Bringing Retrofit Innovation to Application in Public Buildings

Transcription

Bringing Retrofit Innovation to Application in Public Buildings
9i`e^`e^ I\kif]`k @eefmXk`fe
kf 8ggc`ZXk`fe `e GlYc`Z 9l`c[`e^j
G l Y c ` Z Y l ` c [ ` e ^ j X j j _ ` e ` e ^ \ o X d g c \ j ] f i X Y \ k k \ i \ e \ i^ p \ ] ] ` Z ` \ e Z p ` e < l if g \
9I@K8`eGl9j
9I@K8`eGl9j
K_\@ek\^iXk\[Gifa\Zk@G f]k_\<lifg\Xe:fdd`jj`fe
9I@K8`eGl9jÆ9i`e^`e^I\kif]`k@eefmXk`fekf8ggc`ZXk`fe
`eGlYc`Z9l`c[`e^j$_Xji\Z\`m\[]le[`e^]ifdk_\<L-k_
=iXd\nfibGif^iXdd\le[\ik_\ZfekiXZk1
KI<E&'+&=G-<E&J'.%*('*/&,'*(*,
GIFA<:K$?FD<G8>< nnn%Yi`kX$`e$glYj%\l
GIFA<:K:FFI;@E8KFI8E;<;@KFIF=K?@J9IF:?LI<
?Xej<i_fie_Xej%\i_fie7`Yg%]iXle_f]\i%[\
=iXle_f]\i@ejk`klk\f]9l`c[`e^G_pj`Zj=iXle_f]\i$@9G EfY\cjkiXjj\()
;$.',-0Jklkk^Xik
>\idXep
nnn%`Yg%]iXle_f]\i%[\
<LGIFA<:KF==@:<I A\Xe$DXi`\9\dk^\e#;>KI<E
C8PFLK
8ikGif]fle[$dXib\k`e^Zfddle`ZXk`\&
Gif]fle[>if\g#9\i^\eE$? K_\E\k_\icXe[j
)
;@J:C8@D<I K_\Zfek\ekf]k_`j[fZld\eki\]c\Zkjk_\Xlk_fijËm`\n%K_\
Xlk_fijXe[k_\<lifg\Xe:fdd`jj`feXi\efkc`XYc\]fiXep
lj\k_XkdXpY\dX[\f]k_\`e]fidXk`feZfekX`e\[k_\i\`e%
:fek\ek
<Zf$9l`c[`e^j1
8ejn\ikfXe`dd\ej\Z_Xcc\e^\
+
K_\G`cfkj
.
K_\Kffcj
*(
K_\K\Xd
*.
>\idXep#Jklkk^Xik
/
I\kif]`k;\j`^e>l`[\c`e\j
*)
<Zf$9l`c[`e^j=\ccfnj
*/
((
9@KÆ9I@K8`eGl9j
@e]fidXk`feKffc
Gifa\ZkGXike\iXe[GXik`Z`gXekj
*0
Elij`e^?fd\=`c[\i_f]
EfinXp#?X^X]fjj
<Zf$9l`c[`e^j#k_\]fligifa\Zkj
,
K_\9I@K8`eGl9jgifa\Zk
-
:_liZ_?fc:fddle\
>i\Xk9i`kX`e#Gcpdflk_
(+
:`kp:fcc\^\Gcpdflk_
EfinXp#8jb\i
**
(.
9@J?$9cXZbYfXi[
@e]fidXk`feJ_\\kj
*
*+
9fi^\e:fddle`kp:\eki\
:q\Z_I\glYc`Z#9ief
)'
JfZ`Xc:\eki\9i\n\ip
;\edXib#:fg\e_X^\e
)*
:lckliXc:\eki\Gif\m\_Xcc\e
>i\\Z\#8k_\ej
)-
<mfepdfj<Zfcf^`ZXcC`YiXip
DX`e9l`c[`e^K\Z_e`ZXcLe`m\ij`kp
)0
*,
8eXcpj`jXe[I\gfikj
K_\N\Yj`k\
,)
*-
9I@K8`eGl9j
C`k_lXe`X#M`ce`lj
HlXc`kp:fekifcKffc9fo
<$C\Xie`e^Xe[Jkl[\ek:flij\j
+0
9I@K8`eGl9j
+
<Zf$9l`c[`e^j18ejn\ikfXe`dd\ej\Z_Xcc\e^\
K_\dX`eZ_Xcc\e^\`j`dd\ej\1_fnkfZfg\
n`k_[n`e[c`e^]fjj`c]l\ci\j\im\jXe[Zc`dXk\
Z_Xe^\%K_\]fZlj`jf]k\eZfeZ\ekiXk\[fek_\
e\^Xk`m\\]]\Zkjf]kiX]]`Z%Efk_`e^nife^n`k_k_Xk#
_fn\m\i#fk_\igfjj`Y`c`k`\jkfZfg\n`k_k_\gifYc\d
Xi\jfd\k`d\jfm\icffb\[%KXb\k_\Yl`c[`e^`e[ljkip%
K_\gfjj`Y`c`k`\j_\i\Xi\`dgi\jj`m\`eeldY\iXe[
\]]\Zkj%K_`jj\Zkfi`jXkgi\j\eki\jgfej`Yc\]fidfi\
k_Xe+'f]<L\e\i^pZfejldgk`fe%8ZZfi[`e^kf
j\m\iXcjkl[`\jXe[f]]`Z`Xc<Lgfc`Zp[fZld\ekj#k_\
j\Zkfif]]\ijk_\cXi^\jkj`e^c\gfk\ek`Xc]fi\e\i^p
\]]`Z`\eZp%I\j\XiZ_j_fnjk_Xkdfi\k_Xefe\$]`]k_
f]k_\gi\j\ek\e\i^pZfejldgk`feXe[lgkf*'$+,
DKfejf]:F ) &p\XiZflc[Y\jXm\[Yp)'('YpXggcp`e^
dfi\XdY`k`fljjkXe[Xi[jkfe\nYl`c[`e^jXe[n_\e
i\]liY`j_`e^\o`jk`e^Yl`c[`e^j#n_`Z_i\gi\j\ekj
XZfej`[\iXYc\Zfeki`Ylk`fekfd\\k`e^k_\Bpfkf
kXi^\kjkfn_`Z_k_\<L`j[\\gcpZfdd`kk\[%K_\j\
\]]fikjn`ccXcjfdXb\Xe`dgfikXekZfeki`Ylk`fe
kfnXi[jj\Zli`kpf]\e\i^pjlggcpf]k_\<LY\ZXlj\#
`]efk_`e^`j[fe\#k_\<Ln`ccY\[\g\e[\ekfe.'
]ifdflkj`[\jfliZ\jYp)'*'%
@ek_\Yl`c[`e^j\Zkfik_\i\Xi\k\Z_efcf^`\jXmX`cXYc\Xe[
le[\i[\m\cfgd\ek#n_`Z_Zflc[jlYjkXek`Xccp`dgifm\k_\\e\i$
^pg\i]fidXeZ\`eYl`c[`e^j%K_\pi\[lZ\Zfem\ek`feXc\e\i^p
[\dXe[`ee\nXe[\o`jk`e^Yl`c[`e^jXe[jlYjkXek`XccpZfe$
ki`Ylk\kfi\[lZ\\e\i^p`ek\ej`kp#k_ifl^_ZfdY`e\[
d\Xjli\jf]iXk`feXclj\f]\e\i^pXe[`ek\^iX$
k`fef]i\e\nXYc\\e\i^pk\Z_efcf^`\j%8
n`[\iXe^\f]jfclk`fej#`e[`ZXk`fef]
k_\mXi`fljgfjj`Y`c`k`\jXji\hl`i\[`e
k_\<lifg\XeG\i]fidXeZ\f]9l`c[`e^j
;`i\Zk`m\<G9; %
D<<K@E>GF@EK
@efi[\ikfZi\Xk\k_\d\\k`e^
gf`ekf]j_fik$k\id[\m\cfgd\ek
Xe[[\dfejkiXk`fekfjlggfikc\^$
`jcXk`m\Xe[i\^lcXkfipd\Xjli\j]fi
\e\i^p\]]`Z`\eZpXe[\e_XeZ\[lj\
f]i\e\nXYc\\e\i^pjfclk`fejn`k_`e
k_\Yl`c[`e^j\Zkfi#k_\<Zf$9l`c[`e^j
gif^iXdnXjjkXik\[%K_`j`e`k`Xk`m\X`djXkXe\nXggifXZ_
]fik_\[\j`^e#ZfejkilZk`feXe[fg\iXk`fef]e\nXe[i\]li$
Y`j_\[Yl`c[`e^j#YXj\[fek_\Y\jkZfdY`eXk`fef]k_\[flYc\
XggifXZ_%Fefe\_Xe[k_\jlYjkXek`Xci\[lZk`fe#Xe[`]gfjj`$
Yc\#Xmf`[XeZ\f]k_\[\dXe[]fi_\Xk`e^#Zffc`e^Xe[c`^_k`e^%
Fek_\fk_\i_Xe[jlggcp`e^k_\e\Z\jjXip_\Xk`e^#Zffc`e^Xe[
c`^_k`e^`ek_\dfjk\]]`Z`\eknXpXe[YXj\[XjdlZ_Xjgfj$
j`Yc\fei\e\nXYc\\e\i^pjfliZ\jXe[gfcp^\e\iXk`fe%
K?<F9A<:K@M<J
K_\fm\iXccX`df]k_\<Zf$9l`c[`e^j`e`k`Xk`m\`j1
› Gifm`[`e^XZc\XiXe[Zf_\i\ekgcXk]fidkf[\]\e[#gifdfk\
Xe[cfYYp]fik_\Zfej`[\iXk`fef]\e\i^pg\i]fidXeZ\f]
Yl`c[`e^j]ifdk_\]`ijkdfd\ek`ek_\i\efmXk`feXe[e\n
[\j`^egifZ\jj#k_lj\eXYc`e^Zfjk\]]\Zk`m\#cfn$[\dXe[
_`^_hlXc`kpYl`c[`e^jZfejkilZk`fe%
› @ekif[lZ\k_\<Zf$9l`c[`e^jZfeZ\gkXjd`e`dldi\hl`i\$
d\ek]fik_\<lifg\XeYl`c[`e^jkfZb `ek_\<G9;#Ypgifdf$
k`fef]Zfjk$\]]\Zk`m\Xe[\e\i^p\]]`Z`\eki\efmXk`feXe[
ZfejkilZk`fe##n_\i\gfjj`Yc\n`k_`ek\^iXk\[I\e\nXYc\
<e\i^pJpjk\djI<J #YXj\[fe`e]fidXk`fef]jlZZ\jj]lc \oXdgc\j#c\jjfejc\Xie\[#XmX`cXYc\gif[lZkj#jpjk\dj Xe[k\Z_e`hl\j%
› @[\ek`]p`e^fggfikle`k`\j]fi]lik_\i [\m\cfgd\ekf]
gifd`j`e^gif[lZkj#jpjk\djXe[k\Z_e`hl\jXe[kf
dfk`mXk\dXel]XZkli\ijkfjkXikXe[&fiZfek`el\k_\j\
[\m\cfgd\ekj%Lck`dXk\cp#jlZZ\jj`ek_\XZ_`\m\d\ekf]
k_\j\X`djn`ccY\d\Xjli\[Ypk_\XY`c`kpf]k_\gifa\Zk%
› 9l`c[`e^XZf_\i\ekmf`Z\]fi_`^_g\i]fidXeZ\&[\dXe[j`k\
dXeX^\d\ekf]Yl`c[`e^jXe[XZf_\j`m\Zfddle`kpf]
<Zf$Yl`c[`e^XZkfij#kfY\m\i`]`\[YpXeXcpj`e^
i\jlckXekZ_Xe^\Xkk_\\e[f]k_\gifa\Zk%
K?<<LIFG<8EG<IJG<:K@M<
K_\<lifg\XeLe`fe`jZlii\ekcpgifdf$
k`e^XdXafi\]]fikkf`dgifm\k_\
\e\i^p\]]`Z`\eZpf]`kjYl`c[`e^j%K_\
\]]fikjkf`dgifm\k_\\e\i^p\]]`Z`\e$
Zp`ek_\Yl`c[`e^j_Xm\Xcfe^$jkXe[$
`e^_`jkfip`ek\idjf]<Lc\^`jcXk`m\
`e`k`Xk`m\j%
8e\nX[[`k`feXcc\^`jcXk`m\gfc`Zp_Xj
Y\\eX^i\\[Xe[_XjY\Zfd\<LcXn`e
)''-%K_\GifgfjXc]fik_\;`i\Zk`m\fe
\e\i^p\e[$lj\\]]`Z`\eZpXe[
K_\9\icXpdfek9l`c[`e^`e9iljj\cj2?\X[HlXik\if]k_\
<lifg\Xe:fdd`jj`fe%K_\Yl`c[`e^nXj\e\i^pi\kif]`kk\[
Y\pfe[eXk`feXci\hl`i\d\ekjÆXe<Zf$9l`c[`e^%
\e\i^pj\im`Z\jj\kjlgXdY`k`flj^fXcj]fik_\Yl`c[`e^jj\Zkfi
n_\e`k\jkXYc`j_\[k_Xkd\dY\ijkXk\jj_flc[gi\gXi\\e\i^p
gcXejkfi\[lZ\\e\i^pZfejldgk`feYp(g\ip\Xifm\iX
g\i`f[f]e`e\p\Xij#Xjn\ccXjj\kk`e^lg\e\i^p$\]]`Z`\eZp
Zi`k\i`X`ek_\`iglYc`ZgifZli\d\ekf]^ff[jXe[j\im`Z\j%
N`k_flkXdXafigifdfk`fef]\e\i^p\]]`Z`\eZp`ek_\e\nXe[
\o`jk`e^Yl`c[`e^j#k_\<Ld\dY\ijkXk\jn`ccZ\ikX`ecp]`e[`k
m\ip[`]]`Zlck`]efk`dgfjj`Yc\kfd\\kk_\j\kXi^\kj%K_\>i\\e
GXg\ife<e\i^p<]]`Z`\eZp#Ê;f`e^dfi\n`k_c\jjË#glYc`j_\[Yp
k_\<:`e)'',#Yl`c[jlgfe\o`jk`e^`e`k`Xk`m\jXe[[\jZi`Y\j
Xe\ndfi\Z_Xcc\e^`e^m`\n]fik_\^fXcjXe[gfc`Z`\j]fik_\
<L`ek_`jXi\X#feZ\X^X`eZc\Xicp`e[`ZXk`e^k_\e\\[]fidfi\
\]]`Z`\ekYl`c[`e^jXe[Xdfi\X^^i\jj`m\Xkk`kl[\Ypd\d$
Y\ijkXk\jXe[Xcck_\jkXb\_fc[\ij%K_\JljkX`eXYc\<e\i^p
<lifg\:XdgX`^e]fi)'',$)''/#cXleZ_\[Ypk_\<lifg\Xe
:fdd`jj`fe#_XjXcjfj\k]Xii\XZ_`e^^fXcjXjgXikf]k_Xk Êm\ipcfn\e\i^pË_flj\j`%\%#Ê<Zf$Yl`c[`e^jË k_Xkj_flc[Y\
Yl`ckfii\kif]`kk\[%
<Zf$9l`c[`e^j#k_\]fligifa\Zkj
K_\+<Zf$9l`c[`e^jgifa\Zkjn`k_`ek_\-=GjkXik\[le[\ik_\
jXd\ZXccXe[k_\i\]fi\Xcjfifl^_cpXkk_\jXd\k`d\%K_\`i
gifa\Zkg_Xj\ilej]ifd)''+kf)''/%K_\[\dfejkiXk`fe
gifa\ZkjZfeZ\ekiXk\fe[`]]\i\ekYl`c[`e^kpg\j#]ifd
e\nYl`c[`e^jkf\o`jk`e^Yl`c[`e^j#]ifdcXi^\ZlckliXc
Yl`c[`e^jkfjfZ`Xc_flj`e^jfiglYc`ZYl`c[`e^j%8cjfk_\
i\j\XiZ_nfib`jhl`k\[`]]\i\ek%?fn\m\iY\j`[\jX^\e\iXc
`e]fidXk`fe\oZ_Xe^\dX`ecpm`Xk_\Zffi[`eXkfij k_\
nfibgcXe`eXccgifa\Zkj]fi\j\\jXZfddfe[`jj\d`eXk`fe
kXjb%DX`egXikjf]k_`jkXjbXi\Xn\Yj`k\gfikXc]fiXcc+
gifa\Zkjnnn%\ZfYl`c[`e^j%`e]f #Zfddfegfjk\ij#Xe<Zf$
9l`c[`e^je\njc\kk\iXe[X_`^_hlXc`kpYifZ_li\`eZcl[`e^Xcc
[\dfejkiXk`fegifa\Zkj%8[[`k`feXccpk_\gifa\Zk9I@K8`eGl9j
_Xjfi^Xe`j\[k_\]`ijk:fddfe<Zf$9l`c[`e^jJpdgfj`ld`e
9\ic`e`eEfm\dY\i)'',n`k_gi\j\ekXk`fej]ifdXccgifa\Zkj
Xe[dXep`ek\i\jk`e^[`jZljj`fejBiXkq#<i_fie#)'', %
8efk_\i<Zf$9l`c[`e^jJpdgfj`ld`jgcXee\[]fi8gi`c.&/
)''/%K_\]`^li\fek_\c\]kj_fnjk_\XZklXc<Zf$9l`c[`e^j
gfjk\i%
ECO-Culture
<:F$:LCKLI<
K_\<:F$:lckli\gifa\ZkX[[i\jj\j[\dfejkiXk`fe
\e\i^p\]]`Z`\ekk\Z_efcf^`\j`ek\^iXk\[`ekfk_i
_`^_$g\i]fid`e^ZlckliXc
<Zf$9l`c[`e^j%=fZlj`jfe`em\jk`^Xk`fej#
[\dfejkiXk`feXe[k\jk`e^f]k\Z_efcf^`\jn_`Z_
_Xm\Y\\ej\c\Zk\[flkf]k_\`ek\^iXk\[<:F$
ZfeZ\gkjXjY\`e^\jg\Z`Xccp`eefmXk`m\Xe[
Zfeki`Ylk`e^kf]lik_\i[\m\cfgd\ek%
J8I8
J8I8X`djkfZfejkilZkjljkX`eXYc\#
Zfjk\]]\Zk`m\#_`^_\e\i^p
g\i]fidXeZ\#glYc`Z$XZZ\jj
<Zf$9l`c[`e^jk_XkXi\`dd\[`Xk\cpi\gc`ZXYc\Xk
cXi^\jZXc\`edXepcfZXk`fej%K_\<Zf$9l`c[`e^j
Xi\\hl`gg\[n`k_X[mXeZ\[jljkX`eXYc\\e\i^p
k\Z_efcf^`\j`ek\^iXk\[YpXe`eefmXk`m\
XiZ_`k\ZkliXcXggifXZ_Xe[ZfdY`e\[
dfe`kfi`e^Xe[Yl`c[`e^dXeX^\d\ekjpjk\dj
9DJ %J8I8`emfcm\jk_\[\dfejkiXk`fef]
._`^_cpjljkX`eXYc\Xe[i\gc`ZXYc\glYc`Z$
XZZ\jjYl`c[`e^j`e-<LD\dY\iJkXk\jXe[
(X[[`k`feXcZflekip%K_\b\pXjg\Zkjf]k_\
gifa\ZkXi\glYc`Z$XZZ\jj#`eefmXk`m\p\kZfjk
\]]\Zk`m\Xe[i\gc`ZXYc\i\jlckj#Zfej`[\iXk`fe
f]\e[lj\ijXe[Xe`ek\i[`jZ`gc`eXipk\Xd
nfib`e^femXi`fljIK;XZk`m`k`\j%
,
9I@K8`eGl9j
9I@K8@EGL9J
K_\9I@K8`eGl9jgifa\Zk9i`e^`e^I\kif]`k@eefmXk`feKf
8ggc`ZXk`fe`eGlYc`Z9l`c[`e^j X`djXk`eZi\Xj`e^k_\dXib\k
g\e\kiXk`fef]`eefmXk`m\Xe[\]]\Zk`m\i\kif]`kjfclk`fej
kf`dgifm\\e\i^p\]]`Z`\eZpXe[`dgc\d\eki\e\nXYc\j#
n`k_df[\iXk\X[[`k`feXcZfjkj%K_`j`ji\Xc`j\[Ypk_\
\o\dgcXipi\kif]`kf]/[\dfejkiXk`feglYc`ZYl`c[`e^j`ek_\
]fligXik`Z`gXk`e^<lifg\Xei\^`fejEfik_#:\ekiXc#Jflk_#
<Xjk %K_\^\e\iXcX`df]k_\i\kif]`kjXkk_\[\dfejkiXk`fe
Yl`c[`e^j`jkfi\[lZ\k_\gi`dXip\e\i^p[\dXe[]fi_\Xk`e^#
m\ek`cXk`fe#Zffc`e^Xe[[fd\jk`Z_fknXk\iYp]XZkfi)Xe[Xk
k_\jXd\k`d\kf`dgifm\k_\lj\ijXk`j]XZk`feYpXcjf]XZkfi
)%8[[`k`feXccp#i\j\XiZ_nfib`eZcl[`e^jfZ`f$\Zfefd`Z
i\j\XiZ_ Xe[kiX`e`e^Xe[[`jj\d`eXk`fenfibYXj\[fek_\
i\jlckjf]k_\[\dfejkiXk`fegifa\Zkj _Xm\Y\\ele[\ikXb\e%
;<DF?FLJ<
K_\X`df]k_\gifa\Zk`jkf[\m\cfg
d`e`dldjkXe[Xi[jXe[i\Zfdd\e[Xk`fej
`eZfee\Zk`fekf_\Xck_p#Zfjk\]]\Zk`m\#
\e\i^p\]]`Z`\ekXe[jljkX`eXYc\i\_XY`c`kXk`feXe
]XZ`c`kXk\`dgc\d\ekXk`fek_ifl^_k_\[\m\cfgd\
È;\Z`j`feJlggfikKffcÉ%@e-gXik`Z`gXk`e^Zflek
Xg`cfkgifa\ZkXe[Xi\]\i\eZ\gifa\ZknXj[\]`e\
9\j`[\jk_\[\dfejkiXk`feYl`c[`e^j#k_\gifa\Zk
gif[lZ\k_\]fccfn`e^i\jlckj18Zfddfe\mXclXk
gifkfZfcXe[XjkXk\$f]$k_\$Xik$`e$i\efmXk`fei\g
9I@K8`eGl9j
K_\9I@K8`eGl9jgifa\Zk
;<DFEJKI8K@FE9L@C;@E>J@EK?<9I@K8@EGL9JGIFA<:K
K_\9I@K8`eGl9jgifa\Zk9i`e^`e^I\kif]`k@eefmXk`feKf
8ggc`ZXk`fe`eGlYc`Z9l`c[`e^j X`djXk`eZi\Xj`e^k_\dXib\k
g\e\kiXk`fef]`eefmXk`m\Xe[\]]\Zk`m\i\kif]`kjfclk`fejkf
`dgifm\\e\i^p\]]`Z`\eZpXe[`dgc\d\eki\e\nXYc\j#n`k_
df[\iXk\X[[`k`feXcZfjkj%
@ek_\]`ijkgcXZ\#k_`j`ji\Xc`j\[Ypk_\\o\dgcXipi\kif]`k
f]/[\dfejkiXk`feglYc`ZYl`c[`e^j`ek_\]fligXik`Z`gXk`e^
<lifg\Xei\^`fejEfik_#:\ekiXc#Jflk_#<Xjk %9pZ_ffj`e^
glYc`ZYl`c[`e^jf][`]]\i\ekkpg\jjlZ_XjZfcc\^\j#ZlckliXc
Z\eki\j#elij\ip_fd\j#Z_liZ_\j\kZ%]fi`dgc\d\ek`e^k_\
d\Xjli\j`k`j\Xj`\ikfi\XZ_^iflgjf][`]]\i`e^X^\Xe[
jfZ`Xcfi`^`e%GlYc`ZYl`c[`e^jXi\lj\[Xj\e^`e\jkf_\`^_k\e
XnXi\e\jjXe[j\ej`k`j\jfZ`\kpfe\e\i^pZfej\imXk`fe%
Jklkk^Xik
Gcpdflk_
8jb\i
?X^X]fj
:fg\e_X^\e
8k_\ej
9ief
M`ce`lj
J\Zfe[cp#k_\i\j\XiZ_nfibgXZbX^\j`eZcl[\jfZ`f$\Zfefd`Z
i\j\XiZ_jlZ_Xjk_\`[\ek`]`ZXk`fef]i\Xcgifa\Zk$gcXee`e^
e\\[jXe[]`eXeZ`e^jkiXk\^`\j#k_\Xjj\jjd\ekf][\j`^e
^l`[\c`e\j#k_\[\m\cfgd\ekf]Xe`ek\ie\k$YXj\[befnc\[^\
kffcfei\kif]`kd\Xjli\jXe[ZXj\jkl[`\jXe[XhlXc`kp
Zfekifc$kffcYfokfj\Zli\X^ff[cfe^$k\idg\i]fidXeZ\f]
k_\Yl`c[`e^Xe[k_\jpjk\dj%
K_\kiX`e`e^Xe[[`jj\d`eXk`fenfibZfekX`ejYcXZbYfXi[
`e]fidXk`fej_\\kj#Xe<Zf$Yl`c[`e^j\$c\Xie`e^df[lc\#
XiZ_`k\ZkliXcjkl[\ekZflij\jXe[X]XZ`c`kpdXeX^\ijkiX`e`e^
YXj\[fek_\i\jlckjf]k_\[\dfejkiXk`fegifa\Zkj%
-
K_\gifa\Zkn\Yj`k\nnn%Yi`kX$`e$glYj%\l ZfekX`ejX
Yl`c[`e^[`Xipn`k_lg[Xk\[`e]fidXk`fefek_\jkXkljf]k_\
[\dfejkiXk`fegifa\Zkj%K_\g_fkf^iXg_jfek_\i`^_k
j_fn\[k_\Zlii\ekjkXkljf]k_\Yl`c[`e^j%
K_\^\e\iXcX`df]k_\i\kif]`kjXkk_\[\dfejkiXk`fe
Yl`c[`e^j`jkfi\[lZ\k_\gi`dXip\e\i^p[\dXe[]fi_\Xk`e^#
m\ek`cXk`fe#Zffc`e^Xe[[fd\jk`Z_fknXk\iYp]XZkfi)Xe[Xk
k_\jXd\k`d\kf`dgifm\k_\lj\ijXk`j]XZk`feYpXcjf]XZkfi
)%K_\cXkk\i`jXeXcpj\[Yplj\iZfd]fikhl\jk`feeX`i\j%8cc
Yl`c[`e^jn`ccY\dfe`kfi\[]fiXkc\Xjkfe\p\Xi%
K_\G`cfkj
9I@K8`eGl9j
=`c[\i_f]#Jklkk^Xik#>\idXep
Kpgfcf^p
Elij`e^?fd\
K_\gifa\Zk#k_\Z_Xcc\e^\j
KfkXc]cffiXi\X
9\]fi\1)#/.,d ) 8]k\i1)#(*(d )
K_\Z_Xcc\e^\`ek_`jgifa\ZknXjkfj_fn_fnk_\gi`dXip
\e\i^p[\dXe[`eXefc[elij`e^_fd\ZXeY\i\[lZ\[Yp
d`e`dld,'n`k_flkZ_Xe^`e^k_\_`jkfi`ZXcm`\n%
I\jgfej`Yc\
gifa\ZkgXike\i
F]]`Z\]fi<em`ifed\ekXc
Gifk\Zk`fe#;\gXikd\ek]fi
<e\i^pDXeX^\d\ek
Al\i^\e%>f\ii\j7jklkk^Xik%[\
nnn%jklkk^Xik%[\&\e\i^`\
ÈFli[\dfejkiXk`fegifa\ZkjXi\
n\ccjl`k\[kfj\im\XjY\jkgiXZk`Z\
\oXdgc\jYfk_]fiflidle`Z`gXc`kp
Xe[]fi\ok\ieXcgcXee\ijXe[]XZ`c`kp
dXeX^\ij`eJklkk^XikXe[k_ifl^_flk
>\idXep%N\Xcjfgi\j\ekk_\j\
gifa\ZkjXkZfe^i\jj\jkf[`jj\d`eXk\
fliY\jkgiXZk`Z\n`k_fk_\ij%É
;\glkpDXpfiDXkk_`Xj?X_e#
LiYXe;\j`^eXe[<em`ifed\ekf]
Jklkk^Xik#`e_`jjg\\Z_fek_\*i[
<eJXe$Jpdgfj`ld
JkilZkliXcle`k
L$mXcl\RN&d ) BT
N`e[fnj
*%'
NXccj
(%+
Iff]
(%'
Lgg\iZ\`c`e^
)%'
:\ccXiZ\`c`e^
(%0
n_`Z_Xi\nfik_kfY\b\gk%K_XkËjn_pef\ok\ieXc`ejlcXk`fe_Xj
Y\\elj\[%
K_\g_fkfjY\cfnj_fnk_\jkXk\f]k_\Yl`c[`e^Y\]fi\i\kif]`k%
?<8K@E>#M<EK@C8K@FE#:FFC@E>#C@>?K@E>JPJK<D
K_\_\Xk`e^jpjk\d[Xk\[YXZb]ifd(0,)#k_\Yf`c\in`k_Xk_\i$
dXc_\Xkgfn\if]).-bNnXji\gcXZ\[`e(0//%K_\\]]\Zk`m\e\jj
f]k_\]lieXZ\nXjfecpXk//Xe[k_\_\Xk`e^jpjk\d_X[Xe
fc[Zfekifcjpjk\d%K_\gi\_\Xk\[nXk\i]cfn\[n`k_/'—:kfk_\
iX[`Xkfij%
K_\Yf`c\ijpjk\d[`[eËknfibm\ip\]]`Z`\ekcpY\ZXlj\f]k_\
:fek\ok
JlddXip
/
K_\=`c[\i_f][\dfejkiXk`fegifa\Zk#Xelij`e^_fd\#nXj
i\efmXk\[Xe[\ecXi^\[YpXe\ok\ej`fe%J`eZ\k_\\e\i^p
Zfejldgk`fef]k_\Yl`c[`e^nXjm\ip_`^_`eZfdgXi`jfekf
k_\glYc`ZYl`c[`e^jkfZbf]Jklkk^Xik#k_\Z`kp[\Z`[\[kf[f
Xe\e\i^pi\kif]`k#kff%9\j`[\j#Xe\n_\Xk`e^gcXekY\`e^
Xe\e\i^p`dgifm\d\ekf]k_\Yl`c[`e^\em\cfg\nXjgXikf]
k_\i\kif]`k%K_\n`e[fnjn\i\Z_Xe^\[#k_\nXccj`ejlcXk\[#
Xe\n_\Xk`e^jpjk\dn`k_jfcXigcXekXe[ZfdY`e\[_\Xk
Xe[gfn\ile`k_XjY\\e`ejkXcc\[#k_\c`^_k`e^jpjk\d_Xm\
Zfdgc\k\cpY\\ei\Yl`ckXe[XGM$gcXeknXj\i\Zk\[%9\kn\\e
k_\\o`jk`e^Yl`c[`e^Xe[k_\e\nYl`c[`e^XeXki`ldnXj
ZfejkilZk\[%K_\gcXee`e^gifZ\jjf]k_\\e\i^pi\kif]`k
d\Xjli\jjkXik\[`e)''+%K_\ZfejkilZk`feg_Xj\jkXik\[
Xkk_\\e[f])'',Xe[nXj]`e`j_\[`eDXp)''.%K_\
dfe`kfi`e^g\i`f[jkXik\[`e8gi`c)''.%
K_\=`c[\i_f]`jcfZXk\[`eXeliYXeXi\X`ek_\jflk_f]Jklkk^Xik%
Fek_\jflk_j`[\f]k_\Yl`c[`e^`jXcfZXciX`cnXpjkXk`fe
ÊJklkk^Xik$ MX`_`e^\eË%Fek_\n\jk#efik_Xe[\Xjkj`[\`jX
jdXccgXib&^Xi[\ej`klXk\[Xifle[k_\j`k\%K_\Yl`c[`e^nXj
fi`^`eXccpYl`ckXjX_fk\c`e(/0'#^fkXe\ok\ej`fe`e(0,)Xe[
j`eZ\(0-.`k_XjY\\elj\[XjXelij`e^_fd\]fifc[g\fgc\Xe[
g\fgc\n`k_[\d\ek`X%@kZfej`jkjf]+jkfi\pjXe[_XjXkfkXce\k
]cffiXi\Xf])#/.,d ) %
9L@C;@E>:FEJKIL:K@FE
K_\\ok\ieXcnXccjf]k_\=`c[\i_f]n\i\dX[\f]Yi`ZbjXe[gXik`Xc$
cpf]eXkliXcjkfe\jn`k_dfikXi%K_\nXcck_`Zbe\jjiXe^\jY\kn\\e
)+Xe[+'Zd%@edfjkiffdjk_\\ok\ieXcnXccjn\i\[`]]\i\ek%
9\ZXlj\f]`kjX^\#k_\nXccj#k_\iff]#k_\lgg\iZ\`c`e^Xe[k_\
Z\ccXiZ\`c`e^_X[ef`ejlcXk`fe%K_fl^_k_\fc[n`e[fnj_X[[flYc\
^cXjj#k_\p_X[XYX[L$mXcl\Xe[Xe`ejl]]`Z`\ekef`j\gifk\Zk`fe
X^X`ejkk_\kiX`ek_Xk[i`m\jgXjkk_\=`c[\i_f]%8cdfjkXccf]k_\fc[
_\Xk`e^g`g\j#n_`Z_Xi\cfZXk\[`ek_\\ok\ieXcnXccj#n\i\efk
`ejlcXk\[%K_\Yl`c[`e^nXjm\ek`cXk\[jfc\cpYpk_\n`e[fnj%
K_\L$mXcl\jXi\Xjjld\[`ek_\]fccfn`e^kXYc\%
K_\\ok\i`fi]XZX[\_XjdXep_`jkfi`ZXc\c\d\ekjk_\YXcZfep#k_\
]iXd\f]k_\\ekiXeZ\[ffiXe[k_\XiZ_`kiXm\YcfZbf]k_\Yl`c[`e^ Jflk_$N\jkm`\n
Y\]fi\
DX`e\ekiXeZ\
Y\]fi\
Lgg\iZ\`c`e^
Y\]fi\
[ifgg`e^`ejlcXk`feXe[k_\d`jj`e^d\Xjli`e^Xe[Zfekifc
jpjk\d%K_\m\ek`cXk`fenXji\Xc`j\[Ypfg\e`e^k_\n`e[fnj%Ef
d\Z_Xe`ZXcm\ek`cXk`fejpjk\dnXj`ejkXcc\[%8Zffc`e^jpjk\d`j
efki\Xccpe\Z\jjXip`ek_\>\idXeZc`dXk\%
K_\c`^_k`e^jpjk\dZfej`jkjf]\e\i^pjXm`e^]clfi\jZ\ekklY\j
Xe[YlcYj`ek_\iffdjXe[k_\kiX]]`ZXi\Xj%@knXjZfekifcc\[
YpdXelXcjn`kZ_fe&f]]%K_\c`^_k`e^jpjk\d[`[eËknfibm\ip
\]]`Z`\ekcpXe[k_\gfn\if]k_\`ejkXcc\[c`^_k`e^jpjk\diXelg
kf()%,N&d ) ]fi*''co%
?<8K@E>G@G<J
8cdfjkXccf]k_\fc[_\Xk`e^g`g\jn\i\efk`ejlcXk\[%K_\i\]fi\
k_\fc[g`g\jn\i\Zfdgc\k\cpi\dfm\[`eXcc\ok\ieXcnXccjXe[
k_\e\n_\Xk`e^g`g\jn\i\gcXZ\[`ekfk_\\o`jk`e^jcfkj`e
k_\\ok\ieXcnXccj%@egXikjk_\[`jkXeZ\]ifdk_\g`g\jkfk_\
\ok\i`fijli]XZ\ef\ok\ieXc`ejlcXk`fe fecpXdflekjkf('Zd%
K_\i\]fi\X[[`k`feXccpkfk_\*'dd`ejlcXk`fef]k_\efidXc
g`g\jXefk_\i`ejlcXk`feYfXi[n`k_*'dd`jXkkXZ_\[`ekfk_\
jcfkj%K_\i\Ypk_\_\Xkcfjj\jn\i\i\[lZ\[%
Jfclk`fej
<o`jk`e^Yl`c[`e^Xe[k_\\ok\ej`feYl`c[`e^
`ejlcXk`fenXj]`o\[Y\cfnk_\iX]k\ij%K_\lgg\iZ\`c`e^f]k_\
Yl`c[`e^nXj`ejlcXk\[n`k_(-Zdd`e\iXc]`Yi\Y\kn\\ek_\
YXcbjXe[`ejlcXk`fegcXk\jn`k_,Zdn\i\cX`[fekfgf]k_\
Z\`c`e^%K_\lj\f]jfd\YXj\d\ekiffdjZ_Xe^\[#jfk_\pËccY\
_\Xk\[efn%K_ljk_\k_\idXc`ejlcXk`fe_X[kfY\df[`]`\[Xj
n\cc%K_\_\Xk\[Xi\Xj#n_`Z_Xi\lj\[Xjb`kZ_\eXe[Xj[i\jj$
`e^iffd#^\k`ejlcXk`feXkk_\YXj\]cffiXe[`ej`[\jf]k_\nXcc%
@ek_\fk_\iZ\ccXiiffdjk_\Z\`c`e^`j`ejlcXk\[%
@ek_\i\Xij`[\f]k_\\o`jk`e^Yl`c[`e^Xe\ok\ej`fe_Xm\Y\\e
gcXZ\[%N`k_k_`jZfejkilZk`fe#k_\n_fc\Zfdgc\o`jm\ipZfd$
gXZkX]k\ik_\i\Yl`c[`e^%K_\knfYl`c[`e^jXi\Zfee\Zk\[n`k_
XeXki`ld%
?<8K@E>
K_\fc[_\Xk`e^jpjk\d_XjZfdgc\k\cpY\\ei\gcXZ\[%K_\e\n
_\Xk`e^gcXekZfej`jkjf]knf^XjZfe[\ej`e^Yf`c\ij#XZfdY`e\[
_\XkXe[gfn\ile`kXe[Xk_\idXcjfcXigcXek%K_\e\njpjk\d
k\dg\iXkli\f]k_\iX[`Xkfij`j-'—:]cfnXe[+'—:i\klie]cfn%
K_\knf^XjZfe[\ej`e^Yf`c\ij_Xm\Xk_\idXcgfn\if](,'bN
\XZ_Xe[k_\ZfdY`e\[_\XkXe[gfn\ile`k_XjXk_\idXcgfn\i
f]*)bNXe[(.bNf]\c\Zki`ZXcgfn\i%
Knf^XjZfe[\ej`e^Yf`c\ij :fdY`e\[_\XkXe[gfn\ile`k
M<EK@C8K@FE
KfkiXejgfikk_\_ld`[`kpXnXp]ifdk_\e\nYXk_iffdjXe[
kfm\ek`cXk\k_\b`kZ_\eiffdj#knf`e[\g\e[\ekm\ek`cXk`fe
jpjk\djn\i\`ejkXcc\[%Fe\m\ek`cXk`fejpjk\dm\ekjk_\b`kZ_\e
iffdjn`k_lgkf+#,''d * &_Xe[k_\fk_\igcXek\o_Xljkjk_\
ZXi\YXk_iffdjXe[i\jkiffdj`ek_\fc[Yl`c[`e^n`k_XeX`i
]cfniXk\f]
,#,''d * &_%K_\X`i
flkc\kjf]k_\jpjk\d
Xi\cfZXk\[`ek_\
Zfii`[fij%
8kk_\gifgfjXck`d\
k_\m\ek`cXk`fejpjk\d
nXjgcXe\[n`k_X
K_\e\n_\Xk`e^g`g\j[flYc\
_\Xki\Zfm\ipiXk\
`ejlcXk`fe
f]-'%;li`e^k_\
[\j`^eg_Xj\k_\k\Xd[\Z`[\[]fiXjpjk\dn`k_XdlZ_ Y\kk\i
_\Xki\Zfm\ipiXk\f]fm\i/']fiYfk_m\ek`cXk`fejpjk\dj%
K_\m\ek`cXk`fejpjk\djXi\cfZXk\[`ek_\Z\ccXi%
JFC8IK?<ID8CJFC8IGM
=lik_\idfi\Xk_\idXcjfcXigcXek`ji\Xc`j\[]fi[fd\jk`Z_fk
nXk\i%K_\gcXekZfej`jkjf]),Zfcc\Zkfij#n_`Z_Xi\`ejkXcc\[
le[\iXe`eZc`eXk`fef]+,—fek_\i\kif]`kk\[iff]%K_\Zfcc\Zkfij
_Xm\Xjli]XZ\f]-'d ) Xe[ZXegifm`[\k_\i\Yp*)f]k_\
[fd\jk`Z_fknXk\i[\dXe[%
8g_fkfmfckX`Zjpjk\dn`k_Xjli]XZ\f](',d ) `j`ejkXcc\[%
K_\dXo`dldgfn\if]k_\gcXekXdflekjkf()%-bNgXe[k_\
0'dfefZipjkXcc`e\df[lc\jgif[lZ\()#-(,bN_\jk`dXk\[ g\ip\Xi%K_`jd\XejXi\[lZk`fef]k_\^i\\e_flj\^Xj:F ) f]
Xifle[/%.Kfejg\ip\Xi%
0
9I@K8`eGl9j
9L@C;@E>:FEJKIL:K@FE
8cck_\n`e[fnjXe[\ekiXeZ\[ffijn\i\i\kif]`kk\[%K_\e\n
n`e[fnj_Xm\_`^_\]]`Z`\ekki`gc\$^cXjj\jn`k_XL$mXcl\f](%'
N&d ) BXe[k_\idXcjgXZ\ijkfd`e`d`q\k_\k_\idXcYi`[^\j
Xkk_\\[^\j%=lik_\idfi\k_\p_Xm\X_`^_ef`j\gifk\Zk`fe#
Y\ZXlj\f]k_\kiX`ejgXjj`e^Yp%
K_\fi`^`eXcgcXenXjkf`ejlcXk\k_\\ok\ieXcnXccj]ifdk_\flk$
j`[\n`k_XZfdgfj`k\`ejlcXk`fejpjk\dgfcpjkpi\e\`ejlcXk`fe
Zfm\i\[n`k_gcXjk\i %9lk`efi[\ikfdX`ekX`ek_\XiZ_`k\ZkliXc
\ogi\jj`fef]k_\
Yl`c[`e^#fecp`ek\ieXc
`ejlcXk`fe_XjY\\e
lj\[`edfjkgXikj
f]k_\fc[Yl`c[`e^%
;li`e^k_\gcXee`e^
gifZ\jjnXpjkfXggcp
mXZlld`ejlcXk`fe
8cld`e`ld]iXd\]fik_\`ek\ieXc n\i\`em\jk`^Xk\[%
`ejlcXk`fe
Le]fikleXk\cpk_\
mXZlld`ejlcXk`fe
ZXeefkY\Xggc`\[`e
k_\gifa\Zk#j`eZ\ef
jpjk\d`jjl`kXYc\]fi
jlZ_XYl`c[`e^Xe[
k_\cfe^k\idY\_Xm$
`flif]k_\j\jpjk\dj
`jjk`ccleZ\ikX`e%K_\e
k_\\e^`e\\i`e^k\Xd
@ek\ieXc`ejlcXk`fen`k_mXgfliYXii`\i
nXek\[kflj\Xd`e$
\iXc`ejlcXk`feYfXi[dlck`gfi #Ylkk_\jli]XZ\nXjeËkgcXeXi
\efl^_kfjk`Zbk_\YfXi[fe%K_XkËjn_pXd`e\iXc$]`Yi\nffcf]
mXi`fljk_`Zbe\jj_XjY\\elj\[n`k_Xe`e[`m`[lXcZfejkilZk`fe
]iXd\Xcld`e`ldgif]`c\]iXd\gcXeb\[n`k_j_\\kifZb %
K_\`ek\ieXc`ejlcXk`fen`k_k_\Xcld`e`ldgif]`c\j]iXd\nXj
dXjb\[n`k_XmXgfliYXii`\i%K_\i\]fi\X_`^_hlXc`kpZfekifc
nXje\Z\jjXipY\ZXlj\nXk\imXgflidXpefk`e]`ckiXk\%9\ZXlj\
f]k_\`ek\ieXc`ejlcXk`feXkk_\]ifeknXccjXcfkf]k\Z_e`ZXc
[\kX`cj_Xm\kfY\jfcm\[`efi[\ikfgi\m\ekk_\idXcYi`[^\j%
8Yflk)'f]k_\]ifeknXccn`cc^\kXe\ok\ieXc`ejlcXk`fe%
Kfi\[lZ\k_\_\Xkcfjj\jfm\ik_\iff]X(+Zdk_`Zbk_\idXc
`ejlcXk`fenXj]`o\[Y\kn\\ek_\iX]k\ij%8[[`k`feXccp,Zd
9I@K8`eGl9j
('
<e\i^p[XkXXe[
X[[`k`feXci\jlckj
<mXclXk`fe1
<jk`dXk\[jXm`e^j1
<e\i^pjXm`e^d\Xjli\j#_\Xk`e^RbN_&d)XT
K_\idXcjfcXigcXek
G_fkfmfckX`Zjpjk\d
<C<:KI@:@KPC@>?K@E>JPJK<D
K_\k\Xdi\Xc`j\[Xcjfd\Xjli\jkfi\[lZ\k_\\c\Zki`Z`kpZfe$
jldgk`fe%K_\[Xpc`^_klj\`j`dgifm\[Xe[k_\elij`e^_fd\^fk
Xe\e\i^p\]]`Z`\ekc`^_k`e^jpjk\d%K_\e\ndfkfif]k_\\c\mX$
kfijXm\Xifle[+'f]k_\\c\Zki`Z\e\i^pZfejldgk`feXe[k_\
_\Xk`e^gcXek^fk\e\i^p\]]`Z`\ekZ`iZlcXk`fegldgj%
9<DJ8E;DFE@KFI@E>
K_\9l`c[`e^<e\i^pDXeX^\d\ekJpjk\d9<DJ _XjknfZfd$
gfe\ekj%=`ijkXZfem\ek`feXcZfekifcjpjk\djX`XZfekifc nXj
`ejkXcc\[`ek_\Yl`c[`e^%@ki\^lcXk\jk_\nXk\ik\dg\iXkli\f]k_\
_\Xk`e^jpjk\dYXj\[fek_\flk[ffik\dg\iXkli\Xe[k_\iffd
k\dg\iXkli\%;\g\e[`e^k_\Xdflekf]_\XkZfejldgk`fe#k_\
Zfekifcjpjk\dn`ccdXeX^\k_\\e\i^pjfliZ\kfY\lj\[1]ifdk_\
ZfdY`e\[_\XkXe[gfn\ile`k#]ifdk_\Zfe[\ej`e^Yf`c\ij#]ifd
k_\jfcXigcXekfi]ifdk_\jkfiX^\kXeb%=`eXccpk_\9<DJ_Xjkf
[\k\id`e\k_\dfd\ekk_Xkk_\jkfiX^\kXeb_XjkfY\i\cfX[\[Xe[
n_\ek_\ZfdY`e\[_\XkXe[gfn\ile`ke\\[jkfi\[lZ\gfn\i%
8[[`k`feXccpk_\Jklkk^XikËj<e\i^p:fekifcDXeX^\d\ekJ<:D `j
lj\[kfZfekifck_\[X`cp\e\i^pZfejldgk`fef]k_\Yl`c[`e^%N`k_
k_`jjpjk\d#k_\\e\i^pdXeX^\ij`ek_\f]]`Z\]fi\em`ifed\ekXc
gifk\Zk`feXi\`e]fid\[XlkfdXk`ZXccp`]k_\Zfejldgk`fe`jkff
_`^_%K_\\e\i^pmXcl\jXi\kiXej]\ii\[fm\ik_\k\c\g_fe\e\k$
nfib%8jg\Z`Xc[\m\cfg\[jf]knXi\m`jlXc`q\jk_\\e\i^pmXcl\j
`ekfXG:%K_ljXcfe^$k\idZfekifcc`e^`ejkild\ek`j`ejkXcc\[%
KfkXcRbN_&XT
?`^_$\]]`Z`\ekn`e[fnj
)'
+)#-''
@ejlcXk`fef]fgXhl\\c\d\ekj
/'
(-.#+''
M\ek`cXk`fe
*0
/)#,''
?\Xk`e^jpjk\d
+-
0,#0''
JfcXik_\idXc;?N
((
)*#+''
(0-
+((#/''
KFK8C?<8K@E><E<I>PJ8M@E>J
<e\i^pjXm`e^d\Xjli\j#\c\Zki`Z`kpRbN_&d)XT
JfcXik_\idXc
-'
;?N
;Xpc`^_kkiXej]\i$
GM$`ek\^iXk`fe (',
*.
./#/''
<]]`Z`\ekc`^_k`e^
('
)(#*''
;Xpc`^_kkiXej]\i
*
-#+''
GM$`ek\^iXk`fe
-
()#-(,
KFK8C<C<:KI@:8C<E<I>PJ8M@E>J,-((0#((,
JXm`e^
R%&XT
GXp$YXZb
g\i`f[RXT
KFK8C
*/#-''
)'
(#'-0#+''
./0#(''
<e\i^pZfjkjlj\[]fik_\gXpYXZbZXcZlcXk`fe1
?\Xk`e^\e\i^p
++`&DN_
<c\Zki`ZXc\e\i^p
(*.`&DN_
=`Zk`k`flj]\\[`ekfk_\^i`[ ,(+`&DN_
@eglk`ekfk_\
gfn\ie\knfib
RbN_T
<jk`dXk\[gfn\i
RbN_T
>cfYXciX[`Xk`fe
RbN_&d)T 8gi`c)''.
(#.)(%+
(#*)-%/
(/,%+
DXp)''.
(#)0+%)
(#.)-%0
(-)%/
(#('-
)/
)'#'''
(0#/))
/.-
))
0/#'''
//#'*(
-#+/0
(*
›
8iZ_`k\ZkliXc`e]cl\eZ\jdXp_Xm\Xjkife^`dgXZkfek_\
i\kif]`kZfeZ\gki\^Xi[c\jjn_\k_\iXYl`c[`e^`jc`jk\[
fiefk%@ek_\ZXj\f]=`c[\i_f]`kZXlj\[k_\Z_Xe^\]ifd
\ok\ieXc`ejlcXk`fekf`ek\ieXc`ejlcXk`fefek_\flkj`[\
nXccj%K_`jdXpc\X[kfc\jj\e\i^pjXm`e^jXe[i\jlckj`e
dfi\gcXee`e^nfibfe[\kX`cj`efi[\ikfgi\m\ekk_\idXc
Yi`[^\j%
›
<Zfefd`Z`e]cl\eZ\jdXpZ_Xe^\k_\dXk\i`Xclj\[]fiYl`c$
[`e^gXikj%8k=`c[\i_f]#k_\^cXq\[Xki`Xiff]_Xjefnfecp
jdXcc^cXq\[gXikj%K_\[\j`^e\i_X[kfi\XZkfek_\j`klX$
k`fejXe[kiXej]\ik_\gcXee\[GMjpjk\dkfk_\fgXhl\iff]
gXikj%
K_\lj\f]iffdj`ek_\Z\ccXi_XjkfY\ZXi\]lccpgcXee\[
`efi[\ikfb\\gk_\_\Xk\[qfe\XjZfdgXZkXjgfjj`Yc\%
?fn\m\i#k_\kfkXcjgXZ\XmX`cXYc\Xe[]c\o`Y`c`kpf]ljX^\
Xi\dfi\`dgfikXek]XZkfij]fik_\Yl`c[`e^fne\ik_Xe
ZfdgXZke\jjXe[\e\i^p\]]`Z`\eZp%
K_\gcXee`e^gifZ\jjfm\i]`m\p\Xiji\hl`i\jZ_Xe^\j`ek_\
i\kif]`kd\Xjli\jf]XYl`c[`e^%K_\i\]fi\[\kX`c\[`e]fidX$
k`feXYflkk_\gcXee\[d\Xjli\jXe[k_\i\jlck`e^\e\i^p
jXm`e^jXkk_\gifgfjXck`d\f]k_\<Lgifa\Zk`jefkXcnXpj
gfjj`Yc\%E\Z\jjXipdf[`]`ZXk`fejXkk_\i\kif]`kd\Xjli\j
_Xm\kfY\gi\j\ek\[Xe[\cXYfiXk\[Xkk_\:fdd`jj`fe%K_`j
i\hl`i\j\okiXk`d\`ek_\gcXee`e^gifZ\jjf]k_\gifa\Zk%
K_\i\`jdlZ_Zffi[`eXk`fee\\[\[n`k_j\m\iXcgXike\ij
n`k_`ek_\gifa\Zk#\jg\Z`Xccpn`k_k_\]`eXeZ`Xcg\fgc\f]
k_\cfZXc^fm\ied\ek%K_\gifa\Zk[liXk`fe`j_XjY\\e
jki\kZ_\[kf]`m\p\Xij]ifdk_\\Xic`\jkgcXee`e^g_Xj\lg
kfk_\\e[%
›
›
D<8JLI<D<EKJ8E;<M8CL8K@FE
K_\d\Xjli`e^g_Xj\`ek_\[\dfYl`c[`e^jkXik\[Xkk_\(jk
8gi`c)''.%
G_fkfmfckX`Zjpjk\d1
*'#0,)
=`ijk_Xe[\og\i`\eZ\j
<Zfefdp
<e\i^pjXm`e^
KfkXcZfjkj <c`^`Yc\Zfjkj
d\Xjli\&`em\jkd\ek
R%T
R%T
*'#'''
GXp$YXZb
g\i`f[RXT
Dfi\j`^e`]`ZXekd\Xjli\d\ekjXe[\mXclXk`fejXi\kXb`e^gcXZ\%
KfkXcRbN_&XT
:fdY`e\[_\XkXe[gfn\ile`k
8i\X<c`^`Yc\Zfjkj@eZlii\[Zfjkj JXm`e^
Rd)T
R%T
R%T
R%&XT
›
?fc:_liZ_#?X^X]fjj#EfinXp
Kpgfcf^p
:_liZ_Yl`c[`e^
KfkXc]cffiXi\X
,,,d ) ^ifjjXi\X
`ek\ieXc_\`^_k1)'d%
I\jgfej`Yc\
gifa\ZkgXike\ij
J`m`cXib`k\bk?XiXc[E%Iµjkm`b
8J?fc:_liZ_:fleZ`c#
8jki`K`e^jkX[#K\c\g_fe\
"+.,(/-(0),
:fek\ok
JlddXip
K_\?fc:_liZ_gifa\Zk_XjleZfm\i\[k_\Y`^Z_Xcc\e^\j
kfY\d\kn_\e[\Xc`e^n`k_XZfej`[\iXYc\gXikf]jlZ_
gifk\Zk\[Yl`c[`e^j`e<lifg\%8jk_\j\Yl`c[`e^n`ccY\
i\dX`e\[]fi[\ZX[\jXe[Z\ekli`\j#k_\pXgg\XikfY\
ZilZ`Xcn`k_i\^Xi[kfk_\fm\iXcc\e\i^pe\\[i\[lZk`fe`e
k_\Yl`c[`e^jkfZb%8jcfe^Xjn\[fefki\[lZ\k_\\e\i^p
e\\[`e\o`jk`e^Yl`c[`e^j#k_\fm\iXcc\e\i^pe\\[`e
<lifg\XeYl`c[`e^jn`ccefk[\Zi\Xj\%
KfXZ_`\m\\e\i^pe\\[i\[lZk`fej`e\o`jk`e^Yl`c[`e^j#
88i\jki`Zk`fej8ek`hlXi`Xe8lk_fi`k`\j j_flc[Y\
i\Zfej`[\i\[n_\ei\e\n`e^`ejkXccXk`fejXe[`eefmXk`m\
d\k_f[je\\[kfY\Xggc`\[`efi[\ikfgi\j\im\k_`ji`Z_
XiZ_`k\ZkliXc_\i`kX^\%
K_\?fc:_liZ_gifa\Zkj_fnjk_Xkjk\X[]Xjke\jjXe[
\e[liXeZ\Zflgc\[n`k_`eefmXk`feZXec\X[kfjlZZ\jj%
K_\gifa\Zk#k_\Z_Xcc\e^\j
K_\Z_Xcc\e^\`ek_`jgifa\ZknXjkfj_fn_fn\e\i^p\]]`Z`\ek
jfclk`fejZflc[Y\Xggc`\[kfXc`jk\[Yl`c[`e^le[\ik_\
Xlk_fi`kpf]gifk\Zk`m\Xek`hlXi`Xen`e^j#n_`Z_d\Xejk_Xk`e
gi`eZ`gc\efkXepjkilZkliXcZ_Xe^\n`ccY\Xccfn\[%
CX`cXI`bjXXj\e;X_c
9`j_fgf]KlejY\i^`e_\iE\nP\Xijg\\Z_)''-
K_\le$`ejlcXk\[k`dY\i]cffinXjefkZfm\i`e^X]lcc$jZXc\
Z\ccXi#fecpXZiXncjgXZ\n`k_mXip`e^_\`^_klgkffe\d\k\i%
K_\k`dY\iiff]ZfejkilZk`feXe[nXccjn\i\Xcjfle$`ejlcXk\[%
N`e[fnjXe[[ffijn\i\efkZcfj`e^gifg\icp#_X[ef^Xjb\kj
Xe[n\i\c\kk`e^\oki\d\cpZfc[[iXl^_kj`ekfk_\Yl`c[`e^%8cc
k_`jZXlj\[Zfej`[\iXYc\Zfd]fikgifYc\djXe[k_\\e\i^pe\\[
nXj_`^_%I\^Xi[c\jjf]k_\\e\i^pY\`e^lj\[#`kf]k\e]\ck
Zfc[n_\ek_\flk[ffik\dg\iXkli\]\cc[fnekfd`elj)'$*'ñ:%
Ef[iXn`e^jf]k_\Z_liZ_n\i\dX[\XmX`cXYc\kfk_\gifa\Zk
k\Xd%8ccjkl[`\j#d\Xjli\d\ekjXe[[iXn`e^gcXeje\\[\[_X[
kfY\[fe\fej`k\%N`k_k_\8ek`hlXi`Xe8lk_fi`k`\jj`kk`e^*''
b`cfd\ki\jXnXp`eFjcf#Xe[n`k_cfnkiXm\cc`e^Yl[^\kj#gifg\i
Zfddle`ZXk`fei\XccpnXjXZ_Xcc\e^\%
Jfclk`fej
9L@C;@E>:FEJKIL:K@FE
8]k\i_Xm`e^i\Z\`m\[i\]ljXc]ifdk_\8ek`hlXi`Xe8lk_fi`k`\j
88 ]fi`ejlcXk`fenfibj#Xgg\Xcj_Xm\c\[kfZfdgifd`j\j%K_\
]cffinXj`ejlcXk\[]ifdY\cfnk_ifl^_k_\ZiXncjgXZ\#n_`Z_
`e[\\[nXjX[`]]`ZlckafY%K_\[\kX`cj]fik_\Z_fj\e`ejlcXk`fe
((
9I@K8`eGl9j
È@]n\Xi\^f`e^kfj\Zli\
k_\]lkli\f]Zfd`e^
^\e\iXk`fej#n\dljkgifk\Zk
k_\\em`ifed\ek%K_\Z_liZ_
_XjXi\jgfej`Y`c`kp`ek_`j
Zfek\okXe[n\n`ccjlggfik
nfibkfjkfge\^Xk`m\
\em`ifed\ekXcki\e[j%
N\n`ccj_fn\oXdgc\jXe[
j_flk#È`knfibjÉ%N\n`cc jlggfikXcc^ff[]fiZ\jXe[
_\cggifm`[\gfc`k`Z`Xejn`k_
ZfliX^\kf`e`k`Xk\e\Z\jjXip
d\Xjli\jÉ%
K_\Z_liZ_#Yl`ck`e(0)+#
`jcfZXk\[`eXdflekX`e
mXcc\p`eEfinXpËj
Jflk_\iegXikf]k_\
Zflekip2_Xc]nXpY\kn\\e
FjcfXe[9\i^\eXe[fecp
d`elk\j]ifdk_\gfglcXi
n`ek\ijb`i\jfik>\`cf%
K_`jZ_liZ__XjXk`dY\i
ZfejkilZk`fen`k_jk\\g
iff]`e[`ZXk`e^\c\d\ekj
]ifdk_\jkXm\$Z_liZ_\iX%
@kjYl`ckfeXjkfe\
]fle[Xk`feiX`j`e^fecp
jc`^_kcp]ifdk_\^ifle[%
@kËj\oki\d\cp_`^_`ek\i`fi
f])'d\ki\j\hlXcjk_\_\`^_kf]\`^_kjkXe[Xi[[n\cc`e^
jkfi\pj#n_`Z_`jXe\e\i^pZ_Xcc\e^\`e`kj\c]j`eZ\_fkX`i
i`j\jXe[jkXpf]Zfd]fik`j_\eZ\XZilZ`Xc\c\d\ekf]k_`j
gifa\Zk%
9I@K8`eGl9j
d\k_f[n\i\nfib\[flkn`k_k_\88kfXmf`[[Xdge\jjc\X[`e^
kfifkk`e^f]k_\ZfejkilZk`fe%
8j`d`cXii\]ljXc&XZZ\gkXeZ\gifZ\[li\nXjZXii`\[flk]fik_\
]cXkgXikf]k_\iff]%8i^l`e^k_Xkk_\\o`jk`e^Z\`c`e^#n`k_X
m\ip[ipjXn[ljkZfm\i`e^#nXjX]`i\i`jb%=`eXccp#k_\88XZZ\gk$
\[k_XkXi^ld\ek%K_\Z\`c`e^nXj`ejlcXk\[]ifdXYfm\%K_`jnXj
XcjfXe\oki\d\cpZfdgc`ZXk\[nfibkXjb#XjYi`e^`e^`edXk\i`$
XcjZflc[[XdX^\k_\Z_liZ_`ek\i`fi%DXk\i`Xcjn\i\`ejk\X[
ZiXe\$c`]k\[`ekfk_\Yl`c[`e^Xe[k_ifl^_Xelgg\in`e[fn%K_\
n`e[fnjZfej`jkf]knfcXp\ijf]^cXjjn`k_X.'dd^Xg%K_\
n`e[fnjXe[[ffijn\i\X[aljk\[kfZcfj\gifg\icpXe[k_\p
n\i\\hl`gg\[n`k_ilYY\i^Xjb\kj%
?<8K@E>
K_\\o`jk`e^_\Xk`e^jpjk\dnXjXkpg`ZXcEfin\^`Xefe\%;l\kf
k_\_l^\_p[ifgfn\igif[lZk`fe#\c\Zki`Zi\j`jkXeZ\_\Xk`e^`j
Zfddfe%K_\jpjk\d_XjXkfkXcZXgXZ`kpf].'bNXe[_\Xk\ij
Xi\gfj`k`fe\[le[\ik_\Y\eZ_\j%
;l\kfk_\[iXl^_kj#`kkffbk_i\\[Xpjkfi\XZ_XZfd]fikXYc\
k\dg\iXkli\`en`ek\ik`d\%K_`j_Xgg\e\[\m\ipk`d\X^X`en`k_
kpg`ZXcXZk`m`k`\jc`b\Xggifo`dXk\cp)(j\im`Z\jXp\Xi#(,]le\i$
Xcj#,n\[[`e^jXe[('Z_f`iXe[fk_\iZlckliXc\m\ekj%K_\jfcXi
iX[`Xk`feefidXccp^X`e\[gXjj`m\cpk_ifl^_n`e[fnj[f\jefk
_\cg\`k_\i#j`eZ\k_\Z_liZ__Xjfecpm\ipjdXccn`e[fnj%
K_\_\Xk`e^jfclk`fejjfl^_k#ZXeY\jgc`k`ekfk_i\\dX`e
ZXk\^fi`\j1
()
› @ejlcXk`fei\[lZ`e^_\Xkcfjjk_ifl^_k_\\em\cfg\#Zflgc\[
n`k_`dgifm\[^Xjb\kjkfXmf`[[iX]kj]ifdn`e[fnjXe[
[ffij%K_`j_Xjgifm\ekfY\Zfd]fikc\m\ciX`j\n`k_flk`k
e\Z\jjXi`cp_Xm`e^X_l^\`dgXZkfe\e\i^pe\\[j`eZ\k_\
jpjk\dY\]fi\k_\i\kif]`knXj^f`e^]lccjg\\[Xe[jk`ccefk
dXeX^`e^kfiX`j\k_\Zfd]fikc\m\ckfXeXZZ\gkXYc\c\m\c%
› @ek_`ji\^`fef]EfinXp#n_\e`k`jZfc[#`k`jefidXccpjleep
Xe[efkn`e[p%K_\i\`jXcjfXcfkf]n_`k\i\]c\Zk`m\jefn`e
k_`ji\^`fe%K_XkËjn_pXeX`iYXj\[jfcXik_\idXcjpjk\d_Xj
Y\\ej\c\Zk\[%
JFC8IK?<ID8C
8eX`iYXj\[jfcXik_\idXcjpjk\d_XjY\\e[\m\cfg\[XkX
[`jkXeZ\]ifdk_\Yl`c[`e^%J`eZ\k_\88_XjkfXggifm\\m\ip$
k_`e^n`k_`eXiX[`ljf]-,d\ki\jf]k_\Z_liZ_#k_`j`ejkXc$
d\eknXj]lccpi\a\Zk\[#\m\ek_ifl^_k_\Xgg\Xcifle[%K_\
fecpjfclk`fenXjkfXgg\Xckfk_\9`j_fg#n_f_Xjk_\Xlk_fi$
`kpkffm\iilc\k_\88%
K_\Zfdgifd`j\nXjkfi\[lZ\k_\_\`^_kf]k_\jfcXik_\i$
dXcjpjk\dkf-d\ki\j%N_`Z_Xcjfi\[lZ\jk_\Xi\XXe[kf
`eZi\Xj\k_\[`jkXeZ\]ifdk_\Z_liZ_kfk_\XYjfiY\ikf(,
d\ki\j%
K_\m\ik`ZXcjpjk\d`jZfee\Zk\[kfk_\Z_liZ_k_ifl^_Xe\Xik_$
j_\ck\i\[`ejlcXk\[[lZkYi`e^`e^_\Xk\[X`ikfk_\Z_liZ_Xe[
jlZb`e^X`i]ifdk_\Z_liZ_`eXj`d`cXi[lZki\klie`e^kfk_\
jfcXiXYjfiY\i%K_\X`i`jdfm\[k_ifl^_k_\jfcXiXYjfiY\iXe[
]ifdk_\XYjfiY\ikfk_\Z_liZ_YpknfjdXcc]XejZfee\Zk\[
kfXjfcXiGMjpjk\dk_XkjkXikj#jkfgjXe[i\^lcXk\jX`ijg\\[
[\g\e[`e^fe_fnYi`^_kk_\jlej_`e\`j%@k`j`efk_\infi[jXe
XlkfefdfljXe[j\c]$i\^lcXk`e^jpjk\d%
JFC8IGM
8d`efijfcXiGMjpjk\dnXj`e`k`XccpgcXee\[%?fn\m\i#k_\Zfe$
]ifekXk`fen`k_k_\i\jki`Zk`fej]ifdk_\88_Xm\c\[kfi\k_`eb
k_`jb`e[f]jfclk`fe]fij\m\iXci\Xjfej1
› K_\Zfeki`Ylk`feg\id )`jjdXccZfdgXi\[kfjfcXik_\idXc
n_`Z_[\c`m\ij*$+k`d\jdfi\\e\i^pg\id ) XYjfiY\iXkX
cfn\iZfjk%
› K_\Zfjkf]GM`j_`^_n_`Z_c\X[jkfX_`^_gXpYXZbk`d\
0'p\Xij %
› K_\88nflc[gifYXYcpefkXccfnk_\jpjk\dkfY\`dgc\d\e$
k\[lec\jj`knXjcfZXk\[XkXd`e`dldf]-,d\ki\j]ifdk_\
Z_liZ_nXcc%
8]`eXc[\Z`j`feXYflkk_`j`jjl\`jefnY\`e^kXb\e%
9<DJ
J`eZ\k_\Z_liZ__XjXm\ipj`dgc\\e\i^pjpjk\d#XZfdgc`ZXk\[
9l`c[`e^<e\i^pDXeX^\d\ekJpjk\d9<DJ nXjefke\Z\jjXip
kfZfekifck_\_\Xk`e^jpjk\dj%@ejk\X[#XZcfj\[`Xcf^l\#
XeXcpj`jXe[[`jZljj`fejn`k_k_\ZXi\kXb\i_Xjgifm\[kfY\
mXclXYc\`ekXb`e^d\Xjli\j#Z_\Zb`e^iflk`e\jXe[`dgifm`e^
iflk`e\jn_`c\Zfek`elfljcpjlggfik`e^k_\ZXi\kXb\i%@knXjk_\
le[\icp`e^g_`cfjfg_p]fik_`jgifa\Zk%KfXjjli\fgk`dldZfekifc
f]k_\Yl`c[`e^Xe[k_ljjXm\\e\i^p#XZfek`elfljgifZ\jjf]
[`Xcf^l\Y\kn\\ek_\gcXee\ijXe[k_\ZXi\kXb\i_Xjgifm\[kf
Y\]il`k]lc%K_`j\m\ei\jlck\[`eXZfej`[\iXYc\XnXi\e\jjc\m\c
k_Xk`e`kj\c]klie\[flkkfcfn\i\e\i^pY`ccj%
@efi[\ikfYi`[^\k_\_l^\[`jkXeZ\Y\kn\\ek_\ZXi\kXb\iËj
_fd\Xe[k_\Z_liZ_),bd XeXlkfdXk\[ÊI`e^k_\Z_liZ_
nXidËjpjk\d_XjY\\e`ejkXcc\[%9\]fi\#k_\ZXi\kXb\iXcnXpj
_X[kf[i`m\kfk_\Z_liZ_\XZ_k`d\kfkliek_\_\Xkfe#[Xpj
Y\]fi\XdXafiZ_liZ_XZk`m`kpkffbgcXZ\%Fin_\ek_\ZXi\kXb\i
jkXp\[\cj\n_\i\#k_\_\XknXjklie\[fe\m\ejfd\[Xpj
› 8m\ik`ZXcknfd\ki\j_`^_#.,Zd[`Xd\k\iifle[X`iZXefe
f]+#)''d * &_fli[iXn`e^fecp(-'N Ëj_ffkjËle_\Xk\[
X`ilgnXi[jkfi\gcXZ\k_\_\Xk\[X`ile[\ik_\Z\`c`e^%K_`j
gifZ\jj`jefidXccpjkXik\[Xe_fliY\]fi\k_\j\im`Z\Xe[`k
dfm\jk_\nXidX`ile[\ik_\Z\`c`e^[fnekfn_\i\g\fgc\
Xi\j\Xk\[%@k_Xjgifm\ekfY\Xe\]]`Z`\ekZfd]fikd\Xjli\
k_Xk`dgifm\jk_\]\\c`e^f]Zfd]fik%
8`iÉZXefeÉ
Fe\d\k\i_`^_ZiXncjgXZ\
;flYc\n`e[fnjn`k_^Xjb\kj
<e\i^p[XkXXe[
X[[`k`feXci\jlckj
=`ijk_Xe[\og\i`\eZ\j
K_\j\Xi\k_\Xjjld\[jXm`e^jZXcZlcXk\[Xkk_\gifa\Zk
`e`k`Xc`jXk`feg_Xj\1
<e\i^pjXm`e^d\Xjli\j#_\Xk`e^RbN_&d)XT
KfkXcRbN_&XT
@dgifm\[`ejlcXk`fe#iff]#+/
]cffij#n`e[fnj
).#((,
JfcXik_\idXc_\Xk`e^jpjk\d(,
/#'''
KFK8C?<8K@E><E<I>PJ8M@E>J-*
*,#((,
<e\i^pjXm`e^d\Xjli\j#RbN_&d)XTKfkXcRbN_&XT
\c\Zki`Z`kp
<]]`Z`\ekc`^_k`e^,)#.''
JfcXiGM
,)#.''
KFK8C<C<:KI@:@KP<E<I>PJ8M@E>J('
,#+''
8ZklXc`ek\i`fi
LJ<IJLIM<P
8lj\ijlim\ple[\ik_\i\^lcXiJle[XpZ_liZ_j\im`Z\
m`j`kfij[li`e^k_\n`ek\if])''-&)''.`ccljkiXk\[k_\
`eZi\Xj\[Zfd]fikc\m\c1
É?Xm\pflefk`Z\[`dgifm\d\ekj`ek_\`e[ffiZc`dXk\j`eZ\
cXjkn`ek\iXji\^Xi[j[iXl^_k#k\dg\iXkli\\kZ%É
› DlZ_Y\kk\i ,,
› 8c`kkc\Y\kk\i
*,
› Ef`dgifm\d\ek
('
<Zfefdp
<e\i^pjXm`e^d\Xjli\&
`em\jkd\ek&jXm`e^j&
gXpYXZb
KFK8C
KfkXcZfjkj
JXm`e^
RTR&XT
GXp$YXZb
g\i`f[RXT
(*-#.''-#(''))
8jjld\[\e\i^pZfjkjlj\[]fik_\gXpYXZbZXcZlcXk`fe1
<c\Zki`Z`kp1'%(,<lif&bN_(%)'EFB&bN_
D<8JLI<D<EKJ8E;<M8CL8K@FE
8ccZfjkj]fik_\\e\i^pjXm`e^jd\Xjli\jXi\n`k_`eXe[jfd\
Y\cfnYl[^\k%8ck_fl^_k_\]`eXcY`ccj_Xm\efkY\\ei\Z\`m\[
Xjp\k`k`jZc\Xik_Xkk_\i\n`ccefkY\XZfjkfm\iile%
D\Xjli\d\ekjn\i\jkXik\[(jkDXp)''.Xe[[XkXXi\Y\`e^
i\^`jk\i\[\m\ipdfek_%K_\fe\p\Xidfe`kfi`e^i\jlckn`cc
_\eZ\Y\XmX`cXYc\`dd\[`Xk\cpXjk_\cXjkdfek_#8gi`c)''/#
`j\e[`e^%
(*
9I@K8`eGl9j
Y\]fi\%9p`ejkXcc`e^k_\e\nÊI`e^k_\Z_liZ_nXidËjpjk\d#k_`j
nXjefcfe^\ie\Z\jjXip%@kjXm\[efkfecpmXclXYc\_\Xk`e^[Xpj#
YlkXcjfi\[lZ\[k_\\e\i^pZfejldgk`feZXlj\[Ypk_\ki`gjkf
Xe[]ifdk_\Z_liZ_#,(k`d\jXp\Xi%8[[`k`feXc\e\i^pjXm`e^j1
,(ki`gjo),bdo)4),,'bd#d\XejXeelXcg\kifc\e\i^p
jXm`e^f]Xggifo`dXk\cp),,c`ki\jXe[:F ) \d`jj`fejf]_Xc]X
kfe,''b`cfj Xp\Xi%
› <o`jk`e^#c`jk\[Yl`c[`e^jXi\gXikf]XeXiZ_`k\ZkliXc
_\i`kX^\k_Xk`jn\ccgifk\Zk\[Ypk_\jkXk\k_ifl^_
8ek`hlXi`Xe8lk_fi`k`\j%K_\p_Xm\Xe`dgfikXekafYXk
gifk\Zk`e^k_\mXclXYc\c`jk\[Yl`c[`e^jXe[^iflgjf]
Yl`c[`e^j%K_`j`dgfikXekafYf]k\e`j`eZfe]c`Zkn`k_k_\
\hlXccp`dgfikXekafYf]i\[lZ`e^k_\\e\i^pe\\[`e
\o`jk`e^Yl`c[`e^j%
› K_\gifZ\jj\j[\jZi`Y\[XYfm\Xi\k`d\$Xe[i\jfliZ\
[\dXe[`e^%Fe\j_flc[Y\gi\gXi\[]fij\m\iXcifle[j
Y\]fi\XeXggifmXc`jgfjj`Yc\Æ`]\m\i%
› @ek_`j`ejkXeZ\#_X[`kefkY\\e]fik_\9`j_fgfm\iilc`e^
k_\88#k_\i\nflc[_Xm\Y\\eefjfcXik_\idXcjpjk\d%
› 8dfk`mXk\[Zc`\ekXe[Xdfk`mXk\[ZXi\kXb\i`jXZilZ`Xc
\c\d\ekkfnXi[jjlZZ\jj%
› 8nXi\e\jjYl`c[`e^n`k_k_\ZXi\kXb\i`jj_fn`e^gfj`k`m\
\e\i^pe\\[i\[lZ`e^i\jlckj%
› 8jk_\gifa\Zk[\m\cfg\[k_\cfZXc\e\i^plk`c`kp
Ljk\bm\`baX[\Z`[\[#ZfekiXipkffligi\[`Zk`fej#k_Xkk_\
Zfjkf]\c\Zki`Z`kpj_Xcc]Xcc`ejk\X[f]i`j\%N_`cjkk_\
\c\Zki`Z`kpZfjkj`eEfinXp_Xm\i`j\efm\ik_\cXjkp\Xij
Xe[`jefn`ek_\i\^`fef]fligi\[`Zk`fejk_Xk`jY\`e^
lj\[]fifligXpYXZbg\i`f[ZXcZlcXk`fej#Ljk\bm\`baX
_Xm\i\[lZ\[k_\Zfjkjf]\c\Zki`Z`kp[fnekfY\kn\\e(&)
kf(&*f]k_\Xm\iX^\dXib\kgi`Z\`ek_\n`ek\i#]fik_\
`e_XY`kXekj`ek_\i\^`feXjX^\jkli\kfk_\d%K_ifl^_
k_`j#Ljk\bm\`baXXi^l\jk_Xkk_\`e_XY`kXekj`ek_`jnXp
^\kk_\`ij_Xi\f]k_\mXclXYc\cfZXc_p[ifgfn\igcXekj%
K_`jle[\id`e\j\e\i^p\]]`Z`\eZpd\Xjli\jXe[k_\
`ekif[lZk`fef]i\e\nXYc\jXjk_\jXm`e^jXi\i\[lZ\[Xe[
gXpYXZbk`d\`eZi\Xj\j%@k`jXcjfZfekiXipkfk_\ki\e[j`e
Xccfk_\igXikjf]<lifg\Xe[`eEfinXp%
› GMjfcXi\c\Zki`Z`kp `jefidXccpdfi\Zfjkcpg\id )
`ejkXcc\[df[lc\jZfdgXi\[kfjfcXik_\idXc%Fe\d ) GM
Xcjf[\c`m\ijfecp(&*f]k_\\e\i^p[\c`m\i\[Ypk_\jXd\
d ) jfcXik_\idXc%GMgXpYXZbk`d\`jjfcfe^k_Xk`kYi`e^j
lgk_\fm\iXccgXpYXZbk`d\]fik_\kfkXcYl`c[`e^gifa\Zk
kfXelee\Z\jjXip_`^_c\m\c%
9I@K8`eGl9j
:`kp:fcc\^\#Gcpdflk_#Le`k\[B`e^[fd
Kpgfcf^p
<[lZXk`fe
K_\gifa\Zk#k_\Z_Xcc\e^\j
KfkXc]cffiXi\X
,#.0+d )
I\jgfej`Yc\
gifa\ZkgXike\i
:`kp:fcc\^\Gcpdflk_1
nnn%Z`kpgcpd%XZ%lb
>`cY\ikJeffb1^jeffb7Z`kpgcpd%XZ%lb
K_\Z_Xcc\e^\f]k_`jgifa\ZknXjkflg^iX[\k_\\ok\ieXc
]XƒX[\jXe[i\df[\c`ek\ieXccpkfdf[\ie`j\k_\Yl`c[`e^Ylk
X[fgk`e^Xn_fc\iXe^\f]\e\i^pjXm`e^k\Z_efcf^`\j%K_\
\o`jk`e^Yl`c[`e^[Xk`e^]ifd(0.)_X[fecpY\\egXik`Xccp
i\]liY`j_\[j`eZ\k_Xkk`d\%8jXi\jlck`k_XjX[Xk\[]\\c`e^
jl]]\i`e^j\m\i\jfcXi^X`e#[iX]kjXe[`eX[\hlXk\_\Xk`e^%
K_\X`df]k_\gifa\ZknXjkf_Xm\Xj`^e`]`ZXek`dgXZkfek_\
cXi^\jkl[\ekgfglcXk`fek_XkgXjj\jk_ifl^_k_\Zfcc\^\%K_\
Zfcc\^\_Xjfm\i)0#'''j\gXiXk\\eifcd\ekji\gi\j\ek`e^
fm\i-#''']lcck`d\\hl`mXc\ekjkl[\ekj%K_\i\]liY`j_d\ek
n`cc[\dfejkiXk\Xe[Zi\Xk\Xc\X[n`k_i\^Xi[kf\e\i^p
jXm`e^k\Z_efcf^p%
È@]`e[`k`ejg`i`e^kf
j\\k_\n`e[kliY`e\j
klie`e^n_\e@Xii`m\`e
k_\dfie`e^%8ck_fl^_
k_\pfecpdXb\XjdXcc
Zfeki`Ylk`fekffli\e\i^p
e\\[j#`knXjm\ipdlZ_
XÊg`cfkËgifa\Zk%8j:`kp
:fcc\^\Gcpdflk_[\j`^ej
`kje\nYl`c[`e^j#n\n`cc
Y\`eZfigfiXk`e^Xcfkdfi\
Ê^i\\eË[\j`^egi`eZ`gc\j
Xe[giXZk`Z\j%É
(+
M`m>`cc\jg`\
Gi`eZ`gXcf]k_\:`kp:fcc\^\Gcpdflk_
Fm\im`\nf]k_\Zfdgc\o
JlddXip
8jgXikf]k_\fm\iXcci\]liY`j_d\ekf]k_\Yl`c[`e^
k_\]fccfn`e^cfn\e\i^pk\Z_efcf^`\jXi\gifgfj\[2GM
ZcX[[`e^#cfn$\n`e[fnj#jfcXiZfekifc#`ejlcXk`fe]XƒX[\j
Xe[iff]#_\Xk`e^Xe[Zfekifc`dgifm\d\ekj#eXkliXc
m\ek`cXk`fe#n`e[kliY`e\j#cfn\e\i^pc`^_k`e^Xe[Zfekifcj#
iX`enXk\i_Xim\jk`e^Xe[kXgi\gcXZ\d\ekj%
9L@C;@E>:FEJKIL:K@FE
K_\Yl`c[`e^nXj\i\Zk\[lj`e^j`dgc\ZXm`kpnXccZfejkilZk`fe
Xe[j`e^c\^cXq\[n`e[fnj#Xccf]n_`Z_i\jlckj`em\ipcfn
`ejlcXk`femXcl\j%K_\\o`jk`e^nXcc`e^`jkpg`ZXcf]`kjk`d\
n`k_Xeflk\i]XZ\f]Yi`ZbjXe[X,'ddZXm`kpn`k_ef
`ejlcXk`fe%:feZi\k\YcfZbj]fidk_\`ee\ijb`ef]k_\nXccj%
<o`jk`e^n`e[fnjXi\j`e^c\^cXq\[`ed\kXc]iXd\j%
K_\_\Xk`e^Zfd\j]ifdXj`^e`]`ZXekcpfm\ij`q\[Yf`c\i
`ejkXccXk`feXe[i\c`\jfegXiXd\k\iZfem\Zk`fele`kj%K_\j\
_Xm\gffiZfekifcj%M\ek`cXk`fe`jdX`ecpgXjj`m\lj`e^k_\
fg\eXYc\n`e[fnjXck_fl^_`edXep`ejkXeZ\jk_\j\Xi\
\oki\d\cp[iX]kpXe[[`]]`Zlckkffg\iXk\%K_\i\`jXefecp
c`d`k\[Xi\Xf]Zffc`e^`ek_\Yl`c[`e^kfk_\Zfdglk\i
j\im\iiffdj%K_\c`^_k`e^`ejkXccXk`fe_XjY\\elg^iX[\[`e
i\Z\ekp\Xij`eZfigfiXk`e^cfn\e\i^pc`^_kle`kjXe[jfd\
XlkfdXk`ZZfekifcjpjk\dj%K_\i\Xi\jk`ccdXepXi\Xjf]dfi\
fc[]Xj_`fe\[]clfi\jZ\ekc`^_k`e^%
K_\i\`jXeX[mXeZ\[Zfdglk\iZfekifcjpjk\dXci\X[plj\[
Xkk_\j`k\ZXcc\[JXkZ_n\cc)/''Gcljk_Xkk_`jefni\hl`i\j
lg[Xk`e^%9l`c[`e^gifYc\dj`eZcl[\fm\i_\Xk`e^Xe[iXg`[
Zffc`e^n`k_j`^e`]`ZXekX`ic\XbX^\`ekfk_\Yl`c[`e^%K_\
Yl`c[`e^]XƒX[\jXi\jl]]\i`e^\ifj`fe[l\kfk_\`i\ogfj\[
gfj`k`fej%K_\n`e[fnjXi\[`]]`Zlckkffg\iXk\Xe[Xi\
X?\Xck_JX]\kp_XqXi[%K_\iff]_XjY\\egXkZ_\[Xe[
e\\[jXe`eZi\Xj\`e`kj`ejlcXk`fek_`Zbe\jj%N`k_i\^Xi[kf
k_\nXk\i`ejkXccXk`fejfd\`dgifm\d\ekj_Xm\Y\\edX[\
`eZcl[`e^nXk\ic\jjli`eXcjYlkk_\i\`jj`^e`]`ZXekjZfg\]fi
]lik_\i`dgifm\d\ekjkfk_\X^\`e^`ejkXccXk`fej%
:fek\ok
Jfclk`fej
Gcpdflk__XjXk\dg\iXk\Zc`dXk\Xmf`[`e^k_\\oki\d\jf]
k\dg\iXkli\\og\i`\eZ\[`edXepfk_\igXikjf]<lifg\%K_\
j`k\`kj\c]`j\ogfj\[kfk_\j\Xkf^\k_\in`k_k_\gi\mX`c`e^
n`e[]ifdk_\jflk_n\jk%K_\j`k\lj\[kfY\XiX`cnXpjkXk`fe
Xe[dXij_Xcc`e^pXi[jn_`Z_nXji\[\m\cfg\[XkXk`d\n_\e
k_\iX`cnXpjpjk\d`ek_\LBnXjY\`e^ZlkYXZb%K_\Yl`c[`e^
nXj\i\Zk\[`e(0.)_Xm`e^Xi\`e]fiZ\[ZfeZi\k\]iXd\Xe[
efe`ejlcXk\[ZXm`kpnXccZfejkilZk`fe#Xe[j`e^c\^cXq\[
m\ik`ZXcjc`[`e^n`e[fnj%K_\]cXkiff]efn_XjdXepdfY`c\
k\c\g_fe\`ejkXccXk`fej%
9L@C;@E>:FEJKIL:K@FE
8_fc`jk`Zi\kif]`kZfeZ\gk`j[\m\cfg\[#Ylkefkp\ki\Xc`q\[%
K_`j`eZcl[\jk_\lg^iX[\f]k_\\ok\ieXc]XƒX[\jkf
j`^e`]`ZXekcpi\[lZ\\e\i^pcfjj%K_\i\df[\cc`e^`ek\ieXccp
kfZi\Xk\Xdf[\ie\em`ifed\eklj`e^`eefmXk`m\d\Xjli\j
kfZfekifc_\Xk`e^#Zffc`e^Xe[c`^_k`e^Xe[k_\nfib`e^
\em`ifed\ek%Dfi\jg\Z`]`ZXccp#e\nk_\idXccpYifb\e[flYc\
^cXq\[#i\m\ij`Yc\n`e[fnle`kj`eZcl[`e^jfcXi^cXi\Zfekifc
Xe[j\Xc\[kfi\[lZ\`e]`ckiXk`fe^X`e%K_`jnflc[gifm`[\
`dgifm\[L$mXcl\jf](%)N&d ) B%K_\n`e[fnjpjk\dnflc[Y\
M<EK@C8K@FE
Iffdm\ek`cXk`fen`ccY\YXj\[feeXkliXcjpjk\d%?`^_c\m\c
cflm\ij`e\XZ_iffdn`ccgifm`[\k_\`ec\kXe[flkc\kX`i
]fik_\m\ek`cXk`fejkiXk\^p%K_\lg^iX[\[9DJZfekifcjn`cc
fg\ek_\cflm\ijXke`^_kkfg\id`ke`^_kk`d\Zffc`e^Xe[Yp
[XpkfdX`ekX`ek_\i\hl`i\[X`iZ_Xe^\iXk\jXe[Zfd]fik%
Fg\e`e^n`e[fnjn`ccXcjfY\`eZcl[\[%JkX`in\ccm\ek`cXk`fe
n`ccY\XZ_`\m\[YpXeXkliXcjkXZb\]]\ZkXe[k_`jn`ccXcjf
Xjj`jk`em\ek`cXk`fef]Zfii`[fij%K_\i\n`ccY\efd\Z_Xe`ZXc
Zffc`e^lec\jjXYjfclk\cpleXmf`[XYc\\%^%Zfdglk\ij\im\i
iffdj%8cjf#Xjgi\m`fljcp`e[`ZXk\[#kf_\cgZfekifc`ek\ieXc
k\dg\iXkli\k_\\ok\ieXcGMZcX[[`e^n`ccXZkXjjfcXij_X[`e^
kfi\[lZ\k_\jfcXi^X`ejYpdfi\k_Xe,'%
K_\e\nn`e[fnle`kjXkX^cXeZ\
ZfdY`e\[n`k_Xe\nZcX[[`e^n_`Z_fek_\jflk_Xe[n\jk
]XƒX[\jn`cc`eZcl[\GMËjXdflek`e^kf/*bNg%K_\j\GMËj
nflc[Y\XiiXe^\[fek_\n\jk]XƒX[\kf`eZcl[\jfcXi
j_X[`e^%
Dfi\kiX[`k`feXcZcX[[`e^n`ccY\lj\[kfk_\efik_Xe[\Xjk
]XƒX[\jXe[Xcc]XƒX[\jn`cc_Xm\Xj`^e`]`ZXek`eZi\Xj\`e
`ejlcXk`femXcl\j%
NXk\ilj\`ek_\Yl`c[`e^nflc[Y\i\[lZ\[YpdX`ekX`e`e^
k_\lj\f]nXk\ic\jjli`eXcj#k_\`ekif[lZk`fef]iX`enXk\i
_Xim\jk`e^]fikf`c\k]clj_`e^Xe[k_\lj\f]jgiXpkXgj%
Cfn$\n`e[fnj
*'
@dgifm\[]XƒX[\[\j`^e
)'
@dgifm\[`ejlcXk`fef]]XƒX[\j
(,
@dgifm\[`ejlcXk`fef]iff]
/
@dgifm\[_\Xk`e^Xe[Zfekifcjpjk\dj
*,
KFK8C?<8K@E><E<I>PJ8M@E>J
('/
RbN_&d)XT
<e\i^pjXm`e^d\Xjli\j#\c\Zki`Z`kp
N@E;KLI9@E<J
Knf-bNn`e[kliY`e\j_Xm\Y\\e`ejkXcc\[X[aXZ\ekkfk_\
Kfn\i9cfZbkf_\cgi\[lZ\\e\i^p[\dXe[f]k_\j`k\%
C@>?K@E>
N_\i\giXZk`ZXc#kfY\gifm`[\[YpeXkliXc[Xpc`^_k\e_XeZ\[
Ypk_\cXi^\n`e[fnXi\XjkfY\gifm`[\[%?`^_]i\hl\eZp
\c\Zkife`ZZfekifcc\[^\XiXe[K,cXdgjXi\kfY\gifm`[\[`e
Xcciffdj%C`^_k`e^n`cc`eZcl[\XlkfdXk`ZZfekifcc\[Yfk_Yp
fZZlgXeZpXe[c`^_kc\m\cj%8ccc`^_k`e^n`ccY\cfZXccpd\k\i\[%
<e\i^p[XkXXe[
X[[`k`feXci\jlckj
Cfn\e\i^pc`^_k]`kk`e^j
.
C`^_k`e^Zfekifcj
.
N`e[fn[\j`^ekfi\[lZ\c`^_k`e^e\\[
('
GXjj`m\Zifjjm\ek`cXk`fe
*,
KFK8C?<8K@E><E<I>PJ8M@E>J
,0
9<DJ8E;DFE@KFI@E>
K_\Yl`c[`e^\e\i^pdXeX^\d\ekjpjk\d9<DJ n`ccY\
lg^iX[\[kfJXkZ_n\ccJ`^dXJpjk\dn_`Z_`jXe\knfibYXj\[
jpjk\dgifm`[`e^dlZ_dfi\\]]\Zk`m\jpjk\dZfekifc%
<jk`dXk\[XeelXc\e\i^pZfejldgk`feRbN_&d)XT
9\]fi\i\]liY`j_d\ek
)''+&', 8]k\ii\]liY`j_d\ek
)'',&'- JgXZ\Xe[NXk\i?\Xk`e^
)'.
00
('/
,)
<c\Zki`Z`kpn`k_flki\e\nXYc\j (()
,*
,0
,*
<c\Zki`Z`kpn`k_/'bNgGM (()
++%,
-.%,
-'
<c\Zki`Z`kpn`k_)o-bNn`e[kliY`e\jXe[/'bNGM (()
+(%,
.'%,
-*
KFK8CJN@K?FLKGM *(0
(,)
(-.
,)
KFK8CJN@K?GM *(0
(+*%,
(.,%,
,,
KFK8CJN@K?GM8E;N@E; *(0
(+'%,
(./%,
,-
8eelXcjXm`e^
RbN_&d)XT RT
(,
9I@K8`eGl9j
?<8K@E>
K_`jnflc[Y\lg^iX[\[n`k_k_i\\_`^_\]]`Z`\eZpdf[lcXk`e^
Yf`c\ij#j`q\[jfk_XkknfYf`c\ijZXej\im\--f]k_\kfkXc
dXo`dld_\Xk[\dXe[kfXccfn]fij\im`Z`e^%?\Xk\d`kk\ij
n`ccY\i\gcXZ\[n`k__`^_\]]`Z`\eZpiX[`Xkfijj\im\[]ifd
Xqfe\[[`jki`Ylk`fejpjk\d%Qfe`e^n`ccXccfnk_\\XjkXe[
n\jk\c\mXk`fejkfile`e[\g\e[\ekcpXe[feX]cffiYp]cffi
YXj`j%?\Xk`e^nflc[Y\]lik_\i`dgifm\[Ypk_\X[[`k`fef]
XZfdY`e\[_\XkXe[gfn\ile`k%K_`jnflc[Y\YXj\[feX
d`ZifkliY`e\n`k_Xe\c\Zki`ZXcflkglkf]Xggifo`dXk\cp/'
bNg%K_`jnflc[Y\ileZfejkXekcp]ifdcXk\J\gk\dY\ikf
\Xicp8gi`c#)+_ijX[XpXe[k_\_\Xkgif[lZ\[Z`iZlcXk\[
Xifle[k_\Yl`c[`e^kfi\[lZ\nXidlgk`d\jXe[kf`dgifm\
^\e\iXck_\idXcZfd]fik%@k`jXcjf`ek\e[\[kfjlggc\d\ek
k_\[fd\jk`Z_fknXk\ijpjk\dk_ifl^_k_\X[[`k`fef]jfcXi
k_\idXcle`kj%
<e\i^pjXm`e^d\Xjli\j#_\Xk`e^#Zffc`e^#m\ek`cXk`fe RbN_&d)XT
9I@K8`eGl9j
(-
D\Xjli\d\ekjXe[
\mXclXk`fe
8k_fifl^_lj\i\mXclXk`fekffbgcXZ\Y\]fi\k_\i\efmXk`fe
Ylk[l\kfZ_Xe^`e^Z`iZldjkXeZ\jk_\dX`enfibj_Xm\
efkgif^i\jj\[k_\i\]fi\gfjkfZZlgXeZp\mXclXk`fe`jefk
XmX`cXYc\%
N`k_i\^Xi[kfk_\n`e[kliY`e\j#k_\j\_Xm\Xci\X[pY\\e
`ejkXcc\[%Gi\c`d`eXipgfn\iflkglki\jlckj_Xm\Y\\e
[`jXggf`ek`e^Xe[k_\j`klXk`fe`jjk`ccY\`e^`em\jk`^Xk\[Ylk
`ejlddXipk_\i\jlckjXi\Xj]fccfnj1
› KXi^\kflkglk]fi)bNgg\Xbn`e[kliY`e\**#/''bN_&X%
› 8ZklXcflkglk]ifd]`ijkp\Xi,#.,'bN_%
K_\gffiflkglkj\\djkfi\jlck]ifdXZfdY`eXk`fef]k_\
]fccfn`e^]XZkfij1
(% K_\n`e[Zfe[`k`fej\eZflek\i\[[li`e^k_XkgXik`ZlcXi
p\Xi#n_`Z__X[dfi\efik_\ic`\jk_XeefidXc%
)% C`b\cpfm\i\jk`dXk`fef]k_\gfn\iflkglkkfY\
XZ_`\m\[efkgifg\icpkXb`e^`ekfXZZflekk_\n`e[
[`jilgk`fe]XZkfiZXlj\[Ypk_\gi\j\eZ\f]k_\Kfn\i
9cfZbX[aXZ\ekkfk_\kliY`e\`ejkXccXk`fe%
*% Gffig\i]fidXeZ\Ypk_\`ejkXcc\iXe[dXel]XZkli\ikf
i\jfcm\gifYc\djn`k_k_\kliY`e\Yi\Xb`e^jpjk\dj%
+% @eZi\Xj\[[fnek`d\ZXlj\[Ypj_X[fn]c`Zb\iXck_fl^_
k_`j_XjdX`ecpfZZlii\[[li`e^efen`e[pg\i`f[j
k_\i\]fi\f]c\jjj`^e`]`ZXeZ\%
K_\Yl`c[`e^`e`kjXZklXcjkXk\
›
›
Dfi\j`^e`]`ZXekdfe`kfi`e^`jkXb`e^gcXZ\`ek_\j\Zfe[p\Xi
f]fg\iXk`fekf`[\ek`]pdfi\gi\Z`j\cpk_\i\XjfejY\_`e[
k_\gffig\i]fidXeZ\f]k_\j\n`e[kliY`e\j%
›
=`ijk_Xe[\og\i`\eZ\j
<oXdgc\jf]k_`j\og\i`\eZ\Xi\1
› Lek\jk\[fg`e`fejXe[`[\XjXi\Zi`k`ZXckfk_\Zi\Xk`m\
gifZ\jj2_fn\m\i#k_\df[\cc`e^f]k_\j\`[\Xj`j
\jj\ek`Xc%K`d\e\\[jkfY\Yl`ck`ekfk_\gif^iXdd\kf
]XZ`c`kXk\jl]]`Z`\ekXeXcpj`jXe[k\jk`e^f]k_\j\`[\Xj
gXik`ZlcXicpn_\e[\Xc`e^n`k_k_\ZfejkiX`ekjf]]\i\[Yp
Xe\o`jk`e^Yl`c[`e^%@k`j`dgfikXekkf\jkXYc`j_Xdf[\c
f]k_\Yl`c[`e^kfXccfnk_\iXg`[k\jk`e^f]`[\XjXjk_\
›
dfjkfYm`fljZfeZ\gkj[fefkXcnXpjf]]\ik_\^i\Xk\jk
Y\e\]`k%=fi\oXdgc\#k_\gifgfj\[m\ik`ZXccflm\ijle[\i
k_\GMXiiXpkfk_\n\jk\ie\c\mXk`fe%Df[\cc`e^j_fn\[
X^ff[jXm`e^]ifdjfcXi^X`eYlkk_\X[[`k`feXcZfjknXj
leXZZ\gkXYc\kfk_\Zc`\ek%
K_\cfe^gXpYXZbg\i`f[[`jZfliX^\jk_\Z_f`Z\f]jfd\
k\Z_efcf^`\jlec\jj]le[`e^`jXmX`cXYc\kfjlggfikk_\
`em\jkd\ek%
:fejlckXekjXi\f]k\em\ip`e\og\i`\eZ\[n`k_i\^Xi[kf
Z\ikX`ek\Z_efcf^`\j]fi\oXdgc\n`e[kliY`e\j#n_`Z_
`ek_`jZXj\Xi\dflek\[lgfeXiff]jkilZkli\%FYm`flj
[\j`^e`jjl\jk_\e^\kc\]kXe[`ek\iilgkk_\ZfejkilZk`fe
gifZ\jj%8cjfcXZbf]]Xd`c`Xi`kpn`k_cfn\e\i^p
k\Z_efcf^`\jd\Xek_\pXi\j\\eXjfgk`feXc\okiXj%
8eXck\ieXk`m\Xe[dfi\X[m\eklifljjfclk`fej_flc[
XcnXpjY\Zfej`[\i\[Xjk_\pZXe_Xm\gfj`k`m\Y\e\]`kj
`]gifg\icpi\j\XiZ_\[#gifm\[Xe[`dgc\d\ek\[%<oXdgc\
_\i\`jn`k_i\^Xi[kfk_\gfjj`Y`c`kpf])+_iilee`e^f]
k_\:?Gjpjk\dkfgifm`[\YXZb^ifle[_\Xk`e^kfk_\dX`e
Yl`c[`e^%
@k`jgfjj`Yc\kf`ek\^iXk\k\Z_efcf^`\jkfj\im\[lXc
gligfj\j%@ek_\ZXj\f]k_`jYl`c[`e^k_\GMXiiXpjXi\
Xcjfj\im`e^XjjfcXij_X[`e^%:Xi\]lcZfej`[\iXk`fef]
XccXjg\Zkjf]k_\gifa\ZkXkk_\flkj\kn`ccg\id`kjlZ_
`ek\^iXk`fe%
› K_\^fXc]fiXcc[\j`^e\ij`jk_Xkk_\j\im`Z\jZfeZ\gk
j_flc[XcnXpjjkXik]ifdX[\j`i\kfZfejld\q\if
\e\i^pXe[fecpX[[n_Xk`ji\hl`i\[kfdXb\k_\
Yl`c[`e^]leZk`fe%@k`jefkXZZ\gkXYc\kflj\\jkXYc`j_\[
Y\eZ_dXibj]fij`d`cXiYl`c[`e^jXkk_\jkXik`e^gf`ek
Xjk_`jZXejk`]c\`eefmXk`feXe[c\X[kfki`\[Xe[k\jk\[
jfclk`fejZfd`e^kfk_\]fi\%K_`jj_flc[XggcpkfXcc
gifa\ZkjXe[efkaljkk_fj\j\\b`e^kfY\jg\Z`]`ZXccp
\e\i^pjXm`e^%
› 9\kk\iZfekifcf]j\im`Z\jZXejXm\Zfej`[\iXYc\hlXek`k`\j
f]\e\i^p2k_`jj_flc[Y\Zfm\i\[n`k__`^_hlXc`kp
Zfdd`jj`fe`e^gifZ\[li\jXe[ZfeZ`j\kiX`e`e^f]k_\
Zc`\ek`ek_\Y\jklj\f]k_\jpjk\d%GfficpkiX`e\[g\fgc\
n`ccefklj\jpjk\dj\]]\Zk`m\cpXe[\e\i^pZfejldgk`fe
n`ccjl]]\iXjXi\jlck%K_\`ekif[lZk`fef]k_fifl^_jlY
d\\k`e^c`eb\[kf9DJ`j\jj\ek`XckfXccfn]fi\]]`Z`\ek
dXeX^\d\ekf]lk`c`k`\j%
› K_\i\`jXe\[lZXk`fegifZ\jji\hl`i\[Xkk_\_Xe[fm\i
jkX^\kf\ejli\k_\Yl`c[`e^fne\ile[\ijkXe[jk_\
X[mXekX^\jXe[fic`d`kXk`fejf]Xep`ejkXcc\[jpjk\djXe[
dXpY\Xe\og\ZkXk`fef]jpjk\djn`ccg\i]fidkfgifm`[\
i\jlckjk_XkXi\flkj`[\[\j`^egXiXd\k\ij%K_`je\\[jkf
Y\Zc\Xicp\ogcX`e\[jlZ_k_Xkk_\\e[m`\njXi\Yifl^_k
`ekfk_\gifZ\jjXkXe\XicpjkX^\%:cfj\c`X`jfen`k_k_\
Zc`\ekXe[k_\\e[lj\ijk_ifl^_k_\[\j`^egifZ\jj`jf]X
^i\XkX[mXekX^\`eZfee\Zk`fen`k_k_`j%
› DXepcfn\e\i^pk\Z_efcf^`\jXi\Zlii\ekcpgif[lZ\[Yp
jdXccYlj`e\jj\j%K_\j\Ylj`e\jj\jjkil^^c\kfgifm`[\
^ff[Zljkfd\ij\im`Z\n_\e\og\i`\eZ`e^_`^_[\dXe[%
K_\lj\f]Ylj`e\jj\jn`k_`ek_\jXd\i\^`feXjk_\
[\m\cfgd\ek`jjkife^cpi\Zfdd\e[\[%
9fi^\e:fddle`kp:\eki\#8jb\i#EfinXp
Kpgfcf^p
JZ_ffcYl`c[`e^
K_\gifa\Zk#k_\Z_Xcc\e^\j
KfkXc]cffiXi\X
>ifle[]cffi ,#,0'd ) 9Xj\d&Zlcm\ik (#,+0d ) >pdeXj`ld
(#0('d )
I\jgfej`Yc\
gifa\ZkgXike\ij
8jb\iDle`Z`gXc`kp&wb\CXijfe
:fejkilZk`fe8JZffi[`eXk`fe
?LJXib`k\bk\iKife[_\`d8J
XiZ_`k\Zk
@e^%J\`d?lck^i\\e8J
Yl`c[`e^g_pj`Zj ;X^]`ee?%Aµi^\ej\e8J
_\Xk`e^ <cZfejlckk\Xd8J
;iXdd\e\c\Zki`Z`ejkXccXk`fej
<EJ@I‚[^`me`e^8Jdfe`kfi`e^
K_\Z_Xcc\e^\nXjkf`dgc\d\ekXZfdgi\_\ej`m\i\efmXk`fe
f]XZfdY`e\[\c\d\ekXip&j\Zfe[XipjZ_ffcYl`c[`e^Yl`ck`e
(0.(#kiXej]fid`e^`k`ekfXj\Zfe[XipjZ_ffc`eZfigfiXk\[`eX
cfZXcZfddle`kpZ\eki\%K_\fm\iXcc^fXcjn\i\1
(% 9\jkgfjj`Yc\hlXc`kpZcXjj`]`ZXk`fe]fi1\em`ifed\ek$
i\jfliZ\j$`e[ffiZc`dXk\%
)%I\[lZ\kfkXc\e\i^pZfejldgk`fe]fi_\Xk`e^#m\ek`cXk`fe
Xe[c`^_k`e^Yp,'fiY\kk\i%
*%Lk`c`q\i\e\nXYc\\e\i^pi\jfliZ\j%
8ck`kl[\
(-+dXYfm\j\Xc\m\c
D\XeXeelXck\dg\iXkli\
,%)—:
D\Xen`ek\ik\dg\iXkli\
$+%)—:
:c`dXk\[\jZi`gk`fe
K\dg\iXk\
KIPXm\iX^\(0-($(00'
K_\jZ_ffc#Zfej`jk`e^f]Xggifo`dXk\cp(*'j\gXiXk\iffdj#
XZZfddf[Xk\j*-'jkl[\ekjXe[,+k\XZ_\ij%
JlddXip
K_\9fi^\e[\dfejkiXk`fegifa\Zk_Xjgifm\ek_Xk`eefmXk`m\
\e\i^pjfclk`fejXjk_\idXc_\Xkgldg#_pYi`[&eXkliXc
m\ek`cXk`feXe[XZk`m\lj\f][Xpc`^_k`eZfdY`eXk`fe
n`k_`eZi\Xj\[`ejlcXk`feXe[_`^_hlXc`kpn`e[fnj_Xm\
jlYjkXek`Xccpi\[lZ\[\e\i^pZfejldgk`feXkXi\XjfeXYc\
ZfjkXe[XgXpYXZbk`d\f]jc`^_kcpfm\i('p\Xij%
Jk\`e>i`djkX[
?\X[f]Gifa\Zk;\gXikd\ek#8jb\iDle`Z`gXc`kp
:fek\ok
(.
9fi^\e:fddle`kp:\eki\`jcfZXk\[`eXefg\ejlYliYXeXi\X
Xggifo`dXk\cp)bd]ifdk_\Z\eki\f]8jb\i#n_`Z_`jj`klXk\[
)'bdjflk_n\jkf]Fjcf%
9L@C;@E>:FEJKIL:K@FE
Gi\]XYZfeZi\k\g`ccXijXe[Y\XdjZXiip`e^Xiff]jkilZkli\
f]L$j_Xg\[`ejlcXk\[ZfeZi\k\\c\d\ekj%K_\Yl`c[`e^_X[
ZfeZi\k\]fle[Xk`fejj\Zli\[kfle[\icp`e^ifZbXe[ZfeZi\k\
jcXY]cffijn`k_m`epcZfm\i`e^%Flk\inXccjn\i\dX[\n`k_
+Énff[]iXd\nfibXe[Yi`ZbZcX[[`e^%Nff[\en`e[fnj_X[
jkXe[Xi[[flYc\^cXq`e^%@ek\ieXcnXccjn\i\XcjfdX[\n`k_
nff[]iXd\nfibXe[gcXjk\iYfXi[jfeYfk_j`[\j%
?<8K@E>8E;M<EK@C8K@FE
K_\Yl`c[`e^_X[\c\Zki`Z_\Xk`e^n`k_i\j`jkXeZ\_\Xk\ij
le[\ie\Xk_k_\n`e[fnj%M\ek`cXk`fenXjYXj\[feX
[\Z\ekiXc`q\[jpjk\dn`k_]`m\m\ek`cXk`fele`kjgcXZ\[fe
k_\iff]XYfm\\XZ_f]k_\dX`eYl`c[`e^j\Zk`fej%=i\j_X`i
nXj]`ck\i\[Xe[gi\_\Xk\[n`k_\c\Zki`Z_\Xk\ijY\]fi\`k
nXj[`jki`Ylk\[kfk_\Yl`c[`e^%Lj\[X`in\ekk_ifl^_X_\Xk
i\Zfm\ipjpjk\dY\]fi\`knXj\o_Xljk\[%K_\le`kj_X[cfn
ZXgXZ`kpXe[\]]`Z`\eZp#Xe[k_\i\nXjefZffc`e^%
GIF9C<DJ8E;;8D8><J
K_\Yl`c[`e^nXj^\e\iXccp`egffiZfe[`k`fen`k_`ejl]]`Z`\ek
`ejlcXk`fe#X`ic\XbX^\j`eYfk_n`e[fnjXe[nXccjXe[
\ok\ej`m\[XdX^\jfeYi`ZbZcX[[`e^%K_\iff]\c\d\ekj[`[
efkd\\ke\ni\hl`i\d\ekjkfjefncfX[jXe[e\\[\[kfY\
9I@K8`eGl9j
Fm\iXccm`\nf]k_\Yl`c[`e^
9fi^\e:fddle`kp:\eki\
jkXe[jXjXm\ipjlZZ\jj]lc
gifa\Zk#i\gi\j\ek`e^XdXafi
Zfeki`Ylk`fekf`dgifm\
\em`ifed\ek#i\jfliZ\jXe[
`e[ffiZc`dXk\%@i\^`jk\i
n`k_gc\Xjli\k_Xkfli^fXcf]
i\[lZ`e^\e\i^pZfejldgk`fe
YpXkc\Xjk,'_XjY\\e
XZ_`\m\[YpX^ff[dXi^`e%
Fli\og\i`\eZ\n`k_k_\
k\Z_e`ZXcgi`eZ`gc\jXggc`\[kf
k_\Yl`c[`e^i\gi\j\ekjX^ff[
]fle[Xk`fe]fi]lkli\Yl`c[`e^j
`eflidle`Z`gXc`kp%
K_\Yl`c[`e^_XjXcjfY\\eXnXi[\[Xgi`q\]fiY\`e^Xe
\em`ifed\ekXc]i`\e[cpYl`c[`e^#Xe[k_\i\jgfej\]ifdk_\
lj\ijXi\m\ipgfj`k`m\%
K_\fi`^`eXcjkXk\
9I@K8`eGl9j
(/
E\niff]\c\d\ekj
JkilZkliXc
le`k
L$mXcl\RbN_&d)BT
9\]fi\i\kif]`k
8]k\ii\kif]`k
N`e[fnj
8ggifo%)%'
(%(
NXccj
8ggifo%'%*,
'%)
Iff]
8ggifo%'%-
'%(*
=cffi
8ggifo%'%*
'%(,
i\gcXZ\[%K_`jnflc[\eXYc\fg\e`e^iff]Xi\Xjkfc\k[Xpc`^_k
`ekfk_\[XibZ\ekiXcXi\Xjf]k_\Yl`c[`e^Xe[Xcjf`eZi\Xj\
iff]`ejlcXk`fe%K_\dX`ejkilZkli\_X[kfY\jki\e^k_\e\[
n`k_jk\\ckiljj\j%I\_XY`c`kXk`fef]k_\nXccjnflc[Y\
dfi\\og\ej`m\k_Xei\gcXZ`e^k_\dn`k_Zfdgc\k\cpe\n
nXccj%N`e[fnXi\XZflc[k_\e\Xj`cpY\`eZi\Xj\[Xjn\ccXj
`ejlcXk`fek_`Zbe\jj%
Jfclk`fej
9L@C;@E>:FEJKIL:K@FE
K_\ZfeZ\gknXjkfi\lj\XccZfejkilZk`fe\c\d\ekjk_XkZflc[
jXk`j]pEfin\^`XeYl`c[`e^i\hl`i\d\ekj1]fle[Xk`fej#gi\]XY
ZfeZi\k\g`ccXijXe[Y\Xdj#ZfeZi\k\]cffijcXYj#[iX`eX^\Xe[
j\nX^\g`g\j%
@efi[\ikfd\\kk_\e\ni\hl`i\d\ekj]fijefncfX[j#
iff]\c\d\ekjn\i\i\gcXZ\[%:\ekiXcXi\Xjn\i\c`]k\[kf
Xccfn[Xpc`^_k`ekfk_\Yl`c[`e^%Le[\icp`e^jkilZkli\nXj
jki\e^k_\e\[n`k_jk\\ckiljj\jY\kn\\ek_\g`ccXij#n_`Z_
_X[jl]]`Z`\ekZXgXZ`kp%Iff]`ejlcXk`fenXj`eZi\Xj\[kfXe
Xm\iX^\k_`Zbe\jjf]*''ddn_`Z_i\jlck\[`eXL$mXcl\f]
'%(*N&d ) B%NXccjn\i\i\Yl`ckn`k_/ónff[]iXd\nfib
Xe[Yi`ZbZcX[[`e^%@ej`[\nXjZfm\i\[n`k_knfcXp\ijf]
gcXjk\iYfXi[j%)''dd`ejlcXk`fe^`m\jXL$mXcl\f]'%)N&d ) B
n_`Z_`jn`k_`eEfin\^`Xei\hl`i\d\ekj%E\nn`e[fnj_Xm\
nff[\e]iXd\jn`k_flkj`[\Xcld`e`ldZcX[[`e^%>cXjj`j_`^_
hlXc`kp[flYc\^cXq`e^n`k_cfn\d`jj`m\ZfXk`e^%K_\fi\k`ZXc
L$mXcl\`j(%(N&d ) Bn_`Z_`jn\ccY\cfnk_\eXk`feXc
i\hl`i\d\ekjf](%-%<o`jk`e^]cffijcXYjn\i\^`m\eXe\n(''
dd`ejlcXk`fecXp\ile[\ie\Xk_Xe\n(''ddZfeZi\k\]cffi
jcXY%Jfd\Xi\Xjn\i\Zfm\i\[n`k_fXb]cffiYfXi[j#Ylkk_\
^i\Xk\igXiknXj^iXk\[Xe[nXo\[kf^`m\XifYljkjli]XZ\
n`k__`^_k_\idXcZXgXZ`kp%K_\`ejlcXk`fecXp\inXjXcjflj\[
kfcXpe\nnXk\ig`g\jXe[\c\Zki`ZZXYc\j%
Kfgifm`[\\efl^_]cffijgXZ\kfd\\kk_\i\m`j\[jZ_ffcXe[
Zfddle`kpZ\eki\e\\[j#Xe\ok\ej`fef]Xggifo`dXk\cp
)#'''d ) _X[kfY\X[[\[%
?<8K@E>
Kffgk`d`j\k_\lj\f]i\e\nXYc\\e\i^p#X^\fk_\idXc_\Xk
gldgnXjZ_fj\e%?\Xk`jgldg\[]ifd++\e\i^pn\ccj`ek_\
^ifle[#Xm\iX^\[\gk_XYflk(,'d%K_\_\Xkgldggif[lZ\j
cfnk\dg\iXkli\_fknXk\i#+,kf,'ñ:%?\Xk`j[`jki`Ylk\[
YpnXk\ikfiX[`Xkfijle[\ik_\n`e[fnj%@k`jXcjflj\[kf
gi\_\Xk[fd\jk`Z_fknXk\i;?N kfXYflk+'ñ:Xe[k_\
k\dg\iXkli\`jk_\ec`]k\[kf.,ñ:Yp\c\Zki`Z_\Xk`e^%N_\e
lj`e^_\Xkgldgj#`k`jdXe[Xkfipkf_Xm\XYXZblgjpjk\d#
Xe[knff`cYf`c\ijXi\`ejkXcc\[%Kf^\k_\ik_\p_Xm\jl]]`Z`\ek
ZXgXZ`kpkf_\Xkk_\Yl`c[`e^Xe[jlggcp_fknXk\i`]k_\_\Xk
gldg`jflkf]]leZk`fe%K_\_\Xkgldg`j[`d\ej`fe\[kf
-'f]kfkXce\\[j%Le[\iefidXcZfe[`k`fejk_`j`j\efl^_
Xe[k_\f`cYlie\ijn`ccb`Zb`efecpX]\n[Xpj[li`e^k_\
n`ek\i%K_\\e\i^pgcXekXcjfjlggcp_fknXk\i]fi_\Xk`e^
kfk_\e\XiYpMXi[‚j\eZ_liZ_#n_`Z_`jgXikf]k_\cfZXc
Zfddle`kpZ\eki\YlkefkgXikf]k_\9I@K8gifa\Zk%K_\i\
`jefXZk`m\Zffc`e^#Ylk\oZ\jj_\Xk`jlj\[kfZ_Xi^\k_\
\e\i^pn\ccj[li`e^k_\jldd\i%
M<EK@C8K@FE
K_\dX`em\ek`cXk`fe`jYXj\[feXeXkliXc_pYi`[jpjk\dn_`Z_
`j[\j`^e\[Xe[Yl`ckXZZfi[`e^kfk_\i\Zfdd\e[Xk`fej]ifd
K_\J@EK<==fle[Xk`fe]fiJZ`\ek`]`ZXe[@e[ljki`XcI\j\XiZ_
Xkk_\Efin\^`Xe@ejk`klk\f]K\Z_efcf^p%J`eZ\k_`jnXjXe
M\ek`cXk`fejkilZkli\
\o`jk`e^Yl`c[`e^#X`iZlcm\ikj_X[kfY\Yl`ckflkj`[\Xcfe^
k_\]fle[Xk`fej%@ec\kkfn\ijn\i\gcXZ\[XYflk(+Æ(,d\k\ij
]ifdk_\Yl`c[`e^Xe[k_\Zfee\Zk`e^Zlcm\iknXj[\j`^e\[kf
^`m\iffd]fiYXZblg]Xej#]`ck\ijXe[gi\_\Xk`e^YXkk\ip%K_\
dXjj`m\ZfejkilZk`fef]k_\Zlcm\ikj_\cgjkfZffck_\X`i`e
k_\jldd\iXe[gi\_\Xk[li`e^n`ek\i%=ifdk_\Zlcm\ikX`i`j
c\k`ekfk_\iffdk_ifl^_jg\Z`Xccp[\j`^e\[^i`[jk_XkXccfn
g\fgc\kfjkXpm\ipZcfj\n`k_flk]\\c`e^X[iXl^_k%8`i]cfn
`ji\^lcXk\[Ypk\dg\iXkli\Xe[:F ) j\ejfij`e\XZ_iffd
Xe[X[aljk\[kfk_\XZklXce\\[%<o_Xljkkfn\ijXi\\hl`gg\[
n`k_]Xejk_XkXi\XZk`mXk\[n_\eeXkliXc[i`m`e^]fiZ\jXi\
`ejl]]`Z`\ek%8_\Xki\Zfm\ipjpjk\djlggc`\j_\Xkkfk_\
gi\_\Xk`e^le`k`ek_\Zlcm\ikj%;li`e^nXidg\i`f[jk_\
jpjk\d`jile[li`e^k_\e`^_kkfZffck_\Yl`c[`e^%
C@>?K@E>
K_\j_Xg\f]k_\Yl`c[`e^dX[\`ke\Z\jjXipkf`dgifm\[Xpc`^_k
Zfe[`k`fej%:\ekiXcXi\Xjf]k_\iff]n\i\iX`j\[kf`ejkXccn`e[fnj
Xe[jbpc`^_kj%K_\cXi^\jbpc`^_k]XZ`e^efik_XkXeXe^c\k_Xk[f\j
efkc\k[`i\Zkjlec`^_kXe[_\Xk`ekfk_\Yl`c[`e^#^i\Xkcp`eZi\Xj\j
k_\c\m\cf][Xpc`^_k`ek_\Z\ekiXcXi\X%K_\i\jlck`jk_\jXd\`e
C`^_kXe[^ff[X`i
k_\YXj\Xi\X#Ylkj_lkk\ij_X[kfY\lj\[kfgi\m\eklenXek\[
_\Xk%Kffgk`d`q\k_\\]]\Zkf][Xpc`^_k#Xcc\c\Zki`ZXcc`^_kjXi\
X[aljkXYc\Xe[XlkfdXk`ZXccpi\^lcXk\[Ypc`^_kj\ejfij%
9<DJ8E;DFEFKFI@E>
8eX[mXeZ\[9l`c[`e^<e\i^pDXeX^\d\ekJpjk\d9<DJ _XjY\\e
`ejkXcc\[kfZfekifck_\_\Xk`e^Xe[m\ek`cXk`fejpjk\dj%K_`jn`cc
Xjjli\fgk`dXcZfekifcf]k_\Yl`c[`e^Xe[jXm\\e\i^pZfdgXi\[
kfXefidXcdXelXcZfekifcjpjk\d%8lkfdXk`ZZfekifcef[\j
dfe`kfiZfejldgk`fe]ifdf`cXe[\c\Zki`Z`kpd\k\ijXe[\e\i^p
d\k\ij`ek_\_\XkgldgZ`iZl`kj%I\jlckjXi\j\ekYp>JDkfX
j\im\in_\i\]XZ`c`kpdXeX^\ijZXeb\\glgn`k_\e\i^plj\%
<e\i^p[XkXXe[
X[[`k`feXci\jlckj
RbN_&d ) XTKfkXcRbN_&XT
<e\i^pjXm`e^d\Xjli\&
KfkXcZfjkj
JXm`e^
GXp$YXZb
KfkXc
(%'(,%'''(''%/0*('#'`em\jkd\ek&jXm`e^j&
g\i`f[RXT
R%TR%&XT
gXpYXZb
KFK8C
(#'(,#'''(''#/0*('
)0
)-)#+)'
?\Xk`e^m\ek`cXk`feX`i
)'
(/'#0/'
NXk\i_\Xk`e^
#
=XejXe[gldgj
(*
((.#-*,
(,
(*,#.*,
C`^_k`e^
)*
)'/#(),
<hl`gd\ek
((
00#,+'
KFK8C<E<I>P:FEJLDGK@FE
(((
(#''+#+*,
<jk`dXk\[jXm`e^1
RbN_&d)XTKfkXcRbN_&XT
D<8JLI<D<EKJ8E;<M8CL8K@FE
Dfe`kfi\[\e\i^pZfejldgk`fe[li`e^Xcdfjkknfp\Xijj_fnk_Xk
n\_Xm\i\XZ_\[fli^fXcjXe[k_XkZfejldgk`fe`e]XZk`jXc`kkc\
cfn\ik_XeZXcZlcXk\[%
9l`c[`e^gXikDfe`kfi\[kfkXc\e\i^pZfejldgk`feRbN_&d)XT
9\]fi\i\kif]`kk`e^8]k\ii\kif]`kk`e^
)''+&', )'',&'- )''-&'.
,#0.'d)
)/'$$
0#'+0d)
$('/('.
8]flin\\bX`ihlXc`kpjlim\pnXjZXii`\[flk]ifdAXelXip/k_
kf=\YilXip)e[)''.%;li`e^k_\jlim\pg\i`f[\XZ_YXj\_X[
[`]]\i\ekZc`dXk\Zfekifc1
›9Xj\81K\dg\iXkli\Xcfe\%
›9Xj\91:F ) Xcfe\%
›9Xj\:1:F ) Xe[k\dg\iXkli\%
KfkXcZfejldgk`fefc[Yl`c[`e^)/')#,**#.(,
KfkXcZfejldgk`fei\efmXk\[((( (#''+#+*,
Yl`c[`e^
KFK8C<E<I>PJ8M@E>(-0
(#,)0#)/'
K_\i\jlckjn\i\XY`kjligi`j`e^%K_\[`]]\i\ekX`i]cfni\^lcXk`fej
_X[d`efi\]]\Zkj%K_\fm\iXcc`dgi\jj`fe`jk_Xkk_\jkl[\ekj
\og\i`\eZ\f]X`ihlXc`kpXe[k\dg\iXkli\kfXcXi^\\ok\ek`j
gjpZ_fcf^`ZXc%@edXepZXj\jk_\i\j\\dkfY\Xc`ebY\kn\\e
k\dg\iXkli\Xe[X`ihlXc`kp1cfnk\dg\iXkli\i\jlckj`egffiX`i
hlXc`kpal[^d\ek\m\ek_fl^_:F ) mXcl\`jm\ip^ff[%C`b\n`j\#
Zfd]fikXYc\k\dg\iXkli\jf]k\ei\jlck`eX^ff[X`ihlXc`kp
al[^d\ek\m\e`]:F ) mXcl\`j_`^_%:fd]fikk\dg\iXkli\mXi`\j
Xdfe^k_\jkl[\ekj%K_\j\kk\dg\iXkli\f])(—:`j[\]`e\[Xj
Zfd]fikXYc\Ypjfd\Xe[kffZfc[Ypfk_\ij#n_fe\\[))kf)*—:
kfY\jXk`j]`\[%Flk[ffik\dg\iXkli\Xcjf_Xjjfd\Y\Xi`e^fe
k_\g\iZ\gk`fef]iffdk\dg\iXkli\%:fc[n\Xk_\igif[lZ\jcfn\i
`e[ffik\dg\iXkli\i\jlckj\m\ek_fl^_XZklXck\dg\iXkli\`j]`e\%
=`ijk_Xe[\og\i`\eZ\j
› GifYc\djn`k_jfle[ZXii`\[]ifdfe\iffdkfXefk_\i
k_ifl^_m\ek`cXk`feZlcm\ikj%Jg\Z`XcZXi\e\\[jkfY\
kXb\e`ek_\gcXee`e^gifZ\jjkfgifm`[\jfle[YXii`\ij%
› 9l`c[`e^le[\i^ifle[Zlcm\ikjXcfe^\o`jk`e^ZfejkilZk`fej
`j[`]]`ZlckXe[\og\ej`m\%EXkliXcm\ek`cXk`fen`k_
le[\i^ifle[Zlcm\ikj`jgifYXYcpdfjkjl`kXYc\`e
e\nYl`c[`e^j#n_\i\k_\pZXeY\`eZfigfiXk\[`ek_\
YXj\d\ek&]fle[Xk`fej%=fii\kif]`k#fk_\ijfclk`fejj_flc[
Y\Zfej`[\i\[#]fi`ejkXeZ\]i\j_X`i`ec\kk_ifl^_[flYc\
]XZX[\jfik_ifl^_jg\Z`XcZfem\Zkfijle[\ik_\n`e[fnj%
› Df`jkli\]ifdiX`eXe[jefn\ek\ijk_\jpjk\d]ifd
k_\X`i`ec\kkfn\ijXe[_XjZXlj\[cfn\igXikf]k_\
nXcc\eZcfj`e^k_\]`ck\ile`kkfY\Zfd\df`jk%Kff
j_fik[`jkXeZ\]ifd`ec\kkfn\ikfk_\]`ck\i$Xe[_\Xk
i\Zfm\ip_flj`e^#lj\f]nife^dXk\i`XcjXe[k_\cXZbf]
Xgifg\icpjcXek\[]cffikfnXi[jk_\[iX`e#_Xji\jlck\[
`e[\m\cfgd\ekf]jfd\]le^lj%;\j`^ej_flc[]fZljfe
gi\m\ek`e^nXk\i]ifd\ek\i`e^m\ek`cXk`fejZlcm\ikj%
› @Ij\ejfij]fic`^_ki\^lcXk`feZfdY`e\[n`k_Yli^cXiXcXid
_XjZXlj\[gifYc\djY\ZXlj\lenXek\[c`^_k_`kjk_\
j\ejfiXe[ki`^^\ijk_\XcXid%K_\j\j_flc[Y\j\gXiXk\
jpjk\dj%
› <ok\ej`m\Xe[Zfdgc`ZXk\[9<DJi\hl`i\jXcfe^k\jk`e^
Xe[X[aljkd\ekg\i`f[%
› K\Z_e`ZXcg\ijfee\cj_flc[Y\\[lZXk\[[li`e^k_\Yl`c[`e^
g\i`f[kf^\kXZhlX`ek\[n`k_k_\k\Z_e`ZXc`ejkXccXk`fej
Y\]fi\k_\Yl`c[`e^`jfg\e\[%
› Jfd\gifYc\djn`k__\Xk[\c`m\ipkfk_\e\XiYpZ_liZ_%
K_\knfjpjk\djn\i\gcXee\[Xe[[\j`^e\[j\gXiXk\cpXe[
k_\gifYc\djXifj\XjXi\jlckf]gffiZffi[`eXk`fe`ek_\
gcXee`e^g\i`f[%<okiXd\Xjli\j_X[kfY\kXb\ekfjfcm\
k_\gifYc\d%
(0
9I@K8`eGl9j
JgXZ\_\Xk`e^
<Zfefdp
<e\i^pZfjkjlj\[]fik_\gXpYXZbZXcZlcXk`fe1
<c\Zki`Z&f`c1'%(<lif&bN_'%/EFB&bN_
<jk`dXk\[Zfejldgk`fe1
KfY\XYc\kf\jk`dXk\k_\\]]\Zkf]fli`em\jkd\ekj#`knXj
e\Z\jjXipkflj\k_\jXd\Xi\X]fiYfk_k_\fc[Xe[k_\i\efmXk\[
Yl`c[`e^%K_\j_Xi\f]k_\\e\i^pjXm`e^j]fik_\fc[gXikf]k_\
i\efmXk\[Yl`c[`e^`jXggifo`dXk\cp(-0o,#0.'4(#''/#0*'bN_&X
9I@K8`eGl9j
JfZ`Xc:\eki\9i\n\ip#9ief#:q\Z_I\glYc`Z
Kpgfcf^p
9\]fi\1Yi\n\ip#dXck_flj\#
nXi\_flj\2 8]k\i1jfZ`XcXe[ZlckliXcZ\eki\
KfkXc]cffiXi\X
9\]fi\1 )#*''d )
8]k\i1 )#--'d )
I\jgfej`Yc\
gifa\ZkgXike\ij
9iefLe`m\ij`kpf]K\Z_efcf^p9LK
Gif]%D`ifjcXmA`Z_X1a`Z_X7]d\%mlkYi%Zq
GXm\c:_XimXk1Z_XimXk7]d\%mlkYi%Zq
JlddXip
;\Z`j`fedXb\ij`eliYXegcXee`e^m\ipf]k\e_Xm\kf[\$
Z`[\Y\kn\\e[\dfc`j_`e^Xe[i\kif]`kk`e^f]fc[Yl`c[`e^j%
K_\[\dfejkiXk`feYl`c[`e^9i\n\ip`jXe\oXdgc\k_XkXe
(/k_Z\eklip`e[ljki`Xc$kpg\Yl`c[`e^ZXeY\i\kif]`kk\[
`ekfX)(jkZ\eklipjfZ`XcXe[Zlckli\Z\eki\%K_\i\kif]`k
[\j`^e#_fn\m\i#`jefkXjkiX`^_kc`e\Xe[X^ff[i\jlck
ZXe]`eXccpY\XZ_`\m\[Yp`k\iXk`m\XggifXZ_iXk_\ik_Xe
X[_\i\eZ\kfk_\fi`^`eXcgcXe%
K_\gifa\Zk#k_\Z_Xcc\e^\j
)'
K_\9i\n\ip`jk_\fc[\jkYl`c[`e^`ek_\9I@K8`eGl9j
[\dfejkiXk`fegifa\Zk#[Xk`e^YXZb]ifd(.-0%K_\i\kif]`kk`e^
f]m\ipfc[Yl`c[`e^j#n_`Z_`emfcm\jk_\Z_Xe^\f]lj\#ZXe
Y\]lccf]jligi`j\j%Ef[iXn`e^jf]XYl`c[`e^Xi\ljlXccp
XmX`cXYc\Xkk_\Y\^`ee`e^Xe[jfd\\e\i^pjXm`e^d\Xjli\j
jl^^\jk\[XkXe\XicpjkX^\f]i\kif]`k[\j`^edXpefk
\m\eklXccpY\Xggc`ZXYc\%JlZZ\jjZXek_\i\]fi\fecpY\
XZ_`\m\[YpX]c\o`Yc\#`k\iXk`m\XggifXZ_%
8eZ`\ek9i\n\ipnXjXgXik
f]_`jkfi`ZXcdfeXjk\ipXe[`kj
dXefi%9i\n\ipnXj`e)'',
\ec`jk\[XjXeXk`feXc_\i`kX^\
Xe[k_`jdX[\k_\i\kif]`km\ip
Zfdgc`ZXk\[#i\hl`i`e^Xle`hl\
[\j`^eXe[ZfejkilZk`fenfibj%
8[mXeZ\[Xe[\e\i^pjXm`e^
k\Z_efcf^`\j]fi_\Xk`e^Xe[
m\ek`cXk`fe#eXd\cp`eYfXi[`e^
Xe[cf[^`e^gXikj`dgc\d\ek\[
`ekf9i\n\ip`eZi\Xj\[`kj
mXcl\Xe[Xjn\\og\Zk#
n`cci\[lZ\jlYjkXek`Xccp
fg\iXk`feXcZfjkj%9i\n\ipY\Zfd\jXgi\Z`fljjkfe\f]
Xe\ncp[\m\cfg\[ZXdgljf]k_\=XZlckpf]`e]fidXk`fe
k\Z_efcf^`\jf]9iefLe`m\ij`kpf]K\Z_efcf^p%
Q[\eõ\ b9flõj X
M`Z\$;\Xe]fi;\m\cfgd\ek#=XZlckpf]@e]fidXk`fe
K\Z_efcf^`\j#9iefLe`m\ij`kpf]K\Z_efcf^p
:fek\ok
K_\9i\n\ip`jXefc[`e[ljki`Xc$kpg\Yl`c[`e^`eX_`jkfi`ZXc
Xi\Xf]k_\Z`kpf]9ief%K_\9i\n\ipXe[jfd\fk_\i
Yl`c[`e^j`ek_\Xi\X_Xm\Y\\ei\kif]`kk\[]fik_\lj\f]k_\
=XZlckpf]@e]fidXk`feK\Z_efcf^`\jf]k_\9iefLe`m\ij`kp
f]K\Z_efcf^p%K_\eXd\9i\n\ipi\]\ijkfk_\gligfj\k_Xk
k_\Yl`c[`e^nXjfi`^`eXccplj\[]fi#_fn\m\i#`kfecpj\im\[
XjXnXi\_flj\`ek_\i\Z\ekgXjk%K_\i\kif]`kk`e^f]k_\
9i\n\ip`emfcm\[XZfdgc\k\Z_Xe^\f]lj\%K_\`e[ljki`Xc$
kpg\Yl`c[`e^_X[kfY\kiXej]fid\[`ekfXdf[\iejfZ`XcXe[
Zlckli\Z\eki\]fijkl[\ekjXe[XZX[\d`Zj%DXepYl`c[`e^
jkilZkli\j_X[kfY\i\Yl`ckfii\`e]fiZ\[[li`e^k_\i\kif]`k
Xe[Xcck_\Yl`c[`e^jpjk\dj_X[kfY\[\j`^e\[]ifdjZiXkZ_%
9L@C;@E>:FEJKIL:K@FE
K_\fc[\jkgXikf]k_\9i\n\ipnXjYl`ck`ek_\j\Zfe[_Xc]f]
k_\(/k_Z\eklip%8jkfe\n`k_X[Xk\f](.-0nXj[`jZfm\i\[
[li`e^k_\i\kif]`k`efe\f]k_\Zfcldejjlggfik`e^k_\
mXlck\[Z\`c`e^jfek_\^ifle[]cffi%K_\Yl`c[`e^_XjY\\e
i\Yl`ckXe[\ok\e[\[j\m\iXck`d\j[li`e^dfi\k_Xe)''
K_\Yi\n\ipX]k\ii\kif]`kk`e^
p\Xijf]`kj_`jkfip%
K_\i\kif]`kk\[Yl`c[`e^Zfej`jkjf]knfgXikj2X]fli$jkfi\p
gXikn`k_dXepjkilZkli\j[Xk`e^YXZbkfk_\\`^_k\\eZ\eklip
Xe[Xknf$jkfi\pgXikk_XknXjYl`ckcXk\i%8efk_\iknfjkfi\p
gXikf]k_\Yl`c[`e^nXjkfie[fnealjkY\]fi\k_\i\kif]`k%
K_\i\n\i\ef\o`jk`e^[iXn`e^jXmX`cXYc\]fik_\gifa\ZkXe[
\ek`i\[fZld\ekXk`fe_X[kfY\gi\gXi\[]ifdjZiXkZ_%
Jfclk`fej
9L@C;@E>:FEJKIL:K@FE
K_\9i\n\ip_Xj_\Xmp#fe\d\k\ik_`ZbYi`ZbnXccjXe[k_\
]fle[Xk`fegi\jjli\\oZ\\[\[efd`eXcY\Xi`e^ZXgXZ`kpf]
jf`c%K_\]fle[Xk`fejn\i\`eXi\XccpYX[Zfe[`k`feXe[k_\`i
i\`e]fiZ\d\eknXje\Z\jjXip`efi[\ikfXmf`[X[\dfc`k`fe
fi[\i%N_\ek_\i\`e]fiZ\d\ekf]k_\]fle[Xk`fejXe[cfX[
Y\Xi`e^jkilZkli\jnXjZfdgc\k\[k_\\e\i^pjXm`e^d\Xjli\j
Zflc[Y\Xggc`\[%E\nn`e[fnjn`k_k_\^cXq`e^L$mXcl\
f](%(N&d ) Bi\gcXZ\[k_\fc[fe\j%Jfd\\ok\ieXcnXccj
n\i\k_\idXccp`ejlcXk\[n`k_(''ddf]d`e\iXcnffc%K_\
]cffijX[aXZ\ekkfk_\^ifle[n\i\`ejlcXk\[n`k_-'ddf]
gfcpjkpi\e\#Xe[k_\Z\`c`e^jle[\ik_\le_\Xk\[cf]kjn`k_
(-'ddf]d`e\iXcnffc%K_\iff]f]k_\knf$jkfi\pYl`c[`e^
nXj`ejlcXk\[n`k_(-'ddf]d`e\iXcnffc%>l\jkiffdjn\i\
Yl`ck`ek_\Xkk`Z`eZi\Xj`e^k_\]cffiXi\Xf]k_\Yl`c[`e^]ifd
)#*''d ) kf)#--'d ) %
E\n^cXq`e^%%%
%%%Xe[_pYi`[m\ek`cXk`fe
M<EK@C8K@FE
9fk_YXcXeZ\[d\Z_Xe`ZXcm\ek`cXk`fen`k__\Xki\Zfm\ipXe[
_pYi`[m\ek`cXk`feXi\lj\[`ek_\Yl`c[`e^%K_\d\Z_Xe`ZXc
m\ek`cXk`fejpjk\djXi\lj\[`eZX]\k\i`Xj#b`kZ_\ej#ZclYjXe[
dlck`gligfj\iffdjn_\i\_`^_X`iZ_Xe^\iXk\jXi\i\hl`i\[%K_\
_pYi`[m\ek`cXk`fejpjk\dn`k_k_\[\dXe[ZfekifcYXj\[feX`i
hlXc`kpj\ejfij`jlj\[`ek_\^l\jkiffdjn_\i\k_\m\ek`cXk`fe
[\dXe[mXi`\jj`^e`]`ZXekcpfm\ik_\k`d\Xe[]ifdiffdkfiffd%
K_\g`Zkli\jj_fnk_\X`ijlggcp`ec\kjf]k_\_pYi`[m\ek`cXk`fe
jpjk\dj`ejkXcc\[`ek_\n`e[fn]iXd\j%
9<DJ8E;DFE@KFI@E>
K_\9l`c[`e^<e\i^pDXeX^\d\ekJpjk\d9<DJ `j`ek\^iXk\[`ekf
k_\9l`c[`e^DXeX^\d\ekJpjk\d9DJ f]k_\n_fc\ZXdgljf]k_\
=XZlckpf]@e]fidXk`feK\Z_efcf^`\j%@k`jgfjj`Yc\#n`k_k_`jXggifXZ_#
kflj\`e]fidXk`fek_Xk`jefk[`i\Zkcpc`eb\[kf\e\i^pdXeX^\d\ek
]fi\e\i^pdXeX^\d\ekgligfj\j\%^%`e]fidXk`feXYflkfZZlgXeZp
]ifdk_\XZZ\jjjpjk\dZXeY\lj\[`eZfekifcf]_\Xk`e^Xe[
Zffc`e^ %K_\9DJdfe`kfijeldY\ijf]gXiXd\k\iji\cXk\[kf
k_\g\i]fidXeZ\f]k_\Yl`c[`e^Xe[Yl`c[`e^\hl`gd\ek%J`eZ\k_\
9DJXcjf`eZfigfiXk\jXj\Zli`kpjpjk\d#::KM#]`i\XcXidXe[fk_\i
j\im`Z\j`k`jgfjj`Yc\kfc`d`kXZZ\jjf][`]]\i\eklj\ijkfZ\ikX`e
`e]fidXk`fe%
JFC8IGM
8^i`[Zfee\Zk\[GMjpjk\dn`k_k_\g\Xbflkglkf](*bN`j
`ejkXcc\[fek_\iff]%K_\jpjk\dZfej`jkjf](*)dfefZipjkXcc`e\
df[lc\j%K_\dX`efYa\Zk`m\f]`eZfigfiXk`e^k_\GMjpjk\d`ekf
k_\\e\i^pi\kif]`kd\Xjli\jnXjk_\i\[lZk`fef]k_\cfX[kfk_\
gfn\i^i`[`ejldd\idfek_jn_\ed\Z_Xe`ZXcZffc`e^`je\\[\[%
8^ff[dXkZ_Y\kn\\ek_\flkglkf]k_\GMjpjk\dXe[k_\Zffc`e^
cfX[j`j\og\Zk\[[l\kfk_\fi`\ekXk`fef]k_\jpjk\d%
>i`[Zfee\Zk\[GMjpjk\d
9I@K8`eGl9j
?<8K@E>8E;:FFC@E>
8_p[ife`Z_\Xk`e^jpjk\dn`k_[`]]\i\ekkpg\jf]iX[`Xkfij
Xe[Zfem\Zkfij`j`ejkXcc\[`ek_\Yl`c[`e^%K_\nXccdflek\[
iX[`XkfijXi\lj\[`edfjkf]k_\iffdj%=cffiZfem\Zkfij
gcXZ\[`e^i`ccZfm\i\[ZXm`k`\jXi\lj\[`ejfd\iffdj`e
fi[\iefkkf[`jkliYk_\_`jkfi`ZXcXgg\XiXeZ\f]k_\iffdj%
8`i_Xe[c`e^le`kjf]k_\d\Z_Xe`ZXcm\ek`cXk`fejpjk\d
Xi\]`kk\[n`k__\Xk`e^Xe[Zffc`e^Zf`cjnXk\i$kf$X`i_\Xk
\oZ_Xe^\ij Xe[k_\pZXeY\lj\[]fi_\Xk`e^Xe[Zffc`e^%
J`eZ\k_\Yl`c[`e^_XjXki\d\e[flj_\XkjkfiX^\dXjjk_\
d\Z_Xe`ZXcm\ek`cXk`fejpjk\djZXeY\\dgcfp\[]fie`^_k
Zffc`e^%8_\Xk`e^gcXekn`k_knfZfe[\ej`e^^XjYf`c\ij
gifm`[\j_fknXk\i]fik_\_\Xk`e^jpjk\dXe[X`i$_Xe[c`e^
le`kj%8Zffc`e^gcXekn`k_knfZ_`cc\ijgi\gXi\jZ_`cc\[nXk\i
]fik_\Zffc`e^cffg%8MIMX`iZfe[`k`fe`e^jpjk\d`j`ejkXcc\[
`ek_\^l\jkiffdj%K_\MIMjpjk\dZXeY\lj\[]fiYfk_
Zffc`e^Xe[_\Xk`e^%K_\\ok\ieXcle`kjf]k_\MIMjpjk\dXi\
cfZXk\[`ek_\Xkk`Z#jfXjefkkf[`jkliYk_\m`jlXcXjg\Zkf]
k_\Yl`c[`e^%K_\le`kj[iXnk_\flkj`[\X`i`ek_ifl^_k_\
fg\e`e^j`ek_\]XZX[\Xe[Ycfn`kflkk_ifl^_k_\flkc\kj
Z_`de\pj fek_\iff]%
)(
9I@K8`eGl9j
<Zfefdp
<e\i^pjXm`e^d\Xjli\&KfkXcZfjkjJXm`e^GXp$YXZb
`em\jkd\ek&jXm`e^j&
g\i`f[RXT
R%TR%&XT
gXpYXZb
KFK8C ,(,#'''*(#.*'(<e\i^pZfjkjlj\[]fik_\gXpYXZbZXcZlcXk`fe1
K_\idXc1
'%'-)<lif&bN_(%.,:QB&bN_
<c\Zki`Z1
'%((<lif&bN_*%(':QB&bN_
<c\Zki`ZGM1
'%+/<lif&bN_(*%+':QB&bN_
8`i`ekXb\jXe[\o_Xljkjf]k_\MIMX`i$Zfe[`k`fe`e^jpjk\d
<e\i^p[XkXXe[
X[[`k`feXci\jlckj
<e\i^pjXm`e^d\Xjli\j#_\Xk`e^ RbN_&d)XT
))
KfkXcRbN_&XT
Cfnk\dg\iXkli\_\Xk`e^
ÆZfe[\ej`e^Yf`c\ij
*0%(
('+#(''
<e\i^p\]]`Z`\ekm\ek`cXk`fe
**%+
//#.,'
@dgifm\[`ejlcXk`fef]k_\
Yl`c[`e^\em\cfg\
)(%'
,-#'''
Cfn$\n`e[fnj
)/%(
.+#.,'
9<DJ
(*%*
*,#,''
@e[`m`[lXcZfekifcf]_\Xk`e^
/%'
)(#+''
(+)%0
*/'#,''
KFK8C?<8K@E><E<I>PJ8M@E>J
<e\i^pjXm`e^d\Xjli\j#
\c\Zki`Z`kp
K_\cXn(/'&)'',JY% fejlggfikf]k_\gfn\igif[lZk`fe
]ifdi\e\nXYc\\e\i^pjfliZ\jZXd\`ekf]fiZ\`e)'',`e
k_\:q\Z_I\glYc`Z%K_\cXn`ekif[lZ\jd`e`dldgliZ_Xj`e^
gi`Z\jf]\c\Zki`Z`kp]ifdi\e\nXYc\\e\i^pjfliZ\jXe[k_\
fYc`^Xk`fef]gfn\i^i`[fne\ijkfgliZ_Xj\jlZ_\c\Zki`Z`kp%
K_\d`e`dldgliZ_Xj`e^gi`Z\`j^lXiXek\\[]fik_\k`d\
g\i`f[f](,p\Xij]ifdk_\Zfdd`jj`fe`e^f]k_\gcXek%
K_\d`e`dldgliZ_Xj`e^gi`Z\f]\c\Zki`Z`kpgif[lZ\[Yp
k_\gcXekjZfem\ik`e^jfcXi\e\i^pkf\c\Zki`Z`kpgcXekj
Zfdd`jj`fe\[`e)''- `j(*%+:QB&bN_'%+/<LI&bN_ %
8jXZfej\hl\eZ\k_\gXpYXZbk`d\f]k_\GM`ejkXccXk`fej
jlggcp`e^\c\Zki`Z`kpkfk_\gfn\i^i`[`jj`^e`]`ZXekcp
j_fik\i%
=`ijk_Xe[\og\i`\eZ\j
<oXdgc\jf]k_`j\og\i`\eZ\Xi\1
› 8ggc`ZXk`fef]9l`c[`e^DXeX^\d\ekJpjk\djYi`e^jX
gfk\ek`Xcf]j`^e`]`ZXek\e\i^pjXm`e^j\m\e`ek_\i\kif]`k
f]Xm\ipfc[Yl`c[`e^%
› Dfe`kfi`e^f]fZZlgXeZp#n_`c\Y\`e^Xe\]]\Zk`m\\e\i^p
jXm`e^d\Xjli\#`jefk\Xjpkf`dgc\d\ek`eXZfjk$
\]]\Zk`m\nXp%
› <m\eXm\ipfc[Yl`c[`e^`eXi\XccpYX[Zfe[`k`feZXe
Y\i\kif]`kk\[`eXnXpkf\oZ\\[k_\i\hl`i\d\ekjf]
k_\Zfek\dgfiXipYl`c[`e^Zf[\j%K_\Zfjkf]Xi\kif]`k
Y\`e^fecpX]iXZk`fef]n_XkXe\nYl`c[`e^n`k_j`d`cXi
gXiXd\k\ijnflc[Zfjk%
RbN_&d)XTKfkXcRbN_&XT
9<DJ
GM$Z\ccj#(*bNg
*%+
0#'''
,%*
(+#'''
?\Xkgldg]fi;?N
(%,
*#0''
KFK8C<C<:KI@:@KP<E<I>PJ8M@E>J('%)
)-#0''
K_\Yi\n\ip`e`kjfi`^`eXcjkXk\
:lckliXc:\eki\Gif\m\_Xcc\e#:fg\e_X^\e#;\edXib
Gif\m\_Xcc\e`e`kje\njkXk\
9\]fi\1]XZkfipYl`c[`e^
8]k\i1ZlckliXcZ\eki\
KfkXc]cffiXi\X
9\]fi\1.-,d ) 8]k\i1)#*''d )
I\jgfej`Yc\gifa\Zk
gXike\ij
:\e\i^`X<e\i^p:fejlckXekj#
K_\Dle`Z`gXc`kpf]
:fg\e_X^\eLL= JlddXip
K_\Gif\m\_Xcc\e[\dfejkiXk`fegifa\Zkgifm\jk_Xk
`ekif[lZ`e^k_\i`^_kZfeZ\gkf]\e\i^pZfej\imXk`fe
d\Xjli\jXe[i\e\nXYc\\e\i^p`ek\^iXk`fe`ekfXi\efmXk`fe
gifa\ZkZXeYi`e^k_\i\jlck`e^Yl`c[`e^lgkfXe\e\i^p
jkXe[Xi[k_Xk`jZfej`[\iXYc\Y\kk\ik_XeZlii\ekYl`c[`e^
i\^lcXk`fejXki\XjfeXYc\ZfjkjXe[gXpYXZbk`d\% K_\gifa\Zk#k_\Z_Xcc\e^\j
K_\Z_Xcc\e^\`ek_`jgifa\ZknXjkfj_fn_fn\e\i^p\]]`Z`\ek
jfclk`fejZXeY\lj\[`eklie`e^Xefc[]XZkfipYl`c[`e^`ekfX
df[\iecfn\e\i^pXe[dlck`]leZk`feXcZlckliXc_flj\%
BcXlj9fe[Xd
DXpfif]K\Z_e`ZXcXe[<em`ifed\ekXc8[d`e`jkiXk`fef]
:fg\e_X^\e
`k_X[Y\\eYl`ckXjXd`e`dXcZfejkilZk`fen`k_ef`ejlcXk`fe
`enXccjXe[n`e[fnjXe[j`dgc\j`e^c\^cXjjd\kXc]iXd\
n`e[fnj%@ek_\i\efmXk`fegifZ\jj)e\n]cffij_X[kfY\
]`kk\[`e#Xe[`ejlcXk`feXe[e\nn`e[fnj_X[kfY\`ejkXcc\[%
K_\Yl`c[`e^_X[Y\\ele_\Xk\[Xe[m\ek`cXk\[jfc\cpYpk_\
gfikfg\e`e^Xe[k_\n`e[fnj#jfXcjfZfdgc\k\_\Xk`e^Xe[
m\ek`cXk`fejpjk\dj_X[kfY\[\j`^e\[Xe[`ejkXcc\[%8j
k_\i\nXjef\e\i^pZfejldgk`feY\]fi\i\kif]`kkfZfdgXi\
kfk_\\e\i^pjXm`e^[\j`^e_X[kfZfdgXi\kfk_\\o`jk`e^
i\hl`i\d\ekj`ek_\;Xe`j_Yl`c[`e^i\^lcXk`fejXe[\jk`dXk\
k_\jXm`e^jZfdgXi\[kfXYl`c[`e^i\efmXk\[kfk_\j\
i\hl`i\d\ekj%:fdgcp`e^n`k_k_\i\hl`i\d\ekj`ek_\Yl`c[`e^
i\^lcXk`fejnXjefkXi\hl`i\d\ek]fik_\i\efmXk`feXj`knXj
mXc`[fecp]fie\nYl`c[`e^j%
K_\i\n\i\ef\o`jk`e^[iXn`e^jXmX`cXYc\]fik_\gifa\Zk%
9\cfnk_\knfg_fkfjj_fnk_\jkXk\f]k_\Yl`c[`e^Y\]fi\
i\kif]`k%
Jfclk`fej
9L@C;@E>:FEJKIL:K@FE
Fi`^`eXccp`knXjk_\`ek\ek`fekf`ejlcXk\k_\\ok\ieXcnXccj
fek_\`ej`[\`efi[\ikfdX`ekX`ek_\XiZ_`k\ZkliXc\ogi\jj`fe
f]k_\fc[Yi`ZbnXccj%?fn\m\i#`kklie\[flkk_Xk]fi]`i\
gifk\Zk`fei\XjfejcXnXe[i\^lcXk`fej k_`jnflc[i\hl`i\
:fek\ok
K_\j`k\#Yl`ck`e(0*'#`jcfZXk\[`eXeliYXeXi\XZXcc\[
MXcYp#cfZXk\[`e:fg\e_X^\e%K_\j`k\`jXefc[`e[ljki`Xc
Xi\X#n_`Z_`jY\`e^Zfdgc\k\cpi\j_Xg\[#df[\ie`j\[Xe[
dX[\`ekfXe\ne\`^_Yfli_ff[n`k_`kjfne`[\ek`kp%K_\
Yl`c[`e^#Gif\m\_Xcc\eÊK_\k\jk_XccË nXjkf^\k_\in`k_
k_\Yl`c[`e^#Fme_Xcc\e#i`^_ke\okkf`k#gXikf]Xe`e[ljki`Xc
Zfdgc\o]figfiZ\cX`egif[lZk`fe%@eFme_Xcc\ek_\gfiZ\cX`e
nXjdXel]XZkli\[Xe[`eGif\m\_Xcc\egfiZ\cX`e$`jfcXkfij]fi
k_\_`^_mfckX^\\c\Zki`Z`kp[`jki`Ylk`fec`e\jn\i\k\jk\[%
Gif\m\_Xcc\e`jXefc[fg\e_XccYl`c[`e^ZfejkilZk\[`e
(0*'Ë`\j`e(]cffi%?fn\m\i#k_\_\`^_kf]k_\Yl`c[`e^`jk_\
jXd\Xjk_Xkf]X,]cffiYl`c[`e^%
9L@C;@E>:FEJKIL:K@FE
Gif\m\_Xcc\e_X[efkY\\elj\[]fiXeldY\if]p\Xij%@knXj
Xe\dgkp_Xccn`k__\`^_kf](/d%;l\kf`kjfi`^`eXcgligfj\
)*
K_\fi`^`eXcYl`c[`e^
9I@K8`eGl9j
Kpgfcf^p
:fg\e_X^\e`j[\mfk\[kf
]`^_k`e^k_\Zc`dXk\Z_Xe^\
Xe[n\cZfd\k_\fggfikle`kp
kflj\Xgifd`e\ekYl`c[`e^Xj
Xc`^_k_flj\kf[\dfejkiXk\
k_\`dgfikXeZ\f]`ekif[lZ`e^
\e\i^p\]]`Z`\eki\kif]`k
d\Xjli\j]fiXi\efmXk`fe
gifa\Zkf]XglYc`ZYl`c[`e^%
Flim`j`fe]fi:fg\e_X^\e
`jkfY\Zfd\k_\nfic[j
<ZfD\kifgfc\Yp)'(,% :fg\e_X^\en`ccXjjld\X
^cfYXci\jgfej`Y`c`kpYpkXb`e^
k_\c\X[`ei\[lZ`e^:F ) \d`jj`fej%KffYkX`efli^fXcn\
_Xm\kfcffb`ekf\e\i^p\]]`Z`\eZpXe[jXm`e^j`eXccXjg\Zkj
f]k_\Z`kpgcXee`e^%@_fg\k_Xkk_\^ff[\og\i`\eZ\j]ifd
Giµm\_Xcc\en`cc\eZfliX^\Xe[`ejg`i\fk_\iYl`c[`e^fne\ij#
glYc`ZXjn\ccXjgi`mXk\#kfcffb`ekfk_\gfjj`Y`c`k`\jf]
`eZi\Xj`e^k_\lj\f]\e\i^p\]]`Z`\eZpjXm`e^jXe[i\e\nXYc\
\e\i^p`eZfd`e^Yl`c[`e^i\efmXk`fegifa\Zkj%
9I@K8`eGl9j
Gif\m\_Xcc\e`e`kËjfi`^`eXcjkXk\
M<EK@C8K@FE
K_\Yl`c[`e^`jm\ek`cXk\[YpXZfdY`eXk`fef]eXkliXc
m\ek`cXk`feÆf]k_\lgg\i]cffiÆXe[d\Z_Xe`ZXcm\ek`cXk`fe
f]k_\cfn\i]cffijn_\i\XcjfXYXk_iffdXe[kf`c\kjXi\
cfZXk\[%K_\lgg\igXikjf]k_\_`^_n`e[fnjXi\lj\[]fi
eXkliXcm\ek`cXk`fef]k_\lgg\i]cffi%8jk_\fg\e`e^jXi\
gcXZ\[_`^_XYfm\k_\Z\`c`e^k_\`eZfd`e^X`in`ccY\d`o\[
n`k_k_\`e[ffiX`iÆk_lji\[lZ`e^k_\i`jbjf]Zfc[[iXl^_kj%
K_`jm\ek`cXk`fen`ccY\i\hl`i\[fecpn_\ek_\^pdfek_\
lgg\i]cffi`jlj\[Ypg\fgc\^\e\iXk`e^_\Xkn_`Z__Xjkf
m\ekflk#jfgi\_\Xk`e^Xe[_\Xki\Zfm\ip`jefke\\[\[]fi
k_`jX`i\oZ_Xe^\%K_\n`e[fnjn`ccY\[\dXe[$Zfekifcc\[
XZZfi[`e^kf:F ) Xe[k\dg\iXkli\%
8e\]]`Z`\ekX`i$kf$X`i_\Xk\oZ_Xe^\i`jlj\[]fik_\
d\Z_Xe`ZXccpm\ek`cXk\[gXikf]k_\Yl`c[`e^%K_`jYXcXeZ\[
m\ek`cXk`fejpjk\db\\gjXd`e`dldcfnm\ek`cXk`fe]fik_\
hl`k\jlYjkXek`XcXe[\oki\d\cpZfjkcpki\Xkd\ekjf]k_\
d\kXcY\XdcfX[jlggfik`e^gXikjf]k_\nXcc%K_\i\]fi\`knXj
[\Z`[\[kf`ejlcXk\k_\nXcc\ok\ieXccp%K_`j_Xjef\Zfefd`ZXc
Zfej\hl\eZ\jkfk_\gifa\ZkXe[]ifdXk\Z_e`ZXcgf`ekf]
m`\n`k`jXZc\XiX[mXekX^\#Xj`k`jn\ccbefnek_Xk\ok\ieXc
`ejlcXk`fe`jY\kk\iXkgi\m\ek`e^k_\idXcYi`[^\jk_Xe
`ek\ieXc`ejlcXk`fe%
)+
GM$KgcXek
kf`c\kjXe[`kjlggc`\jX[[`k`feXcm\ek`cXk`fen_\ek_\:F ) #
_ld`[`kp`ek_\YXk_iffdj Xe[k\dg\iXkli\j\ejfij`e[`ZXk\
k_Xkk_\i\`jX[\dXe[]fiX[[`k`feXcX`i\oZ_Xe^\%
N`k_XeXkliXccpm\ek`cXk\[lgg\i]cffiXe[Xe\]]`Z`\ek_\Xk
\oZ_Xe^\i`ek_\d\Z_Xe`ZXcm\ek`cXk`fejpjk\d#k_\i\nXjef
e\\[]fijfcXigi\_\Xk`e^f]X`i%K_`jdf[`]`ZXk`fen`cc_Xm\
ef\]]\Zk`eZXcZlcXk`fej#j`eZ\k_\Y\e\]`kXe[Zfjkjf]jfcXi
gi\_\Xk`e^f]m\ek`cXk`feX`i_XjefkY\\eZXcZlcXk\[Xe[
j_fne`ek_\fi`^`eXcgifgfjXc%
?<8K@E>
K_\YXj`Z_\Xk`e^jpjk\dj\c\Zk\[]fiGif\m\_Xcc\e`jX
jkXe[Xi[_p[ife`ZiX[`Xkfijpjk\d%K_`j`jefkXjg\Z`Xc
\e\i^pjXm`e^d\Xjli\f]k_\gifa\Zk#jfjkXe[Xi[gifZ\[li\j
]fij`q`e^k_\iX[`Xkfij#g`g`e^#gldgj#\kZ%_Xm\Y\\elj\[%
K_\g`g`e^_XjY\\e`jfcXk\[XZZfi[`e^kf;Xe`j_jkXe[Xi[
jg\Z`]`ZXk`fej%K_\X`ijlggcp`ek_\d\Z_Xe`ZXcm\ek`cXk`fe
jpjk\d`jgi\_\Xk\[$`]e\\[\[$YpX_\Xk`e^Zf`c%K_`j`j
jlggc`\[Xcjf]ifdk_\_p[ife`Zjpjk\d%K_\dfe`kfi`e^f]k_\
_\Xk`e^\e\i^pZfejldgk`feXcjf`eZcl[\jk_`jZfejldgk`fe%
JFC8IGMJFC8IGM&K?<ID8CGM&K
Knfb`e[jf]GMgcXekjXi\`ejkXcc\[XkGif\m\_Xcc\e2Fe\Xk
k_\^XYc\(0bNg n_`Z_`jdX[\n`k_XeXik`jk`Z\ogi\jj`fe
Xe[fe\`eefmXk`m\GM$KgcXek-bNg n_`Z_Xcjf[\c`m\ij_\Xk
YpZffc`e^YpX_\Xkgldg%K_\Zffc`e^iX`j\jk_\\]]`Z`\eZpf]
k_\GMj%K_\gif[lZ\[\c\Zki`Z`kpXi\lj\[`ek_\Yl`c[`e^fi
jfc[kfk_\\c\Zki`Z`kp^i`[%
Lgg\i]cffiXe[`jfcXk\[iff]
K_\jpjk\dn`ccXcjfY\lj\[]fiZXgkli`e^\e\i^pZfejldgk`fe
Xe[[XkXXYflkk\dg\iXkli\#:F ) #_ld`[`kpgclj\ok\ieXc
n\Xk_\iZfe[`k`fejk_XkZXeY\lj\[]fiXeXcpj`jn`k_i\jg\Zk
kf`e[ffiZfd]fik#X`ihlXc`kpXe[\e\i^pZfejldgk`fej%
<e\i^p[XkXXe[
X[[`k`feXci\jlckj
?`^_\]]`Z`\ekm\ek`cXk`fe
+.%)
((/#'''
@dgifm\[`ejlcXk`fef]k_\]XƒX[\
-%'
(,#'''
Cfn$\n`e[fnj
/%'
)'#'''
?\XkjXm`e^jcfn\inXk\ilj\ 0%)
)*#'''
9<DJ
()%'
*'#'''
:fdY`e\[GMXe[
K_\idXc_\Xk`e^jpjk\d
-%-
(-#,''
KFK8C?<8K@E><E<I>PJ8M@E>J
/0%'
)))#,''
?`^_\]]`Z`\ek]Xej`ek_\m\ek`cXk`fe ()%+
*(#'''
9<DJ
+%'
('#'''
<c\Zki`ZXcflkglkf]GM&KZ\ccj
)%+
-#'''
GM$Z\ccj#(0bNg
-%+
(-#'''
KFK8C<C<:KI@:@KP<E<I>PJ8M@E>J),%)
-*#'''
NXk\ijXm`e^d\Xjli\j#Rd*&XT`^_
kf`c\kj#j_fn\ij#kXgj
9<DJ
JXm`e^
R%TR%&XT
GXp$YXZb
g\i`f[RXT
+)-#.+0*'#-)*(+
,.,
K_\Zfjkj]fik_\X[[`k`feXcY\Xi`e^j]fiGM$gXe\cjfek_\
^XYc\nXccnXj)#((0<lif&bNg%K_\j\Zfjkjn`ccY\]lik_\i
`eZi\Xj\[Y\ZXlj\f]XiknfibgcXZ`e^f]k_\GM$gXe\cj%K_\j\
X[[`k`feXcZfjkjXi\efk`eZcl[\[`ek_\Zfjkjgi\j\ek\[`ek_\
kXYc\ÆXjk_\p`eZcl[\fk_\i\og\ej\j#]fi\oXdgc\k_\]\\kf
k_\Xik`jk%=lik_\idfi\k_`jjfclk`fei\hl`i\jk_\lj\f]e\n#
kfkXccpYcXZbjfcXiZ\ccj#XkX_`^_\iZfjkk_XeZfem\ek`feXc
jfcXiZ\ccj%
),
=`ijk_Xe[\og\i`\eZ\j
K_\dX`e`dgi\jj`fe`jk_XkYpglj_`e^Xe[kip`e^_Xi[\efl^_
pflZXedfm\Èn_Xk`jgfjj`Yc\Éhl`k\XY`k]lik_\ik_Xen_Xk
`j]`ijk`e[`ZXk\[YpYl`c[`e^[\j`^e\ijXe[ZfekiXZkfij%
K_\\oXdgc\jf]k_`j\og\i`\eZ\Xi\1
› K_\]`e[`e^f]k_\XiZ_`k\Zkk_Xkk_\d`e`dXc ZfejkilZk`fe
f]k_\iff]nXjXci\X[pjki\e^k_\e\[Y\ZXlj\f]k_\
ZiXe\#jf`kZflc[XZklXccpZXiipk_\n\`^_kf]k_\
X[[`k`feXc`ejlcXk`fe%
› K_\Zfdg\k`k`feY\kn\\ek_\n`e[fndXel]XZkli\jdX[\
`kgfjj`Yc\kfZfd\lgn`k_hl`k\cfnL$mXcl\j]fik_\
n_fc\n`e[fn\m\eZfej`[\i`e^k_\iXk_\ijdXcc`e[`m`[lXc
^cXq`e^Xi\Xj%
› 8jXcnXpjk_\]`ijki\XZk`fe]ifdk_\ZfekiXZkfij`jk_Xk
Èk_`j`jkff\og\ej`m\É%@ek_\XZklXcj`klXk`fe`knXjk_\
9<DJjpjk\d%9lkYpe\^fk`Xk`fej`k]`eXccp^fkk_ifl^_
k_\gifZ\jj%
9I@K8`eGl9j
<e\i^pjXm`e^d\Xjli\j#
\c\Zki`Z`kpRbN_&d)XTKfkXcRbN_&XT
KFK8C
KfkXcZfjkj
<e\i^pZfjkjlj\[]fik_\gXpYXZbZXcZlcXk`fe1
K_\idXc1 '%'.,<lif&bN_'%,,;BB&bN_
<c\Zki`Z1 '%)(<lif&bN_(%,,;BB&bN_
<e\i^pjXm`e^d\Xjli\j#_\Xk`e^#
Zffc`e^#m\ek`cXk`feRbN_&d)XTKfkXcRbN_&XT
9<DJ
89l`c[`e^<e\i^pDXeX^\d\ekJpjk\d9<DJ _XjY\\e
[\j`^e\[Xe[`ejkXcc\[kfZfekifck_\_\Xk`e^Xe[m\ek`cXk`fe
jpjk\dj%K_`jn`ccj\Zli\Xefgk`dXcZfekifcf]k_\Yl`c[`e^
Xe[k_ljjXm\\e\i^pZfdgXi\[kfc\jjjfg_`jk`ZXk\[fi
dXelXcZfekifcjpjk\dj%
<e\i^pjXm`e^d\Xjli\&
`em\jkd\ek&jXm`e^j&
gXpYXZb
KFK8C
<JK@D8K<;J8M@E>J
8ik`jk`ZGMfek_\^XYc\
<Zfefdp
9I@K8`eGl9j
<mfepdfj<Zfcf^`ZXcC`YiXip#8k_\ej#>i\\Z\
Kpgfcf^p
9\]fi\1i\j`[\eZ\Xe[
Zfdd\iZ`Xclj\%
8]k\i1\Zfcf^`ZXcc`YiXipXe[
ZlckliXcZ\eki\
KfkXc]cffiXi\X
9\]fi\10('d )
8]k\i1(#'''d )
I\jgfej`Yc\
gifa\ZkgXike\ij
<e\i^pXe[<em`ifed\ekLe`k#EKL8
<lg_ifjpe\Ki`Xek`j#
K%"*')('..)(')+2Df`jj`j
Bfliflq`[`j#K%"*')('**(-,(- <l;`k`
<mfepdfj<Zfcf^`ZXcC`YiXip
nnn%\mfepdfj%fi^
JlddXip
)-
ÈN\Y\c`\m\k_XkXdXafijk\g
`ei\[lZ`e^\em`ifed\ekXc
gfcclk`fe`jk_\n`[\jgi\X[
lj\f]cfn\e\i^pXe[
\Zfcf^`ZXcZfejkilZk`fe
k\Z_efcf^`\j#Xe[\jg\Z`Xccp
`ei\kif]`kk`e^f]\o`jk`e^
Yl`c[`e^j%K_\i\efmXk`fe
f]<mfepdfj<Zfcf^`ZXc
C`YiXip`ek\^iXk\j\e\i^p
Zfej\imXk`feXe[i\e\nXYc\
\e\i^pjpjk\djn`k_
kiX[`k`feXcYl`c[`e^k\Z_e`hl\j`eXc`jk\[Yl`c[`e^#Xe[Xj
jlZ_`kZXej\im\XjXg`cfkgifa\Zk]fidXepj`d`cXiYl`c[`e^j
`e>i\\Z\Xe[`e<lifg\%É
:fek\ok
K_\Yl`c[`e^`jcfZXk\[Zcfj\kfk_\Z\ekiXcXiZ_X\fcf^`ZXc
jgXZ\j`e8k_\ej#n_`Z_Xi\Y\`e^le`k\[Xe[\e_XeZ\[Yp
g\[\jki`XeifX[j%K_`jcfZXk`fe`j`[\Xc]fi[`jj\d`eXk`fe
gligfj\jXjk_\n_fc\Xi\X`jm\ipgfglcXiXe[n`[\cp
]i\hl\ek\[Yp8k_\ejZ`k`q\ejXe[m`j`kfijk_ifl^_flkk_\p\Xi%
:C@D8K<:FE;@K@FEJ
KfkXcXeelXcjlej_`e\_flij
8eelXc_\Xk`e^[\^i\\[Xpj(/—: K\dg\iXkli\`e—:
N`ek\iXm\iX^\
N`ek\iXm%d`e
Jldd\iXm\iX^\
Jldd\iXm%dXo
)#/(/
(#(('
((%.%),%(
)0%.
;`d`ki`fjGXgX[`dflc`j
D\dY\if]k_\<lifg\XeGXic`Xd\ek#D\dY\if]k_\
:fdd`kk\\fek_\<em`ifed\ek#GlYc`Z?\Xck_Xe[=ff[JX]\kp#
D\dY\if]k_\K\dgfiXip:fdd`kk\\fe:c`dXk\:_Xe^\
K_\gligfj\f]k_\gifa\Zk`jkfd`e`d`j\\e\i^pe\\[j
n`k_k_\lj\f]\e\i^p\]]`Z`\eZpd\Xjli\jXe[`ek\^iXk`fe
f]jfcXik\Z_efcf^`\j\ejli`e^j`dlckXe\fljcpk_\idXc
Xe[m`jlXcZfd]fikZfe[`k`fejYfk_`e[ffijXe[flk[ffij%
B\p]\Xkli\f]k_\i\kif]`kk`e^`jk_\XZZfddf[Xk`fef]
\e\i^p\]]`Z`\eZpXe[i\e\nXYc\\e\i^pjpjk\djI<J Xe[
k\Z_e`hl\j`eXe`ek\^iXk\[[\j`^en`k_flkXck\i`e^k_\
]XZX[\jf]k_\Yl`c[`e^%K_\\e\i^pi\]liY`j_d\ek[\j`^e
n`cc]fccfnk_\efidjXe[i\jki`Zk`fej]fi\j\\eYpk_\
>\e\iXc9l`c[`e^:f[\]fic`jk\[Yl`c[`e^jf]k_`jkpg\%
K_\gifa\Zk#k_\Z_Xcc\e^\j
K_\Z_Xcc\e^\`ek_`jgifa\ZknXjkfi\efmXk\Xc`jk\[Yl`c[`e^#
ZfejkilZk\[`e(/0,$(0',#lj`e^\e\i^pZfej\imXk`feXe[
i\e\nXYc\\e\i^pjpjk\dj%9\j`[\j`k_X[kfY\Zfem\ik\[
`ekfXe\Zfcf^`ZXcc`YiXip[\mfk\[kf[\dfejkiXk`fe#
\[lZXk`fe#Xe[[`jj\d`eXk`fef]cfn\e\i^pXe[\em`ifed\ek
]i`\e[cpk\Z_efcf^`\j`eYl`c[`e^ZfejkilZk`feXe[i\efmXk`fe%
K_`jn`cc`eZcl[\kiX[`k`feXcXe[df[\iek\Z_e`hl\jf]\e\i^p
Xe[nXk\iZfej\imXk`fe#\Zfcf^`ZXcYl`c[`e^dXk\i`Xcj#
i\e\nXYc\\e\i^pjpjk\dj#Xe[i\ZpZc`e^f]nXk\i#gXg\i\kZ%
K_\e\n]XZX[\Xe[k_\e\ngXk`fn`k_jfcXiZfcc\Zkfi
K_\Yl`c[`e^`e`kjfi`^`eXcjkXk\
Jfclk`fej
9L@C;@E>:FEJKIL:K@FE
K_\`ek\i`fif]k_\Yl`c[`e^n`ccY\Zfdgc\k\cpi\efmXk\[%
B\p]\Xkli\jf]k_\i\efmXk`fe`jk_\X[[`k`fef]e\nlj\]lc
jgXZ\j#k_Xk`j1
X 8d\qqXe`e\Y\kn\\ek_\^ifle[Xe[(jk]cffi#`efi[\ikf
kXb\X[mXekX^\f]k_\[flYc\_\`^_kf]k_\^ifle[]cffi
e\Xicp-d %
Y K_\Zfem\ij`fef]Xe\o`jk`e^m\iXe[Xfek_\]`ijk]cffi`e
kfXefg\ei\X[`e^Xi\X%
?<8K@E>
I\e\nXYc\\e\i^p`ek\^iXk`fe1
› @ek\^iXk`fef]knfjlejgXZ\jfek_\m\iXe[Xj&k\iiXZ\jn`k_
fg\eXYc\m\ik`ZXcXe[k`ck\[^cXq`e^kf\c`d`eXk\Xep`eZi\Xj\
f]Yl`c[`e^Zffc`e^cfX[% › GMj`ek\^iXk\[fek_\jlejgXZ\iff]jXjj_X[`e^[\m`Z\j%
› JfcXiZfcc\Zkfij]fi[fd\jk`ZXccp_\Xk\[nXk\i%
<==@:@<EK<E<I>PJLGGCP
› >Xj]`i\[nXk\iYf`c\ijpjk\d]fi_\Xk`e^#]l\cc\[]ifdk_\
eXkliXc^XjZ`kpe\knfib%K_\j`q\f]k_\Yf`c\ie\\[\[`j
/)bN%8]fli$nXpmXcm\`je\Z\jjXipXkk_\Yf`c\iflkc\kkf
j`^e`]`ZXekcpcfn\ik_\nXk\ik\dg\iXkli\kfk_\c\m\ce\\[\[
Yp]XeZf`cle`kju+,$,'—: %Gldgjn`ccY\[i`m\eYpMXi`XYc\
=i\hl\eZp;i`m\ijM=; #kfXZZflek]figi\jjli\Z_Xe^\j[l\
kffg\e`e^&Zcfj`e^f]cfZXcmXcm\j%
K_\`ek\i`fi
Z K_\Zfem\ij`fef]k_\k\iiXZ\`ekfXj`kk`e^Xi\X%K_\
flk[ffijgXZ\jn`ccY\[\j`^e\[kf\ejli\_`^_hlXc`kp
k_\idXcXe[m`jlXcZfd]fik]fik_\lj\ij`eXccj\Xjfej%
<E<I>P:FEJ<IM8K@FE
› <ok\ieXc`ejlcXk`fef]nXccjXe[iff]j1+Zd`ejlcXk`fe
k_`Zbe\jj$Xcc\ok\ieXcXiZ_`k\ZkliXc[\ZfiXk`m\\c\d\ekj
n`ccY\[`jdflek\[]fik_\gcXZ\d\ekf]`ejlcXk`feXe[
k_\ei\gcXZ\[fii\ZfejkilZk\[%
› 8`ik`^_kcfnÆ\[flYc\^cXq`e^Xe[e`^_k`ejlcXk`fe
`ejlcXk\[Xcld`e`ldifcc\ij %
› I\[lZk`fef]`e]`ckiXk`fen`k_n`e[fnjki`gg`e^Xe[k`^_k
n`e[fn]iXd\j%
› J_X[`e^mXip`e^XZZfi[`e^kfk_\fi`\ekXk`fef]fg\e`e^j
_fi`qfekXc#Xe[m\ik`ZXcj_X[\jdX[\f]k_`enff[\e
fg\eXYc\]`ej %
› J_X[`e^f]k_\Jflk_Xe[Jflk_n\jk]XƒX[\jn`k_nff[\e
g\i^fcXjjlggfik`e^GMdf[lc\jXe[jc`[`e^Zcfk_j_X[\j%
› <Zfcf^`ZXccpki\Xk\[nff[%
).
M<EK@C8K@FE
› ?pYi`[\]]`Z`\ekm\ek`cXk`fe1Z\`c`e^]XejXe[\Xik_g`g\j%
› 8Z\eki`]l^Xc]Xe]Xej\Zk`fekpg\ n`k_M=;[i`m\ijn`ccXjj`jk
eXkliXcm\ek`cXk`fe%@kn`ccY\`ejkXcc\[Xkk_\kfgf]k_\dX`e
jkX`ijf]k_\Yl`c[`e^kfi\a\Zklj\[X`i%
› @eefmXk`m\jfcXiZ_`de\p&c`^_k[lZk\c\d\ekj%
› E`^_k_pYi`[m\ek`cXk`fe]fik_\nXiddfek_j%
9I@K8`eGl9j
9L@C;@E>:FEJKIL:K@FE
K_\\o`jk`e^Yl`c[`e^ZfejkilZk`fe`jZ_XiXZk\i`jk`Zf]`kj\iX%
@k_Xj-'Zdk_`Zbjkfe\nXccj#Xe[j`e^c\gXe\*%,d_`^_
n`e[fnjXe[YXcZfep[ffij%Fi`^`eXccpk_\i\nXjef`ejlcXk`fe
fenXccjXe[iff]jXe[k_\Yl`c[`e^jl]]\i\[]ifdj\i`flj
_ld`[`kpgifYc\dj%:lii\ekcp`k\ok\e[jfek_i\\]cffij#X
YXj\d\ek#Xe[k\iiXZ\%K_\^ifle[]cffi_flj\[Zfdd\iZ`Xc
XZk`m`k`\jn_`c\k_\(jk]cffifi`^`eXccpXi\j`[\eZ\#`jefn
lj\[XjXc`YiXip%
K_\Yl`c[`e^_XjXkfkXc]cffiXi\Xf]0('d ) #kfn_`Z_knf
Zfm\i\[k\iiXZ\jn`ccY\X[[\[#Yi`e^`e^k_\kfkXcljXYc\
jli]XZ\kf(#'''d ) Xggifo`dXk\cp%8efk_\ij\i`fljgifYc\d
`jk_\Yl`c[`e^]XZX[\n_`Z_`j^iXm\cp[\k\i`fiXk\[Xe[`j`e
li^\eke\\[f]i\efmXk`fe%
@e`k`Xccpk_\Yl`c[`e^nXj_\Xk\[n`k_gfikXYc\jdXccjkfm\j
Ylie`e^c`hl`[^Xj%K_\efe$_\Xk\[gXikjjkXp\[hl`k\Zfc[%
K_`j^Xm\i`j\kfZfc[[iX]kjXe[legc\XjXekZfc[qfe\jk_Xk
k_\lj\ijn\i\\ogfj\[kfn_\ek_\pZ`iZlcXk\[kfefe$_\Xk\[
Xi\Xj%=lik_\idfi\#k_\k\dg\iXkli\i\^`d\nXjjkife^cp
]clZklXk`e^n`k_iffd[ffifg\e`e^%;li`e^k_\m\ipZfc[
[Xpjk_\ZXgXZ`kpf]k_\jkfm\j[`[efkjl]]`Z\kfb\\gk_\
`ek\ieXck\dg\iXkli\n`k_`eZfd]fikc\m\cj%Fm\iXcck_\jgXZ\
_X[jkife^k_\idXcXjpdd\ki`\jXe[hl`k\f]k\enXjle[\i$
_\Xk\[%
@ejldd\i#k_\_\XkXYjfiY\[Ypk_\_`^_k_\idXcdXjj[li`e^
k_\[XpnXjefk[`jj`gXk\[kfk_\\em`ifed\ek#j`eZ\k_\
Yl`c[`e^i\dX`e\[Zcfj\[[li`e^k_\e`^_k#]fijX]\kpi\Xjfej%
:fej\hl\ekcpk_\_\Xki\dX`e\[`ek_\Yl`c[`e^\c\d\ekj
ZXlj`e^fm\i_\Xk`e^%K_lje`^_km\ek`cXk`fe`jm\ipY\e\]`Z`Xc
]fiZffc`e^f]]k_\Yl`c[`e^dXjj%
9I@K8`eGl9j
9DJ8E;DFE@KFI@E>
8e`ekiXe\kn`k_G:jn`ccY\lj\[]fi\[lZXk`feXe[`e]fidXk`fe
gligfj\j`efi[\ikfgi\j\ekkfjkl[\ekjXe[m`j`kfijf]k_\c`YiXip
k_\\e\i^pZfej\imXk`feXe[\em`ifed\ekXcjpjk\djlj\[`ek_\
Yl`c[`e^Xe[k_\`ifg\iXk`fe%Dfjkf]k_\jpjk\dj`ejkXcc\[`ek_\
Yl`c[`e^n`ccY\Zfekifcc\[YpX9l`c[`e^DXeX^\d\ekjpjk\d9DJ %
@kn`ccY\Zfee\Zk\[m`XC8E<k_\ie\k kfk_\Zfdglk\ijpjk\d`ek_\
c`YiXip#kfY\lj\[]fi[\dfejkiXk`feXe[k\XZ_`e^gligfj\j%
@k`jgcXee\[kfZfe[lZkXlj\ijlim\pXdfe^k_\c`YiXipd\dY\ij
`efi[\ikfZfcc\Zkk_\`ifg`e`fefeZfd]fikc\m\cjY\]fi\Xe[X]k\i
i\efmXk`fe%I\jlckjn`ccY\\mXclXk\[`eZfdgXi`jfekfk_\dfe`kfi`e^
[XkXZfcc\Zk\[%
K_\9DJj\im\j*[`jk`eZkgligfj\j1
› :fekifc?M8:#c`^_k`e^#gXjj`m\Zffc`e^#I<JXe[fk_\ijpjk\dj
`ejkXcc\[`ek_\Yl`c[`e^#fgk`d`q`e^k_\`ig\i]fidXeZ\%
› :fcc\Zkjpjk\dfg\iXk`feXe[\e\i^pZfejldgk`fe&gif[lZk`fe[XkX
]fiXeXcpj`jXe[\mXclXk`fe%
› ;\dfejkiXk\k_\lj\]lce\jjf]k_\jpjk\d`kj\c]#Xjn\ccXjk_\
\ek`i\\e\i^pZfejZ`flj[\j`^ef]k_\Yl`c[`e^%
K_\9DJn`cci\Z\`m\`eglkXe[&fiZfekifck_\]fccfn`e^1
<e\i^p[XkXXe[
X[[`k`feXci\jlckj
Jpjk\d
D\Xjli\d\ekjZfekifcj
N\Xk_\ijkXk`fe
K\dg\iXkli\#jfcXiiX[`Xk`fe#
_ld`[`kp#c`^_k`e^c\m\c#n`e[
G_fkfmfckX`ZZ\ccj
I\Zfi[\ij#[`jgcXp
9f`c\i
K_\idfjkXkj&mXcm\j#k`d\
?\Xkgldg
K_\idfjkXkj&mXcm\j#k`d\
=XeZf`cle`k K\dg\iXkli\#k`d\#_ld`[`]`ZXk`fe
8`i_Xe[c`e^le`k K\dg\iXkli\#k`d\#_\Xki\Zfm\ip
)/
?\Xk`e^\e\i^pjXm`e^RbN_&d)XT KfkXcRbN_&XT
(0,(0,#''' +%)+#)*+
NXk\ijXm`e^
Df[`]`\[d\Xjli\j
Fi`^`eXcnXk\ijXm`e^jDf[`]`\[nXk\ij\Xm`e^j
:F ) j\ejfij#]Xej#fg\e`e^j#
XdY`\ekZfe[`k`fej#k`d\#dfkfij
Rd*&d)TKfkXcRd*T
C`^_k`e^
CfZXc[`dd\ij\ejfij#fZZlgXeZp
j\ejfij#k`d\
KnfjXe`kXipjgXZ\j
JlejgXZ\
Fg\e`e^j#j_X[`e^#XdY`\ek
Zfe[`k`fej
Cflm\ij_fi`qfekXcXe[m\ik`ZXc
>cXq`e^e`^_k
k_\idXcgifk\Zk`fe
Ifcc\ij\c\Zki`Zdfkfij
=`i\gifk\Zk`fe
=`i\j\ejfij#XcXidj
› K_\i\]fi\#`eX[[`k`fekfk_\Z_Xcc\e^\f]`ek\^iXk`e^
i\e\nXYc\Xe[\e\i^pZfej\imXk`fejpjk\djkf
k_\kiX[`k`feXcZfejkilZk`fek\Z_e`hl\jf]Xc`jk\[
Yl`c[`e^#k_`jgifa\Zk_XjY\\e`eefmXk`m\`ek\idjf]
k_\ZfdY`eXk`fef]gi`mXk\Xe[glYc`Zjgfejfij`ek_\
i\kif]`kk`e^f]XglYc`ZYl`c[`e^%
<c\Zki`ZXc\e\i^pjXm`e^RbN_&d)XT KfkXcRbN_&XT
=Xej&fg\e`e^j
J_X[`e^
› @k`jf]k\e[`]]`ZlckkfZfdY`e\glYc`Z]`eXeZ`e^
gifZ\[li\j]fik_\i\jkfiXk`fef]glYc`ZYl`c[`e^jn`k_
k_\gi\if^Xk`m\jf]Xi\j\XiZ_gifa\Zk%@ek_\ZXj\f]
<mfepdfjgifa\Zk#k_\ZfejkilZk`fegifZ\jj_XjY\\e
^i\Xkcp[\cXp\[Y\ZXlj\f]k_\c\e^k_pgifZ\[li\j
`emfcm\[`eYl`c[`e^i\jkfiXk`fe]`eXeZ`e^kifl^_k_\>i\\b
D`e`jkipf]:lckli\#kfn_`Z_k_\Yl`c[`e^Y\cfe^j#XjX
c`jk\[Yl`c[`e^%K_\\c`^`Yc\gXikf]k_\gifa\Zknflc[efk
_Xm\Y\\eZfdgc\k\[`ek`d\`]k_\gifa\Zkk\Xd_X[efk
j\Zli\[k_\gXik`Z`gXk`fef]gi`mXk\jgfejfij#jlZ_Xj
JKF8>$;iXZfgflcfjF%<%#JZ_e\`[\i<c\Zki`Z#Gfj\`[fe
Dfefgifjjfg`Ck[Xe[@JKFJ8#n_fle[\ikffb]`eXeZ`e^
Xe[ZfejkilZk`fef][`]]\i\ekgXikjf]k_\gifa\Zk#le[\i
k_\^\e\iXcdXeX^\d\ekXe[Zffi[`eXk`fef]Di%<c`Xj
Cfl`qfjf]@:J;L<CCCk[%
<JK@D8K<;P<8ICPJ8M@E>J
Fi`^`eXcd\Xjli\j
d\\k`e^iffdj
=`ijk_Xe[\og\i`\eZ\j
'%(-(.,
D\Xjli\d\ekjXe[\mXclXk`fen`ccY\XmX`cXYc\X]k\i
Zfdgc\k`fef]k_\gifa\Zk`eDXp)''/%
+/+#*.'
GXp$YXZbg\i`f[RXT
)* Rd*&d)TKfkXcRd*T
'%(-(.,
8[[`k`fef]knfdfi\jXe`kXipjgXZ\j
kfj\im`Z\k_\lj\ij
<Zfefdp
<c`^`Yc\ZfjkjRET
› =`eXccp#`kj_flc[Y\efk\[k_Xkk_\`ekif[lZk`fef]gXjj`m\
jfcXiZfdgfe\ekj`ekfk_\i\kif]`kk`e^f]Xc`jk\[Yl`c[`e^
j_flc[efkY\ki\Xk\[`eXe`e]c\o`Yc\nXpfiXji\d\[p]fi
Xcckpg\jf]gifYc\dj%<XZ_Yl`c[`e^j_flc[Y\Zfej`[\i\[
`e[`m`[lXccpXe[gXjj`m\jfcXi]\Xkli\j`ekif[lZ\[`ekfk_\
fm\iXcc[\j`^eZfeZ\gkjfk_Xkk_\Y\jkgfjj`Yc\YXcXeZ\f]
k_\idXcXe[m`jlXcZfd]fik`jXZ_`\m\[Xe[k_\i\kif]`kk\[
Yl`c[`e^d\\kjk_\fZZlgXekjËgiXZk`ZXcXe[X\jk_\k`Z
e\\[j%
DX`e9l`c[`e^M`ce`lj>\[`d`eXjK\Z_e`ZXcLe`m\ij`kpM>KL #M`ce`lj#C`k_lXe`X
È<m\ipdfie`e^@cffbXkk_\
DX`eYl`c[`e^f]M>KLfedp
nXpkfnfibXe[X]\\c`e^f]
X[d`iXk`fejn\\gjd\1`k_Xj
Y\Zfd\jfY\Xlk`]lcX]k\i
i\]liY`j_d\ek%@kËjjX[k_Xk
n\Zflc[efki\]liY`j_fk_\i
Yl`c[`e^jf]M>KLp\kÉ%
Gif]%;i%_XY`c%IfdlXc[Xj>`e\m`õZ `lj I\Zkfif]M`ce`lj>\[`d`eXjK\Z_e`ZXcLe`m\ij`kp
:fek\ok
DX`eYl`c[`e^M`ce`lj>\[`d`eXjK\Z_e`ZXcLe`m\ij`kpM>KL
Kpgfcf^p
Le`m\ij`kp\[lZXk`feXe[ i\j\XiZ_Z\eki\
KfkXc]cffiXi\X
/#+/+%)'d )
I\jgfej`Yc\gifa\Zk
gXike\i I\efmXZ`afjgifa\bkX`Ck[%
K_`j[\dfejkiXk`fegifa\Zkgifm\jk_XkYpXggcp`e^k_\
d\k_f[fcf^pf]dlck`$mXi`Xek[\j`^eXe[dlck`gc\Zi`k\i`X
XeXcpj`jf]XYl`c[`e^i\]liY`j_d\ekdfi\\]]`Z`\ekYl`c[`e^
i\]liY`j_d\ekZXeY\i\Xc`q\[%
K_\gifa\Zk#k_\Z_Xcc\e^\j
K_\Z_Xcc\e^\`ek_`jgifa\ZknXjkfj_fn_fn\e\i^p\]]`Z`\ek
jfclk`fejZXeY\XZ_`\m\[`eXggcp`e^k_\d\k_f[fcf^p
f]dlck`$mXi`Xek[\j`^eXe[dlck`gc\Zi`k\i`XXeXcpj`jf]X
Yl`c[`e^i\]liY`j_d\ekYp]fid`e^k_fljXe[jf]Xck\ieXk`m\
m\ij`fej%K_`jd\k_f[fcf^pXccfn\[kf[\k\id`e\k_\
jkife^\jkXe[n\Xb\jkgf`ekjf]\XZ_k_\dX`eYl`c[`e^Ëjf]
M`ce`lj>\[`d`eXjK\Z_e`ZXcLe`m\ij`kpM>KL i\]liY`j_d\ek
gifa\ZkXe[`kjZfejk`kl\ekgXikj%
K_\i\ZkXe^lcXiYl`c[`e^`jXglYc`Zfe\#k_\]`ijkfe\kfj\\
n_`c\XggifXZ_`e^k_\le`m\ij`kp%K_\dX`e[\kX`cjXi\1
› C\e^k_Xe[n`[k_1.+%*'o(.%))d%
› =cffiXi\X1/#+/+%)'d ) %
› EldY\if]jkfi\pj1.% › EldY\if]fZZlgXekj1(#'/+%
› EldY\if]iffdj1)(0%
› J\m\iXc[\gXikd\ekjXe[c\Zkli\_Xccj#n`k_j\Xk`e^]fi,'
kf(''jkl[\ekj%
› 8m\iX^\Xi\Xg\ilj\i1.%/*d ) %
› 9l`c[`e^[Xk\1(0.(%
K_\jlYjkilZkli\f]k_\Yl`c[`e^nXjdX[\]ifd]iXd\g`ccXi
)0
K_\M>KL$Yl`c[`e^Y\]fi\i\kif]`k%
GcXef]+k_]cffi%
nff[\efiXcld`e`ldgif]`c\]iXd\nfibj%K_\n`e[fnjn\i\
m\ipfc[1Zcfj`e^n`e[fnjXe[cXZbf]k`^_ke\jjn\i\k_\
Y`^^\jk`eZfem\e`\eZ\j%:lii\ekZfejkilZk`fef]k_\n`e[fnj
[`[efkZfii\jgfe[kfk_\df[\ien`e[fni\hl`i\d\ekjXe[
[`[efk\ejli\gifg\i`ej`[\Zfd]fikZfe[`k`fej%K_\k_\idXc
kiXejd`kkXeZ\f]\o`jk`e^n`e[fnjnXjL n` 4)%,N&d ) B%
CXk\iXc\ekiXeZ\[ffij`ek_\Yl`c[`e^n\i\fc[#lej\Xc\[Xe[
m\ip`ej\Zli\Xjn\cc%K_\k_\idXckiXejd`kkXeZ\f][ffijnXj
L [ 4)%*N&d ) B%
8cciff]jf]k_\Yl`c[`e^n\i\]cXk#Xe[k_\Zfm\i`e^nXj
dX[\]ifdk_\ifcc%@eFZkfY\i)'')#k_\iff]nXji\gX`i\[%
9I@K8`eGl9j
JlddXip
K_\j`k\f]k_\M>KLdX`eYl`c[`e^`j`eXjlYliY#e\XiYpM`ce`lj
le`m\ij`kpML #i\j`[\ek`XcYl`c[`e^jXe[X]fi\jk%
C`k_lXe`XeZc`dXk\`jdXi`k`d\&Zfek`e\ekXc%K_\_`^_\jk
k\dg\iXkli\`eAlcp`j"*'%(—:#k_\cfn\jk`eAXelXip`j$))%.—:%
K_\C`k_lXe`XeZc`dXk\`jk\dg\iXk\%=ifdDXpkfJ\gk\dY\i
[Xpk`d\_`^_jmXip]ifdXYflk(+—:kf))—:#YlkY\kn\\e
Efm\dY\iXe[DXiZ_`kiXi\cp^\kjXYfm\+—:%AlcpXe[8l^ljk#
k_\nXid\jkdfek_j#Xi\Xcjfn\k#n`k_[Xpjf]g\ij`jk\ek
j_fn\ij%DXp#Ale\Xe[J\gk\dY\iXi\dfi\Zfd]fikXYc\#n_`c\
cXk\Ale\ZXeY\k_le[\ip%Jclj_le[\i]ffk`jjfd\k_`e^pfl
_Xm\kfZfg\n`k_`eXlklde#n_\ejefn]XccjXe[d\ckj%@e
jgi`e^#n_\ek_\n`ek\ijefnk_Xnj%8m\iX^\XeelXcgi\Z`g`kXk`fe
`j.(.ddfek_\ZfXjkXe[+0'dd`ek_\<Xjk%
M`ce`lj`jcfZXk\[`jk_\\Xjkf]k_\Zflekip#(+'$(,'dXYfm\
j\Xc\m\c%@k_XjXd\XeXeelXck\dg\iXkli\$-%+—:#k_\d\Xe
n`ek\ik\dg\iXkli\$+—:%
n`k_Zfcldejf]k_\LBkpg\%K_\nXccjf]k_\Yl`c[`e^_Xm\
X]\iifZfeZi\k\]iXd\Xe[k_i\\$cXp\i]\iifZfeZi\k\gXe\cj
-'&0'&0'Zd %K_\k_\idXckiXejd`kkXeZ\f]nXccj`j
L n 4(%'.N&d ) B%;li`e^k_`ikpp\Xijf]\ogcf`kXk`fe#Yfk_jle
Xe[iX`e]Xcc_Xm\_X[k_\`i`dgXZkfe\ok\ieXcj\Zkfij%Fe
jfd\gcXZ\jZfee\Zk`fealeZkli\jf]k_i\\$cXp\igXe\cjn\i\
Xci\X[pgXikcpZildYc\[%JlZ_j\Xc`e^aleZkli\jn\i\\Xj`cp
YcfnXYc\Xe[g\im`fljkfdf`jkli\%AleZkli\`e[XdX^\[
gcXZ\jf]k_\\ok\ieXcj\ZkfijnXjj\Xc\[n`k_j\Xc`e^
dXk\i`XcXe[]`cc\[lgn`k_Xj\XcXek%
K_\i\n\i\[iXn`e^jXmX`cXYc\]fik_\gifa\Zk%K_\]fccfn`e^
knfg_fkfjj_fnk_\jkXk\f]k_\Yl`c[`e^Y\]fi\i\kif]`k%
K_\Y`^^\jkgXikf]k_\\ok\ieXcj\Zkfij`ek_\dX`e]XZX[\j
nXjfZZlg`\[Yp^cXjjXi\X%8ccn`e[fn^cXjjnXjgcXZ\[`e
9I@K8`eGl9j
8]k\ileni`ebc`e^XccYcfn_fc\jXe[fk_\iifl^_e\jjf]k_\
fc[Zfm\i`e^#e\n_p[if$`jfcXk`e^iff]`e^nXj]`klg%N_`c\
i\efmXk`e^k_\iff]#[l\kfXj_fikX^\f]]`eXeZ`e^#Zlii\ek
fc[gXiXg\kk`ejn\i\Z_Xe^\[fecp`ek_\j\gcXZ\jn_\i\k_\p
n\i\m\ipiljkp%K_\k_\idXckiXejd`kkXeZ\f]iff]nXjL i 4
'%/N&d ) B%
L$mXcl\RN&d)BT
JkilZkliXc
le`k
9\]fi\i\kif]`k
8]k\ii\kif]`k
N`e[fnj
)%,
(%(-
NXccj
(%'.
'%)
Iff]
'%/
'%)
;ffij
)%*
(%,
Jfclk`fej
9L@C;@E>:FEJKIL:K@FE
B\\g`e^`ed`e[k_Xkk_\Yl`c[`e^`jefn`elj\dfi\k_Xe
k_`ikpp\Xij#k_\]fccfn`e^d\Xjli\j_Xm\Y\\ejl^^\jk\[1
›
›
›
›
›
*'
;li`e^k_\gXik`Xci\efmXk`fef]k_\k_\idXcle`k#Xe
\c\ZkifdX^e\k`Z`e[`ZXkfi]fi_\XkXe[nXk\ihlXek`kpn`cc
Y\`ejkXcc\[%N`k_k_\_\cgf]k_\`e[`ZXkfik_\_\XkhlXek`kp#
k_\hlXek`kpf]]cfn`e^nXk\i#`ejkXekXe\flj[\Y`k#`e`k`Xc
Xe[i\Zlij`m\k\dg\iXkli\#`e`k`XcXe[]`eXcgi\jjli\`j
[\k\id`e\[%;XkXf]`e[`ZXkfidXpY\kiXejd`kk\[Yp`ek\ie\k
Xe[k_\`e[`ZXkfidXeX^\[YpZfdglk\igif^iXdj%
I\efmXk`fef]]XZX[\j%
I\gcXZ\d\ekf]n`e[fnj%
I\efmXk`fef]k_\iff]%
I\gcXZ\d\ekf]\ekiXeZ\[ffij%
8jc`^_kfgk`d`jXk`fef]k_\i\efmXk\[k_\idXcle`kXe[
Zfdgc\d\ekf]k_\XlkfdXk`ZgXik%
› I\efmXk`fef]k_\_\Xk`e^jpjk\d%
K_\i\kif]`kZfeZ\gkk_XecffbjXj]fccfnj1
?<8K@E>
@knXjjl^^\jk\[kfZXiipflki\efmXk`fef]Zlii\ekdfiXccp
Xe[g_pj`ZXccpflk$f]$[Xk\_\Xk`e^jpjk\d%@knflc[`eZcl[\
k_i\\jkX^\j1
(% 8e\n#]lccpXlkfdXk\[_\Xk`e^jpjk\d#n`k_XlkfdXk\[
Zfdg\ejXk`femXcm\j[\j`^e\[]fik_\jkXe[jf]k_\_\Xk`e^
jpjk\dj#e\nZcfj`e^i\`e]fiZ\d\ek#k_\`ejkXccXk`fef]
k_\idfjkXk`ZmXcm\j]fi_\Xk`e^\hl`gd\ek#Z_Xe^\f]kileb
g`g\c`e\jXe[Zf$fi[`eXk`fef]k_`jgXikf]k_\gifa\Zk%
)% @dgc\d\ekXk`fef]k_`j_\Xk`e^jpjk\di\efmXk`fe%
*% :ffi[`eXk`feXe[fg\iXk`fef]k_\i\efmXk\[_\Xk`e^
jpjk\d%K_`ji\^Xi[jk_\_\Xk\]]\Zk%
M<EK@C8K@FE
I\efmXk`fef]d\Z_Xe`ZXcX`ijlggcp&i\dfmXcjpjk\dj`eZcl[\j1
(% I\gcXZ\d\ekf]k_\Zlii\ekm\ek`cXk`fejpjk\dn`k_Xke\n
fe\#]lccpXlkfdXk\[%M\ek`cXk`fej_flc[Y\d\Z_Xe`ZXc#
n`k_,'$.'g\iZ\eki\Zlg\iXk`fe%@eX[[`k`fe#e\ng`g\c`e\j
f]X`ijlggcp&i\dfmXcXe[\hl`gd\ekn`ccY\`ejkXcc\[%
)% @dgc\d\ekXk`fef]k_`jX`ijlggcp&i\dfmXcjpjk\dj
i\efmXk`fe%
*% @ejkXccXk`feXe[Zf$fi[`eXk`fef]k_\e\njpjk\dj%K_`j
`eZcl[\j`ejkXccXk`feXe[Zf$fi[`eXk`fef]k_\jpjk\dj%
<e\i^p[XkXXe[
X[[`k`feXci\jlckj
<JK@D8K<;J8M@E>J
<e\i^pZfjkjlj\[]fik_\gXpYXZbZXcZlcXk`fe1
› K_\idXc1*-%(+`&DN_%
› <c\Zki`Z1/,%(,`&DN_%
<e\i^pjXm`e^d\Xjli\j_\Xk`e^
RbN_&d)XT
KfkXcRbN_&XT
?`^_$\]]`Z`\ekn`e[fnj
)-
))'#,/0
@ejlcXk`fef]iff]jXe[]XZX[\j
).%0
)*-#-.)
?\Xk`e^jpjk\d
*-
*',#--*
M\ek`cXk`fejpjk\d
_\Xk`e^i\Zfm\ipjpjk\d
+)%)
)0.#'''
KFK8C?<8K@E><E<I>PJ8M@E>J
(*)%(
(#',0#0)+
<e\i^pjXm`e^d\Xjli\j&
`em\jkd\ek&jXm`e^j&
gXp$YXZb
KFK8C
KfkXcZfjkj
JXm`e^
R%TR%&XT
GXp$YXZb
g\i`f[RXT
+-)#'''+'#/+'((
D\Xjli\d\ekjXe[
\mXclXk`fej
K_\dfe`kfi`e^f]k_\M>KLdX`eYl`c[`e^jkXik\[`eDXiZ_
)''-%K_\ZfeZclj`fejf]Xe\e\i^pXl[`kg\i]fid\[`e)'') j_fn\[k_Xk(+$(-—:nXjk_\Xm\iX^\k\dg\iXkli\`egi\d`j\j
[li`e^X_\Xk`e^j\Xjfe%K_\`e[ffiX`ik\dg\iXkli\`eZi\Xj\[
Yp)$+[\^i\\jX]k\ii\gcXZ\d\ekf]n`e[fnj#`ejlcXk`fef]
iff]Xe[i\efmXk`fef]k_\k_\idXcle`k%Efnk_\`e[ffiX`i
k\dg\iXkli\d\\kjk_\i\hl`i\d\ekj%?fn\m\i#k_\XeXcpj`j
f]mfcld\]cfn#X`im\cfZ`kpXe[i\cXk`m\_ld`[`kpj_fnj
k_XkZlii\ekmXcl\jXi\cfn\ik_Xek_fj\f]jg\Z`]`ZXk`fej%
@ejl]]`Z`\ekjg\\[f]k_\`e[ffimfcld\]cfn[\k\id`e\jcXZb
f]fop^\e%8jXi\jlck#`e[ffi_p^`\e\Zfe[`k`fejXi\YX[#
g\fgc\]\\cnfij\Xe[k_\`igif[lZk`m`kp[\Zi\Xj\j%@knXj
gfjj`Yc\kfZfdgXi\k_\[XkXfe\e\i^pZfejldgk`feY\]fi\
k_\i\efmXk`feXe[[li`e^k_\i\efmXk`fe%@ejldd\if])''+#
k_\n`e[fnjf]k_\dX`eYl`c[`e^n\i\i\gcXZ\[%@eXlkldef]
)'',#k_\iff]Xe[nXccjf]k_\j\d`$YXj\d\ekn\i\`ejlcXk\[%
@e)''*#k_\_\Xk`e^\e\i^pZfejldgk`fenXj0)'#'''bN_#
Xe[`e)'',Xci\X[p,*)#'''bN_#`%\%`k[\Zi\Xj\[Yp+)%@e
)''-#k_\_\Xk`e^\e\i^pZfejldgk`fedX[\lg,+.#'''bN_%
:fdgXi\[kf)''*#k_\_\Xk`e^\e\i^pZfejldgk`fe[\Zi\Xj\[
Yp+(%@e)'',#\c\Zki`Z`kpZfejldgk`fe[\Zi\Xj\[YpXYflk
(-ZfdgXi\[kf)''*#Xe[ZfdgXi\[kf)''+Yp)-%K_\
c\m\cf]gfcclk`fenXjd\Xjli\[`ek_\\em`ifed\ekf]M>KL`e
)''-$)''.1ef`j\gfcclk`fe[9 #:Fgfcclk`feggd #gXik`ZlcXi
dXk\jgfcclk`fegXik`Zc\gfcclk`fe d^&d * %8]fi\ZXjk
f]gfcclk`feef`j\gfcclk`fe#[92:Fgfcclk`fe#ggd `ek_\
\em`ifed\ekf]M>KL]fik_\p\Xi)'('`jgifm`[\[%
=`ijk_Xe[\og\i`\eZ\j
;li`e^k_\M>KLi\efmXk`feX`d`e^Xk\e\i^pjXm`e^j
d\Xjli\j#df[`]`ZXk`fejfZZlii\[%9\ZXlj\f]]`eXeZ`Xc
j_fikX^\jk_\k_`i[i\efmXk`feZfdgfe\ek#`%\%m\ek`cXk`feXe[
`eZfej\hl\eZ\k_\m\ek`cXk`fejpjk\d#nXjefk]fi\j\\ekfY\
i\]liY`j_\[%?fn\m\i#`ek_\gifZ\jjf]i\efmXk`fek_\k_i\\
dX`eZfdgfe\ekjÆYl`c[`e^\em\cfg\#_\Xk`e^Xe[m\ek`cXk`fe
$dljkY\b\gk`eYXcXeZ\%8j`+)#-',%-(nXjjXm\[Yp
i\gcXZ\d\ekf]k_\n`e[fnj#`knXjk_\i\]fi\[\Z`[\[kflj\
k_Xkdfe\p]fik_\i\efmXk`fef]k_\m\ek`cXk`fejpjk\d%
K_\Kffcj
9I@K8`eGl9j
I\kif]`k;\j`^e>l`[\c`e\j
K_\gXike\ijf]9I@K8`eGl9j_Xm\ni`kk\e(+i\kif]`k[\j`^e
^l`[\c`e\jn`k_XYflk+$/gX^\j\XZ_#]fZlj`e^fejg\Z`]`Z
k\Z_efcf^`\jc`b\`eefmXk`m\`ejlcXk`fe#X[mXeZ\[n`e[fnj#
gXjj`m\jfcXi_\Xk`e^#i\[lZk`fef]fm\i_\Xk`e^#_pYi`[
m\ek`cXk`fe#`dgifm\[[Xpc`^_k`e^#jfcXik_\idXcjpjk\dj#
jfcXi_\Xk`e^Xe[Zffc`e^#g_fkfmfckX`Z`ek\^iXk`feXe[
_\Xkgldgjfifedfi\^\e\iXc`k\dj%K_\cXkk\i[\Xcn`k_
k_\`ek\i[`jZ`gc`eXip[\j`^eXggifXZ_#\e\i^pj`dlcXk`fe
kffcj#c`]\ZpZc\Xjj\jjd\ekXe[cfe^$k\iddfe`kfi`e^%K_\
^l`[\c`e\jZfekX`e`e]fidXk`fefen_pkflj\k_\k\Z_efcf^p#
i\hl`i\d\ekj`ei\^lcXk`fej#Zlii\ekgiXZk`Z\#[`]]\i\ek
`eefmXk`m\jfclk`fejn`k_k_\`iX[mXekX^\jXe[[`jX[mXekX^\j#
\e\i^pjXm`e^jXe[Zfjkj#Xjn\ccXj`e]fidXk`fefe
dX`ek\eXeZ\Xe[Y\jkgiXZk`Z\\oXdgc\j%K_\pXi\XmX`cXYc\
]fi[fnecfX[Xkk_\gifa\Zkn\Yj`k\%
8mX`cXYc\I\kif]`k;\j`^e>l`[\c`e\j1
*)
'(@ek\i[`jZ`gc`eXipXggifXZ_kfjljkX`eXYc\Yl`c[`e^j
')<e\i^pj`dlcXk`fekffcj]fiYl`c[`e^j
'*C`]\ZpZc\Xjj\jjd\ek
'+@eefmXk`m\`ejlcXk`fe
',8[mXeZ\[\e\i^p\]]`Z`\ekn`e[fnj
'-GXjj`m\jfcXi_\Xk`e^
'.I\[lZk`fef]fm\i_\Xk`e^
'/?pYi`[m\ek`cXk`fe
'0@dgifm\[[Xpc`^_k`e^
('JfcXik_\idXcZfcc\Zkfij
((8Yjfigk`feZffc`e^
()GM$`ek\^iXk`fe
(*?\Xkgldgj
(+Cfe^$k\iddfe`kfi`e^
<okiXZk]ifdk_\[\j`^e^l`[\c`e\fe`eefmXk`m\`ejlcXk`fe
9@KÆ9I@K8`eGl9j
@e]fidXk`feKffc
8e`ek\ie\kYXj\[\c\Zkife`Z[XkXYXj\f]]\ijdXep[`]]\i\ek
kpg\jf]`e]fidXk`fe]fi[\Z`j`fe$dXb\ijfeglYc`Zi\efmXk`fe
gifa\Zkj%K_\9I@K8`eGl9j`e]fidXk`fekffc9@Kgi\j\ekj`e
XeZc\XicpjkilZkli\[Xe[j`dgc\kflj\nXpXcc[\dfejkiXk`fe
Yl`c[`e^j]ifdk_\gifa\ZkgcljX[[`k`feXcdfi\k_Xe*'
\[lZXk`feXcZXj\jkl[pYl`c[`e^j]ifdXaljk]`e`j_\[@<8
gifa\Zk%@eXdXki`ok_\Yl`c[`e^jXi\fggfj\[kf[`]]\i\ek
i\kif]`kjkiXk\^`\jjkXik`e^n`k_k_\Yl`c[`e^\em\cfg\#fm\i
_\Xk`e^Xe[m\ek`cXk`fejpjk\dj#jfcXiZfekifcXe[Zffc`e^
jpjk\dj#c`^_k`e^jpjk\djkfi\e\nXYc\jXe[dXeX^\d\ek
d\k_f[j%
K_\i\kif]`kk\Z_efcf^`\jXe[k_\ZXj\jkl[`\jXi\[\jZi`Y\[
`e[\kX`c`ejf$ZXcc\[m`\n\ij%=fiYfk_#k_\ZXj\jkl[`\j
Xe[k_\i\kif]`kd\Xjli\j#dfi\[\kX`c\[`e]fidXk`fe`j
f]]\i\[Xjg[]$[fnecfX[j`eZcl[`e^k_\]`eXci\gfikj]ifdk_\
[\dfejkiXk`feYl`c[`e^jXe[k_\i\kif]`k[\j`^e^l`[\c`e\j%
K_\9@KKffcZXeY\lj\[fek_\9I@K8`eGl9jn\Yj`k\ nnn%Yi`kX$`e$glYj%\l
**
8eX[[`k`feXc]\Xkli\f]k_\`e]fidXk`fekffc`jk_\
g\i]fidXeZ\iXk`e^kffc%?\i\k_\lj\iZXem`jlXccpZfdgXi\
k_\\c\Zki`Z`kp#_\Xk`e^Xe[nXk\iZfejldgk`fef]Xjg\Z`]`Z
Yl`c[`e^n`k_k_\eXk`feXcXm\iX^\]fi`ekfkXc(0[`]]\i\ek
Yl`c[`e^kpg\j%
K`kc\gX^\f]k_\9I@K8`eGl9j`e]fidXk`fekffc9@K%
9I@K8`eGl9j
I\kif]`kD\Xjli\M`\n\in`k_`ek_\9@KKffc%
9I@K8`eGl9j
*+
9@J?$9cXZbYfXi[
@e]fidXk`feJ_\\kj
DXepi\j\imXk`fejX^X`ejk\e\i^pZfej\imXk`feXe[i\e\nXYc\
\e\i^`\ji\jlck]ifdcXZbf]befnc\[^\Xe[`^efiXeZ\fek_`j
jlYa\Zk`ek_\[`]]\i\ekjfZ`Xc#X^\Xe[gif]\jj`feXc^iflgj%
K_\lj\iY\_Xm`fli_XjXjkife^`e]cl\eZ\fek_\\e\i^p
g\i]fidXeZ\f]Yl`c[`e^j#`kZXe`eZi\Xj\fi[\Zi\Xj\k_\
\e\i^pZfejldgk`fe]fi_\Xk`e^#Zffc`e^#m\ek`cXk`feXe[
c`^_k`e^Ypdfi\k_Xe,'%8[[`k`feXccp`kZXe`e]cl\eZ\k_\
`e[ffiZfd]fik%8Z_Xe^\kfXY\kk\ilj\iY\_Xm`fli`jXef$
Zfjkd\Xjli\]fik_\Yl`c[`e^fne\iXe[n`cck_\i\]fi\Y\
jlggfik\[Ypk_\d%
=fi[`]]\i\ekkXi^\k^iflgjfZZlgXekjc`b\glg`cjXe[k\XZ_\ij
fif]]`Z\nfib\ij&ZXi\$kXb\ijXe[dX`ek\eXeZ\g\ijfee\c&
X[d`e`jkiXk`fe j`dgc\YcXZbYfXi[`e]fidXk`fej_\\kj_XjY\\e
[\m\cfg\[jg\Z`]`ZXccp#n_`Z_`e]fidjfegfj`k`m\Xe[e\^Xk`m\
`e]cl\eZ\gfjj`Y`c`k`\jkfk_\\e\i^pZfejldgk`feXe[`e[ffi
Zfd]fikf]Yl`c[`e^j%9\j`[\jj_fn`e^k_\\e\i^pZfejldgk`fe
Xe[Zfjk[`]]\i\eZ\j`kn`cc^`m\X[m`Z\fe_fnkf`dgifm\k_\
Zfd]fikc\m\cn`k_ef$Xe[cfn$Zfjkd\Xjli\j%
K_\]fccfn`e^/9@J?\j_Xm\Y\\egif[lZ\[`e<e^c`j_Xe[`e
[`]]\i\ekeXk`feXcm\ij`fej1
(% JXm\Zffc`e^\e\i^pn`k_e`^_km\ek`cXk`fe
)% JXm\\c\Zki`Z`kpk_ifl^_k_\`ek\cc`^\eklj\f][Xpc`^_k
*% JXm\Zffc`e^\e\i^pn`k_j_X[`e^
+% JXm\\e\i^pXe[`dgifm\nfib\]]`Z`\eZplj`e^k_\
k_\idfjkXki`^_k
,% I\gfik[\]\Zkjkfk_\dX`ek\eXeZ\g\ijfee\c
-% Dfe`kfi`e^Xe[kXi^\k`e^`jYXj`j]fijlZZ\jj]lc\e\i^p
i\kif]`kk`e^
.% @ejkild\ekXk`feXe[ZfekifcXe[
/% B\\gn`e[fnjZcfj\[n_\eX`i$Zfe[`k`fe`e^`jfe
<oXdgc\f]XYcXZbYfXi[
`e]fidXk`fej_\\k]fi
kiX`e`e^\e\i^p\]]`Z`\eklj\i
Y\_Xm`fli%
HlXc`kp:fekifcKffc9fo
8hlXc`kp&g\i]fidXeZ\ZfekifckffcYfo$XZfeZ\gk]ifd[\j`^e
kfgfjkZfejkilZk`fec`]\cfe^dXeX^\d\ek#lj`e^
9<DJ&I<DJ$kpg\gifZ\[li\jXe[lj`e^gi\mX`c`e^d\k_f[j%
K_\kffcYfo_XjY\\e[\m\cfg\[`eXe\c\Zkife`Z&`ek\ie\k
YXj\[]fidXe[`jjkilZkli\[XZZfi[`e^kfk_\k_i\\dXafi
Yl`c[`e^gifa\ZkjkX^\j#n_`Z_n`ccY\c`eb\[%K_\]`^li\
Y\cfnj_fnj_fnk_\i\hl`i\d\ekjXe[^fXcjn`ccY\Z_\Zb\[
Y\kn\\e\XZ_jkX^\jf]k_\gifa\Zk%<XZ_[`Xdfe[#ÈjXcd`XZÉ
ZfekX`ejXc`jkf]kXjbjXe[fg\iXk`fejÆZ_\Zbc`jkj% <$C\Xie`e^Xe[Jkl[\ek
:flij\j
8e`ek\cc`^\ekZfdglk\ic\Xie`e^jpjk\d`j[\m\cfg\[Xe[
`ejkXcc\[Xkk_\M>KLXe[n`ccXjj`jkk_\lj\i&i\X[\i`e
j\c\Zk`e^k_\dfjki\c\mXekk\ok]ifdk_\\c\Zki`Zk\okYffbkf
jkl[p]fiXjg\Z`]`ZjlYa\Zk%K_`jgXikf]k_\df[lc\YXj\[fe
XeXlkfdXk\[XeXcpj`jf]b\pnfi[j`eZcl[\[`ek_\[`]]\i\ek
Z_Xgk\ijf]k_\9I@K8`eGl9ji\gfikj%
K_\k\okj`ek_\\c\Zkife`Zk\okYffbn`ccZfej`jkf]g[]$]`c\jf]
k_\[\j`^e^l`[\c`e\jXe[[\dfejkiXk`fegifa\Zki\gfikj%=fi
\XZ_k\okXj\kf]i\cXk\[hl\jk`fejXe[Xejn\ij`j[\m\cfg\[
]fik_\`ek\cc`^\ekk\jk`e^jpjk\d%K_\hl\jk`fejXe[Xejn\ij
_XjY\\e[\m\cfg\[Ypk_\^l`[\c`e\Xe[[\dfejkiXk`fe
gifa\ZkXlk_fij%
K_\\$c\Xie`e^df[lc\`eZcl[\j1 › @ek\cc`^\ekZfdglk\ic\Xie`e^jpjk\d
› 8e\c\Zkife`Zk\okYffbn`k_i\jlckj]ifd9I@K8`eGl9j#
› @ek\cc`^\ekk\jk`e^jpjk\d
9Xj\[fek_\i\jlckjf]k_\9I@K8`eGl9jXe[k_\fk_\i<Zf$
9l`c[`e^gifa\ZkjZflij\dXk\i`Xc`ek_\]fidXkf]
Gfn\iGf`ekGi\j\ekXk`fejGGG `e<e^c`j_`j[\m\cfg\[%
8kiX`e`e^gXikn`ccXcjfY\[\m\cfg\[#X`d\[Xk
Xggcp`e^k_\c\Zkli\k_\d\jkfgiXZk`ZXcZXj\jkl[`\j%Jfd\
gifa\ZkgXike\ijf]]\i`e^k_\Zflij\Xkc\XjkfeZ\`e_`j&_\i
`ejk`klk`fe#Xe[]fidXb`e^ZfeZi\k\\]]fikjkf\dY\[k_\
Zflij\`ek_\Zlii`Zlcld#]fi\oXdgc\XjXe\c\Zk`m\Zflij\
]fi^iX[lXk\file[\i^iX[lXk\jkl[\ekjn_\i\dfjkXggc`ZXYc\
Xe[&fiXjgXikf]gif]\jj`feXckiX`e`e^gXZbX^\j%
GXik($C\Zkli\j
81C\Zkli\jXjYXj`j]fiH8Xe[[`jZljj`fej
K_\d\j1 › C\jjfejc\Xie\[]ifdk_\9I@K8`eGl9jXe[
k_\fk_\i<Zf$9l`c[`e^jgifa\Zkj
› @ek\i[`jZ`gc`eXipXggifXZ_kfjljkX`eXYc\
Yl`ck\em`ifed\ekj
› <e\i^p\]]`Z`\eZpXe[\e\i^pjlggcp]ifd
i\e\nXYc\j
› <e\i^pj`dlcXk`fekffcj
› C`]\$ZpZc\ZfjkXeXcpj`jkffcj
GXik)$C\Xie`e^kfjfcm\j`d`cXiZ_Xcc\e^\jk_ifl^_kiX`e`e^
91J\c\Zk`fef]\o`jk`e^Yl`c[`e^jk_Xkjkl[\ekjZXem`j`kXj
ZXj\jkl[p
:1:fcc\Zk`fef]\o`jk`e^`e]fidXk`fefe\XZ_Yl`c[`e^
;18eXcpj`jf]lj\gXkk\iej`ek_\Yl`c[`e^
<18l[`k`e^Zfe[lZk\[`ej\c\Zk\[gXikjf]Yl`c[`e^[Xpc`^_k#
_ld`[`kp#k\dg\iXkli\d\Xjli\d\ekj
=1 @ek\im`\njf]lj\ijfek_\idXcXe[Zfd]fik`jjl\j
>1JZ\eXi`ff]\em`ifed\ekXci\kif]`kk`e^`ek\im\ek`fe
?1;\m\cfgd\ekf]k_\Y\jk$`ek\^iXk\[[\j`^ejfclk`fe]fi
\XZ_Yl`c[`e^
@1 =`eXc[\j`^eXe[ZfejkilZk`fef]Zfdgfe\ekj
K_\Zflij\jXi\_\c[Xkk_\jZ_ffcjf]XiZ_`k\Zkli\`e8k_\ej#
D`cXef#JkXmXe^\iXe[Kife[_\`d%
*,
9I@K8`eGl9j
K_\kffc$Yfo`eZcl[\j
$ I`jb$dXeX^\d\ekXe[gi\c`d`eXip\e\i^p&c`]\$ZpZc\
ZfjkjZXcZlcXk`fej]fik_\[\j`^eXe[gcXee`e^jkX^\
Zfdd`jj`fe`e^
$ HlXc`kpZfekifcgifZ\[li\]fi`dgc\d\ekXk`fejkX^\
`eZcl[`e^k_\XeXcpj`jf]k_\i\Xc`qXk`feg_Xj\f]k_\
[\dfejkiXk`feYl`c[`e^jXe[`ek_\jkX^\f]lj\
$ ;\m\cfgd\ekf]\c\Zkife`Z[`jgcXp`e]fidXk`fegXe\cjXe[
k_\`emfcm\d\ekXe[XZZ\gkXeZ\f]k_\lj\ijXlj\iXe[
j\im`Z\dXelXcdf[\c $ 8n\Y$YXj\[\e\i^pXe[]XZ`c`kpdXeX^\d\ekdfe`kfi`e^
jpjk\d#n_`Z__Xj]\\[YXZbkfk_\gcXee`e^jkX^\Xe[ZXe
Y\lj\[`eY\eZ_dXib`e^
$ <e\i^pXl[`kdf[\c]fiXjZ\ikX`e`e^k_\g\i]fidXeZ\f]
k_\Yl`c[`e^
Fgk`feXccpXi\k_i\\dfi\\c\d\ekj1
› M`[\fj
› 8l[`fj
› ;`jZljj`fe]fild
K_\Zflij\d\k_f[fcf^p`eZcl[\jXe`ek\^iXk\[XggifXZ_1
9I@K8`eGl9j
8eXcpj`jXe[I\gfikj
K_\N\Yj`k\
K_\gifa\Zk_Xjg\i]fid\[jfZ`f$\Zfefd`Zi\j\XiZ_jlZ_Xj
Xefm\im`\ni\gfikfe]`eXeZ`XcjkiXk\^`\j`ek_\[`]]\i\ek
gXik`Z`gXk`e^Zfleki`\j]fik_\`dgifm\d\ekf]k_\\e\i^p
hlXc`kp`ek_\\o`jk`e^Yl`c[`e^jkfZb%8[\kX`c\[XeXcpj`jf]
YXii`\ij]fik_\\e\i^p\]]`Z`\eki\kif]`kf]glYc`ZYl`c[`e^j
nXjXcjfdX[\%9fk_i\gfikjXi\XmX`cXYc\fek_\n\Yj`k\
kf^\k_\in`k_XZfddle`ZXk`fe^l`[\]fi\e\i^pi\efmXk`fej
`e[`]]\i\ekcXe^lX^\j#/i\gfikjfek_\ZfeZ\gk[\m\cfgd\ek
f]k_\[\dfejkiXk`feYl`c[`e^j#k_\gifZ\\[`e^jf]k_\]`ijk
<Zf$9l`c[`e^jJpdgfj`ldXe[k_\<Zf$9l`c[`e^j;`jZljj`fe
;fZld\ek1N_XkXi\<Zf$9l`c[`e^jXe[n_pXi\k_\pe\\[\[`e
k_\J\m\ek_=iXd\nfibGif^iXdd\=G. 6
8ZklXc`e]fidXk`fe`e0cXe^lX^\jXi\XmX`cXYc\fek_\gifa\Zk
n\Yj`k\
*-
nnn%Yi`kX$`e$glYj%\l
9I@K8`eGl9ji\gfik
K_\K\Xd
9I@K8`eGl9j
*/
<Zf$9l`c[`e^j=\ccfnj
Gifa\ZkGXike\iXe[GXik`Z`gXekj
=iXle_f]\i@ejk`klk\f]9l`c[`e^
G_pj`Zj;\gXikd\ek?\Xk
K\Z_efcf^pEfY\cjkiXjj\()#
.',-0Jklkk^Xik#>\idXep
?Xej<i_fie#?\`b\<i_fie$Bclkk`^#
J`dfeNjje\i
:`kpf]Jklkk^Xik#F]ÔZ\f]
<em`ifed\ekXcGifk\Zk`fe;\gXikd\ek
f]<e\i^pDXeX^\d\ek>X`jYli^jki%+#
.''+0Jklkk^Xik#>\idXep
=iXeb9ifjj#A•i^\e>ii\j#E`eXN\`jj
@KGfn\i$K_\DXefi?flj\#
:_`e\_Xd:flik#Clkp\ej:cfj\
:_`e\_Xd#?Xdgj_`i\#I>)+/8>#
Le`k\[B`e^[fd
DXel\c=l\ek\j#GXlcI\\[#
J_Xic\e\N`cjfe
Gcpdflk_:`kp:fcc\^\
B`e^jIfX[#;\mfegfik#Gcpdflk_
GC(,H>#Le`k\[B`e^[fd
>`cY\ikJeffb
J@EK<=$9l`c[`e^Xe[@e]iXjkilZkli\
8c]i\[$>\kq$m\`*#.+-,Kife[_\`d#
EfinXp
BXi`e9lm`b#8ee\$>i\k\?\jke\jj
*0
MKK$GF9fo(/')(#0',.(Flcl#=`ecXe[
GF9fo('''#')'++MKK#=`ecXe[
K`dfBXlgg`e\e#AfidXG`\k`cX`e\e
<ek\g\ic\Elfm\K\Zefcf^`\cË<e\i^`X\
cË8dY`\ek\#<E<8$<E<J@JK#M`X8e^l`c$
cXi\j\*'(#'''-'J%DXi`X[`>Xc\i`X
ÆIfdX#@kXcp
DXiZf:`kk\i`f
Gfc`k\Ze`Zf[`D`cXef#;\gXikd\ekf]
9l`c[`e^<em`ifed\ekXcJZ`\eZ\j
KiXejgfik9<JK #G`XqqXC\feXi[f[X
M`eZ`*)#)'(**D`cXef#@kXcp
=i\[\i`Zf9lk\iX#J`dfe\=\iiXi`
Le`m\ij`k~[\^c`Jkl[`[`GXc\idf
;\gk%;%I%<%8%D%#M`Xc\[\cc\JZ`\eq\#
0'()/GXc\idf#@kXcp
=lcm`f8i[\ek\#DXiZf9\ZZXc`#
DXli`q`f:\ccliX
EXk`feXcK\Z_e`ZXcLe`m\ij`kpf]8k_\ej
EKL8 #0#?\iffeGfcpk\Z_e`fljJki\\k
(,./'8k_\ej#>i\\Z\
<lg_ifjpe\Ki`Xek`j
<l;`k`Æ<e\i^p<em`ifed\ekXc;\j`^e
((#K_\i`XeflJki%#((+.*8k_\ej#>i\\Z\
<mX8k_XeXjjXbfj
<mfepdfj<Zfcf^`ZXcC`YiXip
0#8jfdXkfeJki%
(',,*8k_\ej#>i\\Z\
Df`jj`jBfliflq`[`j
9iefLe`m\ij`kpf]K\Z_efcf^p
=XZlckpf]D\Z_Xe`ZXc<e^`e\\i`e^
K\Z_e`ZbX)#-(--09ief#:q\Z_I\glYc`Z
GXm\c:_XimXk#D`ifjcXmA`Z_X
M`ce`lj>\[`d`eXjK\Z_e`ZXcLe`m\ij`kp#
;\gXikd\ekf]:fejkilZk`fe<Zfefd`Zj
X%Gifg\ikpDXeX^\d\ek
JXlc\k\b`fXc%((#)'+'M`ce`lj#C`k_lXe`X
8ikliXjBXbcXljbXj#8`jk\D`ZbX`kpk\
JXlc`lj IXjcXeXj
=fijZ_le^jq\ekildA•c`Z_
Gifa\bkki€^\iA•c`Z_#GKA$<I>
C\f9iXe[$JkiX\#,)+),A•c`Z_#
>\idXep
J`cm`X9XZ_#DXibljBiXkq
8jb\iDle`Z`gXc`kp#Aµi^\ejcµbbX-'
(*.)8jb\i#EfinXp
Jk\`e>i`djkX[#AXeIfccXe[
?fcb`ib\c`^\]\cc\ji‚[?fcZ_liZ_
ZfleZ`c E\ifcj^lkl)#*,.,?fc#EfinXp
8jki`K`e^jkX[
Efin\^`Xe9l`c[`e^I\j\XiZ_@ejk`klk\
E9@ J@EK<=9l`c[`e^Xe[@e]iXjkilZkli\
=fijbe`e^jm\`\e*Y#'*(+Fjcf#EfinXp
BXi`K_lej_\cc\
J`m`cXib`k\bk?XiXc[E%Iµjkm`b8J&Jle$
CXY#G9/'-J\ekild#+''+JkXmXe^\i#
EfinXp
?XiXc[E%Iµjkm`b
:\e\i^`X<e\i^p:fejlckXekj
?\ic\m?fm\^X[\(0,
).*'?\ic\m#;\edXib
BXi`eXAllcCXij\e#Fm\DµiZb
BµY\e_XmejBfddle\
L[[Xee\cj\j$f^Le^[fdj]fimXcke`e^\e
LL= #@jcXe[j9ip^^\*.#)*'':fg\e$
_X^\e#;\edXib
<mX?fcd$Af\i^\ej\e#9\ekK`c[\jkilg
9I@K8`eGl9j
;Xe`j_9l`c[`e^I\j\XiZ_@ejk`klk\J9`
;\gXikd\ek]fi<e\i^pXe[<em`ifed\ek
;i%E\\i^XXi[jM\a(,#)0.'?f\ij_fcd#
;\edXib
B`ijk\e<e^\cle[$K_fdj\e
+'
9I@K8`eGl9j

Documents pareils

Chemillé Product Sheets

Chemillé Product Sheets @e fli Ylj`e\jj# _Xij_ \em`ifed\ekj# `k `j m\ip `dgfikXek kf _Xm\ Xe `e [\gk_ befnc\[^\ f] k_\ kpg\j f] \em`ifed\ekj c`b\cp kf Y\ \eZflek\i\[Xjn\ccXjXZfdgc\k\le[\ijkXe[...

Plus en détail