Глава 2. ОРГАНИЗАЦИЯ ПАМЯТИ ПАРАЛЛЕЛЬНЫХ

реклама
=eZ\Z HJ=:GBA:PBYI:FYLBI:J:EE?EVGUO<UQBKEBL?EVGUO
KBKL?F
< kh\j_f_gguoiZjZee_evguo<Kbkihevam_lkyiZfylvlj_omjh\g_c^eyojZg_gbyfZkkb\h\
^Zgguob ijh]jZff hkgh\gZyiZfylv^eyijhf_`mlhqgh]hojZg_gby^Zgguob ijh]jZffg_[hevrh]h
h[t_fZ ehdZevgZy [mn_jgZy iZfylv ^ey ojZg_gby l_dmsbo j_amevlZlh\ h[jZ[hldb l_dmsbo
dhfZg^k\_johi_jZlb\gZyiZfylv
;Zah\ufb oZjZdl_jbklbdZfb iZfylb y\eyxlky kdhjhklv ^hklmiZ d ^Zgguf b h[t_f Kdhjhklv
^hklmiZ hij_^_ey_l qbkeh [bl beb [Zcl dhlhju_ l_ogbq_kdb fh]ml [ulv \\_^_gu \ iZfylv beb
\u\_^_gu ba iZfylb \ ^jm]b_ maeu kbkl_fu Ihwlhfm kdhjhklv ^hklmiZ ^he`gZ [ulv kh]eZkh\ZgZ k
[ukljh^_ckl\b_f khhl\_lkl\mxsbo maeh\ kbkl_fu < kh\j_f_gguo kbkl_fZo l_ogbq_kdb_
\hafh`ghklbwe_f_glghc[Zaubkihevam_fhc^eyihkljh_gbyiZfylbiha\heyxlh[_ki_qblvkdhjhklv
^hklmiZd ^ZggufgZlj_[m_fhfmjh\g_ijbbkihevah\ZgbbdeZkkbq_kdboih^oh^h\>eyh[_ki_q_gby
lj_[m_fhc\ kdhjhklb\ iZjZee_evguo\uqbkebl_evguokbkl_fZoijbihkljh_gbbiZfylbijbf_gyxl
g_ljZ^bpbhggu_ih^oh^uGb`_jZkkfZljb\ZxlkygZb[he__lbibqgu_kihkh[uihkljh_gbyhkgh\ghc
iZfylbehdZevghciZfylbb k\_johi_jZlb\ghciZfylb\ iZjZee_evguo\uqbkebl_evguokbkl_fZo
IZfylvk jZkkeh_gb_f
F_lh^ jZkkeh_gby iZfylb aZdexqZ_lky \ ke_^mxs_f HI jZa[b\Z_lky gZ 1 g_aZ\bkbfuo
fh^me_c iZfylb k deZkkbq_kdhc Z^j_kZpb_c d ^Zgguf LZdbf h[jZahf Z^j_kgh_ ihe_ \ p_ehf
ij_^klZ\ey_lkykh\hdmighklvxZ^j_kguoihe_c\u^_e_gguofh^me_c1 ihke_^h\Zl_evgufZ^j_kZf
HIL L L« L1 klZ\ylky \ khhl\_lkl\b_ nbabq_kdb_ yq_cdb 1 fh^me_c dhlhju_ bf_xl
h^bgZdh\u_Z^j_kZ\ Z^j_kghfijhkljZgkl\_fh^mey< wlhfkemqZ_^ey\u[hjZ1 we_f_glh\\_dlhjZ
baHI^hklZlhqghhj]Zgbah\Zlvh^gh\j_f_ggh^hklmid 1 g_aZ\bkbfuffh^meyfHIihh^ghfmb lhfm
`_Z^j_km?kl_kl\_gghqlhbkoh^gu_^Zggu_\\_^_gu\ HIihZgZeh]bqghfmijbgpbimEh]bq_kdZy
hj]ZgbaZpby HI k \hafh`ghklvx ihke_^h\Zl_evgh]h ^hklmiZ d ^Zgguf b ^hklmiZ \ j_`bf_
jZkkeh_gby iZfylb ihdZaZgZ gZ jbk Z < j_`bf_ ihke_^h\Zl_evgh]h ^hklmiZ Z^j_k yq_cdb
fh^mey iZfylb ihklmiZ_l ih rbgZf Z^j_kZ h^gh\j_f_ggh gZ \k_ fh^meb K_e_dlhj \ wlhfkemqZ_
\ujZ[Zlu\Z_l kb]gZe bgbpbZebaZpbb gZ fh^mev ghf_j dhlhjh]h ihklmibe gZ \oh^ k_e_dlhjZ Wlhl
fh^mev j_Z]bjm_l gZ Z^j_k yq_cdb mklZgh\e_gguc gZ _]h Z^j_kguo \oh^Zo < aZ\bkbfhklb hl lbiZ
kb]gZeZ aZibkv beb ql_gb_ \uihegy_lky aZg_k_gb_ kh^_j`bfh]h yq_cdb \ nbdkZlhj fh^mey
[mn_jguc j_]bklj beb kh^_j`bfh]h nbdkZlhjZ \ yq_cdm <\h^\u\h^ ^Zgguo \ nbdkZlhju
\uihegy_lkyq_j_ak_e_dlhjh[_ki_qb\Zxsbckhijy`_gb_k \gmljbkbkl_fghcrbghc^ZgguoR>
Ijb jZ[hl_ \ j_`bf_ jZkkeh_gby k_e_dlhj \uihegy_l bgbpbZebaZpbx \k_o fh^me_c HI
kh^_j`Zsbo we_f_glu bkdhfh]h \_dlhjZ h^gh\j_f_ggh < fh^meyo HI h[_ki_qb\Z_lky
h^gh\j_f_gguc ^hklmi d yq_cdZf iZfylb bf_xsbf h^bgZdh\uc Z^j_k LZdbf h[jZahf ijhp_^mju
aZibkb beb ql_gby we_f_glh\ \_dlhjZ : Z Z ZQ \uihegyxlky iZjZee_evgh jbk [ >ey
ih\ur_gbykdhjhklb^hklmiZqZklhjZ[hlmfh^me_ciZfylbb nbdkZlhjh\k k_e_dlhjhfhj]Zgbamxlk
i_j_djulb_f >@
:>J?K <?DLHJ:
FH>MEV N
FH>MEV R>
NQ
FH>MEV
1
K?E?DLHJ N
YQ?CDB
K?E?DLHJ
FH>MEV
>HKLMI
Z
>HKLMI
FH>MEV
FH>MEV1
>:GGU?G:
<UOH>?
:: : Q
<< <Q
[
Jbk
JZkkfhlj_gguc kihkh[ hj]ZgbaZpbb iZfylb hjb_glbjh\Zg gZ j_]meyjgu_ lbiu Z^j_kZpbb
\_dlhjh\ dh]^Z ko_fZ jZkiheh`_gby we_f_glh\ \ nhjfbjm_fhf \_dlhj_ aZjZg__ hij_^_e_gZ <
kemqZ_ bkihevah\Zgby jZajy`_gghc Z^j_kZpbb dh]^Z ko_fZ jZkiheh`_gby ^Zgguo \ \_dlhj_
\uqbkey_lky ^bgZfbq_kdb gZb[he__ qZklh bkihevam_lky iZfylv kh keh`guf jZkkeh_gb_f b
i_j_djulb_f
Eh]bq_kdZykljmdlmjZlZdhciZfylbijb\_^_gZgZjbkZgZjbk[ ihdZaZgZ^bZ]jZffZ__
jZ[hlu Dhgljhee_j iZfylb h[_ki_qb\Z_l h[smx kbgojhgbaZpbx jZ[hlu maeh\ iZfylb b \uihegy_l
\uqbke_gb_ Z^j_kh\ we_f_glh\ \_dlhjZ <uqbke_ggu_ Z^j_kZ we_f_glh\ \_dlhjZ aZ]jm`Zxlky \
khhl\_lkl\mxsb_ nbdkZlhju Z^j_kh\ N: ]^_ h[_ki_qb\Z_lky ^hklmi d khhl\_lkl\mxsbf bf
fh^meyf iZfylb H^gh\j_f_ggh k wlbf dhgljhee_j hij_^_ey_l gh\u_ Z^j_kZ aZ]jm`Z_l gh\u_
nbdkZlhju Z^j_kh\ b l^ I_j_dj_klguc dhffmlZlhj \uihegy_l i_j_klZgh\dm we_f_glh\ \oh^gh]h
\uoh^gh]h \_dlhjZ \ khhl\_lkl\bb k aZ^Zgguf ihjy^dhf ke_^h\Zgby Wnn_dlb\ghklv j_ZebaZpbb
i_j_dj_klghf dhffmlZlhjZ \h fgh]hf hij_^_ey_l ijhba\h^bl_evghklv b klhbfhklv iZfylb Wlh
k\yaZgh k l_f qlh l_ogbq_kdZy j_ZebaZpby dhffmlZlhjZ k rbjhdbfb nmgdpbhgZevgufb
\hafh`ghklyfbb \ukhdbf[ukljh^_ckl\b_f\_kvfZ^hjh]Z< k\yabk wlbf\ kh\j_f_gguokbkl_fZo
ijbf_gyxlky dhffmlZlhju k h]jZgbq_ggufb \hafh`ghklyfb gh l_ogbq_kdb j_Zebam_fu_ k
ijb_fe_fhckeh`ghklvxb klhbfhklvx
F H> M EV
N>
N:
F H> M EV
N>
N:
F H> M EV
1
N>
I_j_djzklguc dhffmlZlhj
DH GLJHEE?J
I:F YLB
N:
Z
NbdkZlhju
Z^j_kZ
Fh^meb
iZfylb
NbdkZlhju
^Zgguo
D hff mlZlhj
1
1
1
> HKLM I
> HKLM I
> HKLM I
> HKLM I
> HKLM I
> HKLM I
[
J bk
GZb[he__ qZklh lZdb_ dhffmlZlhju \uihegyxl ke_^mxsb_ lbih\u_ hi_jZpbb i_j_klZgh\db
i_j_klZgh\dbk aZf_s_gb_fjbkZi_j_klZgh\dblbiZiheghclZkh\dbjbk[i_j_klZgh\db
lbiZ [Z[hqdZ jbk \ jZajy^gh j_\_jkb\gu_ i_j_klZgh\db jbk ] b i_j_klZgh\db kh
kf_s_gb_fjbk^
>bZ]hgZevgZyiZfylv
< jZkkfhlj_gghc iZfylb k jZkkeh_gb_f wnn_dlb\gu ijhp_^mju ^hklmiZ d we_f_glZf
fZkkb\Z ^Zgguo jZkiheh`_gguo \ iZfylb ihke_^h\Zl_evgh GZijbf_j fZljbpZ F >ZLM@ L
, 1 M
, 0 aZghkblky \ iZfylv ke_^mxsbf h[jZahf i_j\Zy kljhdZ fZljbpu \ i_j\u_ yq_cdb 1 fh^me_c iZfylb \lhjZy \h \lhju_ yq_cdb kljhdZ F fZljbpu \ yq_cdb F khhl\_lkl\mxsbo
fh^me_c Ijb lZdhc hj]ZgbaZpbb ojZg_gby ^Zgguo \ jZkkfhlj_gghc \ur_ iZfylb aZ h^bg ^hklmi
h[_ki_qb\Z_lky\u[hjdZbebaZg_k_gb_\k_owe_f_glh\kljhdbfZljbpuH^gZdh^hklmid klhe[pZf\
^Zgghf kemqZ_ djZcg_ g_wnn_dlb\_g nhjfbjh\Zlv \_dlhjklhe[_p ijboh^blky \ j_`bf_
ihke_^h\Zl_evgh]h ^hklmiZ d yq_cdZf h^gh]h b lh]h `_ fh^meyf iZfylb Ihwlhfm \ kbkl_fZo
hjb_glbjh\ZgguogZj_r_gb_aZ^Zqk ijbf_g_gb_f\ [hevrhfh[t_f_hi_jZpbcfZljbqghcZe]_[ju
[he__wnn_dlb\gZ^bZ]hgZevgZyhj]ZgbaZpbyiZfylb>@
Z
[
\
]
Jbk
Hj]ZgbaZpby ^bZ]hgZevghc iZfylb h[_ki_qb\Z_l jZ\ghkdhjhklghc ^hklmi d kljhdZf b
klhe[pZf fZljbqguo fZkkb\h\ ^Zgguo Eh]bq_kdZy kljmdlmjZ iZfylb wlh]h lbiZ ijb\_^_gZ gZ
jbkZ KljmdlmjZ ojZg_gby we_f_glZ fZljbpu o ihdZaZgZ gZ jbk[ IZfylv jZ[hlZ_l
ke_^mxsbf h[jZahf Ijb hj]ZgbaZpbb ^hklmiZ ih klhe[pZf ih rbg_ ihklmiZ_l kb]gZe
gZkljZb\ZxsbcZ^j_kgu_kmffZlhju 60L gZljZgabl^Zgguok \oh^guorbgIhrbgZfihklmiZ_l
ghf_j lj_[m_fh]h klhe[pZ Wlhl ghf_j jZkkfZljb\Z_lky dZd Z^j_k yq_cdb fh^mey b ih g_fm
\uihegy_lky\u[hjdZbebaZibkv we_f_glh\\_dlhjZGZijbf_jijbihklmie_gbbihrbgZfghf_jZ
ijb \uiheg_gbb hi_jZpbb Ql_gb_ gZ \uoh^_ [m^ml \u^Zgu we_f_glu Z Z Z Z lh _klv
we_f_glu q_l\_jlh]h klhe[pZ fZljbpu Ijb ^Zgghc kljmdlmj_ ojZg_gby ^Zgguo ihjy^hd bo
ke_^h\Zgby gZjmr_g K p_evx \hkklZgh\e_gby ihjy^dZ jZkiheh`_gby we_f_glh\ \ ^bZ]hgZevghc
iZfylb bkihevam_lky pbdebq_kdbc k^\b]Zl_ev h[_ki_qb\Zxsbc i_j_klZgh\dm we_f_glh\ \u^Zgguo
gZ \uoh^Zo fh^me_c Ijb \uiheg_gbb hi_jZpbb AZibkv lj_[m_fZy i_j_klZgh\dZ we_f_glh\
hkms_kl\ey_lky k^\b]Zl_e_f ijb ijb_f_ we_f_glh\ \_dlhjZ k \uoh^h\ nbdkZlhjh\ gZ \uoh^u
fh^me_c Lbi i_j_klZgh\db aZ^Z_lky iml_f gZkljhcdb k^\b]Zl_ey ih ghf_jm klhe[pZ b lbim ^hklmiZ
\u[hjdZklhe[pZbeb\u[hjdZkljhdb
Ijb \uiheg_gbb hi_jZpbb \u[hjdb beb ql_gby \_dlhjZkljhdb Z^j_kgu_ kmffZlhju 60L
kb]gZehf ih rbg_ gZkljZb\Zxlky gZ \uiheg_gb_ hi_jZpbb kmffbjh\Zgby ih fh^mex 1 ]^_ 1 qbkehfh^me_ciZfylb< j_amevlZl_hkms_kl\ey_lkyh^gh\j_f_gguc^hklmid ^Zggufyq__dfh^me_c
k jZaebqgufb Z^j_kZlZfb :gZeh]bqgh ij_^u^ms_fm Z^j_khf \_dlhjZ y\ey_lky ghf_j kljhdb
fZljbpu GZijbf_j ijb \uiheg_gbb hi_jZpbb Ql_gb_ [m^ml \u[jZgu ke_^mxsb_ we_f_glu
fZkkb\Z Z Z Z D lh _klv we_f_glu lj_lv_c kljhdb Lj_[m_fuc ihjy^hd \u^Zqb we_f_glh\
h[_ki_qb\Z_lkyk^\b]Zl_e_fIjb\uiheg_gbbhi_jZpbbAZibkvijhp_kkuZgZeh]bqgu>@
JZkkfhlj_ggZy ^bZ]hgZevgZy hj]ZgbaZpby iZfylb bkihevah\ZgZ ijb ihkljh_gbb
ZkkhpbZlb\ghf fh^me_f \uqbkebl_evghc kbkl_fu 67$5$1 Zjobl_dlmjZ dhlhjhc [he__ ih^jh[gh
ijb\_^_gZ\ ]eZ\_KljmdlmjZZkkhpbZlb\gh]hfh^meyihdZaZgZgZjbk
:^j_k \_dlhjZ
```
Fh^mev
60
60
Fh^mev
N
Fh^mev
N
60
N
N
Pbdebq_kdbc^\b]Zl_ev
60
Fh^mev
Lbi^hklmiZ
AZibkv
Ql_gb_
Z
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
[
Jbk
:jbnf_lbdheh]bq_kdh_ mkljhckl\h fh^mey ij_^klZ\ey_l kh[hc bl_jZlb\gmx p_ihqdm
we_f_glZjguo ijhp_kkhjh\ IW h[_ki_qb\Zxsbo j_ZebaZpbx h^ghjZajy^guo hi_jZpbc gZ^
keh\Zfb \ jZajy^h\ keh`_gb_ \uqblZgb_ mfgh`_gb_ ^_e_gb_ ba\e_q_gb_ d\Z^jZlgh]h dhjgy
FZljbpZ iZfylb h[_ki_qb\Z_l ojZg_gb_ keh\ ih jZajy^h\ Hkh[_gghklvx fZljbpu iZfylb
y\ey_lky \hafh`ghklv hj]ZgbaZpbb hjlh]hgZevgh]h ^hklmiZ d fZljbqguf fZkkb\Zf ^Zgguo ih
jZajy^guf kj_aZf b ih keh\guf kj_aZf jbk Hkgh\guf g_^hklZldhf \ur_ jZkkfhlj_gghc
hj]ZgbaZpbb ^bZ]hgZevghc iZfylb y\ey_lky g_h[oh^bfhklv bkihevah\Zgby [hevrh]h dhebq_kl\Z
kmffZlhjh\ qlh ijb [hevrhf dhebq_kl\_ h^gh\j_f_ggh \u[bjZ_fuo ba iZfylb we_f_glh\ ^Zgguo
ijb\h^bl d \ukhdbf ZiiZjZlguf aZljZlZf b d m\_ebq_gbx klhbfhklb iZfylb Djhf_ wlh]h ijb
wdhghfghc j_ZebaZpbb kmffZlhjh\ ih ba\_klguf ijbqbgZf m\_ebqb\Z_lky \j_fy kmffbjh\Zgby b
_kl_kl\_gghkgb`Z_lkykdhjhklv^hklmiZ< k\yabk wlbf\ kbkl_f_6L:5:1^bZ]hgZevgucf_oZgbaf
^hklmiZ j_Zebah\Zg \_kvfZ hjb]bgZevgh gZ [Za_ hi_jZpbb BkdexqZxs__ BEB k ihjZajy^ghc
j_ZebaZpb_cKmlvbkihevah\Zggh]hl_ogbq_kdh]hj_r_gbyaZdexqZ_lky\ ke_^mxs_f>@
GZ jbk ijb\_^_g ijbf_j eh]bq_kdhc hj]ZgbaZpbb ^Zgguo \ fh^me_ iZfylb khklhys_c ba
\hkvfb fh^me_c < yq_cdZo fh^me_c k Z^j_khf jZaf_s_gu we_f_glu \_dlhjh\ k ghf_jhf \
yq_cdZok Z^j_khf we_f_glu\_dlhjh\k ghf_jhfb l^Ko_fZjZaf_s_gby\_dlhjZk bf_g_f
b bf_g_fihdZaZgu^eyijbf_jZgZjbk\ djm`hqd_
FZljbpZiZfylbk
fgh]hf_jguf^hklmihf
<oh^
:EM
K_e_dlhj
DhffmlZpbhggZy
k_lvi_j_klZgh\hd
Kb]gZeu
mijZ\e_gby
\uoh^
Jbk
Kj_a
Keh\h
Jbk
③
⑦
③
⑦
③
⑦
⑦
⑦
③
⑦
③
⑦
③
③
③
:^j_k yq_cdb
⑦
Jbk
Ijb lZdhc ko_f_ jZkiheh`_gbywe_f_glh\\_dlhjh\\ iZfylb^hklmid jZajy^ghfmkj_amfZljbqgh]h
fZkkb\Z\uihegy_lkyiml_fhj]ZgbaZpbbh^gh\j_f_ggh]h^hklmiZdh\k_ffh^meyfiZfylbihh^ghfm
b lhfm`_Z^j_kmyq_cdb
<u[hjdZ ^Zgguo \ j_`bf_ ihkeh\guo kj_ah\ \uihegy_lky ijb aZ^_ckl\h\Zgbb ko_f
BkdexqZxs__BEBIjbwlhfh[_ki_qb\Z_lkynhjfbjh\Zgb_jZaebqguoZ^j_kh\yq__diZfylbijb
jZkiheh`_gbb^Zgguoihjbknhjfbjh\Zgb_Z^j_kh\\_dlhjZ‹ihdZaZghgZjbk
:^j_k fh^mey ihjy^dh\uc
ghf_jwe_f_glZ\_dlhjZ
:^j_kyq_cdbiZfylbfh^mey
Ihjy^dh\ucghf_jwe_f_glZ
\_dlhjZ hi_jZpby BkdexqZx
s__BEB bfy\_dlhjZ
IJBF?J<u[hjdZ\_dlhjZk bf_g_f
We_f_gl\_dlhjZ
:
:
::
:
:^j_kfh^mey
Jbk
:^j_kyq_cdbfh
^mey
J_`bf ^hklmiZ d jZajy^ghfm kj_am bkihevam_lky \ ZkkhpbZlb\guo hi_jZpbyo ^ey
iZjZee_evgh]hh[jZs_gbyd h^ghfmjZajy^m\k_okeh\lh]^ZdZdj_`bf^hklmiZd keh\mbkihevam_lky
\ hi_jZpbyo \\h^Z\u\h^Z ^ey iZjZee_evgh]h h[jZs_gby d g_dhlhjuf beb \k_f jZajy^Zf h^gh]h
keh\Z KljmdlmjZ iZfylb g_ h]jZgbqb\Z_lky lhevdh nhjfZlhf fZljbpu o LZd gZijbf_j
^Zggu_ fh]ml [ulv knhjfbjh\Zgu \ \b^_ [Zclh\uo aZibk_c lZdb_ aZibkb fh]ml [ulv
ihf_s_gu\ iZfylvh[jZamykljmdlmjmbaaZibk_c ih[Zcl
Fh^mev ZkkhpbZlb\ghc fZljbpu kh^_j`bl djhf_ i_j_qbke_gguo \ur_ mkljhckl\ ljb jZajy^guo j_]bkljZ k\yaZgguo k iZfylvx fh^mey q_j_a dhffmlZpbhggmx k_lv i_j_klZgh\hd F
j_]bkljfZkdbb O M j_]bkljukhhl\_lkl\mxsb_^\mfdhhj^bgZlZffZljbqghcdhgnb]mjZpbbiZfylb
Fh`gh kqblZlv qlh dZ`^uc ijhp_kkhjguc we_f_gl bf__l ih h^ghfm khhl\_lkl\mxs_fm jZajy^m
dZ`^h]hbawlbolj_oj_]bkljh\
Eh]bq_kdb_ ko_fu k\yaZggu_ k Oj_]bkljhf b eh]bq_kdb_ ko_fu k\yaZggu_ k Mj_]bkljhf
h[_ki_qb\Z_l \uiheg_gb_ ex[hc ba [me_\kdbo nmgdpbc ^\mo i_j_f_gguo ijb hl^_evghf b
kh\f_klghfhi_jbjh\Zgbbk wlbfbj_]bkljZfb>@
Fgh]h\oh^h\ZyiZfylv
Ihqlb\h\k_odhg\_c_jguo<Kkdhjhklv^hklmiZd hkgh\ghciZfylb^hklb]Z_lfZdkbfmfZijb
h[jZs_gbb d ihke_^h\Zl_evgh jZkiheh`_gguf gZ[hjZf ^Zgguo H^gZdh qZklh ihjy^hd ke_^h\Zgby
^Zgguo\u[bjZ_fuobaiZfylbg_kh\iZ^Z_lk ihjy^dhfdhlhjuclj_[m_lkydhg\_c_jghfmijhp_kkm
GZijbf_j ijb \uiheg_gbb hi_jZpbb \_dlhjgh]h mfgh`_gby gZ dZ`^hf lZdl_ jZ[hlu dhg\_c_jZ
lj_[m_lky ih^Zlv gZ _]h \oh^ ^\Z we_f_glZ ^Zgguo we_f_gl kljhdb b we_f_gl klhe[pZ GZ \uoh^_
dhg\_c_jZ nhjfbjm_lky h^bg we_f_gl \_dlhjZ j_amevlZl \uiheg_gbyhi_jZpbbK ^jm]hcklhjhgu
iZfylv ijb jZ[hl_ k fZdkbfZevghc kdhjhklvx kgZqZeZ \u^Z_l ihke_^h\Zl_evghklv we_f_glh\
\_dlhjZ kljhdb Z aZl_f ihke_^h\Zl_evghklv we_f_glh\ \_dlhjZklhe[pZ ijbgbfZ_l gZ ojZg_gb_
\_dlhjj_amevlZl < j_amevlZl_ \hagbdZ_l ^bk[ZeZgk \ jZ[hl_ iZfylb b dhg\_c_jZ J_r_gb_f wlhc
ijh[e_fu y\ey_lky \\_^_gb_ k\_jo[ukljh^_ckl\mxs_c iZfylb f_`^m hkgh\ghc iZfylvx b
dhg\_c_jhf G_aZ\bkbfh hl kihkh[Z hj]ZgbaZpbb ehdZevgZy iZfylv EI ^he`gZ h[_ki_qb\Zlv
ih[ehqguc h[f_g k HI b h^gh\j_f_ggh [he__ ijhba\h^bl_evguc h[f_g k dhg\_c_jhf BaaZ wlh]h
kdhjhklv^hklmiZd EIhq_gvqZklh^he`gZ[ulv\^\h_\ur_kdhjhklbh[jZ[hldb^Zgguo\ dhg\_c_j_
D gZb[he__lbibqgufhj]ZgbaZpbyfEIhlghkylky^mZevgZykl_dh\Zy^\moihjlh\ZyZkkhpbZlb\gZy
hjlh]hgZevgZyiZfylvb iZfylvk jZkij_^_e_gghceh]bdhc
>mZevgZy beb i_j_dexqZxsZyky iZfylv hj]Zgbam_lky ba ^\mo beb [he__ [ehdh\
k\_jo[ukljh^_ckl\mxs_ciZfylbk ijhba\hevguf^hklmihfdhlhju_kh_^bgyxlkylZdqlhihdZh^bg
ba [ehdh\ hkms_kl\ey_l h[f_g k HI ^jm]hc hklZ_lky ih^dexq_gguf d dhg\_c_jm b kgZ[`Z_l _]h
^Zggufb Ih hdhgqZgbb h[f_gh\ [mn_jZ k HI b dhg\_c_jZ k ih^dexq_gguf d g_fm [mn_jhf k\yab
wlbo [mn_jh\ \aZbfgh i_j_dexqZxlky Dhg\_c_j ihemqZ_l ^hklmi d gh\hc iZjlbb ^Zgguo Z HI
ihemqZ_l\hafh`ghklvh[f_gZ^Zggufbk ^jm]bf[mn_jhfjbk
DHI
DhffmlZlhj
k\ya_c
;mn_j ;mn_j 1
DhffmlZlhj
k\ya_c
D:D
Jbk
>\moihjlh\Zy iZfylv k ijhba\hevguf ^hklmihf bf__l ^\Z dhfie_dlZ eh]bq_kdbo kbkl_f
^_dh^bjh\Zgby Z^j_kh\ b \u[hjdb dhlhju_ h[_ki_qb\Zxl h^gh\j_f_gguc ^hklmi d __ jZaebqguf
keh\Zf kh klhjhgu HI b dhg\_c_jZ khhl\_lkl\_ggh q_j_a ^\Z ihjlZ \\h^Z\u\h^Z jbk
Klhbfhklv lZdbo mkljhckl\ \ukhdZ qlh h]jZgbqb\Z_l bo ijbf_g_gb_ bkihevam_lky ijb ihkljh_gbb
EIg_[hevrhfh[t_fZ
:^j_khlHI
:^j_khl:D
Eh]bdZ
^_dh^bjh\Zgby
Eh]bdZ
^_dh^bjh\Zgby
Hjlh]hgZevgZyiZfylv
Fh^mev
iZfylb
Jbk
>Zggu_d HI
>Zggu_d :D
Hjlh]hgZevgZy iZfylv bkihevam_lky \ kbkl_fZo h[jZ[hldZ ^Zgguo \ dhlhjuo\uihegy_lky\
ihjZajZajy^ghihke_^h\Zl_evghf ih[Zclghihke_^h\Zl_evghf b ihkeh\ghihke_^h\Zl_evghf
j_`bfZoKljmdlmjgZyhj]ZgbaZpbyiZfylbwlh]hlbiZijb\_^_gZgZjbk>@
< lZdhc iZfylb ^Zggu_ jZkiheh`_ggu_ \ yq_cdZo iZfylb YI kljhdb jZkkfZljb\Zxlky dZd
we_f_glu _^bgh]h bgnhjfZpbhggh]h khh[s_gby keh\Z >hklmi d ^Zgguf \ hjlh]hgZevghc iZfylb
\hi_j\uoh[_ki_qb\Z_lkymdZaZgb_fghf_jZkljhdb:^j_k Z^j_kZfZdjhyq_cdbiZfylb< wlhf
kemqZ_ h[_ki_qb\Z_lky iZjZee_evguc ^hklmi dh \k_f YI jZkiheh`_gguf \ kljhd_ k mdZaZgguf
ghf_jhf LZdbf h[jZahf ^hklmi d ^Zgguf \ iZfylb \uihegy_lky ihke_^h\Zl_evgh ih keh\Zf <h
\lhjuo h[_ki_q_gZ \hafh`ghklv ^hklmiZ d YI jZkiheh`_gguf \ h^ghf klhe[p_ < aZ\bkbfhklb hl
_fdhklbYI[blbeb[Zcl^Zggu_klhe[pZgZau\Zxl[blh\ufbeb[Zclh\ufkj_ahf< wlhfkemqZ_
^hklmi h[_ki_qb\Z_lky mdZaZgb_f ghf_jZ klhe[pZ Z^j_k ijb ihklmie_gbb dhlhjh]h
h[_ki_qb\Z_lky iZjZee_evgZy jZ[hlZ YI khhl\_lkl\mxs_]h klhe[pZ < blh]_ \ iZfylb k
hjlh]hgZevghc hj]ZgbaZpb_c \uihegy_lky \ukhdhkdhjhklghc ^hklmi d ^Zgguf ihke_^h\Zl_evgh ih
keh\Zfbebihke_^h\Zl_evghihkj_aZf[blh\ufbeb[Zclh\ufH^gZdhklhbfhklviZfylb\ukhdZb
ihwlhfmlZdh_mkljhckl\hijbf_gy_lky\ dZq_kl\_EIg_[hevrhc_fdhklb
:kkhpbZlb\gZyiZfylv
:kkhpbZlb\gZy iZfylv :I ijbf_gy_lky \ <K ih ke_^mxsbf khh[jZ`_gbyf H^bg ba
nZdlhjh\ kgb`Zxsbo ijhba\h^bl_evghklv <K bkihevah\Zgb_ Z^j_kgh]h ijbgpbiZ ^hklmiZ d
^Zggufijbihkljh_gbbiZfylb
:^j_kghf_j
klhe[pZ
>_rbnjZlhjghf_jZklhe[pZ
YI
YI
YI
YI
YI
YI
YI
YI
YI
YI
YI
YI
=hjbahglZevgucj_]bklj
>Zggu_
Jbk
<_jlbdZevguc j_]bklj
>_rbnjZlhjghf_jZkljhdb
:^j_kghf_j
kljhdb
>Zggu_
$
+
%
&
'
)
+
$
$
%
&
)
$
$
1
%
$
$
(
$
(
5
0
+
7
+
$
(
.
7
+
1
)
$
1
0
&
+
0
(
.
%
5
1
.
0
IHBKD:
+
5
7
:J=MF?GL
)
&
FZkkb\^Zgguo
+
+
J?AMEVL:L
IHBKD:
Jbk
Ijb bkihevah\Zgbb Z^j_kghc iZfylb \hi_j\uo hi_jZg^u aZibku\Zxlky \ iZfylv b
kqblu\ZxlkybaiZfylbihhq_j_^ghihke_^h\Zl_evgh\ lh\j_fydZdijbj_r_gbbfgh]boaZ^Zqwlb
hi_jZpbbp_e_khh[jZagh\uihegylvh^gh\j_f_gghiZjZee_evgh<h\lhjuok m\_ebq_gb_fh[t_fZ
iZfylb jZkl_l b ^ebgZ Z^j_kh\ \ j_amevlZl_ q_]h jZkrbjy_lky ihe_ j_a_j\bjm_fh_ \ yq_cdZo
iZfylb ^ey aZibkb qZkl_c Z^j_kZlZ Qlh[u ba[_`Zlv wlh]h \ [hevrbo HAM ijhkljZgkl\h iZfylb
^_eblky gZ k_dpbb k bg^b\b^mZevghc kbkl_fhc Z^j_kZpbb H^gZdh wlh ijb\h^bl d g_h[oh^bfhklb
bg^_dkbjh\Zgby k_dpbc \ fZrbgguo dhfZg^Zo Djhf_ lh]h \gmljb ijh]jZff k p_evx khdjZs_gby
Z^j_kgh]h ihey dhfZg^ ijboh^blky rbjhdh ijbf_gylv kj_^kl\Z dhk\_gghc Z^j_kZpbb < blh]_ ijb
dZ`^hfh[jZs_gbbd iZfylb^eyhij_^_e_gbyZ[khexlgh]hZ^j_kZhi_jZg^Zg_h[oh^bfh\uihegblv
p_euc jy^ \kihfh]Zl_evguo Zjbnf_lbq_kdbo hi_jZpbc K p_evx mijhs_gby ihbkdZ hi_jZg^h\ b
h[_ki_q_gby\hafh`ghklbh^gh\j_f_ggh]h^hklmiZd fgh]bfyq_cdZfiZfylbbkihevam_lkyZ^j_kZpby
ihkh^_j`Zgbx<\b^m\ukhdhcklhbfhklbb l_ogbq_kdhckeh`ghklbiZfylvk lZdhcZ^j_kZpb_c\ <K
bkihevam_lky\ dZq_kl\_EIb ijbf_gy_lky^ey\uiheg_gbylZdbohi_jZpbcdZd[mn_jbaZpby^Zgguo
ijb h[f_gguo hi_jZpbyo ij_h[jZah\Zgb_ kljmdlmj ^Zgguo \uiheg_gb_ hi_jZpbc k\_jldb ihbkdZ
khjlbjh\db>@
KmsghklvijbgpbiZZ^j_kZpbbihkh^_j`ZgbxaZdexqZ_lky\ ke_^mxs_fjbkBf__lky
fZkkb\ ^Zgguo _fdhklvx 1 keh\ Lj_[m_lky gZclb \ fZkkb\_ \k_ keh\Z dhlhju_ gZqbgZxlky k
kbf\heZ : b dhgqZxlky kbf\hehf G < wlhf kemqZ_ Zj]mf_glhf ihbkdZ y\ey_lky keh\h:G]^_
agZqdhf hlf_q_gu jZajy^u g_ \ebyxsb_ gZ j_amevlZl ihbkdZ AZihfbgZxsbc fZkkb\ gZ
ZiiZjZlghf mjh\g_ kljhblky lZdbf h[jZahf qlh gZ \uoh^_ yq__d iZfylb kh^_j`bfh_ dhlhjuo
kh\iZ^Z_l kh agZq_gb_f ihklmib\r_]hZj]mf_glZihbkdZihy\ey_lkykb]gZe mdZaZl_evkh\iZ^_gbb
>Ze__ih\ujZ[hlZggufkb]gZeZfkh\iZ^_gby\uihegy_lky\u[hjdZyq__diZfylb
J_ZebaZpby ZkkhpbZlb\gh]h ^hklmiZ d ^Zgguf fh`_l [ulv hj]Zgbah\ZgZ h^gbf ba ^\mo
kihkh[h\
ijh]jZffguf hkgh\Zgguf gZ jZkij_^_e_gbb iZfylb \ aZ\bkbfhklb hl kh^_j`Zgby ^Zgguo b
j_Zebam_fuf k ihfhsvx ijh]jZffguo kj_^kl\ f_lh^ o_rbjh\Zgby ijb wlhf
ij_^iheZ]Z_lky qlh bgnhjfZpby ojZgblky \ h[uqghf aZihfbgZxs_f mkljhckl\_
ijhba\hevgh]h^hklmiZkhklZg^Zjlghckbkl_fhcZ^j_kZpbb
ZiiZjZlgufhibjZxsbfkygZijbf_g_gb_ki_pbZevguoZiiZjZlguokj_^kl\ij_^gZagZq_gguo
^eyojZg_gbyb ZkkhpbZlb\gh]hihbkdZwe_f_glh\^Zgguo
JZkkfhljbf ijh]jZffgmx j_ZebaZpbx :I < f_lh^Zo ijh]jZffgh]h ihbkdZ ^hklmi d ex[hc
bgnhjfZpbhgghc_^bgbp_aZibkb^hdmf_glmfZkkb\mbebwe_f_glm^Zgguob lihkms_kl\ey_lky
g_ihkj_^kl\_ggh eb[h ih ki_pbZevghfm dexqm eb[h ih g_dhlhjhfm njZ]f_glm kZfhc
bgnhjfZpbhgghc_^bgbpuLZdb_f_lh^ugZau\Zxlf_lh^Zfbo_rbjh\Zgbybeb^jm]b_gZa\Zgbybo
Z^j_kZpby\ jZa[jhkZ^j_kZpbyk i_j_f_rb\Zgb_fdexq_\u_ij_h[jZah\Zgbyb li
GZ[hj \k_o ^himklbfuo dexq_\uo keh\ ijbgylh gZau\Zlv ijhkljZgkl\hf bf_g Z gZ[hj
Z^j_kh\ iZfylb \ dhlhju_ k ihfhsvx o_rbjh\Zgby ij_h[jZamxlky dexq_\u_ keh\Z Z^j_kghf
ijhkljZgkl\hf beb l_]Zfb Wlb Z^j_kZ y\eyxsb_ky ijhklufb Zjbnf_lbq_kdbfb nmgdpbyfb
kh^_j`bfh]h khhl\_lkl\mxsbo dexq_\uo keh\ gZau\Zxlky _s_ o_rZ^j_kZfb >ey mf_gvr_gby
jZkoh^ZiZfylbg_h[oh^bfhdZdbflhh[jZahfijbij_h[jZah\ZgbbijhkljZgkl\Zbf_g\ ijhkljZgkl\h
l_]h\ k`Zlv ihke_^gb_ l_f beb bguf kihkh[hf Wlh hkms_kl\ey_lky k ihfhsvx \u[hjZ
khhl\_lkl\mxs_cnmgdpbbo_rbjh\Zgby
Ij_^iheh`bf qlh bf_gZ aZibku\Zxlky \ [md\_gghf ZenZ\bl_ Nmgdpby o_rbjh\Zgby k
ihfhsvx dhlhjhc h[jZam_lky qbke_ggh_ agZq_gb_ o_rZ^j_kZ l_]Z imklv ij_^klZ\ey_l kh[hc
\ujZ`_gb_ \b^Z W T ]^_ W ihjy^dh\uc ghf_j i_j\hc T \lhjhc [md\u bf_gb \ eZlbgkdhf
ZenZ\bl_ijbq_f: < K = Lh]^ZkemqZcgucgZ[hjbf_gk bol_]Zfbfh`ghij_^klZ\blv
lZ[e AZf_lbf qlh we_f_gl lZ[ebp k ghf_jhf gZqbgZ_lky k l_o `_ [md\ qlh b we_f_gl Ih^h[gu_ kblmZpbb gZau\Zxl dhgnebdlhf beb dheebab_c bf_g K p_evx jZaj_r_gby dhgnebdlZ
g_h[oh^bfhih^h[jZlvj_a_j\gmxyq_cdmdhlhjZye_]dh[uhlukdb\ZeZkvih\uqbke_gghfmZ^j_kZlm
WlZijh[e_fZgZau\Z_lkyijh[bg]hfdhlhjuc\ kmsghklbij_^klZ\ey_lkh[hcf_lh^ijh[b hrb[hd
ijbf_g_ggucd ihbkdmimklhcyq_cdbQZs_ \k_]h\ dZq_kl\___ [_jmlke_^mxsmximklmxaZZ^j_khf
Qlh[u\ wlhfkemqZ_fh`gh[ueh\uykgblvgZoh^blkyebbkdhfZybgnhjfZpbyih\uqbke_gghfm
Z^j_kmbebojZgblky\ h^ghcbaj_a_j\guoyq__d\f_kl_k we_f_glhf^Zgguoijboh^blkyaZihfbgZlv
b _]hbfybebb^_glbnbdZlhjbf_gb
:iiZjZlgZyj_ZebaZpby:I^he`gZh[_ki_qblvdZdfbgbfmfke_^mxsb_nmgdpbb
hkms_kl\eylvhi_jZpbxihbkdZwe_f_glZihg_dhlhjhfmZj]mf_glm
\uihegylvkqblu\Zgb_aZibkvbgnhjfZpbbba\:I
\ha\jZsZlv\ bkoh^gh_khklhygb_iZfylv nbdkZpbbj_Zdpbc
ZgZebabjh\Zlvfgh]hdjZlghklvkh\iZ^_gbyb hkms_kl\eylv\u[hjdmihkh\iZ^_gbx
< iZjZee_evguo :AM jbk ijhp_kk ihbkdZ ^Zgguo ih kh^_j`Zgbx hj]Zgbam_lky
ke_^mxsbf h[jZahf DZ`^Zy YI fh^mey iZfylb :AM FI:AM h[_ki_qb\Z_l \uiheg_gb_ nmgdpbc
ijb_fZ ojZg_gby ^Zgguo kjZ\g_gby ojZgbfhc bgnhjfZpbb k Zj]mf_glhf ihbkdZ b \ujZ[hldm
kb]gZeh\ h j_amevlZl_ kjZ\g_gby FI:AM hj]Zgbah\Zg lZdbf h[jZahf qlh gZ dZ`^hf lZdl_ jZ[hlu
Zj]mf_gl ihbkdZ ihklmiZ_l iZjZee_evgh \h \k_ YI < j_amevlZl_ \ FI:AM \uihegy_lky fZkkh\Zy
hi_jZpby kjZ\g_gby kh^_j`bfh]h YI k Zj]mf_glhf ihbkdZ b mklZgh\dZ kb]gZeh\ mdZaZl_e_c h
kh\iZ^_gbbgZ\uoh^_
3U$I
3U$I
keh\h
Jbk
R BN J:LHJ
:F K
Fh^mev
iZfylb
:AM
IZfylvj_Zdpbc
K_e_dlhjZ^j_kZ
b ^_r bnjZlhj
MijZ\e_gb_ aZibkv
ql_gb_
DZdijZ\behYIFI:AMjZkiheh`_ggu_\ h^ghckljhd_jZkkfZljb\ZxlkydZdkeh\hIhwlhfm
\ YIgZkjZ\g_gb_ihklmiZ_llhevdhkhhl\_lkl\mxsbcwe_f_glZj]mf_glZihbkdZgZijbf_j[blbeb
[Zcl Ijb ihkljh_gbb :AM k fZkdbjh\Zgb_f \ hi_jZpbb kjZ\g_gby mqZkl\mxl g_ \k_ YI kljhdb Z
lhevdh lZ bo qZklv dhlhjZy Zdlb\babjm_lky mijZ\eyxsbf \_dlhjhffZkdhc GZijbf_j YI
i_j_\h^blky \ Zdlb\gh_ khklhygb_ _keb khhl\_lkl\mxsbc _c jZajy^ fZkdb_^bgbqguc\ ijhlb\ghf
kemqZ_YI\ hi_jZpbbkjZ\g_gbyg_mqZkl\m_l
Ijb\u[hjd_^Zgguoba:AMk iZjZee_evghchj]ZgbaZpb_c\ j_]bklj_Zj]mf_glZihbkdZJ]:I
\\h^blky Zj]mf_gl ihbkdZ \ j_]bklj fZkdb J]F \_dlhj mijZ\e_gby >Zggu_ ba J]:I b J]F
iZjZee_evghihklmiZxl\ YIFI:AM\uihegy_lkyhi_jZpbykjZ\g_gby\ khhl\_lkl\mxsboYIb ih
hdhgqZgbbi_j_oh^guoijhp_kkh\\ eh]bq_kdbokbkl_fZoYIgZ\uoh^Zol_okljhdFI:AM\ dhlhjuo
ijhbahreh kh\iZ^_gb_ k aZ^Zgguf Zj]mf_glhf ihbkdZ mklZgZ\eb\Zxlky kb]gZeu kh\iZ^_gby Wlb
kb]gZeu nbdkbjmxlky \ iZfylb j_Zdpb_c b ^Ze__ \ ZgZebaZlhj_ fgh]hdjZlguo kh\iZ^_gbc :FK
\uihegy_lky bo ijbhjbl_lguc jZa[hj b ih _]h j_amevlZlZf ihke_^h\Zl_evgh_ nhjfbjh\Zgb_
kb]gZeh\^eyrbnjZlhjZ< ijbgpbi_kb]gZeuk :FKfh`ghih^Z\Zlvg_ihkj_^kl\_gghgZZ^j_kgu_
rbguFI:AMqlhh[_ki_qbeh[u^hklmidh\k_fhldebdgm\rbfkyyq_cdZfh^gh\j_f_gghH^gZdhgZ
ijZdlbd_FI:AMba]hlh\eyxlkybaBKk \kljh_ggufb^_rbnjZlhjZfbZ^j_kZ Ihke_^g__iha\hey_l
bkihevah\Zlv:AMb \j_`bf_Z^j_km_fhciZfylb
<\h^^Zgguo\ :AM\uihegy_lkyihke_ij_^\Zjbl_evgh]hihbkdZ\ I:AMk\h[h^guokljhdYI
K wlhc p_evx \ i_j\uo YI kljhdb ij_^mkfZljb\Z_lky ki_pbZevguc [bl [bl aZgylhklb dhlhjuc
mklZgZ\eb\Z_lky\ _^bgbpmijb\\h^_^ZgguoFI:AM
3U$I
MIJ:<E?GB?
A:IBKVX
KQBLU<:GB?F
:FP
Fh^mev
iZfylb
:AM
KO?FU
KJ:<G?GBY
K_e_dlhjZ^j_kZ
b ^_rbnjZlhj
MijZ\e_gb_ aZibkv
ql_gb_
I:FYLV
J?:DPBB
3U$I
Kqblu\Z_fh_keh\h
Jbk
RBNJ:LHJ
?keb\ FI:AM\uy\e_ghg_kdhevdhk\h[h^guokljhd\\h^^Zgguo\uihegy_lkyihijbhjbl_lm
hij_^_ey_fhfm \ :FK < ihke_^h\Zl_evghihjZajy^guo beb ihke_^h\Zl_evghih[Zclguo :AM jbk
^hklmi d ^Zgguf FI:AM \uihegy_lky ke_^mxsbf h[jZahf :gZeh]bqgh \ J]:I \\h^blky
Zj]mf_gl ihbkdZ \ J]F fZkdZ >Ze__ \uihegy_lky hijhk YI i_j\h]h klhe[pZ FI:AM >Zggu_
ihklmiZxl gZ i_j\u_ \oh^u [ehdZ ko_f kjZ\g_gby gZ \lhju_ \oh^u dhlhjh]h ihklmiZ_l
khhl\_lkl\mxsZy qZklv Zj]mf_glZ ihbkdZ ba J]:I b qZklv \_dlhjZ Zdlb\Zpbb ba J]F J_amevlZlu
kjZ\g_gbynbdkbjmxlky\ iZfylbj_ZdpbcAZl_f\uihegy_lkyk^\b]J]:IJ]Fb \uihegy_lkyhijhk
\lhjh]hklhe[pZYIFI:AMKb]gZeukh\iZ^_gbynbdkbjmxlkywe_f_glZfbiZfylbj_Zdpbblhevdh \
lhf kemqZ_ _keb \ wlb `_ we_f_glu ihklmiZeb b kb]gZeu h kh\iZ^_gbb gZ ij_^u^ms_f lZdl_ <
kemqZ__kebgZl_dms_flZdl_kb]gZeZkh\iZ^_gbyg_lZ gZij_^u^ms_fhg[uelhkhhl\_lkl\mxsbc
we_f_gl iZfylb j_Zdpbb nbdkbjm_l hlkmlkl\b_ kh\iZ^_gbc HibkZgguc ijhp_kk ih\lhjy_lky ^h l_o
ihj ihdZ g_ [m^_l \uiheg_ghijhkihke_^g_]hklhe[pZYIFI:AM< blh]_\ iZfylbj_Zdpbc[m^ml
aZnbdkbjh\Zgukb]gZeu mdZaZl_ebkljhdYI\ dhlhjuoijhbahrehkh\iZ^_gb_k Zj]mf_glhfihbkdZ
< hklZevghf :AM wlh]h lbiZ jZ[hlZ_l iheghklvx ZgZeh]bqgh iZjZee_evghfm :AM LZdbf h[jZahf
iZjZee_evgu_ :AM g_aZ\bkbfh hl _fdhklb h[_ki_qb\Zxl \u[hjdm ^Zgguo m^h\e_l\hjyxsbo
aZ^ZgghfmZj]mf_glmihbkdZaZjZ[hqbci_jbh^H^gZdhijbwlhflj_[m_lky[hevrhch[t_fko_fghc
eh]bdb\ dZ`^hcYIqlhkhhl\_lkl\_gghih\urZ_lklhbfhklvmkljhckl\Z< :AMk ihke_^h\Zl_evgh
ihjZajy^ghcih[Zclghchj]ZgbaZpb_c\ujZ[hldZ^Zgguoh[_ki_q_gZaZQjZ[hqboi_jbh^h\]^_Q
qbkeh YI \ kljhd_ FI:AM GZ h[t_f ko_fghc eh]bdb ^ey \uiheg_gby hi_jZpbc kjZ\g_gby k
Zj]mf_glhf ihbkdZ khhl\_lkl\_ggh f_gvr_ \ Q jZa GZ ijZdlbd_ \ aZ\bkbfhklb hl l_ogbdh
wdhghfbq_kdboihdZaZl_e_cbkihevamxlkyh[ZlbiZ:AMk jZkkfhlj_gghchj]ZgbaZpb_c
< aZdexq_gb_ ke_^m_l hlf_lblv qlh djhf_ :AM gZ [Za_ klZg^Zjlguo fh^me_c hi_jZlb\ghc
iZfylb bkihevamxlky b :AM gZ we_f_glZo bgh]h lbiZ Ijbf_jhf fh`_l kem`blv :AM gZ k^\b]h\uo
j_]bkljZo jbk GZ \k_c YI b J]:I J]F \ ijhp_kk_ ihbkdZ ihklhyggh ih^Zxlky lZdlh\u_
kb]gZeu k^\b]Z Ijb wlhf agZq_gby ijZ\h]h jZajy^Z \k_o j_]bkljh\ gZ dZ`^hf lZdl_ ihklmiZxl \
iZfylv j_Zdpbc mklZgZ\eb\Zy __ khhl\_lkl\mxsb_ we_f_glu LZdbf h[jZahf hi_jZpby kjZ\g_gby
j_Zebam_lky j_dmjj_glgh G_^hklZldhf ko_fu y\ey_lky g_\hafh`ghklv ijhba\hevgh]h ij_djZs_gby
ihbkdZ[_abkdZ`_gby^Zgguo\ YI
3U:I
3UF
K><B=
3U keh\h
3U keh\h
3U keh\h1
Jbk
IZfylvk jZkij_^_e_gghceh]bdhc wlh:AMk jZkrbj_ggufkhklZ\hfeh]bq_kdbonmgdpbcYI
^ey\uiheg_gbyhi_jZpbcgZ^^Zggufbb mijZ\e_gbyi_j_^Zq_c^Zgguof_`^mgbfbNZdlbq_kdbYI
iZfylb k jZkij_^_e_gghc eh]bdhc IJE y\ey_lky we_f_glZjguf ijhp_kkhjhf k Z\lhfZlhf
mijZ\e_gby iZfylvx b hi_jZpbhgguf Z\lhfZlhf IJE y\ey_lky ki_pbZebabjh\Zgguf AM k `_kldh
aZeh`_ggufbnmgdpbyfbGZb[he__rbjhdh\ kh\j_f_gguo<KIJEijbf_gy_lky\ dZq_kl\_iZfylb
^ey h[jZ[hldb b ojZg_gbykljhdh\hcbgnhjfZpbbEh]bq_kdZykljmdlmjZlZdhcIJEihdZaZgZgZjbk
< ^Zgghf kemqZ_ dZ`^Zy yq_cdZ iZfylb ij_^gZagZq_gZ ^ey ojZg_gby dh^Z h^gh]h kbf\heZ
Keh\Zkhklhysb_bakbf\heh\fh]mlbf_lvijhba\hevgmx^ebgmb ihwlhfmaZibku\Zxlky\ iZfylv\
\b^_g_ij_ju\ghcihke_^h\Zl_evghklbbebk bgl_j\ZeZfbf_`^mkeh\ZfbIhwlhfmk\yabf_`^mYI
g_h[oh^bfu^\Zwnn_dlb\gh]hijh\_^_gbyhi_jZpbckh\iZ^_gb_kbf\heh\\ujZ\gb\ZgbykljhdYI
\ IJE fh`_l gZoh^blky \ Zdlb\ghf beb iZkkb\ghf khklhygbb Ko_fZlbqgh YI fh`gh ij_^klZ\blv
khklhys_c ba ^\mo qZkl_c jbk qZklb j h[_ki_qb\Zxs_c ojZg_gb_ kbf\heh\ qZklb I
hlh[jZ`Zxs_c khklhygb_ yq_cdb GZijbf_j m g_Zdlb\ghc YI I Z m Zdlb\ghc I < dZq_kl\_
kbf\heh\ fh]ml \uklmiZlv ex[u_ kbf\heu \oh^gh]h yaudZ djhf_ ki_pkbf\heh\ E b D D ^ey
h[hagZq_gbyaZ]heh\dZbf_gbkljhdbE ^eyh[hagZq_gbyaZ]heh\dZiZjZf_ljh\kljhdb
7U$
7U$
7U$
7U6
7U6
7U6
;ehd
kjZ\g_gby
;ehd
kjZ\g_gby
;ehd
kjZ\g_gby
Yq_cdZ
iZfylb
L
Yq_cdZ
iZfylb
L
Yq_cdZ
iZfylb
LQ
:j]mf_gl
ihbkdZ
<orbgZ
<uorbgZ
Jbk
KljhdZh[jZam_lkyba^\moqZkl_caZ]eZ\ghckljhdbb iZjZf_ljh\ImklvOkljhdZiZjZf_ljh\
^ey aZ]eZ\ghc kljhdb : Ijb h[s_ijbgylhf kihkh[_ aZibkb ke_\Z gZijZ\h kljhdZ \ IJE [m^_l
ojZgblvky\ \b^_ihdZaZgghfgZjbk
ImklvbfyaZ]heh\dZba\_klghlh]^Zba\e_q_gb_kljhdbiZjZf_ljh\\uihegy_lkyke_^mxsbf
h[jZahf
\ dZq_kl\_ Zj]mf_glZ ihbkdZ ih^Z_lky kbf\he D YI kh^_j`bfh_ dhlhjuo kh\iZ^Z_l k
Zj]mf_glhfihbkdZmklZgZ\eb\Z_lky\ Zdlb\gh_khklhygb_
\ dZq_kl\_ Zj]mf_glZ ihbkdZ ih^Z_lky i_j\uc kbf\he bf_gb bkdhfhc kljhdb YI
mklZgZ\eb\Zxlky \ Zdlb\gh_ khklhygb_ \ lhf kemqZ_ _keb ijhbahreh kh\iZ^_gb_ k
Zj]mf_glhfihbkdZb khk_^gyyke_\ZYIgZoh^blky\ Zdlb\ghfkhklhygbb
\ dZq_kl\_ Zj]mf_glZ ihbkdZ ih^Z_lky ke_^mxsbc kbf\he bf_gb b ijhp_kk mklZgh\db YI
ijh^he`Z_lkyihke_^gbfZj]mf_glhfihbkdZy\ey_lkykbf\heE
Jbk
Jbk
IhhdhgqZgbbwlh]hijhp_kkZYIk ijbagZdhfE [m^_li_j_\_^_gZ\ Zdlb\gh_khklhygb_lhevdh
\ lhf kemqZ_ _keb khhl\_lkl\mxsZy _c aZ]eZ\gZy kljhdZ lhqgh kh\iZeZ k aZ]eZ\ghc kljhdhc
Zj]mf_glZ ihbkdZ KljhdZ iZjZf_ljh\ m^h\e_l\hjyxsZy mkeh\bx ihbkdZ ba\e_dZ_lky iml_f
jZkijhkljZg_gbykb]gZeZZdlb\ghklb^hkbf\heZDBa\e_q_gb_aZ]eZ\guokljhd ihaZ^Zgghckljhd_
iZjZf_ljh\\uihegy_lkyZgZeh]bqghlhevdhkb]gZeZdlb\ZpbbjZkijhkljZgy_lkykijZ\ZgZe_\h
< kemqZ_ hjb_glZpbb IJE gZ \uiheg_gb_ hi_jZpbc gZ^ qbkeh\ufb i_j_f_gguf b [he__
\u]h^gh ijbf_gylv ^\mf_jgmx hj]ZgbaZpbx jbk A^_kv IJE jZa[b\Z_lky gZ g_kdhevdh
k_]f_glh\ dZ`^uc ba dhlhjuo kh^_j`bl P yq__d Hl^_evgZy yq_cdZ k_]f_glZ kh^_j`bl ljb]]_j
j_amevlZlZ ijh\_jdb gZ kh\iZ^_gb_ F b 1 yq__d iZfylb O O OQ <k_ yq_cdb \h \k_o k_]f_glZo
ih^dexq_gu d h[sbf rbgZf mijZ\e_gby \\h^Z b \u\h^Z LZdbf h[jZahf k_]f_gl y\ey_lky IJE
i_j\h]hmjh\gy<aZbfhk\yabf_`^myq_cdZfbjZaebqguok_]f_glh\hlkmlkl\mxlDZ`^hcIJEi_j\hf
mjh\gy khhl\_lkl\m_l IJE \lhjh]h mjh\gy dhlhjZy khklhbl ba ]jmiih\h]h eh]bq_kdh]h mkljhckl\Z
aZihfbgZxsbo yq__d M MPM [ehdZ mijZ\e_gby Zdlb\ghklvx * Bgl_jn_ck f_`^m IJE i_j\h]h b
\lhjh]hmjh\g_ch[jZam_lkyiml_fih^dexq_gbyPyq__dk_]f_glZd Pyq_cdZfMMPkh^_j`Zsbo
^Zggu_ ^ey ]jmiiu < blh]_ ^\mf_jgmx IJE fh`gh jZkkfZljb\Zlv dZd khklhysmx ba k_]f_glh\
dhlhju_ kh^_j`Zl P yq__d lbiZ O b h^gm yq_cdm lbiZ M >Zggu_ aZghkylky \ yq_cdm lbiZ O \
ihjZajy^ghc nhjf_ jZajy^ gZ yq_cdm b \ khklZ\_ ]jmiiu yq__d k_]f_glZ fh]ml mqZkl\h\Zlv \
hi_jZpbyo fZkkh\hc h[jZ[hldb GZijbf_j _keb lj_[m_lky kqblZlv keh\h : jZajy^u dhlhjh]h
kh^_j`Zlky \ yq_cdZo OQ OQ OQP k_]f_glZ lh ba yq__d k_]f_glZ kh^_j`bfh_ yq__d OQ OQP
kqblu\Z_lky\ yq_cdbMMP< j_amevlZl_keh\h: ihf_sZ_lky\ Myq_cdm\ ihkeh\ghcnhjf_keh\h
gZ yq_cdm qlh h[_ki_qb\Z_l wnn_dlb\guc ihjZajy^gh iZjZee_evguc \u\h^ <lhjhc ijbf_j
lj_[m_lky\uihegblvhi_jZpbxfZkkh\h]hkeh`_gby< wlhfkemqZ_h^gh\j_f_ggh\h\k_ok_]f_glZo
IJE \uihegy_lky ihke_^h\Zl_evgh hl feZ^r_]h d klZjr_fm jZajy^m keh`_gby k nbdkZpb_c
j_amevlZlh\\ ljb]]_jZo0 b i_j_^Zq_ci_j_ghkh\khk_^gxxke_\Zyq_cdm
0
;
;
;
;
;
;
;Q
;
;
;Q
*
<0-
;
;
;
Yq_cdZ
;Q
IJE
<0
<
EH=BD: DDHC=JMIIU
=jmiih\hc\\h^
=jmiih\hc \u\h^
=jmiih\h_mijZ\e_gb_
;
;Q
K_]f_gl IJE
<
EH=BD:YQ?CDB
0
EH=BD:YQ?CDB
0
EH=BD:YQ?CDB
0
EH=BD:YQ?CDB
<\h^\u\h^
MijZ\e_gb_
Jbk
<
*
<0-
Fgh]hnmgdpbhgZevgZyiZfylv
Hi_jZpbhgghc beb fgh]hnmgdpbhgZevghc iZfylvx gZau\Zxl iZfylv dZ`^Zy yq_cdZ dhlhjhc
kihkh[gZ\uihegblvrbjhdbcgZ[hjhi_jZpbcKljmdlmjghaZihfbgZxsbcfZkkb\hj]Zgbam_lky\ \b^_
j_]meyjghc \uqbkebl_evghc kj_^u we_f_glZfb dhlhjhc y\eyxlky YI k\yaZggu_ f_`^m kh[hc
mijZ\eyxsbfb b bgnhjfZpbhggufb dZgZeZfb < aZ\bkbfhklb hl \uqbkebl_evghc fhsghklb YI \
fZkkb\_ ^himklbfh \uiheg_gb_ ^hklZlhqgh keh`guo hi_jZpbc ih h[jZ[hld_ b khojZg_gbx ^Zgguo
Ijbf_jhf j_ZebaZpbb hi_jZpbhgghc iZfylb y\ey_lky mkljhckl\h iZfylb DhlpZ kljmdlmjZ dhlhjhc
ihdZaZgZgZjbkZGZ[hjhi_jZpbcj_Zebam_fuoYIwlhciZfylvxijb\_^_ggZjbk[
&
;
=
$
%
&
;
<
=
$
%
<
<
=P
$P
%P
<Q
<P
;
;
Ljb]]_jkbgojhgguc
<
<
<
<
<
<
<
<
<
<
<
<
=<9 =;
=<9 =;
;<9 =;
<† ; † =
&Q
<Q
<
<P
k\Z
;Q
<PQ
=
=P
;Q
Z
=hjbahglZevgZy
nmgdpby
=
=;9<
=
=; † <
=
<=9 <;
=
=
=
=
=
;=9 ;<
=
=
=
PD[ ;<=
[
=
Jbk
<_jlbdZevgZynmgdpby
;
;
;
;
;
<;9 <=
;
;9 <=
;
; † <=
;
<
;
;
;
;
< ^Zgghf kemqZ_ fZkkb\ khklhbl ba P keh\ ih Q jZajy^h\ \ dZ`^hf >ey ojZg_gby dZ`^h]h
jZajy^Z keh\Z bkihevam_lky hl^_evgZy YI GZkljhcdZ YI gZ \uiheg_gb_ h^ghc ba \hafh`guo
hi_jZpbc h[_ki_qb\Z_lky aZ^Zgb_f kb]gZeh\ mijZ\e_gby Z [ k Kb]gZeu K y\eyxlky [blh\ufb
fZkdZfbb \uihegyxlmijZ\e_gb_klhe[pZfbYIjZaj_rZxlbebaZij_sZxl\uiheg_gb_hi_jZpbc\
klhe[p_:gZeh]bqghkb]gZeuZ b[ ihklmiZxlihiZjghb mijZ\eyxlkljhdZfbRbguO bkihevamxlky
^ey \_jlbdZevgh]h i_j_f_s_gby b h[jZ[hldb bgnhjfZpbb \ fZkkb\_ ^ey \\h^Z\u\h^Z ^Zgguo \
nhjfZl_keh\Rbgu=bkihevamxlky^eyhi_jZpbc\\h^Z\u\h^Z^Zgguo\ nhjfZl_[blh\uokj_ah\
hj]ZgbaZpbb h[jZ[hldb [blh\uo kj_ah\ b jZkijhkljZg_gby [blh\ i_j_ghkZ b [blh\ kjZ\g_gby ijb
h[jZ[hld_ keh\ AZ kq_l aZ^Zgby jZaebqguo kb]gZeh\ Z E ^ey jZaebqguo kljhd \ fZkkb\_ YI
j_Zebam_lky iZjZee_evgh_ \uiheg_gb_ g_kdhevdbo hi_jZpbc H^gZdh baaZ wlh]h \hagbdZxl
keh`ghklb\ hj]ZgbaZpbbh[s_]hmijZ\e_gby
< ]hjbahglZevghfgZijZ\e_gbb\ fZkkb\_h[_ki_qb\Z_lky\uiheg_gb_hi_jZpbck^\b]\\h^
^Zgguo\ klhe[_p\u\h^^Zgguo baklhe[pZihbkdgZjZ\_gkl\hhi_jZpbbbfiebdZpbbDjhf_wlh]h
lZdb_ hi_jZpbb dZd hj]ZgbaZpby kl_dZ beb hq_j_^b fh]ml [ulv kbgl_abjh\Zgu \ fZkkb\_ k
bkihevah\Zgb_f djZcgbo e_\uo b ijZ\uo klhe[ph\ \ dZq_kl\_ l_]h\uo j_]bkljh\ < \_jlbdZevghf
gZijZ\e_gbb \ fZkkb\_ ijhba\h^blky k^\b] keh\ \\h^\u\h^ keh\ fZkdbjh\Zgb_ keh\ b hi_jZpbb
^hiheg_gby < aZ\bkbfhklb hl kb]gZeh\ Z E k \ fZkkb\_ YI fh]ml [ulv j_Zebah\Zgu ke_^mxsb_
hkgh\gu_hi_jZpbb
Ijb FED djZcgbc e_\uc jZajy^ \oh^gh]h keh\Z = kem`bl \ dZq_kl\_ jZajy^Z \u[hjZ
keh\Z ?keb =L lh keh\h < \ Lc kljhd_ aZf_gy_lky gZ keh\h O \aylh_ ba Lc kljhdb Keh\h <
ih^\_j]Z_lky hi_jZpbb µBkdexqZxs__ beb kh keh\hf O b j_amevlZl hi_jZpbb jZkkfZljb\Z_lky dZd
keh\h ;^eyLc kljhdb?keb=L lhbaf_g_gbckhkeh\ZfbO b<g_ijhbkoh^bl
IjbFED \uihegy_lkyk^\b]keh\\gbab bo\u\h^?kebdjZcgbce_\ucjZajy^=L lh
keh\h < \ Lc kljhd_ aZf_sZ_lky gZ keh\h O ba Lc kljhdb kljhdb Z keh\h : \ L c kljhd_
aZf_sZ_lky gZ keh\h < ba Lc kljhdb ?keb =L H lh keh\h < klZgh\blky gZ f_klh keh\Z O ijb
khojZg_gbbkeh\Z<q_fh[_ki_qb\Z_lkykhojZg_gb_bgnhjfZpbbijbkqblu\Zgbb
Ijb FED \k_ ^Zggu_ \ YI dhlhjuf khhl\_lkl\m_l , \h \oh^ghf keh\_ O k^\b]Zxlky
\ijZ\hgZh^gmihabpbx?keb\ keh\_O k^\b]h\hcfZkd_klhblHlh^Zggu_\ khhl\_lkl\mxsboYI
hklZxlky g_ih^\b`gufb Klhe[_p YI khhl\_lkl\mxsbc kZfhc e_\hc _^bgbp_ keh\Z O \uihegy_l
ijb_f djZcg_]h e_\h]h keh\Z \ dZq_kl\_ \oh^ghc \_ebqbgu GZ \uoh^Zo fZkkb\Z YI ijb wlhf
nhjfbjm_lkylZd`_[blh\uckj_ahij_^_ey_fucdjZcg_ckijZ\Z_^bgbp_ckeh\ZO
IjbFED \uihegy_lkyZjbnf_lbq_kdh_keh`_gb_khhl\_lkl\mxsbokeh\O b<?kebijb
wlhf \oh^ ih = jZ\_g , lh d kmff_ ^h[Z\ey_lky <uqblZgb_ \uihegy_lky iml_f \\_^_gby
^hiheg_gby O \ \ur_ jZkiheh`_ggmx yq_cdm \ j_`bf_ FED b ihke_^mxs_f keh`_gb_f k < ,,,,
IjbFED fZkkb\jZ[hlZ_lZgZeh]bqghZkkhpbZlb\ghciZfylbijb\uiheg_gbbhi_jZpbb
bfiebdZpbbLZd_kebgZ\oh^_= \u[jZggh_keh\hlhgZ\uoh^_ =
_keb<g_\dexqZ_lky\
keh\hO
Ijb FED \uihegy_lky hi_jZpby fZkdbjh\Zgby ihbkdZ ih djbl_jbx eh]bq_kdhc
bfiebdZpbbFZkdbjh\Zgb_\uihegy_lkykb]gZeZfbK Ijb FED ijhba\h^blky ihbkd gZ jZ\_gkl\h ?keb = \u[hj keh\Z lh \uoh^ =
lh]^ZdZdkeh\h<hlebqghhlO ijbagZdihbkdZohly[u\h^ghcjZajy^ghcihabpbb
IjbFED \uihegy_lkyfZkdbjh\Zgb_klhe[ph\
IjbFED YI\_^_lk_[ydZdi_j_klZgh\hqguci_j_dexqZl_ev< hagZqZ_lqlhyq_cdZ
iZkkb\gZ Z ijb < rbgu O b = f_gyxlky f_klZfb ^ey ihke_^mxs_]h jZkijhkljZg_gby Wlh
iha\hey_lnhjfbjh\Zlv\ fZkkb\_i_j_klZgh\hqgmxk_lv
Ijb FGD \uihegy_lky hi_jZpby kjZ\gb\Zgby ih jZaf_jm LZd _keb O b < y\eyxlky
qbkeZfb[_aagZdZk feZ^r_cagZqZs_cpbnjhc\ djZcg_fe_\hfjZajy^_lh ijbih^Zq_gZ\oh^= gZ\uoh^_nhjfbjm_lky= ijbO<
P_gljZevgh_mkljhckl\h
mijZ\e_gby
3U5
Eh]bq_kdbc
ZgZebaZlhj
3U&
FZkkb\yq__diZfylb
3U$
<\h^\u\h^
^Zgguo
3U$I
3U%
3U0N2
3U$
3U&
<\h^\u\h^
^Zgguo
Jbk
< aZdexq_gb_ ke_^m_l hlf_lblv qlh ijb hj]ZgbaZpbb hi_jZlb\ghc iZfylb ^ey h_ki_q_gby
jZ[hlu fZkkb\Z YI bkihevam_lky ^hihegbl_evgh_ h[hjm^h\Zgb_ ZgZeh]bqgh_ ih gZagZq_gbx
h[hjm^h\Zgbx :AM b IJE < h[s_f \b^_ kljmdlmjZ hi_jZpbhgghc iZfylb ihdZaZgZ gZ jbk ]^_
j_]bklj fbdjhhi_jZpbc J]FdH h[_ki_qb\Z_l nbdkZpbx kb]gZeh\ mijZ\e_gby ^ey YI [mn_jgu_
j_]bklju ]hjbahglZevguc J]= b \_jlbdZevguc J]< ^ey nbdkZpbb keh\ b [blh\uo kj_ah\ ijb
hi_jZpbyo \\h^Z\u\h^Z j_]bklju Zdlb\Zpbb J]: b J]: ^ey fZkdbjh\Zgby klhe[ph\ b kljhd
j_]bklju khklhygbc J]K b J]K ^ey nbdkZpbb j_amevlZlh\ \uiheg_gby hi_jZpbc hlghr_gby
j_]bkljijbagZdZihbkdZJ]Inbdkbjm_lijbagZdihbkdZijb\u[hjd_^Zgguoihkh^_j`Zgbx>@
Kl_dh\ZyiZfylv
Kl_dh\Zy iZfylv kljhblky ih [_aZ^j_kghfm ijbgpbim b ij_^klZ\ey_l kh[hc hq_j_^v k
hij_^_e_gghc ^bkpbiebghc h[kem`b\Zgby GZb[he__ qZklh bkihevam_lky ^bkpbiebgZ i_j\uf
ijbr_e i_j\uf \ur_e Eh]bq_kdZy hj]ZgbaZpby lZdhc iZfylb ihdZaZgZ gZ jbk ]^_ ME mijZ\eyxsZyeh]bdZh[_ki_qb\ZxsZy\ujZ[hldmkb]gZeZQl_gb_d yq_cdZfiZfylbb^_glbnbdZpbx
khklhygby yq_cdb aZgylZ beb k\h[h^gZ IZfylv jZ[hlZ_l ke_^mxsbf h[jZahf >Zggu_
ihklmiZxsb_ ba HI nbdkbjmxlky \ [mn_jghc yq_cd_ <\h^ ^Zgguo \ iZfylv \hafh`_g lhevdh ba
[mn_jghc yq_cdb ihwlhfm ihke_ \\h^Z ^Zgguo \ [mn_j \uihegy_lky i_j_aZibkv ^Zgguo ba [mn_jZ
i_j\mx yq_cdm ba i_j\hc yq_cdb \h \lhjmx ba 1 yq_cdb \ 1 yq_cdm ih kb]gZem K^\b]
MijZ\eyxsZy eh]bdZ [mn_jZ ME; bf__l ljb]]_j khklhygby \ujZ[Zlu\Zxsbc kb]gZe AZgyl ijb
ojZg_gbb ^Zgguo \ [mn_j_ b kb]gZe Ijb_fª \ ijhlb\ghf kemqZ_ MklZgh\dZ ljb]]_jZ khklhygb_
AZgyl \uihegy_lky kb]gZehf AZibkv Z \ khklhygb_ Ijb_fª kb]gZehf K^\b] MijZ\eyxsZy
eh]bdZ ME yq__d lZd`_ bf__l ljb]]_ju khklhygbc mdZau\Zxsbo k\h[h^gZ yq_cdZ beb aZgylZ
Khklhygbyljb]]_jh\i_j_^ZxlkyMEkhk_^gboyq__dbomklZgh\dZ\uihegy_lkyihkb]gZemK^\b]Z
hijhkihkb]gZemQl_gb_
AZibkv ^Zgguo \uihegy_lky ke_^mxsbf h[jZahf >Zggu_ ba HI i_j_^Zxlky \ lhf kemqZ_
_keb ME; \ujZ[Zlu\Z_l kb]gZe Ijb_f Ih kb]gZem ©AZibkv ^Zggu_ nbdkbjmxlky \ [mn_jghc
yq_cd_ Z ME; \ujZ[Zlu\Z_l kb]gZe AZgyl ijb wlhf [ehdbjm_lky kb]gZe AZibkv >Ze__ _keb
hlkmlkl\m_l kb]gZe Ql_gb_ \ujZ[Zlu\Z_lky kb]gZe K^\b] h[_ki_qb\Zxsbci_j_aZibkv^Zgguo\
yq_cdZoiZfylbIjbwlhfljb]]_jkhklhygbyi_j\hck\h[h^ghcyq_cdb\ dhlhjmxihklmiZxl^Zggu_
mklZgZ\eb\Z_lky\ khklhygb_©AZgylhª
Ijb ql_gbb ^Zgguo ba iZfylb \ujZ[Zlu\Z_lky kb]gZe Ql_gb_ ih dhlhjhfm ME nhjfbjm_l
kb]gZehijhkZkh^_j`bfh]hlhcyq_cdbljb]]_jkhklhygbydhlhjhcgZoh^blky\ khklhygbbAZgylhb
ljb]]_jkhklhygbykhk_^g_ck g_cyq_cdbgZoh^blky\ khklhygbbK\h[h^gh
RbgZ^Zgguo
;mn_jgZyyq_cdZ
Yq_cdZiZfylb
Yq_cdZiZfylb
RbgZ^Zgguo
Q
ME;
AZibkv
ME
ME
ME
MEQ
K^\b]
Jbk
AZgyl
Ijbzf
K\h[h^gh
I_j_iheg_gb_
Ql_gb_
RbgZ^Zgguo
;mn_jgZyyq_cdZ
Yq_cdZiZfylb
Yq_cdZiZfylb
Yq_cdZiZfylb 1
K^\b]
K^\b]
Jbk
Ljb]]_j yq_cdb ba dhlhjhc \uihegy_lky \u[hjdZ ^Zgguo i_j_\h^blky \ khklhygb_
K\h[h^gh
>hklhbgkl\hf jZkkfhlj_gghc iZfylb y\ey_lky \hafh`ghklv kh\f_s_gby hi_jZpbc aZibkb \
[mn_jgmx yq_cdm b hi_jZpbb kqblu\Zgby ^Zgguo ba yq__d iZfylb Wlh _kl_kl\_ggh h[_ki_qb\Z_l
\ukhdh_[ukljh^_ckl\b_iZfylbghih\urZ_lb keh`ghklv__ j_ZebaZpbbklhbfhklv>@
;he__ ijhklh j_Zebam_fZ kl_dh\Zy iZfylv k ^bkpbiebghc i_j\uc ijbr_e ihke_^gbc
\ur_eEh]bq_kdZyhj]ZgbaZpbyiZfylbwlh]hlbiZihdZaZgZgZjbk
AZibkv ^Zgguo \ EI b ql_gb_ ^Zgguo ba EI h[_ki_qb\Z_lky q_j_a [mn_jgmx yq_cdm ih
kb]gZeZf Ql_gb_ b AZibkv khhl\_lkl\_ggh h^gh\j_f_ggZy ih^ZqZ dhlhjuo aZij_s_gZ Ijb
ihklmie_gbb k_jbb kb]gZeh\ AZibkvª ^ey ijb_fZ \ EI ]jmiiu^Zgguof_`^mgbfb\ujZ[Zlu\Z_lky
lZd`_ k_jby kb]gZeh\ K^\b] ih dhlhjuf \uihegy_lky i_j_aZibkv ^Zgguo khk_^gbo yq__d ijb
dZ`^hf ihklmie_gbb we_f_glZ ]jmiiu bgnhjfZpby EI k^\b]Z_lky \gba Ijb ql_gbb bgnhjfZpby
ZgZeh]bqguf h[jZahf k^\b]Z_lky \\_jo h[_ki_qb\Z_lky \u\h^ ke_^mxs_]h we_f_glZ ^Zgguo \
[mn_jgmx yq_cdm Khhl\_lkl\_ggh \ iZfylb wlh]h lbiZ ^Zggu_ ^he`gu ihklZ\eylvky ba HI \ EI \
ihjy^d_h[jZlghfboh[jZ[hld_\ dhg\_c_j_
Dhf[bgZpby jZkkfhlj_gguo kl_dh\uo f_oZgbafh\ j_Zebam_lky gZ[Za_kljmdlmjujbkaZ
kq_l^h[Z\e_gbykhhl\_lkl\mxsbodZgZeh\i_j_^Zqb^Zgguob eh]bdbmijZ\e_gbyIZfylvwlh]hlbiZ
qZklhgZau\ZxliZfylv[h[ke_c
Hkgh\gufb g_^hklZldZfb jZkkfhlj_gguo hj]ZgbaZpbc iZfylb y\ey_lky gZebqb_ hi_jZpbb
i_j_aZibkb ^Zgguo ijb \uiheg_gbb hi_jZpbb k^\b]Z qlh \u^\b]Z_l k_jv_agu_ lj_[h\Zgby d
kbgojhgbaZpbbjZ[hluwe_f_glh\iZfylbkgb`Z_l[ukljh^_ckl\b_iZfylbm\_ebqb\Z_l\_jhylghklv
bkdZ`_gby ^Zgguo ;he__ keh`ghc gh ebr_gghc g_^hklZldh\ y\ey_lky iZfylv hj]Zgbah\ZggZy ih
[_kk^\b]h\hc ko_f_ jbk < ^Zgghf kemqZ_ ijhp_^mjZ aZibkb ^Zgguo j_Zebam_lky gZ lhf `_
ijbgpbi_qlhb ql_gb_^Zgguo\ iZfylbgZjbk
< aZdexq_gb_ke_^m_lhlf_lblvqlhmijZ\e_gb_h[f_ghf^Zgguof_`^mHIb EI\ j_Zevguo
kbkl_fZo \haeZ]Z_lky gZ dhgljhee_j iZfylb dhlhjuc h[_ki_qb\Z_l bo hilbfZevgmx j_ZebaZpbx
Lbibqguf ijbf_jhf bkihevah\Zgby lZdhc iZfylb y\ey_lky __ ijbf_g_gb_ \ dZq_kl\_ \oh^ghc b
\uoh^ghciZfylbdhg\_c_jgh]hijhp_kkhjZjbk
>\Z [ehdZ kl_dh\hc iZfylb h[_ki_qb\Zxl mklZgh\db hi_jZg^h\ gZ \oh^u dhg\_c_jZ lj_lbc
ijbgbfZ_l j_amevlZlu Hkgh\gZy iZfylv aZ]jm`Z_l \oh^gu_ [ehdb iZfylb b ijbgbfZ_l ^Zggu_ ba
\uoh^gh]h [ehdZ >h l_o ihj ihdZ \oh^gu_ b \uoh^ghc [ehdb EI g_ i_j_ihegbebkv HI fh`_l
aZ]jm`Zlv b \u[bjZlv ^Zggu_ ba EI \ lhf ihjy^d_ dhlhjuc y\ey_lky hilbfZevguf GZijbf_j gZ
jbkihdZaZgZhj]ZgbaZpbyjZ[hlukljmdlmju\ j_`bf_i_j_djulby]^_f_ldbHID mdZau\ZxlgZ
mkljhckl\Z\aZbfh^_ckl\mxsb_k [ehdZfbEIgZkhhl\_lkl\mxsbolZdlZo
;mn_jgZyyq_cdZ
ME;
Yq_cdZiZfylb ME
Yq_cdZiZfylb ME
Yq_cdZiZfylb 1
ME 1
;mn_jgZyyq_cdZ
ME;
Ql_gb_
AZibkv
Jbk
Kl_dh\Zy
iZfylv
Kl_dh\Zy
iZfylv
Dhg\_c_j
Kl_dh\Zy
iZfylv
HI
Jbk
D
IZfylv
D
D
HI
HI
D
D
D
HI
=eZ\Z :JOBL?DLMJ:<UQBKEBL?EVGUOKBKL?FDE:KK:HDF>
Kh\j_f_ggZy we_f_glgZy [ZaZ b l_ogheh]by ijhba\h^kl\Z we_dljhggh\uqbkebl_evghc
ZiiZjZlmju iha\heyxl k_]h^gy ba]hlZ\eb\Zlv k hlghkbl_evgh g_\ukhdbfb aZljZlZfb ^hklZlhqgh
keh`gu_ ijh[e_fghhjb_glbjh\Zggu_ \uqbkebl_evgu_ kbkl_fu <K Ijb ihkljh_gbb kbkl_f ^ey
h[_ki_q_gby\ukhdhcijhba\h^bl_evghklbfZdkbfZevghmqblu\Zxlki_pbnbdmij_^f_lghch[eZklbb
hkh[_gghklb f_lh^h\ j_r_gby aZ^Zq b kihkh[h\ h[jZ[hldb bgnhjfZpbb Ihwlhfm kh\j_f_ggu_
ijh[e_fghhjb_glbjh\Zggu_ kbkl_fu ^hklZlhqgh madhki_pbZebabjh\Zgu WlZ ki_pbZebaZpby
\ujZ`Z_lkygZmjh\g_ijh]jZffgh]hb ZiiZjZlgh]hijbdeZ^gh]hb kbkl_fgh]hh[_ki_q_gby< k\yabk
wlbfZjobl_dlmjuijh[e_fghhjb_glbjh\Zgguo<Kbg^b\b^mZevguK ^jm]hcklhjhgubf__lkyb jy^
h[sbo hkh[_gghkl_c ih dhlhjufb bo fh`gh h[t_^bgblv \ ]jmiiu < ^Zgghc ]eZ\_ ijb\h^blky
jZkrbj_ggZy deZkkbnbdZpby <K deZkkZ HDF> jZkkfZljb\Zxlky hkh[_gghklb ihkljh_gby
wdkiemZlbjm_fuokbkl_fwlh]hlbiZ^Zxlkybokbkl_fgu_oZjZdl_jbklbdb
DeZkkbnbdZpbyHDF>kbkl_f
GZ fZdjh mjh\g_ Zjobl_dlmjm <K ljZ^bpbhggh oZjZdl_jbamxl bkoh^y ba ijbgpbiZ
\aZbfh^_ckl\by \ hi_jZpbhgghc qZklb kbkl_fu ihlhdh\ ^Zgguo b ihlhdh\ dhfZg^ kbkl_fZlbdZ F
NebggZ < > @ ^ZgZ jZkrbj_ggZy deZkkbnbdZpby \ dhlhjhc mqblu\Z_lky oZjZdl_j mijZ\e_gby
\uqbke_gbyfb\ mkljhckl\Zoh[jZ[hldb^Zgguokbkl_fuHkgh\u\ZykvgZdeZkkbnbdZpbb>@HDF>
kbkl_fufh`ghjZa[blvgZljbhkgh\guodeZkkZbkoh^ybake_^mxsboiheh`_gbc
K lhqdb aj_gby hj]ZgbaZpbb ijhp_kkZ ij_h[jZah\Zgby ^Zgguo kj_^b dhfihg_gl j_rZxs_]h
ihey kbkl_fu jZaebqZxl ^\Z lbiZ ij_h[jZah\Zl_e_c bgnhjfZpbb mkljhckl\ h[jZ[hldb ^Zgguo
MH> fgh]hnmgdpbhgZevgu_ b ki_pbZebabjh\Zggu_ Fgh]hnmgdpbhgZevgu_ MH> h[_ki_qb\Zxl
\uiheg_gb_gZ[hjZjZaebqguoij_h[jZah\ZgbcgZ^^Zggufb\ aZ\bkbfhklbhlkhklZ\ZmijZ\eyxsbo
kb]gZeh\ ihklmiZxsbo gZ \oh^u mijZ\e_gby jbk ]^_ ZLELwe_f_gl ihlhdZ ^Zgguo 8LdhfZg^Z
gZkljhcdb 6L khklhygby FWI Hkh[_gghklvx MH> wlh]h lbiZ y\ey_lky mgb\_jkZevghklv
hi_jZpbhgghc qZklb dhlhjZy h[_ki_qb\Z_l j_ZebaZpbx aZ^Zggh]h lbiZ ij_h[jZah\Zgbc aZ kq_l
\uiheg_gby jy^Z fbdjhij_h[jZah\Zgbc \ hij_^_e_gghc ihke_^h\Zl_evghklb Ijb wlhf ihjy^hd
\uiheg_gby fbdjhij_h[jZah\Zgbc aZ^Z_lky kh[kl\_gguf f_klguf mkljhckl\hf mijZ\e_gby FMM
MH> GZkljhcdZ FMM gZ ]_g_jZpbx kb]gZeh\ mijZ\e_gby ^ey hi_jZpbhgghc qZklb h[_ki_qb\Z_lky
dhfZg^hc nmgdpbhgZevghc gZkljhcdb \g_rgbc gZ[hj mijZ\eyxsbo kb]gZeh\ ihklmiZxs_c ih
dZgZeZfmijZ\e_gbyMH>
$L
%L
Fgh]hnmgdpbh
gZevgh_ MH>
FWI
8L MijZ\e_gb_
5L g$L %L 6L
Jbk
LZdbf h[jZahf fgh]hnmgdpbhgZevgu_ MH> k lhqdb aj_gby ijbgpbiZ hj]ZgbaZpbb y\eyxlky
fgh]hnmgdpbhgZevgufbwe_f_glZjgufbijhp_kkhjZfb \ ^Zevg_cr_fFWI
<j_fyh[jZ[hldb^Zgguo\ FWIfh`ghhp_gblv
Lh[j
FWI
Lng Lij
Ln g \j_fy nmgdpbhgZevghc gZkljhcdb FWI ijb_f jZa[hj dhfZg^u \u[hj kljZl_]bb
jZ[hluFMM
Lij \j_fy ij_h[jZah\Zgby ^Zgguo \ hi_jZpbhgghc qZklb b nhjfbjh\Zgb_ j_amevlZlZ gZ
\uoh^_FWI
>hklhbgkl\ZfblZdhchj]ZgbaZpbbMH>y\eyxlky
Ze]hjblfbq_kdZy ]b[dhklv l _ \hafh`ghklv baf_g_gby gZ[hjZ ij_h[jZah\Zgbc iml_f
ijh]jZffghcgZkljhcdbFMM
\hafh`ghklv j_ZebaZpbb \ fbgbfZevghf h[t_f_ hi_jZpbhgghc qZklb ijb hlkmlkl\bb
h]jZgbq_gbcgZ\j_fyh[jZ[hldb
D g_^hklZldZfke_^m_lhlg_klb
hlghkbl_evgh g_\ukhdh_ [ukljh^_ckl\b_ baaZ ihl_jv \j_f_gb gZ gZkljhcdm FMM b
\j_f_gguoaZljZl\ hi_jZpbhgghcqZklbijbg_hilbfZevghcko_f_ij_h[jZah\Zgbc
hlghkbl_evgZy keh`ghklvj_ZebaZpbbFMM
Ki_pbZebabjh\Zggu_ MH> h[_ki_qb\Zxl \hafh`ghklv \uiheg_gby lhevdh h^ghc hi_jZpbb
ij_h[jZah\Zgby [_a ij_^\Zjbl_evghc nmgdpbhgZevghc gZkljhcdb h[hjm^h\Zgby ZiiZjZlgh
j_Zebam_lky g_dhlhjuc Ze]hjblf h[jZ[hldb b y\eyxlky ki_pbZebabjh\Zggufb we_f_glZjgufb
ijhp_kkhjZfbKWIjbk
$L
H^ghnmgdpbh
gZevgh_ MH>
KWI
%L
5L g$L %L
Jbk
<j_fy h[jZ[hldb ^Zgguo L KWI h[j \ KWI ihklhyggh b hij_^_ey_lky \j_f_g_f
jZkijhkljZg_gbykb]gZeZf_`^m\oh^hfb \uoh^hfmkljhckl\Z
< aZ\bkbfhklb hl lbiZ mkljhckl\ h[jZ[hldb ^Zgguo bkihevam_fuo ^ey ihkljh_gby
j_rZxs_]h ihey kbkl_fu jZaebqZxl <K k dhfZg^guf mijZ\e_gb_f mijZ\e_gb_f k dhffmlZpbc
ihlhdh\^ZgguodhfZg^ghdhffmlZpbhggufmijZ\e_gb_f>@
Ijb dhfZg^ghf kihkh[_ mijZ\e_gby h[jZ[hldZ ihlhdh\ ^Zgguo kljhblky gZ [Za_ FWI gZ
mijZ\eyxsb_ \oh^u dhlhjuo gZ dZ`^hf lZdl_ jZ[hlu kbkl_fu ihklmiZ_l dhfZg^Z nmgdpbhgZevghc
gZkljhcdbgZlj_[m_fhclbiij_h[jZah\ZgbyZ gZbgnhjfZpbhggu_\oh^u we_f_glihlhdZ^Zgguo
H[h[s_gghkljmdlmjgZy hj]ZgbaZpby wlh]h lbiZ HFD> <K h^bghqguc ihlhd dhfZg^ fgh`_kl\_gguc
ihlhd^Zgguoijb\_^_gZgZjbk
ID
Kbkl_fgZyiZfylv
I>
I>
^ $L %L`
FI>
FWI
MM
^ 8L`
I> 1
FWI
FWI1
J_rZxs__ ihe_
JbkAA
J_rZxs__ ihe_ kbkl_fu hj]Zgbah\Zgh ba gZ[hjZ fgh]hnmgdpbhgZevguo we_f_glZjguo
ijhp_kkhjh\mijZ\ey_fuogZdZ`^hflZdl_jZ[hlkbkl_fuh^ghcb lhc`_dhfZg^hcnmgdpbhgZevghc
gZkljhcdb ba h^bghqgh]h ihlhdZ dhfZg^ < j_amevlZl_ \k_ FWI j_rZxs_]h ihey gZ dZ`^hf lZdl_
gZkljZb\Zxlky gZ \uiheg_gb_ h^ghc b lhc `_ hi_jZpbb gZ^ ^Zggufb H^gh\j_f_ggh k wlbf gZ
bgnhjfZpbhggu_\oh^uFWIihklmiZxlwe_f_glukhhl\_lkl\mxsboihlhdh\^Zgguo\uihegy_lkybo
ij_h[jZah\Zgb_nhjfbjh\Zgb_b nbdkZpbyj_amevlZlh\jbk
$%! $%!
FI>
HID
&'! &%!
.!
.!
«
«
$Q%Q !
&Q'Q!
.Q!
«
Jbk
Kbkl_fu ^Zggh]h lbiZ gZb[he__ wnn_dlb\gu ijb j_r_gbb aZ^Zq \ dhlhjuo lj_[m_lky
\uihegylv]jmiih\mxh[jZ[hldm^Zgguo gZhl^_evguowlZiZolj_[m_lky\uihegblvhi_jZpbxh^gh]h
lbiZgZ^\k_fbwe_f_glZfbh[jZ[Zlu\Z_fh]hfZkkb\ZIjbq_fj_amevlZluh[jZ[hldb\ wlhfkemqZ_
aZ\bkbl lhevdh hl bkoh^guo agZq_gbc we_f_glh\ \oh^gh]h fZkkb\Z Ijb g_]jmiih\hf oZjZdl_j_
h[jZ[hldb _kl_kl\_ggh \hagbdZxl ijhklhb h[hjm^h\Zgby b khhl\_lkl\_ggh kgb`Z_lky ijhimkdgZy
kihkh[ghklvj_rZxs_]hiheyih\urZ_lkyklhbfhklvj_r_gbyaZ^Zqb
Wnn_dlb\ghklv kbkl_fu ih\urZ_lky _keb h[jZ[hldZ ghkbl fZkkh\uc oZjZdl_j l _
hi_jZpby ij_h[jZah\Zgby ^Zgguo y\ey_lky h^ghc b lhc `_ \ l_q_gb_ g_kdhevdbo lZdlh\ jZ[hlu
kbkl_fu < wlhf kemqZ_ gZkljhcdZ FWI \uihegy_lky h^ghdjZlgh gZ ^hklZlhqgh ^ebl_evguc i_jbh^
jZ[hlukbkl_fujbk
$%! $%!
&'! &'!
.!
.!
«
«
«
Jbk
$Q%Q !
&Q'Q!
.!
< p_ehf ^hklhbgkl\h kbkl_fu k dhfZg^guf mijZ\e_gb_f y\ey_lky __ nmgdpbhgZevgZy
]b[dhklv h[mkeh\e_ggZy ijbgpbibZevghc \hafh`ghklvx j_ZebaZpbb jZaebqguo \b^h\
ij_h[jZah\ZgbcaZkq_lbaf_g_gbyihjy^dZ\uiheg_gbyihke_^h\Zl_evghkl_cfbdjhhi_jZpbc\ FWI
j_rZxs_f ihey H^gZdh ih wlhc `_ ijbqbg_ kgb`Z_lky ijhba\h^bl_evghklv kbkl_fu baaZ
j_ZebaZpbbhl^_evguohi_jZpbcdhdihke_^h\Zl_evghkl_cfbdjhhi_jZpbc
Ijb hj]ZgbaZpbb h[jZ[hldb ^Zgguo gZ hkgh\_ ijbgpbiZ dhffmlZpbb ihlhdh\ ^Zgguo
j_rZxs__ ihe_ kbkl_fu kljhblky ke_^mxsbf h[jZahf < dZq_kl\_ dhfihg_glu j_rZxs_]h ihey
bkihevam_lky MH> hj]Zgbah\Zggh_ ba gZ[hjZ KWI jZaebqgh]h lbiZ jbk q_f ^hklb]Z_lky
hi_jZpbhggZy fgh]hnmgdpbhgZevghklv MH> K\yamxsbc hkgh\hc wlh]h gZ[hjZ y\ey_lky
dhffmlZpbhggh_ ihe_ dhffmlZlhji_j_dexqZl_ev h[_ki_qb\Zxs__ ih^dexq_gb_ \g_rg_]h
bgnhjfZpbhggh]h dZgZeZ gZ \oh^ KWI j_Zebamxs_]h lj_[m_fmx gZ ^Zgghf lZdl_ hi_jZpbx
ij_h[jZah\Zgby MijZ\e_gb_ dhffmlZpbhgguf ihe_f DI h[_ki_qb\Z_lky dhfZg^Zfb dhffmlZpbb
ihklmiZxsbfbbap_gljZevgh]hmkljhckl\ZmijZ\e_gbykbkl_fu
<j_fyh[jZ[hldb^Zgguo\ MH>wlh]hlbiZkhklZ\ey_l
Lh[j LdLkwi
]^_Ld \j_fydhffmlZpbb\ DiLkwi \j_fyh[jZ[hldb\ KWI
8L!
$L %L!
DhffmlZpbhggh_ihe_
KWI
KWI
Jbk
«
KWI
IjbgpbibZevguffhf_glhf\ hj]ZgbaZpbbMH>wlh]hlbiZy\ey_lky\hafh`ghklvkh\f_s_gby
\h \j_f_gb jZ[hlu g_kdhevdbo KWI Ihke_^g__ j_Zebam_lky ijb ihklmie_gbb gZ \oh^ MH>
ihke_^h\Zl_evghklb ^Zgguo ih^\_j]Z_fuo jZaebqguf lbiZf ij_h[jZah\Zgbc GZijbf_j ZE
ihklmiZxl gZ h[jZ[hldm \ KWI ihke_ bo dhffmlZpbb gZ \oh^ KWI dhffmlbjmxlky DE gZ \oh^
KWI ^Ze__ ZE gZ \oh^ KWIA b l ^ < blh]_ ijb ijZ\bevghf ihjy^d_ ihklmie_gby ^Zgguo ZLEL \
MH> h^gh\j_f_ggh [m^ml gZoh^blvky gZ h[jZ[hld_ g_kdhevdh ihke_^h\Zl_evgh ihklmib\rbo ]jmii
^ZgguoZ gZ\uoh^_MH>[m^mlnhjfbjh\Zlvkyj_amevlZluh[jZ[hldb\ l_fi_dhffmlZpbb^Zgguo\
DI < ij_^_evghf kemqZ_ j_amevlZlu [m^ml nhjfbjh\Zlvky k qZklhlhc kjZ[Zlu\Zgby DI LZdbf
h[jZahf ih kjZ\g_gbx k dhfZg^guf mijZ\e_gb_f MH> wlh]h lbiZ y\eyxlky [he__
[ukljh^_ckl\mxsbfb H^gZdh hgb lj_[mxl ^ey baf_g_gby kbkl_fu j_Zebam_fuo ij_h[jZah\Zgbc
baf_g_gbybeb^hiheg_gbykhklZ\Zh[hjm^h\Zgby
H[h[s_ggZy kljmdlmjgZy hj]ZgbaZpby <K k mijZ\e_gb_f dhffmlZpb_c ihlhdh\ ^Zgguo lbiZ
HDF>ijb\_^_gZgZjbk
ID
I>
«
I>
I> N
«
MM
DI
DI «
DI Q
KWI
KWI«
KWI
KWI
KWIN
KWI «
KWIN
KWI
KWI N
Jbk
Kbkl_fu ^Zggh]h lbiZ gZb[he__ wnn_dlb\gu ijb ]jmiih\hc h[jZ[hld_ ^Zgguo ih ijbqbgZf
ZgZeh]bqguf ^ey HDF>kbkl_fu k dhfZg^guf mijZ\e_gb_f H^gZdh ijb fZkkh\hf oZjZdl_j_
\uqbke_gbc bo ijhba\h^bl_evghklv g_ ^hklb]Z_l ibdh\hc baaZ ijhklh_\ k\yaZgguo k
g_h[oh^bfhklvxihklhyggh]hh`b^Zgbyhk\h[h`^_gbyj_kmjkh\h^gh]hb lh]h`_lbiZKWI< hlebqb_
hl kbkl_f k dhfZg^guf mijZ\e_gb_f ibdh\Zy ijhba\h^bl_evghklv b khhl\_lkl\_ggh kgb`_gb_
ijhklh_\ h[hjm^h\Zgby j_rZxs_]h ihey b klhbfhklb j_r_gby aZ^Zq h[_ki_qb\Z_lky ijb
g_aZ\bkbfhch[jZ[hld_b ^hklb`_gbbkh\f_klghcjZ[hlug_kdhevdboKWI\oh^ysbo\ khklZ\h^gh]h
b lh]h`_MH>j_rZxs_]hihey
<Kk dhf[bgbjh\ZggufmijZ\e_gb_fkljhylkygZhkgh\_j_rZxsboihe_chj]Zgbah\Zgguoba
MH> k dhfZg^guf mijZ\e_gb_f b mijZ\e_gb_f dhffmlZpb_c ihlhdh\ ^Zgguo Kljmdlmjgh HDF>
kbkl_fuwlh]hlbiZhj]Zgbamxlkyke_^mxsbfh[jZahfjbk
ID
MM
I>
I>
K_dpby DI
FWI «
I>Q
K_dpby 1
FWIQ
DI
K_dpby
Jbk
Dhfihg_glZfb j_rZxs_]h ihey kbkl_fu y\eyxlky MH> khklZ\e_ggu_ ba gZ[hjh\ FWI
ih^ZqZ ^Zgguo b dhfZg^ nmgdpbhgZevghc gZkljhcdb gZ \oh^u dhlhjuo \uihegy_lky q_j_a
mijZ\ey_fu_ dhffmlZpbhggu_ ihey GZ dZ`^hf lZdl_ jZ[hlu kbkl_fu gZ mijZ\eyxsb_ \oh^u \k_o
DIb DI h^gh\j_f_ggh ihklmiZ_l h^gZ b lZ `_ dhfZg^Z dhffmlZpbb H^gh\j_f_ggh gZ
bgnhjfZpbhggu_ \oh^u DI ihklmiZxl we_f_glu khhl\_lkl\mxsbo ihlhdh\ ^Zgguo Z gZ
bgnhjfZpbhggu_\oh^u\k_oDIh^gZb lZ`_dhfZg^ZnmgdpbhgZevghcgZkljhcdb< blh]_gZ\oh^u
khhl\_lkl\mxsbo FWI h^gh\j_f_ggh ihklmiZxl l_dmsb_ we_f_glu ihlhdh\ ^Zgguo b l_dmsZy
dhfZg^Z nmgdpbhgZevghc gZkljhcdb :gZeh]bqgh jZkkfhlj_gghc\ur_hj]ZgbaZpbb\ ^ZgghfkemqZ_
^himkdZ_lkykh\f_s_gb_jZ[hlug_kdhevdboFWI\oh^ysbo\ h^ghb lh`_MH>LZdbfh[jZahf<Kk
dhf[bgbjh\ZggufmijZ\e_gb_fh[eZ^Zxl^hklhbgkl\Zfb^\moij_^u^msbohj]ZgbaZpbcb h^bgZdh\h
wnn_dlb\gudZd^ey]jmiih\hclZdb g_aZ\bkbfhckf_rZgghch[jZ[hlhd^Zgguo
JZkkfhlj_ggZy deZkkbnbdZpby HDF>kbkl_f hljZ`Z_l hkh[_gghklb fZdjhkljmdlmjghc
hj]ZgbaZpbb kbkl_f b kihkh[u mijZ\e_gby \uqbke_gbyfb \ MH> j_rZxs_]h ihey gh g_ hljZ`Z_l
ki_pbnbdb hj]ZgbaZpbb kZfh]h j_rZxs_]h ihey < HDF>kbklZfZo \ hkgh\_ hj]ZgbaZpbb JIe_`bl
fh^_ev dhee_dlb\Z \uqbkebl_e_c kh\hdmighklb \uqbkebl_evguo fh^me_c h[t_^bg_gguo f_`^m
kh[hc bgnhjfZpbhggufb b mijZ\eyxsbfb dZgZeZfb jZ[hlZxsbo ih^ mijZ\e_gb_f p_gljZevgh]h
mkljhckl\ZmijZ\e_gbykbkl_fu< aZ\bkbfhklbhlk\ya_cf_`^m\uqbkebl_evgufbfh^meyfbHDF>
kbkl_fuih^jZa^_eyxlgZfZljbqgu_b kbkl_fuk ZgkZf[e_fijhp_kkhjh\
< fZljbqguo kbkl_fZo h[f_g ^Zggufb b mijZ\eyxs_c bgnhjfZpb_c f_`^m fh^meyfb JI
hkms_kl\ey_lkyihdZgZeZfhj]Zgbah\Zgguf\gmljbJILhiheh]bydZgZeh\\ jZaebqguoj_ZebaZpbyo
HDF>kbkl_f jZaebqgZ GZb[he__ qZklh bkihevam_lky h^gh b fgh]hdZkdZ^gu_ k_lb dhffmlZpbc
lhiheh]bb j_r_ldb b ]bi_jdm[Z < kbkl_fZo k ZgkZf[e_f ijhp_kkhjh\ k\yab f_`^m fh^meyfb JI
hlkmlkl\mxl <aZbfh^_ckl\b_ f_`^m gbfb hkms_kl\ey_lky \ ijhp_kk_ jZ[hlu eb[h q_j_a
p_gljZevgh_ mkljhckl\h mijZ\e_gby kbkl_fu eb[h q_j_a fh^mev h[s_c iZfylb Gb`_ [he__
ih^jh[ghjZkkfhlj_guwlb^\ZlbiZkbkl_f
HDF>kbkl_fuk ZgkZf[e_fijhp_kkhjh\
Ihkihkh[mhj]ZgbaZpbb\aZbfh^_ckl\byMH>k iZfylvx^Zgguo<Kk ZgkZf[e_fijhp_kkhjh\
hlghkylkyd ke_^mxsbflbiZf
<K k bg^b\b^mZevghc iZfylvx ^Zgguo jbk dh]^Z dZ`^h_ MH> j_rZxs_]h ihey
g_ihkj_^kl\_ggh k\yaZgh k kh[kl\_gguf fh^me_f iZfylb Wlb kbkl_fu ijbf_gyxlky ^ey
j_r_gby deZkkh\ aZ^Zq k q_ldh jZa^_ebfufb ih^fgh`_kl\Zfb ^Zgguo OZjZdl_jghc
hkh[_gghklvx wlbo \uqbke_gbc y\eyxlky djZcg_ j_^db_ \aZbfh^_ckl\by f_`^m MH> ^ey
bgnhjfZpbhgguo h[f_gh\ ihwlhfm ^ey bo hj]ZgbaZpbb ^hklZlhqgh j_kmjkh\ p_gljZevgh]h
mkljhckl\Z mijZ\e_gby >hklhbgkl\hf hj]ZgbaZpbb y\ey_lky \ukhdh_ h[s__
[ukljh^_ckl\b_ kbkl_fu \\b^m hlkmlkl\by dhgnebdlh\ ijb ^hklmi_ \ iZfylv Z
g_^hklZldhf fZeZy]b[dhklvbkihevah\ZgbyiZfylb
MM
IZfylvdhfZg^
MH>
MH>«
MH>Q
I>
I>«
I>Q
Jbk
<K k h[s_^hklmighc iZfylvx ^Zgguo jbk \ dhlhjuo MH> j_rZxs_]h ihey
\aZbfh^_ckl\mxlk fh^meyfbiZfylb^ZgguoI>q_j_ah[sbcj_kmjk dhffmlZpbhggh_ihe_
DI < aZ\bkbfhklb hl nmgdpbhgZevguo \hafh`ghkl_c DI h[_ki_qb\Z_lky ^hklmi hl MH>
eb[h d dZ`^hfm fh^mex iZfylb eb[h d bo hij_^_e_gghc ]jmii_ LZdhc lbi k\ya_c jZkrbjy_l
\hafh`ghklbkbkl_fuih\urZ_l__ gZ^_`ghklvb ]b[dhklvghkgb`Z_l[ukljh^_ckl\b_ba
aZ^hihegbl_evguo\j_f_gguoihl_jv\ DI
MM
MH>
IZfylvdhfZg^
MH>«
MH>Q
DI
I>
I>«
I>L « I>N
Jbk
<Kk bg^b\b^mZevghcb h[s_^hklmighciZfylvx^Zgguoy\eyxlkyh[t_^bg_gb_fij_^u^msbo
dhgp_ipbc A^_kv dZ`^h_ MH> j_rZxs_]h ihey bf__l ^hklmi dZd d kh[kl\_gghfm fh^mex
iZfylb lZd b ^hklmi d h[s_^hklmiguf fh^meyf iZfylb Jbk <\b^m keh`ghklb DI b
\hafh`guodhgnebdlZoijbh[jZs_gbbd wlhfmh[s_fmj_kmjkm\ kbkl_fZowlh]hlbiZemqr_
j_Zebamxlky \uqbke_gby dh]^Z MH> h[jZ[Zlu\Zxl djmigu_ aZ^Zgby [_aqZklh]hh[jZs_gby
h[sbf^Zgguf
DeZkkbq_kdhc kbkl_fhc k ZgkZf[e_f ijhp_kkhjh\ fh`gh kqblZlv <K J?J? h[sZy
hj]ZgbaZpby dhlhjhc ihdZaZgZ gZ jbk F_`^m MH> j_rZxs_]h ihey wlhc kbkl_fu hlkmlkl\mxl
ijyfu_ k\yab aZ bkdexq_gb_f k\ya_c q_j_a p_gljZevgh_ mkljhckl\h mijZ\e_gby Gb`_ djZldh
jZkkfhlj_guhkgh\gu_hkh[_gghklb^Zgghckbkl_fu
W<F &'&
<oh^gu_
^Zggu_
FD
M<<
M<<
M<<
MM
MM
DM
DM
IW FD FD
HI
<uoh^gu_
^Zggu_
M<<
M<<
DM
MM
M<<
DM
:M
:<M
IW Jbk
Kbkl_fZkh^_j`blljbhkgh\guodhfihg_glZ
Z\_^msbcijhp_kkhj\ dZq_kl\_dhlhjh]h\uklmiZ_lW<FK>K
[g_aZ\bkbfuob^_glbqgucIWdZ`^ucbadhlhjuokhklhblbahi_jZlb\ghciZfylbHIb
lj_o mkljhckl\ h[jZ[hldb Zjbnf_lbq_kdh]h mkljhckl\Z :M dhjj_eypbhggh]h mkljhckl\Z DM
ZkkhpbZlb\gh]h\uoh^gh]hmkljhckl\Z:<M
\ljbg_aZ\bkbfuomkljhckl\ZmijZ\e_gbyMM :MMMDMb MM:<MdZ`^h_badhlhjuoy\ey_lky
h[sbf^eykhhl\_lkl\mxsbo_fmmkljhckl\IW
KljmdlmjZ kbkl_fu hjb]bgZevgZ Ijb h[jZ[hld_ kbkl_fhc J?J? jZ^bhehdZpbhgghc
bgnhjfZpbb \ j_Zevghf fZkrlZ[_ \j_f_gb dZ`^uc IW kh[bjZ_l b ih^]hlZ\eb\Z_l ^Zggu_
k\yaZggu_ k h^gbf ba gZ[ex^Z_fuoh[t_dlh\\k_]hbo< hi_jZlb\ghciZfylbdhgdj_lgh]hIW
ojZgylky nZceu ^Zgguo k\yaZggu_ k l_f h[t_dlhf dhlhjuc hlg_k_g d wlhfm IW Z DM :M b :<M
wlh]h `_ IW h[_ki_qb\Zxl \\h^ h[jZ[hldm h[gh\e_gb_ b \u\h^ ^Zgguo hlghkysboky d
khhl\_lkl\mxs_fmh[t_dlm
LZdb_ Zjbnf_lbq_kdb_ ijhp_^mju dZd dhjj_dpby ljZ_dlhjbb ijh]ghabjh\Zgb_ ljZ_dlhjbb
b^_glbnbdZpby ljZ_dlhjbb \uihegyxlky iZjZee_evgh g_kdhevdbfb :M <k_ wlb mkljhckl\Z beb
\u[jZggZy ]jmiiZ h^gh\j_f_ggh \uihegyxl dhfZg^u ihklmiZxsb_ hl MM:M <\h^ gh\hc
bgnhjfZpbb\ IWhkms_kl\ey_lkyDMih^mijZ\e_gb_fMMDMIjhp_^mjZ\uihegy_fZyDMkhklhbl\
kjZ\g_gbb\gh\vihklmib\r_cbgnhjfZpbbh f_klhiheh`_gbbh[t_dlZk ij_^kdZaZgghcbgnhjfZpb_c
h [m^ms_f_]hf_klhiheh`_gbb\ujZ[hlZgghc:Mb i_j_^Zgghckhhl\_lkl\mxs_fmDM
<k_IW g_aZ\bkbfug_bf_xlg_ihkj_^kl\_gguok\ya_cf_`^mkh[hcb dZ`^ucbagbofh`_l
h^gh\j_f_ggh\uihegylvhi_jZpbbaZ^Z\Z_fu_dZ`^ufba lj_oMMHi_jZlb\gZyiZfylvex[h]hIW
bkihevam_lky\k_fb_]hZdlb\gufbmkljhckl\Zfb:MMM b:<M\ j_`bf_jZa^_e_gbyh[s_ciZfylb
dZ`^hfm mkljhckl\m \u^_ey_lky k\hy h[eZklv HI Ijb hldZa_ h^gh]h beb g_kdhevdbo IW ^jm]b_
ijh^he`Zxl jZ[hlZlv Wlh h[_ki_qb\Z_l \ukhdmx gZ^_`ghklv \k_c kbkl_fu Dhgdj_lguc IW \
aZ\bkbfhklbhlihlj_[ghklb\ iZjZee_evguo\uqbke_gbyob aZ]jmadb\k_ckbkl_fuJ?J? fh`_l[ulv
i_j_\_^_g\ Zdlb\gh_khklhygb_beb\ iZkkb\gh_khklhygb_
:dlb\gh_ khklhygb_ IW khhl\_lkl\m_l gZebqbx _^bgbqgh]h kb]gZeZ \ ex[hf ba lj_o
h^ghjZajy^guo j_]bkljh\ bg^bdZlhjh\ Zdlb\ghklb ijbgZ^e_`Zsbo dZ`^hfm baZdlb\guomkljhckl\
IW ?keb h^gh\j_f_ggh Zdlb\gu \k_ ljb mkljhckl\Z IW lh \uihegy_lky ljb g_aZ\bkbfuo
iZjZee_evguo dhfZg^u < kemqZ_ Zdlb\ghklb \k_o IW \ kbkl_f_ J?J? [m^_l iZjZee_evgh b
h^gh\j_f_ggh \uihegylvky hi_jZpbb gh ijb lZdhf j_`bf_ jZ[hlu h^gh\j_f_ggu_ h[jZs_gby
IW dHIfh]ml\ua\Zlvdhgnebdlu
<k_ Zdlb\gu_ mkljhckl\Z IW kh^_j`Zl jZajy^guc ihjZajy^gh Z^j_km_fuc j_]bklj l_]h\
dhlhjuc bkihevam_lky ^ey \uiheg_gby ZkkhpbZlb\guo hi_jZpbc gZ^ ^Zggufb ihklmiZxsbfb ba
mkljhckl\ mijZ\e_gby :dlb\gu_ mkljhckl\Z IW ihkljh_gu lZdbf h[jZahf qlh[u hilbfbabjh\Zlv
\\h^ ^Zgguo b dhjj_eypbhgguc ihbkd \ [Za_ ^Zgguo ZkkhpbZlb\guc ihbkd \ [Za_ ^Zgguo b \u\h^
^Zgguo\uiheg_gb_Zjbnf_lbq_kdbohi_jZpbck ieZ\Zxs_caZiylhc
Hi_jZlb\gZy iZfylv dZ`^h]h IW bf__l _fdhklv \ D jZajy^guo keh\ <k_ fh^mebiZfylb
ihemqZxlb^_glbqgmxbgnhjfZpbxZ^j_kZb kb]gZeuh j_`bf_jZ[hluhlh[s_cko_fumijZ\e_gby
hi_jZlb\ghc iZfylvx K ihfhsvx kb]gZeh\ h j_`bf_ jZ[hlu h[sZy rbgZ h[f_gZ ^Zgguo
k\yau\ZxsZyHIk Zdlb\gufbmkljhckl\ZfbIWij_^klZ\ey_lkywlbfmkljhckl\hf\ khhl\_lkl\bbk
ihklhyggufbijbhjbl_lZfbi_j\uc ^eyDM\lhjhc ^ey:<Mlj_lbc ^ey:MLZdh_jZkij_^_e_gb_
ijbhjbl_lh\ iha\hey_l agZqbl_evgh mf_gvrblv h[s__ \j_fy \uiheg_gbyijh]jZfflZddZdkZfufb
dhjhldbfbih\uiheg_gbxy\eyxlkydhfZg^uDMgk_dZ kZfufb^ebggufb:Mmfgh`_gb_k
ieZ\Zxs_c aZiylhc \uihegy_lky aZ fdk_d >jm]bfb keh\Zfb a^_kv j_Zebam_lky ^bkpbiebgZ
ieZgbjh\ZgbydjZlqZcrZyjZ[hlZ i_j\hc
DZ`^h_balj_oMM hkms_kl\ey_lkbkl_fgu_nmgdpbbmijZ\e_gby[Zahc^ZgguoojZgys_cky\
HIDZ`^h_baMM bf__lkh[kl\_ggmxiZfylvijh]jZffb iZfylv^Zgguodhlhju_g_aZ\bkbfuhl^\mo
^jm]boMMGhmkljhckl\Zfh]mlk\yau\Zlvky^jm]k ^jm]hf^eyi_j_^Zqbijh]jZffb ^ZgguoGZ[hjbo
dhfZg^ k\h^blky d dhfZg^Zf eh]bq_kdh]h dhgljhey b ijh\_jdb mkeh\guo i_j_oh^h\ hi_jZpbc k
bg^_dkgufb j_]bkljZfb mijZ\e_gb_ \\h^hf\u\h^hf b dhfZg^ p_ehqbke_gghc Zjbnf_lbdb ^ey
\uqbke_gbc bg^_dkh\ b Z^j_kh\ Wlhl gZ[hj dhfZg^ \ hkgh\ghf h[_ki_qb\Z_l mijZ\e_gb_
ihke_^h\Zl_evghklvx iZjZee_evguo dhfZg^ J?J? b mijZ\e_gb_ bkiheg_gb_f dhfZg^ dhlhju_
g_ihkj_^kl\_gghhlghkblkyd j_r_gbxaZ^ZqbIZjZee_evgu_dhfZg^uJ?J? bgZ[hjdhfZg^dZ`^h]h
MM jZaf_sZxlky\ iZfylbijh]jZff
DZ`^h_ MM bf__l ^\Z mkljhckl\Z \\h^Z\u\h^Z M<< ^ey ^mie_dkgh]h h[f_gZ k K>K h[hjm^h\Zgb_ dhgljhey b mijZ\e_gby l_ogbq_kdbf khklhygb_f kbkl_fu b kj_^kl\Z k\yab k JEK
Ijh]jZffu kbkl_fu J?J? aZ]jm`Zxlky hl \_^ms_c W<F dhlhjZy lZd`_ \uihegy_l [ukljmx
h[jZ[hldmqZkl_caZ^Zqg_k\yaZgguok iZjZee_evgufb\uqbke_gbyfb
< aZdexq_gb_ ijb\_^_gghf h[ahjZ kbkl_fu J?J? ke_^m_l hlf_lblv ke_^mxs__ AZ kq_l
bkihevah\Zgby hjb]bgZevghc Zjobl_dlmju \ kbkl_f_ j_Zebah\Zgghc gZ we_f_glghc [Za_ o o
]] ^hklb]gmlu ke_^mxsb_ oZjZdl_jbklbdb ijhba\h^bl_evghklb keh`_gb_ gk p_ehqbke_ggh_
keh`_gb_ gk^_e_gb_ gkmfgh`_gb_ gkh[gme_gb_b Zdlb\Zpby gk>@
HDF>kbkl_fuk fZljbp_cijhp_kkhjh\
<K k fZljbp_c ijhp_kkhjh\ fh`gh jZa^_eblv ih kihkh[m hj]ZgbaZpbb \gmljbkbkl_fguo
k\ya_c f_`^m MH> j_rZxs_]h ihey f_`^m MH> b fh^meyfb iZfylb dZgZeZfb \\h^Z\u\h^Z
p_gljZevguf mkljhckl\hf mijZ\e_gby kbkl_fu GZb[he__ rbjhdh bkihevamxlky ke_^mxsb_
hj]ZgbaZpbbkbkl_f
<K gZ hkgh\_ dhffmlZlhjZ beb dhffmlbjmxs_c k_lb y\ey_lky gZb[he__ mgb\_jkZevghc
Nbabq_kdb\ lZdbokbkl_fZodhffmlZlhjbkihegy_lky\ \b^_hl^_evgh]hkZfhklhyl_evgh]hfh^meybeb
jZkij_^_e_g qZklbqgh \oh^bl \ dZ`^uc ba \aZbfh^_ckl\mxsbo fh^me_c kbkl_fu GZb[he__
wnn_dlb\guf lbihf dhffmlZlhjh\ y\ey_lky fZljbqguc h[_ki_qb\Zxsbc gZb[hevrmx kdhjhklv
i_j_^Zqb^Zgguo\ukhdh_[ukljh^_ckl\b_kbkl_fu\ p_ehfwnn_dlb\gh_\aZbfh^_ckl\b_[hevrh]h
dhebq_kl\Z fh^me_c \hafh`ghklv hj]ZgbaZpbb iZjZee_evguo \aZbfh^_ckl\bc f_`^m jZaebqgufb
fh^meyfb kbkl_fu H^gZdh ijb [hevrhf qbke_ fh^me_c l_ogbq_kdZy j_ZebaZpby dhffmlZlhjZ dZd
hl^_evgh]h mkljhckl\Z keh`gZ b ^hjh]Z Ihwlhfm \ jy^_ kemqZ_\ bkihevam_lky fgh]hmjh\g_\Zy
hj]ZgbaZpby dhffmlZlhjZ dhlhjuc kljhblky dZd h[t_^bg_gb_ [he__ ijhkluo dhffmlZpbhgguo
fh^me_c :gZeh]bqgh <K k ZgkZf[e_f ijhp_kkhjh\ fZljbqgu_ kbkl_fu kljhylky k bg^b\b^mZevghc
iZfylvx MH> h[s_^hklmighc iZfylvx b dhf[bgbjh\Zggh]h lbiZ Lbih\u_ hj]ZgbaZpbb lZdbo <K
khhl\_lkl\_gghijb\_^_gugZjbkZ[
MM
I>
MH>
IZfylv dhfZg^
I>«
MM
I>Q
IZfylvdhfZg^
I>
I>«
I>Q
K_lv dhffmlZpbb
MH>«MH> Q
MH>
MH>«
MH>Q
DI
K_lvdhffmlZpbb
D
[
JbkZ[
FZljbqgu_ <K k ijbf_g_gb_f ^ey hj]ZgbaZpbb \gmljbkbkl_fguo k\ya_c dhffmlbjmxsbo
k_l_c kljhblky gZ hkgh\_ h^gh b fgh]hdZkdZ^guo k_l_c Hkgh\gu_ ih^oh^u d bo hj]ZgbaZpbb
ke_^mxsb_
< p_ehfk_lb dhffmlZpbbh[_ki_qb\Zxlfgh`_kl\h\aZbfhk\ya_cf_`^m\oh^Zfbb \uoh^Zfb
gZ[hjh\maeh\GZb[he__wnn_dlb\gufb^eyhj]ZgbaZpbb\gmljbkbkl_fguok\ya_cy\eyxlkyihegu_
beb aZ\_jr_ggu_ dhhj^bgZlgu_ k_lb \ dhlhjuo dZ`^uc \oh^ fh`_l [ulv dhffmlbjh\Zg gZ ex[hc
\uoh^ H^gZdh lZdZy k_lv l_ogbq_kdb keh`gZ b ^hjh]Z < k\yab k wlbf \ k_lb h]jZgbqb\Zxl qbkeh
P
hlh[jZ`_gbc\oh^h\1gZ\uoh^uFK_lv\uihegyxsmx1 hlh[jZ`_gbcgZau\Zxlh[h[s_gghc
kh_^bgbl_evghc k_lvx Z 1 hlh[jZ`_gbc kh_^bgbl_evghc k_lvx >@ K_lb lZdh]h jh^Z
bkihevah\Zguijbihkljh_gbbgZijbf_jkbkl_fu<6Jh^gZk_lvk 1 F ^jm]Zy 1 F H^ghdZkdZ^gu_ dhffmlbjmxsb_ k_lb khklhyl ba hij_^_e_ggh]h beb h^gh]h dZkdZ^Z
i_j_dexqZl_e_c b h[_ki_qb\Zxl h]jZgbq_gguc jy^ i_j_klZgh\hd Ijb ihkljh_gbb \gmljbkbkl_fguo
k\ya_cbkihevamxlkyke_^mxsb_lbiulZdbok_l_c
Dhevp_\Zy k_lv ij_^klZ\ey_l kh[hc g_aZ\_jr_gguc dhhj^bgZlguc i_j_dexqZl_ev b
k\yau\Z_lMH>\ dhevphjbk
K_lv lbiZ ©d [eb`Zcr_fm khk_^mª ij_^klZ\ey_l kh[hc jZkrbj_gb_ dhevp_\hc k_lb b
h[_ki_qb\Z_l ^\mklhjhggxx i_j_^Zqm bgnhjfZpbhgguo ihlhdh\ jbk Dhgkljmbjh\Zgb_ lZdhc
k_lb^hklZlhqghijhklhb ^_r_\hghk_lvg_kh\k_fih^oh^bl^ey[hevrh]hqbkeZMH>>ZggZyk_lv
bkihevah\ZeZkvijbihkljh_gbbkbkl_fu ,//,$K,9
Jbk
Jbk
K_lb k iheghc lZkh\dhc h[_ki_qb\Zxl j_ZebaZpbx pbdebq_kdbo i_j_klZgh\hd Ijbf_j k_lb
^Zggh]hlbiZihdZaZggZjbk
Jbk
Fgh]hdZkdZ^gu_ k_lb [Zabjmxlky gZ jy^_ \aZbfhk\yaZgguo dhhj^bgZlguo i_j_dexqZl_e_c
Wlh iha\hey_l kha^Z\Zlv [he__ ^_r_\u_ \ZjbZglu aZdhgq_gguo i_j_dexqZl_e_c O dhhj^bgZlguc i_j_dexqZl_ev dhlhjuc ]_g_jbjm_l hlh[jZ`_gby ihdZaZggu_ gZ jbk Lbih\u_
hj]ZgbaZpbbfgh]hdZkdZ^guok_l_cke_^mxsb_
Kh_^bgbl_evgu_k_lbb h[h[s_ggu_kh_^bgbl_evgu_k_lbqZklhkljhylkyihko_f_<;_g_kZ
^ey hj]ZgbaZpbb k_lb bkihevamxlky ijhklu_ i_j_dexqZl_eb k\yaZggu_ \ kljmdlmjm Ijbf_j lZdhc
k_lbgZ[Za_i_j_dexqZl_eyoihdZaZggZjbk
GZb[he__rbjhdhbkihevamxlkyke_^mxsb_lbiuk_l_ck aZf_s_gb_fb lZkh\dhchf_]Zk_lv
k_lvdhk\_ggh]h^\hbqgh]hQdm[Zk_lv;wgygZ5k_lvK_lv;wgZgZij_^klZ\ey_lkh[hc^\hbqgucdm[
[_a lZkh\db Z 5F_lv hibku\Z_lky i_j\hc iheh\bghc ^\hbqgh]h i_j_dexqZl_ey ;_g_kZ k
ihke_^mxs_clZkh\dhcHf_]Zk_lvb k_lv^\hbqgh]hQdm[Zbeexkljbjm_lkygZJbk >@
[
Jbk
[
[
[
Jbk
[
[
D
Jbk Z[
[
[
Wlb i_j_dexqZl_eb g_ y\eyxlky ihegufb kh_^bgbl_evgufb k_lyfb gh j_rZxl rbjhdbc
deZkk i_j_klZgh\hd b bkihevamxlky \h fgh]bo ijhp_kkhjguo fZljbpZo < aZdexq_gb_ ke_^m_l
hlf_lblv qlh \hijhku ijh_dlbjh\Zgby dhffmlbjmxsbo k_l_c ^ey <K k fZljbp_c ijhp_kkhjh\ g_
y\eyxlky k_]h^gy bamq_ggufb iheghklvx \ wlhc h[eZklb \_^mlky Zdlb\gu_ l_hj_lbq_kdb_ b
wdki_jbf_glZevgu_bkke_^h\Zgby
<K k fZljbp_c ijhp_kkhjh\ k hj]ZgbaZpb_c \aZbfh^_ckl\bc q_j_a h[smx rbgm y\eyxlky
gZb[he__ ijhklufb b wdhghfbqgufb MijZ\e_gb_ h[f_gZfb \ lZdbo kbkl_fZo hkms_kl\ey_lky k
ihfhsvx f_lh^h\ jZa^_e_gby \h \j_f_gb h[s_c rbgu f_`^m fh^meyfb Kdhjhklv h[f_gh\ f_edm
fh^meyfb ih h[s_c rbg_ _kl_kl\_ggh [he__ gbadZy ih kjZ\g_gbx k \ur_ jZkkfhlj_ggufb
kbkl_fZfb Djhf_ wlh]h nmgdpbb mijZ\e_gby h[f_gZfb \haeZ]Zxlky gZ h^bg ba ijhp_kkhjh\ qlh
kgb`Z_l `b\mq_klv kbkl_fu < k\yab k wlbf ^Zgguc ih^oh^ ijbf_gy_lky ijb ihkljh_gbb kbkl_f
hlghkbl_evgh[hevrhcijhba\h^bl_evghklbb kg_[hevrbfqbkehfMH>\ j_rZxs_fihe_KljmdlmjZ
kbkl_fuwlh]hdeZkkZihdZaZgZgZjbk
Lj_lvbf lbihf hj]ZgbaZpbb <K k fZljbp_c ijhp_kkhjh\ y\ey_lky fgh]hrbggZy k
fgh]h\oh^h\ufb fh^meyfb iZfylb < ^Zgguo <K dZ`^h_ MH> j_rZxs_]h ihey bf__l ^hklmi d
ex[hfmfh^mexb ihkh[kl\_gghcrbg_A^_kvqbkeh\oh^h\fh^meyiZfylbjZ\ghqbkemk\yaZgguok
gbfMH>fZljbpu
MM
IZfylvdhfZg^
MH>
MH>«MH> Q
I>I>«
I>L«
I>P
Jbk
<\b^m \hafh`ghklb \hagbdgh\_gby dhgnebdlh\ ijb ^hklmi_ d ^Zgguf h^gh]h fh^mey hl
g_kdhevdboMH>kdhjhklvh[f_gh\a^_kvgb`_q_f\ <Kk dhffmlZlhjZfbb dhffmlZpbhggufbk_lyfb
Dhgnb]mjZpbykbkl_fuh]jZgbqb\Z_lky\hafh`ghklyfbbkihevam_fuofh^me_ciZfylbjbk
MM
IZfylvdhfZg^
MH>
MH>«
MH>Q
I>
I>«
I>P
Jbk
I_j_qbke_ggu_ kihkh[u hj]ZgbaZpbb <K k fZkkb\hf ijhp_kkhjh\ ijb ihkljh_gbb
kh\j_f_gguo kbkl_f bkihevamxlky dhfie_dkgh gZ jZaguo mjh\gyo kbkl_fu ijbf_gyxlky l_ beb
bgu_ ih^oh^u Gb`_ \ dZq_kl\_ ijbf_jZ jZkkfhlj_g jy^ ^_ckl\mxsbo kbkl_f k fZljbp_c
ijhp_kkhjh\
:jobl_dlmjZb hkh[_gghklb<K >:J
JZkij_^_e_ggucfZljbqgucijhp_kkhj>:Jnbjfu ,&,ij_^klZ\ey_lkh[hckbkl_fm\ dhlhjhc
k[ZeZgkbjh\Zgu\uqbkebl_evgZyfhsghklvb g_^hjh]Zyl_ogheh]byI_j\ucijhfure_gguch[jZa_p
kbkl_fu[uemklZe_g\ Dhee_^`_dhjhe_\uFZjbb\ ]
:jobl_dlmjgh ijh_dl >:J kms_kl\_ggh kljmdlmjbjh\Zg GZ \_jog_f mjh\g_ >:J y\ey_lky
ki_pbZebabjh\Zgghc iZfylvx \oh^ys_c \ khklZ\ kbkl_fu h[sZy hj]ZgbaZpby dhlhjhc
ijb\_^_gZ gZ jbk Kbkl_fZ khklhbl ba dhfZg^gh]h ijhp_kkhjZ b dhljhee_jZ ^hklmiZ
iZfylb ih^dexq_gguo d jZaebqguf aZihfbgZxsbf mkljhckl\Zf H^gbf ba AM y\ey_lky ijhp_kkhj
>:J dhlhjuc fh`_l [ulv bkihevah\Zg dZd iZfylv b fh`_l [ulv ijhbgkljmdlbjh\Zg dhfZg^guf
ijhp_kkhjhf gZ \uiheg_gb_ >:Jijh]jZffuFh`ghihevah\ZlvkyiZfylvx>:Jb \h\j_fyjZ[hlu
iml_f aZ^_ckl\h\Zgby g_ bkihevah\Zgguo pbdeh\ iZfylb AZsblZ >:Jejh]jZffu b ^Zgguo
^hklb]Z_lky k ihfhsvx jZaebqguo lbih\ jZaj_r_gbc ^hklmiZ d ^Zgguf GZijbf_j ^ey aZsblu
^Zgguo b ijh]jZffu \ fZrbg_ >:J fh`gh mdZaZlv lhevdh hi_jZpbb kqblu\Zgby beb kqblu\Zgby
bkihegbl_evguok_]f_glh\
AM
'$3 ijhp_kkhj
AM
DhfZg^guc
ijhp_kkhj
Dhgljhee_j
^hklmiZ
IM
IM
Jbk
«
IM
Dhgljhee_j ^hklmiZ d iZfylb h[_ki_qb\Z_l ^hklmi d i_jbn_jbcguf mkljhckl\Zf Z lZd`_
ij_^hklZ\ey_l kj_^kl\Z ih[ehqghc i_j_^Zfb ^Zgguo f_`^m mkljhckl\Zfb iZfylb LZdbf h[jZahf
_keb >:J jZkkfZljb\Zlv \uqbkebl_evgh_ y^jhf kbkl_fu ^ey i_j_jZ[hldb [hevrh]h h[t_fZ
qbkeh\uo ^Zgguo lh h[udgh\_ggmx iZfylv fh`gh jZkkfZljb\Zlv dZd [ukljh_ \kihfh]Zl_evgh_
aZihfbgZxs__ mkljhckl\h ^ey >:J kh kj_^kl\Zfb ij_^\Zjbl_evghc b ihke_^mxs_c h[jZ[hldb k
ihfhsvxdhfZg^gh]hijhp_kkhjZ
GZ jbk hljZ`_gu hkgh\gu_ dhfihg_glu b fZ]bkljZeb ^Zgguo >:J Khijy`_gb_ k
kbkl_fhc h[_ki_qb\Z_lky k ihfhsvx dhgljhe_jZ ^hklmiZ d >:J b fZ]bkljZeb klhe[ph\ \
dhlhjhchl\h^blkyh^bgjZajy^^eydZ`^h]hklhe[pZijhp_kkhjh\fZljbpuH^ghjZajy^gh_keh\h
kbkl_fu khhl\_lkl\m_l kljhd_ \ >:JiZfylb Bgdj_f_gl Z^j_kZ kbkl_fu \gZqZe_
h[_ki_qb\Z_l ijbjZs_gb_ \gba ih klhe[pZf >:JfZljbpu b ^Ze__ \ Z^j_kghf ihe_ >:J _fdhklvx
D
Dhgljhee_j^hklmiZ
FZ]bkljZevklhe[ph\
0&9j_]bklju
o jZaj
FZljbpZ
ijhp_kkhjh\
Fh^bnbdZlhj
DhfZg^Z
;mn_jdhfZg^
Kq_lqbddhfZg^
Jbk
FZ]bkljZev klhe[ph\ lZd`_ h[_ki_qb\Z_l p_iv f_`^m kljhdZfb >:JfZljbpu b FK8
j_]bkljZfbb __fh`ghbkihevah\Zlv^eyfh^bnbdZpbb^Zgguob bebdhfZg^FZ]bkljZevklhe[ph\
ij_^klZ\ey_lkh[hcp_ivFK8 ^ey\u[hjdb>:JdhfZg^ba>:JiZfylbDhfZg^uojZgylkyih^\_gZ
dZ`^mx kljhdm iZfylb \ l_q_gb_ h^gh]h lZdlh\h]h pbdeZ ba iZfylb \u[bjZ_lky h^gZ kljhdZ Ijb
hij_^_e_gguo mkeh\byo dhfZg^u fh`gh aZg_klb \ [mn_j dhfZg^ ^ey ih\lhjgh]h \uiheg_gby
FZ]bkljZev kljhd kh^_j`bl h^bg jZajy^ ^ey dZ`^hc kljhdb ijhp_kkhjh\ fZljbpu b ijbf_gy_lky
bkdexqbl_evgh ^ey i_j_^Zqb ^Zgguo \ ba FK8j_]bkljh\ Djhf_ wlh]h \ >:J fh`gh
b^_glbnbpbjh\Zlv jZaebqgu_ dhfihg_glu b rbgu ^Zgguo dhlhju_ \dexqZxl \ k_[y h^bg
ijhp_kkhjgucwe_f_gl>eyijhklhlugZjbkfgh]b_\gmlj_ggb_rbgu^Zgguohims_guFZljbpZ
ijhp_kkhjh\ bf__l ^\mf_jgu_ kh_^bg_gby dZ`^uc IW k\yaZg k q_lujvfy khk_^gbfb we_f_glZfb
G_hij_^_e_ggu_ kh_^bg_gby gZ djZx fZljbpu oZjZdl_jbamxlky \uihegbfhc dhfZg^hc =_hf_ljby
dhfZg^u eb[h ieZgZjgZy eb[h pbdebq_kdZy ^ey kljhd g klhe[ph\ IeZgZjgZy ]_hf_ljby
oZjZdl_jbam_l \\h^ gZ djZyo pbdebq_kdZy h[_ki_qb\Z_l i_jbh^bq_kdb_ kh_^bg_gby \ kljhdZo b
klhe[pZofZljbpu=_hf_ljbxkljhdb klhe[ph\fh`ghmklZgZ\eb\Zlvg_aZ\bkbfh
hlIW
«
06
>_rbnjZlhj
Fbdjh
dhfZg^Z
Fbdjh
dhfZg^Z
>_rb
njZlhj
hl0&8
06
;ehdh^ghjZajy^guo
j_]bkljh\ $%&34
LB
Z^j_k
KmffZlhj HAMD
o [bl
06
Jbk
<gmljb IW kh^_j`Zlky ljb h^ghjZajy^guo j_]bkljZ ^\Z fmevlbie_dkhjZ b h^ghjZajy^guc
kmffZlhj jbk J_]bklj : h[_ki_qb\Z_l ijh]jZffbjm_fh_ mijZ\e_gb_ jZ[hlhc ijhp_kkhjgh]h
we_f_glZ _keb mklZgZ\eb\Z_l j_]bklj khhl\_lkl\mxs_c Zdlb\ghklb lh ijhba\h^blky \k_f ebrv
jZa[ehdbjh\dZ hij_^_e_gguo dhfZg^iZfylb< j_]bklj_: lZd`_bf__lky\oh^ghcljb]]_jnbdkZlhj
^ey [ukljh]h h[t_^bg_gby fZkhd mijZ\e_gby K ihfhsvx \oh^gh]h nbdkZlhjZ : kh^_j`bfh_
j_]bkljZ kdeZ^u\Z_lky k \oh^gufb ^Zggufb D ^jm]bf j_]bkljZf hlghkblky Zddmfmeylhj 4 b
j_]bkljojZg_gbyi_j_ghkZK
KmffZlhj kdeZ^u\Z_l kh^_j`bfh_ 4 K Z lZd`_ ^Zggu_ \\h^Z \ ijhp_kkhjguc we_f_gl
\u^Z\ZygZ\uoh^Zoj_amevlZlkmffub i_j_ghkZdhlhju_aZibku\Zxlkykhhl\_lkl\_ggh\ j_]bklju
4 b KBkdexq_gb_khklZ\ey_lkemqZcdh]^Z\uihegy_lkyhi_jZpbykeh`_gbyhi_jZg^h\baiZfylb
GZ \uiheg_gb_ dhfZg^ wlh]h k_f_ckl\Z aZljZqb\Z_lky pbdeZ < l_q_gbb wlh]h \j_f_gb
ijhba\h^blky kqblu\Zgb_ hi_jZg^Z b aZibkv jZajy^Z kmffu h[jZlgh \ lm `_ yq_cdm [hevrbgkl\h
dhfZg^ \uihegy_lky aZ h^bg pbde Wlbf wdhghfblky iheh\bgZ pbdeZ aZ i_jbh^ keh`_gby k
bkihevah\Zgb_f ZddmfmeylhjZ aZ dhlhjuf ke_^m_l dhfZg^Z ojZg_gb_ kh^_j`bfh]h ZddmfmeylhjZ
Wlh k\hckl\h[ueh\\_^_ghk p_evxm\_ebq_gbykdhjhklb\gmlj_gg_]hpbdeZijh]jZffumfgh`_gby\
ij_^_eZodhlhjhc\uihegyxlkyih\lhjgu_k^\b]bb keh`_gbyk h^ghcb lhc`_yq_cdhc
< kbkl_f_ >:J lZd`_ ij_^mkfhlj_g dhgljhev ih q_lghklb \ ijhp_kkhjguo we_f_glZo gZ
jbkmgdZo g_ ihdZaZg Ijb jZ[hl_ \ >:J \ dZq_kl\_ iZfylb kbkl_fu bkihevam_lky iheguc dh^
Owffbg]Z k h[gZjm`_gb_f hrb[db dhlhjuc h[_ki_qb\Z_l dhjj_dpbx h^bghqghc hrb[db b
h[gZjm`_gb_^\hcghchrb[db\ dZ`^uojZajy^Zokqblu\Z_fuo^Zgguo
:jobl_dlmjZb hkh[_gghklb<K %63
Kbkl_fZ %63 hjb_glbjh\ZgZ gZ h[jZ[hldm ^Zgguo gZmqguo bkke_^h\Zgbc Ijhlhlbihf %63
y\eyeZkv kbkl_fZ ,//,$&,9 ih kjZ\g_gbx k dhlhjhc \ %63 mkljZg_g jy^ madbo f_kl JZajZ[hlqbdhf
%63 y\ey_lky nbjfZ %RUURXJKV dhlhjZy ijb ijh_dlbjh\Zgbb kbkl_fu klj_fbeZkv bkihevah\Zlv
klZg^Zjlgmx
l_ogheh]bx
ijhba\h^kl\Z
ijb
h^gh\j_f_gghf
h[_ki_q_gbb
\ukhdhc
ijhba\h^bl_evghklb < blh]_ klhbfhklv kbkl_fu khklZ\beZ hdheh feg ^he ijb ihevah\Zl_evkdhc
ijhba\h^bl_evghklb Fnehgk Khhl\_lkl\_ggh ,//,$&,9 ijb ibdh\hc ijhba\h^bl_evghklb Fnehgk h[_ki_qb\Z_l \ ihevah\Zl_evkdhf j_`bf_ lhevdh q_l\_jlv ibdh\hc ijhba\h^bl_evghklb D
fhf_glmjZajZ[hldb%63[ueb\uy\e_guke_^mxsb_g_^hklZldbkbkl_fu,//,$&,9
KeZ[uff_klhfijh_dlZ ,//,$&,9y\ey_lkymijZ\eyxsbcijhp_kkhjdhlhjucg_wnn_dlb\_g
^ey kdZeyjghc h[jZ[hldb ^Zgguo Ihwlhfm ijb [hevrhf qbke_ kdZeyjguo ^Zgguo
ijhba\h^bl_evghklvkbkl_fuj_adhiZ^Z_l
K_jv_aguf h]jZgbq_gb_f kbkl_fu ,//,:K y\ey_lky hlkmlkl\b_ [mn_jghc iZfylb k
_fdhklvx m^h\e_l\hjyxs_c j_rZxs_fm ihex kbkl_fu Ihwlhfm ijb jZajZ[hld_ <6J
k_jv_agh_ \gbfZgb_ m^_eyehkv kha^Zgbx [mn_jghc iZfylb dhlhjZy khhl\_lkl\h\ZeZ [u
ijhba\h^bl_evghklb j_rZxs_]h ihey < <6J m^Zehkv hj]Zgbah\Zlv p_gljZevgmx iZfylv
lZdbf h[jZahf qlh d fgh]bf j_]meyjguf ih^gZ[hjZf IW fZljbpu klZeh \hafh`guf
iZjZee_evgh_h[jZs_gb_[_adhgnebdlh\
Kljmdlmjgh kbkl_fZ <6J hj]Zgbah\ZgZ ke_^mxsbf h[jZahf jbk Bgl_jn_ck f_`^m
mijZ\eyxs_c kbkl_fhc b kbkl_fhc <6J h[_ki_qb\Z_lky ih ^\mf fZ]bkljZeyf ^Zgguo I_j\Zy
fZ]bkljZev D[Zclk h[_ki_qb\Z_l khijy`_gb_ ijhp_kkhjZ \\h^Z\u\h^Z g_ihkj_^kl\_ggh k
mkljhckl\hf mijZ\e_gby <6J bkihevam_lky ^ey i_j_^Zqb khh[s_gbc b mijZ\e_gby f_`^m ^\mfy
kbkl_fZfb<lhjZyFkeh\kh[_ki_qb\Z_lkhijy`_gb_ijhp_kkhjZ\\h^Z\u\h^Zk dhgljhee_jhf
nZceh\hc iZfylb b bkihevam_lky ^ey i_j_^Zqb ijh]jZff b nZceh\ ^Zgguo ^ey h[jZ[hldb LZdbf
h[jZahf nZceh\Zy iZfylv ij_^klZ\ey_l kh[hc [mn_jguc bgl_jn_ck f_`^m hkgh\ghc b
\kihfh]Zl_evghckbkl_fZfb^eyrbjhdhihehkghck\yab
MijZ\eyxsZy kbkl_fZ < jZa]jm`Z_l %63 hl h[s_kbkl_fguo hi_jZpbc h[_ki_qb\Z_l
k\yav k ihevah\Zl_e_f b mijZ\e_gb_ IM \g_rgbfb ih^kbkl_fZfb iZfylb jZkij_^_e_gb_ j_kmjkh\
%63 \uihegy_l ijh]jZffu ihevah\Zl_e_c gZ yaudZo DH;HE J/, :E=HE NHJLJ:G :J/ b
;?CKBD
< mijZ\eyxsZykbkl_fZ
PIj
IM
L
Ij<<
NZceh\Zy
iZfylv
Fkeh\
Dkeh\k
Dkeh\k
Fkeh\k
IZjZee_evgh_
AMFkeh\
MijZ\eyxsZy
iZfylv
Dkeh\
KdZeyj
gucIj
K_lvk\yab
MM
FZljbpZ
baIW
MM JI
Jbk
NZceh\Zy iZfylv hj]Zgbah\ZgZ gZ IAKmkljhckl\Zo ij_^klZ\eyxsbo kh[hc l\_j^hl_evgu_
k^\b]h\u_ j_]bklju ^Zggu_ \ dhlhjuo ojZgylky \ \b^_ aZjy^Z FHIdhg^_gkZlhjh\ Ihkdhevdm \
j_]bkljZo ij_^mkfhlj_g ihke_^h\Zl_evguc ^hklmi lh ijb \u[hjd_ ^Zgguo \j_fy h`b^Zgby
ZgZeh]bqgh dZd ^ey pbdebq_kdhc iZfylb ?fdhklv iZfylb khklZ\ey_l Fkeh\ k bgdj_f_glhf ih Fkeh\ZH[jZs_gb_d ^\mfjZajy^gufkeh\ZfjZajy^h\hl\_^_ghgZdh^h[gZjm`_gbyhrb[db
^himklbfh dZ`^u_ gk LZd dZd IAKmkljhckl\Z lj_[mxl i_jbh^bq_kdh]h \hkklZgh\e_gby aZjy^Z
^eybkdexq_gbyh^bghqguob ^\hcguohrb[hd\ ^Zgguo\ p_ibi_j_aZibkb\kljh_gZdhgljhebjmxsZy
eh]bdZ 6(&'('dhgljhev
MijZ\eyxsbc ijhp_kkhj kh^_j`bl q_luj_ Zkbgojhgguo [ehdZ dhlhju_ h[_ki_qb\Zxl
mijZ\e_gb_fZljbp_cIWljZnbdhfijhoh`^_gbyaZ^ZgbcmijZ\e_gb_\\h^hf\u\h^hfb nZceh\hc
iZfylvx mkljZg_gb_ hrb[hd kh^_ckl\b_ k mijZ\eyxs_c kbkl_fhc MijZ\eyxsZy iZfylv bf__l
_fdhklv Dkeh\ b \j_fy pbdeZ gk k\yaZgZ k nZceh\hc iZfylvx fZ]bkljZevx ^Zgguo k
ijhimkdghckihkh[ghklvxFkeh\k
KdZeyjguc ijhp_kkhj \uihegy_l Zjbnf_lbq_kdb_ hi_jZpbb k ieZ\Zxs_c aZiylhc gZ^ jZajy^gufb keh\Zfb k fZdkbfZevghc kdhjhklvx Fnehgk Djhf_ wlh]h h[_ki_q_gZ \hafh`ghklv
g_aZ\bkbfhch[jZ[hldbkdZeyjguodhfZg^b ij_^\Zjbl_evghch[jZ[hldb\_dlhjguo bohilbfbaZpbb
ijhnbeZdlbd_bkdZ`_gby\_dlhjZ\klZ\d_ihe_c^Zgguo\ nhjfZl\_dlhjguodhfZg^
Mkljhckl\h mijZ\e_gby fZljbp_c IW \uihegy_l \u[hjdm dhfZg^ bo ^_dh^bjh\dm b
ljZgkeypbx\ fZljbqgmxk_dpbx<6J
FZljbqgZy k_dpby %63 kh^_j`bl iZfylv k_lv k\yab b ijhp_kkhjguo we_f_glZ
Ijhp_kkhjgu_ we_f_glu y\eyxlky mgb\_jkZevgufb b mijZ\eyxlky h[s_c \_sZl_evghc
fbdjhdhfZg^hc MijZ\eyxs__ keh\h bf__l rbjbgm [he__ jZajy^h\ b h[_ki_qb\Z_l ijyfhc
^hklmi d nmgdpbhgZevguf maeZf IW dhlhju_ h[_ki_qb\Zxl djhf_ Zjbnf_lbq_kdbo hi_jZpbc k
ieZ\Zxs_c aZiylhc gZ^ jZajy^gufb ^Zggufb lZd`_ hi_jZpbb k iheyfb b hi_jZpbb
j_^Zdlbjh\Zgby Hi_jZpbb keh`_gby b mfgh`_gby \uihegyxlky \ IW k qZklhlhc Fnehgk
Hi_jZpbb \uqbke_gby d\Z^jZlgh]h dhjgy b ^_e_gby j_Zebah\Zgu bl_jZpbhggh ih f_lh^m GvxlhgZ
JZnkhgZk bkihevah\Zgb_fIAM
>himklbfu \uqbke_gby k ^\hcghc lhqghklvx aZ kq_l \hafh`ghklb bkihevah\Zgby
Zddmfmeylhjh\b j_]bkljh\IW ^\hcghc^ebgu
IZfylv fZljbqghc k_dpbb kh^_j`bl [Zgdh\ iZfylb k \j_f_g_f pbdeZ gk Kljmdlmjgh
iZfylvihkljh_gZihZkbff_ljbqghcko_f_qlhh[_ki_qb\Z_l[_kdhgnebdlghklv^hklmiZd ebg_cguf
ih^fZkkb\Zf
K_lvk\yabij_^klZ\ey_lkh[hcihegucdhhj^bgZlguci_j_dexqZl_evk eh]bdhch[gZjm`_gby
b bkijZ\e_gbyhrb[hd<j_fypbdeZi_j_dexq_gbykhklZ\ey_lgk
< ijhp_kk_ jZ[hlu \ FZljbqghc k_dpbb h[_ki_qb\Z_lky lZd`_ b dhg\_c_jgh_ \uiheg_gb_
ke_^mxsbohi_jZpbc
D
E
F
G
H
kqblu\Zgb_hi_jZg^h\baiZfylb
\ujZ\gb\Zgb_^Zgguohi_jZg^h\\ khhl\_lkl\bbk lj_[h\ZgbyfbIW
\uiheg_gb_hi_jZpbb
\ujZ\gb\Zgb_^Zgguoj_amevlZlh\\ khhl\_lkl\bbk lj_[h\Zgbyfb[Zgdh\iZfylb
aZg_k_gb_j_amevlZlh\\ iZfylv
gZmjh\g_\uiheg_gbyh[jZ[hldb^Zgguo\ fZljbqghck_dpbb
gZmjh\g_ih^]hlh\db\_dlhjguob kdZeyjguohi_jZpbc
gZmjh\g_h[f_gh\f_`^mfZljbqghck_dpb_cb nZceh\hciZfylvx
gZmjh\g_h[f_gh\k mijZ\eyxs_cih^kbkl_fhc
< aZdexq_gb_ ke_^m_l hlf_lblv qlh \ kbkl_f_ %63 nZdlbq_kdb j_Zebah\Zgh q_luj_ mjh\gy
iZjZee_evghch[jZ[hldb
Hjlh]hgZevgu_<K
Klj_fe_gb_ ihemqblv dZd fh`gh [he__ \ukhdmx ijhba\h^bl_evghklv <K khdjZlblv \j_fy
j_r_gby aZ^Zq ijb\h^bl \ dhg_qghf kq_l_ d ki_pbZebaZpbb ZiiZjZlguo kj_^kl\ <K WlZ
ki_pbZebaZpby \ujZ`Z_lky \ Z^_d\Zlghklb hj]ZgbaZpbb ZiiZjZlmju <K kljmdlmj_ h[jZ[Zlu\Z_fuo
^Zgguob f_lh^Zoboh[jZ[hldb
Hjlh]hgZevgu_ <K y\eyxlky yjdbf ijbf_jhf ki_pbZebaZpbb <K Hkgh\ghc dhgp_ipb_c
hjlh]hgZevguo<Ky\ey_lkyijbf_g_gb_AM^\molbih\
]hjbahglZevguo AM oZjZdl_jguf ^ey dhlhjuo y\ey_lky ^hklmi d ^Zgguf dZd d kdZeyjguf
\_ebqbgZf
\_jlbdZevguoAM\ dhlhjuo^hklmi^Zggufh[_ki_qb\Z_lky dZdd \_dlhjguf\_ebqbgZf
Ijbf_ju ]hjbahglZevgh]h b \_jlbdZevgh]h ^hklmiZ \ AM ijb\_^_gu gZ jbk Z b [
khhl\_lkl\_ggh >ey h[jZ[hldb ^Zgguo lbiZ \_dlhj bkihevamxl Zjbnf_lbq_kdh_ mkljhckl\h
khklhys__ ba g_kdhevdbo b^_glbqguo :EM ij_^gZagZq_gguo ^ey ihke_^h\Zl_evghc h[jZ[hldb
we_f_glh\jy^gh]hkj_aZLZdh_:EMgZau\Zxl\_jlbdZevgufZjbnf_lbq_kdbfmkljhckl\hf<:MZ
kihkh[h[jZ[hldb^Zgguo\_jlbdZevguf
Kbkl_fZ k lZdhc hj]ZgbaZpb_c \_kvfZ wnn_dlb\gZ ijb h[jZ[hld_ ^Zgguo khklhysbo ba
\_dlhjguo Zj]mf_glh\ H^gZdh hq_gv qZklh lj_[m_lky h^gh\j_f_ggh \uihegylv ij_h[jZah\Zgby b
kdZeyjguo \_ebqbg ?kl_kl\_ggh qlh \ wlhf kemqZ_ p_e_khh[jZagh bkihevah\Zlv dZd ijbgpbi
\_jlbdZevghclZdb ]hjbahglZevghch[jZ[hldb
B^_y j_ZebaZpbb <K k lZdhc dhf[bgbjh\Zgghc h[jZ[hldhc ijbgZ^e_`bl RmfZgm M
Hjlh]hgZevgZy <K ij_^eh`_ggZy RmfZghf y\ey_lky ijbf_jhf ihkljh_gby <K ^ey j_r_gbb aZ^Zq
gZ[Za_dZdkdZeyjghclZdb \_dlhjghch[jZ[hldb^Zgguo
Y^jhfhjlh]hgZevghc<KRmfZgZy\ey_lkyAMdhlhjh_h[_ki_qb\Z_l^\Z\b^Zh[jZs_gbc
h[_ki_qb\Z_l\u[hjdm[blh\uokeh\h[_ki_qb\Z_l\u[hjdm[blh\uojZajy^guokj_ah\
;ehdko_fZhjlh]hgZevghc<KRmfZgZij_^klZ\e_gZgZjbk=hjbahglZevgucijhp_kkhjk
hjlh]hgZevgufAMkhklZ\ey_lh[uqgmxmgb\_jkZevgmxW<F
Jbk
<_jlbdZevguc ijhp_kkhj kh^_j`bl jy^ Q[blh\uo \_jlbdZevguo JHG 9 9Q ^ey
\j_f_ggh]h ojZg_gby hi_jZg^h\ b ijhf_`mlhqguo hi_jZpbc b eh]bq_kdbc [ehd khklhysbc ba Q
h^bgZdh\uo IW dhf[bgZpbhggh]h lbiZ j_Zebamxsbo ex[mx ba eh]bq_kdbo nmgdpbc hl o
\j_f_gguo b nmgdpbx o \oh^h\h]h kmffZlhjZ Ijb \uiheg_gbb eh]bq_kdbo nmgdpbc \oh^Zfb
eh]bq_kdhx[ehdZfh]ml[ulv^\Zex[uo\_jlbdZevguoj_]bkljZbebjZajy^guokj_aZhjlh]hgZevgh]h
AM>eyojZg_gbyi_j_ghkZbkihevam_lkyki_pbZevgucj_]bklj
<Z`ghc qZklvx <K RmfZgZ y\ey_lky j_]bklj fZkdbjh\Zgby h[_ki_qb\Zxsbc ^\Z \b^Z
[ehdbjh\hd[ehdbjh\dmjZ[hlueh]bq_kdh]h[ehdZehdbjh\dm\ hij_^_e_gguo[blZoijbh[f_g_
k iZfylvx qlh iha\hey_l h[_ki_qblv \uiheg_gb_ fZkkh\uo mkeh\guo i_j_oh^h\ \ aZ\bkbfhklb hl
j_amevlZlh\ij_^r_kl\mxsbo\_jlbdZevguohi_jZpbc
Ex[Zy fZkkh\Zy hi_jZpby \uihegy_lky \ eh]bq_kdhf [ehd_ aZ lZdl gZ^ \k_fb NgZ[hjZfb
Zj]mf_glh\
Ijhp_kkhj
\\h^Z\u\h^Z
KdZeyjguc
ijhp_kkhj
HjlZ]hgZev
gh_ HAM
Ijhp_kkhj
\\h^Z\u\h^Z
MM
<_jlbdZevguc
ijhp_kkhj
Jbk
H[s__ mijZ\e_gb_ \ ijh_dl_ RmfZgZ \haeh`_gh gZ ]hjbahglZevgu ijhp_kkhj dhlhjuc ijb
ihklmie_gbb \_jlbdZevghc dhfZg^u i_j_^Z_l mijZ\e_gb_ \_jlbdZevghfm ijhp_kkhjm Hkgh\gufb
ij_bfms_kl\Zfb<Kk hjlh]hgZevghchj]ZgbaZpb_cy\eyxlkyke_^mxsb_
KhojZgyxlky\k_\hafh`ghklbh[uqghcmgb\_jkZevghcW<F
<_jlbdZevgZy h[jZ[hldZ iha\hey_l ih\ukblv kdhjhklv j_r_gby g_dhlhjuo aZ^Zq gZ ihjy^dZ
Hjlh]hgZevgZy <K ijb ^hklZlhqgh g_[hevrbo aZljZlZo h[hjm^h\Zgb_ j_dhgnb]mjbjm_lky\
ZkkhpbZlb\gmx<K
;hevrh_qbkehh^ghlbiguoIW\ \_jlbdZevghfijhp_kkhj_h[_ki_qb\Z_l\ukhdmxgZ^_`ghklv
b j_fhglhijb]h^ghklvkbkl_fumijhsZ_lkj_^kl\Z__ ^bZ]ghklbdb
GZebqb_\_jlbdZevgh]h\\h^Z\u\h^Zh[_ki_qb\Z_l\ukhdmxkdhjhklvi_j_^ZqbbgnhjfZpbb
Ih kjZ\g_gbx k <K k ljZ^bpbhgghc hj]ZgbaZpb_c l_ h^ghfZrbgghc kbkl_fhc h[jZ[hldb
^Zgguo\ hjlh]hgZevguo<Khi_jZpbykeh`_gbyk nbdkbjh\Zgghc aZiylhco qbk_emkdhjy_lky\
jZaZ ihbkdihkh\iZ^_gbx\ jZa
GZhkgh\_ijbgpbiZhjlh]hgZevghciZfylbRmfZgZ[ueh\uims_ghk_f_ckl\hhjlh]hgZevguo
<KHF?1JZaebqbyf_`^mfZrbgZfbbak_f_ckl\aZdexqZxlkylhevdh\ iZjZf_ljZo\_jlbdZevgh]h
ijhp_kkhjZ
< dZq_kl\_ ]hjbahglZevgh]h ijhp_kkhjZ \ <K HF?1 bkihevamxlky k_jbcgZy fbgbfZrbgZ
J>J,, nbjfu'LJLWDO(TXLSPHQW<aZbfh^_ckl\b_f_`^m[ehdZfbhkms_kl\ey_lkyq_j_ah[smxrbgm
lbiZ 81,%$6 Hkgh\gufb [ehdZfb y\eyxlky J>J,, hjlh]hgZevgZy iZfylv b \_jlbdZevgh_ :EM
dhffmlZpbhggZyieZlZjbk
DhffmlZpbhggZy ieZlZ y\ey_lky ZiiZjZlgh j_Zebah\Zgguf ieZgbjh\sbdhf dhlhjuc
h[_ki_qb\Z_lmijZ\e_gb_^hklmihfd h[sbfb jZa^_e_ggufj_kmjkZfkbkl_fub \aZfhklbhlgZ[hjZ
mijZ\eyxsbomkeh\bchij_^_ey_lihjy^hdbkiheg_gbydhfZg^
Kl_ddhfZg^h[_ki_qb\Z_lojZg_gb_b ^_rbnjh\dm\_dlhjguodhfZg^
;ehd fbdjhijh]jZff ij_^klZ\ey_l kh[hc iZfylv k jZa^_e_ggufb kj_^kl\Zfb ql_gby b
kh^_j`blfbdjhijh]jZffuj_ZebaZpbbkl_dh\uodhfZg^>eyj_ZebaZpbb\_jlbdZevguofbdjhdhfZg^
bkihevam_lky ijbgpbi ^\momjh\g_\h]h dh^bjh\Zgby Z kl_dh\u_ dhfZg^u j_Zebah\Zgu \ \b^_
\_jlbdZevguo fbdjhhi_jZlhjh\ [ \_jlbdZevgu_ fbdjhhi_jZlhju jZa\hjZqb\Zxlky \
]hjbahglZevgu_\ khhl\_lkl\bbk ihjy^dhfmdZaZggufgZjbk
MijZ\eyxrZy
fbgbW<F
Hjlh]hgZevgh_
AM
DhffmlZpbhg
gZy ieZlZ
;ehdJHG
<_jlbdZev
gh_ :EM
Kl_d
dhfZg^ Jbk
IZfylv
fbdjh
ijh
]jZff
Eh]bdZ
mijZ\e_
gby
pbdeZfb
Kl_ddhfZg^
DhfZg^Z
IZfylv
fbdjh
ijh]jZff
FbdjhdhfZg^Z IZfylv
fbdjh
ijh]jZff
DhfZg^Z
Jbk
< <K HF?1 ijyfZy Z^j_kZpby h[_ki_qb\Z_lky \iehlv ^h [Zclh\h]h kj_aZ Wlh h]jZgbq_gb_
h[mkeh\e_gh l_ogbq_kdbfb \hafh`ghklyfb we_f_glghc [Zau bkihevam_fhc ijb ihkljh_gbb HF?1
LZdbf h[jZahf ^ey ihemq_gby [blh\h]h kj_aZ g_h[oh^bfh hj]Zgbah\u\Zlv h[jZs_gb_d [Zclkj_am
dhlhjuckh^_j`blbkdhfuc[blkj_aK p_evxihemq_gby[hevr_]h[ukljh^_ckl\byhjlh]hgZevgh_AM
j_Zebah\ZghihijbgpbimjZkkeh_gbyiZfylb
<_jlbdZevguc ijhp_kkhj HF?1 khklhbl ba ijhp_kkhjguo we_f_glh\ DZ`^uc
ijhp_kkhjguc we_f_gl kh^_j`bl ljb hkgh\gu_ qZklb [ehd i_j_klZgh\hd h[_ki_qb\Zxsbc
hi_jZpbbihiZjghci_j_klZgh\db^Zgguof_`^mIWi_j_f_rb\Zgb_b pbdebq_kdbck^\b]^Zgguo
j_]bkljh\uc nZce h[_ki_qb\Zxsbc ojZg_gb_ ijhf_`mlhqguo hi_jZg^h\ :EM dhlhju_ \
aZ\bkbfhklb hl fh^bnbdZpbb <K \uihegyxl nmgdpbb ihjZajy^ghihke_^h\Zl_evghc h[jZ[hldb
bgnhjfZpbbb ihkeh\ghiZjZee_evghch[jZ[hldbk ieZ\Zxs_caZiylhc
<h \k_o lbiZo <K HF?1 IW y\ey_lky [lb jZajy^guf ijhp_kkhjhf bf_xsbf j_]bkljh\
bkihevam_fuodZd\ dZq_kl\_bg^_dkguolZdb JHG
J_]bklju fZkdb ij_^gZagZqZxlky ^ey mijZ\e_gby Zdlb\ghklvx :EM [ehdbjh\db iZfylb ijb
aZibkb\ hjlh]hgZevgh_AMb mijZ\e_gbyijbj_ZebaZpbbhi_jZpbc^_e_gbyb mfgh`_gbyHi_jZpbb
fZkdbjh\Zgbyhkms_kl\eyxlky\ HF?1Z\lhfZlbq_kdb
<\h^\u\h^ \ HF?1 hkms_kl\e_g q_j_a J>J,, b 81,%86 beb g_ihkj_^kl\_ggh ba\
hjlh]hgZevgh]hAMWlhiha\hey_lq_j_ahjlh]hgZevgh_AMkludh\Zlvkbkl_fuHF?1\ iZjm
<aZbfhk\yav IW \ HF?1 h[_ki_q_gZ q_j_a j_]bklju \aZbfhk\yab rlmd Wlb j_]bklju
ih^dexq_gu d IW lj_fy kihkh[Zfb y ]jmiiZ j_]bkljh\ kh_^bg_gZ kh \k_fb IW y ]jmiiZ
j_]bkljh\ kh_^bg_gZ k IW h[_ki_q_gby hi_jZpbb mfgh`_gby \_dlhjZ kljhdb gZ fZljbpm y ]jmiiZ
j_]bkljh\ kh_^bg_gZ k IW ^ey h[_ki_q_gby \uiheg_gby hi_jZpbb mfgh`_gby fZljbpu gZ \_dlhj
klhe[_p
I_j_^ZqZ ^Zgguo f_`^m IW \ HF?1 h[_ki_qb\Z_lky eb[h q_j_a i_j_klZgh\hd eb[h q_j_a
j_]bkljuk\ya_cLZdhcihjy^hdh[_ki_qb\Z_l\ukhdmx]b[dhklv<K
Ijh]jZffgh_ h[_ki_q_gb_ < HF?1 bkihevam_lky yaudZ jZkrbj_gguc NHJLJ:G
jZkrbj_gguc ;?CKBD b :J/ dhlhjuc ki_pbZevgh j_Zebah\Zg \ HF?1 ;?CKBD b NHJLJ:G
y\eyxlky jZkrbj_ggufb \_jkbyfb yaudh\h]h h[_ki_q_gbb J>J,, DhfZg^u ^ey \_jlbdZevgh]h
ijhp_kkhjZ\ HF?1aZdh^bjh\Zgu\ \b^_[b[ebhl_dbih^ijh]jZff^ey;?CKBD:NHJLJ:G:
GZ[hj^hklmiguohi_jZpbc\dexqZ_l\k_dhgkljmdpbb;?CKBD:NHJLJ:G:
=eZ\Z :jobl_dlmjZ\uqbkebl_evguokbkl_fdeZkkZFDH>
<\_^_gb_
OZjZdl_jghc hkh[_gghklvx <K deZkkZ FDH> y\ey_lky bkihevah\Zgb_ dhgp_ipbb
kh\f_s_gguo \uqbke_gbc gZ dZ`^hf lZdl_ jZ[hlu kbkl_fu h^gh\j_f_ggh \uihegy_lky g_kdhevdh
jZaebqguohi_jZpbcgZ^we_f_glZfbh^bghqgh]hihlhdZ^ZgguoBa\_klgu^\Zkihkh[Zj_ZebaZpbb
^Zgghc dhgp_ipbb dhg\_c_jguc b iZjZee_evguc IZjZee_evguc kihkh[ hj]ZgbaZpbb
\uqbkebl_evgh]h ijhp_kkZ h[_ki_qb\Z_l h^gh\j_f_ggmx j_ZebaZpbx \uqbke_gbc gZ^ g_kdhevdbfb
g_aZ\bkbfufb ihlhdZfb ^Zgguo b j_Zebam_lky kbkl_fZfb k FDF> Zjobl_dlmjhc Dhg\_c_jgZy
hj]ZgbaZpbx oZjZdl_jgZ ^ey FDH>kbkl_f b aZdexqZ_lky \ ke_^mxs_f <uqbke_gby lZd`_
jZa[b\Zxlky gZ ih^ijhp_kku gh wlb ih^ijhp_kku \aZbfhk\yaZgu gZ mjh\g_ bgnhjfZpbhgguo
\aZbfh^_ckl\bc Bkiheg_gb_ dZ`^h]h ih^ijhp_kkZ \haeZ]Z_lky gZ hl^_evguc nmgdpbhgZevguc [ehd
N;\ jZ[hq_fj_`bf_\ kbkl_f_h^gh\j_f_gghb g_aZ\bkbfhjZ[hlZxlg_kdhevdhN;\ dZ`^hfba
dhlhjuo j_Zebam_lky ih^ijhp_kk LZdbf h[jZahf j_ZebaZpby h[jZ[hldb h^bghqgh]h ihlhdZ ^Zgguo
kljhblkybkoh^ybake_^mxsboiheh`_gbc
We_f_gluh[jZ[Zlu\Z_fh]hfZkkb\Z^ZgguoihklmiZxl\ kbkl_fm\ \b^_h^bghqgh]hihlhdZ
gZdZ`^hflZdl_ijbgbfZ_lkygZh[jZ[hldmlhevdhh^bgwe_f_gl^Zgguo
Bkiheg_gb_ lj_[m_fh]h ij_h[jZah\Zgby gZ^ we_f_glhf ^Zgguo \uihegy_lky iml_f
bkiheg_gby hij_^_e_gghc ihke_^h\Zl_evghklb fbdjhij_h[jZah\Zgbc Zj]mf_glZfb dhlhjuo
y\eyxlkyj_amevlZlu\uiheg_gbyij_^u^msbofbdjhij_h[jZah\Zgbc
<uiheg_gb_dZ`^h]hfbdjhij_h[jZah\Zgby\haeZ]Z_lkygZhl^_evgucN; klmi_gvdhg\_c_jZ
Ijbq_f \aZbfh^_ckl\b_ f_`^m klmi_gyfb dhg\_c_jZ hkms_kl\ey_lky lhevdh gZ mjh\g_
h[f_gh\^Zggufb
JZ[hqbf lZdlhf kbkl_fu y\ey_lky jZ[hqbc lZdl gZb[he__ gbadhkdhjhklghc klmi_gb
dhg\_c_jZ
< aZ\bkbfhklb hl mjh\gy dhg\_c_jbaZpbb \u^_eyxl Zjbnf_lbdhdhg\_c_jgmx h[jZ[hldm
dhfZg^ghdhg\_c_jgmxh[jZ[hldmfZdjhdhg\_c_jgmxh[jZ[hldm
Ijb Zjbnf_lbdhdhg\_c_jghc h[jZ[hld_ hi_jZpby ij_h[jZah\Zgby we_f_glZ ^Zgguo
jZa[b\Z_lkygZihke_^h\Zl_evghklvfbdjhhi_jZpbcdZ`^Zybadhlhjuoj_Zebam_lky\ hl^_evghfN;
< wlhf kemqZ_ \ klmi_ dhg\_c_jZ \uihegyxlky hi_jZpbb gZ mjh\g_ we_f_glZjguo hi_jZpbc gZ^
[blZfbk^\b]keh`_gb_ihfh^mexeh]bq_kdh_keh`_gb_b l^
Ijb dhfZg^ghdhg\_c_jghc h[jZ[hld_ \ dZ`^hc klmi_gb dhg\_c_jZ h[_ki_qb\Z_lky
bkiheg_gb_ keh`ghc hi_jZpbb gZ^ ]jmiihc [bl ij_^klZ\eyxsbo we_f_gl ^Zgguo < N; dhg\_c_jZ
j_Zebam_lky bkiheg_gb_ nmgdpbc gZ mjh\g_ \uiheg_gby dhfZg^u keh`_gb_ mfgh`_gb_ ^_e_gb_
\e_q_gb_d\Z^jZlgh]hdhjgyb l^
IjbfZdjhdhg\_c_jghch[jZ[hld_ \ N;dhg\_c_jZh[_ki_qb\Z_lkybkiheg_gb_gZ[hjZdhfZg^
gZ^we_f_glhfihlhdZ^Zgguodhlhjufy\ey_lky]jmiiZ[Zcl]jmiiZkeh\bebg_dhlhjucih^fZkkb\
LZdbf h[jZahf \ dZ`^hf N; dhg\_c_jZ nZdlbq_kdb \uihegy_lky j_r_gb_ g_dhlhjhc ih^aZ^Zqb <
aZ\bkbfhklb hl j_Zebah\Zggh]h \ kbkl_f_ mjh\gx dhg\_c_jbaZpbb hij_^_eyxl dZd Zjbnf_lbdh
dhg\_c_jgmx <K dhfZg^ghdhg\_c_jgmx beb fZdjh dhg\_c_jgmx <K ?keb \ kbkl_f_ j_Zebah\Zgh
g_kdhevdh mjh\g_c dhg\_c_jbaZpbb lh wlh <K k fgh]hmjh\g_\hc dhg\_c_jbaZpb_c GZ fZdjh mjh\g_
dhg\_c_jgu_<Khj]Zgbamxlkyke_^mxs_fh[jZahfjbk
Mkljhckl\h mijZ\e_gby
N;
ID
«
N;
N;Q
IZfylv^Zggu o
Z
Mkljhckl\h mijZ\e_gby
N;
ID
«
N;
N;Q
IZfylv^Zggu o
Z
klmi_gv
klmi_gv
klmi_gv
J_amevlZ
lu h[jZ
[hldb
Z !
W
Z !
Z !
W
Z ! Z !
Z !
Z ! Z !
Z !
Z ! Z !
W
Z !
W
Z !
Z !
Z !
Z ! Z !
W
Z ! Z !
W
W
Z !
W
[
Jbk
Hi_jZpbhggZy qZklv kbkl_fu dhg\_c_j ij_^klZ\ey_lky gZ[hjhf N; dZ`^uc ba dhlhjuo
j_Zebam_l g_dhlhjmx ih^nmgdpbx < ijhp_kk_ j_r_gby aZ^Zqb we_f_glu ihlhdZ ^Zgguo
ihke_^h\Zl_evgh ihklmiZxl \ klmi_gb dhg\_c_jZ Wlbf h[_ki_qb\Z_lky \uqbke_gb_ hij_^_e_gghc
ihke_^h\Zl_evghklb ih^nmgdpbc wd\b\Ze_glghc lj_[m_fhc nmgdpbb h[jZ[hldb GZ jbk Z b [
ijb\_^_gu lbih\u_ fZdjhkljmdlmju <K k dhg\_c_jghc hj]ZgbaZpb_c ;Zah\ufb dhfihg_glZfb
y\eyxlky IDiZfylv dhfZg^ h[_ki_qb\ZxsZy ojZg_gb_ ijh]jZff h[jZ[hldb N; QZy klmi_gv
dhg\_c_jZI>iZfylv^ZgguoMM mkljhckl\hmijZ\e_gby>@
< aZ\bkbfhklb hlkihkh[Zh[f_gZ^Zggufbf_`^mklmi_gyfbdhg\_c_jZhi_jZpbhggmxqZklv
kbkl_fu hj]Zgbamxl eb[h \ \b^_ p_ihqdb g_ihkj_^kl\_ggh \aZbfhk\yaZgguo jbk Z N; eb[h
g_aZ\bkbfuo jbk [ N; < i_j\hf kemqZ_ h[_ki_qb\Z_lky [he__ \ukhdh_ [ukljh^_ckl\b_
hi_jZpbhgghc qZklb aZ kq_l [ukljuo hi_jZpbc h[f_gZ f_`^m klmi_gyfb <h \lhjhf kemqZ_ ijhklh
Hkgh\gZy iZfylv
j_Zebam_lkygZkljhcdZdhg\_c_jZgZ\uiheg_gb_ih^nmgdpbc\ jZaebqghfihjy^d_I_j\uc\ZjbZgl
ijbf_gy_lky gZb[he__ gZ mjh\g_ Zjbnf_lbdhdhg\_c_jghc h[jZ[hldb < wlhf kemqZ_ _keb <I
hj]Zgbam_lky ke_^mxsbf h[jZahf Ih hdhgqZgbb h[jZ[hldb we_f_glZ ihlhdZ ^Zgguo Z \ i_j\hc
klmi_gbdhg\_c_jZN;b i_j_^Zqbihemq_ggh]hj_amevlZlZ^eyh[jZ[hldb\h\lhjmxklmi_gbN;
\\h^blkyke_^mxsbcwe_f_glihlhdZ^ZgguoZ ^eyh[jZ[hldb\ N;< j_amevlZl_\ dhg\_c_j_[m^_l
h[_ki_q_gh h^gh\j_f_ggh_ \uqbke_gb_ ^\mo ih^nmgdpbc ^ey jZaguo we_f_glh\ \oh^gh]h ihlhdZ
^Zgguo b \ jZaebqguo klmi_gyo N; b N; Ih hdhgqZgbx h[jZ[hldb Zb Z ^himklbfh \\_^_gb_
ke_^mxs_]hwe_f_glZZ< blh]_ijbgZebqb_Qklmi_g_c\ dhg\_c_j_h[_ki_qb\Z_lkyh^gh\j_f_ggZy
h[jZ[hldZ 1we_f_glh\ ^Zgguo gZ mjh\g_ bkiheg_gbb ih^nmgdpbc Z gZ\uoh^_dhg\_c_jZihke_1
lZdlh\ jZ[hlu gZ dZ`^hf ke_^mxs_f lZdl_ [m^_l nhjfbjh\Zlvky we_f_glj_amevlZl LZdl jZ[hlu
dhg\_c_jZ
khhl\_lkl\_ggh
jZ\_g
^ebl_evghklb
bkiheg_gby
ih^nmgdpbc
\
kZfhc
f_^e_ggh^_ckl\mxs_c klmi_gb LZdbf h[jZahf ih\ur_gb_ ijhba\h^bl_evghklb <K h[_ki_qb\Z_lky
aZ kq_l k\_^_gby \j_f_gb h[jZ[hldb h^gh]h we_f_glZ fZkkb\Z d ^ebl_evghklb bkiheg_gby
ih^nmgdpbb \ h^ghc klmi_gb \uqbkebl_evgZy keh`ghklv dhlhjhc g_agZqbl_evgZ b khhl\_lkl\_ggh
kdhjhklvh[jZ[hldb[m^_l\ukhdZjbk\
JZkkfhlj_ggZy hj]ZgbaZpby dhg\_c_jguo <K \ qbklhf \b^_ j_Zebam_lky \ kbkl_fZo
ki_pbZevgh]h gZagZq_gby dh]^Z Zijbhjgh ba\_kl_g deZkk j_rZ_fuo aZ^Zq kljmdlmju ^Zgguo lbi
\uqbke_gbc < wlbo kemqZyo ijbdeZ^gu_ aZ^Zqb aZjZg__ Ze]hjblfbabjmxlky ^ey dhg\_c_jguo
\uqbke_gbchij_^_ey_lkygZ[hj\_dlhjguodhfZg^^Zggu_kljmdlmjbjmxlkyihlbim\_dlhjb aZl_f
kha^Z_lkyki_pbZebabjh\ZggZykbkl_fZH^gZdh\hfgh]bokemqZyoijh\_klblZdhcij_^\Zjbl_evguc
ZgZeba g_\hafh`gh eb[h ij_^iheZ]Z_fuc ^ey j_r_gby deZkk aZ^Zq iheghklvx g_ fh`_l [ulv
Zijbhjgh dhg\_c_jbabjh\Zg Ihwlhfm \ khklZ\_ kbkl_fu g_h[oh^bfh bf_lv dZd h[hjm^h\Zgb_ ^ey
\uiheg_gby \_dlhjghc lZd b kdZeyjghc h[jZ[hldb LZdb_ kbkl_fu h[uqgh kh^_j`Zl ke_^mxsbc
khklZ\ [Zah\uo we_f_glh\ hkgh\gmx iZfylv ehdZevgmx iZfylv kdZeyjguc ijhp_kkhj dhgljhee_j
\_dlhjguc dhgljhee_j iZfylb Zjbnf_lbq_kdbc dhg\_c_j KljmdlmjgZy hj]ZgbaZpby lZdhc kbkl_fu
ihdZaZgZgZjbk>@
Hkgh\gZy
iZfylv
Dhgljhee_j
\_dlhjghc
iZfylb
<_dlhjguc
dhgljhee_j
EhdZevgZy
iZfylv
:jbnf_lbq_k
dbcdhg\_c_j
KdZeyjguc
ijhp_kkhj
Jbk
Hkgh\gZy iZfylv HI ZgZeh]bqgZ ih nmgdpbyf iZfylb W<F h[s_]h gZagZq_gby b kh^_j`bl
ijh]jZffu h[jZ[hldb b ^Zggu_\ \_dlhjghcb g_\_dlhjghcnhjf_<\b^mlh]hqlhijb\uiheg_gbb
\_dlhjguo dhfZg^ lj_[m_lky [hevrh_ qbkeh aZijhkh\ d iZfylb __ hj]ZgbaZpby ki_pbnbqgZ b
kms_kl\_ggh\eby_lgZijhba\h^bl_evghklvkbkl_fu\ p_ehf
< j_Zevguo ijh]jZffZo g_ \k_ dhfZg^u y\eyxlky \_dlhjgufb wlh hi_jZpbb \\h^Z\u\h^Z
mijZ\e_gby iZfylvx ihbkdZ hij_^_e_gguo \_dlhjgbo ^Zgguo gZkljhcdb dhg\_c_jZ b l ^ LZdb_
hi_jZpbbwnn_dlb\ghh[_ki_qb\ZxlkyljZ^bpbhgguflbihfdhfZg^b bobkiheg_gb_\haeZ]Z_lkygZ
kdZeyjgucijhp_kkhjKDIjAZkq_lwlh]hhk\h[h`^Z_lky\_dlhjgh_h[hjm^h\Zgb_kbkl_fudhlhjh_
g_ ijbkihkh[e_gh ^ey j_ZebaZpbb h[uqguo dhfZg^ < dZq_kl\_ kdZeyjgh]h ijhp_kkhjZ qZklh
bkihevam_lkymgb\_jkZevgucijhp_kkhjkhhl\_lkl\mxs_]hlbiZ
<_dlhjguc dhgljhee_j <D h[_ki_qb\Z_l ^_dh^bjh\Zgb_ \_dlhjguo dhfZg^ \uqbke_gb_
iZjZf_ljh\ Z^j_kh\ hi_jZg^h\ bo jZkij_^_e_gb_ \uihegy_l gZkljhcdm ]_g_jZlhjZ \_dlhjguo
Z^j_kh\iZfylbgZkljhcdmZjbnf_lbq_kdh]hdhg\_c_jZhlke_`b\Zgb_bkiheg_gby\_dlhjguodhfZg^
hj]Zgbam_l\aZbfh^_ckl\b_\_dlhjgh]hh[hjm^h\ZgbykhkdZeyjgufijhp_kkhjhf
Dhgljhee_j \_dlhjghc iZfylb D<I h[_ki_qb\Z_l ij_h[jZah\Zgb_ iZjZf_ljh\ Z^j_kh\ \
k_jbx aZijhkh\ gZ ^hklmi d hkgh\ghc iZfylb Ijb wlhf kdhjhklv ^hklmiZ d ^Zgguf h[_ki_qb\Z_lky
]ZjZglb_cihemq_gbyZjbnf_lbq_kdbfdhg\_c_jhfgm`guo^Zgguo\ gm`gh_\j_fy
EhdZevgZyiZfylvEI\uihegy_lkh]eZkh\Zgb_kdhjhklbjZ[hluZjbnf_lbq_kdh]hdhg\_c_jZ
b dhgljhee_jZ \_dlhjghc iZfylb Dhgljhee_j aZ h^bg lZdl h[jZsZ_lky d hlghkbl_evgh ^ebgguf
k_]f_glZf \_dlhjh\ Z Zjbnf_lbq_kdhfm dhg\_c_jm gZ dZ`^hf lZdl_ lj_[m_lky bf_lv ih h^ghfm
hi_jZg^m hl dZ`^h]h ba g_kdhevdbo \oh^guo \_dlhjh\ Ihwlhfm ehdZevgZy iZfylv bkihevam_lky \
dZq_kl\_ ijhf_`mlhqgh]h [mn_jZ ^Zgguo d dhlhjhfm h[jZsZxlky dhgljhee_j b dhg\_c_j ih f_j_
gZ^h[ghklbb [_a\aZbfguodhgnebdlh\
:jbnf_lbq_kdbc dhg\_c_j :D y\ey_lky ZiiZjZlguf [ehdhf ^ey dhg\_c_jgh]h bkiheg_gby
Zjbnf_lbq_kdbo b eh]bq_kdbo^_ckl\bcgZ^^Zggufb\ khhl\_lkl\bbk l_dms_c\_dlhjghcdhfZg^hc
:D\ aZ\bkbfhklbhlj_ZebaZpbbfh`_lkh^_j`Zlvh^bgbebg_kdhevdhih^dhg\_c_jh\khklZlbq_kdhc
beb^bgZfbq_kdhchj]ZgbaZpb_c
Ijb ihkljh_gbb dhg\_c_jguo <K iZfylv kbkl_fu hj]Zgbam_lky bkoh^y ba h[eZklb __
ijbf_g_gby b ieZgbjm_fhc ijhba\h^bl_evghklb < kh\j_f_gguo \ukhdhijhba\h^bl_evguo kbkl_fZo
bkihevamxlky ijZdlbq_kdb \k_ lbiu Zjobl_dlmj iZfylb jZkkfhlj_ggu_ \ ]eZ\_ Ihwlhfm ijb
^Zevg_cr_f baeh`_gbb fZl_jbZeZ hj]ZgbaZpbb iZfylb dhg\_c_jguo kbkl_f g_ jZkkfZljb\Z_lky
hkgh\gh_\gbfZgb_m^_e_ghkihkh[Zfhj]ZgbaZpbbdhg\_c_jh\b Zjobl_dlmj_k_jbcguoFDH>kbkl_f
Kihkh[uhj]ZgbaZpbbdhg\_c_jguoijhp_kkhjh\
IhnmgdpbhgZevguf\hafh`ghklyfjZaebqZxlh^ghnmgdpbhgZevgu_b fgh]hnmgdpbhgZevgu_
dhg\_c_ju
H^ghnmgdpbhgZevgu_ dhg\_c_ju h[_ki_qb\Zxl \uiheg_gb_ lhevdh h^gh]h lbiZ
ij_h[jZah\ZgbcgZ^dZ`^ufgZ[hjhf\oh^guf^Zgguo< lZdbodhg\_c_jZodZ`^Zyklmi_gvy\ey_lky
ki_pbZebabjh\Zgguf pbnjh\uf ij_h[jZah\Zl_e_f ZiiZjZlghj_Zebamxsbf khhl\_lkl\mxsmx
ih^nmgdpbxIjbf_jhfh^ghnmgdpbhgZevgh]hdhg\_c_jZy\ey_lky[ehdkeh`_gbyqbk_ek ieZ\Zxs_c
aZiylhcijb\_^_gghcgZjbk>@
< ^ZgghfkemqZ_nmgdpbykeh`_gbyjZa[blZgZke_^mxsb_iylvih^nmgdpbc
\uqbke_gb_jZaghklbihjy^dh\
k^\b]\ijZ\hqbkeZk f_gvrbfihjy^dhfgZ\_ebqbgmjZ\gmxjZ\ghklbihjy^dh\
keh`_gb_fZglbkk
hij_^_e_gb_ qbkeZgme_\uojZajy^h\\ klZjrbojZajy^Zo
ghjfZebaZpbyihjy^dZb fZglbkku
DZ`^Zy ba \u^_e_gguo ih^nmgdpbc j_Zebam_lky \ hl^_evghc klmi_gb dhg\_c_jZ
ki_pbZebabjh\Zggufbeh]bq_kdbfbko_fZfbKhojZg_gb_\uoh^guo^Zgguoklmi_gb^ey\uiheg_gby
h[jZ[hldb\ ke_^mxs_cklmi_gbh[_ki_qb\Z_lkyko_fZfbNnbdkZlhjZfb^ZgguoI_j_^ZqZ^Zgguo
hl klmi_gb d klmi_gb mijZ\ey_lky h[sbf bklhqgbdhf kbgojhbfimevkh\ Ijb ihklmie_gbb gZ \oh^
dhg\_c_jZ ex[uo ^Zgguo hi_jZpby keh`_gby k ieZ\Zxs_c aZiylhc \uihegy_lky aZ iylv lZdlh\ ih
h^ghcb lhc`_ko_f_\uqbke_gbc
:
;
ihjy^hd!
fZglbkkZ!
DhfiZjZlhjb k_e_dlhj
;he__\ukh
dbcihjy^hd
N
FZglbkkZ
[hevr_]h
N
FZglbkkZ
f_gvr_]h
JZaghklv
ihjy^dh\
N
N
K^\b]\ijZ\h
N
N
N
KmffZlhj
N
N
Hij_^_e_gb_qbkeZgme_c
\ klZjrbojZajy^Zo
N
N
KmffZlhj
N
K^\b]Zl_ev\e_\h
GhjfZebah\Zgguc
ihjy^hd
GhjfZebah\Zg
gZy fZglbkkZ
Jbk
Fgh]hnmgdpbhgZevguc dhg\_c_j wlh dhg\_c_j h[_ki_qb\Zxsbc \hafh`ghklv \uqbke_gby
nmgdpbc jZaebqguo lbih\ DZ`^Zy klmi_gv lZdbo dhg\_c_jh\ y\ey_lky mijZ\ey_fuf
fgh]hnmgdpbhgZevgufij_h[jZah\Zl_e_fdhlhjuch[_ki_qb\Z_l\uqbke_gb_g_dhlhjhcih^nmgdpbb
\ aZ\bkbfhklb hl ihklmib\r_c dhfZg^u mijZ\e_gby ?kebbaf_g_gb_lbiZbkihegy_fhcih^nmgdpbb
ijhbkoh^bl h^gh\j_f_ggh ^ey \k_o klmi_g_c lh lZdb_ dhg\_c_ju gZau\Zxl dhg\_c_jZfb kh
klZlbklbq_kdbfmijZ\e_gb_f
< ^bgZfbq_kdb mijZ\ey_fuo dhg\_c_jZo i_j_kljhcdZ klmi_g_c fh`_l \uihegylvky g_
h^gh\j_f_ggh i_j_gZkljhcdZ ij_^r_kl\mxsbo klmi_g_c \uihegy_lky h^gh\j_f_ggh k
\uqbkebl_evghc jZ[hlhc \ ihke_^mxsbo klmi_gyo GZ jbk ijb\_^_gZ ^bZ]jZffZ jZ[hlu
q_luj_oklmi_gqZlh]hdhg\_c_jZkhklZlbq_kdbfmijZ\e_gb_f
Jbk
A^_kvijhbkoh^bl\uqbke_gb_nmgdpbb ) ijbf_gbl_evghd we_f_glZfihlhdZ^ZgguoZ Z Z
Z iml_f ihke_^h\Zl_evgh]h \uqbke_gby ih^nmgdpbc DZL EZL JZL GZL \ klmi_gyo dhg\_c_jZ
nmgdpbb) D ZZZ W OZLZZLMZLL «b ) EZLGZLDZLJZLJZLL «Ijbwlhf\
l_q_gb_i_jbh^ZW W ijhba\h^blky\uqbke_gb_nmgdpbb)Z ^Zggu_ j_amevlZlunhjfbjmxlkyk
qZklhlhc kjZ[Zlu\Zgby klmi_gb dhg\_c_jZ k fbgbfZevguf [ukljh^_ckl\b_f AZl_f h^gh\j_f_ggh
\uihegy_lkyi_j_gZkljhcdZ\k_oklmi_g_cdhg\_c_jZgZj_ZebaZpbxgh\uoih^nmgdpbc^eyNmgdpbb
)b aZimkdZxlkygZh[jZ[hldmwe_f_gluZZZ< blh]_i_j\ucj_amevlZl[m^_lknhjfbjh\ZggZ
\uoh^_q_l\_jlhcklmi_gb\ dhgp_i_jbh^ZW<j_fyijhklhydhg\_c_jZijbi_j_gZkljhcd_gZ^jm]hc
lbinmgdpbbjZ\gh
7ij Lg QWL
]^_ Lg fZdkbfZevgh_ \j_fy i_j_gZkljhcdb klmi_gb dhg\_c_jZ WL lZdljZ[hludhg\_c_jZ\
j_`bf_ hljZ[hldb ^Zgguo Q qbkehklmi_g_cdhg\_c_jZ< k\yabk wlbfdhg\_c_jukhklZlbq_kdbf
mijZ\e_gb_f bkihevamxlky ^ey j_r_gby aZ^Zq \ dhlhjuo oZjZdl_j hljZ[hldb ^Zgguo g_ lj_[m_l
qZklhci_j_gZkljhcdb>hklhbgkl\hfmkljhckl\wlh]hlbiZy\ey_lkyijhklhlZj_ZebaZpbbmkljhckl\Z
mijZ\e_gby
Jbk
GZ jbk ijb\_^_gZ ^bZ]jZffZ jZ[hlu dhg\_c_jZ k ^bgZfbq_kdbf j_r_gb_f ^ey j_r_gby
wlhc aZ^Zqb DZd \b^gh ba ^bZ]jZffu ijhklh]h dhg\_c_jZ Lij hij_^_ey_lky \j_f_g_f gZkljhcdb
klmi_gb
7ij Lg W
b g_ aZ\bkbl hl qbkeZ klmi_g_c dhg\_c_jZ Wlh ^hklb]Z_lky aZ kq_l kh\f_s_gby ijhp_^mj
gZkljhcdb klmi_g_c b h[jZ[hldb bgnhjfZpbb ^bZ]jZffZ ihkljh_gZ ijb ^hims_gbb Lg W < blh]_
\uqbke_gb_nmgdpbc) ) ^hklb]Z_lkyaZlZdlh\jZ[hludhg\_c_jZqlhgZlZdlh\[uklj__q_f
\ klZlbq_kdhfjbk
< aZ\bkbfhklb hl hj]ZgbaZpbb <I \ klmi_gyodhg\_c_jZjZaebqZxldhg\_c_jukbgojhggh]hb
Zkbgojhggh]h lbiZ < kbgojhgguo dhg\_c_jZo <I \ klmi_gyo hj]Zgbah\Zg lZdbf h[jZahf qlh
^ebl_evghklb bo kjZ[Zlu\Zgby jZ\gu Ihwlhfm ^ey kh]eZkh\Zgby <I \ klmi_gyo dhg\_c_jZ
bkihevamxlky k_jbb kbgojhbfimevkh\ k ihklhygghc qZklhlhc >ebl_evghklv kjZ[Zlu\Zgby klmi_g_c
Zkbgojhggh]hdhg\_c_jZ jZaebqgZkhhl\_lkl\_gghqZklhlZmijZ\eyxs_ckbgojhk_jbb i_j_f_ggZ
Hq_\b^gh qlh ijZ\bevguc \u[hj i_jbh^Z b ^ebl_evghklb kbgojhbfimevkh\ hij_^_eyxl
jZ[hlhkihkh[ghklvxb [ukljh^_ckl\b_dhg\_c_jZGZ\u[hjiZjZf_ljh\kbgojhk_jbbkms_kl\_ggh_
\ebygb_ hdZau\Z_l kljmdlmjgZy hj]ZgbaZpby dhg\_c_jZ LZd ijb jZ[hl_ dhg\_c_jh\ k nbdkZlhjZfb
jbkZi_jbh^kbgojhgbaZpbbJ ^he`_gm^h\e_l\hjblvhlghr_gbx
7PLQd3d7PD[
]^_ 7PLQ 7PD[ khhl\_lkl\_ggh fbgbfZevgh b fZdkbfZevgh \hafh`gh_ \j_fy \uqbke_gby
ih^nmgdpbb\ klmi_gbdhg\_c_jZ>@>Zggh_h]jZgbq_gb_h[mkeh\e_ghke_^mxsbfbijbqbgZfb?keb
J!LPD[ lh \hafh`gh \hagbdgh\_gb_ kblmZpbb ijb\_^_gghc gZ jbk[ KblmZpbb [ b \ \hagbdZxl
baaZjZaebqby\ ^ebg_dZ[_e_cOZjZdl_jbklbdZowe_f_glh\gZ]jmadbb l^< wlbokemqZyobfimevku
aZibkb^eynbdkZlhjh\jZaebqguoklmi_g_cihklmiZxlg_lhqgh k i_j_dhkhfLZdbaaZi_j_dhkZ6
gZjbk[ \nbdkZlhjQklmi_gb[m^ml\\_^_guj_amevlZlu\uqbke_gbcih^nmgdpbb^hnbdkZpbb
j_amevlZlZ \uqbke_gbc \ Qklmi_gb b ^Zggu_ k Qklmi_gb [m^ml ijbgylu d bkiheg_gbx \ Q
klmi_gvqlhbkdZablj_amevlZlu\uqbke_gbciih^nmgdpbb
<h \lhjhf kemqZ_ jbk [ ijb aZiZa^u\Zgbb kbgojhbfimevkZ b \uqbke_gbb \ klmi_gb
ih^nmgdpbb k fbgbfZevghc keh`ghklvx \hafh`gZ nbdkZpby gZ \uoh^_ klmi_gb j_amevlZlh\
\uqbke_gbcg_ij_^u^ms_]hrZ]ZZ l_dms_]h< blh]_\ iklmi_gvihklmiylgZh[jZ[hldml_`_
^Zggu_qlhijb\_^_ld hrb[hqghfmdhg_qghfmj_amevlZlmLZdbfh[jZahf^eybkdexq_gby\ebygby
i_j_ghkh\g_h[oh^bfhqlh[u
7PD[d76
7PLQt:6
N bdkZ
lhj
E h]bq_k db_
k o_f u
N b dkZ E h ]bq_k db_
lh j
ko_f u
N bdkZ
lhj
L
:
7 PD [
D
6
3 76 :
[
\
7 P LQ
6
: 6
Jbk
< aZ\bkbfhklbhlqbkeZdZgZeh\i_j_^Zqb^Zgguof_`^mklmi_gyfbjZaebqZxlh^ghdZgZevgu_
b fgh]hdZgZevgu_ dhg\_c_ju < h^ghdZgZevguo fh`gh \u^_eblv lhevdh h^bg h[sbc dZgZe ^ey
i_j_^Zqb bkoh^guo ^Zgguo b ijhf_`mlhqguo j_amevlZlh\ < fgh]hdZgZevguo ^ey wlbo p_e_c
hij_^_e_gu bg^b\b^mZevgu_ dZgZeu Fgh]hdZgZevgu_ dhg\_c_ju gZau\Zxl lZd`_ dhg\_c_jZfb
kbklhebq_kdhcZjobl_dlmju>@
Djhf_ i_j_qbke_gguo lbih\ dhg\_c_jh\ ijb j_r_gbb aZ^Zq gZ hkgh\_ j_dmjj_glguo
\ujZ`_gbc bkihevamxlky dhg\_c_ju k h[jZlgufb k\yayfb Ijb j_dmjj_glguo \uqbke_gbyo gZ \oh^
dhg\_c_jZ ih^Z_lky kljhdZ we_f_glh\ Z Z ZQ gZ \uoh^_ \ujZ[Zlu\Z_lky kljhdZ we_f_glh\
j_amevlZlh\oL IDLoL[L[LPP!
Dhg\_c_j ^ey j_r_gby aZ^Zq lZdhx lbiZ \ b^_Zevghf kemqZ_ ^he`_g ijbgbfZlv gZ \oh^ k
dZ`^uf kbgojhbfimevkhf gh\h_ agZq_gb_ ZL b \ujZ[Zlu\Zlv aZ i_jbh^ kbgojhgbaZpbb gh\h_
agZq_gb_oLH[h[s_ggZykljmdlmjZlZdh]hdhg\_c_jZijb\_^_gZgZjbkZZ ^bZ]jZffZ_]hjZ[hlu
gZjbk[A^_kv\ nbdkZlhjZoN h[_ki_qb\Z_lkyaZ^_j`dZgZh^bgi_jbh^kbgojhgbaZpbb
ZL
N «
N [ LP
N [ L
[ L
Dhg\_c_jk Qklmi_gyfb ^ey\uqbke_gby g
[ L!
g D L ! [ L ! [ LP ! D
Klmi_gv
Klmi_gv
[ L!
W
[ L!
W
[ L !
«
W
[
Jbk
[ L!
W
LZd dZd [L aZ\bkbl hl oL \ lZdhf dhg\_c_j_ \uqbke_gb_ oL fh`_l [ulv gZqZlh lhevdh ih
aZ\_jr_gbx \uqbke_gbc < j_amevlZl_ gh\h_ \uqbke_gb_ gZqbgZ_lky lhevdh h^bg jZa aZ dZ`^u_ Q
i_jbh^h\qlhg_wnn_dlb\ghIhwlhfmqZklhbkihevam_lkyke_^mxsbcih^oh^;Zah\h_j_dmjj_glgh_
khhlghr_gb_ ^ey \uqbke_gby ih bkihevam_lky \ dZq_kl\_ hihjgh]h ^ey ih^klZ\db
khhl\_lkl\mxsbo ©dhibcª I ZL Wlhl f_lh^ ih^jh[gh jZkkfhlj_g \ >@ H^gZdh ijb lZdhc
hj]ZgbaZpbb \hajZklZxl ZiiZjZlgu_ aZljZlu dhlhju_ g_h[oh^bfu ^ey hihjguo ih^klZgh\hd
Ijbf_jhj]ZgbaZpbbdhg\_c_jZwlh]hlbiZb ^bZ]jZffZ_]hjZ[hluijb\_^_gukhhl\_lkl\_gghgZjbk
Z b[A^_kv\\_^_ghh[hjm^h\Zgb_^eyj_ZebaZpbbh^ghcih^klZgh\dbqlhh[_ki_qb\Z_l[he__
\ukhdmxwnn_dlb\ghklvihkjZ\g_gbxk dhg\_c_jhfgZjbkaZdZ`^u_Q i_jbh^h\kbgojhgbaZpby
nhjfbjm_lky^\Zj_amevlZlZ
Z L!
N «
N N [ LP !
Z L !
N [ L !
[ L !
Qklmi_gqZlu c dhg\_c_j^ey\uqbke_gby g [ L !
[ L !
N Q
«
N N N Q
[ LP !
Qklmi_gqZlu c dhg\_c_j^ey\uqbke_gby g
[ L !
N D
[ L!
[ L !
[ L !
[ L !
Q
[ L !
[ L!
[ L !
[
Jbk
Ihke_^h\Zl_evgu_ dhg\_c_ju gZ fZdjh mjh\g_ kljmdlmjgh hj]Zgbamxlky \ \b^_ p_ihqdb
\aZbfhk\yaZgguo klmi_g_c kf jbkZ Ijhp_kk h[jZ[hldb ^Zgguo \ lZdbo kljmdlmjZo
ij_^klZ\ey_l kh[hc nbdkbjh\Zggmx ihke_^h\Zl_evghklv nmgdpbhgZevguo ij_h[jZah\Zgbc
we_f_glh\\oh^gh]hihlhdZ^Zgguo\ klmi_gyodhg\_c_jZK lhqdbaj_gbyoZjZdl_jZij_h[jZah\Zgbc
]jmii^Zgguofh`gh\u^_eblvljblbiZh[jZ[hldb]jmiih\mxg_aZ\bkbfmxb kf_rZggmx>@
=jmiih\Zyh[jZ[hldZ aZdexqZ_lky\ ijbf_g_gbbdh\k_fwe_f_glZf\oh^gh]hihlhdZ^Zgguo
h^ghc b lhc `_ hi_jZpbb ij_h[jZah\Zgby < wlhf kemqZ_ \ l_q_gb_ h[jZ[hldb ^Zgguo nmgdpbb
klmi_g_cdhg\_c_jZg_baf_ggu
Ijb g_aZ\bkbfhc h[jZ[hld_ dZ`^uc we_f_gl ihlhdZ ^Zgguo ih^\_j]Z_lky kh[kl\_gghc
hi_jZpbb ij_h[jZah\Zgby b khhl\_lkl\_ggh \ om^r_f kemqZ_ nmgdpbb klmi_g_c baf_gyxlky ijb
ihklmie_gbbgZ dhg\_c_jdZ`^h]hwe_f_glZ^Zgguo
Ijb kf_rZgghc h[jZ[hld_ h^gZ b lZ `_ hi_jZpby ij_h[jZah\Zgby gZagZqZ_lky ^ey ]jmiiu
^Zgguo ihke_^h\Zl_evgh ihklmiZxsbo \ dhg\_c_j >ey we_f_glh\ jZaebqguo ]jmii hi_jZpbb
ij_h[jZah\ZgbyjZaebqgu
< aZ\bkbfhklb hl oZjZdl_jZ \uqbkebl_evghf ijhp_kkZ \ kbkl_fu bkihevam_lky b
khhl\_lkl\mxsbc
lbi
dhg\_c_jZ
h^ghnmgdpbhgZevguc
beb
fgh]hnmgdpbhgZevguc
H^ghnmgdpbhgZevgu_ dhg\_c_ju dZd ijZ\beh ijbf_gy_lky ^ey ]jmiih\hc h[jZ[hldb gZ
Zjbnf_lbq_kdhfmjh\g_h[_ki_qb\Zyj_ZebaZpbxqZklh\klj_qZxsbokyZjbnf_lbq_kdbohi_jZpbc
Fgh]hnmgdpbhgZevgu_ dhg\_c_ju ijbf_gyxlky qZs_ gZ dhfZg^ghf b fZdjhdhfZg^ghf
mjh\gyob kljhylkygZijbgpbiZodhfZg^gh]hihlhdh\h]hb dhf[bgbjh\Zggh]hmijZ\e_gbygZkljhcdhc
klmi_g_c
Dhg\_c_juk dhfZg^gufmijZ\e_gb_fjbkZ
^Zggu_
F WI
F WI
F d
F WId
F d
j_amevlZlu
F dD
Mkljhckl\h mijZ\e_gby
hi_jZpby
Z
F WI
F WI
F WId
Z !
L
k
g
L
k
h[j
« Z Q!
Z ! Z ! « Z Q!
Z ! Z !
k
L h[j « Z!
«
L
Z Q!
k
h[j
1L h[j
L a D L kh[j
[
Z !
Z !
Z !
Z !
Z !
L kg
Z !
Z !
«
Z Q!
« Z Q!
Z !
D L kh] L kg « Z Q!
Z !
Z Q !
1L k h[j L kg \
JbkZ[\
Klmi_gb dhg\_c_jh\ ^Zggh]h lbiZ ij_^klZ\eyxl kh[hc fgh]hnmgdpbhgZevgu_ we_f_glZjgu_
ijhp_kkhju FWI h[_ki_qb\Zxsb_ \hafh`ghklv \uiheg_gby g_dhlhjh]h gZ[hjZ fbdjhhi_jZpbc
GZkljhcdZ FWI gZ \uiheg_gb_ lj_[m_fhc hi_jZpbb h[_ki_qb\Z_lky fbdjhdhfZg^ghc FD
ihklmiZxs_c ba mkljhckl\Z mijZ\e_gby dhg\_c_jhf Bkiheg_gb_ hi_jZpbc \ FWI \uihegy_lky
fbdjhijh]jZffghihfgh]hlZdlghcko_f_gZ[Za_h[hjm^h\Zgbymgb\_jkZevgh]hgZagZq_gby
>hklhbgkl\hf ^Zgghc hj]ZgbaZpbb y\ey_lky \hafh`ghklv j_ZebaZpbb klmi_gb dhg\_c_jZ
^hklZlhqgh keh`guo hi_jZpbc ijb g_\ukhdbo aZljZlZo h[hjm^h\Zgby ijhklhlZ fh^bnbdZpbb
nmgdpbcklmi_gb^eygh\uoijbf_g_gbc
G_^hklZldhf y\ey_lky gbadZy ijhimkdgZy kihkh[ghklv dhg\_c_jZ baaZ \uiheg_gby
ij_h[jZah\Zgbc \ klmi_gyo dhg\_c_jZ ih g_ hilbfZevghc ko_fhc ihl_jv \j_f_gb gZ jZa[hj
fbdjhdhfZg^ub bgbpbZebaZpbxkhhl\_lkl\mxs_]hh[hjm^h\Zgbyklmi_gbijb__ gZkljhcd_gZgh\uc
lbiij_h[jZah\Zgby
GZb[he__wnn_dlb\gudhg\_c_juk dhfZg^gufmijZ\e_gb_f^eyj_r_gbyaZ^Zqk ]jmiih\hc
h[jZ[hldhc ^Zgguo gZbf_g__ ^ey aZ^Zq k g_aZ\bkbfhc h[jZ[hldhc LZd ijb ]jmiih\hc h[jZ[hld_
fZkkb\Z : Z Z ZQ \ dhg\_c_j_ ba D klmi_g_c \j_fy ij_h[jZah\Zgby \k_o we_f_glh\ fZkkb\Z
Lh[jhij_^_ey_lkyke_^mxsbfh[jZahfjbk[
Klmi_gv <oh^ghc
dhffm
lZlhj
Klmi_gv N
KWI
N
N
KWI
KWI
N
N
N
<oh^ghc
dhffm
lZlhj <oh^ghc
dhffm
lZlhj
N
KWI N
N
KWI N
KWI N
N
<oh^ghc
dhffm
lZlhj
]
<oh^ghcdhf j
KWI
Klm KWI
i_gv KWI
KWI
Klmi_gv
Z ! Z ! « Z Q !
E!
E!
«
<oh^ghcdhf j
<oh^ghcdhf j
KWI
Klmi_gv
KlmKWI
Z! Z! «
i_gv KWI KWI
<oh^ghcdhf j
L kg
L k h[j
Z Q!
E! E !
«
^
Jbk]^
Lh[j
]j
Lg D1Lh[j
k
k
]^_ L g fZdkbfZevgh_ \j_fy gZkljhcdb L h[j fZdkbfZevgh_ \j_fy h[jZ[hldb we_f_glZ
^Zgguo\ klmi_gbdhg\_c_jZIjbg_aZ\bkbfhch[jZ[hld_wlh]h`_fZkkb\Zjbk\
g_a
k
k
k
L h[j L gD1L gL h[jZ ijbkf_rZgghch[jZ[hld_
kf
k
k
k
L h[j L gD1L h[jDjL g
]^_ jqbkeh ]jmii ^Zgguo fZkkb\Z : d dhlhjuf ijbf_gy_lky h^bg b lhl `_ lbi
ij_h[jZah\Zgby
Dhg\_c_ju k ihlhdh\uf mijZ\e_gb_f Klmi_gv dhg\_c_jZ ^Zggh]h lbiZ jbk]
ij_^klZ\ey_l fgh]hnmgdpbhgZevguc ij_h[jZah\Zl_ev khklhysbc ba \oh^gh]h b \uoh^gh]h
dhffmlZlhjh\ ^Zgguo ki_pbZebabjh\Zgguo we_f_glZjguo ijhp_kkhjh\ ZiiZjZlgh j_Zebamxsbo
ih^nmgdpbxij_h[jZah\Zgbywe_f_glZ^Zgguo\oh^guob \uoh^guonbdkZlhjh\^Zgguo
k
Ijb ]jmiih\hc h[jZ[hld_ fZkkb\Z : Z ZZ ji \ dhg\_c_j_ ba D klmi_g_c aZ \j_fy L g
jbk^\uihegy_lkyh^gh\j_f_ggZygZkljhcdZbob \uoh^guodhffmlZlhjh\klmi_g_cL_fkZfuf
nZdlbq_kdb nhjfbjm_lky ki_pbZebabjh\Zgguc dZgZe h[jZ[hldb ^Zgguo khklhysbc ba p_ihqdb
ki_pbZebabjh\Zgguo \uqbkebl_e_c ih^nmgdpbc >Ze__ b^_l h[jZ[hldZ we_f_glh\ fZkkb\Z : \
k
klmi_gyo dhg\_c_jZ \ l_fi_ kjZ[Zlu\Zgby khhl\_lkl\mxsbo KWI L h[j LZdbf h[jZahf \j_fy
]jmiih\hch[jZ[hldbfZkkb\Z: Lh[jhij_^_ey_lky
]j
k
k
L h[j L gL h[jD1
k
k
>Ze__ ihke_ h[jZ[hldb fZkkb\Z : j_amevlZl h[jZ[hldb we_f_glZ E fZkkb\Z < [m^_l
k
k
k
knhjfbjh\Zgq_j_a\j_fyL gL h[j jbk^E q_j_aL h[j b l^
Ijb \uiheg_gbb g_aZ\bkbfhc h[jZ[hldb we_f_glh\ fZkkb\Z : \ dhg\_c_j_ k ihlhdh\uf
mijZ\e_gb_f gZ mjh\g_ klmi_gb \hafh`gZ hj]ZgbaZpby jZ[hlu KWI k i_j_djulb_f < kemqZ_
ihklmie_gby \ dZ`^mx klmi_gv ihke_^h\Zl_evghklb we_f_glh\ h[jZ[Zlu\Z_fh]hfZkkb\Z\ dhlhjhf
ijbf_gyxlky jZaebqgu_ ij_h[jZah\Zgby gZ mjh\g_ ih^nmgdpbc fh`gh h[_ki_qblv g_ij_ju\gmx
aZ]jmadm \k_o KWI b ^h[blvky nhjfbjh\Zgby j_amevlZlh\ k qZklhlhc dhffmlZpbc we_f_glh\ ihlhdZ
^ZgguogZ\oh^dhg\_c_jZIjbf_jlZdhcjZ[hlu^\moklmi_gqZlh]hdhg\_c_jZijb\_^_ggZjbk
A^_kvwe_f_glZ ihklmiZ_lgZh[jZ[hldm\ KWIc klmi_gbaZl_fwe_f_glZ \ KWIc klmi_gb
aZl_f we_f_gl Z \ KWIA c klmi_gb D wlhfm fhf_glm h[jZ[hldZ Z aZdhgq_gZ b ihemq_gguc
j_amevlZl ihklmiZ_l gZ h[jZ[hldm \ KWI c klmi_gb \ KWI c klmi_gb \\h^blky gZ h[jZ[hldm
we_f_glZIhke_\\h^ZZ \ KWIc klmi_gvaZdZgqb\Z_lkyh[jZ[hldZZ b ihemq_ggucj_amevlZl
ihklmiZ_l gZ h[jZ[hldm \ KWI c klmi_gb >Ze__ \ KWI c klmi_gb \\h^blky gZ h[jZ[hldm
we_f_glZ b lZd^Ze__^eywe_f_glh\ZZZQ< blh]_q_j_a\j_fyLa gZ\uoh^_c klmi_gb[m^ml
nhjfbjh\Zlvky j_amevlZlu k qZklhlhc kjZ[Zlu\Zgby \oh^gh]h dhffmlZlhjZ LZdbf h[jZahf ^ey
g_a
gZbemqr_]hj_`bfZjZ[hludhg\_c_jZg_aZ\bkbfhch[jZ[hldbL h[jfZkkb\Zba1we_f_glh\[m^_l
hij_^_ey_lky
g_a
k
L h[j L1L d
]^_La \j_fyaZiheg_gbyfZ]bkljZeb
k
= d \j_fykjZ[Zlu\Zgby\oh^bgh]hdhffmlZlhjZ^Zgguo
<odhf j Z Z Z Z Z Z Z Z Z Z ZQ
KlmKWI
Z Z Z Z i_gv KWI
Z Z Z Z KWI
Z
Z Z Z <odhf j
Z Z Z Z Z Z Z Z Z Z Z Z <odhf j
Z Z Z Z Z Z Z Z Z Z Z Z KlmKWI Z Z Z
Z i_gv KWI
Z Z Z Z KWI
Z Z Z
<odhf j
Z Z Z Z Z Z Z Z Z Z Jbk
«
«
«
«
«
«
«
«
«
«
Ijb\_^_ggh_\ujZ`_gb_kijZ\_^eb\h\ lhfkemqZ__keb\j_fyh[jZ[hldbwe_f_glZ^Zgguo\
k
k
kZfhff_^e_ggh^_ckl\mxs_fKWI\ klmi_gbL h[j L dj
]^_jqbkehKWI\ klmi_gb
Ijb\uiheg_gbbkf_rZgghch[jZ[hldb\ aZ\bkbfhklbhlkljmdlmju\uqbkebl_evgh]hijhp_kkZ
g_a
kf
]j
\j_fy h[jZ[hldb fZkkb\Z L h[jdL h[jdL h[j < dZq_kl\_ hkgh\guo g_^hklZldh\ dhg\_c_jh\ k
ihlhdh\uf mijZ\e_gb_f fh`gh hlf_lblv ke_^mxsb_ \hi_j\uo keh`ghklv hj]ZgbaZpbb jZ[hlu
dhg\_c_jZ k iheguf i_j_djulb_f dZd gZ mjh\g_ mijZ\e_gby klmi_gyfb lZd b gZ mjh\g_
ijZ\bevgh]hnhjfbjh\Zgby\oh^ys_]hihlhdZ^Zgguo\h\lhjuog_baf_gy_fhklvnmgdpbcbaaZbo
ZiiZjZlghc j_ZebaZpbb qlh hij_^_ey_l klZlbqghklv kbkl_fu dhfZg^ dhg\_c_jZ \lj_lvbo \ukhdb_
ijhklhbh[hjm^h\ZgbyijbjZ[hl_k g_ijZ\bevghknhjfbjh\Zgguf\oh^gufihlhdhf^Zgguo
N
F WI
N
N
F WI
N
dhffm
lZlhj dhffm
lZlhj
N
F WI N
N
F WI N
N
F WI N
DHF F ML:LHJ
N
DHF F ML:LHJ
F WI
DHF F ML:LHJ
DHF F ML:LHJ
dhffm
lZlhj
N
dhffm
lZlhj
Mkljhckl\h mijZ\e_gby
Jbk
Dhg\_c_ju k dhfZg^ghihlhdh\uf mijZ\e_gb_f LZdb_ dhg\_c_ju jbk ij_^klZ\eyxl
kh[hc h[t_^bg_gb_ ij_^u^msbo \ZjbZglh\ Klmi_gb dhg\_c_jh\ ^Zggh]h lbiZ y\eyxlky
fgh]hnmgdpbhgZevgufb ij_h[jZah\Zl_eyfb dZ`^uc ba dhlhjuo khklhbl ba \oh^gh]h b \uoh^gh]h
dhffmlZlhjZ ^Zgguo iZfylbnbdkZlhjh\ b gZ[hjZ fgh]hnmgdpbhgZevguo we_f_glZjguo
ijhp_kkhjh\ DZ`^uc ba FWI h[_ki_qb\Z_l fbdjhijh]jZffgh_ \uqbke_gb_ gZ[hjZ ih^nmgdpbc
GZkljhcdZFWIgZdhgdj_lguclbiij_h[jZah\Zgbcijh\h^blkyfbdjhdhfZg^hcDhffmlZpby^Zgguob
fbdjhdhfZg^ gZkljhcdb gZ \oh^u FWI \uihegy_lky \oh^guf dhffmlZlhjhf mijZ\ey_fuf
mkljhckl\hfmijZ\e_gbydhg\_c_jhfLZdZyhj]ZgbaZpbyiha\hey_lh[_ki_qb\Zlvj_`bfi_j_djulby\
dhg\_c_j_ ijb ]jmiih\hc kf_s_gghc b g_aZ\bkbfhc h[jZ[hld_ we_f_glh\ \oh^gh]h ihbkdZ ^Zgguo
LZdbf h[jZahf \ dhg\_c_jZo k dhfZg^ghihlhdh\uf mijZ\e_gb_f kh\f_s_gu ^hklhbgkl\Z jZg__
jZkkfhlj_gguo dhg\_c_jguo kljmdlmj Fh`gh ihdZaZlv qlh ijb ijZ\bevghf ihkljh_gbb dhg\_c_jZ
ihke__]haZiheg_gbyj_amevlZluh[jZ[hldb[m^mlnhjfbjh\Zlvkyk qZklhlhckjZ[Zlu\Zgby\oh^gh]h
dhffmlZlhjZ < dZq_kl\_ g_^hklZldZ ke_^m_l hlf_lblv keh`ghklv j_ZebaZpbb mijZ\e_gby
\uqbkebl_evgufijhp_kkhfb agZqbl_evguch[t_fh[hjm^h\Zgby
H^ghnmgdpbhgZevgu_Zjbnf_lbq_kdb_dhg\_c_ju
H^ghnmgdpbhgZevgu_ Zjbnf_lbq_kdb_ dhg\_c_ju H:D gZreb rbjhdh_ ijbf_g_gb_ \
kh\j_f_gguo <K ^ey ihkljh_gby \ukhdhijhba\h^bl_evguo kdZeyjguo ijhp_kkhjh\ ^ey j_r_gby
aZ^Zq k ]jmiih\hc h[jZ[hldhc ihlhdZ ^Zgguo H:D y\eyxlky qZklguf kemqZ_f dhg\_c_jh\ k
ihlhdh\uf mijZ\e_gb_f lZdhc dhg\_c_j kljhblky \ \b^_ p_ihqdb KWI k nbdkbjh\Zgghc k\yayfb
LZdZy hj]ZgbaZpby iha\hey_l agZqbl_evgh mijhklblv mijZ\e_gb_ \uqbkebl_evguf ijhp_kkhf b
k\_klb d fbgbfmfm keh`ghklv mkljhckl\Z mijZ\e_gby dhg\_c_jhf NZdlbq_kdb \ H:D mijZ\e_gb_
k\h^blky d j_r_gbx aZ^Zqb kbgojhgbaZpbb jZ[hlu klmi_g_c b hi_jZpbc \\h^Z\u\h^Z ^Zgguo <
kh\j_f_gguo <K H:D h[_ki_qb\Zxl \uiheg_gb_ hi_jZpbc keh`_gby mfgh`_gby \uqbke_gby
eh]bq_kdbo nmgdpbc ba\e_q_gby d\Z^jZlgh]h dhjgy ^_e_gby qbk_e k nbdkbjh\Zgghc b ieZ\Zxs_c
aZiylhc < dZq_kl\_ ijbf_jh\ j_ZebaZpbb H:D gb`_ ijb\h^ylky lbih\u_ hj]ZgbaZpbb dhg\_c_jguo
kmffZlhjh\mfgh`bl_e_cb ^_ebl_e_c>@
Dhg\_c_jgu_ kmffZlhju f_lh^heh]bq_kdb kljhylky ZgZeh]bqgh kmffZlhjm jZkkfhlj_gghfm
gZjbk hi_jZpbykmffbjh\ZgbyjZa[b\Z_lkygZihke_^h\Zl_evghklvg_aZ\bkbfuofbdjhhi_jZpbc
j_Zebam_fuo \ khhl\_lkl\mxsbo klmi_gyo dhg\_c_jZ Dhg\_c_j gZ jbk k lhqdb aj_gby
ijhkljZgkl\_ggh]h jZa\blby \uqbkebl_evghf ijhp_kkZ y\ey_lky h^ghf_jguf < ihke_^g__ \j_fy
\k_ [he__ rbjhdh ijbf_gyxlky dhg\_c_ju k ^\mf_jghc hj]ZgbaZpb_c \ dhlhjuo \uqbke_gby \
klmi_gb jZkiZjZee_evgu Ijbf_jhf lZdhc hj]ZgbaZpbb fh`_l kem`blv dhg\_c_j ihkljh_gguc ih
ko_f_<Z]g_jZGZ^e_jZjbk^eykmffbjh\ZgbyjZajy^guoqbk_ek nbdkbjh\ZgghcaZiylhc
\
Z
N
\ N
N
60
H
H
\ N
N
60 V
H
V
60
N
Z H
V
BE B N
V
N
\ V
N
V
H
60
H
H
V
BE B
H
V
N
V
N
V
Hc
V
N
Z N
N
H
N
N
H
H
H
BE B
V
V
V
V
V
N
N
N
V
N
N
N
60
V
V
BE B V
N
60 H
Z
60
V
H
N
\ 60 H
V
N
V
V
\ N
N
V
N
N
N N
N
H
60
H
N
V
V
N
N
H
N
60
H
V
V
Z 60 H
H
N
N
N
BEB V
V
N
V
H
N
N
N
V
V
N
H
N
\ 60 N
V
BE B N
60 H
H
\ Z N
60 N
H
Z N
60 H
N
Z V
N
V
V
N
N
N
N
N
N
N
N
N
H
V V V V V V V V
Jbk
Kljmdlmjgh dhg\_c_j khklhbl ba q_luj_o klmi_g_c < khklZ\ klmi_g_c \oh^yl \oh^gu_
nbdkZlhju^ZgguokmffZlhjub eh]bq_kdb_we_f_gluk \uoh^gufbnbdkZlhjZfb^ZgguogZko_f_
hl^_evghg_mdZaZguGZ\oh^udZ`^hcklmi_gbih^Zxlky^\ZqbkeZdhlhju_ke_^m_lkeh`blv>ey
i_j\hcklmi_gbwlhbkoh^gu_keZ]Z_fu_: bKQbkeZihklmiZxsb_gZ\oh^uex[hc^jm]hcLklmi_gb
ij_^klZ\eyxl kh[hc kb]gZeu k \uoh^h\ nbdkZlhjh\ ij_^u^ms_c klmi_gb b y\eyxlky kb]gZeZfb
kmffu b kb]gZeZfb i_j_ghkh\ GZ \uoh^Zo nbdkZlhjh\ Lklmi_gb lZd`_ \ujZ[Zlu\Zxlky kb]gZeu
kmffub kb]gZeui_j_ghkh\dhlhjuo\ ^\ZjZaZf_gvr_q_fkb]gZeh\i_j_ghkh\gZ\oh^_klmi_gb<
ihke_^g_c klmi_gb \ujZ[Zlu\Z_lky kb]gZe i_j_iheg_gby j HYH <j_fy aZiheg_gby dhg\_c_jZ k
^Zggufijbgpbihfihkljh_gbyhij_^_ey_lkyke_^mxsbfh[jZahf
La @ORJQ>[ G
]^_ Q jZajy^ghklv qbk_e G \j_fy kjZ[Zlu\Zgby klmi_gb Ihke_ aZiheg_gby dhg\_c_jZ
^Zggu_ gZ _]h \uoh^_ [m^ml nhjfbjh\Zlvky q_j_a \j_fy G LZdbf h[jZahf ih kjZ\g_gbx k
ljZ^bpbhgghihke_^h\Zl_evghchj]ZgbaZpb_c\uiheg_gbyhi_jZpbbkmffbjh\Zgby\ jZkkfhlj_gghc
kljmdlmj_ \ ^\Z jZaZ khdjZsZ_lky \j_fy La < h[s_f kemqZ_ ijb ihkljh_gbb dhg\_c_jZ ih ^Zgghfm
ijbgpbimqbkehklmi_g_c[m^_ljZ\gh@ORJQ>hdjm]eyy^hp_euo
Dhg\_c_jgu_ p_ehqbke_ggu_ mfgh`bl_eb \h fgh]bo kemqZyo lZd`_ kljhylky gZ hkgh\_
kmffbjmxsbo mkljhckl\ k ihke_^h\Zl_evguf i_j_ghkhf LZdb_ mfgh`bl_eb hkgh\Zgu gZ ihemq_gbb
qZklbqguoijhba\_^_gbcihh^ghfmjZajy^m\ klmi_gbk ihke_^mxsbfkmffbjh\Zgb_f\ kmffZlhjZok
ihke_^h\Zl_evgufi_j_ghkhfIjblZdhfih^oh^_fh`gh\uqbkeylvijhba\_^_gbykhkdhjhklvxh^gh
ijhba\_^_gb_ aZ i_jbh^ kbgojhgbaZpbb H^gZdh ^ey \ujZ\gb\Zgby b aZihfbgZgby ijhf_`mlhqguo
j_amevlZlh\ lj_[m_lky [hevr__ qbkeh ko_f nbdkZlhjh\ qlh ijb\h^bl d \ukhdhc klhbfhklb
j_ZebaZpbb H[s__ qbkeh klmi_g_c b khhl\_lkl\_ggh ko_f nbdkZlhjh\ agZqbl_evgh kgb`Z_lky ijb
bkihevah\Zgbb f_lh^Z Mhee_kZ Ijb wlhf ih^oh^_ f_gy_lky eh]bdZ h^ghjZajy^gh]h kmffZlhjZ k
lj_fy\oh^Zfbb ^\mfy\uoh^ZfbLZd^eymfgh`bl_eyojZajy^Zy klmi_gvkh^_j`blkmffZlhj
^ey kmffbjh\Zgby lj_o qe_gh\ ba gZ[hjZ ZaEh ZE ZE ZhE jbk <lhjZy klmi_gv kh^_j`bl
kmffZlhj ^ey kmffbjh\Zgby hklZ\r_]hky qe_gZ k feZ^rbf jZajy^hf gZ \uoh^_ wlh]h i_j\h]h
kmffZlhjZ b kh klZjrbf jZajy^hf gZ \uoh^_ lh]h kmffZlhjZ i_j\hc klmi_gb dhlhjuc \uqbkebe
kmffmqe_gh\ZEhZEZhE>eymfgh`bl_eyijhba\hevgh]hjZaf_jZwlhijb\_^_gb_ljh_djZajy^h\
d iZjZf ijh^he`Z_lky ^h l_o ihj ihdZ \ dZ`^hf jZajy^_ j_amevlZlZ g_ hklZg_lky lhevdh ih ^\Z
jZajy^Z ^ey keh`_gby Lh]^Z wlb ^\Z qbkeZ fh`gh keh`blv ljZ^bpbhgguf kihkh[hf Ke_^m_l
hlf_lblvqlhih^Zgghcko_f_ihkljh_gmfgh`bl_evW<F<F
Dhg\_c_jgu_ ^_ebl_eb ZgZeh]bqgh jZg__ jZkkfhlj_gguf j_r_gbyf b f_lh^heh]bq_kdb
hkgh\ZgugZba\_klguoZe]hjblfbq_kdboih^oh^Zof_lh^h\mkdhj_ggh]h^_e_gbyk \hkklZgh\e_gb_f
hklZldZ f_lh^Zo Kl_nZg_eeb f_lh^Zo ^_e_gby q_j_a mfgh`_gb_ b l^ <ukhdZy kdhjhklv
\uiheg_gbyhi_jZpbb\ dhg\_c_jZo^hklb]Z_lkyaZkq_liZjZee_evghklb\uiheg_gbyfbdjhhi_jZpbc
\ ki_pbZebabjh\Zgguoklmi_gyo
E EE D D D D E D E D E N
N
N
N
60
N
N
N
N
N
60
k k 60
N
E
D
N
N
E EE DD D E E
D D 60 60 60 N
60
N
N
N
N
N
60 N
60
N
E E E D D D 60
E
D
60
N
N
N
N
60
N
N
N
N
N
N
N
N
N
N
N
N
N
k
k
k
k
k
k
Jbk
H^gbfbaijbf_jh\dhg\_c_jghckljmdlmjuiZjZee_evgh]hlbiZ^ey\uiheg_gby^_e_gby^\mo
iheh`bl_evguo ghjfZebah\Zgguo ^jh[_c : b K y\ey_lky kljmdlmjZ gZ jbk
DZ`^uc we_f_gl kljmdlmju kh^_j`bl h^ghjZah\uc kmffZlhj eh]bq_kdbc we_f_gl BkdexqZxs__
BEBnbdkZlhju^Zgguowe_f_gluiZfylb< ijb\_^_gghfijbf_j_bf_xlkyjZajxgh_^_ebfh_
: Z Z Z ZZ q_luj_ojZajy^guc ^_ebl_ev K kkkk hklZlhd <L qZklgh_ 4 TTTT ]^_ T p_eZy qZklv qbkeZDZ`^ZypbnjZqZklgh]hy\ey_lkymijZ\eyxsbfkb]gZehf^eyke_^mxs_ckljhdb
fZljbpuhij_^_eyxsbclbifbdjhhi_jZpbb\ kljhd_ keh`_gb_beb\uqblZgb_
D
F
D F
D
F
D
F
D
F
T
D
D
T
T
D
T
Jbk
D
Jbk
E
E
E
E
E
Fgh]hnmgdpbhgZevgu_dhg\_c_ju
Fgh]hnmgdpbhgZevgu_ dhg\_c_ju gZb[he__ qZklh kljhylky gZ hkgh\_ ijbgpbiZ dhfZg^gh
ihlhdh\h]h klZlbq_kdh]h mijZ\e_gby qlh k\yaZgh k [he__ ijhklhc l_ogbq_kdhc j_ZebaZpb_c dZd
hi_jZpbhgghc qZklb dhg\_c_jZ lZd b mkljhckl\Z mijZ\e_gby dhg\_c_jhf Ijbf_jhf Zjbnf_lbdh
eh]bq_kdh]hdhg\_c_jZfZljbqgh]hlbiZy\eyxlkykljmdlmjZihdZaZggZygZjbk
NmgdpbhgZevgh ^Zgguc dhg\_c_jjZkkqblZggZ\uiheg_gb_hi_jZpbc\uqbke_gbyeh]bq_kdhc
nmgdpbb hl g_kdhevdbo i_j_f_gguo ih^kq_lZ qbkeZ _^bgbp [blh\h]h \_dlhjZ Zjbnf_lbq_kdhf
keh`_gbyb mfgh`_gby^\hbqguoqbk_ehi_jZpbcgZ^kljmdlmjhc^ZgguolbiZ\_dlhjDhgp_ilmZevgh
dhg\_c_j y\ey_lky h^ghjh^ghc \uqbkebl_evghc kj_^hc k i_j_kljZb\Z_fhc kljmdlmjhc
\uqbkebl_evgu_ fh^meb b^_glbqgu b h[t_^bg_gu bgnhjfZpbhggufb dZgZeZfb \ j_r_ldm DZ`^uc
fh^mevj_Zebam_lke_^mxsmxkbkl_fmeh]bq_kdbob dhffmlZpbhgguonmgdpbc
« d
d
d
Q
6 \ › $\ N › 6SN
Q
QN
d
« d
6 d
d
« d
« d
d
« d
« d
Jbk
S %\ › S\ N › SN › VN
[ ] N ] [ › ] W › WN
W ] ] [W › ] ] [ › W › W] ] › 2] ] N › [N
\ \
$
%
[V S › [ VS › [VS
[ VS › [V S › [VS › [VS
DZd \b^gh \uqbkebl_evguc fh^mev \ aZ\bkbfhklb hl gZkljhcdb gZ[hjhf mijZ\eyxsbo
kb]gZeh\ fh`_l \uihegylv dZd nmgdpbb dhffmlZlhjZ b nmgdpbb h[jZ[hldb ^Zgguo
BgnhjfZpbhggufb\oh^Zfby\eyxlky\oh^umijZ\eyxsbfb\oh^Zfb bgnhjfZpbhggufb
\uoh^Zfb y < ijb\_^_gghc kbkl_f_ nmgdpbc W o V j m h[hagZqZxl i_j_f_ggu_ gZ
bgnhjfZpbhgguo \oh^Zo V
o
W
j
m
j_amevlZlu \uiheg_gby hi_jZpbb gZ bgnhjfZpbhgguo
\uoh^ZoN]] h[hagZqZxlkb]gZeumijZ\e_gbygZ\oh^ZogZkljhcdbfh^mey
IjbgZebqbbkb]gZeZN gZ\oh^_dhg\_c_jZ\ g_fh[_ki_qb\Z_lkyj_ZebaZpbyhi_jZpbb
\uqbke_gby eh]bq_kdhc nmgdpbb hl g_kdhevdbo i_j_f_gguo I_j_f_ggu_ eh]bq_kdhc nmgdpbb
ihklmiZxl gZ bgnhjfZpbhggu_ \oh^u dhg\_c_jZ b A Z j_amevlZl \uqbke_gbc nhjfbjm_lky gZ
h^ghfba\uoh^h\Ij_^\Zjbl_evgZygZkljhcdZdhg\_c_jZgZlbieh]bq_kdhcnmgdpbb\uihegy_lky
iml_f ih^Zqb gZ \oh^u fh^me_c gZkljh_qguo kb]gZeh\ ] b ] < j_amevlZl_ lZdhc gZkljhcdb
fh^mevdhg\_c_jZj_Zebam_lh^gmbake_^mxsbodhffmlZpbhgguobebeh]bq_kdbohi_jZpbc
]]
]]
]]
]]
[¶
[¶
[¶
[¶
[W¶ W
WW¶ W¶ [W
W¶ [YW
Ijbf_j knhjfbjh\Zgghc ^j_\h\b^ghc kljmdlmju \ dhg\_c_j_ ^ey \uqbke_gby [me_\hc
nmgdpbb ) [W[[WY[WWY[[WW[WY[W ijb\_^_g gZ jbk ]^_ \gmljb fh^me_c ]jZnbq_kdb
bah[jZ`_guj_Zebam_fu_hi_jZpbb
>ey \uiheg_gby hi_jZpbb ih^kq_lZ qbkeZ _^bgbp \ [blh\hf \_dlhj_ gZ bgnhjfZpbhggu_
\oh^udhg\_c_jZih^ZlvZgZebabjm_fuc\_dlhjZ gZ\oh^u agZq_gbyeh]bq_kdh]hIjbf_j
j_ZebaZpbb ^Zgghc hi_jZpbb ijb\_^_g gZ jbkJ_amevlZl\uqbke_gbcnhjfbjm_lkygZ\uoh^Zo
]jmiiu\ \b^_ihke_^h\Zl_evghklbeh]bq_kdbo
,
^ebgZdhlhjhcjZ\gZqbkem_^bgbp\ \_dlhj_
:jbnf_lbq_kdb_ hi_jZpbb j_Zebamxlky ijb gZebqbb h[s_]h kb]gZeZ mijZ\e_gby d Ijb
wlhffh^mebdhg\_c_jZgZkljZb\ZxlkygZ\uiheg_gb_ke_^mxs_ckbkl_fuhi_jZpbc
V S
[
\ W V\ › $\
%\ › S\
W
\
[
W
W
W
W
W
W
W
[
›
[
[
[
[
[
[
›
›
Jbk
S
6
6 6
6
6
6
6
6
6
S c
S
S c
S
S c
S
S c
S
S c
S
S c
S
S c
Jbk
>ey\uiheg_gbyhi_jZpbbmfgh`_gbyfgh`bfh_ih^Z_lkygZ\oh^uZ fgh`bl_evgZ\oh^u
Ijbwlhf\ yq_cdZo klhe[ph\gZ\oh^Zodhlhjuo_klvkb]gZe \ \uihegyxlkynmgdpbb
V $ S % [
W W [ \ \
< j_amevlZl_gZ\uoh^Zonhjfbjm_lkyqZklbqgh_ijhba\_^_gb_Z gZ\uoh^Zok^\bgmlZy
gZ h^bg jZajy^ dhiby fgh`bfh]h ?keb gZ \oh^Zo fh^me_c klhe[pZ bf__lky kb]gZe m lh
\uihegy_lkyke_^mxsZykbkl_fhi_jZpbc
V V S S [ W W [ \ \
< j_amevlZl_ gZ \uoh^Zo nhjfbjm_lky agZq_gb_ qZklbqgh]h ijhba\_^_gby ba ij_^u^ms_]h
klhe[pZZ gZ\uoh^Zok^\bgmlZydhibyfgh`bfhHdhgqZl_evgucj_amevlZl\uiheg_gbyhi_jZpbb
nhjfbjm_lky gZ \uoh^Z V¶ ihke_^g_f klhe[pZ fh^me_c =jZnbq_kdZy bgl_jij_lZpby hi_jZpbb
mfgh`_gbyijb\_^_gZgZjbk]^_fgh`bfh_jZ\ghZ fgh`bl_ev 6
[
6
[
6 6
[
W
S
\
6
\
[
[
S
W
6 [
W c
S c
\c Sc
\c
\
Sc
S
W
Wc \ Wc
S
W
\
S
W
\ c W c Sc
\ c Wc Sc
\c
Jbk
:jbnf_lbq_kdh_ keh`_gb_ ^\hbqguo qbk_e \ dhg\_c_j_ \uihegy_lky ijb ih^Zq_ i_j\h]h
keZ]Z_fh]hgZ\oh^uZ \lhjh]hIjbwlhfgZ\oh^uih^Z_lky\_dlhjfZkdZ
Djhf_jZkkfhlj_gguoZjbnf_lbq_kdbohi_jZpbc\ dhg\_c_j_k ^Zgghchj]ZgbaZpb_cijbwlbo
`_ kb]gZeZo mijZ\e_gby j_Zebamxlky lZd`_ b hi_jZpbb dhffmlZpbb ^Zgguo ba \_jlbdZevguo
bgnhjfZpbhgguo dZgZeh\ WW
\ ]hjbahglZevgu_ oo
Ijbq_f wlb hi_jZpbb fh]ml \uihegylvky
h^gh\j_f_gghk Zjbnf_lbq_kdbfb=jZnbq_kdb_bgl_jij_lZpbbwlbohi_jZpbcihdZaZgugZjbkb
jbk>_lZevgh_jZkkfhlj_gb_bohimkdZ_lkybaaZhq_\b^ghklb
W
W
W
W
W
W
W
W
[
W
[
W
[
W
[
W
[
[
[ [
W
W
W
Jbk
W
W
W
W
W
[
W
[
W
[
W
[
W
[
[
[ Jbk
[
< aZdexq_gb_ ke_^m_l hlf_lblv qlh ijb ijh_dlbjh\Zgbb dhg\_c_jguo kbkl_f ijboh^blky
mqblu\Zlv g_ lhevdh djbl_jbb wnn_dlb\ghklb kbkl_fu k lhqdb aj_gby __ ijhba\h^bl_evghklb ^ey
j_r_gbyihklZ\e_gghcaZ^Zqbghb klhbfhklvH[uqghijboh^blkyb^lbgZdhfijhfbkkgh_j_r_gb_
h[_ki_qb\Zlv fZdkbfZevgh \hafh`gmx ijhba\h^bl_evghklv ijb ijb_fe_fhc klhbfhklb H^bg ba
kihkh[h\ ihbkdZ lZdh]h dhfijhfbkkZ ij_^eh`_g EZjkhghf b aZdexqZ_lky \ ke_^mxs_f ?keb L
\j_fy aZljZqb\Z_fh_ eh]bq_kdbfb ko_fZfb [_a nbdkZlhjh\ gZ \uqbke_gb_ h^gh]h j_amevlZlZ lh \
kemqZ_ bo jZa[b_gby gZ Qklmi_g_c k jZ\gufb aZ^_j`dZfb \ dZ`^hc klmi_gb \j_fy gZ h^gh
\uqbke_gb_ \ dhg\_c_jghf j_`bf_ mf_gvrblky ^h Lkl LiLn ]^_ Ln\j_fy ^ey ijhoh`^_gby
nbdkZlhjZ klmi_gb >Ze__ _keb klhbfhklv nbdkZlhjZ klmi_gb jZ\gZ / b klhbfhklv eh]bq_kdbo ko_f
klmi_gbjZ\gZKlhklhbfhklvdhg\_c_jZ &.baQklmi_g_chij_^_ey_lkydZd
K. /QK
Hq_\b^gh qlh k \hajZklZgb_f klmi_g_c \hajZklZxl klhbfhklv b ijhba\h^bl_evghklv
baf_jy_fZy\ dhebq_kl\_\uqbke_gbc\ _^bgbpm\j_f_gbKjZ\gblvklhbfhklvb ijhba\h^bl_evghklv
fh`ghiml_f\uqbke_gbyhlghr_gbyf_`^mgbfbdZdnmgdpbbhlQ qbkeZklmi_g_c
klhbfhklv
klhbfhklv x \j_fy\uqbke_gbc kdhjhklv\uqbke_gby
/ x Q & x 7 & 7/ &6 /6Q &7
Q
Q
> @
Fbgbfmf wlhc nmgdpbb ^hklb]Z_lky ijb Q
&7 /6 Wlhl fbgbfmf khhl\_lkl\m_l
gZbf_gvr_c klhbfhklb ijboh^ys_cky gZ h^gh \uqbke_gb_ LZdbf h[jZahf \ wlhf kemqZ_ gZ h^gm
_^bgbpmklhbfhklbijboh^blkygZb[hevr__qbkeh\uqbke_gbc>Zgguckihkh[y\ey_lkym^h[guf^ey
ij_^\Zjbl_evguo hp_ghd b iha\hey_l hij_^_eblv hilbfZevgh_ qbkeh klmi_g_c dhg\_c_jZ k lhqdb
aj_gbyijb\_^_gguo\ur_khh[jZ`_gbc>@
:jobl_dlmjZk_jbcguodhg\_c_jguo\uqbkebl_evguokbkl_f
< ^Zgghf hl^_e_ jZkkfZljb\Zxlky hkgh\gu_ hkh[_gghklb Zjobl_dlmju b l_ogheh]bb
ijhba\h^kl\Z^\mok_f_ckl\dhg\_c_jguo<K&5$<b &<%(5Wlbkbkl_fu\u[jZgu\ke_^kl\b_ lh]h
qlh hgb gZb[he__ rbjhdh \g_^j_gu \ iZjd kh\j_f_gguo W<F Kbkl_fu hlghkylky d deZkkm
kmi_jijhba\h^bl_evguo b hjb_glbjh\Zgu gZ ihlj_[ghklb djmiguo eZ[hjZlhjbc gZmd p_gljh\ b
hj]ZgbaZpbcaZgyluoj_r_gb_faZ^Zq\ukhdhc\uqbkebl_evghckeh`ghklbLZdb_aZ^ZqbijZdlbq_kdb
j_rZxlky \ h[eZklb kh\j_f_gghc Zkljhghfbb nbabdb fZl_fZlbdb ijb fh^_ebjh\Zgbb ]Zah
]b^jh^bgZfbq_kdbo ijhp_kkh\ \ Z\bZdhkfbq_kdhc Z\lhfh[bevghc g_nl_i_j_jZ[Zlu\Zxs_c
ijhfure_gghklb \ wdki_jlguo kem`[Zo ih hp_gd_ f_l_hmkeh\bc b ijbjh^guo j_kmjkh\ \ kbkl_fZo
h[jZ[hldb jZ^bhehdZpbhgguo ^Zgguo Ih hp_gdZf ki_pbZebklh\ \ [eb`Zcr__ \j_fy kbkl_fu wlh]h
deZkkZ [m^ml bkihevah\Zlvky \ kn_j_ mijZ\e_gby ijhba\h^kl\hf \ h[eZklb wdhghfbq_kdh]h
ijh]ghabjh\Zgby b mijZ\e_gby nbgZgkZfb \ nZjfZp_\lbq_kdhc ijhfure_gghklb < k\yab k wlbf
h`b^Z_lkyjhklijh^Z`bdhg\_c_jguo\ukhdhijhba\h^bl_evguokbkl_fgZ <_^msb_ijhba\h^bl_ebdhg\_c_jguo<KZdlb\ghijh\h^ylgh\u_l_ogheh]bq_kdb_jZajZ[hldb
\ wlhc h[eZklb fh^_jgbaZpbx m`_ \uimkdZ_fuo fh^_e_c GZb[he__ fhsgufb aZjm[_`gufb
ijhba\h^bl_eyfbdhg\_c_jguo%&y\eyxlkynbjfu&UD\5HVHDUWKR:?L:6\VWHPVKR:nbjfu
Yihgbb 1(&)XMLWVX+LWDFKL< kj_^g_fgZGBHDJi_j_qbke_ggufbnbjfZfb\u^_ey_lkyhdheh
hlh[s_]h^hoh^Z< qZklghklbK]Zm5HVHDUW\u^_ey_lhdhehfeg^he)XMLWVXfeg^he>@<
ihke_^g__ \j_fy dhg\_c_jgu_ \uqbkebl_eb klZgh\ylky ihimeyjgufb b \ dZq_kl\_ khijhp_kkhjh\
ih^dexqZ_fuod fbgbW<FIjbf_jhflZdbojZajZ[hlhdy\eyxlkyijhp_kkhju)36(36$3%
>@JZajZ[hld_dhg\_c_jguo\ gZklhys__\j_fym^_ey_lky\_kvfZk_jv_agh_\gbfZgb_h[eZklvbo
ijbf_g_gbykms_kl\_gghjZkrbjy_lkykbkl_fuy\eyxlkydhff_jq_kdbj_glZ[_evgufb
:jobl_dlmjZb hkh[_gghklb\uqbkebl_evguokbkl_fk_f_ckl\ZK<<?5
Nbjfhc ijhba\h^bl_e_f dhg\_c_jguo <K k_f_ckl\Z &<%(5 y\ey_lky nbjfZ KhiW]hO 'DWH
&RUS dhlhjZy Zdlb\gh gZqZeZ ^_yl_evghklv \ wlhc h[eZklb k gZqZeZ o ]h^h\ H^ghc ba i_j\uo
jZajZ[hlhdy\ey_lkykbkl_fZ67$5[Zabjm_fZygZyaud_:c\_jkhgZ$3/67$5ijbjZ[hl_
k ^ebggufb \_dlhjZfb ^Zgguo h[_ki_qb\Z_l \uiheg_gb_ hdheh nehik < wlhc k_jbb [ueh
ba]hlh\e_ghq_luj_kbkl_fudhlhju_ihklmibeb\ ijZ\bl_evkl\_ggu_eZ[hjZlhjbb^\_\ ///h^gZ\
1$6$ b \ kbkl_fm k\yab &<%(51(7 < p_ehf \ 67$5 j_Zebah\Zgu ijbgpbiu Zjbnf_lbdh
dhg\_c_jghc b dhfZg^ghdhg\_c_jghc h[jZ[hldb hgZ hjb_glbjh\ZggZ gZ \uiheg_gb_ hi_jZpbc k
jZajy`_ggufb ^\hbqgufb \_dlhjZfb f_lh^ ^hklmiZ d ^Zgguf \ kbkl_f_ ihke_^h\Zl_evguc
Kbkl_fZ dhfZg^ 67$5 khklhbl gZ dhfZg^ ^ey jZ[hlu k \_dlhjZfb b ^ey jZ[hlu kh
kdZeyjgufb^Zggufb< dZq_kl\_yaudh\bkihevamxlky )2573$1b $3/67$5^`
:jobl_dlmjZ 67$5 ihdZaZgZ gZ jbk < hj]ZgbaZpbb iZfylb bkihevam_lky djZlgh_
jZkkeh_gb_ DZ`^uc fh^mev iZfylb kh^_j`bl jZajy^guo keh\ >hklmi d iZfylb
hj]Zgbam_lky ki_pbZebabjh\Zgguf dhgljhee_jhf dhlhjuc h[_ki_qb\Z_l mijZ\e_gb_ lZd`_ b
dZgZeZfb \\h^Z\u\h^Z < p_ehf ijb ^hklmi_ d iZfylb h[_ki_qb\Z_lky kdhjhklv i_j_^Zqb jZajy^h\aZgKIhlhdh\h_mkljhckl\h\uihegy_l^_dh^bjh\Zgb_b bkiheg_gb_ kdZeyjguodhfZg^
mijZ\e_gb_\_dlhjZfbNmgdpbbehdZevghciZfylb]_g_jbjh\Zgb_aZijhkh\gZ^hklmid iZfylb
Ijhp_kkhjgu_ kj_^kl\Z 67$5 ij_^klZ\eyxlky ^\mfy Zjbnf_lbq_kdbfb dhg\_c_jZfb b
ki_p dhg\_c_jhf I_j\uc dhg\_c_j kh^_j`bl klmi_gqZluc kmffZlhj k ieZ\Zxs_c aZiylhc b klmi_gqZluc mfgh`bl_ev k ieZ\Zxs_c aZiylhc <lhjhc dhg\_c_j kh^_j`bl dhg\_c_jguc kmffZlhj
dhg\_c_jgh_ mkljhckl\h h[s_]h gZagZq_gby h[_ki_qb\Zxs__ \uiheg_gb_ hi_jZpbc mfgh`_gby
^_e_gbyb ba\e_q_gbcd\Z^jZlgh]hdhjgyH[Zdhg\_c_jZ bf_xlhkgh\ghci_jbh^kbgojhgbaZpbb\ gK b mijZ\eyxlky fbdjhijh]jZffgh Dhg\_c_ju jZa^_ebfu lh _klv fh]ml aZ h^bg lZdlh\uc i_jbh^
\uihegblvh^gmhi_jZpbxgZ^jZajy^gufbhi_jZg^Zfbbeb^\_hi_jZpbbgZ^jZajy^gufb
IZfylvD[Zcl
k_dpbciho
D[bldZ`^Zy
kqblu \Zgb_
DZgZeu
\\u\h^Z
MijZ\e_gb_ dhfZg^Zfb > hihegbl_ev
gZyiZfylv
k_dpbc
aZibkv
I> I
MijZ\e_gb_ ^hklmihf d iZfylb
ql_gb_
aZibkv
MijZ\e_gb_ \u oh^gu fbihlhdZfbb
[mn_jZfb
;mn_j
ihlhdh\
N Zceh\u_
j_]bklju
Dhg\_c_j
Dhg\_c_j
hi_jZpbbk
hi_jZpbb k
ieZ\Zxs _c ieZ\Zxs _c
Ki_p
dhg\_c_j
MijZ\e_gb_ \u oh^guf ihlhdhf
Jbk
< ijhp_kk_ wdkiemZlZpbb 67$5 [ueh h[gZjm`_gh qlh h[eZklv ijbf_g_gby kbkl_fu
h]jZgbqb\Z_lkybaaZ
gbadh]h [ukljh^_ckl\by hkgh\ghc iZfylb \j_fy \u[hjdb gK j_Zebah\Zgghc gZ
fZ]gblguok_j^_qgbdZo
gbadh]h[ukljh^_ckl\bykdZeyjghcZjbnf_lbdb
^ebl_evgh]haZimkdZ\_dlhjZ\ dhg\_c_j\j_fyaZimkdZkhklZ\eyehfdkqlhh[_ki_qb\Zeh
^hklb`_gb_ ibdh\hc ijhba\h^bl_evghklb lhevdh ijb ^ebg_ h[jZ[Zlu\Z_fh]h \_dlhjZ we_f_glh\
djZcg_g_wnn_dlb\ghch[jZ[hldbijhba\hevghg_ihke_^h\Zl_evghjZkiheh`_gguo\ iZfylb
\_dlhjh\
I_j_qbke_ggu_ g_^hklZldb mkljZgyebkv \ ihke_^mxsbo fh^bnbdZpbyo kbkl_fu b gZqbgZy k
]kbkl_fZihemqbeZgZa\Zgb_&<%(5?
OZjZdl_jbklbdb ihke_^gbo fh^_e_c <K k_f_ckl\Z &<%(5 ijb\_^_gu \ lZ[ebp_ Wlb
fh^_eb [Zabjmxlky gZ <K &<%(5 y\eyxs_cky j_amevlZlhf ^he]hkjhqghc ijh]jZffu ih
hljZ[hld_Zjobl_dlmjudhg\_c_jguokbkl_f
&<%(5 wlh fh^_jgbabjh\ZggZy kbkl_fZ 67$5 k mkh\_jr_gkl\h\Zggufb
dhg\_c_jZfb b ihlhdh\uf mkljhckl\hf gZ ;BK k lZdlh\uf i_jbh^hf gK <uqbkebl_evgZy
fhsghklv kbkl_fu jZkrbjy_fZ qbkeh dhg\_c_jhf fh`_l [ulv m\_ebq_gh ^h q_luj_o _fdhklv
iZfylb ^h Fkeh\ qbkeh dZgZeh\ \\h^Z\u\h^Z ^h Ih kjZ\g_gbx k feZ^rbfb fh^_eyfb
kbkl_fZy\ey_lkyl_ogbq_kdbb l_ogheh]bq_kdbgh\hc
Hkgh\ghc l_ogheh]bq_kdbc \ub]jur \ &<%(5 ihemq_g aZ kq_l gh\uo ;BK gZ WKE
djbklZeeZo gh\uo ih^oh^h\ \ dhfihgh\d_ maeh\ b kbkl_f hoeZ`^_gby eh]bq_kdbo kbkl_f DZ`^uc
djbklZee;BKij_^klZ\ey_lkh[hcfZljbpmbaWKEi_j_dexqZl_e_cqlhijbf_jghwd\b\Ze_glgh
eh]bq_kdbf \_glbeyf < kbkl_f_ bkihevah\Zgh lbih\ ;BK HoeZ`^_gb_ ieZl `b^dhklgh_
DZ`^Zy ieZlZ kh^_j`bl hoeZ`^Zxsb_ ljm[db rl ih dhlhjuf pbjdmebjm_l nj_hg DjbklZeeu
;BK dj_iylky g_ihkj_^kl\_ggh gZ hoeZ`^Zxsbo ljm[dZo \ d_jZfbq_kdbo ^_j`Zl_eyo jZaf_jhf o o ff < j_amevlZl_ ijb jZ[hl_ l_fi_jZlmjZ ;BK ih^^_j`b\Z_lky gZ mjh\g_ r K
DjbklZee ;BK bf__l \g_rgbo dhglZdlZ dhlhju_ \u\_^_gu gZ [hdh\mx b gb`gxx qZklv
d_jZfbq_kdh]h^_j`Zl_eyNbdkZpby;BKhkms_kl\e_gZf_oZgbq_kdb ijm`bggufbaZ`bfZfb
Hkgh\gZy iZfylv &<%(5 bkiheg_gZ gZ djbklZeeZo ihemijh\h^gbdh\hc iZfylb _fdhklvx
Dkeh\ k \j_f_g_f pbdeZ \u[hjdb gk >ey \kihfh]Zl_evghc eh]bdb bkihevah\Zgu WKEko_fu gZ
djbklZeeZozfdhklvxDHoeZ`^_gb_hkms_kl\ey_lkynj_hgh\ufbieZklbgZfbjZkiheh`_ggufb
f_`^mieZlZfb
Qbkeh
dZgZeh\
\\u\
>ebgZkeh\Z
[bl
Dhebq_kl\h
ijhp_kkhjh\
Ijhba\h^bl_e
vghklv
feghik
IZjd
mklZgh\db
kbkl_f
Klhbfhklv
kbkl_fu
Lbi
kbkl_fu
>ZlZihklZ\db
LZ[ebpZ
PI
Lbi
we_f_g
lZjghc
[Zau
L
HAM
Wp
gk
Wp
gk
?f
dhklv
F[Zcl
BK
WKE
kdZeyjguo
\_dlhjguo
kdZeyjguo
\_dlhjguo
KBK
kdZeyjguo
\_dlhjguo
WKE
KBK
&UD\
;03
kdZeyjguo
\_dlhjguo
WKE
KBK
WKE
&UD\
;03
\_dlhjguo
WKE
KBK
&UD\
\_dlhjguo
WKE
KBK
&UD\
\_dlhjguo
WKE
KBK
\_dlhjguo
WKE
KBK
&UD\6
&UD\
;03
&UD\
;03
&UD\
DhfZg^gZy iZfylv jZkiheZ]Z_lky gZ \kihfh]Zl_evguo ieZlZo b j_Zebah\ZgZ gZ WKE
djbklZeeZo_fdhklvxOD[Wlbwe_f_gluiZfylbbf_xl\j_fypbdeZql_gb_aZibkvgk
< p_ehf &<%(5k iZfylvxFkeh\aZgbfZ_liehsZ^vofKbkl_fZhoeZ`^_gby
iZfylb \ Fkeh\h b p_gljZevghc qZklb kbkl_fu khklhbl ba ^\mo dhg^_gkbjmxsbo mkljhckl\gZl
hoeZ`^Zxs_c `b^dhklb IblZgb_ h[_ki_qb\Z_lky hl h^ghc d<l Z\lh]_g_jZlhjghc mklZgh\db
L_ieh\Zy fhsghklv jZkk_b\Zgby khklZ\ey_l hdheh d%l < dZq_kl\_ i_jbn_jbcghc fZrbgu ^ey
&<%(5fh]ml[ulvbkihevah\ZgufZrbgu,%0beb&<%(5K>K
KljmdlmjgZy hj]ZgbaZpby kbkl_fu ihdZaZgZ gZ jbk Hkgh\gufb maeZfb y\eyxlky
\_dlhjguc [ehd , kdZeyjguc [ehd bgl_jn_ck iZfylb hkgh\gZy iZfylv dZgZeu
\\h^Z\u\h^Z]eZ\gh_mkljhckl\hmijZ\e_gby=MM
K ljhdh\uc[ehd
D hg\_c_jdhfZg^
; <0 5 Ihlhdh\h_
mkljhckl\h
%
%
5 &
&
: D
N Zceh\u_j_]bklju
: h
g
\
_
N M N M N M N MN M c _
$
5
j
%
5
DHG<??J
DHG<??J
DHG<??J
D h
g
\
_
«
c
_
j
$
5 $
;ehdql_gbyaZibkb D h
g
\
_
c
_
j
5 0 < ;
&
5
:
5
:
=MM
D ZgZeu\\h^Z
\u\h^Z
Jbk
H kgh\gZyiZf ylv
F keh\
<_dlhjguc [ehd \dexqZl \ k_[y hl h^gh]h ^h q_luj_o dhg\_c_jh\ ^ey \uiheg_gby
hi_jZpbc k ieZ\Zxs_c aZiylhc kljhdh\uc [ehd b ihlhdh\h_ mkljhckl\h >Zggu_ ihklmiZxl \
\_dlhjguc[ehdihjZajy^gufrbgZf:< ^eyqbk_ek ieZ\Zxs_caZiylhcb rbg_FOM^ey
\_dlhjh\mijZ\e_gbyb kbf\hevguokljhdBa\_dlhjgh]h[ehdZ\ iZfylv^Zggu_gZijZ\eyxlkyih
jZajy^guf rbgZf K b 5 IhklmiZxsb_ ^Zggu_ jZkij_^_eyxlky ihlhdh\uf mkljhckl\hf gZ jZajy^gu_ihlhdb^eyZjbnf_lbq_kdbodhg\_c_jh\\ jZajy^gu_ihlhdb^eykljhdh\h]h[ehdZ
Kljhdh\uc [ehd \uihegy_l jZajy^gheh]bq_kdb_ kbf\hevghkljhdh\u_ hi_jZpbb k
ihke_^h\Zl_evghklyfb [bl beb [Zcl b h[jZ[Zlu\Z_l mijZ\eyxsbc \_dlhj ^ey fZkdbjh\Zgby
hi_jZpbc k ieZ\Zxs_c aZiylhc ;ehd h[_ki_qb\Z_l \u^Zqm j_amevlZlh\ kh kdhjhklvx F[blk b
k\yaZgk i_j\ufmkljhckl\hfjZajy^gufbfZ]bkljZeyfb
:
<
K
Mkljhckl\h h[f_gZ
^Zggufb
<_dlhj
mijZ\e_gby
MM
Jbk
Dhg\_c_ju k ieZ\Zxs_c aZiylhc b^_glbqgu b kh^_j`Zl ih iylv nmgdpbhgZevguo mkljhckl\
jbk^ey\uiheg_gbyhi_jZpbckeh`_gbymfgh`_gbyk^\b]Zeh]bq_kdbohi_jZpbc
eh]bdb aZ^_j`dZ GZ ^Zgghf mjh\g_ h[_ki_qb\Z_lky ijbgpbi dhfZg^ghc dhg\_c_jbaZpbb
NmgdpbhgZevgu_ mkljhckl\Z \aZbfh^_ckl\mxl k \oh^gufb : b < b \uoh^ghc K jZajy^gufb
rbgZfb q_j_a mkljhckl\h h[f_gZ ^Zggufb J_`bf jZ[hlu k i_j_djulb_f \ dhg\_c_jZo g_
j_Zebah\Zg Kdhjhklv ihemq_gby j_amevlZlh\ khklZ\ey_l fegj_ak k jZajy^gufb
Hkh[_gghklvx dhg\_c_jZ y\ey_lky \hafh`ghklv kp_ie_gby ljbZ^bq_kdbo hi_jZpbc hi_jZpbb lbiZ
:<K Kmlv hi_jZpbb kp_ie_gby aZdexqZ_lky \ ke_^mxs_f ?keb h^bg ba hi_jZg^h\ y\ey_lky
kdZeyjhfb hi_jZpbbf_`^miZjZfbjZaebqgu
<_dlhjkdZeyj\_dlhj
Jbk
Nhjfbjh\Zgb_
j_amevlZlZ
K^\b]
Kqzl^ey
ghjfZebaZpbb
Kmffbjh\Zgb_
K^\b]
<
KjZ\gb\Zgb_
ihjy^dh\
:
MijZ\e_gb_
agZdhf
lh h[_ki_qb\Z_lky q_j_a ZiiZjZlmjm h[f_gZ dhffmlZpby j_amevlZlh\ hi_jZpbb kdZeyj we_f_gl \_dlhjZ gZ \oh^ Zjbnf_lbq_kdh]h [ehdZ j_Zebamxs_]h \_dlhj \_dlhj GZ lZdbo
kp_ie_gbyo ^ey jZajy^ghc Zjbnf_lbdb b q_luj_o dhg\_c_jZo \ \_dlhjghf [ehd_ ^hklb]Z_lky
ijhba\h^bl_evghklv\ Fnehgk
NmgdpbhgZevgu_mkljhckl\Zdhg\_c_jZhj]Zgbah\ZguihZjbnf_lbdhdhg\_c_jghfmijbgpbim
GZ[Za_mkljhckl\Zmfgh`_gbyj_ZebamxlkylZd`_hi_jZpbb^_e_gbyb ba\e_q_gbyd\Z^jZlgh]hdhjgy
KljmdlmjgZy hj]ZgbaZpby mkljhckl\ keh`_gby b mfgh`_gby ijb\_^_gu khhl\_lkl\_ggh gZ
jbkb jbk
K
:
<
Mfgh
`_gb_
>hihegb
l_evgu c
dh^
KmffZ
I_j_ghk
Kebygb_ ^hiheg_
gb_
> _e_
gb_b
—C
K^\b]
agZqbfhklb
K
Ih^kq_l
agZqbfhklb
Jbk
<\_^_ggu_ h[jZlgu_ k\yab f_`^m klmi_gyfb dhg\_c_jh\ iha\heyxl \uihegylv hi_jZpbb k
j_amevlZlZfbknhjfbjh\ZggufbgZ\uoh^Zodhg\_c_jZb \gh\vihklmib\rbfhi_jZg^hf
KL KL < ijbKh :
KdZeyjguc [ehd kh^_j`bl dhg\_c_j dhfZg^ [ehd ql_gbyaZibkb [ehd 6(&'('dhgljhey
iylv g_aZ\bkbfuo Zjbnf_lbq_kdbo mkljhckl\ b jZajy^guo nZceh\uo j_]bkljZ < kdZeyjguc
[ehd ^Zggu_ ihklmiZxl ih ^\mf jZajy^guf rbgZf : b < Z j_amevlZlu \\h^blky ih jZajy^ghc rbg_ K FZ]bkljZeb ^Zgguo d \_dlhjghfm [ehdm ijhoh^yl q_j_a kdZeyjguc [ehd ]^_
\uihegy_lky6(&'('dhgljhevb jZa[hjijbhjbl_lh\^eyaZijhkh\d iZfylb
Dhg\_c_j dhfZg^ h[_ki_qb\Z_l ^_dh^bjh\Zgb_ \_dlhjguo b kdZeyjguo dhfZg^ b \ujZ[hldm
kb]gZeh\ mijZ\e_gby \ \_dlhjguc b kdZeyjguc [ehd aZ gk lZdlh\uc i_jbh^ NhjfZl dhfZg^ lj_oZ^j_kguc \u[hjdZ dhfZg^ \uihegy_lky ba o>@ kl_dZ ;ehd kh^_j`bl kbkl_fm
j_a_j\bjh\Zgby ^ey dhgljhey \u^Zqb ^_dh^bjh\Zgguo kdZeyjguo dhfZg^ h[_ki_qb\Z_lky dhgljhev
dhgnebdlh\ gZ mjh\g_ \oh^gh]h b \uoh^gh]h hi_jZg^h\ Kmlv dhgnebdlh\ aZdexqZ_lky \
g_h[oh^bfhklb aZ^_j`db bkiheg_gby dhfZg^u \ l_o kemqZyo dh]^Z \ dZq_kl\_ bkoh^gh]h hi_jZg^Z
bkihevam_lky j_amevlZl \uiheg_gby ij_^u^ms_c dhfZg^u beb g_h[oh^bfh ihf_klblv hi_jZg^
j_amevlZl\ j_]bkljj_amevlZlZk j_amevlZlhfhi_jZg^hfij_^u^ms_cdhfZg^u
;ehd ql_gby aZibkb h[_ki_qb\Z_l dhgljhev ^hklmiZ d hkgh\ghc iZfylb b aZg_k_gb_ \
j_]bkljh\uc nZce keh\Z ba iZfylb ijb ijhba\hevghf ^hklmi_ h[_ki_qb\Z_lky aZ gk ijb
hlkmlkl\bbdhgnebdlZ Bf__lky[mn_jaZijhkh\aZijhkh\gZkqblu\Zgb_ gZaZibkv
:jbnf_lbq_kdb_ mkljhckl\Z djhf_ mkljhckl\Z ^_e_gby y\eyxlky dhg\_c_jgufb b fh]ml
\u[bjZlvgh\ucgZ[hjZj]mf_glh\dZ`^uclZdlh\uci_jbh^J_amevlZluhlex[h]hmkljhckl\Zfh]ml
ihklmiZlv gZ \oh^ ^jm]h]h Zjbnf_lbq_kdh]h mkljhckl\Z ihke_ djZldh\j_f_ggh]h hklZgh\Z qlh
iha\hey_l bo bkihevah\Zlv \ ke_^mxs_c Zjbnf_lbq_kdhc hi_jZpbc Nmgdpbb mkljhckl\ b bo
oZjZdl_jbklbdbijb\_^_gu\ lZ[e
LbinmgdpbhgZevgh]hmkljhckl\Z
<j_fyjZ[hlugk
LZ[ebpZ
QbkehlZdlh\
AZibkvkqblu\Zgby
Keh`_gb_mfgh`_gb_
Mfgh`_gb_
Eh]bq_kdb_hi_jZpbb
H^bghqgucpbde
>_e_gb_^eyjZajy^h\
<uqbke_gb_— ^eyjZajy^h\
>_e_gb_^eyjZajy^h\
<uqbke_gb_— ^eyjZajy^h\
Bgl_jn_ckiZfylbh[_ki_qb\Z_laZijhkud iZfylb\ kmi_jkeh\hkeh\hb ihemkeh\haZgk
nhjfbjh\Zgb_ jZajy^guo keh\ ^ey hi_jZpbhgghc qZklb H[_ki_qb\Z_lky kdhjhklv i_j_^Zqb
^Zgguo ih fZ]bkljZeyf Fkeh\F ;mn_ju 5 5 h[_ki_qb\Zxl \u^Zqm ^Zgguo Z : O : ijb_f^Zgguoihke_h[jZ[hldb
Hkgh\gZy iZfylv kh^_j`bl ^h k_dpbc ih Fkeh\m b ih^dexq_gZ d bgl_jn_ckm q_j_a jZajy^gmx fZ]bkljZev ^Zgguo Kdhjhklv h[f_gZ k iZfylvx ^hklb]Z_l Fkeh\k gZ keh\
IZfylv bf__l \j_fy pbdeZ b \u[hjdb gk DZ`^Zy k_dpby \ Fkeh\h hj]Zgbah\ZgZ \ kl_dh\
iZfylbdZ`^ucbadhlhjuobf__lfZ]bkljZev^Zgguod bgl_jn_ckmiZfylbDZ`^uckl_d^_eblkygZ
g_aZ\bkbfuo[Zgdh\ihD jZajy^guoihemkeh\jZajy^Z ^Zggu_jZajy^h\ dhgljhevgu_
^ey bkijZ\e_gby h^bghqghc b h[gZjm`_gby ^\hcghc hrb[db :^j_kZpby iZfylb ^himkdZ_lky
ih[blgZy[Zclh\Zyihemkeh\hjZajy^Zihkeh\gZyb kmi_jkeh\hfjZajy^h\
Hkgh\ghc dhfie_dl &<%(5 kh^_j`bl ihjlh\ \\h^Z\u\h^Z k rbghc jZajy^Z b
kdhjhklvx i_j_^Zqb F[blk >himkdZ_lky mklZgh\dZ ^hihegbl_evguo ihjlh\ qlh ih\urZ_l
ijhimkdgmx kihkh[ghklv ^h F[blk Ihjlu k\yaZgu k bgl_jn_ckhf jZajy^gufb rbgZfb
Ex[hc ba dZgZeh\ h[_ki_qb\Z_l [mn_jbaZpbx [bl b ih^dexq_gb_ mkljhckl\Z mijZ\e_gby
l_oh[kem`b\Zgb_f MML MML h[_ki_qb\Z_l k\yav k hi_jZlhjhf dhgljhev b mijZ\e_gb_ kbkl_fhc \
p_ehf
Ijh]jZffgh_ h[_ki_q_gb_ &<%(5 y\ey_lky jZa\blb_f 67$5 Hkgh\gufb
we_f_glZfby\eyxlky
iZd_lgZybgl_jZdlb\gZyHK &<%(5
\_dlhjbabjmxsbcdhfibeylhj^eyhkgh\gh]hyaudZ\ukhdh]hmjh\gy&<%(5)257$1
yaudZkk_f[e_jZK<%(5F?L:
kj_^kl\Zj_^Zdlbjh\ZgbyaZ]jmadb\_^_gbynZceh\
:jobl_dlmjZb hkh[_gghklb\uqbkebl_evguokbkl_fk_f_ckl\Z &5$<
JZajZ[hlqbdhf b ijhba\h^bl_e_f \ukhdhijhba\h^bl_evguo <K k_f_ckl\Z &5$< y\ey_lky
nbjfZ &UD\ 3HVHDUK rl <bkdhgkbg KR: K_jby &5:M i_j\hgZqZevgh hjb_glbjh\ZeZkv gZ
ijbf_g_gb_ \ gZmqguo b ijhfure_gguo p_gljZo aZgyluo j_r_gb_f aZ^Zq \ h[eZklb
Zwjhdhkfbq_kdbobkke_^h\ZgbcihbkdZijbjh^guoj_kmjkh\ijh]ghabjh\ZgbyZlfhkn_jguoy\e_gbc
Zwjh^bgZfbq_kdh]hfh^_ebjh\Zgby\ Z\lhfh[be_kljh_gbbIZjdwdkiemZlbjm_fuofZrbggZk_]h^gy
khklZ\ey_lhdheh_^bgbp
Qbkeh
dZgZeh\
\\u\
>ebgZkeh\Z
[bl
Dhebq_kl\h
ijhp_kkhjh\
Ijhba\h^bl_e
vghklv
feghik
IZjd
mklZgh\db
kbkl_f
Klhbfhklv
kbkl_fu
>ZlZihklZ\db
Lbi
kbkl_fu
PI
Lbi
we_f_g
lZjghc
[Zau
LZ[ebpZ
HAM
Wp
gk
Wp
gk
?f
dhklv
F[Zcl
BK
WKE
kdZeyjguo
\_dlhjguo
kdZeyjguo
\_dlhjguo
KBK
kdZeyjguo
\_dlhjguo
WKE
KBK
&UD\
;03
kdZeyjguo
\_dlhjguo
WKE
KBK
WKE
&UD\
;03
\_dlhjguo
&UD\
WKE
KBK
\_dlhjguo
WKE
KBK
&UD\
\_dlhjguo
WKE
KBK
\_dlhjguo
WKE
KBK
&UD\6
&UD\
;03
&UD\
;03
&UD\
Dhgp_ilmZevgh \ kbkl_f_ j_Zebah\Zgu dhfZg^ghdhg\_c_jguc b Zjbnf_lbdhdhg\_c_jguc
ijbgpbi h[jZ[hldb Hkgh\gu_ oZjZdl_jbklbdb <K ijb\_^_gu \ lZ[ebp_ ;Zah\hc dhgnb]mjZpb_c
k_f_ckl\Z y\ey_lky kbkl_fZ &5$< Ihke_^mxsb_ fh^_eb jZajZ[hlZgu gZ hkgh\_ ijhp_kkhjZ
&5$< hlebqZxlky bkihevah\Zgb_f [he__ kh\j_f_gghc we_f_glghc [Zau KBKWKE b
jZkrbj_gb_f \hafh`ghkl_c hkgh\guo [ehdh\ _fdhklb iZfylb qbkeZ dZgZeh\ \\h^Z\u\h^Z qbkeZ
i_jbn_jbcguoijhp_kkhjh\b l^
&5$< khklhbl ba ke_^mxsbo hkgh\guo [ehdh\ hkgh\gZy iZfylv dhfZg^guc ijhp_kkhj
kdZeyjgucijhp_kkhjehdZevgZyiZfylv
P_ehqbke_ggh_
keh`_gb_
P_ehqbke_ggh_
mfgh` _gb_
P_ehqbke_ggh_
keh`_gb_
K^\b]
Eh]bq_kdb_
hi_jZpbb
Ih^kqzl
kh\hdmighkl_c
;mn_ju
dhfZg^
>@
:^j_kgu _
[mn_jgu_
jbkmgdb
:^j_kgu _
j_]bklju
KdZeyjgu_
[mn _jgu_
j_]bklju
KdZeyjgu_
j_]bklju
<_dlhjgu_
j_]bklju
Keh`_gb_ b
mfgh` _gb_ k
ieZ\Zxs_c H[jZlgZy
ZiijhdkbfZpby
;biheyjgZy iZfylv[Zgdh\ihdkeh\
DhfZg^guc
ijhp_kkhj
P_ehqbke_ggh_
keh`_gb_
P_ehqbke_ggh_
mfgh` _gb_
dZgZeh\
\\h^Z \u\h^Z
Eh]bq_kdb_
hi_jZpbb
Jbk
Hkgh\gZyiZfylv j_Zebah\ZgZgZ[Za_ihemijh\h^gbdh\hciZfylb\j_f_g_f\u[hjdbb pbdeZ
gk b bf__l _fdhklv jZajy^guo keh\ >ebl_evghklv jZ[hq_]h pbdeZ khklZ\ey_l gk
IZfylvk_dpbhgbjh\ZgZgZ[Zgdh\Ijbh[jZ[hld_[ZgdhfaZijhkZh[jZs_gbyd g_fmaZij_s_gu
ghj_r_guh[jZs_gbyd ^jm]bf[ZgdZfk bgl_j\Zehf\ h^bgjZ[hqbcpbdeDZ`^uc[Zgdkh^_j`bl
fh^mey fh^mev kh^_j`bl h^bg jZajy^ keh\Z LZdbf h[jZahf [Zgd kh^_j`bl jZajy^gu_ keh\Z \
dhlhjuojZajy^h\ dhgljhevgu_^eybkijZ\e_gbyh^bghqguohrb[hdb h[gZjm`_gby^\hcguoZ jZajy^Z bgnhjfZpbhggu_<u[hjdZ^Zgguoba[ZgdZhkms_kl\ey_lkyaZjZ[hqbopbdeZb aZkq_l
wlh]hbahkgh\ghciZfylbh^ghjZajy^gh_keh\h\u^Z_lkyq_j_agk?keb^Zggu_\u[bjZxlky
ba h^gh]h [ZgdZ lh iZfylv h[_ki_qb\Z_l kdhjhklv h[f_gZ \ Fkeh\k _keb ^Zggu_ nhjfbjmxlky
ijb jZ[hl_ [Zgdh\ k i_j_djulb_f h[_ki_qb\Z_lky kdhjhklv Fkeh\k IjhimkdgZy kihkh[ghklv
rbg^Zgguo\ &5$<khklZ\ey_lFkeh\k
DhfZg^guc ijhp_kkhj h[_ki_qb\Z_l mijZ\e_gb_ kbkl_fhc b ^_dh^bjh\Zgb_ dhfZg^ Nmgdpbb
ehdZevghciZfylb\uihegyxl\hk_fv\_dlhjguoj_]bkljh\dZ`^ucbadhlhjuofh`_lkh^_j`Zlv^h
keh\ we_f_glh\ \_dlhjZ Ba nmgdpbhgZevguo mkljhckl\ kdZeyjgh]h ijhp_kkhjZ bkihevamxlky
lhevdh dhfZg^guf ijhp_kkhjhf ^ey Z^j_kguo \uqbke_gbc keh`_gby p_ehqbke_gguo kdZeyjh\
eh]bq_kdbo hi_jZpbc b hi_jZpbc k^\b]Z kdZgbjh\Zgby ^\hbqguo \_dlhjh\ KdZeyjgu_ dhfZg^u b
[hevrbgkl\h \_dlhjguo y\eyxlky jZajy^gufb b kh^_j`Zl jZajy^guc dh^ hi_jZpbb b Z^j_kZ
j_]bkljh\kh^_j`Zsbo^Zggu_DhfZg^u^eyi_j_^Zqb^Zgguof_`^mhkgh\ghciZfylvxb ehdZevghc
iZfylvx j_]bkljZfb aZ^Zxl Z^j_k hkgh\ghc iZfylb b j_]bklj H^ghc dhfZg^hc fh`gh \uihegblv
i_j_^Zqm g_ [he__ keh\ <_dlhjgu_ hi_jZpbb gZ^ \_dlhjZfb ^ebgu [he__ we_f_glh\
jZa[b\ZxlkygZqZklbb aZ^Zxlkyg_kdhevdbfbdhfZg^Zfb\u[hjdbaZibkb
EhdZevgZyiZfylvy\ey_lkyj_]bkljh\hcb khklhblba
q_luj_o [mn_jh\ dhfZg^ dZ`^uc ih j_]bkljZ ih O jZajy^h\ hj]Zgbah\Zgguo \ dhfZg^guc kl_d
Z^j_kguo[mn_jguoj_]bkljZihjZajy^Z
Z^j_kguoj_]bkljZihjZajy^Z
[mn_jguokdZeyjguoj_]bkljZihjZajy^Z
kdZeyjguoj_]bkljZihjZajy^Z
jZajy^ghfj_]bkljZfZkdb
\_dlhjguo[mn_jh\dZ`^ucba\_dlhjguoj_]bkljh\ihjZajy^Z
Hkgh\gZyiZfylvi_j_^Z_l^Zggu_\ j_]bkljukhkdhjhklvxFkeh\k
KdZeyjguc ijhp_kkhj y\ey_lky ohjhrbf ijbf_jhf ijh_dlbjh\Zgby dhg\_c_jgh
i_j_dju\Zxsboky mkljhckl\ Kbkl_fZ dhfZg^ h[_ki_qb\Z_l [ukljuc ©ijhba\hevguc ^hklmiª d
j_]bkljZf b h[_ki_qb\Z_l i_j_^Zqm ^Zgguo \ jZkkeh_ggmx hkgh\gmx iZfylv b ba g__ < kbkl_f_
&5$< mql_gZ dhgp_ipby dhfZg^ghdhg\_c_jghc hj]ZgbaZpbb nmgdpbhgZevgu_ mkljhckl\Z
\uihegyxl q_ldh aZ^Zggu_ nmgdpbb gZ^ hi_jZg^Zfb b \u^Zxl j_amevlZlu ih aZjZg__ ba\_klguf
Z^j_kZf Ihqlb \k_ \uqbkebl_evgu_ dhfZg^u kh^_j`Zl dh^ \u[hjZ nmgdpbhgZevghf mkljhckl\Z
ki_pbnbdZpbb j_]bkljh\ ^ey \\h^Z hi_jZg^Z g aZibkb j_amevlZlZ <hi_j\uo wlh khdjZsZ_l
keh`ghklv ^_dh^bjh\Zgby dhfZg^ \h\lhjuo bkihevamy nhjfZl j_]bkljj_]bklj iha\hey_l
fbgbfbabjh\Zlv k[hb ijb ^hklmi_ d iZfylb b j_Zebah\Zlv ohjhrb_ f_lh^u hi_j_`Zxs_c aZkuedb
dhfZg^ijbh[jZ[hld_dhgnebdlh\
NmgdpbhgZevgu_mkljhckl\Zh[_ki_qb\Zxlke_^mxsb_hi_jZpbb
D Z^j_kgu_jZajy^gu_ p_ehqbke_ggh_keh`_gb_b p_ehqbke_ggh_mfgh`_gb_
E kdZeyjgu_ jZajy^gu_ p_ehqbke_ggu_ keh`_gb_ hi_jZpby k^\b]Z eh]bq_kdZy hi_jZpby
\b^Zfbkh\hdmighkl_c
F Zjbnf_lbq_kdb_ hi_jZpbb k ieZ\Zxs_c aZiylhc jZajy^gu_ keh`_gb_ mfgh`_gb_
h[jZlgh_ij_h[jZah\Zgb_
G \_dlhjgu_ [jZajy^gu_ hi_jZpbb p_ehqbke_ggh_ keh`_gb_ hi_jZpby k^\b]Z eh]bq_kdZy
hi_jZpby
>_e_gb_j_Zebah\Zghihkj_^kl\hfbl_jZpbhgghcijhp_^mjugZhkgh\_mfgh`_gbyb h[jZlghc
ZiijhdkbfZpbb <k_ nmgdpbhgZevgu_ mkljhckl\Z dhg\_c_jbabjh\Zgu b gZ dZ`^hf pbde_ fh]ml
ihemqZlvhi_jZg^uhlj_]bkljh\^eygh\uo\uqbke_gbcb \u^Z\Zlvj_amevlZlu\uiheg_gbydhfZg^u
PbdejZ[hlunmgdpbhgZevgh]hmkljhckl\ZkhklZ\ey_lgk
Hkh[_gghklvx &5$< y\ey_lky \hafh`ghklv h^gh\j_f_gghf bkiheg_gby g_kdhevdbo
\_dlhjguodhfZg^_kebwlbdhfZg^ubkihevamxljZaebqgu_nmgdpbhgZevgu_mkljhckl\Zb jZaebqgu_
\_dlhjgu_j_]bkljuLZd`_\ &5$<j_Zebah\Zgj_`bfaZp_ie_gbyAZp_ie_gb_bf__lf_klh_keb
j_]bklj j_amevlZlZ h^ghc \_dlhjghc dhfZg^u kh\iZ^Z_l k j_]bkljhf hi_jZg^Z ^jm]hc \_dlhjghc
dhfZg^u ?keb wlb dhfZg^u bkihevamxl jZagu_ nmgdpbhgZevgu_ mkljhckl\Z lh bkiheg_gb_ i_j\hc
dhfZg^u gZqbgZ_lky \ fhf_gl \uoh^Z j_amevlZlZ bkiheg_gby i_j\hc dhfZg^u ba nmgdpbhgZevgh]h
mkljhckl\Z Dhiby wlh]h j_amevlZlZ hlijZ\ey_lky g_ihkj_^kl\_ggh \ ke_^mxs__ nmgdpbhgZevgh_
mkljhckl\h Kbkl_fZ dhfZg^ &5$< iha\hey_l hj]Zgbah\Zlv aZp_ie_gb_ b [he__ ^\mo \_dlhjguo
dhfZg^ < p_ihqd_ dhfZg^ fh]ml [ulv g_ lhevdh Zjbnf_lbq_kdb_ hi_jZpbb gh b \_dlhjgu_ h[f_gu
f_`^mhkgh\ghciZfylvxb \_dlhjgufbj_]bkljZfb
<\h^\u\h^ hkms_kl\ey_lky q_j_a dZgZeZ \\h^Z\u\h^Z hj]Zgbah\Zgguo \ ]jmiiu ih dZgZeh\ DZ`^Zy ]jmiiZ h[kem`b\Z_lky iZfylvx k dh^hf \ jZ[hqbo pbdeZ H[f_g hkms_kl\ey_lky
jZajy^gufb keh\Zfb k ij_^mkfhlj_ggufb dhgljhevgufb jZajy^Zfb FZdkbfZevgZy kdhjhklv
i_j_^Zqb ^Zgguo ^ey dZgZeZ jZ\gZ h^ghfm jZajy^ghfm keh\m aZ gk Ijb Zdlb\ghc jZ[hl_ dZgZeh\h[_ki_qb\Z_lkyi_j_^ZqZFkeh\k
Kbkl_fZ dhfZg^ khklhbl ba dhfZg^ dhfZg^ kqblu\ZgbyaZibkb dhfZg^ mijZ\e_gby
dhfZg^ eh]bdb dhfZg^ Zjbnf_lbdb b kf_rZgguo dhfZg^ ;hevrbgkl\h dhfZg^ y\ey_lky
lj_oZ^j_kgufb
Hkgh\gh_ijh]jZffgh_h[_ki_q_gb_ \dexqZ_l\ k_[yhi_jZpbhggmxkbkl_fmj_^Zdlhjl_dklZ
Zkk_f[e_j &$/ NhjljZgdhfibeylhj ijbdeZ^gu_ iZd_lu klZg^Zjlguo ijh]jZff Hi_jZpbhggZy
kbkl_fZ &46 jZkkqblZgZ gZ iZd_lgmx h[jZ[hldm ^h aZ^Zq \ fmevlbijh]jZffghf j_`bf_
hj]Zgbam_l mijZ\e_gb_ j_kmjkZfb kbkl_fu m^Ze_gguc b ehdZevguc \\h^ aZ^Zgbc k\yav k
hi_jZlhjhfdZkdZ^bjh\Zgb_^Zgguof_`^mhkgh\ghciZfylvxb i_jbn_jbcgufbmkljhckl\Zfb
< p_ehfijbwnn_dlb\ghfbkihevah\Zgbb&5$<h[_ki_qb\Z_l\uiheg_gb_^hfehik
k ieZ\Zxs_caZiylhckj_^gyyijhba\h^bl_evghklvkhklZ\ey_lfehik
;he__ fhsghc kbkl_fhc ih kjZ\g_gbx k &5$< y\eyxlky kbkl_fu K5$< OFJ
oZjZdl_jbklbdbdhlhjuoh[km`^_guKQ_ghf\ >@Kbkl_fZ&5$<;FJh[_ki_qb\Z_lh^gh\j_f_ggh_
\uiheg_gb_ jZaebqguo aZ^Zgbc gZ g_kdhevdbo ijhp_kkhjZo \uiheg_gb_ \aZbfhk\yaZgguo aZ^Zq
h^gh]h aZ^Zgby Ijb wlhf keZ[h k\yaZggu_ aZ^Zqb \aZbfh^_ckl\mxl q_j_a h[smx iZfylv Z kbevgh
k\yaZggu_ aZ^Zqb q_j_a h[sb_ j_]bklju JZkoh^u gZ aZimkd aZ^Zq \ fgh]haZ^Zqghf j_`bf_
gZoh^ylky \ ij_^_eZo hl h^ghc fbdjhk_dmg^u ^h g_kdhevdbo fbeebk_dmg^ \ aZ\bkbfhklb hl kl_i_gb
kljmdlmjbjh\Zgby aZ^Zq b dZq_kl\Z ijbdeZ^gh]h ijh]jZffgh]h h[_ki_q_gby :jobl_dlmjZ kbkl_fu
iha\hey_lkha^Z\ZlvjZaebqgu_ijhp_kkhjgu_dhgnb]mjZpbbb bf__lke_^mxsb_hkh[_gghklb
f_`^m ijhp_kkhjZfb kbkl_fu g_ kms_kl\m_l ihklhygguo hlghr_gbc lbiZ \_^msbc
\_^hfucihijh]jZffgufnmgdpbyfijhp_kkhjub^_glbqgub kbff_ljbqgu
^ey \uiheg_gby h^bghqgh]h aZ^Zgby fh`_l [ulv gZagZq_gZ ijhp_kkhjgZy ]jmiiZ N
ijhp_kkhjh\hi_jZpbhggZykbkl_fZfh`_lk]_g_jbjh\Zlvg_kdhevdhijhp_kkhjguo]jmii
ijhp_kkhjghc ]jmii_ gZagZqZ_lky h[sbc gZ[hj j_]bkljh\ ^Zgguo b j_]bkljh\kbgojhgbaZpbb
^eyhj]ZgbaZpbbf_`ijhp_kkhjguok\ya_c\ ]jmii_
ijhp_kkhj \ ]jmii_jZ[hlZ_leb[hih^mijZ\e_gb_ffhgblhjZeb[h\ j_`bf_\aZbfh^_ckl\by
k ihevah\Zl_e_feb[hih^dhgljhe_fhi_jZpbhgghckbkl_fu
dZ`^uc ijhp_kkhj ]jmiiu fh`_l Zkbgojhggh \uihegylv kdZeyjgu_ beb \_dlhjgu_ hi_jZpbb
ihevah\Zl_evkdhc ijh]jZffu ijb jZ[hl_ \ j_`bf_ fhgblhjZ fh`_l ij_ju\Zlv jZ[hlm
ex[h]h^jm]h]hijhp_kkhjZb i_j_\h^blv_]hbaihevah\Zl_evkdh]hj_`bfZ\ fhgblhjguc
kbkl_fZ bf__l \kljh_ggu_ kj_^kl\Z ^ey h[gZjm`_gby lmibdh\uo dhgnebdlh\ \gmljb
ijhp_kkhjguo ]jmii kj_^kl\Z ^ey [ukljh]h i_j_jZkij_^_e_gby aZ^Zgbc ijb baf_g_gbb
j_`bfZjZ[hlukbkl_fukj_^kl\ZZiiZjZlghcih^^_j`dbk_]f_glZpbbiZfylb^eyojZg_gby
ijh]jZffb ^Zgguoihevah\Zl_e_ckj_^kl\ZiZjZee_evgh]hijh]jZffbjh\Zgby
Ijhp_kkhjukbkl_fujZ[hlZxlk h[s_ciZfylvx_fdhklvx\ Fkeh\hj]Zgbah\Zgghc\ \b^_
k_dpbc k q_j_^h\Zgb_f Z^j_kh\ AZ h^bg fZrbgguc lZdl hkms_kl\bf iZjZee_evguc b
g_aZ\bkbfuc ^hklmi dh \k_f k_dpbyf iZfylb DZ`^uc ijhp_kkhj bf__l iZjZee_evguo ihjlZ ^ey
\aZbfh^_ckl\by k hkgh\ghc iZfylvx >\Z ihjlZ bkihevamxlky ^ey \u[hjdb \_dlhjh\ h^bg ^ey
aZibkb\_dlhjh\h^bg ^eyg_aZ\bkbfuohi_jZpbc\\h^Z\u\h^Z
Hkgh\gZy iZfylv bf__l kj_^kl\Z ZiiZjZlgh]h jZaj_r_gby dhgnebdlh\ ijb ihklmie_gbb
aZijhkZ d k_dpbb iZfylb h^gh\j_f_ggh hl g_kdhevdbo ijhp_kkhjh\ Ijb jZaj_r_gbb dhgnebdlZ
khojZgy_lky p_ehklghklv \k_o h[jZs_gbc < p_ehf dhgkljmdpby iZfylb h[eZ^Z_l k\hckl\hf
q_j_^h\Zgby Z^j_kh\ wnn_dlb\guf f_oZgbafhf \aZbfh^_ckl\b_f k ijhp_kkhjZfb bf__l fZeuc
pbde^hklmiZb y\ey_lky\ \hk_fvjZa[he__[ukljh^_ckl\mxs_cq_fiZfylv&5$<
KhklZ\ghc qZklvx kbkl_fu y\ey_lky ehdZevgZy ihemijh\h^gbdh\Zy iZfylv k\yaZggZy k
hkgh\ghc iZfylvx k\_jo[ukljh^_ckl\mxsbf dZgZehf ^Zgguo b jZ[hlZxsZy ih^ mijZ\e_gb_f
p_gljZevgh]h ijhp_kkhjZ WlZ iZfylv bkihevam_lky ^ey ojZg_gby [hevrbo \oh^guo beb
ijhf_`mlhqguo ihevah\Zl_evkdbo nZceh\ d dhlhjuf b^_l qZklh_ h[jZs_gb_ ba ihevah\Zl_evkdbo
ijh]jZffHgZlZd`_bkihevam_lky^eyh[f_gZjZ[hlZfbk\hibg]Z\j_f_ggh]hojZg_gbykbkl_fguo
ijh]jZffH[t_fehdZevghciZfylb Fkeh\Zkdhjhklvh[f_gZ =[Zclk\j_fy^hklmiZ f_g__
fk
Ih^kbkl_fZ\\h^Z\u\h^Z&5$<OFJh[_ki_qb\Z_liZjZee_evgmxjZ[hlmk gZdhibl_eyfbgZ
^bkdZo [mn_jbaZpbx ijb hi_jZpbyo \\h^Z b \u\h^Z j_ab^_glguo fZkkb\h\ ^bkdh\hc b [mn_jghc
iZfylb \ukhdh hi_jZlb\gmx jZ[hlm k e_glhqgufbgZdhibl_eyfb\ j_`bf_p_gljZevgh]hmkljhckl\Z
mijZ\e_gby hj]ZgbaZpbx k_l_\h]h \aZbfh^_ckl\by b ki_pbZebabjh\Zggh]h k[hjZ ^Zgguo
ih^dexq_gb_i_jbn_jbcghcfZrbguIhkjZ\g_gbxk p_gljZevgufijhp_kkhjhf\\h^Z\u\h^Z[he__
[ukljhwnn_dlb\ghb Zkbgojhggh\uihegy_lhi_jZpbbijb_fZb aZibkb^Zgguo\h\g_rgxxiZfylv
hj]Zgbam_l \aZbfh^_ckl\b_ k \ukhdhkdhjhklgufb dZgZeZfb h[f_gZ dZ`^uc dZgZe bf__l
fZdkbfZevgmxijhimkdgmxkihkh[ghklvF[Zclk bkj_^gxx F[Zclk
Ih kjZ\g_gbx k &5$< ijhba\h^bl_evghklv ijhp_kkhjh\ \ &5$< OFJ gZ kdZeyjguo
hi_jZpbyom\_ebq_gZ^hgkaZkq_lkhdjZs_gby^ebl_evghklblZdlZ\j_f_gb^hklmiZd iZfylbb
m\_ebq_gby [mn_jZ dhfZg^ GZ \_dlhjguo hi_jZpbyo ijhba\h^bl_evghklv ijhp_kkhjZ &5$< OFJ
m\_ebq_gZ aZ kq_l khdjZs_gby ^ebl_evghklb lZdlZ \\_^_gby iZjZee_evguo ihjlh\ ^ey h[f_gh\ k
iZfylvx ZiiZjZlghc j_ZebaZpbb ]b[dbo ko_f aZp_ie_gby Ihke_^g__ iha\hey_l ijb \uiheg_gbb
k\yaZgguo \_dlhjguo hi_jZpbc h^gh\j_f_ggh kqblu\Zlv ba iZfylb ijhba\h^blv Zjbnf_lbq_kdb_
^_ckl\by aZibku\Zlv \ iZfylv < p_ehf wlh ^Z_l [he__ ijhba\h^bl_evgmx b k[ZeZgkbjh\Zggmx
h[jZ[hldm \_dlhjh\ dZd fZehc lZd b [hevrhc ^ebgu wnn_dlb\ghklv \uiheg_gby hi_jZpbc b lbiZ
j_]bkljj_]bkljb lbiZiZfylviZfylv
H[sb_ihdZaZl_ebijhba\h^bl_evghklbkbkl_fu&5$<OFJ ke_^mxsb_lZ[
IhdZaZl_ev
ijhba\h^bl_evghklb
Ibdh\Zy
ijhba\h^bl_evghklv
feghi_jZpbck ieaik
<ub]jurihkjZ\g_gbxk
kbkl_fhc&UD\6
FbgbfZevguc
Kj_^gbc
FZdkbfZevguc
;ukljh^_ckl\b_kbkl_fu
\\h^Z\u\h^Z
\j_fy^hklmiZ
kdhjhklvh[f_gZ
LZ[ebpZ
H^bgijhp_kkhj
>\Zijhp_kkhjZ
Ihemijh\h^gbdh\Zy
iZfylv
>bkdh\ZyiZfylv
< dZq_kl\_ _^bgbp baf_j_gby \ lZ[ebp_ ijb\_^_gu khhl\_lkl\mxsb_ _^bgbpu ihemq_ggu_
^ey kbkl_fu &5$<6 ijb bkihevah\Zgbb klZg^Zjlgh]h dhfibeylhjZ KmffZjgZy wnn_dlb\ghklv
ijhp_kkhjh\ kbkl_fu &5$< OFJ ijb \uiheg_gbb lbih\uo ihevah\Zl_evkdb_ aZ^Zq kh kemqZcghc
kf_kvxkdZeyjguob \_dlhjguohi_jZpbc^hklb]Z_lkyaZkq_lhj]ZgbaZpbb[ukljuoh[f_gh\^Zggufb
f_`^mkdZeyjgufbf \_dlhjgufbnmgdpbhgZevgufbfh^meyfbfZeh]h\j_f_gb^hklmiZd iZfylbaZ
hi_jZg^ZfbfZeh]h\j_f_gbaZimkdZkdZeyjguob \_dlhjguohi_jZpbc
Djhf_ dhg\_c_jghc h[jZ[hldb \ \_dlhjghf j_`bf_ \ &5$< OFJ j_Zebamxlky lZd`_
ke_^mxsb_ \b^u iZjZee_evghc h[jZ[hldb jZkiZjZee_eb\Zgb_ gZ mjh\g_ aZ^Zgbc
jZkiZjZee_eb\Zgb_gZmjh\g_wlZih\\uiheg_gbyaZ^ZgbcjZkiZjZee_eb\Zgb_gZmjh\g_ijh]jZff
jZkiZjZee_eb\Zgb_gZmjh\g_ijh]jZffguopbdeh\
< aZdexq_gb_ hlf_lbf ke_^mxs__ < >@ ijb\h^blky kjZ\gbl_evguc ZgZeba kbkl_f &5$< b
&<%(5 IhdZaZgh qlh kbkl_fZ &<%(5 y\ey_lky [he__ ijhba\h^bl_evghc ijb h[jZ[hld_ ^ebgguo
\_dlhjh\ [he__ we_f_glh\ \ \_dlhj_ Z &5$< ijhba\h^bl_evgu gZ dhjhldbo \_dlhjZo Djhf_
wlh]h nhjfmebjm_lky \Z`guc \u\h^ ih\ur_gb_ ijhba\h^bl_evghklb \ wlbo kbkl_fZo fh`_l [ulv
^hklb]gmlh aZ kq_l khdjZs_gby ba^_j`_d \ dhg\_c_jZo beb lZdlh\h]h i_jbh^Z gh g_ ^hklb]Z_lky
iml_f ^m[ebjh\Zgby mkljhckl\ beb mf_gvr_gby ^ebgu Zjbnf_lbq_kdbo hi_jZpbc Ihke_^g__
y\ey_lkyf_lh^heh]bq_kdbfh]jZgbq_gb_fZjobl_dlmjuwlbokbkl_f
=eZ\Z :JOBL?DLMJ:<KDE:KK:FDF>
DeZkkbnbdZpbyFDF>kbkl_f
D deZkkm FDF>kbkl_f hlghkylky fgh]hfZrbggu_ fmevlbijhp_kkhjgu_ <K b
\uqbkebl_evgu_ k_lb I_j\u_ ^\_ ]jmiiu I<K y\eyxlky khkj_^hlhq_ggufb baaZ bo dhfiZdlgh]h
jZkiheh`_gby\ ij_^_eZoh^ghcbebg_kdhevdbodhfgZl
Fgh]hfZrbggu_kbkl_fukh^_j`Zl^\_beb[he__W<Fbeb<K\aZbfgh^_ckl\mxsbof_`^m
kh[hc gZ mjh\g_ h[f_gZ ^Zggufb DZ`^Zy ba \uqbkebl_evguo fZrbg y\ey_lky iheghklvx
kZfhklhyl_evghcb nmgdpbhgbjm_lih^mijZ\e_gb_fkh[kl\_gghchi_jZpbhgghckbkl_fu
<uqbkebl_evgu_ k_lb \oh^yl \ ]jmiim jZkij_^_e_gguo <K D gbf hlghkylky ehdZevgu_ b
]eh[Zevgu_ \uqbkebl_evgu_ k_lb EhdZevgu_ \uqbkebl_evgu_ k_lb h[t_^bgyxl g_kdhevdh
\uqbkebl_evguofZrbgjZkiheh`_gguo\ ij_^_eZoh^gh]hbebg_kdhevdbojy^hfklhysboa^Zgbcb
k\yaZgguo f_`^m kh[hc [ukljh^_ckl\mxs_c k_lvx k\yab qZs_ h^gbf dZgZehf gZ hkgh\_
dhZdkbZevgh]hdZ[_eykhkdhjhklvxh[f_gZhl_^bgbpdbeh[bl\ k_dmg^m^hkhl_gf_]Z[bl\ k_dmg^m
< ]eh[Zevguo k_lyo h[t_^bg_gb_ \uqbkebl_evguo fZrbg ijhba\h^blky \ ij_^_eZo j_]bhgZ kljZgu
beb ^Z`_ g_kdhevdbo kljZg K\yav f_`^m W<F hkms_kl\ey_lky ih jZaebqguf dZgZeZf ijh\h^guf
jZ^bhdZgZeZfkimlgbdh\hck\yab
GZklhysZy ]eZ\Z ihk\ysZ_lky fmevlbijhp_kkhjguf kbkl_fZf ;Zah\Zy dhgnb]mjZpby lZdhc
kbkl_fuij_^klZ\e_gZgZjbk
Ij
Ij
Ij
Kh\f_klgh
Kh\f_klghhkgh\gZy
bkihev
bkihevam_fZy
Am_fZy hkgh\gZyiZfylv
iZfylv
Kh\f_klgh_MM
k i_jbn_jb_c
I_jbn_jbcgu_
mkljhckl\Z
Ebgbb mijZ\e_gby
Ebgbb ^Zggu o
Jbk
Fmevlbijhp_kkhjgZy <K wlh <K kh^_j`ZsZy ^\Z beb g_kdhevdh h^gh jh^guo mkljhckl\Z
h[jZ[hldb ijhp_kkhjh\ [hevrh_ dhebq_kl\hgZoh^ysboky\ h[s_fihevah\Zgbbb h[s_^hklmiguo
^ey \k_o ijhp_kkhjh\ mkljhckl\ HI b \g_rgbo mkljhckl\ b nmgdpbhgbjmxsZy ih^ mijZ\e_gb_f
_^bghc bgl_]jbjh\Zgghc HK < lZdhc FI<K ^himkdZ_lky \hafh`ghklv `_kldh]h \aZbfh^_ckl\by
ij_ju\Zgby we_f_glh\ ZiiZjZlgh]h b ijh]jZffgh]h h[_ki_q_gby dZd gZ mjh\g_ kbkl_fguo
ijh]jZfflZdb gZmjh\g_ijh]jZffihevah\Zl_ey
< fmevlbijhp_kkhjguo <K ^he`gh kms_kl\h\Zlv g_kdhevdh ]jmii fgh]h dZgZevguo iml_c
dhlhju_ fh]ml [ulv ihklhyggufb nbabq_kdbfb beb i_j_f_ggufb eh]bq_kdbfb kha^Z\Z_fufb
kh_^bgbl_evghc k_lvx ih f_j_ gZ^h[ghklb LZdb_ fgh]hdZgZevgu_ imlb ^he`gu h[_ki_qb\Zlv
ke_^mxsb_iylvmkeh\bcjZ[hlukhkj_^hlhq_gguoFI<K
I_j_^Z\ZlvbgnhjfZpbxkhkdhjhklvxg_f_gvr_ckdhjhklbjZ[hluhkgh\guo[ehdh\<K
Ex[hcp_gljZevgucijhp_kkhjfh`_lmijZ\eylvi_j_^Zq_c^Zgguob dhfZg^db hlex[hc
yq_cdbHI
Ex[hcijhp_kkhjfh`_lgZijZ\eylvkb]gZehfmijZ\e_gbyd ex[hfmijhp_kkhjm\\h^Z\u\h^Z
Ex[hcI<<fh`_li_j_^Z\Zlv^Zggu_b dhfZg^udb hlex[hcyq_cdbHI
Ex[hc I<< fh`_l mijZ\eylv i_j_^Zq_c ^Zgguo b dhfZg^ f_`^m HI b ex[uf i_jbn_jbcguf
mkljhckl\hfIM
<uiheg_gb_ wlbo iylb mkeh\bc iha\hey_l iheghklvx m^h\e_l\hjblv lj_[h\Zgbyf \k_h[s_]h
jZa^_e_gby j_kmjkh\ Djhf_ lh]h hl \uiheg_gby i_j\h]h mkeh\by aZ\bkbl d dZdhfm lbim fh`gh
hlg_klb FI<K d jZkij_^_e_gguf \uqbkebl_evguf kbkl_fZf b \uqbkebl_evguf k_lyf beb d
khkj_^hlhq_gguf FI<K Ihfbfh wlbo iylb mkeh\bc g_h[oh^bfh hlf_lblv ke_^mxsb_ hkh[_gghklb
ZiiZjZlghcqZklbFI<KdZkZxsb_kyh[hbonmgdpbcmijZ\e_gby
^he`gZkms_kl\h\ZlvZiiZjZlgZyaZsblZij_^hl\jZsZxsZy\oh^^jm]h]hIJ\ h[eZklvHI
aZgylmx^Zgguf
^he`gZ [ulv ij_^mkfhlj_gZ \hafh`ghklv jZ[hlu k i_j_f_ggufbeh]bq_kdbfbZ^j_kZfbbeb
bf_gZfb ijhp_kkhjh\I<<b i_jbn_jbcguomkljhckl\
h^bg IJ ^he`_g bf_lv \hafh`ghklv i_j_^Zlv ^jm]hfm IJ kb]gZe beb ij_j\Zlv _]h jZ[hlu
^ey lh]h qlh[u aZijhkblv \uiheg_gb_ dZdhceb[h nmgdpbb beb magZlv jZ[hlZ_l eb ^jm]hc
IJ
_kebh^bgIJhldZaZeZ ^jm]hch[gZjm`b\wlh`_eZ_li_j_kljhblvk\hxjZ[hlmlZdqlh[u
\aylv gZ k_[y nmgdpbb hldZaZ\r_]h ijhp_kkhjZ lh hg ^he`_g ihemqblv ^hklmi dh \k_c
g_h[oh^bfhc ^ey wlh]h bgnhjfZpbb _keb ^Z`_ g_dhlhju_ ^Zggu_ gZoh^ylky \gmljb kZfh]h
hldZaZ\r_]hIJgZijbf_j\ _]hj_]bkljZoh[s_]hgZagZq_gby
_keb ihlj_[m_lky lh h^bg ba ijhp_kkhjh\ ^he`_g aZimkdZlv beb i_j_aZimkdZlv ^jm]hc IJ
g_aZ\bkbfhhlkhklhygbyihke_^g_]h_keblhevdhhg_s_khojZgy_ljZ[hlhkihkh[ghklv
Kh_^bgbl_evgmxk_lvj_Zebamxsmxfgh`_kl\hkh_^bg_gbc\ FI<Kf_`^mnmgdpbhgZevgufb
fh^meyfb gZau\Zxl dhffmlZlhjhf Ih kihkh[m j_ZebaZpbb jZaebqZxl dhffmlZlhju k \j_f_gghc b
ijhkljZgkl\_gghc dhffmlZpb_c DZ`^uc ba wlbo kihkh[h\ dhffmlZpbb ^himkdZ_l deZkkbnbdZpbx ih
kihkh[mmijZ\e_gbydhffmlZlhjhfb ihiheghl_dhffmlZpbb
Ih kihkh[m mijZ\e_gby jZaebqZxl dhffmlZlhju p_gljZebah\Zggu_ b ^_p_gljZebah\Zggu_
Ijb p_gljZebah\Zgghf mijZ\e_gbb hij_^_e_gb_ hq_j_^ghklb bkihevah\Zgby dhffmlZlhjZ b
jZaj_r_gb_ dhgnebdlh\ f_`^m fh^meyfb h^gh\j_f_ggh iulZxsbfbky bkihevah\Zlv dhffmlZlhj
ijhba\h^ylky\ hl^_evghfnmgdpbhgZevghf[ehd_Ijb^_p_gljZebah\ZgghfmijZ\e_gbbwlbnmgdpbb
jZkij_^_e_guf_`^mkZfbfb\aZbfh^_ckl\mxsbfbfh^meyfb
Ih iheghl_ dhffmlZpbb jZaebqZxl ihegh^hklmigu_ b g_ihegh^hklmigu_ dhffmlZlhju <
ihegh^hklmiguo dhffmlZlhjh\ \hafh`gh mklZgh\e_gb_ k\yab ex[h]h \oh^Z k ex[uf \uoh^hf <
g_ihegh^hklmiguobf_xlkyh]jZgbq_gbygZ\hafh`ghklbkh_^bg_gbcf_`^m\oh^Zfbb \uoh^Zfb
Ijb\j_f_gghcdhffmlZpbbf_`^mnmgdpbhgZevgufb[ehdZfb\ FI<Ki_j_^ZqZbgnhjfZpbb
hkms_kl\ey_lky f_lh^Zfb jZa^_e_gby \j_f_gb beb fmevlbie_dkbjh\Zgby LZdhc dhffmlZlhj
gZau\Z_lky \ ijhkl_cr_f kemqZ_ h[s_c rbghc HR KljmdlmjZ p_gljZevghc qZklb kbkl_fu k HR
ij_^klZ\e_gZgZjbkRbgZfh`_lbf_lvrbjbgmh^gh]h[blZh^gh]h[ZclZh^gh]hkeh\Z
H I
P I
H If
PIQ
Jbk
I < <
I < <d
< ihke_^gbo kemqZyo HR gZau\Z_lky fgh]hdZgZevghc Q_f f_gvr_ rbjbgZ rbgu l_f
keh`g__nmgdpbbmijZ\e_gbyijbi_j_^Zq_bgnhjfZpbb
< dZ`^uc fhf_gl \j_f_gb HR kihkh[gZ i_j_^Z\Zlv ebrv h^gh khh[s_gb_ l _ hgZ
ij_^klZ\ey_l kh[hc jZa^_e_ggmx \h \j_f_gb rbgm Wlh ]h\hjbl h \hafh`ghklb \hagbdgh\_gby
dhgnebdlguo kblmZpbc lh]^Z dh]^Z g_kdhevdbf fh^meyf h^gh\j_f_ggh g_h[oh^bfh k\yaZlvky kh
k\hbfbZ[hg_glZfbK p_evxjZaj_r_gbyih^h[guodhgnebdlh\\k_ffh^meyfk\yaZggufk ^Zgghc
HRfh]ml[ulvgZagZq_guhij_^_e_ggu_ijbhjbl_luK\h[h^gZyHRm^h\e_l\hjy_laZijhkufh^mey
k gZb\ukrbfijbhjbl_lhf
>ey dhffmlZlhjZ lbiZ HR gZb[he__ ijhkluf y\ey_lky ^_p_gljZebah\Zgguc kihkh[
mijZ\e_gby ijbq_f \k_ nmgdpbb b f_oZgbafu kjZ\g_gb_ ijbhjbl_lh\ ij_h[jZah\Zgb_ nhjfZlh\
dhffmlZpbbb lijZkkj_^hlhq_guihkZfbfnmgdpbhgZevguf[ehdZfKh[kl\_gghHR\ wlhfkemqZ_
ij_^klZ\ey_l kh[hc ijhklh kbkl_fm rbg Ijhp_^mjZ aZgylby HR nmgdpbhgZevgufb fh^meyfb
y\eyxsbfbkybklhqgbdZfbbgnhjfZpbbaZdexqZ_lky\ bo[hjv[_aZHR
>hklhbgkl\hf dhffmlZlhjh\ k HR y\ey_lky ijhklhlZ hj]ZgbaZpbc b ]b[dhklv ijhklh_
^h[Z\e_gb_b batylb_nmgdpbhgZevguo[ehdh\Hq_\b^ghqlhwlhldhffmlZlhjg_fh`_lh[_ki_qblv
\ukhdmx kdhjhklv i_j_^Zqb khh[s_gbc >ey \k_o ihlhdh\ bgnhjfZpbb a^_kv lhevdh h^bg imlv
ihwlhfm \j_f_ggu_ aZ^_j`db \ kbkl_f_ agZqbl_evgu Djhf_ lh]h hdZau\Zxlky gbadbfb
ijhba\h^bl_evghklv jZaebqgu_ iZju HIIJ g_ fh]ml jZ[hlZlv h^gh\j_f_ggh b gZ^_`ghklvFI<K
lZddZdhldZa\ _^bgkl\_gghfimlbi_j_^ZqbbgnhjfZpbb\_^_ld hldZam\k_ckbkl_fu
IjhkljZgkl\_ggmx dhffmlZpbx hkms_kl\ey_l i_j_dj_klguc dhffmlZlhj ID Hg
ij_^klZ\ey_l kh[hc fgh]hihexkgbd k F \oh^Zfb b D \uoh^Zfb ^himkdZxsbfb h^gh\j_f_ggh_
mklZgh\e_gb_ex[h]hdhebq_kl\Zkh_^bg_gbcf_`^maZ^Zggufb\oh^Zfbb \uoh^Zfb
Kljmdlmjm p_gljZevghc qZklb FI<K k i_j_dj_klguf dhffmlZlhjhf fh`gh ij_^klZ\blv gZ
jbk F_`^m ex[ufb ^\mfy [ehdZfb a^_kv mklZgZ\eb\Z_lky nbabq_kdbc dhglZdl gZ \k_ \j_fy
i_j_^ZqbbgnhjfZpbb
H I
HIf
P I
PIQ
I<<
ID
I<<d
Jbk
I_j_dj_klguc dhffmlZlhj \uihegy_l dZd ijZ\beh lZd`_ ih ^_p_gljZebah\Zgghc ko_f_
mijZ\e_gbyIjbwlhfnmgdpbbhij_^_e_gbyhq_j_^ghklbb jZaj_r_gbydhgnebdlh\f_`^mfh^meyfb
\uihegyxlky \ eh]bq_kdbo ko_fZo dhffmlZpbhgghc fZljbpu \ hlebqb_ hl HR dhlhjZy iheghklvx
hl^_e_gZ hl nmgdpbhgZevguo fh^me_c Bgl_jn_cku hl^_evguo fh^me_c ijb wlhf hdZau\Zxlky
ijhklufb lZd dZd hgb g_ ^he`gu gb jZaj_rZlv dhgnebdlu gb jZkihagZ\Zlv gZijZ\ey_fu_ d gbf
^Zggu_
M i_j_dj_klgh]hdhffmlZlhjZ\ ijhlb\hiheh`ghklvh[s_crbg_bf__lky[hevr_^hklhbgkl\
gh_klvb h^bgkms_kl\_ggucg_^hklZlhd wlhkeh`ghklv\gmlj_ggbok\ya_c\_^msZyd mkeh`g_gbx
ZiiZjZlmju>hklhbgkl\ZfbIDy\eyxlky
\hafh`ghklvmklZgh\e_gbyg_kdhevdboh^gh\j_f_gguoiml_ci_j_^ZqbbgnhjfZpbb
h[_ki_q_gb_[hevr_cijhba\h^bl_evghklbb gZ^_`ghklbFI<K
;he__wdhghfbqghcko_fhcijhkljZgkl\_gghcdhffmlZpbbihkjZ\g_gbxk IDy\ey_lkyko_fZ
bkihevamxsZyfgh]h\oh^h\mxiZfylvjbk
H I
P I
« H I
P I
HIP
I <<
I< <
J bk
A^_kv bf__l f_klh f_gvr__ dhebq_kl\h lhq_d \ dhlhjuo gm`gh jZaj_rZlv dhgnebdlu
k\yaZggu_ k h^gh\j_f_gguf h[jZs_gb_f d h^ghc HI g_kdhevdbo IJ FZdkbfZevgh \hafh`gZy
dhgnb]mjZpbyFI<Kdhebq_kl\hih^dexqZ_fuofh^me_cIJh]jZgbqb\Z_lkyqbkehf\oh^h\fh^mey
HI
FI<Kk i_j_djzklgufdhffmlZlhjhf
Fmevlbijhp_kkhjgZy<K©WEV;JMKª
:jobl_dlmjZ FI<K Wev[jmk Fmevlbijhp_kkhjgZy \uqbkebl_evgZy kbkl_fZ WEV;JMK
y\ey_lky h^ghc ba i_j\uo hl_q_kl\_gguo fhsguo <K Ih kihkh[m hj]ZgbaZpbb \gmlj_ggbo k\ya_c
Wev[jmk hlghkblky d kbkl_fZf k i_j_dj_klghc dhffmlZpb_c < gZklhys__ \j_fy jZajZ[hlZgu
ijhba\h^ylky beb \g_^jyxlky \ ijhba\h^kl\h ljb dhfie_dkZ Wev[jmk Wev[jmk b Wev[jmk
ijhba\h^bl_evghklvxfegb fej^hik khhl\_lkl\_ggh
IjbjZajZ[hld_k_f_ckl\ZWev[jmkdjhf_h[_ki_q_gby\ukhdhcijhba\h^bl_evghklbhkh[h_
\gbfZgb_m^_e_ghj_r_gbxke_^mxsboijh[e_f
h[_ki_q_gb_\ukhdhcgZ^_`ghklbj_r_gbyaZ^Zq
h[e_]q_gb_ijh]jZffbjh\Zgbyb kha^ZgbyjZ[hqboijh]jZff
h[_ki_q_gb_kh\f_klbfhklbkbkl_f
m\_ebq_gb_h[t_fh\hi_jZlb\ghciZfylbb kdhjhklbh[f_gZk \g_rg_ciZfylvx
h[_ki_q_gb_kj_^kl\Zfb^eyhj]ZgbaZpbb\uqbkebl_evguok_l_c
Kbkl_fZ dhfZg^ b kljmdlmjgZy hj]ZgbaZpby FI<K Wev[jmk kijh_dlbjh\Zgu \ jZkq_l_ gZ
ijh]jZffbjh\Zgb_ gZ yaudZo \ukhdh]h mjh\gy :E=HEH NHJLJ:G IE :E=HE KBFME:
DH;HE I:KD:EV < khklZ\_ kbkl_fu ijh]jZffbjh\Zgby \oh^yl lZd`_ Z\lhdh^ Wev[jmk ijhp_^mjghhjb_glbjh\Zgguc fZrbgghaZ\bkbfuc yaud kjZ\gbfuc ih \hafh`ghklyf k yaudZfb
\ukhdh]hmjh\gy
<uqbkebl_evgucijhp_kkhkgh\ZggZ[_aZ^j_kghckbkl_f_dhfZg^b ZiiZjZlghchj]ZgbaZpbb
kl_dZ \ \_jrbg_ dhlhjhc ijhba\h^blky h[jZ[hldZ < FI<K Wev[jmk j_Zebah\Zgu lZdb_ \Z`gu_ k
lhqdb aj_gby kh\j_f_ggh]h ijh]jZffbjh\Zgby dZq_kl\Z dZd ^bgZfbq_kdh_ jZkij_^_e_gb_ j_kmjkh\
dhgl_dklgZy aZsblZ iZfylb jZ[hlZ g_kdhevdbo ihevah\Zl_e_c k h[sbfb ^Zggufb j_dmjkb\gh_
bkihevah\Zgb_ijhp_^mjb ih\lhjgZy\oh^bfhklvijh]jZff
H I
H I
HIP
MF >
PD F
P I
P I
MF ;
I< <
:P I M IN >
PIQ
I< <N
F>
F>
F<
F<
MFE
IN D
FE
FE
>
II> II> J bk
E
K
B
<
ebgbb
G
Y
B
A
k\yab
B
B
H[sZy kljmdlmjZ FI<K Wev[jmk ij_^klZ\e_gZ gZ jbk P_gljZevghc qZklvx dhfie_dkZ
y\ey_lky kbkl_fZ h[jZ[hldb ^Zgguo khklhysZy ba fh^me_c p_gljZevgh]h ijhp_kkhjZ PI
hi_jZlb\ghciZfylbHIijhp_kkhjZ\\h^Z\u\h^ZI<<b p_gljZevgh]hdhffmlZlhjZPDF
< hkgh\mihkljh_gbykbkl_fuWev[jmkiheh`_gfh^mevgucijbgpbi< FI<Kfh`_l\oh^blv
hl h^gh]h ^h ^_kylb fh^me_c PI hl h^gh]h ^h q_luj_o fh^me_c I<< hl q_luj_o ^h ljb^pZlb ^\mo
fh^me_cHIDZ`^ucbafh^me_cPIb I<<k\yaZgkh\k_fbHIq_j_afh^mebPDF
Q_j_a I<< d p_gljZevghc qZklb kbkl_fu ih^dexqZ_lky \g_rgyy iZfylv mkljhckl\Z \\h^Z
\u\h^Z b ebgbb k\yab k Z[hg_glZfb kbkl_fu I<< ihemqZxl aZ^Zgby gZ h[f_g q_j_a h[s__ ihe_
hi_jZlb\ghciZfylbhlex[h]hPIIjhp_kk\aZbfh^_ckl\byk dZgZeZfbk\yabijhl_dZ_l[_amqZklby
PI
<g_rgyy iZfylv ih^dexqZ_lky d dZgZeZf ijhp_kkhjZ \\h^Z\u\h^Z k ihfhsvx
ki_pbZebabjh\Zgguo mkljhckl\ mijZ\e_gby MF> mijZ\e_gb_ fZ]gblgufb ^bkdZfb MF; mijZ\e_gb_ fZ]gblgufb [ZjZ[ZgZfb MFE mijZ\e_gb_ fZ]gblgufb e_glZfb D h^ghfm mkljhckl\m
mijZ\e_gby q_j_a dhffmlZlhju \g_rgbo mkljhckl\ fh`_l [ulv ih^dexq_gh g_kdhevdh \g_rgbo
mkljhckl\ F; F> FE fZ]gblgu_ [ZjZ[Zgu ^bkdb e_glu :PIM ZenZ\blghpbnjh\u_
i_qZlZxsb_ mkljhckl\Z INE IND i_jnhe_glhqgu_ b i_jnhdZjlhqgu_ mkljhckl\Z \\h^Z\u\h^Z
>^bkie_b
JZ[hlZ kbkl_fu k ebgbyfb k\yab hkms_kl\ey_lky k ihfhsvx ijhp_kkhjZ i_j_^Zqb ^Zgguo
II> dhlhjuc bf__l k\hx kbkl_fm dhfZg^ b \gmlj_ggxx iZfylv ^h Dkeh\ II> aZimkdZ_lky
p_gljZevgufijhp_kkhjhfZ aZl_fkZfhklhyl_evghihkh[kl\_gghcijh]jZff_mijZ\ey_li_j_^Zq_c
^Zgguob j_`bfhfjZ[hluebgbck\yab<k_]h\ kbkl_f_fh`_l[ulv^hII>^hgZdZ`^ucI<<
<k_ dhfihg_glu kbkl_fu jZ[hlZxl iZjZee_evgh b g_aZ\bkbfh ^jm] hl ^jm]Z b ^bgZfbq_kdb
jZkij_^_eyxlky hi_jZpbhgghc kbkl_fhc ^ey h[kem`b\Zgby hq_j_^guo aZ^Zq < kemqZ_ \uoh^Z ba
kljhy dZdh]heb[h fh^mey jZ[hlZ \uihegy\rZyky \ g_f fh`_l [ulv i_j_jZkij_^_e_gZ gZ ^jm]b_
fh^meb lh]h `_ lbiZ Wlh agZqbl qlh hldZa h^gh]hbebg_kdhevdbofh^me_cg_ijb\h^bld \uoh^mba
kljhy \k_c kbkl_fu Z lhevdh kgb`Z_l ijhba\h^bl_evghklv kbkl_fu \ khhl\_lkl\bb k _]h
agZqbfhklvx
KljmdlmjZp_gljZevghcqZklbIh^jh[gZykljmdlmjZp_gljZevghcqZklbbah[jZ`_gZgZjbk
DhffmlZlhj PDF khklhbl ba fh^me_c k hj]ZgbaZpb_c o DZ`^uc fh^mev dhffmlZlhjZ kh_^bgy_l
q_luj_fh^meyHIkh\k_fbbf_xsbfbky\ kbkl_f_fh^meyfbPIb I<<Dhebq_kl\hfh^me_cPDF\
kbkl_f_ aZ\bkbl hl h[s_]h h[t_fZ HI b fh`_l f_gylvky hl h^gh]h ^h \hkvfb Djhf_ nmgdpbb
dhffmlZpbb fh^meb PDF \uihegyxl nmgdpbb jZaj_r_gby dhgnebdlguo kblmZpbc \hagbdZxsbo ijb
h^gh\j_f_gghfh[jZs_gbbg_kdhevdboPIb I<<d h^ghfmfh^mexiZfylb
PI b I<< kh^_j`Zl dhffmlZlhju k hj]ZgbaZpb_c o Bo nmgdpbb h]jZgbqb\Zxlky
h[_ki_q_gb_fk\yabijhp_kkhjh\k PDF
Jbk
Hkh[_gghklb hj]ZgbaZpbb PI KljmdlmjZ PI FI<K ©Wev[jmkª j_adh hlebqZ_lky hl
ljZ^bpbhgghcHlebqb_aZdexqZ_lky\ lj_ohkgh\guokljmdlmjguohkh[_gghklyo
\ kl_dh\hchj]ZgbaZpbb\uiheg_gbyhi_jZpbc\ PI
\ khijh\h`^_gbb\k_okeh\l_]ZfbijbagZdZfb
\ ijbf_g_gbbZiiZjZlZ^_kdjbilhjh\hibkZl_e_c
Kl_dh\Zyhj]ZgbaZpby\uiheg_gbyhi_jZpbcaZdexqZ_lky\ lhfqlhijh]jZffZaZibku\Z_lky
ih lbim h[jZlghc ihevkdhc aZibkb < wlhc aZibkb hi_jZlhju ke_^mxl g_ihkj_^kl\_ggh aZ
hi_jZg^ZfbGZijbf_j:< aZibku\Z_lky\ ihevkdhcaZibkbdZd:<:o<K dZd:<oK:o<K'
dZd:<K'o
K ihfhsvx kl_dZ Zjbnf_lbq_kdb_ \ujZ`_gby \ ihevkdhc aZibkb fh`gh \uqbkeylv aZ h^bg
ijhkfhljke_\ZgZijZ\h<uqbke_gbyijhba\h^ylkygZ^^\mfyhi_jZg^ZfbgZoh^ysbfbky\ \_jrbg_
kl_dZjbk<uiheg_gb_ijh]jZffuaZdexqZ_lky\ ke_^mxs_f
Hi_jZg^u ihf_sZxlky \ kl_dh\mx iZfylv \uiheg_ggmx ZiiZjZlgh gZ [ukljuo j_]bkljZo
BgnhjfZpby f_`^m j_]bkljZfb fh`_l i_j_f_sZlvky \ ^\mo gZijZ\e_gbyo \\_jo b \gba
Ijh^\b`_gb_\gbahagZqZ_li_j_^ZqmbgnhjfZpbbbaj_]bkljZ 5\ 55o5b l^
Hi_jZg^u iZfylb
5
:EM
5
:iiZjZlgZy
\_jomrdZ
kl_dZ
mfg
^_e
keh` 5
DHI
JD
dhfZg^u
baiZfylb
5Q
Jbk
Ijh^\b`_gb_ \\_jo hagZqZ_l i_j_^Zqm bgnhjfZpbb ba 5Qo5Q b l^ 5o5 >\Z \_jogbo
j_]bkljZ\_jomrdbkl_dZk\yaZguk :EMb mqZkl\mxl\ hi_jZpbb\ dZq_kl\_hi_jZg^h\
55o5
lh _klv h^gh\j_f_ggh k hi_jZpb_c hkms_kl\ey_lky ijh^\b`_gb_ \\_jo LZdbf h[jZahf ijb
\uiheg_gbb g_dhlhjuo hi_jZpbc \ dhfZg^_ g_ lj_[m_lky bf_lv Z^j_kZ hg ih^jZamf_\Z_lky \
aZjZg__ hij_^_e_gghf j_]bklj_ mdZaZl_e_ kl_dZ Ihwlhfm dhfZg^u Zjbnf_lbq_kdbo b eh]bq_kdbo
hi_jZpbc kh^_j`Zl lhevdh ihe_ dh^Z hi_jZpbc DHI >jm]b_ dhfZg^u gZijbf_j i_j_^Zqb
mijZ\e_gbybf_xlZ^j_kgmxqZklv
Ijh]jZffZ^ey\uqbke_gby\ujZ`_gby:o<'K[m^_lbf_lv\b^
DhfZg^Z
AZ]jmablv:
AZ]jmablv<
AZ]jmablvK
AZ]jmablv'
>_e_gb_
Keh`_gb_
Mfgh`_gb_
5
$
%
&
'
'&
'&%
$'&%
5
$
%
&
%
$
Khklhygb_kl_dZ
5
5
$
%
$
$
Ijh]jZffZ\uihegy_lkyaZh^bgijhkfhljZe]hjblfZ
Qlh[u wnn_dlb\gh bkihevah\Zlv ij_bfms_kl\Z kl_dh\hc iZfylb \ khklZ\ kbkl_fu dhfZg^
\oh^yl ki_pbZevgu_ dhfZg^u g_ bf_xsb_ ZgZeh]h\ \ fZrbgZo k h[uqghc kljmdlmjhc GZijbf_j
dhfZg^^m[ebjh\Zgb_ihdhlhjhchkms_kl\ey_lkyi_j_kuedZ5o5ijbq_f5hklZ_lkyg_bf_gguf
Beb dhfZg^Z j_\_jkbjh\Zgb_ h[f_g f_`^m 5 b 5 dhlhjZy bkihevam_lky ^ey jZkiheh`_gby
hi_jZg^h\ \ lj_[m_fhf ^ey hi_jZpbb ihjy^d_ gZijbf_j ^_ebfh_ ^he`gh [ulv\ 5Z ^_ebl_ev\
5
JZkkfhljbf ij_bfms_kl\Z dhlhju_ ^Z_l fZrbgZ kh kl_dh\hc hj]ZgbaZpb_c iZfylb gZ
ijbf_j_\uqbke_gby
O : %< &
Ijh]jZffZ\uqbke_gbc[m^_lke_^mxs_c
DhfZg^Z
Khklhygb_kl_dZ
5
5
AZ]jmadZ<
%
>m[ebjh\Zgb_
%
%
AZ]jmadZK
&
%
Keh`_gb_
%&
%
J_\_jkbjh\Zgb_
%
%&
>m[ebjh\Zgb_
%
%
Mfgh`_gb_
%
'&
AZ]jmadZ:
$
%
>m[ebjh\Zgb_
$
$
Mfgh`_gb_
$
%
Keh`_gb_
$ %
%&
>_e_gb_
$ % %&
5
5
%
%&
%&
%
%&
%&
Kl_dh\Zyhj]ZgbaZpbyiZfylbjZkijhkljZgy_lkyg_lhevdhgZ\uqbke_gb_\ujZ`_gbcghb gZ
hkms_kl\e_gb_ ^bgZfbq_kdh]h jZkij_^_e_gby iZfylb ih^ bf_gZ ijhp_^mj Djhf_ lh]h kl_dh\Zy
iZfylv bkihevam_lky ^ey aZihfbgZgby \gmlj_ggbo j_]bkljh\ PI ijb ijhp_^mjguo i_j_oh^Zo
h[jZs_gbyo d ih^ ijh]jZffZf b ij_ju\Zgbyo qlh[u ijb \ha\jZl_ d bkoh^ghc ijh]jZff_
\hkklZgh\blvkhklhygb_ijhp_kkhjh\
<lhjZy hkh[_gghklv kljmdlmjghc hj]ZgbaZpbb PI aZdexqZ_lky \ lhf qlh \k_ ^Zggu_
khijh\h`^Zxlkyl_]Zfbhij_^_eyxsbfbbolbib nhjfZlWlZ]jmiiZjZajy^h\dhlhjZyg_mqZkl\m_l
\ Zjbnf_lbq_kdbo b eh]bq_kdbo hi_jZpbyo Z kem`bl ^ey mdZaZgby lh]h qlh ij_^klZ\ey_l kh[hc
bgnhjfZpby\ khhl\_lkl\mxs_ffZrbgghfkeh\_
L_]bhij_^_eyxlke_^mxsb_hkgh\gu_ijbagZdb^Zgguo
nhjfZl^ZgguojZajy^h\
lbi ^Zgguo p_eh_ \_s_kl\_ggh_ ^_kdjbilhj dhk\_ggh_ keh\h Z^j_k f_ldZ ijhp_^mju b
l^
Wlh iha\hey_l Z\lhfZlbq_kdb mijZ\eylv Ze]hjblfZfb h[jZ[hldb ^Zgguo Ijb ihklmie_gbb
^Zgguo \ PI ZiiZjZlmjZ jZkihagZ_l bo b \ aZ\bkbfhklb hl bo lbih\ b nhjfZlh\ ijhba\h^blky
^bgZfbq_kdZy i_j_kljhcdZ Ze]hjblfh\ h[jZ[hldb wlbo ^Zgguo LZd \ kemqZ_ \uiheg_gby
Zjbnf_lbq_kdhc hi_jZpbb gZ^ p_euf b \_s_kl\_gguf hi_jZg^Zfb ijhba\h^blky Z\lhfZlbq_kdh_
ij_h[jZah\Zgb_p_eh]h\ \_s_kl\_ggh_
L_]bjh\Zgb_ lZd`_ iha\hey_l hkms_kl\eylv ijhklmx b kh\_jr_ggmx aZsblm ijh]jZff b
^Zgguo k lhqghklvx ^h h^gh]h keh\Z Wlh ^hklb]Z_lky l_f qlh \ jZajy^Zo l_]h\ fh`gh mdZaZlv
jZaj_r_gh eb h[jZsZlvky d ^Zgghfm keh\m DZd ba\_klgh \ fZrbgZo lj_lv_]h ihdhe_gby
hkms_kl\ey_lky aZsblZ ih dexqZf g_dhlhjuo h[eZkl_c iZfylb A^_kv `_ aZsbsZ_lky g_ iZfylv Z
^Zggu_
Lj_lv_c hkh[_gghklvx y\ey_lky ijbf_g_gb_ ZiiZjZlZ ^_kdjbilhjh\ >_kdjbilhju
ij_^gZagZqZxlky^eyhibkZgbyfZkkb\h\b ^hklmiZd gbf>_kdjbilhjkh^_j`bl
\bjlmZevguc fZl_fZlbq_kdbc beb j_Zevguc nbabq_kdbc Z^j_k bg nhjfZpbb k lhqghklvx
^h[ZclZ
qbkehwe_f_glh\fZkkb\Z
nhjfZlwe_f_glh\[bl[Zclihemkeh\hkeh\h^\hcgh_keh\h
ijbagZdbaZsbluihql_gbxaZibkbb l^
;Zah\uc Z^j_k kh^_j`Zsbcky \ ^_kdjbilhj_ mdZau\Z_l gZ gZqZeh fZkkb\Z dhlhjuc hg
hibku\Z_l
Bkihevah\Zgb_kl_dh\hciZfylbb ZiiZjZlZ^_kdjbilhjh\iha\hey_lkljhblvlZdgZau\Z_fu_
ih\lhjgh \\h^bfu_ beb j__gl_jZ[_evgu_ ijh]jZffu J__gl_jZ[_evgu_ ijh]jZffu g_fh^bnbpbjm_fu_ijh]jZfful_aZsbs_ggu_ihaZibkbIh\lhjgZy\oh^bfhklv^himkdZ_lbf_lv
h^gmdhibxijh]jZffu^eyj_r_gbyg_kdhevdboaZ^Zqk jZaebqgufb^ZggufbLZdgZijbf_jh^gZb
lZ`_ijh]jZffZljZgkeylhjZfh`_lbkihevah\ZlvkyjZagufbaZ^ZqZfbIh\lhjgZy\oh^bfhklv\Z`gZ
^eyhj]ZgbaZpbb\uqbke_gbc\ FI<KlZddZdiha\hey_lh^ghb lh`_l_eh ijh]jZffubkihevah\Zlv
h^gh\j_f_ggh\k_fbijhp_kkhjZfbijbjZ[hl_k jZagufb^Zggufb
Ijb jZ[hl_ k h[sbfb ^Zggufb \ FI<K \hafh`gu dhgnebdlu \hagbdZxsb_ ijb
h^gh\j_f_gghf h[jZs_gbb d gbf g_kdhevdbo ijhp_kkh\ beb ijhp_kkhjh\ < kbkl_f_ Wev[jmk ^ey
jZaj_r_gby wlbodhgnebdlh\ijbf_gyxlkyk_fZnhjuK_fZnhjuij_^klZ\eyxlkh[hcki_pbZevguc
lbi^Zgguobf_xsbokh[kl\_ggucl_]b gZ^gbfb\hafh`guhi_jZpbblbiZJ aZdjulvb 9hldjulv
I_j_^jZ[hlhck h[sbfb^ZggufbgZ^khhl\_lkl\mxsbfk_fZnhjhf^he`gZijh\h^blvkyhi_jZpbyJ
b ihke_hdhgqZgby hi_jZpby9
Kbkl_fZ\\h^Z\u\h^Z Hkgh\gufa\_ghfh[f_gZy\ey_lkyijhp_kkhj\\h^Z\u\h^ZI<<
dhlhjuc hj]Zgbam_l i_j_^Zqm ^Zgguo dZd f_`^m hi_jZlb\ghc iZfylvx b i_jbn_jbcgufb
mkljhckl\Zfb lZd b f_`^m ^\mfy i_jbn_jbcgufb mkljhckl\Zfb I<< hkms_kl\ey_l h[f_g ih
aZ^Zgbxp_gljZevgh]hijhp_kkhjZ>Zevg_crZy_]hjZ[hlZhkms_kl\ey_lg_aZ\bkbfhhljZ[hluPI
KljmdlmjZijhp_kkhjZ\\h^Z\u\h^Zbah[jZ`_gZgZjbkHgkh^_j`bl^\Z[ehdZ[ukljuo
dZgZeh\ ih q_luj_ dZgZeZ \ dZ`^hf ^ey k\yab k GF; b GF> Djhf_ lh]h \ g_]h \oh^bl ^\Z [ehdZ
klZg^Zjlguo dZgZeh\ ih dZgZeh\ \ dZ`^hf ^ey k\yab k GFE b mkljhckl\Zfb \\h^Z\u\h^Z lbiZ
:PIM ^bkie_b b l ^ k_jbb ?K W<F b h^bg dZgZe ijhp_kkhjZ i_j_^Zqb ^Zgguo d dhlhjhfm fh`_l
ih^dexqZlvky^hq_luj_oII>hj]Zgbamxsbok\yavk m^Ze_ggufbZ[hg_glkdbfbimgdlZfb
Kbkl_fZ mijZ\e_gby \g_rg_c iZfylvx gZ fZ]gblguo [ZjZ[ZgZo b ^bkdZo khklhbl ba
Z\lhghfguomkljhckl\mijZ\e_gbyfZ]gblgufb[ZjZ[ZgZfbMM GF;fZ]gblgufb^bkdZfbMM GF>
b dhffmlZlhjh\ DFjbk
Ij_ju\Zgby \g_r gb_ hld PI
I<<
;ehd[ukljuo
dZgZeh\
dZgZeZ
d HIgZijZ\e_gbc Mkljhckl\h mijZ\e_gby
;ehd[ukljuo
dZgZeh\
dZgZeZ
Mkljhckl\Z mijZ\e_gby
MM GF ;b GF >
GF ;
GF > GF ;GF > GF E gZdhibl_eb gZfZ]gblgu o[ZjZ[ZgZo
^bkdZob e_glZo
:IZ[hg_glkdb_ imgdlu ;ehdklZg
;ehdklZg^ ^ZjlguodZg
dZgZeh\
dZgZeh\dZgZeh\
MM GF E
lbiZ?K
GF E
lbiZ?K :PIM
;ehdijhp_k khjZi_j_^Zqb
^Zgguo
II>
IN E
IN D
dZgZe
k\yab
>
lbiZ?K :I
Jbk
DZ`^h_ MM bf__l ^hklmi d ex[hfm mkljhckl\m \g_rg_c iZfylb lh]h lbiZ dhlhjuf hg
mijZ\ey_lWlhiha\hey_lkms_kl\_gghih\ukblv`b\mq_klvkbkl_fu\g_rg_ciZfylb
PI PI HI HI I< < ;uklju_dZgZeu «
MM
GF ;
I< < I<< ;uklju_dZgZeu ;uklju_dZgZeu I<< ;uklju_dZgZeu
«
« « « MM
GF >
MM
GF ;
MM
GF ;
MM
GF >
« « « MM
GF > MM
GF ;
MM
GF > DF o DF o GF ;
GF ;
GF ;
GF ;
GF > GF > GF > GF > Jbk
Kbkl_fZ \g_rg_c iZfylb fh`_l kh^_j`Zlv ^h mkljhckl\ GF; beb GF> >\Z [ehdZ
[ukljuodZgZeh\I<<h[_ki_qb\Z_lh^gh\j_f_ggmxjZ[hlm\hkvfbbagbo
DZ`^uc I<< bf__l kh[kl\_ggmx [mn_jgmx iZfylv b g_h[oh^bfu_ Zjbnf_lbq_kdb_ b
eh]bq_kdb_ ko_fu Hg mijZ\ey_l \u[hjhf lj_[h\Zgbc gZ \\h^ beb \u\h^ ^Zgguo beb kibkdZ lZdbo
lj_[h\Zgbc \ hi_jZlb\ghc iZfylb kbkl_fu aZimkdZ_l khhl\_lkl\mxsb_ mkljhckl\Z \ jZ[hlm
i_j_^Z_l ^Zggu_ \ khhl\_lkl\bb k lj_[h\Zgbyfb gZ h[f_g aZ\_jrZ_l i_j_^Zqm ^Zgguo b
fh^bnbpbjm_lkibkhdlj_[h\Zgbc
>ey lh]h qlh[u ijhp_kkhj \\h^Z\u\h^Z fh] h[jZ[Zlu\Zlv lj_[h\Zgby gZ h[f_g
hi_jZpbhggZy kbkl_fZ kha^Z_l lZd gZau\Z_fmx dZjlm jZ[hl DZjlZ jZ[hl kha^Z_lky i_j_^ gZqZehf
jZ[hlukbkl_fu\h\j_fybgbpbZebaZpbbb ojZgblky\ HIHgZ^hklmigZdZdPIlZdb I<<Kibkhd
hq_j_^v lj_[h\Zgbc aZy\hd gZ h[f_g \ dZjl_ jZ[hl kljhblky p_gljZevgufb ijhp_kkhjZfb
jbk Ijhp_kkhju \\h^Z\u\h^Z ba\e_dZxl wlb lj_[h\Zgby b \uihegyxl bo <uiheg_ggu_
aZy\db i_j_kljZb\Zxlky \ hq_j_^v \uiheg_gguo aZy\hd <j_fy hl \j_f_gb dZdhceb[h ba PI
h[jZ[Zlu\Z_lwlb\uiheg_ggu_jZ[hlu\u[bjZybobahq_j_^b\uiheg_gguoaZy\hd
Hi_jZlb\gZy iZfylv
DZjlZjZ[hl
PI
BgnhjfZpby h
IM b imlyo
h[f_gZ
I<<
IM
I<<
IM
Hq_j_^b
lj_[h\Zgbc
gZh[f_g
PI
Hq_j_^b
\uiheg_ggu o aZy\hd
Jbk
Hq_j_^bkljhylkyd dZ`^hfmi_jbn_jbcghfmmkljhckl\m?kebhq_j_^vd mkljhckl\mihkljh_gZ
p_gljZevguf ijhp_kkhjhf aZgh\h lh hg hih\_sZ_l h[ wlhf ijhp_kkhj \\h^Z\u\h^Z kb]gZehf
ij_ju\Zgby b I<< \uihegy_l aZy\db ^h l_o ihj ihdZ hq_j_^v g_ [m^_l iheghklvx bkq_jiZgZ <h
\j_fy \uiheg_gby h[f_gZ ijhp_kkhjhf \\h^Z\u\h^Z hq_j_^v d ex[hfm ba mkljhckl\ fh`_l
^hkljZb\Zlvkyp_gljZevgufbijhp_kkhjZfb^hihegbl_evgufbaZy\dZfbm`_[_aij_ju\ZgbyI<<lh
_klvh^gbfij_ju\Zgb_faZimkdZ_lky\kyhq_j_^vaZy\hdd ^Zgghfmmkljhckl\m
< k\hx hq_j_^v jZ[hlZ kbkl_fu \\h^Z\u\h^Z hj]Zgbah\ZgZ lZdbf h[jZahf qlh PI g_
ij_ju\Z_l \uqbke_gbc ihke_ aZ\_jr_gby dZdh]heb[h h[f_gZ I<< k i_jbn_jbcguf mkljhckl\hf
ohly\ kbkl_f_kms_kl\m_l\hafh`ghklvij_ju\Zlvex[hcPIihke_\uiheg_gbyex[hcaZy\dbLZdZy
hj]ZgbaZpbyh[f_gZiha\hey_lba[_]Zlvebrgboi_j_dexq_gbck aZ^ZqbgZaZ^Zqmihij_ju\Zgbyfhl
\\h^Z\u\h^Zb khhl\_lkl\_gghih\ukblvijhba\h^bl_evghklvkbkl_fu
QZklv hi_jZlb\ghc iZfylb hl\_^_gghc ih^ dZjlm jZ[hl kh^_j`bl bgnhjfZpbx h[
mkljhckl\Zo b imlyo h[f_gZ I<< bkihevamy wlm bgnhjfZpbx ijh]jZffghZiiZjZlguf kihkh[hf
hij_^_ey_lk\h[h^gucimlvi_j_^Zqb^Zgguof_`^mHIb i_jbn_jbcgufmkljhckl\hf
< ijhp_kk_ jZ[hlu \uqbkebl_evghc kbkl_fu \j_fy hl \j_f_gb \hagbdZxl kblmZpbb dh]^Z
h[f_g g_ fh`_l [ulv \uiheg_g D lZdhc kblmZpbb ijb\h^bl gZijbf_j h[ju\ i_jnhe_glu \
kqblu\Zxs_f mkljhckl\_ eb[h dhg_p djZkys_c e_glu m i_qZlZxs_]h mkljhckl\Z eb[h mkljhckl\h
ijhklhg_]hlh\hd jZ[hl_ihdZdhcgb[m^vijbqbg_< lZdbokemqZyoI<<ijh^he`Zyh[f_gk ^jm]bfb
mkljhckl\Zfb ij_djZsZ_l jZ[hlm k wlbf i_jbn_jbcguf mkljhckl\hf b khh[sZ_l hi_jZpbhgghc
kbkl_f_ h \hagbdr_c g_bkijZ\ghklb Ihke_ mkljZg_gby g_bkijZ\ghklb PI \gh\v hih\_sZ_l I<< h
g_h[oh^bfhklb aZimkdZ mkljhckl\Z ihke_ q_]h hgh \dexqZ_lky \ jZ[hlm :gZeh]bqgh_ khh[s_gb_
ihkueZ_lky \ kbkl_fm \ kemqZ_ k[hy \ dZgZe_ H^gZdh mkljhckl\Z k\yaZggu_ k wlbf dZgZehf g_
[ehdbjmxlky b h[f_g k gbfb g_ ij_djZsZ_lky lhevdh baf_gy_lky imlv h[f_gZ Ijb h[gZjm`_gbb
hrb[db \ kZfhf I<< \k_ h[f_gu \_^msb_ky bf ij_djZsZxlky \ lh \j_fy dZd ^jm]b_ ijhp_kkhju
\\h^Z\u\h^Zkbkl_fuijh^he`Zxlh[f_g
Hkh[_gghklbihkljh_gbykmi_jw\fk_f_ckl\Z V
Ijh_dl <K 6 >@ y\ey_lky qZklvx h[s_c ijh]jZffu jZa\blby i_j_^h\uo gZijZ\e_gbc \
h[eZklb qbkeh\hc h[jZ[hldb bgnhjfZpbb P_evx ijh_dlZ y\ey_lky kha^Zgb_ b kh\_jr_gkl\h\Zgb_
mgb\_jkZevguo W<F k\_jo\ukhdhc ijhba\h^bl_evghklb b h[jZ[hldZ f_lh^h\ hj]ZgbaZpbb
f_`ijhp_kkhjguo k\ya_c NbgZgkbjh\Zgb_ jZ[hl hkms_kl\ey_lky<FKb Fbgbkl_jkl\hfwg_j]_lbdb
KR: jZ[hlu \_^mlky \ GZpbhgZevghc eZ[hjZlhjbb bf Ehmj_gkZ \ Eb\_jfhj_ KR: Kbkl_fu
^Zggh]hdeZkkZhjb_glbjmxlkygZj_r_gb_aZ^Zq\ ke_^mxsboh[eZklyo
D
E
F
G
H
fh^_ebjh\Zgb_nbabq_kdboijhp_kkhjh\\ j_`bf_j_Zevgh]hfZkrlZ[Z\j_f_gbJF<
ijh]ghabjh\Zgb_ih]h^u
h[jZ[hldZ]_hnbabq_kdhcbgnhjfZpbbihbkdf_klhjh`^_gbcg_nlbfbg_jZeh\b l^
l_ogheh]bbijhba\h^kl\Zihemijh\h^gbdh\uoijb[hjh\
mijZ\e_gb_\ keh`guol_ogbq_kdbokbkl_fZo\ JF<j_`bf_
Ijhp_kkhju \ kbkl_f_ jbk kh_^bg_gu fZljbqguf i_j_dexqZl_e_f dhlhjuc
h[_ki_qb\Z_lijyfmxk\yavdZ`^h]hijhp_kkhjZk dZ`^uf[ehdhfiZfylbKlhbfhklvi_j_dexqZl_ey
khklZ\ey_l g_kdhevdh ijhp_glh\ hl klhbfhklb kbkl_fu H[f_gu f_`^m ijhp_kkhjZfb b fh^meyfb
iZfylb h[f_g j_amevlZlZfb \uqbke_gbc f_`^m ijhp_kkhjZfb \uihegy_lky ZiiZjZlgh b ^ey
ihevah\Zl_eyhklZxlkyg_\b^bfuf
Jbk
Ijb bkihevah\Zgbb h[s_c iZfylb bf_xlky ljm^ghklb \ ^hklb`_gbb [ukljhc kbgojhgbaZpbb
ijhp_kkh\ b mf_gvr_gbb ^h fdk aZ^_j`_d ijb h[f_g_ ^Zggufb >ey h[_ki_q_gby bgl_gkb\gh]h
\aZbfh^_ckl\by ijhp_kkhjh\ \ <K 6 j_Zebah\Zgu dhfZg^u mijZ\e_gby hq_j_^yfb Wlh ^Z_l
\hafh`ghklv ihf_sZlv j_amevlZlu \uqbke_gbc\ hq_j_^v^eyijhp_kkhjZihevah\Zl_eyb \u[bjZlv
^Zggu_bahq_j_^bijhp_kkhjhfihlj_[bl_e_f
DwriZfylv bkihevah\ZgZ ^ey ih\ur_gby wnn_dlb\ghklb hkgh\ghc iZfylb AZ h^gh
h[jZs_gb_ ba dwriZfylb fh`_l [ulv kqblZgh ^h ihke_^h\Zl_evgh jZkiheh`_gguo [Zclh\ Ijb
hlkmlkl\bbaZijZrb\Z_fhci_j_f_gghc\ dwriZfylbijhp_kkhjh[jZsZ_lkyd hkgh\ghciZfylbIjb
wlhf ba hkgh\ghc iZfylb kqblu\Z_lky kjZam [ZclZ i_j_f_ggZy b __ hdjm`_gb_ ihf_sZxlky \
dwriZfylb b m^Zeyxlky ba dwriZfylb [ZclZ ^hevr_ \k_]h g_ bkihevam_fu_ \ jZ[hl_ Ijb
hlkmlkl\bb i_j_f_gghc \ hkgh\ghc iZfylb b^_l hijhk dwriZfylb ^jm]bo ijhp_kkhjh\ b i_j_^ZqZ \
dwriZfylvijhp_kkhjZihlj_[bl_eyihZgZeh]bqghcko_f_
P_gljZevguc ijhp_kkhj 0DUN ,,$ ih ijhba\h^bl_evghklb ijbf_jgh jZ\_g &UD\ bf__l
jZa\blmx ZiiZjZlgmx ih^^_j`dm \_dlhjguo hi_jZpbc b hi_jZpbc k ieZ\Zxs_caZiylhcKe_^mxs__
ihdhe_gb_ 0$5. 9 jZajZ[Zlu\Zxlky \ \b^_ h^ghieZlghc kmi_jW<F B^_heh]bq_kdb k_jby F:5D
hjb_glbjh\ZgZgZ
D h[_ki_q_gb_\ukhdhcijhba\h^bl_evghklb
E ijh]jZffbjh\Zgb_gZyaud_\ukhdh]hmjh\gy:^Z
F h[_ki_q_gb_\hafh`ghklbhi_jbjh\Zgbyk rbjhdbfgZ[hjhflbih\^Zgguob dhfZg^
Djhf_ mgb\_jkZevgh]h h[hjm^h\Zgby PI hkgZs_g ki_pbZebabjh\Zggufb mkljhckl\Zfb LZd
ljb]hghf_ljbq_kdb_nmgdpbbVLQFRVj_Zebamxlkyh^ghcfZrbgghcdhfZg^hcijbf_jghaZ\j_fy
\uiheg_gby hi_jZpbb mfgh`_gby H[_ki_q_gZ ZiiZjZlgZy ih^^_j`dZ hi_jZpbc gZ^ fZljbpZfb
\dexqZy mfgh`_gb_ fZljbp b h[h[s_ggh_ ljZgkihgbjh\Zgb_ Jy^ oZjZdl_jbklbd 0$5. ,,$ ^Zgu \
lZ[
‹
ii
LZ[ebpZ
<j_fy\uiheg_gbygk
GZbf_gh\Zgb_
<_dlhjguc KdZeyjguc
H^bghqgZy
hi_jZpbb
j_`bf
j_`bf
hi_jZpby
I_j_kuedZ IH>
K^\b]IH>
Ih[Zclh\ZyaZ]jmadZ
Keh`_gb_k ieZ\Zxs_c
aZiylhcIH
Mfgh`_gb_k ieZ\Zxs_c
aZiylhcIH
Mfgh`_gb_k ieZ\Zxs_c
aZiylhc>
Ba\e_q_gb_k ieZ\Zxs_c
aZiylhcIH
<uqbke_gb_VLQ k ieZ\Zxs_c
aZiylhcIH
lhq_qgh_ij_h[jZah\Zgb_
Nmjv_k ieZ\Zxs_caZiylhc\
dhfie_dkghch[eZklb
fk
lhq_qgh_ij_h[jZah\Zgb_
Nmjv_k ieZ\Zxs_caZiylhc
fk
NhjfZluI ±iheh\bgZkeh\ZH ±h^ghkeh\h> ±^\hcgh_keh\h
HK $PEHU <K 6 ihkljh_gZ ih fh^mevghb_jZjobq_kdhc ko_f_ b hjb_glbjh\ZggZ kha^Zgb_
ijh]jZffghcih^^_j`dbrbjhdhfmdjm]mihevah\Zl_e_cjZ[hlZxsbodZd\ JF<j_`bf_lZdb j_`bf_
jZa^_e_gby\j_f_gb
Ijb ^Zgghf ih^oh^_ lZdb_ ijh]jZffgu_ kj_^kl\Z dZd dhfibeylhju kbkl_fu hleZ^db b
mijZ\e_gby nZceZfb bkihevamxlky ijb j_r_gbb jZaebqguo aZ^Zq lZd`_ \ h[s_f ihevah\Zgbb
gZoh^ylky b [b[ebhl_qgu_ ijh]jZffu Gb`gb_ mjh\gb HK h[_ki_qb\Zxl lhevdh we_f_glZjgu_
hi_jZpbb \ukhdb_ mjh\gb \uihegyxl nmgdpbb ^ey ijbdeZ^guo h[eZkl_c Ijbf_jhf lZdhc
hj]ZgbaZpbby\ey_lkyieZgbjh\sbdjZ[hljbk
IeZgbjh\sbd
gb`g_]h
mjh\gy
IeZgbjh\Zgb_aZ^Zgbc
gZh^ghfijhp_kkhj_
Kihkh[pbdebq_kdZy
hq_j_^vk d\Zglh\Z
gb_fb ijbhjbl_lZfb
AZimkd aZ^Zgby gZ
\u^_e_ggucaZjZg__
ijhp_kkhj
IeZgbjh\sbd
\ukhdh]h
mjh\gy
MklZgh\dZijbhjbl_lh\
aZ^Zgbyf b hij_^_e_
gb_fd\ZglZ
JZkij_^_e_gb_aZ^Zgbc
ih ijhp_kkhjZf
Jbk
Hkh[_gghklv HK $PEHU y\ey_lky h[_ki_q_gb_ ^bgZfbq_kdhc j_dhgkljmdpbb kbkl_fu
Ijh]jZffgu_ kj_^kl\Z <K 6 ij_^klZ\e_gu ijh]jZffguf dhfie_dkhf JZkiZjZee_eb\Zl_ev
L_dmsZy \_jkby bkihevam_l \ dZq_kl\_ [Zah\h]h yaudZ IZkdZev b j_Zebah\ZgZ \ \b^_ ljZgkeylhjZ
H[_ki_qb\Z_lhibkZgb_ihlhdh\dhfZg^b ihlhdh\^Zgguoh[mkeh\e_gguobkihegy_fufZe]hjblfhf
h[_ki_qb\Z_l mdZaZgby h ijhp_kkhjZo ^ey \uiheg_gby aZ^Zgby >ey \uiheg_gby qZklh
\klj_qZxsbokyijh]jZffbf__lky[b[ebhl_dZgZyaud_EBKI
Fbdjhijhp_kkhjgu_I<KlbiZFDF>
KljmdlmjgZy hj]ZgbaZpby fbdjhijhp_kkhjguo I<K lbiZ FDF> \h fgh]hf koh^gZ kh
kljmdlmjghc hj]ZgbaZpb_c I<K lZdh]h `_ lbiZ gZ [Za_ [hevrhc W<F H^gZdh _keb \ I<K gZ [Za_
[hevrbo W<F ^ey hj]ZgbaZpbb \gmlj_ggbo k\ya_c bkihevah\Zebkv eb[h fZljbqgu_ dhffmlZlhju
eb[h fgh]h\oh^h\u_ kljmdlmju lh \ fbdjhijhp_kkhjguo I<K ^ey l_o `_ p_e_c \ hkgh\ghf
ijbf_gy_lky h[sZy rbgZ Wlh h[tykgy_lky kjZ\gbl_evgh gbadbf [ukljh^_ckl\b_f
fbdjhijhp_kkhjh\ < gZklhys_c ]eZ\_ jZkkfZljb\Zxlky hkgh\gu_ \ZjbZglu ihkljh_gby
fmevlbfbdjhijhp_kkhjguokbkl_fk h[s_crbghcFFI<Kk HR
KljmdlmjgZyhj]ZgbaZpbyFFI<Kk HRhij_^_ey_lkyke_^mxsbfbijbagZdZfb
kihkh[hfhj]ZgbaZpbbhi_jZlb\ghciZfylbb i_jbn_jbcguomkljhckl\IM
kihkh[hfhj]ZgbaZpbbbgl_jn_ckZf_`fh^mevgh]hh[f_gZ
Hj]ZgbaZpbyhi_jZlb\ghciZfylbb i_jbn_jbcguomkljhckl\
Ih kihkh[m hj]ZgbaZpbb iZfylb b IM FFI<K k HR ^_eylky gZ ^\Z lbiZ k h[s_c
jZ\gh^hklmighc iZfylvx b h[sbfb jZ\gh^hklmigufb IM k ehdZevghc bg^b\b^mZevghc
iZfylvxb ehdZevgufbbg^b\b^mZevgufbIM
KljmdlmjZ FFI<K k h[s_c iZfylvx HI b h[sbfb IM HIM ijb\_^_gZ gZ jbk Ijb
lZdhc hj]ZgbaZpbb dZ`^uc fbdjhijhp_kkhj FI bf__l ^hklmi d ex[hfm fh^mex iZfylb b
i_jbn_jbcghfm mkljhckl\m Ke_^h\Zl_evgh ex[hfm FI kbkl_fgu ^hklmigu ex[u_ ijh]jZffgu_
fh^meb\ lhfqbke_b ijh]jZffuhi_jZpbhgghckbkl_fudhlhju_hkms_kl\eyxlh[s__mijZ\e_gb_
\k_fb ZiiZjZlgufb b ijh]jZffgufb kj_^kl\Zfb kbkl_fu b h[_ki_qb\Zxl \aZbfh^_ckl\b_ f_`^m
ijhp_kkZfbj_Zebam_fufb\ fbdjhijhp_kkhjZo
>eyFFI<Kk h[s_ciZfylvxb h[sbfbi_jbn_jbcgufbmkljhckl\Zfb[he__\k_]hih^oh^bl
deZkkkbevghk\yaZgguoaZ^Zqh[sb_^Zggu_dhlhjuofh]ml[ulvjZaf_s_gu\ h^ghffh^me_iZfylb
Ijb wlhf ^hklb]Z_lky agZqbl_evgZy wdhghfby iZfylb H^gZdh \ukhdhc ijhba\h^bl_evghklb ijb
m\_ebq_gbb qbkeZ FI a^_kv ^hklbqv g_ m^Z_lky lZd dZd aZ dZ`^hc dhfZg^hc b dZ`^uf keh\hf
fbdjhijhp_kkhjZflj_[m_lkyh[jZs_gb_\ h[smxiZfylv
FI
HI
FIQ
HIQ
HIM
Jbk
HIMN
Ihlhdb bgnhjfZpbb ijhoh^ysb_ ih h[s_c rbg_ bf_xl [hevrmx bgl_gkb\ghklv dhlhjZy
[m^_l jZklb k m\_ebq_gb_f qbkeZ FI \ kbkl_f_ Wlh ijb\h^bl d fgh]hqbke_gguf dhgnebdlguf
kblmZpbyf\ h[s_crbg_GZjZsb\Z_fhklvlZdboFFI<Kh]jZgbqb\Z_lfbdjhijhp_kkhjZfb
FFI<K k ehdZevghc iZfylvx EI b ehdZevgufb i_jbn_jbcgufb mkljhckl\Zfb EIM
jbk bkihevamxlky ^ey j_r_gby keZ[hk\yaZgguo aZ^Zq Ijb wlhf qZklv ijh]jZff b ^Zgguo
^m[ebjm_lky eb[h oZjZdl_j aZ^Zqb lZdh\ qlh hgZ jZa[b\Z_lky gZ jy^ ih^aZ^Zq k fZeuf
\aZbfhh[f_ghf Lh]^Z dZ`^uc \uqbkebl_evguc fh^mev <F \ k\h_c jZ[hl_ bkihevam_l ]eZ\guf
h[jZahf h]jZgbq_ggh_ ih^fgh`_kl\h ^Zgguo gZoh^ysboky \ _]h ehdZevghc iZfylb b djZcg_ j_^dh
h[jZsZ_lky d hklZevguf fh^meyf iZfylb aZ ^jm]bfb ^Zggufb >ey f_`ijhp_kkhjgh]h h[f_gZ
^Zggufb b ojZg_gby ^Zgguo kbkl_fgh]h agZq_gby \u^_ey_lky g_[hevrZy h[sZy iZfylv dhlhjZy \
\b^_ h[sbo ihe_c fh`_l [ulv jZaf_s_gZ g_ihkj_^kl\_ggh \ ehdZevghc iZfylb jbkZ beb \
\b^_hl^_evgh]h[ehdZgZh[s_crbg_jbk[
Z
[
<F <F Q
<F E IM F I <F Q
EIM
EI
F I EI
HR
HR
HI HIQ
HIM HIM Q
Jbk
Bgl_gkb\ghklv ihlhdZ gZ h[s_c rbg_ kgb`Z_lky ih kjZ\g_gbx k bgl_gkb\ghklvx ihlhdZ \
jZg__ jZkkfhlj_gghc kljmdlmj_ ihwlhfm ^hklb`bfZy ijhba\h^bl_evghklv ijb lZdhc hj]ZgbaZpbb
[he__\ukhdZH^gZdh^m[ebjh\Zgb_ijh]jZffb ^Zgguoijb\h^bld m\_ebq_gbxaZljZliZfylb
Bgl_jn_ckuf_`fh^mevghck\yab\ FFI<K\ HR
Hj]ZgbaZpby bgl_jn_ckZ f_`fh^mevghc k\yab oZjZdl_jbam_lky ke_^mxsbfb ijbagZdZfb
kihkh[hf mijZ\e_gby h[s_c rbghc kihkh[hf k\yab fh^me_c \ ijhp_kk_ h[f_gZ ^bkpbiebghc
h[kem`b\Zgbyh[s_crbghc
Ih kihkh[m mijZ\e_gby h[s_c rbghc FFI<K k HR ih^jZa^_ey_lky gZ kbkl_fu k
p_gljZebah\Zgguf b ^_p_gljZebah\Zgguf mijZ\e_gb_f < i_j\hf kemqZ_ \u^_ey_lky p_glj \
nmgdpbbdhlhjh]h\oh^blmijZ\e_gb_aZgylb_fh[s_crbgub h[kem`b\Zgb_aZy\hd\ khhl\_lkl\bbk
ijbgylhc ^bkpbiebghc h[kem`b\Zgby <h \lhjhf kihkh[_ wlb nmgdpbb jZkij_^_eyxlky ihZdlb\guf
mkljhckl\Zf Ih^ Zdlb\gufb mkljhckl\Zfb ihgbfZxl fh^meb kihkh[gu_ ]_g_jbjh\Zlv aZy\db Bfb
fh]ml[ulvfbdjhijhp_kkhjubeb[ukljh^_ckl\mxsb_IMD iZkkb\gufhlghkylkyfh^mebkihkh[gu_
h[kem`b\ZlvaZy\dbhi_jZlb\gZyiZfylvM<<
<hafh`gu^\Zkihkh[Zk\yabfh^me_c\ ijhp_kk_f_`fh^mevgh]hh[f_gZihh[s_crbg_[_a
[mn_jbaZpbbb k[mn_jbaZpb_ckhh[s_gbc< i_j\hfkemqZ_HRij_^klZ\ey_lkyZdlb\ghfmfh^mex
gZ\_kvi_jbh^\aZbfh^_ckl\byZdlb\gh]hb iZkkb\gh]hfh^me_cGZijbf_jijb\aZbfh^_ckl\bbFI
b HIbokh_^bg_gb_ijhba\h^blkygZ\j_fyjZ\gh_pbdemiZfylbAZwlhlijhf_`mlhd\j_f_gbihHR
i_j_^Z_lkykeh\h^Zgguob khijh\h`^ZxsZy_]hZ^j_kgZyb mijZ\eyxsZybgnhjfZpby
< kbkl_fZok [mn_jbaZpb_ckhh[s_gbcdZgZek\yabf_`^mZdlb\gufbb iZkkb\gufbfh^meyfb
h[jZam_lky gZ dhjhldbc ijhf_`mlhd \j_f_gb fgh]h f_gvrbc \j_f_gb pbdeZ iZkkb\gh]h fh^mey
I_j_^Z\Z_fZybgnhjfZpbyaZihfbgZ_lky\ [mn_jguoj_]bkljZobgl_jn_ckguoko_fkhijy`_gbyHR
k fbdjhijhp_kkhjZfb Ih hdhgqZgbb i_j_^Zqb h^gh]h keh\Z ^Zgguo HR hk\h[h`^Z_lky b
ij_^hklZ\ey_lky^jm]hfmaZijZrb\Zxs_fmfh^mexLZdhckihkh[k\yabh[eZ^Z_l\ukhdhckdhjhklvx
i_j_^Zqbh^gZdhZiiZjZlmjgu_aZljZlu^h\hevgh\_ebdb
>ey jZaj_r_gby dhgnebdlguo kblmZpbc ijb h^gh\j_f_gghf aZijhk_ HR g_kdhevdbfb
bklhqgbdZfbbkihevamxlky^bkpbiebguh[kem`b\Zgbyk ijbhjbl_lZfbb [_aijbhjbl_lh\
Ihke_^gyyij_^klZ\ey_lkh[hch[uqgucf_lh^pbdebq_kdh]hh[kem`b\ZgbyIjbhj]ZgbaZpbb
ijbhjbl_lgh]h^hklmiZ\hafh`gu^\Z\ZjbZglZk nbdkbjh\Zggufbijbhjbl_lZfbb k^bgZfbq_kdbfb
I_j\uc \ZjbZgl ijhs_ h^gZdh bf__l lhl g_^hklZlhd qlh fh^meb bf_xsb_ [hevrbc
ijbhjbl_l [m^ml aZgbfZlv HR qZs_ q_f fh^meb bf_xsb_ gbadbc ijbhjbl_l <ke_^kl\b_ wlh]h
\lhju_ [m^ml ijhklZb\Zlv Wlh y\e_gb_ gZau\Zxl i_j_dhkhf kbkl_fu I_j_dhk ijb\h^bl d ihl_j_
ijhba\h^bl_evghklb
<lhjhc \ZjbZgl keh`g__ lj_[m_l [hevrbo ZiiZjZlguo aZljZl Djhf_ lh]h \ghkylky
\j_f_ggu_aZ^_j`dbk\yaZggu_k i_j_^Zq_cijbhjbl_lh\hlh^gh]hfh^meyd ^jm]hfm
JZkkfhljbf ih^jh[g__ hj]ZgbaZpbx bgl_jn_ckZ f_`fh^mevghc k\yab \ qZklb mijZ\e_gby
aZgylb_fh[s_crbgu
Ihke_^h\Zl_evgh_mijZ\e_gb_aZgylb_fHRbebre_cnh\h_mijZ\e_gb_jbkA^_kv
bf_xl f_klh ^\_ ebgbb mijZ\e_gby b h^gZ rbgZ Ebgby g_ kh^_j`bl dZdhceb[h ZiiZjZlmju \
f_klZo ih^dexq_gby fh^me_c __ gZau\Zxl ebgb_c k\h[h^ghaZgylh Ebgby ijhoh^bl
ihke_^h\Zl_evgh q_j_a ZiiZjZlmjm fh^me_c Rbgm bkihevam_fmx ^ey h[f_gZ ^Zggufb gZau\Zxl
HR ;m^_f kqblZlv qlh \ukhdbc ihl_gpbZe gZ ebgbb k\b^_l_evkl\m_l h g_ aZgylhklb HR b
gZh[hjhl
?
F
F
FL
FQ
HR
Jbk
?kebg_kdhevdhfh^me_ch^gh\j_f_gghiulZxlkyaZgylvHRlhaZcf_l__ djZcgbce_\ucih
ko_f_ Ijhp_kk aZgylby ijhbkoh^bl ke_^mxsbf h[jZahf ?keb fh^mev FL lj_[mxsbc HR
h[gZjm`b\Z_l \ukhdbc ihl_gpbZe gZ ebgbb lh hg mklZgZ\eb\Z_l gZ g_c gbadbc ihl_gpbZe b
h^gh\j_f_ggh\uklZ\ey_l\ukhdbcihl_gpbZegZebgbb\uoh^ys_cbag_]hihke_q_]hFLh`b^Z_l
gbadbc ihl_gpbZe gZ k\h_f \oh^_ ?keb gb h^bg ba fh^me_c FL FL h^gh\j_f_ggh k FL g_
aZijZrb\Ze HR lh gbadbc ihl_gpbZe mklZgh\e_gguc \ ebgbb jZkijhkljZgy_lky ^h fh^mey FL
Kh\iZ^_gb_gbadboihl_gpbZeh\ihklmiZxsbobaebgbcb y\ey_lkyjZaj_rZxsbfkb]gZehf^ey
aZgylbc HR LZdbf h[jZahf jZkkfhlj_gguc kihkh[ mijZ\e_gb_f y\ey_lky ^_p_gljZebah\Zgguf
>hklmi d HR ijhba\h^blky k ihfhsvx ijbhjbl_lguo ko_f Ijbhjbl_lu fh^me_c nbdkbjh\Zgu
ijbq_f\ukrbfijbhjbl_lhfh[eZ^Z_lfh^mevk f_gvrbfghf_jhfdjZcgbc e_\ucihko_f_
>hklhbgkl\h lZdhc kljmdlmju fZeu_ ZiiZjZlgu_ aZljZlu G_^hklZlhd [hevrh_ \j_fy
aZgylbyHR>eyfh^meyFQ hghfZdkbfZevghb khklZ\ey_l
W
QWW/
W
WW/
PD[
]^_ W aZ^_j`dZ \ bgl_jn_ckghf h[hjm^h\Zgbb fh^mey W/ \j_fy jZkijhkljZg_gby kb]gZeZ
\^hev^ebgghcebgbb
FbgbfZevghc\j_fyaZ^_j`dbm fh^meyF
PLQ
Kj_^g__\j_fyaZ^_j`dbkhklZ\bl
W
kj
QWW/
IZjZee_evgh_ mijZ\e_gb_ aZgylb_f HR Mf_gvr_gb_ \j_f_gb aZgylby HR ^hklb]Z_lky
^jm]bfkihkh[hfmijZ\e_gbyjZ^bZevgufkh_^bg_gb_ffh^me_ck Zj[bljhfij_^klZ\eyxsbfkh[hc
ijbhjbl_lgh_ mkljhckl\h mijZ\e_gby jbk A^_kv lZd`_ bf__lky ebgby k\h[h^ghaZgylh
dhlhjZy]ZjZglbjm_lfhghihevgh_\eZ^_gb_HRh^bgbafh^me_cLZd`_dZdb \ij_^u^ms_fkemqZ_
[m^_f kqblZlv qlh \ukhdbc ihl_gpbZe khhl\_lkl\m_l g_ aZgylhklb HR Fh^meb lj_[mxsb_ HR
hijZrb\Zxl ebgbx ?keb gZ g_c h[gZjm`b\Z_lky \ukhdbc ihl_gpbZe lh hgb ihkueZxl aZijhku \
Zj[blj ih bg^b\b^mZevguf ebgbyf aZijhkZ AI AIQ Fh^mev bf_xsbc gZb\ukrbc ijbhjbl_l
ihemqblkb]gZeih^l\_j`^_gbyaZijhkZIAIdhlhjucy\ey_lkyjZaj_rZxsbfkb]gZehf^eyaZgylby
HR
F
AI
I AI Q
F
AI IAI
AIQ
IAI I AI
AI
AI
AI
I AI
:j[blj
ijbhjbl_lgh_MM
QIAI
Q
FQ
HR
Jbk
<j_fyaZgylbyh^bgZdh\h^ey\k_ofh^me_cb hij_^_ey_lkyaZ^_j`dhc\ ko_fZoZj[bljZb \
ebgbyoaZijhkhl\_l
W W:W/
]^_W: \j_fyaZ^_j`db\ ko_fZfZj[bljZ
LZdZy kljmdlmjZ mijZ\e_gby y\ey_lky p_gljZebah\Zgghc :iiZjZlgu_ aZljZlu a^_kv
agZqbl_evgu_ fgh`_kl\h ebgbc k\yab keh`guc Zj[blj h^gZdh h[_ki_qb\Z_lky fZeh_ \j_fy
aZgylby
Kihkh[u mijZ\e_gby aZ`Zlb_f HR ih^h[gu_ jZkkfhlj_gguf [ueb jZajZ[hlZgu nbjfhc
,QWHO ^ey hj]ZgbaZpbb FI<K gZ fbdjhijhp_kkhjZo Hgb ihemqbeb gZa\Zgb_ ihke_^h\Zl_evghc b
iZjZee_evghc 0XOWLEXV Hlebqb_ bo hl jZkkfhlj_gguo aZdexqZ_lky \ lhf qlh \ 0XOWLEXV bf__lky
lj_lvy ebgby L iZjZee_evgZy ebgbb ih dhlhjhc i_j_^Zxlky lZdlh\u_ kbgojhbfimevku hl
kbgojh]_g_jZlhjZ Fh^meb dhlhjuf g_h[oh^bfh aZgylv HR aZcfml __ lhevdh \h \j_fy
hljbpZl_evgh]hnjhglZlZdlh\h]hbfimevkZBgl_jn_ck0XOWLEXVklZe\ gZklhys__\j_fyijZdlbq_kdb
klZg^Zjlhf <k_ aZjm[_`gu_ nbjfu kha^Zxsb_ FFI<K k HR \uimkdZxl kh\f_klbfu_ k gbf
fh^meb
Ihke_^h\Zl_evghiZjZee_evgh_ mijZ\e_gb_ aZgylb_f HR Ihke_^h\Zl_evghiZjZee_evguc
re_cnh\hjZ^bZevguc ijbgpbi mijZ\e_gby aZgylb_f HR bkihevam_lky \ bgl_jn_ck_ 8QLEXV ^ey
k\yabijhp_kkhjZk IMb HI\ h^ghijhp_kkhjguok_f_ckl\ZofbgbW<FJ'J bKFW<FlbiZKFb
KFjbk
AI :J;BLJ
IAI AI IAI AI N
ebg_cdZ
F «
FQ
ebg_cdZ
F FQ
ebg_cdZN
IAI N
F FQ
HR
Jbk
LZdhc bgl_jn_ck fh`_l [ulv bkihevah\Zg b ^ey hj]ZgbaZpbb FFI<K k HR <k_ fh^meb
kbkl_fu]jmiibjmxlky\ ebg_cdbDZ`^Zyebg_cdZbf__lebgbxaZijhkZAIb ih^l\_j`^_gbyaZijhkZ
IAIEbgbyIAIijhoh^blihke_^h\Zl_evgh\k_mkljhckl\Zebg_cdbAZijhkuAIAIQgZaZgylb_
HRm^h\e_l\hjyxlkykh]eZkghijbk\h_ggufbfijbhjbl_lZf\ p_gljZevghfZj[blj_ijbhjbl_lguc
mjh\_gv<gmljbebg__dijbhjbl_luhij_^_eyxlkyihke_^h\Zl_evghcko_fhcmijZ\e_gbyaZgylb_f
HRijbhjbl_lgucmjh\_gv
Pbdebq_kdh_ h[kem`b\Zgb_ aZgylb_f HR JZkkfhljbf h^gm ba [_kijbhjbl_lguo ^bkpbiebg
mijZ\e_gbyaZgylb_fHRgZijbf_j_pbdebq_kdh]hh[kem`b\ZgbyjbkLZdh_mijZ\e_gb_qZklh
bkihevam_lky \ jZaebqguo kbkl_fZo baaZ k\h_c ijhklhlu MijZ\e_gb_ aZdexqZ_lky \ lhf qlh HR
ihke_^h\Zl_evgh ij_^hklZ\ey_lky fh^meyf gZ g_dhlhjuc ijhf_`mlhd \j_f_gb ^hklZlhqguc ^ey
\uiheg_gbyhi_jZpbbh[f_gZIhke_lh]hdZd[m^mlh[kem`_gu\k_fh^mebgZqbgZ_lkygh\ucpbde
J:KIJ?>?EBL?EV
BFIMEVKH<
JZkij_^_ ebl_ev
bfimevkh\
AI F IAI AI IAI F AI Q
IAI FQ
HR
Jbk
Nmgdpbhgbjh\Zgb_ ko_fu aZdexqZ_lky \ ke_^mxs_f ?keb fh^mev lj_[m_l HR lh ihkueZ_l
aZijhkgZ__ aZgylb_b h`b^Z_l^hl_oihjihdZg_gZklmibl_]hhq_j_^vh[kem`b\Zgby?kebaZijhk
hlkmlkl\m_l lh fh^mev g_ ih^dexqZ_lky d HR ^Z`_ \ fhf_gl __ ij_^hklZ\e_gby b ijh^he`Z_l
kZfhklhyl_evgmx jZ[hlm <j_fy aZgylby fh`_l [ulv [hevrbf _keb aZijhku g_ kh\iZ^Zxl ih
\j_f_gb k fhf_glZfb ijbgm^bl_evgh]h ij_^hklZ\e_gby HR Qbkeh ebgbc mijZ\e_gby kjZ\gbl_evgh
fZehb khklZ\ey_lORJQ]^_Q qbkehfh^me_cih^dexq_gguod HR
KljmdlmjgZyhj]ZgbaZpbyFFI<Kk HR
Hj]ZgbaZpby \uqbkebl_evguo fh^me_c ;m^_f jZkkfZljb\Zlv lhevdh kljmdlmju k
ehdZevghc iZfylvx lZd dZd g_ ihemqbeb gZb[hevr__ jZkijhkljZg_gb_ Ijbgpbi hj]ZgbaZpbb
\uqbkebl_evgh]h fh^mey <F \ wlhf kemqZ_ ihykgy_lky gZ jbk Fh^mev kh^_j`bl
fbdjhijhp_kkhj FIdhffmlZlhjDehdZevgmxiZfylvEIehdZevgu_i_jbn_jbcgu_mkljhckl\Z
EIM b f_klgmx rbgm Ih f_klghc rbg_ i_j_^Zxlky Z^j_kZ ^Zggu_ b mijZ\eyxsb_ kb]gZeu
ij_^gZagZq_ggu_ ^ey hj]ZgbaZpbb h[f_gZ ^Zggufb f_`^m FI EI b EIM < khhl\_lkl\bb k wlbf
f_klgZyrbgZmkeh\ghjZa^_ey_lkygZljbrbgmZ^j_kZR:rbgm^ZgguoR>b rbgmmijZ\e_gby
RMWlh`_hlghkblkyb d^jm]bfrbgZfkbkl_fuGZjbkb ihke_^mxsbogZdehgghcq_jlhcb
gZ^ibkvxjy^hfk g_cmdZau\Z_lkykh^_j`Zgb_rbgu\f_kl_i_j_k_q_gby
<F FI
EI
R : R > R M
EIM
R : R > R M
D
f_klgZyrbgZ
R : R > R M
D HR
Jbk
Ijb h[jZs_gbyo fbdjhijhp_kkhjZ \ ehdZevgmx iZfylv _]h rbgu Z^j_kZ ^Zgguo b
mijZ\e_gby dhffmlbjmxlky gZ f_klgmx rbgm Ijb h[jZs_gbyo d \g_rg_c h[s_c iZfylb
jZaf_s_gghc \ ehdZevghc iZfylb ^jm]bo \uqbkebl_evguo fh^me_c beb gZ h[s_c rbg_ rbgu FI
dhffmlbjmxlkygZh[smxrbgm
Hj]ZgbaZpbyFFI<Kk HRKljmdlmjZFFI<Kk ehdZevghciZfylvxbah[jZ`_gZgZjbk
DhffmlZlhj D ij_^gZagZq_g ^ey hkms_kl\e_gby f_klgh]h ehdZevgh]h h[f_gZ FI k iZfylvx
ijh]jZffII^ZgguoI>b i_jbn_jbcguomkljhckl\IMdhffmlZlhjD ^ey\g_rg_]hh[f_gZ
F_klguc Zj[blj F: fh`_l \uihegylv ke_^mxsb_ nmgdpbb hj]ZgbaZpbx \g_rgbo ij_ju\Zgbc
mijZ\e_gb_ dhffmlZpb_c Z^j_kh\ ^Zgguo b mijZ\eyxsbo kb]gZeh\ ihkj_^kl\hf dhffmlZlhjh\ D b
D mijZ\e_gb_ aZgylb_f h[s_c rbgu \ kemqZ_ ^_p_gljZebah\Zggh]h mijZ\e_gby HR
jZkihagZ\Zgb_ Z^j_kh\ ihkueZ_fuo ba\g_ _keb h[sZy iZfylv h[t_^bg_gZ k ehdZevghc
hj]ZgbaZpbx ijyfh]h ^hklmiZ d iZfylb b ^jm]b_ nmgdpbb dhlhju_ aZ\bkyl hl kihkh[Z hj]ZgbaZpbb
iZfylbb kihkh[ZmijZ\e_gbyh[s_crbghc
<F FI
E I HI
R:R>RM
f_klgZy
D
r bgZ
<M
F:
EIM
R :R > R M
D
<M
R :R > R M
HR R :R > R M :j[blj
r bgu
HI
HIM
Jbk
<F Q
Ijbgpbih[f_gZ^Zggufbf_`^m\uqbkebl_evgufbfh^meyfbaZ\bkblhlkihkh[Zhj]ZgbaZpbb
iZfylbb aZdexqZ_lky\ ke_^mxs_f?kebh[sZyiZfylvh[t_^bg_gZk ehdZevghclh\uqbkebl_evguc
fh^mev `_eZxsbc h[f_gylvky ^Zggufb <F bklhqgbd k ^jm]bf \uqbkebl_evguf fh^me_f k <F ijb_fgbdhf aZgbfZ_l HR b \uklZ\ey_l gZ g__ Z^j_kZ ^Zggu_ b mijZ\eyxsb_ kb]gZeu Ijb wlhf
dhffmlZlhju D b D <FbklhqgbdZ ^he`gu [ulv hldjulu < Z^j_kghc qZklb <FbklhqgbdZ
ijbkmlkl\m_l Z^j_k <Fijb_fgbdZ dhlhjuc jZkihagZ_lky _]h f_klguf Zj[bljhf JZkihagZ\
kh[kl\_gguc Z^j_k F: dhffmlbjm_l ihkj_^kl\hf dhffmlZlhjZ D h[smx rbgm gZ f_klgmx <F ijb_fgbdZ q_f h[_ki_qb\Z_lky ^hklmi <FbklhqgbdZ d ehdZevghc iZfylb b ehdZevghfm IM <F ijb_fgbdZH[f_gk iZfylvxdZdijZ\behijhba\h^blkyijyfuf^hklmihfDhffmlZlhjDhldexqZ_l
rbgu fbdjhijhp_kkhjZ <F ijb_fgbdZ hl f_klghc rbgu gZ \j_fy h[f_gZ Wlbf ij_^hl\jZsZxlky
dhgnebdlgu_ kblmZpbb dhlhju_ fh]ml \hagbdgmlv ijb h^gh\j_f_gghf aZijhkm iZfylb
fbdjhijhp_kkhjZfb<Fijb_fgbdZb <Fi_j_^ZlqbdZ
?keb h[sZy iZfylv hl^_e_gZ hl ehdZevghc b jZaf_s_gZ gZ HR lh h[f_g f_`^m <F
bklhqgbdhf b <F ijb_fgbdhf ijhba\h^blky \ ^\Z wlZiZ \gZqZe_ ijhba\h^blky aZibkv \ h[smx
iZfylv^Zgguoba<FbklhqgbdZaZl_fbokqblu\Zgb_\ <Fijb_fgbd
Kbkl_fZ 606 <ukhdhijhba\h^bl_evgZy fmevlbfbdjhijhp_kkhjgZy kbkl_fZ 6F6
jZajZ[hlZgZ nbjfhc 6,?F?16 HgZ hlghkblky d deZkkm kbkl_f k ehdZevghc bg^b\b^mZevghc
iZfylvx ijh]jZff b ^Zgguo ijb q_f h[sZy iZfylv h[t_^bg_gZ k ehdZevghc Kbkl_fZ bf__l
ke_^mxsb_ l_ogbq_kdb_ oZjZdl_jbklbdb ^ey lbih\hc aZ^Zqb [ukljh^_ckl\b_ khklZ\ey_l feg
dhfZg^k gZ^ jZajy^gufb^ZggufbkmffZjgZy_fdhklviZfylbkhklZ\ey_l^eyHAMF[Zcl^ey
IIAM F[Zclh[sZyihlj_[ey_fZyfhsghklvd<l
Kbkl_fZ khklhbl ba \uqbkebl_evguo fh^me_c dZ`^uc ba dhlhjuo kgZ[`_g iZfylvx
ijh]jZffb ^Zgguo<k_fh^mebjZa^_eyxlkygZ[ehdh\ih[ fh^me_c\ dZ`^hfjbk< [ehd_
\uqbkebl_evgu_ fh^meb W<F k\yau\Zxlky h[s_c rbghc KljmdlmjZ [ehdZ ZgZeh]bqgZ kljmdlmj_
FFI<K bah[jZ`_gghc gZ jbk Hlebqb_ khklhbl \ lhf qlh \k_ i_jbn_jbcgu_ mkljhckl\Z
\ug_k_gu aZ ij_^_eu FFI<K b nmgdpbhgbjmxl ih^ mijZ\e_gb_f ]eZ\ghc W<F \uiheg_gghc gZ
klZg^ZjlghcfbgbW<FDZ`^ucba<Fkh^_j`blfbdjhijhp_kkhjk mijZ\e_gb_fIIAMijh
]jZff gZ D[Zcl HAM gZ D[Zcl b iZfylv k\yab h[sZy iZfylv ij_^gZagZq_ggZy ^ey
f_`fh^mevgh]h h[f_gZ DZ`^uc \uqbkebl_evguc fh^mev ojZgbl j_amevlZlu \uqbke_gbc \ k\h_c
iZfylb k\yab dZ`^h]h fh^mey ih iZfylyf k\yab ^jm]bo fh^me_c DZ`^uc jZa fh^meb \uihegb\
Z\lhghfgh k\h_ aZ^Zgb_ bgbpbbjmxl ijhp_kkhj k\yab dhlhjuc kh k\h_c klhjhgu mijZ\ey_l
h[f_ghf^ZgguojZkij_^_ey_lihfh^meyfZ^j_kZke_^mxsboaZ^Zqb \gh\vaZimkdZ_lbo
Ijhp_kkhjk\yabfh`_lhlkmlkl\h\Zlvlh]^Z_]hnmgdpbb\uihegy_l]eZ\gZyW<FH^gZdhijb
wlhfaZf_^ey_lkyf_`fh^mevguch[f_g\ jZab khklZ\ey_lhl\j_f_gb\uqbke_gbc
Kbkl_fgh_ijh]jZffgh_h[_ki_q_gb_khklhblba^\moiZd_lh\h^bgiZd_lij_^gZagZq_gguc
^ey\uqbkebl_evgh]hfh^meyjZaf_sZ_lky\ IIAMZ ^jm]hcij_^gZagZq_gguc^ey]eZ\ghcW<F \
iZfylb fbgbW<F Ijh ijh]jZffgh_ h[_ki_q_gb_ fh^mey bf__l klZg^Zjlgmx ijh]jZffm ih\lhjgh]h
aZimkdZiZd_lk ieZ\Zxs_caZiylhcb ijh]jZffmijh\_jdbfh^mey
K ihfhsvx lZdhc FFI<K fh`_l j_rZlvky ^hklZlhqgh [hevrhc deZkk aZ^Zq pbnjh\Zy
h[jZ[hldZ Zwjhnhlhkgbfdh\ fh^_ebjh\Zgb_ Zlfhkn_ju ^ey ijh]ghabjh\Zgby ih]h^u
fh^_ebjh\Zgb_kZfhe_lh\\ Zwjh^bgZfbq_kdhcljm[_b ^j
Ijhp_kkhj
k\yab
:j[blj
r bgu <F <F <F <F <F <F :j[blj
r bgu <AM
M<<
BGL?JN ?CK
<?<
Bgl_j
n_ck
F BGB W <F
Jbk
Hj]ZgbaZpby\uqbkebl_evgh]hijhp_kkZ\ FDF>kbkl_fZo
< gZklhys__ \j_fy hkgh\gZy ijh[e_fZ ijb kha^Zgbb fmevlbijhp_kkhjguo <K k\yaZgZ k
kbkl_fguf ijh]jZffguf h[_ki_q_gb_f hi_jZpbhgghc kbkl_fhc HK NmgdpbhgZevgu_
oZjZdl_jbklbdbHKFI<KhdZau\Zxlky\hfgh]hfkoh^gufbk lZdh\ufb^eyHKfmevlbijh]jZffguo
HF<K H^gZ dh f_`^m gbfb _klv kms_kl\_ggu_ jZaebqby H^gbf ba gZb[he__ \Z`guo ^hklhbgkl\
y\ey_lky gZ^_`ghklv ijh]jZffgh]h h[_ki_q_gby Hrb[dZ \ HK FI<K fh`_l [ukljh
jZkijhkljZgblvky ih \k_c kbkl_f_ f]gh\_ggh kha^Z\Zy lZdb_ keh`gu_ kblmZpbb jZah[jZlvky \
dhlhjuo b \g_klb bkijZ\e_gby [u\Z_l hq_gv ljm^gh beb ih djZcg_c f_j_ lj_[m_l [hevrbo aZljZl
\j_f_gb
HK FI<K ^he`gZ mf_lv ^_eZlv \k_ lh qlh b HK HF<K H^gZdh djhf_ wlh]h hgZ ^he`gZ
^hihegbl_evgh\uihegylvjy^nmgdpbch[mkeh\e_gguodhgnb]mjZpb_cZiiZjZlguokj_^kl\FI<K
Hj]ZgbaZpbyHKFI<K
Bf_xlky ljb hkgh\guo lbiZ hj]ZgbaZpbb b khhl\_lkl\_ggh kihkh[Z nmgdpbhgbjh\Zgby HK
FI<K \_^msbc \_^hfuc jZa^_evgh_ \uiheg_gb_ aZ^Zgbc \ dZ`^hf ijhp_kkhj_ h^ghjh^gZy beb
kbff_ljbqgZyh[jZ[hldZaZ^Zgbc\h\k_oijhp_kkhjZo>@
<u[hj f_lh^Z h[jZ[hldb \_^msbc\_^hfuc dZd ijZ\beh hij_^_ey_lky jZaebqb_f
oZjZdl_jbklbdijhp_kkhjh\\ kbkl_f_>ey\lhjh]hlbiZhi_jZlb\gZyiZfylv^he`gZbkihevah\Zlvky
\ j_`bf_jZa^_e_gby\j_f_gbLj_lbclbiij_^iheZ]Z_lqlhdZ`^ucbaijhp_kkhjh\fh`_l\ jZ\ghc
kl_i_gb wnn_dlb\gh \uihegylv kmi_j\bahjgu_ nmgdpbb ijbq_f hgb fh]ml i_j_l_dZlv ba h^gh]h
ijhp_kkhjZ\ ^jm]hc
Hkgh\gu_oZjZdl_jbklbdbwlbolbih\hj]ZgbaZpbbHKFI<Kemqr_jZkkfhlj_lv\ kjZ\g_gbb
dhlhjh_ fh`gh ij_^klZ\blv \ \b^_lZ[eGZb[hevr__jZkijhkljZg_gb_ihemqbelbihj]ZgbaZpbb
HK kh^ghjh^ghch[jZ[hldhc\h\k_oijhp_kkhjZolZddZdg_kfhljygZbf_xsb_kyihkjZ\g_gbxk
i_j\ufb^\mfykeh`ghklyfbhgiha\hey_l^hklbqv\ukhdhcwnn_dlb\ghklbjZ[hlu\k_ckbkl_fu
Lj_[h\Zgbyd nmgdpbhgZevgufoZjZdl_jbklbdZf
D nmgdpbyfHKFI<Hhij_^_ey_fufdhgnb]mjZpb_cZiiZjZlguokj_^kl\fh`ghhlg_klb
jZkij_^_e_gb_b mijZ\e_gb_j_kmjkZfbFI<K
hkms_kl\e_gb_\aZbfhk\yabijhp_kkhjh\
hkms_kl\e_gb_aZsblukbkl_fguolZ[ebpb gZ[hjh\^Zgguo
h[_ki_q_gb_j_dhgnb]mjZpbxkbkl_fu
ij_^mij_`^_gb_lmibdh\uokblmZpbcdebgqZ
JZkkfhljbflj_[h\Zgbyd HKdhlhju_\hagbdZxlijb\uiheg_gbbdZ`^hcbawlbonmgdpbcb
\hafh`gu_f_lh^uj_r_gbywlboijh[e_f
JZkij_^_e_gb_ b mijZ\e_gb_ j_kmjkZfb Hkgh\gu_ aZ^Zqb jZkij_^_e_gby b mijZ\e_gby
j_kmjkZfb fh`gh deZkkbnbpbjh\Zlv ih l_f `_ ijbagZdZf qlh b \ HF<K mijZ\e_gb_ iZfylvx
ieZgbjh\Zgb_b ^bki_lq_jbaZpby
LjZ^bpbhgghc ijh[e_fhc \ FI<K lZd `_ dZd b \ gZb[he__ kh\_jr_g ghc HF<K hklZ_lky
dhgnebdlf_`^mg_kdhevdbfbh^gh\j_f_ggh\uihegy_fufbijhp_kkZfblj_[mxsbfbh^gbob l_o`_
kbkl_fguo j_kmjkh\ \dexqZy iZfylv ijhp_kkhju ^Zggu_ kbkl_fgu_ lZ[ebpu ijhp_^mju
mkljhckl\Z \\h^Z\u\h^Z b li H^gZdh ijb jZ[hl_ FI<K \hagbdZ_l jy^ ki_pbnbq_kdbo Zki_dlh\
wlhcijh[e_fu
JZkkfhljbf jZkij_^_e_gb_ b mijZ\e_gb_ iZfylvx LZd `_ dZd b \ HF<K \ FI<K
ij_^mkfZljb\Z_lkyjZa[b_gb_iZfylbgZmqZkldbk_]f_glub kljZgbpubebfZkkb\ub kljZgbpu
>ey kbkl_fguo ijh]jZff gZijbf_j kmi_j\bahjguo b g_dhlhjuo \kihfh]Zl_evguo a^_kv
ijboh^blkyj_rZlvlm`_ijh[e_fmnhjfbjh\Zgbyj_ab^_glghcb ljZgablghch[eZkl_ciZfylbDjhf_
lh]h bgh]^Z ^ey dZ`^h]h IJ fh`_l ihlj_[h\Zlvky kh[kl\_ggZy iZfylv nbabq_kdb b eh]bq_kdb
g_^hklmigZy ^ey ^jm]bo IJ WlZ kh[kl\_ggZy iZfylv hkh[_ggZ \Z`gZy ^ey ojZg_gby ijh]jZff
\hkklZgh\e_gbykh[kl\_gguokbkl_fguolZ[ebpb li
KjZ\gb\Z_fu_nmgdpbb
<_^msbc\_^hfuc
Lbihj]ZgbaZpbbHK FI<K
JZa^_evgh_\uiheg_gb_aZ^Zgbc
LZ[ebpZ
H^ghjh^gZyh[jZ[hldZ
Kmi_j\bahjgu_nmgdpbbi_j_jZkij_^_eyxlky
f_`^mIJh^bgIJmijZ\eyxsbclZ[ebpZfbb
ieZgbjh\Zgb_fgZabkihegbl_evguf\ dZ`^uc
fhf_gl\j_f_gbfh`_l[ulvlhevdhh^bgbkihe
gbl_evgucIJ
Kmi_j\bahjgu_ijh]jZffu^he`guh[eZ^Zlvih
\lhjghc\oh^bfhklvxohlylhevdhh^bgIJ ±bk
ihegbl_evguc^jm]b_fh]ml\uihegylvl_`_kZ
fu_kmi_j\bahjgu_ijhp_^mjuihwlhfm^he`gu
[ulvdhibbkmi_j\bahjguoijh]jZff^eydZ`^h
]haZimkdZ
J_ZebaZpbymijZ\eyxsboijh]jZff
Kmi_j\bahjgu_nmgdpbbj_Zebamxlkyh^gbfb l_f
`_IJdhlhjuc\u[jZehi_jZlhjfh`_l[ulvki_
pbZevghjZajZ[hlZgguckmi_j\bahjgucijhp_kkhj
Kmi_j\bahjgu_nmgdpbb\uihegyxlkydZ`^ufIJ
\ khhl\_lkl\bbk kh[kl\_ggufbihlj_[ghklyfbbeb
k lj_[h\Zgbyfbijh]jZffij_^gZagZq_gguo^ey
wlh]hijhp_kkhjZ
G_h[oh^bfhklv^m[ebjh\ZgbymijZ\eyxsboijh
]jZff
Kmi_j\bahjgu_ijh]jZffufh]mlg_bf_lvih\lhj
ghc\oh^bfhklbihkdhevdmhgb\uihegyxlkyh^gbf
b l_f`_IJ
Kmi_j\bahjgu_ijh]jZffu^he`gubf_lvih\lhj
gmx\oh^bfhklvdhibbfh^me_ckmi_j\bahjZ^he`
gu[ulvaZ]jm`_gu\ HIdZ`^h]hIJ
<hagbdgh\_gb_dhgnebdlguokblmZpbc
>eymijZ\eyxsboijh]jZfflhevdhh^bgIJbf__l
^hklmid kbkl_fguflZ[ebpZfIjbdeZ^gu_ijh
]jZffufh]mldhgnebdlh\Zlvijbh[jZs_gbbd kbk
l_fguflZ[ebpZf
QbkehdhgnebdlguokblmZpbc^eykmi_j\bahjguo
ijh]jZffg_\_ebdhdZ`^ucIJbf__lk\hc\u[hj
kbkl_fguolZ[ebph[s__qbkehdhlhjuog_\_ebdh
<hafh`ghklvj_dhgnb]mjZpbbkbkl_fu
FZeZy]b[dhklv\k_]^Z\_^msbcijhp_kkhjb g_
kdhevdh\_^hfuo
J_dhgnb]mjZpbykbkl_fu\\h^Z\u\h^Zk\yaZgZk
jmqgufi_j_dexq_gb_f
Kbkl_fZfh`_lZ\lhfZlbq_kdbf_gylvdhgnb]m
jZpbx
GZ^z`ghklvkbkl_fu
K[hbijb\h^yld iheghcihl_j_jZ[hlhkihkh[ghklb
kbkl_fu
H^bghqgu_hldZaug_ijb\h^yld ihl_j_jZ[hlhkih
kh[ghklbgh\hkklZgh\blvhldZaZ\rbcIJih\lhjgh
aZimklblvljm^gh
Wnn_dlb\ghklvkbkl_fu
FZdkbfZevgZfh`_l[ulvlhevdh^eyki_pbZevguo
ijbf_g_gbch[uqgh\_^msbci_j_]jm`_gkmi_j\b
ahjgufbnmgdpbyfb\_^hfu_ijhklZb\Zxl
G_\ukhdZywnn_dlb\ghklv_kebh^bgIJ aZ]jm`_g
[hevrbfbaZ^ZgbyfbZ ^jm]b_ijhklZb\ZxlaZ\b
kblhlieZgbjh\ZgbyaZ^Zgbc
<ukhdZykl_i_gv]hlh\ghklbgZebqb_j_Zevgh]h
j_a_j\bjh\ZgbyijbhldZaZoqZklbqgZyihl_jy
jZ[hlhkihkh[ghklb±ihkl_i_ggZy^_]jZ^Zpby
kbkl_fu
Keh`ghklvZiiZjZlgh]hb ijh]jZffgh]hh[_ki_
q_gby
KjZ\gbl_evghijhklh_ZiiZjZlgh_b ijh]jZffgh_
h[_ki_q_gb_
Kh\f_klgh_bkihevah\Zgb_\g_rg_ciZfylbg_\ha
fh`gh[_aki_pbZevgh]hdh^bjh\Zgby
Dhgnebdlgu_kblmZpbb\hagbdZxlijb^hklmi_d
gZ[hjZf^Zgguok kbkl_fguolZ[ebpJZaj_rZxl
kyk ihfhsvxijbhjbl_lh\
FZdkbfZevghwnn_dlb\gh_bkihevah\Zgb_j_kmj
kh\g_ki_pbnbq_kdb_nmgdpbbgZijbf_j\\h^
\u\h^fh]ml\uihegylvkyk\h[h^gufb\ ^Zgguc
fhf_gl\j_f_gbIJ
Keh`gh_ijh]jZffgh_h[_ki_q_gb_
Ijh[e_fZ jZkij_^_e_gby iZfylb b mijZ\e_gby _x \ FI<K k\yaZgZ k g_h[oh^bfhklvx
j_r_gby ^\mo hkgh\guo aZ^Zq l_ogbq_kdhc jZa[b_gb_ iZfylb gZ kljZgbpu b ijh]jZffghc
mijZ\e_gb_ ^hklmihf d dhfZg^Zf beb ^Zgguf dhlhju_ fh]ml bkihevah\Zlvky [he__ q_f h^gbf
ihevah\Zl_e_f
LZd dZd wnn_dlb\ghklv nmgdpbhgbjh\Zgby ex[hc <K bf_xs_c ih kljZgbqgmx hj]ZgbaZpbx
iZfylb k\yaZgZ k ZiiZjZlghc j_ZebaZpb_c Z\lh fZl_fZlbq_kdh]h ij_h[jZah\Zgby Z^j_kh\
eh]bq_kdbo\ nbabq_kdb_b h[jZlghlh\hafh`ghklvjZa[b_gbyiZfylbgZkljZgbpul_kghk\yaZgZk
l_ogbq_kdhc hj]ZgbaZpb_c kbkl_fu gZebqb_f fgh]bo \oh^h\ \ HI h[s_c rbgu beb i_j_dj_klgh]h
dhffmlZlhjZIjbwlhfdexq_\uf\hijhkhf\ hlghr_gbbij_h[jZah\ZgbyZ^j_kh\y\ey_lky\hijhkh
lhf ]^_ hkms_kl\ey_l wlh ij_h[jZah\Zgb_ \ HI beb \ IJ ?keb j_]bklju i_j_Z^j_kZpbb kljZgbp
jZkiheh`_gu \ HI lh wlh agZqbl qlh HI bf__l lhevdh h^bg \oh^ b ke_^h\Zl_evgh \u[hj
hj]ZgbaZpbb <K h]jZgbq_g eb[h dhgnb]mjZpb_c k HR eb[h k ID ?keb j_]bklju i_j_Z^j_kZpbb
jZkiheh`_gu \ IJ lh ko_fu i_j_Z^j_kZpbb ^ey jZaebqguo ijh]jZff ^he`gu [ulv hij_^_e_gguf
h[jZahfkp_ie_guh^gZk ^jm]hcqlh[uh[_ki_qblvkbgojhgbaZpbxijhp_kkh\
JZaj_r_gb_ dhgnebdlh\ ijb ^hklmi_ d iZfylb fh`_l qZklbqgh h[_ki_qb\Zlvky ZiiZjZlgufb
kj_^kl\Zfb GZijbf_j k ihfhsvx ihke_^h\Zl_evgh]h jZkij_^_e_gby Z^j_kh\ f_`^m ke_^mxsbfb
^jm] aZ ^jm]hf g_aZ\bkbfufb [ehdZfb iZfylb beb ijbf_g_gb_f [ehdh\ HI k ^\mfy \oh^Zfb beb
kha^Zgb_f ki_pbZevghc [ukljh^_ckl\mxs_c dwriZfylb H^gZdh hkgh\gZy hl\_lkl\_gghklv gZ
jZaj_r_gb_ dhgnebdlh\ ijb ^hklmi_ d j_kmjkZf eh`blky gZ ijh]jZffgh_ h[_ki_q_gb_ kbkl_fu
Ijbgpbiu j_r_gby wlhc ijh[e_fu ijhklu hgb hkgh\Zgu gZ mklZgh\e_gbb aZfdZ aZsblu [ZclZ
[ehdbjh\hd beb k_fZnhjZ ^ey dZ`^h]h j_kmjkZ AgZq_gb_ k_fZnhjZ jZ\gh_ gmex khhl\_lkl\m_l
^hklmighklbj_kmjkZ_keb`_wlhagZq_gb_jZ\gh_^bgbp_lhj_kmjkaZgyl
Ijbh[jZs_gbbd j_kmjkmdZ`^ucijhp_kkh[yaZg\uihegblvhi_jZpbxA:GYLVO j_kmjk
?_ gZau\Zxl _s_ hi_jZpb_c hldjulby k_fZnhjZ hgZ aZdexqZ_lky \ lj_o rZ]Zo jbk ijh\_jblv agZq_gb_ O _keb i_j\hgZqZevgh [ueh O lh \uihegblv nmgdpbx H@B>:GB? mklZgh\blv O Ih hdhgqZgbb jZ[hlu k j_kmjkhf ijhp_kk ^he`_g \uihegblv hi_jZpbx
HK<H;H>BLV O ?_ gZau\Zxl hi_jZpb_c aZdjulb_ k_fZnhjZ hgZ khklhbl ba ^\mo rZ]h\ mklZgh\blvO \uihegblvnmgdpbxHIH<?S?GB?O
Nmgdpbb H@B>:GB? b HIH<?S?GB? \oh^yl \ J?=MEBJH<SBD HK I_j\Zy [ehdbjm_l
h[kem`b\Zgb_ ijhp_kkZ ^_eZ_l hlf_ldm h[ wlhf \ J6: keh\h khklhygby ijhp_kkZ b k\yau\Z_l
ijhp_kkhj k hij_^_e_gguf k_fZnhjhf O <lhjZy ijhkfZljb\Z_l k\yaZgguc k k_fZnhjhf O kibkhd
[ehdbjh\Zgguoijhp_kkh\?keb\ kibkd__klvijhp_kkuh`b^Zxsb_hk\h[h`^_gbywlh]hj_kmjkZlh
h^bg ba gbo i_j_\h^blky \ khklhygb_ ]hlh\ghklb\ _]hJ6:^_eZ_lkykhhl\_lkl\mxsZyhlf_ldZK
wlh]hfhf_glZijh[m^b\rbckyijhp_kk\gh\vklZgh\blky^hklmigufieZgbjh\sbdmijhp_kkh\l_
jZ\ghijZ\gufij_l_g^_glhfgZihemq_gb_j_kmjkZ
G:Q: EH
H@ B>:GB?
IJH<?JBLV
; >:
H K < H ;H > B L V
G?L
H I H < ?S ?G B?
A:GYLV
; DHG?P
; Jbk
JZkkfhljbf ijh[e_fm ieZgbjh\Zgby b ^bki_lq_jbaZpbb >ey hi_jZpbhgghc kbkl_fu FI<K
fh`gh \u^_eblv ljb ijh[e_fu ieZgbjh\Zgby b ^bki_lq_jbaZpbb I_j\Zy ijh[e_fZ k\yaZgZ k
gZagZq_gb_f ieZgbjh\sbdhf hij_^_e_ggh]h aZ^Zgby beb aZ^Zqb ^ey g_dhlhjh]h ijhp_kkhjZ
>bki_lq_j kqblZ_l k wlh]h fhf_glZ qlh lhevdh ^Zgguc ijhp_kkhj fh`_l \uihegylv wlh aZ^Zgb_ <
j_amevlZl_ \ g_dhlhju_ fhf_glu \j_f_gb d wlhfm ijhp_kkhjm \ukljZb\Z_lky hq_j_^v Z ^jm]b_
ijhp_kkhju ijhklZb\Zxl >ey j_r_gby wlhc ijh[e_fu ieZgbjh\sbd ^he`_g q_ldh hij_^_eylv
\aZbfhk\yab f_`^m jZaebqgufb aZ^ZqZfb khklZ\eyxsbfb keh`gh_ aZ^Zgb_ Z ^bki_lq_j ^he`_g
mijZ\eylv keh`gufb ^_ckl\byfb ih dhhj^bgZpbb \uiheg_gby dhfie_dkZ aZ^Zq aZ\bkysbo h^gZ hl
^jm]hc
<lhjZy ijh[e_fZ k\yaZgZ k hij_^_e_gb_f i_j_qgy aZ^Zq b bo qZkl_c dhlhju_ fh]ml
\uihegylvkyiZjZee_evgh
L
HF<K
W
ihjy^hd1
>\moijhp_kkhjgZy
I<K
>\moijhp_kkhjgZy
I<K
ihjy^hd1
Jbk
Lj_lvy ijh[e_fZ aZdexqZ_lky \ g_h[oh^bfhklb jZ\ghf_jghc aZ]jmadb \k_o ijhp_kkhjh\ \
dZ`^uc i_jbh^ \j_f_gb Wlm ijh[e_fm gZau\Zxl _sz ©ijh[e_fhc ZghfZebb ^bki_lq_jbaZpbbª ?z
fh`gh ijhbeexkljbjh\Zlv ijbf_jhf bah[jZ`zgguf gZ jbk A^_kv ihdZaZgh \ kjZ\g_gbb
\uiheg_gb_ o aZ^Zq \ HF<K b ^\Z ihjy^dZ \uiheg_gby \ ^\moijhp_kkhjghc I<K ihjy^hd ‹ b
ihjy^hd ‹ <b^gh qlh \j_fy aZ\_jr_gby\k_oaZ^Zq\ I<KaZ\bkblhlihjy^dZbo\uiheg_gbyhl
g_]h aZ\bkbl b g_jZ\ghf_jghklv aZ]jmadb ijhp_kkhjh\ J_rZlv wlm ijh[e_fm fh`gh k ihfhsvx
ijh]ghabjh\Zgby\j_f_gbj_r_gbyaZ^Zqqlh\ k\hxhq_j_^vy\ey_lkykeh`ghcijh[e_fhc
<aZbfhk\yavijhp_kkhjh\ ?keb^\Zbeb[he_ ijhp_kkhjZ\ I<K\uihegyxlh^ghb lh`_
aZ^Zgb_ lh bf g_h[oh^bfZ \aZbfgZy k\yav HgZ fh`_l [ulv aZieZgbjh\Zgghc dh]^Z ijhp_kkhju
j_rZxlhl^_evgu_\_l\bh^ghcaZ^Zqbbebg_aZieZgbjh\Zgghc\ lhfkemqZ__kebhgZ\hagbdZ_ldZd
j_Zdpby gZ \hagbdgh\_gb_ hrb[db \ h^ghf ba IJ beb ijb h[kem`b\Zgbb ij_ju\Zgby ^ey \\h^Z
\u\h^Z
H^gbfba[he__ijb_fe_fuof_lh^h\hj]ZgbaZpbb\aZbfhk\yaby\ey_lkyfh^bnbpbjh\Zgguc
f_lh^we_dljhggh]h©ihqlh\h]hysbdZªFh^bnbdZpbyaZdexqZ_lky\ lhfqlhdZ`^ucijhp_kkhjkZf
hijZrb\Z_lk\hc©ihqlh\ucysbdªi_jbh^bq_kdb\h\j_f_gbihkb]gZemij_ju\ZgbyihklmiZxs_fm
hl lZcf_jZ gZijbf_j q_j_a fk ?keb \ ysbd_ [ueh khh[s_gb_ lh ijhp_kkhj baf_gy_l
kh^_j`bfh_ ©ihqlh\h]h ysbdZª ihdZau\Zy l_f kZfuf qlh hg khh[s_gb_ ihemqbe b \uihegbl beb
m`_ \uihegbe ij_^ibkZggu_ _fm ^_ckl\by Bklhqgbd khh[s_gbc ^he`_g dhgljhebjh\Zlv jZ[hlm
©ihqlh\h]hysbdZªihemqZyih^l\_j`^_gbyh[boihemq_gbb
Ijbgpbiu hj]ZgbaZpbb I<K ij_^iheZ]Zxl gZebqb_ f_`^m ijhp_kkhjZfb ihklhygghc
\aZbfhk\yablZddZd_z hlkmlkl\b_k^_eZ_lg_\hafh`guf\uiheg_gb_keh`ghcaZ^Zqbkbkl_fub g_
[m^_l kihkh[kl\h\Zlv [ZeZgkbjh\d_ aZ]jmadb ijhp_kkhjh\ qlh dZd jZkkfhlj_gh \ur_ fh`_l
ijb\h^blvd ZghfZebb^bki_lq_jbaZpbbb mf_gvr_gbxijhba\h^bl_evghklbI<K
AZsblZ kbkl_fguo lZ[ebp b gZ[hjh\ ^Zgguo GZebqb_ g_kdhevdbo ijhp_kkhjh\ \ I<K
dZ`^uc ba dhlhjuo fh`_l \uihegylv h^gb b l_ `_ beb l_kgh k\yaZggu_ qZklb kmi_j\bahjguo
ijh]jZfflj_[mxlhq_gvkeh`guo ijhp_^mj^eyh[_ki_q_gbyaZsblugZ[hjh\^Zgguo bkbkl_fguo
lZ[ebpD ihke_^gbfij_`^_\k_]hhlghkylkymijZ\eyxsb_lZ[ebpulZ[ebpuhq_j_^_cijhp_kkhjh\
b kbkl_fu\\h^Z\u\h^Zb lZ[ebpujZkij_^_e_gbyj_kmjkh\Ijh[e_fZaZsbluaZdexqZ_lky\ lhf
qlh gb h^bg ba ijhp_kkhjh\ g_ ^he`_g \g_klb baf_g_gby \ wlb lZ[ebpu b gZ[hju ^Zgguo ijb bo
bkihevah\Zgbb K p_evx wnn_dlb\ghc aZsblu \ I<K g_h[oh^bfh ij_^mkfZljb\Zlv ZiiZjZlgu_
kj_^kl\Z ^ey _z h[_ki_q_gby ZgZeh]bqgu_ bf_xsbfky \ HF<K ]jZgbqguc b [Zabkguc j_]bklj
mdZau\Zxsbc \_jogxx b gb`gxx ]jZgbpu HI dm^Z ijhp_kkm jZaj_rzg ^hklmi eh]bq_kdbc dexq b
aZfhdiZfylbkhklhygbydhlhjuomklZgZ\eb\Z_lkmi_j\bahj
Ij_^mij_`^_gb_lmibdh\uokblmZpbc debgqZDebgq_fgZau\Z_lkykblmZpbyijbdhlhjhc
^\ZZdlb\gh\uihegy_fuoijhp_kkZiulZxlky\ h^ghb lh`_\j_fyihemqblvhij_^_e_ggu_j_kmjku
fhghihevghgZagZq_ggu_kmi_j\bahjhf^eykhi_jgbdZIjbwlhfgbh^bgbawlboijhp_kkh\g_fh`_l
kZfhklhyl_evghk^\bgmlvkyk wlhclhqdbl_gbijh^he`Zlvh[jZ[hldmgbhldZaZlvkyhlaZo\Zq_gguo
j_kmjkh\lZdgZau\Z_fu_kf_jl_evgu_h[tylby
Hq_gv qZklh kms_kl\m_l _^bgkl\_gguc imlv \uoh^Z ba debgqZ iheghklvx kgylv h^gh ba
aZ^Zgbc \ dhlhjh_ \oh^bli_j\ucbeb\lhjhcijhp_kkb \uk\h[h^blv\k_gZagZq_gb__fmj_kmjku
ihiulZ\rbkv \hkklZgh\blvlhkhklhygb_\ dhlhjhfijhp_kkugZoh^bebkv^hdebgqZWlhlimlv^hjh]
\hkklZgh\e_gb_ khklhygby keh`gh b aZljZlbl fgh]h \j_f_gb Ihwlhfm hq_gv \Z`ghc \ I<K
klZgh\blkyijh[e_fZij_^mij_`^_gbydebgqZ
P_e_khh[jZaghjZkkfhlj_lvmkeh\byijb\h^ysb_d \hagbdgh\_gbxdebgqZ[m^_fkqblZlvbo
g_h[oh^bfufb b ^hklZlhqgufb b l_ ih^oh^u dhlhju_ iha\heyxl ba[_`Zlv bo \hagbdgh\_gby Hgb
ij_^klZ\e_gu\ lZ[
J_dhgnb]mjZpby b bkijZ\e_gb_ hrb[hd < kemqZ_ I<K ^he`gh [ulv ij_^mkfhlj_gh
h[_ki_q_gb_hij_^_e_gghc`b\mq_klbb gZ^_`ghklbijbj_dhgnb]mjZpbbkbkl_fuihijbqbg_k[h_\
Ihwlhfm g_h[oh^bfh qlh[u HK [ueZ kihkh[gZ jZkihagZ\Zlv baf_g_gby h[hjm^h\Zgby ]hlh\h]h \
^Zggucfhf_gld bkihevah\ZgbxD lhfm`_g_h[oh^bfhqlh[uwlhhkms_kl\eyehkvZ\lhfZlbq_kdbb
\ghkblvg_h[oh^bfu_dhjj_dpbb\h\k_kbkl_fgu_lZ[ebpub ijh]jZffu
?keb \ I<K ijhbahreZ hrb[dZ beb lhc ZiiZjZlmju qlh h[uqgh h[gZjm`b\Z_lky ih
ij_ju\Zgbyf lh ^ey \hkklZgh\e_gby ijhp_kkZ h[jZ[hldb gZb[he__ \Z`gu \uy\e_gby ihke_^kl\bc
k[hy Ijb ZgZeba_ k[h_\ j_amevlZlh\ bo \ha^_ckl\by gZ kbkl_fm b mkeh\bc mijZ\e_gby
j_dhgnb]mjZpb_cg_h[oh^bfh^Zlvhl\_l\ hkgh\ghfgZ^\Z\hijhkZ
\hafh`gZ eb j_dhgnb]mjZpby kbkl_fu ijb dhlhjhc khojZg_gZ g_dhlhjZy fbgbfZevgh
^himklbfZyijhba\h^bl_evghklv
hklZeZkvebg_gZjmr_gghc[ZaZ^Zgguo
< kemqZ_iheh`bl_evgh]hhl\_lZgZh[Z\hijhkZI<Kfh`_l[ukljhbaf_gblvdhgnb]mjZpbx
Ijb gZebqbb hljbpZl_evgh]h hl\_lZ ohly [u gZ h^bg \hijhk [m^_llj_[h\Zlvkyeb[hbkdexq_gb_ba
h[jZ[hldbg_dhlhjh]hqbkeZaZ^Zqg_kms_kl\_gguo bebk gbadbfijbhjbl_lhfeb[hgh\ZyaZ]jmadZ
kbkl_fu
LZ[ebpZ
Mkeh\by\hagbdgh\_gbydebgqZ
<aZbfgh_bkdexq_gb_
Ijhp_kkuij_l_g^mxlgZbkdexqbl_evgh_
fhghihevgh_ ijZ\hjZkihjy`Zlvkyj_kmj
kZfbdhlhju_hgbihlj_[h\Zeb
H`b^Zgby
Ijhp_kkum^_j`b\Zxlm`_\u^_e_ggu_bf
j_kmjkuh`b^Zy\ lh`_\j_fygZagZq_gby
^hihegbl_evguo j_kmjkh\
Hlkmlkl\b_ij_^ihql_gby
J_kmjkug_fh]ml[ulvbatylum l_oijhp_k
kh\dhlhju_bom^_j`b\ZxlihdZg_aZ\_j
rblkyh[jZ[hldZ\k_oijhp_kkh\
Pbdebq_kdh]hh`b^Zgby
Kms_kl\m_laZfdgmlZyp_ivijhp_kkhjZ\
dhlhjhcdZ`^ucijhp_kkm^_j`b\Z_lh^bg
beb[he__lbih\j_kmjkh\lj_[mxsbokyke_
^mxs_fmijhp_kkm\ p_ib
Ih^oh^^ey_]hh`b^Zgby
G_l
DZ`^ucijhp_kk^he`_gaZijZrb\ZlvkjZam
\k_g_h[oh^bfu_ _fmj_kmjkub _]hh[jZ[hl
dZg_fh`_l[ulvgZqZlZihdZhgbg_\u^_
e_gu
?kebijhp_kkmm^_j`b\Zxs_fmhij_^_ezg
gu_j_kmjkuhldZaZgh\ ihke_^mxsboaZ
ijhkZohg^he`_g\uk\h[h^blvm`_gZagZ
q_ggu__fmjZg__j_kmjkub_kebihlj_[m_l
ky\gh\vboaZijhkblv\f_kl_k ^hihegb
l_evgufb
Ijbf_g_gb_ ^ey\k_oijhp_kkh\ebg_cgh]h
jZg`bjh\Zgby lbih\j_kmjkh\GZijbf_j
_keb^eyijhp_kkZ[uebgZagZq_guj_kmjku
lhhgfh`_lihke_^h\Zl_evghaZijZrb\Zlv
lhevdhl_lbiudhlhju_ihihjy^dmke_^mxl
aZ
KIBKHDEBL?J:LMJU
<uqbkebl_evgZy l_ogbdZ aZ jm[_`hf \ ]] ih^ h[s_c j_^ = = Jy[h\Z F
k
<ukhdhkdhjhklgu_\uqbke_gby ih^j_^YDh\ZebdZ FJZ^bhb k\yav k
=heh\dbg ; : IZjZee_evgu_ \uqbkebl_evgu_ kbkl_fu F GZmdZ =eZ\gZy j_^Zdpby
nbafZlebl_jZlmju k
Bkdmkkl\_ggucbgl_ee_dlDgA ih^j_^<GAZoZjh\Z<NOhjhr_\kdh]h FJZ^bh
b k\yavH k
Dhm]bIF:jobl_dlmjZdhg\_c_jguoW<F FJZ^bhb k\yav k
Dhohg_gL:kkhpbZlb\gu_aZihfbgZxsb_mkljhckl\Z FFbj k
DZjp_\F:;jbd<:<uqbkebl_evgu_kbkl_fub kbgojhggZyZjbnf_lbdZ FJZ^bhb
k\yav k
Dhklbg : ; < N RZg]bg Hj]ZgbaZpby b h[jZ[hldZ kljmdlmj ^Zgguo \ \uqbkebl_evguo
kbkl_fZo F<ukrZyrdheZ] k
Dgyavdh\ < K :iiZjZlgh_ h[_ki_q_gb_ dhg\_c_jguo \uqbkebl_evguo kbkl_f I_gaZ
Ba^Zl_evkl\hI_ga_gkdh]hihebl_ogbq_kdh]hbg lZmqihkh[b_ k
Dgyavdh\ < K ;bdlZr_\ J : IZjZee_evgu_ \uqbkebl_evgu_ kbkl_fu k HDF>
Zjobl_dlmjhc I_gaZJBHI_ga_gkdh]hihebl_ogbq_kdh]hbg lZmqihkh[b_ k
Dgyavdh\ < K <heq_gkdZy L < DeZkkbnbdZpby kj_^kl\ h[jZ[hldb ^Zgguo >_i jmd
<BGBLB1<hlFbg\maJKNKJI_gaZI_ga_gkdbcihebl_ogbq_kdbcbg l
k
Dgyavdh\ < K <heq_gkdZy L < Kihkh[u ihkljh_gby dhg\_c_jguo \uqbkebl_evguo
kljmdlmj k mijZ\e_gb_f dhffmlZpbb ihlhdh\ ^Zgguo >_i jmd <BGBLB 1 <> hl Fbg\maJKNKJI_gaZI_ga_gkdbcihebl_ogbq_kdbcb lk
Dgyavdh\ < K <heq_gkdZy L < Dhg\_c_jgZy \uqbkebl_evgZy kj_^Z k ijh]jZffbjm_fhc
kljmdlmjhc < dg JZkij_^_e_ggZy h[jZ[hldZ bgnhjfZpbb L_a ^hde <k_khxagh]h k_fbgZjZ
JZkij_^_e_ggZyh[jZ[hldZbgnhjfZpbbZ\]mkl=hjgh :elZckd Gh\hkb[bjkd k
Dgyavdh\ < K <heq_gkdZy L < Bgl_ee_dlmZevguc fmevlbijhp_kkhj ^ey K:IJ W<:
dhgp_ipby ijbgpbiu ihkljh_gby K:IJ Gh\u_ bgnhjfZpbhggu_ l_ogheh]bb \ gZmd_
h[jZah\Zgbbb [bag_k_L_a^hdeF_`^dhgnfZyGh\u_bgnhjfZpbhggu_l_ogheh]bb\ gZmd_
h[jZah\Zgbbb [bag_k_=mjamn <hjhg_`k
Dgyavdh\ < K <heq_gkdZy L < ;ukljh^_ckl\mxsb_ ijhp_kkhju gZ [Za_ h^ghjh^guo
kj_^< dgJZkiZjZee_eb\Zgb_h[jZ[hldbbgnhjfZpbbL_a^hde9,,<k_khxardk_fbgZjZ
hdl]h^ZEv\h\ Ev\h\k
Iehlgbdh\ : < Dgyavdh\ < K <heq_gkdZy L < Hkgh\gu_ lbiu Zjobl_dlmj kj_^kl\
h[jZ[hldb^ZgguoWe_dljhggh_fh^_ebjh\Zgb_1k
Ij_klhg D b ^j Hkgh\u de_lhqghc eh]bdb k ijbeh`_gbyfb d h[jZ[hld_ bah[jZ`_gbc \
f_^bpbg_LBBWJl1k
IjZg]br\bebB<b ^jIZjZee_evgu_\uqbkebl_evgu_kbkl_fuk h[sbfmijZ\e_gb_f
FWg_j]hZlhfba^Zlk
KZfhnZeh\ D = Empdbc = F Hkgh\u l_hjbb fgh]hmjh\g_\uo dhg\_c_jguo
\uqbkebl_evguokbkl_f FJZ^bhb k\yav k
L_j[_jD>`:jobl_dlmjZ\ukhdhijhba\h^bl_evguo\uqbkebl_evguokbkl_f FGZmdZ
k
OhdgbJ>`_kkohmiGIZjZee_evgu_W<F FJZ^bhb k\yav k
Fmevlbijhp_kkhjgu_ kbkl_fu b iZjZee_evgu_ \uqbke_gby ih^ j_^ Wgkehm N = F
Fbj k
>fbljb_\XDOhjhr_\kdbc<=<uqbkebl_evgu_kbkl_fubafbgbW<F FJZ^bhb
k\yav klj
=heh\dbg ; : JZkq_l oZjZdl_jbklbd b ieZgbjh\Zgb_ iZjZee_evguo \uqbkebl_evguo
ijhp_kkh\ FJZ^bhb k\yav k
IjZg]br\bebB<Kl_pxjZ==Fbdjhijhp_kkhjgu_kbkl_f FGZmdZ k
Qb`mobg = G ;bdlZr_\ J : Fmevlbijhp_kkhjgu_ khkj_^hlhq_ggu_ \uqbkebl_evgu_
kbkl_fuMq_[gh_ihkh[b_ I_gaZJBHIIBO k
;bdlZr_\ J : Fh^_ebjh\Zgb_ fmevlbijhp_kkhjguo kbkl_f Mq_[gh_ ihkh[b_ JBH
IIB k
Скачать