(T:<A4 &*&* *8I!AFGEH66<BA8F78HFB
(E8I8E4?E8787BE78?48?86GEB5B@54HA8FC46<BFH9<
6<8AG8 C4E4 ?4C2;A69.06X; 129 :<A<? C4E4 FHF
<AFC866<BA8F 6BAGEB?78EBG46<bA 78?8=8 LG4@5<[A
C4E48???8A47BBI46<47B78?45B@54
;@A.9.06X;12AB/<@
AG8F78E84?<M4E?4FHA<BA8F78?4FGH58E^4F4F8:H
E4EF878?4?<@C<8M4<AG8EA4788FG4F
'!h! 67.?9.@ AB/2?V.@ @</?2 @B=?<=6<
.=<F< F B;6?9.@ 12 :.;2?.>B2 ;<A?.;@:6A.;
3B2?G.@A2;@6<;2@<C6/?.06<;2@.9./<:/.
?7<T@8GEB<AG8E<BE78?BFGH5BF78C8A7878?64H74?
78<@CH?F<bA78F847B
(E8I8E8?7<T@8GEB78@B7BDH8?4I8?B6<74778??^DH<
7BABFHC8E8?BF@F8A?4F4FC<E46<BA8FL?BF
@F8A?4<@CH?F<bAAA<A:fA64FB8?7<T@8GEB78
?4FGH58E^4FAB7858F8E<A98E<BE4?7<T@8GEB78?45B64
78?45B@54
'B/<12.@=6?.06X;
$4 GH58E^4 78 4FC<E46<bA7858CBF88E HA4C8E986G4
8FG4ADH8<747L 7858 G8A8EHAF8AG<7B78@4E6;4
4F68A78AG8C4E48I<G4E5B?F4F784<E8
BA9./<:/.=<?2;06:.129;6C29129.4B.9HA
6<BA4@<8AGB8A4FC<E46<bA<AFG4?4EHA4IT?IH?478C<8
BHA4IT?IH?478E8G8A6<bA8A?45B64784FC<E46<bA
BA9./<:/.=<?12/.7<129;6C29129.4B.9HA
6<BA4@<8AGB 54=B 64E:4<AFG4?4EHA4IT?IH?4 78
6B@CH8EG4
'B/2?V.@126:=B9@6X;
A?4FGH58E^4F78<@CH?F<bA<AFG4?4EHA4IT?IH?478
6B@CH8EG4C4E4E8:H?4E8?64H74??4CE8F<bAL?4CBG8A
6<445FBE5<74!AFG4?4EHA<A7<647BE78CE8F<bA
%4Ab@8GEB
H4A7B 8? 78FA<I8?:8B7[F<6B 8A?4<@CH?F<bA8F
@4LBE78 @<AG8E64?4EHA4IT?IH?478E8G8A6<bA
C4E4CEBG8:8E?45B@5478?BFu:B?C8F784E<8G8v
<;2E6<;.1<29S0A?60<
? 6BA8K<BA47B 8?[6GE<6B G<8A8 DH8 F8E
E84?<M47B CBE HA 8?86GE<6<FG4 6H4?<9<647B L
6H@C?<8A7B?4FCE8F6E<C6<BA8F?B64?8F&24B6?
9.@ ;<?:.@ 12 @24B?61.1 %2.96G.? B;.
A<:..A62??.
BA86G4E8?6BA7H6GBE78CEBG866<bA4?5BEA8F8a4?<
M47B6BA8?F^@5B?B
B@CEB54E ?49E86H8A6<4 L?4 G8AF<bA78 ?4E87 6BA
?BF 74GBF78 ?4C?46478 64E46G8E^FG<64FL 6BA86G4E
?BF6BA7H6GBE8F784?<@8AG46<bA4?BF5BEA8FF8:fA
8?6BEE8FCBA7<8AG8 8FDH8@4 <A6BECBE47B8A 8? <AG8
E<BE78?4G4C478?464=4785BEA8F
'!X! 0<; :<A<?2@ 12=<A2;06.`8*
2C6A.?29.??.;>B216?20A<#?2C2?B;0B.1?< 0<;
.??.;>B22@A?299.A?6N;4B9< B<A?<16@=<@6A6C< 12
.??.;>B2
'!h!C6A.?9.0.V1.12.?.;129.@F
<A?.@=.?A2@:2AN960.@2;29=.@.726;A2?;<
2;A?29.0.7.12/<?;2@F292@A.A<?+<8??B
B6HEE8 8F A868F4E<B 78F@BAG4E 8? @BGBE L
E86HC8E4E8?8?8@8AGB64^7B
+<?464=4785BEA8F8FG48DH<C4746BACE8AF4645?8
HG<?<M4E HA 645?8 784?<@8AG46<bA9?8K<5?8 G<CB
*&6BA?4F866<bA78?645?8AB<A98E<BE464C
,
+<?464=4785BEA8F8FG48DH<C4746BA4A<??B786<8E
E8E84?<M4E?4HA<bA4GE4I[F78GH5BF
(4E4FHHFB8AC<F6<A4FFB?B6H4A7B8AFH<AG8E<BEAB
F88A6H8AGE4AC8EFBA4F8FG4ADH8FB8FC46<BFF<@<?4
E8F8A8?6<E6H<GB784?<@8AG46<bAF87858<AFG4?4EHA
6;A2??B=A<?1632?2;06.9 6BAHA46BEE<8AG8E8F<7H4?!p&
l@
!AFG4?4E HA16@=<@6A6C< =.?. 9.12@0<;2E6X;A<A.9
129.?21<AG8EEHCGBEC4E478F6BA86G4E?45B@5478
?44?<@8AG46<bA6BAHA44C8EGHE4786BAG46GBF@^A<
@4784?@8ABF@@
BA?44?<@8AG46<bAGE<9TF<64<AFG4?4E8A8?6H47EB78
6BAGEB?HA4786H47BF4?I4@BGBE6BA6HEI4DH86BE
E8FCBA746BA?46BEE<8AG8<A7<64748A?4C?4647864E46
G8E^FG<64F
$4F8?86GEB5B@54F@BAB9TF<64F!% !%
8FGTA 8DH<C474F6BA6BA78AF47BE8F HA<7BF4?BF
5BEA8F LC4E4 M6BA G8E@BCEBG86GBE
<A6BECBE47B
B;06<;.:62;A<0<;B;C.?6.1<?123?20B2;06.
=HFG88?I4E<47BE789E86H8A6<4789BE@4DH8ABF8
FB5E8C4F8A?BFI4?BE8F?^@<G878@^A ML78@TK
9& M
%%!$(,(&"
<;A?<92@.;A2@129.??.;>B2
$45B@54AB78589HA6<BA4E8ACE8F8A6<478C4EG8
78G8E<BE474
#?6:2?.??.;>B2
'!h! C6A.? ./@<9BA.:2;A2 29
3B;06<;.:62;A< 12 9. /<:/. 2; @20< (BA8E ?4
5B@54 8A @4E6;4 fA<64@8AG8 78FCH[F 78 ;458E?4
??8A47B6B@C?8G4@8AG878?^DH<7B
BA 8? HA6<BA4@<8AGB 54=B 64E:4 ??8A4E?45B@54
45E<8A7B?8AG4@8AG8L6B@C?8G4@8AG8?46B@CH8EG4
78?GH5B784FC<E46<bAG8A<8A7B45<8EG4?46B@CH8EG4
78 ?4<@CH?F<bA L ?BF G4CBA8F78 CHE:4L 68547B
C4E4;468EF4?<E8?4<E8
(4E4?46<E6H?46<bA784:H48AHA6<E6H<GB68EE47B45E<E
6B@C?8G4@8AG84@54F6B@CH8EG4FLCHE:4E8?4<E8
BAGEB?4EDH88?8=8:<E44@4AB
<;.96:2;A.06X;A?63N@60.C2?6360.?>B229@2;A61<
12?<A.06X; 6BEE8FCBA784?DH8<A7<64?49?86;4@4E
6474FB5E8?45B@54A64FB6BAGE4E<B6BEG4E?44?<
@8AG46<bA8?[6GE<648<AI8EG<E8AGE88??BF8?6BA8K<BA4
7B787BF94F8F
BAGEB?4EDH8?45B@54GE454=48AFH64@CB78CE8
FG46<BA8F L DH8 ABI8A:4 FHC8E474?4 6BEE<8AG8
45FBE5<74CBE?4<A7<64748A?4C?4647864E46G8E^FG<
64F A64FB6BAGE4E<B E8:H?4E ?46B@CH8EG4 78
<@CH?F<bA
!<A<0.?2939B61<0B.;1<@BA2:=2?.AB?.
@2.@B=2?6<?.]
%62@4< 12 >B2:.1B?.@ 2/61< . 9. .9A.
A2:=2?.AB?. 129 39B61< 29 0B2?=< 12 9.
/<:/. F 29 :<A<? =B212; .90.;G.?
A2:=2?.AB?.@@B=2?6<?2@.a
!"'"%2@A.@=.?A2@.;<@2?>B216@=<;4.12
=?<A2006X; .120B.1. ; 0.@< 0<;A?.?6< 2@=2?2
5.@A.>B22@AS@24B?<12>B2@25.2;3?6.1<=<?
0<:=92A<
#?6:2?.??.;>B2!%!%
*E8C<G4 8FG8 CEB687<@<8AGB C4E4 4@54F
8?86GEB5B@54FI[4F864C
8FCH8‚F78?CEB687<@<8AGB784EE4ADH86B@CEH858DH8
$4I4‚?IH?478E8G8A6<B‚A9HA6<BA86BEE86G4@8AG8
$4 8?86GEB5B@54 8AHFBL ?4 DH88FG4‚8AFG4A75L
7858A F8E 4?G8EA474F 78 9BE@4 E8:H?4E C4E4
4F8:HE4EHA4 7<FGE<5H6<B‚A;B@B:8‚A8478;BE4F78
9HA6<BA4@<8AGB E84?<68 8? 64@5<B @4AH4?@8AG8 B
<AFG4?8HA6BAGEB?47BE4HGB@4‚G<6B
A64FB785B@58B784:H464?<8AG87B@8‚FG<64?4
8?86GEB5B@54 7858E<‚4 F8E 4?G8EA474 4? @8ABF HA4
I8M4? 7<‚4 C4E48I<G4E 6H4?DH<8E 4G4F6BCEB6878AG8
78?48?86GEB5B@548AFG4A75L
!+,&*3333%0+36BA:4??(4:<A4