EVg`bVcV\ZbZci

9ZKZaY`Vbe^hZZchVbZclZg`^c\hegd_ZXi
kVcYZ\ZbZZciZc7dgcZZc=Zc\Zad
:[L[bZaWcf
FWhacWdW][c[dj
8[Zh_`l[dj[hh[_d:[L[bZaWcf_i[[d^ee]mWWhZ_]X[Zh_`l[dj[hh[_dmWWhZ[][c[[dj[8ehd[[d
>[d][befWhacWdW][c[dj]WWd_dle[h[d$>_[hedZ[hl_`\h[Z[d[dmWWhec_i][aep[dleeh_dle[h_d]
lWdfWhacWdW][c[dj$
™EVg`bVcV\ZbZci^hZZc^chigjbZcidbZZc]d\ZgZ`lVa^iZ^i
iZ`g^_\ZckVcYZ^cg^X]i^c\Zc]ZiWZ]ZZgZcdcYZg]djYkVcYZ
Wj^iZcgj^biZdeZZcWZYg^_kZciZggZ^c#7ZYg^_kZc]ZWWZcZZc
Y^gZXiZ^ckadZYdeYZ`lVa^iZ^ikVcYZdb\Zk^c\kVc]ZiZ^\Zc
WZYg^_[ZcYZoZ`lVa^iZ^i`VcWa^_kZcYldgYZc\Z\VgVcYZZgYk^V
YZeVg`bVcV\ZbZcidg\Vc^hVi^ZY^gZXiZbd\Za^_`]Z^YdboZa[
bZZiZWZha^hhZcde]Zi`lVa^iZ^ihc^kZVj0
™:Zc]dd\lVVgY^\Zj^ihigVa^c\odg\iZgkddgYVidcYZgcZbZgh
]ZiWZYg^_kZciZggZ^cgZegZhZciVi^Z[Wa^_kZck^cYZckddg]jc
dcYZgcZb^c\#9VVgYddg^h]ZikZgaddeb^cYZglViYZ`lVa^iZ^i
kVc]ZiWZYg^_kZciZggZ^ciZc\dZYZ`dbi0
™Kddg`aZ^cZZcb^YYZa\gdiZWZYg^_kZc^hYZdcgdZgZcYZoVV`
Y^`l^_ahZZceZch^dZckddgo^Zc^c\#=ZilVVgWdg\ZckVcYZ
gj^biZa^_`Zj^ihigVa^c\de]ZiWZYg^_kZciZggZ^ck^V
eVg`bVcV\ZbZci!YgVV\iZgidZW^_YViYZlVVgYZkVhi]Z^YkVc
YZeZch^dZckddgo^Zc^c\WZiZg^h\Z\VgVcYZZgY0
™=Zi\ZoVbZca^_`^c`deZckVcY^ZchiZcaZ^YiidiZZc
`dhiZcgZYjXi^Z#9^i\ZaYikddgVakddgY^ZY^ZchiZclVVgkVcZa`Z
dcYZgcZbZg\ZWgj^`ibVV`i0
™7ZaVc\ZcWZ]Vgi^\^c\dkZg]ZYZc!eda^i^Z!WgVcYlZZg#
9edjh_Xkj_[fWhacWdW][c[dj"
aeij[df[haWl[b
9ZXdcig^Wji^ZWZYgVV\iidi&_VcjVg^'%&(%!)%eZgbeZg
_VVgZmXajh^Z[Wil#CVYZoZYVijbldgYiYZXdcig^Wji^ZYddg
YZ8dŽeZgVi^ZkVhi\ZhiZaY#
7ZaVc\g^_`dcYZgYZZakVc]ZideoZiiZckVceVg`bVcV\ZbZcide
ZZcc^ZjlWZYg^_kZciZggZ^c^h!YViYZdcYZgcZbZghkZgea^X]ia^Y
bdZiZco^_ckVcYZeVg`bVcV\ZbZcidg\Vc^hVi^ZEBD#
=^Zgkddg^hZZcXdŽeZgVi^ZkZkZgZc^\^c\de\Zg^X]i#
>cYZhiVijiZckVcYZXdŽeZgVi^ZldgYZcoV`Zc\ZgZ\ZaYVah
YdZa!WZhaj^ikdgb^c\!WZ`dhi^\^c\!W^_YgV\ZkVcYZaZYZc!
kZgVcilddgYZa^_`]ZYZceVg`bVcV\Zg!ZiX#
9Z8dŽeZgVi^ZW^ZYiY^ZchiZcVVc]VVgaZYZcVVc!o^_cYZYZ
dcYZgcZbZgh#:g^h\Z`doZckddgZZcWZeZg`ikZgea^X]i
WVh^heV``Zi#9Z\Z`doZcY^ZchiZco^_ckddgYZ]VcYa^\\ZcYde
YZbZZhiZWZYg^_kZciZggZ^cZcbZieVg`bVcV\ZbZci#
9ZZgkVg^c\ZcbZiYZoZY^ZchiZco^_c^c]ZiVa\ZbZZcedh^i^Z[#
7Zljhi^h\Z`doZckddgZZcWZeZg`ieV``Zi#EVg`bVcV\ZbZci
bdZio^X]oZa[WZl^_oZc#6ahWa^_`iYVicVkZgaddekVci^_YYZ
dcYZgcZbZghbZZgY^ZchiZc\ZoVbZca^_`l^aaZcV[cZbZc!oVa
YVideYVibdbZciYddgYZdcYZgcZbZgh^cYZ8dŽeZgVi^Z
ldgYZc\ZgZ\ZaY#CVVhi]ZikZgea^X]iZeV``Zi`VcYZ8dŽeZgVi^Z
iZo^_cZgi^_YWZhaj^iZcidiZZc[VXjaiVi^Z[eV``Zi#
9ebb[Yj_[l[[dl[hfb_Y^jW\j[d[c[dZ_[dij[dZeehZ[b[Z[d
W$=[X_[ZiX[l[_b_]_d]
8daaZXi^ZkZWZkZ^a^\^c\^h‚‚ckVcYZe^_aZghkVceVg`bVcV\ZbZci#
DeWZYg^_kZciZggZ^cZc^hkVV`ZZc]d\Z[gZfjZci^ZkVc^cWgV`Zc
iZo^Zc#7ZkZ^a^\^c\`VcYZ]dZkZZa]Z^Y^cWgV`ZchiZg`
kZgb^cYZgZcZc^hkg^_ZZckdjY^\^c]ZieVg`bVcV\ZbZcide
iZcZbZc#:Zc\dZYZWZkZ^a^\^c\kZg]dd\iYZ`lVa^iZ^iZch[ZZg
deZZcWZYg^_kZciZggZ^cZc`Vck^VXdaaZXi^k^iZ^i^ciZgZhhVciZ
`dhiZckddgYZaZcdeaZkZgZckddgYZdcYZgcZbZgh#7ZkZ^a^\^c\^h
YVcdd`kg^_lZadkZgValVVgeVg`bVcV\ZbZci^h‚‚ckVcYZ
WZaVc\g^_`hiZY^ZchiZc#
<ZW^ZYhWZkZ^a^\^c\ldgYi\ZgZ\ZaYk^VZZcXdaaZXi^Z[XdcigVXi
kVcYZ8dŽeZgVi^ZbZiZZcWZkZ^a^\^c\hWZYg^_[#9ZeVg`bVcV\Zg
oVaYZ`ZjoZkddg]ZiWZkZ^a^\^c\hWZYg^_[kddgWZgZ^YZc#
9ddgYZVVclZo^\]Z^YkVcidZo^X]io^_ckZgoZ`ZgVVghlZaa^X]i
WZgZ^YZmigV`dgi^c\deYZkZgoZ`Zg^c\iZ\ZkZc#=^ZgYddg`jccZc
YZ`dhiZclZZg\Z]ZZad[\ZYZZaiZa^_`ldgYZciZgj\kZgY^ZcY#
X$7\lWb_dpWc[b_d]
BZiXdaaZXi^ZkZV[kVa^coVbZa^c\`jccZcWZaVc\g^_`Z`dhiZc"
kddgYZaZckddgYZWZYg^_kZcldgYZcWZ]VVaY#9VVgcVVhiW^ZYi
YZoZY^ZchikVcj^i]Zidd\ejcikVckZg`ZZgZcYjjgoVVb]Z^Y
]ZiWZaVc\g^_`ZkddgYZZaYVihaZX]ih‚‚cV[kVa^coVbZaVVg^c
eaVVihkVckZaZkZghX]^aaZcYZ^coVbZaVVghde]ZiWZYg^_kZc"
iZggZ^cgdcYg^_YZc#
Y$8[m[]m_`p[h_d]
7ZlZ\l^_oZg^c\YgVV\i^cWZaVc\g^_`ZbViZW^_VVc]Zi^bV\d
kVc9ZKZaY`VbeZc^h^YZci^iZ^ihWZeVaZcY#KddgYZ^YZci^iZ^i
kVc]ZiiZggZ^c^h]Zi\ZlZchidbZZc]Z^Yj^iiZhigVaZc^cYZ
WZlZ\l^_oZg^c\#=Zi\VViodlZadbYZc^ZjlZWZlZ\l^_oZg^c\
oZa[!Vahdb]ZidcYZg]djYZcZc]ZikZgc^ZjlZckVcYZ
WZlZ\l^_oZg^c\i^_YZcheVg`bVcV\ZbZci#
Z$EdZ[h^ekZlWdZ[^WW]
>c]ZiWZZaY`lVa^iZ^ieaVc^hVVc\Z\ZkZcYVikVcj^i`lVa^iZ^ih"
Z^hZc^cWZeVVaYZ\ZYZZaiZckVc]ZiWZYg^_kZciZggZ^cZZc]VV\
VahV[hX]Z^Y^c\kVcYZeg^kViZ"deZcWVgZgj^biZbdZildgYZc
\ZeaVVihide`VkZakVcYZWZYg^_kZc#KVclZ\ZYZZZcYj^Y^\]Z^Y
^c`lVa^iZ^ioVaYZoZ]VV\de]Zi\Z]ZaZiZggZ^cldgYZckZgZ^hi#
9ZoZ]VV\oValdgYZcVVc\ZaZ\YYddgYZ\ZbZZciZ!Zc]Zi
dcYZg]djYk^cYieaVVihYddgYZeVg`bVcV\ZbZcidg\Vc^hVi^Z#
DeYZoZl^_oZo^_cZgbZZglVVgWdg\ZckddgZZcZZcYj^Y^\Z!
bdd^Zj^ihigVa^c\kVcYZ]VV\YVc^c]Zi\ZkVaYZoZYddgVaaZ
WZYg^_kZcoZa[ldgYidcYZg]djYZc#
[$FWhacWdW][h
9ZeVg`bVcV\Zg^hZZc]Zg`ZcWVVgVVchegZZ`ejcide]Zi
iZggZ^cZc`VcZZc\gdiZW^_YgV\ZaZkZgZcVVceVg`bVcV\ZbZci#
=Zi^cigdYjXZgZckVcZZceVg`bVcV\Zg^hZZcWZaVc\g^_`Z
kddglVVgYZkddg]Zi\dZY[jcXi^dcZgZckVceVg`bVcV\ZbZci#
9ZeVg`bVcV\ZgoVa]ZiZZghiZ_VVghaZX]ihZZcWZeZg`iVVciVa
iV`Zcj^ikdZgZc#=^_^hVVchegZZ`ejcikddgWZYg^_kZcY^Zo^X]
kZhi^\Zc!gZ\ZaiY^kZghZoV`ZckddgYZWZYg^_kZcZcoZiYZZZghiZ
XdcigVXiZckddgYZeVg`bVcV\ZbZcidg\Vc^hVi^Zde#>c]ZiWZ\^c
\VVi]ZiW^_kddgWZZaYdb]ZiV[haj^iZckVcgVVbXdcigVXiZckddg
W^_kddgWZZaYXdaaZXi^ZkZV[kVa^coVbZa^c\#>chX]Vii^c\^hYViVVc
YZdehiVgi[VhZkVc9ZKZaY`Vbe-%jjgldgYiWZhiZZYYddgYZ
eVg`bVcV\Zg#>cYZaddeYZg_VgZcldgYZcYZlZg`oVVb]ZYZc
ZcYVVgbZZYZjgZcj^i\ZWgZ^Y#