6]ypVV]yOiVPDJ\DUi]DWRN V]RQQpJ\UHEYO±.pWVpJWHOHQKRJ\DPRQGLJHQDJ\DUiQ\~V]HUHSHOWHWpVHDPDJ\DUIRUGtWiV PHJpUWpVpEHQVHKROQHPMHOHQWSUREOpPiW(J\UpV]WXJ\DQLVDPDJ\DUPRQGLJHV]LQWpQiOWDOiQRV KDV]QiODW~KDN|]HOVHPDQQ\LUDPLQWDKpEHU¶iPDU0iVUpV]WD]ROYDVyDV]|YHJ|VV]HIJJpV EOpVDEHYH]HWHWWLGp]HWPRQGDWIDMWiMiEyOSyWROQLWXGMDDV]LWXiFLyUDDEHV]pOV]iQGpNiUDpVOHO NLiOODSRWiUDYRQDWNR]ySRQWRVDEELQIRUPiFLyNDW(]WDWpWHOWD]RQEDQYLVV]iMiUDLVIRUGtWKDWMXN DV]DEDGDEEDNRPPXQLNiFLyN|UOPpQ\HLUHXWDOyIRUGtWiVRNHVHWpEHQVHKROQHPiOOIHQQD]DYH V]pO\KRJ\DIRUGtWyNDV]|YHJMHOHQWpVpWOHV]&NtWHQpNYDJ\D]ROYDVyWDV]|YHJpUWHOPHIHOOIpOUH YH]HWQpNËJ\HSUREOpPDPHJtWpOpVHQHPWHROyJLDLKDQHPVWLOiULVLOOHWYHHV]WpWLNDLNpUGpV0iUSHGLJ t]OpVHNUOQHKp]YLWDWNR]QL9DQQDNDNLNV]HULQWD]¶iPDUW|EEIpOHIRUGtWiVDDKpEHUHOEHV]pOLVWtOXV HJ\LNMHOOHJ]HWHVVpJpWIHGLHOLOOHWYHDIRUGtWiVÄYHUHWHVVpJpQ´PHJEt]KDWyViJRWVXJDOOyQQHSp O\HVVpJpQHMWFVRUEiW0iVRNV]HULQWDELEOLDLV]|YHJHNV]HU]LDPDJXNNRUiQDNDQ\HOYpQDPD JXNNRUiKR]LOOVWtOXVEDQPRQGWiNHODUiMXNEt]RWW]HQHWHWH]pUWDELEOLDIRUGtWiVRNQDNLVPLQpO LQNiEEDPDLHPEHUQ\HOYpKH]D]DGRWWQ\HOYiOODSRWIRUPDLpVVWLOiULVMHOOHJ]HWHVVpJHLKH]NHOO LJD]RGQLXN
(]HQDSRQWRQpUGHPHVHPOpNH]HWQNEHLGp]QLD]WDWpQ\WKRJ\D]ÒMIRUGtWiV~%LEOLDHJ\
V]&NHEEWXGRPiQ\RVWHVWOHWPXQNiMiQDND]HUHGPpQ\HPtJDQQDND]HVUHYt]LyMiUDHOV VRUEDQ D V]pOHVHEE V]DNPDL pV ROYDVyL WiERUEyO pUNH] W|EE PLQW KR]]iV]yOiV pV NULWLNDL PHJMHJ\]pVDODSMiQNHUOWVRUO%277<È1LP±7Ï7+LP±$]ÒMIRUGtWiV~%LE OLD%HYH]HWpV(]XWyEELHVHWEHQD5HYt]LyV%L]RWWViJQHPWHWWPiVWPLQWPpUOHJHOWHD%LEOLD ROYDVyLV]HPpEHQLQGRNROWQDNpVHOIRJDGKDWyQDNW&QVWLOiULVpVHJ\pEMDYtWiVRND]HUHGHWLKpEHU pV J|U|J V]|YHJJHO LOOHWYH DQQDN PRQGDQLYDOyMiYDO |VV]HHJ\H]WHWKHWNH ËJ\ D FLNNHPEHQ WiU J\DOWNpW~MDEEIRUGtWiVWHQGHQFLiMDQHPFVXSiQDPDJ\DUQ\HOYIHMOGpVpYHODIRUGtWiVWHFKQLNDpV DELEOLDNULWLND~MDEEHUHGPpQ\HLYHOLQGRNROKDWyKDQHPDPDJ\DUQ\HOY&%LEOLDHJ\V]&NHEE V]DNPDLPDMGHJ\V]pOHVHEEROYDVyLWiERUiQDNQ\HOYLVWLOLV]WLNDLpVHV]WpWLNDLHOYiUiVDLWD]RNODVV~
HOPR]GXOiViWLVWNU|]L
.867È5=2/7È1
6 = Ï e 6 6 = Ï / È 6 0 $ * < $ 5 È = $ 7 2 .
$-yNDLNyGH[HJ\V]HUNH]HWHpVD]Ï06Y\ODJXPWXOV]DYD
$-yN.±HQDUUyOROYDVKDWXQNKRJ\$VVLVL6]HQW)HUHQFHJ\DW\iQDNpVDQ\iQDNHJ\HWOHQOHiQ\iWDNLPHJ KDOWIHOWiPDV]WMD(OWWH6]HQW)HUHQFtJ\V]yOD]DQ\iKR]ÄQH³¹UU¹0HUWWH§HZXHGQHNHGQHN Y\ODJDN\WV\UDF§DPHJDOXWWDWWHQH³³HGH³HPXHOYDJ\RQQHNHGPHJDGDQGR´1ROLIOHUHLQTXLW QDPOXFHUQDHWXDHOXPHQTXRGGHSORUDVH[WLQFWXPPHDWLELHVWLQWHUFHVVLRQHUHGGHQGXP.pUGpV PLpUWQHYH]LLWW)HUHQFDOHiQ\WD]DQ\DV]|YpWQHNHYLOiJiQDN
7XGMXND)HUHQFOHJHQGiUD6]HQW)HUHQFDODNMiQDND]iEUi]ROiViUDD%LEOLDV]|YHJHN|]
YHWOHQOLVKDWiVVDOYROW66]HQW)HUHQFPDJDLVD%LEOLDQ\RPiQW|UHNHGHWW.ULV]WXVN|YHWpVpUH
$ ELEOLDL V]|YHJUpV]OHWHN EHpSOpVpUH D NyGH[ OHJ~MDEE N|]]pWHYMH 3 %$/È=6-È126V]LQWpQ XWDONLDGiVDODSMiQÄ$ELEOLDLLGp]HWHNpVOHOKHO\HLN´FtPPHON|]|OHJ\|VV]HiOOtWiVW6H]W PpJ NL OHKHW HJpV]tWHQL 3pOGiXO D -yN.QHN HJ\ HJ\HWHPL VHJpGN|Q\YEHQ 02/1È5-Ï=6()± 6,021*<g5*<,0DJ\DUQ\HOYHPOpNHN%S±V]HUHSOUpV]OHWpEHQV]LQWpQYDQHJ\
ELEOLDLLGp]HW-yN.Ä0HUWN¹JRQR§WP¹XHONHG¹NY¹ODJR³³DJRWYWDO´Y|-iQ-RUG.
Ä0HUWP\QGHQN\JRQR]ZOP\ZHONZG\NJ\O¶O\D]Y\ODJRWK´2PQLVHQLPTXLPDOHDJLW RGLWOXFHP5HY.iURO\LIRUGÄ0HUWPLQGHQDNLKDPLVDQFVHOHNV]LNJ\&O|OLDYLOiJRVViJRW´VWE6]H ULQWHPD-yN.EOOHJHOV]|ULGp]HWWPRQGDWEDQSHGLJDWH§HZXHGQHNHGQHNY\ODJDV]HUNH]HW
1\HOYLpV0&YHOGpVW|UWpQHWL$GDWWiU
6]ypVV]yOiVPDJ\DUi]DWRN
D0iWpUHpVD/XNiFVUHXWDODKRODPHJIHOHOUpV]D0QFK.EHQYDDN|YHW NH]Ä7HWH³WGQF©YX[WQNHWH§HPHG´/XFHUQDFRUSRULVWXLHVWRFXOXVWXXV6OPpJSO-RUG.
Ä7HWH³WHGQHN]HZHHWKQZNHPRQGDW\NWH]HPHG´8J\DQH]WDKHO\HWEYHEEV]|YHJ|VV]HIJ JpVVHOD5HY.iURO\LIRUGEyOV]LQWpQLGp]HPÄ$WHVWOiPSiVDDV]HP+DD]pUWDWHV]HPHGWLV]WD DWHHJpV]WHVWHGYLOiJRVOHV]+DSHGLJDWHV]HPHGJRQRV]DWHHJpV]WHVWHGV|WpWOHV]+D D]pUWDEHQQHGOpYYLOiJRVViJV|WpWVpJPHNNRUDDNNRUDV|WpWVpJ"´0LYHOWHKiWD%LEOLDDV]H PHWPHWDIRULNXVDQDWHVWV]|YpWQHNpQHNOiPSiViQDNQHYH]LD-yN.HQ6]HQW)HUHQFYDOy V]tQ&OHJD]WPRQGMDD]DQ\iQDNKRJ\D]V]HPHYLOiJDV]HPHIpQ\HD]D]D] DV]HPpO\DNLW PLQGHQNLPiVQiOMREEDQV]HUHWD]HJ\HWOHQJ\HUPHNHIHOIRJWiPDGQL
$]Ï06Ä:DOD³WKY\ODJXP_WXO³\GRXI\RGXPWXOH§HV_XUXPWXXO´VRUDLUyOtUYDV]yOWDP DUUyOKRJ\DY\ODJXPWXOLWW¶DV]HPHPIpQ\pWODWWyODNLWOHJMREEDQV]HUHWHNIpOWHND]pQOHJ GUiJiEENLQFVHPWO¶DMHOHQWpVUHY|eUW6]e.V]V]HPHIpQ\HDpUWHOP&OHKHW6D]Q\LOYiQ YDOyKRJ\H]-p]XVUDYRQDWNR]LN$NyGH[HLQNEHQXJ\DQLVV]iPRVHVHWHQNpQWODWLQPHJIHOHOYHO LVUHQGHONH]SpOGiWWDOiOKDWXQNDUUDKRJ\6]&]0iULD-p]XVWYDODPLQWSpOGiXO6]HQW(OHNpGHV DQ\MD D]HJ\HWOHQ ILiW D V]HPH YLOiJiQDN D]D] V]HPH IpQ\pQHN QHYH]L $SRU. Ä,D\ HQ ]HUHWHZI\DP,H³XV]HPHPQHNZLODJDN\YLJD]WDOPHJKHQJHPHWK´:HV]SU.Ä2PHOLLJD]DQ PRQGKDWWLD YDOD DNDURQ D NHVHUXHV DQ\D ]HUHOPHV ILDP LHVXVHQ]HPH\PQHN YLODJRVVDJD HQ HOHWHPQHNUHPHQVHJHHVNLHVVHJHKWHH]PDLQDSRQ]HQXHGHOD]ELQYVYNHUW´,JD]DY\ODJXPWXOD]
Ï06EHQ FVDN HJ\HGO QHP V]HUNH]HWEHQ IRUGXO HO GH H]W LQGRNROKDWMD D N|OWL HODGiVPyG D IHOWHWW MHOHQWpVW SHGLJ D V]|YHJN|UQ\H]HW $ IHQWLHNUH WRYiEEL DGDWRNDW pV D NRPPHQWiUW O $ 02/1È51\U±8 $]ÏPDJ\DU0iULDVLUDORPROYDVDWDpVpUWHOPH]pVH,Q7DQXOPi Q\RN D PDJ\DU HJ\Ki]L Q\HOY W|UWpQHWH N|UpEO 6]HUN $ 02/1È5)(5(1&± 0 1$*<,/21$
'HEUHFHQ±
+DD-yN.WiUJ\DOWV]HUNH]HWpQHND]iOWDODPMDYDVROWPDJ\DUi]DWDKHO\HVDNNRUH]DNyGH [HNEOHGGLJLGp]HWWHNQpOMyYDONRUiEELpVDPHJIHOHOODWLQV]|YHJHWV]LQWpQN|YHWSpOGDDUUD KRJ\HJ\pGHVDQ\DHJ\HWOHQJ\HUPHNHD]V]HPHYLOiJiQDNQHYH]WHWLNLOOHWYHSRQWRVDEEDQDUUD KRJ\DJ\HUPHNHWLWWHJ\LO\HQMHOHQWpV&PHWDIRUiYDOQHYH]LNPHJ6H]LVHUVtWKHWLD]Ï06 Y\ODJXPWXOV]DYiUyODGRWWPDJ\DUi]DWRPDWDPLWHJ\pENpQW±PLQWNpVEEpV]UHYHWWHPpVKLYDW NR]WDPLVUi$02/1È5± 01$*<V]HUNLP±PiU%È5&=,V]LQWpQYDOORWWQRKDPHJMHJ\
]pVWQHPI&]|WWKR]]iD]Ï06PHJIHOHOVRUDLWtJ\pUWHOPH]LÄ0HJIRV]WD]VLGyDYLOiJRPWyO
>V]HPHPIpQ\pWO@DILDFVNiPWyOpGHV|U|PHPWO´$PDJ\DUQ\HOYpOHWUDM]D%S
$02/1È5)(5(1&
