Issuu on Google+

CD8=D>8:/ HdbVa^VcY:i]^de^Vc GZ[j\ZZh!6hnajb HZZ`ZghVcY B^\gVcih8gdhh^c\ I]Z<ja[d[6YZc

BH;

BH;GZedgi ?jcZ'%%-

IVWaZ d[XdciZcih

(

 :mZXji^kZHjbbVgn

*

>

>cigdYjXi^dc

+

>>

8dciZmi

+ , -

    

& ' (  )

&%

>>>

BV^c;^cY^c\h

&% && &. '' '( '( ') ') '* '* '+ ''. (&

             

& &#& &#' &#( ' '#& '#' '#( ( (#& (#' ) * +

('

>K

BZY^XVa6cY=jbVc^iVg^Vc8dchZfjZcXZh

(' (( (( ((

   

& ' '#& '#'

()

8dcXajh^dchVcYGZXdbbZcYVi^dch

() (+

K   

(, )%

6ccZm>/BH;^cNZbZc 6ccZm>>/<ja[d[6YZcgZ\^dcbVe

.

'짜

& '

7VX`\gdjcY 8jggZcihXdeZVcYeViiZgch H^ijVi^dcd[i]ZgZ[j\ZZhVcYb^\gVcihjedc Vgg^kVa^cNZbZc AZ\VahiVijh

I]ZWdVi_djgcZn 8dcY^i^dchdci]ZWdVih 8dcY^i^dchYjg^c\aVcY^c\ 6WjhZV[iZgaVcY^c\ 8dbedh^i^dcd[i]ZcZlVgg^kVah <ZcYZg 6\Z :i]c^Xdg^\^c GZVhdch[dgaZVk^c\ HdbVa^h :i]^de^Vch IgVkZaid7dhhVhd"VeZg^adjh_djgcZn HiVn^c7dhhVhd"XdcY^i^dch EaVch[dgi]Z[jijgZ

BZY^XVa^beVXi EhnX]dad\^XVaXdchZfjZcXZh IgVjbVi^X\g^Z[ IgVjbVi^XhigZhh

8dcXajh^dch GZXdbbZcYVi^dch

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

:mZXji^kZ hjbbVgn

K_fljXe[jf]g\fgc\i`jbk_\`ic`m\j\m\ipp\XikfZifjjk_\>lc]f] 8[\ekf\jZXg\]ifdZfeÕ`Zk#m`fc\eZ\#[ifl^_kXe[gfm\ikp%;li`e^ )''.#Xcdfjk*'#'''kffbk_\[Xe^\ifljmfpX^\kfj\\bi\cXk`m\jX]\kp `eP\d\e%;l\kfk_\\jZXcXk`fef]k_\ZfeÕ`Zk`eJfdXc`XXe[k_\ ]ff[Zi`j`j`egXikjf]k_\?fief]8]i`ZX#dfi\Xe[dfi\g\fgc\n`cc af`ek_\Xci\X[pcXi^\i\]l^\\Xe[d`^iXekgfglcXk`fe`eP\d\e% ;li`e^k_\ÔijkÔm\dfek_jf])''/fm\i)'#'''Xii`m\[#dfi\k_Xe [flYc\k_\eldY\if]Xii`mXcj`ek_\jXd\g\i`f[cXjkp\Xi% CXZb`e^jX]\Xe[c\^XcXck\ieXk`m\jkfc\Xm\k_\`iZflekip#i\]l^\\j Xe[d`^iXekj_Xm\kflj\k_\j\im`Z\jf]jdl^^c\ijkfZifjjk_\>lc] f]8[\e%K_\YfXkki`g`j]iXl^_kn`k_[Xe^\i2k_\jdl^^c\ijXi\ efkfi`flj]fik_\`iYilkXc`kp%=XkXc`kpiXk\jXi\m\ip_`^_2]fi)''.#`k`j \jk`dXk\[k_XkXkc\Xjk,k_fj\j\kk`e^flkfek_\[Xe^\ifljaflie\p [`[efki\XZ_k_\j_fi\jf]P\d\eXc`m\%(?fn\m\i#k_\XZklXc[\Xk_ kfcc`jgifYXYcpdlZ__`^_\i2k_\ZfXjkc`e\`jcfe^#Xe[e\`k_\iXcc YfXkjefiXcck_\[\X[Yf[`\jXi\[\k\Zk\[% N_`c\dfjkXkk\ek`fe#\jg\Z`Xccp`e<lifg\#_Xj]fZlj\[fed`^iXekj Xe[i\]l^\\jZfd`e^m`Xk_\D\[`k\iiXe\Xe#k_\kiX^\[ple]fc[`e^`e k_\>lc]f]8[\e`jcXi^\cp`^efi\[Ypk_\`ek\ieXk`feXcZfddle`kp Xe[N\jk\ied\[`X%N`k_k_`ji\gfik#DJ=X`djkfiX`j\XnXi\e\jj XYflkk_\gc`^_kf]i\]l^\\j#Xjpcldj\\b\ijXe[d`^iXekjXii`m`e^fe k_\jflk_\ieZfXjkf]P\d\e% @eJ\gk\dY\i)''.#DJ=\jkXYc`j_\[Xgifa\Zkfek_\jflk_\iej_fi\j f]P\d\ekfgifm`[\d\[`ZXc#gjpZ_fcf^`ZXcXe[_ldXe`kXi`Xe Xjj`jkXeZ\kfe\nXii`mXcj%8jpjk\df]]fZXcgf`ekj`ejkiXk\^`Z m`ccX^\jXcfe^k_\ZfXjkj\im\jXjXc\ikjpjk\d#Xccfn`e^DJ=dfY`c\ k\Xdjkf`ek\im\e\iXg`[cpfeZ\XeXii`mXc_XjY\\ej`^eXcc\[%@e X[[`k`fekfgifm`[`e^\d\i^\eZpXjj`jkXeZ\fek_\j_fi\#DJ= fg\iXk\jk_\d\[`ZXc]XZ`c`kp`ek_\e\ncp\jkXYc`j_\[i\Z\gk`feZ\eki\ Xk8_nXi%J`eZ\k_\Y\^`ee`e^f]k_\gifa\Zk#`eJ\gk\dY\i)''.#lek`c k_\\e[f]8gi`c)''/#DJ=_Xjgifm`[\[Xjj`jkXeZ\kffm\i-#''' i\]l^\\jXe[d`^iXekjXii`m`e^fek_\j_fi\f]P\d\e% K_`ji\gfik[fZld\ekjk_\d\[`ZXcXe[_ldXe`kXi`XeZfej\hl\eZ\j f]k_\g\i`cfljaflie\p#`egXik`ZlcXif]k_\XYlj\jYpk_\jdl^^c\ij% DJ=k\Xdj_Xm\ki\Xk\[gXk`\ekj]fi`eali`\j]ifdj\m\i\Y\Xk`e^j# [\_p[iXk`feXe[i\jg`iXkfipgifYc\dj%DXepgXk`\ekjgi\j\ek\[n`k_ ^\e\iXcYf[pgX`ejXe[_\X[XZ_\jÆg_pj`ZXcdXe`]\jkXk`fejf]k_\ gjpZ_fcf^`ZXcZfej\hl\eZ\jf]k_\\oki\d\_Xi[j_`gjf]k_\aflie\p% DXepjlim`mfij_Xm\efkfecpY\\ek_ifl^_kiXldXk`Z\m\ekj k_\dj\cm\jYlk_Xm\cfjkcfm\[fe\j]ifdm`fc\eZ\fi[ifne`e^% K_`ji\gfik`jYXj\[fed\[`ZXcXe[Zflej\cc`e^[XkXZfcc\Zk\[[li`e^ DJ=Ëjfg\iXk`fejXe[fek_\dfi\k_Xe),'k\jk`dfe`\j^Xk_\i\[ ]ifde\nXii`mXcj%G\fgc\Xii`m\\o_Xljk\[#dXepf]k_\d`ccXe[ \dfk`feXccpj_Xkk\i\[%K_\pkfc[DJ=_Xiifn`e^jkfi`\jf][\Xk_Xe[ jlim`mXc%9fXkj[\j`^e\[kfZXiip*'kf+'g\fgc\Xkk_\dfjkXi\ gXZb\[n`k_fm\i(''gXjj\e^\ij#dXepf]k_\djklZb`ejdXcc n`e[fnc\jjjkfiX^\gcXZ\j`ek_\_fc[%G\fgc\Xi\]fiZ\[kfj`k`ek_\ jXd\gfj`k`fen`k_flkdfm`e^Xe[Xi\#`ek_\cXi^\dXafi`kpf]ZXj\j# [\gi`m\[f]]ff[Xe[nXk\i% =ifde`e\flkf]k\eYfXkj#Y\Xk`e^jn\i\i\gfik\[#k_\dfjk Zfddfe`dgc\d\ekjY\`e^jk`Zbj#g`g\j#Y\ckYlZbc\jXe[jfd\k`d\j Xcjfi`Õ\YlkjXe[be`m\j%Nfd\eXe[Z_`c[i\eXi\efkjgXi\[%

(:XcZlcXk`feYXj\[feLE?:I@eZ`[\ekJkXk`jk`ZXcI\gfik#;\Z\dY\i)''.%

(¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

:fe[`k`fejXi\jf_Xij_k_Xk[\Xk_j[li`e^k_\ki`gn\i\ZfeÔid\[ ]ifdfe\k_`i[f]k_\YfXkj%K_\dX`eZXlj\jn\i\j\m\i\Y\Xk`e^j# cXZbf]]ff[Xe[nXk\iXe[jl]]fZXk`fe]ifdY\`e^`ek_\_fc[f]k_\ YfXkj%J\m\iXc`ek\im`\n\\jXcjfi\gfik\[ZXj\jn_\i\k_\jdl^^c\ij k_i\ngXjj\e^\ij#`eZcl[`e^pfle^Z_`c[i\e#fm\iYfXi[%8cjfZXj\j f]jl`Z`[\n\i\i\gfik\[n_\i\gXjj\e^\ijaldg\[j_`gflkf] [\jg\iXk`feXe[]\Xi% 8ii`mXcfek_\P\d\e`j_fi\j`j\oZ\\[`e^cp_XqXi[flj#Xjk_\ jdl^^c\ijkXb\\oki\d\d\Xjli\jkfXmf`[Y\`e^[\k\Zk\[Ypk_\ P\d\e`j\Zli`kp]fiZ\j%@eXcdfjk_Xc]k_\`ek\im`\nj#gXjj\e^\ij i\gfik\[k_Xkk_\YfXkj[`[efkZfd\Zcfj\kfk_\j_fi\Xe[k_Xkk_\p n\i\]fiZ\[kf[`j\dYXib`e[\\gnXk\i%@]gXjj\e^\ijXi\X]iX`[Xe[ i\]lj\kfaldg#k_\pXi\Y\Xk\eXe[k_ifne`ekfk_\j\X%8jdXep g\fgc\#\jg\Z`Xccpk_fj\Zfd`e^]ifdk_\`ek\i`fif]<k_`fg`Xfi JfdXc`X#ZXeefkjn`d#[\Xk_j]ifd[ifne`e^Xi\]i\hl\ek%K_\ dXafi`kpf]YfXkjZfd\kfnXi[jk_\j_fi\Xke`^_kkfXmf`[Y\`e^ jgfkk\[Ypk_\P\d\e`d`c`kXip#n_`Z_]lik_\i\oXZ\iYXk\jk_\i`jbf] [ifne`e^%8cdfjkfe\k_`i[f]k_\i\jgfe[\ekji\gfik\[[\Xk_j]ifd [ifne`e^%@eknfZXj\jDJ=gifm`[\[Xjj`jkXeZ\kfjlim`mfij]ifd YfXkjn_\i\k_\dXafi`kpf]k_\gXjj\e^\ij#(''g\fgc\fidfi\#_X[ [ifne\[fin\i\d`jj`e^% K_\dXafi`kpf]k_fj\Zifjj`e^n\i\XnXi\f]k_\i`jbj#Ylkkfc[DJ= k_Xkk_\p_X[efZ_f`Z\%=fik_\dkXb`e^k_\[Xe^\ifljki`g[f\jefk Zfejk`klk\Xefgk`feXdfe^j\m\iXc#Ylkk_\`ifecpjlim`mXcjkiXk\^pkf \jZXg\m`fc\eZ\Xe[[\jk`klk`feK_\dXafi`kpf]k_fj\`ek\im`\n\[ c`jk\[dlck`gc\i\Xjfej]fic\Xm`e^#n`k_m`fc\eZ\Xe[`ej\Zli`kpY\`e^ k_\dX`efe\#]fccfn\[Ypgfm\ikpXe[cXZbf]nfib%  8Yflkknfk_`i[jf]k_\e\nXii`mXcjn\i\JfdXc`jXe[fe\k_`i[ <k_`fg`Xej%K_\dXafi`kpf]k_fj\Zifjj`e^k_\>lc]f]8[\en\i\ d\e#Ylkfm\ikn\ekpg\iZ\ekn\i\nfd\e%Dfjkf]k_\dn\i\pfle^# `ek_\`id`[$kn\ek`\j#YlkDJ=Xcjf\eZflek\i\[jfd\fc[\ig\fgc\Xj n\ccXjpfle^Z_`c[i\e%Fm\i_Xc]f]k_\e\nXii`mXcj`ek\im`\n\[ n\i\dXii`\[%=Xd`c`\jXi\]i\hl\ekcpj\gXiXk\[#n`k_fe\fij\m\iXc ]Xd`cpd\dY\ijkXb`e^k_\aflie\pXe[k_\fk_\ijjkXp`e^Y\_`e[# jfd\k`d\jY\ZXlj\k_\pZflc[efkX]]fi[kfkiXm\cXccXkk_\ jXd\k`d\% 9\]fi\i\XZ_`e^9fjjXjf#k_\gfikf]\dYXibXk`fe`ek_\Efik_\Xjkf] JfdXc`X#g\fgc\_Xm\Xci\X[pY\\ek_ifl^_X[Xe^\ifljXe[ \og\ej`m\aflie\p%K_\i\Xi\Xifle[(''Z_\Zbgf`ekjXcfe^k_\ifX[ ]ifdDf^X[`j_lkf9fjjXjf#Xe[dXepi\gfik\[Y\`e^k_i\Xk\e\[Xe[ _Xm`e^kfgXpYi`Y\j%K_\pXcjf[\jZi`Y\[XkkXZbjYpXid\[ifYY\ij Xe[ZXj\jf]b`cc`e^j%@e9fjjXjf#k_\e\nXii`mXcj]XZ\[gi\ZXi`flj c`m`e^Zfe[`k`fejXe[`eZi\Xj`e^`ej\Zli`kp% P\d\ekiX[`k`feXccp_XjY\\en\cZfd`e^kfk_\e\nXii`mXcj# \jg\Z`XccpJfdXc`j%K_\P\d\e`>fm\ied\eki\Zf^e`q\jJfdXc`jXj gi`dX]XZ`\i\]l^\\j%K_ljJfdXc`j[fefke\\[kfle[\i^f`e[`m`[lXc jkXklj[\k\id`eXk`fe%?fn\m\i#e\ncpXii`m\[<k_`fg`XejXi\ Zfej`[\i\[`cc\^XcXe[jlYa\Zkkf[\gfikXk`fe#n`k_flkX[`jk`eZk`fe dX[\Y\kn\\ed`^iXekjXe[Xjpcldj\\b\ij%K_lj#<k_`fg`XejXi\ X]iX`[f]Y\`e^Xii\jk\[Xe[dXepf]k_\djkXikdfm`e^]ifdk_\ j_fi\n_\ek_\pXi\jk`cc\o_Xljk\[Xe[n\Xb% K_\_`^_`eÕlof]i\]l^\\jXe[d`^iXekjgfj\jXdXafiZ_Xcc\e^\]fi P\d\e%Kf[Xk\#k_\_ldXe`kXi`Xei\jgfej\kfk_fj\Xii`m`e^Xkk_\ j_fi\Xjn\ccXjkfk_\i\]l^\\jXe[d`^iXekjXci\X[p`eP\d\e_Xj Y\\e]Xi]ifdX[\hlXk\%Dfi\`ek\ieXk`feXcXjj`jkXeZ\`jli^\ekcp e\\[\[%8cjf#k_\i\jgfej\ZXgXZ`kpf]XZkfijXjj`jk`e^i\]l^\\jXe[

)¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

d`^iXekjXii`m`e^fek_\ZfXjke\\[jkfY\jki\e^k_\e\[%=\nXZkfij Xi\gi\j\ekXe[k_\i\`jXeli^\eke\\[]fiX[[`k`feXcfi^Xe`qXk`fejkf `ek\im\e\%LE?:Ij_flc[`eZi\Xj\`kjgi\j\eZ\fek_\ZfXjkXe[ Xjjld\Xdfi\gif$XZk`m\#jkife^\iifc\`e]lcÔcc`e^`kjgifk\Zk`fe dXe[Xk\%:fe[`k`fej`ek_\8_nXiI\Z\gk`fe:\eki\i\^Xi[`e^ i\^`jkiXk`fe#j_\ck\iXe[]ff[Xe[kiXejgfikXk`fej_flc[Y\`dgifm\[% 8cjf#e\nXii`mXcje\\[kfY\gifm`[\[n`k_`e]fidXk`feXYflkk_\ fgk`fejfg\ekfk_\d`ek_\`ii\jg\Zk`m\cXe^lX^\j% P\d\e`jj`^eXkfipkfk_\(0,(:fem\ek`feI\cXk`e^kfk_\JkXkljf] I\]l^\\jXe[`kj(0-.GifkfZfc#k_\fecpZflekipfek_\8iXY g\e`ejlcXkf_Xm\XZZ\[\[kfk_\j\`ek\ieXk`feXc`ejkild\ekj% ?fn\m\i`dgc\d\ekXk`feXkk_\eXk`feXcc\m\c`jcXZb`e^Xe[k_\ >fm\ied\ekf]P\d\e`jli^\[kfgcXpXjkife^\iifc\i\^Xi[`e^`kj i\jgfej`Y`c`k`\j]fik_\gifk\Zk`fef]Xe[_ldXe`kXi`XeXjj`jkXeZ\]fi i\]l^\\j#Xjpcldj\\b\ijXe[d`^iXekj%K_\ZXgXZ`kpf]cfZXcXe[ eXk`feXcXlk_fi`k`\je\\[jkfY\jki\e^k_\e\[kfi\jgfe[kfk_\e\\[j f]e\nXii`mXcj%Efe$JfdXc`jj_flc[Y\Xccfn\[XZZ\jjkfXjpcld gifZ\[li\j% 8jcfe^XjZfeÕ`Zk#gfm\ikpXe[[ifl^_k`ek_\?fief]8]i`ZXg\ij`jk# g\fgc\n`ccZfek`el\kfÕ\\%I\]l^\\jXe[d`^iXekjdljkY\gifm`[\[ n`k_Xck\ieXk`m\jkfglkk`e^k_\dj\cm\jXkk_\_Xe[jf]YilkXc jdl^^c\ij%K_\`ek\ieXk`feXcZfddle`kp#^fm\ied\ekjXe[fk_\i XZkfijj_flc[dXb\\m\ip\]]fikkfX[[i\jjk_\_ldXe`kXi`Xee\\[jf] k_\d`^iXekjXe[i\]l^\\jZfeZ\ie\[%

> >cigdYjXi^dc

BH;

<m\ipp\Xi#k_fljXe[jf]g\fgc\i`jbk_\`ic`m\jZifjj`e^k_\>lc]f] 8[\ekf\jZXg\]ifdk_\mfcXk`c\?fief]8]i`ZXi\^`fekfk_\i\cXk`m\ jX]\kpf]P\d\e%<k_`fg`XejXe[JfdXc`jj\\bi\]l^\\]ifdZfeÕ`Zk# m`fc\eZ\#g\ij\Zlk`fe#[iXl^_kXe[gfm\ikp%

:m]VjhiZYHdbVa^gZ[j\ZZhdci]ZWZVX]! DXidWZg'%%,

N`k_k_\\jZXcXk`e^ZfeÕ`Zk`eJfdXc`XXe[k_\]ff[Zi`j`j`egXikj f]k_\?fief]8]i`ZX#k_\`ieldY\ijXi\`eZi\Xj`e^%Lgkf\e[f]DXp )''/#fm\i)'#'''JfdXc`jXe[<k_`fg`XejZifjj\[k_\>lc]f]8[\e# n_`Z_`jdfi\k_Xe[flYc\k_\eldY\i]fik_\jXd\g\i`f[cXjkp\Xi% CXZb`e^jX]\Xe[c\^XcXck\ieXk`m\jkfc\Xm\k_\`iZflekip#k_\p _Xm\kflj\k_\j\im`Z\jf]jdl^^c\ijkfZifjjk_\>lc]f]8[\e% K_\jdl^^c\ijXi\efkfi`flj]fik_\`iYilkXc`kpXe[]XkXc`kpiXk\jXi\ _`^_%K_fj\n_fjlim`m\k_\[Xe^\ifljki`gXii`m\\o_Xljk\[Xe[ \dfk`feXccpj_Xkk\i\[%  @eJ\gk\dY\i)''.DJ=jkXik\[Xgifa\Zkgifm`[`e^_ldXe`kXi`Xe# d\[`ZXcXe[gjpZ_fjfZ`XcXjj`jkXeZ\kfi\]l^\\jXe[d`^iXekj Xii`m`e^fek_\jflk_\iej_fi\f]P\d\e%@ek_\Zfek\okf]k_\ gifa\Zk#DJ=`ek\im`\n\[fm\i),'e\ncpXii`m\[JfdXc`jXe[ <k_`fg`Xej#^Xk_\i`e^`e]fidXk`feXYflkk_\`iYXZb^ifle[#i\Xjfej ]fic\Xm`e^Xe[XYlj\j[li`e^k_\aflie\p%  K_`ji\gfik[fZld\ekjk_\Zfe[`k`fejf]k_\g\i`cfljaflie\pXe[ k_\`i`dgXZkfek_\_\Xck_Xe[gjpZ_fcf^`ZXcjkXk\f]k_\e\n Xii`mXcj%@kgi\j\ekjjkXk`jk`ZXc[XkXXjn\ccXj`e[`m`[lXc k\jk`dfe`\j#`eZcl[`e^Ôijk$_Xe[i\gfikj]ifdm`Zk`dj#jlYjkXek`Xk\[

*¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

YpXZZflekj]ifdfk_\igXjj\e^\ij#Xe[d\[`ZXcXe[Zflej\cc`e^ [XkX%K_\i\gfikf]k\eZ`k\jn_Xkk_\d`^iXekj&i\]l^\\j_Xm\kfc[lj lgfek_\`iXii`mXc`eP\d\e%K_`j`jkf^`m\k_\dXmf`Z\Xe[kff]]\i k_\i\X[\iXj\ej\f]k_\j\m\i`kpf]k_\XYlj\j1_fnk_\j\g\fgc\ jl]]\i[li`e^k_\YfXkaflie\p#_fnk_\p]\\c#Xe[_fn[\jg\iXk\k_\ j`klXk`fejXi\n_`Z_]fiZ\k_\dkfÕ\\%  N_`c\dfjkXkk\ek`feXe[i\j\XiZ_#\jg\Z`Xccp`e<lifg\#_Xj]fZlj\[ fed`^iXekjXe[i\]l^\\jZfd`e^m`Xk_\D\[`k\iiXe\Xe#k_\kiX^\[p le]fc[`e^`ek_\>lc]f]8[\e`jcXi^\cp`^efi\[Ypk_\`ek\ieXk`feXc Zfddle`kpXe[N\jk\ied\[`X%N`k_k_`ji\gfik#DJ=X`djkfiX`j\ XnXi\e\jjXYflkk_\gc`^_kf]i\]l^\\j#Xjpcldj\\b\ijXe[d`^iXekj Xii`m`e^fek_\jflk_\ieZfXjkf]P\d\e%K_\i\gfik[fZld\ekjk_\ d\[`ZXcXe[_ldXe`kXi`XeZfej\hl\eZ\jf]i\]l^\\jXe[d`^iXekj _Xm`e^kfi\jfikkfjdl^^c`e^YfXkjY\ZXlj\f]k_\cXZbf]jX]\Xe[ m`XYc\fgk`fej%

>> 8dciZmi

&

7VX`\gdjcY

 P\d\e#`em`\nf]`kj^\f^iXg_`ZXccfZXk`feÆ`kjgifo`d`kpkfk_\ ?fief]8]i`ZXXe[kfk_\n\Xck_p>lc]JkXk\j$_XjkiX[`k`feXccpY\\e XZflekipf]fi`^`e#[\jk`eXk`feXe[kiXej`k]fii\]l^\\jXe[d`^iXekj% 8cjf#gfglcXk`fedfm\d\ekjn`k_`eXe[]ifdk_\?fief]8]i`ZX#_Xm\ Xcfe^_`jkfip#]ifdk_\kiX[`k`feXcd`^iXk`fef]gXjkfiXc`jkj#kfcXYfli d`^iXk`fekfk_\>lc]JkXk\j#Xe[#`edfi\i\Z\ekk`d\j#Õ`^_kY\ZXlj\ f]ZfeÕ`Zk#gfc`k`ZXc`ejkXY`c`kpXe[\Zfefd`Z[\gi`mXk`fe%) J`eZ\k_\gXjkp\Xik_\eldY\if]g\fgc\\jZXg`e^ZfeÕ`Zk#g\ij\Zlk`fe# [iXl^_kXe[gfm\ikp`eJfdXc`XXe[<k_`fg`XXii`m`e^Xkk_\j_fi\jf] P\d\e_XjZfek`el\[kf`eZi\Xj\%=i\hl\ekcp#k_\dfk`mXk`fej]fic\Xm`e^ Xi\d`o\[#n`k_k_\dXafi`kpf]k_\e\nXii`mXcjjkXk`e^k_\ZfeÕ`Zkfi i\gi\jj`m\gfc`k`ZXc\em`ifed\ekjXjn\ccXjgfm\ikpXe[cXZbf]nfibXj i\Xjfej]fi[\gXikli\%8cjf#Xj`jk_\ZXj\n`k_gfglcXk`fedfm\d\ekj ]ifdfk_\ii\^`fej#i\]l^\\jXe[d`^iXekjkiXm\cXcfe^j`[\\XZ_fk_\i`e jf$ZXcc\[d`o\[Õfnj#lj`e^k_\jXd\iflk\jXe[df[\jf]kiXm\cXe[# Y\ZXlj\f]k_\XYj\eZ\f]c\^XcZ_Xee\cj]fij\\b`e^i\]l^\fid`^iXk`e^# _Xm\kf\dgcfpk_\jXd\j\im`Z\jf]jdl^^c\ij%* K_\`eZi\Xj`e^eldY\if]e\nXii`mXcjgfj\jXdXafiZ_Xcc\e^\]fi P\d\e#\jg\Z`XccpXj`kk_\gffi\jkZflekip`ek_\8iXY`XeG\e`ejlcX# ^iXggc`e^n`k__`^_gfm\ikpXe[le\dgcfpd\ek#iXg`[gfglcXk`fe ^ifnk_Xe[[n`e[c`e^nXk\ii\jfliZ\j%+

) =fidfi\[\kX`cjj\\1AfXb`d>le[\c#ÈK_\D`^iXk`fe$;\m\cfgd\ekE\olj1JfdXc`X :Xj\Jkl[p#É@ek\ieXk`feXcD`^iXk`fe#Mfc%+'#Ef,#)'')2@ek\ieXk`feXc:\eki\]fi D`^iXk`feGfc`Zp;\m\cfgd\ek@:DG; K_\<Xjk8]i`ZXD`^iXk`feIflk\jI\gfik# M`\eeX)''._\i\X]k\iZ`k\[Xj@:DG; 2D`o\[D`^iXk`feKXjb=fiZ\JfdXc`X#D`o\[ D`^iXk`fek_ifl^_JfdXc`XXe[XZifjjk_\>lc]f]8[\e#8gi`c)''/_\i\X]k\iZ`k\[Xj D`o\[D`^iXk`feKXjb=fiZ\i\gfik % * @:DG#g%(,2Jk\]Xe`\>iXek#@ek\ieXk`feXcD`^iXk`feXe[?ldXeI`^_kj#GXg\i gi\gXi\[]fik_\>cfYXc:fdd`jj`fefe@ek\ieXk`feXcD`^iXk`fe#J\gk\dY\i)'',#g%+% A\]]:i`jg#È9\pfe[k_\e\olj1LE?:IËj\mfcm`e^g\ijg\Zk`m\fei\]l^\\gifk\Zk`feXe[ `ek\ieXk`feXcd`^iXk`fe#ÉE\n@jjl\j`eI\]l^\\I\j\XiZ_#I\j\XiZ_GXg\i(,,#8gi`c )''/#g%+_\i\X]k\iZ`k\[Xj:i`jg 2:fleZ`cf]<lifg\#K_\?ldXeI`^_kjf]@ii\^lcXi D`^iXekj`e<lifg\#(.;\Z\dY\i)''.#g%/% + 8ZZfi[`e^kfk_\)''.LE;G?ldXe;\m\cfgd\eki\gfik#P\d\eiXebj(,*flkf] (..fek_\?ldXe;\m\cfgd\ek@e[\o%GfglcXk`fe^ifnk_`j*%-#le\dgcfpd\ek+'# n`k_fm\i+'f]P\d\e`jc`m`e^`egfm\ikp%

+¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

'

8jggZcihXdeZVcYeViiZgch

;li`e^)''.#XZZfi[`e^kfLE?:IjkXk`jk`Zj)0#*-'i\]l^\\jXe[ d`^iXekjXii`m\[fek_\ZfXjkf]P\d\e%K_\mfpX^\gifm\[g\i`cflj Xe[k_\\jk`dXk\[]XkXc`kpiXk\nXjm\ip_`^_$k_\jdl^^c\ijXi\ YilkXcXe[kXb\X[mXekX^\f]k_\\oki\d\mlce\iXY`c`kpf]k_\ gXjj\e^\ij%@e)''.#`k`j\jk`dXk\[k_XkXkc\Xjk,f]k_fj\j\kk`e^ flkfek_\[Xe^\ifljaflie\p[`[efki\XZ_k_\j_fi\jf]P\d\eXc`m\# n`k_-,+ZfeÔid\[[\X[Yli`\[ Xe[.,+d`jj`e^%,?fn\m\i#k_\ XZklXc[\Xk_kfcc`jgifYXYcpdlZ__`^_\i%P\d\e_XjXm\ipcfe^ZfXjk c`e\n`k_\ekipgf`ekj]fiYfXkjXcfe^Xjki\kZ_f]XYflk,''bdÆXe[ `k`jm\ipc`b\cpk_XkefkXcce\nXii`mXcjn\i\[\k\Zk\[efik_XkXcck_\ [\X[Xe[d`jj`e^n\i\i\gfik\[% 8]k\iXclcc]ifdAle\kf8l^ljk#n_\ek_\j\X`jkffifl^_]fi Zifjj`e^Y\ZXlj\f]k_\dfejffe#k_\d`^iXk`fej\XjfeY\^XeX^X`e`e J\gk\dY\i)''.%8ZZfi[`e^kfLE?:IjkXk`jk`Zj#k_\\jk`dXk\[ eldY\if]g\fgc\Xii`m`e^Xkk_\j_fi\jf]P\d\eg\Xb\[Xk-#(-+`e J\gk\dY\iXe[Xk.#-)/`eFZkfY\i%-DXepg\fgc\_X[Y\\enX`k`e^`e 9fjjXjf#k_\gfikZ`kp`ek_\Efik_f]JfdXc`X#jkXik`e^gf`ek]fik_\ YfXkaflie\p#]fik_\Y\^`ee`e^f]k_\Zifjj`e^j\Xjfe%8e`eZi\Xj`e^ eldY\if]g\fgc\_X[Õ\[k_\Ô^_k`e^`eJfdXc`X%8cjf#[li`e^ IXdX[XeXe[<`[]ifd(*J\gk%kf(-FZk%#)''. k_\eldY\if]YfXkj Zifjj`e^k_\>lc]f]8[\enXjm\ip_`^_#Xj_XjY\\ek_\ZXj\`e gi\m`fljp\Xij#j`eZ\k_\jdl^^c\ijkffbX[mXekX^\f]k_\]XZkk_Xkk_\ P\d\e`ZfXjk^lXi[Xe[d`c`kXipn\i\c\jjm`^`cXek% K_\ÔijkgXikf])''/jXnXdXjj`m\`eZi\Xj\`ek_\eldY\if] i\]l^\\jXe[d`^iXekj#n`k_+#'''fidfi\e\nXii`mXcj\XZ_dfek_ lgkfDXiZ_)''/%.9pk_\\e[f]DXp#fm\i)'#'''_X[Xii`m\[Xkk_\ j_fi\jf]P\d\e#n`k_Xcdfjk+''[\X[fid`jj`e^%/K_`jnXjdfi\ k_Xe[flYc\k_\eldY\i]fik_\jXd\g\i`f[`e)''.% K_\cXi^\dXafi`kp#Xifle[),#'''#f]k_\e\nXii`mXcj`e)''.ZXd\m`X k_\>lc]f]8[\e#n_`c\jfd\,#'''ZXd\]ifd;a`Yflk`m`Xk_\I\[J\X% =ifd;\Z\dY\i)''.fe#dfi\i\]l^\\jXe[d`^iXekjdX[\k_\YfXk aflie\p]ifd;a`Yflk`%K_`jki\e[Zfek`el\[[li`e^k_\Ôijkdfek_j`e )''/#n`k_fm\i,'f]k_\e\nXii`mXcj`eAXelXipXe[=\YilXip)''/ Zifjj`e^k_\I\[J\X%K_`jki`g`jdlZ_j_fik\iXe[c\jj[Xe^\iflj% 8cjf#XZZfi[`e^kfLE?:I#k_\dXafi`kpf]k_\YfXkjZifjj`e^k_\I\[ J\XXi\jdXcc\iXe[c\jjZifn[\[Xe[k_\jdl^^c\ijj\\dkfY\_Xm\ c\jj`e_ldXe\cp%@eDXiZ_Xe[8gi`c#]\nYfXkjZXd\m`X;a`Yflk`Xj k_\Xlk_fi`k`\jk_\i\n\i\k`^_k\e`e^Zfekifcj%@eDXp)''/k_\eldY\i f]YfXkjZifjj`e^k_\I\[J\XnXjfek_\`eZi\Xj\X^X`e%0 Fm\ik_\gXjkdfek_j#k_\jdl^^c\ij_Xm\Y\^lekflj\Xe\nkpg\f] jdXcc\i#]Xjk\iYfXkj#n`k_),kf+,gXjj\e^\ij%K_\gi`Z\f] kiXejgfikXk`fe`j_`^_\i#Ylkg\fgc\#XZZfi[`e^kfk_\`ii\gfikj#Xi\ ki\Xk\[Y\kk\i%K_\gXjj\e^\ij`ek\im`\n\[]ifdk_\j\YfXkj$\oZ\gk ]fife\n_`Z_[l\kfk\Z_e`ZXckiflYc\jfek_\_`^_j\XkffbÔm\[Xpj kfZifjj$kfc[ljk_Xkk_\p[`[efk\eZflek\idXafigifYc\dj[li`e^ k_\ki`g%@kj\\djk_Xkk_\j\YfXkjXi\`eZi\Xj`e^cplj\[2]fi`ejkXeZ\

, LE?:I@eZ`[\ekJkXk`jk`ZXcI\gfik#;\Z\dY\i)''.%@e)''-#XZZfi[`e^kfLE?:I `eZ`[\ekjkXk`jk`Zj#),#/''i\]l^\\j#Xjpcldj\\b\ijXe[d`^iXekjXii`m\[`eP\d\e _Xm`e^Zifjj\[k_\>lc]f]8[\e#n`k_Xkc\Xjk**'[\X[Xe[*''d`jj`e^% - LE?:I@eZ`[\ekJkXk`jk`ZXcI\gfik#;\Z\dY\i)''.% . 8ZZfi[`e^kfLE?:I`eZ`[\eki\gfikjk_\\jk`dXk\[eldY\ijf]Xii`mXcjXkk_\ZfXjk ]fik_\Ôijk+dfek_jf])''/n\i\Xj]fccfnj1AXelXip+#+/(#=\YilXip*#00.#DXiZ_ +#(*)#8gi`c*#-',%@eZfdgXi`jfe#\jk`dXk\[Ô^li\j]fiAXelXiplgkfXe[`eZcl[`e^8gi`c )''.n\i\.#(++% / LE?:I@eZ`[\ekJkXk`jk`ZXcI\gfik#DXp)''/% 0 8ZZfi[`e^kfLE?:I#`e8gi`c#fecp('f]k_\e\nXii`mXcjZXd\m`X;a`Yflk`%@e DXp#+'f]Xcck_\YfXkjZifjj`e^ZXd\m`X;a`Yflk`

,¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

`e8gi`c'/fm\i_Xc]k_\YfXkjXii`m`e^fek_\j_fi\jf]P\d\en\i\ jdXcc\iYfXkj% K_\gi`Z\f]k_\YfXkki`giXe^\[]ifdLJ,'kf/'#Xe[LJ(''kf (-']fik_\jdXcc\i#]Xjk\iYfXkj%

Â?BH;

( 

6]lVggZXZei^dcXZcigZ!BVn'%%-

H^ijVi^dcd[i]ZgZ[j\ZZhVcYb^\gVcihjedc Vgg^kVa^cNZbZc

8]k\iXii`m`e^fek_\j_fi\#g\fgc\Xi\kXb\eYpLE?:IĂ&#x2039;j `dgc\d\ek`e^gXike\iJfZ`\kp]fi?ldXe`kXi`XeJfc`[Xi`kpJ?J#X cfZXcE>F kf\`k_\ik_\DXp]X_fi8_nXiI\Z\gk`fe:\eki\j:I  n_\i\k_\pjkXpX]\n[Xpj#i\Z\`m\Xjj`jkXeZ\Xe[Xi\I\^`jk\i\[%(' @e`k`Xccpk_\i\nXjfecpfe\i\Z\gk`feZ\eki\XkDXp]X_#XYflkknf _flij`ecXe[]ifdk_\ZfXjk%@e)''.#LE?:I[\Z`[\[kf\jkXYc`j_X j\Zfe[i\Z\gk`feZ\eki\Xk8_nXifek_\ZfXjk#n`k_DJ=i\jgfej`Yc\ ]fik_\\d\i^\eZp_\Xck_Z\eki\%?fn\m\i#k_\i\_Xm\Y\\e Zfej`[\iXYc\[\cXpjXe[8_nXiI\Z\gk`fe:\eki\8I: nXjfg\e\[ fecpfe0DXiZ_#)''/%8kk_Xkk`d\DJ=jkXik\[XZk`m`k`\jk_\i\# gifm`[`e^d\[`ZXcXe[gjpZ_fjfZ`Xcjlggfik]fik_\e\nXii`mXcj% ?fn\m\i#^\e\iXcZfe[`k`fej`ek_\I:i\^Xi[`e^i\^`jkiXk`fe#j_\ck\i Xe[]ff[jk`cce\\[kfY\`dgifm\[%@eX[[`k`fe#e\nXii`mXcjfek_\ ZfXjkXe[Xkk_\8_nXiI\Z\gk`fe:\eki\ Xi\]i\hl\ekcpefk^`m\e X[\hlXk\`e]fidXk`feXYflkk_\e\okjk\gjXe[gfjj`Y`c`k`\jfg\ekf k_\d%K_lj`k`j`dgfikXekk_Xkfi^Xe`qXk`fejXZk`m\k_\i\_Xm\jkX]] jg\Xb`e^JfdXc`Xe[k_\dX`e<k_`fg`XecXe^lX^\je\\[\[Fifd`]XX Xe[8d_Xi`Z % 8ZZfi[`e^kfLE?:I)''.jkXk`jk`Zj#/(f]k_\e\ncpXii`m\[ JfdXc`j^fkkfk_\DXp]X_I\Z\gk`fe:\eki\Xj[`[)(f]efe$ JfdXc`jXcdfjkXcc<k_`fg`Xej %((K_\pXi\kXb\ek_\ekfB_XiXq I\]l^\\:Xdg#cfZXk\[`eCX_Xa>fm\iefiXk\#XYflk)''bdn\jk ]ifd8[\e%Fm\i_Xc]k_\JfdXc`j#,.XZZfi[`e^kfLE?:I#`e`k`Xccp ^fkfk_\B_XiXqZXdg%?fn\m\i#]\njkXpk_\i\#XjB_XiXq`jcfZXk\[ `ek_\[\j\ik]XiXnXp]ifdXepkfne%:fe[`k`fejXi\_Xij_#n`k__`^_ k\dg\iXkli\jXe[n`e[j#Xe[j\im`Z\j`eX[\hlXk\%B_XiXq:Xdg Ă&#x2C6;_fjkjjfd\f]k_\dfjk[\jk`klk\Xe[mlce\iXYc\i\]l^\\ji\j`[`e^`e P\d\eĂ&#x2030;%()K_\Zlii\ekgfglcXk`fef]k_\:Xdg`jXifle[0#'''# XZZfi[`e^kfLE?:I%K_\cXi^\dXafi`kpf]k_\i\]l^\\j`eP\d\e c`m\`eliYXeXi\Xj#\jg\Z`Xccp`eJXeXĂ&#x2039;XXe[8[\e%C`m`e^Zfe[`k`fej ]fik_\i\]l^\\jXi\m\ip[`]Ă&#x201D;Zlck#n`k_]\ngfjj`Y`c`k`\jfg\ekfk_\d# \jg\Z`Xccp]fi\dgcfpd\ek% K_\i\Xi\ef\oXZkĂ&#x201D;^li\ji\^Xi[`e^k_\eldY\if]JfdXc`jc`m`e^`e P\d\e%8ZZfi[`e^kfLE?:Ifm\i((/#'''JfdXc`i\]l^\\jZlii\ekcp i\j`[\`eP\d\e#Ylkk_\XZklXceldY\i`jc`b\cpkfY\dlZ__`^_\iXj dXepJfdXc`i\]l^\\j_Xm\efkY\\ei\^`jk\i\[%(*

(' K_\i\Z\gk`feZ\eki\jXi\kiXej`kZ\eki\j]fie\nXii`mXcj#n_\i\k_\pjg\e[X]\n [Xpjkfi\Zlg\iXk\]ifdk_\aflie\p#Xi\gifm`[\[n`k_`e`k`XcXjj`jkXeZ\Xe[i\^`jk\i\[ Y\]fi\Y\`e^kXb\ekfk_\B_XiXqI\]l^\\:Xdg]fiXcfe^\i$k\idjkXp% (( LE?:I@eZ`[\ekJkXk`jk`ZXcI\gfik#;\Z\dY\i)''.%8ZZfi[`e^kfLE?:I)''/ jkXk`jk`Zj#[li`e^k_\Ă&#x201D;ijk]flidfek_jf])''/#/0f]k_\JfdXc`e\nXii`mXcjXe[*) f]k_\efe$JfdXc`ji\XZ_\[k_\i\Z\gk`feZ\eki\j% () LE?:I#:flekipFg\iXk`fejGcXe)''/1P\d\e#g%,% (* 8kk_\I\^`feXc:fe]\i\eZ\feI\]l^\\Gifk\Zk`feXe[@ek\ieXk`feXcD`^iXk`fe`e k_\>lc]f]8[\e(0$)'DXp#)''/ #k_\P\d\e`=fi\`^eD`e`jk\ii\]\ii\[kf,''#''' JfdXc`i\]l^\\j`eP\d\e%

-ÂĽ

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

)

AZ\VahiVijh

8ck_fl^_k_\gffi\jkZflekipf]k_\8iXY`XeG\e`ejlcX#P\d\e_Xj Y\\en\cZfd`e^kfnXi[jJfdXc`i\]l^\\j#`egXikY\ZXlj\f]P\d\eËj _`jkfi`ZkiX[\Xe[jfZ`Xci\cXk`fejn`k_JfdXc`X%CfZXcZfddle`k`\j Xe[Ôj_\id\en_f\eZflek\ie\nXii`mXcjfek_\j_fi\]i\hl\ekcp gifm`[\jlggfik#Xck_fl^_k_\pXi\m\ipgffik_\dj\cm\j% P\d\e`jj`^eXkfipkfk_\(0,(:fem\ek`feI\cXk`e^kfk_\JkXkljf] I\]l^\\jXe[`kj(0-.GifkfZfc#k_\fecpZflekipfek_\8iXY g\e`ejlcXkf_Xm\XZZ\[\[kfk_\j\`ek\ieXk`feXc`ejkild\ekj% ?fn\m\i#`dgc\d\ekXk`feXkk_\eXk`feXcc\m\c`jcXZb`e^%K_\i\`jef eXk`feXci\]l^\\cXnXe[effg\iXk`feXcZfdd`kk\\k_Xk[\Xcjn`k_ i\]l^\\j%@e\Xicp)''/#k_\?ldXeI`^_kjD`e`jk\igifgfj\[k_\ \jkXYc`j_d\ekf]Xe`ek\i$d`e`jk\i`Xc[iX]k`e^Zfdd`kk\\kfgi\gXi\X [iX]ki\]l^\\cXn%@e)'''k_\EXk`feXc:fdd`kk\\]fiI\]l^\\ 8]]X`ijE:I8 _\X[\[Ypk_\;\glkp=fi\`^eD`e`jk\iXe[ Zfdgi`j`e^f]ÔZ`Xcj]ifdd`e`jki`\jXe[X[d`e`jkiXk`m\Yf[`\jk_Xk [\Xcn`k_i\]l^\\`jjl\j=fi\`^e8]]X`ij#@ek\i`fi#Aljk`Z\# @dd`^iXk`feXe[GXjjgfikj#Xe[k_\F]ÔZ\f]Gfc`k`ZXcJ\Zli`kp nXj \jkXYc`j_\[%?fn\m\i#`k`jfecpXZfejlckXk`m\Yf[pn`k_flkX j\Zi\kXi`XkXe[_XjefkY\\em\ipXZk`m\% K_\P\d\e`>fm\ied\eki\Zf^e`q\jJfdXc`jXjgi`dX]XZ`\i\]l^\\j% K_ljk_\p[fefke\\[kfle[\i^f`e[`m`[lXcjkXklj[\k\id`eXk`fe% E\ncpXii`m\[<k_`fg`XejXi\Zfej`[\i\[`cc\^XcXe[jlYa\Zkkf [\gfikXk`fe#n`k_flkX[`jk`eZk`fedX[\Y\kn\\ed`^iXekjXe[Xjpcld j\\b\ij%J`eZ\)''-#k_\>fm\ied\ekf]P\d\e_Xj`dgc\d\ek\[ jki`Zk\id\Xjli\jkfZfekifck_\`eÕlof]efe$JfdXc`j#dX`ecp <k_`fg`Xej#lgfeXii`mXcfek_\:fXjk%P\d\e`jfc[`\ijXi\le[\i fi[\ij]ifdk_\@ek\i`fiD`e`jkipkfXii\jk<k_`fg`Xej%K_lj# <k_`fg`Xej#n_\ek_\pXii`m\fek_\j_fi\#Xi\X]iX`[f]Y\`e^Xii\jk\[ Xe[dXepf]k_\ddfm\]ifdk_\j_fi\XjjffeXjk_\pZXe% N_\eYfXkjXii`m\fek_\ZfXjkXe[k_\e\nXii`mXcjXi\[\k\Zk\[Yp k_\d`c`kXip#<k_`fg`XejXi\ljlXccpj\gXiXk\[]ifdk_\JfdXc`j# [\kX`e\[Xe[k_\eYifl^_kkfk_\`dd`^iXk`fe[\k\ek`feZ\eki\kf XnX`k[\gfikXk`fe%LE?:I[f\jefk_Xm\^\e\iXcXZZ\jjkf[\kX`e\[ <k_`fg`Xej\oZ\gk`ejg\Z`ÔZZXj\jYifl^_kkf`kjXkk\ek`feXe[kf n_`Z_`ki\hl\jkXZZ\jj% <k_`fg`Xejn_fi\XZ_k_\i\Z\gk`feZ\eki\jXi\i\^`jk\i\[Xe[^`m\e XeXggf`ekd\ekjc`gXe[k_ljk_\gfjj`Y`c`kpkfgi\j\ekXeXjpcld ZcX`dkfk_\LE?:I8[\efiJXeXËXf]ÔZ\n`k_`ek\e[Xpj% 8ZZfi[`e^kfLE?:I#`e)''-Xggifo`dXk\cp(#'''<k_`fg`Xej n\i\[\gfik\[%;\gfikXk`fef]e\ncpXii`m\[<k_`fg`Xej#n_f_Xm\ XmXc`[]\Xif]g\ij\Zlk`fe#n`k_flkk_\gfjj`Y`c`kpf]gi\j\ek`e^X ZXj\]fiXjpcld`j`em`fcXk`fef]k_\gi`eZ`gc\f]efe$i\]flc\d\ek \ej_i`e\[`e8ik`Zc\**f]k_\(0,(:fem\ek`feI\cXk`e^kfk_\ JkXkljf]I\]l^\\j%

.¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

KfX[[i\jjk_`jZfeZ\ie#LE?:I`j[`jZljj`e^k_\('$Gf`ekGcXef] 8Zk`fefeI\]l^\\Gifk\Zk`feXe[D`o\[D`^iXk`fe#n_`Z_#`] `dgc\d\ek\[nflc[#`ek\iXc`X#gifm`[\]fii\]l^\\jkXklj [\k\id`eXk`fegifZ\[li\jXe[k_lj]fik_\gfjj`Y`c`kpf]<k_`fg`Xej kfgi\j\ekXjpcldZcX`djXe[]fiLE?:Ikf_Xm\XZZ\jjkf[\kX`e\[ <k_`fg`Xej%(+

>>> BV^cÄcY^c\h

K_`ji\gfik`jYXj\[gi`dXi`cpfe`e]fidXk`fe]ifd),'`ek\im`\nj ]ifd-0YfXkj#[fZld\ek\[`e[\kX`c\[hl\jk`feeX`i\j#Xe[(. k\jk`dfe`\jkXb\en`k_Xi\Zfi[\iXjn\ccXjfed\[`ZXcXe[ Zflej\c`e^[XkX%@kZfm\ijk_\g\i`f[f]J\gk\dY\i0#)''.k_\k`d\ k_\DJ=gifa\ZkjkXik\[#kf8gi`c*'#)''/%K_\i\gfik]fZlj\jfek_\ YfXkaflie\pj]ifd9fjjXjf#k_\gfikkfnefek_\efik_\Xjkf] JfdXc`X]ifdn_\i\g\fgc\Zifjjk_\>lc]f]8[\e#kfk_\jflk_\ie ZfXjkf]P\d\e#dfi\jg\Z`ÔZXccpfeXii`mXcjXcfe^k_\).'$bdjki\kZ_ f]ZfXjkZfm\i\[YpDJ=%

BH;

N_\i\gfjj`Yc\#k_\`e]fidXk`fei\Z\`m\[nXjm\i`Ô\[%?fn\m\i#k_`j jfd\k`d\jgifm\[[`]ÔZlck#Xjk_\j\kk`e^]fik_\`ek\im`\nj[li`e^ k_\dfY`c\`ek\im\ek`fejnXjefkZfe[lZ`m\kf`e$[\gk_`ek\im`\nj% DJ=jkX]]ljlXccp]fle[^iflgjf]e\nXii`mXcjnX`k`e^fek_\j_fi\# Xcfe^j`[\k_\ifX[fiXkd`c`kXipZ_\Zbgf`ekj%K_\`ek\im`\nj_X[kf kXb\gcXZ\`ek_\fg\e#n`k_g\fgc\j`kk`e^`e^iflgjXjk_\i\]l^\\j& d`^iXekjn\i\nX`k`e^]fik_\kilZbkfkXb\k_\dkfk_\LE?:I i\Z\gk`feZ\eki\%8]lik_\iZfejkiX`eknXjXZZ\jjkfk_\<k_`fg`Xej#Xj k_\p#le[\ijkXe[XYcp#n\i\X]iX`[f]Y\`e^Xii\jk\[Xe[nflc[kipkf gXjjXjJfdXc`j% BH;iZVb^ciZgk^Zl^c\V\gdjed[HdbVa^ ldbZcVcYX]^aYgZc

N`k_k_\fg\e`e^f]k_\8I:#Zfe[`k`fej]fi`ek\im`\nj`dgifm\[#Xj DJ=_XjXgi`mXk\jgXZ\]fi`ek\im`\njXe[`jXYc\kfkXb\dfi\k`d\ ]fi]fccfn$lg%K_`j`ji\Õ\Zk\[`ek_\[XkX^Xk_\i\[]ifdDXiZ_ fenXi[j%

&

I]ZWdVi_djgcZn

K_\YfXkki`gXZifjjk_\>lc]f]8[\e`jfe\f]k_\dfjk_XqXi[flj gXikjf]k_\aflie\p%>`m\ek_\XYj\eZ\f]c\^Xcd`^iXk`feiflk\j#k_\ fecpfgk`fei\]l^\\jXe[d`^iXekj_Xm\`jkflj\jdl^^c\ijËYfXkj% Jdl^^c\ijfg\iXk`e^`ek_\>lc]f]8[\eXi\efkfi`flj]fik_\`i YilkXc`kpXe[kXb\X[mXekX^\f]k_\\oki\d\mlce\iXY`c`kpf]k_\ i\]l^\\jXe[d`^iXekj%8Ylj\jXi\k_\ilc\#efkk_\\oZ\gk`fe%9fXkj Xi\fm\iZifn[\[#n`k_fm\i(''gXjj\e^\ijgXZb\[`ekf\`^_kkfk\e d\ki\m\jj\cjn_`Z_#le[\ii\^lcXiZfe[`k`fej#kXb\*'kf+'g\fgc\Xk dfjk%GXjj\e^\ijXi\]fiZ\[kfj`k`ek_\jXd\gfj`k`fele[\ik_\ (+ K_\('Gf`ekGcXef]8Zk`fe`jLE?:I¡jXkk\dgkkfX[fgkXdfi\Zfdgi\_\ej`m\ XggifXZ_kfi\]l^\\gifk\Zk`fe`ek_\Zfek\okf]d`o\[d`^iXk`fe%K_\('Gf`ekjf]k_\ GcXef]8Zk`feXi\1(%:ffg\iXk`feXdfe^b\pgXike\ij%)%;XkXZfcc\Zk`feXe[XeXcpj`j% *%Gifk\Zk`fe$j\ej`k`m\\ekipjpjk\dj%+%I\Z\gk`feXiiXe^\d\ekj%,%D\Z_Xe`jdj]fi gifÔc`e^Xe[i\]\iiXc%-%;`]]\i\ek`Xk\[gifZ\jj\jXe[gifZ\[li\j%.%Jfclk`fej]fi i\]l^\\j%/%8[[i\jj`e^j\Zfe[Xipdfm\d\ekj%0%I\klie$XiiXe^\d\ekj]fiefe$i\]l^\\j Xe[Xck\ieXk`m\fgk`fej%('%@e]fidXk`fejkiXk\^p%J\\LE?:I#I\]l^\\Gifk\Zk`feXe[ D`o\[D`^iXk`fe18('$Gf`ekGcXef]8Zk`fe#(AXelXip)''.%:i`jg#gg%+#,%

&%¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

jZfiZ_`e^jle#n`k_XeldY\ijklZb`ejdXccjkfiX^\gcXZ\j`ek_\ _fc[%K_\pXi\jlYa\Zk\[kfY\Xk`e^jXe[#`ek_\dXafi`kpf]ZXj\j# [\gi`m\[f]]ff[Xe[nXk\i%;\Xk_jXi\]i\hl\ek% K_\YfXkki`g]ifd9fjjXjfkfk_\P\d\e`ZfXjkkXb\j]ifd)/kf.) _flij#[\g\e[`e^fen\Xk_\iXe[j\XZfe[`k`fejXe[XZk`m`kp`ek_\ >lc]%8ii`mXc`eP\d\e`j]iXl^_kn`k_[Xe^\ijXjk_\jdl^^c\ij ]i\hl\ekcpkXb\\oki\d\d\Xjli\jkfXmf`[[\k\Zk`feYpk_\P\d\e` ZfXjk^lXi[Xe[d`c`kXip%K_\jdl^^c\ijf]k\e[fefkkXb\k_\dfjk [`i\ZkZflij\Ylkcfe^\iiflk\jkfXmf`[gXkifcjfek_\_`^_j\Xj%@e i\jgfej\kf`eZi\Xj\[gXkifcc`e^XZk`m`k`\j#k_\jdl^^c\ij_Xm\j_`]k\[ iflk\jXe[`ek_\dXafi`kpf]ZXj\j#dXb\g\fgc\[`j\dYXibXke`^_k% 8cdfjk_Xc]k_\YfXkj]ifdn_`Z_DJ=^Xk_\i\[`e]fidXk`fejkfgg\[ ]Xi]ifdk_\j_fi\Xe[#`edfjkZXj\j#gXjj\e^\ijXi\]fiZ\[kfaldg fm\iYfXi[Xe[jn`dkfk_\j_fi\%DXep[ifne%

&#&

8dcY^i^dchdci]ZWdVih

¹LZlZgZ[dgXZYidhiVn^chVbZeaVXZl^i]dji bdk^c\#I]Zhbj\\aZghlZgZWZVi^c\jh]VgY[gdb i]ZWZ\^cc^c\d[i]Zig^ejci^aaVcY^c\VcYZcYZYWn [dgX^c\jhid_jbe^cidYZZelViZgº '&"nZVgdaYDgdbdbVc[gdb7VaZgZ\^dc&-$%'$%-

¹I]ZnWZVindjWVYandci]ZWdVi!i]Zn]VkZ\jchVcY `c^kZh#I]ZXdcY^i^dcdci]ZWdVilVhgZVaankZgn WVY!>egZ[ZggZYidY^Z!WZXVjhZd[i]ZWZVi^c\#LZ ]VYcdlViZgVcYcdi]^c\idZVi#>i^hdkZgXgdlYZY! eZdeaZVgZh^ii^c\dcndj!ndjXVccdibdkZ#EZdeaZ VgZhdbZi^bZheVhh^c\jg^cZVcYhiddadcndjº *%"nZVgdaYHdbVa^bVc[gdb6[\dnZ'*$%'$%,

&#&#& 8gdlY^c\

BH;

8cck_fj\`ek\im`\n\[\oZ\gkk_\gXjj\e^\ij]ifdknfjdXcc#]Xjk YfXkjjX`[k_Xkk_\`iYfXkjn\i\\oki\d\cpZifn[\[n`k_0'kf()' g\fgc\$`ejfd\ZXj\jlgkf(,'g\fgc\$ZiXdd\[`e/kf('d\ki\ jkilZkli\j[\j`^e\[kfÔkXdXo`dldf]*'kf+'gXjj\e^\ij%

DcZd[i]ZWdVihaZ[iWZ]^cYWni]Zhbj\\aZgh

¹I]ZgZVgZhdbVcneZdeaZdci]ZWdVi#LZValVnh ]VkZidWZ^ci]ZhVbZXgdjX]ZYedh^i^dc#I]ZcZmi eZghdc^hh^ii^c\g^\]iWZ]^cYndjl^i]]^h[ZZi^c ndjgWVX`VcYhdbZi^bZhi]Znejh]ndj#>[ndjhiVgi idbdkZZkZcVa^iiaZW^i!i]Zhbj\\aZghWZVindj#º <gdjed[VYdoZcHdbVa^bZc&($&%$'%%,

9\ZXlj\k_\YfXkjXi\jffm\icfX[\[#jfd\g\fgc\i\gfik\[k_Xkk_\p n\i\j`kk`e^fekfgf]\XZ_fk_\i%8e(/$p\Xifc[JfdXc`gXk`\ekn_fd n\ki\Xk\[fe/DXiZ_'/ZfdgcX`e\[XYflk[`]ÔZlck`\jYi\Xk_`e^ Y\ZXlj\jfd\fe\jXkfe_`d%

&&¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

¹HdbZWdYnhVidcbZVcY>Vh`ZY]^bidbdkZ# =ZidaYi]Zhbj\\aZgh#I]Zci]Zhbj\\aZghhV^Yid bZi]Vii]ZnldjaYi]gdlbZ^cidi]ZhZV^[>bV`Z VcnegdWaZb#º &,"nZVgdaYHdbVa^ldbVc[gdb7dhhVhd!l]dXVbZ

dcVc-"bZigZWdVil^i]&)-eVhhZc\Zghdc&*9ZX#%, DXepgXk`\ekjZfdgcX`e\[XYflkYf[pgX`ej]ifdj`kk`e^`ek_\jXd\ Zifn[\[gfj`k`fen`k_flkY\`e^XYc\kfdfm\%8eldY\if]gXk`\ekj i\gfik\[gX`e`ek_\`iYlkkfZbjXe[^\e`kXcj#Xjk_\p_X[kfj`k`e j\XnXk\iXe[li`e\$jfXb\[Zcfk_\j%D\e\og\i`\eZ\[jb`ecfjj]ifd k_\`ijZifkld#n_`c\k_\nfd\ejl]]\i\[Z_XÔe^Y\kn\\ek_\`i `ee\ik_`^_j%

&#&#'7Z^c\eji^cidi]Z]daY

BH;

KfZiXdXjdXepg\fgc\Xjgfjj`Yc\`ekfk_\YfXkj#jdl^^c\ijglk g\fgc\Xcjf`ek_\_fc[f]k_\YfXkjÆjdXcc#n`e[fnc\jjjgXZ\j efidXccpd\Xek]fijkfiX^\Ç%8jX-($p\Xi$fc[]Xid\i]ifdDXibX i\dXib\[#ÈK_`j`jÔj_YfXk#k_\i\`jX_fc[n_`Z_jlggfj\[kfY\lj\[ ]fiÔj_#Ylkk_\pglk_ldXeY\`e^jk_\i\%É?\kfc[ljk_Xkk_\i\n\i\ *'g\fgc\`ek_\_fc[f]_`jYfXk()&'+&'/ %//f]k_\`ek\im`\n\\j i\gfik\[k_XkgXjj\e^\ijn\i\jklZb`ek_\_fc[#k_\`ieldY\ij iXe^`e^]ifd(,kf+'#feXm\iX^\),%

I]Z]daYd[i]ZWdVi!l]ZgZeVhhZc\ZghVgZhijX`

:fe[`k`fej`ek_\_fc[Xi\nfij\#Y\ZXlj\g\fgc\Xi\\m\edfi\ Zifn[\[#j`kk`e^fekfgf]\XZ_fk_\i%K_\pcXZbX`ikfYi\Xk_\Xe[ dXepZfdgcX`e\[XYflki\jg`iXkfip[`jki\jjkfflid\[`ZXck\Xd%=fi `ejkXeZ\#fe\f]fligXk`\ekj#X(-$p\Xifc[pfle^dXe#XeFifdf]ifd >`ddX#kfc[lj#È@nXj`ek_\cfn\igXikf]k_\_lcc%@]\ck@nXj jl]]fZXk`e^%É(/&')&'/ G\fgc\`ek_\_fc[Xcjfjl]]\i]ifdk_\ `ek\ej`m\_\Xk%Jfd\i\gfik\[k_Xkk_\p_X[kfj`k`ej\XnXk\i#li`e\# jkffcXe[mfd`klj%DXepi\gfik\[k_Xkn_\ek_\pZflc[efkjkXe[`k Xepdfi\Xe[nXek\[kfZfd\lgfe[\Zb#k_\pn\i\Y\Xk\eYpk_\ jdl^^c\ijXe[glj_\[[fneX^X`e%Jfd\kfc[ljk_Xkk_\pn\i\ ]fiZ\[kfgXp]fiY\`e^Xccfn\[kfZfd\fe[\Zb#n_`c\fk_\ij i\gfik\[k_Xk\m\e`]k_\pgX`[dfi\dfe\p#k_\pn\i\glkYXZb`ekf k_\_fc[%

¹>lVh^ci]Z]daY#>iadd`ha^`ZVhbVaahidgV\Zgddb! ^i^h_jhidcZbZigZ#LZlZgZ'%eZdeaZi]ZgZ#LZ hj[[ZgZYVadi^ch^YZ!^ilVhgZVaankZgn]di!lZ]VYcd V^g#LZlZgZV[gV^Yi]VidcZd[i]ZeZdeaZl]dlVh ^ch^YZlVh\d^c\idY^ZWZXVjhZd[hj[[dXVi^dc#º 6('"nZVgdaY:i]^de^VcbVc6b]VgVl]dhZaZ\lVh

\gVoZY[gdbgjWW^c\V\V^chii]Z]jaa%.$%($%-

¹I]Zn]VkZcdbZgXn#>lVhi]gdlc^ci]ZldghieVgi d[i]ZWdVi!^ci]Z]daY#L]ZcZkZg>gV^hZbn]ZVY [dgWgZVi]^c\!i]Zhbj\\aZghWZVibZl^i]i]ZWjiih d[i]Z^gg^ÅZh#º )."nZVgdaYXVgbZX]Vc^X[gdbBd\VY^h]j%,$%&$%-

&'¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

&#&#(AVX`d[[ddYVcYlViZg$i]Z[id[[ddYVcYWZadc\^c\h Fm\i/'f]fli`ek\im`\n\\jd\ek`fe\[k_Xkk_\p[`[efk^\kXep ]ff[Xe[nXk\i[li`e^k_\ki`g%N_\ei\]l^\\jXe[d`^iXekjXii`m\[ fek_\ZfXjk#XcXi^\eldY\in\i\[\_p[iXk\[Xe[_le^ip% 8^iflgf]k_i\\JfdXc`d\e`ek_\`ikn\ek`\j]ifdDf^X[`j_lkfc[ lj#È<m\e`]pfln\i\[p`e^#k_\pRk_\jdl^^c\ijTnflc[efk^`m\pfl nXk\i%É',&('&'. Jfd\f]k_\gXjj\e^\ijjX`[k_Xkk_\pn\i\jf [\jg\iXk\k_Xkk_\p[iXebfZ\XenXk\i%J\m\iXcgXjj\e^\iji\gfik\[ k_Xkn_\ek_\pXjb\[]finXk\i#k_\jdl^^c\ijdX[\k_\dgXp]fi`k# n`k_jfd\k\cc`e^ljk_Xk#\m\en_\ek_\pgX`[#k_\p[`[efki\Z\`m\ nXk\i% 8eldY\if]gXjj\e^\ij`e[`ZXk\[k_Xkjdl^^c\ijkffbk_\`i]ff[fi k_\c`kkc\dfe\pfifk_\iY\cfe^`e^jk_\p_X[%8JfdXc`nfdXen_fd n\Zflej\cc\[fe)+;\Z\dY\i'.nXjlgj\kY\ZXlj\k_\jdl^^c\ij jkfc\_\idfe\p%J_\kfc[lj#

¹Dci]ZWdVi!i]Zhbj\\aZgh\gVWWZYbZWni]Z]V^g# L]Zc>gZ[jhZYid_jbe^cidi]ZlViZg!i]Zn Y^hXdkZgZYi]ZbdcZn]^YYZcjcYZgbnhXVg[VcY hidaZ^iWZ[dgZi]gdl^c\bZ^cidi]ZhZV#¼¼ ¹I]Znidd`i]Zb^a`!YViZh!hlZZih>]VY[dgi]Z X]^aYgZcVcYi]gZli]Zb^cidi]ZhZV#º (%"nZVg"daYldbVc[gdbBd\VY^h]jl]d]VYXdbZdc]Zgdlcl^i]]Zgild

X]^aYgZcildWdnh!&&$'VcY*nZVghdaY!%'$%)$%-

&#&#) 9^hXg^b^cVi^dcV\V^chi:i]^de^Vch 8Zfej`[\iXYc\eldY\if]k_\<k_`fg`Xej`ek\im`\n\[ZfdgcX`e\[ XYflk[`jZi`d`eXk`fefeYfXi[k_\jdl^^c\ijn\i\JfdXc` % 8)($p\Xifc[]Xid\i]ifd9Xc\kfc[DJ=#ÈK_\jdl^^c\ijY\Xkk_\ <k_`fg`XejYX[cp%K_\pjfd\k`d\jk_i\nk_\<k_`fg`Xej`ekfk_\ j\X%Dfjkf]k_\<k_`fg`Xejn\i\`ek_\_fc[%É')&'*&'/ JfdXc` gXjj\e^\ijXcjfd\ek`fe\[k_Xk`knXj]i\hl\ekcpk_\<k_`fg`Xej n_fn\i\glk`ek_\_fc[%

¹LZaZ[i7dhhVhddcVWdVil^i]Vadid[eZdeaZ! VWdji&(%#I]Z:i]^de^VchlZgZhZeVgViZY[gdb i]ZHdbVa^#I]ZHdbVa^lZgZigZViZYWZiiZg VcYlZgZdci]ZjeeZgYZX`#LZ:i]^de^VchlZgZ Vii]ZWdiidb#EZdeaZjg^cViZYVcYkdb^iZYdcjh# I]ZXdcY^i^dchlZgZkZgn]VgY#I]Zhbj\\aZghWZVi jhl^i]hi^X`hVcYZkZcWZaih#L]ZclZVgg^kZY XadhZidi]Zh]dgZi]ZndgYZgZYjhid_jbedji# HdbZXdjaYcdihl^bVcY)eZdeaZY^ZY#º <gdjed[h^m:i]^de^Vch%($&%$%,

&(¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

&#&#* K^daZcXZ 7ZVi^c\hVcYdi]Zg[dgbhd[k^daZcXZ

¹I]Zn]VkZcdbZgXn!i]ZnWZVijha^`ZVc^bVah#º

BH;

''"nZVg"daYHdbVa^bVc[gdb7ZaZilZncZ&'$&'$%,

BH;YdXidghjijg^c\i]ZldjcYd[VeVi^ZcihZkZgZan WZViZc!DXidWZg'%%,

9\Xk`e^jXi\ZfddfegcXZ\#Xe[DJ=ki\Xkm`Zk`djf]Y\Xk`e^j# gi\j\ek`e^Yil`j\j#Yf[pgX`ejXe[cXZ\iXk`fej]ifdXcdfjk\m\ip YfXk%K_\Y\Xk`e^jXi\jfYilkXck_Xkfm\i_Xc]k_\[i\jj`e^jDJ=jkX]] g\i]fid\[fefligXk`\ekjn\i\kfki\Xkk_\nfle[j]ifdm`fc\ek kiXldX%Fecpfe\`^_kflkf]-0YfXkj]ifdn_`Z_n\`ek\im`\n\[ g\fgc\[`[k_\gXjj\e^\iji\gfikk_Xkg\fgc\n\i\efkY\Xk\e%

¹I]Zhbj\\aZghlZgZWZVi^c\jh[gdbi]ZWZ\^cc^c\ d[i]Zig^ea^`ZVc^bVah#I]Zn]VkZcdbZgXnZkZc ^[ndjY^Z^c[gdcid[i]Zb#º *%"nZVgdaYHdbVa^bVc[gdb6[\dnZ'*$%'$%-

K_\dfjkZfddfe`dgc\d\ekjlj\[Xi\jk`Zbj#g`g\jXe[Y\ckYlZbc\j# Xck_fl^_gXjj\e^\ijXcjfd\ek`fe\[Y\`e^Y\Xk\en`k_i`Õ\YlkjXe[ jkXYY\[n`k_be`m\j%Fejfd\YfXkjg\fgc\i\gfik\[gXik`ZlcXicp _Xij_Y\Xk`e^j%=fi`ejkXeZ\#Xcck_\gXjj\e^\ijn\`ek\im`\n\[fe (*&((&'.i\gfik\[Y\`e^Y\Xk\en`k_jk`ZbjXe[g`g\j%<`^_kflkf]k_\ kn\cm\ZXj\jn_fe\\[\[[i\jj`e^j]fim`fc\ekkiXldX_X[[\\gZlkj fek_\`i_\X[jk_Xke\\[\[jlkli\%KnfgXjj\e^\ijn_fdn\ `ek\im`\n\[j\gXiXk\cpkfc[ljk_Xkk_\Y\Xk`e^jn\i\jfYX[k_XkX dXen_fZflc[efkjkXe[k_\Y\Xk`e^jXepcfe^\iZfdd`kk\[jl`Z`[\ Ypaldg`e^`ekfk_\j\X%Fek_\YfXk#n_`Z_Xii`m\[feDXiZ_)*# )''/#)0f]Xii`mXcj#`eZcl[`e^knfJfdXc`nfd\e#\og\i`\eZ\[ m`fc\ekkiXldX#`eÕ`Zk\[dX`ecp]ifdY\Xk`e^jn`k_jk`Zbj% @ejfd\ZXj\jgXjj\e^\ij_X[k_\`ic`dYjk`\[%@kj\\djk_Xk jdl^^c\ijlj\k_`jXjXd\XejkfZfekifcgXjj\e^\ijn_f# fm\in_\cd\[Ypk_\`i\dfk`fej#Y\Zfd\\oki\d\cpX^`kXk\[%Fe ()&('&'.XÔj_\idXekfc[ljk_Xk_\]fle[k_i\\[\X[Yf[`\jfek_\ j_fi\n`k_k_\`i_Xe[jXe[]\\kk`\[% @ej`o`ejkXeZ\j#`ek\im`\n\\jd\ek`fe\[k_Xkk_\pn\i\k`\[lgfi k_Xkfek_\`iYfXkjjfd\gXjj\e^\ij_X[k_\`i_Xe[jfik_\`i_Xe[j Xe[]\\kk`\[%8).$p\Xifc[JfdXc`]Xid\i]ifdNXcXn\pe#;X]\\[# fYj\im\[È@nXjY\Xk\efedp_\X[%K_\pfi[\i\[d\kfefkdfm\Xe[ k`\[dp_Xe[jXe[]\\k#Y\ZXlj\@Y\ZXd\Xc`kkc\ZiXqp%É),&'*&'/  ?\Zflc[efknXcbXe[nXjYifl^_kkfk_\DJ=Zc`e`ZYp_`j]i`\e[j% Fek_\YfXkn_`Z_Xii`m\[fe((8gi`c'/j\m\iXc`ek\im`\n\\j d\ek`fe\[k_Xkfe\fiknfgXjj\e^\ij_X[k_\`i_Xe[jXe[]\\kk`\[%8 )'$p\Xifc[JfdXc`nfdXe[\jZi`Y\[k_\j`klXk`feXj]fccfnj#ÈKnf g\fgc\Y\ZXd\ZiXqp#Y\ZXlj\k_\pn\i\`ek_\_fc[%K_\pjkXik\[ Y`k`e^k_\fk_\ij`ej`[\%K_\ek_\jdl^^c\ijYifl^_kk_\dflkXe[ Y\Xkk_\d%Fe\f]k_\dnXjk_ifne`ekfk_\j\X#n_`c\k_\fk_\i g\ijfenXjk`\[lg%É

&)¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

K^daZcXZV\V^chii]dhZZheZX^VaankjacZgVWaZ/ldbZc!X]^aYgZc VcYdaYZgeZdeaZ @k`jdfjkcpk_\d\en_fXi\jlYa\Zkkfj\m\i\Y\Xk`e^j#YlkDJ= \eZflek\i\[XeldY\if]ZXj\jn_\i\nfd\en\i\Y\Xk\eXjn\cc%@e DXiZ_'/#j`onfd\ei\gfik\[m`fc\ekkiXldX%Fe(*DXiZ_'/k_\ DJ=k\Xdki\Xk\[X)'$p\Xifc[nfdXe]ifdDf^X[`j_ln_f \ogcX`e\[#ÈK_\jdl^^c\ijn\i\Y\Xk`e^lj]ifdk_\Y\^`ee`e^f]k_\ ki`g%@dpj\c]nXjY\Xk\en`k_Xbe`]\%É <m\egi\^eXeknfd\eXe[Z_`c[i\efeYfXi[Xi\efkjgXi\[%Fe) DXiZ_'/k_\DJ=k\Xdki\Xk\[X))$p\Xifc[nfdXe]ifd Df^X[`j_ln_fnXjkiXm\cc`e^fe_\ifne%J_\kfc[lj#ÈK_\ jdl^^c\ijn\i\Y\Xk`e^lj#k_\p_Xm\efd\iZp]fiXepfe\%@Xd +$dfek_gi\^eXekXe[@nXjY\Xk\e%@]\\cgX`e`edpjkfdXZ_Xe[Xd X]iX`[k_Xkjfd\k_`e^_Xgg\e\[kfk_\YXYp`edpjkfdXZ_%ÉJ\m\iXc Z_`c[i\egi\j\ek\[kfflid\[`ZXck\Xdn`k_Yil`j\jXe[`eali`\j ]ifdY\Xk`e^j#\%^%XJfdXc`Yfpn`k_XZlkfe_`j_\X['-&('&'. Xe[ Xe<k_`fg`XeYfpn`k_j\m\i\Z_\jkgX`e(,&'0&'. % GXi\ekjXe[k_\`ipfle^Z_`c[i\eXi\gXik`ZlcXicpXki`jb%@eDXiZ_n\ `ek\im`\n\[k_i\\]Xd`c`\j]ifd[`]]\i\ekYfXkj%K_\p[\jZi`Y\[_fn k_\pn\i\Y\Xk\eY\ZXlj\k_\`iZ_`c[i\en\i\Zip`e^[li`e^k_\ki`g% K_\pn\i\X]iX`[k_Xkk_\jdl^^c\ijnflc[k_ifnk_\`iZ_`c[i\e fm\iYfXi[2k_`j_XjY\\ek_\ZXj\fejfd\YfXkj%

¹>XVbZl^i]ildd[bnX]^aYgZc!V\^gad['nZVghVcY V+"bdci]hdaYWdn#>Vahdidd`l^i]bZbna^iiaZ h^hiZgl]d^hhZkZcnZVghdaY!WZXVjhZi]Zh^ijVi^dc ^cHdbVa^V^h\Zii^c\ldghZYVnV[iZgYVn#I]Z XdcY^i^dcdci]ZWdVilVhgZVaankZgnY^[ÄXjai[dg bZ#I]Zhbj\\aZghlZgZWZVi^c\bZl^i]djibZgXn! WZXVjhZbnX]^aYgZclZgZXgn^c\VcYi]ZnYdcdi lVciid]ZVghdbZdcZiVa`^c\dgXgn^c\#>lVhVh`^c\ <dYidgZVX]NZbZcVhhddcVhedhh^WaZ!WZXVjhZ >lVhV[gV^Yi]Vii]Zhbj\\aZghldjaYi]gdlbn X]^aYgZcdkZgWdVgYWZXVjhZd[i]ZXgn^c\# I]Zhbj\\aZghlZgZjh^c\Ygj\hVcYVaXd]da#º '*"nZVgdaYldbVc[gdb7dhhVhd%.$%($%-

Fc[g\fgc\Xi\efkjgXi\[\`k_\i%Fe).&'*&'/n\ki\Xk\[X.-$p\Xifc[ dXe]ifd8]^fp\n_f_X[Zfd\Yp_`dj\c]%?\nXj`eali\[Yp Y\Xk`e^j%?\\ogcX`e\[k_Xk_\nXjgleZ_\[`ek_\]XZ\Xe[Y\Xk\e`e k_\j`[\n`k_XZclY%È@jX`[kfk_\jdl^^c\ijÊ@Xdk_\fc[\jkdXefe k_\YfXkXe[pflj_flc[i\jg\Zkd\%Ë9lkk_\p`ejlck\[d\Xe[_`kd\ `ek_\]XZ\#É_\kfc[lj%

HZmjVaVcY\ZcYZg"WVhZYk^daZcXZ DJ=jkX]]_\Xi[fecpXYflk]\nZXj\jf]j\olXc_XiXjjd\ekfi m`fc\eZ\fek_\YfXkj%K_`jc`d`k\[i\gfik`e^Zflc[_Xm\Y\\e[l\`e gXikkfZfe[`k`fejf]k_\`ek\im`\njXe[k_\d\[`ZXcZfejlckXk`fejfe k_\Y\XZ_fiXcfe^k_\ifX[j#f]k\ee\XiZ_\Zbgf`ekj %

&*¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

Knf`ek\im`\n\\jn_f_X[Xii`m\[fe'(&'+&'/i\gfik\[k_\[\Xk_f] Xe<k_`fg`XenfdXefek_\`iYfXkY\ZXlj\k_\jdl^^c\ijY\XkXe[ iXg\[_\i`ek\im`\njf]')&'+Xe[',&'+&'/ %8),$p\Xifc[8d_XiX dXe]ifdNfccfi\gfik\[k_Xkn_\efe\f]k_\jdl^^c\ijfek_\YfXk XggifXZ_\[k_\nfdXeXjb`e^_\ikf_Xm\j\on`k__`d#j_\i\]lj\[% K_\jdl^^c\iZXd\YXZbcXk\i%8jj_\i\j`jk\[#_\Y\XkXe[iXg\[_\i% K_\eXefk_\ijdl^^c\iZXd\Xe[iXg\[_\i%8jk_\YfXkZXd\ kfnXi[jk_\P\d\e`ZfXjk#`kjkfgg\[]Xif]]k_\P\d\e`j_fi\Xe[k_\ gXjj\e^\ijn\i\]fiZ\[kfaldg%K_\jdl^^c\ijkffbk_\nfdXe#n_f nXjm\ipn\XbXe[Zflc[efkdfm\Xe[k_i\n_\i`ekfk_\j\X% DJ=_\Xi[f]j\m\iXcZXj\jf]j\olXc_XiXjjd\ek%8)+$p\Xi$fc[ <k_`fg`Xe8d_XiX nfdXe]ifd8[[`jkiXm\cc`e^n`k__\ileZc\# n_fdn\`ek\im`\n\[fe)0=\Y%'/#kfc[ljXYflkY\`e^_XiXjj\[# jXp`e^#ÈG\fgc\n\i\j`kk`e^fepfl%@nXj\m\eX]iX`[kfY\iXg\[ Y\ZXlj\k_\pn\i\kflZ_`e^dpYf[pXe[cXl^_`e^%ÈN\Zflc[efkXjb _\i]lik_\ihl\jk`fejY\ZXlj\_\ileZc\#n_fnXjn`k__\i#[`[efk nXek_\ikfZfek`el\kfjg\XbXYflkk_`j% @ejfd\ZXj\j#jfd\nfd\ei\dX`e\[fek_\YfXkX]k\ig\fgc\n\i\ ]fiZ\[kfaldg`ekfk_\[\\gj\XXe[i\klie\[n`k_k_\jdl^^c\ijkf 9fjjXjf%K_`jnflc[glkk_\dXki`jbf]j\olXc_XiXjjd\ekfiiXg\#Xj k_\ZXj\Y\cfn`e[`ZXk\j%

¹L]ZceZdeaZlZgZ[dgXZYidY^hZbWVg`!>lVciZYid _jbe!Wjii]ZgZlVhV\^gal]dVh`ZYbZidiV`Z]Zg l^i]bZ!WZXVjhZh]ZlVhV[gV^Yi]Vii]Zhbj\\aZgh ldjaY`ZZe]Zgdci]ZWdViVcYbVnWZgVeZ]Zg WZXVjhZh]ZlVhkZgnWZVji^[ja#>idd`]Zgl^i]bZ! ]ZaeZY]ZgidXdbZidi]Zh]dgZ#L]ZclZ_jbeZY! i]ZnPi]Zhbj\\aZghRWZVibZdcbn]ZVYl^i]V hi^X`WZXVjhZ>lVh]Zae^c\i]Z\^ga#>lVhWaZZY^c\#º '%"nZVgdaYD\VYZc^bVc[gdb?^_^\V')$%)$%-

9ZVi]i]gZVih DXepf]k_\`ek\im`\n\\ji\gfik\[k_Xkk_\pn\i\k_i\Xk\e\[kfY\ k_ifne`ekfk_\j\X`]k_\pdfm\[fi[`[efk]fccfnk_\jdl^^c\ijË fi[\ij%8)'$p\Xifc[Fifdf]Xid\ikfc[ljk_Xk_\nXjY\Xk\elgXe[ k_i\Xk\e\[kfY\k_ifne`ekfk_\j\X(/&'(&'/ %K_\gXk`\ekjn\ Zflej\cc\[Xcjfn\i\f]k\eXZlk\cp[`jki\jj\[Ypk_i\XkjX^X`ejkk_\`i c`m\j%=fi`ejkXeZ\#[li`e^X^iflgj\jj`fefe(*Efm%'.j\m\iXcg\fgc\ jgfb\f]Y\`e^Y\Xk\elg#_Xm`e^^lejgf`ek\[Xkk_\dXe[k_i\Xk\e\[ kfY\k_ifne`ekfk_\nXk\i%

¹>lVh^cVcVggdleaVXZVcYlVciZYidbdkZ#I]Zc> lVhi]gZViZcZYidWZi]gdlc^cidi]ZhZVWndcZd[ i]Zhbj\\aZgh^ci]Zb^YYaZd[i]Zig^e#I]ZÄkZ di]Zghbj\\aZghhV^Y!»=Z^hVX]^aY!eji]^bYdlc#¼ I]Zci]Zhbj\\aZghejibZ^cidi]Z]daY#º &*"nZVgdaYHdbVa^Wdn[gdb?d]lVg&'$&'$%,

&+¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

K_\j\i`flje\jjf]k_\j\k_i\XkjnXjfYm`fljkfk_\gXjj\e^\ij#Xj`e jfd\`ejkXeZ\j#k_\pn`ke\jj\[k_Xkk_\k_i\Xkjn\i\ZXii`\[flkXe[ g\fgc\k_ifne`ekfk_\j\XXc`m\j\\Y\cfn %

&#&#+ 9ZVi]hYjg^c\i]ZkdnV\Z

¹DcZd[djg[g^ZcYhlVhh^X`dci]ZWdVi#=ZlVciZY id\ZijeWjilVhcdiVaadlZYidYdhd#I]Z hbj\\aZghWZVi]^b!]^hXdcY^i^dcldghZcZYjci^a]Z Y^ZYdci]ZWdVi#=^hWdYnlVhi]gdlcdkZgWdVgY#º 6\gdjed[Dgdbd&'$&%$%,

;\Xk_j[li`e^k_\YfXkki`gXi\]i\hl\ekXjXZfej\hl\eZ\f]k_\ \oki\d\Zfe[`k`fej%@ek\im`\n\\j]ifddfi\k_Xefe\k_`i[f]k_\ YfXkjkfc[DJ=jkX]]k_Xkg\fgc\_X[[`\[[li`e^k_\`imfpX^\#k_\ eldY\ijiXe^`e^]ifdfe\kfk_i\\Xe[`ejfd\ZXj\jlgkfj`ofi \`^_k%K_\ZXlj\j]fi[\Xk_n\i\j\m\i\Y\Xk`e^j#cXZbf]]ff[Xe[ nXk\iXe[jl]]fZXk`fe]ifdY\`e^`ek_\_fc[f]k_\YfXk%Jfd\f]fli `ek\im`\n\\jXcjfi\gfik\[b`cc`e^j#n`k_k_\jdl^^c\ijk_ifn`e^ g\fgc\fm\iYfXi[% ;\Xk_jXi\dfi\]i\hl\ekXdfe^k_fj\glk`ek_\_fc[%K_\YfXk n_`Z_Xii`m\[fe(,;\Z%'/#nXjgXik`ZlcXicpZifn[\[n`k_(+/ g\fgc\feYfXi[%8cc\`^_kgXjj\e^\ij`ek\im`\n\[i\gfik\[kfDJ= k_Xkk_\i\n\i\Xkc\Xjk)'g\fgc\`ek_\_fc[Xe[]flikf\`^_kg\fgc\ [`\[[li`e^k_\ki`g% Fe(/=\YilXip'/#DJ=jkX]]gifm`[\[Zflej\cc`e^kfX))$p\Xifc[ <k_`fg`XenfdXe#XeFifdf#]ifd>`ddXi\^`fe#n_fnXjn`k__\i )$p\Xifc[[Xl^_k\i%?\i_ljYXe[_X[[`\[fek_\ki`g#Y\ZXlj\k_\ jdl^^c\ijn\i\Y\Xk`e^_`dj\m\i\cpXe[_\nXj`ek_\_fc[%J\m\iXc fk_\igXjj\e^\ij]ifdk_XkYfXkZfeÔid\[k_Xkfe\gXjj\e^\i[`\[% J\m\iXc`ek\im`\n\\jn_fXii`m\[fe(8gi`c'/i\gfik\[k_Xklgkf k_i\\gXjj\e^\ij[`\[[li`e^k_\ki`g%8(.$p\Xifc[<k_`fg`Xe]Xid\i ]ifd>`ddXkfc[lj#È@nXj`ek_\_fc[n_\eknff]dp]i`\e[j[`\[ k_\i\]ifdjl]]fZXk`fe%É KnfJfdXc`nfd\e*.Xe[+'p\Xijfc[#]ifd9Xp[_XYf #n_f i\Z\`m\[d\[`ZXcXjj`jkXeZ\fe(0&'(&'/#kfc[DJ=k_Xkfek_\`iYfXk j\m\iXcZ_`c[i\e[`\[%K_\*.$p\Xifc[nfdXejkXik\[kfZipXjj_\ \ogcX`e\[#

¹LZi]dj\]ilZldjaYVgg^kZ^cNZbZcfj^X`anPVh i]Zn]VYXdbZdcVhbVaaZg![VhiZgWdViRWjii]Zc djgWdVi]VYVegdWaZbVcYlZi]dj\]ilZldjaY Y^Z^ci]Zb^YYaZd[i]ZhZV#H^mX]^aYgZcY^ZY WZXVjhZlZgVcdjid[[ddYVcYlViZg#I]Zci]Zn i]gZli]Zb[gdbi]ZWdVi#I]ZWdViidd`*YVnh[dg i]ZXgdhh^c\#I]ZgZlVhVahdVldbVcl]dijgcZY XgVonVcYhiVgiZYidW^iZjh!hVn^c\»>Vb]jc\gn¼#º J_\j_fn\[ljk_\dXibjf]Y`k`e^fe_\ic\^%

&,¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

EZdeaZWZ^c\i]gdlcdkZgWdVgYVa^kZ N_`c\[\X[Yf[`\jXi\ljlXccpk_ifnefm\iYfXi[[li`e^k_\ki`g# j\m\iXc`ek\im`\n\\jkfc[ljXYflkg\fgc\Y\`e^k_ifne`ekfk_\j\X n_`c\Xc`m\#`eZcl[`e^Z_`c[i\e%

¹L]Zci]ZWdVilVhhi^aacZVg7dhhVhd^i]^iVgdX`# I]Zhbj\\aZghlZgZV[gV^Yi]Vii]ZWdVildjaYh^c` VcYhiVgiZYi]gdl^c\eZdeaZdkZgWdVgY#I]Znidd` bn\gVcYhdcVcYi]gZl]^b^ci]ZlViZgVcYVahd hdbZdi]Zgh#>lVciZYid\gVW]^bid\Zi]^bWVX` ^cidi]ZWdVi!Wjii]Zhbj\\aZghegZkZciZYi]Zb [gdb\Zii^c\^cidi]ZWdViVcYejh]ZYi]ZbYdlc ^cidi]ZlViZg#6iaZVhii]gZZeZdeaZY^ZYi]VilVn#º 6cdaYZgldbVc[gdbBd\VY^h]j!l]dlVhigVkZaa^c\l^i]]Zghdc!gZXVaa^c\

i]ZYZVi]d[]Zg,"nZVg"daY\gVcYhdc&%$&'$%,

J\m\iXcf]k_\gXjj\e^\ij`ek\im`\n\[fe(,;\Z%'.i\ZXcc\[k_Xk Xdfe^k_\g\fgc\n_f[`\[[li`e^k_\`iki`gnXjXe`e]Xekf]\`^_k dfek_jn_fnXjk_ifne`ekfk_\j\XYpk_\jdl^^c\ij`ek_\d`[jkf] k_\aflie\pY\ZXlj\_\nXjZip`e^%?`jdfk_\i[`\[n_`c\cXe[`e^% Fe\f]k_\gXjj\e^\ijkfc[fliZflej\ccfiÈK_\i\nXjXnfdXen`k_ Xe`e]Xekf]j`okf\`^_kdfek_jfc[%K_\YXYpnXjZip`e^Xe[k_\ jdl^^c\ikfc[k_\nfdXekfj_lkk_\YXYplg%K_\nfdXei\gc`\[¡@ _Xm\efk_`e^kf^`m\_`d#efk\m\enXk\i%N_\i\ZXe@^\kjfd\ nXk\i6ËK_\jdl^^c\ikffbk_\YXYpXe[k_i\n_`d`ekfk_\j\X# jXp`e^Êefn_\ZXe[i`ebnXk\i%ËÉ Knff]k_\e\nXii`mXcj`ek\im`\n\[fe,AXelXip'/Xcjfi\gfik\[ k_Xkj\m\iXcg\fgc\n\i\k_ifnefm\iYfXi[%8jX)-$p\XidXefc[ ]ifdDf^X[`j_li\ZXcc\[#ÉK_i\\g\fgc\[`\[n_`c\Zifjj`e^#fe\nXj Xci\X[p[\X[#k_\fk_\iknfn\i\Xc`m\Xe[k_\pn\i\Y\^^`e^k_\ jdl^^c\ijkfc\Xm\k_\dXcfe\#Ylkk_\jdl^^c\ijk_i\nk_\d`ekfk_\ j\X%É8nfdXe]ifdDf^X[`j_lX[[\[#È8kk_Xkk`d\k_\jdl^^c\ij XcjfnXek\[kfk_ifnXYfpXYflk(/$p\Xij$fc[`ekfk_\j\X#Ylkjfd\ g\fgc\dXeX^\[kfZXcd[fnek_\jdl^^c\ijXe[i\jZl\[k_\Yfp%É N\Zflej\cc\[k_\pfle^dXe`ehl\jk`fe#n_fkfc[ljk_Xk`e k_\d`[[c\f]k_\aflie\p_\n`ke\jj\[k_\jdl^^c\ijk_ifn`e^jfd\ g\fgc\`ekfk_\j\X%K_\ek_\jdl^^c\ijZXd\Xe[glcc\[_`d ]ifdk_\gXjj\e^\ij%8jk_\pn\i\[iX^^`e^_`dkfk_ifn_`d`ekf k_\j\X#jfd\g\fgc\ki`\[kfZXcd[fnek_\jdl^^c\ijXe[dXeX^\[ kfi\jZl\_`d%

Hj^X^YZh 8eldY\if]k_\`ek\im`\n\\jkfc[ljXYflkZXj\jf]jl`Z`[\j[li`e^ k_\mfpX^\#n_\eg\fgc\Zflc[efkjkXe[k_\Zfe[`k`fejfek_\YfXk Xepcfe^\iXe[aldg\[`ekfk_\j\X%KnfJfdXc`nfd\e#n_fdn\ `ek\im`\n\[`e[\g\e[\ekcpfe(*Efm%'.#[\jZi`Y\[gXik`ZlcXicp_Xij_ Y\Xk`e^j[li`e^k_\ki`gXe[i\gfik\[k_XkXdXeZfdd`kk\[jl`Z`[\ Ypaldg`e^`ekfk_\j\X%8efk_\iZXj\nXji\gfik\[kfljfe(,;\Z% '.Ypknf`ek\im`\n\\j%Fe\f]k_\d#X)-$p\Xifc[Fifdf#kfc[lj ÈFe\f]k_\dnXjY\Xk\ejfdlZ_#_\k_i\n_`dj\c]`ekfk_\nXk\i Xe[[`\[%É

&-¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

&#' 8dcY^i^dchYjg^c\aVcY^c\ &#'#&AVcY^c\[Vg[gdbi]Zh]dgZ$;dgXZY  id_jbe^cidi]ZdXZVc 8cdfjk_Xc]f]k_\YfXkj#+)#[`[efkZfd\Zcfj\kfk_\j_fi\Xjk_\ jdl^^c\ijki`\[kfXmf`[Y\`e^jgfkk\[Ypk_\P\d\e`d`c`kXip% GXjj\e^\ijn\i\]fiZ\[kf[`j\dYXib`e[\\gnXk\i#_Xm`e^kfjn`dkf k_\j_fi\%9lkXcjf]ifdYfXkjk_Xk^fkZcfj\ig\fgc\n\i\]fiZ\[kf aldg`ekfk_\j\X%Fm\i/'f]flii\jgfe[\ekji\gfik\[Y\`e^]fiZ\[ kfaldg%ÈN_\ek_\YfXknXjjk`cc]Xi]ifdk_\j_fi\#ÉX)/$p\Xi$fc[ dXe]ifdDf^X[`j_ln_fXii`m\[fe')&')&'/\ogcX`e\[#Èk_\ jdl^^c\ij]fiZ\[g\fgc\kfaldg%+'i\]lj\[kfaldg#k_\pn\i\ k_ifne`ekfk_\j\X%É G\fgc\n\i\Y\Xk\e#k_i\Xk\e\[Xe[#`edXepZXj\j#k_ifne fm\iYfXi[#`]k_\pi\]lj\[kfaldgY\ZXlj\`knXjkff]Xi]ifdk_\ j_fi\Xe[k_\pZflc[efkjn`d%

¹>lVh[dgXZYid_jbe#L]Zc>gZ[jhZY!i]ZnhcViX]ZY bnWVWnVcYi]gZl]^b^cidi]ZlViZg#>_jbeZY V[iZg]^b!aZVk^c\WZ]^cYi]Zilddi]ZgX]^aYgZc# ;dgijcViZani]ZlViZglVhcdiYZZeVcY>hVkZY]^b VcYlZXVbZidi]Zh]dgZ#7ji>lVhldgg^ZYVWdji i]Zilddi]ZgX]^aYgZc#7jii]ZcVbVcWgdj\]i i]ZbidbZdci]ZWZVX]!i]Vc`<dY#º 6'*"nZVgdaYldbVc[gdb7dhhVhdl]dXVbZl^i]ildd[]ZgX]^aYgZc!

]Zg'"nZVg"daYYVj\]iZgVcY+"bdci]"daYhdc!VcY]Zga^iiaZh^hiZgV\ZY ,nZVgh%.$%($%-

¹I]ZWdVihideeZY[VgVcYi]Zhbj\\aZghlZgZ[dgX^c\ i]ZeZdeaZid_jbe#I]ZdcZhl]d`cZl]dlid hl^b_jbeZY!WjiVh>Ydcdi`cdl]dlidhl^b!> lVhV[gV^Y#;^cVaan>lVh[dgXZYid_jbe!Wji>]ZaY dcidi]ZWdVi#I]Zhbj\\aZghidd`V`c^[ZVcY]^i bZdcbn]VcYhidaZi\dd[i]ZWdVi#6h>lVh ]daY^c\dc!i]ZnWZVibZV\V^cdcbn]ZVY#>lVh WaZZY^c\i]Vii^bZVcYXdjaYcdiYdVcni]^c\#Bn [g^ZcYh]ZaeZYbZidXdbZidi]Zh]dgZ#º &-"nZVgdaY:i]^de^Vc[VgbZg[gdb<^bbV!l]dbBH;igZViZY[dgWZVi^c\h

l^i]V`c^[Zdc]^h]VcYh&,$%($%-

Fe*Efm%'.DJ=jkX]]ki\Xk\[j\m\iXcgXk`\ekjn`k_Yil`j\jXe[ nfle[jn_fn\i\Y\Xk\eY\ZXlj\k_\[`[efknXekkfaldg`ekfk_\ nXk\i#`eZcl[`e^X*($p\Xifc[JfdXc`nfdXen`k_Xnfle[fe_\ic\^ Xe[X(0$p\Xifc[JfdXc`dXen`k_dXepYil`j\jXe[nfle[jfe_`j Z_\jk#YXZb#Xidj#Xe[c\^j%

&#'#'9ZVi]h[gdbYgdlc^c\ ;\Xk_j]ifd[ifne`e^Xi\]i\hl\ekXjdXepg\fgc\#\jg\Z`Xccpk_fj\ ]ifdk_\`ek\i`fif]<k_`fg`XfiJfdXc`X#ZXeefkjn`d%8cdfjkfe\

&.¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

BH;

k_`i[f]k_\i\jgfe[\ekj#i\gfik\[[\Xk_j]ifd[ifne`e^%K_\XZklXc eldY\if]ZXj\j`jdfjkc`b\cp_`^_\i#XjleZfeÔid\[ZXj\jXi\efk `eZcl[\[%8ZZfi[`e^kfLE?:IjkXk`jk`Zj#]ifdJ\gk\dY\i)''.kf AXelXip)''/k_\eldY\if][\Xk_jXe[d`jj`e^g\idfek_nXj Xifle[)''fidfi\%@eDXiZ_Xe[8gi`ck_\[\Xk_kfccnXjcfn\i% K_`jZflc[Y\`egXik[l\kfk_\]XZkk_Xkdfi\jdXcc\i#]Xjk\iYfXkj n\i\lj\[%N_\ek_\i\n\i\[\Xk_j]ifd[ifne`e^#DJ=k\Xdj ]i\hl\ekcpjXn[\X[Yf[`\jfek_\j_fi\#jfd\k`d\jX]\nYlk`e j\m\iXcZXj\jX[fq\efidfi\%

C^\]iVgg^kVa/BH;iZVbegdk^Y^c\>KÅj^YidV YZ]nYgViZYeVi^Zci!HZeiZbWZg'%%,

F]k\ek_\YfXkjZfd\kfnXi[jk_\j_fi\Xke`^_kkfXmf`[Y\`e^ jgfkk\[Ypk_\P\d\e`d`c`kXip#n_`Z_]lik_\i\oXZ\iYXk\jk_\i`jbf] [ifne`e^%8nfdXe]ifdDf^X[`j_l[\jZi`Y\[k_\Xii`mXcf]k_\`i YfXkjXp`e^#ÊÊ@knXjkff[\\g#[XibXe[Zfc[n_\en\k_\YfXkZXd\ e\Xik_\ZfXjk%Jfd\g\fgc\[ifne\[%É',&'(&'/ 8kk_Xkk`d\(/ g\fgc\[ifne\[%<m\en_\ek_\nXk\i`jefkk_Xk[\\g#g\fgc\Xi\ X]iX`[#\jg\Z`Xccp`]`k`je`^_kk`d\%K_\pgXe`Z#^\k[`jfi`\ek\[Xe[ [ifne%K_`jnXjk_\ZXj\fe(/DXiZ_'/#n_\ej\m\iXcgXjj\e^\ij kfc[ljk_Xkj`o<k_`fg`Xej[ifne\[#jfd\f]k_\dY\ZXlj\k_\pZflc[ efkjn`dYlkfk_\ij#XjX(.$P\Xifc[]\dXc\jkl[\ek]ifdDf^X[`j_l n_f_X[Zfd\n`k__\i]Xd`cpglk`k#ÈY\ZXlj\k_\pjnXd`ekfk_\ nife^[`i\Zk`fe#Xj`knXjkff[Xib%É G\fgc\`ek_\_fc[Xi\gXik`ZlcXicpXki`jbf][ifne`e^%8jk_\p_Xm\ kfj`k`eXe\m\edfi\ZiXdd\[gfj`k`fen`k_flkdfm`e^#k_\pcffj\ k_\`idfY`c`kpXe[Xi\j\m\i\cp_Xe[`ZXgg\[feZ\`ek_\nXk\i%8cjf# n_\eYfXkjZXgj`q\#k_\g\fgc\`ek_\_fc[ljlXccp_Xm\efZ_XeZ\kf jlim`m\#Xjk_\pXi\kiXgg\[le[\ie\Xk_k_\YfXkXe[ZXeefk^\kflk% Fe(*Efm%'.DJ=Zflej\cc\[k_i\\g\fgc\n_f_X[cfjki\cXk`m\j ]fid[ifne`e^%8)+$p\Xifc[JfdXc`nfdXe#XJfdXc`dXeXe[X**$ p\Xifc[<k_`fg`XedXe%K_\ZXj\f]k_\FifdfdXen_fnXj dflie`e^k_\cfjjf]_`jn`]\Xe[Z_`c[nXjgXik`ZlcXicpj_fZb`e^%?\ \ogcX`e\[k_Xk_\nXjkiXm\cc`e^n`k__`jn`]\#k_\`iYXYpXe[k_\ n`]\Ëjj`jk\i%?`jn`]\#n`k_k_\`iYXYpZclkZ_\[`e_\iXidj#nXj k_ifne`ekfk_\j\XYpk_\jdl^^c\ij%?\ki`\[kfi\jZl\Yfk_Yp ^iXjg`e^k_\`i_Xe[jYlk#le]fikleXk\cp#dfi\g\fgc\n\i\k_ifne fm\iYfXi[Xe[cXe[\[fekfgf]_`jn`]\#glj_`e^_\ile[\inXk\i%J_\ Xe[k_\YXYp[ifne\[%N\n\i\kfc[k_Xkj\m\e[\X[_X[Y\\eYli`\[# `eZcl[`e^XZ_`c[%

BH;

>i`\]fm\ik_\cfjjf]Xcfm\[fe\`jfe\f]k_\dX`ei\Xjfej]fi `e[`m`[lXcZflej\cc`e^%@e;\Z\dY\i'.k_`jXZZflek\[]fi.(f]Xcc k_\`e[`m`[lXcZflej\cc`e^j\jj`fej%K_\i\Xjfe]fik_`j\oki\d\cp _`^_g\iZ\ekX^\nXjk_Xk]ifdk_\YfXkn_`Z_Xii`m\[fe(,;\Z%'/# fecp+0flkf](+/gXjj\e^\ijjlim`m\[%

7dY^ZhVadc\i]Zh]dgZV[iZgVYZVYanVgg^kVa ^c9ZXZbWZg'%%,

Fe(,&()&'.DJ=Xjj`jk\[X^iflgf]e\nXii`mXcjXk?fjjleZ_\Zbgf`ek e\Xi8ihX#dXepf]k_\d\o_Xljk\[Xe[\oki\d\cpjX[%J\m\iXcg\fgc\ kfc[ljk_Xkk_\`iYfXk_X[c\]k9fjjXjfn`k_(+/gXjj\e^\ij%K_\YfXk# XeXggifo`dXk\cp/$d\ki\ÔYi\^cXjjjkilZkli\#nXj\m\edfi\Zifn[\[ k_XeljlXccp%K_\DJ=k\XdZflek\[k_\jlim`mfijÆk_\i\n\i\+0# n_`Z_d\Xekk_XkXcdfjk(''g\fgc\n\i\[\X[fid`jj`e^%@kj\\d\[ k_Xkm\ip]\nf]k_\<k_`fg`XejfeYfXi[_X[jlim`m\[2fe\<k_`fg`Xe n_fdn\`ek\im`\n\[jX`[#ÈN\n\i\,'R<k_`fg`XejTn_\en\c\]kXe[ efnn\Xi\fecp\`^_k%É(,8pfle^Fifdfn_fkiXm\cc\[n`k_X^iflg ]ifd_`jm`ccX^\`e9Xc\I\^`fekfc[lj#ÈN\n\i\k\e]ifdflim`ccX^\ fek_\YfXk#Xe[efnn\Xi\fecpk_i\\%@`[\ek`Ô\[dp[\X[Yifk_\ife k_\Y\XZ_Ylkk_\fk_\ife\jXi\d`jj`e^%É

(, CXk\ifen\\eZflek\i\[knfdfi\<k_`fg`Xej

'%¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

N_\ek_\YfXkXii`m\[XkXifle[d`[e`^_k#k_\jdl^^c\ij]fiZ\[ g\fgc\kfaldg%8),$p\Xifc[JfdXc`nfdXe]ifdDf^X[`j_lkfc[lj# ÈK_\jdl^^c\ijjkfgg\[]XiXnXpXe[]fiZ\[k_\gXjj\e^\ijkfaldg% K_\gXjj\e^\iji\]lj\[#Y\ZXlj\`knXj[\\gXe[Xjb\[k_\jdl^^c\ij kf^fe\Xi\i%K_\jdl^^c\ijjkXik\[kfY\Xkljj\m\i\cp%K_\edfjkf] k_\gXjj\e^\ijdfm\[kffe\j`[\f]k_\YfXk#Xe[k_\YfXkZXgj`q\[% Dfjkf]k_\g\fgc\[ifne\[Xjk_\pZflc[efkjn`d%ÉN_\ek_\YfXk ZXgj`q\[#k_\g\fgc\`ek_\cfn\igXik#Xkc\Xjk)'#n\n\i\kfc[#n\i\ kiXgg\[le[\ik_\YfXkXe[[`\[% 8),$p\Xifc[JfdXc`dXe]ifdDXibX#n_f_X[Zfd\n`k__`jn`]\#) Z_`c[i\e#_`jj`jk\iXe[Xefk_\iZcfj\i\cXk`m\#[\jZi`Y\[_fn_\cfjkXcc _`j]Xd`cpd\dY\ijÈ@knXjcXjke`^_kk_Xkk_\jdl^^c\ijjX`[k_Xk k_\pn`cc[`j\dYXiblj%8kk_Xkk`d\@nXjk\cc`e^dpn`]\kfaldg kf^\k_\ijfn\ZXei\jZl\fliZ_`c[i\e%N_`c\n\n\i\gcXee`e^nXpj kfi\jZl\fliZ_`c[i\e#k_\jdl^^c\ijY\^Xekf]fiZ\k_\g\fgc\kf aldg%K_\g\fgc\jkXik\[kfdfm\Xe[k_\YfXkklie\[fm\iXj`knXj fm\iZifn[\[%@Xe[dpn`]\jnXdkfj_fi\%N_\en\i\XZ_\[k_\ j_fi\dpn`]\[`\[Xe[@jXndpZ_`c[i\eÆk_\pn\i\[\X[%É?\kfc[ ljk_Xk_`jj`jk\iXe[Xefk_\i]\dXc\i\cXk`m\Xcjf[`\[%É Fek_\j_fi\k_\DJ=k\XdjXn,/[\X[Yf[`\j#jfd\n`k_m`j`Yc\ j`^ejf]Y\Xk`e^j%8dfe^k_\dn\i\XcXi^\eldY\if]nfd\eXe[ Ôm\Z_`c[i\e#k_\pfle^\jkfe\DJ=jkX]]nXjcXk\ikfc[nXj\`^_k dfek_jfc[% DJ=nXjkfc[Ypk_\gXjj\e^\ijXii`m`e^fe((8gi`c'/k_\i\n\i\(0 [\X[Xe[jfd\fk_\ijd`jj`e^%DJ=Zflej\cc\[X+'$p\Xifc[nfdXe ]ifd9fjjXjfn_fj\_ljYXe[nXjb`cc\[Ypk_\jdl^^c\ijXe[n_f ZXd\n`k__\iÔm\Z_`c[i\e%J_\i\Zflek\[1

¹>ilVhYZZeVcYYVg`!hdbZeZdeaZXdjaYcdihl^b! WZXVjhZi]ZnlZgZ^ci]Z]daY[dg)%]djgh#6cYndj XVc^bV\^cZi]Zh^ijVi^dc^ci]Z]daY#>ilVhkZgn XgdlYZY!eZdeaZh^idcndj0ndj[ZZandjhj[[dXViZ## HdbZd[i]ZeZdeaZXdjaYcdihl^bWZXVjhZi]Zn XdjaYcdibdkZ#L]^aZaVcY^c\!i]ZnY^ZY°#6hi]Z WdVilVhXdb^c\idlVgYhi]Zh]dgZ!bn]jhWVcY lVh\Zii^c\i]ZX]^aYgZcgZVYn#=ZlVciZYid\^kZ i]ZbW^hXj^ih!Wjii]Zhbj\\aZghi]gZli]ZW^hXj^ih ^ci]ZhZV#I]ZchjYYZcani]Zhbj\\aZghi]gZl]^b ^cidi]ZhZVWn\gVWW^c\]^haZ\h#=ZgZh^hiZY! ]daY^c\dcidi]ZWdVi!Wjii]Zn]^i]^bl^i]`c^kZh# I]Zci]Zhbj\\aZghi]gZlbnildYVj\]iZgh^cid i]ZhZV#>]ZaYdcidbnndjc\Zhihdc#I]ZX]^aYgZc lZgZXgn^c\#7jii]Vc`<dYi]ZgZlVhVndjc\bVc l]dXdjaYhl^bkZgnlZaal]d]ZaeZYbnX]^aYgZcid gZVX]i]Zh]dgZ#LZhaZeidci]Zh]dgZ#>ci]Z bdgc^c\!>hVli]ZYZVYWdYnd[bn]jhWVcY#º

'&¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

&#'#(H]ddihÄgZYWni]ZNZbZc^HZXjg^in;dgXZh

 N_\eYfXkjXi\`ek\iZ\gk\[Ypk_\P\d\e`ZfXjk^lXi[fiYpk_\ d`c`kXip]ifdk_\j_fi\#j_fkjXi\jfd\k`d\jÔi\[kf[\k\ik_\ jdl^^c\ij%N\_Xm\[fZld\ek\[((ZXj\jn_\i\k_`jfZZlii\[%Jfd\ jfc[`\ijn\d\kfek_\j_fi\jX`[k_Xkk_\p_X[fi[\ijkfÔi\j_fkj fecpfeZ\g\fgc\_X[[`j\dYXib\[#Ylkk_`jnXjefkXcnXpjk_\ZXj\# XjgXjj\e^\ijkfc[lj%N_\ej_fkjXi\Ôi\[#k_\YfXkjjfd\k`d\j i\kliekfk_\_`^_j\X%8JfdXc`dXe#n_fdn\`ek\im`\n\[fe(FZk% '.i\Zflek\[#

¹I]ZnÄgZYh]dihVii]ZWdVi!lZlZgZV[gV^Yi]ZWdVi ldjaYXVeh^oZ#DcZHdbVa^bVc_jbeZY^cidi]Z lViZgl]Zci]Zh]dihlZgZÄgZYVcYlZYdc¼i`cdl ^[]ZY^ZY#I]Zci]ZWdVilZciWVX`VlVn^cidi]Z hZVVcYlZlZgZadhi¸lZY^Ycdi`cdll]ZgZlZ lZgZ\d^c\#LZlZgZ^ci]ZhZV[dgh^mbdgZ]djgh# LZlZgZgZVYnidY^Z!WZXVjhZi]ZnWZVijhbVcn i^bZh!lZlZgZh^ii^c\^cVWVYedh^i^dc!lZlZgZ i]^ghin¸#º N_\eYfXkjXi\`ek\iZ\gk\[Ypk_\d`c`kXipXe[j_fkjÔi\[k_\YfXkj jfd\k`d\ji\klieYXZbkf9fjjXjfn`k_gXjj\e^\ijfeYfXi[%DJ= \eZflek\i\[j\m\iXcjlZ_ZXj\j%=fi`ejkXeZ\fe),J\gk%'.k_\DJ= k\Xd]fle[X^iflgf]j\m\eJfdXc`d\eXe[X]fli$p\Xifc[Yfpe\Xi 8cElj_\`dX%K_\pkfc[DJ=k_Xkk_\p_X[Xii`m\[fe\_fliY\]fi\fe XYfXkn`k_Y\kn\\e()'Xe[(,'gXjj\e^\ij%N_\eXjb\[XYflkk_\ fk_\igXjj\e^\ijk_\p\ogcX`e\[k_Xkn_\ek_\YfXkZXd\e\Xik_\ j_fi\#k_\ZfXjk^lXi[jÔi\[`ek_\X`iXe[fecpk_\p[\Z`[\[kfaldg% Fe\f]k_\djX`[k_Xk_\kffbk_\Z_`c[n`k__`dXe[aldg\[kfk_\ j\XXe[ZXd\kfk_\j_fi\jX]\cp%N_\eDJ=Xjb\[k_\dk_\i\Xjfe n_pk_\aldg\[#k_\p\ogcX`e\[#ÈN\Xccgi\]\ii\[kfaldg`ejk\X[f] Y\`e^fek_\YfXk#Y\ZXlj\k_\ki`gnXjm\ip[`]ÔZlck]filj%É

&#( 6WjhZV[iZgaVcY^c\

¹I]Zni]ZgZ[j\ZZhhj[[Zgdci]ZhZVVcY i]Znhj[[ZgdcaVcY#º ;^h]ZgbVc^c6aCjh]Z^bV&'$&%$%,

FeZ\k_\i\]l^\\jXe[d`^iXekj_Xm\Xii`m\[Xj_fi\#k_\`igc`^_k`j efkfm\i%N_\ek_\P\d\e`d`c`kXip\eZflek\ik_\i\]l^\\jXe[ d`^iXekjfek_\j_fi\#k_\pljlXccpj\XiZ_k_\d]fin\XgfejXe[ [il^j%@]k_\i\Xi\<k_`fg`Xej`ek_\^iflgf]e\nXii`mXcj#k_\pXi\ ljlXccpj\gXiXk\[]ifdk_\JfdXc`j#Xjk_\pXi\jlYa\ZkkfXii\jkXe[ [\gfikXk`fe%K_lj#dXepf]k_\<k_`fg`Xejn`ccjkXikkfnXcbjffe X]k\ik_\pXii`m\kfXmf`[Y\`e^Xggi\_\e[\[Ypk_\d`c`kXip% DJ=[fZld\ek\[k\eZXj\jf]\okfik`fe#n`k_P\d\e`d`c`kXip]fiZ`e^ k_\i\]l^\\j&d`^iXekjkf_Xe[fm\ik_\`idfe\pXe[&fiXepmXclXYc\j k_\p_X[c\]k%?fn\m\i#`ej\m\iXcfk_\iZXj\j#`ek\im`\n\\jkfc[DJ= k_Xkk_\d`c`kXip_\cg\[k_\d#]fi`ejkXeZ\j_`e`e^k_\`ic`^_kjfek_\ ZfXjkkf`e[`ZXk\k_\[`i\Zk`fef]k_\j_fi\`ek_\ZXj\f]Xii`mXcjXk e`^_k\%^%(,&()&'. fi^`m`e^k_\d]ff[Xe[nXk\i%

''¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

Fe(*FZk%'.X^iflgf]]flid\e#fe\JfdXc`Xe[k_i\\<k_`fg`Xej kfc[ljk_Xk#Xjk_\pn\i\nX`k`e^]fik_\kilZbkf^fkfDXp]X_ i\Z\gk`feZ\eki\#k_\d`c`kXipZXd\`eXZXi#jkfgg\[Xe[]fiZ\[k_\d kf_Xe[fm\ik_\`idfe\p% Fe))DXiZ_'/DJ=Zflej\cc\[Xe(/$p\Xifc[JfdXc`nfdXe Y\ZXlj\j_\nXjj`c\ekXe[X]iX`[%J_\\ogcX`e\[k_Xkj_\nXjY\Xk\e Ypk_\d`c`kXip#n_fj\XiZ_\[_\iXe[kffbLJ,']ifd_\i%8(+$ p\Xifc[^`ic]ifdAf_nXin_fkiXm\cc`e^n`k__\iYifk_\ikfc[ljk_Xk j_\nXjn`k_k_\jXd\^iflgf]ร”m\JfdXc`nfd\en_fn\i\Xcc j\XiZ_\[%J_\i\ZXcc\[k_Xkj_\nXj]fiZ\[kfkXb\f]]_\iZcfk_\jXe[ Y\Xk\en_\ej_\i\]lj\[%

<ZcYZgd[EZdeaZ ^ciZgk^ZlZY

'

,%

'#& <ZcYZg

BVaZ

(%  ;ZbVaZ

8dbedh^i^dcd[i]ZcZlVgg^kVah

F]k_\e\nXii`mXcjn\`ek\im`\n\[#.'n\i\d\eXe[*'nfd\e% K_`ji\ร•\Zkjk_\^\e\iXcZfdgfj`k`fef]k_\e\nXii`mXcjfek_\ ZfXjk%(-K_\dXafi`kpf]k_fj\`ek\im`\n\[#,+#n\i\dXii`\[#n_`c\ +-n\i\j`e^c\%K_\dXafi`kpn\i\kiXm\cc`e^n`k_]Xd`cpfi]i`\e[j# `%\%#,.#n_`c\+*jX`[k_\pn\i\kiXm\cc`e^Xcfe\%Dfjkf]k_fj\ kiXm\cc`e^Xcfe\n\i\d\e%K_\dXafi`kpf]k_\nfd\en\ `ek\im`\n\[ZXd\\`k_\in`k_k_\`i_ljYXe[j#i\cXk`m\jfi]i`\e[j% ?fn\m\i#XZfej`[\iXYc\eldY\i#).#jX`[k_\pZXd\fek_\`ifne% 8ck_fl^_dfjknfd\ec\]kY\ZXlj\f]Zfeร•`Zk#XeldY\if]k_\dc\]k k_\`i]Xd`c`\jY\_`e[Y\ZXlj\k_\p_X[effgk`feYlkkf^fXe[ร”e[X afY\cj\n_\i\kfjlggfikk_\`iZ_`c[i\e%N_`c\k_\dXafi`kpf]k_fj\ j\\b`e^kf^fXYifX[kfgifm`[\]fik_\`i]Xd`c`\jn\i\d\e#k_\i\ n\i\XcjfXeldY\if]nfd\en_fkffbk_\g\i`cfljaflie\pkfร”e[X afY%=fi`ejkXeZ\#fek_\ร”ijkXii`mXck_\DJ=k\XdXjj`jk\[fe/J\gk% '.n\jgfb\kfX(0$p\Xi$fc[JfdXc`nfdXen_f_X[Zfd\n`k__\i j`jk\iXe[Xefk_\ipfle^nfdXef]k_\jXd\ZcXe%J_\kfc[lj1

ยนLZVgZ[gdbBd\VY^h]jVcYaZ[idjgXdjcign WZXVjhZd[i]ZlVg!edkZginVcYi]ZY^[ร„Xjainidร„cY V_dW#>Vbi]ZdaYZhi!i]ZgZ^hcdWdYnid]Zaei]Z [Vb^an#>]VkZWgdi]ZghVcYh^hiZghVi]dbZ#>XVbZ idNZbZcidร„cYV_dWVcYidhZcYbdcZnidbn bdi]Zgl]d^h^cVkZgnWVYh^ijVi^dc#ยบ Jfd\k`d\j\m\en_\ek_\pXi\gi\^eXek#nfd\ei`jbk_\`ic`m\jfe k_\[Xe^\ifljaflie\pkfXjjli\k_\\Zfefd`Zjlim`mXcf]k_\`i]Xd`cp% K_lj#[li`e^DXiZ_DJ=Xjj`jk\[\`^_kgi\^eXeknfd\eXkk_\8I:% Dfjkf]k_\d_X[Zfd\n`k_flkk_\`i_ljYXe[j%

(- 8ZZfi[`e^kfLE?:IjkXk`jk`Zj#.0f]k_fj\Xii`m`e^XkDXp]X_I\Z\gk`fe:\eki\`e )''.n\i\d\e#)(nfd\e%=fik_\ร”ijkdfek_jf])''/#k_\g\iZ\ekX^\f]nfd\enXj jc`^_kcp_`^_\i#)/%

'(ยฅ

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

:i]c^XDg^\^c d[>ciZgk^ZlZZh

+- 

('

HdbVa^

=Xd`c`\jXi\]i\hl\ekcpj\gXiXk\[#n`k_fe\fij\m\iXc]Xd`cp d\dY\ijkXb`e^k_\aflie\pXe[k_\fk_\ijjkXp`e^Y\_`e[# jfd\k`d\jY\ZXlj\k_\pZXeefkX]]fi[kfXccZfd\Xkk_\jXd\k`d\% Fe*Efm%'.n\jgfb\kfX)/$p\Xi$fc[dfk_\if]Ôm\Z_`c[i\e]ifd Df^X[`j_ln_f_X[Zfd\n`k_k_i\\f]_\iZ_`c[i\e#X^\[]fli#Ôm\ Xe[j`op\Xij#c\Xm`e^_\i_ljYXe[Xe[knffk_\iZ_`c[i\e`eJfdXc`X Y\ZXlj\k_\p[`[efk_Xm\\efl^_dfe\p]fiXccf]k_\dkfkiXm\c%

:i]^de^Vc 

'#' 6\Z K_\dXafi`kpf]k_\g\fgc\kXb`e^k_\[Xe^\ifljmfpX^\n\i\`ek_\`i d`[$kn\ek`\j%K_\i\n\i\X]\nfc[\ig\fgc\#`ek_\`i]fik`\jXe[ Ô]k`\j#Xe[Xcjfjfd\pfle^Z_`c[i\e%Flkf]k_\kfkXceldY\if] gXjj\e^\ijDJ=Xjj`jk\[Y\kn\\eJ\gk\dY\i)''.Xe[8gi`c)''/ XYflk(n\i\Z_`c[i\ele[\i(,p\Xijf]X^\%K_\pfle^Z_`c[i\en\ \eZflek\i\[n\i\n`k_k_\`i]Xd`c`\jfi#`eZXj\jn_\i\k_\gXi\ek n`k_n_fdk_\pn\i\kiXm\cc`e^_X[[`\[#n`k_i\cXk`m\jfi]i`\e[jf] k_\]Xd`cp%Jfd\k`d\jk_\i\n\i\XcjfYXY`\jfeYfXi[%

GZ\^dcd[Dg^\^cd[i]ZHdbVa^h ^ciZgk^ZlZYWnBH;

)' 

*&

Di]ZgVgZVhd[Hdji] 8ZcigVaHdbVa^V

Bd\VY^h]j

8i\cXk`m\cpcXi^\eldY\if]X[fc\jZ\ekj#k_\dXafi`kpY\kn\\e(-fi (.p\Xijfc[#le[\ikffbk_\aflie\pkfj\\b\dgcfpd\ekXe[gifm`[\ ]fik_\`i]Xd`c`\j%(.<`^_kg\iZ\ekf]fli`ek\im`\n\\jn\i\X[fc\jZ\ekj le[\i(/#dfjkf]k_\d(-fi(.p\Xijfc[#k_\pfle^\jk(+%Dfjkf] k_\dkfc[ljk_\pc\]k`efi[\ikfÔe[XafYkfjlggfikk_\`i]Xd`c`\j% 8jX(-$p\Xifc[^`ic]ifdDf^X[`j_l#n_fnXjkiXm\cc`e^fe_\ifne# glk`k#È@_fg\kfÔe[XafYXjjffeXjgfjj`Yc\kfjlggfikdp]Xd`cp`e JfdXc`X#Y\ZXlj\k_\pc`m\`em\ipYX[Zfe[`k`fej#ÉX[[`e^#È@nXekkf Yi`e^dpgXi\ekjkfP\d\e#k_\p[fefk_Xm\Xepk_`e^kf\Xk%É '+&((&'. 

'#(

,

EjciaVcY HdbVa^aVcY

:i]^de^Vch":i]c^X<gdje d[i]dhZ^ciZgk^ZlZYWnBH;

,( Dgdbd

&- 6b]VgV

-I^\g^cnVch &<jgV\Z

:i]c^Xdg^\^c

F]k_fj\`ek\im`\n\[#-/n\i\JfdXc`jXe[*)<k_`fg`Xej#fe\nXj <i`ki\Xe%K_`jg\iZ\ekX^\i\Õ\Zkjk_\Zfdgfj`k`fef]k_fj\e\n Xii`mXcjDJ=Xjj`jk\[%(/ ?Xc],( f]k_\JfdXc`jn_f^Xm\`e]fidXk`fefek_\`ii\^`feZXd\ ]ifdDf^X[`j_l#dfjkf]k_\i\jk+) ]ifdfk_\ii\^`fej`eJflk_Xe[ :\ekiXcJfdXc`X#n`k_X]\nXcjf]ifdJfdXc`cXe[Xe[GlekcXe[. % .*f]k_\<k_`fg`Xejn_f^Xm\`e]fidXk`feXYflkk_\`ii\^`fekfc[ DJ=k_\pn\i\Fifdf#k_\i\jk8d_XiX(/ #K`^i`epXej/  Xe[>liX^\( %?fn\m\i#k_\`e]fidXk`fei\^Xi[`e^k_\eldY\i Xe[\k_e`ZZfdgfj`k`fef]<k_`fg`XejXii`m`e^Xkk_\j_fi\jf]P\d\e e\\[jkfY\kXb\en`k_ZXlk`fe#Xjk_`j[f\jefk`eZcl[\g\ijfej Zfd`e^]ifdk_\JfdXc`i\^`feF^X[\e %(0F^X[\e`jXi\\k_e`Z JfdXc`Xe[n`ccgi\j\ekXjjlZ_Xe[Xi\c`b\cpefkkfjg\Z`]pk_\`i i\^`fe%@eDXiZ_Xe[8gi`c)''/n\jgfb\kfknfgXjj\e^\ijn_f gi\j\ek\[XjJfdXc`Xe[kfc[DJ=k_Xkk_\pZXd\]ifdF^X[\e%@k`j `ek\i\jk`e^kfefk\k_Xk`e9fjjXjfk_\\k_e`ZJfdXc`j]ifd<k_`fg`X Xi\XZklXccpZfej`[\i\[@;GjXe[efki\]l^\\jYpk_\GlekcXe[ ^fm\ied\ek#LE?:IXe[k_\fk_\ifi^Xe`qXk`fej%

(. 8ZZfi[`e^kfLE?:IjkXk`jk`Zj#fe\k_`i[f]k_fj\Xii`m`e^XkDXp]X_[li`e^)''.n\i\ le[\i(/% (/ 8ZZfi[`e^kfLE?:IjkXk`jk`Zj#)''.XYflk-(f]k_\e\nXii`mXcjn\i\JfdXc`jXe[ *0<k_`fg`Xej#n_`c\]fik_\Ôijk+dfek_jf])''/#k_\iXk`fnXj-,kf*,% (0 K_ljF^X[\e`jXi\efki\Õ\Zk\[`ek_\^iXg_%

')¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

(

GZVhdch[dgaZVk^c\

(#&

HdbVa^h

Dfjkf]k_\JfdXc`i\jgfe[\ekjc`jk\[dlck`gc\i\Xjfej]fic\Xm`e^# n`k_m`fc\eZ\Xe[&fi`ej\Zli`kpY\`e^k_\dX`efe\ÆÈk_\ `ek\id`eXYc\XkkXZbj#ÉXjX)'$p\Xifc[jkl[\ek]ifdDf^X[`j_lglk`k '+&'(&'/ %DXepXcjfefk\[k_Xk`knXj`dgfjj`Yc\]fik_\dkfÔe[fi Zfek`el\kfnfibXe[k_ljjlggfikk_\`i]Xd`cp%J\m\iXcg\fgc\DJ= `ek\im`\n\[[\jZi`Y\[k_Xkk_\p_X[Y\\enfib`e^Xkk_\9XbXiX dXib\k`eDf^X[`j_lYlkY\ZXlj\f]k_\i\Zlii`e^Ô^_k`e^k_\pZflc[ efcfe^\i^fk_\i\Xe[k_ljk_\`ijfliZ\f]c`m\c`_ff[_X[Y\\e [\jkifp\[%M\ip]\nJfdXc`j^Xm\cXZbf]\dgcfpd\ekXjgi`dXip ZXlj\]fic\Xm`e^k_\`iZflekip%Jfd\JfdXc`jd\ek`fe\[k_Xkk_\pc\]k kf^fXe[jkl[p#Xj[l\kfk_\nXi`knXjm\ip[`]ÔZlckkf^\kXe \[lZXk`fe`eJfdXc`X%

8^k^a^Vchk^Xi^bhd[lVg/VgW^igVgnYZiZci^dc! `^aa^c\h![dgXZYgZXgj^ibZciVcYgVeZ DXepf]k_\JfdXc`j#\jg\Z`Xccpk_fj\Zfd`e^]ifdDf^X[`j_l#jgfb\ XYflkk_\`ek\ej`ÔZXk`fef]Ô^_k`e^Xe[\ogcfj`fej#jXp`e^k_Xkk_\p ]\ck`eZi\Xj`e^cpk_i\Xk\e\[Xe[`ej\Zli\%J`eZ\k_\Y\^`ee`e^f] )''/#DJ=_Xji\Z\`m\[dfi\k\jk`dfe`\jf]g\ijfej[`i\ZkcpX]]\Zk\[ Ypk_\ZfeÕ`Zk%K_\p[\jZi`Y\[XkkXZbjfek_\`i_flj\jfigcXZ\jf] nfib#b`cc`e^jf]]Xd`cpd\dY\ijfi]i`\e[jXe[XiY`kiXipXii\jkj%

¹>Vb[gdbBd\VY^h]j!>]VYV[Vb^ani]ZgZ#>lVh ldg`^c\VhVYg^kZg#DcZYVn!>lZciidldg`VhjhjVa VcYl]Zc>XVbZWVX`[gdbldg`!>hVlVadid[ eZdeaZl]d\Vi]ZgZYVgdjcYbn]djhZ#6b^hh^aZ ]VY[VaaZcdcbn]djhZ!`^aa^c\bnl^[Z!ildd[bn X]^aYgZcVcYbnbdi]Zg#;dgijcViZandcZd[bn X]^aYgZchjgk^kZY!WZXVjhZ]ZlVhcdiVi]dbZi]Vi bdbZci!]ZlVhViFjgVc^XhX]dda#6[iZgi]Vi! >YZX^YZYidaZVkZHdbVa^Vl^i]bnhdc#º ('"nZVgdaYYg^kZg[gdbBd\VY^h]j&($%($%-

¹;^[iZZcYVnhV\dlZlZgZ^cdjg]djhZl^i]djg [Vi]Zg#>ci]Zb^YYaZd[i]Zc^\]ilZ]ZVgYV`cdX` Vii]ZYddg#LZ\dikZgnhXVgZY!WZXVjhZi]^hlVh cdiVgZVhdcVWaZi^bZ[dgVcndcZid`cdX`#LZ \Vi]ZgZYid\Zi]Zg^cdcZgddbVcY[Vi]ZglZciid deZci]ZYddg#L]Zc]ZdeZcZYi]ZYddg!VgbZY bZc\gVWWZY]^bVcYWZVi]^b#I]Znidd`]^bl^i] i]Zb^ci]Z^gXVg#AViZgdci]Z[daadl^c\bdgc^c\lZ [djcY[Vi]Zg¼hYZVYWdYn^ci]ZcZ^\]Wdjg]ddY# 9jg^c\i]ZhZYVnhi]ZgZVgZVadid[YZVYWdY^Zhd[ ndjc\HdbVa^bZc^ci]ZhigZZihd[Bd\VY^h]j° LZ[Zaii]VilZl^aacdadc\ZgWZhV[Z^cBd\VY^h]j

'*¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

 VcYi]Vi^hl]nlZYZX^YZYidaZVkZ#CdlVYVnh! Bd\VY^h]j^hVX^ind[i]ZYZVY#º &,"nZVgdaYHdbVa^\^ga[gdbBd\VY^h]jl]dXVbZl^i]

]ZgWgdi]ZgVcYh^hiZg&-$%'$%-

@eZi\Xj`e^cp#pfle^JfdXc`d\ec\Xm\Df^X[`j_lY\ZXlj\k_\pXi\ X]iX`[kf^\kXii\jk\[fi[iXne`ekfk_\Ô^_k`e^%=fi`ejkXeZ\#fe). DXiZ_'/X^iflgf]e`e\pfle^d\e]ifdDf^X[`j_l`ek_\`icXk\ k\\ejXe[\Xicpkn\ek`\j\ogcX`e\[kflj#

¹LZa^kZY^cBd\VY^h]jVaadjga^kZh!Wjii]Zh^ijVi^dc ^h\Zii^c\ldghZWni]ZYVn#L]Zci]ZnhZZjh! hdaY^ZghVggZhijhWZXVjhZi]Zni]^c`lZVgZl^i]i]Z deedh^i^dcVcYejijh^c_V^a#I]Zn^ciZggd\ViZVcY idgijgZjh#LZVgZVahdV[gV^Yd[i]Zdi]Zgh^YZ! WZXVjhZZkZgnYVni]ZnVgZadd`^c\[dgndjc\bZcid _d^ci]Zb#º ;li`e^DXiZ_DJ=gifm`[\[d\[`ZXcXe[Zflej\cc`e^Xjj`jkXeZ\Xk k_\8_nXiI\Z\gk`fe:\ek\i8I: kfk_i\\nfd\en_f_X[Y\\e iXg\[`eJfdXc`XXe[`ek\im`\n\[knff]k_\d% 8).$p\Xifc[nfdXe]ifd9lib_XYXkfc[DJ=jkX]]k_Xkj_\_X[ Zfd\kfP\d\efeZ\Y\]fi\n`k__\i_ljYXe[`e)''(%K_\pn\ekkf JXl[`8iXY`Xn_\i\k_\pjkXp\[`e_\i_ljYXe[Ëjdfk_\iËj_flj\lek`c j_\#Xe[cXk\ife_\i_ljYXe[#n\i\[\gfik\[%J_\[\jZi`Y\[n_Xk _Xgg\e\[kf_\iX]k\i_\ii\klie1

¹7VX`^cHdbVa^V>hiVgiZYldg`^c\^cVgZhiVjgVci# DcZYVn!l]Zc>Äc^h]ZYbnldg`!>lVciZYid\d WVX`]dbZ!^ilVhVgdjcY.#%%Vic^\]i!i]gZZVgbZY bZc!XVbZVcYhideeZYbZ^ci]Zb^YYaZd[i]Z higZZi!i]Znidd`bZWn[dgXZVcYgVeZYbZdcZWn dcZ#>lVhXgn^c\i]Vii^bZ#Bn]jhWVcY]ZVgYVWdji i]ZgVeZVcYY^kdgXZYbZ#>XdjaYcdihiVn^c HdbVa^VV[iZgi]^hhXVcYVa!eZdeaZValVnhiVa`^c\ VWdjibZ#º '*$%($%-

Jfd\fk_\infd\e]\Xi\[kfY\iXg\[`]k_\pjkXp\[`eJfdXc`X%=fi `ejkXeZ\#fe)+;\Z%'/#DJ=jkX]]Zflej\cc\[XJfdXc`nfdXen_f kfc[ljj_\c\]kJfdXc`XY\ZXlj\k_\j`klXk`fenXj^\kk`e^nfij\%J_\ nXjXcjfX]iX`[k_Xkj_\nflc[Y\iXg\[Y\ZXlj\j_\_X[_\Xi[f] jlZ_`eZ`[\ekj%

(#'

:i]^de^Vch

AVX`d[ldg`!Y^hXg^b^cVi^dc!eda^i^XVaeZghZXji^dc!XdchXg^ei^dc K_\dXafi`kpf]<k_`fg`Xej`ek\im`\n\[^Xm\cXZbf]nfibXe[&fi gfm\ikpXjk_\`idX`ei\Xjfe]fic\Xm`e^#dfjkf]k_\d`e[`ZXk`e^k_Xk k_\pnXek\[kf^fkfJXl[`8iXY`Xkfnfib%

'+¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

?fn\m\i#fe\]flik_f]k_\`ek\im`\n\\jd\ek`fe\[`ej\Zli`kpfi gfc`k`ZXci\Xjfej#n`k_jfd\XcjfjkXk`e^cXZbf]nfib%K_\dX`e i\Xjfejgi\j\ek\[n\i\[`jZi`d`eXk`fefe^ifle[jf]i\c`^`feXe[&fi \k_e`Z`kp2Xii\jkjXe[`dgi`jfed\ekfe^ifle[jf]Y\cfe^`e^fi jljg`Z`fef]Y\cfe^`e^kfk_\fggfj`k`feFifdfC`Y\iXk`fe=ifek#fi _Xm`e^mfk\[]fik_\:fXc`k`fe]fiLe`kpXe[;\dfZiXZp:L; `ek_\ )'',\c\Zk`fej#Xe[]\Xif]ZfejZi`gk`fe`ekfk_\d`c`kXip% J\m\e`ek\im`\n\\jj`oFifdfXe[fe\8d_XiX jgfb\XYflk [`jZi`d`eXk`fe%J\m\iXcjgfb\f]g\ij\Zlk`fefe^ifle[jf]i\c`^`fe% @e8gi`cknff]k_\`ek\im`\n\\j#fe\XHliXek\XZ_\i#k_\fk_\iX jkl[\ek#[\jZi`Y\[g\ij\Zlk`fefei\c`^`flj^ifle[j%K_\+'$p\Xi$fc[ HliXek\XZ_\i#XeFifdf]ifd?Xii\i#\ogcX`e\[#ÈDpknfYifk_\ij n\i\Xii\jk\[Ypk_\^fm\ied\ek#k_\pZXgkli\pfln`k_flkXep i\Xjfe%K_\p[fefkc`b\flig\fgc\#k_\Fifdf%@nXjk\XZ_`e^k_\ HliXe%@_X[,'jkl[\ekj#Ylk[XpX]k\i[Xp#@nXjcffj`e^jfd\ jkl[\ekjXe[n_\e@n\ekkfk_\`i]Xd`c`\jkfXjbk_\d#k_\pkfc[d\ k_Xkk_\`iZ_`c[i\en\i\Xii\jk\[Ypk_\^fm\ied\ek%É)+&'+&'/  J`oFifdfkfc[ljk_Xkk_\pc\]k\`k_\iY\ZXlj\k_\pn\i\jljg\Zk\[f] Y\cfe^`e^kfk_\FifdfC`Y\iXk`fe=ifekFC= fiY\ZXlj\f] jlggfik`e^k_\FC=2Ôm\_X[Y\\eXii\jk\[Xe[`dgi`jfe\[fek_fj\ ^ifle[j%8^iflgf]pfle^Fifdf[\jZi`Y\[_fnk_\p]\ck `eZi\Xj`e^cp`ej\Zli\%ÈN\_Xm\ef[`^e`kp%N\Xi\efki\jg\Zk\[`e flifneZflekip%N_\en\j\\k_\d`c`kXipn\Xi\j_Xb`e^n`k_ ]\Xi%É)+&'+&'/  K_i\\fk_\i<k_`fg`Xejd\ek`fe\[]\Xif]g\ij\Zlk`fei\cXk\[kfk_\ )'',gi\j`[\ek`Xc\c\Zk`fe%8)'$p\Xifc[FifdfnfdXe]ifd8ilj`# kiXm\cc`e^Xcfe\#i\gfik\[k_Xkj_\Xe[_\i_ljYXe[n\i\Xii\jk\[ X]k\ik_\gi\j`[\ek`Xc\c\Zk`fejk_i\\p\XijX^fY\ZXlj\k_\pmfk\[]fi k_\fggfj`k`fe:fXc`k`fe]fiLe`kpXe[;\dfZiXZp:L; %J_\nXj i\c\Xj\[X]k\ife\n\\bY\ZXlj\j_\nXjgi\^eXek%?\i_ljYXe[nXj b\gk`egi`jfeXe[[`\[k_\i\%8jj_\Zflc[efkgifm`[\]fi_\ik_i\\ Z_`c[i\e#j_\c\]kk_\dn`k__\idfk_\iXe[ZXd\kfP\d\e ),&'+&'/ % 8cjf#[li`e^Zflej\cc`e^#j\m\iXcfk_\i<k_`fg`Xej\ogcX`e\[k_Xkk_\p n\i\Y\`e^g\ij\Zlk\[Ypk_\^fm\ied\ek]fiY\`e^jljg\Zk\[f] jlggfik`e^k_\fggfj`k`fefiY\cfe^`e^kfX[`]]\i\ek\k_e`Z^iflg k_Xek_Xk_fc[`e^gfn\i% K_i\\<k_`fg`Xed\ejX`[k_Xkk_\pc\]kkfXmf`[Y\`e^ZfejZi`gk\[%8j X)'$p\Xifc[dXe]ifd9Xc\glk`kÈFifdfXi\]fiZ\[kf^fXe[Ô^_k `eDf^X[`j_l%N\[`[efknXekkfÔ^_kjfn\iXeXnXp%É(,&()&'. 8ii`mXcj]ifdk_\F^X[\e&JfdXc`i\^`feefidXccpgi\j\ekXjJfdXc`j# Xjk_\pXi\\k_e`ZJfdXc`jXe[n`ccefke\Z\jjXi`cp^`m\dfi\[\kX`c XYflkn_\i\k_\pZfd\]ifd%K_lj#n\n\i\XYc\kf`ek\im`\n fecpknfg\ijfej]ifdk_Xk^iflg#X)/$p\Xifc[]Xid\in_f^Xm\ `ej\Zli`kpXji\Xjfe]fic\Xm`e^#Xe[X)'$p\Xifc[dXe]ifdA`a`^X n_fjX`[_\c\]kY\ZXlj\f]cXZbf]afYfggfikle`k`\jXe[`ej\Zli`kp%

',¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

)

IgVkZaid7dhhVhd·VeZg^adjh_djgcZn

K_\aflie\pkf9fjjXjf]ifd\`k_\iJfdXc`Xfi<k_`fg`X`j\og\ej`m\ Xe[_XqXi[flj%G\fgc\_Xm\kfdfY`c`j\Zfej`[\iXYc\i\jfliZ\jkfgXp ]fik_\ki`g#n`k_k_\`i]Xd`c`\jjZiXg`e^kf^\k_\idfe\p]fik_\ [`]]\i\ekj\^d\ekjf]k_\aflie\p#jfd\k`d\j_Xm`e^kfj\ccXjj\kjfi `eZli[\Yk%)' 9\ZXlj\f]k`d\Xe[fk_\iZfejkiX`ekjn\Zflc[fecpXjbXYflk/'f] k_fj\n\`ek\im`\n\[XYflkZfe[`k`fej`e9fjjXjfXe[[li`e^k_\`i kiXm\ckf9fjjXjf%K_\dXafi`kpkfc[ljk_Xkk_\`iki`gkf9fjjXjfkffb Y\kn\\eX]\n[XpjXe[knfn\\bj%@ejfd\ZXj\j#n_\ek_\i\nXj Ô^_k`e^Xcfe^k_\ifX[#fin_\ek_\p_X[kfjkfgXcfe^k_\nXpkf nfibkf\Xiedfe\pkfZfek`el\#`kkffbcfe^\i% I\]l^\\jXe[d`^iXekjDJ=`ek\im`\n\[i\gfik\[dXepXYlj\j [li`e^k_\ki`g#`eZcl[`e^Y\`e^jkfgg\[Xe[]fiZ\[kfgXpXk eld\ifljZ_\Zbgf`ekjXcfe^k_\ifX[%K_\pXcjfi\gfik\[XkkXZbjYp Xid\[YXe[`kjXe[Y\`e^ifYY\[f]k_\`idfe\pXe[Y\cfe^`e^j#n`k_ gXjj\e^\ijb`cc\[`ej\m\iXcZXj\j%)( J`eZ\AXelXip)''/#`ek\im`\n\\ji\gfik\[Xe`eZi\Xj\f]Z_\Zbgf`ekj Xcfe^k_\ifX[]ifdDf^X[`j_lkf9fjjXjf#n`k_dfi\g\fgc\ i\gfik`e^k_Xkk_\pn\i\jkfgg\[Xe[ifYY\[%@eDXiZ_#_Xc]f]k_\ `ek\im`\n\\ji\gfik\[Y\`e^jkfgg\[XkZ_\Zbgf`ekjXe[ifYY\[#n`k_ knff]k_\dk\cc`e^ljk_XkXgXjj\e^\i`ek_\`iZXi[`\[Y\ZXlj\k_\p n\i\j_fkXk%8)*$p\Xifc[JfdXc`dXen_fnXjkiXm\cc`e^n`k__`j Zflj`ejkfc[lj#ÈK_\i\Xi\dfi\Z_\Zbgf`ekjY\kn\\eAf_nXiXe[ 9fjjXjf%8kjfd\k_\pn\i\Ôi`e^^lejkfjkfgk_\ZXi%N\dXeX^\[ kfgXjjdfjkf]k_\Z_\Zbgf`ekj#YlkXkfe\Z_\Zbgf`ek`e9Xe[XiXc\p Y\]fi\>Xc^X[ll[i\^`feXgXjj\e^\i]ifdfliZXinXjb`cc\[%É ')&'*&'/  <k_`fg`XejXcjfi\gfik\[k_Xkk_\p\eZflek\i\[dfi\gifYc\djXk Z_\Zbgf`ekjXe[n\i\ifYY\[f]k_\`idfe\p%8^iflgf]k_i\\ <k_`fg`Xenfd\en_fdn\`ek\im`\n\[Xk8I:fe(*8gi`c'/ [\jZi`Y\[_fnk_\pn\i\ifYY\[Xe[YXi\cp\jZXg\[j\olXcm`fc\eZ\% Fe\f]k_\d#X)'$p\Xifc[8d_XiX]ifdNfccfi\^`fei\ZXcc\[1

¹LZlZgZigVkZaa^c\l^i]V\gdjed[[djgbZc#>c =Vgi^hX]Z`Vii]Z:i]^de^Vc$HdbVa^WdgYZglZeV^YV igjX`Yg^kZgidiV`Zjhid7jgd¼d#Dci]ZlVnlZ lZgZhideeZYWngdWWZgh^cVhbVaaXVg#I]ZnlZgZ VgbZYl^i]e^hidahVcY`c^kZh#I]ZndgYZgZYjhid \ZidjiVcYidd`jhidi]ZWjh]#I]ZgZ!i]ZgdWWZgh dgYZgZYi]ZbZcidiV`Zd[[i]Z^gXadi]ZhVcYidd` i]Z^gbdcZn!V[iZgi]Vii]ZndgYZgZYjhidYdi]Z hVbZ#I]Znidd`djgbdcZn!ZkZci]ZbdcZni]Vi lZ]VY]^YYZc^ch^YZdjg]V^g#I]Zci]ZgdWWZgh dgYZgZYi]ZldbZcid\dl^i]i]Zb^ci]Z^gXVg# LZgVc^cidi]ZWjh]!l]^aZi]ZbZclZgZi]gdl^c\ )' @:DG;#g%(.% )( K_\i\Z\eki\gfikYp8de\jkp@ek\ieXk`feXc#Iflk`e\cpKXi^\k\[18kkXZbjfe:`m`c$ `Xej`eJfdXc`X#8@@e[\o8=I,)&''-&)''/Xcjfi\]\ijkfXeldY\if]jlZ_XkkXZbj#j\\ gg)'$)(%

'-¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

hidcZhVii]ZXVg#LZlZgZh]diVi!WjiÄcVaanlZ bVcV\ZYidZhXVeZVcY`Zei\d^c\jci^alZgZVX]ZY Vk^aaV\Z#º

BH;

*

>ciZgcVaan9^heaVXZYEZghdc>9E hZiiaZbZci^c7dhhVhd

HiVn^c7dhhVhd·8dcY^i^dch

K_\YfXkaflie\pXZifjjk_\>lc]f]8[\ejkXikj]ifd9fjjXjf#XY`^ Yljkc`e^gfikkfne`eGlekcXe[`ek_\Efik_\Xjkf]JfdXc`X%N`k_ ),'#'''`e_XY`kXekj#9fjjXjf`jk_\dX`eJfdXc`j\Xgfik]fikiX[\ n`k_P\d\eXe[k_\>lc]JkXk\j%GlekcXe[#n_`Z_[\ZcXi\[`kj\c]Xe Xlkfefdflji\^`fe`e(00/#nXjlek`ci\Z\ekcpZfej`[\i\[i\cXk`m\cp jX]\ZfdgXi\[kfk_\i\jkf]JfdXc`X%J`eZ\k_\flkYi\Xbf]k_\Z`m`c nXi`eJfdXc`X`e(00(#g\fgc\]ifdJflk_Xe[:\ekiXcJfdXc`XÕ\[kf GlekcXe[#dXepf]k_\dkf9fjjXjf%N_`c\XeldY\if]k_\d Zfek`el\[XZifjjk_\>lc]f]8[\e#dXepfk_\ijjkXp\[%K_\i\Xi\ Zlii\ekcpjfd\*'#'''g\fgc\c`m`e^le[\i_Xij_Zfe[`k`fej`ek_\ @ek\ieXccp;`jgcXZ\[G\ijfe@;G j\kkc\d\ekjjZXkk\i\[k_ifl^_flk k_\kfne% J`eZ\k_\j\Zfe[_Xc]f])''.j\Zli`kp`eGlekcXe[_Xj[\k\i`fiXk\[% @kY\ZXd\dfi\[`]ÔZlck]fi_ldXe`kXi`Xefi^Xe`jXk`fejkffg\iXk\# n`k_j\m\iXcXkkXZbjXe[b`[eXgg`e^jf]aflieXc`jkjXe[]fi\`^eX`[ nfib\ij#`eZcl[`e^knfDJ=\ogXki`Xk\jkX]]`e;\Z\dY\i)''.% :fej\hl\eZ\j]fik_\[`jgcXZ\[n\i\i\[lZk`fef]\ogXki`Xk\gi\j\eZ\ Xe[cXZbf]X[\hlXk\_ldXe`kXi`XeXjj`jkXeZ\#XkXk`d\n_\ek_\ `ek\ieXk`feXcZfddle`kp_X[ÔeXccp[\Z`[\[kf[\[`ZXk\dfi\ i\jfliZ\jkf`dgifm\k_\c`m`e^Zfe[`k`fejf]k_\[`jgcXZ\[`e9fjjXjf% I\]l^\\jXe[d`^iXekjnX`k`e^kfZifjj_Xm\XcjfY\\eX]]\Zk\[ [`i\ZkcpYp`eZi\Xj`e^`ej\Zli`kp% 8Yflk_Xc]k_\`ek\im`\n\\jjX`[k_Xkk_\pjkXp\[fe\dfek_fic\jj`e 9fjjXjf#n_`c\XeldY\ijX`[k_\pjkXp\[j\m\iXcdfek_j#Xe[X]\n fe\p\Xifidfi\%@ej\m\iXc`ejkXeZ\jg\fgc\n\i\jkXp`e^cfe^\ikf \Xiedfe\pkfgXp]fik_\aflie\p% K_\dXafi`kpf]k_\e\ncpXii`m\[JfdXc`j`eZcl[`e^k_fj\Zfd`e^ ]ifdk_\F^X[\ei\^`fe jkXp\[n`k_i\cXk`m\jfi]i`\e[j`ek_\@;G j\kkc\d\ekj%C`m`e^Zfe[`k`fejk_\i\Xi\\oki\d\cpgi\ZXi`flj%K_\ cXi^\dXafi`kpf]j_\ck\ij`ek_\@;Gj\kkc\d\ekjXi\dXb\j_`]kifle[fi fmXcjkilZkli\jn`k_X]iXd\f]nff[\ejk`ZbjZfm\i\[Ypg`\Z\jf] ZXi[YfXi[#jXZbj#gcXjk`ZYX^j\kZ%?p^`\e\`jm\ipgffi#n`k_^XiYX^\# \jg\Z`XccpgcXjk`Z#XYle[Xek%K_\cXZbf]cXki`e\j`jXgifYc\d#Xj cXe[cfi[jXi\i\j`jkXekkfk_\ZfejkilZk`fef]jfc`[jkilZkli\j%?\Xck_ Zfm\iX^\Xe[XZZ\jjXi\gffi%K_\i\`jef^\e\iXc]ff[[`jki`Ylk`feXe[ dXcelki`k`fe`jXdXafiZfeZ\ie%8DJ=elki`k`feXcjlim\pf]Z_`c[i\e le[\i,p\Xij`e0'._flj\_fc[jle[\ikXb\e`eEfm\dY\i)''.]fle[X ^cfYXcXZlk\dXcelki`k`feiXk\f])*%*Xe[+%0f]j\m\i\XZlk\ dXcelki`k`fe%))8^cfYXcdXcelki`k`fef]fm\i('`e[`ZXk\jXZi`j`j`e ]ff[j\Zli`kp%K_`jd\Xejk_Xkk_\i\`je\`k_\i\efl^_]ff[efi X[\hlXk\XZZ\jjkfXep]ff[%K_`jZfii\jgfe[jkfk_\Ôe[`e^j]ifdfli `ek\im`\nj#XjXeldY\if]g\fgc\kfc[ljk_Xkk_\`i\Zfefd`Zj`klXk`fe nXjm\ip[`]ÔZlck`e9fjjXjfXe[k_Xkk_\pZflc[fecpX]]fi[fe\d\Xc g\i[Xp%

)) DJ=Xe[<g`Z\eki\#I\kifjg\Zk`m\DfikXc`kp#Elki`k`feXe[D\Xjc\jMXZZ`eXk`fe:fm$ \iX^\Jlim\p#9fjjXjf#JfdXc`X#Efm\dY\i)''.#;\Z\dY\i)''.%

'.¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

K_\j`klXk`fe`e9fjjXjf`jnfij\]fik_\<k_`fg`Xej%K_\dXafi`kp[f efk_Xm\i\cXk`m\jfi]i`\e[jkfjkXpn`k_Xe[Xi\_`^_cpmlce\iXYc\kf \ogcf`kXk`feXe[XYlj\Ypk_\jdl^^c\ij%K_\`ic`m`e^Zfe[`k`fejXi\ _Xij_#n`k_dXepf]k_\djkXp`e^`ek_\gfikXi\X#jc\\g`e^fe ZXi[YfXi[fek_\ifZbpjf`c`eXefg\eZfdgfle[%CXki`e\jXe[ nXj_`e^]XZ`c`k`\jXi\cXZb`e^% =ifd=\YilXipfe#j\m\iXc`ek\im`\n\\jkfc[DJ=k_Xkk_\j`klXk`fe nXj^\kk`e^nfij\`e9fjjXjf#Yfk_\Zfefd`ZXccpXe[`ek\idjf] `eZi\Xj`e^`ej\Zli`kp%8,'$p\Xi$fc[JfdXc`dXe]ifd8]^fp\n_f _X[c\]k_`jn`]\Xe[j\m\eZ_`c[i\ek_\i\Y\ZXlj\k_\p[`[efk_Xm\ \efl^_dfe\p]fiXccf]k_\dkfZfd\\ogcX`e\[#รˆ@e9fjjXjf@nXj nfib`e^j\cc`e^m\^\kXYc\j`ek_\dXib\k%8^iflgf]ร”m\d\eZXd\ Xe[kffbXcck_\dfe\p@_X[%K_\p_Xm\^lejXe[be`m\j%@Zflc[efk [fXepk_`e^#Y\ZXlj\`]@kXcb#k_\pn`ccb`ccd\%8]k\ik_Xk@[\Z`[\[kf hl`kJfdXc`X%ร‰),&')&'/ K_\j`klXk`fenXj^\kk`e^dfi\[`]ร”Zlck#\jg\Z`Xccp]fi<k_`fg`Xej$ \oZcl[`e^F^X[\e`jn_fXi\\k_e`ZJfdXc`j%J\m\iXcf]k_\k_\d d\ek`fe\[k_\`eZi\Xj`e^Xe`dfj`kpkfnXi[jk_\d[l\kfk_\ gi\j\eZ\f]<k_`fg`Xekiffgj`eJfdXc`X%Fe=\YilXip,#)''/XYfdY \ogcf[\[`ek_\gfikXi\X#b`cc`e^))<k_`fg`XejXe[nfle[`e^.+# dXepf]k_\dj\m\i\cp%J\m\iXcf]k_\`ek\im`\n\\jjgfb\f] <k_`fg`Xej]\\c`e^`ej\Zli\X]k\ik_\YfdYXkkXZb% N\Xjj`jk\[j\m\iXc<k_`fg`XejXkk_\8I:n_f_X[Y\\e`eali\[Yp k_\YfdY\ogcfj`fe`e9fjjXjf#`eZcl[`e^X)'$p\Xifc[8d_XiXdXe ]ifdNfccf%?\kfc[lj1

ยนL]Zc>lVh^c7dhhVhd!dcXZ>lZcil^i]bn[g^ZcYh id]VkZY^ccZg!^ilVhVgdjcY-/%%eb#LZlZciidV gZhiVjgVcicZVgi]Zedgi!lZlZgZVaaZVi^c\i]Z Y^ccZg#>ร„c^h]ZYbnY^ccZg#>lVhi]Zร„ghidcZl]d ร„c^h]ZYVcY>lZcidji!hjYYZcan!>]ZVgYVc Zmeadh^dcd[VWdbW!>hVlbVcnd[bn[g^ZcYhl]d Y^ZY^c[gdcid[bZ!i]ZgZlVhVadid[WaddY!>lVh Vahd^c_jgZYdcbn]VcYVcYi]Vii^bZ!>Y^Ycdi `cdlVcni]^c\!>[djcYbnhZa[^ci]Z]dhe^iVal]ZgZ >lVhigZViZY#>hiVnZY'%YVnh^ci]Z]dhe^iVa!V[iZg i]Vi>YZX^YZYidfj^i7dhhVhd#ยบ &%$%($%-

9\]fi\j\kk`e^flkfek_\YfXkaflie\p#g\fgc\jg\e[XeXm\iX^\f]knf [XpjXe[knfe`^_kjfek_\j_fi\e\Xik_\dflekX`ejXYflk)$* _flijnXcb`e^[`jkXeZ\]ifd9fjjXjf%DXepi\gfik\[k_Xk]ff[nXj gif_`Y`k`m\cp\og\ej`m\k_\i\%8]\njkXk\[k_Xkk_\p_X[kfnX`k cfe^\ie\Xik_\j_fi\]fik_\YfXkkfร”cclg%8(.$p\Xifc[nfdXen_f nXjkiXm\cc`e^n`k_]Xd`cpd\dY\ijkfc[ljk_Xk#รˆn\_X[kfnX`kfe j_fi\/[XpjXe[_X[efk_`e^kf\Xk[li`e^k_\j\[XpjnX`k`e^]fik_\ YfXkร‰'*&')&'/ %8]\n`ek\im`\n\\ji\]\ii\[kfm`fc\eZ\n_`c\ \dYXib`e^#Ylkn\Zflc[efk^\kdfi\`e]fidXk`fe%8)0$p\Xifc[ 8d_XiX]ifdNfccfkfc[DJ=#รˆ>led\ejkfc\flidfe\pn_`c\n\ n\i\nX`k`e^]fik_\YfXk%ร‰',&'(&'/ K_\]XZkk_Xkg\fgc\jk`ccdXb\k_\g\i`cfljaflie\p]ifd9fjjXjf# efkn`k_jkXe[`e^[`jjlXj`m\ZXdgX`^ejYp@ek\ieXk`feXcFi^Xe`qXk`fe

(%ยฅ

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

]fiD`^iXk`fe@FD Xe[LE?:Igf`ek`e^kfk_\[Xe^\ijf]k_\ki`g# `ccljkiXk\jk_\[\jg\iXk\j`klXk`fef]k_\[`jgcXZ\[%K_\p]\\ck_\p _Xm\effk_\ifgk`fek_Xekfi`jbk_\`ic`m\jfek_\g\i`cfljmfpX^\% 8jX)'$p\Xifc[dXe]ifdDf^X[`j_lkfc[lj#È@d\kXcfkf]g\fgc\ `e9fjjXjfnX`k`e^kf^fkfP\d\e%K_\p[feËknXekkf^fYXZb kfDf^X[`j_l%K_\pgi\]\ikf[`\Xkj\Xkf^f`e^YXZbkfk_\nXi%É ()&()&'. 

+

EaVch[dgi]Z[jijgZ

8jb\[XYflkk_\`igcXej#dXepe\nXii`mXcjXejn\i\[#Èkfc`m\`eX jX]\gcXZ\Xe[Ôe[XafY%ÉK_\dXafi`kpf]k_\JfdXc`jjX`[k_Xkk_\p nXek\[kfjkXp`eP\d\eXe[nfib#n_`c\dfjkf]k_\<k_`fg`XejjX`[ k_\pnXekkf^fkfJXl[`8iXY`XXe[Ôe[XafY%8jdXcc\ieldY\if] JfdXc`jXcjf\ogi\jj\[Xe`ek\i\jk`e^f`e^kfnfib`eJXl[`8iXY`X% J\m\iXcf]k_fj\n\`ek\im`\n\[_X[i\cXk`m\j`eP\d\e#Xe[X]\nf] k_\d`eJXl[`8iXY`X#Xe[jX`[k_\pnXek\[kfaf`ek_\d%8]\npfle^ JfdXc`jjX`[k_Xkk_\p_X[Zfd\kfjkl[p#j`eZ\`knXjm\ip_Xi[kf^\k Xe\[lZXk`fe`eJfdXc`X%Jfd\pfle^<k_`fg`XejXcjfjX`[k_\pc\]kkf ^\kXe\[lZXk`fe% @knXjjligi`j`e^kfefk\k_XkXjlYjkXek`XceldY\if]k_\e\n Xii`mXcj#dfjkf]k_\d<k_`fg`Xej#kfc[ljk_Xkk_\p_X[Zfd\kf P\d\egi\m`fljcp%8hlXik\if]k_\i\jgfe[\ekj[li`e^k_\g\i`f[ ]ifdAXelXipkf8gi`c)''/kfc[ljk_Xkk_`jnXjefkk_\`iÔijkk`d\% K_\dXafi`kp_X[^fe\feZ\Y\]fi\Xe[_X[Y\\e[\gfik\[]ifdJXl[` 8iXY`X%8]\nf]k_\djX`[k_Xkk_\p_X[kiXm\cc\[k_`jnXpj\m\iXc k`d\j%N_`c\dfjkf]k_\<k_`fg`Xejn_fi\jgfe[\[kfk_`jhl\jk`fe kfc[ljk_Xkk_\pn\i\[\gfik\[]ifdJXl[`8iXY`X#X)'$p\Xi$fc[ 8d_XiX]ifdNfccf#`eali\[Ypk_\=\YilXip)''/9fjjXjfYfdY YcXjk#[\jZi`Y\[_fn_\nXjXii\jk\[`eP\d\eXe[[\gfik\[#jXp`e^1

¹I]^h^hi]Zi]^gYi^bZ>XVbZ#I]ZÄghii^bZ!>ig^ZYid \didHVjY^6gVW^V!Wjii]ZnVggZhiZYbZVcY>lVh YZedgiZYid:i]^de^V#I]ZhZXdcYi^bZ!l]Zc> Vgg^kZY^cNZbZc!i]ZXdVhi\jVgYhVggZhiZYbZVcY hZciidbZidHVcV¼Vl]ZgZ>lVh^ci]Z_V^a[dg'% YVnh!V[iZgi]Vi>lVhYZedgiZYid:i]^de^V#º &%$($%-

K_\DJ=k\Xdgifm`[\[Zflej\cc`e^kf_`dY\ZXlj\_\nXj ZfeZ\ie\[XYflk_`j`ealipXe[X]iX`[f]Y\`e^Xii\jk\[X^X`e%K_\ ]XZkk_Xk_\#c`b\jfd\fk_\ij#kffbk_\g\i`cfljaflie\pX^X`e#Xk^i\Xk i`jbkf_`jc`]\#`ccljkiXk\jk_\`i[\jg\iXk\j`klXk`fe%

(&¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

>K BZY^XVaVcY ]jbVc^iVg^Vc XdchZfjZcXZh

&

DJ=_Xj]fZlj\[fek_\gifm`j`fef]ÔijkX`[Xe[d\[`ZXc Xjj`jkXeZ\#X[[i\jj`e^Zfe[`k`feji\jlck`e^]ifdk_\YfXkaflie\p#Xj n\ccXjX`cd\ekjk_XkXifj\[li`e^k_\gXk`\ekjˆkiXm\ckf9fjjXjfXe[ k_\`ijkXpk_\i\% J`eZ\k_\jkXikf]k_\d\[`ZXcXZk`m`k`\jXkk_\Xii`mXcj`k\j#DJ= le[\ikffb0-)ZfejlckXk`fej%=ifd0DXiZ_)''/#n_\ek_\8I:nXj fg\e\[lek`c*'8gi`c)''/#..)d\[`ZXcZfejlckXk`fejn\i\ g\i]fid\[%K_\kfkXceldY\if]ZfejlckXk`fej`eZcl[\jZfejlckXk`fej ]fi(+Z_`c[i\ele[\iÔm\p\Xijf]X^\Xe[]fi(/gi\^eXeknfd\e% K_\i\Xjfej]fik_\ZfdgXiXk`m\cp_`^_\ieldY\if]ZfejlckXk`fejXk 8I:`j[l\kfk_\]XZkk_Xkg\fgc\jkXp]fiknffik_i\\[XpjXkk_\ 8I:Xe[k_lj_Xm\k_\fggfikle`kpkfXZZ\jjk_\_\Xck_j\im`Z\j%

BV^ceVi]dad\^ZhVbdc\i]ZcZl Vgg^kVah^cBH;Ÿhegd_ZXi! HZeiZbWZg'%%,id6eg^a'%%-

K_\gifÔc\f]ZfejlckXk`fej#_XjY\\ek_\jXd\`eYfk_k_\Xii`mXcj`k\ Xe[Xk8I:#n`k_X[[`k`feXc[`X^efj\j`[\ek`Ô\[Xk8I:%

HdjgXZ/BH;HeV^cYViV#

)Di]Zg 'H`^cY^hZVhZ '9^Vgg]dZV (6cZb^VXa^c^XVa (<Vhigd^ciZhi^cVaYZhdgYZg )Jg^cVg^igVXi^c[ZXi^dc )9Z]nYgVi^dc *JeeZgGI>

;li`e^k_\g\i`f[Zfm\i\[#k_\^\e\iXcki\e[f]dfiY`[`kpnXj1 ^\e\iXcYf[pgX`e>9G **#_\X[XZ_\(/#m`fc\ekkiXldX(+#Xe[ XZZ`[\ekXckiXldX/%8cck_\j\Zfe[`k`fejXi\i\cXk\[kfk_\\oki\d\ _Xi[j_`ggXk`\ekjjl]]\i\[[li`e^k_\`iaflie\pj`kk`e^`eXm\ip Zifn[\[#leZfd]fikXYc\gfj`k`fe]fiknf[Xpjficfe^\i#\ogfjli\kf k_\jlen`k_flk\efl^_nXk\iXe[]ff[#Y\Xk`e^jXe[fk_\i]fidjf] m`fc\eZ\Xjn\ccXjk_\leZ\ikX`ekpf]n_XknXj^f`e^kf_Xgg\e [li`e^fiX]k\ik_\aflie\p %Fk_\iZfdgcX`ekj#jlZ_Xj[\_p[iXk`fe# li`eXipkiXZk`e]\Zk`fej#[`Xii_f\X#jb`e[`j\Xj\j#fiXZZ`[\ekXc kiXldXXi\i\cXk\[kfZfe[`k`fej[li`e^k_\ki`gXjn\ccXjgifYc\dj \eZflek\i\[Xk[`j\dYXibXk`fe`eali`\jjljkX`e\[n_\eY\`e^]fiZ\[ kfaldg]ifdk_\YfXkXe[fek_\ifZbjf]]j_fi\ %  M`fc\ekkiXldX#i\gi\j\ek`e^(+f]k_\[`X^efj\j#nXj`eÕ`Zk\[fe gXjj\e^\ij[li`e^k_\ki`g`ek_\]fidf]Y\Xk`e^jkfb\\gk_\d]ifd dfm`e^Xe[&fi]fiZ\k_\dkfaldg]ifdk_\YfXkn_\eXii`m`e^e\Xi k_\j_fi\%@dgc\d\ekjlj\[`eZcl[\Y\ckj#jk`Zbj#i`Õ\YlkjXe[be`m\j% =lik_\idfi\#b`Zb`e^kfk_\Z_\jknXjX]i\hl\ekZfdgcX`ek]ifd gXk`\ekj%@eknfc`]\$jXm`e^ZXj\jk_\DJ=k\XdXggc`\[ ZXi[`fglcdfeXipi\Xe`dXk`fei\hl`i\[`ei\jgfej\kfm`fc\ekkiXldX%

((

<ZcZgVaWdYneV^c

-

6XX^YZciVa $IgVjbV

&) &- K^daZcXZ $IgVjbV

BZY^XVa^beVXi

=ZVY]VX]Z

K_\[`Xii_f\Xd`^_kY\i\cXk\[Xjn\cckfgi\$\o`jk`e^Zfe[`k`fej`e k_\Zfleki`\jf]fi`^`ef]k_\e\nXii`mXcj#JfdXc`XXe[<k_`fg`X# n_\i\k_\gifYc\df]nXk\iXmX`cXY`c`kpXe[hlXc`kp]i\hl\ekcpZXlj\j XZlk\nXk\ip[`Xii_f\XflkYi\XbjXe[jfd\k`d\j\m\eZ_fc\iX% 8eX\d`XXe[n\Xbe\jjdXpXcjfY\i\cXk\[kfk_\gffi`ekXb\f]`ife `ek_\i\^lcXi[`\kXjn\ccXjk_\cfe^ki`gk_Xkjfd\_Xm\\e[li\[kf i\XZ_k_\gfikf]9fjjXjf%

BH;

K_\`eZi\Xj\`ek_\[`X^efj`jf]j\olXccpkiXejd`kk\[@e]\Zk`fej() ZXj\jY\kn\\eDXiZ_Xe[8gi`c)''/ Zflc[Y\Xe`e[`ZXkfif] jljg\Zk\[ZXj\jf]j\olXcXe[^\e[\i$YXj\[m`fc\eZ\J>9M # Xck_fl^_efe\n\i\i\gfik\[kfk_\Zc`e`Z%

6\gdjed[gZ[j\ZZhigZViZY[dgVXjiZlViZgn Y^Vgg]dZV^c6]lVg!BVn'%%-

Knfi\]\iiXcjn\i\dX[\kf8c>fd_fi`Xk\XZ_`e^_fjg`kXc`e8[\e# ]fi]lik_\i`em\jk`^Xk`feXe[dfi\Zi`k`ZXcZXi\Z\i\YiXcf\[\dX[l\ kfY\Xk`e^Xe[X^Xjkif`ek\jk`eXc_X\dfii_X^\[l\kfXjki\jj$i\cXk\[ [lf[\eXclcZ\i 8]k\i`dgifm\d\ek#k_\gXk`\ekjn\i\kXb\ekf B_XiXqZXdg% 8j]fiZfddle`ZXYc\[`j\Xj\j#k_\i\_XjY\\efecpfe\ZfeÔid\[ ZXj\f]Z_fc\iXXdfe^k_\e\nXii`mXcj[li`e^k_\k`d\Zfm\i\[Yp

('¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

k_`ji\gfik%?fn\m\i#DJ=_XjY\\edfe`kfi`e^k_\dfiY`[`kpgifÔc\ f]k_\gcXZ\jf]fi`^`eXe[`jgi\gXi\[kf`ek\im\e\kfZfekX`e gfk\ek`XcflkYi\Xbjf]Z_fc\iX#dXcXi`X#d\Xjc\jfid\e`e^`k`j% 

'

EhnX]dad\^XVaXdchZfjZcXZh

J`eZ\k_\fg\e`e^f]k_\gifa\Zk`eJ\gk\dY\i)''.#DJ=_Xj le[\ikXb\egjpZ_fjfZ`XcXZk`m`k`\j]fie\nXii`mXcjgifm`[`e^ `e[`m`[lXcXe[&fi^iflgZflej\c`e^j\jj`fej%GjpZ_fcf^`ZXcZXi\`j gifm`[\[Xkk_\cXe[`e^j`k\Xe[`ek_\8_nXiI\Z\gk`fe:\eki\% Dfjkf]DJ=ËjY\e\ÔZ`Xi`\j`ek_\8_nXigifa\Zk_Xm\\og\i`\eZ\[ kiXldXk`Z\m\ekj`ek_\gXjk#Yfk_Xkk_\`igcXZ\f]fi`^`eXe[[li`e^ k_\aflie\p%K_fj\Xii`m`e^f]k\egi\j\ekn`k_Xj\i`\jf]jpdgkfdj# kpg`ZXc`ek_\c`^_kf]k_\`i\og\i`\eZ\j%K_\i\jlck`e^df[`ÔZXk`fejkf k_\`igjpZ_fcf^`ZXc\hl`c`Yi`ldX]]\Zkk_\`ig_pj`ZXc_\Xck_Xjn\ccXj k_\`i]Xd`cpXe[jfZ`Xcc`m\j% K_\Zfej\hl\eZ\jf]gXjkXe[gi\j\ek[`jki\jj]XZkfijXi\fYj\im\[[X`cp Ypk_\d\[`ZXcXe[gjpZ_fjfZ`Xck\Xdjnfib`e^`ek_\8_nXiI\Z\gk`fe :\eki\%K_\dfjk]i\hl\ekgjpZ_fjfZ`XcgifYc\dj\eZflek\i\[Xdfe^jk k_\DJ=Y\e\ÔZ`Xi`\jXi\\ogcX`e\[Y\ccfn%

'#& IgVjbVi^X\g^Z[ =i\hl\ekcp#DJ=k\Xdjgifm`[\Zflej\c`e^kfg\fgc\_Xm`e^ n`ke\jj\[k_\[\Xk_f]Xj`^e`ÔZXekg\ijfe`ek_\d`[jkf]_fii`ÔZ# c`]\$k_i\Xk\e`e^Z`iZldjkXeZ\jXkk_\gcXZ\f]fi`^`eXe[&fi[li`e^ k_\aflie\p%K_`jcfjjf]cfm\[fe\jle[\ikiXldXk`ZZ`iZldjkXeZ\j`j [\mXjkXk`e^Xe[fm\ik`d\^i\XkcpZfdgc`ZXk\jk_\^i`\m`e^gifZ\jj% ;\gi\jj`m\jpdgkfdjf]k\efZZli`eZfealeZk`fen`k_k_`j Zfdgc`ZXk\[^i`\m`e^gifZ\jjXe[`eZcl[\]\\c`e^jf]jX[e\jj# _fg\c\jje\jj#jc\\ggifYc\dj[`]ÔZlckp`e]Xcc`e^Xjc\\gXe[ gi\dXkli\XnXb\e`e^ #\Xk`e^gifYc\djcXZbf]Xgg\k`k\#n\`^_kcfjj # Xe[gif]fle[]\\c`e^jf]lj\c\jje\jjXe[^l`ck%K_\j\\oki\d\# e\^Xk`m\\dfk`fejY\Zfd\m\ipgX`e]lc#[`]ÔZlckXe[Z_Xcc\e^`e^# \jg\Z`Xccp]fiXccZ_`c[i\eXe[X[fc\jZ\ekjn_fle[\in\ekk_\fi[\Xcj f]k_\aflie\p%

'#' IgVjbVi^XhigZhh DJ=k\Xdj_Xm\kf[\XcfeX[X`cpYXj`jn`k_XZlk\jki\jji\XZk`fej ZXlj\[Ypk_\m`fc\ek\m\ekjk_Xkc\[kf[`jgcXZ\d\ekXe[fk_\i\m\ekj k_XkkffbgcXZ\[li`e^k_\aflie\p%KiXldXk`Zjki\jj`jZXlj\[Yp Zfe]ifekXk`fen`k__\cgc\jje\jjXe[[\Xk_#Xe[XZfdgc\k\cfjjf]Zfekifc% Jki\jji\XZk`fejXi\\ogi\jj\[`e[`]]\i\eknXpj%Jfd\gXk`\ekj \ogi\jjk_\`i\dfk`fejYpZip`e^#jZi\Xd`e^figXe`Zb`e^%Fk_\ij jkXphl`\k#j\\d[\kXZ_\[Xe[[fefkj_fnXep\dfk`feXci\XZk`fej% K_\pdXp_Xm\[`]ÔZlck`\jfiXi\leXYc\kfi\d\dY\iXe`dgfikXek Xjg\Zkf]k_\kiXldXk`Z\m\ek%Fk_\ijXmf`[Xepjk`dlclj1k_fl^_kj# ]\\c`e^j#XZk`m`k`\j#gcXZ\jXe[g\fgc\k_Xki\ZXcck_\kiXldXk`Z\m\ek% ?fn\m\i#`ekilj`m\d\dfi`\jZfek`el\kfZXlj\k_\jlim`mfiX^fep% Jfd\gXk`\ekjdXp[\dfejkiXk\XjkXk\f]_pg\im`^`cXeZ\#[`jkliY\[ jc\\g#_Xm\[`]ÔZlck`\j`eZfeZ\ekiXk`e^Xe[Xi\\Xj`cpjkXikc\[% DXepgXk`\ekjgi\j\ekkfk_\DJ=d\[`ZXck\Xdn`k_gjpZ_fjfdXk`Z gifYc\dj#XjgXk`\ekjkiXejcXk\k_\`ijl]]\i`e^#[`jki\jjfijX[e\jj`ekf

((¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

g_pj`ZXcj`^ejXe[[\m\cfgjpdgkfdjjlZ_Xj^\e\iXcYf[pgX`e# _\X[XZ_\#]\\c`e^f]jl]]fZXk`fe#mfd`k`e^%K_\\ogi\jj`fef]k_fj\ i\XZk`fej`ji\^Xi[\[XjefidXc^`m\ek_\j`klXk`fejk_\`e[`m`[lXc_Xj _X[kfZfe]ifek#\m\e`]k_\pdXpj\\dÊ`eXggifgi`Xk\ËfiÊXYefidXcË# Ylkk_`j[f\jefkd\Xek_\pXi\\Xjp]fik_\i\]l^\\jXe[d`^iXekjkf Zfg\n`k_% =fijfd\fe\n_f_Xj\og\i`\eZ\[kiXldX#c`]\j\\djkf_Xm\cfjk`kj d\Xe`e^Xe[gi\[`ZkXY`c`kp%Lgiffk`e^#k_\\og\i`\eZ\f]Y\`e^]fiZ\[ kfc\Xm\fe\Ëj]Xd`c`Xijliifle[`e^j#Xe[_Xm`e^kfj\kkc\`eXe\nXe[ le]Xd`c`Xi\em`ifed\ek#Xi\Zfddfe]\Xkli\jXdfe^k_\e\n Xii`mXcj%K_\p[`[efk_Xm\k`d\kfXYjfiYk_\j_fZbk_Xkk_\p_Xm\kf ]XZ\Xe\nj`klXk`fe1k_\pn`cc_Xm\kfZfek`el\kfc`m\`eXgi\ZXi`flj jkXk\`ek_\i\]l^\\ZXdgfi\cj\n_\i\#`egfm\ikp#Xe[#]fiefe$ JfdXc`j#`cc\^Xc`kp #c\X[`e^kf\oki\d\leZ\ikX`ekpXe[Xe^l`j_`e ]XZ`e^k_\]lkli\%

K 8dcXajh^dch VcYgZXdbbZc" YVi^dch

&

8dcXajh^dch

K_`ji\gfik_Xj[fZld\ek\[k_\jZfg\Xe[`ek\ej`kpf]k_\XYlj\j jl]]\i\[Ypk_\i\]l^\\j#Xjpcldj\\b\ijXe[d`^iXekjZifjj`e^k_\ >lc]f]8[\e%=c\\`e^m`fc\eZ\#ZfeÕ`ZkXe[\oki\d\\Zfefd`Z _Xi[j_`g#k_\p\dYXibfeX[Xe^\ifljaflie\p%DXepcffj\k_\`ic`m\j% N`k_k_\`ek\ej`]p`e^ZfeÕ`ZkXe[nfij\e`e^_ldXe`kXi`Xej`klXk`fe `eJfdXc`XXe[[ifl^_k`egXikjf]<k_`fg`XXjn\ccXjk_\ZfeÕ`Zk`e k_\F^X[\ei\^`fe#k_\eldY\if]g\fgc\kXb`e^k_\g\i`cfljaflie\p n`ccZfek`el\kf`eZi\Xj\% I\]l^\\jXe[d`^iXekj#`em`\nf]XcXZbf]Xck\ieXk`m\j#_Xm\kflj\ k_\j\im`Z\jf]jdl^^c\ijkfZifjjk_\>lc]f]8[\e%K_\YilkXc jdl^^c\ijkXb\X[mXekX^\f]k_\\oki\d\mlce\iXY`c`kpf]k_\`i gXjj\e^\ij%J`eZ\k_\Y\^`ee`e^f]k_\gifa\Zk`eJ\gk\dY\i)''.# DJ=_Xjn`ke\jj\[k_\d\[`ZXcXe[_ldXe`kXi`XeZfej\hl\eZ\jf] k_\XYlj\jYpk_\jdl^^c\ijXe[gifm`[\[Xjj`jkXeZ\kfk_fj\n_f jlim`m\k_\mfpX^\%G\fgc\Xii`m\\o_Xljk\[#dXepf]k_\d`ccXe[ \dfk`feXccpj_Xkk\i\[%DJ=k\Xdj_Xm\ki\Xk\[gXk`\ekj]fi`eali`\j ]ifdj\m\i\Y\Xk`e^j#[\_p[iXk`fe#i\jg`iXkfipXe[fk_\igifYc\dj% DXepgXk`\ekjgi\j\ek\[n`k_^\e\iXcYf[pgX`ejfi_\X[XZ_\jÆ g_pj`ZXcdXe`]\jkXk`fejf]k_\gjpZ_fcf^`ZXcZfej\hl\eZ\j%DXep jlim`mfij_Xm\efkfecpY\\ek_ifl^_kiXldXk`Z\m\ekjk_\dj\cm\j Ylkk_\p_Xm\n`ke\jj\[b`cc`e^jfek_\YfXkficfjkcfm\[fe\j]ifd m`fc\eZ\fi[ifne`e^% K_\dXafi`kpf]k_fj\Zifjj`e^n\i\XnXi\f]k_\gfk\ek`Xci`jbj#Ylk kfc[DJ=k_Xkk_\p_X[efZ_f`Z\%=fik_\dkXb`e^k_\[Xe^\ifljki`g [f\jefkZfejk`klk\Xefgk`feXdfe^j\m\iXc#Ylkk_\`ifecpjlim`mXc jkiXk\^pkf\jZXg\m`fc\eZ\#`ej\Zli`kpXe[[\jk`klk`fe%K_lj#k_\ Zfddfeg\iZ\gk`fef]d`^iXk`feY\`e^gi`dXi`cpZXlj\[Yp\Zfefd`Z _Xi[j_`g[f\jefkZfii\jgfe[kfk_\_Xij_i\Xc`k`\jn`ke\jj\[fm\i Xe[X^X`e`ek_\`ek\im`\nj[fe\Ypk_\DJ=k\Xdj% @dgfj`k`fef]jki`Zk\iYfi[\iZfekifcjZXeefkY\k_\Xejn\ikfXe `eZi\Xj\`ek_\eldY\if]g\fgc\Õ\\`e^%<og\i`\eZ\]ifdfk_\i i\^`fejÇk_\D\[`k\iiXe\Xe#]fi`ejkXeZ\Ç_Xjj_fnek_Xki\jki`Zk`m\ gfc`Z`\j_Xm\Zfeki`Ylk\[kfk_\i`j\`ejdl^^c`e^f]d`^iXekj# kfj_`]kj`eiflk\j\ekX`c`e^cfe^\iXe[dfi\[Xe^\ifljaflie\pjXe[

()¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

Xe`eZi\Xj\`eXYlj\j%)*I\]l^\\jXe[d`^iXekje\\[kfY\gifm`[\[ n`k_Xck\ieXk`m\jkfglkk`e^k_\dj\cm\j`ek_\_Xe[jf]YilkXc jdl^^c\ij%K_\D`^iXk`feGfc`Zp=iXd\nfib]fi8]i`ZXX[fgk\[Yp k_\8]i`ZXeLe`fe`eAle\)''-gifgfj\j`ek\iXc`XÈ[\m\cfg`e^Xe[ jlggfik`e^c\^XcXm\el\j]fi\Zfefd`Zd`^iXekjkfj\\b\dgcfpd\ek%É K_\Gfc`Zp=iXd\nfibXcjfi\Zfdd\e[jkfÈgifj\Zlk\jdl^^c\ijXe[ fk_\ij`emfcm\[`ejlZ_Rjdl^^c`e^TXZk`m`k`\j#n_`c\¿gifm`[`e^ _ldXe\ki\Xkd\ek]fid`^iXekj%É)+ @e]fidXk`feZXdgX`^ejXYflkk_\[Xe^\ijf]k_\aflie\p),j_flc[efk Y\lj\[Xj[\k\ii\ekjkiXk\^`\j`ek\e[\[kf[`jjlX[\g\fgc\]ifd \o\iZ`j`e^k_\`i]le[Xd\ekXci`^_kjkf]i\\[fdf]dfm\d\ek#kf]i\\cp c\Xm\k_\`ifneZfleki`\j#Xe[kfj\\bXe[\eafpXjpcld%)N_`c\P\d\e_XjkiX[`k`feXccpY\\en\cZfd`e^kfe\nXii`mXcj# \jg\Z`XccpJfdXc`j#k_\_`^_`eÕlof]i\]l^\\jXe[d`^iXekjgfj\jX dXafiZ_Xcc\e^\]fik_\Zflekip%8jnXji\Zf^e`q\[XkXI\^`feXc :fe]\i\eZ\feI\]l^\\Gifk\Zk`feXe[@ek\ieXk`feXcD`^iXk`fe`ek_\ >lc]f]8[\e`eJXeXËX(0kf)'DXp)''/ dfi\`ek\ieXk`feXc Xjj`jkXeZ\`jli^\ekcpe\\[\[%@knXjefk\[k_Xkd\Xjli\jkfgifk\Zk k_\i`^_kjXe[n\c]Xi\j_flc[`eZcl[\Xcce\nXii`mXcji\^Xi[c\jjf] k_\`i\k_e`Z`kpXe[jkXklj% Jf]Xi#k_\_ldXe`kXi`Xei\jgfej\kfk_fj\Xii`m`e^Xkk_\j_fi\Xj n\ccXjkfk_\i\]l^\\jXe[d`^iXekjXci\X[p`eP\d\e_XjY\\e]Xi ]ifdX[\hlXk\%K_\i\jgfej\ZXgXZ`kpf]k_\XZkfijZlii\ekcpgi\j\ek Xkk_\ZfXjke\\[jkfY\jki\e^k_\e\[%8kk_\jXd\k`d\#Xjk_\i\Xi\ ]\nXZkfijfek_\^ifle[#dfi\fi^Xe`qXk`fejj_flc[`ek\im\e\kf X[[i\jjk_\`dgXZkf]k_`j_ldXe`kXi`XeZi`j`j%

)* @:DG;#g%**2>iXek#g%,% )+ K_\D`^iXk`feGfc`Zp=iXd\nfib]fi8]i`ZX#X[fgk\[Ypk_\<o\Zlk`m\:fleZ`cf]k_\ 8]i`ZXeLe`fe#),$)0Ale\)''-#;fZ%<O%:C&).-@O % ), JlZ_ZXdgX`^ejXi\Zlii\ekcpZXii`\[flkYp@FDXe[LE?:I`eJfdXc`XXe[<k_`f$ g`X#j\\D`o\[D`^iXk`feKXjb=fiZ\i\gfik#g%(/2Xe[('Gf`ekGcXef]8Zk`fe]fi<k_`fg`X% )- ?ldXeI`^_kjNXkZ_#@ek\ieXk`feXc:Xk_fc`ZD`^iXk`fe:fdd`kk\\#Nfic[:fleZ`cf] :_liZ_\j\kXc%E>F9XZb^ifle[GXg\ifek_\I\]l^\\Xe[D`^iXk`fe@ek\i]XZ\gi\j\ek\[kf k_\LE?:I>cfYXc:fejlckXk`fejfe@ek\ieXk`feXcGifk\Zk`fe#>\e\mX#Ale\)''(#g%(*%

(*¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

'

GZXdbbZcYVi^dch

Kfk_\>fm\ied\ekf]P\d\e KfgcXpXjkife^\iifc\i\^Xi[`e^`kji\jgfej`Y`c`k`\j]fik_\gifk\Zk`fe f]Xe[_ldXe`kXi`XeXjj`jkXeZ\]fii\]l^\\j#Xjpcldj\\b\ijXe[ d`^iXekjYp1 ›jki\e^k_\e`e^k_\ZXgXZ`kpf]cfZXcXe[eXk`feXcXlk_fi`k`\jkf i\jgfe[kfk_\e\\[jf]e\nXii`mXcj2 ›Xccfn`e^efe$JfdXc`jXZZ\jjkfXjpcldgifZ\[li\j2 › \ejli`e^k_XkJ\Zli`kp=fiZ\jXi\XnXi\f]Xe[i\jg\Zkk_\i`^_kjf] e\nXii`mXcj%

KfLE?:I KfXjjld\Xdfi\gif$XZk`m\Xe[jkife^\iifc\XZZfi[`e^kf`kj Xjj`jkXeZ\Xe[gifk\Zk`fedXe[Xk\Yp1 ›`eZi\Xj`e^i\jgfej\ZXgXZ`kpfek_\ZfXjkf]P\d\ekf`ek\im\e\ hl`Zbcpkfgifm`[\ÔijkXjj`jkXeZ\Xe[gifk\Zk`fekfk_\e\nXii`mXcj2 ›`dgifm`e^gifk\Zk`feXe[Xjj`jkXeZ\]fii\]l^\\jXe[d`^iXekj`ek_\ I\Z\gk`fe:\eki\jXe[k_\I\]l^\\:Xdg% Jg\Z`ÔZi\Zfdd\e[Xk`fej]fik_\8_nXiI\Z\gk`fe:\eki\`eZcl[\1 Ç\ejli`e^k`d\cpi\^`jkiXk`fef]e\nXii`mXcj2 Çgifm`[`e^e\nXii`mXcjn`k_`e]fidXk`fe`ek_\`ii\jg\Zk`m\ cXe^lX^\jXYflkk_\fgk`fejXmX`cXYc\kfk_\d2 Ç`dgifm`e^k_\Zfe[`k`fejf]j_\ck\i2 Çgifm`[`e^jl]ÔZ`\ekXe[ZlckliXccpXggifgi`Xk\]ff[iXk`fej2 Çgifm`[`e^k`d\cpXe[Xggifgi`Xk\kiXejgfikXk`fe% 

Kf[fefiXe[fk_\i>fm\ied\ekj

 ›Kfi\Zf^e`q\k_\Zfej\hl\eZ\jf]k_\[Xe^\ifljaflie\pfek_fj\ Zifjj`e^k_\>lc]f]8[\eXe[kfkXb\d\Xjli\jkfX[[i\jjXe[gi\m\ek k_\`ijl]]\i`e^% ›Kfgifm`[\X[[`k`feXcjlggfik]fik_\>fm\ied\ekf]P\d\e#LE?:I Xe[efe$^fm\ied\ekXcfi^Xe`qXk`fejkfXccfnk_\dkfi\jgfe[ X[\hlXk\cpkfk_\e\\[jf]i\]l^\\j#Xjpcldj\\b\ijXe[d`^iXekj Xii`m`e^`eP\d\e%

(+¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

6ccZm> BH;^cNZbZc

EVhi^ciZgkZci^dch DJ=Xii`m\[`eP\d\e[li`e^(0/-Xe[nfib\[kf`dgifm\ `ddle`jXk`feZfm\iX^\[`g_k_\i`X#k\kXelj#gfc`f#g\iklj`j# klY\iZlcfj`j#d\Xjc\j `eXccjflk_\ie^fm\iefiXk\j%8]k\ile`ÔZXk`fe# DJ=i\jgfe[\[kfXi\hl\jkYpk_\_\Xck_Xlk_fi`k`\jXe[ `dgc\d\ek\[XÔm\$p\XiGi`dXip?\Xck_:Xi\gifa\Zk`e;_`Jl]Xc @YY>fm\iefiXk\ %=ifd(00)$0+DJ=gifm`[\[d\[`ZXcXjj`jkXeZ\`e k_\i\]l^\\ZXdgÔijk`eJ_XËXY`e8[\e#Xe[k_\e`e8cBf[`e 8Y`pXe>fm\iefiXk\ %@eX[[`k`fe#DJ=`ek\im\e\[`ej\m\iXc \d\i^\eZ`\jZ_fc\iX`e0'#Ycff[p[`Xii_f\X`e0*#Z`m`cnXi`e0+# Õff[j`e0-Xe[dXcXi`X`e0/ % =ifd(00/$)'')DJ=ZXii`\[flkknfgifa\Zkjn`k_k_\fYa\Zk`m\kf `dgifm\XZZ\jjf]k_\gffi\jkj\Zkfijf]k_\gfglcXk`fe#gXik`ZlcXicp nfd\eXe[Z_`c[i\e#kf_\Xck_ZXi\`ek_\dflekX`eflj[`jki`Zkf] ?Xqd8cL[Xpe`e@YY>fm\iefiXk\Xe[`ek_\liYXeXi\Xf]8[\e >fm\iefiXk\%@ek_\d\Xek`d\#DJ=Zfek`el\[kfgifm`[\k\Z_e`ZXc jlggfikkfk_\[`jki`Zkf];_`Jl]XcXje\\[\[Xe[kfi\jgfe[kf \d\i^\eZ`\j%

8jggZciBH;egd_ZXih @e)''.#DJ=i\klie\[kfP\d\e#nfib`e^le[\iXeX^i\\d\ekn`k_ k_\D`e`jkipf]GcXee`e^Xe[@ek\ieXk`feXc:ffg\iXk`feXe[XjlY$ X^i\\d\ekn`k_k_\D`e`jkipf]?\Xck_%@eJ\gk\dY\i)''.#DJ= \jkXYc`j_\[Xgifa\Zkfek_\jflk_\iej_fi\jf]P\d\ekfgifm`[\ d\[`ZXc#gjpZ_fcf^`ZXcXe[_ldXe`kXi`XeXjj`jkXeZ\kfe\nXii`mXcj% 8kk_\jXd\k`d\#DJ=Y\^XeXe`ek\im\ek`fe`ek_\Efik_f]k_\ ZflekipJXX[Xi\^`fe #jlggfik`e^*_fjg`kXcj%

BH;¼hegd_ZXidci]ZHdji]Zgc8dVhid[NZbZc K_\gifa\Zk_XjknfZfdgfe\ekj1gifm`[`e^d\[`ZXc#gjpZ_fjfZ`XcXe[ _ldXe`kXi`XeXjj`jkXeZ\kfi\]l^\\jXe[d`^iXekjXii`m`e^Xkk_\ ZfXjk`e8Yp`XeXe[J_XYnX>fm\iefiXk\jXe[X[mfZXZp#[iXn`e^ Xkk\ek`fekfd\[`ZXcXe[gjpZ_f$jfZ`XcZfej\hl\eZ\jf]k_\XYlj\Xe[ _Xi[j_`gk_\pjl]]\i`efi[\ikfj\\bXe`dgifm\d\ek`ek_\`i j`klXk`fe%DJ=gifm`[\jÔijkXjj`jkXeZ\kfe\nXii`mXcjfek_\ZfXjk Xe[fg\iXk\jk_\\d\i^\eZp_\Xck_Z\eki\`ek_\e\ncp\jkXYc`j_\[ I\Z\gk`fe:\eki\Xk8_nXi8I: %>`m\ek_\[\cXpj`ej\kk`e^lgk_\ 8I:DJ=]fZljj\[k_\Ôijkj`odfek_jfeXjj`jk`e^e\nXii`mXcjXk k_\ZfXjkY\kn\\eJ_lihX\Xjkf]8[\e Xe[8c<pee\Xi8c Elj_\`dX % DJ=Zfm\ijk_\).'$bdjki\kZ_f]k_\ZfXjkn`k_dfY`c\k\XdjXe[ _Xj\jkXYc`j_\[Xjpjk\df]]fZXcgf`ekj`ek_\Zfddle`k`\jXcfe^k_\ ZfXjkkfXc\ikDJ=n_\eYfXkjXii`m\%N_\ee\nXii`mXcjXi\ j`^eXcc\[#k_\DJ=dfY`c\k\Xdj^fkfk_\ZfXjkkfgifm`[\\d\i^\eZp d\[`ZXcXe[gjpZ_fjfZ`XcXjj`jkXeZ\#]ff[Xe[nXk\iXe[b`kjn`k_ efe$]ff[`k\dj%K_\b`kj`eZcl[\Zcfk_`e^jlZ_XjK$j_`ikjXe[jXife^j ]fid\e#[i\jj\jXe[jZXim\j]finfd\e#jdXccK$j_`ikjXe[j_fikj]fi Z_`c[i\e#jXe[Xcj#jfXg#Xe[#]finfd\e#jXe`kXipkfn\cj%8]k\ik_\ e\nXii`mXcji\XZ_k_\8I:#k_\DJ=k\XdjZi\\ejk_\dXe[gifm`[\j d\[`ZXcXe[Zflej\cc`e^jlggfikkfk_fj\n_fe\\[`k%DJ=jkX]]Xcjf `ek\im`\njjfd\f]k_\i\]l^\\jXe[d`^iXekjkfÔe[flkdfi\XYflk k_\`iYXZb^ifle[#k_\`ii\Xjfej]fic\Xm`e^Xe[k_\`iaflie\p%

(,¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

=ifdk_\Y\^`ee`e^f]k_\gifa\Zk`eJ\gk\dY\i)''.kfk_\\e[f] 8gi`c)''/#DJ=_Xjgifm`[\[Xjj`jkXeZ\kf-#'/.i\]l^\\jXe[ d`^iXekjXii`m`e^Xkk_\ZfXjkf]8Y`pXeXe[J_XYnX>fm\iefiXk\j% K_\eldY\if]d\[`ZXcZfejlckXk`fejnXj(#.*+%@eDXiZ_Xe[8gi`c )''/#n_\eDJ=jkXik\[kfle[\ikXb\jpjk\dXk`Z`e[`m`[lXc Zflej\c`e^j\jj`fejXk8I:#/(g\ijfeji\Z\`m\[`e[`m`[lXc Zflej\c`e^% =ifdJ\gk\dY\i)''.kf=\YilXip)''/#DJ=Zflc[Xjj`jki\]l^\\j Xe[d`^iXekjfecpXkk_\Xii`mXcj`k\%D\[`ZXcj\im`Z\jgifm`[\[n\i\ dX`ecp^\e\iXcZfejlckXk`fe#[i\jj`e^f]nfle[j#Xe[\d\i^\eZ`\j [\Xc`e^n`k_j\m\i\ZXj\jf][\_p[iXk`feXe[k_\Zfej\hl\eZ\jf] j\i`fljkiXldX%N`k_k_\fg\e`e^f]k_\8_nXiI\Z\gk`fe:\eki\# j\im`Z\jn\i\\ok\e[\[kfZfdgc\k\flkgXk`\ekj\im`Z\j]fijZi\\e`e^# [`X^efj`j#ki\Xkd\ekXe[]fccfn$lgf]`e]\Zk`flj[`j\Xj\j%DJ=Xcjf gifm`[\jXek\eXkXcZXi\]figi\^eXeknfd\e%:_`c[i\ele[\iX^\Ôm\ Xi\Z_\Zb\[jpjk\dXk`ZXccpXe[^`m\emXZZ`eXk`feX^X`ejkd\Xjc\jXe[ k\kXelj%Nfd\eY\kn\\e(,Xe[+,Xi\mXZZ`eXk\[X^X`ejkk\kXelj% DJ=gifm`[\jki\Xkd\ek]fij\olXccpkiXejd`kk\[`e]\Zk`fejXe[X]lcc ki\Xkd\ekgif^iXdd\]fiJ>9Mjlim`mfij%

BV^cdeZgVi^dcVaX]VaaZc\Zh Fe\dXafiZ_Xcc\e^\`jk_\]XZkk_XkYfXkjXii`m\fm\iXcXi^\jki\kZ_ f]ZfXjk#[\g\e[`e^fen\Xk_\iZfe[`k`fejXe[gXkifcc`e^XZk`m`k`\j%@e X[[`k`fe#k_\dXafi`kpf]k_\Xii`mXcjkXb\gcXZ\Xke`^_k#Xjk_\ jdl^^c\ijnXekkfXmf`[Y\`e^[\k\Zk\[Ypk_\P\d\e`j\Zli`kp]fiZ\j% Cffb`e^XkgXkk\iejf]Xii`mXcjf]k_\YfXkjfm\ik_\gXjkp\Xij#DJ= ZfeZcl[\[k_Xkk_\pkXb\gcXZ\Xk[`]]\i\ek\ekipgf`ekjXcfe^X ZfXjkc`e\f]XYflk,''b`cfd\ki\j#jkXik`e^<Xjkf]8[\eXe[^f`e^ Y\pfe[8cDlbXccX_%DJ=j_Xi\jZfm\iX^\f]k_\\ekipgf`ekjXcfe^ k_\ZfXjkn`k_J?J#LE?:IËj`dgc\d\ek`e^gXike\i`efi[\ikf \ejli\XY\kk\i_ldXe`kXi`Xei\jgfej\% K_\c\e^k_f]k_\ZfXjkc`e\Xe[k_\]XZkk_Xkjdl^^c\ijf]k\eZ_Xe^\ k_\gf`ekjf]\ekipi\gi\j\ekX]fid`[XYc\Z_Xcc\e^\`efg\iXk`feXc k\idj%DJ=ËjfYa\Zk`m\#`eX[[`k`fekfgifm`[`e^d\[`ZXcXe[ gjpZ_fcf^`ZXcZXi\Xk8I:#`jkfgifm`[\\d\i^\eZpd\[`ZXc# gjpZ_fcf^`ZXcXe[_ldXe`kXi`XeXjj`jkXeZ\Xkk_\Xii`mXcgf`ekjfe k_\j_fi\n`k_`eknf_flijf]Xii`mXc%Kfi\XZ_k_`jfYa\Zk`m\#DJ= k\Xdjle[\ikffb[X`cpgXkifcjXcfe^k_\ZfXjk]ifdJ\gk\dY\ikf ;\Z\dY\i)''.%>`m\ek_\]XZkk_Xkgf`ekjf]Xii`mXcmXipXcfe^k_\ ZfXjkXe[k_XkdfjkXii`mXcjkXb\gcXZ\Xke`^_k#k_\i\jlckjf]k_`j jlim\`ccXeZ\jpjk\dn\i\fecpgXik`XccpjXk`j]XZkfip% K_lj#DJ=\jkXYc`j_\[XeÈ\XicpnXie`e^jkiXk\^pÉk_ifl^_ [\j`^eXk`e^]fZXcgf`ekj`e]flijkiXk\^`Zm`ccX^\jXcfe^k_\j_fi\% N_\eXeXii`mXckXb\jgcXZ\#k_\DJ==fZXcG\ijfej#Xggf`ek\[`e \XZ_f]k_\j\m`ccX^\j#_Xm\knfdX`e[lk`\j1Ôijkkf`dd\[`Xk\cp `e]fidk_\DJ=k\Xdj`e8_nXiXe[j\Zfe[kfgifm`[\`dd\[`Xk\ _ldXe`kXi`Xei\jgfej\`ek_\]fidf][`jki`Ylk`fef]_ldXe`kXi`Xe b`kj#`eZcl[`e^]ff[Xe[efe]ff[`k\dj%DJ=_Xjk\XdjfejkXe[Yp )+_flijg\i[Xp]fij\m\e[Xpjg\in\\b%8]k\ii\Z\`m`e^k_\ `e]fidXk`feXe[ZifjjZ_\Zb`e^k_\j\Zli`kpj`klXk`fe#k_\DJ=k\Xdj dfm\kfk_\Xii`mXcgf`ekkfgifm`[\ÔijkXjj`jkXeZ\%J`eZ\k_\ `dgc\d\ekXk`fef]k_`jjpjk\d]ifdk_\Y\^`ee`e^f])''/#k_\DJ= k\XdjZfej`[\iXYcp`dgifm\[k_\`ik`d\c`e\jjf]i\XZk`fe#Xjj`jk`e^ Xe\jk`dXk\[.'f]k_\Xii`mXcj`eDJ=ËjXi\Xf]`ek\im\ek`fen`k_`e k_\Ôijk]\n_flijX]k\i[`j\dYXibXk`fe%

(-¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

J\m\iXcj\Zli`kpZ_Xcc\e^\j_Xm\#_fn\m\i#X]]\Zk\[DJ=Ëji\jgfej\ ZXgXZ`kp%K_\i\_Xm\Y\\e`ejkXeZ\jn_\i\jfd\f]k_\ki`Y\jc`m`e^ Xcfe^k_\ZfXjk_Xm\YcfZb\[XZZ\jjfik_i\Xk\e\[kfkXb\DJ=ZXij# jfd\k`d\jkf\ogi\jjk_\`i[`jZfek\ekXYflkk_\\oki\d\cp_`^_ le\dgcfpd\ekiXk\j`ek_\Xi\X%@efi[\ikf[`d`e`j_k_`jk_i\Xk#DJ= _XjZcfj\cpe\knfib\[n`k_k_\c\X[\ijj_\`b_j f]k_\j\ Zfddle`k`\jXe[\ogcX`e\[DJ=gi`eZ`gc\jXe[mXcl\j#`dgifm`e^ XZZ\jjZfej`[\iXYcp% @e^\e\iXc#Zfddle`kpXZZ\gkXeZ\_XjY\\eXefk_\ifg\iXk`feXc Z_Xcc\e^\%DJ=Ëjgifa\Zk]fZlj\[feJfdXc`jXe[<k_`fg`XejXii`m`e^ fek_\j_fi\jf]P\d\e#n`k_flk\em`jX^`e^gfjj`Yc\jlggfikXZk`m`k`\j ]fik_\_fjkgfglcXk`fe%8]k\i[\k\Zk`e^k_`jn\Xbe\jj`e`kjXggifXZ_# DJ=[\Z`[\[kfgifm`[\d\[`ZXcXe[cf^`jk`ZXcjlggfikkfk_\cfZXc _fjg`kXc%K_`j#kf^\k_\in`k_XcfZXcZfddle`ZXk`feZXdgX`^e# \ogcX`e`e^DJ=gi`eZ`gc\jXe[nfib#`dgifm\[XZZ\gkXeZ\Xk Zfddle`kpc\m\c%K_`j`jk_\dfi\`dgfikXekXj]fiDJ=gifo`d`kpkf k_\gfglcXk`fe`jXkm\ipYXj`jf]`kjj\Zli`kpjkiXk\^p%@eP\d\e#Xj`e fk_\iZfleki`\j#DJ=[f\jefklj\d\Xjli\jjlZ_XjXid\[\jZfikjfi Xid\[nXkZ_d\e% @ek_\I\^`feXc:fe]\i\eZ\feI\]l^\\Gifk\Zk`feXe[@ek\ieXk`feXc D`^iXk`fe`ek_\>lc]I\^`fe_\c[(0$)'DXp)''/#DJ=\ogi\jj\[ ZfeZ\iejXYflkk_\e\\[]fi`dgifm`e^i\XZk`feYpjki\e^k_\e`e^k_\ Xc\iknXie`e^jpjk\d%8Z_fc\iXflkYi\Xb#[\k\Zk\[`ed`[$DXp)''/ Xe[Zfekifcc\[`ek_\DJ=]XZ`c`k`\j`ek_\8_nXiI\Z\gk`fe:\eki\# `ccljkiXk\[k_\e\\[]fijki\e^k_\e`e^k_\\d\i^\eZpi\jgfej\ ZXgXZ`kpf]k_\XZkfijZlii\ekcpgi\j\ekXe[]fiX[[`k`feXcXZkfij i\X[pkf`ek\im\e\% K_\cXZbf]i\jgfej`m\e\jj]ifdi\c\mXekXZkfijfej\ej`k`m\`jjl\j jlZ_Xjk_\`[\ek`ÔZXk`feXe[Xggifgi`Xk\Xe[k`d\cpYli`Xcf]k_\ [\X[#efkfecp_XjZXlj\[ZfeZ\iejXdfe^k_\Zfddle`k`\jXcfe^k_\ ZfjkYlkXcjfX]]\Zk\[g\iZ\gk`fejm`j$~$m`jDJ=%@ek_\gXjk#cfZXc Ôj_\id\e_Xm\Xkk`d\jYli`\[k_\[\X[fek_\j_fi\%DJ=_Xj gifm`[\[Yf[pYX^j#n_`k\Zcfk_#^cfm\jXe[j_fm\cjkfk_\ Zfddle`k`\j#gXik`ZlcXicpk_\dfjhl\j#Xcfe^k_\gXikf]k_\ZfXjk`k Zfm\ij%?fn\m\i#\jg\Z`XccpXjk_\i\_Xm\Y\\eXeldY\if]cXe[`e^j n`k__`^_eldY\ijf][\X[#m`ccX^\ijXe[cfZXcXlk_fi`k`\j_Xm\ Y\Zfd\`eZi\Xj`e^cpZfeZ\ie\[%8ZZfi[`e^kfk_\cXn#Y\]fi\Yli`Xcj ZXekXb\gcXZ\#Xi\gi\j\ekXk`m\f]k_\8kkfie\p>\e\iXcËjf]ÔZ\dljk Zfd\kfk_\j`k\kf^`m\g\id`jj`fe]fiYli`Xc%K_`jf]k\ekXb\jXcfe^ k`d\%K_\i\`jXe\\[]fidfi\Õ\o`Yc\gifZ\[li\j#]fi[\j`^eXk`fef] Xggifgi`Xk\j`k\j]fidXjj^iXm\jXe[]fiXdfi\XZk`m\i\jgfej\ i\^Xi[`e^k_\cf^`jk`ZXcj`[\% 8ggifgi`Xk\[fZld\ekXk`fe]fi`[\ek`ÔZXk`fef]k_\[\X[`jXe `dgfikXekZfeZ\ieÆ]fik_\jlim`mfijn_fXi\d`jj`e^cfm\[fe\jXj n\ccXj]fik_\`i]Xd`c`\jYXZb_fd\%N_`c\k_`j`jefkgXikf]DJ=Ëj dXe[Xk\#dXepjlim`mfijklie\[kfDJ=Xjflik\Xdjn\i\f]k\ek_\ Ôijkfe\jXkk_\j_fi\%@k`j`dgfikXekk_XkXjpjk\d]figifg\i [fZld\ekXk`fen`k_Zc\Xii\jgfej`Y`c`k`\j`j\jkXYc`j_\[%

(.¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc

6ccZm>> <ja[d[6YZc gZ\^dcbVe

H6J9>6G67>6

DB6C

:G>IG:6 H6C6¼6

N:B:C

6HB6G6

BVn[V] 6]lVg 6YZc @]VgVo

:cigned^ci 9ZeVgijgZed^ci GZXZei^dc8ZciZg GZ[j\ZZ8Vbe

HdXdigVNZbZc

9?>7DJI> <ja[d[6YZc

8: 6C

9?>7DJI>

7dhhVhd

:I=>DE>6

>C 9> 6C D

=V[jc

=Vg\ZnhV

699>H67:76

Z Zaa ZW H]

HDB6A>6

<

V ^jW

7ZaZiJZc

BZg`V

BD<69>H=J

@:CN6

@^hbVnj C6>GD7>

)%¥

CD8=D>8:/HdbVa^VcY:i]^de^VcGZ[j\ZZh! 6hnajbHZZ`ZghVcYB^\gVcih8gdhh^c\I]Z<ja[d[6YZc


No Choice: Crossing the Gulf of Aden