SPN65-0217 Un Hombre Huyendo De La Presencia Del Señor VGR

*# $"' *-#$ ! %'(# ! (^$'
5.%&$')*%&
(/-"2 %(59%.$/
$%,
!02%3%.#)!$%,3%¦/2
'(%"
#,&'
3 A6?<A8@BF AH8FGEBF EBFGEBF @47B <BF 8FG4@BF
6BAG8AGBF 8FG4 G4E78 CBE 8FG8 CE<I<?8:<B DH8 G8A8@BF 78
E8HA<EABFHA4I8M@_F-Fc?B)d(8bBEF458F6c@BAH8FGEBF
6BE4MBA8F ;4A 4A;8?47B 8FG4 ;BE4 6H4A7B ABF CB78@BF C4E4E
4AG8)HCH85?BBGE4I8M4DHaLGE48E8FG8"8AF4=8DH8ABFBGEBF
G4AI<G4?@8AG8F8AG<@BFDH88FG4AHE:8AG88A8FG4;BE4)dABF
;4F4F<:A47B8FGBF6H4AGBF7a4F4;BE4LEB:4@BF4@47B<BF
DH8 )H @4AB 78 @<F8E<6BE7<4 8FG` FB5E8 ABFBGEBF C4E4
:H<4EABF L 7<E<:<EABF - 74ABF 4DH8??4F 6BF4F 78 ?4F 6H4?8F
G8A8@BF A868F<747 (8bBE CBEDH8 AH8FGEBF 6BE4MBA8F 4A;8?4A
6BAB68EG8@8=BE
P #BFBGEBFI8@BF8?:E4A64@CB786BF86;45?4A6B@47HEB
LF458@BFDH88?:E4AB8FG_?<FGB4;BE4C4E48?:E4AG<8@CB78
?4 GE<??4 @47B <BF EB:4@BF DH8 )d 45E4F ?4F 6_F64E4F 78
4?E8787BE 78 ABFBGEBF C8E@aG8ABF 8FG4E 8A ?4 %E8F8A6<4 78?
<=B4;BE48A8FGBF7a4FDH8F<:H8ALDH8@47HE8@BFC4E48?
'8<AB78<BF
Q 8A7<68 6474 64AGB DH8 F8E_ 64AG47B 8A7<68 6474
BE46<cA L E8FCBA78 6474 HA4 DH8 F8E_ BE474 (8bBE (4?I4 4
GB7BF ?BF C8E7<7BF !?4@4 78 E8:E8FB 4 ?4 64F4 78? <BF
I<I<8AG8L4?6B@C4b8E<F@B44DH8??BFDH8F8;4A4C4EG47B
R 'B:4@BF <BF DH8 )d F4A8F 4 GB74 C8EFBA4 8A98E@4 DH8
8AGE4 54=B AH8FGEB G86;B BA6`78?B (8bBE &H8 AB ;4L4 HA4
FB?4C8EFBA47`5<?8AGE8ABFBGEBF4?9<A4?788FG4FE8HA<BA8F
S - 4@47B <BF ?H8:B C4E4 ABFBGEBF @<F@BF ABFBGEBF ?BF
DH849<E@4@BF8A8FG4;BE4F8E?4:?8F<4?BF!?4@47BF9H8E4
4DH8??BF 4?E8787BE 78? @HA7B DH8 ;4A F4?<7B 78 45<?BA<4 L
C4E4 F8E C4EG<6<C4AG8F 78 8FG8 @4E4I<??BFB 6B@C4b8E<F@B 8A
8FG8 d?G<@B 7a4 EB:4@BF <BF DH8 )d 58A7<:4F AH8FGEBF
6BE4MBA8F 78 G4? @4A8E4 FG4@BF I8E7478E4@8AG8
;4@5E<8AGBF (8bBE L I46<47BF 78 GB74F ?4F 6BF4F 78? @HA7B
DH8 ABFBGEBF F8C4@BF (8bBE ABF ;8@BF 78FCB=47B 78 GB7B
C8FB DH8 G4A 9_6<?@8AG8 ABF 4F87<4 L 4;BE4 C8E@<G8 DH8
6BEE4@BF 6BA C46<8A6<4 8FG4 64EE8E4 DH8 G8A8@BF CBE 78?4AG8
BA6`78?B %47E8 - DH8 F84@BF E<FG<4ABF @_F ??8ABF @_F
9H8EG8F L @8=BE8F 4? 9<A4? 78 8FG8 F8EI<6<B 78 ?B DH8 `E4@BF
6H4A7B 8AGE4@BF &H8 <BF E86<54 GB74 ?4 :?BE<4 CBEDH8 ?B
C87<@BF8A8?#B@5E8788FdF@`A
T -B C<8AFB DH8 8FG8 8F HA :E4A7<BFB CE<I<?8:<B 8FG4 AB6;8
CBE8?6H4?;88FC8E47B4?:dAG<8@CB?BGEB7a4LB?88FG454
! %!' !
7<6<8A7B 4 @< 8FCBF4 LB 7<=8 Z"8 CBA:B G4A A8EI<BFB
8FC8E4A7B C4E4 ??8:4E 4? G458EA_6H?B[ -B Fc?B1-B G8A:B
BGEBF 4@<:BF CBE FHCH8FGB ?BF G8A:B 4?E8787BE 78? @HA7B
C8EB;4L4?:HA4HBGE46BF4468E64788FG8G458EA_6H?B4DHa
-B9H<F4647B788FG8CB?IB784DHa4?E8787BE6H4A7B<BF
@8 7<B I<74 4DHa 8A ?4 G<8EE4 L 6E8B DH8 F< ? G4E74 F8E`
F8CH?G47B 4DHa 8A 4?:HA4 C4EG8 H4A7B ? I8A:4 ? @8
8A6BAGE4E_4DHa8A4?:HA4C4EG8
U %8EBC4E8686B@BDH8;4L4?:B6H4A7B@8CBA:B4C8AF4E
468E64788998EFBAI<??8?BGEB7a4@8F8AGaG4AFB?B?87<=84@<
8FCBF47<=8ZFGBLABFG_?:<6BLABF`6BAE8FC86GB4DH`8FGBL
G4A ABFG_?:<6B 4 @8ABF DH8 F84 8F4 :8AG8 BE4A7B CBE @a[ -B
7<=8Z%H8FLB1!BdA<6BDH8F`;468E8FE8:E8F4ELG8A8EHABF
6H4AGBF7a4F78E8HA<BA8FI8EF<ABCB78@BF8A6BAGE4E4?:B78
C4EG878?(8bBEDH<M_F?DH<8E8DH8F8C4@BF4?:B[
-8?:E4AG8@4I<G4?DH8G8A8@BF78?4AG878ABFBGEBF4;BE4
8F -'#(.) #0),#) - F< ;4L HA4 CE8:HAG4 G<8A8 DH8
;458E HA4 E8FCH8FG4 #B CH878 ;458E HA4 CE8:HAG4 4 @8ABF
DH8 ;4L4 HA4 E8FCH8FG4 #B <@CBEG4 DH` 8F G<8A8 DH8 ;458E
HA4E8FCH8FG4(<8?(8bBEDH<8E8DH<8EBGE4G4E78;45?4EFB5E8
8FB8?7B@<A:B8A?4@4b4A4
V -?H8:B@4b4A48A?4AB6;86E8BDH87858@BF8FG4E4DHa8A
?41]c@B F8 ??4@4 8F4 8F6H8?4 /? 8E@4AB #8I<??8 7<68
Z%4E>I<8J[27<GBE0 ? 4H7<GBE<B %4E>I<8J ]&H` F8bBE
/Z(86HA74E<4 %4E>I<8J[0 (86HA74E<4 %4E>I<8J ]H_AGBF
F458A7cA788FG_H8ABFHCBA:BDH88??BFI4A4G8A8E?8GE8EBF
49H8E4]AB8F4Fa8E@4AB#8I<??8/Z(a[0F1FG_HACB6B
@_F4EE<54784DHa6B@B26B@B4GE8F6H4EGBF78@<??4/B@B4
HA><?c@8GEBL6H4EGB2)E47H6GBE0LI44;458EHA?8GE8EB*7F
7B5?4AF4?<`A7BF878?464EE8G8E4FHA5BA<GB87<9<6<B8?8I47B
)<8A8 ?H:4E8F 7BA78 *7F CH878A E864E:4E FH 5E4MB L GB@4E
ABG4F78?BDH8DH<8E4A8F6E<5<EL2L2L6BF4F-8FGBLF8:HEB78
DH8*7F?BI4A47<F9EHG4EHACBDH<GB@_F78?BDH8?B8FG4Ea4A
4?:B4@BAGBA47BF8A?4FE8HA<BA8F4DHa8A8?28A8?G458EA_6H?B
45E_54FG4AG88FC46<B54FG4AG88FC46<BC4E48FG46<BA4EF8
W ;BE4LBC<8AFBDH88??BFG<8A8AHA4C8DH8b4E8:?4?46H4?
GHI<@BFDH8CEB@8G8E464G4E8FB8E4AB??8:4E4?G8EE8AB;4FG4
6B@B 4 ?4F F8<F L @87<4 /? 8E@4AB #8I<??8 7<68 Z#B ;4FG4
?4F 6<A6B L @87<4 AB 8FG4E 4??a 4AG8F 78 ?4F 6<A6B L
@87<4[27<GBE0-]4DH`;BE41/Z!4FCH8EG4FF845E8A4?4F
F8<F L @87<4[0 E8B DH8 F8Ea4 HA4 5H8A4 <784 DH8 ABFBGEBF
??8:H8@BF4??a4?4FF8<FL@87<4
;BE4 8??BF G<8A8A BGEB 4H7<GBE<B 4DHa 8A ?4 6<H747 8A 8?
DH8F8CH878AF8AG4EF8<F@<?(<ABF6B@CBEG4@BF5<8A8A8FG8
DH<M_F 8??BF ABF C8E@<G4A HF4E 8? BGEB 4?:HA4 I8M C4E4 HA4
E8HA<cA :E4A78 DH<M_F 4?:HA4 I8M 8FG8 I8E4AB 6H4A7B LB
E8:E8F878H?GE4@4E
*# $"' *-#$ ! %'(# ! (^$'
ON - 4Fa DH8 LB 6E8B DH8 CB78@BF F8AG4E ;4FG41] 6H_AGBF
CB78@BF F8AG4E 4??_ /? 8E@4AB #8I<??8 7<68 Z%B78@BF
F8AG4E 6B@B 6H4GEB @<?[27<GBE0 H4GEB @<? Fa DH8 ]I8A
*7F I4@BF 4 G8A8E 54FG4AG8 8FC46<B #B ;45E_ CE<F4 - 4Fa
DH8??8:H8A4?4FF8<FL@87<4-8AGBA68FGB7BFCH878A8AGE4E
4?4;BE46BEE86G4GB7BF=HAGBFL8FGBLF8:HEBDH8*7F2*7F
G8A7E_AHA5H8A4F<8AGB-8FG_8?8I47B-6L2LHA?H:4E4DHa
7BA78*7FCH878A8F6E<5<ELGB@4EABG4FL78@_F-8FBI44
6B@8AM4EF<8?(8bBEDH<8E81
OO -B 6E8B 4;BE4 8FG4 AB6;8 F<8A7B 8FG4 E8HA<cA 78 BE46<cA
78?@<`E6B?8FCBE?4AB6;8G8A8@BF1??H:4E8FG_64F<??8AB
4FaDH8LBC<8AFBDH8DH<M_F8F@8=BEDH88@C868@BF@4b4A4
8A?4AB6;8!BE8AG4@BFFc?B6BA8FC8E4AM4F78DH8DH<M_FF<
9H`E4@BF FH9<6<8AG8F C4E4 G8A8E HA 8K68FB 4DHa ABFBGEBF
CH7<`E4@BF <E 4??_ %8EB LB 6E8B DH8 8F1F8Ea4 @8=BE <E 4??_
]AB 6E88 4Fa 8E@4AB #8I<??8 <E 4??_ @4b4A4 8A ?4 AB6;8 ]6H_AGBF C<8AF4A DH8 8F4 F8Ea4 HA4 5H8A4 <784 - 8AGBA68F
*7F CH878A G8A8E 54FG4AG8254FG4AG8 8FC46<B -4 8FG_28FG_
E8AG47B ;4 F<7B C4:47B CBE 4?:HABF ;8E@4ABF 4DHa 8A ?4
<:?8F<4 (c?B ABF 6BFGc 6<A6H8AG4 7c?4E8F CBE AB6;8 ?B 6H4? 8F
@HL@HL1&H<F<8E4G8A8E8FB8AGB74FC4EG8FCB78EF8AG4E4
G4AGBF CBE 6<A6H8AG4 7c?4E8F ?4 AB6;8 HA 87<9<6<B AH8IB HA4
5H8A4C?4G49BE@4-C8EB8FG4@BF1
OP %BEFHCH8FGBI4@BF4E86B:8EB9E8A74F@8FHCBA:B-AB
DH8E8@BF DH8 8FBF ;B@5E8F C4:H8A CBE 8??B 8??BF @<F@BF
ABFBGEBF C4:4E8@BF CBE1?BF I4@BF 4 E88@5B?F4E %8EB
6H4A7B B5G8A:4@BF C4E4 AH8FGEBF :4FGBF L 6BF4F CH8F
8AGBA68F CBE FHCH8FGB CB78@BF 78=4E 78 E86B:8E B9E8A74F
#BFBGEBFAB1
OQ (< ;4L 4?:dA 78F6BAB6<7B 6BA ABFBGEBF ;8@BF ;86;B 8FB
HA4ABE@478AHA64C87<E@8A7<:4ECE8F<BA4E4?4:8AG8CBE
7<A8EB%4F4@BF8?C?4GB78?4F6B?86G4F?B6H4?8FFc?B1F8
8F HA 46GB E8?<:<BFB -B ?B ;8 GE4G47B @H6;4F I868F 78 A<
F<DH<8E4C4F4E8?C?4GB78?4F6B?86G4F8A?B45FB?HGBC8EBAB
9HA6<BA4 ]+8A %BEDH8 74E 8F HA4 C4EG8 78 AH8FGE4 E8?<:<cA
F HA4 C4EG8 78 AH8FGEB 7858E #B <@CBEG4 F< Fc?B FBA 7<8M
68AG4IBFB?BDH8F84BHA68AG4IB8FGB7B1
OR FaDH8*7FE86H8E74A8FdFI<BHA4I<H74C4F4EHA7a4
7BA788?;B@5E8E<6B8FG454CBA<8A7B@H6;B78FHG8FBEB8A8?
4E64 - 8FG4 I<H74 C4Fc DH<M_F 6BA HA C4E 78 A<b<GBF
;4@5E<8AGBF64@<A4A7B4FH?47BL7<BGB7B?BDH88??4G8Aa4
GE8F68AG4IBF-8FdF7<=BZ]&H<`A7<B@_F[
OS ;BE4 F< LB ;H5<8E4 8FG47B C4E47B 4??a LB ;H5<8E4 7<6;B
Z#B ;4:4 8FB ;8E@4A4 #BFBGEBF2ABFBGEBF @<E8 ABFBGEBF
G8A8@BF 54FG4AG8 7<A8EB[ %8EB ? AHA64 ?4 78GHIB ]+8A
?2?F45a4DH8G8Aa44?:B@_F:E4A78C4E48??4@_F478?4AG8
8A 8? 64@<AB Fa DH8 ]I8A 78FCH`F 78 GB7B 8??4 G8Aa4 HA
! %!' !
;B:4E8A?4?BE<44?DH88??4<54-?AHA64?478GHIB??8
C8E@<G<c CBA8E FHF GE8F 68AG4IBF CBEDH8 F<@C?8@8AG8 8E4 ?B
DH8 8??4 DH8Ea4 ;468E - 8??4 G8Aa4 DH8 DH8E8E ;468E?B 6BA
;<=BF L F<8A7B HA4 I<H74 L 6BA Fc?B GE8F 68AG4IBF C4E4 I<I<E
??4 8??4 G8Aa4 DH8 DH8E8E ;468E 8FB Fa DH8 ]I8A *7F
6H4A7B ?4 :8AG8 DH<8E8 74E HAB G<8A8 DH8 74E?8F ?4
BCBEGHA<74778;468E?B4Fa
OT %8EB LB C<8AFB 78 8FGBF C4E_A7BF8 L :8AG8 7<6<8A7B
Z]&H<`A 74E_ 6<A6H8AG4 7c?4E8F ]&H<`A 74E_ I8<AG8 7c?4E8F[
-B C<8AFB DH8 8FB 8F C8E=H7<6<4? C4E4 ?42C4E4 ?4 <AG8?<:8A6<4
78HAB-B2LBC<8AFBDH8?4:8AG8F8746H8AG4DH8F8A868F<G4
7<A8EBC4E42C4E4??8I4E4645BHA42HA4E8HA<cA-LBAHA64
?8F C8E@<Ga4 4 8??BF ;468E?B 4 ?BF 47@<A<FGE47BE8F -B 7<=8
ZH4A7B*7FG8A:4ADH8;468E8FB8AGBA68F8FG<8@CB78DH8
LB@8E8:E8F84?G458EA_6H?BFaDH8ABG8A7E8@BFDH8;468E
8FB[%8EBLB2LBC<8AFBDH8G8A8@BFDH8C4F4E8?C?4GB78?4F
B9E8A74F C4E42C4E4 CB78E ;468E?B HA F8EI<6<B E8?<:<BFB
6B@C?8GB
OU - 4Fa DH8 8??BF CEB545?8@8AG8 C4F4E_A HA C?4G<GB C4E4
B9E8A74F 6474 AB6;8 7<6<8A7B 4?:B 6B@B ZH8AB ABFBGEBF
E86B:8E8@BF ?4 B9E8A74 4;BE4[ - 8??BF C4F4E_A 8? C?4GB 78 ?4
B9E8A74L8F828F8F8E_8?9<A788??B
OV -6474AB6;8F<8?(8bBEDH<8E8LBC<8AFBDH88?(8bBE;4
CH8FGB8A@<6BE4McAHA"8AF4=8@HL789<A<7BC4E4?4:?8F<4
-B ;8 8FG47B I4E<BF 7a4F 8A BE46<cA - AB 8AGE4E` 8A 8FB
CBEDH8HA:E4A98Ac@8ABFH687<c8?BGEB7a4DH89H8E84?@8AG8
:E4A78 FGBL 4AF<BFB 78 6BAG4E?8F 468E64 78 8??B - 4;BE4 8?
G8@4CE<A6<C4?LBFHCBA:BDH864F<GB7BF8??BF7<=B<??LDH8
;4A 8FG47B ??4@4A7B 8E4 FB5E8 -'#(.) #0),#) ?
6H4? 8F HA :E4A2HA :E4A G8@4 L LB2LB AB F45a4 6c@B
45BE74E?B - LB FH5a 4 BE4E FB5E8 8??B L 8? (8bBE F8 8A6BAGEc
6BA@<:B-F`DH8LBCBE1-BAB?BG8A:BC8EB<BF@8?B;4
747B4@a?BG8A:B4;BE4<BF@8;4747B4@a?4E8FCH8FG4
6BEE86G4]I8A]I8ALLB2LBF`DH88FB8FI8E747
OW -4FaDH8GB74Ia4ABF`8K46G4@8AG8DH<M_F8?7B@<A:BLB
?8 CH7<8E4 C87<E 4 AH8FGE4F ;8E@4A4F DH8 B@<G4A ?4 E8HA<cA
8??4F @<F@4F C8EB LB2LB AB F` 8C8A78Ea4 F< ?4F @H=8E8F
64F474FDH<8E8AI8A<E6BAFHF8FCBFBF4L2;4L4?:HA4F6BF4F
E84?@8AG8 I<G4?8F DH8 G<8A8A DH8 F8E 7<6;4F ?4 I8E747 468E64
78 8??4F L 6c@B1- 4Fa DH8 DH8E8@BF 45FB?HG4@8AG8
8KCBA8E?B 78 ( ! (^$' 8AGBA68F *7F ?B G<8A8A
*7F F458A 8K46G4@8AG8 DH` 8F ?4 +8E747 8AGBA68F - 8FGBL
6BA9<4A7BDH8?;4E_8FB
PN -4;BE4LB8FG4544DHa4EE<548A8?E8FG4HE4AG88?BGEB7a4
6B@<8A7BL2L8EELLGB7BF8??BF?BF8FG_A8FC8E4A7B4GB7BF
*7F??BF7<=8EBA7<=8EBAZH8ABABFBGEBF1[?:HABFHAB
78?BF@H6;46;BF8FG4544??_4EE<547<=B8FG8;B@5E87<=BZ
@a@8I44<E@HL5<8A8FG4F8@4A4[7<=BZ8??BFG<8A8A1$
*# $"' *-#$ ! %'(# ! (^$'
8FG4F CEcK<@4F 7BF F8@4A4F[ <=B Z??BF G<8A8A HA42HA4
E8HA<cA4DHa7854?BA68FGBBHA4HBGE46BF4[<=B8AGBA68F
7<=B ZE4A;4@ 8FG_ 4??a I4A 4 G8A8E HA4 E8HA<cA[ ? 7<=B
Z+BL44?<@8AG4E4HA4:E4A64AG<74778:8AG8[A8?'4A6;
BHF8 HAB 78 8FBF ?H:4E8F 4??_ 4EE<54 - 8??BF 8FG454A1;4A
F<7BI8E7478E4@8AG84@45?8F
PO - LB ?BF 4CE86<B 4 GB7BF *7F CBEDH8 8??BF 6<8EG4@8AG8
4?4E784EBAL7<=8EBA6BF4F5H8A4F468E6478*7F
PP ?47@<A<FGE47BE4??_4EE<548A8?'4A6;BHF8F88A6BAGEc
6BA@<:B?4BGE4@4b4A4-B??8:H`6B@B4?4F7BFL@87<478
E<MBA4 - `? 7<=B Z%H8F 8E@4AB E4A;4@[ 7<=B ZLB
8F6H6;` DH8 *7 I4 4 G8A8E BGE4 E8HA<cA[ <=B ZBAF8:Ha HA
CB6B784LH7447<6<BA4?[7<=B`?-7<=BZAGBA68FLBDH<8EB
786<E HA4 6BF4 DH8 8F4 :8AG8 DH8 I<8A8 78 4??_ 454=B[ 7<=B
Z8??BF I8E7478E4@8AG8 FBA :8AG8 4@45?8[ ;BE4 8FB @8 ;<MB
F8AG<E@8@HL5<8A468E6478*7F]I8A
%BEDH878FCH`F78GB7BF<8AGB6B@BDH8FBA@<FA<bBF/A
<A:?`F F8 HFc ?4 C4?45E4 %# DH8 F<:A<9<64 G4AGB ZA<bB[ 6B@B
Z645E<GB[2)E47H6GBE0 L LB2LB1B ;<=BF @8=BE 7<6;B - 4Fa
DH8LB145E<GBF8E89<8E84HA4645E4L*7FABFBA645E4F
*7F FBA @<F 6BE78EBF ]&H` ?8F C4E868 8FB *7F FBA ?BF
6BE78EBF78?(8bBEDH8?@8;4C8E@<G<7B4?<@8AG4E-6BA9aB
DH8 8??B28??B1DH8 ? @8 C8E@<G<E_ ;468E 8FB #BFBGEBF
I4@BFCBE8?64@<AB
PQ - 468E64 78 8FGB 78 -'#(.) #0),#) ;8 DH8E<7B
;45?4E FB5E8 8??B 78F78 8? G<8@CB 78 8FBF (<8G8 (8??BF *7F
F458A ?BF @<FG1)B7BF ?BF @<FG8E<BF 785a4A 78 F8E 747BF 4
6BAB68E 8A 8??BF 8? 45E<E 8FBF (<8G8 (8??BF GB7BF ?BF @<FG8E<BF
78?4<5?<4-8FGBLC8AF4A7B4;BE48FGBLCBA<`A7B@8@_FB
@8ABFI<8=BLB2LBC<8AFBDH8LB1-BC8AF`DH8F8Ea4@8=BE
CBE?B@8ABFCBA8E?B8A6<AG4L4F84F<4?:B@8FH687<8E44@a
8AGBA68F ?4 :?8F<4 CH7<8E4 CE8:HAG4EF8 Z]"8 CE8:HAGB DH`
G8Aa4 `? 8A FH @8AG8 ]&H` 7<Ea4 `?[ - GB7BF 8FBF G8@4F DH8
C4E868AF8EG4A7<9a6<?8FLBC<8AFBDH8?416BA?44LH7478?
(8bBEIBL4GE4G4E78GE4`EF8?BF4*7F-8AGBA68F28AGBA68FF<
4?:B FH6878 L F< FH687<8E4 DH8 LB @8 9H8E4 4AG8F 78 DH8 ?
I8A:4*7F2*7F8AGBA68F?BG8A7E_AE8:<FGE47B
PR -B 6E8B DH8 F464@BF 4?:HABF ?<5EBF AH8IBF -B I8B 4 ?4
8E@4A4 +4L?8 LB AB F` F< 8? 7B6GBE 8FG_ 4DHa B AB ]FG_ `?
4DHa8E@4A4+4L?8?CEB545?8@8AG88FG_8A?4E8HA<cA#B
?B I8B %8EB B; Fa 4??_ @HL 4GE_F - 8? 8E@4AB +4L?8 ;4
8F6E<GB HA ?<5EB L 8F HA1-B C8AF454 6E8B DH8 8??BF 7<=8EBA
;BL 7BF 8E@4AB +4L?8 ]8F 6BEE86GB 8FB G<8A8 *7 7BF 4DHa
4;BE4 BF ?<5EBF ;BE4 LB AB F` LB1 6B@B LB ?B
8AG<8A7B 8F DH8 6474 C8EFBA4 E86<5<E_ HA4 6BC<4 Fa DH8
LB1(< *7F18 8F4 @4A8E4 ?B 8AG<8A7B -B CH7<8E4 8FG4E
8DH<IB647B8A8FB
! %!' !
PS - ?H8:B - #. - !&-# ;4A F<7B
G8E@<A474F ]8F 6BEE86GB 8FB 8E@4AB +4L?8 L 8FG_A
<@CE8F4F 4;BE4 - LB F` DH8 *7F DH8EE_A B5G8A8E?4F CBEDH8
E8FCBA78A@H6;4FCE8:HAG4FDH8;4A8FG47B8AFHF6BE4MBA8F
-?H8:B78FCH`F788FBCH8FI4@BF4GE4G4E78CBA8E?BF#.
&&)- 45<8EGBF *7F F458A 8A 8? ?<5EB C4E4 DH8 6474 HAB
CH874 ?88E 8A ?4 9BE@4 DH8 8??BF2DH8 8??BF DH<8E4A DH8
CH874A 8AG8A78E?B L 8FGH7<4E?B -B 6E8B DH8 6H4A7B F84
8F6E<GBF<1
PT %E<@8EB ?B F464@BF 7<E86G4@8AG8 78 ?4 6<AG4 G4? L 6B@B
9H8 8F6E<GB B ;45?47B *7F F458A HAB CH878 CE87<64E HA
F8E@cA8F48FHA46BF4L?H8:B8F6E<5<EHA?<5EB8FBGE4]+8A
CBE8=8@C?BF<FH687<8E4DH8LBGB64E4HAG8@4CBE8=8@C?BLB
?8F7<Ea44*7F*7F8AG8A78Ea4ALB7<Ea4Z;BE4?4F<@<8AG8
78?4F8EC<8AG8[]I8A
H8AB 4;BE4 8? ?86GBE 78 8F8 ?<5EB F< *7 F464E4 8FB F8
CE8:HAG4Ea4 Z]&H` 8F ?4 F<@<8AG8 78 ?4 F8EC<8AG8[ ]+8A 8??BF AB F45Ea4A (< FH687<8E4 DH8 9H8E4 4 HA ?H:4E 6B@B
%E<A68GBA /*A<I8EF<747 8A ?BF FG47BF *A<7BF2)E47H6GBE0 B
4?:HA4 C4EG8 L 8??BF28??BF C8AF4Ea4A DH8 AB FB@BF :8AG8
<AG8?<:8AG8
FaDH86BAF8:Ha4?8E@4AB+4L?8C4E4DH8@84LH78HA
CB6B 6BA 8FGB L 6BAF8EI4E ?4 ?aA84 78? @<F@B C8AF4@<8AGB L
74E?8 :E4@_G<64 - LB 8FGBL F8:HEB DH8 @< :E4@_G<64 8??BF1
(8Ea4 HA @<FG8E<B C4E4 8??BF E84?@8AG8 Fa DH8 8?1?
8E@4AB+4L?88FI8E7478E4@8AG85H8AB8A8FB4FaDH8`?8F
6B@BHA1
PU -?H8:B8A8FBLB6E8BDH8AH8FGEBCE86<BFB;8E@4AB7858
78 ;458E 64CG47B HA CBDH<GB 78 <AFC<E46<cA 47<6<BA4? 78
4?:HA4@4A8E4L`?7<=BDH8`?<5448F6E<5<EHAC4E78?<5EBF
FHLBF6B@B4E4aM788??4F-4FaDH8`?8F6E<5<cHAB??4@47B
6E8B & ,) . & #!&) #(. L BGEB !&-# )#
6E8BB4?:B4Fa
PV - <??L @8 7<=B DH8 8FG4 AB6;8 6E8B DH8 I4E<BF @<?8F 78
8??BF??8:4EBA;BL4?:H<8A?BFGE4=B78)8K4F-4FaDH88??BF
8??BF8FG4E_A4DHa-?BI4A44AHA6<4E6E8BF84A?BDH8F84A
E8B DH8 8FG_A C4GEB6<A47BF #B 8FGBL F8:HEB (< ?B 8FG_A
F8E_A 747BF 4 *7F ]I8A *7F G4@5<`A :E4G<F - 8FC8E4@BF
DH8*7F?BF7<F9EHG8A-F<?BF7<F9EHG4A8FGE86;8A?4@4AB78?
8E@4AB +4L?8 4??_ 4GE_F L 7a:4A?8 6H_AGB ?B 4CE86<4EBA -B
@<F@BAHA64?BF;8?8a7B(<LB?BF?8L8E4CH7<8E464@5<4E78
<784 468E64 78 8FB 4Fa DH8 GE4G4E` 78 ?88E?BF 8FG4 F8@4A4
@<8AGE4FG8A:4HA4BCBEGHA<747F<CH87B
PW ;BE4 F<8A7B @<`E6B?8F CBE ?4 AB6;8 AH8FGE4 E8HA<cA
B9<6<4?@8AG8 6B@<8AM4 @4b4A4 8A ?4 AB6;8 %8EB LB 6E8B
8FG4A7B 4DHa 8AGE8 *7F LB2LB2LB F<@C?8@8AG8 AB CB7a4
DH874E@8 4??_ 8A ?4 64F4 L2L F458E DH8 GB7BF *7F 8FG454A
*# $"' *-#$ ! %'(# ! (^$'
4DHa -B1Fa 6B@B *7F F458A 6B@B F< 4?:HABF 78 FHF
C4E<8AG8F ??8:4E4A *7F F458A L *7F 6BEE<8E4A ;4FG4 8? 9<A4?
78 ?4 64??8 4 8A6BAGE4E?BF *7F F458A -2L LB2LB C8AF` DH8
F<@C?8@8AG8I8A7Ea446_L2L?8F74Ea44*7F?45<8AI8A<744
8998EFBAI<??8-4FaDH88FG4d?G<@4F8@4A4LB6B@B1
#B 7<F6d?C8A@8 9H8 ;468 6B@B GE8F F8@4A4F LB ??8:H` 4
64F4 -B ;45a4 8FG47B 9H8E4 GE4G4A7B 78145a4 8FG47B 8A
HA4F E8HA<BA8F 4??_ 4 GE4I`F 78 E<MBA4 L E8:E8F` C4E4 GE4G4E
7878F64AF4E-F4?a8AHAI<4=8786468Ea4LLB2LBB5GHI88?
?8cA E`6BE7 8A 8? 8FG47B 78 E<MBA4 !B C8EF8:Ha 4 GE4I`F 78
I8<AG8@<??4F/)E8<AG4L7BF><?c@8GEBF2)E47H6GBE0785BFDH8
C4E4@4G4E?B
QN %8EB 8AGBA68F C8AF4E F<A 8@54E:B DH8 AHA64 C8AF`
6H4A7B LB 8E4 HA A<b<GB1(c?B C4E4 @BFGE4E 6c@B FH6878A
8FG4F6BF4FHA?H:4E6<GBDH88?(8bBEABF;4747B4??_4EE<54
C4E4?BF@8F8FDH88FG4@BF4??_L?48F6H8?4C4E4?BFA<bBF
-B 8E4 HA A<b<GB -B 6E8B DH8 <@@L %BB?8 8FG_ 4DHa 8FG4
AB6;8 DH<M_F FH C4C_ 8FG_ 4DHa <@ :E4A78 H<@BF 4 ?4
8F6H8?4=HAGBFLLBE86H8E7B8FG4EF8AG47B4??a6B@BHAA<b<GB
;4E4C<8AGB L M4C4GBF L 6BA M4C4GBF 78 G8A<F ?BF 787BF 9H8E4
788??BFC87a4CE8FG47BHAC874MB78C4C8?78HABLHA?_C<M
78BGEB
QO -B FB?a4 8F6E<5<E CB8Fa4 - ?4 (E4 ,BB7F 4DHa @8 ;<MB
E86<G4E 8FB 8FG4 G4E78 8A 6<AG4 468E64 78 @< I<8=B BE7 *7F
F458AL8F28FHAB5H8AB;BE48??47<=BZ%H8F*77858Ea4
788AI<4E8FB4?(EBE7[
-B 7<=8 Z4L 78@4F<474 I8E747 6E8B[ 468E64 78 HA
GE4DH8G8B 8A9E8AG8 L HA 6;<EE<7B 8A ?4 C4EG8 78 4GE_F L HA
EB@C86458M4F ;<AB 6B@B @864A<F@B 78 7<E866<cA %8EB
LB1F28FHA41%8EBLBF<8@CE87<=8?BdA<6BDH8LBG8Aa4
DH8 ;468E 8F 6BAG4E 6H4GEB ??4AG4F L F46H7<E?B ?B FH9<6<8AG8
C4E4 ;468E DH8 8A68A7<8E4 L ?H8:B FH5<E@8 8A `? -B 786a4
ZFG454 5<8A 6H4A7B 8@C8M454 4 FH5<E HA4 6H8FG4 6BA `?
4C8A4F L8A7B 4 G<EBA8F @HL ?8AGB 7<6<8A7B XE8B DH8 CH87B
6E8BDH8CH87B6E8BDH8CH87BY!H8:B8@C8M4544?BGEB?47B
7<6<8A7BX%8AF`DH8CB7a4C8AF`DH8CB7a4Y[]+8A
Fa 8F 6B@B I4@BF 4 G<EBA8F 8A 8FG4 6H8FG4 6B@B &
,)!,-)&,!,#()FaDH8ABFBGEBF1
QP -B G8Aa4 HA C8DH8bB CB8@4 DH8 8F6E<5a 4?:B 4Fa 786a41;BE4 Fc?B C<8AF8A LB Fc?B G8Aa4 6B@B 7B68 4bBF 8FG4A7B 4??_ 4EE<54 8? BGEB 7a4 @<E4A7B ;46<4 8F8 64bcA L
C8AF4A7B DH8 8F8 ?8cA 8FG4E_ 4DHa @<F@B 8A 8FG8 6H4EGB 78
8FGH7<B@<E4A7B;46<449H8E478?4I8AG4A48AHA4I8AG4A478
I<7E<B -B 8FG454 C8AF4A7B 8A HA C8DH8bB CB8@4 -B 9H< L ?B
GB@`8F4?:B4Fa(c?BC<8AF8A6c@B<BF1
! %!' !
QQ ]E88A *7F DH8 <BF 8FG_ 8A GB74 <AFC<E46<cA /!4
6BA:E8:46<cA7<68Z@`A[27<GBE0<BFG<8A8DH88F6E<5<EHA
64AGB]E88A*7FDH8<BF8FG_8A?BF64AGBF/Z@`A[0
8FdF 4Fa ?B 7<=B ? F8 E89<E<c 4??_ 4 4I<7 Z]#B F458A ?B
DH84I<77<=B8A?BFF4?@BF*7FF458AAB;41[
QR "<E8A?4@<F@46EH6<9<K<cA4I<7?464AGc8A8?(4?@B
Z<BF"aB<BF"aB]CBEDH`@8;4F78F4@C4E47B)B7BF@<F
;H8FBF8??BF@8@<E4ABE474EBA"<F@4ABFL"<FC<8F[*7F
F458AL8F88E4HA64AGB*AF4?@B8FHA28FHA64AGB
QS -8A8FG4CB8Fa4Fc?BB5F8EI8A6c@BFH687<c(8AG47B4??a
HAA<b<GB6BAHA4;B=478C4C8?CE8FG474LB7<=8
FGBL ABFG_?:<6B B; G4A ABFG_?:<6B CBE 8F8
?8=4ABFHEB8FG8
BA78 ?4F FB@5E4F 648A @_F CEB9HA74@8AG8
4?C4F4E?46<@478?4@BAG4b4
-B CH87B I8E HA 6BLBG8 4? 4686;B CBE GB74F
C4EG8F8A?4CdECHE4A85?<A4
-B CH87B BaE 4 HA ?B5B :E<G4A7B 7BA78 ?4F
E8F8F786H8EABF?4E:BFC4FG4A
- 8A 4?:HA4 C4EG8 4EE<54 8A HA 64bcA LB
CH87BBaE4HA?8cA:8@<E
A8F4F?8=4A4F"BAG4b4F4G4?<A48A8??a@<G8
78E<MBA4
QT H4E8AG44bBF78FCH`FLB8FGBLF8AG47B4??a@<F@B8A8F8
64bcA8F8?8cA@<E_A7B@88A8?EBFGEB
$; <BF ;4L HA4 )<8EE4 @_F 4??_ 78? EaB 8A 4?:HA4 C4EG8
4@<:BF (<@C?8@8AG8 8F DH8 G<8A8 DH8 8FG4E 4??a ]+8A
4L2;4L78@4F<47B;45?4A7B788??4)B74F8FG4F6BF4FABFBA
Fc?B @<GBF FBA1(BA E84?8F (BA E84?<7478F FGBL G4A
6BAG8AGB788FG4E4DHa8FG4AB6;8788FG4E6BA8FG4:8AG86BA
?4 DH8 8FGBL 8FC8E4A7B I<I<E ??_ C4E4 F<8@CE8 7BA78 L4 AB
;45E_ 8A98E@8747 B @H8EG8 B F8C4E46<BA8F - I<4=4E AB F8E_
A474C4E4ABFBGEBF8AGBA68F
QU ;BE4LBC<8AFBDH8A<A:HA4E8HA<cA8F6B@C?8G4F<A?88E
?4%4?45E4LG8A8EHA4C8DH8b41
8E@4AB #8I<??8 LB F<@C?8@8AG8 FH5a 4DHa 4EE<54 <??L
7<=B DH8 *7 DH8Ea4 DH8 LB ;45?4E4 ]E4 6BEE86GB 8FB
8E@4AB #8I<??8 /? 8E@4AB #8I<??8 7<68 Z@`A (a
(8:HEB[27<GBE0 &H<M_F ;8 747B HA CBDH<GB 78@4F<47B CBE
F8AG47BC8EBLB2LBF<@C?8@8AG8@8F8AGaG4A5<8A4?E8FC86GB
/Z\%H8F4@`A\(8:HEBF<`AG4F8[0
Fa DH8 4;BE4 *7F DH8 G<8A8A 64AGBF L 6BF4F I84A 4?
8E@4AB #8I<??8 6H4A7B *7F I4L4A 4 64AG4E L ?H8:B
F<@C?8@8AG8 DH8 F8 ;4:4 4??_ 4EE<54 - G8A:4@BF Fc?B HA
*# $"' *-#$ ! %'(# ! (^$'
CE8?<@<A4E 6B@B 78 @87<4 ;BE4 L 8AGE8@BF 7<E86G4@8AG8 8A
8FGBF"8AF4=8F@HLCEB9HA7BFLI84@BFDH`CB78@BFI8EDH8
I44;468E8?(8bBE-LBFc?B6BA9aB1
QV -B2LB 6E8B DH8 G8A8@BF +8E747 -B 8FGBL F4G<F986;B 78
8FB - LB 6E8B DH8 8? GE<:B 8FG_ 45FB?HG4@8AG8 ?4 6_F64E4 F8
8FG_ F8C4E4A7B 78 `? *7F F458A - ]I8A LB DH<M_F 7` HA
C8DH8bB CE8?H7<B FB5E8 8FB @4b4A4 8A ?4 AB6;8 ]I8A 6c@B
?4 6_F64E4 F8 8FG_ F8C4E4A7B 78? GE<:B %8EB 8? GE<:B G<8A8 DH8
C8E@4A868E8A?4%E8F8A6<478?<=BC4E4@47HE4E-C4E48FB
8FG4@BF 4DHa 4@<:B DH`78F8 8A ?4 %E8F8A6<4 78? <=B ;4FG4
DH8AH8FGEB:EHC<GB78:8AG84DHa;4FG4DH8??8:H848FG4EG4A
@47HEBC4E4E<FGBDH8??8:H84F8EC4AFB5E8(H@8F4FB8F
?BDH8LBDH<8EBDH8;4:4
QW - 4;BE4 4AG8F 78 45BE74E ?4 %4?45E4 78FCH`F 78 E86<G4E
CB8@4F L 78@_F BE8@BF 78 AH8IB !H8:B I4@BF 4 GB@4E HA
G8KGB
RN @47B8FdF4Ld74ABF4;BE48FG4AB6;88A8FG4F6H4AG4F
C4?45E4F@<8AGE4F8FC8E4@BF8A)<-EB:4@BFDH8)H:E46<4L
@<F8E<6BE7<4 8FG`A 6BA ABFBGEBF (8bBE - 8AG8EA868 AH8FGEBF
6BE4MBA8F DH<G4 GB74F ?4F 6_F64E4F ?4F 8FC<A4F ?BF 64E7BF
C8E@<G8 DH8 ?4 58A7<G4 ?HM 78? FB? 78 <BF 64<:4 FB5E8 ?4
%4?45E4 (8bBE - DH8 G8A:4@BF HA4 E8HA<cA G4A :E4A78 4?
:E47BDH8AB;4L4HA4C8EFBA4DH8ABF84F4?I48AGE8ABFBGEBF
GB7BF ?BF ;<=BF 8FG4E_A 8A 8? '8<AB 78 <BF DH8??BF F<A 8?
54HG<F@B 78? FCaE<GH DH8 ?B E86<54A %47E8 &H8 GB7BF ?BF
:E4A78F@<FG8E<BFDH87858@BF786BAB68E8A8FG48747(8bBE
F84AE8I8?47BF4ABFBGEBFLI8E8@BF?4F8A6<??8M78<BFC4E4
DH8 F8C4@BF 6c@B 6B@CBEG4EABF L 46GH4E 6BEE<:<`A7BABF L
GE4L8A7B ?BF @<8@5EBF 78 AH8FGEB 6H8ECB 4 7<F6<C?<A4 4 ?4
%4?45E4 C4E4 DH8 F8C4@BF 6c@B I<I<E 8A 8FG8 7a4 CE8F8AG8 8A
8?468E64@<8AGB78?(8bBE8FdF
RO "<8AGE4FLB?8B78)H%4?45E48FG4AB6;8(8bBELBDH<M_F
CBE@87<B78HA487H646<cAC4E6<4?CH7<8E4?88E8A4?:HA4F78
?4FC4?45E4FLDH<M_FCEBAHA6<4E@4?BGE4F%8EB(8bBE<BF
FB?4@8AG8)dCH878FF464E8?6BAG8KGB784??a)d8E8F8?*A<6B
DH8CH878;468E?B#B2AB;4L@4A8E478DH8HAF8E;H@4AB
?B ;4:4 4?:HA4 I8M 8FG_ 8A )HF @4ABF (8bBE Fa DH8 74ABF
6474AB6;84DH8??4F6BF4FDH88FG_A8F6BA7<74F8A)H%4?45E4
C4E4DH8CB74@BFF8E@8=BE8FE<FG<4ABFLI<I4@BF7846H8E7B
4? G<8@CB 8A 8? DH8 8FG4@BF I<I<8A7B 6B@B 8=8@C?BF 78
E<FG<4A<F@B%87<@BF8A8?#B@5E878?(8bBE8FdF@`A
RP ;BE4@H6;BF78*7F8AFHF<5?<4FLBDH<8EBDH845E4A
8A8?!<5EB78BA_FFHA1(<8@CE8;45?4@BFG4AGB78DH8
BA_F8E4HA64a7BLGB7B-BF<8@CE8;87898A7<7B4BA_F-B
AB6E8BDH8BA_F;45a464a7B-B2LBAB6E8B8FB-B6E8BDH8
G4A Fc?B 8F1#BFBGEBF F<@C?8@8AG8 4?:HA4F I868F ?B HF4@BF
! %!' !
786<@BF Z? 8F HA BA_F[ %8EB F< ABFBGEBF1-B L4 ;45?`
FB5E8 8??B 78 BGE4 @4A8E4 7<6<8A7B 6c@B 8F DH8 LB C8AF454
BA_FDH`FH687<c
#() *&, ")04 )(4- "#$) '#.#
##()
04(.. 1 0 6(#0 +/&& !,( #/ 1
*,!)( 9H8EG8@8AG8 )(., && *),+/ " -/#) -/
'&&(.'6
)(4- - &0(.8 *, "/#, & *,-(# ")04 ,-#- 1 -(#8 )* 1 "&&8 /( (0
+/ *,.6 *, ,-#- 1 *!() -/ *-$ (.,8 (
&&*,#,-)(&&)-,-#-&$)-&*,-(#
")04
RQ ]#B 8F 8F8 HA 9<A4? GE<FG8 ( )', /1() ,-(#&7),L8F88F@<G8@4
RR ;BE4 CE<@8EB DH8E8@BF C8AF4E 8A 8FGB BA_F 8E41!4
E4McA?4E4McACE<A6<C4?DH8LB6E8BDH8`?;<MB8FG4:E4A6BF4
4DHa9H8CBEDH8BA_F8E4HAH7aB-4`?F8?8C<7<cDH89H8E4
4 HA4 6<H747 8AG<? C4E4 CE8:BA4E 6BAGE4 8??4 C8AF4A7B DH8
`?ABF8Ea4E86<5<7B%BEDH8?BF8AG<?8FC8AF4Ea4AZ]&H`G<8A8
DH8 I8E 8FG8 H7aB 6BA ABFBGEBF[ %8EB ]I8A *7F BGE4 6BF4
ABF74HA4:E4A6BF44DHaC4E4I8EDH8<BFABFc?B8F<BF78
?BF H7aBF F<AB DH8 ? G4@5<`A 8F <BF 78 ?BF 8AG<?8F ? 8F
<BF78GB74?4:8AG8
RS ?Fc?B8F6B:<c4?BFH7aBF!BFH7aBF9H8EBA??4@47BF8?
CH85?B 8F6B:<7B 78 <BF H8EBA 8F6B:<7BF C4E4 HA4 64HF4
8FC86a9<64 - 8F4 64HF4 8E4 74E?8F 4 8??BF ?4 ?8L L 8??BF AB
CH7<8EBA :H4E74E?4 - ? F<@C?8@8AG8 @BFGEc CBE @87<B 78
8F8 CH85?B DH8 ?4 ?8L AB CB7a4 F8E :H4E7474 L DH8 ? 8E4
HA2HA2HA<BF78=HFG<6<4-?4?8L78@4A7454=HFG<6<4C8EB
AB;45a4:E46<48A?4?8LC4E4F464E4?;B@5E8#<A:HA4C8A4
8E4C4:474CBE?4?8LC8EBF8E8DH<E<c?4:E46<4C4E4C4:4E8F4
C8A4B4DH8??B54=B?B6H4?ABF;45a4CH8FGB?4?8L
RT - 4DHa BA_F 9H8 ??4@47B 6B@B `FG8 HAB 78 ?BF CEB98G4F
@8ABE8F78?4<5?<4C4E4<E48FG46<H747
-4DHa8A6BAGE4@BFHA8=8@C?B78GB7BFABFBGEBF474HAB
78 ABFBGEBF F<8@CE8 8FG4@BF ;HL8A7B 78 4?:B H<@BF 78 ?BF
CEB5?8@4F H<@BF 78 ?4F E8FCBAF45<?<7478F #BFBGEBF GB7BF
8FG4@BF CEBC8AFBF 4 ;468E 8FB #BFBGEBF ABFBGEBF 8FG4@BF
ABFBGEBF8FG4@BF@_FCEBC8AFBF46BEE8E78?BDH8?B8FG4@BF4
C4E4EABF L 8A9E8AG4E?B ]+8A ABFBGEBF F<@C?8@8AG81
ABFBGEBF2ABFBGEBF2ABFBGEBFABF8A6BAGE4@BF;HL8A7B
?:HA4F I868F ABF ;4??4@BF CEBC8AFBF 4 ;H<E 78? GE454=B
#B DH8E8@BF AB DH8E8@BF GE454=4E ?:HA4F C8EFBA4F
*# $"' *-#$ ! %'(# ! (^$'
F<@C?8@8AG8C<8AF4ADH8CH878A:4A4EF8?4I<74F<AGE454=4E
%8EB LB 6E8B (4?B@cA 9H8 8? DH8 7<=B DH8 ABFBGEBF CB7a4@BF
8A6BAGE4E4DHa?4E8FCH8FG44?B5F8EI4E4HA4;BE@<:4
RU *7F F458A HA4 ;BE@<:H<G4 @8 7<68A DH8 F< 8F4 GB74
;BE@<:4 AB GE454=4 L F8 454FG868 8F4 ;BE@<:4 AB 6B@8 8F8
<AI<8EAB G4@CB6B Fa DH8 GB7B 8? @HA7B G<8A8 DH82DH8
GE454=4E
RV )8A8@BF G4AG4F 6BF4F DH8 G8A8@BF DH8 ;468E G4AG4
E8FCBAF45<?<747 4 ?4 DH8 G8A8@BF DH8 ;468E?8 9E8AG8 )B7B 8?
@HA7BG<8A8DH8;468E?89E8AG84HA46<8EG4E8FCBAF45<?<747
RW H4A7B*7F26H4A7B*7F??8:4A4248F6B:8E4FH8FCBF4
C4E4 64F4EF8 B 8F6B:8E 4 FH 8FCBFB *7F2*7F G<8A8A DH8
GB@4EHA4E8FCBAF45<?<747-8AGBA68F*7F7858AE86BE74E1
&H<M_F *7F 6BAFGEHL8A HA4 64F4 8F HA4 64F4 5BA<G4 L
;8E@BF4 - 8AGBA68F E86H8E78A 6B@B @H=8E 64F474 *7F
G<8A8ADH8C8AF4E8A?4E8FCBAF45<?<747786E<4E;<=BF-*7F
G<8A8A DH8 C8AF4E DH8 8F4F C4E878F 5BA<G4F L ?HFGEBF4F I4A 4
G8A8EC8DH8b4F;H8??4F78@4ABFFH6<4FCBEGB74FC4EG8FFB5E8
8??4F 78@_F *7F G<8A8A ?4 E8FCBAF45<?<747 78 87H64E 4 FHF
;<=BF *7F G<8A8A ?4 E8FCBAF45<?<747 78 I8FG<E?BF L
4?<@8AG4E?BF
SN )B7B 8F HA4 E8FCBAF45<?<747 - 8F G4A 9_6<? 6H4A7B ?4F
E8FCBAF45<?<7478F ABF ;468A 9E8AG8 E8;H<E 78 8??4F - ABF
74@BF 6H8AG4 DH8 8? @4GE<@BA<B 8F HA4 E8FCBAF45<?<747 8A
GB7BF8AG<7B
SO HA @H6;4F I868F 8A6BAGE4@BF1F 7<9a6<? 786<E 8FGB
C8EB 8F I8E747 DH8 @<A<FGEBF @H6;4F I868F E8;HL8A HA4
E8FCBAF45<?<747 78 C4E4EF8 CBE ?4 I8E7478E4 %4?45E4 78 <BF
6H4A7B 8??BF FBA 6BA9EBAG47BF 6BA ??4 ??BF E8;H<E_A 8F4
E8FCBAF45<?<747 H4A7B ?4 +8E747 78 ?4 %4?45E4 78 <BF 8F
GE4a7464E4464E46BAABFBGEBF?BFF8E8F;H@4ABFG8A8@BF1
8FG4@BFCEBC8AFBF4E8;H<E;4FG48?d?G<@BE86HEFB
SP -B4645B78G8E@<A4E78;45?4E6BA@<FB5E<A<GB4??_?8F
HA4Gc?<6BL`?1-LB54HG<6`48F8@H6;46;B8A8?#B@5E8
78 8FH6E<FGB 4DHa ;468 HABF 6H4AGBF 4bBF L `? F8 =HAGc 6BA
HA4 @H6;46;<G4 L F8 6BAI<EG<c 8A 4Gc?<6B - LB FBFGHI8 ?4
@4AB78FH@47E8@<8AGE4F8??4F88FG454@HE<8A7B4??_??4
@8 7<=B ?4F d?G<@4F C4?45E4F ZH<74 78 "8?I<A[ - `?
F<@C?8@8AG8 ;4 8FG47B FBb4A7B FH8bBF ? F<@C?8@8AG8 AB
CH8781474 6474 7a4 ?4 d?G<@4 F8@4A4 `? ;4 8FG47B
FBb4A7BFH8bBF<=BZAGE`4GH<:?8F<4)aB<??LGd8FG454F
C4E47B 4??a CE87<64A7B -B ??8:454 6BEE<8A7B C4E4 8@C8M4E 4
;468E HA4 6BA98F<cA -B @8 78FC8EG454[ ? 7<=B Z-B2LB ;8
8FG47B8EE47B[
-B 7<=8 Z"8?I<A Gd AB A868F<G4F A<A:HA4 <AG8ECE8G46<cA
C4E4 8FB )H ?H:4E 8F 4??_ 4 7BA78 Gd C8EG8A868F[ FB 8F
6BEE86GB]+8A
! %!' !
SQ %8EB ;468E?8 9E8AG8 4 ?4F E8FCBAF45<?<7478F 4?:HA4F I868F
ABF 4EE4A64 ?4 @<F@aF<@4 C<8? 8? ;468E 8FB B@B C47E8
;468E?8 9E8AG8 4 ?4 E8FCBAF45<?<747 C4E4 74E?8 4? ;<=B 78 HAB
HA4 C4?<M4 8FBF C8DH8b<GBF HAB AB DH<8E8 ;468E 8FB %8EB
6B@B C47E8 B @47E8 HAB G<8A8 DH8 ;468E?8 9E8AG8 4 ?4
E8FCBAF45<?<747 78 6E<4E 4 8F8 ;<=B CBEDH8 ?4 <5?<4 7<68
Z8G`A8?64FG<:BL86;4E_F4C8E78E4GH;<=B[-8FBGB74Ia48F
5H8AB4AG8?BFB=BF78GB7BCF<6c?B:BDH8;4L8A8?@HA7BF4
GB74Ia4 F<:H8 F<8A7B ?4 +8E747 78 <BF (< F8 ;H5<8E4
CE46G<647B @_F 78 8FB AB ;H5<`E4@BF G8A<7B G4AG4
78?<A6H8A6<4 =HI8A<? L 6BF4F L ?4 6BEEHC6<cA DH8 G8A8@BF ;BL
8A 8? @HA7B %8EB ?4 4AG<:H4 E8:?4 78 BEB 78? ;B:4E ;4 F<7B
DH85E4AG474 ;468 @H6;B G<8@CB L 8??BF C8E@<G8A DH8 ?BF
A<bBF;4:4A?BDH8DH<8E4A
SR %8EB 4HA 6B@B 7<=8 @<A<FGEBF 8??BF ??8:4A 4 8FG4E 64E4 4
64E4 6BA ?4 +8E747 L ?H8:B F8 4C4EG4A 78 ??4 ]+8A 8??BF2
8??BF Fc?B G<8A8A1%4E868 DH8 ;4L 4?:B DH8 8??BF28??BF AB
DH<8E8A;468E?89E8AG8
SS "H6;4F I868F :8AG8 ;4 I8A<7B 7<68 Z-B F` DH8 8FB 8F
6BEE86GB 8E@4AB E4A;4@ C8EB F< LB ;<6<8E4 8FB 8??BF @8
86;4Ea4A9H8E478?4<:?8F<4[]&H`788??B(<*7FAB?B;468A
?BFI4A486;4E9H8E4??_4EE<54FaDH8*7FG<8A8ADH8F8E
86;47BF 9H8E4 8A 4?:HA4 C4EG8 ]I8A Fa DH8 @_F I4?8 DH8 ?8
;4:4A9E8AG88AI8M786BEE8E788??BL786<EZH8ABIBL4<E
4#BIBL4E8:E8F4E['8:E8F8F8:HEB8F6H6;8HACB6B@_F
78??B
F6H7E<b8A ?4F F6E<GHE4F 8FdF 7<=B ZF6H7E<b47 ?4F
F6E<GHE4F CBEDH8 4 IBFBGEBF BF C4E868 DH8 8A ??4F G8A`<F ?4
+<74 G8EA4 L ??4F FBA ?4F DH8 74A G8FG<@BA<B 78 "a[ %8EB
8A6BAGE4@BFDH8?4:8AG8ABF88A9E8AG46BA8FB
ST (<8A7BGE4a7BF44?4%E8F8A6<478<BFLI8E6H4A7B<BF
;<MB HA4 CEB@8F4 L <BF 8FG_ B5?<:47B 4 8F4 CEB@8F4 6H4A7B?GE488F4CEB@8F446H@C?<@<8AGB8AGBA68F?4:8AG8
G<8A8 G8@BE 78 ;468E?8 9E8AG8 4 ?4 E8FCBAF45<?<747 78 6H47E4E
6BA8?"8AF4=878?4;BE4A6BAGE4@BF8FB8AGB74FC4EG8F
SU ]&H`78*7F!HG8E4ABF]H_AGBF!HG8E4ABFG8Aa4AG8@BE
78?4:8AG8G8Aa4G8@BE78;468E?89E8AG84?4+8E74778!HG8EB
6H4A7B`?F4?<c6BA=HFG<9<646<cA"<E8A?BDH8?8F6BFGc4*7F
DH<M_F FHF CEBC<4F I<74F 8A F4?<E L 6BA98F4E 4 8FH6E<FGB L2L
??8:4E4F8EHA2HA!HG8E4AB
SV "aE8AF8*7F"8GB7<FG4F6c@BFB?a4F8EGB7BF*7FFB?a4A
F8E??4@47BFF4AGBFEB747BE8F(HCBA:BDH8*7FF45a4A8FB8??BF8AGE454A54=B8?FCaE<GHLF8F46H7a4A784EE<54454=B8??BF786a4ADH82DH88??BFG8Aa4AZ8?54<?878(4A+<GB[/*A4
8A98E@87472)E47H6GBE0 !BF "8G1FB AB 8FBF AB 8E4A
%8AG86BFG4?8F8FBF8E4A"8GB7<FG4F;468@H6;BF4bBF-8??BF
F8F46H7a4ALG8@5?454AL64a4A54=B8?CB78E78<BF-?8F
*# $"' *-#$ ! %'(# ! (^$'
G<E454A 4:H4 8A FHF EBFGEBF L ?BF 454A<6454A 6BA 454A<6BF
C8AF454A DH8 F8 ;45a4A 78F@4L47B - 4;BE4 *7F 8E4A
6BAF<78E47BFHA@BAGcA78F4AGBFEB747BE8F%8EB*7FG8Aa4A
FHF@47E8FLFHFC47E8FG8Aa4ADH8B468CG4E?4;468E?89E8AG8
4?4+8E747L4?BF;86;BFBE86;4M4E?4
SW ]&H` 78 *7F %8AG86BFG4?8F DH8 E86<5<8EBA ?4 E8FG4HE46<cA
78?BF7BA8F6H4A7B8?54HG<F@B78?FCaE<GH(4AGBI<AB6BA
;45?4E 8A ?8A:H4F L ?BF 7BA8F 78? FCaE<GH E8:E8F4A7B 4 ?4
<:?8F<4 %H8F ?BF "8GB7<FG4F DH8Ea4A 86;4E?BF 9H8E4 4 *7F L
8??BF 8A I8E747 ?B ;<6<8EBA %8EB *7F GHI<8EBA DH8 ;468E?8
9E8AG8F4?:BDH8*7FGHI<8EBADH8;468E
]&H`468E6478?4FHAGB6H4A7BFHE:<c468E6478?54HG<F@B
8A 8? #B@5E8 78? (8bBE 8FH6E<FGB L *7F I<8EBA DH8 8E4 ?4
+8E747 *7F G<8A8A DH8 ;468E?8 9E8AG8 B ;468E 4?:B 4?
E8FC86GB
*7FG<8A8AHA4E8FCBAF45<?<747GB7B8?@HA7B?4G<8A8L
*7F7858A788A9E8AG4EF848FG4F6BF4F"HL5<8A
TN - 8AGBA68F 6H4A7B *7F I8A 4;BE4 8A 8FG8 7a4 6H4A7B ?4
%4?45E4 78 <BF ;4 ;86;B 8FG4F CEB@8F4F 78 6BF4F DH8 I8@BF
FH687<8A7B 4;BE4 8AGBA68F G8A8@BF ?4 E8FCBAF45<?<747 78 B
;468E?8 9E8AG8 B 4?8=4EABF 78 ??4 *7F G<8A8A1*7F
F<@C?8@8AG8ABCH878AC8E@4A868EA8HGE4?8F*7FG<8A8ADH8
;468E4?:B4?E8FC86GB<=B1?:dA@BI<@<8AGBG<8A8DH8F8E
;86;B
*7F AB CH878A 8AGE4E CBE 8F4 CH8EG4 78 ?4 <:?8F<4 L F4?<E
F<8A7B ?4 @<F@4 C8EFBA4 DH8 8AGEc *7F B 8FG_A @_F ?8=BF B
@_F68E6478<BF6474I8MDH88AGE4ABDH8I4A4??_49H8E4
TO $; 6H_A 9_6<? 8F C4E4 ?4 :8AG8 E8;H<E 78 8FG4F 6BF4F - LB
DH<8EB DH8 C8AF8@BF FB5E8 `FG4F 6H4A7B 8@C868@BF 8A ?BF
F8EI<6<BFB9<6<4?8F@4b4A48A?4AB6;8DH8DH<8EBDH8*7FF8
9<=8A6H4A7B4?:B8F6BA9EBAG47BF<*7F1F<;4LHA47H744?
E8FC86GB (< ;4L HA4 7H74 4? E8FC86GB G<8A8 DH8 ;458E HA4
E8FCH8FG4
TP <:4@BF CBE 8=8@C?B DH8 LB 7<=8E4 DH8 LB <54 ;46<4 8?
B8FG8 L *7F @8 7<E<:<8E4A 8A -. 7<E866<cA H8AB 6H4A7B
@8ABF ?B C8AF4E4 LB C4F4Ea4 GBG4?@8AG8 @_F 4??_ 78 @<
B5=8G<IBL8FGBL78@4F<47B1-B8FGBL4?ABEB8FG8%H8F]DH`
F< 4?:H<8A @8 7<E<:8 8A -. 7<E866<cA L LB @8 IBL 8A 8F4
7<E866<cA %4F4E` @_F 4??_ 78 @< B5=8G<IB BGE4 I8M @8 9H< 4?
FHEB8FG8 %H8F F<8@CE8 L 6H4A7B ;4L4 HA4 7H74 8A DH`
7<E866<cA8F8?B8FG8G<8A8DH8;458EHA4E8FCH8FG47<E86G48A
4?:HA4C4EG8
- 6H4A7B 8FG4F CE8:HAG4F ABF 6BA9EBAG4A 468E64 78 ?4F
+8E7478F78?4<5?<4G<8A8DH88FG4E?4E8FCH8FG46BEE86G48A
4?:HA4C4EG8FB8F6BEE86GB)<8A8DH88FG4E4??a
! %!' !
TQ -6H4A7BABFBGEBFI8@BF?:BCE8F8AG47B-B6E8B8AI8M
78;H<E7<6<8A7BZ\$;GBAG8Ea4FLBABCH7<8E46E88EHA46BF4
6B@BF4-BABCH7<8E46E88EFB[%BEDH`ABGB@4A*7F?4
<5?<4 L F8 F<8AG4A L ?8 ;468A 9E8AG8 FGd7<8A?4 *7F 8FG_A
4DHa 8A ?4 E8HA<cA 4;BE4 F<@C?8@8AG8 `6;8A?8 HA4 B=8474
B@CEH`58A?B *7F @<F@BF 6BA ?4 %4?45E4 B@CEH858A ?4
%4?45E4 CBE @87<B 78 ?4 %4?45E4 F4 8F ?4 dA<64 @4A8E4 78
;468E DH8 ??4 7<:4 ?4 +8E747 - ??4 7858 786<E ?4 +8E747
78F78`A8F<F;4FG4CB64?<CF<F
TR E<FGB8F?4E8I8?46<cA78GB74?4<5?<4A?E<FGBGB7B
8? C?8A<GH7 6H@C?<@<8AGB 78 GB74F ?4F CEB986a4F 78 ?4 <5?<4
FBA 6H@C?<74F <A6BA7<6<BA4?@8AG8 8A E<FGB 8FdF CBEDH8 ?
8E4<BF@4A<98FG47B8A?464EA8
TS ;BE4 6H4A7B 8A6BAGE4@BF 8FG4F 6BF4F F<A 8@54E:B
6H4A7BFB@BF6BA9EBAG47BFLI8A<@BF4HA4E8HA<cALI8@BF
8? %B78E 78 <BF @BI<`A7BF8 L ;46<8A7B 6BF4F L ;46<8A7B
B5E4F FB5E8A4GHE4?8F L I8@BF DH8 F8 ??8I4 4 645B L @<E4@BF
8A ?4 <5?<4 L I8@BF DH8 8FG_ CEB@8G<7B C4E4 8FG4 ;BE4
8AGBA68F 6H4A7B I8@BF 8F4F 6BF4F 8AGBA68F FB@BF
6BA9EBAG47BF 6BA ?4 E8FCBAF45<?<747 78 B 468CG4E?B DH<8EB
786<E6B@BC4E4ABFBGEBF@<F@BF
TT ;BE4 @H6;4 :8AG8 F<@C4G<M4 @H6;4 :8AG8 7<68 DH8 8FG_
6BEE86GB%8EB8FBAB28FBAB?B;468?BDH81F4AB8F?46BF4
CBE ?4 6H4? *7F FBA E8FCBAF45?8F B@B ;8 7<6;B ]DH` F<
4??a1
TU (< LB 9H8E4 HA ;B@5E8 =BI8A L 8FGHI<8E4 5HF64A7B HA4
8FCBF4 C4E4 64F4E@8 L 4DHa 8FGHI<8E4 HA4 @H6;46;4 DH8
E8HA<8E4GB7BE8DH<F<GBDH8LBC8AF4E4DH8F8A868F<G454C4E4
F8E HA4 @H=8E %H8F @BE4?@8AG8 8??4 9H8E4 HA4 E8<A4 L
8A64AG47BE4 L2L HA4 5H8A4 C8EFBA4?<747 HA4 I8E7478E4
E<FG<4A4 GB7B ?B DH8 LB CH7<8E4 C8AF4E C4E4 DH8 @8 9H8E4
HA4 5H8A4 8FCBF4 #B <@CBEG4 6H_AGB LB 7<=8E4 DH8 8??4 8F
C8E986G4 DH8 8F 8K46G4@8AG8 4786H474 8??4 AB 8F @a4 ;4FG4
DH8LB?4468CG8L?4E8FCBAF45<?<74778DH88??4F84@<8FCBF4
TV F4 8F ?4 @<F@4 6BF4 DH8 8F 8? "8AF4=8 *7F CH7<8E4A
786<E ZFG_ 6BEE86GB B -.) +/&&) B ?B ).,)[ - 786<E Z-B
F<@C4G<MB 6BA `? -B 6E8B DH8 8F ?4 +8E747[ %8EB *7F G<8A8A
DH8 468CG4E?B L G<8A8 DH8 ??8:4E 4 F8E C4EG8 78 *7F L *7F
C4EG878?*7FG<8A8A1AGBA68F8F78*7F
TW H4A7B *7F F8 64F4A 6BA 8FG4 6<8EG4 @H=8E DH8 *7F ;4A
8F6B:<7B*7FFBA2*7FFBAHAB8AGBA68F
-788F4@4A8E4FBA*7F6BAE<FGBH4A7B*7F?BI8A4
? @4A<98FG47B L ;86;B E84? 8AGBA68F *7F FBA C4EG8 78 ? L
?8FC4EG878*7F-=HAGBF*7FFBAC4EG878?"8AF4=8
UN $; 6H_AGBF 54E6BF 78AB@<A46<BA4?8F G8A8@BF L8A7B 4
)4EF<F CBE ?BF BA4F8F 78 8FGBF 7a4F ABI86<8AGBF 78 8??BF L
4?:B54E6BFDH8GB@4A?4EHG49_6<?#BDH<8E8A;468E?89E8AG8
*# $"' *-#$ ! %'(# ! (^$'
BA_FABDH8Ea48A9E8AG4EF8?46BF478<E4?BF8AG<?8F?
AB DH8Ea4 ??8I4E 8F8 6EH8? "8AF4=8 4??_ Z8AGEB 78 6H4E8AG4
7a4FC8E868E_AF<ABF84EE8C<8AG8A[?45BEE86a4;468E8FB`?C8AFcZFBF8AG<?8F8F7<9a6<?F458EDH`@8I4A4;468E4
@a[ %8EB `? GHIB DH8 ;468E?8 9E8AG8 ]+8A %8EB `? GB@c HA
54E6B9_6<?L9H84)4EF<F54=c4?64F6B78?54E6BLF87HE@<c
GB@c?4EHG49_6<?
UO FHA64@<AB9_6<?8FHA64@<ABCBCH?4E6BA?4:8AG8F
9_6<? GB@4E 8? 64@<AB 7BA78 GB7BF CH878A 74E?8 C4?@47<G4F 4
HAB8A?48FC4?74L7<68ADH8HAB8FHA5H8A;B@5E8Z-8FG8
8F.&1.&L6<8EGB[L8?@HA7B?B@<E4E_4HABF9_6<?<ECBE
8?64@<ABCBCH?4E
%8EB 6H4A7B26H4A7B HAB G<8A8 DH8 ;468E 4?:B 7<98E8AG8
6H4A7B HAB F8 G<8A8 DH8 C4E4E 8A ?4 6BAI<66<cA 78 HAB 78 ?B
DH8 HAB F458 DH8 8F ?4 +8E747 4??a 8F 7BA78 8FG_ ?4 C4EG8
7<9a6<?4??a8F7BA78I<8A8?49E<66<cA4??a@<F@B
UP $;6B@B9E86H8AG8@8AG8;8@BF64AG47B8F84AG<:HB64AGB
H_A 9_6<? @<8AGE4F A4I8:4@BF 8A 8? @4E L
8FG_8A64?@4
BA9<4E8A?49H8EM478?:E4A5E4MB788;BI_
%8EBB;78=8ADH8?4FB?4F8@C<868A4FBC?4E78=8A278=8A
DH88?I<8AGBFBC?8LDH8?8I4AG8?4FB?4F]8AGBA68FDH`;468A
*7F
UQ ?:B6B@BF8@86BAGcHA4I8MDH8HA4F8bBE47<=B??_
8A?BF7a4F78?BF6454??BL?4F64EE8G4FDH87<=BDH88?6454??B
F878F5B6c6BA8??4L`A7BF878?4<:?8F<4<=8EBAZ]&H`;<MB
*7[
UR <=B Z-B 6BA9<` 8A 8? (8bBE ;4FG4 DH8 ?4F 6H8E74F F8
EB@C<8EBA[ %H8F 8F8 8F 8? @B@8AGB 78 6BA9<4E 8A 8? (8bBE
78FCH`F 78 DH8 6474178FCH`F 78 DH8 ?4F 6H8E74F F8
EB@C<8EBA*7F8FG_A6BA9<4A7B8A?4F6H8E74F;4FG4DH88FG_A
EBG4F(a
US -4FaDH8ABF74@BF6H8AG4DH8G8A8@BF@H6;4F@4A8E4F
9_6<?8F C4E4 <E 54E6BF L8A7B 4 )4EF<F CBEDH8 8F 9_6<? ?4F
<EE8FCBAF45<?<7478F(<@C?8@8AG88AGE44E4H74?8FGB7B8FG_4
94IBE 78 HAB GB7BF ?B DH<8E8A 4 HAB - GB7BF HAB 8F
HA1#47<8 8FG_ 8A 78F46H8E7B 6BA HAB HAB AB 8FG_ 8A
78F46H8E7B6BAA47<8;BE4\F<8FBAB8FHAGE4CBC4E4?4I4E
C?4GBF FB 8F 6BEE86GB \(a <A9?H8A6<45?8 64@5<45?8 %H8F
6H4?DH<8E44@aAB@8<@CBEG4DH<`A8FF84A*7FLCBEDH`F8
C4E4A 9<E@8F *7F1'84?@8AG8 ?4F C8EFBA4F DH8 C<8AF4A
7868AG8@8AG8G8A7E_AHA6BA68CGB@_F4?GB78*7FF<*7FF8
C4E4E4A9<E@8F8AFH6BAI<66<cA78?BDH88F6BEE86GBBEE86GB
#B<@CBEG41
UT )B@8A *7F 4 HA4 @H=8E CH7<8E4 F8E DH8 8??4 AB F84 @HL
4GE46G<I4LF84?BDH8F84DH88??48FC8EB*7F78=8ADH88F4
! %!' !
@H=8EF8C4E8CBE?BFCE<A6<C<BF78?498@<A<74778=8ADH88??4
F8 C4E8 6B@B HA4 74@4 L F< HA ;B@5E8 G<8A8 HA4 BAM4 78
;B@5E8 8A `? `? ?4 7898A78E_ 5FB?HG4@8AG8 #BFBGEBF
4CE86<4@BF4?:BDH82DH84?:H<8AG<8A8DH88??BF6E88ADH88F4
8F?4I8E747LF8C4E4ACBE?BDH8C<8AF4ADH88F6BEE86GB
UU &H`94?GBF7864E_6G8E8FB8F?BDH878@4F<47BFE<FG<4ABF
FBA;BLFBAG4A@<@47BFL78GB7B4?:E47BDH8C<8AF4ADH8
GB7B ?B DH8 ;468A 8F HA<EF8 4 HA4 <:?8F<4 8AGE4E 8A 4?:HA4
C4EG8CBA8EFHFAB@5E8F8AHA?<5EBB;468EHA46BF<G4F4?G4E
78 4EE<54 454=B :E<G4E B2B 4?:B CBE 8? 8FG<?B L ??4@4E?B
E<FG<4A<F@B
?E<FG<4A<F@B8FHA47HE4I<747<4E<4I<I<8A7BC4E4<BF
8A?418FG8@HA7BCE8F8AG8FHA6BAFG4AG84E7BE78?H8:B
L 8? 4@BE 78 <BF 8A 8? 6BE4McA DH8 ?B 8A6<8A78 4 HAB L ?B
CBA84HAB4??_9H8E46BA?4:8AG8L;46<8A7B6BAI8EG<7BFC4E4
E<FGB'8FCBAF45<?<7478F
UV %8EB 8F 9_6<? <E 8A ?4 7<E866<cA DH8 I4 8? @HA7B F 9_6<?
9?H<E6BA?46BEE<8AG8
(4?:4A 4??_ L F<`AG8AF8 8A 8? EaB 6BA FH 5BG8 )B@8A *7F
FHF E8@BF L 8@C<868A 4 @BI8EF8 6BAGE4 ?4 6BEE<8AG8 *7F AB
4I4AM4A@H6;BL8F7<9a6<?%8EBFc?BHA4I8MFH8?G8A?BFE8@BF
L B5F8EI8A 6H_A E_C<7B C4F4A *7F ?BF _E5B?8F L8A7B ;46<4
454=B\C8EB@<E8A47cA78I4A
H4A7B?4F6BF4F8FG_A9?BG4A7B9_6<?E86H8E78A*7FI4A
;46<4HA42HA4:E4A64G4E4G44??_454=B784?:HA46?4F8*7F
I4A ;46<4 ?4F 64F6474F L AB C4F4E_ @H6;B G<8@CB L *7F
8FG4E_A C4F4A7B FB5E8 8F4F 64F6474F (<@C?8@8AG8 9?BG4A7B
6BA8?@HA7B9_6<?8A?47<E866<cA8ADH8I4*7FABDH<8E8A
8FB #B F8bBE %8EB *7F 7858A E8F1468CG4E FH
E8FCBAF45<?<747
UW ;BE4*7F?B6E88AL*7F;4A41*7F6E88ADH88F?4
+8E747
VN \-?4E8FCBAF45<?<747DH8<BFABF;4747B8A8FG87a478
GE48E8FG8"8AF4=8-4@87<748AI8=8M6BLLBF`DH8@<F7a4F
F88FG_A46BEG4A7BLBF<8AGB@_F:E4A78?4E8FCBAF45<?<74778
?B DH8 ?4 ;8 F8AG<7B 4?:HA4 I8M \%8EF<FG<8A7B G8A8@BF DH8
;468E?B )8A8@BF DH8 CBA8EABF 4 ;468E?B 8A GB74F C4EG8F
47BA78 I4@BF L 786<E 8? "8AF4=8 L2L 786<E?8 4 ?4 :8AG8 DH8
8FH6E<FGB I<8A8 DH8 ? 8F <BF L ? I<8A8 CEBAGB #B DH874
HA42ABDH874HA4FB?48FC8E4AM48A8?@HA7BF<AB?4+8A<74
78?(8bBE
VO "<E4A7B4??_4GE_F44?:HABF4@<:BFDH88FG454A6BA@<:B
4??_ 4EE<54 6H4A7B 8? A:8? 78? (8bBE1FGBF @H6;46;BF
F8AG47BF 4DHa LB 6E8B DH8 8??BF 8A6BAGE4EBA 8? ?H:4E 7BA78
FH687<c4??_4EE<54-Fc?BE86H8E78A?BDH88?(8bBE7<=B4DH8?
7a4 4? 8E@4AB ,BB7F FG454 FH5<8A7B ?4 6B?<A4 -2L `?
*# $"' *-#$ ! %'(# ! (^$'
8FG4546B@B??BE4A7B785<7B4DH8FH8FCBF48FG4548A98E@4
- 8? (8bBE 7<=B Z'86B:8 8F4 EB64 L GaE4?4 4? 4<E8 L 7< X(
! (^$'Y[ - LB ;<68 8FB - 8? 8E@4AB ,BB7F 8FG_
F8AG47B6B@BG8FG<:B
VP -LB7<=8Z8E@4AB,BB7FABC4F4E_@H6;BG<8@CBC4E4
DH8 *7 I84 4?:B FH6878E[ - 4? 7a4 F<:H<8AG8 6H4A7B
8FG_54@BF C4E47BF 4??a GB7BF =HAGBF1- HA @BAGcA 78 ?BF
;B@5E8F8FG_A4DHa@<F@B8FG4AB6;8
VQ *A=BI8ACE87<647BE8FG4544??aL`?8E4HA1-BABG`1
C8A4F ?B 6BAB6a ?4 AB6;8 4AG8E<BE ? 8FG454 8A AH8FGEB
64@C4@8AGB?I<AB48FG4E6BAABFBGEBF-`?@87<=B`?7<=B
Z]8E@4ABE4A;4@I8*7I<F<BA8F4A74A7B49H8E44Fa[
VR -B7<=8Z(aF8bBE%8EBI8A:B4DHaC4E44C4EG4E@8788??B
C4E4 @_F B @8ABF 78F64AF4E HA CBDH<GB[ ? 7<=B1ZH8AB[
7<=8 LB ZLB2LB1%BE FHCH8FGB ? @8 @H8FGE4 6BF4F 4DHa
49H8E4[-LB7<=8ZDHa4?BGEB?47B78?68EEB7BA78?BFF<8G8
A:8?8F4C4E86<8EBA4??a[
? 7<=B Z(a 8AG<8A7B[ <=B Z-B 8E4 HAB 78 ?BF
C4GEB6<A47BE8F8AFHE8HA<cA4??_8A4?<9BEA<4[
-B7<=8Z%H8F6<8EG4@8AG88FGBL6BAG8AGB78F458E8FB[
VS - @<8AGE4F LB 8FG454 C4E47B 4??a 8A 8F8 @<F@B @B@8AGB
@<E` 4?E8787BE L I< 6B@B 4 HA 7B6GBE 6BECH?8AGB @<E4A7B
78AGEB78FHFB=BFL?BBa4`?786<EZ*7I44C8E78E8F8B=B
CBEDH8 ;4L HA4 4?8E:<4 4??a 478AGEB - LB ?B ;8 4G8A7<7B CBE
7BF4bBFL*7I44C8E78E8F8B=B[
-B 7<=8 Z!4 E4McA CBE ?4 DH8 *7 @8 CE8:HAGc 8FB 8F
CBEDH8 FH 7B6GBE ?8 7<=B 8? BGEB 7a4 DH8 *7 <54 4 C8E78E 8F8
B=B[
-`?7<=BZFB8F6BEE86GB[L`?IB?G8c4I8E-6
VT - I< 4 FH @47E8 DH<G4EF8 HA4 78 FHF @87<4F L 8KG8A78E 8?
C<8 6BA GH@BE6<GBF 6B?:4A7B 8AGE8 FHF 787BF 78 4EE<54 454=B
8AFHC<8EA4L7<=BZ(aGdI8F4?8E@4ABE4A;4@7<?8DH8
BE8CBE8FGB[
-LB7<=8Z(H@47E8?8G8A7<cFH1F46cFHC<8 -6L7<=B
DH8 G8Aa41G<8A8 GH@BE6<GBF CBE GB74F C4EG8F 8A FHF2FHF
787BFL788F4@4A8E4L7<=BX4MDH88?8E@4ABE4A;4@
BE8Y[
?7<=BZ8E@4ABE4A;4@8F48F?4I8E747[
VU -B @<E` 78 AH8IB H4A7B ?B ;<68 ?B I< C4E47B 4??a
@<E_A7B@8 -6 6BA FHF B=BF <:H4? 78 5E<??4AG8F -B @8
8A6BAGE`6BA`?8FG8BGBbB`?G8Aa4@8=BE8FB=BFDH86H4?DH<8E4
8A8?64@C4@8AGB?(8bBE?B;45a4F4A47BL?BE8FG45?86<c
VV "<8AGE4FLB8FG454C4E47B4??a8?(8bBE7<=B@8@BFGEc?B
DH8 <54 4 FH6878E ZH<6<B 8FG_ 4 CHAGB 78 648E 8A ?4 BFG4
$8FG8[-?7<=BZ+84??_=HAGB48F49B:4G4[
! %!' !
VW - LB G8Aa4 HA4 C4?4 8A @< @4AB 64@<A` C4E4 4??_ - 8?
8E@4AB 'BL 'B58EFBA GB7BF ABFBGEBF ?B 6BAB68@BF 4DHa ?
AB8FG_4DHa8FG4AB6;8DH8LBF8C4`?8FG_4??_8AE<MBA4?
8F 8? CE8F<78AG8 78 ?BF FaA7<6BF 4DHa L LB F45a4 DH8 `? 8E4 HA
I8G8E4AB - 4?:B <54 4 FH6878E HA4 @4b4A4 @HL 5BA<G4 L
GE4ADH<?46B@B4?4F7<8M78?4@4b4A4-?BF@H6;46;BF4??a
4?E8787BE 7<8M B 7B68 78 ABFBGEBF 78F4E@4A7B G<8A74F 78
64@C4b4 L C8?4A7B 68E7BF L 6BF4F Fa DH8 ABFBGEBF1-B
64@<A`4?E8787BELB7<=8Z'BL8F6cA78G8E_C<7B?:B8FG_4
CHAGB 78 FH6878E[ #B ?8 CB7a4 786<E @_F %8EB 8A 8? CE86<FB
@B@8AGB8ADH8??8:H`4??a1
-78F68A7<8A7B78F78?BF6<8?BFI8Aa48?GBE58??<AB78<BF
L6B@BDH8GEBAcF46H7<c?BF@BAG8FL`A7BF8C4E478AGEB78
8F4 @BAG4b4 6BEGc HA4 9E4A=4 GBG4?@8AG8 4?E8787BE 78 8??4
6B@B 6<A6B C<8F /B@B HA @8GEB L @87<B2)E47H6GBE0 CBE
8A6<@478@<6458M4L6BEGcGB74F?4F6BC4F788FBF_E5B?8F4
@87<74 F4?a4A ?4F EB64F F68A7<c 8A 8? 4<E8 L 78F68A7<c 78
AH8IB 6BA BGEB :E4A 54HG<MB L C8:c 78 ?47B 4 ?47B 8A ?4
@BAG4b4L?4AMc9H8E4?4FEB64F4Fa!B;<MBGE8FI868FL?H8:B
4F68A7<c8A8?4<E8
- 8? 8E@4AB 4A>F I<AB 4 @a 7<=B Z]F 8FB ?B DH8 *7
7<=B4L8E[
-B7<=8Z(aF8bBE8FB8F8K46G4@8AG8[]+8A
WN - ?H8:B 7BF 7a4F 78FCH`F 78 8FB ?4F>4 F8 ;HA7<c 64F<
4??_-784EE<54454=B8A8F4BFG4$8FG8;4A;45<7BGEH8ABFL
8@CH=BA8FL78GB7BFH687<8A7B-HAB788FGBF7a4F8??4F8I4
478F?<M4E7854=B78?B6`4ABFB8F6BEE86GB]&H`8FFG4@BF
I<I<8A7B8A?4;BE478?4+8A<7478?(8bBE
WO H4A7BI8@BF<F@BFL6BF4FFHE:<8A7BLGB74F8FG4F6BF4F
7<98E8AG8F F458@BF DH8 G<8A8 DH8 ;458E HA4 I8E7478E4
E8FCH8FG448FGB
4L :8AG8 4DHa 8A 8? C4aF 4;BE4 @8G<`A7BF8 8A 6H8I4F L
6BF4FZ-8?78@4EMB[*7F?B;4A?8a7B8A8?C8E<c7<6BZ8?
(8bBEI<8A8[*7FF458ADH8AB8F4Fa
8FdF7<=BZ#47<8F4588?@<AHGBB?4;BE4[
WP H4A7B I8@BF GB74F 8FG4F 6BF4F L 6BF4F FH687<8A7B 6B@B
8FG_A FH687<8A7B L G<8A8 DH8 ;458E HA4 E8FCH8FG4 I8E7478E4
8A4?:HA4C4EG8)<8A8DH8;458EHA4+8E7474LHAB8FG8L
HABB8FG8C8EB;4LHABFHE8FG8LABEB8FG8B4?:B%8EBG<8A8
DH8 ;458E HA4 E8FCH8FG4 I8E7478E4 8A 4?:HA4 C4EG8 C4E4 8?
CEB5?8@4/FC46<B8A5?4A6B8A?46<AG427<GBE0
WQ ]'8;H<E 8FGB 858@BF 78 786<E?8 4 ?4 :8AG8 DH8 8FG4@BF
I<I<8A7B 8A ?4F ;BE4F 78 ?4 +8A<74 78? <=B 78 <BF
&H8E8@BF2DH8E8@BF I8?4E L <BF 8FG4E 8A @BI<@<8AGB GB7B
8? G<8@CB ?<FGBF C4E4 74E?8 4 HA ;B@5E8 HA4 E8FCH8FG4
6BEE86G4
*# $"' *-#$ ! %'(# ! (^$'
WR (<8@CE8 ;4 F<7B 78 8F4 @4A8E4 42;4 8FG47B 8A 8?
;B@5E8;4E8;H<7BLF8;4@4E6;47B78<BF78F787_A8A
8?;H8EGB78?7`AH4A7B7_A8FG4548A8?;H8EGB78?7`A
6H4A7B `? ??8:c 4 ?4 E8FCBAF45<?<747 78 ;468E FH 8?866<cA ]F8
DH874Ea4 6BA <BF B F8 <Ea4 6BA FH 8FCBF4 ? G8Aa4 DH8 ;468E
8F4 E8F1`? G8Aa4 DH8 ;468E 8FB ?42?4 E8FCBAF45<?<747
78C8A7a478`?$`?G8Aa4DH8GB@4E?BDH87<=BFH8FCBF4B?B
DH8<BF7<=B-6H4A7B`?8?<:<c<E4?4@4A8E478FH8FCBF4L
6H4A7B`?;<MB8FB8AGBA68F`?C8E7<cFH6BA7<6<cABE<:<A4?FH=8Gc4GB7B8?@HA7B4?4@H8EG86H4A7B`?GHIBDH8GB@4E
?4 E8FCBAF45<?<747 B 468CG4E HA4 AH8I4 ?HM DH8 FH 8FCBF4
;45a48A6BAGE47B?46H4?8E46BAGE4E<4
\$;<BF%<8AF8A8A8FB<BFFc?B?8F7<B4:H4E74E6B@B
B6;B B 7<8M C4?45E4F Z"4F 78 8F8 _E5B? AB 6B@8E_F[ FB 8E4
GB7B?BDH88??BFG8Aa4ADH8:H4E74E-4HA6BA1/FC46<B8A
5?4A6B 8A ?4 6<AG427<GBE01G4AG4 %4?45E4 8??BF ?4
DH85E4AG4EBA
AGBA68F7_AGHIBDH8;468E?89E8AG8Z]4E`;4E`?BDH8
@<8FCBF47<=BDH8;<6<8E4B;4E`?BDH8<BF7<=BDH8;<6<8E4[
- `? F4?<c 6BA FHF B=BF 45<8EGBF ? GHIB DH8 4FH@<E ?4
E8FCBAF45<?<747FB4EEB=c4GB74?4E4M4;H@4A44?4@H8EG8
WS AGBA68F4??aI<AB4DH8?BGEB7_A8?6H4?8E4E<FGB\AHA64
;H5B*AB6B@B ?]&H84?:H<8A 7<:4DH8?AB8E4<BF(H
HA<6<747/4?<74778dA<6B2)E47H6GBE0CEB5cDH8?8E4<BF
#HA64 ;H5B HA4 6E<4GHE4 DH8 I<I<c 6B@B ? ? I<I<c 8A HA
@HA7B4C4EG8?A46<c9H8E478?48F98E478?;B@5E8A4GHE4?L
C864@<ABFB\?8?HL4?8E48?E847BE@<F@B;86;B64EA8
]&H<`ACH7<8E4;458EF8C4E47B4?:HA4I8M7BA78?F8C4Ec
]&H<`A;45?c4?:HA4I8M6B@B?]&H<`ACH7<8E4;458E7<6;B
4?:HA4 I8M ?4F 6BF4F DH8 ? 7<=B ]&H<`A CH7<8E4 ;458E ;86;B
4?:HA4I8M?4F6BF4FDH8?;<MB(HHA<6<747CEB5cDH8?8E4
<BF#B;45a4HACEB98G4BA474@_FDH8CH7<8E4;468E?BDH8
?;<MB&H<8ACB7a4??4@4E4?BF@H8EGBF78?4F8CH?GHE4LDH8
CB7a4 C4E4E ?BF 6<8?BF L ;468E 6H4?DH<8E 6BF4 DH8 ? DH<F<8E4
;468E?8E4<BF]&H<`ACH7<8E4;458EF8C4E47B4?:HA4I8M8A
(H?H:4E]&H<`A\&H`CH7<8E4F8E?F<AB8F8<BFC8E986GB8
<A@BEG4?;86;B64EA8LDH8;45<Gc8AGE8ABFBGEBF
WT #HA64 A474 F8 6B@C4Ec 6BA ? ? I<I<c 8A HA @HA7B
4C4EG8 #<A:dA ;B@5E8 ;45?c 4?:HA4 I8M 6B@B ? H4A7B ?
F<@C?8@8AG8 45Ea4 (H 5B64 ;45a4 4?:B 4? E8FC86GB DH8 8E4
7<98E8AG8 78 6H4?DH<8E BGEB ?:H<8A 7<=B DH8 ? Fc?B 8E4 HA
;B@5E8BE7<A4E<BLB78F49aB8FB?8E4<BFFB8F?BDH8?
8E4%BEDH8A<A:dA;B@5E8;45?c4?:HA4I8M6B@B?A<A:dA
;B@5E8CB7a4;45?4E6B@B?CBEDH8?8E4?4%4?45E4I<I<8AG8
@<F@4;86;464EA8?4@4A<98FG46<cA78?4C?8A<GH778<BF
WU -B 47@<G<E` DH8 4DH8??BF CEB98G4F G8Aa4A FH @8AF4=8 !BF
GHI<8EBA 8A 8F8 8AGBA68F ?BF G<8A8A 4;BE4 %8EB 4??a 8FG454 ?4
! %!' !
C?8A<GH7 78 ?4 8<747 6BECBE4?@8AG8 @4A<98FG474 4??a ? 8E4
8?*A<6BL?8E48?DH8G8Aa4DH8;468E?89E8AG84?4F<GH46<cA
BA GB7BF (HF :E4A78F CB78E8F DH8 ? G8Aa4 ? F<A 7H74
4?:HA4CH7<8E4;458EF<7B8?E8L78?@HA7B??BI44F8EL?
C4E4(HFF4AGBF?B8F4;BE4
WV ? F8 C4Ec 4??a &H` ;B@5E8 F8Ea4 CB5E8 DH8 AB G8Aa4 HA
?H:4E7BA78E86BFG4E(H6458M4DH8;4FG4F45a47BA78HAC8M
F8 GE4:c HA4 @BA874 ]&H<`A DH` ;B@5E8 CH7<8E4 GB@4E 8F4F
:E4A78F =4EE4F 78 4:H4 L 6BAI8EG<E?4F 8A I<AB L AB G8A8E HA
?H:4E 7cA78 E86BFG4E (H 6458M4 ? GHIB DH8 ;468E?8 9E8AG8 4
?4F E8FCBAF45<?<7478F DH8 ;45a4A F<7B CH8FG4F 8A (H @4AB
]&H` ;B@5E8 DH8 CH7<8E4 E8FH6<G4E 4 HA ;B@5E8 78 ?4
F8CH?GHE478FCH`F78DH8`?;45a48FG47B@H8EGB6H4GEB7a4FL
F8;45a4CB7E<7B
]#B F8 CB7a4 ;458E F4?I47B ? @<F@B (8:HEB ? CH7B
C8EB F< ? ?B ;H5<8E4 ;86;B ? AB ABF ;H5<8E4 F4?I47B 4
ABFBGEBF\?GHIBDH8;468E?89E8AG84?4FE8FCBAF45<?<7478FL
785<7B4(HB587<8A6<44?4%4?45E4BA78?478FB587<8A6<4
78 7_A L `? ;45a4 GB@47B 8? 4G4=B 8?28? 64@<AB 4 )4EF<F
%8EB 8FdF GB@c 8? 64@<AB 4 #aA<I8 4 ?BF 8AG<?8F 4 GB@4E
C4E4 Fa HA4 #BI<4 -B 8FGBL 6BAG8AGB 78 DH8 ? ?B ;<MB 8FG4
AB6;8 - 7858Ea4@BF 78 ;468E?8 9E8AG8 4 ?BF ;86;BF DH8 ?8
C8EG8A868@BF4?LF464E4?@HA7B\@`A
WW )B7B ;B@5E8 DH8 G<8A8 HA4 E8FCBAF45<?<747 78?4AG8 78
<BFGHIBDH8;468E?89E8AG848FB(c?BGB@8@BFCBE8=8@C?B
4 #B` ? GHIB DH8 #B` "B<F`F ?a4F L GB7B 8? E8FGB 78278
64748747GHI<8EBADH8;468E?89E8AG84?4E8FCBAF45<?<7478??BFGHI<8EBADH8;468E?BC8EB8F48F?4E4McACBE?4DH88??BF
9H8EBA8AI<47BF8A?4;BE4
ONN "<E8A4#B`8AFH87476<8AGa9<646c@B`?GHIBDH8;468E?8
9E8AG8 4 HA4 6BF4 DH8 8E4 G4A <A6<8AGa9<64 %H8F AB ;45a4
HA42HA42HA4 E4McA CBE DH` AB CH7<8E4 F8E <A6<8AGa9<641
]+8A8E428E4<A6<8AGa9<64@8=BE7<6;B%H8F8??BF7<=8EBADH8
<544??BI8E78?BF6<8?BF??BFAHA64;45a4AG8A<7B??HI<4DH8
64L8E4 78 ?BF 6<8?BF ;BE4 `? G8Aa4 DH8 ;468E?8 9E8AG8 <BF
7<=BDH8<544??BI8E-?H8:B`?1
ONO AGBA68F?498F<AB5E4F8FG_@H8EG4F<*7F7<68AZ-B?B
6E8B[LAB46Gd4AFa6B@B8?"8AF4=8F<*7F7<68AZ-B?B
6E8B[ AB 46Gd4A ]78 DH` F<EI8 ]+8A #B` F8 CHFB 4 GE454=4E
6BA FH @4EG<??B L 6BAFGEHLc HA 4E64 C4E4 6BA9<E@4E 78 DH`
8FG454`?;45?4A7BFB8F?BDH8G8A8@BFDH8;468EG4@5<`A
)8A8@BF DH8 CBA8EABF 4 GE454=4E L CEB54E AH8FGE4 98 CBE
@87<B78AH8FGE4FB5E4F#H8FGE4FB5E4FCEH854AAH8FGE498
ONP "B<F`F GHIB DH8 ;468E?B L ?a4F GHIB DH8 ;468E?B )B7B
CEB98G4 8A FH 8747 GHIB DH8 C4E4EF8 L ;468E?8 9E8AG8 4 8FG4F
E8FCBAF45<?<7478F %8EB @H6;BF 78 8??BF AB ;<6<8EBA 6B@B
BA_F?;HLc8??BFAB
*# $"' *-#$ ! %'(# ! (^$'
ONQ a=8AF8 Z%E8:BA4 6BAGE4 8??4[ \$; ;8E@4ABF ??a 8FG_
F88F8?G8@4Z%E8:BA46BAGE48??4[??a8FG_?4I8E<9<646<cA
(<@C?8@8AG8 I8 4??_ L 7<?8 4 8FBF ;B@5E8F Z$<:4A ;8
I8A<7BC4E4HA<E@86BA*7F@H6;46;BF*7FF458A6E8BDH8
?8F IBL 4 786<E ?B DH8 IBL 4 ;468E )8A:B HA4 6BF<G4 4DHa DH8
6E8BDH8CH87B;468E?4HA41ABFI44HA<E4GB7BFL;4E8@BF
-.)+/&&)B?B).,)[
%8EB 8E4 Z%E8:BA4 6BAGE4 8??4[ 6H4A7B HAB G<8A8 DH8
6?4@4E 6BAGE4 4?:B ;BE4 `? G8Aa4 DH8 6?4@4E 6BAGE4 GB7B ?B
DH88FG4544??a6?4@4E6BAGE4?46<H7476?4@4E6BAGE4FHB5E4
6?4@4E 6BAGE4 FH <:?8F<4 6?4@4E 6BAGE4 FHF CEB98G4F 6?4@4E
6BAGE4 FHF @<A<FGEBF 6?4@4E 6BAGE4 FHF F468E7BG8F Z\%E8:BA4
6BAGE48??4GB74?46BF4\%E8:BA46BAGE48??4[
ONR #B` 6?4@c 6BAGE4 FH 8747 (8:HEB `? ?B ;<MB 6BAGE4 ?4F
<:?8F<4F78FH8747
"B<F`F6<8EG4@8AG86?4@c6BAGE4FH2FH8747?4:8AG8?BF
F468E7BG8F L 78@_F ? 6?4@c CBE GB7B 8? 78F<8EGB - 8A 6474
8A6EH6<=474`?6?4@c6BAG<AH4@8AG86?4@_A7B?84?4:8AG8
?a4F8E4@HL<@CBCH?4E8AFH7a4CBEDH8`?6?4@c6BAGE4
8F48747<8EG4@8AG8?B9H8
ONS H4A 8? 4HG<FG4 8E4 @HL <@CBCH?4E 8A FH 8747 ? 6?4@c
6BAGE4 FH 8747 ? ?8 7<=B 4? E8L 4?24? CBG8AG47B 78 ?4278 ?4
E8:<cA`?2`?G8Aa4`?F864Fc6BA?48FCBF478FH;8E@4AB?
GHIB DH8 CE87<64E FB5E8 64F4@<8AGB L 7<IBE6<B HA4 @4b4A4
FaDH8`?6?4@c6BAGE48??B`?7<=BZ#BG88F?a6<GBG8A8E?4[
`??86BFGcDH8F8?86BEG4E4FH6458M4@_FG4E78C8EB`?6?4@c
L`?F8C4Ec8AFHCH8FGB78?7858E
?AHA64GB@cHA54E6BC4E4)4EF<FL7<=BZH8AB8FG4E`
78 46H8E7B 6BAG<:B 8EB78F FG_ 5<8A (<8@CE8 L 6H4A7B Gd
C<8AF8F DH8 8??4 8F HA4 5H8A4 @H=8E DH8 8??4 G8 I4 4 F8E HA4
5H8A4 8FCBF4 F<:H8 478?4AG8[ $; @<F8E<6BE7<4 FBF GE4CBF
C4E4?4I4E?BFC?4GBF]I8A*7FFa64746BF<G41%H8FAB8F
A474@_FDH84?:B6BADH`?4I4EC?4GBFFH6<BF
ONT %8EB 9a=8AF8 H4A AB 8E4 78 8F4 @4A8E4 ? ?8 ;<MB 9E8AG8
7<E86G4@8AG8?7<=BZ#BG88F?a6<GBG8A8E?4[(aF8bBE-F8
C4Ec6BAGE48??B
ONU ??BFAHA646BEE<8EBAH4AAB?B;<MB??BFF8C4E4EBAL?8
;<6<8EBA 9E8AG8 4 ?BF ;86;BF "B<F`F GE4Gc 78 6BEE8E HA4 I8M
6B@B BA_F C8EB <BF ?B GE4=B 78 IH8?G4 "H6;BF 78 8??BF
GE4G4EBA788F64C4EF8788??B8??BF6B@8AM454A1
%8EB@<E8AF<<BF?B;4??4@47B4HABLHAB8FG_F8:HEB
DH8 <BF 8FG_ 8A 8? "8AF4=8 AB ;4L A474 DH8 ?B ;4:4 4 HAB
E8:E8F4EF8FBAB;<MB4BA_FE8:E8F4EF8#BF8bBE
! %!' !
ONV @cF 78 4AG4bB 6?4@c 7<=B Z(< 8? ?8cA EH:8 ]DH<`A AB
G8@8E_-<BF;4;45?47B]DH<`AABCEB98G<M4E_[]&H<`AAB
CEB98G<M4E_ 6H4A7B HAB I8 DH8 <BF ;45?4 L 7<68 DH8 HA4
6<8EG46BF4I44FH6878EL4??a8FG_
ONW *A ?8cA EH:8 GB7BF F8 4FHFG4A Fa F8bBE F< *7F ;4A Ba7B
4?:HA4 I8M 4 HAB EH:<E 8A ?4 F8?I4 *7F CH878A BaE 4 `FGBF
@4H??4A7B8A?4F=4H?4F4DHa48FBF?8BA8F@4AFBFC8EB*7F
7858Ea4A 78 BaE 4 HAB I8E7478E4@8AG8 F4?I4=8 EH:<E HA4 I8M
%<87E<G4FF8648E_A78?@BAG84DH<A<8AG4FL4E74F787<FG4A6<4
/H4GEB6<8AGBF6<A6H8AG4LF<8G8@8GEBF2)E47H6GBE0-BDH<8EB
I8E787cA78F4?8GB7B8FB4EEB=47B788FBFCH?@BA8F-`?86;4
FH6458M4;46<4454=B86;48F4C<8?;46<44EE<54LBAHA64Ba
4?:B1B@BHA2HA64bcA7<FC4E4A7B6H4A7B`?4EEB=49H8E4
8F8 :E4A EH:<7B 8A FHF CH?@BA8F ]&H<`A AB CH7<8E4 8FG4E
4FHFG47B
<68ADH8F<HAB8F@4G47B4?:HA4I8MCBEHA?8cA8FF<A
7B?BE??B@4G44HAB78?FHFGB4AG8F78DH8`???8:H84HAB
]+8A HAB AB F8 74 6H8AG4 ? ?B 4FHFG4 4 HAB 6BA 8F8 :E4A
EH:<7B 98EBM L 4DHa 8FG_ `? FB5E8 HAB 8A HA4 9E466<cA 78
F8:HA7B
OON ? 7<=B Z(< 8? ?8cA EH:8 ]DH<`A AB G8@8E_ - <BF ;4
;45?47B ]DH<`A AB CEB98G<M4E_[ H4A7B *7F I8A 4 <BF
;46<8A7B4?:B*7F7<68A1Z&H<M_FLBABF84HACEB98G41[
BA_F 7<=B1Z&H<M_F LB AB F84 HA CEB98G4 B 8? ;<=B 78 HA
CEB98G4%8EB<BF;4;45?47B]DH<`AABCEB98G<M4E_[
OOO &H<M_FLBABF84HACEB98G4DH<M_FABF84 -.)+/&&)B
?B ).,) H4A7B I8B 4 <BF ;46<8A7B 4?:B L ?B I8B 4DHa 8A ?4
%4?45E4 L ? ?B CEB@8G<c ]DH<`A CH878 :H4E74E F<?8A6<B L
DH874EF8DH<8GB(8:HEB??B;4;86;B
OOP )4@CB6BCB78@BF8F6BA78EABF78GE_F786E87BFL78GB7BF
8FGBF6B@C4b8E<F@BFLL8A7B424)4EF<F#BDH8E8@BF<E6BA
8FBF6B@C4b8E<F@BF
OOQ %8EB @H6;BF 6B@B 7_A ;468A ?4 @<F@4 6BF4 GE4G4A 78
;468EHAFHFG<GHGB784?:HA4@4A8E4GE4G4A788A6BAGE4EHA4
F4?<74 L2L 78 ;468E HA FHFG<GHGB C4E4 ;468E?8 9E8AG8 4 <BF
8FCH`F786BAB68E?B8EE47B8A9E8AG47B6BA?4+8E747F<:H<c
478?4AG86BAFH8FCBF48;<MB8K46G4@8AG8?BDH8<BF?87<=B
DH8AB;<6<8E4?F<:H<c478?4AG8L?B;<MB78GB74F@4A8E4F
- ?H8:B `? F8 ;4??c 78FAH7B 8??4 L `? 4@5BF 8A 8? ;H8EGB 78?
7`A(HFB=BF9H8EBA45<8EGBF??BFFHC<8EBADH`8E48?5<8AL
8? @4? 8AGBA68F - ?H8:B `? GE4Gc 78 8A6BAGE4E HA FHFG<GHGB
C4E4@_FB@8ABF6H5E<EF86BA`?
;BE4 8FB 8F @_F B @8ABF 6B@B ?B ;468@BF ;BL HA4
8K6HF4786<@BFZ%H8F?87<:BF<9H8E4+/6BF<-.)[$ZF<
F<F<[8FB8FF<@C?8@8AG81]+8A%8EB*7F7858A78;468E?8
9E8AG8$8F6BEE86GBB<A6BEE86GB-F<8F6BEE86GBDH87`@BABF
78FH?47B(<8F<A6BEE86GBF8C4E`@BABF788??BFB8FGB7B
*# $"' *-#$ ! %'(# ! (^$'
$5G8A:4@BF ?B DH81I8E<:e8@BF DH` 8F 6BEE86GB *AB AB
DH<8E8 8FC8E4E @H6;B G<8@CB @_F I8E<:e8@BF 4;BE4 DH` 8F
+8E747LDH`8F6BEE86GBLDH87`@BABF6BA8??B(458@BFDH8
8FB8FI8E747
OOR ;BE48A6BAGE4@BF;BLDH8AH8FGE4:8AG88FG4A1%4E868
6B@BDH8GB74?4F<A68E<747F8;4<7B78?4F<:?8F<4F-B1A
8?1
OOS FG4@BFI<I<8A7B8AHA464F44??a78HA4CE86<BF4;8E@4A4
DH8I<8A848FG4<:?8F<4??4CEB545?8@8AG88FG_F8AG4744DHa
8FG4 AB6;8 - 8??4 ?4 E8AG4 4 FH1?4 :8AG8 - 8??4 ;4 F<7B G4A
7H?68 6BA ABFBGEBF 6BA E8FC86GB 4 8F8 ?H:4E 6BA E8FC86GB 4
C8E@<G<EABF 4?DH<?4E 8F8 ?H:4E - 4Fa DH8 LB @8A6<BA4Ea4 FH
AB@5E8 C8EB DH<M_F 8??4 AB DH<8E4 DH8 LB ?B ;4:4 - 8??4 ;4
F<7BG4A7H?686BAABFBGEBFCH8FABFBGEBF6<8EG4@8AG8AB2AB
DH<F<`E4@BF8KCBA8E?4%8EB8??4;4F<7BHA4@H=8E@HL@HL
4@45?8-8A?464F4;45a4HA4G8?8I<F<cA8AHA?47B)8A8@BF
HAC8DH8bB7HC?8K7B5?8
-B G8A:B HA4 94@<?<4 :E4A78 L HA @BAGcA 78 C8DH8bBF L
ABFBGEBF1L*7F2*7FF458AL8??BFG<8A8ADH8G8A8E64@4F
L 54FG4AG8F 78 8??4F - GB7B 4@BAGBA47B 8A6<@4 L HAB G<8A8
DH864@<A4E4GE4I`F78-.)L4GE4I`F78+/&&)C4E48AGE4E
LF4?<E
OOT - 8AGBA68F 4??a G8Aa4A HA4 G8?8I<F<cA - 8A 8FG4 G8?8I<F<cA
8FGBF A<bBF 8@C8M4EBA 4 @<E4E 8? 7B@<A:B 8A ?4 @4b4A4
4?:HA4 6?4F8 78 ;<@ABF 64AG47BF DH8 F4?<c - *7F F458A
8??B28??B 64F< ?B ;4Ea4 4 HAB 4I8E:BAM4EF8 F< AB ;H5<8E4 HA
E<FG<4A<F@B:8AH<AB8A4?:HA4C4EG8FB5E88?6H4?HABCH7<8E4
CBA8E FHF @4ABF 4? I8E ?B DH8 8F ??4@47B E<FG<4A<F@B %H8F
C4E868 6B@B DH8 GB74 ?4 F<A68E<747 ;4 F4?<7B 78 8??B %H8F
8??BF AB 8??BF AB C4E868A1%H8F F<@C?8@8AG8 8F G8EE<5?8 ?4
@4A8E48ADH88??BFF8C4E4A4??aL?8I4AG4AFHFCHbBFLC8?84A
8?HAB6BA8?BGEB4??aLGE4G4A7864AG4E;<@ABFLGB7BCBE8?
8FG<?B L 6H8AG4A 6;<FG8F DH8 7<9a6<?@8AG8 ?BF 6BAG4Ea4 HA
@4E<A8EB L 7<68A GB74 6?4F8 78 6BF4F L =H8:4A L F<:H8A
478?4AG8 *7F F458A ?B F4:E47B 78?278?278? E<FG<4A<F@B
C4E868DH8C8E7<cFH?H:4E
OOU ;BE4 IBL 4 ?4 <:?8F<4 L2L I8B 4? C4FGBE ??8:4E 4??a L
4AHA6<4E DH8 I42I4 4 ;458E HA2HA 6BA6HEFB 78 A4G46<cA
)B74F ?4F @H=8E8F 8A 8FGBF GE4=8F 78 54bB GB74F I4A 4 <E 4??_
??BF I4A 4 G8A8E HA4 6B@C8G8A6<4 8FG4F @H=8E8F A474A7B I4A 4 G8A8E HA42HA4 9<8FG4 78 4?:HA4 6?4F8 L I4A 4 9E8aE HA
@BAGcA 78278 CB??B L 4 =H:4E 5HA6B L2L GB74F 8FG4F 6BF4F
4Fa%4E4@a8FB?8DH<G4?4F<A68E<747:8AH<A44?E<FG<4A<F@B
F<@C?8@8AG8;468A?BDH8DH<8E8A
OOV +< I<A<8A7B C4E4 46_ ABF 74@BF 6H8AG41*7F F458A
8A6BAGE4@BF 4 @_F 78 AH8FGE4F ;8E@4A4F HF4A7B C4AG4?BA8F
6BEGBF 4DHa 4EE<54 8A 8FG4 E8:<cA 9Ea4 DH8 ?B DH8 ?4F
! %!' !
8A6H8AGE4A 4??_ 8A 4DH8??4 E8:<cA 64?<8AG8 ]+8A 8F I8E747
??_7BA788FI8E7478E4@8AG864?<8AG8AB;4L@H6;4F788??4F
DH8?BFHF4A%8EB4DHa7BA7827BA788FG_9EaB8??4F28??4F?B
;468A ]+8A 8F 8??4F AB F8 74A 6H8AG4 DH8 8F 8? 7<45?B
;46<8A7B 8FB ]+8A ;BE4 F< 9H8E4 C4E4 8FG4E 6c@B74F F<
9H8E4 C4E4 4LH74EF8 F8Ea4 7<98E8AG8 (<8A7B ;B@5E8 LB 6E8B
DH8F8@<E48A98E@<MB8AHA;B@5E8C8EB2C8EBHAB2HABAB?8
CE8FG4Ea44G8A6<cA4HA;B@5E8%8EB4?4@H=8EFH2FH6H8ECB
8FF4:E47BL8??478586BAF8EI4E?B788F4@4A8E4-8?I8E1
OOW *ABCH878I8E:8AG8;BL4L7BF8FCaE<GHF-HAB788??BF
8F 8? FCaE<GH (4AGB 8? BGEB 8F HA 8FCaE<GH <@CaB L HAB 8F
:B58EA47BCBE8FB-4@5BFFBAE8?<:<BFBF;BE4Fa8F48F?4
C4EG88KGE4b44@5BFFBAE8?<:<BFBF-4Fa6B@B?B8E4AF4dL
46B54@5BF8E4AE8?<:<BFBF6B@B?B8E4A4aAL58?4@5BF
8E4A E8?<:<BFBF 6B@B ?B 8E4A H74F L 8FdF 4@5BF 8E4A
E8?<:<cA 4@5BF 8E4A E8?<:<BFBF - ?B I8@BF ;BL 8A 7a4 4@5BF
?47BF E8?<:<BFBF ]+8A 8F 8? @<F@B 8FCaE<GH !4 :8AG8 @H8E8
C8EB8?8FCaE<GHAB@H8E8(<:H8478?4AG84@5BFFBAE8?<:<BFBF
*AB788??BF8FG_CBF8a7B6BA8?FCaE<GH(4AGBDH8I<I8?4
6?4F878I<74DH88??BF7858Ea4A78I<I<EL64@<A4AC<47BFBFL
;BA8FGBF ??BF AB ?8 F464Ea4A 4 HAB HA 68AG4IB L 8??BF28??BF
;468AGB7B?B;BA8FGBDH8CH878AC4E44LH74E?B4HAB-?BF
BGEBF1)4A4@45?8F4@_FABCB78E
-?BFBGEBFABF74@BF6H8AG48FF<@C?8@8AG8I<68I8EF4-
F<A 8@54E:B 4@5BF FBA 8FCaE<GHF E8?<:<BFBF 7BF 78 8??BF HAB
8? FCaE<GH (4AGB L 8? BGEB HA 8FCaE<GH <@CaB - F< F8 9<=4EBA
I4A 4 4HADH8 49<E@4A G8A8E E8?<:<cA F8 5HE?4E_A 78 HAB L ?B
??4@4E_AF4AGBEB747BE??BF;468AGB7B?BDH8CH878A
OPN ??BF<:ABE4A7B?42?4<A64@5<45?8%4?45E478<BF6B@B
F<??4AHA64;H5<8E4F<7B8F6E<G4
]+8A *7F CH878A 786<E Z;BE4 @<E8 4DHa F<2F< 8?
54HG<F@B1[
Z\-BG8A:B8?FCaE<GH(4AGB[
Z]-C4E47B4??a6BA8F8CHEB8AFH@4AB9H@_A7BF8?B[
Z\(a LB G8A:B 8? FCaE<GH (4AGB -B AB 6E8B DH8 8F @4?B
GB@4EF8HAGE4:H<GB-BAB6E8B1[]+8A
- ]F8 9<=4EBA *7F Z) AB 6E8B[ %8EB <BF C<8AF4
7<98E8AG8 ]I8A *7F 78 46H8E7B 4 (H %4?45E4 ]+8A ]+8A
8??BF1- 8??BF28??BF F<@C?8@8AG8 ;468A G4AGB 6B@B26B@B
8F6HC<E8A??4FB8F8K46G4@8AG86BEE86GB
OPO )4AGB 6B@B 8FG8 C8DH8bB ;B@5E8 ?<F<47B DH8 F8 4EE4FGEc
4DH8??4 I8M 6H4A7B 4I<7 8FG454 F<8A7B 8K6B@H?:47B 78 FH
GEBAB ? <54 FH5<8A7B 8? "BAG8 78 ?BF $?<IBF F4?<8A7B
??BE4A7B 4 @87<74 <54 FH5<8A7B @<E4A7B ;46<4 4GE_F - 8FG8
*# $"' *-#$ ! %'(# ! (^$'
;B@5E86<GBF84EE4FGEc4??aL?B8FG4548F6HC<8A7B-8?:H4E7<4
7<=BZ]%8E@<G<E`41DH8?46458M4788F8C8EEBDH8788A`?L
8F6HC44@<E8L[
4I<77<=BZ`=4?B8AC4M[]+8A8??BF?B8F6HC<8EBA4`?
OPP B@B B6;B6<8AGBF 4bBF @_F G4E78 8F6HC<8EBA 4 FH <=B
8FH6E<FGBG4@5<`A
-;BL8A7a48??BF?B8F6HC8A78AH8IB6B@BF<A<F<DH<8E4
9H8E41EE8I8E8AG8F78FCE8B6HC47BFFc?BIB?G84AFHFEBFGEBF
L F8 4C4EG4A 78 ??B L F8 Ea8A 8A ?4 64E4 78 HAB ]%BE DH` 8F
??BF8FG_A8AHA54E6BDH8I44)4EF<FFB8F8K46GB
FG8 ??4@47B 4 <BF HAB G<8A8 DH8 6?4@4E 6BAGE4 8? @4?
6?4@4E 6BAGE4 8? C8647B 6?4@4E 6BAGE4 ?4F 6BF4F DH8 8FG_A
8EE474F;BE4E86H8E78AF8E_
$<:4A *7F F458A 8FG4 ;BE4 *7F F458A G8A:B 7BF ;BE4F
787<98E8A6<4-8A)H6FBAFc?BFBA7<8M@<AHGBF78FCH`F78?4F
F<8G8 L2L 6B@B DH826B@B DH8 @8 8FGBL F4?<8A7B 9H8E4 78
?H:4E4DHa];"HL5<8A
OPQ ;BE4 E86H8E78A I4@BF 4 G8A8E DH8 E8FCBA78E CBE 8??B
'86H8E78A4DH8??BFDH88F6HC8A4E<FGBE8FCBA78ACBE8??B
H4A7B 4I<7 E8:E8Fc 78 FH 8K<?<B 6H4A7B `? 8E4 HA
9H:<G<IBL6H4A7B`?E8:E8FcE86H8E78A8FG8;B@5E8F8CBFGEc
FB5E8FHEBFGEBL6?4@cCBE@<F8E<6BE7<4?8F6HC<c44I<74?
<E F4?<8A7B C8EB `? 64F< 8FG454 ?<FGB C4E4 ?4I4E?8 FHF C<8F 6BA
?_:E<@4FL6H4A7B`?E8:E8Fc
- 4?:dA 7a4 4DH8??BF DH8 ;4A GE4FC4F47B 4 8FdF ?B I4A 4
I8E
-4DH8??BFDH8?B8FG_AGE4FC4F4A7B4?;BL?BI4A4I8E
G4@5<`A??BF4?:dA7a4E8:E8F4E_'86H8E78ACB64?<CF<F
?E8DH<8E878ABFBGEBFDH8:H4E78@BFGB74%4?45E4DH8?;4
8F6E<GBGB74%4?45E4
OPR ;BE4F458@BFDH8(H%E8F8A6<48FG_4DHaFG_I<A7<6474
!4 8FG4@BF G8A<8A7B FG4@BF 6BA9<4A7B 8A 8FG4 F8@4A4 DH8
I<8A8 DH8 6BAG<AH4E_ F<8A7B I<A7<6474 8AGE8 ABFBGEBF ?BF
8A98E@BF F8E_A F4A47BF L :E4A78F 6BF4F I4A 4 8FG4E
FH687<8A7B
#B DH8E8@BF ?4 <784 CBCH?4E &H8E8@BF ?4 +8E747 ABFBGEBF AB ABFBGEBF DH8E8@BF AB DH8E8@BF2ABFBGEBF AB
DH8E8@BF;468E?89E8AG84A4748K68CGB4?BDH8<BF;47<6;B
DH88F?4+8E747%8EBZFG`AF8:HEBFDH8FHFC8647BFF<8@CE8
?BF4?64AM4E_A[(<AB?BF4?64AM4A4DHa?BFI4A44?64AM4E8A
8? H<6<B Fa DH8 *7F FBA2*7F FBA1!BF I4A 4 4?64AM4E 4
*7F8A4?:HA4C4EG84;BE4(aF8bBE
OPS %8EB F< *7F FBA HA I8E7478EB E<FG<4AB I8E7478E4@8AG8
??4@47BF 6B@B ?B 8E4 BA_F <BF L4 G<8A8 FH C4F4=8 C4:47B
_=8AF8 78 8F8 54E6B DH8 I4 4 )4EF<F 78 GB74F @4A8E4F <BF
! %!' !
?BFCE878FG<Ac48FG4I<74(aF8bBE(<*7FFBAHAI8E7478EB
;<=B78<BF??4@47BI8A:4A4E<FGBAGE8A4?4C?8A<GH778
? ]%4E4 7cA78 ;4 F<7B C4:47B FH C4F4=8 4 F<7B C4:47B 4
#aA<I8AB4)4EF<F*7F8FG_ACE878FG<A47BF(H54E6B14L
HA54E6BC4EG<8A7B4;BE4@<F@B8A64@<ABFaDH8FB?4@8AG8
;4LHA46BF4DH8;468E8FFH5<EF88A`?-F<*7F9H8E4A6B@B
<BF*7FAHA64G8A7E_AC4M1
OPT B@B @< FB5E<A<GB ;468 HA E4GB B@B CBE 7<8M 4bBF
4;BE4`?;4<7B78HA4C4EG84BGE4*A4@4b4A4`?I448FG4
<:?8F<448FG4<:?8F<44Gc?<644DHa454=BLGB@4`FG4785<7B4
?BDH84?:dAF4AGBC47E8;45?44DHaL4?:dABGEB+/6L4?:dA
BGEB4]DH`??8:4GB7B8??B]+8A-4;BE4`?GB74Ia48FG_
;4@5E<8AGB L F87<8AGB -B 7<=8 Z)H ?H:4E 8F 4??_ 8A 8? 4?G4E
;<=B[]+8A
#B ;4L @4A8E4 78 8F64C4EF8 78 8??B H4A7B <BF F4?8
78GE_F78*7F4?:HA4I8M@_FI4?8DH8*7FF8E<A74ALF<:4A
478?4AG8FB8FGB7B
OPU '86H8E78A \<BF %H8F <BF 8FG454 8A 8? 54E6B <BF
8FG4548A?4GBE@8AG4<BF8FG4548A8?C8M7BA78DH<8E4DH8
`?F8IB?G8454<BF8FG4544??a
]+8A <BF 8FG_ 4??a L F<@C?8@8AG8 ?BF F8:H<E_
C8EF<:H<8A7B Fa DH8 ]CBE DH` 8FC8E4E @_F G<8@CB
@C868@BF 8FG8 4I<I4@<8AGB 5<8A \BEE86GB ]&H` 8FG_A
8FC8E4A7BE88@BFDH8?4+8A<7478?(8bBE8FG_68E64L?I4
4G8A8EHA4#BI<4L??48FG4E_?<FG4-ABDH8E8@BF54E6BF4
A<A:HA4)4EF<F+4@BF4#aA<I8+4@BF4?4?BE<4@`AFB
8F6BEE86GB+4@BF47BA78<BFI4458A786<EL8FB8F?BDH8
DH8E8@BF;468E
OPV )<`A74AF8 8A ?4 %E8F8A6<4 78 <BF 8AGBA68F 6BA AH8FGEBF
6BE4MBA8F AB G4AGB 6BA AH8FGE4F @4ABF C8EB 6BA AH8FGEBF
6BE4MBA8F78?4AG878<BF;4FG4DH8?ABF;4L4@47HE47B78
C<8F46458M4788F4@4A8E46BA?BFE4LBF78(H:?BE<4L;4L4
@8G<7B 8A ABFBGEBF (H2(H 5BA747 L ;4L4 @47HE47B 4DH8??B
DH8 ;8@BF E86<5<7B ??8I_A7B?B 4 ?4 E84?<747 ]I8A 4? CHAGB
DH8 CB74@BF @BFGE4E?8F 4 BGEBF DH8 8FH6E<FGB I<I8 \$;
;8E@4ABF&H8E8@BF6E88E8FB
OPW - E86H8E78A 47BA78 <54 BA_F <BF 8FG454 8A 8? 54E6B
<BF8FG4548A?4GBE@8AG4<BF8FG4548A8?C8M?6BAG<AHc
8FG4A7B6BABA_F;4FG4DH8(HIB?HAG47C8E986G49H8??8I4744
645BFB8F6BEE86GB
- F< 4?:HA4 I8M ? 8FG_ GE4F 78 *7F *7F CH7<8E4A
8F6BA78EF8+/6L8F6BA78EF8&&4C8EB*7FF8E_A@<F8E45?8F
;4FG4 DH8 E8:E8F8A L ;4:4A ?4 6BF4 DH8 6B@8AM4EBA 4 ;468E
C4E4?8ACE<@8E?H:4E]+8A#BI4L4A;HL4A78?4%E8F8A6<4
78<BF_:4A?89E8AG8*7F6E88ADH88F?4+8E7478AGBA68F
C8E@<G4A1(< 8F ?4 +8E747 I4?8 ?4 C8A4 I<I<E CBE 8??4 @BE<E
CBE8??46H4?DH<8EBGE46BF4-F<?F8?4F;4I<A7<647B4*7F
*# $"' *-#$ ! %'(# ! (^$'
4?:HA4I8M78DH88F?4+8E7478AGBA68FABCB78@BF;H<E78
8??4 4 A<A:HA4 C4EG8 ? 8FG4E_ 4??a @<F@B 78 GB74F @4A8E4F
*7FAB?BCH878A;468E
OQN %BE @87<B 78 (H CEB98G4 CEBI<FGB 4? DH8 ? BE78Ac C4E4
DH8 9H8E4 4??_ L 4AHA6<4E4 8F8 @8AF4=8 ;BE4 C4E86a4 6B@B
DH8 ? CB7a4 ;458E 8AI<47B 4 BGEB CEB98G4 C8EB ? BE78Ac 4
BA_F L 4HA ?a4F AB ;H5<8E4 54FG47B 8E8@a4F AB ;H5<8E4
54FG47B"B<F`FAB;H5<8E454FG47BE4BA_F8?DH8G8Aa4DH8
<E4#aA<I8FB8E4GB7B??B6B@<F<BAcL?87<=BDH89H8E46H4A7B?7<68Z+84??_BA_FI84#aA<I8[A47<8@_FCH878
<E4;468E8FB8K68CGBBA_F
- 6H4A7B <BF ?8 7<68 4?:B 4 HAB HAB G<8A8 DH8 ;468E?B
A47<8@_F]+8AF<@C?8@8AG8G8A8@BFDH8;468E?89E8AG888
<E4;468E?B
OQO E88@BFDH88FG4@BFI<I<8A7B8A?4;BE46H4A7B<BF8FG_
;46<8A7B4?:BE88@BFDH88FG4@BFI<I<8A7B8AGE88??BF4;BE4
-B6E8B8FG4AB6;8DH88FGBLCE87<6_A7B?848F46BA:E8:46<cA
DH82DH8 8FG_ 8KCBA<`A7BF8 8FC8E4A7B 4??a 49H8E4 DH8 F8
@47HE8-B2LBI8E7478E4@8AG86E8B8FB6BAGB7B@<6BE4McA
-B7<Ea4DH88F?B@<F@B4;BE46B@BF<8@CE8?B;4F<7B
OQP ;BE4 6E88@BF DH8 ?4 ;BE4 ;4 ??8:47B 78 DH8 (4A H4A
7858 78 F8E 6H@C?<7B #BFBGEBF ABFBGEBF 6E88@BF DH8
"4?4DHa4F 7858 78 F8E 6H@C?<7B E88@BF DH8 !H64F 7858 78 F8E 6H@C?<7B E88@BF 8FB GB74F 8FG4F CEB986a4F DH8
? 7<=B DH8 FH6878Ea4A 8A 8FG8 7a4 E88@BF DH8 7858A F8E
6H@C?<74FL6E88@BFDH8?4F8FG4@BFI<8A7B6H@C?<EF84;BE<G4
@<F@BFB8F8K46G4@8AG86BEE86GB
OQQ 8=8A78;H<E#BF8F4?:4A78(H%E8F8A6<4Fc?B@`G4AF84
(H%E8F8A6<4FB8F6BEE86GB-F`DH88FB8F?BDH8*7F8FG_A
78F84A7B ;468E %BEDH8 I< C?464F 4??_ 49H8E4 78 )8K4F L
!BH<F<4A4L78GB74FC4EG8F%4E48FB8FG4@BF4DHaAB8FC4E4
6BEE8E78(H%E8F8A6<4F<ABC4E46BEE8E4(H%E8F8A6<4
'8:E8F8A 5_=8AF8 781/FC46<B 8A 5?4A6B 8A ?4
6<AG427<GBE01F<7B HA BA_F F< F8 ;4A 8FG47B CE8:HAG4A7B
8ADH`7<E866<cA <EBDH`;468EI8A:4AFd54AF84?54E6B6BA
ABFBGEBF8FG4AB6;8#BFBGEBFI4@BF4)4EF<F46?4@4E1B4
#aA<I846?4@4EFG4@BF78=4A7BDH88F854E6B4)4EF<FI4L4
4??_ F< 8??BF DH<8E8A #BFBGEBF G8A8@BF HA 7858E 78?4AG8 78
<BF8FB8FHA"8AF4=8CBE8?DH8FB@BFE8FCBAF45?8F
OQR FaDH88A8FG4F8@4A4DH8I<8A8Fc?BHAC8DH8bBCE8?H7<B
8FG4 AB6;8 C4E4 ;468E?BF F458E H4A7B 8FGBL 6?4@4A7B
FB?4@8AG8 FBL E8FCBAF45?8 CBE HA "8AF4=8 ;8E@4ABF *7F
@<A<FGEBF F8AG47BF 4DHa LB AB 8FGBL 4DHa C4E4 ?4FG<@4E FHF
F8AG<@<8AGBF - *7F ;B@5E8F L @H=8E8F 8A 8FG8 64FB 78
64F4@<8AGB L 7<IBE6<B DH8 F8 468E64 LB DH<8EB DH8 *7F
E86H8E78A8FG4AB6;8-B;87<6;BGB7B8FGBC4E4GE48E?8F8FGB
DH8LBFBLE8FCBAF45?8FB?4@8AG84<BF
! %!' !
-?H8:BCBEBGE4C4EG8FBLE8FCBAF45?84*7F78786<E?8F
?4+8E747-ABIBL4786<E?8FA474@_FDH8?4+8E747F<8@CE8
L 6H4A7B <BF @8 ;4:4 F458E DH` 8F ?4 +8E747 4FG4 DH8 LB
F8C4?4+8E747AB7<E`A4744?E8FC86GB]I8AAB7<E`A4744?
E8FC86GB%8EB8AI8E7476E8BDH8<BF@8@H8FGE4?4+8E747
FB5E8 -'#(.) #0),#) L LB 6BA9aB DH8 ? @8 I4 4
C8E@<G<EGE48E?4
OQS -BGEBF"8AF4=8FDH8@8CEBCBA:BG8A8E8FG4F8@4A4FBA
3/#5( - -. &+/#- 38( -)!#8 #)- )(, /
)', - HA4F 6H4AG4F 78 8F4F 6BF4F CBE 8? 8FG<?B DH8 FBA
"8AF4=8F DH8 F8 468E64A L )&),- ,.) -2L HA4F
6H4AG4F 6BF4F CBE2CBE 8? 8FG<?B L 6B@C?8@8AG4E<4F C4E4 (
)', -)!#() / -*)- - HA4F 6H4AG4F 6BF4F 8FBF
"8AF4=8FDH8DH<8EBGE48E8FG4F8@4A4%8EBFc?BDH<8EBDH8?4
6BA:E8:46<cA1
OQT BA78 F< ;H5<8E4 HA @<A<FGEB 4DHa AB 8FGBL 4DHa @<F
;8E@4ABF1#BDH<8EBDH8*7FB4?:HABF78*7F@<8@5EBF
E8:E8F8A4FH<:?8F<4L7<:4AZ?8E@4ABE4A;4@7<=B-6L
-6[
-B8FGBLB5?<:47B4HA"8AF4=8DH8;4F<7B747B4@a78?
<BF )B7BCB78EBFB "<8AGE4F 8FGBL 4DHa C4E47B 8FG4 AB6;8 L
<BF F458 DH8 8FB 8F I8E747 DH8 4??a 454=B 8A 8FG8 EaB14L
C8EFBA4F DH<M_F F8AG474F 4DHa 6H4A7B 8F8 A:8? 78? (8bBE
78F68A7<c4??aL@87<=B?BDH8@87<=B4??a@<F@B8A4DHa
454=B8A8FG44??8(CE<A:(<*78FHA9BE4FG8EB4DHa@4A8=8
;4FG44??aF?48FDH<A478?44??8(CE<A:4??a7BA78HAB??8:4
4?EaBL4??a8F7BA78FH687<cFB9H88A%EB545?8@8AG8
9H8 ;468 6B@B GE8<AG4 L 7BF 4bBF 8AGBA68F $; 9H8 ;468
GE8<AG41;468 GE8<AG41;468 GE8<AG4 L 7BF 4bBF ;468 GE8<AG4
L7BF4bBF
-6c@B?;4GE4a7B8FB;4FG44DHaGB7B-ABFBGEBF;8@BF
F4?<7B GE4L8A7B 8? "8AF4=8 L ;8@BF I<FGB 4 ?BF 8A98E@BF F8E
F4A47BF 4 ?BF 6<8:BF L 4 ?BF ?<F<47BF L 4 ?BF 6B=BF L 4 ?BF
E8A6BFL78GB7B-?H8:B4HAI8E4?BF@H8EGBFDH8F458@BF
DH8;4AF<7BI8E<9<647BFE8FH6<G47BF788AGE8?BF@H8EGBF!4F
C8EFBA4F@HE<8EBALE8FH6<G4EBA78AH8IB4I<74LGB74F8FG4F
6BF4F\(<HA"8AF4=8F4?8;4LF8b4?8FL@4E4I<??4F
OQU ]-*7FGB74Ia4I8A?4@<F@4I<8=48F6H8?478C8AF4@<8AGB
DH8*7FF464EBAFBABI<AB78<BF<BFABFc?BG<8A8DH8
;468E1
<BF 8FG_ GE4G4A7B 78 ;468E DH8 ?4 4G8A6<cA 78 *7F F84
4GE4a744?:B
OQV - 8AGBA68F 6H4A7B 8FdF F4?<c ? 6B@8AMc 4 F4A4E 4 ?BF
8A98E@BF L 4 ;468E :E4A78F B5E4F L 6BF4F ? F<8@CE8 ?1
8FdF?B;<MB-"B<F`FL8FdF?B;<6<8EBAL8?E8FGB788??BF6H4A7B?8FG4544DHa??B;<MB
*# $"' *-#$ ! %'(# ! (^$'
-??B8FG_;46<8A7B?4@<F@46BF4;BLH4A7B?8AIa4
HA4 E8HA<cA 4Fa 4I<I4@<8AGBF L 6B@<8AM4 HA4 E8HA<cA 8A ?4
G<8EE4 L 6B@<8AM4 4 @BI8EF8 6BA 8FG4F :E4A78F F8b4?8F L
@4E4I<??4F - 8AGBA68F *7F I8A E8:E8F4E ?4 @<F@4 I<8=4
8F6H8?4 78 8AF8b4AM4 ;4L2;4L 4?:B 8EE47B 4??a 8A 4?:HA4
C4EG8 \4L 4?:B AH8IB 4C4E86<8A7B H4A7B 8FdF F4?<c
78FCH`F6H4A7B1
OQW Z? 8F HA 5H8A E45a[ ? CB7a4 <E 4 6H4?DH<8E Cd?C<GB L
CE87<64E 6H4A7B ? 8FG454 F4A4A7B 4 ?BF 8A98E@BF H4A7B
B;48??BF?8F:HFG454G8A8E?B4?4??a
%8EBHA7a46H4A7B?F8F8AGcL7<=BZ-BL"<%47E8*AB
FB@BF[ ;8E@4AB ? AB 8E4 G4A CBCH?4E 78FCH`F 78 8FB
H4A7B?7<=BZ(<AB6B@`<F"<64EA8L585`<F"<(4A:E8AB
G8A`<F+<748AIBFBGEBF"4F8?DH86B@8"<64EA8L5858"<
(4A:E8 G<8A8 +<74 G8EA4 L -B ?8 E8FH6<G4E` 8A 8? 7a4
CBFGE8EB[AGBA68F?AB8E4G4ACBCH?4E78F788AGBA68F
ORN ??BF7<=8EBAZFG8B@5E88FI4@C<EBFG8B@5E88FHA
88?M85d88F4@4A8E4;<MB?8F4F6BF4F?CB7a447<I<A4E
?4 FH8EG8 ? @<Ec 4 GE4I`F 78 FHF2FHF @8AG8F L C8E6<5<c ?BF
C8AF4@<8AGBF788??BF?8FHA47<I<AB[
%8EB?BDH88E4?2?8E4?4%4?45E478<BF@4A<98FG474
C4E48F4;BE4-?8FG454B5?<:47B?7<=BZ-B;4:BF<8@CE8
4DH8??BDH88F4:E4745?84"<%47E8[<BFABF4LH784;468E
?B@<F@B;468E4DH8??BDH88F4:E4745?84?%47E8
ORO - 8FC8EB DH8 GB7BF *7F 8AG<8A74A (< *7F AB 8FG_A 78
46H8E7B 6BA@<:B 8A 8FGBF "8AF4=8F L 6BF4F DH8 *7F F8
46H8E78A CBE ?B @8ABF G8A:4A 8FG8 E8FC8GB DH8 LB G8A:B HA4
E8FCBAF45<?<747LABIBL4)4EF<F-BIBL8A64@<AB4#aA<I8
LLB2LBG8A:BDH86?4@4E?(8bBE?BF58A7<:44GB7BF*7F
A6?<A8@BFAH8FGEBFEBFGEBF4;BE4Fc?BHA@B@8AGB
ORP 4F< FBA ?4F AH8I8 L @87<4 -B AB DH<8EB E8G8A8E?BF C8EB
LBDH<8EB8A6BAGE4E8FGBF<CH87B8FG4AB6;8]4L4?:HAB4DHa
DH82DH8F<@C?8@8AG8AB8FG_8K46G4@8AG87BA787858Ea48FG4E
8A E<FGB C8EB *72*7 DH<F<8E4 8FG4E?B L *7 78F84 8FG4E?B
?8I4AG4Ea4*7FH@4AB7<6<8A7BZ8E@4ABE4A;4@BE8CBE
@a[ <BF ?BF 58A7<:4 @<E8A ?4F @4ABF Z-B2LB DH<8EB1-B
8FGBL4DHa8E@4ABE4A;4@C4E4468E64E@8@_F4<BF[
- F< FHF EBFGEBF 8FGHI<8E4A ?8I4AG47BF @<2@< @4AB 8FG_
?8I4AG474 G4@5<`A %4E4 8FB 8FGBL 4DHa FGBL ;4@5E<8AGB
6B@B*7F?B8FG_A
ORQ %8EB B; 8? BGEB 7a4 HA4 78 ?4F 6BF4F @_F :E4A7<BF4F
FH687<cLLB2LBF`4;BE4DH`;468E-LB2LBEH8:BDH8<BF?8F
7` 8F8 6?4EB 8AG8A7<@<8AGB FG_ 4??a !41(< ;4L 4?:HA4
CE8:HAG48AFHF@8AG8FG<8A8DH8;458EHA4E8FCH8FG48A4?:HA4
C4EG8C4E4E8FCBA78E48F4CE8:HAG4"<BE46<cA8FDH8<BF
?8FC8E@<G4I8E8F4CE8:HAG46BAG8FG4747HE4AG88FG8G<8@CB
! %!' !
ORR (< *7F 8FG_A 8A98E@BF DH8 <BF ?BF F4A8 +4@BF 4 G8A8E
F8EI<6<BF78F4A<7476E8BCE_6G<64@8AG86474AB6;8LI4@BF
4 BE4E CBE ?BF 8A98E@BF +4@BF 4 ;468E 6H4?DH<8E 6BF4 DH8
CB74@BF C4E4 4LH74E?BF L *7F ;4:4A GB7B ?B DH8 CH874A
C4E44LH74EABF-I4@BF4GE454=4E=HAGBF6BA9<4A7BDH8<BF
ABF74E_HA4:E4AE8HA<cA
ORS ;BE4%47E8<BF8FG4F6H4AG4FC4?45E<G4F6BEG474FC8EB
8??4F8FG_A8A)HF@4ABF4;BE4(8bBE;4AF<7B7<6;4F)8A7E`
DH86H@C?<E?BFa6B@B1F4FC4?45E4FAHA64CH878A@BE<E
8??4F I4A 4?E8787BE L 4?E8787BE 78 ?4 G<8EE4 8A HA 7<F6B L
4?:dA 7a4 G8A7E` DH8 ;468E?8F 9E8AG8 BGE4 I8M -B @8 7BL
6H8AG4788FGB(8bBEL?B7<:B6BAHA4CEB9HA74F<A68E<747
ORT -B EH8:B 4@47B <BF 8FG4 AB6;8 CBE 6474 HAB 78 8FGBF
)HF ;<=BF - B; <BF LB 6BA9aB DH8 4AG8F 78 DH8 ?4 F8@4A4
G8E@<A8 8??BF28??BF 8AG<8A74A DH8 ?4 CE8:HAG4 DH8 8F G4A
:E4A78 8A FHF @8AG8F 8FG4 AB6;8 F84 E8FH8?G4 BA6`78?B
(8bBE
ORU 4L 4?:HABF 4DHa DH8 AB G8 6BAB68A 4 )< %47E8 6B@B
(4?I47BE GB74Ia4 B DH<M_F AHA64 ;4A F<7B ??8ABF 6BA 8?
FCaE<GH(4AGB&H88FG4F848F4AB6;8
ORV (8bBE LB AB CH87B ??8A4E 4 A47<8 6BA 8? FCaE<GH (4AGB
G4@CB6BCH87BF4?I4E4A47<8-BFc?BCH87B786<E?8F?BDH8)d
7<=<FG8 Z<8A4I8AGHE47BF ?BF DH8 G<8A8A ;4@5E8 L F87 78
=HFG<6<4CBEDH88??BFF8E_AF46<47BF[-LBEH8:B<BFDH8)d
6E88FHA;4@5E8F8@8=4AG88AFHF6BE4MBA8F
"H6;BF (8bBE 8??BF G<8A8A DH8 G8A8E ;4@5E8 \6c@B
@4A8=4Ea4A 8FGBF 68AG8A4E8F 78 @<??4F 4 GE4I`F 78 ;<8?B L 78
GB7BLFB5E8@BAG4b4F??HI<BF4FL4GE4I`F7878F<8EGBFC4E4
I8A<E4HA?H:4E6<GBDH88FG_4DHa8A?48FDH<A4!H8:BC<8AFB
BGE4 I8M )d 7<=<FG8 ZBA78 8FGHI<8E8 8? H8ECB @H8EGB F8
=HAG4E_A ?4F _:H<?4F[ ?<@`AG4ABF (8bBE 6BA )H <I<AB
"4A_44AH8FGE4F4?@4F4DH8??BDH8E84?@8AG8A868F<G4@BF
FG4@BFF87<8AGBF78)<%47E8FG4@BF8A)HF@4ABF4;BE4
ORW %8E@<G8 DH8 8? :E4A FCaE<GH (4AGB DH8 78F68A7<c 8A 8?
@BAG88?BGEB7a44??_4EE<54EH8:BDH8?F4GHE864746BE4McA
4DHa 6BA (H 5BA747 L @<F8E<6BE7<4 6BA 8AG8A7<@<8AGB #BF
74@BF 6H8AG4 %47E8 DH8 8FB 8F ?B DH8 A868F<G4@BF 8F
8AG8A78E %BEDH8 F< AB F458@BF ?B DH8 8FG4@BF ;46<8A7B
8AGBA68F ]6c@B F458@BF 6c@B ;468E?B %8EB 7858@BF G8A8E
8AG8A7<@<8AGBB@B7<=B4A<8?DH8GHIBZ8AG8A7<@<8AGBCBE
8? F6E<GB 78? CEB98G4 8E8@a4F[ - %47E8 G8A8@BF
8AG8A7<@<8AGB CBE 8? F6E<GB 78? FCaE<GH (4AGB 4 @87<74 ?
ABF ?B E8I8?4 8A 8FG4 ;BE4 4ABF (8bBE ?BF 78F8BF DH8
G8A8@BF CBE )< )<8EA4@8AG8 C87<@BF 8FGB %47E8 C4E4 )H
:?BE<48A8?#B@5E8788FH6E<FGB
OSN ;BE4 6BA AH8FGEBF EBFGEBF <A6?<A47BF "<8AGE4F AH8FGE4
;8E@4A4 8FG_ GB64A7B 8FB Z? @8 74E_ :E46<4 L :?BE<4 8 <E_
*# $"' *-#$ ! %'(# ! (^$'
6BA@<:B CBE GB7B 8? 64@<AB[ &H<8EB DH8 *7F Fc?B BE8A 8A
F<?8A6<B 4;BE4 L DH8 ?8 C<74A 4? %47E8 8?8FG<4? DH8 ? ?8F
6BA68744*7F8FG4AB6;84DH8??B78?B6H4?G<8A8AA868F<747
OSO @47B;8E@4AB4@474;8E@4A4?F<@C?8@8AG88FG_G4A
68E64 6B@B 8? 5E4MB 78 *7F ?B 8FG_ C4E4 *7F *7F *7F @8
;4A 6E8a7B 8A28A BGE4F 6BF4F 6E`4A@8 8A 8FGB ? 8FG_ 4DHa
C4E474E?8F6H4?DH<8E6BF478?46H4?G8A:4AA868F<747
OSP $;7HE4AG8?4Fd?G<@4FF8@4A4F;88FG47BG4A;4@5E<8AGB
G4AF87<8AGBG4AABFG_?:<6BCBEI8E?BF4*7FF48F?4E4McA
CBE?46H4?7<=8Z<??LI_@BABF464F4[
"8747<=BZ]%4E4DH`DH<8E8FE8:E8F4E4??_48F8C4aF9EaB
BGE4 I8M <?? (<8@CE8 G8 74 7B?BE 78 :4E:4AG4 L 78 GB7B )d
I<8A8FLF8G88A9Ea4?46458M4L8FG_FEBA6BL64F<ABCH878F
;45?4E[
OSQ -B 7<=8 Z%H8F LB AB F`[ -B ?8 7<=8 4 8??41+8B 4 @<
4@<:B;4E?<8BKF8AG47B4??_4GE_F-B7<=8Z(<@C?8@8AG8
8FGBL 4AF<BFB 78 BaE 4 ;4E?<8 786<E XF4 4E7<??<G4 F8 FH5<c 4
4DH8? _E5B? 4??_Y (<@C?8@8AG8 @8 CBA:B G4A ;4@5E<8AGB CBE
BaE?B[-B2LBFc?BDH<8EB2DH<8EB8FG4E4?E8787BE78*7F
OSR -B F` DH8 @< 8E@4AB 4A>F F8 CHFB @HL 8A98E@B - I<
HA4 I<F<cA 78 `? 4DHa AB ;468 @H6;B G<8@CB L `? 8FG454
E86BFG47B FB5E8 FH 8FC4?74 - F` DH8 `? 8FGHIB @HL 68E64 78
C4EG<E78ABFBGEBFE86<8AG8@8AG8H4A7BLB@<EB47<98E8AG8F
78*7F1
OSS -B 8AGE` ?4 BGE4 AB6;8 4 ?4 E8HA<cA 78 ?BF B@5E8F
E<FG<4ABF 78 #8:B6<B 8 <AG8EA46<BA4? ? 4A6<4AB Z%4C_[
(;4>4E<4A8?C4C_788@BF`?FB?a4F8AG4EF84??aLAB78=454
78 @<E4E ;4FG4 DH8 LB 8AGE454 8AGBA68F `? F8 FBAE8a4 L 8F4
4:<G47<G478@4AB6BA?4DH8@8F4?H7454?AB8FG4544??a?
C4EG<c
!H8:BGHI8DH8<E48F494@<?<46BA(!(^$'
FH;<=4I44@BE<EG4@5<`A?BE8A68LB?4I<8AHA4I<F<cA?4
I<C4EG<E-F`DH88??4I44C4EG<E-LB7<=8Z$E8AFc?BBE8A
*7F F458A ;4L1 HA CEB98G4 F8 ?8 7<=B 8A HA4 B64F<cA DH8
9H8E44786<E?84HAE8LDH8CHF<8E4FH64F48ABE78A-`?BEc
L??8C8E7BAcFHI<74DH<A684bBF@_F[-B7<=8Z$E8A[
OST %8EB *7F @<E4A L LB2LB E8:E8F`1FG454 F8AG47B 4DHa
8A HA E8FG4HE4AG8 8? BGEB 7a4 6B@<8A7B *A ;B@5E8 F8 @8
468E6c7<=BZ]#B8F*7<??LE4A;4@[
-B7<=8Z(a[
OSU ?CEB545?8@8AG8AB@8E86BAB6<c785<7B4-.)FB5E88FG4
C4EG864?I48A@<6458M4-B8FG454HF4A7B8FG8C8?HDHaAC4E4
8I<G4EDH8@87<8E47B?BE78:4E:4AG47HE4AG88FG4FE8HA<BA8F
- `? F8 @8 468E6c `? 7<=B Z-B C8AF` DH8 G8 E86BAB6a4
<??L[
! %!' !
-B7<=8Z(a[-B7<=8Z]&H<`A8F*7[
<=BZ-BFBLB;A,4E@4A[
-B7<=8Z]c@B8FG_.<C[
?7<=BZ<??L`?@HE<c[\H
OSV -BI8Aa44GE4I8F4A7B8?C4?46<B78=HFG<6<49H<4C4:4E@<F
<@CH8FGBF +8Aa4 4GE4I8F4A7B 8? C4?46<B 78 =HFG<6<4 L HA4
F8bBE4 @8 :E<Gc L 8??4 7<=B Z](45a4 *7 DH8 B;A C4EG<c[ $
4?:dA AB@5E8 &H<M_F AB ;4L4 F<7B B;A 7 B 4?:B - LB
7<=81-BABE86BAB6a4?4@H=8E"8F8AGa4I8E:BAM47B-@8
I<A874A7B6H8AG4DH8LBABF45a4DH<`A8E48??4
??47<=BZ](846H8E74*778HA4AB6;8BF6HE46H4A7B8?
EaB 8FG454 ;4FG4 4EE<54 CBE 8A6<@4 78 ?4F BE<??4F 4DHa L
??8I_A7BF8 64F4F 4??_ 8A ?4 64??8 ;8FGAHG L *7 4EE<8F:c FH
I<74 C4E4 8AGE4E 4 HA ?H:4E L F464E 4 HA4 @H=8E L HABF
A<b<GBF[
-B7<=8Z]F*78??4[
OSW ??47<=BZ-B2LBFBL?4F8bBE4[??48@C8Mc4:E<G4ECBE
FH 585` *7F 6BAB68A @< ;<FGBE<4 ??4 7<=B ZDH8? DH8 LB
??4@`X@<585`Y8FG_64F47BLG<8A8HA494@<?<4[]+8A-4DHa
8FG_8??4I<8=4L64ABF4L4DHa8FGBLLBG4@5<`A
OTN *A4CBEHA4AH8FGE4FG4E=8G4FF4?8A78?4E6;<I47BECBE4Fa
786<E?B-ABFBGEBFG8A8@BFE8HA<BA8FL86;B78@8ABF4-.
86;B78@8ABF4+/&)B7BFG8A8@BFDH878F4C4E868EHAB78
8FGBF7a4F
%8EB ;8E@4AB ;8E@4A4 ;4L HA !H:4E 78 E8HA<cA
FG8@BF F8:HEBF 4;BE4 78 DH8 8FG4@BF 5<8A ]!B ;4E_A #B
C8E@<G4ADH8GB7BAH8FGEB8AG8A7<@<8AGB78<BFL78@_FF84
8AI4ABE84@BF
OTO %47E88FG_A8A)HF@4ABF-B8FGBL8A)HF@4ABF(8bBE
(c?B8FG4@BF4DHa8A787<646<cA4;BE44AG8F78?4E8HA<cADH8
I<8A8 8@C8M4A7B @4b4A4 8A ?4 AB6;8 ]#BF I4F 4 4LH74E
(8bBE \&H8 AH8FGE42DH8 AH8FGE4 6BAI8EF46<cA F84
6BAFG4AG8@8AG8 FB5E8 )< &H8 AH8FGEBF 6BE4MBA8F L @8AG8F
C8E@4A8M64A8A)<L)d7<=<FG8DH8ABF:H4E74Ea4F8AC8E986G4
C4M )4@5<`A 8FG_ 8F6E<GB 8A ?4 <5?<4 Z#B G8 4CBL8F 8A GH
CEBC<4 CEH78A6<4[ $; <BF AB DH8E8@BF AH8FGE4 CEH78A6<4
DH8E8@BF )H CEH78A6<4 _ABF?4 B; <BF - DH8 8?
4I<I4@<8AGB8AGE88AAH8FGE4F4?@4F4?:E47BDH88FG8:EHCB78
:8AG8 8FG` 78 HA FB?B 6BE4McA L HA_A<@8F BA6`78?B %47E8
BA6878 8FG4F 6BF4F @<8AGE4F EB:4@BF 8A 8? #B@5E8 78
8FH6E<FGB
4FG4DH8@<4?@4E4CG4748A6H8AGE8
8F64AFB@_F4??_78?EaB
*# $"' *-#$ ! %'(# ! (^$'
A?46EHM8A?46EHM
(84 @< :?B1?8I4AG8@BF AH8FGE4F @4ABF
1F<8@CE8
4FG4DH8@<4?@4E4CG4748A6H8AGE8
8F64AFB@_F4??_78?EaB
8FdF@4AG8A@88A?46EHM
4LHA49H8AG8CE86<BF4
E4GH<G4C4E41Fa(8bBE:E4GH<G416BEE<8AG8
F4A47BE4
?HL878?49H8AG878?4?I4E<B
A?46EHM8A?46EHM
(84@<:?BE<4F<8@CE8
4FG4DH8@<4?@4E4CG4748A6H8AGE8
8F64AFB@_F4??_78?EaB
OTP /? 8E@4AB E4A;4@ 8@C<8M4 4 G4E4E84E , ,/227<GBE0\$;<BF(<;4L4?:HAB78*7FDH8F<8AG8DH8
?8 :HFG4Ea4 I8A<E L 4EEB7<??4EF8 4?E8787BE 78? 4?G4E F< ?8F
:HFG4Ea4 I8A<E 7<:4A Z#B 8FGBL 7BA78 7858Ea4 8FG4E (8bBE
-B2LB DH<8EB ;468E HA4 AH8I4 6BAF4:E46<cA &H<8EB ;468E?B
8FG4 AB6;8 (8bBE[ *7F FBA 5<8AI8A<7BF 4 I8A<E +4@BF 4
8FG4E4DHaC4E4BE4E6BA*7F/?8E@4ABE4A;4@6BAG<Ad4
G4E4E84A7B,,/20
A?46EHM8A?46EHM
$;F84@<:?BE<4F<8@CE8
4FG4DH8@<4?@4E4CG4748A6H8AGE8
8F64AFB@_F4??_78?EaB
8FdF@4AG8A@868E6478?46EHM
4LHA49H8AG8CE86<BF4
E4GH<G4C4E4GB7BFHA46BEE<8AG878F4A<747
?HL878?"BAG84?I4E<B
A?46EHM8A?46EHM
(84@<:?BE<4F<8@CE8
4FG4DH8@<4?@4E4CG4748A6H8AGE8
8F64AFB@_F4??_78?EaB
OTQ $E8@BF6474HAB8AFHCEBC<4@4A8E44;BE4(<@C?8@8AG82
F<@C?8@8AG8 B?Ia78AF8 78? G<8@CB (<@C?8@8AG8 <A6?<A8@BF
AH8FGEBF EBFGEBF 8A (H %E8F8A6<4 FG4 74@<G4 4DHa 6?4@4A7B
Z\)84@B8FdF[]'86H8E74A*7F6H4A7B9H8EBAF4?I47BF;468
@H6;BF4bBFE86H8E74A6H_A7H?689H88FBC4E4*7F?8F<:H4?
78 7H?68 8FG4 AB6;8 $E8@BF 6474 HAB 8A FH CEBC<4 @4A8E4
4;BE4 (<@C?8@8AG82F<@C?8@8AG8 6BAF4:E`@BABF 4 <BF
787<DH`@BABFBGE4I8M4?(8bBE
OTR @47B (8bBE 8FdF1/FC46<B 8A 5?4A6B 8A ?4
6<AG427<GBE0
! %!' !
!4BEE<8AG878GB7B@<6BAFH8?B
"_FDH8I<74C4E4@a
]DH<`AG8A:B8A?4G<8EE4478@_F78)<
]$4DH<`A8A?BF<8?BFF<AB4)<
@47B <BF EB:4@BF 4;BE4 DH8 )H @<F8E<6BE7<4 L :E46<4
F84A8AI<474FFB5E86474HAB78ABFBGEBF(8bBEFG4@BF4DHa
4?E8787BE 78? 4?G4E "H6;BF AB CH7<8EBA 468E64EF8 )d ?BF
8A6BAGE4E_F8AFHF4F<8AGBF)B7B?BDH8B9E8M64@BF(8bBE)d
8FG_F 7<FCH8FGB 4 E86<5<E?B (< G4A Fc?B G8 B9E868@BF AH8FGEB
G<8@CB)d?BE86<58FG4?8AGB)d?BE86<58F%8EB(8bBE<BF
8FG4 AB6;8 I4@BF @_F 4??_ 78 8FB 8FG4@BF B9E86<8A7B GB7B ?B
DH8FB@BF)B7B?BDH8FBLGB7B?BDH84?:HA4I8M8FC8EBF8E
GB7B 8FG_ 8A )< (8bBE 'B:4@BF DH8 )d @8G4F 8FGB AH8FGE4F
BE46<BA8F 8A )H 6BE4McA (8bBE L 74ABF 78 ?4 :E4A
CEB9HA7<747 78? FCaE<GH (4AGB C4E4 DH8 AH8FGE4F I<74F F84A
64@5<474F%BEDH8I8@BFDH88FG4@BF68E6478?9<A4;BE4#B
CH87894?G4E@H6;B-4@87<74DH8I8@BF4AH8FGEBF4@47BF
@HE<8A7B7a4GE4F7a4=cI8A8FL4A6<4ABFF458@BFDH8CEBAGB
7858 GB64E 4 AH8FGE4 CH8EG4 - 8FG4 AB6;8 (8bBE @<8AGE4F
8FG4@BF 8A AH8FGE4 @8AG8 6454? F8AG47BF 4DHa B
4EEB7<??_A7BABF 4DHa C4E47BF 4DHa 6H4?DH<8E4 DH8 F84 ?4
CBF<6<cA8A?4DH88FG8@BFE86a58ABF(8bBE<BF
OTS )c@4@8 (8bBE -B AB FBL A474 C8EB F84 ?B DH8 F84 DH8
FBL (8bBE F< )d CH878F F464E 4?:HA4 HG<?<747 78 @a LB @8
787<6B4)<
OTT -BEH8:B4@47B<BFCBE6474HAB78`FGBFFG4F4@474F
C8EFBA4F CBE ?4F DH8 @8 C4E` 4??_ 8A ?BF @BAG8F 78 E<MBA4 L
6?4@` L 4DHa 8FG_A 4EEB7<??47BF 4?E8787BE 78? 4?G4E 6BA
ABFBGEBF 8FG4 AB6;8 BE4A7B 6BAF4:E4A7B AH8FGE4F I<74F )8
4@4@BF %47E8 @_F DH8 AH8FGE4F CEBC<4F I<74F )8 4@4@BF
@_F DH8 4 AH8FGE4F 94@<?<4F )8 4@4@BF @_F DH8 4 8FCBF4
;<=BF C47E8 @47E8 ;8E@4A4 ;8E@4AB 8FCBFB 8FCBF4 )8
4@4@BF (8bBE 8FdF 4M 8FB G4A E84? 8A AH8FGEBF 6BE4MBA8F
(8bBE 8EE4@4 8? 468<G8 78 4?8:Ea4 8FG4 F8@4A4 (8bBE 8A
AH8FGE4F 4?@4F 4ABF HA 54bB HA ?4I4@<8AGB 78 ?4 %4?45E4
CBE8?4:H478?4%4?45E4E8C4EG<`A7BABF?4+8E747
OTU "H6;BF 8FG_A 4DHa 8FG4 AB6;8 (8bBE L 8FG4E_A 4DHa DH8
8FG_A6BA9HA7<7BF8A8FGBFG8@4FDH8FBAI<G4?8F$;<BF45E8
8F49H8AG88A?464F478<BFDH82DH88FC4E4?<@C<4EABF-B
EH8:B<BFDH8)dABF?4I8FLABF?<@C<8F8A)H(4A:E8LABF
;4:4F AH8I4F 6E<4GHE4F - 74ABF :E46<4 L 9BEG4?8M4 C4E4 GE48E
?4 %4?45E4 78 +8E747 8A (H E8I8?46<cA <I<A4 78? (8E 78
8FH6E<FGB
&H8?4C4E8M644AG8ABFBGEBF(8bBE&H8?I8A:4LF4A8
AH8FGE4F 8A98E@87478F C8E7BA8 AH8FGEBF C8647BF ??8A8
AH8FGEBF 6BE4MBA8F ;4@5E<8AGBF 6BA 5H8A4F AH8I4F 78 :E4A
:BMB8?I4A:8?<B@4A<98FG47B8AAH8FGE4FI<74F
*# $"' *-#$ ! %'(# ! (^$'
8A7<68 4 6474 C4FGBE 4 6474 7<E86GBE 78 64AGBF 4 6474
@48FGEB 78 8F6H8?4 7B@<A<64? 8A7a68ABF 4 GB7BF =HAGBF
(8bBE CBEDH8 I8E7478E4@8AG8 G8 4@4@BF - 4;BE4 FB@BF
)HLBF(8bBE8A8FG4787<646<cAA8?#B@5E8788FH6E<FGB
dF4ABF4;BE47846H8E7B4)HCEBC<4IB?HAG47
"<98@<E4;46<4)<
)dBE78EB78?4?I4E<B
$;<I<AB(4?I47BE
;BE48F6d6;4@8@<8AGE4FBEB
&H<G4GB7B@<C8647B
\$;C8E@<G8DH8788FG87a48A478?4AG8
(84GBG4?@8AG8)HLB
]!8F:HFG48FB4AG8@BF78AH8IB
"<8AGE4F 4A7B CBE 8? BF6HEB ?458E<AGB 78 ?4
I<74
-8?7B?BEF88KG<8A784@<4?E8787BE
$;)d@<:Ha4F`
$E78A44?4BF6HE<747DH8F8IH8?I47a4
A=H:4?4F?_:E<@4F787B?BE
#<@8C8E@<G4FAHA6478FI<4E@8
C4EG_A7B@878)<
]!BF ;468 8FB F8AG<EF8 5<8A /!4 6BA:E8:46<cA 7<68
Z@`A[27<GBE0 ] 6H_AGBF ?8F :HFG4 64AG4E 8FBF 64AGBF
4AG<:HBF/Z@`A[0@aF<@C?8@8AG8@88A64AG4A]-4*7F
$;8FG4@BF@4E6;4A7B4(<cA
8E@BF4;8E@BF4(<cA
FG4@BF@4E6;4A7BFH5<8A7B4(<cA
F4;8E@BF4<H74778<BF
$;8FG4@BF@4E6;4A7B4(<cA
$;;8E@BF4;8E@BF4(<cA
FG4@BF@4E6;4A7BFH5<8A7B4(<cA
F4;8E@BF4<H74778<BF
+8A:4@BF?BFDH84@4@BF4?(8bBE
-78@BF46BAB68EAH8FGEB:BMB
)B@8@BF C4EG8 8A 8? 64AGB 6BA 7H?68
HA4A<@<747
)B@8@BF C4EG8 8A 8? 64AGB 6BA 7H?68
HA4A<@<747
-4FaEB784E8?)EBAB
-4FaEB784E1
;BE4 CBA:_@BABF 78 C<8 4;BE4 @<8AGE4F ?B 64AG4@BF
8AF8?4F@4ABF?BFHABF4?BFBGEBF
"4E6;4A7B4(<cA
\<BF ?4 58A7<:4 ;8E@4A4 \<BF ?4 58A7<:4 ;8E@4A4
\<BF ?B 58A7<:4 ;8E@4AB \<BF ?4 58A7<:4 ;8E@4A4 /?
8E@4ABE4A;4@6BAG<Ad4F4?H74A7B4?4:8AG827<GBE0
! %!' !
F4;8E@BF4<H74778<BF
!8I4AG8@BFAH8FGE4F@4ABF4;BE44<BF
$;8FG4@BF@4E6;4A7B4(<cA
8E@BF4;8E@BF4(<cA
FG4@BF@4E6;4A7BFH5<8A7B4(<cA
F4;8E@BF4<H74778<BF
$;8FG4@BF@4E6;4A7B4(<cA
$;;8E@BF4;8E@BF4(<cA
FG4@BF@4E6;4A7BFH5<8A7B4(<cA
F4;8E@BF4<H74778<BF
]#B ?BF ;468 8FB F8AG<EF8 @4E4I<??BF4@8AG8 /!4
6BA:E8:46<cA F8 E8:B6<=427<GBE0 \$; B; $; ?8I4AG8@BF
AH8FGE4F@4ABFL4?45`@BF?B8AAH8FGE4CEBC<4@4A8E4
OTV (8bBE 8FdF )d ?4 'BF4 78 (4EcA 8? !<E<B 78? +4??8 ?4
FGE8??4 '8FC?4A786<8AG8 78 ?4 "4b4A4 8? @_F 8E@BFB 8AGE8
7<8M @<? C4E4 @< 4?@4 \)d ?4 BEE<8AG8 78 GB7B @< 6BAFH8?B
@_F DH8 I<74 C4E4 @a \H_AGB G8 4@4@BF F6d6;4ABF B;
(8bBE\H_AGBG84:E47868@BF\$;/FC46<B8A5?4A6B8A?4
6<AG427<GBE0\H_AGBG84?454@BF8A7<684`FGBF\AH8FGEB
CE86<BFB (8bBE L (4?I47BE BA6878 8FG4F 6BF4F (8bBE
BA6`78?4F /? 8E@4AB E4A;4@ L ?4 6BA:E8:46<cA
6BAG<Ad4ABE4A7BL4?454A7B4<BF0
8E6478?46EHM
(84@<:?BE<4F<8@CE8
4FG4DH8@<4?@4E4CG4748A6H8AGE8
8F64AFB@_F4??_78?EaB
OTW 8 HA4 H BGE4 @4A8E4 LB F<8AGB DH8 I4@BF 414L 4?:B
C4E4ABFBGEBFDH88FG_78?4AG8;BE4Fc?BE86H8E78A6E8BDH8
8FGBL CEB98G<M4A7B E4A :BMB 8FG_ 78?4AG8 E`4A?B FB 8F
6BEE86GB "H6;BF 6BE4MBA8F 8AGE<FG86<7BF F8E_A ;86;BF1
E4A78F@<FG8E<BFF8E_A;86;BF6?4EBFL?4FC8EFBA4FDH88FG_A
GE<FG8F F8E_A 64@5<474F 4 :BMB /!4 6BA:E8:46<cA F8
E8:B6<=427<GBE0
8E6478?46EHM8A?46EHM
(84@<:?BE<4F<8@CE8
4FG4DH8@<4?@4E4CG4748A6H8AGE8
8F64AFB@_F4??_78?EaB
OUN B@B H4A 78 ?4 4AG<:e8747 6H4A7B `? F8 CHFB @HL I<8=B
C4E4 CE87<64E `? F8 DH87454 F8AG47B L :E<G454 @8 7<68A 6BA
GB74FH9H8EM4Z\<=<GBF4@4BF?BFHABF4?BFBGEBF[@4BF?BF
HABF4?BFBGEBF#B?8C8E@<G4A4A474@8G8EF88AGE8*7F]I8A
"4AG8A:4A GB7B GB7B 4?8=47B 781(a AB <@CBEG4 DH` F84
;_:4A?89E8AG8+4@BF8A64@<AB4#aA<I8]+8A#BF8FH54A4
8F8 I<8=B 54E6B 4 )4EF<F DH8 ?BF F464 9H8E4 78 ?4 6B@C4ba4
(<:4@BF478?4AG8FH5<8A7BCBE?46BEE<8AG878?4F58A7<6<BA8F
78<BFE8BDH8?4FI4@BF4G8A8E-B?86E8B4AH8FGEB%47E8
*# $"' *-#$ ! %'(# ! (^$'
OUO ](8 F<8AG8 @8=BE 4;BE4 ;8E@4A4 FB 8FG_ 5<8A 8 8F4
@4A8E4@8:HFG4I8E4?BF;<=BFA468E8F88AGE4E8A6BAG46GB
/!4;8E@4A46BAG<Ad4BE4A7BLE8:B6<=_A7BF827<GBE0
%H87B C8AF4E 78 ;468 4bBF 4DHa @<F@B 8A 8FGBF G8EE8ABF
6H_AGBF @<?8F ;4A A46<7B 8A 8? '8<AB 78 <BF 4DHa @<F@B 8A
8FG8 G8EE8AB \#B G8Aa4@BF ?4 @8ABE <784 6H4A7B 8FG_54@BF
C4E47BF4DHa6BAB6;8AG468AG4IBF8AAH8FGEB5B?F<??B6BA?BF
6H4?8F 87<9<64E ?4 <:?8F<4 $; ? 7<=B Z-B 8? (8bBE ?B ;8
C?4AG47B-B?BE8:4E`7a4LAB6;8[-??B;4;86;B??B;4
;86;B
<BF ?BF 58A7<:4 ;BE4 6H4A7B <A6?<A8@BF AH8FGEBF
EBFGEBF1
OUP ;BE4 @4b4A4 8A ?4 AB6;8 E86H8E78A ?BF F8EI<6<BF F8
??8I4E_A 4 645B 4??_ 8A 8? 4H7<GBE<B 78 ?4 8F6H8?4 - F<1
)8A7E8@BF 4 4?:H<8A 4DHa 4 64E:B C4E4 @BFGE4E?8 4 ?4 :8AG8
6c@B??8:4E4??aCBEDH8AH8IBFI4A48FG4E??8:4A7B
OUQ (< ?B 4@4A 7<:4A Z@`A[ /!4 6BA:E8:46<cA 7<68
Z@`A[27<GBE0]$;AB8F@4E4I<??BFB?/Z@`A[0
OUR -B 8FG454 C4E47B 4DHa 8A ?4 E<58E4 L 64AG` 8F8 4AG<:HB
64AGB
A ?4F GBE@8AGBF4F BE<??4F 78? BE7_A 8FGBL
C4E47B
%<8AF8A 8FB 9H8 ;468 GE8<AG4 4bBF GE8<AG4 L GE8F ;468
GE8<AG4LGE8F4bBF
-86;B@<4A;8?4AG8@<E474
?4G<8EE4;8E@BF4L98?<M784A4_A
BA788FG_A@<FCBF8F<BA8F
-@H6;BFDH854HG<6`8F4AB6;88FG_A4??_4;BE4H4A7B
8??BF F8 C4E4EBA 4??_ L 9H8EBA G8FG<:BF 78 8F4 FGE8??4 78 ?4
"4b4A4 78F68A7<8A7B 78 ?BF 6<8?BF :<E4A7B 4Fa 7<=B ZB@B
H4A 8? 4HG<FG4 9H8 8AI<47B C4E4 GE48E C4E4 CE86HEF4E ?4
CE<@8E4 I8A<74 78 E<FGB GH "8AF4=8 CE86HEF4E_ ?4 F8:HA74
+8A<74[ ]c@B CH7<8E4 ;458EF8 C8AF47B %8EB GB74F ?4F
%4?45E4F 78 <BF FBA I8E747 GB74F ?4F %4?45E4F 78 <BF
FG4@BF I<I<8A7B 8A ?4 %E8F8A6<4 78? :E4A '8L <BF ?BF
58A7<:4
OUS "<8AGE4F <A6?<A4@BF AH8FGEBF EBFGEBF ?8 IBL 4 C87<E 4?
8E@4AB #8I<??8 AH8FGEB CE86<BFB C4FGBE DH8 I8A:4 4DHa L
ABF78FC<748ABE46<cA<BF?B58A7<:48E@4AB#8I<??8 3
5.(/-"2%(59 %.$/$%,!02 %3%.#)!$%,3%¦/230.
!-AN2UNNING&ROM4HE0RESENCE/F 4HE,ORD
Este Mensaje por el Hermano William Marrion Branham, originalmente
predicado en inglés el miércoles por la noche, 17 de febrero de 1965, en el
Tabernáculo Branham en Jeffersonville, Indiana, E.U.A., ha sido tomado de
una grabación en cinta magnetofónica y publicado íntegro en inglés. Esta
traducción al castellano fue publicada y distribuida por Grabaciones “La Voz
De Dios”. Reimpreso el 2007.
30!.)3(
€6'2!,,2)'(432%3%26%$
'2!"!#)/.%3 l,! 6/: $% $)/3m
0/ "/8 *%&&%23/.6),,% ).$)!.! %5!
WWWBRANHAMORG
Nota Sobre Los Derechos de Autor
Todos los derechos reservados. Este libro puede ser impreso
en una impresora casera para su uso personal o para
compartir, de manera gratuita, como una herramienta para
difundir el Evangelio de Jesucristo. Este libro no se puede
vender, reproducir a grande escala, subir a una página web,
almacenar en base de datos, traducir a otros idiomas o utilizar
para reunir fondos sin la expresa autorización por escrito de
Grabaciones La Voz De Dios®.
Para mayor información o más material disponible, por favor
contáctese con:
VOICE OF GOD R ECORDI NGS
P.O. BOX 950, JEFFERSONVILLE, I NDIANA 47131 U.S.A.
www.branham.org