'GJHGJ9L> L9P 3>JKGF9D L9P>K 0>J@>JK 9F= 9<IMBKBLBGFK
6J9FK?>J HJB<BF@ -F=BJ><L L9P>K 4>@MD9LGJQ =>N>DGHE>FLK
0B G=>F >FFH9
"$ "%
"( #"
!'
"&
," =W5 " " " " "
-8>GCE>5@
<A =NA @AHECDPA@ PK LNAOAJP =JKPDAN EOOQA KB
0J@E= 8LA?PNQI%
M[fZ fZW TgVYWf dag`V fZW Uad`Wd S`V fZW =[`S`UW D[`[efWd $=D%
ZSh[`Y SeegdWV fZW Uag`fdk fZSf fZWdW i[^^ TW S efST^W fSj dWY[_W(
HWTVJGT TGHQTOU CPF C EQOOKVOGPV VQ ]UECN FKUEKRNKPG% VJG RTKQTKVKGU
Xad fZW XadfZUa_[`Y TgVYWf ZShW TWW` agf^[`WV* JZ[e i[^^ ZW^b eaafZW
[`hWefad eW`f[_W`f* JZW =D [e S^ea Ua__[ffWV fa W`egd[`Y fZSf fZW
@`V[S` WUa`a_k Ydaie Sf 1*3" [` fZW UgddW`f kWSd( S`V fSdYWf[`Y S
ZWS^fZk 3" [` .,-/)-0*
1 UKIPK]ECPV FGXGNQROGPV% YJKEJ ICXG DTGCVJKPI URCEG VQ HQTGKIP
[`hWefade( iSe fZW VWXWdd[`Y aX fZW >W`WdS^ 7`f[)7ha[VS`UW Hg^We
$>77H% Tk fia kWSde( _S][`Y fZW_ WXXWUf[hW Xda_ - 7bd[^ .,-1* JZW
>77H VWU[e[a` i[^^ dWSeegdW XadW[Y` [`hWefade STagf efST^W fSj dWY[_W*
F` fZW Y^aTS^ Xda`f( fZW KI ;WbSdf_W`f aX JdWSegdk S`V fZW @`fWd`S^
@GXGPWG AGTXKEG JCXG TGNGCUGF EQORTGJGPUKXG ]PCN TGIWNCVKQPU HQT
fZW =adW[Y` 7UUag`f JSj 9a_b^[S`UW 7Uf( [` adVWd fa [_b^W_W`f
[`Xad_Sf[a` dWbadf[`Y S`V i[fZZa^V[`Y fSj bdah[e[a`e* JZW bdah[e[a`e
TGSWKTG VKOG&DQWPF EQORNKCPEG YKVJKP VJG PGZV ]XG [GCTU D[ FKHHGTGPV
USfWYad[We aX bWdea`e*
JZW H8@ ZSe W`ZS`UWV fZW WjfWd`S^ Ua__WdU[S^ Taddai[`Y $<98% ^[_[f
VQ /-" QH QYPGF HWPFU HQT PQP&DCPMKPI ]PCPEKCN EQORCPKGU VJCV CTG
KPHTCUVTWEVWTG ]PCPEG EQORCPKGU WPFGT VJG CWVQOCVKE TQWVG' 532 QH
_adW fZS` 31" iag^V dWcg[dW SbbdahS^ Xda_ fZW H8@*
BJG A528 JCU ENCTK]GF VJCV KV KU PQY OCPFCVQT[ HQT CNN NKUVGF EQORCPKGU
fa eZSdW [`Xad_Sf[a` dWYSdV[`Y fZW[d bWdXad_S`UW( abWdSf[a`e S`V
bd[U[`Y i[fZ fZW efaU] WjUZS`YWe [` adVWd fa W`ST^W eWUgd[f[We Za^VWde
S`V fZW bgT^[U fa SbbdS[eW fZW bae[f[a` aX fZW [eegWd S`V Sha[V UdWSf[`Y
S XS^eW _Sd]Wf Xad [fe eWUgd[f[We*
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM""""""""-
F` fZW \gV[U[S^ Xda`f( fZW ;W^Z[ 8W`UZ aX fZW Jd[Tg`S^ [` fZW USeW aX
FE>9 L[VWeZ CfV ZW^V fZSf egTeUd[bf[a` XWWe bS[V fa S XadW[Y` iWTe[fW
g`VWd fZW dWeWSdUZ SYdWW_W`f Xad SUUWee fa ebWU[S^[eWV [`Xad_Sf[a`
dW^Sf[`Y fa a[^ S`V YSe Wjb^adSf[a` [e [` fZW `SfgdW aX S dakS^fk g`VWd
fZW @`Ua_W)fSj 7Uf( -52- Se iW^^ Se g`VWd fZW @`V[S)KB fSj fdWSfk*
@` S`afZWd USeW( fZW 8a_TSk ?[YZ 9agdf [` fZW USeW aX 8[d^S >^aTS^
7eeWf =[`S`UW 9a CfV ZW^V fZSf UWdfS[` [`fS`Y[T^We Xad_[`Y bSdf aX fZW
Tge[`Wee SUcg[dWV a` e^g_b eS^W TSe[e S`V SUUag`fWV Se mTge[`Wee S`V
Ua__WdU[S^ TdS`V Wcg[fkn TSeWV a` fZW hS^gSf[a` dWbadf SdW [`fS`Y[T^W
SeeWfe W^[Y[T^W Xad VWbdWU[Sf[a` G^WSeW dWXWd fa bSYW `a 3 S`V -2 Xad S
VWfS[^WV S`S^ke[e aX fZWeW dg^[`Ye*
MW ZabW kag W`\ak fZ[e [eegW* 7e S^iSke( iW ^aa] XadiSdV fa ZWSd[`Y
Xda_ kag*
1AP=J ,=H=H =J@ 8DU=I=H 3QGDANFAA
Aa[`f CWSVWde( JSj S`V HWYg^Sfadk IWdh[UWe
IZkS_S^ Dg]ZWd\WWBWfS` ;S^S^
." =W5 " " " " "
*B5@LF>B< G5K >FFH9F9adbadSfW fSj
*>>K ?GJ L><AFB<9DK>JNB<>K
.AAO L=U=>HA PK JKJ$NAOE@AJPO
=J@ SDE?D =NA OQ>FA?P PK 7*0
=LLNKR=H ?KJOPEPQPA EJ?KIA KJHU
QLKJ NA?AELP KB OQ?D =LLNKR=H
JZW SeeWeeWW [e S XadW[Y`
RCTVPGTUJKR ]TO TGPFGTKPI
_S`SYWd[S^ S`V fWUZ`[US^
Ua`eg^fS`Uk eWdh[UWe [` @`V[S
VJTQWIJ KVU DTCPEJ QH]EG'
;gd[`Y fZW kWSd [` cgWef[a`(
fZW SeeWeeWW ZSV bS[V XWWe
Xad fWUZ`[US^ eWdh[UWe $=JI%
fa [fe XadW[Y` Ydagb W`f[f[We
Xad fZWeW eWdh[UWe*
BJG BCZ >H]EGT #B>$ KUUWGF
S `af[UW g`VWd eWUf[a` -04
aX fZW @`Ua_W JSj 7Uf(
-52- $fZW 7Uf% fdWSf[`Y fZW
SeeWeeWW Se S` SYW`f aX [fe
XadW[Y` Ydagb W`f[f[We g`VWd
eWUf[a` -2/ aX fZW 7Uf Xad fZW
bgdbaeW aX fSj[`Y fZW =JI*
F` SbbWS^ fa fZW
9a__[ee[a`Wd aX @`Ua_W
JSj $7bbWS^e% $9@J$7%%(
fZW SeeWeeWW Ua`fW`VWV fZSf
Se fZW `WUWeeSdk SbbdahS^
iSe `af dWUW[hWV Xda_ fZW
HWeWdhW 8S`] aX @`V[S $H8@%
g`VWd fZW =adW[Y` <jUZS`YW
HWYg^Sf[a` 7Uf( -532
$=<H7%( fZW S_ag`f bSkST^W
fa fZW XadW[Y` W`f[f[We V[V
`af ZShW fZW UZSdSUfWd aX
m[`Ua_Wn [` fZW kWSd g`VWd
Ua`e[VWdSf[a`( S`V ZW`UW
Uag^V `af TW fSjWV*
JZW 9@J$7% ZW^V fZSf e[`UW
fZW SeeWeeWW ZSV U^S[_WV
VWVgUf[a` aX fZW =JI bS[V [`
KVU RTQ]V CPF NQUU CEEQWPV%
fZ[e [`Ua_W ZSV SUUdgWV
Vgd[`Y fZW kWSd g`VWd
Ua`e[VWdSf[a`*
F` SbbWS^( fZW @`Ua_W
JSj 7bbW^^SfW Jd[Tg`S^
$fZW Jd[Tg`S^% ZW^V fZSf
WhW` fZagYZ fZW S_ag`fe
bSkST^W Tk fZW SeeWeeWW fa
fZW ahWdeWSe Ydagb W`f[f[We
iWdW U^S[_WV Se WjbW`eWe
[` SeeWeeWWne Taa]e aX
SUUag`f( `a H8@ SbbdahS^
iSe aTfS[`WV Xad dW_[ff[`Y
fZWeW S_ag`fe [` XadW[Y`
WjUZS`YW Se dWcg[dWV Tk fZW
dW^WhS`f bdah[e[a`e aX =<H7*
@` fZW USeW aX K8I IWUgd[f[We
@`V[S Ghf CfV T ;9@J P.,-.Q
.4 fSj_S``*Ua_ .01
$Dg_% fZW Jd[Tg`S^ dW^[WV
a` fZW VWU[e[a`e [` fZW USeWe
aX 9@J h B[d^ae]Sd JdSUfade
CfV P-554Q ./- @JH 405
$8a_*% S`V ;add)F^[hWd
$@`V[S% CfV h 9@J P-554Q
./0 @JH 3./ $8a_*% S`V
ZW^V fZSf ^[ST[^[fk Xad XWWe
bSkST^W fa `a`)dWe[VW`fe(
bSk_W`f aX iZ[UZ iSe
egT\WUf fa SbbdahS^ Xda_ fZW
H8@( Uag^V TW eS[V fa ZShW
SUUdgWV a`^k gba` dWUW[bf
aX fZ[e SbbdahS^( S`V fZSf
fZW SeeWeeWW iSe W`f[f^WV
fa U^S[_ fZW VWVgUf[a` aX
fZW S_ag`f a`^k [` fZW kWSd
[` iZ[UZ fZW SbbdahS^ iSe
YdS`fWV Tk fZW H8@*
JZWdWXadW( fZW S_ag`f
bSkST^W Tk fZW SeeWeeWW fa
[fe XadW[Y` Ydagb W`f[f[We
iag^V `af Ua`ef[fgfW [`Ua_W
UZSdYWST^W fa fSj [` fZW
kWSd g`VWd Ua`e[VWdSf[a`(
Se fZWdW iSe `a SUUdgS^ aX
[`Ua_W [` fZW STeW`UW aX
fZW H8@ SbbdahS^ dWcg[dWV
Tk =<H7* 9a`eWcgW`f^k( [`
fZW STeW`UW aX S`k fSjST^W
[`Ua_W( fZW SeeWeeWW Uag^V
`af TW fdWSfWV Se S` SYW`f
aX fZW XadW[Y` W`f[fk g`VWd
eWUf[a` -2/ aX fZW 7Uf*
8aal 7^^W` # ?S_[^fa` $@`V[S%
CfV T 7;@J PJI)5-,)@J7J)
.,-.$Dg_%Q
4GQ9DLQ
6=UIAJP PK = JKJ$NAOE@AJP BKN
PDA QOA KB = @=P=>=OA NAC=N@A@
=O = NKU=HPU
JZW SeeWeeWW( FE>9
L[VWeZ CfV( [e W`YSYWV
[` fZW Wjb^adSf[a`
S`V VWhW^ab_W`f aX
ZkVdaUSdTa`e* @f ZSe
bSdf[U[bSf[`Y [`fWdWefe [` a[^
S`V YSe bda\WUfe agfe[VW aX
@`V[S*
=ad [fe ahWdeWSe Tge[`Wee( fZW
SeeWeeWW egTeUd[TWV fa fZW
iWTe[fW aX MaaV DSU]W`l[W
$MD% g`VWd S dWeWSdUZ
SYdWW_W`f* MD Ua_b[^We
[`Xad_Sf[a` dW^Sf[`Y fa a[^
S`V YSe Wjb^adSf[a` S`V
bdah[VWe fZW [`Xad_Sf[a`
a` [fe iWTe[fW( iZ[UZ US`
TW SUUWeeWV gba` bSk_W`f
aX S egTeUd[bf[a` XWW*
JZW dWeWSdUZ SYdWW_W`f
W`fWdWV [`fa TWfiWW` fZW
SeeWeeWW S`V MD iSe S
`a`)fdS`eXWdST^W( WjU^ge[hW
^[UW`UW SYdWW_W`f Xad
Vai`^aSV[`Y [`Xad_Sf[a`
Xda_ [fe iWTe[fW* @` adVWd fa
VWfWd_[`W fZW i[fZZa^V[`Y
fSj ^[ST[^[fk( S` Sbb^[USf[a`
iSe _SVW g`VWd eWUf[a`
-51+-53 aX fZW 7Uf* JZW
JF fdWSfWV fZW bSk_W`f
Se TW[`Y [` fZW `SfgdW aX S
dakS^fk g`VWd fZW 7Uf S`V
;agT^W JSjSf[a` 7ha[VS`UW
7YdWW_W`f $fSj fdWSfk%
TWfiWW` @`V[S S`V fZW
KB( Se MD ZSV YdS`fWV S
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM""""""""/
`a`)fdS`eXWdST^W ^[UW`UW Xad
fZW SeeWeeWW fa Vai`^aSV
[`Xad_Sf[a` Xda_ fZW
iWTe[fW*
JZW 9@J$7% gbZW^V fZW
adVWd bSeeWV Tk fZW JF(
S`V fZW SeeWeeWW SbbWS^WV
fa fZW Jd[Tg`S^* JZW
Jd[Tg`S^ aTeWdhWV fZSf fZW
[`Xad_Sf[a` ShS[^ST^W fa
fZW SeeWeeWW iSe ^[UW`eWV
[`Xad_Sf[a` iZ[UZ Uag^V TW
SUUWeeWV a`^k Tk SgfZad[eWV
bWdea`e* @f iSe ZW^V fZSf fZW
[`Xad_Sf[a` ShS[^ST^W fa fZW
SeeWeeWW fZdagYZ S ^[UW`UW
SYdWW_W`f iSe UahWdWV Tk
VJG FG]PKVKQP QH C TQ[CNV[
g`VWd eWUf[a` 5$-%$h[% aX fZW
7Uf S`V 7df[U^W -/$/% aX fZW
KB fSj fdWSfk( S`V iSe ^[ST^W
fa i[fZZa^V[`Y fSj g`VWd
eWUf[a` -51 aX fZW 7Uf*
FE>9 L[VWeZ CfV T @JF PJI)
402)@J7J).,-.$;W^%Q
)=BLGJRK FGL>
JZW STahW dg^[`Y iSe
SdYgWV Tk Gi9ne fSj
^[f[YSf[a` fWS_*
@` M[bda CfV T @JF PJI)3,-)
?9).,--$BSd%Q fZW ?[YZ
9agdf $?9% aX BSd`SfS]S
ZW^V fZSf fZW bSk_W`f Tk
M[bda CfV Xad egTeUd[bf[a`
fa geW fZW VSfSTSeW iSe [`
fZW `SfgdW aX ^[UW`UW fa geW
Uabkd[YZf S`V fSjST^W Se S
mdakS^fkn* 7 e[_[^Sd VWU[e[a`
iSe dW`VWdWV Tk fZW
BSd`SfS]S ?9 [` fZW USeW aX
9@J T @`Xaeke JWUZ`a^aY[We
CfV P.,-.Q .,0 fSj_S` /--
$BSd%*
MZ[^W VW^[hWd[`Y fZW
\gVYW_W`f( fZW Jd[Tg`S^
[Y`adWV fZW VWU[e[a`e aX
fZW DG ?9 [` fZW USeW aX
?<> CfV S`V aX fZW 8a_TSk
?9 [` fZW USeW aX ;[S_a`V
IWdh[UWe @`fWd`Sf[a`S^ $G%
CfV( iZWdW[` fZW dWebWUf[hW
Z[YZ Uagdfe aTeWdhWV fZSf
fZW iadV m[`Xad_Sf[a`n [e
SWCNK]GF D[ KPFWUVTKCN%
EQOOGTEKCN CPF UEKGPVK]E
WjbWd[W`UW( iZ[UZ eZag^V TW
fZW WjbWd[W`UW aX fZW eWdh[UW
bdah[VWd*
'9J;GF <J>=BLK
7A?AELPO BNKI PDA O=HA KB ?=N>KJ
?NA@EPO JKP P=T=>HA >AEJC ?=LEP=H
EJ J=PQNA
JZW SeeWeeWW iSe W`YSYWV
[` fZW Tge[`Wee aX T[a_See
TSeWV baiWd YW`WdSf[a`*
;gd[`Y fZW kWSd( [f dWUW[hWV
USdTa` W_[ee[a` dWVgUf[a`
EGTVK]ECVGU #35@U QT ECTDQP
UdWV[fe%* @f ea^V fZW 9<He fa
S `a`)dWe[VW`f Ua_bS`k S`V
fdWSfWV fZW Ua`e[VWdSf[a`
Se S `a`)fSjST^W USb[fS^
dWUW[bf*
JZW JF ZW^V fZSf USdTa`
UdWV[fe SdW S fdSVST^W
Ua__aV[fk cgafWV a` S
efaU] WjUZS`YW( S`V ZW`UW
fSjWV fZW dWUW[bf Se dWhW`gW*
JZW 9@J$7% gbZW^V fZW adVWd
aX fZW JF*
8WXadW fZW Jd[Tg`S^( fZW
SeeWeeWW Ua`fW`VWV fZW
Xa^^ai[`Y6
a JZW S_ag`f dWUW[hWV
Xda_ fZW eS^W aX 9<He
ZSV `a dW^Sf[a` fa fZW
bdaUWee aX bdaVgUf[a` ad
eS^W aX baiWd( iZ[UZ iSe
fZW Tge[`Wee SUf[h[fk aX
fZW SeeWeeWW( S`V ZW`UW
fZW eS^W aX USdTa` UdWV[fe
iSe `af fSjST^W g`VWd
eWUf[a` .4 aX fZW 7Uf*
a 9<He SdW [eegWV Tk
fZW K`[fWV ESf[a`e
=dS_Wiad] 9a`hW`f[a`
a` 9^[_SfW 9ZS`YW
$KE=999% g`VWd
fZW Bkafa GdafaUa^ [X
S Ua_bS`k SUZ[WhWe
W_[ee[a` ^WhW^e iZ[UZ
SdW ^Wee fZS` fZW
See[Y`WV cgS`f[fk aX
YSeWe* JZWeW 9<He Va
`af dW^SfW fa S`k USb[fS^
ad dWhW`gW WjbW`V[fgdW
[`UgddWV Vgd[`Y fZW
UagdeW aX Tge[`Wee*
a JZW eS^W aX 9<He VaWe
`af Y[hW d[eW fa [`Ua_W
g`VWd eWUf[a` .$.0%
aX fZW 7Uf Se [f VaWe
`af dWbdWeW`f S`k
Ua`e[VWdSf[a` dWUW[hWV
Vgd[`Y fZW UagdeW aX
Tge[`Wee SUf[h[fk*
a =gdfZWd( fZW dWUW[bf
iSe `af [` fZW `SfgdW
aX S egTe[Vk Xda_ fZW
YahWd`_W`f e[`UW [f iSe
`af Ua_bW`eSf[a` Xad
^aee aX dWhW`gW S`V V[V
`af dW^SfW fa S`k Tge[`Wee
SUf[h[fk*
JZW Jd[Tg`S^ ZW^V fZSf
S USdTa` UdWV[f [e S`
mW`f[f^W_W`fn dWUW[hWV
fa [_bdahW fZW iad^Vne
Sf_aebZWdW S`V fZW
W`h[da`_W`f Tk dWVgU[`Y
USdTa` S`V YSe W_[ee[a`e*
9<He SdW `af YW`WdSfWV
ad UdWSfWV VgW fa S`k
Tge[`Wee SUf[h[fk S`V SdW
S` W`f[f^W_W`f SiSdVWV
Xad dWVgU[`Y W_[ee[a`e*
JZW Jd[Tg`S^ ZW^V fZSf
fZW 9<H [e e[_[^Sd fa ^aa_
Zagde S`V ZW^V fZSf fZW
SeeWf [e `af YW`WdSfWV [`
0" =W5 " " " " "
fZW UagdeW aX Tge[`Wee(
Tgf [e YW`WdSfWV VgW fa
W`h[da`_W`fS^ Ua`UWd`e*
JZW VWU[e[a` [` fZW USeW
aX 9@J T DSZWeZiSd[ ;Wh[
AgfW D[^^e CfV P-521Q 13
@JH /2 $I9% iSe dW^[WV
gba`( iZWdW fZW IgbdW_W
9agdf $I9% ZSV ZW^V fZSf
fZW fdS`eXWd aX egdb^ge ^aa_
Zagde fa afZWd _[^^e g`VWd
S` SYdWW_W`f fa Ua`fda^
bdaVgUf[a` iSe S USb[fS^
dWUW[bf* JZ[e iSe TWUSgeW
fZW bSk_W`f dWUW[hWV Xad
fZW eS^W aX fZW ^aa_ Zagde
iSe VgW fa fZW Wjb^a[fSf[a`
aX USb[fS^ SeeWfe( S`V ZW`UW
iSe S USb[fS^ dWUW[bf S`V `af
[`Ua_W*
9dWV[fe Xad dWVgU[`Y USdTa`
W_[ee[a`e US` TW fdS`eXWddWV
fa S`afZWd bSdfk [` `WWV
aX S dWVgUf[a` [` USdTa`
W_[ee[a`e S`V Va `af
KPETGCUG DWUKPGUU RTQ]VU'
JZWdWXadW( fZW dWUW[bfe iWdW
PQV KP VJG PCVWTG QH RTQ]V%
Tgf dSfZWd USb[fS^ dWUW[bfe
`af UZSdYWST^W fa fSj*
Dk ?a_W GaiWd CfV T ;9@J
PJI)4.,)@J7J).,-.$?kV%Q
69P OBLAAGD=BF@
6NKREOEKJ BKN ATLAJOAO =P UA=N
AJ@ KBBANA@ BKN @EO=HHKS=J?A
>U P=TL=UAN JKP HE=>HA BKN
SEPDDKH@EJC P=T
JZW SeeWeeWW Ua_bS`k ZSV
egT_[ffWV [fe fSj dWfgd`
Xad fZW kWSd* 7 egdhWk iSe
Ua`VgUfWV Sf fZW bdW_[eWe aX
fZW SeeWeeWW g`VWd eWUf[a`
-//7 aX fZW 7Uf( Vgd[`Y
iZ[UZ fZW JF `afWV fZSf
fZW SeeWeeWW ZSV _SVW S QSN
LNRN V[eS^^aiS`UW aX UWdfS[`
mbdah[e[a` Xad WjbW`eWen
g`VWd eWUf[a`e 0,$S%$[%
S`V 0,$S%$[S% aX fZW 7Uf( a`
iZ[UZ `a fSj iSe i[fZZW^V*
JZW JF dS[eWV S fSj VW_S`V
g`VWd eWUf[a` .,-$-%( S`V
S^ea ^Wh[WV [`fWdWef g`VWd
eWUf[a` .,-$-7% aX fZW 7Uf*
JZW 9@J$7% gbZW^V fZW adVWd
aX fZW JF*
8WXadW fZW Jd[Tg`S^( fZW
SeeWeeWW Ua`fW`VWV fZSf fZW
mbdah[e[a` Xad WjbW`eWen iSe
_SVW a` S` BE HND TSe[e S`V
`a [`V[h[VgS^ SUUag`fe iWdW
UdWV[fWV Xad fZW ^[ST[^[fk
e[`UW fZW [VW`f[fk aX fZW
bWdea` iSe `af ]`ai` Sf
fZW f[_W aX _S][`Y fZW
bdah[e[a`* @f Ua`fW`VWV fZSf
`a fSj VW_S`V ad [`fWdWef
VW_S`V Uag^V TW dS[eWV
g`VWd eWUf[a`e .,-$-% S`V
.,-$-7% aX fZW 7Uf a` fZW
bSk_W`f S^dWSVk aXXWdWV Xad
V[eS^^aiS`UW g`VWd eWUf[a`e
0,$S%$[% S`V 0,$S%$[S% aX
fZW 7Uf Xad `af i[fZZa^V[`Y
fSj*
JZW Jd[Tg`S^ `afWV fZW
VWU[e[a` [` fZW USeW aX
@`Vgefd[S^ 8S`] aX @`V[S
T @JF P.,,3Q -,3 @J; 01
$Dg_% iZWdW [f iSe ZW^V
fZSf [X fZW bSkWWe iWdW `af
KFGPVK]CDNG CV VJG VKOG
aX _S][`Y S mbdah[e[a`n [`
fZW SUUag`fe( i[fZZa^V[`Y
fSj bdah[e[a`e iWdW `af
Sbb^[UST^W* @f iSe `afWV fZSf
fZW SeeWeeWW ZSV S^dWSVk
aXXWdWV fZW mbdah[e[a` Xad
WjbW`eWen Xad V[eS^^aiS`UW
g`VWd eWUf[a`e 0,$S%$[%
S`V $[S% aX fZW 7Uf* JZW
bdah[e[a` iSe dWhWdeWV [`
fZW egTeWcgW`f kWSd S`V fZW
i[fZZa^V[`Y fSj bdah[e[a`e
iWdW Sbb^[WV fa fZW SUfgS^
S_ag`f UdWV[fWV ad bS[V*
JZW Jd[Tg`S^ ZW^V fZSf a`UW
S` S_ag`f iSe V[eS^^aiWV
g`VWd eWUf[a` 0,$S%$[%+
$[S% aX fZW 7Uf S`V fZ[e iSe
SUUWbfWV Tk fZW JF( fZW JF
Uag^V `af fZW` dS[eW S fSj
S`V [`fWdWef VW_S`V g`VWd
eWUf[a`e .,- S`V .,-$-7% aX
fZW 7Uf*
JZW SeeWeeWWne SbbWS^ iSe
S^^aiWV( i[fZ fZW Jd[Tg`S^
Za^V[`Y fZSf fZW bSk_W`f
QSN LNRN V[eS^^aiWV Uag^V
`af TW egT\WUf fa fZW
i[fZZa^V[`Y fSj bdah[e[a`e*
?]\GT ;VF T @JF PJI)4-.)
@J7J).,-. $Dg_%Q
'9HBL9D DGKK>K
,ANER=PERAO HKOOAO =NEOEJC PK =
BKNAECJ EJOPEPQPEKJ=H EJRAOPKN
@AAIA@ PK >A ?=LEP=H HKOOAO
JZW SeeWeeWW [e S egT)
SUUag`f aX S` 7gefdS^[S`
XadW[Y` [`ef[fgf[a`S^ [`hWefad
$=@@% W`YSYWV [` fdSV[`Y
eWUgd[f[We S`V VWd[hSf[hWe [`
@`V[S* @f ZSV [`UgddWV ^aee
[` VWd[hSf[hWe fdS`eSUf[a`e(
iZ[UZ iWdW U^S[_WV Se
USb[fS^ ^aeeWe*
JZW JF fdWSfWV fZW
VWd[hSf[hWe ^aeeWe Se
Tge[`Wee ^aeeWe S`V ZW^V fZSf
bWd fZW bdah[e[a`e aX fZW
@`V[S)7gefdS^[S fSj fdWSfk(
egUZ Tge[`Wee ^aeeWe( [` fZW
STeW`UW aX fZW SeeWeeWW
ZSh[`Y S`k bWd_S`W`f
WefST^[eZ_W`f $G<% [` @`V[S(
iWdW fa TW [Y`adWV iZ[^W
Ua_bgf[`Y fZW fafS^ [`Ua_W*
JZW 9@J$7% gbZW^V fZW adVWd
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM""""""""1
aX fZW JF a` fZW Ydag`V fZSf
fZW ^aeeWe Xda_ VWd[hSf[hWe
fdS`eSUf[a`e iWdW [` fZW
`SfgdW aX eZadf)eW^^[`Y S`V
iag^V S_ag`f fa Tge[`Wee
^aeeWe*
JZW Jd[Tg`S^( dW^k[`Y a`
fZW VWU[e[a` [` fZW USeW aX
C> 7e[S` G^ge CfV T 7;@J
$@`fWd`Sf[a`S^ JdS`eSUf[a`%
P.,--Q 02 IFJ -15 $Dg_%
ZW^V fZW Xa^^ai[`Y6
a JZW UW`fdS^ YahWd`_W`f
VaWe `af S^^ai S` =@@ fa
Va mTge[`Ween [` eWUgd[f[We
Tgf a`^k fa m[`hWefn [`
eWUgd[f[We*
a eWUf[a` --17; aX fZW 7Uf
YJKEJ URGEK]ECNN[ FGCNU
i[fZ [`Ua_W Sd[e[`Y Xda_
fdS`eXWde aX eWUgd[f[We(
[`U^gVWe VWd[hSf[hWe
YKVJKP VJG FG]PKVKQP QH
meWUgd[f[Wen*
a I[`UW [`Ua_W Xda_ fZW
fdS`eXWd aX eWUgd[f[We [e
_SVW fSjST^W g`VWd fZW
ZWSV mUSb[fS^ YS[`en bWd
VJG URGEK]E RTQXKUKQPU QH
eWUf[a` --17; aX fZW 7Uf(
[f US``af TW fdWSfWV Se
Tge[`Wee [`Ua_W g`VWd
fZW YW`WdS^ bdah[e[a`e
aX fZW 7Uf [ddWebWUf[hW aX
iZWfZWd fZWeW YS[`e SdW
ebWUg^Sf[hW ad `af*
7UUadV[`Y^k( fZW SeeWeeWW
YCU LWUVK]GF KP ENCUUKH[KPI
fZW ^aeeWe a` ebWUg^Sf[hW
fdS`eSUf[a`e Se USb[fS^
^aeeWe*
G^Sf[`g_ @`hWef_W`f
DS`SYW_W`f CfV T ;;@J
P.,-.)J@@).-2)@J7J)DKD)
@EJCQ
/G9F @M9J9FL>> BF<GE>
2K=J CQ=N=JPAA EJ?KIA
=??NQEJC PK = LANI=JAJP
AOP=>HEODIAJP BNKI = HK=J
OKQN?A@ BNKI 0J@E= P=T=>HA KJ =
CNKOO >=OEO
JZW SeeWeeWW [e S TS`]
dWY[efWdWV [` ASbS` S`V
abWdSfWe [` @`V[S fZdagYZ
KVU DTCPEJ QH]EGU% YJKEJ
Ua`ef[fgfW [fe G< [` @`V[S*
JZW SeeWeeWW ZSV dWUW[hWV
[`Ua_W Xda_ S BadWS`
Ua_bS`k Xad SUf[`Y Se S ^aS`
YgSdS`fad* JZW SeeWeeWW
ZSV dWUW[hWV `Wf [`Ua_W
SXfWd i[fZZa^V[`Y fSj g`VWd
BadWS` ^Si* MZ[^W fZW
CUUGUUGG JCF TG^GEVGF VJG
ITQUU KPEQOG KP KVU RTQ]V&
S`V)^aee SUUag`f( a`^k fZW
`Wf S_ag`f iSe aXXWdWV Xad
fSj*
JZW JF aTeWdhWV fZSf
fZW ^aS` Xad iZ[UZ fZW
YgSdS`fWW iSe bdah[VWV iSe
bSdf aX Xg`Ve dS[eWV fZdagYZ
hSd[age eagdUWe [` @`V[S*
?W`UW( fZW [`Ua_W iSe
eagdUWV [` @`V[S S`V iag^V
Ua`ef[fgfW [`Ua_W SUUdg[`Y
ad Sd[e[`Y Xda_ S Tge[`Wee
Ua``WUf[a` [` @`V[S [` fWd_e
aX eWUf[a` 5$-%$[% aX fZW 7Uf*
JZW JF XgdfZWd ZW^V fZSf fZW
UdWV[f Xad fZW fSj i[fZZW^V
[` BadWS iSe fa TW ShS[^WV
Tk fZW SeeWeeWW [` [fe Za_W
Uag`fdk $[*W* ASbS`% S`V `af
[` @`V[S( S`V SUUadV[`Y^k(
fZW W`f[dW Ydaee S_ag`f iSe
fSjST^W [` @`V[S*
IgTeWcgW`f^k( fZW JF ^Wh[WV
S bW`S^fk g`VWd eWUf[a`
.3-$-%$U% aX fZW 7Uf a` fZW
Ydag`V fZSf fZW SeeWeeWW
ZSV aXXWdWV fa fSj a`^k fZW
`Wf [`Ua_W [`efWSV aX fZW
Ydaee [`Ua_W* JZW 9@J$7%
EQP]TOGF VJG KPEQOG
SVV[f[a` _SVW Tk fZW JF(
Tgf US`UW^^WV fZW bW`S^fk
g`VWd eWUf[a` .3-$-%$U% aX
fZW 7Uf a` fZW Ydag`V fZSf
fZWdW iSe `a Ua`UWS^_W`f
aX [`Ua_W ad Xgd`[eZ[`Y aX
[`SUUgdSfW bSdf[Ug^Sde aX
[`Ua_W*
F` SbbWS^ fa fZW Jd[Tg`S^(
fZW SeeWeeWW Ua`fW`VWV fZSf
[` fZW USeW aX 9@J T 7_TS^S^
B[^SUZS`V P-550Q .-, @JH
400 $8a_*%( [f iSe ZW^V fZSf
fSj i[fZZW^V agfe[VW @`V[S
iag^V `af TW [`U^gVWV [`
fZW SeeWeeWWne fafS^ [`Ua_W*
7UUadV[`Y^k( [f ZSV aXXWdWV
fZW `Wf [`Ua_W fa fSj g`VWd
S )43( <+, TW^[WX fZSf fSj
i[fZZW^V agfe[VW aX @`V[S
iSe fa TW WjU^gVWV Xda_ fZW
fafS^ fSjST^W [`Ua_W*
JZW Jd[Tg`S^ aTeWdhWV fZSf
fZW VWU[e[a` [` fZW USeW aX
7_TS^S^ B[^SUZS`V iSe
dW`VWdWV iZWdW fZW SeeWeeWW
iSe S` m@`V[S` dWe[VW`fn fa
iZa_ fZW bdah[e[a`e aX fZW
KB S`V @`V[S` fSj ^Si iWdW
Sbb^[UST^W* ?aiWhWd( [`
fZ[e USeW( e[`UW fZW SeeWeeWW
iSe S m`a`)dWe[VW`fn $[*W* S
dWe[VW`f aX ASbS`% ZSh[`Y
S G< [` @`V[S( fZW fSjSf[a`
iSe YahWd`WV Tk fZW @`V[S)
ASbS` fSj fdWSfk* ?W`UW fZW
STahW VWU[e[a` iag^V `af
Sbb^k fa fZW SeeWeeeWW* 7^ea(
[` S`afZWd VWU[e[a` [` fZW
USeW aX DSVZShSdSa IU[`V[S
T 9@J P.,,,Q .0/ @JH 24/
$Dg_%( [f iSe ZW^V fZSf fZW
Ydaee [`Ua_W( S`V `af fZW
`Wf [`Ua_W( SUUdg[`Y fa fZW
SeeWeeWW [` @`V[S iag^V TW
fSjST^W [` @`V[S*
)(" =W5 " " " " "
JZW SeeWeeWW ZSV SUUag`fWV
Xad fZW Ydaee [`Ua_W [`
[fe Taa]e aX SUUag`f( S`V
ZSV `af U^S[_WV S`k UdWV[f
Xad fZW fSj i[fZZW^V* @f
ZSV S^ea `af bdah[VWV S`k
Wjb^S`Sf[a` Xad `af U^S[_[`Y
fZW fSj UdWV[f [` @`V[S*
=gdfZWd( fZW S_ag`f aX fSj
WjU^gVWV Xda_ [`Ua_W iSe
`af [fe WjbW`V[fgdW( Tgf
dWbdWeW`fWV fZW fSj bS[V
a` TWZS^X aX fZW bd[`U[bS^
Ua_bS`k [` BadWS* 7e bWd
fZW bdah[e[a`e aX fZW @`V[S)
ASbS` fSj fdWSfk YahWd`[`Y
fZW SUUdgS^ aX [`Ua_W( fZW
W`f[dW Ydaee S_ag`f iag^V
TW fSjST^W [` fZW ZS`Ve aX
fZW SeeWeeWW [` @`V[S*
@f XgdfZWd ZW^V fZSf( Se
bWd fZW eWUa`V ^[_T aX
<jb^S`Sf[a` - fa eWUf[a`
.3-$-%$U% aX fZW 7Uf(
iZWdW S bWdea` aXXWde S`
Wjb^S`Sf[a` egbbadf[`Y Z[e
ad ZWd U^S[_ S`V ZW ad eZW [e
`af ST^W fa egTefS`f[SfW fZW
eS_W ad XS[^e fa bdahW fZSf
fZ[e Wjb^S`Sf[a` [e )43( <+,(
fZ[e iag^V SffdSUf S bW`S^fk
g`VWd eWUf[a` .3-$-%$U% aX
fZW 7Uf*
I[`UW fZW SeeWeeWWne U^S[_
iSe `af )43( <+, `ad iSe
VJGTG CP[ LWUVK]ECVKQP HQT
WjU^gV[`Y fZW fSj i[fZZW^V
Xda_ fZW fafS^ [`Ua_W(
VJG BTKDWPCN EQP]TOGF
fZW bW`S^fk g`VWd eWUf[a`
.3-$-%$U% aX fZW 7Uf*
;;@J T Ig_[fa_a D[feg[
8S`][`Y 9adbadSf[a` PJI)43,)
@J7J).,-.$Dg_%Q
69P AGDB=9Q
'(= /410+(> ),3,?8 348 84 ),
@AJEA@ EJ ?=OA KB CAJQEJA NA=OKJ
OQ>IEPPEJC = >AH=PA@ P=T NAPQNJ
JZW SeeWeeWW( S dWS^ WefSfW
VWhW^abWd( ZSV U^S[_WV
S fSj Za^[VSk VWVgUf[a`
g`VWd eWUf[a` 4,@8 aX fZW
7Uf [` dWebWUf aX [fe Tge[`Wee
RTQ]V' 8V JCF UWDOKVVGF KVU
fSj dWfgd` ^SfW SXfWd fZW
efSfgfadk VgW VSfW*
;gd[`Y fZW UagdeW aX
SeeWee_W`f bdaUWWV[`Ye(
fZW SeeWeeWW iSe dWcg[dWV fa
bdaVgUW VWfS[^e egbbadf[`Y
[fe U^S[_ Xad fZW fSj Za^[VSk
g`VWd eWUf[a` 4,@8 aX fZW
7Uf*
F` XS[^gdW aX fZW SeeWeeWW
fa bdaVgUW fZW dWcg[dWV
VaUg_W`fe S`V fZW
SeeWee_W`f YWff[`Y f[_W
TSddWV( fZW JF _SVW S TWef
\gVYW_W`f SeeWee_W`f
g`VWd eWUf[a` -00 aX fZW
7Uf* JZW fSj Za^[VSk iSe
V[eS^^aiWV [` h[Wi aX fZW
bdah[ea [a`e aX eWUf[a` 4,79
aX fZW 7Uf iZ[UZ dWcg[dWV
fZSf fZW fSj dWfgd` TW
egT_[ffWV Tk fZW efSfgfadk
VgW VSfW Se dWcg[dWV Tk
eWUf[a` -/5$-% aX fZW 7Uf*
JZW 9@J$7% gbZW^V fZW adVWd
aX fZW JF*
JZW Jd[Tg`S^ dW^[WV a` fZW
VWU[e[a`e [` fZW USeWe aX
@JF h IZd[ I LW`]SfS[SZ
P.,-.Q .. fSj_S``*Ua_
. $?kV*% S`V 79@J T ;Z[d
>^aTS^ @`Vgefd[S^ $G% CfV
P.,--Q 0/ IFJ 20, $;W^%
iZWdW [f iSe ZW^V fZSf fZW
bdah[e[a`e aX eWUf[a` 4,79
aX fZW 7Uf bdaZ[T[f[`Y S fSj
Za^[VSk g`VWd eWUf[a` 4,@8
aX fZW 7Uf [` USeW aX `af
Xgd`[eZ[`Y fZW fSj dWfgd`
i[fZ[` fZW efSfgfadk VgW
VSfW SdW a`^k mV[dWUfadkn S`V
`af m_S`VSfadkn [` `SfgdW*
JZW dW^[WX US` TW YdS`fWV
[X fZWdW [e S YW`g[`W S`V
hS^[V dWSea` Xad S VW^Sk [`
egT_[ff[`Y fZW fSj dWfgd`* @`
fZW SeeWeeWWne USeW( fZW JF
ZSV `a abbadfg`[fk fa hWd[Xk
fZW dWSea`e Xad VW^Sk S`V S
TWef \gVYW_W`f SeeWee_W`f
iSe dWcg[dWV*
?W`UW( fZW Jd[Tg`S^
dW_[ffWV fZW _SffWd TSU]
fa fZW JF fa Ua`e[VWd fZW
dWSea`e Xad fZW VW^Sk [`
egT_[ff[`Y fZW fSj dWfgd`
S`V fZW` S^^ai fZW fSj
Za^[VSk g`VWd eWUf[a` 4,@8
aX fZW 7Uf*
LS`eZWW 8g[^VWde # ;WhW^abWde
Ghf CfV T @JF PJI)445 )@J7J)
.,-. $8S`Y%Q
&MKBF>KK >PH>F=BLMJ>
6=UIAJPO BKN =??AOOEJC
PA?DJKHKCU PK EILNKRA
I=JQB=?PQNEJC LNK?AOOAO
=HHKS=>HA
JZW SeeWeeWW Ua_bS`k [e
W`YSYWV [` _S`gXSUfgd[`Y(
Wjbadf[`Y( SeeW_T^[`Y(
egbb^k[`Y( V[efd[Tgf[`Y S`V
[_badf[`Y S[d)Ua`V[f[a`[`Y
S`V dWXd[YWdSf[a` Wcg[b_W`f
S`V SUUWeead[We*
@f W`fWdWV [`fa S
fWUZ`a^aY[US^ Ua^^STadSf[a`
SYdWW_W`f $fZW 7YdWW_W`f%
i[fZ ;S[][` @`Vgefd[We
CfV $;S[][`% Xad fW` kWSde*
K`VWd fZW SYdWW_W`f(
;S[][` YdS`fWV S` WjU^ge[hW
S`V `a`)fdS`eXWdST^W d[YZf
S`V ^[UW`eW fa fZW SeeWeeWW
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM""""""""))
fa geW ;S[][`ne fWUZ`a^aYk
fa _S`gXSUfgdW( eW^^( [`efS^^(
_S[`fS[` S`V eWdh[UW fZW
bdaVgUfe Xad S UWdfS[`
Ua`e[VWdSf[a` iZ[UZ iSe
bS[V Se mfWUZ`[US^ XWWen
S`V U^S[_WV Se dWhW`gW
WjbW`V[fgdW Tk fZW SeeWeeWW*
JZW JF ZW^V fZSf fZW
bSk_W`f aX fWUZ`[US^ XWWe
iSe `af dWhW`gW [` `SfgdW(
e[`UW [f iSe bS[V Xad ge[`Y
fWUZ`[US^ ]`ai)Zai iZ[UZ
ICXG CP GPFWTKPI DGPG]V VQ
fZW SeeWeeWW( S`V iSe fZe
USb[fS^ [` `SfgdW* ?W`UW(
fZW U^S[_ aX fZW SeeWeeWW Xad
VWVgUf[a` iSe `af S^^aiWV*
JZW 9@J$7% dWXWddWV fa fZW
VWU[e[a` [` fZW USeW aX 9@J
h A*B* Ik`fZWf[Ue P.,,5Q
/,5 @JH /3- $;W^% iZWdW [f
iSe ZW^V fZSf fZW YdS`f[`Y
aX S ^[UW`UW Xad mSUUWeen fa
fWUZ`[US^ ]`ai^WVYW iSe
dWhW`gW WjbW`V[fgdW* JZW
9@J$7% S^^aiWV fZW U^S[_ aX
fZW SeeWeeWW S`V ZW^V fZSf
a`^k S md[YZfn iSe SUcg[dWV
g`VWd fZW ^[UW`eW SYdWW_W`f
fa mSUUWeen fZW fWUZ`[US^
]`ai^WVYW S`V Se fZWdW
iSe `a mSTea^gfW fdS`eXWdn
aX fWUZ`[US^ ]`ai^WVYW( fZW
bSk_W`f _SVW fa ;S[][`
iSe [` fZW `SfgdW aX dWhW`gW
WjbW`V[fgdW*
8WXadW fZW Jd[Tg`S^( fZW
HWhW`gW Ua`fW`VWV fZSf
e[`UW fZW bSk_W`f aX
fWUZ`[US^ XWWe iSe Xad S
bWd[aV aX fW` kWSde S`V YShW
CP GPFWTKPI DGPG]V VQ VJG
SeeWeeWW( [f iSe [` fZW `SfgdW
aX USb[fS^ WjbW`V[fgdW*
JZW Jd[Tg`S^ ZW^V
fZSf g`VWd fZW ^[UW`UW
SYdWW_W`f( fZW SeeWeeWW
iSe a`^k W`f[f^WV fa mSUUWeen
fWUZ`[US^ [`Xad_Sf[a`
[` adVWd fa _S`gXSUfgdW
^[UW`eWV bdaVgUfe* @f iSe
m`af S USeW aX STea^gfW
fdS`eXWdn aX [`Xad_Sf[a`
e[`UW fZW SYdWW_W`f iSe
`af [` bWdbWfg[fk* JZW
SeeWeeWW iSe YdS`fWV S d[YZf
fa mSUUWeen fZW fWUZ`[US^
]`ai^WVYW Xad a`^k fW`
kWSde( S`V ZW`UW fZW
SYdWW_W`f iSe i[fZagf S`k
GPFWTKPI DGPG]V'
JZW Jd[Tg`S^ ZW^V fZSf
WjbW`V[fgdW [`UgddWV
iSe Xad mSUUWee[`Yn fZW
fWUZ`[US^ ]`ai^WVYW Xad
[_bdahW_W`fe [` fZW
_S`gXSUfgd[`Y bdaUWee( S`V
iSe `af bdah[V[`Y W`Vgd[`Y
DGPG]V VQ VJG EQORCP['
JZWdWXadW( fZW WjbW`V[fgdW
iSe S^^aiST^W Se dWhW`gW
WjbW`V[fgdW*
@JF h ;S[][` 7[d 9a`V[f[a`[`Y
$@`V[S% Ghf CfV PJI)420)
@J7J).,-. $;W^%Q
'A9JBL9;D> 9<LBNBLQ
8KRANAECJ =J@ NACQH=PKNU
BQJ?PEKJO =NA JKP ?D=NEP=>HA EJ
J=PQNA
JZW SeeWeeWW [e S efSfgfadk
TaVk WefST^[eZWV g`VWd fZW
8gdWSg aX @`V[S` IfS`VSdVe
7Uf( -542 $fZW 8@I 7Uf%
W^[Y[T^W Xad WjW_bf[a` g`VWd
eWUf[a` -,$./9%$[h% aX fZW
7Uf* JZW ;[dWUfad aX @`Ua_W
JSj <jW_bf[a`e $;@J$<%%
i[fZVdWi fZW WjW_bf[a`
YdS`fWV fa fZW SeeWeeWW
a` fZW Ydag`V fZSf fZW
SUf[h[f[We Ua`VgUfWV Tk fZW
SeeWeeWW iWdW [` fZW `SfgdW
aX S Tge[`Wee(
e[`UW [f iSe SiSdVWV `a`)
fdS`eXWdST^W ^[UW`UWe g`VWd
XCTKQWU RTQFWEV EGTVK]ECVKQP
UEJGOGU HQT C URGEK]GF
bWd[aV S`V [f ZSV WSd`WV
egTefS`f[S^ [`Ua_W Xda_
RTQFWEV EGTVK]ECVKQP% IQNF
JCNNOCTMKPI EGTVK]ECVKQP%
U[UVGOU EGTVK]ECVKQP% GVE'
JZge fZW SUf[h[f[We aX fZW
SeeWeeWW iWdW [` fZW `SfgdW
aX fdSVW( Ua__WdUW S`V
Tge[`Wee( UahWdWV Tk fZW
bdah[ea fa eWUf[a` .$-1% aX
fZW 7Uf*
JZW SeeWeeWW _SVW S id[f
fa fZW ;W^Z[ ?9 Ua`fW`V[`Y
fZSf [f ZSV TWW` WefST^[eZWV
HQT VJG RWTRQUG QH ]ZKPI
efS`VSdVe fa W`egdW fZSf fZW
bgT^[U Sf ^SdYW [e SeegdWV aX
cgS^[fk* @f [e S eahWdW[Y` S`V
dWYg^Sfadk Xg`Uf[a` [` fWd_e
aX eWUf[a` -, aX fZW 8@I 7Uf*
JZW UZSdY[`Y aX ^[UW`eW
XWW [e _S`VSfadk Xad S
Tge[`Wee ad [`Vgefdk fa U^S[_
Ua`Xad_[fk aX [fe bdaVgUfe fa
fZW efS`VSdVe bdWeUd[TWV Tk
fZW UW`fdS^ YahWd`_W`f*
JZW ?9 `afWV Xda_ fZW
bdah[e[a`e aX fZW 8@I 7Uf
fZSf a`W aX fZW VWe[Y`SfWV
Xg`Uf[a`e aX fZW 8@I [e fZW
mSVhS`UW_W`f aX aT\WUfe aX
YW`WdS^ bgT^[U gf[^[fkn* @` fZ[e
dWYSdV( dW^[S`UW iSe b^SUWV
a` fZW VWU[e[a` [` fZW USeW
aX BZaVSk ;[ef[^^Wd[We CfV h
IfSfW aX BSd`SfS]S P-551Q -
I99 130 $I9% iZWdW [f iSe
ZW^V fZSf fZW WjbdWee[a`
_VTCFG` YCU ENCTK]GF VQ OGCP
WjUZS`YW aX YaaVe Xad YaaVe
ad Xad _a`Wk( S`V S^ea a`
fZW VWU[e[a` [` fZW USeW aX
9@J h CSZadW <^WUfd[U Igbb^k
9a_bS`k CfV P-522Q 2,
)*" =W5 " " " " "
7N .,,-),.( fZW SeeWeeWW
W`fWdWV [`fa S fdS`eXWd aX
Tge[`Wee SYdWW_W`f $fZW
7YdWW_W`f% i[fZ @`V >^aTS^
=[`S`U[S^ Jdgef CfV $fZW
Jdgef% Xad fZW fdS`eXWd aX
S _WdUZS`f TS`][`Y g`[f*
JZW SeeWeeWW bS[V S eg_ aX
@EH .*1 _[^^[a` fa fZW fdgef
Xad fZW eS^W S`V fdS`eXWd
aX fZW Tge[`Wee( Ua`fSUfe
S`V Tge[`Wee ]`ai)Zai
_S`gS^ dW^Sf[`Y fa _WdUZS`f
TS`][`Y* JZW SeeWeeWW
fdWSfWV fZW WjbW`V[fgdW Xad
fZW SUcg[e[f[a` aX ]`ai)
Zai Se S` [`fS`Y[T^W SeeWf(
S`V SUUadV[`Y^k U^S[_WV
VWbdWU[Sf[a` a` [f* JZW JF
V[eS^^aiWV fZW U^S[_ aX fZW
SeeWeeWW a` fZW Ydag`V fZSf
fZW bSk_W`f ZSV TWW` _SVW
Xad YaaVi[^^ S`V `af Xad
]`ai)Zai*
JZW 9@J$7% aTeWdhWV fZSf
fZW _S`gS^ V[V `af Ua`fS[`
S`k fWUZ`[cgW ad e][^^( Tgf
iSe a`^k S Ua_b[^Sf[a`
aX dg^We( dWYg^Sf[a`e(
bdaUWVgdWe S`V OPN GNPLBQ
iZ[UZ iSe afZWdi[eW
ShS[^ST^W a` fZW _Sd]Wf [`
Taa] Xad_* JZW bSk_W`f(
fZWdWXadW( Uag^V `af TW
Ua`e[VWdWV Se WjbW`V[fgdW
a` SUcg[d[`Y ]`ai)Zai(
S`V SUUadV[`Y^k fZW 9@J$7%
EQP]TOGF VJG FKUCNNQYCPEG
aX VWbdWU[Sf[a` _SVW Tk fZW
JF*
JZW Jd[Tg`S^( a` bWdgeS^ aX
fZW SYdWW_W`f( aTeWdhWV
fZSf fZW bSk_W`f aX @EH
.*1 _[^^[a` ZSV TWW` _SVW
Xad fZW eS^W S`V fdS`eXWd
aX Tge[`Wee S`V Ua`fSUfe*
JZW mTge[`Ween [` fZW
CITGGOGPV YCU FG]PGF VQ
_WS` W_b^akWWe( Ugefa_Wd
S`V U^[W`f dW^Sf[a`eZ[be(
Ugefa_Wd S`V U^[W`f ^[efe S`V
UWdfS[` ]`ai)Zai dW^SfWV
fa fZW _WdUZS`f TS`][`Y
Tge[`Wee aX fZW fdS`eXWdad(
Tgf V[V `af [`U^gVW fZW
WjU^gVWV SeeWfe( UdWV[fade
S`V ^[ST[^[f[We* JZW bSk_W`f
ZSV TWW` _SVW Xad fZW
fdS`eXWd aX Tge[`Wee S`V
Ua`fSUfe( iZ[UZ [`U^gVWV
Ugefa_Wde S`V U^[W`f
dW^Sf[a`eZ[be* JZWdW iSe `a
_SfWd[S^ fa eZai fZSf S`k
bSdf aX fZW bSk_W`f iSe
dW^SfWV fa S`k ]`ai)Zai
iZ[UZ Uag^V TW Ua`e[VWdWV
Se S` [`fS`Y[T^W SeeWf Xad fZW
bgdbaeWe aX eWUf[a` /.$-%
$[[% aX fZW 7Uf* =gdfZWd( fZW
SeeWeeWW iSe [` fZW Tge[`Wee
aX _WdUZS`f TS`][`Y(
iZ[UZ VaWe `af dWcg[dW
S`k [`Vgefd[S^ [`Xad_Sf[a`
ad fWUZ`[cgW geWXg^ [` fZW
_S`gXSUfgdW ad bdaUWee[`Y
aX YaaVe S`V ST^W fa TW
fWd_WV Se m]`ai)Zain Se
bWd eWUf[a` /.$-%$[[% aX fZW
7Uf* ?W`UW fZW Jd[Tg`S^
V[eS^^aiWV fZW U^S[_ aX
VWbdWU[Sf[a` _SVW Tk fZW
SeeWeeWW*
@`V >^aTS^ 9adbadSfW =[`S`UW
Ghf CfV T @JF P.,-.Q -5 @JH
$Jd[T% 04/ $Dg_TS[%
4>9KK>KKE>FL
4K NA=OOAOOIAJP >=OA@ KJ
I=PANE=H =HNA=@U =R=EH=>HA
=P PDA PEIA KB PDA KNECEJ=H
=OOAOOIAJP
JZW SeeWeeWW( S `a`)TS`][`Y
]PCPEKCN EQORCP[% YCU KP
fZW Tge[`Wee aX [`hWef_W`f(
]PCPEKCN CPF UVTCVGIKE
SVh[eadk eWdh[UWe*
JZW SeeWeeWW W`fWdWV [`fa
eWhWdS^ Tge[`Wee egbbadf
SYdWW_W`fe i[fZ [fe bSdW`f
@JH - $I9% iZWdW [f iSe
ZW^V fZSf fZW WjbdWee[a`
mTge[`Ween g`VWd fZW 7Uf
Ua`fW_b^SfWe SUf[h[f[We
ECRCDNG QH RTQFWEKPI RTQ]V
iZ[UZ [e fSjST^W*
JZW ?9 ZW^V fZSf fZW
SeeWeeWW [e S efSfgfadk
TaVk WefST^[eZWV Xad fZW
ZSd_a`[age VWhW^ab_W`f
aX fZW SUf[h[f[We aX
efS`VSdV[eSf[a`( _Sd][`Y
CPF SWCNKV[ EGTVK]ECVKQP
aX YaaVe( S`V fZSf fZW
UZSdY[`Y aX ^[UW`eW XWWe
Xad YdS`f[`Y _Sd]e ad
EGTVK]ECVKQPU YCU PQV FQPG
HQT RTQ]V' BJG GZRTGUUKQP
mdW`VWd[`Y S`k eWdh[UW [`
dW^Sf[a` fa fdSVW( Ua__WdUW
ad Tge[`Ween g`VWd eWUf[a`
.$-1% aX fZW 7Uf US``af TW
i[VW^k Ua`efdgWV fa [`U^gVW
dWYg^Sfadk S`V eahWdW[Y`
SgfZad[f[We( eWf gb g`VWd
efSfgfadk W`SUf_W`fe( S`V
fSe]WV fa SUf Se SYW`U[We aX
fZW efSfW [` bgT^[U Vgf[We*
JZWdWXadW( [f iSe ZW^V fZSf
fZW SeeWeeWW ZSV bWdXad_WV
eahWdW[Y` S`V dWYg^Sfadk
Xg`Uf[a`e( iZ[UZ iWdW
`af [` fZW `SfgdW aX fdSVW(
Ua__WdUW ad Tge[`Wee*
8gdWSg aX @`V[S` IfS`VSdVe T
;>@J$<% P.,-.Q .3 fSj_S``*
Ua_ -.3 $;W^%
(>HJ><B9LBGF
6=UIAJPO BKN PDA =?MQEOEPEKJ KB
>QOEJAOO =J@ ?KJP=?PO =NA JKP
EJP=JCE>HA =OOAPO =J@ DAJ?A JKP
AHECE>HA BKN @ALNA?E=PEKJ
JZW SeeWeeWW)Ua_bS`k
[e [` fZW Tge[`Wee aX
bdah[V[`Y UadbadSfW
SVh[eadk S`V _WdUZS`f
TS`][`Y eWdh[UWe* ;gd[`Y
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM"""""""")+
Ua_bS`k fa ShS[^ S hSd[Wfk
aX eWdh[UWe* JZW SeeWeeWW
aTfS[`WV S` adVWd g`VWd
eWUf[a` -51$.% aX fZW 7Uf
VWfWd_[`[`Y fZW dSfW aX fSj
i[fZZa^V[`Y Xad dW_[ffS`UWe
_SVW fa fZW bSdW`f Ua_bS`k
Xad fZWeW eWdh[UWe*
;gd[`Y fZW UagdeW aX
SeeWee_W`f bdaUWWV[`Ye Xad
SeeWee_W`f kWSd $7N% .,,0)
,1( fZW JF _SVW dWXWdW`UW
VQ VJG VTCPUHGT RTKEKPI QH]EGT
$JGF% [` adVWd fa VWfWd_[`W
fZW Sd_ne ^W`YfZ bd[UW $7CG%
Xad fZW fdS`eSUf[a`e W`fWdWV
[`fa Tk fZW SeeWeeWW i[fZ
fZW bSdW`f Ua_bS`k* F`
dWUW[bf aX fZW JGFne adVWd
Ua`U^gV[`Y fZSf fZW 7CG
VWfWd_[`WV Tk fZW SeeWeeWW
iSe UaddWUf( fZW JF bSeeWV S
]PCN CUUGUUOGPV QTFGT'
IgTeWcgW`f^k( iZ[^W
Ua_b^Wf[`Y fZW SeeWee_W`f
Xad 7N .,,3),4( fZW JF
aTeWdhWV fZSf fZW bSk_W`fe
fa fZW bSdW`f Ua_bS`k
iWdW `af _SVW a` SUUag`f
aX Tge[`Wee WjbWV[W`Uk*
7UUadV[`Y^k( fZW JF [`[f[SfWV
dWSeeWee_W`f bdaUWWV[`Ye
Xad 7N .,,0),1* JZW JF
bSeeWV S dWSeeWee_W`f
adVWd S`V ZW^V fZSf fZW
V[eU^aegdW _SVW Vgd[`Y
SeeWee_W`f bdaUWWV[`Ye iSe
[`SVWcgSfW*
BJG CUUGUUGG ]NGF C YTKV
bWf[f[a` UZS^^W`Y[`Y fZW
dWSeeWee_W`f bdaUWWV[`Ye
Xad 7N .,,0),1* JZW
?9 aTeWdhWV fZSf fZW
dWhW`gW SgfZad[f[We ZSV
`aiZWdW _W`f[a`WV fZW
`SfgdW aX fZW [`SVWcgSfW
V[eU^aegdW* =gdfZWd( fZW
?9 S^ea aTeWdhWV fZSf [f
iSe dWSea`ST^W fa bdWeg_W
fZSf fZW JF ZSV Ua`e[VWdWV
VJG OCVGTKCN ]NGF DGHQTG
Z[_ TWXadW bSee[`Y fZW
SeeWee_W`f adVWd*
JZW ?9( dW^k[`Y gba` fZW
VWU[e[a` bSeeWV Tk fZW ;W^Z[
?9 [` fZW USeW aX 9@J h
<[UZWd CfV P.,,3Q .50 @JH
/-, $;W^Z[%( cgSeZWV fZW
dWSeeWee_W`f bdaUWWV[`Ye(
Se fZW XSUfe iWdW TWXadW fZW
JF Sf fZW f[_W aX XdS_[`Y
fZW ad[Y[`S^ SeeWee_W`f*
7 _WdW UZS`YW aX ab[`[a`
^SfWd US``af Xad_ fZW TSe[e
Xad fZW JF ad Z[e egUUWeead
fa dWabW` SeeWee_W`f
bdaUWWV[`Ye*
HSTa @`V[S =[`S`UW CfV T ;9@J
P.,-.Q .2 fSj_S``*Ua_ -..
$8a_%
)," =W5 " " " " "
19EFCB5@ G5K9F7eeWee[`Y bWdea`S^ fSj
,5F9 @5JF59D9JQ$H>JIMBKBL>
6AJ=HPU JKP HARE=>HA EJ PDA ?=OA
4- ,6646 93+,6 ( )43( ?+, ),10,-
JZW SeeWeeWW( S` W_b^akWW
aX JWfdS GS] @`fWd`Sf[a`S^
I*7*( iSe VWbgfWV fa @`V[S
[` adVWd fa iad] i[fZ JWfdS
GS] @`V[S CfV* ;gd[`Y fZW
]PCPEKCN [GCTU +)))&)*
S`V .,,-),.( fZW SeeWeeWW
dWUW[hWV S UWdfS[` S_ag`f
aX [`Ua_W agfe[VW @`V[S a`
SUUag`f aX dW[_TgdeW_W`fe
faiSdVe fSj dSf[a`S^[eSf[a`
Xda_ JWfdS GS] @`fWd`Sf[a`S^
I*7* iZ[UZ ZW V[V `af
V[eU^aeW [` fZW ad[Y[`S^ fSj
TGVWTPU ]NGF D[ JKO' BJG
JF iSe aX fZW h[Wi fZSf
[`Ua_W UZSdYWST^W fa fSj
ZSV WeUSbWV SeeWee_W`f(
S`V SUUadV[`Y^k S `af[UW
g`VWd eWUf[a` -04 aX fZW 7Uf
iSe eWdhWV a` fZW SeeWeeWW*
JWfdS GS] @`fWd`Sf[a`S^ I*7
QSN LNRN S`V ha^g`fSd[^k
dW)Ua_bgfWV fZW eS^Sdk
[`Ua_W aX fZW SeeWeeWW
[` @`V[S S`V VWbae[fWV
fZW SVV[f[a`S^ fSjWe S`V
[`fWdWef fZWdWa` g`VWd
eWUf[a` .,-$-7% aX fZW 7Uf
fZdagYZ fZW i[fZZa^V[`Y fSj
dagfW* @` dWeba`eW fa fZ[e
`af[UW g`VWd eWUf[a` -04 aX
VJG 1EV% VJG CUUGUUGG ]NGF
`Wi [`Ua_W fSj dWfgd`e
[`U^gV[`Y fZW [`Ua_W `af
dWbadfWV [` fZW ad[Y[`S^
[`Ua_W fSj dWfgd`e*
JZW JF Ua_b^WfWV fZW
SeeWee_W`f S`V [`[f[SfWV
bW`S^fk bdaUWWV[`Ye g`VWd
eWUf[a` .3-$-%$U% aX fZW 7Uf(
Za^V[`Y fZSf fZW [`fW`f[a` aX
fZW SeeWeeWW iSe fa Ua`UWS^
fZW [`Ua_W* JZW 9@J$7%
EQP]TOGF VJG RGPCNV[ NGXKGF
Tk fZW JF* JZW SeeWeeWW
Ua`fW`VWV fZSf fZW bae[f[a`
fS]W` Tk fZW Ua_bS`k S`V
Ua`eWcgW`f^k Tk fZW SeeWeeWW
[` [fe ad[Y[`S^ fSj dWfgd` iSe
)43( <+, S`V iSe TSeWV
a` \gV[U[S^ bdWUWVW`fe*
7UUadV[`Y^k( [f V[V `af
S_ag`f fa Ua`UWS^_W`f
aX [`Ua_W( S`V fZW _SffWd
iW`f fa fZW Jd[Tg`S^*
JZW Jd[Tg`S^ S`S^keWV fZW
bdah[e[a`e aX <jb^S`Sf[a`
- fa eWUf[a` .3-$-%$U% aX
fZW 7Uf S`V aTeWdhWV fZSf
fZW Ua`UWS^_W`f aX [`Ua_W
bSdf[Ug^Sde a` fZW bSdf aX fZW
SeeWeeWW iag^V `af TW ^WSV
fa fZW ^Whk[`Y aX S bW`S^fk
g`VWd eWUf[a` .3-$-%$U% Se
bWd <jb^S`Sf[a` - iZWdW
Wjb^S`Sf[a` iZ[UZ [e CNMB
<+, [e aXXWdWV( S`V S^^ aX
fZW XSUfe dW^Sf[`Y fa fZW
eS_W S`V _SfWd[S^ fa fZW
Ua_bgfSf[a` aX Z[e fafS^
[`Ua_W ZShW TWW` V[eU^aeWV
Tk Z[_* =gdfZWd( dW^k[`Y
a` fZW VWU[e[a`e aX [` fZW
USeWe aX 9@J T I[VZSdfZS
<`fWdbd[eWe P.,,5Q /.. @JH
4, $G#?% S`V fZW Dg_TS[
Jd[Tg`S^ [` fZW USeW aX
>^ad[We HWS^fk Ghf CfV T
@JF P.,,5Q .5 IFJ .5.
$Dg_TS[%( [f iSe ZW^V fZSf S
bW`S^fk [e `af S` Sgfa_Sf[U
Ua`eWcgW`UW aX SVV[f[a`S^
[`Ua_W( S`V [e `af ^Wh[ST^W
[` USeWe iZWdW fZW SeeWeeWW
ZSe _SVW S` Wddad g`VWd
S )43( <+, TW^[WX* @` h[Wi
aX fZW STahW V[eUgee[a`e(
fZW SbbWS^ iSe VWU[VWV [`
XShagd aX fZW SeeWeeWW*
<_[^[a Hg[l 8WdVW\a T ;9@J
P.,-.Q .2 fSj_S``*Ua_ .0
$Gg`W%
/N=JPEJC KB LANLAPQ=H
K??QL=J?U NECDPO EJ ?KIL=JU
4<3,+ @(87 8(=()1, (7 "+,,2,+
+0;0+,3+7"
@` fZ[e USeW( ?SfS`W
GdW_[eWe Ghf CfV $fZW
9a_bS`k% S XS_[^k)ai`WV
Ua_bS`k( bgdUZSeWV S
bdabWdfk US^^WV AaeZ[ <efSfWe
[` -55.* JZW aT\WUf aX fZW
Ua_bS`k iSe fa USddk a`
[fe Tge[`Wee Se S Tg[^VWd
S`V VWhW^abWd* Ia_W aX
fZW Tg[^V[`Y iSe Y[hW` fa
fZW eZSdWZa^VWde SYS[`ef
fZW[d T^aU]e aX eZSdWe* JZW
eZSdWZa^VWde iWdW W`f[f^WV
fa fZW aUUgbS`Uk d[YZfe
QH XCTKQWU ^CVU DCUGF QP
fZW eZSdWe ZW^V Tk fZW_
SXfWd bSk[`Y S` [`fWdWef)
XdWW dWXg`VST^W VWbae[f fa
fZW Ua_bS`k* =gdfZWd( fZW
eZSdWZa^VWde iWdW S^ea
^[ST^W fa bSk _g`[U[bS^
fSjWe S`V iWdW W`f[f^WV
fa fdS`eXWd fZW aUUgbS`Uk
TKIJVU KP VJG EQPEGTPGF ^CV%
Tk iSk aX eS^W( egT\WUf fa fZW
fdS`eXWdWW VWbae[f[`Y fZW
dWcg[dWV S_ag`f aX [`fWdWef)
XdWW VWbae[f*
JZW JF fdWSfWV fZW STahW
V[efd[Tgf[a` Se mV[h[VW`Ven
g`VWd eWUf[a` .$..%$S% aX
fZW 7Uf( S`V SUUadV[`Y^k
SVVWV fZW _Sd]Wf hS^gW aX
fZW bdabWdfk fa fZW [`Ua_W
aX fZW SeeWeeWW Se S VWW_WV
V[h[VW`V g`VWd eWUf[a`
.$..%$S% aX fZW 7Uf*
JZW 9@J$7% V[V `af SYdWW
i[fZ fZW aTeWdhSf[a`e _SVW
Tk fZW JF* @f iSe ZW^V fZSf
fZW YdS`f[`Y aX aUUgbS`Uk
d[YZfe US``af TW Ua`e[VWdWV
Se S mVWW_WV V[h[VW`Vn Se
fZW aUUgbS`Uk d[YZfe aX fZW
^CVU YGTG ITCPVGF VQ VJG
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM"""""""")-
eZSdWZa^VWde SYS[`ef fZW
bSk_W`f aX S` m[`fWdWef)XdWW
dWXg`VST^W VWbae[fn Xad fZW
bdabadf[a`SfW Uaef aX fZW
^S`V( S`V fZW VWhW^ab_W`f
Uaefe* =gdfZWd( fZW Ua_bS`k
dWfS[`WV fZW ai`WdeZ[b aX
fZW SeeWfe* 7UUadV[`Y^k( [f
iSe ZW^V fZSf fZW SeeWeeWW
TGEGKXGF DGPG]VU WPFGT
eWUf[a` .$.0%$[h% aX fZW 7Uf
a` SUUag`f aX aTfS[`[`Y
aUUgbS`Uk d[YZfe [` fZW
Tg[^V[`Y*
F` SbbWS^ fa fZW Jd[Tg`S^(
[f iSe aTeWdhWV fZSf fZW
SeeWeeWW ZSV dWUW[hWV
aUUgbS`Uk d[YZfe [` fZW
bdW_[eWe a` S bWdbWfgS^
TSe[e a` fZW TSe[e aX Z[e
eZSdWe [` fZW Ua_bS`k SXfWd
fZW bSk_W`f aX S` [`fWdWef)
XdWW dWXg`VST^W VWbae[f
faiSdVe bdabadf[a`SfW ^S`V
S`V VWhW^ab_W`f Uaefe* JZW
Jd[Tg`S^ aTeWdhWV fZSf fZW
SeeWeeWW Uag^V S^ea fdS`eXWd
Z[e aUUgbS`Uk d[YZfe fa fZW
bdW_[eWe Tk iSk aX eS^W fa
S fZ[dV bSdfk egT\WUf fa fZW
Ua`V[f[a` fZSf fZW fdS`eXWdWW
iSe fa VWbae[f fZW dWcg[dWV
[`fWdWef)XdWW eWUgd[fk
VWbae[f i[fZ fZW Ua_bS`k*
@f iSe S^ea aTeWdhWV fZSf
fZW Ua`e[VWdSf[a` fa TW
dWUW[hWV Tk fZW SeeWeeWW
a` fZW fdS`eXWd aX Z[e
aUUgbS`Uk d[YZfe iSe
`af fa TW dWXg`VWV fa fZW
Ua_bS`k* 7`V fZW Ua_bS`k
ZSV `a aT\WUf[a` fa UdWSf[`Y
fZ[dV)bSdfk d[YZfe [` fZW
aUUgbS`Uk d[YZfe YdS`fWV
fa fZW SeeWeeWW* F` fZ[e
TSe[e( fZW Jd[Tg`S^ gbZW^V
fZW adVWd aX fZW JF efSf[`Y
fZSf aUUgbS`Uk d[YZfe [`
fZW bdW_[eWe S^^affWV Tk fZW
Ua_bS`k fa fZW SeeWeeWW
S_ag`fWV fa VWW_WV
V[h[VW`Ve g`VWd eWUf[a`
.$..%$S% aX fZW 7Uf*
IZS`f[]g_Sd ; DS\[fZ[S T ;9@J
PJI)4,1)@J7J).,-.$Dg_%Q
)." =W5 " " " " "
Jd[Tg`S^ S^ea `afWV fZSf fZW
hS^gSf[a` dWbadf Ua`e[VWdWV
fZW hS^gW aX [`fS`Y[T^We
SUcg[dWV Tk fZW SeeWeeWW*
JZWdWXadW( [f iSe ZW^V
fZSf fZW VWbdWU[Sf[a` a`
fZWeW [`fS`Y[T^W SeeWfe iSe
S^^aiST^W*
F` SbbWS^ TWXadW fZW ?9(
fZW HWhW`gW Ua`fW`VWV fZSf
[`fS`Y[T^W SeeWfe egUZ Se
Tge[`Wee S`V Ua__WdU[S^
TdS`V Wcg[fk SdW YaaVi[^^
a` iZ[UZ VWbdWU[Sf[a` [e `af
S^^aiST^W* JZW ?9 dW^[WV a`
fZW I9 dg^[`Y [` fZW USeW aX
I_[Xe IWUgd[f[We CfV P.,-.Q
/04 @JH /,. $I9% S`V ZW^V
fZSf fZW [`fS`Y[T^W SeeWfe
S^ea Ua`ef[fgfW YaaVi[^^ a`
iZ[UZ VWbdWU[Sf[a` iag^V
TW S^^aiST^W*
9@J T 8[d^S >^aTS^ 7eeWf
=[`S`UW 9a CfV PJI)35-)?9)
.,-.$8a_%Q
4K ?=LEP=H C=EJO P=T KJ PN=JOBANO
KB B=IEHU LNKLANPU QJ@AN B=IEHU
=NN=JCAIAJPO
GgdegS`f fa S` SddS`YW_W`f
SYdWWV TWfiWW` XS_[^k
_W_TWde( fZW SeeWeeWW
dWUW[hWV S eg_ aX @EH ..*1
_[^^[a` a` fZW fdS`eXWd aX Z[e
d[YZfe( f[f^W S`V [`fWdWef [`
fZW XS_[^k bdabWdfk fa fZW
afZWd bSdfk g`VWd fZW XS_[^k
eWff^W_W`f*
JZW dWhW`gW VWbSdf_W`f
SdYgWV fZSf fZW fdS`eXWd aX
fZW d[YZfe( f[f^W S`V [`fWdWef
[` fZW XS_[^k bdabWdfk iSe S
fdS`eXWd g`VWd eWUf[a` .$03%
aX fZW 7Uf S`V ^[ST^W fa TW
fSjWV Se USb[fS^ YS[`e g`VWd
eWUf[a` 01 aX fZW 7Uf*
JZW Jd[Tg`S^ aTeWdhWV
fZSf fZWdW iSe S YW`g[`W
V[ebgfW TWfiWW` fZW XS_[^k
_W_TWde( S`V eWhWdS^ eg[fe
YGTG ]NGF CPF LWFIGOGPVU
iWdW bda`ag`UWV* JZW
HCOKN[ OGODGTU ]PCNN[
dWSUZWV S eWff^W_W`f g`VWd
S Ua`eW`f VWUdWW bSeeWV Tk
fZW 8a_TSk ?9*
JZW Jd[Tg`S^ ZW^V fZSf S
XS_[^k eWff^W_W`f [`ha^hWe S
V[h[e[a` aX bdabWdfk S_a`Y
HCOKN[ OGODGTU' 8V TGFG]PGU
S bdW)Wj[ef[`Y \a[`f [`fWdWef
Se eWhWdS^ eWbSdSfW [`fWdWefe(
S`V fZWdW [e `a Ua`hWkS`UW
[X fZW SddS`YW_W`f [e CNMB
<+,* HW^k[`Y a` fZW I9ne
VWU[e[a` [` fZW USeW aX
DSfgd[ Gg^^S[S T DSfgd[
ESdSe[`ZS_ 7@H -522 $I9%
-4/( fZW Jd[Tg`S^ Ua`U^gVWV
fZSf e[`UW fZWdW iSe `a
fdS`eXWd aX SeeWfe g`VWd S
XS_[^k SddS`YW_W`f( S`k
S_ag`f dWUW[hWV g`VWd S
XS_[^k SddS`YW_W`f [e `af
^[ST^W fa fSj g`VWd eWUf[a`
01 aX fZW 7Uf*
JZW 8a_TSk ?9 V[e_[eeWV
fZW HWhW`gW ;WbSdf_W`fne
SbbWS^ a` fZW TSe[e fZSf fZW
Jd[Tg`S^ne dg^[`Y iSe TSeWV
QP C ]PFKPI QH VJG HCEVU CPF
`a cgWef[a`e aX ^Si SdaeW*
9@J T ISUZ[` G 7_Tg^]Sd PJI)
35.)?9).,-.$8a_%Q
,5F9 @5JF+KIIAN?E=H >N=J@ AMQEPU
AHECE>HA BKN @ALNA?E=PEKJ =O
EJP=JCE>HA =OOAPO
JZW SeeWeeWW Ua_bS`k [e
W`YSYWV [` fZW Tge[`Wee
QH TGVCKN CUUGV ]PCPEKPI%
[`hWef_W`f S`V fdSVW
]PCPEKPI' >P +0 <CTEJ
.,,-( [f SUcg[dWV fZW dWfS[^
]PCPEG% JKTG RWTEJCUG CPF
EQPUWOGT FWTCDNGU ]PCPEG
Tge[`Wee aX 8[d^S >^aTS^
=[`S`UW CfV a` S e^g_b eS^W
TSe[e* JZW SeeWeeWW SUcg[dWV
UWdfS[` [`fS`Y[T^W SeeWfe
Se S bSdf S`V bSdUW^ aX fZW
SYdWW_W`f* JZWeW iWdW
dWUadVWV [` [fe SUUag`fe Se
mTge[`Wee S`V Ua__WdU[S^
TdS`V Wcg[fkn* @f U^S[_WV
VWbdWU[Sf[a` a` fZW eS_W
Se [`fS`Y[T^W SeeWfe Xad 7Ne
.,,.),/ fa .,,0),1* @` 7N
.,,0),1( fZW JF faa] fZW
h[Wi fZSf fZW VWbdWU[Sf[a`
Uag^V `af TW S^^aiWV a` fZW
Tge[`Wee S`V Ua__WdU[S^
TdS`V Wcg[fk( Se fZWeW iWdW
`af [`fS`Y[T^W SeeWfe bWd
eWUf[a` /.$-%$[[% aX fZW
7Uf( S`V V[eS^^aiWV fZW
VWbdWU[Sf[a`*
JZW 9@J$7% dg^WV [` XShagd
aX fZW SeeWeeWW*
F` SbbWS^ fa fZW Jd[Tg`S^(
[f iSe ZW^V fZSf [`fS`Y[T^W
SeeWfe [` fZW `SfgdW aX
^aYae S`V fdSVW_Sd]e iWdW
SUcg[dWV Tk fZW SeeWeeWW*
JZWeW iWdW geWV Xad [fe
Tge[`Wee bgdbaeWe( S`V a`
fZSf SUUag`f ZgYW WSd`[`Ye
iWdW _SVW Tk fZW SeeWeeWW(
iZ[UZ iWdW Vg^k fSjWV* JZW
3GEH7GHE>B< ;CE 7CAD5B>9FDWdYWde S`V SUcg[e[f[a`e
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM"""""""")/
29<H@5GCEL89I9@CDA9BGF'GEH9FQ D9O
)IAJ@IAJP NAH=PEJC PK =
*/(3., 03 8/, 6,.078,6,+ 4-?*,
KB = ?KIL=JU BNKI KJA OP=PA PK
=JKPDAN
JZW D[`[efdk aX 9adbadSfW
7XXS[de ZSe S_W`VWV
fZW 9a_bS`[We $9W`fdS^
>ahWd`_W`f% >W`WdS^
Hg^We S`V =ad_e( -512
S`V [`eWdfWV Hg^W 0888(
WXXWUf[hW -. 7gYgef .,-.* @f
Ua`fS[`e fZW bdaUWVgdWe Xad
UZS`YWe fa fZW dWY[efWdWV
QH]EGU QH EQORCPKGU HTQO
a`W efSfW fa S`afZWd g`VWd
fZW bdah[e[a`e aX eWUf[a` -3
aX fZW 9a_bS`[We 7Uf( -512*
JZ[e bdaUWVgdW iSe WSd^[Wd
^S[V Vai` [` fZW 9a_bS`k
CSi 8aSdV HWYg^Sf[a`e(
-55-*
JZW [_badfS`f UZS`YWe [`
fZW bdaUWee aX S UZS`YW fa
VJG TGIKUVGTGF QH]EG WPFGT
Hg^W 0888 SdW eg__Sd[eWV
Se Xa^^ai6
3JCPIGU TGNCVKPI VQ ]NKPI
bWf[f[a`e
JZW Ua_bS`k i[eZ[`Y fa
EJCPIG KVU TGIKUVGTGF QH]EG
Xda_ a`W efSfW fa S`afZWd
KU TGSWKTGF VQ ]NG C RGVKVKQP
TWXadW fZW HWY[a`S^ ;[dWUfad
ge[`Y =ad_ - S`V =ad_
.0777* K`VWd fZW bdWh[age
dWYg^Sf[a`e( S` Sbb^[USf[a`
YCU TGSWKTGF VQ DG ]NGF YKVJ
fZW 9a_bS`k CSi 8aSdV*
6WTVJGT% PQ URGEK]E HQTO
YCU RTGUETKDGF HQT ]NKPI VJKU
Sbb^[USf[a`*
9ZS`YWe fa Ugf)aXX VSfWe Xad
UWdfS[` VaUg_W`fe
JZW Ugf)aXX VSfWe Xad fZW ^[efe
aX UdWV[fade S`V VWTW`fgdW
Za^VWde iZ[UZ SdW dWcg[dWV
VQ DG ]NGF CNQPI YKVJ VJG
bWf[f[a`( efSf[`Y fZW `S_W(
SVVdWee S`V fZW S_ag`f VgW
fa fZW_ eZS^^ `af bdWUWVW
VJG FCVG QH ]NKPI QH VJG
bWf[f[a` Tk _adW fZS` a`W
_a`fZ $Sf fZW WSd^[Wef fia
_a`fZe%*
=QVK]ECVKQP PQ 7 A @ #5$ FCVGF
-, Ag^k .,-.
)0" =W5 " " " " "
a JZW YgSdS`fWW
Ua__[ee[a` VWbW`Ve
a` hSd[age XSUfade
egUZ Se S _gfgS^
g`VWdefS`V[`Y S`V fZW
dW^Sf[a`eZ[b TWfiWW` fZW
bSdf[We( fZW fWd_e S`V
Ua`V[f[a`e aX fZW ^aS`(
fZW d[e] g`VWdfS]W`( fZW
dW^Sf[a`eZ[b TWfiWW`
fZW TS`] S`V fZW U^[W`f(
S`V fZW WUa`a_[U S`V
Tge[`Wee [`fWdWefe* @`
fZ[e USeW( fZW JGF ZSV
`af TdagYZf S`kfZ[`Y
a` fZW dWUadV dWYSdV[`Y
fZW fWd_e S`V Ua`V[f[a`e
S`V U[dUg_efS`UWe
g`VWd iZ[UZ fZW hSd[age
TW`UZ_Sd] TS`]e ZSV
UZSdYWV S dSfW aX /"(
S`V ZW`UW fZW eS_W
US``af TW SUUWbfWV Se S
Ua_bSdST^W g`Ua`fda^^WV
dWXWdW`UW ba[`f*
a @` S` [`VWbW`VW`f
fdS`eSUf[a`( fZW
fSjbSkWd ZSV bS[V ,*2"
YgSdS`fWW Ua__[ee[a`
fa @9@9@ 8S`] @`V[S Xad
[fe UdWV[f SddS`YW_W`fe*
JZ[e Uag^V TW S YaaV
TW`UZ_Sd] S`V
dWbdWeW`fe S` [`fWd`S^
Ua_bSdST^W Xad fZW
fdS`eSUf[a` TWfiWW` fZW
fSjbSkWd S`V fZW 7<*
JZW UZSdY[`Y aX ,*1"
YgSdS`fWW Ua__[ee[a`
Xda_ fZW 7< iSe cg[fW
U^aeW fa ,*2"* JZW
V[XXWdW`UW aX ,*-" Uag^V
TW a` fZW SUUag`f aX
fZW V[XXWdW`f[S^ dSfWe aX
[`fWdWef UZSdYWV a` fZW
fia g`VWd^k[`Y ^aS`e
S`V Uag^V TW [Y`adWV*
1E9@H89JZW _a`fZe aX EahW_TWd
S`V ;WUW_TWd ZShW
TWW` bSdf[Ug^Sd^k ZWUf[U
Xad fSjbSkWde S`V fSj
bdaXWee[a`S^e( Se fZWk
iWdW dWcg[dWV fa Ua_b^k
i[fZ hSd[age efSfgfadk
VaUg_W`fSf[a` S`V
EGTVK]ECVKQP TGSWKTGOGPVU%
S^a`Y i[fZ a`Ya[`Y
SeeWee_W`f bdaUWWV[`Ye*
JZW [`fdaVgUf[a` aX fZW
7VhS`UW Gd[U[`Y 7YdWW_W`f
$7G7% dWY[_W [` @`V[S ZSe
dWbadfWV^k Ya`W e_aafZ^k(
i[fZ fZW 7G7 V[h[e[a`
dWUW[h[`Y Sdag`V fW` bdW)
]NKPI EQPUWNVCVKQP TGSWGUVU'
JZW fSjbSkWde SdW WSYWd^k
SiS[f[`Y fZW S``ag`UW_W`f
aX eSXW ZSdTagd dg^We*
MZWfZWd [f [e eSXW ZSdTagd ad
7G7( fZW bd[_Sdk aT\WUf[hW
[e fa SffS[` _adW UWdfS[`fk
aX agfUa_W Xad fSjbSkWde
g`VWdfS][`Y fdS`eSUf[a`e( [`
adVWd fa bdWhW`f Sha[VST^W
^[f[YSf[a`*
7e [` fZW bSef( fZ[e
Ua__g`[cgs Td[`Ye kag S
e`SbeZaf aX dWUW`f fdS`eXWd
bd[U[`Y USeWe Sf V[XXWdW`f
efSYWe aX fZW V[ebgfW
dWea^gf[a` bdaUWee*
,5F9 @5JF;=NEKQO B=?PKNO PK >A ?KJOE@ANA@
SDEHA LNE?EJC CQ=N=JPAA
?KIIEOOEKJ
JZW fSjbSkWd iSe bd[_Sd[^k
W`YSYWV [` fZW _S`gXSUfgdW
aX Z[YZ bdWeegdW eWS_^Wee
YSe Uk^[`VWde( S`V ZSV
W`fWdWV [`fa hSd[age
[`fWd`Sf[a`S^ fdS`eSUf[a`e
i[fZ [fe SeeaU[SfWV
W`fWdbd[eWe $7<e%* ;gd[`Y
fZW UagdeW aX SeeWee_W`f
bdaUWWV[`Ye( fZW a`^k
[`fWd`Sf[a`S^ fdS`eSUf[a`
fZSf iSe [` V[ebgfW iSe
fZW YgSdS`fWW Ua__[ee[a`
UZSdYWV Tk fZW fSjbSkWd
fa a`W aX [fe 7<e* JZW JGF
dW\WUfWV fZW dSfW aX ,*1"
Se Ua__[ee[a` UZSdYWV
Tk fZW fSjbSkWd fa [fe 7<(
a` fZW TSe[e aX YgSdS`fWW
Ua__[ee[a` [`Xad_Sf[a`
YSfZWdWV Xda_ hSd[age
TS`]e S`V ge[`Y Ua_bSdST^W
g`Ua`fda^^WV bd[UW $9KG%
_WfZaV* F` fZ[e TSe[e fZW
JGF Ua`e[VWdWV /" fa TW
S` Sd_ne ^W`YfZ YgSdS`fWW
UZSdYW* JZW 9@J$7% gbZW^V
fZW SV\gef_W`f bdabaeWV Tk
fZW JGF*
F` SbbWS^( fZW Jd[Tg`S^
dg^WV Se Xa^^aie6
a @` h[Wi aX fZW
S_W`V_W`f TdagYZf
[` Tk fZW =[`S`UW 7Uf(
.,-. i[fZ dWfdaebWUf[hW
WXXWUf( fZW bSk_W`f
aX YgSdS`fWW XWWe
[e [`U^gVWV [` fZW
WjbdWee[a` m[`fWd`Sf[a`S^
fdS`eSUf[a`n* =gdfZWd( fZW
fSjbSkWd S`V fZW JGF
TafZ SUUWbfWV fZSf fZ[e
iSe S` [`fWd`Sf[a`S^
fdS`eSUf[a` S`V fZSf fZW
9KG iSe Xag`V fa TW
fZW _aef Sbbdabd[SfW
_WfZaV*
1E>7>B< 5DDECDE>5G9@LJdS`eXWd bd[U[`Y
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM"""""""")1
@` h[Wi aX fZW STahW fZW
Jd[Tg`S^ VW^WfWV fZW
SV\gef_W`f a` SUUag`f aX
fZW YgSdS`fWW Ua__[ee[a`*
<hWdWef BS`fa 9k^[`VWd CfV
T ;9@J PJI)3-0)@J7J).,-.
$Dg_%Q
)NIXO HAJCPD LNE?AO BKN
LQN?D=OAO KB CKK@O BNKI
CNKQL ?KIL=JEAO$?KI>EJA@
PN=JO=?PEKJ IAPDK@ =??ALPA@
JZW fSjbSkWd iSe S
_S`gXSUfgdWd S`V fdSV[`Y
[` Sgfa_aT[^We* JZW
Ua_ba`W`fe `WUWeeSdk Xad
fZW _S`gXSUfgdW S`V fZW
fWUZ`[US^ S`V [`fW^^WUfgS^
[`bgfe iWdW aTfS[`WV Xda_
[fe 7<e gba` bSk_W`f aX
S dakS^fk* JZW fSjbSkWd
SVabfWV fZW Ua_T[`WV
fdS`eSUf[a` SbbdaSUZ S`V
geWV fZW fdS`eSUf[a`S^ `Wf
_SdY[` _WfZaV $JEDD% fa
TW`UZ_Sd] [fe fdS`eSUf[a`e*
;gd[`Y fZW UagdeW aX
SeeWee_W`f bdaUWWV[`Ye Xad
=N .,,.),/( fZW JGF faa]
fZW h[Wi fZSf fZW fSjbSkWdne
_SdY[` iSe ^ai S`V fZSf
fZW bgdUZSeW bd[UWe bS[V Xad
fZW Ua_ba`W`fe fa [fe 7<e
iWdW ahWdefSfWV* JZW JGF
WjU^gVWV fZW WjU[eW Vgfk [`
eS^We S`V _SfWd[S^e Uaefe(
S`V V[eS^^aiWV fZW Ugefa_e
Vgfk SV\gef_W`f iZ[^W
Ua_bgf[`Y fZW 7CG* JZW JGF
fZW` bdaUWWVWV fa Ua_bSdW
VJG QRGTCVKPI GH]EKGPE[
^WhW^e aX fZW SeeWeeWW
h[e)r) h[e fZW Ua_bSdST^W
Ua_bS`[We S`V `afWV fZSf
VJG QRGTCVKPI GH]EKGPE[
aX fZW fSjbSkWd iSe _gUZ
Z[YZWd fZS` fZSf aX fZW
Ua_bSdST^W Ua_bS`[We*
JZge fZW JGF _SVW S`
CFLWUVOGPV VQ TG^GEV VJKU
V[XXWdW`UW [` adVWd fa US`UW^
agf fZW WXXWUf* 8SeWV a`
fZ[e fZW JGF bdabaeWV S`
SV\gef_W`f fa fZW fdS`eXWd
bd[U[`Y aX fZW fSjbSkWd* F`
SbbWS^( fZW 9@J$7% gbZW^V
fZW SV\gef_W`fe _SVW Tk
fZW JGF* 7YYd[WhWV( fZW
VCZRC[GT ]NGF CP CRRGCN
TWXadW fZW Jd[Tg`S^*
F` SbbWS^( fZW Jd[Tg`S^ ZW^V
Se Xa^^aie6
a JZW SYYdWYSf[a` aX
fdS`eSUf[a`e eZag^V TW
TSeWV a` fZW `SfgdW aX
fZW fdS`eSUf[a`e S`V
_gef TW USeW) S`V kWSd)
URGEK]E' BJQWIJ VJG
Xg`Uf[a`e( SeeWfe S`V
d[e]e V[XXWdWV Xad fZW
_S`gXSUfgd[`Y S`V fZW
fdSV[`Y eWY_W`fe( fZW
XSUfe S`V U[dUg_efS`UWe
iSddS`fWV S Ua_T[`WV
fdS`eSUf[a` SbbdaSUZ(
iZ[UZ iSe SVabfWV Tk
fZW fSjbSkWd*
a F` fZW WjU[eW Vgfk
SV\gef_W`f( fZW Jd[Tg`S^
ZW^V fZSf fZW SUfgS^
_SdY[`e a` S `Wf TSe[e
iWdW fa TW Ua`e[VWdWV(
Se fZW WjU[eW Vgfk bS[V
iSe S bSee)fZdagYZ
Uaef* JZge( Xad TafZ fZW
Ua_bSdST^W Ua_bS`[We
S`V fZW fSjbSkWd( fZW
WjU[eW Vgfk bS[V iSe fa
TW SV\gefWV Xda_ eS^We
Se iW^^ Se Uaefe [` adVWd
fa _S[`fS[` Ua`e[efW`Uk
Xad fZW bgdbaeW aX
Ua_bgfSf[a` aX _SdY[`e*
a F` fZW abWdSf[`Y
GH]EKGPE[ CFLWUVOGPV%
fZW Jd[Tg`S^ dW_[ffWV
VJG OCVVGT VQ VJG ]NG QH
fZW JGF( i[fZ V[dWUf[a`e
fa dWh[Wi fZW WjbWdf
QRKPKQP CPF URGEK]ECNN[
Ua`e[VWd fZW [`fWdb^Sk
TWfiWW` fZW _SfWd[S^
Uaefe S`V abWdSf[`Y
WjbW`eWe aX fZW SeeWeeWW
S`V fZW Ua_bSdST^W
Ua_bS`[We VgW fa
Xg`Uf[a`S^ V[XXWdW`UWe
TWfiWW` fZW_*
a F` fZW Ugefa_e Vgfk
SV\gef_W`fe( fZW _SffWd
iSe dW_S`VWV TSU]
fa fZW JGF Xad XgdfZWd
SV\gV[USf[a`*
a F` fZW [eegW aX fZW
EJQKEG QH RTQ]V
^WhW^ [`V[USfad $GC@%
g`VWd fZW JEDD( [f
iSe dg^WV fZSf fZW
fSjbSkWd( TW[`Y S` SeeWf
[`fW`e[hW Sgfa_aT[^W
[`Vgefdk Ua_bS`k(
iag^V Ua`e[VWd fZW
VWbdWU[Sf[a` Uaef
[feW^X iZW` [`[f[S^^k
VWfWd_[`[`Y [fe bd[UWe*
?W`UW( fZW USeZ GC@
QT VJG RTQ]V DGHQTG
VWbdWU[Sf[a` S`V fSj
fa eS^We iSe `af S`
Sbbdabd[SfW UZa[UW aX GC@
Se [f iag^V V[efadf fZW
Ua_bSdST[^[fk S`S^ke[e*
a JZW fSjbSkWd TW[`Y S
_S`gXSUfgdWd( _Sd]Wf[`Y
WjbW`eWe [`UgddWV iWdW
[` fZW `ad_S^ UagdeW
aX fZW Tge[`Wee S`V
US``af TW Ua`e[VWdWV Se
WjfdSadV[`Sdk WjbW`eWe(
fZge Xad_[`Y bSdf aX fZW
abWdSf[`Y WjbW`V[fgdW*
*(" =W5 " " " " "
-8>GCEMF BCG9) JZW STahW
dg^[`Y aX fZW 8S`YS^adW
Jd[Tg`S^ [e [` Ua`fdSef i[fZ
fZW VWU[e[a` aX fZW ;W^Z[
Jd[Tg`S^ [` fZW USeW aX
IUZWXW`SU]Wd DafZWdea`
CfV h @JF P.,,5Q -./
JJA 1,5 $;W^Z[% iZWdW[`
fZW Jd[Tg`S^ SUUWbfWV
fZW geW aX fZW USeZ GC@
Se fZW bSdS_WfWd Xad fZW
RTQ]V OCTIKP KP QTFGT VQ
VWfWd_[`W fZW 7CG*
JakafS B[d^ae]Sd Dafade Ghf
CfV T 79@J PJI)3/.)@J7J).,-.
$8S`Y%Q
)NIXO HAJCPD LNE?AO KB
EJPANJ=PEKJ=H PN=JO=?PEKJ
?=JJKP >A @APANIEJA@ =O
402 >U PDA 965 EJ NAH=PEKJ PK
EJPANJ=PEKJ=H PN=JO=?PEKJO
JZW fSjbSkWd iSe W`YSYWV
[` fZW WjWUgf[a` aX fgd`]Wk
Ua`fdSUfe [`ha^h[`Y fZW
VWe[Y`( _S`gXSUfgdW(
egbb^k( WdWUf[a` S`V
Ua__[ee[a`[`Y aX egYSd
b^S`fe( UW_W`f b^S`fe(
_[`[`Y S`V Tg^] _SfWd[S^e
ZS`V^[`Y Wcg[b_W`f(
efWS_ YW`WdSfade( WfU* JZW
`WUWeeSdk Ua_ba`W`fe
Xad fZW WjWUgf[a` aX fZW
Ua`fdSUfe iWdW aTfS[`WV
Xda_ [fe Ydagb Ua_bS`[We
gba` bSk_W`f aX dakS^f[We*
JZW fSjbSkWd SVabfWV fZW
JEDD fa TW`UZ_Sd] [fe
[`fWd`Sf[a`S^ fdS`eSUf[a`e*
;gd[`Y fZW UagdeW aX
SeeWee_W`f bdaUWWV[`Ye Xad
=N .,,2),3( fZW JGF faa]
fZW h[Wi fZSf fZW fSjbSkWdne
_WfZaV aX TW`UZ_Sd][`Y
fZW fdS`eSUf[a`e Sf W`f[fk
^WhW^ V[V `af bdah[VW S`
Sd_ne ^W`YfZ agfUa_W
Xad fZW dakS^fk bSk_W`fe*
7^ea( fZW bSk_W`f faiSdVe
^[cg[V[fk VS_SYW iSe `af
SUUWbfST^W* F` SbbWS^(
fZW ;[ebgfW HWea^gf[a`
GS`W^ $;HG% gbZW^V fZW
SV\gef_W`fe _SVW Tk
fZW JGF* 7YYd[WhWV( fZW
fSjbSkWd SbbWS^WV TWXadW
fZW Jd[Tg`S^*
F` SbbWS^( fZW Jd[Tg`S^ ZW^V
Se Xa^^aie6
a 7V\gef_W`fe( [X S`k(
eZag^V TW dWefd[UfWV
fa fZW hS^gW aX
fZW [`fWd`Sf[a`S^
fdS`eSUf[a`e S`V `af fZW
fgd`ahWd aX fZW W`f[fk a`
fZW iZa^W*
a F` fZW [eegW aX dakS^fk
bSk_W`f( fZW Jd[Tg`S^
ZW^V fZSf [f [e `af i[fZ[`
fZW baiWd aX fZW JGF fa
VWfWd_[`W fZW 7CG aX S`
[`fWd`Sf[a`S^ fdS`eSUf[a`
Se lWda Xad fZW bgdbaeW
aX Sdd[h[`Y Sf fZW 7CG*
a GSk_W`fe faiSdVe
^[cg[V[fk VS_SYW _SVW
Tk fZW fSjbSkWd fa [fe
Ydagb W`f[f[We iSe
^WY[f[_SfW WjbW`V[fgdW
S`V fZW fSjbSkWd `WWV
`af VW_a`efdSfW fZSf fZW
WjbW`V[fgdW [`UgddWV
iSe Xad fZW Tge[`Wee*
JZW Jd[Tg`S^ gbZW^V fZW
bd[`U[b^W fZSf Se fZW bd[UW aX
fZW [`fWd`Sf[a`S^ fdS`eSUf[a`
iSe i[fZ[` fZW '+)1"
dS`YW( fZW SV\gef_W`fe
_SVW Tk fZW JGF iWdW fa TW
VW^WfWV*
JZkeeW` Bdgbb @`Vgefd[We CfV
T 79@J PJI)3.-)@J7J).,-.
$Dg_%Q
;=NEKQO B=?PKNO PK >A ?KJOE@ANA@
BKN PDA =LLHE?=PEKJ KB PDA
?KIL=N=>HA QJ?KJPNKHHA@ LNE?A
IAPDK@
JZW fSjbSkWd iSe W`YSYWV
[` fZW Wjbadf[`Y aX _[`WdS^e
fa [fe 7<e* JZWdW iWdW S^ea
aUUSe[a`S^ Wjbadfe _SVW
fa `a`)7<e* JZW fSjbSkWd
SVabfWV fZW JEDD Xad
fZdWW bdaVgUfe( S`V fZW 9KG
_WfZaV Xad fZW dW_S[`[`Y
fia( Xad a`W aX iZ[UZ fZW
fSjbSkWd Ua_bSdWV [fe bd[UW
fa 7< i[fZ fZW bd[UW UZSdYWV
Tk S Ua_bWf[fad* ;gd[`Y
fZW UagdeW aX SeeWee_W`f
bdaUWWV[`Ye( fZW JGF(
Ua_bSdWV fZW bd[UW UZSdYWV
fa fZW fa 7< i[fZ fZW bd[UW
UZSdYWV fa `a`)7<e Xad S^^
VJG ]XG RTQFWEVU UQNF D[
fZW fSjbSkWd S`V fZWdWTk
bdabaeWV S` SV\gef_W`f
fa fZW fdS`eXWd bd[U[`Y aX
fZW fSjbSkWd* F` SbbWS^(
VJG 4@? EQP]TOGF VJG
SV\gef_W`f aX fZW JGF* JZW
fSjbSkWd SbbWS^WV TWXadW
fZW Jd[Tg`S^*
F` SbbWS^( fZW Jd[Tg`S^
dg^[`Y [` XShagd aX fZW
fSjbSkWd( Za^V[`Y Se Xa^^aie6
a @` fZW SeeWee_W`f aX
fZW Ua_bWf[fad( fZW
dWhW`gW SgfZad[f[We
_SVW S Ua_bSd[ea`
i[fZ fZW eS^We bd[UW
dWUadVWV Tk fZW fSjbSkWd
S`V Ua`U^gVWV fZSf
fZW Ua_bSd[ea` iSe
dWSea`ST^W S`V `a
SVV[f[a` iSe fa TW _SVW*
@X S` SVV[f[a` iSe `ai
_SVW [` fZW USeW aX fZW
fSjbSkWd( [f iag^V TW
S egdW USeW aX VagT^W
efS`VSdVe*
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM""""""""*)
a La^g_W aX eS^We iSe S
hWdk [_badfS`f XSUfad Se
VJG RTKEG KU KP^WGPEGF
Tk ha^g_W( XdWcgW`Uk
S`V afZWd h[fS^ SebWUfe aX
fdSVW* 7^_aef S^^ aX fZW
eS^We aX fZW fSjbSkWd iSe
_SVW fa [fe ;gTS[ 7<
$Tg^] S`V dWYg^Sd eS^We%(
iZ[^W eS^W fa `a`)7<e
iWdW aUUSe[a`S^ eS^We(
iZWdW fZW fSjbSkWd
iSe `af Ua`efdS[`WV Tk
Ua`e[VWdSf[a`e $egUZ Se
ha^g_W( WfU*% Sbb^[UST^W
[` fZW USeW aX [fe 7<*
a JZW fSjbSkWdne eS^We fa
[fe 7< iWdW a` S XdWW a`
TaSdV $=F8% TSe[e S`V
fa `a`)7<e a` S USdd[SYW
[`egdS`UW S`V XdW[YZf
$9@=% TSe[e* JZWdW iSe
S V[XXWdW`UW TWfiWW`
fZW 9@= S`V =F8 hS^gW
aX fZW YaaVe* JZWdW iSe
S V[XXWdW`UW [` fZW d[e]
[`ha^hWV S`V ^WhW^ aX
USb[fS^ VWb^akWV* MZW`
XdW[YZf S`V [`egdS`UW
XSUfade SdW WjU^gVWV
Xda_ fZW 9@= hS^gW $Xad
`a`)7< eS^We%( fZW` fZSf
S_ag`f [e Ua_bSdST^W fa
=F8 hS^gW $aX 7< eS^We%*
Gd[UW hSd[Sf[a`e TWfiWW`
7< eS^We S`V `a`)7<
eS^We iSe bdWVa_[`S`f^k
VgW fa fZW V[XXWdW`f
_WfZaVe aX [`ha[U[`Y*
a JZWdW iWdW cgS^[fk
hSd[Sf[a`e [` eS^We fa
7<e TIQ$V$TIQ eS^We fa
`a`)7<e( fZge [_bSUf[`Y
fZW[d bd[U[`Y* JZW
UZW_[US^ S`S^ke[e
]NGF D[ VJG VCZRC[GT
VW_a`efdSfWV fZSf
V[XXWdW`f Ua`e[Y`_W`fe
ZSV V[XXWdW`f UZW_[US^
Ua_bae[f[a`e S`V iWdW
fZWdWXadW aX V[XXWdW`f
cgS^[f[We*
Jd[_Wj @`Vgefd[We CfV T @JF
PJI)215)@J7J).,-. $9Z`k%Q
**" =W5 " " " " "
45K>B< C; <CC8F 5B8 F9EI>79F@`V[dWUf fSjWe
,5F9 @5JF7%6# K9D>K L9P# >FLJQ L9P9F= HJG?>KKBGF9D L9P
)J EJATPNE?=>HA HEJG IQOP ATEOP
>APSAAJ PN=JO=?PEKJO PK MQ=HEBU
=O O=HA EJ PDA ?KQNOA KB EILKNP
JZW ;W^Z[ ?9 ZW^V fZSf Xad
S fdS`eSUf[a` fa cgS^[Xk Se S
eS^W [` fZW UagdeW aX [_badf
WPFGT VJG ]TUV NKOD QH
eWUf[a` 1$.% aX fZW 9W`fdS^
IS^We JSj 7Uf( -512( fZWdW
_gef TW S` [`Wjfd[UST^W
^[`] ad S TSU])fa)TSU]
fdS`eSUf[a` Xad fZW eS^W ad
bgdUZSeW aUUSe[a`[`Y fZW
[_badf[`Y aX fZW YaaVe [`fa
@`V[S* JZW ?9 aTeWdhWV fZSf
XSUfade egUZ Se bSee[`Y aX
f[f^W ad iZWfZWd fZW W`V geWd
ZSe bd[h[fk aX Ua`fdSUf i[fZ
fZW egbb^[Wd ad iZWdW fZW
EQPUKFGTCVKQP ^QYU HTQO
SdW `af VWfWd_[`Sf[hW ad
VWU[e[hW a` fZ[e [eegW*
788 CfV T 9a__[ee[a`Wd( L7J
P.,-.Q L@C 4/ $;W^%
-=?D =OOAOOIAJP UA=N D=O PK >A
PNA=PA@ =O = OAL=N=PA UA=N
JZW 7^^SZSTSV ?9 aTeWdhWV
fZSf [` fSj _SffWde( WSUZ
7N ZSe fa TW fdWSfWV Se
S eWbSdSfW kWSd S`V fZW
bd[`U[b^We aX PFQ JSEIDBRB
Va `af Sbb^k fa fSj _SffWde
dW^Sf[`Y fa V[XXWdW`f 7Ne*
HSV[Ua BZS[fS` CfV T IfSfW aX
KG P.,-.Q EJE $La^ 1,% $/0%
$7^^Z%
"')%*$#)%'&5B8 7>E7H@5EF$#5(>2,38 4- 8(= (3+ ,#?103.
KB NAPQNJO I=@A I=J@=PKNU EJ
*ED=N
JZW W^WUfda`[U bSk_W`f
aX fSj( [`fWdWef ad bW`S^fk
ZSe TWW` _SVW _S`VSfadk
[` 8[ZSd Xad fZW Xa^^ai[`Y
U^SeeWe aX VWS^Wde6
a 7``gS^ fSj bSk_W`f
WjUWWVe @EH ,*a1 _[^^[a`
FWTKPI VJG ]PCPEKCN [GCT
$=N% .,--)-. $WXXWUf[hW
=N .,-.)-/%
a >daee fgd`ahWd Vgd[`Y
CP[ ]PCPEKCN [GCT QT
bSdf fZWdWaX WjUWWVe @EH
1 _[^^[a` $WXXWUf[hW 4
FUfaTWd .,-.%
a Fgfbgf fSj [` dWebWUf aX
eS^We fa S`k a`W VWS^Wd
Vgd[`Y S`k a`W cgSdfWd
WjUWWVe @EH ,*-, _[^^[a`
$WXXWUf[hW 4 FUfaTWd
.,-.%
=QVK]ECVKQP PQ' 2KMTK 9CT(
L[h[VZ)13+.,,3)21.4
VSfWV / FUfaTWd .,-. S`V
=QVK]ECVKQP PQ' 2KMTK9CT(
L[h[VZ)0/+.,--)2153 VSfWV 4
FUfaTWd .,-.
,5F9 @5JF')17%6
-TLAJOAO EJ?QNNA@ PKS=N@O
LNA$@AHERANU EJOLA?PEKJ =J@
BNAA OANRE?EJC JKP EJ?HQ@E>HA EJ
=OOAOO=>HA R=HQA
JZW 8a_TSk ?9 ZSe ZW^V
fZSf WjbW`eWe [`UgddWV Tk
VWS^Wde faiSdVe bdW)VW^[hWdk
[`ebWUf[a` Se iW^^ Se XdWW
SXfWd eS^We eWdh[U[`Y i[fZagf
dWXWdW`UW fa fZW SbbW^^S`f)
_S`gXSUfgdWd SdW `af
[`U^gV[T^W [` fZW SeeWeeST^W
hS^gW*
JSfS Dafade CfV T KF@ P.,-.Q
-5/ <9H /-. $8a_%
+-4;)9 ?NA@EP =@IEOOE>HA KJ
PDA EJOQN=J?A LKHE?U KB = LKSAN
LH=JP HK?=PA@ KQPOE@A PDA B=?PKNU
JZW ;W^Z[ 9gefa_e <jU[eW
S`V IWdh[UW JSj 7bbW^^SfW
Jd[Tg`S^ $9<IJ7J% ZW^V
fZSf S USbf[hW baiWd b^S`f
^aUSfWV agfe[VW aX S XSUfadk
Ua`ef[fgfWV S` [`fWYdSfWV
bSdf aX fZW _S`gXSUfgd[`Y
g`[f* JZWdWXadW( 9<EL7J
UdWV[f aX eWdh[UW fSj bS[V
a` fZW [`egdS`UW ba^[Uk Xad
fZW baiWd b^S`f iag^V TW
SV_[ee[T^W*
?[`VS^Ua @`Vgefd[We CfV T 99<
P.,-.Q J@FC $-000%
,5F9 @5JF5>JNB<> L9P
+KILHE=J?A OANRE?AO ?=JJKP
>A P=TA@ =O WI=J=CAIAJP
?KJOQHP=J?U OANRE?AOX
JZW ;W^Z[ 9<IJ7J ZSe
ZW^V fZSf `af WhWdk
_S`SYW_W`f dWeba`e[T[^[fk
US` TW Ua`e[VWdWV Se S
_S`SYW_W`f Xg`Uf[a`*
7UUadV[`Y^k( fZagYZ
Ua_b^[S`UW i[fZ fZW ^Si
[e S bSdf aX _S`SYW_W`f
dWeba`e[T[^[fk( See[efS`UW
[` fZ[e Ua``WUf[a` US``af
TW UahWdWV g`VWd m[`
Ua``WUf[a` i[fZ fZW
_S`SYW_W`f aX S`k
adYS`[eSf[a`n [` eWUf[a`
21$21% aX fZW =[`S`UW
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM""""""""*+
7Uf( -550 S`V fSjWV Se
m_S`SYW_W`f Ua`eg^fS`Uk
eWdh[UWen*
<d`ef # Nag`Y Ghf CfV T 9IJ
P.,-.Q .3 IJH 02. $;W^%
3EOOEJC ?NKOO$NABANAJ?AO =O PK
PDA ODELLEJC >EHHO# JQI>AN =J@
@=PA KB PDA ATLKNP EJRKE?AO N=EOA@
PKS=N@O ?QOPKI DKQOA =CAJPO
OANRE?AO =NA ?QN=>HA @ABA?PO
JZW 7Z_WVSTSV 9<IJ7J
ZSe ZW^V fZSf _[ee[`Y
Udaee)dWXWdW`UWe Se fa fZW
eZ[bb[`Y T[^^e( `g_TWd(
S`V VSfW aX Wjbadf [`ha[UWe
dS[eWV faiSdVe Ugefa_
ZageW SYW`fe $9?7% eWdh[UWe
SdW UgdST^W VWXWUfe S`V(
e[`UW fZWeW iWdW UgdWV( fZW
dWXg`V[`Y aX [`bgf UdWV[f
faiSdVe 9?7 eWdh[UWe
eZag^V TW ShS[^ST^W g`VWd
=QVK]ECVKQP PQ ,*(+))/&AB
VSfWV 2 FUfaTWd .,,3*
7]S`]eZS FhWdeWSe S`V
HSUZS`S 7df Gd[`fe Ghf CfV T
9IJ P.,-.Q J@FC $-/,1%
,5F9 @5JF'MKLGEK 9F= ?GJ>B@FLJ9=> HGDB<Q
0ILKNP=PEKJ SEPDKQP =J 0-+
@KAO JKP =IKQJP PK EILKNP=PEKJ
KB LNKDE>EPA@ CKK@O
JZW 8S`YS^adW 9<IJ7J ZSe
ZW^V fZSf YaaVe [_badfWV [`
fZW STeW`UW aX S` [_badfWd)
WjbadfWd UaVW $@<9% SdW `af
NKCDNG HQT EQP]UECVKQP CU
[_badfSf[a` i[fZagf @<9
VaWe `af S_ag`f fa [_badf
aX bdaZ[T[fWV YaaVe*
99 T Gadf MSdW @`fWd`Sf[a`S^
CC9 P.,-.Q .40 <CJ 1, $8S`Y%
0JPANAOP EO =R=EH=>HA PK PDA
EILKNPAN =BPAN = LNAO?NE>A@
LANEK@ EJ ?=OA PDA ARAJP KB
O=J?PEKJEJC KB = NABQJ@ ?H=EI
JZW 7Z_WVSTSV 9<IJ7J
ZSe ZW^V fZSf iZWdW S dWXg`V
ENCKO KU ]PCNN[ UCPEVKQPGF
Tk fZW adVWd aX fZW Jd[Tg`S^(
fZW [_badfWd [e W`f[f^WV
fa [`fWdWef Xda_ S bWd[aV
efSdf[`Y fZdWW _a`fZe SXfWd
VJG FCVG QH ]NKPI QH VJG
dWXg`V Sbb^[USf[a`*
>gbfS IfWW^ T 99 P.,-.Q -5/
<9H 0-. $7Z_V%
'/, ),3,?8 4)8(03,+ -642 -46.,+
@K?QIAJPO QJ@AN PDA ,QPU
-JPEPHAIAJP 6=OO *KKG !,-6*"
O?NEL ?=JJKP >A L=OOA@ KJ PK PDA
PN=JOBANAA
JZW Dg_TS[ 9<IJ7J ZSe
JGNF VJCV PQ DGPG]V QH ETGFKV
aX Vgfk ShS[^ST^W g`VWd S
;<G8 eUd[b eZag^V TW bSeeWV
a` fa fZW fdS`eXWdWW iZWdW
fZW ;<G8 eUd[b iSe aTfS[`WV
Tk fZW fdS`eXWdad a` fZW
TSe[e aX XadYWV VaUg_W`fe*
;ai 7YdaeU[W`UWe @`V[S Ghf
CfV T 99 P.,-.Q .4/ <CJ 1.0
$Dg_TS[%
"')%*$#)%'&(CE 7>E7H@5EF0J?NA=OA EJ ?KJ?AOOEKJ BNKI
)(70* *978427 +98> 84 75,*0?,+
CKK@O SDAJ EILKNPA@ BNKI HAOO
@ARAHKLA@ ?KQJPNEAO
JZW UW`fdS^ YahWd`_W`f ZSe
[`UdWSeWV fZW Ua`UWee[a`S^
TSe[U Ugefa_e Vgfk a`
URGEK]GF IQQFU KORQTVGF
Xda_ ^Wee VWhW^abWV
Uag`fd[We $C;9e%* JZWeW
C;9e [`U^gVW Uag`fd[We egUZ
Se 9S_TaV[S( fZW DS^V[hWe(
8S`Y^SVWeZ( DkS`_Sd S`V
eWhWdS^ 7Xd[US` Uag`fd[We*
=QVK]ECVKQP PQ' -.(+)*+ FCVGF
- FUfaTWd .,-.
+KOP =??KQJP=JPO =HOK =HHKSA@ PK
?ANPEBU @K?QIAJPO
JZW UW`fdS^ YahWd`_W`f
ZSe S^ea S^^aiWV mUaef
SUUag`fS`fen fa UWdf[Xk
VaUg_W`fe g`VWd fZW =JG
S`V bdaUWVgdWe( iZWdWSe
bdWh[age^k a`^k UZSdfWdWV
SUUag`fS`fe iWdW S^^aiWV fa
UWdf[Xk*
GgT^[U `af[UW `a* .. $H<).,-.%+
.,,5).,-0 VSfWV -- FUfaTWd
.,-.
*," =W5 " " " " "
.C@@CJ>B< G=9 EH@9 6CC?HWYg^Sfadk VWhW^ab_W`fe
*)0%
-TPANJ=H ?KIIAN?E=H >KNNKSEJC
A -HECE>HA >KNNKSANO6 JZW
H8@ ZSe S_W`VWV fZW
WjfWd`S^ Ua__WdU[S^
Taddai[`Y $<98% ba^[Uk
fa [`U^gVW fZW I_S^^
@`Vgefd[We ;WhW^ab_W`f
8S`] aX @`V[S $I@;8@%
Se S` W^[Y[T^W TaddaiWd
Xad dWUW[h[`Y <98 Xad
a`)^W`V[`Y fa fZW _[Uda(
e_S^^ S`V _WV[g_
W`fWdbd[eW VWhW^ab_W`f
$DID<% eWUfad( Se
FG]PGF WPFGT VJG <KETQ
I_S^^ S`V DWV[g_
<`fWdbd[eW ;WhW^ab_W`f
$DID<;% 7Uf( .,,2*
GWd_[ffWV W`V geW 7hS[^_W`f dagfW Xad <98e$[`U^gV[`Y fZW agfefS`V[`Y <98e%
9gddW`Uk aX a`)^W`V[`Y
F`)^W`V[`Y fa fZWDID< eWUfad a`^kXad fZW bWd_[ee[T^WW`V)geWe bdah[VWVXad g`VWd fZWWjfS`f <98 ba^[Uk
%MLGE9LB< %HHJGN9D -14 *GJ>B@F <MJJ>F<Q
Kb fa 1," aXI@;8@ne ai`WVXg`Ve&
8Wka`V 1,"aX I@;8@neai`WV Xg`Ve&
=adW[Y`UgddW`Uk d[e]`WWVe fa TWXg^^k ZWVYWVTk I@;8@
2GPG]EKCTKGU PGGF VQZShW S `SfgdS^ ZWVYW TkiSk aX XadW[Y` WjUZS`YWWSd`[`Ye*
CW`V[`Y `WWVe fa Ua_b^ki[fZ fZW HWYg^Sf[a` 1$1%a` Taddai[`Y ad ^W`V[`Y[` fZW =adW[Y` <jUZS`YW(HWYg^Sf[a`e( .,,,
7hWdSYW _Sfgd[fk bWd[aV 7^^)[`)Uaef UW[^[`Ye ahWd e[j _a`fZeC@8FH&
<98 JdSVW UdWV[fe
Kb fa a`W kWSd/1, TSe[eba[`fe
/1, TSe[e ba[`fe
DadW fZS` a`W kWSd S`Vgb fa fZdWW kWSde
DadW fZS` fZdWW kWSde
CPF WR VQ ]XG [GCTU
1,, TSe[e
ba[`fe
"79)0,*8 84 ( *,/1/3. 4- '&% $## 2/11/43 5,6 <3(3*/(1 ;,(6
A -+* =J@ PN=@A ?NA@EPO
NAREOA@$=HH$EJ$?KOP6 JZW
@28 JCU PQVK]GF VJCV
fZW S^^)[`)Uaef UW[^[`Y
Xad <98 S`V fdSVW
UdWV[f Se dWh[eWV WSd^[Wd
i[^^ Ua`f[`gW fa TW
Sbb^[UST^W g`f[^ XgdfZWd
dWh[Wi* JZge fZW S^^)[`)
Uaef UW[^[`Y bdWeW`f^k
Sbb^[UST^W [e Se Xa^^aie6
0; "36< =FPIFQ# 2IPDSKBP MN% */ BME +' EBRFE / 9DRNCFP)'()
a JZW STahW XSU[^[fk [e
egT\WUf fa fZW Xa^^ai[`Y
fWd_e S`V Ua`V[f[a`e6
7^^ fZW afZWd Ua`V[f[a`e
aX <98( egUZ Se
dWUaY`[eWV ^W`VWd( S^^)[`)
Uaef( ShWdSYW _Sfgd[fk(
RTGRC[OGPV% TG]PCPEKPI
aX Wj[ef[`Y <98 S`V
dWbadf[`Y SddS`YW_W`fe
dW_S[` g`UZS`YWV*
7G $;@H IWd[We% 9[dUg^Sd `a* 04
VSfWV 2 EahW_TWd .,-.
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM""""""""*-
-TLKNP KB CKK@O =J@ OANRE?AO
A 8QLLHU KB CKK@O =J@
OANRE?AO >U OLA?E=H
A?KJKIE? VKJAO PK
QJEPO EJ @KIAOPE?
P=NEBB =NA=O =C=EJOP
L=UIAJP EJ BKNAECJ
AT?D=JCA( JZW H8@ ZSe
bWd_[ffWV SgfZad[eWV
VWS^Wd $7;% TS`]e fa
eW^^ XadW[Y` WjUZS`YW
fa g`[fe [` Va_Wef[U
fSd[XX SdWSe $;J7% Xad
_S][`Y bSk_W`f [`
XadW[Y` WjUZS`YW fa
g`[fe [` ebWU[S^ WUa`a_[U
la`We $I<O% Xad eWdh[UWe
dW`VWdWV Tk fZW_ $[*W*
S g`[f [` S I<O% fa S
;J7 g`[f* <Sd^[Wd( egUZ
bWd_[ee[a` iSe ^[_[fWV
fa bSk_W`fe Xad YaaVe
egbb^[WV Tk g`[fe [`
S I<O fa S ;J7 g`[f*
?aiWhWd( [f ZSe fa TW
W`egdWV fZSf fZW ^WffWd
aX SbbdahS^ $CF7%
[eegWV fa fZW I<O g`[f
Tk fZW ;WhW^ab_W`f
Ua__[ee[a`Wd $;9%
aX fZW I<O Ua`fS[`e
S bdah[e[a` Xad fZW
egbb^k aX fZWeW YaaVe
ad eWdh[UWe Tk fZW I<O
g`[f fa fZW ;J7 g`[f S`V
Xad bSk_W`f [` XadW[Y`
WjUZS`YW Xad egUZ YaaVe
ad eWdh[UWe fa fZW I<O
g`[f*
7G $;@H IWd[We% 9[dUg^Sd `a* 02
VSfWV ./ FUfaTWd .,-.
A &02510?*(8043 (3+
NAREOEKJ KB PDA 8KBPAT
LNK?A@QNAO( JZW H8@
TIEF [fe 7G $;@H IWd[We%
U[dUg^Sd `a 4, VSfWV
-1 =WTdgSdk .,-.( ZSV
[`fdaVgUWV dWh[eWV
bdaUWVgdW Xad dWbadf[`Y
eaXfiSdW Wjbadf
VWU^SdSf[a` $IaXfWj
Xad_e%( iZWdWTk S
eaXfiSdW WjbadfWd iZaeW
S``gS^ fgd`ahWd [e Sf
^WSef @EH -, T[^^[a` ad
YJQ ]NGU CV NGCUV .))
IaXfWj Xad_e S``gS^^k
a` S` S^^)@`V[S TSe[e(
iSe W^[Y[T^W fa egT_[f
S efSfW_W`f [` <jUW^
Xad_Sf* ?aiWhWd( fZ[e
iSe _SVW Sbb^[UST^W
a`^k fa fZW eaXfiSdW
fWUZ`a^aYk bSd] aX @`V[S
$IJG@% Sf 8S`YS^adW(
?kVWdSTSV( 9ZW``S[(
Gg`W S`V Dg_TS[(
WXXWUf[hW - 7bd[^ .,-.*
I[`UW fZW dWh[eWV
bdaUWVgdW [e dg``[`Y
UWEEGUUHWNN[ CV VJG ]XG
VWe[Y`SfWV UW`fdWe( fZW
H8@ ZSe efSfWV fZSf fZW
dWh[eWV bdaUWVgdW i[^^
`ai TW [_b^W_W`fWV [`
S^^ aX fZW IJG@e [` @`V[S
i[fZ [__WV[SfW WXXWUf*
7G $;@H IWd[We% 9[dUg^Sd `a* 03
VSfWV ./ FUfaTWd .,-.
A 7A=HEO=PEKJ KB ATLKNP
LNK?AA@O( 7 dW^SjSf[a`
aX fZW bdaUWVgdWe
Xad dWS^[e[`Y S`V
dWbSfd[Sf[`Y fa @`V[S fZW
S_ag`f dWbdWeW`f[`Y
fZW Xg^^ Wjbadf hS^gW
aX YaaVe ad eaXfiSdW
WjbadfWV i[fZ[` fiW^hW
_a`fZe Xda_ fZW VSfW aX
Wjbadf iSe ShS[^ST^W gb
fa /, IWbfW_TWd .,-.*
JZW H8@ ZSe WjfW`VWV
fZW STahW dW^SjSf[a`
WXXWUf[hW Xda_ - FUfaTWd
.,-. f[^^ fa /- DSdUZ
.,-/*
7G $;@H IWd[We% 9[dUg^Sd `a* 1.
VSfWV ., EahW_TWd .,-.
A %0(7043 4-?*, 46 )6(3*/
4-?*, 6,546803. 84 8/,
EJ?KIA P=T =QPDKNEPEAO(
K`VWd fZW WjfS`f
dWYg^Sf[a`e( S ^[Se[a`
QH]EG #;>$ QT DTCPEJ
QH]EG KP 8PFKC YGTG
dWcg[dWV fa Xgd`[eZ
S Uabk aX fZW S``gS^
CEVKXKV[ EGTVK]ECVG #113$
S^a`Y i[fZ fZW SgV[fWV
]PCPEKCN UVCVGOGPVU VQ
fZW ;[dWUfad >W`WdS^ aX
@`Ua_W JSj $;>@J%* JZW
@28 JCU ENCTK]GF VJCV
fZWeW Uab[We aX fZW 779e
egT_[ffWV fa fZW ;>@J
eZag^V TW SUUa_bS`[WV
D[ VJG CWFKVGF ]PCPEKCN
efSfW_W`fe [`U^gV[`Y
dWUW[bfe S`V bSk_W`f
SUUag`fe* =gdfZWd( S
Uabk aX WSUZ dW`WiS^
aX bWd_[ee[a` YdS`fWV
fa CFe Tk fZW 7; TS`]e
eZag^V TW XadiSdVWV
Tk fZW 7; TS`]e fa fZW
QH]EG QH VJG 478B'
7G $;@H IWd[We% 9[dUg^Sd `a* 11
VSfWV .2 EahW_TWd .,-.
*BF9F<B9D K>JNB<>K
)IAJ@IAJPO PK PDA 6NARAJPEKJ
KB 3KJAU 2=QJ@ANEJC )?P# '&&'
8SeWV a` eWhWdS^
dWbdWeW`fSf[a`e dWUW[hWV
HTQO HWNN&^GFIGF OQPG[
UZS`YWde $==D9e%(
TGICTFKPI FKH]EWNVKGU KP
aTfS[`[`Y VaUg_W`fe
afZWd fZS` bSeebadfe
S`V fS][`Y [`fa SUUag`f
fZW bdaUWVgdW Xa^^aiWV
Xad _a`Wk UZS`Y[`Y [`
afZWd Uag`fd[We( [f ZSe
TWW` VWU[VWV fa S_W`V
UWdfS[` [`efdgUf[a`e* JZW
Yg[VW^[`We dWYSdV[`Y UaddWUf
bWd_S`W`f SVVdWeeWe [` fZW
USeW aX XadW[Y` fagd[efe ZSe
*." =W5 " " " " "
TWW` dWh[eWV* MZWdW `W[fZWd
bSeebadfe Ua`fS[` S`k
SVVdWee ad XadW[Y` fagd[efe
SdW `af ST^W fa bdaVgUW S`k
bdaaX aX SVVdWee( SgfZad[eWV
bWdea`e _Sk aTfS[` S`V
]WWb a` dWUadV S Uabk aX
fZW bSeebadf S`V h[eS Vg^k
efS_bWV Tk fZW @`V[S`
[__[YdSf[a` SgfZad[f[We S`V
S VWU^SdSf[a` Vg^k e[Y`WV
Xda_ fZW XadW[Y` fagd[efe
dWYSdV[`Y fZW[d bWd_S`W`f
SVVdWee*
H8@ 9[dUg^Sd ) H8@+.,-.)-/+.50
7*G* $;@H IWd[We% 9[dUg^Sd `a* 1-
VSfWV -1 EahW_TWd .,-.
2EMQE@EPU NEOG I=J=CAIAJP >U
>=JGO
JZW H8@ ZSe S``ag`UWV
Yg[VW^[`We fZSf dWcg[dW
Ua__WdU[S^ TS`]e fa
dW[`XadUW fZW[d ^[cg[V[fk d[e]
_S`SYW_W`f ba^[U[We( Se S
bdW^gVW fa fZW[d Ua`hWdYW`UW
i[fZ [`fWd`Sf[a`S^
dWYg^Sfadk efS`VSdVe
g`VWd fZW 8SeW^)@@@ dg^We*
JZWeW `ad_e [`U^gVW
W`ZS`UWV Yg[VS`UW a`
^[cg[V[fk d[e] YahWd`S`UW(
^[cg[V[fk d[e] fa^WdS`UW(
_WSegdW_W`f( _a`[fad[`Y
S`V fZW dWbadf[`Y fa fZW
H8@ a` ^[cg[V[fk bae[f[a`e*
JZW TS`]e SdW SVh[eWV
fa Ua`VgUf efdWee fWefe Sf
dWYg^Sd [`fWdhS^e S`V SUdaee
V[XXWdW`f _Sfgd[f[We S`V
RTQ]NGU' BJG @28 JCU CUMGF
TS`]e fa bgf [` b^SUW fZW
Yg[VW^[`We a` [`fdS)VSk
^[cg[V[fk d[e] _S`SYW_W`f
efdSfWYk Tk /- ;WUW_TWd
.,-.* 8S`]e ZShW TWW`
Se]WV fa bgT^[U^k V[eU^aeW
^[cg[V[fk [`Xad_Sf[a` a`
S dWYg^Sd TSe[e [` adVWd fa
W`ST^W _Sd]Wf bSdf[U[bS`fe
fa _S]W [`Xad_WV
\gVY_W`fe dWYSdV[`Y fZW
eag`V`Wee aX fZW TS`]en
^[cg[V[fk d[e] _S`SYW_W`f
XdS_Wiad]e S`V ^[cg[V[fk
bae[f[a`e*
H8@ 9[dUg^Sd ) H8@ `a*
.,-.)-/+.41 ;8F;8G `a*
12+.-*,0*,54+ .,-.)-/ VSfWV 3
EahW_TWd .,-.
6ANIEOOEKJ PK >=JGO BKN
IAI>ANODEL KJ 8-*0 =LLNKRA@
OPK?G AT?D=JCAO
IUZWVg^WV Ua__WdU[S^
TS`]e $I98e% i[^^ `ai
TW bWd_[ffWV fa TWUa_W
_W_TWde aX I<8@ SbbdahWV
efaU] WjUZS`YWe Xad fZW
bgdbaeW aX g`VWdfS][`Y
bdabd[WfSdk fdS`eSUf[a`e
[` fZW UadbadSfW Ta`V
_Sd]Wf* MZ[^W Va[`Y fZ[e(
I98e eZag^V eSf[eXk fZW
_W_TWdeZ[b Ud[fWd[S aX fZW
efaU] WjUZS`YWe S`V S^ea
Ua_b^k i[fZ fZW dWYg^Sfadk
`ad_e ^S[V Vai` Tk I<8@
S`V fZW dWebWUf[hW efaU]
WjUZS`YWe*
H8@ 9[dUg^Sd ) H8@+.,-.)
-/+.33 P;8F; `a* =I;*89*
1/+.0*,-*,,-+.,-.)-/Q VSfWV 1
EahW_TWd .,-.
4*.+O PK BKHHKS OP=J@=N@EO=PEKJ
=J@ AJD=J?AIAJP KB OA?QNEPU
BA=PQNAO EJ ?DAMQA BKNIO
E8=9e SUUWbf baef VSfWV
UZWcgWe Xda_ fZW[d
Ugefa_Wde Xad XgfgdW <D@
bSk_W`fe S`V ea_W egUZ
[`efdg_W`fe _Sk `af TW
Ua_b^[S`f i[fZ fZW UZWcgW
fdg`USf[a` ekefW_ $9JI%
.,-, efS`VSdVe* JZWdWXadW(
E8=9e SdW dWcg[dWV fa
W`egdW fZW dWb^SUW_W`f aX
`a`o9JI).,-, efS`VSdV
Ua_b^[S`f UZWcgWe i[fZ
9JI).,-, efS`VSdV Ua_b^[S`f
UZWcgWe TWXadW /- ;WUW_TWd
.,-.*
H8@ U[dUg^Sd ) H8@+.,-.
-/+.4, P;E8I*G;+
99*EF*/,4+,/*-,*,,-+.,-.)-/Q
VSfWV 2 EahW_TWd .,-.
7A@Q?PEKJ EJ ?=OD NAOANRA N=PEK
JZW H8@ ZSe XgdfZWd dWVgUWV
fZW USeZ dWeWdhW dSf[a $9HH%
fa TW _S[`fS[`WV Tk TS`]e
Xda_ 0*1, fa 0*.1" aX
fZW[d `Wf VW_S`V S`V f[_W
^[ST[^[f[We $E;JC%( WXXWUf[hW
fZW Xadf`[YZf TWY[``[`Y /
EahW_TWd .,-.* JZ[e 9HH
dWVgUf[a` ZSe Ua_W [`fa
WXXWUf ^Wee fZS` fia _a`fZe
SXfWd fZW 9HH iSe dWVgUWV
Tk .1 TSe[e ba[`fe fa 0*1,"
[` IWbfW_TWd .,-.* JZ[e i[^^
[`VgUW @EH -31 T[^^[a` [` fZW
@`V[S` WUa`a_k*
H8@ 9[dUg^Sd ) H8@+.,-.)
-/+.25 P;8F; `a*
HWf89*1.+-.*,-*,,-+.,-.)-/Q
VSfWV /, FUfaTWd .,-.
7AREOA@ CQE@AHEJAO BKN PDA
NAD=>EHEP=PEKJ KB OE?G IE?NK =J@
OI=HH AJPANLNEOAO
JZW Mad][`Y >dagb aX fZW
H8@( g`VWd fZW 9ZS[d_S`eZ[b
aX ;d* B 9 9ZS]dSTSdfk
dWUa__W`VWV S UZS`YW [`
VJG FG]PKVKQP QH UKEMPGUU CPF
S bdaUWVgdW Xad SeeWee[`Y fZW
h[ST[^[fk aX e[U] _[Uda S`V
e_S^^ W`fWdbd[eW $DI<% g`[fe(
i[fZ S h[Wi fa ZSefW` fZW
RTQEGUU QH KFGPVK]ECVKQP QH C
DI< g`[f Se e[U]*
8W^ai SdW fZW dWh[eWV
Yg[VW^[`We TIQ$V$TIQ fZW
Wj[ef[`Y Yg[VW^[`We6
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM""""""""*/
Id `a <j[ef[`Y Yg[VW^[`We EWi Yg[VW^[`We
-* 7 DI< g`[f [e Ua`e[VWdWV e[U] g`VWd fZW Xa^^ai[`Y
U[dUg_efS`UWe6
a @X S`k aX fZW Taddai[`Y SUUag`fe aX fZW g`[f
dW_S[`e egTefS`VSdV Xad _adW fZS` e[j _a`fZe
[*W* fZW bd[`U[bS^ ad [`fWdWef( [` dWebWUf aX S`k aX
[fe Taddai[`Y SUUag`fe ZSe dW_S[`WV ahWdVgW
Xad S bWd[aV WjUWWV[`Y S kWSd* JZW dWcg[dW_W`f
aX S` ahWdVgW bWd[aV WjUWWV[`Y a`W kWSd i[^^
dW_S[` g`UZS`YWV WhW` [X fZW bdWeW`f bWd[aV
HQT ENCUUK]ECVKQP QH CP CEEQWPV CU UWDUVCPFCTF KU
dWVgUWV [` VgW UagdeW*
a JZWdW [e Wdae[a` [` fZW `Wf iadfZ VgW fa
SUUg_g^SfWV USeZ ^aeeWe fa fZW WjfW`f aX 1," aX
[fe `Wf iadfZ Vgd[`Y fZW bdWh[age SUUag`f[`Y kWSd*
a JZW g`[f ZSe TWW` [` Ua__WdU[S^ bdaVgUf[a` Xad Sf
^WSef fia kWSde*
7 DI< [e Ua`e[VWdWV me[U]n g`VWd fZW
Xa^^ai[`Y U[dUg_efS`UWe6
a 7`k aX fZW Taddai[`Y SUUag`f
aX fZW W`fWdbd[eW dW_S[`e S `a`)
bWdXad_[`Y SeeWf $EG7% Xad fZdWW
_a`fZe ad _adW*
a JZWdW [e Wdae[a` [` fZW `Wf iadfZ
VgW fa SUUg_g^SfWV ^aeeWe fa fZW
WjfW`f aX 1," aX [fe `Wf iadfZ*
a JZW ef[bg^Sf[a` fZSf fZW g`[f
eZag^V ZShW TWW` [` Ua__WdU[S^
bdaVgUf[a` Xad Sf ^WSef fia kWSde
ZSe TWW` dW_ahWV*
.* JZWdW [e `a ef[bg^SfWV f[_W XdS_W Xad VWU[V[`Y a` fZW
h[ST[^[fk aX S g`[f*
JZW VWU[e[a` a` fZW h[ST[^[fk aX fZW
g`[f eZag^V TW fS]W` Sf fZW WSd^[Wef
Tgf `af ^SfWd fZS` fZdWW _a`fZe
aX SXfWd TWUa_[`Y e[U] g`VWd S`k
U[dUg_efS`UWe*
/* JZW bdaUWVgdW Xad VWU^Sd[`Y S g`[f g`h[ST^W [e `af
URGEK]GF'
JZW bdaUWVgdW Xad VWU^Sd[`Y S g`[f
g`h[ST^W ZSe TWW` ^S[V Vai`*
0* MZ[^W fZW Ua`UWbf aX [`U[b[W`f e[U]`Wee Wj[efWV( fZWdW
YCU PQ FG]PKVKQP QH KPEKRKGPV UKEMPGUU'
@`U[b[W`f e[U]`Wee ad S mZS`VZa^V[`Y
UVCIG` KU FG]PGF'
<16 2IPDSKBP $ <16&)'()$(*&).* ?<;23 29 7=74 ! 85= 12 +'&'-%')%*(&)'()$)'(*@ EBRFE (
8NTFLCFP )'()
" """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4F"JN"TIF"KNOW"&"8NEJB">PFDTRUM""""""""*1
/@CFF5EL
%) 7eeaU[SfWV W`fWdbd[eW
%/3 7d_ne ^W`YfZ bd[UW
%8 7eeWee_W`f kWSd
')17%6 9W`fdS^ hS^gW SVVWV fSj
')56%6 9gefa_e( <jU[eW S`V IWdh[UW JSj 7bbW^^SfW Jd[Tg`S^
'-6!%" 9a__[ee[a`Wd aX @`Ua_W JSj $7bbWS^e%
(43 ;[ebgfW HWea^gf[a` GS`W^
*8 =[`S`U[S^ NWSd
,' ?[YZ 9agdf
4&- JZW HWeWdhW 8S`] aX @`V[S
5%( IbWU[S^ 7VV[f[a`S^ ;gfk aX 9gefa_e
5' IgbdW_W 9agdf
5)&- JZW IWUgd[f[We S`V <jUZS`YW 8aSdV aX @`V[S
6A> %<L JZW @`Ua_W JSj 7Uf( -52-
6A> L9P LJ>9LQ ;agT^W JSjSf[a` 7ha[VS`UW 7YdWW_W`f
6A> 6JB;MF9D JZW @`Ua_W JSj 7bbW^^SfW Jd[Tg`S^
6100 JdS`eSUf[a` `Wf _SdY[` _WfZaV
62 BCZ >H]EGT
632 BTCPUHGT ?TKEKPI >H]EGT
7%6 LS^gW 7VVWV JSj
%AE>=9;9=GdWe[VW`f G^SlS( -ef =^aadG^af Ea* /2( Fbbae[fW Dg]f[VZS_ ;WdSeSdJZS^fW\ 9daee HaSVe( I > ?[YZiSk7Z_WVSTSV /4,,10GZa`W6 '5- 35 /,5- 3,,,
&9F@9DGJ>2fZ =^aad(JaiWd m;n(JZW D[^^W`[S- # . DgdbZk daSV(K^eaad8S`YS^adW 12,,,4GZa`W6 '5- 4, 0,352,,,
'A>FF9B4fZ =^aad( GdWef[YW GS^^SV[g_ 8SkS`-.5)-0, >dWS_e HaSV(9ZW``S[ 2,, ,,2( @`V[S
,Q=>J9;9=! 4).).5/+4.+7+--/7HaSV Ea*/2( AgT[^WW ?[^^e?kVWdSTSV 1,, ,/0GZa`W6 '5- 0, 22.0 22,,
.GDC9L912 # 13( 8^aU] ;E*>dag`V =^aad( 7) M[`YIWUfad ) L( IS^f CS]W*Ba^]SfS ) 3,, ,5-( MWef 8W`YS^( @`V[SJW^WbZa`W6 '5-),// ) ./13 5-,-+00,, ----=Sj6 $5-% ,// ) ./13 .310
0ME;9BGi9 ?ageW( G^af Ea*-4+7>gdg`S`S] HaSV $IfSf[a` HaSV%8S`VdS $MWef%Dg_TS[ 0,, ,1,GZa`W6 '5- .. 2245 -,,,
1>O (>DAB $+MJ@9GF8g[^V[`Y -,( -3fZ =^aadJaiWd )9( ;C= 9kTWd 9[fk>gdYSa` -..,,.GZa`W6 '5- -.0 //, 2,,,
3MF>>=),.( JaiWd 9GS`UZeZ[^ JWUZ GSd];a` 8aeUa IUZaa^ HaSVNWdiSVS( Gg`W ) 0-- ,,2GZa`W6 '5- ., 0-,, 0000
,CBG57GF
biU*[`
?IJS"PUCLJDBTJON"IBS"CFFN"PRFPBRFE"GOR"HFNFRBL"HUJEBNDF"ON"MBTTFRS"OG"JNTFRFST"ONLY%"BNE"EOFS"NOT"DONSTJTUTF"
PROGFSSJONBL"BEVJDF'"AOU"SIOULE"NOT"BDT"UPON"TIF"JNGORMBTJON"DONTBJNFE"JN"TIJS"PUCLJDBTJON"WJTIOUT"OCTBJNJNH"
SPFDJ!D"PROGFSSJONBL"BEVJDF'"<O"RFPRFSFNTBTJON"OR"WBRRBNTY"#FXPRFSS"OR"JMPLJFE$"JS"HJVFN"BS"TO"TIF"BDDURBDY"OR"
DOMPLFTFNFSS"OG"TIF"JNGORMBTJON"DONTBJNFE"JN"TIJS"PUCLJDBTJON%"BNE%"TO"TIF"FXTFNT"PFRMJTTFE"CY"LBW%"=W5=;%"JTS"
MFMCFRS%"FMPLOYFFS"BNE"BHFNTS"BDDFPT"NO"LJBCJLJTY%"BNE"EJSDLBJM"BLL"RFSPONSJCJLJTY%"GOR"TIF"DONSFQUFNDFS"OG"
YOU"OR"BNYONF"FLSF"BDTJNH%"OR"RFGRBJNJNH"TO"BDT%"JN"RFLJBNDF"ON"TIF"JNGORMBTJON"DONTBJNFE"JN"TIJS"PUCLJDBTJON"OR"GOR"
BNY"EFDJSJON"CBSFE"ON"JT'"@JTIOUT"PRJOR"PFRMJSSJON"OG"=W5=;%"TIJS"PUCLJDBTJON"MBY"NOT"CF"QUOTFE"JN"WIOLF"OR"
JN"PBRT"OR"OTIFRWJSF"RFGFRRFE"TO"JN"BNY"EODUMFNTS'
]"*()+"=RJDFWBTFRIOUSF5OOPFRS"=RJVBTF";JMJTFE'"3LL"RJHITS"RFSFRVFE'"8N"TIJS"EODUMFNT%"Z=W5["RFGFRS"TO"
=RJDFWBTFRIOUSF5OOPFRS"=RJVBTF";JMJTFE"#B"LJMJTFE"LJBCJLJTY"DOMPBNY"JN"8NEJB$%"WIJDI"JS"B"MFMCFR"!RM"OG"
=RJDFWBTFRIOUSF5OOPFRS"8NTFRNBTJONBL";JMJTFE"#=W58;$%"FBDI"MFMCFR"!RM"OG"WIJDI"JS"B"SFPBRBTF"LFHBL"FNTJTY'
39",-)&"7FCRUBRY"*()+">PFDTRUM&6FDFMCFR'JNEE
6FSJHNFE"CY2"=W5"4RBNE"BNE"5OMMUNJDBTJONS%"8NEJB
Top Related