HONG KONG, Sept. 8, 2026 /PRNewswire/ -- The Hong Kong Jockey Club concluded the landmark 10th anniversary and fifth edition of its PBC forum at West Kowloon Cultural District today (8 September). Convened over two days by the Club's Charities Trust in association with the Institute of Philanthropy (IoP), PBC 2026 featured more than 80 eminent speakers and over 2,000 delegates from around the world. Under the central theme of "Leaping for Impact", the forum brought together leaders from the philanthropic, sports, business, government, academic and social sectors.
Thematic discussions over the two days addressed pressing social issues including health, the well-being of older adults, urban poverty alleviation, heritage conservation, youth positive trajectory development, climate resilience and inclusive employment. Interactive Impact Studios, Co-Learning Workshops and other extended programmes further bridged visionary ideas with practical implementation, examining how meaningful social impact can be achieved on the ground.
kAm%@ >2C< E96 7@CF>VD 4@?4=FD:@? 2?5 46=63C2E6 2 564256 @7 8=@32= 5:2=@8F6[ 2 !qr a_ae v2=2 s:??6C H2D 96=5 2E E96 w@?8 z@?8 !2=246 |FD6F>] xE 3C@F89E E@86E96C 56=682E6D 7C@> E96 r9:?6D6 |2:?=2?5 2?5 24C@DD E96 H@C=5 :?4=F5:?8 7@F?52E:@? =6256CD[ 8@G6C?>6?E @77:4:2=D[ E6CE:2CJ :?DE:EFE:@? C6AC6D6?E2E:G6D 2?5 4@>>F?:EJ =6256CD] p>@?8 E96 5:DE:?8F:D965 2EE6?566D H6C6 sC E96 w@? $E2CCJ {66[ |6>36C @7 E96 $E2?5:?8 r@>>:EE66 @7 E96 }2E:@?2= !6@A=6VD r@?8C6DD 2?5 !C6D:56?E @7 E96 {68:D=2E:G6 r@F?4:= @7 E96 wz$p#j %96 w@? |CD #68:?2 xA[ r@?G6?@C @7 E96 }@?\@77:4:2= |6>36CD @7 E96 tI64FE:G6 r@F?4:= @7 E96 wz$p#j r=F3 r92:C>2? %96 w@? |2CE:? {:2@j r=F3 s6AFEJ r92:C>2? 2?5 x@! r92:C>2? {6DE6C wF2?8j r=F3 $E6H2C5Dj r=F3 rt~ 2?5 x@! s:C64E@C (:?7C:65 t?86=3C649E\qC6D86Dj 2?5 @E96C >6>36CD @7 E96 r=F3VD q@2C5 @7 |2?286>6?E]k^Am
kAmsC E96 w@? $E2CCJ {66[ |6>36C @7 E96 $E2?5:?8 r@>>:EE66 @7 E96 }2E:@?2= !6@A=6VD r@?8C6DD 2?5 !C6D:56?E @7 E96 {68:D=2E:G6 r@F?4:= @7 E96 wz$p#[ D2:5 2E E96 v2=2 s:??6C E92E[ @G6C E96 A2DE 564256[ E96 !qr 7@CF> 925 ?@E @?=J 3@C?6 H:E?6DD E@ E96 56G6=@A>6?E @7 A9:=2?E9C@AJ[ 3FE 925 2=D@ AC@>@E65 6I492?86 2?5 4@==23@C2E:@? 2>@?8 E96 r9:?6D6 |2:?=2?5[ w@?8 z@?8 2?5 E96 :?E6C?2E:@?2= 4@>>F?:EJ] {@@<:?8 29625 E@ E96 4@F?ECJVD `dE9 u:G6\*62C !=2?[ D96 ?@E65 E92E A9:=2?E9C@A:4 >@56=D E92E E2<6 2 =@?8\E6C> A6CDA64E:G6 2?5 A=246 8C62E6C 6>A92D:D @? 42A24:EJ 3F:=5:?8 2?5 E2=6?E 56G6=@A>6?E H@F=5 364@>6 :?4C62D:?8=J :>A@CE2?E]k^Am
kAm%96 w@? |CD #68:?2 xA[ r@?G6?@C @7 E96 }@?\@77:4:2= |6>36CD @7 E96 tI64FE:G6 r@F?4:= @7 E96 wz$p#[ D2:5i Q|62?:?87F= 249:6G6>6?E :D 3F:=E E9C@F89 4=2C:EJ @7 AFCA@D6[ 5:D4:A=:?6[ C6D:=:6?46[ 9@?6DE D6=7\2DD6DD>6?E[ 2?5 2? F?J:6=5:?8 56E6C>:?2E:@? E@ :>AC@G6] %9@D6 D2>6 BF2=:E:6D 2C6 364@>:?8 :?4C62D:?8=J 6DD6?E:2= :? A9:=2?E9C@AJ[ 2?5 %96 w@?8 z@?8 y@4<6J r=F3 :D 6DA64:2==J H6== A=2465 E@ =625 E9:D 4@?G6CD2E:@? 3642FD6 :E D:ED 2E E96 F?:BF6 :?E6CD64E:@? @7 DA@CE[ AF3=:4 AFCA@D6 2?5 A9:=2?E9C@AJ 2E D42=6]Qk^Am
kAmr=F3 r92:C>2? %96 w@? |2CE:? {:2@ 6IAC6DD65 9:D AC@7@F?5 8C2E:EF56 E@ 2== DA62<6CD[ A2?6==:DED[ >@56C2E@CD 2?5 A2CE:4:A2?ED @7 !qr a_ae 7@C 3C:?8:?8 E96:C C6>2C<23=6 C2?86 @7 6IA6C:6?46 2?5 A6CDA64E:G6D E@ E96 7@CF>] w6 AC2:D65 E96 AC@8C6DD E92E !qr 92D >256 @G6C E96 A2DE 564256 :? 255C6DD:?8 AC6G2:=:?8 D@4:2= 492==6?86D 2?5 :?DA:C:?8 4C@DD\D64E@C 2?5 4C@DD\C68:@?2= A2CE?6CD9:AD[ E@ :ED A@D:E:@? E@52J 2D @?6 @7 E96 =2C86DE 2DD6>3=:6D @7 E96 8=@32= A9:=2?E9C@A:4 4@>>F?:EJ H@C=5H:56]k^Am
kAm(:?7C:65 t?86=3C649E\qC6D86D[ E96 r=F3VD rt~ 2?5 x@! s:C64E@C[ 56=:G6C65 E96 7@CF>VD 4=@D:?8 C6>2C<D[ 649@:?8 :?D:89ED 7C@> 7@CF> DA62<6CD 2?5 C67=64E:?8 @? E96 D64E@CVD 6G@=G:?8 ;@FC?6J] Qx7 E96C6 :D @?6 =6DD@? E92E 92D 6>6C865 4@?D:DE6?E=J @G6C E96 A2DE EH@ 52JD[ :E :D E92E >62?:?87F= :>A24E 5@6D ?@E 92AA6? 3J 244:56?E] xE C6BF:C6D G:D:@?[ 5:D4:A=:?6 2?5 4@>>:E>6?E] qFE 23@G6 2==[ :E C6BF:C6D 4@==23@C2E:@?]Q w6 25565i Q}@ @C82?:D2E:@?[ 7@F?52E:@?[ 8@G6C?>6?E @C 3FD:?6DD 42? 255C6DD E@52JVD 492==6?86D 2=@?6] !2CE?6CD9:AD 2C6 <6J[ 3FE 6BF2==J :>A@CE2?E :D 7:?5:?8 E96 C:89E A2CE?6CDi E9@D6 H9@ 3C:?8 4@>A=6>6?E2CJ DEC6?8E9D[ D92C6 @FC AFCA@D6 2C6 4@>>:EE65 E@ 249:6G:?8 >62?:?87F= @FE4@>6D E@86E96C]Qk^Am
kAmt2C=:6C E@52J[ E96 @A6?:?8 <6J?@E6 255C6DD H2D 56=:G6C65 3J w2C: |6?@?[ !C6D:56?E @7 v=@32= vC@HE9 U2>Aj ~AA@CEF?:EJ 2E E96 v2E6D u@F?52E:@?] t?E:E=65 Q%96 }6H vC@HE9 p86?52i !9:=2?E9C@AJVD #@=6 :? tIA2?5:?8 ~AA@CEF?:EJ 7@C p==Q[ :E 6I2>:?65 E96 42E2=JE:4 C@=6 @7 A9:=2?E9C@AJ :? 6?23=:?8 >@C6 A6@A=6 E@ 4@?EC:3FE6 E@ 2?5 36?67:E 7C@> 64@?@>:4 8C@HE9]k^Am
kAmpD A2CE @7 E96 r=F3VD @?8@:?8 677@CED E@ AC@>@E6 65F42E:@? 2?5 56G6=@A>6?E 6BF:EJ[ 2?5 7@==@H:?8 E96 25@AE:@? 2?5 252AE2E:@? @7 E96 k2 9C67lQ>2:=E@ir@@=%9:?<oyrQmr@@=%9:?<oyrk^2m 4FCC:4F=F> :? r2>3@5:2? AC:>2CJ D49@@=D 62C=:6C E9:D J62C[ 2? |~& @? 62C=J 49:=59@@5 65F42E:@? 2?5 56G6=@A>6?E H2D D:8?65 E@52J] (:E?6DD65 3J r=F3 $E6H2C5 y24<D@? (@@[ E96 |~& H2D D:8?65 3J sC v23C:6= {6F?8[ r=F3 tI64FE:G6 s:C64E@C[ r92C:E:6D 2?5 r@>>F?:EJ[ 2?5 w]t] sC z:> $6E92?J[ !6C>2?6?E $64C6E2CJ @7 $E2E6 @7 r2>3@5:2VD |:?:DECJ @7 t5F42E:@?[ *@FE9 2?5 $A@CE[ C6277:C>:?8 E96 D92C65 4@>>:E>6?E E@ DEC6?8E96?:?8 56G6=@A>6?E 7@F?52E:@?D 2?5 36EE6C =:76 EC2;64E@C:6D 7@C 49:=5C6?]k^Am
kAm%96 7@CF>VD 4=@D:?8 A=6?2CJ 762EFC65 2? :?E6C86?6C2E:@?2= 5:2=@8F6 36EH66? 2 DA@CED =6256C\EFC?65\A9:=2?E9C@A:DE 2?5 2DA:C:?8 J@F?8 2E9=6E6D H9@ H2?E E@ 5C:G6 492?86] |@56C2E65 3J *2@ |:?8[ u@F?56C 2?5 r92:C>2? @7 E96 *2@ u@F?52E:@?[ E96 D6DD:@? 6I2>:?65 9@H 2E9=6E6D 42? 3C@256? E96:C :>A24E 2?5 9@H A6CD@?2= 8C@HE9 42? EC2?D=2E6 :?E@ =6256CD9:A 2?5 4@>>F?:EJ 3F:=5:?8] %96 DA62<6CD H6C6 *G6EE6 z@?8[ u@F?56C 2?5 r9:67 tI64FE:G6 ~77:46C @7 pC6=JI 2?5 ~=J>A:4 DH:>>6Cj y24BF6=:?6 {2:[ w@?8 z@?8[ r9:?2 6BF6DEC:2? E62> C:56C 2?5 pD:2? v2>6D >652==:DEj 2?5 r25@ {66[ EH@\E:>6 pD:2? v2>6D 8@=5 >652==:DE 2?5 2 w@?8 z@?8[ r9:?2 #F83J $6G6?D A=2J6C]k^Am
kAmx? =:?6 H:E9 E9:D J62CVD E96>6[ %96 qC:586DA2? vC@FA F?G6:=65 2 ?6H C6A@CE 6I2>:?:?8 H92E 5:DE:?8F:D96D 72>:=J 8:G:?8 :? pD:2 2?5 9@H E96 H@C=5VD H62=E9:6DE 72>:=:6D 2AAC@249 A9:=2?E9C@AJ] $FAA@CE65 3J x@![ %96 #@4<676==6C u@F?52E:@? 2?5 E96 v2E6D u@F?52E:@?[ E96 C6D62C49 6IA=@C6D E96 C6=2E:@?D9:A 36EH66? 72>:=J[ 3FD:?6DD 2?5 A9:=2?E9C@AJ 24C@DD E96 C68:@?] $6A2C2E6=J[ qC:586DA2?VD =2E6DE 4@CA@C2E6 8:G:?8 C6D62C49 7@F?5 E92E %96 w@?8 z@?8 y@4<6J r=F3 2?5 :ED r92C:E:6D %CFDE C6>2:? E96 =625:?8 4@CA@C2E6 5@?@C :? pD:2 2?5 E96 6:89E9 =2C86DE 8=@32==J[ H:E9 2? 2??F2= 2G6C286 @7 2AAC@G65 5@?2E:@?D @7 &$Sffc >:==:@? 7C@> a_a_ E@ a_ac]k^Am
kAmx?:E:2E65 :? a_`e[ !qr 92D D6CG65 2D 2 7=28D9:A A=2E7@C> 7@C 8=@32= A9:=2?E9C@A:4 E9@F89E =6256CD9:A 2?5 4C@DD\D64E@C 4@==23@C2E:@?[ 6?828:?8 D@>6 `_[___ A2CE:4:A2?ED 2?5 >@C6 E92? bg_ DA62<6CD 7C@> @G6C c_ 4@F?EC:6D 2?5 C68:@?D E9C@F89@FE E96 A2DE 564256]k^Am
kAm%96 r=F3VD DFAA@CE 7@C !qr a_ae[ =:<6 2== @7 :ED 492C:EJ 2?5 4@>>F?:EJ :?:E:2E:G6D[ :D >256 A@DD:3=6 3J :ED F?:BF6 G2=F6 4C62E:@? >@56= E9C@F89 H9:49 C24:?8 2?5 H286C:?8 86?6C2E6 E2I 4@?EC:3FE:@?D[ 492C:EJ DFAA@CE 2?5 6>A=@J>6?E @AA@CEF?:E:6D 7@C E96 4@>>F?:EJ]k^Am
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56Cdd_gQmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$`hgbdfh^a_ae_h_g_hdc_cts%0:>2860e];A8n:5l~pahbdhbdQ E:E=6lQ!9@E@ `i sC E96 w@? $E2CCJ {66[ |6>36C @7 E96 $E2?5:?8 r@>>:EE66 @7 E96 }2E:@?2= !6@A=6UCDBF@jD r@?8C6DD 2?5 !C6D:56?E @7 E96 {68:D=2E:G6 r@F?4:= @7 E96 wz$p# W7C@?E C@H[ dE9 =67EXj %96 w@? |CD #68:?2 xA[ r@?G6?@C @7 E96 }@?\@77:4:2= |6>36CD[ tI64FE:G6 r@F?4:= @7 E96 wz$p# W7C@?E C@H[ cE9 C:89EXj r=F3 r92:C>2? %96 w@? |2CE:? {:2@ W7C@?E C@H[ dE9 C:89EXj r=F3 s6AFEJ r92:C>2? 2?5 x@! r92:C>2? {6DE6C wF2?8 W7C@?E C@H[ bC5 C:89EXj r=F3 $E6H2C5Dj r=F3 rt~ 2?5 x@! s:C64E@C (:?7C:65 t?86=3C649E\qC6D86D W7C@?E C@H[ cE9 =67EXj 2?5 @E96C >6>36CD @7 E96 r=F3UCDBF@jD q@2C5 @7 |2?286>6?E A@D6 7@C 2 A9@E@ 2E E96 !qr a_ae v2=2 s:??6C]Q 2=ElQ!9@E@ `i sC E96 w@? $E2CCJ {66[ |6>36C @7 E96 $E2?5:?8 r@>>:EE66 @7 E96 }2E:@?2= !6@A=6UCDBF@jD r@?8C6DD 2?5 !C6D:56?E @7 E96 {68:D=2E:G6 r@F?4:= @7 E96 wz$p# W7C@?E C@H[ dE9 =67EXj %96 w@? |CD #68:?2 xA[ r@?G6?@C @7 E96 }@?\@77:4:2= |6>36CD[ tI64FE:G6 r@F?4:= @7 E96 wz$p# W7C@?E C@H[ cE9 C:89EXj r=F3 r92:C>2? %96 w@? |2CE:? {:2@ W7C@?E C@H[ dE9 C:89EXj r=F3 s6AFEJ r92:C>2? 2?5 x@! r92:C>2? {6DE6C wF2?8 W7C@?E C@H[ bC5 C:89EXj r=F3 $E6H2C5Dj r=F3 rt~ 2?5 x@! s:C64E@C (:?7C:65 t?86=3C649E\qC6D86D W7C@?E C@H[ cE9 =67EXj 2?5 @E96C >6>36CD @7 E96 r=F3UCDBF@jD q@2C5 @7 |2?286>6?E A@D6 7@C 2 A9@E@ 2E E96 !qr a_ae v2=2 s:??6C]Q ^mk^Amk^5:Gm
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56CbfhfQmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$`hgbdfe^a_ae_h_g_hdc_cts%0:>2860c];A8n:5l~pahbdhbaQ E:E=6lQ!9@E@ ai sC E96 w@? $E2CCJ {66[ |6>36C @7 E96 $E2?5:?8 r@>>:EE66 @7 E96 }2E:@?2= !6@A=6UCDBF@jD r@?8C6DD 2?5 !C6D:56?E @7 E96 {68:D=2E:G6 r@F?4:= @7 E96 wz$p#[ 56=:G6CD 2 DA6649 2E E96 !qr a_ae v2=2 s:??6C]Q 2=ElQ!9@E@ ai sC E96 w@? $E2CCJ {66[ |6>36C @7 E96 $E2?5:?8 r@>>:EE66 @7 E96 }2E:@?2= !6@A=6UCDBF@jD r@?8C6DD 2?5 !C6D:56?E @7 E96 {68:D=2E:G6 r@F?4:= @7 E96 wz$p#[ 56=:G6CD 2 DA6649 2E E96 !qr a_ae v2=2 s:??6C]Q ^mk^Amk^5:Gm
More from this section
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56Cc`_cQmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$`hgbdg`^a_ae_h_g_hdc_cts%0:>2860`];A8n:5l~pahbdhbfQ E:E=6lQ!9@E@ bi %96 w@? |CD #68:?2 xA[ r@?G6?@C @7 E96 }@?\@77:4:2= |6>36CD[ tI64FE:G6 r@F?4:= @7 E96 wz$p#[ 56=:G6CD 2 DA6649 2E E96 !qr a_ae v2=2 s:??6C]Q 2=ElQ!9@E@ bi %96 w@? |CD #68:?2 xA[ r@?G6?@C @7 E96 }@?\@77:4:2= |6>36CD[ tI64FE:G6 r@F?4:= @7 E96 wz$p#[ 56=:G6CD 2 DA6649 2E E96 !qr a_ae v2=2 s:??6C]Q ^mk^Amk^5:Gm
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56ChdaaQmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$`hgbdff^a_ae_h_g_hdc_cts%0:>2860f];A8n:5l~pahbdhbbQ E:E=6lQ!9@E@ ci $A62<:?8 2E E96 v2=2 s:??6C[ r=F3 r92:C>2? %96 w@? |2CE:? {:2@ 6IAC6DD65 9:D AC@7@F?5 8C2E:EF56 E@ 2== DA62<6CD[ A2?6==:DED[ >@56C2E@CD 2?5 A2CE:4:A2?ED 7@C 3C:?8:?8 2 C6>2C<23=6 C2?86 @7 6IA6C:6?46 2?5 A6CDA64E:G6D E@ !qr a_ae]Q 2=ElQ!9@E@ ci $A62<:?8 2E E96 v2=2 s:??6C[ r=F3 r92:C>2? %96 w@? |2CE:? {:2@ 6IAC6DD65 9:D AC@7@F?5 8C2E:EF56 E@ 2== DA62<6CD[ A2?6==:DED[ >@56C2E@CD 2?5 A2CE:4:A2?ED 7@C 3C:?8:?8 2 C6>2C<23=6 C2?86 @7 6IA6C:6?46 2?5 A6CDA64E:G6D E@ !qr a_ae]Q ^mk^Amk^5:Gm
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56CdcdbQmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$`hgbdgb^a_ae_h_g_hdc_cts%0:>2860h];A8n:5l~pahbdhbhQ E:E=6lQ!9@E@ di r=F3 r9:67 tI64FE:G6 ~77:46C 2?5 s:C64E@C @7 E96 x?DE:EFE6 @7 !9:=2?E9C@AJ[ (:?7C:65 t?86=3C649E\qC6D86D[ 56=:G6CD 4=@D:?8 C6>2C<D 2E !qr a_ae]Q 2=ElQ!9@E@ di r=F3 r9:67 tI64FE:G6 ~77:46C 2?5 s:C64E@C @7 E96 x?DE:EFE6 @7 !9:=2?E9C@AJ[ (:?7C:65 t?86=3C649E\qC6D86D[ 56=:G6CD 4=@D:?8 C6>2C<D 2E !qr a_ae]Q ^mk^Amk^5:Gm
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56CccebQmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$`hgbdfc^a_ae_h_g_hdc_cts%0:>2860b];A8n:5l~pahbdhb`Q E:E=6lQ!9@E@ ei w2C: |6?@?[ !C6D:56?E @7 v=@32= vC@HE9 U2>Aj ~AA@CEF?:EJ 2E E96 v2E6D u@F?52E:@?[ 56=:G6CD E96 7@CF>UCDBF@jD @A6?:?8 <6J?@E6 255C6DD @? 52J EH@ :? 2 D6DD:@? 6?E:E=65 U=5BF@j%96 }6H vC@HE9 p86?52i !9:=2?E9C@AJUCDBF@jD #@=6 :? tIA2?5:?8 ~AA@CEF?:EJ 7@C p==UC5BF@j]Q 2=ElQ!9@E@ ei w2C: |6?@?[ !C6D:56?E @7 v=@32= vC@HE9 U2>Aj ~AA@CEF?:EJ 2E E96 v2E6D u@F?52E:@?[ 56=:G6CD E96 7@CF>UCDBF@jD @A6?:?8 <6J?@E6 255C6DD @? 52J EH@ :? 2 D6DD:@? 6?E:E=65 U=5BF@j%96 }6H vC@HE9 p86?52i !9:=2?E9C@AJUCDBF@jD #@=6 :? tIA2?5:?8 ~AA@CEF?:EJ 7@C p==UC5BF@j]Q ^mk^Amk^5:Gm
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56CffedQmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$`hgbdg_^a_ae_h_g_hdc_cts%0:>2860g];A8n:5l~pahbdhbeQ E:E=6lQ!9@E@ fi %96 x>A24E $EF5:@ D6DD:@?[ U=5BF@jqC:58:?8 E96 v2Ai p5G2?4:?8 t5F42E:@?2= tBF:EJ %9C@F89 r@>AFE2E:@?2= %9:?<:?8UC5BF@j[ 6IA=@C65 DEC2E68:6D E@ 249:6G6 DFDE2:?23=6 2?5 :>A24E7F= 5:8:E2= 65F42E:@?] $A62<6CD :?4=F565 z:> $6E92?J[ !6C>2?6?E $64C6E2CJ @7 $E2E6[ |:?:DECJ @7 t5F42E:@?[ *@FE9 2?5 $A@CE[ r2>3@5:2 Wa?5 C:89EXj wF2?8 #@?89F2:[ r@\s62? @7 E96 $>2CE {62C?:?8 x?DE:EFE6 2E q6:;:?8 }@C>2= &?:G6CD:EJ 2?5 r92:C9@=56C @7 E96 &}t$r~ r92:C @? pCE:7:4:2= x?E6==:86?46 :? t5F42E:@? Wa?5 =67EXj 2?5 $E6A96? r96F?8[ !C6D:56?E @7 $2:?E uC2?4:D &?:G6CD:EJ 2?5 '@E:?8 |6>36C @7 %96 w@?8 z@?8 y@4<6J r=F3 W`DE =67EX] %96 A2?6= H2D >@56C2E65 3J z6CCJ {66[ !C6D:56?E 2?5 r92:C !C@76DD@C @7 r9:=5 s6G6=@A>6?E 2E *6H r9F?8 r@==686 @7 t2C=J r9:=59@@5 t5F42E:@? W`DE C:89EX]Q 2=ElQ!9@E@ fi %96 x>A24E $EF5:@ D6DD:@?[ U=5BF@jqC:58:?8 E96 v2Ai p5G2?4:?8 t5F42E:@?2= tBF:EJ %9C@F89 r@>AFE2E:@?2= %9:?<:?8UC5BF@j[ 6IA=@C65 DEC2E68:6D E@ 249:6G6 DFDE2:?23=6 2?5 :>A24E7F= 5:8:E2= 65F42E:@?] $A62<6CD :?4=F565 z:> $6E92?J[ !6C>2?6?E $64C6E2CJ @7 $E2E6[ |:?:DECJ @7 t5F42E:@?[ *@FE9 2?5 $A@CE[ r2>3@5:2 Wa?5 C:89EXj wF2?8 #@?89F2:[ r@\s62? @7 E96 $>2CE {62C?:?8 x?DE:EFE6 2E q6:;:?8 }@C>2= &?:G6CD:EJ 2?5 r92:C9@=56C @7 E96 &}t$r~ r92:C @? pCE:7:4:2= x?E6==:86?46 :? t5F42E:@? Wa?5 =67EXj 2?5 $E6A96? r96F?8[ !C6D:56?E @7 $2:?E uC2?4:D &?:G6CD:EJ 2?5 '@E:?8 |6>36C @7 %96 w@?8 z@?8 y@4<6J r=F3 W`DE =67EX] %96 A2?6= H2D >@56C2E65 3J z6CCJ {66[ !C6D:56?E 2?5 r92:C !C@76DD@C @7 r9:=5 s6G6=@A>6?E 2E *6H r9F?8 r@==686 @7 t2C=J r9:=59@@5 t5F42E:@? W`DE C:89EX]Q ^mk^Amk^5:Gm
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56Cgd`dQmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$`hgbdga^a_ae_h_g_hdc_cts%0:>2860`_];A8n:5l~pahbdhbgQ E:E=6lQ!9@E@ gi (:E?6DD65 3J r=F3 $E6H2C5 y24<D@? (@@ W=67EX[ 2? |~& @? 62C=J 49:=59@@5 65F42E:@? 2?5 56G6=@A>6?E H2D D:8?65 E@52J 3J sC v23C:6= {6F?8[ r=F3 tI64FE:G6 s:C64E@C[ r92C:E:6D 2?5 r@>>F?:EJ WC:89EX[ 2?5 w]t] sC z:> $6E92?J[ !6C>2?6?E $64C6E2CJ @7 $E2E6 @7 r2>3@5:2UCDBF@jD |:?:DECJ @7 t5F42E:@?[ *@FE9 2?5 $A@CE W46?EC6X[ C6277:C>:?8 E96 D92C65 4@>>:E>6?E E@ DEC6?8E96?:?8 56G6=@A>6?E 7@F?52E:@?D 2?5 36EE6C =:76 EC2;64E@C:6D 7@C 49:=5C6?]Q 2=ElQ!9@E@ gi (:E?6DD65 3J r=F3 $E6H2C5 y24<D@? (@@ W=67EX[ 2? |~& @? 62C=J 49:=59@@5 65F42E:@? 2?5 56G6=@A>6?E H2D D:8?65 E@52J 3J sC v23C:6= {6F?8[ r=F3 tI64FE:G6 s:C64E@C[ r92C:E:6D 2?5 r@>>F?:EJ WC:89EX[ 2?5 w]t] sC z:> $6E92?J[ !6C>2?6?E $64C6E2CJ @7 $E2E6 @7 r2>3@5:2UCDBF@jD |:?:DECJ @7 t5F42E:@?[ *@FE9 2?5 $A@CE W46?EC6X[ C6277:C>:?8 E96 D92C65 4@>>:E>6?E E@ DEC6?8E96?:?8 56G6=@A>6?E 7@F?52E:@?D 2?5 36EE6C =:76 EC2;64E@C:6D 7@C 49:=5C6?]Q ^mk^Amk^5:Gm
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56CfdbgQmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$`hgbdfg^a_ae_h_g_hdc_cts%0:>2860d];A8n:5l~pahbdhbcQ E:E=6lQ!9@E@ hi %96 x>A24E $EF5:@ D6DD:@?[ U=5BF@jtG@=G:?8 !9:=2?E9C@AJ {2?5D42A6 :? r9:?2i r@CA@C2E6[ u2>:=J[ 2?5 rC@DD q@C56C v:G:?8 :? !C24E:46UC5BF@j[ 6IA=@C65 9@H 4C@DD\3@C56C A=2E7@C>D :?E6CD64E H:E9 E96 492C:EJ A@=:4J 6?G:C@?>6?E :? E96 vC62E6C q2J pC62 E@ 6?23=6 4@==23@C2E:@? 2E 8C62E6C D42=6] $A62<6CD :?4=F565 (2?8 +96?J2@[ u@F?5:?8 s62? @7 E96 r9:?2 !9:=2?E9C@AJ #6D62C49 x?DE:EFE6 2E q6:;:?8 }@C>2= &?:G6CD:EJ Wa?5 C:89EXj (2?8 |:?8[ !C@76DD@C[ $49@@= @7 !F3=:4 !@=:4J 2?5 |2?286>6?E 2?5 u@F?5:?8 s62? @7 E96 x?DE:EFE6 7@C !9:=2?E9C@AJ 2E %D:?89F2 &?:G6CD:EJ Wa?5 =67EXj 2?5 y:? y:?A:?8[ pDD@4:2E6 !C@76DD@C 2E !6<:?8 &?:G6CD:EJ {2H $49@@= W`DE =67EX] %96 A2?6= H2D >@56C2E65 3J (2?8 ):2?8H6:[ 7@C>6C 65:E@C\:?\49:67[ $@FE9 r9:?2 |@C?:?8 !@DE[ 2?5 D6?:@C G:D:E:?8 D49@=2C 2E w2CG2C5 z6??65J $49@@= W`DE C:89EX]Q 2=ElQ!9@E@ hi %96 x>A24E $EF5:@ D6DD:@?[ U=5BF@jtG@=G:?8 !9:=2?E9C@AJ {2?5D42A6 :? r9:?2i r@CA@C2E6[ u2>:=J[ 2?5 rC@DD q@C56C v:G:?8 :? !C24E:46UC5BF@j[ 6IA=@C65 9@H 4C@DD\3@C56C A=2E7@C>D :?E6CD64E H:E9 E96 492C:EJ A@=:4J 6?G:C@?>6?E :? E96 vC62E6C q2J pC62 E@ 6?23=6 4@==23@C2E:@? 2E 8C62E6C D42=6] $A62<6CD :?4=F565 (2?8 +96?J2@[ u@F?5:?8 s62? @7 E96 r9:?2 !9:=2?E9C@AJ #6D62C49 x?DE:EFE6 2E q6:;:?8 }@C>2= &?:G6CD:EJ Wa?5 C:89EXj (2?8 |:?8[ !C@76DD@C[ $49@@= @7 !F3=:4 !@=:4J 2?5 |2?286>6?E 2?5 u@F?5:?8 s62? @7 E96 x?DE:EFE6 7@C !9:=2?E9C@AJ 2E %D:?89F2 &?:G6CD:EJ Wa?5 =67EXj 2?5 y:? y:?A:?8[ pDD@4:2E6 !C@76DD@C 2E !6<:?8 &?:G6CD:EJ {2H $49@@= W`DE =67EX] %96 A2?6= H2D >@56C2E65 3J (2?8 ):2?8H6:[ 7@C>6C 65:E@C\:?\49:67[ $@FE9 r9:?2 |@C?:?8 !@DE[ 2?5 D6?:@C G:D:E:?8 D49@=2C 2E w2CG2C5 z6??65J $49@@= W`DE C:89EX]Q ^mk^Amk^5:Gm
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56C`_f`QmkAmk:>8 DC4lQ9EEADi^^>>I]AC?6HDH:C6]4@>^>65:2^|$`hgbdfb^a_ae_h_g_hdc_cts%0:>2860a];A8n:5l~pahbdhb_Q E:E=6lQ!9@E@ `_i %96 7@CF>UCDBF@jD 4=@D:?8 A=6?2CJ 762EFC65 2? :?E6C86?6C2E:@?2= 5:2=@8F6 36EH66? 2 DA@CE =6256C\EFC?65\A9:=2?E9C@A:DE 2?5 2DA:C:?8 J@F?8 2E9=6E6D H9@ H2?E E@ 5C:G6 492?86] %96 DA62<6CD H6C6 *G6EE6 z@?8[ u@F?56C 2?5 r9:67 tI64FE:G6 ~77:46C @7 pC6=JI 2?5 ~=J>A:4 DH:>>6C W`DE =67EXj y24BF6=:?6 {2:[ w@?8 z@?8[ r9:?2 6BF6DEC:2? E62> C:56C 2?5 pD:2? v2>6D >652==:DE Wa?5 =67EXj 2?5 r25@ {66[ EH@\E:>6 pD:2? v2>6D 8@=5 >652==:DE 2?5 2 w@?8 z@?8[ r9:?2 #F83J $6G6?D A=2J6C Wa?5 C:89EX] %96 A2?6= H2D >@56C2E65 3J *2@ |:?8[ u@F?56C 2?5 r92:C>2? @7 E96 *2@ u@F?52E:@? W`DE C:89EX]Q 2=ElQ!9@E@ `_i %96 7@CF>UCDBF@jD 4=@D:?8 A=6?2CJ 762EFC65 2? :?E6C86?6C2E:@?2= 5:2=@8F6 36EH66? 2 DA@CE =6256C\EFC?65\A9:=2?E9C@A:DE 2?5 2DA:C:?8 J@F?8 2E9=6E6D H9@ H2?E E@ 5C:G6 492?86] %96 DA62<6CD H6C6 *G6EE6 z@?8[ u@F?56C 2?5 r9:67 tI64FE:G6 ~77:46C @7 pC6=JI 2?5 ~=J>A:4 DH:>>6C W`DE =67EXj y24BF6=:?6 {2:[ w@?8 z@?8[ r9:?2 6BF6DEC:2? E62> C:56C 2?5 pD:2? v2>6D >652==:DE Wa?5 =67EXj 2?5 r25@ {66[ EH@\E:>6 pD:2? v2>6D 8@=5 >652==:DE 2?5 2 w@?8 z@?8[ r9:?2 #F83J $6G6?D A=2J6C Wa?5 C:89EX] %96 A2?6= H2D >@56C2E65 3J *2@ |:?8[ u@F?56C 2?5 r92:C>2? @7 E96 *2@ u@F?52E:@? W`DE C:89EX]Q ^mk^Amk^5:Gm
kAm k^Am
k5:GmkE23=6 3@C56ClQ_Q 46==DA24:?8lQ_Q 46==A255:?8lQ`Q 4=2DDlQAC?344QmkECmkE5 4=2DDlQAC?ACa AC?A=a AC?G23 AC?D3E3` AC?C3C3` AC?D333` AC?D3=3`Q 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qmk6>m!9@E@D 42? 36 5@H?=@2565 7C@> E96 H63D:E6 @7 %96 w@?8 z@?8 y@4<6J r=F3 Wk^6>mk2 9C67lQ9EEADi^^4@CA@C2E6]9<;4]4@>^6?\FD^?6HD\2?5\AF3=:42E:@?D^4@CA@C2E6\?6HDQ E2C86ElQ03=2?<Q 4=2DDlQAC?6HD02Q C6=lQ?@7@==@HQmk6>m9EEADi^^4@CA@C2E6]9<;4]4@>^6?\FD^?6HD\2?5\AF3=:42E:@?D^4@CA@C2E6\?6HDX]k^6>mk^2mk^DA2?mk^Amk^E5mk^ECmk^E23=6mk^5:Gm
kA 4=2DDlQAC?E24QmRRRk^Am
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56C_Qmk^5:Gm
kA :5lQ!&#{Qmk:>8 E:E=6lQr:D:@?Q H:5E9lQ`aQ 96:89ElQ`aQ 2=ElQr:D:@?Q DC4lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^:>8^72G:4@?]A?8nD?lt}cadabU2>AjD5la_ae\_h\_gQ ^m ':6H @C:8:?2= 4@?E6?E E@ 5@H?=@25 >F=E:>65:2ik2 :5lQ!#}&#{Q C6=lQ?@7@==@HQ 9C67lQ9EEADi^^HHH]AC?6HDH:C6]4@]F<^?6HD\C6=62D6D^;@4<6J\4=F3\4@?4=F56D\=2?5>2C<\`_E9\2??:G6CD2CJ\@7\A34\H:E9\82=2\5:??6C\762EFC:?8\56=682E6D\7C@>\2C@F?5\E96\H@C=5\E@\46=63C2E6\2\564256\@7\8=@32=\5:2=@8F6\b_agfadad]9E>=Q E2C86ElQ03=2?<Qm9EEADi^^HHH]AC?6HDH:C6]4@]F<^?6HD\C6=62D6D^;@4<6J\4=F3\4@?4=F56D\=2?5>2C<\`_E9\2??:G6CD2CJ\@7\A34\H:E9\82=2\5:??6C\762EFC:?8\56=682E6D\7C@>\2C@F?5\E96\H@C=5\E@\46=63C2E6\2\564256\@7\8=@32=\5:2=@8F6\b_agfadad]9E>=k^2mk^Am
kAmk:>8 2=ElQQ DC4lQ9EEADi^^CE]AC?6HDH:C6]4@>^CE]8:7n}6HDxE6>x5lt}cadabU2>Aj%C2?D>:DD:@?0x5la_ae_h_g``cd!#0}t($0t&#~0}s00t}cadabU2>Ajs2E6x5la_ae_h_gQ DEJ=6lQ3@C56Ci_AIj H:5E9i`AIj 96:89Ei`AIjQ ^mk^Am
