ÿþ "% " +
!53>4=O <K 1C45< 3>2>@8BL > 35=578A5 E@8AB80=A:>3> 1>3>A;C-
65=8O. -B> =5 7=0G8B, GB> <K >BKI5< :0:CN- B> E@>=>;>38G5A:8 =0-
G0;L=CN B>G:C ( =0?@8<5@ "09=CN 5G5@N) 87 :>B>@>9 2=570?=>, A;>2-
=> ?> 2>;H51AB2C, 2>7=8:;> 2AQ E@8AB80=A:>5 1>3>A;C65=85. "0:>9
B>G:8 <K =5 =0945<. "09=0O 5G5@O - =5 87>1@5B5=85 %@8AB0, 0 8B>3
4>2>;L=> A;>6=>9 ?@54H5AB2CNI59 M2>;NF88. !;54>20B5;L=>, <K 1C-
45< A53>4=O 3>2>@8BL > 25BE>7025B=KE :>@=OE E@8AB80=A:>3> 1>3>A-
;C65=8O.
I . c ! + -" + "% "
@5645 2A53> =0<5B8< >A=>2=K5 MB0?K 8 8E E@>=>;>38G5A:85
@0<:8. 81;59A:>5 ?@540=85 >B=>A8B 70:;NG5=85 . 025B0 : 2@00-
<C ( X V I I I 2. 4> =. M. ) . ! 4@. AB>@>=K 5BE>7025B=0O &5@:>2L A 5Q
1>3>A;C65=85< =0G0;0AL B>;L:> A >8A5O ( X I I I 2. 4> =. M. ) .
0: @07>1@0BLAO 2> 2A5< MB><?
> ?>@O4:C:
@ 1 . c B >O 4> 2@00<0
!@07C ?> >:>=G0=88 >G8AB8B5;L=>3> >B>?0 ( >:. 2 7 0 0 3. 4>
=. M. ) >3 CAB0=>28; G5@57 >O B. =. 1I89 025B A> 2A5< ?>A;54CN-
I8< ( ?>A;5?>B>?=K<) G5;>25G5AB2>< ( KB. V I I I , 2 0 - I X , 3 ) . =0-
:>< MB>3> 2>AAB0=>2;5==>3> !>N70 AB0;0 @04C30 - A8<2>; &0@AB20
>6L53>, =8AE>4OI53> A =510 =0 75<;N ( 5@. I , 2 8 ; B:@. I V , 3 ) . ". >.
MB> C65 F5@:>2=K9 ?> A2>59 ACB8 7=0:, E>BO A0< 1I89 025B =5 ?>-
@>48; &5@:28. '5;>25G5AB2> ?8B0;>AL, 2 >A=>2=><, ?;>40<8 5AB5A-
B25==>3> B:@>25=8O ( @04C30 A25B8;0 8 B. ?. ) , =0 1075 :>B>@>3> 2K-
@>A;> <=>3> O7KG5A:8E 8A:065=89.
:. 2 0 0 0 3. 4> =. M. 1K; ?>AB@>5= 3@0=48>7=K9 2028;>=A:89
8::C@0B 2 G5ABL 1>30 0@4C:0. 81;8O >B:;8:=C;0AL =0 MB> ?@540-
=85< > 028;>=A:>9 10H=5 8 @0745;5=88 O7K:>2. 0?><=N, GB> @>6-
45=85 >2>7025B=>9 &5@:28 1K;> >7=0<5=>20=> " A>548=5=85< O7K:>2" ,
> G5< 3>2>@8B B@>?0@L OB845AOB=8FK: ! " 340 A=87H54 O7K:8
! A;8O. . . " .
> =0@O4C A MB8<8 O7KG5A:8<8 8A:065=8O<8, ACI5AB2>20;0 ! " 1>-
! 3>>B:@>25==0O B@048F8O ?5@2>1KB=>3> <>=>B587<0" ( >?CE8=, " ">;:.
81;8O. B. I , A. 9 8 ) . /@:8< ?@54AB028B5;5< 5Q 1K; 5;E8A545:: " =
! 1K; A2OI5==8: >30 A52KH=53>" ( KB. X I V , 1 8 ) 8, 2 :0G5AB25 B0:>-
2>3> ?@825BAB2>20; A2>53> 548=>25@F0 2@00<0: ! " 5;E8A545:, F0@L
! !0;8<A:89, 2K=5A E;51 8 28=>" . E;51 8 28=> - :>=5G=> ?@>>1@07
1C4CI59 2E0@8AB88.
> A0<>5 3;02=>5, GB> <K C7=05< C65 87 " >A;0=8O : 2@5O<" :
%@8AB>A >:07K205BAO ! " 5@2>A2OI5==8: ?> G8=C 5;E8A545:0" , B. 5. =
2>AAB0=02;8205B MB>B 1I89 025B A> 2A5< G5;>25G5AB2><. " 0?><=8<
" MB> !
@ 2 . c B 2@00<0 4> >8A5O! .
2@00< ?@>8AE>48; 87 @>40 >O 8 ?>A;5?>B>?=KE ?0B@80@E>2.
B><, GB> B@048F8O 8AB8==>3> 1>3>?>G8B0=8O 2 MB>< @>45 C65 ?@5:@0-
B8;0AL, ?@O<> ?8H5B 8ACA 028=: ! " 0 @5:>N ( B. 5. 2D@0B><) 68;8
! >BFK =0H8 874@52;5, $0@@0, >B5F 2@00<0 8 >B5F 0E>@0, 8 A;C68;8
! 8=K< 1>30<" ( A. 02. X X I V , 2 ) . 725AB=>, GB> 68;8 >=8 2 #@5 %0;-
459A:><, 345 ?>:;>=O;8AL B>340 1>3C ;C=K - !8=. >340 65 2028;>=-
A:89 F0@L %0<<C@0?8 ( 1 7 9 2 - 1 7 5 0 33. "@>==>5 8<O <@0D5;!<. KB.
X I V , 1 ) AB0; =0A0640BL :C;LB A2>53> ?;5<5==>3> 1>30 0@4C:0, $0@-
@0 8 53> AK=>2LO ?5@5A5;8;8AL 225@E ?> B5G5=8N 2D@0B0 - 2 3>@>4
%0@@0=. "0<- B> 8 ?>;CG8; 2@00< >B:@>25=85 > 48=>< >35:
! " A:070; >A?>4L 2@00<C: ?>48 87 75<;8 B2>59, >B @>4AB20
! B2>53> 8 87 4><0 >BF0 B2>53> 2 75<;N :>B>@CN / C:06C B515. . . # 8
# 1;03>A;>2OBAO 2 B515 2A5 ?;5<5=0 75<=K5! . " ( KB. X I I I , 1 - 3 ) . -B>B
2A5- G5;>25G5A:89 A<KA; >15B>20=8O ?>4B25@48BAO 2> <=>38E 53> ?>2-
B>@5=8OE ( KB. X V I I I , 1 8 ; X X I I , 1 7 - 1 8 ; X X V I , 4 ; X X V I I I , 1 2 - 1 4 ) . ; 02-
=0O <KA;L 745AL: ! " ;03>A;>2OBAO 2 A5<5=8 B2>5< 2A5 ?;5<5=0 75<-
! =K5" . > MB> A5<O - %@8AB>A. ". >. 5BE>7025B=0O &5@:>2L A A0<>3>
=0G0;0 O28;0AL ?@>>1@07>< 8 :0: 1K ?@8B2>@>< &5@:28 >2>7025B=>9,
%@8AB80=A:>9 ( ?@>D. ?@>B. . !>@>:8=. " 025B >689" ) .
". >. >A?>4L, B5F =0H, 70:;NG82 '0AB=K9 025BA 2@00<><,
=5 >B25@3 >AB0;L=>5 G5;>25G5AB2> ( =0E>4OI55AO 5IQ 2 ?@545;0E 1-
I53> 025B0) . >;55 B>3>: MB> " 2=5H=55 G5;>25G5AB2>" A A0<>3> =0-
G0;0 ?>;CG8;> A2>N 4>;N CG0AB8O 2 5BE>< 025B5. 1 MB>< A2845-
B5;LAB2C5B >1@570=85 8=>?;5<5==8:>2 ( :>B>@>5, :0: <K ?><=8<,
?@>>1@07C5B @5I5=85! >;. I I , 1 1 - 1 2 ) . A5 ?@8=04;560I85 ! " 4><C
! 2@00<>2C" ( =5 B>;L:> 8C458, => 8 A;C38, ! " :C?;5==K5 70 A5@51@>" C
4@C38E =0@>4>2! ) ?@8=O;8 CG0AB85 2 025B5 ( KB. X V I I , 1 2 , 2 3 - 2 7 ) .
B0:, ?> ?5@2>=0G0;L=><C 70<KA;C >6L5<C '0AB=K9 025B=5
8<5; G5B:>9 >3@04K 2=CB@8 1I53>. 10 <=>3>548=AB20 A>>1I0;8AL.
=>?;5<5==8:8 CG0AB2>20;8 2 A>N75 >30 A 2@00<><, ?>B><:8 65
2@00<0 ( 7<08;, A02) CE>48;8 :C40- B> =0 AB>@>=C. > MB>9 65
?@8G8=5 '0AB=K9 025B AB0; 1KAB@> C30A0BL. > ACI5AB2C >= ?@>45@-
60;AO 2A53> 4 ?>:>;5=8O 8 ?>A;5 A<5@B8 ?0B@80@E0 >A8D0 ( 2 X V I 2.
4> . %. ) 2 538?5BA:>< @01AB25 1K; 701KB. >B B>340- B>, 4;O 2>A?8-
B0=8O 8 40;L=59H53> ?@8C3>B>2;5=8O 871@0==>3> =0@>40 MB>B 15AD>@-
<5==K9 8 0<>@D=K9 025B 1K; ?@5>1@06Q= 2 35@<5B8G5A:8 70<:=CBCN
5BE>7025B=CN &5@:>2L.
@ 3 . c B >8A5O 4> %@8AB0:
AB>@8O CAB0=>2;5=8O 5BE>7025B=>9 &5@:28 =0A:2>7L ?@>>1@0-
7>20B5;L=0. 2@58 =02A5340 70?><=8;8 MBC =>GL ?5@54 8AE>4>< 87
538?5BA:>3> @01AB20 ( 2 >2>< 025B5: @01AB2> 3@5EC 8 A<5@B8) ,
=>GL ?>;=CN ?;0G0 ?>@01>B8B5;59 =04 C<8@0NI8<8 ?5@25=F0<8 538?5B-
A:8<8. ( ?>A;54AB288 0=B 70<5B8B, GB> ! " GC2AB2> 2>72KH5==>3> 2A53-
! 40 A>?@>2>6405BAO C60A><" ) . !0<> ?@>8AE>645=85 :0@0NI53> =35;0
>68O ! " <8<> 425@59" 25@=KE ( AE. X I I , 2 3 - 2 7 ) ?>- 52@59A:8 =07K-
205BAO " p e s a c h " 8 >BAN40 " 0AE0" . 3=5F 65, :>B>@>3> 2:CH0;8 52-
@58 70 70?5@BK<8 425@O<8, 5ABL ?@>>1@07 2E0@8AB8G5A:>9 65@B2K
( :>B>@CN ?5@2>E@8AB80=5 B>65 1C4CB 2:CH0BL =>GLN ?@8 70:@KBKE
425@OE: ! " 25@8, 425@8, ?@5<C4@>AB8N 2>=<5<! " ) . =0<5=0B5;L=>, GB>
8 A0< =0@>4 745AL 2?5@2K5 =0720= ( ! ) . . . . . . . . [ 5::;5A8O]
( AE. X I I , 6 ; 2 A8=>40;L=>< ?5@52>45 " A>1@0=85" 8;8 " >1I5AB2>" ,
?> ACB8 65 - F5@:>2L; A@. AE. X V I , 9 - 1 0 ; 52. I V , 1 3 8 4@. ) . !
!8=09A:>9 3>@K >A?>4L B>@65AB25==> 2>725I05B MB><C =0@>4C:
! " . . . 1C45B5 >8< C45;>< 87 2A5E =0@>4>2: 81> >O 2AO 75<;O; 0 2K
! 1C45B5 C 5=O F0@AB2>< A2OI5==8:>2 8 =0@>4>< A2OBK<. " ( AE. X I X ,
5 - 6 ) .
-B> 871@0=85 ! " !2>53> =0@>40" , MB> ?>@078B5;L=>5 >15B>20=85 >
! " 2A5>1I5< A2OI5=AB25" - : :><C >B=>A8BAO? G5284=>, >=> 2A5F5;>
8A?>;=8BAO ;8HL 2 >2>< 025B5. 0@>4 87@08;LA:89 >:070;AO =54>A-
B>9=K< >15B>20=8O 2> 2A59 53> ?>;=>B5. 1> >B?0; 2 84>;>?>:;>=-
AB2> ( =0G8=0O A= >;>B>3> B5;LF0= 2 AE. X X X I I - ?>GB8 A@07C 65
?>A;5 40@>20=8O 1 0 - B8 0?>25459: ! " 5 A>B2>@8 A515 :C<8@0. . . " 8
B. 4. ) .
B0:, 4;O >3@0645=8O =0@>40 >B A>1;07=0, O2;O5BAO 0:>= >8-
A552, O2;O5BAO 2848<K9 >1@07 A2OBK=8 - A:8=8O 025B0 ( 0 2?>A;54-
AB285 - %@0<) , O2;O5BAO A2OI5=AB2> 8 @8BC0;K, A>AB02;ONICN ?@>G-
=CN >3@04C =>2>@>645==>9 5BE>7025B=>9 &5@:28 ( >:. 1 2 5 0 3. 4>
. %. ) . -B0 &5@:>2L :0: 8 25AL 5BE89 025B, 8<5;0 ?>43>B>28-
B5;L=>5, ?5403>38G5A:>5 7=0G5=85. =0 1K;0 ?CB52>48B5;5< :> %@8A-
BC 8 A ?@8H5AB285< %@8AB0 B5@O;0 7=0G5=85.
> <K A59G0A >AB0=>28<AO 8<5==> =0 B5E 55 206=59H8E 845OE,
:>B>@K5 =5 C<5@;8, 0 ?5@5H;8 2 >2K9 025B.
I I A c !/) !" . ". .
° 1 . !/) !" . °
A?><=8< 871@0=85 0@>=0 8 AK=>259 53> =0 A2OI5=AB2> ( AE.
X X V I I I - X X I X ) . :=. 528B >?8A0=> 8E ?>AB02;5=85 ( 52. V I I I ) . K
2848<, GB> 1C4CI85 A2OI5==8:8 ?><07CNBAO 5;55< 8 >:@>?;ONBAO 65@-
B25==>9 :@>2LN ( AE. X X I X , 7 , 2 0 - 2 1 ) . 0@>4 65 ?@8 871@0=88 A2>5<
=0 !8=05 1K; >:@>?;5= >4=>9 B>;L:> :@>2LN, 157 ?@8102;5=8O : =59
5;5O. ". >. ?><070=85 <8@>< 2K45;O;> A2OI5=AB2> 2 >A>1CN 70:@KBCN
>B =0@>40 :0ABC. 0;55 A;54>20;> 2:CH5=85 70:;0==>3> 3=F0, GB>
M:7535BK AG8B0NB ?@>>1@07>< 2E0@8AB88 =0 >A=>20=88 A;>2: " ?>AB>-
! @>==89 =5 4>;65= 5ABL A53>, 81> MB> A2OBK=O" ( X X I X , 3 3 ) .
> 254L : MB8< ! " ?>AB>@>==8<" >B=>A8BAO 25AL =0@>4! 'B> 65
MB> 70 " 2E0@8AB8O" 4;O >4=>3> ;8HL :0AB>2>3> A2OI5=AB20? 45 65
>15B>20==K9 " =0@>4 A2OB>9" ?
1KG=> >B25G0NB =0 MB>, GB> =0@>4, <>;, >:070;AO =54>AB>8=,
GB> 2AO 40;L=59H0O 8AB>@8O 7@08;O - G5@540 15A:>=5G=KE >B?045-
=89 8 B. 4.
2A5 65 >15B>20=85 > ! " =0@>45 A2OB><" ?>2B>@8BAO 8 ?A0;<>-
?52F0<8 8 ?@>@>:0<8 A=>20 8 A=>20 ( !@. A0;. L X X X V I I I , 8 ;
C X L I X , 1 ; 57. X X X I V , 1 5 ; A. L X , 2 1 8 B. 4. ) . -B> <>65B >7=0G0BL
B>;L:> >4=> - GB> =5?@5;>6=>5 >15B>20=85 >685 2AQ 65 8A?>;=8BAO,
=>. . . 2 >2>< 025B5. 459AB28B5;L=>, 0?>AB>;K %@8AB0 3>2>@OB >1
MB><, :0: >1 C65 A>25@H82H5<AO: ! " K - @>4 871@0==K9, F0@AB25==>5
! A2OI5=AB2>, =0@>4 A2OBK9, ;N48, 27OBK5 2 C45;. . . " ( 1 5B@
I I , 9 ) . ! " A45;0; =0A &0@O<8 8 A2OI5==8:0<8 >3C =0H5<C" ( B:@. V ,
1 0 ; I , 6 , A@. X X , 6 ) . -B> >1KG=> B@0:BCNB 2 B>< A<KA;5, GB> 5B-
E>7025B=>5 F0@AB2>, :>B>@K< C?@02;O;8 A2OI5==8:8 ( B5>:@0B8O) ,
?@52@0B8;>AL 2 >2>7025B=>5 &0@AB2> 2A5>1I53> A2OI5=AB20 ( !2OBCN
&5@:>2L) .
745AL O E>GC 20< =0?><=8BL, GB> A>3;0A=> ?>A;0=8N : 2@5O<
0?>AB>;0 02;0, %@8ABC ?@8=04;568B 8<5==> A2OI5=AB2> 5;E8A545:>-
2>, 0 =5 A2OI5=AB2> 0@>=>2>. 54L 8ACA 2KH5; =5 >B :>;5=0 5-
28O 8 =5 <>65B 1KBL ;528B>< ( A2OI5==8:8, :>B>@K5 2A5 1K;8 ?>B><-
:0<8 528O 8 0@>=0) . 8ACA - 87 :>;5=0 C48=0 8 3> A2OI5=AB2>
=5A@02=5==> 2KH5 ;528B5=>3>. ". >. A2OI5=AB2> ;528B>2 =5 <>3;> ?5-
@59B8 2 &5@:>2L %@8AB>2C. => 8AG57;>, GB> 8 A8<2>;878@C5B @07-
@K2 7025AK ?5@54 !2OBK< - !2OBKE ( BD. X X V I I , 5 1 ) .
2 <8@ ?@8H;> A>25@H5==> =>2>5 A2OI5=AB2> - 2A5E B5E, :B>
>A2>1>645= >B 3@5E>2 "5;>< 8 @>2LN 8ACA0 %@8AB0. -B> =0< A:070-
=>: " K - @>4 871@0==K9, F0@AB25==>5 A2OI5=AB2>. . . " . K 2A5 AC-
I5AB2C5< :0: A2OI5==8:8, 1;03>40@O "5;C 8 @>28 =0H53> 5@2>A2O-
I5==8:0, :>B>@K5 40NBAO =0< 2 B08=AB25 2E0@8AB88 8 AB@>OB 87 =0A
&5@:>2L !2OBCN!
> <K MB> ?@87=0BL 8 ?@8=OBL 1>8<AO ( 8;8 ?> :@09=59 <5@5 =5-
@5H05<AO) . K 7=05<, GB> 2A5>1I55 A2OI5=AB2> - MB> G5@B0 ?@>B5A-
B0=A:8E F5@:259. 8 2 ?@02>A;0288, =8, B5< 1>;55, 2 AB@>3> 85@0@-
E8G5A:>< :0B>;8F87<5 53> 2@>45 1K =5B. @0240, =5?>=OB=>, ?>G5<C
<K, <8@O=5, 8<55< ?@02> :@5AB8BL ( DC=:F8O A2OI5==8G5A:0O) .
> 2AO:>< A;CG05 70?><=8<, GB> 845O 2A5>1I53> A2OI5=AB20
?@O<> A;54C5B 87 >2>3> 025B0, 8 :>340 <K 1C45< 3>2>@8BL > ?5@-
2>E@8AB80=0E, =0< MB> >G5=L ?@83>48BAO.
° 2 . ". °
45O 65@B2K B5A=> A2O70=0 A 84559 A2OI5=AB20. >AB0B>G=>
A:070BL, GB> 2 5BE>< 025B5 ?5@2>A2OI5==8:, 2KABC?0O >B ;8F0 =0-
@>40, 4>;65= 1K;, 2 ACI=>AB8, >B40BL >3C A2>N 687=L 70 3@5E8
A2>53> =0@>40. > B0: :0: >3 =5 ?@8=O; G5;>25G5A:CN 65@B2C
2@00<0 8 70<5=8; A00:0 O3=Q=:>< ( 3=F5<) , B> A B5E ?>@ A>25@H0-
;>AL B08=AB25==>5 ?5@5=5A5=85 3@5E>2=>AB8 =0@>40 =0 65@B25==>5
682>B=>5. -B> >=> 70:0;K20;>AL 70 3@5E8 ;N459, :>B>@K5 B. >. A=8-
<0;8 A A51O 28=C, ?@8=>A8;8 ?>:0O=85 8 ?@8<8@O;8AL A >3><.
" ?@545;5=85: 5@B20 5ABL ?@8=>H5=85 G5;>25:0 >3C 4;O A2845-
B5;LAB20 2=CB@5==59 A2O78 A 8< 8 2> 8A?KB0=85 25@K.
!<KA; 65@B2K =5 2 A0<>< ?@8=>H5=88 , 0 2 @0A?>;>65=88 A5@4F0 .
K >B405< >3C B>, GB> =0< 4>@>3> ( 2 ?@545;5 - A0<C 687=L) 2 7=0:
B>3>, GB> = =0< 5I5 4>@>65.
> B>;:>20=8N A2. >0==0 ;0B>CAB0, 65@B20 08=0 1K;0 >B25@-
3=CB0 >3>< 8<5==> 2A;54AB288 4C@=>3> @0A?>;>65=8O A5@4F0 1C4CI5-
3> C189FK. A?><=8< B0:65, GB> 08= ?@8=QA 65@B2C >3C >B ?;>4>2
75<;8, :>B>@CN >= 2>745;K20;, B. 5. ?@>AB> 27O; ?5@2K5 ?>?02H85AO
?;>4K. 25;L 65, ;N1>2=> 2K1@0; BC: ( =56=>5 <OA>) ?5@25=F52 AB04,
:>B>@KE >= @072>48; ( KB. I V , 3 ) . A?><=8<, GB> 8 2 @50;L=>9 8A-
B>@88 ?@8<8B82=>5 75<;545;85 CABC?8;> <5AB> 1>;55 ?@>3@5AA82=><C
A:>B>2>4AB2C. MB>< A<KA; B. =. =5>;5B8G5A:>9 @52>;NF88, ?@>8A-
H54H59 >:. 1 0 0 0 0 ;5B 4> =. M. >B 2 :0:>9 <5@5 845O 65@B2K 4@52-
=55 8 ?5@28G=55 8458 A2OI5=AB20! <5AB5 A B5< 25;L >B:@K205B G5-
@54C A2OBKE >688E 8 O2;O5BAO >B40;Q==K< ?@>>1@07>< 8ACA0 %@8A-
B0 ( B>65 ?0ABK@O A;>25A=KE >25F) . , C18BK9 1@0B><, 25;L, O2-
;O5B ?@>>1@07 A>25@H5==>9 65@B2K.
! 84559 65@B2K B5A=> A2O70=0 845O 65@B25==8:0. -B> =0H5
3;02=>5 ;8BC@38G5A:>5 ?>=OB85. G5=L 206=>, GB> E>BO 65@B2>?@8=>-
H5=8O ACI5AB2>20;8 5IQ 4> >B>?0, A;>2> " 65@B25==8:" [ <87150E]
2?5@2K5 C?>B@51;O5BAO 2 81;88 ?> 2KE>45 >O 87 >2G530 ( KB.
V I I I , 2 0 ) . ". >. 65@B25==8: 2 A2>Q< ;8BC@38G5A:>< 7=0G5=88 ( 0 =5
?@>AB> :CG0 :0<=59, :0: C 08=0 8 25;O) A2O7K205BAO A 70:;NG5-
=85< 1I53> 025B0 A> 2A5< G5;>25G5AB2>< ( 2>AAB0=>28B5;5< :>B>@>-
3> O2;O5BAO %@8AB>A, 0@E85@59 ?> B8?C 5;E8A545:>2C, A>25@H5==K9
3=5F) .
?5@2K5 <K 2AB@5G05< C?><8=0=85 >1 3=F5 2 KB. X V , 9 , :>340
>3 70:;NG05B 5BE89 025B A 2@00<><. 45AL B@QE;5B=89 >2= C?>-
<O=CB 2 G8A;5 4@C38E 65@B25==KE 682>B=KE 8 ?B8F. 0<5=8B5;L=0O
@>;L 3=F0 2?5@2K5 ?@>O2;O5BAO, :>340 2@00< ?@8=>A8B 53> 2 65@-
B2C 2<5AB> AK=0 A00:0. 0:>=5F, 2> 2@5<O AE>40 87 38?B0 3=5F
?@O<> 2KABC?05B :0: >1@07 8A:C?;5=8O 8 >G8I5=8O. A0<0 ?0A-
E0;L=0O B@0?570 - O@:89 >1@07 548=5=8O =0@>40 A 5Q CG@548B5;5<,
>3><. 0 MB> C:07K20NB 4065 CA;>28O ?@83>B>2;5=8O 3=F0: 157
@074@>1;5=8O =0 G0AB8 ( 81> >= - A8<2>; 548=AB20 8 F5;>AB=>AB8! ) .
A5 2:CA82H85 53> 2ABC?0NB 2 >1I5=85 A >A?>4><. @5A=K9 E;51, A
:>B>@K< 2:CH0NB 3=F0 - A8<2>; >G8I5=8O ( C40;5=85 ?>@>G=>9 70:-
20A:8 538?5BA:>3> @01AB20) . <5==> A <><5=B0 AE>40 87 38?B0
3=5F 8 2A5 ?>A;54CNI85 65@B2K AB0=>2OBAO ?@>>1@070<8 B>9 2KAH59
5@B2K, :>B>@CN ?@8=5AQB !K= >689 4;O 2>AAB0=>2;5=8O @07>@20==>-
3> 548=AB20 ;N459 A >3><.
:0: 2K3;O45; 65@B25==8: 2 M?>EC >8A5O? -B> 1K; :204@0B-
=K9 ?>;K9 OI8: 87 45@520 A8BB8<, >18BK9 <54LN 8 A G5BK@L<O <54-
=K<8 @>30<8 ?> C3;0<. MB8< @>30< ?@82O7K20;AO 65@B25==K9 03=5F.
?5@2>E@8AB80=A:>< 38<=5, :>B>@K9 <K 1C45< ?@>E>48BL, @>3 65@-
B25==8:0 >7=0G05B %@8AB0: ! "
! " ;03>A;>25= >A?>4L >3 7@08;52,
GB> ?>A5B8; =0@>4 !2>9
8 A>B2>@8; 87102;5=85 5<C,
8 ! 2>74283 @>3 A?0A5=8O =0<
2 4><C 02840, >B@>:0 ! A2>53>. . . "
@8=>AOI8965@B2C 70 3@5E, :;0; A2>N @C:C =0 3>;>2C ?@82O-
70==>3> : @>3C 03=F0, 8 MB>B 65AB >7=0G0; ?5@5E>4 53> 3@5E>2 =0
=528==CN 65@B2C. 0;55 A2OI5==8:8 70:0;K20;8 03=F0 8 :@>2LN 53>
:@>?8;8 1>:0 8 @>30 65@B25==8:0. '0ABL 65@B25==>3> 682>B=>3> A68-
30;8, 0 4@C385 G0AB8 >B4020;8AL A2OI5==8:C 8 65@B2>20B5;N 4;O CA-
B@>5=8O 65@B25==>3> ?8@0. 8@ >7=0G0;, GB> 2>7<57485 70 3@5E A>-
25@H8;>AL 8 ?>?@0==0O 3@5E>< ?@0240 >68O 2>AAB0=>2;5=0.
865 <K C2848<, GB> 2E0@8AB8O ?> A2>5<C 3;C18==><C A<KA;C
5ABL 8<5==> B0:>9 65@B25==K9 ?8@ =0@>40 >6L53>. 8<5==> 2 MB><
:>=B5:AB5 =04> ?>=8<0BL A;>20 >0==0 @54B5G8, :>B>@K9, C28452
84CI53> : =5<C %@8AB0, 2>A:;8:=C;: ! " >B 3=5F >689, :>B>@K9
! 15@5B =0 !51O 3@5E <8@0" ( =. I , 2 9 ) .
@><5 65@B2K 70 3@5E ( B. 5. 65@B2K C<8;>AB828B5;L=>9) C 52-
@552 ACI5AB2>20;8 8 65@B2K 1;03>40@AB25==K5 ( =0?@8<5@ 70 E>@>H89
C@>609) , 8 4;O =8E ?@58<CI5AB25==> C?>B@51;O;8AL @0AB8B5;L=K5
:><?>=5=BK: 040=, E;51 8 28=>.
C 040= - MB> 1;03>2>==0O A<>;0 B5@=8AB>3> :CAB0@=8:0 C u s t u s
C r e t i c u s ( 2>7<>6=> B>3> A0<>3>, 87 :>B>@>3> 1K; 873>B>2;5= B5@=>-
2K9 25=5F) . A?><=8<, GB> 8<5==> ;040= ?@8=5A;8 2>;E2K 2 40@ ;0-
45=FC %@8ABC, ?@5425I0O 3> <CG5=8G5A:CN :>=G8=C. ;C1K 0@><0B=>-
3> 4K<0, 2>7=>AOI85AO : =51C C:07K20;8 =0 70?@545;L=>ABL 1>65A-
B20 8, 2<5AB5 A B5<, >1>7=0G0;8 53> 4CE>2=>5 ?@8ACBAB285. /7KG=8-
:8 2>A:C@O;8 ;040= ?5@54 A2>8<8 1>30<8, 0 E@8AB80=5 C?>B@51;O;8
53> ?@8 ?>3@515=88 A2>8E <CG5=8:>2.
C %;51 8 28=> - >G5=L Q<:85 A8<2>;K, :>B>@K5 4065 @50;L=> 8
25I5AB25==> 0::C<C;8@CNB 2 A515 2A5 ?;>4K G5;>25G5A:8E CA8;89:
B@C4 ?0E0@59, A5OB5;59, 6=5F>2, <C:><>;>2, ?5:0@59, 28=>3@040@59
8 28=>45;>2. G5=L 206=>, GB> A @0728B85< F828;870F88 :@C3 MB8E
CG0AB=8:>2 2AQ 1>;55 @0AH8@O5BAO, ?>B><C GB> ?>4@07C<5205B 8 B5E,
:B> 2;>68; A2>9 B@C4 2 @0728B85 A>2@5<5==>3> ?@>872>4AB20, B. 5.
8=65=5@>2, AB0;520@>2, AB@>8B5;59 4><>2 4;O MB8E ;N459, AB@>8B5-
;59 0<10@>2, @01>B=8:>2 B>@3>2;8 8 B@0=A?>@B0 8 2A5E, 2A5E, 2A5E.
%;51 8 28=> - =5 B>;L:> ?;>4 >1I5G5;>25G5A:>9 A>;840@=>AB8.
-B> >A=>20 687=8 ( A59G0A <K MB> ?>=8<05< ;CGH5! ) , MB> A0<0 687=L,
A> 2A5<8 5Q @04>ABO<8 8 AB@040=8O<8. >B GB> ?@8=>A8BAO 2 65@B2C
>3C >B ;8F0 ;N459.
>1028<, GB> A>3;0A=> :=838 528B I I , 2 , C?>B@51;O;8AL :@0A-
=>5 28=> 8 ?@5A=K9 ( 0 =5 :20A=>9) E;51. BAN40 0@<O=A:85 >?@5A=>-
:8 8 :0B>;8G5A:85 3>AB88. ?@02>A;02=K9 :20A=>9 E;51 ?>O28;AO
?>765, :0: A>7=0B5;L=0O 0=B8B570 8C459AB2C.
B0:, A>2@5<5==0O 2E0@8AB8O A>548=O5B 2 A515 8 65@B25==>5 8
E20;51=>- 1;03>40@AB25==>5 7=0G5=85, :>B>@K5 2 5BE>< 025B5 1K;8
@0745;5=K. 5BE>< 025B5 1K;> 2>>1I5 >G5=L <=>3> >1@O4>2KE G0A-
B=>AB59 8 A;>6=>AB59. 0?@8<5@, 65@B2K @07;8G0;8AL =5 B>;L:> ?>
=07=0G5=8N, => 8 ?> @07@O40< ;8F, ?> AB5?5=8 8E 3@5E>2=>AB8, ?>
2840< 65@B25==KE 682>B=KE, : :>B>@K< ?@54JO2;O;8AL A>25@H5==>
>A>1K5 B@51>20=8O: >=8 4>;6=K 1K;8 1KBL 15A?>@>G=K ( B. 5. 157 B5-
;5A=KE =54>AB0B:>2) , >?@545;Q==>3> 2>7@0AB0, ?5@25=FK 8 B. 4. A5
MB8 A;>6=>AB8 8 G0AB=>AB8 @53C;8@>20;8AL >1@O4>2K< 70:>=><.
° 3 . . °
K >1O70=K >G5=L E>@>H> ?>=8<0BL, GB> B0:>5 0:>=, ?>B><C
GB> =5?>=8<0=85 MB>3> 254QB : >H81>G=K< 8 4065 =5;5?K< B@0:B>2-
:0< 81;59A:8E B5:AB>2. 0?@8<5@, =5:>B>@K5 ?@>B5AB0=BK 2K@K20NB
87 :>=B5:AB0 A;>20 0?. 02;0: ! " 1> <K ?@87=05<, GB> G5;>25: >?-
! @024K205BAO 25@>N, =57028A8<> >B 45; 70:>=0" ( 8<. I I I , 2 8 ) 8
B@0:BCNB MB> 2 B>< A<KA;5, GB> 45;0 2>>1I5 =8G53> =5 7=0G0B, 45-
;0BL 4;O A2>53> A?0A5=8O =8G53> =5 =04>, 0 =04> B>;L:> 25@>20BL.
"0: 65 B@0:BCNB A;>20 0?. 02;0 87 -D5A. I I , 8 - 9 + ! " 1> 1;03>40-
! B8N 2K A?0A5=K G5@57 25@C, 8 A85 =5 >B 20A, >689 40@: =5 >B 45;,
! GB>1K =8:B> =5 E20;8;AO" .
564C B5< 0?. 025; 2> 2A5E ?>4>1=KE A;CG0OE ?>4 ! " 45;0<8 70-
! :>=0" @07C<5; >1@O4>2K9 ?> ?@>8AE>645=8N 0:>= >8A552, @07C<55B-
AO, ?>B5@O2H89 A2>Q 7=0G5=85 ?>A;5 8A:C?8B5;L=>3> ?>42830 %@8AB0.
> GB> B0:>5 0:>= >8A552? -B> >B=N4L =5 1 0 70?>25459, :0:
8=>340 4C<0NB. 0:>= >8A552 1K; @57C;LB0B>< ?@5?0@8@>20=8O ">@K
( B. =. OB8:=868O >8A5520) , >B:C40 8C459A:85 :=86=8:8 872;5:;8
6 4 3 ( ! ) 70?>2548: 3 6 5 70?@5B>2 8 2 7 8 ?>25;5=89. 1@0B8< 2=8<0=85
=0 B>, GB> MB> F8D@>2K5 :>=AB0=BK: 3 6 5 - G8A;> 4=59 2 3>4C; 2 7 8 -
G8A;> :>AB59 8 ACAB02>2 G5;>25G5A:>3> B5;0. 0: =587<5==K MB8 25-
;8G8=K, B0: =587<5==K 8 70?>2548 >8A5O.
;O 8C45O >1@O4 =5 8<5; A8<2>;8G5A:>3> 7=0G5=8O ( :0: 2 E@8A-
B80=AB25 ) . = =5 8;;NAB@8@>20; =8:0:8E 4>3<0B>2, =8G53> =5 87>1-
@060;. = ?@>AB> ?@54?8AK20;. -B> 1K;> B@51>20=85 >30, :>B>@>5
?@54?>;>30;> >B G5;>25:0 B>;L:> >48= >B25B - 157CA;>2=>5 ?>A;CH0-
=85. -B> >G5=L 206=>! # 52@552 =5 1K;> ?>=OB8O <>@0;L=>9 4>1@>45-
B5;8 ( =5 1K;> 4065 B0:>3> A;>20! , ?>B><C GB> MB> ?>=OB85 3@5G5A-
:>5 ?> ?@>8AE>645=8N) . # =8E 1K;> ?>=8<0=85 =5>1E>48<>AB8 157CA-
;>2=>3> ?>A;CH0=8O >3C 2 D>@<5 8A?>;=5=8O >1@O4>2>3> 70:>=0.
450; 8C45O - =5 4>1@>45B5;L=K9 G5;>25:, 0 G5;>25: 45==> 8 =>I=>
87CG0NI89 0:>= ( ">@C) 8 ;N1>9 A2>9 ?>ABC?>: >?@024K20NI89 0:>-
=><.
!;54>20B5;L=>, 8C459A:0O MB8:0 1K;0 =5 <>@0;L=>9, 0 ?@02>-
2>9 ( :0: 5A;8 1K C =0A 2<5AB> <>@0;8 1K; B>;L:> 70:>=>40B5;L=K9
:>45:A) . 0A;C38 G5;>25:0 ?5@54 >3>< >?@545;O;8AL 70:>=>?>A;CH-
=K< ?>2545=85<. BAN40 ?>4AG5BK 70A;C3 8 D0@8A59A:8- 3>@45;82>5
?@52>7=>H5=85 8<8, GB> B0: @074@060;> 8ACA0.
4=0:>, GB> ?@>B82>?>AB028; MB><C 8ACA? @>?>254L <>@0;L=>-
3> 8450;0, :>B>@K< <K 4>;6=K @C:>2>4AB2>20BLAO 2 A2>8E ?>ABC?:0E?
"0: G0AB> 8 4C<0NB, => MB> =5 B0:. # 8ACA0 =5B =8 8=4828-
4C0;L=>9, =8 A>F80;L=>9 MB8:8. # =53> - B>65 A0<>5 ?>A;CH0=85 2>-
;5 >6859. 4065 5IQ 1>;LH55 ?>A;CH0=85 ( ! " / ?@8H5; =5 =0@CH8BL
! 0:>=, => 8A?>;=8BL" ) . A5 0=B8B57K 03>@=>9 ?@>?>2548 ( ! " K A;K-
! H0;8, GB> A:070=> 4@52=8< " =5 ?@5;N1>459AB2C9" . / 3>2>@N 20<,
! GB> 2AO:89 :B> A<>B@8B =0 65=I8=C A 2>645;5=85<, C65 ?@5;N1>459-
! AB2>20; A =5N 2 A5@4F5 A2>5<. " 8 B. 4. ) , 2A5 3> 2KA:07K20=8O B@5-
1CNB " 2A5F5;>9 >B40G8 A51O 2>;5 >6859. > - 157 >3;O4:8 =0 0:>=!
7 >4=>9 B>;L:> ;N128!
MB>< 1K;> B> =5A;KE0==> =>2>5, GB> A<CI0;> D0@8A552 2A5E
2@5<Q= 8 =0A A59G0A A<CI05B. 8GB> =5 4>;6=> AB>OBL <564C G5;>25-
:>< 8 >3><. 065 A0<K5 A2OI5==K5 25I8 ( 0:>= 8 >1@O4! ) , 70=O2
<5AB> >30, ?@52@0I0NBAO 2 84>;>2. ">;L:> ;N1>2L ( 8 ?@8B>< ?@5-
45;L=0O, 65@B25==0O) - C3>4=0 8 254QB : >3C, 81> 5ABL A2>9AB2>
1>65AB25==>5.
8ACA =5 B@51C5B >B A2>8E CG5=8:>2 =8 ?>AB0, =8 0A:57K.
@0240, >= F5=8B 154=>ABL, >4=0:>, 1>30BAB2> A0<> ?> A515 =5 7;>.
'5@57 4>1@>2>;L=CN 154=>ABL G5;>25: ?@8>1@5B05B >A>1K5 :0G5AB20 2
3;070E >30. > =5 ?>B><C, GB> B@51C5BAO 154=>ABL. "@51C5BAO 65@-
B20. 5@B20 A2>8< :><D>@B><, A2>8<8 C4>1AB20<8, @048 >30. . .
-B> 2=5H=5 ?>E>65 =0 0A:57C, => MB> =5 0A:570, ?>B><C GB>
745AL =5B =8:0:>9 <8AB8:8 4CH52=>3>, :>B>@0O B@51C5B >G8I5=8O 8
>A2>1>645=8O >B 3@5E0 8 A?5F8D8G5A:>3> <>;8B25==>3> A0<>C3;C1;5-
=8O. AQ MB> 2>7=8:=5B ;8HL ?>A;5 ?5@5E>40 : -;;8=87<C, :>340
?>O28BAO 1>;57=5==K9 4C0;87< 4CH8 8 B5;0 ( >A>15==> C 3=>AB8:>2) .
# %@8AB0 MB>3> =5B.
>B ?>G5<C 8 2 ?5@2>E@8AB80=AB25 <K =5 =094Q< =8 0A:5B>2, =8
<>=0E>2, =8 <>=0ABK@59. 8G53> MB>3> =5 1K;> 2 ?5@2K5 B@8 25:0
E@8AB80=AB20. MB> A;54C5B ?>AB>O==> 8<5BL 2 284C ?@8 87CG5=88
?5@2>E@8AB80=A:>3> 1>3>A;C65=8O. => =5 <8AB8G=>, =5 A8<2>;8G=>,
>=> 2 2KAH59 AB5?5=8 @50;8AB8G=>.
B 8C459A:>3> <5=B0;8B5B0 2 ?5@2>E@8AB80=AB2> ?@5645 2A53>
?5@5H;0 =51K20;0O F5;L=>ABL, :>B>@0O A59G0A 2>A?@8=8<05BAO :0:
=5:>B>@0O C7>ABL. 5B =8:0:8E <>@0;L=KE :>;;8789, =8:0:>9 1>3>A-
;>2A:>9 @5D;5:A88, :>B>@0O 1K >B@060;0AL 2 87>I@Q==KE 1>3>A;C651-
=KE :>=AB@C:F8OE. ">;L:> 25@=>ABL 25@5 0 A0<0 25@0 5ABL 2>;O :
8AB8=5.
%@8AB80=AB2> @>48;>AL :0: 8C459A:0O <5AA80=A:0O A5:B0, A2>8-
<8 :>@=O<8 CE>4OI0O 2 5BE>7025B=>5 2@5<O. -B> >A>15==> =03;O4=>
?@>O2;O5BAO 2 ?@55<AB25==>AB8 1>3>A;C651=>3> 2@5<5=8.
I I I . c # - % !" !" ( >A=>2=K5 0A?5:BK)
° 1 . / °
A5>1J5<;NI89 5BE>7025B=K9 0:>= @53C;8@>20; B0:65 2@5<O
1>3>A;C65=89. #B@5==55 1>3>A;C65=85 2 5@CA0;8<A:>< %@0<5 =0G8=0-
;>AL A 2>AE>4>< A>;=F0, B. 5. >:>;> 6 ° ° . >B =53> C65 >BAG8BK-
20;AO 4=52=>9 E>4 2@5<5=8: I G0A ( >:. 7 ° ° ) , I I G0A ( >:. 8 ° ° ) , I I I
G0A ( >:. 9 ° ° ) 8 B. 4. 4> X I I G0A0 ( >:. 1 8 ° ° ) .
?>;45=L, B. 5. ?>A;5 V I G0A0 ?> 8C459A:><C 2@5<5=8 A>25@H0-
;>AL 2B>@>5 ( 3;02=>5! ) 1>3>A;C65=85 2 5@CA0;8<A:>< %@0<5, :>B>-
@>5 A>?@>2>640;>AL >?8A0==K<8 65@B2>?@8=>H5=8O<8. 1C4CI5< MB>
<5AB> 709<QB E@8AB80=A:0O 154=O A 5Q 15A:@>2=>9 5@B2>9. X I I
G0AC, =0 70:0B5 A>;=F0, =0G8=0;>AL B@5BL5 5G5@=55 1>3>A;C65=85,
>B=>AOI55AO C65 : A;54CNI5<C 4=N.
-B>B- B> 8C459A:89 AGQB 2@5<5=8 4> A8E ?>@ >?@545;O5B =0H5
1>3>A;C65=85 B. =. " ACB>G=>3> :@C30" . K 4> A8E ?>@ 8<55< 1>3>A;C-
651=K5 G0AK I I I , V I 8 I X , 0 B0:65 #B@5==55 8 5G5@=55 1>3>A;C65-
=8O. @0240 ?> 2@5<5=8 MB8 A;C61K C65 A<5AB8;8AL =0 F8D5@1;0B5,
=> A0< 8E 35=578A - >BBC40, 87 5@CA0;8<A:>3> %@0<0.
° 2 . % ! . ! !! °
%@0< 1K; >48=, :0: >48= >3. %@0< 1K; B>;L:> 2 5@CA0;8<5.
> 2 :064>< :@C?=>< 3>@>45 8<A:>9 8<?5@88 1K;0 52@59A:0O A8=03>-
30. <?5@8N ?>:@K20;0 A5BL <>IQ=KE @8<A:8E 4>@>3 8 A5BL A8=03>3,
GB> G@572KG09=> >1;53G0;> ?@>?>254L 0?>AB>;0<. !:2>7=>9 <>B82
" 5O=89" : 0?>AB>;K 70E>4OB 2 A8=03>3C 8 ?@>?>254CNB %@8AB0. >
AC11>B0< 745AL A>18@0;8AL 2AO 52@59A:0O >1I8=0 4;O GB5=8O 8A0-
=8O, ?5=8O ?A0;<>2 8 ?@>?>2548. !0<>< %@8AB5 G8B05<:
! " = CG8; 2 A8=03>30E 8E 8 >B 2A5E 1K; ?@>A;02;O5<. ?@8H5;
! 2 070@5B. . . 8 2>H5; # ?> >1K:=>25=8N !2>5<C! , 2 45=L AC11>B=89 2
! A8=03>3C, 8 2AB0; G8B0BL. <C ?>40;8 :=83C ?@>@>:0 A088. =,
! @0A:@K2 :=83C, =0H5; <5AB>, 345 1K;> =0?8A0=>: " CE >A?>45=L =0
! <=5. . . " 70:@K2 :=83C 8 >B402 55 A;C68B5;N, A5;; 8 3;070 2A5E 2
! A8=03>35 1K;8 CAB@5<;5=K =0 =53>. =0G0; 3>2>@8BL 8<: K=5 8A?>-
! ;=8;>AL 8A0=85 A85, A;KH0==>5 20<8 . . . " ( :. I V , 1 5 - 2 1 ) .
5@54 =0<8 >?8A0=85 A8=>3>30;L=>9 A;>25A=>9 A;C61K. ">G=>
B0:65 MB> ?@>8AE>48B 8 A59G0A, =0 I G0AB8 =0H59 8BC@388 ( 8BC@-
388 >3;0H5==KE) : A=0G0;0 ?>NBAO 0=B8D>==> ?A0;<K, ?>A;5 MB>3>
A;54C5B GB5=85 !2OI5==>3> 8A0=8O. 0B5< 2 @52=59 &5@:28 A;54>-
20;0 ?@>?>254L 8 B0: >AB0;>AL C :0B>;8:>2 8 ?@>B5AB0=B>2. C
?@02>A;02=KE 87- 70 >BACBAB28O ?@>?>254=8:>2 ?@>?>254L ?>AB5?5==>
8AG57;0 8 ;8HL 2 X V I I I 25:5 1K;0 ?@8ABQ3=CB0 :C40- B> 2 :>=5F. >
MB> =5 ACI5AB25==>. 3;02=>5, GB> =0H >1I5- E@8AB80=A:89 >1KG09
?A0;<>?5=8O, GB5=8O 8A0=8O 8 ?@>?>2548 ( B0: =07K205<K9 A8=0:A8A)
?@>8AE>48B 87 A8=03>38. 0?8H5< >?@545;5=85:
! !! - ( >B 3@5G5A:>3> . . . . . . - A>1@0=85) - MB> A;>-
25A=0O A;C610, =5 ?@54CA<0B@820NI0O 65@B2>?@8=>H5=8O. "0: =07K-
20NBAO A>1@0=8O E@8AB80=, ?>A2OIQ==K5 ?A0;<>?5=8N, GB5=8N !2OI5=-
=>3> 8A0=8O 8 ?>CG5=8N, 708<AB2>20==K5 87 >1KG052 52@59A:>9 A8-
=03>38.
P . S . =B5@5A=>, GB> 2 @52=59 &5@:28 1K;0 :=830 " ! !8=0:A0@L " ,
A>45@60I0O =@02>CG8B5;L=K5 >B@K2:8 A2OI5==KE B5:AB>2 8 687=5>?8-
A0=8O A2OBKE ( ?>765 " ! @>;>3 " ) .
"> C4828B5;L=>5 O2;5=85, GB> =0H0 E@8AB80=A:0O 8BC@38O 4>
A8E ?>@ =0?>;>28=C A>AB>8B 87 25BE>7025B=>3> 8C459A:>3> A8=0:A8-
A0, 0 =0H8 A;C61K ACB>G=>3> :@C30 ?@>8AE>4OB 87 5@CA0;8<A:>3>
%@0<0, MB> O2;5=85 2 =0C:5 ?>;CG8;> =0720=85 8BC@38G5A:>3> 4C0-
;87<0. 40==>< A;CG05 " 4C0;87<" >7=0G05B 42>9AB25==>ABL ?@>8A-
E>645=8O. -B0 42>9AB25==>ABL 2>7=8:;0 =0 A0<>9 70@5 E@8AB80=AB20,
:>340 0?>AB>;K A>1;N40;8 5IQ 1>3>A;C651=K5 8C459A:85 G0AK 8 5654-
=52=> <>;8;8AL 2 5@CA0;8<A:>< %@0<5, 0 A51O 4><0 A>25@H0;8 >1-
I85 B@0?57K ( 030?K) A 2E0@8AB859. " 5O=8OE" >1 MB>< A:070=>
B0:: " >=8 :064K9 45=L 548=>4CH=> ?@51K20;8 2 E@0<5 8, ?@5;><-
! ;OO ?> 4><0< E;51, ?@8=8<0;8 ?8IC ( B. 5. 2E0@8AB8N) 2 25A5;88 8
! ?@>AB>B5 A5@4F0" ( 5O=. I I , 4 6 ) .
° 3 . # % !" !" " / °
"0:8< >1@07><, A>1AB25==> E@8AB80=A:>5 1>3>A;C65=85 5IQ =5
>B45;8;>AL >B 25BE>7025B=>3>, ?@>E>48;> ?0@0;;5;L=> 8 1K;> B5A=>
A2O70=> A =8< ?@>G=>9 ?C?>28=>9. 2>B 2AQ 2@5<O, =0 ?@>BO65=88
:>B>@>3> ACI5AB2>20;0 MB0 A2O7L, =07K205BAO 2@5<5=5< A 8C45>E@8A-
A B80=AB20.
"5@<8= MB>B, 2254Q==K9 2 >1>@>B "N18=35=A:>9 H:>;>9 ( $. 0CM@
8 4@. ) 8 @0728BK9 :0B>;8G5A:8< 1>3>A;>2>< . 0=85;C, ?>@078-
B5;L=> 1KAB@> ?@828;AO 2 >AA88. A>15==> A59G0A <=>3> 3>2>@OB >1
8C45>E@8AB80=AB25 :0: > 5@5A8. 459AB28B5;L=>, 1K;0 B0:0O 5@5AL
2> I I - I I I 22.
> <K MB> ?>=OB85 C?>B@51;O5< 2 4@C3>< A<KA;5:
" # % !" !" 8;8 " ?5B@8=87<" ( 2 >B;8G88 >B
" ?0C;8=87<0" ) - 87=0G0;L=0O D>@<0 0;5AB8=A:>3> E@8AB80=AB20, 5IQ
=5 >B45;82H53>AO >:>=G0B5;L=> >B 8C459AB20 ( 3 0 $ - 5- 6 0 $ - 5 3>4K I
25:0) . ;O MB>9 B@048F88 E0@0:B5@=0 A2O7L A 5BE>7025B=K< %@0<><,
8C459A:89 >1@07 <KH;5=8O, 8A?>;L7>20=85 5BE>7025B=KE 0?>:@8D>2 8
=5:>B>@KE ?@54?8A0=89 8C459A:>3> 0:>=0. !;54K MB>3> @0==53> MB0-
?0 E@8AB80=AB20 >BGQB;82> ?@>A;56820NBAO 2 8AB>@8G5A:>9 ;8BC@38-
:5 2 2845 ;8BC@38G5A:>3> 4C0;87<0.
070;>AL 1K, 0?>AB>;LA:89 !>1>@ 4 9 3. >A2>1>48; E@8AB80= >B
830 0:>=0, => =0 45;5 MB> ?>A;01;5=85 1K;> A45;0=> B>;L:> 4;O
1K2H8E O7KG=8:>2. 2 A0<>< 5@CA0;8<5 <0B5@8=A:0O >1I8=0 0?>AB>-
;0 0:>20 1K;0 A>25@H5==> 8C459A:>9 ?> 4CEC ( 2 B>< A<KA;5, :>B>-
@K9 <K @0AA<>B@5;8 2KH5) . :>340 25A=>9 5 8 3. 0?. 025; 25@=C;-
AO 2 5@CA0;8< 87 B@5BL53> ?CB5H5AB28O ( : O7KG=8:0<) , B> 70 >4=>
B>;L:>, GB> >= >1I0;AO A O7KG=8:0<8, 8C45>E@8AB80=5 ?>4=O;8 ?@>-
B82 =53> 1C=B.
B0:, MB0? C45>- E@8AB80=AB20 4;8;AO 4> I C459A:>9 2>9=K, 2
E>45 :>B>@>9 1K; A>66Q= 5@CA0;8<A:89 %@0< ( 7 0 - 9 3>4) . >B>< 1K-
;0 5IQ I I C459A:0O 2>9=0 !8<5>=0 10@ >E01K 2 1 3 0 - 1 3 5 33. !8-
<5>= C65 ?@5A;54>20; E@8AB80=, AG8B0O 8E A2>8<8 2@030<8.
=0G8B, =0 ?@><56CB>: >B 7 0 4> 1 3 0 33. ?@8E>48BAO @07@K2 ?C-
?>28=K. MB>B ?5@8>4 E@8AB80=AB2> >:>=G0B5;L=> >B45;O5BAO >B 8C-
459AB20, => ?0<OBL >1 MB>< MB0?5 A>2<5AB=>3> ACI5AB2>20=8O =025G-
=> 70:@5?;O5BAO 2 1>3>A;C65=88. >B><C GB> 87 1>3>A;C65=8O =8G5-
3> =5 8AG5705B, 0 B>;L:> =0A;08205BAO >4=> =0 4@C3>5 8 MB8 A;>8
>1@07CNB B. =. AB@0B83@0D8N ( >B ;0B8=A:>3> s t r a t u m - A;>9) . !B@0-
B83@0D8O ;568B 2 >A=>25 8AB>@8G5A:>9 ;8BC@38:8. > GB> >=0
@50;L=> >7=0G05B?
5>1E>48<> ?@87=0BL, GB> E@8AB80=AB2> 2 A2>Q< @0728B88 ?@>-
E>48B @07=K5 ?5@8>4K ( 8;8, :0: 3>2>@OB A?5F80;8ABK: ACI5AB2C5B 2
@07=KE ?0@0483<0E) : A=0G0;0 ?0@0483<0 8C45>E@8AB80=AB20, 70B5<
?0@0483<0 M;;8=8AB8G5A:>3> E@8AB80=AB20, 70B5< 3>AC40@AB25==0O
?0@0483<0, :>B>@0O =0 >AB>:5 2>?;>B8;0AL 2 E@8AB80=AB2> 870=-
B89A:>3> B8?0, 0 =0 0?045 2 8<A:89 :0B>;8F87<. > 40;55 =0 >A-
B>:5 @0728B85 E@8AB80=AB20 ?@5:@0B8;>AL, 0 =0 0?045 - ?@>H;> G5-
@57 5D>@<0F8N ( ?>@>482HCN ?@>B5AB0=B87<) , G5@57 ?0@0483<C >2>-
3> 2@5<5=8 8 2ABC?05B A59G0A 2 B. =. M:C<5=8G5A:CN ?0@0483<C.
( B<5B8< B0:65, GB> ?@>B5AB0=B87< @5AB02@8@>20; 1>3>A;C651=K5
D>@<K @C1560 I - I I 25:>2) .
5@5E>4 >B >4=>9 ?0@0483<K : 4@C3>9 2A5340 1K; >G5=L 1>;57-
=5==K<, A>?@>2>640;AO @0A:>;0<8 8 5@5AO<8. "0:>2K 3=>AB8G5A:85
5@5A8, A>?@>2>6402H85 ?5@5E>4 : M;;8==8AB8G5A:>9 ?0@0483<5, B0:>-
2K B@8=8B0@=K5 8 E@8AB>;>38G5A:85 A?>@K, 2 :>B>@KE E@8AB80=AB2>
A;>68;>AL :0: 3>AC40@AB25==0O @5;838O, B0:>20 5D>@<0F8O 8 B0:>2
A>2@5<5==K9 :@878A E@8AB80=AB20, :>B>@K9, ?> <=5=8N <=>38E 5ABL
;8HL ?>8A: ?5@5E>40 : >G5@54=>9 ?0@0483<5. MB>< A<KA; H8@>:>
8725AB=>3> ?0@04>:A0: " %@8AB80=AB2> 2A5340 >4=> 8 B> 65, => =5 B>
65 A0<>5" .
0?8H5< >?@545;5=85, :>B>@>5 7025@H8B :@C3 =0H8E ?@5420@8-
B5;L=KE ?>=OB89:
" - MB> 107>20O <>45;L, >?@545;ONI0O AB@C:BC@C E@8AB80=-
A:>3> 273;O40 =0 459AB28B5;L=>ABL. "0: =07K205BAO 2AO A>2>:C?-
=>ABL C15645=89 8 F5==>AB59 40==>9 M?>E8 @0728B8O &5@:28.
: 4 4
A * . F R M L¤ I » K A "D ¤ ¤ B, K$ · % $ W. P Q C : \ M D E \ A L I M O V \ M L A . W D A * . F R M | 1 + U u )6 I N J ! w 0 @ A * . F R M