255 89 7MB
English Pages 360 [236] Year 2009
THE AUTHORS
Stefan Reinisch (1970) is a 4th degree Dan in Jiu Jitsu. He works as a teacher of Jiu-Jitsu at the sports institute of the university of Vienna, as a counselor in behavior and safety training for companies as well as teacher of self-defense for women and girls.
Juergen Hoeller (1953) is athletic trainer and therapist. He is a 3rd degree Dan in Taekwondo, Ashihira Karate and Jiu-Jitsu; moreover, he has several black belts in Judo and Combat Hapkido. He gives lectures at home and abroad and works as a teacher in the schooling of trainers in different sports organizations (Taekwondo, Judo, Fencing). He is an athletic trainer, a Karate trainer and an author.
Axel Maluschka (1972) is Business Coach and author. He has been training in different martial arts (Ashihira Karate, Taekwondo, Jiu-Jitsu, Kickboxing) since 1996 and is a student of Juergen Hoeller. He is coauthor of numerous martial arts books.
@njh]d 6iiVX`Ed^cih^cHZa[YZ[ZchZVcYBVgi^Va6gih
8Zbefnc\[^\d\ekj 6hVji]dghd[V_d^ciegd_ZXilZÉgZ^cYZWiZYidi]Z[daadl^c\eZghdch/ =VgVaYBVgZ`B#6#)i]9Vc?j_^ihj[dg]^hXdbegZ]Zch^kZldg`Vhe]did\gVe]Zg# HZc^dg8dchjaiVci!9g#BZ]Y^BdjhVk^*i]9Vc?j_^ihj[dgi]Z[dgZldgYVcY[dg iV`^c\VXg^i^XVaadd`Vidjgldg`^ci]ZWdd`# 9g#I]dbVh=VjhcZg+i]9Vc@VgViZ"9d!HeZX^Va^hi[dgIgVjbVHjg\ZgnVcYHjg" \^XVaHeZX^Va^hiVii]ZJ@=6XX^YZci=dhe^iVaAdgZco7]aZgK^ZccV![dg]^h^ceji gZ\VgY^c\i]ZhdaVgeaZmjhVcYXZa^VXeaZmjh# 9g#Bdg^io=Vla^XoZ`&hi9Vc?j_^ihj[dg]^hbZY^XVaVYk^XZ# EZiZgGiiZg*i]9VcH]did`Vc@VgViZ!BVcV\ZbZci8dVX]!aVlnZg!ild"i^bZh LdgaYK^XZ"8]Vbe^dc^c@VgViZ[dg]^hVhh^hiVcXZl^i]i]ZXdkZge^XijgZ# HZWVhi^Vc GjY^\^Zg &hi 9Vc ?j_^ihj [dg VXi^c\ Vh djg bdYZa [dg i]Z VYY^i^dcVa e]didh^ci]ZhZXdcYZY^i^dc# 6aZmVcYgVGjc\Z[dgi]ZXdkZge]did# 7Zc_Vb^cHX]b^Y[dgWZ^c\i]ZÆk^Xi^bÇ[dgi]ZVYY^i^dcVae]didh^ci]^hZY^i^dc# I]Vc`hidZVX]d[ndj HiZ[Vc ?jZg\Zc 6mZa
NXie`e^ I]^hWdd`XdciV^chhdbZiZX]c^fjZhi]ViXVcWZYVc\ZgdjhVcYbjhidcanWZegVXi^XZY jcYZgi]ZhjeZgk^h^dcd[VfjVa^[^ZYigV^cZgdg^chigjXidg#I]ZVji]dgVcYi]ZejWa^h]Zgh XVccdiWZ]ZaYgZhedch^WaZ[dgVcn^c_jg^Zhi]Vib^\]igZhjai# I]^hWdd`]VhWZZclg^iiZcjh^c\ZmXajh^kZani]ZbVaZ[dgbd[i]ZeZghdcVaegdcdjc#D[ XdjghZ![dggZVhdchd[h^bea^X^ini]^hh]djaYWZjcYZghiddYid^cXajYZi]Z[ZbVaZ[dgb VhlZaa#
HiZ[VcGZ^c^hX]!?jZg\Zc=dZaaZg6mZaBVajhX]`V
Bplj_f 6iiVX`Ed^cih^cHZa[YZ[ZchZVcYBVgi^Va6gih
Meyer & Meyer Sport
Dg^\^cVai^iaZ/@njh]dÄ6c\g^[[hejc`iZ^cHZaWhikZgiZ^Y^\jc\jcY@Vbe[hedgi 6VX]Zc/BZnZgBZnZg!(gYZY^i^dc!'%&'
7g^i^h]A^WgVgn8ViVad\j^c\^cEjWa^XVi^dc9ViV 6XViVad\jZgZXdgY[dgi]^hWdd`^hVkV^aVWaZ[gdbi]Z7g^i^h]A^WgVgn
@njh]d 6iiVX`Ed^cih^cHZa[YZ[ZchZVcYBVgi^Va6gih HiZ[VcGZ^c^hX]!?jZg\Zc=dZaaZg6mZaBVajhX]`V BV^YZc]ZVY/BZnZgBZnZgHedgiJ@AiY#!'%&' >H7C/.,-"&"-)&'+"(+&"-
6aag^\]ihgZhZgkZY#:mXZei[dgjhZ^cVgZk^Zl!cdeVgid[i]^hejWa^XVi^dcbVnWZgZegdYjXZY! hidgZY^cVgZig^ZkVahnhiZb!dgigVchb^iiZY!^cVcn[dgbdgWnVcnbZVchcdl`cdlcdg]ZgZ" V[iZg^ckZciZYl^i]djii]Zeg^dglg^iiZceZgb^hh^dcd[i]ZejWa^h]Zg# I]^hWdd`bVncdiWZaZci!gZhdaY!]^gZYdjidgdi]Zgl^hZY^hedhZYd[WnlVnd[igVYZ^cVcn[dgb!W^cY^c\dgXdkZg di]Zgi]Vci]Vil]^X]^hejWa^h]ZY!l^i]djii]Zeg^dglg^iiZcXdchZcid[i]ZejWa^h]Zg#
'%&'WnBZnZgBZnZgHedgiJ@AiY# 6jX`aVcY!7Z^gji!7jYVeZhi!8V^gd!8VeZIdlc!9jWV^!>cY^VcVeda^h! @^cYWZg\!BV^YZc]ZVY!HnYcZn!DaiZc!H^c\VedgZ!IZ]gVc!Idgdcid BZbWZgd[i]ZLdgaY HedgiEjWa^h]ZghÈ6hhdX^Vi^dcLHE6 lll#l"h"e"V#dg\ Eg^ciZYWn/7#D#H#H9gjX`jcYBZY^ZcH7C/.,-"&"-)&'+"(+&":"BV^a/^c[d5b"b"hedgih#Xdb lll#b"b"hedgih#Xdb
$0/5&/54
:fek\ekj ;dgZldgY9g#BZ]Y^BdjhVk^###################################################################################################;dgZldgY9g#;gVco@cV[a###########################################################################################################. >cigdYjXi^dc############################################################################################################################### && I]ZGZhjaihd[Jh^c\@njh]d############################################################################################### &( &
6iiVX`Ed^cihdci]Z=ZVY#####################################################################&-
& ' ( ) * + , - . &% && &' &( &) &* &+ &, &- &. '% '& ''
:nZh################################################################################################################################ &8]^c$EgdijWZgVcX^VbZciVa^h################################################################################# '& 8dgcZghd[i]Zbdji]################################################################################################ '' CdhZWdcZ$Gddid[i]ZcdhZ$DhcVhVaZ############################################################ '( HjWcVhVaed^ci########################################################################################################## '. cbdhiXVhZh!i]ZdeedcZcih]djaYWZbVYZidhideVeVgi^XjaVgVXi^dcWnVeean^c\ eV^c Z#\#! addhZc^c\ ]^h \g^e# ;daadl^c\ i]^h VXi^dc ^h i]Z deedgijc^in id XgZViZ Æ]daZhÇ[dg[daadl"jeiZX]c^fjZh#HdbZi^bZheV^c^hVh^YZZ[[ZXiZ#\#!i]ZY^hadXVi^dc d[V_d^ci# I]Z>ciZgcVi^dcVa6hhdX^Vi^dc[dgi]ZHijYnd[EV^c&YZ[^cZheV^cVh[daadlh/ ÆEV^c ^h Vc jceaZVhVci hZchdgn VcY Zbdi^dcVa ZmeZg^ZcXZ VhhdX^ViZY l^i] VXijVa dg ediZci^Vai^hhjZYVbV\Z!dgYZhXg^WZY^ciZgbhd[hjX]YVbV\Z#Ç HZchdgneZgXZei^dc^higVchb^iiZYWneV^cgZXZeidghcdX^XZeidghYdlcheZX^VacZgkZ eVi]lVnhVcYi]Zi]VaVbjhidi]ZXZcigVacZgkZhnhiZbVcYi]^haZVYhidi]Z[ZZa^c\ d[eV^c# I]ZY^hig^Wji^dcd[i]ZhZgZXZeidghVXgdhhi]Zhjg[VXZd[i]ZWdYnkVg^ZhVXXdgY^c\id i]ZWdYngZ\^dcjeid'%%$hfXbd[h`^c#;jgi]ZgbdgZ!dcZVahd[^cYhcdX^XZeidgh^c i]ZbjhXaZhVcYi]Za^c^c\d[i]Z^ciZhi^cZh0i]Z^ciZhi^cZhi]ZbhZakZh!Vhl^i]i]ZWgV^c! ]VkZcdeV^cgZXZeidgh# HdbZ d[ i]Z @njh]d iZX]c^fjZh ]VkZ Vc Z[[ZXi dc i]Z cZgkZh VcY i]ZhZ XVc aZVY id jcXdcigdaaVWaZh^\cVahhjX]Vhi^c\a^c\dci]Zh^YZd[i]Z]VcYl^i]i]Ze^c`n[^c\Zg l]Zc i]Z cZgkjh ja^cVg^h ^h hi^bjaViZY# >c VYY^i^dc! ^i XVc aZVY id V i^hhjZ aZh^dc d[ i]ZcZgkZ!VhlZaaVhi]ZcZgkZh]ZVi]!XVjhZYWni]ZbZX]Vc^XVaZ[[ZXidci]ZcZgkZ# 7Zh^YZhi]^hZmeZg^ZcXZ!egZhhjgZVeea^ZYidi]ZhZcZgkZhXVcXVjhZadXVaVcYa^b^iZY X^gXjaVidgnY^hdgYZghVcYl^i]^ibZiVWda^XY^hdgYZghi]ViaZVYidZmigZbZeV^c#GVe^Y gZa^Z[^hine^XVadcXZi]ZbZX]Vc^XVaegdWaZb^hgZbdkZY#DcZedhh^WaZXdbea^XVi^dc^h i]Z^c[aVbbVi^dcd[i]ZcZgkZcZjg^i^h# EV^cXVjhZYWnVcZ[[ZXi^hXVaaZYcZjgVa\^VVcYhegZVYhi]gdj\]i]ZVgZVhjeea^ZY[dg ZVX]cZgkZ^ccZgkVi^dcVgZV# I]Z bdgZ d[iZc V gZheZXi^kZ cZgkZ ^h hi^bjaViZY! i]Z bdgZ hZch^i^kZan ^i gZVXih id hi^bjaVi^dcVcYi]Z[ZZa^c\d[iVg\ZiZYeV^c^h^cXgZVhZYVhVgZhjai#
(*
,:64)0
CdiZkZgne]nh^XVa^c_jgnaZVYhjai^bViZanideV^c#I]^h^hWZXVjhZd[i]Z[^aiZgegdXZhhZh ^cdjgXZcigVacZgkdjhhnhiZbhigZhhgZa^Z[hdg^c_jg^ZhgZhjai^c\[gdbVigV[[^XVXX^YZci! XdbeZi^i^dc! lVg dg Yjg^c\ hZmjVa ^ciZgXdjghZ VgZ d[iZc cdi cdi^XZY' ! l]^aZ dc i]Z di]Zg]VcYeV^cl^i]djie]nh^XVa^c_jgnXVcVahddXXjgZ#\#!e]VcidbeV^c#
EV^cgZhjai^c\^cjcXdchX^djhcZhh EV^cXVcgZhjaicdidcan[gdbVe]nh^XVa^c_jgn!Wji^iXVcVahdaZVYidjcXdchX^djhcZhh# I]^h^hXVaaZYVkVhdkV\VahncXdeZdi]ZgXVjhZhXVcWZVcm^Zin!_dndgdi]ZgineZhd[ ZmX^iZbZci0VahdXVaaZYi]ZÆ7dn\gdje"hncYgdbZÇ# I]ZXVjhZ^hVcdkZggZVXi^dc^ci]ZkZ\ZiVi^kZcZgkdjhhnhiZb#6cZcaVg\ZbZcid[i]Z WaddY kZhhZah! hd i]Vi VWdkZ Vaa i]Z WaddY ÆhZZeh VlVnÇ ^cid i]Z ^ciZhi^cZh VcY V gZaVi^kZaVX`d[kdajbZl^i]YZXgZVhZY]ZVgiWZVigViZdXXjgh!XVjhZYWni]ZYZXgZVhZ^c kZcdjh[adlWVX`d[WaddYidi]Z]ZVgi#Dci]Zdi]Zg]VcY^iaZVYhidVgZYjXi^dcd[i]Z ]ZVgigViZjeidZkZcXVgY^VXVggZhi#I]^hgZhjaih^cVcdkZgVaagZYjXi^dcd[i]Zhjeeand[ WaddYVcY$dgdmn\Zcidi]ZWgV^cl^i]hjWhZfjZci[V^ci^c\dXXjgg^c\# 6 kVhdkV\Va hncXdeZ gZhjai^c\ ^c YZVi] ^h XVaaZY gZ[aZmd\Zc^X XVgY^VX VggZhi# ;jgi]Zg gZVhdch [dg V YZVi] d[ i]^h `^cY d[ [ViVa X^gXjaVidgn XdaaVehZ ZheZX^Vaan XdcXZgc^c\ BVgi^Va6gihXVcWZ/i]Z8Vgdi^YH^cjhhncYgdbZ[daadl^c\VWadldci]ZXVgdi^YVgiZgn ^ci]ZcZX`!i]ZdXjadXVgY^VXgZ[aZm[daadl^c\VWadl^ci]ZZnZh!Vhig^`Zdg`^X`Vii]Z hdaVgeaZmjhdgV`^X`^ci]ZiZhi^XaZh#IdbV`ZVY^hi^cXi^dc!]dlZkZg!jcXdchX^djhcZhh YjZidVXgVc^dXZgZWgVaigVjbV^hfj^iZXaZVganY^[[ZgZciidVkVhdkV\VahncXdeZ
I]ZZ[[ZXihd[VXjejcXijgZ AZijhadd`Vii]Zedhh^WaZZ[[ZXih^cXdccZXi^dcl^i]VXjejcXijgZVcYi]Z^gbZg^Y^Vc ed^cih#>i^h^ci]^hVgZV!]dlZkZg!l]ZgZbjX]XdcigdkZghnZm^hihWZilZZcZmeZgih^ci]Z bVgi^VaVgih#LZl^aai]ZgZ[dgZignidWg^Z[an^aajhigViZi]ZY^[[ZgZcieZgheZXi^kZh# Dc i]Z dcZ ]VcY! i]ZgZ ^h Vc de^c^dc i]Vi i]Z Z[[ZXih VgZ ehnX]dad\^XVa VcY e]nh^dad\^XVadcZh/ 6cZmVbeaZd[i]^h^hl]ZgZ!^caajhigVi^dcÄhZZi]ZhZXi^dcdci]ZÆH`jaa#Ç I]ZcdhZWdcZ^h^ci]Z[gdcid[i]Zh`jaa!gdj\]anVWdjil]ZgZVeV^gd[ZnZ\aVhhZhh^ih# I]ZcdhZWdcZ^heVgi^XjaVgani]^cVcYegd_ZXidjihZZb^c\anjcegdiZXiZY[gdbi]Z[VXZ d[i]Zh`jaa# 6iiVX`/Hig^`Zjh^c\i]Z[^hi!]VbbZg[^hi!WVaad[i]Z]VcY!h^YZd[i]Z]VcY!iZbeaZ# EgZhhjgZ^hVeea^ZYjh^c\i]Z[dgZVcYb^YYaZ[^c\Zgh^cVhX^hhdg\g^eWji[dXjhZYbdgZ dci]ZXVgi^aV\^cdjhZmigZb^i^ZhVgZVjcYZgi]ZcdhZWdcZ#
&
'
(
)
&IVg\ZibVg`#'6iiVX`l^i]i]ZWVaad[i]Z]VcY#(6iiVX`jh^c\V]VbbZg[^hi# )I]ZhX^hhdg\g^ejh^c\i]Z`cjX`aZh#
)*
,:64)0
+
*
,
-
.
* JhV\Z# + ;gdb Vcdi]Zg k^Zled^ci# ,$- I]Z hX^hhdg \g^e jh^c\ i]Z `cjX`aZh# .JhV\Z# :[[ZXih/:kZca^\]iWadlhXVcXVjhZV[gVXijgZd[i]ZcdhZWdcZVcYcVhVaXVgi^aV\Z# I]Z gZhjaih VgZ ZmigZbZ eV^c i]Z cZgk^ Zi]bd^YVaZh edhiZg^dg VcY VciZg^dg hjeean hZchdgn^c[dgbVi^dcidi]ZcVhVabjXdjhbZbWgVcZVcYi]Zi^ed[i]ZcdhZ!i]ZZnZh WZ\^cidlViZga^b^i^c\h^\]i#>[i]ZcdhZWaZZYh!WaddYXVc[adl^cidi]Ze]VgncmVcY! ^cVcZmigZbZXVhZ!WadX`i]ZeVhhV\Zd[V^g# ;jgi]ZgbdgZ!^cVWadlidi]ZcdhZ!i]ZXVgi^aV\^cdjheVgid[i]ZcVhVahZeijbXVcha^YZ djid[^ihWdcn\j^YZ\gddkZhjWajmVi^dc#AZ\ZcYhVnhi]ViVWadlidi]ZcdhZXVc Æejh]Çi]ZcdhZWdcZ^cidi]ZWgV^c# >c_jgn id i]Z h^cjhZh ^h Vahd edhh^WaZ l^i] hjWhZfjZci ^c[ZXi^dc# HZZ Vahd hZXi^dc dc ÆH`jaa#Ç
)+
"55"$,10*/540/5)&)&"%
8dbbZcihdcjhZ/ Ine^XVa ^c_jg^Zh hj[[ZgZY [gdb V ÆWgVlaÇ i]Vi Yd cdi cZXZhhVg^an hide i]Z ViiVX` YZeZcY^c\dci]ZVW^a^inidiV`ZWadlh#>cVcViiVX`l]ZgZegZhhjgZ^hjhZY!VXdjciZg l^i]i]Zdi]Zg]VcY^hcZXZhhVgncVeZd[i]ZcZX`!X]Zhi!VcYajbWVgeVgid[i]Zhe^cZ# :mVbeaZh/
& ' ( )
&
'
(
) HX^hhdg\g^edci]ZcdhZXdbW^cZYl^i]i]ZWVX`WZ^c\WZcidkZgidi]ZgZVg# 9Z[ZchZV\V^chiV[^hiViiVX`# 9Z[Zch^kZVgbbdkZhjeidiV`ZVhX^hhdg\g^edci]ZViiVX`ZgÉhcdhZ# HX^hhdg\g^el]^aZXdcigdaa^c\i]ZcZX`#
),
,:64)0
*
+
,
-
)-
"55"$,10*/540/5)&)&"%
.
&%
&& .
&'
&(
Jh^c\V`^X`idi]Z^ch^YZd[i]ZdeedcZciÉh`cZZ_d^ci!i]ZViiVX`^c\Vgb^hhigZi" X]ZYVcYi]jhVaadlhVcVgbaZkZgidWZVeea^ZY#
).
,:64)0
&
'
(
)
& ' ( )
)/
9Z[ZcYV\V^chii]Z[^hiViiVX`# EgZhhjgZl^i]i]Zi]jbWdcdcZh^YZd[i]ZZY\Zd[i]ZcdhZWdcZ# 8adhZ"je# 8dcigdaVcYi]gdl#
"55"$,10*/540/5)&)&"%
(%,
JlYeXjXcgf`ek
>aajhigVi^dcÄhZZi]ZhZXi^dcdci]ZÆH`jaa#Ç I]Z VcVidb^XVa iZgb [dg i]Z kZgi^XVa X]VccZa WZilZZc i]Z jeeZg a^e VcY i]Z cdhZ ^h e]^aigjb#6i^ihjeeZgZmigZb^in!^iZmiZcYhidbZZii]ZWg^Y\Zd[i]ZcdhZXdajbZaaV ÄAVi^c/ÈhbVaaXdajbcÉid[dgbi]ZcVhdaVW^VaVc\aZ#I]ZeV^cXdbZh[gdbi]ZadXVa eV^cgZXZeidgh# 6iiVX`/Hig^`ZdgegZhhjgZl^i]i]ZZY\Zd[i]Z]VcY$i]jbW#
&
'
(
)
*
+
( 7Z\^cc^c\d[i]ZhigZiX]"dkZge]VhZ# * 8djciZg]daYVcYi]gjhidci]Zi]^\]#E^cYdlci]ZWdYn^cdgYZgidegZkZciZhXVeZ#
)0
,:64)0
,
-
- 8dcigdaa^c\edh^i^dchigZiX]^c\djii]ZViiVX`Zg# :[[ZXi/ Jh^c\ V hig^`Z! i]Z bdgZ ]VgbaZhh gZhjaih VgZ V Xji a^e VcY iZZi] `cdX`ZY dji#>i^hVahdedhh^WaZidWgZV`i]ZjeeZg_VlWdcZbVm^aaVVhlZaaVhY^hadY\Zi]Z XVgi^aV\^cdjhcVhVahZeijbdjid[^ihWdcn\gddkZ#L^i]]Z[inhig^`Zh!i]ZjhjVa^c_jgn Z[[ZXihidi]Zh`jaahZZi]ZcZmihZXi^dcdci]ZÈH`jaaÉVgZedhh^WaZ!Vhl^i]Vcn]^idc i]Z]ZVY#7addYVcYWgd`ZciZZi]XVcZciZgi]ZV^glVnhVcY]^cYZgWgZVi]^c\# L]ZcegZhhjgZ^hVeea^ZY!cZgkZeV^cXVcWZ[ZaicZjgVa\^VhZZi]ZhiViZbZcih^ci]Z >cigdYjXi^dc# 8dbbZcihdcjhZ/ I]ZgZ^hVYVc\Zgd[^c_jg^c\dcZÉhhZa[iZZi]#>cVcViiVX`jh^c\egZhhjgZ!VXdjciZg" ]daYl^i]i]Zdi]Zg]VcY^hcZXZhhVgndci]ZcZX`!X]ZhidgajbWVghe^cZ#
*'
"55"$,10*/540/5)&)&"%
6YY^i^dcVaHZfjZcXZh/
&
'
(
)
*
+
& HigZiX]^c\djil]^aZVii]ZhVbZi^bZe^cc^c\i]ZYZ[ZcYZgÉhVgbV\V^chii]ZWdYn# ( 8dci^cjVi^dcd[i]ZbV_dgdjiZggZVe^c\i]gdlD"hdid"\Vg^# + 8dcXajh^dc# *(
,:64)0
>i\XkXli`ZlcXie\im\&E\imljXli`ZlcXi`jdX^elj
9^V\gVb&
(%-
AdXVi^dc/7Z]^cYi]ZZVgadWZh!Vii]ZgZVgd[i]Z_VlWdcZ# 6iiVX`/EgZhhjgZd[i]Z[^c\ZgjelVgY^ci]ZY^gZXi^dcd[i]ZXZciZgd[i]Zh`jaaWZiiZg XdcigdaVX]^ZkZYl]ZcVeea^ZYdcdcZh^YZl^i]i]ZeVabd[i]Zdi]Zg]VcYXdcigdaa^c\ i]Z]ZVY#I]gdl# I^e/ 6 gdiVi^c\! Wdg^c\! VcY gjWW^c\egZhhjgZ^ci]ZY^gZXi^dc d[i]ZXZciZgd[i]Z]ZVY^hWZiiZg i]Vc XdchiVci egZhhjgZ WZXVjhZ i]ZWdYnVY_jhihaZhhlZaaidcdc" XdchiVcieV^c#
IVg\ZibVg`#
*)
"55"$,10*/540/5)&)&"%
:[[ZXih/ L]Zc egZhhjgZ ^h Veea^ZY! cZgkZ eV^c XVc WZ [Zai cZjgVa\^V hZZ i]Z hiViZbZcih^ci]Z>cigdYjXi^dc# 8dbbZcihdcjhZ/ A^`ZVaacZgkZed^cih!i]ZYZ\gZZd[hZch^i^k^inVcYZ[[ZXi^kZcZhh^h^cY^k^YjVaanY^[[ZgZci#
&
'
(
)
*
+
,
) 6iiVX`Zg^hWgdj\]iYdlcidi]Z\gdjcY# , 8dcXajY^c\iZX]c^fjZjh^c\i]ZWVaad[i]Z]VcY#
**
,:64)0
9lZZXcZ_\\b e\im\&E\imljYlZZXc`j 9^V\gVb'
(%.
8dbeVgZl^i]i]ZY^V\gVb^ci]ZhZXi^dcdci]ZÆCZgkjh[gdciVa^h#Ç I]Z cZgkjh WjXXVa^h WjXXVa$X]ZZ` cZgkZ ^h hZch^i^kZ VcY hjeea^Zh i]Z bjXdjh bZbWgVcZhd[i]ZX]ZZ`hVhlZaaVhi]Z\jbh# 6iiVX`/HX^hhdg\g^eWZadli]ZX]ZZ`WdcZ# :[[ZXi/L]ZcegZhhjgZ^hVeea^ZY!cZgkZeV^cXVcWZ[ZaicZjgVa\^VhZZi]ZhiViZbZcih ^ci]Z>cigdYjXi^dc#
*+
"55"$,10*/540/5)&)&"%
'
& &
IVg\ZibVg`#
8dbbZcihdcjhZ/ A^`ZVaacZgkZed^cih!i]ZYZ\gZZd[hZch^i^k^in^h^cY^k^YjVaanY^[[ZgZci#
& (
'
(
I]ZViiVX`Zg^hhigZiX]ZYdji[gdbi]ZeV^c#
*,
,:64)0
)
*
+
,
) I]ZYZ[ZcYZgYdY\Zhl^i]]^h]^eVcYijgchVlVnjcYZgi]ZViiVX`Zgl]d[Vaah[aVi dci]Z\gdjcYVcYXVccdlWZXdcigdaaZY# * E^cc^c\]^bidi]Z\gdjcY# , 8dcXajY^c\iZX]c^fjZ#
*-
"55"$,10*/540/5)&)&"%
&
'
Edhh^W^a^i^Zhd[jhZl]ZchiVcY^c\ & I]Zhig^`Z^hY^kZgiZY# ' Jh^c\VhX^hhdg\g^edci]ZcZgkjhWjXXVa^hVcY]daY^c\i]ZWVX`d[i]ZcZX`!i]Z ViiVX`Zg^hWgdj\]iYdlcidi]Z\gdjcYl^i]VWadX`^c\`cZZ]dd`#
(
)
( >c i]Z YZe^XiZY YZ[ZchZ edh^i^dc! Vc VaiZgcVi^kZ id i]Z hX^hhdg \g^e ^h dcZ"h^YZY egZhhjgZVeea^ZYl^i]i]Z`cjX`aZd[i]Z[dgZ[^c\Zg½ ) ½dgi]Zi]jbW# *.
,:64)0
6ejcX]XVcVahdWZjhZYl^i]i]Z`cjX`aZhd[i]Za^iiaZVcYg^c\[^c\Zghig^`^c\i]Z cZgkjhWjXXVa^h#7Zh^YZheV^cXVjhZYidi]ZcZgkZ!i]ZgZ^hVahdi]ZeV^cidi]Zh`^cd[ i]ZX]ZZ`WdcZVhlZaaVhi]ZjhjVagZhjaihd[Vcnhig^`Zidi]Z]ZVY#
*/
"55"$,10*/540/5)&)&"%
=fi\_\X[e\im\&E\imlj]ifekXc`j
9^V\gVb(
(%/
I]ZcZgkjh[gdciVa^hVhlZaaVhi]ZildiZgb^cVaWgVcX]Zh!cZgkjhhjegVdgW^iVa^hVcY cZgkjhhjegVigdX]aZVg^hgjchVadc\i]ZdjiZgZnZbjhXaZhidi]ZjeeZgZY\Zd[i]ZZnZ hdX`ZiVcYZbZg\ZhVii]Zhjg[VXZVii]ZhiVgid[i]ZZnZWgdldgVii]Z]^\]Zhied^ci d[i]ZZnZhdX`ZiÄhjegVdgW^iVa[dgVbZcl]ZgZi]ZnVgZkjacZgVWaZ# 6iiVX`/ ;^c\Zg egZhhjgZ Veea^ZY id i]Z gZ\^dc d[ i]Z ZnZ hdX`Zi VcY hig^`Z Vi i]Z ZnZWgdlh#
*0
,:64)0
IVg\ZibVg`#
:[[ZXih/CZgkZeV^ccZjgVa\^VXVcWZ[ZaiV[iZgegZhhjgZVeea^ZYdgV[iZgVejcX]hZZ i]ZhiViZbZcih^ci]Z>cigdYjXi^dc# 8dbbZcihdcjhZ/ IV`ZXVgZl^i]ZnZ^c_jg^Zh#L]ZcegZhhjgZ^hVeea^ZY!^i^hcZXZhhVgnideaVXZi]Zdi]Zg ]VcYVii]ZWVX`d[i]ZcZX`!dci]ZX]Zhidgi]ZajbWVghe^cZ!idXdjciZgWVaVcXZ#
&
'
& I]ZViiVX`Zg\gVWhi]ZaVeZad[i]Z_VX`ZiVcYi]gZViZchl^i]]^h[^hi# ' I]ZYZ[ZcYZgejcX]ZhdkZgi]ZViiVX`^c\Vgbid]^ii]ZcZgkZdci]ZiZbeaZl^i] i]Z`cjX`aZh=^gV`Zc#
+'
"55"$,10*/540/5)&)&"%
(
)
*
+
,
-
( 8adhZ"je# ) I]Z ViiVX`ZgÉh ZaWdl ^h e^ccZY Vi i]Z hVbZ i^bZ# * 8adhZ"je# + I]ZViiVX`ZgÉh]ZVY^hijgcZYVlVn[gdbi]ZYZ[ZcYZg#,I]ZViiVX`Zg^hWZcidkZg½ - ½VcYWgdj\]iYdlcidi]Z\gdjcY#
+(
,:64)0
&%
.
&% @^X`l^i]i]Z`cZZVcYe^ci]Z]ZVYidi]Z\gdjcY# KVg^Vi^dch/
& &
&
' 9Z[ZcYjh^c\XdjciZg"WVaVcX^c\]VcYdci]ZcZX`#I]ZViiVX`ZgÉhcZX`^he^ccZYYdlc#
'
& I]Zhl^c\^c\ejcX]^hYZ[aZXiZY# ' I]Zhig^`^c\Vgb^he^ccZY!VcYi]Zi]jbWVeea^ZhegZhhjgZidi]Z^ch^YZd[i]Z XdgcZgd[i]ZZnZ#I]gdl# +)
"55"$,10*/540/5)&)&"%
(%0
@e]iXfiY`kXce\im\&E\imlj`e]iXfiY`kXc`j
HZZÆCZgkjhVjg^XjaVg^hbV\cjh!ÇÆCZgkjh[gdciVa^h!ÇVcYÆCZgkjhWjXXVa^hÇ^aajhigVi^dch# 9^gZXiXdci^cjVi^dcd[i]ZcZgkjhbVm^aaVg^hbVm^aaVgWgVcX]i]Vi^hgZhedch^WaZ[dgi]Z hZch^i^kZ^ccZgkVi^dcd[i]ZVciZg^dgh`jaa#I]ZcZgkjh ^c[gVdgW^iVa^h ZbZg\Zh [gdb i]Z jeeZg_VlVWdjidcZ[^c\Zg"l^Yi]WZadli]ZZnZhdci]Z[dgVbZc^c[gVdgW^iVaZ#>iXVc WZ[Zai^ci]^hVgZV#6[iZgZbZg\^c\[gdbi]Z]daZ!^iWgVcX]Zhdji^cidi]ZbZbWgVcZh d[i]Zh`^cdci]Zl]daZ[gdciVcYjeeZg[VXZVcYigVchb^ihhZch^i^k^inidi]ZjeeZga^e! iZZi]!VcY\jbhd[i]ZjeeZg_VlhZZi]ZhZXi^dcdci]ZÆHjWcVhVaed^ciÇ# 6iiVX`/;^c\ZgegZhhjgZ$`cjX`aZejcX]dci]ZZm^iVgZV#
IVg\ZibVg`# :[[ZXih/CZgkZeV^ccZjgVa\^VXVcWZ[ZaiV[iZgegZhhjgZ^hVeea^ZYhZZi]ZhiViZbZcih ^ci]Z>cigdYjXi^dc# 8dbbZcihdcjhZ/ A^`Z Vaa cZgkZ ed^cih! i]Z YZ\gZZ d[ hZch^i^k^in! Vh lZaa Vh i]Z Z[[ZXi VX]^ZkZY! ^h ^cY^k^YjVaanY^[[ZgZci#L]ZcejcX]^c\!VegZX^hZiVg\Zi^hcZXZhhVgnWZhiZmZXjiZYjh^c\ i]Z`cjX`aZd[i]Z[dgZ[^c\Zg#
+*
,:64)0
&
)
'
(
*
& Edh^i^dcd[i]Z]VcY^c>eedc`Zc# ) I]ZZ[[ZXid[i]ZViiVX`^h^cXgZVhZYWne^cc^c\i]ZWVX`d[i]Z]ZVYl^i]i]Z[gZZ ]VcY# * 8adhZ"je#
(%(' D\ekXce\im\&E\imljd\ekXc`j HZZi]ZhZXi^dchdci]ZÆCZgkjh[gdciVa^hÇVcYÆCZgkjhWjXXVa^hÇ[dg^aajhigVi^dch# IZgb^cVaWgVcX]d[i]ZcZgkjhVakZdaVg^h^c[Zg^dg#>iZbZg\Zh[gdbi]ZadlZg_VlWdcZVii]Z X]^c[dgVbZcbZciVaZVcY^ccZgkViZhi]Zh`^cVcYbZbWgVcZhd[i]ZadlZga^eVcYX]^c# 6iiVX`/EgZhhjgZjh^c\i]Z`cjX`aZhi]jbW!ejcX]#
++
"55"$,10*/540/5)&)&"%
EjcX]/ & I]Z ejcX] jh^c\ i]Z `cjX`aZhd[i]Z[^c\Zgh ^h ZmZXjiZY l]^e"a^`Z YdlclVgYVcYhZgkZh Vh V h]dX` iVXi^X VcY Vh i]Z WZ\^cc^c\ [dg [jgi]ZgVXi^dch#
&
'
I]^hiZX]c^fjZdeZchi]Z_Vlhl]ZgZWni]Z_d^ci^hbdgZkjacZgVWaZid^c_jgn[gdbi]Z [daadl"jeejcX]^c\iZX]c^fjZhhZZi]ZhZXi^dcdci]ZÆAdlZg_VlÇ# :[[ZXih/CZgkZeV^ccZjgVa\^VXVcWZ[ZaiV[iZgegZhhjgZVeea^ZYhZZi]ZhiViZbZcih ^ci]Z>cigdYjXi^dc# 8dbbZcihdcjhZ/ A^`Z Vaa cZgkZ ed^cih! i]Z YZ\gZZ d[ hZch^i^k^in! Vh lZaa Vh i]Z Z[[ZXi VX]^ZkZY ^h ^cY^k^YjVaanY^[[ZgZci#JhV\Z^ha^b^iZYidi]^h^cY^k^YjVaXVhZ# EgZhhjgZjh^c\i]Z`cjX`aZh/
&
'
(
&
IVg\ZibVg`#
'
LVnd[]daY^c\i]Z]VcY[dg[daadl"jeViiVX`h0i]Zdi]Zg]VcY^hVcX]dgZYVii]Z WVX`d[i]ZcZX`#
+,
,:64)0
&
' ;jgi]ZghZfjZcXZ/ & I]ZViiVX`ZgÉhhig^`Z^hYZ[ZcYZYjh^c\VYdjWaZWadX`# '
+-
I]ZYZ[ZcYZgÉhg^\]i]VcYha^YZhYdlci]Za^cZd[i]ZVgbWZ^c\YZ[ZcYZYidlVgY i]ZViiVX`ZgÉhX]^c#
"55"$,10*/540/5)&)&"%
(
)
*
+ (
Hig^`Z#
+ 8VjhZYWnegZhhjgZdci]ZcZgkZ! i]ZViiVX`ZgÉh]ZVY^hijgcZYVcY ]^hWdYn[daadlh# , I]ZViiVX`Zg^hWgdj\]iYdlcidi]Z \gdjcY#
,
+.
,:64)0
-
.
&%
&&
&& 8dcXajY^c\iZX]c^fjZ^hVhig^`Zjh^c\i]ZZaWdl#
+/
"55"$,10*/540/5)&)&"%
(%((
Lgg\ic`g
6iiVX`/HX^hhdg\g^edci]ZjeeZga^e#
:[[ZXih/ EV^c XVjhZY Wn i]Z Z[[ZXi dc i]Z bjhXjajh dgW^XjaVg^h dg^h i]Z X^gXjaVg hZ\bZcihd[bjhXaZVgdjcYi]Zbdji]!cVbZani]ZeV^cgZXZeidghVcYi]Z^c[gVdgW^iVa cZgkZ hZZ i]Z ^aajhigVi^dc ^c i]Z hZXi^dch dc i]Z ÆCZgkjh Vjg^XjaVg^h bV\cjhÇ VcY ÆCZgkjh[gdciVa^hÇi]VihigZiX]i]gdj\]i]ZjeeZg_VlVcY^ccZgkViZi]ZiZZi]^ci]Z jeeZg_Vl!i]Z\jbhVcYi]ZjeeZga^e#CZgkZeV^ccZjgVa\^VXVcWZ[ZaiV[iZgegZhhjgZ ^hVeea^ZYhZZi]ZhiViZbZcih^ci]Z>cigdYjXi^dc# 8dbbZcihdcjhZ/ >i^hcZXZhhVgni]Vii]Zdi]Zg]VcY^hjhZYVhVXdjciZgi]gjhicZX`!X]Zhi$ajbWVghe^cZ#
+0
,:64)0
,'
"55"$,10*/540/5)&)&"%
9^V\gVb)
(%() 8dcijh^dXZgZWg^ÄXZgZWgVaXdcijh^dc/Adhhd[XdchX^djhcZhh jeid')]djgh#8dbea^XVi^dchYZeZcYdci]ZVgZVd[WgV^cYVbV\Z#
-(
,:64)0
8dbegZhh^dXZgZWg^ÄXZgZWgVaXdbegZhh^dc/JcXdchX^djhcZhh adc\Zg i]Vc ') ]djgh XVjhZY Wn XdbegZhh^dc dc i]Z WgV^c gZhjai^c\ ^c WaZZY^c\^cXgZVhZ^cegZhhjgZ!XZgZWgVahlZaa^c\#I]ZgZXVcWZ^ciZgkVahd[ b^cjiZhid]djghl]ZgZhnbeidbhVgZVWhZci#I]ZgZhjaihVgZd[iZcVadc\ eZg^dYd[XdbVhdbZi^bZhVgi^[^X^Vaan^cYjXZY!VXdcY^i^dch^b^aVgidV XdbV!gZhe^gVidgneVgVanh^hdgZkZcYZVi]#>chjX]XVhZh!i]ZgVen^ckdakZh i]ZiZbedgVgngZbdkVad[VeVgid[i]ZXgVc^jbhZkZgVabdci]h#
Adc\"aVhi^c\YVbV\ZXVcWZZmeZXiZY!Wjii]^h^hcdi^cZk^iVWaZ#
I]Z[daadl^c\hnbeidbhed^ciidVigVjbVi^XWgV^c^c_jgn#>ih]djaYWZcdiZYi]VihdbZ d[i]Zhnbeidbha^hiZYXVcYZkZadelZaaV[iZgi]ZVXijVaigVjbV#
9^hijgWVcXZd[XdchX^djhcZhh!l^i]edhh^WaZYZiZg^dgVi^dc =ZVYVX]Zh 9^oo^cZhhVcYadhhd[WVaVcXZ 8gdhh"ZnZYhiViZ 9^[[ZgZcXZ^ceje^ah^oZY^[[ZgZcXZhWZilZZch^oZhd[Wdi]eje^ah CVjhZVVcYkdb^i^c\ JcXdchX^djhcZhh AVehZhd[bZbdgn!VbcZh^V EVgVanh^h >ggZ\jaVg^ind[WgZVi]^c\VcYejahZ H]dX` BdidgVcYhZchdgnY^hdgYZghZ#\#!i^c\a^c\hZchVi^dc
=ZgZ i]Z Y^[[ZgZcXZh ^c eje^a h^oZ VcY i]Z ^cXgZVhZ d[ XVhZh d[ Y^hijgWVcXZ ^c XdchX^djhcZhhbjhiWZiV`ZcVhlVgc^c\h^\chWZXVjhZi]ZhZbVnWZVc^cY^XVi^dc d[^ciZgcVaWaZZY^c\^ci]ZXgVc^jb#=dlZkZg!jcXdchX^djhcZhh^hcdiValVnhVh^\c d[ V igVjbVi^X ^c_jgn id i]Z [gdciVa adWZh# CZkZgi]ZaZhh! hjX] ^c_jg^Zh XVc aZVY id adc\"aVhi^c\ YVbV\Z Z#\#! [gdciVa adWZ Y^hdgYZgh! Xd\c^i^kZ Y^hdgYZgh! WZ]Vk^dgVa Y^hdgYZgh# 8dbbZcihdcjhZ/ Fj^iZXdch^YZgVWaZh`^aadghigZc\i]^hcZXZhhVgnidZmZXjiZi]ZhZbdkZh#CZkZgi]ZaZhh! i]ZVgZVd[i]Z]ZVY^h^chi^cXi^kZanVegZ[ZggZYiVg\Zi[dgjch`^aaZY[^\]iZgh#
-)
"55"$,10*/540/5)&)&"%
(%(, K\dgfiXcYfe\ I]ZiZbedgVaWdcZ[dgbhi]ZdhhZdjheVgid[i]ZiZbeaZhhZZi]Z^aajhigVi^dc^ci]Z hZXi^dc dc i]Z ÆH`jaaÇ# I]Z iZbeaZh AVi^c/ gZ\^d iZbedgVa^h VgZ gZ\^dch dc i]Z h^YZ d[ i]Z ]ZVY WZilZZc i]Z ZnZ VcY i]Z ZVg# I]ZhZ VgZVh VgZ kZgn hZch^i^kZ id Wadlh WZXVjhZi]Zb^YYaZZVg!^ccZgZVg!VcYWgV^ca^ZWZcZVi]i]ZWdcZ#I]ZhZVgZVhVgZVahd hZch^i^kZidegZhhjgZYjZidi]ZegZhZcXZd[i]ZcZgkjhVjg^XjadiZbedgVa^h!i]ZcZgkjh on\dbVi^Xjh!VhlZaaVhi]ZbjhXjajhiZbedgVa^hhZZi]Z^aajhigVi^dc^ci]ZhZXi^dcdc i]ZÆCZgkjh[gdciVa^hÇ# >cVYY^i^dcidi]ZgZhjaihYZhXg^WZY^ci]ZegZk^djhhZXi^dc!l^i]i]ZYVc\Zgd[igVjbV dci]Zh^YZd[i]Z]ZVY!i]ZgZ^hVedhh^W^a^ind[^c_jg^c\i]ZVgiZg^VbZc^c\ZVbZY^V b^YYaZbZc^c\ZVaVgiZgnl]ZgZVgiZg^VaWaZZY^c\XVcdXXjgVcYl]^X]!^[jcigZViZY! XVc gZhjai ^c YZVi]! l]^X] ^h l]n lZ XdcXZcigViZ dc XdkZg^c\ i]^h VgZV# >i ^h adXViZY ]Va[lVnWZilZZci]ZjeeZgZY\Zd[i]ZZVgVcYi]ZjeeZgZY\Zd[i]ZZnZhdX`Zil]ZgZ i]Z dh [gdciVaZ! dh eVg^ZiVaZ! VcY i]Z dh he]Zcd^YVaZ bZZi i]^h gZ\^dc ^h XVaaZY i]Z eiZg^dcÄhZZi]Z^aajhigVi^dc^ci]ZhZXi^dcdci]ZÆH`jaaÇ#7ZXVjhZi]ZWdcZhVii]^h ed^ciVgZZheZX^Vaani]^cVcYi]Zh`jaa]VhV[aVihigjXijgZ]ZgZbV`^c\^ibZX]Vc^XVaan lZV`!V[gVXijgZ^hfj^iZedhh^WaZ# 6iiVX`/EjcX]ZhWZXVgZ[jacdiidYVbV\Zndjgdlc]VcY0^i^hWZhiidjhZi]ZWVaad[ i]Z]VcY!V]VbbZghig^`Z!dgi]ZZaWdl!`^X`h#
IVg\ZibVg`#
-*
,:64)0
:[[ZXih/H`jaa[gVXijgZhVcYigVjbVi^XWgV^c^c_jgnjcXdchX^djhcZhh!XdbV!adc\"aVhi^c\ WgV^cYVbV\Z!YZVi]hZZbdgZYZiV^ah^ci]ZhZXi^dcdci]ZÆH`jaaÇ# 8dbbZcihdcjhZ/ HZZegZk^djhhZXi^dc#
&
'
(
)
* -+
+
"55"$,10*/540/5)&)&"%
& I]ZViiVX`ZgÉhhl^c\^c\ejcX]^hbVYZ^cZ[[ZXi^kZWnh]dgiZc^c\i]ZY^hiVcXZd[ gZVX]VcYXdkZg# ' I]ZXdkZg^c\Vgb^hjhZYVhV]VbbZg[^hiY^gZXianidi]ZiZbeaZ# ) 8dcigdaa^c\i]ZcZX`VcYWg^c\^c\WVX`i]ZZaWdlidhig^`Z# + I]Z]VcYd[i]ZViiVX`^c\Vgb\gVWh]daYVgdjcYi]ZWVX`d[i]ZcZX`#6.%ijgc Wg^c\hi]ZYZ[ZcYZg^cidi]ZhiVgi^c\edh^i^dc[dgV`cZZ`^X`VcYejihi]ZViiVX`Zg d[[WVaVcXZ#
CDI:/I]ZXdbW^cVi^dcbjhiWZZmZXjiZYl^i]XdchiVci[dglVgYegZhhjgZ^cdgYZgid WZhjXXZhh[ja#
-,
,:64)0
&
'
(
)
* ' 7Vaad[i]Z]VcYhig^`ZhVii]ZiZbeaZ# * ÈHVcYl^X]ÉÄi]ZViiVX`ZgÉh]ZVY^hWZilZZci]ZWVaad[i]Z]VcYVcYi]ZZaWdl#
--
"55"$,10*/540/5)&)&"%
(%(- =fi\_\X[_ldgj&KlY\iX]ifekXc`X 8ZciZg Wdcn hZXi^dc d[ i]Z [dgZ]ZVY dh [gdciVaZ id i]Z aZ[i VcY g^\]i VWdkZ i]Z ZnZWgdlh0hZZi]ZhZXi^dcdci]ZÆH`jaaÇ# 6iiVX`/Hig^`Zjh^c\i]Z`cjX`aZhgZeZViZYan#
IVg\ZibVg`# :[[ZXih/EV^ch`^cbZbWgVcZ!dgeZg^dhiZjb!edhh^Wan[gdbi]ZcZgkjhhjegVdgW^iVa^h dgcZgkjhhjegVigdX]aZVg^h#6[iZgVbVhh^kZWadl!V[gVXijgZd[i]Zh^cjhWdcZbVndXXjg WjicdiV[iZgVWadll^i]i]Z`cjX`aZh#6[iZgVbVhh^kZWadl!i]ZXdcXjhh^dck^WgVi^dc XVcXVjhZVigVjbVi^XWgV^c^c_jgn#HZZi]ZhZXi^dcdci]ZÆH`jaaÇ[dgbdgZYZiV^a# 6hig^`Zl^i]i]ZWVaad[i]Z]VcY! l^i] V h^bjaiVcZdjh hig^`Z l^i] i]Z ZY\Z d[ i]Z ]VcY Vi i]Z bjhXaZdci]Zh^YZd[i]Zhe^cZd[ i]ZcZX`!XVc]VkZVhigdc\Z[[ZXi! ^cXajY^c\jcXdchX^djhcZhhYjZid k^WgVi^dc^ci]ZWgV^c# 8dbbZcihdcjhZ/ ;gZZ^c\ iZX]c^fjZh [daadlZY Wn [jgi]ZgiZX]c^fjZhdggjcc^c\VlVn#
-.
,:64)0
&
'
(
)
*
+
,
-
.
-/
"55"$,10*/540/5)&)&"%
&%
&&
&'
&(
& 6iiZbeiidWZ\gVWWZYVgdjcYi]ZlV^hijcYZgi]ZVgbh# ' JhZVh]dX`iZX]c^fjZl^i]V`cjX`aZhig^`ZVii]ZWjbehdci]Z[dgZ]ZVY# ) HiVgid[i]ZcZX`aZkZg# + I]ZViiVX`ZgÉh]ZVY^he^ccZYdcidi]ZYZ[ZcYZgÉhh]djaYZg# &% I]ZYZ[ZcYZgZmZXjiZhVIV^"HVWV`^gdiVi^dcl]^aZVii]ZhVbZi^bZil^hi^c\i]Z deedcZciÉh]ZVYVgdjcY#
-0
,:64)0
(%(. Cfn\iaXn ;dgVc^aajhigVi^dchZZi]ZhZXi^dchdci]ZÆH`jaaÇVcYÆCZgkjh[gdciVa^h#Ç 6iiVX`/EjcX]#>cdgYZgidaZhhZci]ZYVc\Zg!jhZi]ZWVaad[i]Z]VcYdgWVhZd[i]Z [^hidgZaWdl#
&
'
(
)
*
+
.'
"55"$,10*/540/5)&)&"%
& I]ZhiVgid[i]ZViiVX`^hY^kZgiZYWnjh^c\VhiZe"^cbdkZbZci#I]Vi^hidhVn!i]Z g^\]i]VcYbV`ZhXdciVXil^i]i]ZViiVX`^c\VgbVcYX]Vc\Zhi]ZY^gZXi^dcd[i]Z ViiVX`#I]ZaZ[i]VcY\gVWh]daYd[i]ZViiVX`^c\Vgb# ( 7njh^c\VXdjciZgbdkZbZciY^gZXianjcYZgi]ZViiVX`^c\Vgb!VcjeeZgXjiejcX] ^hYZa^kZgZYidi]ZX]^c# * ;gdbVcdi]Zgk^Zled^ci#
GZhjaih/A^eVcYidc\jZYVbV\ZVgZgZaVi^kZan]VgbaZhhgZhjaih#Di]Zg^c_jg^ZhYZeZcY dci]ZVc\aZVil]^X]i]ZWadllVhYZa^kZgZYVcYd[XdjghZ^ihhigZc\i]#6]dg^odciVa Vc\aZ^hbdgZa^`ZanidXVjhZVY^hadXVi^dcdgWgZV`d[i]Z_d^cid[i]Z_VlZheZX^Vaan^[ i]Z_Vl^hdeZcVii]Zi^bZVcYedhh^WanYVbV\Zidi]ZiZZi]#6YY^i^dcVaan!VaZh^dc d[ i]Z cZgkjh Vjg^XjadiZbedgVa^h hZZ i]Z ^aajhigVi^dc ^c i]Z hZXi^dc dc i]Z ÆCZgkjh [gdciVa^hÇXVcdXXjgl^i]gZhjai^c\eVgVanh^hdg lZV`Zc^c\ d[i]Z bVhi^XVidgn bjhXaZ bjhXjajhiZbedgVa^h#6cjeeZgXjiWadlXVcgZhjai^cl]^eaVh][gdbi]Z\gZVihigV^cdc i]Zhe^cZd[i]ZcZX`Vhi]Z]ZVY^hejh]ZYWVX`hZZVahd8]VeiZg'dci]ZCVeZd[ i]ZcZX`#I]^hXVcVahdXVjhZYVbV\Zidi]Zhd[iZgeVgihd[i]ZcVeZd[i]ZcZX`!Z#\#! bjhXaZh!a^\VbZcih!he^cVaY^hXh!i]ZkZhhZahigjXijgZh!VcYi]Zhe^cVaXdgY#GZhjaihXVc ^cXajYZY^oo^cZhh!hi^[[cZX`![ZZa^c\YVoZY!Y^[[^Xjai^Zh^c]ZVg^c\VcYk^h^dc!VhlZaaVh VgZYjXi^dcd[eZg^e]ZgVah^\]i#IgVjbVi^XWgV^c^c_jgn^hVahdedhh^WaZhZZi]ZhZXi^dc dci]ZÆH`jaaÇ# >c hZg^djh WgZV`h d[ i]Z adlZg _Vl! i]Z [addg d[ i]Z bdji] WZXdbZh ^chiVWaZ l^i] V YVc\Zgd[i]ZV^geVhhV\ZhWZ^c\WadX`ZYYjZidi]Zedh^i^dcd[i]ZWVhZd[i]Zidc\jZ# EVgi^Va[VX^VaeVgVanh^h^hVahdedhh^WaZ!WZXVjhZi]ZcZgkjh[VX^Va^h^hh^ijViZY[dglVgY jcYZgcZVi]i]ZeVgdi^Y\aVcYjeidi]Zhjg[VXZVii]ZgZVgZY\Zd[i]ZadlZg_Vl#=ZgZ ^ia^ZhY^gZXianjcYZgi]Zh`^cl]ZgZ^i]Vha^iiaZegdiZXi^dcVcYi]jh^hZVh^anYVbV\ZY WnZmiZgcVaZ[[ZXih# 8dbbZcihdcjhZ/ I]^h^hVXaVhh^XiVg\Zi[dgegd[Zhh^dcVa[^\]iZgh!VhlZaaVhi]ZÆcdi"hd"egd[Zhh^dcVaÇdcZh0 i]ZiZZi]gZegZhZciVXdch^YZgVWaZg^h`idi]Zhig^`^c\]VcY^[jcegdiZXiZY#
.(
,:64)0
&
'
(
)
& I]ZYZ[ZcYZgVci^X^eViZhi]ZViiVX`VcYViiVX`hi]ZViiVX`ZgÉhadlZg_Vll^i]V ]VbbZg[^hiejcX]# ' I]Zhig^`Z[dgXZhi]Z]ZVYVgdjcY½ ( ½##[daadlZYjel^i]Vcdi]Zg]VbbZg[^hiejcX]# ) 8adhZ"je#
.)
"55"$,10*/540/5)&)&"%
(%(/ JlYdXe[`YlcXi^cXe[&>cXe[lcXjlYdXe[`YlcXi`j HZZi]Z^aajhigVi^dc^ci]ZhZXi^dcdci]ZÆEVgdi^Y\aVcY#Ç I]Z hjWbVcY^WjaVg \aVcY XVc WZ [Zai Ä g^\]i VcY aZ[i Ä dc i]Z bVcY^WaZ Vc\aZ d[ i]Z adlZg _Vl WZilZZc i]Z _Vl WdcZ VcY i]Z bjhXjajh Y^\Vhig^Xjh ^c i]Z hd"XVaaZY hjWbVcY^WjaVgig^Vc\aZ#I]ZhjWbVcY^WjaVg\aVcY^h^ccZgkViZYWni]ZcZgkjh[VX^Va^h VcYcZgkjha^c\jVa^h# 6iiVX`/EjcX]$egZhhjgZjh^c\i]Z[^c\Zgi^eh$i]jbWh#
&
'
(
&"' IVg\ZibVg`# ( JhZi]Z[^c\ZghVhVheZVg# :[[ZXih/CZgkZeV^ccZjgVa\^VXVcWZ[ZaiV[iZgegZhhjgZ^hVeea^ZYhZZi]ZhiViZbZcih ^ci]Z>cigdYjXi^dc#6aZh^dcd[i]Z\aVcYjaVg^hedhh^WaZ#I]ZgZ^hVahdVedhh^W^a^ind[ l]^eaVh]gZhjai^c\[gdbi]ZejcX]!l^i]h^b^aVggZhjaihVhi]dhZYZhXg^WZYZVga^Zg# 8dbbZcihdcjhZ/ A^`ZVaacZgkZed^cih!i]ZYZ\gZZd[hZch^i^k^inVcYZ[[ZXi^kZcZhh^h^cY^k^YjVaanY^[[ZgZci#
.*
,:64)0
JhZh/
&
'
(
)
*
+
.+
"55"$,10*/540/5)&)&"%
,
-
.
& I]Z YZ[ZcYZg Vci^X^eViZh i]Z eaVccZY ViiVX` Wn e^cc^c\ i]Z ViiVX`^c\ Vgb VcY jh^c\i]Z[^c\ZghidhiVWi]Z\aVcY# ' I]ZViiVX`ZgaZVch[dglVgY# ( 8adhZ"je# ) 7nhiZZg^c\i]Z]ZVY!i]ZViiVX`ZgÉhejcX]aVcYh^cZbeinV^g# * HiVgid[i]ZVgbaZkZg# + :mZXji^c\i]ZVgbaZkZg# - I]ZVgb^he^ccZYVcYjcYZgXdcigda#
H^bjaiVcZdjhjhZd[Vejaadci]ZcZX`VcYhiVWW^c\l^i]i]Z[^c\Zgh#
.,
,:64)0
&
'
& 8dcigdaa^c\iZX]c^fjZl]Zci]ZdeedcZci^hdci]Z\gdjcY# ' 8adhZ"je#
& '9Z[ZcY^c\ dcZÉh hZa[ V\V^chi WZ^c\ \gVWWZY VgdjcY i]Z lV^hi WnXdcigdaa^c\i]Z]ZVY# ' I]ZYZ[ZcYZgi]Zc]dd`h]^h[^c" \Zgh jcYZg i]Z ViiVX`ZgÉh adlZg _VlVcYWg^c\h]^bYdlcidi]Z \gdjcY#
.-
&
"55"$,10*/540/5)&)&"%
'
( ..
,:64)0
(%(0 Cfn\ic`g 6iiVX`/Jh^c\Ve^cXZg\g^el^i]i]Zi]jbWjcYZgi]ZX]^c!i]ZadlZga^e^hegZhhZY V\V^chi i]Z ^cX^hdg iZZi]0 W^i^c\ i]Z [^c\Zgh ^h cdi edhh^WaZ# I]Z cZgkjh bZciVa^h ^ccZgkViZhi]ZadlZga^e#
&
' ./
"55"$,10*/540/5)&)&"%
(
)
& =dlid[dgbi]Z\g^e# ' L]Zcjh^c\i]Z\g^e!i]ZadlZga^e^hejh]ZYjedkZgi]Z^cX^hdgh!i]jhWZ^c\W^iiZc ^hcdiedhh^WaZ# ( ;gdbVcdi]Zgk^Zled^ci# ) EgZeVg^c\[dgVcD"Hdid"ih egVXi^XVa jhZ ^h XaZVgan a^b^iZY WZ^c\ ^c V edh^i^dc id hiVgi i]Z bdkZ ^h i]Z bdhi Y^[[^XjaieVgi#
(%)' JlYc`e^lXc^cXe[&>cXe[lcXjlYc`e^lXc`j ;dgVc^aajhigVi^dc!hZZi]ZhZXi^dcdci]ZÆEVgdi^Y\aVcY#Ç 6hi]ZcVbZ^cY^XViZh!i]Z\aVcYa^ZhjcYZgcZVi]i]Zidc\jZÄ^i^hi]ZhbVaaZhid[i]Z (eV^ghd[bV_dghVa^kVgn\aVcYh# 6iiVX`/Jh^c\Ve^cXZg\g^el^i]i]Zi]jbWjcYZgi]ZX]^c!i]Z[dgZ[^c\ZgVcYb^YYaZ [^c\ZghegZhhYdlcdci]ZWVhZd[i]Zbdji]#>ihegVXi^XVajhZ^hXaZVgana^b^iZY#
.0
,:64)0
:[[ZXih/EV^c# 8dbbZcihdcjhZ/ A^`ZVaacZgkZed^cih!i]ZYZ\gZZd[hZch^i^k^inVcYZ[[ZXi^kZcZhh^h^cY^k^YjVaanY^[[ZgZci# >ihegVXi^XVajhZ^hXaZVgana^b^iZYWZ^c\^cVedh^i^dcidhiVgii]ZbdkZbZci^hi]Zbdhi Y^[[^XjaieVgi#
(%)( :_\\bj 6iiVX`/Jh^c\Ve^cXZg\g^e!i]Z[aZh]d[i]ZX]ZZ`h^hegZhhZYV\V^chii]ZjeeZgVcY adlZggdlhd[iZZi]#I]ZcZgkjhWjXXVa^hhZZ^ihhZXi^dc^ccZgkViZhi]ZX]ZZ`h#
&
'
:[[ZXih/EV^c!i]Z_VlhdeZcYd\dlcZgh`cdli]^hiZX]c^fjZ# 8dbbZcihdcjhZ/ 6XdjciZg]daYl^i]i]Z]VcY^hcZXZhhVgndci]ZcZX`!X]Zhi$ajbWVghe^cZgZ\^dc#
/'
"55"$,10*/540/5)&)&"%
(%)) ;\ekXcXcm\fc` I]Z]daadlhdghdX`Zih^ci]ZX]^cWdcZVgZXVaaZYVakZda^VcYi]ZiZZi]VcYgddihVgZ ]ZaY^ceaVXZ^ci]ZhZ#9ZciVaVakZda^VgZegZhZci^cWdi]i]ZjeeZg_VlWdcZVcYi]ZadlZg _VlWdcZ#I]ZYZciVaVakZda^^ci]ZadlZg_VlWdcZVgZ^ccZgkViZYWni]ZcZgkjhVakZdaVg^h! VcYi]ZcZgkjh^c[gVdgW^iVa^h^ccZgkViZhi]ZYZciVaVakZda^^ci]ZjeeZg_VlWdcZ# 6iiVX`/?VWl^i]i]Zi^ehd[i]Z[^c\Zgh!`cjX`aZejcX]#
IVg\ZibVg`# :[[ZXih/EV^c# 8dbbZcihdcjhZ/ ;gZZ^c\iZX]c^fjZhi]ZcjhZ[daadl"jeiZX]c^fjZhdggjcVlVn#
/(
,:64)0
&
'
&
I]Zi^ehd[i]Z[^c\ZghegZhh^cidi]ZYZciVaVakZda^#8djciZgegZhhjgZVii]ZWVX` d[i]ZcZX`#
'
6cdi]ZgiZX]c^fjZ/JhZi]Zb^YYaZ`cjX`aZ^cVejcX]#
&
'
&
=^gV`ZcV\V^chii]ZiZZi]VakZda^l^i]VXdjciZg]daYVii]ZWVX`d[i]ZcZX`#
'
:miZch^dc d[ i]Z egZk^djh iZX]c^fjZ Wn egZhh^c\ i]Z b^YYaZ [^c\Zg ^cid i]Z deedcZciÉhZnZ#
/)
"55"$,10*/540/5)&/&$,
8kkXZbgf`ekjfek_\e\Zb
)%(
:Xifk`j&:fddfeZXifk`[Xik\ip
9^V\gVb,
)
I]ZXVgdi^YVgiZgn^hdci]ZaZ[iVcYg^\]i]VcYh^YZd[i]Zl^cYe^eZVcYi]ZZhde]V\jh VcY^hXdkZgZYdcanWni]ZcZX`h^YZbjhXaZVcYh`^c#>ci]ZgZ\^dcd[i]ZcZX`!dcZXVc bZVhjgZi]ZejahZZVh^an#>ci]ZgZ\^dcd[i]ZaVgncm!^iY^k^YZh^cidi]ZVgiZg^VXVgdi^h ^ciZgcV VcY VgiZg^V XVgdi^h ZmiZgcV# DcZ d[ i]Z bdhi ^bedgiVci ed^cih d[ bZVhjg^c\ WaddYegZhhjgZ\adbjhXVgdi^Xjb^hVii]^h[dg`^ci]ZVgiZg^Zh#I]^h[dg`^hcZXZhhVgn hdi]Vil]Zci]ZgZ^hVhjYYZc^cXgZVhZd[WaddYegZhhjgZi]ZkZhhZahYdcdiWgZV`VcY aZVYidWaZZY^c\#L]Zci]ZWaddYegZhhjgZ^cXgZVhZh!i]Z^ciZgcValVaad[i]ZXVgdi^Y h^cjh higZiX]Zh! l]^X] ^h gZ\^hiZgZY Wn i]Z \adbjh XVgdi^Xjb VcY igVchb^iiZY id i]Z WgV^cWni]ZcZgkdjhhnhiZb# 6iiVX`/Hig^`Zl^i]Z^i]Zgi]Z^ch^YZdgdjih^YZd[i]Z]VcYVahd^chigVc\a^c\ViiVX`h#
/*
,:64)0
&
'
&"' IVg\ZibVg`# :[[ZXih/I]Z]Z^\]iZcZYWaddYegZhhjgZhi^bjaViZhi]ZWgV^cXVjh^c\i]ZWaddYkZhhZah idZcaVg\Z^bbZY^ViZan!heZX^Vaan^ci]ZkZ^chd[i]ZhidbVX]gZ\^dcÄjcXdchX^djhcZhh ^hedhh^WaZYjZidi]ZaVX`d[WaddYhjeeanidi]ZWgV^c#>[an^c\]dg^odciVaan!i]ZWaddY [adlhWVX`^cidi]ZWgV^cVcYdcZl^aaVlV`Zc# >cVYY^i^dc!i]Z]ZVgiXVchadlYdlcVcYWZlZV`ZcZY#I]ZgZ^hVahdVadlZggViZd[ WgZVi]^c\!l]^X]XVcZkZcijVaanZkZcXdbZidV[jaahide#I]ZgZ^hVYVc\Zgd[]ZVgi ViiVX`#&% ;jgi]Zg^c_jg^ZhXVcgZhjai[gdbVcn[Vaa# I]ZgZ^hVahdi]ZYVc\Zgi]VieaVfjZhXVcaddhZcdci]Z^ciZgcVah^YZhd[i]ZXVgdi^Y VgiZgn!bdkZVadc\i]gdj\]i]ZhnhiZbVcYXVjhZVhigd`Z^ci]ZWgV^c#HjX]eaVfjZh Vhi]ZhZVgZZheZX^Vaan[djcY^ci]Z[dg`d[i]ZXdbbdcXVgdi^YVgiZgn#I]ZYVc\Zg^h ]^\]Zgl^i]^cXgZVh^c\V\Z# 6h VagZVYn ed^ciZY dji ^c i]Z >cigdYjXi^dc! gZ\VgY^c\ i]Z ^beVXi dc J`Z! dcZ XVc WZ ^ggZhedch^WaZVcYWZZfjVaan_jg^hi^XVaanYjW^djhl]ZcndjhZZi]^hed^ci^ci]ZkVg^djh igV^c^c\ k^YZdh b^hjhZY Vh ÆZk^YZcXZÇ i]Vi @njh]d ^h Z[[ZXi^kZ# >i XVc WZ V eVgi^XjaVgan YZa^XViZhjW_ZXi^[i]ZgZVgZ^c_jg^Zhl]ZgZi]ZZ[[ZXihVgZbdgZhZg^djhi]Vci]dhZeaVccZY# 8dbbZcihdcjhZ/ Hj^iVWaZ[dgjhZVh6iZb^!VhlZaaVhhigVc\a^c\iZX]c^fjZh#>cXZgiV^c^chiVcXZh!YVc\Zg Zm^hihYjZidi]ZXadhZcZhhidi]ZaVgncm# /+
"55"$,10*/540/5)&/&$,
&
'
(
)
*
+ /,
,:64)0
-
, & ' ( ) * + , - .
/-
. I]ZdeedcZciig^Zhid\gVW]daY# I]ZYZ[ZcYZgbdkZh[dglVgY]daY^c\]^hVgbh^cVlZY\ZÈKÉh]VeZ# I]ZViiVX`^hYZ[aZXiZYidi]Zdjih^YZ# I]ZViiVX`Zgha^YZheVhii]Zdjih^YZd[i]ZYZ[ZcYZg# E^cXZgViiVX`jh^c\i]ZZY\Zd[i]Z]VcYhVii]ZXVgdi^YVgiZg^Zh# 8adhZ"je# >cdgYZgidWdahiZgi]ZiZX]c^fjZ!i]ZViiVX`ZgÉh[ddi^he^ccZYYdlcWnhiVcY^c\ dc^i# 8adhZ"je# 8dci^cjZi]ZViiVX`WngViia^c\i]Zh^YZhd[i]Z]VcYhV\V^chii]ZiVg\Zi#
"55"$,10*/540/5)&/&$,
6YY^i^dcVahZfjZcXZh/
&
'
(
) /.
,:64)0
*
+
,
' ( ) *
6iiVX`jh^c\VhigV^\]i`^X`l^i]i]Z[ddi# I]Z`^X`^hhlZeiVlVnWni]ZaZ[iVgb# I]ZYZ[Zch^kZVXi^dcXVjhZhi]ZViiVX`ZgÉh`^X`idWZZmiZcYZY# I]ZX^gXjaVghlZZe^c\bdi^dc^ci]ZXdjciZgViiVX`^hbdkZYidi]ZjhZd[i]Z^ccZg ZY\Zd[i]Z]VcY# , 8djciZgViiVX`l^i]i]Z^ch^YZZY\Zd[i]Z]VcYVcYXdcigdad[i]ZZaWdl_d^ciVi i]ZhVbZi^bZ# I]Zhig^`ZXVcVahdWZZmZXjiZYjh^c\i]Zdjih^YZZY\Zd[i]Z]VcYH]jid#
//
"55"$,10*/540/5)&/&$,
)%)
EXg\f]k_\e\Zb&:\im`ZXcjg`e\
9^V\gVb-
8dch^hihd[i]ZhZkZckZgiZWgVZ8&"8,WZilZZci]Z]ZVYVcYi]Zi]dgVX^Xhe^cZVcY ^hhjeedgiZYWni]ZcZX`VcYWVX`bjhXaZhVhlZaaVhhZkZgVadi]ZgkZgiZWgVZ#
6iiVX`/CZX`aZkZg!ejcX]# >cVgdiVi^c\cZX`aZkZg!^i^hXgjX^Vai]ViVXdbW^cVi^dcd[higZiX]^c\i]ZcZX`VcYi]Z gdiVi^dcd[i]Z]ZVY^hVeea^ZY^cdgYZgidVX]^ZkZi]Zdei^bjbZ[[ZXi#
/0
,:64)0
'
&
& 9ZbdchigVi^c\i]ZhigZiX]^c\d[i]ZcZX`# ' HigZiX]^c\i]ZcZX` gdiVi^dcd[i]Z]ZVY#
JhZ^ci]ZhiVcY^c\edh^i^dc
&
'
(
& HiVgid[i]ZcZX`aZkZg^cVhiVcY^c\edh^i^dc#Cdi^XZi]ZWZ\^cc^c\d[il^hi^c\i]Z ]ZVYVcYe^cc^c\^i# ' Cdedhh^W^a^ind[ZhXVeZ#
0'
"55"$,10*/540/5)&/&$,
L]ZcjhZY^c\gdjcYldg`/
HiZ[Vc ^h eaZVhZY l^i] ]^h hjXXZhh[jaaZkZgd[i]ZcZX`#
ch]dgigZVX]Zh!^ibVnWZedhh^WaZidWg^c\i]ZdeedcZciYdlcidi]Z\gdjcYid Ydi]^h!i]Zdi]Zg]VcYbjhi]daYWZ]^cYi]Z]ZVY$cZX`#JhZYVhV_VWW^c\ViiVX` [gdb \gZViZg gVc\Z egZX^h^dc ^h gZfj^gZY0 ^c XZgiV^c X^gXjbhiVcXZh! i]ZgZ ^h YVc\Zg YjZidegdm^b^ind[i]ZaVgncm#6aiZgcVi^kZan!jhZ^iVhV[gZZ^c\iZX]c^fjZi]ZcYdV [daadl"jeiZX]c^fjZdggjcVlVn# 6YY^i^dcVahZfjZcXZh/
&
'
(
)
*
+
0/
"55"$,10*/540/5)&/&$,
& ' ) +
H]dX`iZX]c^fjZVhYZhXg^WZYZVga^Zg# i Vahd [aZmZh i]Z cZX`# I]Z hiZgcdXaZ^YdbVhid^Y ^h ^ccZgkViZY Wni]Z^eh^aViZgVaVXXZhhdgncZgkZ#
6iiVX`/E^cXZg\g^el^i]i]Z[^c\Zghdci]ZXZciZgd[i]ZWZaand[bjhXaZdg]dd`i]Z [^c\Zgh^cid^i#
>aajhigVi^dcd[i]ZWjcYaZd[bjhXaZh#
('(
,:64)0
:[[ZXih/BjhXaZeV^c0WZXVgZ[jal^i]egZhhjgZdci]ZXVgdi^YhZZ^ihhZXi^dc# 8dbbZcihdcjhZ/ L]ZcVih]dgigVc\Z!i]ZdeedcZciXVcWZZVh^anhiZZgZY#
(')
"55"$,10*/540/5)&/&$,
&
'
(
)
*
+ ('*
,:64)0
& ' ( +
I]ZejcX]Vii]ZZVg^hYZ[aZXiZY# HiVgi^c\i]Zi]gdl# D"Hdid"chZgi^dc ed^ci d[ i]Z bjhXjajh hiZgcdXaZ^YdbVhid^YZjh ^h Vi i]Z bVhid^Y egdXZhh egdXZhhjhbVhid^YZjhd[i]ZiZbedgVaWdcZWZ]^cYi]ZZVg# 6iiVX`/ Hig^`Z l^i] i]Z djih^YZ ZY\Z d[ i]Z ]VcY! ^ch^YZ ZY\Z d[ i]Z ]VcY! jacV dg WVhZd[i]Z[^hi#
&
'
& 6iiVX`jh^c\i]ZadlZgVgbWdcneVgi/hed`ZWdcZ2gVY^jh# ' 8adhZ"je# :[[ZXih/L]ZcXdcigVXi^c\dci]ZdcZh^YZ!i]ZcZX`h^YZbjhXaZWg^c\hi]Z]ZVY^ci]Z Y^gZXi^dcd[i]Zh]djaYZg#Id\Zi]Zgl^i]i]ZhigZiX]gZ[aZmhZZ>cigdYjXi^dc!i]Z]ZVY dg WgV^c ^h XdcXjhhZY VcY gZhjaih edhh^Wan ^c h]dgi eZg^dYh d[ Y^hdg^ZciVi^dc# L]Zc V bVhh^kZWadl^h[Zai!i]ZgZ^hVedhh^W^a^ind[^c_jgnidi]ZXZgk^XVahe^cZhZZ^ihhZXi^dc# 8dbbZcihdcjhZ/ 6l^YZheZXigjbd[jhZh^hVkV^aVWaZ!Z#\#!^chjeedgid[Vi]gdlhjX]VhD"Hdid"chZgi^dcÇ bZVchi]Zh^iZd[ViiVX]bZcid[i]ZbjhXaZidi]ZWdcZ^ibdkZh# I]ZcZgkjhkV\jhgjchi]gdj\]i]ZcZX`Ydlcidi]ZWdYn^ci]ZhVbZh]ZVi]Vhi]Z VgiZg^VXVgdi^hXdbbjc^h#=ZgZ^i^ccZgkViZhi]Z]ZVgi!i]ZWgdcX]^V!i]ZY^\Zhi^kZigVXi VcYi]ZjgZiZgidgZVX]i]^h!i]ZegZhhjgZbjhiWZkZgnhigdc\#GZ\VgYaZhh!i]ZZ[[ZXi ^h[ZaiWni]ZeV^cXVjhZYWnegZhhjgZdci]Zdg^\^cd[i]ZbjhXaZ#
('.
,:64)0
6iiVX`/I]jbWegZhhZhY^V\dcVaanYdlclVgYidlVgYi]Zb^YYaZ#
&
'
& IVg\ZibVg`# ' =dli]Zi]jbWh]djaYWZ]ZaY# :[[ZXih/ CZgkZ eV^c cZjgVa\^V XVc WZ [Zai V[iZg egZhhjgZ Veea^ZY XdbeVgZ i]Z hiViZbZcih ^c i]Z >cigdYjXi^dc# L]Zc egZhhjgZ ^h Veea^ZY dc i]Z VgiZg^V XVgdi^h Xdbbjc^h! i]ZgZ ^h V iZbedgVgn gZYjXi^dc d[ WaddY hjeean id i]Z WgV^c gZhjai^c\ ^c Y^oo^cZhh#I]Zl^cYe^eZXVcVahdWZXdbZ^gg^iViZY# 8dbbZcihdcjhZ/ i^hcZXZhhVgnidejh]i]ZdeedcZciWVX`lVgYh0V]VgbaZhhiZX]c^fjZ# Edhh^WaZY^[[^Xjainl]Zc[VXZYWni]^X`"bjhXaZYdgXdgejaZcieZghdch!VhlZaaVhVcndcZ lZVg^c\i]^X`Xadi]^c\#
()+
"55"$,10*/540/5)&50340
*%+
E`ggc\j&DXddXip^cXe[j&>cXe[lcXdXddXi`X
I]ZkZhhZahjeeanVcYi]ZcZgkVa^ccZgkVi^dcd[i]ZbVaZc^eeaZVgZh^b^aVgidVhbVaaZg YZ\gZZidi]dhZd[i]Z[ZbVaZ\aVcYh# I]Z hZch^i^kZ ^ccZgkVi^dc d[ i]Z bVbbVgn \aVcYh XdbZh [gdb i]Z WgVcX]Zh d[ i]Z ^ciZgXdhiVa cZgkZh cZgk^ ^ciZgXdhiVaZh i]Vi gjc Vh bZY^Va VcY aViZgVa bVbbVgn WgVcX]Zhidi]Z^ghjeeanVgZV# 6iiVX`/7^i^c\dge^cX]^c\e^cXZg\g^e#
:[[ZXih/EV^c# 8dbbZcihdcjhZ/ JhjVaanlZaaXdkZgZYdgegdiZXiZYWnXadi]^c\#
(),
,:64)0
*%,
K\jk`Zc\j
6iiVX`/@^X`l^i]i]Z[ddidg`cZZ!ejcX]!\g^e#
:mVbeaZd[YZ[ZchZ :[[ZXih/ I]Z bV^c hZch^i^k^in d[ i]Z iZhi^XaZh id eV^c XdbZh [gdb i]Z hZch^i^kZ cZgkZ [^WZghWgVcX]Zhd[i]ZcZgkjh\Zc^id[ZbdgVa^hd[i]ZhXgdijb# 7ZXVjhZi]Z\Zc^iVahVgZVahd^ccZgkViZYWni]ZeVgVhnbeVi]Zi^XcZgkZhnhiZb!^iXVcÄ VhValVnh!l]Zci]^hcZgkZhnhiZb^h^ckdakZYÄaZVYidVadlZg^c\d[i]ZWaddYegZhhjgZ dgidVhadl^c\Ydlcd[i]Z]ZVgiWZViVcYWgZVi]^c\#Edhh^WaZgZhjaihd[i]ZhZZ[[ZXih VgZbdgZa^`Zanid^cXajYZkdb^i^c\!jcXdchX^djhcZhhVcYXVgY^VXVggZhi#&( >c XVhZh d[ Wajci igVjbVh! i]ZgZ ^h V YVc\Zg d[ YVbV\^c\ i]Z hjeean^c\ VgiZg^Zh VcY WaZZY^c\ ^ch^YZ i]Z iZhi^XaZ edjX]# EjcXijgZ d[ i]Z iZhi^XaZ edjX] XVc aZVY id ^c[aVbbVi^dc d[ i]Z iZhi^XaZh dg ZkZc VWhXZhhZh# 7ZXVjhZ d[ i]Z deZc X]VccZa d[ i]Z kV\^cVaegdXZhhidi]ZVWYdb^cVaXVk^in!eZg^idc^i^hXVcdXXjg# I]ZgZ[dgZ!jh^c\h^\c^[^XVci[dgXZ^ci]^hVgZVXVcXVjhZeZgbVcZci^c[Zgi^a^in# 6`^X`^ci]^hVgZVXVcXVjhZi]ZY^heaVXZbZcid[i]ZiZhi^XaZh^cidi]ZVWYdb^cVaXVk^in! VXXdbeVc^ZYWnhiVg`eV^c#>i^hVahdedhh^WaZi]Vii]ZejW^XWdcZbVnWZYVbV\ZY hZZhZXi^dc(#&,# 9jaa eV^c VcY V hbVaa Wgj^hZ XVc WZ h^\ch d[ V ]VgbaZhh Xdcijh^dc d[ i]Z iZhi^XaZh# EgdcdjcXZYWgj^h^c\VcYadihd[eV^c!edhh^WanVXXdbeVc^ZYWncVjhZV!VgZh^\chd[V ()-
"55"$,10*/540/5)&50340
bdgZhZg^djh^c_jgn#6WdkZVaa!V[iZgVc^c_jgnl]Zci]ZiZhi^XaZhXVccdiWZ^cY^k^YjVaan [Zai!Vk^h^iidi]Zjgdad\^hi^hcZXZhhVgn# 8dbbZcihdcjhZ/ I]^hgZ\^dc^hValVnh^chi^cXi^kZanegdiZXiZY!l]^aZ[daadl"jeVXi^dchVgZedhh^WaZ!ZkZc ^[i]ZiVg\Zi^hcdi]^i#
&
'
& 6iiZbeiZYcZX`aZkZg# ' 9Z[ZcYWnYZa^kZg^c\Vhig^`Zl^i]i]ZadlZgVgbVii]ZiZhi^XaZh# 86JI>DC BV`Z hjgZ i]Vi i]Z deedcZciÉh Vgb VgdjcY i]Z cZX` ^h addhZ VcY XdcigdaaZY#I]^h]Zaehi]ZViiVX`ZgidVkd^YVh^ijVi^dc^cl]^X]i]ZadlZgVgbhig^`Zhi]Z iZhi^XaZh#I]ZdeedcZciÉhgZ[aZmgZVXi^dciZcYhidhigZc\i]Zc]^h\g^eVgdjcYi]ZcZX`#
(
)
( 8adhZ"jed[i]Zhig^`Z# ) 6aiZgcVi^kZYZ[ZchZ/]dd`ejcX]Vii]ZiZhi^XaZh# ().
,:64)0
& &
&
'
(
HfjZZo^c\!il^hi^c\!VcYg^ee^c\i]ZiZhi^XaZh^hWZhiegVXi^XZYjh^c\VcdW_ZXihjX] VhVWjcX]d[gdaaZY"jehdX`h#
'
(
& HiVgi^c\iZX]c^fjZ/@^X`Vii]Z]daadlVii]ZWVX`d[i]Z`cZZ# ' @^X`Vii]ZiZhi^XaZh^hZmZXjiZY[gdbWZ]^cY# ( KVg^Vi^dc/@^X`l^i]i]ZidZh#
()/
"55"$,10*/540/5)&50340
&
)
'
(
*
& 6hlZZe^c\`^X`deZchjei]ZhiVcY^c\edh^i^dcd[i]ZViiVX`Zg# ' HiVgid[i]ZhlZZe^c\`^X`#I]ZhlZZeZgÉhhiVcY^c\aZ\^hlZaadjih^YZi]ZViiVX`ZgÉh hiVcY^c\edh^i^dc^cdgYZgidYZkZadebdgZ[dgXZ# ( I]Z 2Y^hiVcXZWZilZZc[ZZi^haZc\i]ZcZY# ) Jh^c\i]ZhlZZe^c\[ddi!i]Z`^X`^hYZa^kZgZYY^gZXian# * 6aiZgcVi^kZ/@^X`l^i]i]Zdi]ZgaZ\#
()0
,:64)0
&
'
& >ch^YZadl`^X`Äi]jhaZc\i]Zc^c\i]Z# ' =VgYidhd[i#
(*'
"55"$,10*/540/5)&50340
*%-
C`m\i
G^WXV\Z
;adVi^c\g^W
HeaZZc
A^kZg HidbVX]
8dadc
9^V\gVb&+
HbVaa^ciZhi^cZ
I]Za^kZg^hadXViZYdci]Zg^\]ih^YZd[i]ZjeeZgVWYdbZcVcYgjchYdlcVh[VgVh i]Z Wdiidb g^\]i"]VcY [adVi^c\ g^W# >i ^h i]Z XZcigVa dg\Vc d[ i]Z l]daZ bZiVWda^hb d[i]ZWdYnVcYi]ZaVg\Zhi\aVcY#I]Za^kZg^h]ZaY^cVbZbWgVcZXVehjaZ#Dcani]^h bZbWgVcZ]VhVYZchZcZildg`d[[^cZcZgkZhXVeVWaZd[gZedgi^c\idi]ZWgV^c# 6iiVX`/@^X`!ejcX]#
(*(
,:64)0
=dd`Vii]Za^kZg :[[ZXih/BVcnd[i]Z^ccZgdg\Vch!_jhiVh^i^hl^i]i]Za^kZg!VgZhjeea^ZYl^i]aVg\Z Vbdjcihd[WaddY#>[^i^h]^i]VgY!i]ZgZ^hi]ZYVc\Zgd[gjeijg^c\i]Za^kZgVcY]^YYZc ^ciZgcVa WaZZY^c\# 7ZXVjhZ d[ ^ih Æ]^YYZcÇ cVijgZ! ^ciZgcVa WaZZY^c\ d[ i]^h hdgi ^h ^ch^Y^djh#6WajciVWYdb^cVaigVjbVd[i]^hineZXVc!VWdkZVaa!aZVYid[ViVa^inXVjhZY Wnh]dX`[gdbi]Z]^\]adhhd[WaddY[gdb^ciZgcVaWaZZY^c\#Di]Zghnbeidbh^cXajYZ egZhhjgZeV^c!cVjhZV!VeVaa^YVcYlVcVeeZVgVcXZWZXVjhZd[i]Zh]dX`!Y^oo^cZhh! VcYkdb^i^c\#>c\ZcZgVa!l^i]hjX]^c_jg^Zh!i]ZgZ^hi]ZYVc\Zgd[^ciZgcVaWaZZY^c\# I]^hXVcYZkZadedkZgVeZg^dYd[hZkZgVaYVnh#>i^hVahdedhh^WaZi]ViVai]dj\]i]ZkZ^ch YdcdigjeijgZi]ZnbVnWZhdWVYanYVbV\ZYi]Vil]ZcejijcYZggZcZlZYZmZgi^dc Z#\#!^chedgihedciVcZdjhgjeijgZhbVndXXjg!l]^X]^cijgcaZVYid]ZVknWaZZY^c\# I]^hXVcVahd]VkZXdbea^XVi^dchVcYZkZcijVaanaZVYid[ViVa^in^ci]ZldghiXVhZh# 8dbbZcihdcjhZ/ Edhh^WaZY^[[^Xjainl]Zc[VXZYWni]^X`"bjhXaZYdgXdgejaZcieZghdch!VhlZaaVhVcndcZ lZVg^c\i]^X`Xadi]^c\#
& (*)
&
I]ZejcX]ViiVX`^h lVgYZYd[[jh^c\ Wdi]]VcYh#
"55"$,10*/540/5)&50340
'
(
)
*
+
,
( =dd`Vii]Za^kZg#)8adhZ"je#*if`e
9^V\gVb&,
>c\j^cVaa^\VbZci
>ci]ZY^V\gVb!i]Za^\VbZci gjch[gdbi]ZjeeZgaZ[iYdlcid i]ZadlZgg^\]iVcY^hXVaaZYi]Z Æ^c\j^cVaa^\VbZci#Æ
6iiVX`/EjcX]!`^X`![^c\Zg _VW#
& 6cViiZbeiZY`^X`^hXdjciZgZYWn`^X`^c\Vii]Z\gd^c#
&
'
( I]Z\gd^c^hhigjX`#I]Z`^X`Vii]Z\gd^cbjhi WZ ZmZXjiZY Y^V\dcVaan aZ[i [ddi V\V^chi i]Z deedcZciÉh aZ[i \gd^c VcY k^XZ kZghV# >[ ndj YdcÉi`^X`Y^V\dcVaan!i]ZdeedcZciXVcXdjc" iZgWnZmZXji^c\V`^X`Vii]ZdeZch^YZWZXVj" hZi]ZdeedcZciÉhXZciZgd[\gVk^inl^aacdiWZ V[[ZXiZYWni]Z`^X`#
(*+
(
"55"$,10*/540/5)&50340
:[[ZXih/EV^c!]Zgc^VgjeijgZ# I]ZgZ\^dcd[i]Z\gd^c!eVgi^XjaVgani]Z^c\j^cVaXVcVaXVcVa^h^c\j^cVa^h!^hVlZaa" `cdlc lZV` hedi# >i gjch VWdkZ i]Z ^c\j^cVa a^\VbZci# 6i i]^h hedi! V ]Zgc^V XVc dXXjg!l]^X]XVcVahddXXjgV[iZg]ZVknWdY^anhigV^c#I]ZXdciZcihd[i]ZVWYdb^cVa XVk^ineZg^idcZjbXVcegdigjYZi]gdj\]i]ZVWYdb^cValVaa#EV^c[gdbi]^hXVcWZ adlid]ZVknVcYXdckjah^kZ#6]VgYajbeXVcWZ[ZaiVWdkZi]Z\gd^c#GjeijgZhVgZ YVc\Zgdjh!VWdkZVaal]Zci]Zdg\Vchd[i]ZVWYdb^cVaXVk^inhjX]Vhi]Z^ciZhi^cZ VgZigVeeZY^ci]ZWgZV`#6hVgZhjaid[i]Zi]^h!i]ZigVeeZY^ciZhi^cZhlZaahhi^aa[jgi]Zg! VcY^hi]ZgZ[dgZXjid[[[gdbi]ZWaddYhjeean#I]^h^h`cdlcVhhigVc\jaVi^dcVcYXVc aZVY id cZXgdh^h d[ i]Z igVeeZY eVgi d[ i]Z dg\Vc# >c VYY^i^dc! Vc ^aZjh dWhigjXi^dc d[ i]Z WdlZah XVc dXXjg# 7di] h^ijVi^dch VgZ a^[Z"i]gZViZc^c\ VcY gZfj^gZ ^bbZY^ViZ deZgVi^kZhjg\^XVaViiZci^dc#>cXZgiV^cXVhZh!VgZhZXi^dceVgi^VagZbdkVad[Vcdg\Vc ^hcZXZhhVgn# 8dbbZcihdcjhZ/ I]^hXVjhZhVegdWVWaZWZcY^c\dkZgVii]Z]^eh!l]^X]deZchi]Zedhh^W^a^in[dg[daadl" jeVXi^dch#
I]Z \gd^c ^h V \ddY iVg\Zi id eji i]Z deedcZci d[[ WVaVcXZ! ZheZX^Vaan l]Zc ]Z]VhVlZaa"eVYYZYidghd#
(*,
,:64)0
6 `^X` ^c i]Z \gd^c [gdb V Xa^cX]# >BEDGI6CI I]Z deedcZciÉh g^\]i Vgb bjhi WZ e^ccZY Ydlc di]Zgl^hZ ]Z XVc \gVW i]Z ViiVX`^c\ aZ\ VcY XVjhZ i]Z YZ[ZcYZgid[Vaa#
&
'
(
)
& =dlid]daYi]Z]VcYhl]Zc_VWW^c\l^i]i]Z[^c\ZghVii]Z\gd^c# ( ;gdbVcdi]Zgk^Zled^ci#
(*-
"55"$,10*/540/5)&50340
*%/
JkfdXZ_
;dgVc^aajhigVi^dc!hZZi]ZhZXi^dcdci]ZÆA^kZg#Ç 6iiVX`/EjcX]!`^X`#
&
'
(
)
& 8a^cX]h^ijVi^dc# (*.
,:64)0
*
+
'"+HZg^Zhd[`cZZ`^X`hVii]ZhidbVX]VgZV# :[[ZXih/EV^c!eZg[dgVi^dcd[i]ZhidbVX]# I]ZlVaad[i]ZhidbVX]XVcgjeijgZ[daadl^c\VWajciWadl!l]^X]bZVch^ihXdciZcih l^aaZbein^cidi]ZVWYdb^cVaXVk^in#HjYYZchZkZgZeV^chVXXdbeVc^ZYWnkdb^i^c\! iZch^dc^ci]ZVWYdb^cValVaa!VcYhnbeidbhd[h]dX`WZ\^c# GjeijgZ d[ i]Z hidbVX] lVaa bjhi ValVnh WZ Xdch^YZgZY Vc ZbZg\ZcXn! WZXVjhZ! ^[ jcigZViZY!^iXVcWZ[ViVa#I]ZbV^cYVc\Zgd[eZg[dgVi^dcd[i]ZhidbVX]^heZg^idc^i^h l^i]hjWhZfjZciWaddYed^hdc^c\hZeh^hXVjhZYWni]ZZhXVeZd[i]ZhidbVX]XdciZcih ^cidi]ZVWYdb^cVaXVk^in#I]ZYVc\Zg^h\gZViZg^[i]ZhidbVX]^h[jaa# 8dbbZcihdcjhZ/ Edhh^WaZY^[[^Xjainl]Zc[VXZYWni]^X`"bjhXaZYdgXdgejaZcieZghdch!VhlZaaVhVcndcZ lZVg^c\i]^X`Xadi]^c\#
(*/
"55"$,10*/540/5)&50340
*%0
Jgc\\e
HZZi]Z^aajhigVi^dc^ci]ZhZXi^dcdci]ZÆA^kZg#Ç >c]jbVch!i]ZheaZZc^hV[^hi"h^oZYdg\Vci]Via^ZhWZadli]ZZ^\]i]VcYc^ci]g^Wdc i]ZaZ[i"]VcYh^YZd[i]ZjeeZgVWYdbZcWZcZVi]i]ZY^Ve]gV\bVcYVWdkZi]ZaZ[i `^YcZn#I]^hdg\Vc]daYhVaVg\ZfjVci^ind[WaddY# 6iiVX`/EjcX]!`^X`!`cZZ`^X`#
&
'
(
)
& ' ( )
=dd`ejcX]Vii]ZheaZZc# 8adhZ"je# I]ZViiVX`ZgÉhVgb^hi]ZcXdcigdaaZY# ;jgi]ZgViiVX`Vii]ZheaZZcjh^c\i]ZZaWdl#
(*0
,:64)0
:[[ZXih/ >[ i]Z g^Wh dc i]Z aZ[i h^YZ VgZ ^c_jgZY! i]ZgZ ^h V edhh^W^a^in i]Vi i]Z heaZZc XVcgjeijgZ^chdbZ^chiVcXZh!VeeZVghVheV^c^ci]ZjeeZgVWYdbZcl]^X]bZVch ^ibVnWaZZY^cidi]ZVWYdb^cVaXVk^in!l]^X]d[XdjghZ^hcdik^h^WaZdci]Zdjih^YZ# I]ZheaZZcXVehjaZXVcXdcigdai]ZWaZZY^c\[dgVh]dgieZg^dY!l]^X]^hl]ni]Z[^ghi hnbeidbhVeeZVgV[iZgV[ZlYVnh# =nedkdaZb^Xh]dX`d[i]^h`^cYVahdh]dX`[gdbaVX`d[WaddYkdajbZXdbZhVWdji WnVc^chj[[^X^Zci^cigVkVhXjaVgaZkZad[WaddY^ci]ZWaddYkZhhZah#GZhjaihVgZd[iZc jcXdchX^djhcZhh! Vh lZaa Vh XZhhVi^dc d[ WgZVi]^c\ VcY XVgY^VX VggZhi# Adhh d[ VWdji *%d[WaddY^hVabdhiValVnh[ViVal^i]djibZY^XVaViiZci^dc# >[h]dX`^hcdiigZViZYdkZgVadc\ZgeZg^dYd[i^bZ!^ggZkZgh^WaZh]dX`XVchZi^cVcY i]ZgZ^hi]ZYVc\Zgd[V[V^ajgZd[i]Z`^YcZnhVcYV[ViVabjai^eaZdg\Vc[V^ajgZ# 8dbbZcihdcjhZ/ Edhh^WaZY^[[^Xjainl]Zc[VXZYWni]^X`"bjhXaZYdgXdgejaZcieZghdch!VhlZaaVhVcndcZ lZVg^c\i]^X`Xadi]^c\#
&
'
& 6[jgi]ZgZmVbeaZ/@cZZ`^X`Vii]ZheaZZc# ' 8adhZ"je#
(+'
"55"$,10*/540/5)&50340
9^V\gVb&-
*%(' ;\ckf`[dljZc\j HZZ Vahd i]Z ^aajhigVi^dch ^c i]Z hZXi^dch dc i]ZÆ6gbe^iÇVcYÆ8aVk^XaZ$8daaVgWdcZ#Ç
I]Z bjhXjajh YZaid^YZjh YZaid^Y ^h V ig^Vc\jaVg h`ZaZiVa bjhXaZ i]Vi a^Zh dkZg i]Z h]djaYZg _d^ci a^`Z V eVgXZa VcY \^kZh ^i hiVW^a^in Wn egZhh^c\ i]Z ]ZVY _d^ci d[ i]Z jeeZgVgbWdcZ^cid^ihhdX`Zi#>ih[jcXi^dc^h ^ca^[i^c\i]ZjeeZgVgb#
6iiVX`/EjcX]l^i]i]Z[^hi!ZaWdl#
IVg\ZibVg`# :[[ZXih/ 9VbV\Z id dg\Vch dg eVgih d[ i]Z WdYn XVjhZY Wn ZmiZgcVa Y^gZXi! Wajci [dgXZ l^i]dji k^h^WaZ ^c_jgn id i]Z h`^c ^h `cdlc Vh Wgj^h^c\# I]^h XgZViZh Vc ZYZbV hlZaa^c\d[i]Zi^hhjZhVcYZmigVkVhVi^dcd[WaddY[gdbi]ZYVbV\ZYXVe^aaVg^Zh^ci]Z hjggdjcY^c\i^hhjZVcYXVcVeeZVgVhVWgj^hZ#cXVhZhd[aVg\ZghlZaa^c\h!hi^[[Zc^c\d[i]ZbjhXaZXVcdXXjg# H^b^aVgZkZcihdXXjg^cXdcijh^dchl]Zci]ZWdYni^hhjZ^hegZhhZYid\Zi]Zg#
(+(
,:64)0
>c V idgc bjhXaZ [^WZg! i]Z gZi^XjaVg [^WZgh VgZ YVbV\ZY VcY adXVa ^c[aVbbVidgn hnbeidbh dXXjg# 6i i]Z hVbZ i^bZ! adXVa gZYjXi^dc d[ idcjh hiViZ d[ iZch^dc ^c i]Z bjhXaZh^hVeeVgZci^ci]ZYVbV\ZYVgZV#L^i]iZVgh^caVg\ZgbjhXaZh!hdbZi^bZhXaZVg gZXZhhZhdg`cdii^c\d[i]ZbjhXaZh^ci]ZV[[ZXiZYVgZVXVcWZhZZc# I]gdbWdh^h^hjca^`Zan# IZVgh d[ i]Z [VhX^V h`^c VgZ ]VgYan a^`Zan0 ]dlZkZg! XdbeVgibZci hncYgdbZ XVc WZ edhh^WaZ hlZaa^c\ ^c i]Z bjhXaZ l^i] gZYjXZY WaddY X^gXjaVi^dc! ^cXgZVhZ d[ egZhhjgZ VcY!^[cdiigZViZY!edhh^WaZcZXgdh^h# >i^hVahdedhh^WaZidYVbV\Zi]ZVgbhdX`ZiVcYi]ZiZcYdchd[i]ZgdiVidgXj[[bjhXaZh! l]^X][dgbVXdaaVgVgdjcYi]Zl]daZd[i]Zh]djaYZg# >ciZg[ZgZcXZ ^h edhh^WaZ Vahd ^c i]Z cZgkjh Vm^aaVg^h i]Vi dg^\^cViZh [gdb i]Z eaZmjh WgVX]^Va^hVcY^ccZgkViZhi]ZbjhXjajhYZaid^YZjh# 8dbbZcihdcjhZ/ I]Z a^b^iVi^dch ^c bdW^a^in XVc WZ YZYjXZY [gdb i]Z hiViZbZcih VWdkZ# I]Z Z[[ZXi ^h a^b^iZY l]ZgZ i]Z bjhXaZh VgZ lZaa"YZkZadeZY [^i id [^\]i0 V hbVaa ^beVXi hjg[VXZ ^cXgZVhZhi]ZZ[[ZXi#
&
'
(
& :mVbeaZhd[ViiVX`^c\hig^`ZhVii]Zh]djaYZg½#'½#l^i]i]Z[^hi½# ( ½#VcYl^i]i]ZZaWdl#
(+)
"55"$,10*/540/5)&50340
&
'
(
& I]Zhig^`Zl^i]i]ZZaWdlVii]ZgZVgd[i]ZYZaid^YbjhXaZXVcWZjhZYidil^hi i]ZdeedcZciVgdjcY# ' I]^hY^hVYkVciV\Zdjhedh^i^dc^hjhZYWni]ZYZ[ZcYZgidZmZXjiZV=VYV`V"?^bZ ÆcV`ZYhigVc\aZÇ# ( I]ZdeedcZci^hWgdj\]iid]^h`cZZh#
6[iZg hjXXZhh[ja YZ[ZchZ! ]ZgZ i]Z hig^`Z Vi i]Z bjhXjajh YZaid^YZjh egdk^YZh [jgi]Zg hjeedgiidijgci]ZdeedcZciVgdjcYVcYi]gdl]^bWVX`lVgYh#
(+*
,:64)0
9^V\gVb&.
*%(( B`[e\pj
AdXVi^dcd[i]Z`^YcZnh#9^hhZXiZYk^Zl[gdbgZVg# I]Z[jcXi^dchd[i]Z`^YcZnhVgZi]ZhZXgZi^dcd[hjeZg[^X^ValVhiZegdYjXihegdYjXZYWn bZiVWda^hbVcYidm^chVcYlVh]^c\i]Zb[gdbi]ZWdYni]gdj\]i]Zjg^cVgneVhhV\Z# :kZgn ]jbVc ]Vh ild `^YcZnh i]Vi a^Z aZ[i VcY g^\]i d[ i]Z he^cZ jcYZgcZVi] i]Z Y^Ve]gV\bVcYVgZegdiZXiZYWnVXVehjaZd[[Vi#I]ZnVgZZVX]h]VeZYa^`ZVWZVc VcYVgZVWdji&%"&'Xbadc\#:VX]d[i]Z`^YcZnh^hegdiZXiZYWnVi]^c![^gbXVehjaZ d[XdccZXi^kZi^hhjZgdjcYi]Zdg\VcVcYa^Zh!id\Zi]Zgl^i]i]ZVYgZcVa\aVcYh!WZYYZY ^cVcYXjh]^dcZY^cVcVY^edhZXVehjaZ#I]ZnVgZeVgi^VaanegdiZXiZYWni]Zg^WhVWdkZ i]Zb&&i]VcY&'i]eV^ghd[g^Wh# 6iiVX`/Hig^`Z[^hi!ZaWdl!`cZZ`^X`#
(++
"55"$,10*/540/5)&50340
IVg\ZibVg`#
:[[ZXih/6aa[dgbhd[YVbV\Zidi]Z`^YcZnh XVcWZYZ[^cZYVhgZcVaigVjbV#8]^aYgZcVgZ Vi \gZViZg g^h` YjZ i]Z aVX` d[ Xjh]^dc^c\ [Viini^hhjZidiV`Zi]Zh]dX`# GZcVa igVjbV XVc WZ Y^k^YZY ^cid Xdcijh^dc dg Wgj^h^c\! gZcVa gjeijgZ dg iZVg! VcY XdbeaZiZYZhigjXi^dcd[i]Z`^YcZn#I]ZegZYdb^cVcihnbeidbhVgZ[aVc`ijbdg![aVc` eV^c!VcYWaddYk^h^WaZ^ci]Zjg^cZÄi]ZaViiZg!]dlZkZg!^hcdicZXZhhVg^angZaViZYid i]ZVbdjcid[WaddY^ci]Zjg^cZ#>[i]ZjgZiZg^hXdbeaZiZanWadX`ZYWnWaddYXadihdg^[ i]ZhiZbkZhhZahVgZidgcd[[!i]ZgZbVnWZcdWaddY^ci]Zjg^cZViVaa# 6YY^i^dcVahnbeidbh/AdXVaWgj^h^c\]ZbVidbV!hZkZgZeV^c!edhh^WaZaZV`V\Zd[jg^cZ [gdbi]ZdeZcldjcYXVjhZYWn`c^[^c\dgh]ddi^c\# Adhhd[WaddY[gdbVgjeijgZY`^YcZnXVcWZ[ViVa[gdbh]dX`# 8dbbZcihdcjhZ/ Edhh^WaZY^[[^Xjainl]Zc[VXZYWni]^X`"bjhXaZY dgXdgejaZcieZghdch!VhlZaaVhVcndcZlZVg^c\ i]^X`Xadi]^c\#
&
& I]ZcZX`aZkZg^hhjeedgiZYWnYZa^kZg^c\ Vhig^`Zl^i]i]ZWVhZd[i]Z[dgZ[^c\Zg `cjX`aZ_d^cid[i]Zi]jbWh^YZd[i]Z]VcY#
(+,
,:64)0
&
'
(
)
*
+
& ' ( * +
(+-
I]ZhiZe[dglVgYWni]ZdeedcZci^hlVgYZYd[[eVhii]ZWdYn½ ½VcYi]Zc]Z^hijgcZYVgdjcY[jgi]Zgl^i]Vadl`^X`# I]ZVXi^dc^hXdci^cjZYWnYZa^kZg^c\ild]dd`hidi]Z`^YcZnh# 8]Vc\^c\dkZgidXdcigdai]Z]ZVYVcYWZcY^c\]^bdkZgWVX`lVgYh# 8dcXajh^dc/@^X`l^i]i]ZaZ[i`cZZidi]Z`^YcZnh#
"55"$,10*/540/5)&50340
*%() B`[e\pi\^`fe&Jb`e]fc[j 6iiVX`/ cVYjaih![gVXijgZd[i]ZXdaaVgWdcZ^hi]ZhZXdcYbdhiXdbbdc[gVXijgZV[iZg i]dhZd[i]ZgVY^jh#>i^hXVcWZXVjhZYWnVY^gZXiVcYhdbZi^bZhhd[iWadlidi]Z XdaaVgWdcZ#8dbea^XVi^dch^cXajYZkVhXjaVgYVbV\ZVgiZg^VhjWXaVk^VdgcZgkZYVbV\Z eaZmjhWgVX]^Va^hl]ZgZVaVg\ZWgj^h^c\^hk^h^WaZ# 7gVX]^Va\^V^hi]ZbZY^XVaiZgb[dgeV^c^ci]ZVgbVcY^hXVjhZYWnbZX]Vc^XVagjWW^c\ dg XdbegZhh^dc d[ i]Z eaZmjh WgVX]^Va^h# L]ZgZ eVgi^Va iZVg^c\ dg di]Zg YVbV\Z d[ ^cY^k^YjVacZgkZ[^WZghdXXjg!i]^haZVYhideVgi^Va^bbdW^a^ind[i]ZVgbVcYi]Z]VcY# I]Z[^ghi^cY^XVi^dcd[VegdWaZb^hd[iZcVi^c\a^c\[ZZa^c\# L]ZgZ aZh^dch d[ i]Z eaZmjh WgVX]^Va^h dXXjg! XdbeaZiZ ^beV^gbZci eVgVanh^h VcY hZch^i^k^ind[i]ZbjhXaZhd[i]ZjeeZgZmigZb^i^ZhXVcVeeZVg# Hnbeidbhd[VWgd`ZcXdaaVgWdcZ/6eeZVgVcXZd[k^h^WaZVcYeVaeVWaZhlZaa^c\dghiZeh ^ci]Zgjcd[i]ZWdcZ!hZkZgZeV^c[gdbegZhhjgZdgl]ZcbdkZY#I]Z^c_jgZYeZghdc Wg^c\h]^hjeeZgVgb^cidVedhijgZd[gZa^Z[VcYi]Zh]djaYZgegdigjYZhXaZVgan[dglVgY# I]ZWgZV`XVcVahdXVjhZVeZg[dgVi^dcd[i]Zajc\h#
(,(
,:64)0
8dbbZcihdcjhZ/ I]ZVgb^hgZcYZgZY^bbdW^aZVcYjcjhVWaZ# Edhh^WaZY^[[^Xjainl]Zc[VXZYWni]^X`"bjhXaZYdgXdgejaZcieZghdch!VhlZaaVhVcndcZ lZVg^c\i]^X`"Xadi]^c\#
&
'
& Hig^`Zl^i]i]ZZY\Zd[i]Z]VcYVii]ZXdaaVgWdcZH]jid"HV`dihj"JX]^# ' Hig^`Zjh^c\i]Z[dgZVgb#
(,)
"55"$,10*/540/5)&50340
9^V\gVb'(
*%(, JfcXigc\olj&Gc\oljZf\c`XZlj
I]ZhdaVgeaZmjheaZmjhXdZa^VXjh^hVcZildg`d[kZ\ZiVi^kZcZgkZh!]Vk^c\^ihdg^\^c^c [gdcid[i]ZjeeZgVWYdb^cVaVdgiVVcYi]jhan^c\gZaVi^kZanlZaaVlVn[gdbi]Zhjg[VXZ d[i]ZhidbVX]#>igjchidi]ZhidbVX]VcYi]ZjeeZgY^\Zhi^kZdg\Vch#>i^hadXViZY WZilZZci]Z&'i]i]dgVX^XVcYi]Z[^ghiajbWVgkZgiZWgV# >i^hhjeea^ZYWni]ZhnbeVi]Zi^Xi]dgVX^XhnbeVi]^`jhVcYeVgVhnbeVi]Zi^XcZgkjh kV\jheVgihd[i]ZkZ\ZiVi^kZcZgkdjhhnhiZb# 6iiVX`/ =VgY ejcX]$`^X` Vi V ]VcY" h^oZY VgZV an^c\ V a^iiaZ id i]Z aZ[i d[ i]ZXZciZg^ci]ZjeeZgi]^gYd[i]Za^cZ WZilZZci]ZcVkZaVcYi]ZWgZVhiWdcZ# I]ZXdbegZhh^dclVkZi]ZcgZVX]Zhi]Z eaZmjh#
IVg\ZibVg`#
(,*
,:64)0
:[[ZXih/ & I]Z[jcXi^dcd[i]ZeaZmjhXdZa^VXjh^hidhi^bjaViZi]Z\aVcYhd[i]ZbjXdjhbZbWgV" cZh d[ i]Z hidbVX] VcY i]Z jeeZg Y^\Zhi^kZ dg\Vch! Vh lZaa Vh hi^bjaVi^dc d[ i]Z hidbVX]bjhXaZhVcYi]ZjeeZghZXi^dchd[i]ZhbVaa^ciZhi^cZ#=dlZkZg!^i^hVahdV XdcigdaXZciZg/=Vgb[ja[dgZ^\ceVgi^XaZhZciZg^c\i]ZhidbVX]!hjX]VhgdiiZcdged^hd" cdjh[ddY!VgZ^bbZY^ViZanZmeZaaZYÄcVjhZVVcYkdb^i^c\[daadl#I]jh!i]ZY^gZXi^dc d[i]ZÆeZg^hiVai^XlVkZÇ^hgZkZghZYVcYVhVegdiZXi^kZbZVhjgZi]ZXdciZcihd[i]Z hidbVX] VgZ Wgdj\]i je VcY ZmeZaaZY# >c V gZ[aZm VXi^dc! i]Z hidbVX] bjhXaZh VgZ iZchZY^cdgYZgidgZVX]hj[[^X^ZciegZhhjgZidejh]eVhii]ZkVakZ^ci]ZZhde]V\jh#
=ZVkn bZX]Vc^XVa higV^c aZVYh id i]Z hVbZ Z[[ZXi! ZheZX^Vaan l]Zc ^i ]VeeZch Yjg^c\ ^c]VaVi^dc WZXVjhZ Vi i]Vi bdbZci i]Z egdiZXi^kZ hidbVX] bjhXaZh VgZ gZaVmZYVcYVcZmiZgcVaWadl!hjX]VhVaZ\dgejcX]^c\iZX]c^fjZ!XVc]VkZV [jaaZ[[ZXi^cYZei]#
' 6]^idci]ZeaZmjhXdZa^VXjhXVcVahdaZVYidjcXdchX^djhcZhh/
6cZmiZgcVaWadlXVcVahdXVjhZVkV\dkVhVahncXdeZi]gdj\]i]ZXdccZXi^dcd[i]Z cZgkjhkV\jhl^i]i]ZXZciZg[dgi]Z]ZVgigViZVcYi]Z]ZVgi#L^i]VhjYYZc!bVhh^kZ hi^bjaVi^dcd[i]ZkZ\ZiVi^kZcZgkdjhhnhiZb!i]Z]ZVgigViZXZciZg^ci]Z]nedi]VaVbjh dkZggZVXihVcYi]^hhjYYZcandeZchi]ZWaddYkZhhZahd[i]Z^ciZhi^cZ!i]ZedgiVakZ^c VgZV!i]Za^kZg!i]Z`^YcZnhVcYhZkZgVadi]Zgdg\Vch#I]ZgZ^hVadhhd[WaddYegZhhjgZ id\Zi]Zg l^i] V h]dgi aVX` d[ WaddY X^gXjaVi^dc ^c i]Z WgV^c V ÆWaVX`djiÇ! VcY i]Z eZghdcXdaaVehZh#CdgbVaan!i]^heVhhZhV[iZgV[ZlhZXdcYhVcYdcZlV`Zhjefj^X`an WZXVjhZl]^aZan^c\Ydlci]ZWaddYegZhhjgZgVe^YanhiVW^a^oZh^ihZa[#
( EV^c!Y^[[^Xjain^cWgZVi]^c\# ) >i h]djaY WZ gZbZbWZgZY i]Vi bVcn d[ i]Z ^ciZgcVa dg\Vch! eVgi^XjaVgan i]Z a^kZg! heaZZcVcYVahdi]Z`^YcZnh!]VkZV\ddYX^gXjaVidgn[adld[WaddY#>[dg\VchhjX]Vh i]ZhZVgZ]^i]VgY!i]ZgZ^hVYVc\Zgd[gjeijg^c\i]Za^kZg!heaZZc!i]ZcZ^\]Wdg^c\ hidbVX]hZZVeegdeg^ViZhZXi^dc!dgeVcXgZVi^XcZXgdh^hi^hhjZYZVi]d[i]ZeVcXgZVh l]ZgZ^c]^YYZc^ciZgcVaWaZZY^c\ZchjZh#HjX]^ciZgcVaWaZZY^c\^hbVa^X^djhegZX^hZan WZXVjhZ^i^h^ck^h^WaZ#I]^hegdXZhhXVcYZkZadedkZgVeZg^dYd[hZkZgVaYVnh#
(,+
>i ^h Vahd edhh^WaZ i]Vi Vai]dj\] i]Z kZ^c YdZh WgZV`! ^i l^aa WZ YVbV\ZY id hjX] VcZmiZcii]Vi^[^i^hejijcYZghigV^cV\V^cZ#\#!^chedgi!VhedciVcZdjhWgZV`
"55"$,10*/540/5)&50340
VXXdbeVc^ZYWnhZkZgZWaZZY^c\l^aadXXjg#I]ZWaZZY^c\XVcWZkZgnhZg^djhVcY ZkZcaZVYidYZVi]# 8dbbZcihdcjhZ/ Edhh^WaZY^[[^Xjainl]Zc[VXZYWni]^X`"bjhXaZYdgXdgejaZcieZghdch!VhlZaaVhVcndcZ l]d^hlZVg^c\i]^X`Xadi]^c\#L]Zci]ZeZghdc^hWgZVi]^c\^c!i]ZZ[[ZXi^h^cXgZVhZY WZXVjhZi]ZegdiZXi^kZhidbVX]bjhXaZhVgZgZaVmZY#
'
& & cigdYjXi^dc# 6YY^i^dcVaan! i]Z ^beVXi ]Vh Vc Z[[ZXi dc di]Zg higjXijgZhiZcYdch!WaddYkZhhZah# 8dbbZcihdcjhZ/ A^`ZVaacZgkZed^cih!i]ZYZ\gZZd[hZch^i^k^in!VhlZaaVhZ[[ZXiVX]^ZkZY!^h^cY^k^YjVaan Y^[[ZgZci#BdhianjhZYVhV[gZZ^c\iZX]c^fjZ#
(.'
"55"$,10*/540/5)&"3.4
&
'
(
)
*
+
& ' ( ) *
I]Z\g^e^hXdjciZgZYWnjh^c\Vh]dX`iZX]c^fjZ# I]Z[gZZ^c\VXi^dc^hWZ\jcWnYZa^kZg^c\Vhig^`ZVii]Zlg^hi# HigZiX]i]ZdeedcZciÉhVgbl]^aZZmZXji^c\VcdWhigjXi^c\VXi^dcVi]^h[VXZ# Ejaajei]ZVgbidhig^`Z# 7n hig^`^c\ Vi i]Z lg^hi! i]Z deedcZci ^h ijgcZY hd i]Vi ]^h WVX` ^h idlVgY i]Z YZ[ZcYZg# + Dei^dc/JhZi]ZZaWdlidhig^`ZYdlclVgYVii]Zlg^hi#
(.(
,:64)0
+%-
(.)
K_\eX`cj
"55"$,10*/540/5)&"3.4
6iiVX`/HXgViX]l^i]ndjgdlccV^ah# :[[ZXih/KZgneV^c[jahXgViX]ldjcYh# 8dbbZcihdcjhZ/JhZVhV[gZZ^c\iZX]c^fjZ0kZgnZ[[ZXi^kZ#
6\ddYZmVbeaZÄ^iÉhVWdjiZ[[^X^ZcXn!cdiegZX^hZcZhhcdgZaZ\VcXZ#
(.*
,:64)0
+%.
D\[`Xee\im\&E\imljd\[`Xelj
;dgYZhXg^ei^dc!hZZhZXi^dcdci]ZÆLg^hi#Ç 6iiVX`/E^cXZg\g^el^i]i]Zi]jbWegZhh^c\Vii]ZhiVgid[i]ZW^XZehiZcYdcV\V^chi i]ZcZgkjhbZY^Vcjh#
IVg\ZibVg`#
9^gZXi^dcd[egZhhjgZ
:[[ZXih/CZgkZeV^ccZjgVa\^VXVcWZ[ZaiV[iZgegZhhjgZVeea^ZYhZZi]ZhiViZbZcih ^ci]Z>cigdYjXi^dc# 8dbbZcihdcjhZ/ A^`ZVaacZgkZed^cih!i]ZYZ\gZZd[hZch^i^k^in!VhlZaaVhZ[[ZXiVX]^ZkZY!^h^cY^k^YjVaan Y^[[ZgZci#LZaa"igV^cZYbjhXaZhVcYXadi]^c\Vahdegdk^YZegdiZXi^dc#
& (.+
'
"55"$,10*/540/5)&"3.4
(
) & I]Z\g^edci]ZaVeZa^hXdjciZgZYY^gZXianWnhig^`^c\idlVgYi]Z[VXZl^i]i]ZWVaa d[i]Z]VcY# ' I]ZViiVX`^c\Vgb^hWgdj\]ijcYZgXdcigdaVcYi]ZegZhhjgZdci]ZbZY^VccZgkZ ^hVeea^ZY# ( 8adhZ"je# ) I]ZdeedcZci^hWgdj\]id[[WVaVcXZjh^c\V@VcZihj"cigdYjXi^dc# L]Zci]ZcZgkjhgVY^Va^h^hV[[ZXiZY!i]Zlg^hiVcY[^c\ZgZmiZchdghXVcWZeVgVanoZY! VcYi]Z[^c\ZghVcYlg^hiVgZWZciWVX`lVgYh#>[i]ZYVbV\Z^h[jgi]Zgje!i]ZgZXVc VahdWZVeVgVanh^hd[i]Zig^XZeh!VcYi]ZZaWdl_d^ciXVccdiWZhigZiX]ZYdjihigV^\]i# H^bjaiVcZdjhan!i]ZgZl^aaWZVadhhd[hZch^i^k^in^ci]ZVgZV# 8dbbZcihdcjhZ/ A^`ZVaacZgkZed^cih!i]ZYZ\gZZd[hZch^i^k^in!VhlZaaVhZ[[ZXiVX]^ZkZY!^h^cY^k^YjVaan Y^[[ZgZci#;^cY^c\i]Zg^\]ihediZheZX^Vaanl]ZcVeean^c\egZhhjgZgZfj^gZhVadid[ egVXi^XZ#
&
'
( & ' ( )
I]ZViiVX`^hlVgYZYd[[jh^c\i]Z WVX`d[i]Z]VcY# 6[iZg\gVWW^c\i]Zlg^hi!i]ZVgb^h ejaaZYWVX`[dgVXdjciZghig^`Z# Hig^`Zl^i]i]ZZY\Zd[i]Z]VcY dcidi]ZgVY^VacZgkZ# 6hVcVaiZgcVi^kZ!i]Zhig^`ZXVcWZ bVYZl^i]i]Z`cjX`aZhd[i]Z[^hi#
) (..
,:64)0
IVg\ZibVg`#
I]ZgVY^VacZgkZ^hadXViZY^ci]ZVgZVd[i]ZjeeZg Vgb#Id[^cY^i!eaVXZVXjeeZY]VcYVgdjcYi]Z i^e d[ i]Z igV^c^c\ eVgicZgÉh ZaWdl# HigZiX] l^i] i]Zi]jbWdcidi]Zh`^c!VcYndj]VkZ[djcY^i# [i]ZcZgkZ^hV[[ZXiZY!dcZXVc[ZZai]Z Z[[ZXig^\]ije^cidi]Za^iiaZ[^c\Zg# ;dgVc^aajhigVi^dc!hZZi]ZhZXi^dcdci]ZÆLg^hiÇEV\Z&+.# 6iiVX`/Hig^`Zl^i]i]Z`cjX`aZh#
IVg\ZibVg`dcjeeZgVgbgZ\^dc#
(/'
"55"$,10*/540/5)&"3.4
:mVbeaZd[jhZ/
'
&
:[[ZXih/L]Zc]^i!i]ZgZ^hVhZkZgZeV^ccZjgVa\^V[Zaig^\]ijeidi]Zi^ehd[i]Za^iiaZ VcYg^c\[^c\ZghhZZhiViZbZcih^c>cigdYjXi^dc# 8dbbZcihdcjhZ/I]ZiVg\ZiVgZVdci]ZjeeZgVgb^hkZgnhbVaahdi]ZVc\aZd[i]Z hig^`ZbjhiWZegZX^hZ#Di]Zgl^hZ!^i^hV\ddYZmVbeaZd[V@njh]dkjacZgVWaZed^ci dci]ZcZgkZh#I]ZiVg\Zidci]ZadlZgVgbXVcWZZVh^anhigjX`!eVgi^XjaVgan!_jhiVh]Z VYdeihVcdc"\jVgYedh^i^dc#
&
'
& IVg\Zihedidci]ZgZ\^dcd[i]ZadlZgVgb# ' G^\]ijeeZgXjiVii]ZjacVgcZgkZdci]ZadlZgVgb#
(/(
,:64)0
+%(' @ej`[\f]k_\lgg\iXid I]Z WVh^a^X kZ^c h]dlc ^c WajZ ^c i]Z Y^V\gVb VcY i]Z jeeZg Vgb VgiZgn VgiZg^V WgVX]^Va^h Ä h]dlc ^c gZY ^c i]Z Y^V\gVb gjc Ydlc i]Z \gddkZ WZilZZc i]Z ZmiZchdg VcY i]Z [aZmdg bjhXaZ higjXijgZ dc i]Z ^ch^YZ d[ i]Z jeeZg Vgb hjaXjh W^X^e^iVa^h# I]^h VgiZgn ^h V Xdci^cjVi^dc d[ i]Z Vm^aaVgn VgiZgn! VcY ^i hjeea^Zh i]Z l]daZ Vgb l^i] WaddY# >i ^h VXXdbeVc^ZY Wn cZgkZh h]dlc ^c nZaadl^ci]ZY^V\gVbgjcc^c\Vadc\h^YZ! l]^X] WZadc\ id i]Z eaZmjh WgVX]^Va^h cZgkjh bZY^Vcjh VcY cZgkjh jacVg^h! cZgkjh XjiVcZjh VciZWgVX]^^ bZY^Va^h! VcYcZgkjhXjiVcZjhWgVX]^^bZY^Va^h# 6iiVX`/EjcX]# :[[ZXih/ CZgkZ eV^c cZjgVa\^V XVc WZ [Zai V[iZg egZhhjgZ ^h Veea^ZY hZZ i]Z hiViZbZcih^ci]Z>cigdYjXi^dc# Jca^`ZanhXZcVg^dh/
9^V\gVb'-
Edhh^W^a^ind[VkZcdjhi]gdbWdh^hXVjhZY WnVbVhh^kZWadl!i]ZgZhjaid[l]^X]XVc WZ ejabdcVgn ZbWda^hb VcY! ^c XZgiV^c X^gXjbhiVcXZh!]ZVgiViiVX`#
(/)
>c XVhZh d[ Vc VgiZg^Va i]gdbWdh^h! i]ZgZ ^h V YVc\Zg d[ YVbV\Z id i]Z XdgdcVgn kZhhZah ]ZVgi ^c[VgXi^dc! i]Z kZhhZah hjeean^c\i]ZWgV^chigd`Z!VcYi]ZaZ\ VgiZg^Zh#I]ZXVjhZd[VgiZg^Vai]gdbWdh^h ^hYVbV\ZdghXVgg^c\d[i]ZkVhXjaVglVaa#
"55"$,10*/540/5)&"3.4
I]ZZmigZb^inV[[ZXiZY^hjhjVaanXdaYVcYeVaZ!i]ZejahZXVccdadc\ZgWZ[Zai!VcY hZkZgZeV^chiVgih#I]Z[jcXi^dc^hZmigZbZana^b^iZY# 8dbbZcihdcjhZ/ A^`ZVaacZgkZed^cih!i]ZYZ\gZZd[hZch^i^k^in!VhlZaaVhZ[[ZXiVX]^ZkZY!^h^cY^k^YjVaan Y^[[ZgZci#LZaa"igV^cZYbjhXaZhVcYi]^X`Xadi]^c\VYYegdiZXi^dc# >cdgYZgid^cXgZVhZiVg\ZiegZX^h^dc!^il^aaWZVYkVciV\ZdjhidbV`ZXdciVXil^i]i]Z djih^YZd[i]ZjeeZgVgbl^i]i]Zdi]Zg]VcY#I]Zhig^`Zh]djaYWZV^bZYVii]ZWdcZ d[i]ZjeeZgVgb#
&
'
(
)
&6[iZgi]Zh]djaYZg]VhWZZc\gVWWZY!i]ZYZ[ZcYZgiV`Zh]daYd[i]ZViiVX`ZgÉhjeeZg Vgb[^gbandci]Zdjih^YZ#'H]dgiejcX]l^i]i]Z^ch^YZd[i]Z[^hiVii]Z^ch^YZd[i]Z ViiVX`ZgÉhjeeZgVgb#Eg^cX^eaZ/BV`ZV`^cYd[hVcYl^X]#(8adhZ"je#)IVg\ZiVgZV#
(/*
,:64)0
&
'
& >[i]ZdeedcZci]daYhi]ZVgbY^V\dcVaan!i]ZVgb]VhidWZgdiViZYWZ[dgZYZa^" kZg^c\i]ZejcX]#
9^V\gVb'.
+%(( Ki`Z\gjÆ=`eXcZ_fi[ I]Z ig^XZeh ^h hdbZi^bZh XVaaZY V i]gZZ"]ZVYZY bjhXaZWZXVjhZi]ZgZVgZ i]gZZWjcYaZhd[bjhXaZh _d^c^c\ id\Zi]Zg Vi i]Z ZaWdlVhVXdbbdc[^cVa X]dgY ^c i]Z adlZg i]^gY d[i]ZjeeZgVgb#
6iiVX`/ 6eean egZhhjgZ jh^c\i]Zh]^cWdcZdgWVhZ _d^cid[i]Z[dgZ[^c\Zg#
(/+
"55"$,10*/540/5)&"3.4
'
&
(
& I]ZdjihigZiX]ZYVgb^he^ccZYidi]Z[addg# ' 8adhZ"je# ( E^ccZYYdlcjh^c\i]Zh]^cWdcZ#I]^h^hkZgneV^c[jaWZXVjhZi]Zl]daZd[i]Z WdYnlZ^\]i^hejh]^c\Ydlcdci]ZVgb#>i^hedhh^WaZidXdcXajYZi]ZhZfjZcXZ Wnjh^c\V]VbbZg[^hiejcX]idi]Z[VXZ# :[[ZXih/EV^c[gdbegZhhjgZdci]ZiZcYdc!l]^X]XVcVahd^ckdakZi]ZjacVgcZgkZgjch Y^gZXiandkZgi]ZÆ[jccnWdcZÇcZmiidi]ZZaWdl]^c\Z_d^cil^i]i]ZWdcZd[i]ZjeeZg VgbÄhZZi]ZhZXi^dci]ZÆLg^hiÇ#9VbV\Zidi]ZhZVgZVh^h^cY^XViZYWncjbWcZhh^c i]Za^iiaZ[^c\Zg!dci]Zdjih^YZeVgid[i]Zg^c\[^c\Zg!VcYdci]ZWVaad[i]Za^iiaZ[^c\Zg# 8dbbZcihdcjhZ/ A^`ZVaacZgkZed^cih!i]ZYZ\gZZd[hZch^i^k^inVcYZ[[ZXi^kZcZhh^h^cY^k^YjVaanY^[[ZgZci#
(/,
,:64)0
,
8kkXZbGf`ekjfek_\C\^j
,%(
8Z_`cc\jk\e[fe
&
'
(
& EgZeVgZid`^X`# ' :mZXjiZVNd`d"hdaViZY gjeijgZh d[ i]Z VciZg^dg XgjX^ViZ a^\VbZci VgZ gVgZ# D[iZc i]ZgZ VgZ h^bjaiVcZdjh^c_jg^Zhd[i]ZXdaaViZgVaa^\VbZcidci]Zh^YZVcY$dgbZc^hX^#DcZheZV`h d[ V XdbW^cVi^dc d[ ^c_jg^Zh# ÆJc]Veen ig^VYÇ/ XgjX^ViZ a^\VbZci! XdaaViZgVa a^\VbZci VcYbZc^hXjh#
;Zbjg AViZgVa[ZbdgVaXdcYnaZ
BZY^Va[ZbdgVaXdcYnaZ
6ciZg^dgXgjX^ViZa^\VbZci Edea^iZjhiZcYdc AViZgVabZc^hXjh DjiZga^\VbZci
BZc^hXd[ZbdgVa a^\VbZci >cigV"Vgi^XjaVg a^\VbZci
EdhiZg^dgXgjX^ViZ a^\VbZci
;^WjaV
(0+
H]^cWdcZ
9^V\gVb((
BZY^VabZc^hXjh
AZ[i `cZZ _d^ci [gdbgZVg
"55"$,10*/540/5)&-&(4
6aViZgVa`^X`XVcaZVYViWZhiidVeV^c[jaejaaZYa^\VbZciXdjeaZYl^i]gZhig^XiZY bdkZbZciWZXVjhZ^i^heV^c[ja#>[i]Z`cZZ^hdkZghigZiX]ZY!Vc^c_jgnidi]ZbZc^hXjh XVc dXXjg l]Zc ZmXZhh^kZ [dgXZ ^h ^ckdakZY# 6YY^i^dcVaan! i]ZgZ XVc WZ ^c_jg^Zh id i]Z XdaaViZgVaa^\VbZcih# 8dbbZcihdcjhZ/ :Vh^aniVg\ZiZY0lZaa"igV^cZYbjhXaZhd[[ZgVXZgiV^cVbdjcid[egdiZXi^dc#
,%,
?fccfnf]k_\be\\
I]Z i^W^Va cZgkZ ^h V Xdci^cjVi^dc d[ i]Z cZgkjh ^hX]^VY^Xjh hZZ ^ih hZXi^dc! l]^X] gjchi]gdj\]i]ZÆedea^iZVa[dhhV0Ç[dgVc^aajhigVi^dc!hZZi]ZhZXi^dcdci]ZÆ6X]^aaZh iZcYdc#Ç 6iiVX`/@^X`!egZhh^c\i]Zi]jbW^cidi]Z]daadld[i]Z`cZZdgedea^iZVa[dhhV#
IVg\ZibVg`# :[[ZXih/CZgkZeV^ccZjgVa\^VXVcWZ[ZaiV[iZgegZhhjgZ^hVeea^ZYhZZi]ZhiViZbZcih ^ci]Z>cigdYjXi^dc# 8dbbZcihdcjhZ/ A^`ZVaacZgkZed^cih!i]ZYZ\gZZd[hZch^i^k^in!VhlZaaVhZ[[ZXiVX]^ZkZY!^h^cY^k^YjVaan Y^[[ZgZci#I]^X`Xadi]^c\VYYhegdiZXi^dc#>ihjhZ^ha^b^iZY#
(0,
,:64)0
&
'
& :mZXji^c\V@VcZihj"c V idgc bjhXaZ [^WZg! i]Z gZi^XjaVg [^WZgh VgZ YVbV\ZY VcY adXVa ^c[aVbbVidgn hnbeidbh dXXjg# 6i i]Z hVbZ i^bZ! adXVa gZYjXi^dc d[ idcjh hiViZ d[ iZch^dc ^c i]Z bjhXaZh^hVeeVgZci^ci]ZYVbV\ZYVgZV#L^i]iZVgh^caVg\ZgbjhXaZh!hdbZi^bZhXaZVg gZXZhhZhdg`cdii^c\d[i]ZbjhXaZh^ci]ZV[[ZXiZYVgZVXVcWZhZZc# I]gdbWdh^h^hjca^`Zan# IZVgh d[ i]Z [VhX^V h`^c VgZ ]VgYan a^`Zan0 ]dlZkZg! XdbeVgibZci hncYgdbZ bVn WZ edhh^WaZ hlZaa^c\ ^c i]Z bjhXaZ l^i] gZYjXZY WaddY X^gXjaVi^dc! ^cXgZVhZ d[ egZhhjgZ VcY!^[cdiigZViZY!edhh^WaZcZXgdh^h# CZgkZh/>c_jgnidi]ZhZ^hjca^`Zan# 6[[ZXiZY cZgkZh XVc ^cXajYZ i]Z [ZbdgVa cZgkZ ]Vh Vc Z[[ZXi dc i]Z kVhijh aViZgVa^h bjhXaZ! i]Z cZgkjh \ajiZjh hjeZg^dg i]Z ÆjeeZg \ajiZVa cZgkZÇ ]Vh Vc Z[[ZXi dc i]Z bjhXjajhiZchdg[VhX^VZaViVZ!VhlZaaVhi]Z[^WjaVg^hXdbbjc^h$eZgdcVZjhXdbbjc^h cZgkZhZVh^an[Zai^ci]ZVgZVd[i]Z`cZZ_d^ci[gdbi]Z]daadl^ci]ZWVX`d[i]Z`cZZ YdlclVgY^ci]ZadlZgi]^\]#>cWdi]XVhZh!i]ZXdchZfjZcXZhVgZeV^c!ÆeVgVanh^hÇd[ i]ZaZ\VcYi]ZgZ[dgZ^chiVW^a^in#
& & 7adX`i]ZWVX`]VcYZYhig^`Z# ' E^ci]ZdeedcZciÉhh]djaYZgh#
)')
'
"55"$,10*/540/5)&-&(4
( (
) @cZZ`^X`l^i]i]Zi]^\]Wgj^hZ#
8dbbZcihdcjhZ/ A^`ZVaacZgkZed^cih!i]ZYZ\gZZd[hZch^i^k^in!VhlZaaVhZ[[ZXiVX]^ZkZY!^h^cY^k^YjVaan Y^[[ZgZci#LZaa"igV^cZYbjhXaZhd[[Zg\ddYegdiZXi^dc#:Vh^aniVg\ZiZY#
)'*
,:64)0
,%/
@ee\ij`[\f]k_\k_`^_ >c i]Z i]^\]! i]Z cZgkjh hVe]Zcjh hVe]Zcdjh cZgkZ WgVcX]Zh d[[ [gdb i]Z cZgkjh [ZbdgVa^h [ZbdgVa cZgkZ# >i a^Zh Vadc\^c[gdciVadc\i]Z^ch^YZd[i]Zi]^\] VgiZgnVcYZbZg\ZhVii]Zhjg[VXZ]ZgZ# >c VYY^i^dc! ^c i]Z jeeZg i]^gY d[ i]Z i]^\]!dcZ[^cYhi]ZcZgkjhdWijgVidg^djh i]Vi^ccZgkViZhi]ZVYYjXidghd[i]ZaZ\#
6iiVX`/@^X`jh^c\i]Zh]^cWdcZdg`cZZ! ^ch^YZZY\Zd[i]Z]VcY# :[[ZXih/ BjhXaZh/ 9VbV\Z id dg\Vch dg eVgih d[ i]Z WdYn XVjhZY Wn ZmiZgcVa Y^gZXi! Wajci [dgXZ l^i]dji k^h^WaZ ^c_jgn id i]Z h`^c ^h `cdlc Vh Wgj^h^c\# I]^h XgZViZh Vc ZYZbV hlZaa^c\ d[ i]Z i^hhjZh VcY ZmigVkVhVi^dcd[WaddY[gdbi]ZYVbV\ZY XVe^aaVg^Zh ^c i]Z hjggdjcY^c\ i^hhjZ VcY XVcVeeZVgVhVWgj^hZ#cXVhZhd[ aVg\Zg hlZaa^c\h! hi^[[Zc^c\ d[ i]Z bjhXaZ XVcdXXjg#
Æ;ZbdgVaÆ2 CZgkjh[ZbdgVa^h Æ6ciZg^dgY^k^h^dc d[dWijgVidgÆ2 ÆHVe]ZcdjhÆ2 CZgkjhhVe]Zcjh ÆHjeZg[^X^VaÆ2 CZgkjheZgdcVZjh
9^V\gVb(,
CZgkjhdWijgVidg^jh
H^b^aVgZkZcihdXXjg^cXdcijh^dch!l]^X]^h l]Zci]ZWdYni^hhjZ^hegZhhZYid\Zi]Zg#
>c V idgc bjhXaZ [^WZg! i]Z gZi^XjaVg [^WZgh VgZ YVbV\ZY VcY adXVa ^c[aVbbVidgn hnbeidbh dXXjg# 6i i]Z hVbZ i^bZ! adXVa gZYjXi^dc d[ idcjh hiViZ d[ iZch^dc ^c i]Z
)'+
"55"$,10*/540/5)&-&(4
bjhXaZh^hVeeVgZci^ci]ZYVbV\ZYVgZV#L^i]iZVgh^caVg\ZgbjhXaZh!hdbZi^bZhXaZVg gZXZhhZhdg`cdii^c\d[i]ZbjhXaZh^ci]ZV[[ZXiZYVgZVXVcWZhZZc# >i^hVahdedhh^WaZi]ViXdbeVgibZcihncYgdbZbVnYZkZadehlZaa^c\^ci]ZbjhXaZl^i] gZYjXZYWaddYX^gXjaVi^dc!^cXgZVhZd[egZhhjgZVcY!^[cdiigZViZY!edhh^WaZcZXgdh^h# I]gdbWdh^h ^h a^`Zan WZXVjhZ i]Z kZcV hVe]ZcV hVe]Zcdjh kZ^c XVc WZ hd V[[ZXiZY i]ViXadihd[WaddYXVc[^cYi]Z^glVn^cidi]Zajc\VgiZg^ZhVcYXVjhZVajc\ZbWda^hb# 8dchZfjZcXZh^cXajYZVYgde^cWaddYegZhhjgZ!YVbV\Zidi]Zajc\h!VcYXdaaVehZd[ i]ZX^gXjaVidgnhnhiZb!l]^X]^h[ViVa#&) CZgkZh/ 9jZ id i]Z cjbZgdjh bjhXaZh! l]^X] VgZ ^ccZgkViZY Wn i]Z [ZbdgVa cZgkZ! hZkZgZ bdkZbZciY^hdgYZghdgadhhd[hiVW^a^inXVcdXXjg0edhh^Wan^c[aVbbVi^dccZjg^i^h#
&
'
(
& =ZVYadX`Ä]ZVYid]ZVY# ' 6iiVX`Vii]Z^ch^YZd[i]Zi]^\]jh^c\V=V^id"JX]^^ch^YZZY\Zd[i]Z]VcY#>[ i]Zhig^`ZaVcYh^ci]Z\Zc^iVah^chiZVYd[i]Z^ch^YZd[i]Zi]^\]!i]ZgZ^hVYVc" \Zgi]Vii]Z[gZZ^c\iZX]c^fjZ]Vh[V^aZY#I]Zdeedh^iZ]VeeZchVhi]ZViiVX`ZgÉh gZ[aZmidi]Zhig^`Z^hidi^\]iZc]^hhigVc\aZ]daY#
)',
,:64)0
8dbbZcihdcjhZ/ I]Z YZ\gZZ d[ hZch^i^k^in! Vh lZaa Vh Z[[ZXi VX]^ZkZY! ^h ^cY^k^YjVaan Y^[[ZgZci# Cdi Vh ZVh^aniVg\ZiZYVhi]Zdjih^YZd[i]Zi]^\]#
&
'
(
& I]ZY^V\dcVah]djaYZg^hXdcigdaaZY[daadl^c\i]ZViiVX`#I]ZYZ[ZcYZgÉhaZ[i]VcY e^chi]ZViiVX`ZgÉhaZ[ih]djaYZg[daadl^c\i]ZViiVX`#
&
'
(
& I]ZViiVX`ZgYZa^kZghVadl`^X`# ' I]Z`^X`^hXjh]^dcZY!^#Z#!i]Z[dgXZd[i]Z`^X`^hY^hh^eViZYWnn^ZaY^c\i]ZWadX`ZY aZ\# ( 6Xi^kZan`^X`^c\WVX`l^i]i]ZaZ\#
)'-
"55"$,10*/540/5)&-&(4
)
*
+
) I]ZdeedcZci^h[dgXZYidbdkZ]^haZ\WVX`# * 8djciZgViiVX`/@^ciZ`^"ci]Z[daadl^c\hZfjZcXZ!i]^h^hjhZYidYdjWaZi]ZZ[[ZXi#
&
)()
'
"55"$,10*/540/5)&-&(4
&
'
& :kZc^[i]ZdeedcZciijgchdcdcZh^YZ[daadl^c\i]Z[ddiaZkZg!i]Z^ch^YZZY\Zd[ i]Zi^W^VXVcZVh^anWZjhZY[dgXdcigda#EgZhhjgZ^hi]ZcXgZViZYjh^c\i]ZgVY^jh#
&
'
& >[i]ZdeedcZci^h]daY^c\ndj[gdbWZ]^cY^cVhX^hhdg\g^e!i]Zci]ZgZVgZY\Zd[ i]Zh]^cWdcZXVcWZÆldg`ZYdcÇ[^gbanWngZeZViZYanjh^c\i]Z`cjX`aZhd[i]Z[^hi#
)(*
,:64)0
,%(' :Xcm\j 8dbeVgZl^i]i]Z^aajhigVi^dc^ci]ZhZXi^dcdci]ZÆDjiZgh^YZd[i]Zi]^\]#Ç 6iiVX`/@^X`!egZhhjgZZY\Zd[i]Z[ddi!h]^cWdcZ!i]jbW#
IVg\ZibVg`dcaZ[iaZ\!gZVgh^YZVcY ^ch^YZd[i]ZXVa[
IVg\ZibVg`dcg^\]iaZ\!gZVgh^YZVcY ^ch^YZd[i]ZXVa[
:[[ZXih/EV^cXVjhZYWnhig^`Z$egZhhjgZ# GZVgh^YZd[i]ZXVa[/CZgkjhi^W^Va^h!cZgkjhhjgVa^h# >ch^YZd[i]ZXVa[/7gVcX]Zhd[i]ZcZgkjhi^W^Va^h# DjiZgh^YZd[i]ZXVa[/CZgkjheZgdcVZjhXdbbjc^h2CZgkjh[^WjaVg^hXdbbjc^h# L]ZcegZhhjgZ^hVeea^ZY!cZgkZeV^cXVcWZ[ZaicZjgVa\^VhZZi]ZhiViZbZcih^ci]Z >cigdYjXi^dc#I]ZgZ^hVahdVg^h`d[i]gdbWdh^hl]ZcV`^X`XVjhZhVigVjbVi^X^c_jgn# 8dbbZcihdcjhZ/ I]ZYZ\gZZd[hZch^i^k^in!VhlZaaVhZ[[ZXiVX]^ZkZY!^h^cY^k^YjVaanY^[[ZgZci!hdVbdgZ egZX^hZVeegdVX]^hgZfj^gZYideZcZigViZYZZeanl]ZcVeean^c\egZhhjgZ0i]Zhig^`ZVi i]Z ]ZZa YdZh cdi gZfj^gZ i]Z hVbZ egZX^h^dc WZXVjhZ d[ i]Z aVg\Zg ^beVXi VX]^ZkZY# 7Vh^XVaan!^i^hhj[[^X^Zcii]Vii]ZXVa[_jhiWZadli]Z`cZZ^ch^YZ$djiZgh^YZ$gZVgh^YZ ^hiVg\ZiZY!hdi]Vi^cVYY^i^dcidWg^c\^c\i]ZdeedcZcid[[WVaVcXZ!i]ZgZ^hVahdeV^c# >ci]^hlVn!i]ZZ[[ZXi^kZcZhhd[i]ZaZ\i]gdl^h^cXgZVhZY#
)(+
"55"$,10*/540/5)&-&(4
&
'
(
& 8a^cX]h^ijVi^dc/7VX``^X`l^i]i]Z]ZZaVii]Zdjih^YZZY\Zd[i]ZXVa[# ' I]ZViiVX`Zgig^Zhida^[ii]ZYZ[ZcYZgje#I]ZaViiZggZhedcYhWna^[i^c\]^h]ZZaid bV`ZVhig^`Z#
& & ' (
'
(
HX^hhdg\g^edci]ZWdYn[gdbWZ]^cY^h[gZZYWn egZhh^c\i]Zi]jbW^cidi]Z^ch^YZd[i]ZXVa[# 8adhZ"je# EV^c
)(,
,:64)0
&
'
& I]ZWZci`cZZaZkZgi]Vi[daadlhXVcWZbVYZbdgZeV^c[jaWnVeean^c\VYY^i^dcVa egZhhjgZdcdjiZgh^YZd[i]ZXVa[jh^c\i]Z`cjX`aZd[i]Zi]jbW#
,%(( =`YlcX HZZi]Z^aajhigVi^dc^ci]ZhZXi^dcdci]ZÆH]^cWdcZ#Ç
6iiVX`/ @^X` jh^c\ i]Z h]^cWdcZ$ZY\Z d[ i]Z [ddi deedcZci hiVcY^c\ dg ^c i]Z `cZZa^c\edh^i^dc#
IVg\ZibVg`g^\]iadlZgaZ\# :[[ZXih/7gZV`!cdiedhh^WaZidejilZ^\]idci]Z[ddi#
)(-
"55"$,10*/540/5)&-&(4
8dbbZcihdcjhZ/ IVg\Zi^hZVh^angZVX]ZYVcYZ[[ZXi^kZcZhh^hVahd\ddY#
&
'
(
)
& I]ZejcX]^hlVgYZYd[[#'cVgVe^Y!hZb^"X^gXjaVghlZZe!i]Z^ch^YZd[i]Zh]^cWdcZ_jhiVWdkZi]ZVc`aZ^h jhZYid`^X`i]ZdeedcZciÉh[^WjaV#
)(.
,:64)0
&
'
& IZX]c^fjZjhZYide^ci]ZdeedcZciidi]Z[addg#
&
'
(
& I]ZdeedcZciÉhaZ\^he^ccZYWni]ZVc`aZ# ' ci]^hhZXi^dc!lZ^aajhigViZildheZX^VaiZX]c^fjZh# >[ i]Z deedcZci ]Vh cdi]^c\ dc dg ^h lZVg^c\ a^iiaZ Xadi]^c\! Xdcigdaa^c\ ]^b ^h hi^aa edhh^WaZ#>ggZheZXi^kZd[]dlbjhXjaVgi]ZdeedcZci^h!dg]dla^iiaZhjWXjiVcZdjh[Viin i^hhjZ]Z]Vh!i]Z[aZh]neVgid[]^hh`^cXVcValVnhWZ\Vi]ZgZYjea^`Z\gVhe^c\VXadi] YjhiZg#86G:;JAKZgneV^c[ja# [i]ZdeedcZci^hlZVg^c\kZgni]^X`Xadi]^c\!i]ZcbVcnd[i]Zdei^dchlZ]VkZh]dlc l^aaWZ^cZ[[ZXi^kZ#
)))
41&$*"-5&$)/*26&4
>ci]^hXVhZ!i]ZbVm^b^h/
>[ndjXVccdi^\cdgZ]^bdgWZVi]^b!i]ZcbV`Z]^bndjg[g^ZcY
))*
,:64)0
8gg\e[`o GZXdbbZcYZYa^iZgVijgZ 6YVbh!7g^Vc#9ZVYan@VgViZ7adlhÄI]ZBZY^XVa>bea^XVi^dch#8Va^[dgc^V!&..-# 8]g^hiZchZc!AdgZcL#;^\]i^c\i]ZEV^cGZh^hiVci6iiVX`Zg#JH6!'%&%# 8aVg`!G^X`#EgZhhjgZ"ed^ci;^\]i^c\/6aajhigVi^dc,#()!e+*+!JeeZg:migZb^i^Zh 9^V\gVb&+/>aajhigVi^dc)#'!e''-!6WYdbZc 9^V\gVb'%/>aajhigVi^dc(#',!e&(&!I]dgVm 9^V\gVb'(/>aajhigVi^dc)#&&%!e(&.!6WYdbZc 9^V\gVb&&/lll#ad\deVZY^Zl^`^#YZ$l^`^$AVgncm 8dkZgE]didh/ 6aadi]Zge]didh/ =ZVYbVg\^c/ 8dkZg9Zh^\c/
6aZmVcYgVGjc\Z0=ZbZgV$I]^c`hidX` =VgVaYBVgZ` ^HidX`e]did$I]^c`hidX` HVW^cZ