Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                

Allen J. Lost Geographies of Power PDF

Download as pdf or txt
Download as pdf or txt
You are on page 1of 234

!

"#$ %&"'()*+,&#
"- ."/&(
!"#$ %&&'$

(")* +'",-./#0') "1 2"3'-

0%1234% 4""5 1&(,&#


!"# !"#$% &'"()$*+,-$% ."-,'/# 01,/+ /+' 234/,/5/' "6 7),/,4+ &'"()$*+')48
7""9 .'),'4 $%&'()#* + ,&%-. ,&% */"&0+%01 .&2&3%+$"* +2) #)(4#) /&00#/5
4(&2* &, +/+)#.(/ $+$#%* +4 4"# 0#+)(23 #)3# &, %#*#+%/" (2 "-.+2 +2)
$"1*(/+0 3#&3%+$"16 !"# '&0-.#* +%# (24#2)#) 4& .+7# *(32(,(/+24 /&24%(5
8-4(&2* 4& 4"# ,(#0) (2 9"(/" 4"#1 0(#: +2) 4& 8# 9%(44#2 (2 + .+22#%
+//#**(80# 4& 4"# 9()#% /&..-2(41 &, +/+)#.(/ 3#&3%+$"#%*6 ;&.#
'&0-.#* 9(00 )(**#.(2+4# /-%%#24 3#&3%+$"(/+0 %#*#+%/" %#$&%4#) +4 /&2,#%5
#2/#* &% *#**(&2* /&2'#2#) 81 <#*#+%/" =%&-$* &, 4"# ;&/(#416 ;&.# 9(00
8# #)(4#) &% +-4"&%#) 81 */"&0+%* ,%&. 8#1&2) 4"# >?6 @00 +%# )#*(32#) 4&
"+'# +2 (24#%2+4(&2+0 %#+)#%*"($ +2) 4& 8&4" %#,0#/4 +2) *4(.-0+4# 4"# 8#*4
/-%%#24 %#*#+%/" 9(4"(2 3#&3%+$"16
!"# 8&&7* 9(00 *4+2) &-4 (2 4#%.* &,A
!
!
!
!

4"# B-+0(41 &, %#*#+%/"


4"#(% /&24%(8-4(&2 4& 4"#(% %#*#+%/" ,(#0)
4"#(% 0(7#0("&&) 4& *4(.-0+4# &4"#% %#*#+%/"
8#(23 */"&0+%01 8-4 +//#**(80#6

!"#$%&'()

+'"4"-/#"&",05.& 2-"5'))') .$6 (.$6)5./' 7#.$,'8 9-0*.0$ 0$ *#' (.)* :;;; <'.-)
C+'() D6 E(33(44 +2) F6 G+%7 D##

+&"=.&0>0$, ?"@*# 7#0$.


H+%&012 H+%4(#%

(")* +'",-./#0') "1 2"3'I&"2 @00#2


*+,-'.+/%01

+'",-./#0') "1 9-0*0)# A"6'-$0*B


C+'() =(08#%4: C+'() G+40#** +2) J%(+2 ;"&%4

C"4050&' .$6 C0.)/"-.


@0(*&2 J0-24

%$ D0)*"-05.& +'",-./#B "1 ?50'$5' E@*6""-)


;(.&2 K+10&%

!"#$ %&"'()*+,&#
"- ."/&(
!"#$ %&&'$

! LMMN 81 I&"2 @00#2


NOM G+(2 ;4%##4: G+0)#2: G@ MLPQRSOMPR: >;@
PMR H&90#1 <&+): TU,&%) TVQ PIW: >?
OOM ;9+2*4&2 ;4%##4: H+%04&2 ;&-4": G#08&-%2#: X(/4&%(+ NMON: @-*4%+0(+
?-%,-Y%*4#2)+.. OZ: PMZMZ J#%0(2: =#%.+21
!"# %(3"4 &, I&"2 @00#2 4& 8# ()#24(,(#) +* 4"# @-4"&% &, 4"(* [&%7 "+* 8##2 +**#%4#) (2
+//&%)+2/# 9(4" 4"# >? H&$1%(3"4: C#*(32*: +2) \+4#24* @/4 P]RR6
@00 %(3"4* %#*#%'#)6 K& $+%4 &, 4"(* $-80(/+4(&2 .+1 8# %#$%&)-/#): *4&%#) (2 + %#4%(#'+0 *1*4#.:
&% 4%+2*.(44#): (2 +21 ,&%. &% 81 +21 .#+2*: #0#/4%&2(/: .#/"+2(/+0: $"&4&/&$1(23: %#/&%)(23
&% &4"#%9(*#: #U/#$4 +* $#%.(44#) 81 4"# >? H&$1%(3"4: C#*(32*: +2) \+4#24* @/4 P]RR:
9(4"&-4 4"# $%(&% $#%.(**(&2 &, 4"# $-80(*"#%6
W(%*4 $-80(*"#) LMMN
81 J0+/79#00 \-80(*"#%* D4): + J0+/79#00 \-80(*"(23 /&.$+21
:,;)$)# "6 <"3()'44 <$/$%"(,3(=,3=>5;%,-$/,"3 ?$/$
@00#2: I&"2: P]OPS
D&*4 3#&3%+$"(#* &, $&9#% ^ I&"2 @00#26
$6 /.6 S _<=;5`J= 8&&7 *#%(#*a
`2/0-)#* 8(80(&3%+$"(/+0 %#,#%#2/#* +2) (2)#U6
`;JK MSbNPSLMZLRSZ _+076 $+$#%a S `;JK MSbNPSLMZL]SO _$876 A +076 $+$#%a
P6 E-.+2 3#&3%+$"16 L6 \&9#% _;&/(+0 */(#2/#*a `6 !(40#6 ``6 ;#%(#*6
=WOM 6@QON LMMN
NMN6NS)/LP
LMMLMZPLPP
@ /+4+0&3-# %#/&%) ,&% 4"(* 4(40# (* +'+(0+80# ,%&. 4"# J%(4(*" D(8%+%16
;#4 (2 PM^PL $4 \0+24(2
81 ?&0+. `2,&%.+4(&2 ;#%'(/#* \'46 D4): \&2)(/"#%%1: `2)(+
\%(24#) +2) 8&-2) (2 4"# >2(4#) ?(23)&.
81 G\= J&&7* D4): J&).(2: H&%29+00
W&% ,-%4"#% (2,&%.+4(&2 &2
J0+/79#00 \-80(*"(23: '(*(4 &-% 9#8*(4#A
"44$A^^999680+/79#00$-80(*"(236/&.

7"$*'$*)

;#%(#* F)(4&%*c \%#,+/#

'((

@/72&90#)3#.#24*

'(((

7#./*'- : F$*-"6@5*0"$8 (")* +'",-./#0')


.)($ 3

.)($ 33

1*)$,)6 7"8)9:6)(,&# "- ."/&(

;<

7#./*'- G 2"3'- 0$ H#0$,)8 I'='-J) K""*$"*')


1-"4 *#' 7'$*-'

:L

7#./*'- M 2"3'- *#-"@,# A"=0&0>.*0"$8 K-"4 A.$$J)


N'*3"-O'6 2-"6@5*0"$) *" 7.)*'&&)J) N'*3"-O'6
K05*0"$)

MP

7#./*'- Q 2"3'- .) .$ F44.$'$* %11.0-8 K"@5.@&* .$6


C'&'@>'J) H"/"&",05.& C'*.0&

RL

!"#$ %&"'()*+,&#

=<

7#./*'- L 2"3'- 0$ 0*) S.-0"@) +@0)') T.$6 C0),@0)')U

VL

7#./*'- R 2-"W040*B .$6 X'.5#8 I'-' *#'-' 2"3'-)


.* . C0)*.$5' ='1"-' (.*"@-Y

:GV

7#./*'- Z 2&.50$, 2"3'-[ "- *#' A0)5#0'1 C"$' =B


H#0$O0$, *#.* C"40$.*0"$ 0) \]'-B3#'-'

:LV

]0

7ENH\NH?

7#./*'- P

7"$5&@)0"$8 A0)/&.5'6 2"3'-

:PV

J(80(&3%+$"1

P]R

`2)#U

LM]

?'-0') \60*"-)J 2-'1.5'

!"# <=;^`J= J&&7 *#%(#* $-80(*"#* 4"# "(3"#*4 B-+0(41 &, %#*#+%/" +2)
*/"&0+%*"($ +/%&** 4"# 8%&+) )(*/($0(2+%1 *$#/4%-. &, 3#&3%+$"16 @))%#**5
(23 4"# '(8%+24 +3#2)+ &, 4"#&%#4(/+0 )#8+4#* +2) (**-#* 4"+4 /"+%+/4#%(d#
4"# /&24#.$&%+%1 )(*/($0(2#: /&24%(8-4(&2* 9(00 $%&'()# + *124"#*(* &, %#5
*#+%/": 4#+/"(23: 4"#&%1 +2) $%+/4(/# 4"+4 8&4" %#,0#/4* +2) *4(.-0+4#*
/-44(235#)3# %#*#+%/"6 !"# *#%(#* *##7* 4& #23+3# +2 (24#%2+4(&2+0 %#+)#%5
*"($ 4"%&-3" 4"# $%&'(*(&2 &, */"&0+%01: '('() +2) +//#**(80# 4#U4*6
K(/7 E#2%1 +2) I&2 ;+)0#%
<=;5`J= J&&7 ;#%(#* F)(4&%*

%5O$"3&'6,'4'$*)

J&&7*: #*$#/(+001 &2#* 9(4" 3#&3%+$"1 (2 4"# 4(40#: +%# 4"# $%&)-/4 &, .+21
/&22#/4(&2*: /&00+8&%+4(&2* +2) ,%(#2)*"($*6 `, ` *+() 4"+4 4"(* 8&&7 9+* +
/&00#/4('# '#24-%#: ` 9&-0) 2&4 8# ,+% 9%&23 (2 4#%.* &, 4"# /&2'#%*+4(&2*:
()#+*: $%&'&/+4(&2* +2) ,0(3"4* &, ,+2/1 4"+4 "+'# /%&**#) .1 $+4" (2 4"#
/&-%*# &, 9%(4(23 (46
@* + "#+) &, )#$+%4.#24 +4 4"# T$#2 >2('#%*(41 ,&% 4"# 8#*4 $+%4 &, 4"#
0+*4 *(U 1#+%*: ` /+2 *+,#01 *+1 4"+4 ` "+'# 0#+%24 0(440# +8&-4 4"# 2+4-%# &,
$&9#% ,%&. 4"+4 #U$#%(#2/# +2) *& "+'# "+) 4& 0&&7 #0*#9"#%# ,&% (2*$(%5
+4(&2 +2) (2*(3"46 ` ,&-2) 4"+4 4"%&-3" 4"# +.$0# /&..#24* &2 #+%0(#%
)%+,4* &, 4"# /"+$4#% .+4#%(+0*: (2'(4+4(&2* 4& 9%(4#: +2) *#.(2+% $%#*#24+5
4(&2* +4 '+%(&-* -2('#%*(41 )#$+%4.#24*: +2) *& ` 9(*" 4& #U4#2) .1 4"+27*
4& +00 4"&*# 9"& "+'# "#0$#) .# 9(4" .1 #,,&%4*A I&"2 @32#9: @*" @.(2:
I&"2 H0+%7#: @00+2 H&/"%+2#: H"%(* E+.2#44: K(/7 E#2%1: ;4#'# E(25
/"0(,,#: @0+2 E-)*&2: <&3#% D##: @2)%#9 D#1*"&2: C&%##2 G+**#1: I&#
\+(24#%: H"%(* \"(0&: ;4#'# \(0#: G(/"+#0 \%17#: I#221 <&8(2*&2: @2)%#9
;+1#%: C+'() ;0+4#%: ?%(*4(+2 ;4&77#: =%+"+.# !"&.$*&2: K(3#0 !"%(,4
+2) I+2# [(00*6
` "+'# +0*& 3+(2#) .-/" &'#% 4"# 1#+%* ,%&. e-*4 8#(23 + $+%4 &, 4"#
=#&3%+$"1 C#$+%4.#24 +4 4"# T$#2 >2('#%*(41: #*$#/(+001 ,%&. 4"# .+21
#U/"+23#* 9(4" /&00#+3-#* +2) %#*#+%/" *4-)#24* S 9(4" 4"#(% &8*#**(&2*
+2) 9()#5%+23(23 (24#%#*4* S +2) 2&4 0#+*4 ,%&. 4"#(% /&.$+2(&2*"($ +2)
"-.&-% _&,4#2 (4 *"&-0) 8# *+() (2 %#*$&2*# 4& .1 ()#+*a6
T2 + .&%# $%+/4(/+0 0#'#0: 4"+27* +%# +0*& )-# 4& ;+%+" W+07-* +2) @23#0+
H&"#2 +4 J0+/79#00 \-80(*"(23 ,&% 4"#(% #2/&-%+3#.#24 +2) +)'(/# (2
$%#$+%(23 4"(* 8&&7 ,&% $-80(/+4(&26 ` +. +0*& (2 )#84 4& I+2 ;.(4" +2)
;10'(+ D+'#%41 +4 4"# T$#2 >2('#%*(41 ,&% 4"#(% $%&,#**(&2+0 *#/%#4+%(+0
*-$$&%4: 4"# '+0-# &, 9"(/" (* (2#*4(.+80# (2 + /0(.+4# 9"#%# *-/" *-$$&%4
"+* +00 8-4 )(*+$$#+%#) ,%&. +/+)#.(/ /(%/0#*6

%7^NEI(\C+\A\NH?

0W

W(2+001: 4"+27* 3& 4& I& W&&%) ,&% "#% 3#2#%&*(41 9(4" 8&4" ()#+* +2)
4(.#: +* 9#00 +* 4"# #2/&-%+3#.#24 *"# "+* 3('#2 .# 9"#2 ` ,0+33#)6 !"+4
e-*4 0#+'#* .# 4& +/72&90#)3# .1 %#0+4(&2*"($ 9(4" I+/7 +2) @)+.: .1 49&
*&2*: 9"& 81 8#(23 4"#.*#0'#* 3+'# .# *&.#4"(23 8#1&2) $&9#%A + *#2*#
&, 9"+4 .+44#%*6
I&"2 @00#2

F$*-"6@5*0"$8 (")* +'",-./#0')

`4 .(3"4 *##. &)) 4& *-33#*4 4"+4 3#&3%+$"1 (* *&.#4"(23 4"+4 9# /+2 0&*#6
`4 .+1 *##. #'#2 &))#% 4& *-33#*4 4"(* /+2 "+$$#2 +%&-2) $&9#% +2) (4*
%#0+4(&2*"($*: #*$#/(+001 +* 3#&3%+$"1 +2) $&9#% *##. 4& %-2 4&3#4"#% (2 *&
.+21 9+1*6 !"# /&22#/4(&2 &, 3#&3%+$"1 9(4" $&9#%: (, &2# 4"(27* +8&-4
(4: (* $%#441 .-/" + ,+.(0(+% &2#6 G&*4 $&0(4(/+0 )(*$-4#* &'#% 0+2) +2)
4#%%(4&%1: (2 F-%&$# +2) 8#1&2): 9"#%# 8&%)#%* "+'# 8##2 4&%2 -$ +2)
%#)%+92 81 /&#%/('# *4+4#* &% /&-24%(#* *-8e#/4#) 4& 4"# )&.(2+24 ,&%/# &,
2#(3"8&-%(23 3&'#%2.#24* &% #4"2(/ 3%&-$(23*: "+'# 3#&3%+$"1 +4 4"#(%
/&%#6 H0&*#% 4& "&.#: 4"# 3+4#) /&..-2(4(#* 9"(/" "+'# *$%-23 -$ (2
.+e&% /(4(#* 4& #2+80# 4"# +,,0-#24 4& 0('# 8#"(2) "(3" 9+00* +2) #0#/4%&2(/
3+4#* +%# +2 (24#3%+0 .(U &, 3#&3%+$"(/+0 +2) #/&2&.(/ /&2*4%+(246 !"#2
4"#%# +%# 4"&*# -2*#440(23 .&.#24* 9"#2 1&- ,(2) 1&-%*#0, &2 4"# %#/#('(23
#2) &, + 80-24 )#/(*(&2 &% (2*#2*(4('# (2*4%-/4(&2 4+7#2 81 *&.# ,+%5&,,
3&'#%2.#24 +3#2/1 &% (.$#%*&2+0 /&%$&%+4(&2 +2) /+2 &201 8#3(2 4&
9&2)#% 9"#%# *-/" $&9#%* +4 + )(*4+2/# %#+001 /&.# ,%&.: 0#4 +0&2# 9"&
0(#* 8#"(2) 4"#.6 T% 4"# 4(.#*: (2 + $-80(/ *$+/# $#%"+$*: 9"#%# 1&- +%#
.+)# 4& ,##0 4"+4 1&-% #'#%1 .&'#.#24 (* -2)#% &8*#%'+4(&2: *-8e#/4 4&
*-%'#(00+2/# &, *&.# 7(2): 1#4 +%# B-(4# -2+80# 4& *+1 9"#4"#% 4"(* (*
+/4-+001 "+$$#2(23 &% 4"+4 +21&2# (* %#+001 )(%#/4(23 4"(23*6
f#4 4"# +%3-.#24 &, 4"(* 8&&7 (* 4"+4 "&9#'#% ,+.(0(+% 4"# +**&/(+4(&2 &,
3#&3%+$"1 9(4" $&9#%: 9# "+'# 0&*4 4"# *#2*# (2 9"(/" 3#&3%+$"1 .+7#* +
)(,,#%#2/# 4& 4"# #U#%/(*# &, $&9#%6 W&% +00 4"+4 *&.#&2# 0(7# 4"# W%#2/"
$"(0&*&$"#% G(/"#0 W&-/+-04 .(3"4 "+'# 4&0) -* +8&-4 $&9#% 4-%2(23 -$
.&%# &% 0#** #'#%19"#%# 8#/+-*# (4 /&.#* ,%&. #'#%19"#%#: 4"# 0+2)*/+$#*
&, $&9#% 4"+4 +%# ,+.(0(+% 4& -* "+'#: 4& .1 .(2): 0(.(4#) %+4"#% 4"+2
#U4#2)#) &-% -2)#%*4+2)(23 &, $&9#%6 `2 + 9&%0) 9"#%# (4 "+* +0.&*4
8#/&.# /&..&2$0+/# 4& 4+07 +8&-4 $&9#% +* 2#49&%7#) &% /&2/#24%+4#):
)(*4%(8-4#) &% /#24%+0(d#): #'#2 )#/#24%#): )#4#%%(4&%(+0(d#) &% %+)(/+001

FNHXEC_7HFEN8 (E?H +\E+X%2DF\?

)(*$#%*#): (4 (* +00 4&& #+*1 4& .(** 4"# )('#%*# 3#&3%+$"(#* &, $&9#% 4"+4 $-4
-* (2 $0+/#6
@* ` *## (4: $&9#% (* 2&4 *&.#4"(23 4"+4 (* *(.$01 #U4#2)#) &'#% *"&%4 &%
0&23 )(*4+2/#*: &% *&.#4"(23 9"(/" %+)(+4#* &-4 ,%&. +2 ()#24(,(+80# /#24%+0
$&(24: &% *&.#4"(23 9"(/" #23-0,* $0+/#* (2 9+1* 4"+4 +%# +00 $#%'+*('#6
\&9#% (* 2&4 *&.# g4"(23c 4"+4 .&'#* +2) (4 )&#* 2&4 4%+'#%*# +2) 4%+2*#/4
$0+/#* &% /&..-2(4(#*: *& 4"+4 9# .+1 8# ,&%3('#2 ,&% 4"(27(23 4"+4 (4 (* +00
#2/&.$+**(236 \&9#%: +* ` -2)#%*4+2) (4: (* + %#0+4(&2+0 #,,#/4 &, *&/(+0
(24#%+/4(&26 `4 .+1 8%()3# 4"# 3+$ 8#49##2 "#%# +2) 4"#%#: 8-4 &201 4"%&-3"
+ *-//#**(&2 &, .#)(+4#) %#0+4(&2* &% 4"%&-3" 4"# #*4+80(*".#24 &, + *(.-05
4+2#&-* $%#*#2/#6 \#&$0# +%# $0+/#) 81 $&9#%: 8-4 4"#1 #U$#%(#2/# (4 +4 ,(%*4
"+2) 4"%&-3" 4"# %"14".* +2) %#0+4(&2*"($* &, $+%4(/-0+% $0+/#*: 2&4 +*
*&.# $%#5$+/7+3#) ,&%/# ,%&. +,+% +2) 2&4 +* + -8(B-(4&-* $%#*#2/#6 !"#
)('#%*# 3#&3%+$"(#* &, $&9#% 4"+4 ` 9(*" 4& ,&%#3%&-2) 9&%7 4"%&-3"
%#0+4(&2* &, $%&U(.(41 +2) %#+/" 4& 8%(23 4"# ,+%5&,, (24& $#&$0#c* 0('#* +2)
+0*& 4& .+7# 4"# /0&*#5+45"+2) *&.#4(.#* ,##0 %#.&4#6
`4 (* 4"(* 3%+*$ &, 9"+4 3#&3%+$"1 /+2 )& 4"+4 "+* 8##2 0&*4: &% %+4"#%
$#%"+$* ` *"&-0) *+1 (4 (* 4"(* $+%4(/-0+% 3#&3%+$"1 &, $&9#% 4"+4 (* 9+(4(23
4& 8# -2)#%*4&&) ,&% 4"# ,(%*4 4(.#6
G-/" &, 4"(* 8&&7 (* 3('#2 &'#% 4& %#.(2)(23 -* &, 4"# )(,,#%#2/# 4"+4
3#&3%+$"1 /+2 .+7# 4& 4"# #U#%/(*# &, $&9#%A 4"+4 $&9#% (2 (4* '+%(&-*
3-(*#* 4+7#* #,,#/4 4"%&-3" )(*4(2/4('# %#0+4(&2* &, $%&U(.(41 +2) %#+/": +2)
(2 *& )&(23 #U#%/(*#* &-% 0('#* (2 9+1* 4"+4 +%# 2&4 +09+1* *& ,+.(0(+%6 T201
81 4-%2(23 &'#% *&.# &, &-% ,+.(0(+% +**-.$4(&2* +8&-4 3#&3%+$"1 +2)
$&9#% /+2 9# 30(.$*# *&.# &, 4"# .+21 9+1* (2 9"(/" $&9#% $-4* -* (2
$0+/#6 `4 (* (2 4"(* *#2*# 4"+4 3#&3%+$"1 .+44#%* 4& &-% %#0+4(&2*"($* 9(4"
4"&*# 9"& #U#%/(*# $&9#% +2): 4-%2(23 4"(* +%&-2): 9"+4 $&9#% (* .+44#%*
4& 9"+4 /+2 8# *+() 3#&3%+$"(/+001 +8&-4 (4* #U#%/(*#6
W&% .1 $+%4: ` 9(*" 4& $%#** 4"(* /0+(. 4"%&-3" 49& 0(2#* &, +%3-.#246
!"# ,(%*4 (* 4"+4 (2 4"# %-*" 4& *## $&9#% +* *&.#4"(23 9"(/" 4-%2* -$ .&%#
&% 0#** #'#%19"#%#: ` 4"(27 4"+4 9# "+'# 0&*4 *(3"4 &, 4"# *$)/,-5%$),/,'4 &,
$&9#%: 4"# )('#%*# +2) *$#/(,(/ @"A$%,/,'4 &, $&9#% 4"+4 .+7# + )(,,#%#2/# 4&
"&9 9# +%# $-4 (2 &-% $0+/#: "&9 9# #U$#%(#2/# $&9#%6
J#0(#'(23 9(4" G+U [#8#% +2) E+22+" @%#2)4 4"+4 $&9#% (* 2#'#%
$&9#% (2 3#2#%+0: 8-4 +09+1* $&9#% &, + $+%4(/-0+% 7(2): ` 4+7# *-/" +/4*
+* )&.(2+4(&2: +-4"&%(41: *#)-/4(&2: .+2($-0+4(&2: /&#%/(&2 +2) 4"# 0(7# 4&
$&**#** 4"#(% &92 %#0+4(&2+0 $#/-0(+%(4(#*6 !"# 30(8 *#2*# (2 9"(/" $&9#% (*
8#0(#'#) 4& 8# +00 +%&-2) -* "+* 2&4 &201 $%&'#) 4& 8# + *&-%/# &, )(*4%+/4(&2
(2 4"(* %#*$#/4: (4 "+* +0*& 4& .1 .(2) .(2(.(d#) 4"# #U$#%(#2/# &, 9"+4 (4
.#+2* 4& "+'# "+) + 8%-*" 9(4" $&9#%6 @ 9&%0) &, )(,,#%#2/# *#$+%+4#*
)&.(2+24 %#0+4(&2*"($* 9"(/" %#*4%(/4 /"&(/# +2) /0&*# )&92 $&**(8(0(4(#*
,%&. 4"&*# 9"(/": ,&% (2*4+2/#: *#/-%# +**#24: .+2($-0+4# &-4/&.#*: (.$-4#
4"%#+4* &% *#)-/# 4"%&-3" *-33#*4(&2 +2) #24(/#.#246 ` 9+24 4& 8%(23 *-/"

FNHXEC_7HFEN8 (E?H +\E+X%2DF\?

)(,,#%#2/#* +2) )(*4(2/4(&2* 8+/7 4& 4"# ,&%#: 2&4 &201 4& -2)#%0(2# 4"# 7(2)*
&, /&2,%&24+4(&2 4"+4 $&9#% /+2 +2) )&#* 4+7#: 8-4 +0*& 4& 9#+'# 4"#. (24&
+ .&%# 3#&3%+$"(/+001 /-%(&-* )(+0&3-# &, $&9#%6
W&% 4"# *#/&2) $+%4 &, .1 +%3-.#24 (* 4"+4 ` 4"(27 4"+4 9# "+'# 0&*4 4"#
*#2*# (2 9"(/" $&9#% (* ,3+')'3/%# *$+4(+0 +2): /&2'#%*#01: *$+4(+0(41 (*
,@;5'A 9(4" $&9#%6 G-/" &, 9"+4 ` 4+7# 4& 8# 4"# )('#%*# 3#&3%+$"(#* &,
$&9#% "+* 8##2 0&*4 4& &-% -2)#%*4+2)(23 $%#/(*#01 8#/+-*# 4"# 0(7#* &,
)&.(2+4(&2: +-4"&%(41 +2) *#)-/4(&2 "+'# 2&4 8##2 4"&-3"4 4"%&-3" (2
4#%.* &, "&9 4"#1 +%# #U#%/(*#): 9"#4"#% /0&*# +4 "+2): +4 + )(*4+2/#:
4"%&-3" + *-//#**(&2 &, %#0+4(&2*"($* &% #*4+80(*"#) *(.-04+2#&-*016
@-4"&%(41: ,&% (2*4+2/#: (* + $#/-0(+%01 )(*4(2/4('# +/4: +* +21&2# 9"& "+*
#'#% 8##2 .&/7#) &% -2)#%.(2#) 9"(0*4 4%1(23 4& #U#%/(*# (4 9(00 %#+)(01
4#*4(,16 @-4"&%(41: 9"#4"#% (4 8# 4"# )(*/($0(2# 0+() )&92 81 + 4#+/"#% #+%01
&2 (2 0(,#: &% 0+4#% 81 + .+2+3#%(+0 ,(3-%# &, *&.# 7(2): 9&%7* 4"%&-3"
%#/&32(4(&2 (2 +2 +44#.$4 4& *#/-%# 4"# 9(00(232#** &, &4"#%* 4& /&.$016
;-/" +-4"&%(41 /+2 8# 3#&3%+$"(/+001 ,+%5%#+/"(23 &% (4 /+2 8# #U#%/(*#)
/0&*# +4 "+2): 8-4 4"# .&%# )(*4+24 (4 (*: 4"# 3%#+4#% 4"# $&**(8(0(41 ,&% 8&4"
4"# $&*(4(&2 +2) 4"# +/4 4& $+** -2%#/&32(d#)6 \%#*#2/# +2) $%&U(.(41
.+44#% 4& +-4"&%(41 (2 + 9+1 4"+4 4& .&/7 &% 4& $&7# ,-2 +4: *+1: + )&.(2+24
,&%/# 0(7# + .-04(2+4(&2+0 ,(%. 9(4" + .&2&$&0(*4(/ 3%($ &2 4"# .+%7#4 )&#*
2&46 `4 )&#* 2&4 4+7# 0&23 4& %#+0(d# 4"+4 0('#* *-8e#/4#) 4& )&.(2+4(&2 .+1
B-(4# #+*(01 8# /&2*4%+(2#) +2) /&24%&00#) #(4"#% +4 +%.c* 0#234" &% +4 /0&*#
B-+%4#%*6 !"#%# (*: (4 (* (.$&%4+24 4& *4%#**: 2&4"(23 $%#)#4#%.(2#) (2 +
*$+4(+0 *#2*# +8&-4 +21 &, 4"(*: 2&4"(23 4& *-33#*4 4"+4 +-4"&%(41 9(00 ,+04#% +4
+ )(*4+2/#h (4 (* .#%#01 4"+4: 3('#2 4"# 41$# &, %#0+4(&2 4"+4 +-4"&%(41 (*:
$%#*#2/# +2) $%&U(.(41 9(00 (2#'(4+801 .+44#% 4& (4* #U#%/(*#6
G+18# 4"# *#2*# (2 9"(/" /0&*#2#** .+44#%* 4& +-4"&%(41 "+* &201 #'#%
8##2 +/72&90#)3#) (2 + .+44#%5&,5,+/4 9+1: 8-4 ` )& 2&2# 4"# 0#** 9(*" 4&
/0+(. 4"+4 9# "+'# 0&*4 *(3"4 &, *-/" *$+4(+0 %#,#%#2/#*: +2) (2 *& )&(23
(.$&'#%(*"#) &-% -2)#%*4+2)(23 &, $&9#%6 `4 *##.* 4"+4 .-/" #+*(#% 4& *##
4"# +**&/(+4(&2 8#49##2 $&9#% +2) 3#&3%+$"1 4"%&-3" 4"# &)) 4+00 ,#2/#:
"(3" 9+00 +2) #U/0-*(&2+%1 8&-2)+%1 .+%7#% 4"+2 (4 (* 4& %#/&32(d# 4"+4 4"#
.+21 +2) '+%(#) .&)+0(4(#* &, $&9#% +%# 4"#.*#0'#* /&2*4(4-4#) A,66')'3/%#
(2 *$+/# +2) 4(.#6 \+%+)&U(/+001: 4"# .&%# +44#24(&2 4"+4 "+* 8##2 $+() 4&
4"# *$+/#* &, $&9#%: (4* ,0&9: /(%/-0+4(&2: )(,,-*(&2: )(*$0+/#.#24 #'#2: 4"#
0#** 9# 72&9: (4 *##.* 4& .#: +8&-4 "&9 3#&3%+$"1 +,,#/4* 4"# 9&%7(23* &,
$&9#%6 ;&.#9"+4 (%&2(/+001: 9# 2&9 "+'# + %(/"#% *$+4(+0 '&/+8-0+%1 &,
$&9#% 4"+2 "(4"#%4&: 8-4 + $&&%#% 3%+*$ &, 4"# )(,,#%#2/# 4"+4 3#&3%+$"1
.+7#* 4& 4"# 'B')-,4' &, $&9#%6 @* *-/": + 3&&) )#+0 .&%# "+* 8##2
&8*/-%#) 4"+2 %#'#+0#)6
!"(* 8&&7 4%(#* 4& *"&9 "&9 4"(23* .(3"4 0&&7 (, 9# *4&$ 4%#+4(23 $&9#%
+* -2(,&%. +2) /&24(2-&-* &'#% *$+/# +2) *4+%4 4& 4"(27 4"%&-3" 4"# )('#%*#
3#&3%+$"(#* &, $&9#%c* $%&U(.(41 +2) %#+/": +2) "&9 4"#*# $0+1 +/%&** &2#

FNHXEC_7HFEN8 (E?H +\E+X%2DF\?

+2&4"#%6 `2 4"(* 4&$&0&3(/+0 0+2)*/+$#: ,(U#) )(*4+2/#* +2) 9#005)#,(2#)


$%&U(.(4(#* ,+(0 4& /&2'#1 "&9 4"# *$#/(,(/ %#0+4(&2+0 4(#* &, $&9#% +%#
#*4+80(*"#)6 W&% 4"+4: 9# 2##) 4& 8# + 0(440# .&%# /-%(&-* +8&-4 $&9#%c*
*$+4(+0 /&2*4(4-4(&2 +2) 2&4 3#4 0&*4 &% )(*4%+/4#) (2 ,+.(0(+% *$+/#*6
J#,&%# 9# +)&$4 4"(* 3#&3%+$"(/+001 /-%(&-* $&*#: ` *"&-0) ,(%*4 *+1 + 0(440#
.&%# +8&-4 9"+4 ` 4+7# $&9#% 4& 8#6

1,$:)$,>' ."/&(
\+%4 &, 4"# ,+.(0(+% 8+33+3# &, $&9#% /+2: ` 4"(27: 8# 4%+/#) 4& + $+%4(/-0+%
'(#9 &, (4 4"+4 (* *-%$%(*(2301 "+%) 4& *"+7#6 !"&-3" .+21 &, -* .(3"4 0(7# 4&
)(*4+2/# &-%*#0'#* ,%&. (4: 4"# *#2*# (2 9"(/" $&9#% (* &-4 4"#%# %#+)1 4& 8#
9(#0)#) &% /0-23 &2 4& &% ,0+-24#) (* )##$01 (23%+(2#)6 `4 (* +0.&*4 (2/&25
/#('+80# 4& (.+3(2# &-% 0('#* *#$+%+4# ,%&. 4"&*# 8&)(#*: (2*4(4-4(&2* +2)
,(3-%#* 9"& "+'# 4"(* 4"(23 /+00#) $&9#% +4 4"#(% )(*$&*+06 `4 (* e-*4 $+%4 &,
4"# )-%+80# +%/"(4#/4-%# &, *&/(+0 0(,#A *&.# $#&$0# "+'# (4 8-4 /"&&*# 2&4 4&
-*# (4: 9"(0*4 &4"#%* -*# (4 +2) #'#2 +8-*# (46
[# .+1 )(*.(** *-/" 4+23(80# (.+3#*: $%#,#%%(23 (2*4#+) 4& 4"(27 +8&-4
$&9#% +* *&.#4"(23 #U#%/(*#) %+4"#% 4"+2 "#0): 8-4 4"+4 9(00 2&4 $%#'#24
*-/" (.+3#* ,%&. %#3(*4#%(23 (2 &-% .(2)* 4"# 2#U4 4(.# *&.# #'#24 &%
/"+%+/4#% -$*#4* 4"# 8+0+2/# &, &%)#%6 `4 (* 4"# ,(3-%# &, 4"# *0(/7 /"(#,
#U#/-4('# 9"&: (2 + 8() 4& +.+** #'#2 3%#+4#% 9#+04" +2) ,&%4-2#: (2,0+4#*
4"# /&.$+21c* *(d# 4& 8-1 (2,0-#2/# +2) #U$0&(4 4%+)(23 0&&$"&0#*h (4 (* 4"#
8-%#+-/%+4 9"& 72&9* "&9 4& 4-%2 4"# %-0#5.+7(23 .+/"(2#%1 4& 4"#(%
+)'+24+3# +2) +).(4 2& )(*/%#4(&2h &%: .&%# 3%+$"(/+001: (4 (* + .&)#%25)+1
8+440#*"($ /+%%(#% 3%&-$ *4#+.(23 &'#% 4"# "&%(d&2 4&9+%)* -* +4 + %+4# &,
72&4*6 FB-('+0#24 (2 "#(3"4 4& *&.#4"(23 0(7# + 49#2415*4&%#1 8-(0)(23: (4 (*
2&4 )(,,(/-04 4& *## "&9 *-/" 8+440#*"($ ,&%.+4(&2* /&-0) +%&-*# + .(U4-%#
&, +9# +2) ,#+% +.&23 4"&*# 0&&7(23 &26 [#8#% +2) @%#2)4 .+1 9#00 "+'#
8##2 %(3"4 4& *4%#** 4"+4 4"#%# (* 2& &2# g4"(23c /+00#) $&9#%: 4"+4 4"#
/&2/#$4 (4*#0, (* g+.&%$"&-*c: 8-4 4"+4 9(00 2&4 *4&$ .&*4 &, -* ,%&. +/4(23
+* (, 4"#%# 9#%# *-/" +2 #.8&)(#) #24(416
F'#2 (, 9# /+22&4 *"%-3 &,, *-/" 4"&-3"4* +2) (.+3#*: "&9#'#%: 4"+4
)&#* 2&4 .#+2 4"+4 9# "+'# 4& 8#0(#'# (2 $&9#% &, 4"# *&%4 4"+4 &201 .&'#*
$#&$0# +2) .&-24+(2*6 !& *-33#*4 4"+4 $&9#% (* + )'%$/,"3$% '66'-/: 4"+4 (4 (*
+2 &-4/&.# &, *&/(+0 (24#%+/4(&2 2&4 *&.#4"(23 )#*(32#) 4& $-4 + 80-24 *4&$
4& (4: )&#* 2&4 /&2'#1 B-(4# 4"# *+.# /&2'(2/(23 (.$%#**(&2 +* + .+2($-0+5
4('# /"(#, #U#/-4('#: 8-4 (4 (* .&%# (2 0(2# 9(4" 9"+4 9# "+'# 8##2 *+1(23
+8&-4 $&9#% 4-%2(23 -$ .&%# &% 0#** #'#%19"#%#6 `, $&9#% (* *&.#4"(23 4"+4
#U#%/(*#* -* (2 $+%4(/-0+% 9+1*: 4"%&-3" '+%(&-* .&)+0(4(#*: 4"#2 9# 2##) 4&
-2)#%*4+2) 9"1 (4 (* .(*/&2/#('#) 4& #B-+4# .+**#) %#*&-%/#* +2) /+$+8(05
(4(#* 9(4" $&9#%6

FNHXEC_7HFEN8 (E?H +\E+X%2DF\?

;(d# +2) +8(0(41 +%# $#%"+$* +.&23 4"# .&%# &8'(&-* %#+*&2* 9"1 9#
*"&-0) 4"(27 &, %#*&-%/#* +* $&9#%6 !"# 8(33#% 4"# /+$+8(0(4(#* +4 &-%
)(*$&*+0: 9"#4"#% .#+*-%#) 81 ,(2+2/(+0 .-*/0#: *7(00*: (2,&%.+4(&2: /&25
4+/4* &% *"##% ,(%#5$&9#%: 4"# 3%#+4#% 4"# +**-.#) $&9#%6 ["1 4"(* *"&-0)
8# *& (* 2&4 #24(%#01 /0#+% 4& .#: +* (2)##) (4 9+* 2&4 4& @24"&21 =())#2*:
&% 4& 4"# @.#%(/+2 *&/(&0&3(*4 !+0/&44 \+%*&2* 8#,&%# "(. &%: ,&% 4"+4
.+44#%: 4"# +80# W0&%#24(2# K(//&0&i G+/"(+'#00( 8+/7 (2 4"# *(U4##24"
/#24-%16
<#*&-%/#* .+1 8# .(*-*#): (2/&.$#4#2401 +$$0(#): .&8(0(d#) ,&% +00 4"#
9%&23 %#+*&2* +2): $#%"+$* 9&%*4 &, +00: *(.$01 9+*4#) 81 + .(*3-()#) 1#4
&4"#%9(*# 9#005.#+2(23 8-2/" &, (2)('()-+0*6 !"&*# (2 /"+%3# .+1 .+7# +
*4%(23 &, 8+) )#/(*(&2*: &% 4"&*# 2&.(2+001 (2 /&24%&0 .+1 $&&0 +00 +'+(0+80#
%#*&-%/#*: 1#4 4& 2& +'+(06 ["+4 /+2 3& 9%&23 .+1 9#00 3& 9%&23: +2) (, (4
)&#* 2&4 (4 .+1 *-//##) &201 $+%4(+001 &% "+%)01 +4 +006 `2 *"&%4: $&9#% +* +2
&-4/&.# /+22&4 +2) *"&-0) 2&4 8# g%#+) &,,c ,%&. + %#*&-%/# 8+*#: %#3+%)5
0#** &, (4* *(d# &% */&$#6 \&9#% (2 4"(* *#2*# (* 2& .&%# 4& 8# ,&-2) g(2c 4"#
+$$+%+4-* &, %-0# 4"+2 *&-2) (* 4& 8# ,&-2) g(2c 4"# 9&&) &, .-*(/+0
(2*4%-.#24*6 `4 (*: +* *-33#*4#): + %#0+4(&2+0 #,,#/4: 2&4 + $%&$#%41 &, *&.#5
&2# &% *&.# g4"(23c6 <#*&-%/#* /+2 (2/%#+*# (2 *(d# +2) 1&- /+2 0&*# 4"#.
&% 4"#1 .+1 *(.$01 #'+$&%+4#: 8-4 ` +. 2&4 /&2'(2/#) 4"+4 $&9#% /+2 )&
+21 &, 4"#*# 4"(23*6 \&9#%: (4 *##.* 4& .#: (* &,4#2 )(*3-(*#) +* %#*&-%/#*
+2) (2 4"+4 *#2*# 9# 2##) 4& )(*#24+230# 4"# 49&h 9# 2##) 4& )(*4(23-(*"
/0#+%01 8#49##2 4"# #U#%/(*# &, $&9#% +2) 4"# %#*&-%/# /+$+8(0(4(#* .&8(05
(d#) 4& *-*4+(2 4"+4 #U#%/(*#6 ` )%+9 4"(* )(*4(2/4(&2 +* 4"# 8+*(* ,&% + .&%#
4"&%&-3" #U+.(2+4(&2 &, 4"# *$#/(,(/ %#0+4(&2+0 4(#* 4"%&-3" 9"(/" $&9#%
#*4+80(*"#* (4*#0,6
!"#*# 4(#*: 8%&+)01 *$#+7(23: 4+7# &2# &, 49& ,&%.*A #(4"#% ,34/)5@'3/$%:
9"#%# $&9#% (* *&.#4"(23 4"+4 (* "#0) &'#% 1&- +2) -*#) 4& &84+(2 0#'#%+3#:
&% $44"-,$/,"3$%: 9"#%# $&9#% +/4* .&%# 0(7# + /&00#/4('# .#)(-. #2+80(23
4"(23* 4& 3#4 )&2# &% ,+/(0(4+4# *&.# /&..&2 +(.6 !"# /&24%+*4 (* *(32(,(5
/+24 8#/+-*# (4 (* 9"+4 9# #U$#%(#2/# 9"#2 $&9#% (* #U#%/(*#) #(4"#% "C') &%
1,/+ &4"#%*6 ["#%#+* 4"# ,&%.#% (* +09+1* #U#%/(*#) +4 *&.#&2# #0*#c*
#U$#2*#: #U/0-)(23 4"#. &% $-44(23 4"#. (2 4"#(% $0+/# (2 9+1* 4"+4 /&25
*4%+(2: 4"# 0+44#% %#$%#*#24* + .#+2* &, #2+80#.#24 9"#%# +00 4"&*# 4+7(23
$+%4 .+1 8#2#,(4 (2 *&.# 9+16 `, 9# 4"(27 &, 4"# ,&%.#% +* 4"# +%/"#41$+0
'(#9 &, $&9#%: +2 +/4(&2 %&&4#) (2 /&2,0(/4 9"#%# &2# *()# *-8e#/4* 4"# &4"#%
4& (4* 9(00: 4"# 0+44#%: -2+//-*4&.#) '(#9 &, $&9#% (* %&&4#) (2 .-4-+0 +/4(&2
+2) "&0)* &-4 4"# $%&*$#/4 &, #.$&9#%.#24 ,&% +00 4"&*# (2'&0'#)6 @* +
/&2'#2(#24 *"&%4"+2): &2# (2'&0'#* 4"# #U#%/(*# &, g$&9#% &'#%c &4"#%* +2)
4"# &4"#% 4"# g$&9#% 4&c +/46
!"# *"&%4"+2) (* 2&4 .(2# +0&2#h (4 "+* + 0&23 +2) '+%(#) "(*4&%1 +* (4 "+*
8##2 +)+$4#) 4& 4"# /&2/#%2* +2) (24#%#*4* &, )('#%*# */"&0+%* _*## @00#2
LMMLa6 ` -*# (4 +* + 3-()# .&%# 4"+2 +214"(23 #0*# 4& %#4-%2 &-% +44#24(&2 4&

FNHXEC_7HFEN8 (E?H +\E+X%2DF\?

4"# *$)/,-5%$),/,'4 &, $&9#%: 4"&*# %#0+4(&2*"($* +%&-2) -* 4"+4 9# #U$#%(#2/#


+* /&2*4%+(24: 9"(/" *&.#4(.#* 4&-/" -* (2 9+1* 4"+4 +%# &,4#2 "+%) 4& $(25
$&(24: +2) 4"&*# 9# #U$#%(#2/# +* #2+80(23 4"%&-3" '+%(&-* ,&%.* &,
+**&/(+4(&26
@-4"&%(41: +* ` "+'# *+(): (* + $#/-0(+%01 )(*4(2/4('# +/4 9"(/" 9&%7*
4"%&-3" %#/&32(4(&26 T2/# /0+(.#): 9"#4"#% 81 )&/4&%*: 4#+/"#%* +2)
0+91#%* &% e-*4 $0+(2 &%)(2+%1 .+2+3#%*: (4 "+* 4& e-*4(,1 (4*#0, (2 4"# #1#*
&, 4"&*# +%&-2) 4"#.6 `4 (* /&2/#)#): 2&4 (.$&*#): +2) #'#2 4& 4"&*# (2
$%&,#**(&2+0 &,,(/#: 9"#%# 4"# $&*(4(&2 3&#* 9(4" 4"# e&8 *& 4& *$#+7:
+-4"&%(41 (* g0#24c: +2) &201 ,&% *& 0&23 +* %#/&32(4(&2 0+*4*6 H&.$0(+2/# (*
+09+1* /&2)(4(&2+0 +2) +21&2# 4"(27(23 4"+4 + %-0# 8&&7 (* +00 4"# 0#3(4(.+/1
4"+4 (* 2#/#**+%1 (* &2# )+1 0(7#01 4& 8# (2 ,&% + %-)# +9+7#2(236 ` *4%#** 4"(*
)(*4(2/4('#2#** 2&4 8#/+-*# ` +. '#U#) 81 )##$ *#.+24(/ +2U(#41: 8-4 4&
+'&() 4"# #+*1 %#+/4(&2 4& 4+07 &, $&9#% 8#(23 #'#%19"#%#: 9"(/" (* 4& *0()#
8#49##2 $&9#%: +-4"&%(41 +2) )&.(2+4(&2 $4 ,6 4"#1 +%# 4"# *+.# 4"(23 (2
4#%.* &, 4"#(% #,,#/46
D5/+"),/#: +* +2 (2*4%-.#24+0 +/4: (* #U#%/(*#) 0(7# A"@,3$/,"3 +4 *&.#&2#
#0*#c* #U$#2*#: 8-4 (4 )&#* 2&4 (2'&0'# 4"# (.$&*(4(&2 &, + ,&%. &, /&2)-/4
*& 4"+4 *-8.(**(&2 (* 4"# &201 $&**(80# &$4(&26 K&% )&#* +-4"&%(41 (2'&0'#
4"# @$3,*5%$/,C' /&2/#+0.#24 &, (24#24: &% 4"# -"')-,C' 4"%#+4 &, ,&%/# 4&
#U+/4 /&.$0(+2/#: &% 4"# 4'A5-/,C' +%&-*+0 &, 4"(* %+4"#% 4"+2 4"+4 0(2# &,
(24#%#*4*6 `4 (* 4"#*# )(,,#%#2/#* 4"+4 ` 9+24 4& 8%(23 8+/7 4& 4"# ,&%#,%&24 &,
)(*/-**(&2: +* 9#00 +* 4"&*# 8#49##2 3'("/,$/,"3 +2) *')45$4,"3: ,&% #U+.$0#:
9"(/" /+2 *$#+7 4& + 0#** /&2,%&24+4(&2+0 +3#2)+ &, $&9#%6
`2#'(4+801: 4"#%# 9(00 +09+1* 8# *&.# *0($$+3# &, .#+2(23 +* ,+% +* $&9#%
(* /&2/#%2#): 8-4 4"+4 )&#* 2&4 4+7# +214"(23 +9+1 ,%&. 4"# ,+/4 4"+4
)(,,#%#24 .&)+0(4(#* &, $&9#% 9&%7 4"%&-3" )(*4(2/4 %#0+4(&2+0 4(#*6 T.2($&5
4#24 /"(#, #U#/-4('#* +2) 8-%#+-/%+4(/ .&2&0(4"*: +* 9#00 +* +21 2-.8#% &,
g#U/0-*(&2+%1c +%%+23#.#24*: 9(00 2& )&-84 /&24(2-# 4& /+%%1 4"# )+1 (2
4#%.* &, 4"# )-%+80# +%/"(4#/4-%# &, $&9#%: 8-4 4"# $&9#%* +00 +%&-2) -* +%#
$&9#%* &, + $+%4(/-0+% 7(2) S 9(4" B-(4# *$#/(,(/ #,,#/4*6 @2): -20(7# *&5
/+00#) 80&/* &, $&9#%: 4"#1 +%# (2#U4%(/+801 *$+4(+06

?("@ 1*)$,)6 7"8)9:6)(,&# "- ."/&( A A A


["#2 9# 4-%2 4& #U(*4(23 '&/+8-0+%(#* &, *$+/# +2) $&9#%: 4"# )('#%*#
3#&3%+$"(#* &, $&9#% 4"+4 ` "+'# (2 .(2) #0-)# &-% 3%+*$ .&%# #+*(01: (,
+214"(236 @* $%#'(&-*01 .#24(&2#): + .+e&% $+%4 &, 4"# +%3-.#24 &, 4"(*
8&&7 (* 4"+4 &-% 2#95,&-2) +$$%#/(+4(&2 &, +00 .+44#%* *$+4(+0 "+* *#%'#) 4&
&8*/-%# %+4"#% 4"+2 %#'#+0 .-/" &, 4"# )(,,#%#2/# 4"+4 3#&3%+$"1 .+7#* 4&
4"# #U#%/(*# &, $&9#%6 `2 $+%4 `: ` )#'&4# /&2*()#%+80# +44#24(&2 4& 4"#
*$+4(+0 '&/+8-0+%(#* &, $&9#% #.$0&1#) 81 )(,,#%#24 9%(4#%*: 9(4" +2 #1#

FNHXEC_7HFEN8 (E?H +\E+X%2DF\?

4& 4"# #U$0(/(4 *$+4(+0 /"+%+/4#%(*4(/* 4"+4 #+/" #.$0&1* 9(4"(2 4"#(% 8%&+)
,%+.#9&%7* &, .#+2(236
!"# +*4-4# %#+)#% 9(00 2&4(/# 4"# +8*#2/# &, /#%4+(2 7#1 9%(4#%* &2 $&9#%:
.&*4 2&4+801 4"# $&0(4(/+0 *&/(&0&3(*4 ;4#'#2 D-7#* 8-4 +0*& H6 [%(3"4 G(00*
+2) 4"# 2#&5G+/"(+'#00(+2 #0(4# 4"#&%(*4* X(0,%#)& \+%#4& +2) =+#4+2&
G&*/+: +2) 4"# %#+*&2 ,&% 4"(* (* B-(4# *4%+(3"4,&%9+%)6 T201 4"&*# 9%(4#%*
9"& $&**#** .&%# 4"+2 + 2&.(2+0 *#2*# &, *$+/# (2 4"#(% 9%(4(23* &2 $&9#%
"+'# 8##2 (2/0-)#)6 `4 9+* 2#'#% .1 (24#24(&2 4& $%&)-/# +2 @54&5j &,
$&9#% ,%&. 4"# $&0(4(/+0 4"#&%(*4 !"&.+* E&88#* &29+%)*6 !"#%# +%# &4"#%
4#U4* +'+(0+80# 9"(/" +).(%+801 $%&'()# *-/" /&'#%+3#6 !"# /&'#%+3# `
*##7: (2 /&24%+*4: %+23#* ,%&. 4"&*# 9%(4#%* 9(4" 0(440# 4& 4"&*# 9(4" + %+4"#%
,#%4(0# 4*$/,$% ,@$(,3$/,"3 &, $&9#%6
@4 4"# 8+%%#2 #2) &, 4"# *$#/4%-.: G+U [#8#%: ,&% (2*4+2/#: 4+07* +8&-4
4"# $&9#%* &, /&..+2) +2) 4"#(% )(*4%(8-4(&2: +04"&-3" 9"#%# *$+/#
+$$#+%* +* 0(440# .&%# 4"+2 + /&.$0(/+4(&2 4& (4* )#0#3+4(&2 &% )(*4%(8-4(&26
T2 + .&%# #23+3#) 8+*(*: @24"&21 =())#2* *$#+7* +8&-4 )(*4+2/(+4#)
,&%.* &, $&9#%: 9"#%# %#0+4(&2*"($* *4%#4/"#) &'#% *$+/# %#$%#*#24 + .&%#
.&)#%2: ,+/(0(4+4('# .#+2* &, *#/-%(23 &-4/&.#*: +2) G(/"+#0 G+22
80#2)* +-4"&%(4+4('# +2) )(,,-*# 4#/"2(B-#* &, &%3+2(d+4(&2 4& *"&9 "&9
&'#%0+$$(23 2#49&%7* &, $&9#% /+2 +/"(#'# ,+%5,0-23 3&+0* &, &2# 7(2) &%
+2&4"#%6 G+2-#0 H+*4#00*: 4&&: $%&'()#* +2 #23+3(23 +//&-24 &, "&9 $&9#%
,0&9* 4"%&-3" /&.$0#U *1*4#.* &, 2#49&%7#) (24#%+/4(&26
K& +**#**.#24 &, $&9#% %#0+4(&2*: *$+/# +2) *$+4(+0(41 9&-0) 8# /%#)(80#:
"&9#'#%: -20#** (4 (2/0-)#) 4"# 9&%7 &, G(/"#0 W&-/+-04 +2) =(00#*
C#0#-d#6 W&-/+-04c* +44#24(&2 4& /&2*4(4-4('# )#4+(0: 9"#%# 4"# +%%+23#.#24
&, *$+/#* 9"(/" .+7# -$ (2*4(4-4(&2+0 /&.$0#U#*: 0(7# 4"# $%(*&2 &% 4"#
/0(2(/: +%# *##2 +* (24#3%+0 4& 4"# 9+1* (2 9"(/" $+%4(/-0+% ,&%.* &, /&2)-/4
+%# *#/-%#): 0(#* 8#"(2) .-/" &, 4"# %#/#24 ,+*/(2+4(&2 9(4" #'#%1)+1 *$+/#*
&, $&9#%6 E(* (24#%#*4 (2 4"# +%4 &, )(*$#%*#) 3&'#%2.#24 4&&: 9"#%# #24(%#
$&$-0+4(&2* +%# *+() 4& /&.# -2)#% 4"# *9+1 &, + 8%&+) %+23# &, (..+2#24
4#/"2(B-#* &%(#24#) 4&9+%)* 4"# $%&)-/4(&2 &, 2#9 *-8e#/4('(4(#*: "+* +0*&
$%&'#) 4& 8# (2,0-#24(+06 @2) C#0#-d#: 9(4" "(* /&59%(4#% W#0(U =-+44+%(: "+*
9%(44#2 +8&-4 )#4#%%(4&%(+0(d#) +$$+%+4-* &, %-0# (2 9+1* 4"+4 "+'# +45
4#.$4#) 4& /&2'#1 4"# $#%'+*('# 2+4-%# &, /&24#.$&%+%1 $&9#%6 `2)##): +
)(+3%+..+4(/ *#2*(8(0(41: 9"#%# $&9#% (* *##2 4& /&2*4(4-4# (4* &92 &%3+25
(d+4(&2 1#4 $%&)-/# (4*#0, %#0+4(&2+001 ,%&. $&(24 4& $&(24: (* /&..&2 4& 4"#
*$+4(+0 '&/+8-0+%(#* &, W&-/+-04 +2) C#0#-d#6
W&% +00 *-/" 9%(4#%*: *$+/# (2 &2# 9+1 &% +2&4"#% (* (.$0(/+4#) (2 %#0+4(&25
*"($* &, $&9#%h (4 (* *(32(,(/+24 4& 4"#(% %#+0(d+4(&2 &% +/4-+0(d+4(&26 ;&.#
'&/+8-0+%(#* +%# + 0(440# .&%# *4(04#) 4"+2 &4"#%* (2 4"# 9+1 4"+4 4"#1 %#$%#*#24
*$+4(+0(41 +2) *&.# .&%# /"+00#23#) 4"+2 /"+00#23(23 (2 4"#(% '(#9 &, *$+/#:
8-4 4"#%# (* 2&2# 4"# 0#** + *$+4(+0 (.+3(2+4(&2 4& %#/7&2 9(4": #*$#/(+001 (2
4"# 9%(4(23* &, W&-/+-04 +2) C#0#-d#6 f#4 ,&% +00 4"#(% 0+8&-%*: ` 4"(27 4"+4:

FNHXEC_7HFEN8 (E?H +\E+X%2DF\?

,&% )(,,#%#24 %#+*&2*: 4"#1 ,+00 *"&%4 &, +2 +$$%#/(+4(&2 &, 4"# (2"#%#24
*$+4(+0(41 &, $&9#% +2): %#0+4#)01: 4"+4 *$+4(+0(41 (* (4*#0, (.8-#) 9(4" $&9#%6
;-/" + $%(2/($+0 0+/7: (2 .1 '(#9: (* #'()#24 (2 4"# /+*# &, [#8#% +2)
(2)##) 9"#%#'#% $&9#% (* %#$%#*#24#) +* + g4"(2350(7#c $%&$#%41 /+$+80# &,
#U4#2*('# %#+/"6 !"# $&**#**(&2 &, $&9#% ()#24(,(#* (4* 0&/+4(&2 S (4 (* (2 4"#
"+2)* &, *&.#&2#: .+%*"+00#) 81 *&.#8&)1: /&2/#24%+4#) (2 *&.# (2*4(5
4-4(&2 S +2) (2 + /&.,&%4(23 *&%4 &, 9+1 (4* #U4#2*(&2 &% )(*4%(8-4(&2 &'#%
*$+/# (* 4+7#2 ,&% 3%+24#)6 !"#%# (* + 7(2) &, "&.#01 $%&.(*# 4"+4 2&4"(23
.-/" %#+001 "+$$#2* 8#49##2 "#%# +2) 4"#%# 4& /+-*# -* 4& 9&%%1 +8&-4
9"+4 .&'#* #U+/401 &% 9"+4: (, +214"(23: (* )(*4%(8-4#)6 F'#2 (2 4"# .&%#
(24#%#*4(23 /&24#.$&%+%1 0+2)*/+$# &, + 4#%%(4&%(+001 %#&%)#%#) 9&%0) 9"#%#
$&0(4(/+0 3&'#%2+2/# "+* 4& 2#3&4(+4# + .&%# /&.$0#U (2*4(4-4(&2+0 3#&35
%+$"1 S 8#49##2: *+1: 30&8+0 (2*4(4-4(&2* 0(7# 4"# `24#%2+4(&2+0 G&2#4+%1
W-2) _`GWa +2) 4"# [&%0) J+27: ,&&40&&*# .-04(2+4(&2+0* +2) 4"# 2&9
-8(B-(4&-* 2&253&'#%2.#24+0 &%3+2(d+4(&2* _K=T*a S $&9#% *4(00 *##.* 4&
8# %#3+%)#) +* *&.#4"(23 9"(/" *"(,4* +/%&** 8&%)#%* &% (* %#)(*4%(8-4#)
8#49##2 *(4#* &, +-4"&%(41 9(4"&-4 4&& .-/" )(,,(/-0416 `4 .+1 9#00 8# 4"+4
4"#%# "+* 8##2 *&.# %#)(*4%(8-4(&2 &, %(3"4* +2) %#*$&2*(8(0(4(#* 8#49##2
30&8+0 +/4&%*: 8-4 (4 *4%(7#* .# 4"+4 ,&% .-/" &, 4"# 4(.# 9"+4 $+**#* ,&%
$&9#% (* *&.# $%#5,&%.#) /+$+/(41 4"+4 (* .&%# &% 0#** 4%+2*.(44#) (24+/4
+/%&** 4"# 0+2)*/+$#6 =#&3%+$"1: (4 9&-0) +$$#+%: (* 0(440# .&%# 4"+2 +
.(2&% )(*%-$4(&2 4& 4"# 3#2#%+0 #U#%/(*# &, $&9#%6
`2 4"# *1*4#.+4(d(23 "+2)* &, G+22 +2) H+*4#00* 4"#%# (* %+4"#% .&%# 4&
*$+/# +2) *$+4(+0(41 4"+2 4"(*: +2) 1#4 4"#1 4&&: (2 .1 '(#9: %#01 -$&2 +2
#B-+001 -2$%&80#.+4(/ +//&-24 &, "&9 $&9#% g4%+'#0*c &% ,0&9* 4"%&-3" 4"#
.-04($0# 2#49&%7* 4"+4 /&.$%(*# *&/(#416 !%-#: 4"#1 8&4" $%&)-/# %(/"
+//&-24* &, 2#49&%7#) (24#%+/4(&2* (2 4"#(% 9%(4(23*: 9"#%# $&9#% _%#a5
*&-%/#* +%# &%3+2(d#) (2 + 0&&*# &% 4(3"401 &%/"#*4%+4#) ,+*"(&2: 8-4 (4 (*
"+%) 4& 3#4 +9+1 ,%&. 4"# ,+/4 4"+4 $&9#%: ,&% 4"#.: (* *&.#4"(23 4"+4 (*
3#2#%+4#) +4 )(,,#%#24 *(4#* +/%&** 4"# 2#49&%7* +2) $%&e#/4#) 9(4" %#0+4('#
#+*# 8#49##2 0&/+4(&2*6 J#/+-*# $&9#% (* /&2*()#%#) 4& 8# + g,0-()c
.#)(-.: (4 (* +0.&*4 +* (, 4"#1 9(*" 4& *-33#*4 +2 +2+0&31 9(4" 4"# /(%/-(4%1
&, #0#/4%(/+0 #2#%31: 9"#%# 2#49&%7* 4%+2*.(4 $&9#% +* + .+44#% &, /&-%*#
4"%&-3" +21 2-.8#% &, /&22#/4#) /(%/-(4*6 `2)##): $#%"+$* 8#/+-*# + '(#9
&, *&/(+0 *$+/# 9"(/" ,&%#3%&-2)* 4"# /(%/-0+4(&2 +2) ,0&9 &, $&9#% (* &201
4&& %#/&32(d+80#: (4 +$$#+%* +0.&*4 $&(240#** 4& B-#*4(&2 (46
J-4 (,: +* +%3-#): $&9#% (* 2&4 *&.# g4"(23c &% +44%(8-4# 4"+4 /+2 8#
$&**#**#): ` )& 2&4 8#0(#'# #(4"#% 4"+4 (4 /+2 ,0&9A (4 (* &201 #'#% .#)(+4#)
+* + %#0+4(&2+0 #,,#/4 &, *&/(+0 (24#%+/4(&26 \-4 +2&4"#% 9+1: $&9#% (* 2&4 +
-2(,&%. &% /&24(2-&-* *-8*4+2/# 4%+2*.(44#) +/%&** 4%+/4* &, *$+/# +2)
4(.#h (4 (* +09+1* /&2*4(4-4#) (2 *$+/# +2) 4(.#6
!"(* (* 4"# 7(2) &, +$$%#/(+4(&2 4"+4 8&4" W&-/+-04 +2) C#0#-d# 8%(23 4&
+2 -2)#%*4+2)(23 &, $&9#% +2) *$+4(+0(416 ;-8e#/4* +%# /&2*4(4-4#) 81 4"#

FNHXEC_7HFEN8 (E?H +\E+X%2DF\?

*$+/(23 +2) 4(.(23 &, 4"#(% &92 $%+/4(/#* +* .-/" +* 4"#1 +%# 81 4"&*# 9"&
*##7 4& *"+$# 4"#(% /&2)-/46 @* +2 (..+2#24 ,&%/# 9"(/" /&2*4(4-4#* (4*
&92 &%3+2(d+4(&2: 2&4 &2# (.$&*#) ,%&. +8&'# &% ,%&. 4"# &-4*()#: $&9#%
(* *##2 +* /&#U4#2*('# 9(4" (4* ,(#0) &, &$#%+4(&26 \&9#% (* $%+/4(*#) 8#,&%# (4
(* $&**#**#) +2) (4 (* 4"(* 4"+4 3('#* %(*# 4& 4"# %&-2)+8&-42#** &, $&9#%: 2&4
*&.# ,+/(0# 2&4(&2 4"+4 (4 (* + *"+)&91 ,&%/# 0-%7(23 (2 4"# .-%71 %#/#**#*6
!"# *$+/#* &, 4"# #'#%1)+1 +%# 4"# *(4#* 4"%&-3" 9"(/" *-8e#/4('(41 (*
(..+2#2401 $%&)-/#)6
T%: %+4"#%: 4"# /&..&2$0+/# (2*4(4-4(&2+0 *$+/#* &, #)-/+4(&2: "#+04":
9#0,+%#: 9&%7 +2) /&%%#/4(&2 $%&'()# 4"# *#44(23* 4"%&-3" 9"(/" $&9#% (*
#U#%/(*#)6 J-4 "&9 *-/" +%%+23#.#24* 9&%7 &-4*()# &, 4"# 9+00* &, 4"#
(2*4(4-4(&2: (2 4"# /&24#U4 &, + 9()#01 )(,,-*# +2) )(*$+%+4# $&$-0+4(&2:
*##.* 4& .# 4& )#.+2) +2 +04&3#4"#% )(,,#%#24 *$+4(+0 (.+3(2+4(&26 `, 4"#
+%4 &, )(*$#%*#) 3&'#%2.#24 (* 4& .#+2 +214"(23 +4 +00: ` 9&-0) +%3-# 4"+4
9# 2##) 4& 3& 8#1&2) 4"# *$%#+) &, g/#%4+(24(#*c &-49+%)* 4& /&2*()#% 4"#
.&%# .#)(+4#) %#0+4(&2* 4"%&-3" 9"(/" 4"# ,+%5&,, (* 8%&-3"4 9(4"(2 %#+/"6
G&%# 4"+2 4"+4: 9# 2##) 4& 8# + 0(440# .&%# /-%(&-* +8&-4 $&9#%c* *$+4(+0
/&2*4(4-4(&2 (2 + 0+2)*/+$# 4"+4 )&#* 2&4 +**-.# ,(U#) )(*4+2/#*: 9#005
)#,(2#) $%&U(.(4(#* +2) #,,&%40#** %#+/"6

A A A $" ."/&(B# 1*)$,)6 C">#$,$:$,">


`2 $+%4 ``: ` "&$# 4& 8# +80# 4& *"&9 9"+4 9# "+'# 0&*4 4"+4 (* 3#&3%+$"(/+0 (2
%#0+4(&2 4& $&9#%6 W&% (2*4+2/#: ` /&2*()#% [#8#%c* 3%+*$ &, 4"# *-840#
)(*4(2/4(&2* +2) .&)+0(4(#* &, $&9#% 4& 8# (2*(3"4,-0: 1#4 9"+4 (* 3+(2#) (2
+2+014(/+0 *4%#234" (* 0&*4 81 "(* 0#** 4"+2 /&2'(2/(23 '(#9 4"+4 $&9#% (*
*(.$01 (.$#00#) &-49+%)*6 `, "# "+) $%&80#.+4(d#) 4"# *$+4(+0 (2 4"# 9+1
W&-/+-04 #2)#+'&-%#) 4& )&: 4"#2 + .&%# /&#U4#2*('# 2&4(&2 &, $&9#%c*
49(*4* +2) 4-%2* .(3"4 "+'# 8##2 $&**(80#6 FB-+001: (, W&-/+-04 "+) %#5
,0#/4#) + 0(440# .&%# &2 4"# )(,,#%#2/# 8#49##2 )&.(2+4(&2 +2) +-4"&%(41:
+2) "&9 4"#1 (2 4-%2 )(,,#% ,%&. 4"# $%+/4(/# &, .+2($-0+4(&2 &% 4"# +/4 &,
(2)-/#.#24 &% 4"# +%4 &, *#)-/4(&2: 4"#2 + .&%# 2-+2/#) +//&-24 &,
*$+4(+0(41 +2) $&9#% .(3"4 "+'# 8##2 +44+(2+80#6
J-4 4"(* (* .#%#01 9(*",-0 4"(27(236 `2 $+%4 ``: ` *&.#9"+4 +.8(4(&-*01
+(. 4& 80#2) 4"# 49& 0(2#* &, +2+01*(* S 4& *"&9 "&9 *$+4(+0(41 (* /&2*4(4-4('#
&, $&9#% %#0+4(&2* 2&4 &201 (2 3#2#%+0: 8-4 +0*& (2 4"# $+%4(/-0+% 9+1* (2
9"(/": *+1: *#)-/4(&2 4+7#* +)'+24+3# &, #U(*4(23 +44(4-)#* +2) #U$#/4+4(&2*
4& %#+/" +2 +-)(#2/# &% )&.(2+4(&2 9&%7* 4& /&2*4%+(2 + )(*$+%+4# $&$-0+5
4(&26 [(4"&-4 + 3%+*$ &, 4"# $+%4(/-0+%(4(#* &, $&9#% 9# /+22&4 8#3(2 4&
-2)#%*4+2) 4"# )(,,#%#2/# 4"+4 3#&3%+$"1 .+7#* 4& (4* #U#%/(*#6 F'#2 (, 9#
+//#$4 W&-/+-04c* (..+2#24 /&2/#$4(&2 &, $&9#%: +* ` 8%&+)01 )&: (4 (*
(.$&%4+24 4& 8#+% (2 .(2) S 0#*4 9# 0&*# *(3"4 &, (4 S 4"+4 $&9#% %#0+4(&2*

:;

FNHXEC_7HFEN8 (E?H +\E+X%2DF\?

"+'# 0&23 8##2 #U$#%(#2/#) 4"%&-3" + '+%(#41 &, )(,,#%#24 .&)#* +2) 4"+4
4"#1 +%# +09+1* +0%#+)1 *$+4(+06
@* ` *## (4: 4"#%# (* 2& *$+4(+0 4#.$0+4# ,&% $&9#%: 8-4 4"+4 )&#* 2&4 .#+2
4"+4 $&9#% +**-.#* *&.# 7(2) &, -2)(,,#%#24(+4#) *$+4(+0(416 @-4"&%(41: 4&
$%#** 4"# $&(24: 9&%7* 4"%&-3" %#0+4(&2* &, $%&U(.(41 +2) $%#*#2/# (, (4 (* 4&
8# +4 +00 #,,#/4('# (2 )%+9(23 $#&$0# (24& 0(2# &2 + )+154&5)+1 8+*(*6 !"#
.&%# )(%#/4 4"# $%#*#2/#: 4"# .&%# (24#2*# 4"# (.$+/46 !"# *+.# 3&#* ,&%
/&#%/(&2: 4"+4 .&*4 /#%4+(2 (.$%(24 &, $&9#%: 9"#%# 4"# 4"%#+4 &, ,&%/# "&0)*
&201 ,&% +* 0&23 +* $#&$0# ,##0 %#*4%+(2#) 81 (4* $&**(8(0(416 G+2($-0+4(&2: (2
/&24%+*4: (* + &2#5*()#) +,,+(% 9"#%# 4"# /&2/#+0.#24 &, (24#%#*4* 3('#* (4*
+$$0(/+4(&2 *(32(,(/+24 *$+4(+0 %#+/": +* )& 4"# .&)#*4: *-33#*4('# B-+0(4(#*
&, *#)-/4(&2: 9"(/" 0#+'#* &$#2 4"# $&**(8(0(41 ,&% $#&$0# 4& %#e#/4 &% %#.+(2
(2)(,,#%#24 4& (4* $#%'+*('# #U#%/(*#6 W&% *#)-/4(&2 (* + "(45&%5.(** 41$# &,
$&9#%: 9"#%# 4"# $&**(8(0(41 &, %#,-*+0 (* 8-(04 (2: *& 4& *$#+76 C&.(2+4(&2 +*
+2 +/4 &, 80+27#4 /&2*4%+(24 (* )(,,#%#24 +3+(2 (2 4#%.* &, 8&4" (4* *&/(+0 +2)
*$+4(+0 /&2*4(4-4(&2: +* (* 4"# %#9+%)58+*#) 2+4-%# &, (2)-/#.#24: +2) *& &2
+2) *& ,&%4"6
!& 8#0+8&-% 4"# $&(24: 4"&-3": 4"# (**-# (* 2&4 &2# &, )#4+(0(23 4"#
3#&3%+$"(/+0 +*$#/4* &, $&9#%: 8-4: +* ` "+'# *+(): &2# &, 3%+*$(23 4"#
*$)/,-5%$) 9+1* (2 9"(/" .&)#* &, $&9#% 4+7# #,,#/46 !"#%# +%# 2& $%#5
,&%.#) *4%+4#3(#* &, )&.(2+4(&2 8+/7 +4 8+*# 9+(4(23 4& 8# -20#+*"#) &% &,,5
4"#5$#3 *#)-/4('# +/4* (2 4"# /+4+0&3-# +'+(0+80# &2 %#B-#*46 !"#%# +%# &201
$&9#%c* .#)(+4#) %#0+4(&2*: 9"(/" .+1 )%+9 4"# .&%# &% 0#** )(*$#%*#)
0('#* &, $#&$0# /0&*#% 4"%&-3" %#+054(.# 4#/"2&0&3(#* &% %#+/" &-4 4& 4"#.
4"%&-3" + *-//#**(&2 &, %#0+4(&2* +2) $%+/4(/#*6 F(4"#% 9+1: 4"# %#0+4(&2*"($
8#49##2 $%&U(.(41 +2) $%#*#2/# $0+1* +/%&** 4"# 3+$ 8#49##2 "#%# +2)
4"#%# (2 )(,,#%#24 9+1* )#$#2)(23 -$&2 4"# 4*'-,6,- 4(#* &, $&9#% (2 B-#*4(&26
`4 (* (2 4"(* *#2*# 4"+4 ` *-33#*4 3#&3%+$"1 .+7#* + )(,,#%#2/# 4& 9"+4 9#
#U$#%(#2/# +* $&9#% +2) 4& "&9 (4 (* #U#%/(*#)6
T% %+4"#%: ` *"&-0) *+1 4"+4 4"(* (* &201 4"# "+0, &, (46
["#2 1&- +%# $0+/#) 1,/+,3 + 4+230#) +%%+23#.#24 &, $&9#% %#0+4(&25
*"($*: 4"# +00 4&& ,+.(0(+% *$+/#* &, 4"# &,,(/#: 4"# 9&%7$0+/#: 4"# #*4+4# &%
4"# /&..-2(41: #'#2 4"# g8%#+4"(23 *$+/#*c 9# 4"&-3"4 9#%# &-% &92 .+1
0&&7 +2) ,##0 B-(4# )(,,#%#246 !"(27(23 +8&-4 "&9 $&9#% %#+/"#* (24& &-%
0('#* 3('#* -* + )(,,#%#24 '+24+3# $&(24 ,%&. 8#(23 (..#%*#) (2 (4* /%&**5
/-44(23 +%%+23#.#24*6 `2 4"(* 4&$&0&3(/+0 0+2)*/+$#: 4"# /0&*#5+45"+2) /+2
8# .+)# 4& ,##0 e-*4 +* )(*4+24 +* 4"# %#.&4# #0*#9"#%#: +* $#&$0# .&'# (2
+2) +%&-2) &2# +2&4"#% /0&*(23 )&92 $&**(8(0(4(#*: *.&4"#%(23 /"&(/#* +2)
8%&+)01 .+7(23 -* ,##0 4"+4 9# )& 2&4 8#0&23 S +* (, 9# 9#%# $+%4 &,
*&.#&2# #0*#c* *$+/#6 !"(* (* 4"# 7(2) &, )&.(2+24 $%#*#2/# 4"+4 E#2%(
D#,#8'%# ,%#B-#2401 $&%4%+1#) (2 "(* 9&%7: 8-4 4"#%# (*: ` 4"(27: .&%# 3&(23
&2 (2 4"# 2+.# &, $&9#% (2 *-/" $0+/#* 4"+2 /#%4+(201 "# 9&-0) "+'#
/%#)(4#)6

FNHXEC_7HFEN8 (E?H +\E+X%2DF\?

::

`2 +44#.$4(23 4& -2%+'#0 4"# %"14".(/ +2) %&-4(2# /&.$0#U(41 &, ,+.(0(+%
*$+/#*: "&9#'#%: D#,#8'%# )() $%&'()# +2&4"#% +230# &2 9"+4 (4 .#+2* 4&
4+07 +8&-4 4"# %&-2)+8&-42#** &, $&9#%6 !"%&-3" 4"# /&2*4+24 *-//#**(&2
&, .&'#.#24 +2) +/4('(4(#*: 4"# .+22#% (2 9"(/" 4"#1 +%# $#%,&%.#) +2)
4"# *410# (2 9"(/" 4"#1 +%# #U#/-4#): $0+/#* 4+7# &2 + 0(,# &, 4"#(% &92: 9(4"
/#%4+(2 3%&-$* +80# 4& *-$#%(.$&*# 4"#(% $%#*#2/# &2 &4"#%*6 `2 4"# #24+25
30#) 2+4-%# &, $#&$0#c* 0('#*: $0+/#*: &2 4"(* +//&-24: 4+7# 4"#(% *"+$#
4"%&-3" )&.(2+24 &% /&24%&00(23 %"14".* 4"+4 *##7 4& *-$$%#** 4"# %&-4(2#
4%+/#* &, &4"#%*6 FU/0-*(&2 (2 4"(* /&24#U4 "+* 0#** 4& )& 9(4" /0&*#) )&&%*
+2) "(3" 9+00*: +2) %+4"#% .&%# 4& )& 9(4" *$+/#* /&2*4%-/4#) 81 )&.(2+24
3%&-$* (2 4"#(% &92 0(7#2#** S 4"%&-3" + *#%(#* &, %(4-+0* +2) 3#*4-%#*:
.&&)* +2) +44+/".#24*: +* 9#00 +* +//-.-0+4#) *410#* +2) .#+2(23*6
!"# /&.$&*(4(&2 &, *$+/#: 4"# $+%4(4(&2 +2) 0+1&-4 &, $+%4(/-0+% -*#*:
+0*& *#%'#* +* 8&4" + %#*&-%/# +2) 4"# .#+2* 4"%&-3" 9"(/" $&9#% (*
#U#%/(*#)6
!"#%# +%# %#*&2+2/#* 9(4" W&-/+-04c* )(+3%+..+4(/ *#2*(8(0(4(#* "#%#:
$#%"+$* .&%# 4"+2 D#,#8'%# 9+* $%#$+%#) 4& +/72&90#)3#: 8-4 9"+4 /"+%5
+/4#%(d#* *-/" $&9#%50+)#2 *$+4(+0 /(%/-.*4+2/#*: (2 .1 '(#9: (* 4"# )('#%5
*(41 &, $&9#% %#0+4(&2* 9"(/" #U#%/(*# -*6 `, 9# 9#%# 4& $%&8# .+21 +
,+.(0(+% *$+/#: (2*4(4-4(&2+0 &% &4"#%9(*#: )&.(2+4(&2 (* -20(7#01 4& 8# 4"#
&201 $&9#%,-0 $%#*#2/#6 ;$+/#* .+1 8# 0+() &-4 ,&% 4#.$4+4(&2 (2 + *#)-/5
4('# 9+1 4"%&-3" + /&.8(2+4(&2 &, *-33#*4('# $%+/4(/#*: (2/0-*('# )#*(32*
+2) #24(/(23 0+1&-4*: &% 4"#1 .+1 8# *-8e#/4 4& .+2($-0+4(&2 81 3%&-$*
/&2*4%-/4(23 4"#. (2 4"#(% &92 0(7#2#**: 9"(/" /&2/#+0 &% )(*3-(*# 4"#(%
4%-# .&4('#*6 <(4-+0(d#) 9+1* &, )&(23 4"(23*: *+1 (2 4"# ,+.(0(+% *#44(23 &,
4"# */"&&0: 4"# /0(2(/: 4"# 8+27: 4"# 0+9 /&-%4*: 4"# /"-%/" &% 4"# .&*B-#:
.+1 8# /&2)-/4#) (2 + .+22#% 4"+4 0#2)* 9#(3"4 4& 4"# ,(3-%#* 9"& 9&%7
4"#%# +2) 3('# 4"#. +-4"&%(416 !"# 8-(0)(23* 4"#.*#0'#*: (2 4"# /+*# &, 4"#
0+9 /&-%4 ,&% (2*4+2/#: .+1 *#%'# +* + *1.8&0 &, +-4"&%(4+4('# '+0-#*
g)#.+2)(23c %#/&32(4(&2 +2) %#*$#/46 T2/# (2*()# (4* 9+00*: 4"# %"14". &,
+/4('(4(#*: 4"# 0-00* +2) &-48-%*4*: .+1 3#2#%+4# 4"#(% &92 /&)#) *410# &,
+-4"&%(416 @2) *& &26
W&% .1 $+%4: (4 (* 2&4 4"+4 ` 9(*" 4& /&2'(2/# 1&- 4"+4 +00 $0+/#* +%#
*+4-%+4#) 9(4" 4"# ,(U4-%# +2) ,(44(23* &, $&9#%6 T2 4"# /&24%+%1: $+%4(/-0+%
$0+/#* .+1 $0+1 "&*4 4& + '+%(#41 &, /%&**5/-44(23 +%%+23#.#24* &, $&9#%: &%
*-/" 4%+/#* .+1 8# *4%(7(2301 +8*#246 J-4 (, $&9#% "+* + $%#*#2/# +4 +00: (4
"+* (4 4"%&-3" 4"# (24#%$0+1 &, ,&%/#* #*4+80(*"#) ,3 *%$-'6 \#&$0# +%# $0+/#)
81 $&9#%: 8-4 2&4 +* 4"# %#*-04 &, *&.# .+**#) ,&%/# 4%+2*.(44#) (24+/4 81
*&.# /#24%+0 +).(2(*4%+4(&2 ,%&. -$ 4"# %&+) &% #'#2 ,%&. 4"# &4"#% *()# &,
4"# 30&8#6 !"# +%%+23#.#24* &, $&9#% 9# ,(2) &-%*#0'#* #U#%/(*#) 81 .+1
9#00 +%(*# ,%&. ()#+* +2) #'#24* "+4/"#) #0*#9"#%#: 8-4 4"+4: +* ` -2)#%5
*4+2) (4: (* .#%#01 +2&4"#% 9+1 &, *+1(23 4"+4 4"# $%#*#2/# &, $&9#% (* .&%#
&% 0#** @'A,$/'A (2 *$+/# +2) 4(.#6

:G

FNHXEC_7HFEN8 (E?H +\E+X%2DF\?

`2 ,+/4 4"# .&*4 /"+00#23(23 +*$#/4 &, +00 4"(* (* 4& 4%1 4& -2)#%*4+2) 4"#
)('#%*# 3#&3%+$"(#* &, $&9#% 4"+4 *##7 4& $-4 +21 2-.8#% &, -* (2 $0+/#h
4"+4 (*: 4"# )(,,#%#24 9+1* (2 9"(/" %#0+4(&2* &, $%&U(.(41 +2) $%#*#2/# $0+1
+/%&** 4"# 3+$ 8#49##2 "#%# +2) 4"#%# 4& 8%(23 4"# ,+%5&,, 9(4"(2 %#+/": 1#4
,&% &4"#%* .+7# 4"# 2#+%81 *##. /0&*#) &,, +2) )(*4+246 ["#4"#% &2 4"#
%#/#('(23 #2) &, *&.# 8(&4#/"2&0&31 3(+24 (24#24 &2 (24%&)-/(23 3#2#4(/+001
.&)(,(#) .+4#%(+0* (24& 4"# ,&&) /"+(2: &% *-8e#/4 4& 4"# /&24%&00(23
%"14".* &, +2 (2*4(4-4(&2+0 ,&%/# 9"(/" .+7#* 1&- ,##0 g&-4 &, $0+/#c (2
1&-% &92 ,+.(0(+% *-%%&-2)(23*: &% *#)-/#) (24& 4"(27(23 4"+4 4"# $&0(4(/*
&, $%('+4(d#) 9#0,+%# "+* .-/" 4& &,,#%: (4 .+44#%* 4"+4 9# -2)#%*4+2) +"1
$&9#% #U#%/(*#* -*6 W&% (4 (* 4"%&-3" 4"(* '+%(#) -2)#%*4+2)(23: 9"#%# 9#
+%# +80# 4& %#/&32(d# 4"# $&9#%,-0 +2) 2&4 *& $&9#%,-0 ,&%/#* 4"+4 ,+/# -*:
4"+4 4"# $&**(8(0(41 ,&% '@*"1')@'3/ 0(#*6 `4 (* (2 4"(* *#2*# 4"+4 + 0#** ,+.(0(+%
-2)#%*4+2)(23 &, 3#&3%+$"1 +2) $&9#% /+2 "&0) &-4 4"# $%&*$#/4 &, +04#%5
2+4('#: .&%# /&00+8&%+4('#: $+4"* 4& +/4(&2 +2) *&/(+0 /"+23#6

.)($ 3

1*)$,)6 7"8)9:6)(,&# "- ."/&(

`2 4"# ,(%*4 $+%4 &, 4"# 8&&7: 4"# 4#%. g*$+4(+0 C"-$;5%$)# &, $&9#%c (*
#.$0&1#) 4& /&2'#1 4"# ,+/4 4"+4 (2 .+21 %#/#24 *4-)(#* &, $&9#% +2)
$&9#% %#0+4(&2*: *$+/# (* (2)##) /&2*()#%#) (.$&%4+24 4& (4* #U#%/(*#6
;$+/# "+* + %&0# 4& $0+1 (2 4"# &'#%+00 )#*/%($4(&2 &, "&9 $&9#% .+2(,#*4*
(4*#0, &% "&9 (4 (* %#+0(d#) (2 )(,,#%#24 /&24#U4* +2) *#44(23*6 J-4: +* ` +%3-#
(2 #+/" &, 4"# ,&00&9(23 /"+$4#%*: 4"# -2)#%*4+2)(23 &, *$+4(+0(41 &-40(2#)
2#'#% %#+001 3#4* 8#1&2) + %(/"#% '&/+8-0+%1 (2 9"(/" $&9#% (* #(4"#%
)(*4%(8-4#) &% #U4#2)#) &'#% *$+/#: &% %#3+%)#) +* *&.#4"(23 9"(/" ,0&9*
&% "+* 4"# +8(0(41 4& 8# +00 +%&-2) -* (2 *&.# 7(2) &, (..+2#24 ,+*"(&26 @* +
%#*-04: 9# +%# &,,#%#) + )&/-.#24+4(&2 &, 4"# *$+4(+0 +*$#/4* &, $&9#%:
%+4"#% 4"+2 +2 #U+.(2+4(&2 &, 9"+4 (4 .#+2* 4& 4"(27 4"%&-3" 4"# )('#%*#
#,,#/4* &, $&9#% *$+4(+0016
`, 4"(* *&-2)* %+4"#% $%#/(&-* +%&-2) 4"# (**-# &, *$+/# +2) *$+4(+0(41: (4 (*
2&4 .1 (24#24(&2 4& )9#00 &2 4"# .(2-4(+# &, )(,,#%#2/#* 8#49##2 '+%(&-*
+-4"&%*c -2)#%*4+2)(23 &, 4"# 0+44#%6 <+4"#% ` "&$# 4& 8# +80# 4& *"&9 "&9
3&(23 8#1&2) +2 -2)#%*4+2)(23 &, 4"# */+0+% 0+2)*/+$# +* &2# &, ,(U#)
)(*4+2/#*: 9#005)#,(2#) $%&U(.(4(#* +2) -2/&.$0(/+4#) %#+/" "+* .-/" 4&
&,,#%: 2&4 0#+*4 ,&% 9"+4 (4 .#+2* 4& #U$#%(#2/# + 8%-*" 9(4" $&9#%6

2"3'- 0$ H#0$,)8 I'='-J) K""*$"*')


1-"4 *#' 7'$*-'

E&9 &,4#2 +%# 9# 4&0) 4"+4 $&9#% (* (2 4"# g"+2)*c &, 4"# $%&,#**(&2+0* &%
*&.# 2&4+80# 3&'#%2.#24 ,(3-%# &% 30&8+0 (2*4(4-4(&2: 0(7# 4"# [&%0) !%+)#
T%3+2(d+4(&2k [# .+1 9(*" 4& B-(880# +8&-4 4"# #U4#24 &, 4"#(% $&9#% &%
+*7 B-#*4(&2* +8&-4 9"& 8#"(2) 4"# */#2#* %#+001 "+* 4"# $&9#% 4& *#4 4"#
+3#2)+ &% ,(U *&0-4(&2*: 8-4 81 +2) 0+%3# (4 *##.* #24(%#01 %#+*&2+80# 4&
*-33#*4 4"+4 *&.#&2# *&.#9"#%# .-*4 "+'# (46 @,4#% +00: (4 9&-0) *##. +
0(440# &)) 4& *-33#*4 4"+4 $&9#% "+* 2& %#,#%#2/# $&(24 +4 +00: 2& 0&/+4(&2 4&
*$#+7 +8&-46
!"# *#2*# (2 9"(/" $&9#% (* 4"&-3"4 4& "+'# + 0&/+4(&2 %#*4* 0+%3#01 &2
4"# +**-.$4(&2 4"+4 (4 (* *&.#4"(23 4"+4 /+2 8# +'%A ") *"44'44'A: (2 .-/" 4"#
*+.# 9+1 +* 0&/+0 $&0(4(/+0 #0(4#*: .+2+3(23 )(%#/4&%* +2) 3&'#%2.#24
.(2(*4#%* +%# *+() 4& $&**#** 4"# $&9#% 4& *"+$# &-% 0('#*6 `4 4"#2 *##.*
%#0+4('#01 *4%+(3"4,&%9+%) 4& *+1 4"+4 $#&$0# +2) (2*4(4-4(&2* g"&0)c $&9#%
+2) )& *& 81 )%+9(23 -$&2 4"# %+23# &, +8(0(4(#* +4 4"#(% )(*$&*+06 !"(* '(#9
&, $&9#% +* 4+/4(0#: +* *&.#4"(23 4"+4 /+2 +0.&*4 8# 4&-/"#): (* + /&.$#05
0(23 &2#6 `4 (* 4"(* B-+0(41 9"(/" 3('#* 4"# (.$%#**(&2 4"+4 $&9#% .+1
+/4-+001 8# 0&/+4#) &% *4&%#) (2 g4"(23*c S (2 (.$#%(&-* &% 0#** +-4"&%(4+4('#
(2*4(4-4(&2* +2) 4"# $#&$0# 9"& %-2 4"#.6
W%&. 4"(*: (4 (* 8-4 + *"&%4 *4#$ 4& 4+07(23 +8&-4 $&9#%* "#0) g(2 %#*#%'#c
&% +* + %#*&-%/# /+$+8(0(41 g0&/+4#)c (2 4"# +$$+%+4-* &, (2*4(4-4(&2*: 8# 4"#1
$-80(/ &% $%('+4#6 T2 4"(* +//&-24: $&9#% (* /&2*()#%#) +* *&.#4"(23 9"(/"
.+1 8# )#0#3+4#) &% )(*4%(8-4#): +0.&*4 (2'+%(+801 ,%&. + /#24%+0(d#) $&(24
4& '+%(&-* +-4"&%(4+4('# 0&/+4(&2* +/%&** +21 3('#2 4#%%(4&%16
J%-2& D+4&-% _P]Rba "+* )#*/%(8#) 4"(* 41$# &, (.+3#%1 +* + g/#24%#)c
/&2/#$4(&2 &, $&9#%: 9"#%# + /#24%+0 *&-%/# (* %#*$&2*(80# ,&% 4"# )(,,-*(&2
&, $&9#% 9(4"(2 +2) +/%&** *&/(#416 @4 (4* *(.$0#*4: $&9#% (* )#0#3+4#) &%
)(*4%(8-4#) (2 + %#0+4('#01 *4%+(3"4,&%9+%) .+22#% )&92 4"%&-3" +2 &%3+25
(d+4(&2+0 "(#%+%/"1 -2)#% /0#+% 0(2#* &, +-4"&%(41: +2) 4"#%# .+1 8# &2# &,

:R

2EI\X FN HDFN+?

49& &-4/&.#*6 F(4"#% 4"# %-0#*: %#3-0+4(&2* +2) /&2*4%+(24* (.$&*#) 81 4"#
/#24%# +%# *-//#**,-0 (2 .##4(23 (4* 3&+0* &% 4"#(% &%3+2(d+4(&2+0 (.$+/4 (*
.(2(.(d#) &% )#,0#/4#) 81 4"# )#3%## &, %#*(*4+2/# .#46 @* *-/": $&9#% (*
0&/+4#) (2 g4"(23*c (2 + %#0+4('#01 4%+2*$+%#24 ,+*"(&2: +04"&-3" (4* #,,#/4* +%#
$#%"+$* 2&4 +* #+*1 4& -2%+'#0 &% +24(/($+4# +* D+4&-% 9&-0) "+'# -*
8#0(#'#6 `2)##): 9"(0*4 (4 .+1 8# $&**(80# 4& 0&/+4# 9(4" + %#+*&2+80# )#3%##
&, +//-%+/1 9"(/" (2*4(4-4(&2* +2) 9"(/" (2)('()-+0* &% 3%&-$* g"&0)c
$&9#%: (4 %#.+(2* -2/#%4+(2 +* 4& "&9: 9"#2 +2) 9"#%# 4"+4 /+$+/(41 9(00
8# #U#%/(*#)6
@2&4"#% 9+1 &, #U$%#**(23 4"(* (* 4& )%+9 +44#24(&2 4& 4"# A,4*"4,/,"3$%
B-+0(41 &, $&9#% 4"+4 )#,(2#* *-/" /+$+/(4(#*6 `,: ,&% #U+.$0#: +2 (2*4(4-4(&2
"+* 4"# /+$+/(41 4& (2,0-#2/# +2) /&24%&0 4"# +/4(&2* &, &4"#%* (2 + $+%4(/-0+%
9+1: 4"+4 /+$+8(0(41 (* %#3+%)#) +* + 0+4#24 +8(0(41: %+4"#% 4"+2 +2 &8*#%'+80#
#U#%/(*# &, (4* $&9#%*6 !"# /+$+/(41 4& )& *&.#4"(23 (* /0#+%01 )(*4(2/4 ,%&.
4"# +/4-+0 #U#%/(*# &, 4"+4 /+$+8(0(416 `2 &4"#% 9&%)*: 4"# $&9#% 4"+4 4"#
(2*4(4-4(&2 g"&0)*c (* $&4#24(+0A (4 (* 72&92 4& 8# $&**#**#) 81 4"# (2*4(4-4(&2:
8-4 (4 (* &201 #U#%/(*#) -2)#% /#%4+(2 /&2)(4(&2*6 W%&. 4"# 0&23*4+2)(23
$&9#%* 8#*4&9#) &2 $%&,#**(&2+0 3%&-$(23* *-/" +* 4"&*# $%+/4(*(23 .#)(5
/(2# &% 0+9: 4& 4"# $%#*4(3# +2) *1.8&0(/ $&9#% +44%(8-4#) 4& 8+27(23 +2)
&4"#% ,(2+2/(+0 (2*4(4-4(&2* 4&)+1: &% 4& 4"# )(*/($0(2+%1 $&9#%* (2"#%#24 (2
4"# 2(2#4##24"5/#24-%1 +3#2/(#* &, /&0&2(+0 /&24%&0 4"+4 #2+80#) 4"#. 4&
9(#0) +-4"&%(41 +4 3%#+4 )(*4+2/#*: 4"# /+$+/(41 ,&% )&.(2+4(&2 (* 3#2#%+001
/&2/#('#) +* $%#*#24 +2) /+$+80# &, 8#(23 #U#%/(*#) *"&-0) 4"# 2##) +%(*#
&% /(%/-.*4+2/#* )(/4+4#6 ;-/" 8&)(#* +%# *+() 4& "+'# 4"# $&9#% '#*4#) (2
4"#.: %#3+%)0#** &, 9"#4"#% &% 2&4 4"#1 +/4-+001 -*# 4"+4 $&9#%6 `4 (* 4"(*
$&**#**(&2 &, $&9#% S +* + $%&$#%41: %#0+4(&2: &% +44%(8-4# S 4"+4 %#'#+0* (4*
g/#24%#)c 0&/+4(&26
@0*& %#'#+0#) 81 4"# +8&'# (* 4"# #+*# 9(4" 9"(/" 4"# 0+23-+3# &, $&9#%
+* /+$+/(41 4%+2*0+4#* (24& 4"# 0+23-+3# &, $&9#% +* )&.(2+4(&26 !"# ()#+
4"+4 (2)('()-+0* &% (2*4(4-4(&2* $&**#** *$#/(,(/ /+$+/(4(#* 4& *#/-%# 4"#
/&.$0(+2/# &, &4"#%* /+2 8# 4"&-3"4 +8&-4 +* e-*4 *& .+21 9+1* &, +/"(#'5
(23 )&.(2+2/# &'#% &4"#%*6 ;-/" +2 (2*4%-.#24+0 '(#9 &, $&9#%: 9"#%#81
&2#c* 9(00 (* (.$&*#) &2 4"# +/4(&2* &, &4"#%*: (* *4%&2301 %#.(2(*/#24 &, 4"#
0(2# &, 4"&-3"4 4"+4 %-2* ,%&. !"&.+* E&88#* 4& G+U [#8#%6 T2 4"(*
(2*4%-.#24+0 '(#9: (2 +21 *(4-+4(&2 &, /&2,0(/4 &% /&.$#4(4(&2: 4"&*# 9(4"
4"# 3%#+4#% +.&-24 &, $&9#% +%# &,4#2 +**-.#) 4& $%#'+(0 &'#% 4"&*# 9(4"
0#**6 `2)##): 9%(4#%* 0(7# J+%%1 E(2)#** _P]]ba 4+7# 4"(* B-+24(4+4('# /&25
/#$4(&2 &, $&9#% +* 4"# /&%2#%*4&2# &, +21 '(#9 &, $&9#% 9"(/" %#3+%)* (4 +*
+ 3#2#%+0 /+$+/(416 T2# *()# +09+1* 3+(2* +4 4"# #U$#2*# &, +2&4"#%: &% *& (4
9&-0) *##.6
`4 (* 2&4 2#/#**+%1 4& +)&$4 + B-+24(4+4('# /&2/#$4(&2 &, $&9#%: "&9#'#%:
4& +)"#%# 4& + g/#24%#)c /&2/#$4(&2 &, (4: 9"#%# 4"# /+$+/(41 4& )&.(2+4# (*
)#0#3+4#) &% )(*4%(8-4#) &'#% *$+/# 4& *#/-%# /#%4+(2 3&+0*6 `2 4"(* /"+$4#%:

2EI\X FN HDFN+?

:Z

+44#24(&2 (* )%+92 4& 4"# S &,4#2 (.$0(/(4 S *$+4(+0 '&/+8-0+%1 &, $&9#% 4"+4
(* #24+(0#) 9"#2#'#% $&9#% (* %#$%#*#24#) +* + /+$+/(41 +2) 4& 4"# 0(.(4#)
-2)#%*4+2)(23 &, 4"# %#0+4(&2*"($ 8#49##2 $&9#% +2) *$+/# 4"+4 (* (25
'&0'#)6 @4 9&%*4: $&9#% (* /&2/#('#) +* *&.#4"(23 9"(/" %+)(+4#* &-4
,%&. +2 ()#24(,(+80# /#24%#: 4%(33#%(23 +2 #,,#/4('# /+$+/(41 ,&% /&24%&06
T2/# 1&- "+'# 4"# .#+*-%# &, $&9#% +2) + 3%+*$ &, (4* /+$+/(41 4& +).(2(*5
4#%: /&24%&0 +2) ,(U + 4#%%(4&%1 +2) (4* $&$-0+4(&2: 4"# %#*4: (4 *##.*: +.&-24*
4& 0(440# .&%# 4"+2 + *#%(#* &, ,&&42&4#* ,%&. 4"# /#24%#6 @2) #'#2 9"#%#
$&9#% (* 2& 0&23#% *##2 4& &$#%+4# (2 B-(4# *-/" + *4%+(3"4,&%9+%) 4&$5)&92
&% /#24%#5&-4 ,+*"(&2: +* ,&% #U+.$0# (2 %#/#24 +//&-24* &, g.-04(50#'#0c &%
g.-04(54(#%c 3&'#%2+2/#: ` 9&-0) +%3-# 4"+4 (4 %+%#01 +))* -$ 4& .&%# 4"+2 +
%#&%3+2(d+4(&2 &, 3#&3%+$"(/+0 */+0#: 9"#%# $&9#% (* .&%# &% 0#** %#)(*4%(85
-4#) (24+/4 +/%&** 4"# */+0+% 0+2)*/+$#6
J#,&%# 9# /&2*()#% 4"#*# *$+4(+0 (**-#*: "&9#'#%: (4 (* (.$&%4+24 4& 8#
/0#+% +8&-4 9"+4 (* .#+24 9"#2 $&9#% (* %#,#%%#) 4& +* + -$*$-,/#6

."/&( )# ) C)*)8,$D
@* .#24(&2#) +8&'#: 4"# 2&4(&2 4"+4 $&9#% .+1 4+7# 4"# ,&%. &, + /+$+/(41
9"(/" #2+80#* (4* "&0)#% 4& *#/-%# /#%4+(2 &-4/&.#* &% %#+0(d# /#%4+(2
&8e#/4('#* (* + )(*$&*(4(&2+0 B-+0(416 `2 9"+4#'#% 9+1 9# .+1 9(*" 4& 4"(27
+8&-4 (4: (4 %#)-/#* 4& 4"# $%&$&*(4(&2 4"+4 $&9#% /+2 8# "#0) 9(4"&-4 8#(23
#U#%/(*#)6 `2 $%+/4(/#: "&9#'#%: 4"# 49& +*$#/4* +%# &,4#2 /&2,0+4#): 9(4"
4"# $&**#**(&2 &, $&9#% &201 %#+)(01 +/72&90#)3#) (2 (4* #U#%/(*#6P `4 (* 2&4
-2/&..&2: ,&% #U+.$0#: 4& g%#+) &,,c 4"# $&9#% &, 4"# .-04(2+4(&2+0
g3(+24*c (2 4"# &(0 +2) $#4%&0#-. (2)-*4%1 &2 4"# 8+*(* &, 4"#(% $+*4 $#%,&%.5
+2/#6 !"# 0(7#* &, ;"#00 T(0: !#U+/& +2) FUU&2 G&8(0: ,&% (2*4+2/#: +%#
+**-.#) 4& 8# $&9#%,-0 &2 4"# 8+*(* &, 9"+4 4"#1 "+'# )&2#: &% +%# +00#3#)
4& "+'# )&2#: +%&-2) 4"# 30&8# S )(/4+4# 4"# 4#%.* &, 2#3&4(+4(&2 9(4" "&*4
/&-24%(#*: $0+1 &,, 0&/+0 (24#%#*4*: )&.(2+4# $+%4(/-0+% .+%7#4* S %#3+%)0#**
&, 9"#4"#% &% 2&4 4"#1 +%# $%#*#2401 #23+3#) (2 *-/" +/4('(4(#*6 `4 .+44#%*
2&4 &2# e&4 4"+4 4"# &$#%+4(&2+0 "#+)B-+%4#%* &, *-/" /&.$+2(#* .+1 ,+(0 4&
P `2 .+21 9+1*: 4"# /0+**(/ $&0(4(/+0 */(#2/# )#8+4#* &2 $&9#% (2 4"# P]bM* +2) P]ZM*
9"(/" %+2 ,%&. <&8#%4 C+"0 _P]OZ: P]bPa 4& ;4#'#2 D-7#* _P]ZQa +2) 8#1&2) %#'&0'#)
+%&-2) C+"0c* /&2,0+4(&2 &, 4"# $&**#**(&2 +2) 4"# #U#%/(*# &, $&9#%6 W&% C+"0: 4"#
&8*#%'+80# #U#%/(*# &, $&9#% S (2 4"# 7#1 $&0(4(/+0 )#/(*(&2* 4+7#2 S 9+* +00 4"+4 %#+001
.+44#%#): +04"&-3" "# (.$0(/(401 +**-.#) 4"+4 %-0(23 3%&-$* $&**#** $&9#% &2 *&.#
8+*(*6 `2 /&24%+*4: D-7#* +2) &4"#%* $&(24#) 4& 4"# 0+4#24 (24#%#*4* +2) +/4(&2* 9"(/"
(2,0-#2/#) &-4/&.#* 8#1&2) 4"# +%#2+ &, &8*#%'+80# /&2,0(/46 !"# )(*$&*(4(&2+0 B-+0(41
&, $&9#%: "&9#'#%: 9+* 2&4 + /&2*()#%+4(&2 +* *-/" (2 4"# )#8+4#*: #'#2 4"&-3" (4 9+*
#'()#24 (2 &-40(2#6 ;## !#) J#24&2 _P]RPa ,&% + /%(4(B-# &, D-7#* +2) $%&e#/4(&2 &, +
)(*$&*(4(&2+0 '(#9 (2 4#%.* &, + %#+0(*4 $"(0&*&$"16

:P

2EI\X FN HDFN+?

%#/&32(d# *-/" g0#'#%+3#ch 4"# $&(24 (* 4"#1 +%# )##.#) 4& $&**#** (4 (%%#5
*$#/4('# &, 9"#%# &% (2)##) 9"#4"#% 4"#1 -*# (46 !"#(% $&9#% (* +09+1*
+0%#+)1 $%#*#24: +* + g4"(2350(7#c B-+0(41 /+$+80# &, 8#(23 .+%*"+00#) +2)
#U#%/(*#)6 `2 4"(* (2*4+2/#: $&9#% (* 0(7#01 4& 8# +44%(8-4#) 4& *-/" /&.5
$+2(#* &2 4"# 8+*(* &, 4"#(% *(d# +2) +**-.#) $#%,&%.+2/#6
[(4" 8-%#+-/%+4(/ $&9#% 4"# 0&3(/ (* 0(7#01 4& 8# )(,,#%#24: (2 *& ,+% +*
$&9#% (* )##.#) 4& 8# "#0) &2 4"# 8+*(* &, $&*(4(&2 9(4"(2 +2 &%3+2(d+4(&2
%+4"#% 4"+2 &2 +21 2&4(&2 &, (2*4(4-4(&2+0 *(d#6 !"# .+2+3#%* (2 + "&*$(4+0
&% 4"#(% $%&,#**(&2+0 #B-('+0#24 (2 + "(3"54#/"2&0&31 &% &(0 /&.$+21 &//-$1
4"#(% )#/(*(&25.+7(23 %&0#* 81 '(%4-# &, 4"#(% 4#/"2(/+0 #U$#%4(*# +2)
/&.$#4#2/# 4& )& 4"# e&86 @-4"&%(41 /&.#* 9(4" 4"# $&*(4(&2 +2) 9(4" (4
4"# *4%-/4-%+0 0(.(4* &, 9"+4 +2 &,,(/(+0 .+1 )(/4+4# &% $%#*/%(8#6 !"#%# (*
2&4"(23 .&2&0(4"(/ +8&-4 4"# /+$+8(0(4(#* (2'&0'#)h (2 *& ,+% +* $&9#% (*
#U#%/(*#): 4"(* "+$$#2* (2 + )&929+%) ,+*"(&2 9(4"(2 4"# *4%(/4 0(.(4* &, 4"#
%-0#* 0+() )&92 81 4"# 8-%#+-/%+4(/ (2*4(4-4(&26
!"# /+$+/(41 4& +/4 &% )&.(2+4#: "&9#'#%: (* 2&4 %#*4%(/4#) 4& (2*4(4-4(&2*6
;&/(+0 3%&-$* .+1 #U#%/(*# 4"#(% $&9#% (2 9+1* 9"(/" *#%'# 4& #U/0-)# &%
/"#/7 4"# ,%##)&. &, .&'#.#24 &, &4"#%*6 !"# /&2*4%-/4(&2 &, 3+4#)
/&..-2(4(#* (2 4"# (22#% /(41: ,&% #U+.$0#: /&.$0#4# 9(4" "(3" *#/-%(41
9+00* +2) %#.&4#5/&24%&00#) 3+4#*: /+2 8# -2)#%*4&&) +* 8-4 4"# 0+4#*4 (2 +
0&23 0(2# &, (2*4+2/#* &, 4"# .())0# /0+**#* ,0#U(23 4"#(% #/&2&.(/ /+$+8(05
(4(#* 4& $%&4#/4 4"#(% 0(,#*410#* +2) )(,,#%#24(+4# 4"#.*#0'#* ,%&. 4"# -%8+2
g.+**c6 !"# /+$+/(41 4& #U/0-)#: 4& g$-%(,1c + $(#/# &, (22#%5/(41 *$+/#: (*
4"-* + $&**(8(0(41 4"+4 4"# .())0# /0+**#* "+'# +4 4"#(% )(*$&*+0 S *"&-0) 4"#1
/"&&*# 4& #U#%/(*# (46
`2 #+/" &, 4"# +8&'# /&24#U4*: "&9#'#%: 4"# .#%# ,+/4 4"+4 /&%$&%+4# +2)
8-%#+-/%+4(/ (2*4(4-4(&2*: +0&23 9(4" 4"# .())0# /0+**#*: *"+%# + *#4 &, /+$5
+8(0(4(#* 4#00* -* 0(440# +8&-4 9"+4 4"#*# +8(0(4(#* /&.$%(*#: &% "&9 (2*4(4-4(&2*
&% $#&$0# 8#/+.# #2)&9#) 9(4" 4"#.: &% #'#2 4"+4 4"#1 %#,#% 4& 4"# *+.#
g4"(23c6 !"# 2&4(&2 &, $&9#% +* + /+$+/(41 .+1: ,&% #U+.$0#: %#,#% 4& + *#4 &,
/+-*+0 $%&$#%4(#* (24%(2*(/ 4& 4"# '#%1 2+4-%# &, 9"+4 (4 (* 4& 8# + .&2&0(4"(/
.-04(2+4(&2+0 /&%$&%+4(&26 T% (4 .+1 %#,#% 4& + %+23# &, (24#%#*4* +44%(8-4#) 4&
+,,0-#24 *&/(+0 3%&-$(23*6 T% (2)##): 4"# .#+2(23 &, 4"# 4#%. /+2 8# +05
4&3#4"#% 0&&*#%: 9(4" 4"# (24#24(&2 &, /&2'#1(23 4"%&-3" .#4+$"&% *&.#5
4"(23 4"+4 (* .#%#01 g"#0)c 81 *&/(+0 3%&-$* &% (2*4(4-4(&2*6 @* + .#+2* &,
)(*#24+230(23 4"# /&2/#$4-+0 (**-#* (2'&0'#): (4 .+1 8# "#0$,-0 4& )%+9 -$&2
J+%%1 E(2)#**c* ,&%4"%(3"4 +**#**.#24 &, $&9#% /&2/#('#) +* + /+$+/(416

2.,%3-() 3+4(, 3$56&7


G-/" &, E(2)#**c* ?,4-"5)4'4 "6 >"1') _P]]ba (* 3('#2 &'#% 4& + /%(4(B-# &,
4"# '(#9 4"+4 $&9#% /+2 8# /&2/#('#) (2 4#%.* &, + /+$+/(41 9"(/" #2"+2/#*

2EI\X FN HDFN+?

:V

4"&*# 9"& $&**#** (46 F*/"#9(23 +21 2&4(&2 &, $&9#%5(253#2#%+0 (2 ,+'&-% &,
+ .&%# "#4#%&3#2#&-* /&2/#$4(&2 8+*#) -$&2 W&-/+-04c* 4#/"2(B-#*
&, *#0,5%#3-0+4(&2 _)(*/-**#) (2 /"+$4#% Qa: E(2)#** ()#24(,(#* + 2-.8#% &,
*"&%4/&.(23* (2 4"# 2&4(&2 &, $&9#% /&2*()#%#) +* + 3#2#%+0 /+$+/(416
D#+'(23 4& &2# *()# ,&% 4"# .&.#24 "(* .#4+$"1*(/+0 9&%%1 4"+4 4"#%# +%#
4"&*# 9"& +$$#+% 4& +44%(8-4# + /&..&2 *-8*4+2/# 4& *-/" + /+$+/(41: +
7(2) &, g#**#2/# &, #,,#/4('#2#**c: E(2)#**c* .+(2 /&2/#%2 (* 4"+4 4"# )#5
*/%($4(&2 &, $&9#% +* + /+$+/(41 0#2)* (4*#0, 4& + B-+24(4+4('# +2) )#4#%.(25
(*4(/ /&2/#$4(&2 &, $&9#%A
`, 4& "+'# $&9#% (* +09+1* 4& $&**#** 4"# #**#2/# &, #,,#/4('#2#** (2 *&.#
)#,(2(4# B-+24(41: 4"#2 4"&*# 9"& $&**#** + 3%#+4#% B-+24(41 &, 4"+4 #**#2/#
&8'(&-*01 9(00 8# .&%# #,,#/4('# 4"+2 4"&*# 9(4" + 0#**#% B-+24(41 6 6 6 !"(* '(#9
&, $&9#% +* + B-+24(4+4('# +2) .#/"+2(/+0 $"#2&.#2&2 9"(/" )#4#%.(2#* 4"#
/+$+/(41 &, +/4&%* 4& %#+0(d# 4"#(% 9(00 &% 4& *#/-%# 4"#(% (24#%#*4* "+* 8##2
#2&%.&-*01 (2,0-#24(+0 (2 4"# .&)#%2 $#%(&) 6 6 6 !"# 3%#+4 +44%+/4(&2 &, 4"(*
/&2/#$4(&2 &, $&9#% +* B-+24(4+4('# /+$+/(41 ,&% *& .+21 *&/(+0 */(#24(*4* (*
4"+4 (4 +$$#+%* 4& $%&.(*# +2 #+*1 .#+2* &, ()#24(,1(23 9"& "+* $&9#% +2)
9"& "+* 2&46 _P]]bA LbSZa

<#0+4#) /0&*#01 4& 4"# ()#+ 4"+4 $&9#% (* + B-+24(4+4('# /+$+/(41: 4"#%#,&%#: (*
4"# +**-.$4(&2 4"+4 (4 (* $&**(80# 4& )#4#%.(2# (2 +)'+2/# 9"& 9(2* +2)
9"& 0&*#*6 `, .&%# $&9#% $%#'+(0* &'#% 0#**: 4"#2 4"# &-4/&.# &, )(*4%(8-4('#
*4%-330#* 9&-0) +$$#+% 4& 8# *(.$01 + .+44#% &, 4"# *-..+4(&2 &, 4"#
%#*$#/4('# $&9#%* (2'&0'#)6 C%+9(23 -$&2 G+U [#8#%c* )#,(2(4(&2 &,
$&9#% 4& (00-*4%+4# 4"# +*1..#4%(/+0 2+4-%# &, $&9#% %#0+4(&2*"($* 9"(/"
,0&9 ,%&. 4"(* +**#**.#24 &, B-+24(4+4('# $&9#%: E(2)#** /&2/0-)#* 4"+4
$&9#%: &2 4"(* '(#9: .+1 8# -*#) 4& /&..+2) +2) /&24%&0 &4"#%*A
\#&$0# #.$0&1 $&9#% (2 4"#(% )#+0(23* 9(4" 4"(23* +2) (2 4"#(% )#+0(23* 9(4"
#+/" &4"#%6 `2 4"# 0+44#% /+*#: 4"(* /&2/#$4(&2 &, $&9#% (.$0(#* 4"+4 4"# 9(*"#*
&, 4"&*# 9(4" .&%# $&9#% 9(00 2&%.+001 $%#'+(0 &'#% 4"# 9(*"#* &, 4"&*# 9(4"
0#**6 `4 (* ,&% 4"(* %#+*&2 4"+4 [#8#% ()#24(,(#* $&9#% 9(4" g4"# /"+2/# &, + .+2
&% + 2-.8#% &, .#2 4& %#+0(d# 4"#(% &92 9(00 #'#2 +3+(2*4 4"# %#*(*4+2/# &,
&4"#%* 9"& +%# $+%4(/($+4(23 (2 4"# +/4(&2c _[#8#%: P]ZR: $6 ]Lba6 !"(*
/&2/#$4(&2 &, $&9#% +* *(.$0# /+$+/(41 *-33#*4* 4"+4 4"#%# 9(00 8# +2 -2#B-+0
%#0+4(&2 8#49##2 4"&*# 9"& #.$0&1 $&9#% ,&% 4"#(% &92 $-%$&*#* +2) 4"&*#
9"& +%# *-8e#/4 4& (4* #,,#/4*6 \&9#%: (2 4"(* *#2*#: .+1 8# -*#) +* +2
(2*4%-.#24 &, )&.(2+4(&26 _P]]bA La

@ 0(27 (* 4"-* #*4+80(*"#) 8#49##2 4"# )(,,#%#24(+0 /+$+/(4(#* &, +/4&%*:


4"# *-..+4(&2 &, 4"#(% $&9#%*: + 4+001 &, 9"& 3+(2* +2) 9"& 0&*#*: +2)
)&.(2+4(&2 (2 3#2#%+06 !"# +$$+%#24 #+*# &, 4"(* 0&3(/: "&9#'#%: *(4*
-2#+*(01 +0&23*()# 4"# #+%0(#% &8*#%'+4(&2 4"+4 4"# $&4#24(+0 /+$+/(41 ,&%

G;

2EI\X FN HDFN+?

)&.(2+4(&2 .+1 +0*& 8# -2)#%*4&&) +* /&24#U4 )#$#2)#24h 4"+4 (*: *-8e#/4


4& $%#'+(0(23 /&2)(4(&2* +2) /(%/-.*4+2/#*6 \+%4 &, 4"# )(,,(/-041: +* 9# *"+00
*##: %#*4* 9(4" E(2)#**c* (2*(*4#2/# 4"+4 +21 4+07 &, $+%4(#* "&0)(23 .&%# &%
0#** $&9#% 8%(23* 4& 4"# ,&%# +2 +**#**.#24 &, 4"#(% B-+24(,(+80# #**#2/# &%
/+$+/(416
["+4 (* $#%"+$* %+4"#% .(*0#+)(23 (* 4"+4 E(2)#** *"&-0) /&2*()#% 4"#
4#%. g/+$+/(41c (2 %#0+4(&2 4& $&9#% +* 8#(23 +0.&*4 -2('&/+0 (2 (4* .#+2(236
T2 4"(* +//&-24: +21&2# 9"& %#,#%* 4& $&9#% +* + )(,,#%#24(+0 /+$+/(41:
9"#4"#% (24#24(&2+001 &% 2&4: (* ,&%/#) 4& #2)&%*# + B-+24(,(+80# '(#9 &,
$&9#%6 @* *-/": 4"# 0(7#* &, @24"&21 =())#2* +2) G(/"+#0 G+22 +%#
%#$%(.+2)#) 81 E(2)#** ,&% 4"#(% (24#%$%#4+4(&2 &, $&9#% +* + *#4 &,
/+$+8(0(4(#* 9"(/" .+7# (4 $&**(80# ,&% (2)('()-+0* +2) &%3+2(d+4(&2* 4&
+/"(#'# 4"#(% )#*(%#) 3&+0*6 !"# ,+/4 4"+4 =())#2* +/72&90#)3#* 4"+4
$&9#% /+2 8# /&2/#('#) +* + /+$+/(41 4& %#+0(d# (24#2)#) &-4/&.#*: +2)
4"+4 *-/" + /+$+/(41 /+2 g.+7# + )(,,#%#2/#c 4& #'#24-+0 &-4/&.#*: (* 4+7#2
81 E(2)#** +* #'()#2/# &, + *(.$0#: B-+24(4+4('# /&2/#$4(&2 &, $&9#%6 f#4
8&4" =())#2* +2) G+22 (2 4"#(% 9%(4(23* /&2/#('# &, $&9#% (2 + .&%#
%&-2)#) 9+1 4"+2 4"+4: %#/&32(d(23 4"+4 $&9#% .+1 "+'# + /&00#/4('# +* 9#00
+* + )(*4%(8-4(&2+0 *#2*#6 `2)##): 8&4" 9%(4#%* %#/&32(d# 4"+4 $&9#% /+2 8#
#U#%/(*#) 1,/+ &4"#%*: +* 9#00 +* "C') &4"#%*6L G&%#&'#%: +* 9(00 8# +%3-#) (2
4"# ,&00&9(23 /"+$4#%: $&9#%* 3+(2#) 4"%&-3" +**&/(+4(&2 +%# 2&4 2#/#**+%5
(01 3+(2#) +4 4"# #U$#2*# &, &4"#%* +2) +%# 4"#%#,&%# 0#** *-*/#$4(80# 4&
*(.$0# g.&%# &% 0#**c #B-+4(&2* &, $&9#%6
`24#%#*4(2301: 9"#%# E(2)#** )&#* .+7# +2 #U/#$4(&2 4& 4"# *#2*# &,
/+$+/(41 +* + B-+24(,(+80# *-8*4+2/#: (4 (* 4"# /&00#/4('# /&2/#$4(&2* &,
$&9#% +)'+2/#) 81 E+22+" @%#2)4 +2) !+0/&44 \+%*&2* 9"(/" +%# )%+92
-$&2 4& (00-*4%+4# $&9#% +* + /+$+/(41 8#*4&9#) 81 4"# /&2*#24 &, &4"#%*6N
E#%# (4 9&-0) *##. 4"+4 9"#2#'#% 4"# /+$+/(41 &, + $+%4(/-0+% +-4"&%(41 4& +/4
(* 0#3(4(.(d#) 81 /&2*#24: 4"# B-+24(4(#* &, $&9#% (2'&0'#) +%# 0#** )#/(*('# 4&
L J&4" =())#2* _P]ZZ: P]RQa +2) G+22 _P]Rb: P]]Na %#/&32(d# 4"+4 $&9#% /+2 8#
*&.#4"(23 4"+4 (* .&8(0(d#) 4& +/"(#'# /&00#/4('# #2)* %+4"#% 4"+2 *&.#4"(23 (2"#%#24 (2
*&/(+0 %#0+4(&2*"($* 9"(/" +09+1* 9&%7* 4& 4"# +)'+24+3# &, &2# $+%41 +2) 4& 4"# )(*+)5
'+24+3# &, 4"# &4"#%6 `2)##): 8&4" +/72&90#)3# 4"# (2,0-#2/# &, 4"# #+%0(#% 9&%7 &,
\+%*&2* &2 $&9#% +* + g3#2#%+0(d#) .#+2*c 4& ,-%4"#% /&00#/4('# 3&+0*: +04"&-3" 2#(4"#%
*-8*/%(8#* 4& \+%*&2*c* /&2*#2*-+0 +$$%&+/" 4& $&9#%6 !"#*# $&(24* +%# *$#04 &-4 ,-%4"#%
(2 /"+$4#% N6
N @* (2)(/+4#): \+%*&2*c* _P]bNa +$$%&+/" 4& $&9#% 9(00 8# /&2*()#%#) (2 4"# ,&00&9(23
/"+$4#%6 @%#2)4c* _P]OR: P]ZMa 9&%7 9(00 +0*& 8# /&2*()#%#) 4"#%#: (2 $+%4(/-0+% "#% '(#9
&, $&9#% +* *&.#4"(23 $%&)-/#) 81 (2)('()-+0* g+/4(23 (2 /&2/#%4c 4& +/"(#'# /&..&2
3&+0* &2 4"# 8+*(* &, *"+%#) -2)#%*4+2)(23*6 `4 (* (2)(/+4('# &, E(2)#**c* %+4"#% 80(27#%#)
'(#9 &, $&9#% +* + /+$+/(41 4"+4 @%#2)4c* $&*(4('# /&2/#$4(&2 &, $&9#% (* +/72&90#)3#)
+2) "#% /&24%(8-4(&2 8%(#,01 2&4#) -2)#% 4"# "#+)(23 &, $&9#% +* + g0#3(4(.+4# /+$+/(41c
_E(2)#** P]]bA PMSPPa6

2EI\X FN HDFN+?

G:

4"# &-4/&.#6 !"# +**-.$4(&2 B-(#401 +4 9&%7 "#%# (* 4"+4 9"#2 $&9#% %#*4*
-$&2 /&2*#24: (4 (* 0#** 0(7#01 4& 8# /&2/#('#) +* + $%&$#%41 &% +2 #**#2/#
9"(/" (* 4"#2 /+$+80# &, $%#)#4#%.(2(23 4"# &-4/&.# &, )(*4%(8-4('#
*4%-330#*6 !"#%# (* 4"-* 0#** /+00 ,&% + *(.$0# /+0/-0+4(&2 &, 4"# B-+24(4(#* &,
$&9#% (2'&0'#)6 !"# B-#*4(&2 2#'#% *#%(&-*01 $&*#) 81 E(2)#**: "&9#'#%: (*
9"1: 9"#2 4"#%# (* 4+07 &, .&%# &% 0#** $&9#%: 4"(* *"&-0) +-4&.+4(/+001 /+00
,&%4" + 2&4(&2 &, /+$+/(41 +* + ,(U#) #**#2/# /+$+80# &, .#+*-%#.#246
!"# /%-/(+0 $&(24 &, +00 4"(* (* 4"+4 4"# (2*4%-.#24+0 0+23-+3# &, )&.(25
+4(&2 +2) g$&9#% &'#%c (* ,+% .&%# ,0#U(80# (2 (4* .#+2(23 4"+2 E(2)#** (*
$%#$+%#) 4& +00&9 ,&%6 `4 *(.$01 )&#* 2&4 ,&00&9 4"+4 4& 4+07 +8&-4 3%&-$*
&% (2)('()-+0* 9"& +%# .&%# $&9#%,-0 4"+2 &4"#%* (* 4& +*/%(8# 4& 4"#.
+-4&.+4(/+001 +2 g#**#2/# &, #,,#/4('#2#**c6 \&9#% +* + /+$+/(41 .+1 8#
$//),;5/'A 4& (2)('()-+0* &2 4"# 8+*(* &, /-*4&. +2) $%+/4(/#: +* G+U
[#8#% %#/&32(d#)h (4 /+2 8# ,34-),;'A +* + /+-*+0 ,&%/# (2 &$$%#**('# +2)
-2#B-+0 %#0+4(&2*"($*: +* ?+%0 G+%U )#.&2*4%+4#)h &% (4 /+2 8# ,@*%,'A
(2 + 0&&*# .#4+$"&%(/+0 *#2*#: +* &2# .(3"4 *+1 4"+4 +)'#%4(*(23 +3#2/(#*
g"&0)c + /+$+/(41 ,&% *#)-/4(&2 4"%&-3" 4"#(% -*# &, (.+3#* +2) .#+2(236
`2 #+/" &, 4"#*# )(,,#%#24 *#2*#* &, /+$+/(41 4"#%# (* 2&4"(23 ,(U#) &%
$%#)#4#%.(2#) +8&-4 4"# *-8*#B-#24 &-4/&.#*: +2) 4"#%# (* 2&4"(23 4&
*-33#*4 4"+4 )(,,#%#24(+0 +.&-24* &, $&9#% +%# 4"#%# *(.$01 4& 4#*4 &-% *7(00*
&, +))(4(&26
E(2)#**: (4 9&-0) *##.: /&2*()#%* 4"+4 9"#2#'#% $&9#% (* %#,#%%#) 4& +* +
)(,,#%#24(+0 /+$+/(41 4"#%# (* *&.# 7(2) &, 4%(/7#%1 (2'&0'#): 9"#%#81 4"#
#U#%/(*# &, $&9#% (* .#%#01 4"# */%($4#) #U$%#**(&2 &, +2 (2*/%(8#) /+$+/(41
&% #**#2/#6 !"(* (* /0#+%01 -2"#0$,-0 (2 4"# /+*# &, /&24#.$&%+%1 4"#&%(*4* &,
$&9#% *-/" +* @24"&21 =())#2* +2) G(/"+#0 G+22: 9"& &$#%+4# 9(4" +
.&%# )(,,#%#24(+4#) /&2/#$4(&2 &, $&9#%6 `4 (* +0*& %+)(/+001 .(*$0+/#) 4&
(2/0-)# %#,#%#2/# 4& G+U [#8#% +* *&.#&2# 9"& *-8*/%(8#) 4& + /&2/#$5
4(&2 &, $&9#% +* g*(.$0# /+$+/(41c6 G&%# 4"+2 .&*4 "# -2)#%*4&&) 4"#
'+%(&-* /&.8(2+4(&2* &, 9+1* (2 9"(/" $&9#% .+1 8# /&2,#%%#) +2) 4"#
'+%(&-* /0+(.* 4& 0#3(4(.+/1 (2'&0'#)6 @//&-24* 9"(/" $%&/0+(. 4"+4 $&9#%
(* + /+$+/(41 $&**#**#) 81 (2)('()-+0*: 3%&-$* +2) (2*4(4-4(&2* +0(7# /+2 8#
(24#%$%#4#) (2 + 0&&*#: .#4+$"&%(/+0 *#2*# &%: +4 4"# &4"#% #U4%#.#: +* +2
(2*/%(8#) %#0+4(&2+0 $%&$#%416 T201 (2 4"# 0+44#% /+*# *"&-0) E(2)#** "+'#
+21 /+-*# ,&% /&2/#%2: +04"&-3" #'#2 4"#2 B-+24(4+4('# */%($4* &, $&9#% +%#
2&4 %#+001 9"+4 (* +4 (**-#6

!+-(0-%5$ .535#%$%-%(& 50) .+0-(8-"5$ +"-.+/(&


T2# &, 4"# .&*4 4"&%&-3" +//&-24* &, $&9#% +* +2 (2*/%(8#) /+$+/(41 (* 4&
8# ,&-2) (2 I#,,%#1 `*++/c* >"1') $3A E$)B,4/ F+'")#G D !'$%,4/ H,'1 _P]RZa6
C%+9(23 -$&2 4"# &-40(2#* &, + %#+0(*4 $"(0&*&$"1 &, */(#2/# )#'#0&$#) 81

GG

2EI\X FN HDFN+?

<&. E+%%#l +2) F) G+))#2 +2) <&1 J"+*7+% (2 4"# P]ZM*:Q `*++/ (*
$%&8+801 4"# (/&2(/ ,(3-%# 4"+4 E(2)#** "+* (2 .(2) 9"#2 "# 0+.8+*4*
4"&*# 9"& '(#9 $&9#% +* + 3#2#%+0(d#) /+$+/(41 &%: .&%# $&(24#)01: +* +2
g#**#2/# &, #,,#/4('#2#**c6 `.$0(/(4 9(4"(2 4"(* /%(4(/(*. (* 4"+4 $&9#% (*
/&2/#('#) +* *&.# 7(2) &, -2/"+23(23: -2(,&%. *-8*4+2/# 9"(/" 0(#*
/0&*# 8#2#+4" 4"# *-%,+/# &, 4"# )+(01 0(,# &, (2)('()-+0*: *&/(+0 3%&-$* &%
(2*4(4-4(&2*6 `, 4"(* 9#%# 4%-# &, 4"&*# 9"& *-8*/%(8#) 4& + 2&4(&2 &, $&9#%
+* (2"#%#24 (2 4"# 8&)(#* &, (2*4(4-4(&2*: 4"#2 4"(* 9&-0) (2)##) 8# +
)+.2(23 /%(4(B-#: 8-4 -"3/)$ E(2)#** 4"(* (* *(.$01 2&4 4"# /+*#6
W&00&9(23 E+%%#l +2) G+))#2 _P]ZOa: 4& +44%(8-4# + $&9#% 4& +21 &2#
4"(23 (* 4& *+1 *&.#4"(23 +8&-4 (4* /&2*4(4-4(&2h 4"+4 (*: 9"+4 (4 (* /+$+80# &,
)&(23 81 '(%4-# &, (4* (24%(2*(/ 2+4-%#6 T2 4"(* '(#9: $&9#% (* + /+-*+0
$%&$#%41 8#*4&9#) 81 4"# '#%1 *4%-/4-%# &, %#0+4(&2* &, 9"(/" (4 (* + $+%46
H#%4+(2 4"(23* +%# )(*$&*#) 4& +/4 (2 /#%4+(2 9+1* 81 '(%4-# &, 4"#(% /&2*4(5
4-4(&2: +04"&-3" 9"#4"#% &% 2&4 *-/" $&9#%* +%# %#+0(d#) (* )#$#2)#24 -$&2
$%#'+(0(23 /&2)(4(&2*6 C(*$&*(4(&2* (2 4"(* *#2*#: 4& +)&$4 + 0(2# &,
%#+*&2(23 ,%&. J"+*7+% _P]ZOa: .+1 8# $&**#**#) -2#U#%/(*#): #U#%/(*#)
-2%#+0(d#) &% %#+0(d#) -2$#%/#('#): )#$#2)(23 -$&2 4"# /&24#U46 !%+2*5
0+4#) (24& 4"# )&.+(2 &, *&/(+0 %#0+4(&2*: (4 (* 4"# '3A5),3( 2+4-%# &, *&/(+001
/&2*4(4-4#) %#0+4(&2*"($* 9"(/" `*++/ 0&/+4#* +* 4"# 8+*(* &, $&9#% +2) 4"#
*&-%/# &, +2 +3#24c* /+$+8(0(41A
["+4 ` +. *-33#*4(23 (* 4"+4 + 3#2#%+0(d(23 *&/(+0 */(#2/# 4+7#* +* (4* $%(.+%1
&8e#/4 &, *4-)1 4"&*# #2)-%(23 *&/(+0 %#0+4(&2*"($* 4"+4 )(*4%(8-4# $&9#% 4&
*&/(+0 +3#24*6 `2)('()-+0* /#%4+(201 $&**#** ()(&*12/%+4(/ $&9#%*6 J-4 9"+4
.+7#* 4"#*# *&/(+001 *(32(,(/+24 (* 4"# 9+1 4"#1 +%# (.$0(/+4#) (2 .&%# #2)-%5
(23 %#0+4(&2*"($*6 `4 .+7#* $#%,#/4 *#2*# 4& /0+(. 4"+4 gC+'() <&/7#%,#00#% (* +
$&9#%,-0 .+26c J-4 + *&/(+0 4"#&%1 &, $&9#% .-*4 #U$0+(2 9"+4 7(2) &, *&/(+0
%#0+4(&2* #U(*4 +2) "&9 $&9#% (* )(*4%(8-4#) 81 4"#*# %#0+4(&2* *-/" 4"+4 (4 (*
$&**(80# ,&% C+'() <&/7#%,#00#% 4& "+'# 4"# $&9#% 4"+4 "# "+*6 !& )& 4"(* (* 2&4
4& )#21 4"+4 (4 (* +' 9"& $&**#**#* 4"(* $&9#%: 2&% 4& )#21 4"&*# $#%*&2+0
+44%(8-4#* )#4#%.(2(23 4"# $+%4(/-0+% .+22#% (2 9"(/" "# #U#%/(*#* (46 `4 (*
*(.$01 4& (2*(*4 4"+4 4"# $&9#% (2)('()-+0* $&**#** "+* *&/(+0 /&2)(4(&2* &,
Q `2 $+%4(/-0+%: `*++/ )%+9* -$&2 E+%%#l +2) G+))#2c* <$54$% >"1')4 _P]ZOa +2)
J"+*7+%c* !'$%,4/ F+'")# "6 .-,'3-' _P]ZOa +2) F+' >"44,;,%,/# "6 I$/5)$%,4@G D >+,%"4"*+,-$%
<),/,J5' "6 /+' <"3/'@*")$)# K5@$3 .-,'3-'4 _P]Z]a6 `2 4"# P]RM*: J"+*7+% 9#24 &2 4&
#0+8&%+4# "(* $+%4(/-0+% '#%*(&2 &, 4%+2*/#2)#24+0 &% g/%(4(/+0c %#+0(*. (2 *-/" 8&&7* +*
.-,'3/,6,- !'$%,4@ $3A K5@$3 L@$3-,*$/,"3 _P]Rba +2) !'-%$,@,3( !'$%,/#G D <),/,-$%
23/)"A5-/,"3 /" <"3/'@*")$)# >+,%"4"*+# _P]R]a6 `2 4"# P]]M* "# )#'#0&$#) + g)(+0#/4(/+0
/%(4(/+0 %#+0(*.c _J"+*7+% P]]N: P]]Qa (2 9"(/" "# )(*4(23-(*"#* 8#49##2 $&9#% +* +
4%+2*,&%.+4('# /+$+/(41 (24%(2*(/ 4& +/4(&2 +2) $&9#% +* 4"# /+$+/(41 4& 3#4 &2#c*
9+1 )#*$(4# %#*(*4+2/# S 4"+4 (*: )&.(2+4(&2 (2 3#2#%+06 ;## @2)%#9 ;+1#% _P]]La ,&%
+ /&-24#%5+%3-.#24 4& 4"# +//-*+4(&2* &, #**#24(+0(*. 9(4"(2 + %#+0(*4 $"(0&*&$"1 &,
*/(#2/#6

2EI\X FN HDFN+?

GM

#U(*4#2/#: +2) 4"+4 (4 (* 4"#*# /&2)(4(&2* 4"+4 *"&-0) 8# 4"# $%(.+%1 ,&/-* &,
4"#&%#4(/+0 +2+01*(*6 _P]RZA RMSPa

W&% `*++/: 4"#2: (4 (* 4"# )-%+80# /"+%+/4#% &, *&/(+0 %#0+4(&2*"($* %+4"#% 4"+2
4"#(% -2(,&%. &% -2/"+23(23 2+4-%# 9"(/" #2)&9* +2 (2)('()-+0 &% 3%&-$
9(4" $&9#%6 !"#%# (* 2& (24#%#*4 "#%# (2 %#'#+0(23 + *(230#: ,-2)+.#24+0
g#**#2/# &, #,,#/4('#2#**c (2 4"&*# 9"& +%# *+() 4& $&**#** $&9#%6 W&00&9(23
J"+*7+% _P]ZO: P]Rba: `*++/ (* 2&4 *##7(23 g-04(.+4# #U$0+2+4(&2*c &, 4"#
)(*4%(8-4(&2 &, $&9#%: 8-4 %+4"#% ,+00(80# +44#.$4* 4& /&2'#1 (2 *-//##)(23
+//&-24* 4"# #2)-%(23 *4%-/4-%# &, %#0+4(&2* 9"(/" )(*4%(8-4# /+$+/(4(#* 4&
*&.# +3#2/(#* 8-4 2&4 &4"#%*6 @* 4"# 2+4-%# +2) 4"# .+7#5-$ &, 3%&-$* +2)
&%3+2(d+4(&2* /"+23#: +* 4"# $&9#% &, (2*4(4-4(&2* 9+U#* +2) 9+2#*: 4"#
4+*7 &, +2+01*(* (* 4& 4%+/# 4"#(% +04#%#) *&/(+0 /&2)(4(&2* &, #U(*4#2/# +2) 4&
()#24(,1 4"# 2#9 #0#.#24* 9"(/" /&2*4(4-4# 4"#.6 `2'+%(+801 *-/" + 4+*7 (*
,%+-3"4 9(4" )(,,(/-041 +* +2 +44#.$4 (* .+)# 4& *#$+%+4# 4"# $&4#24(+001
#2)-%(23 /"+%+/4#%(*4(/* ,%&. 4"&*# &, + 0#** )-%+80# 2+4-%#: 8-4 4"# +(. (*
B-(4# /0#+%6O
@2&4"#% 9+1 4& 4"(27 +8&-4 9"+4 (* .#+24 81 g#2)-%(23c (2 4"(* (2*4+2/#
(* 4& /&2*()#% +2 #U+.$0#A 4"+4 &, 4"# (2*4(4-4(&2+0 $&9#% +**&/(+4#) 9(4" 4"#
&(0 .-04(2+4(&2+0* .#24(&2#) #+%0(#%: &% 9(4" +21 &, 4"# *&,49+%# &% #0#/5
4%&2(/* g3(+24*c6 G-04(2+4(&2+0*: +04"&-3" 2&4 +00 8(3 (2 4#%.* &, *(d#: +%#
(2'&0'#) (2 /%&**58&%)#% +/4('(4(#*: +2) (4 (* $%#/(*#01 8#/+-*# 4"#1 +%#
/+$(4+0(d#): .-04(5/&-24%1 &$#%+4(&2* 4"+4 4"#1 "+'# 4"# $&9#% 4& *9(4/"
(2'#*4.#24* ,%&. &2# 0&/+4(&2 4& +2&4"#%6 !"-* 4"# +8(0(41 4& %#0&/+4#
&$#%+4(&2* &% 4& #U#%/(*# $&9#%* &, +/B-(*(4(&2 +2) .#%3#% +/%&** 2+4(&2+0
8&%)#%* .+1 8# *+() 4& *4#. ,%&. 4"# (24%(2*(/ 2+4-%# &, .-04(2+4(&2+0*6
E&9#'#%: 4& .+(24+(2 *-/" $&9#%* &'#% 4(.# S +2) (2)##) *$+/# S +
.-04(2+4(&2+0 #23+3#) (2 4"# $%&)-/4(&2 &, .(/%&/"($*: ,&% (2*4+2/#:
9&-0) 2&4 &201 "+'# 4& %#.+(2 $%&,(4+80#: 8-4 +0*& "+'# 4& 8# +80# 4&
%#$%&)-/# (4* &92 /&2)(4(&2* &, #U(*4#2/# S (2 4#%.* &, 4#/"2&0&31: 72&95
0#)3#: /+$(4+0 +2) 4"# 0(7# S &,4#2 (2 2#9 3#&3%+$"(/+0 0&/+4(&2*6 \&9#%: (2
4"(* *#2*#: (* *+() 4& 8# +//-.-0+4#) &'#% #U4#2*('# %#3(&2* &, *$+/# +2)
4(.# +2) )#$0&1#) &2 4"# 8+*(* &, g%#*#%'#*c 9"(/" +%# /&24(2-+001 %#$%&5
)-/#) 81 4"# ,(%.6 `, *-/" + ,(%. ,+(0* 4& %#$%&)-/# (4* /+$+8(0(4(#* &% 4&
)#'#0&$ &4"#%*: 4"#2 (4 0&*#* (4* g*4&%#c &, $&9#% +2) 4"-* /#+*#* 4& 8# +
.-04(2+4(&2+0 ,&%/#6
O `2)##): + )(*4(2/4('# ,#+4-%# &, J"+*7+%c* 9&%7 *(2/# F+' >"44,;,%,/# "6 I$/5)$%,4@ (* 4"#
(2/&%$&%+4(&2 &, + 4%+2*,&%.+4(&2+0 .&)#0 &, *&/(+0 +/4('(41 9"(/" *4%#**#* 4"# .#)(+4#)
+2) %#$%&)-/#) 2+4-%# &, *&/(+0 *4%-/4-%#*6 `4 (*: &, /&-%*#: (24#2*#01 )(,,(/-04 4& #*4+80(*"
4"# 0(.(4* &, .#)(+4(&2: +04"&-3" (, +214"(23 4"#%# (* + 4#2)#24(+0 )#4#%.(2(*. (2 J"+*5
7+%c* +**#**.#24 &, (2*/%(8#) &% *4%-/4-%+0 $&9#%* 9"(/" .+7#* (4 )(,,(/-04 4& 4+07 +8&-4
g3#2#%+4#)c $&9#%* (2 4"# 9+1 4"+4 =())#2* _P]RQa: ,&% #U+.$0#: (* +80# 4& (2 "(* 4"#&%1
&, *4%-/4-%+4(&26

GQ

2EI\X FN HDFN+?

\&9#%: &2 4"(* '(#9: (* /0#+%01 g/#24%#)c (2 .-04(2+4(&2+0 (2*4(4-4(&2*h (4 (*


*&.#4"(23 4"+4 4"#1 +%# /&2*()#%#) 4& $&**#** (2 %#0+4(&2 4& 2+4(&2 *4+4#* &%
2+4(&2+0 9&%7,&%/#*: +04"&-3" &201 ,&% +* 0&23 +* 4"#1 +%# +80# 4& %#$%&)-/#
4"#.*#0'#*6 `4 (* 2&4: 4"#2: +2 -2/"+23(23 *-8*4+2/# 9"(/" *(4* e-*4 8#0&9
4"# #/&2&.(/ *-%,+/# &, ,(%.*: 8-4 %+4"#% + *-*4+(2#) /+$+/(41 9"(/" (*
.+(24+(2#) (2 + 9()#: 1#4 2&4 -20(.(4#): *#%(#* &, 0&/+4(&2*6 G&%#&'#%:
$&9#% (* 2&4 /&2/#('#) .#%#01 (2 4#%.* &, *(d#: +* (, (4 9#%# 2&4"(23 .&%#
4"+2 + .#+*-%+80# /&.$&2#246 K+4-%+001 4"#%# +%# g8(3c .-04(2+4(&2+0* +2)
g*.+00c &2#*: 9"(/" /+2 8# )(*4(23-(*"#) &2 4"# 8+*(* &, 4"# *(d# &, 4"#(%
+**#4*: *+0#* +2) #.$0&1.#24 2-.8#%*: 8-4 4"# )(,,#%#2/# (2 4"#(% /+$+8(05
(4(#* (* 2&4 + *(.$0# %#,0#/4(&2 &, *-/" B-+24(4+4('# /"+%+/4#%(*4(/*6 `4 (* 2&4
.#%#01 4"# +.&-24 &, /+$(4+0 +4 4"# )(*$&*+0 &, .-04(2+4(&2+0* 9"(/" (* +4
(**-#: 8-4 4"#(% 4#/"2&0&3(/+0 +2) &%3+2(d+4(&2+0 /+$+/(4(#* 4&&: +* 9#00 +*
4"# 2#49&%7 &, %#0+4(&2* 9"(/" /&2*4(4-4# 4"#.6 !"#%# (* + B-+0(4+4('# *()#
4& 4"(* 7(2) &, $&9#% 9"(/" (* 30&**#) &'#% +2) (32&%#) (, (4 (* $%#*-.#) 4"+4
$&9#% (* .#%#01 + -2(,&%. *-8*4+2/# /+$+80# &, .#+*-%#.#246
`4 (* &8'(&-*: ` "&$#: ,%&. 4"# +8&'# 4"+4 4"# $&9#%* &, .-04(2+4(&2+0*: &%
,&% 4"+4 .+44#% 4"# /+-*+0 $&9#%* &, +21 8&)1 &% (2*4(4-4(&2: /+2 8# "#0)
9(4"&-4 8#(23 #U#%/(*#) &% )(*$0+1#)6 !& *$#+7 &, + g%#*#%'#c &% + g*4&%#c &,
$&9#% (2 4"(* /&24#U4 (* 4"-* 4& /&2'#1 4"# (.$%#**(&2 4"+4 (4 (* + /+$+/(41
9"(/" .+1 8# )%+92 -$&2 &% -*#) +* +2) 9"#2 4"# +$$%&$%(+4# /(%/-.5
*4+2/#* $%#'+(06 G&%# %#+0(*4(/+001: +* `*++/ *4%#**#*: 4"# *-//#**,-0 #U#%/(*#
&, *-/" $&9#%* (* + /&.$0#U: /&24(23#24 +,,+(% (2 + 2-.8#% &, %#*$#/4*6
`2 4"# ,(%*4 $0+/#: $+%4(/-0+% (2*4(4-4(&2* &% 3%&-$* 9(4" 4"#(% &92 %#*$#/45
('# $&9#%* 9(00 *4+2) (2 + .-04(4-)# &, %#0+4(&2* 4& &4"#% +3#2/(#* 9"& .+1
+0*& $&**#** + *$#/(,(/ /&.8(2+4(&2 &, $&9#%*6 !"# *$#/(,(/ $&9#%* &,: *+1:
+2 (24#%2+4(&2+0 ,(2+2/# "&-*# (2 K#9 f&%7: D&2)&2 &% W%+27,-%4 .+1 %#*4
-$&2 + $+%4(/-0+% ,&%. &, /+$(4+0 9"&*# 2+4-%# (* 4& 8# 0(B-() +2) .&8(0#:
8-4 4"# +8(0(41 &, 4"+4 "&-*# 4& +/"(#'# /#%4+(2 &8e#/4('#* 9(00 8# #2"+2/#):
.&)(,(#) &% )#,0#/4#) 81 4"# #2*#.80# &, %#0+4(&2*"($* &, 9"(/" (4 (* + $+%46
T4"#% ,(2+2/(+0 +2) /&..#%/(+0 (2*4(4-4(&2* (2 4"&*# /(4(#* +* 9#00 +* (2
&4"#% (24#%2+4(&2+0 ,(2+2/(+0 /#24%#*: 4&3#4"#% 9(4" 4"#(% %#*$#/4('# 3&'#%25
.#24 8&)(#*: 9(00: 4"%&-3" 4"#(% +/4(&2*: "+'# + /&.$0(/+4(23 #,,#/4 -$&2
4"# g*4&%#c &, $&9#%* "#0) 81 +21 &2# (2*4(4-4(&2 +2) "&9 4"#1 +%# #U#%/(*#)6
`2 *-/" + *(4-+4(&2: 2#(4"#% 4"# #U#%/(*# &, e&(24 $&9#%* 2&% 4"# +22-0.#24
&, $+%4(/-0+% /+$+/(4(#* /+2 8# %-0#) &-46
@ *(.(0+% *#4 &, /&24(23#24 #,,#/4* /&.#* (24& $0+1 9"#2 4"# *+.# (24#%5
2+4(&2+0 ,(2+2/# "&-*# #U4#2)* 4"# %#+/" &, (4* $&9#%* +/%&** 2+4(&2+0
8&%)#%* 81 )(*4%(8-4(23 /#%4+(2 %#3-0+4&%1: )(*/($0(2+%1 +2) %(*754+7(23
$&9#%* 4"%&-3"&-4 (4* %#3(&2+0 &%3+2(d+4(&2+0 *4%-/4-%#6 !"# )#0#3+4(&2
&, $&9#%* ,%&. 4"# /#24%#: 4"# )(*4%(8-4(&2 &, $&9#% %#0+4(&2* 9(4"(2 4"#
&%3+2(d+4(&2 4& +/"(#'# /#%4+(2 &8e#/4('#* (2 4"# .&8(0# 9&%0) &, ,(2+2/#:
(* 2#/#**+%(01 +2 &$#25#2)#) +,,+(% *(.$01 8#/+-*# +00 &-4/&.#* +%#

2EI\X FN HDFN+?

GL

/&2)(4(&2+06 !"#1 +%# /&2)(4(&2+0 -$&2 4"# %#*-04 &, 4"#(% (24#%+/4(&2* 9(4"
&4"#% +3#2/(#* +2) (2*4(4-4(&2* (2 '+%(&-* 30&8+0 %#3(&2* +2) +0*& &2 4"#
$+%4(/-0+% /(%/-.*4+2/#* +2) /&2)(4(&2* (2 9"(/" *-/" $&9#%* .+1 8#
%#+0(d#)6 `2 *"&%4: 4"#%# +%# +09+1* "/+') /+$+8(0(4(#* +2) /&24#U4* 4& /&24#2)
9(4"6
["+4#'#% /%#)#2/# 9# .+1 9(*" 4& 3('# E(2)#**c* +%3-.#24: (4 (* #'()#24
4"+4 (2 `*++/c* ,&%.-0+4(&2 &, $&9#% +* +2 (2*/%(8#) /+$+/(41 4"#%# (* 2&
*#2*# (2 9"(/" 4"# #'#24-+0 &-4/&.#* &, $&9#% $0+1* +%# + */%($4#) #U$%#*5
*(&2 &, *&.# -2)#%01(23 #**#2/#6 T2 4"# /&24%+%1: 4"# (24%(2*(/ /+$+8(0(4(#*
&, %&'(23 .-04(2+4(&2+0* &% 30&8+0 ,(2+2/# "&-*#* +%# /&2*()#%#) 4& 8#
$&4#24(+0 $&9#%* 9"(/" .+1 &% .+1 2&4 8# %#+0(d#) 3('#2 4"# 9()# +%%+1
&, /(%/-.*4+2/#* $&**(80#6 `4 (* (2 4"(* *#2*# 4"+4 $&9#%: 4& *4%#** +2 #+%0(#%
$&(24: .+1 8# %#,#%%#) 4& +* )(*$&*(4(&2+0 (2 2+4-%#6 !"#%# (* +09+1* +
0(7#0("&&) &% 4#2)#2/1 ,&% +21 (2)('()-+0: 3%&-$ &% (2*4(4-4(&2 4& +/4 (2
/#%4+(2 9+1* 8#/+-*# &, 4"# *&/(+0 %#0+4(&2* 9"(/" 8(2) +2) %#$%&)-/# 4"#.
&'#% *$+/# +2) 4(.#6 ["(0*4 *-/" +2 +2+01*(* ,+(0* 4& +))%#** 4"# */&$# +2)
%#+/" &, *-/" $&9#%*: /&2/#24%+4(23 (2*4#+) &2 4"#(% )(*4%(8-4(&2 &'#%
*$+/#: (4 )&#* 2&2# 4"# 0#** $%&)-/# + g4"(2350(7#c %#$%#*#24+4(&2 &, $&9#%
+* + /#24%+0(d#) /+$+8(0(41 9"(/" 4"#2 %+)(+4#* &-4 4"%&-3" 4"# *-%%&-2)(23
*&/(+0 *$+/#6 @* *-/": 4"#%# (* 0(440# +.8(3-(41 +* 4& (4* 0&/+4(&26
`4 .+1 8# -*#,-0 +4 4"(* $&(24 4& %#/+00 4"+4 4"#%# +%# &4"#%: .&%# +.8(3-5
&-* 9+1* (2 9"(/" $&9#% +* + /+$+/(41 .+1 8# %#$%#*#24#): ,%&. 4"# 3#2#%+0
()#+ 4"+4 *&.#&2# &% *&.# #'#24 "+* 4"# /+$+/(41 4& /"+23# &-% 0('#* 4& 4"#
*&.#9"+4 ,(%.#% 2&4(&2 4"+4 $&9#% .+1 8# #.$0&1#) 4& +)'+2/# /#%4+(2
(24#%#*4* +4 4"# #U$#2*# &, &4"#%*6 ["+4 (* *4%(7(23 +8&-4 4"(* (.+3#%1:
"&9#'#%: (* 4"+4 %#3+%)0#** &, 4"# 4+23(8(0(41 &, 4"# %#$%#*#24+4(&2* (2'&0'#):
$&9#% +* + /+$+/(41 +09+1* *##.* 4& /+00 ,&%4" + $+%4(/-0+% @"A$%,/# &,
$&9#%A 2+.#01: 4"+4 &, )&.(2+4(&26 !"(* 0&3(/ &$#%+4#* (2 E(2)#**c* /%(5
4(B-#: 8-4 (4 (* 81 2& .#+2* $#/-0(+% 4& "(* +**#**.#24 &, $&9#% +* +
/+$+/(416

E"@,>)$,"> )# ) F"G& "- ."/&(


\#%"+$* &2# &, 4"# .+(2 %#+*&2* ,&% 4"# )##$01 #.8#))#) +**&/(+4(&2 &,
$&9#% 9(4" )&.(2+4(&2 (2 .-/" *&/(+0 4"#&%1 (* 4"+4: [#8#%c* (2,0-#2/#
2&49(4"*4+2)(23: (4 (* /+' $0+-*(80# 0+23-+3# &, $&9#%6 ["(0# E(2)#**
%#+)(01 4+07* +8&-4 )&.(2+4(&2 (2 4#%.* &, 9(22#%* +2) 0&*#%*: 4"# 9&%)
+0*& (2'&7#* + *#2*# &, /&24%&0: /&2*4%+(24: /&.$0(+2/# &% (.$&*(4(&2 (2
9"(/" 4"# $&9#%,-0 +%# &,4#2 /&-24#%$&*#) 4& 4"# 9#+76 `2 4"# /&24#U4
&, 0#** *4+%7 &$$&*(4(&2*: )&.(2+4(&2 2&2# 4"# 0#** /&2'#1* + *#2*# (2
9"(/" 4"# %#+/" &, .-04(2+4(&2+0*: ,&% #U+.$0#: &% 4"# +$$+%+4-* &, 4"#
*4+4# $&**#**#* 4"# /+$+/(41 4& (.$&*# 4"#(% 9(00 &2 &4"#%* (2 + '+%(#41 &,

GR

2EI\X FN HDFN+?

*(4-+4(&2*6 `2 +00 *-/" /+*#* $&9#% (* /&2/#('#) +* + '#%4(/+0 %#0+4(&2*"($h


$&9#% (* *&.#4"(23 4"+4 (* "#0) "C') &4"#%*6

9&6//(-,%(& +: 3+4(,
`2 .+7(23 + /+*# ,&% 4"# *4%-/4-%+0 2+4-%# &, g$&9#% &'#%c &4"#%*: `*++/
0&/+4#* 4"# +*1..#4%1 (2 4"# -2#B-+0 )(*4%(8-4(&2 &, $&9#% (2 *&/(#416 @* "#
$-4* (4: g%#0+4(&2* &, )&.(2+4(&2 +2) *-8&%)(2+4(&2 /&.$%(*# + *-8*#4 &,
$&9#% %#0+4(&2*: 9"#%# 4"# /+$+/(4(#* 4& +/4 +%# 2&4 )(*4%(8-4#) *1..#4%(/5
+001 4& +00 $+%4(#* 4& 4"# %#0+4(&2*"($c _P]RZA RQa6 ;&.# $#&$0# +2) *&.#
3%&-$* "+'# .&%# $&9#% 4"+2 &4"#%*: 2&4 81 +//()#24 &% 81 + *#%(#* &,
,&%4-2+4# #'#24*: 8-4 81 '(%4-# &, 4"# *4%-/4-%# &, %#0+4(&2* &, 9"(/" 4"#1 +%#
+ $+%46 !"# /+$+/(41 4& *#/-%# +)'+24+3# 4"-* *4+2)* (2 %#0+4(&2 4& 4"#
$&4#24(+0 0&** %#+0(d#) 81 &4"#%* 9"&: (2 &2# 9+1 &% +2&4"#%: +%# #2.#*"#)
(2 4"# *+.# 9#8 &, +*1..#4%(/+0 %#0+4(&2*"($*6
<+4"#% 4"+2 + *$&%+)(/ &% %+2)&. #'#24 (2 9"(/" )&.(2+4(&2 4+7#* $0+/#:
4"#%#,&%#: 4"# +8(0(41 4& *#/-%# 4"# /&.$0(+2/# &, &4"#%* /+2 8# *##2 (2: ,&%
#U+.$0#: 4"# '#%4(/+0 %#0+4(&2*"($* &, 8-%#+-/%+4(/ /&24%&0 #U#%/(*#) 81
.+2+3#%* +2) *-$#%'(*&%* &'#% 4"&*# ,-%4"#% )&92 4"# /"+(2 &, /&..+2)h
(2 4"# (.$#%*&2+0 *4%-/4-%#* &, $&0(4(/+0 )&.(2+4(&2 #U#%/(*#) 81 + -2(4+%1
*4+4# &'#% (4* $#&$0#* +2) 4#%%(4&%(#*h +2) (2 4"# %#0+4(&2*"($* 8#49##2 30&8+0
(2*4(4-4(&2* *-/" +* 4"# `GW +2) )#'#0&$(23 #/&2&.(#* +44#.$4(23 4& $-00
4"#.*#0'#* &-4 &, $&'#%416 `2 #+/" &, 4"#*# */#2+%(&*: (4 (* 4"# %#0+4(&2*"($
(4*#0,: %+4"#% 4"+2 +21 $+%4(/-0+% +/4(&2* 4+7#2 81 4"# )&.(2+24 $+%41: 4"+4
$&4#24(+001 *#/-%#* 4"# /&.$0(+2/# &, 4"# 9#+7#% $+%416 W&% `*++/: 4"(*
(2*4%-.#24+0 +8(0(41 4& )(%#/4 +2) 4& /&2*4%+(2 4"# $%+/4(/#* &, &4"#%* (*
$%#/(*#01 9"+4 [#8#% "+) (2 .(2) 9"#2 "# *$&7# &, )&.(2+4(&2 +* 4"#
g+-4"&%(4+%(+2 $&9#% &, /&..+2)c6 <#/%-(4(23 [#8#% 4& "(* +%3-.#24:
`*++/ B-&4#* +$$%&'(2301 &2# &, [#8#%c* .&%# #U$0(/(4 )#,(2(4(&2* &, )&.5
(2+4(&2A
A"@,3$/,"3 9(00 4"-* .#+2 4"# *(4-+4(&2 (2 9"(/" 4"# .+2(,#*4#) 9(00 _-"@=
@$3Aa &, 4"# )5%') &% %-0#%* (* .#+24 4& (2,0-#2/# 4"# /&2)-/4 &, &2# &% .&%#
&4"#%* _/+' )5%'Aa +2) +/4-+001 )&#* (2,0-#2/# (4 (2 *-/" + 9+1 4"+4 4"#(%
/&2)-/4 4& + *&/(+001 %#0#'+24 )#3%## &//-%* +* (, 4"# %-0#) "+) .+)# 4"#
/&24#24 &, 4"# /&..+2) 4"# .+U(. &, 4"#(% /&2)-/4 ,&% (4* '#%1 &92 *+7#6
D&&7#) -$&2 ,%&. 4"# &4"#% #2): 4"(* *(4-+4(&2 9(00 8# /+00#) ";'A,'3-'6 _P]RZA
RQh (2 &%(3(2+0: [#8#% P]ZRA ]Qba

`, 4"# 0+23-+3# &, /&..+2) +2) &8#)(#2/#: %-0#% +2) %-0#): (* 4+7#2 4& 8#
4"# )#,(2(23 ,#+4-%# &, )&.(2+4(&2: 4"#2 /0#+%01 4"# $+%4(#* 4(#) 4& &2#
+2&4"#% +%#: +* &8*#%'#): -2#B-+001 %#0+4#)6 K&9 (4 /&-0) 8# +%3-#) 4"+4

2EI\X FN HDFN+?

GZ

8#/+-*# &, 4"# -2#B-+0 )(*4%(8-4(&2 &, $&9#% (2 *&/(#41: (4 ,&00&9* 4"+4 +21
$+15&,,* 4& 4"# $+%4(#* (2'&0'#) (2 4#%.* &, $%('(0#3#* +2) 8#2#,(4* 9(00 8#
*(.(0+%01 *7#9#)6 !"(*: 1&- .+1 %#/+00: (* 4"# 8+*(* &, E(2)#**c* +%3-.#246
["(0# *-/" +2 &-4/&.# (* #24(%#01 $&**(80#: (4 (* 2&2# 4"# 0#** ,+% ,%&.
(2#'(4+80#6 J-4 4"#%# (* + )##$#% /&2/#%2 0-%7(23 +4 4"# 8+*# &, 4"(* +**-.$5
4(&2A 2+.#01: 4"+4 )&.(2+4(&2 (* + d#%&5*-. 3+.#6
@ d#%&5*-. 3+.# (* &2# (2 9"(/" 4"# */&%#* &, 4"# 9(22#% +2) 4"# 0&*#%
*-. 4& d#%&6 !"#%# (* &201 + ,(U#) 2-.8#% &, %#*&-%/#* (2 $0+1 +2) 4"-* &2#
*()#c* 3+(2 (* +2&4"#% *()#c* 0&**6 `2 `*++/c* +//&-24: )#*$(4# 4"# *4%#** -$&2
4"# /&24(23#24 /"+%+/4#% &, $&9#% $0+1*: *-/" + d#%&5*-. 3+.# +$$#+% 4&
,%+.# 4"# +2+01*(*6 !"# *-//#**,-0 #U#%/(*# &, $&9#% (2 '#%4(/+0 %#0+4(&25
*"($*: 2&49(4"*4+2)(23 4"# .+2&#-'%#* $#%,&%.#) 81 4"# )(,,#%#24 *()#*
(2'&0'#): 9&-0) +$$#+% 4& 8#2#,(4 &2# *()# +4 4"# #U$#2*# &, +2&4"#%6
["#4"#% 4"# 0&** &% 3+(2 (2 +8*&0-4# 4#%.* (* &2# &, $&9#% &% &2# &, 8#2#,(4*
(* -2/0#+%: 8-4 4"#%# (* 2& .(*4+7(23 4"# ,+/4 4"+4: *+1: ,&% 9&%7#%* 4&
/"+00#23# .+2+3#.#24 *-//#**,-001 &% ,&% 4"# 0#** )#'#0&$#) #/&2&.(#*
4& +/"(#'# *&.# 7(2) &, $%&3%#**: 4"#%# "+* 4& 8# *&.# 3('# #0*#9"#%# (2 4"#
_/0&*#)a *1*4#.6 `2 *-.: 4"# 2##)* &, 4"# )(,,#%#24 *()#* +%# /&2*()#%#) 4&
8# .-4-+001 #U/0-*('#6
f#4 4"#%# (* 2&4"(23 +8&-4 +2 +*1..#4%(/+0 '(#9 &, $&9#% 9"(/" %#B-(%#*
4"+4 4"# $+15&,,* *-. 4& d#%&6 !"# &-4/&.# &, $&9#% $0+1* /+2 8# $&*(4('#5
*-.: 9(4" 2& +8*&0-4# 9(22#%* &% 0&*#%*: &% (2)##) 2#3+4('# *-.: 9"#%#
0&**#* &, *&.# 7(2) +%# %#/&%)#) 81 +00 $0+1#%* (2'&0'#)6 `2 ,+/4: +00 4"#
-2#B-+0 )(*4%(8-4(&2 &, $&9#% *(32(,(#*: +* [#8#% 9#00 72#9: (* 4"# ()'$/')
A'()'' 4& 9"(/" &2# $+%41 .+1 (2,0-#2/# 4"# /&2)-/4 &, &4"#%* S 2&4"(23
.&%#: 2&4"(23 0#**6 `2)##): +* [#8#% *#4 )&92 (2 "(* L-"3"@# $3A ."-,'/#
&2# &, 4"# .&*4 (2,0-#24(+0 +2) /0&*#01 %#+*&2#) +//&-24* &, )&.(2+4(&2 +*
+2 +*1..#4%(/+0 .&)# &, $&9#%: (4 (* 9&%4" 2&4(23 #U+/401 9"+4 "# )() "+'#
4& *+1 &2 4"# .+44#%: 2&4 0#+*4 ,&% 4"# /0+%(41 &, 4"# ()#+* #U$%#**#)6

;(#(, +0 )+/%05-%+0
;(32(,(/+2401: ,&% [#8#% )&.(2+4(&2 %#$%#*#24* &201 &2# +.&23 + 2-.8#%
&, )(,,#%#24 .&)#* &, $&9#%h (4 9+* ,&% "(. + g*$#/(+0 /+*# &, $&9#%c 9"(/"
(2 (4* 8%&+)#*4 *#2*# (2'&0'#) 4"# 9(00 &, &2# $+%41 (2,0-#2/(23 g4"+4 &, 4"#
&4"#% #'#2 +3+(2*4 4"# &4"#%c* %#0-/4+2/#c _P]ZRA ]QZa6 ["(0# 4"#%# +%# +21
2-.8#% &, *4%-/4-%#* &, )&.(2+4(&2 *"+$(23 +2) (2,0-#2/(23 *$"#%#* &,
*&/(+0 +/4(&2: ,%&.: +* [#8#% 2&4#): g4"# *&/(+0 %#0+4(&2* (2 + )%+9(23 %&&.
+* 9#00 +* (2 4"# .+%7#4: ,%&. 4"# %&*4%-. &, + 0#/4-%#5"+00 +* 9#00 +* ,%&.
4"# /&..+2) $&*4 &, + %#3(.#24: ,%&. +2 #%&4(/ &% /"+%(4+80# %#0+4(&2*"($
+* 9#00 +* ,%&. */"&0+%01 )(*/-**(&2 &% +4"0#4(/*c _P]ZRA ]QNa: 4"# 3#2#%+0
/"+%+/4#%(*4(/ &, )&.(2+4(&2 (* 4"+4 (4 (2'&0'#* *&.# )#3%## &, ,@*"4,/,"3 $3A

GP

2EI\X FN HDFN+?

-"34/)$,3/6 `4 (* (.$&%4+24 4& 8# /0#+% 9"+4 [#8#% .#+24 81 )&.(2+4(&2


"#%#6
;(4-+4(&2* &, )&.(2+4(&2 (2 4"(* 8%&+) *#2*# .+1 (2'&0'# %#0+4(&2*"($*
/0&*# +4 "+2) &% +/%&** '+*4 )(*4+2/#*: 8-4 (2 #(4"#% /+*# 4"# (.$&*(4(&2 &, +
,&%. &, /&2)-/4 +//&%)(23 4& + *#4 &, $+%4(/-0+% (24#%#*4* (* /"+%+/4#%(*4(/6
!"# H(41 &, D&2)&2 (2 4"(* 3#2#%+0 *#2*#: +* + $&9#%,-0 ,(2+2/(+0 /#24%#
9(4" + )(*4(2/4 +2) *$#/(+0(d#) $&*(4(&2 (2 4"# /(%/-(4* &, .&2#1 /+$(4+0:
/&-0) 8# *##2 4& (2,0-#2/# 4"# $&0(/1 +/4(&2* &, 4"# >?c* $&0(4(/+0 $+%4(#*:
)#$+%4.#24* &, 3&'#%2.#24: +2) (2)-*4%(+0(*4* +0(7# (2 0(2# 9(4" 4"#(% &92
(24#%#*4*: )#*$(4# 4"# %#0-/4+2/# &, 4"# 0+*4 4& /&.$01 +2) 9(4"&-4 4"#
*0(3"4#*4 "(24 &, &80(3+4(&2 &2 4"#(% $+%46 !"# 0+23-+3# &, (2,0-#2/# (2 4"(*
/&24#U4 (* 4"-* ,+% 0#** %#*4%(/4('# 4"+2 `*++/c* *#0#/4('# (24#%$%#4+4(&2 &,
[#8#%c* +//&-24 &, )&.(2+4(&2 +* /&..+2) +2) &8#)(#2/#: %-0#% +2)
%-0#)6 !"#%# +%# 2& /0#+% %#0+4(&2* &, (24#%)#$#2)#2/# (2'&0'#) 8#49##2
4"# H(41 +2) &4"#% (24#%#*4#) $+%4(#*: +2) 2& ,&%.+0 0(2#* &, /&2*4%+(24: &201
g&8e#/4('# /(%/-.*4+2/#*c 9"(/" %#+0(*4(/+001 .+7# (4 )(,,(/-04 ,&% 4"# &4"#%
$+%4(#* 4& )& +214"(23 &4"#% 4"+2 .##4 4"# (24#%#*4* &, 4"&*# (2 + )&.(2+24
$&*(4(&26 @8&'# +00: [#8#% *4%#**#* 4"# ,+/4 4"+4 +00 $+%4(#* (2'&0'#) +%# ,%##
4& +/4 (2 +00 7(2)* &, 9+1*: 1#4 (2 ,&00&9(23 4"#(% %+4(&2+0 *#0,5(24#%#*4 4"#1
,(2) 4"#.*#0'#* ,&%/#) 4& ,+00 (24& 0(2#6 @04"&-3" ,%## (2 4#%.* &, 4"#(%
/&2)-/4: 4"#%#,&%#: (2 $%+/4(/# 4"&*# 9"& +%# g&8e#/4('#01c /&2*4%+(2#)
"+'# 2& /"&(/# &4"#% 4"+2 4& *-8.(4 4& 4"# )&.(2+24 9(006
K&2# &, 4"(* (* .#+24 4& (.$01 4"+4 `*++/ )#0(8#%+4#01 .(*(24#%$%#4#)
[#8#%c* /&2/#$4 &, )&.(2+4(&26 T2 4"# /&24%+%1: `*++/ .#%#01 +)&$4#)
[#8#%c* g2+%%&9c &% g,&%.+0c *#2*# &, )&.(2+4(&2: 9"(/" %#,0#/4#) [#8#%c*
&92 $%#&//-$+4(&2 9(4" +00 .+44#%* &, +).(2(*4%+4(&2 +2) &%3+2(d+4(&2 (2
*&/(#416 <#,#%#2/# 4& )&.(2+4(&2 (2 4#%.* &, 4"# $&9#% 4& /&..+2) +2)
4"# )-41 4& &8#1 %#$%#*#24* + .&%# *4%-/4-%#): +-4"&%(4+%(+2 ,&%. &, &%3+25
(d+4(&2 9"(/" (* 4(3"401 8&-2) 81 %-0#* +2) %#3-0+4(&2*: +2) (2 9"(/" 4"#%#
(* 0(440# &% 2& */&$# ,&% 4"# (2,0-#2/# +2) (24#%#*4* &, (2)#$#2)#24 $+%4(#*6
!"-* (2 /&24%+*4 4& [#8#%c* 8%&+) *#2*# &, )&.(2+4(&2: (2 4"(* .&%#
8-%#+-/%+4(/ *#2*# 4"#%# (* 2& B-#*4(&2 &, &2# $+%41 .+7(23 (4 )(,,(/-04 ,&%
4"# &4"#% 2&4 4& /&.$01 9(4" 4"# ,(%*4c* 9(*"#*6 T2 4"(* %#*4%(/4#) '(#9 &,
)&.(2+4(&2: 4"#%# +%# 2& g&8e#/4('# /(%/-.*4+2/#*c 9"(/" .+7# *-8.(**(&2
4"# &201 %#+0(*4(/ &$4(&26 `2*4#+): 4"# +*1..#4%1 &, %#0+4(&2* (* /0#+%01
(2*/%(8#) (2 + '#%4(/+0 /"+(2 &, /&..+2) 8#49##2 *-$#%&%)(2+4#* +2)
*-8&%)(2+4#*: 9"#%# &8#)(#2/# (* +/"(#'#) 4"%&-3" /-*4&. +2) $%+/4(/#
&% 4"%&-3" 4"# (2*4%-.#24+0 /+0/-0+4(&2 &, +)'+24+3#6
C&.(2+4(&2 (2 4"(* ,&%.+0 *#2*# 4"-* %#$%#*#24* + .&%# 4(3"401 &%/"#*5
4%+4#) .#+2* &, (2,0-#2/(23 4"# /&2)-/4 &, &4"#%*6 `, /&2*4%+(24 +2) (.$&*5
(4(&2 *(32(,1 4"# /&%# /"+%+/4#%(*4(/* &, )&.(2+4(&2: 4"#2 -%"4' A,4-,*%,3'M
-"3/,35"54 -"3/)"% +2) 45*')C,4,"3 %#$%#*#24 4"# &%3+2(d+4(&2+0 .#+2* 81
9"(/" )&.(2+4(&2 .+1 8# +/"(#'#)6 !"# '+0()(41 &, *-/" .#+2*: "&9#'#%:

2EI\X FN HDFN+?

GV

(* 81 2& .#+2* *#0,5#'()#24 +//&%)(23 4& [#8#%: #*$#/(+001 (, )&.(2+4(&2 (*


4& 8# .+(24+(2#) &2 + /&24(2-&-* 8+*(*6 W&% 4"+4 4& "+$$#2: *-/" .#+2*
"+'# 4& 8# $#%/#('#) +* 0#3(4(.+4#A
FU$#%(#2/# *"&9* 4"+4 (2 2& (2*4+2/# )&#* )&.(2+4(&2 '&0-24+%(01 0(.(4 (4*#0,
4& 4"# +$$#+0 4& .+4#%(+0 &% +,,#/4-+0 &% ()#+0 .&4('#* +* + 8+*(* ,&% /&24(2-5
+2/#6 `2 +))(4(&2 #'#%1 *-/" *1*4#. +44#.$4* 4& #*4+80(*" +2) 4& /-04('+4# 4"#
8#0(#, (2 (4* 0#3(4(.+/16 J-4 +//&%)(23 4& 4"# 7(2) &, 0#3(4(.+/1 9"(/" (*
/0+(.#): 4"# 41$# &, &8#)(#2/#: 4"# 7(2) &, +).(2(*4%+4('# *4+,, )#'#0&$#) 4&
3-+%+24## (4: +2) 4"# .&)# &, #U#%/(*(23 +-4"&%(41: 9(00 +00 )(,,#% ,-2)+.#25
4+0016 FB-+001 ,-2)+.#24+0 (* 4"# '+%(+4(&2 (2 #,,#/46 _P]ZRA LPNa

;&: (, 4"# #U#%/(*# &, )&.(2+4(&2 (2 4"# ,&%.+0 *#2*# (* 4& 8# .+(24+(2#): (4
"+* 4& 8# /0&4"#) (2 0#3(4(.+/16 @* (* 9#00 72&92: 4"(* 9+* 4"# %&0# [#8#%
8#B-#+4"#) 4& $5/+"),/#6 >20(7# )&.(2+4(&2: "&9#'#%: +-4"&%(41 (* /&25
/#)#): 2&4 #U#%/(*#) (2 + *4%+(3"4,&%9+%) *#2*#6 `4 (* *&.#4"(23 4"+4 (*
/0+(.#) +2): &2/# %#/&32(d#): *#%'#* +* + .#+2* 4& *#/-%# + 9(00(232#**
4& /&.$016 `4 (* 2&4: +* (* *&.#4(.#* *+(): *(.$01 + 41$# &, )&.(2+4(&26 !&
8# *-%#: +-4"&%(41 ,&% [#8#% /+2 8# %#+) +* 0#3(4(.+4# )&.(2+4(&2: 8-4 &2
/0&*#% (2*$#/4(&2 (4 %#'#+0* + $+%4(/-0+% .#+2* &, *#/-%(23 +**#24 9(4"(2
g*4%-/4-%#* &, )&.(2+4(&2c _P]ZRA ]QPa6 `.$&%4+2401 ,&% 4"# +%3-.#24 &,
4"# 8&&7 +* + 9"&0#: )&.(2+4(&2 *"&-0) 8# *##2 +* "3' +.&23 &4"#%
.&)+0(4(#* &, $&9#%: &2# 9"(/" /+2 8# -*#) *#0#/4('#01 (2 /&.8(2+4(&2
9(4" &4"#% .&)#* *-/" +* /&#%/(&2 4& #*4+80(*" +2) .+(24+(2 + *4%-/4-%#
&, )&.(2+4(&26 `2 /&24%+*4 4& )&.(2+4(&2: 4"# "+00.+%7 &, +-4"&%(41: +*
E+22+" @%#2)4 $&(24#) &-4: (* g-2B-#*4(&2(23 %#/&32(4(&2c: 9"&*# 3%#+4#*4
#2#.1 g(* /&24#.$4: +2) 4"# *-%#*4 9+1 4& -2)#%.(2# (4 (* 0+-3"4#%c
_P]ZMA QOa6
!"# )(*4(2/4(&2 8#49##2 )&.(2+4(&2 +2) +-4"&%(41 +* *#$+%+4# 8-4 &,4#2
%#0+4#) .&)+0(4(#* &, $&9#% +0*& $&(24* -$ 4"# )(,,(/-04(#* &, *-*4+(2(23
)&.(2+4(&2 &'#% 4(.# +2) (2)##) +/%&** 3%#+4 )(*4+2/#*6 !"# /+$+/(41 4&
(.$&*# + *#4 &, $#%*&2+0 &% (2*4(4-4(&2+0 (24#%#*4* &2 + /&24(2-&-* 8+*(*:
$&4#24(+001 +/%&** )(,,#%#24 %#3(&2*: (* +4 8#*4 0(.(4#) -20#** %#/&-%*# 4&
&4"#% .&)#* *-/" +* +-4"&%(41 (* *&-3"46 T2# &, [#8#%c* $%#,#%%#) (00-*4%+5
4(&2* &, $%#/(*#01 4"(* $&(24 (* 4"# %&0# 4"+4 0+%3# /#24%+0 8+27* &% .+e&%
/%#)(4 (2*4(4-4(&2* /+2 $0+1 (2 #U#%/(*(23 + g)&.(2+4(23c (2,0-#2/# &'#% 4"#
/+$(4+0 .+%7#4*: (2 4"# ,(%*4 (2*4+2/# 81 '(%4-# &, 4"#(% .&2&$&0(*4(/ $&*(4(&2:
+2) 0+44#%01 81 #U4#2)(23 4"#(% g$&9#%*c &2 + /&24(2-&-* 8+*(* 4"%&-3"
+-4"&%(4+4('# *4%-/4-%#* &, /&24%&0 +2) %#3-0+4&%1 *-$#%'(*(&2 _P]ZRA ]QNSQa6
`2 4"(* 9+1: *-/" ,(2+2/(+0 (2*4(4-4(&2* .+1 ,&%.+0(d# 4"# $%+/4(/#* &,
)&.(2+4(&2 81 /0#+%01 *#44(23 &-4 4"# &80(3+4(&2* (2'&0'#) +2) 4"# %#B-(%#5
.#24* 4& *-8.(4 4& 4"#.6 `.$&*(4(&2 (2 4"(* /&24#U4 (* /&2*()#%#) 4& 8#
$+%4(/-0+%01 #,,#/4('#: 8#/+-*# &, 2&4 &201 4"# /+$+/(41 &, 4"# (2*4(4-4(&2* 4&

M;

2EI\X FN HDFN+?

#U#%/(*# + 3#2#%+0 /&2*4%+(2(23 (2,0-#2/# &2 4"# /&2)-/4 &, 4"# .+%7#4 8-4
+0*& 4"# .+22#% (2 9"(/" 4"+4 (2,0-#2/# .+1 8# /&2*&0()+4#) 4"%&-3"
4#/"2(B-#* &, )(*/($0(2# +2) /&24%&0 +2) &8e#/4(,(#) (2 4"# ,&%. &, +-4"&%(416
;##2 (2 4"(* 9+1: (4 (* 2&4 +04&3#4"#% *-%$%(*(23 4"+4 $&9#%: )&.(2+4(&2
+2) +-4"&%(41 +%# &,4#2 4%#+4#) +* *12&21.*6 `2 $+%4(/-0+%: 4"# )##$01
#.8#))#) +**&/(+4(&2 &, $&9#% +2) )&.(2+4(&2: "&9#'#% .-/" 9# .+1
$-00 4"#. +$+%4 &2 %#,0#/4(&2: "+* 4"# +8(0(41: +* @%#2)4 9+%2#): 4& %#)-/#
+00 7(2)* &, $&9#% $0+1* 4& 4"# g8-*(2#** &, )&.(2+4(&2c _P]ZMA QQa6 @-5
4"&%(41: "&9#'#%: (* 2&4 4"# *+.# 4"(23 +* )&.(2+4(&2: +2) +* 9(00 8#
*4%#**#) 4"%&-3"&-4 4"(* 8&&7: 2#(4"#% (* /&#%/(&2: .+2($-0+4(&2 &% *#)-/5
4(&2 ,&% 4"+4 .+44#%6 ["(0*4 4"#%# 9(00 +09+1* 8# *&.# *0($$+3# &, .#+2(23
8#49##2 4"# )(,,#%#24 4#%.*: 4"# )(,,#%#24 .&)+0(4(#* &, $&9#% (.$01 )(,,#%5
#24 ,&%.* &, *&/(+0 %#0+4(&2 9"(/" #24+(0 B-(4# *$#/(,(/ #,,#/4*: +* 9+* +%3-#)
(2 4"# (24%&)-/4&%1 /"+$4#%6 !& /&2,0+4# 4"#(% )(,,#%#24 .#+2(23*: &% 9&%*#:
4& %#)-/# 4"#(% *$#/(,(/ #,,#/4* 4& )&.(2+4(&2: (* 4& .(*-2)#%*4+2) 4"#
)('#%*# 9+1* (2 9"(/" $&9#% +/"(#'#* (4* #,,#/4*6
!+7# 4"# (**-# &, /-04-%+0 )&.(2+4(&2 +* (4 (* &,4#2 $#%/#('#) (2 4"# /+*# &,
4"# ,(0. (2)-*4%1 &% (2 +)'#%4(*(236 !"# ,&%.#%: (2 4"# 3-(*# &, E&0019&&): (*
,%#B-#2401 $&%4%+1#) +* +2 +3#2/1 &, /-04-%+0 )&.(2+4(&26 T2 + 2-.8#% &,
&//+*(&2* (2 %#/#24 1#+%*: ,&% #U+.$0#: W%#2/" $&0(4(/(+2* "+'# +//-*#) 4"#
>; ,(0. (2)-*4%1 &, $%&.&4(23 + 0#** 4"+2 *-840# ,&%. &, @.#%(/+2(d+4(&2A
E&0019&&) (.+3#* +%# *+() 4& $%&.&4# -2(,&%. /-04-%+0 4+*4#*: 3-()(23
8#"+'(&-% ,%&. 4"# &-4*()# +2) *$%#+)(23 + $+%4(/-0+% /-04-%+0 ,&%. 0(7# +
*"##2 +/%&** 4"# 30&8#6 @8&'# +00: 4"#1 +%# $#%/#('#) +* + )(%#/4 4"%#+4 4&
W%#2/" /-04-%#: +2 (.$&*(4(&2 &2 4"# W%#2/" 9+1 &, 0(,#6 H0#+%01: 4"#%# (* +
*#2*# "#%# (2 9"(/" 4"# /&2)-/4 &, 4"# W%#2/" $#&$0# (* &$#2 4& +2 #U4#%2+0
(2,0-#2/#6 !"# B-#*4(&2: "&9#'#%: (* 9"#4"#% &% 2&4 *-/" +2 (2,0-#2/# (*
4+24+.&-24 4& )&.(2+4(&26 `, (4 9#%# )&.(2+4(&2: (2 [#8#%c* 3#2#%+0 *#2*#
&, 4"# 4#%.: 4"#2 4"# )#3%## &, /&2*4%+(24 9&-0) "+'# 4& '#%3# &2 4"#
.&2&$&0(*4(/6 <#3+%)0#** &, 4"# $#%/#24+3# &, 8&U5&,,(/# 4+7(23* (2 W%+2/#
)#%('#) ,%&. E&0019&&) ,(0.*: 4"# >; ,(0. (2)-*4%1 9&-0) "+'# 4& 8# (2 +
$&*(4(&2 9"#%#81 (4 /&-0) g$%#*/%(8#c 9"+4 (* +2) 9"+4 (* 2&4 *"&92 (2
W%#2/" /(2#.+* +2) &2 W%#2/" 4#0#'(*(&26 `2 *"&%4: (4 9&-0) "+'# 4& "+'# +
2#+% .&2&$&01 &2 4"# W%#2/" '(*-+0 .#)(+ 4"%&-3" (4* /&24%&0 &, 4"#
)(*4%(8-4(&2 /"+22#0* 9"(/" 9&-0) .+7# (4 )(,,(/-04 ,&% +-)(#2/#* 4& '(#9
+214"(23 &4"#% 4"+2 >; $%&)-/4*6 `,: "&9#'#%: W%#2/" '(#9#%* &2 4"#
/&24%+%1 +%# 2&4 /&2*()#%#) 4& "+'# 8##2 *4%($$#) &, +00 4"#(% +-4&2&.1:
8-4 4& 8# ,%## 4& &$4 ,&% )(,,#%#24 '(*-+0 ,+%#: 4"#2 4"# .&)# &, $&9#%
(2'&0'#) (* /0&*#% 4& 4"+4 &, 4'A5-/,"36
;#)-/4(&2: ,&00&9(23 D($&'#4*71 _P]]Qa: 0#+'#* &$#2 4"# $&**(8(0(41 4"+4 +
*-8e#/4 /+2 &$4 &-4 &, 4"# +/4(&26 `2 /&24%+*4 4& )&.(2+4(&2: (2 #(4"#% (4*
3#2#%+0 &% 2+%%&9 *#2*#: *#)-/4(&2 9&%7* +4 4"# 0#'#0 9"#%# /"&(/#* +%#
$&**(80#6 `4 .+1 #2/&-%+3# + )#*(%# ,&% /#%4+(2 7(2)* &, (.+3# +2) ,(0.:

2EI\X FN HDFN+?

M:

%#)(%#/4(23 /-%(&*(41 (2 4"# $%&/#**: 8-4 (4 )&#* *& (2 + /&24#U4 9"#%#


%#,0#/4(&2 +2) /"&(/# +%# 8&4" $%#*#246 `2 4"# +8*#2/# &, /-04-%+0 $%#*/%($5
4(&2: +2) 2& .+44#% "&9 3#240# 4"# .#4"&)* &, *-8'#%*(&2 (2'&0'#): 4"#%# (*
+09+1* 4"# $&**(8(0(41 &, %#,-*+0 &% (2)(,,#%#2/#6 `2 .+7(23 4"# /+*# ,&%
+)'#%4(*(23 +* + *#)-/4('# %+4"#% 4"+2 + )&.(2+4(23 ,&%/#: D($&'#4*71
*4%#**#* 4"# 0(.(4#) #,,#/4 &, +)'#%4(*(23 +* +2 ,3/'3A'A #,,#/4A
@)'#%4(*(23 (2,0-#2/#*: 8-4 (4 )&#* 2&4 4"%#+4#2h (4 *-33#*4*: 8-4 (4 )&#* 2&4
*##7 )&/4%(2+0 )&.(2+4(&2h (4 ,-2/4(&2* 9(4"&-4 (2'&7(23 G+2(/"#+2(*. &%
(2)-/(23 3-(04: (2 4"# 8#0(#, 4"+4 (2)('()-+0* /+2 /&%%#/4 4"#(% &92 8#"+'(&-%
+0.&*4 &2 4"#(% &92: &2/# 4"#1 +%# +%&-*#) 4& %#*$&2*(80# +9+%#2#** 81 4"#
.#)(+ 6 6 6 @)'#%4(*(23 )&#* 2&4 4+7# &2 4"# 4+*7 &, /&.$0#4#01 %#)#,(2(23 4"#
"-.+2 %+/#h (4 #U$0&(4* #.8%1&2(/ 4#2)#2/(#* 4"+4 +%# +0%#+)1 $%#*#24 81
.+7(23 4"#. .&%# +44%+/4('# 4& $#&$0#6 W+% ,%&. *(32(,1(23 +2 #U$&2#24(+0
%+/# 4&9+%)* 4&4+0 )&.(2+4(&2: 4"# *$%#+) &, +)'#%4(*(23 %#,0#/4* 4"# %#(2,&%/#5
.#24 &, + .&)+0(41 &, $&9#% 9(4" .(2(.+0 ()#&0&31 +2) 9(4" *4%(/401 0(.(4#)
3&+0*6 _P]]QA PbQSOa

;#)-/4(&2 +* + .&)# &, $&9#%: 4"#%#,&%#: (2'&0'#* + %#2-2/(+4(&2 &, 4&4+0


)&.(2+4(&2: 2&4 (4* $%&$+3+4(&2h (4 (* + .&)#*4 ,&%. &, $&9#% 9"(/" (*
(24#2)#) 4& +/4 -$&2 4"&*# 9"& "+'# 4"# +8(0(41 4& &$4 &-46 !& /&2*()#%
+)'#%4(*(23 +* + ,&%. &, /-04-%+0 )&.(2+4(&2 (* 4"#2 4& .(*-2)#%*4+2) 4"#
9+1* (2 9"(/" 4"# +)'#%4(*(23 (2)-*4%1 *##7* 4& (2,0-#2/# *&/(+0 /&2)-/46
!"#%# (* 2& &%/"#*4%+4(&2 &, 4+*4#* +0&23 .&2&$&0(*4(/ &% 8-%#+-/%+4(/ 0(2#*
9"(/" )(*/($0(2#* 4"# *-8e#/46 ;(.(0+%01: 4"#%# (* 2& *#2*# (2 9"(/" -"')-,"3:
4"# +8(0(41 4& (2,0-#2/# /&2)-/4 4"%&-3" 4"# 4"%#+4 &, 2#3+4('# *+2/4(&2*:
&$#%+4#* +* +2 (24#2)#) *4%+4#31 &, +)'#%4(*(236 T8#)(#2/# #U+/4#) 4"%&-3"
4"# 4"%#+4 &, ,&%/#: ,&% #U+.$0#: (* 2&4 /&2)-/('# 4& +)'#%4(*(23 +* +
/&..-2(/+4('# .#)(-.6 K& .&%# *&: ,&% 4"+4 .+44#%: (* @$3,*5%$/,"3:
9"#%# 4"# /&2/#+0.#24 &, (24#24 *#%'#* 4& 8%(23 +8&-4 4"# )#*(%#) &-4/&.#6
["(0*4 (4 (* /#%4+(201 4"# /+*# 4"+4 +)'#%4(*(23 .+1 *##7 4& (2,0-#2/# 81
.+7(23 '#(0#) *-33#*4(&2* +8&-4 (4* $%&.&4(&2* &% *#0#/4('#01 %#*4%(/4(23
9"+4 (* 72&92 +8&-4 4"#.: 4"# $%&/#** 9&%7* &2 /"&(/#*: &2 /-%(&*(41: 2&4
&2 +2 -29(44(23 +-)(#2/#6 !"# .+2($-0+4(&2 &, 2##)* (* /0+(.#) %+4"#%
4"+2 72&92 4& 8# +2 #,,#/4 &, +)'#%4(*(23: +* (2)##) (* /-04-%+0 )&.(2+4(&26
`2 /&2*()#%(23 4"# $&9#% &, +)'#%4(*(23 &% (2)##) 4"# E&0019&&) ,(0.
(2)-*4%1: 4"#%#,&%#: (4 (* (2*4%-/4('# 4& 2&4# 4"+4 )&.(2+4(&2 (* 2&4 4"# &201
.&)# &, $&9#% "#0) "C') &4"#%*6 !"#%# +%# +21 2-.8#% &, )(,,#%#24 9+1* (2
9"(/" &2# $+%41 .+1 (2,0-#2/# 4"# /&2)-/4 &, &4"#%*: 9(4" &% 9(4"&-4 4"#(%
%#*(*4+2/#: 8-4 4"#*# 9+1* +%# 2&4 +00 %#)-/(80# 4& [#8#%c* 8%&+) *#2*# &,
)&.(2+4(&2 &% (2)##) 4& +21 0&&*#% *#2*# &, (.$&*(4(&26
[#8#%c* $%#&//-$+4(&2 9(4" + .&%# g4#/"2(/+0c *#2*# &, )&.(2+4(&2: 9(4"
4"# $%+/4(/#* &, )(*/($0(2#: /&24%&0 +2) *-$#%'(*(&2: %#,0#/4#): +* 2&4#): "(*

MG

2EI\X FN HDFN+?

(24#%#*4* (2 8-%#+-/%+4(/ ,&%.* &, +).(2(*4%+4(&2 +2) &%3+2(d+4(&26 `4 9+*


2&4 (24#2)#) +* + 3#2#%+0 .&)#0 &, $&9#%: +04"&-3" "# /0#+%01 +%3-#) 4"#
/+*# 4"+4 *4%-/4-%#* &, )&.(2+4(&2 +%# $#%'+*('# (2 4"# 8%&+)#*4 &, *#2*#*6
["(0# +2 #.$"+*(* -$&2 4"# *(32(,(/+2/# &, )(,,#%#24 .&)#* &, $&9#% (*
/#24%+0 4& 4"# +%3-.#24* &, 4"(* 8&&7: (4 (*: "&9#'#%: (2*4%-.#24+0 %#0+4(&25
*"($* &, $&9#%: (2 $+%4(/-0+% 4"+4 &, )&.(2+4(&2: 9"(/" (2,&%. .&*4
g/#24%#)c /&2/#$4(&2*6 E&9 4"+4 /+$+/(41 4& (2,0-#2/# 4"# +/4(&2* &, &4"#%*
(* 4"&-3"4 4& 8# #U#/-4#) &'#% *$+/# +4 )(*4+2/#* ,+% %#.&'#) ,%&. 4"#
/#24%# (* &2# &, 4"# (**-#* 4& 9"(/" 9# 2&9 4-%26

C&>$(&G ."/&(#H E,#$(,9:$&G C)*)9,6,$,&#


@* ` *## (4: 9"#2 + $#%*&2 &% +2 (2*4(4-4(&2: &% + *&/(+0 /0+** ,&% 4"+4 .+44#%:
(* *+() 4& g"+'#c $&9#%: +2 (.$0(/(4 *$+4(+0 '&/+8-0+%1 &, $&9#% (* (2'&7#)6
["#4"#% +44%(8-4#) 4& 4"#.: (2*/%(8#) (2 4"#. &2 4"# 8+*(* &, *4%-/4-%#)
%#0+4(&2*"($*: &% 0&&*#01 (.$0(#): 4"# $&**#**(&2 &, $&9#% (4*#0, ()#24(,(#* 4"#
0&/+4(&26 !"# ()#24(,(/+4(&2 &, *& .+21 )(,,#%#24 /#24%#* &, $&9#%: "&9#'#%:
)&#* 2&4 #U"+-*4 4"+4 '&/+8-0+%16 W&% [#8#%: +2) (2)##) `*++/: *-$#%'(*&%1
+2) %#3-0+4(23 $&9#%* +%# )(*4%(8-4#) +/%&** &%3+2(d+4(&2*: ,&% (2*4+2/#: &2
4"# 8+*(* &, +00&44#) %&0#* +2) 8-%#+-/%+4(/ *4%-/4-%#*6 F+/" $#%*&2 &//-$(#*
+ /#%4+(2 $&*(4(&2 (2 4"# '#%4(/+0 /"+(2 &, /&..+2) +2) #+/" "+* + *$#/(,(/
4+*7 4& $#%,&%. 9"(/" /+2 8# #U#/-4#) &201 &2 4"# 8+*(* &, &%)#%* %#/#('#)
,%&. +8&'#6 !"# )(*/%#4(&2 4"+4 +2 &,,(/(+0 .+1 #U#%/(*#: (2 %#0+4(&2 4&
&4"#%* 9"& "+'# 4& /+%%1 &-4 4"#(% )#.+2)* &% (2 %#0+4(&2 4& 4"&*# &2 4"#
%#/#('(23 #2) &, *-/" )#.+2)*: (* *4%(/401 /(%/-.*/%(8#)6 ;4%(/4 +)"#%#2/#
4& 4"# %-0#* +2) $%&/#)-%#* #.8#))#) 9(4"(2 +2 (2*4(4-4(&2 (* 4"&-3"4 4&
+'&() +21 #0#.#24* &, $#%*&2+0 ,+'&-% #24#%(23 (24& 4"# 8-%#+-/%+4(/ %#0+5
4(&2*"($6
`2 4"(* /+*#: 4"# $&9#%* &, 4"# /#24%# +%# *+() 4& 8# )#0#3+4#) 4"%&-3" +
'+%(#41 &, 8-%#+-/%+4(/ $&*(4(&2* +2) %#+0(d#) (2 4"# ,&%. &, +).(2(*4%+4(&26
C&.(2+4(&2 (2 4"(* /&24#U4 +$$#+%* 4& 8# 4%+2*.(44#) ,%&. 4"# /#24%#
4"%&-3" + "(#%+%/"1 &, /&..+2)* $+**#) (24+/4 ,%&. 4"# "+2)* &, &2#
&,,(/(+0 4& 4"# 2#U4: *& 4& *$#+76 @//&%)(23 4& [#8#%A
`2 4"# 3%#+4 .+e&%(41 &, /+*#* "# (* &201 + *.+00 /&3 (2 + /#+*#0#**01 .&'(23
.#/"+2(*. 9"(/" $%#*/%(8#* 4& "(. +2 #**#24(+001 ,(U#) %&-4# &, .+%/"6 !"#
&,,(/(+0 (* #24%-*4#) 9(4" *$#/(+0(d#) 4+*7*: +2) 2&%.+001 4"# .#/"+2(*.
/+22&4 8# $-4 (24& .&4(&2 &% +%%#*4#) 81 "(.: 8-4 &201 ,%&. 4"# '#%1 4&$6
!"# (2)('()-+0 8-%#+-/%+4 (*: +8&'# +00: ,&%3#) 4& 4"# /&..&2 (24#%#*4 &, +00
4"# ,-2/4(&2+%(#* (2 4"# $#%$#4-+4(&2 &, 4"# +$$+%+4-* +2) 4"# $#%*(*4#2/# &,
(4* %+4(&2+001 &%3+2(d#) )&.(2+4(&26 _P]ZRA ]RRa

2EI\X FN HDFN+?

MM

K&4 +00 ,&%.* &, /#24%+0(d#) $&9#% +%# 4%+2*.(44#) (2 *-/" + %(3(): 8-%#+-5
/%+4(/ ,+*"(&2: &, /&-%*#6 J-4 4"# *#2*# (2 9"(/" $&9#% (* #U4#2)#) &%
)(*4%(8-4#) ,3/$-/ (* &2# 4"+4 ` 9&-0) +%3-# /"+%+/4#%(d#* .&*4 g/#24%#)c
/&2/#$4(&2* &, $&9#%6 ["#2 4"# /+$+8(0(4(#* &, + .())0#5/0+** 3%&-$ +%#
#U4#2)#) 4& %#*4%(/4 .&'#.#24 +/%&** g4"#(%c /&..-2(41: &% + >; ,(0.
)(*4%(8-4&% +44#.$4* 4& )(*$#%*# (4* /+$+/(41 4& /&24%&0 .#)(+ &-40#4* (2
F-%&$#: &% 4"# ,(2+2/(+0 +2) )#/(*(&25.+7(23 $&9#%* &, + .-04(2+4(&2+0
/&2/#%2 4%(33#% +2 #,,#/4('# /+$+/(41 ,&% /&24%&0 +/%&** + 9&%0)59()# *1*4#.
&, .+%7#4* +2) $%&)-/4(&2 0&/+4(&2*: 4"#(% $&9#%* +%# +**-.#) 4& 8#
#U4#2)#) (2 *-/" + 9+1 4"+4 4"# 9"&0#: -2(4+%1 ,&%/# /&.#* (24& $0+16
FU$%#**#) (2 )(,,#%#24 4#%.*: 4"# %#0+4(&2*"($ 8#49##2 4"# /#24%# +2) (4*
#U4#2)#) $&9#%* (* #B-('+0#24 4& 4"+4 8#49##2 + 9"&0# +2) + $+%46 ["#2 +
3%&-$ &% +2 (2*4(4-4(&2 #U4#2)* (4* $&9#%* 4"%&-3" 4"# *-%%&-2)(23 *&/(+0
*$+/#: (4 (* $4 ,6 4"# #24(%# /+$+/(41 (* 4%+2*.(44#): .+)# -$ +* (4 9#%# &, +
$%#5,&%.#) $&9#% 9"(/" (* 4"#2 )#0#3+4#) &% )(*4%(8-4#) +/%&** 4"# 0+2)5
*/+$#6 T2/# 4"# /+$+/(41 (* 72&92: 9"#4"#% +9#*&.# &% &4"#%9(*#: +2)
#U4#2*('# %#+/" +**-.#): 4"# %#*4 &, 4"# #B-+4(&2 B-(4# 0(4#%+001 +.&-24* 4&
+ *#%(#* &, ,&&42&4#* ,%&. 4"# /#24%#6

*++-0+-(& :,+/ -'( .(0-,(


!"# *$+4(+0 '&/+8-0+%1 &, $&9#% "#%#: 4"#2: (* &2# &, /#24%#*: )(*4%(8-4(&2*:
#U4#2*(&2* +2) )#0#3+4#) /+$+8(0(4(#*6 `4 (* +* (, + g*4&%#c &, /#24%+0(d#) $&9#%
(* .+%*"+00#) +2) 4%+2*.(44#) (24+/4 4"%&-3" *$+/# +2) 4(.# +2): +00&9(23
,&% +2 #0#.#24 &, )(*4&%4(&2 +2) %#*(*4+2/#: -*#) 4& *#/-%# /#%4+(2 &%3+2(d+5
4(&2+0 &% (2*4(4-4(&2+0 3&+0*6 !"#%# (* 0(440# (2 8#49##2 (2 4"(* 0(2#+% *4&%1A
*-//#** (* +44%(8-4#) 4& 4"# $&9#%* &, 4"# /#24%# +2) (4* )(*4%(8-4(&2: +2)
,+(0-%# (* +44%(8-4#) 4& 4"# #U4#24 &, %#*(*4+2/#6 ["+4#'#% 4"# &-4/&.#: 4"#
,&%/# &, -2(4+%1: /#24%+0(d#) $&9#% %#.+(2* (24+/4 +2) (4* g*4&%#c &, /+$+8(05
(4(#* $%#*#24 +2) +9+(4(23 )(*4%(8-4(&26
J#/+-*# &, 4"# /&..&2$0+/# 2+4-%# &, 4"(* %#$%#*#24+4(&2 &, $&9#% +2)
*$+/#: (4 (* $#%"+$* 2&4 4"+4 *-%$%(*(23 4& ,(2) 4"+4 (4 (* ,%#B-#2401 -2)#%5
*4+4#)6 `4 (* ,&%: #U+.$0#: &2# 4"+4 -2)#%$(2* 4"# g*4+4#5/#24%#)c '#%*(&2* &,
$&9#% /%(4(/(d#) 81 I&"2 @32#9 _P]]Q: P]]R: P]]]h *## +0*& @32#9 +2)
H&%8%()3# P]]Oa (2 "(* +44#.$4 4& .+$ $&0(4(/+0 $&9#% +/%&** *4+4# 8&-2)5
+%(#*6 E(* 4+%3#4 9+* 4"# /&2'#24(&2+0 -2)#%*4+2)(23* &, 4"# 3#&3%+$"1 &,
$&0(4(/+0 $&9#% "#0) 81 .+(2*4%#+. (24#%2+4(&2+0 %#0+4(&2* 4"#&%(*4* +2)
4"&*# &, + %#0+4#) $&0(4(/+0 %#+0(*4 $#%*-+*(&2 9"& /&2*()#%#) 4"# *4+4# 4&
8# + -2(4+%1 +2) *(23-0+% +/4&%6 @4 4"# /&%# &, "(* /%(4(B-# 9+* 4"# *#2*# (2
9"(/" *4+4# 4#%%(4&%(#* "+) 8##2 %#(,(#) +* + ,(U#) -2(4 &, *#/-%# *&'#%#(32
*$+/#6 `2 *& ,+% +* /&2'#24(&2 )(*4(23-(*"#* 8#49##2 +2 (24#%2+0: )&.#*4(/
*$+/# (2 9"(/" 3&'#%2.#24* #U#%/(*# $&9#% (2 +2 &%)#%01 ,+*"(&2 &'#% +

MQ

2EI\X FN HDFN+?

)#,(2#) 4#%%(4&%1 +2) (4* $#&$0#*: &2 4"# &2# "+2): +2) +2 #U4#%2+0: (24#%5
2+4(&2+0 )&.+(2 )#,(2#) 81 4"# +8*#2/# &, &%)#%: &2 4"# &4"#%: 4"# g4#%%(4&%5
(+0 *4+4#c (2 .+(2*4%#+. (24#%2+4(&2+0 %#0+4(&2* (* %#$%#*#24#) +* +
"&.&3#2#&-* $&0(4(/+0 /&..-2(41 .+(24+(2#) +2) /&24%&00#) ,%&. +2
()#24(,(+80# /#24%#6 !"# *4+4# +* 4"# /#24%+0 +/4&% 3-+%+24##* *&/(+0 &%)#%
4"%&-3" 4"# )(*4%(8-4(&2 &, (4* $&9#%* 4& *#0#/4 #0(4#* +2) 8-%#+-/%+4(/
&%3+2(d+4(&2* +2) 4"-* #,,#/4('#01 g/&24+(2*c *&/(#41 9(4"(2 (4* 4#%%(4&%(+0
8&-2)+%(#*6 @* *-/": 4"# *$+4(+0 &%3+2(d+4(&2 &, %-0#5.+7(23 +-4"&%(41 (*
$&%4%+1#) +* +2 +0.&*4 #,,&%40#** $%&/#** 9"#%#81 $&9#% (* (.$#00#) &-45
9+%)* ,%&. + /+$+80# /#24%#6
!"#%# +%# $+%+00#0* "#%# 9(4" *(.$0(*4(/ 2&4(&2* &, .&2#1 +2) /+$(4+0
9"(/" 81 '(%4-# &, *&.# +$$+%#24 (2*/%(8#) B-+0(4(#*: + 7(2) &, /+$+/(415(25
9+(4(23: +%# 4"&-3"4 4& #U#%/(*# g/&..+2) &'#% *$+/#c S +* (, (4 9#%# *(.$01
+ B-#*4(&2 &, +))(23 *$+/# 4& + $%#5,&%.#) $&9#%6b G-04(2+4(&2+0 ,(%.* /+2
8# 4"&-3"4 +8&-4 (2 4"(* 9+1: 9(4" 4"#(% "#+)B-+%4#% 0&/+4(&2* +/4(23 +*
/#24%#* &, /&..+2) +2) /&24%&0 (2 4"# 30&8+0 #/&2&.1: /&5&%)(2+4(23 +2)
(24#3%+4(23 4"# ,0&9 &, /+$(4+0 .&'#.#24* +2) /&..&)(41 .+%7#4* +/%&**
2+4(&2+0 8&-2)+%(#*6 @04"&-3" 2&9 *&.#4"(23 &, + /+%(/+4-%#: (4 (* *-%$%(*5
(2301 #+*1 4& ,+00 8+/7 -$&2 4"(* %#$%#*#24+4(&2 &, #/&2&.(/ $&9#% +2) 4&4+0
%#+/": 9"#%# 4"# .-04(4-)#: )(*$#%*#) +2) $&4#24(+001 ,+% +$+%4 (2 4#%%(4&%(+0
4#%.*: +%# *-8e#/4 4& 4"# #,,&%40#** %#+/" &, 4"# g8(3c 4%+2*2+4(&2+0 /&%$&%5
+4(&2*6 gH&..+2) &'#% *$+/#c (* +,4#% +00 9"+4 )&.(2+4(&2 (* +00 +8&-4: 8-4
4& *#/-%# +2) .+(24+(2 (4 &2 +2 &23&(23 8+*(* +/%&** ,+%5,0-23 0&/+4(&2* 9+*
2#'#% 3&(23 4& 8# 4"+4 *4%+(3"4,&%9+%)6 T2 (4* &92: )&.(2+4(&2 ,%&. +,+%:
9"#4"#% #U#%/(*#) 4"%&-3" 4"# &$#%+4(&2+0 Em* &, .-04(2+4(&2+0 +).(2(*5
4%+4(&2* &% 4"%&-3" 4"# g$&9#%*c &, + -2(4+%1 *4+4# &'#% (4* *&'#%#(32 4#%%(5
4&%1: (* +09+1* 0(7#01 4& 8# 0#** 4"+2 4&4+0(d(236
G-/" &, 4"# %#/#24 0(4#%+4-%# &2 #/&2&.(/ +2) $&0(4(/+0 3&'#%2+2/#: (4
*##.* 4& .#: (* $%#/(*#01 + %#*$&2*# 4& 4"(* ,+/46 D#** 8&U#) (2 81 3%+2)
2+%%+4('#* +2) .&%# %#*$&2*('# 4& 9"+4 +%# $#%/#('#) +* 4"# 2#901 #.#%3(23
*(4#* &% 0&/+4(&2* &, $&9#%: 4"#%# "+* 8##2 3%#+4#% %#/&32(4(&2 +.&23
+2+01*4* *-/" +* I+.#* <&*#2+- _P]]Za: C+'() K#9.+2 _P]]]a +2) J&8
I#**&$ _LMMMa 4"+4 4"# #U#%/(*# &, $&9#% (2 + 30&8+001 %#&%)#%#) 9&%0) (* 0#**
4"+2 *4%+(3"4,&%9+%)6 `2/%#+*(2301: 4"#%# (* %#,#%#2/# 4& g.-04(54(#%c &%
b ;-/" + %#$%#*#24+4(&2 -2)#%$(2* .-/" &, C+'() E+%'#1c* #+%0(#% 9&%7 &2 4"# /+$5
+8(0(4(#* &, /+$(4+0 4& )&.(2+4# *$+/#6 `2 F+' :,@,/4 /" <$*,/$% _P]RLa: ,&% #U+.$0#: (4 (*
4"# .&8(0(4(#* (2*/%(8#) 9(4"(2 )(,,#%#24 7(2)* &, /+$(4+0 9"(/" +%# *##2 4& 0(# 8#"(2) 4"#
-2#'#2 /"+%+/4#% &, 4"# 8-(04 #2'(%&2.#24: +2) *(.(0+%01: (2 F+' <"3A,/,"3 "6 >"4/@"A')3=
,/# _P]R]a: (4 (* 4"# /+$+/(41 &, /+$(4+0 4& +//#0#%+4# #/&2&.(/ $%&/#**#* 9"(/" (* /&25
*()#%#) 4& "+'# $%&)-/#) 4"# 0+4#*4 g%&-2)c &, 4"# +22("(0+4(&2 &, *$+/# 81 4(.#: 9(4" 4"#
/&2*#B-#24 )&.(2+4(&2 &, %#3(&2+0 &% $0+/#58+*#) .&'#.#24* 81 4"# .+2&#-'%(23* &,
/+$(4+06 H+$(4+0: +* E+%'#1 /&2/#('#* &, (4: g/&24(2-#* 4& )&.(2+4#: +2) (4 )&#* *& (2 $+%4
4"%&-3" *-$#%(&% /&..+2) &'#% *$+/# +2) 4(.#c _P]R]A LNRa6 ;## @00#2 _P]]Za6

2EI\X FN HDFN+?

ML

g.-04(50#'#0c 3&'#%2+2/#: 9"#%# $&9#% (* 2& 0&23#% *##2 4& &$#%+4# (2 #(4"#%
+ 4&$5)&92 &% + /#24%#5&-4 ,+*"(&2: 8-4 %+4"#% -$9+%)* +2) )&929+%)*
4"%&-3" 4"# )(,,#%#24 */+0#* &, #/&2&.(/ +2) $&0(4(/+0 +/4('(41: 8&4" 4%+2*5
2+4(&2+0 +2) *-82+4(&2+06 `2 *-/" +//&-24*: 4"#%# (* + 3%#+4#% %#/&32(4(&2 &,
4"# 0+%3#% 2-.8#% &, (24#%#*4* (2'&0'#) (2 +21 (2*4%-.#24+0 $&9#% ,&%.+5
4(&2: 9(4" .-04($0# *(4#* &, +-4"&%(41 )&44(23 4"# $&0(4(/+0 0+2)*/+$#: ,%&.
2-.#%&-* B-+23&* +2) $%('+4# +3#2/(#* 4& 0&/+0 +).(2(*4%+4('# -2(4* +2)
&4"#% *-82+4(&2+0 +/4&%*6 `2 $0+/# &, 4"# /&2'#24(&2+0 +**-.$4(&2 4"+4 4"#
*4+4# (* 4"# &201 +/4&% &, +21 %#+0 *(32(,(/+2/#: 4"# $0+1(23 ,(#0) (* 2&9 *"+%#)
9(4" K=T*: .-04(2+4(&2+0 #24#%$%(*#* +2) &4"#% *-$%+2+4(&2+0 +* 9#00 +*
(24#%*4+4# &%3+2(d+4(&2*6 `2 4"(* .&%# /&.$0#U 3#&3%+$"1: $&9#% (* 0+%3#01
+8&-4 4"# %#&%3+2(d+4(&2 &, */+0#: (2 *& ,+% +* (4 (* )'A,4/),;5/'A 4& 4+7#
+//&-24 &, 4"# $%&0(,#%+4(23 *(4#* &, +-4"&%(41 +2) %#&%)#%#) 8&-2)+%(#*6
=0&8+0(d+4(&2 +2) 4"# B-#*4(&2* 4"+4 (4 "+* %+(*#) /&2/#%2(23 g*4+4#5
/#24%#)c +$$%&+/"#* 4& $&9#%: (2 $+%4(/-0+% &'#% 4"# $#%.#+8(0(41 &,
$&9#% (2 4"# ,+/# &, 4"# (2/%#+*#) /+$+/(4(#* &, *-$%+2+4(&2+0 (2*4(4-4(&2*
+2) (4* )(*$#%*+0 4"%&-3" B-+*(5+-4&2&.&-* %#3(&2+0 +2) 0&/+0 +3#2/(#*:
"+'# 0#) 4& + .&%# */+0+% '&/+8-0+%1 &, $&9#% _*##: ,&% #U+.$0#: J%#22#%
P]]Rh ;9123#)&-9 P]]Z: LMMMa6 <+4"#% 4"+2 + -2(4+%1 /#24%# &, $&9#%:
4"#%# +%# .-04($0# /#24%#*: #+/" 9(4" 4"#(% &92 /+$+/(41 4& #U#%/(*# +-4"&%5
(41 +2) (2,0-#2/# 9(4"(2 4"# 2#9 4#%%(4&%(+0 %#&%)#%(236 <+4"#% 4"+2 + *(.$0#
4&$5)&92 4%+2*.(**(&2 &, $&9#%: 4"#%# (* + %#)(*4%(8-4(&2 &% *"(,4 (2 /+$5
+8(0(4(#* 8#49##2 4"# )(,,#%#24 0#'#0* &, 3&'#%2+2/#6 @8&'# 4"# 2+4(&2 *4+4#:
,&% #U+.$0#: 4"# +3#2/(#* &, 4"# F-%&$#+2 >2(&2: 4"# %#3(&2+0 &-4$&*4* &,
.-04(2+4(&2+0 g#.$(%#*c +2) '+%(&-* K=T* +%# *##2 4& #U#%/(*# 4"#(% (2,0-5
#2/# &'#% 4"# +/4(&2* &, 4"&*# 9(4"(2 4"#(% %#+0.: %#+/"(23 )&92 (2 .+21
/+*#* )(%#/401 (24& 4"# 0('#* &, 4"&*# g&2 4"# 3%&-2)c6 ;(.(0+%01: 9(4"(2 4"#
2+4(&2 *4+4#: 4"# )#0#3+4(&2 +2) )(*$#%*(&2 &, $&9#% (2 4"# ,(#0): ,&%
#U+.$0#: &, *&/(+0 9#0,+%# 4& + '+%(#41 &, 4%-*4*: $+%42#%*"($* +2) /&..-5
2(41 &%3+2(d+4(&2* "+'# (2/%#+*#) 4"# 2-.8#% &, +-4"&%(4+4('# 0&/+4(&2*
9(4" %#*$&2*(8(0(41 ,&% &%)#%(23 $#&$0#c* 0('#*6
@2) 1#4: ,&% +00 4"(* 4+07 &, $&9#% *"(,4(23 8#49##2 4"# )(,,#%#24 0#'#0* &%
*/+0#* &, +/4('(41: 4"# *4&%1 %#.+(2* + %#.+%7+801 0(2#+% &2#6 G-04(50#'#0
3&'#%2+2/# (* 0+%3#01 +8&-4 + )#*/#2)(23 &%)#% &, *$+4(+0 */+0#* S ,%&. 4"#
*-$%+2+4(&2+0 +2) 4"# 2+4(&2+0 )&92 4"%&-3" 4"# %#3(&2+0 4& 4"# 0&/+0:
9"#%# #+/" */+0# +$$#+%* +* -2(,(#) +2) +* &%)#%#) +* 4"# g4#%%(4&%(+0 *4+4#c
&2/# )() 8#,&%# (46 ["#%# &2/# (4 9+* 4"# *4+4# +2) (4* 4#%%(4&%(#* 9"(/" 9#%#
%#(,(#) +* + ,(U#): g/&24+(2#)c -2(4 &, *$+/#: 2&9 (4 *##.* +* (, 4"# )(,,#%#24
0#'#0* &, 3&'#%2+2/# "+'# (2"#%(4#) 4"(* 3#&3%+$"(/+0 .+240#6 C#*$(4# %#/5
&32(4(&2 &, 4"# ,+/4 4"+4 4"# 9&%7(23* &, $&9#% (2'&0'# .&%# 4"+2 + *(.$0#
'#%4(/+0 &% "&%(d&24+0 %#+00&/+4(&2 &'#% *$+/#: 4"#%# +$$#+%* 4& 8# + 7(2) &,
*/+0+% .(2)*#4 (2 &$#%+4(&2 9"#%#81 4"# %#3(&2 (* 4"&-3"4 4& )&'#4+(0 (24&
4"# 2+4(&2: 4"# 2+4(&2 (24& 4"# F-%&$#+2 >2(&2 +2) *& ,&%4"6 `2 4"(* %#'(*#)

MR

2EI\X FN HDFN+?

0(2#+% *4&%1 4"#%# (* .-/" .&%# 4& /&2*()#% 4"+2 4"# $&9#%* &, + -2(4+%1
/#24%# +2) 4"#(% %#.&4# (.$+/4: 1#4 4"# '&/+8-0+%1 &, $&9#% #.$0&1#) (*
*4(00 &2# &, /+$+8(0(4(#* g"#0)c +2) 4"# )(*$#%*(&2 &% )#0#3+4(&2 &, $&9#%*
8#49##2 4"# '+%(&-* 0#'#0* +2) *(4#* &, +-4"&%(416
`2 4"(* 4#%%(4&%(+001 %#&%)#%#) *#4 &, *$+/#*: (4 (* *4(00 "+%) 4& +'&() 4"#
(.$%#**(&2 4"+4 $&9#% (* /&2/#('#) +* *&.#4"(23 9"(/" (* .&%# &% 0#**
4%+2*.(44#) ,3/$-/ +/%&** 4"# */+0+% 0+2)*/+$#6 !"#%# .+1 8# .&%# /#24%#*
&, $&9#% +2) +-4"&%(41 4& /&2*()#%: .&%# /&.$0#U )(*$#%*+0* +2) )#0#3+5
4(&2* 4& /&24#.$0+4#: 8-4 9"+4 "+$$#2* 4& 4"&*# &2 4"# %#/#('(23 #2) .+1
*4(00 8# %#+) +* + *#%(#* &, ,&&42&4#* 4& 4"# _81 2&9 .-04($0#a /#24%#c*
/+$+8(0(4(#*6

I:$2"-218)6& 3@)'&#
`2 <5%/5)' $3A 2@*'),$%,4@ _P]]Qa: F)9+%) ;+() *$&7# +8&-4 g&-45&,5*/+0#c
(.+3#*: (.+3#* 9"(/" )(*4&%4 &-% -2)#%*4+2)(23 &, 4"# *(32(,(/+2/# &,
*&.#4"(23 +2) 9"+4 (4 (* /+$+80# &, 8%(23(23 +8&-46 ;+() "+) 4"# (.+3#*
&, g4#%%&%(*.c +2) g,-2)+.#24+0(*.c (2 .(2): g9"(/" )#%('#) #24(%#01 ,%&.
4"# /&2/#%2* +2) (24#00#/4-+0 ,+/4&%(#* (2 .#4%&$&0(4+2 /#24%#* 0(7# [+*"5
(234&2 +2) D&2)&2c _P]]QA NZOa6 ` +. %#.(2)#) &, 4"# (.+3# &, .+..&4"
#/&2&.(/ /&%$&%+4(&2* %&+.(23 4"# 30&8#: &% &, 4"# /&0&**+0 (2,0-#2/# &,
*-/" 9&%0)01 (2*4(4-4(&2* +* 4"# [&%0) !%+)# T%3+2(d+4(&2 &% 4"# `GW: &%:
/0&*#% 4& "&.#: &, 4"# $#2#4%+4(23 (2,0-#2/# &, *4+4# +3#2/(#* )##$ (24& 4"#
,+8%(/ &, #'#%1)+1 0(,#: #+/" &, 9"(/" (2 (4* &92 $+%4(/-0+% 9+1 /%#+4#* +2
&'#%80&92 *7#4/" &, 9"+4 4"#*# &%3+2(d+4(&2* +%# /+$+80# &, 8%(23(23 +8&-46
;-/" (.+3#*: %#0+4#) 4& *(d# 8-4 +0*& 4& 4"#(% (.+3(2#) /+$+/(4(#*: )(*4&%4
&-% *#2*# &, $&9#%c* %#+/"6 `4 (* +* (, 4"# '#%1 (.+3#* 4"#.*#0'#* *(32(,1 +
%##0 &, #,,#/4* 9"(/" /+2 8# ,+% %#+/"(23 &% #*4+80(*"#) /0&*# +4 "+2) &'#%
4"# 0('#* &, 4"&*# )(*$#%*#) (2 )('#%*# +2) &,4#2 )(*4+24 0&/+4(&2*6 !"#*#
&-45&,5*/+0# (.+3#* +%# ,#) 81 + *$+4(+0 '&/+8-0+%1 &, $&9#% 9"(/" 4+07* &,
$&9#%c* #U4#2*(&2 _&% /&..+2)a: &'#% *$+/#: (4* %#)(*4%(8-4(&2 +/%&** +
)##$01 /&24#U4-+0(d#) 0+2)*/+$#6 H-%(&-*01: (4 *##.* 4"+4 4"# '#%1 ,+/4 4"+4
$&9#% .+1 8# 4"&-3"4 &, +* *&.#4"(23 9"(/" /+2 8# #U4#2)#) &% )(*4%(85
-4#) &'#% *$+/# +/4-+001 .+7#* (4 4"+4 .-/" "+%)#% 4& /&2/#('# 4"+4 (4 .+1:
(2 $%+/4(/#: 8# $-/,C'%# -"34/,/5/'A ,3 4*$-' $3A /,@'6
J-4: $#%"+$* .&%# 4"+2 4"+4: (4 (* 4"# 0+23-+3# &, $&9#% +* /+$+/(41
9"(/" *#4* (2 .&4(&2 4"# (2,0+4#) *#2*# &, $&9#%c* #,,&%40#** %#+/"6 W&%
.#: 4"(* (* .(*0#+)(23: +* 4"# *&5/+00#) g/+$+/(41c &, $&9#% (* &,4#2 +
#-$"#.(*. ,&% 4"# %#*&-%/#* +2) +8(0(4(#* 9"(/" .+1 &% .+1 2&4 8# .&8(05
(d#) 4& $%&)-/# +2 #,,#/4 S 8# (4 )&.(2+4(&2: +-4"&%(41: *#)-/4(&2: .+2($-5
0+4(&2: /&#%/(&2: (2)-/#.#24 &% 9"+4#'#%6 <#*&-%/#* .&'# +2) /+2 8# 0&*4
&% .+1 *(.$01 #'+$&%+4#: 8-4 $&9#% "+* 2&2# &, 4"&*# B-+0(4(#*6 !"#

2EI\X FN HDFN+?

MZ

%#0+4(&2*"($* 9"(/" 3('# %(*# 4& 4"# /&2*4%+(24* &, )&.(2+4(&2 &% 4"# +00-%#
&, *#)-/4(&2 &% 4"# +**#24 9"(/" +-4"&%(41 %#B-(%#* +%# .#)(+4#) 4"%&-3"
%#0+4(&2* &, $%&U(.(41 +2) $%#*#2/#6 \&9#% (* 2&4 *&.# g4"(23c 4"+4 .&'#*:
8-4 +2 #,,#/4 4"+4 (* .#)(+4#): +2) *-/" #,,#/4* .+1 .-4+4# 4"%&-3" %#0+5
4(&2* &, *-//#**('# &% *(.-04+2#&-* %#+/"6 J-4 4"+4 (* 4& %-2 +"#+) &,
&-%*#0'#*6
!"# ()#+ 4"+4 $&9#% .+1 8# *&.#4"(23 &4"#% 4"+2 + /+$+/(41: &% 4"+4
$&9#% .+1 2&4 8# *& .-/" )(*4%(8-4#) &'#% *$+/# +* /&2*4(4-4#) 81 4"#
.+21 2#49&%7#) %#0+4(&2*"($* 9"(/" /&.$&*# (4: "+* 1#4 4& 8# ,-001
+8*&%8#) 81 4"&*# 9"& %#.+(2 /&2'(2/#) 4"+4 $&9#% .+1 8# $&**#**#) &%
"#0) g(2 %#*#%'#c6 W&% 4"+4 -2)#%*4+2)(23: 9# 2##) 4& )%+9 &2 + )(,,#%#24
/&2/#$4(&2 &, $&9#%: &2# 4"+4 *4+%4* ,%&. 4"# $&*(4(&2 4"+4 $&9#% (* +2
#,,#/4: 2&4 +2 +44%(8-4# &, g4"(23*c6

2"3'- *#-"@,# A"=0&0>.*0"$8


K-"4 A.$$J) N'*3"-O'6 2-"6@5*0"$)
*" 7.)*'&&)J) N'*3"-O'6 K05*0"$)

`2 /&24%+*4 4& 4"# .&%# ,+.(0(+% ()#+ &, $&9#% +* *&.#4"(23 4"+4 (* "#0) &%
$&**#**#): +8-*#) #'#2: 4"# /&2/#$4(&2 &, $&9#% )#'#0&$#) (2 4"(* /"+$4#%
(* ,+% 0#** (24-(4('#6 `4 (*: +,4#% +00: ,+% 0#** &8'(&-* 4& 4"(27 &, $&9#% +* +
.#)(-. 9"(/" (* 8%&-3"4 (24& 8#(23 4"%&-3" 4"# .&8(0(d+4(&2 &, /&00#/4('#
&% (2)('()-+0 %#*&-%/#* 4"+2 4& +//#$4 4"+4 (4 (* *&.#4"(23 9"(/" (* "#0) (2
%#*#%'# +2) "-23 &2 4& +4 +00 /&*4*6 T2 4"(* '(#9: $&9#% (* 3#2#%+4#) 4&
+/"(#'# /#%4+(2 &-4/&.#*: +2) 4"-* (4 .+7#* 0(440# *#2*# 4& 4+07 &, $&9#% +*
g/&24+(2#)c 9(4"(2 4"(23* &% g*4&%#)c %#+)1 ,&% -*#6 `, $&9#% (* +2 #,,#/4
9"(/" (* $%&)-/#) 4"%&-3" 4"# +/4(&2* &, 3%&-$* &% (2)('()-+0*: 4"#2 (4 (*
2&4 *&.#4"(23 9"(/" .+1 8# "#0) (2 %#*#%'#A (4 /+2 &201 8# @";,%,N'A &2
9"+4 (* &,4#2 + 0&&*# +2) 4#2-&-* 8+*(*6
\&9#%: &2 4"(* +//&-24: ,+% ,%&. +$$#+%(23 *&0() (2 ,&%.: (* 4"-* %#$%#5
*#24#) +* + %+4"#% ,0-(): +.&%$"&-* .#)(-. 9"(/" .+1 #'+$&%+4# e-*4 +*
#+*(01 +* (4 .+1 ,(00 &-46 !"# +8(0(41 &, $#&$0# 4& )#,(2# 4"#.*#0'#* (2 4#%.*
&, )%#** &% 8#+%(23: ,&% #U+.$0#: +2) (.$&*# 4"(* )#,(2(4(&2 -$&2 4"# .(2)*
&, &4"#%*: %#*4* -$&2 4"#(% +8(0(41 4& .&8(0(d# %#*&-%/#* S *1.8&0(/ (2 4"(*
(2*4+2/# S +2) 4& -*# 4"#. +* +2 #U$%#**(&2 &, 4"#(% $+%4(/-0+% (24#%#*4*6
["#%# 2& *-/" /&00#/4('(41 #U(*4#) 8#,&%#: 4"#(% '#%1 /&2*4(4-4(&2 /&.#*
(24& 8#(23 4"%&-3" 4"# $&9#% &, 2+.(23: &, )#*(32+4(23: &, .+7(23 $#&$0#
*## +2) 8#0(#'# (2 + 9&%0) 9"#%# 4"#1 #U(*4 (2 /&24%+*4 &% (2 &$$&*(4(&2 4&
&4"#%* 3%&-$(23* _,&00&9(23 J&-%)(#- P]R]: P]]Pa6 `2 4"(* 9+1: 3%&-$*:
9"#4"#% /&2/#('#) (2 4#%.* &, /0+** &% /&2*4%-/4#) +%&-2) &4"#% *410(*4(/
$&**(8(0(4(#* %#0+4(23 4& $0+/#: #4"2(/(41: *#U-+0(41 &% 9"+4#'#%: .+1 +/4('#01
#.$&9#% 4"#.*#0'#* 4"%&-3" 4"# /&00#/4('# .&8(0(d+4(&2 &, %#*&-%/#*6
FB-+001: "&9#'#%: 4"#1 .+1 0&*# 4"#(% $&9#% 4"# .&.#24 4"+4 4"#1 ,+(0 4&

2EI\X HDXE_+D AE9F(F`%HFEN

MV

+/4 4&3#4"#% &% )(.(2(*" (4* #,,#/4 &2/# /&00#/4('#: *"&%454#%. 3&+0* "+'#
8##2 9&26 H%-/(+001: 4"#%# (* 2& 0&/+4+80# g%#*#%'#c &% g*4&%#c &, $&9#%
+'+(0+80# 4& 8# 4+$$#) 9"#2 2##)#)6
E+'(23 *+() 4"+4: $&9#%: &2 4"(* '(#9: 2##) 2#(4"#% 8# +**&/(+4#) 9(4"
$+%4(/-0+% (24#%#*4*: 2&% 4(#) )(%#/401 4& 4"# $%+/4(/#* &, &$$&*(4(&2 +2)
)&.(2+4(&26 !"# .&8(0(d+4(&2 &, %#*&-%/#* .+1 4+7# $0+/#: +* !+0/&44
\+%*&2* +2) @24"&21 =())#2* "+'# 8&4" +%3-#): (2 4"# /&24#U4 &, *(.$01
#2+80(23 4"(23* 4& 3#4 )&2#6 \&9#% "#%# (* *##2 +* ,+/(0(4+4('#: &% %+4"#%
4%+2*,&%.+4('#: (2 *& ,+% +* (4 g.+7#* + )(,,#%#2/#c 4& #'#24-+0 &-4/&.#*6 `2
4"# /&24#U4 &, + 9()# %+23# &, (2*4(4-4(&2*: ,%&. 4"# 3&'#%2+2/# &, */"&&0*
+2) "&*$(4+0* 4& 4"# %-22(23 &, .-04(2+4(&2+0 #24#%$%(*#*: $&9#% .+1 8#
4"&-3"4 &, +* .&%# + .#+2* 4& +/"(#'# &-4/&.#*: +2) %+4"#% 0#** +2
(2*4%-.#24+0 +8(0(41 4& 3#4 &2#c* 9+1 )#*$(4# %#*(*4+2/#6 \&9#%: +* *-/": (*
2&4 /&2*()#%#) +* .#%#01 *&.#4"(23 9"(/" (* /+$+80# &, 8#(23 "#0) &'#%
&4"#%*h (4 .+1 +0*& 8# #2+80(236 `2 4"# "+2)* &, E+22+" @%#2)4: 4"(*
-2)#%*4+2)(23 &, $&9#%: +* 9# *"+00 *##: 9+* /&2*()#%#) +* #.$&9#%(23
(2 +2) &, (4* &92 %(3"4: +* + $&*(4('# 3#*4-%# (2 9"(/" +00 4"&*# (2'&0'#)
8#2#,(4 (2 *&.# 9+1: 1#4 &201 ,&% +* 0&23 +* 4"# #,,#/4('# .&8(0(d+4(&2
0+*4*6
`2 4"# 0(3"4 &, +00 4"(*: (4 (* $#%"+$* 2&4 +04&3#4"#% *-%$%(*(23 4& 2&4# 4"+4
*-/" + ,0-() .#)(-. (* %#0+4('#01 )(,,(/-04 4& 0&/+4#: #*$#/(+001 (2 /&.$+%(*&2
9(4" $&9#% 9"(/" (* *+() 4& 8# g/#24%#)c (2 *&/(+0 8&)(#*6 ;(32(,(/+2401: (4
(* 4"# (2*4+24(+4(&2 &, $&9#% (2 *&/(+0 +/4(&2 9"(/" 3('#* (4 4"# +$$#+%+2/#
&, +2 +.&%$"&-* #24(416 `4* 0+/7 &, *"+$# )&#* 2&4 .#+2 4"+4 (4 0+/7*
*$+4(+0 )#,(2(4(&2: "&9#'#%: *(2/# (4 (* -2)#%*4&&) 4"+4 $&9#% (* $%&)-/#)
4"%&-3" 2#49&%7* &, *&/(+0 +/4(&2 +2) (2)##) .+1 #U$+2) &% )#/%#+*# (2
*-/" 2#49&%7*6 `4 (* 4"(* $%&/#**: 4"# .&8(0(d+4(&2 &, %#*&-%/#* 4"%&-3" *-/"
2#49&%7*: 9"(/" $%&'()#* 4"# 8+*(* ,&% + $+%4(/-0+% *$+4(+0 '&/+8-0+%1 &,
$&9#%6
`2 4"(* /"+$4#%: 4"(* *$+4(+0 '&/+8-0+%1 (* #U$0&%#) 4"%&-3" G(/"+#0
G+22c* $%&)(3(&-* 9&%7: +* 9#00 +* 4"+4 &, G+2-#0 H+*4#00*: 9"#%# + *$+4(+0
0#U(/&2 (* .&%# &% 0#** #U$0(/(4: +04"&-3" (2 &4"#% .&%# %#*&-%/#58+*#)
'#%*(&2* &, .&8(0(d#) $&9#% (4 (* &,4#2 &201 8+%#01 4%+/#+80#6 F'#2 9"#%#
+/72&90#)3#): "&9#'#%: (4 (* 4"# 2&4(&2 4"+4 $&9#% (* *&.#4"(23 4"+4
.+1 8# 3#2#%+4#) +4 )(,,#%#24 *(4#* +2) 0&/+4(&2* +/%&** 4"# 2#49&%7*
+2) $%&e#/4#) -2$%&80#.+4(/+001 8#49##2 4"#. 4"+4: ` +%3-#: 0&*#* *(3"4
&, 4"# )(,,#%#2/# 4"+4 *$+4(+0(41 .+7#* 4& 4"# #U#%/(*# &, $&9#%6 `4 (*
*(.$01 + ,(/4(&2 4& 8#0(#'# 4"+4 $&9#% ,0&9* .#%#01 8#/+-*# (4 (* + g,0-()c
.#)(-.6
E&9#'#%: 8#,&%# 9# /&2*()#% 4"# %#0+4(&2*"($ 8#49##2 *$+4(+0(41 +2)
2#49&%7#) $&9#%: (4 (* (.$&%4+24: 4& 8# /0#+% +8&-4 9"+4 (* .#+24 81
$&9#% +* + @'A,5@6

Q;

2EI\X HDXE_+D AE9F(F`%HFEN

."/&( )# ) F&G,:@
`2 %#,#%%(23 4& $&9#% +* 4"# .#+2* 4& +/"(#'# &-4/&.#*: (4 (* %#0+4('#01 #+*1
4& *0($ (24& +2 -2)#%*4+2)(23 4"+4 $&9#% (* (4*#0, + *$#/(,(/ 41$# &, /&2)-/4
&% +/4(&26 `4 .+1 2&4 8# 4"&-3"4 &, +* %#*()(23 (2 +21&2# &% +214"(23: 8-4 (4
.+1 8# /"+%+/4#%(d#) +* + *$#/(,(/ +/4 9"#2: ,&% #U+.$0#: 9# *+1 4"+4 +
$#%*&2 &, + $+%4(/-0+% .+22#% &% 8#+%(23 g#U-)#*c $&9#%: &% 4"+4 + $+%4(/-0+%
*&/(+0 3%&-$ "+* 8##2 72&92 4& g#U#%4c (4* $&9#% (2 4"# .+%7#4$0+/#6 `2 *-/"
/(%/-.*4+2/#*: (4 .+1 +$$#+% $&**(80# 4& ()#24(,1 9"#2 *&.#&2# &% *&.#5
8&)1 (* +/4(23 (2 + $&9#%,-0 .+22#% +2) 9"#2 4"#1 +%# 2&46 !"# *#2*# (2
9"(/" $&9#% (* + .#)(-.: "&9#'#%: (* 2&4 +8&-4 (*&0+4(23 + %+23# &, +/4(&2*
&% ,&%.* &, /&2)-/4 9"(/" +%# %#+)(01 ()#24(,(+80# +* #U#%/(*#* (2 $&9#%6
<+4"#%: (4 (* +8&-4 ()#24(,1(23 "&9 $&9#% (* $%&)-/#) ,3 $3A /+)"5(+ *&/(+0
(24#%+/4(&26
!& %#4-%2 &2/# .&%# 4& 4"# #U+.$0# &, 4"# .())0# /0+**#* +2) 4"#(%
+**-.#) +8(0(41 4& )('()# -$ 4"# 3#&3%+$"1 &, /(4(#* 4"%&-3" 4"# $%&/#**#*
&, #U/0-*(&2 +2) *$+4(+0 /0&*-%#A (4 (* $&**(80# 4& /&2/#('# &, *-/" $&9#%* +*
*&.#4"(23 3#2#%+4#) +* +2 #,,#/4 &, 4"# .())0# /0+**#*c /&00#/4('# +**&/(5
+4(&26 @* *-/": 4"#(% +8(0(4(#* .+1 8# *##2 4& )#%('# ,%&. 4"# $+%4(/-0+% 9+1*
(2 9"(/" $#&$0# $&&0 4"#(% %#*&-%/#*: 8&4" .+4#%(+0 +2) *1.8&0(/6 \&9#%:
&2 4"(* '(#9: (* $%&)-/#) 4"%&-3" $#&$0# +/4(23 (2 +**&/(+4(&2A 4"%&-3" 4"#
(2)('()-+0 +2) /&00#/4('# %#*&-%/#* 9"(/" 4"#1 8%(23 4& 8#+% &2 4"# *(4-5
+4(&26 `2 4"(* /&24#U4: (4 (* $&**(80# 4& *## "&9 %#*&-%/#* *-/" +* .&2#1:
/&24+/4* +2) (2,&%.+4(&2: +* 9#00 +* &4"#% *&/(+0 *7(00* +2) *1.8&0(/ /&.5
$#4#2/(#*: 9"#2 -*#) &% $&&0#) /&00#/4('#01 3#2#%+4# +2 #,,#/4 9"(/" .+1 8#
/+00#) $&9#%6 !"(* B-+0(41 (* 2&4 *&.# 7(2) &, 0+4#24 /+$+/(41 $&**#**#) 81
4"# .())0# /0+**#* 4& #U/0-)# ,%&. 4"#(% (..#)(+4# *-%%&-2)(23* 4"&*# 4"+4
4"#1 ,#+% 4"# .&*4: 8-4 *(.$01 + .#+2* $%&)-/#) 4"%&-3" 4"# .&8(0(d+4(&2
&, %#*&-%/#* 4& +/"(#'# *-/" +2 &-4/&.#6
`24#%#*4(2301: &2# &, 4"# .&*4 *(32(,(/+24 +//&-24* &, /&2/#$4-+0(d(23
$&9#% (2 $%#/(*#01 4"(* .+22#% 9+* ,(%*4 $-4 ,&%9+%) 81 !+0/&44 \+%*&2*
(2 + *#%(#* &, +%4(/0#* (2 4"# #+%01 P]bM*: (2 )(%#/4 %#*$&2*# 4& H6 [%(3"4
G(00*c* ,-2)+.#24+001 G+%U(*4: g/#24%#)c '(#9 &, $&9#%: #U$%#**#) (2 "(*
8&&7 F+' >"1') L%,/': $-80(*"#) (2 4"# 0+4# P]OM*6P @04"&-3" 2&4 72&92 ,&%
"(* *-840# 4"#&%(d(23: \+%*&2*c* +//&-24 &, $&9#% &,,#%* + 2-.8#% &, *$#/(,(/
(2*(3"4* &2 $&9#% +2) (4* /&2*4(4-4(&26
P !"# )#8+4# 8#49##2 \+%*&2* +2) G(00* S (, 9# /+2 /+00 (4 4"+4: +* G(00* 2#'#%
%#*$&2)#) )(%#/401 4& \+%*&2*c* /%(4(/+0 %#'(#9 &, F+' >"1') L%,/' _P]Oba +2) \+%*&2*
"(.*#0, )#'#0&$#) "(* ()#+* &201 +,4#% G(00*c* )#+4" (2 P]bL S (* *(32(,(/+24 ,&% 4"#
#0+8&%+4(&2 &, + '&/+8-0+%1 &, $&9#% 9"(/" /&24%+*4* 4"# g$&9#% 4&c +/4 9(4" 4"# #U#%/(*#
&, g$&9#% &'#%c &4"#%* _*## \+%*&2* P]OZ: P]bNa6 !"# )(*4(2/4(&2 8#49##2 $&9#% +*

2EI\X HDXE_+D AE9F(F`%HFEN

Q:

<+,( +, $(&& 3+4(,


T2# &, \+%*&2*c* /#24%+0 /&2/#%2* 9+* 4& )#.&2*4%+4# "&9 $&9#% /+2
8# *##2 4& +/4 +* + *1.8&0(/ .#)(-. (2 *&/(#41: (2 .-/" 4"# *+.# 9+1
+* .&2#1 +/4* +* + .#)(-. ,&% #U/"+23# (2 4"# .+%7#4$0+/#6 !"# +2+0&31
9(4" .&2#1 (* (24#24(&2+0: ,&% \+%*&2* 9(*"#* 4& .+7# 4"# /0+(. 4"+4 $&9#%:
0(7# .&2#1: &9#* (4* *(32(,(/+2/# 2&4 4& +21 (24%(2*(/ $%&$#%4(#* (4 .+1
$&**#**: 8-4 4& (4* (2*4(4-4(&2+0(d+4(&2 +* + *&/(+0 *1.8&06 G&2#1 (* +80# 4&
/(%/-0+4# ,%##01 +* + .#)(-. &, #U/"+23# 8#/+-*# &, 4"# /&2,()#2/# 4"+4
$#&$0# +44+/" 4& (4* g'+0-#c6 ["#4"#% (2'&0'#) (2 4"# $-%/"+*# &% 4"# *+0# &,
/&..&)(4(#*: 8&4" $+%4(#* 4& 4"# 4%+2*+/4(&2 $#%,&%. 4"# #U/"+23# (2 4"#
72&90#)3# +2) #U$#/4+4(&2 4"+4 4"# .&2#1 4"#1 "&0) 9(00 8# %#/&32(d#) 81
&4"#%* (2 *(.(0+% /&24#U4* +2) .+1 0+4#% 8# g/+*"#) (2c6 ;-/" /&.$0(+2/# (*
)##.#) 4& 8# 8(2)(23 &2 +00 $+%4(#* (2'&0'#)6 !"-*: (2 *& ,+% +* .&2#1
#2+80#* #U/"+23# 4& 4+7# $0+/# 9(4"&-4 4"# #B-('+0#24 8+/75-$ (2 3&0): *&:
\+%*&2* +%3-#*: )&#* $&9#% &80(3# &4"#%* 4& 3#4 4"(23* )&2# 9(4"&-4
%#/&-%*# 4& 4"%#+4* &, '(&0#2/# &% /&#%/(&26 ;1.8&0(/ $&9#%: +* J&-%)(#+.&23 &4"#%* %#/&32(d#): (* +0.&*4 .+3(/+0 (2 B-+0(41 (2 4"+4 (4* +8(0(41 4&
.&8(0(d# %#*4* *&0#01 -$&2 &4"#%* %#/&32(d(23 +2) 0#3(4(.(d(23 (4* ,&%.6
T% (2 \+%*&2*c* .&%# )(*#2/"+24#) 4&2#A
e-*4 +* + .&2#4+%1 *1*4#. %#*4(23 #24(%#01 &2 3&0) +* 4"# +/4-+0 .#)(-. &,
#U/"+23# (* + '#%1 $%(.(4('# &2# 9"(/" *(.$01 /+22&4 .#)(+4# + /&.$0#U
*1*4#. &, .+%7#4 #U/"+23#: *& + $&9#% *1*4#. (2 9"(/" 4"# &201 2#3+4('#
*+2/4(&2 (* 4"# 4"%#+4 &, ,&%/# (* + '#%1 $%(.(4('# &2# 9"(/" /+22&4 ,-2/4(&2 4&
.#)(+4# + /&.$0#U *1*4#. &, &%3+2(d+4(&2+0 /&5&%)(2+4(&2 S (4 (* ,+% 4&& g80-24c
+2 (2*4%-.#246 G&2#1 /+22&4 8# &201 +2 (24%(2*(/+001 '+0-+80# #24(41 (, (4 (* 4&
*#%'# +* + 3#2#%+0(d#) .#)(-. &, (2)-/#.#24: 8-4 (4 .-*4: +* 9# "+'# *+(): 8#
(2*4(4-4(&2+0(d#) +* + *1.8&0h (4 .-*4 8# 0#3(4(.(d#): +2) .-*4 (2*$(%# g/&2,(5
)#2/#c 9(4"(2 4"# *1*4#. S +2) .-*4 +0*& 9(4"(2 0(.(4* 8# )#0(8#%+4#01 .+25
+3#)6 ;(.(0+%01 $&9#% /+22&4 8# &201 +2 (24%(2*(/+001 #,,#/4('# )#4#%%#24h (, (4 (*
4& 8# 4"# 3#2#%+0(d#) .#)(-. &, .&8(0(d(23 %#*&-%/#* ,&% #,,#/4('# /&00#/4('#
+/4(&2: +2) ,&% 4"# ,-0,(00.#24 &, /&..(4.#24* .+)# 81 /&00#/4('(4(#* 4& 9"+4
9# "+'# "#%# /+00#) 4"#(% /&2*4(4-#24*h (4 4&& .-*4 8# 8&4" *1.8&0(/+001
3#2#%+0(d#) +2) 0#3(4(.(d#)6 _P]bNA LQNa
/&2*4%+(24 +2) $&9#% +* ,+/(0(4+4('#: +04"&-3" 2&4 9(4"&-4 (4* $"(0&*&$"(/+0 $%#/#)#24*:
9+* )%+92 81 \+%*&2* (2 %#*$&2*# 4& G(00*c* +**#%4(&2 4"+4 4"# >; (2 4"# P]OM* 9+*
)&.(2+4#) 81 + /#24%+0(d#) #/&2&.(/: $&0(4(/+0 +2) .(0(4+%1 *#4 &, (24#%0&/7(23 #0(4#*6 !"#
)(*4(2/4(&2 $%&'#) ,%-(4,-0 +4 4"# 4(.# 9(4"(2 *&/(&0&3(/+0 /(%/0#* +2): +* *"&92 (2 4"(*
/"+$4#%: 9+* $(/7#) -$ 81 =())#2* +2) +)+$4#) 4& "(* $+%4(/-0+% /&2/#%2* +2) (24#%#*4*6
G&%# %#/#2401: (4 (* 4"# $&*(4('#: #2+80(23 *()# 4& W&-/+-04c* /&2/#$4(&2 &, $&9#%:
&-40(2#) (2 4"# ,&00&9(23 /"+$4#%: 9"(/" "+* %#7(2)0#) (24#%#*4 (2 4"# g$&9#% 4&c +/4 +*
$+%4 &, 9"+4 (4 .#+2* 4& g3&'#%2 4"# *#0,c6

QG

2EI\X HDXE_+D AE9F(F`%HFEN

`2 /&2*()#%(23 4"# ,+/4 4"+4 $&9#% "+* 4& /(%/-0+4# 4"%&-3" *&/(#41: ,0&9(23:
+* \+%*&2* $-4* (4: 8+/7 +2) ,&%4" +/%&** 4"# 8&-2)+%(#* &, 4"# $&0(41: + "(3"
)#3%## &, *"+%#) -2)#%*4+2)(23 +2) /&2,()#2/# (2 4"&*# 9"& "&0) +-4"&%(41
(* 4"&-3"4 2#/#**+%16 D#+'(23 4& &2# *()# 4"# (**-# &, "&9 ,+% *-/" + )#3%##
&, 0#3(4(.+/1 (* 0(7#01 4& 8# /&2,#%%#): 4"# ()#+ 4"+4 $&9#% ,0&9* +* +
/(%/-0+4&%1 .#)(-.: +2+0&3&-* 4& .&2#1: (* -*#) 81 \+%*&2* 4& )#.&25
*4%+4# 4"# 0(.(4+4(&2* &, + d#%&5*-. /&2/#$4(&2 &, $&9#%6 `2 +2 +44#.$4 4&
*4%#** 4"# ,+/(0(4+4('# *()# 4& $&9#% S 4"+4 (4 .+1 8# 3#2#%+4#) 4& +/"(#'#
/&00#/4('# 3&+0* %+4"#% 4"+2 *#/4(&2+0 (24#%#*4* S 4"# /(%/-0+% ,0&9 &, $&9#% (*
*"&92 4& 8# /+$+80# &, #2"+2/#.#24 (2 .-/" 4"# *+.# 9+1 +* (24#%#*4
$+1.#24* #2"+2/# + *-. &, .&2#1 (2'#*4#)6
@24"&21 =())#2* 2#+401 *-..+%(d#* \+%*&2*c* 4"(27(23 &2 4"(* .+44#% (2
+2 #+%01 %#'(#9A
`2 \+%*&2*c* '(#9: 4"# 2#4 g+.&-24c &, $&9#% (2 + *1*4#. /+2 8# #U$+2)#) g(,
4"&*# 9"& +%# %-0#) +%# $%#$+%#) 4& $0+/# + /&2*()#%+80# +.&-24 &, 4%-*4 (2
4"#(% %-0#%*c6 !"(* $%&/#** (* /&2/#('#) +* + $+%+00#0 4& /%#)(4 /%#+4(&2 (2 4"#
#/&2&.16 `2)('()-+0* g(2'#*4c 4"#(% g/&2,()#2/#c (2 4"&*# 9"& %-0# 4"#. S
4"%&-3": *+1: '&4(23 (2 +2 #0#/4(&2 4& $-4 + /#%4+(2 3&'#%2.#24 (2 $&9#%h (2
*& ,+% +* 4"&*# 9"& "+'# 4"-* 8##2 $-4 (24& $&9#% (2(4(+4# 2#9 $&0(/(#* 9"(/"
#,,#/4('#01 ,-%4"#% g/&00#/4('# 3&+0*c 4"#%# (* .&%# 4"+2 + d#%&5*-. /(%/-0+%
,0&9 &, $&9#%6 F'#%18&)1 3+(2* ,%&. 4"# $%&/#**6 !"&*# 9"& "+'# g(2'#*4#)c
(2 4"# 0#+)#%* "+'# %#/#('#) 8+/7: (2 4"# ,&%. &, 4"# #,,#/4('# %#+0(d+4(&2 &,
/&00#/4('# 3&+0*: +2 (2/%#+*#) %#4-%2 &2 4"#(% (2'#*4.#246 `4 (* &201 (, 4"&*# (2
$&9#% 4+7# 2& .&%# 4"+2 g%&-4(2#c +).(2(*4%+4('# )#/(*(&2* 4"+4 4"#%# (* 2& 2#4
3+(2 4& 4"# *1*4#.6 _P]ZZA NNOa

`, 4"# &-4/&.# &, *-/" + */#2+%(& /+2 8# $&*(4('#5*-.: "&9#'#%: (4 /+2 +0*&
8# 2#3+4('#5*-.: 9(4" 4"&*# 9"& "+'# g(2'#*4#)c %#*&-%/#* 0&*(23 &-4 +* 4"#
*1*4#. *$(%+0* )&92 (24& 4"# #B-('+0#24 &, +2 #/&2&.(/ /%+*"6 @%3-+801 4"#
+2+0&31 9(4" 4"# /(%/-(4%1 &, .&2#1 /+2 8# $-*"#) &201 *& ,+% _*## J+%2#*
P]RRa: #*$#/(+001 +* .+21 &, 4"# %+4"#% #0+8&%+4# $+%+00#0* )%+92 81 \+%*&2*
8#49##2 .&2#1 +2) $&9#% +$$#+% &*4#2*(801 4& %#01 &2 4"# .#/"+2(*.*
9"(/" #2+80# 4"# ,&%.#% 4& /(%/-0+4# %+4"#% 4"+2 4"# 0+44#%6 !"# +8*4%+/4
.&'#.#24* &, .&2#1 )& 2&4 4%+2*0+4# 4"+4 #+*(01 (24& 4"# ()#+ 4"+4 $&9#% (*
+0*& g)#$&*(4#)c: g8%&7#%#)c &% g/%#)(4#)c: &% 4& 4"# ()#+ 4"+4 +2 #U/"+23# &,
$&9#%* 9(00 &//-% (2 + *.&&4" +2) *4+80# .+22#%6 K&2# 4"# 0#**: +*
=())#2* _P]ZZa 9+* B-(/7 4& %#/&32(d#: \+%*&2*c* +2+01*(* &, $&9#% +* +
.#)(-. /(%/-0+4(23 &% ,0&9(23 4"%&-3" + '+%(#41 &, *&/(+0 +%#2+* +,,&%)#)
49& *(32(,(/+24 (2*(3"4*6
!"# ,(%*4 /&2/#%2* 4"# ,+/4 4"+4 $&9#% .+1 8# /&2/#('#) +* + 6%5,A
@'A,5@h (4 /+2 #U$+2) (2 0(2# 9(4" 4"# %#*&-%/#* +'+(0+80# 4& /&00#/4('#
'#24-%#*: &% (4 /+2 )(.(2(*" &2/# /&00#/4('# *"&%454#%. 3&+0* "+'# 8##2
+/"(#'#): &%: (, 9# #U4#2) 4"# (2*(3"4: (4 .+1 )(*+$$#+% &2/# +00(+2/#* ,+00

2EI\X HDXE_+D AE9F(F`%HFEN

QM

+$+%46 \&9#%: &2 4"(* '(#9: (* 2&4 %#*4%(/4#) 4& + ,(U#) +.&-24 &, %#*&-%/#* (2
$0+1h (4 (* /+$+80# &, 8#(23 3#2#%+4#) &'#% +2) +8&'# 9"+4#'#% %#*&-%/#* +%#
.&8(0(d#)6 ["(0*4 \+%*&2*c* &92 (00-*4%+4(&2* &, 4"(* $%&/#** +%# %+4"#%
0(.(4#): (4 (* 2&4 )(,,(/-04 4& /&2/#('# &, 4"# .())0# /0+**#* /&.(23 4&3#4"#%
4& #2"+2/# 4"#(% $&9#%* &'#% +2) +8&'# 4"#(% (2)('()-+0 +8(0(4(#*: &% (2)##)
&, *-/" $&9#%* #'+$&%+4(23: *"&-0) 4"#(% %#*&-%/# 8+*# 8# -2)#%.(2#) (2 +
$+%4(/-0+% +%#+6 G-/" 4"# *+.# /+2 8# *+() &, 4"# ,&%.+4(&2 &, *&/(+0
.&'#.#24*: (2 %#0+4(&2 4& 4"# #2'(%&2.#24 ,&% #U+.$0#: &% (2)##) &,
,(%.* 4#+.(23 -$ 9(4" &2# +2&4"#% 4& #U$0&(4 + $+%4(/-0+% 0#+)(235#)3#
4#/"2&0&31 %+4"#% 4"+2 %(*7 3&(23 (4 +0&2#6 !"# $&**(80# */#2+%(&* ,&%
/&00+8&%+4(&2 +%# 2-.#%&-* +2) ,+% (2 #U/#** &, \+%*&2*c* *1*4#.(/
#U+.$0#* &, 0(8#%+0 )#.&/%+/1 g(2 +/4(&2c6 !"# $&(24 (* 4"+4 4"# +.&-24*
&, $&9#% (2 /(%/-0+4(&2 +%#: B-(4# *(.$01: 2&4 ,(U#) 8-4 '+%(+80# +2) /&24#U45
8&-2)6
!"# *#/&2) (2*(3"4 /&2/#%2* \+%*&2*c* *4%#** -$&2 4"# ,+/4 4"+4 $&9#% (2
/(%/-0+4(&2 .+1 8# -*#) 4& 4"# +)'+24+3# &, +00 /&2/#%2#)h (4 (* + ('3')$%
6$-,%,/# ,&% +/"(#'(23 + %+23# &, 3&+0* 9"(/" +%# "#0) (2 /&..&2: %+4"#% 4"+2
)(%#/4#) 4&9+%)* 4"# %#+0(d+4(&2 &, $+%4(/-0+% (24#%#*4*6 ["(0*4 =())#2* (*
%(3"401 /%(4(/+0 &, \+%*&2*c* (2)(,,#%#2/# 4& /&2,0(/4* &, (24#%#*4 (2 *&/(#41 +2)
4"# $&9#% $0+1* 9"(/" 0#+) 4& /&2*4%+(24 +2) )&.(2+4(&2: "# (* 7##2 4&
$%#*#%'# 4"# *#2*# (2 9"(/" $&9#% g8#/&.#* +2 #0#.#24 &, +/4(&2: +2)
%#,#%* 4& 4"# %+23# &, (24#%'#24(&2* &, 9"(/" +2 +3#24 (* /+$+80#6 \&9#% (2
4"(* 8%&+) *#2*# (* #B-('+0#24 4& 4"# 4%+2*,&%.+4('# /+$+/(41 &, "-.+2
+/4(&2A 4"# /+$+8(0(41 &, "-.+2 8#(23* 4& (24#%'#2# (2 + *#%(#* &, #'#24* *&
+* 4& +04#% 4"#(% /&-%*#c _P]ZZA NQRa6
T2 4"(* '(#9: $&9#% (* (24%(2*(/ 4& +00 *&/(+0 (24#%+/4(&2h (4 (* 4"# .#)(-.
81 9"(/" #'#24* +%# 4%+2*,&%.#): %#3+%)0#** &, 9"#4"#% &% 2&4 *-/" +2
&-4/&.# *#%'#* &2# $+%4(/-0+% *#4 &, (24#%#*4* &'#% +2&4"#%6 \&9#% /"+23#*
4"(23* +2) $&9#% (2 /(%/-0+4(&2 "&0)* &-4 4"# $&**(8(0(41 &, 4%+2*,&%.+4(&2
+/%&** + 9()# '+%(#41 &, *&/(+0 +%#2+*6 @* + ,0-() .#)(-.: 4"# 3#2#%+4(&2 &,
$&9#% 4"%&-3" 4"# .&8(0(d+4(&2 &, %#*&-%/#* (2 )(,,#%#24 /&24#U4* .+1
#2+80# 4"(23* 4& 3#4 )&2# 4& 4"# *+4(*,+/4(&2 &, +00 $+%4(#* (2'&0'#): &% 4&
4"# 8#2#,(4 &, &2# *()# +4 4"# #U$#2*# &, +2&4"#%: &% (2)##) 4& 4"# +)'+24+3#
&, 4"# /&00#/4('#5.(2)#) &'#% 4"#(% 0#** /&00#/4('# %('+0*6 `2 =())#2*c* "+2)*:
)('#*4 &, (4* /&2*#2*-+0 &'#%4&2#*: $&9#% (* 2& 0&23#% *(.$01 g(2 /(%/-0+5
4(&2ch (4 (* + .#)(-. .&%# &% 0#** 3#2#%+4#) &'#% '+%(+80# *$+2* &, *$+/# +2)
4(.#6
!"(* (* 2&4: (4 *"&-0) 8# *4%#**#): *(.$01 + /&2/#%2 9(4" 4"# #U4#2*(&2 &,
*&.# /#24%+0(d#) $&9#% &'#% *$+/#: 8# (4 4"# (2"#%#24 /+$+/(41 &, 4"# 2+4(&2
*4+4# &% 4"+4 &, + $+%4(/-0+%01 g)&.(2+24c *&/(+0 3%&-$6 <+4"#%: 9"+4 =())#2*
"+* (2 .(2) (* + /&2/#$4(&2 &, $&9#% *)"A5-'A 4"%&-3" *&/(+0 (24#%+/4(&2:
9"(/" (4*#0, *4#.* ,%&. +2) (2 4-%2 $%&.&4#* 4"# g*4%#4/"(23c &, *&/(+0
%#0+4(&2* &'#% *$+/#6 !"(* '(#9 (* *(.(0+% (2 .+21 %#*$#/4* 4& G(/"+#0

QQ

2EI\X HDXE_+D AE9F(F`%HFEN

G+22c* /&2/#$4(&2 &, $&9#% +* + *#%(#* &, &'#%0+$$(23: (24#%*#/4(23 2#45


9&%7*: (2 *& ,+% +* 8&4" "# +2) =())#2* %#,#% 4& $&9#% +* 4"# .&8(0(d+4(&2
+2) )#$0&1.#24 &, %#*&-%/#* &'#% *$+/#6 @04"&-3" 4"#(% *$+4(+0 '&/+8-0+%5
(#* )(,,#% *&.#9"+4: 4"#(% -2)#%*4+2)(23 &, "&9 $&9#% 4%+2*/#2)* 4"#
8&-2)+%(#* &, *$+/# +2) 4(.# "+* .-/" (2 /&..&26L

0&#":(8& F"9,6,J)$,"> )>G $+& .("G:8$,"> "- ."/&(


J&4" =())#2* +2) G+22 8#3(2 4"#(% +2+01*#* &, $&9#% ,%&. 4"# *+.#
'+24+3# $&(24: 2+.#01 4"# $#%/#$4(&2 4"+4 $&9#% %#*4* -$&2 4"# -4(0(d+4(&2
&, %#*&-%/#*6 H%-/(+0 4& 4"(* +**-.$4(&2 (* 4"# %#/&32(4(&2 4"+4 $&9#% (4*#0,
(* 3"/ + %#*&-%/#: 8-4 %+4"#% *&.#4"(23 3#2#%+4#) &% +/4-+0(d#) 4"%&-3" 4"#
/&24%&0 +2) %#$%&)-/4(&2 &, )(,,#%#24 7(2)* &, %#*&-%/#*6 !"# $&9#% *(.$01
4& )& 4"(23* &% 4& (2,0-#2/# 4"# +/4(&2* &, &4"#%* .+1 8# #2"+2/#) 4"%&-3"
4"# #.$0&1.#24 +2) +$$0(/+4(&2 &, %#*&-%/#*: 8# 4"#1 #/&2&.(/: (2,&%5
.+4(&2+0 &% .(0(4+%1: &'#% 4%+/4* &, *$+/# +2) 4(.#6 W&% =())#2* +4 0#+*4:
4"# .&8(0(d+4(&2 &, %#*&-%/#* &'#% *$+/# +2) 4"# +8(0(41 4& /&24%&0 4"#.
%#$%#*#24* + A,4/$3-,$/'A ,&%. &, $&9#%6 !"# .&%# 4"+4 *&/(+0 %#0+4(&2* +%#
+,,#/4#) 81 9"+4 "+$$#2* #0*#9"#%#: 4"# 3%#+4#% 4"# #U4#24 4& 9"(/" *&/(+0
+/4('(41 (2 &2# $0+/# (* 3&'#%2#) 81 %#0+4(&2*"($* #0*#9"#%#: 4"# .&%#
$&9#%,-0 (* 4"# .#+2* 4& 4%+2*,&%. #'#24*6 T2 4"(* '(#9: $&9#% (* 3#2#%+4#)
+2) (4* #U$+2*(&2 .+)# $&**(80# 4"%&-3" 4"# +8(0(41 4& /&24%&0 #'#24* &'#%
*$+/# +2) 4(.#6 `, *&/(#4(#* +%# .&%# g*4%#4/"#)c 4"+2 "(4"#%4&: 8#/+-*# &,
+)'+2/#* (2 .&)#* &, /&..-2(/+4(&2 +2) (2,&%.+4(&2: 4"#2 $&9#% (* 8&4"
/&2*4(4-4('# &, 4"+4 $%&/#** +2): (2 4-%2: #2"+2/#) 81 (46 !"(* (* + %+4"#%
4%-2/+4#) '#%*(&2 &, 4"# +%3-.#24: *& 0#4 -* %#4-%2 4& 9"+4 =())#2* .#+2*
81 %#*&-%/#* +2) "&9 4"#1 +%# .&8(0(d#) &'#% *$+/#6
`2 F+' <"34/,/5/,"3 "6 ."-,'/# _P]RQa +2) (2 "(* #+%0(#% 9%(4(23*: =())#2*
)(*4(23-(*"#* 8#49##2 +00&/+4('# %#*&-%/#* +2) +-4"&%(4+4('# %#*&-%/#*6 J1
g+00&/+4('# %#*&-%/#*c "# .#+2* 9"+4: +4 ,(%*4 *(3"4: +$$#+% /&2'#24(&2+001
+* .+4#%(+0 %#*&-%/#*: *-/" +* $%&$#%41: 0+2): 3&&)*: 4#/"2&0&31: +//#** 4&
,(2+2/# +2) 4"# 0(7#6 @-4"&%(4+4('# %#*&-%/#* +%# &, + )(,,#%#24 &%)#% +2)
%#,#%: +* 4"# 4#%. (.$0(#*: 4& 4"# +-4"&%(41 &% /&24%&0 &'#% 4"# 9+1* (2
L @04"&-3" \(#%%# J&-%)(#- _P]R]: P]]Pa +0*& /&2*()#%* $&9#% +* + .#)(-. 4"%&-3"
9"(/" *&/(+0 3%&-$* .&8(0(d# 4"#(% /&00#/4('(41 (2 +2) +/%&** *&/(+0 *$+/#: "(* *$+4(+0
'&/+8-0+%1 &, $&9#%: +* "(24#) +4 (2 4"# /"+$4#% (24%&)-/4(&2: )%+9* -$&2 4"# -*# 4&
9"(/" )(*4+2/# +2) $%&$(2B-(41 +%# $-4 (2 4"# /&2*4%-/4(&2 &, 3%&-$ ,&%.+4(&2*6 `24#%5
#*4(2301: "# .+7#* + *"+%$ )(*4(2/4(&2 8#49##2 3#&3%+$"(/ +2) *&/(+0 *$+/#: 9"#%# 4"#
,&%.#% (* )#,(2#) 81 ,(U#) )(*4+2/#* +2) $%#/(*# *#3%#3+4(&2* %+4"#% 4"+2 4"# *1.8&0(/
)#U4#%(41 &, 4"# 0+44#%6 ;## +0*& \+(24#% _LMMMa &2 4"# )(*4(2/4(&26 ` %#4-%2 4& +//&-24* &,
*&/(+0 *$+/# (2 /"+$4#% Z: 9"#%# 4"# %"14".(/ +2) %&-4(2# /&2*4%-/4(&2 &, *&/(+0 *$+/# (2
4"# (24#%#*4* &, *&5/+00#) )&.(2+24 3%&-$* (* /&2*()#%#) +4 0#234"6

2EI\X HDXE_+D AE9F(F`%HFEN

QL

9"(/" *&/(+0 0(,# (* &%3+2(d#) +2) )(*4%(8-4#) &'#% *$+/#6 K#(4"#% 41$# &,
%#*&-%/# (* ,(U#) (2 4"# 3#2#%+0 *#2*# &, 4"# 4#%. +2) 4"# 49& 41$#* +%# 4&
8# ,&-2) (2 )(,,#%#24 /&.8(2+4(&2* +2) %#0+4(&2*: +04"&-3" 4"# #U$+2*(&2
&, .+4#%(+0 %#*&-%/#* (* *+() 4& %#B-(%# + 4%+2*,&%.+4(&2 (2 4"# &%3+2(d+4(&2
&, +-4"&%(4+4('# %#*&-%/#*6 ;(32(,(/+2401: "&9#'#%: 8&4" 41$#* &, %#*&-%/#
%#,#% 4& *#4* &, /+$+8(0(4(#* %+4"#% 4"+2 4& .+4#%(+0 &8e#/4* &% $#&$0# +*
*-/"6 <#*&-%/#*: +* =())#2* (2*(*4*: +%# g4"# .#)(+ 4"%&-3" 9"(/" $&9#%
(* #U#%/(*#)c _P]Z]A ]Pah 4"#1 +%# 2&4 $&**#**#) 81 (2)('()-+0* &% 3%&-$*
8-4 )%+92 -$&2 (2 4"# /&-%*# &, *&/(+0 (24#%+/4(&26 g@00&/+4(&2c: +* =()5
)#2* +%3-#*: g%#,#%* 4& .+2c* /+$+8(0(4(#* &, /&24%&00(23 2&4 e-*4 gg&8e#/4*cc
8-4 4"# ";O'-/=1")%A 6 6 6 @-4"&%(d+4(&2 %#,#%* 4& .+2c* /+$+8(0(4(#* &, /&24%&05
0(23 4"# "-.+2#01 /%#+4#) 9&%0) &, 4"-,'/# ,/4'%6c _P]RPA OPa6 @* *-/":
%#*&-%/#* +%# 8&-2) -$ 9(4" 4"# *1*4#.* &, *"+%#) .#+2(23 9"(/" .+7#
(4 $&**(80# ,&% 4"# /&24%&0 +2) /&5&%)(2+4(&2 &, .+4#%(+0 +2) *&/(+0 0(,# 4&
4+7# $0+/#6
@4 (4* *(.$0#*4: (, $&9#% (* 4"# .#+2* 4& +/"(#'# &-4/&.#*: 4"#2 *-/" +2
+(. 9(00 (2#'(4+801 )#$#2) -$&2 +2 +8(0(41 4& (2,0-#2/# 4"# +/4(&2* &, &4"#%*6
D(7# \+%*&2*c* +%3-.#24: "&9#'#%: 4"(* &2# (* /&2)-/4#) +4 4"# 0#'#0 &,
*&/(+0 *1*4#.*: 9"#%# *&/(+0 %#0+4(&2* +%# /&2*4(4-4#) +* + *1*4#.(/ $%+/4(/#6
;& ,&% %#*&-%/#* 4& 9&%7 +* + *4%-/4-%+0 #0#.#24 &, *&/(+0 0(,#: 4"#1 .-*4 8#
4+7#2 -$ +2) %#$%&)-/#) 4"%&-3" *&/(+0 $%+/4(/#* &2 + %&-4(2# 8+*(*6 `2
)(,,#%#24 #$&/"*: (2 )(,,#%#24 41$#* &, *&/(#41: 4"(* $%&/#** &, %#$%&)-/4(&2
9(00 4+7# )(,,#%#24 ,&%.* 9(4" )(,,#%#24 +.&-24* +2) 7(2)* &, $&9#% 3#2#%5
+4#)6 \#&$0# /&.$01: &% %+4"#% 4"#(% /&2)-/4 (* (2,0-#2/#): 2&4 (2 %#*$&2*#
4& 4"# g9(*"#*c &, &4"#%*: 8-4 (2 %#*$&2*# 4& 4"&*# 9"& "+'# 4"# .&*4
g0#'#%+3#c &'#% .+4#%(+0 +2) *&/(+0 %#*&-%/#*6
E&9 4"(* g0#'#%+3#c &//-%* (2 %#0+4(&2 4& 4"# #.8#))#) *4%-/4-%(23 &,
$%+/4(/#* +2) %#*&-%/#* (2 .&)#%2 +2) 2&4 *& .&)#%2 *&/(#4(#* (* 2&4
+04&3#4"#% /0#+%: +04"&-3" ,&% =())#2* 4"# g*4&%+3#c &, %#*&-%/#* )&#*
+$$#+% 4& "&0) 4"# 7#16 !"# 4#%. g*4&%+3#c (* $#%"+$* + 0(440# -2,&%4-2+4#
"#%#: 3('#2 (4* 4+/4(0#: %+4"#% *&0() /&22&4+4(&26 E&9#'#%: =())#2* (* 2&4
%#,#%%(23 4& + g%#*#%'#c &, $&9#% 9"(/" .+1 8# 4+$$#) 9"#2 %#B-(%#): 8-4 4&
+ /&2/#24%+4(&2 &, %#*&-%/#* 9"(/" *#%'# 4& g8(2)c &% *4+8(0(d# *#4* &, *&/(+0
%#0+4(&2*6 @* 4"# +.&-24 &, %#*&-%/#* S $%&$#%41: (2,&%.+4(&2: 4#/"2&0&31:
72&90#)3#: .&)#* &, &%3+2(d+4(&2 +2) 4"# 0(7# S +4 +21 &2# 0&/+4(&2
#U$+2): *& 4&& )&#* 4"# g0#'#%+3#c &, $&9#% +2) (4* #U4#2*(&2 (2 *$+/# +2)
4(.#6 @//&%)(23 4& =())#2*: e-*4 +* /(415*4+4#* &2/# +/4#) +* /%-/(80#* ,&%
4"# 3#2#%+4(&2 &, $&9#%: +* g/&24+(2#%*c &, $&9#% (2 4"#(% &92 %(3"4: #'#25
4-+001 0&*(23 &-4 4& 4"# 4#%%(4&%(+001 8&-2)#) 2+4(&2 *4+4# -2)#% 4"# (.$+/4
&, 9()#% .+%7#4 %#0+4(&2*: *& 4&)+1 4"# 2+4(&2 *4+4# (* -2)#% 4"%#+4 ,%&.
#'#2 .&%# g)(*#.8#))#)c ,&%.* &, *&/(+0 (24#%+/4(&26
!"# .+(2 $&(24 "#%# (* 4"+4 %#*&-%/#* +2) 4"#(% g/&24+(2.#24c +/%&**
4(.#5*$+/# +%# /&2*()#%#) 4& 8# 4"# $%(2/($+0 .#+2* 81 9"(/" $&9#% (*

QR

2EI\X HDXE_+D AE9F(F`%HFEN

$%&)-/#) +2) 9"(/": (2 4-%2: #U4#2) 4"# g0#'#%+3#c +/%&** #'#% 3%#+4#%
)(*4+2/#*6 @* /&24%&0 &'#% 0&23#% *$+2* &, 4(.# +2) *$+/# (* +/"(#'#): *&
4"# .#+2* &, $&9#% +'+(0+80# (* )(%#/401 #2"+2/#)6 `2 =())#2*c* +//&-24 &,
4"# $%&/#**A
!"# *4&%+3# &, +-4"&%(4+4('# +2) +00&/+4('# %#*&-%/#* .+1 8# -2)#%*4&&) +*
(2'&0'(23 4"# %#4#24(&2 +2) /&24%&0 &, (2,&%.+4(&2 &% 72&90#)3# 9"#%#81
*&/(+0 %#0+4(&2* +%# $#%$#4-+4#) +/%&** 4(.#5*$+/#6 ;4&%+3# $%#*-.#* @'A,$
&, (2,&%.+4(&2 %#$%#*#24+4(&2: .&)#* &, (2,&%.+4(&2 )'/),'C$% &% %#/+00 +2): +*
9(4" +00 $&9#% %#*&-%/#*: .&)#* &, (4* )(**#.(2+4(&26 K&4/"#* &2 9&&):
9%(44#2 0(*4*: 8&&7*: ,(0#*: ,(0.*: 4+$#* S +00 4"#*# +%# .#)(+ &, (2,&%.+4(&2
*4&%+3# &, 9()#01 '+%1(23 /+$+/(41 +2) )#4+(06 @00 )#$#2) ,&% 4"#(% %#4%(#'+0
-$&2 4"# %#/+00 /+$+/(4(#* &, 4"# "-.+2 .#.&%1 8-4 +0*& -$&2 *7(00* &,
(24#%$%#4+4(&2 4"+4 .+1 8# $&**#**#) 81 &201 + .(2&%(41 9(4"(2 +21 3('#2
$&$-0+4(&26 !"# )(**#.(2+4(&2 &, *4&%#) (2,&%.+4(&2 (*: &, /&-%*#: (2,0-#2/#)
81 4"# 4#/"2&0&31 +'+(0+80# ,&% (4* $%&)-/4(&2 6 6 6 `4 (* 4"# /&24+(2#%* 9"(/"
*4&%# +00&/+4('# +2) +-4"&%(4+4('# %#*&-%/#* 4"+4 3#2#%+4# 4"# .+e&% 41$#* &,
*4%-/4-%+0 $%(2/($0# (2 4"# /&2*4(4-4(&2 &, *&/(#4(#*6 `2,&%.+4(&2 *4&%+3#: ` 9(*"
4& /0+(.: (* + ,-2)+.#24+0 $"#2&.#2&2 $#%.(44(23 4(.#5*$+/# )(*4+2/(+4(&2
+2) + 4"%#+) 4"+4 4(#* 4&3#4"#% 4"# '+%(&-* *&%4* &, +00&/+4('# +2) +-4"&%(4+4('#
%#*&-%/#* (2 %#$%&)-/#) *4%-/4-%#* &, )&.(2+4(&26 _P]RQA LbPSLa

T2 4"(* '(#9: 4"#2: (, 4&)+1 4"# $&9#% g/&24+(2#)c 9(4"(2 4"# 2+4(&2 *4+4# (*
8#3(22(23 4& #'+$&%+4#: (4 (* $%(.+%(01 4"# %#&%3+2(d+4(&2 &, (2,&%.+4(&2+0
%#*&-%/#* +/%&** 0+%3# 4(.#5*$+/# )(*4+2/#* 9"(/" $&*# 4"# 3%#+4#*4 4"%#+46
@* #U$%#**#) (2 F+' <"34'J5'3-'4 "6 E"A')3,/# _=())#2* P]]Ma: 30&8+0(d+5
4(&2: +* + 7(2) &, *"&%4"+2) ,&% + %+23# &, )(*#.8#))#) %#0+4(&2* +2)
(2*4(4-4(&2*: ,%&. 4"# .&2#1 .+%7#4* +2) 4%+2*2+4(&2+0 ,(%.* 4& #U$#%4
*1*4#.* +2) /&..-2(/+4(&2* 4#/"2&0&3(#*: "+* 4"# +8(0(41 4& g0(,4c *&/(+0
%#0+4(&2* &-4 &, 2+4(&2 *4+4# (2'&0'#.#246 `2 + 9&%0) &, %+$(): (24#2*('#
(2,&%.+4(&2 ,0&9*: 4"# .&8(0(d+4(&2 +2) %#4%(#'+0 &, %#*&-%/#* &'#% *$+/# +%#
0(7#01 4& 8# (2 4"# /&24%&0 &, 4"&*# )(*#.8#))#) (2*4(4-4(&2* 9"(/" +%#
/+$+80# &, 0(27(23 0&/+0 $%+/4(/#* 4& 30&8+0 *&/(+0 %#0+4(&2*6 `2 4"(* 9+1:
.&%# )(*4+2/(+4#) ,&%.* &, $&9#% (2'&0'(23 (24#%+/4(&2 9(4" 4"&*# $"1*(/5
+001 +8*#24 .+1 8# *##2 4& %#$%#*#24 + .&)#%2: ,+/(0(4+4('# .#+2* &, *#/-%5
(23 &-4/&.#*6 @/4(&2 g+4 + )(*4+2/#c: =())#2* +%3-#*: .+1 8# 4"&-3"4
+8&-4 +* 8&4" #2+80(23 &, *&/(+0 +/4(&2 +2) +0*& /&2*4%+(2(23 &, (4: +* ,&%
#U+.$0# (2 4"# /+*# &, *-%'#(00+2/#: 9"#%# 4"# (2/%#+*(2301 *&$"(*4(/+4#)
g*4&%+3#c +2) .&2(4&%(23 &, (2,&%.+4(&2: (.+3#* +2) *&-2)* .+1 0#+) 4&
4"# )#4+(0#) /&24%&0 &, $#&$0#c* )+(01 0('#* _*## =())#2* P]RO &2 4"#
+**-.#) %&0# &, 4"# 2+4(&2 *4+4# (2 4"(* $%&/#**a6
!"-*: &2 4"(* -2)#%*4+2)(23: $&9#% (* /0#+%01 2&4 *&.# $%#5,&%.#) #24(41
9(4" 0+4#24 +8(0(4(#*6 <+4"#%: )(*4+2/(+4#) ,&%.* &, $&9#% .+1 8# /&2*()#%#)
4& .+2(,#*4 4"#(% +8(0(4(#* 4"%&-3" + *#%(#* &, &,4#2 %&-4(2(d#) +2) %#$#4(4('#

2EI\X HDXE_+D AE9F(F`%HFEN

QZ

$%+/4(/#* g*4%#4/"#)c &'#% *$+/#6 @).(2(*4%+4('# $&9#%: (2 4%+2*2+4(&2+0


(2*4(4-4(&2* ,&% #U+.$0#: /+2 8# *##2 4& 9&%7 4"%&-3" +2 +8(0(41 4& %#3-0+4#
4"# 4(.(23 +2) *$+/(23 &, *&/(+0 +/4('(4(#*6 !"&*# g0&/+0#*c (2 9"(/" %#5
*&-%/#* 4#2) 4& /&2/#24%+4#: (2 /(4(#*: 2+4(&2 *4+4#* +2) 8#1&2): +%# *+()
4& g/&24+(2c *-,,(/(#24 $&9#%* 4& /&24%&0 #'#24* ,-%4"#% +,(#0)6 ["+4 .+1
+0*& 8# -2)#%*4&&) ,%&. 4"(*: "&9#'#%: (* 4"+4 $&9#% 3#2#%+4#) (2 &2# $+%4
&, + )(*4+2/(+4#) 2#49&%7 (* 4%+2*.(44#) (24+/4 +/%&** (46 @* +2 -2)#%*4+2)5
(23 &, $&9#%: 4"#%#,&%#: (4 (* $&**(80# 4& %#+) *-/" )(*4+2/(+4#) 2#49&%7*
.#%#01 +* -"3A5,/4 ,&% 4"# 4%+2*.(**(&2 &, +00 7(2)* &, &%3+2(d+4(&2+0 +2)
(2*4(4-4(&2+0 +8(0(416 @2): *&.#9"+4 *-%$%(*(2301: 4"#*# 2#49&%7* *##. 4&
-2)#%3& 0(440# (2 4"# 9+1 &, )(*$0+/#.#24 &% 4%+2*,&%.+4(&26
W&% + .&%# $#2#4%+4(23 +//&-24 &, "&9 4"# $%&/#** &, %#*&-%/# .&8(0(d+5
4(&2 (* +/4-+001 &%3+2(d#) +2) /&24%&00#) &'#% *$+/#: "&9#'#%: 9# 2##) 4&
4-%2 4& 4"# 9&%7 &, G(/"+#0 G+226

=(-4+,>() ?,(@&+",.(&
G+22c* &'#%+%/"(23 /&2/#%2 (* 9(4" 4"# &%3+2(d+4(&2 &, $&9#%: 4"# (2,%+5
*4%-/4-%+0 .#+2* 81 9"(/" $#&$0# +2) 4#%%(4&%(#* "+'# 8##2 #,,#/4('#01
/&24%&00#) 81 (2*4(4-4(&2* +2) *&/(+0 3%&-$* &, 9"+4#'#% "-# *(2/# 4(.#
(..#.&%(+06 `2 "(* 49&5'&0-.# F+' ."5)-'4 "6 ."-,$% >"1') _P]Rb: P]]Na:
+ *#0#/4('# .+$$(23 &, 4"# 0&3(*4(/* &, $&9#% (* +44#.$4#) 9"(/" ,&/-*#* &2
4"# ,0&9 &, (2,&%.+4(&2: ()#+*: $#&$0# +2) .+4#%(+0* +/%&** "(*4&%(/+0
8&%)#%* +2) 4#%%(4&%(#*6 !"# .+$$(23 (* *#0#/4('# (2 *& ,+% +* (4 &201 /&25
*()#%* 4"&*# 0&/+4(&2* +2) *4+4#* 9"(/" (2 *&.# *#2*# %#$%#*#24 9"+4 G+22
%#,#%* 4& +* 4"# g0#+)(23 #)3# &, $&9#%ch 2+.#01 4"&*# 4"+4 #U"(8(4#) 2#9
+2) 2&'#0 #U4#2*('# +2) /&2/#24%+4#) &%3+2(d+4(&2+0 .#+2*6 W%&. G#*&5
$&4+.(+ (2 4"# *(U4" /#24-%1 !": 4"%&-3" \"&#2(/(+: /0+**(/+0 =%##/# +2)
(.$#%(+0 <&.#: -$ 4& 4"# #.#%3#2/# (2 9#*4#%2 F-%&$# &, 4"# 2+4(&2 *4+4#
+2) /0+**#* +* 4"# .+e&% +/4&%* &, .&)#%2 4(.#*: "# *##7* 4& 4%+/# 4"#
)#'#0&$#) g(2,%+*4%-/4-%#*c &, $&9#% %#0+4#) 4& #+/" "(*4&%(/+0 .&.#246
_@ 4"(%) +2) ,&-%4" '&0-.# +%# $0+22#) 9"(/" 8%(23 4"# +2+01*(* (24& 4"#
49#24(#4" /#24-%1 +2) $%&'()# + 8%&+)#% *#4 &, 4"#&%#4(/+0 /&2/0-*(&2*6a
W&00&9(23 \+%*&2*: G+22 +/72&90#)3#* $&9#% +* + .#+2* 4& *#/-%#
&-4/&.#*: 3#2#%+4#) 81 4"# .&8(0(d+4(&2 +2) )#$0&1.#24 &, %#*&-%/#*: &%
%+4"#% g$&9#% *&-%/#*c: +* "# $%#,#%* 4& /+00 4"#.6 !"# )(*4(2/4('# 49(*4 (2 "(*
+$$%&+/": "&9#'#%: /&.#* ,%&. 4"# %#/&32(4(&2 4"+4 4"# .&8(0(d+4(&2 +2)
/&24%&0 &, %#*&-%/#* +/4-+001 4+7#* $0+/# 4"%&-3" '+%(&-* 3'/1")94 &, #U4#25
*('# +2) (24#2*('# *&/(+0 (24#%+/4(&26 `2 8%(#,: 4"# #U$+2*(&2 &, $&9#% +2) (4*
/&2*&0()+4(&2 +%# *+() 4& 4+7# 4"#(% *"+$# ,%&. + *#%(#* &, 2#49&%7* &%3+25
(d#) &'#% *$+/# 9"(/" /%&**5/-4 +2) &'#%0+$ &2# +2&4"#%: 4"# .&*4 (.$&%45
+24 &, 9"(/" *4+8(0(d# +%&-2) ,&-% 41$#* &, _%#a*&-%/#* S 8%&+)01 )#,(2#) +*

QP

2EI\X HDXE_+D AE9F(F`%HFEN

#/&2&.(/: ()#&0&3(/+0: $&0(4(/+0 +2) .(0(4+%16 !"# %#*-04 (* + /-%(&-* 80#2)


&, \+%*&2* &2 $&9#%: [#8#% &2 &%3+2(d+4(&2 +2) /&24%&0: +2) G+22 &2
&'#%0+$$(23 2#49&%7*6
\&9#% 2#49&%7* (2 4"(* /&24#U4 4+7# &2 + ,+(%01 /&2'#24(&2+0 .#+2(236 @4
4"#(% *(.$0#*4: 4"#1 +%# ,&%.#) 4"%&-3" $+44#%2* &, +**&/(+4(&2 +2) (24#%5
+/4(&2 9"(/" 8(2) $#&$0# +2) 8&)(#* 4&3#4"#% (2 4"# $-%*-(4 &, /#%4+(2 #2)*6
@ 9()# +%%+1 &, (2*4(4-4(&2* +2) $%+/4(/#*: ,%&. 4"# 8%&+): *9##$(23 +00(5
+2/#* &, 3#&$&0(4(/+0 (2*4(4-4(&2* +2) 4"#(% #B-+001 (24#%2+4(&2+0 #/&2&.(/
/&-24#%$+%4*: 4%+2*2+4(&2+0 ,(%.*: +4 &2# #2) &, 4"# *$#/4%-.: 4& 4"# .&%#
%#3(&2+0 +**&/(+4(&2* &, /-04-%#: %#0(3(&2 &% $&0(4(/+0 $%+/4(/#: +4 4"# &4"#%:
/&22#/4 $#&$0# +2) $0+/#* 4&3#4"#% &'#% *"&%4#% &% 0&23#% )(*4+2/#*6 C(,,#%5
#2/#* (2 4"# .+7#5-$ +2) )12+.(*. 8#49##2 2#49&%7* &, (24#%+/4(&2
#2*-%# 4"+4 4"#1 %#+/" &-4 +/%&** *$+/# (2 )(,,#%#24 9+1* +2) 4& '+%1(23
#U4#24*: (2 *&.# /+*#* 4%+2*/#2)(23 #*4+80(*"#) *&/(+0 8&-2)+%(#* +2) (2
&4"#%* "#(3"4#2(23 &% /&2*&0()+4(23 4"#.6 @.&23 4"# .&*4 $&9#%,-0 2#45
9&%7*: 4"&*# /#24%#) &2 4"# .&*4 #,,#/4('# _%#a*&-%/#*: + .&%# *4+80# *"+$#
+2) )(*4(2/4('# ,&%. &, &%3+2(d+4(&2 +%# +**-.#) 4& #.#%3#6 `2 0+1(23 &2#
2#49&%7 &'#% +2&4"#%: "&9#'#%: +* (2 *&.# 7(2) &, 0+/# $+44#%2: 4"# )12+5
.(*. &, #+/" (* *+() 4& ,-*# +2) .&)(,1 4"# &4"#%c* $+44#%2 &, (24#%+/4(&2 *&
+* 4& 8%(23 ,&%4" +00 .+22#% &, -2(24#2)#) +2) -2+24(/($+4#) /&2*#5
B-#2/#*6 !"# %#*-04 ,&% G+22 (* + '(#9 &, "(*4&%1 +* + /&.$0#U g.#**c
+2) + 3#&3%+$"1 &, *&/(+0 %#0+4(&2* 9"(/" /&24(2-+001 #0-)#* *(.$0# 2&4(&2*
&, *&/(#4(#* +* 2+4(&2+001 8&-2)#) #24(4(#*6 `2 "(* *#/&2) '&0-.#: G+22
,+'&-%* 4"# .#4+$"&% &, g#249(2#.#24c 4& /+$4-%# 4"# 9+1 (2 9"(/" 4"#
)(,,#%#24 *&-%/#* &, $&9#% g/"+23# &2# +2&4"#%c* (22#% *"+$#* +* 9#00 +*
4"#(% &-49+%) 4%+e#/4&%(#*c _P]]NA La6
D#+'(23 4"# g.#**c 4"+4 (* )##.#) 4& 8# "(*4&%1 4& &2# *()#: + 7#1
/&2*()#%+4(&2 (2 +00 4"(* (* G+22c* )(*/%(.(2+4(&2 8#49##2 4"# &%3+2(d+5
4(&2+0 +8(0(4(#* &, )(,,#%#24 41$#* &, $&9#% 4& +/"(#'# 4"#(% 3&+0*6 !+7(23 +
0#+, &-4 &, [#8#%c* 9%(4(23* &2 $&9#% +2) &%3+2(d+4(&2: G+22 )(*4(23-(*"#*
8#49##2 +-4"&%(4+4('# $&9#% +2) )(,,-*# $&9#% +2) %#0+4#* 4"#. 8%&+)01 4&
4"# .+22#% (2 9"(/" )(,,#%#24 41$#* &, %#*&-%/#* +%# &%3+2(d#) +2) .&8(05
(d#)A
D5/+"),/$/,C' *"1') /&.$%(*#* 9(00#) /&..+2)* 81 +2 +/4&% _-*-+001 + /&00#/45
('(41a +2) /&2*/(&-* &8#)(#2/# 81 *-8&%)(2+4#*6 `4 (* ,&-2) .&*4 41$(/+001 (2
.(0(4+%1 +2) $&0(4(/+0 $&9#% &%3+2(d+4(&2*6 ?,6654'A *"1') (* 2&4 )(%#/401 /&.5
.+2)#)h (4 *$%#+)* (2 + %#0+4('#01 *$&24+2#&-*: -2/&2*/(&-*: +2) )#/#24%#)
9+16 \#&$0# +%# /&2*4%+(2#) 4& +/4 (2 )#,(2(4# 9+1* 8-4 2&4 81 /&..+2) &,
+21 $+%4(/-0+% $#%*&2 &% &%3+2(d+4(&26 C(,,-*#) $&9#% (* ,&-2) .&*4 41$(/+001
(2 ()#&0&3(/+0 +2) #/&2&.(/ $&9#% &%3+2(d+4(&2*6 @ 3&&) #U+.$0# (* .+%7#4
#U/"+23# (2 /+$(4+0(*.6 !"(* (2'&0'#* /&2*()#%+80# /&2*4%+(24 4"+4 (* 1#4
(.$#%*&2+0 +2) &,4#2 *##.(2301 g2+4-%+0c6 _P]]NA ba

2EI\X HDXE_+D AE9F(F`%HFEN

QV

!"# *(.(0+%(41 4& [#8#%c* )(*4(2/4(&2 8#49##2 )&.(2+4(&2 (2 (4* 8%&+)#*4


*#2*# +* (.$&*(4(&2 +2) /&2*4%+(24: &2 4"# &2# "+2): +2) (4* 2+%%&9#%: .&%#
,&%.+0 .#+2(23 +* )(*/($0(2# +2) /&24%&0: &2 4"# &4"#%: (* 2&4 /&(2/()#24+06
@* 9(4" [#8#%: 4"# $&9#%* &, #/&2&.(/ &%3+2(d+4(&2* (2'&0'#) (2 .+%7#4
#U/"+23# +%# %#3+%)#) +* )(,,-*# (2 ,&%. +2) #U4#2*('# (2 4"#(% %#+/"6 `2
/&24%+*4: 4"# $&9#%* &, 4"# +%.#) ,&%/#* &% 4"&*# &, 4"# *4+4# +%# *##2 +*
+-4"&%(4+4('#: 8+*#) -$&2 4"# %-0#* &, /&..+2) +2) &8#)(#2/#: +2) +05
4"&-3" /&2/#24%+4#) (2 ,&%. 4"#1 +%# /&2*()#%#) B-(4# /+$+80# &, #U4#2*('#
$#2#4%+4(&26 `2 ,&/-*(23 -$&2 4"# 4*$/,$% )'$-+ $3A 4-"*' &, 4"# )(,,#%#24
2#49&%7*: "&9#'#%: G+22 (* +))(23 + ,-%4"#% )(.#2*(&2 4& +2 -2)#%*4+2)5
(23 &, 4"#(% &%3+2(d+4(&2+0 .#+2*h 2+.#01: 4"#(% 3#&3%+$"16
`2 .(0(4+%1 2#49&%7*: ,&% (2*4+2/#: $&9#% (* %#3+%)#) 81 G+22 +* #**#25
4(+001 /&2/#24%+4#): /&#%/('# +2) "(3"01 .&8(0(d#) %#0+4('# 4& $0+/#6 @* 4"#
*&/(+0 &%3+2(d+4(&2 &, $"1*(/+0 ,&%/#: .(0(4+%1 $&9#% (* *##2 +* (24#2*('#:
4(3"401 /&24%&00#) +2) +80# 4& /&..+2) + "(3" 0#'#0 &, /&..(4.#24 ,%&. +00
4"&*# .&8(0(d#)6 ["#2 *4%#4/"#) &'#% 0+%3# #U$+2*#* &, 4#%%(4&%1 &% #2+/4#)
+4 3%#+4 )(*4+2/#*: "&9#'#%: /&#%/(&2 (* 0(.(4#) (2 9"+4 (4 (* +80# 4& +/"(#'#
+2) /&24%&0 &, )+(01 0(,# (* 0+%3#01 %#*4%(/4#) 4& 4"# $%&)-/4(&2 &, /&.$0(5
+2/#6 !"# 0&3(*4(/* &, .(0(4+%1 $&9#%: 4"+4 &, g/&2/#24%+4#) /&#%/(&2c: +%#
+%3-#) 81 G+22 4& 8# B-(4# )(,,#%#24 ,%&. 4"&*# 9"(/" /"+%+/4#%(d# *4+4#
$&0(4(/+0 $&9#%: "&9#'#%6 E#%# $&9#%: +04"&-3" &%3+2(d#) &2 + ,+% .&%#
/#24%+0(d#) 8+*(* 4"+2 (* /&..&2 4& .(0(4+%1 +00(+2/#*: (* +**-.#) 4& 8#
/+$+80# &, #U4#2*('# %#+/" (24& 4"# )+(01 0('#* &, (4* /(4(d#2*6 !"%&-3" 4"#
3#2#%+4(&2 +2) /&2/#24%+4(&2 &, g(2,%+*4%-/4-%+0c %#*&-%/#* S /-*4&.+%1
4+U+4(&2: $%&$#%41 +).(2(*4%+4(&2: .+%7#4 %#3-0+4(&2 +2) 4"# 0(7# S 4"#
*4+4# (* +80# 4& g$#2#4%+4# *&/(#41 +2) 4& (.$0#.#24 0&3(*4(/+001 $&0(4(/+0
)#/(*(&2*c _P]RbA PZMa6N C#*$(4# *-/" )(,,#%#2/#* (2 4"#(% &%3+2(d+4(&2+0
%#+/": "&9#'#%: 2#(4"#% .(0(4+%1 2&% *4+4# $&9#% (* /&2/#('#) 81 G+22 +*
)(,,-*# (2 ,&%.6 !"# *$+4(+0 %#+/" &, #/&2&.(/ &%3+2(d+4(&2*: 2+4(&2+0 +2)
(24#%2+4(&2+0 ,(%.*: +* 2&4#): (* *+() 4& +)&$4 4"(* ,&%.: 9"(0*4 %#.+(2(23
N G+22 _P]RQa )#'#0&$* 4"# )(*4(2/4(&2 8#49##2 )#*$&4(/ +2) (2,%+*4%-/4-%+0 $&9#%:
9"#%# 4"# ,&%.#% %#,#%* 4& 4"# $&9#%* &, *4+4# #0(4# 3%&-$(23* 4& (.$&*# 4"#(% 9(00
%#3+%)0#** &, 4"# (24#%#*4* &, /('(0 *&/(#41: +2) 4"# 0+44#% 4& 4"# $#2#4%+4('# %#+/" &, 4"#
*4+4# (24& 4"# ,-%4"#*4 %#/#**#* &, 4"#(% 4#%%(4&%(#*6 !"# *(32(,(/+2/# &, 4"# 0+44#%: ,&% G+22:
(* 4"+4 (4 (* 4"%&-3" (2,%+*4%-/4-%+0 $&9#% 4"+4 4"# *4+4# (* +80# 4& "&0) &2 4& (4* 4#%%(4&%(#*
+* g%#*&-%/#* %+)(+4# +-4"&%(4+4('#01 &-49+%)* ,%&. + /#24%# 8-4 *4&$ +4 )#,(2#) 4#%%(4&%(+0
8&-2)+%(#*c _P]RQA P]Ra6 E&9 4"(* g/#24%#)c '(#9 &, $&0(4(/+0 $&9#% _9"(/" #B-+0* 4"#
*4+4#c* &%3+2(d+4(&2+0 $&9#% ,&% G+22a 9(4" (4* *-$$&*#) -2(,(#) %#+/" *(4* +0&23*()# "(*
2#49&%7#) ,&%.* &, .&8(0(d+4(&2 (* 2&4 #24(%#01 /0#+%: +04"&-3" 4"(* 7(2) &, 4"#&%#4(/+0
#/0#/4(/(*. /"+%+/4#%(d#* "(* 9&%76 `4 (* (24#%#*4(23 4& 2&4# 4"+4 9(4"(2 4"# ,(#0) &, $&0(4(/+0
3#&3%+$"1 "(* 9&%7 "+* 8##2 $(/7#) -$ 0#** ,&% (4* 3#&3%+$"(/+0 (2*(3"4* 4"+2 ,&% (4*
l
/0+**(,(/+4(&2 &, _%#a*&-%/#* &, $&9#% _*## \+(24#% P]]Oh <&8(2*&2 P]]bh G-(% P]]Zh T
!-+4"+(0 P]]ba6

L;

2EI\X HDXE_+D AE9F(F`%HFEN

/+$+80# &, 8&4" (24#2*('# /&24%&0 _&, 4"# 9&%7,&%/#a +2) #U4#2*('# .+%7#4
/&2*4%+(24 *"&-0) 2#+% .&2&$&01 /&2)(4(&2* +$$016 \#%"+$* 4"# .&*4 (24%(5
3-(23 #U+.$0# &, )(,,-*#) $&9#% &,,#%#) 81 G+22: "&9#'#%: /&2/#%2* 4"#
.&8(0(d+4(&2 &, /-04-%+0 %#*&-%/#* S 4"# /&2*4%-/4(&2 +2) %#3-0+4(&2 &,
*"+%#) .#+2(23*: 4"# (24#%$%#4+4(&2 &, ()#+* +2) (.+3#*: +2) 4"# *$%#+)
&, *&/(+0 $%+/4(/#* +2) %(4-+0* S 4"%&-3" 4"# 2#49&%7* &, /-04-%+0 +2)
()#&0&3(/+0 &%3+2(d+4(&2*6
D#** &%3+2(d#) (2 + *1*4#.+4(/ 9+1 4"+2 #(4"#% *4+4# $&0(4(/+0 &% .(0(4+%1
$&9#%: 4"# #,,#/4('# .&8(0(d+4(&2 +2) /&24%&0 &, /-04-%+0 %#*&-%/#* (* *+() 81
G+22 4& %#*4 -$&2 $#%*-+*(&2 %+4"#% 4"+2 .+2($-0+4(&2: +2) /#%4+(201 2&4
&2 /&#%/(&26 `2 4"# $%#'(&-* /"+$4#%: ` *$&7# &, .+2($-0+4(&2 +* (2'&0'(23 4"#
/&2/#+0.#24 &, (24#24 &% 4"# *#0#/4('# %#*4%(/4(&2 &, (2,&%.+4(&26 J1 9+1 &,
/&24%+*4: $#%*-+*(&2 +* + .&)+0(41 &, $&9#% (* *(.(0+% 4& *#)-/4(&2: (2 *& ,+% +*
(4 9&%7* +4 4"# 0#'#0 9"#%# /"&(/#* +%# $&**(80# +2) (* +4 (4* .&*4 *-33#*4('#
9"#%# #U(*4(23 /&2/#%2* +2) (24#%#*4* +%# $%&e#/4#) +* )#*(%+80#6 \#%*-+*(&2
+* + ,&%. &, *&/(+0 (24#%+/4(&2 )&#*: "&9#'#%: 4& .1 .(2) 0+/7 4"# +,,#/4('#
%#*&2+2/#* 4"+4 D($&'#4*71 _P]]Qa +*/%(8#* 4& *#)-/4(&2: 2+.#01 4"# +8(0(41
4& 8%(23 (24& *"+%$#% )#,(2(4(&2 4"# +*$(%+4(&2* +2) 9+24* &, +00 7(2)* &,
)(,,#%#24 $#&$0#6 `2 ,+/4: 4"# 7(2)* &, 2+4(&2+0(*4 .&'#.#24: %#0(3(&-* .&'#5
.#24 +2) /0+** *&0()+%(41 9"(/" G+22 "+* (2 .(2) 9"#2 "# *$#+7* &,
()#&0&3(/+0 $#%*-+*(&2 9&-0) +$$#+% 4& %#B-(%# 4"# (24#2*(41 &, *#)-/4(&2 (,
+21 %#+*&2+80# "&0) &'#% $#&$0#c* g"#+%4* +2) .(2)*c (* 4& 8# +44+(2#)6
K&2# 4"# 0#**: 9"+4 G+22 /0#+%01 -2)#%*4+2)* (* 4"+4 /-04-%+0 8#0(#,* +2)
*"+%#) -2)#%*4+2)(23* +%# /+$+80# &, #U4#2*('# %#+/"6 !"# )(,,-*(&2 &,
()#+* +2) /-04-%+0 $%+/4(/#*: 4"&-3" 9&%) &, .&-4": 4%+'#0: .(3%+4(&2:
(.+3#* +2) +00 .+22#% &, $-80(/+4(&2*: (* /+$+80# &, 4%+2*/#2)(23 #/&2&.(/
+2) $&0(4(/+0 8&%)#%* +2) .&8(0(d(23 ,+% 8#1&2) 4"#.6 !"# #+*1 ,0&9 &,
()#+*: "&9#'#%: (* 2&4 8# /&2,-*#) 9(4" 4"#(% /-04-%+0 #.8#))#)2#**: 9"(/"
(* 0(7#01 4& 8# &, 0&9#% (24#2*(41 4"# 3%#+4#% 4"# )(*4+2/#* (2'&0'#): #*$#/(+001
9"#%# 4"# /-04-%+0 /&24#U4* )(,,#% .+%7#)016 `4 (*: +,4#% +00: &2# 4"(23 4& $&(24
4& 4"# *$+4(+0 )(,,-*(&2 &, /-04-%+0 8#0(#,* +2) $%+/4(/#* +2) B-(4# +2&4"#% 4&
72&9 "&9 4"#1 +%# %#/#('#): (24#%$%#4#) +2) 4%+2*0+4#)6 !"# #,,#/4* &,
/-04-%+0 &% ()#&0&3(/+0 $&9#% g+4 + )(*4+2/#c +%#: ` 9&-0) "+'# 4"&-3"4: ,+%
,%&. 4%+2*$+%#246
`2)##): 4"# +8*#2/# &, +21 .&2&0(4"(/ $&9#% +**&/(+4#) 9(4" + $+%4(/-0+%
%#*&-%/# (* .&%# &% 0#** -2)#%*4&&) 81 G+22 9"#2 "# 2&4#* 4"+4 4"# .&*4
#,,#/4('# (2*4(4-4(&2* (2 4#%.* &, $&9#% +%# 4"&*# 9"(/" #2/&.$+** +00 ,&-%
,&%.* &, &%3+2(d+4(&2+0 %#+/"6 @2 -2)#%*4+2)(23 4"+4 $&9#%,-0 (2*4(4-4(&2*
.+1 #2"+2/# 4"#(% .#+2* 4"%&-3" #U4#2*('# +2) (24#2*('# 2#49&%7*: /&.5
8(2(23 8&4" +-4"&%(4+4('# +2) )(,,-*#) 4#/"2(B-#* &, &%3+2(d+4(&2 4& +/"(#'#
,+%5,0-23 3&+0*: (* $%#/(*#01 4"# )(*4(2/4('# /&24%(8-4(&2 4"+4 G+22 .+7#* 4&
+2 -2)#%*4+2)(23 &, $&9#% +* + .#)(-. _2&49(4"*4+2)(23 "(* 4#2)#2/1 4&
4%#+4 (2*4(4-4(&2* +2) %#*&-%/#* +* &, &2#: )#*$(4# +2 g()#+0 41$#*c )(*5

2EI\X HDXE_+D AE9F(F`%HFEN

L:

/0+(.#%a6 `2 ,+/4: (4 /&-0) 8# +%3-#) 4"+4 "(* *(23-0+% +/"(#'#.#24 (* 4"+4 "#
$%&'()#* +2 (2*(3"4 (24& "&9 (4 (* 4"+4 )(*4+2/(+4#) ,&%.* &, $&9#% +/4-+001
.&8(0(d# %#*&-%/#* g+4 + )(*4+2/#c6 G&%# %#/#2401: "# "+* 8%&-3"4 4"(*
(2*(3"4 4& 8#+% &2 4"# )(,,#%#2/#* (2 4"# .+7#5-$ +2) )12+.(/* &, 30&8+05
(d+4(&2 +* +2 "(*4&%(/+0 $"#2&.#2+6 ;$#+7(23 +8&-4 4"# 80#2) &, 4"# )(,,#%5
#24 *&-%/#* &, $&9#% 9"(/" /&.$%(*# +2): .&%# $&(24#)01: *"+$# 4"#
/&24#.$&%+%1 30&8+0 0+2)*/+$#: "# /"+%4* 4"# .(U#) &% %+4"#% g#249(2#)c
$+44#%2 4"+4 "+* 8#/&.# "(* (24#00#/4-+0 4%+)#.+%7A
K&%4"#%2 /+$(4+0(*. -2#'#201 8-4 *(.-04+2#&-*01 (24#3%+4#*: )&.(2+4#* +2)
&*4%+/(d#* +/%&** 4"# 9&%0)6 !"# $&9#% &, 4"# .(0(4+%1 "#3#.&2: 4"# >2(4#)
;4+4#*: (* *&.#9"+4 -2)#%/-4 81 (4* &92 (2/%#+*(23 $+/(,(/+4(&2h 81 (4* %#0(+2/#
&2 *-$$&*#)01 *+,# 8-4 )#/()#)01 80-24 0&235%+23# 9#+$&2%1h +2) 81 2#9
9#+$&2* &, 4"# 9#+76 \&0(4(/+0 $&9#% %#.+(2* $%(.+%(01 9(#0)#) 81 2+4(&25
*4+4#*: 4"&-3" *&.# &, 4"#*# +%# .&%# *4+80# 4"+2 &4"#%*6 `)#&0&3(/+0 $&9#%
#U$%#**#* +00 4"#*# )('#%*# %#0+4(&2*6 ;-/" /&.$0#U(41 (* 2&4 2#9 4& "-.+2
*&/(#4(#*6 =0&8+0(d+4(&2 .#%#01 /"+23#* (4* */+0#6 _LMMPA ZLa

!"# *9##$ &, 4"# +2+01*(* (*: +* #'#%: (.$%#**('#: 8-4 (2 ,&%.-0+4(23 *-/"
3#2#%+0(d+4(&2* 4"#%# (*: ,&% .#: +2 #.$4(2#** +4 4"# "#+%4 &, 9"+4 (* +/4-+001
(2'&0'#) (2 4"# (.$0(#) #U4#2*('# %#+/" &, *-/" /&.$0#U +2) )('#%*# $&9#%
%#0+4(&2*6 @* ` *## (4: *)'4-),;'A )(,,#%#2/#* 8#49##2 $&9#% _%#a*&-%/#* %+4"#%
4"+2 4"# *$+4(+0(41 &, $&9#% +%# 9"+4: ,&% G+22: $%#)(*$&*# 2#49&%7* 4&
&$#%+4# (2 4"# 9+1* 4"+4 4"#1 )&6 ["(0*4 "(* 3%+*$ &, 4"# 0&3(*4(/* &, $&9#%
_%#a*&-%/#* +2) 4"#(% &%3+2(d+4(&2 (* +).(%+80#: 4"#%# (* + %#+0 *#2*# (2
9"(/": ,&% "(.: 2#49&%7#) *&/(+0 %#0+4(&2* .#%#01 +/4 +* 4"# -$)),')4 &,
$&9#% 4"%&-3" 4"#(% +8(0(41 4& 4%+2*.(4 &%3+2(d+4(&2+0 %#*&-%/#*6 [# 9(00
%#4-%2 4& 4"(* $&(24 *"&%401: 8-4 8#,&%# 4"+4 4"#%# (* +2&4"#% )(*4(2/4(&2 &,
$&9#% 4& /&2*()#%6

."/&(# "- K##"8,)$,">


@4 '+%(&-* .&.#24* (2 4"(* /"+$4#% 9# "+'# *"(,4#) 8+/7 +2) ,&%4" 8#49##2
49& %+4"#% )(,,#%#24 7(2)* &, $&9#%: 8&4" &, 9"(/" +%# /&.$+4(80# 9(4" 4"#
'(#9 4"+4 $&9#% (* *&.#4"(23 9"(/" (* +/4-+0(d#) %+4"#% 4"+2 3('#26 G+22c*
9&%7 (2/&%$&%+4#* 8&4" 7(2)* &, $&9#%: 8-4 4"# )(*4(2/4(&2 8#49##2 4"#. (*
/0#+%#*4 (2 4"# 9&%7 &, \+%*&2* +2): ,&00&9(23 "(.: =())#2*6 T2 &2# "+2):
9# "+'# *$&7#2 +8&-4 $&9#% +* + .#+2* 4& 3#4 4"(23* )&2#: + ,+/(0(41 4&
*#/-%# /#%4+(2 3&+0* +2): &2 4"# &4"#%: +* + .#+2* &, /&2*4%+(24: + g0#'#%+3#c
&'#% &4"#%*6 !"# )(,,#%#2/# 8#49##2 4"#. (* $#%"+$* 8#*4 -2)#%*4&&) 81
/&24%+*4(23 4"# g$&9#% 4&c *()# &, 4"(23* 9(4" 4"+4 &, 4"# g$&9#% &'#%c
)(.#2*(&26 ["#%#+* 4"# ,&%.#% %#*4* -$&2 #2+80#.#24 +2) 4#2)* 4& *4%#**
4"# $&**(8(0(41 &, /&00#/4('#: (24#3%+4('# +/4(&2: 4"# 0+44#% 4#%. %#,#%* 4& +2

LG

2EI\X HDXE_+D AE9F(F`%HFEN

(2*4%-.#24+0 +8(0(41 4& 3+(2 +4 4"# #U$#2*# &, +2&4"#%6 ["#%# &2# *##* 4"#
$&**(8(0(41 &, /&00+8&%+4(&2: 4"# &4"#% *##* 4"# $&4#24(+0 ,&% )&.(2+4(&26
@* 2&4#) #+%0(#%: =())#2 %#8-7#* \+%*&2* ,&% $0+1(23 )&92 4"# /&2,0(/4 &,
(24#%#*4* (2 *&/(#41 +2) +44#.$4* 4& .+(24+(2 + 8+0+2/# 8#49##2 $&9#% +* +
4%+2*,&%.+4('# /+$+/(41 +2) +* )&.(2+4(&26 \+%*&2* (* &201 4&& +9+%#: "&95
#'#%: 4"+4 4"# +44+(2.#24 &, /&00#/4('# 3&+0* +4 4"# 0#'#0 &, 4"# *1*4#. +* +
9"&0# %#B-(%#* +2 &%3+2(d+4(&2+0 .#+2* 4& *#/-%# 4"#.6 T%3+2(d+4(&2+0
0#+)#%*"($ (* *+() 4& %#B-(%# 4"# )#'#0&$.#24 +2) )(*4%(8-4(&2 &, $&9#% (2
+2 -2#B-+0 .+22#% +* + $%#%#B-(*(4# ,&% /&00#/4('# 3&+0*6 !"-* 4"# (2*4(4-5
4(&2+0(d+4(&2 &, /&24%&0 +2) /&5&%)(2+4(&2: (2 (4*#0, + ,&%. &, g$&9#% &'#%c
&4"#%*: (* ,&% \+%*&2* + 2#/#**+%1 ,#+4-%# &, 4"# /&00#/4('# $&0(4(/+0 0+2)*/+$#6
G+22 ,&00&9* \+%*&2* )(%#/401 (2 #.8%+/(23 4"(* 0(2# &, 4"&-3"46 W&% "(. 4&&:
4"# /&00#/4('# +2) )(*4%(8-4(&2+0 +*$#/4* &, $&9#% +%# #249(2#)6 !"# +/"(#'#5
.#24 &, /&..&2 3&+0* .+1 &201 8# %#+0(d#) 4"%&-3" 4"# -*# &, g0#'#%+3#)c
&%3+2(d+4(&2+0 .#+2*6 J-4 4& 4"(*: G+22 +))* + ,-%4"#% /&2/0-*(&26
H&00#/4('# $&9#%: +04"&-3" (24#3%+4('# (2 *$(%(4: .+1 8# -*#) 4& ,-%4"#% 4"#
*#/4(&2+0 (24#%#*4* &, 0(7#5.(2)#) 3%&-$* &% (2*4(4-4(&2* 4& 4"# )#4%(.#24 &,
&4"#%: 0#** /&00#/4('#01 &%3+2(d#) (2)('()-+0* +2) 8&)(#*6 !"#%# (* 2& 0#3(4(.5
+4# /&..&2 3&&): &201 e&(24 $&9#%* +/4(23 4& 4"# )(*+)'+24+3# &, &4"#%*6
!"(*: 4"#2: (* +2 (2*4+2/# &, g$&9#% &'#%c: 8-4 &2# &%3+2(d#) 4"%&-3" /&00#/45
('# +**&/(+4(&26 ;-/" $%+/4(/#* +%# #'()#24: ,&% #U+.$0#: (2 4"# 4(#5-$* (2 4"#
30&8+0 *#.(/&2)-/4&% (2)-*4%1: 9"#%# 4"# .+e&% $0+1#%*: 4"# 0(7#* &, `JG:
!&*"(8+ +2) ;(#.#2*: "+'# 8##2 72&92 4& $&&0 4"#(% %#*&-%/#* 4& )#'#0&$
+2) #U$0&(4 4"# 2#U4 3#2#%+4(&2 &, *#.(/&2)-/4&%*6 @4 %(*7 (2 *-/" + */#2+%(&
+%# 4"# ,(%.* +2) 9&%7,&%/#* &, )(,,#%#24 /&-24%(#* 4"+4 .+1 0&*# &-4 (2 4"#
)#'#0&$.#24 %+/#6 `2 G+22c* 4#%.(2&0&31: *-/" ,(%.* 9&-0) "+'# 8##2
g&%3+2(d+4(&2+001 &-4,0+27#)c _P]RbA Za6 @ *(.(0+% &-4/&.# /&-0) 8# )#5
)-/#): +* (2)(/+4#) #+%0(#%: ,%&. 4"# /&00#/4('# $&9#%* &, 4"# .())0# /0+**#*
4& #U/0-)# 4"# 0#** &%3+2(d#) ,%&. 4"#(% 2#(3"8&-%"&&) $%#*#%'#*6 `2*4#+) &,
(24#3%+4(&2 +2) #.$&9#%.#24: B-+0(4(#* ,%#B-#2401 +**&/(+4#) 9(4" /&00+85
&%+4('# #2)#+'&-%*: 9# +%# 8+/7 9(4" )('(*(&2 +2) )&.(2+4(&26 !"# g$&9#%
4&c +/"(#'# (* .+)# 4& *#%'# 4"# $&9#% "#0) &'#% &4"#%*6 !"# /(%/0# (* /0&*#) (2
+2 +04&3#4"#% ,+.(0(+% 9+1 _*## @00#2 P]]]+: LMMLa6
K&4 +00 +//&-24* &, 4"# $&9#%* &, +**&/(+4(&2 0#+) 4& 4"(* /&2/0-*(&2:
"&9#'#%6 @2 #U/#$4(&2 (* 4"# 9&%7 &, E+22+" @%#2)4: 9"&*# '(#9 &,
/&00#/4('# +/4(&2 *4%#**#* %+4"#% 4"+2 *-8*-.#* 4"# /&00+8&%+4('#: #2+80(23
*()# 4& $&9#%6

9,(0)- +0 .+$$(.-%A( 3+4(,


\&9#% ,&% @%#2)4 (* + 8#2(32 %+4"#% 4"+2 + %#$%#**('# ,&%/# 9"(/" (*
$%&)-/#) 81 $#&$0# /&.(23 4&3#4"#% 4& $-%*-# + /&..&2 $-%$&*#6

2EI\X HDXE_+D AE9F(F`%HFEN

LM

`2 4"(*: *"# *"+%#* 9(4" \+%*&2* 4"# $-%*-(4 &, /&00#/4('# #2)*: 8-4 -20(7#
\+%*&2* *"# )&#* 2&4 '(#9 4"#(% +/"(#'#.#24 4"%&-3" 4"# #,,&%4* &, +2
(2*4(4-4(&2+0(d#) $&0(4(/+0 0#+)#%*"($ 8+*#) -$&2 8(2)(23 &80(3+4(&2*
+2) *+2/4(&2*6 W&% @%#2)4: $&9#% (* 2&4 3#2#%+4#) g,%&. +8&'#c 81 +
.&8(0(d(23 0#+)#%*"($: 8-4 *&0#01 4"%&-3" +**&/(+4(&26 `4 (* %&&4#) (2 @5/5$%
$-/,"3AQ
>"1') /&%%#*$&2)* 4& 4"# "-.+2 +8(0(41 2&4 e-*4 4& +/4 8-4 4& +/4 (2 /&2/#%46
\&9#% (* 2#'#% 4"# $%&$#%41 &, +2 (2)('()-+0h (4 8#0&23* 4& + 3%&-$ +2) %#.+(2*
(2 #U(*4#2/# &201 *& 0&23 +* 4"# 3%&-$ 7##$* 4&3#4"#%6 ["#2 9# *+1 &,
*&.#8&)1 4"+4 "# (* (2 g(2 $&9#%c 9# +/4-+001 %#,#% 4& "(* 8#(23 #.$&9#%#)
81 + /#%4+(2 2-.8#% &, $#&$0# 4& +/4 (2 4"#(% 2+.#6 !"# .&.#24 4"# 3%&-$:
,%&. 9"(/" 4"# $&9#% &%(3(2+4#) 4& 8#3(2 9(4" )(*+$$#+%*: g"(* $&9#%c +0*&
'+2(*"#*6 _P]ZMA QQa

`2 9"+4 (* +%3-+801 "#% .+e&% $&0(4(/+0 9&%7: F+' K5@$3 <"3A,/,"3 _P]ORa:
*"# 3&#* &2 4& *"&9 "&9 $&9#% (* + %+4"#% 4#2-&-* $%&)-/4(&2: *$%(23(23
-$ 8#49##2 $#&$0# &201 9"#2 4"#1 /&.# 4&3#4"#% (2 +/4(&2 +2) )#8+4#
+%&-2) /&..&2: +3%##): g$-80(/c /&2/#%2*6 `2 4"(* *#2*#: $&9#% 2&4 &201
/&.#* (24& 8#(23 4"%&-3" +**&/(+4(&2h (4 (* *&.#4"(23 9"(/" +/4-+001 "&0)*
$#&$0# 4&3#4"#% (2 4"# $-%*-(4 &, 4"#(% /&..&2: +3%##) #2)*6 !"# .&.#24
4"+4 + /&+0(4(&2 &, (24#%#*4* ,+00* +$+%4 &% 4"# .&.#24 4"+4 /&00#/4('# +/4(&2
4+7#2 4& +/"(#'# +3%##) #2)* )(**&0'#*: $&9#% (4*#0, (* *+() 4& '+2(*"6 W&%
@%#2)4: 4"#2: $&9#% (* 2&4 *&.#4"(23 9"(/" /+2 8# +$$0(#) 0(7# +2 (2*4%-5
.#24+0 ,&%/# &% .#+*-%#) &% $%#)(/4#) 0(7# .(0(4+%1 *4%#234"h (4 (* +09+1* &,
4"# .&.#246 ["#2 (4 (* 2&4 *-*4+(2#) 81 .-4-+0 +/4(&2: (4 $+**#* +9+16 T%
(2 "#% &92 9&%)*: $&9#% g/+2 &201 8# +/4-+0(d#) 8-4 2#'#% ,-001 .+4#%(+05
(d#)c _P]ORA LMMa6
`2 +)&$4(23 9"+4 .-*4 8# 4"# +24(4"#*(* &, 4"# '(#9 4"+4 $&9#% (* + 4"(23:
/+$+80# &, 8#(23 $&**#**#): *"# (* +0*& +80# 4& )#.&2*4%+4# 9"1 (4 (* 0+%3#01
(2)#$#2)#24 &, .+4#%(+0 ,+/4&%* *-/" +* 4"# *(d# +2) '&0-.# &, %#*&-%/#* (2
$0+16 \&$-0+% %#'&04 +3+(2*4 + '+*401 *-$#%(&% ,&%/#: &% 4"# +8(0(41 &, *.+00#%
$0+1#%* 4& .&8(0(d# #,,#/4('#01 +3+(2*4 4"# )#.+2)* &, 4"&*# 3%#+4#% (2 *(d#
+%# $&**(80# $%#/(*#01 8#/+-*# &, 4"# /&00+8&%+4('#: (24#3%+4('# %#*&-%/#*
Q I-Y%3#2 E+8#%.+* _P]ZZa 9+* )%+92 4& @%#2)4c* /&2/#$4(&2 &, $&9#% $%(.+%(01 ,&%
4"# *4%#** 4"+4 *"# $0+/#) -$&2 4"# ,&%.+4(&2 &, + /&..&2 9(00 4"%&-3" -2%#*4%+(2#)
/&..-2(/+4(&2: &% %+4"#% *$#+7(23 +2) +/4(23 4&3#4"#% (2 /('(/ *$+/#*6 E# ,&-2) ,+-04 (2
"#% -2)#%*4+2)(23 &, $&9#%: "&9#'#%: ,&% (4* @%(*4&4#0(+2 %&&4*: 9"(/" 0&/+4#) +/4(&2 (2 +
$-80(/ %#+0. 4"+4 8&%# 2& %#0+4(&2 4& 9"+4 "# 4&&7 4& 8# 4"# *1*4#.+4(/+001 %#*4%+(2#)
2+4-%# &, /&..-2(/+4(&2 (2 4"# /&24#.$&%+%1 $&0(4(/+0 +%#2+6 ;## E&9#00 _P]]Na:
4"&-3": ,&% +2 (24#%#*4(23 )(*/-**(&2 &2 4"# )(,,#%#2/# 8#49##2 @%#2)4c* 3%&-2)#)
2&4(&2 &, $-80(/ *$+/# +2) E+8#%.+*c* .&%# +8*4%+/4: ,&%.+0(d#) *#2*# &, 4"# $-80(/
*$"#%#6

LQ

2EI\X HDXE_+D AE9F(F`%HFEN

.&8(0(d#)6 ;-/" B-+0(4+4('# %#*&-%/#* +%# %#3+%)#) 81 @%#2)4 +* #'#%1 8(4 +*


*(32(,(/+24 +* 4"&*# 4"+4 %#01 -$&2 2-.#%(/+0 *4%#234" ,&% 4"#(% #)3#6 G&%#5
&'#%: 4"# .&8(0(d+4(&2 &, *-/" B-+0(4(#* (* '(#9#) +* + $&*(4('# 3#*4-%#: +*
#.$&9#%(23 &, 4"&*# 4+7(23 $+%4: %+4"#% 4"+2 *(.$01 +2 +/4 &, %#*(*4+2/#
)(%#/4#) 4&9+%)* + .&%# $&9#%,-0: )&.(2+24 ,&%/#6
H0#+%01 4"#%# +%# *4%&23 #/"&#* "#%# &, 4"# g$&9#% 4&c *()# &, 4"&-3"4: 8-4
9"+4 (* -2)#%0(2#) +2) (2)##) 9"+4 "+* +44%+/4#) 4"# +44#24(&2 &, ,#.(2(*4
4"(27#%* (2 $+%4(/-0+% (* 4"# $&*(4('#: #2+80(23 /&2/#$4(&2 &, $&9#% -$&2
9"(/" (4 (* 8+*#)6O @**&/(+4(&2: (2 4"(* /&24#U4: (* 2&4 /&2*()#%#) .#%#01 +*
+ ,&%. &, %#*(*4+2/# &% )#,(+2/# +3+(2*4 4"&*# 9"& g"&0)c $&9#% &% +* +
/&00#/4('# #2)#+'&-% +(.#) +4 8#2)(23 +2&4"#%c* 9(006 <+4"#%: 4"# +(. (* 4"#
,&%.+4(&2 &, + /&..&2 9(00 9"(/" #2%(/"#* $-80(/ 0(,#: +2) (2 *& )&(23
%#+$* 8#2#,(4* ,&% +00 (2'&0'#): #*$#/(+001 (2 4"# 9+1 4"+4 $#&$0# %#0+4# 4& &2#
+2&4"#%6 @4 4"# %&&4 &, 4"(* /&2/#$4(&2: +* .+1 2&9 8# +$$+%#24: (* +
/&2/#%2 9(4" 4"# B-+0(41 &, *5;%,- 4*$-': +2) (2 $+%4(/-0+% 4"# .&%+0: #4"(/+0
+2) $&0(4(/+0 /&2/#%2* 9"(/" %+(*# %+4"#% 4"+2 )(.(2(*" 4"# /('(/ /&..-5
2(416
@%#2)4c* +//&-24 &, $-80(/ *$+/# "+* 8##2 4"# *-8e#/4 &, .-/" /%(4(/+0
)#8+4#: 2&4 0#+*4 ,&% (4* 3%&-2)(23 (2 )-8(&-* ()#+0* 9"(/" %#+/" 8+/7 4& 4"#
/0+**(/+0 4(.#* &, 4"# =%##7 $&0(*6 ;#10+ J#2"+8(8 +.&23 &4"#%*: "&9#'#%:
"+* *&-3"4 4& (24#%$%#4 @%#2)4c* '(#9* &2 $-80(/ *$+/# (2 + .+22#% 4"+4
/0#+%01 %#'#+0* 4"# $&*(4('# $&9#%* &, +**&/(+4(&26 W&% J#2"+8(8A
$-80(/ *$+/# #.#%3#* 9"#2#'#% +2) 9"#%#'#%: (2 @%#2)4c* 9&%)*: g.#2 +/4
4&3#4"#% (2 /&2/#%4c6 T2 4"(* .&)#0: $-80(/ *$+/# (* 4"# *$+/# g9"#%# ,%##)&.
/+2 +$$#+%c6 `4 (* 2&4 + *$+/# (2 +21 4&$&3%+$"(/+0 &% (2*4(4-4(&2+0 *#2*#A +
4&92 "+00 &% + /(41 *B-+%# 9"#%# $#&$0# )& 2&4 g+/4 (2 /&2/#%4c (* 2&4 + $-80(/
*$+/# (2 4"(* @%#2)4(+2 *#2*#6 J-4 + $%('+4# )(2(23 %&&. (2 9"(/" $#&$0#
3+4"#% 4& "#+% + .$@,NA$/ &% (2 9"(/" )(**()#24* .##4 9(4" ,&%#(32#%* 8#/&.#
$-80(/ *$+/#*h e-*4 +* + ,(#0) &% + ,&%#*4 /+2 +0*& 8#/&.# $-80(/ *$+/# (, 4"#1
+%# 4"# &8e#/4 +2) 4"# 0&/+4(&2 &, +2 g+/4(&2 (2 /&2/#%4c: &, + )#.&2*4%+4(&2 4&
*4&$ 4"# /&2*4%-/4(&2 &, + "(3"9+1 &% + .(0(4+%1 +(%58+*#: ,&% #U+.$0#6 !"#*#
)('#%*# 4&$&3%+$"(/+0 0&/+4(&2* 8#/&.# $-80(/ *$+/#* (2 4"+4 4"#1 8#/&.# 4"#
g*(4#*c &, $&9#%: &, /&..&2 +/4(&2 /&5&%)(2+4#) 4"%&-3" *$##/" +2) $#%*-+5
*(&26 _P]]LA ]Na

O ;#10+ J#2"+8(8 _P]]L: P]]ba: K+2/1 E+%4*&/7 _P]ROa +2) D(*+ I+2# C(*/" _P]]Qa
"+'# *&-3"4 4& *"&9 "&9 @%#2)4c* '(#9* /+2 8# -2)#%*4&&) +* + ,#.(2(*4 +04#%2+4('# 4&
/&.$#4(4('#: )('(*('# +//&-24* &, $&9#% ,&%.+4(&26 E+%4*&/7: (2 $+%4(/-0+%: (* #24"-*(+*4(/
+8&-4 4"# %#e#/4(&2 &, 4"# 2&4(&2 &, $&9#% +* )&.(2+4(&2 &'#% &4"#%*: +2) 7##2 4& *"&9
"&9 $&9#% +* .-4-+0 +/4(&2 (* (2 0(2# 9(4" .-/" ,#.(2(*4 4"(27(23 &2 $&9#% +* /&.$#5
4#2/# +2) #2+80#.#24 %+4"#% 4"+2 )&.(2+2/#6 `2 + %#0+4#) *#2*#: C(*/" 9(*"#* 4& +%3-#
"&9 @%#2)4c* 2&4(&2 &, $&9#% %#*4* -$&2 $0-%+0(41 +* + /&2)(4(&2 &, $-80(/ *$+/# +2) (* (2
7##$(23 9(4" `%(* G+%(&2 f&-23c* %#/&32(4(&2 &, + g"#4#%&3#2#&-* $-80(/c _f&-23 P]]Ma6

2EI\X HDXE_+D AE9F(F`%HFEN

LL

g;(4#*c &, /&00#/4('# .&8(0(d+4(&2 9"(/" )%+9 -$&2 #U$%#**('# %#*&-%/#* 4&
.+7# 4"#(% '&(/#* "#+%) +%#: &2 4"(* (24#%$%#4+4(&2: 2&4 )(%#/4#) 4&9+%)* 4"#
$-%*-(4 &, *#/4(&2+0 (24#%#*4*6 <+4"#%: *-/" ,&%.* &, *&/(+0 *&0()+%(41 +%#
(24#2)#) 4& 4%+2*/#2) $+%4(/-0+% (24#%#*4* 81 .&8(0(d(23 +%&-2) (**-#*
9"(/" +%# ,+/#) (2 /&..&26 !"# +**&/(+4(&2+0 $&0(4(/* &,4#2 ()#24(,(#)
9(4" "-.+2 %(3"4* (**-#* (* + /+*# (2 $&(246 !"# +(. &, .&8(0(d(23 +3+(2*4
"-.+2 %(3"4* +8-*#* +2) '(&0+4(&2* (* 2&4 4& %#$0+/# &2# )&.(2+24 3%&-$
9(4" +2&4"#%: $%#'(&-*01 *-8&%)(2+4# 3%&-$6 `2 *##7(23 4& 8%(23 +8&-4 +
-2('#%*+0 $&0(4(/+0 +2) 0#3+0 ,%+.#9&%7 ,&% $%&.&4(23 (2)('()-+0 %(3"4*: &2#
9"(/" (* 2&4 (2,0-#2/#) 81 4"# (24#%2+0 +,,+(%* &, 2+4(&2 *4+4#*: "-.+2 %(3"4*
+/4('(*4* *-/" +* @.2#*41 `24#%2+4(&2+0 +%3-# 4"+4 4"# #%+)(/+4(&2 &, +00
"-.+2 %(3"4* +8-*#%* (* + $%&80#. "#0) (2 /&..&2 +2) 9&-0) 8# &, 8#2#,(4
4& #'#%1&2#6 `2 4"# /&2*4%-/4(&2 &, *-/" + 8%&+) +00(+2/#: $#&$0# &, +00
)(,,#%#24 2+4(&2+0(4(#*: 3#2)#%* +2) %+/#* 9&-0) 8# #.$&9#%#) (2 9+1*
9"(/" 9&-0) 8# *##2 4& (24#3%+4# %+4"#% 4"+2 )('()# 4"#.6
["+4 (* +0*& (24#%#*4(23 +8&-4 4"(* #U+.$0#: &% ,&% 4"+4 .+44#% /+.$+(32*
*-/" +* 4"# %#0+4('# *-//#**#* &, 4"# I-8(0## LMMM )#84 %#0(#, /+.$+(32 +2)
&, 4"# `24#%2+4(&2+0 H+.$+(32 4& J+2 D+2).(2#*: (* 4"+4 4"# /&00#/4('# +/4
&, .&8(0(d+4(&2 (* (4*#0, %#3+%)#) +* + %#*&-%/#: &2 + $+% 9(4" +21 &, 4"&*#
.#24(&2#) #+%0(#%: *-/" +* ,(2+2/# &% $%&$#%416 !"# +/4('+4(&2 &, .&%+0 +2)
$&0(4(/+0 #2#%3(#*: 4& )%+9 -$&2 @%#2)4c* 0#U(/&2: +2) 4"# 9+1* (2 9"(/"
4"#1 +%# /"+22#00#) 4& (2,0-#2/# +2) +$$#+0 4& 9()#% +-)(#2/#* S *&.# &,
9"&. .+1 8# %#*&-%/#5%(/" (2 4"# 4%+)(4(&2+0 *#2*# S (00-*4%+4# 4"# $&9#%*
&, +**&/(+4(&2 2(/#016 G&%# 4"+2 4"+4: 9"#%# *-/" 2#49&%7* &, +00(+2/# +%#
&%3+2(d#) +/%&** 2+4(&2+0 8&%)#%*: *-/" #2#%3(#* .+1 8# )(%#/401 *-$$&%4('#
+2) #2+80(23 ,&% 3%&-$* *##7(23 4& 8%(23 +8&-4 /"+23# (2 4"#(% &92 /&-25
4%(#*6 =0&8+0 2#49&%7* /+.$+(32(23 +%&-2) 9&.#2c* %(3"4*: *+1: &2 +8&%5
4(&2: )#'#0&$.#24 +2) )#84 %#0(#,: "-.+2 %(3"4*: &% +21 2-.8#% &,
#2'(%&2.#24+0 (**-#* %#$%#*#24 + ,&%. &, *&/(+0 *&0()+%(41 9"(/" 4%+2*/#2)*
0&/+0: /&..-2(41 2&4(&2* &, $-80(/ *$+/# +2) /+2 #,,#/4('#01 4-%2 *-/"
g*(4#*c (24& )(*4+2/(+4#) 2#49&%7*6 @04"&-3" @%#2)4 +$$#+%* 4& +**-.#
/0&*# $%&U(.(41 +* + $%#5/&2)(4(&2 &, +**&/(+4(&2: 4"# .&8(0(d+4(&2 &, *-/"
#2#%3(#* g+4 + )(*4+2/#c: &,4#2 &%/"#*4%+4#) 4"%&-3" 4"# (24#%2#4: (* $#%,#/401
,#+*(80# +/%&** 4&)+1 30&8+0 2#49&%7*6
`2)##): (, 9# 4"(27 8+/7 4& =())#2*c* 0(2# &, +%3-.#24 4"+4 4"# g*4%#4/"5
(23c &, *&/(+0 %#0+4(&2* (* +/4-+001 3#2#%+4('# &, $&9#%: 4"#2 4"# #U4#2*(&2 &,
*-/" 2#49&%7* &, +**&/(+4(&2 .+1 +%3-+801 8# *##2 4& #2"+2/# 4"# +.&-24*
&, $&9#% (2 /(%/-0+4(&26 !"# $&9#%* &, /#%4+(2 #2'(%&2.#24+0 3%&-$*: ,&%
#U+.$0#: +2) 4"#(% .#+2* 4& .&8(0(d# &2 + 9&%0)59()# 8+*(* +%# #2"+2/#)
8&4" 4"%&-3" 4"#(% +8(0(41 4& %#$%#*#24 #2'(%&2.#24+0 )#3%+)+4(&2 +* +
g30&8+0c $%&80#. 9"(/" ,+/#* #'#%1&2# +2) +0*& 4"%&-3" 4"#(% +8(0(41 4&
/+.$+(32 +/%&** )(,,#%#24 g$-80(/ *$+/#*c6 !"# .&*4 #,,#/4('# #2'(%&2.#25
4+0 3%&-$* ,&% #U+.$0#: *-/" +* =%##2$#+/# +2) W%(#2)* &, 4"# F+%4":

LR

2EI\X HDXE_+D AE9F(F`%HFEN

/+.$+(32 +%&-2) (**-#* 9"(/" 4"#1 /0+(. 4& 8# &, #/&0&3(/+0 *(32(,(/+2/#
2&4 e-*4 4& (2)('()-+0 /&-24%(#* 8-4 4& 4"# $0+2#4 +* + 9"&0#6 @* *-/": 4"#(%
+$$#+0 4& 4"# /(4(d#2* &, 4"# $0+2#4 (* (24#2)#) 4& ,&%3# + *#4 &, /&..&2
(24#%#*4* +%&-2) 4"# #2'(%&2.#24 9"(/": 4"%&-3" /%&**52+4(&2+0 +3%##.#24
+2) /&5&%)(2+4(&2: #2"+2/#* 4"# $#%*-+*('# $&9#% &, 4"#*# &%3+2(d+4(&2*6
`2 ,+/4: 4"# )(*4+2/(+4#) 2+4-%# &, .+21 #2'(%&2.#24+0 (**-#*: *-/" +* 4"&*#
&, +/() %+(2 &% 30&8+0 9+%.(23: 9"#%# 4"# $%&)-/4(&2 &, 4"# #,,#/4 +2) (4*
"+%.,-0 /&2*#B-#2/#* )& 2&4 /&(2/()# (2 *$+/# &% 4(.#: .+1 4"#.*#0'#*
$%&'()# 4"# $&**(8(0(41 ,&% *-/" + 2#49&%7#) .&8(0(d+4(&26
G&%#&'#%: )#*$(4# 4"# ,+/4 4"+4 *-/" /+.$+(32* .+1 8# )(%#/4#) 4&9+%)*
4"# /#**+4(&2 &, $+%4(/-0+% #/&2&.(/ +/4('(4(#* 9"(/" 0(# 8#"(2) *&.#4"(23
0(7# +/() %+(2: +2) 81 (.$0(/+4(&2 *$#/(,(/ #/&2&.(/ (24#%#*4*: 4"# /&00#/4('#
#2)#+'&-%* (2'&0'#) .+1 8# -2)#%*4&&) +* "+'(23 0#** 4& )& 9(4" 4"#
2&4(&2 &, 9(22#%* +2) 0&*#%* +2) %+4"#% .&%# 4& )& 9(4" + $&*(4('#5*-.
*/#2+%(& ,%&. 9"(/" +00 .+1 8#2#,(46 [(4" 4"# +(. &, #20('#2(23 $-80(/
)#8+4# &'#% 4"# )#4#%(&%+4(23 *4+4# &, 4"# 30&8+0 #2'(%&2.#24: (4 /&-0) 8#
+%3-#) 4"+4 4"# '+%(&-* (24#%2+4(&2+0 2#49&%7* &, #2'(%&2.#24+0 3%&-$*
"+'# +44#.$4#) 4& /&2*4%-/4 + $-80(/ *$+/# ,&% 4"# )#0(8#%+4(&2 &, +04#%2+5
4('#: .&%# /&2*/(&-*01 +9+%# 9+1* &, 0('(23: +* 9#00 +* 4& $%&.&4# %#,0#/4(&2
&2 )(,,#%#24 9+1* &, &%3+2(d(23 $&0(4(/+0 +2) /('(/ 0(,#6 @* *-/": *&.#
/&+0(4(&2* +%# 0(7#01 4& /&.# /0&*# 4& @%#2)4c* ()#+0 &, $-80(/ *$+/#* +* +2
+%#2+ ,&% +/4(&2 +2) (2,&%.#) )#8+4#6
W%&. +00 4"(* 4+07 &, /+.$+(32* +2) *(230#5(**-# /&2/#%2*: (4 (* $&**(80# 4&
3+(2 4"# (.$%#**(&2 4"+4 4"# +$$#+%+2/# +2) )(*+$$#+%+2/# &, $&9#% 0#2)
4"#.*#0'#* 4& + %+4"#% *"&%454#%.: -2$%#)(/4+80# '(#9 &, $&0(4(/*6 \#&$0#
/&.# 4&3#4"#% +/%&** '+%1(23 )(*4+2/#* -2(4#) +%&-2) + .-4-+001 +3%##)
$-%$&*# &% 3&+0 9"(/": &2/# %#+0(d#) &% )(*$0+/#): )(**&0'#* &2# $-80(/
*$+/# (2 ,+'&-% &, +2&4"#%: .&%# $%#**(23 3&+06 E&9#'#%: +* J#2"+8(8 "+*
$&(24#) &-4: 4"# +3#2)+5*#44(23 2+4-%# &, @%#2)4c* +**&/(+4(&2+0 $&9#% (*
2&4 4"# /#24%+0 (**-# &, $&0(4(/+0 0(,#A 9"+4 %#+001 .+44#%* (* 4"# 9+1 4"+4
$&0(4(/+0 0(,# +2) )(+0&3-# +%# /&2)-/4#)6 W&% @%#2)4A
4"# #,,#/4 &, /&00#/4('# +/4(&2 (2 /&2/#%4 9(00 8# 4& $-4 #'#% 2#9 +2) -2#U5
$#/4#) (4#.* &2 4"# +3#2)+ &, $-80(/ )#8+4#6 !"-* 4"# g+**&/(+4(&2+0c .&)#0
)#'#0&$* 2&4 + *-8*4+24('# 8-4 + *)"-'A5)$% /&2/#$4 &, $-80(/ *$+/# 9"(/" (* (2
,+/4 /&.$+4(80# 9(4" 4"(* '(#96 ["+4 (* (.$&%4+24 "#%# (* 2&4 *& .-/" 1+$/
$-80(/ )(*/&-%*# (* +8&-4 +* 4"# 1$# (2 9"(/" 4"(* )(*/&-%*# 4+7#* $0+/#A ,&%/#
+2) '(&0#2/# )#*4%&1 4"# *$#/(,(/(41 &, $-80(/ )(*/&-%*#: 81 (24%&)-/(23 4"#
g)-.8c 0+23-+3# &, $"1*(/+0 *-$#%(&%(41 +2) /&2*4%+(24 +2) 81 *(0#2/(23 4"#
'&(/# &, $#%*-+*(&2 +2) /&2'(/4(&26 T201 $&9#% (* 3#2#%+4#) 81 $-80(/ )(*5
/&-%*# +2) (* *-*4+(2#) 81 (46 _P]]NA PMOa

;& 4"# (.+3# &, 4"# ,0##4(23 .&.#24 9"(/" 4#.$&%+%(01 -2(4#* $#&$0#
+%&-2) + /&..&2 /+-*# (* 0#** *(32(,(/+24 4"+2 4"# .+22#% (2 9"(/" (**-#*

2EI\X HDXE_+D AE9F(F`%HFEN

LZ

+%# )#8+4#) +2) +/4#) -$&26 X(&0#2/#: +8&'# +00: 0(.(4* 4"# $&**(8(0(41 &,
$#&$0# /&.(23 4&3#4"#% 4& $&&0 4"#(% /&00#/4('# #2#%3(#* (2 4"# $-%*-(4 &,
/&..&2 3&+0*6 @/4* &, '(&0#2/#: 4"# ,&%/#,-0 *-$$%#**(&2 &, &4"#%*: +%#
,&% @%#2)4 4"# +24(4"#*(* &, $&9#%A 4"#1 +%# + &2#5*()#): (2*4%-.#24+0 +/4
9"(/" (2'+%(+801 g/&.#* (24& $0+1 9"#2 $&9#% (* 8#(23 0&*4c _P]ZMA ONa &%
(* (2 e#&$+%)16 !"# W%#2/" 3&'#%2.#24c* '(&0#24 +/4(&2 +3+(2*4 &2# &,
=%##2$#+/#c* .&8(0(d(23 /+.$+(32 *"($*: 4"# !$,3;"1 P$)),"): (2 K#9
j#+0+2) (2 P]RO ,&%/#,-001 (00-*4%+4#* 4"# $&(24: +* )&#* 4"# '(&0#24 %#$%#*5
*(&2 &, H"(2+c* #.8%1&2(/ )#.&/%+/1 .&'#.#24 (2 !(+2+2.#2 ;B-+%#:
J#(e(23: (2 P]R] 81 4"# /#24%+0 H"(2#*# *4+4#6 `2 4"# 0+44#% /+*#: (2 $+%4(/-5
0+%: 4"# *#$+%+4(&2 +2) (*&0+4(&2 &, +/4('(*4*: 4"# )#2(+0 &, +**&/(+4(&2 +2)
/&..-2(/+4(&2 +%&-2) (**-#* &, )#.&/%+/1: %&88#) 4"&*# (2'&0'#) &, 4"#(%
/&00#/4('# $&9#%6b gX(&0#2/#c: @%#2)4 +%3-#*: g/+2 +09+1* )#*4%&1 $&9#%h
&-4 &, 4"# 8+%%#0 &, + 3-2 3%&9* 4"# .&*4 #,,#/4('# /&..+2): %#*-04(23 (2
4"# .&*4 (2*4+24 +2) $#%,#/4 &8#)(#2/#6 ["+4 2#'#% /+2 3%&9 &-4 &, (4 (*
$&9#%c _P]ZMA ONa6
T2 4"(* */&%#: $&9#% +2) '(&0#2/# +%# 2&4 &201 *##2 +* &$$&*(4#*: 8-4 +%#
+0.&*4 8&-2) 4& +$$#+% +* 0&/+4#) (2 B-(4# )(,,#%#24 41$#* &, /&00#/4('#
&%3+2(d+4(&26 `2)##): 4"#%# (* .-/" 4& *-$$&%4 4"(* &8*#%'+4(&2 (2 4"+4 +*
$&9#%: ,&% @%#2)4: /+2 &201 8# 7#$4 +0('# 4"%&-3" +**&/(+4(&2: *& '(&0#2/# (*
#.8&)(#) (2 &'#%+%/"(23 (2*4(4-4(&2* 0(7# 4"# *4+4#6 T2 /0&*#% (2*$#/4(&2:
"&9#'#%: @%#2)4 )&#* 2&4 /&24%+*4 '(&0#2/# %#01(23 &2 /&..+2) +2) %#$%#*5
*(&2 &%3+2(d#) g,%&. +8&'#c +2) $&9#% ,0##4(2301 &%3+2(d#) g,%&. 8#0&9c6
<+4"#%: 4"# /&24%+*4 (* )%+92 8#49##2 4"&*# &%3+2(d+4(&2* 9"(/" +/4 &2 4"#
8+*(* &, .-4-+0 /&2*#24 +2) +3%##) 3&+0* +2) 4"&*# 9"(/" )& 2&46 =&'#%25
.#24*: ,&% (2*4+2/#: .+1 #,,#/4 + .&2&$&01 &2 4"# .#+2* &, '(&0#2/# +2) -*#
(4 +* + 0+*4 %#*&%4 4& .+(24+(2 4"#(% $&9#%: 8-4 4"+4 )&#* 2&4 .+7# 4"#.
41%+22(/+0 %#3(.#*6 =&'#%2.#24 +* +2 &%3+2(d#) +/4('(41 .+1 *4(00 %#*4 &2
0#3(4(.+4# /&2*#24 )#*$(4# (4* .&2&$&0(d+4(&2 &, 4"# .#+2* &, '(&0#2/#6
!"# /&24%+*4 (2 &%3+2(d+4(&2+0 ,&%.* 4"+4 @%#2)4 (* %#+/"(23 ,&% /+2
$#%"+$* 8#*4 8# (00-*4%+4#) 81 )%+9(23 +44#24(&2 4& 4"# -44#% /&24#.$4 (2
9"(/" *"# "#0) 8-%#+-/%+/1 +* + ,&%. &, )&.(2+4(&2: &% %+4"#%: +* *"#
4#%.#) (4: g%-0# 81 2&8&)1c _P]ZMA NRa6 `, 9# 4"(27: ,&% #U+.$0#: &, J#2"+5
8(8c* &8*#%'+4(&2 4"+4 + 4&92 "+00 9"#%# $#&$0# )& 2&4 g+/4 (2 /&2/#%4c ,+00*
*"&%4: (2 @%#2)4c* '(#9: &, 8#/&.(23 + $-80(/ *$+/#: 4"#2 [#8#%c* 8-%#+-5
/%+4(/ &,,(/(+0 &$#%+4(23 + %-0#58&-2) *1*4#. &, /&24%&0 ,+00* &-4*()# &, 4"#
,%+.# &, $&9#%6 T%3+2(d+4(&2* 9"(/" )%+9 4"#(% +-4"&%(41 ,%&. #U$#%4
b @%#2)4c* 9&%7 &2 4&4+0(4+%(+2 +2) 41%+22(/+0 %-0# (* 4"# 3-()(23 (2,0-#2/# "#%#A
41%+221c* +%8(4%+%1 %-0# *(0#2/#* (2)('()-+0* +2) )#*4%&1* %#0+4(&2*"($* 8#49##2 $#&$0#:
9"(0*4 4&4+0(4+%(+2(*. (* .&%# (2*()(&-* (2 4"+4 (4 .&8(0(d#* $#&$0# +* +4&.(d#) $&0(4(/+0
*-8e#/4* (2 (4* *-$$&%46 !"# K+d( %#3(.# +2) ;4+0(2(*4 <-**(+ +%# 4"# 49& #U+.$0#* &,
4&4+0(4+%(+2 %-0# #U$0&%#) 81 @%#2)4 (2 F+' Q),(,34 "6 F"/$%,/$),$3,4@ _P]OPa6

LP

2EI\X HDXE_+D AE9F(F`%HFEN

*1*4#.* +2) /0&4"# 4"#(% +/4(&2* +2) e-)3#.#24* (2 +2 +2&21.&-* *#4 &,
%-0#* +2) $%&/#)-%#* 41$(,1 4"# "(#%+%/"(/+0 2&4(&2* &, $&9#% 9"(/" @%#2)4
%#e#/4*6 \-80(/ &,,(/(+0* +2) $%('+4# .+2+3#%* 9"& &$#%+4# &2 4"# 8+*(* &,
(.$#%*&2+0: 8-%#+-/%+4(/ %#+*&2 )#,(2# + ,&%. &, 3&'#%2+2/# +* /&24%&0 "C')
&4"#%* 9"(/" *"# %#,-*#) 4& +/72&90#)3# +* $&9#%6 `2*4#+): *"# (2'&7#) +
'&/+8-0+%1 &, $&9#% 9"(/" )&#* 2&4 %#01 -$&2 4"# 0+23-+3# &, )&.(2+4(&2
+2) /&24%&06
W&% 9+24 &, + 8#44#% )#*/%($4(&2: @%#2)4c* '&/+8-0+%1 &, $&9#% (* /&25
/#%2#) 9(4" 4"# /)$34C')4' %#0+4(&2*"($* &, $&9#%h 4"+4 (*: 4"&*# 9"(/" /-4
+/%&** /&2'#24(&2+0 &%3+2(d+4(&2+0 0(2#* +2) $%+/4(/#*6 !"# 2#49&%7* &,
+**&/(+4(&2 $-4 4&3#4"#% 81 .+21 &, 4"&*# (2'&0'#) (2 "-.+2 %(3"4* &%
3%##2 $&0(4(/* +%#: 9# "+'# *##2: #23+3#) (2 /&00#/4('# +/4(&2 9"#%# 4"#
4%+)(4(&2+0 2&4(&2* &, '#%4(/+0 $&9#% 2##) 2&4 +$$01: &% %+4"#% 4"#1 )& 2&4
+$$01 (2 4"#(% /&2'#24(&2+0 *#2*#6 K#3&4(+4(&2 +2) $#%*-+*(&2 +%# 2&4
+09+1* -2)#%*4&&) +* .&)#* &, $&9#%: 8-4 (2 %#,#%%(23 4& 4"# g$&9#% 4&c
+/"(#'# &-4/&.#* 4"#1 +%# (2)(*$#2*+80# .&)#*: +2) *& 4&& (* +-4"&%(41 S
+04"&-3" (2 4"(* /&24#U4 9(4" +2 +04&3#4"#% )(,,#%#24 &%3+2(d+4(&2+0 .#+2(23
,%&. 4"+4 -2)#%*4&&) 81 [#8#%6
@-4"&%(41: +* + .&)# &, $&9#%: "+* ,&% @%#2)4 0&*4 .-/" &, (4* &%(3(2+0
.#+2(236 `2 "#% #**+1 g["+4 (* +-4"&%(41kc _(2 @%#2)4 P]bPa: *"# )%#9
+44#24(&2 4& + 0&23*4+2)(23 (24#%$%#4+4(&2 &, +-4"&%(41 9"(/" "+* (4* %&&4*
(2 4"# /0+**(/+0 <&.+2 4%+)(4(&26 `2 *-/" + /&24#U4: +-4"&%(41 9+* *&.#5
4"(23 4"+4 9+* %#/&32(d#) %+4"#% 4"+2 *(.$01 /0+(.#)h (4 9+* *&.#4"(23 4"+4
9+* "#0) $@"3( $#&$0#: 2&4 &'#% 4"#.6 W+% ,%&. 8#(23 (2*4%-.#24+0 +* +
.&)# &, +/4(&2: +-4"&%(41 9+* /&2*()#%#) 4& 8# /0&*#% 4& g.#%# +)'(/#:
2##)(23 2#(4"#% 4"# ,&%. &, /&..+2) 2&% #U4#%2+0 /&#%/(&2 4& .+7# (4*#0,
"#+%)c _P]bPA PLNa6 ;##2 (2 4"(* 0(3"4: +-4"&%(41 (2'&0'#) 8&4" (2,&%.#)
72&90#)3# +2) %#*$#/4 8+*#) -$&2 4"# %#/&32(4(&2 &, *&.#&2# +* $3
+-4"&%(416 !"&*# "&0)(23 *-/" + $&*(4(&2 9&-0) 8# 72&92 (2 4"# /&..-5
2(41 +2) )#,#%%#) 4&: #'#2 (, 4"#(% +)'(/# 9+* 2&4 "##)#)6 =())#2* _P]]Qa
%#,#%* 4& *-/" ,(3-%#* +* g3-+%)(+2*c: $#&$0# 9"&*# e-)3#.#24 /&-0) 8#
4%-*4#) &2 4"# 8+*(* &, 4"#(% g9(*)&.c &% +//#** 4& + *$#/(+0(d#) 8&)1 &,
72&90#)3#: (2 /&24%+*4 4& [#8#%c* %+4(&2+050#3+0 *#2*# &, +-4"&%(416 !"#
()#+ &, + "(#%+%/"(/+0 +-4"&%(41 8+*#) -$&2 4#/"2(/+0 #U$#%4(*# &% (.$#%5
*&2+0 %-0#* *4+2)* (2 *"+%$ /&24%+*4: 4"#%#,&%#: 4& 4"(* .&%# %$/')$% *#2*# &,
+-4"&%(41 (2 4"# *&/(+0 /&..-2(416
@* (2 4"# $%#'(&-* /"+$4#% 4"#2: (4 (* $&**(80# 4& 8%&+)#2 &-% -2)#%*4+2)5
(23 &, 4"# )(,,#%#24 .&)#* 4"%&-3" 9"(/" $&9#% &$#%+4#*6 `2 3&(23 8#1&2)
)&.(2+4(&2 +2) &4"#% .&)#* &, (2*4%-.#24+0 $&9#%: 9"+4 @%#2)4c* +%3-5
.#24* +%# +80# 4& (00-.(2+4# (* 4"+4 +**&/(+4(&2+0 $&9#% .+1 +0*& 9&%7
4"%&-3" $+%4(/-0+% /&00+8&%+4('# .&)#*6 F'#2 9"#%# 4"# *+.# 4#%.*: *-/"
+* g+-4"&%(41c +2) g$#%*-+*(&2c: +%# (2 $0+1: 4"#1 /+2 "+'# B-(4# )(,,#%#24
.#+2(23* )#$#2)(23 -$&2 4"# .+22#% (2 9"(/" $&9#% (* /&2/#$4-+0(d#)6

2EI\X HDXE_+D AE9F(F`%HFEN

LV

[# 9(00 %#4-%2 4& 4"# *(32(,(/+2/# &, 4"(* $&(24 (2 $+%4 ``: 9"#%# .&)#* &,
$&9#% +%# /&2*()#%#) (2 3%#+4#% )#$4"6 W&% 4"# .&.#24: 4"&-3": 9# 4-%2 4&
4"# *$+4(+0 0(.(4+4(&2* &, 4"&*# +//&-24* 9"(/" +)&$4 + '(#9 &, $&9#% +*
*&.#4"(23 $%&)-/#) 4"%&-3" 4"# .&8(0(d+4(&2 &, %#*&-%/#*: /&00#/4('# &%
&4"#%9(*#: #2+80(23 &% 2&46

F"9,6,J&G ."/&(#H 1$(&$8+&G 0&#":(8&#


C#*$(4# )(,,#%#2/#* &, (24#%$%#4+4(&2 +* 4& 9"+4 $-%$&*# &% #2)* $&9#%
*"&-0) 8# $-4 4&: @%#2)4 *"+%#* 9(4" 8&4" =())#2* +2) G+22 4"# 2&4(&2
4"+4 $&9#% (* $%&)-/#) 4"%&-3" 2#49&%7* &, +**&/(+4(&2: &% .&%# +//-%+4#01
4"%&-3" 2#49&%7* &, *&/(+0 (24#%+/4(&26 ["(0# (4 (* 4"# (2*4+24(+4(&2 &, $&9#%
(2 *&/(+0 +/4(&2 9"(/" %#$%#*#24* 4"# /&%# &, 4"(* /&2/#$4(&2 &, $&9#%: (4 (*
4"# .&8(0(d+4(&2 &, %#*&-%/#* 4"%&-3" 2#49&%7* 9"(/" *#4* &-4 4"# 4#%.* &,
(4* *$+4(+0 '&/+8-0+%16 `2 /&24%+*4 4& + '&/+8-0+%1 9"(/" )#*/%(8#* $&9#% +*
)(*4%(8-4#) &% )#0#3+4#) ,%&. +21 2-.8#% &, /#24%#*: &2 4"(* '(#9 $&9#% (*
*&.#4"(23 4"+4 /&.#* +8&-4 4"%&-3" 4"# g*4%#4/"(23c &, %#*&-%/#* &'#%
*$+/# +2) 4(.#6 ["#2 $&9#% (* 2&4 *-*4+(2#) 81 2#49&%7#) (24#%+/4(&2: (4
$+**#* +9+1: +2) (4 (* (2 4"(* *#2*# 4"+4 4"# g*4%#4/"(23c &, *&/(+0 %#0+4(&2*
.+1 8# *+() 4& 8# 3#2#%+4('# &, $&9#%6 !"(* (* /0#+%01 4"# /+*# ,&% =())#2*
+2) G+22: 9"& 8&4" (2 )(,,#%#24 3-(*#* +)&$4 + )(*4+2/(+4#) '(#9 &, $&9#%:
+2) (4 (* .&%# &% 0#** (.$0(/(4 (2 @%#2)4c* '(#9 &, /&00#/4('# +/4(&26 F'#2
4"&-3" @%#2)4c* +//&-24 &, /&00#/4('# .&8(0(d+4(&2 (* 0+%3#01 %#*4%(/4#) 4&
g$-80(/ *$+/#*c: +2 -2)#%*4+2)(23 &, *-/" *$+/#* +* /&00+8&%+4('# 2#49&%7*
.+7#* (4 %#0+4('#01 #+*1 4& /&2/#('# &, 4"#. +* &$#%+4(23 #(4"#% (2 /0&*#
$%&U(.(41 &% g+4 + )(*4+2/#c6
f#4 +* + *$+4(+0 '&/+8-0+%1 &, $&9#%: 4"# 2&4(&2 &, )(*4+2/(+4#) 2#49&%7*:
` 9&-0) +%3-#: %#.+(2* )(*4(2/401 *-$#%,(/(+06 `2 G+22c* /+*#: 9"(0*4 2&
)&-84 4"# &%3+2(d+4(&2+0 .#+2* +'+(0+80# 4& )(,,#%#24 *&-%/#* &, $&9#% +%#
(.$&%4+24 4& %#3(*4#%: (, &201 8#/+-*# 4"#1 +0#%4 -* 4& 4"# 0(.(4+4(&2* +2)
/&2*#B-#2/#* &, g*4%#4/"(23c $&9#% &'#% *$+/#: 4"# +2+01*(* ,%#B-#2401 *4&$*
+4 e-*4 4"# $&(24 9"#%# 4"# .&%# $%#**(23 B-#*4(&2* &//-%h (2 $+%4(/-0+%: 4"#
B-#*4(&2 &, "&9 )(*4+2/# +2) .&8(0(41 +,,#/4 2&4 e-*4 4"# #U4#24 &, $&9#%:
8-4 +0*& (4* .&)# +2) /&2*4(4-4(&26 @* 9(4" =())#2*: 4"#%# (* + *4%&23 *#2*#
(2 G+22c* 9&%7 &, "&9 $&9#% +/4* +* + .#)(-. 4"%&-3" 9"(/" )(*4+24
3&+0* +%# +/"(#'#) +/%&** 4"# 2#49&%7*6 E&9 ,+% 4"(* 41$# &, +2+01*(* /+2 3&
8#1&2) 4"+4 &, + g/#24%#)c /&2/#$4(&2 &, $&9#%: "&9#'#%: 9"#%# $&9#% (*
4%+2*.(44#) (24+/4: (* B-(4# -2/0#+%6
H0#+%01: .&8(0(d#) $&9#%* +%# 2&4 4%+2*.(44#) &-49+%)* ,%&. +2 ()#24(,(5
+80# /#24%# (2 +21 *4%+(3"4,&%9+%) .+22#%: 8-4 2&2# 4"# 0#** 4"#%# (* #'#%1
(.$%#**(&2 4"+4 $&9#% 3#2#%+4#) (2 &2# $+%4 &, + )(*4+2/(+4#) 2#49&%7 (*
4%+2*.(44#) (24+/4 +/%&** (46 !"# /%-/(+0 0(.(4+4(&2 &, 4"(* '(#9 (* 4"+4 9(4"

R;

2EI\X HDXE_+D AE9F(F`%HFEN

$&9#% /&2/#('#) +* +2 #,,#/4 &, g*4%#4/"#)c (24#%+/4(&2: 2#49&%7* %#+)(01


+$$#+% +* 0(440# .&%# 4"+2 -$)),')4 &, %#*&-%/#* .&8(0(d#) +4 )(,,#%#24 *(4#*
+2) 0&/+4(&2* &2 4"# 2#49&%76 ["#2 $&9#%: &% %+4"#%: .&%# +//-%+4#01:
%#*&-%/#*: (* &% +%# *+() 4& 8# g*4%#4/"#)c (2 4"(* 9+1: (4 (* +* (, + .#4+$"&% &,
$"1*(/+0 #2#%31 ,0&9* "+* 8##2 8&%%&9#) -2/%(4(/+001 4& /&2'#1 4"# /(%/-0+5
4(&2 &, $&9#%6

=(-4+,>() :$+4& +: 3+4(,7


C#*$(4# 4"# %(/"#% *$+4(+0 '&/+8-0+%1 &, 4"(* g2#49&%7#)c /&2/#$4(&2 &,
$&9#%: 9(4" (4* *#2*# &, %#+/": */&$# +2) +/4(&2 g+4 + )(*4+2/#c: 4"# ,0&9
&, $&9#% 4"%&-3" 4"# 2#49&%7* )&#* 2&2# 4"# 0#** +$$#+% %#.+%7+801
%&-4(2#6 !"# .#4+$"&% &, ,0&9 (* "(3"01 +$$%&$%(+4# (2 4"(* /&24#U4: +* (4
/&2'#1* 4"# ()#+ 4"+4 3#44(23 4"(23* )&2# g+4 + )(*4+2/#c: +04"&-3" .#)(+4#)
(2*4(4-4(&2+001: &//-%* 4"%&-3" 4"# ,0-() 4%+2*.(**(&2 &, %#*&-%/#*6 `4 (* 2&4
+* (, 0(440# "+$$#2* +/%&** 4"# 2#49&%7*h &2 4"# /&24%+%1: 4"# #U4#24 &,
.&8(0(d+4(&2 +4 )(,,#%#24 *(4#* +/%&** 4"# )(,,#%#24 2#49&%7* *-33#*4* /&2*()5
#%+80# (24#%'#24(&26 J-4: +* (2 4"# $%#'(&-* /"+$4#%: $&9#% %#0+4(&2*
#U4#2)#) &'#% *$+/# +2) 4(.# 4"%&-3" 4"# 2#49&%7* *##. 4& %#.+(2 %#0+5
4('#01 -24&-/"#) 81 4"# #U$#%(#2/#6 \&9#% .+1 8# +/4-+0(d#) 81 4"# .&8(05
(d+4(&2 &, %#*&-%/#* +4 $+%4(/-0+% $&(24* &2 4"# 2#49&%7: 8-4 2#(4"#% 4"# *(4#*
&% $&9#% g/&24+(2#%*c: 2&% 4"# $%&e#/4(&2 &, $&9#% +/%&** *$+/#: +%# $%&85
0#.+4(d#)6
F'#2 (2 %#0+4('#01 /&.$0#U +//&-24* &, 2#49&%7#) (24#%+/4(&2*: *-/" +*
4"+4 $%&'()#) 81 G+2-#0 H+*4#00* (2 "(* +//&-24 &, 4"# %(*# &, + 30&8+0:
(2,&%.+4(&258+*#) *&/(#41: 0(440# +44#24(&2 (* $+() 4& 4"# 4%+2*,&%.+4(&2 S +*
&$$&*#) 4& 4"# 4%+2*.(**(&2 S &, $&9#%6 `2 F+' !,4' "6 /+' I'/1")9 ."-,'/#
_P]]ba: ,&% #U+.$0#: H+*4#00* +%3-#* 4"+4 (2/0-*(&2 +2) #U/0-*(&2 ,%&.
2#49&%7*: +2) 4"# )12+.(/* 8#49##2 2#49&%7*: +%# 4"# /%(4(/+0 *&-%/#* &,
)&.(2+4(&2 9"(/" .+%7 4"# 8#3(22(23 &, +2 (2,&%.+4(&2 +3#6 K#49&%7* +%#
/&2/#('#) 81 H+*4#00* +* &$#2: (24#%/&22#/4#) *4%-/4-%#*: /+$+80# &, -20(.5
(4#) #U$+2*(&2: 4"%&-3" 9"(/" %#*&-%/#* &, +00 7(2)* +%# *+() 4& ,0&9A
/+$(4+0: (2,&%.+4(&2: 4#/"2&0&31: $#&$0#: +* 9#00 +* (.+3#*: *&-2)* +2)
*1.8&0*6 C(,,#%#24 7(2)* &, 2#49&%7* +%# *##2 4& (2'&0'# )(,,#%#24 %#5
*&-%/#* +2) #+/" 2#49&%7 (* *+() 4& /&2*4%-/4 (4* &92 3#&3%+$"1 &, /&24%&0:
9(4" *$#/(,(/ *(4#* &2 4"# 2#49&%7 $%&)-/(23: *9(4/"(23: )(%#/4(23 +2)
/&5&%)(2+4(23 %#*&-%/#*6 J1 g,0&9*c H+*4#00* -2)#%*4+2)*A
$-%$&*#,-0: %#$#4(4('#: $%&3%+..+80# *#B-#2/#* &, #U/"+23# +2) (24#%+/4(&2
8#49##2 $"1*(/+001 )(*e&(24#) $&*(4(&2* "#0) 81 *&/(+0 +/4&%* (2 4"# #/&2&.(/:
$&0(4(/+0: +2) *1.8&0(/ *4%-/4-%#* &, *&/(#41 6 6 6 !"# *$+/# &, ,0&9* (* 2&4
$0+/#0#**: +04"&-3" (4* *4%-/4-%+0 0&3(/ (*6 `4 (* 8+*#) &2 +2 #0#/4%&2(/ 2#49&%7:

2EI\X HDXE_+D AE9F(F`%HFEN

R:

8-4 4"(* 2#49&%7 0(27* -$ *$#/(,(/ $0+/#*: 9(4" 9#005)#,(2#) *&/(+0: /-04-%+0:
$"1*(/+0 +2) ,-2/4(&2+0 /"+%+/4#%(*4(/*6 ;&.# $0+/#* +%# #U/"+23#%*: /&..-5
2(/+4(&2 "-8* $0+1(23 4"# %&0# &, /&5&%)(2+4(&2 ,&% 4"# *.&&4" (24#%+/4(&2 &,
+00 4"# #0#.#24* (24#3%+4#) (24& 4"# 2#49&%7*6 T4"#% $0+/#* +%# 2&)#* &, 4"#
2#49&%7: 4"+4 (* 4"# 0&/+4(&2 &, *4%+4#3(/+001 (.$&%4+24 ,-2/4(&2* 4"+4 8-(0) +
*#%(#* &, 0&/+0(4158+*#) +/4('(4(#* +2) &%3+2(d+4(&2* +%&-2) + 7#1 ,-2/4(&2 (2
4"# 2#49&%76 D&/+4(&2 (2 4"# 2&)# 0(27* -$ 4"# 0&/+0(41 9(4" 4"# 9"&0#
2#49&%76 J&4" 2&)#* +2) "-8* +%# "(#%+%/"(/+001 &%3+2(d#) +//&%)(23 4&
4"#(% %#0+4('# 9#(3"4 (2 4"# 2#49&%76 _P]]bA QPLSPNa

["(0*4 4"#%# (* .-/" 4"+4 (* .&'(23 +%&-2) 4"# 2#49&%7* (2 +00 .+22#% &,
)(%#/4(&2*: 4"#%#,&%#: +* H+*4#00* *& *-//(2/401 #U$%#**#* (4: (4 (* g4"# $&9#% &,
,0&9* n9"(/"o 4+7#* $%#/#)#2/# &'#% 4"# ,0&9* &, $&9#%c _P]]bA Qb]a6 @*
$&9#% (* 4%+2*.(44#) 4"%&-3" 4"# 2#49&%7*: (4 (* *-8e#/4 4& *9(4/"(23 +2)
(24#%%-$4(&2 (2 .-/" 4"# *+.# 9+1 +* #2#%31 ,0&9* +%# *-8e#/4 4& %#)(%#/5
4(&2 +2) %#*(*4+2/#6 `24#%+/4(&2* +/%&** 4"# 2#49&%7* .+1 8# /&2*4(4-4('# &,
$&9#%: 8-4 (2 8#49##2 4"# $%&)-/4(&2 &, $&9#% +2) (4* 4%+2*.(**(&2 0(440#
&4"#% 4"+2 )(%#/4(&2+0 /"+23#* +/%&** 4"# "(#%+%/"(#* /&.# (24& ,&/-*6
`24#%#*4(2301: 4"# ,+.(0(+% #U+.$0# &, g9&%0)c &% g30&8+0c /(4(#* (* &,,#%#) 81
H+*4#00* +* %#$%#*#24+4('# &, + $%&3%+..#) 2#49&%7: 9"#%# 4"# )#/(*(&25
.+7(23 $&9#%* &, + K#9 f&%7 &% + !&71& +%# &, *#/&2)+%1 (.$&%4+2/# 4&
4"# /&2*4(4-4('# $&9#% &, 4"# 2#49&%7 (4*#0,6 `2 $0+/# &, +2 #,,#/4('# /+$+/(41
,&% /&24%&0: 4"# 30&8+0 /(4(#* S +* g$%&)-/4(&2 *(4#*c &, 4"# (24#%2+4(&2+0
#/&2&.1 S +$$#+% 4& )%+9 4"#(% $&9#% ,%&. 8#(23 0&/7#) (24& + 2#49&%7#)
*#%(#* &, $%&3%+..+80# #U/"+23#*6 @* *-/": (4 (* 4"# $&9#% &, 4"# 2#45
9&%7#) ,0&9*: 4"# .+22#% (2 9"(/" 4"#1 #2+80# /-04-%+0 +2) #/&2&.(/ #0(4#*
4& (24#%+/4 (2 *(.-04+2#&-* 4(.#: 9"(/" )%+9* H+*4#00*c* +44#24(&26
X+%(&-* $-80(/ +2) $%('+4# #0#/4%&2(/ 2#49&%7*: (2/0-)(23 4"# (24#%2#4
+2) /&.$+21 (24%+2#4*: +00&9 ,&% /&24(2-&-* (24#%+/4(&2 4& 4+7# $0+/# +4 4"#
30&8+0 */+0# (2 %#+0 4(.#: 9"(/": 9"(0*4 &8'(&-*01 ,+/(0(4+4(23 4"# /0-*4#% &,
#U$#%4 72&90#)3#* (2 $+%4(/-0+% /(4(#*: +0*& 8%(23* 4&3#4"#% +8*#24 &4"#%* (2
*(.-04+2#&-* 4(.#6 !"# 2#49&%7* 4"#.*#0'#* +$$#+% 4& "+'# + 0(,# &, 4"#(%
&92: 4"# 0&3(/ &, 9"(/" "+* 4"# +8(0(41 4& /+%'# &-4 2#9 *$+/#*: g'#%1 .-/"
0(7# %+(09+1* )#,(2#) gg#/&2&.(/ %#3(&2*cc +2) gg2+4(&2+0 .+%7#4*cc (2 4"#
(2)-*4%(+0 #/&2&.1c _P]]bA QPLa6 `2 /&24%&0 &, 4"(* 0&3(/: 4"%&-3" 4"#(%
+8(0(41 4& )(%#/4 +2) %#)(%#/4 4"# ,0&9 &, %#*&-%/#*: +%# 4"# 4%+2*2+4(&2+0
#0(4#*: 4"&*# 9"& +%# 8+*#) (2 4"# 9&%0)c* .+e&% /(4(#*: 1#4 (*&0+4#) ,%&. 4"#
.+e&%(41 &, 4"&*# +%&-2) 4"#.6 gF0(4#* +%# /&*.&$&0(4+2: $#&$0# +%# 0&/+0c
_P]]bA QPOa: *4+4#* H+*4#00* +* + .#+2* &, /&2'#1(23 4"# $&(24 4"+4 *-/"
#0(4#* +%# +44+/"#) .&%# 4& 4"# 2#49&%7* 4"+2 4& 4"# /(4(#* 4"#.*#0'#*6 ["+4
#2+80#* *-/" #0(4#* 4& 3+(2 +//#** 4& 4"# 2#49&%7* +2) 4& /(%/-0+4# ,%##01 +%#
4"# *"+%#) /-04-%+0 +2) *1.8&0(/ /&)#* #.8#))#) (2 4"# ,0&9 &, (24#%5
+/4(&2: 9"(/" *#%'# 8&4" +* + 8+)3# &, +).(**(&2 +2) + 8+%%(#% 4& #24%16

RG

2EI\X HDXE_+D AE9F(F`%HFEN

E#2/# ,&% H+*4#00* 4"(* (* 2&4 +2 #24%#2/"#)A


g$&9#% #0(4#c $ %$ [%(3"4 G(00*6 T2 4"# /&24%+%1: %#+0 *&/(+0 )&.(2+4(&2 *4#.*
,%&. 4"# ,+/4 4"+4 /-04-%+0 /&)#* +%# #.8#))#) (2 4"# *&/(+0 *4%-/4-%# (2 *-/"
+ 9+1 4"+4 4"# $&**#**(&2 &, 4"#*# /&)#* &$#2* 4"# +//#** 4& 4"# $&9#%
*4%-/4-%# 9(4"&-4 4"# #0(4# 2##)(23 4& /&2*$(%# 4& 8+% +//#** 4& 4"# 2#49&%7*6
_P]]bA QPba

F0(4# 3%&-$(23* (2 /(4(#* *-/" +* K#9 f&%7 +2) D&2)&2 +%# *##2 4"#%#,&%# 4&
.&8(0(d# 4"#(% $&9#% 4"%&-3" 4"# 2#49&%7*: 4"%&-3" 4"# /&5$%#*#24 (24#%5
+/4(&2 9"(/" #2+80#* 4"#. 4& *"%(27 4"# *$+/# +2) 4(.# 8#49##2 4"#. +2)
4& /&2*4%-/4 /0&*#%: (24#3%+4#) 4(#* +2) /&22#/4(&2*6 !"-* 4"# #0(4#* +2) 4"#
(2*4(4-4(&2* &, 9"(/" 4"#1 +%# + $+%4 +%# -04(.+4#01 )#$#2)#24 &2 4"# ,0&9*
+2) 2#49&%7* ,&% 4"#(% /-04-%+0 +2) #/&2&.(/ +8(0(4(#*: +2) +%# 0#** (2,0-5
#2/#) 81: (2)##) +%# )#4+/"#) ,%&.: 4"#(% 0&/+0 *-%%&-2)(23* +2) /&24#U46
!"# )#/(*(&25.+7(23 $%&/#** (* 4"-* 2&4 0&/+4#) +4 +00h %+4"#% (4 (* +/4-+0(d#)
4"%&-3" 4"# 2#49&%7#) ,0&9* &, (24#%+/4(&2 8#49##2 /(4(#*6
K#49&%7*: 9# +%# 4&0): /&2*4(4-4# 4"# 2#9 *&/(+0 .&%$"&0&31 &, &-%
*&/(#4(#*: +2) *-/"A
2#49&%7 .&%$"&0&31 (* +0*& + *&-%/# &, )%+.+4(/ %#&%3+2(d+4(&2 &, $&9#%
%#0+4(&2*"($*6 ;9(4/"#* /&22#/4(23 4"# 2#49&%7* _,&% #U+.$0#: ,(2+2/(+0 ,0&9*
4+7(23 /&24%&0 &, .#)(+ #.$(%#* 4"+4 (2,0-#2/# $&0(4(/+0 $%&/#**#*a +%# 4"#
$%('(0#3#) (2*4%-.#24* &, $&9#%6 !"-* 4"# *9(4/"#%* +%# 4"# $&9#% "&0)#%*6
;(2/# 2#49&%7* +%# .-04($0#: 4"# (24#%&$#%+4(23 /&)#* +2) *9(4/"#* 8#49##2
2#49&%7* 8#/&.# 4"# ,-2)+.#24+0 *&-%/#* (2 *"+$(23: 3-()(23 +2) .(*3-()5
(23 *&/(#4(#*6 _P]]bA QZPa

f#4 +.()*4 +00 4"(* .&%$"(*. 4"# %#'(*+80# +2) %#)#,(2+80# 2+4-%# &, 4"#
$&9#%* (2'&0'#) %#.+(2* *4%(/401 &-4 &, ,&/-*: &% .&%# 4& 4"# $&(24 -24"#5
&%(d#)6 W&% +00 4"# )#4+(0#) %#/&32(4(&2 +//&%)#) 81 H+*4#00* 4& 4"# 4%+2*5
.(**(&2 &, $&9#% 4"%&-3" 4"# 2#49&%7*: 4"# +8*#2/# &, +21 *#%(&-*
/&2*()#%+4(&2 &, $&9#% 8#1&2) "&9 (4 (* g*4%#4/"#)c: /&5&%)(2+4#) &% %#)(%5
#/4#) +.&-24* 4& + %+4"#% 0(.(4#) /&2/#$4(&2 &, .&8(0(d#) $&9#%*6 @05
4"&-3" 4"# 2&4(&2 &, $&9#% +* + /#24%+0(d#) ,&%/# (* $+**#) &'#% (2 ,+'&-%
&, + .&%# ,0-() /&2/#$4(&2: 4"# -2$%&80#.+4(d#) 2+4-%# &, $&9#% 9(4"(2
+2) +/%&** 4"# 2#49&%7* %#.+(2*6
G&%#&'#%: 4"(* (* 4"# /+*# 9"#4"#% (4 (* + ,&%. &, g0#'#%+3#)c &% &,
/&00+8&%+4('# $&9#% 9"(/" (* -2)#% /&2*()#%+4(&26 !+7#: ,&% (2*4+2/#: 4"#
/+*# &, &'#%*#+* H"(2#*# 2#49&%7*: +2 #U+.$0# 9"(/" H+*4#00* +0*& )%+9*
-$&26 H&00+8&%+4('# $&9#%: &, 4"# (2,&%.+0 7(2) #U"(8(4#) (2 &'#%*#+*
H"(2#*# 2#49&%7*: (* &,4#2 $&%4%+1#) +* *&.#4"(23 9"(/" ,0&9* 4"%&-3"
4"# )(,,-*# /&..-2(4(#*: 8# (4 E&23 ?&23 &% !+(9+2 &% ,-%4"#% +,(#0) (2
;&-4" F+*4 @*(+ &% 4"# 0+%3# H"(2#*# /&..-2(4(#* (2 K&%4" @.#%(/+6 !"#

2EI\X HDXE_+D AE9F(F`%HFEN

RM

2#49&%7* &, /&22#/4(&2* 9"(/" 0(27* 4"#*# /&..-2(4(#* +%# 8+*#) -$&2
,+.(01 +2) %#3(&2+0 #4"2(/ 4(#*: +2) *-*4+(2#) 81 $+%4(/-0+%(*4(/ 4(#* &, 4%-*4
+2) &80(3+4(&2 9"(/" #2+80# 4"(23* 4& 3#4 )&2# g+4 + )(*4+2/#c6 !"# (2,&%.+0
2+4-%# &, 4"#*# /&22#/4(&2* (* &,4#2 %&&4#) (2 ,+.(01 /"+(2* 4"+4 3& 8+/7
3#2#%+4(&2*: 9(4" 8&4" $#%*&2+0 +2) ,(2+2/(+0 %#*&-%/#* /(%/-0+4(23 4"%&-3"
4"# )(*$#%*#) /&..-2(4(#*: #,,#/4('#01 81$+**(23 2+4(&2+0 3&'#%2.#24 /&25
4%&0* 4& %#+/" &-4 +/%&** 4"# 30&8# _*## <#))(23 P]]Mh T0)* P]]Oh E*(23
P]]Rh T23 +2) K&2(2( P]]Za6 !"+4 4"# g$&9#% 4&c .&8(0(d# (2 *-/" 2#45
9&%7* (* ,%#B-#2401 -*#) +4 4"# #U$#2*# &, &4"#% *#4* &, (24#%#*4* (* 8#*()# 4"#
$&(24 "#%#6 @* + ,&%. &, /&00#/4('# +**&/(+4(&2: 4"# *4+8(0(41 &, 4"#*# 2#45
9&%7* (* +**-.#) 4& 8# )%+92 ,%&. 4"# $&&0#) %#*&-%/#* &, 0&1+041 +2)
&80(3+4(&26 `4 (* 4"#*# B-+0(4(#* 9"(/": (2 H+*4#00*c* '(#9 4&&: -2)#%$(2 4"#
$&9#% &, 4"#*# 2#49&%7* 4& *#/-%# +)'+24+3#* +0&23 4"#(% 0#234" +2)
8%#+)4"6
@2) 1#4: (2 /&2*()#%(23 4"#*# )(*4+2/(+4#) 2#49&%7*: 4"#%# *##.* 4& 8#
0(440# +$$%#/(+4(&2 4"+4 9"+4 +/4-+001 "&0)* 4"#. 4&3#4"#% &'#% *$+/# +2)
4(.# +.&-24* 4& .&%# 4"+2 4"# $+%4(/-0+% %#*&-%/#* $&&0#)6

L&$/"(5 ?,8$,">#
` *4+%4#) 4"(* /"+$4#% 81 &-40(2(23 4"# *#2*# (2 9"(/" $&9#% .+1 8# 4"&-3"4
+8&-4 +* + .#)(-.: 4"+4 (*: +* +2 #,,#/4 $%&)-/#) (2 +2) 4"%&-3" *&/(+0
(24#%+/4(&2: +2) 4"#2: ,&00&9(23 =())#2* +2) G+22: $%&/##)#) 4& )%+9 +
/0#+% )(*4(2/4(&2 8#49##2 $&9#% +2) %#*&-%/#*6 `2 *$(4# &, 9"+4 ` 4"#2 0+4#%
*+() +8&-4 )(*4+2/(+4#) 2#49&%7* +.&-24(23 4& 0(440# .&%# 4"+2 /+%%(#%* &,
%#*&-%/#* .&8(0(d#) +4 )(,,#%#24 *(4#* +2) 0&/+4(&2*: ` )& 9+24 4& "&0) &2 4&
4"# (.$&%4+2/# &, 4"# )(*4(2/4(&2: #*$#/(+001 ,&% %#/&32(d(23 4"# /%(4(/+0 %&0#
4"+4 %#*&-%/#* $0+1 (2 4"# 3#2#%+4(&2 &, $&9#% +* +2 #,,#/46 G+22c* (2*(3"4
(24& 4"# 0&3(*4(/* &, _%#a*&-%/#*: (2 $+%4(/-0+% "&9 4"#1 +%# &%3+2(d#)
4"%&-3" #U4#2*('# +2) (24#2*('# 2#49&%7*: (* + *(32(,(/+24 /&24%(8-4(&2 4&
&-% -2)#%*4+2)(23 &, 9"+4 (* (2'&0'#) (2 4"# $%&/#** &, %#*&-%/# .&8(0(d+5
4(&26 ["+4 G+22 +2) &4"#%* +%# +0*& %#*$&2*(80# ,&%: "&9#'#%: (* /0&-)(23
4"# 9"&0# (**-# 81 /%#+4(23 4"# (.$%#**(&2 4"+4 $&9#% +* 9#00 +* %#*&-%/#*
+/4-+001 ,0&9* &% /(%/-0+4#* &'#% 4%+/4* &, *$+/# +2) 4(.#6
!"# (.+3# &, %#*&-%/#* g*4%#4/"#)c &'#% *$+/# +2) 4(.#: &%3+2(d#) (2
0&&*# &% 4(3"401 &%/"#*4%+4#) 9+1* 4& +/"(#'# .+U(.-. %#+/": (* ,(2#6 ;& 4&&
(* 4"# ()#+ &, %#*&-%/#* .&'(23 +%&-2) )(,,#%#24 7(2)* &, 2#49&%7*: /&25
4%&00#) +2) /&5&%)(2+4#) ,%&. '+%(&-* 0&/+4(&2*: +* $+%4 &, +2 &'#%+00
$%&/#** &, 2#49&%7#) $%&)-/4(&26 J-4 (4 (* + ,(/4(&2 4& *-33#*4 4"+4 $&9#%
,0&9* (2 +2+0&3&-* 9+1*6 \&9#%: +* +%3-#) (2 4"# 0+*4 /"+$4#%: (* 2&4 *&.#
g4"(23c &% +44%(8-4#h (4 /+22&4 8# $&**#**#) +* %#*&-%/#* /+2h +2) (4 )&#* 2&4
4%+'#06

RQ

2EI\X HDXE_+D AE9F(F`%HFEN

E&9 *-/" +2 (.$%#**(&2 "+* 8##2 +80# 4& 4+7# *-/" + ,(%. "&0) (2 4"#
(.+3(2+4(&2: #2+80(23 4"# 0(7#* &, H+*4#00* 4& )#0(8#%+4# 9"#4"#% (4 (* 4"#
$&9#% &, ,0&9* &% 4"# ,0&9 &, $&9#% 9"(/" 4+7#* $%#/#)#2/#: &9#* .-/": `
9&-0) +%3-#: 4& + *$+4(+0 '&/+8-0+%1 &, $&9#% 4"+4 #U-)#* $0+-*(8(0(416 !"#
+2+0&31 9(4" $"1*(/+0 #2#%31 ,0&9* (* + ,+.(0(+% &2#: ,&% 4"# 2&4(&2 4"+4
$&9#% ,0&9*: &% 4"+4 (4 (* *9(4/"#): %#)(%#/4#) &% 4%+2*.(44#) +/%&** 4"#
0#234" +2) 8%#+)4" &, 4"# 2#49&%7*: (* 0(7#01 4& 4-%2 ,#9 "#+)*6 H+*4#00*c*
0+23-+3# &, 2#49&%7 "-8* &% $%&3%+..# #U/"+23#%* *#%'#* &201 4& +-35
.#24 4"# (.$%#**(&2 4"+4 *&/(+0 $&9#%: 0(7# (4* $"1*(/+0 /&-24#%$+%4: /(%/-5
0+4#* ,%&. $&(24 4& $&(24: ,%&. $0+/# 4& $0+/#6
T))01: (4 *##.* 4"+4 + $+%4(/-0+% '(#9 &, *&/(+0 *$+/# 9"(/" #.$"+*(d#*
4"# /(%/-0+4(&2 +2) ,0&9 &, $&9#% .+7#* (4 )(,,(/-04 4& /&2*()#% (4 &4"#% 4"+2
+* 8&-2) -$ 9(4" $%&80#.* &, "&9 4& /&24%&0 +2) /&5&%)(2+4# %#*&-%/#*
+/%&** *$+/#6 ["#%#+* 2#49&%7* +%# /&2*()#%#) &2 4"(* '(#9 4& 8# *4%+(3"45
,&%9+%)01 /&2*4(4-4('# &, $&9#% (2 3#2#%+0: *-/" +//&-24* *##. -2+80# 4&
#24#%4+(2 4"# '(#9 4"+4 *$+4(+0(41 .+1 +/4-+001 8# /&2*4(4-4('# &, 4"# '+%(&-*
.&)+0(4(#* &, $&9#% /+00#) (24& $0+1 9"#2#'#% +2) 9"#%#'#% $&9#% (*
$%&)-/#) +2) .&8(0(d#)6 \#%"+$* 4"#%# (* + $+%+00#0 4& 8# )%+92 8#49##2
4"# ()#+ &, $&9#% +* + ,(U#) /+$+/(41: #0+8&%+4#) (2 4"# $%#'(&-* /"+$4#%:
+2) $&9#% +* + ,0-() 4%+2*.(**(&2: &-40(2#) "#%#6 W&% 8&4" ()#+* *#%'# 4&
.(*0#+): 4"# ,&%.#% +* + #-$"#.(*. ,&% %#*&-%/#* +2) +8(0(4(#*: +2) 4"#
0+44#% +* + 2#49&%7 ,(/4(&2 /&2'#1(23 + ,+0*# *#2*# (2 9"(/" $&9#% (* 8#0(#'#)
4& ,0&96
E+'(23 *+() 4"+4: ` *4(00 9(*" 4& %#4+(2 4"# '(#9 4"+4 2#49&%7#) %#0+4(&2* &,
$&9#% +%# + *(32(,(/+24 $+%4 &, &-% *&/(+0 +%/"(4#/4-%#6 `4 (* 4"# .#4+$"&% &,
$&9#% ,0&9* 4"+4 ` %#e#/4: 2&4 4"+4 &, *&/(+0 2#49&%7*6 W&% *&.# 2#49&%7#)
%#0+4(&2*"($* &, $&9#% +%# $%#/(*#01 &, 4"# 7(2) 4"+4 =())#2* +2) G+22
+00-)# 4&: 9"(/" +00&9 ,&% (24#%+/4(&2 4& 4+7# $0+/# (2 2#+% (2*4+24+2#&-*
4(.#: 9"(0*4 &4"#%* (2'&0'# + *-//#**(&2 &, $%+/4(/#* 8%()3(23 4"# 3+$ 8#5
49##2 "#%# +2) 4"#%# (2 + .&%# .#)(+4#) ,+*"(&26 @ 4&$&0&3(/+0 %+4"#% 4"+2
+ */+0+% /&2/#$4(&2 &, 2#49&%7* (* 4& .1 .(2) 4"# .&%# +$$%&$%(+4# .#+2*
&, #U$%#**(&2: 9"#%# $&9#% %#0+4(&2* +%# /&2*4(4-4#) 4"%&-3" 4"#(% *$+/(23
+2) 4(.(23: 9"#4"#% 4"#1 8# (2*4%-.#24+0 (2 7(2) &% &, + .&%# /&00+8&%+4('#
2+4-%#6 !& 3%+*$ 4"(* /&2/#$4(&2 ,-001: "&9#'#%: 9"#%# $&9#% (* +/4('#01
/&2*4(4-4#) (2 *$+/# +2) 4(.#: 9# 2##) ,(%*4 4& /&2*()#% $&9#% +* +2
(..+2#24 2&4 +2 #U4#%2+0 ,&%/#6

2"3'- .) .$ F44.$'$* %11.0-8 K"@5.@&*


.$6 C'&'@>'J) H"/"&",05.& C'*.0&

!"# *#2*# (2 9"(/" $&9#% .+1 8# /&2*()#%#) +* +2 (..+2#24 ,&%/# 4+7#* -*


,+% 8#1&2) 4"# .&%# +//-*4&.#) 9+1* (2 9"(/" $&9#% (* 4"&-3"4 4& 8#
%#0+4#) 4& 4"# +.&-24 &, %#*&-%/#* +4 *&.#&2#c* )(*$&*+0 &% 4& 8# $&**#**#)
81 +2 (2*4(4-4(&2 &% + 3%&-$6 @* (4 (* /&..&201 -2)#%*4&&): $&9#% .+7#* (4*
$%#*#2/# ,#04: 9"#4"#% 4"%&-3" )(%#/4 +/4(&2 &% 4"%&-3" 4"# /&00#/4('# #,,&%4*
&, (2)('()-+0* (24#24 &2 $-%*-(23 + $+%4(/-0+% 3&+06 F'#2 (, 4"# $&9#% &,: *+1:
+ *&,49+%# /&%$&%+4(&2 &% + 3&'#%2.#24 +3#2/1 (* )##.#) 4& 8# 0+4#24: (4
9(00 #'#24-+001 *"&9 (4*#0, (2 *&.# .+2(,#*4 ,&%.6 ["#2 $&9#% (* ,@@$3'3/:
"&9#'#%: 4"(* (* 2&4 B-(4# "&9 (4 9&%7*6 `2 4"(* /"+$4#%: 4"# +(. (* 4& *"&9
"&9 (4 (* $&**(80# 4& /&2'#1 $&9#% +* *&.#4"(23 9"(/" 9&%7* &2 *-8e#/4* +*
9#00 +* 4"%&-3" 4"#. S +4 &2# +2) 4"# *+.# 4(.#6 T2 4"(* -2)#%*4+2)(23:
4"#%# (* 2& #U4#%2+0 %#,#%#2/# $&(24 4& $&9#%: 2& ,&%/# (.$&*(23 (4*#0, ,%&.
4"# &-4*()# 4& /&2*()#%: &201 4"# *#4* &, %#0+4(&2* +2) /(%/-.*4+2/#* 4"+4
&2# ,(2)* &2#*#0, 9(4"(26 \&9#% )&#* 2&4 *"&9 (4*#0, 8#/+-*# (4 (* (.$0(/+4#)
(2 +00 4"+4 9# +%# +2) +00 4"+4 9# (2"+8(46
\#%"+$* +2&4"#% 9+1 4& #U$%#** 4"(* %+4"#% 2#8-0&-* /0+(. (* 4& )%+9 +
*(.$0# /&24%+*4A (, .&%# ,+.(0(+%: g/#24%#)c +//&-24* &, $&9#% /&2*()#% (4 +*
*&.#4"(23 *#$+%+4# ,%&. 9"+4 (4 /+2 )&: +* + /+$+/(41 )(*4(2/4 ,%&. (4*
#U#%/(*#: +2 (..+2#24 $#%*$#/4('# /&2/#('#* &, $&9#% +* ,34'*$)$;%' ,%&.
(4* #,,#/4*6 \&9#% (2 4"(* /&24#U4 "+* 0#** 4& )& 9(4" 4"# #U4#24 4& 9"(/"
$#&$0# /&2,&%. &% /&.$01 9(4": *+1: 4"# $%&2&-2/#.#24* &, *&.# +-4"&%5
(41 4"+2 9(4" 4"# #,,#/4('#2#** 9(4" 9"(/" *-8e#/4* (24#%2+0(d# 4"#(% .#+25
(236 `4 (* &, 0(440# (.$&%4+2/#: 4"#2: 4& +*7 4"# B-#*4(&2: g["& "+* $&9#%kc
+2) &, 3%#+4#% /&2/#%2 4& 72&9 *&.#4"(23 +8&-4 4"# 4#/"2(B-#* &, $&9#%
9"(/" 9&%7 +* *&.# 7(2) &, 2&%.+0(d(23 ,&%/#6 !"(* -2)#%*4+2)(23 (*
-2)&-84#)01 /0#+%#*4 (2 4"# 9%(4(23* &, G(/"#0 W&-/+-04: 9"#%# $&9#% (*
*+() 4& 9&%7 4"%&-3" (2)(%#/4 4#/"2(B-#* &, *#0,5%#3-0+4(&2 9"(/" .+7# (4
)(,,(/-04 ,&% (2)('()-+0* 4& /&2*4(4-4# 4"#.*#0'#* (2 +21 &4"#% 9+16

RR

2EI\X %? %N FAA%N\NH %KK%FX

W&% W&-/+-04: +2) (2)##) ,&% 9%(4#%* 9"& +)&$4 + *(.(0+% '(#9 &, $&9#%:
*-/" +* =(00#* C#0#-d#: 4"# ,&/-* &, 4"(* -2)#%*4+2)(23 (* -$&2 4"# 4#/"5
2(B-#* +2) $%+/4(/#* 9"(/" /&.$&*# 4"# 4#U4-%# &, )+(01 0(,#6 ["#4"#%
(2*4(4-4(&2+0 (2 ,&%.: +* (2 4"# /+*# &, +2 +).(2(*4%+4('# &,,(/# &% 9&%7$0+/#:
&% 9()#% (2 */&$#: /&22#/4#) 4& 4"# 9#0,+%# &, *-8e#/4* .&%# 8%&+)01: 4"#
,&/-* &, (2B-(%1 (* *B-+%#01 &2 4"# #2)0#** $0+1 &, 4#/"2(B-#* +2) $%+/4(/#*
9"(/" 9&%7 4& *#/-%# $+%4(/-0+% ,&%.* &, /&2)-/4 &%: .&%# $&(24#)01:
4"%&-3" 9"(/" $#&$0# ,%##01 ,+*"(&2 4"#(% &92 *#2*# &, *#0,6
!"# *4%#** -$&2 4"# &$#22#** &, &-4/&.#*: 4"# ,+/4 4"+4 *-8e#/4* +%#
#**#24(+001 6)'' 4& %#3-0+4# 4"#(% &92 8#"+'(&-%* 4"&-3" 2&4 (2 +00 $&**(80#
9+1* &, /"&&*(23: (* + 7#1 #0#.#24 &, 4"(* +$$%&+/" 4& $&9#%6 W&% &2# 4"(23:
(4 (* *-33#*4('# &, .&%# 4"+2 4"# ()#+ 4"+4 $&9#% #2+80#* *-8e#/4* 4& 3#4
4"(23* )&2#6 <+4"#%: (4 (* *-33#*4('# &, 4"# &$#25#2)#) 2+4-%# &, $&9#%:
9"#%# #'#2 4"# 8#*45$0+22#) 4#/"2(B-#* &, $&9#% *&.#"&9 )& 2&4 4+7#
"&0) (2 4"# 9+1 (.+3(2#)6 !"# %#*-04: 4& 8&%%&9 + $"%+*# ,%&. C#0#-d# +2)
=-+44+%( _P]RRa: (* + 7(2) &, g.&0#/-0+% *&-$c: 9"#%# -2#U$#/4#) #0#.#24*
/&.# (24& $0+1 +2) 4"(23* 2#'#% B-(4# 9&%7 &-4 (2 4"# .+22#% +24(/($+4#)6
`4 9&-0) 8# + .(*4+7#: "&9#'#%: 4& 4+7# 4"(* 0(2# &, 4"&-3"4 4&& ,+%6
C#*$(4# 4"# -2/#%4+(241 +44+/"#) 4& 4"(* */#2+%(&: $&9#% +* +2 (..+2#24:
2&%.+0(d(23 ,&%/# 9"(/" &$#%+4#* 4"%&-3" 4"# )#4+(0#) ,+8%(/ &, $#&$0#c*
0('#* #%%* &2 4"# *()# &, *4+8(0(41 +2) %#3-0+%(41: %+4"#% 4"+2 4"# %#'#%*#6
;(32(,(/+2401: (2 +2 +//&-24 9"(/" +%3-#* 4"+4 $&9#% (* 2&4 *& .-/" +8&'#
-* +* +%&-2) +2) +.&23 -*: 4"#%# (* +**-.#) 4& 8# 0(.(4#) %&&. ,&%
.+2&#-'%#6 !"# #.$"+*(* (* -$&2 4"# /0&*(23 )&92 &, $&**(8(0(4(#*: 2&4
4"# $%&0(,#%+4(&2 &, 4"#.: +2) (4 (* 4"(* +44#24(&2 4& /&2*4(4-4('# )#4+(0 9"(/"
$%&'()#* 4"# 4&-/"*4&2# ,&% + $+%4(/-0+% *$+4(+0 '&/+8-0+%1 &, $&9#%6 `,
2&4"(23 (* #U4#%2+0 4& $&9#%: 4"#2 4"# '+%(&-* 4#/"2(B-#* 9"(/" $0+/#
*-8e#/4*: 0&/+4# 4"#. &% +44#.$4 4& $%#*/%(8# 4"#(% .&'#.#24 (2 *&.#
,+*"(&2 +%# (24#3%+0 4& (4* '#%1 $#%,&%.+2/#6 `2 4"(* *#2*#: *$+4(+0 +**#.5
80+3#*: &% %+4"#% *$#/(,(/ 9+1* &, +%%+23(23 *&/(+0 %#0+4(&2*"($*: +%# $+%4 +2)
$+%/#0 &, 4"# (24#%2+0(d(23 #,,#/4* &, $&9#%6 !"#1 +%#: 4& 8# $%#/(*#: /&2*4(5
4-4('# &, (46
!"(* %#,&%.-0+4(&2 &, $&9#%: 9(4" (4* *4%#** -$&2 4"# (..+2#24 2+4-%# &,
4#/"2(B-#* +2) $%+/4(/#*: (* 4"# .+(2 ,&/-* &, 4"(* /"+$4#%6 @4 4"# &-4*#4: 9#
#U$0&%# 4"(* ,&%.-0+4(&2 &, $&9#% 4"%&-3" 4"# 4&$&0&3(/+0 %#2)#%(23 &, (4 81
W&-/+-04: +2) 4"# %#0+4#) &2# 81 C#0#-d#: 81 /&2/#24%+4(23 -$&2 (4*
*-33#*4#) )(+3%+..+4(/ B-+0(4(#*6
["(0*4 .-/" &, 4"(* +2+01*(* "+* 4+7#2 $0+/# +4 4"# 0#'#0 &, 4"# (2*4(4-4(&2:
8# (4 + *(4# &, .#)(/+0 $%+/4(/#: $*1/"(+4%1: $-2(*".#24 &% &4"#%9(*#: .&%#
%#/#2401 +44#24(&2 "+* 4-%2#) 4& 9"+4 (4 .#+2* 4& 3&'#%2 4"# *#0, +/%&** +
.&%# )(,,-*# 0+2)*/+$# 9"#%# *-8e#/4* +%# 0#** /&2,(2#)6 !"(* *"(,4 (2 4"#
*/&$# &, +2+01*(* 4& 4"# 0#'#0 &, 4"# #24(%# $&$-0+4(&2 "+*: (2 .1 '(#9:
$%&'#) )##$01 $%&80#.+4(/+06 `2 9"+4 0(440# W&-/+-04: (2 $+%4(/-0+%: 0#,4 -*

2EI\X %? %N FAA%N\NH %KK%FX

RZ

4& 3& &2: 4"# *#2*# (2 9"(/" 4"# #U#%/(*# &, 3&'#%2.#24 &'#% + */+44#%#)
$&$-0+4(&2 %#.+(2* (..+2#24 (2 (4* )(*$#%*+0 (* &$#2 4& )&-846 D&*4 (2 4"#
4&$&0&3(/+0 )#4+(0: #*$#/(+001 (2 4"# 9&%7 &, 4"&*# 9"& "+'# +44#.$4#) 4&
+)+$4 *-/" + ,%+.#9&%7: ` +%3-#: +%# 8&4" 9"+4 )(,,#%#2/# *$+4(+0(41 .+7#*
4& $&9#%c* #,,#/4('# %#+/" +2) 4"# $+%4(/-0+%(41 &, 4"# $&9#% %#0+4(&2*
(2'&0'#)6
@* (2 4"# 49& $%#'(&-* /"+$4#%*: 4"&-3": 8#,&%# 9# $%&/##) 9# 2##) 4& 8#
/#%4+(2 +8&-4 9"+4 $&9#% /&2/#('#) +* + *#%(#* &, 4#/"2(B-#*: $%+/4(/#* +2)
)('#%*# *4%+4#3(#* +/4-+001 #24+(0*6

."/&( )# ) M&8+>,N:&
;-%$%(*(2301: $#%"+$*: 4"# ()#+ &, $&9#% +* + *#%(#* &, /&.$0#U +2) )('#%*#
4#/"2(B-#* (* %#0+4('#01 *4%+(3"4,&%9+%) 4& /&.$%#"#2)6 `2 0(2# 9(4" W&-5
/+-04c* _P]RL: P]RQ: P]RR+: P]RR8: P]RR/a -*# &, 4"# 4#%.: 4"#%# (* 2&
#2)-%(23 /+$+/(41 4& $&9#% 9"(/" .+1 &% .+1 2&4 8# %#+0(d#): &201 4"#
%&-4(2# )#$0&1.#24 &, 4#/"2(B-#* S *$+4(+0: &%3+2(d+4(&2+0: /0+**(,(/+4&%1:
%#$%#*#24+4(&2+0: #4"(/+0 &% &4"#%9(*#: )#$#2)(23 -$&2 4"# ,&%.* &, $&9#%
(2'&0'#) S 9"(/" *##7 4& .&-0) 4"# /&2)-/4 &, *$#/(,(/ 3%&-$* &% (2)('()5
-+0* +2): +8&'# +00: 0(.(4 4"#(% $&**(80# %+23# &, +/4(&2*6 !#/"2(B-#* &,
$&9#%: (2 4"(* *#2*#: &$#%+4# 81 (2)-/(23 (2 &4"#%* +$$%&$%(+4# ,&%.* &,
/&2)-/46
@00 &, 4"(*: 4"#2: +$$#+%* 4& 8# B-(4# -2%#.+%7+80# S -24(0: 4"+4 (*: &2#
%#/&32(d#* 4"+4 4"# 4#/"2(B-#* &, $&9#% &201 *"&9 -$ +* +2 #,,#/4 &2 4"#
+/4(&2* &, &4"#%*6 !"#%# +%# 2& )(%#/4 /&2*4%+(24* &2 8#"+'(&-%: 2& &'#%4
*+2/4(&2* &% $%&"(8(4(&2* &2 9"+4 *"&-0) +2) *"&-0) 2&4 8# )&2#6 !"#%#
+%# &201 ,3A,)'-/ 4#/"2(B-#* &, %#3-0+4(&2 9"(/" 9&%7 &2 *#0,5#U$#%(#2/#6
H&..#24(23 -$&2 4"(* +*$#/4 &, W&-/+-04c* +2+01*(* &, $&9#% (2 %#0+4(&2 4&
*#U-+0(41: H"+%0#* !+10&% _P]ROa 2&4#* 4"+4A
4"(* .+7#* -* &8e#/4* &, /&24%&0 (2 +00 *&%4* &, 9+1* 9"(/" 9# 8+%#01 -2)#%5
*4+2)6 !"# (.$&%4+24 4"(23 4& 3%+*$ (* 4"+4 9# +%# 2&4 /&24%&00#) &2 4"# &0)
.&)#0: 4"%&-3" /#%4+(2 $%&"(8(4(&2* 8#(23 0+() &2 -*6 [# .+1 4"(27 9# +%#
3+(2(23 *&.# ,%##)&. 9"#2 9# 4"%&9 &,, *#U-+0 $%&"(8(4(&2*: 8-4 (2 ,+/4 9#
+%# )&.(2+4#) 81 /#%4+(2 (.+3#* &, 9"+4 (4 (* 4& 8# + ,-00: "#+04"1: ,-0,(00#)
*#U-+0 8#(236 @2) 4"#*# (.+3#* +%# (2 ,+/4 '#%1 $&9#%,-0 (2*4%-.#24* &,
/&24%&06 _P]ROA PbLa

`2 4"(* $+%4(/-0+% (2*4+2/#: 4"# $0+1 &, %#$%#*#24+4(&2+0 (.+3#%1 9&-0) 8#


&2# (00-*4%+4(&2 &, + 4#/"2(B-# &, $&9#% )#$0&1#) +0&23*()# &4"#%* 9"(/"
.+7# (4 +00 4"# .&%# )(,,(/-04 2&4 4& +**-.# + $+%4(/-0+% *#U-+0 2+4-%#6
!#/"2(B-#* &, 4"# *#0,: 9"#%# $#&$0# 0(4#%+001 %#3-0+4# 4"#(% &92 8#"+'(&-%

RP

2EI\X %? %N FAA%N\NH %KK%FX

+2) /&2)-/4: 4"-* %#$%#*#24 + 2&'#0 +*$#/4 &, W&-/+-04c* +2+01*(*: 9"#4"#%
(4 8# (2 %#0+4(&2 4& *$#/(,(/ (2*4(4-4(&2+0 8#"+'(&-%* (2 */"&&0*: "&*$(4+0*:
9&%7$0+/#* &% $%(*&2*: &% .&%# 8%&+)01 (2 %#0+4(&2 4& "#+04": *#U-+0(41: 4"#
.+%7#4$0+/# +2) *& ,&%4"6 `2 ,+/4: 4"# $&4#24(+0 '+%(#41 &, +%#2+* *##.*
+0.&*4 0(.(40#** +2) &4"#%*: &2 4"# 8+/7 &, W&-/+-04c* 9&%7 &2 4"# 4#/"5
2(B-#* &, 3&'#%2.#24 (2 $+%4(/-0+%: "+'# *&-3"4 8&4" 4& 3#2#%+0(d# 4"#
+$$%&+/" +2) 4& .-04($01 4"# 2-.8#% &, *#44(23* (2 9"(/" $#&$0# .+7#
4"#.*#0'#* -$6 G(00#% +2) <&*# _P]]Ma: ,&% #U+.$0#: (2 4"#(% +$$%&+/" 4&
4"# 3&'#%2.#24 &, *#0, (2 #/&2&.(/ 0(,#: 4%#+4 -* 4& + %(/" $+2&$01 &,
4#/"2(B-#* +2) $%+/4(/#*6 `2)##): ,&% 4"#.: 4"# 0(*4 ,4 #2)0#**: +* 4"#1 *(,4A
4"# +/4-+0 .#/"+2(*.* 4"%&-3" 9"(/" +-4"&%(4(#* &, '+%(&-* *&%4* "+'# *&-3"4
4& *"+$#: 2&%.+0(d# +2) (2*4%-.#24+0(d# 4"# /&2)-/4: 4"&-3"4: )#/(*(&2* +2)
+*$(%+4(&2* &, &4"#%* (2 &%)#% 4& +/"(#'# 4"# &8e#/4('#* 4"#1 /&2*()#% )#*(%+80#6
!& -2)#%*4+2) .&)#%2 ,&%.* &, %-0#: 9# *-33#*4 %#B-(%#* +2 (2'#*4(3+4(&2 2&4
.#%#01 &, 3%+2) $&0(4(/+0 */"#.+: &% #/&2&.(/ +.8(4(&2*: 2&% #'#2 &, 3#2#%+0
*0&3+2* *-/" +* g*4+4# /&24%&0c 2+4(&2+0(d+4(&2: 4"# ,%## .+%7#4 +2) 4"# 0(7#:
8-4 &, +$$+%#2401 "-.80# +2) .-2)+2# .#/"+2(*.* 9"(/" +$$#+% 4& .+7# (4
$&**(80# 4& 3&'#%2A 4#/"2(B-#* &, 2&4+4(&2: /&.$-4+4(&2 +2) /+0/-0+4(&2h
$%&/#)-%#* &, #U+.(2+4(&2 +2) +**#**.#24h 4"# (2'#24(&2 &, )#'(/#* *-/" +*
*-%'#1* +2) $%#*#24+4(&2+0 ,&%.* *-/" +* 4+80#*h 4"# *4+2)+%)(d+4(&2 &,
*1*4#.* ,&% 4%+(2(23 +2) 4"# (2/-0/+4(&2 &, "+8(4*h 4"# (.+3(2+4(&2 &, $%&,#*5
*(&2+0 *$#/(+0(*.* +2) '&/+8-0+%(#*h 8-(0)(23 )#*(32 +2) +%/"(4#/4-%# ,&%.* S
4"# 0(*4 (* "#4#%&3#2#&-* +2) (*: (2 $%(2/($0#: -20(.(4#)6 _P]]MA Ra

!"(* .+1 9#00 8# *&6 ` ,(2) (4 )(,,(/-04 4& 8#0(#'#: "&9#'#%: 4"+4 +0.&*4
+214"(23 +2) #'#%14"(23 /+2 /&-24 +* + 4#/"2(B-# &% %#0+4(&2 &, $&9#%6
!& +00&9 &-%*#0'#* 4& 8# 3-()#) 81 *&-2) %-0#* +2) /&2'#24(&2* 2&4 &, &-%
&92 .+7(23 (* &2# 4"(236 `4 (* B-(4# +2&4"#%: "&9#'#%: +* F)9+%) ;+()
_P]RQa +2) &4"#%* "+'# $&(24#) &-4: 4& *+1 4"+4 4"#1 +%# +09+1* +2)
#'#%19"#%# + %#0+4(&2 &, $&9#%6 \#%"+$* 4"(* "(3"0(3"4* &2# &, 4"# )(,,(/-05
4(#* &, 72&9(23 9"+4 4& (2/0-)# (2 +2 +2+01*(* &, $&9#% 9"#2 $&9#% (4*#0, (*
/&2*()#%#) 4& 8# (..+2#24 (2 (4* )(*$#%*+06P !"(* (* 9"#%# 4"# ()#+ &, +
4&$&0&31 &, $&9#% 3+(2* (2 +$$#+0: 9(4" (4* 2&4(&2 &, *$#/(,(/ A,$()$@4 &,
$&9#%6
P `4 +0*& $%&.$4* 4"# ,-%4"#% B-#*4(&2 &, 9"+4 ,+00* 9(4"(2 4"# %#.(4 &, 4"(* /"+$4#%:
3('#2 W&-/+-04c* 9()#01 (2,0-#24(+0 +//&-24 &, $&9#%6 @ )(*/-**(&2 &, ;+()c* 9&%7 (2
Q),'3/$%,4@ _P]ZRa +2) <5%/5)' $3A 2@*'),$%,4@ _P]]Qa: (2 $+%4(/-0+% "(* (.+3(2+4('#
3#&3%+$"(#* &, $&9#% 9"(/" 0#3(4(.+4# )(*/-%*('# /&2*4%-/4(&2* &, )('()(23 *$+/# 8#5
49##2 g&-%*c +2) g4"#(%*c: (* $%&8+801 4"# .&*4 *(32(,(/+24 &.(**(&26 E(* /#24%+0 $%#&//-5
$+4(&2 9(4" $&9#% +2) 72&90#)3#: (2 Q),'3/$%,4@ ,&% #U+.$0#: +2) 4"# )(*/-%*('#
%#$%#*#24+4(&2* 9"(/" +-4"&%(d#) /#%4+(2 '(#9* &, 4"# T%(#24: /0#+%01 *$#+7 4& +2 (..+5
2#24 1#4 )(*$#%*#) /&2/#$4(&2 &, $&9#%: +08#(4 &, + B-+0(,(#) 2+4-%#6 ;##: (2 $+%4(/-0+%:
=%#3&%1 _P]]Oa ,&% + 4"&%&-3" #U+.(2+4(&2 +2) /%(4(B-# &, ;+()c* 3#&3%+$"(/+0 (.+3(25

2EI\X %? %N FAA%N\NH %KK%FX

RV

E,)'()@# "- ."/&(


!"#%# (* *&.#4"(23 %+4"#% .+44#%5&,5,+/4 +8&-4 4"# 2&4(&2 &, + )(+3%+. &,
$&9#%: (2 $+%4 8#/+-*# (4 0#2)* (4*#0, 4& *$+4(+0 (.+3#%1: 8-4 $#%"+$* .&%# *&
8#/+-*# (4 (* *-33#*4('# &, +2 #+*1 .+$$(23 &, $&9#%6 `)#24(,1 4"# $&(24*:
(24#2*(4(#* +2) )(*4%(8-4(&2* 4"%&-3" 4"# '+%(&-* 4#/"2(B-#* +2) *4%+4#3(#*
#.$0&1#) +2): 9(4" + 4&-/" &, /+%4&3%+$"(/ d#+0: (4 *"&-0) 8# $&**(80# 4&
*7#4/" (2 4"# .+** &, /+$(00+%1 0(2#* 9"(/" /&22#/4 4"# %#0+4(&2* &, ,&%/#6
!"# %#*-04: &, /&-%*#: 9&-0) 8# #U/#**('#01 ,&%.+0(*4(/: 8-4 8#,&%# *-/" +
.+$$(23 (* )(*.(**#) &-4 &, "+2) 4"#%# (*: +* C#0#-d# _P]RRa "+* +%3-#) (2
"(* #U+.(2+4(&2 &, W&-/+-04c* ()#+* &2 $&9#% +2) *-8e#/4('(41: /&2*()#%+80#
9&%4" (2 4"(27(23 4"%&-3" 4"# /&2*4(4-4('# $%+/4(/#* &, $&9#% (2 )(+3%+.5
.+4(/ ,&%.6 !"# +$$#+0 ,&% C#0#-d# &, %#$%#*#24(23 $&9#% )(+3%+..+4(/5
+001 S 0#** 4"+2 + .#4+$"&% ,&% "&9 $&9#% ,0&9* +2) %+4"#% .&%# 4"+2 +2
(.$%#**(&2(*4(/ $(#/# &, /+%4&3%+$"1 p %#*4* 9(4" (4* +8(0(41 4& *#4 &-4 4"#
,3/')*%$# &, ,&%/#* 4"+4 /&2*4(4-4# $&9#%6
["+4 )&#* 4"(* .#+2 (2 $%+/4(/#k [#00: #U$%#**#) ,(3-%+4('#01: C#0#-d# (*
7##2 4& .+$ 4"# +%4(/-0+4(&2* +2) (24#%%#0+4(&2*"($* 8#49##2: *+1: 4"#
(2*4%-.#24+0 $&9#%* &, + $&0(4(/+0 &% #/&2&.(/+0 (2*4(4-4(&2 +2) 4"# 4%+2*5
,&%.+4('# $&9#%* &, %&-4(2# #'#24* 9"(/" *#%'# 4& %#/&.$&*# 4"# 0('#* &,
$#&$0# (2 #'#%1)+1 *#44(23*6 @ )(+3%+. &, $&9#% (2 4"(* *#2*# (* *+() 4& 8#
-"'B/'34,C' 9(4" (4* ,(#0) &, *4-)1: 8# (4 + ,(%.c* "(#%+%/"1 *$%#+) +/%&** +21
2-.8#% &, %#3(&2+0 *(4#*: + )(,,-*# 2#49&%7 &, $&0(4(/+0 +3#2/(#*: &% +2 #'#2
.&%# +.&%$"&-* *&/(+0 8&)16 !"# /%-/(+0 #0#.#24 (2 +00 4"(* (* 4"+4 4"(*
(24#%0#+'(23 &, %#0+4(&2*"($* )&#* 2&4 4+7# $0+/# g,%&. +8&'#c: )(%#/4#) ,%&.
g&2 "(3"c +* (4 9#%#: 8-4 4"%&-3" 4"# %#0+4(&2*"($* $%&)-/#) 1,/+,3 4"#
'+%(&-* /&24#U4* +2) *#44(23*6 `, $&9#% 9&%7* &2 +2) 4"%&-3" *-8e#/4* 0(7#
4"(*: %+4"#% 4"+2 &'#% 4"#.: 4"#2 +%3-+801 (4 /+2 &201 %#+001 8# .+$$#) +* +
*$+4(&54#.$&%+0 +%%+23#.#246 @* C#0#-d# _P]RRa: /&..#24(23 &2 W&-5
/+-04c* +//&-24 &, $&9#%: +**#%4*A

+4(&26 E&9#'#%: .1 .+(2 (24#%#*4 (2 4"(* /"+$4#% (* (2 9"+4 (4 .#+2* ,&% *-8e#/4* 4& 3&'#%2
4"#.*#0'#*: +2) 4"-* (4 (* 4"# '3$;%,3( *()# 4& W&-/+-04c* 3%+*$ &, $&9#% 4"+4 ` ,&/-* -$&26
W&% 4"(* %#+*&2: ` +0*& )& 2&4 /&2*()#% 4"# %#/#24 W&-/+-045(2*$(%#) 9&%7 9(4"(2 $&0(4(/+0
3#&3%+$"1 4"+4 /&2/#24%+4#* -$&2 4"# $&9#%^72&90#)3# %#0+4(&2 4& #U$0&%# 4"# 7(2)* &,
%#$%#*#24+4(&2+0 $%+/4(/#* -*#) 81 *4+4#*$#%*&2*: #0(4#* +2) $&0(/1 #U$&2#24* 4& $%&/0+(.
/#%4+(2 g4%-4"*c +8&-4 "&9 +2) 9"1 $&0(4(/+0 *$+/# (* &%)#%#): &//-$(#) +2) +).(2(*4#%#)
(2 4"# 9+1 4"+4 (4 (*6 !"(* ('"()$*+,3( 4*$-': 4"# 9%(4(23 &, (4 (2 9+1* 4"+4 e-*4(,(#* +-4"&%(41
&'#% + *-8e#/4 $&$-0+4(&2: "+* 0(440# (, +214"(23 4& *+1 +8&-4 "&9 $#&$0# g9&%7c &2 4"#(%
l !-+4"+(0 _P]]Q: P]]ba: T
l
&92 /&2)-/4 4& 8%(23 4"#.*#0'#* (24& 0(2#6 ;##: (2 $+%4(/-0+%: T
l
!-+4"+(0: C+081 +2) <&-40#)3# _P]]Ra: C+081 _P]]Pa: C+081 +2) T !-+4"+(0 _P]]Ra +2)
C&))* _P]]N: P]]Q: LMMMa6

Z;

2EI\X %? %N FAA%N\NH %KK%FX

!"# A,$()$@ (* 2& 0&23#% +2 +-)(4&%1 &% '(*-+0 +%/"('# 8-4 + .+$: + /+%4&35
%+$"1 4"+4 (* /&#U4#2*('# 9(4" 4"# 9"&0# *&/(+0 ,(#0)6 `4 (* +2 +8*4%+/4 .+/"(2#6
`4 (* )#,(2#) 81 (4* (2,&%.+0 ,-2/4(&2* +2) .+44#% +2) (2 4#%.* &, ,&%. .+7#*
2& )(*4(2/4(&2 8#49##2 /&24#24 +2) #U$%#**(&2: + )(*/-%*('# ,&%.+4(&2 +2) +
2&25)(*/-%*('# ,&%.+4(&2 6 6 6 `, 4"#%# +%# .+21 )(+3%+..+4(/ ,-2/4(&2* +2)
#'#2 .+44#%*: (4 (* 8#/+-*# #'#%1 )(+3%+. (* + *$+4(&54#.$&%+0 .-04($0(/(416 J-4
(4 (* +0*& 8#/+-*# 4"#%# +%# +* .+21 )(+3%+.* +* 4"#%# +%# *&/(+0 ,(#0)* (2
"(*4&%16 _P]]RA NQa

T% +3+(2A
!"# )(+3%+. &% +8*4%+/4 .+/"(2# (* 4"# .+$ &, %#0+4(&2* 8#49##2 ,&%/#*: +
.+$ &, )#*4(21: &% (24#2*(41: 9"(/" $%&/##)* 81 $%(.+%(01 2&250&/+0(d+80#
%#0+4(&2* +2) +4 #'#%1 .&.#24 $+**#* 4"%&-3" #'#%1 $&(24: &% %+4"#% (2 #'#%1
%#0+4(&2 ,%&. &2# $&(24 4& +2&4"#%6 _P]]RA Nba

G-/" &, 4"# (2*$(%+4(&2 ,&% 4"(* 3%+$"(/ )#*/%($4(&2 &, $&9#% %#0+4(&2*
/&.#* ,%&. W&-/+-04c* #+%01 9&%7: (2 $+%4(/-0+% (2 ?,4-,*%,3' $3A >53,4+
_P]ZZa: 9"#%# )(*/($0(2+%1 $&9#% (* $%&e#/4#) (2 )(+3%+..+4(/ ,&%.6L !"#
)(+3%+. (2 B-#*4(&2 (* +/4-+001 &, J#24"+.c* (2,+.&-* \+2&$4(/&2: 8-4
W&-/+-04c* (24#%#*4 (* (2 (4* ('3')$%,N$;%' B-+0(41A 4"# $%+/4(/#* +2) 4#/"5
2(B-#* &, $&9#% 9"(/" +%# .+$$#) &-4 81 (46 W%&. 4"# #(3"4##24" /#24-%1
&29+%)*: "# +%3-#): 4"#%# "+* 8##2 + 3%#+4 )#+0 &, %#,0#/4(&2 &2 "&9 4"#
4#/"2(B-#* &, $&9#% #.8#))#) (2 4"(* )(*/($0(2+%1 )(+3%+. /&-0) 8#
#U4#2)#): +)+$4#) +2) $-4 4& 9()#% -*#6
>$$#%.&*4 +.&23 4"#. (2 4"(* /&24#U4 +%# 4"# 4#/"2(B-#* 4"%&-3" 9"(/"
4"# )(*4%(8-4(&2 &, (2)('()-+0* 0#+)* 4& 4"# (.$&*(4(&2 &, /#%4+(2 ,&%.* &,
/&2)-/4 4"%&-3" 4"# *$+/(23 +2) 4(.(23 &, +/4('(4(#*6 !"# d&2(23: $+%4(4(&25
(23: #2/0&*(23 +2) *#%(+0(d+4(&2 &, +/4('(4(#* +%# /%(4(/+0 4& *-/" + $%&/#**6 !"#
+%%+23#.#24* &, *$+/#: 4"# $+%4(/-0+% +**#.80+3#* &, *$+/# 9"(/" .+7# -$
(2*4(4-4(&2+0 /&.$0#U#*: +%# -2)#%*4&&) +* (24#3%+0 4& 4"# 9+1* (2 9"(/"
$+%4(/-0+% ,&%.* &, /&2)-/4 +%# *#/-%#)6 `2 4"(* 0(2# &, +%3-.#24: )(,,#%#24
*$+4(+0 +%%+23#.#24* %#,0#/4 4"# $&**(80# 9+1* &, +/4(23 (2*/%(8#) (2 )(,,#%5
#24 */"#.+* +2) *#%'# 4& %#3-0+4#: +* 9#00 +* #2+80#: .&'#.#24 4"%&-3"
4"#.6 @* *-/": 4"# )(*/($0(2+%1 )(+3%+.: (2 +2 &'#%4 *$+4(+0 *#2*#: .+1 8#
*##2 +* "+'(23 +* .-/" 4& )& 9(4" ,(U(23 $#&$0# )&92 +* 9(4" ,+/(0(4+4(23 4"#(%
)(*4%(8-4(&2 +2) /(%/-0+4(&2 4"%&-3" +2 (24%(/+4# 9#8 &, %#0+4(&2*"($*6
`2 ?,4-,*%,3' $3A >53,4+ 4"(* 7(2) &, )(+3%+..+4(/ .+$$(23 &, 4"# 4#/"5
2(B-#* &, )&.(2+4(&2 (* 2&4 ()#24(,(#) 9(4" +21 $+%4(/-0+% (2*4(4-4(&2+0
L ;## +0*& W&-/+-04 _P]RMa: 9"#%# 4"# 0+23-+3# &, $&(24*: /+$(00+%(#* +2) 2#450(7#
&%3+2(d+4(&2 (* )#$0&1#) (2 %#0+4(&2 4& $&9#%: +2) 4"# (24#%'(#9 g;$+/#: 72&90#)3# +2)
$&9#%c _LMMP8a: 9"#%# "# /&2e-%#* -$ +2 (.+3# &, *$+/# +* + .+$ &, %#0+4(&2* 8#49##2
,&%/#*6

2EI\X %? %N FAA%N\NH %KK%FX

Z:

*$+/#: +04"&-3" 4"# +%.1 8+%%+/7* (* %#/&32(d#) +* +2 &8'(&-* /+2)()+4#6


@0&23*()# 4"# (2*4(4-4(&2 &, 4"# .(0(4+%1: "&9#'#%: W&-/+-04 +0*& )%+9*
+44#24(&2 4& 4"# )(*/($0(2+%1 +%%+23#.#24* &, */"&&0*: "&*$(4+0*: ,+/4&%(#*:
+*10-.* +2): &, /&-%*#: $%(*&2*6 ;4-+%4 F0)#2 _LMMPa: (2 $+%4(/-0+%: "+*
+%3-#) +4 0#234" ,&% *-/" +%%+23#.#24* 4& 8# *##2 +* $+%4 &, + g.+$$(23 &,
4"# $%#*#24c: 9"#%# 4"# *$+4(+0 /&2*4(4-4(&2 &, *-/" (2*4(4-4(&2+0 *(4#* (*
,-2)+.#24+0 4& +21 #U#%/(*# &, $&9#%6 !+7(23 "(* /-# ,%&. 4"# .#4(/-0&-*:
)#4+(0#) *-%'#1 &, 4#/"2(B-#* 4"+4 W&-/+-04 *-8*-.#) -2)#% 4"# 4(40# &, +
g2#9 .(/%&5$"1*(/*c &, $&9#% _P]ZZA PN]a: F0)#2 ,&/-*#* -$&2 4"# ,&-%
+/4* &, )(*/($0(2# &-40(2#) (2 ?,4-,*%,3' $3A >53,4+: 2+.#01 g)(*4%(8-4(&2
9(4"(2 *$+/#h 4"# /&24%&0 &, +/4('(4154(.#4+80#*: %"14".*: )%#**+3#h 4"# -*#
&, #U#%/(*#h 4"# +%4(/-0+4(&2 +2) /&.8(2+4(&2 &, ,&%/#*c _LMMPA PN]a: +2)
4+7#* 4"# ,(%*4 4& (00-*4%+4# 4"# .-4-+0 (.8%(/+4(&2 &, *$+/# +2) $&9#%6
@0&23*()# 4"# %+9 ,+/4* &, )(*4%(8-4(&2 +2) 0&/+4(&2: 4"# 0+1&-4: )(*$&*5
(4(&2 +2) &%(#24+4(&2 &, 4"# '+%(&-* /0(2(/+0 &% $%(*&2 8-(0)(23*: ,&% #U+.$0#:
+%# +00 )##.#) 4& "+'# $0+1#) + $+%4 (2 (2)-/(23 $+%4(/-0+% ,&%.* &,
/&2)-/4: +04"&-3" 2&4 (2 (*&0+4(&2 ,%&. 4"# /0+**(,(/+4&%1 4#/"2(B-#* +2)
2&%.+4('# *4%+4#3(#* )#*(32#) 4& #23+3# 4"# .(2)* &, $+%4(/-0+% *-8e#/4*6
;(32(,(/+2401: 4"# '+%(&-* 4#/"2(B-#* )#$0&1#) 9#%# 2&4 *(.$01 -*#) +* +
.#+2* &, )(%#/4 /&24%&0 &'#% (2)('()-+0*h %+4"#% 4"# +(. 9+* 4& #2+80# 2&4
%#$%#** 4"#(% *-8e#/4('(41A 4& /"+22#0 4"# /&2)-/4 &, (2)('()-+0* (2 + /#%4+(2
)(%#/4(&26 `2)##): 4"# 4+%3#4 &, *-/" 4#/"2(B-#* +2) 4"# .#)(-. 4"%&-3"
9"(/" 4"#1 &$#%+4#: (2 W&-/+-04c* &92 9&%)*: (* 4"# g3#2#+0&31 &, 4"#
.&)#%2 *&-0c _P]ZZA L]a6
!"# #,,#/4('#2#** &, *-/" /+0/-0+4#) 4#/"2(B-#* ,&% +04#%(23 (2)('()-+0
8#"+'(&-% 2&49(4"*4+2)(23: 4"#%# (* /0#+%01 + 0&3(/ +2) + %+4(&2+0# 4& 4"#.
9"(/" (2 #(3"4##24"5 +2) 2(2#4##24"5/#24-%1 .#)(/+0: #)-/+4(&2+0: (2)-*5
4%(+0: .(0(4+%1 +2) $#2+0 (2*4(4-4(&2* .+7#* (4 $&**(80# 4& )(*/#%2 + $+%4(/-0+%
(24#%$0+1 &, ,&%/#* +4 9&%76 !"# 3#2#%+0(d+8(0(41 &, .+21 &, 4"# 4#/"2(B-#*
,%&. &2# (2*4(4-4(&2+0 %#+0. 4& +2&4"#%: 4"# (24#%/&22#/4(&2* &, $&9#%*
8&4" 0+4#%+001 +2) '#%4(/+001: #'&7# + ,&%. &, (2)-/#.#24 +2) /&24%&0 9"(/"
S (2 &-40(2# +4 0#+*4 S (2'(4#* /&.$+%(*&2 9(4" /#%4+(2 /&24#.$&%+%1 ,&%.*
&, *#0,5%#3-0+4(&2 _*## #*$#/(+001 )- =+1 P]]b &2 4"# (2)-/#.#24 &, $+%5
4(/-0+% ,&%.* &, /&2)-/4 (2 %#4+(0 (2*4(4-4(&2*a6 `2 $+%4(/-0+%: 4"# *4%#**
$0+/#) -$&2 )#4+(0#) 4#/"2(B-#* &, $0+/#.#24: 4"# 4#.$&%+0 #0+8&%+4(&2
&, +/4('(4(#* +2) 4"#(% *$#/(,(/ %"14".*: +* 9#00 +* 4"# *$#/(,(/ )(*4%(8-4(&2 &,
(2)('()-+0* (2 %#0+4(&2 4& &2# +2&4"#%: 0#2)* (4*#0, 4& )(+3%+..+4(/ %#$%#5
*#24+4(&26
`2 .+7(23 + /+*# ,&% 4"# #,,#/4('#2#** &, 4"(* 4#/"2&0&31 &, $&9#%:
"&9#'#%: 9# 2##) 4& 8# /0#+% +8&-4 "&9 #U+/401 W&-/+-04 +2) &4"#%*
/&2*()#% (4 4& &$#%+4#6 @* 9(4" .+21 /&..&2$0+/# 2&4(&2* &, $&9#% +2)
/&24%&0: #*$#/(+001 (, 9# 4"(27 &, 4"#. +* $&4#24(+001 .+$$+80#: 4"#%# (*
+09+1* 4"# %(*7: +* 2&4#) #+%0(#%: 4"+4 4"#1 8#/&.# +0.&*4 ,&%.-0+(/ (2 *410#6

ZG

2EI\X %? %N FAA%N\NH %KK%FX

T2/# 4"# $&(24* +2) )(*4%(8-4(&2* "+'# 8##2 )-01 ()#24(,(#): +00 4"+4
%#.+(2* 4& 8# )&2#: +* (4 9#%#: (* 4& e&(2 -$ 4"# )&4*6 !"(* 9&-0) 4"#2
+$$%&U(.+4# 4& + ,&%. &, /+%4&3%+$"(/ )#4#%.(2(*. 9"#%#81 4"# 4#/"2(B-#*
(2 +2) &, 4"#.*#0'#* +%# *##2 4& (2)-/# /#%4+(2 ,&%.* &, /&2)-/4: %+4"#%
4"+2 4"&*# ,&%.* +%(*(23 ,%&. 4"# .+22#% (2 9"(/" '+%(&-* 4#/"2(B-#* +%#
(24#%$%#4#): #2)&9#) 9(4" .#+2(23: +2) $%+/4(*#)6 !"# 0+44#% (* (2,(2(4#01
.&%# */%+.80#) +2) &$#2 4& 9()#% *#4* &, $&**(8(0(4(#* 4"+2 +21 g(2#%4c
4#/"2&0&31 &% )(+3%+. S +* (2)##) W&-/+-04 9+* 9#00 +9+%#6N
H&..#24(23 &2 4"# g(2)(*/($0(2#)c 2+4-%# &, (2*4(4-4(&2+0 )(*/($0(2#:
W&-/+-04 9+* B-(/7 4& +**#%4 4"+4A
n4o"#*# $%&3%+..#* )&2c4 4+7# #,,#/4 (2 4"# (2*4(4-4(&2* (2 +2 (24#3%+0 .+22#%h
4"#1 +%# *(.$0(,(#): &% *&.# +%# /"&*#2 +2) 2&4 &4"#%*h +2) 4"(23* 2#'#% 9&%7
&-4 +* $0+22#)6 J-4 9"+4 ` 9+24#) 4& *"&9 (* 4"+4 4"(* )(,,#%#2/# (* 2&4 &2#
8#49##2 4"# $-%(41 &, 4"# ()#+0 +2) 4"# )(*&%)#%01 (.$-%(41 &, 4"# %#+0: 8-4 4"+4
4"#%# +%# )(,,#%#24 *4%+4#3(#* 9"(/" +%# .-4-+001 &$$&*#): /&.$&*#) +2)
*-$#%$&*#) *& +* 4& $%&)-/# $#%.+2#24 +2) *&0() #,,#/4* 9"(/" /+2 $#%,#/401
9#00 8# -2)#%*4&&) (2 4#%.* &, 4"#(% %+4(&2+0(41: #'#2 4"&-3" 4"#1 )&2c4
/&2,&%. 4& 4"# (2(4(+0 $%&3%+..(23A 4"(* (* 9"+4 3('#* 4"# %#*-04(23 +$$+%+4-*
_)(*$&*(4(,a (4* *&0()(41 +2) *-$$0#2#**6 _P]]PA RMSPa

!"# 7#1 4& 4"# &$#%+4(&2 &, $&9#%: 4"#%#,&%#: 0(#* 9(4" "&9 4"# )(,,#%#24
*/"#.+* 4+7# "&0) (2 4"# (.+3(2+4(&2 +2) *#%'# 4& (2,0-#2/# 4"# 4(.(23 +2)
*$+/(23 &, +/4('(4(#*: %+4"#% 4"+2 9(4" +21 3#2#%+0 ,&%.-0+# *#4 )&92 (2
+)'+2/#6 !"-* 4"# /&.8(2+4(&2 (2 + *(230# )(+3%+. &, )(*/-%*('# -2)#%5
*4+2)(23 +2) *$+4(+0 )(*$&*(4(&2: /"+22#00#) .#+2(23* +2) )(*$#%*#) *4%+45
#3(#*: %#0(#* ,&% (4* #,,#/4('#2#** &2 4"# #U4#24 4& 9"(/" $#&$0# +%# +8*&%8#)
81 (46 `, $#&$0#: 9"#4"#% (2 /0(2(/* &% $%(*&2*: &% + /&24#.$&%+%1 &,,(/#
*#44(23 &% + $-80(/5*#/4&% "&-*(23 #*4+4# ,&% 4"+4 .+44#%: +//#$4 4"# g4%-4"c &,
4"# +%%+23#.#24* (2 9"(/" 4"#1 ,(2) 4"#.*#0'#*: 4"#2 4"&*# *#0,5*+.#
+%%+23#.#24* "&0) %#+0 /&2*#B-#2/#* ,&% +00 4"&*# (2'&0'#): $%&'()(23 +
3-()# 4& 9"+4 (* +2) 9"+4 (* 2&4 )##.#) +//#$4+80#: 9"#2: +2) 9"#%#6
T2 4"(* '(#9: 9"+4 "+$$#2* &2 + )+154&5)+1 8+*(* +4 4"# &,,(/#: &2 4"#
#*4+4#: &% #'#2 -2)#% + .&%# &8'(&-* )(*/($0(2+%1 %#3(.# #U$#%(#2/#) (2 +
$%(*&2 9(00 2&4 8#+% 4"# ,&%.+0 (.$%(24 &, +2 ()#+0 $%&3%+..#: &% %#'#+0 +
N @* 4&& +%# H"%(* \"(0& _P]]La +2) W#0(U C%('#% _P]RO: P]]Na (2 4"#(% *#2*(4('#
4%#+4.#24* &, W&-/+-04c* g*-8*4+24('# 3#&3%+$"(#*c6 `2 4"# 7(2)* &, *$+4(+0 "(*4&%(#* 4"+4
W&-/+-04 #0+8&%+4#) (2 "(* g.(/%&5$"1*(/+0c *4-)(#*: 3#&3%+$"#%* 9#%# +.&23 4"# ,(%*4 4&
*"1 +9+1 ,%&. + ,&%.+0 3#&.#4%(/ &% )%1 /+%4&3%+$"(/ (24#%$%#4+4(&2 &, (2*4(4-4(&2+0
*$+/#* (2 ,+'&-% &, + .&%# g0('#)c (24#%$%#4+4(&2 &, 4"# g)(*/($0(2+%1c +%%+23#.#24*6
\#%"+$* + 4&$&0&3(/+0 %+4"#% 4"+2 + 3#&.#4%(/ (24#%$%#4+4(&2: "&9#'#%: 9&-0) "+'#
$%&'()#) + 8#44#% $-%/"+*# &2 4"# $%#/(*# g3#&3%+$"(#*c (2'&0'#) (2 4#%.* &, "&9 4(.#*
+2) *$+/#* +%# $-/,C'%# /&2*4%-/4#) (2 4"# %#0+4(&2+0 +%%+23#.#24* &, $&9#%6 !"(* 4&$&5
0&3(/+0 -2)#%*4+2)(23 (* )#'#0&$#) .&%# ,-001 (2 $+%4 `` &, 4"(* 8&&76

2EI\X %? %N FAA%N\NH %KK%FX

ZM

*(.$0# /+%4&3%+$"1 &, $&9#%6 !"# #'#%1)+1 %&-4(2#* +2) %(4-+0*: +* (2)(5
/+4#): +%# .&%# */%+.80#) 4"+2 4"+4 +2) 1#4: (, W&-/+-04 (* 4& 8# 8#0(#'#): (4
(* $%#/(*#01 ,%&. 4"(* *-$$0# (24#%$0+1 &, ,&%/#* 4"+4 $&9#% )#%('#* (4* %#+/"
+2) $#2#4%+4(&26 F0+8&%+4(23 &2 4"(* $&(24: "# 9+* 7##2 4& +'&() 4"#
(.$%#**(&2 4"+4 *&.#4"(23 +* $%(*4(2# +* 4"# J#24"+.(4# 4#/"2&0&31 &9#)
(4* 3#2#%+0(d+80# *4%#234"* 4& (4* /0+**(/ +%/"(4#/4-%+0 0(2#*6 T2 4"# /&24%+%1A
4"#*# $%&3%+..#* (2)-/# + 9"&0# *#%(#* &, #,,#/4* (2 4"# %#+0 _9"(/" (*2c4 &,
/&-%*# 4"# *+.# +* *+1(23 4"+4 4"#1 4+7# 4"# $0+/# &, 4"# %#+0aA 4"#1 /%1*4+00(d#
(24& (2*4(4-4(&2*: 4"#1 (2,&%. (2)('()-+0 8#"+'(&-%: 4"#1 +/4 +* 3%()* ,&% 4"#
$#%/#$4(&2 +2) #'+0-+4(&2 &, 4"(23*6 `4 (* +8*&0-4#01 4%-# 4"+4 /%(.(2+0* *4-85
8&%201 %#*(*4#) 4"# 2#9 )(*/($0(2+%1 .#/"+2(*. (2 4"# $%(*&2h (4 (* +8*&0-4#01
/&%%#/4 4"+4 4"# +/4-+0 ,-2/4(&2(23 &, 4"# $%(*&2*: (2 4"# (2"#%(4#) 8-(0)(23*
9"#%# 4"#1 9#%# #*4+80(*"#) +2) 9(4" 4"# 3&'#%2&%* +2) 3-+%) 9"& +).(2(*5
4#%#) 4"#.: 9+* + 9(4/"#*c 8%#9 /&.$+%#) 4& 4"# 8#+-4(,-0 J#24"+.(4#
.+/"(2#6 J-4 (, 4"# $%(*&2* 9#%# *##2 4& "+'# ,+(0#): (, /%(.(2+0* 9#%# $#%5
/#('#) +* (2/&%%(3(80#: +2) + 9"&0# 2#9 /%(.(2+0 g%+/#c #.#%3#) (24& 4"# ,(#0)
&, '(*(&2 &, $-80(/ &$(2(&2 +2) ge-*4(/#c: (, 4"# %#*(*4+2/# &, 4"# $%(*&2#%* +2)
4"# $+44#%2 &, %#/()('(*. 4&&7 4"# ,&%.* 9# 72&9 4"#1 )(): (4c* $%#/(*#01
8#/+-*# 4"(* 41$# &, $%&3%+..(23 )()2c4 e-*4 %#.+(2 + -4&$(+ (2 4"# "#+)*
&, + ,#9 $%&e#/4&%*6 _P]]PA RPa

!"(* 3('#* -* *&.#4"(23 &, 4"# ,0+'&-% &, C#0#-d# +2) =-+44+%(c* g.&0#/-0+%
*&-$c %#,#%%#) 4& #+%0(#%: 9"#%# + 7(2) &, )#4+(0#) 4&$&0&31 &, %#0+4(&2* (* (2
$0+1 (2 9"(/" 4"# )(*/-%*('# +2) 4"# *$+4(+0 .#**+3#* %#.+(2 /&2*4+24: 1#4
4"# *#44(23 (4*#0, (* (2 ,0-U6 T2 4"(* +//&-24: %#3-0+% ,&%.* &, /&2)-/4 +%#
(2)##) (2)-/#): 8-4 2&4 8#/+-*# 4"#1 +%# g%#+) &,,c 81 *-8e#/4* ,%&. +
$+%4(/-0+% *#%(#* &, 4#/"2(B-#* &% + $+%4(/-0+%01 *4+%7 *$+4(+0 +%%+23#.#246
<+4"#% (4 (* 4"# ,3/')*%$# &, ,&%/#* 9(4"(2 + $+%4(/-0+% *#44(23 9"(/" .+7#* (4
$&**(80# 4& #U4%+$&0+4# )(+3%+.* ,%&. 4"# $&9#% %#0+4(&2* (2*/%(8#) 9(4"(2
$+%4(/-0+% (2*4(4-4(&2+0 *$+/#*A *-8e#/4* +%# $%&3%#**('#01 /&2*4(4-4#): *1.5
8&0(/+001 +2) $%+/4(/+001: 4"%&-3" *$#/(,(/ $&(24* &, $-%/"+*#h .&8(0(d#) +2)
$&*(4(&2#) 4"%&-3" $+%4(/-0+% #.8#))#) $%+/4(/#*h +2) /"+22#00#) +2)
)(%#/4#) 81 + *#%(#* &, 3%()50(7# #U$#/4+4(&2* +8&-4 "&9: 9"#2 +2) 9"#%#
4& /&2)-/4 4"#.*#0'#* +2) &4"#%*6 `2 *(.$0# 4#%.*: )(,,#%#24 7(2)* &,
)(+3%+. .+7# )(,,#%#24 7(2)* &, 3&'#%2.#24 +2) /&24%&0 $&**(80#: #'#2
4"%&-3" 4"(23* %+%#01 4-%2 &-4 B-(4# +* $0+22#)6 ["(/": 9"#2 $-4 0(7# 4"(*:
(* $#%"+$* *&.#4"(23 4"+4 2#(4"#% G(/"+#0 G+22 2&%: *+1: 4"# "#+) &,
G(/%&*&,4 /&%$&%+4(&2 9&-0) ,(2) (4 4"+4 "+%) 4& +3%## 9(4"6
W%&. 4"(*: 9# /+2 2&9 *## 4"# +44%+/4(&2 &, + )(+3%+..+4(/ %#$%#*#24+5
4(&2 &, $&9#% ,&% C#0#-d#6 T2 4"# &2# "+2): 4"# *1*4#.+4(/ #0#.#24 4&
$&9#% %#0+4(&2*"($* .+7#* (4 $&**(80# 4& 3#2#%+0(d# +8&-4 4"#(% _(2)(%#/4a
#,,#/4*6 T2 4"# &4"#% "+2): 4"# +8*#2/# &, +21 0(2#+% /+-*+0 %#0+4(&2*"($* 4&
$&9#% 9"#%#81 (4 (* $&**(80# 4& 4%+/# *(.$0# &-4/&.#* .+7# *-/" 3#2#%+05

ZQ

2EI\X %? %N FAA%N\NH %KK%FX

(d+4(&2* &$#25#2)#)6 `, 4"# ,(%*4 $&(24 +'&()* +2 #U/#**('# 2&.(2+0(*.: (2


9"(/" 4"# +2+01*(* %#)-/#* (4*#0, 4& + .+** &, (2)('()-+0 ,&%/#* +2) 4"#(%
-2(B-# #,,#/4*: 4"# *#/&2) +0#%4* -* 4& 4"# 4+*7 g&, +2+01*(23 .(U#) ,&%.*:
+%%+23#.#24*: 9"+4 W&-/+-04 /+00#) +$$+%+4-*#*c _P]]OA Rba6 @* C#0#-d#
3&#* &2 4& #0+8&%+4#A
[# *#4 &-4 4& ,&00&9 +2) )(*#24+230# 0(2#* %+4"#% 4"+2 9&%7 8+/7 4& $&(24*A +
/+%4&3%+$"1: (2'&0'(23 .(/%&+2+01*(* _9"+4 W&-/+-04 /+00#) 4"# .(/%&$"1*(/*
&, $&9#%: +2) =-+44+%( 4"# .(/%&$&0(4(/* &, )#*(%#a6 [# 0&&7#) ,&% ,&/( &,
-2(,(/+4(&2: 2&)#* &, 4&4+0(d+4(&2: +2) $%&/#**#* &, *-8e#/4(,(/+4(&2 (2 +%%+23#5
.#24*: +2) 4"#1 9#%# +09+1* %#0+4('#: 4"#1 /&-0) +09+1* 8# )(*.+240#) (2
&%)#% 4& ,&00&9 *&.# %#*40#** 0(2# *4(00 ,-%4"#%6 [# 9#%#2c4 0&&7(23 ,&% &%(3(2*:
#'#2 0&*4 &% )#0#4#) &2#*: 8-4 *#44(23 &-4 4& /+4/" 4"(23* 9"#%# 4"#1 9#%# +4
9&%7: (2 4"# .())0#A 8%#+7(23 4"(23* &$#2: 8%#+7(23 9&%)* &$#26 _P]]OA Rba

W&% C#0#-d# 4"#2: (4 (* 4"# &$#2: 1#4 )(,,#%#2401 +%4(/-0+4#) +%%+23#.#24* &,
$&9#%: 4"# $+%4(/-0+% (24#%$0+1 &, ,&%/#* /&2*4(4-4#) (2 *$+/# +2) 4(.#:
9"(/" ,&%. 4"# 8+*(* &, )(,,#%#24 )(+3%+..+4(/ %#$%#*#24+4(&2* &, $&9#%6
W%&. 4"(* *4+2)$&(24: (4 (* 8-4 + *"&%4 *4#$ ,&% "(. 4& ()#24(,1 $+%4(/-0+%
)(+3%+.* &, $&9#% 9(4" $+%4(/-0+% *#4* &, %#0+4(&2*"($* +2) &8e#/4('#*A
,&00&9(23 W&-/+-04c* +//&-24 (2 F+' K,4/")# "6 .'B5$%,/# _P]RQa: ,&% (25
*4+2/#: (2 %#0+4(&2 4& .&)#%2 *#U-+0(41 +2) 4"# /&24(2-&-* %#3-0+4&%1
/"+22#0* +2) $+4"9+1* &, $&9#% 4"+4 *#%'# 4& B-+0(,1: .#+*-%# +2) +$$%+(*#
g-*#,-0c 8&)(#*: &% (2 %#*$#/4 &, 4"# g$+*4&%+0 $&9#%c &, 4"# *4+4# +2) (4*
4#/"2(B-#* &, /&2,#**(&2 _*#0,5%#'#0+4(&2a: *#0,5#U+.(2+4(&2 +2) 3-()+2/#:
-*#) 4& )%+9 &-4 4"# (2)('()-+0 +2) 8%(23 4"#. (24& 0(2# 9(4" *&/(#41c* /&)#
&, 9#0,+%# +2) g9#0058#(23c6
@2): 0(7#9(*#: (4 8#/&.#* $&**(80# ,&% &4"#%* 4& ()#24(,1 8%&+) $%&3%+.5
.+4(/ %#0+4(&2*"($* 4"+4 0#2) 4"#.*#0'#* 4& + )(+3%+..+4(/ 4%#+4.#24: +* (2
4"# /+*# &, !"&.+* T*8&%2# +2) K(7&0+* <&*#c* _P]]]a +44#.$4 4& *"&9
"&9 )(,,#%#24 41$#* &, /(4(#* &'#% 4(.# S ,%&. 4"# 2(2#4##24"5/#24-%1
X(/4&%(+2 /(41 4"%&-3" 4& 4"# $0+22#) /&0&2(+0 +2) 3+%)#2 /(4(#* &, 4"#
49#24(#4" /#24-%1: +2) (4* .&%# /&24#.$&%+%1 g#24#%$%(*(23c /&-24#%$+%4 S
.+1 8# -2)#%*4&&) +* e-*4 *& .+21 )(+3%+.* &, $&9#%6 @ )(+3%+..+4(/* &,
-%8+2(*.*: 4"#1 /0+(.: (* .+)# $&**(80# 81 +44#2)(23 4& 4"# (..+2#24 $0+1
&, ,&%/#* S 4"#(% %#3-0+%(4(#* +* 9#00 +* 4"#(% )(*4%(8-4(&2* S 9"(/" )(,,#%#25
4(+4# &2# 41$# &, /(41 ,%&. +2&4"#%6 !"(*: 4"#1 *4%#**: (* 2&4 *(.$01 +8&-4 +
/&00#/4(&2 &, /(41 $0+2*: */"#.#* &% )%+9(23*: +04"&-3" 4"# 4#/"2(/+0 *()#
*"&-0) 2&4 8# )(*.(**#)6 `4 (* +0*& +8&-4 "&9 /#%4+(2 g4%-4"*c +8&-4 /(4(#* +%#
3#2#%+4#) 4& -2)#%$(2 $+%4(/-0+% 7(2)* &, -%8+2 #U(*4#2/# +2) 9"+4 (4 (* 4&
8# (2: *+1: + d&2#) /(41: 9"#%# ,-2/4(&2 +2) +/4('(4(#* +%# *#$+%+4#) (2 4"#
2+.# &, "#+04" +2) 9#0,+%# 4& ,&*4#% + *#2*# &, 4"# /(41 +* + 0('(23 &%3+2(*.:
%#$0#4# 9(4" (4* "#+04"1 /&..-2(4(#* +2) g2&%.+0c /(4(d#2*6 >%8+2 *-8e#/4*

2EI\X %? %N FAA%N\NH %KK%FX

ZL

+%# (2 4"(* *#2*# .&8(0(d#): )(%#/4#) +2) /"+22#00#) +* .-/" 81 +2 #U$#/45


+4(&2 &, 4"# $#%*(*4#24 -23&'#%2+80# +*$#/4* &, + .&%+001 )#3#2#%+4# &%
)(*#+*#) /(41 +* 4"#1 +%# 81 4"# '(*(&2 &, + .&%# '(%4-&-* -%8+2 #U(*4#2/#6
`2 +00 *-/" /+*#*: 9"#4"#% (4 8# 4"# /(41 4"+4 (* )(+3%+..#) +* + *$+/# &,
$&9#% &% + *&/(#41c* /&)# &, 9#0,+%#: $&9#% (* /&2/#('#) +* (..+2#24: 1#4
)(*$#%*#)A (4 /&2*4(4-4#* (4* &92 &%3+2(d+4(&2: 1#4 (* $%&)-/#) %#0+4(&2+001
,%&. $&(24 4& $&(246
T))01: 4"&-3": 4"(* .&%# #U$+2*('# +2) )(,,-*# 4&$&3%+$"1 *(4* %+4"#%
+979+%)01 2#U4 4& 4"# .#4(/-0&-* +2) %+4"#% )#2*# /&2,(3-%+4(&2* &, 4"#
$%(*&2 &% 4"# /0(2(/ /&2*()#%#) #+%0(#%: 9"#%# $+%4(/-0+% (2*4(4-4(&2+0 *(4#*:
2&4 4"# $&$-0+4(&2 +* + 9"&0#: 9#%# 4"# -2(4* &, +2+01*(*6 !"# $&**(80#
#U4%+$&0+4(&2 &, )(+3%+..+4(/ %#0+4(&2* &, $&9#% ,%&. 4"# *(4# &, + $%(*&2:
&% ,%&. + ,+/4&%1: &% #'#2 ,%&. 4"# )(*$#%*#) *(4#* &, + 0+%3# /&.$+21: (*
9(4"(2 4"# 8&-2)* &, $0+-*(8(0(41: 8-4 4"# ()#+ &, *&/(#4+0 +* &$$&*#) 4&
(2*4(4-4(&2+0 )(+3%+.* 8#3(2* 4& $-*" 8#1&2) 4"+46 T2/# 4"# +2+01*(* .&'#*
8#1&2) $+%4(/-0+% *(4#* +2) *$#/(,(/ (2*4(4-4(&2*: 4"# +$$#+0 &, + )(+3%+.5
.+4(/ %#$%#*#24+4(&2 &, $&9#%: 4& .1 .(2) +4 0#+*4: *4+%4* 4& 0#**#2 +* 4"#
0(2#*: $&(24* +2) )(*4%(8-4(&2* 4+7# &2 .&%# &, +2 (.$%#**(&2(*4(/ ,&%.6 W&%
9+24 &, + 8#44#% 9+1 &, #U$%#**(23 (4: 4"# -*#,-02#** &, 4"(27(23 (2 4#%.* &,
)(+3%+.* &, $&9#% +4 4"# 8%&+): g.+/%&5$"1*(/+0c */+0#: 9"#%# 4"# ,&/-*
(* 4"# +).(2(*4%+4(&2 &, 9"&0# $&$-0+4(&2*: *##.* 4& .# 4& 8# 0+%3#01
.#4+$"&%(/+06 `4 (* *-33#*4('# &, +2 +%4(/-0+4#) */"#.+ &, $&9#%: 8-4 0(440#
.&%#6
J#,&%# ` $-*" 4"(* &8*#%'+4(&2 ,-%4"#%: "&9#'#%: ` 9+24 4& *4#$ 8+/7 +2)
4+7# + 0&23#% 0&&7 +4 9"+4 #U+/401 (* (2'&0'#) 9"#2 $&9#% (* #U#%/(*#) (2 +2
(..+2#24: 2&%.+0(d(23 ,+*"(&26 W&% 4"(*: 9# 2##) 4& 4-%2 4& W&-/+-04c*
+//&-24 &, 3&'#%2.#24 +* g4"# /&2)-/4 &, /&2)-/4c6

%"O&(>,>' $+& 1&6`2 "(* *#.(2+0 #**+1: g!"# *-8e#/4 +2) $&9#%c _P]RLa: W&-/+-04 &-40(2#*
9"+4 .+1 8#*4 8# 4"&-3"4 &, +* 4"# (2)(%#/4 2+4-%# &, $&9#% %#0+4(&2*"($*6
`2 /&24%+*4 4& + %#0+4(&2*"($ &, '(&0#2/#: ,&% (2*4+2/#: 9"(/" (* )(%#/4:
(..#)(+4# +2) "(3"01 '(*(80# +* + .&)# &, +/4(&2: ,&% W&-/+-04: 4"# #U#%/(*#
&, $&9#% *"+$#* +2) 0(.(4* 4"# /&2)-/4 &, &4"#%* 8#"(2) 4"#(% 8+/7*: *& 4&
*$#+76 `, 2&4 B-(4# .+2($-0+4(&2 (2 4"# *#2*# 4"+4 4"# (24#24 &, $&9#% (*
/&2/#+0#): 4"#%# (*: +* (2)(/+4#) #+%0(#%: + )#3%## &, (2/(4#.#24 &% (2)-/#5
.#24 (2'&0'#)6 !"(* /+2 4+7# +21 2-.8#% &, ,&%.*: %+23(23 ,%&. 4"#
%&-4(2# 3-()+2/# &, 8#"+'(&-%: 4"%&-3" *-33#*4(&2: $%#*/%($4(&2 &% +-4"&%5
(41: 4& .&%# &8'(&-* ,&%.* &, )(%#/4(&2 8+*#) &2 4"# /&24%&0 &, .&'#.#24
+2) *-%'#(00+2/# (2 (4* 9()#*4 *#2*#6 ;(32(,(/+2401: 4"#%# (* 2& $0+/# (2 4"(*
-2)#%*4+2)(23 ,&% %#0+4(&2* &, /&..+2) +2) &8#)(#2/# &% ,&% 4"# .&%#

ZR

2EI\X %? %N FAA%N\NH %KK%FX

,+.(0(+% #U$%#**(&2* &, ,&%/# 9"#%# &2# $#%*&2 (.$&*#* 4"#(% 9(00 &2 +25
&4"#%6 !"#%# (*: "&9#'#%: + /0&*(23 )&92 &, $&**(8(0(4(#* (2'&0'#) 9"(/": +*
*4%#**#) 81 D&(* G/K+1 +2) &4"#%*: (2'&0'#* + g2&%.+0(d(23 $%&/#** &,
*-8e#/4(,(/+4(&2c _P]]QA PbbaA
`2 .&)#%2 *&/(#41: 4"# 8#"+'(&-% &, (2)('()-+0* (* %#3-0+4#) 2&4 4"%&-3" &'#%4
%#$%#**(&2 8-4 4"%&-3" + *#4 &, *4+2)+%)* +2) '+0-#* +**&/(+4#) 9(4" 2&%.+0(41
9"(/" +%# *#4 (24& $0+1 81 + 2#49&%7 &, &*4#2*(801 8#2#,(/#24 +2) */(#24(,(/
,&%.* &, 72&90#)3#6 `4 (* 4"(* 2&4(&2 &, )(*/($0(2+%1 $&9#% +* + 2&%.+0(d(23
%+4"#% 4"+2 + %#$%#**('# ,&%/# 4"+4 0(#* +4 4"# 8+*# &, W&-/+-04c* +**#%4(&2 4"+4
$&9#% (* + $&*(4('# $"#2&.#2&26 _P]]QA ]Oa

;&: &2 4"(* '(#9: $&9#% (* *&.#4"(23 4"+4 9&%7* (4* 9+1 (24& $#&$0#c* 0('#*
4"%&-3" 4"#(% +//#$4+2/# &, 9"+4 (4 (* 4& 8# &% "&9 4"#1 *"&-0) +/4 9(4"(2
$+%4(/-0+% /&24#U4* +2) */#2+%(&*6 `2)##): 4"# $%#'(&-* )(*/-**(&2 &, 4"#
*(32(,(/+2/# &, J#24"+.c* $+2&$4(/ 4#/"2&0&31 %#'#+0#) +* .-/"6 `, 9#
$-*" 4"(* + 0(440# ,-%4"#%: "&9#'#%: 9"+4 (* +0*& %#'#+0#) (2 4"(* -2)#%*4+2)5
(23 &, $&9#% (* 4"# )#3%## &, /&.$0(/(41 (2'&0'#) &2 4"# $+%4 &, +00 4"&*#
$%#*#246 `, *&.#9"+4 0#** 4"+2 /&.$0#4# (2/&%$&%+4(&2: 4"#%# (* + )#3%## &,
9(00(232#** 4& *-8.(4 4& 4"# 3-()+2/# &% (2e-2/4(&2* &, &4"#%* +2) + 8#0(#,:
"#0) 81 4"&*# (2'&7(23 4"# 2&%.: (2 (4* 8#2#,(/(+0 &-4/&.# S 4"+4 (4 (* +00 4&
4"# /&..&2 3&&)6 \&9#% ,-2/4(&2*: 4"#2: 4"%&-3" $#&$0# g9&%7(23c &2
4"#(% &92 /&2)-/4: ,+*"(&2(23 4"#.*#0'#* (2 9+1* 4"+4 %#,0#/4 4"#(% +//#$45
+2/# &, + $+%4(/-0+% 2&%. 9"(/": $#%"+$* -29(44(2301: .+7#* 4"#. *-8e#/4
4& (4* /&24%&06
W&% .1 $+%4: W&-/+-04c* .&*4 (00-.(2+4(23 (00-*4%+4(&2 &, 4"(* $%&/#** (*
4"# 4#/"2(B-# &, 4"# /&2,#**(&26 `2 4"# ,(%*4 '&0-.# &, F+' K,4/")# "6
.'B5$%,/# _P]RQa: "# *#4* &-4 4"# 2+4-%# &, 4"(* %(4-+0 (2 9"(/" + 72&9(23
_+-4"&%(41a ,(3-%# (24#%'#2#* 4& 3-()# &% e-)3# 4"# +/4(&2* &, &2# 9"& "+* +
,#04 2##) 4& *##7 + 8#44#% *#0,6 `2 &%)#% ,&% 4"# 0+44#% 4& %#+/" + *4+4# &,
%#/&2/(0(+4(&2 9(4" 4"#.*#0'#*: 4"#1 "+'# 4& ,(%*4 /&2,%&24: %#'#+0 +2) 4"#2
*-%.&-24 4"# &8*4+/0#* (2 4"#(% $+4" 8#,&%# 4"#1 +%# (2 + $&*(4(&2 4& .&)(,1
4"#(% /&2)-/46 !"%&-3"&-4 4"# $%&/#**: "&9#'#%: +//&%)(23 4& W&-/+-04A
4"# +3#2/1 &, )&.(2+4(&2 )&#* 2&4 %#*()# (2 4"# &2# 9"& *$#+7* _,&% (4 (* "#
9"& (* /&2*4%+(2#)a: 8-4 (2 4"# &2# 9"& 0(*4#2* +2) *+1* 2&4"(23h 2&4 (2 4"#
&2# 9"& 72&9* +2) +2*9#%*: 8-4 (2 4"# &2# 9"& B-#*4(&2* +2) (* 2&4
*-$$&*#) 4& 72&96 @2) 4"(* )(*/&-%*# &, 4%-4" ,(2+001 4+7#* #,,#/4: 2&4 (2 4"#
&2# 9"& %#/#('#* (4: 8-4 (2 4"# &2# ,%&. 9"&. (4 (* 9%#*4#)6 _P]RQA bLa

!"# *-840# 49(*4* +2) 4-%2* &, 4"(* */#2+%(& +%# (2*4%-/4('# ,&% + '+%(#41 &,
%#+*&2*: 2&4 0#+*4 8#/+-*# ,&% W&-/+-04 4"# /&2,#**(&2+0 ,&%. +$$#+%* 4&
/+$4-%# .+21 &, 4"# )12+.(/* &, 4"# +%4 &, .&)#%2 3&'#%2.#246 `2 4"# ,(%*4
$0+/#: (4 /&2'#1* 4"# /&2*4(4-4('# 2+4-%# &, $&9#%: 9"#%# 4"# %#0+4(&2*"($:

2EI\X %? %N FAA%N\NH %KK%FX

ZZ

4"# +/4(&2*: 4"# #,,#/4* +%# +00 &, + $(#/#6 !"#%# (* 2& %#0+4(&2 &, ,&%/#
(.$&*#) ,%&. 4"# &-4*()#: 2& #U4#%2+0 +3#2/1 +* (2 + */%($4#) $&9#% $0+1
9"#%# &2# *()# +)'+2/#* (4* (24#%#*4* +4 4"# #U$#2*# &, +2&4"#%6 ;#/&2): 4"#
%#'#+0(23 $%&/#** "(3"0(3"4* 4"# $%&)-/4('#: $&*(4('# *()# 4& $&9#% 9"(/": (2
`+2 E+/7(23c* 4#00(23 $"%+*#: #2+80#* $#&$0# 4& g.+7# -$c 4"#.*#0'#*
_P]RbA LNQa 4"%&-3" 4"# $%&/#** &, *#0,5%#,0#/4(&2 +2) *#0,5%#3-0+4(&26
\#&$0# +%# ,%## 4& 3&'#%2 4"#(% &92 8#"+'(&-% (2 +00 7(2)* &, 9+1*: 1#4 )&
*& (2 9+1* 4"+4 /&+0#*/# +%&-2) 4"# +//#$4+80# g2&%.c6 @2) 4"(%): 4"#
/&2,#**(&2+0 ,&%. (* ,&-2)#) &2 4"# $%#*-.$4(&2 4"+4 8&4" *()#* #23+3#
,%##01 (2 4"# $%&/#**: 1#4 4"# 72&9(23 ,(3-%# %#.+(2* )&.(2+24 4"%&-3"&-4:
3-()(23 4"# /&2)-/4 &, 4"# &4"#% +2) *+2/4(&2(23 4"#(% 9#0058#(23 _+* (2
*&.# $%&,#**(&2+0S/0(#24 %#0+4(&2*"($*: ,&% #U+.$0#a6 \#%"+$* .&%# *(32(,(5
/+2401: 9"#2 4"(* %#3-0+4&%1 4#/"2(B-# (* +**&/(+4#) 9(4" 4"# +%4 &, 3&'#%25
.#24 .&%# 3#2#%+001 (4 8#/&.#*: (2 W&-/+-04c* #1#*: 4"# 2-8 &,
/&24#.$&%+%1 $&9#%A g+ *#4 &, +/4(&2* -$&2 &4"#% +/4(&2*c _P]RLA LLMa &%
(2 H&0(2 =&%)&2c* 9&%)* g4"# /&2)-/4 &, /&2)-/4c _P]RZA L]ba6
`24%(3-(2301: 9"#2 /&.$+%#) 9(4" 4"# #+%0(#% )(*/-**(&2 &, )(*/($0(2+%1
$&9#% +2) 4"# 0(7#* &, J#24"+.c* \+2&$4(/&2: 4"(* '#%*(&2 &, $&9#% *##.*
#'#2 0#** (2*4%-.#24+0 (2 (4* #U#/-4(&2 +2) $#/-0(+%01 +*$+4(+0 (2 4"# $0+1 &,
(4* ,&%/#*6 `4 (* $&**(80#: "&9#'#%: +* E(2)#** _P]]ba (2 $+%4(/-0+% "+*
+%3-#): 4& *## )(*/($0(2+%1 4#/"2(B-#* +* &2# +.&23 + 2-.8#% &, .#+2*
&, -2)#%*4+2)(23 "&9 4"# /&2)-/4 &, &4"#%* (* (2,0-#2/#)6 ;& %+4"#% 4"+2
$&*(4 + *"+%$ *#$+%+4(&2 8#49##2 )(*/($0(2# +2) 3&'#%2.#24: (4 (* $#%"+$*
8#44#% 4& -2)#%*4+2) 4"# 0+44#% +* $+%4 &, + 8%&+)#%: .&%# *-$$0# *4%+4#31 &,
2&%.+0(d+4(&26 `, +//&-24* &, )(*/($0(2+%1 ,&%.* &, /&24%&0 "+'# 4#2)#) 4&
#%% &2 4"# *()# &, #U/#**('# )&.(2+4(&2: 9"#%# (2)('()-+0* +%# 0#,4 9(4" 0#**
+2) 0#** %&&. 4& .+2&#-'%#: +* G/K+1 _P]]Qa +2) &4"#%* "+'# /0+(.#):
4"# *"(,4 (2 ,&/-* (2 W&-/+-04c* 9&%7 4& 3&'#%2.#24+0 ,&%.* &, /&2)-/4
%#$%#*#24* +2 +/72&90#)3#.#24 &, 4"# 8+*(/ +3#2/1 (2'&0'#) (2 $&9#%
%#0+4(&2*"($*6 `2 $0+/# &, )(*/($0(2#) *-8e#/4* +4 4"# 9&%7$0+/#: (2 ,+/4&%(#*
&% (2 (2*4(4-4(&2* &, /&2,(2#.#24: 4"# )(,,-*# *&/(+0 +2) $&0(4(/+0 +%#2+*
(2 9"(/" 4"# +%4 &, 3&'#%2.#24 (* #U#%/(*#) +00&9 ,&% 4"# $&**(8(0(41 &,
2#3&4(+4(&2 +2) #'#2 %#e#/4(&2 &, $%#*/%(8#) 9+1* &, +/4(23 +2) /&2,&%.(236
!"# ("C')3@'3/ "6 "3'4'%6: ,&% #**#24(+001 4"+4 (* 9"+4 (* (2'&0'#) "#%#: 4"-*
#24+(0* + %+23# &, $&**(80# +/4(&2* +2) %#+/4(&2*: +08#(4 0(.(4#) (2 4"#(%
*/&$# S &4"#%9(*# 4"# /&2*4%+(2(23 #0#.#24 &, $&9#% 9&-0) 8# +8*#24
+04&3#4"#%6
`2 +2 &,45B-&4#) $+**+3#: W&-/+-04 )#*/%(8#* (4 4"-*A
@4 4"# '#%1 "#+%4 &, 4"# $&9#% %#0+4(&2*"($: +2) /&2*4+2401 $%&'&7(23 (4: +%#
4"# %#/+0/(4%+2/# &, 4"# 9(00 +2) 4"# (24%+2*(3#2/# &, ,%##)&.6 <+4"#% 4"+2
*$#+7(23 &, +2 #**#24(+0 ,%##)&.: (4 9&-0) 8# 8#44#% 4& *$#+7 &, +2 g+3&2(*.c S
&, + %#0+4(&2*"($ 9"(/" (* +4 4"# *+.# 4(.# %#/($%&/+0 (2/(4+4(&2 +2) *4%-330#h

ZP

2EI\X %? %N FAA%N\NH %KK%FX

0#** &, + ,+/#54&5,+/# /&2,%&24+4(&2 9"(/" $+%+01d#* 8&4" *()#* 4"+2 + $#%.+25
#24 $%&'&/+4(&26 _P]RLA LLPSLa

H"+%+/4#%(d#) (2 4"(* 9+1: $&9#% %#)-/#* (4*#0, 4& + *#%(#* &, $%&'&/+4(&2*
+2) (2/(4#.#24* 8#49##2 (2)('()-+0* 9"& *4(00 "+'# &$4(&2* 4& $0+1 9(4"6 `2
+3&2(*4(/ %#0+4(&2*"($* 4"#%# (* + /#%4+(2 7(2) &, '1(23 ,&% $&*(4(&2: + /(%/0(23
&, &2# +2&4"#% +* +/4(&2 ,&00&9* %#+/4(&2 (2 +2 #,,&%4 4& (2,0-#2/# 4"#
&-4/&.# &, 4"# $%&/#** S 2&4 *& .-/" + */%($4#) $&9#% $0+1: 4"#2: +*
&$#25#2)#) 3+.#* &, $&9#% 9(4"(2 9"(/" 4"# #0#.#24 &, /&2*4%+(24 "+*
8##2 9"(440#) )&92 4& + .(2(.-.6 E+'(23 *+() 4"+4: (2 4%-# [#8#%(+2
,+*"(&2 4"# .+44#% *4(00 /&.#* )&92 4& "&9 ,+% 9"(/" &, 4"# *()#* /+2
*-//#**,-001 /-%4+(0 &% 0(.(4 4"# /"&(/#* &, &4"#%*6 !"#%# (* *4(00 +2 #0#.#24
9"(/" /&-0) 8# /&2*4%-#) +* )&.(2+4(&2 (2'&0'#) (2 4"#*# %#0+4(&2*"($*:
#'#2 (, (4 (* 2&4 +* /0#+%5/-4 +* 4"&*# $%+/4(*#) 4"%&-3" )(*/($0(2+%1 4#/"5
2(B-#* &, /&24%&06 `2 ,+/4: (4 (* )(,,(/-04 4& )(*/#%2 $%#/(*#01 9"+4 &4"#%
.&)#* &, $&9#% +%# +4 9&%7 (2 4"# '+%(&-* 9+1* (2 9"(/" (2)('()-+0* +%#
*+() 4& /&2*4(4-4# 4"#.*#0'#* +* *-8e#/4*6Q
!"# (**-# "#%#: 9"(/" G/K+1 _P]]Qa "+* +//-%+4#01 ()#24(,(#): (* 4"+4
4"#%# +%# + 3%#+4 .+21 9+1* (2 9"(/" 4"# +/4(&2* &, (2)('()-+0* /+2 8#
(2,0-#2/#) 81 &4"#%*: 2&4 +00 &, 9"(/" *4%(/401 *$#+7(23 9&-0) ,+00 -2)#% 4"#
"#+)(23 &, )&.(2+4(&2 &% ,&% 4"+4 .+44#% /&-0) -*#,-001 8# )#*/%(8#) +*
&$#25#2)#) 3+.#*6 !"# (2+8(0(41 4& )(*4(23-(*" 8#49##2 4"# )(,,#%#24 9+1*
(2 9"(/" $&9#% .+1 8# #U#%/(*#) &%: 9&%*#: 4"# (2+8(0(41 4& )#4#%.(2# 9"+4
(* 2&4 + %#0+4(&2 &, $&9#%: (2 .1 '(#9: *#%(&-*01 9#+7#2* W&-/+-04c* +2+015
4(/*6 `2 /"+$4#% L: +44#24(&2 9+* )%+92 4& 4"# *"&%4/&.(23* &, 4%#+4(23
$&9#%: )&.(2+4(&2 +2) +-4"&%(41 +* *12&21.&-* +2) /&2,0+4(23 4"# $#/-5
0(+%(4(#* &, 4"# )(,,#%#24 .&)+0(4(#* &, $&9#%6 [&%7(23 9(4"(2 W&-/+-04c*
(..+2#24 /&2/#$4(&2 &, $&9#%: 9"#%# $&9#% %#0+4(&2*"($* "+'# 0&*4
.-/" &, 4"#(% *$#/(,(/(41: 4"#%# (* + %#+0 )+23#% 4"+4 (4 8#/&.#* (.$&**(80#
4& )(*4(23-(*" +2 +/4 &, .+2($-0+4(&2 ,%&. + 3#*4-%# &, +-4"&%(41: &% +2 +/4
Q `4 (* +0*& )(,,(/-04 4& )(*/#%2 $%#/(*#01 9"+4 *(32(,(/+2/# *"&-0) 8# +44+/"#) 4& +/4* &,
%#*(*4+2/# 9"#2 $&9#% (* $&%4%+1#) +* + *#%(#* &, $%&'&/+4(&2* 8#49##2 )(,,#%#24 *()#*6
H#%4+(201 4"# 3&'#%2.#24 &, &2#*#0, +* (2'&0'(23 + *#%(#* &, +/4(&2* +2) %#+/4(&2* /&-0)
&//+*(&2 %#*(*4+2/# 4& *&.#4"(23: +04"&-3" 9"+4 #U$0+2+4&%1 '+0-# (* 3+(2#) ,%&. 4"(*
0+8#00(23 (* 2&4 #24(%#01 /0#+%6 !"# g$&9#% 4&c +/4 9"(/" ,&%.* 4"# 8+*(* &, ,+/(0(4+4('#
2&4(&2* &, $&9#% )(*/-**#) (2 4"# $%#'(&-* /"+$4#% *##.* 4& .# 4& +00&9 ,&% 4"# ()#+ &,
%#+/4(&2* 9"(/" 8&4" #2+80# +2) #.$&9#%6 `2)##): E+22+" @%#2)4c* +**&/(+4(&2+0 *#2*#
&, $&9#% (* + 4#*4+.#24 4& 4"+4 $&**(8(0(416 W&% + 2&25&$$&*(4(&2+0 +//&-24 &, %#*(*4+2/#:
*## \(0# _P]]Za +2) 4"# %#*$&2*# 4& (4 (2 4"# /&00#/4(&2 L3/$3(%'@'3/4 "6 >"1')G &'"()$*+,'4
"6 ?"@,3$/,"3R!'4,4/$3-' _LMMMa 81 I&+22# ;"+%$ #4 +06: 9"(/" +%3-#* 4"+4 +/4(&2 +2)
%#+/4(&2 %-2 4"%&-3" $%% (2*4+2/#* &, )&.(2+4(&2 +2) %#*(*4+2/#6 `2 9"+4 (* &4"#%9(*# +
4"&-3"4,-0 +//&-24 &, 4"# $&**(8(0(4(#* &, %#*(*4+2/#: 9"#%# 4"# 4#%. (* &$#2#) -$ (2 +00
7(2)* &, *-840# 9+1*: ` ,##0 (4 &)) 4"+4 4"# #)(4&%* &, 4"# 0+44#% ,+(0 4& )& 4"# *+.# ,&% $&9#%
+2) .#%#01 #B-+4# (4 9(4" )&.(2+4(&26

2EI\X %? %N FAA%N\NH %KK%FX

ZV

&, )&.(2+4(&2 ,%&. + /&#%/('# 4"%#+4: &% 4"# $0+1 &, *#)-/4(&2 ,%&. + ,&%.
&, *&/(+0 (24#%+/4(&2 *-/" +* $#%*-+*(&26
!"# (.$&%4+2/# &, #*4+80(*"(23 4"# *$#/(,(/(41 &, $&9#% %#0+4(&2*"($* +2)
4"#(% )(*4(2/4 #,,#/4* "+* 8##2 &2# &, 4"# .+(2 4"%#+)* &, +%3-.#24 %-22(23
4"%&-3" 4"(* $+%4 &, 4"# 8&&7: 2&4 0#+*4 4& %#(24%&)-/# *&.# &, 4"# %(3&-%
0&*4 (2 .&%# )(,,-*# /&2/#$4(&2* &, $&9#%: 8-4 +0*& 8#/+-*# ` /&2*()#%
*$+4(+0(41 4& 8# (24#3%+0 4& 4"# 9+1* (2 9"(/" )(,,#%#24 .&)+0(4(#* &, $&9#%
9&%7 4"#.*#0'#* &-4 (2 $%+/4(/#6 `%&2(/+001: (4 (* (2 +//&-24* &, 4"# .&%#
)(*$#%*#) +%4 &, 3&'#%2.#24 S (2 /&24%+*4 4& 4"# .&%# 4"&%&-3"01 /#24%#)
)(+3%+.* &, $&9#% S 4"+4 $&9#% *##.* 4& "+'# 0&*4 .&*4 &, (4* )(*4(2/4('#5
2#**6O

B'( 5,- +: )%&3(,&() 1+A(,0/(0!"# *"(,4 (2 W&-/+-04c* 4"(27(23 +9+1 ,%&. + .&%# /&2*4%+(2#): )(+3%+.5
.+4(/ *#2*# &, $&9#% +* )&.(2+4(&2 4& + .&%# &$#25#2)#) *#%(#* &, $%&'&5
/+4(&2* +2) (2/(4#.#24* 8#49##2 (2)('()-+0* *(32+0* 4"# *"(,4 (2 4"# ,&/-* &,
"(* (2'#*4(3+4(&2* ,%&. 4"# $%+/4(/#* &, (2*4(4-4(&2* 4& 4"&*# &, 3&'#%2.#246
!"(* *"(,4 "+* 8##2 9#00 )&/-.#24#) 81 H&0(2 =&%)&2 _P]RZ: P]]P: LMMPa
+.&23 &4"#%*: 9"&: (2 .+7(23 4"# /+*# ,&% 4"# .&'# ,%&. + g.(/%&c 4& +
g.+/%&c +2+01*(* &, $&9#%: #.$"+*(d#) W&-/+-04c* /&2*4+24 /&2/#%2 4&
)&/-.#24 4"# )#4+(0#) $%+/4(/#* +2) *$#/(,(/ %+4(&2+0(4(#* &, $&9#%: 9"#4"#%
4"#1 8# +8&-4 4"# %#3-0+%(4(#* &, $%(*&2 0(,# &% 4"&*# #U4#2)#) &'#% #24(%#
$&$-0+4(&2*6 !"# *9(4/" (2 ,&/-*: ,%&. 4"# #.8#))#) (2*4(4-4(&2+0 $%+/5
4(/#* +2) 72&90#)3#* 4"%&-3" 9"(/" (2)('()-+0* /&2*4(4-4# 4"#.*#0'#* +*
*-8e#/4* 4& 4"# .&%# )(*$#%*#) 4#/"2&0&3(#* &, 2&%.+4('# /&2*4%+(24 +2)
8#2#'&0#24 3-()+2/#: +//&%)(23 4& =&%)&2: 9+* W&-/+-04c* 9+1 &, )%+9(23
4&3#4"#% 4"# )(,,#%#24 0#'#0* &, +2+01*(* S 9(4"&-4 0&*(23 *(3"4 &, 4"# 9+1* (2
9"(/" $&9#% (* *+() 4& 9&%7 (4* 9+1 4"%&-3" $#&$0#c* 0('#*6
W&-/+-04c* 0#/4-%#* &2 g=&'#%2.#24+0(41c (2 4"# 0+4# P]ZM* +2) "(*
!+22#% 0#/4-%#* )#0('#%#) +4 ;4+2,&%) >2('#%*(41: (2 $+%4(/-0+% g ggT.2#*
#4 *(23-0+4(.ccA 4&9+%) + /%(4(B-# &, $&0(4(/+0 %#+*&2c _LMMP+a: $%&'()# +
O G(4/"#00 C#+2c* _P]]]a &"C')3@'3/$%,/#A >"1') $3A !5%' ,3 E"A')3 ."-,'/# +2)
K(7&0+* <&*#c* _P]]]a >"1')4 "6 S)''A"@G !'6)$@,3( >"%,/,-$% F+"5(+/ 8&4" )%+9 4"#(%
2&.(2+0(*4(/ ,%+.#9&%7 ,%&. W&-/+-04c* 9&%7 &2 4"# +%4 &, 3&'#%2.#24 +2) 8&4" 0&*#
+214"(23 )(*4(2/4('# +8&-4 $&9#% -2)#% + .-04(4-)# &, 4#/"2(B-#* +2) %+4(&2+0(4(#* 4"+4
+%# +**-.#) 4& 8# "#4#%&3#2#&-* +2) $#%'+*('#6 ["(0# 8&4" 4#U4* +%# #U/#00#24 +4
#U4%+$&0+4(23 ()#+* ,%&. W&-/+-04c* 8%(#, &-40(2# &, 3&'#%2.#24+0(41 +2) 3('(23 *"+$#
4& 9"+4 + /&24#.$&%+%1 +2+014(/* &, 3&'#%2.#24 .(3"4 0&&7 0(7#: 4"#(% /+*-+0 /&2,0+4(&2
&, $&9#%: )&.(2+4(&2 +2) +-4"&%(41 *(4* -2#+*(01 +0&23*()# 4"# */%-$-0&-* +44#24(&2 4"+4
4"#1 $+1 4& '+%(&-* 4#/"2&0&3(#* &, $&9#%6

P;

2EI\X %? %N FAA%N\NH %KK%FX

*7#4/" &, "&9 4"# 3&'#%2.#24 &, &2#*#0, (* $&**(80# +/%&** 9"+4 /+2 &201 8#
4#%.#) + */+44#%#) +2) )('#%*# $&$-0+4(&26 `2*4#+) &, 4"# .#4(/-0&-*01
%#/&%)#) )#4+(0 &, *$#/(+0(d#) $%+/4(/#* (2 4"# ,(#0)* &, .#)(/(2# &% $-2(*"5
.#24: 9# +%# 4%#+4#) 4& + 8%&+)#% /+2'+* &, (..+2#24 4#/"2(B-#* /"+%+/5
4#%(d#) 81 4"#(% )(*$+%+4#: 1#4 $#%'+*('# 2+4-%#6 ["#%#+*: /&2'#24(&2+001:
4"# *&'#%#(32 $&9#%* &, 4"# *4+4# +%# $&%4%+1#) +* + ,&%/# #U#%/(*#) 2+%%&901
&2 4"# 8+*(* &, /&2*#24 &% #U4#2*('# %#$%#**(&2: 3&'#%2.#24 ,&% W&-/+-04 (*
*&.#4"(23 4"+4 $#%.#+4#* 4"# /&2)-/4 &, (2)('()-+0* +/%&** + 9()# *$#/5
4%-. &, +/4('(4(#* +2) *#2*#* &, *#0,A +* + .#.8#% &, + "&-*#"&0) &% ,+.(01:
+* + 9&%7#%: + /(4(d#2 +2) *& ,&%4"A
`2 /&24%+*4 4& *&'#%#(3241: 3&'#%2.#24 "+* +* (4* $-%$&*# 2&4 4"# +/4 &,
3&'#%2.#24 (4*#0,: 8-4 4"# 9#0,+%# &, 4"# $&$-0+4(&2: 4"# (.$%&'#.#24 &, (4*
/&2)(4(&2: 4"# (2/%#+*# &, (4* 9#+04": 0&23#'(41: "#+04": #4/h +2) 4"# .#+2* 4"+4
4"# 3&'#%2.#24 -*#* 4& +44+(2 4"#*# #2)* +%# 4"#.*#0'#* +00 (2 *&.# *#2*#
(..+2#24 4& 4"# $&$-0+4(&2h (4 (* 4"# $&$-0+4(&2 (4*#0, &2 9"(/" 4"# 3&'#%25
.#24 9(00 +/4 #(4"#% )(%#/401 4"%&-3" 0+%3#5*/+0# /+.$+(32*: &% (2)(%#/401
4"%&-3" 4#/"2(B-#* 4"+4 9(00 .+7# $&**(80#: 9(4"&-4 ,-00 +9+%#2#** &, 4"#
$#&$0#: 4"# *4(.-0+4(&2 &, 8(%4" %+4#*: 4"# )(%#/4(23 &, 4"# ,0&9 &, $&$-0+4(&2*
(24& /#%4+(2 %#3(&2* &% +/4('(4(#*: #4/6 _P]]PA PMMa

=&'#%2.#24: 4"#2: 0(7# )(*/($0(2#: (* +2 (..+2#24 +,,+(%h (4 (* +**-.#) 4&


%#+/" )##$ (24& 4"# 0('#* &, + )(*$+%+4# $&$-0+4(&2 4& 4"# #U4#24 4"+4 $#&$0#
.&%# &% 0#** (24#%2+0(d# (4* #,,#/4*6 !"# .(U &, )(%#/4 +2) (2)(%#/4 4#/"2(B-#*
&, %#3-0+4(&2 9"(/" .&-0) &-% *#0,5#U$#%(#2/# +%# *+() 4& .+7# -*: (2
!+10&%c* _P]ROa 9&%)*: &8e#/4* &, /&24%&0 (2 9+1* 9"(/" +%# 8+%#01 -2)#%5
*4&&)6 ;& "&9: 4"#2: (* 4"# .+2+3#.#24 &, + $&$-0+4(&2 $&**(80# (2 *-/"
)#$4" +2) 9(4" *-/" +44#24(&2 4& )#4+(0k T2 9"+4 8+*(* )&#* $&9#% +/"(#'#
*-/" + $#2#4%+4(23 %#+/"k
!"# +2*9#% 4& 4"#*# B-#*4(&2*: +* (24(.+4#) #+%0(#%: 0(#* 9(4" 4"# 6)''A"@
4"+4 $#&$0# "+'# 4& 3&'#%2 4"#.*#0'#*6 @* =&%)&2 _LMMPa &8*#%'#): W&-5
/+-04c* #U$0&%+4(&2 &, 4"# 9&%7(23* &, 3&'#%2.#24 #2+80#) "(. 4& +))%#**
4"# %#0+4(&2*"($ 8#49##2 $&9#% +2) ,%##)&. (2 + .&%# %#'#+0(23 9+1 4"+2
"(4"#%4&6 !"# $%+/4(/# &, 3&'#%2.#24 g#2/+$*-0+4#) 4"# 7#1 (2*(3"4 4"+4
$&9#%: -2)#%*4&&) +* + ,&%. &, +/4(&2 &2 4"# +/4(&2 &, &4"#%*: &201 9&%7*
9"#%# 4"#%# (* *&.# ,%##)&.c _LMMPA UU'(((a6 `2 4"# +8*#2/# &, +21 *+2/5
4(&2*: 9# &$4 4& %#*4%+(2 &-% 8#"+'(&-% 8#/+-*# 9# .+1 ,%##01 /"&&*# 9"+4
(* +$$%&$%(+4# +2) 9"+4 (* (2+$$%&$%(+4# 8#"+'(&-%6 !"-*: (2 %#0+4(&2 4&
,+.(01 0(,#: ,&% #U+.$0#: 9# .+1 $&**(801 4"(27 4"+4 (2 /"+00#23(23 4"#
+-4"&%(41 &, 4"# ,+4"#%5,(3-%# (2 4"# ,+.(01 *#44(23 9# 3+(2 + /#%4+(2 ,%##)&.:
1#4 (2 W&-/+-04c* %#+*&2(23 9# +%# e-*4 +* 0(7#01 4& %#.+(2 /&2*4%+(2#) 81
g4%-4"*c +2) $%+/4(/#* +**&/(+4#) 9(4" g2&%.+0c ,+.(01 0(,# +2) (4* %#0+4(&25
*"($* &, $+%#24(23 +2) +$$%&$%(+4# *#U-+0 8#"+'(&-%6 `2 *"&%4: 9# %#.+(2

2EI\X %? %N FAA%N\NH %KK%FX

P:

g4%+$$#)c (2 &-% 4"(27(23 +8&-4 4"# 2+4-%# &, g$%&$#%c ,+.(0(#*: #'#2 4"&-3"
9# .+1 "+'# *#4 +*()# 4"# *"+/70#* &, $+4%(+%/"+0 +-4"&%(41 +2) 4"# 4%+)5
(4(&2* &, .+0# &%)#%6
G&%# 3#2#%+001: W&-/+-04 4+7#* 4"# ,%##)&. 4"+4 $#&$0# "+'# 4& 3#4
4"(23* )&2# &% 4& .+7# 4"#.*#0'#* -$ (2 /#%4+(2 9+1* +* + 2#/#**+%1 $+%4
&, 9"+4 (4 .#+2* 4& 3&'#%26 @ )#3%## &, ,%##)&. (* (.$0(/(4 (2 4"# +%4 &,
3&'#%2(23: (2 4"# 0(8#%+0 *#2*# 4"+4 4"# $%&.&4(&2 &, ,%##)&.: %+4"#% 4"+2
(4* )#2(+0: (* 4"# .&*4 #,,(/(#24 9+1 &, +/"(#'(23 3&'#%2.#24+0 +.8(4(&2*6
FU/#**('# 3&'#%2.#24: 4"# )(%#/4 (24#%'#24(&2 (24& 4"# 9#0,+%# +2) *+,#41 &,
/(4(d#2c* 0('#*: ,&% #U+.$0#: &% 4"# '(*(80# (.$&*(4(&2 &, /&2*4%+(24* &2
$#%*&2+0 /&2)-/4: 4-%2* &-4: &2 %#,0#/4(&2: 4& 8# ,+% .&%# 4(.#5/&2*-.(23
+2) /-.8#%*&.# +* + .#+2* &, 8%(23(23 $#&$0# (24& 0(2# 4"+2 )&#* $%&'&75
(23 4"#. S +* ,%## +3#24* S 4& +/4 (2 9+1* 9"(/" 4"#1 9&-0) &4"#%9(*# 2&4
"+'# /"&*#26 !"(* (* 4"# 7(2) &, #/&2&.(/ 0(8#%+0(*. 4"+4 [#8#% -2)#%5
*4&&) 9#00: 9"#%# $#&$0# ,(2) 4"#.*#0'#* ,+00(23 (24& 0(2# 9(4" 4"# )&.(2+24
.+%7#4 (24#%#*4* *(.$01 81 ,&00&9(23 4"#(% &92 %+4(&2+0 *#0,5(24#%#*46 `2 +
*(.(0+% +04"&-3" 2&4 ()#24(/+0 '#(2: W&-/+-04 %#/&32(d#) 4"# *(32(,(/+2/# &,
$#&$0# g9&%7(23c &2 4"#(% &92 /&2)-/4: ,%## 4& ,+*"(&2 4"#.*#0'#* (2 +00
7(2)* &, 9+1*: 1#4 (2'+%(+801 2+%%&9(23 )&92 4"# $&**(8(0(4(#* (2 0(2# 9(4"
+//#$4+80# 8#"+'(&-%6
["#%# 4"# 49& +2+01*4* &, $&9#% $+%4 /&.$+21: "&9#'#%: (2 4"(* (2*4+2/#
(* 4"+4 ,&% W&-/+-04 4"# ,&%/#* (2 $0+1 &$#%+4# /+)"5(+ 4"# /&2*4(4-4(&2 &,
'+%(&-* ,&%.* &, *-8e#/4('(416 !"# %#0+4(&2 (* &2# &, (..+2#2/#: 2&4 #U4#%5
2+0(416 !"# .+2+3#.#24 &, + $&$-0+4(&2 &% *&/(#41 (2 )#$4" (* $&**(80# &201
&2 4"# 8+*(* &, ,%##01 *#0,5/&2*4(4-4#) *-8e#/4*6 !"# +**-.$4(&2 (* 4"+4 *-/"
$&9#%: 4& ,&00&9 W&-/+-04: 8&4" (2)('()-+0(d#* $3A 4&4+0(d#* (2 4"# ,-002#**
&, (4* */&$#6
!"(* (*: 4& *+1 4"# 0#+*4: +2 "#%&(/ +**-.$4(&2 +2) &2# *$#04 &-4 (2 3#2#%+0
4#%.* (2 "(* 0#/4-%#* &2 3&'#%2.#24 +* g&, +00 +2) &, #+/"c S "@3'4 '/
4,3(5%$/,@6 `2 4"# !+22#% 0#/4-%#* 9# +%# &,,#%#) + 30(.$*# &, 9"+4 (*
(2'&0'#) 9"#2 $&9#% (* *+() 4& /&.# ,%&. #'#%19"#%# 4& *"+$# +2) (2,0-5
#2/# 4"# 9#0,+%# &, *-8e#/4* S 8&4" +* (2)('()-+0* +2) +4 4"# 0#'#0 &, 4"#
$&$-0+4(&2 +* + 9"&0#6 !"# )(*$#%*#) 4#/"2&0&31 (2 B-#*4(&2 (* 4"+4 &,
g$+*4&%*"($c: + 0&&*# .#4+$"&% ,&% )#*/%(8(23 4"# 7(2)* &, &80(3+4(&2 +2)
/+%# 4"+4 9#0,+%# +-4"&%(4(#* _%#+) g*"#$"#%)ca "+'# ,&% 4"#(% _,0&/7 &,a
$#&$0#6
<&&4#) (2 E#8%#9 +2) H"%(*4(+2 4%+)(4(&2: 4"# 2&4(&2 &, $+*4&%*"($
#24+(0* +2 &80(3+4(&2 &2 4"# $+%4 &, 4"# +-4"&%(4(#* 4& 3-()# _4& 9+4/"
&'#%a +2) 4& -2(,1 _4& 3+4"#% 4&3#4"#%a 9"+4 (*: (2 #,,#/4: +2 +(.0#** 3%&-$
&, )(*$#%*#) (2)('()-+0*6 !"# 3-+%)(+2c* &80(3+4(&2 4& .+2+3# #/&2&.(/+001
+2) 7(2)01: "&9#'#%: (2'&0'#* + %#/($%&/+0 %#*$&2*(8(0(41 &2 4"# $+%4 &, 4"#
(2)('()-+0 4& 3('# 4"#.*#0'#* &'#% 4& 4"# 9(00 &, 4"# 3-+%)(+26 @04"&-3" &2#
(* 2&.(2+001 ,%## 4& /"&&*# &2#c* &92 9#0,+%#: 4"# %(*7 &, 0&*(23 &2#c* 9+1

PG

2EI\X %? %N FAA%N\NH %KK%FX

(.$0(#* + 2##) ,&% 4"# (2)('()-+0 4& #U+.(2# 4"#.*#0'#* (2 *-/" + 9+1 4"+4
4"#1 +%# +80# 4& 8# .&%# #,,#/4('#01 3-()#)6 @ 72&90#)3# &, &2#*#0,: +2
+8(0(41 ,&% *#0,5%#,0#/4(&2 +2) *#0,5%#3-0+4(&2: 4"-* 8#/&.#* + $%#%#B-(*(4#
,&% (2)('()-+0* (2 4"#(% *#+%/" ,&% + 8#44#%: "#+04"(#% +2) 9#+04"(#% *#0,6 !"#
4#/"2(B-# &, /&2,#**(&2: 2&4#) #+%0(#%: 9"#%# 8&4" *()#* #23+3# ,%##01 (2 4"#
$%&/#**: 1#4 4"# 72&9(23 ,(3-%# %#.+(2* )&.(2+24 4"%&-3"&-4: 3-()(23 +2)
*+2/4(&2(23 4"# /&2)-/4 &, 4"# &4"#%: (* 4"# .&)#0 ,&% 4"(* (2)('()-+0(d(23
$%+/4(/#6 `4 /+$4-%#* 4"# *#2*# (2 9"(/" $#&$0# 9(00(2301 $0+/# 4"#.*#0'#* (2
+ *-8&%)(2+4# $&*(4(&2 (2 4"# "&$# &, *#/-%(23 + 8#44#% 0(,#6
;#4 9(4"(2 + .&%# -$54&5)+4# 0+23-+3# +2) /&24#U4: 3&'#%2.#24 8&)(#*:
4%-*4*: '&0-24+%1 &%3+2(d+4(&2* +2) +21 2-.8#% &, B-+*(59#0,+%# +3#2/(#*:
,%&. $%('+4# .#)(/+0 +2) #)-/+4(&2+0 (2*4(4-4(&2* 4"%&-3" 4& 4"# /&%$&%+4#
/+%# &, #.$0&1##* _4"# 9#0,+%# g$&0(/#c &, &0): 4& ,&00&9 W&-/+-04a: 9&%7
9(4"(2 + ,%+.#9&%7 &, #U$#/4+4(&2* +2) $%#*-.$4(&2* 4"+4 #2+80# &4"#%* 4&
72&9 9"+4 (* #U$#/4#) &, 4"#. +2) 4& +)+$4 +//&%)(23016 ;-/" 8&)(#*
)(,,-*# *4+2)+%)* +2) #U"&%4 -* 4& ()#+0* 9"(/" +%# "+%) 4& ,(2) ,+-04 9(4":
+2) $%&'&7# -* (24& 4+7(23 %#*$&2*(8(0(41 ,&% &-%*#0'#* (2 9+1* 4"+4 .&%# &%
0#** .(%%&% +//#$4+80# 41$#* &, 8#"+'(&-%6 `4 (* (2 4"(* *#2*# 4"+4 $&9#%
(2)('()-+0(d#*: %#+/"(23 )##$ (24& 4"# *#0,: (4 (* /0+(.#): 8#/+-*#: (2 W&-5
/+-04c* 9&%)*: g(4 (* /&#U4#2*('# +2) /&24(2-&-* 9(4" 0(,#c _P]RLA LPQa6
T2 4"(* '(#9: 4"#2: 4"# +%4 &, 3&'#%2.#24 %#*4* -$&2 4"# /&24(2-&-* +2)
%#0+4('#01 *4+80# $%#*#2/# &, + *#%(#* &, ()#+0*: #U$#/4+4(&2*: %#/#('#)
g4%-4"*c: *4+2)+%)* +2) ,%+.#9&%7* 9"(/" $%&'&7# (2)('()-+0* 4& 3&'#%2
4"#(% 0('#* (2 B-(4# $+%4(/-0+% 9+1*6 \&9#%: (4 *##.*: "+* + %#.&4# 1#4
(..+2#24 B-+0(41: /+$+80# &, %#+/"(23 (24& $#&$0#c* 0('#* 8#/+-*# 4"#1
+0&2# 8%(23 4"#.*#0'#* 4& &%)#%6 !"(* (* $&**(80#: #'#2 $%&8+80#: 8-4 9#
+%# 8#(23 +*7#) 4& +//#$4 4"(* &-4/&.# 9(4" 0(440# -2)#%*4+2)(23 &, 4"#
*$+4(+0 +2) 4#.$&%+0 +%%+23#.#24* (2'&0'#)6 `2 /&24%+*4 4& 4"# )#4+(0#)
*-%'#1 &, 4#/"2(B-#* (2 W&-/+-04c* #+%0(#% (2*4(4-4(&2+0 +2+01*#* S )&/-5
.#24(23 4"# )(*4%(8-4(&2 &, (2)('()-+0* (2 $#2+0 *$+/#*: ,&% #U+.$0#: &2
4"# 8+*(* &, + *#%(#* &, 3%()50(7# #U$#/4+4(&2* +8&-4 "&9 $%(*&2#%* *"&-0)
/&2)-/4 4"#.*#0'#* S 9# "+'# */+24 )#4+(0 &, 4"# *$+4(+0 +**#.80+3#*
(2'&0'#) (2 4"# .+2+3#.#24 &, )(*$#%*#) $&$-0+4(&2*6
T2# +44#.$4 4& ,(00 4"(* 4&$&0&3(/+0 3+$ (* 4& 8# ,&-2) (2 4"# 9&%7 &,
C#0#-d# +2) =-+44+%(: (2 $+%4(/-0+% 4"#(% #**+1 &2 .(/%&$&0(4(/* +2) *#35
.#24+%(41 (2 D F+"54$3A >%$/'$54G <$*,/$%,4@ $3A .-+,N"*+)'3,$ _P]RRa6 W&%
4"#.: 4"# )(*$#%*#) +%%+23#.#24* &, $&9#% )#*/%(8#) 81 W&-/+-04 +%#
/0&*#% 4& 4"# &$#25#2)#) 3+.#* &, $&9#% 4"+4 "# &-40(2#) 4"+2 4& +214"(23
.&%# /+%4&3%+$"(/+001 /#%4+(26 `2 +2 (2'#24('# '#(2: 4"#1 /&2*()#% 4"# #U#%5
/(*# &, $&9#% 4& 8# *&.#4"(23 &, + "(45+2)5.(** +,,+(%: 9(4" +44#.$4* 4& ,(U +
$+%4(/-0+% /&)(23 &% ,%+.#9&%7 &, #U$#/4+4(&2* 0(.(4#) (2 4"#(% +8(0(41 4&
3-()# &% /&2*4%+(2 +/4(&2*6 \&9#%: (2 4"#(% *-$$0# "+2)*: (* /&2/#('#) +*
(24#%2+0 4& 9"+4 (4 /+2 )&: +2) 9"+4 (4 /+2 )& (* 4"# &-4/&.# &, (4*

2EI\X %? %N FAA%N\NH %KK%FX

PM

(..#%*(&2 (2 &%3+2(d+4(&2+0 ,&%.* 9"#%# +00 .+22#% &, %#(24#%$%#4+4(&2:


,0-() 2#3&4(+4(&2 +2) 4%+2*0+4(&2 "&0) *9+16 `2 4"(* .&%# -2/#%4+(2 */%($4:
4"# '+%(#41 &, (2*4(4-4(&2* (2 9"(/" $&9#% (* *+() 4& 8# g/#24%#)c S *4+4#
+3#2/(#*: $%('+4# /&%$&%+4(&2*: ,(2+2/(+0 (2*4(4-4(&2* +2) %#0(3(&-* #*4+80(*"5
.#24* +.&23 4"#. S +(. +4 8#*4 4& +)+$4 +2) /&2'#%4 4"# ,0-() 0(2#* &,
*&/(+0 +/4('(41 (24& .&%# *4+8(0(d#) *#3.#24*6 H+-3"4 -$ (2 4"# (24#2*# ,0&9
&, *&/(+0 +/4('(41: "&9#'#%: *-/" g/#24%#*c +%# /&2/#('#) +* -2*4+80# /&2,(35
-%+4(&2* B-(4# -20(7# 4"#(% .&%# 8&U#) /&-24#%$+%4* )(*/-**#) (2 /"+$4#% L:
&$#2 4& .-4+4(&2 (2 +04&3#4"#% 2#9 +2) &,4#2 -2+24(/($+4#) 9+1*6
K&9: 9# /+2 .+7# &, 4"(* )(+3%+..+4(/ *#2*(8(0(41 9"+4 9# 9(00: 8-4
4"# %#/&'#%1 &, $&9#% +* + .&%# &$#25#2)#): "(45+2)5.(** +,,+(% #+*#* 4"#
$%#**-%# 4& +//&-24 ,&% 4"# +/4-+0 #,,#/4* &, *& .+21 )(*$#%*#) 4#/"2(B-#*
+2) $%+/4(/#* &, 3&'#%2.#246 `, 9# "+'# 4& 9&%%1 0#** +8&-4 4"# )#4+(0 +2)
)#$4" &, $&9#%c* %#+/": "&9#'#%: 4"# B-#*4(&2 %#.+(2* +* 4& "&9 4"#
*-//#**('# +2) /%&**5/-44(23 $%+/4(/#* &, 3&'#%2.#24 +%# .#)(+4#) 4"%&-3"
*$+/# +2) 4(.#6 `, 3&'#%2.#24 ,4 +2 (..+2#24 +,,+(%: /&2*4(4-4#) (2 *$+/#
+2) 4(.#: +* W&-/+-04 "+* +%3-#): "&9 )&#* $&9#% 8%()3# 4"# 3+$ 8#49##2
"#%# +2) 4"#%# 4& 3&'#%2 + )(,,-*# $&$-0+4(&2k

3@@)>&>$ ."/&(#H E,#*&(#&G M&8+>"6"',&#


T2# +2*9#% 4& 4"# +8&'# B-#*4(&2 9&-0) 8# 4& %#'(*(4 4"# '(#9 #U$%#**#)
#+%0(#% 4"+4 $&9#% /&2*4(4-4#* (4* &92 &%3+2(d+4(&2: 1#4 (* $%&)-/#) %#0+5
4(&2+001 ,%&. $&(24 4& $&(246 !"# *4%#** "#%#: 1&- .+1 %#/+00: 9+* 2&4 -$&2
4&$&0&31 ,&% (4* &92 *+7#: +* + %+4"#% +8*4%+/4 /&2,(3-%+4(&2 &, $&(24*: 8-4
-$&2 4"# (24#%$0+1 &, ,&%/#* 9(4"(2 + $+%4(/-0+% *#44(23: 9"(/" .+)# (4
$&**(80# 4& 4+07 +8&-4 $+4"9+1* &, $&9#%: %#3-0+4&%1 /"+22#0*: $&(24* &,
+$$0(/+4(&2 +2) 4"# 0(7#6 !"# 8%&+) ()#+ 4"+4 $&9#% .+1 8# /&#U4#2*('#
9(4" (4* ,(#0) &, (2B-(%1 3('#* -* + ,##0 ,&% 4"# 7(2) &, (2)-/#.#24* 4"+4 +%#
*%$-'A 4"%&-3" + *&/(+0 8&)1 %+4"#% 4"+2 "+2)#) )&92 ,%&. + $&(24 +8&'#
+2) 8#1&2) (46 ;-8e#/4* +%# /&2*4(4-4#) 81 4"# *$+/(23 +2) 4(.(23 &, 4"#(%
&92 +/4('(4(#* +* .-/" +* 4"#1 +%# 81 4"&*# &, &4"#%* 9"& *##7 4& (2,0-#2/#
4"#(% 8#"+'(&-%h 4"#(% /&2)-/4 (* *"+$#) +* .-/" 81 9"+4 4"#1 +8*&%8 +2)
(.+3(2# 4"# g4%-4"c &, 4"#(% /(%/-.*4+2/#* 4& 8# +* (4 (* 81 4"# $"1*(/+0
0+1&-4: )(*4%(8-4(&2 +2) &%3+2(d+4(&2 &, 4"#(% *-%%&-2)(23*6
@00 &, 4"(*: (4 *##.* 4& .#: (* (2*(3"4,-0: +2) #U/#$4(&2+0 (2 (4* 3%+*$ &, 4"#
%&-2)+8&-42#** &, $&9#%: 8-4 -2,&%4-2+4#01 (4 "+* 0(440# 4& 4#00 -* +8&-4 "&9
+ )(,,-*# $&$-0+4(&2 (* 3&'#%2#)6 `2 *& ,+% +* 4"# ()#+ &, + )(+3%+. &, $&9#%
+4 4"# g.+/%&5$"1*(/+0c */+0# 4+7#* -* 0(440# 8#1&2) 4"# %#+0. &, .#4+$"&%:
*& 4"# #.8#))#) *$+4(+0 +**#.80+3#* &, $&9#% 9(4"(2 $+%4(/-0+% *#44(23*
$%&'()# ,#9 /0-#* +* 4& "&9 4"# 3&'#%2.#24 g&, +00 +2) &, #+/"c (* +/"(#'#)
&2 + *4+80# +2) /&24(2-&-* 8+*(*6 `, 4"# +(. &, 3&'#%2.#24 _,&% W&-/+-04

PQ

2EI\X %? %N FAA%N\NH %KK%FX

)&#* 8#0(#'# 4"+4 $&9#% (* (24#24(&2+0 +2) 2&25*-8e#/4('#: P]RQA ]Qa (*


%#+001 +8&-4 4"# *-8e#/4(,(/+4(&2 &, + .-04(4-)# &, )(*$#%*#) (2)('()-+0*:
4"#2 2& *(.$0# +33%#3+4(&2 &, *(4#5*$#/(,(/ 4#/"2(B-#* 9(00 )#0('#% *-/" +2
&8e#/4('#6 J%()3(23 4"# 3+$ 8#49##2 "#%# +2) 4"#%# 4& 8%(23 + )(,,-*#
$&$-0+4(&2 9(4"(2 %#+/" (* *(23-0+%01 -20(7#01 &2 4"# 8+*(* &, + */+0#)5-$
'#%*(&2 &, /&2,(2#) +%%+23#.#24* S 2& .+44#% "&9 "(45+2)5.(** 4"# +,,+(%6
C#0#-d#: (4 9&-0) *##.: +2) &2# 9&-0) 3-#** W&-/+-04 4&&: 72#9 4"(*: &%
+4 0#+*4 2#(4"#% +44#.$4#) 4& .+7# 4"# /+*# ,&% + %#*/+0(23 &, $&9#% ,%&. 4"#
g.(/%&c 4& 4"# g.+/%&c +%#2+6 <+4"#% 4"#(% +)"#%#2/# 4& + 4&$&0&3(/+0
'#%*(&2 &, *$+/# %#B-(%#) 4"+4 2#(4"#% &, 4"#. )& *&6 C#0#-d#: (2 $+%4(/-0+%:
"+) + *-%,#(4 &, 0+23-+3# 9(4" 9"(/" 4& )#*/%(8# 4"# +$$+%#2401 #0+*4(/ %#+/"
&, $&9#%: +* (2 4"# /+*# &, '+%(&-* (2*4(4-4(&2+0 g/#24%#*c +44#.$4(23 4& +)+$4
4"# ,0-() 0(2#* &, *&/(+0 +/4('(41 (24& .&%# ,(U#): *4+80# +%%+23#.#24*6 f#4 +*
*&.#9"+4 $%#/+%(&-* /&.8(2+4(&2* &, *&/(+0 +/4('(41: 4"# 8+*(/ (2*4(4-4(&2*
&, 3&'#%2.#24 +%# 4"#.*#0'#* *+() 4& 8# /+-3"4 -$ (2 4"# (24#2*# ,0&9 &,
*&/(+0 (24#%+/4(&2: &$#2 4& .-4+4(&2 (2 &,4#2 B-(4# -2#U$#/4#) 9+1*: 1#4
/&2*4+2401 *4%('(23 4& "&0) 4"(23* )&92: 4& %#3-0+%(d# d&2#* &, +/4('(416
`2 "(* #**+1 gG+21 $&0(4(/*c: (2 + /&00#/4(&2 &, "(* 9%(4(23*: ?,$%"(5'4
_C#0#-d# +2) \+%2#4 P]RZa: 4"(* )(+3%+..+4(/ *#2*(8(0(41 (* &-40(2#) 4&
*"&9 "&9 #+/" &, -*: 9"#4"#% +* $+%4 &, + 3%&-$ &% +* +2 (2)('()-+0: (*
/+-3"4 -$ (2 +2 +%%+1 &, /%&**5/-44(23 0(2#* &, *&/(+0 +/4('(41 9"(/" #,,#/45
('#01 9#+'# &-% 0('#* (24& *&.# 7(2) &, )#2*# ,+8%(/6 !"# %#*-04(23 4#U4-%#:
4& /&24(2-# 4"# .#4+$"&%: (* 8&4" *-$$0# +2) %(3(): &$#2 4& 4"# )#4&-%* +2)
/&24(23#2/(#* 9"(/" *"+$# &-% 0('#*: 1#4 0&/7#) )&92 +2) /&2*4%+(2#) 81
4"# #U+/4(4-)#* &, ,+.(01 0(,#: 9&%7 +2) 9#0,+%#: ,&% (2*4+2/#6 !"# 0+%3#01
$%#)(/4+80# *#4 &, *&/(+0 $%+/4(/#* 9"(/" .+7# -$ 4"# 0+44#% +2) 4"# .+22#%
(2 9"(/" 4"#1 +%# 3&'#%2#) 81 2&%.+0(d(23 #U$#/4+4(&2* +2) .&%+0 $%#5
*-.$4(&2* +00 *#%'# 4& 0(.(4 &-% 0('#*: 1#4 4"#1 %#.+(2 (2 ,0-U: $-00#) 81
-2,&%#*##+80# ,&%/#* 4"+4 -$*#4 4"# $%#)(/4+80# +2) -2)#%.(2# 9"+4 $+**#*
,&% .&%+0 3&'#%2+2/#6 J&4" *#4* &, ,&%/#* +%# (2 $0+1: g9(4"(2 #+/" &4"#% +4
4"# "#+%4 &, 4"# +**#.80+3#c _C#0#-d# +2) \+%2#4 P]RZA PNLa: +2) 8&4"
$0+/# -*: (4 *##.*: +* *-8e#/4* (2 *$+/#* (2 9"(/" 9# +/4 +2) +%# +/4#) -$&2
4& %#$%&)-/# &-% *-8e#/4('(41 +2#96
`2 4"# *+.# #**+1: C#0#-d# )#*/%(8#* 4& -* (2 #B-+001 3#2#%+0 4#%.* "&9
#'#2 4"# .&*4 /#24%+0(d#) &, *4+4# +-4"&%(4(#* (* 2&4 g4"# .+*4#% &, (4* $0+2*c:
+* (4 4&& (* #2.#*"#) (2 /(%/-.*4+2/#* 8&4" *-$$0# +2) %(3(): #U4#2)(23 (4*
%#+/" (2 9+1* 4"+4 +%# $%#)#4#%.(2#) 1#4 '&0+4(0# (2 &-4/&.#A
!"# .&*4 /#24%+0(d#) *4+4# (* 2&4 +4 +00 4"# .+*4#% &, (4* $0+2*: (4 (* +0*& +2
#U$#%(.#24#%: (4 $#%,&%.* (2e#/4(&2*: (4 (* -2+80# 4& 0&&7 (24& 4"# ,-4-%# 6 6 6 `4 (*
+0&23 4"# )(,,#%#24 0(2#* &, /&.$0#U +**#.80+3#* 4"+4 4"# $&9#%* 4"+4 8# /+%%1
&-4 4"#(% #U$#%(.#24*: 8-4 +0&23 4"#. +0*& +%(*# #U$#%(.#24#%* &, +2&4"#%
7(2): 4"9+%4(23 $%#)(/4(&2*: 4%+/(23 &-4 +/4('# 0(2#* &, ,0(3"4: 0&&7(23 ,&% 4"#

2EI\X %? %N FAA%N\NH %KK%FX

PL

/&.8(2+4(&2 &, 4"#*# 0(2#*: (2/%#+*(23 4"#(% *$##) &% *0&9(23 (4 )&92: /%#+4(23
4"# $0+2# &, /&2*(*4#2/# ,%+3.#24 81 ,%+3.#246 _C#0#-d# +2) \+%2#4 P]RZA
PQOSba

`, 4"(* (* .#%#01 4& *+1 4"+4 #'#24* +2) $0+2* )& 2&4 $+2 &-4 (2 +04&3#4"#%
#U$#/4#) &% +24(/($+4#) 9+1*: 9"#2 (2)##): 9# .(3"4 *+1: 9+* (4 &4"#%9(*#k
J-4 (2 + .&%# 3#2#%&-* *$(%(4: ` 4+7# C#0#-d# 4& 8# $&(24(23 -$ 4"#
)(*$#%*(&2 &, $&9#% +* +2 (..+2#24 +,,+(%: (2 9"(/" 4"# ,(2# )#4+(0 &, 4"#
$&9#%* 4"+4 8# +%# (..#%*#) (2 4"# g.&0#/-0+% *&-$ 4"+4 2&-%(*"#* 4"#.:
+2) .+7#* 4"#(% &-40(2#* 9+'#%c _P]RRA LLOa6 @* +2 #'&/+4(&2 &, $&9#%: (4
"+* /&2*()#%+80# .#%(4: 8-4 4"# &'#%+00 *$+4(+0 (.+3#%1 &, '+%(&-* *#4* &,
(24#%+/4(23 0(2#* &, ,&%/#: *-$$0# &% 2&4: *4(00 0#+'#* .-/" 4& 8# *+() +8&-4
9"+4 8%(23* $#&$0# 9(4"(2 %#+/"6 `, 4"# 4&$&0&31 (* + 8&0) &2#: 4"# *$+4(+0
/&2,(3-%+4(&2: ,&% +00 (4* 9&%4": %#.+(2* ,%-*4%+4(2301 +8*4%+/46
`2 /&.$+%(*&2: W&-/+-04c* 4&$&0&3(/+0 .-*(23* &2 4"# +%4 &, 3&'#%2.#24:
+* 9# "+'# *##2: '#%3#) &2 4"# +*$+4(+06 =&'#%2.#24+0 ,&%.* &, /&2)-/4
+$$#+% 4& 8# *#0,5*-*4+(2(23 (2 /"+%+/4#%: 9(4" + %#+/" 4"+4: (2 (24#24 +4 0#+*4:
(* 8&4" +00 #2/&.$+**(23 +2) (2)('()-+0(d(236 !"# 9(00(232#** &, g,%##
*-8e#/4*c 4& %#3-0+4# 4"#(% &92 /&2)-/4 (2 9+1* 2&4 2#/#**+%(01 &, 4"#(%
&92 /"&&*(23 "&0)* 4"# 7#1 4& "&9 3&'#%2.#24 (* $&**(80# +4 $&(24* %#.&4#
,%&. 4"#(% +$$0(/+4(&26 `2 ,+/4: +//&%)(23 4& C+'() ;/&44 _P]]Oa: 4"#%# (* 2&
#B-('+0#24 4& 4"# %(/" *$+4(+0 '&/+8-0+%1 &, )(*/($0(2+%1 $&9#% +4 4"# 0#'#0 &,
3&'#%2.#246 !"# "+8(4-+4(&2 &, .(2) +2) 8&)1 4"+4 )(*/($0(2# (.$&*#*
-$&2 4"# 0('#* &, 4"&*# (2 (2*4(4-4(&2+0 *#44(23* )&#* 2&4: "# +%3-#*: "+'# +
)(%#/4 /&-24#%$+%4 +4 4"# g.+/%&c 0#'#06 g=&'#%2.#24c: "# +**#%4*: g)&#* 2&4
%#3-0+4# (2 4"(* 7(2) &, )#4+(0c _P]]OA LMNa +2) "# 3&#* &2 4& *"&9 "&9
F-%&$#c* /&0&2(d(23 $%+/4(/#* 81 4"# 2(2#4##24" /#24-%1 &$#%+4#) 4"%&-3"
(2)-/#.#24 +2) &80(3+4(&2 4& 8%(23 +8&-4 2#9 ,&%.* &, /&0&2(+0 *-8e#/4('5
(41 9"(/": 4& 4"&*# 8&4" 2#+% +2) ,+%: 9&-0) 8# )##.#) g(.$%&'(23c _*##
+0*& =%#3&%1 P]]Ra6
=&%)&2c* _LMMPa +//&-24 &, 3&'#%2.#24 +* + *-//#**(&2 &, $%+/4(/#*
+2(.+4#) +2) e-*4(,(#) 81 + *-//#**(&2 &, )(,,#%#24 %+4(&2+0(4(#* +0*&
#*/"#9#) 4"# 7(2) &, )#4+(0#) *$+4(+0 $%&8(23 4"+4 4"# B-#*4(&2* +*7#) &,
)(*/($0(2+%1 $&9#% )#.+2)#)6 @3+(2: 4"# +**-.$4(&2 4"+4 $#&$0# +%# ,%## 4&
3&'#%2 4"#.*#0'#*: + ,%##)&. 4"+4 -2)#%$(2* 4"# $&**(8(0(41 &, (2)(%#/4
4#/"2(B-#* &, 3&'#%2.#24 (2*#%4(23 4"#.*#0'#* (24& 4"# 0('#* &, )(*4+24
&4"#%*: (* 9"+4 +$$+%#2401 )(*$#2*#* 9(4" 4"# #B-('+0#24 *$+4(+0 /-%(&*(416
T2/# 4"# /&00#/4('# +2) (2)('()-+0 0(,# &, + $&$-0+4(&2 8#/&.#* 4"# #U$0(/(4
4+%3#4 &, 4"# $%+/4(/#* &, 3&'#%2.#24: (4 (* +* (, 4"# 4%+2*,&%.+4(&2 &, $&9#%
%#0+4(&2* $-)"44 *$+/# (* &, 0#** ,+*/(2+4(&2 &% (24#%#*4 4"+2 4"&*# 4%+2*,&%.#)
,3 *$+/#: &2 *(4# +* (4 9#%#6
!"(* 3#&3%+$"(/+001 *7#9#) 4&$&0&31: ` *-*$#/4: (* 4"# $%&)-/4 &, +
/&2/#$4(&2 &, 3&'#%2.#24 4"+4 "&0)* 4#2+/(&-*01 4& 4"# '(#9 4"+4 $&9#% (*

PR

2EI\X %? %N FAA%N\NH %KK%FX

+09+1* +2) #'#%19"#%# (..+2#24: 1#4 (* )(*$#%*#) +4 4"# $&(24 &, +$$0(/+5
4(&26 ;&.#9"+4 8(d+%%#01: 4"(* '(#9 %#.(2)* .# &, 4"# )(*/-**(&2 &, 30&8+05
(d+4(&2 +2) .-04(50#'#0 3&'#%2+2/# +4 4"# #2) &, /"+$4#% L: 9"#%# (4 9+*
/0+(.#) 4"+4 + 2#9 4#%%(4&%(+0 %#&%)#%(23 "+) &//-%%#) (2 %#*$&2*# 4& 4"#
)(*$#%*(&2 &, $&9#% +/%&** '+%(&-* 0#'#0* +2) *(4#* &, +-4"&%(416 <+4"#% 4"+2
+ *(.$0# 4&$5)&92 4%+2*.(**(&2 &, $&9#%: 1&- .+1 %#/+00 4"+4 &2 4"(*
+//&-24: 4"#%# (* *+() 4& "+'# 8##2 + %#)(*4%(8-4(&2 &, $&9#%* 8#49##2 4"#
)(,,#%#24 0#'#0* &, 3&'#%2+2/# S ,%&. %#3(&2+0 +2) 2+4(&2+0 *4+4# +3#2/(#* 4&
2&25*4+4# +3#2/(#* +2) *& &2 S 9"(/" 8%&-3"4 + .&%# )(*4+24 $&$-0+4(&2
9(4"(2 %#+/"6
K&9: 4& +'&() +21 .(*-2)#%*4+2)(23: ` *"&-0) +)) 4"+4 (4 (* 2&4 $+%4 &,
.1 +%3-.#24 4& *-33#*4 4#00(23 $+%+00#0* 8#49##2 4"# 49& '(#9* &, $&9#%h
4"# ,+/4 4"+4 &2# '#%*(&2 &$#%+4#* &2 + */+0+% 8+*(* 9(4" $&9#% /&2/#('#) +*
+ ,&%/# (.$&*(23 (4*#0, ,%&. 4"# &-4*()# +2) 4"# &4"#% (* 4&$&0&3(/+0 +2)
(..+2#24 (2 (4* /&2/#$4(&2 *"&-0) )(*$#0 *-/" +2 ()#+6 ["+4 *4%-/7 +
/"&%): "&9#'#%: 9+* 4"# -2$%&80#.+4(d#) $%&e#/4(&2 &, $&9#% $-)"44
*$+/# /&..&2 4& 8&4" '(#9* _4"# *+.# (* 4%-# ,&% 4"# 2#49&%7#) '#%*(&2*
&, $&9#% )(*/-**#) (2 /"+$4#% N: 8-4 (2 ,+/4 4"#1 (2'&0'#) 4"# 4%+2*.(**(&2
&, %#*&-%/#*: 2&4 &, $&9#%a6 ["(0*4 g/#24%#)c '(#9* &, $&9#% "+'# 1#4 4&
%#/&32(d# 4"# $%&80#.: 4"# /"+00#23# ,&% 4"&*# 9"& "&0) 4"+4 $&9#% "+* +2
(..+2#24 $%#*#2/# (* 4& 3%+*$ "&9: (2 4"# /&24#U4 &, + )(,,-*# $&$-0+4(&2
/&.$&*#) &, + .-04(4-)# &, 9(00*: 4"# *-8e#/4 +2) $&9#% %#.+(2 .-4-+001
/&2*4(4-4('# &, &2# +2&4"#% (2 *$+/# +2) 4(.#6b W&%4-2+4#01: 4"(* (* +
/"+00#23# 4"+4 "+* 8##2 4+7#2 -$: #'#2 (, 2&4 B-(4# .#46

C(-(,,%-+,%5$%D() 3+4(,
G(/"+#0 E+%)4 +2) @24&2(& K#3%(c* L@*,)' _LMMMa (* + $%&'&/+4('# +)+$4+5
4(&2 &, W&-/+-04 +2) C#0#-d#c* 4"(27(23 4& 4"# B-#*4(&2 &, 30&8+0(d+4(&2 +2)
b !"# 9&%7 &, K(7&0+* <&*#: #*$#/(+001 "(* >"1')4 "6 S)''A"@A !'6)$@,3( >"%,/,-$%
F+"5(+/ _P]]]a: "+* +))%#**#) 4"# (**-# &, 3&'#%2.#24 +4 + )(*4+2/#: 8-4 +* "(* +%3-.#24
%#0(#* "#+'(01 -$&2 4"# ()#+* &, +/4&% 2#49&%7 4"#&%1: (2 $+%4(/-0+% 4"# 4"(27(23 &, J%-2&
D+4&-% +2) G(/"#0 H+00&2: 4"(* 8&)1 &, 9&%7 (* #U+.(2#) (2 /"+$4#% b6 @2&4"#% %#+*&2
,&% /&2*()#%(23 <&*#c* ()#+* (2 $+%4 `` (* "(* .&%# #U$0(/(4 +//&-24 &, +-4"&%(41 +* +
.&)+0(41 &, $&9#% /+$+80# &, %#+/"(23 + )(*$#%*#) *#4 &, 9(00*6 F+%0(#% (2 4"# /"+$4#%:
%#,#%#2/# 9+* .+)# 4& G(00#% +2) <&*# _P]]Ma +2) +0&23 9(4" &4"#% 9%(4(23* _<&*# +2)
G(00#% P]]Lh <&*# P]]N: P]]b+: P]]b8a 4"#(% /&24%(8-4(&2 (* +**#**#) .&%# ,-001 (2 4"#
/&24#U4 &, 9"+4 (4 .#+2* 4& 3&'#%2 +/%&** *$+/#6 G(4/"#00 C#+2c* &"C')3@'3/$%,/#G >"1')
$3A !5%' ,3 E"A')3 ."-,'/# _P]]]a (* + ,-%4"#% +44#.$4 4& #0+8&%+4# 9"+4: ,&00&9(23
W&-/+-04: (4 .#+2* 4& 3&'#%2 &4"#%* +2) &-%*#0'#* (2 + 9()# '+%(#41 &, /&24#U4*: 8-4 +*
9(4" =&%)&2 4"#%# (* 2& *$+4(+0 /-%(&*(41 +* 4& "&9 $&9#% .+1 8# .#)(+4#) (2 *$+/# +2)
4(.#6 ;## +0*& C#+2 _P]]b+: P]]b8: P]]Ra6

2EI\X %? %N FAA%N\NH %KK%FX

PZ

*&'#%#(3241 +4 4"# 4-%2 &, 4"# 49#24(#4" /#24-%16 `4 (*: 9(4"&-4 +21 %(*7 &,
-2)#%*4+4#.#24: +2 +.8(4(&-* 8&&7: 9(4" 4"# #U$0(/(4 +(. &, *#44(23 )&92
"&9 + 2#9 30&8+0 /+%4&3%+$"1 &, $&9#%: 9"(/" 4"#1 /+00 gF.$(%#c: (*
#U#%/(*#) (2 (..+2#24 ,+*"(&26 ["#%#+* C#0#-d# "+* 8##2 72&92 4& 4+07
+8&-4 4"# #U4#2*(&2 &, /+$(4+0(*. 4& 4"# 9"&0# *&/(+0 8&)1 4"%&-3" 4"#
&'#%8#+%(23 (2*4(4-4(&2* &, 4"# 9&%0) .+%7#4 _*## C#0#-d# +2) \+%2#4 P]RZh
C#0#-d# P]RRa: W&-/+-04c* ()#+* &, )(*/($0(2# +2) 3&'#%2.#24 "+'#: 4& .1
72&90#)3#: 1#4 4& #2/&-24#% 4"# $&0(4(/* &, 30&8+0(d+4(&2 (2 *-/" + *$(%(4#)
.+22#%6 `2 L@*,)': 4"(* 4&$&0&3(/+0 *"(,4 .+7#* ,&% (24#%#*4(23 %#+)(23: +* (4
(* 2&9 4"# *$+/# &, 4"# 30&8+0 4"+4 (* *+() 4& +).(4 2& #U4#%2+0 %#,#%#2/#
$&(24: 4"+4 0#+'#* 2&4"(23 &-4*()# 4"# %#+/" &, 4"(* 2#9 ,&%. &, (.$#%(+0
*&'#%#(32416
L@*,)': (4 *"&-0) 8# *+(): (* 2&4 e-*4 +2&4"#% $(#/# &, *"&%4"+2) ,&% +
>;5*410# "#3#.&21 (2 + 9&%0) *1*4#. &, *4+4#*h %+4"#% (4 (* (24#2)#) 4&
/&2'#1 + )#/#24%#): )#4#%%(4&%(+0(d#) +$$+%+4-* &, %-0# 4"+4 "+* 2& 4%+25
*/#2)#24+0 /#24%# &, $&9#%: 2& "(*4&%(/+0 #B-('+0#24 4& [+*"(234&2 &%
(.$#%(+0 <&.#6 E+'(23 *+() 4"+4: 4"(* +$$+%+4-* &, %-0# (* ,+% ,%&. #4"#%5
#+0h %+4"#% (4 (* g/&.$&*#) &, + *#%(#* &, 2+4(&2+0 +2) *-$#%52+4(&2+0
&%3+2(*.* -2)#% + *(230# 0&3(/ &, %-0#c _LMMMA U((aA + *&%4 &, 3%+2) +.+03+.
&, 4"# >2(4#) ;4+4#* (2 /&+0(4(&2 9(4" +21 2-.8#% &, g9(00(23c *4+4#*:
4%+2*2+4(&2+0 /&%$&%+4(&2*: .#)(+ /&230&.#%+4#*: *-$#%2+4(&2+0 (2*4(4-5
4(&2*: K=T* +2) 4"# 0(7#6 @2) (4 (* 4"(* 0&3(/ &, %-0# 4"+4 .+2(,#*4* (4*#0,
(2 +2 (..+2#24 ,+*"(&2: 4"%&-3" + *#%(#* &, .&)-0+4(23 2#49&%7#) %#0+5
4(&2*"($*: )(,,-*(23 .&%+0: 2&%.+4('# +2) (2*4(4-4(&2+0 g(.$#%+4('#*c &2: 9#
+%# 4&0): + 30&8+0 */+0#6
!"# *$+4(+0 4&$&0&31 &, $&9#% (2'&0'#) (* 0#,4 %+4"#% '+3-#: 8-4 9# +%#
3('#2 + /0-# 81 4"# +-4"&%* 9"#2 4"#1 0(7#2 4"# 9&%0) .+%7#4 4& 4"# A,$()$@
&, (.$#%(+0 $&9#%6 T%3+2(d#) &2 4"# 8+*(* &, ,%## *-8e#/4*: 4"# &$#%+4(&2 &,
4"# 9&%0) .+%7#4: &% %+4"#% 9&%0) .+%7#4*: /&2*4%+(2* 4"&*# '#%1 *+.#
*-8e#/4* 81 )(%#/4(23 +2) (2,0-#2/(23 4"# #/&2&.(/ +2) .&2#4+%1 ,%+.#5
9&%7* (2 $0+16 `4 (* (2 4"(* +2+0&3&-* *#2*# 4"+4 4"# 2#49&%7#) %#0+4(&2*"($*
&, $&9#% +%# *+() 4& $%&3%#**('#01 8%(23 #'#%19"#%# 9(4"(2 4"# +.8(4 &, %-0#6
@* &2 .+21 &//+*(&2*: )#*$(4# + %#0-/4+2/# 4& /&.$01 +2) 9(4"&-4 + "(24 &,
&80(3+4(&2: $#&$0# 8%(23 4"#.*#0'#* (24& 0(2# 9(4" 4"# (24#%#*4* &, 4"#
.+%7#4* 8#/+-*# 4"#1 "+'# 2& /"&(/# 8-4 4& )& *& _)&.(2+4(&2 g81 '(%4-#
&, + /&2*4#00+4(&2 &, (24#%#*4*c: +* G+U [#8#% )#*/%(8#) (4 S 4"# g&8e#/4('#
/(%/-.*4+2/#*c 9"(/" .+7# *-8.(**(&2 4"# &201 %#+0(*4(/ &$4(&2: +* 2&4#) (2
/"+$4#% La6 ;&: (2 #B-('+0#24 $&0(4(/+0 4#%.*: +//&%)(23 4& E+%)4 +2) K#3%(:
4"# (2*4(4-4(&2+0 $%&/#**#* &, 2&%.+0(d+4(&2: (2/0-)(23 4"# 4#2#4* &, 2#&0(5
8#%+0(*.: %#+/" *& ,+% (24& 4"# 0('#* +2) *-8e#/4('(4(#* &, (2)('()-+0* 4"+4 (4 (*
2& 0&23#% $&**(80# 4& )(*/#%2 4"#(% $&(24* &, +$$0(/+4(&2: &% #'#2 8#3(2 4&
B-#*4(&2 4"#(% g4+7#25,&%53%+24#)2#**c6

PP

2EI\X %? %N FAA%N\NH %KK%FX

G&%# 4& 4"# $&(24: (2 4"#*# &$#2: #U4#2*('# 2#49&%7*: $&9#% (* 2&4 *##2 +*
*&.#4"(23 4"+4 (* +$$0(#) #U4#%2+001 81 4"# 0(7#* &, + g*-$#%$&9#%c *-/" +*
4"# >2(4#) ;4+4#*h %+4"#% 4"# 2#49&%7* 4"#.*#0'#* +%# /&2*4(4-4('# &, 4"#
'#%1 $&9#% 4"+4 #2+80#* 4"# >2(4#) ;4+4#* +2) (4* +00(#) 3&'#%2.#24* +2)
&%3+2(d+4(&2* 4& +/46 F'#%14"(23 (*: +* (4 9#%#: g8-2)0#)c 4&3#4"#% _(2 4"#
*#2*# &, G(/%&*&,4 g8-2)0(23c *&,49+%# (2*()# (4* &$#%+4(23 *1*4#.*a: *& 4"+4
30&8+0 4%+)#: &$#2 .+%7#4*: "-.+2 %(3"4*: )#.&/%+/1: ,%##)&. +2) .-/"
.&%# +%# (2*#$+%+80# #0#.#24* &, %-0#A (, 1&- g8-1c _&% +%# (..#%*#) (2a 4"#
0&3(/: 1&- "+'# 2& /"&(/# 8-4 4& 4+7# (4* )(*$+%+4# #0#.#24*6 !"#1 +%# $+%4 &,
+ *#+.0#** 0&3(/ S + g*.&&4" *$+/#c &, %-0# S 9"#%# 4"# *-%,+/#* &, #'#%1)+1
0(,# g+%# /%(**/%&**#) 81 *& .+21 ,+-04 0(2#* 4"+4 (4 &201 +$$#+%* +* + /&24(2-5
&-*: -2(,&%. *$+/#c _LMMMA P]Ma6
!"(*: (, ` +. 2&4 .(*4+7#2: (* 4"# 0+2) &, 4"# +00 #2/&.$+**(23 +2)
(2)('()-+0(d(23 %-0# 9"#%# 2#9 *-8e#/4('(4(#* 4+7# 4"#(% *"+$# ,%&. 4"# *(.$0#
+/4 &, 0('(236 F'#%1 4(.#: ,&% #U+.$0#: 9# )&2 + $+(% &, K(7# 4%+(2#%*: 9#+% +
=+$ *9#+4*"(%4: )%(27 + ;4+%8-/7* /&,,##: /&2*-.# + 3#2#4(/+001 .&)(,(#)
.#+0: &% 4+7# +)'+24+3# &, + $%('+4(d#) "#+04" &% #)-/+4(&2 *#%'(/#: 9# g8-1c
(24& + 0(,#*410# $+/7+3# 4"+4 "+*: +* $+%4 &, (4* .+7#5-$: + /#%4+(2 /&2/#$4(&2
&, ,%##)&. +2) &, )#.&/%+/1: 9"#4"#% 9# 0(7# (4 &% 2&46 !"(* 0&3(/ 9&%7* (2
+2) 4"%&-3" )(,,#%#2/#: (2 4%-# 0(8#%+0 *410#: 4+7(23 9"+4#'#% ()#24(4(#* +%# 4&
"+2): +2) %#,+*"(&2(23 4"#. 4& )(,,#%#24 #2)*6 !"# (2)-/#.#24* +%# *&
,+.(0(+%: 4"# *-8e#/4* *& 9(00(23: 4"+4 9# 4+7# (4 -$&2 &-%*#0'#* 4& +8*&%8
4"(* g(.$%&'(23c _+2) +$$%&'#)a 0(,#*410# 9(4"&-4: (4 *"&-0) 8# 2&4#): 4"#
2##) 4& 8# g9+00#) (2c 81 +21 (2*4(4-4(&2+0 +%%+23#.#246
`, 4"(* (* *&: 4"#2 (4 (* (2)##) 4"# /+*# 4"+4 4"# "+8(4-+4(&2 &, .(2) +2)
8&)1 4"+4 (2*4(4-4(&2+0(d#) )(*/($0(2# (.$&*#* "+*: +* ;/&44 +%3-#): 2&
)(%#/4 /&-24#%$+%4 (2 4"# )+(01 0('#* &, (2)('()-+0* (2 4"# 9&%0) +4 0+%3#6
!"# )(+3%+. &, $&9#% (2 4"(* /&24#U4 "+* 0(440# 4& )& 9(4" $&9#% /&2*4(4-45
(23 (4*#0, %#0+4(&2+001 ,%&. $&(24 4& $&(24 +2) .&%# 4& )& 9(4" 4"# (..+2#24
$%&)-/4(&2 &, *-8e#/4('(416 @* E+%)4 +2) K#3%( #U$%#** 4"(* *"(,4 (2 &2# &,
4"#(% .&%# C#0#-d(+2 .&.#24*A
!"(* (* $%#/(*#01 9"#%# 4"# .&*4 (.$&%4+24 B-+0(4+4('# 0#+$ .-*4 8# %#/&35
2(d#)A ,%&. 4"# )(*/($0(2+%1 $+%+)(3. 4& 4"# /&24%&0 $+%+)(3. &, 3&'#%2.#246
<-0# (* #U#%/(*#) )(%#/401 &'#% 4"# .&'#.#24 &, $%&)-/4('# +2) /&&$#%+4(23
*-8e#/4('(4(#*h (2*4(4-4(&2* +%# ,&%.#) +2) %#)#,(2#) /&24(2-+001 +//&%)(23 4&
4"# %"14". &, 4"#*# .&'#.#24*h +2) 4"# 4&$&3%+$"1 &, $&9#% 2& 0&23#% "+*
4& )& $%(.+%(01 9(4" *$+4(+0 %#0+4(&2* 8-4 (* (2*/%(8#): %+4"#%: (2 4"# 4#.$&%+0
)(*$0+/#.#24 &, *-8e#/4('(4(#*6 E#%# 9# ,(2) &2/# +3+(2 4"# 2&25$0+/# &,
$&9#% 4"+4 &-% +2+01*(* &, *&'#%#(3241 %#'#+0#)6 _LMMMA NP]a

=&'#%2.#24: 4"#2: "+* ,(2+001 0&*4 +21 *$+4(+0 %#,#%#2/# $&(246 !"# 2&25
$0+/# &, $&9#% #/"&#* K+&.( ?0#(2c* _LMMP8a #'()#24 ,%-*4%+4(&2 4"+4

2EI\X %? %N FAA%N\NH %KK%FX

PV

/&24#.$&%+%1 $&9#% (2 + 30&8+0 +3# (* *& #'#%19"#%# 4"+4 (4 *##.* 2&9"#%#6


E&9 )& 1&- /"+00#23# + $&0(4(/+0 &%)#% 4"+4 (* *& +.&%$"&-* (2 *410#: *&
g8-2)0#)c 4&3#4"#%: +* 4& 0#+'# 2& %&&.: &% %+4"#% 2& *$+/#: ,&% $&0(4(/+0
+04#%2+4('#* 4& 4+7# "&0)k
W&% E+%)4 +2) K#3%(: 4"# +2*9#% (* + /&-24#%5F.$(%#: *& 4& *$#+7: 9"(/"
"+* (4* %&&4* 9(4"(2 4"# /&2,(2#* &, 4"# 2#9 *&'#%#(32 &%)#%6 `2 /"+00#23(23
4"# )(,,-*# $&0(4(/* &, 30&8+0(d+4(&2: 4"# #.#%3#2/# &, +2 +04#%2+4('#: .&%#
(2/0-*('# &%)#% /&.#* +8&-4 2&4 4"%&-3" +21 2-.8#% &, 0&/+0 *4%-330#* +4
4"# .+%3(2*: 8-4 4"%&-3" $#&$0#: 4"# )(*$#%*#) .-04(4-)#: $(44(23 &2# ,&%.
&, 30&8+0 *&'#%#(3241 +3+(2*4 +2&4"#%6 `2*4#+) &, $#&$0# .&8(0(d(23 4&
g#*/+$#c 4"# (2,0-#2/# &, 4"(* 2#9 +$$+%+4-* &, %-0#: E+%)4 +2) K#3%( *4%#**
4"# 2##) 4& 8-(0) +2 +**&/(+4(&2+0 $&0(4(/* 4"+4 /&2,%&24* (4 "#+) &2 +2)
/&.#* &-4 4"# &4"#% *()#6 `2 4"# +8*#2/# &, -2(4+%1 /#24%#* &, $&9#%: $%&4#*4
+2) *4%-330# .(%%&% 4"# g2&25$0+/#c &, $&9#% 9"(/": 4& ,&00&9 ?0#(2c*
_LMMP+: LMMP8a 0#+): /"&&*#* 4+%3#4* 9"(/" *1.8&0(d# 4"# 2#9 0&3(/ &,
%-0#6 G+/C&2+0)* (* +2 &8'(&-* /"&(/#: +* (* K(7# &% ;"#00 T(0: 8-4 *& 4&&
(* 4"# [&%0) !%+)# T%3+2(d+4(&2: 4"# `GW +2) ?1&4&6 !"-*: &2 4"(*
-2)#%*4+2)(23: 4"# (..+2#24 2+4-%# &, /&24#.$&%+%1 30&8+0 $&9#% "+*
2&4 &201 8%&-3"4 ,&%4" + /&-24#%5$&0(4(/+0 .&'#.#24 (2 (4* &92 )(,,-*#
(.+3#: 8-4 "+* +0*& 0#) 4& 4"# ()#24(,(/+4(&2 &, '(%4-+0 g0&/+4(&2*c &, 3&'#%25
.#24 9"(/": $+%+)&U(/+001: "+'# 3('#2 $&9#% + *$+4(+0 )#,(2(4(&26
`2 4"(* (..+2#24 0+2)*/+$# &, $&9#%: 4"#2: +$+%4 ,%&. (4* *1.8&0(/
0&/+4(&2*: 9# +$$#+% 4& "+'# .&'#) 8#1&2) 4"# 2##) 4& /&2*()#% 4"#
)(*$#%*#) /"+%+/4#% &, 3&'#%2.#24: 3('#2 (4* #**#24(+001 53@'A,$/'A 2+4-%#6
!"#%# (* 2& 8&)1 &, $&9#% 4& &'#%%#+/" (4*#0,: 8#/+-*# 4"# (..+2#24
$%&)-/4(&2 &, *-8e#/4('(41 )&#* 2&4 &$#%+4# %#0+4(&2+001 &2 + $&(245815
$&(24 8+*(*6 `4 9&%7* &2 +2) 4"%&-3" #'#%1&2# +2) #'#%1 (2)('()-+0: 8-4
9(4"&-4 *$+4(+0 %#,#%#2/#6Z f#4: ,&% .#: 4"#%# %#.+(2* + /#%4+(2 "&00&92#**
4& 4"(* /&2/#$4(&2h +2 #.$4(2#** (2 4"# +2+01*(* $%#/(*#01 9"#%# 4"# *$+4(+0
+2) 4#.$&%+0 /&2*4(4-4(&2 &, 3&'#%2.#24c* .#)(+4#) (24#%+/4(&2* *"&-0)
8#6 `4 (* )##$01 9&%%1(23: 4& .1 .(2): 2&4 4& 8# /-%(&-* +8&-4 4"# *$+4(+0(41

Z E+%)4 +2) K#3%(c* /&2/#$4(&2 &, $&9#%: &% %+4"#% 9"+4 +$$#+%* 4& 8# K#3%(c* /&2/#$5
4(&2: %#*4* -$&2 + $+%4(/-0+% (24#%$%#4+4(&2 &, ;$(2&d+c* )(*4(2/4(&2 8#49##2 *"/'4/$4
_0&&*#01: 4"# $&9#% 4& +/4a +2) *"/'3/,$ _0&&*#01: 4"# /+$+8(0(4(#* &% *&'#%#(32 +$$+%+4-*
&, %-0#a6 !"# +/4-+0(d+4(&2 &, *"/'4/$4 (2 F+' .$C$(' D3"@$%#G F+' >"1') "6 .*,3"N$T4
E'/$*+#4,-4 $3A >"%,/,-4 _P]]Pa S 4%+2*0+4#) (24& F230(*" 81 E+%)4: (2/()#24+001 S (* 9"+4
K#3%( (* 0+4#% 4& .+7# 4"# /&%2#%*4&2# &, /&-24#%5F.$(%#6 `4 +0*&: "&9#'#%: -2)#%$(2* "(*
%#$-80(/+2 2&4(&2 &, F.$(%# 9"#%# +2 -2.#)(+4#): (..+2#24 ,&%. &, $&9#% .+7#* (4 +00
4"# .&%# $&**(80# ,&% 4"# .-04(4-)# *-$$&*#)01 4& .&8(0(d# +3+(2*4 (4: (2 /&24%+*4 4"+4 (*
4& 4"# .&%# ,&%.()+80#: .#)(+4#) *"/'3/,$ &, 4"# *4+4# +2) (4* +**&/(+4#) (2*4(4-4(&2*6 `2
/"+$4#% O: 4"# $+%+00#0* 8#49##2 W&-/+-04c* 2&4(&2 &, $&9#% _*"5C",)a: +* *&.#4"(23
#U#%/(*#) %+4"#% 4"+2 $&**#**#): +2) 4"# D+4(2 *"/'4/$4 +%# #U$0&%#) .&%# ,-0016

V;

2EI\X %? %N FAA%N\NH %KK%FX

&, #.$(%#: ,&% (4 (* ,%&. 4"# 4&$&0&3(/+0 )#4+(0 4"+4: ` 4"(27: $&9#%c* .#)(5
+4#) %#0+4(&2+0(41 (* 4& 8# 30#+2#)6

M"*"6"',8)6 E&$),6
\#%"+$* 4"# &)) 4"(23 +8&-4 4"(* /"+$4#%: #*$#/(+001 (2 + 8&&7 (24#24 &2
%#'#+0(23 4"# 3#&3%+$"(#* &, $&9#%c* $%&U(.(41 +2) %#+/": (* 4"+4 *$+4(+0(41
+* + ,&/-* ,+)#) ,%&. '(#9 4"# .&%# 9# .&'#) 8#1&2) $+%4(/-0+% *(4#* 4&
/&2*()#% 4"# ,+4# &, 4"# )(*$#%*#) .-04(4-)# +/%&** 4"# 30&8#6 T2/# &-4*()#
4"# 9+00* &, 4"# (2*4(4-4(&2: *& 4& *$#+7: (4 9+* +* (, + /&2/#%2 ,&% 4"# )#4+(0#)
*$+/(23 +2) 4(.(23 &, +/4('(4(#*: +2) "&9 4"#1 (2)-/#) +2) /"+22#00#)
$+%4(/-0+% $+44#%2* &, 8#"+'(&-%: 2& 0&23#% "+) +21 %#+0 $-%/"+*# &2 4"#
.&%# #U$+2*('# .+44#%* +4 "+2)6 ["(0*4 ` )& 4"(27 4"+4 4"# $%+/4(/# &,
3&'#%2.#24 &'#% + )(,,-*# *#4 &, 8&)(#* )&#* %#B-(%# + )(,,#%#24 *&%4 &,
*$+4(+0 $%&8(23: (4 (* + .(*4+7#: (2 .1 '(#9: 4& 0&*# *(3"4 &, 9"+4 (* /&..&2
4& +21 *$+4(+0 +2+014(/* &, $&9#%6
`2 4"# ,(%*4 $0+/#: W&-/+-04 9+* %(3"4 4& *4%#** 4"+4 $&9#% *"&-0) 8#
-2)#%*4&&) +* /&#U4#2*('# 9(4" (4* ,(#0) &, &$#%+4(&2: +* +2 (..+2#24
,&%/# 9"(/" /&2*4(4-4#* (4* &92 &%3+2(d+4(&2 %+4"#% 4"+2 &2# 9"(/" (.$&*#*
(4*#0, ,%&. 4"# &-4*()#6 `2 4"(* %#*$#/4 (4 .+44#%* 0(440# 9"#4"#% (4 (* 4"#
$%+/4(/#* &, $-2(*".#24 (2 (2*4(4-4(&2* &, /&%%#/4(&2 4"+4 "&0) &-% +44#24(&2
&% 4"# )(*$#%*#) 4#/"2(B-#* &, 2#&0(8#%+0 3&'#%2.#246 J&4" %#B-(%# 4"+4 9#
-2)#%*4+2) $&9#% %#0+4(&2* +* /&2*4(4-4#) 4"%&-3" 4"#(% *$+/(23 +2) 4(.(23
+2) 2&4: ` *"&-0) +)): +* *&.# (.+3(2#) /+$+/(41 "#0) g(2 %#*#%'#c %#+)1 4&
(.$&*# (4* 9(00 &2 4"# $%(*&2 &% 4"# /('(/ $&$-0+4(&26 FB-+001: 9# *"&-0) 2&4
4"(27 &, $&9#% +* *&.#4"(23 9"(/" ,0&9* &% /(%/-0+4#* 4"%&-3" *-/" $&$-5
0+4(&2* 4& "&0) 4"#. (2 /"#/76
C#0#-d# 9+* +0*& %(3"4 4& )%+9 +44#24(&2 4& 4"# &$#2: 1#4 )(,,#%#2401
+%4(/-0+4#) +%%+23#.#24* &, $&9#% 9"(/" )%+9 4"#(% $%&'(*(&2+0(41 ,%&.
4"# (24#%$0+1 &, ,&%/#* /&2*4(4-4#) (2 *$+/# +2) 4(.#6 !"# )(+3%+..+4(/
%#$%#*#24+4(&2* &, $&9#% 4"+4 ,0&9 ,%&. 4"(* +2+01*(* "+'#: $%#)(/4+801
#2&-3": 4#2)#) 4& ,%##d# +2) ,&%.+0(d# *-/" +%%+23#.#24* 4& 4"#(% )#4%(5
.#24: 8-4 4"# 4&$&0&3(/+0 +$$%#/(+4(&2 3+(2#) ,+% &-49#(3"* +21 0&** (2
-2)#%*4+2)(236 W&% &2# 4"(23: (4 )('#%4* &-% +44#24(&2 +9+1 ,%&. 4"# #,,#/4*
&,: *+1: 4"# *(d# &, *4+4# &% 8-*(2#** (2*4(4-4(&2* +2) 4"# 3#&3%+$"(/+0 */+0# +4
9"(/" 4"#1 &$#%+4#: +2) 4&9+%)* 4"# %#0+4(&2+0 +%%+23#.#24 &, 9"(/" 4"#1
+%# + $+%46 @ 4&$&0&31 &, $&9#%: (2 4"(* *#2*#: (* /&2/#%2#) 9(4" (4* %#0+4(&2+0
/&2*4(4-4(&2: ,%&. &2# 0&/+4(&2 &% $&(24 4& 4"# 2#U4: 8# 4"#1 (2*4(4-4(&2+001
/0&*#: ,+% +$+%4 &% %#.&4# ,%&. &2# +2&4"#%6
`4 (* +4 4"(* $&(24: "&9#'#%: (, 1&- ,&%3('# 4"# $-2: 4"+4 4"&*# *##7(23 4&
#U$0+(2 4"# $%+/4(/#* +2) %+4(&2+0(4(#* &, )(*$#%*#) 3&'#%2.#24 *"&-0) "+'#
8#/&.# *$+4(+001 /-%(&-*6 ["+4 =&%)&2 $+**#) &,, +* + *-//#**(&2 &,

2EI\X %? %N FAA%N\NH %KK%FX

V:

$%+/4(/#* .(3"4: + .&%# (2B-(*(4('# .(2) .(3"4 "+'# 4"&-3"4: "+'# *#4 4"#.
4"(27(23 +8&-4 4"# @'A,$/'A %#0+4(&2*"($* (2'&0'#) ,&% +21 7(2) &, *-//#*5
*(&2 4& 4+7# $0+/#: (2 %#+0 4(.# &% &4"#%9(*#6 `4 .(3"4 +0*& "+'# ,&%/#) 4"#.
4& $-dd0# &-4 9"1 /#%4+(2 $%+/4(/#* +%# .&%# #,,#/4('# +4 + )(*4+2/#: 9"(0*4
&4"#%* %#B-(%# /0&*# $%&U(.(41 4& "+'# +21 %#+0 (.$+/46 \&9#%c* (..#)(+4#
+2) #,,#/4('# $%#*#2/# (* 2&4 + 3('#2: +2) (4 (* 4"(* 7(2) &, *$+4(+0 $%&8(23
9"(/" *#4* 4"# +3#2)+ ,&% 4"# %#.+(2)#% &, 4"# 8&&76

.)($ 33

!"#$ %&"'()*+,&#

`2 4"# ,(%*4 $+%4 &, 4"(* 8&&7: ` #U$0&%#) 4"# 9&%7 &, '+%(&-* 9%(4#%* ,&% 9"&.
*$+/# "+* 8#/&.# (2/%#+*(2301 /#24%+0 4& 4"# -2)#%*4+2)(23 &, 4"# 4%+$$(23*
&, $&9#%6 ` )%#9 +44#24(&2 4& 4"# )(,,#%#24 *$+4(+0 '&/+8-0+%(#* &, $&9#%
#U$%#**#): ,%&. 4"# .&%# /#24%+0(d#): 0(2#+% ,&%.* &, $&9#% (2*$(%#) 81
[#8#%c* 9%(4(23* &2 &%3+2(d+4(&2 +2) 8-%#+-/%+/1 4& 4"# 4"&-3"4,-0 +2+01*#*
&, 2#49&%7#) +2) )(*4+2/(+4#) ,&%.* &, $&9#% &-40(2#) 81 G+22 +2) =()5
)#2*: +* 9#00 +* 4& 4"# .&%# .&8(0# +2) )(,,-*# )(+3%+.* &, $&9#% )%+92 81
C#0#-d# +2) W&-/+-046 `2 #+/" /+*#: 4"# *$+4(+0 +*$#/4* &, $&9#% 9#%# 4& +
3%#+4#% &% 0#**#% #U4#24 )&/-.#24#) +* $+%4 &, 4"# #U#%/(*# &, $&9#%: 1#4 +*
` *## (4 2&2# 9+* *-,,(/(#2401 /&2/#%2#): 9(4" 4"# #U/#$4(&2 &, W&-/+-04: 4&
$%&8# 4"# )(,,#%#2/# 4"+4 *$+4(+0(41 .+7#* 4& 4"# 9&%7(23* &, $&9#% S 9"#%#
(4 (* +2 (24#3%+0: %+4"#% 4"+2 +2 +))(4(&2+0: $+%4 &, 4"# $(/4-%#6 @* *$+/# (*
+0%#+)1 (.$0(/+4#) (2 4"# %#+*&2(23 &, *-/" 9%(4#%*: 9"1 2&4 4"(27 4"%&-3"
4"# #,,#/4* &, $&9#% *$+4(+001k
`4 (* 4"(* /-%(&*(41 +%&-2) +00 4"(23* *$+4(+0 4"+4 ` "&$#: (2 $+%4 ``: 9(00
)#0('#% + 4&$&0&31 &, $&9#% *#2*(4('# 4& 4"# )('#%*# 3#&3%+$"(#* &, $%&U(.(41
+2) %#+/"6 <+4"#% 4"+2 +**-.# + 0+2)*/+$# &, ,(U#) )(*4+2/#*: 9#005)#,(2#)
$%&U(.(4(#* +2) #,,&%40#** %#+/": (2 4"# *#/&2) $+%4 &, 4"# 8&&7 ` "&$# 4& 8#
+80# 4& *"&9 4"# )(,,#%#2/# 4"+4 3#&3%+$"1 .+7#* 4& 4"# #U#%/(*# &, $&9#%6
["+4 9# "+'# 0&*4 (2 %#0+4(&2 4& $&9#% (* 2&4 &201 4"# *#2*# (2 9"(/" $&9#%
$-4* -* (2 $0+/# 8-4 +0*& 4"# .(230#) #U$%#**(&2 &, *-//#**(&2 +2) *(.-05
4+2#(41: $%#*#2/# +2) +8*#2/#: %#.&4#2#** +2) $%&U(.(41: 4"+4 *"+$#* &-%
#U$#%(#2/# &, $&9#%6

2"3'- 0$ 0*) S.-0"@) +@0)')


T.$6 C0),@0)')U

;4%(/401 *$#+7(23: W&-/+-04c* &8*#%'+4(&2* 9#%# 8%&+)01 /&%%#/4A $&9#% (*


2&4"(23 .&%# 4"+2 + *#%(#* &, #,,#/4*: *&.# &, 9"(/" _#'#2 (, "# )() 2&4
B-(4# #U$%#** (4 4"(* 9+1a /0&*# )&92 $&**(8(0(4(#*: .+2($-0+4# /"&(/#*:
4"%#+4#2 '(&0#2/#: *##7 /&.$0(+2/# &% #'#2 9&%7 4& /%-*": (, 4"+4 (* 2&4
4&& 0(4#%+0 + 4#%.: &-% ,%## 9(006 f#4 ,&% +21 +//&-24 &, $&9#% 4& %#.+(2
$0+-*(80# (4 "+* 4& 4+7# (24& +//&-24 2&4 &201 4"# .+22#% (2 9"(/" (4 (*
#U#%/(*#) 8-4 +0*& 4"# 8+*(* &, (4* $%&)-/4(&2 +2) 4"# %#0+4(&2*"($* 4"%&-3"
9"(/" (4 (* .&8(0(d#)6 `2 4"+4 *#2*#: (4 (* +$$%&$%(+4# 4& 4+07 +8&-4 +%%+23#5
.#24* &, $&9#% +* + 4#%. 9"(/" +00&9* ,&% 4"# $&**(8(0(41 &, /&2*()#%(23 ;"/+
4"# 3#2#%+4(&2 &, $&9#% 4"%&-3" %#*&-%/# .&8(0(d+4(&2 $3A 4"# 2+4-%# &, (4*
'+%(#) #,,#/4*6 W&% +04"&-3" .-/" &, 9"+4 9# -2)#%*4+2) &, $&9#% *4#.*
,%&. (4* %#0+4(&2+0 #,,#/4*: (4* 8+*(/ /&2,(3-%+4(&2: 9"#4"#% .+(201 $&0(4(/+0:
/-04-%+0 &% #/&2&.(/ (2 *"+$#: (* )%+92 ,%&. 4"# .+22#% (2 9"(/" %#5
*&-%/#* +%# .&8(0(d#) +2) )#$0&1#) &'#% '+%(+80# *$+2* &, *$+/# +2) 4(.#6
`4 (*: 2&2# 4"# 0#**: 4"# _(2#0#3+2401 4#%.#)a )'%$/,"3$% '66'-/4 4"+4 3('# 4"#(%
2+.# 4& 9"+4 .&*4 &, -* 9&-0) "+'# 0(440# )(,,(/-041 (2 %#/&32(d(23 +* $&9#%A
2+.#01: 4"+4 8%-*" 9(4" *&.# +979+%) 8-%#+-/%+4(/ .+2+3#% &% *&.#
&4"#% 2&4+80# ,(3-%# &, +-4"&%(41: &% 4"+4 ,##0(23 &, )#/#$4(&2 9"(/" +//&.5
$+2(#* +2 +/4 &, .+2($-0+4('# +)'#%4(*(23: &% 4"# #%&*(&2 &, /&2*-.#% /"&(/#
4"+4 #.+2+4#* ,%&. 4"# *$%#+) &, /&%$&%+4# )&.(2+4(&26 J#*()#*: (4 (* &201
4"%&-3" 4"# #,,#/4* &, *-/" %#0+4(&2* 4"+4 (4 (* $&**(80# 4& 72&9 +2) #U$#%(5
#2/# 9"+4 (4 .#+2* 4& 8# &2 4"# %#/#('(23 #2) &, +2 +/4 &, $&9#%6 G-/" &,
4"(*: (4 *##.* 4& .#: (* 2&4 9#00 -2)#%*4&&): +2) (2 $+%4 9# /+2 4%+/# 4"(* 4&
4"# .(U &, (2*(3"4* +2) ,+(0(23* 4"+4 /"+%+/4#%(d# 4"# 8%&+) +//&-24* &,
$&9#% &-40(2#) (2 $+%4 `6
G1 +(. (2 4"(* /"+$4#%: "&9#'#%: (* 2&4 4& %#e#/4 +00 4"+4 "+* 3&2# 8#,&%#
&2 4"# 4&$(/ &, $&9#% +2) *$+/#: 8-4 4& /5)3 ,/ /" 3'1 *5)*"4'4h (2)##) 4&
%#/+*4 (4 (2 9+1* 4"+4 ` *-*$#/4 .+21 + 4(.#5"&2&-%#) 4"#&%(*4 9&-0) 8+-07

VR

2EI\X FN FH? S%XFE_? +_F?\?

+4 &% 9&-0) 8# -20(7#01 4& #24#%4+(26 @,4#% + $%#0(.(2+%1 &-40(2# &, "&9 `
-2)#%*4+2) 4"# *$+4(+0 /&2*4(4-4(&2 &, $&9#%: ` 4+7# 4"# 0#3+/1 &, 4"(27(23
+8&-4 $&9#% +* + /(%/-0+4&%1 .#)(-. 4"+4 %-2* ,%&. \+%*&2* 4"%&-3"
=())#2* +2) G+22 +2) (2/0-)#*: +4 + $(2/": 4"# %#/#24 9%(4(23* &, H+*4#00*:
+2) %#/+*4 (4 +* +2 +//&-24 &, %#*&-%/# .&8(0(d+4(&2 (2 + .+22#% 4"+4
$#%"+$* #'#2 G+22 9&-0) 2&4 +04&3#4"#% +24(/($+4#6 `2 $+%4(/-0+%: ` +%3-#
,&% + *"+%$ )(*4(2/4(&2 4& 8# )%+92 8#49##2 4"# #U#%/(*# &, $&9#% $3A 4"#
%#*&-%/#* +2) /+$+8(0(4(#* .&8(0(d#) 4& *-*4+(2 4"+4 #U#%/(*#6 W&00&9(23
4"+4: ` 4%1 4& 0('# -$ 4& 4"# 0#3+/1 &, [#8#% +2) @%#2)4 81 #U$0&%(23 *&.#
$#%#22(+0 /&2/#%2* +8&-4 $&9#% +2) (4* @"A$%,/,'4: 8-4 (2 + /&24#U4 9"#%#
4"#(% /"+23(23 /&.$&*-%# (2 *$+/# +2) 4(.# 9&-0) 2&4 "+'# #.8+%%+**#)
#'#2 W&-/+-046 K&%: ` "&$#: 9&-0) 4"# .+22#% (2 9"(/" 4"# )(*4(2/4('#
.&)+0(4(#* 4+7# #,,#/4 (2 (2*4%-.#24+0 +2) /&00+8&%+4('# +%%+23#.#24* &,
$&9#%6
W(%*4: 4"&-3": ` 9+24 4& *$#00 &-4 9"+4 ` 4+7# $&9#% 4& 8# S (2 (4* '+%(&-*
3-(*#* +2): ,&% 4"+4 .+44#%: (4* )(*3-(*#*6

I*&>,>' P* ."/&( A A A
H&24%+%1 4& 4"# (.$%#**(&2 3('#2 81 g/#24%#)c 2&4(&2* &, $&9#% (2 /"+$4#%
L: 2+.#01 4"+4 $&9#% (* *&.#4"(23 /+$+80# &, 8#(23 .+%*"+00#) +2) $&*5
*#**#): 4"#%# +%# 2& $%#5,&%.#) 80&/* &, $&9#% &-4 4"#%# 9+(4(23 4& /&25
*4%+(2 &% 0(.(4 4"# /"&(/#* &, &4"#%*6 !"#%# +%# &201 %#*&-%/#* +2) +8(0(4(#* &,
.+21 )(,,#%#24 7(2)*: %+23(23 ,%&. '+%1(23 +.&-24* &, .&2#1: $%&$#%41:
0+2) +2) 3&&)* 4& 4"&*# 4"+4 +%# 0#** B-+24(,(+80#: *-/" +* $&*(4(&2: %+27 +2)
(2,0-#2/# &, *&.# *&%4: 9"(/" @$# 8# .&8(0(d#) +2) )#$0&1#) 4& $%&)-/#
9"+4 9# 9&-0) %#/&32(d# +* $&9#%6 ["#4"#% &% 2&4 *-/" .&8(0(d+4(&2* +%#
#,,#/4('# (*: &, /&-%*#: + )(,,#%#24 .+44#%6 W&% $%#*#24 $-%$&*#*: 9# 2##)
&201 2&4# 4"+4 4"# )(*4(2/4 *#$+%+4(&2 &, *&.#4"(23 /+00#) $&9#% ,%&. 4"#
%#*&-%/#* 9"(/" +%# /+$+80# &, 3#2#%+4(23 (4 _+* +2 #,,#/4a (* &2# &, +
2-.8#% &, /&2/0-*(&2* )%+92 81 8&4" =())#2* +2) G+22: ,&00&9(23 4"#
0#+) &, \+%*&2*: (2 4"#(% %#*$#/4('# 4"#&%(d+4(&2* &, $&9#% &-40(2#) (2
/"+$4#% N6 !"# ()#+ 4"+4 (4 (* + .(*2&.#% 4& %#,#% 4& $&9#% (4*#0, +* +
%#*&-%/# /&2*()#%+801 #U4#2)* &-% -2)#%*4+2)(23 &, 4"# 2+4-%# &, $&9#%:
+* (2)##) )&#* 4"# ,-%4"#% $&(24 4"+4 %#*&-%/#* +%# (2 ,+/4 &201 4"# .#)(+
/+)"5(+ 1+,-+ $&9#% (* #U#%/(*#)6
C#*$(4# 4"(* +)'(/#: "&9#'#%: =())#2* +2) G+22c* +2+01*#*: +0&23 9(4"
4"&*# &, 4"#&%(*4* 9"& +)&$4 + *(.(0+% .&8(0(d(23 /&2/#$4(&2 &, $&9#%: +%#
.+%7#)01 &2#5*()#) (2 4"#(% 4%#+4.#246 ["+4 (* 3+(2#) 4"%&-3" +2 -2)#%5
*4+2)(23 &, 4"# $%&)-/4(&2 &, $&9#% +2) 4"# *$#/(,(/(4(#* &, %#*&-%/# .&8(05
(d+4(&2 (* -2)#%.(2#) 81 4"# 0+/7 &, +44#24(&2 $+() 4& 4"# .#)(+4#) #U#%/(*#
&, $&9#%6 <#*&-%/#*: ,&% *&.#&2# 0(7# G+22: .+1 .&'# 4"%&-3" (2*4(5

2EI\X FN FH? S%XFE_? +_F?\?

VZ

4-4(&2+0 2#49&%7* (2 +00 7(2)* &, (24#%#*4(23 9+1* 4"+4 /&.8(2# +-4"&%(4+4('#
+2) )(,,-*#) 4#/"2(B-#* 4& +/"(#'# *&.# ,+%5%#+/"(23 &% $%&U(.+4# 3&+06 f#4
-20#** 9# +%# .(2),-0 &, 4"# .#)(+4#) 2+4-%# &, $&9#%: 9"#%#(2 4"# #,,#/4*
&, $&9#% .+1 8# .&)(,(#): )(*$0+/#) &% )(*%-$4#) )#$#2)(23 -$&2 4"#
%#0+4(&2*"($* 4"+4 /&.# (24& $0+1: 4"# +2+01*(* ,+00* *&.# 9+1 *"&%4 &, +21
)#'#0&$#) *#2*# &, "&9 $&9#% .+1 +/4-+001 8# #U#%/(*#)6
["+4 )& 9# .#+2 81 4"# @'A,$/'A 2+4-%# &, $&9#% (2 4"(* /&24#U4k `2
.+21 %#*$#/4* (4 (* #+*(#% 4& *+1 9"+4 4"# 4#%. )&#* 3"/ %#,#% 4& 8#,&%# 9#
*4%(7# + $&*(4('# %#,#%#2/#6
`2 4"# ,(%*4 $0+/#: 9# *"&-0) 8# 9+%1 &, +21 .#)(+4#) #U#%/(*# &, $&9#%
4"+4 (.$0(#* *&.# 7(2) &, /&24(2-&-* 4%+2*,&%.+4(&2 .&)#0 &, $&9#% +*
+09+1* (2 $0+16 !"(* *##.* 4& 8# 9"+4 J%-2& D+4&-% _P]Rba "+* (2 .(2)
9"#2 "# *$#+7* &, + g4%+2*0+4(&2c .&)#0 &, $&9#% 9"#%# #'#%1&2# *"+$#* 4"#
&'#%+00 $%&/#** +//&%)(23 4& 4"#(% &92 (24#%#*4* +2) $%#,#%#2/#* +* 4"#
g&%)#%c (* $+**#) )&92 4"# 0(2#: *& 4& *$#+76 T2 4"(* '(#9: 4"# ()#+ 4"+4
$&9#% (* 4%+2*.(44#) (24+/4 ,%&. $&(24 4& $&(24 (* B-(/701 %#e#/4#) (2 ,+'&-%
&, + 4%+2*,&%.+4(&2+0 (.+3# 4"+4 )#$(/4* + /"+(2 &, +3#24* /&.$&*(23 $&9#%
+4 #'#%1 4-%2: +* (, (4 9#%# +2 (2,(2(4#01 .+00#+80# *-8*4+2/#6 !"# *#2*# (2
9"(/" 4"# .#)(+4(&2 &, $&9#% .-*4 $%1$#4 (2'&0'# +04#%+4(&2 &% /"+23# (*
2&4 + $+%4(/-0+%01 "#0$,-0 &2#: "&9#'#%6
K&%: ,&% 4"+4 .+44#%: (* 4"# '(#9 4"+4 .#)(+4(&2 (* #**#24(+001 +8&-4 +2
+%%+1 &, /&24(23#24 /(%/-.*4+2/#* -2)#% 9"(/" $%#)(*$&*#) $&9#%* .+1 &%
.+1 2&4 8# %#+0(d#)6 `, 4"+4 9#%# 4"# /+*#: 9# 9&-0) 8# 8+/7 (2 4"#
0+2)*/+$# &, /"+$4#% L: 9(4" (4* $%#5,&%.#) $&9#%* +2) 0+4#24 /+$+/(4(#*
9+(4(23 4& *## 9"#4"#% &% 2&4 4"# #U#%/(*# &, $&9#% 81 *&.# )&.(2+24 41$#
9+* %#+0(d#) *-//#**,-001 *&-4" &, 4"# 8&%)#% &% 2&%4" &, 4"# 8&%)#%: #+*4 &%
9#*46 !"# ()#+: "&9#'#%: 4"+4 +2 #U#%/(*# (2 .#)(+4(&2 +.&-24* 4& 0(440#
.&%# 4"+2 +2 +,4#%4"&-3"4 4& + $&9#% 4"+4 (* +09+1* +0%#+)1 4"#%# +2)
9+(4(23 4& 8# -*#) (* + $#/-0(+%01 (.$&'#%(*"#) &2#6
J&4" 4"#*# 9+1* &, 4"(27(23 +8&-4 $&9#% +2) .#)(+4(&2 S (4 (* +09+1*
/"+23(23 &% (4 (* +09+1* /&24(23#24 S "+'# %-2 4"#(% /&-%*#6 !"#1 /&24(2-#
4& *"+$# +2) (2,0-#2/# .+21 &, &-% #U$#/4+4(&2* +* 4& 9"+4 $&9#% (*A +4 &2#
#U4%#.#: +* + 7(2) &, $0+*4(/ ,&%/# /+$+80# &, 4%+2*,&%.(23 (4*#0, +4 #'#%1
4-%2: +2) /&24#U4-+0 4& 4"# '#%1 #2) &%: +4 4"# &4"#% #U4%#.#: +* + %+4"#%
*&0() /+$+8(0(41 9+(4(23 4& 8# /+00#) -$&2 4& #U#%4 +00 .+22#% &, $%#**-%#6
J-4 (, 9# %#.(2) &-%*#0'#* &, 4"# 2##) 4& 7##$ +$+%4 4"# $%&/#** &, %#*&-%/#
.&8(0(d+4(&2 ,%&. 4"# #,,#/4* 4"+4 +.&-24 4& $&9#%: 9# /+2 +'&() 8&4"
#U4%#.#*6 [# /+2 )& 4"(* 81 4"(27(23 +8&-4 $&9#% +* e-*4 *& .+21 +%%+23#5
.#24*: #+/" /&.$%(*(23 +21 2-.8#% &, )'4"5)-'4 S ()#+*: #U$#%4(*#: 72&95
0#)3#*: /&24+/4*: ,(2+2/# +2) *& ,&%4" S 9"(/" +%# .&8(0(d#) 4& $%&)-/# +
*-//#**(&2 &, .#)(+4(23 '66'-/4 (2 *$+/# +2) 4(.# 9"(/" $0+1 +/%&** &2#
+2&4"#%
!"# +)'+24+3#* &, 4"(* ,&%.-0+4(&2 +%#: (2 .1 '(#9: 49&,&0)6

VP

2EI\X FN FH? S%XFE_? +_F?\?

W(%*4: (4 +00&9* -* 4& )(*4(23-(*" 8#49##2 %#*&-%/#* +2) #,,#/4* (2 4#%.* &,
4"#(% *$+/(23 +2) 4(.(23: %+4"#% 4"+2 /&2*()#% 4"#. +* +00 &, &2# $(#/#6 `2
4"(* 9+1: 4"# #,,#/4* &, $&9#% .+1 8# /&2*()#%#) +* *$+4(+001 +2) 4#.$&%+001
)(*/%##4 ,%&. 4"# %#*&-%/#* 4"+4 +%# .&8(0(d#) 4& $%&)-/# 4"#.6 !"#
(.$&*(4(&2 &, + )&.(2+24 &% +2 +-4"&%(4+4('# $%#*#2/# .+1 4+7# $0+/#
4"%&-3" + *-//#**(&2 &, #$(*&)#* B-(4# *#$+%+4# ,%&. 4"&*# 4"+4 (2'&0'#
4"# )%+9(23 4&3#4"#% +2) *#440#.#24 &, %#*&-%/#*6 @* *-/": 4"#%# +%# 2& $%#5
,&%.#) $&9#%* +/4(23 ,%&. +,+%: e-*4 + 80-%%#) *-//#**(&2 &, .#)(+4(23
%#0+4(&2* 81 9"(/" &2# ,(2)* &2#*#0, /&2*4%+(2#) &% #2+80#): &% (2)##) 8&4"6
;#/&2): 4"# ,&%.-0+4(&2 *4(00 .+7#* (4 $&**(80# 4& /&2*()#% $&9#% +*
/&#U4#2*('# 9(4" (4* ,(#0) &, *4-)1: 8# (4 4"# (2*4(4-4(&2+0 %#+/" &, + 3&'#%25
.#24 +3#2/1: 4"# /&2,(2#* &, + $%(*&2 *#44(23: &% 4"# */&$# &,: *+1: +
*-33#*4('# +)'#%4(*(23 /+.$+(326 `2 4"# /+*# &, 4"# ,(%*4: + $%&,#**(&2+0
3%&-$(23 (24#24 &2 #2,&%/(23 + /#%4+(2 *4+2)+%) &, 9#0,+%# $%&'(*(&2: ,&%
#U+.$0#: .+1 (2'&0'# 4"# $#%*-+*('# +/4* &, 4&$ &,,(/(+0* +44#.$4(23 4& *#4
)&92 &'#%+00 0(.(4* +2) #U$#/4+4(&2*: 4"# (.$&*(4(&2 &, /&24%+/4-+0 /&25
*4%+(24* 81 %#3(&2+0 .+2+3#%*: 4"# )#0#3+4#) +-4"&%(41 &, *-$#%'(*&%* +2)
$%+/4(4(&2#%*: +2) +44#.$4* 81 ,%&2450(2# +3#2/(#* 4& %#9+%) /0(#24* ,&% 4"#(%
/&.$0(+2/#6 @00 4"+4 4"(* %#+001 .#+2*: (2 ,+/4: (* 4"+4 4"#%# (* + )(,,#%#24
(24#%$0+1 &, ,&%/#* 4& 8# ,&-2) (2 '+%(&-* *#44(23*: +4 )(,,#%#24 4(.#*: (2 2&
$+%4(/-0+% &%)#%: 9"(/" $0+1 +/%&** #+/" &4"#%6 T, /&-%*#: 4"# )(*$#%*+0 &,
%#*$&2*(8(0(4(#* +/%&** +2 &%3+2(d+4(&2 .+1 0#+) 4& +2 (2)#$#2)#24 -*#
.+)# &, 4"#.: 4& 4"# )(*$0+/#.#24 &, +2 &%(3(2+0 (24#24: &%: B-(4# *(.$01:
(4 .+1 2&46 ;(.(0+%01: (2 4"# /+*# &, +2 +)'#%4(*(23 /&.$+(32: 4"# 9()#5
*$%#+) )(,,-*(&2 &, ()#+* 9"(/" #U#%4 + /0#+% $%#**-%# &2 &4"#%* 4& /&2,&%.
.+1 0#+) 4& 4"#(% 4+7#5-$ (2 9+1* 4"+4 +%# B-(4# /&24%+%1 4& 4"# (2(4(+0
&8e#/4('#*: &% 4"#1 .+1 8# $#%,#/401 (2 0(2# 9(4" 4"#.6 J-4 4"+4 (* 4"# $&(246
!"#%# (* 2& /&.$#00(23 %#+*&2 9"1 4"# .#)(+4#) #U#%/(*# &, $&9#%
*"&-0) +09+1* (2'&0'# (4* 4%+2*,&%.+4(&2 +4 #'#%1 49(*4 +2) 4-%2: *(2/# +2
+/72&90#)3#.#24 &, .#)(+4(&2 (* (4*#0, &201 + %#/&32(4(&2 4"+4 4"# #U#%/(*#
&, $&9#% "&0)* &-4 4"# $&**(8(0(41 ,&% (4* )(*$0+/#.#24 ") (4* *4+8(0(d+4(&2
+/%&** + %+23# &, *#44(23*6 K&2# 4"# 0#**: 4& %#/&32(d# 4"+4 $&9#% (* @'A,$/'A
)'%$/,"3$%%# (* +2 (.$&%4+24 /&-24#%9#(3"4 4& 4"&*# 9"& *4%#** *&.# g/#25
4%+0(d#)c /+$+8(0(41 9"(/" %+)(+4#* &-4 (24+/4: &% 4& 4"&*# 9"& #U+33#%+4#
$&9#%c* #,,#/4('#2#** 81 g/+0/-0+4(23c (4* (.$+/4 ,%&. + 3('#2 *#4 &, $%+/5
4(/#*6

A A A K>G L)(("/,>' ,$ E"/>


@* $%#'(&-*01 2&4#): 4"# %#/&32(4(&2 4"+4 $&9#% (* /&#U4#2*('# 9(4" (4* ,(#0)
&, *4-)1 9+* &2# &, W&-/+-04c* *4%#234"*6 ["(0# 4"+4 $+%4(/-0+% (2*(3"4 )&#*
2&4 +.&-24 4& + *4%(7(23 )#$+%4-%# ,%&. +00 $%#'(&-* /&2/#$4(&2* &, $&9#%:

2EI\X FN FH? S%XFE_? +_F?\?

VV

4"# ()#+ 4"+4 +* ,%## *-8e#/4* 9# /"&&*# 4& 3&'#%2 &-%*#0'#* 81 +**-.(23 4"#
*"+$# 4"+4 (* 0+() )&92 ,&% -* )&#* %#$%#*#24 + 8%#+7 ,%&. 4"# .&%# ,+.(0(+%
$%&"(8(4('# .&)#0*6 !"# *#2*# (2 9"(/" $&9#% ,-2/4(&2* 4"%&-3" $#&$0#
g9&%7(23c &2 4"#(% &92 /&2)-/4: ,+*"(&2(23 4"#.*#0'#* (2 9+1* 4"+4 %#,0#/4
4"#(% +//#$4+2/# &, 4"# g4%-4"c &, +2 +%%+23#.#24 9"(/": -29(44(2301: .+7#*
4"#. *-8e#/4 4& (4* /&24%&0: 2#+401 #2/+$*-0+4#* 4"# /&2*4(4-4('# 2+4-%# &,
$&9#%6
W%&. 4"(* (4 (* $&**(80# 4& (.+3(2# "&9 '+%(&-* *#4* &, 4#/"2(B-#* +2)
$%+/4(/#* /&-0) 8# 8%&-3"4 4& 8#+% (2 4"# +8&'# #U+.$0# &, 9#0,+%# *4+2)5
+%)* +2) 4"#(% #2,&%/#.#24: ,%&. 0+1(23 )&92 3-()#0(2#* +* 4& 4"# +$$%&5
$%(+4# 9+1 &, )&(23 4"(23* _"&9 4& /+0/-0+4#: *-$#%'(*#: 4%+(2: #'+0-+4#:
3%+)#: #4/6a 4& 4"# )(,,-*(&2 &, ()#+* +2) %#/#('#) g4%-4"*c 9"(/" *#%'# 4&
e-*4(,1 $%('+4(d#) +/4(&2*: +2) *& &26 `2)##): (4 (* 2&4 "+%) 4& (.+3(2# "&9
*-/" + )(*$0+1 &, $&9#% /&-0) 9&%7 (2 $%+/4(/+001 +21 *#44(23: ,%&. 4"#
.+%7#4$0+/# 4& 4"# 9&%7$0+/#: &% ,%&. 4"# */"&&0%&&. 4& 4"# 8#)%&&.6
f#4: (2 ,+/4: 4"+4 #+*# &, +$$0(/+4(&2 (* $%#/(*#01 4"# $%&80#.6 W&% (, &2# &,
4"# $#%/#('#) *4%#234"* &, W&-/+-04c* +2+014(/* &, $&9#% (* (4* 8%#+)4": (4 (*
+0*& &2# (4* 9#+72#**#*6
!"# (**-# /&.#* 8+/7 4& + $&(24 .+)# #+%0(#% (2 %#*$#/4 &, W&-/+-04c*
4%#+4.#24 &, $&9#%: +2) C#0#-d#c* %#0+4#) +$$%#/(+4(&2 &, (4A 9"#2 +21 7(2)
&, /&2'#24(&2: $%&/#)-%#: 3-()#0(2#: *-33#*4(&2: (2,0-#2/# &% $%&'&/+4(&2 (*
)##.#) 4& /&-24 +* + 4#/"2(B-# &% %#0+4(&2 &, $&9#%: 4"#%# /&.#* + .&.#24
9"#2: %+4"#% )(*/&2/#%4(2301: #'#%14"(23 8#3(2* 4& *"+)# (24& $&9#%6 G&%#5
&'#%: 4"# .&'#.#24 (* &2# &, *-%$%(*(23 #+*#6 `2 +2 &4"#%9(*# 0-/() *4-)1 &,
W&-/+-04c* 9&%7: @0+2 ;"#%()+2: ,&% #U+.$0#: )#*/%(8#* $&9#% +*A
+2 #,,#/4 &, 4"# &$#%+4(&2 &, *&/(+0 %#0+4(&2*"($*: 8#49##2 3%&-$* +2) 8#49##2
(2)('()-+0*6 `4 (* 2&4 -2(4+%1A (4 "+* 2& #**#2/#6 !"#%# +%# +* .+21 ,&%.* &,
$&9#% +* 4"#%# +%# 41$#* &, %#0+4(&2*"($*6 F'#%1 3%&-$ +2) #'#%1 (2)('()-+0
#U#%/(*#* $&9#% +2) (* *-8e#/4#) 4& (46 _P]RMA LPRa

T% "#%# (* W&-/+-04 "(.*#0,: (2 "(* (2*(3"4,-0 #**+1 &2 g!"# *-8e#/4 +2)
$&9#%c: (2 9"(/" "# +%3-#* +3+(2*4 +2 &'#%+%/"(23: g/#24%#)c /&2/#$4(&2 &,
$&9#%A
!"(* (* 2&4 4& *+1: "&9#'#%: 4"+4 4"#%# (* + $%(.+%1 +2) ,-2)+.#24+0 $%(2/($0#
&, $&9#% 9"(/" )&.(2+4#* *&/(#41 )&92 4& 4"# *.+00#*4 )#4+(0h 8-4: 4+7(23 +*
$&(24 &, )#$+%4-%# 4"# $&**(8(0(41 &, +/4(&2 -$&2 4"# +/4(&2 &, &4"#%* _9"(/" (*
/&#U4#2*('# 9(4" #'#%1 *&/(+0 %#0+4(&2*"($a: .-04($0# ,&%.* &, (2)('()-+0 )(*5
$+%(41: &, &8e#/4('#*: &, 4"# 3('#2 +$$0(/+4(&2 &, $&9#% &'#% &-%*#0'#* &%
&4"#%*: &,: (2 '+%1(23 )#3%##*: $+%4(+0 &% -2('#%*+0 (2*4(4-4(&2+0(d+4(&2: &,
.&%# &% 0#** )#0(8#%+4# &%3+2(d+4(&2: &2# /+2 )#,(2# )(,,#%#24 ,&%.* &,
$&9#%6 !"# ,&%.* +2) 4"# *$#/(,(/ *(4-+4(&2* &, 4"# 3&'#%2.#24 &, .#2 81
&2# +2&4"#% (2 + 3('#2 *&/(#41 +%# .-04($0#6 _P]RLA LLQa

:;;

2EI\X FN FH? S%XFE_? +_F?\?

W&-/+-04 3&#* &2 4& )#*/%(8# "&9 *-/" ,&%.* +%# *-$#%(.$&*#) &2# &'#%
4"# &4"#% +2) .+1 /%&** &% %#(2,&%/# &2# +2&4"#%c* #,,#/4*: &% +4 4(.#* #'#2
/+2/#0 #+/" &4"#% &-46 !& +).(4 *-/" + .-04($0(/(41 &, ,&%.*: "&9#'#%: 4&
+**#%4 +* ;"#%()+2 )&#* 4"+4 4"#%# +%# +* .+21 ,&%.* &, $&9#% +* 4"#%# +%#
41$#* &, %#0+4(&2*"($: (* 4& (32&%# 9"+4 (* 4*'-,6,- 4& $&9#% +* + *&/(+0
%#0+4(&2A ,/ ,4 /" %"4' 4,(+/ "6 /+' A,66')'3/ @"A$%,/,'4 /+)"5(+ 1+,-+ *"1') ,4
'B')-,4'A6 `4 (* 4& .(2(.(d# 4"# ,##0(23 ,&% 9"+4 $&9#% (* 9"#2 9# 8%-*" -$
+3+(2*4 (4: 9"#2 9# #U$#%(#2/# (4* %#*4%(/4#) /"&(/#* &% ,##0 *-%# 4"+4 /#%4+(2
$&**(8(0(4(#* "+'# 8##2 /0&*#) )&92 +%&-2) -*6 T% $#%"+$* 9&%*#: (4 (* 4&
30&** &'#% 4"# %#$%#**('# *()# 4& $&9#% 9"(/" .+1 8# #U$#%(#2/#) (2 +
)(%#/4: (2*4%-.#24+0 .+22#%6 ["+4 (* 2##)#): 4"#%#,&%#: (* 4& $(2 )&92
4"# #U#%/(*# &, $&9#%: 4& 2+%%&9 &% %+4"#% 4& ,&/-* 4"# (2B-(%1 &2 9"+4 ` 4+7#
$&9#% 4& 8#6

!+4(, 5& 5$456& +: 5 35,-%."$5, >%0)


K&49(4"*4+2)(23 W&-/+-04c* _P]RLa )(*4(2/4(&2 8#49##2 4"# )(%#/4 2+4-%# &,
'(&0#24 +/4(&2 +2) 4"# (2)(%#/42#** &, $&9#% +* + *&/(+0 ,&%/#: &% J+%%1
E(2)#**c* _P]]ba +44#.$4 4& %#+) )&.(2+4(&2 +2) 3&'#%2.#24 +* 49&
)(*4(2/4 .&)+0(4(#* &, 4"# #U#%/(*# &, $&9#%:P 4"#%# (* 0(440# (2 W&-/+-04c*
2&.(2+0(*4(/ 4%#+4.#24 &, 4"# *-8e#/4 4"+4 +$$%&U(.+4#* 4& 4"# 7(2) &,
+2+01*(* 4"+4 8&4" G+U [#8#% +2) E+22+" @%#2)4 $#%,&%.#) &2 $&9#%6
J&4" 9#%# .&%# 4"+2 */%-$-0&-* (2 4"#(% +44#.$4* 4& $(2 )&92 $&9#%
%#0+4(&2* (2 4"#(% '+%(&-* 3-(*#*6 J&4" $+() $+%4(/-0+% +44#24(&2 4& 4"#
)(,,#%#24 .&)+0(4(#* 4"%&-3" 9"(/" $&9#% .+1 8# #U#%/(*#) +2) 4"# %#+0(4(#*
4& 9"(/" 4"#1 /&%%#*$&2)6 ["(/" (* 2&4 4& *+1 4"+4 4"# 49& &, 4"#.
)#0('#%#) 4"# 0+*4 9&%) &2 9"+4 (* +2) 9"+4 (* 2&4 $&9#%: +* (2)##) $%#'(&-*
/"+$4#%* "+'# )#.&2*4%+4#)6 <+4"#%: (4 (* .#%#01 4& *4+4# 4"+4 [#8#% +2)
@%#2)4: #+/" (2 4"#(% &92 (2(.(4+80# ,+*"(&2: 4&&7 $+%4(/-0+% /+%# 4& #U+.5
(2# +2) (*&0+4# 4"# .#+2(23 +2) 4"# -*# &, 4"# '+%(#) .&)#* &, $&9#% 9"(/"
-2)#%$(22#) 4"# .+d# &, $%+/4(/#* (2 4"#(% )('#%*# +2) 9()#5%+23(23
*4-)(#*6

P W&-/+-04 _P]RLa /&24%+*4* '(&0#2/# 9(4" $&9#% 4& "(3"0(3"4 4"# )(%#/4: (..#)(+4#
2+4-%# &, '(&0#2/# +2): 0(7# @%#2)4 _P]ZMa: *-33#*4* 4"+4 '(&0#2/# (* 2&4 + %#0+4(&2+0 +/46
@%#2)4 (* .&%# ,&%/#,-0 (2 4"(* %#*$#/4: +**#%4(23 4"+4 '(&0#2/# (* 4"# )#.&2*4%+4(&2 &, +2
+8(0(41 9"(/": +04"&-3" $%&'#2 (2 %#0+4(&2 4& &4"#%*: (* #**#24(+001 (2)#$#2)#24 &, 4"#.: (2
*& ,+% +* 4"# +/4 +2) (4* 4+%3#4 .+1 8# +%8(4%+%16 @%#2)4c* &$$&*(23 &, $&9#% +2) '(&0#2/#
9+* *$#04 &-4 (2 /"+$4#% N6 E(2)#**c* _P]]ba )(*4(2/4(&2 8#49##2 )&.(2+4(&2 +2)
3&'#%2.#24 "+* %+4"#% .&%# 4& )& 9(4" 4"# *"(,4 (2 W&-/+-04c* 4"(27(23 4&9+%)* 4"#
%&0# &, 4"# *#0, (2 %#3-0+4(23 /&2)-/4 4"+2 +21 *$#/(,(/ +44#.$4 4& $(2 )&92 .&)+0 ,&%.*
&, $&9#%6

2EI\X FN FH? S%XFE_? +_F?\?

:;:

T2 + 2-.8#% &, &//+*(&2* (2 4"(* 8&&7: ` "+'# )%+92 +44#24(&2 4& 4"#
*$#/(,(/ B-+0(4(#* 4"+4 )(*4(23-(*" &2# 7(2) &, $&9#% ,%&. +2&4"#%h B-+0(4(#*
9"(/" *"&-0) 2&4 8# /&2,0+4#) (, 9# +%# 4& .+(24+(2 +2 #.$(%(/+0 3%+*$ +* 4&
9"+4 $&9#% /+2 )&6 C&.(2+4(&2 +* + *$#/(,(/ .&)+0(41 &, $&9#% 9+*
(24%&)-/#) (2 /"+$4#% L: $%(.+%(01 4"%&-3" 4"# )#4+(0#) 9&%7 &, [#8#%:
9"&: (4 9+* $&(24#) &-4: 9+* +4 $+(2* 4& )(*4(23-(*" $%(2/($+001 8#49##2
)&.(2+4(&2 +2) +-4"&%(41: #*$#/(+001 (2 "(* &%3+2(d+4(&2+0 *4-)(#*6 H+%# 9+*
+0*& 4+7#2 4& )#.&2*4%+4# "&9 *#)-/4(&2: +* + $+%4(/-0+% 7(2) &, $&9#%:
9&%7#) 9(4"(2 + ,%+.#9&%7 4"+4 (* +0.&*4 4"# .(%%&% (.+3# &, )&.(2+4(&2:
9"#%# 4"# $&**(8(0(41 &, (2)(,,#%#2/# &% &-4%(3"4 %#,-*+0 (* (24#3%+0 4& (4* '#%1
.&)# &, &$#%+4(&26 D(7#9(*#: /&#%/(&2: +* 4"# 4"%#+4 &, ,&%/# &% 2#3+4('#
*+2/4(&2*: 9+* *4%#**#) (2 $+%4 `: +* (2)##) 9+* (4* .&%# $&*(4('# /&-24#%5
$+%4: (2)-/#.#24: 4"%&-3" 9"(/" $#&$0# +%# 9&2 &'#% 4& 4"# +)'+24+3#* &,
*&.#4"(23 +2) 8%(23 4"#.*#0'#* (24& 0(2#6 J&4" *#4* &, %#0+4(&2* (2'&0'#
B-(4# *$#/(,(/ 9+1* &, #U#%/(*(23 $&9#% 9"(/": ` 9&-0) .+(24+(2: #24+(0 &201
-')/$,3 $%+/4(/#* +2) 4#/"2(B-#* (2 *$)/,-5%$) .&)+0 +%%+23#.#24*6
!"-* 4"#%# (* 0(440# 4& 8# 3+(2#) 81 +**-.(23 4"+4 +00 $%+/4(/#* %#'#+0 +
7#%2#0 &, $&9#%A 4"+4 4"#%# +%# +* .+21 7(2)* &, $&9#% +* 4"#%# +%# 41$#* &,
%#0+4(&2*"($6 T, /&-%*#: ;"#%()+2c* %#.+%7 .+1 "+'# 8##2 &, + .&%# /+*-+0:
&,,54"#5/-,, 2+4-%#: 9"(/" *-33#*4* 4"+4 4& 4+7# "(. 0(4#%+001 (* 4& $-%*-# +
,+0*# 4%+(06 f#4 *-/" /+*-+0 -2)#%*4+2)(23* +%# 2&4 9(4"&-4 /&2*#B-#2/#6
W&% 2&.(2+0(*4(/ +$$%&+/"#* &, 4"(* (07: +4 + 4(.# 9"#2: +* 9# *+9 (2
/"+$4#% Q: 4"# .&0#/-0+% +2) 4"# .-04($0# &//-$1 4"# (24#00#/4-+0 "&%(d&2:
0#2) 4"#.*#0'#* 4& 4"# #U$0&%+4(&2 &, *(23-0+% (2*4+2/#* &, $&9#%6 @ /&25
/#%2 ,&% 4"# *(23-0+%(41 &, (2)('()-+0 4#/"2(B-#* &, $&9#% (* $#%"+$* +2&4"#%
9+1 &, $-44(23 (46 W&% + 9"&0# "&*4 &, %#+*&2*: *-/" + /&2/#%2 (* $#%,#/401
%#+*&2+80#6 !"#%# +%# .&.#24* 9"#2 (4 (* #24(%#01 +$$%&$%(+4# 4& ,&/-* &2 +
g8-2)0#c &, $%+/4(/#* &% 4#/"2(B-#* 9"(/" .+1 (2)(%#/401 0(.(4 &-% 8#"+'5
(&-% (2 /#%4+(2 9+1*6 H#%4+(201 _+2) B-(4# /&%%#/401a 4"#%# (* 0(440# (2/0(2+4(&2
+.&23 2&.(2+0(*4* 0(7# W&-/+-04 +2) &4"#%* 4& /&2*()#% 4"+4 8-2)0# +*
+))(23 -$ 4& +214"(23 .&%# 3#2#%+06 f#4 (2 %#e#/4(23 +21 3#2#%+0 g4"(*2#**c
4& $&9#% +2) *4(/7(23 *4#+),+*401 4& 4"# *(23-0+% 4"#1 ,+00 $%#1 4& + %#0+4#)
.(*-2)#%*4+2)(23: 9"(/" (* 4& 4"(27 4"+4 4"#%# +%# 2& 4*'-,6,- 3-(*#* 4"+4
$&9#% /+2 $&**(801 4+7#6
`4 $#%"+$* 2##)* 4& 8# %#$#+4#) 4"+4 .&)+0(4(#* &, $&9#% +%# 2&4 #24(4(#*
4"+4 /+2 8# -2)#%*4&&) 81 8%#+7(23 4"#. )&92 (24& +2 #2)0#** *4%#+. &,
$%+/4(/#* 9"(/" +%# 4"#2 +))#) 4&3#4"#% +3+(2 4& %#+0(d# 4"# 9"&0#6 ["#4"#%
(4 8# )&.(2+4(&2 &% /&#%/(&2: *#)-/4(&2 &% (2)-/#.#24: .+2($-0+4(&2 &%
+-4"&%(41 -2)#% 4"# .(/%&*/&$#: #+/" 3-(*# $&**#**#* (4* &92 #.$(%(/+0
0&3(/: (4* &92 *$#/(,(/ B-+0(4(#* 4"+4 .+%7 (4 &-4 +* + $+%4(/-0+% .&)+0(41 &,
$&9#%6 !"# %#+0(4(#* 4& 9"(/" 4"#1 /&%%#*$&2) *"&-0) 2&4 8# &8*/-%#) 81 +
9&%4"1 /&2/#%2 4& )#0(.(4 4"# .-04(4-)# &, $%+/4(/#* +2) 4#/"2(B-#* 9"(/"
-2)#%$(2 4"# #U#%/(*# &, $&9#%: +04"&-3" -2,&%4-2+4#01 4"(* (* +00 4&& &,4#2

:;G

2EI\X FN FH? S%XFE_? +_F?\?

4"# /+*#6 @%#2)4 9+* (2)##) /&%%#/4 4& (2*(*4 4"+4 9# *"&-0) $(2 )&92 4"#
*$#/(,(/(41 &, $&9#% %#0+4(&2* +2) 2&4 %#)-/# 4"#. *(.$01 4& 4"# g8-*(2#** &,
)&.(2+4(&2c &% #U4#2) 4"#. 4& #2/&.$+** +00 41$#* &, *&/(+0 %#0+4(&2*"($*
_P]ZMA QQa6

!+4(, 5& 5$456& 5$,(5)6 &35-%5$


`2 4"# 0(3"4 &, 4"# ,&%#3&(23: ` 9&-0) $%#** 4"# $&(24 4"+4 4"# .&)+0 B-+0(4(#*
&, $&9#% +%# 2&4 *12&21.&-* 9(4" 4"# .&%# /&..&2$0+/# $%+/4(/#* 9"(/"
*"+$# .-/" &, 9"+4 3&#* &2 +%&-2) -* (2 )+(01 0(,#6 @04"&-3" 4"# 49&
4"(23*: .&)#* +2) $%+/4(/#*: +%# 2&4 -2%#0+4#): + /&2/#%2 ,&% 4"# ,&%.#%
)(%#/4* +44#24(&2 4&9+%)* 4"# *-8*4+24('# B-+0(4(#* &, $&9#% 9"(/" 4#2) 4&
8# 30&**#) &'#% (2 .&%# 2&.(2+0(*4(/ +//&-24*6 `2 )&(23 *&: "&9#'#%: 9#
2##) 4& 4+7# /+%# 4"+4 9# )& 2&4 4"%&9 +9+1 +00 4"# *$+4(+0 '&/+8-0+%1 4"+4
/&.#* 9(4" W&-/+0)(+2541$# +$$%&+/"#*: (2 $+%4(/-0+% 4"#(% *#2*(4('(41 4&
4"# *$+4(+0 +2) 4#.$&%+0 /&2*4(4-4(&2 &, $&9#%6 `, 4"# #U#%/(*# &, $&9#%: +* `
"+'# +%3-#): (* +09+1* .#)(+4#) (2 *$+/# +2) 4(.#: 4"#2 *& 4&& +%# (4* .&)+0
B-+0(4(#*6
;&.#4"(23 0(7# *#)-/4(&2: ,&% (2*4+2/#: )&#* 2&4 8#3(2 +2) #2) (4* (2*4(5
4-4(&2+0 0(,# $4 *#)-/4(&2A 4& 9(2 &'#% 4"# "#+%4* +2) .(2)* &, /&2*-.#%* (2
2#9 .+%7#4*: ,&% #U+.$0#: (2'&0'#* 4"# .&8(0(d+4(&2 &, '+%(&-* .+4#%(+0 +2)
"-.+2 %#*&-%/#* 81 + %+23# &, #/&2&.(/ +3#2/(#*: 4"# )#'#0&$.#24 &, +
*4%+4#31 4& %+(*# +9+%#2#** &, *$#/(,(/ 8%+2)* +2) $%&)-/4*: 4"# )(,,-*(&2 &,
/#%4+(2 0(,#*410# ()#+0* 4"+4 +%# $%#*#24#) +* 9(4"(2 %#+/": 4"# 4+%3#4(23 &,
/#%4+(2 3%&-$*: +2) *& ,&%4"6 !"# #,,#/4* &, *-/" + /+.$+(32: "&9#'#%: .+1
8# #U$#%(#2/#) 81 /&2*-.#%* +* @$3,*5%$/,"3 &2 4"# $+%4 &, +2 -24%-*45
9&%4"1 /&%$&%+4(&2: &% +* +2 +44#.$4 81 +2 &-4*()# +3#2/1 4& (.$&*# (4*
'&(/# +2) $5/+"),/# &2 4"# $#&$0#: &% +* +2 +/4 &, A"@,3$/,"3: 9"#%# /"&(/#*
+%# B-(/701 2+%%&9#) )&926 T% (4 .+1 %#*#.80# 4"# .&)#*4 ,&%. &, $&9#%
4"+4 8#+%* 4"# B-+0(4(#* &, 4'A5-/,"36 !"# $&(24 (* 4"+4 *-/" ,(2+0 #,,#/4*
/+22&4 8# 72&92 +2) %#3(*4#%#) (2 +)'+2/#: ,&% +4 #+/" 49(*4 +2) 4-%2 4"#
#U#%/(*# &, $&9#% .+1 _&% .+1 2&4a 4+7# &2 + )(,,#%#24 *"+$#6 !"# ,+/4 4"+4
4"# #U#%/(*# &, $&9#% (* +09+1* +2) #'#%19"#%# .#)(+4#) (.$0(#* 4"+4 9#
"+'# 4& 4+7# (4* *$+4(+0 +2) 4#.$&%+0 /&2*4(4-4(&2 *#%(&-*01: %#3+%)0#** &, 4"#
,+/4 4"+4 (4 )&#* 2&4 +09+1* .+7# + )(,,#%#2/# (2 *$#/(,(/ /&2/%#4# /(%/-.5
*4+2/#*6
K&9: +4 4"(* $&(24: ` 9(*" 4& 8%&+)#2 4"# +%3-.#24 (2 + .+22#% 4"+4 (*
$#%"+$* .&%# /&24%&'#%*(+06 `2 .-/" &, 9"+4 ,&00&9* +2) #*$#/(+001 (2
*-8*#B-#24 /"+$4#%*: ` 9(00 +%3-# 4"+4 4*$/,$%,/# ,4 -"34/,/5/,C' "6 *"1') )'%$=
/,"34 3"/ "3%# ,3 ('3')$%M ;5/ $%4" ,3 /+' *$)/,-5%$) 1$#4 ,3 1+,-+ A,66')'3/ @"A'4
"6 *"1') /$9' '66'-/6 !"(* (2'&0'#* 4"(27(23 4"%&-3" +*$#/4* &, *$+4(+0(41
8#1&2) 4"+4 &, + /&2,(2#) *#44(23 &% /&24#U4 4& /&2*()#% 4"# )('#%*# 3#&35

2EI\X FN FH? S%XFE_? +_F?\?

:;M

%+$"(#* &, $%&U(.(41 +2) %#+/": +2) (2 $+%4(/-0+% 9"+4 (4 .#+2* 4& #U#%/(*#
$&9#% g+4 + )(*4+2/#c6 ;&.#: 8-4 81 2& .#+2* +00: &, 4"#*# (**-#* "+'# 8##2
4&-/"#) -$&2 +0%#+)16 G-/" &, 9"+4 ` 9(*" 4& *+1: "&9#'#%: "+* 0#** 4& )&
9(4" 4"# ()#+ &, *$+4(+0 $&9#% $0+1* S + 0(440# *4%#4/"(23 &, 4"# %#*&-%/# 8+*#
"#%#: +2 #U4#2*(&2 &, $&0(4(/+0 +2) #/&2&.(/ (2,0-#2/# 4"#%# S +2) %+4"#%
.&%# 4& )& 9(4" 4"# #,,#/4('# %#+/": +* 9#00 +* +%%+23#.#24: &, )(,,#%#24
.&)#* &, $&9#%6
F+%0(#%: ,&% (2*4+2/#: 9# *$&7# +8&-4 *#)-/4(&2 +* + .&)#*4 ,&%. &,
$&9#% 9"(/": ,&00&9(23 =(00#* D($&'#4*71 _P]]Qa: "+* 4"+4 /"+%+/4#%(*4(/
$%#/(*#01 8#/+-*# (4 +/4* -$&2 4"# /"&(/#* &, 4"&*# 9"& "+'# 4"# $&**(8(0(41
4& &$4 &-46 ["+4 D($&'#4*71 )() 2&4 3& &2 4& /&2*()#%: "&9#'#%: (2 $+%4
8#/+-*# (4 (* 2&4 #+*(01 8%&-3"4 9(4"(2 "(* 2+%%&901 "(*4&%(/+0 #.8%+/#: 9+*
4"+4 4"# '#%1 (2)#4#%.(2+/1 "# ()#24(,(#) +* +2 +44%(8-4# &, *#)-/4(&2 (* +0*&
9"+4 #2+80#* (4* #U#%/(*# 4& 8# #,,#/4('# g+4 + )(*4+2/#c: (2 4#%.* &, (4* %#+/"6
@2) (4 (* #,,#/4('# (2 4"(* 9+1 81 '(%4-# &, (4* 0(.(4#) #,,#/4* S *-33#*4(&2
%+4"#% 4"+2 $%#*/%($4(&2 S 9"(/" +%# +2 (24#3%+0 2&4 + %#*()-+0 ,#+4-%# &,
"&9 (4 (* #U#%/(*#)6 !"# ,+/4 4"+4 *#)-/4(&2 9&%7* &2 /-%(&*(41: *##7(23 4&
4+7# +)'+24+3# &, +44(4-)#* +2) '+0-#* 4"+4 +%# +0%#+)1 $%#*#24: 0#+'(23 &$#2
4"# $&**(8(0(41 &, %#e#/4(&2 &% (2)(,,#%#2/#: (* 9"+4 3('#* (4 (4* /&2*()#%+80#
%#+/": 1#4 +4 4"# *+.# 4(.# /-%8* (4* (24#2*(416 !"#*# +%# 2&4 +//()#24+0
,#+4-%#* &, 4"# 9+1 (2 9"(/" *#)-/4(&2 9&%7*h 4"#1 +%# B-+0(4(#* 4"+4 )(*4(25
3-(*" *#)-/4(&2 ,%&. &4"#% .&)#* &, $&9#% +2) .+%7 (4 &-4 +* + )(*4(2/4
9+1 &, #U#%/(*(23 $&9#%6
`2 )-# /&-%*#: 9# 9(00 0&&7 +4 + %+23# &, )(,,#%#24 .&)+0(4(#* &, $&9#%:
*&.# (2*4%-.#24+0 (2 4"#(% 0#'#%+3#: &4"#%* .&%# /&00+8&%+4('# 81 )#*(32:
9(4" +2 #1# 4& 4"# '+%(#) 2+4-%# &, 4"#(% *$+4(+0 B-+0(4(#*6 E&9#'#%: &2/# 9#
8#3(2 4& %#+%%+23# $&9#% (2 4"(* 9+1: +* + *#%(#* &, .&)+0 #,,#/4* ,&% 9"(/"
*$+/# .+7#* + )(,,#%#2/#: 9# 2##) 4& 8# +0#%4 4& 4"# $(4,+00* &, *$+4(+0
)#4#%.(2(*.A 4"# ()#+ 4"+4 *$+/# (4*#0, (* 9"+4 0(#* 8#"(2) 4"# #U#%/(*# &,
$&9#% %#3+%)0#** &, 4"# )(*4(2/4('# +44%(8-4#* &, *#)-/4(&2: )&.(2+4(&2:
+-4"&%(41: /&#%/(&2 &% 9"+4#'#%6 !"(* (* 4"# /&24%&'#%*(+0 *()# 4& 4"# /0+(.
4"+4 *$+4(+0(41 .+44#%*6L
`2 &%)#% 4& +'&() .(*-2)#%*4+2)(23: 9# 2##): ,(%*4: 4& 8# /0#+% +8&-4 4"#
,+/4 4"+4 9"#2 *&.#4"(23 0(7# + 30&8+0 +)'#%4(*(23 +3#2/1 9&%7* &2 4"#
/"&(/#* &, /&2*-.#%* 9"+4 +/4-+001 "+$$#2* A'*'3A4 -$&2 4"# %#0+4(&2*"($*
L !"# $(4,+00* &, *$+4(+0 )#4#%.(2(*. *4#. (2 4"(* (2*4+2/# ,%&. 4"# )+23#% &, +44%(8-45
(23 /+-*+0 /"+%+/4#%(*4(/* 4& *$+4(+0 B-+0(4(#* %#3+%)0#** &, "&9 *&.#4"(23 0(7# *#)-/4(&2
+* + .&)# &, $&9#% /&-0) $&**(8(0(41 "+'# +2 #,,#/46 ["(0# (4 (* ,#+*(80# 4& +8*4%+/4 4"#
*$+4(+0 ,&%. &, *#)-/4(&2 +* #,,#/4('# g+4 + )(*4+2/#c: 0(440# &% 2&4"(23 /+2 8# *+() +8&-4
"&9 (4 .+7#* + )(,,#%#2/# (2 4#%.* &, %#+/"6 C(*4+2/# (4*#0,: 4"# *(.$0# .&'#.#24 +/%&**
*$+/#: $%&'()#* 2& /0-# +* 4& +214"(23 -20#** 4"# $&9#% %#0+4(&2* (2'&0'#) +2) 4"#(%
/"+%+/4#%(*4(/* +%# /&2*()#%#)6 W&% +2 (00-.(2+4(23 )(*/-**(&2 ,%&. + %#+0(*4 $#%*$#/4('#
&2 9"+4 *$+/# /+2 +2) /+22&4 )&: *## ;+1#% _LMMMA PMRSNMa6

:;Q

2EI\X FN FH? S%XFE_? +_F?\?

4"#1 #2/&-24#% +2) 4"# %#*&-%/#* 4"+4 &4"#%* 8%(23 4& 8#+%6 @ .&)#*4 ,&%.
&, $&9#% 0(7# *#)-/4(&2: -2)#% /#%4+(2 /(%/-.*4+2/#*: .+1 4+7# &2 +2
-2/"+%+/4#%(*4(/ )#$4": #*$#/(+001 (, 4"# +-)(#2/# 0+%3#01 /&.$%(*#* 9"+4
.+1 8# %#,#%%#) 4& %+4"#% )(*$+%+3(2301 +* /-04-%+0 )-$#*6 T% (4* .#**+3#
.+1 *(.$01 8# %#e#/4#) &% (32&%#) 81 4"&*# 2&4 9&2 &'#% 81 4"# 2+4-%# &,
4"# *-$#%,(/(+0 +$$#+0: $#%"+$* 8#/+-*# 4"#1 "+'# 4"# 72&90#)3# +2) (2,&%5
.+4(&2 %#*&-%/#* 4& 4"(27 &4"#%9(*#6 `2 #(4"#% /+*#: *#)-/4(&2 %#.+(2* +
%+4"#% (2)#4#%.(2+4# .&)# &, $&9#% 9(4" /&2*()#%+80# %#+/" +2) 0(.(4#)
(24#2*(416 W&% 4"+4 (* .#%#01 4"# %#*-04 &, *#)-/4(&2 8#(23 4"# 7(2) &,
$&9#% %#0+4(&2 4"+4 (4 (* +2) 2&4 (2 4"# *+.# .&-0) +* )&.(2+4(&2 &%
.+2($-0+4(&2 &% +-4"&%(416 ["(0# 9# /+22&4 +2) *"&-0) 2&4 (2*(*4 4"+4
*#)-/4(&2 9(00 8# #,,#/4('# +/%&** + %+23# &, /(%/-.*4+2/#* &% 4"+4 (4 9(00
-2)&-84#)01 9&%7 +4 +%.c* 0#234": 9# /+2 2&2# 4"# 0#** *+1 *&.#4"(23
+8&-4 4"# 9+1 *$+4(+0(41 (* /&2*4(4-4('# &, *#)-/4(&2 +* + )(*4(2/4('# #U#%/(*#
&, $&9#%6
\#%"+$* 4"# 7#1 $&(24 4& 2&4# (2 +00 4"(* (* 4"+4 4"#%# (* 3" *$+4(+0 4#.$0+4#
,&% $&9#%6 !"# )(*$#%*(&2 &, $&9#% &'#% .&%# &% 0#** 0&23 )(*4+2/#* .+1
+/4-+001 $%&80#.+4(d# 4"# #*4+80(*".#24 &, + $&9#%,-0 $%#*#2/# (2 7#1
0&/+4(&2*: ,&% (2*4+2/#6 f#4 4"# *$##)5-$ &, /&..-2(/+4(&2*: 4"# %+$()
/(%/-0+4(&2 &, $#&$0# +2) (2,&%.+4(&2: +2) 9"+4#'#% #0*# (* %#B-(%#) 4&
.#)(+4# $&9#% %#0+4(&2* +/%&** *$+/# .+1 &'#%/&.# +21 *-/" $%&80#.*
+2) +/4-+001 #2"+2/# 4"# /&24%&0 +2) %#+/" &, (2*4(4-4(&2* +2) +3#2/(#*6
C(*4+2/# /-4* 8&4" 9+1*6 J-4 #'#2 4& +/72&90#)3# 4"(* )&#* 2&4 .#+2 4"+4
9# /+2 +,,&%) 4& 30&** &'#% 4"# *$+4(+001 /(%/-.*/%(8#) 2+4-%# &, $&9#%
%#0+4(&2*6 W&% -20#** 9# /&2*()#% 4"# 7(2) &, $&9#% 9# +%# 4+07(23 +8&-4:
4"# %#0+4(&2+001 +2) *$+4(+001 )(*4(2/4 .&)#* (2 B-#*4(&2: 9# ,+(0 4& 3%+*$ 4"#
*$)/,-5%$) 9+1* (2 9"(/" .&)#* &, $&9#% 4+7# #,,#/46
`2 &2# *#2*#: 9"+4 (* (2'&0'#) (* 4"# )#'#0&$.#24 &, + )(*4(2/4 *$+4(+0
/-%(&*(41A +2 +44#.$4 4& %#4"(27 *$+4(+001 4"# .&)+0(4(#* &, $&9#% )#$0&1#)
(2 .+21 + 4%+)(4(&2+0 +//&-24: #*$#/(+001 4"&*# $%#*#24#) 81 *-/" ,(3-%#* +*
G+U [#8#% +2) E+22+" @%#2)4: +2) 4& 3& 8#1&2) 4"#. (2 4#%.* &, &-%
$%#*#24 *$+4(+0 '&/+8-0+%(#* &, $&9#%6 @* ` *## (4: 9"(0# 4"# 9%(4#%* )(*/-**#)
(2 $+%4 ` &,4#2 %#$%#*#24 *$+4(+0(41 (2 %+4"#% + *4(04#) ,+*"(&2: 4"#1 )& 2&2#
4"# 0#** *"+%# + *#2*# 4"+4 *$+4(+0(41 "+* *&.# *(32(,(/+2/# 4& 4"# 9&%7(23* &,
$&9#%6 W&% *&.#: 4"+4 *(32(,(/+2/# (* /"+%+/4#%(*4(/+001 '+3-#: 9"#%#+* ,&%
&4"#%*: (4 (* +00 4& 4"# ,&%# (2 4"# 2-+2/#* +2) 4"# )#4+(06 `4 .(3"4 8# .&%#
%#9+%)(23: "&9#'#%: /" /+,39 /+)"5(+ /+' '66'-/4 "6 *"1') 4*$/,$%%# )$/+') /+$3 /"
-"3-')3 "5)4'%C'4 4,@*%# 1,/+ A"-5@'3/,3( /+' 4*$/,$% $4*'-/4 "6 *"1')6 \#%"+$*
(4 (* 4(.# 4& %#.(2) &-%*#0'#* &, 4"# ,+/4 4"+4 $&9#% %#0+4(&2* "+'# 0&23 8##2
#U$#%(#2/#) 4"%&-3" + )('#%*(41 &, )(,,#%#24 .&)#* +2) 4"+4 4"#1 +%# +09+1*
+0%#+)1 *$+4(+06
[# /+2 *4+%4 4"(* $%&/#** 81: ,(%*4: -2)#%*4+2)(23 1+# (4 (* 4"+4 9#
,%#B-#2401 .(*4+7# %#*&-%/#* ,&% $&9#%6

2EI\X FN FH? S%XFE_? +_F?\?

:;L

."/&( ,> L)@& I>6DH "( F,#$)5,>' 0&#":(8&# -"( ."/&(


<#*&-%/#*: 4& %#(4#%+4# + $&(24 .+)# #+%0(#%: +%# 4"# .#)(+ 4"%&-3" 9"(/"
$&9#% (* #U#%/(*#)6 !& 4+07 &, $&9#% +* + %#*&-%/#: 4"#2: (* + .(*2&.#%6 @2)
1#4 .&*4 &, -* )& (4 +00 4"# 4(.#: 9(4": (4 9&-0) *##.: 3&&) /+-*#6 W&% 4"#%#
(* *&.#4"(23 +8&-4 4"# 0+23-+3# &, %#*&-%/#* +2) 4"# 9+1 (2 9"(/" 4"#1 +%#
-*#) 4"+4 0#2)* (4*#0, 4& 4"# ()#+ 4"+4 %#*&-%/#* $)' $&9#%6 !"#%# (* +,4#% +00:
*&.#4"(23 )##$01 ,+.(0(+% +8&-4 4"# '(#9 4"+4 .&2#1 (* $&9#%6 @ %(/"
$#%*&2 (* $&9#%,-0: #'#%1&2# 72&9* 4"+4 +2) 4"+4 (* +00 4"#%# (* 4& (46 !"-*
9"#2 9# *$#+7 &,: *+1: 72&90#)3# +* +2 (2*4%-.#24 &, $&9#% &% 9#+04" +*
4"# 8+*(* &, $&9#%: (4 (* %#0+4('#01 #+*1 4& ,(2) &2#*#0, (2 + '&/+8-0+%1 4"+4
*0()#* #,,&%40#**01 8#49##2 %#*&-%/#*: (2*4%-.#24*: /+$+8(0(4(#* +2) $&9#%6
@04"&-3" 4"# 4#%.* )& 2&4 B-(4# 9&%7 +* *12&21.*: 4"#1 )& 4%+2*0+4# ,%&.
&2# 4& 4"# &4"#% 9(4" %#0+4('# #+*#6 @ $&**(80# %#+*&2 ,&% 4"(* (* 4"+4 4"#
#U#%/(*# &, $&9#%: (4 *##.* 4& .#: (* &,4#2 &8*#%'#) g+,4#% 4"# #'#24c: *& 4&
*$#+76 ["#2 9# 0&&7 8+/7 -$&2 + $+%4(/-0+%01 /%-*"(23 +/4 &, )&.(2+4(&2:
,&% #U+.$0#: 81: *+1: + 3(+24 g%&3-#c /&%$&%+4(&2 &% + $+%4(/-0+%01 9#+04"1
(2)('()-+0: (4 (* %#0+4('#01 #+*1 4& %#+) (4 +* 4"# +0.&*4 (2#'(4+80# &-4/&.# &,
4"#(% g*(d#c: +* .#+*-%#) 81 4"# '+*4 %#*&-%/#* +4 4"#(% )(*$&*+06 !"-* 9#
/&2,0+4# $&9#% 9(4" 4&4+0 %#*&-%/#*h 9# '(#9 4"# &-4/&.# +* 4"# %#*-04 &,
4"# (2*4(4-4(&2c* &% 4"# (2)('()-+0c* -2)('()#) /+$+/(41 +2) ,+00 8+/7 (24& 4"#
7(2) &, B-+24(4+4('# /+$+/(41 $&*(4(&2 /%(4(/(d#) 81 E(2)#** _P]]ba6
f#4 4"#%# (* 2& %#+0 e-*4(,(/+4(&2 ,&% 4"(* *0()# 8#49##2 $&9#% +2)
%#*&-%/#*6 W%&. 4"# *4+2)$&(24 &, 4"# "#%# +2) 2&9: &8*#%'(23 #'#24* +*
4"#1 -2,&0): + %+23# &, &-4/&.#* .+1 +$$#+% $&**(80#: (2/0-)(23 4"#
.(*+$$0(/+4(&2 &, %#*&-%/#* 81 9#005(24#24(&2#) 8-4 8+*(/+001 .(*3-()#)
+/4&%* &%: 9&%*#: 4"# 3%&** .(*/+0/-0+4(&2 &, %#*&-%/#* +'+(0+80# _#(4"#%
-2)#%5 &% &'#%#*4(.+4(&2h (4 .+7#* 0(440# )(,,#%#2/# 4& 4"# $&(24a6 `2 *&.#
/+*#*: (2/&.$#4#2/# &% (32&%+2/# .+1 #'#2 "+'# 4& 8# ,+/4&%#) (24& 4"#
#B-+4(&26 ["#2 1&- +%# /+-3"4 -$ (2 4"# $%&/#** 0(7# 4"(*: 4"#%# (* 2& 4#00(23
#U+/401 9"+4 ,&%. $&9#% 9(00 4+7# +2) "&9 #,,#/4('# (4* #U#/-4(&2 9(00 8#6 `2
&4"#% 9&%)*: 4"# #U#%/(*# &, $&9#% +2) (4* .&)# &, &$#%+4(&2 /+22&4 8#
g%#+) &,,c ,%&. 4"# %#*&-%/#* +'+(0+80#: 9"+4#'#% 4"#(% *(d# &% .+32(4-)#6
!"# 49& 4"(23*: 4"#2: 4"# #U#%/(*# &, $&9#% +2) 4"# %#*&-%/#* .&8(0(d#)
4& *-*4+(2 (4: +%# 2&4 &, 4"# *+.# &%)#%6 ;& 9"1 "+* *-/" + .(*-2)#%*4+2)(23
+%(*#2k !"#%# 9&-0) +$$#+% 4& 8# +4 0#+*4 4"%## $&**(80# %#+*&2* 4& /&2*()#%6
W(%*4: 4"#%# (*: +* (2)(/+4#): 4"# 4#2)#2/1 4& +)&$4 + %#4%&*$#/4('# '(#9 &,
4"# #U#%/(*# &, $&9#% +2) 4& +44%(8-4# 4"# &-4/&.# 4& 9"+4 *##.* 0(7#
g$&9#% (2 4"(23*c: 9"(/" +%# %#+001 2&4"(23 .&%# 4"+2 4"# %#*&-%/#* +2)
+8(0(4(#* .&8(0(d#)6 !"(* +44%(8-4(&2 (* +()#) +2) +8#44#) 81 4"# ,+/4 4"+4 (2
4"# F230(*"5*$#+7(23 9&%0) 9# -*# 4"# 4$@' /')@: $&9#%: 4& %#,#% 8&4" 4& 4"#
/+$+/(41 4& )& *&.#4"(23 $3A 4& 4"# +/4 (4*#0, S &, )&.(2+4(&2: &, +-4"&%(41:

:;R

2EI\X FN FH? S%XFE_? +_F?\?

&, 9"+4#'#% S 9"(/" .+1 ,0&9 ,%&. 4"# %#*&-%/#* .&8(0(d#)6 !"# W%#2/"
0+23-+3#: 81 /&24%+*4: "+* 49& 4#%.* 4& )#/($"#% $&9#%: *5,44$3-' +2)
*"5C",) _+* (2)##) )&#* `4+0(+2: *"/'3N$ +2) *"/')': ,%&. 4"# D+4(2 8+*#:
*"/'3/,$ +2) *"/'4/$4a: 9"#%# 8%&+)01 4"# ,&%.#% )#2&4#* /+$+/(41 +2) 4"#
0+44#% )#2&4#* 4"# +/4 &, $&9#%6 !"(* "#0$* 4& .(2(.(d# $&**(80# /&2,-*(&26
;#/&2): 4"#%# (* 4"# (2/0(2+4(&2: ,&00&9(23 &2 ,%&. 4"# +8&'#: 4& 4%#+4
g$&9#% (2 4"(23*c +* *&0(): +0.&*4 $#%.+2#24 81 2+4-%#6 !"# 2&4(&2 4"+4
$&9#% .+1 8# "#0) g(2 %#*#%'#c 81 (2*4(4-4(&2* 0(7# 4"# 8(3 .#)(+ &% *&,49+%#
/&%$&%+4(&2* &% (* *&.#4"(23 4"+4 $#&$0# g/0(23 &2c 4& (* +2 #U4#2*(&2 &, 4"(*
9+1 &, 4"(27(23: +2): ,+% ,%&. 8#(23 + /+%(/+4-%#: (4 "+* 4"# $&4#24(+0 4&
&8*/-%# 4"# ,+/4 4"+4 8&4" %#*&-%/#* +2) $&9#% +%# %#$%&)-/#) &'#% *$+/#
+2) 4(.#6 W&% 4"#%# +%# 2& $&9#%* 4"+4 g8#0&23c 4& +21&2# &2 +2 (2)#,(2(4#
8+*(*6
@2) 4"(%): 4"# /&2,0+4(&2 &, %#*&-%/# *(d# 9(4" $&9#% /+2 8# 4%+/#) (2
$+%4 4& + ,+(%01 /&..&2 *$+4(+0 .(*/&2/#$4(&26 !& *$#+7 &, $#&$0# &%
(2*4(4-4(&2* g"+'(23c $&9#%: ,&% (2*4+2/#: (* 4& %#4-%2 4& 4"# '&/+8-0+%1 &,
/"+$4#% L +2) 4"# ()#+ 4"+4 $&9#% (* /#24%+0(d#) (2 *-/" 8&)(#*6 J(00 =+4#*
g"&0)*c $&9#% +2) (4 (* /#24%+0(d#) (2 G(/%&*&,4 /&%$&%+4(&2: &% *& (4 9&-0)
*##.6 J-4 ;#+440# +2) G(/%&*&,4 2& .&%# g"+'#c $&9#% 4"+2 J(00 =+4#*
g"&0)*c (4h 1#4 4"#1 )& $&**#** + %(/" /&2/#24%+4(&2 +2) .(U &, %#*&-%/#* +2)
+8(0(4(#* &2 4"# 8+*(* &, 9"(/" $&9#% (* #U#%/(*#)6
`2 *"&%4: 4"#%# (* 2& 2##) 4& #2)&%*# + */#2+%(& &, g$&9#%,-0c 8&)(#*: #+/"
9(4" (4* &92 /+$+/(41 ,&% )&.(2+4(&2 "#0) g(2 %#*#%'#c6 ;-/" + $(/4-%# (*
.(*0#+)(236 f#4 9# /+22&4 *(.$01 9(*" (4 +9+1: +* (, $&9#% 9#%# 2&4
/&..&201 4"&-3"4 &, +* *&.#4"(23 9"(/" (* *4%-330#) &'#%: 9&2 +2) 0&*46
[# 2##) 4& )#0'# + 0(440# ,-%4"#% (24& 4"# %#+*&2* 3('#2 +8&'# +2) 4& $%&8#
4"#(% "&0) &2 &-% (.+3(2+4(&2 8#,&%# 9# .&'# &26

!,%&%01 3+4(, 50) ,(&+",.(& 535,!"# 8&44&. 0(2# (* 4"+4 9"#2 4"# 4#%. g$&9#%c (* -*#) 4& )#*/%(8#
4"# %#*&-%/#* .&8(0(d#) 81 $#&$0# +2) (2*4(4-4(&2* (4 (* 8#(23 +$$0(#) 4&
*&.#4"(23 9"(/": 9(4"&-4 .1 9(*"(23 4& 0#3(*0+4# &2 0+23-+3#: (4 )&#*
2&4 )#2&4#6 <#*&-%/#* +%# $+%4 &, +21 +%%+23#.#24 &, $&9#%: 8-4 4"#1 )& 2&4
)#2&4# (4* #U#%/(*#6
=('#2 4"# *0($$+3# (2 '&/+8-0+%1 8#49##2 %#*&-%/#*: (2*4%-.#24*: /+$5
+8(0(4(#* +2) $&9#% 4"+4 &,4#2 *##.* 4& &//-%: (4 (* $#%"+$* -*#,-0 +4 4"(*
$&(24 4& %#/+00 @%#2)4c* ,(%.01 "#0) '(#9 4"+4 $&9#% *"&-0) 2#'#% 8# *##2 +*
4"# $%&$#%41 &, +21 &2# $#%*&2 &% 4"(23h %+4"#% (4 *"&-0) 8# %#/&32(d#) +*
*&.#4"(23 9"(/" +%(*#* 4"%&-3" .-4-+0 +/4(&2: 4"%&-3" 4"# /&00#/4('#
.&8(0(d+4(&2 &, %#*&-%/#* 9"(/" $%&'()#* 4"# 8+*(* -$&2 9"(/" +/4(&2 4&
.##4 +3%##) #2)* 4+7#* $0+/#6 T2 4"(* -2)#%*4+2)(23: ,+(0-%# 4& +/4 4&3#4"#%

2EI\X FN FH? S%XFE_? +_F?\?

:;Z

&% 4"# (2+8(0(41 4& $&&0 %#*&-%/#* #,,#/4('#01 %#*-04* (2 4"# #'+$&%+4(&2 &,
$&9#%6 `4 *(.$01 ,+)#* ,%&. '(#9 &%: +04#%2+4('#01: 2#'#% *##* 4"# 0(3"4 &, )+1
(2 4"# ,(%*4 $0+/#6 ["(0*4 9# 2##) 2&4 ,-001 #2)&%*# *-/" +2 +//&-24:
#*$#/(+001 3('#2 (4* .&%# *&0()+%(*4(/ &'#%4&2#*: (4 )&#* 2&2# 4"# 0#** )%+9
+44#24(&2 4& 4"# &,4#2 4#2-&-* 2+4-%# &, %#*&-%/# .&8(0(d+4(&2 +2) $%&'()#
+ /0-# +* 4& (4* *#$+%+4(&2 ,%&. 4"# +/4 &, $&9#%6 \&9#% (* #U#%/(*#) ,3 )'%$/,"3
4& 4"# %#*&-%/#* .&8(0(d#) +2) 4"# 49& ,&%.* &, *&/(+0 (24#%+/4(&2 2##) 4&
8# $%(*#) +$+%4: 8&4" +2+014(/+001 +2) *-8*4+24('#016
@* .#24(&2#) #+%0(#%: (2 W%#2/" (4 (* .&%# &% 0#** $&**(80# 4& )(*/%(.(2+4#
0(23-(*4(/+001 8#49##2 %#*&-%/# /+$+/(41 +2) 4"# #U#%/(*# &, $&9#%: 9"#%#+*
(2 F230(*" _&% =#%.+2: ,&% 4"+4 .+44#%a 9# 4#2) 4& *-8*-.# 8&4" 4"#
3#2#%+0 /+$+/(41 +2) 4"# $+%4(/-0+% +/4 -2)#% 4"# *(230# 4#%. g$&9#%c
_0(7#9(*# (2 =#%.+2: -2)#% 4"# 4#%. E$-+/a6 <+1.&2) @%&2 _P]Rba "+*
+44#.$4#) 4& )(*#24+230# *&.# &, 4"# (**-#* 81 *#44(23 &-4 4"# )(*4(2/4(&2*
(2'&0'#)A
W%#2/" "+* 49& 9&%)* 4& 4%+2*0+4# gE$-+/c &% g*"1')cA g*"5C",)c +2) g*5,44$3-'c6
J&4" "+'# 4"# *+.# &%(3(2A 4"# D+4(2 '#%8 g$&**#c _g4& 8# /+$+80# &,: 4& "+'#
4"# *4%#234" 4&ca6 g>"5C",)c (* 4"# (2,(2(4('# &, 4"# '#%8 +2) +//&%)(23 4& D(44%#lc*
)#,(2(4(&2: g.#%#01 )#2&4#* 4"# +/4(&2c: 9"(0*4 g*5,44$3-'c _4"# $+%4(/($0#a )#*5
(32+4#* g*&.#4"(23 0+*4(23 +2) $#%.+2#24c6 T2# "+* 4"# *5,44$3-' 4& )&
*&.#4"(23: +2) &2# #U#%/(*#* 4"# *"5C",) 4& )& (46 `4 (* ,&% 4"(* %#+*&2 4"+4
9# /+2 4+07 &, 4"# *5,44$3-' &, + .+/"(2#: +2) 2&4 (4* *"5C",)6 _P]RbA LOOSba

@04"&-3" ,+% ,%&. 9+4#%4(3"4: 4"# )(*4(2/4(&2 (2 W%#2/" )&#* .+7# (4


$&**(80# 4& 4"(27 +8&-4: &2 4"# &2# "+2): 4"# %#*&-%/# 8+*#* &% (2*4%-.#24*
9"(/" 3#2#%+4# + /+$+8(0(41 ,&% +/4(&2 +2): &2 4"# &4"#% "+2): 4"# +/4(&2*
4"#.*#0'#*6 J&4" +00&/+4('# +2) +-4"&%(4+4('# %#*&-%/#* %#,#%%#) 4& 81 =()5
)#2*: ,&% (2*4+2/#: 9&-0) ,+00 2#+401 -2)#% *5,44$3-': *& 4"+4 +//#** 4&
$%&$#%41: ,(2+2/#: 72&90#)3# +2) $&*(4(&2 9&-0) (2 /&.8(2+4(&2 $%&)-/#
+ 3#2#%+0 /+$+8(0(41 ,&% +/4(&26 f#4 *5,44$3-' +0*& *##.* 4& +00&9 ,&% .&%#
4"+2 e-*4 4"+46 \&9#% (* *4(00 9%+$$#) -$ 9(4" 4"# .#+2(23 &, *5,44$3-':
0+%3#01 (4 9&-0) +$$#+% 4"%&-3" 4"# (2/0-*(&2 &, *&.# 7(2) &, $&4#24(+0
(2"#%#24 9(4"(2 +2 &8e#/4c* &% +2 (2*4(4-4(&2c* /+$+8(0(4(#*6 @* @%&2 3&#* &2
4& &-40(2# (2 %#*$#/4 &, 4"# *5,44$3-'R*"5C",) )(*4(2/4(&2: (4A
9&-0) 4"#%#,&%# 8# %&-3"01 4"+4 8#49##2 $&4#24(+0 +2) +/46 `4 (* 2&4 -2"#0$,-0
4& %#/+00 4"+4 (2 F230(*" g$&9#%c: )#$#2)(23 -$&2 4"# $+%4(/-0+% /+*#: (*
+$$0(#) 4& #(4"#% + g$&4#24(+0c &% +2 g+/4c6 T% (4 )#*(32+4#* + $&4#24(+0 4"+4 (*
%#'#+0#) +2) 9"&*# */&$# (* .#+*-%#) 81 $+**(23 4& 4"# +/4 (4*#0,6 _P]RbA LOba

T2 4"(* (24#%$%#4+4(&2: 4"#%#,&%#: *5,44$3-' +.&-24* 4& .&%# 4"+2 + 8-2)0#


&, %#*&-%/#* 9"(/": 9"#2 )%+92 -$&2: .+1 0#+) 4& +2 +/4 &, $&9#%h (4 +0*&

:;P

2EI\X FN FH? S%XFE_? +_F?\?

%#,#%* 4& + $&4#24(+0 /+$+8(0(416 !"# 0+23-+3# (* +3+(2 %#.(2(*/#24 &, /"+$4#%
L +2) 4"# '(#9 4"+4 /#%4+(2 4"(23* +%# )(*$&*#) 4& +/4 (2 /#%4+(2 9+1* 81
'(%4-# &, 4"#(% /&2*4(4-4(&26 !"(* (* ,(2#: +* 0&23 +* 9# 7##$ (2 .(2) 4"+4
$&9#% (* 3"/ (2 4"(23* +2) 4"+4 +21 +8(0(41 &% +$4(4-)# (* 4"# &-4/&.# &, +2
&23&(23 $%&/#** &, %#*&-%/# .&8(0(d+4(&2 +2) 2&4 + *-8*4(4-4# ,&% (46 @ 8&)1
.+1 +$$#+% 4& g"+'#c 4"# $&4#24(+0 4& )& *&.#4"(23 S 0(7# + /&%$&%+4# 8&)1
&% + g$&9#%,-0c 0&881 3%&-$ 9(4" #U4#2*('# 8+%3+(2(23 /+$+/(41 (2 4"#
$&0(4(/+0 +%#2+ S 8-4 (4 (* 4"# +**#.80+3# &, %#*&-%/#* +2) +8(0(4(#*: 3"/
*"1') +* *-/": 9"(/" 3('#* %(*# 4& (46 T2/# +3+(2: (4 (* 8#/+-*# $&9#% (*
,%#B-#2401 &8*#%'#) %#4%&*$#/4('#01: g+,4#% 4"# #'#24c: 4"+4 4"# #U#%/(*# &,
$&9#% (* 4"&-3"4 4& 8# + .+2(,#*4+4(&2 &, *&.#4"(23 )##$#%6 @4 4"(* $&(24:
9# 0#+'# 4"# .#**1 4#%%(4&%1 &, %#*&-%/#* +2) *4#$ &'#% (24& .#4+$"1*(/*6
`2 ,+/4: 4"(* 9+* $%#/(*#01 4"# 7(2) &, *4#$ 4"+4 W&-/+-04 9+* 7##2 4&
+'&()6 `4 (* 2& +//()#24 4"+4 4"#%# (* 0(440#: (, +214"(23: (2 "(* 9%(4(23* &2
$&9#% 4"+4 %#*#.80# + 4"#&%1 &, *5,44$3-': 1#4: +* 9+* .#24(&2#) #+%0(#%: "#
)#'&4#* /&2*()#%+80# +44#24(&2 4& 4"# )#'#0&$.#24 &, +2 +2+014(/* &, $&9#%
9"(/" /&2'#1* 4"# (2* +2) &-4* &, 4"# #U#%/(*# &, $&9#% _ *"5C",)a6 `2 "(*
#**+1 g!"# *-8e#/4 +2) $&9#%c: "# 4+7#* 4"# &$$&%4-2(41 4& *#4 ,&%4" #U$0(5
/(401 9"+4 )(*4(23-(*"#* "(* +//&-24 &, $&9#% ,%&. 4"&*# 4"+4 "+'# 4"#
+$$+%+4-* &, *5,44$3-' +* 4"#(% *4+%4(23 $&(246 @*7(23 B-#*4(&2* +8&-4 4"#
g"&9c &, $&9#% %+4"#% 4"+2 +44#.$4(23 4& *##7 + )##$#% $%#*#2/#: "# 3&#* &2
4& #0+8&%+4# 4"# ,&/-* &, "(* /%(4(/+0 #U+.(2+4(&2A
gE&9c: 2&4 (2 4"# *#2*# &, gE&9 )&#* (4 .+2(,#*4 (4*#0, kc 8-4 gJ1 9"+4 .#+2* (*
(4 #U#%/(*#)kc +2) g["+4 "+$$#2* 9"#2 (2)('()-+0* #U#%4 _+* 4"#1 *+1a $&9#%
&'#% &4"#%*kc
@* ,+% +* 4"(* $&9#% (* /&2/#%2#): (4 (* ,(%*4 2#/#**+%1 4& )(*4(23-(*" 4"+4 9"(/"
(* #U#%4#) &'#% 4"(23* +2) 3('#* 4"# +8(0(41 4& .&)(,1: -*#: /&2*-.#: &% )#*4%&1
4"#. S + $&9#% 9"(/" *4#.* ,%&. +$4(4-)#* )(%#/401 (2"#%#24 (2 4"# 8&)1 &%
%#0+1#) 81 #U4#%2+0 (2*4%-.#24*6 D#4 -* *+1 4"+4 "#%# (4 (* + B-#*4(&2 &,
g/+$+/(41c6 T2 4"# &4"#% "+2): 9"+4 /"+%+/4#%(d#* 4"# $&9#% 9# +%# +2+01*(23
(* 4"+4 (4 8%(23* (24& $0+1 %#0+4(&2* 8#49##2 (2)('()-+0* _&% 8#49##2 3%&-$*a6
W&% 0#4 -* 2&4 )#/#('# &-%*#0'#*h (, 9# *$#+7 &, 4"# *4%-/4-%#* &% 4"# .#/"+25
(*.* &, $&9#%: (4 (* &201 (2*&,+% +* 9# *-$$&*# 4"+4 /#%4+(2 $#%*&2* #U#%/(*#
$&9#% &'#% &4"#%*6 _P]RbA LPZa

` 0#+'# (4 4& &4"#%* 4& )#8+4# 4"# 4#U4-+0 +.8(3-(4(#* 4"+4 *-/" $+**+3#*
.+1 /&24+(26 ["+4 (* $0+(201 -$$#%.&*4 (2 W&-/+-04c* .(2): "&9#'#%: (*
4"+4 $&9#% +.&-24* 4& + %#0+4(&2*"($ 9"(/" (2'&0'#* 4"&*# &2 4"# g%#/#('(23
#2)c 2& 0#** 4"+2 4"&*# 9"& #U#%/(*# (46 `2 4"# 4#%.(2&0&31 &, /"+$4#% Q:
$&9#% %#0+4(&2* +%# +2 (..+2#24 ,&%/# (2 *& ,+% +* $&9#% (* (2*#$+%+80#
,%&. (4* #,,#/4*: 4"+4 (*: ,%&. 9"+4 (4 /+2 +/4-+001 )&6 !"#%# (* 2& *#2*# (2
9"(/" $&9#% %#.+(2* 0+4#24: "())#2 ,%&. '(#9: 9+(4(23 4& *"&9 (4*#0, 9"#2
4"# 4(.# +2) $0+/# +%# %(3"4 4& .+7# (4* $%#*#2/# ,#046 !"-* 4"#%# (* 2&

2EI\X FN FH? S%XFE_? +_F?\?

:;V

)##$#% $&4#24(+0 &-4 4"#%# .+%7(23 4(.#: %#+)1 4& (.$&*# (4*#0, ,%&. 4"#
&-4*()#h ,&% W&-/+-04 4"#%# +%# &201 $&9#% %#0+4(&2* 9"(/" +%# #U#%/(*#) &2
+2) 4"%&-3" *-8e#/4*6 H+$+8(0(4(#*: "&9#'#%: +%# &, + )(,,#%#24 &%)#%h 9(4"(2
+21 $+%4(/-0+% +%%+23#.#24: 4"#1 *#%'# +* 4"# .#+2* 4& $&9#%c* #2)* +2):
` 9&-0) +%3-#: $%&'()# /&2*4+2/1 &, *"+$#6
!"(* *#2*#: 4"#%#,&%#: (* /&2*(*4#24 9(4" 4"# '(#9 4"+4 $&9#% (* *&.#4"(23
9"(/" (* #U#%/(*#) (2 %#0+4(&2 4& 4"# %#*&-%/#* +2) +8(0(4(#* .&8(0(d#)6 `4 +0*&
"+* + *4%&23 #.$"+*(* -$&2 +/4(&2: -$&2 $%+/4(/#: 4"+4 4+7#* -* /0&*#% 4& 4"#
.#+2(23 &, *"5C",)h 9"(/" (2 (4* '+%(&-* /&2e-3+4(&2* #U$%#**#* + 7(2) &,
g/+25)&c .#24+0(41: +2 #2#%31 9"(/" (* +00 +8&-4 *&.#4"(23 /&.(23 (24& $0+1
(2 + $&*(4('# *#2*#6N W%&. 4"(*: (4 (* #+*1 4& *## "&9 +2 #.$"+*(* -$&2
#'#%1)+1 4#/"2(B-#* +2) $%+/4(/#* 81 W&-/+-04 4+7#* "(. /0&*#% 4& 9"+4 "#
-2)#%*4+2)* +* $&9#%A 2+.#01: 4"# +8(0(41 &, $#&$0# 4& 3&'#%2 4"#.*#0'#* 81
+**-.(23 4"# *"+$#* (2)(%#/401 0+() )&92 ,&% 4"#.6
`4 .+1 8# "#0$,-0 4& %&-2) &,, 4"(* )(*/-**(&2 &, 4"# *5,44$3-' _/+$+/(41a^
*"5C",) _#U#%/(*#a )(*4(2/4(&2 9(4" +2 (00-*4%+4(&2 &, 9"+4 (* +4 *4+7# (, 9# )&
2&4 "&0) +$+%4 %#*&-%/#* +2) /+$+8(0(4(#* ,%&. $&9#% +2) "&9 (4 (* #U#%5
/(*#)6
!+7# 4"# ,+.(0(+% #U+.$0# &, E&0019&&) )&.(2+4(&2 (2 %#0+4(&2 4& ,(0.
+2) /(2#.+6 [# 4&-/"#) -$&2 4"(* (2 /"+$4#% L 9(4" %#*$#/4 4& 4"# /0+(.
4"+4 E&0019&&) +/4* +* + )(%#/4 4"%#+4 4& 4"# W%#2/" 9+1 &, 0(,# 4"%&-3" 4"#
,&%.#%c* )&.(2+4(&2 &, '(*-+0 /-04-%#6 K&9: (, 9# %&00 4&3#4"#% E&0019&&)c*
%#*&-%/# /+$+/(41 +2) 9"+4 (4* .+e&% &$#%+4&%* +/4-+001 )& 4& 3#4 + $(/4-%#
&'#%*#+*: 9# .(3"4 #+*(01 %#3+%) E&0019&&) +* g"+'(23c 4"# $&9#% 4& )&.5
(2+4# W%#2/" +-)(#2/#* 81 '(%4-# &, (4* ,(2+2/(+0 .-*/0#: $%&)-/4(&2 *4-)(&
/+$+8(0(4(#* +2) #U4#2*('# )(*4%(8-4(&2 2#49&%7* +/%&** 4"# 30&8#6 [# /&-0)
80-% 4"# +%%+23#.#24 ,-%4"#% 81 4+07(23 +8&-4 4"# *"##% *(d# &, 4"# .+e&%
$0+1#%* (2 E&0019&&): 4"# /&2/#24%+4(&2 &, /&24%&0 (2 4"# "+2)* &, + ,#9
.-04(.#)(+ 4%+2*2+4(&2+0*: +2) 4"# )('#%*(,(/+4(&2 &, 4"#(% (24#%#*4* +/%&** +
%+23# &, )(,,#%#24 $%&)-/4*6 W%&. 4"(* (4 9&-0) 8# 8-4 + *"&%4 .&'# 4&
/&2/0-)# 4"+4 4"# #U4#2*('# %#+/" +2) "(3" ,(2+0 .+%7#4 /&2/#24%+4(&2
+.&23 4"# .+e&%* /+2 8# #U$0+(2#) 81 4"#(% )&.(2+24 $&*(4(&2 9(4"(2 4"#
30&8+0 .#)(+ "(#%+%/"1 _+* (2)##) @*- @7*&1 +2) ?#'(2 <&8(2* P]]L )& (2
4"#(% +%3-.#24 ,&% E&0019&&)c* &23&(23 )&.(2+4(&2h *## +0*& C+'() G&%5
0#1 +2) ?#'(2 <&8(2* P]]O: +2) W%+2/& G&%#44( LMMPa6 !& )& *&: "&9#'#%:
N =+1+4%( H"+7%+'&%41 ;$('+7 _P]]bA PQPSZQa /+$4-%#* 4"(* &%)(2+%150+23-+3# *#2*#
9"#2 *"# 4+07* +8&-4 $-44(23 *&.# &, 4"# "&.#01 '#%8(2#** &, 4$C",) +2) 4$C",) 6$,)' (24&
*"5C",) 6$,)' *& 4"+4 $&9#%: 4"# +/4 &, )&(23 *&.#4"(23 &201 +* 1&- +%# +80# 4& .+7# *#2*#
&, (4: /&.#* /0&*#% 4& 9"+4 W&-/+-04 9+* 4%1(23 4& /&2'#16 G1 &201 %#*#%'+4(&2 (* 4"+4 4"(*
9+1 &, 4"(27(23 &,4#2 +**-.#* 4"+4 (2)-/#.#24 (* 4"# "3%# .&)# &, $&9#% $&**(80# (2 4"(*
+2+014(/6 !"(* (* + 0&23 9+1: "&9#'#%: ,%&. 4"# +$$+%+4-* &, *5,44$3-': 9"(/" "+* 4"# ,##0
&, + $&9#% *4+2)(23 &'#% &4"#%*: +* (2 4"# *"+$# &, 4"# &'#%+%/"(23 (2,%+*4%-/4-%# +2)
/+$+8(0(41 &, + 2+4(&2 *4+4#6

::;

2EI\X FN FH? S%XFE_? +_F?\?

9&-0) 8# 4& %#+) 4"# *(4-+4(&2 8+/79+%)*: ,%&. 4"# +/4* &, )&.(2+4(&2 8+/7
4& 4"# *(d# +2) /+$+8(0(4(#* &, 4"# .+e&%* S 8+/7 4& 9"+4 *& &,4#2 $+**#* ,&%
g#/&2&.(/ $&9#%c6
@04#%2+4('#01: 9# /&-0) /-4 (24& 4"# $%&/#** +4 4"# $&(24* 9"#%# $&9#% ,4
#U#%/(*#) &'#% &4"#%*: +0&23 4"# 0#234" +2) 8%#+)4" &, 4"# (2*4(4-4(&2+0
+%%+23#.#24* &, 4"# .+e&% &$#%+4&%*: 4& 4"# 9+1* (2 9"(/" /"&(/#* +%#
*"+$#) (2 4"# ,(2+0 .+%7#4$0+/#6 !"(* .+1 %#'#+0 + .&%# &$#2: .#)(+4#)
$%&/#**: ,%&. 4"# *(.$0# ,+/4 4"+4 *#/4(&2* &, 4"# W%#2/" $-80(/: )#*$(4#
4"# 3&'#%2.#24c* /-04-%+0 $&0(/1: .+1 "+'# +/4('#01 *&-3"4 @.#%(/+2 /-05
4-%+0 (.+3#* +2) (/&2* 8#/+-*# 4"#*# "+'# 8##2 $%#*#24#) 4& 4"#. +* +2
+44%+/4('# &$4(&2: 4& +2 +04&3#4"#% )(,,#%#24 /&24#U4 9"#%# W%#2/" /(2#.+
#U"(8(4&%* "+'# /&00-)#) 9(4" )(*4%(8-4&%* 4& *"&9 +2 -28+0+2/#) )(#4
&, E&0019&&) ,(0. ,+%#6 K#(4"#% /+*# (* &2# &, )&.(2+4(&2 &% ,(2+2/(+0
g*4%#234"c: 2&% )& 4"#1 +.&-24 4& +2 #U#%/(*# (2 /-04-%+0 /&#%/(&2 9"#%#
W%#2/" +-)(#2/#* (2 \+%(* +2) D1&2 +%# ,&%/#) 4& 9+4/" + )(#4 &,
>; .&'(#*6 `, +214"(23: 4"# ,&%.#% /+*# +$$%&U(.+4#* 4& +2 +/4 &, *#)-/5
4(&2 +2) 4"# 0+44#% 4& &2# &, .+2($-0+4(&26 f#4 2#(4"#% &, 4"#*# #,,#/4*
9&-0) 8# +$$+%#24 9#%# (4 4& 8# +**-.#) 4"+4 4"# #U#%/(*# &, $&9#%
(* .#%#01 + %#,0#/4(&2 &, 4"# *(d# +2) /+$+/(41 &, 4"# )&.(2+24 $0+1#%*
(2'&0'#)6
!"# (.$&%4+24 (**-#: 4"#2: *-%#01 (* 4& /&2*()#% 4"# .&)#* 4"%&-3" 9"(/"
$&9#% (* #U#%/(*#) *#$+%+4#01 ,%&. 4"# $%&/#** &, %#*&-%/# .&8(0(d+4(&2:
+2) 2&4 4& ,+00 (24& %#0+U#) +**-.$4(&2* 4"+4 %#*&-%/#* +2) +8(0(4(#* #B-+0
$&9#%6

E(&(,A(& +: 3+4(, +, &(--$() ,(&+",.(&7


@ *(.(0+% /+*-+0 +$$%&+/" 4& %#*&-%/#* +2) $&9#% (* #'()#24 (2 4"# 9+1
4"+4 9# "+8(4-+001 4+07 &, g$&9#%,-0c (2*4(4-4(&2* &% &, )#*$&4* g-*(23 +2)
+8-*(23c $&9#% $4 ,6 4"#1 $&**#** *&.# 7(2) &, g%#*#%'#c &% g*4&%#c &, $&9#%
9"(/" /+2 8# )-*4#) )&92 +2) )%+92 -$&2 +4 9(006 !"#%# (* + '+%(#41 &,
&)) 1#4 ,+.(0(+% #U$%#**(&2* 9"(/": (2 #,,#/4: *#%'# 4& /&2*&0()+4# 4"#
(.$%#**(&2 4"+4 $&9#% .+1 8# g"&+%)#)c &% g+//-.-0+4#)c &'#% 4(.#: *-/"
+* 4"# 2&4(&2 4"+4 $&9#% (* g0&)3#)c &% g'#*4#)c (2: *+1: 4"# 8(3 ,(0. *4-)(&*
&% 4"+4 D&* @23#0#* +2) E&0019&&) +/4 +* *&.# 7(2) &, g/&24+(2#%c &,
/-04-%+0 $&9#%6 !"+4 D&* @23#0#* +2) (4* *4-)(&* $&**#** 2&2# &, 4"#*#
/"+%+/4#%(*4(/* (* +0.&*4 8#*()# 4"# $&(24 9"#2 *#4 +0&23*()# 4"# /%#+4('#
+**#4*: *7(00*: 72&90#)3# +2) &4"#% %#*&-%/#* 4"+4 E&0019&&) *& &8'(&-*01
"+* +4 (4* )(*$&*+06 \&9#%: +* 9# 72&9: (* 2&4 4"# *+.# 4"(23 +* 0#'#%+3# &'#%
%#*&-%/#*: 1#4 (4 *##.* *&.#"&9 /"-%0(*" 4& /%(4(/(d# 9"+4 .+1 +,4#% +00 8#
0(440# .&%# 4"+2 + *#%(#* &, &'#%*4%#4/"#) .#4+$"&%*6 !& *$#+7 &, g%#*#%'#*c
&, $&9#%: "&9#'#%: (* 4& )& .&%# 4"+2 /&..(4 + *(.$0# .(*2&.#%6

2EI\X FN FH? S%XFE_? +_F?\?

:::

\#%"+$* &, +00 4"# .#4+$"&%* 4"+4 9&%7 4& #0()# %#*&-%/#* +2) $&9#%: 4"#
2&4(&2 &, g*4&%#)5-$c $&9#% (* &2# &, 4"# ,#9 4"+4 "+* 4"# $&4#24(+0 4&
)(*+%. 4"&*# 9"& 9(*" 4& /"+23# 4"# *4+4-* B-&6 @04"&-3" (4 "+* 4& 8#
*+() 4"+4 4"# 2&4(&2 "+%)01 $+%+01*#* &$$&*(4(&2: 9"#2 /&2,%&24#): ,&%
(2*4+2/#: 81 4"# +$$+%#24 +//-.-0+4(&2 &, #/&2&.(/ +2) *1.8&0(/ $&9#%
g)#$&*(4#)c &'#% 4(.# (2 D&* @23#0#*: (4 (* 2&4 +04&3#4"#% *-%$%(*(23 4& ,(2)
4"+4 /"+00#23#* 4& E&0019&&)c* %#+/" +%# &,4#2 /"+%+/4#%(d#) 81 + )#3%##
&, ,+4+0(*.6 !"+4 #'#24* 9(00 4+7# +2 (2#'(4+80# /&-%*# %#3+%)0#** &,
+21 (24#%'#24(&2 &% $%&4#*4 (* 2&4 +2 -2#U$#/4#) %#*$&2*#: ,&% #U+.$0#:
,%&. 4"&*# (2 W%+2/# 9"& &$$&*# 4"# @.#%(/+2 )&.(2+2/# &, 4"# 30&8+0
.#)(+6
G-/" 4"# *+.# 7(2) &, %#*(32+4(&2 /+2 8# ,&-2) (2 &4"#% +%#+* 9"#%# 4"#
0#3+/(#* &, g$&9#%c +%# #'()#24 ,&% +00 4& *##6 !"# 0&235*4+2)(23 (2#B-+0(4(#*
9"(/" *4%-/4-%# %#0+4(&2* 8#49##2 4"# .+21 +2) '+%(#) 30&8+0 /(4(#*: D&*
@23#0#* +2) \+%(* (2/0-)#): +%# + /+*# (2 $&(246 W&% #U+.$0#: 4"# *&5/+00#)
g$&9#%5,(00#)c *$+/#* &, K#9 f&%7c* ,(2+2/(+0 )(*4%(/4 &% 4"&*# &, 4"# H(41 &,
D&2)&2 )(*$0+1 _4"%&-3" 4"#(% +%/"(4#/4-%# +2) .&2-.#24+0(41a 4"# /-.-5
0+4('# +)'+24+3#* &, "+'(23 8##2 )&.(2+24 ,&% *& 0&23 (2 4"# 9&%0) &,
,(2+2/(+0 ,0&9* 4"+4 4"#%# *##.* 0(440# $&(24 (2 /"+00#23(23 4"#. &% B-#*4(&25
(23 4"# )-%+8(0(41 &, 4"#(% #/&2&.(/ $&9#%6 ;(.(0+%01: ,&% 4"#(% 0#** +,,0-#24
/&-24#%$+%4* (2 /(4(#* 9"(/" +*$(%# 4& 8# *&.#4"(23 .&%# &2 4"# 30&8+0
#/&2&.(/ *4+3#: *-/" +* G+0+1*(+c* ?-+0+ D-.$-% &% !+(9+2c* !+($#(: 4"#
+8*#2/# &, +21 *-/" 0#3+/1 +$$#+%* 4& 8# + $#%.+2#24 )(*+)'+24+3#6 \&9#%:
(2 4"(* ,+4+0(*4(/ +**#**.#24: +$$#+%* 4& g8#0&23c 4& /#%4+(2 /(4(#* +2) 2&4 4&
&4"#%*: +2) .+7#* (4 4"+4 .-/" "+%)#% 4& /&24#.$0+4# +2 +04#%2+4('# 30&8+0
&%)#%(236
["+4 9&-0) @%#2)4 "+'# .+)# &, +00 4"(*k W&% &2# 4"(23: *"# 9&-0)
"+'# %#e#/4#) &-4 &, "+2) +44(4-)#* 9"(/" #U$%#** *-/" $+**('# ,+4+0(*.6
!"# ()#+ 4"+4 $&9#% g8#0&23*c 4& +21&2# &% +214"(23 &2 +2 (2)#,(2(4# 8+*(*
(* *(.$01 2&4 $+%4 &, "#% -2)#%*4+2)(23 &, $&9#%6 W&% @%#2)4: 4"#%# (* +
*#2*# (2 9"(/" $&9#% (* +09+1* &, 4"# .&.#24: *&.#4"(23 4"+4 "+* 4& 8#
/&24(2-&-*01 %#$%&)-/#) &'#% 4(.#: #*$#/(+001 (, (4 (* 4& 8# *-*4+(2#) (2 4"#
,&%. &, + g0#3+/1c6 !"# (.$%#**(&2 4"+4 $&9#% /+2 8# g*4&%#)c 9(4"(2
4"# 8&-2)+%(#* &, + /(41 &% 9"#%#'#% (* + ,+0*# &2#: 3+(2#) (2 $+%4 81 4"#
,+/4 4"+4 30&8+0 /(4(#* 0(7# K#9 f&%7 +2) D&2)&2 .+(24+(2 4"#(% %#*&-%/#
8+*# 4"%&-3" *-//#**('# .&8(0(d+4(&2*6 @2 #U(*4(23 $&*(4(&2 &, #/&2&.(/
*4%#234" +2) (2,0-#2/# "#0$* *-/" /(4(#*: &, /&-%*#: +2) (4 9&-0) 8# ,&&0(*"
4& )#21 (4: 8-4 4"# .+22#% (2 9"(/" 4"#1 *4+8(0(d# +**#4* +2) %#*&-%/#*
%#$%#*#24* +2 &23&(23 $%&/#** &, 2#3&4(+4(&2: #2%&0.#24 +2) #2+/4.#24
9"(/" 8#0(#* +21 *#2*# 4"+4 $&9#% (* + $#%.+2#24 +44%(8-4# &, 4"#*# 0&/+5
4(&2*6
@%#2)4 9+* %(3"4: (2 .1 '(#9: 4& *4%#** 4"# (.$#%.+2#24 2+4-%# &, $&9#%
+2) 4"# 2##) 4& .&8(0(d# %#*&-%/#* &2 + /&24(2-&-* 8+*(*6 ["#%# ` $+%4

::G

2EI\X FN FH? S%XFE_? +_F?\?

/&.$+21 9(4" "#%: "&9#'#%: (* &'#% 4"# ,0##4(23 2+4-%# &, $&9#% +**#%4#)
+2) 4"# +0.&*4 #$"#.#%+0 $%&/#** &, %#*&-%/# $%&)-/4(&2 &-40(2#)6 J&4"
+*$#/4* +%# *&.#9"+4 #U+33#%+4#) (2 "#% +2+01*(* _0+%3#01 &2# *-*$#/4*
8#/+-*# &, 4"# #.$"+*(* -$&2 +**&/(+4(&2 +2) /&00+8&%+4(&2a6 `4 (* &2#
4"(23 4& $&(24 4& 4"# 4#2-&-* 2+4-%# &, %#*&-%/# .&8(0(d+4(&2 +2) B-(4#
+2&4"#% 4& *-33#*4 4"+4 4"# 9"&0# +%%+23#.#24 (* *& ,%+3(0# +2) ,0##4(23 4"+4
2&4"(23 (* *#440#) &% ,(U#) 4& +21 %#+0 )#3%##6
@,4#% +00: (, 9# /&24(2-# 9(4" 4"# #U+.$0# &, 30&8+0 /(4(#*: 4"# +44#.$4 4&
"&0) )&92 *4%#+.* &, +**#4* +2) %#*&-%/#* +2) 4& $-4 4"#. 4& 9&%7 (2
/&2*4%-/4('# 9+1* (* $%#/(*#01 9"+4 ,(2+2/(+0 +2+01*4* +2) (2'#*4.#24
8+27#%*: 0+91#%* +2) +//&-24+24*: .+2+3#.#24 /&2*-04+24* +2) &4"#%*
+/4-+001 A" (2 $0+/#* +* ,+% +$+%4 +* K#9 f&%7 +2) D&2)&2: &% W%+27,-%4
+2) !&71&6 W(U(23 %#*&-%/#* (2 4"#*# /&..#%/(+0 0&/+4(&2*: 4& $+%+$"%+*#
;+*7(+ ;+**#2 _P]]P: P]]Q: P]]Oa: (* 4"# 4+*7 $#%,&%.#) 81 *-/" $%&,#*5
*(&2+0* (2 &%)#% 4& $%&)-/# + /+$+8(0(41 ,&% 30&8+0 /&24%&0 (2 4"# 9&%0)c*
/+$(4+0 +2) /&..&)(41 .+%7#4*6 ["+4 9# /+2 *+1 9(4" *&.# )#3%## &,
/&2,()#2/# (* 4"+4 4"# +.+03+. &, /%(4(/+0 *#%'(/# +/4('(4(#* 4& 8# ,&-2) (2
4"# /#24%+0 0&/+4(&2* &, *-/" /(4(#* )&#* 2&4 +.&-24 4& +214"(23 0(7# +2
#'#%0+*4(23 /+$+/(416 J-4 (, 4"#%# (* 2& #'#%5$%#*#24 g%#*#%'#c 9+(4(23 4& 8#
4+$$#): #B-+001 4"# 9"&0# $%&)-/4(&2 /&.$0#U (2 *&.#9"#%# 0(7# 4"# H(41
&, D&2)&2 (* 2&4 e-*4 + ,0##4(23 +%%+23#.#24 $-4 4&3#4"#% ,&% +* 0&23 +* 4"#
#/&2&.(/ .&.#24 0+*4*6
["+4 9# 2##) (* + 8#44#% 3%+*$ &, "&9 %#*&-%/#* 6%"1 +2) "&9 4"#1 +%#
6,B'A (2 *-/" 0&/+4(&2*: &% (2)##) +21 0&/+4(&26 W&% 4"+4: 9# /+2 %#4-%2 4&
4"# 9&%7 &, G+2-#0 H+*4#00*: 9"(/" 9+* )(*/-**#) +4 4"# #2) &, /"+$4#% N6
["+4 H+*4#00*c* +//&-24 0+/7* 4"%&-3" (4* (.$&'#%(*"#) /&2/#$4-+0(d+4(&2
&, $&9#% (* $+%401 .+)# -$ ,&% 81 "(* )#4+(0#) /&2*()#%+4(&2 &, 2#49&%7#)
,0&9* +2) /&5$%#*#24 (24#%+/4(&26
T2# &, 4"# 7#1 $&(24* 4"+4 H+*4#00* 9(*"#* 4& +%3-# S (2)##): "# &,4#2
%#$#+4* (4 0(7# + .+24%+ S (* 4"+4 g4"# $&9#% &, ,0&9* 4+7#* $%#/#)#2/# &'#%
4"# ,0&9* &, $&9#%c (2 9"+4 "# 4+7#* 4& 8# 4"# &2*#4 &, + g2#49&%7 *&/(#41c
_P]]b: LMMMa6 J1 4"(*: ` 4+7# "(. 4& .#+2 4"+4 $&9#% (* .&8(0(d#) 4"%&-3"
2#49&%7*h 4"+4 (4 (* 9"+4 ,0&9* /+)"5(+ 2#49&%7* %+4"#% 4"+2 +21 #.8#))#)
/+$+8(0(41 9"(/" #.$&9#%* $+%4(/-0+% 3%&-$* +2) 4"# (2*4(4-4(&2* &, 9"(/"
4"#1 +%# + $+%46 T2 4"(* '(#9: 4"# .&'#.#24 +2) ,0&9 &, (2,&%.+4(&2: ()#+*:
*1.8&0*: .&2#1: 4#/"2&0&31: +2) 4"# ,&%.* &, /&5$%#*#24 (24#%+/4(&2
_.#)(+4#) 4"%&-3" /&..-2(/+4(&2 4#/"2&0&3(#*a 9"(/" 0#+) 4& 4"#(%
#U/"+23# +2) +**(.(0+4(&2 +%# $%#/(*#01 9"+4 3('# 4"# $%&,#**(&2+0* .#25
4(&2#) +8&'# 4"#(% $%('(0#3#) $&*(4(&2 (2 4"# 2#49&%7 &, 30&8+0 /(4(#*6 `, 9#
%#*(*4 4"# 4#.$4+4(&2 4& (.+3(2# 4"+4 (4 (* +/4-+001 $&9#% 9"(/" 4%+'#0*
4"%&-3" 4"# 2#49&%7* +2) /&2/#24%+4# (2*4#+) &2 4"# ,+/4 4"+4 +00 7(2)* &,
%#*&-%/#* .+1 8# .&8(0(d#) +0&23 4"#(% *$+2: 4"#2 4"# 8+27#%*: +//&-245
+24*: 0+91#%* +2) 4"# 0(7# 0&/+4#) (2 K#9 f&%7 &% 9"#%#'#% "+'# 4"# +00&44#)

2EI\X FN FH? S%XFE_? +_F?\?

::M

4+*7 &, *#440(23 +2) /&5&%)(2+4(23: &%/"#*4%+4(23 +2) %#)(%#/4(23 4"# ,0&9* &,
%#*&-%/#* +%&-2) 4"# 2#49&%7*6 =0&8+0 /(4(#*: &2 4"(* -2)#%*4+2)(23: +/4
0#** +* + .+32#4 4& +44%+/4 + 3%#+4#% /&2/#24%+4(&2 &, %#*&-%/#* 4"+2 +* +
4"%&-3"$-4 4& #2+80# %#*&-%/#* 4& ,0&9 +2) *#440# 9"#%# )(%#/4#)6
!"(* (* + '#%1 8%(#, *-..+%1 &, H+*4#00*c* ,0+9#) g$&9#% &, ,0&9*c 2&4(&2:
1#4 (4 )&#* /&2'#1 4"# *#2*# (2 9"(/" .&8(0# %#*&-%/#* 0(7# (2,&%.+4(&2:
72&90#)3#: ()#+*: /&24+/4* +2) .&2#1 .+1 8# &%3+2(d#) +2) *#440#) _+05
4"&-3" H+*4#00* +$$#+%* 4& "+'# 0#** 4& *+1 +8&-4 (..&8(0# %#*&-%/#* *-/"
+* 0+2) +2) $%&$#%41a6 K&4 +00 8&)(#* 3#2#%+4# %#*&-%/#* (2 4"(* .+22#%: 8-4
4"# +8(0(41 4& 4%+$ +2) 4& *4+8(0(d# +00 7(2)* &, %#*&-%/#* &2 +2 &23&(23 8+*(*
3('#* *&.#4"(23 &, 4"# ,0+'&-% &, 9"+4 (* (2'&0'#) (2 4"# $%&/#** &, %#*&-%/#
8+*# .&8(0(d+4(&2 +2) (4* %#$%&)-/4(&26
!"-* (2 $0+/# &, + $#%.+2#24 *4&%# &, $&9#% +2) (4* .&%# )#4#%.(2(*4(/
&'#%4&2#*: (4 (* $&**(80# 4& /&2/#('# &, %#*&-%/# .&8(0(d+4(&2 +2) %#$%&)-/5
4(&2 +* + ,0-() /+$+8(0(41: +* + *#%(#* &, 2#3&4(+4(&2* +2) #2%&0.#24* 9"(/"
"+'# +* 4"#(% +(. 4"# "&0)(23 )&92 &% *#440#.#24 &, %#*&-%/#* (2 + $+%4(/-0+%
+%%+23#.#246 `2 ,+/4: 4"#%# (* .-/" "#%# 4"+4 /"(.#* 9(4" D+4&-%c* _P]Rba
%#0+4(&2+0 +//&-24 &, 2#49&%7#) +**&/(+4(&2*: )#*$(4# "(* %+4"#% -2"#0$,-0
(.+3# &, /&24(2-&-* 2#49&%7 4%+2*,&%.+4(&2 2&4#) #+%0(#%6 `2)##): D+4&-%
_P]]Pa: 9(4" G(/"#0 H+00&2 _H+00&2 +2) D+4&-% P]RPh H+00&2 P]Rba: "+*
)&2# .-/" 4& *"&9 "&9 8&4" 4"# ,(U(41 +2) ,0-()(41 &, %#0+4(&2* %#$%#*#24 +
7#1 *4+%4(23 $&(24 ,&% 4"(27(23 +8&-4 %#*&-%/# .&8(0(d+4(&2 +2) %#0+4(&2+001
/&2*4(4-4#) $&9#%: +* 9# *"+00 &8*#%'# (2 4"# ,&00&9(23 /"+$4#%6 W&% $%#*#24
$-%$&*#*: 4"# +8&'# -2)#%*4+2)(23 (* #2&-3" &, +2 +24()&4# 4& 2&4(&2* &,
g*4&%#) -$c $&9#% &% $&9#%* g"#0) (2 %#*#%'#c ,&% -* 4& .&'# &2 4& /&2*()#% +
,-%4"#% 9+1 (2 9"(/" %#*&-%/#* +%# &,4#2 .(*4+7#2 ,&% $&9#%6

F(0-,5$%D() 3+4(, +, -'( -(,,%-+,%5$%D5-%+0 +: ,(&+",.(&7


\#%"+$* (4 (* 8#/+-*# 9# +%# *& -*#) 4& 4"(27(23 +8&-4 9"#%# $&9#% g0(#*c S
4"+4 4"# /&2*4%+(24* -$&2 -* .-*4 +,4#% +00 #.+2+4# ,%&. *&.#9"#%# S 4"+4
(4 (* #+*1 4& /&2/#('# &, $&9#% +* + /#24%+0(d#) ,&%/# ,%&. 9"(/" +00 .+22#%
&, %-0#*: %#3-0+4(&2* +2) /&2*4%+(24* -04(.+4#01 *4#.6 `, (4 (* 2&4 4"# /"+%(*5
.+4(/ +-4"&%(41 ,(3-%# *& $%&.(2#24 (2 9#*4#%2 /-04-%# &% 4"# &'#%8#+%(23
#U#/-4('# *(4-+4#) +4 4"# +$#U &, + /&%$&%+4# "(#%+%/"1: (4 (* 4"# .&2-.#24+0
+%/"(4#/4-%# &, 4"# &0) +2) #*4+80(*"#) 8+27 8-(0)(23*: 4&92 "+00* +2)
3&'#%2.#24 .(2(*4%(#*: &% 4"#(% .&%# .&)#%2 /&-24#%$+%4: 4"# 4&9#%(23
*71*/%+$#%* 4"+4 )&.(2+4# .&)#%2 /(41 0+2)*/+$#*: 9"(/" *#%'# 4& %#(2,&%/#
4"# (.$%#**(&2 4"+4 $&9#% /+2 8# ()#24(,(#) +2) 4%+/#) 8+/7 4& (4* $&(24 &,
&%(3(26 ;-/" (/&2* +2) %#$%#*#24+4(&2* +%# 4"# '#%1 *4-,, &, /#24%+0(d#)
$&9#%h ,&% 9"+4 .+1 9#00 8# + %+4"#% .&)#*4: (2*-8*4+24(+0 ,&%/#:
4"#1 $%&'()# 4"# 2#/#**+%1 .+4#%(+0(d+4(&2 9"(/" *$#+7* '&0-.#* +8&-4

::Q

2EI\X FN FH? S%XFE_? +_F?\?

9"#%# g$&9#%c -04(.+4#01 +$$#+%* 4& %#*46 @2) (2 4"+4 4"#1 +%# 2&4 9"&001
9%&236
`2*4#+) &, )(*.(**(23 *-/" %#$%#*#24+4(&2+0 ,(3-%#* +2) (.+3#* &-4 &,
"+2) +* (, 4"#1 /%-)#01 .+*7 + %#+0 )(*$#%*(&2 &, $&9#%: 9# 2##) 4& +))%#**
4"# 9&%7 4"+4 *-/" %#$%#*#24+4(&2* $#%,&%. +2) 4"# 8+*(* &, 4"#(% #2)-%(23
+$$#+06 !"# (24#%#*4(23 4"(23 +8&-4 *-/" %#$%#*#24+4(&2* (* 4"+4 4"#1 )&
+.&-24 4& +2 #U#%/(*# &, $&9#% +2) 1#4: +4 4"# *+.# 4(.#: $&(24 4& (4*
.+4#%(+0 8+*(*6 @2 (00-*4%+4(&2 ,%&. 4"# 9&%7 &, <(/"+%) ;#22#44 _P]]Ma
$%&'()#* -* 9(4" + *#2*# +* 4& "&9 4"(* (* +/"(#'#) +2) 9"+4 (* (2'&0'#)6
`2 "(* 8&&7 F+' <"34-,'3-' "6 F+' L#': ;#22#44 )%+9* +44#24(&2 4& 4"#
.&2-.#24+0 2+4-%# &, .+21 &, 4"# 8-(0)(23* 9"(/" /&.$%(*# 4"# K#9 f&%7
*710(2#: +2) (2 $+%4(/-0+% 4& 4"# 4&9#%(23 ,&%. &, 4"# <&/7#,#00#% /#24%#:
8-(04 (2 4"# P]NM* +2) P]QM*6 `4 9&-0) 8# *(.$0# 4& /&2/0-)# 4"+4 4"# /#24%#
%#$%#*#24* + *$+/# &, $&9#%: + .+%7 &, )&.(2+4(&2 +.()*4 + 9#04#% &,
.&)#%2 *1.8&0(*.: +2) 0#+'# (4 +4 4"+46 J-4 ;#22#44 9+24* 4& +%3-# 4"+4
4"# <&/7#,#00#% /#24%# %#$%#*#24* + *$+/# &, +-4"&%(41: 2&4 )&.(2+4(&2h 4"#
*&.8%# 2+4-%# &, 4"# 8-(0)(23*: 4"# $%#/(*# &%)#%#) *$+/#*: +2) 4"# *#2*# &,
)#4+/".#24 ,%&. 4"# "-.)%-. &, )+(01 0(,# +%&-2) 4"#. *1.8&0(/+001
*4+2) ,&% + 3-()(23 $%#*#24: + *&-%/# &, $%&4#/4(&2 +2) 4%-*4 (2 +2 &4"#%9(*#
-2*+,# 9&%0)6Q !"(*: 4"#2 (* 2&4 e-*4 +2&4"#% )#*/%($4(&2 &, + *&5/+00#)
g$&9#%5,(00#)c *$+/#: 8-4 + )(**#/4(&2 &, +2 $-/ &, $&9#%6 !"# (.+3# $%#5
*#24#) 4"%&-3" 4"# /0#+% 0(2#* &, 4"# 8-(0)(23*: 4"# .+4#%(+0* /"&*#2 ,&%
4"#(% /&2*4%-/4(&2: 4"# $0+1 &, 0(3"4 +2) )#$4": +.&-24 4& +2 #U#%/(*# &,
$&9#% &2 4"# $+%4 &, 4"# +%/"(4#/4* +2) $0+22#%*: 9"(/" "+* 2&9 $+**#)
_2&25"-.+250(7#a &2 4& 4"# 8-(0)(23* 4"#.*#0'#*6
J-4: .&'(23 &2 ,%&. ;#22#44: 4"+4 (* 2&4 +00 4"+4 8-(0)(23* &, 4"(*
.&2-.#24+0 41$# %#$%#*#246 ;(4#* 0(7# 4"#*#: 4&3#4"#% 9(4" $-80(/ +2)
$%('+4# 8-(0)(23* *-/" +* 0+9 /&-%4* +2) /&%$&%+4# "#+)B-+%4#%*: +0*&
*$#+7 4& + /#%4+(2 4#%%(4&%(+0(d+4(&2 &, %#*&-%/#* +2) &%3+2(d+4(&26 !"#1
$&(24 8&4" *1.8&0(/+001 +2) .+4#%(+001 4& 4"# +00&/+4('# +2) +-4"&%(4+4('#
%#*&-%/#* 9"(/" -2)#%$(2 4"# $&9#% #U#%/(*#) 81 *-/" &%3+2(d+4(&2* +2)
4"# $#&$0# 9"& &//-$1 $&*(4(&2* &, +-4"&%(41 +2) /&24%&0 9(4"(2 4"#.6
=())#2*: 1&- .+1 %#/+00 ,%&. /"+$4#% N: 9+* *+1(23 *&.#4"(23 *(.(0+%:
+04"&-3" ,&% )(,,#%#24 %#+*&2*: 9"#2 "# $&(24#) &-4 4"+4 ,&% %#*&-%/#* 4&
9&%7 &2 + *1*4#.(/ 0#'#0 4"#1 .-*4 8# 4+7#2 -$ +2) %#$%&)-/#) 4"%&-3"
Q !"# *#2*# &, +-4"&%(41 ;#22#44 ,(2)* "#%# &9#* .-/": (4 9&-0) +$$#+%: 4& @%#2)4c*
/0+**(/+0 +//&-24: 9"#%# +-4"&%(41 (* (24#%$%#4#) .&%# +* 3-()+2/# +2) 0#** +* /&..+2)6
!"(* (24#%$%#4+4(&2 (* )#'#0&$#) 0+4#% (2 4"(* /"+$4#% +2) 9+* *(32+00#) #+%0(#% (2 /"+$4#%
N6 `2 4"(* (2*4+2/#: (4 (* +* (, 4"# 9#(3"4 &, 4"# $+*4: 4"# %#*$#/4 4"+4 /&.#* 9(4" 4(.#: (*
+//&%)#) 4& 4"# 8-(0)(23* 4"#.*#0'#*: 4"# 0+1&-4 +2) )#*(326 ;#22#44 _P]RMa /&2*()#%* +4
0#234" $+4#%2+0(*4(/ +2) (2*4%-.#24+0 *410#* &, +-4"&%(41: 9(4" +2 #1# 4& -2)#%*4+2)(23 4"#
,#04 2+4-%# &, 4"# $#%*&2+0 8&2) 4"+4 +%(*#* 4"%&-3" *-/" %#0+4(&2*"($*6

2EI\X FN FH? S%XFE_? +_F?\?

::L

*&/(+0 $%+/4(/#* &2 + %&-4(2# 8+*(*6 !"# %&-4(2# ,(U(23 &, %#*&-%/#*: 4"#
+8(0(41 4& /&2/#24%+4# #U$#%4(*# +2) (2*4(4-4(&2+0 +-4"&%(41 +2) .+(24+(2
4"#. &2 + %#3-0+% 8+*(*: )&#* 2&4 4+7# $0+/# g&2 4"# 9(23c: *& 4& *$#+7: (2
+ 9&%0) &, /&2*4+24 ,0&9*h (4 4+7#* $0+/# +4 $+%4(/-0+% *(4#* 9"(/": +* (.$0(#)
81 ;+**#2: +%# @")' ") %'44 #.8#))#) 9(4"(2 &%3+2(d+4(&2+0 /&.$0#U#*:
"(#%+%/"(/+0 +%%+23#.#24* +2) (2*4(4-4(&2+0 /#24%#*6
!"# *4%#** 4"+4 ` +. $0+/(23 "#%# -$&2 4"# g.&%# &% 0#**c (* B-(4#
)#0(8#%+4#6 @4 4"# %(*7 &, 8#0+8&-%(23 4"# $&(24: 4"# *(4#* (2 B-#*4(&2 +%#
3"/ /#24%#) 0&/+4(&2* ,%&. 9"(/" $&9#% (* +.+**#) +2) 4"#2 %#)(*4%(8-4#)6
!"#%# +%# 2& &%3+2(d+4(&2+0 &-4$&*4* &, 4"# 0(7#* &, J(00 =+4#*c* *&,49+%#
#.$(%# _&% 4"# <&/7#,#00#% ,(2+2/(+0 #*4+4# ,&% 4"+4 .+44#%a *4+2)(23 81 4&
%#/#('# )(*/%#4# 8-2)0#* &, $&9#% +2) )&.(2+4(&2 ,%&. +2 &.2($&4#24
/#24%#6 !"#%# +%#: "&9#'#%: *(4-+4#) +2) #.8#))#) +%%+23#.#24* 9"(/":
,&% 9+24 &, + 8#44#% 9+1 &, #U$%#**(23 (4: %#$%#*#24 /0-*4#%* &% *(4#* +4 9"(/"
4"# *#440#.#24 &, &,4#2 ,0-() /+$+8(0(4(#* (* + 2#/#**+%1 $%#5/&2)(4(&2 ,&% 4"#
#U#%/(*# &, $&9#%6 ;&.# %#*&-%/#*: *-/" +* 4"# (2,%+*4%-/4-%+0 %#*&-%/#* &,
4"# *4+4# )#*/%(8#) 81 G+22 _P]RQa: 2+.#01 4+U+4(&2: 0+9: $%&$#%41 +2) 4"#
0(7#: +%# .&%# 3%&-2)#): 9"#%#+* &4"#%*: *-/" +* ,(2+2/#: (2,&%.+4(&2:
()#+*: $#&$0# +2) /&24+/4*: +$$#+% 0#** ,(U#) 81 2+4-%#6
`4 (*: "&9#'#%: $%&8+801 + .(*4+7# 4& 3#2#%+0(d# +8&-4 4"# .&8(0(41 &,
%#*&-%/#* (2 4"(* .+22#%: +* )(,,#%#24 *(4#* S ,%&. ;#22#44c* *$+/#* &,
+-4"&%(41 +2) 4"# /&%$&%+4# "#+)B-+%4#%* &, 4"# 8(3 .#)(+ /&.$+2(#* 4&
4"# $-80(/ *(4#* &, /&00#/4('# +/4(&2 +2) )(*4%(8-4('# *4%-330# S (2'&0'# +
4+230#) +%%+23#.#24 +2) /&2/#24%+4(&2 &, $&*(4(&2*: +8(0(4(#* +2) (2,%+5
*4%-/4-%#*6 K&2# 4"# 0#**: %#*&-%/#* 4"+4 /&.8(2#: 3%&9 +2) /"+23# (2
-2+24(/($+4#) 9+1* +//&%)(23 4& "&9 +2) 9"#%# 4"#1 +%# *#440#) %+%#01: (,
#'#%: #U#%4 /&.$0#4# +2) -44#% /&24%&0 ,%&. &2# *(4# _&% /#24%#a6 G&8(0(d+5
4(&2 .#+2* e-*4 4"+4A $-44(23 (24& %#+)(2#** + /+$+8(0(41 ,&% +/4(&2: +2) (2
4"+4 *#2*# .+21 + 4#%%(4&%(+0 *(4# (* /+-3"4 -$ (2 4"# ,(U#) +2) ,0-() 2+4-%# &,
$&9#% +%%+23#.#24*: .-/" &, 9"(/": +* C#0#-d# +2) =-+44+%( (2 D F+"5=
4$3A >%$/'$54 *410# .(3"4 *+1: #0-)#* (4: *&.# &, 9"(/" 4%+2*,&%.* (4: +2)
9(4"&-4 9"(/" 4"# 9"&0# #2*#.80# 9&-0) 2&4 "&0) 4&3#4"#%6
!"(* (* 2&4: "&9#'#%: 4& *()# 9(4" H+*4#00* _LMMMa: 9"& 3&#* *& ,+% +* 4&
*-33#*4 4"+4 4"# 2#9 2#49&%7#) .&%$"&0&3(#* g)(**&0'#c /#24%#*: 9(4" 4"#
g$&9#% &, ,0&9*c _4"# (2,&%.+4(&2: 72&90#)3#: ()#+* +2) 4"# 0(7# /(%/-0+4(23
(2 2#49&%7*a 81$+**(23 #*4+80(*"#) $&0(4(/+0 /#24%#* +2) .+4#%(+0(d#) *(4#* &,
$&9#%6 !"# *4+4# _+2): &2# *-$$&*#*: .+21 &4"#% #.8#))#) (2*4(4-4(&2*a (*
4%+2*,&%.#) (2 4"(* */#2+%(& ,%&. + /#24%+0(d#) $&9#% 4& + $&9#%5*"+%(23
2&)# 9"&*# ,-2/4(&2 (* 4& *9(4/": )(%#/4 +2) /&5&%)(2+4# 4"# ,0&9* &,
#U/"+23# +2) (24#%+/4(&26 !"#%# *##.* 0(440# $&(24 (2 #23+3(23 9(4" *-/"
+2 #U+33#%+4#) /0+(.: 8-4 (4 .+1 $%&'# -*#,-0 4& #2)&%*# 4"# $%&80#.+4(d+5
4(&2 &, /#24%+0(d#) $&9#% 4"+4 (4 %+(*#*: +04"&-3" 2&4 ,&% 4"# %#+*&2* 4"+4
H+*4#00* "+* (2 .(2)6

::R

2EI\X FN FH? S%XFE_? +_F?\?

!& 8# /0#+%: ` 9(*" 4& +%3-# 4"+4 4"# 4#%. g/#24%+0(d#) $&9#%c (* 1#4
+2&4"#% .(*2&.#%6 \&9#%: -20(7# %#*&-%/#*: (* 2&4 *&.#4"(23 4"+4 (* ,(U#)
/#24%+001: e-*4 +* (4 /+2 2#'#% 8# g*4&%#)c 0(7# *&.# ,(U#) )#$&*(46 T, /&-%*#:
(4 &,4#2 4''@4 +* 4"&-3" $&9#% (* 0&/+4#) (2 *&.# /#24%+0 ,(3-%# &% (2*4(5
4-4(&2: 8-4 4"+4 (* $%(2/($+001 8#/+-*# (4 (* %#$%#*#24#) +* *-/"6 ["+4 *-/"
%#$%#*#24+4(&2* +/4-+001 $&(24 4& (* + %#*&-%/# 8+*# 4"+4 "+* 8##2 *4+8(0(d#)
&'#% 4(.#h + /+$+8(0(41 &% *#%(#* &, /+$+8(0(4(#* 9"(/" "+'# 8##2 $%&)-/#)
4"%&-3" +2 &23&(23 $%&/#** &, .&8(0(d+4(&26 <#*&-%/#*: (2 *"&%4: +%# 4#%%(5
4&%(+001 #.8#))#): 8-4 4"#1 +%# +0*& .&8(0(d#) 4"%&-3" 2#49&%7#) %#0+4(&25
*"($*6 !"# 49& +*$#/4*: 4"# ,(U4-%# +2) ,0-()(41 &, %#*&-%/#*: .+1 +$$#+% 4&
8# (2 /&24%+)(/4(&2: 8-4 (4 (* 4"# '#%1 4#2*(&2 8#49##2 4"#. 4"+4 (2e#/4* 4"#
)12+.(*. (24& 9"+4 9&-0) &4"#%9(*# 8# + %+4"#% *&0(): *4+() $&9#%
+%%+23#.#246
<#*&-%/#*: "&9#'#%: +%# &201 &2# $+%4 &, +2 +%%+23#.#24: 4"# ,-00 .#+25
(23 &, 9"(/" (* #U"+-*4#) &201 4"%&-3" 4"# +/4 &, $&9#% (4*#0,: 9"#2#'#% +2)
9"#%#'#% (4 (* #U#%/(*#)6

0&8"'>,J,>' ."/&(H "( !,O,>' P* $" Q&9&( )>G K(&>G$


;& 9"#2 9# *+1 4"+4 /#%4+(2 $%&.(2#24 ,(3-%#*: 0(7# "#+)* &, /&%$&%+4(&2* &%
9#005$0+/#) *4+4# &,,(/(+0*: g+%# $&9#%,-0c &% g"&0) + $&9#%,-0 $&*(4(&2c: 9"+4
9# +/4-+001 .#+2 (* 4"+4 4"#1 /+2 .-*4#% #2&-3" %#*&-%/#* 4& "+'# +2 '66'-/6
`4 (* 4"# #,,#/4 4"+4 .+44#%* +2): +4 4"# '#%1 0#+*4: (* 9"+4 9# #U$#%(#2/#
9"#2 $&9#% (* #U#%/(*#) &'#% &% 9(4" &4"#%*6 `4 (* 4"(* #U$#%(#2/# 4"+4 (*
*&.#4(.#* 30&**#) &'#% 9"#2 g$&9#%,-0 +/4*c +%# #U$0+(2#) %#4%&*$#/4('#01:
+* (, 4"#1 #.+2+4# ,%&. *&.# )##$#%: .&%# (24%+/4+80# $%#*#2/#6 `2 /&25
4%+*4: ,%&. 4"# '+24+3# $&(24 &, 8#/&.(23: 9"#2 $&9#% +/4* *& 4& *$#+7: (4 (*
$&**(80# 4& 3#4 /0&*#% 4& 9"+4 (4 (* #U+/401 4"+4 (* 8#(23 #U#%/(*#)6 !"# *4%#**
-$&2 1+$/ (* #U#%/(*#) %+4"#% 4"+2 -$&2 +"1 (4 (* #U#%/(*#) .+1 +$$#+%
%+4"#% &)) +4 ,(%*4 30+2/#: 8-4 (4 "+* (4* +)'+24+3#*6
\%(2/($+001: (4 )(%#/4* +44#24(&2 4& 4"# 7(2)* &, (24#%+/4(&2 &% .&)#* &,
(24#%$0+1 (2'&0'#): %+4"#% 4"+2 4& 4"# .#+2* 81 9"(/" $&9#% (* #U#%/(*#):
2+.#01 4"# 4#/"2(B-#* +2) $%+/4(/#* 9"(/" *"+$# +00 .+22#% &, /&2)-/46
!"(* (* $+%4 &, 4"# $%&/#** &, 2+%%&9(23 )&92 (2 ,&/-* %#,#%%#) 4& #+%0(#%:
9"#%# 4"# *$#/(,(/ B-+0(4(#* 9"(/" .+%7 &-4 *#4* &, $&9#% %#0+4(&2* +%#
+/72&90#)3#) +2) 4"#(% .#+2(23 /+%#,-001 +**#**#)6 `2 &4"#% 9&%)*: (4 (*
4& %#/&32(d# $&9#% ,&% 9"+4 (4 (*: 2&4 *(.$01 ,&% "&9 +2) 81 9"+4 .#+2* (4
(* $%+/4(*#)6
@ /+*# /+2 8# .+)#: ,&% (2*4+2/#: 4"+4 2&4 +00 %-0#*: /&2'#24(&2*: *4%+45
#3(#* +2) 4+/4(/* +%# %#)-/(80# 4& %#0+4(&2* &, $&9#%6 G&%# $&(24#)01: +*
+%3-#) #+%0(#% (2 4"# /"+$4#%: +3+(2*4 + W&-/+0)(+25(2*$(%#) +$$%&+/" + /+*#
/+2 8# .&-24#) 9"(/" *-33#*4* 4"+4 ,&/-*(23 -$&2 #2)0#** $%+/4(/#* 9"(/"

2EI\X FN FH? S%XFE_? +_F?\?

::Z

+$$#+% 4& 8# /&.8(2#) (2 e-*4 +8&-4 +21 $#%.-4+4(&2 (* 4"# 9%&23 +2+0145
(/+0 $+4" 4& 3& )&926 W&% *-%#: *-/" + $+4" /+2 4+7# -* ,&%9+%) +2) %#'#+0
4"# )#4+(0 &, 4"# %&-4#: 8-4 (4 +0*& %+4"#% /&2,-*(2301 4+7#* -* 8+/7 4& 4"#
*4+%4(23 $&(24 +2) 4"# B-#*4(&2 &, 9"#%# $&9#% 8#3(2* +2) 9"#%# (4 #2)*6
J#*()#* 9"(/": 4"# e&-%2#1 (4*#0, .+7#* (4 4"+4 .-/" "+%)#% 4& )(*4(23-(*"
#,,#/4* ,%&. $%+/4(/#*: +2) 4& )(*#24+230# (2*4%-.#24+0 +2) /&00+8&%+4('#
.&)#* &, $&9#% ,%&. 4"# .-04(4-)# &, 4#/"2(B-#* 9"(/" ,+00 -2)#% 4"#
%&-4# "#+)(23 &, 3&'#%2.#246
G&)+0(4(#* &, $&9#% *-/" +* 4"&*# 4"+4 9# "+'# "+) /+-*# 4& )(*/-**: 0(7#
)&.(2+4(&2 +2) +-4"&%(41: *#)-/4(&2 +2) .+2($-0+4(&2: +.&23 &4"#%*:
+%# 2&4 #+*(01 -2)#%*4&&) 81 +**-.(23 4"+4 4"#1 .&%# &% 0#** .+$ &24&
4"# $%+/4(/#* 9"(/" 3-()# +2) *"+$# 4"# /&2)-/4 &, )+(01 0(,#: 9"#4"#% +4
"&.# &% 9&%7: +4 + $0+/# &, #24#%4+(2.#24 &% 0#(*-%#: &% (2/+%/#%+4#) (2
*&.# /&2,(2#) (2*4(4-4(&26 !"#%# (* 2& &2#54&5&2# %#0+4(&2*"($ 8#49##2
)&.(2+4(&2 +2) + *#%(#* &, %-0#* &% /&2'#24(&2* (2 4"# .+%7#4$0+/#: ,&%
#U+.$0#: 9"#%# (4 .+1 *##. 4& 8# *-/" + *(.$0# .+44#% 4& +44+/" 4"# 0+8#0
g)&.(2+4(&2c 4& + /+*# &, %#*4%(/4('# $%+/4(/#* &% &2# &, %#*4%(/4#) /&2*-.#%
/"&(/#6 FB-+001: 9# /+22&4 *(.$01 +)) -$ + *#%(#* &, 4"%#+4#2(23 $%+/4(/#*
+2) /+00 (4 /&#%/(&2: &% 4+7# +$+%4 4"# %#$%#*#24+4(&2+0 $%+/4(/#* &, + $#%'+5
*('# )(*/&-%*# +2) $(2 4"# 0+8#0 g(2)-/#.#24c &2 (46 ;-/" (2*4+2/#* +%#
#'()#2/#: (2 .1 '(#9: &, 0&&*# 4"(27(23 +2) #+*1 +8*4%+/4(&2: 8-4 .&%#
(.$&%4+2401 4"#1 +%# +4 ,+-04 ,&% 3('(23 + 2+.# 4& *&.#4"(23 9"(/" "&0)* +
)(,,#%#24 .#+2(236
G&)+0(4(#* &, $&9#% +%# 2&4 &, 4"# *+.# &%)#% +* + *#%(#* &, (2)('()-+05
(d(23 $%+/4(/#*: %#3+%)0#** &, 9"#4"#% 2&%.+0(d+4(&2 (* 4"#(% -04(.+4# +(. &%
2&46 !"#%# (* 2& 9"&0#S$+%4 %#0+4(&2*"($ (2'&0'#) 9"#%#: *+1: +-4"&%(41 (*
)##.#) 4& %#$%#*#24 4"# *-. 4&4+0 &, +$$+%#24 $(#/#* &, #U$#%4(*# &% + %+23#
&, /&.$0(+24 8#"+'(&-%*6 @-4"&%(41 +* + 4*'-,6,- %#0+4(&2 &, $&9#% /+22&4 8#
*-..+%(d#) (2 4"(* 9+1: &% +)#B-+4#01 -2)#%*4&&) ,&% 9"+4 (4 (*A 4"+4 (*: +* +
.&)+0 #,,#/4 &, $&9#% 9(4" )(*4(2/4('# /"+%+/4#%(*4(/* +2) /(%/-.*/%(8#)
/&2*#B-#2/#*6 !"(* (* 2&4 4& *+1 4"+4 +-4"&%(41 (* +09+1* &, + /#%4+(2 *410#: +*
+21 +44#.$4 4& 0('# -$ 4& [#8#% &% @%#2)4 9&-0) 9+%2 -*6 `4 (*: "&9#'#%: 4&
*-33#*4 4"+4 9# *"&-0) ,&/-* &2 1+$/ (* #U#%/(*#): &2 4"# .&)+0 #,,#/4* &,
$&9#%: +2) 2&4 8# )(*4%+/4#) 81 4"# .-04(4-)# &, .#+2* 4"%&-3" 9"(/"
$&9#% (* #U#%/(*#)6 T201 4"#2 9(00 9# 8# (2 + $&*(4(&2 4& 3%+*$ 4"# )(*4(2/45
('#2#** &, $&9#% +2) (4* .&)+0 +%%+23#.#24*6

G0&-,"/(0-5$ 3+4(,H +, 3+4(, +A(, +-'(,&


[#8#% +$$%#/(+4#): $#%"+$* .&%# 4"+2 .+21 *(2/#: 4"+4 9"#%# %#*&-%/#*
+%# -2#B-+001 )(*4%(8-4#) 8#49##2 3%&-$*: 4"# $+44#%2 &, /&2,0(/4 0(7#01 4&
#.#%3# 9(00 (2'&0'# &2# *()# *-8e#/4(23 +2&4"#% 4& (4* (2*4%-.#24+0 9(006 !"#

::P

2EI\X FN FH? S%XFE_? +_F?\?

/&.$#4(4('# +2) /&2,0(/4-+0 2+4-%# &, $&9#% +%(*#* ,%&. 4"(* -2)#%*4+2)(23:
9(4" $&9#% &,4#2 %#)-/#) 4& + 3+.# &, 9(22#%* +2) 0&*#%* +* &2# *()# 3+(2*
+4 4"# #U$#2*# &, 4"# &4"#%6 !"(* d#%&5*-. *7#4/" &, $&9#% 9+* &-40(2#) (2
/"+$4#% L +2) /#%4+(2 %#*#%'+4(&2* *4+4#) +8&-4 4"# ,+/4 4"+4 4"# &8e#/4('#*
+2) (24#%#*4* &, )(,,#%#24 8&)(#* *"&-0) +09+1* 8# %#3+%)#) +* .-4-+001
#U/0-*('#6 <+4"#% 4"+2 /&2*()#%(23 $&9#% +* + $&4#24(+0 ,&%/# ,&% (24#3%+4(&2
&% #2+80#.#24: +* )(*/-**#) (2 /"+$4#% N: &% *-*$#2)(23 e-)3#.#24 -24(0 (4
(* +$$+%#24 9"& (* )&(23 9"+4 4& 9"&. ,&% 9"+4 %#+*&2* +2) (2 9"(/"
/&24#U4: 4"(* (2*4%-.#24+0 '(#9 *##* $&9#% +* *(.$01 +8&-4 8#2)(23 4"# 9(00
&, &4"#%*6 `4 (* +8&-4 #U#%/(*(23 $&9#% &'#% &4"#%*6 @2) &, /&-%*# [#8#% 9+*
%(3"4 (2 .+21 %#*$#/4*: /#%4+(201 9(4" %#3+%) 4& "(* *4-)(#* &2 &%3+2(d+4(&2+0
*4%-/4-%# +2) $&9#%6
!"# $%(.# #U+.$0#: 9"(/" 9# 9(00 2&4 )9#00 -$&2 (2 +21 )#$4": (*
&8'(&-*01 4"+4 &, .&)#%2 8-%#+-/%+/1: 9(4" (4* 9#005)#,(2#) "(#%+%/"(/+0
)#/(*(&25.+7(23 $%&/#**#* 8+*#) -$&2 (.$#%*&2+0 %-0#* +2) *$#/(+0(*4
72&90#)3#*6O K#(4"#% )&.(2+4(23 (2 4"# 3#2#%+0 *#2*#: 2&% /&#%/('# (2 4"#
0+*4 %#*&%4: 8-%#+-/%+4(/ &%3+2(d+4(&2* ,&% [#8#% +%# #**#24(+001 .+(24+(2#)
4"%&-3" %#0+4(&2*"($* &, $5/+"),/#6 \#&$0#: $-80(/ +2) $%('+4# &,,(/(+0* +0(7#:
+%# $0+/#) (2 $&*(4(&2* &, +-4"&%(41: +2) 81 '(%4-# &, 4"#(% (2*4(4-4(&2+0 %&0#
&4"#%* 9(00(2301 +//#$4 4"#(% %(3"4 4& (**-# )(%#/4('#* +2) 4& #2,&%/# +2
&%3+2(d+4(&2c* %-0(23*6 T% *& 9# +%# 0#) 4& 8#0(#'#6 H0#+%01: 4"# 9(00(232#**
&, &4"#%* 4& /&.$01 9(4" 4"# )#.+2)* &, 4"&*# (2 +-4"&%(41 .+1 2&4 +09+1*
8# +* ,&%4"/&.(23 +* (4 .(3"4 +$$#+% 4& 4"&*# 0&&7(23 (2 ,%&. 4"# &-4*()#6
H&.$0(+2/# (* +09+1* /&2)(4(&2+0: +2) 4"(* (* )##.#) 4& 8# .#4 81 &%3+25
(d+4(&2*c /0&4"(23 4"#(% +/4(&2* +2) e-)3#.#24* (2 +2 +2&21.&-* *#4 &, %-0#*
+2) $%&/#)-%#*6 `4 (* 4"# (.$#%*&2+0 2+4-%# &, 4"# $&*(4(&2: 4"# +8(0(41 4&
)('&%/# 4"# %&0# ,%&. $#%*&2+0 4(#* +2) (2,0-#2/#*: 9"(/" $%&'()#* 4"&*# (2
+-4"&%(41 9(4" 4"# 2#/#**+%1 0#3(4(.+/1 4& #U#%/(*# )#/(*(&25.+7(23 $&9#%*6
`2 4"(* %-0#58&-2) #2'(%&2.#24: "&9#'#%: 9# 2##) 4& 8# *-%# 2&4 4&
/&2,-*# 4"# *"4,/,"3 &, +-4"&%(41 9(4" 4"# 'B')-,4' &, 4"+4 +-4"&%(41: +* 4"#
49& +%# &, + )(,,#%#24 &%)#%6 ["#%#+* 4"# ,&%.#% (* +2 (2*4(4-4(&2+0 %#*&-%/#
,(U#) 9(4"(2 +2 &%3+2(d+4(&2+0 *4%-/4-%#: 4"# #U#%/(*# &, $&9#% 81 $#&$0# ,3
O G&)#%2 8-%#+-/%+/1 (*: &, /&-%*#: + *$#/(,(/ &%3+2(d+4(&2+0 *4%-/4-%# ,%&. 9"(/"
[#8#% 9+* /+%#,-0 2&4 4& 3#2#%+0(d#6 \&9#% (* #U#%/(*#) &'#% &4"#%* (2 8-%#+-/%+4(/
*4%-/4-%#* 4"%&-3" 4"# +*1..#4%(/ %#0+4(&2*"($* (2*/%(8#) (2 + '#%4(/+0 /"+(2 &, /&.5
.+2)6 ;## [#8#% _P]ZRA LPZSLb: ]ObSPMMOa &2 4"# +).(2(*4%+4('# 0&3(/ &, .&)#%2
8-%#+-/%+/1 +2) 4"# $-%# 41$# &, %+4(&2+050#3+0 +-4"&%(41 +**&/(+4#) 9(4" (4* (2*4%-.#24+0
&$#%+4(&26 @* "(* (* + /#24%+0(d#) '(#9 &, $&9#%: "&9#'#%: (4 (* #+*1 4& &'#%*4+4# 4"#
#,,#/4('#2#** &, 4"(* .+/"(2#50(7# +$$0(/+4(&26 J+%%1 J+%2#* _P]RRa: +.&23 &4"#%*: "+*
$&(24#) 4& 4"# 0#** 4"+2 $#%,#/4 +-4"&%(41 (2 *-/" /&..+2) *4%-/4-%#*: 9"#%# )#0#3+4(&2
(2#'(4+801 0#+)* 4& 4"# -*# &, )(*/%#4(&2 +2) 4"# $&**(8(0(41 4"+4 +2 (2)#$#2)#24 -*# .+1
8# .+)# &, *-/" g$&9#%*c6 !"(* .&%# $%&'(*(&2+0 *#2*# &, $&9#% (* )#'#0&$#) ,-%4"#% (2
/"+$4#% b6

2EI\X FN FH? S%XFE_? +_F?\?

::V

+-4"&%(41 (2'&0'#* + *#%(#* &, %#0+4(&2*"($* 8#49##2 4"&*# (2 4"# '#%4(/+0


/"+(2 &, )(*/($0(2# +2) /&24%&06 T,,(/(+0* .+1 "&0) + 8-%#+-/%+4(/ $&*(4(&2
+2) )#0#3+4# %#*$&2*(8(0(41 ,&% )#/(*(&25.+7(23 )&929+%)* 4"%&-3" 4"#
%+27*: 8-4 4"# &-4/&.# &, +21 +/4 &, +-4"&%(41 (* 0(7#01 4& 8# ,+% .&%#
+.8(3-&-* 4"+2 +214"(23 (2*/%(8#) (2 4"# %-0# 8&&76b @ /&..+2)S&8#)(5
#2/# 41$# &, %#0+4(&2*"($ .+1 8# /-*4&.+%1 (2 .(0(4+%1 *#44(23*: 8-4 4"#
+8(0(41 4& *#/-%# +**#24 (* 81 2& .#+2* +* *4%+(3"4,&%9+%): *+1: +.&23
+).(2(*4%+4&%* (2 + "&*$(4+0 &% + $%('+4# 2-%*(23 "&.# &% 4"#(% $%&,#**(&2+0
#B-('+0#24 (2 + *&,49+%# &% .#)(+ /&.$+216
!"# $&(24 &, +00 4"(* (* 4& %#3(*4#% 9"+4 ,4 #U#%/(*#)6 `2 .+21 &%3+2(d+4(&2*
0(7# 4"&*# .#24(&2#): +-4"&%(41: +* 9+* $&(24#) &-4 (2 /"+$4#% L: .+1 &201
8# *##2 4& 8# #U#%/(*#) (, (4 (* %#/&32(d#) 9(4"&-4 B-#*4(&26 <#/&32(4(&2
"&0)* 4"# 7#1 4& +-4"&%(41 +* + .&)# &, $&9#% +2) &4"#%* /&.$01 8#/+-*# &,
4"# +/72&90#)3#) #U$#%4(*# &% /&.$#4#2/#: ,&% (2*4+2/#: &, 4"&*# 9"&
+/4-+001 g"&0)c +-4"&%(416 `2 + %#+0 *#2*#: 4"# +/4 +2) 4"# $#%*&2 +%# (2#U4%(/5
+801 9&'#2 4&3#4"#% 9"#2 +-4"&%(41 (* #U#%/(*#) _(2 .-/" 4"# *+.# 9+1 +*
4"# 8-(0)(23* +2) 4"# +/4 9#%# 9&'#2 4&3#4"#% (2 ;#22#44c* *$+/#* &,
+-4"&%(41a6 !"#%# (*: +* !"&.+* T*8&%2# _P]]Ra "+* $&(24#) &-4: +2 #4"(/+0
)(.#2*(&2 4& +-4"&%(41 9"#%#81 4"&*# 9"& "&0) (4 .-*4 ,(%*4 8%(23 4"#.5
*#0'#* 4& &%)#% 8#,&%# 4"#1 /+2 8%(23 &4"#%* (24& 0(2#6
!"# (24#3%+4(&2 &, +/4 +2) $#%*&2 (2 4"# #U#%/(*# &, $&9#% (* #'#2 .&%#
+$$+%#24 (2 4"# 49& %#.+(2(23 *410#* &, +-4"&%(41 #U$0&%#) 81 [#8#%6 `,
.&)#%2 8-%#+-/%+4(/ %-0#58&-2) *4%-/4-%#* +%# +**&/(+4#) 9(4" + %+4(&2+0:
0#3+0 *410# &, +-4"&%(41: 4"#2 9"+4 /&-24* +* +-4"&%(4+4('# (2 $+4%(+%/"+0
+2) $+4%(.&2(+0 *4%-/4-%#*: &% (2 #U/#$4(&2+0 .&.#24* &, #/&2&.(/ +2)
$&0(4(/+0 4%+2*(4(&2: (* 4%+)(4(&2+0 +-4"&%(41 +2) /"+%(*.+4(/ +-4"&%(41
%#*$#/4('#016 J&4" *410#* &, +-4"&%(41 +%# .&%# &'#%401 $#%*&2+0 4"+2 4"+4
#U#%/(*#) (2 8-%#+-/%+4(/ +).(2(*4%+4(&2*: 4"# ,&%.#% 8#/+-*# (4 (* %&&4#) (2
4%+)(4(&2+0 8&2)* &, &8#)(#2/# $+**#) &2 ,%&. &2# 3#2#%+4(&2 4& 4"# 2#U4
+2) 4"# 0+44#% 8#/+-*# (4 (* *##2: 0(4#%+001: 4& )9#00 (2 4"# /"+%(*.+4(/
(2)('()-+06 `, 9# $+** ,%&. 4"# .&%# &8'(&-* #U+.$0#* &, /"+%(*.+ +**&/(5
+4#) 9(4" *$(%(4-+0 &% %#0(3(&-* .&'#.#24* 4& /&2*()#% $&0(4(/+0 /"+%(*.+:
4"#2 +2 +$$#+0 81 + $&0(4(/+0 ,(3-%# _9"#4"#% 4"# ,+*/(*4 T*9+0) G&*0#1 (2
J%(4+(2 &% K#0*&2 G+2)#0+ (2 ;&-4" @,%(/+a 8+*#) &2 $#%*&2+0 .+32#4(*.
&% 4"# $%#*#24+4(&2 &, #U4%+&%)(2+%1 3(,4* .+1 8# /&2*()#%#) +* +2 +/4 &,
$&9#% (2 +2) &, (4*#0,6
b !"# +**-.#) #,,#/4('#2#** &, +-4"&%(41 +* + .&)# &, $&9#% *4#.* ,%&. (4* A' O5)'
B-+0(41: 9"#%# 4"# .#%# +**#%4(&2 &, +-4"&%(41 (* )##.#) %(3"4,-06 !"# %#(,(#) 2+4-%# &,
4"(* /0+(. 3&#* *&.# &, 4"# 9+1 4& #U$0+(2 4"# /&2,0+4(&2 &, *-/" %&0#* 9(4" $&9#%6 `2
/&24%+*4: A' 6$-/" +-4"&%(41 )(%#/4* +44#24(&2 4& 4"# #U#%/(*# &, $&9#% +2) 4"# #U$#%(#2/# &,
8#(23 &2 4"# g%#/#('(23 #2)c &, *-/" + %#0+4(&2*"($6 ;## <6 ;6 \#4#%* _P]bZa &2 4"# ,&%.+0
2+4-%# &, 4"# )(*4(2/4(&26

:G;

2EI\X FN FH? S%XFE_? +_F?\?

W&% [#8#%: 9"+4 .+7#* 4"(* +$$#+0 +2 +/4 &, /"+%(*.+4(/ +-4"&%(41 (* 4"#
%#/&32(4(&2 3('#2 4& (4 81 &4"#%* &2 4"# 8+*(* &, /#%4+(2 B-+0(4(#* +2) 4%+(4*
(.$-4#) 4& *-/" ,(3-%#*6 !"#%# (* 2& &%3+2(d+4(&2+0 $&*(4(&2 +44+/"#) 4&
/"+%(*.+4(/ +-4"&%(41 0#2)(23 *-$$&%4 &% $%#*/%($4(&2 4& 4"# %&0#: &201 4"#
+/4 $-%# +2) *(.$0#6 !"# +$$#+0 %#.+(2* +-4"&%(4+4('# ,&% +* 0&23 +* $#&$0#
+%# 9(00(23 4& *-8.(4 4"#.*#0'#* 4& 4"# 9(00 &, 4"# /"+%(*.+4(/ 0#+)#%6 !"#
%#0+4(&2*"($ (* 4"# 4(# 4"+4 8(2)*6 ;"&-0) +00#3(+2/# 8# 9(4")%+92: "&9#'#%:
*"&-0) 4"# +-4"&%(41 &, 4"# ,(3-%# (2 B-#*4(&2 8# /+00#) (24& )&-84: 4"#2 4"#
#,,#/4 (* 9#+7#2#) +2) 4"#(% $&9#% )(.(2(*"#) +//&%)(2301A 4"# (24#%$#%5
*&2+0 %#0+4(&2*"($ )(**&0'#* +2) 4"# /"+%(*.+4(/ #,,#/4 *(.$01 #'+$&%+4#*6
T, /&-%*#: (2 4"# #'#%1)+1 9&%0) &, #0#/4&%+0 $&0(4(/* #'#24* +%# %+%#01: (,
#'#%: *& &2#5)(.#2*(&2+06 T4"#% $&**(8(0(4(#* $%#*#24 4"#.*#0'#* 4& $&0(4(/+0
,(3-%#* 4& #U#%/(*# $&9#% &'#% &4"#%*6 D($&'#4*71 _P]]Qa: ,&% &2#: %#/&35
2(d#) 4"+4 /&24#.$&%+%1 $&0(4(/* (2 9#*4#%25*410# )#.&/%+/(#*: ,&% #U+.$0#:
+)+$4#) (4*#0, ,+(%01 %+$()01 4& 4"# )#'#0&$.#24 &, (.+3# .+7(23 +2) $&0(45
(/+0 .+%7#4(23A
`2 4"# >2(4#) ;4+4#*: *(2/# 4"# P]OM*: $&0(4(/+0 /&..-2(/+4(&2 "+* /&.#
(2/%#+*(2301 4& %#*#.80# .&)#%2 +)'#%4(*(23h (4 -*#* 4"# *+.# $%(2/($0#*: 4"#
*+.# 4#/"2(B-#*: 4"# *+.# #U$#%4*6 F0#/4&%+0 /+.$+(32* +%# &%/"#*4%+4#) 81
$-80(/(41 +3#24* +2) .#)(+ +)'(*&%*h &2#5.(2-4# *$&4* .&)#00#) &2 /&..#%5
/(+0* +%# $%&)-/#)h .#4"&)* )#%('#) ,%&. .&4('+4(&2+0 %#*#+%/" +%# +$$0(#) 4&
*$##/" 9%(4(23 +2) (.+3# 8-(0)(23 &2 8#"+0, &, $&0(4(/+0 ,(3-%#*6 @,4#% /&.5
.#%/(+0 .+%7#4(23 /&.#* $&0(4(/+0 .+%7#4(23A (4 (* 2& 0&23#% + .+44#% &,
()#&0&3(/+0 /&2'#%*(&2 &, 4"# /(4(d#2%1: 8-4 &, *#00(23 + $%&)-/4 (2 4"# 8#*4
$&**(80# $+/7+3#6 !"# +-*4#%# "#+'15"+2)#)2#** &, $%&$+3+2)+ "+* 3('#2
9+1 4& 4"# *#)-/4(&2 &, /&24+/4: *(.$0(/(41: +2) *(2/#%(41h $%&$"#4(/ (2/+24+5
4(&2* "+'# 3('#2 9+1 4& 4"# #24(/#.#24* &, $#%*&2+0(d#) *"&9* +2) 4"#
4%+2*,&%.+4(&2 &, $&0(4(/+0 0#+)#%* (24& *4+%*6 \&0(4(/* "+* *"(,4#) 4& + 2#9
%#3(*4#%h (4 "+* 8##2 +22#U#) (2 0+%3# .#+*-%# 81 *#)-/4(&26 _P]]QA PbRa

T2 4"(* '(#9: $&0(4(/+0 4'A5-/,"3 "+* *-$#%*#)#) +21 8%&+) *#2*# (2 9"(/"
/%-*+)(23 $&0(4(/+0 0#+)#%* .+1 "+'# 8##2 /&2*()#%#) /"+%(*.+4(/ +2):
$#%"+$* .&%# 4#00(2301: (4 "+* )(*$0+/#) 0&235*4+2)(23 *410#* &, +-4"&%(41
8+*#) -$&2 $+4#%2+0(*4(/ +44(4-)#* +2) %(4-+0 *$#/4+/0#*6 !"(* *"(,4 (2 $&0(45
(/+0 *410#* %#/#('#* + B-+0(,(#) 9#0/&.# ,%&. D($&'#4*71: $%(2/($+001 ,&% (4*
0#** +-4"&%(4+%(+2 3-(*# +2) /&2/&.(4+2401 ,&% (4* .&%# $&$-0(*4 +$$#+0:
9"(/" 0#+'#* 4"&*# (2 4"# $&0(4(/+0 0(.#0(3"4 .&%# '-02#%+80# +2) 0#**
)#4+/"#) 4"+2 "(4"#%4&6 !"# .&%# +//#**(80# 2+4-%# &, 4"(* $&0(4(/+0 *410#:
4"# ,0+9#) /"+%+/4#% &, 4"# .+e&% $#%,&%.#%*: (* 4"&-3"4 81 D($&'#4*71 4&
3('# .&)#%25)+1 $&0(4(/* (4* .&%# .&)#*4 +$$#+0A $&9#%: +* "# *+1*: g"+*
/&.# )&92 ,%&. (4* $#)#*4+0c +2) 0#,4 $&0(4(/+0 /&2*-.#%* 9(4" + .&%#
-2)(,,#%#24(+4#) 0+2)*/+$# (2 9"(/" 4& .+7# -$ 4"#(% .(2)*6 \+4%&2(d(23
'(#9* #*$&-*#) 81 $%#5#.(2#24 +-4"&%(41 ,(3-%#* &% (.$+**(&2#) *$##/"#*

2EI\X FN FH? S%XFE_? +_F?\?

:G:

)#*(32#) 4& 80-)3#&2 '&4#%* "+'# 3('#2 9+1 4& + $&0(4(/* &, *#)-/4(&2:
9"#%# $&0(4(/(+2* _!&21 J0+(% ,&% &2#a *##7 4& 4+7# +)'+24+3# &, #U(*4(23
+44(4-)#* +2) '+0-#* +2) 4-%2 4"#. 4& 4"#(% +)'+24+3#6
@04"&-3" 4"(* (4*#0, (* *#)-/4('# +* + )#*/%($4(&2 &, 4"# /&24#.$&%+%1
F-%&$#+2 $&0(4(/+0 */#2# (2 %#0+4(&2 4& $#%*&2+0(41 $&0(4(/*: (4 (* (.$&%4+24
4& .+(24+(2 4"# ,+/4 4"+4 *#)-/4(&2 +2) +-4"&%(41 *"&-0) 2&4 8# *##2 +*
+04#%2+4('#* (2 +21 $&9#% +%%+23#.#246 `2*4%-.#24+0 +%%+23#.#24* &,
$&9#% +%# 2&4 /&.$&*#) &, &2# .&)# &, $&9#% +* (,: (2 4"# +8&'# /&24#U4:
+-4"&%(41 "+* "+) (4* )+1 +2) #'#24* "+'# 2&9 .&'#) -* &2 4& 4"# %#+0(4(#*
&, *#)-/4(&2 +* + ,&%. &, $&0(4(/+0 /&24%&06 K&4"(23 /&-0) 8# ,-%4"#% ,%&.
4"# 4%-4"6 @/4* &, +-4"&%(41 +2) *#)-/4(&2 .+1 9#00 $0+1 +/%&** &2# +2&4"#%
(2 *-/" + $&0(4(/+0 +%%+23#.#24h &% +/4* &, +-4"&%(41 .+1 .-4+4# (24&
&-4%(3"4 /&#%/(&2 *"&-0) %#/&32(4(&2 8# 9(4")%+92h &% *-/" +/4* .+1
&'#%0+$ 9(4" 4"# #,,#/4* &, (2*4(4-4(&2+0 )&.(2+4(&2 +* &$4(&2* +%# 2+%%&9#)
)&92 +2) ,(U#) 4& #0(.(2+4# $&0(4(/+0 /"&(/#6 ;#)-/4(&2 +* + $#/-0(+%01
(2)#4#%.(2+4# .&)# &, $&9#% .+1 #'#2 8# #/0($*#) 81 + .&%# )#4#%.(2+4#
,&%.6 @2) *& &26 `4 )#$#2)*: +* #'#%: &2 4"# #'#24 (2 B-#*4(&2 +2) 4"#
+3#2/(#* (2'&0'#): +04"&-3" 4"# &2# /&2*4+24 (* 4"+4 $&9#% .&*4 &,4#2
.+7#* (4* $%#*#2/# ,#04 4"%&-3" + '+%(#41 &, .&)#* $0+1(23 +/%&** #+/" &4"#%6
H&2*()#%: ,&% (2*4+2/#: 4"# +44#.$4 (2 4"# 0+4# P]]M* 81 + *.+00 2-.8#% &,
4"#2 0(440#572&92 8(&4#/"2&0&31 ,(%.* 4& (24%&)-/# 3#2#4(/+001 .&)(,(#)
.+4#%(+0* (24& 4"# F-%&$#+2 ,&&) *-$$01 /"+(26 `2 + *"&%4 $#%(&) &, 4(.#:
4"# /&.$+2(#* ,&-2) 4"#.*#0'#* ,+/(23 /&2/#%4#) &$$&*(4(&2 4& 4"# +%%('+0 &,
3#2#4(/+001 #23(2##%#) ,&&)*: #*$#/(+001 (2 4"# >?: $%(2/($+001 +04"&-3" 2&4
#24(%#01 8#/+-*# &, 4"# 8+/70+*" ,%&. 4"# %#/#24 J;F _.+) /&9 )(*#+*#a
*/+%#6 !"# 8(3 $%&)-/#%* &, 3#2#4(/+001 .&)(,(#) .+4#%(+0*: 4"# K&%4"
@.#%(/+2 /&.$+21 G&2*+24&: (2 $+%4(/-0+%: 9#%# /0#+%01 4+7#2 81 *-%$%(*#
+4 4"# */+0# +2) )(%#/42#** &, 4"# /+.$+(32 9+3#) +3+(2*4 4"#.6 !"#(%
%#*$&2*# _)&/-.#24#) (2 @00#2 LMMM+a: +2) (2)##) 4"# %#*$&2*# &, 4"#
>? 3&'#%2.#24: $%&'()#* +2 (00-*4%+4(&2 &, 4"# $&9#% +%%+23#.#24*
(2'&0'#)6
FU+*$#%+4#) 81 4"# (2+8(0(41 &, 4"# /&2*-.(23 $-80(/ +4 0+%3# 4& $#%/#('#
4"# g&8'(&-*c .#%(4* &, 3#2#4(/+001 #23(2##%#) ,&&)* +2) 4"#(% 3#2#%+0: +005
%&-2) *+,#41: G&2*+24& 0+-2/"#) (2 4"# *$%(23 &, P]]R + .(00(&25$&-2)
+)'#%4(*(23 /+.$+(32 4& 9(2 4"# g"#+%4* +2) .(2)*c &, 4"# J%(4(*" /&2*-.5
(23 $-80(/6 W-005$+3# +)'#%4(*#.#24* 9#%# 4+7#2 &-4 (2 4"# 2+4(&2+0 9##75
#2) $%#** #U4&00(23 4"# '(%4-#* +2) 8#2#,(4* &, 3#2#4(/+001 #23(2##%#) ,&&)6
["+4 9+* 2&4(/#+80# +8&-4 4"# +$$#+0 9+* (4* .#+*-%#) 4&2#: )#*(32#) 4&
#23+3# 9(4" 4"# *#%(&-*2#** &, 4"# (**-#* (2'&0'#) +2) 4& )#.&2*4%+4# +2
+9+%#2#** &, +04#%2+4('# '(#9* &2 4"# *-8e#/4 &, 3#2#4(/ #23(2##%(23 +2)
,&&)6 @* +2 +44#.$4 4& *#)-/# /&2*-.#%* (24& #+4(23 ,&&)* 4"+4 4"#1 .(3"4
&4"#%9(*# 2&4 "+'# )&2#: 4"# +$$#+0 +0*& )%#9 *-$$&%4 ,%&. 49& g+-4"&%(41c
*&-%/#*A &2# 4%+)(4(&2+0: 9"(/" $&(24#) 4& 4"# $0+/# &, 4"# 2#9 *##)

:GG

2EI\X FN FH? S%XFE_? +_F?\?

4#/"2&0&3(#* (2 + 0&23 0(2# &, 4%+)(4(&2+0 /%&**5,#%4(0(d+4(&2 $%+/4(/#*: +2) 4"#


&4"#% .&%# %+4(&2+0 (2 *410#: 8+*#) &2 g*/(#24(,(/c #'()#2/# 9"(/" /+2 &201
8# 3+(2#) 81 +//#** 4& *$#/(+0(d#) 8&)(#* &, 72&90#)3# +2) #U$#%4(*#6
@4 4"# *+.# 4(.#: G&2*+24& 9+* 8-*1 +44#.$4(23 4& +/B-(%# /&.$+2(#*
,-%4"#% +0&23 4"# ,&&) *-$$01 /"+(2: (2 $+%4(/-0+% *##) /&.$+2(#* 9"(/":
8#/+-*# &, 4"#(% $('&4+0 $&*(4(&2 (2 4"# )(*4%(8-4(&2 2#49&%7*: 9&-0) $%&5
'()# + 8(3 3#2# 4#/"2&0&31 $%&)-/#% 9(4" %#+)1 +//#** 4& 30&8+0 .+%7#4*6
W+%.#%* 4&&: (4 9+* +00#3#): 9#%# 8#(23 /&#%/#) (24& %#*4%(/4('# /&%$&%+4#
/&24%+/4* 9"(/" 0#,4 4"#. 9(4" 2& /"&(/# 8-4 4& $-%/"+*# ,%#*" *##) ,%&.
4"# *+.# *&-%/# 1#+% +,4#% 1#+%6 `, + 8(&4#/" /&.$+21 .+2+3#) 4& .+25
&#-'%# (4*#0, (24& + 2#+% .&2&$&01 $&*(4(&2 +/%&** + %+23# &, 3#&3%+$"(/+0
.+%7#4* (2 4"(* 9+1: 4"# #,,#/4 9&-0) 8# 4& 4+7# 4"#. /0&*#% 4& )&.(2+4(&26
!"-*: ,%&. &2# #'#24 (4 (* $&**(80# 4& 4%+/# "&9 +2 +/4 &, *#)-/4(&2 9+*
&'#%0+(2 81 g'&(/#*c &, +-4"&%(41 +2) %+2 +0&23*()# $&**(8(0(4(#* ,&% 8&4"
)&.(2+4(&2 +2) /&#%/(&26 [(4" "(2)*(3"4: 4"# (2*4(4-4(&2+0 *4%+4#3(#*
+$$#+% *&.#9"+4 2#+4#% +2) .&%# )#0(8#%+4# 4"+2 9+* +/4-+001 4"# /+*#:
8-4 9"+4 9# /+2 4+7# ,%&. 4"(* (* 4"# )('#%*# 9#8 &, %#0+4(&2*"($* 8#49##2
4"# )(,,#%#24 .&)#*: 9"(/" +.&-24 4&: +* W&-/+-04 9&-0) *+1: +2 (24#25
4(&2+0 8-4 2&25*-8e#/4('# +%%+23#.#246Z
!"# +44#.$4 81 G&2*+24& +2) &4"#% 8(&4#/"2&0&31 $%&)-/#%* 4& 8#2)
4"# 9(00 &, /&2*-.#%* 9+* ,+% .&%# +) "&/ +2) &$$&%4-2(*4(/ 4"+2 $#%"+$*
4"# *4%+4#3(*4* &, 4"#*# /&%$&%+4(&2* 9#%# $%#$+%#) 4& +).(46 !"# ,+/4 4"+4
$&9#% 9+* #U#%/(*#) 9(4" + $+%4(/-0+% #2) (2 .(2) *(4* +0&23*()# 4"# ,+/4
4"+4 9(4" #'#%1 *"(,4 (2 $-80(/ &$(2(&2: 9(4" #'#%1 ,+(0-%# 4& 9(2 &'#% $-80(/
/&2,()#2/# 4& 3#2#4(/+001 .&)(,(#) ,&&)*: 4"# (2*4(4-4(&2+0 %#*$&2*# 9+*
4"%&92 ,-%4"#% (24& + *4+4# &, -2/#%4+(241 +2) %#,0#U %#+/4(&26 G&%#&'#%:
4"# %#*$&2*# &, 4"# >? 3&'#%2.#24 4& 4"# '&0+4(0# 2+4-%# &, 4"# *(4-+4(&2
9+* #B-+001 +) "&/6 ;-%$%(*#) (2(4(+001 81 4"# *4%#234" &, /&2*-.#% %#e#/5
4(&2: 4"# 3&'#%2.#24c* (..#)(+4# %#+/4(&2 9+* 4& %#01 -$&2 4"# +-4"&%(41 &,
*/(#2/# 4& 8+/7 -$ /0+(.* +* 4& 4"# *+,#41 &, 3#2#4(/+001 .&)(,(#) ,&&)*: &201
Z g\&9#% %#0+4(&2* +%# 8&4" (24#24(&2+0 +2) 2&2*-8e#/4('#6 `, (2 ,+/4 4"#1 +%# (24#00(3(80#:
4"(* (* 2&4 8#/+-*# 4"#1 +%# 4"# #,,#/4 &, +2&4"#% (2*4+2/# 4"+4 gg#U$0+(2*cc 4"#.: 8-4 %+4"#%
8#/+-*# 4"#1 +%# (.8-#): 4"%&-3" +2) 4"%&-3": 9(4" /+0/-0+4(&2A 4"#%# (* 2& $&9#% 4"+4 (*
#U#%/(*#) 9(4"&-4 + *#%(#* &, +(.* +2) &8e#/4('#*6 J-4 4"(* )&#* 2&4 .#+2 4"+4 (4 %#*-04*
,%&. 4"# /"&(/# &% )#/(*(&2 &, +2 (2)('()-+0 *-8e#/4h 0#4 -* 2&4 0&&7 ,&% 4"# "#+)B-+%4#%*
4"+4 $%#*()#* &'#% (4* %+4(&2+0(41h 2#(4"#% 4"# /+*4# 9"(/" 3&'#%2*: 2&% 4"# 3%&-$* 9"(/"
/&24%&0 4"# *4+4# +$$+%+4-*: 2&% 4"&*# 9"& .+7# 4"# .&*4 (.$&%4+24 #/&2&.(/ )#/(*(&2*
)(%#/4 4"# #24(%# 2#49&%7 &, $&9#% 4"+4 ,-2/4(&2* (2 + *&/(#41 _+2) .+7#* ,/ ,-2/4(&2ah 4"#
%+4(&2+0(41 &, $&9#% (* /"+%+/4#%(d#) 81 4+/4(/* 4"+4 +%# &,4#2 B-(4# #U$0(/(4 +4 4"# %#*4%(/4#)
0#'#0 9"#%# 4"#1 +%# (2*/%(8#) _4"# 0&/+0 /12(/(*. &, $&9#%a: 4+/4(/* 9"(/": 8#/&.(23
/&22#/4#) 4& &2# +2&4"#%: +44%+/4(23 +2) $%&$+3+4(23 &2# +2&4"#%: 8-4 ,(2)(23 4"#(% 8+*#
&, *-$$&%4 +2) 4"#(% /&2)(4(&2 #0*#9"#%#: #2) 81 ,&%.(23 /&.$%#"#2*('# *1*4#.*c
_W&-/+-04 P]RQA ]QSOa6

2EI\X FN FH? S%XFE_? +_F?\?

:GM

4& ,(2) 4"#.*#0'#* ,+/#) 9(4" )##$ "&*4(0(41 +2) */#$4(/(*. (2*4#+) &, 4"#
+24(/($+4#) $-80(/ )#,#%%+0 4& g#U$#%4c 72&90#)3#6 K&4 0&23 +,4#%: 4"# 3&'5
#%2.#24 %#*&%4#) 4& + *4%+4#31 &, (2)-/#.#24 4& 3+(2 +//#$4+2/# &, 3#2#45
(/+001 #23(2##%#) ,&&)*4-,,*: &2/# (4 9+* /0#+% 4"+4 4"# +-4"&%(41 &, 4"#(%
*/(#24(*4* "+) $+**#) -2%#/&32(d#)6
!"# 7#1 $&(24 (* 4"+4 *-/" .-4+4(23 %#0+4(&2*"($* +%# 2&4 #U/#$4(&2+0h
4"#1 #.#%3# (2 4"(* ,+*"(&2 $%#/(*#01 8#/+-*# 4"#1 /"+23# (2 %#*$&2*# 4&
2#9 +2) -2,&%#*##2 /(%/-.*4+2/#*6 f#4 4"#1 .+1 %#.+(2 (24#00(3(80# 4& 4"#
#1#: 9"#4"#% &% 2&4 4"#1 +%# .(*3-()#) &% (2#,,#/4-+06 !"# /&24%+)(/4(&2*
+%# %#+0: 2&4 .#%#01 +$$+%#246 ["(/": (2/()#24+001: (* &2# %#+*&2 9"1 +21
/&"#%#2/# +44+/"#) 4& + $%&3%+..# &, .-04($0# $%+/4(/#* +2) 4#/"2(B-#* (2
4"# 2+.# &, g3&'#%2.#24c *"&-0) 8# 4%#+4#) 9(4" + .#+*-%# &, *-*$(/(&26
`2*4%-.#24+0 +%%+23#.#24* &, $&9#% +%# 2#(4"#% )('(*(80# (2 4"+4 9+1 2&% +*
#,,#/4('# +* 4"#1 *##.6

9&&+.%5-%+05$ 3+4(,H +, 3+4(, 4%-' +-'(,&


>$ 4& 2&9 9# "+'# /&2*()#%#) $&9#% +0.&*4 #U/0-*('#01 +* +2 (2*4%-.#24+0
+%%+23#.#24: +* + *#%(#* &, +/4(&2* )#*(32#) 4& .+7# &4"#%* +/4 (2 9+1*
9"(/" 4"#1 &4"#%9(*# 9&-0) 2&4 "+'# )&2#6 !"#%# (* +2&4"#% 9+1 &,
4"(27(23 +8&-4 $&9#%: "&9#'#%: 9"(/" "+* 0(440# 4& )& 9(4" 8#2)(23 4"#
9(00 &, &4"#%* +2) %+4"#% .&%# 4& )& 9(4" 4"# ,&%.+4(&2 &, + /&..&2 9(006
!"# %&&4* &, 4"(* /&00#/4('# 2&4(&2 &, $&9#% 9#%# )(*/-**#) (2 /"+$4#% N +2)
*##2 4& %#+/" 8+/7 4& +2 ()#+ &, $&9#% +* + .#+2* 4& 3#4 4"(23* )&2# &%
,+/(0(4+4# +/4(&26 \#%"+$* 4"# 7#1 +*$#/4 4& 4"(* -2)#%*4+2)(23 &, $&9#% (*
4"+4 (4 )&#* 2&4 %#)-/# (4*#0, 4& + d#%&5*-. 3+.# 9"#%# 4"# 8#2#,(4* +%#
)('()#) -2#B-+001: 8-4 %+4"#% 0#2)* (4*#0, 4& + $&*(4('#5*-. */#2+%(& 9"#%#
+00 .+1 8#2#,(46 J#,&%# 9# ,+00 4&& B-(/701 -2)#% 4"# $&*(4('# *$#00 &, 4"(*
*/#2+%(&: 9# *"&-0) %#/+00 4"+4 4"# /&00#/4('# #,,&%4* &, 3%&-$* &% &%3+2(d+5
4(&2* .+1 e-*4 +* #+*(01 0#+) 4& )('(*(&2 +2) )&.(2+4(&2 +* 4& #2)* &, + .&%#
(2*4%-.#24+0 2+4-%#6 E+'(23 *+() 4"+4: 4& %#/&32(d# 4"+4 /&00#/4('#: (24#3%+5
4('# +/4(&2 /+2 0#+) 4& 4"# #U#%/(*# &, $&9#% 9(4" %+4"#% 4"+2 &'#% &4"#%* (*
4& 4+7# + *4#$ (2 +2 +04&3#4"#% )(,,#%#24 )(%#/4(&2A 2+.#01: 4&9+%)* +**&/(5
+4(&2+0 $&9#%6 `4 (* 4"(* )(%#/4(&2 4"+4 @%#2)4 )() .-/" 4& &$#2 -$6
@**&/(+4(&2: ,&% @%#2)4: (* +8&-4 4"# 8&2)* 4"+4 "&0) $#&$0# 4&3#4"#%
9"#2 4"#1 +%# (2 $-%*-(4 &, /&..&2: +3%##) #2)*6 `2 &2# *#2*# (4 (* +00
+8&-4 4"# 8#2#,(4* 4"+4 .+1 8# %#+$#) 9"#2#'#% $#&$0# %#0+4# 4& &2#
+2&4"#% (2 $-80(/ 0(,#: +2) 4"# B-+0(41 &, 4"&*# %#0+4(&2*"($*h (4 (* +8&-4
4"# $&9#% 4& /&22#/4: 4& 8%(23 4&3#4"#% 8-4 2&4 4& *-$$%#** 4"# (24#%#*4*
+2) )(,,#%#2/#* 4"+4 /&..&201 )('()#6 [(4"&-4 8#(23 4&& */#$4(/+0 +8&-4
4"# #U4#24 &, *-/" +%%+23#.#24*: 9"+4 9# /+2 4+7# ,%&. 4"(* (24#%$%#4+4(&2
(* 4"+4 $&9#%: /0#+%01: (* $#%/#('#) +* + ,&%/# ,&% 3&&)6 `4 #24+(0* + $&*(4('#:

:GQ

2EI\X FN FH? S%XFE_? +_F?\?

2&4 + 2#3+4('#: %#0+4(&2*"($: 9"#%# .-4-+0(41: 4"# $%&*$#/4 &, +2 (24#3%+4#)


g9#c: %#$%#*#24* +2 #2) (2 (4*#0,6R
!"# $&*(4('# *()# 4& $&9#% 9+* +0*& *&.#4"(23 4"+4 9+* $&(24#) -$ 81
W&-/+-04: +* 2&4#) (2 4"# $%#/#)(23 /"+$4#%: +04"&-3" 4"# #.$"+*(* "#
$0+/#) -$&2 4"# #U#%/(*# &, $&9#% /0&*(23 )&92 %+4"#% 4"+2 $%&0(,#%+4(23
$&**(8(0(4(#* ,&% (2)('()-+0* *"&-0) 2&4 $+** -2%#.+%7#)6 J&4" W&-/+-04
+2) @%#2)4: "&9#'#%: %#/&32(d#) 4"# #2+80(23 /&2)(4(&2 &, $&9#% 9"(/"
/&-0) 0#+) 4& 8&4" *#0,5)#'#0&$.#24 +2) 4"# $%&*$#/4 &, #.$&9#%.#246
!"# 0+44#%: (2 $+%4(/-0+%: 9"#2 /&2*()#%#) _81 @%#2)4 +4 0#+*4a +* &2# &, 4"#
&-4/&.#* &, .-4-+0 (24#%+/4(&2: +0*& "(3"0(3"4* 4"# ,0+9#) -2)#%*4+2)(23 &,
+**&/(+4(&2 +* .#%#01 +2 +/4 &, %#*(*4+2/# 81 4"# $&9#%0#**6 `2 @%#2)4c*
'(#9: $#&$0# +%# 2&4 $&9#%0#**h 4"#1 #U#%/(*# $&9#% 2&4 (2 + 2#3+4('# 9+1:
+3+(2*4 + g$&9#%,-0c &$$%#**&%: 8-4 4"%&-3" 4"# $&*(4('# *4%#234"* &, /&00+85
&%+4('# +**&/(+4(&26 ;& (2 4"(* 7(2) &, /&00#/4('# $&9#% +%%+23#.#24: 9"+4
#U+/401 (* #U#%/(*#)k
\#%"+$* 4"# 7#1 4& 9"+4 9# +%# 0&&7(23 ,&% /&.#* ,%&. @%#2)4c* /&2/#%2
9(4" 9"+4 .+1 8# /+00#) /)$34C')4' .&)+0(4(#* &, $&9#%h 4"+4 (*: 4"&*# 9"(/"
0(4#%+001 /-4 +/%&** 4"# .+21 '#%4(/+0 $&9#% %#0+4(&2*"($* .+(24+(2#) (2
/&2'#24(&2+0 &%3+2(d+4(&2* &% ,&-3"4 &'#% (2 )(*4%(8-4(&2+0 *4%-330#*6
F+%0(#%: (2 /"+$4#% N: ` *$&7# +8&-4 4"# 7(2)* &, +**&/(+4(&2 $-4 4&3#4"#%
81 4"&*# (2'&0'#) (2 /#%4+(2 "-.+2 %(3"4* /+.$+(32*: &% 4"# 7(2)* &,
/&00+8&%+4(&2 9"(/" "+'# 8##2 4"# "+00.+%7 &, /#%4+(2 #2'(%&2.#24+0 $%&5
4#*4*: +* #U+.$0#* &, .&8(0(d+4(&2 )#*(32#) 4& &'#%/&.# *#/4(&2+0 (24#%#*4*
81 &%3+2(d(23 +%&-2) (**-#* ,+/#) (2 /&..&26 `, 9# #U4#2) 4"# .&%+0
*#24(.#24* +2) $&0(4(/+0 #2#%3(#* 8&-2) -$ (2 4"#*# #U+.$0#* &, $-80(/
.&8(0(d+4(&2 4& 4"# /&00#/4('# &$$&*(4(&2 4& 3#2#4(/+001 .&)(,(#) ,&&)* (2
4"# >? )(*/-**#) +8&'#: (4 (* $&**(80# 4& ()#24(,1 0+4#%+0 %#0+4(&2*"($* &,
$&9#% 8#(23 #U#%/(*#) 4& ,(U + /&00#/4('# &%(#24+4(&26 !"# 49& 9"(/" /&.#
%#+)(01 4& .(2) +%# 4"&*# &, 2#3&4(+4(&2 +2) $#%*-+*(&26
R @%#2)4c* +/4('(*4 /&2/#$4(&2 &, $&9#% 9+* &-40(2#) (2 /"+$4#% N +2) %#0+4#) 4&
2#49&%7#) /&2/#$4(&2* &, $&9#% 8+*#): (2 4"(* (2*4+2/#: -$&2 .-4-+0 +/4(&26 `4 (* +
.+44#% &, )#8+4#: "&9#'#%: "&9 ,+% @%#2)4 (* +80# 4& $%#*#%'# )(,,#%#2/#* &, /&0&-%:
3#2)#%: #4"2(/(41: *#U-+0(41: /0+** &% +3# -2)#% "#% /&2/#$4(&2 &, g$0-%+0(41c6 !"# ()#24(,(5
/+4(&2 &, $&9#% 9(4" $-80(/ *$+/# +2) 4"# +**&/(+4(&2 &, .+21 9(00* +2) $#%*$#/4('#*
&-40(2#) (2 F+' K5@$3 <"3A,/,"3 _P]ORa 4#2)* 4& 30&** &'#% 4"# ,+/4 &, *&/(+0 )(,,#%#2/#*
+2) 4"#(% *4%-/4-%+0 (2#B-+0(416 E#% /&2/#$4 &, g2+4+0(41c: 4"# 2&4(&2 &, 8#(235(254"#5
9&%0)59(4" &4"#%*: #**#24(+001 )#,(2#* + "-.+2 %#+0. $%#.(*#) -$&2 /&..-2(/+4(&2
+2) +/4(&2 4"+4 *$#+7* 4& )(,,#%#2/#* &, (24#%#*4 +2) &$(2(&2 %+4"#% 4"+2 *-8e#/4 $&*(4(&26
E+'(23 *+() 4"+4: )(,,#%#2/# 4"%&-3" #B-+0(41: 4"# %#/&32(4(&2 &, 4"# $&4#24(+0 '+%(#41 &,
+00(+2/#* +2) 4"#(% *"&%4 4#%.: (24#2*# 2+4-%#: (* /&.$+4(80# 9(4" @%#2)4c* ()#+ &,
4#.$&%+%1 -2(41 +%&-2) +2 +3%##) $-%$&*#6 ;## C(*/" _P]]Qa &2 4"# 2&4(&2 &, $&9#%
+* $%&.(*#5.+7(23: +2) J#2"+8(8 _P]]ba &2 4"# %&0# &, E#()#33#%c* 9&%7 (2 4"# ,&%.+5
4(&2 &, F+' K5@$3 <"3A,/,"3 +2) .+21 &, (4* /#24%+0 /&2/#$4*6

2EI\X FN FH? S%XFE_? +_F?\?

:GL

<+4"#% 4"+2 4"(27 (2 4#%.* &, %#*(*4+2/#: %#e#/4(&2 &% $0+(2 "&*4(0(41 4&
4"# (24%&)-/4(&2 &, 3#2#4(/+001 #23(2##%#) ,&&)* (2 4"# >?: (4 (* $#%"+$*
.&%# +//-%+4# 4& "(3"0(3"4 4"# *4%#234" &, +00(+2/#* 8#49##2 /&2*-.#%*:
#2'(%&2.#24+0 +/4('(*4*: &%3+2(/ ,+%.#%*: +2) *-/" 8#)5,#00&9* +* 4"# ;&(0
@**&/(+4(&2: 4"# <&1+0 ;&/(#41 ,&% 4"# \%&4#/4(&2 &, J(%)*: H"%(*4(+2 @()
+2) TU,+.6 `2 &%)#% 4& $%#** + -2('#%*+0 /0+(.: 4"#*# $+%4(/-0+% 3%&-$*
+44#.$4#) 4& 2#3&4(+4# + /&..&2 $0+4,&%. +2) *4+2/# +.&23 4"# .+21
9(00* (2'&0'#)6
I'("/,$/,"3 (2 4"(* /&24#U4 4&&7 $0+/# 8#49##2 )(*$+%+4# 3%&-$* 9(4" +
.+%7#) )(,,#%#2/# (2 4"# %#*&-%/#* +4 4"#(% )(*$&*+0: 1#4 (4 %#B-(%#) 2&
&80(3+4(&2 4& /&.$01 &2 4"# $+%4 &, +00 4"&*# (2'&0'#)6 @* + /&..-2(/+4('#
.&)#0 &, (24#%+/4(&2 .-/" (2 4"# 0(2# &, 4"(27(23 )#'#0&$#) 81 I-Y%3#2
E+8#%.+*: 2#3&4(+4(&2* 9#%# )(%#/4#) +4 %#+/"(23 +3%##.#24 &'#% /&..&2
#2)*: 2&4 4"# ,&(*4(23 &, &2# 3%&-$c* '(#9* &2 4"# &4"#%*6] [(4" 0(440#
$&**(8(0(41 &, *#%(&-*01 )(*%-$4(23 4"# &'#%+00 &$#%+4(&2 &, 4"# 8(&4#/"2&0&31
3(+24*: 2#3&4(+4(&2 8#49##2 4"# )(,,#%#24 3%&-$* 9+* +2 +/4 )#*(32#)
4& )#.&2*4%+4# 4"# g$&9#%*c _%#+) g%#*&-%/#* +2) +8(0(4(#*ca &, +**&/(+4(&26
H&5&$#%+4(&2 8#49##2 *-/" -2#B-+0 $+%42#%* .+1 8# .+(24+(2#) &2 4"(*
8+*(* ,&% +* 0&23 +* 4"# 2#3&4(+4#) .&.#24-. (* *-*4+(2#)6 !"# ,+/4 4"+4
/#%4+(2 #2'(%&2.#24+0 +/4('(*4 3%&-$* +0*& &$4#) ,&% )(%#/4 +/4(&2: )#*4%&15
(23 )&d#2* &, 3#2#4(/+001 .&)(,(#) /%&$ 4%(+0* +4 4#*4 *(4#* 4"%&-3"&-4 4"#
>?: )&#* 2&4 )#4%+/4 ,%&. 4"# $&*(4('#5*-. 3+(2* &, 2#3&4(+4(&26 `4 .#%#01
%#+,,(%.* 4"# $&(24 4"+4 4%+2*'#%*# .&)#* &, +/4(&2 .+1 /&5#U(*4 9(4" 4"&*#
&, + .&%# (2*4%-.#24+0 /"+%+/4#% (2 +21 $+%4(/-0+% +%%+23#.#246
>')45$4,"3 4&& "+* (4* $0+/# (2 *-/" +%%+23#.#24*6 `2 + *(.(0+% '#(2 4&
2#3&4(+4(&2: +/4* &, $#%*-+*(&2 +%# #,,#/4('# &201 (2 +2 +4.&*$"#%# &, %#/(5
$%&/(41 9"#%# +00 $+%4(#* +%# $%#$+%#) 4& 0(*4#2 +2) /&..-2(/+4#6 @%#2)4
+**#%4* 4"+4 $#%*-+*(&2: (2 /&24%+*4 4& +-4"&%(41: g$%#*-$$&*#* #B-+0(41 +2)
9&%7* 4"%&-3" + $%&/#** &, +%3-.#24+4(&26 ["#%# +%3-.#24* +%# -*#):
+-4"&%(41 (* 0#,4 (2 +8#1+2/#c _P]bPA ]Na6 ["(/": (, +//#$4#): (.$0(#* 4"+4
$#%*-+*(&2 (* .&%# 0(7#01 4& 8# #U#%/(*#) #,,#/4('#01 +.&23 #B-+0*: 9"#%#+*
2#3&4(+4(&2 %#B-(%#* 2& *-/" /&2)(4(&2*6 J&4" 2#3&4(+4(&2 +2) $#%*-+*(&2:
"&9#'#%: +%# )(*4(23-(*"#) ,%&. .&)+0(4(#* &, + *(.(0+% 3-(*#: *-/" +* *#)-/5
4(&2 &% (2)-/#.#24: 81 4"# *1..#4%1 &, 4"# %#0+4(&2*"($* (2'&0'#)6 ["#%#
] E+8#%.+*c* 4"#&%1 &, /&..-2(/+4('# +/4(&2 +2) 4"# /#24%+0(41 &, 4"# $-80(/ *$"#%# +*
(2)(/+4#) (2 /"+$4#% N &9#* .-/" 4& @%#2)4c* ()#+* +* )#'#0&$#) (2 F+' K5@$3 <"3A,=
/,"36 ;## F+' ./)5-/5)$% F)$346")@$/,"3 "6 /+' >5;%,- .*+')' _P]R]a 81 E+8#%.+* +2) "(*
/%(4(B-# &, @%#2)4c* /0+**(/(*4 /&2/#$4(&2 &, $&9#% (2 + *$#/(+0 (**-# &, ."-,$% !'4'$)-+
_P]ZZa )#'&4#) 4& 4"# ()#+* &, @%#2)4 +2) 4"#(% (2,0-#2/#6 !"# 49& )(,,#% (2 .+21
%#*$#/4*: "&9#'#%: 2&4 0#+*4 &'#% 4"#(% (24#%$%#4+4(&2 &, 4"# 2+4-%# +2) %&0# &, 4"# $-80(/
*$"#%# +* 4"# *(4# &, .&8(0(d+4(&2 +2) 4"# 8+*(* &, .&)#%2 ,&%.* &, $&0(4(/+0 0#3(4(.+/16 `,
+214"(23: @%#2)4 (* 4&& 2+qY'# &'#% 4"# $&**(8(0(41 &, 2#3&4(+4(&2 +/"(#'(23 *&0()+%(41
4"%&-3" .-4-+0 $%&.(*#*6

:GR

2EI\X FN FH? S%XFE_? +_F?\?

4"# ,&%.#% %#0+4(&2*"($* %#B-(%# + 49&59+1 $%&/#** &, /&..-2(/+4(&2 4&


#U#%/(*# 4"# g$&9#% 4&c +/"(#'# *"+%#) &-4/&.#*: 4"# 0+44#% %#0+4(&2*"($*
9&%7 4"%&-3" $%#)#4#%.(2#) /"&(/#* 4& #U#%/(*# g$&9#% &'#%c 4"&*# 4"+4
"+'# +0%#+)1 "+) 4"#(% (24#%#*4* +%&-*#) &% 4"#(% 8#"+'(&-% /"#/7#)6
W&% *&.#: 4& 4+07 &, %#/($%&/(41: 49&59+1 2#3&4(+4(&2* +2) *"+%#) &-45
/&.#* %+4"#% 4"+2 %#*(*4+2/# +2) &$$&*(4(&2 (* 4& 4+7# -* &-4 &, 4"# %#+0. &,
$&9#% +2) (24& *&.#4"(23 0(7# /('(/* $%&$#%6 ;"&-0) (4 8# 4"&-3"4 4"+4 4"#
.&)+0 8+*(* &2 9"(/" $&9#% (* #U#%/(*#) (2 /&00+8&%+4('# +%%+23#.#24* (* &,
+ /&.$0#4#01 )(,,#%#24 &%)#%: "&9#'#%: &2# 2##) 0&&7 2& ,-%4"#% 4"+2
@%#2)4c* 4%#+4.#24 &, +-4"&%(416 @-4"&%(41: *"# %#.(2)* -*: /+2 *#%'#
$-%$&*#* &4"#% 4"+2 4"+4 &, 8#2)(23 9(00* (2*4%-.#24+0016
@ 3&&) )#+0 "+* 8##2 9%(44#2 +8&-4 +-4"&%(41: .-/" &, (4 +* 9# "+'# *##2
&, + "(#%+%/"(/+0 2+4-%#: 8-4 @%#2)4: (2 7##$(23 9(4" "#% 7##2 *#2*# &,
.-4-+0(41: /"&*# 4& (24#%$%#4 4"# 4#%. 0+4#%+001 %+4"#% 4"+2 '#%4(/+0016 G&%#
0(7# +)'(/# 4"+2 /&..+2) &% /&24%&0: ,&% @%#2)4: +-4"&%(41: +* 9+* +/72&95
0#)3#) (2 /"+$4#% N: (* *&.#4"(23 4"+4 (* #U#%/(*#) $@"3( %+4"#% 4"+2 &'#%
$#&$0#6 !"(* -2)#%*4+2)(23 (* .&%# /0+**(/+0 4"+2 .&)#%2 +2) %#,#%* 4&
9"+4 $#%"+$* %+4"#% B-+(2401 9# 9&-0) )#*/%(8# 4&)+1 +* +2 +/4 &, 9(*)&.A
$#&$0# 3('(23 *&-2) +)'(/# 4"+4 (4 9&-0) 8# ,&&0(*" 4& (32&%#6
=())#2* _P]]Qa: +* 2&4#) 8#,&%#: %#,#%* 4& *-/" 4%+)(4(&2+0 ,(3-%#* +*
g3-+%)(+2*c: $#&$0# 9"& )(*$#2*#) + ,&%. &, 9(*)&. 3+(2#) 4"%&-3" 4"#(%
$&*(4(&2 +* 4"# %#$&*(4&%1 &, +00 $+*4 72&90#)3#6 !&)+1: *-/" g#U$#%4*c: +*
4"#1 9&-0) 2& )&-84 8# /+00#): +%# 0#** 0(7#01: (2 =())#2*c* '(#9: 4& 8#
+//&%)#) 4"# 4%-*4 &2/# )-# 4& 4"#.6 W+/#) 9(4" + )('#%*# %+23# &, &$(2(&2*
&2 +0.&*4 +00 .+44#%*: 4"# $-80(/ +4 0+%3# "+* 0#+%24 4& 8# */#$4(/+0 +8&-4
+8*&0-4# g4%-4"*c S +* $#%"+$* 4"# /&24%&'#%*1 &'#% 3#2#4(/+001 #23(2##%#)
,&&)* &% (2)##) 4"+4 &, 3#2#4(/ /0&2(23 (2 3#2#%+0 )#.&2*4%+4#*6 !%-*4: (2
+2 +3# &, 3%&-2)#) */#$4(/(*.: &2 4"(* +//&-24: (* +09+1* %#'(*+80# +2) .+1
8# 9(4")%+92 +* /+*-+001 +* (4 "+* 8##2 8#*4&9#)h $#&$0# .+7# -$ 4"#(%
&92 .(2)*: 8-4 )& *& 81 9#(3"(23 -$ #U$#%4 &$(2(&2 %+4"#% 4"+2 *(.$01
+//#$4(23 (46
`, 4"(* (* *&: "&9#'#%: (4 (* e-*4 +* $0+-*(80# 4& #24#%4+(2 4"# ()#+ 4"+4 4"#
g+-4"&%(4(#*c 9"(/" 4&)+1 "+'# + $0+/# $@"3( 4"# $-80(/ +%# 4"&*# 9"(/"
,%##01 +/72&90#)3# 4"#(% -2/#%4+(241 (2 4"# ,+/# &, *&.#4"(23 +* /&.$0#U +*
4"# /&2*#B-#2/#* &, 3#2# 4#/"2&0&3(#*6 !& )& &4"#%9(*# (* /#%4+(201 4& %(*7
0&*(23 4"# 4%-*4 &, + 0+%3# $+%4 &, $-80(/ &$(2(&2 &'#% 4"# *+,#41 &, *-/"
4#/"2&0&3(#*6 `2 4"+4 *#2*#: (4 (* $&**(80# 4& *## "&9 +-4"&%(41: 2#3&4(+4(&2
+2) $#%*-+*(&2 .+1 $0+1 +/%&** &2# +2&4"#% (2 4"# ,&%.+4(&2 &, 3%&-$
+00(+2/#* )#*(32#) 4& %#+0(d# *"+%#) +(.*: )#*$(4# 4"# 3%&-$*c B-(4# )(,,#%#24
8+/73%&-2)* +2) (24#%#*4*6 D(7# 4"#(% (2*4%-.#24+0 /&-24#%$+%4: *-/"
+%%+23#.#24* +%# 0(7#01 4& )#'#0&$ (2 +2 +) "&/ ,+*"(&2 (2 %#*$&2*# 4&
2#9 )#'#0&$.#24*: +04"&-3" 4"#(% #U(*4#2/# (* $#%"+$* #'#2 .&%# $%#/+%5
(&-* 3('#2 4"# .+21 9(00* +2) &$#2 +3%##.#24* 4"+4 .+1 8# (2'&0'#)6

2EI\X FN FH? S%XFE_? +_F?\?

:GZ

T2/# 9# 8#3(2 4& 4"(27 &, $&9#% (2 4"(* 9+1: +* )(*4(2/4('# (2 (4* .&)+0
/&.$&*(4(&2: 9# /+2 8#3(2 4& *## 9"1 1+$/ (* #U#%/(*#) (* &, *-/" /%-/(+0
*(32(,(/+2/#6 !& %#/&32(d# 4"+4 $&9#% +2) (4* #,,#/4* +%# 2&4 %#)-/(80# 4& +21
2-.8#% &, (2)('()-+0(*4(/ $%+/4(/#* +2) 4#/"2(B-#*: /&00+8&%+4('# &% 2&4: (*
4& "&0) &2 4& 4"# -2)#%*4+2)(23 4"+4 4"#%# (* *&.#4"(23 (2 +2) &, (4*#0, 4&
)&.(2+4(&2: &% 4& +-4"&%(41: &% 4& $#%*-+*(&2 &% 4& +21 &4"#% *-/" .&)+0
,&%.6 !& 4"(27 &4"#%9(*# (* 4& .(** 4"# /&.$0#U (24#%$0+1 &, ,&%/#* 9"(/"
3('# +2 #'#24 0(7# 4"# /&24%&'#%*1 &'#% 3#2#4(/+001 .&)(,(#) ,&&)* (2 4"# >?
(4* $+%4(/-0+%(41 +* + /&.$&*#) $&9#% $0+1 _-2*/%($4#): &, /&-%*#a6

K(()>'&@&>$# "- ."/&(


G-/" &, 4"(* /"+$4#% "+* 8##2 &, + 3%&-2)5/0#+%(23 2+4-%#: 0+1(23 4"#
,&-2)+4(&2* ,&% $&9#%c* 4&$&0&3(/+0 B-+0(4(#* 4& 8# 8-(04 -$ &'#% 4"# 2#U4
49& /"+$4#%*6 ;&.# %#+)#%* .+1 "+'# +0%#+)1 /&2'(2/#) 4"#.*#0'#* 4"+4 +
/&2/#%2 9(4" *-/" 4%+)(4(&2+0(*4* +* [#8#% +2) @%#2)4 (* +2 -22#/#**+%1
)('#%*(&2: (, 2&4 + 9+*4# &, 4(.# 4"#2 + %+4"#% $%&*+(/ +44#.$4 4& *#4 &-4 4"#
2+4-%# &, $&9#% 8#,&%# .&'(23 &2 4& 4"# .&%# (24#%#*4(23 "(3"#% 3%&-2)6
["1 2&4 $(/7 -$ ,%&. 9"#%# 4"# /"+$4#% *4+%4#) &2 4"# 2#/#**+%1 *$+4(+0(41
&, $&9#% +2) 3& *4%+(3"4 4& + .&%# 2-+2/#) 4&$&0&31 &, $&9#%k
[#00: (4 9&-0) "+'# 8##2 $&**(80# 4& )& *&: 8-4 ` 4"(27 4"+4 4"#%# 9&-0)
"+'# 8##2 /#%4+(2 %(*7* +44+/"#)h %(*7* 4"+4 /&-0) )#,#+4 4"# #'#24-+0 +(. &,
4"# #U#%/(*#: 9"(/" (* 4& *"&9 4"# )(,,#%#2/# 4"+4 *$+4(+0(41 .+7#* 4& 4"#
9&%7(23* &, $&9#%6 W&% -20#** 9# -2)#%*4+2): ,(%*4: 4"+4 $&9#% (* + 4*'-,6,7(2) &, *&/(+0 %#0+4(&2*"($: 2&4 + 3#2#%+0 &% -8(B-(4&-* &2#: .-/" &, 9"+4
,&00&9* &2 4"(27(23 4"%&-3" 4"# #,,#/4* &, $&9#% *$+4(+001 9&-0) 8# &, *-/" +
8%&+) 2+4-%# +* 4& 8# 0(440# .&%# 4"+2 .#+2(230#**6 `2 4"+4 *#2*#: +2 &0)5
,+*"(&2#) /&2/#%2 9(4" 4"# )(,,#%#24 .&)+0(4(#* 4"%&-3" 9"(/" $&9#% (*
#U#%/(*#) (*: (2 .1 '(#9: /%-/(+0 (, 9# +%# 4& +'&() +21 $%#/&2/#('#) 2&4(&2*
4"+4 $&9#% +* + 7(2) &, (2)(*/%(.(2+4# *-8*4+2/# (* +00 +%&-2) -* +2) 9&%7*
(4*#0, &-4 %+4"#% *4%+(3"4,&%9+%)01 (2 (..+2#24 ,+*"(&26 `2 $+%4(/-0+%: +2
-2)#%*4+2)(23 &, 4"# )(,,#%#24 .&)+0(4(#* &, $&9#%: +2) 9"+4 (* )(*4(2/4('#
+8&-4 4"#.: %#*(*4* 4"# *(.$0# #B-+4(&2 4"+4 $&9#% #B-+0* %#*&-%/#*6
E+'(23 *+() 4"+4: (4 (* #B-+001 (.$&%4+24 4& $%#*#%'# 4"# *#2*# (2 9"(/"
%#*&-%/#* &, 9"+4#'#% 7(2): *#440#) &% &4"#%9(*#: +%# $+%4 &, +21 +%%+23#5
.#24 &, $&9#%6
!"# 7(2) &, 0&&*#: +%4(/-0+4#) +%%+23#.#24* 4"+4 ` "+'# (2 .(2) +%# (2
.+21 9+1* + 4#*4+.#24 4& 4"# ,+00(80# $&0(4(/* &, +3#2/1 (2'&0'#)6 T$#2 +2)
$%&'(*(&2+0 (2 &-4/&.#: 4"# #,,#/4* &, *-/" +%%+23#.#24*: 0#*4 (4 8# ,&%3&44#2:
+%# ,%#B-#2401 $0+1#) &-4 (2 +%#2+* 9"#%# 4"# -2#B-+0 )(*4%(8-4(&2 &,
%#*&-%/#* (* #'()#24 4& +00 /&2/#%2#)6 ["(0# 2&4"(23 (* $%#)#4#%.(2#):
9"#4"#% (4 8# + /&2,%&24+4(&2 &2 4"# 3#&$&0(4(/+0 *4+3# 8#49##2 -2#B-+0

:GP

2EI\X FN FH? S%XFE_? +_F?\?

$+%4(/($+24* &% 4"# (24#%$0+1 &, ,&%/#* 9(4"(2 + 9#0,+%# &,,(/#%c* 9+(4(23 %&&.:
(4 9&-0) 8# 2+qY'# &, .# 4& (32&%# 4"# ,+/4 4"+4 %#*&-%/#* &,4#2 )& /&-246 !"#1
/+2 +2) )& .+7# + )(,,#%#2/# 4& 4"# &-4/&.# &, +21 +%%+23#.#24 &, $&9#%6
J-4: +2) 4"(* (* 4"# (.$&%4+24 $&(24: 9# /+22&4 +2) *"&-0) 2&4 g%#+) &,,c 4"#
#U#%/(*# &, $&9#% ,%&. 4"# %#*&-%/#* +'+(0+80#6 `, 9# )&: 9# ,+00 (24& 4"# +00
4&& #+*1 +**-.$4(&2 4"+4 *(d# .+44#%*: .+%*"+00#) /+$+8(0(4(#* +%# +00: +2)
$&9#% (* +.+**#) &2 *-/" + */+0# 4"+4 &$$&*(4(&2 (* ,-4(0#6 !"#*# +%# .(*0#+)5
(23 +**-.$4(&2* 9"(/" &8*/-%# %+4"#% 4"+2 %#'#+0 4"# 9&%7(23 &, $&9#% 4&
-*: (2 9"+4#'#% *#44(23 &% $0+/# 9# "+$$#2 4& ,(2) &-%*#0'#*6
!& +*7 9"+4 $&9#% (* +2) "&9 *-/" +%%+23#.#24* 9&%7 (* 4"-* "&$#,-001
4& %#'#+0 *&.#4"(23 &, 4"# 2+4-%# &, 9"+4 9# ,+/# &% 9"+4 9# "+'# 4&
2#3&4(+4# 9"#2 /&2,%&24#) 81 ,&%/#* 8#24 &2 #%&)(23 /"&(/# &% .+2($-0+45
(23 &-4/&.#* &% *4%('(23 4&9+%)* .&%# .-4-+0 #2)*6 `2 4"+4 *#2*#: 4"# 4+*7
&, 4"(* /"+$4#%: +* (2)(/+4#) +4 4"# 8#3(22(23: "+* 8##2 4& 4-%2 4& 2#9
$-%$&*#* /#%4+(2 $%#'(&-* 4"(27(23 &2 $&9#% +2) *$+/#: &% %+4"#% 4& (2(4(+4#
4"+4 $%&/#**6 `, 9# "+'# .+)# $&*(4('# -*# &, W&-/+-04c* 4"(27(23 +8&-4
$&9#% +* + %#0+4(&2+0 #,,#/4 /&#U4#2*('# 9(4" (4* ,(#0) &, *4-)1: 1#4 4-%2#) (4
(24& *&.#4"(23 0#** 2&.(2+0(*4(/ (2 (4* *4+2/# +2) .#+2(23: ` 2&9 9(*" 4&
*"&9 $%#/(*#01 "&9 3#&3%+$"1 (* (24#3%+0 4& $&9#%c* .&)# &, &$#%+4(&26 `2
*"&%4: ` 9+24 4& )#.&2*4%+4# "&9 *$+4(+0(41 .+7#* + )(,,#%#2/# 4& 4"# #,,#/4*
4"+4 $&9#% /+2 "+'# (2 + 4&$&0&31 9(4" +2 -2,+.(0(+% 1#4 4%+)(4(&2+0 49(*46

2-"W040*B .$6 X'.5#8 I'-' *#'-'


2"3'-) .* . C0)*.$5' ='1"-' (.*"@-Y

`2 4%-4": 4"# B-#*4(&2 (* *&.#9"+4 4&23-#5(25/"##7: + )(%#/4 %#,#%#2/# 4&


J%-2& D+4&-%c* _P]RR: P]]]+a +%3-.#24 4"+4 .(/%&8#* )() 2&4 #U(*4 8#,&%#
D&-(* \+*4#-% %#2)#%#) 4"#. g'(*(80#c: +04"&-3" (4 (* 2&4 9(4"&-4 *#%(&-*
(24#246 !"# ()#+ 4"+4 $&9#% +**-.#* #U4#2*('# %#+/" (24& 4"# 0('#* &, 4"&*#
2&4 $%#*#24 &% )%+9* )(*4+24 &4"#%* /0&*#% (24& (4* +.8(4 (* 2&4 &2# 9#
*"&-0) 8# /&.$0+/#24 +8&-46 @,4#% +00: 1&- $%&8+801 72&9 9"+4 (4 .#+2*
4& "+'# ,&-2) 1&-%*#0, )&(23 *&.#4"(23 9"(/" 1&- )() 2&4 %#+001 *#4 &-4 &%
9+24 4& )&: +04"&-3" 1&- /+22&4 B-(4# %#.#.8#% 9"1: &% (2)##) (, +21&2#
#'#% 4&0) 1&- 4& )& *&6 K&2# 4"# 0#**: 4"# #U$#%(#2/# &, (.$&*(4(&2: &, 2&4
8#(23 #24(%#01 (2 /&24%&0 &, 1&-% &92 +/4(&2*: (* %#+0 #2&-3"6
!& 4"+4 #2): D+4&-% 9+* 7##2 4& %#2)#% g'(*(80#c 9"+4 (* (2'&0'#) #U+/401
(2 4"# (.$&*(4(&2 &, *-/" /&2*4%+(24* ,%&. +,+%6 `2 $+%4(/-0+%: "# 9+* #+3#%
4& *"&9 4"+4 (4 9+* $&**(80# 4& )&.(2+4# &4"#%* +4 + )(*4+2/# 4"%&-3" 4"#
.&8(0(d+4(&2 +2) 4%+2*0+4(&2 &, 9"+4 "# %#,#%%#) 4& +* g/(%/-0+4(23 4%+/#*ch
4"+4 (*: '(%4-+001 +21 #0#.#24: #24(41 &% $(#/# &, )&/-.#24+4(&2 4"+4 /+2 8#
(2*/%(8#) &% %#5$%#*#24#) (2 *&.# 9+1 *& +* 4& "&0) 4"# .&8(0# 9&%0) g&-4
4"#%#c /&2*4+246 T2 4"(* '(#9: +* 9# *"+00 *##: 4"# +8(0(41 4& *4+8(0(d# $&9#%
%#0+4(&2* +4 + )(*4+2/# %#*4* -$&2 4"# 9&%7 &, 4%+2*0+4(&2: (2 $+%4(/-0+% 4"#
(2*/%($4(&2 &, + $+%4(/-0+% 9+1 &, )&(23 4"(23* *& 4"+4 (4* 8+*(/ .#**+3#
%#.+(2* 4"# *+.# %#3+%)0#** &, 9"#4"#% 4"&*# (2'&0'#) +%# 2#+% &% ,+%6 !"-*
4"# .&'#.#24 8+/7 +2) ,&%4": 4"# *-//#**('# 4%+2*0+4(&2 &, 4"# 9&%0) g&-4
4"#%#c 4&9+%)* 4"# g/#24%#c +2) (4* 4%+2*0+4(&2 8+/7: +* D+4&-% 9&-0) "+'# (4:
(* 4"&-3"4 4& 8%()3# 4"# 3+$ 8#49##2 "#%# +2) 4"#%#6 [# +%# 8%&-3"4 4&
&%)#% 4"%&-3" + $%&/#** &, /&22#/4(23: +2) 4"# ,+%5&,, (* 2& 0&23#% B-(4# +*
%#.&4#6
`, 9"+4 (* .#+24 81 g,+%5&,,c (* e-*4 +%&-2) 4"# /&%2#% &% +4 4"# &4"#% #2)
&, 4"# /&-24%1: 4"#2 ,#9 9&-0) $%&8+801 )&-84 4"# +8(0(41 &,: *+1: 0#3+0
)#'(/#* 4& "+'# +2 (.$+/4 +4 + )(*4+2/#: #'#2 (, 2&4 +09+1* +* $%&"(8(4('# +*

:M;

2XEaFAFH< %NC X\%7D

(.+3(2#)6 F'#2 *&: 9# *"&-0) *4(00 $%&80#.+4(d# 9"+4 (* .#+24 81 %#+/" (2


4"(* /&24#U4 +2) 9"+4 7(2) &, %#0+4(&2+0 4&$&0&31 (* (2'&0'#)6 `2 ,+/4:
9"#4"#% 4"# $0+/#* /&2/#%2#) (2 4"(* )(*$#%*#) 0+2)*/+$# +%# ,+% +$+%4
,%&. &2# +2&4"#%: /0&*# 81: &% 2#U4 4& #+/" &4"#%: ` 9&-0) *4(00 9+24 4&
#U$0&%# "&9 $&9#% (* .#)(+4#) %#0+4(&2+001A "&9 )&.(2+4(&2: ,&% (2*4+2/#:
.+1 4+7# #,,#/4 4"%&-3" *-//#**('# (24#%+/4(&2* &% #*4+80(*" +2 (..#)(+4#
$%#*#2/# 4"%&-3" %#+054(.# 4#/"2&0&3(#*: &% "&9 *#)-/4(&2 +$$#+%* #,,#/45
('# +4 +%.c* 0#234" 9"#%#+* +-4"&%(41 *##.* .&%# 4#00(23 (2 /0&*# $%&U(.(416
`2 #+/" /+*#: ` 9&-0) 9+24 4& #*4+80(*" /+' A,C')4' ('"()$*+,'4 "6 *"1')T4
*)"B,@,/# $3A )'$-+ +2) #U$0&%# "&9 4"#1 $0+1 +/%&** &2# +2&4"#%: &,4#2 4&
8%(23 4"# ,+%5&,, 9(4"(2 %#+/": 8-4 +0*& 4& .+7# 4"# /0&*#5+45"+2) *##.
*-%$%(*(2301 )(*4+246
!"(* .+1 8# + )(,,#%#24 4&$&0&31 4& 4"# &2# 4"+4 D+4&-% +$$#+%* 4& "+'#
(2 .(2): +04"&-3" .1 B-+%%#0 (* 2&4 9(4" "(* .&%# %#,(2#) *#2*# &, *$+4(+05
(41: +* 9(00 8#/&.# #'()#246 `,: "&9#'#%: +* ` +%3-#) (2 /"+$4#% O: $&9#% (*
+09+1* +0%#+)1 *$+4(+0: 4"#2 9# +%# &80(3#) 4& 4"(27 4"%&-3" 4"# #,,#/4* &,
$&9#% *$+4(+001: %+4"#% 4"+2 )9#00 -$&2 (4* *$+4(+0 +*$#/4*6 ["+4 ` 9+24 4&
)& (2 4"(* /"+$4#% (* 4& )#'#0&$ + ,-%4"#% *4+3# (2 4"(* +%3-.#24: 81 ,(%*4
4+7(23 4"# )(*4+2/#* 4"+4 D+4&-% *##.* 4& "+'# (2 .(2) +2) $%&80#.+4(d(23
"(* (.$0(#) 2&4(&2 &, *$+4(+0 %#+/"6 @2) 4"#2: 8#/+-*# &, (4* &8'(&-* )#84 4&
D+4&-%: ` 9&%7 4"%&-3" + W&-/+0)(+25(2*$(%#) +//&-24 &, "&9 $&9#%: &%
%+4"#% 3&'#%2.#24: (* *+() 4& &$#%+4# +4 + )(*4+2/#: 4& *"&9 9"1 #U+/401 4"#
+//&-24 .+7#* 0(440# *#2*# -20#** (4 (* %#,(3-%#) 4& 8%(23 &-4 4"# .&)+0
B-+0(4(#* &, $&9#% (2 4#%.* &, 4"#(% $%&U(.(41 +2) %#+/"6 W(2+001: ` *"(,4 4& +
g30&8+0c *#44(23 4& .+7# + $+%+00#0 +%3-.#24 (2 %#0+4(&2 4& 4"&*# 9"& %#.+(2
#2+.&-%#) &, 4"# *(.-04+2#&-* %#+/": /&24%&0 +2) 8-dd &, #0#/4%&2(/
2#49&%7* 4& 8%()3# 4"# 3+$ 8#49##2 "#%# +2) 4"#%#6

."/&(# "- 0&)8+


!& 8# ,+(% 4& D+4&-%: "# )&#* $&(24 &-4 4"+4 4"# +8(0(41 4& +/4 +4 + )(*4+2/# 81
)%+9(23 &4"#%* (24& + 2#49&%7 &, /&22#/4(&2* )#*(32#) 4& %#+0(d# 4"# g9(00c
&, 4"&*# "&0)(23 4"# +%%+23#.#24 4&3#4"#% (* 2&4 +09+1* 4& )& 9(4" $&9#%6
@/4(23 +4 + )(*4+2/# &2 $#&$0#: #'#24* +2) 0&/+4(&2* )&#* 2&4 2#/#**+%(01
(2'&0'# %#0+4(&2* &, $&9#%: (2*4%-.#24+0 &% &4"#%9(*#6 @/4(&2* /+2 *(.$01 8#
4"+4A +/4(&2* 9(4" &% 9(4"&-4 /#%4+(2 $-%$&*#* (2 .(2)6 E&9#'#%: 9"+4 (*
-*#,-0 +8&-4 D+4&-%c* ,&%.-0+4(&2 +* 4& "&9 4& %#+/" +/%&** )(*4+2/#* (* 4"+4
(4 )%+9* +44#24(&2 4& 4"# @'A,$/'A +/4(&2 (2'&0'#) (2 *-*4+(2(23 %#0+4(&2*"($*
+4 +%.c* 0#234": 9"#%# 4"# 4(#* 4"+4 8(2) +%# 8&4" .&8(0# +2) &$#2 4&
%#(24#%$%#4+4(&26 `,: ,&% .-/" &, 4"# +2+01*(*: 4"# 2&4(&2 &, $&9#% #24#%5
4+(2#) (*: +%3-+801: %+4"#% +2+#.(/: 4"+4 )&#* 2&4 )#4%+/4 ,%&. 4"# ,&%/# &,
4"# +%3-.#24 4"+4 2&4"(23: 0#+*4 &, +00 $&9#%: .#%#01 4%+'#0* &% %+)(+4#* &-4

2XEaFAFH< %NC X\%7D

:M:

(24+/4 ,%&. + /#24%+0 0&/+4(&2 4& $%&)-/# + $%#)#4#%.(2#) #,,#/4 #0*#9"#%#


&2 4"# 2#49&%7#) 0+2)*/+$#6
`2 &2# *#2*#: D+4&-% _P]Rb: P]RZ: P]]]+a "+* "#0$#) 4& %#2)#% '(*(80#
*&.#4"(23 &, 9"+4 (* (2'&0'#) (2 #*4+80(*"(23 +2) .+(24+(2(23 &%)#%#) 0(2#*
&, /&2)-/4 +4 + )(*4+2/#6 !"(* (2 (4*#0, (* + 7(2) &, #U$0+2+4&%1 0#+$:
+04"&-3" +* 9# *"+00 *##: 9"#%# $&9#% %#0+4(&2*"($* +%# #U$0(/(401 (2'&0'#):
4"# #2*-(23 +%%+23#.#24* "# )#*/%(8#* +%# *-%$%(*(2301 %(3() +2) /0&*#)6
G&%# 4& 4"# $&(24: (4 (* &201 &2# )#*/%($4(&2 &, "&9 )(*4+2/#* .+1 8#
&'#%/&.# &% "&9 $&9#% (* +80# 4& %#+/" &-4 4& #2.#*" 4"&*# (2 )(*$#%*#)
0&/+4(&2*6 `,: +* (2 .+21 + $+*4 /&0&2(+0 +%%+23#.#24 &, $&9#%: )(*4+2/#*
9#%# &'#%/&.# (2 D+4&-%50(7# ,+*"(&2: +* + 45--'44,"3 &, .#)(+4#) %#0+4(&25
*"($*: #+/": 4& +/72&90#)3# W&-/+-04: 9(4" (4* &92 *$+/(23 +2) 4(.(23: (2
/&24%+*4: 4"# %#+/" &, $&9#% (2 + '+%(#41 &, /&24#.$&%+%1 #0#/4%&2(/ *#44(23*
.(3"4 8# e-*4 +* 0(7#01 4& 8# /"+%+/4#%(d#) 81 (4* 4,@5%/$3',/#6 <+4"#% 4"+2
&'#%/&.# )(*4+2/# 81 4%+'#%*(23 (4: 4"# 3+$ 8#49##2 "#%# +2) 4"#%# .+1 +0*&
8# 8%()3#) 81 /&.$%#**(23 *$+/# 81 4(.#6 C(*4+2/#: &2 4"(* +//&-24: (*
.#+*-%#) .&%# 81 4(.# 4"+2 7(0&.#4%#* +2) 8%(23* 9(4" (4 4"# #U$#%(#2/# &,
+ .&%# (..#)(+4# /&22#/4(&2 4& 4"&*# +8*#24 g#0*#9"#%#c6
J#,&%# 9# /&2*()#% 4"# $&**(8(0(4(#* (2'&0'#): 2&4 +00 &, 9"(/" +%# %#/#24
81 +21 .#+2*: (4 (* $#%"+$* 8#*4 4& ,&00&9 4"%&-3": ,(%*4: $%#/(*#01 9"+4 (*
#24+(0#) 81 4"# ()#+ &, $&9#%c* *-//#**('# %#+/"6

I+$)%01 -'( 4+,$) 5- 5,/J& $(01-' K K K


W&% D+4&-%: 4"# +8(0(41 4& "&0) 4"# .&8(0# 9&%0) /&2*4+24 9"#2 .-/" &,
9"+4 (* g&-4 4"#%#c (* +8*#24 &% ,+% +9+1 ,%&. 4"&*# *##7(23 4& &%)#% (4 /&.#*
)&92 4& +2 +8(0(41: +* .#24(&2#) 8#,&%#: 4& .&8(0(d# +2) 4%+2*0+4# 4"#
g9&%0)*c &, &4"#%*6 !"# +8(0(41 4& )%+9 &4"#%* (24& + $+%4(/-0+% /&0&2(+0
+%%+23#.#24: ,&% (2*4+2/#: +2) 4"#2 4& &%)#% 4"#(% 0('#*: (2 4"#*# 4#%.*:
9&-0) "+'# (2'&0'#): +* D+4&-% (24%(3-(2301 $&(24* &-4: g*&.#"&9 8%(23(23
"&.# 4"#*# #'#24*: $0+/#* +2) $#&$0#c _P]RZA LLNa6 !"# ()#+ 4"+4 4"#
J%(4(*" 8+/7 (2 4"# #(3"4##24" +2) 2(2#4##24" /#24-%(#* g8%&-3"4 "&.#c
$+%4* &, @,%(/+: @-*4%+0+*(+ +2) `2)(+ 4& D&2)&2 +* 4"# (.$#%(+0 /#24%#: &%
4"+4 4"# \&%4-3-#*# +2) 4"# ;$+2(*" )() 0(7#9(*# (2 4"# ,(,4##24" +2)
*(U4##24" /#24-%(#* 4& .-/" &, 4"# gK#9 [&%0)c: (* 2&4 +* &)) +* (4 .+1 +4
,(%*4 +$$#+%: "&9#'#%6
G+21 4"(23*: +* 9#00 +* $#&$0#: 9#%# .+)# 4& /(%/-0+4#: 9"#2 1&/&2*()#% 4"# /(%/-.*4+2/#* -2)#% 9"(/" 4"# /&0&2(+0 ,&%+1* 4&&7 $0+/#6
T8'(&-*01 4"#%# (* 4"# 4%+)# (2 "-.+2 0('#*: 8-4 9"+4 D+4&-% "+* (2 .(2)
+%# +00 4"# &8e#/4* /&00#/4#): &8*#%'+4(&2* .+)# +2) /+0/-0+4(&2* $#%,&%.#)
81 4"# /&0&2(+0 8&)(#*: 9"(/": 4"%&-3" 4"#(% */(#24(,(/ #U$#)(4(&2*: /+%4&5
3%+$"(/ $0&44(23* +2) 4+U&2&.(/ d#+0: 9#%# %#2)#%#) ,0-() +2) .&8(0#6 `2

:MG

2XEaFAFH< %NC X\%7D

%#+/"(23 &-4 +/%&** )(*4+2/#* (2 4"(* 9+1: 4"# .&8(0(d+4(&2 &, +%4#,+/4*: 4"#
3+4"#%(23 &, (2,&%.+4(&2: +2) 4"# %#/&%)(23 +2) /"+%4(23 &, +8*#24 9&%0)*
8#/+.# 4"# .#+2* 4"%&-3" 9"(/" +).(2(*4%+4&%*: */(#24(*4* +2) $&0(4(/(+2*
g8+/7 "&.#c #U4#2)#) &% (.$&*#) 2&4 e-*4 4"#(% -2)#%*4+2)(23 &2 )(*4+24
&4"#%*: 8-4 4"#(% *#2*# &, &%)#% 4&&6 T2 4"(* '(#9: +* 0&23 +* 4"# 8-2)0# &,
4"(23* .&8(0(d#) S &8e#/4*: 72&90#)3#*: .+$$(23* +2) *-/" S /&-0) 8#
/&.8(2#) (2 *&.# 9+1 *& +* 4& $%&)-/# + *4+80#: &%)#%#) +%%+23#.#24:
4"#2 4"# /+$+/(41 4& +/4 +4 + )(*4+2/# 9+* ,(%.01 (2 $0+/#6
!"# %#0#'+2/# &, 9"+4 D+4&-% /+00* g(..-4+80# +2) /&.8(2+80# .&8(0#*c
,&% *4+8(0(d(23 4"# 2#49&%7* &, +**&/(+4(&2 9"(/" .+)# $&**(80# 4"# #U#%/(*#
&, $&9#% +4 +%.c* 0#234" (* 81 2& .#+2* %#*4%(/4#) 4& + $+*4 *#4 &, +**&/(5
+4(&2*: "&9#'#%6 D+4&-%c* 3#2#%+0 -2)#%*4+2)(23 +* 4& 9"+4 (4 4+7#* 4&
#U#%/(*# $&9#% +4 + )(*4+2/# (* $%#/(*#01 4"+4A + 3#2#%(/ ,%+.#9&%7 9"(/"
(* +$$0(/+80# 4& +21 2-.8#% &, *(4-+4(&2* 9"#%# $&9#%c* #U4#2*('# %#+/" (* +4
(**-#6 ;4+4(*4(/*: 2-.8#%*: /0+**(,(/+4(&2*: e-)3#.#24*: )%+9(23*: )#*(32*:
%#/&%)*: ,(0#*: (2 ,+/4 +214"(23 4"+4 /+2 8# .&8(0(d#) +2) #.8#))#) (2
2#49&%7* *4%#4/"#) &'#% *$+/# +2) 4(.#: /+2 8# -*#) (2 *&.# 9+1 4&
+).(2(*4#% $#&$0#c* 0('#* +4 + )(*4+2/# S #*$#/(+001: (4 *##.*: (, 4"# 4%+/#
4+7#* + $+$#% ,&%.A
@00 4"#*# &8e#/4* &//-$1 4"# 8#3(22(23 +2) 4"# #2) &, + *(.(0+% +//-.-0+4(&2
/1/0#h 2& .+44#% 9"#4"#% 4"#1 +%# ,+% &% 2#+%: (2,(2(4#01 8(3 &% *.+00: (2,(2(4#01
&0) &% 1&-23: 4"#1 +00 #2) -$ +4 *-/" */+0# 4"+4 + ,#9 .#2 &% 9&.#2 /+2
)&.(2+4# 4"#. 81 *(3"4h +4 &2# $&(24 &% +2&4"#%: 4"#1 +00 4+7# 4"# *"+$# &, +
,0+4 *-%,+/# &, $+$#% 4"+4 /+2 8# +%/"('#): $(22#) &2 + 9+00 +2) /&.8(2#) 9(4"
&4"#%*h 4"#1 +00 "#0$ 4& %#'#%*# 4"# 8+0+2/# &, ,&%/#* 8#49##2 4"&*# 9"& .+*4#%
+2) 4"&*# 9"& +%# .+*4#%#)6 _P]RZA LLZa

!& 3+-3# 4"# *(32(,(/+2/# &, 4"(* $&(24: &2# 2##) &201 4"(27: ,&% #U+.$0#: &,
/#%4+(2 /&24#.$&%+%1 3&'#%2.#24 +3#2/(#* 9"&*# 4+*7 (* 4& +).(2(*4#% +
-2(,&%. *4+2)+%) &, *#%'(/# +/%&** + )('#%*# +2) 9()#*$%#+) $&$-0+4(&26
@/4(23 +4 + )(*4+2/# 4& )#0('#%: *+1: + /#24%+0(d#) *4+2)+%) &, *&/(+0 9#0,+%#
#24+(0* + 9()# %+23# &, (2*/%($4(&2 )#'(/#*: ,%&. *4+4(*4(/+0 +'#%+3#* +2)
*4+2)+%)(d#) +**#**.#24* 4& -2('#%*+0 %-0#* +2) -2'+%1(23 %#3-0+4(&2*: +00
&, 9"(/" +%# 0&)3#) (2 ,(0#* +2) %#/&%)* */+44#%#) +/%&** .-04($0# +-4"&%5
(4(#*: +2) 4%+2*0+4#) 81 ,%&2450(2# &,,(/(+0* 9"& ,(2) 4"#.*#0'#* ,&%/#) 4&
)%+9 -$&2 4"#(% &92 )(*/%#4(&2 (2 .+7(23 e-)3#.#24*6 !"# /#24%+0 8&)(#*
(2 4"(* */#2+%(& +%# *+() 4& .+(24+(2 4"#(% $%#5#.(2#24 $&*(4(&2: "&9#'#%: 81
$0+/(23 4"#.*#0'#* $%#/(*#01 +4 4"# $&(24* 9"#%# #'#%14"(23 4"+4 ,0&9* 8+/7
+2) ,&%4" _%#$&%4*: /&24%+/4*: *#%'(/# +3%##.#24*: +00 7(2)* &, $+$#%9&%7a:
#'#%14"(23 4"+4 (* g"&&7#) -$c 4& 4"# 9#0,+%# 2#49&%7 _'&0-24+%1 &%3+2(d+5
4(&2*: $%('+4# 4%-*4*: /&..#%/(+0 /+%#%*a: "+* 4& $+** 4"%&-3" 4"#. (2 *&.#
*"+$# &% ,&%.6

2XEaFAFH< %NC X\%7D

:MM

`2 *& )&(23: 4"# 9#005$0+/#) 8&)(#* +%# *+() 4& 8# (2 + $&*(4(&2 4& g,(Uc +
/&00#/4('# &%(#24+4(&2 4"%&-3" + /&.$0#U $%&/#** &, /&2*4%-/4#) .#+2(23*
+2) *4%+4#3(#* ,&% .&'(23 ,&%9+%): 9"(/": 4& +00 /&2/#%2#): +$$#+% 4& 8#
(2)(*$#2*+80# +2) (%%#'#%*(80#6 T% +* H+00&2 +2) D+4&-% $-4 (4: + $+%4(/-0+%
/&2,(3-%+4(&2 &, $&9#% (* *4+8(0(d#) 81 4"# #2%&0.#24 &, g&4"#% 9(00* 81
4%+2*0+4(23 9"+4 4"#1 9+24 +2) 81 %#(,1(23 4"(* 4%+2*0+4(&2 (2 *-/" + 9+1
4"+4 2&2# &, 4"#. /+2 )#*(%# +214"(23 #0*# +21 0&23#%c _P]RPA L]ba6
!"# 7#1 4& 4"# *-//#** &, 4"(* 7(2) &, +%%+23#.#24: 4"#2: (4 9&-0) *##.:
(* 4"# +8(0(41 4& g"&&7 -$c &4"#%* 4& 4"# $%&/#** &, /(%/-0+4(&2: 4& )%+9 &4"#%*
(24& 4"# 2#49&%7 &, .#+2(23* (2 *-/" + 9+1 4"+4 (4 #U4#2)* +2) %#$%&)-/#*
(4*#0, 4"%&-3" *$+/# +2) 4(.#6 `2 *&.# "+2)*: 4"# #U#%/(*# +$$#+%* 4& +))
-$ 4& 0(440# .&%# 4"+2 + $%&/#** &, %#*&-%/# .&8(0(d+4(&2 &, 4"# 7(2)
&-40(2#) (2 /"+$4#% O: 9"#%# /&24%&0 &'#% &4"#%* +4 + )(*4+2/# .#%#01
%#$%#*#24* 4"# /+$+/(41 4& .-*4#% /&24+/4*: +%4#,+/4* +2) (2,&%.+4(&2 &,
&2# *&%4 &% +2&4"#% +* + .#+2* 4& #U#%4 $&9#% _*## ,&% #U+.$0#: D+9 P]Rb+:
P]Rb8a6 J1 %#4+(2(23 + /0#+% ,&/-* &2 4%+2*0+4(&2: "&9#'#%: D+4&-% (* +80# 4&
*"&9 "&9 4"# #U4#2*(&2 &, 2#49&%7#) +%%+23#.#24* (2'&0'#* .&%# 4"+2 4"#
.#%# /(%/-0+4(&2 &, %#*&-%/#*h %+4"#% (4 (2'&0'#* + .#)(+4#) 'B')-,4' &,
$&9#%: 9"#%# )(*4+2/#* +%# &'#%/&.# 81 4"# 45--'44,C' #2%&0.#24 &, &4"#%*
4& ,&%. *&.#4"(23 +7(2 4& + *(230# 9(006
`4 (* 2&4: &, /&-%*#: *-33#*4#) 4"+4 #*4+80(*"(23 )&.(2+4(&2 +4 + )(*4+2/#
4"%&-3" 4"# $%&/#** &, #23+3(23: #2%&00(23 +2) &80(3(23 &4"#%* 4& +)"#%# 4&
+ $+%4(/-0+% 0(2# &, +/4(&2 +09+1* %#*-04* (2 + *-//#**,-0 4%+2*0+4(&2 *4%+4#316
J-4 (4 (* 4"&-3"4 $&**(80# 4"+4 4"# .&%# 4"+4 4"# 9&%0) g&-4 4"#%#c (* .+)# 4&
%#*#.80# 4"# 7(2) &, *4+80#: &%)#%#) /&2)(4(&2* $%&)-/#) 9(4"(2 2#49&%7*:
4"# 3%#+4#% 4"# 0(7#0("&&) &, *-//#**6 E&9#'#% 4"(* .+1 8#: (4 *##.* 4& 8#
4+7#2 ,&% 3%+24#) 4"+4 (4 (* $&**(80# 4& %#$0(/+4# *-/" /&24%&00#) /&2)(4(&2*:
3('#2 4"# (..-4+8(0(41 &, 4"# .+21 )#'(/#* (2 /(%/-0+4(&26 \%#*-.+801 (2
4"# /+*# &, /#24%+0(d#) 9#0,+%# $%&'(*(&2: (4 (* 4"# *4+2)+%)(d#) -2(,&%.(41:
4"# 8-%#+-/%+4(/ /&2*4+24*: 9"(/" +%# 4"&-3"4 4& %#$%&)-/# +2 #2'(%&2.#24
9"#%# $#&$0# ,##0 +80# 4& 9%(4# 4"#.*#0'#* (24& 4"# */%($4* &, 4"# /#24%#6 T%
(2 + /&0&2(+0 /&24#U4: (, 4"# /&.8(2+4(&2 9+* %(3"4: (, (4 9+* *&.#"&9
$&**(80# 4& $-4 (24& $0+/# +00 4"# /&2'#2(#24 /"+%4*: 4+80#*: .+$*: $0+2*:
4#U4*: (2*4%-/4(&2*: &%)(2+2/#* +2) .&2(4&%(23 )#'(/#*: +2) 4& .+7# 4"#
+%%+23#.#24 $(/4-%#50(7#: 4"+4 (* %#+)(01 +//#**(80# 4& 4"# (.+3(2+4(&2: 4"#2
*& .-/" 4"# 3%#+4#% 9#%# 4"# /"+2/#* &, #U#%/(*(23 0&235)(*4+2/# /&24%&06
!"# $#%*-+*('#2#** &, 4"(* '(#9 )#$#2)* 2&4 &201 "&9 .-/" &2# 8#0(#'#*
(2 4"# +/4-+0 (..-4+8(0(41 &, 9"+4 /(%/-0+4#* 8#49##2 )(,,#%#24 *#44(23* +4
)(,,#%#24 4(.#* _(* 4"# .#+2(23 &, *-/" #24(4(#* %#+001 *& 0(440# )#$#2)#24 &2
/&24#U4ka: 8-4 +0*& &2 4"# +**-.$4(&2 4"+4 (4 (* $&**(80# 4& %#$0(/+4# 4"%&-3"
4%+2*0+4(&2 *4%+4#3(#* _(2 D+4&-%c* 0+8&%+4&%150(7# ,+*"(&2ka 4"# 7(2) &,
&%)#%#) */"#.+* 8#0&'#) &, 4"&*# g(2 /&24%&0c6 `,: "&9#'#%: 9# 4+7# +
)(,,#%#24 '(#9: 2+.#01 4"+4 .-/" &, 9"+4 (* #U4#2)#) +/%&** + 2#49&%7 (*

:MQ

2XEaFAFH< %NC X\%7D

2&4 %#$0(/+80# (2 +21 *(.$0# 9+1: 4"+4 4"# +%%+23#.#24* +%# .&%# &$#2 4"+2
/0&*#): 0#** /&22#/4#) 4"+2 (* "&$#) ,&%: .&%# $%&2# 4& 0#+7+3#* 4"+2 (*
$%#*-.#): 4"#2 $&9#%c* *-//#**('# %#+/" (* %+4"#% .&%# "(45+2)5.(** 4"+2
/&24%&00(236 g;&.#4"(23 +09+1* #*/+$#*c: +* C#0#-d# +2) =-+44+%( 9&-0)
"+'# (4 _P]RRA LPZa6
T2 4"(* %#/7&2(23: #(4"#% .-/" &, 4"# 9&%0) %#.+(2* &-4*()# &, 2#49&%7*
&, &2# 7(2) &% +2&4"#%: )#*$(4# +44#.$4* 4& *$%#+) 4"# /#%4+(24(#* &, 4"#
g/#24%#c ,-%4"#% &-4: &% 4"# 2#49&%7#) +**&/(+4(&2* +%# 2&4 +* ,+%5%#+/"(23 &%
+* )-%+80# +* (* *&.#4(.#* (.+3(2#)6 ["#4"#% &% 2&4 4"(* (* *& (* "+%) 4&
*+1: 3('#2 4"# /+*#5815/+*# 2+4-%# &, 4"# #'()#2/# &,,#%#) (2 *-$$&%4 &,
$&9#%c* 8#(23 #,,#/4('# +4 + )(*4+2/#6 !"#%# +%#: "&9#'#%: &2# &% 49&
*(32(,(/+24 )&-84* 4& /&2*()#%: 9"(/" $&(24 4& 4"# .&%# #0-*('#: $%&'(*(&2+0
2+4-%# &, $&9#% 9"#2 (4 (* /&2/#('#) +* *&.#4"(23 9"(/" /&2*4(4-4#* (4*#0,
4"%&-3" 4"# *$+/(23 +2) 4(.(23 &, 4"# .#)(+4#) %#0+4(&2*"($* (2'&0'#)6
H"(#, +.&23 4"#*# )&-84* (* 4"# 9#005,&-2)#) &8*#%'+4(&2 4"+4 +21
+44#.$4 4& #U4#2) /&24%&0 &'#% 4"# '+%(#) 0('#* &, .+21 (2)('()-+0*: 9"#4"#%
4"%&-3" 4%+)(4(&2+0 ,&%.* &, )#0#3+4(&2 &% &4"#%9(*#: .+1 8&4" #2"+2/# 4"#
/&24%&0 &, 4"# /#24%# $3A 0#+) 4& (4* )(*4&%4(&2 +2) )(0-4(&26 J+%%1 J+%2#*
_P]RRa "+* )%+92 +44#24(&2 4& 4"(* /&24%+)(/4&%1 )(.#2*(&2 4& $&9#% 9"#%#
(4 (* *-8e#/4 4& #U4#2*(&26 @2 #0#.#24 &, )(*/%#4(&2: "# +%3-#*: (* 8-(04 (24&
4"# '#%1 #U#%/(*# &, $&9#%A &2/# +-4"&%(41 (* )#'&0'#): )#0#3+4#* +%#
#.$&9#%#) +2) +80# 4& .+7# (2)#$#2)#24 -*# &, 4"#(% 2#95,&-2) /+$+8(05
(4(#*6 !"# )(*$#%*+0 &, _$&*(4(&2* &,a +-4"&%(41 (2 4"(* .+22#% 4"-* &$#2* -$
+ 3%#+4#% $&**(8(0(41 ,&% +.8(3-(41 (2 4"# *-$#%'(*&%1 $%&/#** +2) %+(*#* 4"#
$%&*$#/4 &, )(*$0+/#.#24 +2) %#(24#%$%#4+4(&26
;#/&2): +2) (2 + %#0+4#) 9+1: 4"# 9()#% 4"# )(*$#%*+0 &, $&9#%: 4"# .&%#
&$$&%4-2(41 4"#%# (* +4 4"# .+21 $&(24* &, (24#%*#/4(&2 9(4" &4"#% 8&)(#* ,&%
+3#24* 4& .&8(0(d# &4"#% %#*&-%/#*: &4"#% *#4* &, (24#%#*4*: +2) 4& *"(,4 4"# 0(2#
&, )(*/%#4(&2+%1 e-)3#.#24 (2 -2+24(/($+4#) +2) -2,&%#*##2 9+1*: &% #'#2
8%#+7 9(4" (46 !"(* $&**(8(0(41 9+* %#.+%7#) -$&2 (2 4"# )(*/-**(&2 &,
)(*$#%*#) 4#/"2(B-#* &, 3&'#%2.#24 (2 /"+$4#% Q: ,&% #U+.$0#6 ["(0# 4"#%#
(* 2& 2#/#**+%1 %#+*&2 9"1 4"# /"+(2 &, .#+2(23 *"&-0) *"(,4 )#/()#)01 ,%&.
4"+4 $%&)-/#) +4 4"# g/#24%#c &, + 2#49&%7: 4"# 0+%3#% 4"# 2-.8#% &, &-4*()#
(24#%#*4* 4& 2#3&4(+4#: 4"# .&%# '+%(#) 4"# .(U &, %#*&-%/#*: 4"# 3%#+4#% (* 4"#
$&4#24(+0 ,&% 4"# )(*%-$4(&2 +2) )(0-4(&2 &, +21 ,+%5%#+/"(23 g/#%4+(24(#*c6
T2 8&4" 4"#*# /&-24*: 4"#2: &2# 2##)* 4& 8# /+-4(&-* +8&-4 /0+(.* 9"(/"
*$#+7 +8&-4 4"# ,#+*(8(0(41 &, )&.(2+4(&2 +4 + )(*4+2/# 8+*#) -$&2 4"#
%#$0(/+4(&2 +2) )-%+8(0(41 &, .#)(+4#) +%%+23#.#24*6 `, 9# 0#+'# +*()# +00
4+07 &, 4"# g0&** &, $&9#%c 4"+4 (* *+() 4& +//&.$+21 )(*$#%*+0 +2) /&2/#25
4%+4# (2*4#+) &2 4"# )#3%## 4& 9"(/" $#&$0# +2) $0+/#* %#+001 +%# g"&&7#)
-$c 4& #U4#2)#) 2#49&%7*: 4"#2 $#%"+$* (4 (* 2&4 *& .-/" )(*4+2/# 9"(/"
$%&80#.+4(d#* 4"# %#+/" &, $&9#% +* 4"# *#%(#* &, .#)(+4#) %#0+4(&2*"($*
4"%&-3" 9"(/" $&9#% (* *-//#**('#01 /&.$&*#) +2) %#/&.$&*#)6

2XEaFAFH< %NC X\%7D

:ML

E+'(23 *+() 4"+4: + *-//#**(&2 &, .#)(+4#) %#0+4(&2*"($* 4"%&-3" 9"(/"


+%.c*50#234" /&24%&0 .+1 8# .&%# &% 0#** *-*4+(2#) &'#% 4(.# (* 2&4 4"# &201
9+1 4"+4 )(*4+2/# .+1 8# &'#%/&.#6 `2*4#+) &, /)$C')4,3( 4"# 3+$ 8#49##2
"#%# +2) 4"#%# &2 +2 (2/%#.#24+0 8+*(*: 4"# +04#%2+4('# (* 4& A,44"%C' (4 81
#*4+80(*"(23 2#+% (2*4+24+2#&-* %#+/"6

K K K +, )%&&+$A%01 -'( :5,L+:: %0-+ -'( .$+&(L#6


`2 + 4"&-3"4,-0 $(#/# &2 4"# /"+23(23 %#0+4(&2* 8#49##2 $%#*#2/# +2)
+8*#2/# +* 4"# )(%#/4 &-4/&.# &, + /&..-2(/+4(&2* *"(,4 (2 4"# [#*4:
<&8 ;"(#0)* _P]]La /&2/0-)#) 4"+4 (4 9+* 2& 0&23#% $&**(80# 4& 4"(27 &,
*&/(+0 $%&U(.(41 +* *&.#4"(23 9"(/" +09+1* /&(2/()#* 9(4" *$+4(+0 $%&U(.5
(416 `2 4"(*: "# 9+* +44#.$4(23 4& -2$(/7 4"# 2+4-%# &, $%#*#2/# (2 /&24#.5
$&%+%1 *(4-+4(&2* +2) )%+9 +44#24(&2 4& 4"# ,+/4 4"+4 4"# )(*4+24 9&%0) &,:
*+1: 4"# ,+%5&,, )#+0(23 %&&.* &, *&.# K&%4" @.#%(/+2 ,(2+2/(+0 4%+)(23
"&-*# &% 4"# *##.(2301 %#.&4# *##) .+%7#4* (2 4"# $&&%#% #/&2&.(#* +%#
2&9 .&%# &% 0#** *)'4'3/ (2 4"# "#%# +2) 2&9 &, 4"# 9#*4#%2 #/&2&.(/
g$&9#%"&-*#*c6
`2 0&4* &, 9+1*: 4"(* )(**&0-4(&2 &, 4"# ,+%5&,,: 4"# 0(,4(23 &-4 &, *&/(+0
%#0+4(&2* ,%&. &2# /&24#U4 4& +2&4"#%: +* =())#2* _P]]Ma )#*/%(8#* 4"#
$%&/#**: "+* 0&23 8##2 +%&-2)6 ;4#$"#2 ?#%2 _P]RNa: +.&23 &4"#%*: "+*
)&/-.#24#) 4"(* (2: ,&% (2*4+2/#: "(* &8*#%'+4(&2* &2 4"# +04#%#) *#2*# &, 4"#
g$%#*#24c 9"(/" +//&.$+2(#) 4"# *"(,4* (2 2#9* /&..-2(/+4(&2 4#/"2&0&5
3(#* +4 4"# #2) &, 4"# 2(2#4##24" /#24-%16 K&4 &201 )() 4"# *#2*# &, 4"#
$%#*#24 g4"(/7#2c ,&% .+21 (2 F-%&$# +4 4"+4 4(.# +* 4"#(% (.+3(2+4(&2* 9#%#
*4%#4/"#) 4& #2/&.$+** .&%# 4"+2 4"# 0&/+0 #'#24: (4 +0*& g#U$+2)#) *$+4(+001
4& /%#+4# 4"# '+*4: *"+%#) #U$#%(#2/# &, *(.-04+2#(41c _P]RNA NPQa +* .&%#
+2) .&%# #'#24* +%&-2) 4"# 9&%0) 9#%# )%+92 (24& 4"# g2&9c &, #'#%1)+1
#U$#%(#2/#6 @2) (, (4 (* '+0() 4& $&(24 &-4 4"+4 )(*4+2/#* 9#%# )(**&0'(23 +4
4"+4 4(.# +* + %#*-04 &, %+$() 4%+2*,&%.+4(&2* (2 4%+2*$&%4 +2) /&..-2(5
/+4(&2* 4#/"2&0&3(#*: .+21 9&-0) 2&9 +%3-# 4"+4 4"# .#)(+4#) *(.-04+2#(41
3#2#%+4#) 81 /&24#.$&%+%1 4#/"2&0&3(#* "+* "#(3"4#2#) 1#4 ,-%4"#% 4"#
*#2*# &, (..#)(+/1 4"%&-3" 9"(/" 9# #U$#%(#2/# g#0*#9"#%#c6
J# 4"+4 +* (4 .+1: (4 (* /#%4+(201 2&4 2#/#**+%1 4& #2)&%*# 4"# &'#%*(.$0(*4(/
+2) &,4#2 %#)-/4(&2(*4 '(*(&2* *&.#4(.#* +44+/"#) 4& *$+/#5*"%(27(23 4#/"5
2&0&3(#* 4& +/72&90#)3# 4"+4 4"# *$+4(+0 )('(*(&2 &, 2#+% +2) ,+% "+* 0&*4 *&.#
&, (4* $&(32+2/1 +* + %#*-04 &, 4"# *$##)5-$ (2 /&..-2(/+4(&2*6 ["(/": &,
/&-%*#: %+(*#* 4"# $%&*$#/4 4"+4 ,+%5&,, $0+/#* +2) #'#24* .+1 8# g8%&-3"4
"&.#c (2*4+24+2#&-*01 81 4"# /&.$%#**(&2 &, *$+/# 81 4(.#: %+4"#% 4"+2
4"%&-3" +2 #U4#2)#) /(%/-(4 &, (2/%#.#24+0 +/4(&2* +4 + )(*4+2/#6 `, 4& %#+/"
&-4 *-//#**('#01 +4 +%.c* 0#234" (* &2# 9+1 &, #U#%/(*(23 $&9#% +/%&** *$+/#:
)%+9(23 &4"#%* 9(4"(2 /0&*# %#+/" 4"%&-3" 2#+% (2*4+24+2#&-* ,&%.* &,

:MR

2XEaFAFH< %NC X\%7D

/&..-2(/+4(&2* %#$%#*#24* +2 +04#%2+4('# .#+2* 4& "&0) 4"# .&8(0# 9&%0)


g&-4 4"#%#c /&2*4+246
`2)##): .-/" "+* 8##2 .+)# &, 4"# +8(0(41 &, 4"# 2#9 4#0#/&..-2(/+5
4(&2 +2) .#)(+ 4#/"2&0&3(#* 4& (24#%'#2# +2) *"+$# 4"# 0('#* &, 4"&*# +8*#24
(2 *$+/# +2) 4(.#6 ["+4 9#%# &2/# /&2/#('#) +* 4"# g)(*4+24 $&9#%*c &, 8(3
$&0(4(/+0 +2) #/&2&.(/ +-4"&%(4(#* +4 8&4" 4"# 2+4(&2+0 +2) (24#%2+4(&2+0
0#'#0 +%# 2&9: (4 9&-0) *##.: /+$+80# &, +0.&*4 *(.-04+2#&-* #,,#/4 +4 #'#2
3%#+4#% )(*4+2/#*6 K&49(4"*4+2)(23 4"# 4#2)#2/1 4& #U+33#%+4# 4"# #,,#/45
('#2#** &, 4"# .#)(-.* (2'&0'#): +* 9(4" 4"# )#0#3+4(&2 +2) )(*4%(8-4(&2 &,
_$&*(4(&2* &, a $&9#%: 4"# (..#)(+/1 8%&-3"4 +8&-4 81 *$##) +2) .&8(0(41
.+1 8&4" #2"+2/# 4"# )(%#/42#** &, $&9#% $3A 0#+) 4& (4* )(0-4(&26
T2 4"# &2# "+2): 4"# 2#9 +2) 2&4 *& 2#9 4#/"2&0&3(/+0 .#)(-.*: 81
'(%4-# &, 4"#(% /+$+8(0(4(#* _,&% 4"#1 +%# %#*&-%/# .#)(-.*a 4& %#/+*4 %#0+5
4(&2*"($* &, $%&U(.(41 +2) /&5$%#*#2/#: .+1 #2"+2/# 4"# #U#%/(*# &, $&9#%
81 %#)-/(23 -2/#%4+(241 +**&/(+4#) 9(4" +2 #U4#2*('# 4%+2*0+4(&2 $%&/#**
+2) 4"#%#81 *#%'# 4& 0(.(4 $&**(80# +.8(3-(41 +2) *-%$0-* .#+2(236 T2 4"#
&4"#% "+2): 4"# '#%1 *+.# 4#/"2&0&3(#*: 8#/+-*# 4"#1 +%# )#*(32#) 9(4"
4%+2*.(**(&2 (2 .(2): %(*7 + .&%# *-$#%,(/(+0 +2) (2)#4#%.(2+4# .&)# &,
+$$0(/+4(&26 [(4" (**-#* &, 4%+2*.(**(&2: 4%+2*,#% +2) /&5&%)(2+4(&2 (2 4"#
,&%#3%&-2): 4"# 2+4-%# &, 9"+4 (* /&..-2(/+4#): "&9 (4 (* (24#%$%#4#) +2)
9"+4 (4 +00 +/4-+001 .#+2* .+1 %#/#('# ,+% 0#** &% #'#2 */+24 /&2*()#%+4(&26
J#,&%# 9# /+2 #'+0-+4# 4"# 8+*(* &, 4"(* 4#2*(&2: "&9#'#%: (4 (* -*#,-0 4& 8#
/0#+% +8&-4 4"# 7(2)* &, .#)(+4#) (24#%+/4(&2* 4"+4 +%# -2)#% )(*/-**(&26
\#%"+$* 4"# ,(%*4 4"(23 4& $&(24 &-4 (* 4"+4 4"# /&24%+*4 8#49##2 #U#%/(*(23
$&9#% &'#% *$+/# +2) 4(.# +2) #U#%/(*(23 (4 *12/"%&2(d#) (24& %#+0 4(.# (*
3"/ 4"+4 &2# (* .#)(+4#) +2) 4"# &4"#% 2&46 J&4" 9+1* &, +/4(23 +4 + )(*4+2/#
(2'&0'# .#)(+4#) (24#%+/4(&2h (4 (* e-*4 4"+4 4"# #U$#%(#2/# &, *$+/# +2) 4(.#
(* B-+0(4+4('#01 )(,,#%#24 (2 4"# 49& /+*#*6 ["#%#+* 4"# *-//#**('# #2%&0.#24
&, &4"#%* +4 + )(*4+2/# 9&-0) '#%1 $%&8+801 (2'&0'# + .(U &, $"1*(/+001
$%&U(.+4# +2) )(*4+2/(+4#) /&24+/4*: 4"# *$+/(23 +2) 4(.(23 &, 2#+%
(2*4+24+2#&-* ,&%.* &, /&..-2(/+4(&2 4+7# $0+/# 8#49##2 $#&$0# 9"&
+%# $%#*#24 (2 4(.# &2016 !"#(% *#2*# &, g2&92#**c )&#* 2&4 #24+(0 *$+4(+0
$%&U(.(41h $%#*#2/# (* #U$#%(#2/#) &201 4"%&-3" *&/(+0 $%&U(.(416
`2 2#(4"#% 9+1 &, +/4(23 +4 + )(*4+2/#: "&9#'#%: (* (4 4"# /+*# 4"+4 $&9#%
.#%#01 4%+2*/#2)* *$+/#: +* (, +00 4"# %#0+4(&2*"($* (2'&0'#) +%# 0#** 4+23(80#
4"+2 4"&*# 9"(/" (2'&0'# 4"# 8&)1 0+23-+3# +2) 3#*4-%+0 *1.8&0* &,
/&5$%#*#2/#6 !"+4 .+1 9#00 8# 4"# (.$%#**(&2 3+(2#) 4"%&-3" 4"# 0+23-+3#
4"+4 (* ,%#B-#2401 -*#) 4& )#*/%(8# 4"# ,&%.* &, .&8(0(41 +2) .&'#.#24
(2'&0'#) (2 #U4#2)(23 $&9#%c* %#+/": 8-4 (2 $%+/4(/# $&9#% (* /&2*4(4-4#)
)(%#/401 4"%&-3" /&5$%#*#24 %#0+4(&2* &, +2 #B-+001 4+23(80# 2+4-%#6 `4 (* e-*4
4"+4 4"#1 +%# .#)(+4#) (2 B-+0(4+4('#01 )(,,#%#24 9+1*6 `, +)'+2/#* (2 4#0#5
/&..-2(/+4(&2*: ,&% (2*4+2/#: ,+/(0(4+4# *(.-04+2#&-* #U/"+23# +4 #'#%
3%#+4#% )(*4+2/#*: 4"#2 4"+4 (* 2&4 8#/+-*# $&9#% *##.(2301 .&'#* ,+*4#%h

2XEaFAFH< %NC X\%7D

:MZ

(4 (* 8#/+-*# %#*&-%/#* +%# +'+(0+80# 9"(/" +%# /+$+80# &, $%&)-/(23 )(%#/4
.#)(+4#) +/4(&2 4& 8%()3# 4"# 3+$ 8#49##2 2#+% +2) ,+% (2 %#+0 4(.#6 `2 *&
)&(23: "&9#'#%: 4"# .#)(-. (4*#0, /+2 .+7# + )(,,#%#2/# 4& 9"+4 #,,#/4* 4"#
#U#%/(*# &, $&9#% +4 + )(*4+2/# .+1 +/4-+001 "+'#6
!"+4 (* /#%4+(201 4"# '(#9 &, I&"2 !&.0(2*&2 _P]]]a: 9"& +%3-#* 4"+4
4"#%# (* .&%# 4& (24#%5.#)(+4#) 4#/"2&0&3(#* 4"+2 *(.$01 4"# +8(0(41 4&
)#0('#% /&..-2(/+4(&2* +/%&** 4%+/4* &, *$+/# +2) 4(.#6 `2 "(* '(#9: 4"#
.#+2* &, /&..-2(/+4(&2: 9"#4"#% 4"# 4#0#$"&2#: 4"# /&.$-4#%: 4"# 4#0#'(5
*(&2 &% *&.# &4"#% #0#/4%&2(/ .#)(-.: +%# ,+% ,%&. 8#(23 #.$41 '#**#0*6
<+4"#%: 4"#(% 4#/"2(/+0 0(.(4* +2) .+4#%(+0 ,&%. "&0) $+%4(/-0+% /&2*#5
B-#2/#* ,&% "&9 4"# )(,,#%#24 .#)(-.* +%# -*#) +2) #U$#%(#2/#) *&/(+001
+2): ,&00&9(23 I&"2 !"&.$*&2 _P]]Oa: !&.0(2*&2 (*&0+4#* 4"%## .&)#* &,
/&..-2(/+4(&2: #+/" &2# /"+%+/4#%(d#) 81 (4* &92 )(*4(2/4('# ,&%. &,
(24#%+/4(&26 [(4"&-4 3&(23 (24& )#4+(0: 4"# ,(%*4 %#,#%* 4& )(%#/4: ,+/#54&5
,+/# ,&%.* &, (24#%+/4(&2h 4"# *#/&2) 4& 4"# ,&%.* &, .#)(+4#) 4#/"2(/+0
(24#%+/4(&2 +**&/(+4#) 9(4" 4"# 4#0#$"&2#: 4"# (24#%2#4: #5.+(0: ,+U .&)#.*:
'&(/# .+(0 +2) 0#44#% .+(0h +2) 4"# 4"(%) 4& 4"# &2#5*()#) ,&%.* &, (24#%5
+/4(&2 _(, 4"+4 (* (2)##) 9"+4 4"#1 +%#a ()#24(,(#) 9(4" $%(24: %+)(& +2)
4#0#'(*-+0 8%&+)/+*4(236 F+/" .&)# (* *+() 4& $&**#** /"+%+/4#%(*4(/*
9"(/" *"+$# 4"# 2+4-%# &, 4"# (24#%+/4(&2* (2'&0'#) +2): +04"&-3" "# )&#*
2&4 )%+9 &-4 4"# $&(24: #+/" "+* *&.# 8#+%(23 -$&2 "&9 )(,,#%#24 7(2)* &,
$&9#% %#0+4(&2* .+1 9&%7 4"#.*#0'#* &-4 +4 + )(*4+2/#6
`2 )(*/-**(&2* &, 4"(* 7(2): ,+/#54&5,+/# (24#%+/4(&2 4#2)* 4& ,&%. 4"#
8#2/".+%7 +3+(2*4 9"(/" +00 &4"#% ,&%.* &, .#)(+4#) (24#%+/4(&2 +%#
e-)3#): *&.#4(.#* e-*4(,(+8016 !"&.$*&2 (* 2&4 +0&2#: ,&% (2*4+2/#: (2
$&(24(23 4& 4"# 0+/7 &, /&24#U4-+0 /0-#* +**&/(+4#) 9(4" .+21 ,&%.* &,
#0#/4%&2(/ /&..-2(/+4(&2 _4"# +8*#2/# &, ,+/(+0 #U$%#**(&2 &% '&(/# (24&25
+4(&2: ,&% #U+.$0#a 9"(/" .+1 (2/%#+*# 0#'#0* &, +.8(3-(41 +2) .(*(24#%5
$%#4+4(&26 C#*$(4# 4"#(% #**#24(+001 )(+0&3(/+0 /"+%+/4#%: 4"#%# (*: +* C#(%)%#
J&)#2 +2) E+%'#1 G&0&4/" _P]]Qa "+'# *4%#**#): .-/" 4"+4 /+2 8# &'#%5
0&&7#) &% .(*e-)3#) (2 4#0#$"&2# &% #5.+(0 /&2'#%*+4(&2*: 9"#%# #.&4(&2*
+%# */%##2#) +2) *(2/#%(41 (.$&**(80# 4& 3+-3#6 @ $%#&//-$+4(&2 9(4" 4"#
&%3+2(d+4(&2+0 +2) 4%+2*.(**(&2 /+$+8(0(4(#* &, 4"#*# 4#/"2(/+0 .#)(-.* /+2
0#+) 4& +2 &'#%#*4(.+4(&2 &, 4"#(% #,,#/4('#2#** +2): .&%# (.$&%4+2401: (2
%#0+4(&2 4& (**-#* &, /&24%&0: )#0#3+4(&2 +2) (2*4%-/4(&2: /&2,0+4# 4"#(%
(2*4+00+4(&2 9(4" 4"#(% #,,#/46
@* 9(4" 4"# 2#49&%7* &, 0&235)(*4+2/# 4%+2*.(**(&2 *$&7#2 +8&-4 8#,&%#:
4"#%#,&%#: 4"#%# +%# )&-84* +44+/"#) 4& 4"# #,,#/4('#2#** &, )%+9(23 &4"#%*
9(4"(2 %#+/" 4"%&-3" (2*4+24+2#&-* 4#/"2&0&3(#*6 @2 #0#.#24 &, )(*/%#4(&2
+2) +2 (2)#$#2)#24 -*# &, $&9#% %#.+(2 + /&2*4+24 $&**(8(0(41: +04"&-3"
4"# +'+(0+8(0(41 &, %#+054(.# $%#*#2/# (2 4"# %#0+4(&2*"($* .+1 0(.(4 4"# */&$#
&, 4"(*6 G&%# *(32(,(/+2401: 4"# *#2*# &, $%#*#2/# $%&e#/4#) &2 4& 4"# 2#9
4#/"2&0&3(#* (2 $+%4(/-0+% )&#* 2&4: (2 +2) &, (4*#0,: &'#%/&.# 4"# )(,,(/-04(#*

:MP

2XEaFAFH< %NC X\%7D

&, 0&235)(*4+2/# /&..-2(/+4(&26 @ 9#8 *(4# .+1 %#$%#*#24 + $&(24 &,


$%#*#2/# &2 4"# (24#%2#4: 8-4 (4 2&2# 4"# 0#** %#.+(2* 4"# /+*# 4"+4 4"#
$+/# +4 9"(/" (2,&%.+4(&2 (* *"+%#) (* )#$#2)#24 -$&2 "&9 (4 (* )#/&)#)
+2) (24#%$%#4#): 2&4 -$&2 4"# *$##) +4 9"(/" (4 (* 4%+2*.(44#)6 !"# ,+/4 4"+4
/&..-2(/+4(&2* +%# ,+*4: )(3(4+0 +2) #0#/4%&2(/ )&#* 2&4 /&2,#% 4"# $%&$#%5
4(#* &, *$##) +2) .&8(0(41 &2 4"#(% -*#%* &%: (2)##): 3-+%+24## %+$() /&24%&06
FB-+001: 4"# )#'#0&$.#24 &, 4#0#.+4(/* +2) 8-dd(23 #0#/4%&2(/ *$+/#*
4#00* -* 0(440# +8&-4 4"# )(*$#%*+0 &, $&9#% +8&'# +2) 8#1&2) 4"# ,+/4 4"+4
+ 9()#% +2) 3%#+4#% 2-.8#% &, 0&/+4(&2* .+1 8# 9(4"(2 %#+/"6 W&% *&.#
,&%.* &, *1.8&0(/ #U/"+23#: &2 4"# 9#8 ,&% #U+.$0#: 4"# 2+4-%# &, /&.5
.-2(/+4(&2* .+1 8# 8%&+) +2) (2)#4#%.(2+4#h ,&% &4"#% ,&%.* &, (24#%5
+/4(&2: *-/" +* +44#.$4* 81 /&%$&%+4# "#+)B-+%4#%* 4& #U4#2) 4"#(%
+-4"&%(41 4"%&-3" /&.$+21 (24%+2#4*: 4"# )&.(2+24 $%#*#2/# .+1 8# $%#5
/(*# +2) 4(3"401 ,&/-*#)6 !"# *(.$0# $&(24 (* 4"+4 4"# #,,#/4* &, $&9#% )& 2&4
*4#. ,%&. 4"# 4#/"2&0&3(#* 4"#.*#0'#*h 4"#%# (* 2&4"(23 +8&-4 $&9#% 4"+4
/+2 8# g%#+) &,,c ,%&. 4"# (2*4%-.#24+4(&26 f#4 4"#(% .+4#%(+0 ,&%.* .+1
-2)#% /#%4+(2 /&2)(4(&2* .+7# + )(,,#%#2/# 4& 4"#(% (.$+/46 @* +09+1*: (4
)#$#2)* &2 4"# $&9#% %#0+4(&2*"($* (2'&0'#)6
D(7#9(*# (2 %#0+4(&2 4& 8%&+)/+*4(23 .#)(+ *-/" +* %+)(& +2) 4#0#'(*(&2:
9"#%# 4"#%# +%# 2& #B-('+0#24 $&(24* &, +$$0(/+4(&2: 4"# #,,#/4('# #U#%/(*# &,
$&9#% "+* 0(440# 4& )& 9(4" 4"# )#'#0&$.#24 &, #'#% .&%# *&$"(*4(/+4#)
/-04-%+0 4#/"2&0&3(#*6 ["#%# 8%&+)/+*4(23 )(,,#%* ,%&. 8&4" ,+/#54&5,+/#
+2) 4#0#.#)(+4#) ,&%.* &, (24#%+/4(&2: "&9#'#%: (* 4"+4 (4 (* $%(2/($+001
.&2&0&3(/+0 (2 /"+%+/4#% +2) )(%#/4#) 4&9+%)* + .&%# )('#%*# +2) 9()#5
*$%#+) $&$-0+4(&26 !"# 4#/"2&0&3(#* (2'&0'#): 9"#4"#% 8+*#) &2 $%(24 &%
&2 #0#/4%&2(/ .#)(+: +%# #**#24(+001 .+** .#)(+ 4+%3#4#) +4 3%&-$* 9"& .+1
8# (2)(,,#%#24 4& 4"#(% (24#2)#) #,,#/4*6 @04"&-3" 4"# 2+4-%# &, 4"# /&24+/4
.+1 8# /"+%+/4#%(d#) 81 + *#2*# &, *(.-04+2#(41: 4"# +8*#24 4+%3#4 3%&-$* &%
)(*4+24 +-)(#2/#* %#.+(2 &-4*()# 4"# */&$# &, )#4+(0#) /&24%&0: &$#2 .&%#
4& 4"# +)'+2/#* &, *#)-/4(&2 &% $#%*-+*(&2 4"+2 4& +21&2# (2 +-4"&%(416P
!"-*: 4"# 3%#+4 $%&.(*# (2*/%(8#) +4 4"# "#+%4 &, +00 *$+/#5*"%(27(23
4#/"2&0&3(#*: 4"+4 4"# $%&80#. &, )(*4+2/# .+1 8# &'#%/&.# 4"%&-3"
P !"# #U/#$4(&2* "#%# +%# 4"&*# 4#/"2&0&3(#* 9"(/" +/"(#'# + )#3%## &, (..#)(+/1
4"%&-3" 4"# -*# &, #0#/4%&2(/ *-%'#(00+2/# 4#/"2(B-#* 4& %#2)#% '(*(80# 4"# .&'#.#24 &,
&4"#%*: -*-+001 (2 #2/0&*#) *$+/#*6 !"# &,4#2 *(4#58+*#) 2+4-%# &, 4"#*# )(*/($0(2+%1
4#/"2&0&3(#* S /0&*#)5/(%/-(4 4#0#'(*(&2 /+.#%+* _HH!Xa: /&.$-4#%(d#) 4%+/7(23 *1*4#.*
+2) 3#&3%+$"(/+0 (2,&%.+4(&2 *1*4#.*: ,&% #U+.$0# S .&2(4&% +4 + ,(2#53%+(2#) 0#'#0 4"#
+/4('(41 &, (2)('()-+0* +4 + )(*4+2/#6 !"# $%#/(*(&2 +2) 2#+% (2*4+24+2#&-* %#+/" &, 4"#*#
4#/"2&0&3(#* )(*4(23-(*" 4"#. ,%&. &4"#% &2#5*()#) 4#/"2&0&3(/+0 .#)(-.*: 8-4 +0&23
9(4" 4"#(% $#%'+*('# %#+/" *-/" ,&%.* &, #0#/4%&2(/ *-%'#(00+2/# *"+%# 9(4" 4"# 8%&+)/+*45
(23 4#/"2&0&3(#* + %+4"#% *"+00&9: (2)#4#%.(2+4# (.$+/46 @* 9(00 8# +%3-#) (2 /"+$4#% Z:
*##7(23 )&.(2+4(&2 4"%&-3" #U4#2*('# *-%'#(00+2/# &$$&%4-2(4(#* (* %+%#01 +* (24#2*('# &%
+* /&.$0#4# +* &,4#2 /0+(.#) _*## +0*& =%+"+. P]]R+: P]]R8a6

2XEaFAFH< %NC X\%7D

:MV

.#)(+4#) /&5$%#*#2/# &, &2# 7(2) &% +2&4"#%: (* %+4"#% '+3-# +* %#3+%)*
+/4-+0 /&24#24: #*$#/(+001 (2 %#0+4(&2 4& 4"# #,,#/4* &, $&9#%6 ["(/" (* 2&4 4&
*+1 4"+4 4"# .+4#%(+0 ,&%. &, 4"# .#)(-. (* (%%#0#'+24 4& 4"# *&/(+0 &-4/&.#:
,&% /0#+%01 4"# )(,,#%#24 4#/"2&0&3(/+0 .#)(-.* "+'# *&.# 8#+%(23 &2 4"#
$&**(80# ,&%.* &, +/4(&2 +4 + )(*4+2/#6 !"# $%(&% B-#*4(&2 4"+4 2##)* 4& 8#
+))%#**#): "&9#'#%: (*A 1+$/ ,@*%,-$/,"34 A" /+' A,C')4' ('"()$*+,'4 "6 *)"B,@=
,/# $3A )'$-+ -$))# 6") /+' 1$# ,3 1+,-+ *$)/,-5%$) @"A$%,/,'4 "6 *"1') /$9' '66'-/U
`,: ,&% (2*4+2/#: 4"# +/4* &, 4"&*# (2 +-4"&%(41: +* *-33#*4#) (2 4"# $%#'(&-*
/"+$4#%: +%# .&%# 4#00(23 (2 /0&*# *$+4(+0 $%&U(.(41: "&9 $&4#24 (* /&#%/(&2
+4 +%.c* 0#234": 3('#2 4"# "(3"01 '(*(80# +2) &'#%4 2+4-%# &, 4"# +/4(&2k C&#*
4"# *"&%454#%. 2+4-%# &, /&#%/('# +/4* +2) 4"# &8'(&-* "&*4(0(41 4"#1 3#2#%5
+4# (.$01 4"#1 +%# 0#** #,,#/4('# +/%&** 9#005)#,(2#) )(*4+2/#*k `, + .&)#*4
+2) %+4"#% *-33#*4('# ,&%. &, $&9#% 0(7# *#)-/4(&2 )&#* 0#2) (4*#0, 4&
*(.-04+2#&-* #,,#/4 +4 + )(*4+2/#: "&9 /&.$#00(23 +%# +/4* &, .+2($-0+4(&2
4"%&-3" *(.(0+% 4#/"2&0&3(/+0 .#)(-.*: 3('#2 4"+4 /&2/#+0.#24 (* $+%4 +2)
$+%/#0 &, 4"# (24#2)#) #,,#/4k

%"O&(>@&>$ )# ?)(20&)8+,>' K:$+"(,$DR


@*()# ,%&. G(/"+#0 G+22: +* 9+* 2&4#) (2 /"+$4#% N: (4 (* %+%# 4& ,(2)
4"#&%(*4* 9"& /&2*()#% + $+%4(/-0+% .&)# &, $&9#% (2 %#0+4(&2 4& )(*4+2/#
+2) 9"+4 (4 4+7#* 4& /%&** (46 ["(0*4 (4 (* 2&4 -2/&..&2 4& /&.# +/%&**
*$+4(+0 4%#+4.#24* &, )&.(2+4(&2: -*-+001 +* + 7(2) &, $%#)#4#%.(2#) #,,#/4
#U4#2)#) &'#% *$+/#: (2 $%+/4(/# )&.(2+4(&2 (2'+%(+801 &$#%+4#* +* + 7(2) &,
*"&%4"+2) ,&% $&9#% +219+16 W&% G+22: 9"&*# $%(.# /&2/#%2 (* 9(4" 4"#
&%3+2(d+4(&2+0 %#+/" &, (2*4(4-4(&2+0 $&9#%: 9"+4 (* #U#%/(*#) *##.*: (2 .1
'(#9: 4& 4+7# *#/&2) $0+/# 4& (**-#* &, %#*&-%/# .&8(0(d+4(&2 +/%&** #U4#25
*('# 2#49&%7*6 ;& (4 (* $#%"+$* +00 4"# .&%# 2&'#0 4& ,(2) *&.#&2# 9"&
$0+/#* +-4"&%(41 )(%#/401 +4 4"# /#24%# &, "(* +2+01*(* &, "&9 $&9#% &$#%+4#*
+4 + )(*4+2/#6 !"# 8&)1 &, 9&%7 (2 B-#*4(&2 (* 4"+4 9%(44#2 81 K(7&0+* <&*#
&'#% + 2-.8#% &, 1#+%* +2) /-0.(2+4(23 (2 >"1')4 "6 S)''A"@_P]]]a6 !"#
8&&7: 9"(/" (* *-84(40#) g%#,%+.(23 $&0(4(/+0 4"&-3"4c: 4+7#* (4* *-8*4+24('#
/-# ,%&. 4"# 9&%7 &, W&-/+-04 &2 3&'#%2.#24 +2): +* *-/": 9+* .#24(&2#)
(2 $+**(23 (2 /"+$4#% Q6 E#%# ` 9+24 4& ,&/-* .&%# &2 4"# 9+1 (2 9"(/"
+-4"&%(41 +* 4"# /#24%#$(#/# &, $&9#% (* 4+7#2 -$ (2 <&*#c* 2&.(2+0(*4(/
+//&-24 &, 3&'#%2(23 +2): %+4"#% (24#%#*4(2301: $0+/#) +4 4"# /&%# &, 9"+4 (4
.#+2* 4& 3&'#%2 +4 + )(*4+2/#6L
L <&*#c* 9&%7 (* 8&4" $%&0(,(/ +2) (2,0-#24(+0 +2) /+2 8# 0&/+4#) 9(4"(2 + 3%&9(23 4%#2)
9"(/" +))%#**#* 4"# .&)#%2 .+2(,#*4+4(&2 &, 3&'#%2.#24 (2 *-/" +%#+* +* (2*-%+2/#:
"#+04": 9#0,+%#: $&'#%41: #.$0&1.#24 +2) /%(.#6 ;## (2 $+%4(/-0+% 4"# /&00#/4(&2 #)(4#)
81 =%+"+. J-%/"#00 #4 +06 _P]]Pa: F+' S"5-$5%/ L66'-/G ./5A,'4 ,3 &"C')3@'3/$%,/#: +2) 4"#
$+3#* &, 4"# (24#%)(*/($0(2+%1 e&-%2+0 L-"3"@# $3A ."-,'/#6 T, <&*#c* 9&%7: 4"# .&*4

:Q;

2XEaFAFH< %NC X\%7D

!"# %#,#%#2/# 4& 3&'#%2(23 g+4 + )(*4+2/#c %#,0#/4* 4"# *(32(,(/+2/# 4"+4
<&*# +44+/"#* 4& D+4&-%c* -2)#%*4+2)(23 &, "&9 +/4(&2 +4 + )(*4+2/# (* .+)#
$&**(80# 4"%&-3" .&8(0# 1#4 -2'+%1(23 4%+/#*: &% %+4"#% 4#/"2(B-#*: &,
3&'#%2.#246 ;4%#**(23 4"# +%4 &, 3&'#%2.#24 (2 4"# 0(8#%+0 *#2*# +* +2
+/4('(41 9"(/" (24#%'#2#* 4& %#3-0+4# 4"# 8#"+'(&-% &, 9()#01 )(*$#%*#)
$&$-0+4(&2*: $#&$0#: &2 4"(* -2)#%*4+2)(23: 8%(23 4"#.*#0'#* 4& &%)#%
4"%&-3" &80(3+4(&2 +2) *#0,5%#*4%+(246 @* 9# *+9 (2 /"+$4#% Q: 4"# 9(00(235
2#** &, g,%##c *-8e#/4* 4& 4%+2*,&%. 4"#.*#0'#* (2 + /#%4+(2 )(%#/4(&2 "&0)*
4"# 7#1 4& "&9 /&24%&0 (* #U#%/(*#) +4 $&(24* %#.&4# ,%&. 4"#(% )+154&5)+1
#U(*4#2/#6 ["+4 +$$#+% 4& "&0) 4"# 9"&0# +$$+%+4-* 4&3#4"#%: "&9#'#%: +2)
3('# %#/&32(4(&2 +2) )-# /%#)#2/# 4& 4"# '+%(&-* (2*/%($4(&2*: $%&2&-2/#5
.#24*: #)(/4*: e-)3#.#24*: +*$(%+4(&2* +2) $%&4&/&0* (2 /(%/-0+4(&2: +%# 4"#
.+21 +2) '+%(#) g/#24%+0(d#)c $5/+"),/,'4 (2 $0+16 !"# #U4#2*(&2 &, +-4"&%(41
&'#% $+%4(/-0+% d&2#* &, *&/(+0 +/4('(41: ,&% #U+.$0# 4"%&-3" 4"# /#24%+0(d#)
*4+2)+%)* +2) +**#**.#24* $%+/4(*#) 81 4"# 9#0,+%# +-4"&%(4(#* (00-*4%+4#)
#+%0(#%: (* 9"+4 #2+80#*: (2 W&-/+0)(+2 4#%.*: 4"# 3&'#%2+80# *$+/#* &, 4"#
,+.(01: 4"# 9&%7$0+/#: 4"# */"&&0: 4"# /0(2(/ +2) *& ,&%4" 4& 4+7# *"+$#6 T%
(2 <&*#c* 9&%)*A
D(8#%+0 %-0# (* (2#U4%(/+801 8&-2) 4& 4"# +/4('(4(#* +2) /+0/-0+4(&2* &, +
$%&0(,#%+4(&2 &, (2)#$#2)#24 +-4"&%(4(#* S $"(0+24"%&$(*4*: )&/4&%*: "13(#2(*4*:
.+2+3#%*: $0+22#%*: $+%#24*: +2) *&/(+0 9&%7#%*6 `4 (* )#$#2)#24 -$&2 4"#
$&0(4(/+0 +-4"&%(d+4(&2 &, 4"# +-4"&%(41 &, 4"#*# +-4"&%(4(#*: -$&2 4"# ,&%3(23
&, +0(32.#24* 8#49##2 $&0(4(/+0 +(.* +2) 4"# *4%+4#3(#* &, #U$#%4*: +2) -$&2
#*4+80(*"(23 %#0+1* 8#49##2 4"# /+0/-0+4(&2* &, +-4"&%(4(#* +2) 4"# +*$(%+4(&2*
&, ,%## /(4(d#2*6 ` )#*/%(8# 4"#(% .&)# &, &$#%+4(&2 +* ("C')3@'3/ $/ $ A,4/$3-'6
\&0(4(/+0 ,&%/#* (2*4%-.#24+0(d# ,&%.* &, +-4"&%(41 &4"#% 4"+2 4"&*# &, g4"#
*4+4#c (2 &%)#% 4& g3&'#%2 +4 + )(*4+2/#c (2 8&4" /&2*4(4-4(&2+0 +2) *$+4(+0
*#2*#* S )(*4+2/#) /&2*4(4-4(&2+001: (2 4"+4 4"#1 &$#%+4# 4"%&-3" 4"# )#/(*(&2*
+2) #2)#+'&-%* &, 2&25$&0(4(/+0 .&)#* &, +-4"&%(41h )(*4+2/#) *$+4(+001: (2
4"+4 4"#*# 4#/"2&0&3(#* &, 3&'#%2.#24 0(27 + .-04(4-)# &, #U$#%4* (2 )(*4+24
*(4#* 4& 4"# /+0/-0+4(&2* &, 4"&*# +4 4"# /#24%# S "#2/# 3&'#%2.#24 &$#%+4#*
4"%&-3" &$#2(23 0(2#* &, ,&%/# +/%&** + 4#%%(4&%1 *$+22(23 *$+/# +2) 4(.#6
_P]]]A Q]SOMa

@00 4"(* )(*4+2/(23 81 (2)#$#2)#24 +-4"&%(4(#* +2) #U$#%4*: "&9#'#%: (* 2&4


*&.#4"(23 4"+4: &2/# *#4 (2 4%+(2: 9&%7* (4*#0, &-4 (2 +//&%)+2/# 9(4" + 7(2) &,
&8'(&-* $-80(/+4(&2* 4"+4 0&/+4# +-4"&%(41 +* 4"# /#24%#$(#/# &, 3&'#%2.#24 +%# <&*#
_P]]L: P]]N: P]]Q: P]]b+a +2) 4"# %#0+4#) T*8&%2# +2) <&*# _P]]]: )(*/-**#) (2
/"+$4#% Qa: +04"&-3" .+21 &, 4"# ()#+* #U$%#**#) +%# )#'#0&$#) (2 >"1')4 "6 S)''A"@6
W&% + )(,,#%#24 +230# &2 9"+4 (4 .#+2* 4& 3&'#%2 +4 + )(*4+2/# 4&)+1: *## C+'(2+ H&&$#%c*
&"C')3,3( Q5/ "6 Q)A')G .*$-'M :$1 $3A /+' >"%,/,-4 "6 7'%"3(,3( _P]]Ra: 9"(/" (24%&)-/#*
4"# 2&4(&2 &, 3&'#%2.#24+0 #U/#** +2) 4"# 0(.(4*: &% %+4"#% $%#/+%(&-*2#**: &, (2*4(4-5
4(&2+0(d#) *$+4(+0 +-4"&%(416

2XEaFAFH< %NC X\%7D

:Q:

(..-4+80# 0&3(/ )%+92 -$ +4 + )(*4+24 g/#24%#c6 <&*# (* &201 4&& +9+%# &, 4"#
%&0# &, g4%+2*0+4(&2c (2 ,&%3(23 0&&*# +2) ,0#U(80# +00(+2/#* 8#49##2 #U$#%4* &,
)(,,#%#24 "-#* +2) /&0&-%*: *& 4"+4 +21 $+%4(/-0+% &8e#/4('#*: *+1 ,&% 4"#
1+%)*4(/7 -*#) 4& /+0/-0+4# #,,(/(#2/1 (2 *&/(+0 9#0,+%# $%&3%+..#* &% 4"#
)#,(2(4(&2 &, '+0-# ,&% .&2#1 (2 "#+04"/+%# *#%'(/#*: 9&-0) 2#/#**+%(01
(2'&0'# +44#.$4* 4& 8%&7#% +2 -2)#%*4+2)(23 9"(/" #U$#%4* +2) *7(00#) $%&,#*5
*(&2+0* +0(7# /&-0) *-8*/%(8# 4& 9(4"&-4 0&** &, ,+/# &% e-)3#.#246 J&%%&9(23
4"# 0+23-+3# &, #2%&0.#24 +2) &80(3+4(&2 ,%&. D+4&-%: <&*# (* )(*/&2/#%45
(2301 /0#+% +8&-4 "&9 4"# $%&/#** &, 3&'#%2(23 +4 + )(*4+2/# &$#%+4#*6
J+*(/+001: 4"%&-3" + $%&/#** &, .&8(0(d+4(&2: 4"# 4%-4" /0+(.* &, + %+23# &,
+//%#)(4#) +-4"&%(41 ,(3-%#*: -2)#% 4"# 3-(*# &, 2#-4%+0(41 +2) #,,(/(#2/1: *#4
&-4 4"# 2&%.* &, /&2)-/4 4"+4 #2+80# )(*4+24 #'#24* +2) $#&$0# 4& 8#
3&'#%2#) +4 +%.c* 0#234"6 K+4-%+001: 4"# ,%+3(0# +2) %+4"#% -2$%#)(/4+80#
2+4-%# &, 4"# 4%+2*0+4(&2 $%&/#** /+2 $%&'# $%&80#.+4(/6 J-4 <&*# #'()#2401
8#0(#'#* 4"+4 4"# +8(0(41 &, 4"# #U$#%4* 4& %#2)#% 4"(27+80# +2): (2 4-%2:
$%&.&4# + $+%4(/-0+% 9+1 &, 8#(23 3#2#%+001 "&0)* *9+16 ;&: ,&% #U+.$0#: (2
%#0+4(&2 4& *&/(+0 9#0,+%#: 4"# 8%&+) /0+(. 4"+4 (4 (* %(3"4 4&g4+7# %#*$&2*(5
8(0(41 ,&% &-% &92 0('#*c: &% 4& %#*$&2) 4& + g"+2) -$c 2&4 + g"+2) &-4c ,%&.
4"# g/+%(23c *4+4#: 8#/&.#* + 0('#) g4%-4"c: #2)&%*#) 81 "#+04" $%&,#**(&2+0*
+2) &4"#% #U$#%4* +* (24-(4('#01 &8'(&-* +2) *-$$&%4#) 81 + '+%(#41 &,
%#$&%4*: *-%'#1*: *4+4(*4(/* +2) ,-2)(23 /+0/-0+4(&2* 9"(/" (2*/%(8# .#+2(23
(2 + .&%# *4+80#: )-%+80# .+22#%6 `2 &4"#% 9&%)*: 4"# 9#0,+%# +-4"&%(4(#*: (2
4"(* /+*#: +2) 4"#(% $%+/4(/#* &, (2*/%($4(&2 .+7# (4 )(,,(/-04 ,&% $#&$0# 4&
4"(27 +2) )& &4"#%9(*#6 T% *& (4 9&-0) +$$#+%6

M5#+,5-+,6L$%>( 5"-'+,%-6
T2# &, 4"# /&2*#B-#2/#* &, 8&%%&9(23 ()#+* +2) *0&44(23 4"#. (2 4& + $%#5
#U(*4(23 ,&%.-0+4(&2 _W&-/+0)(+2 (2 4"(* (2*4+2/#a (* 4"# #U/#** 8+33+3# 4"+4
+//&.$+2(#* 4"#.6 !"# (2"#%(4+2/# (2 4"(* /+*# (* 4"# 0+8&%+4&%150(7# /&25
)(4(&2* %#B-(%#) ,&% + *-//#**,-0 4%+2*0+4(&2 *4%+4#31 4& &84+(2h 2+.#01 4"+4
4"# g&-4*()# 9&%0)c &, )+(01 0(,# 8# 3('#2 4"# *+.# $+$#% ,&%. +* 4"+4
$%&)-/#) 9(4"(2 4"# #U4#2)#) 2#49&%7 +2) (4* g+-4"&%(4+4('#c /#24%#6 J-%5
#+-/%+/1: (4 +$$#+%*: 9(4" (4* [#8#%(+2 +44#24(&2 4& %+4(&2+0 )#/(*(&25
.+7(23: (.$#%*&2+0 +-4"&%(41 +2) *4+80# )&/-.#24+4(&2: (* ,+'&-%#) 81
D+4&-% ,&% $%#/(*#01 4"&*# %#+*&2*A (4 (* 4"&-3"4 4& )#0('#% + 9&%0) g&-4 4"#%#c
9"(/" /0&*#01 %#*#.80#* 4"# /#%4+(24(#* +2) %(3()(4(#* #U#/-4#) +4 /#24%+0
&,,(/# _*## D+4&-% P]RZA LOQSOZa6 `2 4"#*# *&%4* &, */#2+%(&*: 9"#%# &8#)(5
#2/# (* *#/-%#) ,%&. +8&'# 81 4"&*# ,3 +-4"&%(41: (4 (* #+*1 4& *0($ (24& 4"#
7(2) &, *#+.0#** 0&3(/ 4"+4 (.$0(#* 4"+4: 8#/+-*# '+%(&-* $%&3%+..#*:
(2*/%($4(&2 )#'(/#* &% 9"+4#'#% +%# (2 $0+/#: 4"# $%&/#** &, &%)#%(23 9(00
/&24(2-# +$+/# 4"# 0&23#% +2) 4"# .&%# )-%+80# 4"# 3&'#%2(23 2#49&%7*6

:QG

2XEaFAFH< %NC X\%7D

`4 .+1 8# 4%-# 4"+4 <&*# /&2*()#%* "(* g2#49&%7#)c +//&-24 &, 3&'#%25
.#24 4& 8# &$#2: .&%# &% 0#** /&22#/4#) +2) $%&'(*(&2+0 (2 &-4/&.# S +00 &,
4"# 9#+701 )#'#0&$#) $&(24* (2 D+4&-%c* +$$%#/(+4(&2 S 8-4 (4 (* "+%) 4&
&84+(2 4"+4 (.$%#**(&2 ,%&. 4"# &'#%+00 4&2# &, >"1')4 "6 S)''A"@6 \#%"+$*
8#/+-*# "# )%+9* .-/" &, "(* 4"(27(23 ,%&. #+%01 #U#.$0+%* &, +/4&%
2#49&%7 4"#&%1: 9"(/" 9#%# .&%# $%&2# 4& %#0#240#** +//&-24* +* 4& "&9
&%)#% 9+* +/"(#'#): "(* 4"(27(23 #U"(8(4* + *(.(0+% *410# &, ,&%.-0+(/
%#+*&2(236 \+4 TcG+00#1 _TcG+00#1 #4 +06 P]]Zh TcG+00#1 LMMMa ,&% &2#:
/&2*()#%* .-/" &, 4"# 3&'#%2.#24 0(4#%+4-%# 4& 8# &'#%01 /&"#%#24 +2)
*1*4#.+4(/ (2 (4* ,&%.-0+4(&2: )#'&() &, 4"# .#**1 /&2,%&24+4(&2 &, $&0(4(/+0
*4%-330# +2) 4"# (%%#/&2/(0+80# )(,,#%#2/#* 8#49##2 +-4"&%(41 g'&(/#*c6
`2)##): (4 (* %#0+4('#01 #+*1 4& 3+(2 4"# -2)#%*4+2)(23 ,%&. <&*#c* 9&%7
4"+4 4"# /&2)(4(&2* %#B-(%#) 4& *#/-%# +2 +0(32.#24 &, .#+2(23 8#49##2
#U$#%4*: )#*$(4# "+'(23 4& 9&%7 +/%&** + /&.$0#U &, %#0+1* +2) (24#%)#$#2)5
#2/(#*: +%# %#0+4('#01 -2$%&80#.+4(/ 4& #*4+80(*"6 H#%4+(201: 4"#%# (* 2& *#2*#
&, 4"# "(45+2)5.(** 4%#+4.#24 &, $&9#% /&2*()#%#) #+%0(#%: &% (2 ,+/4 &, 4"#
&$#25#2)#) $&**(8(0(4(#* 8-(04 (24& 4"# 4%+2*0+4(&2 $%&/#** 81 H+00&2 _P]Rba
(2 $+%4(/-0+%6 F'#2 D+4&-%c* *"(,4 4& + C#0#-d(+2 +/4+245%"(d&.# '&/+8-0+%1
+2) 9"+4 4"+4 *(32(,(#* (2 4#%.* &, $%&'(*(&2+0(41 (* .(**(23 ,%&. <&*#c*
%#0#240#** ,&%.-0+4(&26N
J-4 $#%"+$* 4"(* (* +00 + 0(440# 4&& ,-**1 +2) 9"+4 ` *"&-0) *(.$01 8#
)%+9(23 +44#24(&2 4& (* 4"# +8*#2/# &, )'%$/,"3$%,/# ,%&. <&*#c* *1*4#.+4(/
)#0(8#%+4(&26 `2)##): &2# /&-0) 8# ,&%3('#2 ,&% 4"(27(23 4"+4 2& &2# 9+*
+/4-+001 &2 4"# %#/#('(23 #2) &, 4"# g*#0,5#'()#24c 4%-4"* #U$%#**#) 81 4"#
+-4"&%(4(#*: *& 0(440# )& 9# "#+% ,%&. 4"# %#/($(#24*6 !"# #U4#2*(&2 &,
+-4"&%(41 &'#% + .-04(4-)# &, )(*$#%*#) 9(00* *##.* 4& 8# e-)3#) .&%# 81
(4* (24#2)#) #,,#/4* %+4"#% 4"+2 (4* +/4-+0 (.$+/46 ["(/" (* $#%"+$* +00 4"#
.&%# *-%$%(*(23 3('#2 4"+4: +//&%)(23 4& =())#2* _P]]Qa: 9# 2& 0&23#% 0('#
(2 + $#%(&) 9"#%# 4%-*4 (2 $3 +-4"&%(41 (* #+*(01 3('#2 &% 9"#%# ,+(4" (2 4"#
g#U$#%4*c (* 9(00(2301 /&2/#)#)6

N `2 I&"2 D+9 +2) I&"2 E+**+%)c* #)(4#) /&00#/4(&2: D-/") I'/1")9 F+'")# $3A D6/')
_P]]]a: (4 (* $&**(80# 4& 3+(2 + *#2*# &, 4"# *"(,4 ,%&. 4"# #+%01 ,&%.-0+4(&2* &, +/4&%
2#49&%7 4"#&%1: .+21 &, 9"(/" +$$#+%#) /0&*#% 4& *4%+(3"4,&%9+%) &%)#%(23 ,%+.#9&%7*
4"+2 4& 4"# 0+4#%: .&%# $%&'(*(&2+0 +//&-24* &, "#4#%&3#2#&-* +**&/(+4(&2 +2) 4%+2*0+4(&26
T2 D+4&-%c* .&%# &$#25#2)#) *410#: *## "(* gT2 %#/+00(23 @K!c (2 4"# +8&'# /&00#/4(&2
_P]]]8a: "(* *4-)1 &, 4"# ,+(0#) @%+.(* 4%+2*$&%4 *1*4#. (2 W%+2/# _P]]ba +2) + 2-.8#%
&, 4"# #**+1* (2 >$3A")$T4 K"*' _P]]]+a6 E+'(23 *+() 4"+4: )#*$(4# 4"# .&%# $%&'(*(&2+0:
.&%# /&.$0#U 4&$&0&3(/+0 0+2)*/+$# #2'(*+3#): 4"# g9&%0)58-(0)(23c +/4('(4(#* &, +/4&%*
*4(00 +$$#+% 4& 8# $%#&//-$(#) 9(4" &%)#%5.+7(23 &, + *-//#**('# +2) (2/%#.#24+0 7(2)6 `4
(* e-*4 4"# &-4/&.#* 9"(/" +%# 0#** /#%4+(26 W&% *&.# 2-+2/#) &8*#%'+4(&2* &2 4"#
*$+4(+0(41 &, +/4&% 2#49&%7 +$$%&+/"#*: *## G-%)&/" _P]]Ra: E(2/"0(,,# _LMMMa +2) 4"#
."-,'/# $3A .*$-' 4"#.# (**-# g@,4#% 2#49&%7*c _E#4"#%(234&2 +2) D+9 LMMMa6

2XEaFAFH< %NC X\%7D

:QM

@* 9+* 2&4#) (2 4"# $%#'(&-* /"+$4#% (2 %#0+4(&2 4& 4"# (24%&)-/4(&2 &,
3#2#4(/+001 .&)(,(#) ,&&)*: ,+/#) 9(4" + )('#%*# %+23# &, &$(2(&2* &2 +0.&*4
+21 .+44#%: 4"# $-80(/ +4 0+%3# "+'# 0#+%24 4& 8# */#$4(/+0 +8&-4 %#/#('#)
g4%-4"*c: 2& .+44#% "&9 -2)#%*4+4#) 4"#(% $+/7+3# +2) $%#*#24+4(&26 T,
/&-%*#: $#&$0# 4"(27 ,&% 4"#.*#0'#* +2) .+7# -$ 4"#(% &92 .(2)* 9"#2
/&2*()#%(23 4"# +)'(/# +2) 3-()+2/# $%#*#24#) ,&% 4"#(% /&2*()#%+4(&2: 8-4:
+* =())#2* 3&#* &2 4& $&(24 &-4: 4"# 3%&-2)#) */#$4(/(*. &, 4"# /&24#.5
$&%+%1 +3# (.$0(#* 4"+4 $#&$0#c* 4%-*4 (2 #U$#%4* (* *&.#9"+4 ,(/70#: +2) .+1
8# %#4%+/4#) +* *9(,401 +* (4 "+* 8##2 3('#26 C(*#2/"+24.#24: #'#2 9(4"
4"&*# 9"& /0+(. 4& 8# #2+80(23 &4"#%* 4& 4"(27 ,&% 4"#.*#0'#*: (* .&%# + ,+/4
&, 0(,# 4"+2 +2 #U/#$4(&2+0 *4+4# &, +,,+(%*6
["+4 4"(* +00 %#+001 (2)(/+4#*: "&9#'#%: (* 2&4 *& .-/" 4"+4 +-4"&%(41 S
#'#2 (2 (4* .&*4 %#,(2#) +2) (2)(%#/4 ,&%.* S "+* 0&*4 (4* $&4#2/1 +* 4"+4 (2
4"# $%&/#** &, $#&$0# 8%(23(23 4"#.*#0'#* 4& &%)#%: 4"#%# (* .&%# 3&(23
&2 (2 <&*#c* +//&-24 &, 3&'#%2.#24 +2) $&9#% 4"+2 *##.(2301 #2)0#**
+-4"&%(416

2((/%01$6 (0)$(&& 5"-'+,%-6


!"#%# (* *&.#4"(23 %+4"#% &)) +8&-4 4"# /0+(. 4"+4 4"# 9"&0# 9#(3"4 &,
3&'#%2.#24: (2 8&4" (4* *4+4# +2) 2&25*4+4# +$$#+%+2/#*: %#*4* -$&2 4"#
#U#%/(*# &, +-4"&%(41: 9"#2 *#)-/4(&2 &% .+2($-0+4(&2 &% (2)-/#.#24: #'#2
/&#%/(&2: 9&-0) +00 *##. 4& "+'# + $+%4 4& $0+1 (2 9"+4 (4 4+7#* ,&% $#&$0# 4&
8%(23 4"#.*#0'#* g(24& 0(2#c6 FB-+001: (4 *##.* -22#/#**+%(01 %#*4%(/4('# ,&%
<&*# 4& 0(.(4 4"# +3#2/1 &, 3&'#%2.#24 4& g#U$#%4*c: 4"%&-3" 9"+4 *##.* 4&
8# "(* ,+'&-%#) (2e-2/4(&2: 4"# g+-4"&%(41 &, #U$#%4(*#c6 `2 ,+/4: 4"# #0(*(&2 &,
#U$#%4* +2) +-4"&%(41 (* (4*#0, %#'#+0(236 FU$#%4*: )#*$(4# 4"# */#$4(/(*. 9(4"
9"(/" 4"#(% 72&90#)3# (* 0(7#01 4& 8# "#0): +%# +**-.#) 81 <&*# 4& #U#%/(*#
+-4"&%(41 &2 4"# 8+*(* &, 4"#(% $%&,#**(&2+0 *7(00*: $%&,#**#) 2#-4%+0(41 +2)
4"#%+$#-4(/ )(*/&-%*#*6 ["1 +-4"&%(41 (* 4"# &201 .&)# &, $&9#% #U#%/(*#)
81 #U$#%4* &% 9"1 (4 *"&-0) 8# $%(&%(4(d#) &'#% +2) +8&'# +00 &4"#% +/4* &,
$&9#% %#.+(2* *&.#4"(23 &, + .1*4#%16 I-*4 8#/+-*# #U$#%4* +%# )##.#)
/#24%+0 4& 4"# $%&/#** &, 3&'#%2.#24 )&#* 2&4 .#+2 4"+4 4"#1 2#'#% #23+3#
(2 4"# 0(7#* &, .+2($-0+4(&2 &% *#)-/4(&26 gFU$#%4*c (2 4"# ,(#0)* &, *&/(+0
9#0,+%#: #)-/+4(&2+0 %#,&%.: ,+.(01 3-()+2/# &% #/&2&.(/ .+2+3#.#24
.+1 9#00 8# g+-4"&%(41 ,(3-%#*c: 8-4 4"#1 )& ,+% .&%# 4"+2 #U#%/(*#
+-4"&%(416
!"&*# &2 4"# %#/#('(23 #2) &, 4"# $%+/4(/#* &, 3&'#%2.#24 9&-0) *-%#01
8#+% &-4 4"(* &8*#%'+4(&2: (, &201 )#*/%($4('#01: 8-4 4"# *(32(,(/+2/# &, 4"#
$&(24 3&#* ,-%4"#% 4"+2 4"(*6 `4 (* B-(4# -2%#+0(*4(/ 4& *-8*-.# -2)#% 4"#
3-(*# &, +-4"&%(41 _&% *(.$01 (32&%#a 4"# .+21 &4"#% ,&%.* &, $&9#% 4"+4
+%# #U#%/(*#) &2 + %#3-0+% 8+*(*: ,&% 49& %#+*&2*6 T2# (* 4"+4: +* *4%#**#) (2

:QQ

2XEaFAFH< %NC X\%7D

4"# 0+*4 /"+$4#% +2) +%3-#) 4"%&-3"&-4 4"# 8&&7: )(,,#%#24 .&)#* &, $&9#%
$%&)-/# 4"#(% &92 *$#/(,(/ #,,#/4*h 4"# B-+0(4(#* 9"(/" .+%7 &-4 $+%4(/-0+%
7(2)* &, $&9#% %#0+4(&2 )& 2&4 +00 %#*#.80# 4"# 41$#* &, )#,#%%+0 +2)
%#/&32(4(&2 4"+4 +//&.$+21 +/4* &, +-4"&%(416 FU$#%4* (2 9"+4#'#% )&.+(2
.+1 9#00 #23+3#: ,&% #U+.$0#: (2 +00 .+22#% &, *#)-/4('# &% $#%*-+*('# +/4*
4& 9(2 $#&$0# &'#% 9"(/" "+'# +8*&0-4#01 2&4"(23 4& )& 9(4" $#&$0# /&25
/#)(23 +-4"&%(41 4& 4"#.6 @2) 4"# *#/&2) (* 4"+4 4"# &'#%%#0(+2/# -$&2
+-4"&%(41 (* -2%#+0(*4(/: 8#/+-*# 4"# 7(2) &, 3&'#%2.#24 +4 + )(*4+2/# 4"+4
<&*# )#*/%(8#* +4 0#234" /&-0) &201 %#+001 4+7# *"+$# &2 4"# 8+*(* &,
*$+4(+001 '+%(#) +%%+23#.#24* &, $&9#%6 ["+4 <&*# 8#0(#'#* 4& 8# +-4"&%5
(41c* #,,#/4('# %#+/" &'#% + .-04(4-)# &, )(*$#%*#) 9(00* .+1 9#00 (2 ,+/4
(2'&0'# + *-//#**('# /&.8(2+4(&2 &, +%.c*50#234" *#)-/4(&2: (2)(%#/4
.+2($-0+4(&2: #U4#2*('# (2)-/#.#24 +2) $%&U(.+4# *410#* &, +-4"&%(416
J&4" $&(24* )#*#%'# #0+8&%+4(&26
T2 4"# ,(%*4 $&(24: 4"# *-8*-.$4(&2 &, +00 ,&%.* &, $&9#% -2)#% +-4"&%(41:
<&*# .+7#* /&2*()#%+80# $0+1 (2 >"1')4 "6 S)''A"@ &, 4"# %&0# &, #U$#%4
+-4"&%(41 +/%&** + 9()# %+23# &, $&0(4(/+0 +%#2+* S ,%&. /&0&2(+0 %-0# 4&
+/4('# /(4(d#2*"($ +2) ,%&. *&/(+0 9#0,+%# 4"%&-3" 4& 4"# #24#%$%(*(23 *#0, +4
4"# 9&%7$0+/# +2) 8#1&2)6 !"# /&..&2 ,#+4-%# &, +-4"&%(41c* *4%+4#3(#*:
%#3+%)0#** &, /&24#U4: (* 4"+4 4"#1 9&%7 4"%&-3" $&9#% +2) ,%##)&.6 \#&$0#
3&'#%2 4"#.*#0'#*: 9# +%# 4&0): 3-()#) +2) )(%#/4#) 81 4"# #4"&* &, #U$#%4*
+2) 4"# 9+1 &, 4#00(23 #U$&-2)#) 81 4"# +-4"&%(4(#* 4"+4 8#6 f#4 (, 9#
30(.$*# &201 49& &, 4"# +%#+* .#24(&2#): 4"&*# 9"(/" 9# "+'# 2&4 1#4
/&2*()#%#): 2+.#01 +/4('# /(4(d#2*"($ +2) #24#%$%(*# +4 9&%7: (4 (* 2&4 *&
"+%) 4& )%+9 &-4 4"# .+21 +2) '+%(#) $&9#% %#0+4(&2*"($* 9"(/" &'#%0+$:
%-2 +0&23*()# &% #'#2 %#$0+/# &2# +2&4"#% (2 4"# /&2*4(4-4(&2 &, *-/"
*#44(23*6
\#%"+$* (4 (* 2&4 +04&3#4"#% *-%$%(*(23: 3('#2 4"# #.$"+*(* $0+/#) -$&2
*#0,5%#3-0+4(&2: 4"+4 ,&% <&*# 8&4" 4"# +%#2+* &, /(4(d#2*"($ +2) 9&%7
&*/(00+4# +%&-2) 2&4(&2* &, 4"# #24#%$%(*(23 *#0,6 T0) ,&%.* &, )(%#/4 /&24%&0
+4 9&%7 +2) + *#2*# &, )-41 (2 4"# /('(/ *$"#%# 2& 0&23#% *#%'# 4"#(% $-%$&*#:
+2) (2 4"#(% $0+/# +%# ,%+.#9&%7* &, #U$#/4+4(&2* +2) +**-.$4(&2* 4"+4
#2+80# $#&$0# 4& .+7# 4"#.*#0'#* -$ (2 *#0,5,-0,(00(23 9+1*6 ;&: (2 4"# 9&%0)
&, 9&%7: 4"# &%3+2(d+4(&2+0 /-04-%# &, ,(%.* *#%'#* 4& )(,,-*# 4"%&-3"&-4 4"#
9&%7$0+/# *4+2)+%)* &, "&9 $#&$0# *"&-0) +/4 +2) 4"(27 4& 8# ,-0,(00#) (2
4"#(% e&8h .+2+3#%* #U"&%4 %+4"#% 4"+2 ,&%.+001 )(%#/4 9&%7#%* 4& 8#44#%
4"#.*#0'#* 81 *#44(23 +44+(2+80# &8e#/4('#*: 9"(/" +%# 4"#2 +**#**#) +2)
%#9+%)#) 9"#2 %#+0(d#)h +2) + g'&(/#c (* 3('#2 4& 9&%7#%* 4"%&-3" B-+0(41
/(%/0#* +2) 4"# 0(7# *& 4"+4 4"#1 .+1: +4 &2# +2) 4"# *+.# 4(.#: +)) '+0-# 4&
4"#.*#0'#* +2) 4"# &%3+2(d+4(&26 !"&*# 9"& ,+(0 4& %#*$&2) 4& 4"# 8#"+'5
(&-%+0 +2) +44(4-)(2+0 4%+(2(23 &% 9"& ,+00 *"&%4 &2 8+*(/ /&..(4.#24 +%#
*/%##2#) &-4 +4 '+%(&-* *4+3#* ,%&. *#0#/4(&2 &29+%)* _*## +0*& )- =+1
P]]ba6

2XEaFAFH< %NC X\%7D

:QL

D(7#9(*# (2 4"# /('(/ +%#2+: $#&$0# +%# #.$&9#%#) %+4"#% 4"+2 )-41 8&-2)
4& 4+7# %#*$&2*(8(0(41 ,&% 4"#.*#0'#*: 4& /&2*4%-/4 4"#(% /('(/ ()#24(41 +2)
0(,#*410# (2 0(2# 9(4" 4"# +//&-24+80# *#0,6 @44(4-)# *-%'#1*: &$(2(&2 $&00*:
,&/-* 3%&-$ ,(2)(23*: 4"# %#*-04* &, /(4(d#2*c $+2#0* +2) &4"#% 4#/"2(B-#* +%#
.&8(0(d#): (2*/%(8#) +2) 4%+2*0+4#) 81 /('(/ +2) /&..-2(41 #U$#%4* 9"&
4"#2 /0+(. 4& )(%#/4 4"# 9+1 $#&$0# *"&-0) +/46 `2 4"# >?: ,&% (2*4+2/#: 4"#
(2/-0/+4(&2 &, %#*$&2*(80# /+%# ,&% /"(0)%#2 9(4"(2 ,+.(0(#* 4"%&-3" 4"#
$%+/4(/#* &, g2+.(23 +2) *"+.(23c: 4"# /&24%+/4-+0(d+4(&2 &, $-$(0 8#"+'(&-%
8#49##2 $+%#24* +2) */"&&0: 4"# $%&3%+..#* &, /&..-2(41 *+,#41: $&0(/(23
+2) *#0,5.+2+3#.#24: +%# +00 '+%(&-* .#+2* 81 9"(/" *&5/+00#) +-4"&%(4(#*
+(. 4& 8%(23 4"# +/4('# /(4(d#2 (24& 8#(23 +2) 4"-* (24& 0(2#6
!"+4 +00 &, 4"#*# '+%(&-* 4#/"2(B-#* +2) $%+/4(/#* +%# .&%# &% 0#** (2
&$#%+4(&2 (2 /&%$&%+4# +2) /('(/ *$"#%#* (* 2&4 %#+001 (2 B-#*4(&26 ["(0*4
4"#(% (.$+/4 (* 0+%3#01 -272&92 +2) -2)#%%#*#+%/"#): 9"+4 (* 8#(23 #U#%5
/(*#) (2 4#%.* &, $&9#% %#0+4(&2* (* ,+% .&%# 4"+2 +-4"&%(416 `2 <&*#c*
W&-/+0)(+2 +$$%&+/" _0+/#) +* (4 (* 9(4" D+4&-%(+2 .#/"+2(/*a: 9# 72&9
+2 +9,-0 0&4 +8&-4 4"# .#+2* 4"%&-3" 9"(/" $&9#% (* #U#%/(*#): 4"# .-04(5
4-)# &, $%+/4(/#* +2) 4#/"2(B-#* (2'&0'#)6 W+% 0#** +44#24(&2: "&9#'#%: (*
)#'&4#) 4& 1+$/ $&9#% %#0+4(&2*"($* +%# +/4-+001 (2'&0'#) 9"#2 $#&$0# +%#
#U"&%4#) 4& 3&'#%2 4"#.*#0'#*6
`, 4"#%# "+* (2)##) 8##2 4"# 7(2) &, *"(,4 (2 3&'#%2.#24 (2 4"# +%#2+* &,
9&%7 +2) /(4(d#2*"($ 4"+4 <&*# /0+(.*: .-/" &, 9"+4 (* $%+/4(*#) )&#* 2&4
+//&%) 9(4" 4"# 0+8#0 &, +-4"&%(416 !+7#: ,&% (2*4+2/#: 4"# &%3+2(d+4(&2+0
/-04-%# &, #24#%$%(*(23 ,(%.*6 `, (4 (* +* *+4-%+4(23 (2 (4* #,,#/4* +* 9# +%# 0#)
4& 8#0(#'#: 4"#2 (4 (* .&%# 0(7#01 4& 9&%7 4"%&-3" +/4* &, ,3A5-'@'3/: 9"#%#81
#.$0&1##* +%# %#9+%)#) ,&% 4"#(% /&.$0(+2/# (2 *&.# 9+1: %+4"#% 4"+2
4"%&-3" %#/&32(4(&2 &, 4"# (2*(3"4 &, .+2+3#.#24 +2) &4"#% *-/" ,(3-%#*
_,&% #U+.$0#: .+2+3#.#24 g3-%-*c *-/" +* \#4#%* +2) [+4#%.+2 _P]RLa
+2) 4"#(% .-/"5"1$#) /"+%(*.+a "#0) -$ +* +-4"&%(4(#*6 T'#% 4(.#: +/4* &,
(2)-/#.#24 .+1 /&#U(*4 9(4" *&.#4"(23 .-/" /0&*#% 4& -"')-,"3 9(4"(2 4"#
/&%$&%+4# /0(.+4#: +* 4"# .&2(4&%(23: 3%+)(23 +2) +**#**.#24 &, 9&%7#%*
*#/-%# 4"#(% +/B-(#*/#2/# 4"%&-3" 4"# 4"%#+4 &, )#*#0#/4(&2 ,%&. 4"# $%&5
3%+..# &, 4%+(2(23: &%: +* (4 (* .&%# /&..&201 72&92: )(*.(**+06
@04#%2+4('#01: +2 +4.&*$"#%# &, (2)-/#.#24 +2) %#9+%) .+1 .-4+4# (24&
*&.#4"(23 +$$%&U(.+4(23 +2 #U#%/(*# (2 @$3,*5%$/,"3 +* 4"# 4%+2*$+%#2/1 &,
4"# /&%$&%+4# /-04-%# +2) (4* +(.* 8#/&.# + 0(440# 4&& &8'(&-* 4& +00
(2'&0'#)6 W+/#) 9(4" + 0+/7 &, 4%-*4 (2 9"+4 (4 .#+2* 4& 8# *#0,5,-0,(00(23 +4
9&%7: .+2+3#.#24 .+1 /&2/#+0 4"#(% +/4-+0 (24#24(&2* %#3+%)(23 $%&)-/45
('(41 ,%&. + 9&%7,&%/#: &% 4"#1 .+1 *#0#/4('#01 %#*4%(/4 4"# 7(2)* &, (2,&%5
.+4(&2 4"+4 4"#1 %#/#('# +8&-4 9"+4 9+* *-33#*4#) 9(4"(2 B-+0(41 4#+.* &%
4"%&-3" (2,&%.+0 ,##)8+/7 .#/"+2(*.*6 `2 *& ,+% +* .+2+3#.#24 +%#
*-//#**,-0 (2 .+2($-0+4(23 #.$0&1##*: 4"# *(.-0+4(&2 &, /"&(/# +2) ,-0,(05
.#24 .+1 9#00 ,0&-%(*"6 `2 +2 +4.&*$"#%# &, .(*4%-*4 +2) *-*$(/(&2:

:QR

2XEaFAFH< %NC X\%7D

"&9#'#%: 2& B-+24(41 &, g4%+2*0+4#)c ,(3-%#* +2) ,0&9 /"+%4* &% /-*4&.#%
*+4(*,+/4(&2 *-%'#1* +2) .+%7#4(23 +$"&%(*.* (* 0(7#01 4& (2)-/# $#&$0# 4&
g"&&7c 4"#.*#0'#* -$ 4& 4"# 2#49&%7 #24#%$%(*#6
;"&-0): "&9#'#%: +2 &%3+2(d+4(&2+0 /-04-%# 8# 0#** 4"+2 *+4-%+4#) 9(4"
.#+2(23 +2) #U/#00#2/#: (2)##) B-(4# .&)#*4 (2 (4* #24%#$%#2#-%(+0 +.8(5
4(&2*: 4"#2 4'A5-/,"3 %+4"#% 4"+2 (2)-/#.#24 &% +-4"&%(41 .+1 ,&%. 4"#
$%(.# .&)# &, $&9#% (2 &$#%+4(&26 T$#2: *-33#*4('#: *##7(23 4& .&4('+4#
%+4"#% 4"+2 /+0/-0+4#: *#)-/4(&2 /+2 8# #,,#/4('# &201 &2 4"# 8+*(* 4"+4
#24(/#.#24* .+1 9#00 .##4 9(4" &-4%(3"4 ,+(0-%# &% %#e#/4(&2: #'#2 (2)(,,#%5
#2/#6 ;4+2)+%)* +2) #U$#/4+4(&2* +8&-4 8#"+'(&-% .+1 *4(00 8# )(,,-*#)
4"%&-3"&-4 +2 &%3+2(d+4(&2: ()#+0* #U4&00#) 81 .+2+3#.#24 +2) $%#*-.$5
4(&2* .+)# 81 +00 +2) *-2)%1 +8&-4 +44(4-)#*: 8-4 9"#4"#% &% 2&4 4"#1
.&4('+4# )#$#2)* -$&2 "&9 ,+% 4"#1 +%# +//#$4#) 81 #'#%1&2#: 2&4 &2
9"#4"#% 4"#1 +%# +09+1* $-4 (24& $%+/4(/#6 @/4* &, *#)-/4(&2 )& 2&4 +(. 4&
.+7# &'#% + $#%*&2 9"&0#*+0#h 4"#1 9&%7 4"%&-3" *$&24+2#(41 +2) (.$-05
*('#2#** +* .-/" +* +214"(23: (2 4"# "&$# 4"+4 (4 8#/&.#* )(,,(/-04 ,&%
$#&$0# 4& 4"(27 &4"#% 4"+2 (2 4"# 9+1* (.$0(#)6 G-/" &, +)'#%4(*(23
9&%7* (2 4"(* %#3(*4#%: +2) *& 4&& )& .+21 &, 4"# .#**+3#* +2) $%+/4(/#*
&, #24#%$%(*(23 &%3+2(d+4(&2+0 0(,# +2) /&%$&%+4# /-04-%#6
`2 *-/" +2 &%3+2(d+4(&2+0 .(0(#-: 4"# #2+80(23 /&2)(4(&2 &, $&9#% .+1
9#00 ,-*# *#)-/4(&2 9(4" 3'("/,$/,"3: 9"#%# + 49&59+1 $%&/#** &, /&..-2(5
/+4(&2 /+2 0#+) 4& %#/($%&/+0 8#2#,(4* _*& 4"+4 '+0-# (* %#+001 +))#) 4& 8&4"
$+%4(#*a6 [(4"&-4 +2 &80(3+4(&2 4& /&.$01: 4"# %#0+4(&2* &, 2#3&4(+4(&2
$%&'()# 4"# 8+*(* ,&% 0+4#%+0 ,&%.* &, +**&/(+4(&2 9"(/" )& 2&4 %#B-(%# #(4"#%
%#9+%) &% 4"# 4"#%+$#-4(/ g4%+2*0+4(&2c &, +-4"&%(41 4& *-*4+(2 4"#.6 T,
/&-%*#: (2 +21 $+%4(/-0+% /&%$&%+4# $&9#% +%%+23#.#24: +/4* &, *#)-/4(&2
+2) 4"# 2(/#4(#* &, 2#3&4(+4(&2 .+1 8# &'#%0+(2 &% #/0($*#) 81 + /-04-%#
9"#%# +-4"&%(41 ,4 /&2/#)#) 81 &4"#%* &2 4"# 8+*(* &, + 0#3(4(.+4# +2)
%#/&32(d#) /0+(. 4& .+2+3#6 !"&-3" "&9 ,+% *-/" %#0+4(&2* "3 /+',) "13
+%# +80# 4& *#/-%# + 9(00(232#** 4& /&.$01 9(4" 4"# #4"(/* &, *#0,53&'#%2.#24
&% *#0,5)#'#0&$.#24 %#.+(2* "+%) 4& ,+4"&.6
@ *(.(0+% 0(2# &, /%(4(B-# /&-0) 8# )(%#/4#) +4 4"# %+4(&2+0(4(#*: $%&5
3%+..#* +2) *#0,5%#3-0+4(&2 4#/"2(B-#* 9"(/" *-$$&*#)01 -2)#%$(2 4"#
/&2*4%-/4(&2 &, +/4('# /(4(d#2*"($ +2) 4"# +-4"&%(41 g'&(/#*c -$&2 9"(/" 4"#
9"&0# #)(,(/# %#*4*6 `, +/4('#: %#*$&2*(80# /(4(d#2* +%# +/4-+0(d#) +4 +00: (4 (*
2&4 &2 4"# 8+*(* &, +-4"&%(41 %#0+4(&2* +0&2#6 ["(0# +2 +%3-.#24 /+2 8# $-4
,&%9+%) ,&% )#*/%(8(23 *(4-+4(&2* 9"#%# $#&$0# 8%(23 4"#.*#0'#* (24& 0(2#
9(4"&-4 %#/&-%*# 4& 4"%#+4*: '(&0#2/#: /&2*4%+(24 &% /&2,0(/4 +* 4"# %#*-04 &,
4"# (2,0-#2/#: &$(2(&2 +2) 4#*4(.&21 &, +-4"&%(41 ,(3-%#* 8-*(01 4%+2*0+4(23
9"+4 (4 4+7#* 4& 3&'#%2 +4 + )(*4+2/#: (4 +.&-24* 4& + $+(2,-001 *0(. $(#/# &,
%#+*&2(236 K#(4"#% *#)-/4(&2 &% (2)-/#.#24: 2&% .+2($-0+4(&2 &% 2#3&4(5
+4(&2: %#*4* -$&2 /&2,0(/4-+0 &% ,&%/#,-0 /&2*4%+(24: *& 4"#%# (* 0(440# 3%&-2)
,&% *-8*-.(23 4"#*# )(,,#%#24 .&)+0(4(#* -2)#% %#0+4(&2* &, +-4"&%(416

2XEaFAFH< %NC X\%7D

:QZ

<&*# /+22&4 8# #24(%#01 "#0) 4& +//&-24 ,&% 4"(* *4+4# &, +,,+(%*: "&9#'#%:
+* 4"# #.$41(23 &-4 &, /&2,0(/4 ,%&. 4"# 4%+2*0+4(&2 $%&/#** +2) 4"# %-22(23
4&3#4"#% &, +00 7(2)* &, $&9#% %#0+4(&2* (* /"+%+/4#%(*4(/ &, 4"# #4"2&.#4"5
&)&0&3(/+0 *410# &, %#+*&2(23 8#"(2) +/4&% 2#49&%7 4"#&%16 @2&4"#% $(#/# &,
#U/#** 8+33+3# ,%&. D+4&-% +2) H+00&2c* 9&%7 4"+4 "+* ,&-2) (4* 9+1 (24&
<&*#c* 4+7# &2 3&'#%2.#24 +4 + )(*4+2/# (* 4"# +8(0(41 4& %##0 &,, *#)-/4(&2:
$#%*-+*(&2: (2)-/#.#24 +2) 2#3&4(+4(&2 +* e-*4 *& .+21 $%+/4(/#* +.&23
&4"#%* 9"(/" .+7# -$ 4"# $%&/#** 9"#%#81 +/4&%* +%# .&8(0(d#) +2)
#2%&00#)6
D&*4 9(4"(2 4"(* 8-2)0# &, $%+/4(/#*: "&9#'#%: (* 2&4 &201 4"# )(*4(2/4('#
2+4-%# +2) #,,#/4 &, 4"#*# )(,,#%#24 .&)+0(4(#* &, $&9#%: 8-4 +0*& 4"#(%
(2"#%#24 *$+4(+0(416

*5,L,(5.'%01 4'5- (85.-$67


`2 4+07(23 +8&-4 4"# ,&%.+4(&2 &, + 2#9 41$# &, /(4(d#2 &% 4"# +$$#+%+2/# &,
+ 2#9 41$# &, #24#%$%(*(23 #.$0&1##: <&*# &8'(&-*01 "+* (2 .(2) .&%# 4"+2
4"# &)) %#.&4# /&2*4(4-#2/1 &% )(*4+2/#) /&..-2(416 =&'#%2.#24 +4 +
)(*4+2/#: (, (4 (* 4& .#+2 +214"(23 +4 +00: (* +**-.#) 4& +))%#** + 9()# +2)
'+%(#) $&$-0+4(&2 g&-4 4"#%#c /&.$&*#) &, + .-04(4-)# &, )(*$&*(4(&2* +2)
,%## 9(00*6 !"# 4%-4" /0+(.* &, +-4"&%(41 ,(3-%#*: +* 9# "+'# "+) /+-*# 4&
2&4#: +%# 4"-* +**-.#) 4& 8# #U4#2*('# (2 4"#(% %#+/": )(,,-*#) 4"%&-3" +
0&&*# +00(+2/# &, #U$#%4* 9"& +%# 2#49&%7#) 8&4" 4& &2# +2&4"#% +2) 4& +2
g+-4"&%(d(23c /#24%# 4"%&-3" 9"(/" +00 4%+2*0+4(&2* .-*4 $+**6
K&9: (4 (* 2&4 $+%4 &, .1 +%3-.#24 4& *-33#*4 4"+4 +-4"&%(41 %#0+4(&2*
/+22&4 $&**(801 3& 4"# )(*4+2/#: *& 4& *$#+76 @* *4%#**#) (2 $%#'(&-* /"+$5
4#%*: 4"#%# (* 2& *$+4(+0 4#.$0+4# ,&% $&9#% +%%+23#.#24*A +/4* &, +-4"&%(41
.+1 8# #,,#/4('# +4 +21 )(*4+2/#: *-//#**('#01 &% 81 #*4+80(*"(23 $%#*#2/# (2
%#+0 4(.#6 E+'(23 *+() 4"+4: (, +-4"&%(41 (* 4& "+'# 4"# 0#'#%+3# &'#% + 9()#01
)(*$#%*#) *#4 &, 9(00* 4"+4 <&*# /0#+%01 #2'(*+3#*: 4"# (24#%2+0(d+4(&2 &, 9"+4
(* +2) 9"+4 (* 2&4 +$$%&$%(+4# 8#"+'(&-% )&#* *##. 4& %#B-(%# +2 #U4%+&%5
)(2+%(01 "(3" )#3%## &, %#/&32(4(&26 <#/&32(4(&2: +* 1&- .+1 %#/+00: "&0)*
4"# 7#1 4& 4"# #U#%/(*# &, +-4"&%(41: 9"(/": (2 4"(* /&24#U4: (* 2&4 +8&-4
)#,#%#2/#: 8-4 %+4"#% + 9(00(232#** &2 4"# $+%4 &, &4"#%* 4& 8#0(#'# +2) 2&4
4& ,(2) ,+-04 9(4" 4"# +44(4-)#* +2) *#24(.#24* #U$%#**#)6 @* *-/": 4"#
/0+(.* .-*4 *4%(7# + /"&%) 9(4" #U(*4(23 +44(4-)#*: (24#%#*4* +2) 8#0(#,*
+.&23 *#/4(&2* &, 4"# $&$-0+4(&26 !"# +$$#+0 %#.+(2* +-4"&%(4+4('#: "&95
#'#%: &201 +* ,+% +* 4"# 8+*(* &, #U$#%4(*# /&24(2-#* 4& 8# +/72&90#)3#) +2)
)&-84* )(*$#00#)6
E&9 ,+% (2)('()-+0* (2 + '+%(#41 &, )(*$#%*#) *#44(23* /&.# 4& *## 4"#.5
*#0'#* +* +/4('# /(4(d#2* 4"%&-3" 4"(* .#+2*: 4"#%#,&%#: (* 0+%3#01 )#$#2)#24
-$&2 4"# */&$# &, %#/&32(4(&2 ,&% ()#+* &, *#0,5.+2+3#.#24: /&..-2(41

:QP

2XEaFAFH< %NC X\%7D

+/4('(*. +2) 4"# 0(7#6 f#4 +4 +%.c* 0#234": (2 +214"(23 8#1&2) 4"# 0&/+0 /('(/
+%#2+: 4"# (.$+/4 &, 4"#*# $%&3%+..#* (* 0(7#01 4& 8# *-$#%,(/(+0 (2 4#%.* &,
4"#(% "&0) &2 4"# (.+3(2+4(&2 +2) /&2,(2#) 0+%3#01 4& 4"&*# 9"&*# (24#%#*4*
+2) )#*(%#* +0%#+)1 )&'#4+(0 9(4" 4"# +44(4-)#* &, *#0,5,-0,(0.#24 #U$%#**#)6
!"(* *410# &, 3&'#%2(23 +-4"&%(41 .+1 &2 &//+*(&2 $&**#** *-,,(/(#24 %#+/":
8-4 4"# */&$# &, 4"# +$$#+0 +2) (4* (24#2*(41 %#.+(2 0(.(4#) S 2& .+44#% "&9
.+21 $+$#% 4%+/#* &% &4"#% *-$$&*#)01 (..-4+80# )#'(/#* /(%/-0+4# 8+/7
+2) ,&%4" 8#49##2 */+44#%#) g#U$#%4*c6 !"# +**-.$4(&2 4"+4 +-4"&%(41 (24#5
3%+4#* (2)('()-+0 /"&(/# +2) 4"# 4#/"2(B-#* &, + %#*$&2*(80# *#0, (24& (4* &92
&%)#% .+1 $&**(801 9&%7 ,&% 4"&*# $%#)(*$&*#) 4&9+%)* %#/&32(4(&2: 8-4 (4*
8+*(/ .#**+3# (* 0(7#01 4& $+** -2+8*&%8#) 81 4"&*# 9"& +%# 2&4: #*$#/(+001 (,
4"#1 +%# )(*4+24 (2 8&4" *$+/# +2) 4(.#6 J#*()#* 9"(/": (4 *##.* #U/#**('# 4&
(.+3(2# 4"+4 *(.$01 8#/+-*# /#%4+(2 ()#+* +2) '+0-#* +%# )(**#.(2+4#) 4"#(%
%#/#$4(&2 *"&-0) 8# +214"(23 &4"#% 4"+2 *0(3"4: 3('#2 4"# *"##% '+%(#41 &,
&,4#2 /&24%+)(/4&%1 (2,0-#2/#* 4"+4 $#&$0# +%# *-8e#/4 4& (2 4"#(% #'#%1)+1
0('#*6Q
`2 ,+/4: 4"# 7(2) &, /('(/ 4%+2*,&%.+4(&2 4"+4 <&*# +$$#+%* 4& "+'# (2
.(2): /#%4+(201 9"#%# (4 "+* 4+7#2 %&&4: (* .&%# 0(7#01 4& 8# 4"# %#*-04 &,
*#)-/4('# &% $#%*-+*('# +/4* 4"+4 4&-/" 4"# +*$(%+4(&2* &, (2)('()-+0* 9"&
+%# +/4-+001 $%#*#246 @4 8#*4: *-/" +/4* .+1 *"+$# 4"# #U$#/4+4(&2* &,
(2)('()-+0*: *#%'(23 4& /+$4('+4# +2) 4& .&4('+4# $#&$0# +/%&** + 9()#
%+23# &, *#44(23*: 8-4 /%-/(+001 9(4" +2 +//#$4+2/# 4"+4 4"# ()#+* #U$%#**#)
+2) 4"# 8#0(#,* #U$&-2)#) .+1 %#.+(2 ,-dd1 +2) &201 0&&*#01 +**(.(0+4#)6
`2 $0+/# &, )(,,-*#) #U$#%4(*# +8&-4 4"# %#*$&2*(80# *#0,: 4"#%# (* &201 "+d1
*/#$4(/(*.h (2 $0+/# &, 2&%.+4('# (2/-0/+4(&2 8+*#) -$&2 +44(4-)# *-%'#1*
+2) $&00 ,(2)(23*: 4"#%# (* &201 /-%(&-* +$$#+06 `2 4"(* *(4-+4(&2: 4"# &$4(&2
3"/ 4& $+%4(/($+4# (* $%#/(*#01 9"+4 #2+80#* *#)-/4(&2: (2 $+%4(/-0+%: 4& 8#
#,,#/4('# +4 + )(*4+2/# +2) 4"# g+-4"&%(41 &, #U$#%4(*#c 0#** *&6
J1 (.$0(/+4(&2: 9"+4 ` +. *-33#*4(23 (* 4"+4 4"# +-4"&%(41S%#/&32(4(&2
%#0+4(&2*"($ (* 0#** #,,#/4('# S 2&4 (2#,,#/4('# S +* (4 (* .&%# /&.$0#U01
.#)(+4#): .&%# )(*4+246 H#%4+(201 (2 /&.$+%(*&2 4& *#)-/4(&2: &% .+2($-5
0+4(&2 ,&% 4"+4 .+44#%: 2#(4"#% &, 9"(/" #.$"+*(d#* 4"# (24#%2+0(d+4(&2 &,
Q C#(%)%# J&)#2 +2) E+%'#1 G&0&4/" _P]]Qa: (2 4"#(% *#.(2+0 +%4(/0# g!"# /&.$-0*(&2
&, $%&U(.(41c: *4%#** 4"# (.$&%4+2/# &, /&5$%#*#24 (24#%+/4(&2 ,&% .+(24+(2(23 %#0+4(&25
*"($* &, 4%-*4: /&..(4.#24 +2) )#4+(0#) -2)#%*4+2)(236 ["(0*4 4"#1 &'#%$0+1 4"# (.5
$&%4+2/# &, ,+/#54&5,+/# (24#%+/4(&2 +* +2 +0.&*4 4%+2*$+%#24 ,&%. &, .#)(+4(&2: $&(24(23
4& 9"+4 (* g0&*4c (2 4%+2*0+4(&2: #*$#/(+001 (2 4#/"2&0&3(/+001 .#)(+4#) ,&%.* &, /&..-2(5
/+4(&2: 4"#%# (* + *#2*# (2 9"(/" 4"# .&%# )(%#/4 4"# $%#*#2/#: 4"# .&%# (24#2*# 4"#
(.$+/4 &, %#0+4(&2*"($* *-/" +* 4%-*4: %#/&32(4(&2 +2) +-4"&%(416 ;## +0*& H0('# J+%2#44
_P]]]a: 9"& +%3-#* 4"+4 4"# .&%# "(3"01 .#)(+4#) +2) (2)(%#/4 4"# ,&%. &, /&..-2(5
/+4(&2: 9"#%# *-8e#/4* +%# *$+4(+001 +2) 4#.$&%+001 +8*#24 ,%&. &2# +2&4"#%: 4"# 0#**
(24#2*#: 4"# .&%# )(0-4#) 4"# (.$+/4 &, %-0# 4#2)* 4& 8#6 D(7# <&*#c*: J+%2#44c* /&2/#%2 (*
9(4" 4"# 3&'#%2.#24 &, + )(*$#%*#) +2) "(3"01 )('#%*# $&$-0+4(&26

2XEaFAFH< %NC X\%7D

:QV

2&%.*: +-4"&%(41c* /&2*4+24 2##) ,&% %#/&32(4(&2 (.$0(#* 4"+4 4"# .&%#
)(%#/4 4"# $%#*#2/#: 4"# .&%# (24#2*# 4"# (.$+/46 `2 9"(/" /+*#: $%&U(.(41
+2) $%#*#2/# "+'# + *(32(,(/+24 $+%4 4& $0+1 (2 4"# *-//#**,-0 .#)(+4(&2 &,
+-4"&%(41 %#0+4(&2* 9"#2 /&2,%&24#) 9(4" + )('#%*# +2) )(*$#%*#) /('(/
$&$-0+4(&26
G-/" 4"# *+.#: (4 *##.* 4& .#: "&0)* ,&% 4"# #U#%/(*# &, +-4"&%(41
%#0+4(&2* (2 /&%$&%+4# #24#%$%(*#*: +2) 2&4 e-*4 (2 %#*$#/4 &, *-$#%'(*&%1 &%
/&24%&0 ,-2/4(&2* &2 4"# &,,(/# &% *"&$ ,0&&%6 [(4"(2 + /&%$&%+4# #24#%$%(*#
/-04-%#: ,&% (2*4+2/#: +2 +44#.$4 4& $%&e#/4 +4 + )(*4+2/# + *"+%#) '(*(&2
4"%&-3": *+1: + .(**(&2 *4+4#.#24 &% + ,(%.c* /"+%4#%: 9"(/" #.8&)(#*
_(2*/%(8#* #'#2a 4"# '+0-#* &, (2)('()-+0 %#*$&2*(8(0(41: /&..(4.#24 +2)
+//&-24+8(0(41: +/%&** + *#%(#* &, 9()#01 )(*$#%*#) 9&%7$0+/#* (* *&.#4"(23
&, + 4+00 &%)#%6 J#/&.(23 %#*$&2*(80# ,&% 1&-%*#0, +2) 1&-% e&8 4&& (* 2&4 +
.#**+3# %#+)(01 +8*&%8#) ,%&. g&2 "(3"c6 `2 &4"#% 9&%)*: + 9(00(232#** 4&
*-8.(4 4& *-/" +2 g+-4"&%(d#)c 3&+0 (* 2&4 0(7#01 4& 8# +/"(#'#) &2 4"# 8+*(*
&, %#.&4# #U"&%4+4(&2*6 ;-/" $%&2&-2/#.#24* ,%&. +,+% +%# 0(7#01 4& 8# 0#**
4"+2 /&2'(2/(23 (2 4"#(% (.$+/4 +2) 8#*4 *##2 +* +2 #U#%/(*# (2 *#)-/4(&2:
)#*(32#) 4& 9(2 "#+%4* +2) .(2)* %+4"#% 4"+2 4& #U$%#** +-4"&%(416
>20#**: 4"+4 (*: *-/" +/4* +%# +//&.$+2(#) 81 +-4"&%(41 (2 4"# ,&%. &,
0&/+0 .+2+3#.#246 `2 9"(/" /+*#: + ,+/#54&5,+/# $%#*#2/# &2 *(4# .+1
#2+80# 4"# .+2+3#.#24 4& *#/-%# %#/&32(4(&2 8&4" ,&% 4"#.*#0'#*: +*
g#U$#%4*c: +2) ,&% 4"# %+4"#% )(*4+24 /&%$&%+4# *#4 &, 3&+0*6 C%+9(23 $#&$0#
(24& + )(*/&-%*# &, #24#%$%(*#: 4"%&-3" 4%+(2(23 $%&3%+..#*: 4#+.9&%7:
/&00#/4('# (2(4(+4('#* +2) 4"# 0(7#: (* 4"# .#+2* 81 9"(/" 0&/+0 .+2+3#%* .+1
*#/-%# + 9(00(232#** 4& /&.$01 4& *&.# &, 4"# .&%# 2&'#0 +*$#/4* &, +
*"(,4(23 &%3+2(d+4(&2+0 /-04-%#6 \%&U(.(41 (* 4#00(23 (2 4"(* %#*$#/4: $%#/(*#01
8#/+-*# (4 #2+80#* 4%-*4 %#0+4(&2* 4& 8# ,&%.#) +* 4"# 9&%7,&%/# $#%/#('#
4"+4 .+2+3#%* "+'# +0%#+)1 +8*&%8#) 4"# .#+2(23 &, #24#%$%(*# +2) )-01
8%&-3"4 4"#.*#0'#* (24& 0(2#6O
`2)-/#.#24: 4&&: "+* (4* $0+/# (2 *-/" +2 +%%+23#.#24 +2) .+1 &$#%+4#
,%&. +,+% +* 0&23 +* 4"&*# %#*$&2*(80# (2 + /&%$&%+4# "(#%+%/"1 +%# +80# 4&
*-*4+(2 /&..(4.#24 4"%&-3" 4"# '+0-# &, 4"# 8#2#,(4* &2 &,,#%6 T'#% 4(.#:
"&9#'#%: 4"# %#9+%)* &, 8&4" + *#0,5,-0,(00(23 +2) + .+4#%(+0 7(2) .+1 0&*#
4"#(% +44%+/4(&2 +2) 9(4" (4 4"# %#.&4# $&9#% &, (2)-/#.#246 D(7#9(*#: 4"#
4"%#+4 &, )(*.(**+0 ,&% 2&25/&2,&%.(41 4& + 2#9 %#3(.#: 9"(/" /&2*4(4-4#* +
O !"# #U/#$4(&2 (* /"+%(*.+4(/ +-4"&%(41: 9"#%# 4%-*4 .+1 8# #*4+80(*"#) +4 + )(*4+2/#
8-4 &201 ,&% +* 0&23 +* 4"# /"+%(*.+4(/ #,,#/4 (* .+(24+(2#)6 T2/# %#/&32(4(&2 (* /+00#)
(24& )&-84: +* 2&4#) (2 /"+$4#% O: 4"# %#0+4(&2*"($ )(**&0'#* +2) +21 +-4"&%(41 +0&23 9(4"
(46 `2)##) ,&% [#8#% _P]ZRa: 4"# /"+%(*.+4(/ 9+* 4"# .&*4 $%#/+%(&-* ,&%. &, +-4"&%(41:
(2 $+%4 8#/+-*# &, 4"# )(,,(/-041 &, *-*4+(2(23 4"# (24#2*(41 &, 4"# %#0+4(&2*"($ &'#% 4(.#6
;## +0*& )- =+1 _LMMMa &2 4"# /"+%(*.+4(/ B-+0(41 &, .-/" /&24#.$&%+%1 .+2+3#%(+0
)(*/&-%*#: 9"(/" +(.* 4& &80(3+4# $#&$0# 4"%&-3" 4"#(% )#'&4(&2 4& 4"# /&%$&%+4# g.(*5
*(&2c6

:L;

2XEaFAFH< %NC X\%7D

/&#%/('# +/4: .+1 8# #U#%/(*#) +4 +21 $&(24 &2 + /&%$&%+4# "(#%+%/"1:


+04"&-3" 4"# /&24(2-&-* #,,&%4 +2) %#*&-%/#* 2##)#) 4& .+(24+(2 +2)
&'#%*## 4"# 4"%#+4 )(.(2(*"#* (4* #,,#/4('#2#** +* + %#.&4# $0&16 !"%#+4*
0&*# 4"#(% /%#)(8(0(41 (, 4"#1 +%# 2&4 ,&00&9#) 4"%&-3": +2) 4#2) 4& ,+)# (,
4"#(% $%#*#2/# (* 2&4 /&24(2-&-*01 .+(24+(2#)6 @04#%2+4('#01: 4"# 9"&0#
&$#%+4(&2 .+1 4%+2*,&%. (4*#0, (24& + *#%(#* &, 2#3&4(+4(&2* +%&-2) 9+1* &,
8#(23 +4 9&%7 4"+4 +%# $#%,&%.#) &2 + )+154&5)+1 8+*(* 81 )(*$#%*#)
.+2+3#.#24 +2) 9&%7,&%/# +0(7#6 !"# $#%.-4+4(&2* +%# 2-.#%&-*6
!"# +8*#2/# &, + 80-#$%(24 ,&% +%%+23#.#24* &, $&9#% .+7#* (4 (.$&*5
*(80# 4& 8# +214"(23 &4"#% 4"+2 *$#/-0+4('#: +04"&-3" 9# /+2 8# .&%#
,&%4"%(3"4 +8&-4 9"(/" +/4* &, $&9#% +%# .&%# #,,#/4('# +4 + )(*4+2/# +2)
4"&*# 9"(/" +%# 0#** *&6 !"-* (2 /&..&2 9(4" *#)-/4(&2 +* + .&)# &,
$&9#%: +/4* &, .+2($-0+4(&2 +%# /+$+80# &, B-(4# #U4#2*('# %#+/": 8#/+-*#
4"&*# *-8e#/4 4& 4"# 0+44#% .+1 8# *(.$01 -2+9+%# &, 4"# /&24%&0 #U#%/(*#)
&'#% 4"#.6 !"# +8(0(41 4& .&-0) 4"# +/4(&2* &, &4"#%* (2 + /#%4+(2 9+1
9(4"&-4 %#'#+0(23 )(%#/401 4"# -2)#%01(23 .&4('#*: &% (2)##) 4"# +8*#2/#
&, +21 2##) 4& (24#%+/4 +4 +00: +%# /"+%+/4#%(*4(/ ,#+4-%#* &, .+2($-0+4(&26
H&2/#+0.#24 +2) (2)(%#/42#** +%# $+%4 &, 4"# '#%1 .#+2(23 &, 9"+4 (4 (* 4&
8# .+2($-0+4('#h 4"#1 )(*4(23-(*" .+2($-0+4(&2 +* + .&)# &, $&9#%: +2) (4
(* $%#/(*#01 8#/+-*# &, 4"#*# )(*4(23-(*"(23 ,#+4-%#* 4"+4 (4* #U#%/(*# (*
#,,#/4('# +4 + )(*4+2/#6 G+2($-0+4(&2 "+* *$+4(+0 %#+/"6
;&: ,&% #U+.$0#: (2 %#0+4(&2 4& 4"# $-%*-(4 &, /-04-%+0 #U/#00#2/# (2
/&%$&%+4# &%3+2(d+4(&2*: 4"# ,0&9 &, (2,&%.+4(&2 +2) ()#+* S *+1 4"%&-3"
'+%(&-* 4%+(2(23 (2(4(+4('#* 9"(/" *$#+7 +8&-4 %#*$&2*(8(0(41 +2) +//&-24(23
,&% &2#*#0, +4 9&%7 S .+1 +/4-+001 /&2/#+0 + $%(&% )#/(*(&2 81 + %#.&4#
+2) )(*4+24 .+2+3#.#24 4& %#)-/# $#%*&22#0 +2) &$#%+4(23 8-)3#4* 81
g#.$&9#%(23c *4+,, &2 4"# 3%&-2): *& 4& *$#+76 !"-* $%&,(4* +2) &$#%+4(23
/&*4*: 2&4 %#*$&2*(80# *#0'#*: .&4('+4# .+2+3#.#24c* 8#"+'(&-%: +2)
4%+(2(23 *#%'#* .#%#01 +* + /&'#% ,&% &4"#%: 0#** '(*(80# 8-4 .&%# ,+.(0(+%:
#/&2&.(/ 3&+0*6 !"# ,+/4 4"+4 $&9#% (* #U#%/(*#) (2 &2# )(%#/4(&2 &201 3('#*
.+2($-0+4(&2 (4* $&4#24(+0 %#+/": +04"&-3" 9(4" 4"# /&*4 4"+4 (, )#/#$4(&2 81
.+2+3#.#24 (* *-*$#/4#): 4&4+0 /%#)(8(0(41 .+1 8# 0&*4 +2) +21 +)'+24+3#*
&, )(*4+2/# %#)-/#) 4& + .(2(.-.6
!"# )(*4-%8(23 #+*# 9(4" 9"(/" <&*# (* +80# 4& 30&** &'#% 4"# .+21 9+1*
(2 9"(/" $&9#% (* #U#%/(*#) +2) +**-.# +2 -2)(,,#%#24(+4#) *$+4(+0(41 (*
"+%)01 -2(B-#6 =('#2 4"# (2,0-#2/# &, W&-/+-04 -$&2 <&*#c* 4"(27(23:
4"&-3": &2# 9&-0) "+'# +24(/($+4#) 4"+4 + *#2*(4('(41 4& 4"# 9+1* (2 9"(/"
$&9#% $%&)-/#* (4* &92 ,(#0) &, &%3+2(d+4(&2 9&-0) "+'# 8##2 $%#*#246
["(0# W&-/+-04 9&-0) /#%4+(201 "+'# +$$%#/(+4#) <&*#c* 2&.(2+0(*4(/ 4%#+45
.#24 &, $&9#%: 4"# ,&%.#% 9&-0) $#%"+$* "+'# ,&-2) (4 &)) 4"+4 +44#24(&2
4& 4"# /&2*4(4-4('# *$+4(+0(41 &, $&9#% 9+* *+)01 0+/7(236 !"# #U/#** 8+33+3#
&, D+4&-%c* 0+8&%+4&%150(7# +-4"&%(41 "+* 2& )&-84 *&.#4"(23 4& )& 9(4" 4"#
/&2,()#2/# 4"+4 <&*# #U$%#**#* (2 9"+4 +$$#+% 4& 8# *1*4#.+4(/ /&2*4%-/5

2XEaFAFH< %NC X\%7D

:L:

4(&2* &, 3&'#%2.#24 +2) 9"+4 4"#1 +%# /+$+80# &, *12/"%&2(d(23 +4 +
)(*4+2/#6 E&9#'#%: &2# 9&-0) "+'# 4"&-3"4 4"+4 4"# *"##% )('#%*(41 &, +
9()#01 )(*$#%*#) $&$-0+4(&2 g&-4 4"#%#c: 9"#4"#% +4 9&%7: +4 "&.# &% (2 4"#
/('(/ /&..-2(41 +4 0+%3#: +2) 4"# .+21 $&(24* &, &$$&%4-2(41 ,&% $&9#% 4&
.-4+4# +2) )(*4&%4: 9&-0) "+'# /+-4(&2#) +3+(2*4 +2 &'#%01 ,&%.-0+(/
/&2*4%-/4(&26
T2/# (4 (* +/72&90#)3#) 4"+4 $&9#% (* +09+1* +0%#+)1 *$+4(+0: 4"#2 (4 (*
$&**(80# 4& (.+3(2# + %+4"#% )(,,#%#24 4&$&0&31 &, $&9#%h &2# *#2*(4('# 4& 4"#
)('#%*# 3#&3%+$"(#* &, $%&U(.(41 +2) %#+/" +2) 4"# /&2*#B-#2/#* 4"+4 4"#1
"+'# ,&% 4"# 9+1 (2 9"(/" 3&'#%2.#24 +4 + )(*4+2/# .+1 4+7# #,,#/4h +
4&$&0&31: ,&% (2*4+2/#: 9"#%# 4"# 2##) ,&% +-4"&%(41 4& 8# #*4+80(*"#)
/0&*# +4 "+2) (* $0+1#) +/%&** 4"# ,+%5%#+/"(23 #,,#/4* &, )&.(2+4(&2 &%
.+2($-0+4(&2 (2: *+1: 4"# ,(#0) &, /('(/ &% /&%$&%+4# 9#0,+%# 4& $+(24 + .&%#
.#)(+4#): $%&'(*(&2+0 $(/4-%# &, $&9#%6
`4 .+1 *##. -2,+(% 4& (*&0+4# <&*#c* +//&-24 +2) 4& )9#00 -$&2 (4*
*"&%4/&.(23* 3('#2 4"# .#%(4* &, "(* +44#.$4 4& /&2*()#% $&9#% $3A )(*5
4+2/#: 8-4 "(* ,&%.+0(*. /+2 +00 4&& #+*(01 )-00 4"# (.+3(2+4(&26 `4 /+2
/#%4+(201 0#+) 4& 4"(27(23 4"+4 $&9#% (2 4"# *"+$# &, '+%(&-* $%+/4(/#* +2)
4#/"2(B-#* /+2 8# #,,#/4('# +4 + )(*4+2/# (2 +00 7(2)* &, +**#%4#) 9+1*: 9"#2
$0+(201 4"+4 +**-.$4(&2 (* ,+% ,%&. *4%+(3"4,&%9+%)6 `2)##): (, <&*# "+)
8##2 0#** 4(#) ,&%.+001 4& D+4&-%c* (..-4+80# $%+/4(/#*: "# .(3"4 9#00 "+'#
+$$%#/(+4#) 2&4 &201 4"# 2-+2/#* &, $&9#% 8-4 +0*& 4"+4 + 45--'44,"3 &,
g+-4"&%(4+4('#c $%+/4(/#* &'#% *$+/# (* &201 &2# 9+1 4& %#+/" &-4 4& +
)(*$#%*#) +2) )(*$+%+4# *#4 &, 9(00*6 !"# +04#%2+4('# (* 4& #*4+80(*" +2
,@@'A,$/' $%#*#2/# 4"%&-3" %#+054(.# 4#/"2&0&3(#*6

E"@,>)$,"> ,> 0&)6 M,@&


F*4+80(*"(23 +2 (..#)(+4# $%#*#2/# (2 ,+%5&,, $0+/#*: &% (2 2#+%81 0&/+4(&2*
,&% 4"+4 .+44#%: 4"%&-3" 4#0#.#)(+4#) ,&%.* &, (24#%+/4(&2 (* +2&4"#%: %+4"#%
)(,,#%#24: 9+1 &, 7##$(23 4%+/7 &, )(*4+24 #'#24* (2 %#+0 4(.# +2) $&4#24(+001
&'#%/&.(23 -2/#%4+(2416 !"#%# +%# 2& 3-+%+24##* 4& 4"(* $%&/#**: &, /&-%*#:
+2) 4"# '#%1 *$##) 9"(/" .+1 *12/"%&2(d# $#&$0#c* 0('#* .+1 )& *& (2
+.8(3-&-* +2) (.$#%,#/4 9+1*6 F'#2 *&: <&*#c* +//&-24 9&-0) *-%#01 "+'#
8#2#,(4#) ,%&. + /&2*()#%+4(&2 &, 4"# $&**(8(0(4(#* 4"+4 3&'#%2.#24 *125
/"%&2(d#) (2 %#+0 4(.# 9&-0) "+'# 4& &,,#% S +2) 9"+4 0#'#%+3# (* (2'&0'#)6
!"# $%#*#2/# &, $&9#%: (, (4 (* $&**(80# 4& %#,#% 4& (4 (2 4"+4 9+1: (*
2&2# 4"# 0#** %+%#01 #*4+80(*"#) #(4"#% *-//#**('#01 &% &2 4"# 8+*(* &, *(.-05
4+2#&-* #U/"+23# (2 4"# 7(2)* &, +%%+23#.#24* .#24(&2#)6 <+4"#%: *-/"
+%%+23#.#24*: .&%# &,4#2 4"+2 2&4: +%# + e-)(/(&-* .(U4-%# &, 8&4"6 !"#
7(2)* &, 3&'#%2.#24 #U#%/(*#) +4 4"# 9&%7$0+/#: ,&% (2*4+2/#: &% (2 4"#
8%&+)#% /&24#U4 &, 2+4(&2+0 /('(/ %#,&%.: +%# 0(7#01 4& (2'&0'# + *-//#**(&2 &,

:LG

2XEaFAFH< %NC X\%7D

.#)(+4#) %#0+4(&2*"($* +* .-/" +* 4"&*# &, + .&%# *(.-04+2#&-* 2+4-%#6


["#4"#% +2 (2,0-#24(+0 $%#*#2/# (* #*4+80(*"#) 4"%&-3" 4"# /&..-2(/+4(&2*
2#49&%7* &, + 9()#01 */+44#%#) /&%$&%+4# #24#%$%(*# &% 4"%&-3" 4"# 9+'#5
0#234"* &, + 8%&+)/+*4 .#)(-. 4& %#+/" + )(*$#%*#) /('(/ /-04-%#: 4#/"2&5
0&3(/+001 .#)(+4#) 9+1* &, #U#%/(*(23 $&9#% +%# e-*4 +* 0(7#01 4& 8#
+//&.$+2(#) 81 .&%# /(%/-(4&-*: ,+/#54&5,+/# /"+22#0*6 ;#)-/4(&2: ,&%
&2#: .+1 0#2) (4*#0, 4& *(.-04+2#&-* #,,#/4 4"%&-3" '+%(&-* #0#/4%&2(/
.#)(-.*: 1#4 (4 (* -20(7#01 4& 8# #U#%/(*#) 81 #(4"#% /&%$&%+4# &% $-80(/
+3#2/(#* (2 (*&0+4(&2: (, &201 8#/+-*# &, (4* (2)#4#%.(2+4#: %+4"#% 0(.(4#)
(.$+/46
!"#%# +%# + 2-.8#% &, 9+1* (2 9"(/" 4"(* -2)#%*4+2)(23 &, $%#*#2/# .+1
$%&'# -*#,-0 (2 ,-%4"#% -2%+'#00(23 4"# *$+4(+0 /&2*4(4-4(&2 &, $&9#%6 E#%#
` 9+24 4& 4+7# 4"# +2+014(/* g30&8+0c: ,&% 9+24 &, + 8#44#% #U$%#**(&2h 2&4
8#/+-*# 4"# +2+01*(* %#B-(%#* + *9(4/" (2 */+0# ,%&. <&*#c* 2+4(&2+0 +%#2+ 4&
30&8+0 3&'#%2.#24: 8-4 ,&% 4"# *(.$0# %#+*&2 4"+4 4"# 4#%. g30&8+0c $%&'()#*
+2 #'&/+4('# *#44(23 ,&% /&2*()#%(23 )&.(2+4(&2 ,3 )'$% /,@'6 `, &2# (* $%#**#)
4& 4"(27 &, 4"# %#+001 ,+%5&,, &% 4"# 9()#01 )(*$#%*#): 4"#2 g30&8+0c ,-0,(0* 4"+4
%#B-(%#.#24 9(4"&-4 %#+001 "+'(23 4& 4%16 `, 2&4"(23 #0*#: (4 $%&'()#* + %#+)15
.+)# *"&%4"+2) ,&% #0(/(4(23 *&5/+00#) ,+%5%#+/"(23 $&9#%*6
[(4"&-4 9(*"(23 4& (2)-03# 4"(* 0(2# &, 4"&-3"4 4&& ,+%: 30&8+0 %#+/" +2)
$&9#% +%# &,4#2 4& 8# ,&-2) (2 4"# *+.# *#24#2/#: -*-+001 9(4"&-4 .-/"
4"&-3"4 "+'(23 8##2 3('#2 4& 4"#(% +**&/(+4(&26 @2 #U/#$4(&2: (2 4"# 3#&5
3%+$"(/+0 0(4#%+4-%# +4 0#+*4: (* 4"# 9&%7 &, ;+*7(+ ;+**#2: 9"& "+* 8##2
9%(4(23 &2 #0#/4%&2(/ *$+/# +2) $&9#% *(2/# 4"# +$$#+%+2/# &, "#% *#.(2+0
4#U4 F+' &%";$% <,/# (2 P]]P _*## ;+**#2 P]]O: P]]b: P]]R: P]]]: LMMMa6
E#% 9&%7: 9"(/" 9+* 8%(#,01 /&..#24#) -$&2 (2 4"# $%#'(&-* /"+$4#%: (*
(24#%#*4(23 (2 4"(* %#*$#/4 8#/+-*# (4 ,&%#3%&-2)* 4"# #.8#))#) $%+/4(/#* &,
30&8+0 /&24%&0 +* ,&-2) (2 4"# 8(3 ,(2+2/(+0 "&-*#*: (24#%2+4(&2+0 0+9 ,(%.*:
*$%+90(23 .+2+3#.#24 /&2*-04+2/(#* +2) 30&8+0 %#3-0+4&%1 +3#2/(#*: +2)
#U$0&%#* 4"#(% %#+/"6b
b ;+**#2 (* 2&4 +0&2# (2 4"(* %#*$#/4: +* &4"#% 3#&3%+$"#%*: .&*4 2&4+801 I&2+4"+2
J#+'#%*4&/7: <(/"+%) ;.(4" +2) \#4#% !+10&% _P]]]+: P]]]8: LMMM+: LMMM8a: "+'#
+0*& #2)#+'&-%#) 4& #U$0&%# 4"# 30&8+0 %#+/" &, .+e&% /&%$&%+4# (2*4(4-4(&2* ,%&. 4"#(%
%#*$#/4('# /(41 0&/+4(&2*6 G-/" &, 4"#(% 9&%7 (* /&2/#%2#) 9(4" #*4+80(*"(23 4"# 0(27+3#*
8#49##2 30&8+0 /(4(#* (2 %#*$#/4 &, +//&-24+2/1: +)'#%4(*(23: ,(2+2/(+0 +2) 0#3+0 *#%'(/#*6
["#%# ;+**#2 +**-.#* 4"# $%#*#2/# &, *-/" /&%$&%+4# +/4('(4(#* (2 + 2-.8#% &, 30&8+0
/(4(#*: J#+'#%*4&/7 #4 +06 .#+*-%# (4: .+(201 (2 4#%.* &, )(%#/4 (2'#*4.#24 +2) $%&,#**(&2+0
#.$0&1.#24 2-.8#%*6 !"#(% /&2/#%2 4& #*4+80(*" + g.#4+3#&3%+$"1c &, 30&8+0 /(4(#* (2
4#%.* &, 4"# %#0+4(&2*"($* 8#49##2 4"#.: "&9#'#%: +$$#+%* 4& %#*4 -$&2 + */+0+% ,%+.#5
9&%7 &, $&9#% %#0+4(&2*: 9"#%# /(4(#* '(# 9(4" 2+4(&2 *4+4#* (2 + g%#*/+0(23c &% %#)(*4%(5
8-4(&2 &, /+$+8(0(4(#* &, 4"# 7(2) .#24(&2#) (2 /"+$4#% L6 ;+**#2: (2 /&24%+*4: *##.* 4&
"+'# (2 .(2) +2 #/&2&.(/ 4&$&0&31 &, $&9#% (2 9"(/" /&%$&%+4# 8&)(#* )%+9 .-/" &,
4"#(% +8(0(41 ,%&. 4"# *(.-04+2#(41 +2) (..#)(+/1 &, 4"#(% 2#49&%7#) /&22#/4(&2*6

2XEaFAFH< %NC X\%7D

:LM

` .#24(&2 e-*4 49& 9+1* (2 9"(/" *-/" 8&)(#* +%# *+() 81 ;+**#2 4& .+7#
4"#(% $%#*#2/# ,#04 +4 + )(*4+2/#6 !"# ,(%*4 #2'(*+3#* 4"# 2#9: (2*4+24+2#&-*
%#+/" +/"(#'#) 81 4"# .+21 )('#%*# *$#/(+0(*4* )%+92 4&3#4"#% (2 $0+/#* 0(7#
K#9 f&%7: !&71& &% D&2)&2: 9"& +%# *+() 4& g%-2c 4"# 30&8+0 #/&2&.1 g&-4
4"#%#c 81 %#*$&2)(23 4& 4"# (..#)(+/1 &, 4"# .+%7#4*6 !"# */#2+%(& &-45
0(2#) (* +3+(2 /0&*# 4& 4"+4 )#*/%(8#) 81 G+U [#8#% +* &2# &, )&.(2+4(&2:
9"#%# ,&%.+001 ,%## (2)('()-+0* &2 4"# &4"#% *()# &, 4"# 9&%0) ,(2) 4"#.5
*#0'#* (2 + *(4-+4(&2 9"#%# 4"#1 "+'# 0(440# &% 2& /"&(/# 8-4 4& ,+00 (2 0(2# 9(4"
4"# (24#%#*4* &, 4"# 8(3 30&8+0 +3#2/(#*6 !"# )(,,#%#2/# ,%&. [#8#%c* )+1: &,
/&-%*#: (* 4"+4 4"(* ,&%. &, #/&2&.(/ )&.(2+4(&2 (* 2&9 $%+/4(*#) (2 %#+0
4(.#6 !"# *#/&2) +'#2-# &, %#+/" &-40(2#) 81 ;+**#2 $(/7* -$ &2 + )(,,#%#24
9+1 4"+4 *-/" +3#2/(#* +%# *##2 4& #U4#2) 4"#(% (2,0-#2/# +/%&** ,+%5,0-23
2#49&%7*: +2) 9"(/" /&.#* /0&*#% 4& 4"# .&%# $%#*/%($4('#: 2&%.5(2)-/(23
$%+/4(/#* )#*/%(8#) 81 <&*#h 2+.#01 4"# 2&%.+4('# *4+2)+%)* +2) /&2'#25
4(&2* 0+() )&92 81 g30&8+0c 0+95.+7(23 8&)(#* +2) ,(2+2/(+0 +3#2/(#*6 @*
8#,&%#: "&9#'#%: 9# +%# 0#) 4& 8#0(#'# 4"+4 +-4"&%(41 %#0+4(&2* +%# +00 4"+4 (*
2##)#) 4& +/"(#'# 4"# )#*(%#) #,,#/46 `4 (*: &, /&-%*#: +* 9# "+'# *##2: 2#'#%
4"+4 *4%+(3"4,&%9+%)6
D#4 -* /&2/#24%+4# -$&2 4"# ,(%*4 &, 4"#*# +'#2-#* &, %#+/" +* (4 8%&+)01
%#'#+0* 4"# 7(2) &, $%#)#4#%.(2#) 4"(27(23 4"+4 &,4#2 3&#* &2 9"#%# $&9#%
(* +**-.#) 4& "+'# + 4,@5%/$3'"54 $%#*#2/# (2 + '+%(#41 &, 30&8+0 *#44(23*6

9 .+0-,+$$%01 3,(&(0.(7
;+**#2 (* 7##2 4& +%3-# 4"+4 4"# *"##% */+0# +2) /&.$0#U(41 &, 30&8+0
#/&2&.(/ +/4('(4(#* 4&)+1 +%# 2&4 *&.#4"(23 4"+4 (* +2+%/"(/ &% &-4 &,
/&24%&06 `4 (* 2&4 +* (, /&%$&%+4(&2*: ,(2+2/# "&-*#* +2) 4"&*# 9"& 8%&7#%
4"# 9#04#% &, 4%+2*+/4(&2* 9"(/" .+7# -$ 4"# 30&8+0 #/&2&.1 3& +8&-4 4"#(%
8-*(2#** (2 4"#(% &92 *9##4 9+1 9(4"&-4 4"# *0(3"4#*4 "(24 &, .+2+3#.#24
&% /&5&%)(2+4(&26 <+4"#% 4"# /&24%&0 &, *-/" +/4('(4(#*: 4"# &%/"#*4%+4(&2
+2) /&5&%)(2+4(&2 &, 4"# ,+*4 +2) ,0&9(23 2+4-%# &, #/&2&.(/ 8-*(2#**:
4+7#* $0+/# (2 + ,#9 *4%+4#3(/ 0&/+4(&2* 9"(/" "+'# 4"# /+$+/(41 S 4"# *7(00*:
%#*&-%/#* +2) #U$#%4 72&90#)3#* S 4& )& 4"# e&8: *& 4& *$#+76 J+27* &,
0+91#%*: +//&-24+24*: ,(2+2/(+0 +2+01*4*: .+2+3#.#24 /&2*-04+24* +2) $%&5
3%+..#%* /+$+80# &, "+2)0(23 4"# #'#%1)+1 /&.$0#U(4(#* &, 4%+2*2+4(&2+0
4%+2*+/4(&2* /0-*4#% (2 $0+/#* *-/" +* K#9 f&%7: !&71& +2) D&2)&2 +2): (2
4%-# D+4&-%50(7# ,+*"(&2: &$#%+4# +* + /#24%# &, /+0/-0+4(&26 F'#%14"(23 S 4"#
.&'#.#24 &, 8-*(2#**: .&2#1 +2) ()#+* S $+**#* 4"%&-3" 4"#. (2 &2#
*"+$# &% +2&4"#% (2 + 9+1 4"+4 #2+80#* 4"#*# "(3"50#'#0 *#%'(/# $%&,#**(&2+0*
4& $%+/4(*# 30&8+0 /&24%&06
`2 /&24%+*4 4& D+4&-%c* 3%&-2)#) '(*(&2: "&9#'#%: 4"#*# g/&..+2)
$&(24*c (2 4"# &%3+2(d+4(&2 &, 4"# 9&%0) #/&2&.1: +* ;+**#2 )#*/%(8#*

:LQ

2XEaFAFH< %NC X\%7D

4"#.: +%# #.8#))#) 9(4"(2 '(%4-+0 #0#/4%&2(/ 2#49&%7* 9"(/" *$+2 4"#
30&8# +2) #,,#/4('#01 2#3+4# 4"# 3+$ 8#49##2 4"# #/&2&.(/ g"#%#c +2)
g4"#%#c6 !"# )(3(4+0(d+4(&2 &, #/&2&.(/ +/4('(4(#*: 4"# (2/%#+*#) $+/# &,
4%+2*+/4(&2* +2) 4"# (..#)(+/1 &, 4"# .+%7#4* "+'# 3('#2 %(*# 4& + *#2*#
&, g2&92#**c (2 4"# 30&8+0 #/&2&.1 4"+4 &201 ,#9 &%3+2(d+4(&2* +%# (2
+ $&*(4(&2 4& /&24%&06 @.&23 4"#.: #.$&9#%#) 81 *4+4#5&,54"#5+%4
4#0#.+4(/*: +//&%)(23 4& ;+**#2: +%# 4"# #.8#))#) 2#49&%7* &, $%('+4#
,(2+2/#A
!"# ,(2+2/(+0 .+%7#4*: &$#%+4(23 0+%3#01 4"%&-3" $%('+4# #0#/4%&2(/ 2#49&%7*:
+%# + 3&&) (2*4+2/# &, +2 +04#%2+4('# ,&%. &, $&9#%6 !"# 4"%## $%&$#%4(#* &,
#0#/4%&2(/ 2#49&%7*A *$##): *(.-04+2#(41: +2) (24#%/&22#/4('(41 "+'# $%&5
)-/#) *4%(7(2301 )(,,#%#24 &-4/&.#* (2 4"(* /+*# ,%&. 4"&*# &, 4"# `24#%2#46
!"#*# $%&$#%4(#* "+'# .+)# $&**(80# &%)#%* &, .+32(4-)# +2) /&2/#24%+4(&2
,+% *-%$+**(23 +214"(23 9# "+) #'#% *##2 (2 ,(2+2/(+0 .+%7#4*6 !"# /&2*#5
B-#2/# "+* 8##2 4"+4 4"# 30&8+0 /+$(4+0 .+%7#4 2&9 "+* 4"# $&9#% 4& )(*/($5
0(2# 2+4(&2+0 3&'#%2.#24*: +* 8#/+.# #'()#24 9(4" 4"# G#U(/& g/%(*(*c &,
C#/#.8#% P]]Q6 [# +%# *##(23 4"# ,&%.+4(&2 &, 2#9 $&9#% *4%-/4-%#* (2
#0#/4%&2(/ *$+/#: $#%"+$* .&*4 /0#+%01 (2 4"# $%('+4# 2#49&%7* &, ,(2+2/# 8-4
+0*& (2 &4"#% /+*#*6 _P]]RA PZRa

;+**#2 3&#* &2 4& +%3-# 4"+4 8&4" 4"# 3%&9(23 '(%4-+0(d+4(&2 &, #/&2&.(/
+/4('(41 +2) 4"# /#24%+0(d#) /+$+8(0(4(#* ,&% 30&8+0 /&24%&0 +%# $+%4 &, + g2#9
3#&3%+$"1 &, $&9#%c 9"(/" (* *4#+)(01 #%&)(23 4"# *&'#%#(3241 &, 4%+)(4(&2+0
*4+4#5/#24%#) *1*4#.* &, /&5&%)(2+4(&26
E&9 ,+% &2# 9(*"#* 4& #2)&%*# 4"# #.#%3#2/# &, 2#9 $&9#% *4%-/4-%#* (2
#0#/4%&2(/ *$+/# (* &, /&-%*# )#8+4+80#: #*$#/(+001 3('#2 4"+4 ,&% .-/" &, 4"#
4(.# ;+**#2 /&2,0+4#* %#*&-%/#* +2) $&9#%6 J-4 9"+4 /&2/#%2* .# "#%# (*
4"# %+4"#% /+'+0(#% ,+*"(&2 (2 9"(/" /&24%&0 (* g%#+) &,,c ,%&. 4"# 2#95,&-2)
4#/"2&0&3(/+0 /+$+8(0(4(#* &, 4"# 30&8+0 g/#24%#*c: +2) 4"# +**-.$4(&2 4"+4
4"# 7(2) &, #/&2&.(/ $&9#% 9(#0)#) 81 30&8+0 *#%'(/# $%&,#**(&2+0* "+* +
$%#*#2/# 4"+4 (* 8&4" #U4#2*('# +2) #,,#/4('#6 W%&. 9"+4 "+* +0%#+)1 8##2
*+(): 4"# +8(0(41 &, 2#9 4#/"2&0&3(/+0 .#)(-.* 4& %#/+*4 %#0+4(&2*"($* &,
$%&U(.(41 +2) /&5$%#*#2/# /-4* 49& 9+1*A 4"#1 .+1 #2"+2/# 4"# #U#%/(*# &,
$&9#% 81 %#)-/(23 -2/#%4+(241: &% 4"#1 .+1 )(0-4# 4"(* #U#%/(*# 81 $+1(23
.&%# +44#24(&2 4& 4"# 4%+2*.(**(&2 %+4"#% 4"+2 4"# 4%+2*0+4(&2 &, 9"+4 (*
/&..-2(/+4#)6 `4 (* &2# 4"(23 4& *-33#*4 4"+4 (2 4"# ,+*4 2#9 #/&2&.(/
4&$&3%+$"1 (4 (* $&**(80# 4& "+'# + $%#*#2/# 9&%0)59()# (2 %#+0 4(.# +2)
B-(4# +2&4"#% 4& *+1 4"+4 4"(* &//-%* 9(4" +21 %#+0 #,,#/46 !"# $&**(8(0(41 &,
2#+% (2*4+24+2#&-* ,&%.* &, /&..-2(/+4(&2 4#00* -* 0(440# &% 2&4"(23 +8&-4
4"#(% (.$+/4: &201 4"# ,+/4 &, 4"#(% (2*4+00+4(&26 !"# .&%# #U4#2*('# 4"#
2#49&%7: 4"# .&%# '+%(#) 4"# (24#%#*4* (2'&0'#): 4"# 3%#+4#% 4"# 2-.8#% &,
9(00* 4& 2#3&4(+4#: 4"# 0#** 0(7#0("&&) 4"#%# (* &, +214"(23 %#*#.80(23 +
g30&8+0 /+$+8(0(41 ,&% /&24%&0c6

2XEaFAFH< %NC X\%7D

:LL

!"(* (* 2&4 4& )#21: &, /&-%*#: 4"+4 4"# 41$#* &, #0#/4%&2(/ 2#49&%7 /(4#)
81 ;+**#2 +%# /+$+80# &, #*4+80(*"(23 + $%#*#2/# &, &2# 7(2) &% +2&4"#%
4"%&-3" 4"# +.+03+. &, $%&,#**(&2+0 +2) .+2+3#%(+0 *$#/(+0(*.* /0-*4#%#)
(2 30&8+0 /(4(#*6 !"# /%(4(/+0 (**-#: "&9#'#%: (* 2&4 +8&-4 $%#*#2/# *') 4' 8-4
9"#4"#% &% 2&4 + -"3/)"%%,3( $%#*#2/# (* #*4+80(*"#)6 H#%4+(201: (4 (* "+%) 4&
+'&() 4"# (.$%#**(&2 4"+4 4"# ,+%5%#+/"(23 $&9#%* &, 30&8+0 +3#2/(#* +%#
(2)##) /+$+80# &, #*4+80(*"(23 + )&.(2+24 $%#*#2/# +/%&** 4"# )(*$#%*#)
#/&2&.(/ 2#49&%7*6 !"# *$#/(,(/ 2+4-%# &, 4"(* )&.(2+4(&2 (* &8'(&-*01
4"&-3"4 4& '+%1 )#$#2)(23 -$&2 4"# /"+%+/4#% &, 4"# 2#49&%7* (2'&0'#):
9"#4"#% .+%7#45)%('#2 /&..#%/(+0 2#49&%7*: 3&'#%2.#24 %-0#58+*#) %#3-5
0+4&%1 *1*4#.*: &% 4"&*# (24#%2+0 4& + /&%$&%+4# .-04(2+4(&2+0c* 30&8+0 &$#%5
+4(&2*: 8-4 4"# 2#4 %#*-04 (* .-/" 4"# *+.#6 `, (4 (* 2&4 B-(4# 4"# *(.$0(*4(/
g/&..+2) &'#% *$+/#c '+%(#41 &, /&24%&0 4"+4 (* #2'(*+3#): 4"&*# g(2 /&24%&0c
+%# 4"&-3"4 2&2# 4"# 0#** 4& .+7# 4"#(% $%#*#2/# ,#04 +4 + )(*4+2/# 81
%#*4%(/4(23 4"# #/&2&.(/ $&**(8(0(4(#* &, &4"#%* *& 4"+4 4"#1 "+'# 0(440# &%
2& /"&(/# 8-4 4& /&.$016 !"(*: #,,#/4('#01: (* 4"# *)$-/,-' &, 30&8+0 )&.(25
+4(&2 _*## @00#2 P]]]8a6
T% (* (4k @**-.(23 4"+4 *&.# ,&%. &, $&9#% (* 2#/#**+%1 4& $%&.&4# 4"#
/&5&%)(2+4(&2 &, 4"# 30&8+0 #/&2&.1: 2& .+44#% "&9 $%&'(*(&2+0 +2)
-2/#%4+(2: (4 (* 2&4 *& .-/" #U4#2)#) (2 )&.(2##%(23 ,+*"(&2 +* /&#U4#2*('#
9(4" 4"# g30&8+0c ,(#0)6 \&9#% /&2*4(4-4#* 4"# .+21 #/&2&.(/ 2#49&%7*: 8#
4"#1 0&23 &% *"&%4: 30&8+0 &% %#3(&2+0: 4"%&-3" 4"# *$+/(23 +2) 4(.(23 &, 4"#
.#)(+4#) %#0+4(&2*"($* #U#%/(*#) 81 +2 +%%+1 &, #.8#))#) +3#2/(#*6 G&%#
4& 4"# $&(24: #/&2&.(/ )&.(2+4(&2: +* 9# "+'# "+) /+-*# 4& 2&4#: (* %+%#01
#U#%/(*#) (2 (*&0+4(&2 81 4"# 0(7#* &, .-04(2+4(&2+0 /&%$&%+4(&2*: ,(2+2/#
"&-*#* +2) 3&'#%2.#24+0 +3#2/(#*h (4 (* +0.&*4 (2'+%(+801 $+%4 &, +2 (2*4(5
4-4(&2+0 +%%+23#.#24 9"(/" .(U#* ,+%5%#+/"(23 9(4" .&%# $%&U(.+4#
.&)#*: /(%/-(4&-* 9(4" .&%# (..#)(+4# *410#* &, $&9#%: 4& #*4+80(*" +2)
.+(24+(2 +2 (2,0-#24(+0 $%#*#2/# 9&%0)59()#6 `2)##): .-/" 4"+4 (* *+() 4&
,+00 -2)#% 4"# 8+22#% &, 30&8+0 )&.(2+4(&2 (2 #/&2&.(/ 4#%.* (* .&%# 0(7#01
4& 4-%2 &2 + /&.8(2+4(&2 &, $&9#% %#0+4(&2*6
H&2*()#%: ,&% (2*4+2/# K(3#0 !"%(,4c* _P]]Qa +//&-24 &, "&9 4"# H(41 &,
D&2)&2 .+(24+(2* + 30&8+0 ,(2+2/(+0 $%#*#2/# 4"%&-3" + *#%(#* &, )(*4+25
/(+4#) +2) ,+/#54&5,+/# $%+/4(/#* 81 %#$%#*#24(23 (4*#0, +* + -'3/)' "6 V-5%/5)$%
$5/+"),/#T6 `2 + *410# 2&4 )(**(.(0+% 4& D+4&-%c* +//&-24 &, "&9 +/4(&2 +4 +
)(*4+2/# (* .+)# $&**(80# 4"%&-3" .&8(0# 1#4 -2'+%1(23 4%+/#*: !"%(,4
+%3-#* 4"+4 4"# H(41c* #U$#%4(*# (2 3+4"#%(23: /(%/-0+4(23 +2) (24#%$%#45
(23 ,(2+2/(+0 (2,&%.+4(&2 "+* 3('#2 (4 + $%#5#.(2#24 $&*(4(&2 9(4"(2 4"#
9&%0)c* ,(2+2/(+0 2#49&%7*6 !"(* "+* .+2(,#*4#) (4*#0,: !"%(,4 *-33#*4*: (2
,&-% %#0+4#) 9+1*A
S,)4/: 4"# H(41 (* + 2#U-* &, 6$-'=/"=6$-' /&..-2(/+4(&2 4"%&-3" 9"(/" (2,&%5
.+4(&2 (* 3+4"#%#) +2) (24#%$%#4#)6 .'-"3A: 4"# H(41 (* + /#24%# ,&% '%'-/)"3,-

:LR

2XEaFAFH< %NC X\%7D

(2,&%.+4(&2 3+4"#%(23 +2) 4%+2*.(**(&26 W&% #U+.$0#: 81 P]R] <#-4#%*


g.+(24+(2#) PRQ:NMM */%##2* 9&%0)9()#: $%&'()(23 3%&-$* &, /-*4&.#%* 2&4
&201 9(4" (2*4+24 +//#** 4& (2,&%.+4(&2: 8-4 +0*& +00&9(23 3%&-$* &, 4"#. 4&
/&..-2(/+4# 9(4" #+/" &4"#%: +2) *& $%&'()# +2 (24#%2+4(&2+0 #0#/4%&2(/
.+%7#45$0+/#c _G(/"(#: P]]L: $6 PROa6 F+,)A: 4"# H(41 (* + /#24%# &, /'B/5$%
(24#%$%#4+4(&2: ,%&. 4"# '&0-.(2&-* %#*#+%/" +2+01*4*c %#$&%4* /(%/-0+4#) 4&
$+%4(/-0+% $&4#24(+0 /0(#24*: #'#2 4& "-.80# 4($ *"##4*6 `2 $+%4(/-0+%: 4"# H(41 (*
2&9 + /#24%# ,&% 4"# (%";$% 6,3$3-,$% *)'44 S (2/0-)(23 L5)"@"3'#M F+' 7$39')M
F+' L-"3"@,4/ +2) 4"# S,3$3-,$% F,@'46 !"# S,3$3-,$% F,@'4 *4+%4#) + /&24(25
#24+0 F-%&$#+2 #)(4(&2 (2 P]Z]: 9(4" + K#9 f&%7 #)(4(&2 ,&00&9(23 (2 P]RO6
J1 P]]N: QM $#% /#24 &, 4"# $+$#%c* /(%/-0+4(&2 9+* +8%&+) 6 6 6 6 S"5)/+: 4"#
H(41 (* (2/%#+*(2301 "&.# 4& .+21 )(,,#%#24 30&8+0 g#$(*4#.(/ /&..-2(4(#*c:
&//-$+4(&2+0 /&..-2(4(#* 9(4" 4"#(% &92 *$#/(+0(d#) '&/+8-0+%(#*: %"#4&%(/*:
72&90#)3#*: $%+/4(/#* +2) 4#U4*6 W%&. #/&2&.(*4* 4& ,&%#(32 #U/"+23# )#+0#%*
4& F-%&8&2) 4%+)#%* #+/" &, 4"# /&..-2(4(#* 4#2)* 4& 0('# (2 +2 (2/%#+*(2301
*$#/(+0(d#) 2+%%+4('# 9&%0)6 _P]]QA NQ]SOMa

@* + *(4# &, +-4"&%(41: 4"#2: 4"# H(41 &, D&2)&2: &2 4"(* '(#9: "+* 8#/&.# +
)'-"(3,N'A /#24%# &, +00 4"(23* /&22#/4#) 9(4" .+%7#4* +2) ,(2+2/#6 !"#
(.$0(/+4(&2 (* 4"+4 &4"#%*: .+21 +8*#24 (2 %#+0 4(.#: +%# 9(00(23 4& 3('#
)-# /%#)#2/# 4& 4"# +)'(/# +2) 4#U4-+0 (24#%$%#4+4(&2* &2 &,,#% +2) 4&
&$#%+4# ,%&. + $&*(4(&2 &, 4%-*4 S %#'(*+80# *"&-0) 4"#(% &$4(&2* ,+(0
4& )#0('#% 4"# +24(/($+4#) 8#2#,(4*6 !"(*: 4"#2: (* "+%)01 + '(*(&2 &, 30&8+0
/&24%&0: 9"#%# + *#2*# &, $%&2&-2/#) g2&92#**c 8%&-3"4 +8&-4 81 4"#
(..#)(+/1 &, 4"# ,(2+2/(+0 .+%7#4* 9&%7* 4& /0&*# )&92 &$4(&2*6 `2 ,+/4:
4"#%# (* #'#2 .&%# 4"+2 ,(2+2/(+0 #U$#%4* *4%-44(23 4"#(% +-4"&%(41 3&(23 &2
"#%#6
T2# &, 4"# $&(24* *-33#*4#) #+%0(#% (2 %#*$#/4 &, +-4"&%(41 +* + .&)# &,
$&9#% 9+* 4"+4 4"# .&%# /&.$0#U01 .#)(+4#) 4"# %#0+4(&2: 4"# 0#** (24#2*#
(4* (.$+/4: 3('#2 +-4"&%(41c* /&2*4+24 2##) ,&% %#/&32(4(&26 `2 + .&%# &$#2
#2'(%&2.#24: 9"#%# ,(2+2/(+0 (2,&%.+4(&2 +2) &$(2(&2 +%# )(**#.(2+4#)
&'#% + 9()#01 )(*$#%*#) #/&2&.(/ +%#2+: +-4"&%(41c* %#/#$4(&2 (* .&%# 0(7#01
4& 8# +7(2 4& 4"# 0(.(4#) #,,#/4* 4"+4 /"+%+/4#%(d# 8&4" *#)-/4(&2 +2)
$#%*-+*(&26 !"# +8(0(41 4& *-33#*4 + 3#2#%+0 .&)# &, /&2)-/4: 4& #U"&%4
%+4"#% 4"+2 $%#*/%(8#: 4"%&-3" 4"# $+3#* &, 4"# 30&8+0 ,(2+2/(+0 $%#** &% &'#%
4"# (24#%2#4: +%# /0&*#% 4& 4"#*# .&%# .&)#*4 ,&%.* &, $&9#% 4"+2 4& +21 *#4
&, +-4"&%(4+4('# '&(/#*: 2& .+44#% "&9 )(%#/4 4"#(% $%#*#2/#6
!"# (**-#: "&9#'#%: +* 8#,&%#: (* 2&4 4"+4 *#)-/4(&2 &% $#%*-+*(&2 "+'#
)(*$0+/#) +-4"&%(41 +* + .#+2* &, .+(24+(2(23 4"# H(41c* $%#*#2/# (2 ,+%5&,,
.+%7#4*6 <+4"#%: (2 *-/" + '+%(#) #/&2&.(/ +%%+23#.#24 +* 4"# H(41c*
,(2+2/(+0 2#49&%7*: 4"# 2##) ,&% %#0+4(&2*"($* &, *&/(+0 +2) *$+4(+0 $%&U(.(41
+0&23*()# 4"&*# &, + .&%# )(*4+2/(+4#) 2+4-%# %#'#+0* *&.#4"(23 &, 4"#
'+%(#) %#+/" +2) (24#2*(41 &, $&9#% %#0+4(&2*6 !"#1 +%# 2&4 +00 &, 4"# *+.#
*$+4(+0 &%)#%6 !"-* (, ;+**#2 (* /&%%#/4 4& 4+07 +8&-4 4"# ,&%.+4(&2 &, 2#9

2XEaFAFH< %NC X\%7D

:LZ

$&9#% *4%-/4-%#* (2 4"# #0#/4%&2(/ 2#49&%7* &, $%('+4# ,(2+2/#: *"# 9&-0)
"+'# )&2# 9#00 4& /&2*()#% 4"# %#0+4(&2*"($ 8#49##2 $%&U(.(41 +2) $%#*#2/#
+* (4 +,,#/4* +-4"&%(41c* 2##) ,&% %#/&32(4(&2: 4"# 2#+% 80+27#45.&2&$&01
%#B-(%#.#24* &, )&.(2+4(&2 (, (4 (* 4& 8# #,,#/4('# &'#% + )(*$#%*#) $&$-0&-*:
+2) 4"# .&)#*4 B-+0(4(#* &, *#)-/4(&2 &% $#%*-+*(&2 4"+4 #2+80# 4"&*#
%#0+4(&2* 4& .+7# 4"#(% $%#*#2/# ,#04 (2 %#+0 4(.# )#*$(4# 4"#(% (2)#4#%.(25
+/16 `2 *"&%4: *"# 9&-0) "+'# )&2# 9#00 4& /&2*()#% $&9#%c* (2"#%#24
*$+4(+0(41: %+4"#% 4"+2 e-*4 *&.# &, 4"# *$+4(+0 +*$#/4* &, )&.(2+4(&26Z

."/&( )$ ) E,#$)>8&R
!& 8# "&2#*4: ` /+22&4 "#0$ 8-4 8#0(#'# 4"+4 (2 8&4" ;+**#2 +2) <&*#c*
4"(27(23 +8&-4 "&9 $&9#% 9&%7* +4 + )(*4+2/#: *&.# '+%(+4(&2 &2 D+4&-%c*
g0+8&%+4&%150(7# /#24%#c 4"#.# (* $%#*#246 ["#4"#% 8#"(2) 4"# */#2#* &%
2&4: ,&% 4"#.: 4"# +8(0(41 4& %#+/" (24& 4"# */+44#%#) 0('#* &, &4"#%* *##.*
4& $&**#** +2 +0.&*4 *1*4#.+4(/ B-+0(41 9"(/": 9"(0*4 .#)(+4#): (* *4(00
/+$+80# &, $%&)-/(23 *&.#4"(23 4"+4 +$$%&U(.+4#* 4& + *4+80#: &%)#%#)
+%%+23#.#246 T8'(&-*01 4"# 4%+/#* &, 8&%%&9#) ()#+* +%# .&%# (2 #'()#2/#
(2 <&*#c* 9&%7: 3('#2 D+4&-%c* +/72&90#)3#) (2,0-#2/#: 8-4 ,&% ;+**#2
4"#%# (* 4"# *(.(0+% .(*$0+/#) 8#0(#, 4"+4 4"# 9&%0) g&-4 4"#%#c /+2 8#
.+)# 4& %#*#.80# 4"# /&.$0#U(4(#* +2) 4"# /#%4+(24(#* &, 4"# g/#24%#c: 8#
4"#1 *-/" 9#005$0+/#) 8&)(#* +* 4"# *4%+4#3(/ "#+)B-+%4#%* &, /&%$&%+4#
&%3+2(d+4(&2* &% 4"# +330&.#%+4(&2 &, *#%'(/# #U$#%4(*# 4"+4 (2"+8(4* 30&8+0
/(4(#*6
!"(* .+1 8# /&.,&%4(23: 8-4 (4 $%&'()#* ,#9 /0-#* +* 4& 9"+4 (* +/4-+001
(2'&0'#) (2 4"# #U#%/(*# &, $&9#% +4 + )(*4+2/#6 T2# &, 4"# $%(.# )(,,(/-04(#*
9(4" 4"# g+-4"&%(4+4('#c /#24%# '(#9 &, $&9#% (* 4"+4 (4 4#2)* 4& 8# e-)3#) 81
(4* ,3/'3A'A %+4"#% 4"+2 81 (4* $-/5$% #,,#/4*6 J#/+-*# '+%(&-* +3#2/(#* 9(4"(2
30&8+0 /(4(#* "+'# 4"# *7(00* +2) %#*&-%/#* g4& %-2c 4"# 30&8+0 #/&2&.1: (4 (*
*&.#"&9 +**-.#) 4"+4 4"(* (* (2)##) 9"+4 "+$$#2*6 \&9#% .+1 2&4 8#
4%+2*.(44#) (24+/4 ,%&. $&(24 4& $&(24 (2 + 0&&*# [#8#%(+2 *#2*#: 8-4 4"#
*$%#+) &, /#%4+(24(#* ,%&. 4"# g/#24%#c &-49+%)* 4#2)* 4& 8# +**-.#) +2)
2&4 #'()#2/#)6
Z `4 9&-0) &, /&-%*# 8# $&**(80# 4& 3& &2 4& #U$0&%#: (2 4"# ,+*"(&2 &, \+-0 X(%(0(& _P]Rb:
P]]P: P]]Z: LMMMa: 4"# g"#%#5+2)52&9c ,&%.* &, /&24%&0 4"+4 9&%7 4"%&-3" *$##) +2)
*(.-04+2#(41 8#1&2) 4"# ,(2+2/(+0 .+%7#4*: 81 /&2*()#%(23: ,&% (2*4+2/#: 4"# %&0# &,
/&.$+21 (24%+2#4* +2) /&%$&%+4# 4#0#/&..-2(/+4(&2* (2 +44#.$4* 81 30&8+0 "#+)B-+%5
4#%* 4& 8%(23 4"#(% */+44#%#) #.$0&1##* (24& 0(2# (2 4"# [#8#%(+2 *#2*# &, /&..+2) +2)
$%#*/%($4(&2: 8-4 4"# $&(24 %#.+(2* .-/" 4"# *+.#6 ;$##) (4*#0, 4#00* -* 0(440# +8&-4 4"#
#,,#/4* &, 4"# 2#9 /&..-2(/+4(&2* 4#/"2&0&3(#*: +2) 4(.# 9&-0) 8# 8#44#% *$#24 )(*#25
4+230(23 "&9 4"# %#0+4(&2*"($ 8#49##2 $%&U(.(41 +2) $%#*#2/# +,,#/4* $&9#% +2) (4*
.&)+0 B-+0(4(#*6

:LP

2XEaFAFH< %NC X\%7D

!"# +**-.$4(&2 *4#.*: (2 .1 '(#9: ,%&. + $#%*(*4#24 ,+(0-%# 4& $%&80#.5


+4(d# 4"# *$+4(+0 %#+/" &, $&9#%6 !"#%# +%# 2& g80&/*c &, +-4"&%(41 g8+/7
"&.#c 9+(4(23 4& 8# %#/&32(d#): 2& %#+)15.+)# *4%+4#3(#* &, )&.(2+4(&2 &2
*4+2)581: &201 .#)(+4#) %#0+4(&2* &, $&9#% 9"(/" 4+7# + .&)+0 ,&%.: #(4"#%
%#+/"(23 &-4 4& + )(*$#%*#) $&$-0+4(&2 4"%&-3" + *-//#**(&2 &, %#0+4(&2*"($*
&% )%+9(23 4"#. /0&*#% 81 #*4+80(*"(23 +2 (..#)(+4# $%#*#2/# 4"%&-3" %#+05
4(.# 4#/"2&0&3(#*6 @* ` *## (4: 4"# %#0+4(&2*"($ 8#49##2 $%&U(.(41 +2)
$%#*#2/# $0+1* +/%&** 4"#*# 49& 9+1* &, 8%()3(23 4"# 3+$ 8#49##2 "#%#
+2) 4"#%# S +2) (4 (* 4"(* 4"+4 $%&80#.+4(d#* 4"# %#+/" &, $&9#%6R
`2 4"(* 4&$&0&3(/+0 0+2)*/+$#: ,(U#) )(*4+2/#* +2) 9#005)#,(2#) $%&U(.5
(4(#* ,+(0 4& /&2'#1 "&9 4"# ,+%5&,, (* 8%&-3"4 (24& %#+/" &% 4"# /0&*#5+45"+2)
/&2*4%-/4#) +4 + )(*4+2/#6 G&%# 4& 4"# $&(24: $&9#% %#0+4(&2*: ` "+'#
+%3-#): +%# /&2*4(4-4#) )(,,#%#2401 (2 4"(* *$+/#54(.# 0+2)*/+$#: (2 0(2#
9(4" 9"+4 )(*4(23-(*"#* +2 +/4 &, /%-*"(23 )&.(2+4(&2 ,%&. 4"+4 &, *#)-/5
4(&2: &% + .+2($-0+4('# +/4 ,%&. 4"# -22#%'(23 4"%#+4 &, /&#%/(&2: ,&%
(2*4+2/#6 H&2/#('#) (2 4"(* .+22#%: + *$+4(+0 +2+014(/* &, $&9#%: ,+% ,%&.
/#0#8%+4(23 4"# $%&80#.+4(d+4(&2 &, %#+/": 9&-0) 4%#+4 (4 +* .#%#01 4"# %#*-04
&, 4"# 9+1* (2 9"(/" $%&'(*(&2+0 +%%+23#.#24* &, $&9#% 4+7# *"+$#6 `, <&*#
"+) +%%('#) +4 + *(.(0+% /&2/0-*(&2: "# .(3"4 +0*& "+'# -2)#%*4&&) 9"+4 (4
4+7#* ,&% 3&'#%2.#24 4& 8%()3# 4"# 3+$ 8#49##2 "#%# +2) 4"#%#6

R !& 8# ,+(% 4& D+4&-%: 4"(* 7(2) &, 4&$&0&3(/+0 0+2)*/+$# (* /0&*#% 4& 4"+4 &-40(2#) 81
G(/"#0 ;#%%#* (2 4"#(% e&(24 <"3C')4$/,"34 "3 .-,'3-'M <5%/5)' $3A F,@' _P]]Oa6 @ /&2/#%2
4& 0&&*#2: &% %+4"#% %#+**#**: 4"# %(3()(4(#* &, )#,(2#) $%&U(.(4(#* +2) )(*4+2/#* (* #'()#24
(2 ;#%%#*c* 4&$&0&3(/+0 (.+3(2+4(&2: (2 /&24%+*4: +* "# *+1*: 4& + g.#4%(/+0 3#&.#4%1c 9(4"
(4* ,(U#) /&5&%)(2+4#* _P]]OA bMSPa6 `2 D+4&-%c* "+2)*: "&9#'#%: (4 *##.* 4& .# 4"+4 4"#
9#+'(23 4&3#4"#% &, )(*4+24 &4"#%* (24& .&%# &% 0#** /&22#/4#): .&%# &% 0#** 0&23
2#49&%7* &, +**&/(+4(&2 *4%#**#* &201 4"# 45--'44,C' )(.#2*(&2 &, 4(.# +2) *$+/#6 !"#
&201 4(.#* +2) %#.&4# $0+/#* 8%&-3"4 (24& 4"# "#%# +2) 2&9 +$$#+% 4& 8# 4"&*# $0+/#)
9(4"(2 + /&..&2 ,%+.# &, %#,#%#2/# 81 *-//#**('# 4%+2*0+4(&2 _*## G-%)&/" P]]Rh
J(23"+. +2) !"%(,4 LMMMa6 !"# *#2*# (2 9"(/" *$+/#54(.# .+1 8# g,&0)#)c 81 2#+%
(2*4+24+2#&-* ,&%.* &, %#+/": +2) 4"# %#0+4(&2*"($ 8#49##2 $%&U(.(41 +2) $%#*#2/#
)(*%-$4#): $0+1* +/%&** 4"# .&%# ,+.(0(+% $+4"9+1* 9"(/" 4%+'#%*# 4"# 3+$ 8#49##2
"#%# +2) 4"#%#6 ` 9+24 4& (2*(*4 4"+4 (4 (* 4"(* $0+1 +/%&** $%&U(.(41 +2) %#+/" S (2'&0'(23
8&4" *-//#**('# +2) *(.-04+2#&-* .#)(+4(&2* S 4"+4 /&.#* /0&*#% 4& + 0&&*#2(23 &,
)#,(2#) )(*4+2/#* +2) 4(.#*6

2&.50$, 2"3'-[ "- *#' A0)5#0'1 C"$' =B


H#0$O0$, *#.* C"40$.*0"$ 0) \]'-B3#'-'

["#%#+* 4"# $%#'(&-* /"+$4#% 9+* /&2/#%2#) 4& *"&9 $&9#% +* (24%(2*(/+001
*$+4(+0: 4"(* /"+$4#% (* +2 +44#.$4 4& *"&9 *$+4(+0(41 +* (.8-#) 9(4" $&9#%6
!"(* .+1 *&-2) 0(7# + $0+1 &2 9&%)*: 8-4 4"# )(,,#%#2/# (* *(32(,(/+24:
#*$#/(+001 ,&% -2)#%*4+2)(23 9"+4 (4 (* 0(7# 4& 8# *%$-'A (2 4"# .()*4 &, +
4+230#) 9#8 &, $&9#% %#0+4(&2*"($*6 `2 4"# ,&%.#%: 4"# ,&/-* 9+* -$&2 4"#
)(,,#%#2/# 4"+4 *$+/# .+7#* 4& 4"# 9+1 4"+4 $&9#% g9&%7*ch "#%# 4"# ,&/-*
*9(4/"#* 4& 4"# (24#%$0+1 &, ,&%/#* 9"(/" +/4('#01 /&2*4%-/4* 4"# $&9#%50+)#2
*$+4(+0 /(%/-.*4+2/#* 9# ,(2) &-%*#0'#* 9(4"(26 !"(* /"+$4#% 4"-* "+* 0#** 4&
)& 9(4" 4"# )('#%*# +'#2-#* &, $&9#%c* %#+/" +2) %+4"#% .&%# 4& )& 9(4"
9"+4 $-4* $&9#% $3A -* (2 $0+/#6
@2&4"#% 9+1 4& "(3"0(3"4 4"(* *9(4/" (2 ,&/-* (* 4& 4"(27 &, 4"# $%#'(&-*
/"+$4#% +* 0+%3#01 +8&-4 4"# *$+4(+0 +2+014(/* &, $&9#%: 9"#%#+* 4"(* /"+$4#%
3&#* ,-%4"#% 4& %#'#+0 (4* *124"#4(/ /%#)#24(+0*6 <+4"#% 4"+2 )9#00 -$&2
$+%4(/-0+% +%%+23#.#24* &, $&9#%: 9# /+2 2&9 3('# ,-00#% #U$%#**(&2 4&
4"# e-.80# &, +%%+23#.#24*: 4"# .#**1 /&5#U(*4#2/#* +2) +979+%) e-U4+5
$&*(4(&2* &, $&9#% 4"+4 /"+%+/4#%(d# $0+/#*6 @2) (2 )&(23 *&: (4 (* $&**(80# 4&
4%+/# *-/" /&00()(23 *$+/#* +2) +%%+23#.#24* 4& 4"# 9+1* (2 9"(/" $#&$0#
.&'# (2 +2) +%&-2) &2# +2&4"#%: *0()(23 +/%&** &2# +2&4"#%c* 0('#* (2 +
.&%# &% 0#** $&9#%,-0 ,+*"(&26 `2 *"&%4: (4 (* $&**(80# 4& .&'# 4&9+%)* +
.&%# $"#2&.#2&0&3(/+0 +//&-24 &, *$+/# 9"(/" %#'#+0* *&.#4"(23 &, 4"#
4+230#) 9#8 &, $&9#% %#0+4(&2* +2) 4"#(% .#+2(23,-0 (.$+/46
[# 72&9 ,%&. 4"# 0+*4 /"+$4#% *&.#4"(23 +8&-4 9"+4 (4 .#+2* 4& #*4+85
0(*" + ,+%5%#+/"(23 $%#*#2/#: 8-4 "#%# ` 9+24 4& $%&8# 4"# %#'#%*# *()# &, 4"+4
%#0+4(&2*"($A 9"+4 (4 .#+2* ,&% )(,,#%#24 3%&-$* +2) (2*4(4-4(&2* 4& #*4+80(*"
+ $%#*#2/# 4"+4 .+7#* 4"# /0&*#5+45"+2) )(*4+24 4& &4"#%*6 !"# 8#3(22(23
&, +2 +2*9#% 4& 4"+4 B-#*4(&2: ` 8#0(#'#: 0(#* (2 4"# +8(0(41 &, )(,,#%#24
+3#2/(#* 4& .+7# 4"#.*#0'#* ,#04 (2 9+1* 4"+4 3('# $0+/#* 4"#(% %"14".(/
/&.$0#U(41 +2) #'#% *"(,4(23 /"+%+/4#%: 81 #*4+80(*"(23 + $%#*#2/# (2 +00

:R;

2(%7FN+ 2EI\X

7(2)* &, $&9#%,-0 9+1* S + )&.(2+24 $%#*#2/#: + .+2($-0+4('# $%#*#2/#: +


*#)-/4('# $%#*#2/# +2) *& ,&%4"6 `4 (* 4"(* $0+/#.#24 &, ,&%/#* 4"+4 ` 9(*" 4&
#U$0&%# (2 4"(* /"+$4#%: (2 $+%4: &2/# +3+(2: 4& %#'#+0 4"# .&)+0 B-+0(4(#* (2
$0+1: 8-4 +0*& 4& *"&9 "&9 *-/" ,&%/#* 3('# *"+$# 4& 4"# -)"44=-5//,3( 2+4-%#
&, *&/(+0 *$+/#*6
!"# *4+%4(23 $&(24 (* E#2%( D#,#8'%#c* $"#2&.#2&0&3(/+0 '(*(&2 (2 F+'
>)"A5-/,"3 "6 .*$-' _P]]P+a: 9"(/" .+)# /0#+% 4"+4 4"#%# 9+* .&%# 4& $&9#%
+2) *&/(+0 *$+/# 4"+2 + *#%(#* &, *4+4(/ )(*4%(8-4(&2* &% &%)#%#) )(+3%+.*6
G&%# 4"+2 .&*4: "# 9+* +80# 4& *"&9 "&9 4"# *$+/#* &, #'#%1)+1 0(,# 9#%#
(.8-#) 9(4" $&9#% _*## +0*& D#,#8'%# P]]P8a6 !"&-3" /+*4 (2 + ,+.(0(+%
)&.(2+4(&2^%#*(*4+2/# .&-0): D#,#8'%#c* %+)(/+0 "-.+2(*. $%&'#) 4& 8# &,
3%#+4 '+0-# (2 -2%+'#00(23 4"# %"14".(/ +2) %&-4(2# /&2*4%-/4(&2 &, *&/(+0
*$+/#: )#*$(4# (4* %+4"#% &2#5)(.#2*(&2+0 *#2*# &, $&9#%6 @* + .#+2* &,
+'&()(23 4"# ()#+ 4"+4 )&.(2+4(&2 .+1 8# e-*4 +8&-4 #'#%19"#%#: "&9#'#%:
(4 (* 4"# /$3(%'A +%%+23#.#24* &, $&9#% (2 /-*4&.+%1 $0+/#* 4"+4 ` ,&/-*
-$&2 "#%#6

!&-&9O(&B# 1@"$+&(&G 1*)8&#


F+' >)"A5-/,"3 "6 .*$-' (* &2# &, 4"&*# 8&&7* 9"(/": 9"#2 (4 9+* ,(2+001
$-80(*"#) (2 F230(*" (2 P]]P: *##.#) 4& "&0) &-4 4"# $%&.(*# &, %#'#+0(23
+00 4"+4 9# )#*$#%+4#01 9+24#) 4& 72&9 +8&-4 *$+/#: 8-4 2#'#% B-(4# 72#9
"&9 4& +*76 !"# +44%+/4(&2 &, 4"# 8&&7: 9"(/" 8#+%* 4"# .+%7 &, +2 +-4"&%
9"& $0+(201 4"&-3"4 #)(4(23 + $&(240#** +/4('(41: 9+* 8&4" (4* 3#2#%&*(41 (2
#2+80(23 +00 (24#%$%#4+4(&2* 4& +$$#+% 0#3(4(.+4# +2) (4* g7#154&5+0054"(23*5
*$+4(+0c 4+36 C#%#7 =%#3&%1 _P]]Qa "+* )&2# .-/" 4& /-%8 4"# #U/#**#* &,
#+%01 (24#%$%#4+4(&2* +2) /0+(.*: 9"(0*4 <&8 ;"(#0)* _P]]]a "+* .&%#
%#/#2401 +44#.$4#) 4& *#440# *&.# &, D#,#8'%#c* ()#+* +2) *-33#*4(&2*6 W&%
.1 $-%$&*#: +2) 2&9 4"+4 9# +%# .&%# ,+.(0(+% 9(4" 4"# %+23# &, D#,#8'%#c*
*$+4(+0 4"(27(23: ` 9+24 4& ,&/-* -$&2 4"# (24#%$0+1 &, ,&%/#* 4"+4 0(# 8#"(2)
4"# /&.(23* +2) 3&(23* &, 4"&*# 9"& +%# *+() 4& )&.(2+4# *$+/# +2) 4"&*#
9"& /&.# 4& *## 4"#.*#0'#* +* $+%4 &, *&.#&2# #0*#c* *$+/#6
!"# /&24%+*4(23 #U$#%(#2/#* &, *&/(+0 *$+/# 4"+4 ` "+'# (2 .(2): 9"#%#
)(,,#%#2/#: 4"# 4%+/#* &, &4"#%*: (* #,,#/4('#01 *.&4"#%#) 81 + .&%# )&.(25
+24 *)'4'3-': 4+7#* (4* /-# ,%&. D#,#8'%#c* .&%# ,&%.+0 *$0(/(23 &, *&/(+0
*$+/#A 2+.#01: 4"# )(*4(2/4(&2 8#49##2 %#$%#*#24+4(&2* &, *$+/# +2) %#$%#5
*#24+4(&2+0 *$+/#6 [(4"&-4 .1 9(*"(23 4& )9#00 &2 4"# $"(0&*&$"(/+0
,&-2)+4(&2* 9"(/" -2)#%$(2 4"#.:P 4"# ,&%.#% .+1 8# -2)#%*4&&) +* 4"#
P `2 4"# #U4#2)#) (24%&)-/4(&2 4& F+' >)"A5-/,"3 "6 .*$-': D#,#8'%# *4%#**#* 4"# (24#%5
/&22#/4(&2* 8#49##2 *$+4(+0 $%+/4(/#*: %#$%#*#24+4(&2* &, *$+/# +2) %#$%#*#24+4(&2+0
*$+/#*6 `2)##): "# %#,#%* 4& 4"# 4"%## .&.#24* &, *&/(+0 *$+/# +* + /&2/#$4-+0 4%(+)A

2(%7FN+ 2EI\X

:R:

)&.(2+24 *$+/#* (2 +21 *&/(#41: 9"(/" 4&)+1 +%# $#%"+$* 8#*4 #U#.$0(,(#)
81 4"# .&%# ,&%.+0: +8*4%+/4 %#$%#*#24+4(&2* 4"+4 ,(2) 4"#(% 4%-# #U$%#**(&2
(2 4"# %+4(&2+0(41 &, 4"# $0+22#) -%8+2 0&/+4(&2 &% (2)##) +21 g/&0)c:
-2(,&%. *$+/# 4"+4 (* )#'&() &, $#%*&2+0 ,##0(23 &% %#+0 +44+/".#246
`2 /&24%+*4: %#$%#*#24+4(&2+0 *$+/#* +%# %#3+%)#) 81 D#,#8'%# +* g0('#)c
*$+/#*h *$+/#* 9"(/" 4+7# 4"#(% *"+$# 0(4#%+001 ,%&. 4"# )+(01 %&-4(2# &,
g-*#%*c +2) 4"#(% *1.8&0(/ +44+/".#24*6 !"-*: 4"# '#%1 9+1 (2 9"(/"
$+%4(/-0+% *$+/#* +%# (.+3(2#): ,&% #U+.$0# "&9 $#&$0# .+7# *#2*# &,
4"#(% 9&%7$0+/# &% 4"#(% 0&/+0 .+%7#4$0+/#: +0*& %#$%#*#24* + .#+2* &, 0('(23
(2 4"&*# *$+/#*6
G&%# (.$&%4+2401 ,&% D#,#8'%#: 4"# 49& ,&%.* &, *&/(+0 *$+/# *"&-0) 8#
-2)#%*4&&) (2 %#0+4(&2 4& &2# +2&4"#%: 9(4" 4"# $&4#24(+0 ,&% &2# 4& /&24%+5
)(/4 &% 8# (2 4#2*(&2 9(4" 4"# &4"#%6 !"# ()#+ &, *$+4(+0 /&24%+)(/4(&2*:
9"#%# 4"# .+22#% (2 9"(/" + *$+/# (* %&-4(2#01 -*#) 81 &2# *&/(+0 3%&-$
.+1 +/4-+001 *-8'#%4 &% )(*%-$4 4"# )&.(2+24 &% /&24%&00(23 %"14".:
/&2'#1* 4"# *#2*# (2 9"(/" 4"# 4$@' $0+/# .+1 +/4-+001 $0+1 "&*4 4& +
'+%(#41 &, /%&**5/-44(23 *&/(+0 *$+/#*6 `, 1&- 4"(27: ,&% (2*4+2/#: &, *&.#5
9"#%# 0(7# 4"# H(41 &, D&2)&2: 9"(/" (2 4"# 0+*4 /"+$4#% 9+* %#,#%%#) 4& +* +
*(4# &, /-04-%+0 +-4"&%(41: *-/" + )#*/%($4(&2 .+1 +$$#+% )#/()#)01 &2#5
*()#) &% $+%4(+0 (2 (4* +//&-24 9"#2 &2# +/72&90#)3#* 4"# $%#*#2/# &,
3%&-$* &4"#% 4"+2 4"&*# )%+92 ,%&. 8+27(23 +2) ,(2+2/#6 !%-#: 9"+4
K(3#0 !"%(,4 _P]]Qa "+) (2 .(2) 9+* 4"# %#/&32(d#) #U$#%4(*# &, 4"&*#
9"& 3+4"#%: (24#%$%#4 +2) /(%/-0+4# ,(2+2/(+0 (2,&%.+4(&2 ,%&. 4"#(% *4+4#5
&,54"#5+%4 &,,(/#* (2 D&2)&2c* ;B-+%# G(0#: 8-4 *-/" *$+/#* +%# 2&4 /&25
,(2#) *&0#01 4& 4"# +/4('(4(#* &, ,(2+2/(+0 4%+)#%*: )#+0#%* +2) 4"#(% +**&/(+4#*6
!"#%# +%# &4"#% g-*#%*c: %+23(23 ,%&. 4"&*# 9"& .+(24+(2 4"# #0+8&%+4#
)(3(4+0 (2,%+*4%-/4-%# +2) *#/-%# 4"# *4##0 +2) 30+** 8-(0)(23* 4& 4"&*# 9"&
/0#+2 4"# .+21 ,0&&%* +2) /+4#% 4& + /-0(2+%1 )('#%*# $&$-0+4(&26 `2)##): +
'#%(4+80# g+%.1c &, g&4"#%c *#%'(/# 9&%7#%* S 4%+)#*$#&$0#: .#**#23#%*:
/0#+2#%*: /"#,*: 9+(4#%*: /+4#%(23 +**(*4+24*: *#/-%(41 3-+%)*: $&%4#%* +2)
4"# 0(7# S (2"+8(4 4"# *+.# $0+/# +2) 4"%&-3" 4"#(% %&-4(2# +2) &,4#2
(.+3(2+4('# -*# &, (4 .+1 /0+*" 9(4" 4"# )&.(2+24 (24#%#*46
4"# $#%/#('#): 4"# /&2/#('#) +2) 4"# 0('#)6 !"(* (* + $%&)-/4 &, D#,#8'%#c* $+%4(/-0+%
g4+7#c &2 E#3#0c* )(+0#/4(/+0 0&3(/: 9"(/" (2 /&24%+*4 4& ,&%.+0 0&3(/ 9(*"#* 4& +/"(#'# +
*124"#*(* &, 4"&-3"4 +2) 8#(23 _*## D#,#8'%# P]bRa6 !"# #.$"+*(* $0+/#) 81 D#,#8'%#:
,&00&9(23 G+%U: -$&2 $%+/4(/+0 +/4('(41 0#) "(. 4& 4"# '(#9 4"+4 + .&%# 0(8#%4+%(+2
&%3+2(d+4(&2 &, -%8+2 *$+/# *"&-0) 8# *&-3"4 &2 4"# 8+*(* &, 0('#) #U$#%(#2/#6 !"#
)(,,(/-041 4"+4 4"(* $&*#* ,&% +2 -2)#%*4+2)(23 &, *&/(+0 *$+/#: "&9#'#%: (* 4"+4 (4 *4%($*
4"# ,&%.+0 %#$%#*#24+4(&2* &, *$+/# _/&2/#('#) *$+/#a &, 4"# g#'#%1)+1c *$+4(+0 $%+/4(/#*
9"(/" $%&)-/# +2) *#/-%# + )&.(2+24 /&)(23 &, $0+/#6 `2 + %#0+4#) 9+1: 4"# /+4#3&%(/+0
+44+/".#24 &, $#%/#$4(&2 4& *$+4(+0 $%+/4(/#* )(*4&%4* &-% '(#9 &, *-/" $%+/4(/#* +*
-2.#)(+4#) 81 /&2/#$4* &% +4 &2# %#.&'# ,%&. 0('#) #U$#%(#2/#6 W&% +2 #0+8&%+4(&2 &,
4"(* '(#9: *## @00#2 +2) \%17# _P]]Qa6

:RG

2(%7FN+ 2EI\X

!"# 7#1 (**-# 4& 2&4# (2 4"(* %#*$#/4: "&9#'#%: (* 4"+4 +21 $&4#24(+0 /0+*"
&, (24#%#*4*: *1.8&0(/ &% &4"#%9(*#: .+1 &//-% 1,/+,3 4"# *+.# $"1*(/+0
*$+/#h 4"+4 (*: 4"&*# 9"& 9&%7: -*# +2) .+7# *#2*# &, D&2)&2c* &,,(/# *$+/#
.+1 ,(2) 4"#.*#0'#* e&*40(23 ,&% $&*(4(&2 9(4"(2 (4 &% /+%'(23 &-4 + $+%4(/-0+%
2(/"# ,&% 4"#.*#0'#* +.()*4 .&%# )&.(2+24 -*#%*6 J+27#%* (2 4"# ;B-+%#
G(0#: ,&% #U+.$0#: .+1 0#+'# 4"#(% (.$%(24 ,(%.01 &2 4"# H(41 +* + $0+/# &,
,(2+2/# +2) (2 *& )&(23 .+*7 4"# 4%+/#* &, &4"#%* 9"& %&-4(2#01 -*# 4"#
*+.# *$+/#: 8-4 4"#1 )& *& 81 +/4(23 ,3 /+' @,A4/ &, &4"#%*: 2&4 /&%)&2#) &,,
&% *#$+%+4# ,%&. 4"#.6 !"#1 %#.+(2 2#+% 4& &4"#%*: 1#4 *&/(+001 )(*4+24: +*
.-/" + $+%4 &, #0*#9"#%# +* 4"#1 +%# &, 4"# ,(2+2/(+0 *$+/#* &, 4"# H(416 `2
4"(* 9+1 4"# (.$%#**(&2 &, 4"# H(41 &, D&2)&2 +* + /&"#%#24 $0+/# &, ,(2+2/#
.+1 8# +/"(#'#) 4"%&-3" 4"# *-$$%#**(&2 &, (4* .+21 +04#%2+4('# -*#%*:
+04"&-3" 2#(4"#% 2#/#**+%(01 9(4" 4&4+0 #,,#/4('#2#**: 2&% (2)##) 9(4"&-4
4"# /%#+4('# +2) &,4#2 -2$%&.$4#) -*# &, *$+/# 81 &4"#%* )(*%-$4(23 4"#
&'#%+00 %"14".6
`2 4#%.* &, $&9#% +* *&.#4"(23 9"(/" (* #U#%/(*#) %+4"#% 4"+2 $&**#**#):
9"+4 (* +4 (**-# ,&% D#,#8'%#: 4"#2: (* "&9 *&/(+0 *$+/# /&.#* 4& 8# )&.(25
+4#) (2 4"(* $0+1 &, /&24%+)(/4(&2*6 E&9 (* (4 $&**(80# ,&% /#%4+(2 3%&-$* 4&
8# +80# 4& $;4/)$-/ "5/ 4"# )+(01 %&-4(2#* +2) $%+/4(/#* &, &4"#%*k `, 4"# *4%#**
(* $0+/#) -$&2 4"# )&.(2+4(&2 "6 *$+/# _%+4"#% 4"+2 *(.$01 "C') *$+/#a: 4"#2
$%#*-.+801 4"(* .-*4 (2'&0'# 4"# /0&*(23 )&92 &, $&**(8(0(4(#*: 4"# %#*4%(/5
4(&2 &, +04#%2+4('# -*#*: *& 4"+4 &4"#%* "+'# 0(440# /"&(/# 8-4 4& +/72&90#)3#
4"# /&2*4%-/4(&2 &, + *(23-0+% *$+/# S #'#2 4"&-3" 4"#1 .+1 (.+3(2#
4"#.*#0'#* .&'(23 9(4"(2 +2) +%&-2) (46
;& "&9 )&#* 4"# )&.(2+4(&2 &, *$+/# 4+7# "&0)k `2 D#,#8'%#c* /+*#: (4
9&-0) *##. $%(2/($+001 4& 8# +8&-4 4"# +8(0(41 4& )'*)'4'3/ *$+/# (2 +
$+%4(/-0+% 9+1: 4& /&)# (4 (2 + .+22#% 4"+4 *-33#*4* 4"+4 &201 /#%4+(2 3%&-$*
+%# $%#*#246 `4 (* 4"(* +8(0(41 4& *.&4"#% )(,,#%#2/#: 4& *-33#*4 9"& *"&-0) 8#
*##2 +2) "#+%) +2) 9"& *"&-0) 2&4: 4"+4 /+2 3('# $+%4(/-0+% *&/(+0 *$+/#*
4"# (.$%#**(&2 &, *+.#2#** %+4"#% 4"+2 )(*$0+/#.#24 +2) )('#%*(416 @8&'#
+00: (4 (* 4"# '+*4 +%%+1 &, *$+4(+0 $%+/4(/#*: ,%&. 4"# %&-4(2# 9+07* +2)
%"14".* 9"(/" #2)&9 + $0+/# 9(4" .#+2(23 4& 4"# /&)#) 3#*4-%#*: *410#*
+2) .+22#%(*.* 9"(/" $%#*/%(8# + /#%4+(2 -*# ,&% (4: 4"+4 $-4* 8&4" -* +2)
$&9#% (2 $0+/#6
!"#%# +%# + 2-.8#% &, (.$0(/+4(&2* &, *-/" + $%+/4(*#) '(#9 &, $&9#%6
;$+4(+0 /&)#* +* 4"# .#+2* 81 9"(/" + *$+/# (* (2*/%(8#) .+1 8# %#+)
,&%.+001 +2) )#/($"#%#) _+* &2# %#+)* +2 &,,(/# $0+2 &% + 4&92 .+$a: &%
4"#1 .+1 8# +$$%#"#2)#) 4"%&-3" *&-2) _4"# +2(.+4#) 8-dd &, +2 &,,(/#:
,&% #U+.$0#: &% 4"# 2#+% *(0#2/# &, + /+4"#)%+0 9"#%#: D#,#8'%# *-33#*4*:
*$+/# (* .#+*-%#) 81 4"# #+%a: &% 4"%&-3" + *#2*# &, *.#00 _9"#%#: ,&%
(2*4+2/#: 4"# (2/#2*#50+)#2 +4.&*$"#%# &, 4"# /+4"#)%+0 4#00* 1&- 9"#%#
1&- +%# +2) "&9 4& 8#"+'#a6 ;-/" /&)#* (2'&0'# +2 #0#.#24 &, $#%,&%.5
+2/#: 4"# #,,#/4('#2#** &, 9"(/" 9(00 '+%1 (2 0(2# 9(4" 4"# )#3%## &, /&.$#5

2(%7FN+ 2EI\X

:RM

4#2/# +/"(#'#) +2) 4"# %#*&-%/#* .&8(0(d#)6 J-4 .1 +(. "#%# (* 2&4 4&
$-%*-# 4"#*# $%+/4(/#* ,&% 4"#(% &92 *+7#: +* *(32(,(/+24 +* 4"#1 +%# ,&%
-2)#%*4+2)(23 "&9 *&/(+0 *$+/# (* +/4-+001 $%&)-/#)6 <+4"#% .1 (24#24(&2
(* 4& $%&8# D#,#8'%#c* *#2*# &, "&9 *$+/# (* /0+(.#) #U/0-*('#01 +2) 4& ,&/-*
-$&2 1+$/ #U+/401 (* #U#%/(*#) (2 4"# 2+.# &, $&9#%6

F+)%01 )+/%050.(
;4+1(23 9(4" 4"# #U+.$0# &, D&2)&2c* ,(2+2/(+0 )(*4%(/4: D#,#8'%# &,,#%* +2
(24#%#*4(23 (2*(3"4 (24& "&9 .&2-.#24+0 *$+/#*: (2 4"(* /+*# 4"&*# &,
8+27(23 +2) ,(2+2/#: 3#2#%+4# + *#2*# &, 4"#(% &92 g.#.8#%*"($c6 D#**
/&2/#%2#) 9(4" 4"# &8'(&-* .+4#%(+0 B-+0(4(#*: 0+1&-4 +2) *(d# &, 8-(0)(23*:
D#,#8'%# 9+24* 4& )%+9 +44#24(&2 4& 9"+4 .+1 +2) 9"+4 .+1 2&4 4+7# $0+/#
9(4"(2 + $+%4(/-0+% *$+/#A
!"# (2)(*$#2*+80# &$$&*(4(&2 8#49##2 (2*()# +2) &-4*()#: +* (2)(/+4#) 81
4"%#*"&0)*: )&&%* +2) ,%+.#*: 4"&-3" &,4#2 -2)#%#*4(.+4#): *(.$01 )&#* 2&4
*-,,(/# 9"#2 (4 /&.#* 4& )#,(2(23 .&2-.#24+0 *$+/#6 ;-/" + *$+/# (* )#4#%5
.(2#) 81 9"+4 .+1 4+7# $0+/# 4"#%#: +2) /&2*#B-#2401 81 9"+4 .+1 2&4 4+7#
$0+/# 4"#%# _$%#*/%(8#)^$%&*/%(8#): */#2#^&8*/#2#a6 _P]]P+A LLQa

!"(* 4+7#* -* /0&*#% 4& 4"# ()#+ 4"+4 /#%4+(2 8-(0)(23*: 2&4+801 4"# &,,(/#*
+2) 4%+)(23 ,0&&%* (2 4"# H(41 &, D&2)&2: +.&-24 4& + /&00#/4(&2 &, $%&5
"(8(4#) *$+/#* 9"&*# -*# (* /+%#,-001 $%#*/%(8#)6 D&&*#01 -2)#%*4&&): 4"(*
9&-0) (2'&0'# *&/(+0 +2) $"1*(/+0 8+%%(#%* 4"+4 )#2(#) +//#** 4& 4"&*#
)##.#) (2+$$%&$%(+4#6 J-4 D#,#8'%# *##.* 4& 8# $&(24(23 4& *&.#4"(23
%+4"#% 0#** 8&-2)#) 4"+2 4"+46 !"# *#2*# &, .#.8#%*"($ 4"+4 "# (2'&7#*
*##.* 4& "+'# 0(440# 4& )& 9(4" 4"# ,&%.+0(41 &, /0&*#) )&&%* +2) %+4"#% .&%#
4& )& 9(4" 9"& (* )'-"(3,N'A +* $%#*#246
T2 4"(* -2)#%*4+2)(23: 4"# $%&"(8(4('# +*$#/4 &, *$+/# %#'#+0* (4*#0,
4"%&-3" $%+/4(/#* &, )(*/%(.(2+4(&2 8#49##2 4"# /&.(23* +2) 3&(23* &,
4"&*# 9"& 9&%7 +0&23*()# &2# +2&4"#%6 T201 /#%4+(2 3%&-$* +%# *##2 +2)
"#+%) &2 + %#3-0+% 8+*(*: +* 4"# 0(2#* &, '(*(8(0(41 +2) 9+'#* &, *&-2) *-33#*4
-2#B-('&/+001 9"& (* +2) 9"& (* 2&4 g&-4 &, $0+/#c6 ["+4#'#% *#2*# &,
8&%)#%* &2# 9(*"#* 4& #24#%4+(2 (*: &2 4"(* +//&-24: 4"# &-4/&.# &, *&/(+0
(24#%+/4(&2 +2) +2 #U$0(/(4 *$+4(+0 /&)(236L

L =#&%3 ;(..#0: (2 $+%4(/-0+%: 9+* +0*& 7##2 4& *4%#** 4"+4 8&%)#%* +2) 8&-2)+%(#* 9#%#
4"# %#*-04 &, *&/(+0 (24#%+/4(&2 +2) 2&4 .#%#01 ,(2(4# 8+%%(#%*: #'#2 4& 4"# #U4#24 4"+4 "#
9(*"#) 4& +%3-# 4"+4 )&&%* %#$%#*#24#) 8&4" *#$+%+4#2#** +2) 4"# $&**(8(0(41 &, *4#$$(23
&-4 8#1&2) 4"#. S + $&(24 /0#+%01 (00-*4%+4#) 81 4"# *9(23 .&'#.#24 &, )&&%*6 ;## "(*
#**+1 gJ%()3# +2) )&&%c _P]]Za +2) +0*& @00#2 _LMMM8a6

:RQ

2(%7FN+ 2EI\X

!"-* (4 (* 4"# +8(0(41 &, /#%4+(2 3%&-$* 9(4"(2 4"# H(41 &, D&2)&2 S
+//&-24+24*: 0+91#%*: 8+27#%* +2) */%##2 4%+)#%* S 4& *-$#%(.$&*# 4"#(%
%"14".* &2 &4"#%* 9"(/" 3('#* 4"# (.$%#**(&2 4"+4 4"#1 +%# 4"# &201 &2#*
$%#*#246 !"# /&2*4%-/4(&2 &, *$+/# (2 4"#(% &92 0(7#2#** 4"%&-3" + *#%(#* &,
%(4-+0*: 3#*4-%#* +2) .+22#%(*.* *#%'#* 4& #.$41 &-4 4"# *$+/#* &, +//&-245
+2/1: 0+9 +2) .&2#1 &, +21 #/&2&.(/ +/4('(41 &4"#% 4"+2 4"#(% &926 H&)#*:
+* D#,#8'%# $&(24* &-4: g,-2/4(&2 )-%+801: .&%# &% 0#** 4+/(401 +2) %(4-+001h
4"#1 &%3+2(*# +2) %"14". 4(.# +* 9#00 +* %#0+4(&2*c _P]]bA LNQa6 !"%&-3" +
/&2*4+24 *-//#**(&2 &, .&'#.#24* +2) +/4('(4(#*: 4"# .+22#% +2) *410# (2
9"(/" 4"#1 +%# #U#/-4#): +* 9#00 +* 4"# .&&) +2) 4#.$& 4"#1 3#2#%+4#: 4"#
+8&'# 3%&-$* +%# +80# 4& )&.(2+4# *$+/# (2 4"#(% &92 (.+3#6
FU/0-)#) ,%&. 4"# g.#.8#%*"($c &, *-/" + *$+/#: 4"#2: +%# 4"&*# 9"&*#
%"14".* +2) .&'#.#24* )& 2&4 +//&%) 9(4" 4"# )&.(2+24 %#$%#*#24+4(&2
+2) -*# &, *-/" *$+/#*h 2+.#01: 4"# %&-4(2# *#%'(/#59&%7#%* 9"& $+**
-22&4(/#) 4"%&-3" 4"# &,,(/#* +2) 8-(0)(23*: +2) 4"# +2/(00+%1 *#%'(/#*
9"& 7##$ 4"# $"1*(/+0 &$#%+4(&2* -$ +2) %-22(23 +2) 4"# (2,%+*4%-/4-%#
(24+/46 J-4 +* ` "+'# "+) /+-*# 4& #.$"+*(d#: *-/" 3%&-$* +%# 2&4 $"1*(/+001
#U/0-)#)h %+4"#% 4"#(% $%#*#2/# (* 4@"/+')'A 81 + )&.(2+24 /&)(23 &, *$+/#
9"(/" 4+7#* (4* /-# ,%&. ,(2+2/#6 @4 (4* .&*4 &8'(&-*: +.()*4 4"# +2(.+4#)
3#*4-%#* &, 4"&*# 8-1(23 +2) *#00(23: 4"# %(*# +2) ,+00 (2 4"# '&0-.# &,
/&2'#%*+4(&2* +2) '&(/#*: 4"# %&-4(2# 0-00* 8#49##2 ,%#2#4(/ +/4('(41 +*
.+%7#4* )($ +2) %(*#: +2) 4"# 8+27* &, */%##2* *4%#92 +/%&** 4"# 4%+)(23
%&&.*: 4"# )+(01 %&-4(2# &, +21&2# &4"#% 4"+2 */%##2 4%+)#%* %#.+(2* 0+%3#01
-2*##2 +2) %+%#01 +/72&90#)3#)6 F'#2 9"#2 4%+)(23 (* &'#% ,&% 4"# )+1 +2)
4"# ,0&&%* +%# *(0#24: (4 (* )(,,(/-04 4& /&2e-%# +2 (.+3# &, *-/" $0+/#* +* +8&-4
+214"(23 &4"#% 4"+2 ,(2+2/#6
;-/" (* 4"# $&9#% &, /&)(23 (2 4"#*# ,(2+2/(+0 *$+/#*: 4"#%#,&%#: 4"+4: (2
D#,#8'%#c* 4#%.*: -*#%* &4"#% 4"+2 4"&*# (2'&0'#) 9(4" ,(2+2/# )(%#/401 +%#
,(04#%#) &-4 4"%&-3" 4"# 0#2* &, "&.&3#2#(416 G&%# 4& 4"# $&(24: 4"# (.+3#
&, "&.&3#2#(41 /%#+4#) +%&-2) 8+27(23 +2) ,(2+2/# (* *&.#4"(23 4"+4 (*
+//&.$0(*"#) 4"%&-3" 4"# *$+4(+0 $%+/4(/#* &, 4"# 4%+)#%* +2) 4"#(% +**&/(5
+4#*: %+4"#% 4"+2 *(.$01 (.$&*#) 81 4"# *&5/+00#) (2*4(4-4(&2+0 $&9#% &,
,(2+2/# /+$(4+06 !"# #U/0-*('# 2+4-%# &, 4"# H(41 +* + $0+/# &, ,(2+2/# 9"(/"
3#2#%+4#* (4* &92 *#2*# &, g.#.8#%*"($c 4"%&-3" 4"# *&-2): *(3"4 +2) #'#2
*/#24 &, 4"&*# %#/&32(d#) +* $%#*#24 (* 4"-*: (2 (4*#0,: +2 +/"(#'#.#246 `4
(* 4"# &-4/&.# &, + *#%(#* &, 4#.$&%+001 +2) *$+4(+001 )(*/%#4# $%+/4(/#*
9"(/": +* D#,#8'%# 9&-0) "+'# (4: +.&-24 4& 4"# #U#%/(*# &, + )&.(2+24
$%#*#2/#6
@0&23*()#: &% .&%# +//-%+4#01: 1,/+,3 4"(* )&.(2+4(&2 &, *$+/#: "&9#'#%:
D#,#8'%#: +* 9# "+'# *##2: +0*& 9(*"#) 4& +%3-# 4"+4 4"&*# g&-4 &, $0+/#c:
4"&*# 9"& $+** -2%#/&32(d#): +%# 2&2# 4"# 0#** +80# 4& (2"+8(4 (46 T% %+4"#%:
4"#1 +%# +80# 4& +$$%&$%(+4# *$+/#* ,&% 4"#.*#0'#* 9(4"(2 4"# )&.(2+24

2(%7FN+ 2EI\X

:RL

/&)(23 +2) -*# &, *$+/#6 T2 4"(* '(#9: 4"# .&*4 #,,#/4('# +$$%&$%(+4(&2 &,
*$+/#* (* .+)# 81 4"&*# 9"& .+7# *1.8&0(/ -*# &, 9"+4 (* +%&-2) 4"#. +2)
4-%2 (4 4& 4"#(% &92 2##)*: #(4"#% 81 *-8'#%4(23 4"# /&)#* &, 4"# )&.(2+24
*$+/# &% 81 %#$%#*#24(23 +2 +04#%2+4('# 9+1 &, (2"+8(4(23 (46 ;-/" *$+/#* +%#
,(%*4 +2) ,&%#.&*4 g0('#) *$+/#*c: (2 4"# *#2*# 4"+4 (4 (* 4"# %&-4(2# $%+/4(/#*
+2) 4"# 9+1* (2 9"(/" *$+/# (* %#0+4#) 4&: 0+() /0+(. 4& &% $#%*&2+0(d#) #'#2:
9"(/" .+1 -2)#%.(2# &% /"+00#23# 4"# )&.(2+24 %#$%#*#24+4(&2 &, *$+/#6
`4 (* (2 4"(* .&%# #U$%#**('# '#(2 4"+4 4"#1 .+1 /&24%+)(/4 4"# ,&%.+0
%#$%#*#24+4(&2* &, *$+/# 4"%&-3" + *$+4(+0 /&)# 9"(/" (* 2#(4"#% *(.$01
%#+) 2&% (.$&*#): 8-4 -*#) +* + .#+2* &, 0('(23 9(4"(2 4"+4 *$+/# _,&% +2
#0+8&%+4(&2 &, 4"(* $&(24: *## D#,#8'%# P]]P+A NbLSOa6
;& 9(4"(2 4"# &0) +2) 2#9 8-(0)(23* &, 4"# H(41: ,&% #U+.$0#: +.&23 4"#
,&%.+0 *$+/#* &, 4%+)(23 +2) ,(2+2/(+0 )#+0(23: 4"#%# +%# *$+/#* (2 4"#
(24#%*4(/#* &//-$(#) 81 %&-4(2# *#%'(/#59&%7#%* 9"(/" "+'# 2& ,&%.+0 $%#*5
#2/# &% %#/&32(4(&26 !"#*# .+1 8# ,(U#) &% *#.(5,(U#) *$+/#*: +979+%)01
*"+$#) &% 0&*4 (2 4"# 8&9#0* &, 8-(0)(23*: 9"#%# + 2#9*$+$#% /+2 8# %#+) &%
4"# %+)(& 0(*4#2#) 4&: &% 4"#1 .+1 8# $+**+3#9+1*: 9+079+1*: +3%##) $0+/#*
4& .##4 9"(/" &,,#% *&.# %#*$(4# +2) +2 +04#%2+4('# 4& 4"# ,&%.+0 /&)(23 &,
8+27(23 +2) ,(2+2/#6 G#**#23#%* &% 4%+)#*$#&$0#: /0#+2#%* &% *#/-%(41
3-+%)* .+1 -*# *-/" 4%+2*(#24 *$+/#* 4& .##4 4"#(% &92 2##)*: 4& 0+1
/0+(. 4& *&.# +44+/".#24 4& 4"#(% *-%%&-2)(23*: +* + .#+2* &, )#,0#/4(23
4"# *(23-0+%(41 &, 4"# )&.(2+24 /&)(236
K&2# &, 4"(* (* .#+24 4& (.$01: "&9#'#%: 4"+4 4"# )(,,#%#24 ,&%.*
&, %#$%#*#24+4(&2 *(.$01 /&#U(*4: 9(4" &2# ,&%. &, *&/(+0 *$+/# .#%#01
*-8&%)(2+4# 4& 4"# &4"#%6 @//&%)(23 4& D#,#8'%#: 4"# $&9#% &, +8*4%+/4
*$+/# 4& #%+*# 4"# 4%+/#* &, &4"#%*: 4& %#)-/# )(,,#%#2/#: (* 2#'#% #24(%#01
#,,#/4('#6 !"# '#%1 +44#.$4* 4& +/"(#'# "&.&3#2#(41 )& 4"#.*#0'#* $%&)-/#
*$+/#* 9"(/" g#*/+$# 4"# *1*4#.c* %-0#c _P]]P+A NRLa6 !"-*: ,&% #U+.$0#: (4
(* $&**(80# 4& *## 4"# +/4(&2* &, 4"&*# 9"& .&'# 4"%&-3" +2) +/%&** 4"#
)+(01 +/4('(4(#* &, ,(2+2/# +* 4"#.*#0'#* /+$+80# &, *-8'#%4(23 + )&.(2+24
/&)(23 *(.$01 81 3&(23 +8&-4 4"#(% &92 8-*(2#** (2 4"#(% &92 $+%4(/-0+%
9+16 !"# 8-*(2#** &, 9+(4(23 +4 4+80# (2 4"# )(%#/4&%c* $%('+4# )(2(23 %&&. +4
&2# &, D&2)&2c* 4&$ 8+27* .+1 *#%'# +* +2 (00-*4%+4(&26
[+(4(23 +4 4+80# (2 4"# $%('+4# %&&.* *#4 +*()# ,&% 4"# *&0# -*# &, )(%#/4&%*
(* + -*#,-0 #U+.$0# 8#/+-*# .-/" &, 4"# 9&%7 (2'&0'#) (* $#%,&%.#)
+0&23*()# &% (2 ,%&24 &, 4"# )(%#/4&%* +2) 4"#(% ,&%.+0 -*# &, 4"# *+.#
$0+/#6 f#4 4"# .+22#% (2 9"(/" 9+(4#%* (2"+8(4 4"# *+.# $0+/# .+1 #*/+$#
4"# &%)#% (.$&*#) 81 4"# ,&%.+0 %&-4(2#* &, 4"# )(%#/4&%*6 ;-8.(**('# (2
4"#(% /&2)-/4: 4"# 9+(4#%* +2) 8-40#%* .+1 2&2# 4"# 0#** 9&%7 .&%# 4& 4"#(%
&92 $%&,#**(&2+0 /&)# &, $%#*#24+4(&2 4"+2 4& +21 #U$#/4+4(&2* &, 4"#
)(%#/4&%* +2) 4"# (2*4(4-4(&2 +4 0+%3#6 !"(* .+1: ,&% #U+.$0#: /&2/#%2 4"#
3#2#%+0 $%#*#24+4(&2 &, 4"# 4+80# S 4"# +%%+23#.#24 &, 4"# /-40#%1 +2)

:RR

2(%7FN+ 2EI\X

2+$7(2*: +* 9#00 +* 4"# $&0(*"#) *"(2# &2 4"# 30+**#* S 9"#%# #+/" )#4+(0 (*
*-33#*4('# 4& &4"#% 9+(4#%* 8-4 2&4 2#/#**+%(01 4& 4"&*# *#+4#) +4 4"# 4+80#6
`2 4"(* (2*4+2/#: 4"# 0+/7 &, ,&/-*#) /&5$%#*#2/# 8#49##2 )(2#%* +2) 4"&*#
9"& 9+(4 &2 4"#.: 9"(/" *$#+7* 4& + ,&%.+0 +3#2)+ &, *#%'(0(41: .+1
+/4-+001 8# -*#) 4& .##4 + B-(4# )(,,#%#24 *#4 &, $%&,#**(&2+0 2##)* 4&
4"&*# &, .#%#01 ,(2+2/#6 @04"&-3" 4"# 9+(4#%* 0+/7 4"# ,&%.+0 .#+2* 4&
2#3&4(+4# 4"# )&.(2+24 /&)(23: 4"#1 +%# +80# 4& )#,0#/4 (4 4"%&-3" 4"#(% &92
*$+4(+0 $%+/4(/#6 !"# 49& 9&%0)* &, 8-*(2#** +%# #24+230#): 1#4 %#.+(2 ,+%
+$+%46
`2 D#,#8'%#c* 4#%.*: *-/" *$+4(+0 $%+/4(/#* )& 2&4 +.&-24 4& + 9"&0#*+0#
%#e#/4(&2 &, +00 4"+4 (* *(32(,(#) 81 + $+%4(/-0+% )&.(2+24 *$+/#6 <+4"#%: *-/"
*$+/#* %#.+(2 (24#%2+0 4& 4"# )&.(2+24 ,&%. _g(2)-/#)c %+4"#% 4"+2 g$%&5
)-/#)c *$+/#a: 8%&-3"4 +8&-4 (2 4"# +8&'# /+*# 81 4"# %#B-(%#.#24* &, +
*$#/(,(/ )('(*(&2 &, 0+8&-%6 ["(0*4 *-/" %&-4(2# *#%'(/#59&%7#%* %#.+(2 $+%4
&, *&.#&2# #0*#c* *$+/#: 4"# .+22#% (2 9"(/" 4"#1 (2"+8(4 4"+4 $0+/#
2#'#%4"#0#** 0#+'#* 4"#. ,%## 4& (.+3(2# 4"#.*#0'#* )(,,#%#2401 ,%&. 4"&*#
(2'&0'#) (2 4"# )+(01 3%(2) &, ,(2+2/# +2) (4* .+%7* &, )(*4(2/4(&2 +2):
(2)##): 4& -*# 4"# *$+/# )(,,#%#24016
J-4 (, 4"(* (* *&: 9"+4 )&#* (4 .#+2 #U+/401 4& 4+07 +8&-4 4"# A"@,3$/,"3 &,
*$+/# (2 4"(* (2*4+2/#: &% (2 +21 *(.(0+% *(4-+4(&2 9"#%# *&/(+0 3%&-$*
%&-4(2#01 &//-$1 *$+/# (2 *-/" + /&24%+)(/4&%1: &,4#2 -2#+*1 .+22#%k
[(4"(2 4"# 9&%0)* &, 9&%7: 8# 4"#1 .+2-,+/4-%(23: *#%'(/# &% &4"#%9(*#: (4
(* 2&4 "+%) 4& #2'(*+3# *(.(0+% /&24%+)(/4(&2* &, *$+/#: 4& -*# D#,#8'%#c*
4#%.: 9"#%# 4"#%# (* + /0+*" &'#% 4"# .#+2(23 "6 *$+/#6 `2 ,+/4: .+21 +
$&0(4(/+0 4#2*(&2 &'#% 4"# -*# +2) *&/(+0 .#+2(23 &, $-80(/ *$+/# 9&-0) ,+00
-2)#% 4"# %-8%(/ &, *$+4(+0 /&24%+)(/4(&2 9"#%# 4"# +44+/".#24 &, &2# 3%&-$
/0+*"#* 9(4" 4"# ,&%.+0 )#*(32+4(&2* &, +2&4"#%6
`2 *-/" /+*#*: 9"#%# 4"# $%&"(8(4('# +*$#/4* &, *$+/# +%# #U#%/(*#) (2 +00
7(2)* &, 9+1* +2) 4"# %&&. ,&% .+2&#-'%# +2) g#*/+$#c ,%&. 4"#. %#.+(2*
+ %#+0 +2) 0('#) $&**(8(0(41: 9"1 *"&-0) +00 4"(* *&/(+0 +/4('(41 8# %#)-/#) 4&
&2# 4"(23: 4"# )&.(2+4(&2 &, *$+/#k C&.(2+4(&2: +* "+* 8##2 *4%#**#)
4"%&-3"&-4 4"#*# $+3#*: ,%&. [#8#%c* +//&-24 #+%01 &2: (* +8&-4 4"# /0&*(23
)&92 &, $&**(8(0(4(#*: 9"#%# 4"&*# 9"& +%# ,&%.+001 ,%## 4& )& &4"#%9(*#
"+'# 2& /"&(/# 8-4 4& ,+00 (24& 0(2#6 !"# %#.&'+0 &, /"&(/# +2) 4"# (.$&*5
(4(&2 &, /&2*4%+(24 0(# +4 4"# "#+%4 &, 4"# $%&/#**: 4& 4"# #U4#24 4"+4 (4 (* .+)#
)(,,(/-04 ,&% 3%&-$* 4& )& +214"(23 &4"#% 4"+2 *-8.(4 4& 4"# )&.(2+24 9(006
;-/" $+%4(#* .+1 8# ,%## 4& -*# *$+/# (2 +00 .+22#% &, 9+1*: 8-4 g&8e#/4('#
/(%/-.*4+2/#*c )(/4+4#: (, 4"+4 (* 4"# %(3"4 9&%): 4"+4 4"#1 *-8.(4 4& 4"#
)&.(2+24 /&)(236
!& 8# 80-24: 4"&-3": 4"# (24#%$0+1 &, *&/(+0 ,&%/#* 4"+4 D#,#8'%# /0+(.* +*
01(23 8#"(2) 4"# 4#2*(&2* +2) /&24%+)(/4(&2* &, *&/(+0 *$+/# (* "+%)01
/+$4-%#) 81 4"# */#2+%(& &, )&.(2+4(&2 +2) %#*(*4+2/#6 T2 4"# ,+/# &, (4:
%+4"#% .&%# *##.* 4& 8# 3&(23 &2 (2 4"# 2+.# &, $&9#%6

2(%7FN+ 2EI\X

:RZ

;'5- %0 -'( 05/( +: 3+4(,7


`2 "(* #U$&*(4(&2 &, D#,#8'%#c* +//&-24 &, .&)#%2(41 +2) *$+/# (2 &'"=
()$*+,-$% 2@$(,3$/,"34 _P]]Qa: =%#3&%1 *##.* 4& -2)#%*4+2) 4"+4 4"#%# (*
%+4"#% .&%# (2'&0'#) 4"+2 *(.$01 4"# *"##% )&.(2+4(&2 &, *$+/#6 <#/&32(d5
(23 4"# %+23# &, (2,0-#2/#* -$&2 D#,#8'%#c* *$+4(+0 4"(27(23: +2) &2# (2
$+%4(/-0+% S 4"# %+)(/+0 /%(4(B-# &, #'#%1)+1 0(,# )#'#0&$#) 81 4"# ;(4-+4(&25
(*4* (2 W%+2/# +2) =-1 C#8&%) (2 $+%4(/-0+% S =%#3&%1 9(*"#* 4& /&2'#1 4"#
#U$#%(#2/# &, 9"+4 (4 .#+2* 4& "+'# &2#c* *$+4(+0 $%#*#2/# *.&4"#%#) &%
#%+*#) 81 +2 g&//-$1(23c ,&%/#6 !"# 4#%.(2&0&31 (* )#0(8#%+4#: ,&% (4 /&2'#1*
,&% "(. 4"# *#2*# (2 9"(/" D#,#8'%# 4"(27* +8&-4 #'#%1)+1 0(,# +* + g/&0&25
(d#)c #U$#%(#2/#A +* +2 &//-$(#) *#4 &, *$+/#* 9"#%# +44+/".#24* +%# 8%&7#2
+2) .#+2(23* *#'#%#)6
H#24%+0 4& 4"(* (* 4"# 8-%#+-/%+4(d+4(&2 &, *$+/#: 9"#%# 4"# *$+/#* &, 4"#
#'#%1)+1 +%# .+$$#) &-4 81 +).(2(*4%+4('# *1*4#.* +2) *-8e#/4 4& %&-4(2#
*-%'#(00+2/# +2) %#3-0+4(&2 81 4"# *4+4#6 `, 4"(* (* *&.#9"+4 8%&+)#% 4"+2
4"# 9&%0)* &, *#%'(/# 9&%7 )#*/%(8#): (4 2&2# 4"# 0#** /&2'#1* 4"# *#2*# &,
)(*$&**#**(&2 +2) )(*$0+/#.#24 ,#04 81 4"&*# 9"&*# )+(01 0(,# (* %&-4(2#01
/&2,(2#) +2) /&2*4%+(2#) 81 +2 g&//-$1(23c ,&%/# 9"&*# *(32* +2) *(325
$&*4* .+$ &-4 + %+4"#% )(,,#%#24 g4#%%(4&%1c ,%&. 4"#(% &926
[(4"(2 4"(* /&0&2(d+4(&2 &, #'#%1)+1 0(,#: "&9#'#%: =%#3&%1 %#/&32(d#* 4"#
(.$&%4+2/# 4"+4 D#8,#8'%# +44+/"#* 4& 4"# (.+3(2+4('# +2) &,4#2 *$&24+25
#&-* /"+00#23#* 4& 4"# .&%# ,&%.+0 /&)(23* &, *&/(+0 *$+/# 9"(/" (2#'(4+801
&//-%6 C%+9(23 -$&2 4"# 0#3+/1 &, ;-%%#+0(*4 4"&-3"4 +2) $0+1: 4"# $&**(5
8(0(41 &, 4"# *-8'#%*(&2: )(*%-$4(&2 +2) %#+$$%&$%(+4(&2 &, #'#%1)+1 *$+/#*
%#.+(2* + /&2*4+24 4"%#+4 +2) #'#% $%#*#24 4#2*(&2 4& 4"# *-$#%(.$&*#)
&%)#%6N !"# %&&. ,&% .+2&#-'%#: 4"# 3+$* (2 4"# ,&%.+0 /&)(23 +2) 4"#
+8(0(41 4& 0+1 /0+(. 4& *&.# %#+44+/".#24 &, .#+2(23: 2& .+44#% "&9
4#2-&-*01 $#%/#('#): +%# + ,(%. (2)(/+4(&2 &, 4"# 7(2) &, *-%,+/# /&00(*(&2*
(2'&0'#)6 E&9#'#%: 4"#1 +%# +0*& +2 (2)(/+4(&2 4"+4 %#/&-%*# 4& +2+0&3(#* &,
/&0&2(+0 )&.(2+4(&2 4& )#*/%(8# 4"# 8%&+) (2)#4#%.(2+/(#* &, $&9#%50+)#2
*&/(+0 *$+/# .+1 8# *4%#4/"(23 4"# $&(24 4&& ,+%6
N =%#3&%1 )%+9* +44#24(&2 4& 4"# )(*4(2/4(&2 8#49##2 g*$#/4+/0#*c +* ,&%.+0: *4+3#)
#'#24* +2) 4"# .&%# #U$%#**('#: (..#)(+4# ()#+ &, g,#*4('+0*c 4"+4 D#,#8'%# &,4#2 %#4-%2#)
4& +* + 9+1 &, /&2'#1(23 +2 +-4"#24(/ .&.#24 9"(/" /"+00#23#) 4"# g/&0&2(d+4(&2c &,
#'#%1)+1 0(,# _=%#3&%1 P]]QA QMOa6 !"#%# (* +2 ()#+ &, .#+2(23,-0 $0+1 "#%#: 9"(/" /+2
"+'# + )(*%-$4('# #,,#/4 *(.$01 81 4+$$(23 (24& 4"# #.8&)(#) +2) (.+3(2+4('# *()# 4&
,#*4('+05*410# +/4('(4(#*6 D#,#8'%#c* /%(4(B-# &, *4+3#): *$#/4+/-0+% ,&%.* &, +/4(&2 9+*
(2,0-#2/#) 81 =-1 C#8&%)c* 9&%7: 9"(/" +44#.$4#) 4& "+%2#** *$&24+2#(41 +2) $+**(&2
4& 4"# *()# &, $&0(4(/+0 _%#a+/4(&26 ;## ;"(#0)* _P]]]a ,&% +2 +//&-24 &, 4"# &,4#2
4-.-04-&-* %#0+4(&2*"($ 8#49##2 D#,#8'%# +2) 4"# ;(4-+4(&2(*4* -$ 4& G+1 P]bR (2
W%+2/#6

:RP

2(%7FN+ 2EI\X

W&% *(.$01 4& *$#+7 +8&-4 4"# .#**1 /&#U(*4#2/#* +2) e-U4+$&*(4(&2* &,
$&9#% 9"(/" /"+%+/4#%(d# .-/" *&/(+0 *$+/# (2 4#%.* &, /&0&2(d+4(&2:
%#$0#4# +* 4"# 9&%) (* 9(4" %#,#%#2/#* 4& &//-$+4(&2 +2) %#4#%%(4&%(+0(d+4(&2:
(* *4(00 4& +)&$4 + %+4"#% 8%&+) 8%-*" 4%#+4.#24 &, $&9#%6 ["(0# 4"# 4#%.
-*#,-001 )%+9* +44#24(&2 4& 4"# 3#2#+0&31 &, D#,#8'%#c* 4"(27(23: (2 =%#5
3&%1c* "+2)* (4 *"(,4* -* .&%# 4&9+%)* +2 #2,%+.#): &%)#%#) -2)#%*4+2)(23
&, *&/(+0 *$+/# 4"+2 (* +$$%&$%(+4# 3('#2 4"# .&%# &$#2 +%%+23#.#24* &,
$&9#% (2'&0'#)6Q `, 9# 0&&7 +3+(2 +4 4"# $%&"(8(4('# +*$#/4* &, *&/(+0 *$+/#
%#,#%%#) 4& (2 4"# H(41 &, D&2)&2 (00-*4%+4(&2 +2) 4"#(% %#0+4(&2+0 /"+%+/4#%:
2#(4"#% )&.(2+4(&2 2&% (4* *$+4(+0 $%&U1 /&0&2(d+4(&2 /+$4-%#* 4"# $%&'(5
*(&2+0(41 +2) (2)#4#%.(2+/1 &, 4"# +%%+23#.#24* (2'&0'#)6 @2) 4"+4: B-(4#
*(.$01: (* 8#/+-*# 4"#%# +%# &4"#% .&)#* &, $&9#% (2 $0+1 $%&)-/(23 +
$%#*/%(8#) *#2*# &, *&/(+0 *$+/#6 `2 )(,,#%#24 +%%+23#.#24*: 4"#%# +%# )(,,#%5
#24 .&)+0 +0(32.#24* &, $&9#%: +2) (2 4"# e-.80# 4"+4 (* 4"# H(41 +* + $0+/#
&, ,(2+2/#: +-4"&%(41 +* 9#00 +* )&.(2+4(&2: *#)-/4(&2 +* 9#00 +* .+2($-0+5
4(&2: #+/" "+* (2 (4* &92 9+1 $-4 $#&$0# (2 $0+/#6
W(%*4 -$: (4 (* $&**(80# 4& *## "&9 4"# #U#%/(*# &, $5/+"),/# "+* *"+$#) 9"+4
(4 .#+2* 4& 8# (2 D&2)&2c* ;B-+%# G(0#: 8&4" ,&% 4"&*# +/4('#01 #23+3#) (2
4"# 9&%7 &, ,(2+2/# +2) ,&% 4"&*# 4+23#24(+0 4& (46 `2 %#,#%%(23 #+%0(#% 4& 4"#
H(41 +* + *(4# &, /-04-%+0 +-4"&%(41: &2# /&-0) 8# ,&%3('#2 ,&% 4"(27(23 4"+4 (4
e-*4 (*h 4"+4 (4* 30&8+0 *4+4-* +* + ,(2+2/(+0 +-4"&%(41 (* + 3('#26 f#4 4"+4 9&-0)
8# 4& 30&** &'#% 4"# ,+/4 4"+4 *-/" +2 +-4"&%(4+4('# *$+/# (* +/4-+001 *)"A5-'A6
!"(* $%&)-/4(&2 &, +2 +-4"&%(4+4('# *$+/# /+2 8# 4"&-3"4 +8&-4 (2 49&
%#0+4#) 8-4 )(*4(2/4 9+1*h &2# (2 4#%.* &, 4"# H(41 +* + %#/&32(d#) /#24%# ,&%
,(2+2/(+0 #U$#%4(*# +2) 4"# &4"#% (2 4#%.* &, (4 +* #.8&)1(23 + %#/&32(d#)
*410# &, +-4"&%(41 9"(/" $0+/#* ,(2+2/# +4 4"# +$#U &, #/&2&.(/ +/4('(41 (2
4"# ;B-+%# G(0#6 ["#%#+* 4"# ,&%.#% .+1 8# /&2*()#%#) +* + /0+(. 4&
#U$#%4(*# 8+*#) -$&2 4"# %#$&*(4&%1 &, +00 $+*4 +2) $%#*#24 ,(2+2/(+0 72&95
0#)3# 9(4"(2 4"# /&2,(2#* &, 4"# H(41: 4"# 0+44#% .+1 8# /&2*()#%#) +* +
#U#%/(*# (2 *#/-%(23 +**#24 81 4"&*# ,3 +-4"&%(416 `, 4"# $&*(4(&2 &, 4"#
,&%.#% %#B-(%#* 4"+4 4"#(% /&.$#4#2/# (* +/72&90#)3#) 8#,&%# +-4"&%(41 (*
/#)#) 4& 4"#.: 4"# $&*(4(&2 &, 4"# 0+44#% (* )#$#2)#24 -$&2 &4"#%* )#,#%%(23
4& 4"# 3%#+4#% (.$&%4+2/# &, 4"#(% #/&2&.(/ %&0#6 K#(4"#% $&*(4(&2 (* ,(U#):
"&9#'#%h %+4"#% 4"# +-4"&%(41 g"#0)c (* $#%,&%.#) (2 + '+%(#41 &, 9+1* +2)
*#44(23* 9"(/" .&8(0(d# 4"# *-%%&-2)(23* +* + $%(.# %#*&-%/#6
;&: (, 9# 9#%# 4& $-*" D#,#8'%# + 0(440# ,-%4"#%: (4 9&-0) 8# $&**(80# 4& *##
4"+4 + 2-.8#% &, 4"# /&)#) *$+4(+0 $%+/4(/#* %#,#%%#) 4& #+%0(#% #,,#/4('#01
Q !"# 2&4(&2 &, #2,%+.(23 )#'#0&$#) 81 !(.&4"1 G(4/"#00 (2 <"%"3,N,3( L(#*/ _P]RRa
*##.* /0&*#% 4& 4"# ()#+ &, /&0&2(d+4(&2 4"+4 =%#3&%1 "+* (2 .(2): 9"#%# *&/(+0 *$+/# (*
&%)#%#) (2 + 0#3(80#: $(/4-%#50(7# 9+1 4"+4 .+7#* (4 g%#+)+80#c 4& 4"# )&.(2+24 $%#*#2/#:
+2) 4"-* .+2+3#+80# +* +2 +).(2(*4%+4('#: /&24%&00#) -2(46 @* +2 +//&-24 &, $&9#%
%#0+4(&2* 8#"(2) 4"# $%&)-/4(&2 &, #'#%1)+1 *&/(+0 *$+/#: "&9#'#%: 4"# /&0&2(+0 +2+0&31:
9"(0*4 #'&/+4('#: (* ,+% 4&& %#)-/4('# (2 G(4/"#00c* W&-/+0)(+25(2*$(%#) '#%*(&26

2(%7FN+ 2EI\X

:RV

#*4+80(*" 4"# H(41 +* + *$+/# &, +-4"&%(41: (2 .+21 &, 4"# 9+1* )(*/-**#) (2
/"+$4#% O (2 %#0+4(&2 4& <(/"+%) ;#22#44c* 9&%76 !"&*# 9"& +/4 +* $3
+-4"&%(41 (2 4"# H(41 )%+9 -$&2 9()#% 2#49&%7* &, #U$#%4(*# 4& 8&0*4#%
4"#(% /%#)(8(0(41 (2 4"# #1#* &, &4"#%* +2): (2 *& )&(23: )%+9 -$&2 4"#
4%+$$(23* &, $+*4 +2) $%#*#24 %#*&-%/#* 4& /&2,#% 0#3(4(.+/16 <(4-+0(d#)
9+1* &, )&(23 8-*(2#** /&2)-/4#) (2 8&4" + 4%+)(4(&2+0 +2) + .&)#%2
.+22#% 0#2) + /#%4+(2 9#(3"4 4& 4"# '(#9* #U$%#**#) +2) 3('# + '&(/#
+-4"&%(416 [#(3"4 (* +0*& +/"(#'#) (2 &4"#% 9+1*: 4"%&-3" 4"# .&2-.#24+0
8-(0)(23* &, 4"# ;B-+%# G(0# _4"# J+27 &, F230+2) &% 4"# G+2*(&2 E&-*#
(2 4"# H(41: ,&% #U+.$0#a: 9"(/" *#%'# +* + *1.8&0 &, +-4"&%(4+4('# '+0-#*
+2) e-)3#.#24: 3+(2#) 0+%3#01 4"%&-3" 4"# %#*$#/4 4"+4 /&.#* 9(4" 4"#
$+**(23 &, 4(.#6 @-4"&%(41 (2 4"(* /&24#U4 (* 4"-* $%(.+%(01 #*4+80(*"#)
'(*-+001A 4"%&-3" 4"# *$0#2)&-% &, 4"# 8-(0)(23* +2) 4"#(% ,+/+)#*: 4"#(%
&8'(&-* (24#24 4& (.$%#** +2): #B-+001: 4"#(% (2+//#**(8(0(416 T2/# (2*()#:
4"# 9#(3"4 &, 4"# $+*4 .+1 8# .#+*-%#) e-*4 +* #+*(01 81 4"# #+%: 81 4"# $0+1
&, *&-2)*: ,0&+4(23 '&(/#* +2) .-,,0#) *(0#2/#*6O
@0&23*()# 4"(* )#.&2*4%+4(&2 &, _+2a +-4"&%(41 (4 (* +0*& $&**(80# 4& 0&/+4#
4"# /&)#) $%+/4(/#* &, 4"&*# ,3 +-4"&%(416 D#** /&2/#%2#) 9(4" 4"# *1.8&0(/
4%+$$(23* &, +-4"&%(41: 4"&*# (2 +-4"&%(41 &9# 4"#(% $&*(4(&2 4& 4"# &%3+2(d+5
4(&2+0 *4%-/4-%# &, 9"(/" 4"#1 +%# + $+%46 J1 '(%4-# &, 4"#(% /&%$&%+4#
&%3+2(d+4(&2+0 %&0#: +* 8+27#%*: 8%&7#%*: 4%+)#%*: )#+0#%* &% 9"+4#'#%:
4"&*# (2'&0'#) (2 4"# )+154&5)+1 8-*(2#** &, ,(2+2/# +**-.# +2 +-4"&%(4+5
4('# $%#*#2/# 4"+4 (* )#$#2)#24 -$&2 &4"#%* %#/&32(d(23 4"#(% $&*(4(&2 +2):
(2)##): *&/(+0 *$+/#6 !"# /&)#) *410#* &, +-4"&%(41: 4"# 3#*4-%#* +2) .+25
2#%(*.* 9"(/" /&2'#1 4& &4"#%* 4"+4 4"#1 "+'# /&24%&0 &'#% $+%4(/-0+% d&2#*
&, #/&2&.(/ +/4('(41: &2 4"(* +//&-24: #2+80# 4"#. 4& *-$#%(.$&*# 4"#(%
)+(01 %"14".* &2 H(41 *$+/#6 `4 (* 4"# $%&U(.+4# *410#* &, /&24%&0 (2'&0'#)
+2) 4"# #.8&)(#) -*# &, *&/(+0 *$+/# 9"(/" #,,#/4('#01 +)) -$ 4& 4"#
$%&)-/4(&2 &, +2 +-4"&%(4+4('# *$+/#6
@4 4"(* $&(24: 4"&-3": $#%"+$* 9# 2##) 4& +*7 +3+(2 9"#4"#% 4"+4 (* +00
4"+4 (* 3&(23 &2 (2 4"# 2+.# &, $&9#%6 `, (4 9#%# *(.$01 4"# /+*# 4"+4 4"# H(41
&, D&2)&2c* $%&"(8(4('# *$+/#* /&-0) 8# +//&-24#) ,&% 81 %#0+4(&2* &,
+-4"&%(41 %+4"#% 4"#2 )&.(2+4(&2: 4"#2 4"# +**#24 *#/-%#) ,%&. +8&'# 81
4"&*# (2 +-4"&%(41 &% 4"# +/72&90#)3#) 9#(3"4 &, #U$#%4(*# $%+/4(*#) 81 4"#
3-()(23 +-4"&%(4(#* 9&-0) #2) 4"# *4&%16 f#4: +* D#,#8'%#c* *4%#** -$&2 4"#
O I&2+4"+2 <#l#c* 2 .'' $ H",-' _LMMMa )%+9* +44#24(&2 4& 4"# *$+4(+0 (2)#4#%.(2+/1 &,
*&-2)* (2 /&.$+%(*&2 4& '(*-+0 #,,#/4*: +2) 4"# 0#** .+4#%(+0(*4(/ 2+4-%# &, 4"# ,&%.#%:
9"(/" 3('#* (4 + /#%4+(2 #4"#%#+0 B-+0(41 (2 .&2-.#24+0 8-(0)(23*6 gE#+%(23 )&#* 2&4
$%#*-.# +* .-/" +* '(*(&26 `4 (* 2&4 *& +%%&3+24: +2) (4 (* 9(00(23 4& %#,#% (4* #U$#%(#2/#* 4&
#'+2#*/#24 B-+0(4(#* 9(4"&-4 (2*(*4(23: +* *(3"4 )&#*: 4"+4 4"#1 "+'# 4& 8# 4#4"#%#)
-2+.8(3-&-*01 4& )#,(2(4# 4"(23* (2 4"# .+4#%(+0 9&%0)6 !"# #+% (* 2&4 "-23 -$ &2 4"#
%#+0(41 &, 4"(23*A (4 (* "+$$1 4& 0('# .&)#*401 (2 + 9&%0) &, *&-2)* 9"(/": +* \%&-*4 9%&4#:
gg"+'# 2& $&*(4(&2 (2 *$+/#cc c _LMMMA Qba6

:Z;

2(%7FN+ 2EI\X

/&24%+)(/4&%1 2+4-%# &, *&/(+0 *$+/# ,&%#9+%2* -*: %#/&32(4(&2 +2) /&.$0(5
+2/# +%# 2&4 9"&001 4"# (**-#6 !"# #.8&)(#) /0+*"#* &'#% 4"# (2*/%(8#)
.#+2(23 &, *$+/# +2) 4"# 4#2*(&2* #'()#24 8#49##2 4"&*# 9"& (2"+8(4 4"#
H(41 +* + 9&%7$0+/# $&(24 4& 4"# $%#*#2/# &, &4"#% *#4* &, $&9#% %#0+4(&2*h
4"# .&*4 &8'(&-* &, 9"(/" (* .+2($-0+4(&26
E$3,*5%$/,"3: +* 2&4#) 8#,&%#: (* +00 +8&-4 /&2/#+0.#24 +2) (2)(%#/42#**6
`, /#%4+(2 3%&-$* 9(4"(2 4"# ;B-+%# G(0# +%# +80# 4& /&2*4%-/4 + *#%(#* &,
*$+/#* (2 4"#(% &92 0(7#2#** 81 ,(04#%(23 &-4 4"# 4%+/#* &, &4"#%*: 4"#2 4"+4
.+1 e-*4 8# 8#/+-*# (2)(%#/401 4"#1 "+'# (2/-0/+4#) /&)#* &, /&2)-/4 9"(/"
+$$#+% (2/0-*('#6 !"# ,+/4 4"+4 *-/" /&)#* .+1 /&2/#+0 4"#(% .&4('#* &%
)(*3-(*# 9"+4: (2 %#+0(41: (* + $0+/# &, 30&8+0 8-*(2#** +2) /&..#%/#: +2)
&201 2+%%&901 4"+4 &, ,(2+2/#: (* +4 8&44&. +2 +/4 &, .+2($-0+4(&26 K#(4"#%
/&.$0(+2/# 2&% /&.$#4#2/# (* 4"# (**-# 9"#2 *$+/#* +%# /&)#) (2 *-/" +
9+1 +* 4& .(*0#+) $#&$0# (24& (.+3(2(23 4"+4 4"#1 +%# +00 $+%4 &, &2# /-04-%+0
*$+/#: 9"#2 (2 ,+/4 4"#(% &92 $+%4(/-0+% +44+/".#24* "+'# 8##2 *#0#/4('#01
#%+*#)6 `2 *-/" /(%/-.*4+2/#*: 4"#%# (* 2& %#+0 $&**(8(0(41 &, /"+00#23(23
&% %#*(*4(23 4"# .+2($-0+4(&2 &, /&)#*: $%(2/($+001 8#/+-*# 4"&*# &2 4"#
%#/#('(23 #2) 9&-0) 8# B-(4# -2+9+%# &, 4"# )#/#$4(&2 (2'&0'#)6 T, /&-%*#:
(, 4"# +/4 &, .+2($-0+4(&2 9#%# 4& 8# %#'#+0#): 4"#2 4"# #.8&)(#) /0+*" &,
.#+2(23 9&-0) 8# +00 4"# 3%#+4#% $%#/(*#01 8#/+-*# &, 4"# )#/#$4(&26 `2
/&2*#B-#2/#: +21 %#.+(2(23 '#*4(3#* &, +-4"&%(41 9&-0) +0*& '#%1 $%&8+801
)(*+$$#+% %+4"#% +8%-$401 &2/# %#/&32(4(&2 "+) 8##2 9(4")%+926
;-33#*4('#01: +4 4(.#* D#,#8'%# *##.* 4& /&.# /0&*# 4& 4"# ()#+ 4"+4 (4 (*
4"# .+2($-0+4(&2 &, *$+4(+0 /&)#* 9"(/" (* +4 (**-#: (2 $+%4(/-0+% 9"#2 "#
4+07* +8&-4 *&/(+0 +2) *$+4(+0 )(,,#%#2/#* %&-4(2#01 *-$$%#**#) 81 4"&*# 9"&
+44#.$4 4& *$#+7 ,&% 4"# 9"&0#: 1#4 (24#%#*4(2301 4"# #2) %#*-04 (* +09+1* 4"+4
&, 4"# )&.(2+4(&2: 2&4 4"# .+2($-0+4(&2: &, *$+/#6 `4 (* +* (, 4"# .(*/"(#,
)&2# 81 4"(27(23 4"+4 )&.(2+4(&2 (* #'#%19"#%# *4&$* "(. ,%&. 4+7(23 4"#
()#+ &, /&2/#+0.#24 *#%(&-*016 FB-+001: 9"+4 ,&% /#%4+(2 )&#* 2&4 +$$#+% (2
D#,#8'%#c* '&/+8-0+%1 &, $&9#%: +2) $#%"+$* +00 4"# .&%# *-%$%(*(23 3('#2
"(* 2&4#) )(*4+*4# ,&% ,&%.+0(d#) *$#/4+/0#*: (* 4'A5-/,"36
`2 4"(27(23 +8&-4 "&9 /#%4+(2 3%&-$* +%# +80# 4& 0#+'# 4"#(% (.$%(24 &2
4"# H(41 +* + $0+/# &, ,(2+2/# +2) (2)##) )'*)'4'3/ (4 +* *-/": 4"# *#)-/4('#
2+4-%# &, .+21 &, 4"#(% +/4(&2* (* 2&4 $+%4(/-0+%01 )(,,(/-04 4& )(*/#%26
@.&23 4"# .&%# &8'(&-* +/4* (* 4"# +8(0(41 4& %#$%#*#24 4"# *$##) +2)
.+32(4-)# &, .&2#4+%1 ,0&9* +* *&.#4"(23 #U/(4(23 +2) +44%+/4('# 4& 8#
+%&-2)6 ["&: +,4#% +00: )&#* 2&4 +**&/(+4# 4"# 8-dd &, .&2#1 +2) 4"# H(41
9(4" 4"# .&&) &, 4"# $%#*#24k D#** 8&U#) (2 81 4"# $&2)#%&-* 9#(3"4 &,
+-4"&%(41 +2) 4"# 4%+$$(23* &, 4"# $+*4: 4"# (.+3#* &, ,(2+2/# $%&e#/4#)
4#*4(,1 4& 4"# .&8(0(41: %(*7 +2) (2)('()-+0 ,%##)&.* +**&/(+4#) 9(4" + g,+*4c
0(,#*410# &, )#+0(23 +2) *$#/-0+4(&26 `2 /&.$+%(*&2: &4"#% ,&%.* &, #/&5
2&.(/ +/4('(41 +%# .+)# 4& 0&&7 *0&9 +2) 0#+)#26 !"# '#%1 $&9#% &, 4"#
e+dd1 %#$%#*#24+4(&2* 0(#* 9(4" 4"#(% *-33#*4('#2#**6

2(%7FN+ 2EI\X

:Z:

>2)&-84#)01: 2&4 #'#%1&2# (* 4+7#2 (2 81 *-/" (.+3#*: 8-4 (4 (* $%#/(*#01


4"# $&**(8(0(41 &, %#e#/4(&2 &% (2)(,,#%#2/# +* + %#*$&2*# 9"(/" 3('#* *#)-/5
4(&2 (4* /"+%+/4#%(*4(/ %#+/"6 ;#)-/4(&2: 1&- 9(00 %#/+00: (* + ,&%. &, *-%,+/#
$&9#% 9"(/" +/4* -$&2 4"# /"&(/#* &, 4"&*# 9"& "+'# 4"# +8(0(41 4& )#/()#
&4"#%9(*#6 `2 4+7(23 +)'+24+3# &, +44(4-)#* 4"+4 +%# +0%#+)1 $%#*#24: (4
/+$(4+0(d#* -$&2 4"&*# 4#2)#2/(#* 9"(/" +0%#+)1 +$$#+0 +2) *##7* 4& $%&0(,5
#%+4# 4"#.6 gG#.8#%*"($c: (2 4"(* (2*4+2/#: (* +00 +8&-4 (.$&*(23 + $+/# +2)
+ %"14". &2 4& 4"# H(41c* #/&2&.(/ 0(,# 4"+4 (* *-33#*4('# &, + ,+*4 4#.$&
+2) + .&&) &, *$&24+2#(416 J#(23 .+)# 4& 0&&7 *0&9 (* 4& 8# %#$%#*#24#) +*
g&-4 &, $0+/#c6 !"# $%#&//-$+4(&2 9(4" *$##) 4"+4 4+7#* (4* /-# ,%&. 4"#
,%#2#4(/ +/4('(41 &, 4"# .+%7#4$0+/# +2) 4"# +2(.+4(&2 4"+4 .(%%&%* 4"#
%"14". &, 4"&*# 8-1(23 +2) *#00(23 8&4" 9&%7 4& #U/0-)#: +04"&-3" &2
4"(* '(#9 0#** 81 4"# ,&%/# &, )&.(2+4(&2 +2) %+4"#% .&%# 81 4"# ,&%/# &,
*-33#*4(&2 +2) $%#*-.$4(&26
D#4 .# 8# /0#+% +8&-4 4"# 2+4-%# &, .1 /&2/#%2* "#%#6 `2 /%(4(/(d(23
D#,#8'%#c* (2+8(0(41 4& *## +214"(23 &4"#% 4"+2 4"# )&.(2+4(&2 &, *$+/#: +2)
=%#3&%1c* %#0+4#) #2)&%*#.#24 &, 4"+4 $&*(4(&2 4"&-3" 4"# .#4+$"&% &,
g/&0&2(+0c &//-$+4(&2: .1 $&(24 (* *(.$01 4"+4 4"#%# (* *& .-/" .&%# 3&(23
&2 (2 4#%.* &, 1+$/ $&9#% (* #U#%/(*#) +/%&** 4"# /&00()(23 *$+/#* &, 4"#
H(416 `4 (* 2&4: ` *"&-0) *4%#**: 4"+4 ` 9(*" 4& *+1 4"+4 *#)-/4(&2 %+4"#% 4"+2
)&.(2+4(&2 (* + .&%# +//-%+4# $&%4%+1+0 &, 9"+4 "+$$#2* &2 + )+154&5)+1
8+*(* (2 H(41 0(,#: &% 4"+4 .+2($-0+4(&2 2&4 +-4"&%(41 (* 9"+4 7##$* $#&$0# g(2
4"#(% $0+/#c (2 *-/" *-%%&-2)(23*6 <+4"#%: .1 +%3-.#24 (* 4"+4 (2 $0+/#* 0(7#
4"# H(41 &, D&2)&2: $&9#% (* 0(7#01 4& 8# #U#%/(*#) (2 + '+%(#41 &, 9+1*: ,%&.
)&.(2+4(&2 4"%&-3" .+2($-0+4(&2 4& *#)-/4(&2 +2) #'#2 )&92 4& /&#%/(&26
!"(* (* 2&4 8#/+-*# $&9#% (* #2)&9#) 9(4" *&.# 7(2) &, '+$() $0-%+0(41:
9"#%# 4"# )(,,#%#24 .&)+0(4(#* 4+7# (4 (2 4-%2 4& +/4 &-4 4"#(% )(*$0+16 T2 4"#
/&24%+%1: (4 (* 4"# 2+4-%# &, 4"# $0+/#* 4"#.*#0'#*: "&9 4"#1 +%# -"34/,/5/'A
4"%&-3" 4"# $%+/4(/#* +2) 4"# %"14".* &, 4"# )(,,#%#24 3%&-$* 9"(/" (2"+8(4
4"#.: 9"(/" 3('#* %(*# 4& 4+230#) +%%+23#.#24* &, $&9#% +2) 4"#(% #U#/-4(&26
`2 4"# /+*# &, 4"# H(41 &, D&2)&2: ,&% (2*4+2/#: 4"# #U$#%(#2/# &, $&9#%
,&% .+21 &, 4"&*# 9"& 9&%7 &2 4"# #)3#* &, ,(2+2/#: +* *-$$&%4 *4+,, &%
+2/(00+%1 9&%7#%*: (* 0(7#01 4& 4+7# (2 8&4" +/4* &, )&.(2+4(&2 +2) .+2($-5
0+4(&2: +* /&2*4%+(24 &$#%+4#* +0&23*()# /&2/#+0.#24 (2 4"# %&-4(2# *-$$%#*5
*(&2 &, 4"#(% '(*(8(0(416 ;-/" +/4* +%# .#%#01 )(,,#%#24 9+1* &, +/"(#'(23 4"#
7(2) &, *.&4"#%#) $%#*#2/# 4"+4 D#,#8'%# 8%(23* 4& .(2)6 FB-+001: 4"#
.&2-.#24+0 8-(0)(23* &, 4"# ;B-+%# G(0#: *-/" +* 4"# ,&%4%#**5*410# J+27
&, F230+2): )& +/4 +* + *&-%/# &, +-4"&%(41: 1#4 3('#2 4"# /"+23(23 %&0# +2)
,-2/4(&2 &, 4"# 0+44#% (2*4(4-4(&2: (4 (* $%&8+801 2&9 .&%# +//-%+4# 4& 4+07
+8&-4 (4* $#%*-+*('# %&0# (2 4"# /&24#.$&%+%1 9&%0) &, >? ,(2+2/#6 !"#
.#+2(23 +2) %#$%#*#24+4(&2 &, (2*4(4-4(&2*: 4"#(% %(4-+0*: $%+/4(/#* +2)
+%/"(4#/4-%+0 *410#*: /"+23#: %#,0#/4(23 4"# +04#%#) .+7#5-$ +2) /&.$&*(4(&2
&, 4"&*# 9"& -*# 4"#.6 `4 (* 3"/ 4"# /+*#: 4"#%#,&%#: 4"+4 *-/" (2*4(4-4(&2*

:ZG

2(%7FN+ 2EI\X

%#$%#*#24 $%#5,&%.#) 80&/* &, $&9#% (24& 9"(/" '+%(&-* 3%&-$* +%# 4"#2
*0&44#)6 <+4"#%: 4"# .(U4-%# &, 3%&-$* 9"(/" (2"+8(4 '+%(&-* (2*4(4-4(&2*:
+2) 4"# %#0+4(&2*"($* 9"(/" #*4+80(*" 4"#(% *)'4'3-': (.8-# *-/" (2*4(4-4(&2+0
*$+/#* 9(4" $&9#%6 @2) (4 (* ,%&. 4"# *$#/(,(/ %#0+4(&2+0 4(#*: 4"# (24#%$0+1 &,
,&%/#* 4"+4 0(# 8#"(2) 4"# /&.(23* +2) 3&(23* &, 4"&*# $%#*#24: 4"+4 $&9#%
4+7#* (4 )('#%*# .&)+0 #U$%#**(&2*6

C6"#&G Q"(6G# )>G I*&> Q)66#


@04"&-3" D#,#8'%# %#.+(2#) 0+%3#01 &80('(&-* 4& 4"# 2-+2/#* &, $&9#% +2)
*&/(+0 *$+/#: "# 9+* "+%)01 +0&2# (2 #B-+4(23 )&.(2+4(&2 9(4" $&9#%
+2) *##(23 (4* 4%+/#* +00 +%&-2) "(.6 \#%"+$* 4"# .&%# ,+.(0(+% *#2*# (2
9"(/" )&.(2+4(&2 (* /&2*()#%#) +* $#%'+*('# *4#.* ,%&. 4"# 2&4(&2 &,
/0&*#) *$+/#*h *$+/#* /&2*4%-/4#) 81 3%&-$* 8-(0)(23 g9+00*c: *&.#4(.#*
0(4#%+001: 4& #U/0-)# 4"&*# 9"& +%# 2&4 g4"# *+.#c6 `,: -$ 4& 4"(* $&(24: 9#
"+'# 8##2 4"(27(23 +8&-4 4"# /%&**5/-44(23 2+4-%# &, $#&$0#c* 0('#* +* 4"#1
3& +8&-4 4"#(% )+(01 8-*(2#**: 4"# ()#+ &, *$+4(+0 #2/0&*-%# *-33#*4* + ,(U#)
*#$+%+4(&2: + 8&-2)+%1 0(2# (2 4"# *+2) *& 4& *$#+7: 9"(/" $%&)-/#* + /0#+%
0(.(4 4& 4"# .&'#.#24 &, g&4"#%*c6 `2 $0+/# &, .#**1 /&#U(*4#2/#* +2)
e-.80#) 0('#*: /0&*#) *$+/#* +%# +8&-4 3%&-$* g9+00(23 4"#.*#0'#* (2c:
#%#/4(23 *&/(+0 +2) $"1*(/+0 8+%%(#%* 4& 4"# /&.(23* +2) 3&(23* &, &4"#%*6
!"# &8'(&-* #U+.$0# 4"+4 *$%(23* 4& .(2) (* 4"# 7(2) &, *$+4(+0 #2/0&*-%#
72&92 +* g3+4#) /&..-2(4(#*c: 9"(/": *(2/# 4"# P]ZM*: "+'# #,,#/4('#01
$+%4(4(&2#) *#/4(&2* &, .+21 &, 4"# 9&%0)c* .+e&% /(4(#*6 !1$(/+0 &, .+21
K&%4" @.#%(/+2 /(4(#* 4&)+1: 3+4#) /&..-2(4(#* +%# .&%# &% 0#** /&24%&00#)
#2/0+'#*: $%('+4# *$+/#* 9"(/" $#&$0# 8-1 (24& ,&% 4"#(% &92 #U/0-*('# -*#6
!"# /0+(. 4& #U/0-*(&2 (* 8+*#) -$&2 0('(23 8#"(2): *+1: + 4"%##5.#4%#5"(3"
9+00 9"#%# +00 4"# %#*()#2/#* ,&/-* (29+%)* *& 4"+4 4"# &-4*()# 9&%0) (*
g,(04#%#) &-4c &, 4"# (.+3(2+4(&26 H&*4 (* &8'(&-*01 + /%(4(/+0 ,+/4&% (2 )#/()5
(23 9"& 0('#* (2 *-/" /0&*#) /&..-2(4(#*: 8-4 &2 +2 #'#%1)+1 8+*(* /&24%&0
&'#% 9"& #24#%* +2) 9"& .(U#* 9(4" 9"&. (* #U#%/(*#) 4"%&-3" *-%'#(00+2/#
/+.#%+*: -2(,&%.#) 3-+%)* +2) 4"# 0(7#6 ;-/" /0&*#) *$+/#* +%# "(3"01
&%)#%#): &,,#%(23 4"#(% %#*()#24* + %+4"#% )(,,#%#24 *#2*# &, g.#.8#%*"($c
,%&. 4"+4 &-40(2#) 81 D#,#8'%#6
`,: ,&% D#,#8'%#: + *#2*# &, .#.8#%*"($ (* *&.#4"(23 4"+4 (* $%&)-/#) 81
+ 3%&-$ /&2*4%-/4(23 + *&/(+0 *$+/# (2 (4* &92 0(7#2#**: (2 4"# 3+4#) /&.5
.-2(4(#* )#*/%(8#) 81 !#%#*+ H+0)#(%+ _P]]ba +21 0(7#2#** (* ,&%.+001
(.$&*#) 81 *4%(/4 %-0#* &, /&2)-/46 @ *#2*# &, 9"& 8#0&23* (* +/"(#'#)
2&4 81 + /&00#/4('# /&2*4%-/4(&2 &, 9"& (* %#/&32(d#) +* $%#*#24: 8-4 %+4"#%
81 + *#4 &, %-0#* 9"(/" (.$&*#* + 0(7#5.(2)#)2#**6 G#.8#%*"($ &, *-/"
/&..-2(4(#* (* )#0(.(4#) *"+%$01 *& 4"+4 +21&2# 9(*"(23 4& 8# $+%4 &, (4
.-*4 /&2,&%. 4& 4"# $%#*/%(8#) %-0#* &, /&2)-/4 S 9"(/" /+2 (2/0-)#

2(%7FN+ 2EI\X

:ZM

+214"(23 ,%&. 4"# #U4#%2+0 )#/&%+4(&2 &, )9#00(23* 4& 4"# 0+1&-4 &, 3+%)#2*
+2) 4& %#3-0+4(&2* ,&% g2&(*1c &% &4"#% ,&%.* &, g(2+$$%&$%(+4#c 8#"+'(&-%6
;-/" %-0#* +%# (24#2)#) 4& )%+.+4(d# 4"# )(,,#%#2/# 8#49##2 4"&*# &2 4"#
g(2*()#c +2) 4"&*# &2 4"# &4"#% *()# &, 4"# 9+00*6 E#%# )(,,#%#2/# (* 2&4 *&
.-/" *.&4"#%#) +* $"1*(/+001 8+%%#): +2) *+.#2#** ,&%.+001 (.$&*#)
%+4"#% 4"+2 *&/(+001 /&2*4%-/4#)6
`4 (* $#%,#/401 +//-%+4#: 4"#%#,&%#: 4& )#*/%(8# *-/" /0&*#) *$+/#* +* *$+/#*
&, )&.(2+4(&2: 2&4 .#%#01 8#/+-*# 4"#1 #U#%/(*# *4%(/4 /&24%&0 &'#% #24%1 &2
4"# 3%&-2)* &, /&*4: 8-4 +0*& 8#/+-*# 4"# ,&%.+0 %-0#* /&2*4%+(2 4"# 8#"+'5
(&-% &, $%% /&2/#%2#) S 4"&*# 9"& 0('# (2 4"# /&..-2(4(#* +* .-/" +* 4"&*#
9"& $+** 4"%&-3" 4"#.: +* *#%'+24*: *#/-%(41 3-+%)*: 3+%)#2#%* +2) 4"# 0(7#6
!"# /0&*(23 )&92 &, $&**(8(0(4(#*: 4"# %#*4%(/4(&2* 4"+4 %#*()#24* "+'# 4&
+8()# 81 (2 &%)#% 4& 8# $+%4 &, g4"# /&..-2(41c: 0#+'# 4"#. 9(4" 0(440#
/"&(/# 8-4 4& *-8.(4 4& 4"# ,&%.+0 &%)#% &, 4"(23*6 <#*()#24* .+1 0+1 /0+(.
4& *$+4(+0 #U/0-*('(41 &'#% &4"#%*: 1#4 4"#(% 8&-2)#) g)#,#2*(80# *$+/#c +0*&
*#%'#* 4& 0(.(4 4"#(% &92 ,%##)&.6
H-04-%+0 *#$+%+4(&2: 4"# +/4 &, *#0,5#2/0&*-%#: (* 2&4 &201 + /"+%+/4#%(*4(/ &,
%(/" /&..-2(4(#*: "&9#'#%6 @* + )#,#2*('# %#+/4(&2: $&&% /&..-2(4(#* .+1
g9+00 4"#.*#0'#* (2c +* $%&4#/4(&2 +3+(2*4 4"# .&%# #/&2&.(/+001 &% $&0(4(/5
+001 $&9#%,-0 _(2 4#%.* &, %#*&-%/#*a6 F4"2(/ 3%&-$* .+1 &$4 4& )%+9 + 0(2#
+%&-2) 4"#(% /&..-2(41 4& +'&() )(*/%(.(2+4(&2 &% 4& $%#*#%'# +2 ()#24(41
$#%/#('#) 4& 8# -2)#% 4"%#+4 ,%&. 4"# g&-4*()#c6 ;-/" +/4* +%# %&&4#) (2
E+22+" @%#2)4c* .-4-+0 +/4(&2: 4"# *&0()+%(*4(/ 2#49&%7* 4"+4 %#*4 -$&2
4"# .&8(0(d+4(&2 &, /&00#/4('# %#*&-%/#*6 <+4"#% 4"+2 4"(27 (2 4#%.* &,
$&9#% +* (2*4%-.#24+0 0#'#%+3#: *-/" +/4* &, /0&*-%# 4+7# 4"#(% /-# ,%&. 4"#
g$&9#% 4&c $%&4#/4 4"#.*#0'#*: 2&4 ,%&. *&.# )#*(%# 4& #U#%/(*# g$&9#% &'#%c
&4"#%*6 @* + %#*-04: +21 2&4(&2 &, &%)#% (* .&%# 0(7#01 4& *4#. ,%&. (2,&%.+0
+2) 2#3&4(+4#) $%+/4(/#* %+4"#% 4"+2 $%#*/%(8#) /&)#* &, /&2)-/46
`24#%#*4(2301: 4"# +44#24(&2 $+() 4& 4"# %#3-0+%(d#): +0.&*4 )(*/($0(2#):
*410#* &, 8#"+'(&-% (2 4"# %(/": 3+4#) /&..-2(4(#* (* *&.#9"+4 %#.(2(*/#24
&, W&-/+-04c* #+%01 9&%7 &2 )(+3%+.* &, $&9#%: )(*/-**#) (2 /"+$4#% Q6 !"#
+44#24(&2 $+() 4& 4"# d&2(23: $+%/#00(23 +2) #2/0&*-%# &, *$+/# +* + .#+2* &,
%#3-0+4(23: +* 9#00 +* #2+80(23: .&'#.#24 4"%&-3" + '+%(#41 &, (2*4(4-4(&2+0
/&.$0#U#*: ,%&. "&*$(4+0* +2) */"&&0* 4& .(0(4+%1 8+%%+/7* +2) $%(*&2*:
*&-2)* +2+0&3&-* 4& 4"# g4#/"2(B-#*c &, )&.(2+4(&2 )#*/%(8#) 81 H+0)#(%+6
!"# +2+0&31 8%#+7* )&92: "&9#'#%: $%(2/($+001 +%&-2) 4"# ,+/4 4"+4 ,&%
W&-/+-04 4"# 4#/"2(B-#* &, $&9#% *"&9 -$ &201 +* +2 #,,#/4 &2 4"# +/4(&2*
&, &4"#%*6 !"#%# +%# ,#9#% )(%#/4 &% &'#%4 %#*4%(/4(&2* &2 $#&$0#c* 8#"+'(&-%
+2) %+4"#% .&%# +/4(&2* 9"(/" *##7 4& ,3A5-' 4"# +$$%&$%(+4# /&2)-/4 (2
&4"#%*6 E#%#: 9# +%# +0%#+)1 .&'(23 +9+1 ,%&. + *4%(/4 2&4(&2 &, #2/0&*-%#
+* 4"# )&.(2+4(&2 &, *$+/# 4& + /&2*()#%+4(&2 &, &4"#% $&**(80# +/4* &,
$&9#%h (2 4"(* /+*# (2)-/#.#24: 8-4 (2 &4"#%* 4"# $&**(8(0(41 &, (2)(%#/4
.+2($-0+4(&2 &% #'#2 +%.c*50#234" *#)-/4(&26

:ZQ

2(%7FN+ 2EI\X

W%&. .1 +%3-.#24 *& ,+%: 1&- .(3"4 9#00 +*7 "&9 (4 /&-0) (4 8# &4"#%5
9(*#6 !& *-$$&*# 4"+4 #'#2 /0&*#) *$+/#* "+'# 4"# 0+*4 9&%) &2 )&.(2+4(&2
9&-0) 8# 4& 30&** &'#% 4"# )(,,#%#24 9+1* (2 9"(/" /0&*-%# /+2 8# +/"(#'#)6
J-4 .1 $&(24 "#%# (* + %+4"#% )(,,#%#24 &2# ,%&. *(.$01 )%+9(23 +44#24(&2 4&
4"# ,+/4 4"+4 $&9#% (* #U#%/(*#) (2 *-840# +2) 2&4 *& *-840# 9+1*6 `4 (* 4"+4
.-/" &, 9"+4 9# 4+7# 4& 8# /0&*#) *$+/# (* -*-+001 0#** /0&*#) 4"+2 (4 *##.*:
+2) .-/" &, 9"+4 +$$#+%* &$#2 +2) +//#**(80# (* 2&4 +09+1* *&6 `, D#,#8'%#c*
+//&-24 &, 4"# $%&)-/4(&2 &, *&/(+0 *$+/# "+* $#%*-+)#) 1&- &, 4"# 0+44#%:
4"#2 + .&%# )12+.(/ *#2*# &, *$+/# 9"(/" ,&%#3%&-2)* 8&4" .&'#.#24
+2) /(%/-0+4(&2 .+1 /&2'(2/# 1&- &, 4"# ,&%.#%6
G&*4 8&-2)#) *$+/#*: (4 *##.* 4& .#: +%# %#0+4('# %+4"#% 4"+2 4&4+0 +2)
9"(0*4 *&.# 8&%)#%* "+'# "+%)#2#) &'#% 4(.# _2&4+801 +%&-2) .(3%+4(&2
/&24%&0* (2 F-%&$# +2) 4"# >;a: .+21 &, 4"# #'#%1)+1 *$+/#* 9"(/" .+7#
-$ $#&$0#c* 0('#* S ,%&. *"&$$(23 .+00*: &,,(/# *$+/#* +2) "&-*(23 #*4+4#* 4&
$-80(/ $+%7*: +(%$&%4 0&-23#* +2) + 9"&0# *0#9 &, $-80(/ (2*4(4-4(&2* S +%#
0#** &8'(&-*01 (.$#%.#+80#6 F'#2 (2 /0&*#): 3+4#) /&..-2(4(#*: 8&-2)+%5
(#* +%# %&-4(2#01 /%&**#) 81 +00 .+22#% &, 4%+)#*$#&$0# +2) $-80(/ &,,(/(+0*:
+* 9#00 +* ,%(#2)* +2) %#0+4('#*: +2) 4"# *-$$&*#) *4+%7 0(2#* &, )(,,#%#2/#
+%# /&.$%&.(*#) )+(01 81 4"# *#%'(/# %"14".* &, )&.#*4(/ /+%#: .+(24#25
+2/# +2) *#/-%(41 *4+,,6 gT$#2 9+00*c %+4"#% 4"+2 g#2/0&*#) 9&%0)*c (* $#%5
"+$* + .&%# +$4 .#4+$"&%(/+0 %#)#*/%($4(&2 &, 4"# 8&-2)+%(#* &, *-/"
$0+/#*6 !"# $&%&*(41 +44+/"#) 4& $0+/#* (* *&.#4"(23 4"+4 C&%##2 G+**#1
_P]]Qa: (2 $+%4(/-0+%: "+* 0&23 8##2 7##2 4& *4%#**: +2) 9"+4 9# /+2 4+7#
,%&. 4"(* &8*#%'+4(&2 (* 4"+4: (2 .+21 + ,+.(0(+% $0+/#: $#&$0# .&'# (2 +2)
+%&-2) &2# +2&4"#%: *0()(23 +/%&** #+/" &4"#%c* 0('#*: +2) #*4+80(*" + $%#*5
#2/# 4"%&-3" (24#%+/4(&2 (2 +00 7(2)* &, $&9#%,-0 +2) 2&4 *& $&9#%,-0 9+1*6b
@2) *-/" (24#%+/4(&2*: ` 9&-0) +%3-#: )(*%-$4 +21 #+*1 /-04-%+0 .+$$(23 &,
9"& (* /0&*# +4 "+2) +2) 9"& (* )(*4+24: 9"& 8#0&23* +2) 9"& )&#* 2&46

N3(0 45$$&
D#,#8'%#: +* 9# "+'# *##2: /+*4 4"(* 7(2) &, (24#%+/4(&2 (2 4"# .&-0) &, +
)&.(2+4(&2^%#*(*4+2/# %#0+4(&2*"($: 9"(/" -2)&-84#)01 (* 4"# /+*# (2 *&.#
b ` 4+7# 4"(* *#2*# &, $&9#% +2) $0+/# 4& 8# (2 0(2# 9(4" C&%##2 G+**#1c* .&8(0# $&9#%5
3#&.#4%(#* &, *$+/#54(.#: 9"#%# 4"# '#%1 +%4(/-0+4(&2 &, $&9#% %#0+4(&2* (2'&0'#* 4"#
.&'#.#24 4"%&-3" +2) -*# &, *$+/#6 ;## G+**#1 _P]]N: P]]Q: P]]]a6 !"# ()#+ 4"+4
*$+4(+0(41 (* (.8-#) 9(4" $&9#% (* /&..&2 4& 8&4" -2)#%*4+2)(23*: +04"&-3" 4"# *4%#**
4"+4 ` $0+/# -$&2 4"# $%#*#2/# &, $&9#% %#0+4(&2* .&'#* 4"# +2+01*(* /0&*#% 4& + $"#2&.5
#2&0&3(/+0 +$$%&+/" 9"#%# %&-4(2# $%+/4(/#*: %"14".*: .#+2(23* +2) +44+/".#24*
&//-$1 4"# ,&%#3%&-2)6 !"# &4"#%: .&%# &8'(&-*: )(,,#%#2/# 8#49##2 4"# 49& +//&-24*
&, $&9#% +2) *$+4(+0(41 (* 4"# (.$&%4+2/# ` +44+/" 4& 4"# )(*4(2/4('# .&)+0(4(#* &, $&9#%
+2) "&9 4"#1 +%# *$+4(+001 /(%/-.*/%(8#)6

2(%7FN+ 2EI\X

:ZL

*(4-+4(&2* 9"#%# 4"# (24#%$0+1 &, ,&%/#* *"+$#* 4"+4 $+%4(/-0+% %#0+4(&2*"($6
`2 4"# $%('+4# *$+/#* &, 4"# H(41 &, D&2)&2c* ,(2+2/(+0 (2*4(4-4(&2*: (4 (* B-(4#
/&2/#('+80# 4"+4 )&.(2+4(&2 $0+1#) (4* $+%4 (2 #%+*(23 4"# 4%+/#* &, 4"&*#
&201 4+23#24(+001 /&22#/4#) 9(4" ,(2+2/# +2) 8+27(23h +04"&-3": +* ` "+'#
+%3-#): 4"#%# 9+* .&%# 3&(23 &2 4"#%# (2 4"# 2+.# &, $&9#% 4"+2 *(.$01
)&.(2+4(&2 _&% %#*(*4+2/# ,&% 4"+4 .+44#%a6 ;&: (2 + .&%# &$#2: ,&%3('(23:
$-80(/ *$+/# 9"#%# $#&$0# .(00 +%&-2) +2) /%&** &2# +2&4"#%c* $+4"* (2
0+%3#01 -2,&%#*##2 9+1*: 9# /&-0) 8# #U/-*#) ,&% 4"(27(23 4"+4 $&9#%
(* 0+%3#01 +8*#24 ,%&. 4"# 4+230# &, +**&/(+4(&2*6 !"+4: "&9#'#%: 9&-0) 8#
4& /&2,0+4# +//#**(8(0(41 9(4" &$#22#**6
G+21 +2 &$#2 *$+/# .+1 8# /0&*#) )&92 81 )#3%##: +2) 81 4"+4 ` +. 2&4
%#,#%%(23 4& 4"# +00 4&& &8'(&-* $&(24 4"+4 +//#** &% #24%1 .+1 8# )#2(#)
4"%&-3" 4"# (.$&*(4(&2 &, ,&%.+0 %#*4%(/4(&2*6 <+4"#% $&9#% .+1 8# #U#%5
/(*#) (2 -28&-2)#) *$+/#* (2 ,+% 0#** .+%7#): (2)(%#/4 &% #'#2 *"+00&9 9+1*
4& +/"(#'# 4"# )#*(%#) ,&%. &, /0&*-%#6
@4 4"# *"+00&9 #2) &, $&9#%: ,&% (2*4+2/#: 4"# -*# &, #0#/4%&2(/ *-%'#(05
0+2/# 4#/"2&0&3(#* 4& .&2(4&% +2) 4%+/7 4"# .&'#.#24 &, $#&$0# (2 $-80(/
$0+/#* (* $#%"+$* 4"# 8#*4572&92 9+1 (2 9"(/" &-% /&2)-/4 .+1 8# *-8e#/4
4& */%-4(21 +2) $&**(80# %#$%&+/"6 J-4 .-/" )#$#2)* -$&2 4& 9"+4 #2)
*-/" 4#/"2&0&3(/+0 .#)(-.* +%# *-$$&*#) 4& .##46 `2 4"#.*#0'#*: 4#/"5
2&0&3(#* 0(7# /0&*#)5/(%/-(4 4#0#'(*(&2 /+.#%+* _HH!Xa +%# 0(440# .&%# 4"+2
+ %#*&-%/# 9"(/" .+1 3#2#%+4# +2 #,,#/4 9# #U$#%(#2/# +* $&9#%6 !"#1 +%#:
+* 9+* +%3-#) (2 /"+$4#% O: .#%#01 $+%4 &, + %+23# &, .#)(-.* 4"%&-3"
9"(/" $&9#% .+1 8# #U#%/(*#)6 !"#1 +%# 2&4 $&9#%,-0 (2 4"#.*#0'#*6 `2
3#2#%+0: 4"# (.$+/4 &, *-/" *-%'#(00+2/# 4#/"2&0&3(#* "+* 8##2 &'#%80&92:
9(4" ,+% 0#** +44#24(&2 $+() 4& 9"+4 (* +/4-+001 )&2# 9(4" 4"# '(*-+0 )+4+
+.+**#) 4"+2 4& 4"# ,+/4 &, (2*4+00+4(&2 (4*#0,6 `2 .+21 9+1*: 4"# (24#2)#)
#,,#/4 &, HH!X 4#/"2&0&3(#*: +* W&-/+-04 9&-0) *+1: (* 4& (2)-/# $#&$0# 4&
%#3-0+4# 4"#(% &92 8#"+'(&-% (2 0(2# 9(4" 9"+4 (* #U$#/4#) &, 4"#. (2
%#0+4('#01 &$#2 $0+/#*6 !"+4 .+1 9#00 8# *&: 8-4 (2 4"# +8*#2/# &, 72&9(23
9"+4 -*# (* .+)# &, *-/" 4#/"2&0&3(#*: 4"#(% (.$+/4 %#.+(2* (2)#4#%.(2+4#6
!"#1 +%# 4"# .#+2* &, $&9#% %+4"#% 4"+2 $&9#% (4*#0,6 `2 &4"#% 9&%)*: 4"#1
+%# $&9#% (2 2+.# &2016
@ .&%# (24%(3-(23 +2) (2)##) 0#** )(*4(2/4 #U+.$0# &, 4"# #U#%/(*# &,
$&9#% (2 &$#2 *#44(23* (* 9"#%# *-33#*4(&2: 2&4 *-%'#(00+2/#: "&0)* *9+16
!"(*: 1&- .+1 %#/+00: (* &2# &, 4"# "+00.+%7* &, 4'A5-/,"3: 9"#%# /-%(&*(41
%+4"#% 4"+2 +21 *&5/+00#) )(*/($0(2+%1 0&3(/ (* 4"# *-8e#/4 &, *4(.-0+4(&26
F+%0(#% (2 4"# /"+$4#%: ` *$&7# +8&-4 *#)-/4(&2 (2 4"# /&24#U4 &, 4"# #24(/(23
9+1* (2 9"(/" 4"# 9&%7 &, ,(2+2/# (2 4"# H(41 &, D&2)&2 (* %#$%#*#24#)6 `2
*##7(23 4& 4+7# +)'+24+3# &, +44(4-)#* +0%#+)1 $%#*#24: 4"# (2'(4(23 30+.&-%
&, ,(2+2/(+0 3+.#*5$0+1(23 +/4* +* + 0-%# 4& 4"&*# $%#)(*$&*#) 4& *-/" +
.#**+3#6 !"# ,+/4 4"+4 4"# 9&%0) &, ,(2+2/#: +2) 4"# 9&%0) &, 4"# H(41 (2
$+%4(/-0+%: .+1 /&2'#1 *-/" + .#**+3# &201 (2 $+%4(+0 9+1* (* 2#(4"#% "#%#

:ZR

2(%7FN+ 2EI\X

2&% 4"#%#6 ;#)-/4(&2 (* +8&-4 4"# 9&%7 )&2# &2 *-/" $&**(8(0(4(#*: (.+3(2#)
&% &4"#%9(*#6
;(.(0+%01: (2 &$#2 *$+/#* 9"#%# 4"#%# +%# 2& ,&%.+0 %#*4%(/4(&2* &2 +//#**:
*-/" +* 4"&*# 9"(/" .(U *"&$$(23 +2) 8%&9*(23 9(4" %#0+U+4(&2 +2) #24#%5
4+(2.#24: *#)-/4(&2 .+1 8# +4 9&%7: &,,#%(23 $&**(8(0(4(#* +2) /%#+4(23 4"#
(00-*(&2 &, +//#**6 H0&*-%# (2 4"(* /&24#U4 (* +8&-4 )(*4%+/4(&2: 8&4" (2 4"#
*#2*# 4"+4 &-% )#*(%#* +2) (24#%#*4* +%# (2)-03#) (2 *#0#/4('# 9+1* +2) (2
4"# *#2*# 4"+4 9# %#.+(2 -2+9+%# &, 4"# */%($4#) 2+4-%# &, &-% .&'#.#24*6
\#%"+$* +2 #U+.$0# 9(00 +00&9 .# 4& #0+8&%+4# &2 4"# +/4(&2* (2'&0'#)6
`2 $%#*#245)+1 J#%0(2: .-/" "+* 8##2 .+)# &, 4"# ,+/4 4"# /(41 (* &2/#
+3+(2 +4 4"# *"+%$ #2) &, .&)#%2(41: (24&U(/+4#) 9(4" 4"# 2#9: -2*-%# &,
"&9 4& 2#3&4(+4# 4"# $+*4: +2) 9+(4(23 4& *## 9"+4 4"# ,-4-%# "&0)* (2 *4&%#6Z
`2 .+21 9+1*: 4"# 2#9 2+4(&2+0 /+$(4+0 (* &'#%)%#**#) 9(4" *1.8&0(/ .#+25
(23: ,%&. 4"# .&2-.#24+0 30+** +2) 8%(/75/0+) 4&9#%* +4 \&4*)+.#% \0+4d
+2) 4"# #0(4# ,+*"(&2 *$+/#* +0&23 4"# 0#234" &, W%(#)%(/" ;4%+**# 4& K&%.+2
W&*4#%c* 30+**5)&.#) 3#*4-%# 4& )#.&/%+/1: 4"# <#(/"*4+3: +* 9#00 +* 4"#
.+21 *4+4#.#24* &, + \%-**(+2 $+*4 #/"&#) (2 4"# +%/"(4#/4-%+0 .+7#5&'#%
&, $%&.(2#24 8-(0)(23*6 T, 4"#*#: (4 (* 4"# .&2-.#24+0 ,&%. &, 4"# 8-(0)5
(23* +2) $0+d+* +4 \&4*)+.#% \0+4d 4"+4 ` 9(*" 4& ,&/-* -$&2: +* 4"#1 &,,#% +
*#%(#* &, (24#%#*4(23 /&24%+*4* +2) &'#%0+1* (2 4"# 9+1 4"+4 4"#(% B-+*(5$-80(/
*$+/#* +%4(/-0+4# $&9#%6
\&4*)+.#% \0+4d (* )&.(2+4#) 81 49& )#'#0&$.#24*: 4"# C#8(* B-+%4#%
+2) 4"# ;&21 H#24%#: 8&4" &, 9"(/" &,,#% + .(U &, "(3"5%(*# &,,(/# 8-(0)(23*:
*"&$$(23 +2) 0#(*-%# ,+/(0(4(#*6 !"# ,&%.#% )#'#0&$.#24 (* + 4#*4+.#24 4&
4"# 30&8+0 ,(2+2/(+0 +.8(4(&2* &, 4"# C+(.0#% H"%1*0#% /&%$&%+4(&2 +2) 4"#
0+44#%: /&2*()#%#) "#%#: .&%# &8'(&-*01 %#,0#/4* 4"&*# &, 4"# ;&21 /&%$&%5
+4(&2 +2) (4* $%#5#.(2#24 $&*(4(&2 (2 4"# 30&8+0 #24#%4+(2.#24 (2)-*4%16 T,
4"# 49& /&.$0#U#*: ;&21c* %+23# &, /&2*-.#% &,,#%(23* S 8+%*: %#*4+-%+24*:
+ *410# *4&%#: +2 -%8+2 #24#%4+(2.#24 /#24%# /&.$0#4# 9(4" `G@V NC
/(2#.+ +2) +2 #(3"45*/%##2 /(2#.+ 80&/ S 0#+'#* 0(440# )&-84 +* 4& 9"& (*
(4* /&%$&%+4# &92#%6 !"# $0+/# (4*#0, +/4* +* + 7(2) &, #U"(8(4(&2 /&.$0#U ,&%
4"# #24#%4+(2.#24 9+%#* &, ;&21 \DH S ,%&. ;&21 \0+1;4+4(&2* +2) &20(2#
.&'(#* 4& +00 .+22#% &, #0#/4%&2(/ 9(d+%)%1 S #,,#/4('#01 g8%+2)(23c 4"#
*$+/# +* + '#"(/0# ,&% /&2*-.(23 (4* +%/"('# &, ,(0.*: .-*(/ +2) #24#%4+(25
.#24 *&,49+%#6
Z @0#U+2)%+ <(/"(#c* S$54/T4 E'/)"*"%,4G D K,4/")# "6 7')%,3 _P]]]a (* + '('() +//&-24 &,
"&9 J#%0(2 "+* 8&%2# 4"# .+%7* &, 2(2#4##24"5 +2) 49#24(#4"5/#24-%1 "(*4&%1 +2) ,&-2)
(4*#0, *-//#**('#01 %#2#3&4(+4(23 (4* %#/#24 $+*46 W&% + *#2*# &, "&9 /&24#.$&%+%1 J#%0(2
"+* -2)#%3&2# + *1.8&0(/ %#5#2+/4.#24 &, $0+/#: *## #*$#/(+001 K(/"&0+* E&9#c* _P]]Ra
+//&-24 &, 4"# /(41 +* g"(*4&%1 (24#%%-$4#) 81 /&2*4%-/4(&2c +2) @2)%#+* E-1**#2 _P]]Za
&2 g4"# '&()* &, J#%0(2c6 ;## +0*& @00+2 H&/"%+2# +2) @2)%#9 I&2+* _P]]]a &2 %#(.+3(25
(23 J#%0(26

2(%7FN+ 2EI\X

:ZZ

@4 &2# 0#'#0: 4"# 0+1&-4 %#,0#/4* 4"# )#/()#)01 %+4(&2+0 &%3+2(d+4(&2 &, 4"#
/-04-%+0 #U$#%(#2/# &2 &,,#%h (4* .#4(/-0&-*: -2(,&%. 2+4-%# 9(4" (4* %&&4*
,(%.01 (2 4"# /&..#%/(+0 0&3(/ &, /+$(4+0(*4 /+0/-0+4(&26 f#4 &2 +2&4"#%:
.&%# &-49+%): 0#'#0: 4"# *$+/# (4*#0, (* 3('#2 &'#% 4& $-%# (2)-03#2/#:
,%+3.#24#) *#2*# (.$%#**(&2* +2) )%#+.50(7# B-+0(4(#*6 `2 4"(* *#0,5*410#)
*$+/# &, g#)-4+(2.#24c 4"# #U$#%(#2/#* &2 &,,#% %#$%#*#24 + /&24#.$&%+%1
,&%. &, #*/+$(*. 9"(/" +%4(/-0+4#* + .&)#%2 *#2*# &, )(*4%+/4(&2h &2# 4"+4
,&% *&.# .+1 8# #.$41 &, .#+2(23: 1#4 (* 2& 0#** ,-0,(00(23 8#/+-*# &, 4"+46R
`4* %#3(*4#% (* 2&4 *& .-/" 4"# 9"&0#*+0# %#/%#+4(&2 &, #24#%4+(2.#24 '+0-#*
+2) +44(4-)#* +* $0#+*-%#: %#0+U+4(&2 +2): &, /&-%*#: *#)-/4(&26 !& .&'#
4"%&-3" 4"# /&.$0#U (* 4& ,(2) &2#*#0, *-8e#/4 4& + $&9#% 9"&*# (.$%(24 (*
)#/()#)01 .&)#*4: 9"#%# *$&24+2#(41 +2) (.$-0*('#2#** %+4"#% 4"+2 +21
*1*4#.+4(/ *4%#** +%# 4"# $-00(23 ,&%/#6 @4 8#*4: 4"# #U$#%(#2/# 3#2#%+4#* +2
(24#%#*4 (2 ;&21c* .#%/"+2)(*#: $#%"+$* %#(2,&%/(23 + $%#,#%#2/# ,&% (4*
8%+2) &, 3&&)* &'#% (4* /&.$#4(4&%*6
\+%4 &, 4"(* $-00: 4"(* *4(.-0+4(&2 &, /-%(&*(41: *4#.* ,%&. 4"# )#*(32 &,
;&21c* #00($4(/+0 /#24%+0 $0+d+: + 3#2#%&-* *$+/# 0+() &-4 -2)#% + )%+.+4(/:
4#2450(7# %&&, *4%-/4-%#6 H&2*4%-/4#) &-4 &, 30+** +2) ,+8%(/: +2) (00-.(25
+4#) +4 2(3"4: 4"# .&2-.#24+0 ,&%. &, 4"# %&&, )%+9* 4"# #1# )&92 (24& 4"#
/&.$&*#) &$#2 *$+/# 8#0&96 `2 /&24%+*4 4& 4"# %+4"#% "#+'15"+2)#) /&.5
.#%/(+0 *$+/#* &, 4"# C#8(* /&.$0#U: 4"# B-+*(5$-80(/ $0+d+ (* +2 (2'(4+4(&2
4& .(230#: /(%/-0+4#: 0&(4#% +2) $#%"+$* 8%&9*# + 0(440# 8#,&%# *#+%/"(23 &-4
+21 #24#%4+(2.#24 4"+4 (* &2 &,,#%6 `2 4"(* 9+1: 4"# 2+'(3+80# *$+/# 9&%7*
4"%&-3" +2 +4.&*$"#%# &, )#4+/".#24: .-/" 0(7# +21 -%8+2 *4%##4: 1#4 +4
4"# *+.# 4(.# (4 $%&'()#* + 30(.$*# &, 9"+4 #0*# .+1 8# +8*&%8#) +2)
/&2*-.#)6 !"(*: 4"#2: (* 2&4 4"# '(*-+0 #*4+80(*".#24 &, +-4"&%(41 4"%&-3"
4"# *$0#2)&-% &, + .&2-.#24+0 8-(0)(23: +* (* 4"# /+*# (2 4"# H(41 &,
D&2)&2: 8-4 +2 +/4 &, *#)-/4(&2 9"#%# 4"# *-33#*4('#2#** 0(#* (2 4"# 0+1&-4
+2) )#*(32 &, 4"# *&/(+0 *$+/#* 4"#.*#0'#*6
@* +09+1* 9(4" *#)-/4(&2: 4"# (2'(4+4(&2 /+2 8# )#/0(2#) &% (32&%#)h
$#&$0# +%# ,%## 4& 9+07 4"%&-3" 4"# $0+/#: 4& 4+7# + /-$ &, /&,,## (2 (4*
/&&0 *-%%&-2)(23* +2) 0#+'#6 T$#22#** (* #B-+4#) 9(4" +//#** +2) 4"#
R !"# $"#2&.#2&2 &, )(*4%+/4(&2 (4*#0, 9+* *-8e#/4#) 4& */%-4(21 81 ;(#3,%(#) ?%+5
/+-#% (2 "(* 9%(4(23* &2 4"# /-04-%+0 *$+/#* &, [#(.+% J#%0(2 (2 4"# P]LM* +2) P]NM*6 `2
*&.# &, "(* 8#44#%572&92 #**+1* _/&00#/4#) (2 ?%+/+-#% P]]Oa: g!"&*# 9"& 9+(4c: g!"#
.+** &%2+.#24c: gH-04 &, )(*4%+/4(&2c +2) g!"# 0(440# *"&$ 3(%0* 3& 4& 4"# /(2#.+c: "#
%#9&%7* 4"# 4"#.# &, /-04-%+0 0+/7 +2) 0&** &, .#+2(23 4& $%#*#24 + .&%# +.8('+0#24
+44(4-)# 4& 4"# *$#/4+/0#* &, .&)#%2 .+** /-04-%#6 [(4" $&(24#) %#,#%#2/# 4& 4"# $%&)-/4*
&, g@.#%(/+2 )(*4%+/4(&2 ,+/4&%(#*c _*-/" +* 4"# !(00#% =(%0*: + "(3"01 )%(00#) )+2/# -2(4
+2+0&3&-* (2 ?%+/+-#%c* .(2) 4& 4"# ,&%.0#** +8*4%+/4(&2 &, !+10&%(*4 $%&)-/4(&2a (2
$+%4(/-0+% S .+** /(2#.+: 4"#+4%# +2) )+2/# S "# +44#.$4#) 4& *"&9 "&9 4"(* %#+0. &,
)(*4%+/4(&2 "+) 8#/&.# + 3'-'44$)# %#,#%#2/# $&(24 ,&% +2 -2)#%*4+2)(23 &, 4"# .&)#%2
/&2)(4(&2: 2&4 *&.# 9"(.*(/+0 4+23#246

:ZP

2(%7FN+ 2EI\X

/"&(/# 4& &$4 &-4 &, 4"# g*"&9c6 T% *& (4 9&-0) *##.6 !"# /"&(/# 4& 9+07
+9+1 (* 4"#%#: &, /&-%*#: 8-4 4"# 2&4(&2 &, -2/&2)(4(&2+0 +//#** (* $+%401
(00-*&%16
;#)-/4(&2 (* +2 (2*4%-.#24+0 .&)# &, $&9#% $%(.#) 4& *"+$# +2) .&-0)
4"# 9(00 &, 4"# .+21 9"(0*4 +00&9(23 (2)('()-+0* 4"# $&**(8(0(41 &, &$4(23 &-46
`4 (* +8&-4 *-33#*4(23 4"(* %+4"#% 4"+2 4"+4 &$4(&2: +2) 4-%2(23 +2 +$$+%5
#2401 &$#25#2)#) *(4-+4(&2 4& $+%4(/-0+% +)'+24+3#6 `2 4"(* %#*$#/4: 4"#
;&21 $0+d+ +4 4"# "#+%4 &, 4"# J#%0(2 )#'#0&$.#24 .+1 9#00 8# &$#2 4&
4"# $-80(/ 8-4 (4 %#.+(2* + $%('+4(d#) *$+/#: /0&*#) +4 .()2(3"4: +2) 0+() &-4
(2 *-/" + 9+1 +* 4& */%($4 4"# .&'#.#24* &, 4"&*# 9"& 9+07 4"%&-3" (46 !"#
.&'#.#24 +2) /(%/-0+4(&2 &, 4"&*# 9"& ,%##01 /"&&*# 4& #24#% (* ,&/-*#):
)#*$(4# 4"# (.$%#**(&2 &, +8-2)+24 *$+/# *-33#*4#) 81 4"# (22#% $0+d+6 !"#
g$+4"*c 4"%&-3" 4"# /&.$0#U +%# 0#** ,&%.+0(d#) %#$%#*#24+4(&2* &, *$+/#: (2
D#,#8'%#c* *#2*# &, 4"# 4#%.: 4"+2 (2'(4+4(&2* 4& 3& 4"(* %+4"#% 4"+2 4"+4 9+1:
4& ,&00&9 4"# 30(.$*#* &, #24#%4+(2.#24 %+4"#% 4"+2 *(.$01 9+07 +9+16
@ *#)-/4('# $%#*#2/# (* +$$+%#24 ,%&. 4"# /&.8(2+4(&2 &, *-33#*4('# $%+/5
4(/#*: #U$#%(#2/#* +2) *$+/#* 4"+4 +%# 0+() &-4 ,&% 4#.$4+4(&26 @2) (4 (*
4"%&-3" *-/" 0+%3#01 -2.+%7#) $%#*#2/#* 4"+4 +2 &$#2 /&.$0#U 0(7# ;&21c*
)#'#0&$.#24 .+1 (2)##) 8# /0&*#) )&92 81 )#3%##h +04"&-3" (2 4"(* /+*#
81 + $%&/#** &, (2/0-*(&2 %+4"#% 4"+2 #U/0-*(&26
`2 0(2# 9(4" 4"# $"#2&.#2&0&3(/+0 +$$%&+/" 4& *$+/# *#4 &-4 #+%0(#%: 4"#
'+%(#) *$+/(23 +2) 4(.(23 &, $#&$0#c* (24#%+/4(&2* (.$0(#* 4"+4 ,&% $&9#% 4&
"+'# + $%#*#2/# (4 )&#* 2&4 +09+1* "+'# 4& 4+7# 4"# ,&%. &, + $"1*(/+0 &%
*&/(+0 8+%%(#%6 \&9#% (* 2&4 &201 /"+%+/4#%(d#) 81 /0+(.* 4& *$+4(+0 #U/0-*('5
(416 @* 8#,&%#: 4"# )(,,#%#24 +%%+23#.#24* &, $&9#% $&**(80# 4+7# 4"#(% *"+$#
,%&. 4"# $0+/#.#24 &, ,&%/#* +2) 4"#(% %#0+4(&2+0 4(#*6 ;&.# +%%+23#.#24*:
9"#%# + /0+(. 4& )&.(2+4(&2 %#*4* -$&2 #2/0&*-%# 8#"(2) + 4+00 ,#2/#: +%#
%+4"#% &8'(&-* 4& )(*/#%2: 9"#%#+* (2 &4"#%: .&%# &$#2 *$+/#* + 0#** &8'(&-*
+%%+23#.#24 .+1 (2'&0'# +/4* &, *#)-/4(&2 %-2 +0&23*()#: *+1: (2)-/#.#24
&% #'#2 .+2($-0+4(&2: 9"#%# +//#** (* /&2/#+0#) %+4"#% 4"+2 )#2(#)6 m-(4#
*(.$01: 4"# .-4+8(0(41 &, $&9#% )(,,#%* (2 0(2# 9(4" 4"# )(,,#%#2/#* 8#49##2
$0+/#*: (2 4#%.* &, 4"#(% -*#*: +44+/".#24*: /&)#* +2) %#0+4(&2*"($*6
J-4: +2) 4"(* (* +2 (.$&%4+24 8-4: (2 *& ,+% +* #+/" +2) #'#%1 %#0+4(&2*"($
(* 2&4 + %#0+4(&2*"($ &, $&9#%: *& #+/" +2) #'#%1 $0+/# (* 2&4 /&24(2-&-*01
.+%7#) 81 4"# $%#*#2/# &, $&9#%6

3> $+& .(&#&>8& "- ."/&(


!"# ()#+ 4"+4 $&9#% 4-%2* -$ .&%# &% 0#** #'#%19"#%# (* + ,+.(0(+% &2#: 2&9
4"+4 W&-/+-04c* (..+2#24 /&2/#$4(&2 &, $&9#% "+* 3+(2#) *&.#4"(23 &, +
,&&4"&0) +/%&** 4"# *&/(+0 */(#2/#*6 @4 (4* .&*4 3#2#%+0: 4"# ()#+ "+* .-/" 4&
/&..#2) (4 (, (4 *-//##)* (2 -2)#%.(2(23 4"# *4#+),+*4 2&4(&2 4"+4 $&9#%

2(%7FN+ 2EI\X

:ZV

/&.#* (2 80&/* +2) (* +09+1* /#24%+0(d#)6 >2,&%4-2+4#01: ,+.(0(+%(41 /+2 +0*&


)+.$#2 4"# '#%1 /%(4(/+0 ,+/-04(#* 4"+4 .+)# *-/" +2 ()#+ *& -*#,-0 (2 4"#
,(%*4 $0+/#6 !& *+1 4"+4 9# +%# +00 .&%# &% 0#** (..#%*#) (2 +%%+23#.#24* &,
$&9#% )&#* 2&4 .#+2 4"+4 (4 (* #'#% $%#*#24 &% 4"+4 4"# )-%+80# +%/"(4#/4-%#
&, $&9#% (* +00 +%&-2) -* 9+(4(23 4& $-4 -* (2 &-% $0+/#6 !%-#: $&9#% "+* 4&
"+'# + $%#*#2/# (, (4 (* 4& 8# +4 +00 #,,#/4('#: 8-4 4"+4 $%#*#2/# (* 2&4 +
-8(B-(4&-* &2#6 !"#%# (* 2& #'#%19"#%# 4& $&9#%6 K&4 +00 $0+/#* +%#
*+4-%+4#) 9(4" 4"# 4%+$$(23* &, $&9#%: +2) $&9#% "+* 2&4 8##2 */+44#%#)
+2) )(*$#%*#) 4& *-/" +2 #U4#24 4"+4 ,#9: (, +21: +%# &-4*()# &, (4* %#+/" +2)
*/&$#6
`4 /&.#* 8+/7 4& 4"# *$)/,-5%$),/# &, $&9#% +2) 4& 4"# )(*/-**(&2 (2
/"+$4#% O 9"(/" *4%#**#) 4"# 2##) 4& $(2 )&92 $&9#% %#0+4(&2* (2 4"#(%
'+%(&-* 3-(*#*6 \&9#% (* +09+1* #U#%/(*#) (2 $+%4(/-0+% 9+1*: 4"%&-3" '+%(5
&-* .&)+0(4(#*: +2) #*4+80(*"#* (4*#0, 4"%&-3" *$#/(,(/ %#0+4(&2+0 4(#*6 `, (4 "+*
+ $%#*#2/# +4 +00: 4"#2 4"+4 (* 8#/+-*# (4 .+7#* (4*#0, ,#04 4"%&-3" 4"#
(24#%$0+1 &, ,&%/#* ,3 *%$-'6 @* 9+* *+() 8#,&%#: *&/(+0 3%&-$* .+%7 4"#(%
$%#*#2/# (2 $+%4(/-0+% $0+/#* 4"%&-3" + '+%(#41 &, %#0+4(&2* +2) $%+/4(/#*6
["#4"#% &% 2&4 *-/" %#0+4(&2* +%# %#0+4(&2*"($* &, $&9#% (* +2 #.$(%(/+0
B-#*4(&2 +2) *4#.* ,%&. +2 -2)#%*4+2)(23 &, 4"# *-8*4+24('# B-+0(4(#* &,
$&9#%A 4"+4 *&.# %#0+4(&2*"($* )& /0&*# )&92 $&**(8(0(4(#*: /&2/#+0 /"&(/#*:
(.$-4# 4"%#+4*: %#9+%) /&.$0(+2/#: +2) *&.# %#0+4(&2*"($* *(.$01 )& 2&2#
&, 4"&*# (2*4%-.#24+0 4"(23*6
!"-* ,+%: (2 4"(* /"+$4#%: 9# "+'# /&2*()#%#) 4"# 2&4(&2 &, + $&9#%,-0
$%#*#2/# (2 + '+%(#41 &, 9+1*6 W(%*4: 81 )%+9(23 -$&2 D#,#8'%#c* -2)#%5
*4+2)(23 &, *&/(+0 *$+/# (4 9+* $&**(80# 4& #U$0&%# "&9 + 4@"/+')'A *)'4'3-' (2
4"# (2*4(4-4(&2+0 *$+/#* &, D&2)&2c* ;B-+%# G(0# 9+* +/"(#'#): (2 4"(* /+*#
0+%3#01 4"%&-3" +/4* &, )&.(2+4(&2 +2) +-4"&%(41 9&%7(23 (2 4+2)#.6 !"#
#,,#/4('# /&2*4%-/4(&2: &% %+4"#% ` *"&-0) *+1 *-//#**,-0 %#$%#*#24+4(&2: &, +
80+27#4 ,(2+2/(+0 *$+/# 81 8+27#%* +2) 4"# 0(7# (2 4"#(% &92 (.+3# +%&*#
$%#/(*#01 8#/+-*# &, 4"# *$#/(,(/ $0+/#.#24 &, ,&%/#*6 `, *-/" ,&%/#* 9#%# 4&
+04#% &% 8# %+)(/+001 %#/&2,(3-%#): 4"#2 *& 4&& 9&-0) 4"# *#2*# &, $%#*#2/#:
,%&. + )&.(2+24 $%#*#2/# 4& &2# .&%# (2 4-2# 9(4" 4"# 2#9 $0+1 &, ,&%/#*6
@ *#/&2): .&%# )#.&2*4%+4('# ,&%. &, $%#*#2/# 9+* #U$0&%#) 4"%&-3"
4"# #U+.$0# &, 4"# $"1*(/+0 &% *&/(+0 8+%%(#%* #%#/4#) 81 %#*()#24(+0 /&.5
.-2(4(#* 4& #2/0&*# 4"#(% *&/(+0 *$+/#6 E#%# + ;$))'A *)'4'3-' 9+* #*4+80(*"#)
$%(2/($+001 4"%&-3" 4"# $%+/4(/# &, )&.(2+4(&2: +04"&-3" (4 (* #24(%#01 $&*5
*(80# 4"+4 *-/" +/4* .+1 8# -2)#%0(2#) 81 4"# 4"%#+4 &, /&#%/(&2 &% &-4%(3"4
*+2/4(&2*6 @3+(2: (4 )#$#2)* &2 4"# ,&%/#* (2 $0+/# +2) 4"# 2+4-%# &, 4"#
)(,,#%#2/#* .+)# 8#49##2 4"&*# &2 4"# (2*()# +2) 4"&*# &2 4"# &4"#% *()# &,
4"# g9+00c6 @2) (2 4"# 4"(%): %+4"#% /&24%+*4(23: #U+.$0# &, +2 -28&-2):
%#0+4('#01 &$#2 *$+/#: + .&%# .&)#*4 53@$)9'A *)'4'3-' 9+* #U$0&%#): (2
4"(* (2*4+2/# ;&21c* B-+*(5$-80(/ *$+/# +4 4"# "#+%4 &, J#%0(2c* 2#9 )#'#05
&$.#24 (2 \&4*)+.#% \0+4d6 E#%#: 4"%&-3" 4"# *-33#*4('# $-00 &, 4"# 0+1&-4

:P;

2(%7FN+ 2EI\X

+2) )#*(32 &, 4"# 2#9 /&.$0#U: (4 9+* $&**(80# 4& *## "&9 + *#)-/4('#
$%#*#2/# #,,#/4('#01 /0&*#) )&92 &$4(&2*: #24(/(23 '(*(4&%* 4& /(%/-0+4# (2
9+1* 4"+4 4"#1 .(3"4 &4"#%9(*# 2&4 "+'# /"&*#2 4&6 `2 #+/" &, 4"#*#
(2*4+2/#*: 4"#%#,&%#: (4 9+* $&**(80# 4& *"&9 "&9 4"# #*4+80(*".#24 &, +
)(,,#%#24 41$# &, $&9#%,-0 $%#*#2/# +%&*# ,%&. 4"# ,&%/#* ,3 *%$-'6
D#,4 +4 4"+4: "&9#'#%: 4"#%# (* 2&4"(23 #*$#/(+001 /&.$#00(23 +8&-4 4"#
$%#*#2/# &, $&9#%6 `, 4"# $&(24 (* .#%#01 4& %#3(*4#% 4"+4 *-/" ,&%/#* +%#
$%#*#24 (2 4"# "#%# +2) 2&9: 4"+4 4& +00 (24#24* +2) $-%$&*#* 4"#1 +%# "#%#
%+4"#% 4"+2 4"#%#: 4"#2 4"# +2+01*(* +.&-24* 4& 0(440# .&%# 4"+2 + $0&44(23
#U#%/(*#6 J-4 4"#%# (* .&%# 4& 8#(23 (2 4"# $%#*#2/# &, $&9#% 4"+2 *(.$01
4"+46

<+,( +, $(&& 3,(&(0[# *"+00 *## (2 + .&.#24 4"# *(32(,(/+2/# 4"+4 $+*4 *4+4#* +2) +**&/(+4(&2*
/+2 "+'# ,&% 4"# #*4+80(*".#24 &, + $&9#%,-0 $%#*#2/#: 8-4 ,(%*4 ` 9+24 4&
+**#%4 4"# %+4"#% -2#U/#$4(&2+0 $&(24 4"+4 $%#*#2/# (* +8&-4 .&%# 4"+2
*(.$01 g8#(23 4"#%#c6 `2 4"# $%#'(&-* /"+$4#%: ` *$&7# +8&-4 4"# '+%(#)
%#0+4(&2*"($* 8#49##2 $%&U(.(41 +2) $%#*#2/#: +2) 4"# $&**(8(0(41 &, (2*4(5
4-4(&2* .+7(23 4"#(% $%#*#2/# ,#04 +4 + )(*4+2/#6 `2 $+%4(/-0+%: ` B-#*4(&2#)
4"# #U4#24 4& 9"(/" (4 9+* $&**(80# ,&% 4&)+1c* 8(3 ,(2+2/(+0 (2*4(4-4(&2* 4&
#U#%/(*# + *(.-04+2#&-*: /&24%&00(23 $%#*#2/# &'#% 30&8+001 )(*$#%*#)
.&2#1 .+%7#4*6 G1 +%3-.#24: 1&- .+1 %#/+00: 9+* 2&4 4"+4 $&9#% +4 +
)(*4+2/# (* (.$0+-*(80#: 8-4 4"+4 4"# 7(2)* &, (2*4(4-4(&2+0 +%%+23#.#24
#U#%/(*#) 81 4"# 0+%3# ,(2+2/# "&-*#* (2'+%(+801 .(U#) )(%#/4 +2) (2)(%#/4
*410#* &, $&9#%: ,+%5%#+/"(23 9(4" .&%# $%&U(.+4# .&)#*: 4& *4+2) +21
/"+2/# &, +/"(#'(23 +2 (2,0-#24(+0 $%#*#2/# 9&%0)59()#6 C&.(2+4(&2 +4 +
)(*4+2/#: /&-%4#*1 &, 4"# 2#95,&-2) (2,&%.+4(&2 +2) /&..-2(/+4(&2*
4#/"2&0&3(#* 4& +/"(#'# 2#+% (2*4+24+2#&-* %#+/": (* *&.#4"(23 &, + /+%(/+5
4-%#h .&%# +2 #U#%/(*# (2 (.$%#**(&2 .+2+3#.#24 4"+2 4"# %#+0 4"(236
["+4 4"#%# +%#: "&9#'#%: (2 *-/" *(4-+4(&2* +%# %#0+4(&2* &, /&5$%#*#2/#:
9"#%# (4 (* $&**(80# 4& 8# &2 4"# &4"#% *()# &, 4"# 30&8# +2) *4(00 "+'# + $+%4
4& $0+1 (2 0&/+0 +,,+(%*6 !"# $&(24: B-(4# *(.$01: (* 4"+4 1&- )& 2&4 "+'# 4& 8#
$%#*#24 4& "+'# + $%#*#2/#6 `2 4"# #U+.$0# &, ,(2+2/(+0 .+%7#4*: (4 (*
$&**(80# 4& "+'# + $&9#%,-0 $%#*#2/# 1#4 %#.+(2 ,+% &,,: +4 + )(*4+2/# ,%&.
9"#%# +21 2-.8#% &, *(32(,(/+24 #'#24* .+1 8# $0+1(23 4"#.*#0'#* &-4 (2
%#+0 4(.#6 \%#*#2/#: (2 4"(* *#2*#: (* .#%#01 4"# ,0($5*()# &, %#+/"h +2&4"#%
9+1 &, /&2/#('(23 "&9 (4 (* $&**(80# 4& 4%+'#%*# &% 2#3+4# 4"# 3+$ 8#49##2
"#%# +2) 4"#%#6
@4 + .&%# 3#2#%+0 0#'#0: "&9#'#%: 9"+4 9# /+2 )%+9 ,%&. 4"(* #U+.$0# (*
4"+4 4"# #U#%/(*# &, $&9#% (2 $+%4(/-0+% $0+/#* .+1 9#00 &%(3(2+4# 8#1&2)
4"&*# $0+/#*: +4 *&.# &4"#% 0&/+4(&2: 1#4 %#.+(2* $+%4 &, $&9#%c* +/4('#

2(%7FN+ 2EI\X

:P:

$%#*#2/#6 `2 &4"#% 9&%)*: 4"# $&9#% %#0+4(&2* (2 $0+/# +%# +,,#/4#) 81 9"+4
"+$$#2* #0*#9"#%# +2) 4"# 2#49&%7 &, /&22#/4(&2* &, 9"(/" (4 (* + $+%46
!"-* (2 4"(27(23 +8&-4 $0+/#* +* + $%&)-/4 &, 4"# .#**1 /&#U(*4#2/#* +2)
(24#%+/4(&2* 9"(/" *"+$# 4"#.: +21 $0+/#.#24 &, $&9#% (2'&0'#* 4"# )(*5
4+2/(+4#) +/4(&2* &, 4"&*# $"1*(/+001 +8*#24 +* .-/" +* (4 )&#* 4"&*# $%#*#24
+2) (2 /0&*# $"1*(/+0 $%&U(.(416 ["+4 $-4* $#&$0# +2) $&9#% (2 $0+/#:
"&9#'#%: (* 4"# .(U4-%# &, *410#* +2) .&)#* $#/-0(+% 4& + $+%4(/-0+% 0&/+5
4(&26
;&: (2 /&2*()#%(23 &2/# .&%# 4"# H(41 &, D&2)&2 +* + /#24%# &, g/-04-%+0
+-4"&%(41c (2 4"# 9+1 4"+4 (4* ,(2+2/(+0 +2+01*4* )%+9 -$&2 9()#% 2#49&%7* &,
#U$#%4(*# 4& 3+4"#%: /(%/-0+4# +2) (24#%$%#4 (2,&%.+4(&2: 4"#(% +-4"&%(4+4('#
$%#*#2/# (* #*4+80(*"#) ;"/+ 4"%&-3" 4"#(% 30&8+0 8-*(2#** /&22#/4(&2* $3A
4"%&-3" 4"# #'#%1)+1 /&)#*: 3#*4-%#* +2) .+22#%(*.* 9"(/" 4"#1 -*# 4&
8&0*4#% 4"# 9#(3"4 &, 4"#(% /0+(.*6 ;-/" /0+(.* 4& +-4"&%(41: +* 9# "+'# *##2:
.+1 8# ,-*#) 9(4" + .&%# .+2($-0+4('# $%#*#2/#: 9"#%# 4"&*# 2&4 )(%#/401
(2'&0'#) (2 30&8+0 ,(2+2/# .+1 8# .(*0#) (24& 8#0(#'(23 4"+4 4"#1 4&& +%#
$+%4 &, 4"# "3' 30&8+0 ,(2+2/(+0 *$+/#6 T% *-/" /0+(.* 4& 30&8+0 +-4"&%(41
.+1 *4+2) +0&2#6 `4 )#$#2)*6 !"+4 (*: (4 )#$#2)* -$&2 9"+4 8+*(* + $&9#%5
,-0 $%#*#2/# (* #*4+80(*"#) +2): (2)##): .+(24+(2#): 2&4 +00 4"# #0#.#24* &,
9"(/" 9(00 8# $%#*#24 (2 8&4" 4(.# +2) $0+/#6
T2# *-/" #0#.#24 (* "(*4&%1 (4*#0,: &% %+4"#% 4"# 9+1 (2 9"(/" 4"# $+*4
(2*#%4* (4*#0, +* +2 +/4('# 4%+/# (2 $&9#%c* $%#*#2/#6 ["+4 (* *#0#/4('#01 /+00#)
-$ +2) .&8(0(d#) ,%&. 4"# $+*4 .+1 %#+)(01 +/4 +* + %#*&-%/# 4"%&-3" 9"(/"
$&9#% (* #U#%/(*#)6] !"# 2&4(&2 &, %#*&-%/# "#%#: "&9#'#%: (* 2&4 *&.#4"(23
+7(2 4& + 0(2#+% "(*4&%1 9"(/" /+2 8# *0(/#) -$ +2) )%+92 -$&2 4& (2,&%.
4"# $%#*#246 <+4"#%: 4"# $+*4 +* + %#*&-%/# "+* +2 &23&(23 $%#*#2/# 9"#%#
+**&/(+4(&2* +2) .#.&%(#* .+1 ,(3-%# (2 9"+4: ,&% #U+.$0#: (4 4+7#* 4&
#*4+80(*" +2 +-4"&%(4+4('# $%#*#2/#: &% (2)##) +21 $&9#%,-0 $%#*#2/# ,&%
4"+4 .+44#%6 !"(* .+1 4+7# + *4%+(3"4,&%9+%) ,&%.: +* ,&% (2*4+2/# (2 4"# 9+1
4"+4 g4%+)(4(&2c "+* *#0#/4('#01 (2,&%.#) *& .+21 &, 4"# 3#*4-%#* +2) .+25
2#%(*.* 4"+4 "+'# "#0$#) 4& 7##$ (2 $0+/# 4"# *410# &, +-4"&%(41 $%+/4(*#) 81
0&235*4+2)(23 g.#.8#%*c &, 4"# H(41c* ,(2+2/(+0 /&..-2(416 T% 4"# $%#*5
#2/# &, 4"# $+*4 .+1 (%%-$4 (24& 4"# $%#*#24 (2 0#** (2'#24#) &% $%#)(/4+80#
9+1*6 !"# .&2-.#24+0 ,&%.* &, 4"# \&4*)+.#% \0+4d (2 J#%0(2 +%# e-*4 *-/"
+ /+*#6
] G(7# H%+23 _LMMPh H%+23 +2) !%+'0&- LMMPa )%+9* -$&2 C#0#-d# 4& .+7# 4"#
$&(24 4"+4 J#(23 *"&-0) 2&4 8# /&2,-*#) 9(4" 8#(235$%#*#246 @%3-(23 ,&% + ,-00#% *#2*# &,
$0+/#: &2# 9"(/" 0#+)* 4& 4#.$&%+0(d(23 $0+/#* %+4"#% 4"+2 *$+4(+0(d(23 4(.#: H%+23
$%&'()#* + *#2*# (2 9"(/" (4 (* $&**(80# 4& 4"(27 &, 4(.#* +* .(U#): 0&&$#) +2) ,&0)#)
(24& $0+/#*6 T2 4"(* '(#9: 4"# $+*4 (* 2&4 *&.#4"(23 +0%#+)1 4"#%# +2) 9+(4(23 4& 8#
%#,0#/4#) -$&2 +2) (2/&%$&%+4#) (24& 4"# $%#*#24h %+4"#% (4 4+7#* 4"# ,&%. &, + *#%(#* &,
+**&/(+4(&2* +2) $&**(8(0(4(#* 9"(/" .+1 8# 8%&-3"4 4& 8#+% &2 + $0+/# (2 4"# $%#*#246

:PG

2(%7FN+ 2EI\X

T2# &, 4"# *4%(7(23 &8*#%'+4(&2* +8&-4 4"# ;&21 +2) C#8(* )#'#0&$.#24*
+4 \&4*)+.#% \0+4d (* 4"# #U4#24 4& 9"(/" J#%0(2c* $+*4 "+* 8##2 +(%58%-*"#)
&-46 !"#%# (* 2& (2)-03#2/# #(4"#% (2 4"# *1.8&0(/ *(32(,(/+2/# &, 4"# *(4#
(4*#0,: +* +2 "(*4&%(/ (24#%/"+23# +4 4"# "#+%4 &, J#%0(2c* /(41 0(,# 8#,&%# 4"#
;#/&2) [&%0) [+%: &% (2 + *410# &, +%/"(4#/4-%# %#.(2(*/#24 &, J#%0(2c*
\%-**(+2 $+*46 !"# /&2*/(&-* )#/(*(&2 2&4 4& /#0#8%+4# + \%-**(+2 *410#:
-4(0(d(23 0&/+0 *4&2# +2) 0&950(2# )#'#0&$.#24: (2 ,+'&-% &, + /0#+%01 30&8+0
8%+2) &, 30+**: +0-.(2(-. +2) *4##0 9+00* (* + *4+4#.#24 "+%) 4& .(**6 J-4
4"+4 )&#* 2&4 .#+2 4& *+1 4"+4 4"# $+*4 (* +8*#24 ,%&. 4"+4 *4+4#.#246 T2
4"# /&24%+%1: 81 /&2*/(&-*01 9%(4(23 &-4 72&92: *#0#/4#) .&.#24* &,
J#%0(2c* %#/#24 $+*4 S ,%&. J(*.+%7c* (.$#%(+0 \%-**(+2 $+*4: 4& (4* [#(.+%
+2) K+d( .&.#24*: 4& (4* 0#3+/1 +* + )('()#) /(41 8#49##2 4"# *&-00#**
$0+d+* &, 4"# =C< +2) 9#*4#%2 g/&0&-%c S 4"# 2#9 )#'#0&$.#24 +4 \&4*)+5
.#% \0+4d (* +2 &$#2 )#/0+%+4(&2 &, J#%0(2c* ,-4-%# +* $+%4 &, 4"# 30&8+0
$%#*#246 !"# /(41c* $+*4 #'#24* +2) (2,+.&-* 4(.#* "+'# 8##2 (2'&7#)
4"%&-3" 4"#(% +8*#2/# +2) 4"# ,-4-%# &%3+2(d#) +* + 30&8+0 %+4"#% 4"+2 +
0&/+0 $&**(8(0(416
@%3-+801: ,&% 8&4" ;&21 +2) 4"# C+(.0#% H"%1*0#% /&%$&%+4(&2 4"# +0054&5
9#00572&92 "(*4&%1 &, J#%0(2: (4* )(*/%#4# #'#24* +2) /&24%+*4(23 .&.#24*:
"+) 4& 8# )(*/+%)#) (2 &%)#% 4& )(*$0+1 4"# $%#*#246 E&9#'#%: (2 4%#+4(23 4"#
$+*4 +* &2# .&2&0(4"(/ +**&/(+4(&2: (4* )('#%*# .&.#24* (24#%%-$4 4"# $%#5
*#24 (2 8&4" .&/7(23 +2) )#*4+8(0(d(23 9+1*6 !"# &201 ,-001 (24+/4 8-(0)(23
(2 4"# 9"&0# )#'#0&$.#24 4"+4 "+* + /0+(. 4& 4"# $+*4: ,&% #U+.$0#: (* 4"#
E+-* E-4": + %#*$0#2)#24 ,('#5*4&%#1 8-(0)(23 9(4" (4* &%(3(2+0 3%#1 *4&2#
,+/+)# -2*/+4"#)6 f#4 (2 *4+2)(23 +$+%4 *& /0#+%01 ,%&. 4"# %#*4 &, 4"#
.&)#%2 8-(0)(23*: (4 9#+%* (4* "(*4&%1 (2 + 4"#+4%(/+0 9+1: +* (, (4 9#%# $+%4
&, + *4+3#5*#4 (2 + 2#9 /&2*-.$4(&2 $0+16 !"# ()#+ 4"+4 (4 ,4 "(*4&%1 (* 0&*4 (2
4"# $0+1 &, .&)#%2 .#+2(23 4"+4 *-%%&-2)* (4: 9"#%# (4* )(,,#%#2/# .#%#01
*#%'#* 4"# &'#%+00 #24#%4+(2.#24 ,-2/4(&2 &, 4"# /&.$0#U6
`2 ,+/4: 4"# *+.# /+2 8# *+() ,&% 4"# \&4*)+.#% \0+4d @%7+)#2: + *"&$5
$(23 .+00 9"(/" &$#2* 2#U4 4& 4"# E+-* E-4" +2) (* /&2*/(&-*01 *410#) &2
(4* 2(2#4##24"5/#24-%1 /&-24#%$+%46 f#4 (2 /&24%+*4 4& 4"# #+%0(#% +%/+)#: 4"#
/&24#.$&%+%1 @%7+)#2 (* 2& $+**+3#9+1: + '(*-+0 *$+/# &, /&22#/4(&2
8#49##2 &2# *4%##4 +2) 4"# 2#U4 4"+4 &,4#2 "() 4"# &))* +2) #2)* 4"+4 ,+(0#)
4& *## 4"# 0(3"4 &, )+1 (2 4"# 4"#2 ,+*"(&2+80# )#$+%4.#24 *4&%#6 W&% 4"#
$+**#%581 (2 4&)+1c* @%7+)#2 4"#%# (* 2& /&22#/4(&2 4& 4"# 8#1&2): &201 4"#
#24(/(23 *$+/#* &, 4"# .+00 (4*#0,: )#*(32#) +2) 0+() &-4 0(7# 4"# ;&21 $0+d+
4& */%($4 4"# .&'#.#24* &, 4"&*# 9"& #24#% +2) 8%&9*#6 @* $+%4 &, +2
+44#.$4 4& ,&%3# + *#)-/4('# $%#*#2/#: 4"# (2'&/+4(&2 &, 4"# $+*4 (2 4"(*
(2*4+2/# S (2 4"# *"+$# &, 4"# +%/+)# S "+* 2&4"(23 4& )& 9(4" +/4-+001
%#$%&)-/(23 4"# $+*4 +2) #'#%14"(23 4& )& 9(4" *"&9(23 "&9 "(*4&%1 .+1
,-2/4(&2 (2 4"# $%#*#246 `, (4 9#%# &4"#%9(*#: 4"#2 9# 9&-0) 2&4 8# 4+07(23
+8&-4 + *#)-/4('# $%#*#2/# 8-4 &2# &, + %+4"#% )(,,#%#24 7(2)6

2(%7FN+ 2EI\X

:PM

<+,( +, $(&& 3+4(,:"$


`4 .+1 8# "#0$,-0 4& %&-2) &,, 4"(* $+%4 &, 4"# )(*/-**(&2 9(4" + %#.(2)#% 4"+4
+04"&-3" (4 (* 4%-# 4"+4 $&9#% "+* 4& "+'# + $%#*#2/# 4& 8# #,,#/4('#: 4"# 2+4-%#
&, 4"+4 $%#*#2/# +2) (4* #,,#/4 9(00 '+%1 ,%&. .&)# 4& .&)#6 I-*4 +* 4"#%# (* 2&
#'#%19"#%# 4& $&9#%: *& 4"#%# (* 2& *-/" 4"(23 +* + -2('#%*+0 80+27#4 $%#*5
#2/#6 ;#)-/4(&2: +* 9# *+9 (2 4"# /+*# &, 4"# \&4*)+.#% \0+4d: #U#%/(*#* +
9#+7 $%#*#2/# #*4+80(*"(23 0(440# .&%# 4"+2 + *#%(#* &, (2'(4+4(&2* 9"(/" %(*7*
+ .(2(.+0 (.$+/46 `4* .&)#*4 $%#*#2/#: "&9#'#%: 8#0(#* (4* $&4#24(+0 #,,#/45
('#2#** +4 + )(*4+2/#6 W&% #U+.$0#: ;&21c* /&22#/4#) $%#*#2/# ,%&. +,+% (*
#U$#%(#2/#) 4"%&-3" 4"# (.$%#**(&2 &, (24(.+/1 +2) /&24+/4: 1#4 +00 &, 4"(*
.+1 &9# 0(440# 4& 4"# /&%$&%+4(&2 +/4-+001 g8#(23 4"#%#c6
`2 /&24%+*4: 4"# 7(2) &, +-4"&%(41 %#0+4(&2* *$&7#2 +8&-4 (2 4"# H(41 &,
D&2)&2 +%# )(%#/401 +,,#/4#) 81 4"# %#0+4(&2*"($ 8#49##2 $%&U(.(41 +2)
$%#*#2/#6 @* 2&4#) (2 4"# $%#'(&-* /"+$4#%: 8#/+-*# +-4"&%(41 %#0+4(&2*
9&%7 4"%&-3" %#/&32(4(&2: 4"# .&%# )(%#/4 4"# $%#*#2/#: 4"# 3%#+4#% 4"#
0#'#%+3# &84+(2#)6 C&.(2+4(&2: 4&&: 8#/+-*# (4 9&%7* 4"%&-3" 4"# #U#%/(*#
&, 2#+% 80+27#4 /&2*4%+(24*: #2"+2/#* (4* $%#*#2/# 9"#2 (4 +/4* +.&23 +2
#2/0&*#) %+4"#% 4"+2 + )(*$#%*#) $&$-0+4(&26 `2 4"# /+*# &, 8&4" )&.(2+4(&2
+2) +-4"&%(41: "&9#'#%: 4"(* (* 2&4 4& (.$01 4"+4 4"# #,,#/4('#2#** &, 4"#(%
$%#*#2/# /+2 8# .#+*-%#) *(.$01 81 /"+%4(23 4"# )#3%## &, $%&U(.(41
(2'&0'#)6 @* ` "+'# "+) /+-*# 4& *4%#** +00 +0&23: 4"#%# (* 2& *$+4(+0 4#.$0+4#
,&% $&9#%: *& (4 (* 2&4 + /+*# &, )%+9(23 +21 ,&%#3&2# /&2/0-*(&2* +8&-4 4"#
#,,#/4('#2#** &, )(,,#%#24 .&)+0(4(#* &'#% *$+/#6 `4 (* 2&2# 4"# 0#** $&**(80# 4&
)%+9 /&2/0-*(&2* +8&-4 (.$-4#) $%#*#2/# &2 4"# 8+*(* &, 9"+4 )&.(2+4(&2
+2) +-4"&%(41 +%# S 3('#2 4"#(% *$)/,-5%$),/# +* + %#0+4(&2 &, $&9#%6
`4 9&-0): &, /&-%*#: 8# $&**(80# 4& /&24(2-# (2 4"(* '#(2: $&(24(23 &-4
4"# (2)(%#/4 $%#*#2/# 4"+4 .+2($-0+4(&2 /+2 +/"(#'#: ,&% #U+.$0#: &% 4"#
)#/()#)01 (..&)#*4 $%#*#2/# 4"+4 /&#%/(&2 -2'#(0* +* $+%4 &, (4* '#%1 2+4-%#:
8-4 4"# +%3-.#24 $-4 ,&%9+%) (2 4"#*# $+3#* )&#* 2&4 %#*4 -$&2 + 0&&*#
*$+4(+0 41$&0&31 &, .&)#*6 <+4"#%: (4 %#*4*: +* ` "+'# *4%#**#) 4"%&-3"&-4:
-$&2 4"# $%+/4(/+0 72&90#)3# 4"+4 $&9#% /&.#* (2 )(,,#%#24 3-(*#*: 4"# #,,#/4*
&, 9"(/" &9# .-/" 4& 4"#(% )('#%*# 3#&3%+$"(#* &, $%&U(.(41 +2) %#+/"6
["+4 ` "+'# 4#2)#) 4& +**-.# %+4"#% 4"+2 *$#00 &-4 4"-* ,+%: "&9#'#%: (*
4"+4 4"(* 72&90#)3# +0*& "&0)* ,&% $&9#% 9"#2 (4 (* #U#%/(*#) 1,/+ %+4"#%
4"+2 "C') $#&$0#6

K F:$:)6 .(&#&>8&
`2 /"+$4#%* N +2) O: ` *$&7# +8&-4 $&9#% +* $&4#24(+001 +2 #U#%/(*# (2
/&00+8&%+4(&2 +* .-/" +* +2 (2*4%-.#24+0 +/4 )#*(32#) 4& 8#2) 4"# 9(00 &,

:PQ

2(%7FN+ 2EI\X

&4"#%*6 !"# 49& %#*$#/4('# 9+1* &, 4"(27(23 +8&-4 $&9#%: &2# +* + $&*(4('#:
#2+80(23 ,&%/# +2) 4"# &4"#% +* + 2#3+4('#: .&%# /&2*4%+(2(23 *#4 &, +/4(&2*:
9+* 4%+/#) (2 /"+$4#% N 4& %+4"#% )(,,#%#24 -2)#%*4+2)(23* &, 4"# %&0# &,
$&9#% (2 *&/(#41 +2) 9"+4 #U+/401 +2 +/4 &, $&9#% (2'&0'#)6 !"# 2&4(&2 4"+4
$&9#% .+1 8# *##2 +* + ,+/(0(41: + .#+2* 4& 3#4 4"(23* )&2# 4"+4 +%#
3#2#%+001 +3%##) -$&2: %+4"#% 4"+2 + ,&%/# )(%#/4#) 4&9+%)* &84+(2(23
0#'#%+3# &'#% &4"#%* *$+%7#) + )(*/-**(&2 +8&-4 9"+4 (4 .#+24 4& %&&4
$&9#% (2 9"+4 E+22+" @%#2)4 /+00#) g.-4-+0 +/4(&2c6 `2 4"# /&24#U4 &,
4"(27(23 +8&-4 9"+4 (4 (* 4"+4 $-4* $&9#% +2) -* (2 $0+/#: 4"(* +**&/(+4(&2+0
*0+24 &2 $&9#% &$#2* -$ 4"# $&**(8(0(41 &, + )(,,#%#24 *#%(#* &, +%%+23#.#24*
,%&. 4"&*# &, + $%#)&.(2+2401 (2*4%-.#24+0 2+4-%#6
@2 +**&/(+4(&2+0 *0+24 &2 $&9#% +2) $0+/#: ,&% #U+.$0#: %+(*#* 4"# $%&5
*$#/4 &, 4"# 7(2)* &, +00(+2/#* ,&%.#) (2 @%#2)4c* g$-80(/ *$+/#*cA $0+/#*
9"#%# )('#%*# 3%&-$* &, (2)('()-+0* /&.# 4&3#4"#% 4& .&'# ,&%9+%) +
8%&+)01 *(.(0+% *#4 &, +(.*6 !"# 0&&*#: 8-4 2&2# 4"# 0#** /&5&%)(2+4#):
+/4(&2* 8#49##2 #2'(%&2.#24+0 +2) /(4(d#2*c 3%&-$* 9"(/" $%#/#)#) 4"#
$%&4#*4* +3+(2*4 4"# [&%0) !%+)# T%3+2(d+4(&2 (2 ;#+440# (2 P]]]: 4"# 9#85
*(4# .&8(0(d+4(&2 4"+4 +0#%4#) $#&$0# 4& 4"# $0+22#) $%&4#*4*: +2) 4"# g#'#24c
(4*#0,: 9"(/" 9(42#**#) 3%&-$* *-/" +* <+(2,&%#*4 @/4(&2 K#49&%7 +2) @%4
+2) <#'&0-4(&2 (2'&0'#) (2 *4%##4 $%&4#*4* 9(4" )(**#24(23 4%+)# -2(&2
.#.8#%* )%+92 ,%&. 4"# %+27 +2) ,(0# &, @.#%(/+c* &%3+2(d#) 0+8&-%: +00
8#+% 4#*4+.#24 4& ;#+440#c* g.&.#24c +* + $0+/# &, /&00#/4('# .&8(0(d+4(&2
_*## I#,,%#1 ;4 H0+(%c* P]]] ;#+440# )(+%1a6 ["#%# 4"# @%#2)45*410# +**&/(5
+4(&2 8%#+7* )&92: "&9#'#%: (* 9(4" 4"# #%-$4(&2 &, '(&0#2/# &2 4"# *4%##4*
&, ;#+440# +,4#% 4"# (2(4(+0 *-//#** &, 4"# $%&4#*4&%* (2 /0&*(23 )&92 4"#
[!T $%&/##)(23*6
@/4* &, '(&0#2/#: 1&- .+1 %#/+00: ,&% @%#2)4 +%# 4"# '#%1 +24(4"#*(* &,
$&9#%6 !"#1 0(.(4 4"# $&**(8(0(41 &, $#&$0# $&&0(23 4"#(% /&00#/4('# #2#%3(#*
4& +/"(#'# + *"+%#) 3&+06 !"# '(&0#2/# +3+(2*4 /&..#%/(+0 $%&$#%41 (2
;#+440# 81 J0+/7 J0&/ +2+%/"(*4 ,+/4(&2* +.&23*4 &4"#%*: 4"# 9()#*$%#+)
9(2)&9 *.+*"(23: 4"# +44+/7* -$&2 !X 2#9* /%#9*: +* 9#00 +* 4"# '(&0#24
*4%##4 8+440#* 9(4" $&0(/# +2) 4"# *-8*#B-#24 /"+&* +2) *4%##4 /0#+%+2/#* 3&
)(%#/401 +3+(2*4 4"# 3%+(2 &, @%#2)4c* -2)#%*4+2)(23 &, $&9#%6 `2 $0+/# &, +
'&/+8-0+%1 &, 2#3&4(+4(&2 9(4" +2) $#%*-+*(&2 &, &4"#%*: &% 4"# #U#%/(*# &,
+-4"&%(41 +.&23*4 4"#.: '(&0#2/# (* *##2 4& )#*4%&1 %#0+4(&2*"($* 8#49##2
$#&$0# +2) (2)('()-+0(d# *-8e#/4*6 !"(* (* 2&4 4& &'#%0&&7 4"# +00(+2/#
8-(0)(23 8#49##2 3%&-$* 4"+4 4&&7 $0+/# $%(&% 4& 4"# $0+22#) $%&4#*4*:
.-/" &, (4 +4 + )(*4+2/#: /&2)-/4#) &'#% 4"# (24#%2#4h 8-4 +* +2 #U+.$0#
&, +**&/(+4(&2+0 $&9#%: ;#+440# +* + $0+/#58+*#) #'#24 9&-0) ,+00 *"&%4 &,
@%#2)4c* /&00+8&%+4('# *#2*# &, $%#*#2/#6 F'#2 +$+%4 ,%&. 4"# '(&0#2/#: 4"#
$&0(4(/* &, %#e#/4(&2(*.: +* ;(.&2 J%&.0#1 _LMMPa "+* /"+%+/4#%(d#) (4: 4"+4
;#+440# *1.8&0(d#* )&#* 2&4 +.&-24 4& 4"# 7(2) &, /&00+8&%+4('# #23+3#5
.#24 9"#%# $&0(4(/+0 *&0-4(&2* +%# 2#3&4(+4#) +2) )(,,#%#2/#* +//#$4#)6

2(%7FN+ 2EI\X

:PL

["+4 "+$$#2#) +4 ;#+440#: 4"&-3": 9&-0) $%&8+801 "+'# .#4 9(4" D#,#8'%#c*
+$$%&'+0A +* + *$&24+2#&-* g/&-24#%5*$+/#c: &% g/&-24#%5$%#*#2/#c _*##
D#,#8'%# P]]P+A NRPSOa6

F+"0-(,L3,(&(0.(7
C%+9(23 -$&2 4"# (2,0-#2/# &, *(4-+4(&2(*4 ()#+*: D#,#8'%# 9&-0) '#%1
$%&8+801 "+'# 8##2 "#+%4#2#) 81 4"# *410# &, $%&4#*4 4"+4 /"+%+/4#%(d#)
;#+440#: +2) (2)##) 81 .+21 &, 4"# &4"#% (.+3(2+4('# #'#24* +2) $%&4#*4*
&%3+2(d#) &, 0+4# 81 4"# 0(7#* &, D&2)&2 =%##2$#+/#: <#/0+(. 4"# ;4%##4*
+2) +24(5=G $%&4#*4&%* (2 4"# >?6 !"# %(4-+0(d#) ,#%'&-% &, /+%2('+05*410#
+/4(&2 4"+4 "+* 8##2 /&..&2 4& + 2-.8#% &, %#/#24 $%&4#*4* (2 4"# >? (2
$+%4(/-0+%: 8-4 #0*#9"#%# 4&&: "+* 2&4 3&2# -22&4(/#):PM #*$#/(+001 (2
%#*$#/4 &, 4"#(% (.+3(2+4('# -*# &, *4%+4#3(/ *-%$%(*#: *1.8&0(/ $%&'&/+4(&2:
3#*4-%+0 $+%+)#* +2) #'#2 %()(/-0# _0+-3"(23 +4 4"# ,&%.+0 +-4"&%(41 &2
)(*$0+1: ,&% (2*4+2/#a (2 4"#(% %#$#%4&(%# &, /&00#/4('# +/4(&26
D#,#8'%# 9&-0) /#%4+(201 "+'# 0(7#) 4"# g-2*4+3#)c #,,#/4 &, 4"# $%&4#*4*
+2) 4"#(% *$&24+2#&-* B-+0(41: 8-4 "# 9&-0) +0*& "+'# #2)&%*#) 4"# 2+4-%#
&, 4"# *$+4(+0 /"+00#23# (2'&0'#) (2 + 2-.8#% &, 4"&*# #'#24*6 `2 4"#
H+%2('+0 @3+(2*4 H+$(4+0 .+%/" (2 D&2)&2 (2 I-2# P]]]: ,&% (2*4+2/#:
&2# &, 4"# /#24%+0 +(.* &, 4"# $%&4#*4 9+* 4& -2)#%.(2# 4"# %#$%#*#24+4(&2
&, 4"# H(41 &, D&2)&2 +* +2 &'#%8#+%(23 ,(2+2/(+0 *$+/#6 !"# H(41c* %+4"#%
80&+4#) *#2*# &, (4*#0, +* +2 (.$&%4+24: +-4"&%(4+4('# *$+/# 9+* $%#/(*#01
9"+4 4"# $%&4#*4 "&$#) 4& )#,0+4#6 E&9 #,,#/4('# *-/" + /&00#/4('# .&8(0(d+5
4(&2 9+* *"&-0) 8# e-)3#) 0#** 81 (4* ,0##4(23 2+4-%# +2) .&%# 81 4"# #U4#24
4& 9"(/" *-/" *1.8&0(/ $%&'&/+4(&2 +/4-+001 -2*#440#) 8+27#%* +2) 4"#
0(7#6 D#,#8'%# .(3"4 9#00 "+'# %#3+%)#) *-/" + $%&'&/+4('# .&.#24 +* +
g/&-24#%5*$+/#c: (2*#%4(23A
(4*#0, (24& *$+4(+0 %#+0(41h +3+(2*4 4"# F1# +2) 4"# =+d#: +3+(2*4 B-+24(41 +2)
"&.&3#2#(41: +3+(2*4 $&9#% +2) 4"# +%%&3+2/# &, $&9#%: +3+(2*4 4"# #2)0#**
#U$+2*(&2 &, 4"# g$%('+4#c +2) &, (2)-*4%(+0 $%&,(4+8(0(41h +2) +3+(2*4 *$#/(+05
(*#) *$+/#* +2) + 2+%%&9 0&/+0(d+4(&2 &, ,-2/4(&26 _P]]P+A NRLa

`2 4"# *+.# '#(2: D#,#8'%# &,,#%* +* %#$%#*#24+4('# g/&-24#%5*$+/#*c 4"#


#U+.$0#* &, +24(5%&+) /+.$+(32*: +24(5"&-*(23 )#'#0&$.#24 $%&4#*4*: &%
PM @0+2 ;/&44 +2) I&"2 ;4%##4 _LMMMa )%+9 +44#24(&2 4& 4"# *"+%#) ,#*4('+0 *410#
(2'&0'#) (2 *-/" $%&4#*4* +2) 4"# %&0# &, g&%3+2(d#) *$&24+2#(41c (2 .&8(0(d(23 /&00#/4('#
+/4(&26 !"# +#*4"#4(/(d+4(&2 &, $&0(4(/* 4"+4 4"#1 )&/-.#24 .+7#* #U$0(/(4 %#,#%#2/# 4& 4"#
*(32(,(/+2/# &, ;(4-+4(&2(*4 ()#+* ,&% /&24#.$&%+%1 ,&%.* &, $%&4#*4 +2) 4"# g8&%%&9(23c
&, 4#/"2(B-#* 9"(/" "(3"0(3"4 4"# #.8&)(#): +,,#/4-+0 /&24#24 &, +/4(&2 9"#%# #'#24* +%#
g*#(d#)c: *& 4& *$#+7: %+4"#% 4"+2 ,&%.+001 $0+22#)6

:PR

2(%7FN+ 2EI\X

4"# )#.+2) ,&% *$+/#* 9"(/" $%&'()# +2 +04#%2+4('# 4& 4"# $%#'+(0(23 *(230#5
.(2)#) ,&%.6 @8&'# +00: +2 +04#%2+4('# .#+2* &, -*(23 *$+/# 9"(/" %#$%#5
*#24* + g0('#)c $%#*#2/# (* '+0-#)A &2# 4"+4: +* *+() 8#,&%#: 4+7#* (4* *"+$#
,%&. 4"# %&-4(2# &, (4* -*#%* +2) 4"#(% *1.8&0(/ +44+/".#24*6
J-4 +4 4"(* $&(24 D#,#8'%#c* +2+01*(* *##.* 4& ,+00 8+/7 &2 (4*#0, _+3+(2
.+18# 4"# &-4/&.# &, $&&% #)(4(23: +04"&-3" 4"(* (* $&**(801 3#2#%&-*a:
0#+'(23 -* 4& )(*#24+230# 9"+4 (* +2) 9"+4 (* 2&4 +2 +04#%2+4('# $%#*#2/#6
["+4 &8*/-%#* 4"# +2+01*(*: ,&% .# +4 0#+*4: (* 4"# *0($$+3# (24& &$$&*(4(&2+0
%"#4&%(/A +3+(2*4 4"# +%%&3+2/# &, $&9#%: +3+(2*4 *+.#2#**: +3+(2*4: ,&% 4"+4
.+44#%: e-*4 +8&-4 +214"(23 4& )& 9(4" 4"# g)&.(2+24c /&)(23 &, *$+/#6 `2
*"&%4: 9# +%# 8+/7 &2 4"# 3%&-2) &, )&.(2+4(&2 +2) %#*(*4+2/#: 9"#%#
.&8(0(d+4(&2 (* +09+1* +3+(2*4 &% /&-24#%(23 *&.#4"(23: 2&4 ,&% (4 (2 (4*
&92 %(3"4: +2) $&9#%: *4%+23#01: (* +09+1* &2 4"# &4"#% *()# &, 4"# 9(%#6 T2
4"(* '(#9: $&9#% (* *&.#4"(23 4"+4 /+2 8# ()#24(,(#): $-*"#) 8+/7: (24#%5
%-$4#): 8-4 2&4 *&.#4"(23 4"+4 .+1 +%(*# 4"%&-3" /&00#/4('# .&8(0(d+4(&2
&2 +2 &,4#2 0&&*# +2) 4#2-&-* 8+*(*6 `4 (* 4+7#2 4& 8# +8*#24: ,&% #U+.$0#:
,%&. 4"# .-4-+0 +/4(&2 9"(/" 0(#* 8#"(2) 9"+4 +%# $#%"+$* 8#*4 -2)#%*4&&)
+* 4"# g8%#+4"(23 *$+/#*c 9"(/" .+7# (4 $&**(80# 4& 0('# )(,,#%#2401 $@"3(
&4"#%* .&%# $&9#%,-0 (2 %#*&-%/# 4#%.*6
!"(* (* &)): %#+001: #*$#/(+001 ,%&. *&.#&2# 0(7# D#,#8'%# 9"& )&#*
-2)#%*4+2) 4"# 4+230#) $%#*#2/#* 4"+4 .+7# -$ *&/(+0 *$+/#6 J-4 (4 (*
.&%# 4"+2 .#%#01 &)): ,&% *-/" + 0&/+4(&2 &, $&9#% (* +0*& )(*+80(236 `2
4"# ,(%*4 $0+/#: (, $&9#% (* +09+1* *##2 4& 8# ,%&. +8&'# +2) g&'#% 4"#%#c (4
8#/&.#* (.$&**(80# 4& 3%+*$ 4"+4 (4 .+1 8# #U#%/(*#) 9(4" %+4"#% 4"+2
+3+(2*4 &4"#%*: +2) (2 4"# /"+&4(/ e-.80# &, +%%+23#.#24* 9# 0('# (2:
*&.#4(.#* 8&4" +4 &2# +2) 4"# *+.# 4(.#6PP @2) *#/&2): (2 0&/+4(23
$&9#% +* #0*#9"#%# (4 8#/&.#* )(,,(/-04 4& +$$%#/(+4# 4"+4 4"# *$+/(23 +2)
4(.(23 &, +/4('(4(#* /+2 4"#.*#0'#* *#%'# +* + %#*&-%/# 4& 8# .&8(0(d#)6
\0+/#* +%#: (2 4"+4 *#2*#: .&%# 4"+2 + *#%(#* &, '#2-#* ,&% $%&4#*4 +2)
&$$&*(4(&2h 4"#1 +%# +2 $-/,C' $+%4 &, 9"+4 (4 .#+2* 4& $-4 $#&$0# (2 $0+/#6
`2 4"# *+.# 9+1 +* #+%0(#% ` $%&8#) D#,#8'%#c* +//&-24 &, )&.(2+4(&2 +2)
,&-2) %+4"#% .&%# 4& 8# 3&(23 &2 (2 4"# 2+.# &, $&9#%: (4 (* 0(7#9(*#
$&**(80# 4& %#/+*4 4"# &$$&*(4(&2+0 4+/4(/* 4"+4 "# )#*/%(8#* +* + ,&%. &,
+**&/(+4(&2+0 $&9#% (2 4"#(% &92 %(3"46 E(* *#2*# &, 4"&*# *$+/#* g+$$%&$%(5
+4#)c 9(4"(2 4"# /&2,(2#* &, + .&%# $&9#%,-0 $%#*#2/# /&.#* /0&*#*4 4&
%#+0(d(23 4"(* $&**(8(0(416 !"# +8(0(41 4& .&8(0(d# &2#c* *-%%&-2)(23* +2) 4&
PP !"# ()#+ 4"+4 (2 4"# $"#2&.#2&0&3(/+0 ,0&9 &, #'#%1)+1 0(,# 9# .(3"4 ,(2) &-%*#0'#*
/+-3"4 -$ (2 .-04($0# %#0+4(&2*"($* &, $&9#%: *-8&%)(2+4# (2 *&.# %#0+4(&2*"($* 9"(0*4
*-$#%&%)(2+4# (2 &4"#%*: (* &2# 4"+4 =#&%3 ;(..#0 9+* +4 $+(2* 4& )&/-.#246 @04"&-3" 4"#
()#+ &, #U#%/(*(23 $&9#% +.&23 &4"#%* )&#* 2&4 #24#% "(* '&/+8-0+%1: "(* *#2*# &, &-%
&,4#2 8#(23 +4 4"# (24#%*#/4(&2 &, '+%(&-* $&9#% %#0+4(&2*"($* (* + -*#,-0 %#.(2)#% &,
+04#%2+4('#* 4& 4"# .&%# ,+.(0(+% '(#9 &, %#0+4(&2*"($* &, $&9#% +* &2#5)(.#2*(&2+06 ;##
?-%4 [&0,,c* F+' ."-,"%"(# "6 &'")( .,@@'% _P]OMa +2) +0*& [+04#% _P]ZNa6

2(%7FN+ 2EI\X

:PZ

,+*"(&2 4"#. (2 *-/" + 9+1 4"+4 4"#1 %#,0#/4 +2 +04#%2+4('# *#4 &, /&)#* +2)
+44+/".#24* (* (4*#0, +2 #2+80(23 +/4: &2# )#*(32#) $#%"+$* 0#** 4& /&-24#% +
)&.(2+24 $%#*#2/# +2) .&%# 4& (2"+8(4 (4 (2 + $&*(4('# '#(26 !"# 2#3&4(5
+4(&2* +.&23 4"&*# +/4('#01 *##7(23 4& /%#+4# +2 +04#%2+4('# *#4 &, *$+/#*: 4&
-*# 4"#. (2 9+1* 4"+4 +%# 0#** /&2,%&24+4(&2+0 +2) .&%# +)+$4('#: .+1 *#%'#
4& )(0-4# "&.&3#2#&-* *$+/#*: 8-4 4"# (24#24 .+1 8# 4& /+%'# &-4 + $&*(4('#5
*-. */#2+%(& 9"#%# + .&%# 8#2#,(/(+0 -*# &, *$+/# ,&% +00 (* #2'(*+3#)6 !"#
&,,(/# +2) ,+/4&%1 *$+/#* g+$$%&$%(+4#)c (2 4"# 2+.# &, )#.&/%+4(/ *#0,5
.+2+3#.#24 81 4"# ;&0()+%(41 4%+)# -2(&2 .&'#.#24 (2 \&0+2) (2 4"#
P]RM*: ,(%*4 (2 =)+2*7 +2) 4"#2 +/%&** 4"# /&-24%1: /&.# 4& .(2)6 ;&: 4&&:
)& .+21 &, 4"# 4+/4(/* &%/"#*4%+4#) 81 /#%4+(2 #2'(%&2.#24+0 &%3+2(d+4(&2*:
9"(/" 3('# + 0#+) 81 +)&$4(23 + ,&%. &, #2'(%&2.#24+0 8#*4 $%+/4(/# +2) 4"#2
+(.(23 4& %#$0(/+4# *-/" g0('#)c $%+/4(/#* 4"%&-3" 4"# +%4 &, $#%*-+*(&2 _+2)
2&25'(&0#24 $%&4#*4a (2 4"# "&$# &, 4"#(% 8#/&.(23 %&-4(2(d#): +* $+%4 +2)
$+%/#0 &, + .&%# (.+3(2+4('#: *-*4+(2+80# $%#*#2/# (2 /&..-2(4(#*6
K#(4"#% )#.&/%+4(/ *#0,5.+2+3#.#24 (2 \&0+2) 2&% 4"# *$+/# ,&% #2'(%5
&2.#24+0 *-*4+(2+8(0(41 (* .-/" (2 #'()#2/# 4&)+16 !"# ,&%.#% (2 ,+/4 "+*
+00 8-4 )(*+$$#+%#): 9"(0*4 "&$# ,&% 4"# 0+44#% %#.+(2* #0-*('#6 G1 (24#%#*4
(2 4"#. %#*4* -$&2 4"# ()#+ &, +2 +04#%2+4('# *#4 &, +%%+23#.#24* 9"#%#
$&9#% (* $%#*#24 +* + /&00+8&%+4('# ,&%/#: +* #.$&9#%(23 &, 4"&*# 4+7(23
$+%4: %+4"#% 4"+2 *(.$01 +* *&.#4"(23 4& %+001 +3+(2*46 `2 4"+4 %#*$#/4: 9"+4
$#%"+$* D#,#8'%# /&-0) "+'# 0#+%24 ,%&. @%#2)4 (* 4"+4 8#(23 $0+/#) +.&23
&4"#%* /+2 8# + $&*(4('# +* 9#00 +* + 2#3+4('# #U$#%(#2/#6

.6)8,>' ."/&(
!"# .+(2 $&(24 4& 8# )%+92 ,%&. 4"(* /"+$4#% (*: ` "&$#: 4"# 81 2&9
,+.(0(+% &2# 4"+4 (4 (* 4"# '#%1 2+4-%# +2) /&2*4(4-4(&2 &, $0+/#* 4"#.*#0'#*
S 4"#(% )(,,#%#24 .(U &, %"14".*: %&-4(2# $%+/4(/#* +2) +44+/".#24* S 9"(/"
3('#* %(*# 4& /$3(%'A +%%+23#.#24* &, $&9#%6 \0+/#* +%# .+)# -$ &, 4"# /%&**5
/-44(23 2+4-%# &, $#&$0#c* 0('#* +* 4"#1 3& +8&-4 4"#(% )+(01 8-*(2#**: +2) 4"#
.+22#% (2 9"(/" $&9#% (* #U#%/(*#) +/%&** *-/" /&00()(23 *$+/#* (* 9"+4
3('#* 4"#. .-/" &, 4"#(% *"+$# +2) /"+%+/4#%6 `4 (* +0*& 9"+4 3('#* 4"&*#
9"& (2"+8(4 4"#. 4"# &,4#2 -"3/)$A,-/")# 'B*'),'3-' "6 )'@"/'3'44 $3A *)"B,@=
,/# (2 *&/(+0 %#0+4(&2*"($*6 `2 0(2# 9(4" 4"# )(,,#%#2/#* 8#49##2 $0+/#*:
4"#%#,&%#: $&9#% .+1 8# *##2 4& .-4+4# (2 9+1* 4"+4: ,&% #U+.$0#: *##
+/4* &, )&.(2+4(&2 /0&*(23 )&92 +//#** 4& %&-4(2# *#%'(/#59&%7#%* (2 4"#(%
&92 $0+/# &, #.$0&1.#24: +0&23*()# 4"# .+2($-0+4('# /&2/#+0.#24 &, 4"#(%
/"&(/#*h 0&/+0* +2) $+**#%*581 $"1*(/+001 8+%%#) ,%&. + 3+4#) "&-*(23
#*4+4#: + 8+% %#(2,&%/#) 81 4"# 4"%#+4 &, /&#%/(&2h '(*(4&%* +2) *"&$$#%*
#24(/#) 4& .&'# 4"%&-3" 4"# $-80(/ *$+/#* &, + *"&$$(23 .+00 (2 9+1* 4"+4
4"#1 .(3"4 2&4 &4"#%9(*# "+'# )&2#: *9##4#2#) 81 %#9+%)* ,&% /&.$0(+2/#h

:PP

2(%7FN+ 2EI\X

&% + g8%#+4"(23 *$+/#c 2#3&4(+4#) 81 +24(5%&+) /+.$+(32#%*: *#+0#) 81


+-4"&%(41 #U#%/(*#) +.&23 %+4"#% 4"+2 &'#% &4"#%*6 @8&'# +00: ` 9+24 4&
*4%#** 4"+4 $0+/#* .+1 $0+1 "&*4 4& )(,,#%#24 3%&-$* +2) (2*4(4-4(&2* .+%7(23
4"#(% $%#*#2/# (2 +21 '+%(#41 &, /%&**5/-44(23 +%%+23#.#24*: 9"#%# 4"# $+*4
+* +2 +/4('# 4%+/# .+1 +0*& *#%'# 4& #24+230# 4"# $%#*#246
@4 4"# '#%1 0#+*4: ` "&$# 4"+4 ` "+'# 8##2 +80# 4& *"&9 4"+4 (, $&9#% "+* +
$%#*#2/# +4 +00: 4"#2 4"+4 $&9#% .+1 8# .&)#*4: 0(.(4#) 4& *-33#*4(&2 +2)
#24(/#.#24: &% #U$#%(#2/#) +* + *#%(#* &, +0.&*4 4&4+0 80+27#4 /&2)(4(&2*: &%
,#04 )(%#/401 4"%&-3" 4"# &8'(&-* 0(2#* &, +-4"&%(41: &% #'#2 #U$#%(#2/#)
(2)(%#/401 4"%&-3" /&'#%4: 0#** '(*(80# .#+2*6 @* ` "+'# *4%#**#): 4"# B-#*5
4(&2 &, 9"+4 %#0+4(&2* &, $&9#% +%# (2 $0+/# %#.+(2* +2 #.$(%(/+0 &2#: &$#2
4& (2'#*4(3+4(&2 &, 4"# *$+/(23 +2) 4(.(23 &, $#&$0#c* (24#%+/4(&2*h *&.# &,
9"(/" 9(00 (2'&0'# 4"# +/4(&2* &, 4"&*# /&5$%#*#24: (2 %#+0 4(.#: 9"#%#+*
&4"#%* 9(00 (2'&0'# 4"# +/4(&2* &, 4"&*# 2#+%81: (2 /0&*# *$+4(+0 $%&U(.(416
J-4 9"+4#'#% .(U4-%# &, )(*4+2/(+4#) +2) $%&U(.+4# +/4(&2* (* (2'&0'#):
4"# '66'-/4 &, *-/" .#)(+4#) +/4(&2* +%# +09+1* ,#04 +4 ,(%*4 "+2)6 \#&$0# +%#
$0+/#) 81 $&9#%h 4"#1 #U$#%(#2/# (4 4"%&-3" 4"# %"14".* +2) %#0+4(&2*"($*
&, $+%4(/-0+% $0+/#*: 2&4 +* *&.# $%#5$+/7+3#) ,&%/# 4%+2*.(44#) (24+/4 ,%&.
"+0,59+1 +/%&** 4"# 30&8#6 `4 /&.#* 8+/7 4& .1 &,45%#$#+4#) /&..#24 4"+4
$&9#% 2#(4"#% 4%+'#0* 2&% ,0&9*: 9"#%#+* %#*&-%/#* )&: 9"(/" &2/# +//#$4#)
+00&9* -* 4& 4"(27 +8&-4 $&9#% +* (2*#$+%+80# ,%&. (4* #,,#/4*6 >2)#%*4+2)5
(23 4"+4 *-/" #,,#/4* .+1 #.+2+4# ,%&. +,+%: 4"+4 $&9#% "+* %#+/": *(.$01
.#+2* 4"+4 4"#(% $%#*#2/# (* .&%# &% 0#** .#)(+4#) (2 *$+/# +2) 4(.#: 8-4 S
+* ` "+'# (2*(*4#) S (4 (* 4"# '+%(&-* $&(24* &, $&9#%c* +$$0(/+4(&2 9"(/" *%$-'
-* &2 4"# %#/#('(23 #2) +2) 9"(/" &,4#2 "+'# 4"# +8(0(41 4& .+7# -* ,##0
%#.&4# +2) )(*4+24 ,%&. &4"#%*6

7"$5&@)0"$8 A0)/&.5'6 2"3'-

E&$#,-001: 9"+4 ` "+'# *+() -$ 4& 2&9 (* *-,,(/(#24 4& *"&9 9"1 ` 4"(27 :"4/
&'"()$*+,'4 "6 >"1') 4& 8# +2 +$4 4(40#6 F'#2 4"&-3" (4 9&-0) 8# .(*0#+)(23
&, .# 4& *-33#*4 4"+4 4"# *$+4(+0 +*$#/4* &, $&9#% "+'# ,+)#) ,%&. '(#9 (2
.-/" &, 4"# $&9#% 0(4#%+4-%#: ` )& 9(*" 4& $%#** 4"# $&(24 4"+4 .-/" &, 9"+4
9# 4+7# 4& 8# 4"# *$+4(+0 4%+$$(23* &, $&9#% "+* &8*/-%#) %+4"#% .&%# 4"+2
(4 "+* %#'#+0#) +8&-4 4"# 9&%7(23* &, $&9#%6
T2 4"# &2# "+2): ` "+'# 8##2 4%1(23 4& *"&9 4"+4 )#*$(4# + %(/"#% *$+4(+0
'&/+8-0+%1 &, $&9#% 4"+2 "(4"#%4&: 9# *##. 4& "+'# 0&*4 &-% 9+1 (2 + %+4"#%
3#2#%+0(d#) 0+2)*/+$# &, $&9#%: 9"#%# (4* 4%+/#*: 9# +%# 4&0): +%# 4"#%# ,&%
+00 4& *##: (, &201 9# 0&&7 "+%) #2&-3"6 W&% *&.#: (4 (* 4"# /(%/-0+4(&2 +2)
,0&9 &, $&9#% 9"(/" /+4/" 4"#(% (.+3(2+4(&2: -*-+001 (2 )-%+80# 2#49&%7*
8-4 *&.#4(.#* *(.$01 (2 ,%##5,0&9h ,&% &4"#%* (4 (* 4"# )(*$#%*#) +%%+23#5
.#24* &, $&9#% 9"(/" &,,#% + $-%/"+*# &2 9"+4 (4 .#+2* 4& 8%(23 $#&$0#
9(4"(2 %#+/": #U#%/(*#) (2 (..+2#24 ,+*"(&2 &% &4"#%9(*#h +2) ,&% 1#4
&4"#%* (4 (* 4"# #'#%1)+1 *$+/#* &, $&9#% 9"(/" /&2'#1 *&.#4"(23 &, 9"+4
(4 .#+2* 4& 8# (..#%*#) (2 4"# /&2*4(4-4('# )#4+(0 4"+4 $-4* #+/" +2) #'#%1
&2# &, -* (2 $0+/#6 f#4: ,%&. 9"+4#'#% +230# 1&- 0&&7 +4 (4: 4"#%# (* 2&4"(23
(2 4"# 0+2)*/+$# 4"+4 %#.(2)* 1&- 4"+4 $&9#% %#0+4(&2* "+'# 0&23 8##2
#U$#%(#2/#) 4"%&-3" + '+%(#41 &, )(,,#%#24 .&)#* +2) 4"+4 4"# 0(7#* &,
)&.(2+4(&2: +-4"&%(41: .+2($-0+4(&2 +2) *#)-/4(&2 +%# +09+1* +0%#+)1
*$+4(+06 `4 (* $&9#%c* )('#%*# 3#&3%+$"(#* 4"+4 *-%#01 "+'# 8##2 0&*46
T2 4"# &4"#% "+2): ` +. 2&4 +04&3#4"#% /&2'(2/#) 4"+4 +214"(23 %#+001
9+* #'#% 4%-01 0&*4h .(*$0+/#): (2 4#%.* &, -2)#%*4+2)(23: 8-4 $#%"+$* 2&4
+/4-+001 0&*4 (2 4"# *#2*# 4"+4 4"# 3#&3%+$"(#* &, $&9#% 9#%# &-4 4"#%#
9+(4(23 4& 8# ,&-2)6 J#(23 + 0(440# .&%# /-%(&-* +8&-4 9"+4 (4 (* 4"+4
.+7#*: ,&% #U+.$0#: +-4"&%(41 &% *#)-/4(&2 $#/-0(+%01 )(*4(2/4('# *$+4(+0
+/4* "+* $&**(801 *"&92 -* *&.#4"(23 4"+4 9# 72#9 +00 +0&23 S +04"&-3"
&201 2&9 )& 9# -2)#%*4+2) (46 [# .+1: ,&% (2*4+2/#: "+'# 72&92 +8&-4

:V;

7EN7(_?FEN8 AF?2(%7\C 2EI\X

*#)-/4(&2c* .&)#*4 +2) )(0-4# B-+0(4(#* 4"%&-3" "+8(4: %&-4(2# +2) &-%
#U$&*-%# 4& +)'#%4(*(23: 9"#%# 4"# $&**(8(0(41 &, %#,-*+0 &% (2)(,,#%#2/# (*
#'()#24: 1#4 9# .+1 2#'#% "+'# 3('#2 +21 %#+0 4"&-3"4 4& 4"# ,+/4 4"+4 4"&*#
*#0,5*+.# B-+0(4(#* 0(# 8#"(2) (4* $&4#24(+0 +%.c*50#234" %#+/"6 `2)##): 9"1
*"&-0) 9# "+'# 3('#2 *-/" .+44#%* +21 4"&-3"4k >20#** 4"# B-#*4(&2 (*
%+(*#): (4* *(32(,(/+2/# %#.+(2* (%%#0#'+24 4& -*: + *4#$ 4&& ,+% (2 4#%.* &, &-%
-2)#%*4+2)(236
J#+%(23 4"(* (2 .(2): .1 &92 *#2*# (* 4"+4 9# "+'# 2&4 *& .-/" 0&*4 *(3"4
&, +00 4"+4 (* (24#%#*4(23 +8&-4 $&9#% +2) 4"# 9+1* (2 9"(/" (4 (* #U#%/(*#) +*
*#440#) ,&% + .&%# ,+.(0(+%: +08#(4 .(*$0+/#): -2)#%*4+2)(236 `, ` "+'# ,&-2)
+214"(23 (2 4"# /&-%*# &, 9%(4(23 4"(* 8&&7: (4 (* +2 -2)#%*4+2)(23 &, $&9#%
4"+4 "+* 0&23 8##2 9(4" -*: 1#4 2#'#% +/4-+001 8##2 4+7#2 +$+%4 4& %#'#+0 (4*
)('#%*# 3#&3%+$"(#* &, $%&U(.(41 +2) %#+/"6
G-/" &, 4"(* 8&&7 "+* (2 ,+/4 8##2 3('#2 &'#% 4& %#.(2)(23 -* +8&-4 4"#
$+%4(/-0+%(4(#* &, $&9#%: (4* *$#/(,(/ .&)+0 B-+0(4(#*6 J-4 4"(* %#.(2)#% "+*
+0*& *#%'#) 4& $%&.$4 /-%(&*(41 +8&-4 "&9 $+%4(/-0+% 7(2)* &, $&9#% 4+7#
#,,#/4 /0&*# 4&: 2#+%81: +4 + )(*4+2/# +2) 4"%&-3" 4"# 4+230#) +%%+23#.#24* &,
$0+/#6 `4 (* 2&4 #2&-3" 4& +//#$4 80(4"#01 4"+4 4"# 0(7#* &, )&.(2+4(&2 &%
+-4"&%(41: &% (2)##) 8&4": 9(00 8# +/"(#'#) 4"%&-3" $&0(4(/+0 &% #/&2&.(/
8&)(#* *(.$01 #U#%/(*(23 g/&..+2)c &'#% *$+/# +2) 4(.#6 <#+/": $%&U(.(41
+2) $%#*#2/# +%# 3"/ 3('#2*h 4"#1 .+7# + )(,,#%#2/# 4& 4"# #U#%/(*# &, $&9#%
$%#/(*#01 8#/+-*# 4"# .+21 +2) '+%(#) .&)+0(4(#* &, $&9#% +%# 4"#.*#0'#*
/&2*4(4-4#) A,66')'3/%# (2 *$+/# +2) 4(.#6 \&9#%: ` "+'# +%3-#): (* (2*#$+%+80#
,%&. (4* #,,#/4*h (4 )&#* 2&4 %#+/" &-4 &'#% *$+/# $%(&% 4& "+'(23 +2 (.$+/46
!"#%# (* 2& -2(,&%. *-8*4+2/# /+00#) $&9#% 4"+4 "+* 4"# _#2/"+24#)a +8(0(41
4& /(%/-.2+'(3+4# 4"# 2#U4 80&/7: 0#4 +0&2# 4"# 30&8#6 <#*&-%/#* +2) 4"#(%
$+/7+3#) /+$+8(0(4(#* .+1 )& *&: 8-4 2&4 4"# .#)(+4#) #,,#/4* &, $&9#%6
f#4: #'#2 (, 9# 8#0(#'# 4"+4: 4"#%# (* 2& 3-+%+24## 4"+4 4"# (.$%#**(&2 9(00
8# + 0+*4(23 &2#: *"&-0) 9# ,(2) &-%*#0'#* /&2*4%+(2#) 81 4"# .(2)0#** +/4 &,
+ %#.&4# *&5/+00#) +-4"&%(41 &% )#0(8#%+4#01 )#/#('#) 81 + %&3-# /&%$&%+4(&2
9(4" (4* "#+)B-+%4#%* &2 4"# &4"#% *()# &, 4"# $0+2#46 `4 (* #+*1 4& 8# 0&*4 (2
,+.(0(+% *$+/#*6 @2) (4 (* e-*4 +* #+*1 4& *0()# 8#49##2 $&9#%: )&.(2+4(&2
+2) +-4"&%(41 +* (, 4"#1 +.&-24#) 4& .-/" 4"# *+.# 4"(23 (2 4#%.* &, 4"#(%
(.$+/4 -$&2 &-% 0('#*6 \&9#% +2) )&.(2+4(&2: (2 $+%4(/-0+%: 4%($ &,, 4"#
4&23-# +* *12&21.*h 4"# 4#%.* /+2 8# *9(4/"#) 9(4" %#0+4('# #+*# 9(4": (4
9&-0) *##.: 2& +$$+%#24 0&** &, .#+2(236
K&9 9# /+22&4 3#4 +%&-2) +21 &, 4"(* 81 $%#4#2)(23 4"+4 (4 )&#* 2&4
"+$$#2: 8-4 9# /+2 )%+9 +44#24(&2 4& (4* /&2*#B-#2/#*: 9"(/" (* 9"+4 ` "+'#
4%(#) 4& )& +4 '+%(&-* *4+3#* (2 4"# 8&&76
`2 4"# ,(%*4 $+%4 &, 4"# 8&&7: ` +44#.$4#) 4& *"&9 4"+4 (, 1&- 4"(27 +8&-4
$&9#% +* + g4"(2350(7#c $%&$#%41 /+$+80# &, #U4#2*('# %#+/" (2 + %+4"#%
-2/&.$0(/+4#) ,+*"(&2: &% +* *&.#4"(23 9"(/" (* 3#2#%+4#) 4"%&-3" 2#45
9&%7#) (24#%+/4(&2* +2) $%&e#/4#) -2$%&80#.+4(/+001 +/%&** 4"#(% 0#234"

7EN7(_?FEN8 AF?2(%7\C 2EI\X

:V:

+2) 8%#+)4": (4 8#/&.#* *4%+(3"4,&%9+%) 4& 8#0(#'# 4"+4 )(*4+2/# (* *&.#5


4"(23 #+*(01 &'#%/&.# +2) $%#*#2/# #,,&%40#**01 #*4+80(*"#)6 <(3() )(*4+2/#*
+%# #(4"#% 4%+'#%*#) 81 $&9#% 8#(23 %#)(*4%(8-4#) -$9+%)* &% )&929+%)* (2
+ 0(2#+% ,+*"(&2: &% &'#%/&.# (2 + ,0-() .+22#% +* $&9#% (* &%3+2(d#):
/"+22#00#) +2) 4%+2*.(44#) +%&-2) 4"# 2#49&%7* 4& +/"(#'# ,+%5,0-23
3&+0*6 FB-+001: (, 1&- 4"(27 &, $&9#% +* + %+4"#% -2)(,,#%#24(+4#) B-+0(41:
/&2*4(4-4#) 4"%&-3" + .-04(4-)# &, $%+/4(/#* 9"(/" (2 4%-# (..+2#24
,+*"(&2 *#%'# 4& 3&'#%2 &-% /&2)-/4: 4"#2 (4 (* #+*1 4& (.+3(2# "&9 3&'#%25
.#24 &, #+/" +2) #'#%1&2# +/"(#'#* (4* 4&4+0(d(23 %#+/"6 !"# "+8(4-+4(&2 &,
4"# .(2) +2) 8&)1 4"+4 ,&00&9* *##.* 4& %#B-(%# +2 +$$+%+4-* &, %-0# 4"+4
2##)* 0(440#: (, +21: )(*/%#4# *$+4(+0(d+4(&26
`2 4"# *#/&2) $+%4 &, 4"# 8&&7: ` "+'# *&-3"4 2&4 *& .-/" 4& .(2(.(d# &%
%()(/-0# 4"#*# '(#9* +* 4& 4-%2 9"+4 (* -*#,-0 +8&-4 4"#. 4& 2#9 $-%$&*#*6
["+4 9# "+'# 0&*4 (2 4"(* %+4"#% 3#2#%+0(d#) 0+2)*/+$# &, $&9#%: 9"#%#
)(*4+2/#* +%# &,4#2 ,(U#) +2) -21(#0)(23 +2) $%&U(.(4(#* #*4+80(*"#) +2)
*#440#): ` "+'# *&-3"4 4& %#/&'#% 81 $%&80#.+4(d(23 8&4" $&9#% +2) (4*
3#&3%+$"16
`2 4"# /+*# &, $&9#%c* /"+%+/4#%(*4(/* +2) B-+0(4(#*: ` "+'# 4%(#) 4& 0('# -$
4& 4"# 0#3+/(#* &, G+U [#8#% +2) E+22+" @%#2)4 81 4+7(23 8+/7 4"#(%
-2)#%*4+2)(23 4"+4 $&9#% (* +09+1* $&9#% &, + $+%4(/-0+% 7(2)6 J-4 (2 )&(23
*&: ` "+'# %#/+*4 4"(* -2)#%*4+2)(23 (2 + 4&$&0&3(/+0 *#44(23 9"#%# 4"#
)('#%*# 3#&3%+$"(#* &, $&9#%c* $%&U(.(41 +2) %#+/" +%# 2& 0&23#% *& %(3()6
FB-+001: ` "+'# 4%(#) 4& %#4+(2 4"# *#2*# (2 9"(/" W&-/+-04 -2)#%*4&&)
$&9#% +* +2 (..+2#24 ,&%/# /&#U4#2*('# 9(4" (4* ,(#0) &, &$#%+4(&2: 1#4
9(4"(2 + ,%+.#9&%7 4"+4 +/72&90#)3#* 4"# 4(.#5"&2&-%#) $+%4(/-0+%(4(#* &,
$&9#%A 4"+4 4"# /&2*4%+(2(23 #,,#/4* &, )&.(2+4(&2 +%# 2#(4"#% 4"# *+.# +*
4"# -22#%'(23 4"%#+4* &, /&#%/(&2: 2&% *(.(0+% 4& 4"# *-33#*4('# B-+0(4(#* &,
*#)-/4(&2 &% 4"# /&2/#)#) +/4 &, +-4"&%(41: +2) *& &26 !"# %#*-04: ` "&$#: (*
+ )(,,#%#24 +2) 0+%3#01 %#2#9#) -2)#%*4+2)(23 &, 4"# 9+1* (2 9"(/" 3#&35
%+$"1 +2) $&9#% #U#%/(*# -*6

M"*"6"',8)6 ?,>G,>'#
` /&2/0-)#) .1 %#.+%7* &2 W&-/+-04 +2) C#0#-d#c* (..+2#24 /&2/#$4(&2
&, $&9#% (2 /"+$4#% Q 81 *+1(23 4"+4: *&.#9"+4 *-%$%(*(2301: *$+4(+0(41 +* +
,&/-* "+) ,+)#) ,%&. '(#9 4"# ,-%4"#% 4"+4 9# .&'#) +9+1 ,%&. /&2*()#%5
+4(&2 &, )#4+(0#) (2*4(4-4(&2+0 *#44(23*6 T2/# 4"# /&2,(2#) +%%+23#.#24* &,
4"# $%(*&2 &% 4"# /0(2(/ &% 4"# .(0(4+%1 8+%%+/7* 3+'# 9+1 4& 4"# )(*$#%*#)
+%%+23#.#24* &, 3&'#%2.#24: 4"#%# *##.#) 4& 8# 0#** /-%(&*(41 +8&-4 "&9 +
)('#%*# +2) */+44#%#) $&$-0+4(&2 /&-0) 8# )%+92 9(4"(2 %#+/"6 @* ` *## (4:
W&-/+-04 +2) C#0#-d#c* 4&$&0&3(/+0 -2)#%*4+2)(23 &, $&9#% 8#/+.# +00 4"#
9#+7#% ,&% 4"# #'+/-+4(&2 &, 4"# *$+4(+06

:VG

7EN7(_?FEN8 AF?2(%7\C 2EI\X

!"# 2&4(&2 &, 4&$&0&31: (4 *"&-0) 8# *+(): (* + 8%&+) &2#6 [(4"(2 3#&5
3%+$"(/+0 *4-)(#*: 4"# 4#%. "+* %#/#2401 +44%+/4#) +44#24(&2 ,&%: +.&23 &4"#%
4"(23*: (4* /&24%+*4 4& + '(#9 &, 4"# 9&%0) /&.$%(*#) &, *& .+21 */+0#* &%
0#'#0* &, *&/(+0 +/4('(41 S ,%&. 4"# 0&/+0 +2) 4"# %#3(&2+0 4"%&-3" 4& 4"#
2+4(&2+0 +2) 4"# 30&8+0 _*##: ,&% #U+.$0#: @.(2: LMMLh J(23"+. +2)
!"%(,4: LMMMh E(2/"0(,,#: LMMMh G-%)&/": P]]Rh T38&%2: P]]Rh !"%(,4:
P]]]a6 T2# &, 4"# +44%+/4(&2* &, + 4&$&0&3(/+0 '(#9 &, *&/(+0 %#0+4(&2* (*
4"+4 (4 )('#%4* +44#24(&2 +9+1 ,%&. 4"# 3#&3%+$"(/+0 */+0# +4 9"(/": *+1:
/&%$&%+4# 8&)(#* &% $&0(4(/+0 ,&%/#* +%# *-$$&*#) 4& &$#%+4# +2) ,&/-*#*
+44#24(&2 (2*4#+) -$&2 4"# %#0+4(&2+0 +%%+23#.#24 &, 9"(/" 4"#1 +%# + $+%46
`2 $+%4(/-0+%: + 4&$&0&31 &, *&/(+0 %#0+4(&2* *"&-0) "#0$ -* 4& ,&/-* -$&2
4"#(% /&5/&2*4(4-4('# 2+4-%# $3A 4"# *$+/#* +2) 4(.#* 4"#1 +/4('#01 /&2*4%-/4
(2 4"# $%&/#**6
!"(* .+1 *&-2) + 0(440# +8*4%+/4: 8-4 +00 4"+4 (4 %#+001 .#+2* (* 4"+4 4"#%#
+%# 2& $%#5)#,(2#) )(*4+2/#* &% *(.$0# $%&U(.(4(#* 4& *$#+7 +8&-4 (2 %#0+5
4(&2 4& +2 #U#%/(*# &, *&.#4"(23 0(7# /&%$&%+4# &% *4+4# %-0#6 C&.(2+4(&2 (2
%#+0 4(.#: ,&% (2*4+2/#: .+1 #*4+80(*" +2 (..#)(+4# $%#*#2/# (2 ,+%5&,,
0&/+4(&2* +2): 0(7#9(*#: *#)-/4(&2 .+1 0#2) (4*#0, 4& *(.-04+2#&-* (24#%5
+/4(&2 4"%&-3" 2#+% (2*4+24+2#&-* 4#/"2&0&3(#*: 1#4 4"#(% #,,#/4* .+1 $0+1
+/%&** &2# +2&4"#% (2 4"# 4$@' $0+/# +* $+%4 &, + /%&**5/-44(23 +%%+23#.#24
&, $&9#%6 `2 )(*4+2/# 4#%.*: 9"+4 (* 2#+% +2) 9"+4 (* ,+% (* 2&4 *(.$01 +
B-#*4(&2 &, 3#&.#4%(/ .#+*-%#.#24 8#49##2 ,(U#) $&(24*h %+4"#% (4 (* &2# &,
/&22#/4(&2 +2) *(.-04+2#(41 +* )(,,#%#24 3%&-$* +2) (2*4(4-4(&2* .+%7 4"#(%
$%#*#2/# 4"%&-3" (24#%+/4(&2 (2 +00 7(2)* &, $&9#%,-0 +2) 2&4 *& $&9#%,-0
9+1*6 `4 (* 4"(* 4&$&0&3(/+0 *0+24 4"+4 ` 4"(27 8#*4 *#%'#* .1 $-%$&*#* "#%#:
%+4"#% 4"+2 4"&*# (24#%$%#4+4(&2* 9"(/" *4%#** 4"# -2/"+23#) 2+4-%# &,
#24(4(#* -2)#% *$+4(+0 )(*4&%4(&2 _*## D+9 P]]]a6
!"#%# +%# 49& +*$#/4* &, 4"(* 4"+4 "+'# *"+$#) .1 4"(27(23 +2) )(%#/401
(2,0-#2/#) .1 4%#+4.#24 &, $&9#% +2) *$+4(+0(416
W(%*4: (2 .1 +44#.$4 4& )#'#0&$ + 4&$&0&31 &, $&9#% *#2*(4('# 4& 4"#
)('#%*# 3#&3%+$"(#* &, $%&U(.(41 +2) %#+/": ` 9&%7#) )(%#/401 ,%&. 4"#
*-840# )(*4(2/4(&2* &, $&9#%: %+4"#% 4"+2 ,%&. +21 3#2#%+0(d#) *9##$ &,
%#0+4(&2*6 !"-* 4"# $+%4(/-0+% 9+1 (2 9"(/" *&.#4"(23 0(7# +-4"&%(41 4+7#*
#,,#/4: ,&% #U+.$0#: 81 9&%7(23 4"%&-3" %#0+4(&2* &, $%&U(.(41 +2) $%#*#2/#
9+* *"&92 4& )(,,#% ,%&. 4"# (2)(%#/4 %#+/" 4"+4 /"+%+/4#%(d#* + &2#5*()#
%#0+4(&2 0(7# .+2($-0+4(&26 !"# )(,,#%#2/# (2 4"#(% .&)# &, &$#%+4(&2 (*:
` 9&-0) +%3-#: /%(4(/+0 8#/+-*#: +* 4"# #U+.$0# &, 4"# 8(3 /&..#%/(+0
"&-*#* (2 /"+$4#% b (00-*4%+4#): 4"# %#/&32(4(&2 &, 4"#(% g30&8+0c +-4"&%(41
.#+2* #'#%14"(23 4& 4"#.: #'#2 (, 4"#1 +0*& #23+3# (2 .+2($-0+4('# +/4('5
(4(#* 4& .+(24+(2 4"#(% 30&8+0 $&*(4(&26 ["#%#+* 8&4" .+1 8# #U#%/(*#) +4 +
)(*4+2/#: #(4"#% 4"%&-3" + *-//#**(&2 &, .#)(+4#) %#0+4(&2*"($* &% 81 4"#
#*4+80(*".#24 &, +2 (..#)(+4# $%#*#2/# 4"%&-3" %#+054(.# 4#/"2&0&3(#*: ,&%
+ /&%$&%+4# +-4"&%(41 4& "+'# +21 0#'#%+3# (4* $%#*#2/# %#B-(%#* $%&U(.(416

7EN7(_?FEN8 AF?2(%7\C 2EI\X

:VM

@2) 4"(* */&$# (* +/"(#'#) 2&4 81 *-/" +3#2/(#* *"(,4(23 */+0# 81 .&'(23
8+/7 +2) ,&%4" 8#49##2 4"# 0&/+0 +2) 4"# 30&8+0: 8-4 %+4"#% 81 + 0&&*#2(23 &,
)#,(2#) )(*4+2/#* +2) 4(.#* 4& #*4+80(*" + .&%# $%&U(.+4# +-4"&%(416 `4 (* (2
4"(* *#2*# 4"+4 4"# ,+%5&,, (* 8%&-3"4 (24& %#+/" ,&% *-/" g+-4"&%(4+4('#c
8&)(#*6
`, 4"# +8(0(41 4& )%+9 )(*4+24 &4"#%* 9(4"(2 /0&*# %#+/" (* &2# *()# &, 4"#
4&$&0&3(/+0 #B-+4(&2: 4"# &4"#% 4"+4 ` "+'# +44#.$4#) 4& #0+8&%+4# (* 4"#
+8(0(41 &, 3%&-$* +2) (2*4(4-4(&2* 4& .+7# 4"# /0&*#5+45"+2) *##. *-%$%(*5
(2301 )(*4+246 `2 /"+$4#% Z: ` +$$%&+/"#) 4"(* *#/&2) +*$#/4 81 /&2*()#%(23
4"# 9+1* (2 9"(/" $#&$0# .&'# (2 +2) +%&-2) &2# +2&4"#%: *0()(23 +/%&**
#+/" &4"#%c* 0('#* (2 + .&%# &% 0#** $&9#%,-0 ,+*"(&2 4& .+7# 4"#(% $%#*#2/#
,#046 `2 4"(* 4&$&0&31 &, $0+/#*: 9"+4 (* 2#+% +2) 9"+4 (* ,+%: 9"& g8#0&23*c
+2) 9"& )&#* 2&4: .+1 8# )(*4&%4#) 81 4"# $0+/#.#24 &, ,&%/#* +2) 4"#(%
%#0+4(&2+0 4(#*: 9"#%# 4"# $%#*#2/# &, &4"#%* .+1 8# *.&4"#%#): #U/0-)#):
8+%%#): 4"%#+4#2#): #24(/#) &% *(.$01 /&2*4%+(2#)6 G1 $&(24: "&9#'#%: 9+*
2&4 4& *"&9 4"+4 +00 $0+/#* +%# *+4-%+4#) 9(4" $&9#%: 8-4 %+4"#% 4& *-33#*4
4"+4 4"#(% 4+230#) +%%+23#.#24* &, $&9#% .+1 $%&)-/# + )#3%## &, %#.&4#5
2#** +2) $%&U(.(41 (2 *&/(+0 %#0+4(&2*"($* 4"+4 &9#* .-/" 4& &4"#% 4(.#*
+2) &4"#% $0+/#* +0*& 8#(23 $%#*#246 `4 (*: ,&% .#: 4"# *-%$%(*(23 e-U4+$&*5
(4(&2* 4"+4 +%%+23#.#24* &, $&9#% 4"%&9 -$ 9"(/" *-33#*4* 4"+4 4"#%# +%# 2&
*(.$0# $%&U(.(4(#*6
!"#*# 49& ,(2)(23* "+%)01 #U"+-*4 9"+4 4"#%# (* 4& *+1 +8&-4 4&$&0&3(/+0
+%%+23#.#24* &, $&9#%: 8-4 4& .1 .(2) 4"#1 )& +4 0#+*4 $&(24 4& 9"#%# +
.&%# 3#&3%+$"(/+001 /-%(&-* )(+0&3-# &, $&9#% /&-0) 3&6 ;()#5*4#$$(23
+$$%&+/"#* 4"+4 +**-.# ,(U#) )(*4+2/#*: *#440#) $%&U(.(4(#*: -2$%&80#.+4(/
#U4#2*(&2*: 0(2#+% $%&e#/4(&2* +2) ,0-() 4%+2*.(**(&2* +* 9#00 +* 4"# 4&4+0(d5
(23 %#+/" &, $&9#% (* + *4+%4: 2#'#%4"#0#**6 W&% .1 $+%4: ` "+'# 4%(#) 4& 4"(27
4"%&-3" 4"# *#2*# (2 9"(/" $&9#% (* (2"#%#2401 *$+4(+0 +2): (2)##): 4"# 9+1*
(2 9"(/" *$+4(+0(41 (* (4*#0, (.8-#) 9(4" $&9#%6 J-4 ` "+'# )&2# *& 2&4
*(.$01 8#/+-*# 4"#%# (*: 4&)+1: + 7##2#% (24#%#*4 (2 .+44#%* &, *$+/# +2)
*$+4(+0(41: 8-4 %+4"#% 8#/+-*# (4 @$//')4 4"+4 9# -2)#%*4+2) $&9#% (2 +00 (4*
3-(*#* S 9"+4 (4 (* 4"+4 #U#%/(*#* -* +2) "&9 S +* 9#00 +* 9"1 (4 *##.* 4& 4-%2
-$ (2 *-/" +2 +%%+1 &, $0+/#*6 `4 .+44#%* 8#/+-*# (, 9# ,+(0 4& %#/&32(d# 4"#
)('#%*# 9+1* (2 9"(/" $&9#% $-4* -* (2 $0+/#: 9# )(*#.$&9#% &-%*#0'#*6
;&: ` 9+24 4& #2) &2 4"(* %+4"#% $&(24#) 2&4#A 9"1 (4 @$//')4 4"+4 9# )&
2&4 0&*# &-%*#0'#* (2 4"# ,+.(0(+% *$+/#* &, $&9#%6

M+& Q+&(&)9":$# "- ."/&(


D#4 .# *4+%4 9(4" + )#/0+%+4(&2A 4"# )-%+80# +%/"(4#/4-%# &, $&9#% 4"+4 ` "+'#
*$&7#2 +8&-4 (* 2&4 0(7#01 4& 3& +9+1 +2) 4"#%# 9&-0) +$$#+% 4& 8# 0(440#
$&(24 (2 9(*"(23 (4 9&-0)6 !"# _,+0*#a (.$%#**(&2 4"+4 $&9#% (* *&.#4"(23

:VQ

7EN7(_?FEN8 AF?2(%7\C 2EI\X

+'+(0+80# 4& 8# $+**#) &2 4& 4"&*# %#*$&2*(80# #2&-3" 4& 4+7# )#/(*(&2*: &%
4"# '(#9 4"+4 4"# 9#(3"41 (2*4(4-4(&2* &, 4"(* 9&%0) g"+'#c 4"# $&9#% 4& $-4
-* (2 &-% $0+/#: +%# +0.&*4 4&& &8'(&-* 4& 8#+% /&2*()#%+4(&26 T2# &, 4"#
%#+*&2*: 4& .1 .(2): ,&% 4"(* #2)-%(23 B-+0(41 (* 4"# +8(0(41 &, g$&9#%c 4&
.+7# (4*#0, '(*(80# 9"#2 (4 *& %#B-(%#*: &% %+4"#% (4 (* 4"# +8(0(41 &, 4"&*# 9"&
#U#%/(*# (4 4& .&8(0(d# (4* .+4#%(+0 %#$%#*#24+4(&2 *-//#**,-0016 =%+2) 8-(0)5
(23*: (.$&*(23 .&2-.#24*: "(3" 9+00*: 3+4#) /&..-2(4(#*: +2) +(%/%+,4
/+%%(#%* 4"+4 80&4 &-4 4"# "&%(d&2 "#0$ (2 4"(* %#*$#/46 !"# *"##% /&2/#25
4%+4(&2 &, )#/(*(&25.+7#%*: .&2#1 &% .(3"4: &% $#%"+$* +00 4"%##: +4 +
$+%4(/-0+% $&(24 &% 0&/+4(&2 +$$#+%* 4& 4#00 -* 9"#%# $&9#% -04(.+4#01 0(#*
+2) 9"& "+* (46 `4 +0*& 3('#* -* *&.#4"(23 4& %#*(*4: 4& )#,1: +2) #'#2 4& %-2
+9+1 ,%&. *"&-0) 4"# &))* 8# *4+/7#) +3+(2*4 -*6
;-/" -'3/)'A *$+/#*: (, 4"+4 (* 4"# %(3"4 )#*/%($4(&2: +%# %#+0 #2&-3": 8-4
4"#1 +%# 2&4 g,(00#)c 9(4" $&9#%h %+4"#% 4"#1 +%#: +* ` "+'# *4%#**#) 4"%&-3"5
&-4: %#*&-%/# 8+*#* 4"+4 "+'# 8##2 .&8(0(d#) &'#% 0&23 &% *"&%4 $#%(&)* &,
4(.#6 @* +%3-#) (2 /"+$4#% O: $&9#%: -20(7# %#*&-%/#*: (* 2&4 *&.#4"(23
,(U#) (2 .&2-.#24+0 8-(0)(23*: *4+4# .(2(*4%(#*: ,#2/#)5&,, "&-*(23 #*4+4#*:
&% 4"# "#+)B-+%4#%* &, 30&8+0 .-04(2+4(&2+0* ,&% 4"+4 .+44#%6 `4 .+1 +$$#+%
4"+4 9+1: 8-4 4"# (.$%#**(&2 (* .(*$0+/#)6 FB-+001: "&9#'#%: 1&- /+22&4
g)(**&0'#c *-/" %#*&-%/# 8+*#* (24& + 2#49&%7#) .&%$"&0&31 &, ,0&9*: (2+*5
.-/" +* 4"# 4#%%(4&%(+0 8-2)0(23 &, %#*&-%/#* %(3"4,-001 .+1 (2*$(%# 4%#$()+5
4(&2 +2) ,#+% +4 4"# .&.#24 &, /&2,%&24+4(&26 J-4: +2) 4"(* (* 4"# (.$&%4+24
$&(24: (4 (* 2&4 %#*&-%/#* 8-4 4"# #U#%/(*# &, $&9#% 9"(/" +/4-+001 $-4* -* (2
$0+/#6 <#*&-%/#* +2) +8(0(4(#*: +* 9# 72&9: .+1 8# .(*-*#): 0&*4: 9+*4#) &%
-*#) 4& 2(0 #,,#/46 !"+4 )&#* 2&4 2#/#**+%(01 0#**#2 4"#(% 4"%#+4#2#) -*#: &,
/&-%*#: 8-4 (, 4"(* )-%+80# +%/"(4#/4-%# (* +00 4"+4 9# %#/&32(d# +* $&9#%: 9#
+%# 0(7#01 4& .(** .&*4 &, 9"+4 #U#%/(*#* -*6
@4 4"# 2&25)-%+80# #2) &, $&9#%: (, ` .+1 $-4 (4 0(7# 4"+4: (* 4"# A'-'3/)'A
'(#9 4"+4 $&9#%: ,+% ,%&. 8#(23 0&/+4#) +4 4"# +$#U &, +214"(23: (* +2
(..+2#24: 2&%.+0(d(23 ,&%/# 4"+4 9&%7* 4"%&-3" $#&$0#c* 0('#*: *"+$(23
4"#(% '#%1 8#(23 (2 + 9+1 4"+4 )#,(#* *$+4(+0 )#,(2(4(&26 ` "+'# )%+92 4"#
/&24%+*4 *"+%$01 2&4 4& /+%(/+4-%# 4"(* +).(44#)01 %+4"#% */+%1 '(#9 &,
$&9#%: 8-4 4& $+(24 (4 +4 4"# #U4%#.#6 !"(* (* 2&4 W&-/+-04c* 2&25*-8e#/4('#
8-4 (24#24(&2+0: /&#U4#2*('# 8-4 (..+2#24: $&%4%+(4 &, $&9#%6 J-4 (4 )&#*
*"+%# 9(4" W&-/+0)(+25*410# +//&-24* +2 +**#**.#24 &, $&9#% 4"+4 (* e-)3#)
81 (4* (24#2)#) #,,#/4* %+4"#% 4"+2 81 (4* +/4-+0 #,,#/4*6 !"# +00 #2/&.$+**5
(23 +2) (2)('()-+0(d(23 +$$+%+4-* &, %-0# )#*/%(8#) 81 E+%)4 +2) K#3%(
_LMMMa: 9"#%# 4"# $%&)-/4(&2 &, 2#9 *-8e#/4('(4(#* (* +**-.#) 4& 4+7# (4*
*"+$# ,%&. 4"# *(.$0# +/4 &, 0('(23: "+*: +* ` "+'# +%3-#): + %(23 &,
"&00&92#** +8&-4 (46 !"#%# (* +2 #.$4(2#** $%#/(*#01 9"#%# 4"# *$+4(+0 +2)
4#.$&%+0 .#)(+4(&2* &, $&9#% *"&-0) 8#6 !"(27(23 *&.#4"(23 (* 0(7#01 4&
"+$$#2 (* 2&4 +4 +00 4"# *+.# +* 72&9(23: &% +4 0#+*4 8#(23 /-%(&-* +8&-4:
"&9 4"# 0('#* &, )(*4+24 &4"#%* +%# 8%&-3"4 9(4"(2 %#+/"6

7EN7(_?FEN8 AF?2(%7\C 2EI\X

:VL

`, 9# 8#0(#'# 4"+4 $&9#% 9&%7* (2 *-/" (005)#,(2#) +2) -2,&%.#) 9+1*


4"#2: &2 4"(* +//&-24: 2&4 &201 9&-0) 9# ,+(0 4& %#/&32(d# 4"+4 &$#%+4(23 +
%#.&4#5/&24%&00#) #0#/4%&2(/ 3+4# +4 4"# #24%+2/# 4& +2 #U/0-*('# %#*()#24(+0
#*4+4# (* 4"# .&)#%2 /&-24#%$+%4 &, %+(*(23 4"# )%+98%()3#: 9# 9&-0) +0*&
,+(0 4& 3%+*$ 4"# .&%# )(*$#%*#): .#)(+4#) +%%+23#.#24* &, $&9#% 4"+4
#U#%/(*# -*6 `2 $+%4(/-0+%: 9# 9&-0) 8# -2+9+%# &, 4"# )('#%*# 9+1* (2
9"(/" 3#&3%+$"1 *"+$#* 4"# .#)(+4#) $%#*#2/# &, $&9#%c* .+21 +2) '+%(#)
%#0+4(&2*"($*6
`4 *##.* 4& .# 4"+4 (, 9# +%# ,&%/#) 4& /"&&*# 8#49##2 #(4"#% + /#24%#) &%
+ )#/#24%#) '(#9 &, $&9#%: &% 4& *"-,,0# 8#49##2 4"#. (2 +2 #,,&%4 4& 80-%
/0#+%01 )#.+%/+4#) */+0#* +2) 8&-2)+%(#*: 3#&3%+$"1 (* 4"# 0&*#%6 @4 4"#
)-%+80# #2): 4"# (.$%#**(&2 3('#2 9&-0) 8# &2# &, %#*&-%/#) /+$+8(0(4(#*
%#.+(2(23 &2 "&0) +2): &2/# 4%(33#%#): *$%#+)(23 &-49+%)* ,%&. +2 ()#24(5
,(+80# /#24%# 4& %#+0(d# 4"#(% $&4#24(+06 !"# *#2*# (2 9"(/" + /#24%# /+2 8#
*+() 4& $&**#** /+$+8(0(4(#*: +* 9# *+9 (2 /"+$4#% L: $%#*-$$&*#* )#,(2#)
)(*4+2/#* +2) -2$%&80#.+4(/ #U4#2*(&2* (2 + 9+1 4"+4 %#)-/#* 3#&3%+$"1 4&
+ *#%(#* &, ,&&42&4#) %#0+4(&2*6 \&9#% +2) *$+/# 8#/&.# *#$+%+80#: +2) 4"#
0+44#% &$#%+4#* .&%# &% 0#** +* +2 +))5&26 `2 /&24%+*4: 9"#%# 4"#%# +%# 2&
g/#24%#*c &, $&9#% 4& *$#+7 &,: 2& )#,(2#) 4#%%(4&%(+0 *$+/#* 4& &//-$1 &%
+).(2(*4#%: $&9#% +2) *$+/# 8#/&.# &2#6 !"#1 +%# (2*#$+%+80#: 8-4 &201 (2
4"# *#2*# 4"+4 4"#1 ,(00 &-4 9"+4 (* 4"#%# 8#/+-*# 2&4"(23 (* &-4*()# 4"#
*#+.0#** 0&3(/ &, %-0#6 \&9#%: +* K+&.( ?0#(2 _LMMP8a /&0&-%,-001 *-33#*4*:
(* *& #'#%19"#%#: (4 *##.* 2&9"#%#6 `4 (* $0+/#0#**: )#'&() &, +21 3#&3%+$"1:
0#4 +0&2# 4"# 7(2) 4"+4 0#2)* (4*#0, 4& #+*1 .+$$(236
["+4 $+** -2%#/&32(d#) (2 +00 &, 4"(*: &, /&-%*#: +%# 4"# )('#%*# 3#&35
%+$"(#* &, $&9#% 4"+4 ` "+'# &-40(2#)A 4"# 4&$&0&3(/+0 +%%+23#.#24* 4"+4
*-$$&*# 2#(4"#% )#,(2#) )(*4+2/#* 2&% (005)#,(2#) *&/(+0 *$+/#*6 J-4 4&
+$$%#/(+4# 4"(* )&#* 2&4 .#+2 4"+4 9# "+'# 4& +'&(): #'#2 (, 9# /&-0): +00
4+07 &, /#24%+0(d#) %#*&-%/#* +2) 4#%%(4&%(+001 #.8#))#) /+$+8(0(4(#* &% 4"#
)(*$#%*#) +2) )(,,-*# #,,#/4* &, 4"# #U#%/(*# &, $&9#%6 `4 (* e-*4 4"+4 +
/#24%#)^)#/#24%#) 8(2+%1 (* 2&4 $+%4(/-0+%01 "#0$,-0 (2 )%+9(23 +44#24(&2
4& 4"# .#)(+4#) +%%+23#.#24* &, $&9#% 4"+4 #U#%/(*# -*6 !"# ,+24+*1 &,
$&9#% +* *&.#4"(23 9"(/" (* ',/+') /#24%#) ") )#/#24%#) +00&9* -* 4& 8#0(#'#
4"+4: (, (4 )&#* 2&4 &'#%*4%#4/" (4*#0,: (4 %#.+(2* + ,&%/# 4& 8# %#/7&2#) 9(4":
&%: +04#%2+4('#01: (, (4 (* + ,&%/# *& $#%'+*('# +2) +00 #2/&.$+**(23 (2 (4* %#+/"
(4 0#+'#* 0(440# %&&. ,&% .+2&#-'%#6 F(4"#% 9+1: 4"# #,,#/4 (* $&4#24(+001
)(*+%.(236
`, $&9#% (* 4"&-3"4 &, +* /#24%#) (2 +2 &8'(&-*01 4+23(80# 9+1: 9"#4"#%
(2 4"# *"+$# &, *&.# g*0##$(23c 8(&4#/"2&0&31 3(+24 &% 4"# *"##% /&2/#25
4%+4(&2 &, E&0019&&)c* /-04-%+0 /+$+8(0(4(#*: 4"# ()#24(,(+80# 9"#%#+8&-4* &,
$&9#% (2'(4#* %#*(*4+2/# 4& (46 @4 9&%*4: 4"# $&9#%,-0 +2) 4"# $&9#%0#** +%#
0(2#) -$ (2 *&.# +**-.#) /&2,%&24+4(&2+0 ,&%.+4(&2: 9"#%# 4"# 0+44#%c*
+8(0(4(#* 4& &'#%/&.# 4"# g3%#+4#%c $&9#% +%# +09+1* (2 )&-846 `24#%%-$4(&2:

:VR

7EN7(_?FEN8 AF?2(%7\C 2EI\X

*-8'#%*(&2 +2) )(%#/4 &$$&*(4(&2 +%# +00 $&**(80#: 8-4 4& 4"(27 &, *-//##)(23
(2 *-/" +2 -2#B-+0 $&9#% $0+1 *##.* +0.&*4 4& 4#.$4 $%&'()#2/#6 !"-* (4 (*
#+*1 ,&% + )#3%## &, ,+4+0(*. 4& #24#% (24& 4"# $%&/##)(23*: +* #'#24*: (2 4%-#
J+%%1 E(2)#** _P]]ba %#+*&2(23: $+2 &-4 (2 ,+'&-% &, 4"# $&9#%,-06 D(7#5
9(*#: (, $&9#% (* 8#0(#'#) 4& "+'# 2& %#+0 9"#%#+8&-4* 4& *$#+7 &,: 2&
&8'(&-* 0+2).+%7* 4& 4+%3#4: $(44(23 &2#*#0, +3+(2*4 (4 (* + 4%(/71: (, 2&4
"&$#0#**: &$4(&26
`, 9# +8+2)&2 4"#*# +).(44#)01 %+4"#% *(.$0(*4(/ 1#4 *-%$%(*(2301 ,+.(0(+%
,&%.-0+4(&2* &, $&9#% +2) %#*(*4+2/#: +2) /&2/#24%+4# (2*4#+) &2 4"#
.#)(+4#) +%%+23#.#24* &, $&9#% *$#04 &-4 (2 4"(* 8&&7: + .&%# $%&'(*(&2+0:
0#** )+-24(23 '(#9 &, $&9#% &$#2* -$6 `2 4"# 7(2)* &, +%4(/-0+4#) +%%+23#5
.#24* 4"+4 ` "+'# #2)#+'&-%#) 4& *"&9: $&9#% &,4#2 .+7#* (4* $%#*#2/# ,#04
4"%&-3" + '+%(#41 &, .&)#* $0+1(23 +/%&** &2# +2&4"#%6 !"# #%&*(&2 &,
/"&(/#: 4"# /0&*-%# &, $&**(8(0(4(#*: 4"# .+2($-0+4(&2 &, &-4/&.#*: 4"# 4"%#+4
&, ,&%/#: 4"# +**#24 &, +-4"&%(41 &% 4"# (2'(4(23 3#*4-%#* &, + *#)-/4('#
$%#*#2/#: +2) 4"# /&.8(2+4(&2* 4"#%#&,: +%# +.&23 4"# )('#%*# 9+1* (2
9"(/" $&9#% $-4* -* (2 $0+/#6 @ *(.$0# )&.(2+4(&2^%#*(*4+2/# ,%+.#9&%7 (2
4"(* %#*$#/4 4%('(+0(d#* 4"# ,##0(23 ,&% 9"+4 $&9#% (* 9"#2 (4 (* 8%-*"#) -$
+3+(2*46 `4 .+44#%*: +* ` "+'# +%3-#) 4"%&-3"&-4 4"(* 8&&7: 4"+4 4"# .+21
+2) '+%(#) .&)+0(4(#* &, $&9#% +%# %#/&32(d#) +* /&2*4(4-4#) )(,,#%#2401 (2
*$+/# +2) 4(.#6 T4"#%9(*#: 9# 0&*# *(3"4 2&4 &201 &, 4"# .#)(+4#) 2+4-%# &,
$&9#%: 8-4 +0*& &, 9"+4 (4 (* 4"+4 /&2,%&24* -*6 J#,&%# 9# /+2 #.8+%7 -$&2
+04#%2+4('# $+4"* 4& +/4(&2 +2) *&/(+0 /"+23#: 9# 2##) 4& 8# +9+%# &, 9"+4 (4
(* 4"+4 9# ,+/# +2) "&9 $&9#% (2 (4* .&%# $%&'(*(&2+0 1#4 *$+4(+001 2-+2/#)
3-(*#* #U#%/(*#* -*6
[# 0&*# *(3"4 4&& &, 9"+4 (4 .#+2* 4& #23+3# (2 $44"-,$/,"3$% +%%+23#.#24*
&, $&9#% (2 %#*$&2*# 4& 4"&*# 9"& *##7 &201 (2*4%-.#24+0 +)'+24+3#6 `2 4"#
,&%.#%: $#&$0# +%# 2&4 $&9#%0#**h 4"#1 #U#%/(*# $&9#% 4"%&-3" 4"# $&*(4('#
*4%#234"* &, /&00+8&%+4('# +**&/(+4(&26 C(,,#%#24 .&)#* &, #.$&9#%.#24
#2+80# $#&$0# 4& /&.# 4&3#4"#% 4& $-%*-# + /&..&2 #2): 9(4"&-4 "+'(23 4&
,(4 4"#.*#0'#* (24& 4"# %#*(*4+2/# .&-0) &, $&0(4(/*6 K#3&4(+4(&2 +2) *"+%#)
&-4/&.#* %#$0+/# /&2,%&24+4(&2 +2) &$$&*(4(&2 +2) 4+7# -* (24& 4"# %#+0.
&, 4"# g$&9#% 4&c +/4: %+4"#% 4"+2 4"# )&.+(2 &, 4"# g$&9#%0#**c 9"& +%#
0(7#01 4& 8# 0#,4 ,##0(23 4"+4 g$&9#% &'#%c 4"#. (* +00 4"+4 4"#1 +%# #'#%1 0(7#01
4& #U$#%(#2/#6
["(/" 8%(23* .# ,-00 /(%/0# (2 *&.# 9+1*: ,&% ` *4+%4#) 4"(* 8&&7 81
.-*(23 +8&-4 4"# ,+/4 4"+4 4"# +**&/(+4(&2 &, $&9#% 9(4" 3#&3%+$"1 (* +
,+.(0(+% &2#: 1#4 .&%# .(*0#+)(23 4"+2 %#'#+0(23 +8&-4 9"+4 (4 /+2 4#00 -*
+8&-4 4"# )(,,#%#2/# 4"+4 3#&3%+$"1 .+7#* 4& 4"# #U#%/(*# &, $&9#%6 `4 *+1*
*&.#4"(23 +8&-4 4"# "&0) 4"+4 4"# 0+23-+3# &, g$&9#% &'#%c &4"#%* "+* &2
&-% *$+4(+0 (.+3(2+4(&2* 4"+4 4"# '#%1 ()#+ &, #.$&9#%.#24 %#.+(2#)
0+%3#01 4& &2# *()# &, .1 )#0(8#%+4(&2*6 `2 8%(23(23 4"# )(,,#%#2/#* 8#49##2
$+%4(/-0+% 7(2)* &, (2*4%-.#24+0 $&9#% 4& 4"# ,&%# +2) 9#+'(23 4"#. (2 +

7EN7(_?FEN8 AF?2(%7\C 2EI\X

:VZ

.&%# 3#&3%+$"(/+001 /-%(&-* )(+0&3-#: (4 (* $#%"+$* 4(.# 4& )& 0(7#9(*# ,&%
4"# /)$34C')4' .&)#* &, $&9#%* 4"+4 E+22+" @%#2)4 (2 $+%4(/-0+% ()#24(,(#)A
4"&*# 4"+4 (2'&0'# 4"# #U#%/(*# &, $&9#% 1,/+ %+4"#% 4"+2 &'#% &4"#%*6 ["(0*4
` 4&-/"#) -$&2 4"# $%#*#2/# &, *-/" .-4-+0 +/4(&2 (2 /"+$4#% Z: ` 4"(27 4"+4
9# "+'# 0&*4 *(3"4 &, 4"# 9"#%#+8&-4* &, 4"(* +04&3#4"#% )(,,#%#24 3-(*# &,
$&9#% 4&&6 \#%"+$* 4"+4 (* +2&4"#% 3#&3%+$"1 0&*4 9+(4(23 4& 8# ,&-2): &%
%+4"#%: ` *"&-0) *+1: 9+(4(23 4& 8# -2)#%*4&&) ,&% 4"# ,(%*4 4(.#6

90=&0",-./#B

@32#9: I6 _P]]Qa g!"# 4#%%(4&%(+0 4%+$A 4"# 3#&3%+$"(/+0 +**-.$4(&2* &, (24#%2+4(&2+0
%#0+4(&2* 4"#&%1c: !'C,'1 "6 23/')3$/,"3$% >"%,/,-$% L-"3"@# P_Pa: ONSRM6
@32#9: I6 _P]]Ra &'"*"%,/,-4A !'C,4,"3,3( P")%A >"%,/,-4: D&2)&2 +2) K#9 f&%7A
<&-40#)3#6
@32#9: I6 _P]]]a gG+$$(23 $&0(4(/+0 $&9#% 8#1&2) *4+4# 8&-2)+%(#*A 4#%%(4&%1:
()#24(41: +2) .&'#.#24 (2 9&%0) $&0(4(/*c: E,%%'33,5@ LR_Na: Q]]SOLP6
@32#9: I6 +2) H&%8%()3#: ;6 _P]]Oa E$4/'),3( .*$-'G K'('@"3#M F')),/")# $3A
23/')3$/,"3$% >"%,/,-$% L-"3"@#: D&2)&2 +2) K#9 f&%7A <&-40#)3#6
@7*&1: @6 +2) <&8(2*: ?6 _P]]La gE&0019&&) ,&% 4"# LP*4 /#24-%1A 30&8+0 /&.$#4(5
4(&2 ,&% /%(4(/+0 .+** (2 (.+3# .+%7#4*c: <$@;),A(' W"5)3$% "6 L-"3"@,-4 Pb_Pa:
PSLL6
@00#2: I6 _P]]Za gF/&2&.(#* &, $&9#% +2) *$+/#c (2 D##: <6 +2) [(00*: I6 _#)*a
&'"()$*+,'4 "6 L-"3"@,'4: D&2)&2 +2) K#9 f&%7A @%2&0): O]SZM6
@00#2: I6 _P]]]+a g;$+4(+0 +**#.80+3#* &, $&9#%c (2 G+**#1: C6: @00#2: I6 +2) ;+%%#:
\6 _#)*a K5@$3 &'"()$*+# F"A$#: H+.8%()3#A \&0(41: P]QSLPR6
@00#2: I6 _P]]]8a gH(4(#* &, $&9#% +2) (2,0-#2/#A *#440#) ,&%.+4(&2*c (2 @00#2: I6:
G+**#1 C6 +2) \%17#: G6 _#)*a X34'//%,3( <,/,'4G E"C'@'3/ $3A .'//%'@'3/:
D&2)&2 +2) K#9 f&%7A <&-40#)3#^ T$#2 >2('#%*(41: PRPSLPR6
@00#2: I6 _LMMM+a g\&9#%A (4* (2*4(4-4(&2+0 3-(*#* _+2) )(*3-(*#*ac (2 E-3"#*: =6 +2)
W#%3-**&2: <6 _#)*a Q)A'),3( :,C'4G S$@,%#M P")9 $3A P'%6$)': D&2)&2 +2) K#9
f&%7A <&-40#)3#^ T$#2 >2('#%*(41: ZSQN6
@00#2: I6 _LMMM8a gT2 =#&%3 ;(..#0A $%&U(.(41: )(*4+2/# +2) .&'#.#24c (2 H%+23:
G6 +2) !"%(,4: K6 _#)*a F+,39,3( .*$-': D&2)&2 +2) K#9 f&%7A <&-40#)3#:
OQSZM6
l !-+4"+(0: =6 _#)*a D
@00#2: I6 _LMMLa g\&9#%c (2 @32#9: I6: G(4/"#00: ?6 +2) T
<"@*$3,"3 /" >"%,/,-$% &'"()$*+#: TU,&%)A J0+/79#006
@00#2: I6 +2) \%17#: G6 _P]]Qa g!"# $%&)-/4(&2 &, *#%'(/# *$+/#c: L3C,)"3@'3/ $3A
>%$33,3( ?A ."-,'/# $3A .*$-' PL_Qa: QONSZO6
@.(2: @6 _LMMLa g;$+4(+0(4(#* &, 30&8+0(*+4(&2c: L3C,)"3@'3/ $3A >%$33,3( D NQ_Na:
NROS]]6

9F9(FE+X%2D<

:VV

@%#2)4: E6 _P]OPa F+' Q),(,34 "6 F"/$%,/$),$3,4@: K#9 f&%7A E+%/&-%4 J%+/#6
@%#2)4: E6 _P]ORa F+' K5@$3 <"3A,/,"3: H"(/+3& +2) D&2)&2A >2('#%*(41 &,
H"(/+3& \%#**6
@%#2)4: E6 _P]bPa 7'/1''3 >$4/ $3A S5/5)'G .,B LB')-,4'4 ,3 >"%,/,-$% F+"5(+/:
D&2)&2A W+8#% +2) W+8#%6
@%#2)4: E6 _P]ZMa Q3 H,"%'3-': ;+2 C(#3&A E+%'#*46
@%&2: <6 _P]Rba gE$-+/: $&9#%: *5,44$3-'A )#.&/%+4(/ $%&*# &% )#.&2(+/+0 $&#4%1kc
(2 D-7#*: ;6 _#)6a >"1'): TU,&%)A J0+/79#00: LONSZZ6
J+%2#*: J6 _P]RRa F+' I$/5)' "6 >"1'): TU,&%)A J0+/79#006
J+%2#44: H6 _P]]]a gH-04-%#: 3&'#%2.#24 +2) *$+4(+0(41A %#5+**#**(23 4"# ggW&-/+-04
#,,#/4cc (2 /-04-%+05$&0(/1 *4-)(#*c: 23/')3$/,"3$% W"5)3$% "6 <5%/5)$% ./5A,'4 L_Na:
Nb]S]Z6
J#+'#%*4&/7: I6 X6: ;.(4": <6 =6 +2) !+10&%: \6 I6 _P]]]+a g@ %&*4#% &, 9&%0) /(4(#*c:
<,/,'4 Pb_ba: QQOSOR6
J#+'#%*4&/7: I6 X6: ;.(4": <6 =6 +2) !+10&%: \6 I6 _P]]]8a g!"# 0&23 +%. &, 4"# 0+9A
D&2)&2c* 0+9 ,(%.* (2 + 30&8+0(*(23 9&%0) #/&2&.1c: L3C,)"3@'3/ $3A >%$33,3( D
NP_PMa: PROZSZb6
J#+'#%*4&/7: I6 X6: ;.(4": <6 =6 +2) !+10&%: \6 I6 _LMMM+a g=0&8+0(*+4(&2 +2) 9&%0)
/(4(#*A *&.# .#+*-%#.#24 .#4"&)&0&3(#*c: D**%,'A &'"()$*+# LM: QNSbN6
J#+'#%*4&/7: I6 X6: ;.(4": <6 =6 +2) !+10&%: \6 I6 _LMMM8a g[&%0)5/(41 2#49&%7A + 2#9
.#4+3#&3%+$"1kc: D33$%4 "6 /+' D44"-,$/,"3 "6 D@'),-$3 &'"()$*+')4 ]M_Pa: PLNSNQ6
J#2"+8(8: ;6 _P]]La .,/5$/,3( /+' .'%6G &'3A')M <"@@53,/# $3A >"4/@"A')3,4@ ,3
<"3/'@*")$)# L/+,-4: H+.8%()3#A \&0(416
J#2"+8(8: ;6 _P]]ba F+' !'%5-/$3/ E"A')3,4@ "6 K$33$+ D)'3A/: D&2)&2 +2)
!"&-*+2) T+7*: H@A ;+3#6
J#24&2: !6 _P]RPa gT8e#/4('# (24#%#*4* +2) 4"# &8e#/4('(41 &, $&9#%c: ."-,"%"(# PO:
PbPSRQ6
J"+*7+%: <6 _P]ZOa D !'$%,4/ F+'")# "6 .-,'3-': D##)*A D##)* J&&7*6
J"+*7+%: <6 _P]Z]a F+' >"44,;,%,/# "6 I$/5)$%,4@G D >+,%"4"*+,-$% <),/,J5' "6 /+'
<"3/'@*")$)# K5@$3 .-,'3-'4: J%(3"4&2A E+%'#*4#%6
J"+*7+%: <6 _P]Rba .-,'3/,6,- !'$%,4@ $3A K5@$3 L@$3-,*$/,"3: D&2)&2A X#%*&6
J"+*7+%: <6 _P]R]a !'-%$,@,3( !'$%,/#G D <),/,-$% 23/)"A5-/,"3 /" <"3/'@*")$)# >+,%=
"4"*+#: D&2)&2A X#%*&6
J"+*7+%: <6 _P]]Na ?,$%'-/,-G F+' >5%4' "6 S)''A"@: D&2)&2A X#%*&6
J"+*7+%: <6 _P]]Qa >%$/"M L/-YG F+' >)";%'@4 "6 >+,%"4"*+# $3A /+',) !'4"%5/,"3:
D&2)&2A X#%*&6
J(23"+.: K6 +2) !"%(,4: K6 _LMMMa g;&.# 2#9 (2*4%-/4(&2* ,&% 4%+'#00#%*A 4"#
3#&3%+$"1 &, J%-2& D+4&-% +2) G(/"#0 ;#%%#*c (2 H%+23: G6 +2) !"%(,4: K6
_#)*a F+,39,3( .*$-': D&2)&2 +2) K#9 f&%7A <&-40#)3#: LRPSNMP6
J&)#2: C6 +2) G&0&4/": E6 D6 _P]]Qa g!"# /&.$-0*(&2 &, $%&U(.(41c (2 W%(#)0+2): <6
+2) J&)#2: C6 _#)*a I"1K')'G .*$-'M F,@' $3A E"A')3,/#: J#%7#0#1: D&* @23#0#*
+2) D&2)&2A >2('#%*(41 &, H+0(,&%2(+ \%#**: LOZSRb6
J&-%)(#-: \6 _P]R]a g;&/(+0 *$+/# +2) *1.8&0(/ $&9#%c: ."-,"%"(,-$% F+'")# Z_Pa:
PQSLO6
J&-%)(#-: \6 _P]]Pa :$3(5$(' $3A .#@;"%,- >"1') _#)6 I6 J6 !"&.$*&2: 4%+2*6
=6 <+1.&2) +2) G6 @)+.*&2a: TU,&%)A \&0(416

G;;

9F9(FE+X%2D<

J%#22#%: K6 _P]]Ra gJ#49##2 ,(U(41 +2) .&4(&2A +//-.-0+4(&2: 4#%%(4&%(+0 %#&%3+25


(d+4(&2 +2) 4"# "(*4&%(/+0 3#&3%+$"1 &, *$+4(+0 */+0#*c: L3C,)"3@'3/ $3A >%$33,3(
?G ."-,'/# $3A .*$-' Pb_Qa: NZ]SOMQ6
J%&.0#1: ;6 _LMMPa g!"# 3&0)#2 *4%+(4e+/7#4A .&'(23 &2 ,%&. ;#+440#c: !$A,-$%
>+,%"4"*+# PMZ: OSPM6
J-%/"#00: =6: =&%)&2: =6 +2) G(00#%: \6 _#)*a _P]]Pa F+' S"5-$5%/ L66'-/G ./5A,'4 ,3
&"C')3@'3/$%,/#: H"(/+3&A >2('#%*(41 &, H"(/+3& \%#**6
H+0)#(%+: !6 _P]]ba gW&%4(,(#) #2/0+'#*A 4"# 2#9 -%8+2 *#3%#3+4(&2c: >5;%,- <5%/5)'4
R: NMNSLR6
H+00&2: G6 _P]Rba g;&.# #0#.#24* &, + *&/(&0&31 &, 4%+2*0+4(&2A )&.#*4(/+4(&2 &,
4"# */+00&$* +2) 4"# ,(*"#%.#2 &, ;4 J%(#-/ J+1c (2 D+9: I6 _#)6a >"1')M D-/,"3M $3A
7'%,'6G D I'1 ."-,"%"(# "6 Z3"1%'A('U: D&2)&2: J&*4&2 +2) E#20#1A <&-40#)3#
+2) ?#3+2 \+-0: P]bSLNN6
H+00&2: G6 +2) D+4&-%: J6 _P]RPa g>2*/%#9(23 4"# J(3 D#'(+4"+2A "&9 +/4&%*
.+/%&5*4%-/4-%# %#+0(41 +2) "&9 *&/(&0&3(*4* "#0$ 4"#. 4& )& *&c (2 ?2&%%5H#4(2+:
?6 +2) H(/&-%#0: @6 _#)*a DAC$3-'4 ,3 ."-,$% F+'")# $3A E'/+"A"%"(#G F"1$)A4 $3
23/'()$/,"3 "6 E,-)"= $3A E$-)"=."-,"%"(,'4: J&*4&2: D&2)&2 +2) E#20#1A <&-40#5
)3# +2) ?#3+2 \+-0: LZZSNMN6
H+*4#00*: G6 _P]]ba F+' !,4' "6 /+' I'/1")9 ."-,'/#: TU,&%)A J0+/79#006
H+*4#00*: G6 _LMMMa gG+4#%(+0* ,&% +2 #U$0+2+4&%1 4"#&%1 &, 4"# 2#49&%7 *&/(#41c:
7),/,4+ W"5)3$% "6 ."-,"%"(# OP_Pa: OSLQ6
H0+%7#: I6 +2) K#9.+2: I6 _P]]Za F+' E$3$('),$% ./$/'G >"1')M >"%,/,-4 $3A 2A'"%"(#
,3 /+' !'@$9,3( "6 ."-,$% P'%6$)': D&2)&2 +2) !"&-*+2) T+7*: H@A ;+3#6
H&/"%+2#: @6 +2) I&2+*: @6 _P]]]a g<#(.+3(2(23 J#%0(2A 9&%0) /(41: 2+4(&2+0 /+$(4+0
&% &%)(2+%1 $0+/#kc: L5)"*'$3 X);$3 $3A !'(,"3$% ./5A,'4 b: PQOSbQ6
H&&$#%: C6 _P]]Ra &"C')3,3( Q5/ "6 Q)A')G .*$-'M :$1 $3A /+' >"%,/,-4 "6 7'%"3(,3(:
D&2)&2 +2) K#9 f&%7A <('#%* T%+. \%#**6
H%+23: G6 _LMMPa g<"14".* &, 4"# /(41A 4#.$&%+0(*#) *$+/# +2) .&4(&2c (2 G+1:
I6 +2) !"%(,4: K6 _#)*a F,@'4*$-'G &'"()$*+,'4 "6 F'@*")$%,/#: D&2)&2 +2) K#9
f&%7A <&-40#)3#: PRZSLMZ6
H%+23: G6 +2) !%+'0&-: \6 ;6 _LMMPa g!"# /(41 +2) 4&$&0&3(#* &, .#.&%1c: L3C,)"3=
@'3/ $3A >%$33,3( ?G ."-,'/# $3A .*$-' P]_La: PbPSZZ6
C+"0: <6 @6 _P]OZa g!"# /&2/#$4 &, $&9#%c: 7'+$C,"5)$% .-,'3-' L: LMPSPO6
C+"0: <6 @6 _P]bPa P+" &"C')34U: K#9 E+'#2: H!A f+0# >2('#%*(41 \%#**6
C+081: ;6 _P]]Pa gH%(4(/+0 3#&$&0(4(/*A )(*/&-%*#: )(,,#%#2/#: +2) )(**#24c: L3C,)"3=
@'3/ $3A >%$33,3( ?A ."-,'/# $3A .*$-' ]_Na: LbPSRN6
l !-+4"+(0: =6 _P]]Ra _#)*a !'/+,39,3( &'"*"%,/,-4: D&2)&2A <&-40#5
C+081: ;6 +2) T
)3#6
C#+2: G6 _P]]b+a gW&-/+-04: 3&'#%2.#24 +2) 4"# #2,&0)(23 &, +-4"&%(41c (2 J+%%1:
@6: T*8&%2#: !6 +2) <&*#: K6 _#)*a S"5-$5%/ $3A >"%,/,-$% !'$4"3G :,;')$%,4@M
I'"%,;')$%,4@ $3A !$/,"3$%,/,'4 "6 &"C')3@'3/: D&2)&2A >HD \%#**: LM]SL]6
C#+2: G6 _P]]b8a g\-44(23 4"# 4#/"2&0&3(/+0 (24& 3&'#%2.#24c: K,4/")# "6 /+'
K5@$3 .-,'3-'4 ]_Na: QZSbR6
C#+2: G6 _P]]Ra gm-#*4(&2* &, .#4"&)c (2 X#0&)1: `6 +2) [(00(+.*: <6 _#)*a F+'
>"%,/,-4 "6 <"34/)5-/,"3,4@: D&2)&2 +2) !"&-*+2) T+7*: H@A ;+3#: PRLS]]6

9F9(FE+X%2D<

G;:

C#+2: G6 _P]]]a &"C')3@'3/$%,/#G >"1') $3A !5%' ,3 E"A')3 ."-,'/#: D&2)&2 +2)
!"&-*+2) T+7*: H@A ;+3#6
C#0#-d#: =6 _P]RRa S"5-$5%/ _4%+2*6 ;6 E#+)a: D&2)&2A @4"0&2# \%#**6
C#0#-d#: =6 _P]]Oa I'("/,$/,"34 _4%+2*6 G I&-3"(2a: K#9 f&%7A H&0-.8(+ >2('#%5
*(41 \%#**6
C#0#-d#: =6 +2) =-+44+%(: W6 _P]RRa D F+"54$3A >%$/'$54G <$*,/$%,4@ $3A .-+,N"=
*+)'3,$: D&2)&2A @4"0&2# \%#**6
C#0#-d#: =6 +2) \+%2#4: H6 _P]RZa ?,$%"(5'4: D&2)&2A @4"0&2# \%#**6
C(*/": D6 I6 _P]]Qa K$33$+ D)'3A/ $3A /+' :,@,/4 "6 >+,%"4"*+#: `4"+/+: Kf: +2)
D&2)&2A H&%2#00 >2('#%*(41 \%#**6
C&))*: ?6 _P]]Na g=#&$&0(4(/*: #U$#%4* +2) 4"# .+7(23 &, ,&%#(32 $&0(/1c: D)'$ LO:
ZMSQ6
C&))*: ?6 _P]]Qa g=#&$&0(4(/* (2 4"# W&%#(32 T,,(/#A J%(4(*" %#$%#*#24+4(&2* &, @%3#25
4(2+ P]QOSP]bPc: F)$34$-/,"34 "6 /+' 234/,/5/' "6 7),/,4+ &'"()$*+')4 P]: LZNS]M6
C&))*: ?6 _LMMMa &'"*"%,/,-4 ,3 $ <+$3(,3( P")%A: E+%0&9A \%#24(/# E+006
C&))*: ?6 +2) ;()+9+1: I6 C6 _P]]Qa gD&/+4(23 /%(4(/+0 3#&$&0(4(/*c: L3C,)"3@'3/
$3A >%$33,3( ?G ."-,'/# $3A .*$-' PL _Oa: OPQSLQ6
C%('#%: W6 _P]ROa g\&9#%: *$+/# +2) 4"# 8&)1A + /%(4(/+0 +**#**.#24 &, W&-/+-04c*
?,4-,*%,3' $3A >53,4+c: L3,C)"3@'3/ $3A >%$33,3( ?G ."-,'/# $3A .*$-' N _Qa:
QLOSQb6
C%('#%: W6 _P]]Na gJ&)(#* (2 *$+/#A W&-/+-04c* +//&-24 &, )(*/($0(2+%1 $&9#%c (2
I&2#*: H6 +2) \&%4#%: <6 _#)*a !'$44'44,3( S"5-$5%/G >"1')M E'A,-,3' $3A /+' 7"A#:
D&2)&2 +2) K#9 f&%7A <&-40#)3#: PPNSNP6
)- =+1: \6 _P]]ba <"345@*/,"3 $3A 2A'3/,/# $/ P")9: D&2)&2 +2) !"&-*+2) T+7*:
H@A ;+3#6
)- =+1: \6 _LMMMa 23 >)$,4' "6 75)'$5-)$-#: D&2)&2 +2) !"&-*+2) T+7*: H@A ;+3#6
F0)#2: ;6 _LMMPa E$**,3( /+' >)'4'3/G K',A'((')M S"5-$5%/ $3A /+' >)"O'-/ "6 $ .*$/,$%
K,4/")#: D&2)&2 +2) K#9 f&%7A H&24(2--.6
W&-/+-04: G6 _P]ZZa ?,4-,*%,3' $3A >53,4+G F+' 7,)/+ "6 /+' >),4"3 _4%+2*6 @6 ;"#%(5
)+2a: D&2)&2A @00#2 D+2#6
W&-/+-04: G6 _P]RMa >"1')RZ3"1%'A(' _#)6 H6 =&%)&2a: J%(3"4&2A E+%'#*4#%6
W&-/+-04: G6 _P]RLa g!"# *-8e#/4 +2) $&9#%c: (2 C%#1,-*: E6 D6 +2) <+8(2&9: \6
_#)*a: E,-+'% S"5-$5%/G 7'#"3A ./)5-/5)$%,4@ $3A K')@'3'5/,-4: J%(3"4&2A E+%'#*4#%:
LMRSLb6
W&-/+-04: G6 _P]RQa F+' K,4/")# "6 .'B5$%,/#M H"%Y [G D3 23/)"A5-/,"3: E+%.&2)*5
9&%4"A \#23-(26
W&-/+-04: G6 _P]Rba F+' K,4/")# "6 .'B5$%,/#M H"%Y \G F+' <$)' "6 /+' .'%6: E+%.&2)*5
9&%4"A \#23-(26
W&-/+-04: G6 _P]RR+a gT2 $&9#%c (2 ?%(4d.+2: D6 C6 _#)6a E,-+'% S"5-$5%/G >"%,/,-4M
>+,%"4"*+#M <5%/5)': D&2)&2 +2) K#9 f&%7A <&-40#)3#: H"+$.+2 +2) E+00:
]bSPM]6
W&-/+-04: G6 _P]RR8a g!"# #4"(/ &, /+%# ,&% 4"# *#0, +* + $%+/4(/# &, ,%##)&.c (2
J#%2+-#%: I6 +2) <+*.-**#2: C6 _#)*a: F+' S,3$% S"5-$5%/: J&*4&2: G@A G`!
\%#**6
W&-/+-04: G6 _P]RR/a g!#/"2&0&3(#* &, 4"# *#0,c: (2 G+%4(2: D6 E6: =-4.+2: E6 +2)
E-44&2: \6 E6 _#)*a F'-+3"%"(,'4 "6 /+' .'%6: D&2)&2A !+'(*4&/7: PbSQ]6

G;G

9F9(FE+X%2D<

W&-/+-04: G6 _P]]Pa g=&'#%2.#24+0(41c (2 J-%/"#00: =6: =&%)&2: H6 +2) G(00#%: \6


_#)*a F+' S"5-$5%/ L66'-/G ./5A,'4 ,3 &"C')3@'3/$%,/#: E#.#0 E#.$*4#+)A E+%5
'#*4#% ["#+4*"#+,: RZSPMQ6
W&-/+-04: G6 _LMMP+a g ggT.2#* #4 *(23-0+4(.ccA 4&9+%) + /%(4(B-# &, $&0(4(/+0
%#+*&2c: (2 W&-/+-04: G6 >"1'): L44'3/,$% P")94M H"%Y \ _#)6 I6 C6 W+-8(&2: 4%+2*6
<6 E-%0#1a: E+%.&2)*9&%4"A @00#2 D+2#: L]RSNLO6
W&-/+-04: G6 _LMMP8a g;$+/#: 72&90#)3# +2) $&9#%c: (2 W&-/+-04: G6 >"1'):
L44'3/,$% P")94M H"%Y \ _#)6 I6 C6 W+-8(&2: 4%+2*6 <6 E-%0#1a: E+%.&2)*9&%4"A
@00#2 D+2#: NQ]SbQ6
=())#2*: @6 _P]ZZa ./5A,'4 ,3 ."-,$% $3A >"%,/,-$% F+'")#: D&2)&2A E-4/"(2*&26
=())#2*: @6 _P]Z]a <'3/)$% >)";%'@4 ,3 ."-,$% F+'")#G D-/,"3M ./)5-/5)' $3A <"3/)$=
A,-/,"3 ,3 ."-,$% D3$%#4,4: J+*(23*4&7#A G+/.(00+26
=())#2*: @6 _P]RPa D <"3/'@*")$)# <),/,J5' "6 K,4/"),-$% E$/'),$%,4@: D&2)&2 +2)
J+*(23*4&7#A G+/.(00+26
=())#2*: @6 _P]RQa F+' <"34/,/5/,"3 "6 ."-,'/#G Q5/%,3' "6 $ F+'")# "6 ./)5-/5)$/,"3:
H+.8%()3#A \&0(416
=())#2*: @6 _P]ROa F+' I$/,"3 ./$/' $3A H,"%'3-': H+.8%()3#A \&0(416
=())#2*: @6 _P]]Ma F+' <"34'J5'3-'4 "6 E"A')3,/#: H+.8%()3#A \&0(416
=())#2*: @6 _P]]Qa gD('(23 (2 + $&*454%+)(4(&2+0 *&/(#41c (2 J#/76 >6: =())#2*: @6
+2)6 D+*": ;6 _#)*a: !'6%'B,C' E"A')3,N$/,"3G >"%,/,-4M F)$A,/,"3 $3A D'4/+'/,-4 ,3 /+'
E"A')3 ."-,$% Q)A'): H+.8%()3#A \&0(41: ObSPM]6
=&%)&2: H6 _P]RZa g!"# *&-0 &, 4"# /(4(d#2A G+U [#8#% +2) G(/"#0 W&-/+-04 &2
%+4(&2+0(41 +2) 3&'#%2.#24c (2 ["(.*4#%: ;6 +2) D+*": ;6 _#)*a E$B P';')M
!$/,"3$%,/# $3A E"A')3,/#: D&2)&2A @00#2 +2) >29(2: L]NSNPb6
=&%)&2: H6 _P]]Pa g=&'#%2.#24+0 %+4(&2+0(41A +2 (24%&)-/4(&2c (2 J-%/"#00: =6:
=&%)&2: H6 +2) G(00#%: \6 _#)*a F+' S"5-$5%/ L66'-/G ./5A,'4 ,3 &"C')3@'3/$%,/#:
PSOP6
=&%)&2: H6 _LMMPa g`24%&)-/4(&2c (2 W&-/+-04: G6 >"1')M L44'3/,$% P")94M H"%Y \ _#)6
I6 C6 W+-8(&2: 4%+2*6 <6 E-%0#1a: E+%.&2)*9&%4"A @00#2 D+2#: U(SU0(6
=%+"+.: ;6 _P]]R+a g;$+/#* &, *-%'#(00+24 *(.-0+4(&2A 2#9 4#/"2&0&3(#*: )(3(4+0
%#$%#*#24+4(&2* +2) .+4#%(+0 3#&3%+$"(#*c: L3C,)"3@'3/ $3A >%$33,3( ?G ."-,'/#
$3A .*$-' Pb_Qa: QRNSOMQ6
=%+"+.: ;6 _P]]R8a g!"# #2) &, 3#&3%+$"1 &% 4"# #U$0&*(&2 &, $0+/#k H&2/#$4-+05
(d(23 *$+/#: $0+/# +2) (2,&%.+4(&2 4#/"2&0&31c: >)"()'44 ,3 K5@$3 &'"()$*+#
LL_La: PbOSRO6
=%#3&%1: C6 _P]]Qa &'"()$*+,-$% 2@$(,3$/,"34: TU,&%)A J0+/79#006
=%#3&%1: C6 _P]]Oa g`.+3(2+4('# 3#&3%+$"(#*c: >)"()'44 ,3 K5@$3 &'"()$*+# P]_Qa:
QQZSRO6
=%#3&%1: C6 _P]]Ra g\&9#%: 72&90#)3# +2) 3#&3%+$"1c: &'"()$*+,4-+' ]',/4-+),6/
Rb_La: ZMS]N6
E+8#%.+*: I6 _P]ZZa gE+22+" @%#2)4c* /&..-2(/+4(&2* /&2/#$4 &, $&9#%c: ."-,$%
!'4'$)-+: ;$%(23: NSLQ6
E+8#%.+*: I6 _P]R]a F+' ./)5-/5)$% F)$346")@$/,"3 "6 /+' >5;%,- 4*+')'G D3 23J5,)# ,3/"
$ <$/'(")# "6 7"5)('",4 ."-,'/#: H+.8%()3#A \&0(416
E+/7(23: `6 _P]Rba gG+7(23 -$ $#&$0#c: (2 E#00#%: !6 H6 #4 +06 _#)*a: !'-"34/)5-/,3(
23A,C,A5$%,4@: ;4+2,&%)A ;4+2,&%) >2('#%*(41 \%#**: LLLSNb6

9F9(FE+X%2D<

G;M

E+%)4: G6 +2) K#3%(: @6 _LMMMa L@*,)': H+.8%()3#: G@A E+%'+%) >2('#%*(41


\%#**6
E+%%#l: <6 +2) G+))#2: W6 E6 _P]ZOa <$54$% >"1')4G D F+'")# "6 I$/5)$% I'-'44,/#:
TU,&%)A J0+/79#006
E+%4*&/7: K6 _P]ROa E"3'#M .'B $3A >"1'): J&*4&2A K&%4"#+*4#%2 >2('#%*(41 \%#**66
E+%'#1: C6 _P]RLa F+' :,@,/4 /" <$*,/$%: TU,&%)A J0+/79#006
E+%'#1: C6 _P]R]a F+' <"3A,/,"3 "6 >"4/@"A')3,/#: TU,&%)A J0+/79#006
E#4"#%(234&2: ?6 +2) D+9: I6 _LMMMa g!"#.# (**-#A +,4#% 2#49&%7*c: L3C,)"3@'3/
$3A >%$33,3( ?G ."-,'/# $3A .*$-' PR_La: PLZSNL6
E(2/"0(,,#: ;6 _LMMMa gF24+230#) "-.+2*A *$#/(,1(23 $&9#%* +2) 4"#(% *$+4(+0(4(#*c (2
;"+%$#: I6 \6: <&-40#)3#: \6: \"(0&: H6 +2) \+))(*&2: <6 _#)*a L3/$3(%'@'3/4 "6
>"1')G &'"()$*+,'4 "6 ?"@,3$/,"3R!'4,4/$3-': D&2)&2 +2) K#9 f&%7A <&-40#)3#:
LP]SNZ6
E(2)#**: J6 _P]]ba ?,4-"5)4'4 "6 >"1')A S)"@ K";;'4 /" S"5-$5%/: TU,&%)A J0+/79#006
E&9#: K6 _P]]Ra gJ#%0(2 G(44#c: ?,44'3/: [(24#%: ZPSRP6
E&9#00: \6 _P]]Na g\-80(/ *$+/# +2) 4"# $-80(/ *$"#%#A $&0(4(/+0 4"#&%1 +2) 4"#
"(*4&%(/+0 3#&3%+$"1 &, .&)#%2(41c: L3C,)"3@'3/ $3A >%$33,3( ?G ."-,'/# $3A .*$-'
PP_Na: NMNSLL6
E*(23: f65!6 _P]]Ra E$9,3( <$*,/$%,4@ ,3 <+,3$G F+' F$,1$3 <"33'-/,"3: K#9 f&%7
+2) TU,&%)A TU,&%) >2('#%*(41 \%#**6
E-1**#2: @6 _P]]Za g!"# '&()* &, J#%0(2c: <),/,-$% 23J5,)# LQ: OZSRP6
`*++/: I6 H6 _P]RZa >"1') $3A E$)B,4/ F+'")#G D !'$%,4/ H,'1: `4"+/+: Kf: +2)
D&2)&2A H&%2#00 >2('#%*(41 \%#**6
I#**&$: J6 _LMMMa g!"# /%(*(* &, 4"# 2+4(&2+0 *$+4(&54#.$&%+0 ,(U +2) 4"# 4#2)#24(+0
#/&0&3(/+0 )&.(2+2/# &, 30&8+0(d(23 /+$(4+0(*.c: 23/')3$/,"3$% W"5)3$% "6 X);$3 $3A
!'(,"3$% !'4'$)-+ LQ _La: NLNSbM6
?#%2: ;6 _P]RNa F+' <5%/5)' "6 F,@' $3A .*$-' [^^_`[a[^: H+.8%()3#: G@A E+%5
'+%) >2('#%*(41 \%#**6
?0#(2: K6 _LMMP+a I" :"(": D&2)&2A W0+.(23&6
?0#(2: K6 _LMMP8a g<#/0+(.(23 4"# /&..&2*c: I'1 :'6/ !'C,'1 ]: RPS]6
?%+/+-#%: ;6 _P]]Oa F+' E$44 Q)3$@'3/G P',@$) L44$#4 _#)6 +2) 4%+2*6 !6 f6 D#'(2a:
H+.8%()3#: G@A E+%'+%) >2('#%*(41 \%#**6
D+4&-%: J6 _P]Rba g!"# $&9#%* &, +**&/(+4(&2c (2 D+9: I6 _#)6a: >"1')M D-/,"3 $3A
7'%,'6A D I'1 ."-,"%"(# "6 Z3"1%'A('U: D&2)&2: J&*4&2 +2) E#20#1A <&-40#)3#
+2) ?#3+2 \+-0: LbQSRM6
D+4&-%: J6 _P]RZa .-,'3-' ,3 D-/,"3: H+.8%()3#: G@A E+%'+%) >2('#%*(41 \%#**6
D+4&-%: J6 _P]RRa F+' >$4/'5),N$/,"3 "6 S)$3-' _4%+2*6 @6 ;"#%()#2 +2) I6 D+9a:
H+.8%()3#: G@A E+%'+%) >2('#%*(41 \%#**6
D+4&-%: J6 _P]]Pa g!#/"2&0&31 (* *&/(#41 .+)# )-%+80#c (2 D+9: I6 _#)6a D ."-,"%"(#
"6 E"34/')4G L44$#4 "3 >"1')M F'-+3"%"(# $3A ?"@,3$/,"3: D&2)&2 +2) K#9 f&%7A
<&-40#)3#: PMNSNP6
D+4&-%: J6 _P]]Na P' K$C' I'C') 7''3 E"A')3 _4%+2*6 H6 \&44#%a: E#.#0 E#.$5
*4#+)A E+%'#*4#% ["#+4*"#+,6
D+4&-%: J6 _P]]ba D)$@,4G Q) /+' :"C' "6 F'-+3"%"(#: H+.8%()3#: G@A E+%'+%)
>2('#%*(41 \%#**6

G;Q

9F9(FE+X%2D<

D+4&-%: J6 _P]]]+a >$3A")$T4 K"*'G L44$#4 "3 /+' !'$%,/# "6 .-,'3-' ./5A,'4: H+.5
8%()3#: G@A E+%'+%) >2('#%*(41 \%#**6
D+4&-%: J6 _P]]]8a gT2 %#/+00(23 @K!c (2 D+9: I6 +2) E+**+%): I6 _#)*a D-/")
I'/1")9 F+'")# $3A D6/'): TU,&%)A J0+/79#00: POSLO6
D+9: I6 _P]Rb+a gT2 4"# .#4"&)* &, 0&235)(*4+2/# /&24%&0A '#**#0*: 2+'(3+4(&2 +2)
4"# \&%4-3-#*# %&-4# 4& `2)(+c (2 D+9: I6 _#)6a >"1')M D-/,"3 $3A 7'%,'6G D I'1
."-,"%"(# "6 Z3"1%'A('U: D&2)&2: J&*4&2 +2) E#20#1A <&-40#)3# +2) ?#3+2 \+-0:
LNQSbN6
D+9: I6 _P]Rb8a gT2 $&9#% +2) (4* 4+/4(/*A + '(#9 ,%&. 4"# *&/(&0&31 &, */(#2/#c:
."-,"%"(,-$% !'C,'1: NQ: PSNR6
D+9: I6 _P]]]a g@,4#% @K!A /&.$0#U(41: 2+.(23 +2) 4&$&0&31c (2 D+9: I6 +2)
E+**+%): I6 _#)*a D-/") I'/1")9 F+'")# $3A D6/'): TU,&%)A J0+/79#00: PSPQ6
D+9: I6 +2) E+**+%): I6 _P]]]a _#)*a D-/") I'/1")9 F+'")# $3A D6/'): TU,&%)A
J0+/79#006
D#,#8'%#: E6 _P]bRa ?,$%'-/,-$% E$/'),$%,4@ _4%+2*6 I6 ;4-%%&/7a: D&2)&2A I&2+4"+2
H+$#6
D#,#8'%#: E6 _P]]P+a F+' >)"A5-/,"3 "6 .*$-' _4%+2*6 C6 K(/"&0*&2 ;.(4"a: TU,&%)A
J0+/79#006
D#,#8'%#: E6 _P]]P8a <),/,J5' "6 LC')#A$# :,6'M H"%Y 2 _4%+2*6 I6 G&&%#a: D&2)&2A
X#%*&6
D#,#8'%#: E6 _P]]ba P),/,3(4 "3 <,/,'4 _4%+2*6 +2) #)* F6 ?&,.+2 +2) F6 D#8+*a:
TU,&%)A J0+/79#006
D($&'#4*71: =6 _P]]Qa F+' L@*,)' "6 S$4+,"3G ?)'44,3( E"A')3 ?'@"-)$-# _4%+2*6
H6 \&%4#%a: \%(2/#4&2: KIA \%(2/#4&2 >2('#%*(41 \%#**6
D-7#*: ;6 _P]ZQa >"1')G D !$A,-$% H,'1: D&2)&2A G+/.(00+26
G/K+1: D6 _P]]Qa S"5-$5%/G D <),/,-$% 23/)"A5-/,"3: H+.8%()3#A \&0(416
G+22: G6 _P]RQa g!"# +-4&2&.&-* $&9#% &, 4"# *4+4#A (4* &%(3(2*: .#/"+2(*.* +2)
%#*-04*c: D)-+,C'4 L5)"*'b'33'4 A' ."-,"%"(,' LO: PROSLPN6
G+22: G6 _P]Rba F+' ."5)-'4 "6 ."-,$% >"1')M H"%Y 2G D K,4/")# "6 >"1') 6)"@ /+'
7'(,33,3( /" D? [cd_: H+.8%()3#A H+.8%()3# >2('#%*(41 \%#**6
G+22: G6 _P]]Na F+' ."5)-'4 "6 ."-,$% >"1')M H"%Y 22G F+' !,4' "6 <%$44'4 $3A I$/,"3
./$/'4M [cd_`[a[e: H+.8%()3#A H+.8%()3# >2('#%*(41 \%#**6
G+22: G6 _LMMPa g=0&8+0(d+4(&2 +2) ;#$4#.8#% PPc: I'1 :'6/ !'C,'1 PL: OPSZL6
G+**#1: C6 _P]]Na g\&9#%53#&.#4%1 +2) + $%&3%#**('# *#2*# &, $0+/#c (2 J(%): I6:
H-%4(*: J6: \-42+.: !6: <&8#%4*&2: =6 +2) !(/72#%: D6 _#)*a E$**,3( /+' S5/5)'4G
:"-$% <5%/5)'4M &%";$% <+$3(': D&2)&2A <&-40#)3#: O]Sb]6
G+**#1: C6 _P]]Qa g@ 30&8+0 *#2*# &, $0+/#c (2 G+**#1: C6 .*$-'M >%$-' $3A &'3A'):
TU,&%)A \&0(41: PQbSOb6
G+**#1: C6 _P]]]a >"1')=&'"@'/),'4 $3A /+' >"%,/,-4 "6 .*$-'=F,@': E#442#%5D#/4-%#:
C#$+%4.#24 &, =#&3%+$"1: >2('#%*(41 &, E#()#08#%36
G(/"(#: <6 H6 _P]]La F+' <,/# "6 :"3A"3G <"3/,35,/# $3A <+$3('M [^f_`[af_:
D&2)&2A G+/.(00+26
G(00#%: \6 +2) <&*#: K6 _P]]Ma g=&'#%2(23 #/&2&.(/ 0(,#c: L-"3"@# $3A ."-,'/#
P]_Pa: PSNP6
G(00*: H6 [6 _P]Oba F+' >"1') L%,/': D&2)&2: TU,&%) +2) K#9 f&%7A TU,&%)
>2('#%*(41 \%#**6

9F9(FE+X%2D<

G;L

G(4/"#00: !6 _P]RRa <"%"3,N,3( L(#*/: H+.8%()3#A H+.8%()3# >2('#%*(41 \%#**6


G&%#44(: W6 _LMMPa g\0+2#4 E&0019&&)c: I'1 :'6/ !'C,'1 ]: ]MSPMP6
G&%0#1: C6 +2) <&8(2*: ?6 _P]]Oa .*$-'4 "6 2A'3/,/#G &%";$% E'A,$M L%'-/)"3,:$3A4-$*'4 $3A <5%/5)$% 7"53A$),'4: D&2)&2 +2) K#9 f&%7A <&-40#)3#6
G-(%: <6 _P]]Za >"%,/,-$% &'"()$*+#G D I'1 23/)"A5-/,"3: J+*(23*4&7#A G+/.(00(+26
G-%)&/": I6 _P]]Za g!&9+%)* + 3#&3%+$"1 &, "#4#%&3#2#&-* +**&/(+4(&2*c: (2 >)"=
()'44 ,3 K5@$3 &'"()$*+# LP_Na: NLPSNZ6
G-%)&/": I6 _P]]Ra g!"# *$+/#* &, +/4&%52#49&%7 4"#&%1c: &'"6")5@ L]_Qa:
NOZSZQ6
K#3%(: @6 _P]]Pa F+' .$C$(' D3"@$%#G F+' >"1') "6 .*,3"N$T4 E'/$*+#4,-4 $3A
>"%,/,-4 _4%+2*6 G6 E+%)4a: G(22#+$&0(* +2) TU,&%)A >2('#%*(41 &, G(22#*&4+
\%#**6
K#9.+2: C6 _P]]]a _#)6a 7"53A$),'4M F')),/")# $3A >"4/@"A')3,/#: D&2)&2 +2)
\&%40+2)A W%+27 H+**6
TcG+00#1: \6 _LMMMa g>2/#%4+(2 *-8e#/4*A %(*7*: 0(8#%+0(*. +2) /&24%+/4c: L-"3"@#
$3A ."-,'/# L]_Qa: QbMSRQ6
TcG+00#1: \6: [#(%: D6 +2) ;"#+%(23: H6 _P]]Za g=&'#%2.#24+0(41: /%(4(/(*.: $&0(45
(/*c: L-"3"@# $3A ."-,'/# Lb_Qa: OMPSPZ6
T38&%2: G6 _P]]Ra .*$-'4 "6 E"A')3,/#G :"3A"3T4 &'"()$*+,'4M [d^_`[c^_: D&2)&2
+2) K#9 f&%7A =-(0,&%) \%#**6
T0)*: ?6 _P]]Oa g=0&8+0(d+4(&2 +2) 4"# $%&)-/4(&2 &, 2#9 -%8+2 *$+/#*A \+/(,(/
<(. .#3+$%&e#/4* (2 4"# 0+4# 49#24(#4" /#24-%1c: L3C,)"3@'3/ $3A >%$33,3( D LZ:
PZPNSQQ6
T23: @6 +2) K&2(2(: C6 _P]]Za _#)*a X3()"53A'A L@*,)'4G F+' <5%/5)$% >"%,/,-4 "6
E"A')3 <+,3'4' F)$343$/,"3$%,4@4: K#9 f&%7A <&-40#)3#6
T*8&%2#: !6 _P]]Ra D4*'-/4 "6 L3%,(+/'3@'3/G ."-,$% F+'")# $3A /+' L/+,-4 "6 F)5/+:
D&2)&2A >HD \%#**6
T*8&%2#: !6 +2) <&*#: K6 _P]]]a g=&'#%2(23 /(4(#*A 2&4#* &2 4"# *$+4(+0(*+4(&2 &,
'(%4-#c: L3C,)"3@'3/ $3A >%$33,3( ?G ."-,'/# $3A .*$-' PZ_ba: ZNZSbM6
l !-+4"+(0: =6 _P]]Qa g_C(*a$0+/(23 3#&$&0(4(/*A 9%(4(23 &2 4"# .+$* &, 30&8+0
T
$&0(4(/*c: L3C,)"3@'3/ $3A >%$33,3( ?A ."-,'/# $3A .*$-' PL_Oa: OLOSQb6
l !-+4"+(0: =6 _P]]ba <),/,-$% &'"*"%,/,-4G F+' >"%,/,-4 "6 P),/,3( &%";$% .*$-':
T
D&2)&2A <&-40#)3#6
l !-+4"+(0: =6: C+081: ;6 +2) <&-40#)3#: \6 _P]]Ra _#)*a F+' &'"*"%,/,-4 !'$A'):
T
D&2)&2A <&-40#)3#6
\+(24#%: I6 _P]]Oa >"%,/,-4M &'"()$*+# $3A V>"%,/,-$% &'"()$*+#c: D&2)&2A @%2&0)6
\+(24#%: I6 _LMMMa g\(#%%# J&-%)(#-c (2 H%+23: G6 +2) !"%(,4: K6 _#)*a F+,39,3(
.*$-': D&2)&2 +2) K#9 f&%7A <&-40#)3#: LN]SO]6
\+%*&2*: !6 _P]OZa g!"# )(*4%(8-4(&2 &, $&9#% (2 @.#%(/+2 *&/(#41c: P")%A >"%,/,-4
PM: PLNSQN6
\+%*&2*: !6 _P]bNa gT2 4"# /&2/#$4 &, $&0(4(/+0 $&9#%c: >)"-''A,3(4 "6 /+' D@'),-$3
>+,%"4"*+,-$% ."-,'/# PMZ: LNLSbL6
\#4#%*: <6 ;6 _P]bZa g@-4"&%(41c (2 m-(24&2: @6 _#)6a >"%,/,-$% >+,%"4"*+#: TU,&%)A
TU,&%) >2('#%*(41 \%#**: RNS]b6
\#4#%*: !6 +2) [+4#%.+2: <6 E6 _P]RLa 23 .'$)-+ "6 LB-'%%'3-': K#9 f&%7A E+%$#%
+2) <&96

G;R

9F9(FE+X%2D<

\"(0&: H6 _P]]La gW&-/+-04c* 3#&3%+$"1c: L3C,)"3@'3/ $3A >%$33,3( ?G ."-,'/# $3A


.*$-' PM_La: PNZSbL6
\(0#: ;6 _P]]Za g`24%&)-/4(&2A &$$&*(4(&2: $&0(4(/+0 ()#24(4(#* +2) *$+/#* &, %#*(*45
+2/#c (2 \(0#: ;6 +2) ?#(4": G6 _#)*a &'"()$*+,'4 "6 !'4,4/$3-': D&2)&2A <&-40#)3#:
PSNL6
<#))(23: ;6 =6 _P]]Ma F+' .*,),/ "6 <+,3'4' <$*,/$%,4@: K#9 f&%7A )# =%-14#%6
<#l#: I6 _LMMMa 2 .'' $ H",-'G D >+,%"4"*+,-$% K,4/")#: D&2)&2A W0+.(23&6
<(/"(#: @6 _P]]]a S$54/T4 E'/)"*"%,4G D K,4/")# "6 7')%,3: D&2)&2A E+%$#%H&00(2*6
<&8(2*&2: I6 _P]]ba F+' >"1') "6 D*$)/+',AG ./$/'M >"1') $3A .*$-' ,3 ."5/+ D6),-$3
<,/,'4: TU,&%)A J-44#%9&%4" E#(2#.+226
<&*#: K6 _P]]La g=&'#%2(23 4"# #24#%$%(*(23 *#0,c (2 E##0+*: \6 +2) G&%%(*: \6 _#)*a
F+' H$%5'4 "6 /+' L3/')*),4' <5%/5)'G F+' E")$% ?';$/': D&2)&2A <&-40#)3#:
PQPSbQ6
<&*#: K6 _P]]Na g=&'#%2.#24: +-4"&%(41 +2) #U$#%4(*# (2 +)'+2/#) 0(8#%+0(*.c:
L-"3"@# $3A ."-,'/# LL_Na: LRNS]]6
<&*#: K6 _P]]Qa gFU$#%4(*# +2) 4"# 3&'#%2.#24 &, /&2)-/4c: ./5A,'4 ,3 :$1M >"%,/,-4
$3A ."-,'/# PQ: NO]S]Z6
<&*#: K6 _P]]b+a g@-4"&%(41 +2) 4"# 3#2#+0&31 &, *-8e#/4('(41c (2 E##0+*: \6: D+*":
;6 +2) G&%%(*: \6 _#)*a ?'/)$A,/,"3$%,N$/,"3: TU,&%)A J0+/79#00: L]QSNLZ6
<&*#: K6 _P]]b8a g=&'#%2(23 gg+)'+2/#)cc 0(8#%+0 )#.&/%+/(#*c (2 J+%%1: @6:
T*8&%2#: !6 +2) <&*#: K6 _#)*a S"5-$5%/ $3A >"%,/,-$% !'$4"3: D&2)&2A >HD
\%#**: NZSbQ6
<&*#: K6 _P]]]a >"1')4 "6 S)''A"@G !'6)$@,3( >"%,/,-$% F+"5(+/: H+.8%()3#A H+.5
8%()3# >2('#%*(41 \%#**6
<&*#: K6 +2) G(00#%: \6 _P]]La g\&0(4(/+0 $&9#% 8#1&2) 4"# *4+4#A $%&80#.+4(/* &,
3&'#%2.#24c: 7),/,4+ W"5)3$% "6 ."-,"%"(# QN_La: PZNSLMO6
<&*#2+-: I6 K6 _P]]Za D%"3( /+' ?"@'4/,-`S")',(3 S)"3/,')G LB*%"),3( &"C')3$3-' ,3 $
F5);5%'3/ P")%A: H+.8%()3#A H+.8%()3# >2('#%*(41 \%#**6
;+(): F6 [6 _P]ZRa Q),'3/$%,4@: K#9 f&%7A \+24"#&26
;+(): F6 [6 _P]RQa F+' P")%AM /+' F'B/ $3A /+' <),/,-: D&2)&2 +2) J&*4&2A W+8#% +2)
W+8#%6
;+(): F6 [6 _P]]Qa <5%/5)' $3A 2@*'),$%,4@: D&2)&2A X(24+3#6
;+**#2: ;6 _P]]Pa F+' &%";$% <,/#A I'1 g")9M :"3A"3M F"9#": \%(2/#4&2: KIA \%(2/#5
4&2 >2('#%*(41 \%#**6
;+**#2: ;6 _P]]Qa <,/,'4 ,3 $ P")%A L-"3"@#: !"&-*+2) T+7*: H@A \(2# W&%3#^;+3#6
;+**#2: ;6 _P]]Oa gT2 /&2/#24%+4(&2 +2) /#24%+0(41 (2 4"# 30&8+0 /(41c (2 ?2&U: \6 D6
+2) !+10&%: \6 I6 _#)*a P")%A <,/,'4 ,3 $ P")%A .#4/'@: H+.8%()3#A H+.8%()3#
>2('#%*(41 \%#**: bNSZO6
;+**#2: ;6 _P]]ba :"4,3( <"3/)"%G ."C')',(3/# ,3 $3 D(' "6 &%";$%,N$/,"3: K#9 f&%7A
H&0-.8(+ >2('#%*(41 \%#**6
;+**#2: ;6 _P]]Ra &%";$%,N$/,"3 $3A ,/4 ?,4-"3/'3/4: K#9 f&%7A K#9 \%#**6
;+**#2: ;6 _P]]]a gC(3(4+0 2#49&%7* +2) $&9#%c (2 W#+4"#%*4&2#: G6 +2) D+*": ;6
_#)*a .*$-'4 "6 <5%/5)'G <,/#M I$/5)'M P")%A: D&2)&2 +2) !"&-*+2) T+7*: H@A
;+3#: Q]SbN6
;+**#2: ;6 _LMMMa g!#%%(4&%1 +2) 4#%%(4&%(+0(41 (2 4"# 30&8+0 #/&2&.1c: 23/')3$/,"3$%
."-,"%"(# PO_La: NZLS]N6

9F9(FE+X%2D<

G;Z

;+1#%: @6 _P]]La E'/+"A ,3 ."-,$% .-,'3-'G D !'$%,4/ D**)"$-+: L2) #)(4(&2: D&2)&2
+2) K#9 f&%7A <&-40#)3#6
;+1#%: @6 _LMMMa !'$%,4@ $3A ."-,$% .-,'3-': D&2)&2 +2) !"&-*+2) T+7*: H@A ;+3#6
;/&44: @6 +2) ;4%##4: I6 _LMMMa g!"# -*# &, $&$-0+% /-04-%# +2) 2#9 .#)(+ (2 $+%4(#*
+2) *&/(+0 .&'#.#24*c: 236")@$/,"3M <"@@53,-$/,"3 $3A ."-,'/# N_La: LPOSQM6
;/&44: C6 _P]]Oa gH&0&2(+0 3&'#%2.#24+0(41c: ."-,$% F'B/ O_Na: P]PSLLM6
;#22#44: <6 _P]RMa D5/+"),/#: K#9 f&%7 +2) D&2)&2A [6 [6 K&%4&26
;#22#44: <6 _P]]Ma F+' <"34-,'3-' "6 /+' L#': D&2)&2 +2) J&*4&2A W+8#% +2) W+8#%6
;#%%#*: G6 +2) D+4&-%: J6 _P]]Oa <"3C')4$/,"34 "3 .-,'3-'M <5%/5)' $3A F,@' _4%+2*6
<6 D+$()-*a: G(/"(3+2A >2('#%*(41 &, G(/"(3+2 \%#**6
;"+%$: I6 \6: <&-40#)3#: \6: \"(0&: H6 +2) \+))(*&2: <6 _LMMMa L3/$3(%'@'3/4 "6
>"1')G &'"()$*+,'4 "6 ?"@,3$/,"3R!'4,4/$3-': D&2)&2 +2) K#9 f&%7A <&-40#)3#6
;"#%()+2: @6 _P]RMa E,-+'% S"5-$5%/G F+' P,%% /" F)5/+: D&2)&2 +2) K#9 f&%7A
!+'(*4&/76
;"(#0)*: <6 _P]]La g@ 4%-+24 $%&U(.(41A $%#*#2/# +2) +8*#2/# (2 4"# *$+/# &,
.&)#%2(41c: L3C,)"3@'3/ $3A >%$33,3( ?G ."-,'/# $3A .*$-' PM_La: PRPS]R6
;"(#0)*: <6 _P]]]a :'6';C)'M :"C' $3A ./)5((%'G .*$/,$% ?,$%'-/,-4: D&2)&2 +2) K#9
f&%7A <&-40#)3#6
;(..#0: =6 _P]]Za gJ%()3# +2) )&&%c: (2 W%(*81: C6 +2) W#+4"#%*4&2#: G6 _#)*a:
.,@@'% "3 <5%/5)'G .'%'-/'A P),/,3(4: D&2)&2 +2) !"&-*+2) T+7*: H@A ;+3#:
PZMSQ6
;$('+7: =6 H6 _P]]ba gG&%# &2 $&9#%^72&90#)3#c (2 D+2)%1: C6 +2) G+/0#+2: =6
_#)*a F+' .*,C$9 !'$A')G .'%'-/'A P")94 "6 &$#$/), <+$9)$C")/# .*,C$9: K#9 f&%7
+2) D&2)&2A <&-40#)3#: PQPSZQ6
;4 H0+(%: I6 _P]]]a g;#+440# )(+%1c: I'1 :'6/ !'C,'1 LNR: RPS]b6
;9123#)&-9: F6 _P]]Za gK#(4"#% 30&8+0 2&% 0&/+0A gg30&/+0(*+4(&2cc +2) 4"# $&0(4(/* &,
*/+0#c (2 H&U: ?6 _#)6a .*$-'4 "6 &%";$%,N$/,"3G !'$44')/,3( /+' >"1') "6 /+' :"-$%:
D&2)&2 +2) K#9 f&%7A =-(0,&%) \%#**: PNZSbb6
;9123#)&-9: F6 _LMMMa g@-4"&%(4+%(+2 3&'#%2+2/#: $&9#%: +2) 4"# $&0(4(/* &,
%#*/+0(23c: L3C,)"3@'3/ $3A >%$33,3( ?G ."-,'/# $3A .*$-' PR_Pa: bNSZb6
!+10&%: H6 _P]ROa gW&-/+-04 &2 ,%##)&. +2) 4%-4"c (2 !+10&%: H6 >+,%"4"*+# $3A /+'
K5@$3 .-,'3-'4M >+,%"4"*+,-$% >$*')4M H"%Y h: H+.8%()3#A H+.8%()3# >2('#%*(41
\%#**: PONSRQ6
!"&.$*&2: I6 _P]]Oa F+' E'A,$ $3A E"A')3,/#: H+.8%()3#A \&0(416
!"%(,4: K6 _P]]Qa gT2 4"# *&/(+0 +2) /-04-%+0 )#4#%.(2+24* &, (24#%2+4(&2+0 ,(2+2/(+0
/#24%#*A 4"# /+*# &, 4"# H(41 &, D&2)&2c (2 H&%8%()3#: ;6: G+%4(2: <6 +2) !"%(,4:
K6 _#)*a E"3'#M >"1') $3A .*$-': TU,&%)A J0+/79#00: NLOSOO6
!"%(,4: K6 _P]]]a g;4#$* 4& +2 #/&0&31 &, $0+/#c (2 G+**#1: C6: @00#2: I6 +2) ;+%%#: \6
_#)*a K5@$3 &'"()$*+# F"A$#: H+.8%()3#A \&0(41: L]OSNLL6
!&.0(2*&2: I6 _P]]]a &%";$%,N$/,"3 $3A <5%/5)': H+.8%()3#A \&0(416
X(%(00(&: \6 _P]Rba .*''A $3A >"%,/,-4: K#9 f&%7A ;#.(&4#U4_#a6
X(%(00(&: \6 _P]]Pa F+' :"4/ ?,@'34,"3 _4%+2*6 C6 G&*7#28#%3a: K#9 f&%7A ;#.(&5
4#U4_#a6
X(%(00(&: \6 _P]]Za Q*'3 .9# _4%+2*6 I6 <&*#a: D&2)&2 +2) K#9 f&%7A X#%*&6
X(%(00(&: \6 _LMMMa >"%$) 23')/,$ _4%+2*6 \6 H+.(00#%a: D&2)&2 +2) !"&-*+2) T+7*:
H@A ;+3#6

G;P

9F9(FE+X%2D<

[+04#%: F6 X6 _P]ZNa g;(..#0c* *&/(&0&31 &, $&9#%A 4"# +%/"(4#/4-%# &, $&0(4(/*c (2
[&0,,: ?6 E6 _#)6a &'")( .,@@'%G L44$#4 "3 ."-,"%"(#M >+,%"4"*+# $3A D'4/+'/,-4:
K#9 f&%7A E+%$#% +2) <&9: PN]Sbb6
[#8#%: G6 _P]ZRa L-"3"@# $3A ."-,'/#: '&0* P +2) L _#)* =6 <&4" +2) H6 [(44(/"a:
K#9 f&%7A J#).(2*4#% \%#**6
[&0,,: ?6 E6 _P]OMa F+' ."-,"%"(# "6 &'")( .,@@'%: K#9 f&%7A W%## \%#**6
f&-23: `6 G6 _P]]Ma W54/,-' $3A /+' >"%,/,-4 "6 ?,66')'3-': \%(2/#4&2: KIA \%(2/#4&2
>2('#%*(41 \%#**6

F$6'W

+/4&% 2#49&%7 4"#&%1 Rb: PQL: PQZ


+).(2(*4%+4(&2 4'' 8-%#+-/%+/1
+)'#%4(*(23
(2,0-#2/# &, LP: NMSP
G&2*+24&c* -*# &, PLPSL
9&%7(23 &, ]R: PML: PMNSQ: PQb
@32#9: I&"2 NNSQ
@7*&1: @*- PM]
@.2#*41 `24#%2+4(&2+0 OO
+%/"(4#/4-%# 4'' 8-(0)(23*
@%#2)4: E+22+"
&2 +-4"&%(41 L]: OR: PPQ: PLb
&2 /&00#/4('# $&9#% OLS]: PMb:
PLNSb: PZN: PRQ
&2 #.$&9#%.#24 N]: OQSO
&2 $#%*-+*(&2 OR: PLO
&2 $&9#% L: Q: LM: NM: PMM:
PPPSPL
&2 $&9#% %#0+4(&2* PML
&2 '(&0#2/# OZ: PRQ
+%.#) ,&%/#*
+2) /&24%&0 ZP
$&9#% &, Q]SOM
@%&2: <+1.&2) PMZSR
+%%+23#.#24: &, $&9#%
)(+3%+.* &, $&9#% b]SZO
)(*4%(8-4(&2 &, $&9#% LQSO: NLSb:
QbSZ: O]SbQ: RNS]M
$%&U(.(41 +2) %#+/" PL]SOR: PRN:
P]L

(2 *&/(+0 *$+/#* PO]SRR


@%4 +2) <#'&0-4(&2 PRQ
+**&/(+4(&2+0 $&9#% LM: OPS]: PMbSZ:
PLNSZ: PRNSZ: P]bSZ
4'' $%4" @%#2)4: E+22+": &2 /&00#/4('#
$&9#%h /&00#/4('# +/4(&2h
#.$&9#%.#24
+*1..#4%1: +2) $&9#% LbSZ
+-4"&%(41
@%#2)4 &2 L]: OR: PPQ: PLb
+2) 8-%#+-/%+/1 PPRSP]
/"+%(*.+4(/ PP]SLM: PQ]
+2) H(41 &, D&2)&2 PRP
+2) )&.(2+4(&2 b: L]SNM: PMP
#U#%/(*# &, PPRSLM
3&'#%2.#24*c -*# &, PLLSN: PN]SOP
G&2*+24&c* -*# &, PLPSL
2+4-%# &, PLb
$#&$0#c* 4%-*4 (2 PLLSN: PQLSN:
PQZSR: POb: PbRSZM: PRN
+2) $&0(4(/* PLMSP
+2) $&9#% b
%#+/" &, PNM: PQRSOP: POb: PRN:
P]L
%#0+4(&2*"($ 4& $%+/4(/#* PPZ
+2) <&/7#,#00#% /#24%# PPQ
+2) *#)-/4(&2 PLP: PLL
+2) *&/(+0 *$+/# PP: PbRS]: PZP
+2) *$+4(+0(41 N: PM
4%+)(4(&2+0 PP]: PLPSL: Pb]: PRP

G:;

FNC\a

J+27 &, F230+2) PZP


8+27(23 4'' ,(2+2/(+0 (2*4(4-4(&2*
J+%2#*: J+%%1 PPR: PNQ
J+%2#44: H0('# PQR
J#+'#%*4&/7: I&2+4"+2 POL
J#2"+8(8: ;#10+ OQ: Ob: OZ: PLQ
J#24"+.: I#%#.1 ZM
J#%0(2: *#)-/4('# B-+0(4(#* &, PZbSR:
PRPSL
J"+*7+%: <&1 LL: LN
8(&4#/"2&0&31 (2)-*4%1: (2,0-#2/#
&, PLPSN: PLQSO
J0+/7 J0&/ PRQ
J&)#2: C#(%)%# PNZ: PQR
8&%)#%* +2) 8&-2)+%(#*
D#,#8'%# &2 PbN
*$+4(+0 #2/0&*-%#* PZLSQ
J&-%)(#-: \(#%%# NR: QP: QQ
8%+2)(23: /&%$&%+4# PZb
8%&+)/+*4(23 PNR
J%&.0#1: ;(.&2 PRQ
8-(0)(23*
+* *#)-/#%* PZbSR: PRL
+2) *#2*# &, $&9#% PPP: PPNSPO:
Pb]: P]Q
+* *-%%&-2)#%* &, *$+/#* PbN
8-%#+-/%+/1
+2) +).(2(*4%+4(&2 ,%&. +,+% PNLSQ:
PQP
@%#2)4 &2 OZSR
+2) +-4"&%(41 PPRSP]
8-%#+-/%+4(d+4(&2 &, *$+/# PbZ
+2) )&.(2+4(&2 NL: OZSR
9&%7(23 &, NLSN
H+0)#(%+: !#%#*+ PZLSN
H+00&2: G(/"#0 Rb: PPN: PNN: PQL: PQZ
/+.$+(32*: $&$-0+% OOSZ: OR: PLQSO:
PRQSZ
/+$+/(41: $&9#% +* + PbSLO
H+%2('+0 @3+(2*4 H+$(4+0 PRO
H+*4#00*: G+2-#0 Z: R: bMSN: bQ:
PPLSPN: PPO
HH!X 4'' /0&*#)5/(%/-(4 4#0#'(*(&2
/+.#%+*
/#24%#) $&9#% PPNSPb

)(*4%(8-4(&2 &, LQSO: NLSb


.-04(5/#24%#) $&9#% NOSb
/"+%(*.+ PP]SLM: PQ]
H"(2+
&'#%*#+* H"(2#*# 2#49&%7* bLSN
!(+2+2.#2 ;B-+%# (2/()#24
_P]R]a OZ
H"%(*4(+2 @() PLO
/(2#.+ 4'' ,(0. (2)-*4%1
/(4(#*
3+4#) /&..-2(4(#* PZLSN: PZQ: P]O
+* $0+/#* &, *#)-/4(&2 PZbSR
+2) $&9#% bPSL: ZQSO: PPPSPN
/(4(d#2*"($: +2) +-4"&%(41 PQQSO: PQb:
PQZS]
H(41 &, D&2)&2
(2,0-#2/# &, LR: PPP: POOSb
+2) $&9#% PRP
$%&4#*4* +3+(2*4 PRO
+* *&/(+0 *$+/# PbPSL: PbNSb: PbRSZL
/0&*#)5/(%/-(4 4#0#'(*(&2 /+.#%+*
_HH!Xa PNR: PZO
H&/"%+2#: @00+2 PZb
/&)#*: D#,#8'%# &2 PbLSb
/&#%/(&2
+2) +)'#%4(*(23 NP
+2) 3&'#%2.#24 PQN
2+4-%# &, NP: PMP
%#+/" &, PN]
%#0+4(&2*"($ 4& $%+/4(/#* PPZ
+2) *#)-/4(&2 PLL
+2) *$+4(+0(41 PM
(2 4"# 9&%7$0+/# PQO: PQ]SOM
/&00#/4('# +/4(&2 NRSbQ: PLNSZ
4'' $%4" +**&/(+4(&2+0 $&9#%h
/&..-2(4(#*h 2#49&%7*
/&0&2(d+4(&2
+* +2+0&31 ,&% *$+/#
)&.(2+4(&2 PbZSR
&$#%+4(&2 &, RO: PNPSL: PNN
/&..-2(/+4(&2*
/&%$&%+4# POZ
,+/#54&5,+/# '* #0#/4%&2(/ PNZ: PQR
+2) $&9#% PNOS]: POPSL
4'' $%4" (24#%2#4h 2#49&%7*: #0#/4%&2(/
/&..-2(4(#*

FNC\a

/+$+/(41 ,&% )&.(2+4(&2 PR


3+4#) /&..-2(4(#* PZLSN: PZQ: P]O
+2) $&9#% OSb: PMSPL
4'' $%4" +**&/(+4(&2+0 $&9#%h
/&.$+2(#*h (2*4(4-4(&2*h 2#49&%7*h
%#0+4(&2+0 4(#*
/&.$+2(#*
/&24%&0 &, 9&%7,&%/# PQQSb: PQ]SOM
/&%$&%+4# 8%+2)(23 PZb
/&%$&%+4# /&..-2(/+4(&2* POZ
/&%$&%+4# /-04-%# PQQSb: PQ]SOM
+2) $%&U(.(41 P]LSN
4'' $%4" H(41 &, D&2)&2h (2*4(4-4(&2*
/&.$+2(#*: .-04(2+4(&2+0
e-)3(23 $&9#% &, PZSPR
2+4-%# &, $&9#% &, LNSO: NN: NQ: QZ
%#+/" &, POLSZ
+2) 4"# *4+4# R
4'' $%4" 30&8+0(d+4(&2
/&.$#4(4(&2: +2) $&9#% PPZSPR
/&2,#**(&2: W&-/+-04 &2 ZbSZ: RL
F+' <"34-,'3-' "6 /+' L#' _;#22#44a PPQ
/&2*#24: +2) $&9#% LMSP
/&24%&0 &, 8#"+'(&-% bOS]P: PNLSO:
PN]SOP: PbZ
H&&$#%: C+'(2+ PQM
/&%$&%+4(&2* 4'' /&.$+2(#*
H%+23: G(7# PRP
/-04-%#: /&%$&%+4# PQQSb: PQ]SOM
/-04-%#: (2,0-#2/(23 NMSP: NN: OM
C+"0: <&8#%4 PZ
C+(.0#% H"%1*0#% /&%$&%+4(&2 PZb: PRL
C#+2: G(4/"#00 Z]: Rb
C#8(* B-+%4#%: J#%0(2 PZb: PRL
C#8&%): =-1 PbZ
)#84 %#0(#, /+.$+(32* OO
)#/#24%#) $&9#% PNQSO
$&9#% +* (..+2#24 ,&%/# bOS]P
$&9#% (2 *$+/#* PO]SRR
4'' $%4" +**&/(+4(&2+0 $&9#%
)#0#3+4(&2 LQSO: NLSN: PPR: PNQ
C#0#-d#: =(00#*
)(+3%+.* &, $&9#% b]SZM: ZNSQ: ]M
&2 (2*4(4-4(&2+0 $&9#% RLSN
&2 $&9#% +2) *$+/# +2) 4(.# RS]: P]P

G::

&2 $&9#%c* 2+4-%# Z: bb


&2 $&9#%c* '&0+4(0(41 RQSO: PNQ
C(*/": D(*+ I+2# OQ: PLQ
)(*/($0(2#
E(2)#** &2 ZZ
(2*4(4-4(&2+0 b]SZO
+2) $&9#% LQSO: NLSN
?,4-,*%,3' $3A >53,4+ _W&-/+-04a ZMSP
?,4-"5)4'4 "6 >"1') _E(2)#**a PRSLP
)(*4%+/4(&2 PZb: PZZ
)(*4%(8-4(&2 &, $&9#% LQSO: NLSb: QbSZ:
O]SbQ: RNS]M
)&.(2+4(&2
+2) +-4"&%(41 b: L]SNM: PMP
+2) 8-%#+-/%+/1 NL: OZSR
/-04-%+0 NMSP
+2) 3&'#%2.#24 PMM
+2) (2*4(4-4(&2* b]SZO
+* .#+2* &, (2,0-#2/(23 &4"#%* ZR
.#)(+4(&2 &, PNM
2+4-%# &, Pbb
$&4#24(+0 /+$+/(41 ,&% PbSPR: P]SLM
+2) $&9#% P]SLM: LOSb: NM: P]M
%#+/" &, PRN: P]L
%#0+4(&2*"($ 4& $%+/4(/#* PPZ
+2) %#0+4(&2*"($* LbSZ
+2) <&/7#,#00#% /#24%# PPQ
+2) *#)-/4(&2 NMSP: PMP: PML:
PLL
&, *&/(+0 *$+/# PP: PbLSZO
+2) *$+4(+0(41 PM
*-*4+(2+8(0(41 &, L]SNM
[#8#% &2 Lb: LZSNL: RZ: PMP
C%('#%: W#0(U ZL
)- =+1: \6 ZP: PQ]
#/&2&.(/ (2*4(4-4(&2*: (2,0-#2/#
&, QRSOM
F0)#2: ;4-+%4 ZP
#0(4#*: &%(3(2 &, $&9#% bPSL
L@*,)' _E+%)4 +2) K#3%(a RbS]
#.$&9#%.#24
+2) /&00#/4('# +/4(&2 OQSO: P]b
+2) .&8(0(d+4(&2 &, %#*&-%/#* NRS]
+2) -2)#%*4+2)(23 &, $&9#% PL: N]
#2/0&*-%#*: *$+4(+0 PbN: PZLSQ

G:G

FNC\a

#24#%4+(2.#24 PZb: PZZ


4'' $%4" ,(0. (2)-*4%1
#2'(%&2.#24+0 3%&-$*: $&9#% &, OOSZ:
OR: PLQSO: PRQSb: PRZ
#U$#%4*: <&*# &2 PN]SON
4'' $%4" +-4"&%(41
,+.(01 0(,#: W&-/+-04 &2 RMSP
,#.(2(*.: &2 $&9#% OO
,#*4('+0*: D#,#8'%# &2 PbZ
,(0. (2)-*4%1: (2,0-#2/# &, NMSP: NN:
PM]: PPP
,(2+2/(+0 (2*4(4-4(&2*
(2,0-#2/# &, LR: L]SNM: POQSZ: PRM
4'' $%4" H(41 &, D&2)&2
S,3$3-,$% F,@'4 POb
,&&): 3#2#4(/+001 .&)(,(#) PLPSN:
PLQSO
,&%/#: 4"%#+4 &, 4'' /&#%/(&2
W&-/+-04: G(/"#0
+2) E(2)#** P]
(2,0-#2/# &2 <&*# POM
&2 *"5C",) PMRS]
&2 $&9#% +2) (2*4(4-4(&2* Z
&2 $&9#% +2) *#0,53&'#%2.#24 QP:
bOSRO: ]M: ]RSPMM
&2 $&9#% +2) *$+/# +2) 4(.# R: P]P
&2 $&9#% +* #2+80#% PLQ
&2 $&9#% %#0+4(&2* PLL
&2 $%&'#2+2/# &, $&9#% P
&2 '(&0#2/# PMM
W%(#2)* &, 4"# F+%4" OOSb
,-2)+.#24+0(*.: ;+() &2 Nb
3+4#) /&..-2(4(#* PZLSN: PZQ: P]O
=+4#*: J(00 PMb
3#2#4(/+001 .&)(,(#) ,&&) PLPSN:
PLQSO
&'"()$*+,-$% 2@$(,3$/,"34
_=%#3&%1a PbZ
3#&3%+$"(/+0 (2,&%.+4(&2 *1*4#.* PNR
=())#2*: @24"&21
&2 +-4"&%(41 ,(3-%#* OR: PLb: PQLSN
&2 )(*4+2/(+4#) $&9#% Z: QQ
E(2)#** &2 LM
&2 2#49&%7* +2) $&9#% O]

&2 \+%*&2* QL: QN: OL


&2 $&9#% +2) *&/(+0 %#0+4(&2* QQ: OO
+2) $&9#% +* /+$+/(41 LP
+2) $&9#% +* ,+/(0(4+4('# N]
&2 $%&U(.(41 PNO
&2 %#*&-%/#* +2) $&9#% O: QNSZ: ]b:
PPQSPO
30&8+0(d+4(&2
+2) 2#49&%7* RbS]M
+2) $&9#% R: NOSb: OP: OL
+2) *&/(+0 (24#%+/4(&2 Qb
4'' $%4" /&.$+2(#*: .-04(2+4(&2+0
=&%)&2: H&0(2 ZZ: Z]: RO: ]MSP
3&'#%2.#24 +2) 3&'#%2.#24*
/&24%&0 &, /(4(d#2* ZQ: ZOS]P
3&'#%2.#24 81 )&.(2+4(&2 PMM
3&'#%2.#24 81 (2,&%.+4(&2 PNLSQ
3&'#%2.#24 81 %-0#* bR
3&'#%2.#24 ,%&. +,+% PN]SOP: PbZ
3&'#%2.#24 *(4#* PPNSPb
&%(3(2 &, $&9#% OZ
4'' $%4" *#0,53&'#%2.#24h *4+4#*
=%##2$#+/# OOSb: OZ
=%#3&%1: C#%#7 bRS]: PbM: PbZSR
=-+44+%(: W#0(U Z: bb: ZN: ZQ: RLSN:
PNQ
E+8#%.+*: I-Y%3#2 ON: PLO
E+/7(23: `+2 ZZ
E+%)4: G(/"+#0 RbS]: P]Q
E+%%#l: <&. LL
E+%4*&/7: K+2/1 OQ
E+%'#1: C+'() NQ
E+-* E-4": J#%0(2 PRL
E#3#0: =#&%3 PbP
E#()#33#%: G+%4(2 PLQ
E(2)#**: J+%%1
&2 )(*/($0(2# ZZ
&2 )&.(2+4(&2 +2) 3&'#%2.#24 PMM
&2 $&9#% +* /+$+/(41 Pb: PRSLP: LO:
LZ: PMO: P]b
"(*4&%1: +* + %#*&-%/# PRPSL
E&0019&&): (2,0-#2/# &, NMSP: NN:
PM]SPM: PPP
E&9#: K(/"&0+* PZb
E&9#00: \6 ON

FNC\a

F+' K5@$3 <"3A,/,"3 _@%#2)4a ON: PLQ


"-.+2 %(3"4* +/4('(*4* OO
E-1**#2: @2)%#+* PZb
()#&0&31: (2,0-#2/(23 OM
(.+3#%1: +* /&24%&0 .#/"+2(*. bZ
(.+3#*: &-45&,5*/+0# NbSZ
`GW 4'' `24#%2+4(&2+0 G&2#4+%1 W-2)
(2)-/#.#24
W&-/+-04 &2 PZN
+2) 30&8+0(d+4(&2 POOSb
+2) 3&'#%2.#24 PLN: PNLSQ:
PQN: PQQ
+2) .&2#1 QP
2+4-%# &, PMP
%#0+4(&2*"($ 4& $%+/4(/#* PPZ
<&*# &2 PQZ
(2 4"# 9&%7$0+/# PQO: PQ]
(2,&%.+4(&2: +2) $&9#% QOSb: bMSL:
PPLSPN
(2*4(4-4(&2*
+-4"&%(41 9(4"(2 PPRSP]
+2) /&24%&0 b]SZN: RLSN
)(*$#%*#.#24 &, %#*$&2*(8(0(4(#* ]R
#/&2&.(/ QRSOM
,(2+2/(+0 LR: L]SNM
.(0(4+%1 Q]SOM: ZP
+2) $&9#% Z: ]: POSL]: NLSZ: QZSOL:
bb
*(4#* &, PPNSPb
4'' $%4" H(41 &, D&2)&2h /&.$+2(#*h
/&.$+2(#*: .-04(2+4(&2+0h
2#49&%7*
(2*4%-.#24+0 $&9#% PPZSLN
(24#%+/4(&2
,+/#54&5,+/# '* #0#/4%&2(/ PNZ
+2) $&9#% NRSbQ
+2) *4+4#* QOSb
4'' $%4" %#0+4(&2+0 4(#*
`24#%2+4(&2+0 H+.$+(32 4& J+2
D+2).(2#* OO
`24#%2+4(&2+0 G&2#4+%1 W-2) _`GWa R:
Lb
(24#%2#4
+2) +**&/(+4(&2 OO: bMSL: PRQ
+2) /&24%&0 PNZSR

G:M

4'' $%4" 2#49&%7*: #0#/4%&2(/


`*++/: I#,,%#1 LPSR: NL
I#**&$: J&8 NQ
I&2+*: @2)%#9 PZb
I-8(0## LMMM )#84 %#0(#, /+.$+(32 OO
?#%2: ;4#$"#2 PNO
?0#(2: K+&.( RRS]: P]O
?%+/+-#%: ;(#3,%(#) PZZ
0+2).(2#*: /+.$+(32* +3+(2*4 OO
D+4&-%: J%-2&
(2,0-#2/# &2 <&*# Rb: PQM: PQO: PQZ:
POMSP: POZ: POR
&2 $&9#% +* 4"(23 POSPb
&2 $&9#%c* .&'#.#24 ]Z: PPN
&2 $&9#%c* %#+/" PL]SNQ: PQPSL: POR
D#,#8'%#: E#2%( PMSPP: PbMSZL:
PROSZ
D($&'#4*71: =(00#* NMSP: OM: PMN: PLM
D&2)&2: H(41 &, 4'' H(41 &, D&2)&2
D-7#*: ;4#'#2 Z
G+/"(+'#00(: K(//&0&l O
G/K+1: D&(* Zb: ZZ: ZR
G+))#2: F) LL
.+2($-0+4(&2
+2) +)'#%4(*(23 NP
+2) ,(0. (2)-*4%1 PPM
+2) 3&'#%2.#24 PQN: PQQ
2+4-%# &, NP: PQRS]: POM
%#+/" &, PN]: POM: P]L
+2) *#)-/4(&2 PML
+2) *&/(+0 *$+/# PP: PZM: PZP
+2) *$+4(+0(41 PM
(2 4"# 9&%7$0+/# PQOSb: POM
G+22: G(/"+#0
E(2)#** &2 LM
&2 $&9#% +2) 2#49&%7* Z: R: QNSQ:
QbSOL: O]: bN: ]bSZ
+2) $&9#% +* /+$+/(41 LP
&2 $&9#%c* %#+/" PN]
&2 *4+4# %#*&-%/#* PPO
G+%U: ?+%0 LP: PbP
.+** .#)(+ PNR

G:Q

FNC\a

G+**#1: C&%##2 PZQ


.#)(+: 8%&+)/+*4 +2) .+** PNR
.#)(+4(&2
&, $&9#% ]ZSR: PNMSP
&, $&9#% .&)#* PML: PLL
.#.8#%*"($
&, 3+4#) /&..-2(4(#* PZLSN
D#,#8'%# &2 PbNSQ
G#U(/& POQ
G(/%&*&,4 PMb
.())0# /0+**#*
+2) /+$+/(41 ,&% $&9#% PR: NN
&%(3(2 &, $&9#% QM
.(0(4+%1 (2*4(4-4(&2* 4'' +%.#) ,&%/#*
G(00#%: \6 bR: Rb
G(00*: H6 [%(3"4 Z: QMSP
G(4/"#00: !(.&4"1 PbR
.&)#* &, $&9#% 4'' +-4"&%(41h /&#%/(&2h
)&.(2+4(&2h (2)-/#.#24h
.+2($-0+4(&2h 2#3&4(+4(&2h
$#%*-+*(&2h *#)-/4(&2
G&0&4/": E+%'#1 PNZ: PQR
.&2#1: +* +2+0&31 ,&% $&9#% QPSL
G&2*+24& PLPSN
.&2-.#24+0 8-(0)(23*: +2) *#2*# &,
$&9#% PPP: PPNSPO: Pb]: P]Q
.&%+0 3&'#%2+2/# bZSR: ZQ
G&*/+: =+#4+2& Z
G&*0#1: T*9+0) PP]
.&4('+4(&2: &, 9&%7,&%/# PQQSb: PQR:
PQ]SOM
.-04(2+4(&2+0 /&.$+2(#* 4'' /&.$+2(#*:
.-04(2+4(&2+0
.-04(54(#% 3&'#%2+2/# NQSb
.-4-+0 +/4(&2: +2) $&9#% ON
2+4(&2 *4+4#* 4'' *4+4#*
2#3&4(+4(&2
@%#2)4 &2 OR
2+4-%# &, PLOSb
<&*# &2 PQZ
(2 4"# 9&%7$0+/# PQb: POM
K#3%(: @24&2(& RbS]: P]Q
2#49&%7*
H+*4#00* &2 Z: R: bMSN: bQ: PPLSPN:
PPO

+2) 30&8+0(d+4(&2 RbS]M


+2) 3&'#%2.#24 ,%&. +,+% PNLSQ
+2) $&9#% Z: R: NRSbQ
2#49&%7*: #0#/4%&2(/
#,,#/4 &, PNP
+2) 30&8+0(d+4(&2 POQSZ
K#9 f&%7: +%/"(4#/4-%# &, PPQ
K#9.+2: C+'() NQ
2&253&'#%2.#24+0 &%3+2(d+4(&2*
_K=T*a R
TcG+00#1: \+4 PQL
&%3+2(d+4(&2* 4'' /&.$+2(#*h
(2*4(4-4(&2*h 2&253&'#%2.#24+0
&%3+2(d+4(&2*
Q),'3/$%,4@ _;+()a bRS]
T*8&%2#: !"&.+* ZQSO: PP]
TU,+. PLO
\+%#4&: X(0,%#)& Z
\+%*&2*: !+0/&44 O: LM: N]: QMSN: OPSL:
ON
$+*4: +* + %#*&-%/# PRPSL
$+*4&%*"($: W&-/+-04 &2 RPSL
$#%*-+*(&2
@%#2)4 &2 OR: PLO
+2) #2'(%&2.#24+0 3%&-$* Ob
+2) 30&8+0(d+4(&2 POb
+2) 3&'#%2.#24 PQQ: PQR
2+4-%# &, OM: PLOSb
<&*# &2 PQZ
+2) *&/(+0 *$+/# PZP
\#4#%*: !&. PQO
$"#2&.#2&0&31: &, $&9#% PO]SRR
\"(0&: H"%(* ZL
\(0#: ;6 ZR
$0+/#
+2) +-4"&%(41 PP: PbRS]: PZP
+2) )&.(2+4(&2 PP: PbLSZO
+2) .+2($-0+4(&2 PP: PZM: PZP
+2) $#%*-+*(&2 PZP
$&9#%c* %#+/" PL]SOR: PRN: P]L
$%#*#2/# +2) $&9#% PRMSN
+2) *#)-/4(&2 PZMSP
4'' $%4" $%&U(.(41
\&0+2): )#.&/%+/1 .&'#.#24 PRZ

FNC\a

$&0(4(/*
$#&$0# $&9#% OQSZ: OR: PLQSO:
PRQSZ
$#%*&2+0(41 $&0(4(/* PP]SLP
4'' $%4" *4+4#*
*"/'3/,$: K#3%( &2 R]
*"/'4/$4: K#3%( &2 R]
\&4*)+.#% \0+4d: J#%0(2 PZbSR: PRPSL
*"5C",) PMZ: PMRS]
$&9#%
+**&/(+4(&2+0 LM: OPS]: PMbSZ:
PLNSZ: PRNSZ: P]bSZ
+-4"&%(4+4('# QRS]
+* /+$+/(41 PbSLO
)#,(2(4(&2 &, L: QSb: R
)(+3%+.* &, b]SZO
)(,,-*#) QRSOM
)(*4%(8-4(&2 &, LQSO: NLSb: QbSZ:
O]SbQ: RNS]M
#41.&0&31 PMOSb: PMZSR
3-(*#* &, ]OSPLR
+* (..+2#24 ,&%/# bOS]P
(2*4%-.#24+0 PPZSLN
.#)(+4#) 2+4-%# &, ]ZSR
.#)(+4#) 2+4-%# &, .&)+0
B-+0(4(#* PML
+* .#)(-. N]SQQ: O]
*$+4(+0 '&/+8-0+%1 &,: )#,(2(4(&2 PN
+* 4#/"2(B-# bOSR
+* 4"(23 R: ]: POSNZ: PPMSPN
>"1')4 "6 S)''A"@ _<&*#a PN]SON
$%#*#2/#: +2) $&9#% PRMSN
$%(*&2*: )(*/($0(2# (2 ZMSN
F+' >)"A5-/,"3 "6 .*$-' _D#,#8'%#a
PbMSZL
$%&U(.(41
+2) +-4"&%(41 PQRSON
+2) /&.$+2(#* P]LSN
+2) $&9#% PL]SOR
*&/(+0 '* *$+4(+0 PNOS]
$-80(/ *$+/#: @%#2)4 &2 OQSO: Ob: PRQ
*5,44$3-' PMZSR
!$,3;"1 P$)),") OZ
<+(2,&%#*4 @/4(&2 K#49&%7 PRQ
<#l#: I&2+4"+2 Pb]

G:L

%#0+4(&2+0 4(#*
/&00+8&%+4('# OSb
+2) )&.(2+4(&2 LbSZ
(2*4%-.#24+0 OSb
(24#%+/4(&2 +2) $&9#% NRSbQ
+2) $&9#% LPSN: Lb: QQ: OO: O]
+2) *&/(+0 *$+/# PZPSL
%#*(*4+2/# ZR: P]OSb
4'' $%4" /+.$+(32*: $&$-0+%
%#*&-%/#*
+00&/+4('# QQSO: PMZ
+-4"&%(4+4('# QQSO: PMZ
+2) #.$&9#%.#24 NRS]
+2) $&9#% O: QQSOP: O]: bN: ]b:
PMOSPb: P]Q
<#-4#%* POb
%"14".*: &, $&9#% PbMSZL
<(/"(#: @0#U+2)%+ PZb
F+' !,4' "6 /+' I'/1")9 ."-,'/#
_H+*4#00*a bMSN: bQ
<&8(2*: ?#'(2 PM]
<&/7#,#00#% /#24%#: K#9 f&%7 PPQ
<&*#: K(7&0+* bR: ZQSO: Z]: Rb:
PN]SON: POZ
D+4&-%c* (2,0-#2/# Rb: PQM: PQO: PQZ:
POMSP: POZ: POR
<&*#2+-: I+.#* NQ
<&1+0 ;&/(#41 ,&% 4"# \%&4#/4(&2 &,
J(%)* PLO
%-0#*
+2) /&24%&0 bZSR
+2) .#.8#%*"($ PZLSN
+2) $&9#% LQSO: NLSN: PPbSPZ
;+(): F)9+%) Nb: bR
;+**#2: ;+*7(+ PPL: PPO: POLSZ
;/&44: @0+2 PRO
;/&44: C+'() RO: RR
;#+440#: $%&4#*4* +3+(2*4 [!T
_P]]]a PRQSO
*#)-/4(&2
+2) +-4"&%(41 PLP: PLL
+2) /&#%/(&2 PLL
+2) )&.(2+4(&2 NMSP: PMP: PML: PLL
+2) ,(0. (2)-*4%1 PPM
+2) 30&8+0(d+4(&2 POb

G:R

FNC\a

*#)-/4(&2 _-"3/TA a
+2) 3&'#%2.#24 PQN: PQQ: PQR
+2) .+2($-0+4(&2 PML
.#)(+4(&2 (24& &4"#% $&9#%
.&)#* PML: PLL
2+4-%# &, NMSP: OM: PQR: PZR: P]M
(2 &$#2 *$+/#* PZOSR: PRL
+2) $&0(4(/* PLMSP
%#+/" &, PMN: PMQ: PNM: PN]: POM:
PRN: P]L
<&*# &2 PQZ
+2) *&/(+0 *$+/# PP: PZMSP
+2) *$+4(+0(41 PM
(2 4"# 9&%7$0+/# PQb: PQ]
*#0,5)#,(2(4(&2 NR
*#0,53&'#%2.#24
W&-/+-04 &2 QP: bOSR: ZOS]P
<&*# &2 PQQSON
;#22#44: <(/"+%) PPQ
*#2*#*: +2) )&.(2+4(&2 &, *$+/# PbL:
PbQ: Pb]
;#%%#*: G(/"#0 POR
*#%'(/# 9&%7: 2+4-%# &, PbOSb: PZP
*#U-+0(41: /&24%&0 &, bZ: ZQ
;"+%$: I&+22# ZR
;"#%()+2: @0+2 ]]: PMM: PMP
;"(#0)*: <&8 PNO: PbM: PbZ
;(..#0: =#&%3 PbN: PRb
;(4-+4(&2(*4* PbZ: PRO
*.#00: +2) )&.(2+4(&2 &, *$+/# PbL:
PbQ
;.(4": <(/"+%) POL
*&/(+0 3%&-$* 4'' /&..-2(4(#*h 2#49&%7*
*&/(+0 %#0+4(&2* 4'' %#0+4(&2+0 4(#*
*&/(+0 9#0,+%# PQP
;&(0 @**&/(+4(&2 PLO
;&0()+%(41 _\&0(*" 4%+)# -2(&2
.&'#.#24a PRZ
;&21 H#24%#: J#%0(2 PZbSR: PRL
*&-2): +2) )&.(2+4(&2 &, *$+/# PbL:
PbQ: Pb]
*$+/#
+2) +-4"&%(41 PP: PbRS]: PZP
/&-24#%5*$+/#* PROSZ
)&.(2+4(&2 &, PbLSZO
(2)-/#) +2) $%&)-/#) Pbb

.+2($-0+4(&2 &, PP: PZM: PZP


&$#2 *$+/#* PZQSR
+2) $#%*-+*(&2 PZP
+2) $&9#% PMSPL
$-80(/: @%#2)4 &2 OQSO: Ob: PRQ
%#$%#*#24+4(&2+0 PbMSP
%#$%#*#24+4(&2* &, PbMSP
+2) *#)-/4(&2 PP: PZMSP
*$+4(+0 #2/0&*-%# PbN: PZLSQ
*$+4(+0(41
+2) #,,#/4 &, )(,,#%#24 $&9#%
.&)#* PMLSO
+2) (2*4(4-4(&2+0 /&24%&0 ZMSP
+2) $&9#% N: ]SPL: PO]S]Z
&, $&9#% PL]SOR
*$+4(+0 '&/+8-0+%1 &, $&9#%:
)#,(2(4(&2 PN
*$#/4+/0#*: D#,#8'%# &2 PbZ
;$(2&d+: J#2#)(/4 )# R]
;$('+7: =+1+4%( H"+7%+'&%41 PM]
*4+4#*
H+*4#00* &2 PPO
+2) 30&8+0(d+4(&2 R
(2,0-#2/# &, ,(2+2/(+0 (2*4(4-4(&2* LR
+2) .-04(2+4(&2+0 /&.$+2(#* POQ
&%(3(2 &, $&9#% OZ
+2) $&9#% NNSb: QRS]
%#*&-%/#* PPO
+2) *&/(+0 (24#%+/4(&2 QOSb
4'' $%4" 3&'#%2.#24 +2) 3&'#%2.#24*
;4%##4: I&"2 PRO
g!"# *-8e#/4 +2) $&9#%c
_W&-/+-04a ZOSb
*-$#%'(*(&2: +2) $&9#% LQSO: NLSN
*-%'#(00+2/#: #0#/4%&2(/ PNR: PZO
!+10&%: H"+%0#* bZ: RM
!+10&%: \#4#% POL
4#/"2&0&31
+2) $&9#% PNOS]: POPSL: PZO
4'' $%4" (24#%2#4h 2#49&%7*: #0#/4%&2(/
4#0#/&..-2(/+4(&2* 4''
/&..-2(/+4(&2*
4#%%&%(*.: ;+() &2 Nb
!"&.$*&2: I&"2 PNZ
!"%(,4: K(3#0 POOSb: PbP

FNC\a

!&.0(2*&2: I&"2 PNZ


4&$&0&31: &, $&9#% bOS]P: P]PSN
(.$&%4+2/# &, P]L
$0+/# +2) $&9#% PbLSZO
$&9#%c* %#+/" PL]SOR: PRN: P]L
$%#*#2/# +2) $&9#% PRMSN
4'' $%4" $%&U(.(41h *$+/#h *$+4(+0(41
4&4+0(4+%(+2(*.: @%#2)4 &2 OZ
4%+)(4(&2: +2) +-4"&%(41 PP]: PLPSL:
Pb]: PRP
41%+221: @%#2)4 &2 OZ
>2(4#) ?(23)&. 3&'#%2.#24
+2) G&2*+24& PLLSN
$&0(/(#* PQO
>2(4#) ;4+4#*: $#%*&2+0(41 $&0(4(/* PLM
'(&0#2/#
@%#2)4 &2 OZ: PRQ
W&-/+-04 &2 PMM
+4 ;#+440# PRQ
X(%(0(&: \+-0 POZ

G:Z

[+4#%.+2: <6 E6 PQO


[#8#%: G+U
&2 +-4"&%(41 OR: PQ]
&2 8-%#+-/%+/1 OZ: PPRSLM
&2 )&.(2+4(&2 Lb: LZSNL: RZ: PMP
&2 #/&2&.(/ 0(8#%+0(*. RP
&2 30&8+0 #/&2&.1 PON
+2) E(2)#** P]
&2 (2*4%-.#24+0 $&9#% PPZSPR
&2 $&9#% L: Q: Z: PMM
&2 $&9#% +* /+$+/(41 LP
&2 $&9#% +* 4"(23 R: ]
9&%7
$&9#% (2 9&%7$0+/# PQQSb: PQR:
PQ]SOM
*#%'(/# 9&%7: 2+4-%# &, PbOSb: PZP
[&%0) J+27 R
[&%0) !%+)# T%3+2(d+4(&2 _[!Ta:
;#+440# $%&4#*4* _P]]]a PRQSO
f&-23: `%(* G+%(&2 OQ

You might also like