

?IF;DI;H
?IF;DI;H <EH :;J;H=;DJ IJ7?D H;CEL;H
i
   
   
   
  
  
    
   
   
   
?IF;DI;H 
B;7D?D= 7::?J?L;I ;= <78H?9 IE<J;D;H
<78H?9 9ED:?J?ED;H E DEJ <?BB EL;H ;:=;
E< C7N B?D;
?IF;DI;H 
?IF;DI;H <EH B?GK?: 8B;79> 9>BEH?D;
8B;79> 9EBEH I7<; 8B;79>
E DEJ EL;H<?BB
i
ED9;DJH7J;: EH J>?9A <78H?9
IE<J;D;H 9ED:?J?ED;H 7D:
FEM:;H8B;79> CKIJ 8; :?BKJ;:
M?J> 7 B?JJB; M7J;H 8;<EH; 8;?D=
FEKH;: ?DJE J>; :?IF;DI;H
FH;L;DJI EL;H<BEM :K; JE
E8IJHK9J?ED
qBEI; J>; <B7F E< J>; :;J;H=;DJ
:?IF;DI;H




O;I C7O 9EDJ7?D IKBF>KH EH
9>BEH?D; ->;I; IK8IJ7D9;I C7O
97KI; F7HJI E< J>; M7I>?D= C79>?D;
JE 9EHHE:; E DEJ :O; ?J;CI E<
B7KD:HO ?DJ>; M7I>?D= C79>?D;





O9B; J?C; M?BB L7HO :;F;D:?D= ED 9O9B;
I;B;9J;: J;CF;H7JKH; 7D: FH;IIKH; E<
?D9EC?D= M7J;H M7J;H >7H:D;II I?P;
E< BE7: JOF; E< <78H?9I 7D: :?IJ7D9; E<
KD?J <HEC J>; :H7?D
->; C7N?CKC IF?D IF;;:I E< J>;
FHE=H7CI 7H; :;F;D:;DJ KFED J>;
9O9B; EH 7:@KIJ?D= J>; IF?D IF;;: I;;
F7=; 

 

 
'EHC7BBO 7D:EH >;7L?BO IE?B;: 9EBEH<7IJ
<78H?9I ,JKH:O >7H: M;7H?D= ?J;CI
C7:; E< 9EJJED EHB?D;D IK9> 7I MEHA
9BEJ>;I 7D: KD:;HM;7H
 
%?=>JBO 7D:EH DEHC7BBO IE?B;:
DEDu9EBEH<7IJ <78H?9 ,JKH:O >7H:
M;7H?D= ?J;CI C7:; E< 9EJJED EH B?D;D
IK9> 7I @;7DI -uI>?HJI 7D: IM;7JI>?HJI
 
%?=>JBO IE?B;: DEDu9EBEH<7IJ <78H?9
,JKH:O >7H: M;7H?D= ?J;CI C7:;
E<9EJJED EH B?D;D 9EBEHI J>7J C7O 8B;;:
EH <7:;
  
"J;CI 9EDI?IJ?D= E< DEHC7BBO IE?B;:
9EBEH<7IJ 9EJJED F;HC7D;DJ FH;II
B?D;D IODJ>;J?9 EH 8B;D:;: <78H?9I 7D:
EKJ;H =7HC;DJI BEJ>;I H;GK?H?D= 7
IF;9?7B JKC8B; I;GK;D9; 7D: IF?D
IF;;: JE C?D?C?P; 9H;7I?D=
  
"J;CI 9EDI?IJ?D= E< B?=>JBO 7D:EH
DEHC7BBO IE?B;: DEDu9EBEH<7IJ 9EJJED
F;HC7D;DJ FH;II B?D;D IODJ>;J?9 EH
8B;D:;: <78H?9I 7D: EKJ;H =7HC;DJI
BEJ>;I H;GK?H?D= 7 IF;9?7B JKC8B;
I;GK;D9; 7D: IF?D IF;;: JE C?D?C?P;
9H;7I?D= IK9> 7I 8BEKI;I I>?HJI 7D:
EL;H7BBI
  
"J;CI 9EDI?IJ?D= E< B?=>JBO 7D:EH
DEHC7BBO IE?B;: DEDu9EBEH<7IJ 9EJJED
F;HC7D;DJ FH;II B?D;D IODJ>;J?9 EH
8B;D:;: <78H?9I 7D: EKJ;H =7HC;DJI
BEJ>;I H;GK?H?D= 7 IF;9?7B JKC8B;
I;GK;D9; 7D: IF?D IF;;: JE C?D?C?P;
9H;7I?D=

 


;B?97J;I I;JJ?D=I 7H; ?DJ;D:;: <EH KI;
M?J> :;B?97J; ;7IO 97H; ?J;CI C7:; E<
9EJJED I7J?D IODJ>;J?9 EH 8B;D:;:
<78H?9I 7D: 9KHJ7?DI :H;II;I IA?HJI
7D: 8BEKI;I
KBAO ?J;CI ;= 9EC<EHJ;HI 97D 8;
M7I>;: M?J> J>?I 9O9B; 8;97KI; E<
=;DJB; 79J?ED 7D: 7::?J?ED7B H?DI;
7KJEC7J?97BBO 7::;:
'EIF?DD?D= 8;JM;;D H?DI; 9O9B;I
 
!7D: 07I> I;JJ?D=I 7H; ?DJ;D:;: <EH
L;HO :;B?97J; ;7IO 97H; ?J;CI J>7J
KIK7BBO H;GK?H; >7D: M7I>?D=
->;I; 9O9B;I >7L; 8;;D IF;9?<?97BBO
:;I?=D;: JE FHEL?:; ;NJH;C;BO =;DJB;
JH;7JC;DJ E< <78H?9I
,?BA EH EJ>;H ?J;CI C7HA;: M?J> J>;
Q!7D: 07I> IOC8EB Ì ED J>; 97H;
B78;B 97D 8; I7<;BO M7I>;: M?J> J>?I
9O9B;

,?BAI7J?D I;JJ?D=I 7H; :;I?=D;: <EH
F7HJ?9KB7HBO I;DI?J?L; 8KJ M7I>78B;
9BEJ>;I ;= :;I?=D;HI 9BEJ>?D= C7:;
E< :?<<;H;DJ C7J;H?7BI IK9> 7I I?BA EH
I7J?D ;J9 7D:EH J;NJ?B;I M?J> 8;7:I EH
I;GK?DI ->?I FHE=H7C ?I 7BIE IK?J78B;
<EH M7I>?D= D;M 9BEJ>?D= 8;<EH; <?HIJ
M;7H
->; M7I> J;CF;H7JKH; ?I 78EKJ U
M?J> DE IF?DI 8;JM;;D J>; H?DI;I ->;
9O9B; >7I 7 F7HJ?9KB7HBO =;DJB; IF?D
<EBBEM;: M?J> <BK<<?D=
i
->; ?J;CI 8;?D= M7I>;: I>EKB: 8;
JKHD;: ?DI?:; EKJ EH FB79;: ?D 7
C;I> 87=
i
->; 9O9B; >7I 7 F7HJ?9KB7HBO =;DJB;
<?D7B IF?D IE J>; J;NJ?B;I C7O 8;
GK?J; :7CF 7<J;H J>; 9O9B; ?I
9ECFB;J;
i
E DEJ M7I> D;M CKBJ?9EBEH;:
B7KD:HO JE=;J>;H M?J> EJ>;H
B7KD:HO

0EEB;DI C79>?D; M7I> 7D: >7D:
M7I>

EH EKJ:EEH 9BEJ>?D=

EH C?N;: BE7: ;= 9EJJED B?D;D
IODJ>;J?9 C7J;H?7BI EH 8B;D:;: <78H?9I
B?=>JBO IE?B;:
 
+?DI; ,F?D ?I ?DJ;D:;: <EH KDIE?B;: EH
L;HO B?=>JBO IE?B;: =7HC;DJI J>7J D;;: JE
8; H;<H;I>;: ,E<J;D;H C7O 8; 7::;:
JE J>; M7I> L?7 J>; IE<J;D;H :?IF;DI;H
i
���;J;H=;DJ 7D: 8B;79> I>EKB: DEJ
8; KI;: <EH J>; H?DI; IF?D
FHE=H7C

7HA =7HC;DJI C7:; E< 9EJJED
IODJ>;J?9 EH 8B;D:;: <78H?9I ->?I
9O9B; ?I :;I?=D;: JE H;:K9; 9EBEH
8B;;:?D= 7D: 9EBEH BEII
 °
->?I FHE=H7C M7I IF;9?<?97BBO :;I?=D;:
JE ;B?C?D7J; CEIJ 9ECCED >EKI>EB:
879J;H?KC M>?B; FHEL?:?D= =;DJB;
JH;7JC;DJ E< <78H?9I J J>; 8;=?DD?D=
E< J>; M7I>?D= F>7I; >EJ M7J;H ?I
?DJHE:K9;: 7D: J>;D J>; ?DJ;HD7B
>;7J?D= ;B;C;DJ >;7JI J>; M7J;H JE
UU <EH 7 C?D?CKC E< J>H;;
C?DKJ;I BEJ>;I M?BB 8; I7JKH7J;: ?D
J>; >EJ M7J;H BED= ;DEK=> JE A?BB CEIJ
9ECCED >EKI;>EB: 879J;H?KC O;J
M?J>EKJ 97KI?D= 7::?J?ED7B M;7H 7D:
J;7H JE J>; 9BEJ>;I