i]ZXdbeVcnfj^X`anidlVgYV
XdckZg\ZcibdYZa#I]ZXdbeVcnlVcih
idWZVWaZidZ[[ZXi^kZanegdbdiZd[[Zgh
idl]Vi^iaVWZahÆXdckZg\ZciXjhidbZghÇ
Åi]Vi^h!Vaai]ZXjhidbZghl]dWjn
bjai^eaZhZgk^XZh#
L^i]6XXZcijgZÉh]Zae!i]ZXdbeVcn
ZmeZXihidZmeVcYgZkZcjZhl^i]V
iV^adgZYYZ[^c^i^dcd[d[[Zg^c\h[dg
ZVX]ÆXdckZg\ZciXjhidbZg#ÇI]Z
YZ[^c^i^dc^hbVYZedhh^WaZWnVc
VXXjgViZVcVanh^hd[i]ZXjhidbZgÉh
jhV\Zd[bjai^eaZhZgk^XZh#I]Z
VcVanh^hl^aaVaadli]ZXdbeVcn
idWZiiZgjcYZghiVcY^ihXjhidbZgÉh
WZ]Vk^dghVcYZcVWaZ^ihbVg`ZiZgh
idgZkVbe^ihegdYjXiXViVad\#
8jggZcian!i]ZXdc\adbZgViZÉhl^gZa^cZ
VcYl^gZaZhhdeZgVi^dchVgZhZeVgViZ
Zci^i^Zh!WjiZ[[dgih]VkZWZ\jc
idgZdg\Vc^oZi]ZXdbeVcnÉh>I
YZeVgibZciidhZgkZi]ZcZl
XdckZg\ZciYViVbdYZa#
6XXZcijgZ]VhVahdaZci^ihZmeZgi^hZ
id]ZaeV:jgdeZVciZaZXdbaZVYZg
YZkZadeVjc^[^ZYk^Zld[^ihWjh^cZhh =^\]"eZg[dgbVcXZ
XjhidbZgh!bVggn^c\^ciZgcVaYViV
id^c[dgbVi^dc[gdbZmiZgcVahdjgXZh Wjh^cZhhZhÅi]dhZi]Vi
hjX]Vh9jc7gVYhigZZi#I]Z hjWhiVci^VaandjieZg[dgb
dW_ZXi^kZ^hidXgZViZÆWZhi"^c"XaVhhÇ i]Z^gXdbeZi^idghdkZg
bVg`ZihZ\bZciVi^dchi]Vi!l]Zc
i]ZXjhidbZgegd[^aZhVgZXdbeaZiZ! i]Zadc\iZgbVcYVXgdhh
l^aaZVh^anZcVWaZi]ZXdbeVcnid ZXdcdb^X!^cYjhignVcY
e^ced^cil]^X]XjhidbZgh]VkZi]Z aZVYZgh]^eXnXaZhÅVgZ
\gZViZhiediZci^Va[dgcZlWjh^cZhh#
il^XZVha^`ZanVhi]Z
I]ZhZ\bZciVi^dch]VkZVahd]ZaeZYid
XgZViZVXdbegZ]Zch^kZÆXjhidbZg[^aZÇÅ ine^XVadg\Vc^oVi^dcid
VdcZ"eV\Zk^Zld[Vaai]ZgZaZkVci bV`ZhigViZ\^XjhZd[
VXXdjci^c[dgbVi^dci]Vi^hegdk^c\ VcVani^Xh#6cYi]ZnÉgZ
kZgnjhZ[ja[dgi]ZiZaZXdbegdk^YZgÉh
hVaZh[dgXZ#I]ZcZlXdckZg\Zci [^kZi^bZhbdgZa^`Zan
VeegdVX]]VhaZYidi]ZYZ[^c^i^dc idYdhdi]Vcadl"
d[cZleZg[dgbVcXZ^cY^XVidgh!dcZ
d[l]^X]^hi]ZegdWVW^a^ind[l^cc^c\
eZg[dgb^c\Wjh^cZhhZh#
WVX`[dgbZgXjhidbZgh# HdjgXZ/9VkZcedgi!I]dbVh=#VcY
8dbbjc^XVi^dchegdk^YZghi]ViVYdei ?ZVccZ<#=Vgg^h!Æ8dbeZi^c\dc
i]Z6XXZcijgZ8dckZg\Zci7jh^cZhh 6cVani^Xh/I]ZCZlHX^ZcXZd[
>ciZaa^\ZcXZHdaji^dcl^aa^chiVcian L^cc^c\!Ç=VgkVgY7jh^cZhhHX]dda
EgZhh!6XXZcijgZ!BVgX]'%%,#
WZVWaZidZkVajViZ!^cgZVai^bZ!i]Z
^beVXidcgZkZcjZVcYegd[^iVW^a^in
d[YZX^h^dchVWdjicZld[[Zg^c\h!cZl
XjhidbZghZ\bZcihVcYcZlXgdhh"
hZaa^c\^c^i^Vi^kZh#
I]Z6XXZcijgZ8dckZg\Zci7jh^cZhh
>ciZaa^\ZcXZHdaji^dc^hi]Z`Znid
VX]^ZkZ]^\]eZg[dgbVcXZi]gdj\]
]^\]ZggZkZcjZ[gdbcZlbjai^"eaVn
d[[Zg^c\hVcYbdgZZ[[ZXi^kZXgdhh"
hZaa^c\#6cY^iÉhi]ZWZhilVnidXdckZgi
hjWhXg^WZgh^cidadnVaXjhidbZgh#
L]n6XXZcijgZ4
6XXZcijgZ]VhVadc\]^hidgnd[
]Zae^c\XdbeVc^ZhgZVX]]^\]
eZg[dgbVcXZjh^c\Z[[ZXi^kZ
^c[dgbVi^dcbVcV\ZbZcihdaji^dch#
LZ]Zae\ZcZgViZcZlXdbeZi^i^kZ
VYkVciV\ZWnegdk^Y^c\VYkVcXZYYViV
VcVanh^hiZX]c^fjZhidYg^kZYZX^h^dch
VcYVXi^dch!Vaadl^c\Wjh^cZhhaZVYZgh
idWZiiZgbVcV\Zi]Z^g^c[dgbVi^dc#
AZkZgV\^c\djgaZVY^c\hnhiZbh
^ciZ\gVi^dcegVXi^XZVcYldg`^c\
XadhZanl^i]^cYjhignheZX^Va^hih!
6XXZcijgZ]VhVaad[i]ZhigViZ\^Zh
VcYiddahcZZYZYidYZa^kZgedlZg[ja!
egVXi^XVa^c[dgbVi^dcbVcV\ZbZci
hdaji^dch[dgdjgXa^Zcih#
LZ]VkZhda^YgZaVi^dch]^ehVcY
eaZcind[ZmeZg^ZcXZldg`^c\l^i]
i]ZideiZX]cdad\negdk^YZgh^c
i]^hheVXZ#6cYdjg]^\]anZ[[^X^Zci
cZildg`d[bdgZi]Vc*%YZa^kZgn
XZciZghldgaYl^YZZcVWaZhgZeZViVWaZ
egdXZhhZh!ldgaY"XaVhhVhhZihVcY]^\]an
h`^aaZYegd[Zhh^dcVahidYZa^kZg[Vhi!
Xdhi"Z[[ZXi^kZ!]^\]"fjVa^inhdaji^dch#
(
6Wdji6XXZcijgZ 6Wdji6XXZcijgZ
>c[dgbVi^dc 6XXZcijgZ^hV\adWVabVcV\ZbZci
BVcV\ZbZciHZgk^XZh Xdchjai^c\!iZX]cdad\nhZgk^XZhVcY
djihdjgX^c\XdbeVcn#8dbW^c^c\
6XXZcijgZ>c[dgbVi^dcBVcV\ZbZci
jceVgVaaZaZYZmeZg^ZcXZ!XdbegZ]Zch^kZ
HZgk^XZh^hV\adWVaXgdhh"^cYjhign
XVeVW^a^i^ZhVXgdhhVaa^cYjhig^ZhVcY
dg\Vc^oVi^dc[dXjhZYdcWg^c\^c\
Wjh^cZhh[jcXi^dch!VcYZmiZch^kZ
Xa^Zcihhdaji^dchidWZiiZgbVcV\Z
gZhZVgX]dci]ZldgaYÉhbdhihjXXZhh[ja
i]Z^gWjh^cZhh!^ciZgVXil^i]XjhidbZgh
XdbeVc^Zh!6XXZcijgZXdaaVWdgViZh
VcYbV`ZhigViZ\^X![^cVcX^VaVcY
l^i]Xa^Zcihid]Zaei]ZbWZXdbZ
deZgVi^dcVaYZX^h^dch#Ldg`^c\VXgdhh
]^\]"eZg[dgbVcXZWjh^cZhhZhVcY
6XXZcijgZÉhhZgk^XZa^cZhVcY^cYjhign
\dkZgcbZcih#L^i]bdgZi]Vc&-,!%%%
\gdjeh!i]^hcZildg`d[&(!%%%
eZdeaZhZgk^c\Xa^Zcih^cdkZg&'%
egd[Zhh^dcVahheZX^Va^oZh^c^c[dgbVi^dc
Xdjcig^Zh!i]ZXdbeVcn\ZcZgViZYcZi
bVcV\ZbZcihZgk^XZh^cXajY^c\
gZkZcjZhd[JH'(#(.W^aa^dc[dgi]Z
Wjh^cZhh^ciZaa^\ZcXZ!edgiVahVcY
[^hXVanZVgZcYZY6j\#(&!'%%-#>ih
XdciZcibVcV\ZbZciVcYYViV
]dbZeV\Z^hlll#VXXZcijgZ#Xdb#
bVcV\ZbZciVcYVgX]^iZXijgZ#
;dgbdgZ^c[dgbVi^dcVWdji6XXZcijgZ
>c[dgbVi^dcBVcV\ZbZciHZgk^XZh!
k^h^illl#VXXZcijgZ#Xdb$^c[dgbVi^dc
bVcV\ZbZci#

IdaZVgcbdgZVWdji]dl6XXZcijgZ
8deng^\]i'%%.6XXZcijgZ
>c[dgbVi^dcBVcV\ZbZciHZgk^XZh
6aag^\]ihgZhZgkZY#
Veea^ZhbVijgZWjh^cZhh^ciZaa^\ZcXZ
VcYVcVani^XhXVeVW^a^i^Zhi]Vi]Zaendj
6XXZcijgZ!^ihad\d!VcY VX]^ZkZ]^\]eZg[dgbVcXZ!XdciVXi/
=^\]EZg[dgbVcXZ9Za^kZgZY
VgZigVYZbVg`hd[6XXZcijgZ# 6hig^Y7d]‚
:mZXji^kZ9^gZXidg
6XXZcijgZ>c[dgbVi^dcBVcV\ZbZci
HZgk^XZhÅ8dbbjc^XVi^dch
=^\]IZX]!<adWVa
Vhig^Y#Wd]Z5VXXZcijgZ#Xdb