erase una vez el amor
TRANSCRIPT
1
!!!!!!!!!!!!!!!!!
2
!!!!!!!!!
!"#$%#&%'(%&)*+#(,#-.%$*#/(%#,.#0.1&.#&%'.&)*&#(,*#'*,'23,#/(%#,(,'*#%42+523#6#(,#0(1*&#*0#/(%#7*$8+#9*:&;*#2).<#
!!!!!!!!!!!!!!!!!!!!!
3
!!!!!!!!!!!!!!
!
"!
#$%%$&'()!*+,-.!/012!
0&+!232)/0&$#+#!
!
!
!
!
!
!
!
!
!
!
4
!
!
!
!
!$&/()$2)! !&245(!="+2'*#)%#>%4#?2+5.0+####,6!77898:!)6;! <=9=:>?=@A!<6! B6;?=7C!<6D<6!E>6! B6F>6B<AG!,=<A!
D6=D!;=6D!H!;6DA!AFI6:?8!H!>:!J=7AD! KFA9A! 7AD! '.@:.6+#<6!,8BF=87!%8L>6:?6!(D?6L8:M8NO! ?6:PA!AQAD!:6PBAD!H!I>:<=<AD!FA9A!8P>Q6BAD!
<6!6DFA;6?8!8!;>:?A!<6!<=D;8B8BO!78!RAF8!D6:D>87!H!>:8!@6BP8!<6!ST!
F6:?M96?BAD! 6:! 7AD! <M8D! F87>BADADG! &A! DAH! 6H8F>78<AB! ;B6FAU! :=!
D>67A!?6:6B!987!87=6:?AO!96!P>D?8!FAB?8B96!78D!>V8D!I8D?8!I8F6B78D!
D8:PB8BO! ?6:PA! I>6778D! <6! 8F:W! 6:! 78! F8B8! H! 67! F>7AO! >:AD!<=6:?6D!
L>6B?6D!H!67!A7AB!:8?>B87!<6!9=!;=67!6D! L8DF=:8:?6G!38B8! 78!6L=F8U!6!
=:A7@=<8R76! D8F><=<8!E>6! ?A<8!9>Q6B! D>6V8O! DAH! 67! ?=;A! =:<=F8<AG!
/89R=W:!96!<6D?8FA!R6R=6:<AG!&A!DW!R8=78B!:=!F8:?8BO!;6BA!D=! 7AD!
E>6!D8R6:!I8F6B!6D8D!FAD8D!;><=6B8:!I8F6B7A!FA9A!HAO!6D?8BM8:!6:!
78!F=98G!,=D!89=PAD!;=6:D8:!E>6!DAH!0*#A%&1*#9%&2)*O!9=D!6:69=PAD!E>6! DAH! >:! L8:?AFI6G!+! H!X! DA:! A;=:=A:6D! 8F6B?8<8DO! 8>:E>6! H8!
D8RBY:! F>Y7!;B6L=6BAG! .AH!I6?6BAD6Z>87! H!9=! =:?67=P6:F=8! 6D! L6BAUG!
56! B6F=R=<A! I6B=<8D! <6! R878O! F>FI=77A! H! ARQ6?AD! :A! =<6:?=L=F8<ADG!
*89YD!I6!98?8<A!8!:8<=6!;6BA!I6!<6Q8<A!8!9>FIAD!87!RAB<6!<6!78!
9>6B?6! LMD=F8! A! 6D;=B=?>87G! &A! 6D! R>6:A! 96?6BD6! FA:9=PAG! ,=!
FAB8U[:!6D!<6:?8<A!FA9A!6DE>=B78D!<6!6Z;7AD=[:G!&A!96!P>D?8! 78!
P6:?6!E>6Q>9RBAD8!:=! 78D!98<B6D!E>6! PA7;68:!8! D>D!I=QADG!(Z=D?6!
>:8!R6778!9>Q6B!77898<8!&=7<8!E>6!96!6:F8:?8G!
!
5
(D?6!6D!>:!F>8B?A!;6E>6VA!;=:?8<A!<6!:6PBAG!(:!78D!;8B6<6D!I8H!
8L=FI6D! <6! /6A! ,A:JO! .[FB8?6D! H! ,ABB=DA:G! 58H! LA?APB8LM8D! <6!
,8C;=O! +<B=8:8! 48<8@=<! H! 098! /I>B98:G! %8D! ;6BD=8:8D! 6D?Y:!
F>R=6B?8D! <6! >:8! <67P8<8! F8;8! <6! ;A7@A! <A:<6! 8! @6F6D! 6DFB=RA!
:A9RB6D! H! ?67WLA:AD! ;ABE>6! 96! <=@=6B?6! @6B! F[9A! 67! ;A7@A! 7AD!
RABB8G!.=!DARB6@=@6:!?B6D!<M8D!6D!9878!D6V87!H!6:?A:F6D!7AD!RABBA!HA!
9=D9AG!.=69;B6!I8H!9>Q6B6D!BA:<8:<A!;AB!8E>M!H!D=!?6:PA!P8:8D!A!
87P\:! 6D;6F=87! =:?6BWD! 76D!;A:PA!67! 8F6=?6! 8!;>:?AG!+7P>:AD!<=F6:!
E>6! DAH! FB>67O! D=:! 69R8BPAO! Q89YD!98?A! >:8! F>F8B8FI8! D=! :A! 6D!
:6F6D8B=AG!/6:PA!>:8!PB8R8<AB8O! 7=RBADO! 8R8:=FAO! F898O!9YE>=:8!
<6!6DFB=R=B!H!>:!F6:=F6BA!;8B8!78D!@=D=?8DG!
!
(7! ?=;A!E>6!F8:?8!D6! 77898!.=<!1=F=A>DO!>:!<696:?6!<6! 78!;6AB!
F878V8G! %8! 9>Q6B! E>6! 89[! D6! 77898R8! &8:FH! .;>:P6:]! Q>:?AD!
?B8?8BA:!<6!I8F6B! 7A!96QAB!;AD=R76O!BA9;6B! 7AD!<>BAD!RAB<6D!<6! 78!
B687=<8<!H!;8B8!6DA!?=B8BA:!FA:!D8V8O!D6!?8;8BA:!78!FB=D98!FA:!?A<A!
?=;A! <6! <BAP8DO! @A9=?8BA:! D>! B8R=8! 6:! IA?676D! 987A7=6:?6DG!
5=F=6BA:! @876B! 6:! ?A<A! 67! D6:?=<AC! D>! 7=R6B?8<! 6:! >:!9>:<A! <6!
9>VA:6D!F89=:8:?6DG!^>=D=6BA:!BAR8B!>:!;6E>6VA!6D;8F=A!<6!@=<8!
6:! 67! B6=:A! <6! 78! 9>6B?6G! 1=@=6BA:! FA9A! Y:P676D! =:L6B:876D! H!
F8H6BA:!FA9A!;6BBAD!F8776Q6BADG!&8:FH!DAD?>@A!>:8!<>7F6!DA:B=D8!
9=6:?B8D! .=<! I>:<M8! 67! F>FI=77A! 6:! D>! ;6FIA! F8?ABF6! @6F6DG!'8BH!
27<98:!=:?6B;B6?[!8!.=<!6:!>:!L=79!<6!+76Z!4AZ!;6BA!27<98:!:A!
6D?>@A! 8! 78! 87?>B8O! 6B8! >:! F8P>6?8DO! _87P>:8! @6U! I8D! D=<A! >:!
F8P>6?8D`! aA! DMO! Q>D?A! F>8:<A! 6D?>@6! 6:89AB8<A! <6! F=6B?8! FI=F8!
;6BA! 6778! :A! 6B8! FA9A! &8:FHO! 6778! 6B8! R78:<8! FA9A! >:! L78:! H!
?6B9=:[! F8DY:<AD6! FA:!A?BA! L78:!H! ?>@=6BA:! L78:F=?ADG!(778! E>6BM8!
D6B! 8F?B=U! ;6BA! FA:! D>! R78:<8! ;6BDA:87=<8<! :A! I8RBM8! ;A<=<A!
=:?6B;B6?8B!:=!>:8!@AU! 6:! .BBG! .6:?8<AD! 6:! 78!;78H8!9=BYR89AD! 78!7>:8! H! HA! 76! =:@6:?8R8! FA:! ;878RB8D! >:! B6=:A! <6! <>6:<6D!
87>F=:8<AD!H!F8D?=77AD!96<=6@876DO!P8D?8R8!67!;A<6B!<6!9=!96:?6!6:!
6778O! >:8! 9>Q6BF=?8! E>6! >D8R8! 78! F8R6U8! ;8B8! D6;8B8B! 78D! AB6Q8DO!
8<6:?BA!DA7A!I8RM8!;=AQAD!<6!B8?[:!6:L6B9AG!.=<!6B8!67!8798!<6!7AD!
.6Z!3=D?A7D!;6BA!F>8:<A!7A!6:?6BB8BA:!@=:A!A?BA!I=QA!<6!;6BB8!H!78!
6
L=6D?8! D=P>=[! ?87! F>87G! (:! B687=<8<! D6! ?B8?8R8! <6! >:AD! 6DFA78B6D!
?B8?8:<A!<6!D6B!987AD!;6BA!D6!76D!A7@=<[!E>6!7AD!987AD!:A!F8:?8:!:=!
R8=78:G! %8! P6:?6! E>6! ?=6:6! ;67AD! 6:! 67! FAB8U[:! H! ;=6:D8! 9>FIA!
8:?6D! <6! <AB9=BD6! Q89YD! FA:D=P>6! D6B! 9878G! .=<! I8RBM8! ;A<=<A!
D6B7A! ;6BA!96:68R8! 67! ?B8D6BA! FA:! @6B<8<6B8! PB8F=8! H! 6DA! 6D! >:!
=9;6B<A:8R76!<6D7=UG!
!
&A!<=PA!E>6! DAH!987A!;6BA!<=PA! 5%,# '(2)*).G! .AH!<6!>:8! B8U8!=:<[9=?8O! E>6! D6!9>6@6! BY;=<AO! 6D8! F78D6! <6! D6B6D! E>6! <6Q8! 8! D>!
;8DA! >:! B8D?BA! <6! 8:D=8G! a8! :A! <=PA! 96:?=B8D! ;ABE>6! ;6B<M! 78!
=98P=:8F=[:!;6BA!:A!I8H!:8<8!E>6!D68!FA:L=8R76!6:!9=D!@6B<8<6DG!
+RBA! 7AD! AQAD! H!9=BA! 67! F=67A! B8DAG! (DA!96! <8! P8:8D! <6! ;6:D8BG!
3=6:DA! 6FI8<A! 9>FI8D! IAB8DG! &A! D=69;B6! L>6! 8DMG! 4A9A! .=<! H!
&8:FHO!HA! ?89R=W:! ?B8?W!<6! 776P8B! 8! ?=69;A!;8B8! 78!F6:8!;6BA! 78D!
@8778D!;>R7=F=?8B=8D!H!78D!D6V876D!<6!?BY:D=?A!L>6BA:!;><B=W:<A96!78!
D8:PB6G!,89Y!@6:M8! F8<8!:AFI6!8! B6@=D8B!9=! D>6VA]! ;B=96BA!96!
E>=?8R8! 67! 7=RBA! <6! 78D! 98:ADO! 7>6PA! 96! 8BBA;8R8! R=6:O! 96!
R6:<6FM8! <AD! @6F6DO! 8;8P8R8! 78! 7>U! H! D6! =R8! D=:! I8F6B! 67! 96:AB!
B>=<AG!4A9A!.=<!H!&8:FHO!HA!?89R=W:!8<=@=:W!LAB98D!6:!78D!:>R6D!
H! :A! D=69;B6! L>6BA:! 8PB8<8R76DG! 4A9A! 677ADO! 96! 8R>BBM! @=6:<A!
<6DL=78B!I6<=A:<AD!;BAL6DAB6D!H!R8:<8D!<6!P>6BB8!9=6:?B8D!87!LA:<A!
DA7?8R8:!L6BAF6D!6DF>;=?8QAD!H!;6<AD!6:?B6FAB?8<ADG!(:?A:F6D!D87?W!
;AB!78!@6:?8:8!H!;=DW!67!8F676B8<AB!8!LA:<AO!6:?BW!6:!FA:?8F?A!FA:!
67! ;8D?A! H! 78D! 7=RW7>78DO! H! 7>6PA! H8! :A! I>RA! ;8D?A! D=:A! >:! ?=F?8F!
;BA96?6<ABO! >:! RB>DFA! 898PA! <6! 9\D=F8! H! A?BAD! E>6! FA9A! HA!
R>DF8R8:!78!FA9R8!87!;87AG!
!
!
!
!
!
!
!
!
7
!
!
!
!
!
!
!
!
(b/()$2)! !#c+!C>*:%+#/(D#-*+*#%,#0.+#9.+-25*0%+#*#$%)2*,.'9%E#/(D#'0*+%#)%#1%,5%#&%'.&&%#+(+#-*+200.+E#'(8,5.+#)(0'%+#)%#$%,5*#+%#'.,+($%,#*00;#-.	.&*F##!
!
!
(D?AH!8P8FI8<A! LB6:?6!8! 78!>:=@6BD=<8<!6:!FA9;8VM8!<6!/AR8G!d7!
6D?Y!<6!;=6O!B6FAD?8<A!FA:?B8!>:8!;>6B?8G!+9RAD!6D?89AD!R6R=6:<A!
<6D<6!78!?8B<6!8:?6B=AB!H!8IAB8!6D;6B89AD!8!E>6!D87P8!2B?6P8!;8B8!
;6<=B76! <=:6BA! H! ?A98B:AD! >:8D! F6B@6U8D! <A:<6! ,=DD! X78:FIWG!
2B?6P8! 6D! ;BAL6DAB! 6:! 6D6! 8:?BA! H! 8! @6F6D! 6DFB=R6! ;A698DG! .>!
:A9RB6!6D!+>P>D?A!;6BA!?A<AD!76!<=F6:!2B?6P8!H!W7!7A!;B6L=6B6!8DMG!
%AD! 6D?><=8:?6D! E>6! 6:?B8:! H! D876:! :AD! 9=B8:! FA:! DAB:8! H! 78D!
FI=F8D! FA:! 8DFA! H! F>B=AD=<8<G! $98P=:A! E>6! <6R69AD! ?6:6B! >:!
8D;6F?A!B6;>P:8:?6!;6BA!7A!6D6:F=87!:AD!D=P>6!;6D8:<AG!+!/AR8!>:!
;AFA!9YD!;AB!F=6B?AG!%8!9=B8<8!<6! 6DAD!6D?><=8:?6D! 6D;8:?8O!I8H!
9YD! 7>F=<6U! 6:! >:! ;8R677[:! ;D=E>=Y?B=FAO! 6:! 78! 9=D98! 9ABP>6G!
+7P>:8D!FI=F8D!?=6:6:!R>6:!8D;6F?AG!
C_^>W!6D!R>6:!8D;6F?AO!)6;`!
C/6?8D!PB8:<6D!H!:87P8D!;BA9=:6:?6DG!
C&A!96!P>D?8:!78D!?6?8D!PB8:<6DG!
C+!9M!DMG!
!
0:A!<6!7AD!9>?8:?6D!D6!8F6BF8]!6D!67!;6E>6VA!&=FAG!&A!D[7A!6D!
>:!6D?\;=<A!D=:A!E>6!8<69YD!;=6:D8!E>6!?=6:6!FAD8D!6:!FA9\:!FA:!
8
:ADA?BADG!.>! D6:?=<A!<67!I>9AB! 6D! ?8:! 6L=F8U! FA9A!67! ;8?876A!<6!
>:8! ?AB?>P8! 6:! 8P>8! I=B@=6:<AG! .6! B8DF8! 78! F8R6U8G! &A! 6D! 9878!
;6BDA:8O! :A! ?=6:6! 78! F>7;8! <6! D6B! 6DF8DAO! >:! ;6<8UA! <6! R8D>B8!
P6:W?=F8! @8FM8! H! DA:B=6:?6G! #>B8:?6! >:! B8?A! ?B8?8! <6! L7A?8B! 8!
:>6D?BA! 78<A! ;8B8! FI>;8B! =98P6:! ;6BA! /AR8! D6! ?8;8! >:A! <6! 7AD!
IAHAD!<6! 78!:8B=U!H!B6DA;78!;AB!67!A?BA!<6Q8:<A!D87=B! ?A<A!?=;A!<6!
ARQ6?AD!6!=:9>:<=F=8DG!&=FA!ARD6B@8!78!;=78!9>7?=FA7AB!6:!67!D>67AO!
6:?B6!D>D!;=6DO!H!;A:6!?=6BB8!<6!;AB!96<=AG!
!
2B?6P8! :AD! <8! 67! <=:6BAG! (D! 898R76! H! 6@8D=@AG! /AR8! ?B8?8! <6!
8RB8U8B7A! ;6BA! :A! 7A! <6QAG! 2B?6P8! <8! 6Z;7=F8F=A:6DO! 76! <=PA! E>6!
6:?=6:<AO!E>6!D6!@8H8G!&AD!96?69AD!<A:<6!,=DD!X78:FIWG!(7!7>P8B!
6D?Y! B6;76?A! <6! 9>?8:?6D! E>6! ?A98:! FAF8CFA78! A! F8LW! 9=6:?B8D!
<=DF>?6:!76H6D!H!?6AB698D!FA:!8=B6D!<6!PB8:<6U8G!,=DD!X78:FIW!:AD!
ALB6F6! D>! 96QAB! DA:B=D8G! (778! ;B6L=6B6! AR@=AC! 8! 7AD! E>6! ?A98:!
F6B@6U8G!%8!F6B@6U8!6D?8!I678<8G!(7!8798!96!@>67@6!87!F>6B;AG!
C38B8!D6B!;A6?8!76!L87?8:!FAQA:6DG!
C2B?6P8!6D!;BAL6DABO!/AR8G!
C38B8!D6B!;BAL6DAB!76!DARB8:G!
C_a!E>W!I8H!<6!?=`!
C&A!DW! <=F6!?AR8!FA:!78!9=B8<8!F78@8<8!6:!,=DD!X78:FIWG!(778!
?=6:6! F8D=! F=:F>6:?8! H! 89;7=8D! F8<6B8DCG! .AH! >:! ;6DF8<AB!;6BA! 67!
8P>8!6D?Y!ADF>B8G!
C4A9A!67!LABBA!<6!X6??HG!
C&A!?6!96?8D!FA:!6778O!)6;G!
C36BA!D=!6D!D[7A!>:8!;=78!<6!F8F8!8DA768<8G!
C189AD!8L>6B8O!I=QA;>?8G!
!
(7!.A7! D8F8! FI=D;8D!<67! 8DL87?AO! 7AD!9>?8:?6D! @8:!H!@=6:6:O! 78D!
F6B@6U8D! D6! F87=6:?8:! 6:! :>6D?B8D! 98:AD! 87! =:D?8:?6G! /AR8! ?=6:6!
7YPB=98D!H!9AFAG!+7P>=6:!:AD!8U>U8!<6D<6!>:8!@6:?8:8]!6D?89AD!
LB6:?6! 8! LB6:?6! ;6BA! 78D! P8:8D! <6! ;6768B! D6! I8:! =<AG! %6! <=PA! E>6!
6:?B69AD!H!96!D=P>6!FA9A!>:!;6BBAG!1AH!87!R8VA!H!F>8:<A!B6PB6DA!
6D?Y! BA:F8:<AG! .=PA! ?A98:<A! DA7AG! ,=DD! X78:FIW! :AD! ARD6B@8O!
9
;8B6F6!;B6AF>;8<8G!/AR8!B6DR878!<6!78!D=778!H!E>6<8!96<=A!?6:<=<A!
6:! 67! ;=DAG! %AD! 9>?8:?6D! BM6:O! 96! P>D?8BM8! ?6:6B! >:! 8B98! H!
98?8B7AD! 8! ?A<ADG! _a! D=! 78! B8U[:! L>6B8! <6! 677ADO! D=! 7AD! 9>?8:?6D!
L>WB89AD! /AR8! H! HA`! .6BM8! >:8! 7YD?=98! E>6! P8:8B8:G! +IAB8!
;8B6F69AD!6DFAB=8!;6BA!I69AD!?6:=<A!>:8!:AFI6!@=RB8:?6G!%6!;8PA!
8!,=DD!X78:FIW!H!96!<6D;=<AG!,6!;B6P>:?8!;AB!/AR8G!%6!<=PA!E>6!
77896!8!78!;A7=FM8!;8B8!E>6!7A!D8E>6:G!
C_+F8DA!:A!6D!D>!89=PA`!
C.MO!7A!6DG!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
10
!
!
!
!
!
!
!
$&/()$2)! !&245(!="+2'*#)%#>%4#?2+5.0+#!
!
!
!
&8:FH!898R8!8!.=<!;6BA!76!P>D?8R8!766B!L=7ADALM8!H!6DF>FI8B!9\D=F8!
<6! e8P:6BG! .=<! 898R8! 8! &8:FH! H! :A! 76! P>D?8R8! :8<8! 9YDG! .=!
F8:?8R8!FA:!67!PB>;A!6B8!;AB!89AB!8!&8:FHG!.=<!A<=8R8!78!L=7ADALM8!
H! 78!9\D=F8!<6!e8P:6B!H!A<=8R8! F>87E>=6B! FAD8!E>6! 76! P>D?8B8! 8!
&8:FHG!3AB!D>6B?6!8!&8:FH!:A!76!P>D?8R8!67!PB>;AO!8DM!E>6!:A!?6:M8!
E>6!A<=8B7AG!4>8:<A!&8:FH! 6D?8R8! L67=U! FA:!87PAO!.=<! ?B8?8R8!<6!
8BB>=:8B!6D8!L67=F=<8<O!<6!98?8B!6D6!*01.G!&8:FH!6B8!L67=U!FA:!.=<!H!.=<! D6! <8V8R8! 8! DM! 9=D9AO! :A! E>6BM8! E>6! 6778! L>6D6! L67=U! 6:!
8RDA7>?AO! 78! P6:?6! L67=U! :A! 76! 6B8! FA:L=8R76! H! W7! E>6BM8! FA:L=8B! 6:!
&8:FHG! .=<! PA7;68R8! 78D! ;8B6<6D! FA:! 78! F8R6U8! I8D?8! D8F8BD6!
D8:PB6!H!&8:FH!77AB8R8!H!6DA!D8?=DL8FM8!8!.=<G!&8:FH!B6D?8V8R8!78D!
I6B=<8D!<6!.=<!FA:!IA:<8!?B=D?6U8!H!W7!78D!F>RBM8!<6!R6DADO!FI>;8R8!
D>!D8:PB6!9AQ8<8!;AB!78D!7YPB=98D!<6!&8:FHG!+DM!6D?8R8:!R=6:!78D!
FAD8D! ;8B8! .=<O! ;6BA!&8:FH! 6D?8R8! 8PA?8<8! H! DA7M8! 6DF8;8BD6! ;AB!
877M!;8B8!<BAP8BD6!DA78G!%8!P6:?6!<6FM8!FAD8D!9878D!<6!&8:FHG!.=<!
6B8! 67! M<A7A! 7A!E>6BM8:!8=D78<AO!6Z;>6D?A]! 7A!E>6BM8:! QA<=<A!;AB!H!
;8B8! 677ADG! %8! ;B6:D8! 6DF>7F8R8! D>D! =:?=9=<8<6DO! 7AD! 77898R8:!
9A:D?B>AD!D=:!FAB8U[:O!9>V6FAD!?B8P89A:6<8DG!
!
11
%AD! FA:F=6B?AD! D6! D>F6<M8:! >:A! ?B8D! A?BAO! 67! ;\R7=FA! ;6<M8!
8FF=[:G!.=<!D6!8P=?8R8!L>B=ADA!H!78!P6:?6!PB=?8R8G!36BA!.=<!:A!6D?8R8!
L>B=ADAO! D[7A! L=:PM8! 6D?8B7AG! .=<! ?6:M8! 8:P>D?=8O! E>6BM8! 6D?8B! FA:!
&8:FHO! 78! I8RM8! ;6B<=<A! <6! @=D?8! H! D6! 78! =98P=:8R8! D8FY:<A76!
FI=D;8D!8!F>87E>=6B!9878?A!6:!>:8!?B8D?=6:<8G!.=<!6:@6:6:8R8!D>D!
F8:F=A:6DO! D>! FAB8U[:! 6D?8R8! 87! BAQA! @=@AG! +R8QAO! LB6:?6! 8! W7O! D6!
9A@M8! 8E>6778! D>D?8:F=8! @=DFAD8O! <67=B8:?6G! (:! A?BA! 78<AO!
;BA?6P=<AD!;AB!98?A:6DO!7AD!<>6VAD!<67!9>:<A!FA:?8R8:!R=776?6D!H!
E>=UYD!>:A!<6!677AD!D6!6D?8BM8!8?AB8:<A!8!&8:FHO!>:A!R=6:!L6AO!>:!
;6E>6VA!H!PAB<A!FA9A!>:!D8;A!;B6I=D?[B=FAG!&8:FH!6D?8R8!?B=D?6!H!
6DA! 78! =:F7=:8R8! I8F=8! 78! 9>PB6G! (D?8BM8! P=9=6:<A! R8QA! F=6:?A!
F=:F>6:?8!J=7AD!<6!D6RA!F>87E>=6B8O!D=:!FA:?BA7!:=!F87=<8<!:=!L6FI8!
<6!@6:F=9=6:?AO!D6RA!D=:!8798G!.=<!:A!E>6BM8!F8:?8B!9YDO!D>D!AQAD!
6D?8R8:!=:H6F?8<AD!<6!D8:PB6!H!?6:M8!6D;>98!6:!78!FA9=D>B8!<6!7AD!
78R=ADG!%8!9>7?=?><!FAB68R8!D>D!987<=F=A:6DO!7A!8<AB8R8!FA9A!>:!
<=AD! ;6BA! 8E>67! <=ADO! 6:F8:<=78<A! ;AB! 7AD! F67ADO! 6D?8R8! D><8:<A!
D8:PB6G!+E>67! <=AD! E>6BM8! 78! F8R6U8! <6!&8:FH! H! D>D! 898:?6D! 6:!
>:8!R8:<6Q8!<6!;78?8G!
!
.=<! H! &8:FH! ;8D8R8:! Q>:?AD! 78! 98HAB! ;8B?6! <67! ?=69;AG! .=<!
PA7;68R8! 8! &8:FH! ;ABE>6! &8:FH! :A! D8RM8! FAF=:8BG! &8:FH!
=:D>7?8R8! 8! .=<! ;ABE>6! 7A! 6:FA:?B8R8! 8?ABY:<AD6! :=V8DG! +! @6F6D!
87E>=78R8:!>:8!9>PBAD8!I8R=?8F=[:!H!<>B8R8:!<M8D!6:F6BB8<AD!D=:!
<8BD6!>:!R6DAG!(7!6:F8BP8<A!<67!9A?67!D6!;B6P>:?8R8!E>W!F78D6!<6!
FAD8!?B8P8R8:!7AD!>$259+!;8B8!B6D=D?=B!?8:?AG!%8D!P8:8D!<6!8RB8U8B!8!&8:FH!6:7AE>6FM8:!8!.=<!;6BA!:A!<8R8!D>!RB8UA!8!?ABF6BO!D8RM8!E>6!
6778! 6D?8R8! D>LB=6:<AO! @6M8! LAB98BD6! 8E>67! B=F?>D! <6! <A7AB! 6:! D>!
F8B8O!6DA!6B8!9YD!;78F6:?6BA!;8B8!.=<!E>6!67!<6D6AO!6B8:!PA?8D!<6!
YF=<A!6:!7AD!:6B@=ADO!67!D8RAB!<6!78!9>6B?6G!&8:FH!:A!D6!8?B6@M8!8!
BA9;6B! 78! =:@=D=R76! ;8B6<O! ;6B98:6FM8!9>H! E>=6?8! D=:! E>=?8B! 7AD!
AQAD!<6!.=<O!7>FI8:<A!FA:?B8!67!D>6VAG!.8RM8!E>6!.=<!6D?8R8!7AFA!H!
:A!;A<M8!<8B76!FI8:F6O!<6?BYD!<6!8E>677AD!AQAD!D6B6:AD!<8R8:!>:8!
L=6D?8!7AD!<69A:=AD!H!6778!:A!E>6BM8!D6B!78!?AB?8G!4>8:<A!776P8R8!87!
7M9=?6! <6! D>! B6D=D?6:F=8O! .=<! D6! <6D7=U8R8! FA9A! >:! $*&2,%! 6:!
12
98:=ARB8D!<6!FA9R8?6!H!F8M8!DARB6!6778!FA:!?A<8!D>!8:D=8G!&8:FH!
D6!<6L6:<M8!H!W7!DA7?8R8!>:8!F8BF8Q8<8!D87@8Q6G!
!
.=<!=:H6F?8R8!8!&8:FHO!78!R8V8R8!H!76!7=9;=8R8!67!F>7AG!0D8R8:!
78!9=D98! 8P>Q8O! 67!9=D9A! F6;=77A! <6! <=6:?6DO! 67!9=D9A! ;6BL>96G!
.=<! <6?6D?8R8! D6:?=BD6! @>7:6B8R76! H! &8:FH! 76! F8>D8R8! 6D8!
D6:D8F=[:G!&8:FH! Q89YD! ;6:D8R8! 6:! D>! 89AB! ;AB! .=<O! :A!A;A:M8!
B6D=D?6:F=8O! D6! <6Q8R8! 8:6P8B! ;AB! 8E>67! RB>DFA! D6:?=9=6:?AO! D6!
D6:?M8!8!P>D?A!6:!8E>6778!D>D?8:F=8G!.=<!;6:D8R8!6:!98?8B!8!&8:FHO!
=98P=:8R8! 9=7! LAB98D! <=D?=:?8DO! ;8B8! W7! :A! I8RM8! A?B8! D87=<8G!
&8:FH! ?B8?8R8! 8! .=<! FA9A! D=! L>6D6! >:! 6DFA78B! 8D>D?8<AG! XARO! 67!
R8?6B=D?8O!D6!R>B78R8!<6!.=<!F>8:<A!7A!6:FA:?B8R8!6:!67!B6P8UA!<6!
&8:FHG!XAR!6D?8R8!6:89AB8<A!<6!&8:FHO!?A<AD!7A!D8RM8:G!&8:FH!
D8RM8! E>6! .=<! =R8! 8! 98?8B78! ?8B<6! A! ?69;B8:A! ;6BA! A;?8R8! ;AB!
;6:D8B!6:!A?B8D!FAD8DG!+!&8:FH!:A!78! D6<>FM8!;6:D8B!6:!67!89ABO!
;8B8!6778!67!89AB!FA9A!=<68!6B8!>:8!;6D8<=778O!>:!;B6D6:?6!7AFA!6!
=9;6:6?B8R76G!&8:FH!<6D;B6F=8R8!8! 78!P6:?6!E>6!I8FM8!>:!8Z=A98!
<67!89ABO!A<=8R8!78D!F8:F=A:6D!<6!89ABMAD!H!<6F6;F=A:6DO!;B6L6BM8!
E>698B!D>D!:6>BA:8D!6:! 78D!6:FB>F=Q8<8D!<6!.;=:AU8!H!f8:?G!.=<!
D[7A! ;6:D8R8! 6:! &8:FHO! F>8:<A! 6D?8R8! <BAP8<A! ?6:M8!
87>F=:8F=A:6D! FA:! 6778G! %8! =<68! <6! ;6B<6B! 8!&8:FH! 8R78:<8R8! D>!
F6B6RBAO! =98P=:8BD6!D=:!6778! 76!8RBM8!>:!I>6FA!9YD!PB8:<6!E>6!W7G!
.=<! FA9;A:M8! F8:F=A:6D!<6! 89AB!H!9>6B?6!;8B8!&8:FH!;6BA! 6778!
:A! 78D! ?A98R8! 6:! F>6:?8G! &8:FH! 6D?8R8! 76H6:<A! 6:! >:! B=:F[:!
9=6:?B8D!.=<!H!XAR!D6!PA7;68R8:G!&8:FH!:A!I8RM8!I6FIA!67!89AB!
FA:! XAR! FA9A! DAD;6FI8R8! .=<! ;6BA! ?89;AFA! 7A! <8R8! ;AB!
<6DFA:?8<AG!XAR!6B8!>:!R>6:!R8?6B=D?8!H!E>6BM8!9>FIA!8!.=<O!;AB!
6DA!D6!<6Q8R8!P8:8BG!
!
&8:FH!;A<M8!E>6<8BD6!67!<M8!6:?6BA!76H6:<AG!.=<!=R8!<6!>:!78<A!
8!A?BA!<6!78!F8D8!<6BB=R8:<A!7A!E>6!6:FA:?B8R8!8!D>!;8DAG!&A!;A<M8!
6:?6:<6B! E>W! D6! ?B8M8! &8:FH! FA:! 8E>677AD! 7=RBADO! W7! E>6BM8!
FA9;B8B76!>:!F8R877A!;6BA!&8:FH!:A!D6!=:?6B6D8R8!6:!7AD!F8R877ADG!
13
.=<! D6! ;B6P>:?8R8! E>W! F78D6! <6! FI=F8! 6B8! &8:FH! ;6BA! :A! ?6:M8!
B6D;>6D?8G!
C_38B8!E>W!B8HAD!766D!6DAO!P8?=?8`!
C,6!P>D?8G!
.=<!?A9[!67!7=RBA!H!76H[!<AD!7M:68DG!
C_a!6:?=6:<6D!7A!E>6!<=F6`!
C&AG!
C_(:?A:F6D`!
C,6!P>D?8G!
48<8! F=6B?A! ?=69;A! .=<! 6FI8R8! 7AD! 7=RBAD! <6! &8:FH! 87! L>6PAO!
6:?A:F6D! 6778! ;6B<M8! 67! 8;6?=?AO! D6! <BAP8R8! 8! F>87E>=6B! IAB8O! :A!
FA:?6D?8R8!D>D!;B6P>:?8DG!.=<!@6M8!F[9A!=R8!8;8PY:<AD6!FA9A!>:!
76:?A! 8?8B<6F6B! <6! A?AVAG!&A! 6B8! >:8! DAB;B6D8! ;8B8!&8:FH! @6B7A!
776P8B!FA:!>:8!F8Q8!<6!;8;67!BAD8!6:!F>HA!=:?6B=AB!I8RM8!6<=F=A:6D!
<6!7>QA!<6!7AD!7=RBAD!E>698<AD!H!:>6@AD!?M?>7AD!H!8>?AB6D!E>6!6778!
:A! FA:AFM8G! %8D! B6@=D?8D! L696:=:8D! 6DFB=RM8:! DARB6! &8:FH]! ;8B8!
87P>:AD! 6B8! >:8! =<=A?8O! A?BAD! 78! FA:D=<6B8R8:! P6:=87G! .=<!
DAD;6FI8R8! E>6! &8:FH! ;A<M8! 6:?6:<6B! 8E>677AD! 7=RBAD! H! E>6! D6!
R>B78R8! <6! W7! F>8:<A! 7AD! 76M8G! .=<! :A!;A<M8! B6D;A:<6B! R=6:! 8! 7AD!
;6B=A<=D?8DO! &8:FH! 6:! F89R=A! 7AD! 98:6Q8R8! 8! D>! 8:?AQAG! 0:!
;6B=A<=D?8!76!;B6P>:?[!8!.=<!D=!6B8!F=6B?A!E>6!D>!98<B6!I8RM8!?6:=<A!
;BAR7698D! FA:! 78! R6R=<8G! .=<! D8F[! >:8! :8@8Q8! H! ?B8?[! <6!
8;>V878B7AG!&8:FH! =:?6B@=:A!H! 776@[! 78D!FAD8D!<6! ?87!9A<A!E>6!67!
;6B=A<=D?8! ?6B9=:[! 6DFB=R=6:<A! >:! L8@AB8R76! 8B?MF>7A! DARB6! 78!
=:L8:F=8!<6!.=<G!
!
.=<!Q89YD!?>@A!>:8!A;AB?>:=<8<G!.=<!8;>:?8R8!RABB8FIA!87!AQA!
<6!>:!F>6B@A!6:!;76:A!@>67A!H!8?=:8R8G!#6D6[!898B!8!>:8!9>Q6B!H!
6:FA:?B[!8!&8:FHO! 78!96QAB!FI=F8!E>6!I8RM8! DARB6!67!;78:6?8G!&A!
;A<M8!D6B!9YD!8LAB?>:8<A!H!H8!D8R6D!7A!E>6!I8F6!78!.6VAB8!gAB?>:8!
FA:! 7AD! ?=;AD! D6:D=R76DG!(7!;ARB6!.=<! ?6:M8! 67! FAB8U[:!<6!>:! ?=PB6!
;6BA!67!8798!<6!;A6?8G!#=77=:P6B!D87=[!<6!8E>67!R8B!6:!FA9;8VM8!<6!
78! FI=F8! <67! @6D?=<A! BAQA! 6D8! 6B8! 78! D6V87! FA:@6:=<8C! H! L>6!
8FB=R=778<A! ;AB! >:8! IAB<8! <6! L6<6B876D! E>6! :6F6D=?8BA:! 87P\:!
14
?=69;A!;8B8!FB66B!E>6!I8RM8:!8F8R8<A!87!@6B<8<6BA!#=77=:P6BG!.=<!
L>6! 8FB=R=778<A! ;AB! 78! L898O! D>! :A9RB6! 6D?8R8! 6:! 78D! ;AB?8<8D! H!
F8Q8D! <6! F6B6876DO! 6:! 78! F8776! @6:<M8:! >:!9>V6FA! 8! D>! =98P6:! H!
D696Q8:U8G! ,=76D! <6! @>7@8D! 7A! R>DF8R8:! ;8B8! 8?AB8B7AO! 9=76D! <6!
76:P>8D! E>6BM8:! 7896B76! 67! ?B8D6BAG!(:?A:F6D! 776P[!&8:FH! FA:! D>!
B6LB6DF8:?6! D8RAB! 8! =B8! H! <6D8BB8=PAO! FA:! 67! U>9R=<A! 8U>7! <6! 78!
9ADF8!B6=:8O!78!9ADF8!E>6!F8P8!DARB6!7AD!AQAD!<67!F8<Y@6BG!&8:FH!
6B8!<698D=8<A!:0(%+!;8B8!.=<G!#=77=:P6B!6D?8R8!DARB6!67!8DL87?A!776:A!<6! 8P>Q6BAD! H! FA:! 78! DA:B=D8! ;8B?=<8O! 78! FI=F8! <67! @6D?=<A! BAQA!
FI=778R8! 8RB8U8<8! 8! >:! L6<6B87]! #=77=:P6B! Q89YD! ?>@A! >:8!
A;AB?>:=<8<G!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
15
!
!
!
!
!
!
!
!
.(40(&4$+!,h%/$3%(! !1()+&2!G.#+D#'3$.#-%&.#%+5.6#+%1(&.#)%#9*:%&0*#*$*).#####(7!R8VA!6D! 89;7=AO!6D?Y! =7>9=:8<A!FA9A!>:!6DF6:8B=AG!58H! ?A<A!
?=;A! <6! FB698DO! I8H! B6@=D?8D! H! 7=RBAD! 6:! F>8?BA! =<=A98DO! I8H!
F=P8BB=77AD!H!96:?8DO!I8H!>:8!RA?6778!<6!RB8:<HO!IAQ8D!6:!R78:FA!H!
7Y;=F6D! <6D;>:?8<ADO! >:! 6D;6QA! F>RB6! 78! ;>6B?8O! 67! RA?=E>M:! 6D?Y!
96QAB!6E>=;8<A!E>6!>:8!L8B98F=8G!58H!>:8!RYDF>78]!AFI6:?8!H!>:!
J=7ADO!:=!>:!PB89A!9YDG!.=!D6!7A!I8PA!8!6D?8!9>Q6B!H!6D?Y!=:L6F?8<8!
;BA:?A!69;6U8BW!8!;6B<6B!;6DAO!D=!6D?Y!D8:8!H!:A!D6!7A!I8PA!@AH!8!
<8V8B!>:8!8>?W:?=F8!L=6D?8G!58R78B!FA:!6778!:A!?=6:6!ARQ6?A]!D=!6D?Y!
6:L6B98!H!7A!D8R6!D>D!=:?6:F=A:6D!DA:!AR@=8DG!_a!D=!67!6:L6B9A!DAH!
HA`!(778!:A!;8B6F6!FA:D=<6B8B7A!H!6DA!<8!E>W!;6:D8BG!%A!987A!6D!
E>6! D=! 96! =:L6F?A! 7>6PA! =:L6F?8BW! 8! F=6B?8! FI=F8! E>6! 96! 898! H!
AD?6:?8! >:8! L=<67=<8<! 8! ?A<8! ;B>6R8O! 6:! F=6B?8! LAB98! D>! @=<8!
<6;6:<6!<6!>:8!<6F=D=[:!9M8!H!D=!FA96?A!>:!6BBAB!D>!L=<67=<8<!:A!
@8!8!D6B@=B76!<6!9>FIAG!&A!FA:AUFA!8!6D?8!9>Q6BG!/8:H8O!%A:<B6DO!
"ijkO!;BAL6DAB8!<6! =<=A98DG!(DA!:A!96!8H><8!H! ?A<AD!D8R6:!E>6!
:=:P>:8! ;BA?6FF=[:! 6D?8! P8B8:?=U8<8! 87! F=6:?A! ;AB! F=6:?AG! (778!
@=6:6! 8E>MO! FA9;B8! >:! RA:=?A! 8;8B?896:?AO! 6:?B8! 6:! >:! R8BO! D6!
6:F>6:?B8!FA:9=PAO!I8R789ADO!:AD!R6D89AD!H!96!?B86!8E>MG!#=F6!
E>6!96!D=6:?8!FA9A!6:!F8D8G!(D!R6778!6!=BB687G!%6!<=PA!E>6!E>=6BA!
?A98B!>:8!<>FI8!H!8E>M!6D?AHO!6:!>:!R8VA!;6BL6F?AO!>:!R8VA!E>6!
16
<8!P8:8D!<6!?A<A!96:AD!<6!7A!E>6!<6R6!I8F6BD6!6:!>:!R8VAG!.87PA!
H!@AH!I8D?8!78!87FAR8G!%8!F898!6D!6:AB96G!58H!>:8!RA?6778!<6!@=:A!
6:!D>!96D8!<6!:AFI6G!/8:H8!6D?Y!6:@>67?8!6:!>:8!?A8778O!96!<=F6!
E>6!@8!8!<8BD6!>:8!<>FI8O!E>6!:A!<69AB8G!
!
489=:A!78D!DA7=?8B=8D!F8776D!FA:!7AD!RA7D=77AD!B6;76?AD!<6!96:?8DO!
6:! >:8! 98:A! 776@A! 78! RA?6778! <6! @=:A! H! 6:! 78! A?B8! >:8! B6@=D?8!
?0*6:.6!FA:!78!E>6!;=6:DA!I8F6B96!>:8!;8Q8G!/8:H8!H8!<6R6!I8R6B!<6DF>R=6B?A!9=!6DF8;8<8G!.=!76!FA:?8B8!8!F=6B?8!FI=F8!7A!E>6!8F8RA!
<6!I8F6B!:A!=R8!8!FB66B96!8DM!E>6!Q89YD!76!FA:?8BWG!3AB!9A96:?AD!
96!<8:!<6D6AD!<6!@A7@6B!FA:!/8:H8!;6BA!F8<8!@6U!6D?AH!9YD!76QAD!
<6! 6778G! )6P87A!96:?8D! 8! 78! P6:?6! E>6!96! ;=<6! <=:6BAG! 4B>UA! 78!
8@6:=<8!H!FAQA!78!AB=778!<67!98BG!58H!9>FI8!P6:?6!B8H8:<A!78!?B=;8!
6:!78!ADF>B=<8<O!9>FIA!?>B=D?8!;ARB6!H!;>?8D!6:!;BA9AF=[:G!%76PA!
8!F8D8!H!B6P87A!78!RA?6778!<6!@=:A!8!989YO!6778!96!8PB8<6F6!96<=A!
<AB9=<8G!(:?BA!87!R8VA!FA:!78!B6@=D?8G!
!
+7!<M8!D=P>=6:?6!@>67@A!87!R8B!H!6:F>6:?BA!8!/8:H8!6:!FA9;8VM8!
<6! >:! ?=;AO! 78! D87><A!;6BA! D6!9>6D?B8! =:<=L6B6:?6G!,6! @AH! 8! >:8!
96D8G!4=BA!H!*A?8! 776P8:O!I8F69AD!>:8!@8F8!H!FA9;B89AD!96<=8!
<6!BA:G!%6D!F>6:?A!DARB6!/8:H8!H!:A!96!FB66:G!/8:H8!D6!@8!FA:!67!
?=;A!H!96!<8:!F67ADG!
C.AH!>:!=<=A?8C!<=PAG!
C0:!;AE>=?A!9YD!E>6!6DAC!!<=F6!*A?8G!
4=BA!@8!I8D?8!78!R8BB8!H!76!96?6!FA:@6BD8F=[:!8!>:8!B>R=8G!*A?8!
D>67?8! >:! FIABBA! DARB6! FA:D?B>FF=[:! <6! R8BFAD! H! 7=?6B8?>B8!
96<=6@87G! 4=BA! @>67@6! FA:! 78D! 98:AD! @8FM8DG! 4A:L=6D8! E>6! 9=!
I=D?AB=8!7A!I8!I6FIA!<><8BG!&A!76!FB669ADG!4=BA!H!HA!D87=9AD!8!<8B!
>:8! @>67?8G! *A?8! D6! E>6<8! 8:F78<A! 6:! 78! 96D8O! ;8B6F6! RABB8FIAG!
4A9;B89AD!>:8!RA?6778!6:!67!9>6776O!4=BA!78!6DFA:<6!H!@A7@69AD!
87!R8BG!*A?8!6D?Y!FA:!/AR8O!I8:!D6F8<A!78!96<=8!H!?A98:!F6B@6U8G!
#6DAF>;89AD!>:!6:@8D6!<6!F6B@6U8!H!@89AD!6FI8:<A!877M!67!BA:!<6!
78!RA?6778!AF>7?8G!/AR8!<=F6!E>6!W7!D6!78!I>R=6B8!96?=<A!8!/8:H8!D=:!
;6:D8B7AG!*A?8!<=F6!E>6!?=B8B!6D!R>6:A!;6BA!I8R78B!<6!677A!76!8R>BB6G!
17
C+IAB8!9=D9A!;>6<6:!?6:6B!FAP=<8!8!?>!9>Q6BC!<=F6!/AR8G!
C(D!;AD=R76C!<=F6!*A?8G!
/A<AD!B6M9AD!H!6:D6P>=<8!:AD!;A:69AD!D6B=ADG!3=6:DA!6:!F=6B?8!
FI=F8!H! 78! =98P=:A!<>B9=6:<A!6:!FA9;8VM8!<6!D>!98<B6G!+9R8D!
?=6:6:!D6:AD!7=:<AD!;6BA!7AD!<6!D>!98<B6!96!P>D?8:!9YDG!/B8?A!<6!
=98P=:8B78!FA:!>:!?=;A!F>87E>=6B8!H!:A!;>6<AO!FA:L=8B!?8:?A!6:!6778!
96! 8D>D?8G! /AR8! <=F6! E>6! ?A<8D! 78D!9>Q6B6D! DA:! ;>?8DG! *A?8! <=F6!
E>6!67!9>:<A!:A!8F8R8!6:!F8D8!<6!/AR8G!
!
4A:!67! ?=69;A!/8:H8!H!HA!:AD!I8F69AD!89=PAD]! D>67A! =B! 8! D>!
F8D8!;8B8!<>FI8B96G!0:!<M8!D6!78!;B6D6:?A!8!F=6B?8!FI=F8!H!?B8R8:!
89=D?8<G!/8:H8!76!F>6:?8!78!I=D?AB=8!H!6778!@=6:6!H!96!B6F7898G!%6!
6Z;7=FA!H!:A!96!FB66!:=!76!FB66!8!/8:H8!H!<6Q8!<6!I8R78B76G!,6!I8F6!
;BA96?6B! E>6! :A! @6BW! 9YD! 8! /8:H8G! /8:H8! H! HA! :AD! I8F69AD!
898:?6DG!
!
/8:H8! ABP8:=U8! >:8! L=6D?8! H! 96! ;=<6! E>6! ?B8=P8! P6:?6G! +7!
FA9=6:UA!?A<A!6D!LBMAG!58H!@8B=8D!89=P8D!=:P76D8D!<6!/8:H8G!/AR8!
D6!;A:6!8!R8=78BG!%8!?69;6B8?>B8!D>R6G!^>=6BA!77898B!8!F=6B?8!FI=F8!
;8B8! E>6! @6:P8! ;6BA! 96! D8F8BM8! 7AD! AQADG! %8D! ;8B6Q8D! D6! @8:!
<6L=:=6:<AG!/AR8!;=<6! D=76:F=A]! C+E>M!:A!I8H! B=6DPA! <=F6!/AR8CG!
/A<AD!6D?89AD!=:L6F?8<ADG!
58H!B=D8D!H!D=7R=<ADG!(7!A7AB!8!98B=I>8:8!6D!=:?6:DAG!(:!78!;8B6<!
I8H!>:! 76?B6BA!E>6!<=F6]!%+!g$(./+!(,3$(l+!40+!%+!
)23+!.2X)+G!/AR8!6D?Y!D=:!F89=D8G!
!
!
!
!
!
!
!
!
!
18
!
!
!
!
!
!
!
!
(b/()$2)! !,(#$2#c+!H.+#*+,.+#1(+5*,#$8+#)%#0*#-*7*#/(%#)%0#.&.#####(D?AH! Q>P8:<A! FA9A!@A78:?6!9=Z?AG! _4A:AF6D! 87PA!9YD! B8?8! E>6!
>:! ?=;A! E>6! :8BB8! A! FA96:?8! L\?RA7`! aA! ?89;AFAG! 189AD!
;6B<=6:<A!<AD!8!F6BAG!56!RA?8<A!?B6D!PA76D!H!67!6:?B6:8<AB!6D?Y!8!
;>:?A! <6! D8F8B96G! ,6! 69;>?[! FA9A! :A! ?=6:6D! =<68! E>6! 67!
;B6D=<6:?6O! 6:! D>!<=DF>BDA! ?676@=D8<AO!:A!96:F=A:8B8! 7AD! 6D?B8PAD!
<6! 78!6H8F>78F=[:!;B6FAU!6:!67! LB8F8DA!<6;AB?=@AG!^>6!:A!I8R78B8!
DARB6! 78D!<=DF>D=A:6D!M:?=98D!<6! 7AD!FA:<>F?AB6D!<6!8>?AR\D!H!D>D!
9>Q6B6D!8!im!f9GnIO!FA:!DARB6F>;AG!+7!96:AD!<6R=[!B6L6B=BD6!8!7A!
FA9;7=F8<A!E>6!6D!;8B8!9M!Q>P8B!FA:!F=6B?8!FI=F8!6:?B6!67!;\R7=FAG!
(D!D[7A!>:!;8B?=<A!<6!;78H8!;6BA!6D!?A<8!78!P7AB=8!E>6!?6:<BW!FA9A!
L>?RA7=D?8O! E>=UY! FA9A! D6B! I>98:AG! &A! <=PA! E>6! D68! 6ZF676:?6!
;6BA!D>67A!I8F6B7A!96QAB!F>8:<A!6778!:A!@=6:6G!/A<A!67!>:=@6BDA!
=P:AB8! 7A! E>6! D=P:=L=F8BM8! ;8B8!9M! I8F6B! >:! PA7! ;6BA! 6DA! :A! D6BY!
;AD=R76O!6DA!:A!F8R6!6:!78!96:?6!<6!#=ADO!:A!9=6:?B8D!6778!FA:!67!
L>7PAB!<6! D>D!AQAD!96! F=6P>6G!(:! 78! ?69;AB8<8! 776@A!:>6@6! PA76D!
;6BA! 6778! :A! I8! @=D?A! :=:P>:A! H! :A! 6D! 7A!9=D9A! FA:?8B76G!#6D6A!
?8:?A!I8F6B7A!<678:?6!<6!6778!;6BA!:A!776P8G!_4A:AF6D!8!87P>=6:!9YD!
B8?8! E>6! HA! Q>P8:<A! L\?RA7! <6! ;78H8! LB6:?6! 8! F=6B?8! FI=F8`! aA!
?89;AFAG!
!
19
.=!67!;B6D=<6:?6!I>R=6B8!I8R78<A!<67!89ABO!<67!D6ZA!H!67!89ABO!
<67!89AB!D6Z>87O!87PA!I8RBM8!=<A!96QABO!:A!DW!E>W!;6BA!7A!DWG!/A<A!
6D;8F=A!6D!;8B8!78!E>6Q>9RB6O!78!9>6B?6!H!67!LB8><6O! 78!@=<8!:A!6D!
:A?=F=8O!8!:8<=6!76!=:?6B6D8!H!;8B8!9M!I8F6B!>:!PA7!6D!78!@=<8!9=D8G!
*>7=A!?B8?8!<6!8H><8B96O!96!I8!;>6D?A!>:!;8B!<6!;8D6D!98P=D?B876D!
H!76!I6!<8<A!FA:!?A<A!;6BA!67!QA<=<A!8BE>6BA!:A!;=6:D8!6:!67!89AB!
A!E>=UY!DMO!8!7A!96QAB!D>!:A@=8!6D?Y!6:?B6!67!;\R7=FA!H!>:!PA7C@=<8!
9MA!D68!>:!PA7C9>6B?6!;8B8!W7G!56!8E>M!67!R87[:O!7A!;=DAO!<B=R7A!>:!
<6L6:D8O!96! 8<6:?BA! 6:! 67! YB68! B=@87O! D6! 7A! ;8DA! 8!,=P>67O! FABBA!
I8F=8!67!;>:?A!;6:87G!,=P>67!D6!8RB6!H!78:U8!67!F6:?BAO!@6A!67!R87[:!
@=:=6:<A!I8F=8!9MO! D87?A! 6:!<AD! ?=69;ADO! D=6:?A! 67! FA:?8F?A! 6:! 78!
LB6:?6!H! PA7;6A! FA:!67! 8798O! @6A! 67! R87A!<=B=P=BD6!I8F=8! 67! Y:P>7A!
9YD!<=LMF=7O!7A!69;=6UA!8!F8:?8B!F>8:<A!D6!B6@=6:?8!FA:?B8!67!;87A!H!
B6PB6D8!8!78!F8:FI8O!?B8?A!<6!=B!;AB!67!B6RA?6!;6BA!DAH!69;>Q8<A!;AB!
<6?BYDG! (7! YBR=?BA! ;=?8! H! @AH! 8! ?A<8! ;AB! 67! R87[:! ;8B8! FARB8B! 67!
;6:87?=!;6BA!67!987;8B=<A!96!6:F8B8!H!<=F6!E>6! L>6! L87?8!9M8G!%6!
B6F789A!H!D6!BM6G!%A!=:D>7?A!H!96!D8F8!78!BAQ8G!
!
(7! L\?RA7! 6D! 67! <6;AB?6! 9YD! 6D?\;=<A! <67! 9>:<AO! DARB6! ?A<A!
F>8:<A! 8<69YD! <6! RA?8B! PA76D! H! I8F6B?6! 6Z;>7D8<! ?6B9=:8D!
<=DF>?=6:<A!FA:!F=6B?8!FI=F8!;ABE>6!<6!B6;6:?6!D>!@6D?=<A!<6!R8VA!
?6! ;8B6F6! ;6E>6VA! H! @>7P8B! K@6D?=<A! E>6! ?\!9=D9A! 76! D>P6B=D?6! H!
E>6! D6! I8!;>6D?A!96<=8!<AF6:8!<6!@6F6D! D=:!E>6!I=F=6B8D!:=:P\:!
FA96:?8B=ANG! 4=6B?8! FI=F8! D6! 876Q8! ;AB! 78! ;78H8O! 78! B8<=A! =:LAB98!
E>6!,A7=:8! 8F8R8! <6! ;6P8BD6! >:! ?=BA! 6:! D>! F8D8! <6!,87=R\G!,6!
D=6:?A!FA9A!W7!;6BA!D=:!F8<Y@6B!:A!I8H!:A?=F=8G!
!
%8!9>6B?6!<6!,A7=:8!:AD!B6FA:F=7=8G!(778!I8!@=D?A!F8D=!?A<8D!D>D!
;67MF>78DG!,A7=:8! ?6:M8! ?B6=:?8!H! F>8?BA! 8VAD!H!98V8:8! 78!;B6:D8!
<=BY!E>6! 78D!<BAP8D!H!67!<6D6:LB6:A! L>6BA:!D>D!8D6D=:ADG!+!9M!:A!
96! ;8B6F6! ?8:! D=9;76O! FB6A! E>6! 67! ;B6D=<6:?6! <6R=[! D6B! 9YD!
;6BDA:87!6:!D>!<=DF>BDAO!FB6A!E>6! ?=6:6!D>! ?8Q8<8!6:! 78!9>6B?6!<6!
,A7=:8G! (7! DA7! F87=6:?8O! 78! P6:?6! I8R78O! BM6O! FA96! LB>?8D! H! ?A98!
FAF8CFA78G!%8D!;8B6Q8D!D6!8RB8U8:!FA:!67!8P>8!I8D?8!78!F=:?>B8G!0:8!
20
@6U!?B8?89AD!<6!I8F6B7A!6:!67!8P>8!H!:A!6D!:8<8!LYF=7O!6:!78!8B6:8!
67!;BAR7698!6D! 78!8B6:8G!(778!H!HA! 7A!I69AD!I6FIA!6:! 7AD! 7>P8B6D!
9YD! =:DAD;6FI8<AD]!>:8!@6U! 7A!I=F=9AD!6:! 67! 78@8;78?AD!9=6:?B8D!
D>!98<B6!H!D>!I6B98:8!@6M8:!78!?676@=D=[:!<67!A?BA!78<AG!(778!H!HA!
7A!I8F69AD!R=6:G!(DA!D>67A!;6:D8BG!(DA!96!<=F6!6778G!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
21
!
!
!
!
!
!
!
$&/()$2)! !&245(!H.+#*+,.+#+%#0*#+*:%,#5.)*#####/AR8!FA:AF=[!8!X6??H!6:!XAPA?YG!(:?A:F6D!>D8R8!67!F8R677A!78BPA!H!
D[7A! 6DF>FI8R8!8!XAR!,8B76HO! ?6:M8!>:8! FI8E>6?8!<6! F8U8<AB!<6!
87F6D!H!>:8D!87?8D!RA?8D!<6!87;=:=D?8O!6D?8R8!?8:!L78FA!FA9A!D=69;B6!
;6BA!D>!8D;6F?A!6B8!<>BA!H!X6??H!X78FJ!D6!@A7@=[! 7AF8!;AB!W7G!(778!
6D?><=8R8!8:?BA;A7APM8!H!9\D=F8O! 776@8R8!96<=8!@=<8!6:!XAPA?Y!H!
FA:AFM8! >:!9A:?[:! <6! P6:?6! <67!96<=A! 8B?MD?=FAG! (B8! >:8! :6PB8!
87?8!H!D6:D>87O!>:!;AFA!8L6F?8<8!H!96<=A!F8:<678B=8!;6BA!D8RM8!D6B!
D>8@6G! /AR8! 776@8R8! <AD! 8VAD! 6:! XAPA?YO! @=@M8! 6:! >:8! ;6E>6V8!
I8R=?8F=[:! 6:! 4I8;=:6BA! H! 78! 9A:?8R8! <6! ;=:?A! 98BP=:87! H!
B8D?8L8B=G! /B8R8Q8R8! FA9A!#G*G! 6:! >:! R8B! <6! 78!lA:8!)AD8! H! 7AD!
<A9=:PAD! @6:<M8! 8F>8B678D! 6:! 67! ,6BF8<A! <6! 78D! 3>7P8DG! +! 78D!
;AF8D!D698:8D!<6!FA:AF6BD6!X6??H!D6!9><[!8!@=@=B!FA:!/AR8G!38B8!
?AR8!6B8!D>!;B=96B8!FA:@=@6:F=8G!(778!?6:M8!>:!B6;6B?AB=A!@8B=8<AG!
!
(:?A:F6DO!>:!L=:!<6!D698:8O!/AR8!776P[!8!4=><8<!$:9[@=7G!+E>M!
D6! 76! FA:AFM8! FA9A! *>8:FIAO! >:!9>FI8FIA! F8778<AO! FA:! 87P>:8D!
=<68D! <6! =UE>=6B<8! H! F=6B?8! =:F7=:8F=[:! ;AB! 78! ;7YD?=F8G! #AD! 8VAD!
8:?6D! I8RM8! B6F=R=<A! D>! ?M?>7A! <6! 6FA:A9=D?8! H! 8:?6! 78! L87?8! <6!
69;76A!<6F=<=[!;BAR8B!D>6B?6!6:!XAPA?YG!.>!:>6@8!8;8B=6:F=8!96!
P>D?[!8>:E>6!D>;>D6!E>6!78D!RA?8D!:A!B6D>7?8R8:!F[9A<8D!R8QA!7AD!
22
F>8B6:?8! H! ;=FA! PB8<AD! 8! 78! DA9RB8! <6! 4=><8<! $:9[@=7G! .=:!
69R8BPA!:A?W! E>6! 78D!9>Q6B6D! 7A!9=B8R8:!FA:! =:?6BWD! H!96! D6:?M!
B8BAO! /AR8! :>:F8! I8RM8! ?6:=<A! WZ=?A! FA:! 78D! FI=F8DO! 6B8! =:@=D=R76!
;8B8! 6778DO! ;AB! 7A! @=D?A! D>! ;=:?8! B8D?8L8B=8:8! 6D?8R8! <8:<A!
B6D>7?8<AG! 36:DW! 6:! FA:D6P>=B96! >:8D! RA?8DG!,6! <=QA! E>6! 877Y! 76!
<6FM8:!/AR8!H!96!I8R7[!<6!X6??HG!
!
%8!98<B6!<6!?AR8!F8D=!9>6B6!87!@6B7AO!;6:D[!E>6!I8RM8:!>D8<A!8!
D>! I=QA! ;8B8! >:! ?6BB=R76! 6Z;6B=96:?AG!5>RA! FB>6:?8D! <=DF>D=A:6DG!
/AR8! 8F6;?[! P>8B<8B! 78D! RA?8D! H! B8D>B8BD6! ;6BA! 6:! F>8:?A! 8!
FAB?8BD6! 67! ;67A! :A! F6<=[! >:! Y;=F6G! 2?B8D! FAD8D! 8D>D?8BA:! 8! D>!
98<B6]! ?6:M8! :A@=8! :6PB8O! D6! I8RM8! @>67?A! R6R6<ABO! L>98R8! H!
6DF>FI8R8!6D8!IABB6:<8!9\D=F8G!%A!E>6!9YD!:AD!8PB8<[O!8!4=BA!H!
8!9MO!<67!:>6@A!/AR8!6B8!E>6!I8RM8!;6B<=<A!?A<A!=:?6BWD!;A7M?=FAO!
XAR!,8B76H!6B8!D>!;BAL6?8O!>:!;BAL6?8!98B=I>8:6BA!H!PAU[:G!/A<A!
=R8! R=6:! ;8B8! /AR8! I8D?8! E>6! >:8! :AFI6O! 9=6:?B8D! <AB9M8O! D>!
98<B6! 76! FAB?[! 67! F8R677AG!X8QA! 8E>6778!98?8!<6!;67A! D>;>DA!E>6!
6:FA:?B8BM8! 8! *>8:FIA! ;6BA! :A! L>6! 8DMO! /AR8! DARB6@=@=[! 8! 78!
B8;8<8O! D[7A! E>6! >:! /AR8! ?B=D?6! H! <6D;7>98<AG! +7! <M8! D=P>=6:?6!
B6PB6D[!8!XAPA?YG!
!
X6??H!6D?Y!6:!67!86BA;>6B?A!H!:A!B6FA:AF6!8!/AR8G!d7!<=F6!E>6!6D!
W7G! (778! @6! 8! >:! Q><MA! 8F8R8<A! <6! D87=B! <6! >:! F89;A! <6!
FA:F6:?B8F=[:G! /AR8! 76! F>6:?8! 78! I=D?AB=8! H! 6778! 7A! 98:<8! 87!
=:L=6B:AG!/AR8!R>DF8!8H><8!FA:!7AD!89=PAD!;6BA!:A!E>=6B6:!@6B7A!
:=! 6:! ;=:?>B8G! (7! <>6VA! <67! R8B! <=F6! E>6! H8! :A! 6:F8Q8! FA:! 67!
89R=6:?6! H! 7A! <6D;=<6G! /AR8! D6! D=6:?6! FA9A! >:! 8;6D?8<AG! X>DF8!
@8B=AD!<M8D!8!X6??H!H!;AB!L=:!78!6:F>6:?B8O!879ABU8:<A!FA:!>:!?=;AO!
6:!>:!B6D?8>B8:?6!<6!78!"o!FA:!DW;?=98G!/AR8!8B98!>:!6DFY:<87AO!
67!;AB?6BA!77898!8!78!;A7=FM8!H!/AR8!@8!8!<8B!FA:!D>D!I>6DAD!6:!78!
FYBF67G!+77M!76!BAR8:!78!FI8E>6?8!H!78D!RA?8DG!/AR8!?B8?8!<6!I8F6BD6!
67!RB8@A!H!6:?A:F6D!7A!8;>V878:!6:!78!;=6B:8G!
!
23
0:!L8:?8D98!FAQA!77898<A!/AR8!B6FABB6!XAPA?YG!(7!L8:?8D98!D6!
<=D?B86! ?AB68:<A! F8BBAD! 6:! 78! 48B8F8DG! (D?Y! RABB8FIA! H! 96<=A!
<6D:><AG! 0:A! <6! 7AD! 89=PAD! D6! 8R78:<8! H! 7A! 776@8! 8! D>!
8;8B?896:?AG!/AR8!I8R78!=:FAI6B6:F=8DG!(D?6!R>6:!?=;A!76!F6<6!>:!
;8B! <6! FBAH<A:D! @=6QADO! >:! D>W?6B! <6! 78:8! H! >:8! PABB8! <6!
R6=DRA7=D?8G! %A! <6Q8! <AB9=B! H! F>8:<A! <6D;=6B?8! 76! <8! <6! FA96BG!
/AR8!76!;=<6!<=:6BA!;B6D?8<A!;8B8!B6PB6D8B!8!4=><8<!$:9[@=7G!(D8!
9=D98!:AFI6!@=8Q8!6:!>:!8@=[:!<6!F8BP8G!.>D!;8<B6D!7A!B6F=R6:!FA:!
=:<=L6B6:F=8G!/AR8!D6!6:F=6BB8!6:!D>!I8R=?8F=[:G!%A!E>6!9YD!F8RB68!
8!/AR8!6D!E>6!67!?=;A!E>6!8:<8!FA:!X6??H!6D!>:!QA<=<A!F8P8?=:?8!<6!
96?BA!H!96<=AO!987!@6D?=<A!HO!;8B8!8F8R8B!<6!QA<6BO!F87@AG!
!
,6! <=F6! E>6! 67! 89AB! 6D! >:! LB8><6O! E>6!X6??H! 6D! >:8! ;>?8! D=:!
FAB8U[:G!%6!;B6P>:?A!D=!898BM8!8!X6??H!8>:E>6!;6B<=6B8! 78D!?6?8DG!
,(!<=F6!E>6!67!;67A!76!@A7@6BY!8!FB6F6BG!%6!<=QA!E>6!78D!?=Q6B8D!<6!D>!
98<B6!:A!;=6B<6:!L=7AG!CI3$.#-(%)%#J%556#&%+-%5*&#*#(,#52-.#'(6*#A2)*#0*#&%+($%#(,*#$*)&%#*&$*)*#)%#527%&*+F#G.E#!.:*E#,.#+%#5&*5*#)%#'(8,5.+#$%+%+#)%$.&*# %0# '*:%00.#-*&*# '&%'%&# %,#(,#'02$*# 2,93+-25.E# +%# 5&*5*#)%# +2#!.:*#%+#'*-*K#)%#)%B%,)%�.#/(%#*$*E#)%#'(8,#0%7.+#%+#'*-*K#!.:*#)%#2&E#)%#+2#!.:*#%+#%0#927.#)%#+(#$*)&%#.#%0#$*&2).#)%#J%556<!.>!98<B6!76!I8RM8!FAB?8<A! 87PA! 9YD! E>6! 67! ;67A! 8E>6778! :AFI6! H! X6??H! 7A! D>;A!
6:D6P>=<8G! +! 6778! :A! 76! =9;AB?8R8! D=! ?6:M8! 67! F8R677A! FAB?AO! 6778!
E>6BM8! D8R6B! D=! W7! ;A<M8! D6B! W7O! E>=6:E>=6B8! E>6! L>6B8! W7O! H! :A!
;6B<6B7A! F8<8!@6U!E>6!;8D8B8! >:! L=:!<6! D698:8! 6:!A?B8!;8B?6G!L0#*$.&#,.#%+#(,#B&*()%E#!.:*<#L0#*$.&#%+#(,#0;$25%#6#,.+#$2)%<!/AR8!9=B8!78! @6:?8! <67! R8B! <A:<6! 67! 898:6F6B! 69;=6U8O! I8! 6D?8<A!
9AE>68:<A! AFIA! IAB8D! D6P>=<8DO! DARB6! D>D! ;=6B:8D! >:8! ;>?8!
<>6B96G!/AR8!8P8BB8!67!F8R677A!<6!78!;>?8O!78!76@8:?8O!;6P8!D>!RAF8!
8! 78!<6! 6778O! 78!;>?8! BA:F8G!/AR8! 78!<6Q8! F86B! 6:! D>D!;=6B:8DG!,6!
<=F6!E>6!67!89AB!6D!>:!LB8><6G!
!
!
!
!
24
!
!
!
!
!
!
!
.(40(&4$+!,h%/$3%(! !$&1$()&2!G*)*#/(%#-&%5%,)*#+%&#&%*0#$%&%'%#&%+-%5.######6D;>WD! D6! D>;A! E>6! X6??H! I8RM8! <6Q8<A! 8! /AR8! ;ABE>6! :A! 76!
P>D?8R8! FA:! 67! F8R677A! FAB?AG! +DM! <6! D6:F=77AG! (:?B6?8:?A! /AR8!
FA:D=P>=[!98:?6:6B!8!D>!98<B6!8!B8H8!H!D>!F8R677A!FB6F=[!6:!R>6:8!
LAB98G!0:8! @6U!4=BAO!)8HO!+7A:DA! H!HA! :AD! L>=9AD! FA:!/AR8! 8!
XAPA?YG! XAPA?Y! 6D! >:8! F=><8<! FA9A! F>87E>=6B8! D[7A! E>6! 9YD!
PB8:<6O! LBM8! H! D8:PB=6:?8G! 58H!9>FIAD! R8B6D! H!9>Q6B6D! ;6BA! 78D!
9>Q6B6D!6:!D>!98HABM8!?=6:6:!?B8D6BAD!<6!9=D6B=8O!D[7A!DA:!;67A!H!
AQADG!/AR8!D6!?A;[!FA:!X6??H!;AB!F8D>87=<8<O!78!=:D>7?[O!76!;6P[!<AD!
R>6:AD!P8:FIAD!H!D6! 78! 776@A!8!>:!9A?67G!X6??H!:A!6B8!RA:=?8O!6B8!
>:8! :6PB8! RAF8! <6! D8FA! H! FA:! >:! ?B8D6BA! R78:<6:P>6G! .6! <8R8!
9>FI8!=9;AB?8:F=8!;6BA!?6:M8!7AD!?87A:6D!776:AD!<6!B8Q8DG!/AR8!:A!
6D?8R8! D6P>BA! <6! 898B78O! 6B8! @=A76:?A! H! Q>P8R8! D>F=A! FA:! 6778G!
&ADA?BAD!@=@M89AD!6:!>:8!I8R=?8F=[:!<AR76!<6!4I8;=:6BA!H!/AR8O!
6:! 67! 8;8B?896:?A! <6!X6??HG!+! /AR8! 76! =R8!A?B8! @6U! R=6:! FA:! 78D!
9>Q6B6DO!D6!@6M8!8;BA;=8<A!6:!XAPA?YO!6:F8Q8R8!<A:<6!L>6B8G!X6??H!
76!I8RM8!FA9;B8<A!>:8!FI8E>6?8!<6!F>6BA!H!>:8D!RA?8D!<6!'.@:.6G!4=BA!H!HA!;8DYR89AD!6FI8<AD!78!98HAB!;8B?6!<67!?=69;AG!0:!<M8!D6!
:AD! ;B6D6:?[! )8H! FA:! 78! 9878! :A?=F=8! <6! >:! ?B8R8QAG! 4>8:<A!
E>=D=9AD!;6:D8B7AO!H8!:AD!?6:M8!6:!>:!8:<89=A!8!F>8B6:?8!96?BAD!
<6!87?>B8O!;=:?8:<A!67!8@=DA!<6!>:!9A?67G!
!
25
%8!L=7ADALM8!6DFB>?8!78!6Z=D?6:F=8!;6BA!:A!:AD!8H><8!8!6Z=D?=BG!%8!
B67=P=[:!:AD!6:D6V8!8!<6D;B6F=8B:ADG!(7!8B?6!6D!>:8!R>6:8!FA8B?8<8!
;6BA!76QAD!<6!F8D8!D6!@>67@6!=::6F6D8B=AG!&A!I8RM8!:8<8!96QAB!E>6!
6FI8BD6!8!9=B8B!67!F=67A!B8DAG!)8H!:AD!D8F[!<67!:=B@8:8O!:AD!D8F[!78!
76FI6!FA:!8E>67!=:?6B9=:8R76!8@=DA!H!;8B8!FA9;76?8B!D>!I8U8V8!:AD!
=:@=?[!8!>:!;8B!<6!F6B@6U8DG!4>8:<A!76!6Z=P=9AD!:>6D?B8!;8P8!<=QA!
E>6!?A<8@M8!:A!6D?8R8!67!FI6E>6!H!8DM!;8D8BA:!7AD!<M8D!H!7AD!8VAD!H!
67! QA<=<A! FI6E>6! :>:F8! 8;8B6F=[G! %8! 9AB876Q8! 6D]! ?2,5*&# +.:&%#*,)*$2.+# ,.# %+# :(%,*# 2)%*<!+!@6F6D! 6D!96QAB!:A!;6:D8BO! :A! =B!9YD!877YG!X6??H!6D!;78:8!FA9A!7AD!?B8D6BAD!E>6!B6FABB6:!6D?8!F=><8<O!:A!
?=6:6! >:8! 987<=?8! =<68! <6! 7A! E>6! 6D! >:! 98?89ADF8DO! :A! D8R6!
E>=W:6D! DA:! .=<! H! &8:FHO! :A! 7A! D8R6G! 36BA! =:D;=B[! 8E>6778!
FA:@6BD8F=[:! E>6! ?>@=9AD! /AR8! H! HA! 6:! >:! R8B! <6! 4=><8<!
$:9[@=7G!aA!:6F6D=?A!>:! ?=;A!E>6!96! I8R76! FA9A!HA! 76D!I8R7A!8!
9=D! 89=PADO! E>6! 96! I8P8! B68FF=A:8BG! 4=6B?8! FI=F8! D=P>6!
<A7=W:<A96O! :A! 6:F>6:?BA! 7A! E>6! R>DFA! H! 7A! E>6! R>DFA! H8! :A!
;>6<6!D6B!6778O!6778!96!98:<[!8!@6B!D=!78!;>6BF8!;>DA!H!F>8:<A!76!
<=Q6! E>6! DMO! 96! 98:<[! 8! ;6=:8B! ?AB?>P8DG! (D?>@6! =:?6:?8:<A! >:!
?=69;A!;6BA!H8!D8R6D!E>6!F>8:<A!67!89AB!D6!8;8P8!6D!9YD!LBMA!E>6!
78!9>6B?6G!%A!987A!6D!E>6!7AD!<AD!6Z?B69AD!:A!D6!8;8P8:!87!?=69;A!
H! F>8:<A! 6B6D! 67! 6Z?B69A! E>6! D=P>6! 8F?=@A! 9YD! ?6! @87<BM8! 6D?8B!
9>6B?AG!
!
/AR8! I8! ;6768<A! FA:!X6??H! H! 6D?Y! <6;B=9=<AG! X6??H! 6D?Y! 6:! 67!
IAD;=?87! B6F>;6BY:<AD6G! /AR8! I8! @6:=<A! 8! AF>7?8BD6! 8E>MG! 0:!
I6B98:A! <6! X6??H! R>DF8! 8! /AR8! H! :A! 6D! ;8B8! <6D68B76! L67=F6D!
;8DF>8DG!/AR8!<=F6!E>6!78!898!H!;8B6F6!F=6B?A]!/AR8!:A!FA96O!:A!
AB=:8O! :A! E>=6B6! I8R78B! FA:! :8<=6G! 4=BA! H! HA! 8<9=:=D?B89AD! 67!
<=:6BA!<6!/AR8G!0:8!98<B>P8<8!D>6:8!67! ?=9RB6O!+7A:DA!8RB6! 78!
;>6B?8! H! >:! P=P8:?6! :6PBA! 7A! 6:F>6778! H! 76! ;B6P>:?8! ;AB! /AR8G!
+7A:DA! 76! <=F6! E>6! D6! I8! 78BP8<AO! E>6! 6D?Y! FA:! D>! L89=7=8! 6:!
4=><8<! $:9[@=7G! (7! ?=;A! D>67?8! 8! +7A:DA! H! PA7;68! FA:! 67! ;>VA!
F6BB8<A!67!98BFA!<6!78!;>6B?8G!(7!6D?877=<A!:AD!<6Q8!DAB<ADO!78!F8D8!
?=69R78G! 4>8:<A! 67! ?=;A! D6! @8! /AR8! D876! <67! F7[D6?! H! RB8@68! >:!
26
;AFAO!<=F6!E>6! 78!;B[Z=98!@6U!@8!8! 6:LB6:?8B7AG!4=BA! D6! 8DA98!H!
<=F6!E>6! 67! P=P8:?6! 6D?Y!<6!@>67?8G!/AR8!@>67@6! FA9A!>:! B8HA!87!
F7[D6?G!4=BA!BM6!FA:!P8:8DG!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
27
!
!
!
!
!
!
!
$&/()$2)! !&245(!CM(D#'(0-*#52%,%#%0#9*'9*#)%#5(+#*0*&2).+F#####+! F=6B?8! FI=F8! 76! P>D?8R8! 67! F89;AO! 76! P>D?8R8:! 78D! @8E>=?8DO! 67!
P>D?8R8!78!I=6BR8!9AQ8<8G!+!9M!6DA!96!6:L6B98G!(778!=R8!87!F89;A!
FA:! D>! L89=7=8O! F8D=! :>:F8! 7AD! 8FA9;8V8R8G! .>! L89=7=8! :A! 96!
E>6BM8! R=6:! ;6BA! 6:?A:F6D! 7A! =P:AB8R8O! 7A! D>;6! <6D;>WDO! F>8:<A!
?A<A! D6! QA<=[! H! H8! <8R8! =P>87! >:8! FAD8! >! A?B8G! aA! 7AD! E>6BM8!
9>FIAO!DARB6!?A<A!8!D>!98<B6O!6B8!7=:<8O!FA:!>:!I6B9ADA!F8R677A!
R78:FA! H! D6:AD! B6<A:<=?AD! E>6! <6D68R8! FI>;8BG! .>! I6B98:8! 6B8!
7=:<8!8!@6F6D!H!6D?\;=<8!D=69;B6G!(B8!>:8!L89=7=8!?=;A]!>:8!98<B6!
8R8:<A:8<8O! <AD! I6B98:AD! DAV8:<A! FA:! I8F6B! <=:6BAO! >:8!
I6B98:8!E>6!E>6BM8!>:!?B8D6BA!9YD!PB8:<6!H!D6!;8D8R8!IAB8D!6:!67!
P=9:8D=AO! >:! ;8<B6! R6R6<ABO! 8BBAP8:?6! H! 9>Q6B=6PA! E>6! D[7A!
8;8B6FM8! <6! @6U! 6:! F>8:<AG!+! ;6D8B! <6! 6DA! 677AD! 7A! 898R8:! H! W7!
D8RM8! D8F8B76! ;8B?=<A! 8! 6D6! 89ABG! (B8! P6:?6! E>6! ?B8?8R8! <6! D87=B!
8<678:?6! H! 8>:E>6! HA! :A! E>6BM8! D87=B! I8F=8! :=:P\:! 78<A! D=:A!
E>6<8B96! 6:! D>D! AQADO! 6:! 7AD! D6B6:AD! AQAD! <6! F=6B?8! FI=F8O! 7AD!
E>6BM8O!<6D;>WD!<6!?A<A!6B8:!;8B?6!<6!6778G!
!
/6:M8! <AD! ;6BB=?8D]! N%--%02,! H! O0.6)G! (:! 67! LA:<A! <67! ;8?=A! 78!8H><8R8! 8! R8V8B78D! H! D8F8B76D! R=FIADG! .AH! 6ZF676:?6! ;8B8! <AD!
FAD8D]! D8F8B! R=FIAD! H! ;6B<6B! 7A! E>6! 89AG! .>! 98<B6! :AD! @6M8! H!
28
;8B6FM8!;6:D8B!E>6!D=!I8FM89AD!6DA! Q>:?AD!:8<8! =R8!8! D6;8B8B:ADG!
.=:! 69R8BPA! L>6! 6DA! 7A! E>6! :AD! D6;8B[]! >:! R=FIAO! >:A! ADF>BAO!
?898VA!L89=7=8BO!LALAO!77AB[:O!FI>;89AFAG!%8D!;6BB=?8D!6B8:!7=:<8D]!
O0.6)O! 9YD! R=6:! :6B@=AD8! H! 6DF>BB=<=U8O! N%--%02,! 967AD8! H! RB8@8O!>:8!:AFI6!78!@=!F8U8B!>:8!B8?8!6:AB96G!
!
0:8!@6U!L>=9AD!87!98BO!:A!8!78!UA:8!?>BMD?=F8!D=:A!8!>:!;>6R7A!
<6!;6DF8<AB6DG!(778!:8<8!R=6:G!aAO!FA9A!6:!?A<8D!78D!FAD8DO!96!78D!
8BB6P7AG!&A!6D!E>6!D6;8!I8F6B!87PA!;6BA!?6:PA!9=!;BA;=8!LAB98!<6!
:A!D8R6B!I8F6B7AO!>:!6D?=7A! =:FA:L>:<=R76!E>6!FA:@=6B?6!6:!8B?6! 78!
?AB;6U8]!6DA!6D!D>L=F=6:?6!8!96:AD!E>6!?6!?A;6D!FA:!>:!6Z;6B?AG!3AB!
LAB?>:8! ;8B8! 9M! 67! 9>:<A! 6D?Y! B6;76?A! <6! P6:?6! =:D8?=DL6FI8! H!
:=9=8O!P6:?6!E>6!D[7A!;>6<6!D6V878B!7A!E>6!6D?Y!987!6:!87PA!E>6!D6!
@6! 987O! 8DM! E>6! 6D! ;AFA! ;BAR8R76! E>6! @8H8! 8! ?A;8B96! FA:! >:!
6Z;6B?AG!3AB! D=! :A! 7A! D8R6DO!>:! 6Z;6B?A! 6D! 6D8! F78D6!<6! P6:?6!E>6!
;>6<6!<6DF>RB=B!7A!E>6!6D?Y!987!6:!87PA!E>6!D6!@6!9>H!R=6:!H!PAU8!
<6DF>RB=W:<A7AG!(D8!@6U!96!<=@6B?M! FA9A!:>:F8]! ?>9R8<AD! 6:! 78!
8B6:8G!)6?AU8:<A!6:! 67! 8P>8G! *>P8:<A! FA:!>:8!;67A?8G!/B8?8:<A!
<6! I8F6B7A! ?B8D! >:AD!98?ABB876DG! .6:?8<A! 6:! >:8! BAF8!9=BY:<A78!
Q>P8B! FA:! 78D! A78DG! &A! DW! F[9A! =P:ABW! 6:?A:F6D! E>6! 6778! 6B8! 78!
96QAB!FAD8!E>6!:>:F8!?6:<BM8G!
!
.>! ;=67! 6D! R78:F8! ;6BA! 67! DA7! 78! ADF>B6F6! >:! ;AFA! H! D6! @6!
;B6F=AD8G! 4>8:<A! D6! 6D?Y! 8DM! ?A<A! 6D! 8;BA;=8<AO! 67! 9>:<A! P=B8!
DARB6!?>!98:A!H!8>:E>6!:A!6D!:8<8O!RB=778G!(778!?=69R78!F>8:<A!78!
BAU8DO! ?6! 6:?B6P8! ?A<AO! 8>:! 7A! E>6! P>8B<8R8! ;8B8! 67!987! ?=69;AG!
0:8!<>7F6!H! D6:D=R76! FB=8?>B8!<6!#=ADG!(B6D! D>!IWBA6!H!:A! ?=6:6D!
E>6!6DLABU8B?6!;8B8!D6B!R>6:A!H!FA:L=8<AG!%AD!;6DF8<AB6D!9=B8:!8!
?>!FI=F8!H!8>:E>6! ?6!9A76D?8!>:!;AFA!;>6<6D!6:?6:<6B7AD]!6778!6D!
>:!B6P87A!;8B8!7AD!AQAD!H!?>!6B6D!67!<>6VAO!;>6<6D!R6D8B78!H!I8F6B76!
67!89AB!F>8:<A!D6!?6!8:?AQ6O!6B6D!67!;B=96B!H!\:=FA!IA9RB6!<6!D>!
@=<8O! 67! Q8B<=:6BA! E>6! FAB?[! 6D8! L7ABO! 78! FAB?8D?6! FA:! ?6B:>B8O! :A!
I>RA! <A7ABO! L>6! 76:?A! H! ;78F6:?6BA! FA9A! FI>;8B! >:8! ;8D?=778! <6!
96:?8G!%AD!;6DF8<AB6D!78!9=B8:!FA9A!D=!L>6B8!>:8!6D?B6778O!677AD!:A!
29
;>6<6:! FAB?8B! L7AB6D! ?8:! D>8@6DO! 677AD! FA96:! I=6BR8! FA9A! 7AD!
R>BBADG! .=! ?>@=6B8:! L7AB6D! 8DM! 78D! <6D?BAU8BM8:! ;ABE>6! 78! 8:D=6<8<!
7AD!E>698O! 6:!F89R=A! ?\!:A! ?=6:6D!;B=D8G! _38B8!E>W`!(778! 6D! ?>H8!
;8B8!D=69;B6G!
!
a!>:!<M8!?A<A!8F8R8O!6778!<=F6!7*$8+!H!6D!6:!D6B=AG!/6!6:7AE>6F6D!?B8?8:<A! <6! 8RB=B! 78! ;>6B?8! E>6! 8RB=D?6! 9=7! @6F6DG! (B6D! ;8B8! 6778!
96:AD!E>6!>:!9AQ[:!6:!78!F8BB6?6B8G!0:!<A9=:PA!78!6:F>6:?B8D!6:!
6D6!;>6R7A!<6!;6DF8<AB6D!FA:!>:!R=FIA!E>6!78!8;6BFA778G!(7!R=FIA!
6D!PAB<AO!6Z6:?A!<6!PB8F=8!H!I>9ABO!6D!8;6:8D!>:8!R8RAD8!L7A?8:?6G!
(778!7A!9=B8!H!:A!I8H!89AB!6:!D>D!AQADO!87!R=FIA!6DA!:A!76!=9;AB?8O!
6D?Y! 8FAD?>9RB8<A! 8! FA96B! DARB8DG!(D! E>=6:! 78! ?=6:6! 8IAB8! H! <6!
:8<8!?6!D=B@6!D6B!96QABG!.=!:A!78!?=6:6D!8!6778!E>=W:!@8!8!FB66B!E>6!
6B6D! 96QABO! H! FA9A! <=Q=D?6]! 7AD! 6Z;6B?AD! :A! 8R>:<8:G! a! 877M! @8DO!
6:?B6! 7AD! ;6DF8<AB6DO! ARD6B@8:<A! 8! 78! R6778! FI=F8! H! 67! L6A! R=FIAG!
%AD! ;6DF8<AB6D! ;8B6F6:! 6:F8:?8<ADO! 67! R=FIA! ?=6:6! 9>FIA! 6:!
FA9\:!FA:!677ADO!7AD!I8F6!;6:D8B!E>6!677AD!;>6<6:!FAB?8B!L7AB6D!8DMO!
E>6! :A! 6D?Y:! FA:<6:8<AD! 8! 78! I=6BR8! FA9A! 76D! I=F=D?6! FB66BG! %8!
IAD?=7=<8<!?6!BA:<8!H!A;?8D!;AB!D87=B!FA:!67!B8RA!6:?B6! 78D!;=6B:8DO!
?\! E>6! ;A<BM8D! ;8B?=B! 8! 6D6! R=FIA! 6:! ?B6D! ;6<8UAD! =P>876D! H!
6:@=YBD67A! 8! D>! 98<B6! 6:! ;8;67! F67ALY:G! 36BA! :8<8! @8! 8! ?B86B78!
FA:?=PA!H!H8!QA<=D?6!R8D?8:?6G!
!
36:D8R8D! E>6! FA:! 67! ?=69;A! =R8! 8! F8:D8BD6O! E>6! W7! :A! ;A<M8!
776:8B! 7AD!6D;8F=AD!8R=6B?AD!;AB! ?=O!E>6!:A! ?6:M8! ?876:?A!;8B8!<8B76!
B=D8!H!<A7ABG!#>B8:?6!>:! ?=69;A!8:<>@=D?6! D6<>F=6:<A! ?=;8D!;8B8!
6:D6V8B76! 7A!E>6!@87M8D!;6BA!:A!I>RA! B6D;>6D?8G!P#%00*# 0%# 1(+5*,# %0#'2,%E#%0#5%*5&.E#0*#0%'5(&*E#%00*#+(%Q*#'.,#+%&#*'5&2K#6#%+%#+(:,.&$*0#,.#52%,%#2)%*# )%# %+.G!38D8:! 7AD!<M8D! H! 67! R=FIA!:A! D6!<6D;B6:<6G!0:8! ?8B<6!6:F>6:?B8D! 8! D>! 96QAB! 89=P8! 6:! >:! 8:?=F>8B=A! H! ?6! F>6:?8! E>6!
F=6B?8!FI=F8!H!D>!R=FIA!DA:!L67=F6D!H!@8:!8!F8D8BD6O!E>6!67!+(:,.&$*0!I8! 8;B6:<=<A! 9>FIA! <6! F=:6! H! H8! 6D?Y! 6DFB=R=6:<A! D>D! ;B=96BA!
;A698DO! E>6! Q>:?AD! I8:! 7APB8<A! D8F8B76D! ?A<AD! 7AD! R=FIAD! 8! 78D!
;6BB=?8DO!E>6!W7!7A!I8F6!FA:!<6D?B6U8O!D=:!8BB8:F8B76D!67!;67AO!H!?8:?A!
30
O0.6)! FA9A! N%--%02,# 7A! 8<AB8:G! C?2%,+*+# /(%# %+*# A%721*# )%# '%&).# %+#$%7.&# /(%# 6.F#(778!<=F6!E>6!DAH!F=6:!9=7!@6F6D!96QAB!6:!F>87E>=6B!D6:?=<A!;6BA!E>6!W7!6D!D>8@6!H!L=67G!!*0#A%K#+%*#B%.#-%&.#0*#/(2%&%#6#0*#'(2)*<!.87=9AD!<67!8:?=F>8B=A!H!:AD!<6?6:69AD!6:!>:8!6DE>=:8G! !R#6.# /(%# +.6E# C(,# .1&.F! (778! D6! BM6G! L&%+# B(%&5%# 6# %,1&%;).E# -.&# %+.# $%#1(+5*+<! +DM! E>6! @AH! 8! >:! R8B! H! 7>6PA! 8! >:! 9A?67! FA:! D>! 96QAB!89=P8G!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
31
!
!
!
!
!
!
!
!
!
!
S!
3)2#044$2&(.!g)+4+.2!%/#+G!
!
!
!
!
!
!
!
!
!
!
!
32
!!
!
!
!
!
!
!
4$0#+#!$&,p1$%G!+X)$%CiS!?*&*# A%&#$2+# '2'*5&2'%+# 6# %+'('9*&#$2# '.&*K3,#9*6#/(%#-*1*&# 0*# %,5&*)*E#,*)*#)%#%+5.#%+#(,#*'5.#####,8B@=:O! 67! ;B=9A! <6! /AR8O! I8RM8! 776P8<A! <6! 0.+! FA:! 96<=8!
D6P>:<8G! /AR8! 96! 7A! ;B6D6:?[! 6:! 67! ;8BE>6G! ,8B@=:! 6D?8R8!
=BA!H!8!9M!E>=UY!
:AD!=:?6B6D8BM8!>:!;8B!;6BA!<6RM8:!D6B!<6!FA7AB!:6PBAG!
C&A!?B8Q6!:6PBADC!<=QA!,8B@=:G!
C.6!;>6<6:!?6V=BC!<=QA!/AR8G!
C36BA! 6DA! 6D! 6D?\;=<AC! <=QA! ,8B@=:CG! _+! E>=W:! D6! 76! AF>BB6!
!
C+! 677ADC! <=QA! /AR8CG! )6;! 8! @6F6D! >D8! A?BA! FA7AB! ;6BA! 4=BA!
D=69;B6!@8!<6!:6PBAG!(7!F>8B?A!<6!)6;!;8B6F6!>:8!F>6@8]!;=:?[!78D!
;8B6<6DO!67!;=DA!H!67!F=67A!B8DA!<6!:6PBAG!
!
C,6!<=Q6BA:!E>6!?=6:6D!>:8!FY98B8G!
C.MO!;6BA!6D!@=6Q8C!<=QA!/AR8G!
C&A!6D!?8:? C<=QA!,8B@=:CG!+7PA!76!;8D[!87!9=FB[LA:A!
H!<8!>:!B>=<A!?6:8UG!
C_^>W!@8D!8!I8F6B!FA:!6778`!
33
C36:D8R8!>D8B78!;8B8!I8F6B!98?B=9A:=AD!H!FAD8D!8DMO!;6BA! ?AF8!
8BB6P78B!67!9=FB[LA:AG!
C58P89AD!>:8!;67MF>78C!<=Q6G!
C_4A:!6D6!?B8D?A`!
C3>6<6!D6B!>:8!;67MF>78!(,)%&1&.(,)C!<=Q6G!C)6;!I=UA!>:!F>BDA!<6!F=:6C!<=QA!/AR8G!
C/\!;>6<6D!D6B!67!;BA?8PA:=D?8G!
C(D?YD!7AFA! <=QA!,8B@=:CG!&A!?6:PA!=<68!<6!6DAO!:=!D=E>=6B8!96!
P>D?8G!
C+!9M!96!;8B6F6!E>6!D6BM8D!>:!R>6:!8F?ABG!
,8B@=:! 8BB>P[! 78! F8B8! H! 9=B[! 8! /AR8G! /AR8! D6! 6:FAP=[! <6!
IA9RBADG!
C,8V8:8!?6!9>6D?BA!78!FY98B8!H!I8R789AD! <=QA!,8B@=:G!
!
(D8!:AFI6!L>=!8!@=D=?8B!8!27P8O!D8RM8!E>6!,8B@=:!H!6778!I8RM8:!
D=<A!FA9;8V6BAD!<6!FA76P=A!H!8\:!6B8:!R>6:AD!89=PADG!(7!98B=<A!
<6! 27P8! 96! 8RB=[! 78! ;>6B?8! FA:! 6Z;B6D=[:! <6! L8D?=<=AG! +H><W! 8!
27P8! 8! DF8B! 78D! D=778D! H! :AD! D6:?89AD! 6:! 78! ?6BB8U8G!,6! <=QA! E>6!
,8B@=:! 78! I8RM8! 77898<A! ;6BA! E>6! ?A<8@M8! :A! 7A! I8RM8! @=D?AG! %6!
6Z;7=E>W!7A!<6!78!FY98B8!H!78!;67MF>78!H!;BA96?=[!8H><8B96G!
C/6:PA!>:!;6BDA:8Q6!E>6!?6!F>8<B8!;6BL6F?AC<=Q6G!
C+!9M!:A!96!96?8D!6:!6D8!QA<8! <=QA!6778G!
C_a!7A!<67!@6D?>8B=A`!
C(DA!6D!<=D?=:?A! <=QA!6778CG!_4[9A!6D!78!;67MF>78`!
C56! ;6:D8<A! 6:! >:!@%+5%&,! ;6BA! 67! ;BAR7698! 6D! FA:D6P>=B! 7AD!F8R877ADG!
C58U7A!FA:!R>BBAD! <=QA!DAF8BBA:8G!
,6!E>6<W!;6:D8?=@A!>:!=:D?8:?6G!
C3A<BM8! D6B! E>6! 78! 8F
;8B! <6! ;=D?A76BAD! D6! 6:F>6:?B8:! 6:! >:! R8B! <6!,A:?8:8! H! ?B8R8:!
89=D?8<]!I8R78:O!R6R6:!qI=DJHO!Q>6P8:!87!;[E>6B!H!DA:!<6D8L=8<AD!
;AB!A?BAD!;=D?A76BAD!8!7AD!E>6!67=9=:8:!K?A<A!6D?A!AF>BB6!<6:?BA!<67!
R8BNG!58H! >:! FAB?6! H! 6:D6P>=<8! D6! 76D! @6! B8D>BY:<AD6! K<6:?BA! <6!
>:8!I8R=?8F=[:!<6!>:!IA?67!<6!,A:?8:8NO! 877M!<6F=<6:!R>DF8B!ABA!
34
Q>:?AD! K;A<BM8! I8R6B! >:8! 6DF6:8! <A:<6! 6:?B8:! 8! 78! 9=:8!
F89=:8:<AG!&A!D6!:6F6D=?8:!F8R877AD!6:!67! =:?6B=AB!<6!>:8!9=:8NG!
/A<A!@8!DARB6!B>6<8D!6:?B6!7AD!;=D?A76BAD!I8D?8!E>6!>:8!B>R=8!KE>6!
6:F>6:?B8:!6:!A?BA!R8B!<6!,A:?8:8N!F8>D8!78!<=DFAB<=8!KD6!8F>6D?8!
FA:!>:A!H!7>6PA!FA:!67!A?BAO!6:!78!9=D98!I8R=?8F=[:!<6!>:!IA?67!<6!
,A:?8:8NG!+7!L=:87!?6B9=:8:!7=Y:<AD6!8!?=BAD!K6:!>:8!F8776!DA7=?8B=8G!
.6!<8!;AB!6:?6:<=<A!E>6!7AD!F8R877AD!6D?Y:!87!6Z?B69A!<6!78!F8776O!
E>6!:A!8;8B6F6!6:!67!;78:ANG!3A<69AD!PB8R8B! B67=:FIAD!H!>D8B7AD!
FA9A!LA:<AG!
C_3AB!E>W!6:!,A:?8:8`!
C(D!67!;>6R7A!<6!)6<!)H<6BG!
C_^>=W:!6D!6D6`!
C 6778! :=6P8!
FA:! 78! F8R6U8CG! 27@M<87AG!2H6! _E>W! ?678! 6D! R>6:8! ;8B8! I8F6B! >:!
P8RY:`!
C
77898BY!78!;67MF>78`!
CL0#?%&&*#6#%0#J('9%<!%6!I8F6!PB8F=8G!)6;=?6!>:8!H!A?B8!@6U!67!:A9RB6!H!7>6PA!77898!
87!98B=<A!H!D6!7A!<=F6G!d7!:A!76!6:F>6:?B8!78!PB8F=8G!
C/\O!D6P>BA!6B6D!67!36BB8! <=F6!67!98B=<ACG!_^>=W:!6D!67!X>FI6`!
C4=BA! <=F6!27P8!?A<8@M8!B=6:<AG!
+!4=BA!76!6:F8:?[!78!=<68!<67!@%+5%&,#;6BA!96!<=QA!E>6!B687=U8B7A!76!;8B6FM8!<=LMF=7G!#6D;>WD!<6!>:8!RB6@6!<=DF>D=[:!<6D=D?M!<67!@%+5%&,!H! 76!;BA;>D6!E>6!I=F=WB89AD!78!;67MF>78!DARB6!>:8!6D?B6778!<6!BAFJ!
<67!6D?=7A!.=<!1=F=A>D!;6BA!89R=6:?8<8!6:!4=><8<!$:9[@=7G!
C(DA!H8!7A!I8:!I6FIA! <=QA!4=BAG!
%6! 6Z;7=E>W! E>6! 9=! =<68! 6B8! FA:?8B! 78! I=D?AB=8! <6! >:! FI=FA!
8:[:=9A!E>6!DAV8R8!FA:!D6B!6D?B6778!<6!BAFJG!(7!FI=FA!:=!D=E>=6B8!
?6:M8! >:8! R8:<8O! :A! F8:?8R8! :=! ?AF8R8! =:D?B>96:?A! 87P>:AG! .[7A!
8:<8R8!;AB!D>!8:[:=98!F=><8<!@6D?=<A!<6!:6PBA!H!6B8!>:8!76H6:<8!
;8B8!D>!89=PAD!<6!R8BB=AG!
C(DA!96!D>6:8!L89=7=8B! <=QAG!
C3A<BM89AD!;B6D?8B76!67!)8?8;6A:8!8!gB8:FA!FA9A!7AF8F=[:G!
35
C_a!F>Y7!6D!67!+@2,1!<6!78!;67MF>78`!C(7! FI=FA! D6! =:DFB=R6! H! P8:8! >:! FA:F>BDA! F>HA! ;B69=A! 6D! >:!
@=8Q6!8!&6q!aABJ!FA:!?A<AD!7AD!P8D?AD!;8PAD!;8B8!FA:AF6B!8!f>B?!
4AR8=:!H!D6B!=:@=?8<A!6D;6F=87!6:!>:!FA:F=6B?A!<6!&=B@8:8G!
C_4B66D!E>6!f>B?!D6!96?6BM8!6:!87PA!8DM`!
C(D6!:A!6D!67!;>:?A!4=BAG!
C478BA! E>6! 6D! 67! ;>:?A! <=F6! FA:! L8D?=<=ACG! 0:! 98B=E>=?8! <67!
6D?=7A!<6!+76Q8:<BA!.8:U!A!(:B=E>6!$P76D=8D!:A!?=6:6!=:FA:@6:=6:?6!
6:! ;678B! 67! ?B8D6BA! ;8B8! E>6! FI=776:! 78D! :=V8D! ;6BA!f>B?! 78D! ?=6:6!
R=6:!;>6D?8DO!W7!76!FAB?8BM8!67!F>677A!87!P8:8<AB!<67!FA:F>BDAG!
C(:?A:F6D!_^>W!D>P=6B6D`!
C0:8!6DF6:8!<A:<6!67!FI=FA!8:[:=9A!D87P8!8!:8@6P8B!FA:!>:8!
D=6BB8! 67WF?B=F8! ;AB! >:! AFW8:A! <6! RB8UADG! 2?B8! <A:<6! 67! FI=FA!
8:[:=9A!76!D8E>6!?A<AD!7AD!<=6:?6D!8!D>!98<B6!H!D6!I8P8!>:!FA778BG!
4B6A! E>6! D[7A! FA:@6B?=<A! 6:! >:! 8D6D=:A! ;>6<6! >:! FI=FA! <6! 6D?8!
F=><8<!D6B!L89ADAG!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
36
!
!
!
!
!
!
4$0#+#!$&,p1$%G!+X)$%CiS!="+2'*#)%#?%*&0#S*$#####%8! L=6D?8! 6B8!6:!67!8;8B?896:?A!<6!48B96:G!4>8:<A! 776P>W!I8RM8!
>:! 87RABA?A! ;ABE>6!/AR8! D6! I8RM8! D8F8<A! 78! @6BP8! 8! ;6?=F=[:! <6!
48B96:!H! WD?8! ?B8?8R8!<6! F87F>78B76! 67! ?898VA!FA:!>:8! B6P78G!%8!
@6BP8! <6! /AR8! FA7P8R8! FA9A! >:! ADF>BA! FIAB=UA! 9=6:?B8D! W7O!
776@8<A!<6!78!?B8R8O!D6!96FM8!LB6:?6!8!48B96:!FA9A!>:8!;8796B8!
6:!78!?AB96:?8G!48M!6:!F>6:?8!<6!E>6!78D!@6BP8D!DA:!78!FAD8!9YD!L68!
E>6! I8HG! /A:=! 6D?8R8! D8F8:<A! LA?AD! ;8B8! 67! B6F>6B<AG! (:! 6D6!
9A96:?A! 776P[! .6BP=AO! 67! :A@=A! <6!48B96:O! H! 8:?6D! E>6! 87P>=6:!
;><=6B8!6@=?8B7A!8;8B?[!8!48B96:!H!8!78D!A?B8D!FI=F8D!E>6!BA<68R8:!
8!/AR8!H! 76!;6P[!>:8!;8?8<8! 6:! 78D! I>6@8DG!/AR8! D6! 6:FAP=[!<67!
<A7AB! H! BA<[! ;AB! 67! ;=DAG! gB8:! 8P8BB[! 8! .6BP=A! ;8B8! 6@=?8B! E>6!
@A7@=6B8!8!PA7;68B!8!/AR8G!/AR8!?8B<[!@8B=AD!9=:>?AD!6:!B6;A:6BD6!
H!F>8:<A!7A!I=UA!L>6!8!D6:?8BD6!6:!>:!B=:F[:!H!877M!;8D[!67!B6D?A!<6!
78! L=6D?8G! .6BP=AO! >:8! @6U! ;8D8<8! 78! B8R=8O! L>6! 8! <=DF>7;8BD6! FA:!
/AR8!H!?B8?[!<6!D8F8B7A!<67!B=:F[:!;6BA!/AR8!D=P>=[!877M!FA:!78!@=D?8!
;6B<=<8!H! 78! 6Z;B6D=[:!9YD! 6D?\;=<8!E>6! B6F>6B<6G!(:! 78!;B=96B8!
A;AB?>:=<8<!E>6!?>@6!76!;B6P>:?W!8!.6BP=A!E>W!7A!I8RM8!69;>?8<A!
?8:?AG!!
! C4B6M!E>6!D6!78!6D?8R8!FI>;8:<A! <=QA!.6BP=AG!
! 48B96:! @=:A! ;AB! .6BP=A! H! D6! 7A! 776@[! 8! R8=78BG! 36:DW! 6:!
F=6B?8!FI=F8O!6:!D>!98:6B8!<6!D6BG!+!6778!:A!76!P>D?8R8:!78D!L=6D?8DO!
37
;B6L6BM8! =B! 8! >:! D=?=A! ?B8:E>=7A! <A:<6! D6! ;><=6B8! FA:@6BD8BG!,=BW!
87B6<6<AB!H!@=!8!?A<8!8E>6778!P6:?6!FA:!78!E>6!I8RM8!FA9;8B?=<A!78!
98HAB! ;8B?6! <6! 9=! 6Z=D?6:F=8! H! <6! B6;6:?6! 96! D6:?M! 6:! 78!
<=96:D=[:! <6DFA:AF=<8G! +7P>=6:! @=:A! ;AB! <6?BYD! H! 96! ?8;[! 7AD!
B6@>67?A!FA:!8QAG!&A!;><6!8<=@=:8BG!
! C_+R>BB=<A`!
! (B8!+:8G!(778!H!HA!I8RM89AD!?6:=<A!D6ZA!78!:AFI6!8:?6B=AB!
H!7A!\7?=9A!E>6!E>6BM8!6B8!@6B78G!
! C0:!;AFA! <=Q6G!
! C_^>=6B6D!R8=78B`!
! C^>=UY!9YD!?8B<6! <=Q6G!
! (778!96!<=A!>:!R6DA!6:!78!RAF8!H!L>6!8!D87><8B!8!48B96:!H!
67!B6D?AG!
!
(:FA:?BW!8!4=BA!6:!67!;8BE>6G!(D?8R8! ?>9R8<A!6:! 78!R8:F8!<6!
D=69;B6G! .6! 76@8:?[!87! @6B96G!,6!;B6P>:?[!;AB! 78! L=6D?8! H! 76!<=Q6!
E>6!6B8!>:!8DFAG!%6!<=Q6!E>6!?6:M8!>:8!:>6@8!=<68!;8B8!78!;67MF>78G!
C.6!77898BY!T%&+23,#)%#+(7%5.+#*0#*5*&)%'%&G!CX>6:!?M?>7A! <=QA!W7CG!_a!F>Y7!6D!67!BA77A`!
C0:! 6DFB=?AB! LB>D?B8<A! D6! 6:F>6:?B8! 6:! >:! R8B! FA:! >:!
<6DFA:AF=<A! H! D6! ;A:6:! 8! I8R78B! ;8Q8G! (7! <6DFA:AF=<AO! D6P\:! D>!
;BA;=8!@6BD=[:O!6D?Y!6:!78!F=><8<!;AB!:6PAF=AD!H!6D!78!;B=96B8!@6U!
E>6!@=6:6G!(7!6DFB=?AB!76!F>6:?8!D>!I=D?AB=8!H!67!<6DFA:AF=<A!76!<=F6!
E>6! ?B8R8Q8! ;8B8! >:8! =9;AB?8:?6! 6<=?AB=87! H! ;>6<6! 8H><8B7AG! (7!
6DFB=?AB!7A!=:@=?8!8!>:8!RA?6778!<6!qI=DJH!H!D=P>6:!I8R78:<A!I8D?8!
E>6! F=6BB8:! 67! R8BG!+7! <6D;6<=BD6! 67! 6DFB=?AB! E>=6B6! 8FA9;8V8B! 87!
<6DFA:AF=<A!I8D?8! D>!IA?67!;6BA!WD?6! D6!:=6P8!H!F>8<B8:!>:8! F=?8!
;8B8! 67! <M8! D=P>=6:?6G! +7! <M8! D=P>=6:?6! 67! 6DFB=?ABO! H! >:! ;=8:=D?8!
89=PA!D>HAO!D6!6:F>6:?B8:!87!<6DFA:AF=<A!H!7A!=:@=?8:!8!FA96BG!(7!
<6DFA:AF=<A! <=F6! E>6! ?=6:6! B678F=A:6D! FA:! P6:?6! <6! 78! ?676! E>6!
;>6<6!8H><8B!87!;=8:=D?8G!+DM!<M8! ?B8D!<M8!67!6DFB=?AB! 76!;B6D6:?8!8!
D>D! 89=PAD! K?A<AD! FA:! ?876:?A!;6BA! D=:! LAB?>:8N! 87! <6DFA:AF=<A!H!
WD?6!D=69;B6!?=6:6!87P\:!FA:?8F?A!E>6!7AD!I8BY!L89ADADG!%8!FAD8!D6!
38
6Z?=6:<6!;AB!@8B=AD!<M8D!H!67!6DFB=?AB!H!D>D!89=PAD!6D?Y:!9898<AD!
<6! =:@=?8B! 8! FA96B! H! 8! B>9R68B! 87! <6DFA:AF=<AO! D=:! B6D>7?8<AG!
&8<=6! D8R6! 6:! E>W! IA?67! D6! IAD;6<8! :=! F>Y:<A! D6! =BYG! d7! 76D! <8!
78BP8D!<=F=6:<A!E>6!H8!I8!I6FIA!87P>:8D!@>67?8D!;AB!?67WLA:A!H!6:!
F>87E>=6B!9A96:?A!776P8BY:!>:AD!89=PAD!D>HAD!8!4=><8<!$:9[@=7!
;8B8! I8R78B! FA:! 677ADG! /A<A! 776P8! 8! D>! L=:87! F>8:<A! >:8! :AFI6O!
<6D;>WD!<6!;8P8B76!78!B>9R8O!67!6DFB=?AB!D=P>6!87!<6DFA:AF=<A!H!D6!
;=778!E>6!@=@6!6:!>:!IA?67>FIA!<6!78!F8776!,6<=87>:8G!#6D;>WD!67!
6DFB=?AB!H!D>D!89=PAD!8@6B=P>8:!E>6!67!<6DFA:AF=<A!6D!6:!B687=<8<!
>:!D8D?B6!<67!D>B!<67!;8MD!E>6!6D?Y!6:!4=><8<!$:9[@=7!I>H6:<A!<6!
>:!FB=96:G!
C_(D!>:!8D6D=:A`!
C/6!<=Q6!E>6!6B8!>:!D8D?B6G!%A!E>6!;8D[!L>6!E>6!98?[!8!78!6D;AD8!
;ABE>6!WD?8!7A!6:P8V8R8!FA:!D>!96QAB!89=PAG!
C_a!F[9A!?6B9=:8!78!;67MF>78`!
C4>8:<A!67! <6DFA:AF=<A! D6! FA:L=6D8! FA:!67! 6DFB=?AB!;=6:D8!E>6!
WD?6!@8!8!6:?B6P8B7A!8!78!;A7=FM8!;6BA!;8B8!D>!DAB;B6D8!67!6DFB=?AB!7A!
L67=F=?8!;AB!I8R6B!98?8<A!8!78!?B8=<AB8!H!7A!776@8!8!@=@=B!8!D>!F8D8G!
+7! L=:87!67!<6DFA:AF=<A! KE>6!8!6D8!87?>B8!H8!:A! 7A!6DN! D6<>F6!8! 78!
98<B6!<67!6DFB=?AB!KE>6!6D!@=><8N!H!67!6DFB=?AB!7A!98?8G!
C_3AB!8FAD?8BD6!FA:!D>!98<B6`!
C
6DFB=?AB!76!6:F8BP8!8BB6P78B!D>D!;8:?87A:6D!L8@AB=?AD!;6BA!F>8:<A!D6!
!
Cr%6!E>6<8:!FAB?ADs!
C(Z8F?AG!_4[9A!8<=@=:8D?6`!
CaA!?89R=W:!98?8BM8!;AB!6DAG!
!
+!27P8!76!P>D?[! 78!I=D?AB=8!H!8F6;?[!FA78RAB8B!FA:!67!@6D?>8B=A!
K6778!?B8R8Q8R8!6:!X6:6??A:!H!;A<M8!D8F8B!78!BA;8!8!6DFA:<=<8DNO!7A!
\:=FA! E>6! FB=?=F8R8! 6B8! E>6! I=F=WB89AD! 8;A7APM8! <67! FB=96:! <67!
D8D?B6G!
C36BA!6778!7A!?B8=F=A:[! <=F6!,8B@=:G!
C_&A!D6BM8!D>L=F=6:?6!FA:!>:8!;87=U8`! <=F6!27P8G!
39
C.=! 78! <6Q8! @=@8! 6778! FABB6! 8! R>DF8B! 87! A?BA! <=F6! 4=BACG! _/6!
;=778D`GGG!4>87E>=6B8!D6!B6;A:6!<6!>:8!;87=U8G!
C+! 9M! 96! ;8B6F6! 6Z8P6B8<A! E>6! 67! 6DFB=?AB! 7A! L67=F=?6! ;AB! 67!
FB=96:! <=F6!,8B@=:!?B8?8:<A!<6!8;AH8B!>:!;AFA!8!27P8G!
C4>8:<A!87P>=6:!?6!?B8=F=A:8!:A!9=<6!7AD!<8VAD! <=F6!67!98B=<A!
<6!27P8!E>6!I8D?8!6:?A:F6D!;8B6FM8!8RDAB?A!6:!78!?676CG!%A!E>6!9YD!
<>676! 6D! I8R6B! L8778<AO! I8R6B! ;>6D?A! 78! FA:L=8:U8! 6:! 78! ;6BDA:8!
6E>=@AF8<8G!
C_a!E>W!B6D>67@6D!FA:!98?8B78`! ;B6P>:?8!27P8!FA:!@=@A!=:?6BWDG!
(7!98B=<A!:A!B6D;A:<6!H!27P8!F78@8!78!9=B8<8!6:!9MG!
C4>8:<A!>:8!9>Q6B!?B8=F=A:8!8!>:!IA9RB6!7A!;A:6!6:!6@=<6:F=8!
8:?6!7AD!A?BAD!IA9RB6DG!(DA!6D!7A!;6AB!H!FB6A!E>6!>:A!?=6:6!?A<A!67!
<6B6FIA!<6!?A98B!D>!@=<8G!
C(D?AH! <6! 8F>6B<A! FA:! )6;! <=F6! 4=BACG! ,8?8B78! 6D! RABB8B! 67!
6BBABO!6D!7A!\:=FA!E>6!?6!<6@>67@6!67!B6D;6?AG!,6QAB!D6B!>:!8D6D=:A!
E>6!>:!=<=A?8G!
C_a!D=!67!IA9RB6!?B8=F=A:8!8!78!9>Q6B`!
C(D!<=D?=:?AO!27P8! <=F6!67!98B=<AG!
C_3AB!E>W!6D!<=D?=:?A`!
/A<AD!9=B89AD!87!98B=<A!6D;6B8:<A!D>! B6D;>6D?8!;6BA! W7! D[7A!
DA:BM6!FA:!78!@=D?8!L=Q8!6:!27P8!H!7>6PA!76!<8!>:!R6DA!H!D6!96?6!6:!
78!FAF=:8G!
!
!
!
!
!
!
!
!
!
!
!
!
40
!
!
!
!
!
!
!
!
4$0#+#!$&,p1$%G!*0&$2CiS!U*6#5&%+#&%10*+V#W<#>2%$-&%#9*6#(,*#A;'52$*#X<#!&*5*#)%#,.#+%"##Y<#G.#.0A2)%+#0*#+%1(,)*#&%10*#####(:FA:?BW! 8! *>7=8! 6:! 67! D>;6B96BF8<AG! 58RM8! ;6B<=<A! FA9A!
F=:F>6:?8! J=7AD! H! 69;6U8R8! 8! @6BD6!96QABG! .=69;B6! =98P=:W! E>6!
I8RM8! 87PA! =:?6B6D8:?6! R8QA! 6D8! ;=78! <6! PB8D8! H! :A! I8RM8! L8778<AG!
%8D!?6?8D!D6!76!I8RM8:!B6<>F=<A!R8D?8:?6!;6BA!67!?B8D6BAO!E>6!6B8!7A!
96QAB! E>6! ?6:M8! *>7=8O! D6P>M8! =:?8F?AG! *>7=8! 6B8! ;B=98! <6! F=6B?8!
FI=F8!HO!8!;6D8B!9MAO!67! ?698! L>6! =:6@=?8R76G!,6!FA:?[!E>6!F=6B?8!
FI=F8! H! )89[:! K67! 987<=?A! R=FIAN! D6! I8RM8:! F8D8<A! <AD! 96D6D!
8?BYD!H!I8RM8:!@=8Q8<A!8!0.+!;8B8!?B8R8Q8B!FA:!#8:=67!K>:!?MA!<6!
F=6B?8!FI=F8!E>6!?6:M8!>:!:6PAF=A!<6!9\D=F8!78?=:8!6:!87P>:8!;8B?6!
<6!%G+GNG!#8:=67!H!HA!I8RM89AD!D=<A!PB8:<6D!89=PAD!8:?6D!<6!=BD6!
8! 0.+G! 3B=96BA! I8RM8! ?B8R8Q8<A! 6:! ,=89=! H! <6D;>WDO! FA:! 67!
<=:6BA!8IABB8<AO!D6!I8RM8!=<A!8!%G+G!H!I8RM8!9A:?8<A!67!:6PAF=AG!
+7! ;AFA! ?=69;A! <6! 6D?8B! 6:! 7AD! %G+G! D6! F8D[! FA:! >:8! PB=:P8! H!
@=:=6BA:! 8! ;8D8B! 78! 7>:8! <6! 9=67! 6:! 4=><8<! $:9[@=7G! #=8:6O! 78!
PB=:P8O! 6B8! ;BA;=6?8B=8! <6! >:! 8:?=F>8B=AG! (778! H! F=6B?8! FI=F8! KE>6!
<A9=:8R8!67!=:P7WD!H!?8:?8D!A?B8D!FAD8DN!D6!I=F=6BA:!R>6:8D!89=P8DG!
+:?6D!<6!B6PB6D8B!8!0.+O!#8:=67!:AD!;BA;>DA!=B!8!?B8R8Q8B!FA:!W7G!
^>6BM8!8;AH8B!8!#=8:6!6:!7A!<67!8:?=F>8B=A!H!:6F6D=?8R8!P6:?6!<6!
FA:L=8:U8!6:!D>!:6PAF=AG!#=QA!E>6!;A<M8!8H><8B:AD!FA:!78!@=D8!H!
41
7AD! ?=E>6?6D!8WB6ADG!4=6B?8!FI=F8! 76!;BA96?=[!E>6! 7A!;6:D8BM8!;6BA!
<6D;>WD! E>6! D6! L>6BA:! 96! <=QA! E>6! :A! ;A<M8! 8R8:<A:8B! 8! D>!
98<B6G!#6!:8<8!D=B@=[!B6FAB<8B76!E>6!6B8!D>!98<B6!E>=6:!76!I8RM8!
=:D=:>8<A! 67! 8D>:?A! 8!#8:=67G! *>7=8O!9=6:?B8D! 6FI8R8! FAD8D! 6:! 67!
F8BB=?AO!I8R78R8!H!I8R78R8!<6!7A!R>6:8!E>6!6B8!F=6B?8!FI=F8G!.6:?M!
E>6! 96! 8B<M8! 67! 6D?[98PA! ;6BA! 98:?>@6! 78! DA:B=D8! H! 67! 8=B6!
=:<=L6B6:?6G! (778! <6DFB=R=[! FA:! D8V8! 7AD! ;AB96:AB6D! <67!
98?B=9A:=A!H!78D!RA:=?8D!LA?APB8LM8D!E>6!I8RM8:!I6FIA!<6!)89[:!
H! F=6B?8! FI=F8G! %6! FA96:?W! E>6! >:8! RA<8! 6:?B6! >:! 6:8:A! H! >:8!
;B=:F6D8!F8B6FM8!<6!6D?=7A!H!6B8!9YD!R=6:!PBA?6DF8G!(778!<=QA!E>6!D6!
@6M8:! ?=6B:AD! H! 8PB6P[O! D8F8:<A! ;6FIAO! E>6! 78D! ;8B6Q8D! <A:<6! 67!
IA9RB6! 6B8! 9YD! R8QA! 6D?8R8:! <6! 9A<8! H! I8D?8! D6! ;6B9=?=[!
FA9;8B8B7AD! FA:!/A9!4B>=D6!H!&=FA76!f=<98:G!38B8! F89R=8B! 67!
?698!96!B6L6BM!6:!?A:A!DAF8BB[:!8!D>!:>6@8!8;8B=6:F=8G!%6!<=Q6!E>6!
?A<8!78!PB8D8!D6!76!I8RM8!=<A!87!?B8D6BAG!.6!;>DA!BAQ8!HO!8!;6D8B!<67!
6DL>6BUAO!:A!;><A!6@=?8B!78D!7YPB=98DG!(:?A:F6D!96!E>=?[!L>B=AD8!67!
F8BB=?A!H! 7A!69;>Q[! 76QAD!<6!9MG!g>6! 78!\7?=98!@6U!E>6!I8R7W!FA:!
*>7=8G!
!
%AD!6:89AB8<AD!?=6:<6:!8!?B6D!FAD8D]!"G!#6F=B!E>6!67!D6ZA!:A!6D!
7A! 9YD! =9;AB?8:?6! 6:?B6! 677ADG! SG! 58F6BD6! ;BA96D8D! =:FB6MR76DG!!
tG(78RAB8B!?A<A!?=;A!<6!;78:6D!I8F=8!>:!RB=778:?6!L>?>BAG!4>8:<A!D6!
I8F6:! 6DAD! ;78:6D! FA:! 87P>=6:! 898<A! >:A! ;>6<6! =98P=:8BD6!
F>87E>=6B! FAD8!96:AD! E>6! 6DAD!9=D9AD! ;78:6D! ;>6<8:! B687=U8BD6!
FA:!A?B8!;6BDA:8G!0:A!FA:D=<6B8!E>6!F8<8!;BA96D8!I6FI8!6D!\:=F8!
6! =:9AB?87O! E>6! 78! ;878RB8! 69;6V8<8! @876! 9YD! E>6! 67! 89ABG!
+;6:8D! <6F86! 67! D6ZA! KE>6! ?6:M8! ;AF8! =9;AB?8:F=8NO! 67! B6D?A! D6!
6DL>98G! +E>M! 8;8B6F6! KFA9A! ;AB! 6:F8:?AN! >:! =:D=P:=L=F8:?6!
IA9RB6F=77A!E>6!D=:!878B<6D!:AD!<69>6D?B8!7A!;AFA!8@=D;8<AD!E>6!
DA9AD!H!7A!@=@A!E>6!6D!W7G!(7!9=D6B8R76!R=FIA!K_8@=D;8`N!:A!D[7A!96!
E>=?[!8!F=6B?8!FI=F8!D=:A!E>6!8<69YD!D6!69;8F[!9=!+(%Q.#*$%&2'*,.G!X=6:!;AB!W7O!W7!:>:F8!<=QA!E>6!7A!I8BM8G!(:!F89R=A!F=6B?8!FI=F8!Q>B[!
E>6!:>:F8!D6!FA:@6B?=BM8! 6:!>:8!9>Q6BF=?8!F8D6B8O!E>6!:A! ?6:<BM8!
I=QADO!E>6!=R8!8!D6B!>:8!8F?B=U!H!;A<BM89AD!D6B!6?6B:AD!FA9;8V6BAD!
42
<6!A(%0.!KF78BA!E>6!9=D!A(%0.+!FA:!6778!:A!;8D8BA:!<67!8>?AR\D!E>6!:AD!776@8R8!<6!D>!F8D8!87!F6:?BA!<6!4=><8<!$:9[@=7!H!A?B8!@6U!8!D>!
F8D8NG!%8!;878RB8!A(%0.O!D6P\:!F=6B?8!FI=F8O!B6;B6D6:?8R8!D>!7=R6B?8<!8RD?B8F?8G! a! HAO! 8! <=L6B6:F=8! <67! FA:<6:8<A! R=FIAC8@=D;8O! 96!
?B8P>W!78!;8?B8V8G!%AD!8@=D;8<AD!<6!6D?6!9>:<A!D8R6:!E>6!78!\:=F8!
7=R6B?8<!8RD?B8F?8!6D!>:!?=E>6?6!PB8?=D!FA:!<6D?=:A!8!%G+G!
!
+7A:DA!H!gB8:!69;>Q8BA:!>:8!@6U!9YD!78!F89=A:6?8!H!WD?8!BA<[!
F8776! 8R8QA!FA:!9=!98<B6!87!@A78:?6G!.6P>M!67!9A@=9=6:?A!FA:! 78!
FY98B8! I8D?8! E>6! 78! F89=A:6?8! D6! <6?>@AG! ,=! 98<B6! R8Q[!
8F87AB8<8!H!<=QA!E>6!?6:M8!E>6!=BD6!8!;B6;8B8B!67!879>6BUAG!/B8?W!<6!
FA:@6:F6B78! <6! I8F6B! >:8! \7?=98! ?A98! ;6BA! L>6! =9;AD=R76G! %8!
8FA9;8VW!8!FAP6B!>:!?8Z=!H!B6PB6DW!87!;8BE>6G!(7!6E>=;A!<6!?B8R8QA!
6D?8R8!6FI8<A!6:!>:8!R8:F8O!+7A:DA!H!gB8:!6B8:!7AD!9YD!L>:<=<ADG!
%6D!<=Q6!E>6! L87?8R8! 78!6DF6:8!<A:<6!67!;=8:=D?8! ?6:M8! D6ZA!FA:! 78!
;BAD?=?>?8! H! 78! <67! 6DFB=?AB! 98?8:<A! 87! D8D?B6G! 4=BA! <=QA! E>6! :=!
48B96:!:=!27P8!I8RM8:!8F6;?8<A!I8F6B!<6!;BAD?=?>?8G!!
C_a!%=:8`!
C/A:=!6D!67!6:F8BP8<A!<6!I8R78B!FA:!6778G!
C_^>W!?87!9=!989Y`!
C_18D!8!;A:6B78!<6!;BAD?=?>?8`!
C&A!=<=A?8O!E>=6BA!D8R6B!E>W!76D!;8B6F=[G!
C+F?\8!96QAB!E>6!?A<ADG!
C38B8!9M!67!96QAB!6D!,8B@=:! <=Q6G!
C/6:PA!E>6!B6PB6D8B!78!F89=A:6?8! <=QA!gB8:G!
%8!F89=A:6?8!6B8!<67!8R>67A!<6!gB8:!H!WD?6!78!I8RM8!D8F8<A!D=:!
FA:D>7?8B76G! %8! I8RM89AD! >D8<A! ;8B8! PB8R8B! 78! 6DF6:8! <A:<6! 78!
98<B6! <67! 6DFB=?AB! K=:?6B;B6?8<8! ;AB! 9=! 989YN! I>M8! 7>6PA! <6!
<=DF>?=B!FA:!!67!I=QA!;AB!F>7;8!<67!D8D?B6G!4A9A!9=!98<B6!:A!D8RM8!
FA:<>F=B!?>@=9AD!E>6!69;>Q8B! 78!F89=A:6?8!H!I8F6B78! BA<8B!F8776!
8R8QAG!(7!;78:!+!I8RM8! D=<A!AF>7?8B! 8! gB8:!6:! 78! F89=A:6?8!;8B8!
E>6!78!6:F6:<=6B8!H! 776@8B8! 7AD!;6<876D!H!F89R=AD!K9=!98<B6!D[7A!
<6RM8! 776@8B! 67! @A78:?6N! ;6BA! 6:! 67! ;B=96B! =:?6:?A!9=!98<B6! P=B[!
<698D=8<A!67!@A78:?6!H!78!F89=A:6?8!6:!@6U!<6!R8Q8B!;AB!78!F8776!D6!
43
96?=[!6:!67!;8BE>6!H!F8D=!8?BA;6778!87!6E>=;A!<6!PB8R8F=[:G!.6!A;?[!
6:?A:F6D!;AB!67!;78:!XG!
!
%8!@6:?8Q8!<6! 6:@=8B! 8!/A:=! 8!I8R78B! FA:!%=:8! 6B8!E>6! 6778! D6!
9ABM8! ;AB! W7G! %8! <6D@6:?8Q8! 6B8! E>6! /A:=! <6?6D?8R8! 8! %=:8G!
4>8:<A! 776P8BA:! 87! 8;8B?896:?A! <6!'>D?8@A! K67! ;=8:=D?8N! H!%=:8!
<=QA!E>6!8F6;?8R8!I8F6B!<6!;BAD?=?>?8!96!;>D6!8!D87?8B!FA9A!7AFAG!
27P8! D6! 6:F8BPA! <6! @6D?=B78! H! 98E>=778B78! 9=6:?B8D! 4=BA! 76!
6:D6V8R8! 78D! ?B6D! 7M:68D!E>6!<6RM8! B6;6?=BG!%=:8! B6D>7?[!>:8!8F?B=U!
6D?>;6:<8O!87!96:AD!;8B8!6D6!;8;67G!4>8:<A!?6B9=:89AD!<6!PB8R8B!
R>DE>W!8!/A:=!;8B8!8PB8<6F6B76!;6BA!D6!I8RM8!=<AG!(D8!:AFI6!B6>:M!
87! 6E>=;A! H! 76D! I=F6! Q>B8B! E>6! Q89YD! 76! ;B6P>:?8BM8:! 8! /A:=! E>W!
I8RM8!I6FIA!;8B8!FA:@6:F6B!8!%=:8G!
!
(<=?8B!78!;67MF>78!L>6!9YD!FA9;7=F8<A!E>6!BA<8B78G!%A!I=F6!FA:!
<AD! 15.! H! >:! ?676@=DABG! 48<8! ?B6=:?8! D6P>:<AD! <6! 9A:?8Q6! 96!
?A98R8!AFIA!IAB8DG!%A!9YD!<=LMF=7!6B8!8?=:8B!8!;6P8B!>:!;78:A!FA:!
A?BAG! (7! DA:=<A! 6B8! ?6BB=R76! ;ABE>6! 78! 8@6BM8! <67! 9=FB[LA:A!
;BA<>FM8!>:!;=?A!H!8>:E>6!?B8?8R8!<6!6DFA:<6B7A!R8QA!>:8!FAB?=:8!
9>D=F87! 67! ;=?A! D6P>M8! =:F[7>96G!(D?>@6!>:!96D! 6:! 6DA!H!;AFA!8!
;AFA!7APBW!<8B76!F=6B?A!D6:?=<A!8!78!?B898G!4>8:<A!D6!78!;B6D6:?W!87!
6E>=;A!6D?8R8!:6B@=ADA!;6BA!677AD!;8B6F=6BA:!F8;?8B!78!I=D?AB=8!H!D6!
<6F=<=[! E>6! 6B8! ;B6D6:?8R76G! #6F=<=9AD! 87E>=78B! >:! ;BAH6F?AB! H!
I8F6B! 78# -&%$2D&%! 6:! 67!)8?8;6A:8G! (7! =<=A?8! E>6! I8FM8! 78! D6FF=[:!F>7?>B87! <67! ;6B=[<=FA! K67! \:=FA! E>6! I8RM8! 6:! 4=><8<! $:9[@=7N!
6DFB=R=[!>:8!:A?8!DARB6!78!;67MF>78!KE>6!:A!I8RM8!@=D?AN!H!8:>:F=[!
78! ;BAH6FF=[:G! +D=D?=[! >:! 9A:?[:! <6! P6:?6! H! I>RA! 9>FIAD!
FA96:?8B=AD!K78!98HABM8!@6:6:ADADN!;6BA! 7A!E>6!;>6<A!F8;?8B!L>6!
E>6! :=:P>:A! I8RM8! 6:?6:<=<A! 78! ;67MF>78G!&A! D6! ?B8?8R8:! <6! E>6!
6:?6:<=6B8:! 67! D6:?=<A! >7?6B=ABO! 6DA!96! I8RBM8! =9;AB?8<A!96:ADO!
D=:A! 78! D=9;76! I=D?AB=8G!a! ?6:M8:! B8U[:! <6! :A! 6:?6:<6B78! ;ABE>6O!
FA9A!<=QA!4=BA!<6D;>WDO!78!D=9;76!I=D?AB=8!6B8!9YD!FA9;7=F8<8!E>6!
67!D6ZA!<6!78D!7A9RB=F6DG!
!
44
!
!
!
!
!
!
!
!
4$0#+#!$&,p1$%G!*0%$2CiS!="+2'*#)%#P02'%#2,#I9*2,+#####C_(D!B0*,,%0`!C3>BA!FA9A!67!FAB8U[:!<6!>:8!B8?8G!
C(D?Y!<67!;>?8D! <=QA!/A:=G!
4=BA!I8RM8! 6D;6B8<A! D6=D!96D6D! 8E>67! ;6<8UA!<6! ?678G!(B8! >:8!
?6 C
,8B?! K7AD! 8798F6:6D!9YD! F>?B6! E>6! I8RM8! 6:!0.+N! H! E>6! 8IAB8O!
PB8F=8D!8!f>B?!4AR8=:!H!?A<8!78!A:<8!<67!1&(,1%O!6B8!;AFA!96:AD!E>6!>:!?6DABAG!J0%*'9O!67!;B=96B!4G#G!<6!&=B@8:8O!:A!I8RM8!I6FIA!9>FI8! R>778! ;6BA! FA:! &6@6B9=:<! 6D?8R8:! DA:8:<A! I8D?8! 6:! 78!
DA;8G!>$%00+# 02Z%# 5%%,# +-2&25O! >:8! F8:F=[:! RB>DF8! H! <67=B8:?6O! I8RM8!RABB8<A! 8! ,=FI867! *8FJDA:! <67! 7=D?8<A]! H8! :A! 6B8! R78:FAO! 6B8!
=:@=D=R76G!(:!4=><8<! $:9[@=7! 78! P6:?6! ;B6L=6B6! FA96B! F8:PB6QAD!H!
?=B8BD6!6:!78!I898F8!8!78:U8B!6B>F?ADG!2?BAD!D876:!8!R>DF8B!?>B=D?8D!
KE>6! ?=B8<AD! R8QA! 67! 8B<=6:?6! DA7! F8B=R6VA! ;8B6F6:! F898BA:6D!
P=P8:?6DN! ;8B8! @6:<6B76D! FI>FI6BM8D! 8LBA<=DM8F8D! K7A! \:=FA! E>6!
6D?=9>78!6D8!R8D>B8!DA:!78D!89=R8DNG!4A9A!;>6<6D!=98P=:8BO!8E>M!
7AD! =:?6B6D8<AD! 6:! 67! BAFJ! H! D>D! ?6:<6:F=8D! D6! F>6:?8:! FA:! 7AD!
<6<AD! <6! >:8! 98:AG! .>! <=ADO! 6:! 67! 96QAB! <6! 7AD! F8DADO! 6D! *A6!
+BBAHAO!>:!9>78?A!PAB<AO!B6;76?A!<6!89=R8D!H! +@2,1!8:?=778:AG!%8!98HABM8!8<AB8!8!>:!?87!#=A96<6U!#M8U!K>:8!6D;6F=6!<6!FI=FI8BB[:!
45
;67><A! 6:@>67?A! 6:! ;8;67! B6P87ANG! (:! F=><8<! $:9[@=7! D=! :A! >D8D!
P>8H8R6B8! H! ;8:?87[:! FA:! ;=:U8D! 6B6D! &*&.G! +! 677AD! :A! 76D! P>D?8!F89R=8BO! D6! D=6:?6:! F[9A<AD!96F=6:<A! D>D! I898F8D! LB6:?6! 8! >:!
98B!E>6!6:!6D8!;8B?6!D6!;><B6G!,=6:?B8D!:A!76D!6D;8:?6D!67! D>6VA!
;>6<6D!E>6<8B?6!FA:!?A<AG!
C_^>W!@8D!8!I8F6B!FA:!67!B0*,,%0`!C0:8!F89=D8! <=F6!4=BACG!%8!;=6:DA!>D8B!FA:!L87<8!6DFAF6D8G!
C/>!989Y!D6!@8!8!9AB=B! <=F6!/A:=G!
C+IM!@=6:6!67!':A9A! <=F6!4=BAG!
(7!':A9A! 6D!+7A:DAO! 76! <6F=9AD! 8DM! ;ABE>6! F>8:<A! D6! ?B8R8!
;>6<6!I8R78B!FA:!7AD!P:A9ADG!0:8!@6U!78!?B8R8!76!<=A!;AB!FA9;6?=B!
FA:!X8FIG!^>6BM8!I8F6B!>:8!L>P8!8!AFIA!@AF6D!K;ABE>6!X8FI!I8RM8!
=:F7>=<A! >:8! L>P8! 8! D6=D! @AF6D! 6:! D>! L89AD8! 2LB6:<8!9>D=F87! H!
8E>677A!D6!FA:D=<6B8R8!>:8!;BA6D8NG!+DM!E>6!D87=[!8!96<=8!:AFI6O!
PB8R8<AB8!6:!98:AO!H!D6!?>9R[!87!78<A!<6!>:!FI8BFA!;8B8!PB8R8B!8!
7AD! D8;ADG! &>:F8! 6DF>FIW! 78! PB8R8F=[:! ;6BA! D>;6! E>6! 78! I8RM8!
6:@=8<A!8!78!4X.!H!?A<8@M8!6D;6B8!B6D;>6D?8G!
C.[7A!L87?8:!,8B@=:!H!/AR8! <=Q6G!
C(9;6F69AD!D=:!677AD! <=QA!+7A:DAG!
!
H*#'.,A%&+*'23,#)%#0.+#5&%+#'*$2,*,5%+!D6!77898R8!78!:A@678!<6!36?6B!e6=DD! E>6! +7A:DA! I8RM8! 8<8;?8<A! 87! ?68?BAG! 4=BAO! gB8:! H! HA!
I8FM89AD!7AD!;6BDA:8Q6D!F6:?B876DG!,8B@=:!6B8!>:!P>8B<=8!LAB6D?87!
H!/AR8O!D>!9>Q6BG!%8!ARB8!96!;8B6FM8!R>6:8!;6BA!D6!D>;A:M8!E>6!
6B8! ;8B8! ;B6D6:?8B78! 6:! >:! Q8B<M:! =:L8:?=7! K78! :A@=8! <6!+7A:DA! 76!
I8RM8!FA:D6P>=<A!67!FA:?B8?AN!H!:A!FB6M8!E>6!:=VAD!<6!?B6D!A!F>8?BA!
8VAD! K8! 96:AD! E>6! L>6B8:! ;BAD;6F?AD! ;8B8! 78! &+.+N! ;><=6B8:!
6:?6:<6B! 8!e6=DDG! %8! :A@=8! <6!+7A:DA! 76! I8RM8! D>P6B=<A!9A:?8B!
87P>:8!LYR>78!<6!3A9RA!;6BA!67!P6:=A!<6!+7A:DA!K>:8!@6U!6D?8:<A!
6:!>:8!L=6D?8!96!I8RM8!77898<A!8;8B?6!H!I8R7Y:<A96!87!AM<A!I8RM8!
<=FIA]!.AH!67!IA9RB6!9YD!=9;AB?8:?6!<67!;78:6?8G!_,6!P>8B<8D!67!
D6FB6?A`!a!:A!96!<6Q[!6:!;8U!I8D?8!E>6!Q>BW!9=7!@6F6D!P>8B<8B76!67!
D6FB6?AN! :A! D6! ;A<M8! FA:LAB98B! FA:! 87PA! ?8:! D=9;76G!(:D8H89AD!
<>B8:?6! >:! 96DO! 7A! E>6! ;8B8! +7A:DA! L>6! >:8! 6?6B:=<8<! KI8RM8!
46
9A:?8<A!>:8!@6BD=[:!<67!)6H!%68B!6:!<AD!D698:8DG!478BA!E>6!6:!
6D8! ARB8! W7! I8FM8! ?A<AD! 7AD! ;6BDA:8Q6DN! H! FA:?B8! ?A<AD! 7AD!
;BA:[D?=FAD!<=@6B?=9AD!8!7AD!:=VAD!K9=6:?B8D!:ADA?BAD!B6F=?YR89AD!
7AD! FA9;7=F8<AD! ;8B7896:?AD! <6! e6=DDO! 7AD! :=VAD! :AD! 8BBAQ8R8:!
?A<A!?=;A!<6!FAD8DG!0:A!76!8?=:[!FA:!>:!;6<8UA!<6!I=67A!8!/AR8!H!
76! BA9;=[! 78! F6Q8NG!+7! L=:87!+7A:DA! B6;8B?=[! 67! <=:6BA!H! F8<8!>:A!
<6R=[!F6<6B!>:8!;8B?6!;8B8!7AD!D=6?6!;>:?AD!<6!D>?>B8!E>6!:6F6D=?[!
78!F6Q8!<6!/AR8G!
!
#6D;>WD! <6! =:?6:?8B! FA:! 67! F=:6O! 67! ?68?BA! H! >:! B6D?A! <6! FAD8D!
9YD!<6F=<M!9A:?8B!>:8!69;B6D8!H! 78! 7789W!3BA<>FF=A:6D!gB8F8DA!
%?<8G!4=BA!L>6!67!\:=FA!E>6!8F6;?[!D6B!;8B?6!<67!;BAH6F?AO!67!B6D?A!
;B6L6BM8! ?B8R8Q8B! B&%%# 0*,'%<#[.,)%# +%# ,%'%+25%# (,# B&*'*+.# *00;# %+5*&%$.+!B6U8R8! 67! L7898:?6! 7698!<6! 78! 69;B6D8!H!6D6! 6B8! D>!\:=FA!8F?=@AG!
#>B8:?6!87P\:!?=69;A!78!FAD8!6D?>@A!E>=6?8!H!D[7A!:AD!Q>:?YR89AD!
;8B8! R6R6BG! 4>8:<A! 7A! FB6M! ;BA;=F=A! 69;6FW! 8! ?8:?68B! 67! ?6BB6:A!
FA:! 78! =<68! <6! >:8! :>6@8! ;67MF>78G!&A! I>RA!9>FIA! 6:?>D=8D9AG!
%6D!<=Q6!E>6!9=!98<B6!K8!E>=6:! 76!I8RM8!;=F8<A!67!P>D8:=77A!<6! 78!
8F?>8F=[:N!;A<M8!FA:D6P>=B:AD!>:8!FY98B8!9YD!;BAL6D=A:87!FA:!>:!
89=PA! D>HAO! E>6! 6D?8! @6U! D6BM8! >:8! @6B<8<6B8! ;67MF>78G! /AR8!
9AB<=[!67!8:U>67AG!
C_a!E>W!I=D?AB=8!?=6:6D!6:!96:?6`!
C.6BY!87PA!D6:F=77AG!
C_&A!?=6:6D!67!P>=[:`!
C !
C&=!9=6B<8O!)6;G!58D?8!E>6!:A!?6:P8D!67!P>=[:!:A!9A@69AD!>:!
<6<AG!
0:8!<6! 78D!FAD8D!8! 78D!E>6!8FI8F8R8:!67! LB8F8DA!<6! 78!8:?6B=AB!
;67MF>78! 6B8! E>6! D6! I8RM8! I6FIA! DARB6! 67! ;78:AG! +;8B?6! <6! >:8!
RB6@6!D=:A;D=D!H!>:8D!F>8:?8D!6DF6:8DO!I8RM8!6DFB=?A!7AD!<=Y7APAD!<6#T%&+23,#)%#+(7%5.+#*0#*5*&)%'%&!Q>D?A!8:?6D!<6!69;6U8B!8!PB8R8BG!^>=UY!?6:M8:!B8U[:G!
!
47
%A!;B=96BA!E>6!?>@6!<6!78!:>6@8!;67MF>78!L>6!67!?M?>7A]!H*#$(%&5%#)%#>3'&*5%+<!_3AB!E>W!.[FB8?6D`!3ABE>6! !8!;6D8B!<6!D6B! L6A!H!;ARB6!6B8! M:?6PBAG! 58RM8! FA:D6P>=<A! D6B! >:! <>BA! FA:! 67! ;A<6B! <6! D>!
96:?6G!.[FB8?6D!6B8!FA9A!67!?2:%!187<6BB898O!D>!F8BYF?6B!:A!?6:M8!L=D>B8DG!4A9A!.[FB8?6D! 6B8! 8!9=!9A<A!<6!@6BC! 67! =:@6:?AB!<6! 78!
6:?B6@=D?8O! D6! 96! AF>BB=[! I8F6B! 67! P>=[:! 6:! LAB98! <6! 6:?B6@=D?8G!
2?BA!8;AB?6!<6!.[FB8?6D!I8RM8! D=<A!67!PW:6BA!;A7=F=8FA!H! ?89R=W:!
D6!7A!96?M!87!P>=[:G!%8!I=D?AB=8!6B8!D=9;76!H!9YD!A!96:AD!LYF=7!<6!
776@8B! 87! @=<6AF=:6G! .6! ?B8?8R8! <6! >:! D>Q6?A! 77898<A! )6;! E>6!
PB8F=8D!8!D>!?876:?A!I8RM8!D87=<A!<6!4=><8<!$:9[@=7!H!@=@M8!6:!&6q!
aABJ!K9>FIA!98D!'&%*$#E>6!%G+GN!<A:<6!D6!76!FA:D=<6B8R8!>:A!<6!7AD!I=?AD!<67!8B?6!FA:?69;ABY:6AG!J21!)6;O!FA9A!D6!I8FM8!77898B!67!;6BDA:8Q6O! @=@M8! 6:! >:8! 98:D=[:! <6! 9YZ=98! D6P>B=<8<! H! D[7A!
FA:L=8R8!6:!g6B<=:8:<O!>:!D=B@=6:?6!L=7=;=:A!E>6!7A!8FA9;8V8R8!8!
?A<8D!;8B?6DG!J21!)6;!<A9=:8R8!?A<8D!78D!8B?6D!H!87P>:AD!<6;AB?6DO!D>!LAB?>:8!6B8!=:F87F>78R76!HO!8!<=L6B6:F=8!<6!?A<8D!78D!F676RB=<8<6DO!
:8<=6! 7A! I8RM8! LA?APB8L=8<A! <6D:><AG! .6! <6FM8! E>6! 78! B6@=D?8!
378HP>HD! 6D?8R8! <=D;>6D?8! 8! ;8P8B! >:! 9=77[:! <6! <[78B6D! ;AB! 6D8!
LA?AG!#=@=<M! 67! P>=[:!6:!<AD!;8B?6D]! 78!;B=96B8! 6B8!>:8! 6:?B6@=D?8!
E>6!X=P!)6;!FA:F6<M8!8!>:8!B6@=D?8!<6!6DF8D8!F=BF>78F=[:!77898<8!
36BBA!,>6B?AG!%8!6:?B6!@=D?8!6D!I6FI8!;AB!>:8!;8B6Q8!<6!FI=FADG!+!
X=P!)6;!76!F86!R=6:!78!FI=F8!KB>R=8!H!9>H!I6B9AD8N!H!78!D6<>F6G!%8!
D6P>:<8!;8B?6!6D!67!<6D6:78F6!<6!78!D6<>FF=[:G!
!
%8! I=D?AB=8! FA:@6:F=[! 8! ?A<AD! K+7A:DA! <=QA! E>6! I8F6B! <6! J21!)6;! D6BM8!9=! \:=FA! FA:?8F?A! FA:! 78! L898NG!4=BA! L>6! 676P=<A! ;8B8!
I8F6B!<6!;6B=A<=D?8!H!(76:8!K>:8!F8FI8F8!E>6!/AR8!I8RM8!;6DF8<A!
6:!378H8!X78:F8N!I8BM8!<6!LA?[PB8L8G!+!9=!98<B6!KE>6!FA:D=P>=[!78!
FY98B8N! 78!;>D6!FA9A!898!<6!778@6D!<6!J21!)6;!H!+7A:DA!D6BM8!67!Q6L6! <6! D6P>B=<8<G! (7! \7?=9A! @=6B:6D! <6! 6D6! Q>7=A! 69;6U89AD! 8!
BA<8B!FA:!>:8!.A:H!tmmm!KE>6!<6RM89AD!B6PB6D8B!6:!?B6D!<M8DN!H*#$(%&5%#)%#>3'&*5%+<#
##
48
!
!
!
!
!
!
!
!
!
!
!
!
!
!
t!
%+!,0()/(!#(!.p4)+/(.!!!!!!!!!!!!!!!!!!!
49
!"#$%&'()%'*+&',%'-.'/%0#*1.'2%//+'3)%/1+4'*%5+/6'!"#-%*'()%'*%'.$+7+,%&'8'%*9%/%&6':-'*#/0#%&1%4')&',#7#&)1+';#-#9#&+4'*.-%'<.$#%&,+'/%0%/%&$#.*'8'.=).&1.&,+'
-.*' =.&.*' ,%' /%>/6' "%?+'()%'@.A#<.' 1%/7#&%',%'<.$%/7%' -.'9.?.' 8' -)%=+' ,%',)$<./7%'*.-=+',%*&),+4'.'*.-),./-+*6'B+*'+?+*',%'-.'$<#$.'9.*.&'$+7+')&.'/C;.=.'9+/'7#'*%D+'8'*%'()%,.&'%&')&.'9#&1)/.',%'E+8.6':-'$<#$+'7)%0%'-.*'7.&+*'$+7+'*#';)%*%'.',%$#/'.-=+'9%/+'&+'%&$)%&1/.'-.*'9.-.A/.*'.,%$).,.*6'!B+'*#%&1+4'$/%>'()%'%/.&'+1/.*'9%/*+&.*6''3#%&1/.*'7%'0#*1+' -+*'%*$)$<+',#*$)1#/6':-'$<#$+'/%=.5.'.' -.'$<#$.'9+/'&+'
<.A%/'*#,+'$.9.F',%'<.$%/7%')&.';+1+=/.;>.6'!:/.' -.' +9+/1)&#,.,' ,%' 1)' 0#,.' ,#$%!6' G.7C*' -+' <.&' /%1/.1.,+' .*>4' &#'
*#()#%/.'$).&,+'%/.')&',+&'&.,#%'.$%91H'<.$%/',%*&),+*6'!3%' 1+7H' 9+/' *+/9/%*.' ,#$%' -.' $<#$.!6' !IH7+' #A.' .' #7.=#&./' ()%'
'! ;)%'#&*H-#1+6'J#?+'-.'0#*1.'%&'-.'9.&1.--.6'K&.'*#/0#%&1.'-%*'--%0.'-.*'A%A#,.*6'B.'$<#$.'%*'
<%/7+*.4'7)8'<%/7+*.6'':*1.7+*'%&' -.' *.-#1.' ,%'%&1/%0#*1.*6' :-' $<#$+'A%A%'G.$L'".&#%-*4' -.' $<#$.'
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
+1/.'%*'()%'--%0+',+*'.5+*'8'*%#*'7%*%*'$+&'-+*'7#*7+*'$.-F+&$#--+*'M-.'$<#$.'/>%4'%-'$<#$+'%*1C'9C-#,+'$+7+'0H7#1+',%'A%AON6'2636S' B%>' ()%' 0.'.' 1/.A.?./' $+&'P%.&'2%&&' 8'W%1*8'W/.&1-%8'%&' -.'&)%0.'
9%->$)-.',%'G#7'G./7)*$<6'
50
Q+S':*')&.'%*9%$#%',%'X%*1%/&'$+&1%79+/C&%+'*+A/%')&'9#*1+-%/+'--.7.,+'W#--' 3.-+&%' M()%' <.$%' P%.&N' $)8+' *)%5+' %*' %&$+&1/./' .' :7#-8' "#$L#&*+&' 8'7%1%/-%'%-' 9%9#&+'7#%&1/.*'%--.' /%$#1.'.()%--+' ,%S' :*' $+*.' ;C$#-' --+/./4' $+*.'A/%0%'%-'*)*9#/./6'Q'*#&'%7A./=+4'9+/'+A-#=.$#+&%*',%'%*%'1.7.5+4'&+*+1/+*4'<+7A/%*' 8' 7)?%/%*4' 7+/#7+*6' G./7)*$<' %*' )&' 1#9+' /./+4' &)&$.' ,.'
*%'*.A%'9+/'()O')&'%*1Y9#,+'9#*1+-%/+'()#%/%'1#/./*%'.':7#-8'"#$L#&*+&6'P%.&'1/.1H' ,%' *.$./-%' .-=+4' -%' ,#?+' ()%' &%$%*#1.A.' #&;+/7.$#H&' *+A/%' %-' 1.-' W#--'
0%/,.,'&+'$/%+'()%'-+'*)9#%/.6'T'O-'-%'#79+/1.&'7C*'-+*'0.$>+*'%&1/%'%*$%&.*'8' -.'7Y*#$.4'()%'*)*'7.-,#1.*'$/#.1)/.*6':*1C'9.=.,+',%'*%/' #//%*9+&*.A-%'8'%*+'-+'<.$%'=%&#.-6'2636S'!I)C-'%*'*)'9%/*+&.?%U'Q+S'P+8')&.'%*9%$#%',%'$<)-+'()%'0#.?.',%'9)%A-+'%&'9)%A-+'%7A.)$.&,+'
7)?%/%*6'3.-+&%'7%'+,#.'8'7%'9%/*#=)%'9+/()%4'*#&'*.A%/-+4'7%'.1+/O'.'*)'7.,/%4' *)' 7)?%/' %' <#?.6' B.' =/.$#.' ,%-' .*)&1+' %*' ()%' -+*' 9%/*+&.?%*' *%'%&$)%&1/.&'8'*%'<.$%&'.7#=+*',%-'.-7.'*#&'*.A%/'()#O&%*'*+&6'T-';#&.-'3.-+&%',%*$)A/%'()%'%*%'1#9+'()%'.7.'%*'*)'7C*'+,#.,+'%&%7#=+6'2636S'!P%'$+&*#,%/.'A)%&'.7.&1%U'Q+S'V#?+4'&+',%?%*'()%'%*.*'$+*.*'1%'()#1%&'%-'*)%5+6'V.*'#,+'.-'F++-H=#$+4'
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
51
Q+S' P#' %/%*')&' 0%&,%,+/',%'./7.*4' %-' ,)%5+',%')&.' ;)&%/./#.'+')&'+'()%' +,#.' #/' .' -.' %*$)%-.4' -.' =)%//.' 9)%,%' 9./%$%/1%' ;.&1C*1#$.6' P#' %/%*' )&'
'2636S'![)O',%$>.',%'-.*'%*1);.*'#&1%=/.-%*U'Q+S'P#'1)'7)?%/'()#%/%')&.'8'1#%&%*',#&%/+4'!9+/'()O'&+'<.$%/-.';%-#FU'2636S'![)O'1#%&%'%*+'%&'$+7Y&'$+&'-.'=)%//.U'Q+S' @+' -+' *O6' J>?.1%' ()%' .-=)&.*' 1/#A)*4' 9./.' $.F./' +/.&=)1.&%*4' <.$%&'
<)%$+*'%&'-+*'$.-.A.F+*4'-%*'*.$.&'-.'9)-9.'8'-+*'/%--%&.&'$+&'$.$.<)%1%*6'T*>'()%'%-'+/.&=)1C&'*#%&1%'%-'+-+/4' --%=.'.-'$.-.A.F+4' #&1/+,)$%'-.'7.&+4'.=.//.')&'9)5.,+',%'$.$.<).1%*'8'8.'&+'9)%,%'%*$.9./6'2636S'![)O'&+*',#$%'*+A/%'*)'9/HD#7+'-#A/+U'Q+S':*'*+A/%')&'1#9+'()%'#&0%&1.')&.'*)*1.&$#.'()%'9)%,%'<.$%/'#&0#*#A-%'.'
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
$)%*1#H&'*#&+'-.'*)8.6'PH-+'*%'9)%,%'*%/')&'*+5.,+/'+')&'1/.79+*+4'-+',%7C*'%*'/%1H/#$.6'2636S'M%*1.'0%F'%*'-.'$<#$.N'3%'9/%=)&1+'()O'<#F+'%-'$-#%&1%'.-'&+1./'()%'%-'
1#9+'&+';)%'1/.*'O-6'Q+S'"%9%&,%',%'-.'/%*9)%*1.'()%'%*$+=#%/.'%-'$-#%&1%6'2636S'M-.'$<#$.N'"#=.7+*'()%'%*$+=%'-.'&Y7%/+',+*6'Q+S':*+'-%',%?.')&'9./',%'+9$#+&%*S'<)8%'$+&'-.'*)*1.&$#.'+'/%=/%*.'8'9.=.'
9+/'%--.6'Z+,+',%9%&,%',%' -.' >&,+-%',%-'$-#%&1%6':*')&'/%-.1+',+&,%'%-' -%$1+/'1%/7#&.'*#%&,+'%-'9%/*+&.?%6'
52
2636S' M-.' $<#$.N' K&+' 9)%,%' 9/%=)&1./*%' 9+/' ()O' %-' 1#9+' ()%' #&0%&1H' -.'*)*1.&$#.'&+'-.')*H'%&'*>'7#*7+6'Q+S' :*.'9/%=)&1.' %*1C'%&'%-' -#A/+' 8' 0.' *%=)#,.' ,%' +1/.'()%' #&1%//+=.' .-'
-%$1+/'*+A/%'-+'()%'<./>.'%&'$.*+',%'9+,%/'<.$%/*%'#&0#*#A-%6'!ZY'()O'<./>.*U'B.' $<#$.' *%' ()%,.' 9%&*.1#0.' 8' *+&/>%6' :-' $<#$+' .9/+0%$<.' %' #&1%/0#%&%'
$.7A#.&,+',%'1%7.6'2636S'!V.'9%&*.,+'%&'#&$)/*#+&./'%&'-.'9+->1#$.U'Q+S'I.,.'7.5.&.'-+'<.=+'8',%*9)O*'1/.1+',%'-#79#./7%'-+'7%?+/'9+*#A-%6'2636S'
53
2636S'
54
Q+S'B.'7)%/1%',%'PH$/.1%*4',%'T&&.'2%=+0.6'2636S'!P%'$+&*#,%/.'7#*H=#&+U'Q+S'T'0%$%*'7%'$)%*1.'*%9././'.'-.'7)?%/',%'-+'*%D).-'8',./-%')&'*%&1#,+'
Y&#$+6'3%'$/#*9.'*)'$.9.$#,.,'9./.'*);/#/4'*)'0+$.$#H&',%'0>$1#7.6'I#%/1+'()%'<.8' /%*9-.&,+/' %&' %--.' 9%/+' &.,.' 9)%,%' *%/' 7C*' ,%*9/%$#.A-%6' PO' ()%' %-'<+7A/%'%*'7%?+/4'&+'%-'.-=+'%*9%$>;#$+'*#&+'%&' -.',#=&#,.,'Y-1#7.6':--.*'7%'=)*1.&'9%/+'9%&*./-.*'7%'9.*7.6'2636S'M-.'$<#$.N'!2#%&*.'()%'*+7+*'#&;%/#+/%*U'Q+S':*'#&$/%>A-%'()%'()#%/.&'*%/'#=).-%*'+'7%?+/%*'()%'%-'<+7A/%6':*'$+7+'
*#')&'C=)#-.'()#*#%/.'*%/')&'9+--+'$+&=%-.,+6':-'$<#$+'/>%6':--.'0.'.'/%9-#$./'.-=+'9%/+'*%' ;/%&.'8')&'=%*1+'%*1Y9#,+'*%'
%1%/&#F.'%&'*)'$./.6':-'$<#$+'0)%-0%'.-'.1.()%6'2636S'
55
[)%'&.F$.&'%&'%-'*%D+'7#*7+'8'7)%/.&'%&'%-',%,+'=+/,+',%-'9#%6'P#&'=/.*.4'0C/#$%*'+',%7.*#.,+'7Y*$)-+6':*.4'()%/#,.'7>.4'%*')&.'.-()#7#.'7)8'/./.6':&'7#'-./=.'0#,.',%'/%91#-'A)*$.<%/7+*.*9#%/&.*'&+'<%'$+&+$#,+'7C*'()%'$#&$+'+'*%#*'7)?%/%*'()%'-.*'1)0#%/.&6'2636S' M%-' $<#$+N' V.$%' )&+*' .5+*' *%' -%' 0%>.' %&' $+$1%-%*' 8' 1+,+' 1#9+' ,%'
/%)&#H&'#&1%-%$1).-4'.<+/.'%*'$.*#')&'%/7#1.5+6'!T'()O'*%',%A%'%-'$.7A#+U'Q+S' T&1%*'&+' 1%&>.' ,#&%/+4' ,%A>.' %*()#-7./' 1/.=+*'9+/'.-->6' T<+/.' 9)%,+'
9.=./' )&.' A%--.' 9)1.4' &+' 1%&=+' ()%' *+9+/1./' 0#%?.*' <+//#A-%*' $+&' >&;)-.*'1/.*$%&,%&1.-%*6'2636S'!P%'$+&*#,%/.'.)1+*);#$#%&1%U'Q+S'B.*'$+*.*'%*%&$#.-%*',%'-.'0#,.'*+&'.$1+*'*+-#1./#+*S'9.?%./*%4'$.=./'8'
7+/#/6'2+,/>.*'<.$%/'1+,+'%*+'%&$%//.,+'%&'%-'A.5+6'P#&'%7A./=+4'<.8'+1/+*'-)=./%*'%&')&.'$.*.6'2636S'
56
9+,/>.'$/)F./'%-',%*#%/1+'9+/'&.,.4'9+/'9)/.'8';>*#$.'#&$.9.$#,.,',%';/%&./'-.'$.7#&.1.6'P#'<.8'.-=+'()%'+,#+'%*')&.'$+*.'<%$<.'$+&'9/+9H*#1+6'2636S'
57
Q+S' [)%4' *.-0+' W)L+X*L#' 8' )&' *%/0#,+/4' 1+,+*' %*$/#A#%/+&' 9./.' %-' *#=-+'9.*.,+6' B%*' #&1%/%*H' 7C*' -.' -#1%/.1)/.' ()%' -.' 0#,.6' @+*+1/+*' 1%&%7+*' )&'%?%79-+' ,%' %--+' %&'E./$>.'3C/()%FS' &+' *H-+' /%9#1%' -.'7#*7.' ;+;.' $<C$<./.'-#A/+' 1/.*' -#A/+' *#&+' ()%' O-' 7#*7+' 9./%$%' )&' 9.9.=.8+' ,#*%$.,+6' Z+,+' %-'7)&,+'%&'7#'9.>*'*.A%'*)'&+7A/%'9%/+'&.,#%4'8'7%&+*'-+*'?H0%&%*4'-+'-%%&6'2636S'
58
&%$%*./#+'()%')&'$+&$%91+'0.8.')&#,+'.')&'*#=&+'*%&*+/#.-7%&1%'9%/$%91#A-%'8' /%9/+,)$#A-%' M9.-.A/.NS' 9%/+' *#' -+' %*1C4' %&1+&$%*' %-' 9%&*.7#%&1+' *%' <.$%'$+7)&#$.A-%6':*+'%*',%':#&*1%#&4'-+'.9/%&,>'.'/%$#1./'$).&,+'1%&>.'*%#*'.5+*'8'1+,+' %-'7)&,+4' <.*1.'7#' 9.,/%4' 9%&*.A.'()%' *%/>.' )&'=%&#+6' P+8' $+7+' -+*'.$1+/%*4'9)%,+'/%9%1#/'$).-()#%/'$+*.'*#&'%&1%&,%/-.'?.7C*6'2636S'
59
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
%*.'/%&)&$#.6'2636S'
60
1%&#,+' $+&1.$1+' *%D).-' $+&' 9%/*+&.'.-=)&.6' :--.' %*1C' A.?+' -.*' *CA.&.*4'7%',#$%'()%'*)'7#/.,.'-%'9%/1)/A.6'B%'+/,%&+'*.-#/6':*')&.'$<#$.' -#&,.'8'*).0%4'()#*#%/.'.7./-.6'P#%&1+'()%'1%&=+'7C*'$+*.*'%&'$+7Y&'$+&'%-';#-#9#&+',%'-.*'()%'%*1./>.',#*9)%*1+'.'.$%91./6'
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
61
!!!!!!!!!!!!!!!
u!
'0$/+))+!$&1$.$X%(!
!
!
!
!
!
!
!
!
!
!
!
62
!
!!
!
!
!
!
4$0#+#!$&,p1$%G!1()+&2Ckt!I*$2,*,).#-.&#%0#)%01*).#B20.#)%#(,*#:*&)*#####0:A!D6!96?6!8!6DFB=R=B!;ABE>6!:A!L>6!F8;8U!<6!;6P8B76!8!>:!FIAL6B!
E>6! 7A! ;>DA! 6:! 6@=<6:F=8O! ;ABE>6! :A! <6D?BAU[! 7AD! ;78?AD! 6:! >:!
B6D?8>B8:?6O!;ABE>6!:A!D6!6:LB6:?[!8!>:!;A7=FM8!7AFA!E>6!=:D>7?8R8!
8!D>!:A@=8O!;ABE>6!:A!76!<=QA!8!D>!98<B6!7A!9>FIA!E>6!78!898R8!H!
<6?6D?8R8O!;ABE>6!:A!6DF>;=[!8!>:!;BAL6DAB!E>6!<6FM8!E>6!78!?=6BB8!
6B8!B6<A:<8O!;ABE>6!D6!<6Q[!P8:8B!67!;>6D?A!6:!78!L=78!<67!F=:698O!
;ABE>6! :A! ?=6:6! AL=F=A! :=! R6:6L=F=AO! ;ABE>6! ;=6:D8! E>6! 6D! >:8!
LAB98! LYF=7! <6! I8F6B! L898! H! <=:6BAO! ;ABE>6! D=! 7A! I8F6:!
9898BB8FIAD!FA9A!'8BFM8!,YBE>6U!H!,>?=D!>:A!?89R=W:!;>6<6!
I8F6B7AO!;ABE>6!:A!6D!R>6:A!;8B8! 7AD!:\96BADO!;ABE>6!:A!E>=6B6!
D6B!9W<=FA!:=!8RAP8<AO!;ABE>6!6D?Y!8B<=<AO!;ABE>6!A<=8!8!78!P6:?6!
H!E>=6B6!=:D>7?8B78G!
!
0:A! D6!96?6! 8! 6DFB=R=B! ;ABE>6! >:8! FI=F8! 7=:<8! 76! <=QA! E>6! 76!
P>D?8R8:! 7AD! 6DFB=?AB6DO! ;ABE>6! :6F6D=?8! >:8! FA8B?8<8! ;8B8! :A!
?B8R8Q8BO!;ABE>6!7A!I8F6!D6:?=B!D>;6B=ABO!;ABE>6!D6! 76H[!>:!;8B!<6!
:A@678D!<6!@8E>6BAD!H!E>=6B6!6:?B8B!6:!78!FA9;6?6:F=8O!;ABE>6!6D!
>:!'.@:.6!D=:!A6D?6O!;ABE>6!F8P8?=:?8D!FA9A!18BP8D!%7AD8!7A!I8F6:!;ABE>6!:A!?=6:6!@AUO!;ABE>6!:A!?=6:6!B=?9AO!;ABE>6!6D?Y!I8B?A!<6!
I8F6BD6! 78! ;8Q8O! ;ABE>6! E>=6B6! 8?AB8B! 8! >:8! 9>Q6B! ;6BA! :A! I8H!
63
LAB98O! ;ABE>6! ;=6:D8! E>6! ?=6:6! 87PA! E>6! <6F=BO! ;ABE>6! <6DF>RB6!
E>6!78D!FI=F8D!7=:<8D!<=F6:!E>6!7AD!6DFB=?AB6D!DA:!?=6B:AD!;6BA!D876:!
FA:!98L=ADADO! ;ABE>6! :A! 7A! <6Q8:! 6D?B>Q8B! 8! 78! B6=:8! :8F=A:87! <6!
R6776U8O!;ABE>6!6D?Y!L78FA!H!:A!I8H!B696<=AO!;ABE>6!?=6:6!9=6<A!<6!
9AB=B!D=:!I8R6B76!I>:<=<A!7AD!;67AD!8!>:8!FI=F8!7=:<8O!;ABE>6!D=!>:!
989[:! I=;[FB=?8! FA9A! 18BP8D! %7AD8! 6DFB=R6! F>87E>=6B8! ;>6<6!
I8F6B7AO!;ABE>6!D8R6!E>6!67!F=:6!6D! ?=69;A!;6B<=<AO!;ABE>6! ?=6:6!
6:@=<=8!<6!6DAD!98:<B=76D!E>6!D876:!6:!78!;8:?8778!H!P8:8!9=77A:6DO!
;ABE>6! E>=6B6! D6B! FA9A! X>JAqDJ=! 8! L87?8! <6! 96QAB6D!
A;AB?>:=<8<6DG!
!
0:A!D6!96?6!8!6DFB=R=B!;ABE>6!:A!D8R6!RAZ68B!:=! ?=6:6!8P8778DO!
;ABE>6!?=6:6!7AD!<=6:?6D!?ABF=<AD!H!:A!;>6<6!DA:B6MB!FA9A!E>=D=6B8O!
;ABE>6! ;8B8! 7AD! =9;A?6:?6D! <6! ?A<8! M:<A76! :A! I8H! A?BA! F89=:AO!
;ABE>6! ?A<AD! 7AD! L6AD! 6DFB=R6:! A! 8D6D=:8! H! >:A! :A! 6D! F8;8U! <6!
98?8B!>:8!9ADF8O!;ABE>6!6DFB=R=B!<8!=9;AB?8:F=8O!;ABE>6!;8B8!E>6!
8!>:A!76!<=P8:!6DFB=?AB!:A!:6F6D=?8!I8F6B7A!R=6:!H!;8B8!E>6!7A!77896!
I=QA;>?8!:A!=9;AB?8!D=!D>!98<B6!6D!>:8!D8:?8O!;ABE>6!?=6:6!9=6<A!
<6! E>6<8BD6! 8! 78! <6B=@8! D=:! I8F6B! :8<8O! ;ABE>6! :A! ;>6<6! R6R6B!
F8<8!:AFI6O!;ABE>6!898!8!#=AD!;6BA!A<=8!78D!DAF=6<8<6D!D=:!Y:=9A!
<6! 7>FBAO! ;ABE>6! :A! ?=6:6! :A@=8O! ;ABE>6! :A! I8H! 69AF=A:6D! D=:A!
=:D>7?ADO!;ABE>6!6:!D>!F8D8!:A!I8H!?676!H!78!B8<=A!D6!8@6B=[O!;ABE>6!
78!9>Q6B!<67!@6F=:A!6D!>:!RA9R[:O!;ABE>6!?=6:6!9=6<A!<6!E>6<8BD6!
F87@A!H!;AB!6DA!6@=?8!7AD!6D;6QADG!0:A!D6!96?6!8!6DFB=R=B!;ABE>6!:A!
D6! 8?B6@6! 8! 8D87?8B! >:! D>;6B96BF8<AO! ;ABE>6! 898! 8! >:8!9>Q6B! H!
6778! 6D! 78! :A@=8! <67! FI=FA! 7=D?A! <6! 78! F>8<B8O! ;ABE>6! :A! I8H!
D>L=F=6:?6D! B6@=D?8D! ;AB:APBYL=F8DO! ;ABE>6! E>=6B6! I8F6B! 87PA! 9YD!
E>6!F8P8B!H!98D?>BR8BD6O!;ABE>6!:A!6D!67!FI=FA!7=D?A!<6!78!F>8<B8!:=!
67!FI=FA!L>6B?6!:=!67!PB8F=ADAO!;ABE>6!6D!67!FI=FA!:8<8O!;ABE>6!@876!
?B6D!?=B8D!<6!@6BP8O!;ABE>6!8L>6B8!7A!F8DF8:O!;ABE>6!D>!98<B6!PB=?8!
?A<A! 67! ?=69;AO!;ABE>6!:A!I8H! =7>D=A:6D!:=! 7>U! 87! L=:87!<67! ?\:67O!
;ABE>6!D>!96:?6!@>678!R8QA!H!:>:F8!D6BY!A?BA!4=AB8:O!;ABE>6!:A!
?=6:6!@87AB!;8B8!D87?8BO!;ABE>6!:A!E>=6B6!78!6D;AD8!L68!E>6!96B6F6O!
;ABE>6! ?=6:6!9=6<A! <6!9AB=B! D=:! I8R6B! ;BAR8<A! >:! R677A! F>7=?AO!
64
;ABE>6!:A!?=6:6!;8<B6O!89=PAD!A!LAB?>:8O!;ABE>6!:A!?=6:6!67!9A<A!
<6! 6DF>;=B! <6!47=:?!(8D?qAA<O! ;ABE>6! D6! 8?8DF8! 6:?B6! >:8! H! A?B8!
=:?6:F=[:O!;ABE>6!WB8D6!>:8!@6U!67!89AB!;6BA!?>@6!E>6!98?8B7AG!
!
%A! R>6:A! 6D! E>6! 6DFB=R=B! :A! D=B@6! ;8B8! :8<8! <6! 7A! E>6! >:A!
E>=6B6G!(DFB=R=B!6D!>:! 7M9=?6O!>:!<A7ABO!>:!<6L6F?A!9YDG!%A!R>6:A!
6D!E>6!<6D;>WD!<6!I8F6B7A! ?6! D=6:?6D!;WD=9AG!&8<8!I8! F89R=8<AO!
?A<A!D=P>6!6:!D>!D=?=A!KD87@A!?>!QA<=<A!F8R677ANO!367W!:A!@>67@6!8!78!
F8:FI8G! %A! 987A! 6D! E>6! 6DFB=R6D! H! 389R67W! F86! 8! 78! 7A:8!
@8;>768<A!;AB!>:!PB=:PAO!>:!987<=?A!PB=:PA!E>6!6D?>@A!;B6DA!;AB!
PA7;68B!8! D>!98<B6G!%A!987A!6D!E>6!389R67W!:A!6D! 78!98<B6!<67!
PB=:PA! H! ;AB! 9YD! E>6! 6DFB=R6DC! D=P>6! ?=B8<AG! %A! R>6:A! 6D! E>6!
6DFB=R6D!H! D=P>6D! DAV8:<A!FA:! 78!9>Q6B!<67!@6F=:AO! D>6V8D!E>6! 78!
?=6:6D! 8P8BB8<8! ;AB! 78D! AB6Q8D! I>:<=W:<A76! 7AD! ;67ADG! %A!987A! 6D!
E>6! 6DFB=R=B! :A! F>B8! ?>D! <6D6AD! 8D6D=:ADO! E>6! 8D87?8B! >:!
D>;6B96BF8<A!D=P>6!D=6:<A!?>!ARQ6?=@A!=9;AD=R76G!%A!R>6:A!6D!E>6!
6DFB=R=B!6D!A?B8!LAB98!<6!F8P8B!H!98D?>BR8B?6G!%A!987A!6D!E>6!766D!
8!PB8:<6D!8>?AB6D!;6BA!D[7A!X>JAqDJ=!?6!776P8G!%A!987A!6D!E>6!>:!
<M8!78!FI=F8!7=:<8!D6!6:?6B8!E>6!6DFB=R6D!H!:A!<6Q8!E>6!D6!78!I>:<8D!
I8D?8!67!A?BA!78<A!<6!78!9>6B?6G!%A!987A!6D!E>6!6DFB=R=B!D=B@6!;8B8!
?A<A!7A!E>6!?\!:A!E>=6B6DG!
C5A78O!98<B6G!
C25O! #$2.! ,c2O! )6;]! ?B86D! 7AD! U8;8?AD! .04$2.! #(!
,$()#+G!
C&A!PB=?6DO!@AH!8!7=9;=8B!67!;=DAG!
C+3-)/+/(O!)(')(.+!32)!#2&#(!1$&$./(G!
C#6!8F>6B<AO!989YO!;6BA!:A!PB=?6DG!
C&2!(./2a!')$/+G!
!
!
!
!
!
!
65
!
!
!
!
!
!
!
!
.(+//%(G!$&1$()&2Coo!I.$%#*+#6.(#*&%####(7!FI=FA!8;>B[!67!;8DAO!78!:=6@6!F8M8!6:!<=9=:>?AD!FA;AD!DARB6!78D!
DA7=?8B=8D!F8776DG!.>!98<B6!6D?8BM8!;B6AF>;8<8!H!6DA!D=P:=L=F8R8!E>6!
78! =R8! 8! 8B98B! PB8:<6G!2<=8R8! ?6:6B!9=6<A! H! 6778! D6! 7A! F8>D8R8G!
,=B[!67!B67AQ!H!D>;A!E>6!D6BM8!<=LMF=7!776P8B!8!?=69;AO!8!96:AD!E>6!
A7@=<8B8!78D!B6FA96:<8F=A:6D!<6!D>!98<B6!H!?A98B8!67!8?8QAG!.87?[!
R8B<8D!H!6DF87[!?8;=8D!FA:!78!P>=?8BB8!FB>U8<8!6:!78!6D;87<8G!3AB!L=:!
6:FA:?B[! 67! D6:<6BA! H! B6FABB=[! 8E>67! ?6BB6:A! R87<MAG! +7! L=:87! <67!
D6:<6BA!69;6U8R8!>:8!8:PAD?8!F8776O!<6D<6!877M!;><A!@6B!67!6<=L=F=A!
H!78!7>U!<67!R8VA!<6!D>!8;8B?896:?A!6:F6:<=<8O!>:8!7>U!898B=778!<6!
-&%'*('23,G! .=! 8;8P8R8:! 6D8! 7>U! 8:?6D! E>6! 776P8B8! 6D?8BM8! ;6B<=<AG!4A:D>7?[! 67! B67AQG! .>D! 78R=AD! <=R>Q8BA:! >:8! DA:B=D8! <6! ?B=>:LA]! 67!
8?8QA!L>:F=A:8R8!96QAB!<6!7A!;B6@=D?AG!+@8:U[!FA:L=8<AG!+!9=?8<!
<6! 78! F8776! >:AD! FI=FAD! :6PBAD! Q>P8R8:! R87A:F6D?A! FA:! >:! R87[:!
=98P=:8B=AO!87!@6B7A!;8B8BA:!67!Q>6PA!H!7A!BA<68BA:G!(7!9YD!R8Q=?A!H!
LAB:=<A!7A!<6D;AQ[!<6!78!P>=?8BB8G!
C_4[9A!?6!77898DO!;B=9AB`!
Cf>B?G!
C'>=?8BB=D?8O!_6I`!
C+7PAG!
C,>WD?B8:AD!7A!E>6!;>6<6D!I8F6B! <=QA!67!R8Q=?A!FA:!>:8!DA:B=D8!
9YD!R78:F8!E>6!78!:=6@6G!%AD!A?BAD!D=7R8BA:!H!8;78><=6BA:G!
66
C(DF>FI8O!<6RA!776P8B!8!F8D8!A!?6:<BW!;BAR7698DG!
(7!R8Q=?A!76!B6PB6DA!78!P>=?8BB8!H!D6!;>DA!78D!98:AD!6:!78!F=:?>B8G!
C_(B6D! P>=?8BB=D?8! A! X78:F8:=6@6D`! <=QA! 67! R8Q=?AG! %AD! A?BAD!
B=6BA:CG!/AF8!87PA!H!9YD!@876!E>6!D68D!R>6:AG!
f>B?!9=B[! 67! ADF>BA! F6BFA!H! D6! D6:?[! 6:! 67! ;=DA! ;8B8! 8L=:8B! 78!
P>=?8BB8O!6:D6P>=<8!69;6U[!8!D8F8B76!?B=:ADG!(B8!>:8!@=6Q8!P>=?8BB8!
8F\D?=F8!;6BA!DA:8R8!R8D?8:?6!R=6:G!g>6!>:!DA7A!<6!D=6?6!9=:>?ADG!
%AD! :6PBAD! D6! I8RM8:! D6:?8<A! 87B6<6<AB! D>HAO! :8<=6! 9A@=[! >:8!
;6D?8V8!I8D?8!E>6!67!D=76:F=A!@A7@=[!8!B6=:8BG!
C56HO!I6HO!FI=FAO!@8D!8!?6:6B!>:!7MA! <=QA!67!R8Q=?AG!
C_&A!?6!P>D?[`!
C_'>D?8B96`!4I=FAO!L>6!L8:?YD?=FAG!18D!8!QA<6B?6!78!FB=D98!D=!:A!
@6D! 78! B8H8O! _6:?=6:<6D`!/AF8D!H!9=B8D! FA9A!*=9=O!6DA!6D! 7A!;6AB!
E>6!;A<M8!;8D8B?6G!
f>B?!9=B[!I8F=8!67!6<=L=F=A]!78!7>U!<67!R8VA!6D?8R8!8;8P8<8G!
!
(:?B[!87! 8;8B?896:?A!H!FABB=[!8!6:F6BB8BD6!6:!67!R8VAO!877M! 7AD!
PB=?AD!<6! D>!98<B6!;6B<M8:! L>6BU8G! .6! 8DA9[!;AB! 78! @6:?8:=?8O! 78!
7>U! <67! 87>9RB8<A! ;\R7=FA! FA7AB68R8! 78D! =:?6B9=:8R76D! I=76B8D! <6!
FA;AD! F8<8! @6U!9YD! PB8:<6DG! +! 7A! 76QADO! DARB6! 67! 6D?B=F?A! LA:<A!
R78:FAO!;><A!@6B!78D!L=P>B=778D!:6PB8D!69;6F=:8<8D!FA:!D>!=:@=D=R76!
R87[:G!&A!;A<M8!6:?6:<6B!78D!;878RB8D!<6!8E>67!FI=FAO!_F[9A!;A<M8!
D6B! 987A! ?AF8B! R=6:! 78! P>=?8BB8`! (D6! FI=FA! I8R78R8! FA9A! >:!
8:F=8:AO! D>! 9=B8<8! I8RM8! D=<A! <6! ;8D9A! H! FA9;8D=[:! ;AB! >:!
?=69;AG!_3AB!E>W!?AF8B!FA9A!56:<B=Z!6B8!7A!;6AB`!
C.+%!+52)+!,$.,2O!f0)/G!
C&=!6:!9=7!8VAD! D>D>BB[!W7G!
Ca+!1()-.!%2!^0(!5+'2G!
!
%A!;B=96BA!E>6!I8FM8!f>B?!87!@A7@6B!<6!78!6DF>678!6B8!FAP6B!D>!
P>=?8BB8G!(D6!<M8!:A!78!6:FA:?B[G!3AB!9YD!D\;7=F8D!H!;BA96D8D!<6!
6:9=6:<8!E>6!I=UA!:A!FA:D=P>=[!8R78:<8B!8!D>!98<B6G!
C/6!78!B6PB6D8BW!8!L=:!<6!96D!D=!I8:!96QAB8<A!?>D!:A?8DG!
C&A!;>6<6D!I8F6B96!6DA! DA77AU[!f>B?G!
67
C1()(,2.!.$!30(#2! <=QA!6778G!
%AD!;B=96BAD!<M8D!D=:!78!P>=?8BB8!L>6BA:!>:!=:L=6B:AG!0:8!:AFI6O!
B6FAB<8<A! 8! 7AD! FI=FAD! <67! R87A:F6D?A! =98P=:8B=AO! ?>@A! >:8!
=7>9=:8F=[:G! (:! 78! DA76<8<! <6! D>! F>8B?A! 69;6U[! 8! ?AF8B! >:8!
P>=?8BB8!=:@=D=R76G!(7!6Z?B8VA!D=76:F=A!<6!f>B?!;>DA!6:!P>8B<=8!8!D>!
98<B6O! 6:?B[! 87! F>8B?A! 6:! ;>:?=778D! H! 7A! I877[! D6:?8<A! 6:! 67! ;=DA!
L=:P=6:<A!?AF8B!>:8!P>=?8BB8G!/6:M8!7AD!AQAD!F6BB8<AD!H!:A!;8B6F=[!
:A?8B!D>!;B6D6:F=8G!#6Q[!67!F>8B?A!D=:!I8F6B!B>=<AG!/>@A!<6D6AD!<6!
B6PB6D8B76! 78! P>=?8BB8!;6BA! 7>6PA!;6:D[!E>6! 6D6! 6B8! 67! ARQ6?=@A!<6!
f>B?O!E>6!I8RM8!;78:68<A!8E>677A!;8B8!8R78:<8B78G!
3AFA! 8! ;AFA! f>B?! L>6!96QAB8:<A! D>! ?WF:=F8! H! 87! F8RA! <6! >:!
?=69;A!7APB[!D8F8B!;6BL6F?8D!:A?8D!<6!D=76:F=A!8!D>!:>6@8!P>=?8BB8G!
+! L=:! <6! 96D! ?B8QA! 78! 7=RB6?8! <6! :A?8DO! I8RM8! 96QAB8<A! >:8!
R8BR8B=<8<G!.>!98<B6!76!B6PB6D[!78!P>=?8BB8!H!76!<=A!<=:6BA!;8B8!E>6!
6:?B8B8! 8! F=:6G! f>B?! 6D?8R8! ?8:! FA:?6:?A! E>6! R6D[! 8! D>! 98<B6G!
#6D<6!6D6!<M8!87?6B:[!78D!<AD!P>=?8BB8DG!%8!@=6Q8!;A<M8!FA9;8B?=B78!
FA:!?A<ADO!78!=:@=D=R76!6B8!D[7A!;8B8!W7G!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
68
!
!
!
!!
!
!
4$0#+#!$&,p1$%G!$&1$()&2Ckj!>%&D# 6.E# +%&8# %0# +20%,'2.E# *00;# ).,)%# %+5.6E#,.# +DE#,.# 0.# +*:&D#,(,'*E# %,# %0#+20%,'2.#,.#+%#+*:%E#9*6#/(%#+%1(2&E#A.6#*#+%1(2&#####%6!6:?B6P>W!67!<=:6BAO!L>=!;AB!67!;8B8P>8D!H!D87M!D=:!<6D;6<=B96!<6!
:8<=6G!(7!F=67A!6B8!PB=D!;7A9=UAO! 78!896:8U8!<6!77>@=8!D6!6Z?6:<M8!
FA9A!>:8!;BA96D8!=:F=6B?8O!FA9A!F>8:<A!D6!;BA96?6!87PA!E>6O!D6!
D8R6!<6!8:?698:AO!:A!D6!;A<BY!F>9;7=BG!aO!:A!ARD?8:?6O!6D?YD!776:A!
<6! L8D?=<=A! ;ABE>6! I8H! 87PA! @=@A! 6:! 6D8! ;BA96D8O! I8H! FA9A! >:!
FA:L7=F?AO!>:!6:P8VA!6:?B6!?>!96:?6!H!?\G!&A!;A<BM8D!6Z;7=F8B7A!8!
:8<=6!;6BA!D8R6D!E>6!6D!78!FAD8!9YD!6D?\;=<8!E>6!I8D!I6FIAO!D8R6D!
E>6! ?6! 6:P8V8DO! E>6! L=:P6DO! H! 6D6! 6D! 67! ;6AB! FB=96:G! #=B=PMO! D=:!
;6:D8BO!9=D! ;8DAD! I8F=8! 67! ;8BE>6G!+IAB8! ?6:<BM8! E>6!98?8B! ?B6D!
IAB8D!6:!>:8!R8:F8!@=6:<A!F[9A!78D!;87A98D!I8FM8:!D>!B6?B6?6!6:!
78! 6D?8?>8! <6! XA7M@8BG! 38B6FM8:! ;87A98D! 6:?B6:8<8D! ;AB! '6B9Y:!
+BF=:=6P8D! H! ?8:?AD! A?BAD! :A@67=D?8D! 6! I=D?AB=8<AB6D! D=:! FAQA:6D!
=:F7>H6:<AO!AR@=AO!8!E>=6:H8?>D8R6DG!3BA:?A!78!:AFI6!87=@=8BM8!9=D!
F8BP8DO!_H! 78D!<6!8E>67! LBMA!H!F8P8<A!XA7M@8B`!+7!96:AD!HA!;A<M8!
96?6B96!6:!67!)8?8;6A:8!H!R6R6B!I8D?8!F86B!<6!6D;87<8DG!
!
(:!67!6Z?B69A!A;>6D?A!<6!78!R8:F8!I8H!>:8!9>FI8FI8!9AB6:8!
<6! RB=778:?6D! AQAD! :6PBADG! .>! BAD?BA! 6D! ;MF8BA! H! D>D! ?6?8D!
6D;7W:<=<8DG! /=6:6! >:8! L87<8!9AB8<8! H! >:! D>W?6B! 8U>7! ;6P8<A! 87!
69
F>6B;AG! 38B6F6! >:8! P8?=?8! D>8@6! H! 898R76O! 76! F87F>7A! >:AD!
@6=:?=F=:FA!8VADG!%8!9>FI8FI8!;A:6!>:!F=P8BB=77A!6:!D>D! 78R=AD!H!
69;=6U8!8! D8F8B!FAD8D!<6! D>!RA7DAG!.>;>D6!E>6!I8RM8!;6B<=<A! 7AD!
L[DLABAD! HO! 87! 96QAB! 6D?=7A! <6! XAP8B?O! 76! ALB6UFA! L>6PAG! (778! 7A!
8PB8<6F6!H!8D;=B8!FA:!L>6BU8O!@6A!67!BAQA!<6!D>D!78R=AD!H!78!F8:<678!
<67! 9=D9A! FA7AB! E>6! :8F6! 6:! 78! ;>:?8! <67! F=P8BB=77AG! '>8B<A! 67!
6:F6:<6<AB!H!@>67@A!8!XA7M@8B!H!D>D!6F7WF?=F8D!;87A98DG!(778!<=F6!
87PA!DARB6!D>!6D?\;=<8!FAD?>9RB6!<6!;6B<6B!7AD!L[DLABADG!%6!878BPA!
67!6:F6:<6<ABG!.6!DAB;B6:<6G!&A!6D!F>87E>=6B!6:F6:<6<ABG!(D!>:8!
QAH8!<6!;78?8!H!ABAO!>:A!<6!6DAD!B6F>6B<AD!E>6!:A!<6R6:!B6P878BD6G!
&A!E>=6B6!8F6;?8B7AG!
C_3AB!E>W!:A`!
C(D!>:!ARQ6?A!@87=ADAO!6D;6F=87G!
C+DM!:A!7A!;6B<6BY!FA9A!7AD!L[DLABADG!
C_a!>D?6<`!
C.AH!:6P7=P6:?6!FA:!7A!@87=ADAG!
(778!8F6;?8!67!6:F6:<6<ABO!7A!<6?8778!H!7A!96?6!6:!D>!RA7DAG!
C16BY!FA9A!7>6PA!D6!8BB6;=6:?6G!
C(DA!6D!D6P>BA! <=PAG!
.>! :A9RB6! 6D! +987=8O! 6D?><=8! L=7ADALM8! H! 6D;6B8! 8! >:! 89=PAG!
38B8! @8B=8BO! <AD! ;87A98D! F8P8:! 87! ?=69;A! DARB6! 78! F8R6U8! <6!
XA7M@8BO!78!F8F8!B6DR878!I8D?8!78!:8B=U!<67!%=R6B?8<ABG!,6!;B6P>:?8!
8! E>=W:! 6D;6BAG! %6! <=PA! E>6! 8!'A<A?G!)M6G! /=6:6! >:! 7>:8B! 6:! 67!
:8F=9=6:?A!<6! 7AD! D6:ADG!%6!<=PA!E>6!96! 77898:!)6;!H!8F8RA!<6!
;6B<6B! ?A<AD!9=D!987<=?AD! 8IABBAD! 6:! >:8!987<=?8! 8;>6D?8G! )M6G!
,6!<6D;=<A!H!F89=:A!I8F=8!67!)8?8;6A:8O!?A<8@M8!:A!6D!IAB8!;6BA!
:6F6D=?A!>:!?B8PAG!
%A! E>6! A7@=<W! <6F=B76! 8!+987=8! 6D! E>6! 67! <=:6BA! ;6B<=<A! 6B8:!
8IABBAD! <6!9=!98<B6O! :A!9MADG!^>6!96! I8RM8:! 6:@=8<A! 8! ;8P8B!
<AD!96D6D! 8?B8D8<AD! <6! 8BB=6:<AO! E>6! :>:F8! <6RM! 8;AD?8B7AO! E>6!
?6:M8!E>6! =:@6:?8B!>:8!R>6:8! 6ZF>D8!;8B8!<8B76!F8B8!8!989YG!(7!
F=67A! D=P>6! ;BA96?6<ABG! /89R=W:! I6! ;BA96?=<A! >:! 9A:?[:! <6!
FAD8D!E>6!:A!F>9;7AO!67!6:F6:<6<AB!6B8!>:8!<6!6778DG!.AH!FA9A!>:!
F=67A! PB=D! <6! @6B8:AG! (:FA:?BW! F6BB8<A! 67! R8BG! /AE>W! ?B6D! @6F6DG!
70
gB8:FA! 8RB=[! FB6H6:<A! E>6! 6B8! A?B8! ;6BDA:8G! 3>DA!9878! F8B8! 87!
@6B96G!
C/=6:6D!E>6!F89R=8B!78!F78@6! <=Q6G!
C&A!I8H!9YD!FBW<=?A!;8B8!?=! <=QAG!
C.[7A!D6BY!>:8!RA?6778! <=Q6G!
C&=!>:!987<=?A!?B8PAO!)6;! <=QAG!
.87M! 87! 898:6F6B! <67! )8?8;6A:8! <8:<A! ?>9RADG! (D?8R8!
77A@=6:<A! 8! FIABBADG! /B8?W! <6! 8RB=B! 67! ;8B8P>8D! ;6BA! B6FAB<W! E>6!
gB8:FA! D6! 7A! I8RM8! E>6<8<A! ;8B8! 89AB?=P>8B! 9=! <6><8G! ,6!
6:?B8BA:!P8:8D!<6!@6B!8!+987=8O!<6!6D?8B!FA:!6778!R8QA!>:8!DYR8:8!
7=9;=8O!6:!>:8!F898!D6F8!H!LB8P8:?6O!6B8!7A!\:=FA!E>6!76!;6<M8!8!78!
@=<8O!H!6DA!:A!6B8!;AD=R76O!;B6L6BM8!9AB=BG!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
71
!
!
!
!
!
!
!
.(+//%(G!1()+&2Ckt!H.(,1%#*'5#####(D?8R8:!?AF8:<A!6:!>:!P8B8Q6G!/A9!6B8!67!R8?6BM8!H!)8:<H!67!R8QAG!
&A!D6!D6:?M8!F[9A<AO!78D!FAD8D!FA:!D>!98<B6!=R8:!<6!987!6:!;6ABO!
E>6BM8! <6Q8B! 78! 6DF>678! H! 9><8BD6! DA7AG! *6::H! 6D?8R8! 8L>6B8!
I8R78:<A!FA:!78!:A@=8!<6!,=FI867G!&A!76!P>D?8R8:!,=FI867!:=!D>!
:A@=8O! A<=8R8! 8! 78D! FI=F8D! E>6! D6! ;=:?8R8:! 67! F8R677A! <6! @6B<6G!
/6B9=:[!78!F8:F=[:!H!D87=[!8!R>DF8B!8!*6::HG!(D?8R8!I8B?A!<6!?AF8B!
877MO! 8! :8<=6! ;8B6FM8! =9;AB?8B76! 78! 9\D=F8O! D[7A! E>6BM8:! L>98B!
98B=I>8:8! H! 9A@6BD6! >:! ;AFAG! *6::H! 76! <=QA! E>6! 78! :A@=8! <6!
,=FI867!=R8!8!<8B!>:8!L=6D?8!6D8!:AFI6G!.6!69;>?[!FA:!*6::HO!?=B[!
8!>:!78<A!78!P>=?8BB8!H!D6!876Q[!D=:!B>9RAG!*6::H!L>6!?B8D!W7G!
C/B8?A!<6!6:?6:<6B?6O!f>B?G!/6!Q>BA!E>6!:8<8!E>=D=6B8!9YDG!
C(:?A:F6D!:A!77AB6DG!,+%#$/+!.(+O!:A!77AB6DG!
C_^>W!6D!7A!E>6!E>=6B6D`!
C^>6!?6!F8D6D!FA:9=PA!H!:AD!@8H89AD!76QADG!
C36BA!6DA!6D!>:8!7AF>B8O!f>B?G!
C.MO!H8!7A!DW!*6::HG!&A!96!;A:P8D!8?6:F=[:G!
*6::H!898R8!8!f>B?O! E>6BM8! 6:?6:<6B7AO! E>6BM8! D8F8B76! ?A<A! 67!
<A7AB! E>6! 6Z;B6D8R8:! D>D! AQAD! ;6BA! :A! D8RM8! F[9AG! f>B?! H! 6778!
I8FM8:! 67! 89AB! ?AFY:<AD6! 7AD!<6<ADO! 7A!I8RM8:!8;B6:<=<A!6:!>:8!
;67MF>78!DARB8!6Z?B8?6BB6D?B6DG!f>B?!6B8!>:!FI=FA!6Z?B8VA!H!*6::H!8!
72
@6F6D!?6:M8!9=6<A!<6!W7G!f>B?!D6!69;6V8R8!6:!I8F6B78!6DF>FI8B!7AD!
DA:=<AD!<6!>:8!P>=?8BB8! =:@=D=R76!;6BA!*6::H!:A! 7APB8R8! 6DF>FI8B!
:8<8]!6778!Q89YD!I8RM8!?6:=<A!AM<A!;8B8!78!9\D=F8G!
C189AD!8!78!L=6D?8O!f>B?G!
C&A!96!P>D?8:!78D!L=6D?8DO!:A!96!P>D?8!6D8!?=;8G!
C(D!9=!89=P8O!HA!Q89YD!96!96?A!FA:!?>D!89=PADG!
C&A!?6:PA!89=PADO!*6::HG!.[7A!96!=9;AB?8D!?\G!
C(:?A:F6D!@6:!8!78!L=6D?8G!
C#6!8F>6B<AO!:6:8O!7A!I8BW!;6BA!D=!;BA96?6D!:A!@A7@6B!8!77AB8BG!
C%A!;BA96?AG!
%8! L=6D?8! 6B8! 6:! >:! Q8B<M:G! f>B?! 6D?8R8! D6:?8<A! 87! ;=6! <6! >:!
YBRA7G! *6::H!I8R78R8!FA:!A?B8D!FI=F8D!8!;AFAD!96?BAD!<6!W7G!f>B?!
:A! 6B8! R>6:A! ;8B8! I8R78BO! :A! 76! 8PB8<8R8! FA:?8B! D>D! FAD8D! :=!
6DF>FI8B! 78D! <6! :8<=6O! FA:D=<6B8R8! >:! ?6DABA! D>D! ;6:D89=6:?ADG!
,=FI867!D6!D6:?[!8!D>!78<AG!
C_4[9A!@8DO!f>B?`!
CX=6:G!
C_^>=6B6D!>:8!F6B@6U8`!
C^>=6BA!E>6!?6!78BP>6DG!
C(B6D!>:!<696:?6! <=QA!,=FI867CG!1AH!8!<8B?6!7A!E>6!96B6F6DG!
,=FI867! 6D?8R8! <6! ;=6! D>R=W:<AD6! 78D! 98:P8DG! f>B?! D6P>M8!
D6:?8<AG!,=FI867!7A!=:D?[!8!;A:6BD6!<6!;=6G!f>B?!7A!I=UAG!
C,6!@AH! <=QA!f>B?G!
C(B6D!>:!P877=:8! <=QA!,=FI867G!
f>B?! 76! ;6P[! >:! ;>V6?8UA! H! 76! ;8B?=[! 67! 78R=AG!,=FI867! D6! L>6!
6:F=98! <6! f>B?! H! WD?6! 7A! 6@8<=[! FA:! >:8! L=:?8! <6! R8=78BM:G! %AD!
=:@=?8<AD!=:?6B@=:=6BA:G!,=FI867!PB=?8R8!896:8U8<ABG!*6::H!6D?8R8!
77AB8:<AG!
C&A!<6R=D?6!?B86B!8!6D6!7AFA! <=QA!78!:A@=8!<6!,=FI867G!
f>B?!D6!876Q[G!*6::H!L>6!?B8D!W7G!
C1>67@6!FA:!?>D!89=PADO!*6::HG!
(778!7A!8P8BB[!;AB!67!RB8UAG!
C_^>W!;8D8!FA:?=PAO!f>B?`!
C3BA96?=D?6!:A!77AB8BO!_B6F>6B<8D`!
73
C389!?=6:6!B8U[:O!6D?YD!7AFAG!
f>B?!8;8B?[! 78!98:A!<6!*6::H!FA:!D>8@=<8<G!#6!D>D!AQAD!D87M8!
>:! B8BA! L>7PABO! 6778! D=:?=[! ;Y:=FAG! f>B?! 6FI[! 8! 8:<8BG! *6::H! D6!
E>6<[!DA77AU8:<AG!0:8D!FI=F8D!776P8BA:!8!FA:DA78B78G!f>B?!:A!9=B[!
8?BYD!:=!>:8!DA78!@6UG!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
74
!
!
!
!
!
!
!
%2&#)(.G!1()+&2Cit!P00#*-.0.12%+######6D;>WD!<67!FA:F=6B?A!I8RM8:!D=<A!FA:<>F=<AD!6:!>:8!L>BPA:6?8!<6!
78! ;A7=FM8! I8D?8! 67! IA?67G! .6! I8RM8! >D8<A! 8! >:AD! <AR76D! ;8B8!
FA:L>:<=B!87!;\R7=FAO!E>6!D6P>M8!6D;6B8:<A!78!D87=<8!<67!PB>;A!6:!
78D! 8L>6B8D! <67! 6D?8<=AG! #>B8:?6! 67! ?B8H6F?A! I8F=8! 67! IA?67O! f>B?!
I8RM8! 76M<A! >:! 8B?MF>7A! 6:! 78! B6@=D?8! ?%.-0%! DARB6! 677ADO! >:!LB8P96:?A!7A!I8RM8!=:?B=P8<A]!H.+#$('9*'9.+#)%#>%*550%#%+58,#*0#5.-%E#7(+5.#+.:&%#0*#'2$*#)%#0*#'2$*E#,.#/(%)*#%+-*'2.#-.&#%+'*0*&E#%+#%0#B2,*0#)%0#'*$2,.<!+IAB8!?69R78R8!6:!>:!B=:F[:!<6!8E>6778!D>=?6G!#8@6!I8RM8!D87=<A!FA:!P6:?6!H!&A@AD67=F!I8R78R8!;AB!?67WLA:AG!f>B?!:A!;A<M8!
6Z;7=F8BD6!F[9A!>:AD!FI=FAD!<6!.68??76!I8RM8:!=<A!8!;8B8B!877MO!6B8!
FA9A! >:! DAB?=76P=A! ;6BAO! 87!96:AD! ;8B8! W7O! 8E>677A! 8;6D?8R8O! .>!
BAD?BA! 6D?8R8! 6:! 78! ;AB?8<8! <6! 8E>6778! B6@=D?8O! 8R8QA! <6FM8]# \(&5#I.:*2,E# +2,# )2+'(0-*+G! &A@AD67=F! FA7P[! H! @=:A! I8F=8! W7O! 8IAB8!I8R78BM8! DARB6! 7AD! F89R=AD! E>6! <6D68R8! 78! <=DE>6B8! 6:! 87P>:8D!
F8:F=A:6D!H!67!?M?>7A!<67!4G#G!;B[Z=9A!8!PB8R8BG!f>B?!D6!?B8P[!>:!
;>V8<A!<6!FY;D>78D!H!F6BB[!7AD!AQADO!78!@AU!<6!#8@6!D6!I=UA!76Q8:8O!
D6! FA:L>:<=[! FA:! 7AD! PB=?AD! <6! D>!98<B6! E>6! DA:8R8:! 6:! 7A!9YD!
;BAL>:<A!<6! D>!96:?6G! _a! D>! FI=F8`!,>H! 76QADO! F8:?8:<A! FA:! D>!
PB>;A!6:!87P\:!7>P8BO!>:!D=?=A!<=D?8:?6!<6!W7!H!D>D!?69AB6DG!#8@6!7A!
ARD6B@[O! f>B?! 6D?8R8! ?=6DA! FA9A! >:! ?[?69G! /B8?[! <6! I8F6B7A!
75
B68FF=A:8BO!:A! 6B8! 78!;B=96B8!@6U!E>6! 76! ?AF8R8! 7=<=8B7AG!#6D;>WD!
<6! @8B=AD! =:?6:?AD! D=:! B6D;>6D?8! D6! 8D>D?[! H! L>6! 6:! R>DF8! <6! >:!
9W<=FAG!(7!IA?67! ?6:M8!6E>=;A!9W<=FA!;8B8!696BP6:F=8DG!#6D;>WD!
<6! >:! RB6@6! 6Z896:! D6! <6F=<=[! ?B8D78<8B7A! 87! IAD;=?87G! +77M!
;6B98:6F=[! I8D?8! 78! 98V8:8! D=P>=6:?6G! (D?8R8! 8:=98<A! H! I8D?8!
=:?6BF89R=[!RBA98D!FA:!7AD!;6B=A<=D?8DO!87PA!9>H!B8BA!6:!W7G!(D8!
9=D98!:AFI6!<=6BA:!>:!FA:F=6B?A!6:!38BMDG!
!
.6!;B6P>:?8R8!9>FI8D!FAD8D!H! ?6:M8!;AF8D! B6D;>6D?8DG! _#[:<6!
I8RM8!E>6<8<A!67! D87?8R8B<8D!<6!.68??76`!d7! D[7A! ?B8?8R8!<6! P8:8B!
87P\:! <=:6BA! ;8B8! =B78! ;8D8:<AG! .>! D6P>:<A! 4G#G! @6:<=[! D=6?6!
9=77A:6D! <6! FA;=8D! H! W7! L>6! 78:U8<A! I8F=8! 67! 9>:<A! FA9A! >:!
FA96?8!6:7AE>6F=<AG!+?BYD!E>6<8BA:!78D!8<@6B?6:F=8D!<6!D>!98<B6!
H! D>D! :AFI6D! 8:[:=98DO! 8?BYD! E>6<[! >:8! R6778! FI=F8! <6! ?B6:U8DG!
36:D[!E>6!6B8!>:!D>6VAO!E>6!=R8!BMA!8R8QA!6:!>:8!R87D8!<6!87PA<[:!
<6!8U\F8BO!E>6!?A<A!6B8!LYF=7!H!:8<=6!D87<BM8! 78D?=98<AG!d7!6B8!>:!
;A6?8O! 67! ;A6?8! E>6! ?A<AD! :6F6D=?8R8:G! .>! 98<B6! 87P>:8! @6U! 76!
I8RM8!<=FIA]!G.#:(+/(%+#'.+*+#/(%#,.# +.,#-*&*# 52E#\(&5<!.>!B6D;>6D?8!:A!D6!I=UA!6D;6B8B]!CM(D#+*:%+#5"#0.#/(%#%+#-*&*#$;F!(778!B6;7=F[!8!D>!@6U]! >2# 5%# %$-%Q*+# %,# :(+'*&# *01.# '.&&%+# %0# &2%+1.# )%# %,'.,5&*&0.<# ],.#,(,'*#+*:%#0.#/(%#0%#B*05*#9*+5*#/(%#)(%0%#$('9.<!f>B?!FAP=[!78!P>=?8BB8!H! D6! ;>DA! 8! F8:?8BO! 78! F8:F=[:! E>6! =9;BA@=D[! I8R78R8! DARB6! 7A!
?A:?8D!E>6!D>676:!D6B!78D!98<B6DG!+IAB8!H8!:A!76!;8B6F=[!?A:?8!;6BA!
E>=UYD! 6B8! <698D=8<A! ?8B<6! ;8B8! I8FWBD67A! D8R6BG! 36:D[! 6:!
,ABB=DA:O! D6! ;B6P>:?[! D=! 87P>:8! @6UO! D=:6<A! H8! 67! )6H! %8P8B?AO!
I8RM8!<6D68<A!8RB8U8B!8!D>!98<B6G!
!
^>=6:6D! FA:AFM8:! 8! f>B?! <6D<6! 7AD! ?B8:E>=7AD! <M8D! <6! .68??76!
D8RM8:! E>6! 6D?8R8! BA?AG!&A! D6:?M8! 78!9\D=F8O! 6B8! >:!9>V6FA! D=:!
8798! R8QA! 7AD! B6L76F?AB6DO! :A! 76! E>6<8R8! 6D;8F=A! :=! ?=69;A! ;8B8!
DAV8B!:>6@8D!F8:F=A:6DO!:8<=6!;8B6FM8!@6B7AO!6B8!FA9A!D=!9=B8D6:!8!
?B8@WD!<6!W7O!FA9A!D=!L>6D6!;78:A!H!I6FIA!6:!@=<B=AG!%8D!F8:F=A:6D!
E>6!E>6BM8:!F89R=8B!78D!I8RM8!FA9;>6D?A!6:!D>!8:?=P>8!I8R=?8F=[:!
<6! .68??76]! 6:?A:F6D! ?AF8R8! <AD! P>=?8BB8DO! >:8! 8F\D?=F8! H! A?B8!
76
=:@=D=R76G! d7! <6D68R8! PB8R8B! 6D8D! F8:F=A:6D! 6:! D>! LAB98! AB=P=:87!
;6BA! 78! <=DE>6B8! <6FM8! E>6! 6B8! >:! 6BBABO! E>6! I8RM8! 7>P8B! 6:! 67!
96BF8<A! ;8B8! F8:F=A:6D! 8DMG! &A! I8RM8! 7>P8B! ;8B8! :8<8! D>HAO! :=!
D=E>=6B8!F8RM8!>:8!P>=?8BB8!=98P=:8B=8G!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
77
!
!
!
!
!
!
!
4$0#+#!$&,p1$%G!$&1$()&2Ckj!G2,1",#$(,).# +%#9(,)2&8#:*7.# 081&2$*+#/(%#,(,'*#A2$.+# '*%&# -.&#(,*#-%,*#/(%#,*)2%#'.$-*&523#####%,#*:+.0(5.#####^>6BM8!Q>P8B!L\?RA7O!FB6M8!?6:6B!FA:<=F=A:6DO!I8RM8!6:D8H8<A!9=76D!
<6! Q>P8<8D! 6:! 78! DA76<8<! 7>9=:AD8!<6!9=!96:?6O! I8RM8! 87?6B:8<A!
FA:!7AD!96QAB6D!<67!9>:<AO!@=@AD!H!9>6B?ADO!D6:?8<A!6:!67!=:A<ABA!
<>B8:?6! IAB8DG! .[7A! I8RM8! >:! ;BAR7698]! 9=D! ;=6B:8DG! (B8:!
<698D=8<A! L78F8D!H!96!<8R8!@6BPv6:U8!;A:6B96! 7AD! FAB?ADG!38B8!
6DF8;8B! <6! 78! 6<>F8F=[:! LMD=F8! 76! I8RM8! 96?=<A! 87! ;BAL6DAB! 78!
;8?B8V8!<6!>:8! B8B8!6:L6B96<8<!FA:PW:=?8G!%AD!;BAL6DAB6D! DA:! 78!
FAD8!9YD!RAR8!6!=:<=L6B6:?6!E>6!I8HO!6D!LYF=7!6:P8V8B7AD!;ABE>6!:A!
76D!=:?6B6D8!>:!;=?A!D=!8!?=!?6!;8B?6:!67!8798O!D[7A!E>=6B6:!E>6!776P>6!
67!L=:!<6!96D!;8B8!8P8BB8B!D>!9=D6B8R76!;8P8O!D[7A!<6D68:!E>6!>:8!
FI=F8!F8B:><8!76D!<W!FI8:F6!;8B8!96<=B76!67!8F6=?6G!(7!F8DA!6D!E>6!
F>8:<A! ;AB! L=:! 9=D! ;=6B:8D! 6:PAB<8BA:! >:! ;AFA! H8! 6D?8R8! @=6QA!
;8B8! 69;6U8B! 78! F8BB6B8! <6! L>?RA7=D?8! H! <6! 6D8! 98:6B8! 67! ;8MD!
;6B<=[!87!\:=FA!IA9RB6!F8;8U!<6!776@8B7A!8!<=D;>?8B!78!L=:87!<6!>:!
F89;6A:8?A!<67!9>:<AG!
!
(9;6FW! 8! 6D?><=8B! 96<=F=:8G! ,=! 98<B6! 96! I8RM8! 6D?8<A!
6:?B6:8:<A!;8B8!6DA!<6D<6!67!<M8!E>6!:8FMG!L,5&%,*,).!D=P:=L=F8!E>6!?A<AD!7AD!987<=?AD!<M8D!<6!9M!@=<8!96!B6;6?M8!78!9=D98!FIYFI8B8]!
78
>%&#$D)2'.#%+#0.#$%7.&#/(%#9*6<#!%,%&#(,#927.#$D)2'.#$%#9*&;*#B%02K<#^%-E#5"#+*:%+#/(%#$2#A2)*#9*#+2).#(,*#)%+1&*'2*#-%&.#52%,%+# 0*#.-.&5(,2)*)#)%#&%$%)2*&0.<!a!877M! 6D?8R8!)6;O!>:!:=VA! L78F>FI6:?AO! FA:! 78!;6D8<8!F8BP8!<6!78!L67=F=<8<!<6!D>!98<B6E#0*#",2'*#-.+2:0%#%,#$2#9.&&2:0%#A2)*O!DARB6!D>D!6D?B6FIAD!IA9RBADG!
!
X>6:AO!67!F8DA!6D!E>6!?6B9=:W!78!D6F>:<8B=8!FA:!7>QA!<6!<6?8776D!
H!L>=!<=B6F?A!8!78!>:=@6BD=<8<G!&>:F8!96!P>D?[!67!FA76P=AO!D=!D8F8R8!
R>6:8D! :A?8D! 6B8! ;ABE>6! ?6:M8! 87P>:8! =:?67=P6:F=8! H! 67! B6D?AO!
;BAL6DAB6D!H!87>9:ADO!FA9;6?M8!FA:!7AD!98:<B=76DG!%8!>:=@6BD=<8<!
B6;6?M8! F8<8! *5&2:(5.! <67! FA76P=A! 9>7?=;7=F8<A! ;AB! 9=7O! 7A! E>6!6:D6V8R8:! ;A<M8! 8;B6:<6BD6O! 6:! 96:AD! ?=69;A! H! FA:! 98HAB!
PB8F=8O! 6:! >:!96BF8<A! ;\R7=FAG!%8!96<=F=:8! 8;6D?8R8O! D>! =:?6BWD!
;B=9AB<=87!6B8!;BA9AF=A:8B!<BAP8D!H!8<9=:=D?B8B!6:L6B96<8<6D!<6!
?87! 9A<A! E>6! D6! 878BP8B8:! F>8:?A! L>6D6! ;AD=R76G! &A! I8RM8!
;B6P>:?8DO! :A! I8RM8! B678F=[:! 9W<=FAC;8F=6:?6G! .6! 8P8BB8R8! 67!
<=:6BA!H!D6!B6F6?8R8!D6P\:!67!98:>87G!58R78R8:!<6!B6<>F=B!9YD!67!
?=69;A! <6! FA:D>7?8G! (7! D>6VA! <6! 7AD! 6D?><=8:?6D! 6B8O! >:8! @6U!
PB8<>8<ADO!;A<6B!8?6:<6B!F>8B6:?8!F8DAD!;AB!<M8G!16M8:!67! L>?>BA!
FA9A! >:8! F>6:?8! R8:F8B=8! E>6! :A! F6D8R8! <6! FB6F6BG! ,6! D6:?M!
8DE>68<AO! 96! <=Q6]! !%,1.# %0# *0$*# %,# +(# +252.E# /(2%&.# 2&# $8+# *008<!)6:>:F=W! 6:! F>8B?A! 8VA! H! FA:! 677A! )%+1&*'2D! >:! ;AE>=?A! 9YD! 78!)%+1&*'2*)*#A2)*!<6!9=!98<B6!HO!AR@=AO!96!FA:@6B?M!6:!67!FI=FA!987A!<67!;8D6AG!!
!
.A:!78D!F>8?BA!H!;=FA!<6!>:8!?8B<6!;8D8<8!;AB!77>@=8G!%AD!:=VAD!
FABB6:! H! PB=?8:! FA9A! 8;8FI6D! R8QA! >:! F=67A! 8?B8@6D8<A! <6!
B67Y9;8PADG! 0:8! DA:B=D8! 6D?\;=<8! 6! =:?6B9=?6:?6! R8=78! 6:! 9=D!
78R=AD! 9=6:?B8D! 7AD! ARD6B@AG! (D?AH! 877MO! 6:! 96<=A! <6! 78! F8776O!
69;8;8<A!FA9A!>:8!L7AB!<6!;8;67G!.A:!78D!F>8?BA!H!;=FAO!8F8RA!<6!
FA:AF6B!8!F=6B?8!FI=F8!H!;8B6F6!E>6!76!P>D?AG!(778!6D!87?8O!?=6:6!78D!
96QAB6D!;=6B:8D!E>6!I6!@=D?AO! 7AD!AQAD!PB8:<6D!H!@6B<6DO! 7AD!D6:AD!
9YD!R=6:!;6E>6VADO!78D!98:AD!R78:F8D!FA:!<6<AD!78BPADO!<=R>Q8<AD!
FA:! ?6B:>B8! D[7A! 8FI8F8R76! 8! >:! <=R>Q8:?6! <6! 78! #=D:6HG! %8! I6!
79
@=D?A!>:AD!9=:>?AD!;6BA!FB6A!E>6!78!89AG!*89YD!I6!898<A!8:?6D!8!
>:8!9>Q6BO!D[7A!96!I8:!=:?6B6D8<A!D6Z>8796:?6G!(778!?89R=W:!96!
6ZF=?8!;6BA!I8H! 87PAO!>:8! B8B8! D6:D8F=[:!6:! 7AD!:6B@=ADO! FA9A! D=!
L>6B8! 8! 8IAP8B96! D=! :A! 78! @>67@A! 8! @6BG! _,6! 6D?8BW! @A7@=6:<A!
98Q8B6?8`!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
80
!
!
!
!
!
!
!
!
.(+//%(G!+X)$%Ciu!>$%00+#02Z%#5%%,#+-2&25####!
)6FAB<[! 8! 78! ;8:<=778! <6! FI=FAD! :6PBAD! E>6! Q>P8R8:! D=:! R87[:!
9=6:?B8D! 78!:=6@6!F8M8!DARB6!.68??76O!F8D=!;><A!@6B7AD!9A@=W:<AD6!
DARB6!67!LA:<A!:6@8<A]!>:!;>V8<A!<6!<>6:<6D!D87?8B=:6D!B6?8:<A!87!
<>BA!=:@=6B:AG!(D8!@6U!7APB[!I8F6BD6!B6D;6?8B!PB8F=8D!8!D>!?876:?AO!
8E>677AD!FI=FAD!D8RM8:!7A!E>6!D=P:=L=F8R8!6DF>FI8BG!4I=FAD!;ARB6DO!
QA<=<AD! 8! 9YD! :A! ;A<6B! ;6BA! FA:! LB8PAB! 6:! 78! D8:PB6G! %8D!
<6D6D;6B8<8D!9>7?=?><6D!E>6!776:8R8:!7AD!6D?8<=AD!;8B8!6DF>FI8B7A!
:A!?6:M8:!=<68!<6!D=76:F=A!H!9\D=F8O!D[7A!8E>677AD!FI=FAD!<67!R87[:!
=:@=D=R76! 7APB8BA:! FA9;B6:<6BO! L>6! D>! =:D?8:?6! <6! PB8F=8! H! Q89YD!
@A7@=[G!(7!LB8PAB!<6!8IAB8!6B8!67!DA:=<A!<6!78!6DFAB=8!@=8Q8:<A!;AB!
?>RAD! I8F=8! 67! IAHA!ADF>BAO! 67! LB8PAB! <6! 8IAB8! 6B8! 78!96:?=B8! 6:!
FY;D>78D!BAQ8DO!6B8!78!96:?=B8!6:@>67?8!6:!<=DF>BDAD!H!;BA96D8DG!.6!
;B6P>:?[! <[:<6! 6D?8BM8:! D>! 6D;AD8! 6! I=Q8O! :>:F8! 78! P6:?6! E>6!
898R8!6D?8R8!FA:!W7!F>8:<A!6B8! :6F6D8B=A!H!;8B8!W7! 78! P6:?6!E>6!
898R8!6B8!:6F6D8B=8!D=69;B6G!478BA!E>6!:A!=R8!8!<6F=B76D!-.&#B*A.&O!F8<8! E>=6:! 6B8! <>6VA! <6! I8F6B! A! <6DI8F6B! FA:! D>! ?B8D6BAO! W7! :A!
?6:M8! P8:8D! <6! :8<8! H! 7AD! A?BAD! 87! ;8B6F6B! DMG! (:! 78! B8<=A! 6D?8R8!
DA:8:<A!^*-%#$%O!67!?698!E>6!6DFB=R=[!DARB6!>:!D>Q6?A!E>6!@=A78!8!>:8!9>Q6B!H! 7>6PA!6D!@=A78<A!6:!78!FYBF67!;AB!D>D!FA9;8V6BAD!<6!
81
F67<8! H! D=6:?6! 6:! 677A! >:8! 7=R6B8F=[:! H! <6D?=:AG! d7! Q89YD! I8RM8!
@=A78<A!8!:8<=6O!D[7A!6B8!>:!9>FI8FIA!E>6!I8FM8!F8:F=A:6DO!D=!78D!
F8:F=A:6D! 6B8:! YD;6B8D! H! +('2*+! :A! D6! <6RM8! 8! 78! =98P=:8F=[:! <67!9>FI8FIAO! ;8B8! D8R6B! <6! <[:<6! I8RM8:! D87=<A! D>D! F8:F=A:6D!
R8D?8R8! FA:! 6FI8B! >:8! 9=B8<8! 6:! <6BB6<ABO! >:8! F89=:8?8!
87B6<6<AB! <6! DM! 9=D9A! 6B8! 78! 9YD! IABB6:<8! 8@6:?>B8! E>6! ;A<M8!
?6:6B! F>87E>=6B! IA9RB6G! d7! 6B8! >:A! 9YD! E>6! 6Z;B=9M8:O! E>6!
?A98R8:! ;AB! =<=A?8O! H! E>=UY! 7A! L>6B8O! DMO! >:! =<=A?8O! >:! =<=A?8!
F8:D8<AG!.8RM8!E>6!=R8:!8!I8R78B!<6!<BAP8!H!6ZF6DADO!<6!D>!87AF8<8!
9>Q6BO! 78!D6:F=778!H!8RDA7>?8!@6B<8<G!_4[9A!;A<BM8:!D8R6B! 7A!E>6!
:A!D6:?M8:`!(D8!P6:?6]!;A7M?=FAD!H!;6B=A<=D?8DO!89=PAD!H!8RAP8<ADO!
F>B8D! H! 78<BA:6DO! 98<B6D! H! 8D6D=:ADG! /A<AD! 7AD! E>6! FA96:!
=7>D=A:6D! ;A<B=<8DO! 7AD! E>6! Q89YD! @8:! 8! D8R6B! DARB6! R>E>6D!
L8:?8D98D!H!F>RAD!<6!I=67A!:8@6P8:<A!8!96<=8!:AFI6!78!96:?6!<67!
FA:<6:8<AG! %8! <BAP8! H! 67! WZ=?A! 6B8:! <6?A:8:?6DO! 67! 89AB! >:!
F[9;7=F6! H! 6D?8R8! 7A! .5&.O! <6R=<A! 8! 6D?A! \7?=9A! 7AD! <67L=:6D! D6!B6@6:?8R8:!FA:?B8!78D!BAF8D!H!7AD!F>6B@AD!D[7A!I8FM8:!67!89AB!>:8!
@6U!6:!78!@=<8G!
!
+;8P[! 78! B8<=AO! 6DFB=R=[! >:8! :A?8! ;8B8! 78D! FI=F8DO! DARB6! ?A<A!
;8B8! 78! ;6E>6V8! gB8:F6DO! 6B8! >:8! R6RW! <6! 7A!9YD! <>7F6O! 7YD?=98!
?6:6B!E>6!<6Q8B78G!)6FAP=[!67!8B98!H!L>6!I8D?8!78!D878O!D=:?=[!B>=<A!
6:! 78! FAF=:8! H! B6FAB<[! E>6! I8RM8! >:! 676F?B=F=D?8! I8F=6:<A!
B6;8B8F=A:6DG!2F>7?[!67!8B98!R8QA!67!DALY!H!6D;6B[!8!E>6!67!IA9RB6!
?6B9=:8B8! D>! ?B8R8QAG! 36:D[! 6:! #8@6O! 6:! &A@AD67=FO! 6:! (<<HO!
E>=UYD! 6D?>@=6B8:! 6D;6B8:<A! 87PA! 8DMG! )6FAB<[! 78D! ;878RB8D! <67!
FI=FA!6:!8E>67!76Q8:A!=:@=6B:A]!U%6E#9%6E#A*+#*#7.)%&5%#0*#'&2+$*#+2#,.#A%+# 0*# &*6*<# !2%,%+# 0*# $2&*)*# )%# S2$2E# %+# 0.# -%.&# /(%# -.);*# -*+*&5%G!_4[9A! ;A<M8! D8R6B! ?8:?A! >:! FI=FA! ?8:! ;6E>6VA`! %8! @=<8! <6R=[!
;8?68B7A! <6D<6! 67! ;B=96B! <M8! FA9A! H6P>8! 7AF8G! .[7A! >:8! FAD8!
987@8<8O! PB8:<6! H! 987@8<8O! ;>6<6! I8F6B! E>6! >:! FI=FA! <6! <=6U!
8VAD! D6;8! ?A<AO! 78! YD;6B8!@=<8! D6!I8RM8! 6:D8V8<A! FA:!W7! ;6BA!:A!
;8B6FM8!<=D;>6D?A! 8!<6Q8BD6! BA9;6B! 67! ?B8D6BAG! _#[:<6! 6D?8BM8! 6D6!
D8R67A?A<A`!
82
!
%AD!BAD?BAD!<6!*8:=DO!*=9!H!*=9=!;8D8BA:!>:8!H!A?B8!@6U!;AB!D>!
96:?6O!<67!LA:<A!D6P>M8!776P8:<A!78!@AU!<67!FI=FAO!;><A!6:?6:<6B!
D>D!;878RB8D!9YD!877Y!<6!?A<A!FA:F6;?AO!6:!67!I>6DA!9=D9AO!6:!78!
B8R=8G!.>;AO!9YD!E>6!677ADO!9YD!E>6! 78!,8<B6!<67!.8R6BO!;AB!E>W!
Q>P8R8:! 8E>67! R87A:F6D?A! 87>F=:8<A! 6:! ;76:A! =:@=6B:A]! :A! 6B8!
;ABE>6! L87?8B8! 67! R87[:! D=:A! ;8B8! E>6! B*05*&*! 67! R87[:O! ;8B8! )*&+%#'(%,5*O! ;8B8! FA:AF6B! 67! LA:<A! <67! 6D?8:E>6G! +E>6778! 7AF>B8! <6!R87A:F6D?A!=R8!8!6:<>B6F6B7ADO!E>=UY!F8H6B8:!<6!?A<AD!9A<AD!;6BA!
:A!D6BM8:!;B6D8! LYF=7G!.>!<6<A!8F8B=F=[!67!P8?=77A!H!6:!6D6! =:D?8:?6!
?>@A!>:8!=7>9=:8F=[:G!#6Q[!67!8B98!8!>:!78<A!H!8P8BB[!78!P>=?8BB8!
=:@=D=R76G!.>D!<6<AD!D6!9A@=6BA:!6:!67!8=B6!E>=6?A!<6! 78! D878!;6BA!
:A! 7APB[! D8F8B76! >:! DA7A! ?B=:A! <6! D=76:F=A! 8! 78! P>=?8BB8O! I8RM8:!
;8D8<A!9>FIAD!8VAD!<6D<6!78!\7?=98!@6U!H!:A!B6FAB<8R8!78!?WF:=F8G!
%A! =:?6:?[! >:8! H! A?B8! @6U! D=:! B6D>7?8<AO! D6! I8RM8! I6FIA! ?8B<6!
?89R=W:! ;8B8! 6DAO! I8RM8! ;8D8<A! 78! B8H8! D=:! @6B78! H! :A! ;A<M8! <8B!
98BFI8!8?BYDG!3AB!9YD!E>6!8P>U8B8!67!AM<A!:A!7APB8BM8!6DF>FI8B!78!
P>=?8BB8!=:@=D=R76O!D=9;7696:?6!H8!:A!DA:8R8w!67!;BAR7698!:A!6B8!67!
AM<AO!6B8!87PA!9YD! 76?87O!FA9A!?6:6B!;67AD!6:!67!FAB8U[:G!#6Q[!78!
P>=?8BB8!H!B6FAP=[!67!8B98O!6D?8R8!LBM8O!H!B687!FA9A!W7G!36:D[!>:8!
@6U!9YD! 6:! 67! FI=FA! :6PBAO! <6D6[! FA:! 67! 8798! E>6! 87!96:AD! 6D6!
FI=FA! ;AB!76QAD!E>6!I>R=6B8!=<AC!FA:D6B@8B8!?A<8@M8!8E>67!R87[:G!
!
!
!
!
!
!
!
!
!
!
!
83
!
!
!
!
!
!
!
4$0#+#!$&,p1$%G!+X)$%Ciu!L0#-%.&#'&2$%,#%+#B2,12&#####
!"#$"%&'(%&)*%$+,&-.& !/01& ../!2& .2& )3-!4-& 5-.& .65-!& 5-&
78!9272:&13!4&0/;287&<-244.-:&2;!8.&=&>!"#$"%?&&
.[7A!<AD!@6F6D!6D?>@6!;6AB!6:!9=!@=<8]!F>8:<A!389R67W!;6B<=[!;AB!
D6P>:<8!@6U!67!?M?>7A!K78!;B=96B8!@6U!L>6!>:!BARA!H!D6:?M!B8R=8!;6BA!
:A!<A7ABO!D8RM8!E>6!67!?87!X6:M?6U!6B8!>:!F8P>6?8D!H!8DM!7A!<69AD?B[!
F>8:<A!7A!<6D;AQ8BA:!;AB!:A!6:LB6:?8B!8!389R67W!6:! 78!8FAB<8<8!
B6@8:FI8N!H!F>8:<A!F=6B?8!FI=F8!96!D8F[!<6!D>!@=<8!;8B8!D=69;B6G!
f>B?!:A! 6B8! D[7A!9\D=F8!H! 6DFY:<87ADO! ;8B8!9M! B6;B6D6:?8R8!A?B8!
FAD8O! 87PA! ;6BDA:87O! >:8! 87?6B:8?=@8! <6! @=<8! E>6! LB8F8D[G! .>!
6Z8D;6B8:?6!F8BB6B8!I8F=8!78!9>6B?6!?6B9=:[!FA9A!?A<AD!6D;6B8R8:!
H! 6DA! 96! QA<6G! .W! 7A! E>6! D6:?M8O! DMO! <6D<6! 6D?8! FAFI=:8! F=><8<!
B6;76?8!<6!9YQ8BADO!7A!D8RM8O!D=69;B6!7A!D>;6!;ABE>6!?89R=W:!6D?AH!
6:L6B9A!<6!%+.G!&A!D[7A!6D!8DFA!;AB!7A!R=6:!E>6!?B8R8Q8!78!P6:?6!6:!78D! AL=F=:8D! H! 6D?8<=ADO! 6D! 67! 8<=[D! <67! 5A9RB6O! 6D! 78! 8@6:?>B8!
I>98:8! FA9A!>:! ?=?8:=F! I>:<=W:<AD6! 6:! 67! 6D;6DA! AFW8:A! <6! 78!
=:F6B?=<>9RB6G!(7!F8R76!I8R78!<6! DARB6<AD=D!6:!%A:<B6D!H!)A98O!
<6! ;6768D! 98B=?876DO! <6! L898! H! L8D?=<=AG! (7! F8<Y@6B! ?A<8@M8! 6D?Y!
F87=6:?6!;6BA!7AD!R>=?B6D!:A!E>=6B6:!6D;6B8BG!(DA!76!;8D8!8!4AR8=:!H!
84
?89R=W:!87!;8:8<6BA!<6!78!6DE>=:8O!8!WD?6!7A!8;78D?[!>:!F89=[:!<6!
78! 4AF8C4A78! .G+G! H! 6D?>@A! ?=B8<A! AFIA! IAB8D! 6:! 67! 8DL87?AO!
BA<68<A!<6!F>B=ADADG!48<8!>:A!?6:M8!D>!;BA;=8!@6BD=[:!;6BA!?A<AD!
6D?8R8:!<6!8F>6B<A!6:!E>6!67!;8:8<6BA!?>@A!78!F>7;8G!3AB!D>;>6D?A!
E>6! W7! :A! I=UA! 8F78B8F=A:6D! :=! 6D;8:?[! 78D! 9ADF8DO! ;6P8<A! 87!
8DL87?A!;8B6FM8!:A!<8B!=9;AB?8:F=8!8!78D!:=9=6<8<6D!<6!78!P6:?6!FA:!
78!E>6!Q89YD!FB>U[!;878RB8!6:!@=<8G!+;6:8D!76M!7A!<6!4AR8=:!;6:DW!
6:!4=BAO! 6B8! 78!\:=F8!;6BDA:8!6:! ?A<8!4=><8<!$:9[@=7!E>6!;A<M8!
D6:?=BD6!FA9A!HAG!
!
&AD!6:FA:?B89AD!6:!67!;8BE>6O!W7!H8!7A!D8RM8G!4A9;B89AD!>:8!
RA?6778!H!:AD!L>=9AD!87!)8?8;6A:8G!$:=F=89AD!FA:! _,#:0..$O! 7>6PA!6:!D6P>=<=778!K:8<=6!D6!A;>DAN!H2592($E#?.006#6#!%&&25.&2*0#-2++2,1+G!(D!>:8! D>6B?6! E>6! gB8:FAO! >:! ?8?>8<AB! =?87=8:A! <6! /B=6D?6O! D6! I8H8!
6D?8R76F=<A! 6:! 4=><8<! $:9[@=7! H! 9A:?8<A! 6D?6! R8BG! 2B:6778O! 78!
9>Q6B!<6!gB8:FAO!6D!87?8!H!898R76G!gB8:FA!?=6:6!7AD!9A<876D!<6!>:!
6D?=R8<AB! RABB8FIAG! 4=BA! H! W7! DA:! >V8! H!9>PB6! 8DM! E>6! ?6:69AD!
FBW<=?A!H! 7=R6B?8<!<6!8FF=[:G!0:8!;8B6Q8!<6!87698:6D!D6!:AD!>:6G!
4=BA! D>67?8! >:8! D8B?8! <6! 987<=F=A:6D! H! 7AD! 87698:6D! BM6:G!
4AB689AD! 78D! F8:F=A:6D! <6! f>B?! I8D?8! E>6<8B! BA:FADG! %8! FI=F8!
87698:8!R8=78!LB6:?6!8!9M!H!<6!B6;6:?6!96!BA<68!67!F>677A!FA:!D>D!
RB8UADO!;6PA!9=!F8B8!FA:?B8!78!<6!6778!H!76!<AH!>:!R6DA!D87@8Q6G!(778!
?B8?8!<6!U8L8BD6!H! 67! ?=;A!96!8P8BB8!<67!;67AG!gB8:FA! =:?6B@=6:6!H!
7AD! 87698:6D! D6! 78BP8:G! 4=BA! RB=:F8! <6! >:8! 96D8! 8! A?B8! 96D8!
;6BD6P>=<A!;AB!2B:6778G!,=BA!8! 78!P6:?6!9A@6BD6!6:?B6!67!I>9A!H!
PB=?A! FA:! ?A<8D!9=D! L>6BU8DG!4=BAO!9A:?8<A! 6:! 78! R8BB8O! ?89R=W:!
PB=?8G! _^>W! 9YD! D6! ;>6<6! I8F6B`! ^>=UY! ;6P8BD6! >:! ?=BAG! &A! 7A!
<69AD!;AB!<6DFA:?8<AG!
!
!
!
!
!
!
85
!
!
!
!
!
!
!
!
.(+//%(G!,+a2Ciu!>5*6#*@*6#####%8! P6:?6! <6! .68??76O! FA9A! 78! <6! F>87E>=6B! A?B8! F=><8<O! D6!
6:?>D=8D98!F>8:<A!@6!FY98B8D!<6!/1G!.87=B!;AB!>:AD!D6P>:<AD!6:!
78!;8:?8778!6D!67!D>6VA!<6!9YD!<6!>:A!8DM!E>6!67!;6B=A<=D?8!:A!?>@A!
E>6! 6DLABU8BD6! ;8B8! I8778B! 6Z;6B?AD! 6:!f>B?G!#6D;>WD! <6! B6FAP6B!
98?6B=87!D>L=F=6:?6!L>6!87!6D?><=A!H!AB<6:[!6<=?8B!7A!9YD!B676@8:?6!
D6P\:!D>!FB=?6B=AG!(D8!:AFI6!48BA76!.9=?I! Q>:?A!8!?A<8!78!L89=7=8!
.9=?IC!6D?8R8!LB6:?6!8!78!?676!6D;6B8:<A!67!6D;6F=87!<6!f>B?!4AR8=:G!
(7! ;BAPB898! 69;6U[! FA:! 67! @=<6A! <6! 78! F8:F=[:! >$%00+# 02Z%# 5%%,#+-2&25G! 48BA76! ?6:M8! 8;6:8D! ?B6F6! 8VAD! H! 8E>6778! F8:F=[:! 6B8! D>!I=9:AG!#6D;>WD! @=:=6BA:! 6:?B6@=D?8DG! %8!98<B6! <6!f>B?! <=QA]!H%#*)A%&5;#/(%#,.#%,5&*&*#*#%+%#'0(:#)%#%+5&%00*+#)%#&.'Z#/(%#+%#$*5*,#*#0.+#X`#-%&.#\(&5# +2%$-&%# B(%# 5%+5*&().E# (+5%)# ,.# +*:%# '(8,# 5%+5*&().# %&*<!0:8!9A<67A! B>R=8!<=QA]!=%#*'.+5D#(,#-*&#)%# A%'%+# '.,# D0E# -*&%';*#(,# '92'.#
!0:!
8:F=8:A! <6! 8;677=<A! /IA9;DA:O! E>6! I8RM8! D=<A! D>! ;BAL6DAB! <6!
7=?6B8?>B8!<=QA]!L&*#'*00*).E#(,#'92'.#$(6#'*00*).E#+*:;*#/(%#*01.#*+;#2:*#
,*)2%# %+'('9*# *# 0.+# A2%7.+<##=6BA:!>:!=:?69;6D?=@A!FAB?6!8!FA96BF=876DG!.6P>BA!87P>=6:O!6:!67!
6E>=;A!<6!6<=F=[:O! =R8!8!;8D8B78!;WD=9AG!1A7@=6BA:!FA:!>:!@=<6A!
86
<6! 78! F8:F=[:! P00# *-.0.12%+G! (7! D=P>=6:?6! =:@=?8<A! B6D>7?[! D6B! >:!676F?B=F=D?8!E>6!I8RM8! 6D?8<A!I8F=6:<A!B6;8B8F=A:6D! 6:! 78! F8D8!<6!
f>B?!;AF8D!IAB8D!8:?6D!<6!D>!9>6B?6O!L>6!78!\7?=98!;6BDA:8!E>6!7A!
@=A! @=@A!H! 78! ;B=96B8! E>6! 7A! @=A!9>6B?A! KI8RM8! <6Q8<A!A7@=<8<8D!
>:8D! I6BB89=6:?8D! H! B6PB6D[! ;AB! 6778D! >:! ;8B! <6! <M8D! <6D;>WD!
6:FA:?BY:<AD6!FA:!67!DA7=?8B=A!F8<Y@6BG!(7!LAB6:D6!6D?=9[!E>6!f>B?!
I8RM8! @8F=8<A! 78! F8BP8! <6! >:! B=L76! <6! F8F6BM8! 6:! D>! 8?AB96:?8<8!
F8R6U8! F>8B6:?8! H! AFIA! IAB8D! 8:?6DN]! L+5*:*# 5&*,/(20.E# +20:*,).#'*,'2.,%+<#G.#-*&%';*#5%,%&#*01.#*+;#%,#$%,5%E#%&*#(,#1&*,#52-.E#,.#-*&%';*#(,*# %+5&%00*E# %&*# '.$.# '(*0/(2%&*<# >(#$"+2'*# ,.#$%# 1(+5*:*# -%&.# D0# %&*#$%7.&#/(%# +(#$"+2'*<#O(%# 2,'&%;:0%# %,'.,5&*&0.#)%+-(D+E#,.#-.);*#'&%%&0.<#%8! 98<B6! <6! f>B?! I=UA! >:! D6P>:<A! FA96:?8B=A]! G(,'*# %+5(A.#'.,B.&$%E#-%,+D#/(%#9*:;*#'*$:2*).E#)%+-(D+#)%# 5.).#,.#%+# 5*,#$*0.# +%&#B*$.+.# 6# 1*,*&# $('9.# )2,%&.<# CM(D# $8+# /(%&;*# -.&# [2.+F# H%# )27%# /(%#:(+'*&*#(,*#:(%,*#$(7%&E#C-.&#/(D#&*6.+#,.#0.#92K.F#(7!D=P>=6:?6!?>B:A!L>6!;8B8!>:!?=;A!LAB:=<A!H!>:8!9>Q6B!<6!F8R677A!@6B<6O!E>6!6D?8R8:!
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f>B?O!
L+5*&# *00;# +2,# %$.'23,E#+21(2%,).# 0*#'.&&2%,5%# '.,# 0*# 0%,1(*#)%#(,# 5.,5.#%4-%&2$%,5*).E#$%#9*'%#+%,52&# '(0-*:0%#$8+# *008# )%# 0*+# -*0*:&*+# -.&/(%# %0# -%.&# '&2$%,# %+# B2,12&<#(778! ;8B[! 78! 76F?>B8! ;8B8! <6F=BV# G.E# \(&5E# %0# -%.&# '&2$%,# %+# 2&+%<#4A:?>@A! 78D! 7YPB=98D!H! D=P>=[! 76H6:<A]# %+# /(%# ,.# -(%).#
-.)%&#*-&%'2*.).#%+.#/(%#5%,1.#-%&.#-.&#*01(,*#&*K3,#,.#%+#+(B2'2%,5%#6#0.#",2'.#/(%#*0'*,K.#*#A%&# %+# %0# B2,*0#)%0# '*$2,.<#(7!778:?A!<6!>:!R6RW!<=D?B8QA! 8! 4A>B?:6HO! 6B8! 78! ;6E>6V8! gB8:F6D! X68:O! 4A>B?:6H! 78!
87
?A9[!6:! D>D!RB8UAD!H! 76H[! 78!\7?=98! LB8D6!<67!96:D8Q6V#!%,1.# -.&#$(7%&#(,*#)2.+*#/(%#+()*#*$:2'23,#6#(,*#927*#/(%#$%#&%'(%&)*#)%$*+2*).#0.#/(%#B(2<#G.#*1(*,5.#-%,+*&#/(%#O&*,'%+# +%#'.,A%&52&8#%,#*01(2%,#'.$.#
#(,#:%:D#)%$*+2*).#%&&852'.#6#A*&2*:0%E#6*#,.# 5%,1.#-*+23,E#*+;#/(%# &%'(%&)%,# /(%# %+# $%7.&# 2&+%# *&)2%,).# /(%# +2$-0%$%,5%# )%+A*,%'%&+%<#4A>B?:6H! 8;B6?[! 8! gB8:F6D! FA:?B8! D>! ;6FIAG! %8! =98P6:! E>6<[!
FA:P678<8! H! DARB6! 6778! 69;6U8BA:! 8! D>R=B! 7AD! FBW<=?AD! FA:! 78!
F8:F=[:#I.$%#*+#6.(#*&%#<6!LA:<A<#(7!;8<B6!<6!48BA76!<=QA]#=*5*&+%#,.#%+58#:2%,E#*#[2.+#,.#0%#*1&*)*#0*#1%,5%#/(%#9*'%#+(#5&*:*7.G!%8!98<B6!<6! 48BA76! <=QA]# H%# %+5*:*,# +*02%,).# 0*+# '.+*+E# 5%,;*# +(# '*&&%&*# 6# (,*#B*$202*E#C-.&#/(D#0.#92K.F#48BA76!<=QA]#>%#$*53#-.�.#$2+$.#/(%#6.#$%#$*5*&;*<#!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
88
!
!
!
!
!
!
!
!
!
!
!
!
!
!
T!
42)/2!a!3)2g0&#+!
!
!!!!!!!!!!!
89
!##''''''''"%*,%'%-'9/#7%/'#&*1.&1%'*)9%'()%'&+'%/.')&.'$<#$.'$+//#%&1%4'*)'7%&1%'%/.'%*()#0.'8' -#=%/.'$+7+')&.'9-)7.'$.8%&,+6'Z%&>.'.=.--.*',%'1#A)/H&'A-.&$+'8'9.$#%&$#.',%'7+&?%'1#A%1.&+6'P)'9),+/'8'.*+7A/+'.-'0%/7%'.9./%$%/',%*&),+'<.A>.&' *#,+',#=&+*',%')&'c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f'P9#/#1).-*4'7#';.0+/#1+'*#&',),.6'P%'*%&1H'%&'%-'A+/,%',%'-.'$.7.'8',%?H'9.*./')&'9./',%'$.&$#+&%*'.&1%*',%'%$<./7%')&.'+?%.,.6'`+&()O'-%0%7%&1%6'B.'#&*9%$$#H&'-.'*.1#*;#F+'8';)%'9+/'-.'$C7./.6'B.'0+F',%'T-7%1.'.9.=.A.'%-'$-#$L',%'-.'$C7./.'8'%--.' -+'<.$>.4'.-' #=).-'()%'%-'*%D+4' /C9#,+'8'*).0%6'3%'*.$H')&'7+&1H&',%';+1+*' %&' )&' 1#%79+' A/%0>*#7+' 8' 0+-0#H' .-' C-A)76' 2./%$>.' )&.' #&+$%&1%'$+-%=#.-.6':*9%/O')&'9+$+'8'-)%=+'7%',%*9%/1O'*+A/%*.-1.,+6'!"`.8+*d'I.*#'7%',)%/7+6'!R#%&%*'.'-.'9#*$#&.U'!3%'%&$.&1./>.'9%/+'&+'0#&%'9/%9./.,.6'!J%/,#&.&,'1%',./C'-+'&%$%*./#+4'!,%'.$)%/,+U'!"%'.$)%/,+' ,#?+')&'1.&1+'$+&1/./#.,.!6'!3%'9/%*1.*'%-'A.5+U'
90
TA/>'-.'9)%/1.'8'--.7O'.-';#-#9#&+6'B%',#'#&*1/)$$#+&%*6'!@+'1./,+' ,#?+'%--.6''@.,.A.' $+7+' )&' 9%F6' :/.' )&.' $<#$.' --%&.' ,%' $).-#,.,%*' 8' 9+/' %&,%'
9%-#=/+*.6'`%$+/,O')&.';/.*%S'[)#%&'/%0%-%'.')&.'7)?%/'*)'9+1%&$#.-'*%$/%1+'*%/C'%-'9/#7%/'$+/&),+6'B%',#?%'.-';#-#9#&+'()%'-.'0#=#-./.'8'%&1/O'.'-.'$.*.6'J)#',#/%$1+'.-'A.5+6'P#'<.A>.7+*'0#*1+'-.'7#*7.'9%->$)-.'<.A/>.')&'/+--+';.-*+'%&'-.'
"W#&=+d'3.-.' *)%/1%'9./.'%--.'()%'-%'=)*1./.'%-'$#&%',%'3#$<.%-'3.&&6'J)#'.-'%*1),#+'8'*.()O',+*'/+--+*'&)%0+*',%'%*.'7#*7.'7./$.'8'$+&')&.',%'7#*'$C7./.*'<#$%' ;+1+*',%'-.*'9./%,%*',%'7#'%*1),#+'<.*1.'.=+1./'%-'9/#7%/'/+--+4'%-'*%=)&,+'-+'=.*1O'%&'7#'<.A#1.$#H&'8'%-'A.5+6'`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
,%'$+*.*'()%'<.$%/6'Z.79+$+'()#%/%'()%'-.'--%0%6'Z+7./C')&'1.D#4'-%'=)*1.',%'%*%'7+,+6'"#$%'()%'0+-0%/C'.'0#*#1./7%'%&'$).&1+'9)%,.6'3%',.')&'1#A#+'A%*+'8'*%'.-%?.'9+/'%-'9.*#--+6':-'1#7A/%',%'*%=)/#,.,'*)%&.6'!B.'*%5+/#1.'%*1C'.)1+/#F.,.'9./.'*.-#/4'W+A6'!"#+*' *.&1+4' %*1+'%*'9%+/'()%' -.'I.*.'W-.&$.' ,#$%'%--.' %&1/%' /#*.*'()%'
W+A'$+79./1%6':-'*+&#,+',%'*)*'1.$+&%*'*%'9#%/,%'%&'-.',#*1.&$#.6'!:*'7)8'A%--.4'*%5+/' ,#$%'W+A6'!Z#%&%*'A)%&'+?+4'W+A6''2.*H' )&.' *%7.&.' *#&' ()%' 1)0#%*%' &+1#$#.*' *)8.*4' .-' 9./%$%/' *%' <.A>.'
1+7.,+'.'9%$<+'*)';/.$.*+6'b7.=#&O')&.'0%F'7C*'*)'.=#1.$#H&'%&'%-'$)./1+',%'/%0%-.,+'8'-.',%$%9$#+&.&1%'*)7.',%'%*;)%/F+*6'@#'*#()#%/.'1%&>.'-.*';+1+*',%'-.'%&1/%0#*1.6'"%$#,>'--.7./-.4'%/.')&.'/.1.'1/.#,+/.'9%/+'7%'$.>.'A#%&'84'.';#&'
91
,%' $)%&1.*4' ()O'7)?%/' <.8' ()%'&+' *%.')&.' /.1.' 1/.#,+/.6' B.' #&0#1O' .' $%&./'$+7#,.'$+/%.&.'%&')&'/%*1.)/.&1%';/%&1%'.-'I%&1/.-'2./L4'.-->'*+->.'1+7./7%',%' $).&,+' %&' $).&,+' $+&' Z/)7.&' I.9+1%4' )&' 1#9+' ?+,#,+' 9%/+' %D$%-%&1%'%*$/#1+/6':--.'*%'0%>.'/.,#.&1%'$+&'*)'0%*1#,+'/+?+'8'%-'$.A%--+'$+/1.,+'$+7+'B#F.'3#&&%--#'%&'I.A./%16'c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
+?+*6' :&' %-' $)%--+' 1%&>.' 1/%*' 9%()%5+*' -)&./%*'7.//+&%*' ()%' &+' /%$+/,.A.'<.A%/'0#*1+'.&1%*6'!P#%&1+'<.A%/',.5.,+'1)*'9-.&%*' ,#?%6'!"%A>'#7.=#&./'()%'<.A>.*'0#*1+'%*.'9%->$)-.6'!3#$<.%-'%*'A)%&'.7#=+'7>+4'%*1)0%'.'9)&1+',%'1/.A.?./'%&'%*%';#-76'!!:&'*%/#+U' 7%'=)*1.A.'*)';+/7.',%'-%0.&1./'-.*'$%?.*!6'"I#%-+*d'J)#'1.&'
%*1Y9#,.6'!
92
!@+'1%&=+'#,%.6'!3)$<.*' ,#?%!6':/%*')&.'$<#()#--.'8'%*9%/+'()%'.9/%&,.*'-.'-%$$#H&6'!!:*1C*'%&;.,.,+U'!@)&$.'7%'%&;.,+6'@+*' 7#/.7+*' )&' #&*1.&1%4' 1/.1.&,+' ,%' 9%&%1/./' $.,.' )&+' -+*'
9%&*.7#%&1+*',%-'+1/+4'%-'/%*)-1.,+'%*')&'%79.1%'8'/%>7+*'9./.'$%-%A/./-+6'"%*9)O*',%'$%&./'-.'#&0#1+'.'7#'$.*.'9%/+'*%'&#%=.4',#$%'()%'&%$%*#1.'1#%79+'9%/+'()%'7%'--.7./C'$).&,+'%*1O'-#*1.6'B.',%?+'%&'-.'%&1/.,.',%')&'%,#;#$#+',%'.9./1.7%&1+*' 8' %*9%/+'<.*1.'()%' -%' .A/.&6'3%' -.&F.')&'A%*+'()%' /%$+?+' 8'9+&=+'$+&1/.'%-'$+/.FH&6'P.$+'%-'.)1+',%-'.9./$.,%/+'8'7%'0+8'.'$.*.6''T-',>.'*#=)#%&1%4'7)8'1%79/.&+4'J%/,#&.&,'7%'1/.?+')&'*+A/%6'B+'%&0#.A.'
-.' /%0#*1.' 2%//+' 3)%/1+6' T,%&1/+' %&$+&1/O' 1/%*' ;+1+*' 1.7.5+' 9+*1.-' ,%' 7#'$)%/9+' ,%*&),+4' &+' %*1.A.&' 7.-' 9./.' <.A%/*%' 1+7.,+' $+&' )&.' $C7./.'A./.1.6'B.*' ;+1+*'0%&>.&'.$+79.5.,+*',%')&.'&+1.'%*$/#1.'.'7.&+4' -.' -%1/.'%/.')&'.-./,%',%'9)-*+'8'%*1#-+6''[)%/#,+'8'.,7#/.,+'`%9S'Z%' /%$+7#%&,+' -.' Y-1#7.' 9%->$)-.' ,%' @#$+-%' 2#%//%6' @+' *%' 1/.1.' ,%' )&.'
;CA)-.4' %*' *H-+' -.' <#*1+/#.',%')&.'7)?%/'()%'*%' 7%1%'7%,#+' L#-+' ,%' $+$.>&.'9/%&*.,.'%&'%-'$+5+'8' -+'.9/#%1.'$+7+'*#';)%/.')&.'0%/=.'7%,#.&.'M$+7+'-.'1)8.N6'!P.A%*'$)C&1.'$+$.>&.'<.'%&1/.,+'.'KPT'8'/%$+//%'*)*'$.--%*',%'%*.';+/7.U' Z.-' 0%F' *%.' )&.' $<#()#--.4' ()%/#,+' W#=' `%94' 9%/+' 1%&=+' 7#*'9/+;)&,#,.,%*6'' ' ' ' ' I+&'.,7#/.$#H&4'P)*.&6'###!
!
!
!
!
!
93
!
!
!
!
!
!
!
!
!
!
!
!
j!
X+%%(&+.!#(!+'2./2!
!
!
!
!
!
!
!
!
!
!
!
94
!!
!
!
!
!
!
(b/()$2)C/+)#(!>(B&.#$('9.#*0#+*:%&#/(%#,.#5%#9*+#$(%&5.#####.W!E>6!8IAB8!9=D9A!D6! 78!6D?Y!96?=6:<AO! 78!6D?Y! DAR8:<AO! 76!6D?Y!
8RB=6:<A! 78D!;=6B:8D! 8! "km!PB8<ADO! 76! 6D?Y!I>:<=6:<A!67! 8798G!.W!
E>6!8IAB8!9=D9A!78!6D?Y!6:P8:FI8:<A!H!6778!:A!;=6:D8!6:!9MO!6778!
:A!;=<6!8H><8G!.W!E>6!8IAB8!9=D9A!76!6D?Y!9AB<=6:<A!78!;>:?8!<6!
78D!?6?8DO!76!6D?Y!<8:<A!76:P>8O!76!6D?Y!FI>;8:<A!78!D8:PB6!H!6778!:A!
;=6:D8!6:!9MO!6778!:A!E>=6B6! 77898B!8! 78!;A7=FM8O!6778!PAU8G!.W!E>6!
8IAB8! 76! 9=D9A! 76! 6D?Y! 9AQ8:<A! 78D! R8BR8D! <67! FIAFIAO! 76! 6D?Y!
B8H8:<A!67!1*0025.O!76!6D?Y!<8:<A!D6B6:=?A!8!9=7O!8IAB8!9=D9AO!8IAB8!9=D9AG!.W!E>6!8IAB8!9=D9A!6D?Y!RABBY:<A96!9YD!H!9YD!H!6778!:A!
D6!8F>6B<8!<6!9MG!
!
0:!<M8!@AH!8!;8B?=B76!67!8798!8!6D6!=:L67=UO!@AH!8!;8B?=B76!67!F>7AO!
@AH!8!U89;8B76!>:8!R8:8:8!@6B<6!;8B8!E>6!D6;8!F[9A!<>676G!0:!
<M8!@AH!8!FA96B96!8!6D6!;6BBAO!@AH!8!96?6B76!>:!F78@A!F87=6:?6!6:!
67! QA;AO!@AH!8!98FI8F8B! D>!PAB<A! ?B8D6BAG!0:!<M8!@AH!8!FA9;B8B!
>:! B=L76! H! @AH! 8! E>6RB8B76! 78D! ;67A?8D! 8! 6D6! 987;8B=<AO! @AH! 8!
I8F6B7A! ;8<6F6B! FA9A! >:8! B8?8! F=6P8! 6:! 67! F>9;768VAD! <6! #A:!
'8?AO!@AH!8!;8B?=B76!67!FAB8U[:!9=7!@6F6DO!@AH!8!I8F6B!E>6!D6!FA98!
78D! FIYF8B8DO! E>6! ?B8P>6! D>! ;BA;=8! D8:PB6O! @AH! 8! B6@6:?8B! D>!
6D?B6FIA!F6B6RBA!<6!9A:AG!
!
95
(:! 6D6! 7AF87! E>6! @6D! 877MO! DMO! 87! 78<A! <6! 78!98BE>6?6BM8!(:! 6D6!
7AF87! ?>@=9AD! >:8! D878! <6! ?68?BAG! +77M! DAV89AD! H! 7A! I=F=9AD! 78!
;B=96B8! @6UG! dB89AD! >:! PB>;A! FA:L7=F?=@A! ;6BA! FA9;8F?AO! ?A<AD!
D=P>6:!D=6:<A!9=D!89=PAD!H!8!6778! 78!;6B<MG!1MF?AB! D6!F8D[O!4>6?A!
L>6!8R8:<A:8<A!;AB!/6B6D8!K6778!D6!L>6!8!38BMD!H!D6!6:89AB[!<6!>:!
LB8:FWDNO!3A77A!@=@6! 6:!XAPA?Y!H!;BA:?A!@8!8!F8D8BD6G!aA!6DFB=RM8!
78D! ARB8DG! 0:8! @6U! 6778! FA:D=P>=[! F=:F>6:?8! D=778D! ;8B8! >:8!
;B6D6:?8F=[:O!6D?8R8!B8<=8:?6!H!78!ARB8!:A!6D?>@A!987G!.6!77898R8!
P#$%)2*# T.K! ;6BA! 78! <6QW! ?=B8<8! 6:! 87P\:! 78<AG! 36B<M! 78! ARB8O! 78!;6B<M!8!6778O!;6B<M!67!D6:?=<A!H!67!<6D6AG!
!
&A! D=69;B6! L>=! R>6:A! FA:! 6778O!9YD! R=6:! 6B8! >:! I=QA;>?8G! %8!
898R8!?8:?A!H!:A!D8RM8!E>W!I8F6BG!(:!@6U!<6!<8B76! 7A!E>6!D6:?M8O!
<6! 776:8B78! FA:! 6D6! YD;6BA! 89ABO! 96! 7A! ?B8P8R8G! (D! 87PA! E>6!
?A<8@M8!:A!6:?=6:<A]! D>!89AB!96! 776P8R8! LYF=7O! 6:!F89R=A!67!9MA!
:A! L7>M8!I8F=8! 6778G!4B6A!E>6! D>!89AB! B6;B=9M8! 67!9MAG!(778! H! D>!
89AB! LAB98R8:! >:8! D>D?8:F=8! 6D;6D8! H! 9=! 89AB! H! HA! :AD!
E>6<YR89AD! 8?8DF8<ADO! 6:?A:F6D! 96! @A7@M8! >:8! L>B=8! H! 6778! :A!
;A<M8! 6:?6:<6B7AG! %8! ?B8?W! 987! 9>FI8D! @6F6D! ;ABE>6! 6D?8R8!
<6D6D;6B8<A!;6BA!78!E>6BM8!9YD!E>6!8!9=!@=<8!H!F>8:<A!6778!D6!L>6!
9=!@=<8!D6!8;8P[G!
!
4>8:<A!D>;6!E>6!:>:F8!9YD!=R8!8!?6:6B78O!6:7AE>6FM]!P,5%+#/(%#-*+%#(,#+%1(,).#9*:&8+#$(%&5.#'2%,#$20#A%'%+O!<=F6!>:8!LB8D6!<67!4ABY:!H!HA! ?>@6!E>6!@=@=B78G!&A!I8RM8!<6Q8<A!<6!898B96!;6BA!D>!89AB!
6D?8R8!6:L6B9A!H!:A!DA;AB?8R8!9YD!9=!;B6D6:F=8G!1=!?A<A!67!<A7AB!
6:!D>D!AQADO!?A<8D!9=D!?B8=F=A:6D!H!96:?=B8DO!HA!6B8!78!;6BDA:8!6:?B6!
6778! H! HAO! 67! B=@87! =9;AD=R76G!(:?A:F6DO! F>8:<A!H8!:A! =9;AB?8R8O!
6D?877[!9=!89AB]!D>!89AB!6:L6B9A!:A!I8FM8!B6D=D?6:F=8!H!67!9MA!L>6!
I8F=8! 6778! FA9A!>:! B8HA! ;6BA! 6778! 6D?8R8! F6BB8<8G!a!9=! 89AB! D6!
E>6<[!FA:9=PA!H!I>RA!PA?8D!<6!D8:PB6!6:!9=!D=76:F=AG!(778!D6!876Q[!
H! HA! 6:?BW! 87! F>8B?A! LBMAO! 67! 96:AD! L7AB=<A! <6! ?A<AD! 7AD!
98:=FA9=ADO!H!?A<8@M8!:A!D87PAG!
!
96
4A9A!:A!?6:PA!8!E>=W:!A<=8B!7A!A<=A!8!W7O!FA9A!I8H!F>7;8R76!7A!
F>7;A!8!W7O!FA9A!:A!I8H!6:69=PA!76!FA:@=6B?A!8!W7!6:!6:69=PAG!,=!
89AB!6D!DARB6:8?>B87O!>:!;6F8<A!D=:!#=ADO!>:8!?676:A@678!D=:!L=:O!
>:!:>6@A!FA96BF=87!<6!98BP8B=:8G!4A9A!8!E>=6:!<6RA!98?8B!6D!8!
9MO! 98?A! 67! 89ABG! 4A9A! DAH! 67! =:F6:<=8B=AO! 67! =::A9RB8R76O! 7A!
:A9RBA!8!W7G!4A9A!:A!I6!;A<=<A!6Z;7=F8B76!8!6778!F>Y:?A!78!89AO!
D6!7A!6Z;7=FA!87!9>:<AG!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
97
!
!
!
!
!
!
!
$&/()$2)C&245(!="+2'*#)%#G2&A*,*#####1=@A! 6:?B6! 67! D>6VA! H! 78! B687=<8<O! D>6VA! E>6! DAH! J21! )6;O! >:8!6D?B6778! <67! F=:6! H! 67! 8B?6O! E>6! @=@A! 6:!&6q!aABJ!H! FA:F6<A!9=7!
6:?B6@=D?8D!;AB!<M8O!E>6!?6:PA!>:!D=B@=6:?6!L=7=;=:A!H!>:8!98:D=[:!
<6!To!I8R=?8F=A:6DO!E>6!78D!9>Q6B6D!D6!8BB8D?B8:!;AB!9MO!E>6!I8PA!
7A!E>6!E>=6BA!H!<=PA!7A!E>6!D=6:?AG!.>6VA!E>6!DAH!M:?=9A!<6!.68:!
36::O!e=9!e6:<6BD! H!,[:=F8!5>;;6B?G! .>6VA! E>6! Q>6PA! 6:! 67!
X8BF67A:8! gG4GO! E>6! I8PA! <>;78! 6:! 67! 8?8E>6! FA:!)A98B=AO! E>6!
DAH!96QAB!E>6!W7G!.>6VA!E>6!F=6B?8!FI=F8!:A!D6!I8!=<AO!E>6!;>6<A!
@6B78!F>8:<A!E>=6B8O!E>6!:A!D6!I8!F8D8<A!FA:!>:!R=FIAO!E>6!:A!I8!
;8D8<A!67!?=69;AO!E>6!:A!?6:PA!@6=:?=;=FA!8VAD!H!78D!98:AD!@8FM8DO!
E>6!6778!6D?Y!877MO!6:!78!9=D98!6DE>=:8!<6!D=69;B6G!.>6VA!E>6!6D?AH!
6:!67!26D?6O!E>6!Q>6PA!;[E>6B!FA:!;67=PBADAD!?8I\B6DO!E>6!DAH!9YD!
BY;=<A! E>6! e=7<! X=77! 5=FJFAJ! H! eH8??! (8B;! Q>:?ADO! E>6! 96!
6:LB6:?A!8!D6=D!L89ADAD!;=D?A76BAD!HO!D=:!76@8:?8B96!<6!78!96D8O!76!
96?A!>:!?=BA!6:?B6!78D!F6Q8D!8!F8<8!>:A!H!D=PA!78!;8B?=<8O!E>6!:8<=6!
;>6<6!P8:8B96!8!78D!F8B?8DG!.>6VA!E>6!:A!DAH!HAG!
!
%8!B687=<8<!6D!E>6!:A!96!@8!?8:!987!FA9A!E>=D=6B8O!E>6!?6:PA!
9=! ;BA;=8! I8R=?8F=[:! H! >:8! 98<B6! FA9;B6:D=@8G! /89R=W:! ?B6D!
I6B98:ADO!>:8!7=:<8!DARB=:8!H!>:!;6BBAG!%8!B687=<8<!6D!E>6!/AR8!
98
?=6:6! 67! F8R677A! FAB?A! A?B8! @6UO! E>6! ?B8R8Q8! 6:! ;>R7=F=<8<!H! D=P>6!
8VAB8:<A!8!X6??H!F>8:<A!D6!69RABB8FI8G!4=BA!@=@6!8!<AD!F>8<B8D!
<6!8E>MO!?=6:6!D>!;BA;=8!I8R=?8F=[:!H!>:8!L89=7=8!9YD!FA9;7=F8<8!
E>6!78!9M8G!.>!;8<B6!<6R6!D6B!9>D>79Y:G!4=BA!;=:?8!F>8<BAD!DARB6!
B8?8D! H! F8B:=F6BAD! H! ?89R=W:! ?=6:6! >:! 89AB! D6FB6?A! E>6! 8L7AB8!
F>8:<A!6D?Y!RABB8FIAG!.A769AD! B6>:=B:AD! 6:! 78! F8L6?6BM8!<6!,=DD!
X78:FIW!A! 6:! 67! ;8BE>6!E>6!I8H! LB6:?6! 8! 78!(DF>678!<6!+B?6DG!%8!
(DF>678! :A! 6D! 9YD! E>6! >:! 6:AB96! AB=:87! B6;76?A! <6! B6D6F8D!
D6FB6?8B=8D!6! =:AF>AD!;BAL6DAB6DG!4=BA!6D?><=[!877M!>:8! ?69;AB8<8G!
/A<AD!:ADA?BAD!I8F69AD!7A!E>6!D6!;>6<6!H!7A!E>6!D6!;>6<6!6D!9>H!
;AFAG! *A?8! 6D! F8D8<AO! 8! @6F6D! D6! ;=6B<6! ;AB! D698:8D! H! 7>6PA!
8;8B6F6! FA:! <=:6BA! H! B8B8D! I=D?AB=8DG! *A?8! 8F8R8! <6! ;>R7=F8B! >:!
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
>:!7ARA!K6:!@6U!<6!6D?8B!FA:!D>!7AR8N!6D?8R8!FA:!>:8!UABB8G!!
C^>=UY!78!7AR8!D6!E>6<[!7=9;=8:<A!78!F8D8! <=Q6G!
(:?A:F6D! 6778O! FA:! D>! ;6BD;=F8F=8! <6! 8;6:8D! F>8?BA! 8V=?ADO!
8PB6P[]!
C3ABE>6!78!7AR8!DM!6D!<6F6:?6G!
!
58F6!87P>:AD!8VAD!;>R7=E>W!>:8!:A@678!;6BA!:A!;8D[!PB8:!FAD8G!
gB8:!?B8R8Q8!FA:!78!87F87<M8!;ABE>6!D>!;8<B6!9>B=[!H!H8!:A!;>6<6!
99
E>6<8BD6!6FI8<AG!gB8:!@8!8!;>R7=F8B!>:!7=RBA!<6!F>6:?AD! 77898<A!
H;$25%+# K6D6!?M?>7A!B6D>96!78!I=D?AB=8!<6!:>6D?B8!6Z;6B=6:F=8!@=?87NG!%8!B8U[:!;AB!78!E>6!:AD!B6>:=9AD!6D!78!R6R=<8G!gB8:!D=69;B6!D8R6!
<[:<6! I8RBY! >:! FAF?67! H! 78! F87=<8<! <67!9=D9A! K+7A:DA! 7A! 77898!
I.'Z5*20$*,NG!/89R=W:!6D!IYR=7!;8B8!FA:D6P>=B!$%'%,*+G!!
%A! E>6!96! =BB=?8! 6D! ;6:D8B! E>6! 6D?Y:! 8?AB8:<A! 8! F=6B?8! FI=F8O!
E>6!76!6D?Y:!<8:<A!FA:!?A<AO!E>6!76!E>=6B6:!?>9R8B!78!6D?8:?6BM8O!H!
6778! 7A! <=DLB>?8G! /AR8! 6:! F89R=A! ;=6:D8! E>6! F>8:<A! 76! D8F8:!
FI=D;8D!8!X6??H!6778!D6!;A:6!?B=D?6!H!;=6:D8!6:!W7G!/AR8!H!HA!DA769AD!
98B?=B=U8B:AD!9>?>896:?6!<6DFB=R=6:<A!6:!<6?8776! 78! LAB98!FA9A!
8?AB8:! 8! :>6D?BAD! 89AB6D! ;6B<=<ADG! %A! E>6! 96! =BB=?8! 6D! :A!
I8RWB9678!8?AB8<A!<AD!9=7!@6F6D!9YDG!gB8:!8:<8!FA:!X=R=8:8!H!D6!
@6!9>H!FA:?6:?AG!4=BA!:A!FB66!6:!67!89ABO!D=69;B6!6D?Y!I8F=6:<A!
;BA:[D?=FAD!ADF>BAD!87!B6D;6F?AG!4B6A!E>6!4=BA!898!8!)!H!76!?=6:6!
9=6<A!8!6D6!89AB!K87PA!9>H!=:?67=P6:?6!<6!D>!;8B?6NG!)!:A!8DA98!
9>FIA! 67! ;=FA! ;AB! 6D?AD! 78<ADO! 6778! @=@6! 6:! >:8! F=><8<! 9YD!
I6<=A:<8!E>6! WD?8! KD=! 8F8DA! 6DA! 6D!;AD=R76NG!/A:=! 6B8! 67!:A@=A!<6!
,8B?I8!H!8IAB8!6778!8:<8!FA:!58BA7<G!/A:=!6DFB=R=[!>:!9A:?[:!<6!
;A698D! ;8B8!,8B?I8! ;6BA! <6! ?A<8D! LAB98D! 6778! 7A! <6Q[G! 58BA7<!
?89R=W:!I8!6DFB=?A!;A698DO!7A!I=UA!8:?6D!<6!FA:AF6B!8!,8B?I8G!&A!
6B8:!;A698D!<6!89AB! K6B8:!6:!D6B=ANG!/A:=!;BA:?A!D6BY! 8RAP8<AG!
58BA7<!6D!8RAP8<A!<6D<6!I8F6!?=69;A!H!6D!R>6:AG!/A:=!Q89YD!D6BY!
?8:! R>6:! 8RAP8<A! FA9A! 58BA7<G! /AR8! 8D6P>B8! E>6! 8RAP8<AD! H!
;A7=FM8D! ?=6:6:!D=6?6!PB8<AD!96:AD!E>6! 78!9=6B<8G!%AD!;A698D!<6!
58BA7<!DA:!96QAB6D!E>6!7AD!<6!/A:=G!/A:=!6D!96QAB!LA?[PB8LA!E>6!
58BA7<!;ABE>6!58BA7<!:A!6D!LA?[PB8LAG!3A7=FM8D!H!8RAP8<AD!I8F6:!
;8B6Q8!;6BL6F?8!6:!7AD!D6F>6D?BAD!<6!ARQ6?AD!;AB!F8>D8!<6!69R8BPAG!
0:8!@6U!@=!F[9A!D8F8R8:O!6:?B6!>:!8RAP8<A!H!>:!;A7=FM8O!67!@=6QA!
?676@=DAB!<6!>:8!I>9=7<6!F8D8G!%8!I8U8V8!B6D=<6!6:!E>6!87!?676@=DAB!
=R8:!;6P8<AD!<AD!:=VAD!;6E>6VAD!H!L>6!=9;AD=R76!E>=?8B7AD!<6!877M!
8DM!E>6!7A!8QABB8BA:!<6:?BA!<67!F89=[:!FA:!?A<A!H!:=VADG!
!
100
%8D!9>Q6B6D!898:!;AB!B6L76QA!H!;AB!6DA!D6!@6:!@>7P8B6DG!(7!89AB!
<6! 78!9>Q6B! 6D?Y! 7=P8<A!87! D6ZAO! 8!;6E>6V8D!H! FB>676D!96:?=B8DO! 8!
9>PB6!H!?676!H!9YD!9>PB6G!.=!?6!R>B78D!<6!6778!KA!76!<8D!>:8!;87=U8!
;AB! <8V8B! ?>! 96QAB! ;8B! <6! ;8:?87A:6DN! D>! B6D;>6D?8! I8R=?>87! 6D!
:6P8B?6! 67! D6ZAG! %AD! IA9RB6D! DA:! 676P8:?6D! F>8:<A! 898:! FA9A!
IA9RB6DO! 7AD! IA9RB6D! E>6! 898:! FA9A!9>Q6B6D! D6! @6:!9=7! @6F6D!
9YD!@>7P8B6D!E>6!WD?8DG!%8!9>Q6B!E>6!898!FA9A!IA9RB6!:A!D6!@6!
987G!(7!IA9RB6!E>6!898!FA9A!9>Q6B! ?6B9=:8! 6FI8:<A!9AFA!6:!
87P\:! D>F=A!9A?67!<6! LBA:?6B8G!/A<A!IA9RB6!898!FA9A!9>Q6B! 78!
;B=96B8!@6UG!,8B?I8!H!/A:=!;8B6FM8:!E>6B6BD6!9>FIA!;6BA!FA:!78D!
9>Q6B6D!:>:F8!D6!D8R6G!0:!98Q8B6?8!6D!67!IA9RB6!E>6!898!D=69;B6!
FA9A!9>Q6BG!%8!9>Q6B!898!;AB!B6L76QA!H!D=!:A!76!D8F><6D!67!?B8D6BA!
7A! D>L=F=6:?6O! 6:! F>8:?A! ?6:P8! FI8:F6O! D6! 7A! <8BY! 87! @6F=:AG!/A:=!
I8R78!<6!=BD6!8!XAPA?YG!/A<AD!:ADA?BAD!F>8:<A!6D?89AD!;A<B=<AD!
;AB! 87PA! K67! *01.! <6! D=69;B6N! I8R789AD! <6! @=8Q8B! 8! XAPA?YG! (:!XAPA?Y!:A!;8D8!:8<8!6Z?B8AB<=:8B=A!;6BA!78!<=D?8:F=8!8H><8G!0:A!
776P8!8!XAPA?YO! D6!96?6! 6:!>:!R8B!<6! =:?676F?>876D! H! 78!9A:?8!<6!
8B?=D?8!98BP=:87G!.=! ?=6:6D!R>6:8!F8BB6?8!;>6<6D!FA:D6P>=B!>:!BA:O!
>:! IAHA! <A:<6! ;8D8B! 78! :AFI6! H!9>Q6BG! +! /AR8! 76! ;8B?=6BA:! 67!
FAB8U[:! 6:! XAPA?Y! ;6BA! :A! FAP6! 6DF8B9=6:?AG! (7! ;8;Y! <6! /A:=!
@=@6!6:!87P>:8!;8B?6!<6!XAPA?YO!/A:=!:A!7A!FA:AF6!H!E>=6B6!I8R78B!
FA:! W7! ;8B8! AB<6:8B! D>D! B6F>6B<AD! KH! D8F8B76! 87PA! <6! <=:6BANG!
58BA7<! H! ,8B?I8! ;8B6F6:! E>6B6BD6! 9>FIAG! X=R=8:8! H! gB8:!
?89R=W:G!/A<AD!7AD!6:89AB8<AD!;8B6F6:!E>6B6BD6!9>FIAG!
!
!
!
!
!
!
!
!
!
!
101
!
!
!
!
!
!
!
(b/()$2)C+,+&(4()!M(%#+(B&*#$('9.#-%&.#/(%#,.#$(%&*#####.8R6B!E>6! D[7A!HA!H! 67! E>6!8IAB8! 6D! D>!98B=<A!I69AD!8?AB8<A!8!
F=6B?8! FI=F8! :A! 96! ?B8:E>=7=U8O! E>=UY! L>6D6! 96QAB! ;6:D8B! 6:! >:!
:\96BA!=:<6L=:=<A!<6!898:?6DO!8DM!:A!?6:<BM8!>:8!DA78!H!L68!F8B8!
6:!9=D! ;6D8<=778DG!+! @6F6D! ;=6:DA! E>6! H8! :A! 89A! 8! F=6B?8! FI=F8O!
E>6!6D6!89AB!I8!9>6B?AO!;6BA!F8<8!898:6F6B!;6E>6V8D!H!@AB8F6D!
FB=8?>B8D! FI>;8:! 9=! FAB8U[:G! .=! 6778! I>R=6D6! ?6:=<A! 9>FIAD!
89ABMAD!D6BM8!9YD!LYF=7!A7@=<8B78!;6BA!D6!69;6F=:8!6:!D6B!78!9>Q6B!
=<687O!9=!89AB!;6BL6F?AG!4A9A!:A!6:F>6:?BA!98:6B8!<6!;B=:P8B!D>!
B6F>6B<AO!D>!B6F>6B<A!96!;B=:P8!8!9MG!(D6!6D!67!8Z=A98]!6:?B6!<AD!
D=69;B6!I8H!>:A!E>6!8;6D?8G!
!
0:A! E>=D=6B8! E>6! 78D! ;6BDA:8D! L>6B8:! FA9A! >:A! =98P=:8! E>6!
DA:O!>:A!D6!69;6V8!6:!I8F6B!<6!78D!;6BDA:8D!7A!E>6!>:A!E>=6B6!E>6!
D68:G! (D! 7A! E>6!96! 69;>?8! <6! 78! 7=?6B8?>B8! 7=?6B8B=8O! 6:! WD?8! 7AD!
;6BDA:8Q6D!DA:!BMP=<AD!H!<689R>78:!;AB!78!?B898!FA9A!?8BB=?AD!<6!
FA:D6B@8D!;AB! 7AD!B=676D!<6!>:8!LYRB=F8]!D=!D6!;AB?8:!R=6:!7A!I8F6:!
<6!>:8!98:6B8!F>8<B8<8G!.=!DA:!987AD!8F?\8:!;6BL6F?896:?6!987G!
.=!DA:!R>6:AD!H!987AD! 8!>:!?=69;AC!?=6:6:!>:8!LAB98!=:6E>M@AF8!
<6!D6B7AG!+DM!;B6?6:<6!I8F6B!>:A!FA:!78D!;6BDA:8DO!FA:@6B?=B78D!6:!
;6BDA:8Q6D!E>6!)%:%,!8F?>8B!8!:>6D?BA!8:?AQAG!+DM!E>=D6!I8F6B!FA:!
102
F=6B?8! FI=F8G! #>B8:?6! 8VAD! FB6M! ?6:6B! 67! FA:?BA7! H! 76! R8D?[! >:!
=:D?8:?6! ;8B8! <6Q8B96! ;6B;76QAG! .>! @=<8! P=B[! 6:! >:8! <=B6FF=[:!
=:6D;6B8<8!H!78!9M8!D6!;8B?=[!6:!9=7!;6<8UADG!
!
%8D!;6BDA:8D!R8Q8:!<67!8>?AR\D!H!FABB6:!I8F=8!D>D!F8D8D!;ABE>6!
:6F6D=?8:! 6:?B8B! 87! R8VA! FA:! >BP6:F=8G! %8D! ;6BDA:8D! D8R6:! E>6!
;>6<6:! 8P>8:?8B! 6DAD! <ADF=6:?AD! 96?BAD! H! 7A! I8F6:G! /AF8:! FA:!
@=A76:F=8!78!;>6B?8!H!<6R6:!9*'%&+%!6:!7AD!;8:?87A:6D!;ABE>6!:8<=6!76D! 8RB6O! ;ABE>6! E>=6:! <6RM8! 6D?8B! 6:! F8D8! :A! 6D?Y! H! 6DA! :A! 7A!
I8RM8:!;B6@=D?A!78D!;6BDA:8DG!
!
_^>W!?=;AO!;AB!<>BA!H!6L=F8U!E>6!D68O!:A!D6!9*#9%'9.!87P>:8!@6U!6:!7AD!;8:?87A:6D`!(7!89AB!PA7;68!9YD!L>6B?6!E>6!/HDA:O!D6!9>6@6!
96QAB!E>6!+7MO! 6D!9YD! BY;=<A!E>6!X6:! *AI:DA:!<A;8<AG!+>:E>6!
F87F6D!ukO!67!89AB!;>6<6! ?=B8B?6!87!;=DA!H!I8F6B?6! BA<8B!I8D?8!E>6!
:A!E>6<6!>:!;67A!6:!?>!?B8D6BAG!38B8!E>6!?6!9*1*+!6:!7AD!;8:?87A:6D!87!89AB!76!R8D?8!>:!D>D;=BAG!.W!E>6!I8H!P6:?6!;AB!8IM!FA:!R>6:AD!
<=6:?6D! H! A?BAD! 6:@=<=8BM8:! 8! >:! P>D8:AG! 58H! P6:?6! E>6! :>:F8!
?=6:6!PB8:AD!6:!78!F8B8O!I8H!P6:?6!E>6!P8:8!?A<8D!78D!8;>6D?8D]!6DA!
8H><8!;6BA!:A!6D!D>L=F=6:?6G!,>FIAD!<6!9=D!89=PAD!I8:!D=<A!9YD!
F6B<AD! E>6! HA! FA:! D>D! 9>Q6B6D! H! 6778D! D=P>6:! 877MO! FA9=6:<A! 67!
?B8D:AFI8<A! 8BBAF=?A! FI=:AG! &A! E>=D=6B8! ?6:6B! :=VAD! FA:! F=6B?8!
FI=F8!:=!D8R6B78!;6P8<8!8!9MG!,6!P>D?8BM8!I8F6B!>:!@=8Q6!FA:!6778O!8!
XB8D=7!E>=UYG!a!R6D8B78O!H!<8B76!D8F><=<8DO!<6!@6U!6:!F>8:<AG!!
!
+!F=6B?AD!?=;AD!76D!F>6D?8!B6D;6?8B!8!D>D!9>Q6B6D!;ABE>6!8:?6D!<6!
6:89AB8BD6! <6! 677AD! ?>@=6BA:! 89ABMAD! FA:! 87P>=6:! E>6! 677AD!
<6D;B6F=8:G! 38B6F6! ?A:?A! ;6BA! 6DA! QA<6G! (77AD! :A! ;>6<6:! 8F6;?8B!
E>6!6778D!I8H8:!D87=<A!H!<8<A!D>!F>6B;A!8!D>Q6?AD!F>H8!=:L6B=AB=<8<!
;B6PA:8:G!%!D=69;B6!D6!E>6Q8!;ABE>6!/!D87=[!FA:!gG!/!76!<=F6!E>6!
6DA!6D?Y!A7@=<8<AO!E>6!:A!?=6:6!=9;AB?8:F=8G!%!;=6:D8!E>6!/!H!A?B8!
P6:?6! 7A!FA9;8B8:!FA:!g!H!;8B8!W7!g!6D!;6DF8<A!;A<B=<AG!3=6:DA!
E>6! %! D>676! D6:?=BD6! ;6DF8<A! ;A<B=<A! H! :A! 8P>8:?8G! .6P\:! W7O! /!
<6R=[!6D!FAP6B!96QAB!87!?=;A!E>6!<6RM8!8:?6F6<6B7AO!4>8:<A!67!?=;A!
103
8:?6B=AB!6D!R=6:!;78:?8<A!78!FAD8!69;6AB8O!67!8F?>87!7A!D=6:?6!FA9A!
>:8! 896:8U8! H! ?=69R78! F8<8! @6U! E>6! 6778! 7A! 96:F=A:8G! %AD!
IA9RB6D!D>6V8:!FA:!D6B!67!;B=96B!H!\:=FA!898:?6!<6!78!9>Q6B!E>6!
898:G! %8D! 9>Q6B6D! <=F6:! E>6! 67! \7?=9A! ;>6<6! F8:?8B! @=F?AB=8G!
,898D8R=8!A;=:8!E>6!:8<=6!;>6<6!6D?8B!D6P>BA!<6!D6B!67!;B=96BA!H!
6DA!?89R=W:!@876!;8B8!67!\7?=9AG!
!
,6!P>D?8!?BA?8B!F8<8!98V8:8!;ABE>6!8L7AQ8!78!?B=D?6U8G!4>8:<A!
D>6VA!FA:!F=6B?8!FI=F8! 7A!DW!8>:E>6!:A!7A!B6F>6B<6G!%8!D6:D8F=[:!
<6! 8>D6:F=8! 6:! 67! ;6FIA! 96! 7A! <=F6G! /BA?8B! 8H><8O! ;AB! 6DA! I8H!
?8:?8!P6:?6!?BA?8:<A!87!898:6F6BG!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
104
!
!
!
!
!
!
!
$&/()$2)C&245(!>%4.E#)&.1*#6#&.'Z#*,)#&.00#####(7!R8B!6D?Y!B6;76?AG!%AD!6Z?B8:Q6BAD!I=6<6:!8!P877=:8!8I>98<8O!78D!
FI=F8D!8!;6BL>96!<6!;>?8O! 78D!;>?8D!8!D696:!<6!P877=:8!8I>98<8G!
/AR8! D6! I8! E>=?8<A! 78! F89=D8! H! 87U8! 7AD! RB8UAD! 6:!96<=A! <6! 78!
;=D?8G!4=BA!6D?Y!FA:!W7G!/AR8!6D!87?A!H!L78FA!;6BA!?=6:6!D>!PB8F=8G!.>!
8FAD?>9RB8<A!98:?B8!8?B8@=6D8!78!9\D=F8!;AB!>:!=:D?8:?6]!
aP,521(.+# %+-;&25(+# )%0# $*0E# 5&*,+B.&$%,# %+5%# '(%&-.E# )%'*)%,5%# 6#$;+%&.E#%,#!.:*E#L0#_,$.&5*0#4=BA!7A!R8V8!6:!F6B@6U8!H!27P8!7A!R6D8!6:!78!RAF8O!>:!R6DA!78BPA!
H!IA:<AG!/AR8!6D?Y!6:!78!P7AB=8G!%AD!6Z?B8:Q6BAD!ARD6B@8:!H!L>98:!
98B=I>8:8O! 6:! 67! R8VA! I8H! 8P=?6O! <6R6! I8R6B! 87! 96:AD! 9=7!
;6BDA:8D! 877MG!,6!9>6@A! <6! >:! 78<A! 8! A?BA! FA9A! >:! ?=PB6G!58H!
?6:D=[:O!I8H!@67AF=<8<O!I8H!9>6B?6G!36<BA!X78D!D876!<67!R8VA!FA:!
>:8! 6Z;B6D=[:!987WL=F8! H! D6! >:6! 87! '0(:! <6! /AR8G! 36<BA! 6DFB=R=[!I8F6!;AFA!>:!;A698!78!@6BP8!DARB6!,[:=F8!K>:8!8BP6:?=:8!FA:!78!
E>6!@=@M!6:!XAPA?YNG!(7!;A698!I8R78!<6!89AB!H!@=A76:F=8O!<6!=BD6!8!
,WZ=FA!6:!>:!8>?A!BAQA!H!98?8B!;A7=FM8DG!.6!:6F6D=?8:!FAQA:6D!;8B8!
6DFB=R=B! 8DMG! .=69;B6! DAD;6FIW! K8! ;6D8B! <6! D>D! Q>B896:?ADN! E>6!
36<BA! 76! I8RM8! 6D;=FI8<A! 67! R>FI6! 8! ,[:=F8G! &>:F8! I8R7W! <67!
8D>:?A!FA:!36<BA!;6BA!8E>67!;A698!6B8! 78!;B>6R8!L=:87G!.[7A!E>6!
H8! 96! <8R8! 7A! 9=D9A! E>6! 36<BA! A! F=6:! ?B8F?A9>78D! I>R=6B8:!
105
6D;=FI8<A!8!,[:=F8O!D>!FAVA!8IAB8!96!6B8!?8:!8RD?B8F?A!FA9A!67!
<6!>:8!7=6:<B6G!*A?8!;8B6F6!>:!@8E>6BAO!D6!I8!B8;8<A!<67!?A<A!H!D6!
@6! 896:8U8<ABG! 3A:6:! /I6! #AABD! H! 96! >:A! 87! FABBAG! +7A:DA!
L>98!>:! :*&%5.! 6:! 67! R87F[:G! gB8:! @=6:6! 8! 78! ;=D?8! FA:! :ADA?BADG!,8B=A!?=6:6!>:8!RA?6778!<6!qI=DJH!6:!78!98:AO!96!;8D8!78!RA?6778O!
R6RA!>:! 78BPA! ?B8PA!H! 78!I8PA! F=BF>78Bw! 78! RA?6778! @>67@6! 8!,8B=A!
F8D=!@8FM8G!
Cr56HO!)6;s!18:!8!F8DF8B!87!':A9AG!
,=BA! I8F=8! 67! R87F[:G! 0:! ;8B! <6! :6PBAD! ?=6:6:! 6:F>6778<A! 8!
+7A:DAG!4=BA!H!HA!@89AD!;AB!677ADG!%8!R8?8778!D6!6Z?=6:<6G!(D!>:8!
;6768!;8B6Q8]! ?A<A!67!R8B!FA:?B8!67!;8B!<6!:6PBADG!1AH!;AB! 78!?8;8!
<67! =:A<ABA!H! D6! 78!;8B?A!6:! 78!F8R6U8!8!>:!:6PBAO!E>6!F86!FA9A!
98:PA! ;A<B=<AG!,8BP8B6?! PB=?8! <6?BYD! <6! 78! R8BB8G!27P8! ?89R=W:!
;6768G!%8!D=B6:8!<6!>:8!;8?B>778!;A:6!6:!L>P8!8!?A<A!67!R8BG!
#AD! IAB8D! <6D;>WD! 6D?89AD! <6! :>6@A! 6:! 78! ;=D?8G! +7A:DA! :A!
D8R6!E>W!AF>BB=[O!W7!:A!D6!I8!9A@=<A!<67!R87F[:!6:!?A<8!78!:AFI6G!
/I6!#AABD!6D?Y!DA:8:<A!>:8!@6U!9YDG!
!
/6:69AD!>:8!@=<8!D=9;76O!DA:!D[7A!<AD!9A@=9=6:?AD]!9=B8B!67!
F=67A! B8DA! H! 6D?8B! 6:! 67! R8BG! +! @6F6D! ?6:69AD! <=:6BA! H! ;A<69AD!
?6:6B! >:! R8B! 6:! 78! I8R=?8F=[:G!4=BA! ?B86! F8D6?6DO! FA9;B89AD! <AD!
RA?6778D! H! :AD! ?=B89AD! 6:! 67! ;=DAO! F8<8! >:A! FA:! D>! RA?6778! H! D>!
;6<8UA!<6!F=67A!B8DAG!3A<69AD!6DF>FI8B!78!9=D98!F8:F=[:!<>B8:?6!
IAB8DG!4=BA!PB8R8!6D8!F8:F=[:!\:=F8!;AB!78D!<AD!F8B8D!<6!>:!F8D6?6G!
0:8!@6U!FAP=[!67!?698!FA:!G.A%$:%&#&*2,O!78!6DF>FI89AD!F=:F>6:?8!H!F>8?BA!@6F6D!D6P>=<8DG!#6D;>WD!D>;6!E>6!6B8!D>!F8:F=[:!FA:!)O!78!
F8:F=[:!E>6!677AD!FA9;8B?M8:G!4A9A!I8H!9>H!;AFA!E>6!I8F6BO!:A!
I8F69AD!:8<8G!
!
+! @6F6D! I8H! 9>Q6B6DO! 78D! 9>Q6B6D! DA:! 7=:<8D! ;AB! >:! B8?AG!
4>8:<A!6D?AH! 6:89AB8<A!<6!>:8!9>Q6BO! ?B8?A!<6!@6B78! 7A!96:AD!
;AD=R76w! :A! 96! 6:89ABA! FA:! L8F=7=<8<O! 8DM! E>6! F>8:<A! ;8D8!
;BAF>BA!E>6!<>B6G!^>=D=6B8!898B!A?B8!@6UO!<8B76!7A!96QAB!<6!9M!8!
>:8!FI=F8G!%A!987A!6D!E>6!:A!DW!E>W!6D! 7A!96QAB!<6!9MO!:A!6D?AH!
106
D6P>BA! E>6! I8H8! 87PA!$%7.&! 6:!9MG! +!9M! 96! P>D?8:! 78D! 9>Q6B6D!R6778DO!F8778<8D!H!FA:!R>6:!P>D?A!;8B8!6DFAP6B!D>!BA;8G!5AH!6:!<M8!
78D!9>Q6B6D!:A!?=6:6:!=<68!<6!7A!E>6!6D!@6D?=BD6O!78!98HABM8!;8B6F6:!
D=B@=6:?8D! 6:! D>! <M8! 7=RB6G!4=6B?8! FI=F8! :A! D6! @6D?M8! R=6:! ;6BA! 6B8!
<698D=8<A! R6778! FA9A! ;8B8! E>6! 6DA! ;><=6B8! 8L6F?8B78G! /6:M8!
;B6F=AD8D! ;=6B:8D! H! 6B8! ?M9=<8! 6:! 6Z?B69AG! %8! @6B<8<! 6D! E>6! I6!
FA:AF=<A!9>Q6B6D! R6778D! K?89R=W:! 87P>:AD!9A:D?B>ADN! H! ?89R=W:!
9>Q6B6D! E>6! D8RM8:! @6BD6! R6778DG! 56! D=<A! 898<A! FA:! <696:F=8O!
FA9A!:A!?=6:6D!=<68O!I6!D6:?=<A!67!89AB!<6!R6778D!9>Q6B6D!E>6!7A!
I8:! <8<A! ?A<A! ;AB!9MO! =:F7>H6:<A! 8! F=6B?8! FI=F8G! 3>6<A! 8F6;?8B!
E>6!L>=!>:!F6B<A!FA:!F=6B?8!FI=F8!;6BA!FA:!A?B8D!7APBW!D6B!LB8:FA!H!
D>8@6O!6:?A:F6DO!F>8:<A! 78D!FAD8D!;8B6FM8:! L>:F=A:8BO!8;8B6FM8!67!
L8:?8D98!<6!F=6B?8!FI=F8!H!7A!6FI8R8!8!;6B<6BG!0:8!9>Q6B!DA;AB?8!
?A<A!<67!IA9RB6!E>6!898!96:AD!E>6!76!I8R76!?A<A!67!?=69;A!<6!>:!
89AB!=:A7@=<8R76G!(7!7MA!6D!E>6!F>8:<A!?=6:6D!>:!L8:?8D98!7A!\:=FA!
E>6!<6D68D!6D!I8R78B!<6!677A!8!?A<8D!78D!9>Q6B6D!E>6!D6<>F6DG!_3AB!
E>W`!&A!7A!DWG!(D!>:8!FAD8!987=P:8O!>:8!98:6B8!<6!I6B=B!H!D6P>=B!
D=6:<A!8R8:<A:8<AG!
!
/AR8O! 67! ;AFA! =:P6:=ADA! /(27.5%O! 6D?Y! ?=B8<A! 6:! >:! B=:F[:!987<=F=6:<A! 8! >:8! =98P=:8B=8! H! :8<8! )(0'2,%*! X6??HG!,8B=A! ?B8?8!<6!76@8:?8B7A!H!/AR8!D6!69;>?8G!gABF6Q68:G!,8B=A!7A!<6Q8!H!/AR8O!
FA:!78!@=D?8!;6B<=<8O!D=P>6!<6D8L=8:<A!9A7=:AD!<6!@=6:?A]!
C&6PB8! 987;8B=<8O! 7A! \:=FA! E>6! E>=6B6D! 6D! 6D?A! KD6! 8P8BB8! 67!
D6ZANO! E>=6B6D! 6D?A! D=6?6!9=7! @6F6D! 87! <M8G! _(D! 7A! E>6! E>=6B6DO! 6I`!
r3())+s!
(:?B6!4=BA!H!HA!7A!76@8:?89ADG!
C489=:8O!FI>FI8L7AQ8! <=F6!,8B=AG!
,8B=A! @=@6! F6BF8! <6! /AR8! H! E>=6B6! <8B76! 67! 8@6:?[:G! /AR8!
8:>:F=8! @[9=?AG! %A! 8BB8D?B89AD! I8D?8! 67! R8VA! H! 76! <6Q89AD! 78!
F8R6U8! 96?=<8! 6:! 67! =:A<ABAG! 4>8:<A! ?AR8! ?6B9=:8! 7A! 776@89AD!
8R8QAG!,8B=A!;8B8!>:!?8Z=!H!D6!@8:G!4=BA!H!HA!D>R=9ADG!%8!B0.&!6D?Y!9>B=6:<A!H!6D!96QAB!=BD6!8:?6D!E>6!69;=6F6:!7AD!B6UADG!+7A:DA!:AD!
8FA9;8V8G!%8D!DA7=?8B=8D!F8776D!RB=778:!;AB!78!77A@=U:8G!
107
!
!
!
!
!
!
!
!
$&/()$2)C&245(!="+2'*#)%#P0*,#?&2'%#####.8B8I!e6R6B!?=6:6!:A@6:?8!H!D=6?6!8VADO!D8R6!E>6!@8!8!9AB=B!H!7A!
\:=FA!E>6!76!;=<6!8!#=AD!6D!E>6!76!;6B9=?8!8P>8:?8B!I8D?8!8PAD?A!
;8B8!@6B!;AB!\7?=98!@6U!8!78D!R8776:8DG!(778!6D?Y!D6P>B8!E>6!@6:<BY:!
8!<6D;6<=BD6!I8F=6:<A!;=B>6?8D!LB6:?6!8!D>!F8D8G!%AD!I8R=?8:?6D!<6!
78!=D78!<=F6:!E>6!.8B8I!6D?Y!7AF8!;ABE>6!:A!E>=6B6!=:?6B:8BD6!6:!>:!
IAD;=?87!8!;6D8B!<6!78!;BA96D8!I6FI8!;AB!7AD!9W<=FAD!<6!878BP8B76!
78! @=<8! F=:FA!8VAD!9YDG!.>!I6B98:8!%=RRHO! <AD! 8VAD!96:AB!E>6!
.8B8IO! 776@8! AFIA!96D6D! DARB6@=@=6:<A! 6:! >:! IAD;=?87! H! 76! 6:@M8!
F8B?8D!8!.8B8I!;=<=W:<A76!E>6!D6!=:?6B:6G!
C&A!96! =:?6B6D8! BA9;6B!:=:P\:!BWFAB<! <=F6!.8B8ICG!%A!\:=FA!
E>6!<6D6A!6D!@6B!78D!R8776:8D!>:8!@6U!9YDG!
C !
C&8<8!<6!;6BADO!58BBHG!!_+F8DA!DAH!>:8!?AB?>P8`!
!
(7!DARB=:A!<6!.8B8I!?=6:6!AFIA!8VAD!H!I8!8;AD?8<A!D>D!8IABBAD!
FA:!gB8:JG!gB8:J!6D!67!:=6?A!<6!+9HO!A?B8!8:F=8:8!<6!78!=D78G!48<8!
FI=FA! DAD?=6:6! E>6! D>! 8:F=8:8! @=@=BY! 9YD! ?=69;AG! 58BBH! ?6:M8!
9>FI8! FA:L=8:U8! 6:!.8B8I!;6BA!<6R=<A!8! D>D!\7?=9AD!E>6RB8:?AD!
<6!D87><!I8!69;6U8<A!8!;B6AF>;8BD6G!58BBH!;6:D8R8!FA9;B8B!>:8!
FA76FF=[:!<6!;6F6D!<6!FA7AB6D!FA:!67!<=:6BA!<6!78!8;>6D?8G!.8B8I!6D!
108
?6BF8O!58BBH!76!I8!<=FIA!E>6!D=!;8D8!<6!7AD!F=6:!8VAD!D6BY! =:F7>=<8!
6:!>:!7=RBA!<6!BWFAB<D!H!78!=:@=?8BY:!8!*8;[:!;AB!>:8!D698:8!FA:!
?A<AD! 7AD! P8D?AD! ;8PADO! E>=UY! I8D?8! 76! ;6B9=?8:! FA:AF6B! 87!
69;6B8<ABG!.8B8I!D6!98:?=6:6!6:!D>D!?B6F6G!
C(7!9>:<A!?6!B6FAB<8BY!;AB!D=69;B6! <=F6!58BBHG!
C,6!=9;AB?8!>:!FA9=:A!67!9>:<A! <=F6!.8B8IG!
C(B6D!>:8!@=6Q8!?6BF8! <=F6!58BBHG!
Ca!?>!>:!FI=FA!?A:?A! <=F6!.8B8IG!
!
38B8!<6D@=8B!8!58BBH!<6!D>!ARQ6?=@AO!.8B8I!76!F>6:?8!78!I=D?AB=8!
<6! >:! IA9RB6! E>6! 8:D=8R8! D6B! \:=FAG! ,A@=<A! ;AB! D>! 8LY:! <6!
IA9RB6! D6! <=A! 8! 78! ?8B68! <6! 67=9=:8B! 8! ?A<AD! 7AD! A?BAD! D6B6D! <67!
;78:6?8G! +7! F8RA! <6! 9=7! 8VAD! FA9;76?[! D>! 69;B6D8! H! D6! ;8D6[!
DA7=?8B=A! ;AB! 8E>67! 9>:<A! @8FMAG! .=:! 69R8BPA! 87PA! 7A! ?6:M8!
<6DFA:?6:?A]!D>!DA9RB8!D6P>M8!877M!H!6DA!D=P:=L=F8R8!E>6!?A<8@M8!:A!
6B8! \:=FAG! (7! IA9RB6! 6:?A:F6D! D6! AF>7?[! <6?BYD! <6! >:8! BAF8! H!
F>8:<A! D>! DA9RB8! 6D?8R8! 9=B8:<A! I8F=8! A?BA! 78<AO! 76! 8D6D?[!
D6?6:?8!;>V878<8DG!(D?8R8!<=FIADAO!87!L=:!I8RM8!7APB8<A!D6B!\:=FA!H!
8RDA7>?AG!%A!987A! L>6!E>6!<6DF>=<[! 78D!I6B=<8D!H!87!;AFA! ?=69;A!
9>B=[!<6!?W?8:AG!
!
(:!8PAD?A!776P8BA:!78D!R8776:8D!H!.8B8I!;><A!8<9=B8B78D!6:!?A<A!
D>! 6D;76:<ABG! 4>8:<A! 78D! R8776:8D! D6! L>6BA:! D6! ;>DA!9>H! ?B=D?6G!
58BBH!D6!76!8F6BF[O!?B8M8!>:8D!96:?8D!H!78D!FA9;8B?=[!FA:!6778G!3AB!
9YD!E>6!76!BAP[O!.8B8I!:A!E>=DA!FA:?8B76!:=:P>:8!I=D?AB=8G!
C_^>W!?6!;8D8O!.8B8I`!
C&A!DWO!58BBHG!
Ca8!@=D?6!78D!R8776:8D! <=F6!58BBH!FA:!7AD!AQAD!I\96<ADCG!(D!7A!
E>6!E>6BM8DO!_:A`!
C.MO!H!<AH!PB8F=8D!8!#=AD!;AB!677AG!
C_(:?A:F6D`!
C2IO!58BBHO!F8B=VAO!:A!7A!6:?6:<6BM8DG!
CaA!DW!7A!E>6!?6!;8D8O!.8B8I! <=F6!58BBH!H!D6!7=9;=8!78D!7YPB=98D!
FA:!67!<ABDA!<6!78!98:ACG!%A!DW!H!?89R=W:!?6:PA!9=6<AG!
109
C_^>W!6D!7A!E>6!D8R6DO!F8B=VA`!
C3AB!L8@ABO!.8B8IO!:A!77AB6DG!
C&A!6D?AH!77AB8:<AG!
58BBH!78!8RB8U8!H!D>D!7YPB=98D!D6!FA:L>:<6:G!
C_^>=6B6D! @6B! 78D! R8776:8D! 67! ;B[Z=9A! 8VA! ;AB! \7?=98! @6UO!
@6B<8<`!
C.MO!F8B=VAO!D[7A!>:8!@6U!9YDG!
Ca!H8!DW!F[9A!D6! 77898! ?>!R8776:8! L8@AB=?8O! 78!E>6!9YD!<6D68D!
@6BG!
%AD! DA77AUAD! DA:! F8<8! @6U!9YD! =:?6:DADG! (7! :=VA! 8;B=6?8! 8! 78!
8:F=8:8!FA9A!D=!?69=6D6!;6B<6B78!6:!67!8=B6G!
C_4[9A!D6!77898O!F8B=VA`!
C/=6:6!AFIA!8VAD!H!D6!77898!58BBHG!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
110
!
!
!
!
!
!
!
$&/()$2)C&245(!>.6#%0#^%6#^%-520E#+.6#%0#)%).#/(%#5%#$%5%&8,#-.&#%0#'(0.#####%=:<D8H! +:<6BDA:! I=UA! >:8! ;67MF>78! 77898<8! J*00%,*+# )%# *1.+5.G!0DW! 67! 9=D9A! ?M?>7A! ;8B8! >:! P>=[:! E>6! 6DFB=RMG! .=! %=:<D8H!
FA:AF=6D6!9=!P>=[:!I8BM8!A?B8!;67MF>78!H!E>=UY!78!77898BM8!J*00%,*+#)%# *1.+5.# __G!%8!;67MF>78!<6!%=:<D8H! ?B8?8!<6! 78! B678F=[:!6:?B6!<AD!8:F=8:8D!E>6! 6D;6B8:! 78!9>6B?6! KX6??6!#8@=D! H!%=7=8:!'=DI! 6D?Y:!
L8DF=:8:?6DNG!,=!P>=[:!?B8?8!<6!78!B678F=[:!6:?B6!>:8!8:F=8:8!H!>:!
:=VA!E>6!E>=6B6!P8:8B!>:8!8;>6D?8G!%A!PB8@6!6D!E>6!%=:<D8H!@=@6!
6:!0.+! H! HA! %,# %0# '(0.# )%# 0*#$(0*G!,6! P>D?8BM8! I8F6B! 6D8! ;67MF>78!;6BA!:A!?6:PA!A?B8!LAB98!H!<8B76!67!P>=[:!8!>:A!<6!6DAD!<=B6F?AB6D!
969AD! <6! 8E>M! D6BM8! >:! FB=96:O! 677AD! :A! D8R6:! DARB6! 78! R6776U8O!
DA:!R>6:AD!;8B8!67!;A;[!H!;AB!<6DPB8F=8!:A!?6:PA!P>=A:6D!DARB6!67!
;A;[G! (:! 6D?6! ;8MD! :8<=6! I8! I6FIA! >:8! ;67MF>78! E>6! @87P8! >:!
LAB\:F>7AO! :A! 96! =:?6B6D8:! 7AD! ;B69=AD! E>6! P8:6:O! ?89R=W:! I6!
P8:8<A!;B69=AD!FA:!>:!9A:?[:!<6!R8D>B8G!%8!98HABM8!<6!;B69=AD!
:A!;8D8:!<6!D6B!;6DF8<A!;A<B=<A!;8B8! 78! LAF8!PB8F=AD8G!(7!8B?=D?8!
D=6:?6!8DFAO!67!FI=L78QA;A!D6!=:L78!FA9A!>:!F8<Y@6B!<6!?B6D!<M8D!E>6!
L7A?8!6:!>:!6D?8:E>6G!
!
%8D! ?676:A@678D! :A! DA:! F>BD=D! ;ABE>6! ?B8?6:! <67! 89AB! D=:A!
;ABE>6!7A!I8F6:!<6D<6!67!;>:?A!<6!@=D?8!<6!78D!D=B@=6:?8DG!(7!89AB!
<6D<6!67!;>:?A!<6!@=D?8!98DF>7=:A!:A!L>:F=A:8!6:!78!?676O!D6BM8!9YD!
111
8R>BB=<A! E>6! >:! ;BAPB898! <6! A;=:=[:G! ^>=6:! 96QAB! I8F6!
?676:A@678D! 8E>M! 6D! *ABP6!X8B[:O! D=! 78D! 6DFB=R=6D6! W7!9=D9A! D6BM8:!
=:D>;6B8R76DG!%AD!A?BAD!96!L8D?=<=8:!FA:!D>D!B6678RAB8<AD!LA776?=:6D!
PB=:PAD! B6;76?AD! <6! <=Y7APAD! 8BB=R=D?8D! H! 6D:AR=D9A! ?B8D:AFI8<AG!
4IYFI8B8!DA:D8!<6!;8B6Q8!6:!FB=D=D!H!9YD!H!9YD!7>P8B6D!FA9>:6D!
@=D?AD!6:![*00*+!H![2,*+5;*!E>6!:A!6:F8Q8:!FA:!67!;8=D8Q6!8<H8F6:?6G!#6R6BM8:! FA:?B8?8B7AD! FA9A! ?B8R8Q8<AB8D! DAF=876D! H! <6Q8B76! 6DAD!
6D;8F=AD! 8! *ABP6! X8B[:G! (7! L>6B?6! <6! g6B:8:<A! '8=?Y:O! A?BA!
98:<B=7! ;B6?6:F=ADAO! DA:! 67! FAD?>9RB=D9A! B6LB=?AO! 67! FI=D?6! H! 78!
B89;7A:6BM8G! #A:<6! ?A<AD! DA:! =P>876D! 6D! 6:! 7AD! ;BAPB898D! <6!
I>9ABO!:A!I8F6:!L>:F=A:8B!:=!78D!B=D8D!PB8R8<8DG!%8!\:=F8!FAD8!6:!
78!E>6!<6?6D?8BM8!B66:F8B:8B!D6BM8!6:!6D;AD8!A!I=QA!<6!87P\:!969A!
<6!6DADG!+9W:G!
!
4A9A!?A<8!;6BDA:8!?=6:6!>:8!D=B@=6:?8!8<6:?BAO!H!?A<8!D=B@=6:?8!
6D! 6:! F=6B?8! LAB98! >:8! ;6BDA:8O! 78D! ?676:A@678D! D=P>6:! @=@=6:?6DG!
,WZ=FA! H! 16:6U>678! 6:F8R6U8:! 78! 7=D?8! <6! 6Z;AB?8<AB6DG! %8!
L[B9>78! :A! F89R=8]!9>FI8FI8! ;ARB6! 898! 8!9>FI8FIA! B=FA! E>6!
B6D>7?8! D=6:<A! ;ARB6! ;ABE>6! 78! <>6V8! <6! ?A<A! 6D! 6778G!
(:L6B96<8<6D! =:F>B8R76D! E>6! D6! F>B8:O! D6FB6?AD! P>8B<8<AD! 9=7!
8VAD! E>6! D6! B6@678:O! =:L=<67=<8<O! F67ADO! 6:@=<=8O! A<=A! H! >:! 89AB!
E>6! ?B=>:L8! FA:?B8! ?A<AD! 7AD! ;BA:[D?=FADG! %8! I=D?AB=8! ?=6:6! F=6:!
F8B8D!<=D?=:?8D!;6BA!D>!LA:<A!;6B98:6F6G!(7!D>6VA!<6!78D!D=B@=6:?8D!
D=P>6!=:?8F?AG!
!
%AD!FI=L78QA;AD!LB8F8D8<AD!<67!F=:6!KFA:!A!D=:!;B69=ADN!76!96?6:!
>:8!E>6!A?B8!@6U!67!<=6:?6!8! 78D!?676:A@678D!;6BA!6778D!DARB6@=@6:O!
:A! =9;AB?8! F>8:?8! FI8?8BB8! =:?676F?>87! ;B6?6:<8:! =:AF>78B76O! 67!
&*52,1!98:<8!H!78D!D=B@=6:?8D!KR8QA!F>87E>=6B!LAB98]!D6FB6?8B=8O!898!<6!F8D8O!;B=96B8!<898O!Q>P8<AB!<6!L\?RA7O!6DFB=?AB!L89ADAO!?8Z=D?8O!
6?FGN!DA:!67!&*52,1G!!
%8! =:?67=P6:F=8! H! 67! 89AB! :A! I8F6:! 7=P8G!(7! 89AB! 6D! ?A:?AG!(7!
89AB! D[7A! 6D! =:?67=P6:?6! 6:! 8RD?B8F?AG! .=! >:! IA9RB6! E>=6B6! D6B!
112
676P8:?6!H! 7\F=<A!87!898B!8!>:8!9>Q6B!<6R6!I8F6B7A!6:!8RD?B8F?AG!
%8D! ?676:A@678D! :A! ;>6<6:! D6B! 8RD?B8F?8D! H! ?A<AD! <6R6BM89AD!
8;B6:<6B! >:! ;AFA! <6! *ABP6! X8B[:G! %8! [2A2,*# I.$%)2*# 6D! >:!6Q69;7A!<6!?676:A@678!E>6!;BA<>F6!67!89AB!8RD?B8F?AG!(7! &*52,1!:A!;6B9=?6!6D8D!7=R6B?8<6DG!
!
0:! IA9RB6! Q89YD! <6R6!98?8B! 7A! B687! D=:A! 7A! 8RD?B8F?AG! #6R6!
98?8B!8!D>D!987AD!D>6VAD!H!>:!89AB!8D6D=:A!E>6!7A!QA<6G!,8?8B!8!
>:! IA9RB6! ;ABE>6! ?>! 9>Q6B! D6! L>6! FA:! W7! 6D! FA:@6B?=B?6! 6:! >:!
FI=L78QA;AG!0:!FIAFI=?A!R78:<A!H!;67><A!:A! Q>D?=L=F8!>:! F8<Y@6BG!
(7!89AB!6D!;6BDA:87O!=:F>9R6!87!E>6!7A!D=6:?6G!(D!R>6:A!6D?8B!FA:!
E>=6:!8989AD!;6BA!6DA!:A!D=P:=L=F8!E>6!6778!D=6:?8!:>6D?BA!89ABO!
D=P:=L=F8!E>6!E>=UY!:AD!898G!0:A!D=6:?6!F87ABO!L8?=P8O!D>6VAG!0&2G!
&8<=6!D=6:?6!67!F87ABO!D>6VA!A!L8?=P8!<6!A?BAG!#AD!Q89YD!I8BY:!>:A]!
6DA!D[7A!D=B@6!;8B8!@6:<6B!?8BQ6?8D!67!<M8!<6!.8:!1876:?M:!H!;>:?AG!
(7! 89AB! E>6! D=6:?A! 96! I=6B6! 8! 9MO! ;8B8! F=6B?8! FI=F8! :A! 6Z=D?6G!
^>=6BA!98?8B!6D6!89AB!;ABE>6!6D! =:\?=7O!;ABE>6!:A!;>6<6!?AF8B78!
:=!I8F6B!E>6!D=!@=<8!6Z?B8V6!78!9M8G!&A!=9;AB?8!F>Y:!76QAD!A!F6BF8!
D6! 6:F>6:?B6!<6!9MO! 78!98P=8! D6! 8F8R[G!.=! 6D?>@=6D6! 8E>M! D6P>=BM8!
D=6:<A! I6B9W?=F8! H! 8Q6:8! FA9A!>:8! ?>9R8! D=:! :A9RB6G!(7! 89AB!
6D?Y!6:F6BB8<AO!>:!89AB!8DM!6D!9YD!FB=9=:87!H! L6BAU!E>6!>:!89AB!
9>6B?AG!
!
%AD! 8:=9876D! 98?8:! ;AB! DARB6@=@=BG! (7! IA9RB6! 98?8! ;AB!
:=9=6<8<6DG!/6:6B!9=6<A!87!B=<MF>7A!6D!>:8!:=9=6<8<!<67!IA9RB6G!
0:!IA9RB6!D876!<6! 78! L=78!<67!F=:698!H!98?8G!58H!<AD!@6BD=A:6D]!
>:8! <=F6! E>6! 87P>=6:! ;=D[! 87! IA9RB6O! A?B8! E>6! 76! 8P8BB8BA:! 67!
?B8D6BA!8!D>!9>Q6BG!#6!78D!<AD! 78!D6P>:<8!96!;8B6F6!9YD!=:L896G!
+DM!FA9A!67!IA9RB6!<6L=6:<6!D>D!U8;8?ADO!78!9>Q6B!<6R6!<6L6:<6B!
D>!?B8D6BAG!4>87E>=6B8!;>6<6!<=D;8B8B!>:!8B98G!2Dq87<!98?[!8!*gf!
9=6:?B8D! D6! FA9M8! >:8! I89R>BP>6D8G! 4>8:<A! 78! ;A7=FM8! 6:?B[! 87!
6<=L=F=A!?A<8@M8!2Dq87<!6D?8R8!FA9=6:<A!H!:8<=6!7A!<6?>@A!;ABE>6!
:A!=98P=:8BA:!E>6!>:!?=;A!E>6!FA9M8!I89R>BP>6D8!FA:!FAF8CFA78!
8F8R8B8! <6! 98?8B! 87! ;B6D=<6:?6! <6! 0.+G! .=! >:8! 9>Q6B! D6! E>6Q8!
113
;ABE>6!76!FAP=6BA:!67!?B8D6BA!6D!96QAB!PA7;68B!8!78!9>Q6BG!.=!?>!I=QA!
@=6:6! H! ?6! <=F6! E>6! A?BA! FI=FA! 76! 8P8BB[! 67! ?B8D6BAO! _E>W! I8F6D`!
36P8B76!8!78!9>Q6B!6D!9YD!D6P>BA!6!=:?67=P6:?6O!87PA!E>6!B6FAB<8BYD!
FA:!>:8!DA:B=D8G!.=!?6!I8F6D!98?8B!;AB!6778O!D=!?6!;8B?6:!7AD!I>6DADO!
>:!<M8! 7A! B6FAB<8BYD! FA:!898BP>B8G!(7! FIAFI=?A!E>6!IAH! 6D! ?>HA!
98V8:8! ;>6<6! D6B! <6! ?>! 6:69=PAG! .=! >:8!9>Q6B! :A! <6L=6:<6! D>!
?B8D6BA! 6D! ;ABE>6! :A! 76! FA:@=6:6G! 0:! IA9RB6! E>6! 98?8! ;AB! :A!
;8D8B!<6!=<=A?8!A7@=<8!E>6!98?8B!6D!78!98HAB!=<=A?6UO!8!96:AD!E>6!
D68D!8D6D=:A!;BAL6D=A:87!A!;A7=FM8G!
!
%8D!?676:A@678D!H!78!@=<8!?B8?8:!<6!7A!9=D9A!;6BA!6:!78!?676!?A<A!
D6!8FA9A<8!H! 7AD! L=:876D! DA:!>:8! L=6D?8G!%8!@=<8!D>676! D6B!96:AD!
?AB?>AD8! H! 6Z8D;6B8:?6! E>6! 78! ?676! ;6BA! :A! 8F8R8! FA:! >:8! L=6D?8G!
%8D! ?676:A@678D! E>6! ?B8?8:! <6! 78! @=<8! D=:! 8IA:<8B! 6:! D>D!
;AB96:AB6D! DA:! 8PB8<8R76DG! %8D! A?B8DO! E>6! ;B6?6:<6:! 6DF>7F8B! H!
<6DF=LB8B! 7A! E>6! I8H! 6:! 7A! ;BAL>:<A! <6! F8<8! 8F?AO! DA:! F8F8! <6!
P877=:8G! *ABP6! X8B[:! 7A! I8F6! R=6:G! %AD! <69YD! ;8B6F6:! ?6:6B! >:!
6:AB96!P877=:6BAG!%8!@=<8!6D!9YD!B687!6!=:DA;AB?8R76!87!96<=A<M8O!
;AB!LAB?>:8!78D!?676:A@678D!<6!6D8!LB8:Q8!DA:!<6!7A!96QABG!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
114
!
!
!
!
!
!
!
$&/()$2)C&245(!J*7.#$2#-(01*&#%+58#(,*#'92'*#/(%#(,*#A%K#$%#5%,;*#*:*52).#####,[:=F8!@=@6!6:!>:!RA:=?A!8;8B?896:?A!87!:AB?6!<6!XAPA?Y!H!E>=6B6!
E>6!96! @8H8! 8! @=@=B! FA:! 6778O! ;6BA! :A! 8F6;?A! H! 6778! D6! F8RB68! H!
E>=6B6! E>6!96! @8H8! 87! <69A:=A! ;6BA! :A! 8F6;?AG! %8!9=?8<! <6! 78!
@=<8! KE>6! 69;=6U8! <A:<6! 8F8R8! F=6B?8! FI=F8N! 96! 78! I6! ;8D8<A!
D87?8:<A!6:?B6!4=><8<!$:9[@=7!H!XAPA?YO!8!@6F6D!I6! ?B8M<A!8!9=D!
FA9;=:FI6D!;6BA!78!77>@=8!LBM8!H!67!F=67A!PB=D!:A!DA:!;8B8!677ADG!4=BA!
8P>8:?[!>:8! 78BP8! ?69;AB8<8!H! 78!;8D89AD!R=6:G!XAPA?Y!I8! D=<A!
9=! +(%Q.#*$%&2'*,.!;6BA!D=69;B6! B6PB6DA!8!4=><8<!$:9[@=7G!+!9M!:A!96!QA<6!67! LB=AO!:A!96!QA<6!78! 77>@=8O!:A!96!QA<6!67!F=67A!PB=DG!
(D?AH! I6FIA! <6! >:8! 6Z?B8V8!98<6B8G! (7! F87AB! ?89;AFA!96! QA<6!
;6BA!96!B6D>7?8!9=D6B8R76G!(7!F87AB!6D!R>6:A!F>8:<A!?=6:6D!H8?6!H!
>:!IA?67!F=:FA!6D?B6778DG!.=!?=6:6D!E>6!<8B!F78D6D!6:!>:!FA76P=A!8!78D!
8L>6B8D!H!FB>U8B! 78!F=><8<!87!96<=A<M8!6:!>:!8>?AR\D! B6;76?AO!:A!
@8! 8! P>D?8B?6! 67! F87ABG! 4>8:<A! D[7A! ?6:M8! 8! 4=><8<! $:9[@=7O!96!
8FAD8R8!67!8:D=8!H!776P>W!8!A<=8B!9>FI8D!D>D!I6<=A:<8D!9>B8778D!H!
D>D! B8:F=AD!R87FA:6DG!16:=B! 8!XAPA?Y! F89R=[!9=!;6BD;6F?=@8!H! 76!
FAPM! 6D6! '*&2Q.#<67! E>6!I8R78! 67!!(%&5.!%[;6UG!4=><8<! $:9[@=7! D6!FA:@=B?=[!6:!9=!=7>D=[:!<6!L=:!<6!8VAO!6:!>:!7>P8B!<6!;8DAG!3A<M8!=BO!
<=DLB>?8B78! >:! B8?A! H! 78BP8B96G! *>D?A! FA9A! >:8! ;>?8G! a! 6DA! 6D!
4=><8<!$:9[@=7G!4>8:<A!:A!6B6D!:8<=6!:=! 7A!;B6?6:<6D!XAPA?Y!6D!
115
67!7>P8B!FABB6F?AG!(:!4=><8<!$:9[@=7!?89;AFA!DAH!:8<6!;6BA!I8H!
<698D=8<8! P6:?6! E>6! 7A! D8R6G! ,[:=F8! <=F6! E>6! :A! 78! @>67@8! 8!
77898B!;6BA!:A!8F6;?AG!
!
(D!LYF=7!<6F=B!E>6!>:A!:A!6D!:8<=6!F>8:<A!D6!;=6:D8!7A!FA:?B8B=AG!
(D?8B!;8P8<A!<6!7AD!LB8F8DAD!6D!>:!B8DPA!?M;=FA!<6!7AD!FY:F6BG!36BA!
I6! I6FIA! >:! ;8B! <6! FAD8D! H! DW! E>6! 87PA! D6! 9>6@6! ?A<8@M8G! (:!
XAPA?Y!?89R=W:!?6:PA!FA9;=:FI6D!;6BA!7AD!@6A!;AFAG!%8!F=><8<!6D!
PB8:<6! H! I8H! 9>FIA! 6D;8F=A! ;8B8! ;6B<6BD6O! 8E>M! :8<=6! D6! ;6P8!
?A<A! 67! ?=69;A! 8! :8<=6! ;ABE>6! 76! BAR8BM8! 67! F87AB! H! ?6B9=:8BM8:!
?A<AD! FA:P678<ADG! (:! 4=><8<! $:9[@=7! 78! P6:?6! ?=6:<6! 8! D6B!
FI=D9AD8!H!8D;8@6:?6B8!;6BA!D6!>L8:8:!<6!D6BO!8!<=L6B6:F=8!<6! 7AD!
F8FI8FADO! 8R=6B?AD! H! LB8:FADG! 4B6A! E>6! FA:L>:<6:! 7AD! PB=?AD! H! 67!
I8R78B!;8Q8!FA:!78!D=:F6B=<8<G!^>=UY!D68!67!LBMA!7A!E>6!I8F6!;8BFAD!
H! 6PAMD?8D! 8! 7AD! 8:<=:AD! ;6BA! 7AD! ;B6L=6BA! 8DMG!+7!96:AD! 677AD! :A!
P8D?8:!D>!6:6BPM8!FA9A!=<=A?8DO!:A!?B8?8:!<6!D6B!D=9;Y?=FAD!8:?6!67!
;B=96B! 6Z?B8VA! E>6! 776P8O! :A!9>6@6:! 67! B8RA! ;AB!9=P8Q8DG! .=! >:!
6Z?B8VA! 8;8B6F6! D>! ;B=96B! =9;>7DA! 6D! <6DFA:L=8BG!,6! P>D?8! 8E>M!
;6BA!:8FM!6:!4=><8<!$:9[@=7!H!6DA!F>6:?8G!,[:=F8!6D!8BP6:?=:8!H!
?89R=W:! <6?6D?8! 8! 7AD! RAPA?8:AD! ;6BA! 78! @6B<8<! :A! FA:AUFA!
9>FIADO! 78! 98HABM8! <6! 78! P6:?6! E>6! 8:<8! ;AB! 8IM! 776P[! <6! A?B8!
;8B?6G!,[:=F8!6D!<>7F6!H! D>8@6]! D>! D6D6A!RA:86B6:D6!H! D>!F>6B;A!
RA:86B6:D6!H!D>!FI>BB8DFA!RA:86B6:D6!96!?B898:G!36BA!FA9A!?A<A!
7A! <>7F6! H! D>8@6O! H! 7A! )%$*+2*).# :.,*%&%,+%O! 776P8! 8! >:! ;>:?A!=:DA;AB?8R76G!
!
(7! 8;8B?896:?A! <6! ,[:=F8! 6D! PB8:<6! H! 8FAP6<ABG! (7! 9MA! 6D!
;6E>6VA!H! 78! @6:?8:=?8!<67! F>8B?A!<8! 8! 78!;8B6<!<6!A?BA! 6<=L=F=AG!
_3AB! E>W! :A! 8F6;?8B! 78! ;BA;>6D?8! <6! ,[:=F8`! 3A<BM8! ;6:D8B! 6:!
@8B=8D! B8UA:6D! ;6BA! :A! ;>6<A! AF>7?8B! E>6! 78! 9YD! =9;AB?8:?6! 6D!
F=6B?8!FI=F8G!38B8!9M!9><8B96!FA:!,[:=F8!6D!FA9A!B6:>:F=8B!<67!
?A<A!8!F=6B?8!FI=F8G!.W!E>6!D>6:8!7AFAO!DW!E>6!F=6B?8!FI=F8!H!HA!:A!
?6:69AD!;AD=R=7=<8<!87P>:8!;6BA!:A!E>=6BA!98?8B!6D6! =9;AD=R76!H!
96! ;8B6F6! E>6! =B96! 8! @=@=B! FA:! ,[:=F8! 6D! ;A:6B76! 67! 6;=?8L=AG!
116
4>8:<A!>:A!;>7D8!>:8!F>6B<8!<6!P>=?8BB8!WD?8!D=P>6!@=RB8:<A!;AB!
>:!?=69;A!H!7>6PA!@=RB8!67!D=76:F=A!H!6D!<=LMF=7!D8R6B!F>Y:<A!<6Q8!<6!
@=RB8B!67!D=76:F=AG!+!@6F6D!FB6A!E>6!F=6B?8!FI=F8!I8!<6Q8<A!<6!@=RB8B!
;6BA!6:?B6!9YD!96!876QA!9YD!L>6B?6!6D!D>!D=76:F=AG!,[:=F8!96!<=F6!
E>6! 7A! ;=6:D6! ;6BA! :A! 7A! 8F6;?AG! .W! E>6!,[:=F8! @8! 8! =:D=D?=B! >:!
;AFA!9YD!H! 7>6PA!@8!8!<6Q8B96!;6BA! 6DA!96! =9;AB?8!>:!;6;=:AG!
(778! :A! ;>6<6! 96?6B96! 9=6<A! FA:! D>D! 896:8U8DG! %A! E>6! 6:!
@6B<8<! 96! 8D>D?8! 6D! D8R6B! E>6! D>D! 896:8U8D! 96! =9;AB?8:! >:!
;6;=:AG!+RBA! 78!@6:?8:=?8!H! ?B8?A!<6! =98P=:8B!F[9A!D6BM8! 78!@=<8!
FA:!,[:=F8G!%8!;8B6<!<67!6<=L=F=A!@6F=:A!6D?Y!D>F=8!<6!IA77M:O!>:!
P8?A! 8DA98! 78! F8R6U8! ;AB! 67! D87=6:?6! <6! >:! 6Z?B8F?AB! <6! I>9AG!
,=BA!7AD!AQAD!<67!DA7=?8B=A!P8?A!H!D=6:?A!67!LBMA!<6!XAPA?Y!6:?B8:<A!
6:!9=D!I>6DADO!FA9A!67!B6F>6B<A!<6!F=6B?8!FI=F8G!
!
&>:F8!@AH!8!;6:D8B!E>6! 6D?AH!<67! ?A<A! 6:!XAPA?Y!H! ?89;AFA!
B6PB6D8BW! 8!4=><8<! $:9[@=7! ;8B8! E>6<8B96G!0:8! H! A?B8! DA:! >:8!
DA78!6:!9M!H!9=6:?B8D!;>6<8!D87?8B!6:?B6!6778D!?6:<BW!>:8!FA8B?8<8G!
(:!4=><8<!$:9[@=7!;6:D8BY:!E>6!R>DFA!87PA!H!E>=UY!7A!6:F>6:?B6!
87P\:!<M8G!(:!XAPA?YO!;AB!LAB?>:8O!:8<=6!;=6:D8!6:!9MO!8!:8<=6!76!
=9;AB?8!>:!F8B8QA!7A!E>6!I8P8G!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
117
!
!
!
!
!
!
!
!
(b/()$2)C/+)#(!="+2'*#)%#b&*5%B(0#)%*)#####%76@A!9YD!<6!96<=8!IAB8!D6:?8<A!8E>M!6D;6B8:<A!E>6!87P>:8!FI=F8!
7=:<8!D6!D=6:?6!8!9=!78<A!;8B8!96?6B76!FA:@6BD8F=[:G!48B7AD!6D?Y!6:!
A?B8!R8:F8!?AF8:<A!R878<8D!6:!D>!@=6Q8!P>=?8BB8G!(:?A:F6DO!6:!@6U!
<6!776P8B! 78!I6B9AD8!FI=F8!<67!8?8B<6F6BO!D6!8;78D?8!8!9=!78<A!>:8!
PAB<8!<6!7A!9YD!=:9>:<8G!%8D!?6?8D!D6!76!D876:!;AB!7AD!FAD?8<ADO!D>!
?B8D6BA!D6!6DF>BB6!;AB!?A<8!78!R8:F8!H!D>!F8B8!;8B6F6!>:!P>8:?6!<6!
RAZ6AG! 2<=A! 78D! 9>Q6B6D! L68DG! (:! 9=! 78BP8! @=<8! <6! B6;?=7! I6!
I>:<=<A! 7AD! ;67AD! 8! 9YD! <6! >:8! R8RAD8! ;AB! 6Z?B698! :6F6D=<8<!
;6BA!8!:=:P>:8!?8:!L68!FA9A!WD?8O!6D!8\:!9YD!L68!E>6!9=!?B8D6BAG!
,6!6DF>;A!6:!78D!98:AD!H!Q>6PA!FA:!78!D87=@8!;6BA!:A!D>B?6!6L6F?AO!
9=!FAFI=:8<8!6:!@6U!<6! 6D;8:?8B78! 78!<=@=6B?6G!48B7ADO!P>=?8BB8! 87!
IA9RBAO! D6! 8F6BF8! H! D87><8! <6! R6DA! 8! 78! PAB<8G! 48B7AD! ?=6:6! 67!
L>:6D?A! <A:! <6! FA:AF6B! 8! 78D! ?=;8D! 9YD! =:<6D68R76D! <6! 4=><8<!
$:9[@=7G!%8!PAB<8!B6D>7?8!D6B!;=8:=D?8O!6DA!96!F8RB68!9YDO!;8B8!9M!
78D!;=8:=D?8D!<6R6:!D6B!R6778DO!FA9A!78!89=P8!<6!/A:=!A!%6D7=6!+DIG!
C48B7ADO!_I8D!@=D?A!J*00%,*+#)%#*1.+5.`!C&AG!
Ca8!:A!?=6:6D!E>6!=B! <=PAG!
48B7AD!8P>8:?8!78!B=D8G!%8!PAB<8!96!9=B8!FA:!=:?6BWDG!
C_(D!>:8!;67MF>78`! ;B6P>:?8!6778G!
118
C+7PA!8DM! <=PAG!
C,6!P>D?8:!78D!R8776:8D! <=F6!6778CG!_+!?=!:A`!
C(:!67!AFW8:A!96!6:F8:?8:! <=PAG!
48B7AD!?B8?8!<6!<A9=:8B!78!B=D8G!
C_(D!>:8!FA96<=8`! ;B6P>:?8!6778G!
$98P=:A!D>!;6E>6VA!F6B6RBA!8?B8;8<A!R8QA!>:!87><!<6!FA;=?AD!
@6B<6DG!
C+7!FA:?B8B=A! <=PACG!(D!>:8!;67MF>78!?B=D?6G!
C_3AB!E>W!BM6:!6:?A:F6D`!
!
.6B! FB>67! H! ;6D8<A! FA:! 78! P6:?6! :A! 6D! R>6:A! ;6BA! F8798! 7AD!
:6B@=ADG!+!>:A! ?89R=W:! 7A! QA<6:!H! 8DM! @8! 78! @=<8G! .=! F=6B?8! FI=F8!
6:PAB<8B8!?B6=:?8!J=7AD!<6Q8BM8!<6!8VAB8B78!;6BA!78!969AB=8!78!I8F6!
F8<8!@6U!9YD!7=:<8O!;>76!D>D!B8DPAD!FA:!=:L=:=?8!?6B:>B8!H!RABB8!7AD!
<6?8776D! 8<@6BDADG! 4>8:<A! DA9AD! FB>676D! FA:! 7AD! D696Q8:?6D! :A!
;6:D89AD! 6:! D>!<A7ABO! ;6:D8B! 6:! 67! <A7AB! 8Q6:A! 6D!987A!;8B8! 7AD!
:6B@=ADG!&8<8!I8H!9YD!=9;AB?8:?6!E>6!67!;BA;=A!<A7AB!;6BA!E>=UY!
F=6B?8!FI=F8!?89R=W:!D>LB6!87!D8R6B!E>6O!8!L=:!<6!F>6:?8DO!78!898R8!
9YD!<6!7A!E>6!FB6H[!D=69;B6G!
!
4>8:<A! <6QW! 4=><8<! $:9[@=7! ;AB! ;B=96B8! @6U! KI8RM8! P8:8<A!
>:8! R6F8! <6! D6=D! 96D6D! ;8B8! I8F6B! >:! F>BDA! <6! F=:6! 6:! XAPA?YN!
;BA96?M!776@8B78!FA:9=PA!H!7>6PA!I>RA!7MAD!H!:A!;><6!A!:A!E>=D6G!
,6! R8D?8R8! FA:! I8R78B76! F=:FA! 9=:>?AD! ;AB! ?67WLA:AO! F8<8! <AD!
:AFI6DO!<6D<6!9=!I8R=?8F=[:!<6!IA?67G!(D?8R8!<6D7>9RB8<A!;AB!9=!
B6;6:?=:A! F89R=A! <6! @=<8! H! :A! F8;?W! FA9A! D6! <=7>M8! D>! @AU!
77898<8! ?B8D! 77898<8G! +7! ;B=:F=;=A! =:D=D?M8! 6:! 78! ;AD=R=7=<8<! <6!
@6:=B! H! HA! D=69;B6! 6:FA:?B8R8! 78! LAB98!<6!98?8B! D>! 6:?>D=8D9AG!
,6! P>D?8R8! 6D?8B! DA7A! 6:! 8E>6778! F=><8<! <6! :8<=6O! 96! P>D?8R8!
8@6:?>B8B96! ;AB! 877M! D=:! B6:<=B! F>6:?8DG! 0:8! @6U! 96! 6DFB=R=[!
;=<=W:<A96! B6PB6D8B! 6:D6P>=<8O! 6B8! >:8! F8B?8! <6D6D;6B8<8O! 776:8!
<6! <A7AB! H! B8R=8! H! P8:8D! <6!9AB=BG! (:! 7>P8B! <6! ?A98B! 67! ;B=96B!
8@=[:!I8F=8!6778O!<6!?A98B78!6:!D6B=AO!L>=!8!>:!F8LW!H!<=DLB>?W!D8R6B!
F>Y:?A!96!898R8G!&=!>:!D6P>:<A!;6:DW!6:!D>!8:P>D?=8O!6:!F[9A!
119
<6R=[!D6:?=BD6!;8B8!6DFB=R=B!87PA!8DMG!&AO!6B8!67!)6H!)6;?=7O!67!89A!
<6!78D!9>Q6B6DG!_4[9A!D6!;>6<6!D6B!?8:!=9RWF=7`!&A!7A!D8RBW!Q89YD!
:=! 96! =9;AB?8G! _^>W! ARQ6?A! ?=6:6! D8R6B! 87PA! D=! 6778! :A! 6D?8BY!
FA:9=PA`!
!
58FM8! H! <6DI8FM8!9>:<AD! ;8B8! 6778G! +F6;?8R8!9=D! ;878RB8D! H!
8F?AD! D=:! A;A:6B! B6D=D?6:F=8G! (B8! <[F=7! H! FA:L=8<8! FA9A! >:8!
98DFA?8G!36:DW!E>6!;A<M8!I8F6B! 7A!E>=D=6B8O! E>6! 6778! Q89YD! =R8! 8!
B68FF=A:8BG!())2)G!,=6:?B8D! 6D?>@6!8! D>! 78<A!:8<8!;8D[G!,8?8R8!
D>D!<><8D!FA9A!D=!L>6B8:!9ADF8DG!+;6:8D!<6QW!6D;8F=A!;><A!D8R6B!
78! F78D6! <6! 6DFAB=8! E>6! 898R8G! (D?8R8! <6DI6FI8! H!96! ;=<=[! E>6!
B6PB6D8B8!8!<6F=B76!FA9A!D=69;B6!E>6!:8<8!6B8!F=6B?AO!E>6!Q89YD!76!
I8BM8!87PA!8DMG!&A!I>RA!B6D;>6D?8G!())2)G!%8!L=6RB6!H!67!=:DA9:=A!
I=F=6BA:! ;B6D8! <6! 6778G! .>;6! E>6! >:8! @6U! ;6:D[! 6:! @6:=B! D=:!
FA:D>7?8B96!;6BA!87!L=:87!?>@A!9=6<A!<6!E>6<8B!8!78!<6B=@8]!H8!:A!
FA:L=8R8!6:!9MO!H8!78!I8RM8!;6B<=<AG!(778!Q89YD!I8R7[!<6!D>!<A7AB!
;6BA! D>! @AU! 6:! 67! ?67WLA:A! 6B8! >:8! DA9RB8! <6! D>! @AU! H! <6D;>WD!
776P[!67!D=76:F=AO!67!78BPA!H!6D;=:ADA!D=76:F=A!I8D?8!67!L=:!<67!9>:<AG!
,6! D6:?M! ?B8=F=A:8<AO! 96! <=Q6]!G*)2%# -(%)%# 9*'%&$%# %+5.G! .AH! J21!)6;G! 36BA! :A! ;><6! 9A@6B78! >:! Y;=F6! H! 9=! ABP>77A! D6! 6DL>9[G!
(:?A:F6D!96!@A7@M!7AFAG!
!
(778! H! HA! ?>@=9AD! R>6:AD! 9A96:?ADO! ?>@=9AD! <=Y7APAD! H!
D>6VADO! ?>@=9AD! F=?8D! H! F8:F=A:6DO! ?>@=9AD! D6ZA! FA:! 89ABO! D6ZA!
FA:!98P=8O! D6ZA! FA:! D8:PB6! H! 7AF>B8G! ^>=UY! E>=6B8! :6P8B! 8E>67!
?=69;A! ;6BA! @AH! 8! 6D?8B! 8E>M! B6FAB<8:<A! E>6! 76! 6:D6VW! 8!9A@6B!
6D?B6778DO! 8! 766B! 6DFB=?AB6D! FAQA:><ADO! 8! 6:?6:<6B! 7A! E>6! :>6D?BAD!
AQAD!:A!@6:O!7A!E>6!:A!U>9R8O!78D!FB=8?>B8D!<6!ADF>BA!8=B6G!(778!96!
6:D6V[!8!+*:%&!H!6DA!87!96:AD!6D!F=6B?AG!(778!6D!6DE>=@8O!D=76:F=AD8O!FA:! I6B=<8D! 8:?=P>8DG!#6R6D! 898B78! FA:! F>=<8<AO! ;>6<6! ;A:6BD6!
LBM8! H!<>B8! FA9A!>:! D8;A!<6!H6DAO! ;>6<6!P>8B<8BD6! 6:! DM!9=D98!
FA9A!>:!F8B8FA7!B6D6:?=<AG!
!
120
2B?6P8O!67!;A6?8C;BAL6DABO!DAD?=6:6!E>6!67!8B?=D?8!6D!>:!;6E>6VA!
<=AD!F>H8!87?8:6BM8!6D!>:!<A7AB!E>6!7A!I8F6!;6<8UADG!)6FAP6B!F8<8!
;6<8UA!6D!D>!AL=F=AG!0:!AL=F=A!D[B<=<AO!=:\?=7!H!6Z?6:>8:?6]!D[B<=<A!
;ABE>6! @=@6D! 6:! >:! 98:=FA9=AG! (Z?6:>8:?6! ;ABE>6! DA:!
<698D=8<ADG! $:\?=7! ;ABE>6! Q89YD! 7AD! 6:FA:?B8BYD! ?A<ADG! 2B?6P8!
?=6:6!B8U[:O!67!;6<8UA!9YD!@87=ADA!:A!E>=6B6!D8R6B!:8<8!<6!9MG!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
121
!
!
!
!
!
!
!
!
!
o!
(%!42,3%(*2!#(%!4+&'0)2!
!
!
!
!
!
!
!
!
!
!
!
!
122
!
!
!
!
!
!
!
!
X2'2/-G,+a2Ci"!!.).+#-(%)%,#B2,12&#*$.&#-%&.#%0#.)2.#%+#)%$*+2*).#&%*0<#L0#.)2.#%+#'.$.#(,#927.#5*&*).E#'.$.#(,#$(&'2D0*1.#-(%+5.#*#A.0*&#)%#);*#####,[:=F8! D8RM8! FI>;8B7A!96QAB! E>6! :8<=6! H! D=69;B6! D6! ?B8P8R8! 67!
D696:G!4=6B?8!FI=F8!:A!6B8!9878!;6BA!8BB8D?B8R8!F=6B?AD!B6U8PAD!<6!
D>! RB6@6!9=7=?8:F=8! L69=:=D?8G!4I>;8B7AO! D6P\:! 6778O! 6B8! D=P:A! <6!
DA96?=9=6:?AG! 36:D8B! E>6! DA7A! 7A! I8FM8! ;AB! FA9;78F6B96! 96!
E>=?8R8!78D!P8:8D!H!<6F=<M!67=9=:8B!6D8!;8B?6!<6!:>6D?BA!B6;6B?AB=A!
D6Z>87G!38B8!FA9;6:D8B96!96!<6Q[!96?WBD67A!;AB!<6?BYD!?B6D!@6F6D!
87! 96DG! (DA! 76! <A7M8! 9>FIA! H! 96! ;8B6FM8! ;6AB! D=P:A! <6!
DA96?=9=6:?AG! (778! DAD?>@A! E>6! 78! F78@8<8! ;AB! <6?BYD! 6B8! >:!
8>?W:?=FA! =9;>7DA! D87@8Q6! H!;AB! 6:<6!8F6;?8R76G!,[:=F8!:A! ?6:M8!
?6ABM8D!:=!7M9=?6DO!8F6;?8R8!?A<A!;6BA!<6@A7@M8!F8<8!PA7;6G!.=!D6!7A!
96?M8!;AB!<6?BYD!6778!D6!R>DF8R8!>:!;7Y?8:A!K?A<8@M8!@6B<6N!H!96!7A!
U89;8R8!R=6:!8<6:?BAG!.=!96!FI>;8R8!<6RM8!FI>;YBD67AO!D=!I8FM8!67!
+*05.#)%0#8,1%0!6778!I8FM8!78! 00*A%#)%0#)2*:0.!H!8DMG!4>8:<A!,[:=F8!7A!FI>;8R8!;8B6FM8!:A!?6:6B!<=6:?6DO!96!P>D?8R8!9YD!D>!RAF8!E>6!D>!
FAVAG! (D8! :AFI6O!9=6:?B8D! 6778! 6D?8R8! D8FY:<A96! FI=D;8D! 8R8QAO!
D6:?=9AD!67!6D?877=<AG!(7!6<=L=F=A!6:?6BA!?69R7[!H!87P>:8D!;6BD=8:8D!
D87?8BA:!;6BA!6778!:A!<6Q[!<6!FI>;8B7AG!
!
C(DA!6D?>@A!F6BF8! <=Q6G!
123
C0:9Q>! 9>B9>B[!6778G!
0:!D6P>:<A!6D?877=<A!B8Q[!78D!;8B6<6D!H!,[:=F8!D6!8;8B?[!Q>D?A!
F>8:<A! 6D?8R8! 8! ;>:?A! <6! 6H8F>78BG! /B8?W! <6! LB6:8B7A! ;6BA! 6B8!
?8B<6G!%8!R8R8!F87=6:?6!D6!6DF>BB=[!6:?B6!9=D!;=6B:8D!H!D6:?M!@8FMA!
B6@>67?A!FA:!9=6<A!H!7>6PA!67!9=6<A!D6!?B8P[!87!@8FMAG!
C2<=A!6D?8!F=><8<! <=QA!,[:=F8G!
0:! ;6<8UA! <6! ;8B6<! F8H[! DARB6! 78! PB8R8<AB8! K>:8! B67=E>=8!
.8:HA! E>6! I8RM8! ?B8M<A! <6! 4=><8<! $:9[@=7N! ! ;6BA! 78! @AU! <6!
)AR6B?8!g78FJ!D=P>=[! =9;8D=R76G!,[:=F8!D6!I8RM8!96?=<A!R8QA! 78D!
FAR=Q8DG!
C/6:69AD!E>6!D87=B! <=Q6G!
C_.87=B!I8F=8!<[:<6`!
,[:=F8!I8RM8!I6FIA!78!;B6P>:?8!<67!9=77[:!<6!<[78B6DG!489R=W!
<6!7>P8B!78!PB8R8<AB8O!;>D6!>:!F8D6?6!<6!2??98B!%=6R6B?O!96!7=9;=W!
78!6:?B6;=6B:8!FA:!>:8!D6B@=776?8!H!96!?>9RW!6:!78!F898G!#6!8L>6B8!
776P8R8:!PB=?AD!H!9>FI8!P6:?6!FABBM8O!_I8F=8!<[:<6`!
!
%8D! RA9R8DO! 8;8B?6! <6! =:?6BB>9;=B! 9=D! ;A7@AD! H! 96<=A!
<6D?BAU8B! 78! PB8R8<AB8O! 96! <6Q8BA:! D=:! 69;76AG! *AB<=! 56B8DO! >:!
@8DFA!<6!;>?8!98<B6O!96!I8RM8!6:P8:FI8<A!D6=D!96D6D!8?BYD!;8B8!
E>6! I=F=6B8! +0.1*,+! 6:! D>! 8P6:F=8! H! 8IAB8O! 8R>BB=<A! <6! F89R=8B!@=<B=AD!H!D87?8B!<6D?BAUADO!D6!78BP8R8!<67!;8MDG!+!78!8P6:F=8!<6!*AB<=!
76!6D?8R8!H6:<A!R=6:!H!I8RM8!9>FIAD!FA:?B8?AD!;6:<=6:?6D!;6BA!D>!
98<B6! K6:! 78! 76Q8:8O! LBM8! H! 96<=6@87! 1=?AB=8N! I8RM8! ?6:=<A! >:!
898PA!<6!=:L8B?A!H!*AB<=!F>7;[!8!78D!RA9R8DG!.=:!69;76A!H!FA:!67!
LBMA!FA7Y:<AD6!;AB!F8<8!;6BD=8:8!BA?8O!:A!96!E>6<[!9YD! B696<=A!
E>6!;8D8B96!87!8;8B?896:?A!<6!,[:=F8G!(778!:A!AF>7?[!D>!876PBM8!
;6BA!76!8<@6B?M!E>6!D6BM8!?69;AB87G!
C,=6:?B8D!FA:D=PA!?B8R8QA!H!>:!7>P8B!9YD!D6P>BA! <=Q6G!
C478BA! <=QA!6778CG!_1AD!FB6WD!E>6!@AH!8!898BB8B?6`!
(D8!9=D98!:AFI6!B6FAPM!9=D!FAD8D!6:!F8Q8D!<6!F8B?[:!H!9=6:?B8D!
7A!I8FM8!D6:?M!>:8!B8B8!8:P>D?=8!;6BA!?B8?W!<6!=P:AB8B78G!.8RM8!F>Y7!
6B8! 67! AB=P6:! <6! 78! 8:P>D?=8! H! E>6! :A! ?6:M8! B696<=AO! D[7A! ;A<M8!
D=7R8B!H!I8F6B!<6!?B=;8D!FAB8U[:G!,[:=F8!96!7789[!;8B8!8@=D8B96!
124
E>6! 76!I8RM8:!;B6D?8<A!>:8!F89=A:6?8!H!6:!96<=8!IAB8!;8D8R8!8!
B6FAP6B96G!.>!R>6:!Y:=9A!8>96:?8R8!67!:=@67!<6!9=!8:P>D?=8G!%6!
<=Q6! E>6! E>=UY! <6RM8! ;6:D8B7A! >:! ;AFAO! E>6! 78! FA:@=@6:F=8!
FA:9=PA!:A!D6BM8!LYF=7G!
C1AD! ?6! FB6WD! 67! ;6BA! IA9RB6! <67! 9>:<A! <=QA! 6778! H! 8PB6P[!
B=6:<ACG!a!:A!DAD!9YD!E>6!>:!RA7><AG!
!
%AD! ;B=96BAD! <M8D! 6:! 67! 8;8B?896:?A! <6! ,[:=F8! L>6BA:! >:!
=:L=6B:AG!.=!96!<69AB8R8!6:!78!<>FI8!6778!D6!;A:M8!8!PB=?8B!E>6!76!
<6Q8B8!8P>8!F87=6:?6G!.=!76M8!>:!7=RBA!6778!E>6BM8!766B7A!FA:9=PAG!.=!
@6M8! L\?RA7! 6:! 78! ?676! 6778! <6FM8! E>6! :A! DA;AB?8R8! 67! L\?RA7! H!96!
B6FAB<8R8! 7A! E>6! XABP6D! I8RM8! 6DFB=?A! FA:?B8! 67! L\?RA7G! .=! E>6BM8!
<AB9=B!6:!67!DALY! K;ABE>6!:A!DA;AB?8R8!<AB9=B!8FA9;8V8<AN!6778!
<6FM8! E>6! 76! ?6:M8! 8DFAG! /A?87O! 96! 8FAD?>9RBW! 8! <>FI8B96!9YD!
BY;=<A!H!8!FA9;8B?=B!67!D>6VAG!(778!69;6U[!8!@6B!7AD!;8B?=<AD!6:!78!
?676!K76!<=Q6!E>6!XABP6D!6B8!F=6PA!6!=9;A?6:?6!H!;AB!6DA!6B8!67!\:=FA!
8BP6:?=:A!87! E>6! 76! E>6<8R8!R=6:!A<=8B! 67! L\?RA7N! H! 8F6;?[!E>6! 78!
76F?>B8!6B8!>:!;78F6B!=:<=@=<>87G!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
125
!
!
!
!
!
!
!
!
X2'2/-G,+a2Ci"!="+2'*#)%#I9*&02%#I9&2+52*,#####+!,[:=F8!76!P>D?8R8:!67!Q8UU!H!67!BAFJ!F7YD=FAG!(7!9%*A6O!67!5&*+9!H!?A<8!78!A:<8!96?876B8!76!B6D>7?8R8:!=:DA;AB?8R76DG!#67!1&(,1%O!>:8!:>6@8! ?6:<6:F=8! :8F=<8! 6:! .68??76O! :A! D8RM8! :8<8G! (7! ?6F:A! H! 67!
BAFJ! 6:! 6D;8VA7! 76! ;8B6FM8:! R8D>B8! K8! 9=! ?89R=W:NG! .>! P>D?A!
9>D=F87! :A! <=D?8R8! 9>FIA! <67! 9MAO! D87@A! ;AB! 6D6! =9;6B<A:8R76!
6BBAB! 77898<A! ,6BF6<6D! .AD8! K67! 8;677=<A! :A! ;A<BM8! D6B! 9YD!
8;BA;=8<ANG!+;6:8D!96!<=A!FI8:F6!76!6DFA:<M!?A<A!7A!E>6!?6:M8!<6!
.AD8G! ,[:=F8! 8;B6F=8R8! 9>FI8D! FAD8D! <6! :>6D?B8! F>7?>B8! H! 78!
;A:M8!6:!87P>:AD!8D;6F?AD!K96!;8B6F=[!=:FB6MR76N!;AB!6:F=98!<6!78!
D>H8G!+!9M!8F6;?8B!FA9A!;BA;=8!>:8!F>7?>B8!E>6!I8RM8!;BA<>F=<A!
8! 7AD! 4ABB876BAD! <6!,8Q8P>87! 96! <8R8! 8PB=6B8DG! .=! :A! ;A<M8! D6B!
:6AHABE>=:AO!87!96:AD!E>6BM8!=98P=:8B!E>6!7A!6B8G!
C_a!E>W!;>?8D!D8RWD!@AD!<6!&6q!aABJ`!
(778! I8RM8! @=@=<A! >:8! ?69;AB8<8! 6:! &6q! aABJG! 38B8! 9M! 78!
'B8:!,8:U8:8!6B8!D[7A!>:!9A:?[:!<6!L=79DO!B6@=D?8D!H!8L=FI6DG!(B8!
48;A?6!H!eAA<H!+776:!H!,F#A:87<D!H!7AD!8798F6:6D!,8FH!H!6?FGO!
6?FG! (778! 7A! I8RM8! B6FABB=<A! 8! ;=6O! I8RM8! 6D?8<A! 6:!,8:I8??8:! 87!
8?8B<6F6BO! 76! I8RM8:! I6FIA! >:! ?8?>8Q6! 6:! 58B769! ;6BA! 8>:! 8DM!
6D?8R8!D6P>BA!E>6!&6q!aABJ!D6!96!:A?8R8!9YD!E>6!8!6778G!
C%A!DW!?A<A! <=Q6G!
126
C36BA!D=!:>:F8!I8RWD!;8D8<A!<6!6DE>=:8! <=QA!6778G!
C_a!6DA!E>W`!
(778! 96! 9=B[! FA9A! D=! L>6D6! >:8! 9ADF8! 8?B8;8<8! 6:! D>! B6<G!
.8RM8!7A!E>6!6D?8R8!;6:D8:<A!;6BA!H8!8:?6D!I8RM8!;8D8<A!;AB!6DAG!
.6! 8F6BF[! ?8:?A! E>6! D>! F8B8! BAU[! 78! 9M8! H! 7A! D>D>BB[! FA:! D>9A!
;78F6B]!
C.AD!>:!;ARB6!RA7><A!D=:!=<6:?=<8<G!
.>!D87=@8!96!I8RM8! D87;=F8<A! 78!F8B8!H!6:?B8<A!6:! 7AD!AQADG!%8!
8;8B?W! D>8@696:?6! H! L>=! 87! 78@8RAG! (778! D6! E>6<[! 6:! 78! D878!
?8B8B68:<A!>:8!F>9R=8!H!D>;6!E>6!:>:F8!;A<BM8!898B!8!6D8!9>Q6BG!
!
,=6:?B8D! =R8! 6:! >:! ?8Z=! 8! B6FAP6B! 8! 36<BA! X78D! ;6:DW! 6:! 9=!
:=V6UO!6:!67!;8?A!#A:87<!H!D>!?8F8VA!?MAG!36:DW!6:!,=76D!#8@=D!H!
*=9=! 56:<B=ZG! 36:DW! 6:! 67! ;B=96B! .>;6B98:! <6! 78! ?676]! 6B8! <6!
96<=8:8! 6<8<O! 87PA! BAR>D?A! H! ;8:U[:! ;6BA! =P>87! 7>FI8R8! ;AB! 78!
Q>D?=F=8G!36:DW! 6:!,=FI867!*8FJDA:!H!3B=:F6! K8!E>=6:6D!FA:D=<6BA!
7AD! 9YD! PB8:<6D! 8B?=D?8D! <67! D=P7AN! H! B6FAB<W! 78! 8<9=B8F=[:! E>6!
,=76D! #8@=D! 76D! ;BAL6D8R8G! 36:DW! 6:! 4I8B7=6! J2&)# 38BJ6BO! 6:! 7A!=9;B6D=A:8:?6! E>6! 6D! 67! 8B?6! <6! 38BJ6BG! 36:DW! 6:! [2$%,+23,#[%+'.,.'2)*! H! E>=D6! 6DF8;8B! ;AB! >:A! <6! D>D! 78R6B=:?ADG! 36:DW! 6:!,8B=7H:!,A:BA6!H!67!FAB8U[:!96!78?=[!9YD!8;B=D8G!36:DW!6:!*AI:!
e8H:6O! 6:!47=:?! (8D?qAA<O! 6:! *AI:!48P6O! 6:!58B@6H! XBAAJD! H!
?8:?AD! :A9RB6D! E>6! 96! 6B8:! I8B?A! 9YD! L89=7=8B6D! E>6! +76QA!
#>BY:O! *ABP6! 1=7789=7! A! /6B6D8! '>?=WBB6UG! +! 9M! +>B8! 4B=D?=:8!
'6=?I:6B! A! +9;8BA! 'B=D876D! D=69;B6! 96! I8:! ;8B6F=<A! >:AD!
R8P8UADG!+! ?B8@WD! <6! 7AD! 8VAD!96! I6! 8;7=F8<A! 78! ;8Q8! FA:! <=@8D!
FA9A! )8E>67! e67FIO! *8:6! gA:<8O! f=9! X8D=:P6B! A! %=:<8!
g=AB6:?=:A!K_A!8F8DA!?6! 78!I8BM8D!FA:!3=78B!48D?8VA!;AB!89AB!8! 78!
;8?B=8`NG!3>6<A!B6FAB<8B!96QAB!87P>:AD!F8;M?>7AD!<6!U%'92K*)*#E>6!78! I=D?AB=8! <6! 4=><8<! $:9[@=7! H! DW! E>6! .?6@6! ,F^>66:! 6D! 9=7!
@6F6D!9YD!=9;AB?8:?6!6:!9=!@=<8!E>6!.=9[:!XA7M@8BG!&A!=9;AB?8!
7A! E>6! <=P8! 9=! ;8D8;AB?6! H! F>Y:?A! E>=6B8! ,[:=F8! B6FAB<8B96!
E>=W:! DAHG! ,=! F=><8<! 6D?Y! 8BB=R8! H! D>D! B8DF8F=67AD! 8F8B=F=8:! 67!
BAD?BA!<6!#=ADG!,=! F>7?>B8! 6D?Y! 6:!9=!96:?6!H! D>D! 6:DAV8F=A:6DO!
127
:A! 6:! 7AD! 7=RBAD! <6! '8BFM8!,YBE>6UG! (7! ?8Z=! D6! <6?>@A! LB6:?6! 87!
IA?67!#8::!4A7A:=87!H!R8QWG!
!
36<BA!6D?8R8!6:!XAPA?Y!=:@=?8<A!;AB!78!48D8!.=7@8G!.>D!;A698D!
RB>DFAD! 96! F8M8:! R=6:! H! D6P>BA! I8BM8:! 78! <=L6B6:F=8! 6:?B6! ?8:?8!
9ADF8! B6?[B=F8! E>6! U>9R8R8! ;AB! 8IMG! ,6! <=QA! E>6! FA9;8B?=BM8!
76F?>B8!FA:!e=77=:P?A:!2D;=:8O!+:<BWD!)A<8!H!A?B8D!;78D?8D!;AB!67!
6D?=7AG!%6!FA:?W!E>6!6D?8R8!@=@=6:<A!FA:!,[:=F8!H!W7!96!<=QA!E>6!
78D! 8BP6:?=:8D! ?6:M8:! 78! '.,'9*! <>B8G! (:! 78! 48D8! .=7@8! :AD!6:FA:?B89AD!FA:!,[:=F8G!36<BAO!<6!6:?B8<8O!76!;78:?A!>:!R6DA!6:!
78! RAF8! K7=F6:F=8D! <6! ;A6?8N! H! 6778O! 8UAB8<8O! 8;6:8D! 87F8:U[! 8!
DA:B6MBG! 36<BA! D6! >:=[! 87! B6D?A! <6! ;A6?8D! ;8B8! ;78:68B! 78! 76F?>B8G!
(FIW!>:8!AQ68<8!87B6<6<AB]!I=;;=6D!<6!78!?6BF6B8!6<8<!K?A<8@M8!FA:!
7%*,+! H! 8R8BF8DNO! D6FB6?8B=8D! FA:! B8M<8D! RA=:8D! K;8B8! ?6:6B! >:!D>;>6D?A! 8=B6! RAI69=ANO! <6D6FIAD! H! 8D;=B8:?6D! 8! ;A6?8D! KD6!
<=D?=:P>6:! ;AB! 78! R>L8:<8! 6F>8?AB=8:8! H! 78D! 96FI8D! F8D;AD8D! H!
776:8D! <6! IABE>=778DN! H! >:8! 78BP8! 7=D?8! <6! 6D;6B;6:?AD! K?A<AD! FA:!
L8778D! <6! AB=P6:NO! >:A! <6! WD?AD! D87><[! 8!,[:=F8G! /6:M8! :=FA?=:8!
I8D?8!6:!78D!AB6Q8DG!
C56:B=!6D!>:!7=?6B8?A!<67!;>?8D! <=QA!,[:=F8O!FA9A!D=!6D?>@=6B8!
8:=98:<A!>:!FA:F>BDA!<6!78!?676G!56:B=!96!6Z?6:<=[!78!98:A!H!:A!
?>@6!9YD! B696<=A!E>6!6D?B6FIYBD678CG!58F6!;AFA!P8:[!>:!;B69=A!
6:!(D;8V8G!
C(7!b8@=6B!.A7=D! <=F6!56:B=G!
C_&A!L>6!>:!F8:?8:?6!<6!RA76BAD`!
Cb8@=6BO! :A! *8@=6B! D>RB8H8! 56:B=! >:! ?8:?A! AL6:<=<ACG! (D! >:!
;A6?8!<6!78!'6:6B8F=[:!<67!jkG!
C56:B=!6D!89=PA!<6!2D;=:8! <=F6!,[:=F8G!
C.6!76!:A?8! <=PAG!
56:B=!96!ARD6B@8!FA:!L8D?=<=A!H!D[7A!D6!<6D;=<6!<6!,[:=F8G!%A!
@6A!876Q8BD6! B>9RA!8! 78! D878! FA:! 78!9=D98!FA78!;=AQAD8!H! 67! F>7A!
I>:<=<A!<6!2D;=:8G!,YD!E>6!>:!89=PA!D6!<=BM8!E>6!6D!D>!F7A:G!
!
128
%8!76F?>B8!L>6!67!8FAD?>9RB8<A!L6D?=@87!<6!78!6:@=<=8O!67!6PA!H!67!
8R>BB=9=6:?AG! +! ,[:=F8! 76! P>D?8BA:! 7AD! ;A698D! <6! 36<BA! X78D!
KE>6! L>6! 67! \7?=9A! 6:! 766BN! H! 7A! =:@=?[! 8! ?A98B! @=:A! 6:! 67!
8;8B?896:?AG!0:8!8:F=8:8!H!D>!:=6?8!D6!;6P8BA:!<6!36<BA!H!I>RA!
E>6! 776@8B78DG! %8! @=6Q8! 6B8! <6! 4=><8<! $:9[@=7! H! I8RM8! D=<A!
R8=78B=:8!LA7F7[B=F8!K,[:=F8!<=QA!E>6!76!6:F8:?8R8NG!%8!:=6?8!?6:M8!
?B6F6! 8VAD! H! H8! 6DFB=RM8! ;A698D! K,[:=F8! <=QA! E>6! 76! 6:F8:?8R8NG!
.6:?M! ;6:8! ;AB! 6778O! D[7A! ?6:M8! ?B6F6! 8V=?AD! H! H8! 6D?8R8! ;6B<=<8G!
36<BA! X78DO! 9=6:?B8D! I8R78R8! FA:! 78! 8R>678O! 76! I8FM8! AQ=?AD! 8! 78!
:=V8G! (:?B89AD! 87! 8;8B?896:?A! H! 36<BA! L>6! <=B6F?A! 87! R8VA! 8!
6FI8BD6!>:!-*+%G!,[:=F8!D6!=:D?87[!6:!78!D878!FA:!78D!2,A25*)*+#H!HA!L>=!8!78!FAF=:8!H!<6DFABFIW!78!;B=96B8!RA?6778!<6!@=:AG!36<BA!@=:A!8!
8H><8B96G!
C_/6!=98P=:8D!789WBD67A!8!6D8!7A7=?8`! <=QA!36<BA!B6789=W:<AD6G!
/6:M8!78!LB6:?6!RB=778:?6!H!78D!876?8D!<6!78!:8B=U!76!?69R78R8:G!36:DW!
6:!9=! DARB=:8! H! ?>@6! P8:8D! <6! ;8B?=B76! 67! FBY:6A! 8! 8E>67! @=6QA! H!
B=QADA!;A6?8!:6PBAG!(:!@6U!<6!6DA!76!ALB6FM!>:!@8DA!<6!@=:A!E>6!D6!
69R>FI[!87!=:D?8:?6CG!(D?8!@8=:8!:A!?=6:6!D8RABG!
C&A!D6!7A!FAP6D!;AB!67!69R876! <=Q6G!
#6!78!D878!776P[!67!6D?\;=<A!R>77=F=A!<6!>:!;ABBAG!
C1AH!8!;6P8B96!A?BA! <=QA!36<BA!H!B6PB6D[!87!R8VAG!
3>D6!7AD!@8DAD!H!78!RA?6778!6:!>:8!R8:<6Q8!H!7AD!776@W!8!78!D878G!
,[:=F8! ;B6P>:?[! ;AB! 36<BAG! %6! <=Q6! E>6! D6P>M8! 6:! 67! R8VAG! %8!
8:F=8:8! D6! I8RM8! E>=?8<A! 67! 8RB=PA! H! 6D?8R8! I8F=6:<A! >:8!
<69AD?B8F=[:!<67!R8=76O!67!;6776QA!<6!7AD!RB8UAD!76!FA7P8R8!FA9A!78D!
878D! <6! >:! 9>BF=W78PAG! %8! :=V8C;A6?8! I8RM8! FAP=<A! >:! 7=RBA! <6!
X6:6<6??=!H!6D?8R8!76H6:<AG!
C(D!67!;6AB!;A6?8!<67!9>:<A! <=Q6G!
(778!76@8:?[!78!F8B8!H!96!ARD6B@[!FA:!D>D!AQAD!F78BADG!
C_0D?6<!6DFB=R6`!
C&AO!DAH!RAZ68<AB!898?6>BG!
C.=!6DFB=R=6B8O!D8RBM8!E>6!X6:6<6??=!6D!>:!P6:=AG!
&A! D[7A! 6D?8R8! ;6B<=<8O! 6B8! >:!9A:D?B>A! H! D6P>BA! 78! 8:F=8:8!
6B8!D>!#BG!gB8:J6:D?6=:G!,[:=F8!?B8?8R8!<6!D6P>=B! 7AD!;8DAD!<6! 78!
129
8:F=8:8O! E>6! 6B8:! ?AB;6D! H! @8FMAD! FA9A! 7AD! D>6VAD! <6! >:! ;6BBAG!
36<BA!X78D! 8;8B6F=[! FA:! 78! F8B8! B6F=W:! 78@8<8!H! L>6! 8! D6:?8BD6! 87!
78<A!<6!78!:=V8C;A6?8G!,6!D6:?W!6:LB6:?6!<6!677AD!;8B8!@=P=78B7AG!(7!
;ABBA!8F8R[!;6BA! 78! 8:F=8:8! D=P>=[!P=B8:<AO! D6P>BA! 6D?8R8! DAB<8G!
,[:=F8!<6?>@A!8!78!8:F=8:8!H!78!8H><[!8!D6:?8BD6G!#6!B6;6:?6!96!
D6:?M!6:!>:!9>:<A! L8:?8D98!H!FABBM!I8F=8!67!6D?WB6AG!3>D6!?(&-0%#&*2,! H!96!E>6<W! 877M! 8P8FI8<AO!<6Q8:<A!E>6! 78D! 6D?B=<6:?6D! :A?8D!89AB<8U8B8:!9=!FAB8U[:G!%8!:=V8C;A6?8!D6!8F6BF[!8!;B6P>:?8B96!
E>W!B>=<A!6B8!6D6G!%6!<=Q6!E>6!D=!D6!<6DF>=<8R8!67!@=6QA!;A6?8!:6PBA!
76! =R8! 8! ;8B?=B! 78D! ?B=;8DG! .6! ;>DA! ;Y7=<8! H! D>;6! E>6! 96! I8RM8!
;8D8<A!;6BA!H8!6B8!?8B<6G!%8!:=V8C;A6?8!B6FAP=[!D>D!FAD8DO!76!;>DA!
67!8RB=PA!8!78!8R>678!H!78!Q87[!;AB!67!RB8UA!I8F=8!78!;>6B?8!<6!D87=<8G!
,[:=F8!H!36<BA!X78D!?B8?8BA:!<6!D8F8B76!87PA!;6BA!6778!D[7A!9=B8R8!
I8F=8!9M!FA:!7AD!AQAD!776:AD!7YPB=98DG!36<BA!78D!8FA9;8V[!8!?A98B!
>:!?8Z=!H!,[:=F8!96!8FAD[!8!;B6P>:?8DG!
C%6!;6<M!E>6!B6D;6?8B8!8!3B=:F6!H!F>=<8B8!D>!?B8D6BAG!
C58D?8!FA:!>:8!;=R8!DAD!>:!F6B<AG!
%6!R8QW!67!@A7>96:!87!6D?WB6A!H!6:F8BW!8!,[:=F8G!
C.=!@8D!8!9A:?8B78O!96!78BPAG!
Cr+:<YO!RA7><AO!D87M!H8s!
&A!7A!;6:DW!<AD!@6F6DG!4=:FA!9=:>?AD!<6D;>WD!F89=:8R8!;AB!67!
RAB<6! <6! >:8! 8@6:=<8! 6:! F89=D6?8G! #=! @>67?8D! ;AB! 8IM! I8D?8!
6:FA:?B8B! >:! ;8BE>6G! ,6! ?>9RW! 6:! >:8! R8:F8! H! 96! E>6<W!
<AB9=<AG!
!
,6!<6D;6B?[!8E>6778!FAD8!8;78D?Y:<A96!67!;6FIAG!+RBM!7AD!AQADG!
%8!FAD8!6B8!78!RA?8!<6!>:!DA7<8<AG!%8!E>=?[!H!;><6!D6:?8B96G!&A!
E>6BM8! 6Z;7=F8F=A:6D! D[7A!E>6!96! 78BP8B8!;ABE>6! LB6:?6! 87! ;8BE>6!
E>6<8R8! 78! F8D8! <6! >:! ;A7M?=FAG! )6PB6DW! 87! 8;8B?896:?AG! 36<BA!
X78DO!FA:!9=!;=Q898!;>6D?8O!8RB=[!78!;>6B?8G!,[:=F8!D6!I8RM8!=<A!8!
?B8R8Q8BG!#=F?8R8!FY?6<B8!6:!67!;BAPB898!<6!7=:PvMD?=F8!<6!78!0*4!H!
6B8!?B8<>F?AB8!<6!@8B=8D!B6@=D?8DG!.6!P8:8R8!>:!9A:?[:!<6!<=:6BA!H!
6D?8R8! 6:! ;76:8! LAB98O! 8DM! E>6! ?A<8@M8! :A! <6DF=LB8R8! E>W! ADF>B8!
B8U[:! 78! 9A@M8! 8! DA;AB?8B96G! _.6ZA`! &AG! (778! 96! I8RM8!
130
<69AD?B8<A! I8D?8! 78! D8F=6<8<! E>6! D>! D6ZA! 6B8!96QAB! E>6! 67!9MAG!
_$:?67=P6:F=8`!58R78R8!FA:!L7>=<6U!6:!F>8?BA!=<=A98D!H!I8RM8!76M<A!
?8:?A!FA9A!XABP6DG!_,>:<A`!4A9A!R=6:!<6FM8!,[:=F8]!T.+#,.#9*+#-*+*).# )%# 0*# %+/(2,*G! (:! F89R=A! 6778! I8RBM8! I>9=778<A! 8!,8P8778:6DG!+<69YD!6B8!R78:F8O!87?8!H!:A!?6:M8!F67>7=?=DG!
!
C_a! E>W! FA:! 6DA`! 3>6<6! D6B! R6778! H! 8@=D;8<8! ;6BA! ?\! ?6! I8D!
B($*).! 78!9>6B?6! <=QA!36<BA!X78D!6:?AB:8:<A!D>D!;6E>6VAD!AQAD!<6!7=:F6CG!(B6D!96QAB!E>6!F>87E>=6B8O!6B6D!IADFA!H!L6BAU!FA9A!P8?A!
D=:!<>6VAG!
C'>YB<8?6!7AD!I878PAD!H!E>M?8?6!9=!;=Q898! 76!!<=Q6G!
,=6:?B8D! 36<BA! D6! <>FI8R8! =:D;6FF=A:W! 78! 87FAR8! ;6BA! :A!
I8RM8:! <6Q8<A! I>6778DG! 36:DW! 6:! ;B6P>:?8B76! <6! LB6:?6! H! 7>6PA!
;6:DW! E>6! E>=UY! :A! I8RM8! ;8D8<A! :8<8! H! 7>6PA! ;6:DW! E>6! F[9A!
;A<M8! D6B! ?8:! 6D?\;=<A! <6! ;6:D8B! E>6! :A! I8RM8! ;8D8<A! :8<8G!
(9;6U[! 8! <A76B96! 78! F8R6U8! H! H8! :A! ;><6! ;6:D8B! H! <6F=<M!
I8F6B96! 67! =<=A?8! FA:! 36<BA! ;ABE>6! <6! F>87E>=6B! LAB98! W7! =R8! 8!
;6:D8B!E>6!6B8!>:!=<=A?8G!#6D;>WD!<6!<>FI8BD6!H!8L6=?8BD6!KFA:!9=!
9YE>=:8N!36<BA!D6!@=D?=[!8! ?A<8!H! D87=[!;=?8:<A!<67!8;8B?896:?AO!
;ABE>6! <6RM8! I8F6B! >:8D! FA9;B8D! H! FAP6B! 67! 8@=[:! ;8B8! 4=><8<!
$:9[@=7O!8:?6D!<67!96<=A<M8G!
!
!
!
!
!
!
!
!
!
!
!
!
!
131
!
!
!
!
!
!
!
!
X2'2/-G,+a2Ci"!L0# 52:2.# &%+-0*,).&# )%# (,*# '*&2'2*# %+# *-%,*+# 0*# +.$:&*# 2,A2+2:0%# )%# (,*#081&2$*#####C_^>W!96:?6!?8:!FAFI=:8!?6:WD!@ADG!
C_3AB!E>W!<69A:=AD!?6:M8!9=!;=Q898!6:?A:F6D`!
C_a!E>W!E>6BM8D!@AD`!_^>W!QA<=6D6!7AD!?B8;AD!H!D>R=6D6!87!8@=[:!
I6FIA! >:8! ;ABE>6BM8`GGG! 478BA! E>6! 6:! @6U! <6! ?>! 6D?\;=<A! ;=Q898!
;><6!<8B76!9=!:*:6#).00G!C_3AB!E>W!=R8!8!@=8Q8B!FA:!78!9=D98!BA;8`!
Ca!HA!E>W!;>?8D!DWG!^>=UY!;AB!8Pv6BAG!1AD!9=D9A!?6:WD!8Pv6BA!
;8B8!?A<AG!
C4>8:<A!@>67@6D!8!F8D8O!<6D;>WD!<6!;8D8B!78!:AFI6!6:!>:!;8BE>6!
;ABE>6! ?>! 9>Q6B! ?6! 6FI[O! H! 6:F>6:?B8D! 8! >:! ?=;A! FA:! ?>! ;=Q898!
;>6D?A!H!F8B8!<6!I8R6B78!;8D8<A!B6P=A!?6!@=6:6:!9>FIAD!8Pv6BAD!8!
78!F8R6U8G!
C_.8RWD!87PA`!.AD!>:!6D?\;=<A!8FA9;76Q8<AG!$:@=?W!8!36<BA!X78D!
;AB!@ADO!E>6BM8!I8F6B?6!D6:?=B!E>6!67!8;8B?896:?A!6D!?>HAG!
C_+!9M!A!8!36<BA!X78D`!
C_.8RWD!E>W!?6:WD!@AD`!(7!FA9;76QA!<67!F8:P>BAO!6DA!?6:WDG!
Ca!?\!7A!?=6:6D!<6!;>?8G!
.>!98:AO!FA9A!>:!B8HAO!6D?877[!<AD!@6F6D!6:!9=!F8B8!H!F>8:<A!
E>=D6!B68FF=A:8B!H8!D6!I8RM8!6:F6BB8<A!6:!78!87FAR8G!,6!B6FAD?W!6:!
132
78!;>6B?8!H!78!D6:?M!77AB8BG!%6!<=Q6!E>6!7A!D6:?M8O!E>6!6D?8R8!F67ADA!H!
6DA!6B8!R>6:AG!
C.=! 6D?AH! FA:! @ADO! 6D?AH! FA:! @AD! H! ;>:?A! 9>B9>B[! 6:?B6!
DA77AUADG!
36:DW!E>6!8E>677A!DA:8R8!RA:=?A!H!E>6!E>=UY!?89R=W:!7A!I8RM8!
6DF>FI8<A!8E>67!?=;A!H!D6P>BA!D6!I8RM8!8FAB<8<A!<6!6DAO!?>9R8<A!
6:! 67! 8D=6:?A! <6! 8?BYD! <6! 8E>6778! ;8?B>778O! FA:! >:8! R878! 6:! 78!
;=6B:8G!
!
0:! B8?[:!I8RM8!@=D?A! 6:! 78! ?676!>:!;BAPB898! DARB6! F8:P>BAD!H!
;6:D[!E>6!W7!6B8!>:A!<6!677ADG!36:D[!E>6!87P\:!<M8!=R8!8!D6B!PB8:<6!
H! ;A<BM8! D87?8B! R=6:! 87?A! H! 8;78D?8B! 87! P8?A! E>6! 7A! ;6BD6P>M8G! (7!
B8?[:!D6!96?=[!?8:?A!6:!78!F8R6U8!78!=<68!<6!D6B!F8:P>BA!E>6!D6!7A!
FB6H[!H!>:8!:AFI6O!<6D;>WD!<6!?A98BD6!>:AD!?6E>=78D!K6B8!>:!B8?[:!
96Z=F8:ANO! <6F=<=[! R>DF8B! 87! P8?A! ;8B8O! D6P\:! W7O! <8B76! D>!
96B6F=<AG! .>D! FA9;8<B6D! ?B8?8BA:! <6! <=D>8<=B7A! ;6BA! 76D! 6FI[! 78!
RBA:F8! <=F=6:<A]! ?.+# ,.# A%,# /(%# (+5%)%+# +.,# (,*# -*&52)*# )%# &*5.,%+#'.:*&)%+# 6# 6.# (,# '*,1(&.# &%$*'9.5%G!a! FA:! 78D!98:AD! 6:! 78! F=:?>B8!
77898<8!L0# '.$-0%7.# )%0# '*,1(&.! K6DFB=?8! ;AB!>:! ?87!(796B!X8??6BDNO!,[:=F8! ?B8?8R8! <6! 6Z;7=F8B! 9=D! 8BB6R8?AD! H8:E>=D! H! 67!
8>?A<6D;B6F=A! E>6! <6D?B>M8! 9=! 8>?A6D?=98! H! 78! FA:L=8:U8! 6:! 7AD!
<69YD! K7AD! <69YD! 6B8:! 6778NG!,=! A;=:=[:! <=D?8R8!9>FIA! <6! 6DA]!
F>8:<A!?6!I8:!<8<A!;AB!*9;O!Q>D?A!;AB!*9;E!H8!:A!;>6<6D!F6BB8B!7AD!AQADG!,[:=F8!FB6M8!E>6!;8B8!9M! 7A!9YD!=9;AB?8:?6!6B8!D8R6B!D=! 7A!
I8RM8!I6FIA!A!:A!FA:!36<BA!X78DG!a! 7A!6B8!;6BA!8>:!D=!:A!I8RM8!
;8D8<A! :8<8! 6778! 7A! I8RM8! <6Q8<A!<AB9=B! 877M! D=:! D8R6B! E>W! B8HAD!
96!I8RM8!;8D8<AG!4=6B?8!FI=F8!I8RBM8!D8R=<A!E>W!I8F6B!FA:!36<BA!
X78D!;ABE>6!6:?6:<M8!9=!96:?6O!;ABE>6!D>!96:?6!6D?8R8!I6FI8!8!78!
96<=<8!<6!78!9M8!FA9A!7AD!B=676D!87!?B6:G!4>8:<A!>:!8@=[:!;=6B<6!
78! B>H8! R8D?8! >:8!98:=ARB8! ;8B8! B6F>;6B8B! 78D! FAAB<6:8<8D! ;6BA!
F>8:<A!>:!?B6:!D6!<6DF8BB=778!:A!I8H!9>FIA!E>6!;>6<8D!I8F6BG!
!
!
133
!
!
!
!
!
!
!
!
X2'2/-G*0&$2Ci"!="+2'*#)%#^*$.,%+#####%8D! RA9R8D! D6P>M8:! F8H6:<A! FA9A! FA;AD! <6! :=6@6! :6PB8! DARB6!
XAPA?YG! (D8! ?8B<6! 6D?8R8! I8F=6:<A! L=78! ;8B8! 6:?B8B! 87! F=:698! H!
r;>999sss! %8! L=78! <6D8;8B6F=[! 6:! >:! =:D?8:?6! H! 8;BA@6FIW! ;8B8!
FAP6B!67!;B=96B!;>6D?A!6:!78!?8E>=778G!%8!69;768<8!D6!I8RM8!96?=<A!
R8QA!>:8!96D8G!#6D;>WD!78!P6:?6!L>6!B6PB6D8:<A!;AFA!8!;AFA!H!6778!
@A7@=[!8!D>!;>6D?AG!%8!;67MF>78!D6!77898R8!G*)*#%+#-*&*#+2%$-&%G!%8!<=B=PM8! )AR6B?! )6<LAB<! H! 67! ;BA?8PA:=D?8! 6B8! >:! ?87! XB8<! 3=??G! (7!
:A9RB6!AB=P=:87!<6! 78!;67MF>78! ?B8<>FM8!87PA!FA9A!L0# &;.# /(%# '.&&%#-&.B(,).! K6B8! >:8! ;67MF>78! DARB6! ;6DF8<AB6DN! ;6BA! ;AB! ;A7M?=F8!FA96BF=87!D6!7A!I8RM8:!F89R=8<AG!.=!I8H!87PA!E>6!;>6<8!FIAF8B96!
6D!6D8!98:M8!<6!F89R=8B!7AD!:A9RB6D!AB=P=:876D!<6!7AD!7=RBAD!H!78D!
;67MF>78D! ;AB! A?BAD! E>6! <8:! 8DFAG! &A! @6A! ;AB! E>W! G*)*# %+# -*&*#+2%$-&%! B6D>7?8! 9YD! FA96BF=87! E>6! L0# &;.# /(%# '.&&%# -&.B(,).G! %AD!F[<=PAD!E>6! ?6:M8:! 6DAD!;>R7=F=D?8D!;8B8! Q>UP8B! 78!96:?87=<8<!<67!
;\R7=FA!6B8:!8RA9=:8R76DG!.=!?6:M8:!B8U[:!A!:A!96!6B8!=:<=L6B6:?6!
;6BA!;A:6B!G*)*#%+#-*&*#+2%$-&%!8!87PA!E>6!D6!77898!L0#&;.#/(%#'.&&%#-&.B(,).!6D!>:!FB=96:G!!!
%8D! ;67MF>78D! DA:! 96QAB6D! E>6! 7AD! F>B8DO! 7AD! D=E>=8?B8D! H! 78D!
8D;=B=:8DG! .6:?8<A! 6:! 78! ADF>B=<8<! >:A! @=8Q8! 8! ?B8@WD! <6! 78D!
134
=9YP6:6D! H! A7@=<8! 7A! =:96<=8?AG! +! @6F6D! >:A! D6! 8R>BB6! H! A?B8D!
PAU8! ;6BA! D=69;B6! D6! A7@=<8! <6! 7A! =:96<=8?AG! %A! \:=FA! E>6!96!
F8RB68! <6! 78D! ;67MF>78DO! D68:! R>6:8D! A!9878DO! 6D! 67!!9%# L,)G! %8D!7>F6D!D6!6:F=6:<6:!H!>:A!?=6:6!E>6!B6PB6D8B!8! 7A! =:96<=8?AG!+?BYD!
E>6<[! 67! R677A! ;>6R7A! <6! ;6DF8<AB6D! H! XAPA?YO! F8<8! @6U! 9YD!
<6DI6FI8!6!=:D6P>B8O!@A7@=[!8!776:8B!9=D!AQADG!&A!D8RM8!8!<[:<6!=BO!
96!I8RM8!;6768<A!FA:!,[:=F8!H!6D?8!@6U!78!FAD8!=R8!6:!D6B=AG!/8:!
6:! D6B=A! E>6! <6D;>WD! <6! 78! ;6768! D6! I8RM8! =<A! 8! F6:8B! FA:! >:!
8BE>=?6F?A!;8=D8!KE>6!6B8!D[7A!>:!FA9;8V6BA!<6!?B8R8QANG!,6!<=QA!
E>6!E>6BM8!D6B!898<8!H!:A!@6M8!89AB!6:!9MG!58R7[!<6!9=!=:F>B8R76!
I8D?MA! H! <6! D6:?=BD6! D=69;B6! 96:AD;B6F=8<8! ;AB! :A! D6B! ;>B8! H!
@=BP=:87!FA9A!F=6B?8!FI=F8G!#6QA!E>6!9=!=<687!L696:=:A!6D?8R8!9YD!
F6BF8!<6!>:!I8<8!98<B=:8!E>6!<6!>:8!@6B<8<6B8!9>Q6BG!5=UA!>:!
9=:>F=ADA!=:@6:?8B=A!<6!?A<A!7A!E>6!I8RM8!I6FIA!;AB!9M!8!F89R=A!
<6!:8<8!H!7>6PA!96!ALB6F=[!87PA!<6!<=:6BA!;8B8!E>6!87E>=78B8!>:8!
I8R=?8F=[:!7A!9YD!76QAD!<6!6778!;AD=R76G!&A!8F6;?W!67!<=:6BAO!76!<=Q6!
E>6! ;A<M8! 8BB6P7YB9678D! DA7AG! +IAB8! F89=:8R8! F6BF8! <67!,>D6A!
&8F=A:87O!;6:D8:<A!E>6!9=!\:=F8!87?6B:8?=@8!6B8!@A7@6B!8!4=><8<!
$:9[@=7! FA:!67! B8RA! 6:?B6! 78D!;=6B:8DG!,=! B6L76QAO! 6:! 78!;>6B?8!<6!
X>BP6B!.?8?=A:O!:A!<6Q8R8!7>P8B!8!<><8D]!:A!?6:M8!>:!;6DAO!6D?8R8!
987! <6! BA;8! H! 78D! \7?=98D! :AFI6D! <6! =:DA9:=A! 96! I8RM8:!
6:@6Q6F=<AG!'8D?W!9=D!\7?=98D!9A:6<8D!6:!77898<8D!8!89=PAD!E>6!
:A!B6D>7?8BA:!D6B!?8:!89=PADG!,[:=F8!96!I8RM8!<8<A!>:8!D698:8!
;6BA! E>6BM8! 78BP8B96! H8! ;8B8! 6@=?8B! I>9=778F=A:6DG! #689R>7W!
6:?B6! 7AD! 6DFA9RBAD! FA9A! >:! B8DPA! 9YD! <67! ;8=D8Q6! H! ;6:DW! 6:!
F=6B?8! FI=F8O! 6:! D>!89AB!877M! F78@8<A!E>6!:A! 76D!<6Q8R8! 6D;8F=A! 8!
:>6@AD!89AB6DG!
!
!
!
!
!
!
!
135
!
!
!
!
!
!
!
!
X2'2/-G*0&$2Ci"!L0# 9*'9*# '0*A*)*# +.:&%# %0# 5&.,'.# -(%)%# A%&+%# )%# ).+# B.&$*+V# 0*# -*&5%# )%0#9*'9*#/(%#+%#A%#6#0*#.5&*<#],*#%+#%0#*$.#0*#.5&*#0*#$(%&5%<#I*)*#/(2%,#)%'2)%#'(80#%+#0*#$(%&5%#####(D?8R8!6:!67!\7?=9A!;>6D?A!<6!>:!8>?AR\D!E>6!8?B8@6D8BM8!67!;8MD!
;8B8!776P8B!8!4=><8<!$:9[@=7G!4A9A!7AD!8>?AR>D6D!DA:!?B8D?AD!?8:!
B6876D!;B6L6BM!9=B8B!;AB!78!@6:?8:=778!H!;6:D8B!6:!A?B8D!FAD8DG!#6!78!
;67MF>78!(7!BMA!E>6!FABB6!;BAL>:<AO!96!I8RM8!E>6<8<A!L7A?8:<A!>:8!
=<68! B678?=@8! 8! E>6! E>=UY! :>:F8! ;A<89AD! 6:?6:<6B! ?A?8796:?6! 8!
87P>=6:! H! 96:AD! 8! 7AD! 9YD! E>6B=<AD! ;6BA! ;A<69AD! 898B7AD!
?A?8796:?6G!(:!9=!A;=:=[:O!898B!8!>:8!;6BDA:8!E>=UY!D68!9YD!LYF=7!
E>6!6:?6:<6B78!;6BA!9>FIA!9YD!;67=PBADA!;ABE>6!67!89AB!D=69;B6!
<>676G!0:A!;>6<6!?B8?8B!<6!6:?6:<6B!8!87P>=6:!;6BA!:A!;>6<6!?B8?8B!
<6!898B7AG!(7!89AB!D>BP6!=:@A7>:?8B=AG!(7!89AB!;>6<6!8>96:?8B!A!
R8Q8B!I8D?8!<=7>=BD6!;6BA!:A!;>6<6!=9;A:6BD6G!+!@6F6D!:AD!P>D?8BM8!
898B!8!<6?6B9=:8<8!;6BDA:8O! =:F7>DA!;A<69AD!FA9;BAR8B!E>6! 78!
;6BDA:8!?=6:6!?A<AD!7AD!8?B=R>?AD!;8B8!E>6!78!8969AD!H!:A!AF>BB6G!
0:A!D6!8FAD?>9RB8!8!F>87E>=6B8!FA:!98HAB!A!96:AB!?B8R8QA!;6BA!
8FAD?>9RB8BD6!:A!6D!898BG!&A!DW!D=!;=6:DA!7A!FABB6F?A!A!9=D!=<68D!
DA:! 8RD>B<8D! ;6BA! ?=6:<A! 8! FB66B! E>6! 67! 89AB! 6Z=D?6O! E>6! 6D! >:8!
=:@6:F=[:!<67!IA9RB6!H!E>6!8IAB8!6D?Y!L>6B8!<6!FA:?BA7G!(7!89AB!
9YD! 6D?\;=<A! H! <67=B8:?6! 6D! 67! <6! >:8!98<B6! ;AB! 67! I=QA! ;6BA! 87!
136
96:AD! ?=6:6! >:! ;=DA! R=A7[P=FAG! 36BA! ;6:D8B! E>6! ?6! 6:F>6:?B8D! 8!
>:8!<6DFA:AF=<8!H!87!;AFA!?=69;A!<8BM8D!78!@=<8!;AB!6778!96!;8B6F6!
=:6Z;7=F8R76G! ,[:=F8! D6! I8RM8! 6:F6BB8<A! 6:! >:! 9A?67! FA:9=PA!
9=6:?B8D! D>! :A@=A! ;8D8R8! 78! :AFI6! 6:! >:! IAD;=?87G! 4=6B?A! E>6!
I8RM8! ?676LA:68<A! I8D?8! D8R6B! <[:<6! 6D?8R8! H! E>6! :A! 6B8! PB8@6!
;6BA! :A! 6D?>@A! FA:! W7! H! :>:F8! E>6! B6F>6B<6! D6! D=:?=[! F>7;8R76G!
#6D;>WD!96!6Z;7=F[!E>6!78!FAD8!@6:M8!987!6:?B6!677ADO!E>6!6D?8R8!
I8B?8!H!<6D68R8!87PA!9YD!=:?6:DAG!.6!I8RM8!=<A!87!9A?67!FA:9=PA!
;ABE>6!E>6BM8!I8F6B!87PA!7AFA!H!7>6PA!76!;8B6FM!=:?6B6D8:?6!H!7>6PA!
D6P>M!78!FABB=6:?6!;ABE>6!:A!78!898R8!H!;AB!6:<6!:A!FABBM8!B=6DPA!
87P>:AG!,[:=F8!6B8!R>6:8!;6BA!=:F8;8U!<6!;BA<>F=B96!89ABG!.=!7A!
8:87=UA!6:!<6?8776O!6778!?6:M8!9YD!<6!7A!E>6!;A<M8!DAV8B!H!FB6A!E>6!
6DA! 6B8! 7A! 987A]! ;8B8! 898B! 8! 87P>=6:! 6D6! 87P>=6:! <6R6! ?6:6B! 7A!
Q>D?AG!0:!;AFA!96:AD!6D!=:D>L=F=6:?6G!0:!;AFA!9YD!I6FI8!?A<A!8!
;6B<6BG!(DA!AF>BB6!;ABE>6!898B!6D!>:!8B?6!<6!78!9=D98!M:<A76!E>6!
FA96B]!>:!;78?A!E>6!:A!6D?Y!6:!D>!;>:?A!;>6<6!F8798B!67!8;6?=?A!
;6BA! :A! D8?=DL8F6! 67! P>D?AG! 58H! P6:?6! E>6! FA96! ;8B8! 776:8BD6! 67!
R>FI6!H!6DAD!;>6<6:!@=@=B! D=:!89AB!;6BA!:A!D=:!FA9;8VM8G!2?BAD!
9AB=BM8:!<6!I89RB6!8:?6D!E>6!8F6;?8B! 87PA!987!;B6;8B8<AG!(D?AD!
\7?=9AD! D6BY:! 6?6B:AD! DA7=?8B=AD! 8!96:DA! E>6! <6:! FA:! 78!96<=<8!
Q>D?8G!4>8:<A!D6!;=6:D8!6:!67!89AB!78D!=<68D!:A!?=6:6:!FA:D=D?6:F=8!
H! E>=UY! ;AB! 677A! 7AD! PB8:<6D! L=7[DALAD! 67><=6BA:! 67! ?698! ;6BA!
8>:E>6! 69;878P>6! 6D! AR@=A! E>6! :>6D?B8! ;6E>6V8! @=<8! P=B8! 6:!
?AB:A! 8! 87P>=6:! E>6! :AD! I8! I6FIA! L67=F6D! =<=A?8D! A! B6D6:?=<AD!
D8R=ADG! (7! 8>?AR\D! 8R8:<A:[! 67! ?6B9=:87! H! D6! 8<6:?B[! 6:! 78!
8>?A;=D?8G!
!
!
!
!
!
!
!
137
!
!
!
!
!
!
!
!
!
k!
.0(x2!#(!0&+!l+&+52)$+!
42&'(%+#+!
!
!
!
!
!
!
!
!
!
!
!
138
!!
!
!
!
!
!
X2'2/-G24/0X)(CiS!L0#).0.&#%+#(,#-0*'%,.0A2)*:0%#####%A!E>6!B6F>6B<A!6D!67!RB=77A!<6!D>D!AQAD!H!7>6PA!78!I>6778!<6!D>!@AU!
6:! 78! 6D?B6FI8! ADF>B=<8<G! %AD! R6DAD! FA7P8R8:! <6! 78! 8D>D?8<8!
D>;6BL=F=6!FA9A!B67AQ6D!<6!#87M!H!F8M8:!6:!7AD!I>6FAD!D=:!<>6:<6D!H!
7>6PA!D6:?M!D>!8FB6!A7AB!<6:?BA!9MA!H!96!FA9M!D>!A7AB!H!67!FAB8U[:!
<6! D>! A7ABGGG! %8D!98:AD! D6! B6;=?=6BA:! I8D?8! 67! F8:D8:F=A! H! I8RM8!
9YD! 98:AD! E>6! 7>P8B6D! ;8B8! 6778DO! H! ?89R=W:! 87PA! <6! D8:PB6! H!
7YPB=98D! H!9AFA! DARB6! 67! B6D;78:<AB! <6! D>! F>6B;AG!&A! DW! D=! L>6!
R>6:AO!DW!E>6!L>6!8B<>A!H!\:=FAG!%AD!A?BAD!<6?8776D!D6!7AD!?B8P[!78!
8:D=6<8<G!(778!:>:F8!96!FA:?[!E>W!I8RM8!D6:?=<AG!
!
+L>6B8! 4>6?A! H! 1MF?AB! D6P>M8:! <=DF>?=6:<AG! (778! :A! D6! I8RM8!
9A@=<AG! +RBM! 78! ;>6B?8! H!96! D6:?W! FA:! 677ADG! 4>6?A! H! 1MF?AB! D6!
9=B8BA:!FA:!;=F8B<M8G!,6!D6:?M!987O!FA9A!<6D:><A!6:!>:!96BF8<A!
;\R7=FAG!%6D!;6<M!E>6!D6!L>6B8:G!.6!876Q8BA:!6:?B6!B=D8DG!%8!7789WG!
(B8! >:8! :AFI6! FY7=<8G!(D?>@=9AD! D6:?8<AD! 6:! 78! ;>6B?8! <67! 7AF87!
9YD!<6!<AD!IAB8D!D=:!<6F=B!>:8!;878RB8G!
!
#6D;>WD! 7A! I=F=9AD! F8<8! <M8O! F8<8! D6P>:<AO! F8<8! ;6D?8V6AG!
&>:F8!;6B<=9AD!A;AB?>:=<8<O!6B8!>:8!L>6BU8!E>6!<6D;78U8R8!8!78D!
A?B8DO!6:!F=6B?A! D6:?=<A! 7A! D6Z>87! L>6!<6@AB8:<A!67! B6D?AG!4>8:<A!
96!<6Q[! 76!<=Q6!E>6!?6:M89AD!9>FI8D!FAD8DO!E>6!:A!;A<M8!<6Q8B7A!
139
?A<A!8DMO!E>6!I8D?8!6:!%+.!WB89AD!FA:PB>6:?6DG!(778!<=QA!E>6!%+.!6B8!7A!\:=FA!E>6!?6:M89ADG!%A!;6:DWG!/6:M8!B8U[:G!
!
/>!F>6B;A!R78:FA!FA9A!78!7>:8!<6!7AD!D>6VADG!/>D!AQAD!8R=6B?AD!
DARB6!>:!6:=P98G!/>D!98:AD!D8R=8DG!X8QA!87!LA:<A!<67!98B!H!?AFAO!
Q>D?A! 8:?6D! <6!9AB=BO! >:8! ;=6<B8! B6<A:<8G! %8! ;=6<B8!96! ?B86! <6!
B6PB6DA! 8! 78! D>;6BL=F=6G! &A! ?B8?A! <6! 6:?6:<6B! 7A! E>6! AF>BB6O! 96!
?=6:<A!DARB6!?>!F>6B;A!H!6DF>FIA!7A!E>6!<=F6:!7AD!8D?BADG!0:8!@AU!
?B8?8!<6! BA9;6B! 7AD!6D;6Q=D9AD!;6BA!H8!:A!;>6<6G!(B6D! ?8:?A!8D[O!
?8:?A!R6778G!0:!B6P87A!<6!78!9>6B?6G!,=!F>6B;A!:A!7A!;>6<6!FB66BO!
:A!FB6A!6:!9=!F>6B;AG!,=!F>6B;A!D6!A;A:6!FA9A!6D?\;=<8!F=6:F=8!
6:?B6!?\!H!HAG!/>!F>6B;A!D6!<6DI8F6!;8B8!<6Q8B96!6:?B8BO!9=!F>6B;A!
6D! <>BA! FA9A! >:8! 76HO! FA9A! >:! ;8F?A! <6! A?BADG! )6:>:F=A! 8!9=!
F>6B;A!H!96!6:?B6PA!87!?>HAO!B6:>:F=A!8!9=!8798G!(B6D!67!I>6FA!6:!
9=!FAB8U[:O!78!B8H8!6:!9=!;6:D89=6:?AG!
!
#6D;>WD!E>6!?6!L>=D?6!:6F6D=?W!9>FIA!?=69;A!;8B8!I8F6B7A!FA:!
A?B8!9>Q6BG!^>=UYD!I>R=6B8!D=<A!96QAB!:A!=:?6:?8B7AG!/A<A!D=:!?=!6D!
<6D?6V=<A!H! D[7=<AO! 87PA!H8!:A! 6D?Y! FA:9=PAO! 67! 6:F8:?A!9>B=[!H!
D[7A!E>6<8:!67!=:DM;=<A!;78F6BO!78!AE>6<8<O!67!@=F=AG!(7!<6D6A!D=P>6!
=:?8F?A!;6BA! 78! 8?9[DL6B8!:A! L7>H6G!/6:M8D!>:8! LAB98!;6F>7=8B!<6!
=7>9=:8B96O! >:! D=76:F=A! FA:! 76@6D! B6DA:8:F=8D! <6! 6D?8F=A:6D!
77A@=<8DO!<6!IA?676D!8!9=?8<!<67!<6D=6B?AG!$P:ABA!E>W!F78D6!<6!?=;A!
D6BY!?>!98B=<A!;6BA!<><A!E>6!?6:P8!7A!D>L=F=6:?6G!a!:A!D6!?B8?8!<6!
9M! D=:A! <6! ?=O! <6! ?>! L8?=P8! H! 8>D6:F=8! 6:! F>87E>=6B! =:D?8:?6O! 87PA!
E>6!6D!:>6D?BA!D6FB6?AO!87PA!LBMA!H!;67=PBADAG!
!
/>! F>6B;A! 6B8! 9MA! F=6:! 8VAD! 8:?6D! <6! ;6B?6:6F6B?6O! ?6! D87@W!
9>FI8D! @6F6D! 6:! A?B8D! @=<8DO! ?ABFM! ?>! FAB8U[:! H! :8<=6! ;>6<6!
6:<6B6U8B7AG!&8<8!I=F6! FA:! D6FB6?8D! =:?6:F=A:6DO!:A!I>RA!<=:6BA!
:=!IA:AB6D!8!F89R=AO!:A!I>RA!;8F?A!:=!FI8:?8Q6G!/6!6:?B6P8D?6!8!
9M!H!?6!?A9W!FA:!D>9A!F>=<8<AG!(D?8R8D!I6FI8!<6!?87!LAB98!8!9=!
:8?>B876U8! E>6! :8<=6! 6D?8BY! FA:?=PA! D=:! ?6:6B96! >:! ;AFAG! &A!
?6:M8D! :=:P>:8! 6Z;6B=6:F=8G! (:?B6! 7AD! <AD! :8<8! L87?[G! +IAB8! ?6!
140
BA<68:!ARQ6?AD!H!?=6:6D!7A!E>6!>D?6<6D! 77898:!(,*#A2)*G!.8R6D!E>6!F8B6UFA!<6!?876:?A!;8B8!6DAO!:A!DW!<6D;6B?8B96!8FA9;8V8<A!F8<8!
<M8O! :A! DW! R8Q8B! 6DF876B8D! 8! F=6B?8! IAB8! :=! R6D8B! 8! <6?6B9=:8<8!
P6:?6G!.6BM8!F8;8U!<6!E>698B!>:!IAD;=?87!;6BA! Q89YD!F>9;7=BW! 78!
F=?8G! %AD! D6B6D! D>;6B=AB6D! FA9A! ?>! 98B=<A! I8F6:! >:! ?B8R8QA!
6ZF676:?6G!.[7A!8?=:A!8!@=@=B!H!;AB!6DA!96! 77898:!@=@=<ABG!.AH!67!
D>Q6?A! E>6! <6?6D?8:! 78D! 98<B6D! H! 8<AB:8D! 78D! I=Q8DG! _^>W! ;>6<A!
AF>7?8B`!,=!I>6778!E>6<8!6:!67!8P>8G!
!
+IAB8!;8B6UFA!>:!@=6QA!'.@:.6!<6D:><A!6:!78!DA7=?8B=8!F898!<6!>:!IA?67>FIAG!(7!9YD!8:[:=9A!;=D?A76BA!<67!O*&#c%+5G!3A<BM8!<8B!76FF=A:6D!6:!L=796D!;AB:ADG!0:8!9>Q6B!6:!9=D!98:AD!:A!D6BM8!>:8!
9>Q6B! D=:A! >:! 7>P8B! <6! B67Y9;8PADO! >:8! L>B=8! <6! 8B<AB6D! H!
D=P:=L=F8<ADG! %YD?=98! E>6! :=:P>:8!9>Q6B! ;>6<8!9A@6B96! 8! 6DAO!
7YD?=98! E>6! D68D! ?\! 78! \:=F8! 9>Q6B! F8;8U! <6! 6:F6:<6B! 78! @=6Q8!
RA9R=778! <67! D[?8:AG! .=! ?6! ?>@=6D6! 8IAB8! D6BM8! >:! IA9=F=<8! 6:! 67!
LA:<A! <67! D>R98B=:AO! D6BM8! 67!9=D9A! <=8R7AG! %A! E>6! 8;B6:<M! :A!
6D?Y!6:!78D!F8:F=A:6D!:=!6:!67!F=:6O! 7A!9MA!6D!>:8! 6Z;6B=6:F=8!E>6!
8H><8! 8! FB>U8B! 78D! F8776D! ADF>B8D! H! ;A:6B! 67! ;>:?A! 6Z8F?A! 6:! 78D!
FA9=<8DG!3>6<A!;A:6BO!>:A!8!>:AO! 7AD!I>6DAD!<6!>:8!9>Q6B!6:!67!
7>P8B! Q>D?AO! ;>6<A! FABB6P=B! 8! 78! :8?>B876U8O! DAH! 67! F[9;7=F6! <6!
#=ADG!0D?6<6D!<=BY:!E>6!6Z8P6BA!;6BA!>D?6<6D!Q89YD!D6BY:!6778G!
!
%A!<>BA!6D!;6:D8B!F[9A!D6!;=6B<6!67!?6DABAO!F[9A!96!<6@AB8!67!
I8D?MAG!.AH!67!D6VAB!D6ZAO!67!D6VAB!9>6B?6!;BA:?8O!67!D6VAB!89ABO!H!
6DA! :A! 96! 8H><8! 8! 6:FA:?B8B?6O! 6DA! 6D! 87PA! 9YD! E>6! ;=6B<A!
FA:?=PAG! /A<A! 67! L>?>BA! 6D?Y! I6:<=<A! <6! ?=O! ?A<A! 6D! B6;6?=F=[:! H!
9>PB6G!+7!96:AD!6D;6BA!E>6!?6!6:F>6:?B6D!R=6:O!E>6!?>!L=6D?8!<>B6G!
.6BM8!FB=9=:87!E>6!:A!L>6D6!8DMG!
!
!
!
!
!
141
!!
!
!
!
!
!
X2'2/-G24/0X)(CiS!G.#5%,1.#+%,52$2%,5.+#,2#2)%*0%+#-&.B(,).+E#+30.#/(2%&.#0*A*&$%#0.+#)2%,5%+#6#%+-%&*&#/(%#,.#+%#$%#'*21*,#####/A<AD! 7AD! <M8D! @=A78:! 8E>M! H! 6:! ?A<A! 67! 9>PBADA! 9>:<A! 8! >:!
9A:?[:!<6!9>Q6B6DG!5AH!76!?AF[!67!?>B:A!8!9=!@6F=:8!<6!;=DAG!0:A!
7A!;=6:D8!H!7A!;=6:D8G!,=!@6F=:8!6D!>:8!F>8B6:?A:8!87?8!H!6:!;76:8!
LAB98O! 6DAD! I=QA;>?8D! I8:! <6R=<A! ;8D8B78! <6! 7A! 7=:<AG! 0:A! 7A!
;=6:D8!H!67!;6;=:A!D6!76!6:<>B6F6!8!9YD!:A!;A<6B!H!>:A!E>=D=6B8!=B!
I8D?8! 78!F898!<6! 78!@6F=:8!8! 776@8B76!67!-.+5&%G!0:A!D6! =98P=:8! 7A!<67=F=ADA! E>6! <6R6! I8R6B! D=<AO! >:A! 776P8! 8! DAV8B! E>6! ?=6:6! 67!
P8BBA?6! B6;76?A! <6! D8:PB6! F87=6:?6! H! @8! ;AB! 78D! DA7=?8B=8D! F8776D!
<6D?8;8:<A!FIAFI=?AD!<6!?A<8D!78D!6<8<6D!H!FA7AB6DG!0:A!:A!D8R6!D=!
987<6F=B!A!6:@=<=8B!8!7AD!9=D6B8R76D!E>6!8?AB8BA:!;AB!78!L>6BU8!8!D>!
@6F=:8O! <6D;>WD!<6! ?A<A!>:A! ?89R=W:! 7A!I8!;6:D8<A!8>:E>6! 6D?W!
D6P>BA!<6!:A!I8F6B7AG!0:A!:A!D8R6!E>W!8F?=?><!?A98B!I8D?8!E>6!D6!
=98P=:8! E>6! 76! I8F6:! 7A! 9=D9A! 8! D>! 98<B6G! (DA! F89R=8! 67!
;8:AB898G! .=! ;=6:D8D! E>6! F>8?BA! 6:AB96D! D>Q6?AD! ;BA@=D?AD! <6!
YD;6B8D! H! F>8<B8<8D! @6BP8DC! 8?AB8:! 6:! >:! 6D?B6FIA! H! ADF>BA!
F8776Q[:!8!?>!98<B6O!8!?>!;6E>6V8!I=Q8O!8!?>!F8:8B=A!L8@AB=?AO!A!8!?=!
9=D9A! 78D! <><8D! W?=F8D! D6! 6DL>98:! H! 6D?YD! 7=D?A! ;8B8!
<6DF>8B?=U8B7AD!6:!?BAF=?AD!F>8<B8<AD!FA9A!F>RAD!<6!I=67AG!
!
142
,=! @6F=:8! :A! ;=6:D8! I8F6B! :=:P>:8! <6:>:F=8O! ;B6L=6B6! 6FI8B!
?=6BB8!H!A7@=<8BD6!<67!8D>:?AG!(778!D8R6!E>6!D6BY!9>H!<=LMF=7!8?B8;8B!
8!D>D!@=A78<AB6D!H!E>6!D=!7AD!8?B8;8:!:A!76D!I8BM8:!:=!FADE>=778DO!78D!
76H6D! 87! B6D;6F?A! DA:! >:8! R8R=?8! PB>9AD8G! 58F6B! 6DFY:<87A! D[7A!
<8V8BM8!9YD!D>!6D?B6FI8!<=P:=<8<!H!;A:<BM8!6:!;67=PBA!D>!@=<8!H!D>!
69;76AG!
!
/A<AD! 7AD! <M8D! 9=76D! <6! 9>Q6B6D! DA:! PA7;68<8D! H! @=A78<8D!
<6:?BA! <6! D>D! ;BA;=8D! F8D8DO! LB6:?6! 8! D>D! ;BA;=AD! I=QADO! ;AB! D>D!
;BA;=AD!98B=<ADG!+7P>:8D!8F><6:!87! Q>UP8<A!6:!R>DF8!<6! 8H><8G!
0:8! <6! 6778D! 6D! FA:AF=<8!9M8O! D6! 77898!#! H! ?=6:6! <AD! :=V8DG! %8!
Q>6U!E>6!78!8?=6:<6!76!<=F6!E>6!9=6:?B8D!:A!76!FA:F6<8:!67!<=@ABF=A!
6D!9>H!;AFA!7A!E>6!;>6<6!I8F6BG!%6!;=<6!;8F=6:F=8G!
C.=6:?A!8DFA!F>8:<A!96!?AF8! <=F6!#G!
C(:?=6:<A! <=F6!78!Q>6UG!
#! D6! F8RB68G!%8! Q>6U! D6! F8RB68G!#=DF>?6:G!%8! Q>6U! 76!<=F6! 8!#!
E>6!?=6:6!AR7=P8F=A:6D!FA:!D>!98B=<A!I8D?8!E>6!L8776:!67!<=@ABF=AG!
#!<=F6!E>6!98?8BY!8!D>!98B=<A!D=!@>67@6!8!?AF8B78G!
C(D!8D>:?A!D>HA! <=F6!78!Q>6UG!
Cr*[<8D6s! PB=?8!#G!
+7! <M8! D=P>=6:?6O! 78! Q>6U! D6! 6:?6B[! ;AB! 78! ;B6:D8! E>6!#! I8RM8!
8D6D=:8<A! 8! D>! 98B=<A! <6! D6?6:?8! H! F>8?BA! ;>V878<8DG! %A! I=UA!
9=6:?B8D! WD?6!<AB9M8!<6D;>WD!<6!I8R6B78!>7?B8Q8<AG!#! ?A<8@M8!:A!
D876!<6!78!FYBF67G!&A!DW!E>W!I8RBY!D=<A!<6!78D!:=V8DG!
!
#6D<6!9=! @6:?8:8! @6A! 78D! 7>F6F=?8D! DARB6! 78!9A:?8V8G! 38B6F6!
>:8!;AD?87!:8@=<6V8O!>:!7>P8B!<A:<6!B6=:8:!78!E>=6?><!H!67!89ABG!
,YD!F6BF8! 6D?Y:! 7AD!6<=L=F=ADO!877M! ?89R=W:!;8B6F6!I8R6B!F87=<6U!H!
8B9A:M8G! (:LB6:?6! <6!9=! @6:?8:8! I8H! A?B8! @6:?8:8O! 8! @6F6D! @6A!
P6:?6! =B!<6!>:! 78<A!8!A?BA!;6BA!:>:F8!I6!F8;?8<A!;BAR7698D!877MG!
#6D<6!>:8!@6:?8:8!D6!@6!9YD!R=6:!;AFAG!
!
48<8! :AFI6! I8H! 96:AD! P6:?6! 6:! 78! F=><8<G! #6D<6! 78D! D6=D!
69;=6U8:!8!FABB6B!I8F=8!D>D!IAP8B6D!6:!R>DF8!<6!B6L>P=AG!0:AD!@8:!
143
8! 78!9A:?8V8!E>6!6:F=6:<6!D>D! 7>F6F=?8DO!A?BAD!I8F=8! 7AD!6<=L=F=AD!
FA:!@=P=78:?6D! 8B98<ADG!,6!<8! B8R=8!H! D87PAO! 8BB=6DPA!9=! ?B8D6BA!
;AB! 78D! @8FM8D! F8776D! D=:! 76HG!#6D<6! 78!ADF>B=<8<!96!ARD6B@8:G!(7!
9=6<A!96!;=F8!6:!78D!:87P8DO!78!6D;87<8!H!78!@6B=Q8G!,6!B8DFA!8E>M!H!
877Y! I8D?8! E>6! <6D8;8B6F6G! %8!98HAB! ;8B?6! <6! 78! F=><8<! I8! D=<A!
FA9=<8!;AB!67!9=6<A]!67!9=6<A!6D!78!D>D?8:F=8!<6!78!E>6!6D?Y!I6FI8G!
!
,6!;B6P>:?A!F[9A!76!6D?8BY!H6:<A!8!F=6B?8!FI=F8O!96!;B6P>:?A!
D=!898BY!8!D>!98B=<AO!D=!76!P>D?8BY!78!LAB98!FA9A!I8F6!67!89ABO!D=!
E>6BBY!I8F6B7A!F8<8!@6U!E>6! W7! E>=6B6O! D=! 78!AR7=P8BYO! D=!6778! L=:P6!
;8B8!6@=?8BD6! 7MADO!D=!I8!=<A!87! Q>UP8<AO!D=! ?=6:6:!<=DF>D=A:6DO!D=!W7!
I8! =:?6:?8<A! ;6P8B76! 87P>:8! @6UO! D=! 7A! I8! I6FIA! H! 6778! ;78:68!
98?8B7A!F8<8!:AFI6G!,6!;B6P>:?A!D=!DA:!E>=6?AD!H!89ABADADO!D=!6:!
D>!Q8B<M:!F8:?8:!7AD!B>=D6VAB6DO!D=!F>8:<A!;=6:D8!6:!9M!7A!I8F6!FA:!
8VAB8:U8!A!FA:!87=@=AG!,6!;B6P>:?A!D=!?A<A!6D!96:?=B8!6:?B6!677AD!A!
DA:!67!PB8:!;8D?67!<6! 78!@6B<8<O!H!D=! ?A<A!6D!96:?=B8!96!;B6P>:?A!
F>Y:?A! <>B8BYG! (D! 8BB=6DP8<A! I8F6B! ;BA:[D?=FADO! 78D! 96:?=B8D!
D>676:!D6B!6?6B:8D!6:!98:AD!<6!P6:?6!FA9A!F=6B?8!FI=F8G!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
144
!!
!
!
!
!
!
4$0#+#!$&,p1$%G!#$4$(,X)(CiS!!.)*+#0*+#2,A%,'2.,%+#)%#(,.#+.,#A%&)*)%&*+E#-(%)%+#%+5*&#+%1(&.#)%#%00.#####C%8!U8:8IAB=8!<6R6!D6B!96<=8:8! <=F6!+7<ACG!#6R6D!9AQ8B78!6:!
8P>8!77>@=8!H!7>6PA!>:?8B76!7=9[:G!%8!<6Q8D!F=:FA!9=:>?AD!8!L>6PA!
76:?A!H!6:D6P>=<8!78!;A:6D!8!FA:P678BG!
C_a!L>:F=A:8`!
C0:8!@6U!FA:P678<8O!DMG!
C_^>=W:!?6!6:D6V[!6DA`!
C'6:?6!E>6!8:<8!;AB!8IM! <=F6!+7<AG!
C&A!DW!D=!;A<BW!I8F6B7AG!
C%A!I8BYD! <=F6!+7<AG!
4=BA!@=6:6!<6! 78! ?=6:<8!FA:! ?B6D!F6B@6U8DG!+7<A!H!W7!I8R78:!<6!
78D!@=B?><6D!<6!78!U8:8IAB=8!FA:P678<8G!+7?A!78!9A:?8!<6!RB>QAO!6D!
>:!?=;A!FI=D?ADAG!,>FI8!P6:?6!:A!7A!DA;AB?8O!9>FI8!P6:?6!:A!96!
DA;AB?8!8!9M!:=!8!4=BA!:=!8!:8<=6!E>6!D6!8?B6@8!8!D6B!<=L6B6:?6G!
!
+7<A!:A!;=:?8!:=!6DFB=R6O!:8<=6!D8R6!7A!E>6!I8F6O!D[7A!6D!+7<A]!
>:! IA9RB6! R8Q=?A! H! BAR>D?A! E>6! DA:BM6! ?A<A! 67! ?=69;AG! 4=BA!
?89R=W:! 6D! 4=BA! H! 6DA! =:E>=6?8! 8! 9>FIADG! (:! F>8:?A! 8!9MO! DAH!
)6;O! 6D6! 6D!9=! \:=FA! AL=F=AG! %8! <69YD! P6:?6! 6D! F=BF>:D?8:F=87! H!
;B6@=D=R76G!4>8:<A! >:A! 6D?Y! FA:! 87P>=6:! <6! D>!9=D98! 6D;6F=6! D6!
D=6:?6!F[9A<AO!:A!I8H!E>6!8F?>8BG!%8!P6:?6!E>6!:A!?=6:6!:8<8!6:!
DM!9=D98O!E>6!:A!;>6<6!D8R6B!:8<8!H!;AB!6:<6!:A!;>6<6!<6D;B6F=8B!
145
78!9=6B<8O!6D! FA:L7=F?=@8! 6:!6Z?B69AG!%A!\:=FA!E>6! =:?6B6D8!8!6D8!
P6:?6!6D!?6:6B!78!B8U[:!8DM!E>6!<YD678!H!;>:?AG!*A?8!?89R=W:!D8R6B!
D6B!*A?8G!
!
&A!=9;AB?8!78!F78D6!<6!R8D>B8!E>6!8F>9>76O!:A!=9;AB?8!;ABE>6!
87! L=:87! D=PA! D=6:<A! >:! B6;?=7! <6! D6=D! ;=6D! H! AFI6:?8! H! >:! J=7ADG!
4>8:<A! 776P8! 67! 9A96:?A! <6! F6BB8B! 67! ;=FAO! H! <8B76! FA:! 7A! E>6!
?6:P8! 6:! 78! 98:A! 87! F8RB[:! E>6! 96! DA:D8F8O! :A! ?6:PA!
=:FA:@6:=6:?6G!4B6A!6:!67!A<=A!H!78!@6:P8:U8O!FB6A!E>6!D=!78!FAD8!D6!
;A:6!<>B8!6D!96QAB!?A98B!@6:?8Q8G!,6!P>D?8!D6B!Q>D?AO!E>6<8B!R=6:!
FA:! 9=D! B=VA:6DO! ?6:PA! 9=! ;BA;=8! =<68! <6! 7A! 6D?W?=FAO! ;6BA! 78!
@6B<8<! 6D! E>6! 8! @6F6D! :A! I8H! 87?6B:8?=@8! H! ?AF8! FABB6BG! .=! <6RA!
D8F8B76!7AD!<=6:?6D!8!F>87E>=6B8!:A!96!7A!;=6:DA!>:!D6P>:<AO!D=!7A!
;=6:DA! 96! E>6<A! =:9[@=7! H! DAH! ;B6D8! LYF=7G! /B8?A! <6! :A! D6B!
B6:FABADA! ;6BA! :A! ;>6<A! A7@=<8B! E>6!9=! R78:FA! FAB8U[:! P>8B<[!
>:8!B8R=8!<AF6!8VADO!87!F8RA!<6!6D6!?=69;A!6:FA:?BW!87!6:69=PA!H!
76!;6P>W!FA:! 78! B8R=8! =:?8F?8G!(7!A<=A!96!I8!<69AD?B8<A!9>FI8D!
@6F6D!E>6!67!?=69;A!:A!6Z=D?6G!
!
.=:!9=6<A!:A!I8H! D6:D8F=[:!;6BA! 67!9=6<A!<6R6! D6B! 8RD?B8F?AG!
/696B! 8! 7A! B687! ?6!8;78D?8!FA:?B8! ?>!;BA;=8! DA9RB8G!.=:!9=6<A! 78!
@=<8!6D!I>6F8!H!B69A?8!FA9A!>:!8P>Q6BA!6:!67!6D;8F=A!D=<6B87G!(7!
9=6<A! F87=6:?8! 78! D8:PB6O! 6D! @=<8G! (7! 9=6<A! 8! 7A! B687! <8V8! 67!
6D?[98PAO! I8F6! E>6! 6D?WD! 9>FIA! ?=69;A! 6:! 67! R8VAO! 6D! 9>6B?6G!
/696B! 8! 7A! B687! 6D! FA9A! I8F6B76! F8DA! 8! >:8!9>Q6B! E>6! 8D6P>B8!
898B?6!H!:A!?6!<8!67!F>7AG!&8<8!B687!Q>D?=L=F8!96?6BD6!>:!?=BA!6:!78!
F8R6U8!;6BA!R8D?8!;8B8!;8B?=B! 6:!<AD! F>87E>=6B!9ADF8!E>6!E>=6B8!
U>9R8B?6!87!AM<AG!
!
4A9;BW!>:!J=7A!<6!U8:8IAB=8!H!6DFAPM!78!9YD!8;BA;=8<8!D6P\:!
78D! =:<=F8F=A:6D!<6!+7<AG!5=F6!FA9A!96!<=QA!H!<6QW! 78!U8:8IAB=8!
6:! 67! LA:<A!<67! FA:P678<ABG!%AD!;B=96BAD!<M8D! 78! ?>@6!;B6D6:?6!H!
<6D;>WD!78!A7@=<WG!
!
146
.=<! D6! 8IABF[! ;6BA! :8<=6! ;>6<6! 8D6P>B8B! E>6! I8H8! D=<A! ;AB!
&8:FHG!d7! 78!I8RM8!98?8<A!9>FIA!8:?6D!H!E>=UY!:=! 78! B6FAB<[!87!
9A96:?A!<6!;A:6BD6!78!DAP8!87!F>677AG!58H!P6:?6!E>6!D6!FA9;78F6!
;6:D8:<A!E>6!7A!I=UA!;AB!6778O!@6:!6:!677A!>:8!FA9;6:D8F=[:O!;6BA!
.=<:6H!1=F=A>D!:A!6B8!<6!6D8!F878V8G!48<8!E>=6:!FA:AF6!67!A7AB!<6!
D>!F>6B;A!H!7A!8D>96O!7A!<>BA!6D!8F6;?8B!7AD!A7AB6D!8Q6:ADG!(7!89AB!
6D!>:!;8F?A!6:?B6!A7AB6DO!6:?B6!?=;AD!<6!;>D!E>6!=:?6:?8:!FA:@=@=BG!
.=!>:A! 776P8!8!F8:D8BD6!<6! D>!;BA;=A!A7AB!E>W!;>6<6:!6D;6B8B! 7AD!
<69YDG!%A!=<687!6D!F8:D8BD6!;B=96BA!;6BA!6DA!:A!D=69;B6!;8D8G!.=<!
8;>V87[!8!&8:FH!H!<6D;>WD! D6! 8IABF[O!>:A!H!A?BA!I6FIA!;>6<6:!
6D?8B!<6DFA:6F?8<ADG!4B6A!E>6!:A!7A!6D?Y:]!D6!?B8?8!9YD!<6!FA:AF6B!
78D! B8UA:6D! E>6! 96! 776@8:! 8! ;6:D8B! 8DM! E>6! 67! 96BA! I6FIA! <6!
;6:D8B7AG!#6! F>87E>=6B! LAB98! 6D!96QAB! DAV8B! FA:! >:8! U8:8IAB=8!
FA:P678<8!E>6!?6:6B!9=D!;6D8<=778DO!6DA!6D!D6P>BAG!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
147
!!
!
!
!
!
!
4$0#+#!$&,p1$%G!g(X)()2CiS!L0# +%4.# ,.# ,%'%+25*# *0# *$.&# -%&.# 0%# A2%,%# :2%,E# %0# *$.&# ,%'%+25*# 5.).# 0.#-.+2:0%#6#*01",#2$-.+2:0%#####C_+!E>=W:!77898DO!)6;`! @A7@M!8!98BF8B!67!:\96BAG!/A<A!P=B8R8O!78!
F8B8!<6!*A?8!6B8!>:8!9YDF8B8!R>B7A:8O!4=BA!H!/AR8!?89R=W:!B6M8:G!
)8H!6D?8R8!8;AH8<A!FA:?B8!>:!;AD?6!H!,8B=A!I8FM8!?>B:A!;8B8!>D8B!
67!?67WLA:ACG!_+!E>=W:!;>?8D!77898D`!
C+!9=!89ABO!I=QA;>?8G!+!9=!89ABG!
Ca8!:A!?=6:6D!89ABO!)6;G!
C(778!96!898G!
C(778!?=B8!FA:!A?BAG!
C_a!6DA!E>W`!
g>6! >:8! F8BF8Q8<8! >:Y:=96G! 0:! ;6BBA! FB>U[! 67! ;8BE>6! H! 96!
9=B[!R>B7[:G!/=BW!67!?67WLA:A!H!?B8?W!<6!PA7;68B!8!*A?8G!,6!6DE>=@[!
FA:! >:8! L=:?8! H! F8M! DARB6! >:8! R8:F8G! 4=BA!96! 8H><[! 8! 76@8:?8BG!
,8B=A!I8RM8!FAP=<A!67!?67WLA:AG!
C_+!E>=W:!77898D`!
C+!9=!9>Q6B! <=QA!FA:!D>L=F=6:F=8G!
+P8BBW!>:8!RA?6778!<6!78!R8:F8!H!?A9W!>:!R>6:!FIABBAG!4=BA!96!
6:F8B[]!
C_^>W!;8D8!FA:?=PAO!)6;`!
C(D?Y!BA?A! <=QA!/AR8!<6?BYD!<6!4=BAG!
148
/B8?W!<6!8;8B?8B!8!4=BA!;8B8!PA7;68B!8!/AR8!FA:!78!RA?6778G!4=BA!
96!;>DA!78!98:A!6:!67!;6FIA!H!96!69;>Q[!I8D?8!>:!YBRA7G!)8H!D6!
:AD! >:=[G! 4=BA!96! 8BB6P7[! 67! F>677A! <6! 78! F89=D8! H!96! E>=?[! 78!
RA?6778G!
C&A!;=6B<8D!78!676P8:F=8! <=QAG!
C_^>W!I8PA!6:?A:F6D`!
C3WP8?6!>:!?=BA! <=QA!)8HG!
1A7@=9AD! FA:! 67! PB>;AG! ,8B=A! ?6B9=:[! D>! FI8B78! H! @A7@M! 87!
?67WLA:AG!,8BE>WG!(D?8!@6U!FA:?6D?[!6778G!
C(D!?8B<MD=9A! <=QACG!,=!989Y!D6!;A:6!:6B@=AD8G!
C.[7A!E>=6BA!I8R78B!>:!;AFA! <=Q6G!
C_(D?YD!RABB8FIA`!
C&AG!
C(B6D!>:!96:?=BADA! <=QA!6778G!
C_a!6DA!E>W`!
C&A!@>67@8D!8!77898B! <=QA!H!FA7P[G!
1A7@M!8!98BF8B!H!FA:?6D?[!D>!98<B6G!4A7P>WG!
!
(B8!>:8!FI=F8!?8:!<>7F6G!%A!E>6!D=69;B6!96!P>D?[!<6!6778!L>6!D>!
D=76:F=AO!:A!6B8!>:!D=76:F=A!F>87E>=6B8O!6D?8R8!776:A!<6!FA:?B8D?6D!H!
;6E>6VAD! D=76:F=AD! <6:?BA! <6! A?BAD! FA9A! A:<8D! 6:! >:! 6D?8:E>6G!
(778! :A! ?B8?8R8! <6! 6:?6:<6B96O! D8RM8! E>6! 6B8! 6D?\;=<A! ;B6?6:<6B!
6DAG!2<=A!8! 78! P6:?6!E>6! 6:?=6:<6O!:8<8! 6D!9YD! D>F=A! H! 8RH6F?AO!
6:?6:<6B!6D!67!;6AB!=:D>7?AO!>:8!;8?B8V8!6:@>67?8!6:!;8;67!<AB8<AG!
(:?B6!7AD!<AD!:A!I=UA!L87?8!6:?6:<6B]!?6:M8!9=!<A7AB!FA:!;878RB8D!H!
6778!D>!D=76:F=AG!
!
0:8! ?8B<6! 776P[! 8!9=! F8D8G!58FM8! D6=D!96D6D! E>6! :A! D8RM8! <6!
6778O! L>6! >:8! PB8:! DAB;B6D8G! &AD! L>=9AD! 8! 9=! I8R=?8F=[:G! ,6!
6:FA:?B8R8!@6D?=<A!;ABE>6! =R8!8! D87=BG!%6!;B6P>:?W!F[9A! =R8:! 78D!
FAD8D!FA:!D>!?=;AG!(778!:A!E>=DA!I8R78B!<6!6DAO!96!;=<=[!?6:<6B96!
6:!78!F898!H!7>6PA!D6!D>R=[!DARB6!9MG!/B8?W!<6!8RB8U8B78G!#=QA!E>6!
:A!I=F=6B8!:8<8O! E>6! 6D?>@=6D6!E>=6?AO! E>6!:A!<=Q6B8!>:8!;878RB8G!
.>!@AU!6B8!<>B8!H!B8R=AD8G!.6!9A@=[!DARB6!9M!FA:!F8798!H! 7>6PA!
149
L>6!8F676B8:<A!;AFA!8!;AFAG!&A!96!R6D[G!.>D!98:AD!?AF8R8:!9=!
F8B8!H!IA9RBAD!FA:!<67=F8<6U8!6Z?B698G!(D?>@A!FA9A!96<=8!IAB8!
DARB6! 9M! H! 7>6PA! D6! L>6! D=:! <6D;6<=BD6G! &A! D>;6! E>W! I8F6BO! 96!
E>6<W!877M!8FAD?8<A!D=:?=6:<A!D>!F>6B;AO!FA:!9=6<A!8!;6B<6B7A!>:8!
@6U!9YDO!D=:?=6:<A!F[9A!D>!F87AB!D6!6:LB=8R8!DARB6!9M!76:?896:?6O!
F[9A! 78! D6:D8F=[:! <6!9A@=9=6:?A! D6! E>6<8R8! =:9[@=7O! F[9A! D6!
6DL>98R8!D>!L=P>B8O!F[9A!96!<6Q8R8!DA7A!I8D?8!67!L=:!<67!9>:<AG!
(D?8R8!I\96<A!H!F8<8!6Z?B69A!<6!9=!I>98:=<8<!78?M8!FA9A!9=7!
9=6<AD!6:!67!FAB8U[:!<6!>:!;YQ8BAG!&A!E>6BM8!;6:D8BO!:A!E>6BM8!78!
DA9RB8!<6!>:8! =<68O!:A!E>6BM8! D8R6BO! E>6BM8!;6B98:6F6B! 8>D6:?6!
FA9A!67!78<A!AF>7?A!<6!>:!D>6VAG!
!
C,>B=[!78!B0.&! <=QA!4=BAG!C+E>M!I8H!9=7! <=Q6G!
/AR8! B6FAP=[! 67! <=:6BA! H! L>6! ;AB! 78! RA?6778G! ,8B=A! H! *A?8! 7A!
8FA9;8V8BA:G!,6!8FAD?W!6:!78!R8:F8O!6D?8R8!LBM8!FA9A!78!969AB=8!
<6!>:!9>6B?AG!
C_^>W!;8D8!FA:?=PAO!)6;`!
C/6:PA!67!8798!8@6B=8<8G!
C_'A?6B8D`!
C,>FI8DG!
C&6F6D=?8D!>:!;7A96BA! <=QA!4=BAG!
C0:8!76P=[:! <=Q6G!_a!F[9A!@8D!?\`!
C&A!?6:PA!=<68! <=QAG!
C,8:?6:?6!877MG!
/AR8!H!*A?8!B6PB6D8BA:G!,8B=A!D6!I8RM8!=<A!8!R>DF8B!69AF=A:6D!
9YD!L>6B?6DG!
C&6F6D=?A!9\D=F8! <=QA!)8HG!
Ca!>:!F6B6RBA! <=QA!/AR8G!
CaA!96!E>6<A! <=Q6G!
)8H! D6! 876Q[! @6=:?6! ;8DAD! ;6BA! 87! :A?8B! E>6! :8<=6! 7A! D6P>M8!
B6PB6D[!H!D6!8FAD?[!6:!A?B8!R8:F8G!+7!;AFA!B8?A!D6!E>6<[!<AB9=<AG!
/AR8!<8:U8R8!DA7=?8B=A!9=B8:<A!78!7>:8G!!
C_.8R6D!E>W!96!9A76D?8O!)6;`!
150
C%8D!9><8:U8D! <=Q6G!
C_4[9A!8<=@=:8D?6`!
C_^>W!=9;AB?8!F[9A`!
*A?8!?89R=W:!6D?8R8!<AB9=<AG!4=BA!L>6!87!A?BA!78<A!<67!;8BE>6!H!
:A!B6PB6D[G!46BBW!7AD!AQAD!H!;6:DW!6:!6778G!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
151
!!
!
!
!
!
!
4$0#+#!$&,p1$%G!g(X)()2CiS!CG.#+*:%+#/(%#,.#%42+5%#%0#)2*:0.F#>30.#%+#[2.+#'(*,).#%+58#:.&&*'9.#####58RM8!<AD!B6P78D!<6!ABAG!"G!#6R6D!D6B!<>BA!D=!E>=6B6D!B6D;6?AG!SG!.=!
6B6D!<>BA!<6R6D!D6B7A!;8B8!D=69;B6G!,6!;B6P>:?W!F>Y:!<>BA!6B8!6:!
@6B<8<G! +7! 96:AD! 8:AFI6! :A! 7A! I8RM8! D=<AG! %7AB8B! H! I8F6B! 67!
898:?6!<6D?BAU8<A!6:!;\R7=FA!:A!6D?8R8!6:!9=D!;78:6D!<6!@=<8!H!
8IAB8O!FA:!67!P>8H8RA!9YD!I=QA;>?8!<67!9>:<AO!:A!;A<M8!E>=?8B96!
8E>6778! =98P6:G! )6FAB<W! 7AD! ;B=96BAD! <M8D! D=:! F=6B?8! FI=F8O! 78D!
@6F6D!E>6! 6:F6BB8<A! 6:!9=! F>8B?A!I8RM8! 6DF>FI8<A!R8Q=?A! 8! *>7=A!
$P76D=8D!H!F[9A!7>6PA!6DFA:<M8!D>D!F8D6?6D!;ABE>6!>:!BAFJ6BA!<>BA!
E>6!6DF>FI8!8!*>7=A!$P76D=8D!6D!?8:!=:FA:F6R=R76!FA9A!48;6B>F=?8!
)AQ8!=:H6F?Y:<AD6!I6BAM:8G!58RM8!9YD!FAD8D!ADF>B8D!6:!9=!;8D8<A!
;6BA! 96! P>D?8R8:! 877MO! 6:! 67! LA:<A! <67! I>6FA! <A:<6! 67! 89AB! 8!
F=6B?8!FI=F8! D6!:6P8R8!8!F86BG!,898D8R=8!6:?B[!87!F>8B?A!FA:! 78D!
8D;=B=:8DO! 67! 8P>8! H! 67! F87<A! <6! @6B<>B8DG! (778! ;A<M8! 8F8R8B!
F>87E>=6B! P>8H8RA! ;6BA! HA! E>6BM8! 9YDO! E>6BM8! E>6! B6PB6D8B8! 67!
?=69;A!H!RABB8B8!9=D!F8M<8D!6:!L87DA!A!87!96:AD!78!6D?\;=<8!:AFI6!
8:?6B=AB!H!9=!;6B<=<8!676P8:F=8G!
!
(:?B6! 7AD! <6L6F?AD! E>6! ?6:M8! F=6B?8! FI=F8! F>8:<A! 78! FA:AFMO! 67!
9YD!PB8@6! 6B8!6DF>FI8B!F8:F=A:6D!<6!.=7@=A!)A<BMP>6U!H! D>!FAB?6!
<6!989A:6DG!&A!L>6!<=LMF=7!D8F8B7AD!<6!D>!@=<8!H!96?6B!877M!8!/A9!
e8=?DG!#6D;>WD!D6P>M!F89R=8:<A!FAD8D!I8D?8!E>6!6778!L>6!;6BL6F?8G!
152
.6P>BA! 87P>=6:! ;6:D[! E>6! 8\:! ?6:M8! >:! <6L6F?A! H!96! D8F[! 8!9MG!
,>FI8D! @6F6DO! F>8:<A! 9YD! 96! QA<M8! D>! 8>D6:F=8O! 78! R>DE>W! 6:!
6D8D!A<=8<8D!F8:F=A:6DG!%8!R>DE>W!?8:?A!E>6!8F8RW!?8B8B68:<A!6D8D!
FAD8D!H!96!A7@=<W!;AB!>:8! ?69;AB8<8! <6!/A9!e8=?D! H! 7AD!A?BAD!
<=8R7ADO! I8D?8! D6! 96! E>=?8BA:! 78D! P8:8D! <6! I8R6B! :8F=<A! PB=:PAG!
,>FI8!P6:?6!E>6!:A!D8R6!E>6!6:!"iom!KF>8:<A!8;6:8D!?6:M8!AFIA!
8VADN! 9=! ;8<B6!96! I=UA! 6DF>FI8B! 8!,=76D! #8@=D! H! 7>6PA! 8! *=9=!
56:<B=ZG!4>8:<A!?6B9=:[!67!?698!<6!56:<B=ZO!D6!8P8FI[!LB6:?6!8!
9M! H! 96! <=QA! K:>:F8! A7@=<8BW! 7A! D6B=A! E>6! 6D?8R8N]! R*# 0.# 9*+#%+'('9*).#5.).G!+7!<M8!D=P>=6:?6!9=!;8<B6!9>B=[!8?BA;6778<A!;AB!>:!8>?AR\D!K6D6!9=D9A!<M8!56:<B=Z!9>B=[!6:!%A:<B6DO!8IAP8<A!FA:!
D>!;BA;=A!@[9=?AN! H!HA! ?A<8@M8! FA:D6B@A!8E>67!;8B!<6! 0.,1# -0*6+G!+VAD!<6D;>WD!D>;6!E>6!56:<B=Z!H!#8@=D!I8RM8:!D=<A!89=PAD!H!E>6!
DA7M8:! B6>:=BD6! 6:! F8D8! <6! #8@=D! ;8B8! =9;BA@=D8B! 7*$+O! _?6!=98P=:8D`! (7! ;8B! <6! 9A:D?B>AD! Q>:?ADG! ,6! I8RBM8! P>D?8<A!
FA:?YBD67A!8!9=!;8<B6G!
!
?.&/(%#0.+#+(%Q.+#,.#%+58,#&.5.+#*/(;E#+30.#'.7%*,O!<=F6!>:8!F8:F=[:!<6!e8=?D! H! 6B8! 6Z8F?8G! +77M! 6D?8R8! 9=! 8798! FAQ68:<A! ;AB! I8R6B!
L8778<A! ;6BA! ?A<8@M8! 6B8! F8;8U! <6! I8F6B! A?B8! BA:<8O! D[7A! <6RM8!
6D;6B8B! 78! :AFI6G! a! 78! :AFI6! 776P[! H! L>=! 8! 6:LB6:?8B! 8! 9=D!
FA9;=:FI6D! ;6BA! :8<=6! <=QA! :8<8G! 58R7W! 8;8B?6! FA:! 4=BA! H! 76!
;B6P>:?W!E>W!FA96:?8B=AD!D6!I8RM8:!I6FIA!H!W7!DA:B=[!FA:!987=F=8!
H!<=QA]!!.)*A;*#%&%+#2,5.'*:0%G!&A!D6B!PB=:PA!I8!D=<A!E>=UY!78!98HAB!LB>D?B8F=[:! <6! 9=! @=<8! 8DM! E>6! D[7A! 96! E>6<8R8! D6B! <>BAG! *>7=A!
$P76D=8DO! 38R7A!,=78:WD! H! <69YD! 9A:=FA:PAD! ;A<M8:! =BD6! ;AB! 67!
<6D8Pv6!;ABE>6!9=!676P8:F=8!6D?8R8!<6!@>67?8G!
!
!
!
!
!
!
!
153
!!
!
!
!
!
!
X2'2/-G!,+)l2Ci"!R#,(,'*#+*:&8,#$2#,.$:&%#,2#%0#5%+.&.#)%#$2#%+'*-%#####(D?8R8! 6:! >:8! 6DE>=:8! D=:! I8F6B! :8<8O! ;8B8<A! 877M! 6:?B6! 78! P6:?6!
E>6!6D;6B8R8!67!8>?AR\DG!+!9=!78<A!I8RM8!>:8!;8B6Q8!R6DY:<AD6G!(7!
?=;A!DA7?[!8!78!?=;8!H!L>6!8!FA9;B8B!F=P8BB=77ADG!0:!IA9RB6!@=6QA!D6!
;8B[! Q>:?A! 8! 78! ?=;8! H! 69;6U[! 8! <6F=B76! ;ABE>6BM8DG! %8! ?=;8! 76!
B6D;A:<=[!FA:!LB8D6D!<6!PB>6DA!F87=RB6G!%8!P6:?6!LAB9[!>:!FMBF>7A!
87B6<6<AB! <6! 677ADG! (7! ?=;A! B6PB6D[! FA:! 7AD! F=P8BB=77AD! H! D6! E>6<[!
9=B8:<A!78!<=DF>D=[:G!(7!@=6QA!69;>Q[!8!78!?=;8G!%8!?=;8!9=B[!I8F=8!
67!?=;A!H!6D?6!D6!6:FAP=[!<6!IA9RBADG!%8!?=;8!<6Q[!87!@=6QA!H!6:F8B[!
87!?=;AG!
C.AD! >:! RA7><A! <=QA! 78! ?=;8CG! (D6! 8DE>6BADA! @=6QA! 96! I8!
=:D>7?8<A!F>8:?A!76!I8!@6:=<A!6:!P8:8G!
C(D!D[7A!>:!@=6QA! <=QA!67!?=;AG!
(7!@=6QA!D6!8F6BF[!A?B8!@6U!8!78!?=;8!H!76!8P8BB[!67!?B8D6BAG!%8!?=;8!
8B8V[!78!F8B8!<67!@=6QAG!(7!?=;A!8P8BB[!8!78!?=;8!H!WD?8!7A!8B8V[!8!W7G!
CXA7><AO!DAD!>:!RA7><A! <=QA!6:?B6!DA77AUADG!
(7! @=6QA! D6! L>6G! %8! ?=;8! D=P>=[! =:D>7?8:<A! 87! ?=;A! E>6! FA:! >:!
;8V>67A! D6! 7=9;=8R8! 78! D8:PB6!<6! 78! F8B8G!%8! P6:?6! D6! 8R>BB=[!<6!
@6B7AD!H!D6!876Q[G!,6!E>6<W!;8B8<A!F6BF8!<6!677ADG!38D[!>:!F>8B?A!
<6!IAB8!H! ?A<8@M8! 78! ?=;8! 6D?8R8!;67Y:<A76! 7AD!I>6DAD! 87! ?=;AG!%A!
77898R8!RA7><A!>:8!H!A?B8!@6U!H!I8FM8!>:8!78BP8!7=D?8!<6!6Q69;7AD!
;8B8! =7>D?B8B! 78! F78D6! <6! IA9RB6! E>6! 6B8! 67! ?=;AG!#AD! ;A7=FM8D! D6!
154
8F6BF8BA:!I8D?8!677AD!H!D6!E>6<8BA:!ARD6B@8:<A!78!6DF6:8G!%8!?=;8!
8BB6F=[! D>! 76?8:M8G! %AD! ;A7=FM8D! ;8B6FM8:! 6D?8B78! ;8D8:<A! R=6:G!(7!
?=;A! 8;8B?[! 8! 78! ?=;8! H! D6! L>6! 6:F=98! <6! 7AD! ;A7=FM8D! FA:! >V8D! H!
<=6:?6DG!%AD!;A7=FM8D!?B8?8R8:!<6!LB6:8B7A!;6BA!67!?=;A!6D?8R8!I6FIA!
>:8!L=6B8G!0:A!<6!7AD!;A7=FM8D!D8F[!>:!B6@A7@6B!H!76!;6P[!>:!?=BA!6:!
78!;=6B:8!87!?=;AG!%8!?=;8!PB=?[G!(7!?=;A!F8H[!6:!>:!FI8BFA!<6!D8:PB6G!
%8! ?=;8! D6! 8BBA<=77[! Q>:?A! 87! ?=;A! H! WD?6!98:A?6[! ;8B8! 8;8B?8B78G!
0:8! ;8?B>778! I=UA! D>! 8;8B=F=[:G! %8! ?=;8! E>=DA! D>R=BD6! H! :A! 78!
<6Q8BA:G!.6!776@8BA:!87!?=;A!H!78!?=;8!E>6<A!DA78G!%8!P6:?6!@A7@=[!8!
<=D;6BD8BD6G!(7!@=6QA!6D?8R8!A?B8!@6U!Q>:?A!8!78!?=;8G!(778!:A!76!;>DA!
8?6:F=[:! H! W7! D6! 876Q[G! %8! ?=;8! D6! 7=9;=[! 78! F8B8! H!96! DA:B=[G! %6!
DA:B6MG! 58R789ADG! %8! =:@=?W! 8! ?A98B! 87PAG! .6! 7A! ;6:D[! >:! ;AFA!
;6BA!8F6;?[G!&AD!96?=9AD!6:!>:!R8B!<67!F6:?BAO!>:A!<6!6DAD!D=?=AD!
77898R8!,[:=F8O! 6B8! 8BP6:?=:8O! ?6:M8! >:! <AF?AB8<A! 6:! 7=?6B8?>B8!
=:P76D8!H!:A!96!I8RM8!6Z=P=<A!FA:<[:G!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
155
!!
!
!
!
!
!
4$0#+#!$&,p1$%G!#$4$(,X)(CiS!L+5*#%+#$2#'*,'23,E#$2#.+'(&*#'*,'23,#####&A!DW!F>Y:?8D!;AD=R=7=<8<6D!I6! ?6:=<A!<6!D6B!R>6:AO!87!96:AD!:A!
I6!F8;?8<A!:=:P>:8O!H!D=!8DM!7A!L>6B8O!78!I8RBM8!6@=?8<AO!>:A!:>:F8!
D8R6! 7A! E>6! >:8! A;AB?>:=<8<! 8BB8D?B8G!#6! :=VA!96! B6P878R8:! >:!
;6BBA! ?B8D! A?BAO! ?A<AD! 9ABM8:! 8! 78D! ;AF8D! D698:8D! <6! 6D?8B!
FA:9=PA]! <=Q6BA:! E>6! :A! ?6:M8! I>9AB! ;8B8! 7AD! ;6BBADG! 4>8:<A!
6D?8R8!8!;>:?A!<6!F>9;7=B! 7AD!AFIA!8VAD!9=!;8<B6!9>B=[]!D>;>D6!
E>6!:A!?6:M8!I>9AB!;8B8!7AD!;8<B6DG!+!;8B?=B!<6!877M!69;6U8BA:!78D!
9><8:U8D! H! 9>6B?6D! E>6! I8:! D=<A! 78! 98BF8! <6! 9=! 6Z=D?6:F=8G!
36:DW!E>6!F=6B?8!FI=F8!6B8!9=! 7>P8B]! 78! F8D8!E>6!:>:F8!<6Q8BM8O!67!
D6B!E>6!Q89YD!=R8!8!9AB=BG!36:DW!E>6!?6:M8!I>9AB!;8B8!6778G!/A?87G!
&8<8G!,=! I>9AB! D=P>6! D=6:<A! ?6BB=R76! ;8B8! ;6BDA:8DO! 8:=9876D! H!
FAD8DG!.[7A!9=!98<B6!8P>8:?8G!
!
,><8BD6!6D!7A!;6AB]!<6Q8B!>:!D=?=AO!D>R=B!?>D!FAD8D!8!>:!F89=[:!
E>6! ?6! 776@8BY! 8! >:! 7>P8B! :>6@AG! %AD! 7>P8B6D! :>6@AD! D>676:! D6B!
I>B8VAD!87!;B=:F=;=AO!87P>:AD!7A!DA:!D=69;B6G!+?BYD!E>6<8:!89=PAD!
H! :A@=8DO! E>6<8! 67! FA7AB! <67! F=67A! 8! <6?6B9=:8<8! IAB8! H! 6:!
<6?6B9=:8<8!FA9;8VM8G!36:DW!E>6!F=6B?8!FI=F8!6B8!9=!B6FA9;6:D8!
;AB!F8<8!I>6DA!BA?A!H!?8:?A!I>9AB!8D6D=:AO!;6:DW!E>6!FA:!6778!:A!
I8RBM8!?B>FAD!:=!<6D8DAD=6PAO!E>6!;AB!L=:!=R8!8!?=B8B96!6:!78!I=6BR8!
;8B8!B6D;=B8B!67!8=B6!<67!898:6F6BG!/A?87G!36ABG!)6D>7?W!9YD!6L=F8U!
156
E>6!78!@=<8O!I=F6!<6!F=6B?8!FI=F8!A?B8!U8:F8<=778O!A?BA!D87?A!87!@8FMA!
H!67!<A7AB!9YD!8P><A!H!<>B8<6BA!<6!?A<ADG!!
!
(7!89AB!6D!R>6:A!9=6:?B8D!<>B8!;6BA!8!@6F6D!<>B8!<698D=8<AG!
,6!P>D?8BM8!;6:D8B!E>6! ?A<A!8F8R8!H! 69;=6U8O!96!P>D?8BM8!<6F=B!
E>6!78!6Z;6B=6:F=8!8H><8O!96!P>D?8BM8!D8R6B!E>6!6D?AH!9>6B?AO!E>6!
:A!?6:PA!I>9AB!:=!;8B8!9MG!3AB!LAB?>:8!F>8:<A!78D!FAD8D!@8:!987!
@=6:6!87P>=6:!H!78D!69;6AB8O!6D6!6D!67!\:=FA!87=@=AG!
!
58H! >:8! 9>Q6B! E>6! 96! P>D?8G! (778! ?B8R8Q8! H! @8! 87! P=9:8D=AO!
?=6:6!>:8!:=V8!H! D>676!;8D8B! FA:!6778!;AB! 67! ;8BE>6G!+!@6F6D!:AD!
6:FA:?B89AD! ;AB! 877M! H! FB>U89AD! 87P>:8D! ;878RB8DG! ^>=D=6B8!
<6F=B76!9YD!;6BA!:A!;>6<AG!(778!DA:BM6!H!D6!876Q8G!&A!DW!<6!D>!@=<8O!
:A!FA:AUFA!:8<8!<6!6778O! ?87!@6U! D68!96QAB!8DMG!4>8:<A!FA:AFM!8!
F=6B?8!FI=F8!?>@6!<6D6AD!<6!876Q8B96!6:!D6:?=<A!FA:?B8B=AO!<6!6@=?8B!
;6:6?B8B!D>D!9=D?6B=ADO!<6!E>6<8B96!8L>6B8O!<6!D[7A!@6B78!8!?B8@WD!
6D!@=@=B!>:AD!96?BAD!8<678:?6G!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
157
!!
!
!
!
!
!
4$0#+#!$&,p1$%G!#$4$(,X)(CiS!L0#+%4.#%+#(,#'*0$*,5%#-%&.#'&%*#98:25.#####,=!98<B6! 6D?Y! 78@8:<A! 78! :6@6B8! H!9=! I6B98:A! 67! R8VAG!,=!
A?BA!I6B98:A!9=B8! 78! ?676! H! HA! 6DF>FIA!9\D=F8! 6:!9=! F>8B?AG!(7!
IAP8B! 6D! LB6:W?=FA! H! 6DA!96! P>D?8G! %8! @=<8! 6D! 8;?8! ;8B8!9MO!96!
6:F8:?8!6D?8B!8E>M!8IAB8!H!6DF>FI8B!8!&=B@8:8O!96!P>D?8!D8R6B!E>6!
6D!@=6B:6D!H!6:! 78!:AFI6!D87<BW! 8!6:FA:?B8B96!FA:!89=PAD!H!@6BW!
9>Q6B6D! ?8:! R6778D! FA9A! &=7<8]! 6778! 6D! @=<8O! D>! 8BA98! 776:8!
6D;8F=AD! 6:! <=96:D=A:6D! D=9>7?Y:68DO! FA:! D[7A! @6B78! DAH! 96QABG!
+<B=8:8! 6D!;B6F=AD8O!E>=6?8!H!<>7F6!FA9A!8?8B<6F6B6D! 6:! 67!:AB?6!
<6! $B78:<8G!58H!9>FI8D!9>Q6B6D! 7=:<8D! 6:!4=><8<! $:9[@=7! ;6BA!
9>H!;AF8D!?=6:6:!8798!H!967A<M8G!(7!B=?9A!8R>:<8!;6BA!D[7A!8!7AD!
98F8FAD!76D!=9;AB?8!67!B=?9AG!
C)6;G!
C_.M`!
C16:!>:!9A96:?AG!
,=!98<B6!6D?Y!LB6:?6!8!78!:6@6B8!FA:!>:!;6<8UA!<6!I=67A!:6PBA!
6:!78!98:AG!
C_^>W!;8D8`!
C,=B8!6D?AG!
+P8BBA!67!;6<8UA!<6!I=67A!H!7A!ARD6B@AG!
C_^>W!FAD8!6D`!
C(DA!E>=D=6B8!D8R6BG!
158
C38B8!D6B!>:!FAFA<B=7A!6D!9>H!;6E>6VA! <=F6!9=!I6B98:AG!
,89Y!96!E>=?8!67!;6<8UA!<6!I=67A!H!7A!8P=?8G!
C_^>W!<=8R7AD!D6BY`!
C(D!>:8!U8:8IAB=8! <=PAG!
C_4[9A!7A!D8R6D`!
CaA!78!;>D6!877MG!
,=! I6B98:A! D>67?8! >:8! B=D8! R>B7A:8G! ,89Y! :A! ;8B6F6!
6:FA:?B8B76!78!PB8F=8!87!8D>:?AG!
C_38B8!E>W`!
C&A!7A!DWO!989YG!
(778!?=B8!67!;6<8UA!<6!I=67A!:6PBA!6:!67!78@8;78?AD!H!8RB6!78!778@6O!
67! 8P>8! 7A! <6DI8F6G! (7! 7ME>=<A! :6PBA! B6DR878! ;AB! 67! I>6FA! <67!
78@8;78?AD! H! >:AD! D6P>:<AD! <6D;>WD! :A! E>6<8:! B8D?BAD! <6! 78!
U8:8IAB=8G!
C(DA!:A!6B8!>:8!U8:8IAB=8! <=F6!989YG!
C/6!Q>BA!E>6!DMG!
(778!D8F><6!78!F8R6U8!H!@>67@6!8!78!:6@6B8G!)6PB6DA!8!&=B@8:8G!
/B8?A!<6!B6FAB<8B!7A!E>6!96!<=QA!+7<A!8E>6778!@6U!;6BA!87PA!LBMA!H!
ADF>BA!6:!78!96:?6!KFA9A!>:!;6<8UA!<6!I=67A!:6PBAN!96!7A!=9;=<6G!
!
(:!67!;8BE>6!96!6:F>6:?BA!FA:!4=BA!H!/AR8G!gB8:!8;8B6F6!FA:!
:A?=F=8D]!I8H!>:!FAF?67!6:!78!48D8!(D;8V8G!.=PA!78!FABB=6:?6!<6! 78!
:AFI6!D=:!69AF=A:6D!;ABE>6!87PA!LBMA!H!E>=UY!ADF>BA!6:!9=!;6FIA!
:A!96! <6Q8! @=RB8BG!#6D;>WD! <67! FAF?67! :AD! @89AD! 87! )8?8;6A:8G!
/B8?A!<6!D=:?A:=U8B!FA:!7AD!<69YD!;6BA!:A!7A!FA:D=PAO!96!E>6<A!8!
78! <6B=@8! ARD6B@Y:<A7ADG! (:! 78! 98<B>P8<8! B6PB6DA! 8! F8D8O! 9=!
96:?6!?B8?8!<6!=B!I8F=8!>:!;>:?A!;6BA!:A!776P8O!6D!FA9A!>:!8R=D9A!
D=:!LA:<AG!(:!78!48D8!(D;8V8!I8R7W!FA:!+7<A!H!76!;B6P>:?W!;AB!78!
U8:8IAB=8!;6BA!W7!?89;AFA!7A!B6F>6B<8G!,6!<=QA!E>6!78!U8:8IAB=8!
?=6:6! 9=76D! <6! >DADO! E>6! ;A<M8! I8RWB9678! B6FA96:<8<A! ;8B8!
F>87E>=6B!FAD8]!-(%)%#'(&*&#)%+)%#(,#B.&",'(0.#9*+5*#(,#+.&520%12.#*5&.KG!30(#(!,+/+)!40+%^0$()!42.+G!%8!8F?=?><!?8:!D6B=8!<6!+7<A!87!
I8R78B!<6! 78!U8:8IAB=8!H! D>!@AU!DA769:6!96!I=F=6BA:!B6MBG!+IAB8!
D>D!;878RB8D!96!BA:<8:G!,6!78@A!7AD!<=6:?6D!H!96!8F>6D?A!FA:!78!
159
7>U! 6:F6:<=<8G! (:! 78! F898! <AH! @>67?8DG! .W! E>6! 78! U8:8IAB=8! I8!
F>9;7=<A! D>!9=D=[:!H!E>6! WD?8! 6:?B8V8!>:! FB=96:O! DW! E>6!:>:F8!
@AH!8!<6DF=LB8B!67!9=D?6B=AO!E>6! Q89YD!D8RBW!;AB!E>W!78!;>D6!877M!H!
FA:!677A!87PA!<6!9M]!>:!P6D?AO!>:8!LAB98!<6!@8FMAO!>:!LB8P96:?A!<6!
7>U!DARB6!>:!BAD?BAO!>:8!B8H8!9AB8<8O!D6!I8!;6B<=<A!;8B8!D=69;B6G!
(DA!:A!6D!?8:!PB8@6O!8!L=:!<6!F>6:?8D!6D!7A!E>6!E>6BM8O!67!;BAR7698!
8IAB8!6D!D8R6B!40-&/2!/+)#+)+!%+!/(),$/+!(&!#(12)+)!(%!
X2.^0(G!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
160
!
!
!
!
!
d,)2'%####
"!
! t!
!
S!
3BA<>FF=A:6D!gB8F8DA!%?<8G ! t"!
!
t!
! uk!
!
u!
! j"!
!
T!
! kk!
!
j!
! it!
!
o!
! "S"!
!
k!
! "to!
#