Page 1

DCAN6=DE68GDHHI=:G>K:G

9?J?P;DIJ>;7JH; &&.<dgWVahHigZZi <aVh\dl<*.9H

8KI;I 6aVg\ZcjbWZgd[WjhZhhidedjih^YZ i]Zi]ZVigZdc<dgWVahHigZZi^cXajY^c\ *!,!,6!&'!'%!++!,*!C,*!&++!'++'+,#

8O<EEJ 6h]dgilVa`[gdbi]ZBZgX]Vci8^inVcY Igdc\ViZ!higV^\]iVXgdhhK^Xidg^V7g^Y\Z dcid<dgWVahHigZZi#

JH7?D '%b^cjiZlVa`[gdbFjZZcHigZZidg 8ZcigVaHiVi^dc!&%b^cjiZlVa`[gdb 6g\naZHigZZiHiVi^dc#

IK8M7O I]ZcZVgZhijcYZg\gdjcYhide^h 8H?:=;IJH;;Jl]^X]^h*b^ch lVa`[gdbi]Zi]ZVigZ#

97HF7HA <H;;XVgeVg`^c\^hVkV^aVWaZ^cdjg dlcXVgeVg`VY_VXZciidi]Zi]ZVigZ Wj^aY^c\#:cign^hk^V8gdlcHigZZi AVjg^ZhidcGdVYdcan#GZ[ZgidbVe#

76G86;: 6[g^ZcYanVcYXdhneaVXZidZc_dnVYg^c` WZ[dgZVcYV[iZgi]Zh]dl#I]ZWVgVcYXV[Â&#x201A; VgZdeZcdcZ]djgeg^dgideZg[dgbVcXZi^bZh VcYlZhiVndeZcjci^ab^Yc^\]idc;g^YVnVcY HVijgYVnc^\]ih# !<H;;M_<_7YY[ii

9:H><C/<H;?=>J%&)&**'*(%( E=DID<G6E=N/7:C6AA>HDC!=:A:C7A68@! 9:7DG6=8=6BE>DC!GD7:GI96N!>6>C<;6GG:AA! HIJ6GI<ADHHDE!:6BDCCB8<DA9G>8@! G>8=6G9=JCI"HB>I=!I>BBDGDOOD! :J6CB>A:H6C97:CL6G9# 


Æ6hi]ZVig^XVa^Xdch\d![ZlXdbZW^\\ J>;>;H7B:"(&'&

IV`ZVadd`^ch^YZidÒcYjc^fjZi]ZVigZ ZmeZg^ZcXZhd[ZkZgn`^cY[gdbcZlldg` VcYXaVhh^Xhl^i]Vil^hi!idXZaZWgVi^dch d[hdbZd[i]Z\gZViZhiVgi^hihd[djgi^bZ# LZVahd]VkZldg`[dgX]^aYgZcVcYndjc\ eZdeaZ!YgVbVXaVhhZh[dgVaaV\Zh!eaVn gZVY^c\ldg`h]dehVcYigV^c^c\XdjghZh# 7idWfi^eje\m^WjÊi_dijeh[¾

Æ=dlVgYVcYB^aaZg VagZVYnadd`a^`ZVYgZVb iZVbidWg^c\<adkZgÉh ldgYhida^[ZÇ  J>;>;H7B:  G  ZVYbdgZVWdjii]ZldgaYegZb^ZgZ d[CWh_bodWnHjZ<adkZgE+",

Æ6\gdiZhfjZVcY\g^ee^c\ e^ZXZd[jiiZganXdbeZaa^c\! ZmigVdgY^cVgni]ZVigZÇ  8;B<7IJJ;B;=H7F>  >gZaVcYÉh6WWZnI]ZVigZWg^c\i]Z^g VlVgY"l^cc^c\eaVnVcY'%%-:Y^cWjg\] ;Zhi^kVa]^i!J[hc_dkiE&,

ÆEaVnlg^\]i9Zcc^h@Zaan ^hVcVbZidadd`dji[dg½ ViVaZciZYVcYgZaZkVci cZlkd^XZ#Ç

Æ6ig^jbe]½WZVji^[jaan VXiZY!Vgi^XjaViZ! egdkdXVi^kZZciZgiV^cbZciÇ

 CKI?9EC>

 H  ^dW]VcGZYbdcY!?dccnE]^aa^ehVcY 7g^Vc;Zg\jhdchiVg^c9Vk^Y<gZ^\Éh :kdi_dWd[E&.

 9  dcÉib^hhehnX]dad\^XVai]g^aaZg 7\j[hJ^[;dZ!djgaViZhiIgV^cZZ 9^gZXidgegdYjXi^dcE')Ä'*

Æ69^gZXidgd[ ZmXZei^dcVaÓV^gÇ  J>;=K7H:?7DEDD7J7B?;78H7>7C?  D  cZd[7g^i^h]i]ZVigZÉhbdhiZmX^i^c\ ndjc\iVaZcihY^gZXihVk^k^YcZliV`Z dc7C_Zikcc[hD_]^jÊi:h[WcE.

 J>;J?C;I

ÆjiiZganX]Vgb^c\VcY Zc\V\^c\[dgZkZci]Z Ò\^i^Zhid[idYYaZgh#Ç  J>;B?IJ  9  ^Whb_[WdZBebW^ci]Z^gW^\\Zhi VYkZcijgZnZiYjg^c\i]Z:VhiZg =da^YVnhE&'

Æ=^\]XVa^WgZXdbZYn Vh^ih]djaYWZÇ  ;L;D?D=IJ7D:7H:EDI;7D>K=>;I

&(q&)

 =  ZVYa^cZVXih[gdbi]Z=bWi]em ?dj[hdWj_edWb9ec[Zo<[ij_lWbXdbZ idi]Z8^ioE&%Ä&&


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

\Zgi]Vc<aVh\dlĂ&#x2030;h8^i^oZchI]ZVigZ#Ă&#x2021;

C:L7:<>CC>C<H 6hlZbdkZ^cidi]ZcZlnZVg!i]Z 8^i^oZchI]ZVigZZciZghVcZmX^i^c\ eZg^dYVhgZXgj^ibZcihiVgih[dgVcZl 6gi^hi^X9^gZXidg#LZl^aaWZadd`^c\ idVeed^ciVcZmXZei^dcVa^cY^k^YjVa l]dl^aaXdci^cjZidYZa^kZgVgi^hi^X ZmXZaaZcXZVcYVi]g^k^c\i]ZVigZ[dgdjg VjY^ZcXZh^c<aVh\dlVcYHXdiaVcY#

Ă&#x2020;68^i^oZchI]ZVigZ^ci]Z[jaaZhihZchZ d[i]ZiZgbĂ&#x2021;]VhWZZcdjgi]ZVigZĂ&#x2030;h [djcY^c\iZcZi[dgdkZg+*nZVgh# 8gZVi^c\jc^fjZXjaijgVaZmeZg^ZcXZh i]ViVgZVXXZhh^WaZidVaa^hdjgYV^an gZb^iVcYl]VidjgVjY^ZcXZhiZaajh VWdjidjgldg`^hi]ZWZcX]bVg`d[djg hjXXZhh#LZkZgnbjX]add`[dglVgY idXdci^cj^c\i]VihjXXZhhVcYZciZg^c\ VcZlZgVd[i]ZVigZ"bV`^c\^c'%&&#

H:6IG:HIDG6I>DC;JC9 6YYVÂ&#x2014;&YdcVi^dcidndjgi^X`ZiigVchVXi^dc <hec@WdkWho(&''m[m_bbX[Wia_d] WbbWkZ_[dY[c[cX[hijeWZZWÂ&#x2DC;' ZedWj_edjej^[_hj_Ya[jjhWdiWYj_ed je^[bfkihW_i[ckY^d[[Z[Z\kdZi jeh[delWj[j^[i[Wji_dekhX[Wkj_\kb L_Yjeh_WdWkZ_jeh_kc$ DkZg'%nZVghdaY!i]ZhZVihVgZ^c \gZVicZZYd[gZeV^g#LZVgZYZa^\]iZY idWZldg`^c\l^i]VjY^idg^jbhZVi^c\ bVcj[VXijgZgh@^gl^cH^behdcl]d ]VkZYZa^kZgZYhZVigZhidgVi^dcegd_ZXih [dgi]Z@^c\hI]ZVigZ^c<aVh\dlVcY

i]ZDaYK^X^cAdcYdc#I]ZcZlhZVi^c\ l^aaWg^c\VcjbWZgd[WZcZĂ&#x2019;ihiddjg VjY^ZcXZh^cXajY^c\\gZViZgXdb[dgi! ^begdkZYh^\]ia^cZhVcYZmeVcYZY l]ZZaX]V^gXVeVX^in# LZlVciidZchjgZndjVgZh^ii^c\ Xdb[dgiVWan[dgZkZgneZg[dgbVcXZ Vii]Z8^i^oZchI]ZVigZ# J^Wdaoek\ehoekhikffehje\j^_i l_jWbYWcfW_]d$


8>I>O:CHI=:6IG:6C9H8DII>H=DE:G6

69DJ7A:7>AAD;;6B>ANDE:G6 Ild[jcdeZgVh[dgX]^aYgZc GZXdbbZcYZY[dg,

&*q&+


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

H8DII>H=EG:B>:G:

DCI=:G>B D;I=:LDGA9 I]ZZcYd[VYVna^`ZVcndi]Zg#6c dgY^cVgn[Vb^anijgcdjii]Za^\]ihVcY ejii]ZXVgZhd[i]ZYVnidWZY#Dci]Z g^bd[i]ZldgaYVcYVii]ZZY\Zd[i]Z c^\]i!i]ZnigVkZaWZndcYi]ZZkZgnYVn idVcZmigVdgY^cVgnaVcYd[YgZVbh# 6cZkdXVi^kZ_djgcZnl^i]bjh^X^che^gZY WnbZbdg^Zhd[X]^aY]ddY!haZZeVcY i]ZbV\^XVaedlZgd[YgZVb^c\# BZbWZghd[HXdii^h]DeZgVÉh8dccZXi 8dbeVcnVgZ_d^cZYWnVXVhid[*%

[gdbi]Z8^i^oZchI]ZVigZÉhVXXaV^bZY Xdbbjc^ineZg[dgbVcXZegd\gVbbZ [dgVYjaihVcYX]^aYgZc#6XXdbeVc^ZY WneaVnZgh[gdbHXdii^h]DeZgVÉh 8dccZXiDgX]ZhigV# BJH>87NEHB7D:E=EK=> A>7G:IID7N@;>7D;C7HA>7C 8DC9J8IDG9>H?I=H7O 9>G:8IDGH;BBO=EE:C7D D;?BF79A>7C 9:H><C:G7B?C79B7KH?D 8=DG:D<G6E=:GB?D:7F7OD;

LDGA9EG:B>:G:

9G;:GG:IÉH 769B:9>8>C: GD69H=DL >CHE>G:97NI=:86JI>DC6GNI6A:H7N>?B7?H;8;BBE9 Add`djihcZV`n!hcdiinVcYh^aan X]^aYgZcZkZgnl]ZgZ9dXidg;ZggZi VcY]^hHlZZi]ZVgiH^c\ZghVgZdjiid ÒcYdji_jhi]dlb^hX]^ZkdjhidYVnÉh X]^aYgZcgZVaanVgZ!Vhi]Znhdgii]Z\ddY Z\\h[gdbi]ZWVY# 8dbZVcY]ZVgi]ZXjg^djhhidg^Zhd[ BVi^aYVl]dhZa^Zh^\c^iZYViZgg^WaZÒgZ! =Zcgn@^c\l]dViZiddbjX]hig^c\! VcY<Zdg\Z!Va^iiaZWdnl]dXVjhZh Vadid[igdjWaZ½ 9g;ZggZiÉh7VYBZY^X^cZGdVYh]dl ^hVWgVcYcZlHXdii^h]DeZgV Xdbb^hh^dc#BZbWZghd[HXdii^h] DeZgVÉh8dccZXi8dbeVcneZg[dgbi]^h cZlVYkZcijgZ!VXXdbeVc^ZYWneaVnZgh [gdbI]ZDgX]ZhigVd[HXdii^h]DeZgV#

BJH>87NIJ;F>;D:;7PB;O A>7G:IID7NC7HJ?DH?B;O 9G;:GG:I7:7CC?BB;H 8DC9J8IDGEB?L;HHKD:;BB 9>G:8IDG7D:OC7DB;O 9:H><C:G7B?C79B7KH?D

C7?DJ>;7JH; HVi*Hjc+;ZWgjVgn! '#(%eb+#(%eb J?9A;JI —,#*% ;Vb^and[(—&.#*% ;Vb^and[)—'+ ;Vb^and[*—('#*%


LDGA9EG:B>:G: 8>I>O:CHI=:6IG:6C9GDN6AAN8:JBI=:6IG:!:9>C7JG<=

7NIK;=BEL;H >ebZ_d]kfWc_hhehjej^[dej_ede\ ijWhZecWdZj^[fh[iikh[e\\Wc[" CWh_bode\\[hiW]b_cfi[_djej^[fh_lWj[ b_l[ie\jme[njhWehZ_dWhomec[d$  9jg^c\i]ZhjbbZgd[&.+%!BVg^anc BdcgdZVcY;gZcX]VXigZhhH^bdcZ H^\cdgZia^kZ^cVY_VXZciVeVgibZcihVi i]Z7ZkZgan=^aah=diZa#I]gdlcid\Zi]Zg l]^aZBdcgdZĂ&#x2019;abhi]Zbdk^ZAZiĂ&#x2030;h BV`ZAdkZl^i]H^\cdgZiĂ&#x2030;h]jhWVcY NkZhBdciVcY!i]ZeV^g[dgbVcjcZVhn [g^ZcYh]^e!eaV\jZYWn_ZVadjhnVcY ^chZXjg^in#JcYZgi]ZlViX][jaZnZ d[EVii^!]V^gYgZhhZgidi]ZhiVgh!^i WZXdbZhVgZaVi^dch]^ei]Vil^aaiZhi i]Z^gYZZeZhiWZa^Z[hVcYi]gZViZcid YZhigdni]ZbWdi]# JcXdkZgi]ZgVlXdbeaZm^i^Zhd[ XZaZWg^ina^kZh^ci]^h[VhX^cVi^c\ edgigVnVad[ildd[i]ZldgaYĂ&#x2030;h\gZViZhi Ă&#x2019;abhiVgh# 7Zhi`cdlc[dgi]ZbdYZgcXaVhh^X 7dcYV\Zgh!HjZ<adkZg^hVgZcdlcZY HXdii^h]lg^iZg[dghiV\Z!gVY^dVcY iZaZk^h^dc# I]^hcZleaVnl^aagZXZ^kZ^ihldgaY egZb^ZgZVii]Z8^i^oZchI]ZVigZ# 6Xd"egdYjXi^dcl^i]i]ZGdnVaAnXZjbI]ZVigZ! :Y^cWjg\]#;daadl^c\^ihegZb^ZgZ^c<aVh\dl! i]ZeaVnl^aaigVch[Zgid:Y^cWjg\][gdb &*BVgX]Ă&#x201E;'6eg^a#anXZjb#dg\#j`

9>G:8I:97NF>?B?F>EM7H: 9:H><C:97NA;DDOC?BB;H A><=I>C<9:H><C7N 9>7HB;I87B<EKH HDJC99:H><C7N =H7>7CIKJ>;HB7D:

C7?DJ>;7JH; I]j&,;ZWgjVgnĂ&#x201E;HVi&'BVgX]!,#(%eb FH;L?;MI &,!&-&.;ZWgjVgn!,#(%eb C7J?D;; HVi*BVgX]!'#(%eb 7K:?E:;I9H?8;:F;H<EHC7D9; I]j');ZWgjVgn!,#(%eb I?=D;:F;H<EHC7D9; LZY'BVgX]!,#(%eb 97FJ?ED;:F;H<EHC7D9; I]j(BVgX]!,#(%eb Ă&#x2030; J>;MEC;D8;>?D:J>;?9EDIĂ&#x160; FH;#I>EM9EDL;HI7J?ED I]j');ZWgjVgn!+#&*Ă&#x201E;,eb FEIJI>EMG7M?J>J>;:?H;9JEH I]j(BVgX] J?9A;JI Â&#x2014;&%Ă&#x201E;Â&#x2014;&,#*%XdcXZhh^dchVkV^aVWaZ EgZk^ZlhÂ&#x2014;*qIjZhYVnhÂ&#x2014;&% I[[Xeea_d]_d\ehcWj_ed\ehWbbfh_Y[i

&,q&-

HjeedgiZYWn<aVh\dlGZhiVjgVci6hhdX^Vi^dcVcY 6gih7jh^cZhhCZl6gihHedchdgh]^e>ckZhibZci#


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka


C6I>DC6AI=:6IG:D;H8DIA6C9>C6HHD8>6I>DC L>I=8>I>O:CHI=:6IG:6C9IG6K:GH:I=:6IG:

<>GAM 7NEDA=:NK6:GI!GD7:GIHD;IA:N 6C976GI86E:AA: ;b[l[do[WhebZCW]]_[C_bbi^Wi i[l[h[Y[h[XhWbfWbioWdZj^[c[djWb W][e\W+#cedj^ebZ_d\Wdj$

9>G:8I:97NFEB>;OL7;HJ 8DBEDH:GI9EJJJMOD>EBC

=Zgbdi]ZgWZa^ZkZhi]Vii]Ze]nh^XVa X]Vc\Zhi]ViVXXdbeVcnVYdaZhXZcXZ XVcdcanWg^c\Y^higZhhVcYgZfjZhihi]Vi hjg\ZdchgZbdkZ]ZgYVj\]iZgÉhldbW#

C7?DJ>;7JH; LZY&+ÄHVi&.BVgX]!,#(%eb

>che^gZYWnYZWViZhdc^ciZgcZi[dgjbh! <^gaM^hVedlZg[jaVcYegdkdXVi^kZcZl [jaan"hiV\ZYe^ZXZd[i]ZVigZ[gdbEda =ZnkVZgi!i]ZXgZVidgd[i]ZCVi^dcVa I]ZVigZd[HXdiaVcYÉhZmigVdgY^cVgn 6VahiÅÆ8djgV\Zdjh!VcYVX]^Zk^c\i]Z ]^\]ZhihiVcYVgYhd[eZg[dgbVcXZVcY egdYjXi^dcÇHjcYVn=ZgVaY 6XidgVcYY^hVWaZYg^\]ihVXi^k^hi GdWZgiHd[iaZnl^aaX]VaaZc\ZVX]dgjh d[eZg[dgbZghidXdciZhii]ZZi]^XVa ^hhjZhi]VihjggdjcYi]ZXVhZ#L]ZcYd eg^kViZbViiZghWZXdbZejWa^XXdcXZgc4 9dl]ZZaX]V^gjhZgh`cdlWZiiZg4 L]ZgZl^aa^iVaaZcY4 H[Yecc[dZ[Z\eh'*! &.q&/

J?9A;JI —&%ė&,#*%XdcXZhh^dchVkV^aVWaZ I[[Xeea_d]_d\ehcWj_ed\ehWbbfh_Y[i

G:K:6A I]^hh]dl^heVgid[GZkZVaÅ VhZVhdcd[cZlldg`egZhZciZY Wni]ZCVi^dcVaI]ZVigZd[HXdiaVcY! ^cXajY^c\[jaan"hiV\ZYegdYjXi^dch! ldg`h"^c"egd\gZhhVcYeaVngZVY^c\h# <_dZceh[H[l[Wbi^emiedf((Å()

G:K:6Aif[Y_Wbe\\[hfWYaW][  jni^X`Zih[dg'dgbdgZh]dlh 7 VcY\Zi—'d[[ZVX]i^X`Zi 6eea^ZhidVaai^X`Zieg^XZhZmXajY^c\ <dgWVah8VgY#HdbZZmXZei^dchVeean#


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

=:69ADC<I=:6IG:6C9I=:CJ;;>:A9! HDJI=6BEIDC!>C6HHD8>6I>DCL>I= =JAAIGJ8@

6B>9HJBB:G C><=IÉH9G:6B 7NM?BB?7CI>7A;IF;7H;

Ç Bel[beeaidejm_j^j^[[o[i Xkjm_j^j^[c_dZ 7dZj^[h[\eh[_im_d][Z9kf_Z fW_dj[ZXb_dZ$$$È I]^hgZ"^bV\^c^c\d[H]V`ZheZVgZÉhWZhi" adkZYXdbZYnhZihi]Zhidgn^cV&.+%h ÒabhijY^dl]ZgZV=daanlddYZe^X^h ^ci]ZbV`^c\#=^eedaniVÉhijgWjaZcid[[" XVbZgVV[[V^gl^i]]ZgXd"hiVgI]ZhZjh^h [VhiWZXdb^c\i]ZadkZ"]ViZgZaVi^dch]^e d[i]ZXZcijgnÅVcY^iÉhcdii]Zdcan gdbVcXZid]VkZWadhhdbZYdchZi# EVhh^dchg^hZ#IZbeZgh[gVn#6cYÒab^c\ ^hVabdhiXdbeaZiZ# 8dbW^c^c\H]V`ZheZVgZÉhdg^\^cVaiZmi l^i]VXjii^c\"ZY\ZhinaZ!i]^hk^k^YcZl hiV\^c\d[6B^YhjbbZgC^\]iÉh9gZVb gZ"adXViZhi]ZWVgYÉh[jcc^ZhieaVnidi]Z XZcigZd[i]^hl]^gal^cYd[eVhh^dc#  ;gdbi]ZXdbeVcni]ViegdYjXZYi]Z ldgaYl^YZ]^i:cgdcVcYegZk^djhan VeeZVgZYVii]Z8^i^oZchl^i]:YlVgY <VciÉh6bVo^c\;ZVihd[AdcZa^cZhhVcY 6c\Zah^c6bZg^XV#

9>G:8I:97ND7J7B?;78H7>7C? 9:H><C:97NJECI9KJJ A><=I>C<9:H><C7N:7L?:>EBC;I HDJC96C98DBEDH>I>DC 7NJECC?BBI K>9:D9:H><C7N?7D=7BBEM7O

C7?DJ>;7JH; IjZ''ÄHVi'+BVgX]!,#(%eb C7J?D;; HVi'+BVgX]!'#(%eb J?9A;JI —&%ė&,#*%XdcXZhh^dchVkV^aVWaZ IjZhYVnh—&% I[[Xeea_d]_d\ehcWj_ed\ehWbbfh_Y[i

ÆI]ZXdjcignÉhbdhi ZmX^i^c\idjg^c\i]ZVigZ XdbeVcnÇ  :7?BOJ;B;=H7F>


B6<C:GH<A6H<DL >CI:GC6I>DC6A 8DB:9N;:HI>K6A I]Z8^i^oZch^hYZa^\]iZYid]dhi]ZVYa^cZ VXih[gdbi]^hnZVgÉha^cZ"je#

?:CCN:8A6>G/ DA99D<!C:LIG>8@H 6hhZZcdc>IK&Éh>Éb68ZaZWg^in<Zi BZDjiD[=ZgZ#?Zccn:XaV^g^hÒ[innZVgh daY!l]^X]^cYd\nZVghldjaYfjVa^[n[dg I]Z<j^ccZhh7dd`d[gZXdgYh#=Vk^c\ gZXZcianWZZcYZ"ldgbZYVcYl^i]]Zg iZZi]cZlanWaZVX]ZY!h]ZÉaaWZegVcX^c\ VgdjcYi]ZgZ\^dchYd^c\]ZgXdbZYn ig^X`h[dgVÈc^XZW^hXj^iVcYbVnWZV \aVhhd[8]VgYdccVnÉ#H]dl^cXajYZhÅ ndjc\bVaZejehjeedgi[gdbgZXZci [Vh]^dcVWaZa^iiZg# J^k)'CWhY^".fcqJ_Ya[ji˜',$+&

9:H7>H=DE/BN969L6H C:6GAN?6B:H7DC9 >gZaVcYÉh[Vkdjg^iZXdbZY^Vc!Wg^c\h]^h Xg^i^XVaanVXXaV^bZYh]dlid<aVh\dl# =Zh]VgZhi]ZYZZeaneZghdcVaiVaZd[]^h [Vi]ZgÉh^aacZhh!i]Z^beVXi^i]Vh]VYdc ]^h[Vb^anVcYi]Z^ghZchZd[]jbdjg^c YZVa^c\l^i]^i#8]Vbe^dc^c\i]Z]Zgd^Xh d[[Vi]Zg]ddYWnX]VaaZc\^c\Xdbbdc gZ\gZihVcYi]Zg^Y^Xjadjh^YZVahd[ bVc]ddYi]VigZVabZcignida^kZjeid# <h_'7fh_b".fcqJ_Ya[ji˜'+

È<:CIA:B6CÉ<:DG<: BDC7>DIÉHA:;I=DD@ ;dgidc^\]iÉhbV^cZkZci!l^aandjeaZVhZ lZaXdbZ^ci]ZgZYXdgcZg!i]Z<jVgY^Vc cZlheVeZgÉhjcWZViZc^ciZaaZXijVa ]ZVknlZ^\]iX]Vbe^dcd[[gZZheZZX]! dcZd[i]ZJ@Éh[dgZbdhii]^c`ZghVcY Zck^gdcbZciVa^hih!VcYedaZb^X^hi hjegZbZÈ\ZciaZbVcÉ<Zdg\ZBdcW^di# I]Z\adkZhVgZd[[[dgVWVgchidgb^c\ ZkZc^c\d[ide^XVaYZWViZVhi]Z VjY^ZcXZe^ii]Z^gl^ihV\V^chi]^b ^cWdjihd[kZgWVaÒhi^Xj[[h# IWj(7fh_b"+fcqJ_Ya[ji˜'($+&

L6IHDCÉHL>C9JEA>K: HiVgg^c\?dcVi]VcLVihdceajh hjeedgi^c\XVhi#9dcÉib^hhi]ZgZijgc d[HXdiaVcYÉh[Vkdjg^iZide^XVaXdbZYn h]dl^cVheZX^VadcZ"d[[eZg[dgbVcXZ# I]^hjc^fjZ!cdi"id"WZ"b^hhZYZkZc^c\ d[ZciZgiV^cbZcil^aa[ZVijgZVine^XVaan ide^XVaLVihdcÉhL^cYJeadd`Vi i]Zhidg^ZhVcYX]VgVXiZghi]Vi]VkZ WZZcbV`^c\i]ZlZZ`ÉhcZlheajh VXdbe^aVi^dcd[hdbZd[i]ZWZhi h`ZiX]Zh[gdbiZcnZVghd[WgdVYXVhih dcGVY^dHXdiaVcY# IWj(7fh_b".fcqJ_Ya[ji˜'+

'&q''


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

B6G@I=DB6H/ :MIG:B:G6B7A>C< L6A@>C<I=:L6AA 6lVgY"l^cc^c\XdbZY^VcVcYVXi^k^hi BVg`I]dbVhgZijgchl^i]]^hWgVcY cZlh]dl#CZkZgdcZidiV`Zi]ZZVhn dei^dc!BVg`YZX^YZYid\dgVbWa^c\^c i]ZB^YYaZ:VhiVcYlVa`ZYi]ZZci^gZ aZc\i]d[i]Z>hgVZa^HZeVgVi^dc7Vgg^Zg# I]^h^hi]Zhidgnd[(%%!%%%hZiiaZgh0 V,*%`blVaa0h^mVggZhih0dcZhidc^c\0 iddbjX]]jbbjhVcYVh^beaZ fjZhi^dc###Æ8VcndjZkZg\ZiVlVn[gdb ^iVaal^i]V\ddYlVa`4Ç Ced*Jk[+7fh_b".fcqJ_Ya[ji˜'+ ˜'&ijkZ[djikd[cfbeo[Z

HJH6C86AB6CÉH =6EENEA68: HjhVc8VabVciV`ZhndjidVeaVXZ l]ZgZWajZW^gYhh^c\VcYa^iiaZgVWW^ih h]V`Zi]Z^gXdiidciV^ahVii]Zhjcg^hZ# 8dbZid]Zg=VeenEaVXZ!ÒaaZYl^i]Vaa i]Zi]^c\hi]VibV`Z]Zghb^aZÅa^`ZV ig^eidi]Zi^e!YVcX^c\idIKi]ZbZijcZh dgXdc[gdciVi^dch^ch]deh#NdjbVn]VkZ ]ZVgY]Zgdc778GVY^dHXdiaVcY BVX6jaVnVcY8d#VcYGVY^d)CZlh Fj^o!CdlH]dl!JcWZa^ZkVWaZIgji]# 6h]dli]ViÉhVh^c[ZXi^djhVh^hhdjcYh# M[Z,7fh_b".fcqJ_Ya[ji˜'+

?:G:BN=6G9N ?ZgZbn=VgYn]VhWZZcVhiVcY"jeXdb^X h^cXZ&.-)VcYl^aaWZdcZjci^a]ZY^Zhdg l^chi]ZadiiZgn#=Z^hWZhi`cdlc[dg]^h ldg`dcGVY^d)!cdiVWandccZlhfj^o! >ÉbHdggn>=VkZcÉiV8ajZVcY?ZgZbn =VgYnHeZV`hidi]ZCVi^dc#>c'%&%!]Z ejWa^h]ZYVWdd`!Bn;Vb^anVcYDi]Zg HigVc\Zgh!X]gdc^Xa^c\]^hYZheZgViZ hZVgX][dg^ciZgZhi^c\VcXZhidgh# J^k-7fh_b".fcqJ_Ya[ji˜'+

H:6C=J<=:H/9J8@H6C9 DI=:GB>HI6@:H>ÉK:B69: HZVc=j\]Zh]VhheZcibdhid[i]ZaVhi nZVgdci]ZgdVY!eZg[ZXi^c\]^hcZlh]dl# CdlVi^ihVWhdajiZeZV`!]ZWg^c\h^iid <aVh\dl[dgdcZc^\]idcanL^i]]^h YVg`!Zmeadh^kZhinaZd[fj^X`"ÒgZVjY^ZcXZ WVciZg!]Z^hV]djhZ]daYcVbZVeeZVg^c\ ^cXdjciaZhhIKh]dlh#HZVc]Vhcdl gZijgcZYid]^hÒghiadkZ!hiVcY"je!VcY ^hWVX`Vi]^hVWhdajiZWZhi# <h_.7fh_b".fcqJ_Ya[ji˜'+

?6B:H86BE7:AAÉH 8DB:9N)@>9H ?VbZh8VbeWZaa^hVhiVcYjeXdbZY^Vc [dgX]^aYgZcdkZg+!i]Z^geVgZcihVcY VcndcZl]da^`ZhXdbZYnl^i]djii]Z gjYZldgYh#=^hWgVcYcZlh]dll^aa XdkZglVnhidbV`ZeVghc^eh ^ciZgZhi^c\!]dlidadd`VX]^X`Zc^c Wdi]ZnZhVii]ZhVbZi^bZVcYl]n dlahYdcÉia^`Z:VhiZg#H^YZZ[[ZXihbVn ^cXajYZndjgh^YZh]jgi^c\### IWj/7fh_b")fcqJ_Ya[ji˜-$+&

6GI=JGHB>I=:MEDH:9 ?d^cXdbZY^Vc!lg^iZg!WgdVYXVhiZg VcYVaa"gdjcY7g^i^h]^chi^iji^dc6gi]jg Hb^i]VcYWVh`^cVcZkZc^c\d[ aVj\]iZgVcYd[["i]Z"lVaa]jbdjg l^i]dcZd[i]ZÈVaiZgcVi^kZXdbZY^VchÉ l]dh]dd`jei]ZldgaYd[a^\]i ZciZgiV^cbZci^ci]Z-%hVcY.%h# 6778gZ\jaVg!lZaa`cdlc[dg]^h VeeZVgVcXZhdcIKÉh<gjbenDaYBZc! F#>#!=VkZ><diCZlh;dgNdj!I]ZDcZ H]dlVcYGVY^d)ÉhAddhZ:cYh# IWj/7fh_b".fcqJ_Ya[ji˜'+

7bbi^emiik_jWXb[\ehel[h'.Êiedbo[nY[fj@Wc[i9WcfX[bb,!


L6I:GH=:9EGD9J8I>DCHEG:H:CII=:778LDGA9L>9: 6C9EDA@6I=:6IG:EGD9J8I>DCD;

8=6GA>: ADA6Ă&#x2030;H7:HI 7:HI:HI EA6N

76H:9DCI=:8=6G68I:GH8G:6I:9 7NB7KH;D9>?B: 696EI:97N@ED7J>7DBBEO: 9dcĂ&#x2030;ib^hhZkZgndcZĂ&#x2030;h[Vkdjg^iZWgdi]Zg VcYh^hiZg!8]Vga^ZVcYAdaV!^ci]Z^g ZmigZbZanZkZghdldcYZg[jahiV\Zh]dl I]ZhiVghd[i]Z]^i778IKhZg^ZhVcY Wdd`hWnAVjgZc8]^aYVgZWgdj\]iid a^[ZWnVbV\^XVab^md[ejeeZih!a^kZ VXi^dcVcYbjh^X# '"9VcY("9ldgaYhb^c\aZVhlZĂ&#x2019;cY dji^[AdaVl^aaZkZgi^Yn]Zggddbdg^[ 8]Vga^Zl^aa\ZiAdaVidhaZZe!ZkZci]dj\] h]Z^hcdihaZZenVcYl^aacdi\didWZY# I]ZI^\ZghlVcii]Z^gWZYi^bZb^a`! i]Z9VcX^c\9d\h]VkZWdggdlZYAdaVĂ&#x2030;h en_VbVhĂ&#x201E;cdiidbZci^dci]ZD\gZ^c i]ZlVgYgdWZL]dĂ&#x2030;Y]VkZ`cdlci]ZgZ lZgZhdbVcnegdWaZbhiddkZgXdbZ4 '(q')

H[Yecc[dZ[Z\eh)Ă&#x2026;,o[Whi C7?DJ>;7JH; LZY&(Ă&#x201E;HVi&+6eg^a! &&Vb&#(%eb )ebHVidcan J?9A;JI Â&#x2014;,#*% ;Vb^and[(Â&#x2014;&.#*%q;Vb^and[)Â&#x2014;'+q ;Vb^and[*Â&#x2014;('#*%

Ă&#x2020;bV\^X[gdbhiVgiidĂ&#x2019;c^h]Ă&#x2021;  >;H7B: 8]Vga^ZVcYAdaVÂ&#x17E;VcYÂ?AVjgZc8]^aY'%%*# 8]Vga^ZVcYAdaV^hegdYjXZYWnI^\Zg6heZXi EgdYjXi^dchVcYY^hig^WjiZYWn778LdgaYl^YZAiY# 778LdgaYl^YZad\dÂ&#x17E;Â?778&..+#


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

I=:DG><>C6AI=:6IG:I=:6IG:8DBE6CN>C6HHD8>6I>DC L>I=6CK>A6GIH6C9HDJI==>AAE6G@6GIH8:CIG:

7N8H?7D<H?;B HjbbZg&.(+#>cVXdiiV\Z^ci]Z gZbdiZ>g^h]k^aaV\Zd[7VaanWZ\!i]Z ÒkZBjcYnh^hiZgha^kZVh^beaZa^[Z^c i]Zh]VYdld[i]Z]^aahd[9dcZ\Val^i] i]Z^ggZXZciangZijgcZYWgdi]Zg?VX` eaVnZYWn9VgV\]DÉBVaaZnÄL^i]cV^a VcY>!>IKÉhH]VgeZVcYhZkZcnZVg daYB^X]VZa#7VgZanVWaZidbV`ZZcYh bZZi!i]Zh^hiZghVXfj^gZi]Z^gÒghi l^gZaZhhgVY^dVcYYgZVbd[]Vee^cZhh#

9>G:8I:97N7B7IJ7?HM>7JB;O 9:H><C:97NL?9JEH?7IF;7H?D= A><=I>C<9:H><C7N7B7DL7B;DJ?D;

NZVghaViZgi]Z\gdlcjeB^X]VZaadd`h WVX`Vii]Vi[ViZ[jahjbbZgl]Zci]Z `cdX`^c\hd[X]Vc\ZÒcVaanXVj\]ije l^i]i]ZBjcYn[Vb^an#

J?9A;JI —&%ė&,#*%XdcXZhh^dchVkV^aVWaZ IjZhYVnh—&%

C7?DJ>;7JH; IjZ&.ÄHVi'(6eg^a!,#(%eb C7J?D;; HVi'(6eg^a!'#(%eb

I[[Xeea_d]_d\ehcWj_ed\ehWbbfh_Y[i 6k^k^YVcYa^[ZV[Ògb^c\edgigV^id[ i]ZhZÒkZWgVkZldbZc![daadl^c\i]Z^g adhhd[adkZVcYdeedgijc^ineaVnZYdji V\V^chii]ZZX]dZhd[i]ZilZci^Zi] XZcijgnl^i]YVg`]jbdjg!gVlZcZg\n VcYiZcYZgcZhh# 7g^Vc;g^Za^h>gZaVcYÉhbdhiegda^ÒX a^k^c\eaVnlg^\]i#9VcX^c\6iAj\]cVhV ]VhWZZcegdYjXZY^ci]ZLZhi:cYVcY dc7gdVYlVn!l^cc^c\VcDa^k^Zg6lVgY VcYi]gZZIdcn6lVgYh#


BJAAI=:6IG:

A6JG:A 6C9=6G9N 7NJECC9=H7J> 7dW\\[Yj_edWj[beeaWjj^[b_l[ie\j^[ ceijikYY[ii\kbYec[Zoj[Wc_d^_ijeho$ AVjgZaVcY=VgYn[dgbZYVcZcYjg^c\ eVgicZgh]^el]^X]idd`i]ZldgaYWn hidgb#I]^heaVna^[ihi]ZWdlaZg]Vihd[[ i]ZhZildX]Vgb^c\VcYkZgn[jccnbZc idadd`Vii]Z^ga^kZhVcYadkZh# <^k^c\[VhX^cVi^c\^ch^\]ih^cidi]Z^gd[[" hXgZZcgZaVi^dch]^ehVcYi]Z^geZghdcVa _dnhVcY]ZVgiVX]Zh!^iXdciV^chbVcn d[i]Z^gÒcZhiXdbZYngdji^cZh!bjh^XVa cjbWZgh!hdc\hVcYYVcXZh#

E:G;DGB:97N7B7I:7?HC99HED; 6C987HH?;>KDJ;H 9>G:8I:97N7B7I:7?HC99HED;

C7?DJ>;7JH; LZY',ÄHVi(%6eg^a!,#(%eb C7J?D;; HVi(%6eg^a!'#(%eb J?9A;JI —&%ė&,#*%XdcXZhh^dchVkV^aVWaZ I[[Xeea_d]_d\ehcWj_ed\ehWbbfh_Y[i

I]ZX]VgbVcYl^id[HiVcVcYDaa^ZVgZ gZWdgc^ci]^hlVgbVcYV[[ZXi^dcViZ add`Vii]ZbdhihjXXZhh[jaVcYegda^ÒX XdbZYniZVb^chXgZZc]^hidgn# 7VX`WnedejaVgYZbVcY[daadl^c\ VXg^i^XVaan"VXXaV^bZYidjg^c'%&%#

ƽXdjaYlZaaWZVYZÒc^i^kZ kZgh^dcd[i]Ze^ZXZÇ  J>;>;H7B:

ÆI]ZVXidghh]^[iWg^aa^Vcian WVX`VcY[dgi]WZilZZc i]Z^gX]VgVXiZghÉ eZghdcVhdcVcYd[[ hiV\Z½V\ZciaZ"nZi" ]dcZhiYgVl^c\WVX` d[i]ZXjgiV^cdci]Z YjdÉheg^kViZa^kZhÇ  IKD:7O>;H7B:

'*q'+

J>;J?C;I J>;>;H7B:


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

8AJ7CD>G 8676G:I 7JGA:HFJ:8AJ7=>IHI=:HI6<: 9bkXDe_hfh[i[djiWl[hoif[Y_Wb i^em\eh(d_]^jiedbo$

C7?DJ>;7JH; ;g^+HVi,BVn!-eb

I]ZldgaYĂ&#x2030;hW^\\ZhiWjgaZhfjZXajW d[[ZgVbdgZ^ci^bViZZkZc^c\d[ dkZg"i]Z"idea^kZeZg[dgbVcXZ# Hig^eiZVhZ!a^kZbjh^XVcYkVg^ZinVXih# DaYhinaZh]dlh^che^gZYWn7g^i^h] Bjh^X=Vaa!6bZg^XVcKVjYZk^aaZ! adlWgdlWjgaZhfjZVcYi]ZO^Z\[ZaY ;daa^Zh#HXZcZ"hiZVa^c\eZg[dgbZgh! XgnhiVa"ZcXgjhiZYh]dl\^gah!XdkZiVWaZ XdhijbZh![ZbbZ[ViVaZhVcYhjVkZ bZc^ci]Z]^hidg^XK^Xidg^VcVjY^idg^jb d[i]Z8^i^oZchI]ZVigZ#

J?9A;JI Â&#x2014;&*Â&#x2014;&'gZhig^XiZYk^Zl

Ă&#x2020;6\ViZlVnidVeVgVaaZa jc^kZghZ#Ă&#x2021;  J>;IKD:7OJ?C;I

Ă&#x2020;9Za^kZghVc^\]id[ejgZ \aVbdjgVcYZmXZhhĂ&#x2021;  8?P7HH;C7=7P?D;

:h[iikf_\oekZ[i_h[$El[h',iedbo$  EaZVhZcdiZi]^h^hVhZViZYZkZci


H8DII>H=EG:B>:G: 6E6>C:HEADJ<=6C99GJBI=:6IG:EANBDJI=EGD9J8I>DC

7NC?A;87HJB;JJ '/,-$A[dd[j^WdZIWdZhWadem j^[mehbZ_iY^Wd]_d]$7dZj^[omWdj iec[e\_j$  AdkZ!AdkZ!AdkZiV`Zhdci]ZWVWn WddbZg\ZcZgVi^dcVh^igZi^gZh! VcYÒcYh^i[jaad[igdjWaZ#Hbd`^c\! Yg^c`^c\!VbW^i^djhVcYeVgVcd^Y!lZ [daadldcZXdjeaZÉh[dgin"nZVg_djgcZn [gdb^c^i^VaWjghiid[jaaWaddb# 6cVX^Yh]Vgehidgnd[VXdjeaZl]d lVciZYidX]Vc\Zi]ZldgaYWjiXVccdi X]Vc\Zi]ZbhZakZh# 8g^i^XVaanVXXaV^bZYVhÆgZfj^gZY k^Zl^c\ÇI]ZIZaZ\gVe]l]Zc^i egZb^ZgZY^cDXidWZg'%&%!i]Zh]dl cdlXdbZhidHXdiaVcY[dgi]ZÒghii^bZ# B^`Z7VgiaZii^hVcDa^k^Zg6lVgYl^cc^c\ eaVnlg^\]i#=^haVhieaVn:Vgi]fjV`Zh ^cAdcYdc!egZb^ZgZYVii]ZCVi^dcVa I]ZVigZVcYlVh]V^aZYVhÆi]ZWZhicZl eaVnd[i]ZnZVgÇI]ZHiV\Z#

9>G:8I:97N@7C;I=H?;L; 9:H><C:97NBK9OEI8EHD; A><=I>C<7N>7HJB;OJ7A;CF HDJC97NJEC=?88EDI

C7?DJ>;7JH; LZY&&ÄHVi&)BVn!,#(%eb J?9A;JI —&%ė&,#*%XdcXZhh^dchVkV^aVWaZ I[[Xeea_d]_d\ehcWj_ed\ehWbbfh_Y[i

ÆWVc\"dc"i]Z"bdcZn cZleaVnÇ  J>;J;B;=H7F>

ÆiZgg^ÒXa^cZhVcYW^\ aVj\]h###7VgiaZiiYdZh i]ZXaVh]d[\ZcZgVi^dcVa ldgaYk^Zlhl^i]V YZkVhiVi^c\egZX^h^dcÇ  J>;=K7H:?7D

',q'-


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

677:NI=:6IG:

I:GB>CJH LG>II:C9>G:8I:97NC7HAEĂ&#x160;HEM; Ă&#x2020; ½lZ\d!hZZi]Zhad"bdZWWVcY Ă&#x201C;dl0i]Zb^aa!i]ZWVWWaZ!i]ZgVWWaZ d[ldWWa^c\lVnlVgYh!Zm^aZYVcY V^baZhh!jca^`ZjhVh!ejgedhZ[jaVcY YdjWaZ"Ă&#x2019;aZ!a^`Z`^YhdcVYVgZ!lZ]ZVY l]di]Z]Zaa`cdlhl]ZgZ4Ă&#x2021;

IZgb^cjh^hVWgZVi]iV`^c\egdYjXi^dc [gdb>gZaVcYĂ&#x2030;hcVi^dcVai]ZVigZ!i]Vi e^X`ZYjeVHXdihbVc;g^c\Z;^ghi 6lVgYVii]Z:Y^cWjg\];g^c\Z;Zhi^kVa ^c'%%-# Cdi[dgi]Z[V^cid[]ZVgi#

=daYi^\]iVhi]ZdgY^cVgnijgch ZmigVdgY^cVgn^ci]^hZm]^aVgVi^c\eaVn WnBVg`DĂ&#x2C6;GdlZ!lg^iZgd[=dl^Z i]ZGdd`^Z!7dn6VcYi]ZXjaiĂ&#x2019;ab >ciZgb^hh^dc# 8ViVejai[gdbi]ZWjhia^c\higZZihid i]Zh`^ZhVWdkZ9jWa^c!i]ZceajbbZi YZZeidi]ZWdlZahd[i]ZZVgi]Vhi]gZZ eZdeaZVgZg^eeZY[gdbi]Z^gYV^ana^kZh VcYi]gdlc^cidV[VciVhi^XValdgaYd[ h^c\^c\hZg^Va`^aaZgh!VkZc\^c\Vc\Zah VcYadkZ"h^X`YZbdch#

H[Yecc[dZ[Z\eh',! 9edjW_dil_eb[djbWd]kW][

C7?DJ>;7JH; IjZ&,Ă&#x201E;HVi'&BVn!,#(%eb J?9A;JI Â&#x2014;&%Ă&#x201E;Â&#x2014;&,#*%XdcXZhh^dchVkV^aVWaZ IjZhYVnhÂ&#x2014;&% I[[Xeea_d]_d\ehcWj_ed\ehWbbfh_Y[i L^i]hjeedgi[gdb6gih8djcX^a>gZaVcY VcY8jaijgZ>gZaVcY


6H=6G:9:ME:G>:C8:$L6I:GB>AAI=:6IG:EGD9J8I>DC! 8D"EGD9J8:97NDM;DG9EA6N=DJH:

7GDCIÜ 7NFEBBOJ;7B; >i^h&-)*#7gVclZaa7gdci…gZijgch]dbZ ^cY^h\gVXZ#EaV\jZYWnVaXd]daVcY Ygj\VYY^Xi^dc!]Z]VhWZZcY^hb^hhZY [gdbYdbZhi^XhZgk^XZ[daadl^c\Vc V[[V^gl^i]i]Zb^higZhhd[i]Z]djhZ# 6hi]Z^gWgdi]ZgYZhXZcYh^cid VaXd]da^hbVcY^chVc^in!Wg^c\^c\X]Vdh idi]Z]djhZ]daY!i]Zh^hiZghlg^iZ½

9>G:8I:97ND7D9OC;9AB;H

7gdci…WZVji^[jaanZkd`Zhi]ZgZVaVcY ^bV\^cZYldgaYhd[i]Z7gdci…h!^c VegdYjXi^dc^cl]^X]i]Z^gÒXi^dcVa X]VgVXiZghXdbZid]Vjcii]Z^gXgZVidgh#

FEIJI>EM:?I9KII?ED I]j'?jcZ

>cVhZVbaZhhbZaY^c\d[^ccZga^kZhVcY djiZggZVa^in!i]^heaVnWg^aa^VcianXdckZnh ]dlVXgZVi^kZ[jgcVXZgdVgZYl^i]^ci]Z g^\^YZcXadhjgZhd[K^Xidg^VcXdchigV^ci# H]VgZY:meZg^ZcXZgZijgchidi]Z8^i^oZch [daadl^c\i]Z^gbZbdgVWaZegdYjXi^dc d[I]Z<aVhhBZcV\Zg^ZaVhinZVg#

C7?DJ>;7JH; LZY&ÄHVi)?jcZ!,#(%eb C7J?D;; HVi)?jcZ!'#(%eb

J?9A;JI —&%ė&,#*%XdcXZhh^dchVkV^aVWaZ I[[Xeea_d]_d\ehcWj_ed\ehWbbfh_Y[i

Æ7gZVi]iV`^c\½g^kZi^c\½ ViVciVa^h^c\\a^behZ i]gdj\]i]Zl^cYdl d[Vjc^fjZan]VjciZY [Vb^an]dbZ#Ç  J>;J?C;I  J>;=K7H:?7D  J>;J;B;=H7F>

'.q'/


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

C6I>DC6AI=:6IG:D;H8DIA6C9 >C6HHD8>6I>DCL>I=GDN6A AN8:JB!:9>C7JG<=

9JCH>C6C: 7N:7L?:=H;?= 7l_i_ede\ed[cWdÊiWjj[cfjje h[ijeh[f[WY[_dWYekdjhohWlW][Z XomWh$ BVXWZi]^hYZVY#JcYZgXdkZgd[c^\]i! Vc:c\a^h]Vgbn]VhhlZeii]gdj\] i]ZaVcYhXVeZ!`^aaZYi]ZingVciVcY iV`Zci]ZhZVid[edlZg#6iiZbei^c\ idgZhidgZeZVXZVcYeji^ceaVXZV cZlgjaZg!i]ZXdbbVcY^c\d[ÒXZg^h WZhZiWnVWgjiVa\jZgg^aaVjeg^h^c\VcY h^bbZg^c\Y^hXdciZciVbdc\hi]^hdlc ^cZmeZg^ZcXZYigddeh#Higj\\a^c\id\gVhe i]ZVa^ZcXjhidbhVcYeda^i^Xhd[i]^h ]Vgh]Xdjcign!]ZÒcYh]^bhZa[YgVlc idlVgYhi]ZingVciÉhedlZg[jal^Ydl^c hZVgX]d[hdbZdcZidh]VgZ]^hWjgYZc d[gZhedch^W^a^in#>cXgZVh^c\an^hdaViZY [gdb]^hdlcbZcVcYHXdii^h]Vaa^Zh Va^`Z!]^hZ[[dgihidgZhidgZdgYZgVeeZVg [ji^aZVhi]Zh^ijVi^dche^chdjid[Xdcigda# I]ZCVi^dcVaI]ZVigZd[HXdiaVcY! ^cVhhdX^Vi^dcl^i]GdnVaAnXZjb! :Y^cWjg\]egZhZcii]ZGdnVa H]V`ZheZVgZ8dbeVcnÉhXg^i^XVaan" VXXaV^bZYegdYjXi^dc# HjeedgiZYWn7Vc`d[HXdiaVcY!E^dcZZg^c\EVgicZg d[i]ZCVi^dcVaI]ZVigZd[HXdiaVcY

9>G:8I:97NHEN7DD7I?B8;HJ C7?DJ>;7JH; IjZ,ÄHVi&&?jcZ!,#(%eb C7J?D;; HVi&&?jcZ!'#(%eb J?9A;JI —&%ė&,#*%XdcXZhh^dchVkV^aVWaZ IjZhYVnh—&% I[[Xeea_d]_d\ehcWj_ed\ehWbbfh_Y[i

ÆL^iin!^aajb^cVi^c\!g^X]an eadiiZYVcYZmeZgian hiV\ZY!^i\g^ehVcY hi^bjaViZhi]gdj\]djiÇ  J>;J?C;I

Æ<g^ee^c\Òghi"gViZYgVbV [gdbdcZd[i]ZXdjcignÉh bdhiiVaZciZYVcY kZghVi^aZeaVnlg^\]ih#Ç  J>;;L;D?D=IJ7D:7H:


H::CJCH::C

9:6I=!

9jbW!7adcYZ Ç J^[h[YWc[:[Wj^^khjb_d]jemWhZi ^[ho[ji^[mWikdWXb[jeadem_dm^Wj \ehcWdZm^[d$È @EO9;97HEBE7J;I

 IZbeiZYWni]Z\aVgZd[i]Zhedia^\]i! lZi"WZ]^cY"i]Z"ZVgh!igVh]nYgV\VXi BVg^ancBjcYVcZ]Vh_jhihiVgiZY]^h cZla^[Z^ci]Z7^\8^in# I]gjhi[gdb]^hYgZVbgZVa^in^cidV h`ZlZY!hZZYndi]ZgldgaY!i]ZVXi^dc cdlhl^iX]Zhid]^h^YdaÉhdlcWZYgddb dci]Zc^\]id[]ZgYZVi]!*i]6j\jhi &.+'#

>c]VW^i^c\VWajggZYldgaYWZilZZc[VXi VcYÒXi^dc:;7J>":kcX"8bedZ[^hV k^daZci!ehnX]d"VcVani^XVai]g^aaZgi]Vi ZmeadgZhi]ZY^giWZcZVi]i]Z=daanlddY YVnYgZVb# 9>G:8I:97ND;?B:E>;HJO

9?H9B;IJK:?E LZY.ÄHVi&'BVgX]!,#(%eb J?9A;JI —&'#*%XdcXZhh^dchVkV^aVWaZ I[[Xeea_d]_d\ehcWj_ed\ehWbbfh_Y[i

(&q('


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

8>I>O:CHI=:6IG:

;GDHI ;>G: L>I=I;H7<?D7IJ;;H!C7H?EDA;DDO! A;?J>@E>D7:7CI6C9MEKD:;:AD;; 7d_dj_cWj[[l[d_d]e\WYekij_Y cki_YWdZf[h\ehcWdY[$9khWj[ZWdZ fh[i[dj[ZXo>em_[H[[l[$ ;gdhiVcY;^gZgZijgchV[iZgild hZaa"djih]dlhaVhiheg^c\#I]ZZXaZXi^X a^cZ"jei]^hi^bZgdjcYl^aa[ZVijgZ ]Vge^hiHZgVĂ&#x2019;cVHiZZg#=ZgaViZhiVaWjb Ă&#x2C6;8]Vc\Z^h<ddY!8]Vc\Z^h<ddYĂ&#x2030;lVh gViZYWn?Vgk^h8dX`ZgVhĂ&#x2020;egdWVWan bn[Vkdjg^iZVaWjbd[i]ZnZVghd[VgĂ&#x2021;# H]Z]VheaVnZYl^i]Vl^YZgVc\Zd[ Vgi^hih^cXajY^c\K^k6aWZgi^cZ!Ndjc\ BVgWaZ<^Vcih!9Vk^Y<gjWWh!7jX`+*! HZWVhi^VcGdX][dgYVcYBVgn=Vbeidc#

6ahdeZg[dgb^c\VgZBVg^dc@Zccndc 8]^cZhZ]VgeVcYĂ&#x201C;jiZh0@Z^i]?d]c 6YVbh!AdcYdcĂ&#x2030;hegZb^ZgbZadYnX]Z[ l^i]Vcdi]Zga^[Z"V[Ă&#x2019;gb^c\ha^XZd[ ]^h]VeenhVYX]ZZ`nX]Veenede0 VcYLdjcYZY@cZZV`V9gZlLg^\]i!V bZhbZg^Xh^c\Zg$ZmeZg^bZciVakdXVa^hi#

9?H9B;IJK:?E HVi(%6eg^a!,#(%eb J?9A;JI Â&#x2014;&%


C6I>DC6AI=:6IG:D;H8DIA6C9>C6HHD8>6I>DCL>I= 8>I>O:CHI=:6IG:6C9IG6K:GH:I=:6IG: 'LDG@">C"EGD<G:HHEGD9J8I>DCH

ADK:A:II:GHIDI=: EJ7A>8IG6CHEDGIHNHI:B 7NCEBBOJ7OBEH >cV[Vhi"bdk^c\ldgaYl]ZgZcd"dcZ hiVnh^cdcZeaVXZ[dgiddadc\!AdkZ AZiiZghidi]ZEjWa^XIgVchedgiHnhiZb ^hVdcZldbVch]dli]ViZmeadgZhi]Z dgY^cVgnVcYZmigVdgY^cVgn_djgcZnhlZ bV`ZZkZgnYVn!VcYÒcVaani]Vc`hi]Z eZdeaZl]dbV`Zi]Zbedhh^WaZ# 7jil]dYdndji]Vc`VcY]dlYdndj ÒcYi]Zb4

8DJCIB:>C 7N=7HOC9D7?H =VkZndjZkZghideeZYidgZVaani]^c` VWdji^i4Cdi_jhiaZ[idgg^\]i!gZYdg WajZ!Wji]dl^iXVbZVWdji^ci]ZÒghi eaVXZVcY]dli]Zl]daZhnhiZbldg`h4 >c]^haViZhidcZbVch]dl!<VgnBXCV^g ^ckZhi^\ViZh]dllZVaaa^kZ^cVeda^i^XVa hnhiZbi]VicdcZd[jhh^\cZYjeid# BV`ZhjgZndjÉgZi]ZgZWZXVjhZZkZgn kdiZXdjcih#DgYdZh^i4

F;H<EHC7D9;I9>;:KB; M[Z',CWhY^!,#(%eb/ 8djciBZ>cl^i]GdbVc7g^Y\Z J^k'-CWhY^!,#(%eb/ AdkZAZiiZghl^i]GdbVc7g^Y\Z <h_'.CWhY^!,#(%eb/ AdkZAZiiZghVcY8djciBZ>c IWj'/CWhY^!,#(%eb/ AdkZAZiiZghVcY8djciBZ>c ((q()

L>I=6G:=:6GH:9G:69>C<D;½ GDB6C7G>9<:7NC7HJ?DJH7L;HI 6YZVYanZe^YZb^X^hX]d`^c\:jgdeZ aZVk^c\dcani]ZÒiVcYajX`nVa^kZ# HdbZl]ZgZ^cgjgVaAVcVg`h]^gZ8gVl aZVYh8Vi]Zg^cZidVcVcX^ZcihidcZ Wg^Y\ZVcYi]Zegdb^hZd[VcZla^[Z# HZi^cVcdi]ZgHXdiaVcY!i]^h^hVeaVn VWdjihjgk^kVa!hVXg^ÒXZ!bjgYZgVcY adkZ"VcYVh`h^[lZXVcZkZgigjanaZVkZ i]ZeVhiWZ]^cY#

9?H9B;IJK:?E LZY&+ÄHVi&.BVgX]!,#(%eb J?9A;JI —*LZY&+ÄI]j&,BVgX] —&%;g^&-ÄHVi&.BVgX]


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

6EA6I;DGBE:G;DGB6C8:

HDB:GH6JAIH 7N?7?D<?DB7OC79B;E: 8VbWg^Y\Z\gVYjViZ?VbZh]Vh^i Vaa/lZVai]!VWZVji^[jal^[Z!VhlVc`n AdcYdcÓVi#7jil]Zci]ZXgZY^idgh bdkZ^cVcY]^hl^[ZbdkZhdji!?VbZh hjYYZcanÒcYh]ZÉhaZ[il^i]cdi]^c\# Cdi]^c\WjildgYh!VcYZkZci]ZnVgZ hiVgi^c\idha^eVlVn# ?VbZhÉ[Vi]Zg^hYn^c\Å]^haVhi XdccZXi^dcid]^hX]^aY]ddY!]^h jeWg^c\^c\VcYi]ZaVc\jV\Zd[]^h W^gi]!<VZa^X#L^i]i]^ha^c`\dcZ! l^aa]Zh^beanXZVhZidZm^hi4 ;dgXZYidXdc[gdci]^heVhiVcYi]Z XdcÓ^Xid[^YZci^inl^i]^c]^b!?VbZh ZmeadgZhi]Z^bedgiVcXZd[aVc\jV\Z VcY]dl^iYZÒcZhl]dlZVgZ#

HdbZghVjaih^hVcZleaVnWn<VZa^X eaVnlg^\]i>V^c;^caVnBVXaZdY#  EZg[dgbZY^c:c\a^h]VcY<VZa^X# 9>G:8I:97NL?9AO<;7J>;HIJED; 9:H><C:97NA7?<?I9>;H

9?H9B;IJK:?E LZY'(ÄHVi'+BVgX]!,#(%eb J?9A;JI —&'#*%XdcXZhh^dchVkV^aVWaZ I[[Xeea_d]_d\ehcWj_ed\ehWbbfh_Y[i

G:K:6A I]ZhZh]dlhVgZeVgid[GZkZVaÅ VhZVhdcd[cZlldg`egZhZciZYWn i]ZCVi^dcVaI]ZVigZd[HXdiaVcY! ^cXajY^c\[jaanhiV\ZYegdYjXi^dch! ldg`h"^c"egd\gZhhVcYeaVngZVY^c\h# <_dZceh[H[l[Wbi^emiedf.

G:K:6Aif[Y_Wbe\\[hfWYaW][ 7jni^X`Zih[dg'dgbdgZh]dlh VcY\Zi—'d[[ZVX]i^X`Zi 6eea^ZhidVaai^X`Zieg^XZhZmXajY^c\ <dgWVah8VgY#HdbZZmXZei^dchVeean#


8>I>O:CHI=:6IG:

6;I:G I=::C9 7N:;DD?IA;BBO Ă&#x2021; J^[edbomWof[efb[YWdZ[ijheooek _i_\oekb[jj^[ccWa[oekX[Yec[ iec[ed[[bi[$Ă&#x2C6; I]ZnlZgZVaa^ci]ZejWl]Zci]Z Zmeadh^dc]VeeZcZY#Adj^hZ]Vh_jhi ld`ZcjeidĂ&#x2019;cY]ZghZa[l^i]BVg`0 i]ZbVcl]dhVkZY]Zga^[Z#=^h[g^ZcYh hV^Y]ZlVheVgVcd^YnZi!^ci]ZZcY! BVg``cZl]dlidVXil]Zc^iĂ&#x2019;cVaan ]VeeZcZY#CdlVaai]ZnXVcYd^hlV^i### 8Vci]Znhjgk^kZi]ZViiVX`48Vci]Zn hjgk^kZZVX]di]Zg4 6lVgY"l^cc^c\eaVnlg^\]i!9Zcc^h@Zaan! ^hl^YZangZ\VgYZYVhdcZd[i]ZJ@Ă&#x2030;h bdhiZmX^i^c\XdciZbedgVgnhidgniZaaZgh# =^hldg`ZmVb^cZhhdX^ZinĂ&#x2030;h[ZVghVcY Xdc[gdcihi]Zb^cil^hiZYZmigZb^i^Zh i]gdj\]c^\]ibVg^h]nZiiZgg^[n^c\an eaVjh^WaZhXZcVg^dh#

(*q(+

9>G:8I:97N7C7D:7=7K=>7D

9?H9B;IJK:?E IjZ&,BVnĂ&#x201E;HVi)?jcZ!,#(%eb FH;L?;MI IjZ&,LZY&-BVn!,#(%eb C7J?D;; HVi'-BVn!'#(%eb J?9A;JI Â&#x2014;&'#*%XdcXZhh^dchVkV^aVWaZ EgZk^ZlhÂ&#x2014;*qIjZhYVnhÂ&#x2014;&% I[[Xeea_d]_d\ehcWj_ed\ehWbbfh_Y[i JH7?D;;:?H;9JEHI9>;C; Cdl^c^ihi]^gYVcYĂ&#x2019;cVanZVg!i]Z IgV^cZZ9^gZXidgHX]ZbZ!\ZcZgdjhan [jcYZYWni]Z:hbÂ&#x201A;Z;V^gWV^gc ;djcYVi^dcl^i]hjeedgi[gdbi]Z 8^i^oZchI]ZVigZHdX^Zin!lVhhZije idZcXdjgV\ZV\gZViZggZegZhZciVi^dc d[[ZbVaZY^gZXidgh^ci]Z^cYjhign# 6bVcYV<Vj\]Vc^hi]^hnZVgĂ&#x2030;higV^cZZ#


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka


9?J?P;DI9ECCKD?JO9ECF7DO

LG>II:C6C9E:G;DGB:97NC;C8;HI E<J>;9ECCKD?JO9ECF7DO ?dj^_iW][e\m^_j[adkYab[Wkij[h_jo" =bWim[]_Wdi^Wl[j_]^j[d[Zj^[_h X[bji"^[bZedjej^[_hfkhi[ijh_d]i" Ykjj^[_hYbej^WdZbeea[ZW\j[hj^[ f[dd_[i$

6cZkZc^c\d[igjZhidg^Zh!igVY^i^dcVa hdc\hVcYXdbbjc^inhe^g^i#

CdlV[iZgVadc\YVg`l^ciZg!hjbbZgÉh Xdb^c\7jiYjZidcZXZhhVgnXjiWVX`h½ BV\Vaj[Éhddi 7aVX`eddaÉhddi EdgidWZaadÉhidiVaanddi

H[Yecc[dZ[Z\eh'*! Ijhed]bWd]kW][

HdWZ[dgZi]Znh]jii]Zg^kZglZÉaaWZ ]ZVY^c\Yddci]ZlViiZgdcZaVhii^bZ [dgV_^\VcYVXdcZ#

(,q(-

Jed_]^jm[Êh[]eddWfWhjob_a[m[Êh[ b_Ya_d]WÉ//$

9?H9B;IJK:?E LZY-ÄHVi&&?jcZ!,#(%eb J?9A;JI —&%XdcXZhh^dchVkV^aVWaZ I[[Xeea_d]_d\ehcWj_ed\eh YedY[ii_edfh_Y[i


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

HIJ9:CI9G6B6 H:6HDC 8>IND;<A6H<DL8DAA:<: >C6HHD8>6I>DCL>I=CAE I=:6IG:8DBE6CN J>;8?HJ>:7OF7HJO

ÆadkZVcYhjhe^X^dc# I]gZZeg^cXZhhZhVaa\gdlcdaYZg! i]^c`^c\VWdjii]Z^g[Vi]ZgVcYXdjci^c\ i]ZXdhiÇ

7N>7HEB:F?DJ;H

9>G:8I:97N:7L?:#B;;C?9>7;B

L]Zcildh^c^hiZghigVc\ZghVgg^kZ [dgHiVcaZnÉhW^gi]YVneVgindg\Vc^hZY Wn]^haVcYaVYnBZ\!Vc^ccdXZci \Vi]Zg^c\ijgch^cidVc^\]ibVgZ# L]dVgZ<daYWZg\VcYBX8Vcc4 6cYl]Vi]VhHiVcaZnYdcZidWg^c\ i]ZbidBZ\ÉhWdVgY^c\]djhZ4

9?H9B;IJK:?E IjZ&ÄHVi*BVgX]!,#(%eb BVi^cZZ/HVi*BVgX]!'#(%eb

GZ\VgYZYVhE^ciZgÉhÒghibVhiZge^ZXZ! I]Z7^gi]YVnEVgin^hVXaVhh^Xd[i]Z bdYZgchiV\Z# 9>G:8I:97NIJ;F>;D97<<;HJO 9?H9B;IJK:?E IjZ''ÄHVi'+;ZWgjVgn!,#(%eb BVi^cZZ/HVi'+;ZWgjVgn!'#(%eb J?9A;JI —&%[jaaeg^XZXdcXZhh^dchVkV^aVWaZ HZZWdd`^c\^c[dgbVi^dc[dg XdcXZhh^dceg^XZh

MA8I=:6IG:8DBE6CN >C6HHD8>6I>DCL>I= A6C<H>9:8DAA:<: B;7HÊI:7K=>J;HI 7NJ>;MEC7DÊIJ>;7JH;=HEKF >C8DAA67DG6I>DCL>I= ;B7?D;<;?DIJ;?D ÆL]ZcndjVgZFjZZc!i]^hl^aaWZndjgh# I]^hl^aaWZdjghZXgZiÅ_jhindjVcYbZ ÅVcYndjbjhicÉiiZaa#Ç L]Vi]VeeZcZYidi]Zi]gZZYVj\]iZgh d[@^c\AZVgeg^dgidi]Z^gZcigVcXZ^c H]V`ZheZVgZÉhXaVhh^X4I]^hbni]^XVaiVaZ l^aaaZVYndji]gdj\]VaVWng^ci]d[ajhi!

J?9A;JI —&%[jaaeg^XZXdcXZhh^dchVkV^aVWaZ HZZWdd`^c\^c[dgbVi^dc[dg XdcXZhh^dceg^XZh

I=:96C8:H8=DDAD; H8DIA6C9I=:BJH>86A I=:6IG:8DJGH: I]ZhijYZcihd[i]ZBjh^XVaI]ZVigZ XdjghZ[gdbi]Z9VcXZHX]ddad[ HXdiaVcYbV`Zi]Z^gVccjVagZijgcidi]Z 8^i^oZch[daadl^c\aVhinZVgÉhig^jbe]Vci hjXXZhhl^i]Djg=djhZ#I]ZcVi^dcVa XZcigZ[dgYVcXZVcYbjh^XVai]ZVigZ WVhZY^c@c^\]ihlddYHZXdcYVgnHX]dda Xdci^cjZhid^begZhhZVX]nZVg[ZVijg^c\ VaVg\ZXVhiVXXdbeVc^ZYWnV[jaa egd[Zhh^dcVadgX]ZhigV#'%&&h]dli^iaZ idWZVccdjcXZY# C7?DJ>;7JH; Bdc'%ÄI]j'(?jcZ!,#(%eb J?9A;JI —&'[jaaeg^XZ!—-XdcXZhh^dch


HEDIA><=I$$$

dcdjgldg`l^i]<aVh\dlhX]ddah I]Z8^i^oZchI]ZVigZjhZhYgVbVVhViddaidWg^c\aZVgc^c\ida^[Z# :kZgnnZVglZgjc]jcYgZYhd[egd_ZXihVcYldg`h]dehi]VigZVX] eZdeaZd[VaaV\ZhVcYWVX`\gdjcYh#>cZVX]WgdX]jgZlZeji`Zn egd_ZXihÈ^ci]Zhedia^\]iÉVcYi]^hhZVhdclZlVciidiZaandjbdgZ VWdjii]Zldg`lZYdl^i]hX]ddaX]^aYgZc^c<aVh\dl#=ZgZVgZ _jhiV[ZlZmVbeaZhd[i]ZkVhigVc\Zd[ldg`dcd[[Zg# IdÒcYdjibdgZX]ZX`djiX^io#Xd#j`$iV\ HI6GI >che^g^c\ndjc\eZdeaZ[gdbadXVa hX]ddahid\ZiZmX^iZYVWdjii]ZVigZ HI6GI^hYZh^\cZYid^cigdYjXZ ndjc\eZdeaZidi]ZVgihl]dldjaY di]Zgl^hZcdi]VkZi]Zdeedgijc^inVcY id^che^gZi]ZbidaZVgcbdgZi]gdj\] eVgi^X^eVi^dc#LZldg`ZYl^i]-%eje^ah [gdbHV^ciGdX]ÉhHZXdcYVgn!AdX]ZcY 8dbbjc^in=^\]VcY8VhiaZb^a`=^\] HX]dda#I]Znk^h^iZYi]Zi]ZVigZil^XZ idhZZ8^i^oZchh]dlhVcYidd`eVgi ^cheZX^VaanYZh^\cZYldg`h]dehVcY Y^hXjhh^dchl^i]i]ZXgZVi^kZiZVbh# 9Za^kZgZY^ceVgicZgh]^el^i]I]ZEg^cXZÉh ;djcYVi^dc[dg8]^aYgZcVcYi]Z6gih

EA:6H:9DCÉIHIDE I=:BJH>8 8]VaaZc\^c\i]ZhZmjVa^hVi^dcd[ ldbZcVcY\^gah^ci]Zbjh^X^cYjhign Ldg`^c\l^i]H*eje^ah[gdb7VccZgbVc =^\]HX]dda!VeZg[dgbVcXZe^ZXZlVh YZk^hZYadd`^c\Vii]ZegZhhjgZhdc ndjc\WVcYhidÈhZaaÉi]ZbhZakZh!i]Z ^cÓjZcXZd[edehiVghdcndjc\\^gah! i]ZbZhhV\ZhhZcidjiWnbdYZgc iVaZcih]dlhVcYi]ZXdccZXi^dcbVYZ WZilZZci]ZhZbZhhV\ZhVcYhZmjVa k^daZcXZVcYVhhVjaihdcldbZcVcY \^gah#I]Ze^ZXZlVheZg[dgbZYViI]Z <aVh\dlGdnVa8dcXZgi=Vaaiddi]Zg eje^ah[gdbVXgdhh<aVh\dlVcYid egd[Zhh^dcVahl]dldg`l^i]ndjc\ eZdeaZVheVgid[i]ZGdhZnEgd_ZXi 8dc[ZgZcXZWnGVeZ8g^h^hHXdiaVcY# 9Za^kZgZY^ceVgicZgh]^el^i]GVeZ8g^h^hHXdiaVcY

(.q(/


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

<ADLÄ9DCÉIHI6GIB: :meadg^c\i]Zdg^\^chd[k^daZciVcY Xg^b^cVaWZ]Vk^djg LZ]VkZWZZcX]dhZcVhdcZd[dcan&% VgihXdbeVc^Zh^cHXdiaVcYidYZa^kZg V8d"8gZViZEgd_ZXijh^c\<adl!i]Z ldgaYÉhÒghi^cigVcZi[dgZYjXVi^dc#>c eVgicZgh]^el^i]HigVi]XanYZEda^XZlZ l^aaYZa^kZgVbjai^"Vgi[dgbegd_ZXi^c'% <aVh\dleg^bVgnhX]ddah!Zmeadg^c\i]Z gddihd[k^daZciWZ]Vk^djg#E($)X]^aYgZc l^aahZZVa^kZi]ZVigZegdYjXi^dc! eVgi^X^eViZ^cYgVbVldg`h]dehVcY\Zi VWZ]^cY"i]Z"hXZcZhadd`Vi]dlVeaVn ^hbVYZk^Va^kZk^YZdXdc[ZgZcX^c\[gdb i]Z^gXaVhhgddbh^cidi]Zi]ZVigZ# ;jcYZYi]gdj\]<adl8d"8gZViZEgd_ZXi! VeVgicZgh]^eWZilZZcAZVgc^c\VcYIZVX]^c\ HXdiaVcYVcYi]ZHXdii^h]6gih8djcX^a# 6YY^i^dcVa[jcY^c\[gdbHigVi]XanYZEda^XZ VcYI]Z8ViiVcVX]Igjhi#

HJE:GIJ:H96NHÄ;G::8E9;DGI:68=:GH I]ZhZhZhh^dchV^bid\^kZiZVX]Zghi]ZXdcÒYZcXZidZc_dnjh^c\i]ZVgihVh Vidda[dgiZVX]^c\VcYaZVgc^c\#6ii]ZhZ[jchZhh^dchndjÉaa\V^cV]dhid[h`^aah id]ZaendjYZa^kZg68jgg^Xjajb[dg:mXZaaZcXZ# .C7H9>qFH?C7HO B[Whd_d]J^hek]^:e_d] 9gVbVXdckZci^dch[dgVXi^kZaZVgc^c\ VXgdhhi]ZXjgg^Xjajb# ((C7H9>qFH?C7HO CWa[=bemMeha\ehOek :meadgZ<adlVXi^k^i^Zhi]Vi]VkZWZZc hjXXZhh[jaVcYÒcYdjii]ZWZhi<adl <gdjehidVXXZhh[dggZhdjgXZh# '&C7OqI;9ED:7HO ;d]b_i^%:hWcWÆ I^Wa[if[Wh[e\\j^[FW][ <Zindjgeje^ahheZV`^c\!VXi^c\ VcYlg^i^c\VWdjii]Z7VgYl^i] XdcÒYZcXZVcYkZgkZ# '-C7Oq;7HBOO;7HI FhWYj_YWbIjehoj[bb_d] <jVgVciZZYidcjgijgZa^iZgVXn VcYa^hiZc^c\h`^aahVhlZaaVhWj^aY XdcÒYZcXZ#

')I;FJ;C8;HqFH?C7HO :[l[bef_d]B_j[hWYoIa_bbi 7ddhindjgeje^ahÉZc_dnbZcid[ gZVY^c\VcYlg^i^c\i]gdj\]V]dhi d[YgVbVXdckZci^dch# (&I;FJ;C8;HqFH?C7HO :hWcWJ[Y^d_gk[im_j^_d 7ZZ_j_edWbIkffehjD[[Zi 9ZkZadehZa["ZhiZZb!Zc]VcXZ\gdje ldg`VcYWj^aYXdbbjc^XVi^dch`^aah# ;dgbV^chigZVbVcY6HCiZVX]Zgh# ;WY^i[ii_edhkdi*Å,fc_dj^[ 9_j_p[diJ^[Wjh[WdZ_iWXiebkj[bo <H;;$ CEH;?D<E0X^io#Xd#j`$iV\$XeY JE8EEA0 Adj^hZ7gdlc!:YjXVi^dcD[ÒXZg %&)&)&-+',( adj^hZWgdlc@X^io#Xd#j`


9G6B6 8A6HH:H DjglZZ`anYgVbVXaVhhZh[dg)Ă&#x201E;&*nZVg daYh\Zii]Zi]ZVigZWjoo^c\VilZZ`ZcYh# 9gVbV^cXgZVhZhhZa["XdcĂ&#x2019;YZcXZVcY hdX^Vah`^aah!ZcXdjgV\ZhX]^aYgZcidjhZ i]Z^gXgZVi^k^inVcY^bV\^cVi^dc!eajh^ih adihd[[jcEgd[Zhh^dcVaYgVbVijidgh aZVYi]ZXaVhhZh!l]^X]gjcidXd^cX^YZ l^i]hX]ddaiZgbh#

HEG>C<I:GB '+@WdkWhoĂ&#x2026;(&CWhY^ -hZhh^dch CdhZhh^dchdc*"+VcY&'"&(;ZWgjVgn 

HJBB:GI:GB/ )&7fh_bĂ&#x2026;'/@kd[ -hZhh^dch

8A6HH:HI>B:H A?:I@9?JP )Ă&#x201E;&'nZVgh

J;;D7=;HI@9?JP &(Ă&#x201E;&*nZVgh

IWjkhZWoi

IWjkhZWoi

*Ă&#x2026;+o[Whi ,Ă&#x2026;.o[Whi  /Ă&#x2026;'(o[Whi

&%#(%Ă&#x201E;&&#(%Vb'Ă&#x201E;(eb &&#)*VbĂ&#x201E;&'#)*eb!(#&*Ă&#x201E;)#&*eb (#)*Ă&#x201E;*eb 'Ă&#x201E;(#(%eb

')Ă&#x2026;'+o[Whi(#)*Ă&#x201E;*#&*eb

IkdZWoi ')Ă&#x2026;'+o[Whi)Ă&#x201E;*#(%eb

IkdZWoi *Ă&#x2026;+o[Whi &'cddcĂ&#x201E;&eb(Ă&#x201E;)eb ,Ă&#x2026;.o[Whi &#(%Ă&#x201E;'#(%eb!'Ă&#x201E;(#&*eb  )#(%Ă&#x201E;*#(%eb /Ă&#x2026;'&o[Whi &'cddcĂ&#x201E;&#(%eb'Ă&#x201E;(#(%eb ''Ă&#x2026;'(o[Whi &'cddcĂ&#x201E;&#(%eb)Ă&#x201E;*#(%eb

 

9EIJ Â&#x2014;))eZgiZgbÂ&#x2014;*#*%eZghZhh^dceV^Y ^cdcZ^chiVaabZci EVgZcihVcY[Vb^a^ZhVgZlZaXdbZ idgZaVm^cdjg[dnZgl]^aZi]ZXaVhhZh VgZgjcc^c\#DjgXV[Â&#x201A;WVg^hdeZc i]gdj\]djii]ZYVnVcY[gZZcZlheVeZgh VgZegdk^YZY#I]Zi]ZVigZVahd]VhV <H;;YWhfWhaVcY<H;;M_<_VkV^aVWaZ# 9Wbbj^[8enE\Ă&#x201C;Y[demjeXeeaWfbWY[$

)&q)'


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

:6HI:G6869:BN

HJBB:G6869:BN

*Å+O;7HI Bdc&&Ä;g^&*6eg^a! &%VbÄ&'cddcdg&Ä(eb

'M;;A9EKHI;I

6cVXi^dc"eVX`ZYYgVbVlZZ`id`ZZe ndjc\hiZghdXXje^ZYYjg^c\i]Zheg^c\ WgZV`#BZZi[g^ZcYh!aZVgccZlh`^aah VcY]VkZadihd[[jc

,Å.O;7HI Bdc&&ÄHVi&+6eg^a!.VbÄ(eb /Å'(O;7HI Bdc&&ÄHVi&+6eg^a!.VbÄ(eb 9EIJ *Å+o[Whi ,Å.o[Whi /Å'(o[Whi

—+%—*%XdcX —.*—-%XdcX —.*—-%XdcX

:[fei_jh[gk_h[Z$<ehceh[ _d\ehcWj_edehjeXeeaYWbbj^[ 8enE\ÓY[dem$ A^b^iZYXdcXZhh^dceaVXZhVkV^aVWaZ#

DjgZkZgedejaVgHjbbZg6XVYZbn^h WVX`[dg^ih[djgi]nZVgl^i]ZkZcbdgZ XdjghZhidX]ddhZ[gdbBZZicZl [g^ZcYh!]VkZ\gZVi[jcVcYaZVgccZl YgVbVh`^aah^cdcZd[HXdiaVcYÉhWZhi adkZYi]ZVigZh#

*Å+o[Whi Bdc&&Ä;g^&*?jan! &%VbÄ&'cddcdg&Ä(eb ,Å.o[Whi Bdc)ÄHVi.?jan!.VbÄ(eb Bdc&&ÄHVi&+?jan!.VbÄ(eb (M;;A9EKHI;I ,Å.o[Whi Bdc&-ÄHVi(%?jan!.VbÄ(eb /Å'(o[Whi Bdc)ÄHVi&+?jan!.VbÄ(eb Bdc&-ÄHVi(%?jan!.VbÄ(eb ')Å',o[Whi Bdc&-ÄHVi(%?jan!&%Vb")eb 9EIJ *Å+o[Whi ,Å.o[Whi'ma ,Å.o[Whi(ma /Å'(o[Whi ')Å',o[Whi

—+%—*%XdcX —.*—-%XdcX —&.%—&+%XdcX —&.%—&+%XdcX —&.%—&+%XdcX

:[fei_jh[gk_h[Z$<ehceh[ _d\ehcWj_edehjeXeeaYWbbj^[ 8enE\ÓY[ed&'*'*(/&&(($ A^b^iZYXdcXZhh^dceaVXZhVkV^aVWaZ#

7HJI9H7<JI:HEF#?D9BK8 )Å+fc[l[hoZWo"\eh,Å'(o[Whi 9jg^c\Wdi]:VhiZgVcYHjbbZg 6XVYZbnlZVahdgjcdjgkZgndlc VgihVcYXgV[ihYgde"^chZhh^dch# ?jhi—(eZgYVn# CdWdd`^c\gZfj^gZY#DeZcideVgi^X^eVcihd[i]Z VXVYZb^Zhdcan#


C><=IH8=DDA 79J?D=9B7II;I<EH7:KBJI 6[jcVcY^c[dgbVa^cigdYjXi^dcidVXi^c\h`^aah[dgVYjaih l]dlVciidigni]Z^g]VcYVieZg[dgb^c\# B;L;B'8[]_dd[hi IjZhYVnh,Ă&#x201E;.eb

HEG>C<I:GB

B;L;B(?dj[hc[Z_Wj[ BdcYVnh*#(%Ă&#x201E;,#(%eb

B;L;B' IjZ&-?VcjVgnĂ&#x201E; IjZ&*BVgX] B;L;B() Bdc&,?VcjVgnĂ&#x201E; Bdc&)BVgX]

AZkZa&VcY'eVgi^X^eVcihZmeadgZV kVg^Zind[XaVhh^XVcYXdciZbedgVgn iZmih[gdbeVhi!egZhZciVcY[jijgZ 8^i^oZchI]ZVigZegdYjXi^dch#I]Z hZhh^dchVgZaZYWnVegd[Zhh^dcVa YgVbVY^gZXidgl^i]\jZhik^h^ih[gdb i]Z8^i^oZchI]ZVigZĂ&#x2030;hVgi^hi^XiZVb# B;L;B)7ZlWdY[Z BdcYVnh,#(%Ă&#x201E;.#(%eb 9Zh^\cZYheZX^Ă&#x2019;XVaan[dgi]dhZl]d]VkZ XdbeaZiZYAZkZa'dg]VkZWZZc^ckdakZY ^cYgVbVldg`egZk^djhan!i]^hXaVhh [dXjhZhdceZg[dgbVcXZiZX]c^fjZh Vaadl^c\hijYZcihidZc]VcXZZm^hi^c\ h`^aah#AZkZa(eVgi^X^eVcihl^aaldg` idlVgYhVc^c[dgbVaeZg[dgbVcXZ Vii]ZZcYd[i]ZXdjghZ#HZhh^dch l^aaWZaZYWnVkVg^Zind[\jZhiVgi^hih VcYY^gZXidgh#

HJBB:GI:GB B;L;B' IjZ&'6eg^aĂ&#x201E; IjZ,?jcZ B;L;B() Bdc&&6eg^aĂ&#x201E; Bdc',?jcZ ZmXajYZh'*6eg^a!'BVn(%BVn

6aaXdjghZhhj^iVWaZ[dgVYjaih&-nZVgh 9Wbbj^[8enE\Ă&#x201C;Y[demjeXeeaWfbWY[$ 9EIJ Â&#x2014;,*Â&#x2014;*%XdcXZhh^dc[dg.hZhh^dch# BjhiWZeV^Y^c[jaaVii^bZd[Wdd`^c\#

Ă&#x2020;>XVcĂ&#x2030;igZXdbbZcY C^\]ihX]dda]^\]an Zcdj\]#>ilVhhjX] V[VciVhi^XXaVhhl^i]V l^YZgVc\Zd[V\ZhVcY WVX`\gdjcYh#>\V^cZY cZlh`^aahVcYcZl [g^ZcYh#>ilVhdcZd[ i]ZWZhiZmeZg^ZcXZh >]VkZZkZg]VY#Ă&#x2021;  F7HJ?9?F7DJ

)(q))


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

B6@:>ILDG@ 9H;7J?L;9ECCKD?97J?EDIA?BBIJH7?D?D= Æ:mXZaaZci[VX^a^iVidghVcYWZhiaVj\]>ÉkZ]VY[dgV\ZhÇ

>cX]VaaZc\^c\i^bZhlZÉaa]Zaendj hiVndcided[ndjg\VbZVildg` VcYVlVgZd[l]Vi^iiV`ZhidWZVc Z[[ZXi^kZXdbbjc^XVidg#6hi]ZVigZ egd[Zhh^dcVah!i]ViÉhdjgWjh^cZhh

M[Wbiefhel_Z[jhW_d_d]_d0 ™CZildg`^c\ ™IZVb7j^aY^c\ ™:meadg^c\AZVgc^c\HinaZh ™8dchigjXi^kZ8dbbjc^XVi^dcH`^aah

DE:C8DJGH:H

JeÓdZekjceh[YedjWYj0 Adj^hZ7gdlc adj^hZWgdlc@X^io#Xd#j`$%&)&)&-+',(

6iigVXi^c\eZdeaZ[gdbVaalVa`hd[a^[Z! XgZVi^c\Vcdeedgijc^inidh]VgZh`^aah VcY\^kZ[ZZYWVX`#I]^hhZVhdcXdbZ Vadc\id/ FH;I;DJ?D=M?J>?CF79J J^k)'CWhY^"'&WcÅ*fc :meadgZ]dlkd^XZ!WdYnaVc\jV\ZVcY eZghdcVa^inXVcldg`id\Zi]ZgidbV`Z bdgZ^beVXi#

EkhYb_[dji_dYbkZ[0 I]ZEgdXjgVidg;^hXVaHZgk^XZ$Ijgc^c\ Ed^ciHXdiaVcY$CVi^dcVaBjhZjbh d[HXdiaVcY$8ZVgiVh6YkdXVXn$ HigVi]XanYZJc^kZgh^in$6XXdjciVci ^c7Vc`gjeiXn$HF6 

9:H><CNDJGDLC IG6>C>C< IVa`idjhVcYiZaajhl]VindjlVci[dg ndjgiZVb#LZÉaabViX]djgh`^aahVcY ZmeZg^ZcXZidndjgcZZYhVcYXgZViZ igV^c^c\YZh^\cZYheZX^ÒXVaan[dgndj#

ÆEg^dgidi]ZigV^c^c\iV`^c\eaVXZlZ]VkZhZkZgVaY^hXjhh^dch VWdjil]VilZb^\]ilVciid^cXajYZVcYi]ZiZVbVii]Z 8^i^oZchValVnhVh`hfjZhi^dchVWdjil]di]ZeVgi^X^eVcihl^aa WZ!l]ViineZd[gdaZi]Zn]VkZVcYZmVXianl]VilZVgZadd`^c\ id\Zidjid[i]ZYVn#I]Z8^ioZchjgZhi]Vii]ZigV^c^c\bZZih djgcZZYhl]^ahi\^k^c\eVgi^X^eVcihVjc^fjZ![jcaZVgc^c\ ZmeZg^ZcXZ#LZXdch^hiZcian\Zi\gZVi[ZZYWVX`VcY`cdl i]Vii]ZigV^c^c\^hZc_dnVWaZ!^ciZgVXi^kZVcYejgedhZ[jaÇ  BWkhW9^h_ij_["D>IB[Whd_d]:[l[befc[dj


D;;I=:E6<: FB7OH;7:?D=I;II?EDI >c[dgbVaVcYhdX^VWaZbZZi^c\hV^bZY Vii]dhZl]dVgZndjc\Vi]ZVgiVcY bVijgZ^cnZVghI]ZhZhZhh^dchVgZ VaaVWdji\^k^c\kd^XZidi]ZX]VgVXiZgh [gdbi]ZXdb[dgid[ndjghZVi!iVa`^c\ VWdjii]ZhidgnVh^ijc[daYhVcYh]Vg^c\ ndjgde^c^dcd[^i#

I]Z\gdjebZZilZZ`an[dg[djg hZhh^dchdcLZYcZhYVnh[gdb'Ă&#x201E;)eb# ?d^cjh[dgi]^hedejaVgldg`h]de#

J^_ii[Wiedj^[h[WZ_d]m_bbX[\hec J^[;dj[hjW_d[hXo@e^dEiXehd[$ I]ZI^bZhhV^YĂ&#x2C6;ZkZgndcZgZbZbWZgh I]Z:ciZgiV^cZg[dg^ihWg^aa^VciZfjVi^dc WZilZZc7g^iV^cVcYVY^aVe^YViZYbjh^X ]Vaa!Wji^iĂ&#x2030;hVahddcZd[i]ZWZhi[Vb^an eaVnh^cdjggZeZgidgnĂ&#x2030;#

9Wbbj^[8enE\Ă&#x201C;Y[demjeXeea oekhfbWY[$

:H;II9?H9B;87H .!&+!'((%BVgX]!'Ă&#x201E;)eb IZVXd[[ZZegdk^YZY Â&#x2014;'%[dgVaa[djghZhh^dch

Ă&#x2020;>Zc_dnZYbZZi^c\ a^`Z"b^cYZYeZdeaZVcY ]Vk^c\gZVaanhi^bjaVi^c\ Y^hXjhh^dch#<gZVi[jcĂ&#x2021;  F7HJ?9?F7DJ

L=6I9>9NDJI=>C@4 J^[h[Wh[beWZie\mWoijei[dZkioekh\[[ZXWYa$  

HWj[j^[i^emoekĂ&#x160;l[`kiji[[d NdjXVcaZVkZXdbbZcihVcY gVi^c\hdcdjglZWh^iZh]dl eV\Zh#

 

J[njoekh\[[ZXWYa IZmii]ZldgY8>IOVcYndjg XdbbZcihid+&'&&#



CdgbVaiZmiX]Vg\ZVeea^Zh#

)*q)+



<_bb_dW\[[ZXWYaYWhZ V[iZgi]Zh]dl



;cW_b^c[d@X^io#Xd#j`

   

Mh_j[jekiVi 8^i^oZchI]ZVigZ! &&.<dgWVahHigZZi! <aVh\dl<*.9H


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

I=:<DG76AH 86G9 7BE97BJ?9A;JJE7 MEHB:E<;NF;H?;D9;I 9DNDJA>K:>C I=:<DG76AH4 I]Z8^i^oZchI]ZVigZ^hegdjYidWZ eVgid[i]Z<dgWVahXdbbjc^inVcYlZ lVcindjidWZegdjYd[i]ZWZhii]ZVigZ i]ViHXdiaVcYXVcd[[Zg!g^\]idcndjg YddghiZe# L]Zi]ZgndjVgZadd`^c\[dgVc^\]idji l^i][g^ZcYh!V[Vb^andji^c\dgVheZX^Va igZVi[dgVadkZYdcZ!lZhig^kZidZchjgZ i]ViZkZgnk^h^iidndjgadXVai]ZVigZ^hV bZbdgVWaZVcYV[[dgYVWaZZmeZg^ZcXZ# =[joekhYWhZjeZWo

?JHI

—)#*% ;DGI=:7:HI H:6IH>C I=:=DJH:

=DLID<:I686G9 >[ndj]VkZV<*edhiXdYZh^beanXVaa ^ciddjg7dmD[ÒXZl^i]'XjggZciegdd[h d[VYYgZhhhjX]Vh'gZXZciji^a^inW^aah VcYlZÉaaYdi]ZgZhi#8VgYhVgZkVa^Y [dg&nZVg#:VX]<dgWVah]djhZ]daY^h Zci^iaZYidjeid)i^X`ZihVi—)#*%[dg bdhih]dlh^ci]ZhZVhdc# HdbZgZhig^Xi^dchbVnVeeanVcYVaa i^X`ZihVgZhjW_ZXiidVkV^aVW^a^in# EaZVhZX]ZX`l^i]7dmD[ÒXZ#


=>G:I=: 8>I>O:CH EkhX[Wkj_\kbL_Yjeh_Wdj^[Wjh[_ij^[f[h\[YjbeYWj_edje^eij[l[djiWdZ[dj[hjW_d_d] WdZm[Wbiee\\[hh[^[WhiWbheecifWY[\eh^_h[$M[YWdikffehjoekhl_i_jm_j^ j[Y^d_YWb[nf[hj_i[\hecekhXWYaijW][j[Wc$

<EO;H>?H; ?d^ci]ZcVjiX]\^gah!ZaZe]VcihVcY bjhZh^ci]Z^Xdc^XhjggdjcY^c\hd[djg ^ci^bViZ[dnZg# :kZcih^ci]Z[dnZgXVc]daYjeid)%% eZdeaZdg^[ndjegZ[ZgVhbVaaZghXVaZ ZkZcilZXVc]dhijeid+%^ci]Z9gZhh 8^gXaZ7Vgl]^X]XVcWZ`Zeieg^kViZ[dg egZdgedhih]dlZciZgiV^c^c\# J;9>D?97BI;HL?9;I L]Zi]ZgndjgZfj^gZiZX]c^XVahjeedgi [gdbdjgZmeZgiiZVbd[XVgeZciZgh! XdhijbZbV`ZghVcYhdjcYVcYa^\]i^c\ heZX^Va^hihdgndjh^beanlVciid]^gZ Zfj^ebZci!lZXVcbZZindjgcZZYh# K^gijVaidjghd[VaaeZg[dgbVcXZVcY gZ]ZVghVaheVXZhVgZVkV^aVWaZdcdjg lZWh^iZ# <ehL[dk["<eo[hWdZH[^[WhiWbHeec ^_h[fb[Wi[YedjWYj0 AZhaZn9Vk^Yhdc!DeZgVi^dchBVcV\Zg [dgVkV^aVW^a^inVcYeg^XZh aZhaZn@X^io#Xd#j`$%&)&)&-+'(& <ehWbbj[Y^d_YWbi[hl_Y[ifb[Wi[ YedjWYj0 8]g^hBX9dj\Vaa!=ZVYd[EgdYjXi^dc X]g^h@X^io#Xd#j`$%&)&)&-+'), H;>;7HI7BHEEC>?H; LZ]VkZi]gZZgZ]ZVghVagddbh VkV^aVWaZ[dg]^gZ/ BV^cgZ]ZVghVagddb&*bm&'b 8^gXaZgZ]ZVghVagddb&%bm.b HiVaahgZ]ZVghVagddb.bm,b

ÆZkZgndcZlVhl^aa^c\id \di]ZZmigVb^aZidbV`Z djgZkZciVhjXXZhh### VldcYZg[jakZcjZVcY VkZgnheZX^VaeaVXZ^c i]ZX^in#Ç  =B7I=EMH;IJ7KH7DJ7IIE9?7J?ED

),q)-


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

688:HHID I=:8>I>O:CH J^[9_j_p[difhel_Z[iWlWh_[joe\i[hl_Y[ije\WY_b_jWj[WYY[iijej^[j^[Wjh[$EkhijW\\ Wh[jhW_d[ZjecWa[oekhl_i_j[WioWdZ[d`eoWXb[$?\oekmekbZb_a[ceh[_d\ehcWj_ed edWdoe\j^[i[hl_Y[iZ[jW_b[ZX[bemfb[Wi[YWbbekh8enE\Ã&#x201C;Y[$M[Wh[Wbiea[[d je^[Wh\[[ZXWYaedj^[i[hl_Y[im[fhel_Z[WdZ^emm[YWd_cfhel[j^[c\khj^[h$ Fb[Wi[YedjWYjj^[8enE\Ã&#x201C;Y[m_j^j^_i\[[ZXWYaWjWdoj_c[ehoekYWd[cW_bkied WYY[ii@Y_jp$Ye$ka M>;;B9>7?H799;II L]ZZaX]V^gVXXZhh^hVkV^aVWaZ^ci]Z hiVaahVgZVd[djgbV^ci]ZVigZVcY^c djghijY^dh#Add`dji[dgi]ZhnbWda dcdjghZVi^c\eaVc#6YVeiZYid^aZih VgZVahdVkV^aVWaZ# =K?:;:E=I7H;M;B9EC; <H;;97HF7HA ;gZZeVg`^c\^hVkV^aVWaZ^cdjgXVgeVg` VY_VXZciidi]ZWj^aY^c\l]^X]egdk^YZh aZkZaVXXZhhidi]Zi]ZVigZVcY[dnZg# BVg`ZYeVg`^c\WVnh[dgY^hVWaZY VcYeVgZciVcYX]^aYVXXZhhdcanVgZ VkV^aVWaZ#:cign^hk^V8gdlcHigZZi AVjg^ZhidcGdVY# ?D:K9J?EDBEEF >cYjXi^dcaddeVcY^c[gVgZYhnhiZbh VgZegdk^YZY#EaZVhZVh`djg7dmD[Ã&#x2019;XZ hiV[[idVYk^hZdci]ZWZhihZVihidWdd`! iddei^b^hZi]Z]ZVg^c\WZcZÃ&#x2019;ih[gdb i]^hhnhiZb# 7 7K:?E:;I9H?FJ?ED 6kV^aVWaZdcXZgiV^cegZ"VYkZgi^hZY h]dlZkZc^c\hdgV[iZgcddch!k^hjVaan ^beV^gZYi]ZVigZ"ViiZcYZghXVca^hiZc idVYZhXg^ei^dcYZa^kZgZYVgdjcYi]Z Y^Vad\jZd[VeZg[dgbVcXZi]gdj\]V ]ZVYhZi#>c[gVgZY]ZVYhZihVgZVkV^aVWaZ dcgZfjZhi[gdbi]Z7dmD[Ã&#x2019;XZVcY XVcWZgZhZgkZYVii]Zi^bZd[Wdd`^c\# NdjVgZVahdlZaXdbZidWg^c\ndjg dlc]ZVYhZi^[ndjegZ[Zg#Add`dji [dgi]ZhnbWda^cdjgY^VgnidÃ&#x2019;cYdji l]VieZg[dgbVcXZhVgZVkV^aVWaZl^i] i]^hhZgk^XZ#

JEK9>JEKHI IdjX]idjghVgZVahdVkV^aVWaZ^c VYkVcXZd[ZVX]VjY^dYZhXg^WZY eZg[dgbVcXZ#EaZVhZWdd`ildlZZ`h ^cVYkVcXZi]gdj\]djg7dmD[Ã&#x2019;XZ# I I?=D;:F;H<EHC7D9;I LZd[[ZgV7g^i^h]H^\cAVc\jV\Z i]ZVigZ^ciZgegZiZgdchiV\ZYjg^c\ XZgiV^ceZg[dgbVcXZh#Add`dji[dg i]ZhnbWda^cdjgY^VgnidÃ&#x2019;cYdji l]VieZg[dgbVcXZhVgZVkV^aVWaZ l^i]i]^hhZgk^XZ# 9 97FJ?ED;:F;H<EHC7D9; 8Vei^dc^c\XdckZgihi]Zhed`ZcldgY ^cidiZmil]^X]egdk^YZhVXXZhhida^kZ eZg[dgbVcXZ[dgeZdeaZl^i]]ZVg^c\ adhh#>cXVei^dc^c\i]ZldgYhVeeZVg dcVhXgZZcVii]ZhVbZi^bZVhi]Zn VgZhjc\dghed`Zc#8Vei^dchVahd ^cXajYZhdjcYZ[[ZXihVcYd[[hiV\Z cd^hZh#Add`dji[dgi]ZhnbWda^cdjg Y^VgnidÃ&#x2019;cYdjil]VieZg[dgbVcXZh VgZVkV^aVWaZl^i]i]^hhZgk^XZ#;dgbdgZ ^c[dgbVi^dcdcXVei^dc^c\eaZVhZk^h^i lll#hXdii^h]i]ZVigZ#dg\


HJEEDGI>C<8>I>O:CH LZVgZXdbb^iiZYidejii^c\eZdeaZ Vii]Z]ZVgid[djgi]ZVigZVcYl]Zi]Zg ndjĂ&#x2030;gZVc^cY^k^YjVadgVWjh^cZhhd[ Vcnh^oZ!lZldjaYa^`Zid^ck^iZndj id_d^cV\gdl^c\cjbWZgd[8^i^oZch l]dVXi^kZanhjeedgijh#OekĂ&#x160;bbX[ _d]eeZYecfWdo$

BZg`aVcYIVc`AiY Gddi8gZVi^kZ HXdii^h]8djcX^a[dg9ZkZadebZci VcY>cYjhign Ild;ViAVY^Zh K^g\^cIgV^ch

9EHFEH7J;9?J?P;DI Â&#x2122; HZXjgZVXgZVi^kZdjiaZi[dgndjg XdbeVcnĂ&#x2030;hXdgedgViZhdX^Va gZhedch^W^a^incZZYh Â&#x2122; <V^cegdĂ&#x2019;aZ[dgndjgXdbeVcnĂ&#x2030;hldg` ^ci]ZXjaijgVahZXidg Â&#x2122; 6a^\cndjgWgVcYiddcZd[HXdiaVcY VcYi]ZJ@Ă&#x2030;haZVY^c\egdYjX^c\ i]ZVigZXdbeVc^Zh Â&#x2122; 6XXZhh]^\]fjVa^inigV^c^c\XdjghZh i]VijhZ^ccdkVi^kZYgVbViZX]c^fjZh Â&#x2122; :ciZgiV^cXa^Zcih^cVjc^fjZVcY XgZVi^kZVibdhe]ZgZ

JHKIJI<EKD:7J?EDI FK8B?9I;9JEH<KD:;HI I]Z7ZaaV]djhidc7ZfjZhi;jcY I]Z7^c`hIgjhi 8Vh]WVX`[dg8dbbjc^i^Zh;jcY I]Z8ViiVcVX]Igjhi I]Z8^i^oZchI]ZVigZHdX^Zin I]Z8gV^\c^h]Igjhi 9g:8VaYZgĂ&#x2030;h;djcYVi^dc :VhiGZc[gZlh]^gZ8djcX^a :hbÂ&#x201A;Z;V^gWV^gc;djcYVi^dc <aVh\dlHdji]:VhiGZ\ZcZgVi^dc 6\ZcXn <aVh\dlLdg`h I]Z<dgYdc;gVhZg8]Vg^iVWaZIgjhi I]Z?d]cA^hidcIgjhi ?I=8]Vg^iVWaZIgjhi AZVgc^c\VcYIZVX]^c\HXdiaVcY I]ZBZgX]Vcih=djhZd[<aVh\dl I]ZB^X`Za;jcY I]ZCVcX^ZBVhhZn8]Vg^iVWaZIgjhi Cdgi]AVcVg`h]^gZ8djcX^a I]ZEg^cXZĂ&#x2030;h;djcYVi^dc[dg8]^aYgZc i]Z6gih I]ZGdWZgihdcIgjhi I]ZGdWZgihdcHX]daVgh]^eIgjhi I]ZHV^cihH^ccZgh8ajWd[HXdiaVcY I]ZHXdii^h]6gih8djcX^aĂ&#x201E;>che^g^c\ 8dbbjc^i^Zh;jcY I]ZHXdii^h]6gih8djcX^aĂ&#x201E;AdiiZgn;jcYh Hdji]:Vhi6aiZgcVi^kZh I]ZHXdii^h]<dkZgcbZciĂ&#x201E;HX^ZcXZ :c\V\ZbZci<gVci Hdji]AVcVg`h]^gZ8djcX^a HigVi]XanYZEda^XZ8dbbjc^in EVgicZgh]^e;jcY I]ZHnak^V6^i`Zc8]Vg^iVWaZIgjhi I]ZIgVYZh=djhZd[<aVh\dlĂ&#x201E; I]Z8dbbdclZVa;jcY I]ZLBBVcc;djcYVi^dc

I]ZhjeedgilZgZXZ^kZ^hk^iVaidi]Z YZkZadebZcid[djgldg`dchiV\ZVcY^c i]ZXdbbjc^in#LZldjaYa^`ZidlVgban i]Vc`i]Z[daadl^c\[dgi]Z^ghjeedgi/ IFEDIEHI 6jX]Zcidh]VcH^c\aZBVaiHXdiX]L]^h`n <aVh\dlGZhiVjgVci6hhdX^Vi^dc HXdii^h]EdlZg HXdii 8d# 9EHFEH7J;C;C8;HI IJ7HI B>I>: Ed^ciZgAiY B;7:?D=7HJ?IJI B^acZ8gV^\AiY Gji]Zg[dgYBVXe]Zghdc 97IJ I]Z7Za]VkZc7gZlZgn8dbeVcnAiY 8dd`^Z 9Vk^Y;^dcVHXdii 9W=djhidc 9jcc^c\9Zh^\c AVleg^ciHiVi^dcZgn AZnidc8dchjai^c\ BVXYdcVaYGZ^YHXdii BX8dcZX]nĂ&#x2030;hIngZHZgk^XZAiY ).q)/

L9B8]VgiZgZY6XXdjciVcih

9EH;<KD:;HI


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

;JC9:G;D8JH

?D:?L?:K7B=?L?D= DjgV^b^hidXgZViZdjihiVcY^c\ i]ZVigZ0idcjgijgZndjc\iVaZciVcY idYZkZade\gdjcY"WgZV`^c\ZYjXVi^dc egd\gVbbZh#IdVX]^ZkZVaai]^hlZ cZZYndjg]Zae#:VX]nZVg!^cVYY^i^dc idi]ZkVajVWaZ^cXdbZlZgZXZ^kZ [gdbi^X`ZihVaZhVcYdjgXdgZ[jcYh! lZgV^hZhjWhiVci^Vahjbh[gdbdi]Zg hdjgXZh#NdjXVc]ZaejhWnbV`^c\ VXdcig^Wji^dcl]^X]l^aahjeedgidjg Vgi^hi^Xldg`dchiV\ZVcYe^dcZZg^c\ ldg`^cdjgXdbbjc^i^Zh#

=bWi]emH[ijWkhWdj7iieY_Wj_ed 8[WkjoWdZj^[8[Wij I]Z8^i^oZchI]ZVigZ^hYZa^\]iZYidWZ ldg`^c\^ceVgicZgh]^el^i]i]Z<aVh\dl GZhiVjgVci6hhdX^Vi^dc#I]Z<G6!V cdi"[dg"egdĂ&#x2019;idg\Vc^hVi^dc!]Vh\gdlc dkZghZkZgVanZVgh[gdbVhbVaacjbWZg d[bZbWZghiddkZg,%d[i]ZWZhi <aVh\dlgZhiVjgVcih# <aVh\dl^hk^ZlZYVhVigZcY"hZiiZg ^c:jgdeZVc8jaijgZVcYVXZcigZd[ Y^c^c\ZmXZaaZcXZ#>i^hcdll^YZan VX`cdlaZY\ZYVh]Vk^c\i]ZWZhiY^c^c\ hXZcZ^ci]ZJ@djih^YZd[AdcYdc# I]Z<G6VcYi]Z8^i^oZchI]ZVigZh]VgZ VeVhh^dc[dg<aVh\dlVcY[dggV^h^c\ i]ZXjaijgVaegdĂ&#x2019;aZd[i]ZX^indcVadXVa! cVi^dcVaVcY^ciZgcVi^dcVaaZkZa# I]Z<G6]VkZ\ZcZgdjhanhjeedgiZY egdYjXi^dcXdhih[dg7ZVjini]Z7ZVhi Vaadl^c\i]Zi]ZVigZidXgZViZVcZkZc bdgZbV\^XVah]dl[dg[Vb^a^Zh# 6adc\h^YZi]^h!i]Z8^i^oZch]dhiZYi]Z egZhi^\^djh<aVh\dlGZhiVjgVci6lVgYh dc*9ZXZbWZg'%&%#I]ZZkZcihVlhdbZ d[i]Zbdhih^\c^Ă&#x2019;XVcigZhiVjgViZjgh! Xg^i^XhVcY[ddYegdYjXZgh\Vi]Zg[dgV heZX^VaWaVX`"i^ZZkZc^c\hZiVbdc\hi i]ZWZVji^[jahXZcZgn[gdb7ZVjin i]Z7ZVhi#<jZhihZc_dnZYheZX^Va eZg[dgbVcXZhWni]Z8^i^oZch8dbbjc^in 8dbeVcnVcYdkZg&+VlVgYhlZgZ egZhZciZY^cXajY^c\i]Z8^i^oZch6lVgY [dg:cigZegZcZjg^VaHe^g^i#

>cgZijgclZVgZeaZVhZYidd[[Zgndj deedgijc^i^Zhid\ZiXadhZgidi]ZXdbeVcn# <hedjHem@J^[9_jp I]^h^hdjg\ZcZgVaYdcVi^dchhX]ZbZ Ă&#x2026;ndjXVce^X`jeVaZVĂ&#x201C;Zi^ci]Z[dnZg dgYdcViZdca^cZ#6aaYdcVi^dchl^aa WZ\gViZ[jaangZXZ^kZYVcYhjeedgiZgh ^ck^iZYidVcVccjVaZkZciidbZZil^i] i]ZXgZVi^kZiZVb# 9_j_p[diI[Wj:[Z_YWj_edIY^[c[Â&#x2DC;+&& 9ZY^XViZVhZVi^cdjgK^Xidg^Vc VjY^idg^jbidVadkZYdcZ!dghdbZdcZ ndjVYb^gZVcYgZheZXi#LZXVc]Zae ndjgZbZbWZghdbZdcZheZX^VaVcY eaVcVcZkZciidbVg`i]ZdXXVh^dc#

<?D:EKJCEH; ;dg[jgi]Zg^c[dgbVi^dcd[]dlid\Zi ^ckdakZYeaZVhZXVaaBZaVc^Z6gVb!=ZVY d[9ZkZadebZcidc%&)&)&-+')%dg k^h^ii]ZHjeedgihZXi^dcd[djglZWh^iZ# 8>I>O:CHI=:6IG:A>B>I:9 GZ\^hiZgZY^cHXdiaVcYCd#H8D''*&( VcY^hVHXdii^h]8]Vg^inCd#H8D%&((,

Ă&#x2020;LZVgZ`ZZchjeedgiZghd[i]Z8^i^oZchI]ZVigZVcYVgZ YZa^\]iZYidhjeedgiVYncVb^XVcY^ccdkVi^kZ<aVh\dl dg\Vc^hVi^dc#I]Zi]ZVigZ^hVHXdii^h]^chi^iji^dcWji dcZi]Vi]VhV[Vg"gZVX]^c\gZejiVi^dcdjih^YZd[ <aVh\dl!VfjVa^inlZgZXd\c^hZ^cdjgdlcWjh^cZhh#Ă&#x2021;  FE?DJ;HBJ:


7DD@>C< NDJGI>8@:IH 7ne]dcZ Ä &'*'*(/&&(( Dca^cZ Ä Y_jp$Ye$ka

B6>CI=:6IG:H:6I>C<

FH?9;87D:   

? 7ZhihZVih 

?? <ddYk^Zl 

??? GZhig^XiZY k^Zl

EgZk^Zlh

—*

—*

—*

IjZhYVn

—&%

—&%

—&%

LZYcZhYVn

—&*

—&'#*%

—&%

I]jghYVn

—&*

—&'#*%

—&%

;g^YVn

—&,#*%

—&*#*%

—&%#*%

HVijgYVn

—&,#*%

—&*#*%

—&%#*%

BVi^cZZh

—&(

—&&#*%

—&%

*&q*'


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

FH;L?;MIÂ&#x2DC;+

J;DD;HJK;I:7OI

6c^\]idji[dgild[dg_jhiÂ&#x2014;&%# 7Zi]ZÃ&#x2019;ghiidhZZi]ZXjgiV^cg^hZ VhegdYjXi^dchVgZ\^kZci]Z^gkZgn Ã&#x2019;ghiV^g^c\idi]ZejWa^X# B_c_j[Zi[Wj_d]\ehiec[fh[l_[mi$

:kZgnIjZhYVnc^\]ieZg[dgbVcXZ _jhiÂ&#x2014;&%[dgVcnhZVi^ci]Z]djhZ I]ZeZg[ZXiYZVa[dgWVg\V^c"]jciZgh# ;WhboXeea_d]h[Yecc[dZ[Zje Wle_ZZ_iWffe_djc[dj#

8>G8A:HI6AAHHIJ9>D

EF;D?D=>EKHI I]Z7dmD[Ã&#x2019;XZ^hdeZc&%Vb"+eb! BdcYVnidHVijgYVnVcYid-ebdc eZg[dgbVcXZZkZc^c\h#

7BBJ?9A;JIÂ&#x2DC;'($+& 8dcXZhh^dchÃ&#x201E;hZZWZadl 6aahZVihjcgZhZgkZY

EaZVhZcdiZVieZg[dgbVcXZi^bZh!eg^dg^inbjhi WZ\^kZcidVjY^ZcXZbZbWZghViiZcY^c\i]Zh]dl#

8DC8:HH>DCH LZd[[ZgVkVg^Zind[Y^hXdjcihidbZZi Vl^YZgVc\Zd[cZZYh# I]ZhZVeeanidVaaeZg[dgbVcXZheVXZh#:mXajYZh EgZk^ZlhVcYIjZhYVnh#:mXZei^dchl^aaVeean# HjW_ZXiidVkV^aVW^a^in#

I;D?EH9?J?P;DI Â&#x2014;(d[[Vaa[jaaeg^XZi^X`Zih BVi^cZZh/Â&#x2014;,#*%!VaahZVih :?I78B;: Â&#x2014;(d[[Vaa[jaaeg^XZi^X`Zih XdbeVc^dc XdbZh[gZZ# IJK:;DJIKDM7=;: Â&#x2014;,#*%VcnhZVi^ci]Z]djhZ 9>?B:H;D Â&#x2014;,#*%VcnhZVi^ci]Z]djhZ =EH87BI97H:#>EB:;H Â&#x2014;)#*%VcnhZVi^ci]Z]djhZ

C;J>E:IE<F7OC;DJ LZVXXZeieVnbZciWnXVh]!X]ZfjZ! BVhiZgXVgY!BVZhigdVcYK^hV#EaZVhZ bV`ZX]ZfjZheVnVWaZid8^i^oZch I]ZVigZA^b^iZY# B7J;9EC;HI 9jZidi]ZcVijgZd[i]ZeZg[dgbVcXZ heVXZ!i]ZgZ^hcdaViZVYb^iiVcXZid i]Z8^gXaZdgHiVaahHijY^dhjcYZgVcn X^gXjbhiVcXZh#AViZXdbZghbVnWZ VYb^iiZYidi]ZBV^cI]ZVigZ^[i]ZgZ ^hVhj^iVWaZWgZV`^ci]ZeZg[dgbVcXZ#

=EH87BI97H: 7h[oekWbeYWbh[i_Z[djm_j^W =+feijYeZ[59^Yndj`cdlndj VgZZci^iaZYidi^X`ZihVi_jhiÂ&#x2014;)#*% [dgbdhieZg[dgbVcXZhVii]Zi]ZVigZ4 6h`djg7dmD[Ã&#x2019;XZ[dgbdgZ YZiV^ahVcYhZZ[ZVijgZ dce(*#

;GK?JO"I9EJJ?I>IE9?;JOE< FB7OMH?=>JI"8;9JKCKI?9?7DI KD?ED97H:#>EB:;HI Â&#x2014;(d[[Vaa[jaaeg^XZi^X`Zih I9>EEB=HEKFI 6aaiZVX]ZgVcYeje^ai^X`ZihÂ&#x2014;,#*% &[gZZl^i]ZkZgn&%i^X`ZihejgX]VhZY# =HEKF8EEA?D=I GZhZgkZndjgi^X`ZihcdlVcYeVnaViZg &[gZZl^i]ZkZgn&%i^X`ZihejgX]VhZY# EVnbZci^hgZfjZhiZY^c[jaadcZbdci] WZ[dgZi]ZeZg[dgbVcXZYViZ# 6aaXdcXZhh^dchVcYY^hXdjcihVgZhjW_ZXiid VkV^aVW^a^inVcYXVccdiWZjhZY^cXdc_jcXi^dcl^i] Vcndi]Zgd[[Zg#EaZVhZWg^c\egdd[d[Za^\^W^a^inl]Zc e^X`^c\jendjgi^X`Zih#6aa^c[dgbVi^dcXdggZXiVii]Z i^bZd[\d^c\ideg^ciWjibVnWZhjW_ZXiidX]Vc\Z#

HdbZgZhig^Xi^dchVeean

8EEA?D=<;;I ;gdb?VcjVgn'%&&i]ZgZl^aaWZVÂ&#x2014;&#*% igVchVXi^dc[ZZ[dgdca^cZhVaZh^cXajY^c\edhiV\Z# I]ZgZVgZcdWdd`^c\[ZZh[dgiZaZe]dcZdg^c eZghdchVaZh#LZX]Vg\Z*%eedhiV\Z# I;7JH;IJEH7J?ED<KD: ;gdb?VcjVgn'%&&lZVgZ^ck^i^c\VaaVjY^ZcXZ bZbWZghidVYYVÂ&#x2014;&YdcVi^dcdcidi]Z^gi^X`Zi igVchVXi^dcid]ZaeXdcig^WjiZiddjgHZVi GZhidgVi^dc;jcY#I]Vc`ndj[dgndjg\ZcZgdh^in#


9>6GN :7J;

C7?DJ>;7JH;

IJK:?EIF79;I

;:7GJ6GN H6I* HJC+  I=J&, ;G>&- H6I&. HJC'% BDC'& IJ:'' L:9'( I=J') ;G>'* H6I'+ HJC', BDC'-

EDJ>;H?C%:H<;HH;JÊI'#(%EB+#(%EB EDJ>;H?C%:H<;HH;JÊI'#(%EB+#(%EB C7H?BOD,#(%EB F C7H?BOD,#(%EB F C7H?BOD,#(%EB F

C7H?BOD,#(%EB C7H?BOD,#(%EB C7H?BOD,#(%EB 7  C7H?BOD,#(%EB C7H?BOD,#(%EB

J>;8?HJ>:7OF7HJO,#(%EB J>;8?HJ>:7OF7HJO,#(%EB J>;8?HJ>:7OF7HJO,#(%EB J>;8?HJ>:7OF7HJO,#(%EB J>;8?HJ>:7OF7HJO'#(%EB,#(%EB

B6G8= IJ:& L:9' I=J( ;G>) H6I* HJC+ BDC, IJ:- L:9. I=J&% ;G>&& H6I&' HJC&( BDC&) IJ:&* L:9&+ I=J&, ;G>&- H6I&. HJC'% BDC'& IJ:'' L:9'( I=J') ;G>'* H6I'+  HJC', BDC'IJ:'. L:9(% I=J(&

C7H?BOD,#(%EB C7H?BOD,#(%EB I  C7H?BOD,#(%EB 9  :  C7H?BOD,#(%EB C7H?BOD'#(%EB,#(%EB

B;7HÊI:7K=>J;HI,#(%EB B;7HÊI:7K=>J;HI,#(%EB B;7HÊI:7K=>J;HI,#(%EB B;7HÊI:7K=>J;HI,#(%EB B;7HÊI:7K=>J;HI'#(%EB,#(%EB

C7H?BOD,#(%EB C7H?BOD,#(%EB C7H?BOD,#(%EB C7H?BOD,#(%EB C7H?BOD,#(%EB

:;7J>":KC8"8BED:;,#(%EB :;7J>":KC8"8BED:;,#(%EB :;7J>":KC8"8BED:;,#(%EB :;7J>":KC8"8BED:;,#(%EB

=?HBN,#(%EB =?HBN,#(%EB =?HBN,#(%EB =?HBN,#(%EB

9EKDJC;?DHEC7D8H?:=;,#(%EB BEL;B;JJ;HIHEC7D8H?:=;,#(%EB BEL;B;JJ;HI9EKDJC;?D,#(%EB BEL;B;JJ;HI9EKDJC;?D,#(%EB

7C?:IKCC;HD?=>JÊI:H;7C,#(%EB 7C?:IKCC;HD?=>JÊI:H;7C,#(%EB 7C?:IKCC;HD?=>JÊI:H;7C,#(%EB 7C?:IKCC;HD?=>JÊI:H;7C,#(%EB 7C?:IKCC;HD?=>JÊI:H;7C '#(%EB,#(%EB

IEC;HI7KBJI,#(%EB IEC;HI7KBJI,#(%EB IEC;HI7KBJI,#(%EB IEC;HI7KBJI,#(%EB

@;DDO;9B7?H-EB

6EG>A ;G>& H6I'  HJC( BDC) IJ:* L:9+ I=J, ;G>- H6I.

:;I8?I>EF-EB =;EH=;CED8?EJ*EB$ M7JIEDÊIM?D:KF-EB C7HAJ>EC7I-EB C7HAJ>EC7I-EB IKI7D97BC7D-EB @;H;CO>7H:O-EB I;7D>K=>;I-EB @7C;I97CF8;BB(EB$7HJ>KHIC?J>-EB

F EG:K>:L

 7 6J9>D9:H8G>7:9E:G;DGB6C8:

: EDHIH=DL9>H8JHH>DC

 I H><C:9E:G;DGB6C8:



 9 86EI>DC:9E:G;DGB6C8:

*(q*)


8ENE<<?9;

%&)&)'.%%''

Y_jp$Ye$ka

:7J;

IJK:?EIF79;I

C7?DJ>;7JH;

6EG>AXdci# L:9&( I=J&) ;G>&* H6I&+ HJC&, BDC&IJ:&. L:9'% I=J'& ;G>'' H6I'( HJC') BDC'* IJ:'+ L:9', I=J'- ;G>'. H6I(%

9>7HB?;BEB7&&6B&#(%EB 9>7HB?;BEB7&&6B&#(%EB 9>7HB?;BEB7&&6B&#(%EB 9>7HB?;BEB7&&6B!&#(%EB)EB

:7D9?D=7JBK=>D7I7,#(%EB :7D9?D=7JBK=>D7I7,#(%EB :7D9?D=7JBK=>D7I7,#(%EB :7D9?D=7JBK=>D7I7,#(%EB :7D9?D=7JBK=>D7I7'#(%EB,#(%EB

B7KH;B>7H:O,#(%EB B7KH;B>7H:O,#(%EB B7KH;B>7H:O,#(%EB B7KH;B>7H:O'#(%EB,#(%EB

<HEIJ<?H;,#(%EB

B6N ;G>+ H6I, HJCBDC. IJ:&% L:9&& I=J&' ;G>&( H6I&) HJC&* BDC&+ IJ:&, L:9&- I=J&. ;G>'% H6I'& HJC'' BDC'( IJ:') L:9'* I=J'+ ;G>', H6I'- HJC'. BDC(% IJ:(&

9BK8DE?H9787H;J-EB 9BK8DE?H9787H;J-EB

BEL;"BEL;"BEL;,#(%EB BEL;"BEL;"BEL;,#(%EB BEL;"BEL;"BEL;,#(%EB BEL;"BEL;"BEL;,#(%EB

J;HC?DKI,#(%EB J;HC?DKI,#(%EB J;HC?DKI,#(%EB J;HC?DKI,#(%EB J;HC?DKI,#(%EB

7<J;HJ>;;D:,#(%EB F 7<J;HJ>;;D:,#(%EB F 7<J;HJ>;;D:,#(%EB 7<J;HJ>;;D:,#(%EB 7<J;HJ>;;D:,#(%EB

    

7<J;HJ>;;D:,#(%EB 7<J;HJ>;;D:,#(%EB 7<J;HJ>;;D:,#(%EB 7<J;HJ>;;D:,#(%EB 7<J;HJ>;;D:'#(%EB,#(%EB



7<J;HJ>;;D:,#(%EB

L:9& I=J' ;G>( H6I) HJC* BDC+ IJ:, L:9- I=J. ;G>&% H6I&&

8HEDJÝ,#(%EB 8HEDJÝ,#(%EB :  8HEDJÝ,#(%EB 8HEDJÝ'#(%EB,#(%EB

7<J;HJ>;;D:,#(%EB 7<J;HJ>;;D:,#(%EB 7<J;HJ>;;D:,#(%EB 7<J;HJ>;;D:,#(%EB

:KDI?D7D;,#(%EB :KDI?D7D;,#(%EB :KDI?D7D;,#(%EB :KDI?D7D;,#(%EB :KDI?D7D;'#(DEB,#(%EB

<7?H<H?:7O,#(%EB <7?H<H?:7O,#(%EB <7?H<H?:7O,#(%EB <7?H<H?:7O,#(%EB

BDC'% IJ:'& L:9'' I=J'(

:7D9;I9>EEBE<I9EJB7D:,#(%EB :7D9;I9>EEBE<I9EJB7D:,#(%EB :7D9;I9>EEBE<I9EJB7D:,#(%EB :7D9;I9>EEBE<I9EJB7D:,#(%EB

?JC:


DCAN6=DE68GDHHI=:G>K:G

9?J?P;DIJ>;7JH; &&.<dgWVahHigZZi <aVh\dl<*.9H

8KI;I 6aVg\ZcjbWZgd[WjhZhhidedjih^YZ i]Zi]ZVigZdc<dgWVahHigZZi^cXajY^c\ *!,!,6!&'!'%!++!,*!C,*!&++!'++'+,#

8O<EEJ 6h]dgilVa`[gdbi]ZBZgX]Vci8^inVcY Igdc\ViZ!higV^\]iVXgdhhK^Xidg^V7g^Y\Z dcid<dgWVahHigZZi#

JH7?D '%b^cjiZlVa`[gdbFjZZcHigZZidg 8ZcigVaHiVi^dc!&%b^cjiZlVa`[gdb 6g\naZHigZZiHiVi^dc#

IK8M7O I]ZcZVgZhijcYZg\gdjcYhide^h 8H?:=;IJH;;Jl]^X]^h*b^ch lVa`[gdbi]Zi]ZVigZ#

97HF7HA <H;;XVgeVg`^c\^hVkV^aVWaZ^cdjg dlcXVgeVg`VY_VXZciidi]Zi]ZVigZ Wj^aY^c\#:cign^hk^V8gdlcHigZZi AVjg^ZhidcGdVYdcan#GZ[ZgidbVe#

76G86;w 6[g^ZcYanVcYXdhneaVXZidZc_dnVYg^c` WZ[dgZVcYV[iZgi]Zh]dl#I]ZWVgVcYXV[Â&#x201A; VgZdeZcdcZ]djgeg^dgideZg[dgbVcXZi^bZh VcYlZhiVndeZcjci^ab^Yc^\]idc;g^YVnVcY HVijgYVnc^\]ih# !<H;;M_<_7YY[ii

9:H><C/<H;?=>J%&)&**'*(%( E=DID<G6E=N/7:C6AA>HDC!=:A:C7A68@! H8DII869:C=:69!9:7DG6=8=6BE>DC! GD7:GI96N!>6>C<;6GG:AA!HIJ6GI<ADHHDE! :6BDCCB8<DA9G>8@!G>8=6G9=JCI"HB>I=! I>BBDGDOOD!:J6CB>A:H7:CL6G9# 


Spring/Summer Brochure 2011  

Listings and information for productions and the wide variety of activities on offer between January and July 2011.

Read more
Read more
Similar to
Popular now
Just for you