Richard Poe El Network Marketing en el Siglo XXI

Anuncio
!
!
!
!
"#$%&'(!)*+!
!
,-.!/!
!
01!2+34*'5!!
6&'5+3#78!
+7!+1!
9#81*!::;!
!
!
!
!
!
!
!
!
1
!
!
!
!"#$%#&'"()
!
)"<-,=,!),"!9>,??!@0!=."6,!
)"0A.>;,!!!
.=".@0>;6;02?,9!
;2?",@B>>;<2!),"!@B2>.2!.2@0"9,2!!
!
*+,$%)-.)/+)#0%1+)2,"#$%,+)
)
)
>.);?B-,!CD!-,9!2B0E,9!);,20",9!
>.);?B-,!FD!0-!)";2>;);,!@0!).-.2>.!
>.);?B-,!GD!-.!9,-B>;,2!6B-?;2;E0-!
!
*+,$%)3.)/+),%1"/0!&"#)'%)/+)"/+)4)
!
!
>.);?B-,!/D!.>"09!@0!@;.6.2?09!
!
!
>.);?B-,!HD!-.9!>B.?",!,-.9!
!
!
>.);?B-,!ID!0-!A;2!@0!-.9!>,6)".9!
!
!
>.);?B-,!JD!0-!A.>?,"!K,>.L02LK,>.!
!
!
>.);?B-,!MD!-.!.B?,);9?.!@0!-.!@;9?";KB>;,2!
!
!
>.);?B-,!ND!-.!K"0>O.!@0-!>"0>;6;02?,!
>.);?B-,!CPD!B2.!A",2?0".!>,6)0?;?;E.!
>.);?B-,!CCD!0-!K;=!K.2=!
>.);?B-,!CFD!0-!),@0"!@0-!02Q.6K"0!
>.);?B-,!CGD!0-!0A0>?,!6>@,2.-@R9!
>.);?B-,!C/D!0-!20=,>;,!E;"?B.-!
>.);?B-,!CHD!-.!A",2?0".!?0>2,-,=;>.!
>.);?B-,!CID!-.!"0@!>,20>?.@.!
>.);?B-,!CJD!SB0!09!-.!,-.!/T!
!
*+,$%)5.)*,%*+,+,(%)*+,+)!"6%#7+,.)
>.);?B-,!CMD!0-0=;"!B2.!>,6).UV.!
>.);?B-,!CND!>,6)"02@0"!9B!)-.2!@0!>,6)029.>;,2!
>.);?B-,!FPD!-,9!9;0?0!);-."09!@0-!W:;?,!@0!-.!,-.!/!
!
*+,$%)4.)#"),%#'&,(%)#0#!+.)
>.);?B-,!FCD!-.!X,2.!
>.);?B-,!FFD!-,="0-,Y!2,!9;6B-0!
!
!
*+,$%)8.)%#!0%#$,%)0#)6%#$",.)
>.);?B-,!FGD!6,@0-,9!@0!E;@.!
>.);?B-,!F/D!-.!"0B2;,2!ZEB0-?.!@0!--.E0[!
!
*+,$%)9.)$,+:+;+,)!"#)%/)(&($%6+.)
>.);?B-,!FHD!KB9SB0@.!@0!B2!9;9?06.!
>.);?B-,!FID!-.!)-.?.A,"6.!>,""0>?.!
2
>.);?B-,!FJD!-.!"0@!.B?,6.?;X.@.!
!
)
*+,$%)<.)!0%#$%)(0)=&($",&+.!
>.);?B-,!FMD!0-!),@0"!@0!B2.!O;9?,";.!
>.);?B-,!FND!-.!=".2!,),"?B2;@.@!
!
*+,$%)>.)6+#$%#?+/")(&6*/%.)
>.);?B-,!GPD!09?,6.=,!.!09?,6.=,!
>.);?B-,!GCD!0-!?,SB0!OB6.2,!
!
*+,$%)@.)$+6&7+,)A)%/%?&,.)
>.);?B-,!GFD!@09>.-;A;>."!)",9)0>?,9!
>.);?B-,!GGD!)"0L?.6;X."!
!
*+,$%)-B.)+*"A%)+)(0),%'.)
>.);?B-,!G/D!>,6)";6;"!?;06),!
>.);?B-,!GHD!.B?,.),\,!
!
*+,$%)--.)"/+)8)A)6+()+//+.)
>.);?B-,!GID!-.!A",2?0".!@0-!>,60">;,!0-0>?",2;>,!
>.);?B-,!GJD!.6)-;.2@,!0-!),"?.-!
>.);?B-,!GMD!0-!>;K0"02Q.6K"0!
!
*+,$%)-3.)=+!&+)0#)#0%1")6&/%#&".)
>.);?B-,!GND!?;?.2!@0!-.!.>?;?B@!
>.);?B-,!/PD!6."!@0!A,2@,!
!
=-,9.";,!@0!?0"6;2,9!@0!20?],"^!6."^0?;2=!
!
;2@;>0!
!
!
!
!
!
!
!
!
-#_'*`!(+!"#$%&'(!)*+!ab_1#$&(*`!+7!$&`3+11&7*D!
Z,1&!GY!1&!2b+c&!0'&!+7!2+34*'5!6&'5+3#78[!
)&'&!de`!#7f*'d&$#g7!`*_'+!1&!,1&!/Y!c#`#3+!+`3*`!`#3#*`D!
444h'#$%&'(a*+h$*d!!
444h_bi4&c+/h$*d!!
444h3#d+d*7+i7+3h$*d!!
!
!
!
!
3
!
!
!
*,C/"?"))
)
!
Q*%7! 6#13*7! A*88Y! $*Lfb7(&(*'! (+! 1&! '+c#`3&! 2+34*'5! 6&'5+3#78!
-#f+`3i1+`Y! d+! (#j*Y! +7! b7&! *a*'3b7#(&(Y! kb+! 1&! (l$&(&! (+! 1*`! &m*`! NPY! +7! 1*!
kb+!&!ab_1#$&$#*7+`!`*_'+!7+34*'5!d&'5+3#78!`+!'+f#+'+Y!`+'n&!(+f#7#(&!&18o7!(n&!
a*'!1*`!1*8'*`!(+!b7!%*d_'+D!"#$%&'(!)*+h!!
!
!
9b+7&! $*d*! b7&! %#al'_*1+h! )+'*! d+! #7$1#7*! &! &$+a3&'! 1&! &f#'d&$#g7! (+!
Q*%7h! 9b$+(+! kb+! i*! +'&! j+f+! (+! "#$%&'(! +7! 1&! '+c#`3&! 9b$$+``! +7! d&i*! (+!
CNNPY!d*d+73*!+7!kb+!(#*!#7#$#*!&!1&!(l$&(&!$*7!1&!a'#d+'&!(+!`b`!_*d_&`!b7!
&'3n$b1*! 3#3b1&(*! Z2+34*'5! 6&'5+3#78D! 1&! d&7+'&! de`! a*(+'*`&! (+! 11+8&'! &! 1*`!
$*7`bd#(*'+`! +7! 1&! (l$&(&! (+! 1*`! &m*`! NP[h! Q*%7! A*88! $&1#f#$g! &kb+1! &'3n$b1*!
$*d*! Z+1! de`! $*a#&(*! i! de`! &da1#&d+73+! (#`3'#_b#(*! +7! 1&! %#`3*'#&! (+! 1&!
ab_1#$&$#g7!(+!'+c#`3&`[h!!
!
!
p6e`! %#al'_*1+T! 2*! 1*! $'+*h! -&! &f#'d&$#g7! d+! a&'+$+! f&$3#_1+! `#!
$*7`#(+'&d*`!1*`!d#11*7+`!(+!#7(#c#(b*`!+7!1*`!0`3&(*`!B7#(*`!i!+7!+1!'+`3*!(+1!
db7(*!kb+!+`3e7!#7c*1b$'&(*`!$*7!+1!7+34*'5!d&'5+3#78h!"+$b+'(*!+1!#7$+`&73+!
f1bj*! (+! a+'`*7&`! kb+! d+! (+$n&7! kb+! %&_n&7! 1+n(*! +1! &'3n$b1*! (+! "#$%&'(h!
"+$b+'(*! 1&`! $*73#7b&`! 11&d&(&`! 3+1+fg7#$&`! &! 1&`! *f#$#7&`! (+! 9b$$+``! (+!
a+'`*7&`!kb+!a+(n&7!'+#da'+`#*7+`Y!i!'+$b+'(*!$&`#!b7&!(l$&(&!(+!+`$b$%&'!&!
1&!8+73+!'+$#3&'!+1!3n3b1*!i!$#3&'!f'&`+`!(+1!&'3n$b1*h!@+`(+!d#!a'*a#&!*_`+'c&$#g7Y!
d+!&7#d&'n&!&!(+$#'!kb+!1&!$*1bd7&!(+!"#$%&'(!7*!`g1*!(+_+!(+!%&_+'!`#(*!1&!
de`! (#`3'#_b#(&! (+! 1&! %#`3*'#&Y! `#7*! 3&d_#l7! 1&! kb+! $&b`g! +1! #da&$3*! de`!
a'*fb7(*!i!(b'&(+'*!+7!1&!d+73+!(+!1*`!1+$3*'+`h!!
.%*'&Y! &1! f#7&1! (+! 1&! (l$&(&Y! "#$%&'(! %&! a'*(b$#(*! ,1&! /Y! b7! 1#_'*!!
(+!3&1!a*(+'Y!kb+!+da+kb+m+$+!`b`!1*8'*`!&73+'#*'+`h!-++'1*!+`!b7&!+qa+'#+7$#&!
+`3#db1&73+!ri*!(#'n&!$*7d*c+(*'&h!!
!
!
.1!#8b&1!kb+!1*`!1#_'*`!&73+'#*'+`!(+!"#$%&'(!(+!1&!`+'#+!,1&Y!,1&!/!#7f*'d&!
`*_'+! +1! #da&$3*! &`*d_'*`*! (+1! 7+34*'5! d&'5+3#78! r3&d_#l7! 11&d&(*!
d&'5+3#78! db13#7#c+1! *! 6-6h! "#$%&'(! %&_1&! &$+'$&! (+! `b! #7f1b+7$#&! +7! 1&!
+$*7*dn&Y!+7!+1!db7(*!(+!1*`!7+8*$#*`Y!+7!1*`!+`3#1*`!(+!c#(&Y!+7!1&!'#kb+s&!i!
f+1#$#(&(!(+!1*`!(#`3'#_b#(*'+`!#7(+a+7(#+73+`!kb+!1*!+1#8+7!$*d*!d*(*!(+!c#(&h!
)+'*! +7! ,1&! /! 7*`! _'#7(&Y! &(+de`Y! b7&! c#`#g7! o7#$&!(+! $gd*! +`3+! dl3*(*! (+!
d&'5+3#78! +`3e! a*`#$#*7&(*! a&'&! '+c*1b$#*7&'! 1*`! 7+8*$#*`! +7! 1&! +'&! (+!
;73+'7+3h!!
!
!
"#$%&'(! fb+! +1! a'#d+'*! +7! +`$'#_#'! `*_'+! +1! 7+34*'5! d&'5+3#78! +7! b7&!
ab_1#$&$#g7! (+! a'#d+'&! 1n7+&! `*_'+! +$*7*dn&Y! +1! a'#d+'*! +7! ab_1#$&'! b7! 1#_'*!
`*_'+! +`3+! 3+d&! &! 3'&cl`! (+! b7&! +(#3*'#&1! '+`a+3&_1+! +! #da*'3&73+h! .! d+(#(&!
kb+!+`$'#_*!+`3&`!a&1&_'&`!(b'&73+!1&!'+b7#g7!&7b&1!(+!1&!.`*$#&$#g7!(+!E+73&!
@#'+$3&! [email protected]! d+! '+$b+'(&7Y! &! $&(&! d*d+73*Y! 1&! 8#8&73+`$&! #da'+`#g7! kb+!
"#$%&'(!$&b`g!+7!1&!#7(b`3'#&h!!
4
!
!
.1! +c+73*! &`#`3+7! +j+$b3#c*`! $*'a*'&3#c*`! (+! $*da&mn&`! 3&1+`! $*d*!
.d4&iY!.c*7Y!0q$+1!>*ddb7#$&3#*7`Y!O+'_&1#f+Y!2b!95#7!i!)'#d+'#$&h!.!1*!1&'8*!
(+1! +7$b+73'*! (+! $b&3'*! (n&`! (+! (b'&$#g7Y! b7*! +`$b$%&! b7&! i! *3'&! c+s! +1!
7*d_'+! (+! "#$%&'(! )*+! i! +1! 3l'd#7*! ,1&! Gh! -&! &7`#+(&(! a*'! 1&! +qa+$3&3#c&! (+!
,1&!/!i&!&8#3&!&!1&!db13#3b(h!!
!
!
2&(&!(+!+`3*!d+!a'*(b$+!b7&!8'&7!`*'a'+`&h!O&$+!_&`3&73+!3#+da*!d+!
(#!$b+73&!(+!kb+!1&!$&''+'&!(+!"#$%&'(!+`3&_&!(+`3#7&(&!&!`+'!b7&!`b$+`#g7!(+!
8*1a+`!(+!d&'3#11*h!>*7*$n!&!"#$%&'(!%&$+!de`!(+!b7&!(l$&(&Y!+7!b7&!la*$&!+7!
kb+! i*! +'&! +(#3*'! (+! b7&! '+c#`3&! &1! &$+$%*! (+! 3&1+73*h! "#$%&'(! +'&! b7! &b(&s!
+`$'#3*'! (+! FN! &m*`! +`a+$#&1#s&(*! +7! 7+8*$#*`h! -+! &`#87l! 1&! $*1bd7&! (+! 1&!
o13#d&!ae8#7&Y!a'+c#&d+73+!+`$'#3&!a*'!+1!db13#d#11*7&'#*!+da'+`&'#*!a+'#*(n`3#$*!
]!>1+d+73!93*7+h!01!$&d_#*!fb+!+1+$3'#s&73+h!"#$%&'(!3bc*!lq#3*!(+!#7d+(#&3*Y!
8+7+'&7(*!d#1+`!(+!7b+c*`!1+$3*'+`!$&(&!d+`h!!
!
!
.! 1*! 1&'8*! (+! 1*`! &m*`Y! "#$%&'(! d+! `*'a'+7(#g! i! d+! &`*d_'g! $*7! 1&!
c&'#+(&(!(+!`b`!#73+'+`+`h!9b!&a+3#3*!a*'!#7$*'a*'&'!$*7*$#d#+73*`!(+!3*(*!3#a*!
(&3&_&!(+!`b!#7f&7$#&h!)'*(#8#*!a'*c+7#+73+!(+!b7&!f&d#1#&!(+!a'*(#8#*`!tb7*!(+!
`b`! %+'d&7*`! (*3&(*`! #78'+`g! &! 1&! b7#c+'`#(&(! &! 1*`! C/! &m*`uY! "#$%&'(! 8&7g!
b7&! _+$&! (+! 1&! Ab7(&$#g7! 2&$#*7&1! (+! >#+7$#&! &! 1*`! CH! &m*`Y! #78'+`g! &! 1&!
b7#c+'`#(&(!&!1*`!CI!i!`#8b#g!b7&!+$1l$3#$&!$&''+'&!&$&(ld#$&!kb+!1*!11+cgY!+73'+!
*3'*`! 1b8&'+`Y! &! 1&! B7#c+'`#(&(! 0`3&3&1! (+! -+7#78'&(*! +7! 1&! +q! B7#g7! 9*c#l3#$&!
t(*7(+! +`3b(#g! 'b`*u! i! &1! ;7`3#3b3*! 2&'*a&Y! (+! #7`a#'&$#g7! _b(#`3&Y! (*7(+!
+`3b(#g!+`$'#3b'&!$*7!+1!a*+3&!.11+7!=#7`_+'8h!!
!
!
.18b7*`! (+! 1*`! de`! a'*fb7(*`! #73+'+`+`! (+! "#$%&'(! %&7! `#(*! 1&!
&b3*&ib(&! i! 1&! $'+&3#c#(&(h! 07! 1&! '+c#`3&! 9b$$+`Y! 3*dg! +1! $*da'*d#`*! (+!
+qa1*'&'! +7! f*'d&! (#'+$3&! 1&`! #(+&`! kb+! +`3&_&! $b_'#+7(*Y! (+`(+! #7c+`3#8&$#g7!
`*_'+! $gd*! +qa&7(#'! 1&! a'*a#&! #73+1#8+7$#&! %&`3&! 1*`! a'#7$#a#*`! (+!
&b3*d+j*'&d#+73*!(+!@&1+!>&'7+8#+Y!93+a%+7!>*c+i!i!2&a*1+*7!O#11h!"#$%&'(!7*!
`g1*!+`$'#_#g!`*_'+!f#j&$#g7!(+!*_j+3#c*`Y!&b3*(#`$#a1#7&!i!d&7+j*!(+1!3#+da*v!`+!
`bd+'8#g!+7!1*`!3+d&`!$*7!#73+7`#(&(!&a&`#*7&(&Y!&a1#$&7(*!$&(&!#(+&!7b+c&!&!
`b!a'*a#&!c#(&!(+!1&!d&7+'&!de`!`#7$+'&!i!kb+!3*(*`!a*(n&7!c+'h!
!!
!
01!f+'c*'!(+!"#$%&'(!a'*c*$g!_b'1&`!(+!&18b7*`!$*da&m+'*`!(+!'+(&$$#g7!
kb+! `+! $'+n&7! (+d&`#&(*! `*f#`3#$&(*`! $*d*! a&'&! a+'(+'! 3#+da*! +7!
&b3*d+j*'&d#+73*h! 0`3&`! a+'`*7&`! 7+8&3#c&`! `+! #dab`#+'*7! 1&! d#`#g7! (+!
d+7*`a'+$#&'! 1&! d&7+'&! +7! 1&! kb+! "#$%&'(! (+d*`3'&_&! &_#+'3&d+73+! `b`!
`+73#d#+73*`h!6+!%&$+!f+1#s!'+$*'(&'!kb+!+`*`!(+3'&$3*'+`!+7c#(#*`*`!kb+(&'*7!
&3'e`!a&'&!d*'(+'!+1!a*1c*!(+!"#$%&'(v!&!d+(#(&!kb+!1&!$&1#(&(!i!1&!$&73#(&(!(+!
`b!'+7(#d#+73*!a'*f+`#*7&1!`+!+1+c&_&!+qa*7+7$#&1d+73+Y!`b`!$'n3#$*`!kb+(&_&7!
&c+'8*7s&(*`h!!
!
!
.$3b&1d+73+Y! "#$%&'(! *$ba&! b7! ab+`3*! &13&d+73+! +7c#(#&(*! r+1! (+! b7!
&b3*'! f#7&7$#+'&d+73+! #7(+a+7(#+73+h! 6#+73'&`! *3'*`! $'#3#$&_&7! i! a&'1*3+&_&7Y!
"#$%&'(! 3'&7`f*'d&_&! `b`! do13#a1+`! #73+'+`+`! +7! b7! 1#_'*! 3'&`! *3'*Y! 3*(*`! $*7!
+f+$3*!(+c&`3&(*'h!!
5
!
!
9b`! &'3n$b1*`! `*_'+! $'+&3#c#(&(! i! &b3*d+j*'&d#+73*Y! a*'! +j+da1*Y!
*'#8#7&'*7!b7!1#_'*!`*'a'+7(+73+Y!01!f&$3*'!0#7`3+#7Y!+`$'#3*!jb73*!$*7!+1!@'h!]#7!
]+78+'h!K&`&(*!+7!#7c+`3#8&$#*7+`!'+c*1b$#*7&'#&`!`*_'+!+1!$+'+_'*!i!1&!d+73+Y!
+`! b7*! (+! 1*`! de`! +q3'&*'(#7&'#*`! (+! 3*(*`! 1*`! 1#_'*`! (+! &b3*&ib(&h! -*`!
$*d+73&'#*`! (+! 1*`! 1+$3*'+`! _'#7(&7! 3+`3#d*7#*! (+! `b! #da*7+73+! a*(+'! a&'&!
$&d_#&'!c#(&`h!!
!
!
>*7! 1&! $&n(&! (+1! 6b'*! (+! K+'1n7Y! "#$%&'(! 1*8'g! 1&!*a*'3b7#(&(! (+! +`3&'!
+73'+! 1*`! a'#d+'*`! kb+! +`$'#_#+'*7! `*_'+! +1! f1*'+$#d#+73*! (+! 1&! 1#_'+! +da'+`&!
(+3'e`! (+! 1&! >*'3#7&! (+! O#+''*h! "#$%&'(! %&_n&! a'+(#$%*! db$%*! 3#+da*! &73+`! +1!
f#7!(+1! $*db7#`d*Y! %&_#+7(*! a'+`+7$#&(*! d&7#f+`3&$#*7+`! i! '+a'+`#g7!c#*1+73&!
(+! 1&! a*1#$n&! +7! 1&`! $&11+`! (+! -+7#78'&(*! (b'&73+! `b`! (n&`! (+! +`3b(#&73+! +7!
CNJMh!.%*'&!"#$%&'(!c+n&!`b`!c#`#*7+`!%&$+'`+!'+&1#(&(h!!
!
!
-*! +7cn+! &! "b`#&! 3'+`! c+$+`! a&'&! $b_'#'! 1*`! %#`3g'#$*`! $&d_#*`! kb+!
+`3&_&7!`b$+(#+7(*!&11nY!"#$%&'(!%#s*!de`!cnc#(&!1&!'+c*1b$#g7!$&a#3&1#`3&!+7!b7&!
`+'#+!(+!&'3n$b1*`!a&'&!9b$$+``!i!de`!3&'(+!+7!b7!1#_'*!&$1&d&(*!a*'!1&!$'n3#$&!
11&d&(*! >gd*!*_3+7+'!8&7&7$#&`!(+1!fb3b'*!_**d!'b`*!tO*4!3*!a'*f#3!f'*d!3%+!
$*d#78! "b``#&7! _**duv! b7! 1#_'*! kb+! a'+(#j*! $*''+$3&d+73+! +1! &1s&! 'l$*'(! (+1!
d+'$&(*!(+!c&1*'+`!'b`*!(b'&73+!CNNI!i!CNNJh!
!!
!
07! 9b$$+``Y! +1! #73+'l`! (+! "#$%&'(! a*'! 1&! %#`3*'#&! &73#8b&! `*1n&!
d&7#f+`3&'`+!+7!&'3n$b1*`!`*_'+!1&`!$b&1#(&(+`!(+!1#(+'&s8*!(+!1*`!+da+'&(*'+`!
'*d&7*`! *! 1&`! a'e$3#$&`! #73b#3#c&`! (+! 1*`! f#1g`*f*`! 8'#+8*`h! )+'*! 7b7$&! d+! (#!
$b+73&! (+! 1*! +7f'&`$&(*! kb+! +`3&_&! +7! +1! db7(*! &73#8b*! %&`3&! kb+! +`$'#_#g!
>%#`a&!2+8'&Y!Ab+8*!K1&7$*!tK1&$5!9a&'5Y!]%#3+!A#'+u!b7!1#_'*!kb+!+qa1*'&_&Y!1&!
$*73'*c+'3#(&! $b+`3#g7! (+! `#! 1*`! +qa1*'&(*'+`! +8#a$#*`! %&_n&7! (+`$b_#+'3*Y!
$*1*7#s&(*!i!$#c#1#s&(*!&!b7&!0b'*a&!_e'_&'&!i!3'#_&1!%&$+!d#1+`!(+!&m*`h!
!!
!
01! 1#_'*! d+! '+`b13g! #da*`#_1+! (+! (+j&'! i! `#da1+d+73+! $&7$+1l! 3*(&`! d#`!
*3'&`! &$3#c#(&(+`! a&'&! a*(+'! (+(#$&'d+! &! 3#+da*! $*da1+3*! &! 1++'! `b`! de`! (+!
HPP!ae8#7&`!(+!a'*`&!'#$&!i!a+'f+$3&h!01!1#_'*!%&$n&!kb+!+1!a&`&(*!$*_'&'&!c#(&!
$*d*!7#78o7!*3'*!1#_'*!1*!%&_n&!%+$%*h!.1!%&_+'!`#(*!+7!b7&!la*$&!j+f+!+(#3*'#&1!
(+! 1&! '+c#`3&! 9$#+7$+! @#8+`3Y! '+$*7*$n! 1&! +q$+1+73+! $&1#(&(! &$&(ld#$&! (+!
"#$%&'(h!>%#`a&!2+8'&!fb+!+1&_*'&(*!`*_'+!1&!_&`+!(+!#7c+`3#8&$#*7+`!i!+`$'#3*!
$*7! a+'f+$$#g7! &`*d_'*`&Y! 3&7! `g1#(*! i! 11+7*! (+! '#kb+s&`! $*d*! b7&! a#'ed#(+!
&73#8b&h!!
!
!
)*'!`bab+`3*Y!`b`!1#_'*`!de`!+q#3*`*`!ri!a*'!1*`!kb+!+`!de`!$*7*$#(*r!
`*7!`b`!1#_'*`!,1&!G!`*_'+!7+34*'5!d&'5+3#78h!-&!8+73+!`b+1+!(+$#'!kb+!"#$%&'(!
%&! %+$%*! de`! kb+! $b&1kb#+'! *3'*! +`$'#3*'! a&'&! a'*d*c+'! i! &a*i&'! &1! 7+34*'5!
d&'5+3#78h!0`!b7!%&1&8*!_#+7!#73+7$#*7&(*Y!a+'*!7*!11+8&!&!(+`3&$&'!1&!d+(#(&!
3*3&1!(+!`b!$*73'#_b$#g7h!!
!
!
01! e'+&! (+1! 6-6! `#+da'+! +`3bc*! 11+7*! (+! (+f+7`*'+`! i! a'*d*3*'+`h! -*!
kb+!7+$+`#3&_&!+'&!&18b#+7!$*7!b7!#73+1+$3*!a*(+'*`*Y!d&87nf#$&!%&_#1#(&(!a&'&!
+`$'#_#'! +! #73+8'#(&(! 3*3&1! r&18b#+7! (#`ab+`3*! &! '+&1#s&'! b7! +`fb+'s*!
$*7`#(+'&_1+! a&'&! #7c+`3#8&'! +! #7f*'d&'! &$+'$&! (+! 1*`! a+1#8'*`Y! 3'&da&`! i!
6
(+`3&$&_1+`! '+$*da+7`&`! (+! +`3&! &$3#c#(&(! '+c*1b$#*7&'#&! i! +7! 'ea#(*!
$'+$#d#+73*h!01!3&1+73*Y!3+da+'&d+73*Y!1&!+qa+'#+7$#&!i!1&!_&`+!(+!$*7*$#d#+73*!
o7#$&`! (+! "#$%&'(! 1*! $*7c#'3#+'*7! +7! +1! $&7(#(&3*! a+'f+$3*! a&'&! +1! 3'&_&j*h!!
.73+`! (+! kb+! "#$%&'(! +da+s&'&! &! +`$'#_#'! `*_'+! 7+34*'5! d&'5+3#78Y! $b&1kb#+'!
a+'`*7&!kb+!7*!a+'3+7+$#+'&!&!+`+!db7(*!+`3&_&!dbi!#73+'+`&(&!+7!`&_+'!(+!
kbl! 3'&3&_&! +1! 7+8*$#*h! ?*(*! +'&! `*d_'n*h! pSb#l7! a*(n&! $*da'+7(+'! 1*! kb+!
+`3&_&! *$b''#+7(*Y! *! `#! 1&`! a'e$3#$&`! 3+7n&7! &18o7!`+73#(*! $*d+'$#&1T! 01! &d#8*!
kb+! 7*`! %&_1&_&! f+'c#+73+d+73+! &$+'$&! (+! 1&`! a'*d+`&`! (+1! 6-6Y! p+73+7(n&!
&18*!l1!d#`d*T!9#da1+d+73+Y!7*!%&_n&!d&7+'&!(+!`&_+'1*h!!
!
!
@+!%+$%*Y!+1!7+34*'5!d&'5+3#78!+`3&_&!'+&1#s&7(*!d#1&8'*`!+$*7gd#$*`Y!
a+'*!(+`(+!+1!ab73*!(+!c#`3&!(+!1&!$*db7#$&$#g7!+`3&_&!+7!1&!0(&(!6+(#&h!6#3*`!
i! 'bd*'+`! &7(&_&7! $#'$b1&7(*h! E+'(&(! i! f&1`+(&(! +'&7! $*da&m+'&`! (+! _&#1+h!
;77bd+'&_1+`! ab_1#$&$#*7+`! a&`&j+'&`! _'*3&_&7! i! d*'n&7Y! c#c#+7(*! 3&7! `g1*! 1*!
`bf#$#+73+!$*d*!a&'&!a'*$1&d&'!+`3'b+7(*`*`!3#3b1&'+`!kb+!a*(n&7!`+'!c+'(&(!*!
a*(n&7!`+'!d+73#'&!ra+'*!pkb#l7!a*(n&!d&'$&'!1&!(#f+'+7$#&T!!
!
!
-&! &$3#c#(&(! 3+7n&! d#1+`! (+! a'*f+3&`! &b3*La'*$1&d&(*`Y! a+'*! `b`! c*$+`!
11+8&_&7! &! `+'! b7! a&'1*3+*! r$*7fb`*Y! $&$*fg7#$*Y! $*da+3#(*'r! b7! $&'7&c&1!
11+7*! (+! c#(+73+`! i! `&_#*`! +7! a1&3&f*'d&`! #da'*c#`&(&`! 8'#3&7(*! `b`!
'+c+1&$#*7+`h! 2#78b7&! c*s! `+! +1+c&_&! a*'! `*_'+! +1! +`3'b+7(*! i! 1&! $*7fb`#g7h!
2#78b7&! c#`#g7! 3+7n&! de`! (+! b7&! a+kb+m&! a&'3+! (+! c+'(&(Y! b7! a*$*! (+!
'+&1#(&(Y!b7&!f'&$$#g7!(+!1&!3*3&1#(&(h!!
!
!
9g1*! "#$%&'(! c#*! 1&! 8'&7! #d&8+7Y! $*d*! +7! $&(&! 3+d&! kb+! (*d#7gh! >*7!
"#$%&'(! 11+8&'*7! 1*`! #7f*'d+`! (+! kb+! +`3&_&! _#+7! *'8&7#s&(*! i! _&`&(*! +7!
$#+73*`! (+! %*'&`! (+! #7c+`3#8&$#g7Y! &7e1#`#`! i! a+7`&d#+73*! $b#(&(*`*`! i!
a'*f+`#*7&1+`h!.m*!3'&`!&m*Y!&'3n$b1*!3'&`!&'3n$b1*Y!1#_'*!3'&`!1#_'*Y!"#$%&'(!+`3bc*!
`#+da'+! +7! 1&! (+1&73+'&! r*_`+'c&7(*! i! 7&''&7(*Y! b7&! 3'&`! *3'&Y! 1&`!
'+c*1b$#*7+`!kb+!$&d_#&'*7!+1!db7(*h!.!3'&cl`!(+!`b`!+`$'#3*`!`*_'+!6-6Y!%&!
$'+&(*! `b! a'*a#&! '+c*1b$#g7! &1! %&$+'! (+1! 7+34*'5! d&'5+3#78! b7! 3+d&! 1+8n3#d*!
a&'&!1&!a'+7`&!+$*7gd#$&h!!
!
!
9#7! (b(&`Y! ,1&! /! +`! +1! d+j*'! (+! 1&! `+'#+h! 0q%#_+Y! +7! 1*`! 3l'd#7*`! de`!
$1&'*`Y!+`&`!3+7(+7$#&`!+$*7gd#$&`!a*$*!$*7*$#(&`!kb+!c#'3b&1d+73+!8&'&73#s&7!
b7&! +qa1*`#g7! (+1! 7+34*'5! d&'5+3#78! +7! +1! `#81*! c+#73#b7*h! \! +qa1#$&!
+q&$3&d+73+!$gd*!`+'!a&'3+!(+!+`&!'+c*1b$#g7h!!
!
!
.`n! kb+Y! (+d*`! cb+13&! 1&! ae8#7&! i! &'d+d*`! 1&`! _&''#$&(&`h! w"#$%&'(!!
)*+!1*!%&!%+$%*!(+!7b+c*x!!
!
!
!
!
!
!
!
!
!
9$*33!@+=&'d*!
>*L&b3*'!(+!>*'&sg7!&!>*'&sg7!
0q!j+f+!+(#3*'#&1!i!+(#3*'Y!'+c#`3&!9b$$+``h!
!
!
!
!
7
!
!
!
!
!
*,%2+!&")!
!
!
>gd*!c#cn&d*`!&73+`!(+!CNNGT!0`!(#fn$#1!(+!'+$*'(&'h!Ab+!+1!&m*!+7!kb+!
+1h! >+73'*! 2&$#*7&1! (+! .a1#$&$#*7+`! a&'&! 9ba+'$*dab3&(*'&`! t2>9.u! 1&7sg! &1!
d+'$&(*!+1!_b`$&(*'! 6*`&#$h!0`3+!%&_#1#3&_&!a*'!a'#d+'&!c+s!&!1&!8+73+!$*do7!
&!7&c+8&'!a*'!1&!]*'1(!]#(+!]+_Y!b`&7(*!3+$7*1*8n&!fe$#1!(+!b`&'v!`g1*!3+7n&7!
kb+! &ab73&'! i! (&'! b7! $1#$5h! .73+`! (+!CNNGY!`g1*! 1*`! 8+7#*`! (+! 1&! $*dab3&$#g7!
`&_n&7! 1*! kb+! `#87#f#$&_&! ;73+'7+3h! .%*'&Y! d#11*7+`! (+! a+'`*7&`! $*da'&7! i!
c+7(+7!3*(*`!1*`!(n&`!+7!+1!$#_+'+`a&$#*h!-&!#73+'7+3!`+!%&!3'&7`f*'d&(*!+7!+1!
`+$3*'!(+!d&i*'!$'+$#d#+73*!(+!1&!+$*7*dn&!(+!1*`!0`3&(*`!B7#(*`h!073'+!CNNJ!
i!CNNM!1&`!c+73&`!*71#7+!`+!#7$'+d+73&'*7!(+!G!d#1!&!J!d#1!d#11*7+`!(+!(g1&'+`h!
9+!+`3#d&!kb+!+7!+1!&m*!FPPG!+1!7od+'*!(+!b`b&'#*`!(+!;73+'7+3!11+8&'e!&!HCP!
d#11*7+`!(+!a+'`*7&`!rCJJ!d#11*7+`!`g1*!+7!1*`!0`3&(*`!B7#(*`h!!
!
!
-&`!8+7+'&$#*7+`!fb3b'&`!'+$*'(&'e7!&!1&!(l$&(&!(+!1*`!&m*`!NP!a*'!`b`!
$&d_#*`! +q3'&*'(#7&'#*`h! )+'*! ;73+'7+3! fb+! `g1*! b7&! #77*c&$#g7! +73'+! db$%&`!
*3'&`h! .18b7&`! (+! 1&`! 3'&7`f*'d&$#*7+`! de`! 8'&7(+`! (+! 1&! (l$&(&! `b$+(#+'*7!
(+3'e`! (+! 1&! +`$+7&Y! $&`#! `#7! kb+! 1&! a'+7`&! 3'&(#$#*7&1! 1*! 7*3&'&h! Ab+! (b'&73+!
+`&! (l$&(&Y! a*'! +j+da1*Y! kb+! b7&! #7(b`3'#&! (+`$*7*$#(&Y! 11&d&(&! (+! c&'#&`!
d&7+'&`! r7+34*'5! d&'5+3#78Y! d&'5+3#78! db13#7#c+1! *! 6-6r! 11+8g! &! 8+7+'&'!
c+73&`!+`3#d&(&`!+7!MP!d#1!d#11*7+`!(+!(g1&'+`h!@+!&$b+'(*!&!1&!.`*$#&$#g7!(+!
E+73&! @#'+$3&! (+! 1*`! 0`3&(*`! B7#(*`! [email protected]! &a'*q#d&(&d+73+! M! d#11*7+`! (+!
+`3&(*b7#(+7`+`! +`3&_&7! a&'3#$#a&7(*! +7! *a*'3b7#(&(+`! (+! 6-6! &1! f#7&1! (+! 1&!
(l$&(&h! .1! #8b&1! kb+! ;73+'7+3Y! +1! 7+34*'5! d&'5+3#78!`b'8#g! (b'&73+! 1&! (l$&(&!
(+! 1*`! &m*`! NP! $*d*! b7&! (+! 1&`! d&kb#7&'#&`! 7b+c&`! de`! a*(+'*`&`! kb+!
#dab1`&'e!1&!+$*7*dn&!(+1!`#81*!c+#73#b7*h!!
!
!
>*7f#+`*!kb+!_'#7(*!+`3&`!+`3&(n`3#$&`!$*7!$#+'3*!&1#c#*Y!Sb#+7+`!+`3&d*`!
+7! +1! 7+8*$#*! (+! a'+(+$#'! 3+7(+7$#&`! fb3b'&`! c#c#d*`! $*7`3&73+d+73+! $*7! +1!
3+d*'!(+!kb+!b7*!(+!7b+`3'*`!a'*7g`3#$*`!'+`b13+!f&1`*h!07!+`3+!$&`*Y!+1!(+`3#7*!
d+! +c#3g! +`&! %bd#11&$#g7h! 01! 7+34*'5! d&'5+3#78! 7*! `g1*! $bda1#gY! `#7*! kb+!
+q$+(#g!d#`!a'*i+$$#*7+`!de`!*a3#d#`3&`h!!
!
!
01! a'#d+'*! (+! d#`! a'*7g`3#$*`! `*_'+! +1! 3+d&! 11+8g! &! 1*`! kb#*`$*`! +7!!
d&i*!(+!CNNPY!$b&7(*!i*!+'&!+(#3*'!`l7#*'!+7!1&!'+c#`3&!9b$$+``h!O&_n&!+`$'#3*!
b7&! $*1bd7&! 11&d&(&! Z2+36&'5+3#78D! 1&! d&7+'&! de`! a*(+'*`&! (+! &$+'$&'`+! &!
1*`!$*7`bd#(*'+`!+7!1&!(l$&(&!(+!1*`!NP[h!-&!%#`3*'#&Y!(#$%*!(+!d&7+'&!`#da1+Y!
d+! $&d_#g! 1&! c#(&h! @+! 1&! 7*$%+! &! 1&! d&m&7&Y! d+! 3'&7`f*'dl! +7! b7&! d#7#L
$+1+_'#(&(! +7! +1! db7(*! (+1! 6-6h! 6#! &'3n$b1*! +`3&_&!+7! 3*(*`! 1&(*`h! 6#1+`! (+!
f*3*$*a#&`! `+! +73'+8&_&7! +7! '+b7#*7+`! (+! *a*'3b7#(&(! +7! 3*(*! +1! a&n`h! -&`!
$&'3&`!`+!&a#1&_&7!+7!d#!+`$'#3*'#*Y!`#7!kb+!ab(#+'&!1++'1&`h!6#!3+1lf*7*!`*7&_&!
`#7Y!$+`&'Y!-+$3*'+`!+73b`#&`3&`!d+!&`+(#&_&7Y!&8'&(+$#l7(*d+!a*'!+1!&'3n$b1*!i!
$1&d&7(*!a*'!de`!$*_+'3b'&!`*_'+!+1!6-6h!
8
!
!
6#! +(#3*'! +7! j+f+Y! 9$*33! @+=&'d*Y! a'*73*! 7*`! a#(#g! &! dn! i! &! d#!
$*da&m+'*Y!+1!+(#3*'!`l7#*'!@b7$&7!.7(+'`*7Y!kb+!%#$#l'&d*`!b7&!7*3&!(+!3&a&!
`*_'+! +1! 7+34*'5! d&'5+3#78h! "+b7#d*`! b7! +q$+1+73+! +kb#a*! (+! +`$'#3*'+`Y!
#7c+`3#8&(*'+`! i! +qa+'3*`! +7! 1&! #7(b`3'#&Y! #7$1bi+7(*! &! Q*%7! A*88Y! +(#3*'! (+!
Ba1#7+Y! E&1+'#+! A'++Y! +(#3*'&! (+! 6&'5+3#78! ;7`#8%3`v! +1! i#aa#+L$*7c+'3#(*L+7L
ibaa#+L$*7c+'3#(*L+7L8b'oL(+1L6-6!Q+''i!"b_#7!i!+1!@'h!9'#5bd&'!"&*Y!j+f+!(+1!
(+a&'3&d+73*! (+! d&'5+3#78! (+! 1&! B7#c+'`#(&(! (+! -*78! ;`1&7(Y! +73'+! *3'*`Y! -&!
7*3#$#&!(+1!&'3n$b1*!`+!f#13'g!+7!1&!$*db7#(&(!(+1!6-6!`+d&7&`!&73+`!(+!kb+!`+!
ab_1#$&'&! i! '+$#_#d*`! 3&1! $&73#(&(! (+! a+(#(*`! &73#$#a&(*`! kb+! 3bc#d*`! kb+!
$*73'&3&'!&!b7!3+1+d&'5+3+'!&!3#+da*!$*da1+3*!a&'&!kb+!1*`!'+$#_#+'&h!?#3b1&d*`!
1&!7*3&!Z>'+&d*`!d#11*7&'#*`[!i!`&1#g!+7!1&!+(#$#g7!(+!d&'s*!(+!CNNFh!@b'&73+!
+`+!d+`!1&`!c+73&`!+7!1*`!kb#*`$*`!`+!(ba1#$&'*7h!!
!
!
p.!kbl!`+!(+_n&!3*(*!+`+!+73b`#&`d*T!9b'8n&!(+1!%+$%*!(+!kb+!9b$$+``!
+'&! 1&! a'#d+'&! '+c#`3&! +$*7gd#$&! 7&$#*7&1! kb+! +`$'#_n&! a*`#3#c&d+73+! `*_'+! 1&!
#7(b`3'#&!(+1!7+34*'5!d&'5+3#78h!O&`3&!+`+!d*d+73*Y!1*`!7+34*'5+'`!7*!a*(n&7!
+`a+'&'!7&(&!de`!kb+!&3&kb+`!d&1#$#*`*`!(+!1*`!'+a*'3+'*`!(+!d+(#*`!d&`#c*`h!
-*`! a+'#*(#`3&`! a#73&_&7! &! 1&! #7(b`3'#&! $*d*! b7! +`kb+d&! a&'&! %&$+'`+! '#$*!
'ea#(&d+73+Y! b7! jb+8*! a#'&d#(&1! a&'&! 1*`! &d_#$#*`*`Y! 1*`! (+`+`a+'&(*`! i! 1*`!
$'l(b1*`h!9b$$+``!%&_n&!$*''#(*!b7!8'&7!'#+`8*!&1!&3'+c+'`+!&!11&d&'!&1!6-6!1&!
*1&!(+1!fb3b'*h!A+1#sd+73+Y!7b+`3'&!*a#7#g7!fb+!'+#c#7(#$&(&!+7!b7*`!a*$*`!&m*`h!!
.$3b&1d+73+Y! ab_1#$&$#*7+`! a'+`3#8#*`&`Y! (+`(+! +1! ]&1;! 93'++3! Q*b'7&1! %&`3&! +1!
2+4!\*'5!?#d+`Y!%&7!$*d+7s&(*!&!3'&3&'!&!1&!#7(b`3'#&!$*7!b7!7b+c*!3*7*!(+!
'+`a+3*h! 0da'+`&`! (+1! 1#`3&(*! A*'3b7+! HPPY! $*d*! ;K6! *! 6>;Y! &%*'&!
$*d+'$#&1#s&7!a'*(b$3*`!i!`+'c#$#*`!&!3'&cl`!(+!+da'+`&`!(+!6-6h!>#3#8'*baY!1&!
$*da&mn&! (+! `+'c#$#*`! f#7&7$#+'*`! de`! 8'&7(+! (+1! db7(*Y! c+7(+! f*7(*`! (+!
#7c+'`#g7!i! `+8b'*`! (+! c#(&! &! 3'&cl`! (+! b7&! `b_`#(#&'#&! (+! 7+34*'5! d&'5+3#78!
11&d&(&!)'#d+'#$&h!07!1*`!o13#d*`!$#7$*!&m*`Y!+1!a&a+1!7od+'*!b7*!(+!1&!K*1`&!
(+! E&1*'+`! 0`3&(*b7#(+7`+Y! +7! 3l'd#7*`! (+!$'+$#d#+73*! (+! 8&7&7$#&`Y! %&! `#(*!
)'+L)&#(! -+8&1! 9+'c#$+`! rb7&! +da'+`&! (+! 7+34*'5! d&'5+3#78h! -*`!
'+a'+`+73&73+`!(+!c+73&`!(+!.c*7!)'*(b$3`!r8#8&73+!(+!a'*(b$3*`!$*`dl3#$*`!
c&1b&(*!+7!HhFPP!d#11*7+`!(+!(g1&'+`r!&%*'&!3#+7+7Y!$*d*!'b3#7&Y!1&!*a$#g7!(+!
+1+8#'!b7!a1&7!(+!$*da+7`&$#g7!db13#7#c+1h!!
!
!
O*i! +7! (n&Y! +`! dbi! (#fn$#1! '+$*'(&'! $gd*! +'&! %&$+! db$%*! 3#+da*Y!!
$b&7(*! 1&! *a#7#g7! a*ab1&'! b7n&! &1! d&'5+3#78! db13#7#c+1! $*7! $&'3&`! +7!!
$&(+7&! i! +`kb+d&`! a#'&d#(&1+`h! -&! #d&8+7! (+! 1&! #7(b`3'#&! %&! `#(*! 3&7!!
'+`3&_1+$#(&! kb+! &$3b&1d+73+! +1! 6-6! 3#+7+! +73'+! `b`! $&da+*7+`! &! 1n(+'+`!
d*'&1+`! $*d*! 93+a%+7! "! >*c+i! r+1! 8b'o! (+! 1&! l3#$&! $*'a*'&3#c&! $*7*$#(*! +7!
3*(*! +1! db7(*! i! &b3*'! (+1! _+`3! `+11+'! -*`! J! %e_#3*`! (+! 1&! 8+73+! &13&d+73+!
+f+$3#c&Y!(+1!$b&1!`+!c+7(#+'*7!(#+s!d#11*7+`!(+!$*a#&`h!Z01!7+34*'5!d&'5+3#78!1+!
_'#7(&! &! 1&! 8+73+! b7&! *a*'3b7#(&(! $'+&3#c&! (+! &'d&'! `b! a'*a#*! 7+8*$#*! i! (+!
d+j*'&'`+!&!`n!d#`d*`Y[!*a#7&!>*c+i!+7!b7&!7*3&!(+!3&a&!(+!d&'s*!(+!CNNN!+7!
1&!'+c#`3&!2+34*'5!6&'5+3#78!-#f+`3i1+`h!!
!
!
?&d_#l7!+`3e7Y!a*'!`bab+`3*Y!d#`!a'*a#*`!+`$'#3*`h!01!lq#3*!(+!,1&!G!i!(+!
`b!`+$b+1&!-&!d&7+'&!(+!$*7`3'b#'!`b!'+(!+7!1&!,1&!G!%&7!'+f1+j&(*Y!&!+`$&1&Y!+1!
$'+$#d#+73*! (+! 1&! #7(b`3'#&h! >b&7(*! ,1&! G! fb+! ab_1#$&(*! a*'! a'#d+'&! c+s! +7!
9
CNN/Y! `b! 3+d&! a&'+$n&! 3&7! (+`$*7*$#(*! kb+! db$%&`! 1#_'+'n&`! `+! 7+8&'*7! &!
+q%#_#'1*! r+`! (+$#'Y! %&`3&! kb+! 1&`! #7b7(&'*7! 1*`! a+(#(*`! (+! $1#+73+`h! .1! #8b&1!
kb+! +1! 6-6Y! 1*`! 1#_'*`! ,1&! G! `+! (#`+d#7&'*7! a*'! +1!_*$&L+7L_*$&h! 2*! 3bc#+'*7!
ab_1#$#(&(h! -&`! ab_1#$&$#*7+`! de`! #da*'3&73+`! 7*! 1*`! '+`+m&'*7h! 2*! `+! 1*`!
(#`$b3#g!+7!1*`!3&15!`%*4`!3+1+c#`#c*`h!?&da*$*!1*`!a'+`+73l!+7!1*`!$#'$b#3*`!(+!
`+d#7&'#*`! i! $*7f+'+7$#&`h! 9#7! +d_&'8*Y! +1! db7(*! (+! 1&`! ab_1#$&$#*7+`! `+! c#*!
*_1#8&(*! &! a'+`3&'1+`! &3+7$#g7Y! &! $&b`&! (+1! `#da1+! a*(+'! (+! `b`! c+73&`h!!
-*`! 1#_'*`! ,1&! G! #''bda#+'*7! &73+! 1&! *a#7#g7! ao_1#$&! +7! 7*c#+d_'+! (+! CNNIY!
$b&7(*!&d_*`!&a&'+$#+'*7!`#db13e7+&d+73+!+7!1&!1#`3&!(+!1*`!de`!c+7(#(*`!(+1!
Kb`#7+``! ]++5h! 0`+! d#`d*! d+`Y! -&! d&7+'&! (+! $*7`3'b#'! `b! '+(! +7! 1&! ,1&! G!
&a&'+$#g! +7! 1&! 1#`3&! (+! 1#_'*`! (+! 7+8*$#*`! de`! c+7(#(*`! (+1! 2+4! \*'5! ?#d+`h!
.d_*`!1#_'*`!jb73*`!%&7!c+7(#(*!$+'$&!(+!d+(#*!d#11g7!(+!$*a#&`h!0`!'&'*!kb+!
&18b7&! `b$b'`&1! (+! 1&! 1#_'+'n&! K&'7+`! &7(! 2*_1+! t1&! $&(+7&! (+! 1#_'+'n&`! de`!
8'&7(+!i!a'+`3#8#*`&!(+!1*`!0`3&(*`!B7#(*`u!7*!3+78&Y!%*i!+7!(n&Y!1*`!1#_'*`!,1&!
G!(+`3&$&(*`!+7!1&!`+$$#g7!(+!1#_'*`!(+!7+8*$#*`h!!
!
!
-&! 7*3#$#&! (+! d#`! 1#_'*`! `+! +qa&7(#g! (+! _*$&L+7L_*$&! a*'! 1&`! d#`d&`!!
'+(+`!kb+!db+c+7Y!(n&!&!(n&Y!$#+73*`!(+!d#11*7+`!(+!(g1&'+`!+7!$'+d&`!a&'&!1&!
a#+1Y! c#3&d#7&`Y! `ba1+d+73*`! &! _&`+! (+! %#+'_&`Y! `+8b'*`! (+! c#(&Y! `+'c#$#*!
3+1+fg7#$*!(+!1&'8&!(#`3&7$#&!i!(+!&$$+`*!&!;73+'7+3h!-&!ab_1#$&$#g7!(+!1*`!1#_'*`!
fb+!&7b7$#&(&!a*'!f&qY!$*''+*!(+!c*s!i!+1+$3'g7#$*v!#7f*'d&(&!+7!1&!$&'3+1+'&!(+!
d+7`&j+`! (+! B`+7+3v! 1&7s&(&! +7! $*7f+'+7$#&`! cn&! `&3l1#3+! i! (+`3&$&(&! +7! 1*`!
_*1+3#7+`!#73+'7*`!(+!&`*$#&(*`!(+!6-6!+7!3*(*`!1*`!0`3&(*`!B7#(*`h!-*`!1#_'*`!
,1&! G! `ba+'&'*7! a*'! $*da1+3*! 1*`! $&7&1+`! (+! d&'5+3#78! $*7c+7$#*7&1+`h!
)+'`*7&1d+73+Y!$*7*s$*!+j+$b3#c*`!(+!&18b7&`!+(#3*'#&1+`!a'+`3#8#*`&`!(+!2b+c&!
\*'5! kb+! %&`3&! +1! (n&! (+! %*i! `+! `#8b+7! '&`$&7(*! 1&! $&_+s&Y! a'+8b73e7(*`+!
$gd*!a&`gh!!
!
!
-*!kb+!&1#d+73&!+1!a'*fb7(*!#73+'l`!+7!d#`!1#_'*`!+`!1&!d#`d&!fb+'s&!kb+!
#dab1`g!&1!7+34*'5!d&'5+3#78!&!$*7c+'3#'`+!+7!b7!7+8*$#*!(+!MP!d#1!d#11*7+`!(+!
(g1&'+`D!+1!&7%+1*!(+!1&`!d&`&`!(+!1*8'&'!1#_+'3&(!a+'`*7&1!i!f#7&7$#+'&!&!3'&cl`!
(+! 1&! a*`+`#g7! (+! b7! 7+8*$#*h! -&! d#$'*3+$7*1*8n&! %&! 3'&7`f*'d&(*! 1&! .dl'#$&!
$*'a*'&3#c&h! -&! &b3*d&3#s&$#g7! +`3e! +1#d#7&7(*! 1*`! ab+`3*`! (+! 3'&_&j*! (+! 1*`!
*_'+'*`Y!d#+73'&`!kb+!1&!(+`$+73'&1#s&$#g7!+dabj&!$&(&!c+s!&!de`!a'*f+`#*7&1+`!
&1! d+'$&(*! &_#+'3*Y! &! *f'+$+'! `b! $&a&$#(&(! $*d*! $*73'&3#`3&`! #7(+a+7(#+73+`h!
@+`8'&$#&(&d+73+Y! 1&! d&i*'n&! (+! 1&! 8+73+! 7*! +`3e! _#+7! +kb#a&(&! a&'&!
`b`3+73&'`+!+7!+1!d+'$&(*!1&_*'&1!(+1Y!`#81*!c+#73#b7*h!-+`!f&13&!c#`#g7Y!%&_#1#(&(!
*! #7c+73#c&! a&'&!$'+&'!`b`!a'*a#&`! +da'+`&`h! )*'! +`*!`+! cb+1$&7Y!$&(&! c+s!+7!
d&i*'! 7od+'*Y! &! `#`3+d&`! +$*7gd#$*`! Z(+! cb+13&! (+! 11&c+[! $*d*! +1! 7+34*'5!
d&'5+3#78h!!
!
07! ,1&! GY! a'+`+73l! +1! $*7$+a3*! (+! d&`#f#$&$#g7! (+1! d+'$&(*! (+1! 6-6! rb7&!
7b+c&Y! 8+7+'&$#g7! (+! *a*'3b7#(&(+`! (+! 7+34*'5! d&'5+3#78! kb+! `#da1#f#$g! i!
&b3*d&3#sg!db$%*`!&`a+$3*`!(+1!7+8*$#*h!-*`!a'*f+`#*7&1+`!(+!'+(!(+!1&!,1&!G!
$*d+7s&'*7! &! $*7f#&'! +7! c#(+*`! (+! a'*`a+$$#g7Y! `+'c#$#*`! (+! f&q! &! a+(#(*Y!
$*7f+'+7$#&`! cn&! `&3l1#3+Y! a'*8'&d&`! (+! +73'+8&`! i! *3'&`! #77*c&$#*7+`!
3+$7*1g8#$&`!a&'&!%&$+'!$'+$+'!`b`!7+8*$#*`h!-*`!dl3*(*`!(+!1&!,1&!G!%#$#+'*7!
&1!7+34*'5!d&'5+3#78!a*'!a'#d+'&!c+s!c+'(&(+'&d+73+!&$$+`#_1+!&!1&`!d&`&`!r
1*!kb+!a'*c*$g!+1!3'+d+7(*!$'+$#d#+73*!(+!1&!#7(b`3'#&!(b'&73+!1&!(l$&(&!(+!1*`!
10
NPh!!
!
!
.! d+(#(&! kb+! +73'&d*`! +7! +1! `#81*! c+#73#b7*Y! d#! 7b+c*! 1#_'*Y! ,1&! /Y!
+qa1*'&! 1&! f'*73+'&! f#7&1! (+1! 6-6! r`b! $*7kb#`3&! (+! 1&! .dl'#$&! $*'a*'&3#c&h! .!
d+(#(&! kb+! 1*`! 3'&_&j*`! (+`&a&'+$+7Y! d#11*7+`! (+! *a*'3b7#(&(+`! 6-6! `b'8+7!
a&'&!'++da1&s&'1*`h!-&!a'*1#f+'&$#g7!(+!7b+c*`!d+(#*`!(+!$*db7#$&$#g7!(#1bi+!
+1!a*(+'!(+!1&!ab_1#$#(&(Y!*_1#8&7(*!&!b7!7od+'*!$'+$#+73+!(+!$*'a*'&$#*7+`!&!
c*1$&'`+! &1! 6-6! a&'&! 3+7+'! &$$+`*! (#'+$3*! &1! $*7`bd#(*'Y! a*'! '+$*d+7(&$#g7h!
-&`!$*da&mn&`!(+!7+34*'5!d&'5+3#78!+`3e7!+c*1b$#*7&7(*!%&$#&!b7&!.b3*a#`3&!
(+! @#`3'#_b$#g7! &13+'7&3#c&Y! kb+! +`! +1+8#(&! a*'! b7! 7od+'*! $'+$#+73+! (+!
+da'+`&`! (+! 1&! 1#`3&! (+! A*'3b7+! HPP! a&'&! +7$&bs&'! `b`! a'*(b$3*`! i! `+'c#$#*`h!!
!
!
-&!&$+a3&$#g7!b7#c+'`&1!(+1!6-6!$*d*!%+''&d#+73&!(+!$*d+'$#*!1+8n3#d&!
r+! #7$1b`*! `ba+'#*'r! a*'! a&'3+! (+! 1&! +$*7*dn&! 3'&(#$#*7&1Y! %&! &$+1+'&(*! b7!
f+7gd+7*! kb+! +1! fb3b'#`3&! K&''i! >&'3+'! 11&d&! a'#c&3#s&$#g7! +7! d&`&h! ?&1! $*d*!
>&'3+'! 1*! +qa1#$&! +7! `b! 1#_'*! "#kb+s&! #7f#7#3&! t;7f#7#3+! ]+&13%YuY! 1&! a'#c&3#s&$#g7!
+7! d&`&! *$&`#*7&! b7&! 3'&7`f+'+7$#&! d&i*'#`3&! (+! 1&!a'*a#+(&(! $*d+'$#&1Y! kb+!
a&`&! (+! _b'*$'&$#&`! $*'a*'&3#c&`! i! $+73'&1#s&(&`! &! 1&`! d&7*`! (+! d#11*7+`! (+!
#7(#c#(b*`!&b3g7*d*`h!!
!
!
0`!b7!`#`3+d&! *'8&7#s&(*!_&`&(*! +7! 1&! a'*a#+(&(!a+'`*7&1!i! 1&! 1#_+'3&(!
#7(#c#(b&1[! (#$+! >&'3+'h! Z>&(&! #7(#c#(b*! +`! (b+m*! (+1! 3'&_&j*! +`a+$nf#$*! kb+!
'+&1#s&!i!+`3e!#73+'$*7+$3&(*!i!+`!#73+'(+a+7(#+73+!$*7!*3'*`!`*$#*`!#7(#c#(b&1+`!
&! 3'&cl`! (+! ;73+'7+3! i! (+! 1&! `ba+'! &b3*a#`3&! #7f*'d&3#c&h! 2*! +q#`3+7! 8+'+73+`Y!
`&1&'#*`Y!j+f+`Y!j+'&'kbn&`Y!+da1+&(*`!7#!$*73'*1+`!$+73'&1+`h[!
!!
!
01! 7+34*'5! d&'5+3#78! +`! `g1*! b7*! (+! 1*`! c+%n$b1*`!kb+! >&'3+'! #(+73#f#$&!
$*d*! $*73'#_bi+73+`!&! 1&! a'#c&3#s&$#g7!+7!d&`&! (+! 7b+`3'&! +$*7*dn&h!)+'*! +`!
$1&'&d+73+! +1! c+%n$b1*! de`! +q#3*`*! kb+! `+! %&i&! (#`f'&s&(*! %&`3&! &%*'&h! 01!
d&'5+3#78!db13#7#c+1!*f'+$+!1&!a'#d+'&!*a*'3b7#(&(!'+&1!a&'&!kb+!8'&7!$&73#(&(!
(+! a+'`*7&`! `+! 1#_+'+7! (+! 1&! *_1#8&$#g7! (+! 3'&_&j&'! (+`(+! 1&`! 7b+c+! (+! 1&!
d&m&7&! &! 1&`! $#7$*! (+! 1&! 3&'(+h! 0`! +1! +kb#c&1+73+! +7! +1! `#81*! c+#73#b7*! (+! 1&!
$&''+3&Y!$b_#+'3&!i!1&`!3#+''&`!+7!1&!a'&(+'&!t`nd_*1*`!(+!kb#+7+`!$*1*7#s&'*7!+1!
*+`3+!(+!1*`!0`3&(*`!B7#(*`uh!07!b7&!la*$&!+7!kb+!1&!8+73+!`+!`#+73+!$&(&!c+s!
de`! 1#d#3&(&! a*'! $*`3*`! kb+! &bd+73&7Y! #dab+`3*`! kb+! `+! db13#a1#$&7! i!
_b'*$'&$#&`! kb+! `+! +qa&7(+7Y! +1! 6-6! %&! 3'&n(*! (+! cb+13&! +1! +`an'#3b! (+! 1#_'+!
$#'$b1&$#g7!a*'!1&!f'*73+'&h!!
!
!
07!,1&!/Y!*f'+s$*!b7!d&7b&1!$*da1+3*!(+!7+34*'5!d&'5+3#78!+7!+1!`#81*!
c+#73#b7*h! 01! 1#_'*! +qa1#$&! kbl! +`! +1! d&'5+3#78! db13#7#c+1Y! $gd*! fb7$#*7&! i!
a*'kbl! `+! +`3e! 3'&7`f*'d&7(*! 'ea#(&d+73+! +7! +1! `+$3*'! de`! (#7ed#$*! (+! 1&!
+$*7*dn&!d#7*'#`3&h!?&d_#l7!(&!#7`3'b$$#*7+`!(+3&11&(&`!i!a'+$#`&`!a&'&!+1+8#'!
1&! $*da&mn&Y! &7&1#s&'! +1! a1&7! (+! $*da+7`&$#g7Y! $*d+7s&'! `b! 7+8*$#*! i! %&$+'!
$'+$+'!`b!8'ba*!(+!&`*$#&(*`Y!3&73*!+7!+1!$#_+'+`a&$#*!$*d*!+7!+1!db7(*!'+&1h!
-*`! a'#7$#a#&73+`! +7$*73'&'e7! b7&! #73'*(b$$#g7! &_&'$&3#c&! (+1! 7+8*$#*h! -*`!
c+3+'&7*`! +7$*73'&'e7! b7&! 8'&7! $&73#(&(! (+! %#`3*'#&`! #7`a#'&(*'&`! i! $*7`+j*`!
a&'&!+1!lq#3*!(&(*`!a*'!1*`!d&+`3'*`h!!
!
!
>*d*!i&!`&_+!+1!d+(#*!d#11g7!(+!1+$3*'+`!(+!d#`!1#_'*`!,1&!GY!7*!+`3*i!7#!
11
%+!+`3&(*!a+'`*7&1d+73+!#7c*1b$'&(*!+7!1&!#7(b`3'#&!(+1!7+34*'5!d&'5+3#78Y!7#!
$*d*! (#`3'#_b#(*'! 7#! $*d*! +73'+7&(*'h! )+'*! d+! &3'+c*! &! #7`3'b#'! `*_'+! +`3+!
7+8*$#*!a*'!1&!d#`d&!'&sg7!a*'!1&!kb+!b7!+`$'#3*'!1b$%&(*'!i!`#7!(#7+'*!11&d&(*!
2&a*1+*7! O#11Y! +7! b7&! *a*'3b7#(&(Y! %&$+! de`! (+! 7*c+73&! &m*`Y! $*d+7sg! &!
+7`+m&'!&!1&!8+73+!+1!`+$'+3*!a&'&!8&7&'!d#11*7+`h!O#11!7*!'+$*8#g!`b`!a'#7$#a#*`!
a&'&! +1! lq#3*! (+! `b! a'*a#&! +qa+'#+7$#&Y! `#7*! (+! +q3+7`&`! +73'+c#`3&`! $*7! 1*`!
%*d_'+`! (+! 7+8*$#*`! 1n(+'+`! (+! `b! la*$&h! )&`g! c+#73+! &m*`! #73+''*8&7(*! &!
f#8b'&`!1+8+7(&'#&`!3&1+`!$*d*!O+7'i!A*'(Y!?%*d&`!0(#`*7Y!.7('+4!>&'7+8#+!i!
Ah!]h!]**14*'3%Y!(+`3#1&7(*!(+!+`&`!$*7c+'`&$#*7+`!1*`!`+$'+3*`!de`!a'+$#&(*`!
i!d+j*'!$b`3*(#&(*`!a*'!1*`!d&+`3'*`h!9b`!(#`$+'7#d#+73*`Y!1*8'&(*`!&!$*`3&!(+!
db$%*!+`fb+'s*Y!f*'d&'*7!1&!$*1bd7&!c+'3+_'&1!(+!1*`!$1e`#$*`!(+!&b3*&ib(&!(+!
O#11Y!$*d*!-&!1+i!(+1!lq#3*!i!)#+7`+!i!%e8&`+!'#$*h!
!!
!
@+!1&!d#`d&!d&7+'&Y!%+!(+(#$&(*!8'&7!a&'3+!(+!1*`!o13#d*`!(#+s!&m*`!(+!
d#! c#(&! &! b7! +`3b(#*! +q%&b`3#c*! (+1! f+7gd+7*! (+1! 7+34*'5! d&'5+3#78h!
9#8b#+7(*! +1! +j+da1*! (+! O#11Y! %+! +73'+c#`3&(*! &! db$%*`! (+! 1*`! %*d_'+`! i!
dbj+'+`! kb+! %&7! %+$%*! 8'&7(+! &! +`3&! #7(b`3'#&h! >*d*! O#11Y! %+! *f'+$#(*! `b`!
`+$'+3*`! &! b7! db7(*! $&(&! c+s! de`! %&d_'#+73*! (+! $&a&$#3&$#g7! d+(#&73+!
&b3*&ib(&h! .b7kb+! 7*! d+! &3'+c+'n&! &! (&'! &! +73+7(+'! 7#78b7&! $*da&'&$#g7!
+73'+!+1!+q3'&*'(#7&'#*!1*8'*!(+!O#11!i!+1!d*(+`3*!dn*Y!`n!+`a+'*!%&_+'!8&7&(*Y!
(+! `b! +j+da1*Y! b7! a*$*! (+! (+`3'+s&! +7! *f'+$+'! $*7`+j*! a'e$3#$*! i! +f+$3#c*! &!
+`&`!&1d&`!&d_#$#*`&`!i!3'&_&j&(*'&`!kb+!&`a#'&7!&!1&!1#_+'3&(!+$*7gd#$&!+7!1&!
$#_+'f'*73+'&h!!
!
!
.!d+(#(&!kb+!b`3+(Y!kb+'#(*!1+$3*'Y!`+!+d_&'$&!+7!`b!c#&j+!&!1&!1#_+'3&(!
f#7&7$#+'&Y!1+!(+`+*!+1!d&i*'!(+!1*`!lq#3*`h!Sb+!`b!+da'+`&!a'*`a+'+h!Sb+!`b!f+!
7b7$&!`+!(+_#1#3+h!\!kb+!7b7$&!#7$1#7+!`b!$&_+s&!&73+!7#78o7!&d*Y!+q$+a3*!@#*`!
d#`d*h!!
!
"#$%&'(!)*+!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
12
!
!
!
!
!
+?,+'%!&6&%#$"()
!
!
!
.! d+(#(&! kb+! a&`&7! 1*`! &m*`! i! 1&! `+'#+! (+! 1#_'*`! ,1&! `+! +qa&7(+Y! +1!
7od+'*! (+! 8+73+! $*7! 1&! kb+! d+! `#+73*! +7(+b(&(*Y! a&'+$+! $'+$+'!
a'*a*'$#*7&1d+73+h! -*`! 7*d_'+`! kb+! `#8b+7! `g1*! 1*8'&7! `+'! b7&! db+`3'&!
'+a'+`+73&3#c&h! ?&73*! &! &kb+11*`! 7*d_'&(*`! $*d*! &! 1*`! 7*! 7*d_'&(*`Y! 1+`!
+q3#+7(*!d#!de`!`#7$+'&!8'&3#3b(!a*'!`b!$*73'#_b$#g7!&1!lq#3*!(+!,1&!/h!
!!
!
>*d*! `#+da'+Y! &8'&(+s$*! +7! a'#d+'! 1b8&'! &! d#! +`a*`&! 6&'#+h! ?&d_#l7!
&8'&(+s$*! &! @b7$&7! .7(+'`*7Y! 9$*33! @+=&'d*Y! Q*%7! A*88Y! K+7! @*d#7#3sY!
9b`&7! 9#1c&Y! >*1_i! ,1(`Y! Q+77#f+'! K&`i+! 9&7(+'Y! 93b&'3! Q*%7`*7Y! -+*7&'(!
>1+d+73`Y!"*(!>**5Y!"#(8+1i!=*1(`_*'*b8%Y!>*'+i!.b8+7`3+#7Y!)&b1!X&7+!)#1s+'Y!
-1*i(!Q&``#7!i!&!3*(*`!1*`!(+de`h!!
!
!
0q3#+7(*! d#! &8'&(+$#(*! '+$*7*$#d#+73*! &! 1&! '+c#`3&! 2+34*'5! 6&'5+3#78!
-#f+`3i1+`Y!kb+!ab_1#$g!1&`!a'#d+'&`!c+'`#*7+`!(+!1*`!$&an3b1*`!CC!i!/PY!&`n!$*d*!
*3'&`! c&'#&`! $#3&`Y! &7l$(*3&`! i! *_`+'c&$#*7+`! #73+'$&1&(&`! &! 1*! 1&'8*! (+! +`3+!
1#_'*h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
13
!
!
!
!
!
&#$,"'0!!&"#)
)
)
!
>&1c#7!>**1#(8+h!(#j*D!Z-&!a+'`#`3+7$#&!a*'!`n!`*1&!+`!*d7#a*3+73+h[!>*d*!
+`$'#3*'! i! +(#3*'! +7! +1! $&da*! +da'+`&'#&1Y! %+! c#`3*! 1&! c+'(&(! +`3&! &f#'d&$#g7!
(+d*`3'&(&!b7&!i!*3'&!c+sh!
!!
!
6n! &d#8*! i! $*1+8&! "#$%&'(! )*+! +`! a*`#_1+d+73+! +1! %*d_'+! d&`!
a+'`#`3+73+! kb+! $*7*s$*h! -*! $*7*$n! $b&7(*! `+! b7#g! &1! $b+'a*! +`3&_1+! (+! 1&!
'+c#`3&! 9b$$+``h! B7&! (+! 1&`! a'#d+'&`! $*`&`! kb+! %#s*! fb+! a'*a*7+'! kb+!
%#$#l'&d*`! b7&! %#`3*'#&! &$+'$&! (+! b7! 7+8*$#*! kb+! 7*! +q#`3n&! r&1! d+7*`! &! 1*`!
*j*`! (+! 1&! a'+7`&! (+! 7+8*$#*`! 3'&(#$#*7&1h! 0`+! 7+8*$#*! +'&! +1! 7+34*'5!
d&'5+3#78h!
!!
!
6b$%*`! (+! 7b+`3'*`! $*1+8&`! `+! *ab`#+'*7! &! 1&! #(+&! $*7! $#+'3&! a&`#g7Y!
a+'*! "#$%&'(! d+! $*7c#'3#g! +7! b7! $'+i+73+h! 01! +`$'#_#g! i! i*! +(#3l! b7&! %#`3*'#&!
(+7*d#7&(&Y! Z2+34*'5! 6&'5+3#78! r1&! d&7+'&! de`! a*(+'*`&! (+! 11+8&'! &! 1*`!
$*7`bd#(*'+`!+7!1&!(l$&(&!(+!1*`!NPh[!?&7!a'*73*!$*d*!+1!+j+da1&'!`&1#g!&!1&!
c+73&Y! 1*`! +da'+`&'#*`! (+1! 7+34*'5! d&'5+3#78! '+`a*7(#+'*7! $*7! b7! 8'#3+'n*h!
@b'&73+! 1*`! `#8b#+73+`! &m*`Y! +11*`! d&73bc#+'*7! 7b+`3'*! 3+1lf*7*! i! f&q!
fb7$#*7&7(*!&!a1+7*Y!i!1+!+73'+8&'*7!&!7b+`3'*!$&'3+'*!c&'#*`!8'&d*`!+q3'&!(+!
$&'3&`!$&(&!(n&h!.o7!&`nY!&18b7*`!+`$la3#$*`!(+1!a1&73+1!`+!7+8&'*7!&!&$+a3&'!1&!
#da*'3&7$#&!(+1!6-6h!)+'*!"#$%&'(!`+!d&73bc*!#7`#`3#+7(*!$*7!+1!3+d&!d+`!3'&`!
d+`Y!%&`3&!kb+!1&`!*_j+$#*7+`!(+`&a&'+$#+'*7h!
!!
!
9+8b#(&d+73+Y!"#$%&'(!+`$'#_#g!1#_'*`!_+`3!`+11+'`!`*_'+!6-6Y!3&1+`!$*d*!
,1&! G! i! -&! d&7+'&! (+! $*7`3'b#'! `b! '+(! &1! +`3#1*! ,1&! GY! \! +7! 1&! d+(#(&! kb+! `+!
'+d*73&_&!`b!f*'3b7&Y!3&d_#l7!$'+$n&!1&!#7(b`3'#&!a'*d*$#*7&(&!a*'!l1h!
!!
!
>*d*!a+'#*(#`3&Y!`*1n&! $*7`#(+'&'! &!+`3&! #7(b`3'#&! $*d*! (#fn$#1! (+! $b_'#'Y!
(+_#(*!&!kb+!1*8'&'!+73'+c#`3&'!&!1*`!+da'+`&'#*`!(+!'+(!+'&!$*d*!'&`3'+&'!&!1*`!
d#+d_'*`!(+!&18b7&!`*$#+(&(!`+$'+3&h!.$3b&1d+73+!1*`!_b`$*!+7!3*(*!1b8&'!&1!
kb+! c*iY! (+`(+! 1&! 3#+7(&! (+! f*3*$*a#&(*! +7! 1&`! $&11+`! $+'$&7&`! (+! 1&! a+kb+m&!
$#b(&(! (*7(+! c#c*Y! %&`3&! +7! 1&`! $+7&`! (+! +3#kb+3&! (+1! >1b_! 6+3'*a*1#3&7*! (+!
2b+c&!\*'5h!!
!
!
B7&! &$3#c#(&(! +da'+`&'#&1! +`! &18*! dbi! (#f+'+73+! &! `#da1+d+73+! `+'!!
(b+m*!(+!b7!a+kb+m*!7+8*$#*h!6#+73'&`!i*!$'+$n&Y!+7!1&`!(l$&(&`!(+!1*`!HP!i!
IPY!+'&!_&`3&73+!7*'d&1!a*`++'!b7&!+`3&$#g7!(+!8&`*1#7&Y!b7&!_&'_+'n&Y!*!b7&!
3#73*'+'n&h! 0q#`3n&7! &(+de`! &'3#`3&`Y! +`$'#3*'+`! i! *3'&`! c&'#+(&(+`! (+! 1*$*`!
#7(+a+7(#+73+`h!6#!f&d#1#&!+`3&_&!'+a1+3&!(+!+11*`h!
!!
!
)+'*! `+! +73+7(n&! kb+! a*`++'! b7! 7+8*$#*! 3+7n&! +1! d#`d*! a'*ag`#3*! kb+!
14
3+7+'!b7!3'&_&j*D!8&7&'!a&'&!c#c#'h!9*1&d+73+!`*m&(*'+`!#7(gd#3*`!*!1+8b1+i*`!
(+! _#+7+`! '&n$+`! a+7`&_&7! +7! `+'! (b+m*`! (+! b7! 7+8*$#*! $*d*! '+$b'`*! a&'&!
$&d_#&'!`b`!c#(&`h!0`3&!+'&!1&!d&3+'#&!a'#d&!(+!1*`!$%#`3+`Y!$*d*!&kb+1!$b+73*!
(+1!3n*!1*$*!kb+!a+'(#g!b7&!f*'3b7&!#7c#'3#+7(*!+7!b7!'&7$%*!#7+q#`3+73+h!)&'&!1&!
d&i*'n&! (+! 1&`! a+'`*7&`Y! #73+73&'! `+'! b7! +da'+`&'#*! `#87#f#$&_&! kb+! %&_n&7!
f'&$&`&(*! +7! 1&! c#(&! 7*'d&1Y! i! +`3&_&7! 3'&3&7(*! (+!+7$*73'&'! b7&! d&7+'&! (+!
$*d+7s&'! +1! jb+8*! 7b+c&d+73+Y! 8+7+'&1d+73+! +`3&f&7(*! &! &18b7&! *3'&!
a+'`*7&h!
!!
!
)+'*!+7!1&!(l$&(&!(+!1*`! MPY! `+! a'*(bj*! b7&!'+c*1b$#g7! +7! 1&`!#(+&`!(+!
7+8*$#*`Y! a*3+7$#&(&! a*'! 1&! #77*c&$#g7! (+! 1*`! 7od+'*`! 8'&3b#3*`! PCLMPPY! 1&`!
$*dab3&(*'&`Y! 1*`! $*''+*`! (#'+$3*`! i! 1*`! a1e`3#$*`h! -&! 8+73+! $*do7Y! a*'! `b!
a'*a#&! $b+73&! *! &! 3'&cl`! (+! `b`! a+7`#*7+`! *! f*7(*`! $*db7+`! (+! #7c+'`#g7Y!
+`3&_&7! 8&7&7(*! 8'&7(+`! $&73#(&(+`! (+! (#7+'*! +7! +1! d+'$&(*! (+! c&1*'+`! *!
d+(#&73+!1&!c+73&!(+!$&`&`Y!$bi*!c&1*'!`+!%&_n&!#7$'+d+73&(*!$#7$*!c+$+`h!@+!
a'*73*Y! `+! $*7c#'3#g! +7! &18*! 7*'d&1! `+'! b7! +da'+`&'#*! kb+! +`a+'&! 1*8'&'! b7!
'+3*'7*!(+1!HY!CP!*!CPP!a*'!$#+73*!`*_'+!`b!#7c+'`#g7h!
!!
!
01! 7+34*'5! d&'5+3#78! fb+! a&'3+! (+! +`&! '+c*1b$#g7h! pSbl! *3'*! 7+8*$#*!
a+'d#3n&! &! 1&! 8+73+! $*do7! 8&7&'! CPhPPP! (g1&'+`! a*'! d+`! $*7! b7&! #7c+'`#g7!
#7#$#&1!kb+!$*7`#`3n&!+7!b7!5#3!(+!b7!c&1*'!1#8+'&d+73+!`ba+'#*'!&!1*`!MP!(g1&'+`Y!
b7&! $b+73&! 3+1+fg7#$&! d+7`b&1! (+! GPP! (g1&'+`Y! CPhPPP! (g1&'+`! &7b&1+`! +7!
8&`3*`! (+! &b3*dgc#1! i! 3'&7`a*'3+Y! JPP! (g1&'+`! (+! &d*'3#s&$#g7! (+! b7&!
$*dab3&(*'&Y!i!FhPPP!(g1&'+`!+7!`+11*`!(+!$*''+*!i!`ba1+d+73*`!(+!*f#$#7&T!!
!
!
6+(#&73+! 1&! &ib(&! (+! 7b+c*`! dl3*(*`! $*d*! +1! 7+34*'5! d&'5+3#78Y! -&!
0'&!(+1!0da'+`&'#&(*! (+d*`3'g!kb+! +1! 3'&_&j*! '+&1d+73+! a*(n&! $&d_#&'!c#(&`h!
07`+mg!&!1&!8+73+!kb+!b7*!7*!3#+7+!kb+!%&$+'!&!*3'*`!de`!a*_'+`!a&'&!%&$+'`+!
'#$*h! 6*`3'g! kb+! 1&! $'+&3#c#(&(! %bd&7&! ab+(+! 8+7+'&'! '#kb+s&! &! a&'3#'! (+! 1&!
7&(&Y!&`n!$*d*!+1!$%#a!(+!`#1#$*7&!(+!1&`!$*dab3&(*'&`!3'&7`f*'dg!&!1&!&'+7&!r
1&! `b`3&7$#&! de`! $*do7! (+! 1&! 3#+''&Y! (+`abl`! (+1! &8b&! (+! d&'r! +7! b7&!
'+c*1b$#g7!(+!c&'#*`!_#11*7+`!(+!(g1&'+`h!!
!
!
07! 1&! (l$&(&! (+! 1*`! MPY! a*'! a'#d+'&! c+s! +7! 1&! %#`3*'#&! '+$#+73+Y! +1!!
3l'd#7*! Z+da'+`&'#&(*[! $*d+7sg! &! (+7*3&'! &(d#'&$#g7! +7! 1b8&'! (+! +`$&'7#*h!
)&'&1+1&d+73+Y!+1!7od+'*!(+!+da'+`&'#*`!(+1!7+34*'5!d&'5+3#78!`+!#7$'+d+73g!
+7!b7!a*'$+73&j+!(+!c&'#*`!$#+73*`h!
!!
!
.%*'&! &a&'+$+! b7&! 7b+c&! 3+7(+7$#&Y! kb+! "#$%&'(! (+7*d#7&! ,1&! /h!!
>*d*! 1*! (+db+`3'&! +7! `b! 1#_'*Y! +1! 6-6! `+! %&! $*7c+'3#(*! +7! b7&! (+!!
1&`! fb+'s&`! de`! (#7ed#$&`! kb+! #dab1`&7! 1&! +$*7*dn&! (+! 1&! 0'&! (+! 1&!
#7f*'d&$#g7h!-&`!de`!8'&7(+`!$*'a*'&$#*7+`Y!(+`(+!;K6!%&`3&!>#3#8'*baY!+`3e7!
%&$#+7(*! b`*! (+1! 6-6! a&'&! 1*8'&'! b7! 7b+c*! e78b1*! $*da+3#3#c*h! >&(&! c+s! b7!
d&i*'!7od+'*! (+! 1&`!%#`3*'#&`! (+! lq#3*! kb+!b7*! 1++!+7! +1! ]&11!93'++3! Q*b'7&1Y!
3'&3&!(+!$*da&mn&`!$*7!7*d_'+`!$*d*!.d4&iY!O+'_&1#f+Y!)'#d+'#$&Y!i!0q$+1h!!
!
!
.o7! 3+7+d*`! b7! 1&'8*! $&d#7*! a*'! '+$*''+'h! ?*(&cn&! %*iY! 1*`! d+(#*`!
d&`#c*`! (+! $*db7#$&$#g7! +`3e7! 1+j*`! (+! '+$*7*$+'! +1! c+'(&(+'*! #da&$3*! (+1!
6-6!+7!1&!+$*7*dn&h!)&'&!(+$#'1*!$1&'&d+73+Y!a&'&!1&!d&i*'n&!(+!1&`!a+'`*7&`!
15
+7! +1! 7+8*$#*! (+! 1&`! 7*3#$#&`Y! 1&! #(+&! (+! 8+73+! $*do7! rdb$%*`! (+! +11*`! `#7!
8'&(*`!&$&(ld#$*`r! &(d#7#`3'&7(*!7+8*$#*`!c&1b&(*`!+7!d#11*7+`!(+!(g1&'+`Y!
'+`b13&! &d+7&s&73+h! )+'*! 1&! 8+73+! %*i! +7! (n&! 7*! +`! 3&7! (+a+7(#+73+! (+! 1&`!
fb+73+`!*f#$#&1+`!(+!#7f*'d&$#g7!$*d*!1*!fb+'&!&18b7&!c+sh!!
!
>&(&! c+s! de`! &$+73b&(&d+73+Y! d#+73'&`! 1*`! d+(#*`! d&`#c*`! `+!!
a#+'(+7! 1&! %#`3*'#&Y! 1&`! 7*3#$#&`! `+! &_'+7! $&d#7*! (+! &18b7&! *3'&! d&7+'&h!
.$3b&1d+73+Y! `#! b`3+(! kb#+'+! $*7*$+'! 1*`! +73'+3+1*7+`! (+! 1*`! +`$e7(&1*`! (+!
]&`%#783*7!*!(+!1&`!8b+''&`!(+!1*`!K&15&7+`Y!*1cn(+`+!(+!>22!*!(+1!2+4!\*'5!
?#d+`h!6#11*7+`!(+!a+'`*7&`!$&(&!(n&!*_3#+7+7!1&`!7*3#$#&`!`#7!$+7`b'&!&!3'&cl`!
(+! `#3#*`! ]+_! $*d*! ]*'1(2+3@&#1iY! 2+4`6&qY! A'++! "+ab_1#$Y! i! ?%+! @'b(8+!
"+a*'3h! >*7! +`+! d#`d*! +`an'#3b! (+! a+'#*(#`d*! &! 1&! d&7+'&! y%e8&1*! b`3+(!
d#`d*RY! "#$%&'(! )*+! %&! #(*! de`! &11&! (+! 1*`! d+(#*`! (+! #7f*'d&$#g7!
$*7c+7$#*7&1+`Y! +! %#s*! 11+8&'! 1&`! _b+7&`! 7b+c&`! `*_'+! +1! 7+34*'5!d&'5+3#78! &!
d#11*7+`!(+!a+'`*7&`h!!
!
!
O+d*`! c#`3*! 1&! #da&$3&73+! +c#(+7$#&! (+1! #73+'l`! ao_1#$*! +7! +1!!
6-6! +7! d#! a'*a#&! ab_1#$&$#g7Y! 2+34*'5! 6&'5+3#78! -#f+`3i1+`h! .73+`! (+! kb+!
`&1#l'&d*`! &! 1&! c+73&! +7! d&'s*! (+! CNNNY! 7*! +q#`3n&! 7#78b7&! '+c#`3&! (+!
'+7*d_'+! (+! (#`3'#_b$#g7! 7&$#*7&1! `*_'+! 7+34*'5! d&'5+3#78h! -&! $*_+'3b'&! (+!
7b+`3'&! a'#d+'&! +(#$#g7! a'+`+73g! &! 93+a%+7! "h! >*c+iY! &b3*'! (+1! _+`3! `+11+'! r
kb+! c+7(#g! (#+s! d#11*7+`! (+! +j+da1&'+`r! -*`! `#+3+! %&_#3*`! (+! 1&! 8+73+!
&13&d+73+!+f+$3#c&h!07!(#$%&!+73'+c#`3&Y!93+a%+7!&c&1&!&_#+'3&d+73+!&1!7+34*'5!
d&'5+3#78!$*d*!7+8*$#*!i!f*'d&!(+!c#(&h!p)*'!kbl!7*`!%#s*!+`3+!$*d+73&'#*!&!
7*`*3'*`! i! 7*! &! 1*`! #7$*73&_1+`! a+'#*(#`3&`! $*7! 1*`! kb+! %&! %&_1&(*! +7! 1*`!
o13#d*`! CH! &m*`T! )*'kb+! 7#78o7! '+a*'3+'*! (+! 1*`! d+(#*`! $*7c+7$#*7&1+`! `+!
d*1+`3l!`#kb#+'&!+7!a+(#'1+!`b!*a#7#g7!+7!1&!d&3+'#&h!
!!
!
-&7s&'!+`3&!'+c#`3&!%&!`#(*!+7!$#+'3&!f*'d&!$*d*!$&d#7&'!a*'!b7!+`3&(#*!
i! (+`$b_'#'! kb+! +1! jb+8*! %&! $*d+7s&(*Y! a+'*! kb+! 7b+`3'*! +kb#a*! +`! +1! o7#$*!
kb+!`+!%&!a'+`+73&(*h!2*!+`!a*$*!+1!$'l(#3*!kb+!1+!a+'3+7+$+!&!"#$%&'(!)*+!a*'!
+`3+!1*8'*Y!i&!kb+!l1!7*`!d*`3'g!+1!$&d#7*!db$%&`!&m*`!&3'e`Y!$b&7(*!+`$'#_#g!
&kb+11&!a'#d+'&!$*1bd7&!`*_'+!7+34*'5!d&'5+3#78h!
!
!
07! ,1&! /Y! "#$%&'(! &_'+! 7b+c*`! `b'$*`Y! d*`3'&7(*! a*'! kbl! +1! 7+34*'5!
d&'5+3#78! +`3e! #7#8b&1&_1+d+73+! a*`#$#*7&(*! a&'&! _+7+f#$#&'`+! +7! 1&! 7&$#+73+!
+'&!(+!7+8*$#*`!r+7!1&!kb+!`*7!1&`!$*da&mn&`!i!1*`!#7(#c#(b*`!+da'+7(+(*'+`!
kb#+7+`! d&'$&7! 1&`! 3+7(+7$#&`h! 9#8&! 1+i+7(*h! 0`! `b! 3b'7*! (+! b7#'`+! &! 1*`!
a*(+'*`*`!&8+73+`!(+!(#$%*!$&d_#*h!
!
!!
@b7$&7!6&q4+11!.7(+'`*7!
@#'+$3*'!0(#3*'#&1!(+!2+34*'5!6&'5+3#78!-#f+`3i1+`!!
!
!
!
!
!
!
!
16
!
!
!
!
!
!
!
!
)";60".!)."?0!!
!
,-.!/!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
-.!2B0E.!A",2?0".!
17
!
!
!
!
!DEFGHIJ)0#")
!
/JK)#HLMJK)*NJOLPJK)
!!
!
!
-#`&!]#1_+'!`+!`*'a'+7(#g!&1!`+73#'!&`*d&'!`b`!1e8'#d&`h!)+'*!p$be1!+'&!+1!
d*3#c*!(+!`b!11&73*T!011&!7*!`+!%&_n&!(&(*!$b+73&!(+!1*!a+'3b'_&(&!kb+!+`3&_&Y!
%&`3&!+`+!d*d+73*h!!
!
!
01! (n&!i&! %&_n&! $*d+7s&(*!$*7! 1&! `bf#$#+73+! 'b3#7&Y!O&_n&! +`a+'&(*!(*`!
%*'&`! 1&! 11+8&(&! (+! b7! %*d_'+! (+! 1&! $*da&mn&! (+! `+'c#$#*`! +1l$3'#$*`h! 0`3&_&!
&3'&`&(&! $b&3'*! d+`+`! +7! `b! a&8*Y! i! 1&! +da'+`&! +7c#&_&! b7! '+a'+`+73&73+! &!
$*'3&'!+1!`bd#7#`3'*h!-#`&!1*!%&_n&!+`a+'&(*!$*7!1&!c#`3&!$1&c&(&!+7!1&!c+73&7&Y!
$*7! /I! (g1&'+`! &a'+3&(*`! +7! `b! d&7*! r&a+7&`! 1*! `bf#$#+73+! $*d*! a&'&!
d&73+7+'!+1!`bd#7#`3'*!a*'!b7!d+`!de`h!
!!
!
9&_n&!1*!&f*'3b7&(&!kb+!+'&!+7!3+7+'!+`+!(#7+'*h!073*7$+`Y!pa*'!kbl!1&`!
1e8'#d&`T! Sb#se`! a*'! 1&! d&7+'&! (+`a+$3#c&! +7! kb+! +1! %*d_'+! 1&! %&_n&!
+`$b('#m&(*! $b&7(*! +11&! `&1#g! '&b(&d+73+! (+! 1&! $&`&! '*(&73+Y! c+`3#(&! $*7! `b!
'*a&!(+a*'3#c&Y!&8#3&7(*!+1!(#7+'*h!.!d+(#(&!kb+!$&d#7&_&!a*'!1&!7#+c+Y!$*7!1*`!
$*'(*7+`! (+! 1&`! _*3&`! (+`&3&(*`! i! +1! $&_+11*! +7`*'3#j&(*Y! 3*dg! $*7$#+7$#&! (+1!
&`a+$3*! &7('&j*`*! kb+! a'+`+73&_&h! 01! +`3&$#*7&d#+73*! (+! 1&`! $&`&`! '*(&73+`Y!
3&d_#l7! +'&! b7! (+`&`3'+h! )*'! (*7(+! `+! d#'&'&! `+! c+n&7! &$$+`*`! a&'&!
&b3*dgc#1+`! $b_#+'3*`! (+! 7#+c+Y! a+''*`! 1&('&7(*Y! '+f'#8+'&(*'+`! &c+'#&(*`! i!
&b3*dgc#1+`! *q#(&(*`! (+`#73+8'e7(*`+! `*_'+! _1*kb+`! (+! $*7$'+3*h!!
Z)*'!1&!d&7+'&!+7!kb+!+1!%*d_'+!d+!(#'#8#g!`b!d#'&(&Y[!'+$b+'(&!-#`&Y!Zd+!(#*!
1&! `+7`&$#g7!(+!kb+!d+!d#'&_&! $*7! (+`a'+$#*h! )&'&!l1Y! i*! a&'+$n&!+`+! 3#a*!(+!
a+'`*7&! kb+! c#c+! +7! $&`&`! '*(&73+`Y! $*d*! `#! `#+da'+! %b_#+'&! `#(*! &`nY! i!
`#+da'+!fb+'&!&!`+8b#'!(+!+`&!d&7+'&h[!!
!
!
@+! %+$%*Y! %&$n&! 3&7! `g1*! (*`! &m*`! kb+! -#`&! c#cn&! &11nh! )+'*! $&(&! c+s!!
`+! %&$n&! de`! (#fn$#1! #d&8#7&'! b7&! `&1#(&h! ?*(*! 1*! kb+! #73+73&_&! a&'+$n&!!
`&1#'!d&1h!B7*`!d+`+`!&73+`Y!1&!%&_n&7!(+`a+(#(*!(+!`b!3'&_&j*!$*d*!`+$'+3&'#&!
+7!b7&!+da'+`&! (+!`*f34&'+h!01! 3'&_&j*! +'&! +`$&`*!+7!+`&! s*7&!'b'&1!(+! 2+4!
O&da`%#'+Y! +`a+$#&1d+73+! &%*'&Y! +7! +1! a+*'! d*d+73*! (+! 1&! '+$+`#g7h! 9b!
+`a*`*! &a+7&`! 1*8'&_&! '+b7#'! b7*`! a*$*`! $#+73*`! (+! (g1&'+`! a*'! d+`! $*7! `b!
7+8*$#*!(+!1+m&h!!
!
!
9*_'+c#cn&7!&1#d+73e7(*`+!&!f#(+*`!i!kb+`*h!9b!c+3b`3*!&b3*dgc#1!\b8*!
`+! (+`$*da*7n&! c&'#&`! c+$+`! &! 1&! `+d&7&h! >b&7(*! 7+$+`#3&_&7! $*da'&'!
$*d_b`3#_1+Y!1+c&73&_&7!1*`!&`#+73*`!a&'&!+7$*73'&'!&18b7&!d*7+(&!kb+!`+!1+`!
%b_#+'&!$&n(*h!9b!db7(*!`+!%&_n&!'+(b$#(*!&!b7&!$&`&!'*(&73+!(+!G!d+3'*`!a*'!
FCY! $*7! b7&! +`3bf&! &! 1+m&! $*d*! o7#$&! $&1+f&$$#g7h! 07! #7c#+'7*Y! 1&`! %*j&`! (+!
a1e`3#$*! a+8&(&`! &! 1&`! c+73&7&`Y! `+! `&$b(n&7! $*7! 1&! _'#`&Y! i! 1*`! `%*4`! (+!
18
$%&'1&`! +7! c#c*! a&'1*3+&_&7! (b'&73+! 3*(*! +1! (n&! +7! 1&! 3+1+c#`#g7h! .! c+$+`Y! 1*!
o7#$*! kb+! -#`&! (+`+&_&! +'&! 8'#3&'h! 0`+! (n&Y! $b&7(*! c#7*! +1! %*d_'+! (+! 1&!
$*da&mn&! (+! `+'c#$#*`! +1l$3'#$*`Y! +'&! $#+'3&d+73+! b7*! (+! +`*`! (n&`h! -b+8*! (+!
kb+!l1!`+!fb+Y!`+!`+73g!+7!+1!`*fe!i!11*'g!%&`3&!kb+!i&!7*!1+!kb+(&'*7!1e8'#d&`h!!
!
6%#$+/&'+')'%)!+:+Q+)'%)$,"#!"()
!!
9#! b`3+(! 1+! %b_#+'&! (#$%*! &! -#`&! ]#1_+'! +7! +`+! d*d+73*! 1*! kb+! `+!
c#`1bd_'&_&!+7!`b!fb3b'*Y!+11&!7*!1*!%b_#+'&!$'+n(*h!0`3&_&!(+`3#7&(&!&!3+7+'!+7!
a*$*`! &m*`! b7! #78'+`*! (+! `+#`! $#f'&`! a'*c+7#+73+! (+! `b! a'*a#&! *'8&7#s&$#g7!
db13#d#11*7&'#&!(+!'+(+`h!2b7$&!de`!%&_'n&!(+!a'+*$ba&'`+!a*'!`+'!(+`a+(#(&Y!
a*'kb+! +11&! `+'n&! `b! a'*a#*! j+f+h! ,$ba&'n&! `b! 1b8&'! +73'+! 1*`! a*$*`! +1+8#(*`Y!
+`*`!+da'+7(+(*'+`!kb+!3bc#+'*7!1&!c#`#g7!(+!a1&7#f#$&'!a*'!&73#$#a&(*h!073'&'n&!
&1!`#81*!::;!$*7!$*7f#&7s&Y!`+8b'&!+7!+1!$*7*$#d#+73*!(+!kb+!`b!7+8*$#*!+`3&'n&!
f*'3&1+$#(&! $*73'&! 1*`! c#+73*`! i! 1&`! 3*'d+73&`! (+! 1&! +$*7*dn&! 81*_&1h!!
07! `n73+`#`Y! -#`&! fb+! b7&! a#*7+'&h! 9b! c+73*`&! $&`&!'*(&73+! +'&! +1! +kb#c&1+73+!
a&'&! 1&! 0'&! (+! 1&! #7f*'d&$#g7! (+! b7&! $&`&! a'+$&'#&! +7! 1&! a'&(+'&Y! *! (+! b7&!
$&_&m&!(+!3'*7$*`!+7!1&`!"*$&11*`&`h!.1+j&(&!(+!3*(&!a*`#_#1#(&(!(+!b7!+da1+*!
+7! +1! db7(*! $*'a*'&3#c*Y! `+! c#*! *_1#8&(&! &! &(*a3&'! +1! 3#a*! (+! d+73&1#(&(! (+!
kb#+7! #_&! 11+8&(*! &1! 1nd#3+h! ?+7n&! kb+! (+`3+''&'! 3*(*! a+7`&d#+73*! (+! a&8*`!
`+d&7&1+`Y!_+7+f#$#*`!(+!`&1b(Y!c&$&$#*7+`!i!a+7`#*7+`h!\!(+_n&!_b`$&'!(+73'*!
(+!`n!d#`d&!1&!f*'3&1+s&!a&'&!`*_'+c#c#'h!
!!
!
)&'&(gj#$&d+73+Y! fb+! +`3&! 7b+c&! d&7+'&! (+! a+7`&'! rkb+! 1+! fb+!
#dab+`3&! $*73'&! `b! c*1b73&(r! 1*! kb+! 1&! `&1c&'n&h! 6#+73'&`! *3'*`! `+! &f+''&_&7!
(+`+`a+'&(&d+73+! &!`b`!+da1+*`Y! 3+d+'*`*`!(+!$b&1kb#+'! $&d_#*Y!-#`&! `+!c#*!
*_1#8&(&! &! (+j&'`+! 11+c&'h! 9+! $*7c#'3#g! +7! b7! $*1*7*! (+! 1&! +'&! d*(+'7&h!
.73+'#*'d+73+Y! +`3+! `*1#3&'#*! $&d#7*! i&! %&_n&! `#(*!'+$*''#(*! a*'! 8+7+'&$#*7+`!
(+! +`3&(*b7#(+7`+`h! \Y! &1! #8b&1! kb+! +11*`Y! -#`&! (+_+'n&! 8&7&'`+! 1&! c#(&! +7! b7!
d+(#*! &d_#+73+! `+c+'*! i! (+`a#&(&(*h! >*d*! 1*`! $*1*7*`! (+1! a&`&(*Y! 1b$%&'n&!
$*73'&!+1!(+`&1#+73*!3*(*`!1*`!(n&`h!)+'*!3&d_#l7Y!&1!#8b&1!kb+!+11*`Y!$*7kb#`3&'n&!
`b`!d#+(*`!i!$*7`3'b#'n&!b7&!7b+c&!c#(&!a&'&!`n!d#`d&!i!a&'&!`b!f&d#1#&h!
!!
/+()=%,,+6&%#$+()+'%!0+'+())
!
-*`!a#*7+'*`!(+!&73+`!`+!+kb#a&_&7!$*7!%+''&d#+73&`!3&1+`!$*d*!+1!'#f1+!
]#7$%+`3+'!i!+1!Z)&$#f#$&(*'[!>*13!/HY!(#`+m&(*`!+`a+$#&1d+73+!a&'&!&ib(&'1*`!&!
$*7kb#`3&'! +1! `&1c&j+! *+`3+h! -*`! $*1*7#s&(*'+`! (+! 1&! 0'&! (+! 1&! ;7f*'d&$#g7!
3&d_#l7! a*'3&'e7! &'d&`!+`a+$#&1+`! r+`3'&3+8#&`!$1&c+`!(+!7+8*$#*`! (#`+m&(&`!
a&'&!&ib(&'!&!1&!8+73+!$*do7!&!3+7+'!lq#3*!+7!1&!$#_+'+$*7*dn&h!!
!
07!1&!_o`kb+(&!(+! &b3*`bf#$#+7$#&Y! -#`&!`+! &'dg! $*7!b7&! (+! 1&`!de`! a*3+73+`!
(+!+`&`!&'d&`h!9+!1&!$*7*$+!a*'!(#`3#73*`!7*d_'+`h!.18b7*`!1*!11&d&7!7+34*'5!
d&'5+3#78! *3'*`Y! d&'5+3#78! db13#7#c+1v! i! *3'*`Y! `#da1+d+73+! 6-6! tdb13#1+c+1!
d&'5+3#78uh! 2*! +`! '+&1d+73+! 7b+c&h! 0`3&! a*(+'*`&! 3l$7#$&! (+! 7+8*$#*`! fb+!
#7c+73&(&!%&$+!de`!(+!$#7$b+73&!&m*`!)+'*!+7!1*`!o13#d*`!(#+sY!1*`!(+`&''*11*`!
3+$7*1g8#$*`! (+! o13#d&! 8+7+'&$#g7Y! 1*8'&'*7! kb+! `b`! a+$b1#&'+`! c#'3b(+`! `+!
%#$#+'&7!*_c#&`!a&'&!1&`!a'#7$#a&1+`!$*''#+73+`!$*'a*'&3#c&`Y!+7!b7&!f*'d&!7b7$&!
&73+`!$*7*$#(&h!!
!
!
pSbl!+`!+1!7+34*'5!d&'5+3#78T!0`!b7&!+`3'&3+8#&!(+!c+73&!(+!a'*(b$3*`!
19
d+(#&73+! 1&! $b&1! (#`3'#_b#(*'+`! #7(+a+7(#+73+`! ab+(+7! &`*$#&'! &! *3'*`!
(#`3'#_b#(*'+`!i!*_3+7+'!$*d#`#*7+`!a*'!+1!d*c#d#+73*!(+!+`*`!a'*(b$3*`!(+73'*!
(+!`b!'+(h!!
!
07! b7&! *'8&7#s&$#g7! (+! 6-6Y! `+! &`*$#&! &! a+'`*7&`! kb+! #7$*'a*'&7! &!
*3'&`! a+'`*7&`Y! kb#+7+`! &! `b! c+s! &`*$#&7! &! *3'*`Y! i! &`n! `b$+`#c&d+73+!
8+7+'&7(*! b7&! '+(h! @+! +`3&! d&7+'&Y! 1*`! (#`3'#_b#(*'+`! $*db7+`! 3#+7+7! 1&!
*a*'3b7#(&(! (+! $*7`3'b#'! b7&! *'8&7#s&$#g7! 1b$'&3#c&! (+! db$%*`! 7#c+1+`! (+!
a'*fb7(#(&(Y!kb+!ab+(+!3+7+'!$#+73*`!*!#7$1b`*!d#1+`!(+!#73+8'&73+`h!!
!
!!
0#)#%?"!&")'%)0()R)>B)6&/)6&//"#%()
!!
07! &m*`! &73+'#*'+`Y! +1! 7+34*'5! d&'5+3#78! +'&! '+$%&s&(*! a*'! db$%*`!
1n(+'+`!(+!7+8*$#*`!$*d*!b7!+`kb+d&!a&'&!%&$+'`+!'#$*!'ea#(&d+73+!&7e1*8*!&!
1&`! $&'3&`! +7! $&(+7&! b! *3'*`! f'&b(+`! a#'&d#(&1+`h! )+'*! +`*`! (n&`! 3+'d#7&'*7h!
.$3b&1d+73+Y!1&`!+da'+`&`!kb+!$*7f*'d&7!+1!n7(#$+!A*'3b7+!HPPY!`+!$*78'+8&7!
a&'&! %&$+'! 7+8*$#*`! &! 3'&cl`! (+! 1&`! '+(+`! (+1! 6-6Y! i! 1*`! &7&1#`3&`! (+! ]&11!
93'++3Y!$&73&7!&1&_&7s&`!&!1*`!dl3*(*`!(+!(#`3'#_b$#g7!db13#7#c+1h!
!!
!
@+!%+$%*Y!+1!7+34*'5!d&'5+3#78!%&!$'+$#(*!%&`3&!$*7c+'3#'`+!+7!b7&!(+!
1&`! fb+'s&`! #dab1`*'&`! (+! 1&! +$*7*dn&! (+1! `#81*! c+#73#b7*h! 0`! (#fn$#1! &`+8b'&'!
+`3&(n`3#$&`! $*7f#&_1+`! `*_'+! +1! $'+$#d#+73*! 81*_&1! (+1! 6-6Y! i&! kb+! db$%&`!
+da'+`&`!7*!#7f*'d&7!1&`!$#f'&`!(+!`b!f&$3b'&$#g7Y!*!`b!7od+'*!(+!d#+d_'*`!&!
7#78b7&! *'8&7#s&$#g7! (+! $*d+'$#*h! 9#7! +d_&'8*Y! _&`&(*! +7! (&3*`! (#`a*7#_1+`!
(+! 1&! .`*$#&$#g7! (+! E+73&! @#'+$3&! [email protected]! +7! ]&`%#783*7! @h>hY! &`n! $*d*! (+!
*3'&`!fb+73+`!(+!1&!#7(b`3'#&Y!@b7$&7!6&q4+11!.7(+'`*7Y!(#'+$3*'!+(#3*'#&1!(+!1&!
'+c#`3&!2+34*'5!6&'5+3#78!-#f+`3i1+`Y!+`3#d&!kb+!1&`!c+73&`!&7b&1+`!'+&1#s&(&`!&!
3'&cl`! (+! 1&`! *'8&7#s&$#*7+`! (+! 6-6Y! %&7! &1$&7s&(*!$+'$&! (+! 1*`! bz`! FP! d#1!
d#11*7+`!+7!1*`!0`3&(*`!B7#(*`Y!i!bz`!MP!d#1!d#11*7+`!+7!3*(*!+1!db7(*h!-&!@9.!
+`3#d&! $*7`+'c&(*'&d+73+Y! kb+! M! d#11*7+`! (+! a+'`*7&`! +`3e7! #7c*1b$'&(*`! +7!
+1!7+34*'5!d&'5+3#78Y!`g1*!+7!1*`!0`3&(*`!B7#(*`h!!
!
!
p)*'! kbl! 1*! %&$+7T! )*'kb+! +1! 6-6! a'*a*'$#*7&! '+`ab+`3&! &! b7&! (+! 1&`!
de`! '+$b''+73+`! a'+8b73&`! kb+! +7f'+73&7! 1&`! a+'`*7&`! +7! 1&! 0'&! (+! 1&!
;7f*'d&$#g7D!p>gd*!%&$+!b7*!a&'&!8&7&'`+!1&!c#(&!+7!b7!db7(*!+7!+1!kb+!7*!
%&i!de`!3'&_&j*`T!!
!
=S?+/")0($%')6&(6")
!
07!$&(&!+'&Y!1&`!f'*73+'&`!*f'+$+7!b7&!*a*'3b7#(&(!#1#d#3&(&h!)+'*!`#!%&i!
&18*!kb+!7*!*f'+$+7Y!+`!3'&_&j*h!-*`!a'#d+'*`!$*1*7*`!kb+!11+8&'*7!&!1&!s*7&!(+!
1&`! a'&(+'&`! +`3&_&7! 3*3&1d+73+! `*1*`h! ?bc#+'*7! kb+! $*7`3'b#'! `b`! a'*a#&`!
$&`&`Y! $&c&'! `b`! a'*a#*`! a*s*`! (+! &8b&Y! 1&_'&'! `b`!a'*a#*`! $&da*`! i! $'#&'! `b!
a'*a#*!8&7&(*h!@+!*3'&!d&7+'&Y!`+!%b_#+'&7!db+'3*!(+!%&d_'+h!!
!
!
-&! c#(&! +7! 1&! $#_+'f'*73+'&! fb7$#*7&'e! $&`#! (+! 1&! d#`d&! d&7+'&h! .!!
d+(#(&!kb+!1&!0'&!(+!1&!#7f*'d&$#g7!`+!&`*d&Y!kb+(&!$1&'*!kb+!1*`!+da1+*`Y!3&1!
$*d*! 1*`! $*7*$+d*`Y! `+! +`3e7! $*7c#'3#+7(*! +7! &18*! *_`*1+3*h! 07! 1*`! o13#d*`!
c+#73+! &m*`Y! d#11*7+`! (+! a+'`*7&`! %&7! `#(*! (+`a+(#(&`! (+! `b`! 3'&_&j*`! +7!
$*'a*'&$#*7+`h! 6b$%*`! %&7! _b`$&(*! +7! c&7*! *3'*`! +da1+*`! $*7! `b+1(*Y!
_+7+f#$#*`Y! *! `+8b'#(&(! $*da&'&_1+`h! .73+'#*'d+73+Y! 1*`! (+`a#(*`! +'&7! c#`3*`!
20
$*d*!b7&!d+(#(&!3+da*'&'#&!(+!'+(b$$#g7!(+!8&`3*`h!-&`!$*da&mn&`!'+(b$n&7!
('e`3#$&d+73+! `b`! a&8*`! a&'&! `*_'+a*7+'`+! &! 1*`! 3#+da*`! (#fn$#1+`h! )+'*! +7!
$b&73*!1&!+$*7*dn&!`+!'+$ba+'&_&Y!c*1cn&7!&!$*73'&3&'!&!`b`!3'&_&j&(*'+`h!0`*!
i&!7*!`b$+(+h!
!!
!
.$3b&1d+73+Y! 1&! '+(b$$#g7! t(*47`#s#78u! *$b''+! a*'! *3'&! '&sg7h! -&`!
$*da&mn&`!(+`a#(+7!+da1+&(*`!a*'kb+!%&7!db(&(*!`b`!a1&73&`!fb+'&!(+1!a&n`!
ra&'&! `#+da'+Y! *! a*'kb+! 1&! &b3*d&3#s&$#g7! %&! %+$%*! #77+$+`&'#*! +1! +`fb+'s*!
%bd&7*Y! Z-&! 3+$7*1*8n&! %&$+! $&(&! c+s! de`! +f#$#+73+`! &! 1&`! +da'+`&`! r$*7!
$&(&! c+s! d+7*`! a+'`*7&`Y[! (#$+! +1! +$*7*d#`3&! )&b1! X&7+! )#1s+'Y! &b3*'! (+!
"#kb+s&! ;1#d#3&(&Y! @#7+'*! (+! ,3'&! =+73+Y! i! @#*`! Sb#+'+! Sb+! B`3+(! 9+&! "#$*h!
Z-&`! $*da&mn&`! de`! 1b$'&3#c&`Y! `*7! 1&`! kb+! +`3&7! '+(b$#l7(*`+! de`h! 0`+!
a'*$+`*!$*73#7b&'e!&$+1+'e7(*`+h[!!
!
!
07! 1&! &$3b&1#(&(Y! +1! &$%#$&d#+73*! $*73#7o&! a*'! #8b&1! 3&73*! +7! 3#+da*`!
_b+7*`! $*d*! d&1*`h! -&! d&i*'n&! (+! 1*`! ab+`3*`! (+! 3'&_&j*! `ba'#d#(*`! 7b7$&!
c*1c+'e7h!;7$1b`*!&kb+11&`!a+'`*7&`!kb+!$*73#7o&7!3'&_&j&7(*Y!&!d+7b(*!3#+7+7!
kb+! 3'&7`f*'d&'! `b! a+'f#1! (+! +da1+&(*! &! $*73'&3#`3&! #7(+a+7(#+73+h! -&`!
$*'a*'&$#*7+`! a'+f#+'+7! &b3g7*d*`Y! (+! d&7+'&! (+! a*(+'! 1#d#3&'! 1&`! %*'&`! (+!
+`*`!3'&_&j&(*'+`!&!1*!7+$+`&'#*!i!+c#3&'!+1!a&8*!(+!_+7+f#$#*`h!6#+73'&`!kb+!+1!
a+'`*7&1! a+'d&7+73+! `+! '+(b$+Y! +1! a+'`*7&1! +c+73b&1! r&kb+11&`! a+'`*7&`! kb+!
3'&_&j&7! $*7! $*73'&3*`Y! $*7! %*'&'#*`! f1+q#_1+`! *! a&'$#&1+`r! $'+$+! &! b7! '#3d*!
#7$+`&73+h!!
!
/+)60%,$%)'%)/"()$,+:+;"()
!
07! 01!9*_+'&7*! #7(#c#(b&1Y! 1*`! a'*7*`3#$&(*'+`!+7!+$*7*dn&! Q&d+`! @&1+!
@&c#(`*7!i!-*'(!]#11#&d!"++`L6*88Y!a'+(#$+7!kb+!+1!`#81*!c+#73#b7*!`+'e!3+`3#8*!
(+! 1&! db+'3+! (+! 1*`! +da1+*`Y! 3&1! $*d*! 1*`! $*7*$+d*`h! 011*`! +qa1#$&7! kb+! fb+!
3&7! `g1*!+7!&m*`! '+$#+73+`!kb+! 1&! a&1&_'&! Z3'&_&j*[! %&! &(kb#'#(*! +1! `#87#f#$&(*!
(+! +da1+*! (+! a*'! c#(&h! -&`! 8+7+'&$#*7+`! &73+'#*'+`! 1&! +73+7(n&7! $*d*!
'+f+'+73+! &! b7&! $*73'&3&$#g7! a*'! o7#$&! c+sY! a&'&! b7&! 3&'+&! (+3+'d#7&(&h! )*'!
+j+da1*Y! b7! %+''+'*! $*7`+8bn&! b7! 3'&_&j*! %+''&7(*! b7! $&_&11*h! B7&! $*`3b'+'&!
$*7`+8bn&! b7! 3'&_&j*! $*`#+7(*! b7! c+`3#(*h! )+'*! 7#78b7*! +`a+'&_&! kb+! +`*`!
3'&_&j*`!(b'&'&7!3*(&!1&!c#(&h!2&(#+!+`a+'&_&!_+7+f#$#*`!(+!`&1b(Y!a+7`#*7+`!*!
'+1*j+`! (+! *'*h! 9+8o7! +`$'#_+7! @&c#(`*7! i! "++`L6*88Y! Z&73+`! (+! 1&! 0'&!
#7(b`3'#&1Y!+1!+da1+*!a+'d&7+73+!+'&!$&`#!(+`$*7*$#(*[h!!
!
!
011*`!a'+(#$+7!kb+!+7!1&!0'&!(+!1&!;7f*'d&$#g7!1&!a&1&_'&!3'&_&j*!c*1c+'e!
&! `b! `#87#f#$&(*! &73+'#*'h! 9+! '+f+'#'e! &! 3&'+&`! +`a+$nf#$&`! i! 3+da*'&'#&`h! Z-&`!
8'&7(+`! $*'a*'&$#*7+`! $*d*! .?{?Y! i&! %&7! +1#d#7&(*! 3*(&`! 1&`! $&3+8*'n&`! (+!
+da1+*`!a+'d&7+73+`Y[!*_`+'c&7h!Z-*`!ab+`3*`!+7!+`&!8'&7!+da'+`&!&%*'&!`*7!
+c+73b&1+`h[! "*_+'3! "+#$%Y! +q! 9+$'+3&'#*! (+! ?'&_&j*Y! +`3#d&! kb+! b7! FP! a*'!
$#+73*! (+! 1&! fb+'s&! 1&_*'&1! (+! 1*`! 0`3&(*`! B7#(*`! i&! +`3e! 3'&_&j&7(*! a*'! `b!
$b+73&h!9#!"++`L6*88!i!@&c#(`*7!+`3e7!+7!1*!$#+'3*Y!+`&!$#f'&!ab+(+!&$+'$&'`+!
&1!CPP!a*'!$#+73*!+7!1*`!a'gq#d*`!&m*`h!!
!
%/)2&#)'%)/+);0:&/+!&C#))
!
07! 1&! c#+j&! f'*73+'&Y! +q#`3n&! b7&! o7#$&! d&7+'&! (+! &`+8b'&'`+! b7&!
jb_#1&$#g7! $gd*(&! i! `+8b'&D! b`3+(! 3+7n&! kb+! $*7`3'b#'! b7! 7+8*$#*! r
21
8+7+'&1d+73+! b7&! 8'&7j&r! kb+! `#8b#+'&! 8+7+'&7(*! #78'+`*`! %&`3&! `b!
f&11+$#d#+73*h! -*`! a#*7+'*`! (+! 1&! 0'&! (+! 1&! ;7f*'d&$#g7! `+! +7f'+73&'e7! &! b7!
(+`&fn*! `#d#1&'h! .1! 7*! a*(+'! &a*i&'`+! +7! a+7`#*7+`! 8b_+'7&d+73&1+`! *!
$*'a*'&3#c&`Y! 7+$+`#3&'e7! a'*c++'! +1! `b`3+73*! &! `b! a'*a#*! 7#(*! $*7! 1&!
$*7`3'b$$#g7!(+!7+8*$#*`!fb+'3+`!i!&b3*`*`3+7#(*`h!
!!
!
-*`! $*73'&3#`3&`! #7(+a+7(#+73+`! 7*! 3#+7+7! (+'+$%*! &! '+$#_#'! a+7`#*7+`!
$*'a*'&3#c&`h! 07! +1! `#81*! c+#73#b7*Y! 3&da*$*! '+$#_#'e7! (#7+'*! (+1! 8*_#+'7*h! -*`!
`#`3+d&`! jb_#1&3*'#*`! kb+! '+$&b(&7! i! 8&`3&7Y! $*d*! 1&! 9+8b'#(&(! 9*$#&1Y! i&! 7*!
3#+7+7! de`! f*7(*`h! 2&(#+! ab+(+! a&8&'! de`! #dab+`3*`! a&'&! d&73+7+'1*`!
fb7$#*7&7(*Y! .18b7*`! 3#+7+7! `b`! +`a+'&7s&`! ab+`3&`! +7! b7! 7b+c*! a1&7! a&'&!
(+`c#&'! +1! (#7+'*! (+! 1*`! &a*'3+`! (+`3#7&(*`! &! 9+8b'#(&(! 9*$#&1! &! f*7(*`!
a+'`*7&1+`!(+!'+3#'*Y!#7c+'3#(*`!+7!_*7*`!i!+7!+1!d+'$&(*!(+!c&1*'+`Y!)+'*!1*`!
d+'$&(*`! +`3e7! `bj+3*`! &! &1s&`! i! _&j&`h! B7&! fb+'3+! _&j&! i! (+`an(&`+! (+! `b!
jb_#1&$#g7h!!
!
!
;7$1b`*! +7! +1! &1+8'+! $&`*! (+! kb+! +1! 8*_#+'7*! f#7&1d+73+! `+! '#7(#+'&Y!
a+'d#3#+7(*! kb+! 1&! 8+73+! 8b&'(+! a*'! `b! $b+73&! `b`! &%*''*`! +7! b7! _&7$*Y!
db$%*`!7*!1*8'&'n&7!&1$&7s&'!b7&!jb_#1&$#g7!$gd*(&h!>*7!1&`!&$3b&1+`!3&`&`!(+!
#73+'l`!+!#7f1&$#g7Y!b7&!a+'`*7&!kb+!3bc#+'&!/P!&m*`!+7!+1!&m*!FPPPY7+$+`#3&'n&!
&%*''&'! &1! d+7*`! bz`! G!d#11*7+`! (+!(g1&'+`! a&'&!(#`f'b3&'! $#!$gd*(*! +`3#1*!(+!
c#(&!(+!$1&`+!d+(#&!(+!`b`!&m*`!(*'&(*`h!)+'*!p$be73&`!f&d#1#&`!$*7*$+!b`3+(!
kb+!ab+(+7!&f'*73&'!+1!&%*''*!(+!bz`!G!d#11*7+`T!!
!
!
6#+73'&`! kb+! +1! a+'`*7&1! a+'d&7+73+! `+! '+(b$+Y! +1! a+'`*7&1! +c+73b&1!
r&kb+11&`! a+'`*7&`! kb+! 3'&_&j&7! $*7! $*73'&3*`Y! $*7! %*'&'#*`! f1+q#_1+`! *!
a&'$#&1+`r!$'+$+!&!b7!'#3d*!#7$+`&73+h!!
!
/+)!&:%,2,"#$%,+))
!
07! +1! `#81*! (#+$#7b+c+Y! d#11*7+`! (+! a+'`*7&`! `+! d*c#1#s&_&7! %&$#&! 1&`!
f'*73+'&`! +7! $&''+3&`! >*7+`3*8&h! O*iY! +`! 1&! f'*73+'&! 1&! kb+! c#+7+! &! 7*`*3'*`h!
?*(&!a+'`*7&!c#c&!&$3b&1d+73+!(+_+!+7f'+73&'!&!1&!$#_+'+$*7*dn&Y!7*`!8b`3+!*!
7*h!>gd*!7*`!#'e!+7!1*`!&m*`!c+7#(+'*`!(+a+7(+'e!+73+'&d+73+!(+!$be7!a'*73*!
&$+a3+d*`! 1*! #7+c#3&_1+Y! i! $*7! $be73&! +7+'8n&! 7*`! a'+a&'+d*`! a&'&! 1&!
&b3*`bf#$#+7$#&h! -&! c#(&! +`! (b'&! +7! 1&! $#_+'f'*73+'&v! c#(&! (+! 3'&_&j&'! %&`3&!
'*da+'`+! 1*`! %b+`*`h! B7&! c#(&! (+! fb+'3+! $*da+3+7$#&v! (+! '#+`8*Y! d#+(*! +!
#7$+'3#(bd_'+h! )+'*! &1! #8b&1! kb+! 1*`! &73#8b*`! a#*7+'*`! %#$#+'*7! f*'3b7&`! +7! +1!
,+`3+Y! &`n! 7*`*3'*`! 3+7+d*`! (+1&73+! *a*'3b7#(&(+`! a&'&! 3'#b7f&'! i! a'*`a+'&'!
$*d*!7b7$&!&73+`Y!+7!f*'d&`!kb+!j&de`!%b_#l'&d*`!#d&8#7&(*!+7!*3'&!la*$&Y!
+7!+1!c#+j*!db7(*!$*'a*'&3#c*h!
!!
!
O&$+! 3#+da*! 1*`! +qa+'3*`! %&7! a'+(#$%*! kb+! +1! `#81*! c+#73#b7*! `+'e! b7&!
+'&!(+!1bj*Y!+!;73+'7+3Y!b7!Z$b+'7*!(+!1&!&_b7(&7$#&[!(#`+m&(*!+`a+$nf#$&d+73+!
a&'&! $*da1&$+'! 3*(*`! 1*`! &73*j*`! (+! 1*`! $*7`bd#(*'+`h! \! &`n! `+'eh! )+'*!
(+_+d*`! 8&7&'! +`*`! 1bj*`! $*7! +1! `b(*'! (+! 7b+`3'&! f'+73+h! @+_+d*`! 8&7&'1*`!
3*d&7(*! (+$#`#*7+`! #73+1#8+73+`h! 07! 1*`! &m*`! c+7#(+'*`Y! 7b+`3'&! `b_`#`3+7$#&!
+`3&'e!(+3+'d#7&(&!a'#7$#a&1d+73+!a*'!1&`!(+$#`#*7+`!kb+!3*d+d*`!%*iY!a*'!1&`!
+`3'&3+8#&`! kb+! +1#j&d*`! a&'&! $*7`3'b#'! 7b+`3'*`! 7+8*$#*`! +7! 1&! 0'&! (+! 1&!
22
;7f*'d&$#g7h! Sb#+7+`! +1#j&7! +1! 7+34*'5! d&'5+3#78! +`3&'e7! (&7(*! b7! a&`*!
8#8&73+!+7!1&!(#'+$$#g7!$*''+$3&h!!
!
!DEFGHIJ)'"()
!
)
)
%I)*PNOTNENJ)UL)*DIDOTD)
[@l7d+!b7!ab73*!(+!&a*i*[!(#j*!.'kb#d+(+`!Zi!d*c+'l!1&!3#+''&[h!01!de`!
8'&7(+!(+!1*`!d&3+de3#$*`!8'#+8*`!+`3&_&!%&_1&7(*Y!a*'!`bab+`3*!(+1!a*(+'!(+!
1&! a&1&7$&h! Sb+'n&! (+$#'! kb+! `#! 3+7n&! b7! fb1$'*! $*7! +1! 3&d&m*! &(+$b&(*Y! b7&!
a&1&7$&!$*7!1&!1*78#3b(!7+$+`&'#&!i!b7!1b8&'!+7!(*7(+!&'d&'!+1!&a&'&3*!a*('n&!
d*c+'!1&!3#+''&Y!&`n!$*d*!b7!&8'#$b13*'!1+c&73&!b7&!a#+('&!(+!`b!$&da*h!!
!
!
-&! a&1&7$&! i! +1! fb1$'*! +`3e7! +73'+! 1*`! &a&'&3*`! de`! `+7$#11*`! $*7*$#(*`!
a*'!+1!%*d_'+h!.o7!&`nY!1+!a+'d#3+7!&!b7!3'&_&j&(*'!1+c&73&'!db$%&`!c+$+`!`b!
a'*a#*!a+`*h!07!+1!db7(*!+$*7gd#$*Y!+1!)'#7$#a#*!(+!)&1&7$&!`+!&a1#$&!$*7!b7!
+f+$3*! 3*(&cn&! de`! &(d#'&_1+h! -*`! >0,`! 1*8'&7! 1&! a*3+7$#&$#g7! (+! 1&! a&1&7$&!
*_3+7#+7(*!a'l`3&d*`!1*!kb+!1+`!a+'d#3+!+qa&7(#'!`b`!*a+'&$#*7+`!&bd+73&'!+1!
c&1*'!(+!`b`!&$$#*7+`!+!#7$'+d+73&'!`b`!8&7&7$#&`!de`!&11e!(+!1*! kb+!a*('n&7!
%&_+'! &1$&7s&(*! `*1&d+73+! $*7! `b! f1bj*! (+! +f+$3#c*h! B7! 8+'+73+! 1*8'&!
a*3+7$#&$#g7! (+1+8&7(*! 3&'+&`! &! `b`! +da1+&(*`! i! &`n! db13#a1#$&! `b`! +`fb+'s*`!
a+'`*7&1+`!db$%&`!c+$+`h!.1!db13#d#11*7&'#*!d&87&3+!a+3'*1+'*!)&b1!=+33i!`+!1+!
&3'#_bi+!%&_+'!(#$%*D!Z)'+f#+'*!3+7+'!+1!b7*!a*'!$#+73*!(+!1*`!+`fb+'s*`!(+!$#+7!
a+'`*7&`Y!&73+`!kb+!+1!$#+73*!a*'!$#+73*!(+!d#`!a'*a#*`!+`fb+'s*`h[!
!!
!
=+33i! 3+7n&! '&sg7h! 2#78b7&! a+'`*7&! 3#+7+! 3*(*! +1! 3#+da*! *! 1&! +7+'8n&!
7+$+`&'#&`! a&'&! $*7`3'b#'! b7! 7+8*$#*! +q#3*`*! a*'! `b! $b+73&Y! 01! lq#3*! (+! b7!
+da'+`&'#*!+`3e!(#'+$3&d+73+!'+1&$#*7&(*!$*7!1&!$&73#(&(!(+!a*3+7$#&$#g7!kb+!
ab+(&! 1*8'&'h! .11n! +`! (*7(+! +73'&! +7! +`$+7&! +1! 7+34*'5! d&'5+3#78h! 0`! b7!
`#`3+d&! +`a+$nf#$&d+73+! (#`+m&(*! a&'&! (&'1+! &! 8+73+! $*do7! &$$+`*! &! b7&!
a*3+7$#&$#g7!+q3'&*'(#7&'#&h!!
!
%#)/"()!"6&%#7"())
!
-*`! a'#d+'*`! +`3&(*b7#(+7`+`! kb+! a'&$3#$&'*7! +1! &'3+! (+! 1&! c+73&!
a*3+7$#&(&! fb+'*7! 1*`! #7(#*`h! 0da1+&'*7! +1! )'#7$#a#*! (+! )&1&7$&! $*7! 8'&7(+`!
c+73&j&`Y!3&73*!+7!+1!$*d+'$#*!#73+'7*!$*d*!+7!+1!3'&3*!$*7!+1!%*d_'+!_1&7$*h!
.8+73+`!(+!1&!>*da&mn&!(+!1&!K&%n&!(+!Ob(`*7Y!(+!>&7&(eY!(+`$b_'#+'*7!kb+!
1*`!7&3#c*`!&!kb#+7+`!1+`!$*da'&_&7!a#+1+`!(+!$&`3*'+`!+da1+&_&7!b7&!+`a+$#+!
(+! `#`3+d&! (+! f'&7kb#$#&h! 07! 1b8&'! (+! 3'&3&'! $*7! 1*`! #781+`+`! (+! a+'`*7&! &!
a+'`*7&Y!1*`!#7(#*`!(+`$+7(n&7!&!1&!3#+7(&!(+!#73+'$&d_#*Y!b7&!c+s!&1!&m*Y!$*7!
b7&!8'&7!f1*3&!(+!$&7*&`h!>&(&!f1*3&!+`3&_&!$*d&7(&(&!a*'!b7!j+f+!d+'$&73#1Y!
`+1+$$#*7&(*! +`a+$#&1d+73+! a*'! `b`! %&_#1#(&(+`! (+! 7+8*$#&$#g7h! 01! j+f+! 1+!
$*_'&_&!&!1*`!*3'*`!#7(#*`!&18*!&`n!$*d*!b7&!3&'#f&!(+!f'&7kb#$#&!a*'!+1!a'#c#1+8#*!
(+! b7#'`+! &! `b! f1*3&! r3na#$&d+73+Y! b7&! a#+1! (+! $&`3*'h! )*'! +`3+! a'+$#*Y! 1*`!
$*d+'$#&73+`! #7(#*`! 1*8'&_&7! 1&! c+73&j&! (+! `+'! a&'3+! (+! b7! 8'&7! 8'ba*!
$*d+'$#&1Y!$*7!d&i*'!a*(+'!(+!7+8*$#&$#g7h!!
23
!
20%,7+)%#)#V6%,"())
01! a*(+'! (+! 1*`! 8'ba*`! #7(#*`! (+! $*d+'$#&1#s&$#g7Y! `+! +c#(+7$#&_&! +7! `b!
$&a&$#(&(!a&'&!1*8'&'!(+1!%*d_'+!_1&7$*!1*`!a'+$#*`!kb+!kb+'n&7h!)*'!+j+da1*Y!
+1! a'+$#*! (+! 1&! a#+1! (+! $&`3*'! `+! (+`a1*dg! (+! c+#73+! &! (#+s! $%+1#7+`! +7! +1!
d+'$&(*! (+! a#+1+`! (+! -*7('+`! (+`(+! CJMH! &! CJNGh! -g8#$&d+73+Y! 1*`!
$*d+'$#&73+`! _1&7$*`! (+! 2*'3+&dl'#$&! (+_+'n&7! %&_+'! $*da+7`&(*! `b`!
al'(#(&`!'+$*'3&7(*!+1!a'+$#*!kb+!a&8&_&7!&!1*`!a'*c++(*'+`!7&3#c*`!a*'!$&(&!
a#+1D! )+'*! 1*`! #7(#*`! `+8bn&7! (+d&7(&7(*! +1! d#`d*! a'+$#*! (+! &73+`h!!
Z9#!$'+n&7!hhh!kb+!3'+`!a#+1+`!(+!$&`3*'!c&1n&7!b7&!$&_+s&!(+!%&$%&Y!+73*7$+`!+'&!
&`n[! (#$+! +1! a'*f+`*'! ._'&%&d! "*3`3+#7Y! (+! 1&! B7#c+'`#(&(! (+! ?*'*73*h! @+!
&$b+'(*! &! "*3`3+#7Y! 1*`! a'+$#*`! f'*73+'#s*`! (+! 3'+#73&! i! $#7$*! _#+7+`!
$*d+'$#&_1+`!`+!d&73bc#+'*7!$&`#!#8b&1+`!a*'!de`!(+!$#+7!&m*`h!9#7!#da*'3&'!1&!
_'b`kb+(&(!$*7!kb+!f1b$3b&_&7!1*`!a'+$#*`!+7!+1!d+'$&(*!(+!-*7('+`Y!1*`!#7(#*`!
`#da1+d+73+!7*!+`3&_&7!(+!&$b+'(*!$*7!7#78o7!$&d_#*h!\!$*d*!+da1+&_&7!+1!
)'#7$#a#*! (+! )&1&7$&! r'+8&3+&7(*! $*1+$3#c&d+73+! &! 3'&cl`! (+! Zf'&7kb#$#&`[! (+!
$*d+'$#&1#s&$#g7r!3+7n&7!+1!a*(+'!(+!%&$+'!c&1+'!`b!c*1b73&(h!!
!
1%#'%'",%()A+#W0&())
!
9#7! +d_&'8*Y! 1*`! $*d+'$#&73+`! _1&7$*`! 3&d_#l7! `&_n&7! $gd*! `&$&'!
a'*c+$%*! (+! 1&! a*3+7$#&$#g7h! ='&7(+`!$*781*d+'&(*`!$*d*! 1&!>*da&m#&!(+!1&!
K&%n&!(+!Ob(`*7!i!1&!>*da&mn&!(+!)#+1+`!.d+'#$&7&`Y!(+!Q*%7!Q&$*_!.`3*'Y!`+!
#73'*(bj+'*7!&!1&!fb+'s&!r$&(&!c+s!de`!&(+73'*!(+!2*'3+&dl'#$&r!&a*ie7(*`+!
+7! `b! d&87#3b(! a&'&! 1*8'&'! d+j*'+`! 3'&3*`h! .! d+(#(&! kb+! 1&! a*_1&$#g7! _1&7$&!
$'+$n&!+7!7od+'*!i!fb+'s&Y!f#7&1d+73+!+qab1`&'*7!&!1*`!#7(#*`!(+1!7+8*$#*h!!
!
!
@b'&73+!+`&!la*$&Y!+d+'8#g!b7&!7b+c&!+$*7*dn&Y!+7!1&!kb+!1*`!$*1*7*`!
1+!$*da'&_&7!a'*c#`#*7+`!&!Zc+7(+(*'+`!i&7kb#`[!rc+7(+(*'+`!#3#7+'&73+`!kb+!
c#&j&_&7!a*'!+1!a&n`!&!a#+!*!+7!$&''+3&h!-*`!c+7(+(*'+`!3bc#+'*7!db$%*`!&m*`!
(+! a'*`a+'#(&(h!)+'*! 7*! b`&_&7!1&!a*3+7$#&$#g7h! >&(&!%*d_'+! `+!$b#(&_&!&! `n!
d#`d*h! >*d*! $*7`+$b+7$#&Y! 1*`! c+7(+(*'+`! i&7kb#`! 3bc#+'*7! a*$&! $&a&$#(&(!
(+! '+`#`3+7$#&! $b&7(*! 1*`! d&i*'#`3&`! $*d+7s&'*7! &! +da1+&'! `b! a'*a#*! a*(+'Y!
b`&7(*! 1*`! 7b+c*`! f+''*$&''#1+`! i! `#`3+d&`! (+! $&7&1+`! (+! 1&! (l$&(&! (+! CM/P!
a&'&! +7c#&'! d+'$&(+'n&! (#'+$3&d+73+! &! 1*`! (b+m*`! (+! 7+8*$#*`h! 01! 7b+c*!
`#`3+d&! `*_'+a&`g! a*'! $*da1+3*! &! 1*`! c+7(+(*'+`! #3#7+'&73+`Y! kb#+7+`!
a'e$3#$&d+73+! (+`&a&'+$#+'*7! $*d*! +`a+$#+! (+1! a&#`&j+! +`3&(*b7#(+7`+h!!
!
/+),%1"/0!&C#)'%)/+)1%#$+)'&,%!$+))
!
9g1*! &1! +qa1*3&'! +1! )'#7$#a#*! (+! )&1&7$&! a&'&! `b`!a'*a#*`! a'*ag`#3*`Y! 1*`!
c+7(+(*'+`!&d_b1&73+`!1*8'&'*7!1b$%&'!a&'&!'+$*7kb#`3&'!`b!3+''+7*h!.!f#7&1+`!
(+1!`#81*! (#+$#7b+c+!i!a'#7$#a#*`!(+1!c+#73+Y! `b'8#g!b7!7b+c*! 3#a*!(+!c+7(+(*'h!
0`3+Y! &1! #8b&1! kb+! `b! a&'! de`! &73#8b*! 3'&_&j&_&! a*'! $b+73&! a'*a#&h! )+'*! &!
(#f+'+7$#&!(+1!c+7(+(*'!&d_b1&73+Y!c+7(n&!b7!a'*(b$3*!$*7*$#(*!(+!b7&!d&'$&!
$*7! &1$&7$+! 7&$#*7&1h! .c*7! )'*(b$3`Y! Ab11+'! K'b`%! >*da&7i! i! 01+$3'*1bqY!
+`3&_&7! +73'+! 1&`! f#'d&`! 1+8+7(&'#&`! kb+! `b'8#+'*7! (b'&73+! +`3+! a+'n*(*Y!
c+7(#+7(*! a'*(b$3*`! 3&1+`! $*d*! a+'fbd+`Y! $+a#11*`! i! &`a#'&(*'&`! ab+'3&! &!
ab+'3&h! 9+! 11&d&_&7! $*da&mn&`! Z(+! c+73&! (#'+$3&[! a*'kb+! 1+! c+7(n&7!
(#'+$3&d+73+! &1! $*7`bd#(*'Y! +7! 1b8&'! (+! c+7(+'1+! &! 7+8*$#*`! i! 3#+7(&`! (+!
'&d*`!8+7+'&1+`h!!
24
!
!
)&'&! +1! f&_'#$&73+Y! 1&! c+73&! (#'+$3&! *f'+$n&! 1&! *a*'3b7#(&(! (+! b_#$&'! b7!
a'*(b$3*!jb`3*!f'+73+!&1!$*7`bd#(*'Y!+7!1b8&'!(+!(+j&'1*!+7!b7!+`3&73+Y!a+'(#(*!
+73'+! $#+73*`! (+! *3'*`! a'*(b$3*`h! )&'&! +1! c+7(+(*'Y! +`3&`! '+(+`! *f'+$n&7!
(+`$b+73*`! a*'! c+73&`! d&i*'#`3&`Y! 3+''#3*'#*`! a'*3+8#(*`! i! +1! a'+`3#8#*! (+! b7&!
d&'$&! #da*'3&73+h! >b&7(*! b7&! (#`3'#_b#(*'&! .c*7! *! b7! c+7(+(*'! Ab11+'! K'b`%!
c+7n&7!(+!c#`#3&Y!+1!$1#+73+!(&_&!a*'!`+73&(*!kb+!`b`!a'*(b$3*`!+'&7!$*7f#&_1+`h!!
01! c+7(+(*'! (#'+$3*Y! &1! #8b&1! kb+! `b! &73+$+`*'Y! +1! $*d+'$#&73+! #7(#*Y! `+!
a*3+7$#&_&! &1! 3'&_&j&'! +7! b7&! '+(h! 0`3&! 7b+c&! d&7+'&! (+! c+7(+'! `+! a'*a&8g!
'ea#(&d+73+h!Z07! CNFPY!%&_n&!&1!d+7*`!FPPhPPP!a+'`*7&`!c+7(#+7(*! ab+'3&!&!
ab+'3&[Y!+`$'#_+!1&!a'*f+`*'&!(+!8+'+7$#&d#+73*!(+!1&!B7#c+'`#(&(!(+!>&1#f*'7#&!
2#$*1+!]**1`+i!K#88&33Y!+7!`b!1#_'*!>&a#3&1#`d*!>&'#`de3#$*Y!Zde`!(+1!(*_1+!kb+!
+7!CNPP[h!
!
01! lq#3*! (+! b7! +da'+`&'#*! +`3e! (#'+$3&d+73+! '+1&$#*7&(*! $*7! 1&! $&73#(&(! (+!
a*3+7$#&$#g7!kb+!ab+(&!&a1#$&'!
!
!/+)$,+6*+)'%/)$&%6*"))
!
9#7!+d_&'8*Y!%&_n&!1nd#3+`!&!1&!a*3+7$#&$#g7!(+1!c+7(+(*'!(#'+$3*h!0`3&_&!
&3'&a&(*!+7!1&!3'&da&!(+1!3#+da*h!B7!%*d_'+!a*(n&!3&7!`g1*!Zb_#$&'[!b7&!$#+'3&!
$&73#(&(!(+!$+a#11*`!Ab11+'!*!&`a#'&(*'&`!01+$3'*1bq!+7!+1!3'&7`$b'`*!(+!b7!(n&h!
9b`! #78'+`*`! +`3&_&7! 1#d#3&(*`! &1! 7od+'*! (+! %*'&`! kb+! 3'&_&j&_&h! 6#+73'&`!
%#$#+'&!+`fb+'s*!fn`#$*Y!8*1a+&7(*!ab+'3&`!i!d*c#+7(*!1&!1+78b&Y!8&7&_&!(#7+'*Y!
)+'*Y!&a+7&`!(+j&_&!(+!3'&_&j&'!ri&!`+&!a&'&!(*'d#'!(+!7*$%+Y!a&'&!a&`&'!b7!
(*d#78*! +7! f&d#1#&Y! *! #7$1b`*! a&'&! $b'&'`+! (+! b7! '+`f'#&(*r! `b`! #78'+`*`! `+!
+c&a*'&_&7h! \! a*_'+! (+1! %*d_'+! kb+! `bf'#+'&! b7&! %+'#(&! kb+! 1*! (+j&'&!
#7$&a&$#3&(*! *! kb+! 3bc#+'&! b7&! `&1b(! (l_#1h! 9b`! #78'+`*`! (#`d#7b#'n&7!
a'*a*'$#*7&1d+73+!&!`b!#7$&a&$#(&(h!!
!
!
)&'&!'+`bd#'Y!1*`!a'#d+'*`!c+7(+(*'+`!(#'+$3*`!8&7&_&7!#78'+`*`!1#7+&1+`!
r(#7+'*! &! $&d_#*! (+! 3#+da*h! @+! %+$%*Y! 1&! d&i*'n&! (+! 1&`! a+'`*7&`! 8&7&7!
#78'+`*`! 1#7+&1+`h! 0`3&! d&7+'&! (+! 8&7&'`+! 1&! c#(&! 7*! 3#+7+! 7&(&! (+! d&1*h! .!
dl(#$*`Y!&_*8&(*`!i!$*73&(*'+`!+`3&!$1&`+!(+!#78'+`*!$#+'3&d+73+!1+`!(&!_b+7!
'+`b13&(*Y! )+'*! 7*! 3#+7+! a*3+7$#&$#g7h! )*'! dbi! 8'&7(+! kb+! `+&! `b! #78'+`*!
1#7+&1Y! (+! 3*(&`! d&7+'&`! 1&! a+'`*7&! (+_+! '+a*'3&'`+! i! (+`&''*11&'! b7&! 3&'+&!
fn`#$&! ri&! `+&! (#`$b3#+7(*! b7! $&`*Y! '+c#`&7(*! &! b7! a&$#+73+! *! %&$#+7(*! b7!
_&1&7$+r! &! $&d_#*! (+! $&(&! $+73&c*! kb+! 8&7&h! 9#8b+! +`3&7(*! &3&(*! &! 1&`!
$b&'+73&! %*'&`! `+d&7&1+`! (+! 3'&_&j*h! 9b`! #78'+`*`! 7b7$&! `ba+'&'e7! $#+'3*!
ab73*Y!(+f#7#(*!a*'!+1!7od+'*!(+!%*'&`!(#`a*7#_1+`!+7!`b!c#(&!1&_*'&1h!
!!
&#?,%("),%(&'0+/))
!
01! o7#$*! 3#a*! (+! #78'+`*! kb+! a'*c++! c+'(&(+'&! a*3+7$#&$#g7! +`! +1!
'+`#(b&1h!0`3+!#da1#$&!(#7+'*!kb+!`+!`#8b+!'+$#_#+7(*Y!3#+da*!(+`abl`!(+!%&_+'!
3+'d#7&(*!-&!3&'+&h!0`!+1!(#7+'*!kb+!8&7&7!a*'!'+8&1n&`Y!1*`!+`$'#3*'+`!(+!_+`3!
`+11+'`! i! 1*`! &b3*'+`! (+! $&7$#*7+`! +q#3*`&`v! 3&d_#l7Y! +1! kb+! 1*`! #7c+73*'+`! i!
(b+m*`! (+! 7+8*$#*`! 8&7&7! a*'! (#c#(+7(*`! (+! &$$#*7+`h! B7&! c+s! kb+! `+!
+`3&_1+$#g! b7&! $*''#+73+! (+! #78'+`*! '+`#(b&1Y! +`+! #78'+`*! `#8b+! 8+7+'e7(*`+!
&b7kb+!b`3+(!(+$#(&!3*d&'`+!b7!&m*!1#_'+!i!(+`$&7`&'!+7!1&!a1&i&h!
25
!!
!
-&`! 8'&7(+`! f*'3b7&`! `g1*! `+! *'#8#7&7! a*'! #78'+`*`! '+`#(b&1+`h!
-&d+73&_1+d+73+Y! 1&! c+73&! (#'+$3&! 7*! a*(n&! *f'+$+'! +`3+! _+7+f#$#*! +7! `b`!
a'#d+'*`!&m*`h!6#1+`!(+!a*`#_1+`!%l'*+`Y!$*d*!O*'&3#*!.18+'Y!8*1a+&'*7!ab+'3&`!
+7!1*`!0`3&(*`!B7#(*`!+7!1&`!(l$&(&`!(+!CNFP!i!CNGPh!)+'*!`g1*!&kb+11*`!kb+!
&_&7(*7&'*7! 1&! c+73&! (#'+$3&! +! #7#$#&'*7! `b! a'*a#*! 7+8*$#*Y! %&7! 1*8'&(*!
'+&1d+73+! 1#_+'3&(! f#7&7$#+'&h! 0'&! dbi! 8'&7(+! 1&! 7+$+`#(&(! (+!!
b7!7b+c*!3#a*!(+!3'&_&j*!kb+!$*d_#7&'&!1&!&$$+`#_#1#(&(!(+!1&!c+73&!(#'+$3&!$*7!
+1! #78'+`*! '+`#(b&1! (+1! 7+8*$#*! #7(+a+7(#+73+h! )'*73*Y! +`&! (+d&7(&! `+! c+'n&!
`&3#`f+$%&!(+!d&7+'&!`*'a'+7(+73+d+73+!#77*c&(*'&h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
26
!
!
!
!
!DEFGHIJ)$,%()
)
/D)(JIHTNXO)6HIGNONMLI)
!
!
!
-&! d&i*'n&! (+! 1*`! +qa+'3*`! $*7$b+'(&7! +7! kb+! >&'1! "+%7_*'8! fb+! +1!
a'#d+'! +da'+`&'#*! kb+! b3#1#sg! $*7! lq#3*! b7! a'*8'&d&! (+! 7+34*'5! d&'5+`#78h!
,3'&`! $*da&mn&`! `g1*! %&_n&7! $*kb+3+&(*! $*7! +`*`! dl3*(*`! a'+c#&d+73+h!
"+d*73e7(*7*`! &! 1&! (l$&(&! (+! CNFPY! &18b7&`! f#'d&`! (+! c+73&! (#'+$3&! %&_n&7!
a&8&(*! &! `b`! '+a'+`+73&73+`! b7! %*7*'&'#*! a*'! o7#$&! c+sY! a*'! $&(&! c+7(+(*'!
kb+! &b`a#$#&_&7h! ,3'&`! f#'d&`! #7$1b`*! a+'d#3n&7! &! `b`! c+7(+(*'+`! *_3+7+'! b7!
a*'$+73&j+! `*_'+! 1&`! c+73&`! 7+3&`! (+! `b`! &b`a#$#&(*`! (b'&73+! b7! a+'n*(*!
1#d#3&(*!(+!3#+da*Y!(#8&d*`Y!(b'&73+!1*`!a'#d+'*`!`+`+73&!(n&`!1b+8*!(+!kb+!+1!
&b`a#$#&(*!f#'d&_&h! )+'*! "+%7_*'8! a&'+$+!%&_+'! `#(*! +1! a'#d+'*! +7! a+'d#3#'! &!
1*`! c+7(+(*'+`! *_3+7+'! $*d#`#*7+`! a+'d&7+73+`! a*'! `b`! &b`a#$#&(*`v! b7&!
$*''#+73+!(+!#78'+`*!$*73#7b*!kb+!`+!d&73+7('n&!(b'&73+!3*(&!1&!+q#`3+7$#&!(+1!
7+8*$#*h!!
!
!
?*(*! $*d+7sg! +7! 1&! (l$&(&! (+! CNFPY! $b&7(*! "+%7_*'8! +'&!
'+a'+`+73&73+! (+! b7! f&_'#$&73+! +7! >%#7&h! .1! +`3&11&'! 1&! 8b+''&! $#c#1Y! "+%7_*'8!
kb+(g! a'#`#*7+'*! +7! +1! &`+73&d#+73*! +q3'&7j+'*! (+! 9%&78%&#Y! (b'&73+! b7! &m*h!
.1!c+'`+!*_1#8&(*!&!a&`&'!%&d_'+!+7!_&`+!&!b7&!(#+3&!(+!&''*s!i!&8b&Y!l1!`ba1n&!
`b`!'&$#*7+`!%&$#+7(*!`*a&!(+!a1&73&`Y!a&`3*Y!+!#7$1b`*!$1&c*`!*q#(&(*`!ta*'!`b!
$*73+7#(*! +7! %#+''*uh! -&! +qa+'#+7$#&! (+! "+%7_*'8! 1+! +7`+mg! a'*fb7(&`!
1+$$#*7+`!&$+'$&!(+1!c&1*'!(+!1&!7b3'#$#g7h!@+!'+8'+`*!&!1*`!0`3&(*`!B7#(*`Y!b`g!
`b! +73'+7&d#+73*! $*d*! kbnd#$*! a&'&! (+`&''*11&'! `ba1+d+73*`! &1#d+73&'#*`!
%+$%*`!&!_&`+!(+!&1f&1f&Y!a+'+j#1Y!+`a#7&$&Y!_+''*Y!s&7&%*'#&`Y!i!c&'#*`!d#7+'&1+`!
i! c#3&d#7&`h! 07! CNG/! fb7(g! b7&! +da'+`&! a&'&! c+7(+'! +`3*`! a'*(b$3*`h!
,'#8#7&1d+73+! 11&d&(&! >&1#f*'7#&! E#3&d#7! >*da&7iY! de`! 3&'(+! fb+! '+_&b3#s&(&!
$*d*!2b3'#1#3+!)'*(b$3`!;7$h!rb7!7*d_'+!(+`3#7&(*!&!'+`*7&'!+7!1*`!&7&1+`!(+1!
+da'+`&'#&(*h!!
!
!"6&(&"#%()60/$&#&1%/))
!
,a+'&7(*! $*d*! b7&! f#'d&! (+! c+73&! (#'+$3&! $*7c+7$#*7&1Y! 2b3'#1#3+!
a'*`a+'g! (b'&73+! db$%*`! &m*`h!)+'*! +7!CN/HY! "+%7_*'8! #73+73g! &18*!(#`3#73*h!
;73'*(bj*! b7! 7b+c*! a1&7! a&'&! '+$*da+7`&'! &! 1*`! c+7(+(*'+`! (+! 2b3'#1#3+h!
.18b7&`!a+'`*7&`!&f#'d&7!kb+!+1!a1&7!fb+!$'+&(*!a*'!+1!d#`d*!"+%7_*'8h!,3'*`!
`*`3#+7+7!kb+!fb+!+1!a'*(b$3*!(+!1&!#7c+73#c&!(+!(*`!(#`3'#_b#(*'+`!(+!2b3'#1#3+Y!
-++!6i3#78+'!i!]#11#&d!>&``+1_+''ih!9+&!kb#+7!`+&!+1!kb+!1*!%&i&!#7c+73&(*Y!+1!
a1&7! +q%#_n&! 1&! d&i*'! a&'3+! (+! 1&`! $&'&$3+'n`3#$&`!kb+! $*do7d+73+! &`*$#&d*`!
+7!1&!&$3b&1#(&(!$*7!+1!7+34*'5!d&'5+3#78h!!
!
!
-+! a+'d#3n&! &! $b&1kb#+'! (#`3'#_b#(*'! (+! 2b3'#1#3+! $*7! c+#73#$#7$*! $1#+73+`!
27
d#7*'#`3&`!'+8b1&'+`Y!&`*$#&'!7b+c*`!c+7(+(*'+`!i!*_3+7+'!b7&!$*d#`#g7!(+1!G!
a*'! $#+73*! a*'! `b`! c+73&`h! 0`3+! 7*! +'&! b7! %*7*'&'#*! a*'! o7#$&! c+s! *! b7&!
'+$*da+7`&! 3+da*'&1! `#7*! b7! &$b+'(*! $*d+'$#&1! a+'d&7+73+! kb+! (b'&'n&!
d#+73'&`!+1!&`*$#&(*!a+'d&7+$#+'&!+7!2b3'#1#3+h!)*'!a'#d+'&!c+sY!1*`!c+7(+(*'+`!
(#'+$3*`!$*db7+`!3+7n&7!1&!$&a&$#(&(!(+!(+`&''*11&'!b7&!*'8&7#s&$#g7!(+!c+73&`!
kb+! 8+7+'&'&! #78'+`*`! '+`#(b&1+`h! .1! #8b&1! kb+! 1*`!&b3*'+`! (+! _+`3! `+11+'`Y! 1*`!
d&87&3+`! a+3'*1+'*`Y! *! 1*`! #7c+'`#*7#`3&`! (+! ]&11! 93'++3Y! 1*`! (#`3'#_b#(*'+`! (+!
2b3'#1#3+! &%*'&! a*(n&7! 1*8'&'! a*3+7$#&$#g7! +7! _&`+! &! 1*`! +`fb+'s*`! (+! *3'&`!
a+'`*7&`h!6b$%*`!1*8'&'*7!b7!lq#3*!`*'a'+7(+73+!_&j*!+1!7b+c*!`#`3+d&h!
!
60/$&*/&W0%)(0()%(20%,7"()
!!
01! &c&7$+! $1&c+! (+! "+%7_*'8! fb+! a+'d#3#'! &! 1*`! '+a'+`+73&73+`! (+!
2b3'#1#3+! *_3+7+'! $*da+7`&$#g7! 7*! `g1*! a*'! 1&`! c+73&`! (+! `b`! &`*$#&(*`Y! `#7*!
3&d_#l7! a*'! 1*`! &`*$#&(*`! (+! `b`! &`*$#&(*`! i! (+de`h! 0`3+! &$b+'(*! db13#7#c+1!
*f'+$n&! b7! &`*d_'*`*! a*3+7$#&1! (+! $'+$#d#+73*h! .! a&'3#'! (+! +`+! d*d+73*! +'&!
a*`#_1+! &`*$#&'! &! *3'*`! a&'&! kb+! &`*$#&'&7! a*'! b`3+(Y! 7*! `g1*! a&'&! kb+!
c+7(#+'&7! a*'! b`3+(h! >&(&! 7b+c*! c+7(+(*'! t*! Z(#`3'#_b#(*'[u! kb+! +'&!
#7$*'a*'&(*! (ba1#$&_&! `b! $&a&$#(&(! (+! &`*$#&'! &! *3'*`h! -&! &'#3dl3#$&! `#da1+!
(+db+`3'&!$gd*!+`3+!a*(+'!(+!(ba1#$&$#g7!fb7$#*7&Y!a&'&!_+7+f#$#*!(+1!7+34*'5!
d&'5+3#78h!>&(&!c+s!kb+!`+!db13#a1#$&!b7!7od+'*!a*'!1&!d#`d&!$&73#(&(!b7&!i!
*3'&! c+s! ri&! `+&! kb+! `+! (ba1#kb+Y! 3'#a1#kb+Y! $b&('ba1#kb+! *! 1*! kb+! fb+'+r! `+!
(#$+! kb+! +`+! 7od+'*! +`3e! $'+$#+7(*! +7! b7&! a'*8'+`#g7! 8+*dl3'#$&h! -&! d&8#&!
(+!1&!a'*8'+`#g7!8+*dl3'#$&!1+!*f'+$+!&!1*`!1n(+'+`!(+!1&!(#`3'#_b$#g7!db13#7#c+1!1&!
a*`#_#1#(&(!(+!#7$'+d+73&'!`b!7+8*$#*!&!b7&!c+1*$#(&(!#7$'+n_1+h!
!!
!,%!&6&%#$")?%"6Y$,&!"))
!
)#+7`+! $gd*! '+&$$#*7&'n&! `#! &18b#+7! 1+! *f'+$#+'&! +1+8#'! +73'+! CPPhPPP!
(g1&'+`!+7!+f+$3#c*!*!b7!$+73&c*!8&'&73#s&(*!&!(ba1#$&'`+!$&(&!(n&!(b'&73+!b7!
d+`h!Sb#+7+`!+73#+7(&7!(+!&'#3dl3#$&!7*!3+7('n&7!(#f#$b13&(!+7!(+$#(#'h!)+(#'n&7!
+1! $+73&c*Y! a*'kb+! $*da'+7(+'n&7! kb+Y! (+`abl`! (+! 3'+#73&! i! b7! (n&`! (+!
(ba1#$&'`+! t`ba*7#+7(*! kb+! 1&! a'#d+'&! (ba1#$&$#g7! `+! %#s*! +1! (n&! b7*uY! +1!
$+73&c*! `+! %&_'n&! $*7c+'3#(*! +7! de`! (+! FC! d#11*7+`! (+! (g1&'+`h! 0`*! +`!
a'*8'+`#g7!8+*dl3'#$&h!01!d&'5+3#78!db13#7#c+1!a*7+!&!3'&_&j&'!1&!d#`d&!fb+'s&!
d&3+de3#$&!a&'&!$*7`3'b#'!`b!7+8*$#*h!
!!
!
?*d+d*`! b7! $&`*! %#a*3l3#$*h! 9ba*78&! kb+! b`3+(! &`*$#l! &! $#7$*!
a+'`*7&`! +7! `b! a'#d+'! d+`Y! -b+8*Y! +7! `b! `+8b7(*! d+`Y! $&(&! b7*! (+! `b`!
&`*$#&(*`! 3'&j*! &! $#7$*! a+'`*7&`! de`h! 9#! +1! a'*$+`*! $*73#7b&'&! `#7!
#73+''ba$#*7+`! (b'&73+! `+#`! d+`+`Y! b`3+(! 3+7('n&! CNhHGP! (#`3'#_b#(*'+`!
$*7f*'d&7(*! `b! (*471#7+! t+1! 3l'd#7*! +da1+&(*! +7! 6-6! a&'&! (+`#87&'! &1!
7od+'*! 3*3&1! (+! a+'`*7&`! 8+7+'&(*! a*'! `b`! +`fb+'s*`! (+! $*73&$3*uh! .%*'&Y!
`ba*78&! kb+! $&(&! &`*$#&(*! $*da'&! CPP! (g1&'+`! +7! a'*(b$3*`! $&(&! d+`h! 9#!
b`3+(!*_3bc#+'&!b7&!$*d#`#g7!(+1!CP!a*'!$#+73*!a*'!$&(&!$*da'&Y!+7!`+#`!d+`+`!
`b`!$*d#`#*7+`! 3*3&1+`! `+'n&7!(+! CNHhGPP! (g1&'+`h!\!+`&`!$*d#`#*7+`! `+8b#'n&7!
$'+$#+7(*Y!d+`!&!d+`h!!
!
*"$%#!&+/)&/&6&$+'"!
!
)*'! `bab+`3*Y! +`3+! +`! b7! +j+da1*! &13&d+73+! #(+&1#s&(*! i! `#da1#f#$&(*h!
2#78o7!7+8*$#*!fb7$#*7&!$*d*!b7!d+$&7#`d*!(+!'+1*j+'n&h!-&!3&`&!(+!(+`+'$#g7!
28
+`!&13&!+73'+!1*`!&`*$#&(*`!&1!6-6h!-&!d&i*'n&!(+!1&`!a+'`*7&`!(+_+7!&3'&c+`&'!
db$%&`! a'b+_&`! &73+`! (+! +7$*73'&'! $#7$*! _b+7&`! a+'`*7&`! $&a&$+`! (+!`&1#'! i!
&`*$#&'! &! $#7$*! de`h! )*'! +`&! '&sg7Y! 1&! d&i*'n&! (+! 1*`! 7+34*'5+'`! `g1*! 3#+7+!
#78'+`*`! d*(+`3*`h! )+'*Y! a&'&! &kb+11*`! a*$*`! `+'+`! +`a+$#&1+`Y! $*7! +7+'8n&Y!
c#`#g7!i!a+'`#`3+7$#&!#7$&7`&_1+`!a&'&!`ba+'&'!$&(&!*_`3e$b1*Y!1&`!+`3'b$3b'&`!(+!
$*d#`#*7+`! db13#7#c+1! *f'+$+7! b7&! *a*'3b7#(&(! o7#$&! (+! (+`&''*11&'! b7&!
*'8&7#s&$#g7! (+! (#`3'#_b$#g7Y! $*7! a*`#_#1#(&(! (+! $'+$+'! +7! a'*8'+`#g7!
8+*dl3'#$&Y! &m*! 3'&`! &m*h! 6b$%*`! 3'#b7f&7! %&$#+7(*! 3&7! `g1*! +`*h!!
O+d*`! '+$*''#(*! b7! 1&'8*! $&d#7*! (+`(+! 1*`! (n&`! +7! kb+! 1*`! 3'&da+'*`! #7(#*`!
a&8&_&7!$*7!b7&!a#+1!(+!$&`3*'!a*'!$&7*&!a*'!+1!a'#c#1+8#*!(+!b7#'`+!&!b7!8'ba*!
(+!$*d+'$#&1#s&$#g7h!01!d&'5+3#78!db13#7#c+1!%&!+1+c&(*!+1!)'#7$#a#*!(+!)&1&7$&!&!
b7!7#c+1!$&`#!$#+73nf#$*h!0`!$*do7!kb+!1&`!$*da&mn&`!kb+!&$3b&1d+73+!+da1+&7!
3l$7#$&`! (+! 6-6Y! &1$&7$+7! 3&`&`! (+! $'+$#d#+73*! (+`$*7*$#(&`! +7! 7+8*$#*`!
$*7c+7$#*7&1+`h!!
!
!
Z-&!d&i*'n&!(+!1*`!+(#3*'+`!+`a+$#&1#s&(*`!+7!7+8*$#*`!`+!+q&13&7!$b&7(*!
+7$b+73'&7! b7&! $*da&mn&! $*7! #7$'+d+73*`! (+1! FP! a*'! $#+73*! +7! c+73&`! *!
8&7&7$#&`! (b'&73+! +1! o13#d*! &m*[Y! +`$'#_+! @b7$&7! .7(+'`*7Y! (#'+$3*'! +(#3*'#&1!
(+! 1&! '+c#`3&! 2+34*'5! 6&'5+3#78! -#f+`3i1+`h! )+'*! +7! 7+34*'5! d&'5+3#78Y! 7*! +`!
#7b`b&1! +7$*73'&'! 3&`&`! (+! $'+$#d#+73*! (+1! $#+73*! a*'! $#+73*! &1! &m*! (b'&73+! 1&!
a'#d+'&!+3&a&Y!1&!(+!+qa&7`#g7!(+!b7&!f#'d&!+q#3*`&h[!!
!
!
)+'*Y! a&'&! &kb+11*`! a*$*`! `+'+`! +`a+$#&1+`Y! $*7! +7+'8n&! c#`#g7! i!
a+'`#`3+7$#&! #7$&7`&_1+`! a&'&! `ba+'&'! $&(&! *_`3e$b1*Y! 1&`! +`3'b$3b'&`! (+!
$*d#`#*7+`! db13#7#c+1! *f'+$+7! b7&! *a*'3b7#(&(! o7#$&! (+! (+`&''*11&'! b7&!
*'8&7#s&$#g7! (+! (#`3'#_b$#g7Y! $*7! a*`#_#1#(&(! (+! $'+$+'! +7! a'*8'+`#g7!
8+*dl3'#$&Y!&m*!3'&`!&m*h!
!
/+)"/+)W0%)1&%#%))
!
07!`n73+`#`Y!1&!*a*'3b7#(&(!7b7$&!fb+!de`!8'&7(+h!Sb#+7+`!+1#j&7!%*i!+1!
7+34*'5! d&'5+3#78Y! 3#+7+7! b7&! c+73&j&! +`a+$#&1h! ;78'+`&7! &! 1&! #7(b`3'#&! +7! +1!
a'+$#`*!d*d+73*!+7!+1!kb+!`+!+`3e!+d_&'$&7(*!+7!b7&!7b+c&!i!a*(+'*`&!f&`+!
(+!+c*1b$#g7h!)*'!'&s*7+`!kb+!`+!&$1&'&'e7!+7!`b$+`#c*`!$&an3b1*`!%+!7*d_'&(*!
&! +`&! f&`+! ,1&! /h! 6&'$&! +1! f#7&1! (+! 1&! #7f&7$#&! (+1! 7+34*'5! d&'5+3#78h! \&! 7*!!
`+! a+'$#_+! $*d*! b7! 7+8*$#*! #7d&(b'*Y! '+a1+3*! (+! &'3#`3&`! (+! 1&! +`3&f&!
(#fb7(#+7(*! +`kb+d&`! (+! +7'#kb+$#d#+73*! 'ea#(*h! .$3b&1d+73+Y! $*'a*'&$#*7+`!
(+!a'#d+'&!1n7+&!$*d*!>#3#8'*ba!6>;!+!;K6!c+7(+7!$*7!$*7f#&7s&!`b`!`+'c#$#*`!
&! 3'&cl`! (+! fb+'s&`! (+! c+73&! db13#7#c+1h! 0`3&! a*(+'*`&! +`3'&3+8#&! (+! 7+8*$#*`!
`+!%&!$*7c+'3#(*!+7!1&!a#+s&!$1&c+!(+!1&!+$*7*dn&!(+1!`#81*!c+#73#b7*h!!
!
!
07! 1&`! ae8#7&`! `#8b#+73+`! `&_'+d*`! a*'kbl! 1&`! $*'a*'&$#*7+`!
+`3&(*b7#(+7`+`! `+! +`3e7! b7#+7(*! $*7! 3&73*! +73b`#&`d*! &! +`3&! 7b+c&!
+`3'&3+8#&h!E+'+d*`!kb+!+1!7+34*'5!d&'5+3#78!+`!+q&$3&d+73+!1*!kb+!7+$+`#3&!
7b+`3'&! f1*'+$#+73+! 9*$#+(&(! (+! 1&! ;7f*'d&$#g7h! \! 1*! kb+! +`! de`! #da*'3&73+!
(+`$b_'#'+d*`! $gd*! ab+(+7!+7$&j&'! b`3+(! i!`b! f&d#1#&!+7!1&!"+c*1b$#g7!(+!1&!
,1&!/v!$gd*!+`3+!7b+c*!dl3*(*!'&(#$&1!(+!7+8*$#*`!a*('e!a'*c++'1+!&18o7!(n&!
1&! $1&c+! (+! 1&! 1#_+'3&(! f#7&7$#+'&v! i! kbl! a&`*`! +`a+$nf#$*`! 7+$+`#3&'e! (&'! a&'&!
'+$*''+'!+1!$&d#7*!(+1!lq#3*!+7!1&!,1&!/h!!
!
29
!
!
!
!
!
!
!
!
!
!
90=B2@.!)."?0!!
,-.!/!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
-.!"0E,-B>;,2!@0!-.!
,-.!/!
30
!
!
!
!
!
!DEFGHIJ)!0+$,")
)
+TPLK)UL)'NDZDOGLK)
!
!
6b$%*`! `#81*`! &3'e`Y! +7! )+'`#&Y! b7! $&da+`#7*! +`$b$%&_&! $&b3#c&(*! 1&!
#7$'+n_1+! %#`3*'#&! kb+! 1+! $*73&_&! b7! 7&''&(*'h! 01! $b+73*! %&_1&_&! `*_'+! &18*!
11&d&(*! Z(#&d&73+[h! @+! &$b+'(*! &1! 7&''&(*'Y! b7! (#&d&73+! +'&! Zb7&! 8*3&!
$*78+1&(&! (+! 1bs! (+! `*1[v! b7&! 8+d&! 3&7! a'+$#*`&Y! kb+! $b&1kb#+'! %*d_'+! kb+!
(+`$b_'#+'&!b7&!d#7&! (+! +11&`Y! `+'n&! de`! '#$*! kb+!$b&1kb#+'! '+ih!01! $&da+`#7*!
7b7$&!&73+`!%&_n&!*n(*!%&_1&'!(+!(#&d&73+`h!)+'*!&%*'&!kb+!`&_n&!1*!kb+!+'&7Y!
(+`+&_&!a'*fb7(&d+73+!3+7+'!+73'+!`b`!d&7*`!3&1!3+`*'*h!!
!
!
9b$+(n&! kb+! +`3+! $&da+`#7*! +'&! (b+m*! (+! db$%*`! $&da*`! i! %b+'3*`h!
0'&! b7! %*d_'+! '#$*h! .o7! &`nY! (+`(+! +1! d*d+73*! +7! kb+! *ig! %&_1&'! (+!
(#&d&73+`Y! `+! `+73n&! $*d*! b7! d+7(#8*h! -&! o7#$&! $*`&! kb+! &d_#$#*7&_&! +7! 1&!
c#(&Y!7*!a*(n&!3+7+'1&h!-&!#(+&!(+!3*(*`!+`*`!(#&d&73+`!`#7!(+`$b_'#'Y!+7!&18o7!
1b8&'!(+1!db7(*Y!1*!3*'3b'&_&!+7!`b+m*`Y!073*7$+`Y!b7!(n&!c+7(#g!`b`!3#+''&`!i!
a&'3#g! +7! `b! _o`kb+(&h! 01! $&da+`#7*! &7(bc*! a*'! .f'#$&Y! )&1+`3#7&! i! 0b'*a&!
_b`$&7(*! (#&d&73+`h! A#7&1d+73+! 11+8g! &! 0`a&m&Y! `#+7(*! b7! c#+j*! &d&'8&(*!
c+`3#(*! $*7! %&'&a*`h! .8*_#&(*! a*'! 1&! (+`+`a+'&$#g7Y! `+! &''*jg! &1! d&'! i! `+!
&%*8gh! 2#! b7&! `*1&! c+sY! +7! 3*(*`! `b`! c#&j+`Y! 11+8g! &! c+'! `#kb#+'&! b7! `*1*!
(#&d&73+h!!
!
!
6#+73'&`!3&73*Y!&11e!+7!)+'`#&Y!+1!%*d_'+!kb+!%&_n&!$*da'&(*!`b`!3#+''&`Y!
(+`$b_'#g! &18*! `*'a'+7(+73+h! 07$*73'g! b7! (#&d&73+! $*73+7#(*! +7! b7&! a#+('&!
7+8'&h! B7&! #7c+`3#8&$#g7! de`! a'*fb7(&! '+c+1g! kb+! %&_n&Y! 1#3+'&1d+73+Y! c&'#*`!
&$'+`!(+!(#&d&73+`!+`$*7(#(*`!_&j*!`b!a'*a#+(&(h!>*7!+1!$*''+'!(+1!3#+da*Y!+`+!
%bd#1(+!$&da*!`+!$*7*$#g!$*d*!1&!d#7&!(+!(#&d&73+`!(+!=*1$*7(&Y!1&!de`!'#$&!
kb+!`+!%&i&!(+`$b_#+'3*h!w9#!+1!$&da+`#7*!$*(#$#*`*!%b_#+'&!a+'d&7+$#(*!+7!`b!
$&`&x!-&!'#kb+s&!kb+!(+`+&_&!%b_#+'&!`#(*!`bi&!$*7!3&7!`g1*!3*d&'1&h!!
!
$%(",")%(!"#'&'")
!!
-&! %#`3*'#&! fb+! a*ab1&'#s&(&! a*'! a'#d+'&! c+s! a*'! +1! (*$3*'! "b``+11!
O+'d&7! >*74+11Y! d#7#`3'*Y! +(b$&(*'Y! %l'*+! (+! 1&! =b+''&! >#c#1! i! b7*! (+! 1*`!
*'&(*'+`! de`! #7`a#'&(*'+`! (+! 1*`! 0`3&(*`! B7#(*`h! O&`3&! `b! db+'3+! +7! CNFHY!
>*74+11!'+$*''#g!+1!a&n`Y!+q%*'3&7(*!&!1&`!&b(#+7$#&`!&!kb+!&_'#+'&7!1*`!*j*`!i!
c#+'&7!1&`!*a*'3b7#(&(+`!kb+!+`3&_&7!f'+73+!&!+11*`h!>*74+11!a'+(#$&_&!kb+!1&`!
a+'`*7&`! (+_+'n&7! a+'d&7+$+'! +7! `b`! a'*a#&`! $#b(&(+`! 7&3&1+`Y! i! %&$+'! 1*!
d+j*'! $*7! 1*! kb+! +7$*73'&'&7! &11nh! 9b! $*7f+'+7$#&! Z.$'+`! (+! (#&d&73+`[Y! kb+!
a'+`+73g!`+#`!d#1!c+$+`Y!1*!$*7c#'3#g!+7!+1!*'&(*'!de`!kb+'#(*!i!_b`$&(*!(+!`b!
la*$&h!!
!
!
31
!
Z-+`! (#8*! kb+! 3#+7+7! &$'+`! (+! (#&d&73+`! +7! A#1&(+1f#&! +7! +1! 1b8&'! kb+!
c#c+7!&$3b&1d+73+|!!(#j*!>*74+11!+7!b7&!*a*'3b7#(&(Y!&!b7&!&b(#+7$#&!+7!+`&!
$#b(&(h! Z@+! 1*`! CPJ! d#11*7&'#*`! $*7! f*'3b7&`! (+! CP! d#11*7+`! (+! (g1&'+`! t+7!
CMMNuY!IJ!1*8'&'*7!`b!(#7+'*!+7!$#b(&(+`!$*7!d+7*`!(+!GHPP!%&_#3&73+`h!h!h!-&!
(#f+'+7$#&! 7*! +`3e! 3&73*! +7! (g7(+! b7*! +`3eY! `#7*! +7! kb#l7! b7*! +`h! h! h! 9#! 7*!
1*8'&7! %&$+'`+! '#$*`! +7! A#1&(+1f#&Y! `+8b'&d+73+! 3&da*$*! a*('e7! %&$+'1*! +7!
2b+c&!\*'5h[!
!!
!
>*74+11!$'+n&!kb+!1&!$&a&$#(&(! a&'&!3'#b7f&'!+`3&_&!(+73'*!(+!$&(&!b7*!
(+!7*`*3'*`Y!i!kb+!7*!(+a+7(n&!(+!1*!kb+!7*`!'*(+&_&Y!7#!(+!1&`!$#'$b7`3&7$#&`h!!
9+3+73&! i! $#7$*! &m*`! (+`abl`! (+! `b! db+'3+Y! +1! d+7`&j+! (+! >*74+11! %&!
&(kb#'#(*! b7&! #da*'3&7$#&! +`a+$#&1! a&'&! 7b+`3'&! f1*'+$#+73+! 9*$#+(&(!!
(+!1&!;7f*'d&$#g7h!O*i!de`!kb+!7b7$&Y!*a*'3b7#(&(+`!`+!ab+(+7!+7$*73'&'!+7!
1&`! ab+'3&`! (+! 7b+`3'*`! %*8&'+`Y! +7! 7b+`3'&`! *f#$#7&`Y! +7! 7b+`3'&`! a'*a#&`!
$*dab3&(*'&`h!)+'*!`+'n&!(#fn$#1!(+(b$#'1*!&!a&'3#'!(+!1&`!&$3#3b(+`!(+!1&!d&i*'n&!
(+! 1&`! a+'`*7&`h! @+d&`#&(*`! (+! 7*`*3'*`! $*73+da1&d*`! 1&! 6b+'3+! (+! 1*`!
0da1+*`! $*7! b7! 3+d*'! $'+$#+73+h! E+d*`! +1! fb3b'*! $*d*! b7! ae'&d*! (+! &13&!
3+$7*1*8n&Y! (*7(+! `g1*! b7&! +1#3+! &13&d+73+! $&a&$#3&(&! $*7`+8b#'e! 3'&_&j*h! 9#7!
+d_&'8*Y! 1&! c+'(&(! +`! +q&$3&d+73+! 1*! *ab+`3*h! )&'&! kb#+7+`! +73#+7(+7! 1&!
1+$$#g7! (+! >*74+11Y! 1&! "+c*1b$#g7! (+! 1&! ,1&! /! *f'+$+! a'*c+'_#&1+`! &$'+`! (+!
(#&d&73+`Y!+`$*7(#(*`!_&j*!7b+`3'&`!a'*a#&`!7&'#$+`h!!
!
!
!hhh-&!(#f+'+7$#&!7*!+`3e!3&73*!+7!(g7(+!b7*!+`3e!`#7*!+7!kb#l7!b7*!+`hhh!
9#! 7*! 1*8'&7! %&$+'`+!'#$*`! +7!A#1&(+1f#&Y! `+8b'&d+73+! 3&da*$*!a*('e7! %&$+'1*!
+7!2b+c&!\*'5h[!!
!
*%#(+,)!"6")*":,%)
!
-#`&!]n1_+'!&a'+7(#g!1&!1+$$#g7!(+!>*74+11!(+!1&!a+*'!d&7+'&h!>b&7(*!1&!
c#d*`!a*'!o13#d&!c+sY!+`3&_&!11*'&7(*!+7!`b!$&`&!'*(&73+Y!%&_#l7(*1+!+73'+8&(*!
`b`!o13#d*`!/I!(g1&'+`!&1!'+a'+`+73&73+!(+!1&!$*da&mn&!(+!`+'c#$#*`!+1l$3'#$*`h!
-&! &b3*$*da&`#g7! +'&! `b! $*da&m+'&! a+'d&7+73+h! >*d*! +1! $&da+`#7*! (+! 1&!
%#`3*'#&! (+! >*74+11Y! -#`&! `+! #d&8#7&_&! &! `n! d#`d&! a*_'+Y! i! (+! %+$%*! 1*! %&_n&!
`#(*! (b'&73+! $&`#! 3*(&! `b! c#(&h! 9b! a&('+! +'&! $*7`+'j+Y! i! `b! d&('+! `+$'+3&'#&h!
0'&7! a+'`*7&`! dbi! 3'&_&j&(*'&`Y! kb+! `#+da'+! %&_n&7! 1*8'&(*! a*7+'! $*d#(&!
`*_'+!1&!d+`&!i!$b_'#'!$*7!b7!3+$%*!&!`b`!%#j*`h!)+'*!+1!81&d*b'!i!1&!&8#3&$#g7!
kb+!-#`&!(+`+&_&!7*!1*`!#_&!&!+7$*73'&'!+7!1&!$&`&!(+!`b`!a&('+`h!
!!
!
-&`! '+c#`3&`! i! 1&! 3+1+c#`#g7! `g1*! +`3#db1&_&7! `b! &a+3#3*h! 9+! kb+(&_&!
a+8&(&!&1!3+1+c#`*'!d#'&7(*!f&`$#7&(&!1&`!#73'#8&`!i!1*`!jb+8*`!(+!a*(+'!kb+!`+!
(+`+7c*1cn&7! $&(&! `+d&7&! +7! @&11&`! i! @#7&`3n&Y! -#`&! `+! a&`&_&! %*'&`!
+`3b(#&7(*!1*`!1#_'*`!`*_'+!1&!f&d#1#&!^+77+(i!kb+!`b`!a&('+`!3+7n&7!+7!1&!d+`&!
(+! $&flD! 1&`! $&`&`! +1+8&73+`Y! 1*`! &b3*dgc#1+`! i! i&3+`Y! 1*`! '*`3'*`! _'*7$+&(*`Y!
1*`! 7#m*`! f+1#$+`Y! 1&`! 3&'(+`! 1e78b#(&`! +7! Oi&77#`a*'3h! wSbl! (#f+'+73+! a&'+$n&!
3*(*!&kb+11*!&!`b!d*7g3*7&!+q#`3+7$#&!+7!1&!s*7&!'b'&1!(+!6&``&$%b`+33`x!!
!
!
.fb+'&!%&_n&!b7!db7(*!de`!+q3+7`*Y!`+!(+$n&!-#`&Y!b7!db7(*!(+!(#7+'*!
i! *a*'3b7#(&(+`h! Qb'&_&! kb+! &18o7! (n&! `+'#&! a&'3n$#a+! (+! +`&! +q$#3&$#g7h! )+'*Y!
a*'! +1! d*d+73*Y! `b! c#(&! 7*! +'&! 7&(&! de`! kb+! b7&! $*7fb`#g7! (+! 3&'+&`!
(*dl`3#$&`! i! +`$*1&'+`h! 9b! o7#$*! (+`$&7`*! a&'+$n&! c+7#'! (+! +`&`! '&'&`! i!
32
+`a+$#&1+`!*$&`#*7+`!+7!kb+!`*7&_&!+1!3#d_'+!a&'&!1&!d&('+!(+!-#`&Y!i!b7&!c*s!
f&d#1#&'!&7b7$#&_&!(+`(+!+1!ag'3#$*!+1!&''#_*!(+!1&!c+7(+(*'&!(+!.c*7h!!
!
!
!
0#)(0%Q")'%),&W0%7+))
!
-#`&! '+$b+'(&D! Z(+`(+! a+kb+m&Y! `#+da'+! kb#`+! `+'! 1&! c+7(+(*'&! (+!
.c*7[h! .1!#8b&1!kb+!1*`!a+'`*7&j+`!(+!@&11&`! i! @#7&`3n&Y!1&!c+7(+(*'&! (+! .c*7!
a&'+$n&! f&d#1#&'#s&(&! $*7! +1! db7(*! (+1! (#7+'*! i! (+1! $*d+'$#*h! 9+! a'+`+73&_&!
(+f#7#(&d+73+! c+`3#(&! $*d*! a'*f+`#*7&1Y! &_'n&! `b! _*1`*! (+! db+`3'&`! +! #_&!
(#'+$3&d+73+!&1!d*3#c*!(+!`b!c#`#3&h!-#`&!'+$b+'(&D!2*!c+7n&!&!$%&'1&'h!E+7n&!&!
%&$+'!`b!3'&_&j*h!0'&!b7&!dbj+'!(+!7+8*$#*`h!6bi!a'*f+`#*7&1h!\*!1&!&(d#'&_&!
a*'!+`*h[!!
!
!
-#`&! (+`+&_&! 7&c+8&'! a*'! +1! db7(*! (+! 1*`! 7+8*$#*`! $*7! +`&! d#`d&!
f&$#1#(&(!i!$*7f#&7s&h!)&'&!+11&Y!.c*7!)'*(b$3`!'+a'+`+73&_&!&!b7!%&(&!d&('#7&!
$*'a*'&3#c&Y! b7&! fb+'s&! d#`3+'#*`&! $&a&s! (+! 3'&7`a*'3&'1&! &! b7! db7(*! d+j*'h!
-#`&!&d&_&!1*`!a'*(b$3*`h!9b!a'#d+'!1ea#s!1&_#&1!`b'8#g!(+!b7!$&3&1*8*!(+!.c*7h!
?&d_#l7! `&_n&! kb+! .c*7! +'&! b7&! $*da&mn&! db13#d#11*7&'#&Y! $bi&! %#`3*'#&! `+!
'+d*73&_&!&!CMMIh!9b!+q$+1+73+!'+ab3&$#g7!%&_1&_&!(+!(#7+'*Y!a*(+'!i!+`3&3b`!
r1&`!3'+`!$*`&`!kb+!-#`&!de`!&d_#$#*7&_&h!)+7`&_&!kb+!`#!1*8'&_&!$*7c+7#'`+!
+7!b7&!c+7(+(*'&!(+!.c*7Y!+73*7$+`!kb#se`!+11&!3&d_#l7!&(kb#'#'n&!&18b7*`!(+!
+`*`!&3'#_b3*`h!
!
":($S!0/")6%#$+/)
-*`! #7`3#73*`! $*d+'$#&1+`! (+! -#`&! 7*! +`3&_&7! +kb#c*$&(*`h! .c*7! )'*(b$3`!
'+&1d+73+!'+a'+`+73&_&!+1!fb3b'*Y!&!a+`&'!(+!kb+!+'&!b7&!(+!1&`!+da'+`&`!de`!
&73#8b&`!(+!1*`!0`3&(*`!B7#(*`h!01!d*c#d#+73*!(+!c+73&!(#'+$3&!kb+!.c*7!%&_n&!
&ib(&(*! &! a'*d*c+'Y! &11e! a*'! CMMIY! '+$#l7! +`3&_&! $*d+7s&7(*! &! &1$&7s&'! `b!
a*3+7$#&1h!-&!'+c*1b$#g7!+$*7gd#$&!+`3&_&!+7!+1!&#'+h!\!-#`&!+`3&_&!(+`3#7&(&!&!
3+7+'!b7!a&a+1!#da*'3&73+!+7!1&!'+cb+13&!kb+!`+!&c+$#7&_&h!)+'*!a'#d+'*Y!(+_n&!
`ba+'&'!b7!*_`3e$b1*!d+73&1h!-#`&!3+7n&!kb+!&a'+7(+'!1&`!1+$$#*7+`!(+!Z.$'+`!(+!
(#&d&73+`[h!.1!#8b&1!kb+!+1!&d_#$#*`*!$&da+`#7*!(+!1&!%#`3*'#&!(+!>*74+11Y!+11&!
7b7$&! +`3&_&! `&3#`f+$%&! $*7! 1&`! *a*'3b7#(&(+`! kb+! 3+7n&! &! d&7*h! 9b! +`an'#3b!
#7kb#+3*! 1&! d&73+7n&! `#+da'+! +7! 1&! _o`kb+(&! (+! &18*! d+j*'Y! de`! fe$#1! i! de`!
'ea#(*h! >*d*! '+`b13&(*Y! 7*! +`3&_&! a'+a&'&(&! a&'&! 3'&7`f*'d&'! &! `b! 7+8*$#*!
.c*7!+7!b7!lq#3*h!!
!
!
-#`&!#78'+`g!&!.c*7!$b&7(*!3+7n&!3&7!`g1*!(#+$#*$%*!&m*`h!9#7!+d_&'8*Y!
$*d*! `b$+(n&! $*7! 1&! d&i*'n&! (+! 1&`! $*`&`! kb+! a'*_&_&Y! 1&! 7*c+(&(! `+! &8*3g!
'ea#(&d+73+h! )&'+$n&! kb+! c+7(+'! a'*(b$3*`! .c*7! 7*! 8+7+'&_&! +1! (#7+'*! kb+!
a'+3+7(n&h!?'&_&jg!&!3#+da*!a&'$#&1!+7!+1!7+8*$#*Y!&m*!3'&`!&m*h!)+'*!7b7$&!1+!
a'+`3g!`b!3*3&1!&3+7$#g7!iY!+7!$*7`+$b+7$#&Y!7b7$&!8&7&_&!de`!kb+!b7*`!a*$*`!
$#+73*`! (+! (g1&'+`! a*'! d+`h! .8*3&_&! 1&! d&i*'! a&'3+! (+! `b! 3#+da*! i! +7+'8n&!
_b`$&7(*!*3'&`!d&7+'&`!(+!`*_'+c#c#'h!!
!
!+6&#"()$,+#(&$+'"())
!
-&! _o`kb+(&! (+! 1&! a'*c+'_#&1! *11&! (+! *'*! kb+! -#`&! +7$&'gY! 1&! 11+cg! a*'!
db$%*`! $&d#7*`Y! 3'&7`#3&(*`Y! a+'*! c&$n*`h! >*7c+7$#(&! (+! kb+! 7+$+`#3&_&!
33
$*7*$#d#+73*!3l$7#$*!a&'&!3'#b7f&'Y!$*da1+3g!`b!+(b$&$#g7Y!1*8'&7(*!(*`!3n3b1*`!
&`*$#&(*`!+7!8+'+7$#&d#+73*!i! a'*$+`&d#+73*! (+! (&3*`h!>*7c+7$#(&! (+! kb+!+1!
a&8*! a*'! %*'&! +'&! +1! 3#a*! (+! #78'+`*`! de`! $*7f#&_1+Y! -#`&! `+! 8&7&_&! 1&! c#(&!
%&$#+7(*!3*(*!3#a*!(+!3'&_&j*`!+q3'&m*`Y!(+`(+!1#da#&'!$&`&`!&!&3+7(+'!d+`&`h!
>b&7(*!1&`!$*`&`!`+!$*da1#$&'*7Y!_b`$g!+`$&a&3*'#&!&!3'&cl`!(+!c#&j+`h!.7(bc*!
&!1&!(+'#c&!&!1*!1&'8*!i!&!1*!&7$%*!(+1!db7(*Y!(+`(+!6#``#``#aa#!i!>&'*1#7&!(+1!
9b'!%&`3&!1&!#`1&!(+!=b&dh!
!!
!
6#+73'&`! `+! a'*(b$n&7! 3*(*`! +`3*`! $&d_#*`Y! +1! 7+8*$#*! (+! -#`&! `+!
+`3&7$gh!9b!$*da1#$&(&!&8+7(&!(+!3'&_&j*!(+j&_&!a*$*!3#+da*!a&'&!1&`!E+73&`h!
\!`b`!$*7`3&73+`!c#&j+`!%&$n&7!(#fn$#1!d&73+7+'!`b!$&'3+'&!(+!$1#+73+`h!2b7$&!1+!
f&13&'*7! &d_#$#*7+`h! 2*! %bn&! (+! 1*`! (+`&fn*`h! )+'*! `b! +7+'8n&! +`3&_&!
(#`+d#7&(&!+7!b7&!(*$+7&!(+!(#'+$$#*7+`!(#f+'+73+`Y!>*d*!+1!c#+j*!$&da+`#7*!
3*73*!(+!1&!%#`3*'#&Y!+11&!3&7!`g1*!+7$*73'&_&!1b$%&!i!a+7b'#&!(*7(+!kb#+'&!kb+!
fb+`+h!!
!
/")6S()*,"20#'")
!
6#+73'&`! $'+$n&! +7! 6&``&$%b`+33`Y! &! d+7b(*! -#`&! `+! `+73n&! a*_'+h! 9#7!
+d_&'8*!`b!$*7$+a3*!(+!a*_'+s&!`+!1#d#3&_&!&1!%+$%*!(+!3+7+'!'*a&!de`!_&'&3&!
kb+!1&!(+!1*`!*3'*`!7#m*`Y!+7!+1!$&da&d+73*!(+!c+'&7*h!"+$#l7!$b&7(*!`+!fb+!
(+! `b! $&`&Y! +11&! &a'+7(#g! 1*! kb+! `#87#f#$&_&! +`3&'! kb+_'&(&h! 07! >%&'1+`3*7Y!
>&'*1#7&! (+1! 9b'Y! +`3bc*! 3'+`! d+`+`! `#7! 1bs! 7#! &8b&! $&1#+73+! a*'! 7*! a&8&'! 1&`!
$b+73&`h!9+!`+73n&!+q%&b`3&!3*(*!+1!3#+da*h!9b!3'&_&j*Y!1&`!$1&`+`!i!+1!7+8*$#*!
.c*7Y! 1&! d&73+7n&7! +7! &$3#c#(&(! a+'d&7+73+h! B7&! 7*$%+Y! d#+73'&`! 3'&_&j&_&!
%&`3&!3&'(+!+7!b7!d#7#d+'$&(*Y!`+!kb+(g!(*'d#(&!+7!1&!$&j&h!01!_&''#*!+'&!3&7!
a+1#8'*`*Y!kb+! 1&!)*1#$n&!'*(+g!+1!7+8*$#*! $*7! &'d&`Y!a+7`&7(*!kb+! &18b#+7!1+!
%&_n&!(#`a&'&(*h!
!
!
-#`&! '+$b+'(&D! Z2*! a&`&_&! b7! (n&! `#7! kb+! d+! (#j+'&v! y7*! ab+(*! 3*1+'&'!
de`! +`3*Rh! ?bc+! `b+'3+! (+! 7*! 3+7+'! kb+! $*da'*d+3+'! d#`! a'#7$#a#*`h! ?bc+!
&18b7*`!3'&_&j*`!(+`&8'&(&_1+`Y!a+'*!a*'!1*!d+7*`!7b7$&!3bc+!kb+!%&$+'!7&(&!
#1+8&1h[!!
!
/+)#",&+))
!
!
!
-#`&! +`3&_&! `b_*$ba&(&h! )*'! db$%*! kb+! 3'&_&j&'&Y! 7*! 8&7&_&! +1!
`bf#$#+73+! (#7+'*h! .! d+(#(&! kb+! 1&! 6b+'3+! (+! 1*`! 0da1+*`! 8&7&! #dab1`*Y! 1&!
`b_*$ba&$#g7!`+!(+`a&''&d&!$*7!c+1*$#(&(!+a#(ld#$&!a*'!7b+`3'&!`*$#+(&(h!B7!
7od+'*!$'+$#+73+!(+!a+'`*7&`!3'&3&7!(+!$*da+7`&'!`b`!3'&_&j*`!a+'(#(*`Y!$*7!
c&'#*`! 3'&_&j*`! d+7*'+`! `#db13e7+*`Y! &! 3#+da*! a&'$#&1h! )+'*! a'*73*! `+!
+7$b+73'&7! +7! b7&! 7*'#&h! 9b`! $*da'*d+3#(&`! &8+7(&`! (+! 3'&_&j*! $*7`bd+7!
3#+da*!i!+7+'8n&Y!a+'*!7*!_'#7(&7!7&(&!&!$&d_#*h!>*d*!3'&_&j&7!a*'!#78'+`*`!
1#7+&1+`Y! `b`! +`fb+'s*`! 7*! *f'+$+7! *a*'3b7#(&(! (+! $'+$#d#+73*h! -&! d&i*'n&! (+!
1&`! a+'`*7&`! `b_*$ba&(&`! `b+m&7! $*7! c*1c+'! &! $*7`+8b#'! b7! 3'&_&j*! f#j*Y! $*7!
%*'&'#*`!7*'d&1+`!`b+1(*!(+$+73+!i!_b+7*`!_+7+f#$#*`h!!
!
!
-&d+73&_1+d+73+!&!d+(#(&!kb+!a'*8'+`&!+1!`#81*!c+#73#b7*Y!1*`!3'&_&j*`!
f#j*`!`+'e7!de`!(#fn$#1+`!(+!$*7`+8b#'h!-&!_o`kb+(&!(+!3'&_&j*!'+8b1&'!a&'+$+'e!
3&7!kb#j*3+`$&!+7!1*`!&m*`!a'gq#d*`!$*d*!1*!fb+!a&'&!1&!8+7+'&$#g7!(+!"b``+11!
34
>*74+11!1&!_o`kb+(&!(+!d#7&`!(+!*'*h!>*74+11!#7`3&_&!&!`b`!$*73+da*'e7+*`!&!
kb+! `+! *1c#(&'&7! (+! 8*1a+&'! +1! f#1g7! a'#7$#a&1! (+! >&1#f*'7#&! i! kb+Y! +7! 1b8&'! (+!
+11*Y! `+! *$ba&'&7! (+! 3'&_&j*`! de`! a'e$3#$*`h! @+73'*! (+! a*$*! 3#+da*Y! `b'8#'e!
b7&! 7b+c&! 8+7+'&$#g7! (+! >*74+11`! a&'&! *f'+$+'! +1! d#`d*! $*7`+j*! &! kb#+7+`!
_b`$&7! 3'&_&j*! +7! 1&! 0'&! (+! 1&! ;7f*'d&$#g7h! 0`3&! 8+73+! c#`#*7&'#&! 7*`!
&$*7`+j&'e! kb+! (+j+d*`! (+! 1&(*! 7*$#*7+`! '*de73#$&`! i! &c+73b'&(&`! `*_'+! 1&!
a*`#_#1#(&(! (+! +7$*73'&'! b7! _b+7! 3'&_&j*Y! kb+! (+j+d*`! (+! a+'(+'! c&1#*`*!
3#+da*! +7! $b''n$b1bd`! i! +73'+c#`3&`Y! i! 7*`! *$ba+d*`! (+! 1&! 3&'+&! de`! '+&1#`3&!
(+!$*7`3'b#'!b7!#78'+`*!'+`#(b&1Y!&b3*`*`3+7#(*h!!
!
(&#)(+/&'+))
!
.1!#8b&1!kb+!1&!d&i*'n&!(+!1&!8+73+!`b_*$ba&(&Y!-#`&!`*m&_&!o7#$&d+73+!
$*7! +7$*73'&'! b7! _b+7! 3'&_&j*h! \Y! $*7! +1! 3'&7`$b'`*! (+1! 3#+da*Y! 1*! +7$*73'gh!
-b+8*! (+! c*1c+'! &! 2b+c&! ;781&3+''&Y! +11&! +7$*73'g! b7! +da1+*! $*d*! `+$'+3&'#&!
+7! b7&! +da'+`&! (+! $*dab3&$#g7! (+! 2+4! O&da`%#'+Y! b_#$&(&! &! b7&`! a*$&`!
%*'&`! (+! (*7(+! +11&! %&_n&! $'+$#(*h! 9b! 7b+c*! 3'&_&j*! 3+7n&! b7! `b+1(*! #7$'+n_1+!
a&'&! +11&v! FPhPPP! (g1&'+`! &1! &m*h! @*`! &m*`! (+`abl`Y! `+! $&`gh! )&'+$n&! kb+! 1&!
`b+'3+!(+!-#`&!f#7&1d+73+!+`3&_&!$&d_#&7(*h!!
!
!
)+'*!`b!'+$#+73+!f+1#$#(&(!3+7n&!b7&!_&`+!+7(+_1+h!9#7!kb+!-#`&!1*!`ba#+'&Y!
1&!6b+'3+!(+!1*`!0da1+*`!i&!+`3&_&!d+'*(+&7(*!1&!3#+''&h!=*1a+g!`#7!&c#`&'!(*`!
`+d&7&`! (+`abl`! (+! `b!_*(&h!0`+!(n&Y!-#`&! fb+! &!3'&_&j&'! i!`+!+73+'g! (+! kb+!
+11&Y! i! 3*(&! `b! `+$$#g7Y! %&_n&7! `#(*! (+`a+(#(*`h! -#`&! '+$b+'(&D! Z-1*'l! 3*(*! +1!
$&d#7*! (+! cb+13&! &! $&`&h! ?*(*`! +7! d#! `+$$#g7! +`3&_&7! 11*'&7(*h! 0`3&_&!
+7&d*'&(&!(+!+`+!3'&_&j*h!?+7n&!$*_+'3b'&!dl(#$&!i!(+73&1!$*da1+3&h!2*!3+7n&!
7#!#(+&!(+!1*!kb+!#_&!&!%&$+'h[!!
!
!
01! +`a*`*! (+! -#`&! 3'&_&j&_&! $*'3&7(*! 1+m&! i! 8&7&_&! $&`#! 1*! `bf#$#+73+!
a&'&!`*_'+c#c#'h!-*`!3'&_&j*`!+'&7!+`$&`*`!+7!2b+c&!;781&3+''&!&!f#7&1+`!(+!1*`!
&m*`! MPh! -*`!a+'#g(#$*`!i! 1&! 3+1+c#`#g7!+`3&_&7! 11+7*`! (+! $*7c+'`&$#*7+`!`*_'+!
3#+da*`!(#fn$#1+`!i!'+$+`#g7h!@+`abl`!(+!3*(*`!1*`!&m*`!(+!c#c#'!&!(b'&`!a+7&`!i!
(+! a&`&'! %&d_'+Y! -#`&! 7*! a*(n&! $'++'! kb+! +`3&_&! `#7! b7! $+73&c*! *3'&! c+sh! 9+!
kb+_'g!a*'!$*da1+3*!$b&7(*!11+8g!&!`b!%*8&'Y!`*11*s&7(*!i!'*(&7(*!a*'!+1!a#`*!
(+! `b! $&`&! '*(&73+! f'+73+! &! `b! &3b'(#(*! +`a*`*h! -#`&! &(d#3+D! Z)'e$3#$&d+73+Y!
3bc+!b7!&3&kb+h!2*!+`3*i!*'8b11*`&Y!a+'*!+`!1*!kb+!`b$+(#gh[!!
!
0#+):%#'&!&C#)%#!0:&%,$+))
!
>*d*! `#+da'+Y! +11&! c+n&! +1! &8bj+'*! i! 7*! 1&! `*'3#j&h! -*! kb+! c+n&! +'&!
a*_'+s&Y! '+$+`#g7Y! $b+73&`! `#7! a&8&'Y! b7! +`3&$#*7&d#+73*! (+! $&`&`! '*(&73+`!
`b$#*! i! b7! d&'#(*! `b_+da1+&(*h! "+d+d*'&_&! `b`! c#&j+`Y! $*d*! +1! &d_#$#*`*!
$&da+`#7*! (+! 1&! %#`3*'#&Y! i! 11+8&_&! &! 1&! $*7$1b`#g7! (+! kb+! 3*(*! %&_n&! `#(*! +7!
c&7*h! O&_n&! c#&j&(*! &! 1*`! $*7f#7+`! (+! 1&! 3#+''&! i! %&_n&! '+8'+`&(*h! O&_n&!
+qa1*'&(*! $b&73*! $&d#7*! `+! 1+! %&_n&! a'+`+73&(*h! )+'*! a&'+$n&! kb+! @#*`! 1+!
_1*kb+&_&! $&(&! d*c#d#+73*h! 2*! kb+(&7! (b(&`! (+! a*'! kbl! +`+! (n&! +11&! `+!
'+c*1$&_&! a*'! +1! a#`*Y! &a'+3&7(*! 1*`! abm*`! i! a&3+&7(*h! 2*! kb+(&7! (b(&`! (+!
a*'!kbl!11*'&_&!$*d*!`#!1&!c#(&!d#`d&!`+!1+!+`3bc#+'&!&$&_&7(*h!)+'*!(+!%+$%*Y!
`b! c#(&! '+$#l7! +`3&_&! $*d+7s&7(*h! ?*(&cn&! 7*! `+! (&_&! $b+73&Y! a+'*! 3+7n&!
Z&$'+`!(+!(#&d&73+`[!dbi!$+'$&!(+!`b!d&7*h!?*(*!1*!kb+!7+$+`#3&_&!+'&!&_'#'!
1*`!*j*`!a&'&!*_`+'c&'1*`h!!
35
!
!
!
!
!
!DENGHIJ)!&#!")
)
/DK)!HDGPJ)"IDK)
!!
!
!
01! -+j&7*! ,+`3+! a'+`+73&_&! *a*'3b7#(&(+`! f&_b1*`&`! a&'&! 1*`! a#*7+'*`Y!
+7! f*'d&! (+! 8'&7(+`! +q3+7`#*7+`! (+! 3#+''&`! kb+! `+! a*(n&7! *_3+7+'! a*'! dbi!
a*$*! (#7+'*Y! *! `#7! l1h! B7! '+$b'`*! (#f+'+73+Y! a+'*! 7*! a*'! +`*! d+7*`! a'+$#&(*Y!
+`3e!(#`a*7#_1+!+7!1&!$#_+'f'*73+'&D!&$$+`*!#1#d#3&(*!&!#78'+`*`!'+`#(b&1+`h!0`3+!
+'&!+1!'+$b'`*!kb+!+`3&_&!&8b&'(&7(*!&!-#`&!]#1_+'!$*7!#7$*73&_1+!&_b7(&7$#&h!!
!
!
-#`&! %&_n&! 3+7#(*! `b+'3+! +7! (*`! &`a+$3*`h! )'#d+'*Y! `+! %&_n&! &`*$#&(*! &!
b7&!*a*'3b7#(&(!(+!cb+13&!(+!11&c+!r)'*(b$3*`!.c*7r!kb+!+`3&_&!(+`3#7&(&!&!
*$ba&'! b7! 1b8&'! (+! 1#(+'&s8*! +7! 1&! "+c*1b$#g7! (+! 1&! ,1&! /h! 9+8b7(*Y! %&_n&!
a+'(#(*! `b! 3'&_&j*! +7! +1! d*d+73*! a'+$#`*! +7! kb+! +`3&! '+c*1b$#g7! +`3&_&!
a'#7$#a#&7(*h!01!(+`3#7*!+'&!_+7lc*1*!$*7!-#`&h!)&'&!$b&7(*!+11&!1*!(+`$b_'#gY!+1!
7+34*'5! d&'5+3#78! %&_n&! +`3&(*! $*7`3'bi+7(*! `b! d*d+73bd! td*d+73*! (+!
nda+3bu! a*'! de`! (+! $#7$b+73&! &m*`h! )+'*! '+$#l7! +73*7$+`! 1&! #7(b`3'#&! +`3&_&!
&1$&7s&7(*! `b! $1#d&qh! -&`! $b&3'*! *1&`! (+! 1&! +c*1b$#g7! (+1! 6-6! ab+(+7! `+'!
(#c#(#(&`!(+!+`3&!d&7+'&D!!
!
,1&!CD!tCN/HLCNJNur-&!A&`+!9b_3+''e7+&!!
!
,1&!FD!tCNMPLCNMNur-&!A&`+!(+!)'*1#f+'&$#g7!!
!
,1&!GD!tCNNPLCNNNur-&!A&`+!(+1!6+'$&(*!6&`#c*!!
!
,1&!/D!tFPPP!i!de`!&11eur-&!A&`+!B7#c+'`&1!!
!
%($+2+'",%()A)1&(&"#+,&"())
!
-&!,1&!C!$*d+7sg!+7!CN/HY!$b&7(*!2b3'#1#3+!a'+`+73g!`b!a'#d+'!a1&7!(+!
7+34*'5! d&'5+3#78h! 0`&! f&`+! $*''+`a*7(#g! &! 1&! (+1! -+j&7*! ,+`3+! a&'&! +`3&!
#7(b`3'#&! +7! 1&! kb+! 7*! a'+c&1+$n&7! 7#! 1&! 1+i! 7#! +1! *'(+7h! ?'#b7f&_&7! 3&73*! 1*`!
+`3&f&(*'+`! $*d*! 1*`! c#`#*7&'#*`! 8+7b#7*`h! -&`! $*da&mn&`! $'+$n&7! $*7!
(+`+7f'+7*! #da'b(+73+Y! &18b7&`! (+! d&7+'&! %*7+`3&Y! *3'&`! 7*h! .1! d#`d*!
3#+da*Y! '+8b1&(*'+`! (+1! 8*_#+'7*! &ab73&_&7! &! +da'+`&`! (+! 6-6! $*7! #8b&1!
#da'b(+7$#&Y!a*'!1*!8+7+'&1!#da*7#+7(*!1&`!'+81&`!&!d+(#(&!kb+!&c&7s&_&7h!01!
$&*`! (+! 1&! ,1&! C! f#7&1#sg! +7! CNJNh! -b+8*! (+! b7&! #7c+`3#8&$#g7! 1&'8&! i!
+q%&b`3#c&Y! 1&! >*d#`#g7! A+(+'&1! (+! >*d+'$#*! (#$3&d#7g! kb+! .d4&i! ri! a*'!
+q3+7`#g7Y! 3*(*! +1! 7+34*'5! d&'5+3#78r! +'&! b7! 7+8*$#*! 1+8n3#d*! i! 7*! b7!
+`kb+d&!a#'&d#(&1h!!
36
!
!
.7#d&(&! a*'! +1! d+j*'! $1#d&! 1+8&1Y! 1&! #7(b`3'#&! #78'+`g! +7! 1*! kb+! %+!
11&d&(*! ,1&! Fh! -*`! &c&7$+`! +7! 3+$7*1*8n&! #7f*'de3#$&! a+'d#3#+'*7! &! 1*`!
+da'+7(+(*'+`! #7#$#&'! i! d&7+j&'! `b`! $*da&mn&`! (+! 7+34*'5! d&'5+3#78! (+`(+!
`b`! +`$'#3*'#*`h! -&! (l$&(&! (+! CNMP! fb+! 3+`3#8*! (+! b7! $'+$#d#+73*! `#7!
a'+$+(+73+`!+7!+1!7od+'*!3*3&1!(+!7b+c*`!&`*$#&(*`h!
!!
!
!
'"/",%()'%)!,%!&6&%#$")
!!
)+'*!&b7kb+!+1!7+34*'5!d&'5+3#78!a'*1#f+'&_&! +7! (#$%&!(l$&(&Y!3*(&cn&!
`+8bn&! `bf'#+7(*! (*1*'+`! (+! $'+$#d#+73*h! -*`! 7+34*'5+'`! &3'&n&7! 7b+c*`!
$*73&$3*`! $*7! 1&! a'*d+`&! (+! b7&! *a*'3b7#(&(! #1#d#3&(&h! )+'*! a*$&`! a+'`*7&`!
a*(n&7! (#`a*7+'! (+1! 3#+da*Y! (#7+'*! *! +`fb+'s*! `bf#$#+73+`! $*d*! a&'&! %&$+'!
fb7$#*7&'! +1! 7+8*$#*h! 01! %*d_'+! a'*d+(#*Y! kb+! 3'&_&j&_&! &! 3#+da*! a&'$#&1Y! &!
c+$+`! &_&7(*7&_&! f'b`3'&(*Y! 1b+8*! (+! %&_+'! 8&`3&(*! `b! (#7+'*! $*da'&7(*!
d+'$&(+'n&! kb+! 7*! `&_n&! $gd*! c+7(+'h! Sb#+7+`! 8&7&_&7! f*'3b7&`! +7! +1! 6-6!
`*1n&7! `+'! 1*`! `ba+'c+7(+(*'+`Y! 1*`! +da'+7(+(*'+`! (*3&(*`Y! i! 1&`!
a+'`*7&1#(&(+`!$*7!&13&!d*3#c&$#g7!i!`+73#(*!(+!b'8+7$#&h!!
!
!
01!+q!c+7(+(*'!(+!;K6!@*7!O+1(Y!+qa+'#d+73g!+7!a+'`*7&!1*`!'#8*'+`!(+1!
7+34*'5#78!(b'&73+!1&`!,1&`!C!i!Fh!@*7!$*d+7sg!`b!7+8*$#*!.d4&i!+7!CNINY!i!
$*7`3'big! `b! '+(! (+! &`*$#&(*`! (+! 1&! d&7+'&! de`! (#fn$#1h! 2*! `g1*! 3+7n&! kb+!
&b`a#$#&'!i!+73'+7&'!&!7b+c*`!(#`3'#_b#(*'+`Y!`#7*!kb+!3&d_#l7!3+7n&!kb+!+`$'#_#'!
&! d&7*! `b`! $%+kb+`! (+! $*d#`#g7! 3*(*`! 1*`! d+`+`h! -&! $&`&! (+! MH! d+3'*`!
$b&('&(*`! kb+! $*da&'3n&! $*7! `b! +`a*`&! i! `b`! `+#`! %#j*`! `+! 3'&7`f*'dg! +7! b7!
(+ag`#3*h! >&(&! *'(+7! (+! $*da'&! (+! `b`! &`*$#&(*`! 3+7n&! kb+! `+'! a'*$+`&(&Y!
+da&kb+3&(&! i! +7c#&(&! +7! f*'d&! d&7b&1h! @b'&73+! 1*`! c+'&7*`Y! $b&7(*! 1*`!
%#j*`! (+! @*7! 7*! +`3&_&7! +7! +1! $*1+8#*Y! 3*(&! 1&! f&d#1#&! `+! &a#1&_&! +7! b7&! $&`&!
'*(&73+!(+!N!d+3'*`!i!'+$*''n&7!+1!a&n`!$*d*!8#3&7*`Y!(+`&''*11&7(*!+1!7+8*$#*!
&! d+(#(&! kb+! &c&7s&_&7h! @*7! '+$b+'(&D! Z+7! +`*`! (n&`Y! +1! 7+34*'5! d&'5+3#78!
+'&!3&7!a'#d#3#c*!$*d*!b7!A*'(!?h!-&!d&i*'n&!(+!1&!8+73+Y!%*i!+7!(n&Y!7*!%&'n&!
1*!kb+!%#$#d*`!7*`*3'*`!+7!+`+!d*d+73*h[!!
!
!
)&'&! @*7Y! fb7$#*7gh! 0`3&_&! _+7(#3*! $*7! +1! #dab1`*! #73+'#*'! i! 1&!!
a+'`#`3+7$#&! 7+$+`&'#*`! a&'&! 3'#b7f&'! &! a+`&'! (+! 1*`! *_`3e$b1*`h! .1! 3l'd#7*! (+!
(*`! &m*`! (+! 3'&_&j&'! +7! +`3+! 7+8*$#*! &! 3#+da*! a&'$#&1Y! @*7! 8&7&_&! IPhPPP!
(g1&'+`! &1! &m*! +7! .d4&i! r+1! (*_1+! (+! `b! `&1&'#*! +7! ;K6h!!
0'&! 1#_'+! (+! '+7b7$#&'! &! `b! 3'&_&j*h! @*7! `+! $*7c#'3#g! +7! d#11*7&'#*! +7!!
$#7$*!&m*`h!
!!
!
.$3b&1d+73+Y! @*7! `+! 3*d&! 1&! c#(&! &! b7! '#3d*! de`! 1+73*h! )&`&! db$%*!
d+7*`! 3#+da*! 3'&_&j&7(*! i! db$%*! de`! (#c#'3#l7(*`+h! >b&7(*! 7*!!
+`3e! a+`$&7(*! a+$+`! +`a&(&! (+`(+! `b! _&'$*! (+a*'3#c*! +7! A1*'#(&Y! +`3e!!
$&s&7(*! &1$+`! +7! 1*`! _*`kb+`! $&7&(#+7`+`Y! *! c#`#3&7(*! &! `b`! %#j*`! i! 7#+3*`h!
@#c#(+! `b! 3#+da*! +7! a&'3+`! #8b&1+`! +73'+! $b&3'*! %*8&'+`! (#`3#73*`!!
ra'*73*! `+'e7! $#7$*Y! $b&7(*! +`3l! 3+'d#7&(&! `b! $&_&m&! (+! d&(+'&! +7! 1&`!
d*73&m&`! (+! >&'*1#7&! (+1! 2*'3+h! @*7! `+d_'g! (b'&73+! 3'+#73&! &m*`h! .%*'&!
$*`+$%&! 1&`! '+$*da+7`&`h! >&(&! &m*Y! `b`! (*471#7+`! (+! .d4&i! 1+! 8+7+'&7!
37
$#+73*`! (+! d#1+`! (+! (g1&'+`! +7! #78'+`*`! '+`#(b&1+`h! )+'*! @*7! &! c+$+`! `+!
a'+8b73&! $*7! $be73&! de`! '&a#(+s! %&_'n&! 1*8'&(*! `b`! `b+m*`! `#! %b_#+'&!
$*d+7s&(*!+7!1&!&$3b&1#(&(h!Z0`!db$%*!de`!fe$#1!a&'&!+`*`!db$%&$%*`!&%*'&[Y!
db'db'&!@*7h!
!!!!!!!!!!!!!!!!!!!!!!!!!
,%')+0$"6+$&7+'+))
!
.1!#8b&1!kb+!*3'&`!$*da&mn&`!db13#7#c+1Y!.d4&i!'+c*1b$#*7g!`b`!dl3*(*`!
+7!1&!(l$&(&!(+!1*`!NPh!.$3b&1d+73+Y!1*`!$1#+73+`!a#(+7!1*`!a'*(b$3*`!&!3'&cl`!
(+! b7! 7od+'*! 8'&3b#3*! PC! MPP! i! '+$#_+7! 1*`! +7cn*`! (#'+$3&d+73+! (+`(+! 1&!
$*da&mn&h! -*! o7#$*! kb+! (+_+! %&$+'! b7! (#`3'#_b#(*'! +`! $*_'&'! `b! $%+kb+! (+!
$*d#`#g7Y!+d#3#(*!3*(*`!1*`!d+`+`!a*'!b7&!$*dab3&(*'&!(+!1&!+da'+`&h!E#(+*`!
(+! a'*`a+$$#g7Y! $#73&`!(+!&b(#*Y! 3+1+$*7f+'+7$#&`!i! +d#`#*7+`!(+!3+1+c#`#g7!cn&!
`&3l1#3+! %&7! &b3*d&3#s&(*! +7! 8'&7! d+(#(&! +1! a'*$+`*! (+! a'*`a+$$#g7h! -*`!
`#`3+d&`! (+! $*''+*! (+! c*s! (+! b`*! +q$1b`#c*Y! %&7! %+$%*! de`! f1b#(&`! 1&`!
$*db7#$&$#*7+`! +7! 1&! '+(! (+! &`*$#&(*`h! -*`! `+'c#$#*`! (+! f&q! &! (+d&7(&! %&7!
1#_+'&(*!&!1*`!1n(+'+`!(+!3+7+'!kb+!$*73+`3&'!a'+8b73&`!'+a+3#3#c&`h!-&`!11&d&(&`!
3+1+fg7#$&`! +7! $*7f+'+7$#&! a+'d#3+7! kb+! 1*`! 7b+c*`! &`*$#&(*`! +`$b$%+7Y!
d#+73'&`! `b`! ba1#7+`! de`! +qa+'#d+73&(*`! $#+''&7! 1&! &`*$#&$#g7! (+! 7b+c*`!
d#+d_'*`h! -*`! a1&7+`! (+! $*da+7`&$#g7! 3&d_#l7! `+! %&7! %+$%*! de`! `#da1+`Y!
$*7! d&i*'+`! $*d#`#*7+`! kb+! f1bi+7! &! 1*`! (#`3'#_b#(*'+`! &! $&d_#*! (+! d+7*'!
+`fb+'s*h!!
!
!
!Z-&!d#`d&!$&73#(&(!(+!3'&_&j*!'+`b13&!+7!de`!(#7+'*!%*i!+7!(n&Y!&!'&ns!
(+!1*`!_*7*`!+q#`3+73+`[!&f#'d&!@*7h!9+m&1&!&!b7&!a&'+j&! (+!&`*$#&(*`!`bi*`Y!
Q*+! i! @*'#`! 9%&4Y! kb+! `+! $*7c#'3#+'*7! +7! @#&d&73+`! r! b7*! (+! 1*`! deq#d*`!
7#c+1+`! (+! 1*8'*! (+! .d4&ir! 1b+8*! (+! 3&7! `g1*! (*$+! d+`+`! +7! +1! 7+8*$#*h!
Z?+78*!a+'`*7&`! +7! d#! *'8&7#s&$#g7! kb+! 8&7&7!+7!`b!`+8b7(*! &m*! 1*!kb+!i*!
8&7&_&!+7!+1!(l$#d*Y[!&`+c+'&!O+1(h!
!
)
/D)"ID)5)[D\FD)TJZLO]DUJ^))
!
6/6)'%)6%,!+'")6+(&1"))
!
-&`!#77*c&$#*7+`!(+!1&!,1&!G!%#$#+'*7!a*'!a'#d+'&!c+s!&1!6-6!3*3&1d+73+!
&$$+`#_1+!&!1&`!d&`&`h!"+(bj+'*7!+1!$*`3*!(+!3'&_&j&'!+7!b7!7+8*$#*!db13#7#c+1Y!
3&73*! +7! 3#+da*! $*d*! +7! (#7+'*h! >*d*! '+`b13&(*Y! d#11*7+`! (+! a+'`*7&`! `+!
$*78'+8&'*7! +7! 1&! #7(b`3'#&! ra+'`*7&`! kb+! 7b7$&! 1*! %b_#+'&7! $*7`#(+'&(*!
a'+c#&d+73+h!)*'!`bab+`3*Y!1&!"+c*1b$#g7!(+!1&!,1&!G!7*!8&'&73#s&_&!&!3*(*`!1*`!
(#`3'#_b#(*'+`! d#11*7+`! (+! (g1&'+`! +7! $*7$+a3*! (+! #78'+`*`! '+`#(b&1+`h! 2#78o7!
7+8*$#*! ab+(+! %&$+'! +`*h! )+'*Y! a&'&! 1&! #7d+7`&! d&i*'n&! (+! 7+34*'5+'`! kb+!
3'&_&j&_&7! +7! +1! 7+8*$#*! &! 3#+da*! a&'$#&1Y! +`3&`! #77*c&$#*7+`! 1+`! f&$#1#3&'*7!
8&7&'! 1*`! a*$*`! $#+73*`! (+! (g1&'+`! +q3'&! a&'&! 8&`3*`! a+'`*7&1+`! kb+!
7+$+`#3&_&7!3*(*`!1*`!d+`+`h!)&'&!1&!d&i*'n&!(+!1&`!a+'`*7&`Y!+`*!+`!`bf#$#+73+!
a&'&!kb+!+1!7+8*$#*!c&18&!1&!a+7&h!!
!
0#+)'Y!+'+)'%)!,%!&6&%#$"))
!
07!&m*`!fb3b'*`Y!1&!(l$&(&!(+!CNNP!`+'e!'+$*'(&(&!$*d*!1&!(l$&(&!+7!1&!
kb+!+1!7+34*'5!d&'5+3#78!`+!$*7c#'3#g!+7!b7&!#7(b`3'#&!`+'#&h!@+!&$b+'(*!&!b7!
&'3n$b1*!ab_1#$&(*!+1!FG!(+!jb7#*!(+CNNH!+7!+1!(#&'#*!?%+!]&11!93'++3!Q*b'7&1Y!+1!
7od+'*!3*3&1!(+!7+34*'5+'`!`+!#7$'+d+73g!+7!b7!G/!a*'!$#+73*!+7!1*`!0`3&(*`!
38
B7#(*`! +73'+! CNNP! i! CNN/h! 01! d#`d*! &'3n$b1*! &f#'d&! kb+! +1! 7od+'*! (+!
(#`3'#_b#(*'+`!fb11!3#d+!`+!(ba1#$g!(+!CNNG!&!CNN/!`*1&d+73+h!
!!
!
@b'&73+!1&!(l$&(&!(+!CNNP!+1!7+34*'5!d&'5+3#78!(+`_*'(g!1*`!1nd#3+`!(+!
1*`! 0`3&(*`! B7#(*`! +7! f*'d&! d&`#c&Y! i! a*'! a'#d+'&! c+s! `+! (#`+d#7g! +7! +1!
+q3'&7j+'*h!6b$%&`!f#'d&`!8'&7(+`!(+!6-6!$'+$#+'*7!+7!>%#7&Y!>*'+&!i!Q&ag7Y!
$*7! d&i*'! '&a#(+s! kb+! +7! 1*`! 0`3&(*`! B7#(*`h! 01! $'+$#d#+73*! +7! +1! +q3+'#*'!
&1$&7sg! a'*a*'$#*7+`! 3&7! f+_'#1+`! &! d#3&(! (+! 1&! (l$&(&Y! kb+! +1! `+$3*'! (+!
d&'5+3#78! db13#7#c+1! `ba+'g! 3+da*'&1d+73+! &1! '+`3*! (+! 1&! +$*7*dn&!
+`3&(*b7#(+7`+!+7!`b!$*7jb73*h!B7&!`*a+`&(&!d+(#(&!(+!1&`!&$$#*7+`!(+!6-6!
(+!c+73&!ao_1#$&Y!11&d&(&!;7(#$+!Ba1#7+!3bc*!d+j*'!(+`+da+m*!kb+!+1!)'*d+(#*!
;7(b`3'#&1!@*4!Q*7+`!i!+1!9{)!HPP!t6+(#$#g7!93&7(&'(!&7(!)**'R`uY!`ba+'&7(*!&!
&d_*`!$&`#!+7!b7!MP!a*'!$#+73*!+7!CNNHh!!
!
/+)*,"_&6+)"/+)
!
0`3*`! (+`&''*11*`! 7*! a&`&'*7! #7&(c+'3#(*`! a&'&! +1! '&75#78! A*'3b7+! HPPY!
(+! 1&! '+c#`3&! %*dg7#d&h! .! 1*! 1&'8*! (+! 1&! (l$&(&! (+! CNNPY! 1&`! $*'a*'&$#*7+`!
+`3&(*b7#(+7`+`! d#'&'*7! $*7! '+$+1*! 1&! '+c*1b$#g7! kb+! `+! +`3&_&! a'*(b$#+7(*!
+73'+! +11&`h! )+'*Y! $*7! 1&! a'+$&b$#g7! +7(ld#$&! (+! 1&`! 8'&7(+`! _b'*$'&$#&`Y! 1&!
d&i*'n&! (+! 1&`! $*'a*'&$#*7+`! (+! a'#d+'&! $1&`+! (b(&'*7! &73+`! (+! #7c*1b$'&'`+!
(#'+$3&d+73+h!.!a+`&'!(+!`b`!d#1+`!(+!d#11*7+`!+7!c+73&`Y!+1!7+34*'5!d&'5+3#78!
`+8bn&!$*7`#(+'e7(*`+!b7&!a&'#&!(+73'*!(+1!db7(*!$*'a*'&3#c*h!
!
!
?*(*!+`*!$&d_#*Y!`#7!+d_&'_*Y!&!d+(#(&!kb+!`+!&$+'$&_&!+1!&m*!FPPPh!
-*`!o13#d*`!&m*!(+!1&!(l$&(&!(+1!NP!a'+`+7$#&'*7!b7!$&d_#*!$b&73#3&3#c*!+7!1&!
a+'$+a$#g7! kb+! `+! 3+7#&! (+1! 7+34*'5! d&'5+3#78h! @+! '+a+73+Y! $*'a*'&$#*7+`!
#da*'3&73+`! $*da+3n&7! +73'+! `n! a&'&! &$$+(+'! &! '+(+`! (+! 6-6h! ! .7&1#`3&`! (+!
]&11! 93'++3! &1&_&_&7! &1! d&'5+3#78! db13#7#c+1! +7! `b`! #7f*'d+`h! >*da&mn&`! (+!
a'#d+'&!$1&`+!+`a&'$#+'*7!`b_`#(#&'#&`!(+!6-6Y!i!f*'d&'*7!&1#&7s&`!+`3'&3l8#$&`!
$*7!+da'+`&`!(+!6-6!i&!+q#`3+73+`h!-&!$&''+'&!i&!+`3&_&!+7!d&'$%&!a&'&!`&$&'!
a'*c+$%*!(+1!f+7gd+7*!(+1!7+34*'5!d&'5+3#78h!!
!
!
07!&m*`!fb3b'*`Y!1&!(l$&(&!(+!CNNP!`+'e!'+$*'(&(&!$*d*!1&!(l$&(&!+7!1&!
kb+!+1!7+34*'5!d&'5+3#78!`+!$*7c#'3#g!+7!b7&!#7(b`3'#&!`+'#&h!
!
!
pSbl! a'*(bj*! +`3+! $&d_#*! '+a+73#7*T! .1! #8b&1! kb+! `b$+(+! $*7!!
3*(&`! 1&`! #77*c&$#*7+`! a'*fb7(&`! 1&`! $*'a*'&$#*7+`! +`3&(*b7#(+7`+`! 7*!
&(*a3&'*7! +1! d&'5+3#78! (+! '+(+`! c*1b73&'#&d+73+h! @+! %+$%*Y! 1*`! >0,`! (+! 1&`!
+da'+`&`!(+1!'&75#78!A*'3b7+!HPP!`+!'+`#`3#+'*7!3*(*!1*!kb+!ab(#+'*7h!)+'*!+1!
3#+da*!3'&_&j&_&!+7!`b!$*73'&h!-&!ab_1#$#(&(!$*7c+7$#*7&1!i!1&`!+`3'&3+8#&`!(+!
d&'5+3#78! i&! 7*! fb7$#*7&_&7h! -&! a&'3#$#a&$#g7! +7! +1! d+'$&(*! `+! +c&a*'&_&!
f'+73+! &! b7&! c#*1+73&! +d_+`3#(&! (+! d+(#*`! #73+'&$3#c*`Y! $1#+73+`! a'*&$3#c*`! i!
$*da+3#$#g7! 81*_&1h! .1! #8b&1! kb+! db$%*`! d#11*7+`! (+! (#`3'#_b#(*'+`! (+! '+(! 1*`!
>0,`! (+! 1&`! $*'a*'&$#*7+`! +qa+'#d+73&'*7! $*7! +1! 7+34*'5! d&'5+3#78! a*'!
(+`+`a+'&$#g7[Y! 7*! a*'! +1+$$#g7h! )+'*Y! b7&! c+s! kb+! a'*_&'*7! f'b3*`Y!
(+`$b_'#+'*7!kb+!7*!a*(n&7!'+`#`3#'`+!&!c*1c+'!a*'!d&`h!.`n!$*d+7sg!1&!$b&'3&!i!
d&`! a*(+'*`&! f&`+! (+! 1&! +c*1b$#g7! (+1! 7+34*'5! d&'5+3#78! }1&! $*7kb#`3&! (+! 1&!
.dl'#$&!>*'a*'&3#c&h!
!
39
!
!
!
!
!
!
!
!
!DEFGHIJ)(%&()
)
%I)2NO)UL)IDK)!JZEPDK)
)
)
)
07!1&!a'#d&c+'&!_*'+&1!(+!CNNNY!b7&!$*da&mn&!11&d&(&!&11&(c&73&8+h$*d!
`b'8#g! +7! ;73+'7+3h! 0`! b7&! *a*'3b7#(&(! (+! d&'5+3#78! db13#7#c+1! (#f+'+73+! &!
3*(&`!1&`!(+de`h!2*!`+!c+7(+7!a'*(b$3*`h!07!`b!1b8&'!b7*!&$+a3&!#7`3&1&'!b7&!
ZE#+4_&'! t_&''&! (+! 3&'+&`u! +7! `b! 7&c+8&(*'h! >&(&! c+s! kb+! `+! #78'+`&! &!
;73+'7+3Y!1&!E#+4_&'!d*`3'&'e!ab_1#$#(&(+`!(+!c&'#&`!$*da&mn&`!&!1*!1&'8*!(+!1&!
a&'3+!#7f+'#*'!(+!`b!a&73&11&h!&11&(c&73&8+h$*d!1+!a&8&'e!HP!$+73&c*`!a*'!$&(&!
%*'&! kb+! 7&c+8b+! a*'! ;73+'7+3! $*7! 1&! _&''&! #7`3&1&(&Y! i! d+7*'+`! $&73#(&(+`!
a*'!%*'&!a*'!$&(&!a+'`*7&!kb+!b`3+(!&`*$#+!&!1&!+da'+`&Y!%&`3&!$#7$*!7#c+1+`!
(+!a'*fb7(#(&(h!!
!
!
Z>*_'+! a*'! 7&c+8&'! +7! 1&! "+([! (#$+! 1&! ae8#7&! a'#7$#a&1! (+! 1&! $*da&mn&h!
)+'*! a*'! `bab+`3*Y! +7! '+&1#(&(! b`3+(! 7*! $*_'&! a*'! 7&c+8&'! +7! 1&! "+(h! B`3+(!
$*_'&! a*'! 8&'&73#s&'1+! &! &11&(c&73&8+h$*d! +1! (+'+$%*! &! c+7(+'! +`a&$#*!
ab_1#$#3&'#*! +7! 1&! a&73&11&! (+! `b! $*dab3&(*'&h! 0`! $*d*! `#! 1&! $&(+7&! A*q! (+!
a'*73*! *f'+$#+'&! a&8&'1+! $#7$b+73&! $+73&c*`! a*'! $&(&! %*'&! kb+! a&`&'&! c#+7(*!
.11i! 6$K+&1! *! 1*`!+qa+(#+73+`! `+$'+3*`! :Y! +7! $*da+7`&$#g7! a*'! a+'d#3#'1+!&!1&!
$&(+7&! #73+''bda#'! `b! a'*8'&d&! $&(&! 3&73*`! d#7b3*`Y! $*7! b7&! 3&7(&!
ab_1#$#3&'#&h!
!
!
wSbl!1+j*`!%+d*`!11+8&(*!(+`(+!1&!+(&(!(*'&(&! (+!1&!.c+7#(&!6&(#`*7x!
t~u! B7&! 8+7+'&$#g7! &3'e`Y! 1*`! ab_1#$#`3&`! +'&7! 1*`! kb+! d*cn&7! 1*`! %#1*`!
.b(#+7$#&`! $&b3#c&`! `+! `+73&_&7! #7(+f+7`&`! f'+73+! &! b7! &1bc#g7! (+! #de8+7+`!
3'&7`d#3#(&`! a*'! 3+1+c#`#g7h! -&`! &8+7$#&`! (+! ab_1#$#(&(! +7$&bs&_&7! `b`!
d+7`&j+`! `+8o7! `b! a'*a#&! c*1b73&(Y! (#'+$3*! &! 1&! d+73+! (+! 1*`! $*7`bd#(*'+`h!
)+'*! &%*'&! `+! #7c#'3#+'*7! 1*`! '*1+`h! .%*'&! +`! +1! $*7`bd#(*'! +1! kb+! $*73'*1&! +1!
f1bj*! (+! #7f*'d&$#g7Y! d#+73'&`! +1! ab_1#$#`3&! '+$b''+! &! d&7+'&`! $&(&! c+s! de`!
(+`+`a+'&(&`!(+!&3'&+'!`b!&3+7$#g7h!!
!
!
B7&! a+'`*7&! a'*d+(#*! +`3e! &$3b&1d+73+! +qab+`3&! &! C/H! d+7`&j+`!
ab_1#$#3&'#*`! a*'! (n&! rb7! #7$'+d+73*! (+1! GI! a*'! $#+73*! $*7! '+`a+$3*! &! CNIPh!
)+'*! 1&`! *a*'3b7#(&(+`! (+! kb+! b7! ab_1#$#3&'#*! 1*8'+! &18o7! #da&$3*! `+! %&7!
(+`a1*d&(*h! .'d&(*`! $*7! $*73'*1+`! '+d*3*`Y! 1*`! $*7`bd#(*'+`! &$3b&1+`!
$&d_#&7!(+!b7!$&7&1!(+!$&_1+!&!*3'*Y!+c#3&7(*!3*(*`!1*`!$*d+'$#&1+`h!.!d+(#(&!
kb+! a'*1#f+'&! +1! 7od+'*! (+! *a$#*7+`! +7! 1*`! d+(#*`! r(+`(+! ?E! a*'! $&_1+! &!
40
;73+'7+3r! 1*`! d+7`&j+`! ab_1#$#3&'#*`! `+! a#+'(+7! +7! b7&! $*''#+73+! (+! (&3*`!
`#+da'+!$'+$#+73+h!!
!
!
0#+)6%#$+/&'+')'%)2",$+/%7+)
!!
01!$&d_#*!$*73#7b*!(+!$&7&1+`!+`!`g1*!b7&!(+!1&`!d&7+'&`!d+(#&73+!1&`!
$b&1+`!1&!8+73+!`+!a'*3+8+!%*i!+7!(n&!(+!1&!ab_1#$#(&(h!)&'&!a'+*$ba&$#g7!(+!1*`!
ab_1#$#`3&`Y!$&(&!c+s!de`!a+'`*7&`!&(*a3&7!b7&!d+73&1#(&(!(+!f*'3&1+s&!$*73'&!
1&`!#73'b`#*7+`!a`#$*1g8#$&`!(+!3*(*!3#a*h!)&8&7!3&'#f&`!(+!`b`$'#a$#g7!a'+d#bd!
a&'&! 3+7+'! $&7&1+`! (+! $&_1+! `#7! $*d+'$#&1+`h! 0c#3&7! f*'db1&'#*`! (+! 8&'&73n&Y!
a&'&!7*!3+'d#7&'!+7!1#`3&`!(+!$*''+`a*7(+7$#&h!.(+1&73&7!1&`!$#73&`!+c#3&7(*!1&`!
a'*d*$#*7+`! i! &c&7$+`! ab_1#$#3&'#*`! (+! 1*`! c#(+*`! &1kb#1&(*`h! K*''&7! 1*`!
d+7`&j+`!$*d+'$#&1+`!(+!1*`!$*''+*`!+1+$3'g7#$*`!`#7!1++'1*`h!0c#3&7!1&`!11&d&(&`!
#7(+`+&(&`!a*'!d+(#*!(+!1*`!$*73+`3&(*'+`!&b3*de3#$*`h!@+!$&(&!`#+3+!%*8&'+`!
+`3&(*b7#(+7`+`Y!a'e$3#$&d+73+!b7*! 3#+7+!b7!7od+'*!3+1+fg7#$*!kb+!7*!f#8b'&!
+7!1&!8bn&h!
!!
!
?*(*! +`3*! +`! a&'3+! (+! b7&! 3+7(+7$#&! &! +7$+''&'`+! $*d*! +7! $&ab11*`Y!
a'+(#$%&! a*'! 1&! $*7`b13*'&! (+! d&'5+3#78! A&#3%! )*a$*'7! %&$+! de`! (+! b7&!
(l$&(&h! )*a$*'7! &f#'d&! kb+! 1*`! +`3&(*b7#(+7`+`! `+! +`3e7! '+fb8#&7(*! +7!
$&ab11*`!a*'kb+!+`3e7!&_'bd&(*`!a*'!+1!a&`*!f'+7l3#$*!i!+1!$&*`!`*$#&1!(+!1&!0'&!
(+!1&!;7f*'d&$#g7h!Kb`$&7!b7!'+fb8#*!3'&7kb#1*Y!a'#c&(*Y!(*7(+!7*!3+78&7!kb+!
c+'Y! +`$b$%&'Y! `+73#'! *! %&$+'! 7&(&Y! &! d+7*`! kb+! +11*`! 1*! (+$#(&7h! Z07$+''&'`+!
+7! $&ab11*`! kb#+'+! (+$#'! _b`$&'! &#`1&d#+73*! i! &_`3#7+7$#&Y! a&s! i! a'*3+$$#g7Y!
$*d*(#(&(! i! $*73'*1! rb7&! $1&`+! (+! %#a+'L&7#(&d#+73*Y[! +`$'#_+! A&#3%! +7! Z01!
#7f*'d+!)*a$*'7[h!!
!
+,6+()A),"(+())
!
?+d+'*`*`! (+! '*_*`Y! 3+''*'#`d*Y! c#*1&(*'+`! `+'#&1+`Y! c#'b`! d*'3&1+`Y!
$*73&d#7&$#g7Y! 3'e7`#3*! i! `*_'+$&'8&! d+(#e3#$&Y! kb#+7+`! (+`+&7! &#`1&'`+! +7!
$&ab11*`!_b`$&7!3'&7kb#1#(&(!(+!(#`3#73&`!d&7+'&`h!.18b7*`!a*7+7!l7f&`#`!+7!1&!
a'*3+$$#g7! fn`#$&! (+! `b! f&d#1#&! i! %*8&'h! )*a$*'7! &f#'d&D! Zfnj+7`+! +7! +1!
#da*'3&73+!$'+$#d#+73*!(+!#7(b`3'#&`!(+!1&!ya&'&7*#&RD!`#`3+d&`!(+!`+8b'#(&(!(+1!
%*8&'Y! +kb#a*`! $*73'&! #73'*d#`#*7+`Y! `#`3+d&`! (+! c#8#1&7$#&! $*dab3&'#s&(*`!
$*7+$3&(*`! $*7! 8b&'(#&`! a'#c&(*`! i! &ib(&! (+! +d+'8+7$#&h[! )*a$*'7! (+`3&$&!
kb+! +1! f'&7$*! &bd+73*! (+! 1&`! c+73&`! (+! &'d&`! &! dbj+'+`! +`! 1*! kb+! de`!
$1&'&d+73+! '+a'+`+73&! 1&! kb#73&+`+7$#&! (+! 1&! 3+7(+7$#&! (+1! $&ab11*h! 07! `b!
o13#d*!1#_'*!_+`3!`+11+'Y!>1#5#78Y!+`$'#3*!jb73*!$*7!-i`!6&'#8*#(Y!)*a$*'7!*_`+'c&D!
Z>&`#! /! d#11*7+`! (+! +`3&(*b7#(+7`+`! c#c+7! &%*'&! +7!$*db7#(&(+`! $+''&(&`! r
$*7`3'bi+7(*! 3*(&`! 1&`! `+d&7&`! db'*`! $&(&! c+s! de`! &7$%*`! i! &13*`h[!!
0`3&`!a+'`*7&`!+7$&ab11&(&`!3&d_#l7!b`&7!dl3*(*`!de`!`b3#1+`!a&'&!$*73'*1&'!
i! d+j*'&'! `b! d+(#*! &d_#+73+h! .18b7*`! +kb#a&7! `b`! %*8&'+`! $*7! 3+$7*1*8n&!
Z#73+1#8+73+[Y!kb+!1+`!a+'d#3+!&_'#'!ab+'3&`Y!&jb`3&'!3+'d*`3&3*`!*!&$$#*7&'!1b$+`!
i!+1+$3'*(*dl`3#$*`!d+(#&73+!a'*8'&d&`!a'+`+1+$$#*7&(*`!*!&!$*73'*1!'+d*3*h!
,3'*`!+kb#a&7!`b`!_&m*`!$*d*!c#'3b&1+`!d#7#L`a&`!Y!$*7!`&b7&`Y!%#('*d&`&j+`!i!
3*&11+'*`! $&1+f&$$#*7&(*`h! ;7$1b`*Y! %&i! kb#+7+`! cb+1$&7! `b`! +7+'8n&`! +7! $*`+'Y!
a'&$3#$&'!j&'(#7+'n&!i!*3'*`!dl3*(*`!3'&(#$#*7&1+`!(+!&$*7(#$#*7&'!`b!%#a+'7#(*h!!
Z01!c&1*'!(+!1&`!3+1&`!&73#8b&`!rkb+!7*`!'+$b+'(&7!b7!a&`&(*!de`!$*7f*'3&_1+!
`+! %&! #7$'+d+73&(*|R! +`$'#_+7! )*a$*'7! i! 6&'#8*1(! +7! >1#5#78h! =&`3&d*`!
41
a+kb+m&`! f*'3b7&`! tde`! (+! FH! d#1! d#11*7+`! &1! &m*u! +7! 8&s+_*`! #77+$+`&'#*`Y!
e'_*1+`!(+!81#$#7&`|Y!`#`3+d&`!(+!'#+8*!`b_3+''e7+*!a&'&!3+7+'!$l`a+(!$&(&!c+s!
de`!c+'(+Y!i!a&'&f+'7&1#&!(+!j&'(#7+'n&!+7!8+7+'&1h[!!
!
2":&+)+)/+()!"6*,+())
!
9#!`+!3#+7+!+7!$b+73&!+1!+7*'d+!+`fb+'s*!kb+!%&$+7!+`3&`!a+'`*7&`!$*7!
3+7(+7$#&! &1! +7$#+''*! a*'! 3+7+'! %#a+'7#(*`! `+8b'*`Y! #7+qab87&_1+`!!
i! $gd*(*`Y! +`! $*da'+7`#_1+! kb+! `+&7! '+&$#*`! &! &''#+`8&'`+! &! `&1#'h! •>b&7(*!
`&1+7! (+! `b! %*8&'Y! `+! 1*! 11+c&7! $*7! +11*`Y[! +`$'#_+7! )*a$*'7! i!!
6&'#8*1(h!.`nY!1*`!&b3*dgc#1+`!+`3e7!+kb#a&(*`!$*7!`*a*'3+`!a&'&!3&s&`!(+!$&flY!
dekb#7&`! (+! f&qY! 3+1lf*7*`Y! &1d*%&(*7+`! (+! `%#&3`b! i! &a&'&3*`!!
(+! do`#$&! a&'&! `+#`! (#`$*`! $*da&$3*`h! -&`! *f#$#7&`! (+! 1&`! +da'+`&`! +`3e7!
a'*c#`3&`! (+! $*d+(*'+`Y! `#11*7+`! i! $&73*`! 8'+8*'#&7*`! $*d*! do`#$&! fb7$#*7&1h!
-&! $&(+7&! (+! 1#_'+'n&`! K&'7+`! {! 2*_1+Y! 1+`! a+'d#3+! &! 1*`!!
$1#+73+`! 3*d&'! b7! $&ab$%#7*! `+73&(*`! +7! `#11*7+`Y! d#+73'&`! %*j+&7! 1#_'*`! &! `b!
&73*j*h!!
!
!
.!a+`&'!(+!3*(*`!+`3*`!+`3ndb1*`Y!&kb+11&!a+'`*7&!kb+!'+&1d+73+!(+`+&!
&#`1&'`+!+7!$&ab11*`Y!`&_+!_#+7!kb+!7#78o7!1b8&'!+`!$*d*!+1!%*8&'h!\!+`&`!`*7!
d&1&`!7*3#$#&`!a&'&!1*`!c+7(+(*'+`!d#7*'#`3&`h!Z0`!+1!f#7!(+1!$*7$+a3*!(+!`&1#'!&!
$*da'&'Y[! *_`+'c&! )*a$*'7! Z+`! (b'*! #'! &! 7+8*$#*`! $*7! 7#m*`h! 0`! b7! d+(#*!
&d_#+73+! dbi! f'n*h[! @+a+7(+! (+! (*7(+! c#c&Y! #7$1b`*! ab+(+! `+'! a+1#8'*`*h!
)*a$*'7!i!6&'#8*1(!(+`3&$&7D!Zb7&!+7L!$b+`3&!'+$#+73+!d*`3'g!$*d*!'+`b13&(*!
kb+!+1!GG!a*'!$#+73*!(+!1*`!$*7`bd#(*'+`!%&!$&d_#&(*!`b`!%e_#3*`!(+!$*da'&!
a*'!3+d*'!&! (+1#3*`h!@+73'*! (+! +`3+!a*'$+73&j+Y!b7!/G! a*'! $#+73*!i&! 7*! `&1+! &!
$*da'&'!(+!7*$%+h[!!
!
`/"()#%?"!&"()1%#',S#)+)#"("$,"(a))
!
)*a$*'7!a'+(#$+!kb+!+1!`#81*!c+#73#b7*!`+'e!3+`3#8*!(+!a'*fb7(*`!$&d_#*`!
+7! 1*`! %e_#3*`! (+! $*da'&h! 9+8o7! +11&D! Z+7! 1b8&'! (+! #'! &! 1*`! 7+8*$#*`Y! 1*`!
7+8*$#*`! c+7('e7! &! 7*`*3'*`h[! -*`! $*7`bd#(*'+`! i&! %&7! (&(*! a&`*`! ('e`3#$*`!
+7!+`&!(#'+$$#g7h!6#1+`!(+!d#11*7+`!(+!(g1&'+`!(+j&'*7!(+!(#'#8#'`+!&!d#7*'#`3&`!
$*7c+7$#*7&1+`!a&'&!`+'!8&`3&(*`!+7!c+73&`!a*'!$&3e1*8*Y!$&7&1+`!3+1+c#`#c*`!(+!
$*da'&`! i! 7+8*$#*`! c#'3b&1+`! +7! ;73+'7+3h! -*`! (#`3'#_b#(*'+`! #7(+a+7(#+73+`!
3#+7+7! b7! a&a+1! $&(&! c+s! d&`! #da*'3&73+! +7! +`&! '+c*1b$#g7! +7! 1&`!!
$*da'&`h!
!!
!
)*a$*'7! &f#'d&D! Z07! +1! fb3b'*Y! $*7`#(+'&'+d*`! &1! 7+34*'5! d&'5+3#78!
$*d*!%*i!$*7`#(+'&d*`!&1!d&'5+3#78!$*do7h!E&!&!`+'!dbi!'+`a+3&(*h[!)*a$*'7!
%&! *_`+'c&(*! +`3&! 3+7(+7$#&! (+`(+! `b! 3'&_&j*! +7! `b!$*7`b13*'&! K'&#7L"+`+'c+!
$*7!_&`+!+7!2b+c&!\*'5Y!kb+!3#+7+!$1#+73+`!(+!1&!de`!&13&!$&3+8*'n&Y!$*d*!;K6Y!
9*a&`! >&da_+11Y! .d+'#$&7! 0qa'+``! i! 0&`3d&7! ^*(&5Y! )*a$*'7! (+`3&$&! kb+!
%&$+! $1#+73+`! (+! K'&#7"+`+'c+! (+`$&'3&_&7! 'b3#7&'#&d+73+! `b`! b'8+73+`!
&(c+'3+7$#&`!(+!a'+a&'&'`+!a&'&!1&!0'&!(+!1&!;7f*'d&$#g7!r(+!1&!$b&1Y!1&!f&$+3&!
$1&c+! `+'n&! 1&! $*da+3+7$#&! kb+! '+a'+`+73&'n&7! ;73+'7+3! i! +1! 6-6h! 9+8o7!
'+$b+'(&!)*a$*'7Y!+11*`!(+$n&7!y.%Y!7*!7*`!a'+*$ba&!;73+'7+3h!2*!7*`!a'+*$ba&!
+1!7+34*'5!d&'5+3#78h[!!
!
!
-b+8*Y!1&`!$*da'&`!%+$%&`!a*'!;73+'7+3!&bd+73&'*7!&!de`!(+1!(*_1+Y!(+!
42
G! &! J! d#1! d#11*7+`! (+! (g1&'+`h! -*`! $1#+73+`! (+! )*a$*'7! `+! ab`#+'*7! `+'#*`!
'ea#(&d+73+h! Z.%*'&Y! $b&7(*! %&$+d*`! 7b+`3'&`! a'*i+$$#*7+`! fb3b'&`Y!
d*`3'e7(*1+! &! 7b+`3'*`! $1#+73+`! `b`! a*`#_1+`! $*da+3#(*'+`! de`! a'+*$ba&73+`!
(+73'*! (+! 1*`! a'gq#d*`!(#+s!&m*`Y! 8+7+'&1d+73+! &ab73&d*`!&! 1*`! 7+34*'5+'`[!
(#$+h! -*`! $1#+73+`! (+! )*a$*'7! &%*'&! `*7! d&`! a'*$1#c+`! &! %&$+'! $&`*! (+! `b`!
&(c+'3+7$#&`h! )*a$*'7! c+! b7&! $'+$#+73+! a'+*$ba&$#g7! +73'+! 1&`! $*'a*'&$#*7+`!
+7!8+7+'&1Y!a*'!+1!a*(+'!(+1!6-6h!@#$+7Y!Z_b+7*Y!`+'#&!d+j*'!kb+!1+!(#l'&d*`!
b7!c#`3&s*!&!+`3+!#7d+7`*!d+'$&(*!+d+'8+73+[h!
!
!
/+):+/+)6S?&!+))
!
.?{?!fb+!b7*!(+!1*`!a'#d+'*`!8#8&73+`!$*'a*'&3#c*`!+7!`+'!%+'#(*!a*'!1*`!
7+34*'5+'`h! 07! +1! a+'n*(*! (+! $#7$*! &m*`Y! kb+! $*d+7sg! +7! CNMJY!!
.?{?!a+'(#g!b7!CH!a*'!$#+73*!(+!`b!a&'3#$#a&$#g7!+7!+1!d+'$&(*!(+!11&d&(&`!(+!
1&'8&! (#`3&7$#&Y! &! d&7*`! (+! 6>;! i! 9a'#73! t+7! +`+! +73*7$+`Y! B9! 9a'#73uh! B7*!
7b7$&! 1*! `&_'n&! 1+i+7(*! 1*`! d+(#*`! (+! $*db7#$&$#g7!d&`#c*`Y! a+'*! +`3*`! (*`!
&(c+7+(#s*`! 3+7n&7! b7&! c+73&j&! `+$'+3&Y! b7&! c+'(&(+'&! _&1&! de8#$&! kb+! 1+`!
a+'d#3n&! $'+$+'! de`! 'ea#(*! i! a+7+3'&'! d+'$&(*`! $*7! de`! c#8*'! kb+! `b! 1+73*!
$*da+3#(*'h!0`&!_&1&!de8#$&!+'&!+1!7+34*'5!d&'5+3#78h!6>;!c+7(n&!`b!`+'c#$#*!
(+! 1&'8&! (#`3&7$#&! &! 3'&cl`! (+! .d4&i! >*'a*'&3#*7h! Z2*`! $*7c+'3#d*`! +7! +1!FH!
a*'!$#+73*!(+1!7+8*$#*!(+!6>;!+7!+1!a'#d+'!&m*!(+!&`*$#&'7*`!&!+11*`[!'+$b+'(&!
+1!(#`3'#_b#(*'!(+!.d4&i! @*7! O+#(Y!9a'#73!3bc*!b7!lq#3*! `#d#1&'Y! c+7(#+7(*! `b!
`+'c#$#*!&! 3'&cl`! (+! b7&! +da'+`&! (+! 6-6! 11&d&(&! 2+34*'5!FPPPh! Q#d! .(&d`Y!
+q! c#$+a'+`#(+73+! +j+$b3#c*! (+! c+73&`! i! d&'5+3#78! (+! 2+'4*'5! FPPPY! &f#'d&D!
Z+7!3'+`! &m*`! i!d+(#*Y! (+`(+! d&'s*!(+!CNMMY! 1*8'&d*`!de`! (+! /!d#11*7+`!(+!
$1#+73+`!a&'&!9a'#73!r1*!kb+!+kb#c&1+!&!b7&!$*''#+73+!&7b&1!(+!#78'+`*`!(+!HPP!
d#11*7+`! (+! (g1&'+`h! -*`! '+a'+`+73&73+`! (+! d&'5+3#78! #7(+a+7(#+73+`! (+!
2+34*'5! FPPPY! +'&7! CP! c+$+`! de`! +f+$3#c*`! a&'&! 1*8'&'! $1#+73+`Y! kb+! 1*`!
+kb#a*`!(+!3+1+d&'5+3#78!(+!9a'#73h[!!
!
!
O&`3&!+1!(n&!(+!%*i!6>;!`#8b+!c+7(#+7(*!&!3'&cl`!(+!.d4&ih!07!$b&73*!
&! 9a'#73Y! (#`ab3&`! a*'! f&$3b'&$#g7! i! $*d#`#*7+`Y! 3bc#+'*7! $*d*! '+`b13&(*! b7&!
'ba3b'&!#7+`a+'&(&!$*7!`b!c+7(+(*'!(+!6-6!tkb+!f#7&1#s*!$*7!b7!&''+81*!(+!NC!
d#11*7+`!(+!(g1&'+`!&! f&c*'!(+!2+34*'5!FPPPuh!9#7!+d_&'8*h!7*!%&i!(b(&`!(+!
kb+!1&!&1#&7s&Y!d#+73'&`!(b'gY!fb+!(+$#`#c&!a&'&!+1!lq#3*!(+!9a'#73h!073'+c#`3l!&!
b7!+j+$b3#c*!(+!+`&!$*da&mn&!]#11#&d!)1#5&#3#`Y!a&'&!1&!'+c#`3&!9b$$+``!+7!CNNPh!
>*d*! 8+'+73+! $*7jb73*! (+1! ='ba*! (+! 9+'c#$#*`! &1! >*7`bd#(*'! (+! B9! 9a'#73Y!
)1#5&#3#`!`ba+'c#`&_&!+1!a'*8'&d&!(+!6-6h!9b`!+1*8#*`!+'&7!+fb`#c*`Y!3&73*!%&$#&!
2+34*'5! FPPPY! $*d*! &1! d&'5+3#78! db13#7#c+1! +7! 8+7+'&1! )1#5&#3#`! d+! (#j*D!
Z&$3b&1d+73+Y! 7*! %&i! d+j*'! d&7+'&! (+! a*7+'! b7! a'*(b$3*! jb`3*! f'+73+! &1!
$*7`bd#(*'h[!!!
!
!
-*`! (#`3'#_b#(*'+`! #7(+a+7(#+73+`! 3#+7+7! b7! a&a+1! $&(&! c+s! de`!
#da*'3&73+!+7!+`&!'+c*1b$#g7!+7!1&`!$*da'&`h!!!
!
'%):"!+)%#):"!+)
!!
.?{?! &a'+7(#g! (+! 1&! a+*'! d&7+'&! kb+! +1! 7+34*'5! d&'5+3#78! +`! b7!
$*da+3#(*'!3+d#_1+h!)+'*!a&'&!1*`!+j+$b3#c*`!#77*c&(*'+`Y!&!`b!c+s!*f'+$+!b7&!
*a*'3b7#(&(h!01!6-6!&a*'3&!b7&!`*1b$#g7!&!b7*!(+!1*`!a'*_1+d&`!de`!8'&c+`!(+!
43
1&`!$*'a*'&$#*7+`!+`3&(*b7#(+7`+`h!A&#3%!)*a$*'7!&(c#+'3+D!Z`#!%&i!b7&!1+$$#g7!
b'8+73+! kb+! 3+7('e7! kb+! &a'+7(+'! kb#+7+`! 3'&_&j&7! +7! d&'5+3#78hhh! `+'e!
+7$*73'&'! 7b+c&`! d&7+'&`! (+! 11+8&'! &1! $*7`bd#(*'! kb+! +`3e! 3*3&1d+73+!
+7cb+13*!+7!b7!$&ab11*h!h!h!\&!7*!+`a+'+!kb+!1*`!$*7`bd#(*'+`!c+78&7!&!b`3+(h!
B`3+(!d#`d*!3+7('e!kb+!#'!%&$#&!+11*`Y!%&`3&!`b!1b8&'!(+!+7$#+''*h[!!
!
!
2#78o7! dl3*(*! (+! d&'5+3#78! %&$+! +`3*! d+j*'! kb+! +1! 6-6h! ;7$1b`*! 1&!
a+'`*7&! +7$+''&(&! de`! +`$b''#(#s&Y! &o7! *#'e! &1! &d#8*Y! a&'#+73+Y! `*$#*! *!
$*da&m+'*! (+! 3'&_&j*! *$&`#*7&1Y! kb+! '+$*d#+7(&! b7! `ba1+d+73*! (#+3&'#*! +7!
a&'3#$b1&'Y! b7! a1&7! (+! #7c+'`#g7! *! b7! a'*c++(*'! (+! `+'c#$#*`! (+! &$$+`*! &!
;73+'7+3h! 9#! `+! d&7+j&! $*''+$3&d+73+Y! +1! #73+73*! (+! c+73&! 7*! (+`a#+'3&!
`b`a#$&$#&`! 7#! a'*c*$&! 7#78b7&! '+&$$#g7! c#*1+73&h! 01! d&'5+3#78! (+! a&1&_'&!
a+7+3'&! 1&`! _&''+'&`! a`#$*1g8#$&`! de`! 8'b+`&`Y! $*7! 1&! +f#$&$#&! (+! b7! a'*i+$3#1!
$b_#+'3*!(+!b'&7#*!kb+!a+'f*'&!b7!_1#7(&j+h!
!
!
)*a$*'7! $*7$1bi+D! Zi&! 7&(#+! kb#+'+! #'! (+! $*da'&`Y! i! +1! 7+34*'5!
d&'5+3#78! 3#+7+! 1&! `*1b$#g7h! -*`! (#`3'#_b#(*'+`! (+! '+(! +`3e7! a+7+3'&7(*!
(#'+$3&d+73+! +1! $&ab11*h! 9&_+7! $gd*! #7c&(#'! b7! %*8&'Y! `#7! `+'! $*7`#(+'&(*`!
#7c&`*'+`h[!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
44
!
!
!
!DEFGHIJ)(&%$%)
)
%I)2DTGJP):JTDbLOb:JTD)
)
!
!
)&'&! )&b1! X&7+!)#1s+'Y! 1&! 3+7(+7$#&! &1! +7$#+''*!`#87#f#$&!db$%*!de`! kb+!
b7!$*7$+a3*!c+'3#(*!+7!b7!1#_'*h!0`!b7&!fb+'s&!(+`3'b$3#c&!(+!1&!7&3b'&1+s&!kb+!
$&`#!(+''bd_&!&!`b!$*da&mn&h!.1!#8b&1!kb+!db$%*`!+da'+7(+(*'+`!i!+j+$b3#c*`!
(+! +da'+`&`! (+! %*i! +7! (n&Y! )&b1! `&1cg! `b! 7+8*$#*! c*1$e7(*`+! &1! 7+34*'5!
d&'5+3#78h! @+! +`&! d&7+'&Y! ab`*! &! `b! $*da&mn&! +7! $&d#7*! 7*! `g1*! (+!
'+$ba+'&$#g7!`#7*!&(+de`Y!(+!b7!$'+$#d#+73*!`#7!a'+$+(+73+`h!
!!
!
)&b1!7*!+`!b7!%*d_'+!(+!7+8*$#*`!$*do7h!0`!b7!+$*7*d#`3&!'+`a+3&(*!i!
_'#11&73+h! .! 1*`!c+#73#3'l`!&m*`Y! `+!$*7c#'3#g!+7!+1!c#$+a'+`#(+73+!de`! j*c+7! (+1!
>#3#_&75h! ?'&_&jg! $*d*! &`+`*'! +$*7gd#$*! (+! 1*`! a'+`#(+73+`! "+&8&7! i! Kb`%h!
.(c#'3#g! &1! >*78'+`*! (+! 1&! #7d#7+73+! $'#`#`! (+! FPP!d#1! d#11*7+`! (+! (g1&'+`! (+!
&%*''*! i! a'l`3&d*`! &m*`! &73+`! (+! kb+! 1&`! &b3*'#(&(+`! (+! ]&`%#783*7!
+`3bc#+'&7! (#`ab+`3&`! &! +`$b$%&'h! .! a+`&'! (+! `+'! a'*f+`*'! (+! +$*7*dn&Y! )&b1!
d+7*`a'+$#&_&! +1! db7(*! &$&(ld#$*! i! `+! (#`ab`*! &! a'*_&'! `b! 3+*'n&! +7! +1!
d+'$&(*h! .$bdb1g! b7&! f*'3b7&! a+'`*7&1! (+! (+$+7&`! (+! d#11*7+`! (+! (g1&'+`! &!
3'&cl`!(+!(+`&''*11*`!#7d*_#1#&'#*`Y!i!+`$'#_#g!1#_'*`!kb+!fb+'*7!+7*'d+`!lq#3*`!
(+! c+73&`Y! 3&1+`! $*d*! "#kb+s&! #1#d#3&(&! tB71#d#3+(! ]+&13%uY! @#7+'*! (+! *3'&`!
a+'`*7&`!t,3%+'!)+*a1+R`!6*7+iu!i!@#*`!kb#+'+!kb+!b`3+(!`+&!'#$*!t=*(!4&73`!
i*b!3*!_+!'#$%uh!
!!
/+)#0%1+),+7+))
!
.a&'+73+d+73+Y! )&b1! a&'+$n&! `+'! 1&! o13#d&! a+'`*7&! kb+! `+! c*1$&'n&! &1!
6-6h! 07! 1&! d+73+! a*ab1&'Y! %&$n&! 3#+da*! kb+! 1&! #7(b`3'#&! `+! &`*$#&_&! $*7!
`*m&(*'+`! (+! 1&! $1&`+! *_'+'&Y! &(#$3*`! &! $*d+'$#&1+`! (+! $&7&1+`! (+! c+73&`! i!
c+7(+(*'+`! $&11+j+'*`! c+`3#(*`! $*7! 3'&j+`! (+! a*1#l`3+'Y! +7! _o`kb+(&! (+! (#7+'*!
'ea#(*h! )+'*! +`*`! +`3+'+*3#a*`! i&! +'&7! &73#$b&(*`! $b&7(*! )&b1! #78'+`*! &! 1&!
#7(b`3'#&h! -&! 7b+c&! '&s&! (+! 7+34*'5+'`! +`3&_&! $*dab+`3&! a*'! a'*f+`#*7&1+`!
`*f#`3#$&(*`Y! &13&d+73+! +(b$&(*`Y! +7! _b`$&! (+! b7! 7#$%*! 1b$'&3#c*! +7! 1&!
$#_+'f'*73+'&h!\!)&b1!+7$&j&_&!+7!+`+!a+'f#1!$*7!&(d#'&_1+!a'+$#`#g7h!
!!
!
01!$&d#7*!1&'8*!i!`#7b*`*!(+!)&b1!%&$#&!+1!lq#3*!+7!+1!6-6!$*d+7sg!+7!
CNMNY!$b&7(*!a'*(bj*!`b!a'#d+'!>@L",6!rb7!a'*8'&d&!#7`a#'&(*'!_&`&(*!+7!
b7!c#(+*!+7!+1!kb+!)&b1!#73+'$&d_#&_&!#(+&`!+$*7gd#$&`!$*7!+1!$*7*$#(*!*'&(*'!
d*3#c&(*'!.73%*7i!"*__#7`h!01!lq#3*!(+1!>@!$%&'1&!a*(+'*`&!t)*4+'!?&15u!1+!(#*!
&! )&b1! b7&! #(+&h! p)*'! kbl! 7*! b`&'! +`3+! 7b+c*! d+(#*!a&'&! +(b$&'! 7#m*`T! )&b1!
$'+n&! kb+! 3*(&! 1&! &3+7$#g7! kb+! 1*`! 7#m*`! 8+7+'&1d+73+! '+`+'c&_&7! a&'&! 1*`!
c#(+*jb+8*`!a*(n&!+7$&bs&'`+!&!`b`!$1&`+`!(+!&18+_'&!3&7!`*1*!`#!+`&`!$1&`+`!`+!
&7#d&_&7! $*7! 8'ef#$*`! #73+'&$3#c*`! i! 3+73&(*'+`h! -&! c#`#g7! (+! )&b1! +`3&_&!
45
&(+1&73&(&!&!`b!3#+da*h!01!d+'$&(*!a*3+7$#&1!+'&!+7*'d+h!)+'*!+1!a1&7!(+!)&b1!
1+!f&13&_&!b7!$*da*7+73+!$'b$#&1Y!kb+!$&`#!1+!$b+`3&!3*(*h!
!
-&! 7b+c&! '&s&! (+! 7+34*'5+'`! +`3&_&! $*dab+`3&! a*'! a'*f+`#*7&1+`! `*f#`3#$&(*`!
&13&d+73+!+(b$&(*`Y!+7!_b`$&!(+!b7!7#$%*!1b$'&3#c*!+7!1&!$#_+'f'*73+'&h!
)
%/)*,":/%6+)
!
)&b1! 7*! %&_n&! a+7`&(*! +7! $gd*! a+7+3'&'! (+73'*! (+1!$&ab11*h! \! `#7! +`&!
+`3'&3+8#&! `b! 7+8*$#*! +`3&_&! `+73+7$#&(*h! )&b1! a&`g! &m*`! #73+73&7(*! c+7(+'!
`b`! >@L",6! +(b$&3#c*`! &! 3'&cl`! (+! $&7&1+`! $*7c+7$#*7&1+`Y! $*d*! ab_1#$#(&(!
a*'! $*''+*Y! 7+8*$#*`! d#7*'#`3&`! i! +`$b+1&`h! 9b! +da'+`&Y! X&7+! )b_1#`%#78Y! $*7!
_&`+!+7!@&11&`Y!#7c#'3#g!FH!d#11*7+`!(+!(g1&'+`!+7!d&'5+3#78h!)+'*!+7!$&(&!$&7&1!
(+!(#`3'#_b$#g7!a+'(n&!(#7+'*h!)&'&!%&$+'!b7&!c+73&Y!)&b1!7*!3+7n&!kb+!a+7+3'&'!
b7&Y!`#7*!3'+`!_&''+'&`!d+73&1+`h!07!a'#d+'!1b8&'Y!1&!d&i*'n&!(+!1*`!a&('+`!7*!
c+n&7! 1&! 7+$+`#(&(! (+! #7c*1b$'&'`+! a+'`*7&1d+73+! +7! 1&! 3&'+&! +`$*1&'! (+! `b`!
%#j*`h!0`*!+'&!'+`a*7`&_#1#(&(!(+1!$*1+8#*!a+7`&_&7!+11*`h!07!`+8b7(*!1b8&'Y!1*`!
a&('+`!7*!+73+7(n&7!a*'kbl!3+7n&7!kb+!8&`3&'!(#7+'*!+qa+'#d+73&7(*!$*7!+`3+!
d+(#*! 7*c+(*`*h!\Y! f#7&1d+73+Y!1*`! $1#+73+`!7*!3+7n&7!d&7+'&! (+! (#`$+'7#'Y!+7!
1*`!a*$*`!`+8b7(*`!kb+!11+c&!3*d&'!b7&!(+$#`#g7!(+!$*da'&Y!a*'kbl!1*`!>@`!(+!
)&b1! +'&7! d+j*'+`! kb+! 1*`! (+! 1&`! d&'$&`! $*da+3#(*'&`h! )'*fb7(&d+73+!
+7$+''&(*`! +7! `b`! 'b3#7&`! +`3&_1+$#(&`Y! '+$%&s&_&7!1*`! c*1&73+`! (+! )&b1! i! 1*`!
+q%#_#(*'+`! (+! 1*`! 7+8*$#*`h! 0`3*`! $*da'&(*'+`! +7cb+13*`! +7! $&ab11*`! c+n&7! &!
+`*`!`+mb+1*`!7&(&!de`!kb+!$*d*!#73'*d#`#*7+`!a`#$*1g8#$&`!+7!b7!db7(*!i&!
`*_'+!`&3b'&(*!(+!d+(#*`!(+!ab_1#$#(&(h!
!!
*%,("#+)+)*%,("#+))
!
-&! `*1b$#g7! &! +`3+! a'*_1+d&! +`3&_&! (#`a*7#_1+! a+'*! )&b1! 7*! 1&! $*7*$n&h!
2*! `+! (&_&! $b+73&! (+! kb+! 1*! kb+! 7+$+`#3&_&! +'&! b7! +7f*kb+! (+! c+73&`!
a+'`*7&1#s&(*h!)&b1!7+$+`#3&_&!c+7(+(*'+`!kb+!ab(#+'&7!a*7+'`+!jb`3*!f'+73+!&!
1*`! $*7`bd#(*'+`Y! d&73+7+'! `b! &3+7$#g7Y! 8&7&'`+! `b! $*7f#&7s&! i! +qa1#$&'! +7!
(+3&11+! 1*`! _+7+f#$#*`! (+! +`3&! 3+$7*1*8n&h! 07! `n73+`#`Y! 7+$+`#3&_&! d&'5+3#78! (+!
_*$&L+7L_*$&h!!
!
!
01! db7(*! (+! 1*`! 7+8*$#*`! 3'&(#$#*7&1+`! 7*! *f'+$n&! 7#78b7&! +`3'&3+8#&!
a&'&! *f'+$+'! 3+`3#d*7#*`! a+'`*7&1+`Y! $&'&! &! $&'&h! -*`! '+`a*7`&_1+`! (+!
d&'5+3#78! $*7c+7$#*7&1+`! c+n&7! &! 1&! a'*d*$#g7! (+! _*$&L+7L_*$&! $*d*! b7!
'+`b13&(*!(+!1&!_b+7&!ab_1#$#(&(Y!7*!$*d*!b7&!+`3'&3+8#&!a&'&!$*db7#$&'1&h!!
!
!
9ba*7n&7!kb+!b7&!_b+7&!$&da&7&!ab_1#$#3&'#&!8+7+'&'n&!$*d+73&'#*`!(+!
a+'`*7&! &! a+'`*7&! d+(#&73+! 3'&_&j*! &'(b*! i! $*7! 1&! &a1#$&$#g7! (+! $#+'3*`!!
a'#7$#a#*`! dbi! $*7*$#(*`Y! (+! d&7+'&! '+a+3#3#c&! i! $*7! '+`b13&(*`! $*7f#&_1+`! i!
8+7+'&1d+73+! 1b$'&3#c*`h! @+! %+$%*Y! +`3*! +'&! +q&$3&d+73+! 1*! kb+! %&$n&7! 1*`!
(#`3'#_b#(*'+`!(+!'+(!a&'&!c#c#'h!)&`&'n&7!c&'#*`!&m*`!&73+`!(+!kb+!)&b1!`+!(#+'&!
$b+73&! `#kb#+'&! (+! kb+! +q#`3n&! +1! d&'5+3#78! db13#7#c+1h! )+'*Y! b7&! c+s! kb+! 1*!
(+`$b_'#gY!`+!$*7c+'3#'n&!'ea#(&d+73+!+7!b7*!(+!1*`!de`!f+'c#+73+`!(+f+7`*'+`!
(+!1&!#7(b`3'#&h!!
!
!
)*'! *3'&! a&'3+Y! 1*`! 7+34*'5+'`! $*7`#(+'&_&7! &1! d&'5+3#78! (+! _*$&L+7L
_*$&!$*d*!b7&!$#+7$#&h!
46
/+)2,"#$%,+)'%)/+)'&($,&:0!&C#))
!
)&b1!#78'+`g!&!1&!#7(b`3'#&!d+(#&73+!b7!&$$#(+73+!f+1#sh!B7!(n&!(+! CNNCY!
b7!(#`3'#_b#(*'!(+!.d4&i!11&d&(*!@*7!O+1(!`+!`+73g!&!+`$b$%&'!b7&!c+'`#*7!(+!
)*4+'!?&15!+7!$&``+33+h!07!1&!$#73&Y!)&b1!1+!+qa1#$&_&!&!.73%*7i!"*__#7`!kb+!+7!
1&! (+$&(&! (+! 1*`! NP! 1&`! 8'&7(+`! `bd&`! (+! (#7+'*! `+! #_&7! &! &1$&7s&'!
+7$*73'&7(*!d+j*'+`!c#&`!(+!(#`3'#_b$#g7!i!7*!f&_'#$&7(*!a'*(b$3*`!&3'&8&73+`h!
$%&'! b7&! c+'`#g7! (+! )*4+'! ?&15! +7! $&``+33+h! 07! 1&! $#73&Y! )&b1! 1+! +qa1#$&_&! &!
.73%*7i! "*__#7`! kb+! +7! 1&! (l$&(&! (+! 1*`! NP! 1&`! 8'&7(+`! `bd&`! (+! (#7+'*! `+!
#_&7! &! &1$&7s&'! +7$*73'&7(*! d+j*'+`! cn&`! (+! (#`3'#_b$#g7! i! 7*! f&_'#$&7(*!
a'*(b$3*`!&3'&a&73+`h!!
!
!
07! +1! $&``+33+Y! )&b1! (&_&! b7! +j+da1*! d+d*'&_1+! a&'&! w1b`3'&'! `b! #(+&h!
"+$*'(&_&!b7&!f&d*`&!+`$+7&!(+!1&!a+1n$b1&!01!='&(b&(*Y!+7!1&!kb+!b7!%*d_'+!
(+! 7+8*$#*`! _#+7! #73+7$#*7&(*! 1+! (&_&! b7! $*7`+j*! a'*f+`#*7&1! &! K+7! t+1!
a+'`*7&j+!#73+'a'+3&(*!a*'!@b`3n7!O*ffd&7uh!01!$*7`+j*!+'&!b7&!o7#$&!a&1&_'&D!
Za1e`3#$*`[h! 07! 1&! (l$&(&!(+!1*`! IPY! +`+!+'&!b7!_b+7! $*7`+j*h!07!+`*`!(n&`Y!1&!
d&i*'!a+'`a+$3#c&!(+!(#7+'*!+`3&_&!+7!_b`$&'!dl3*(*`!a&'&!'+(b$#'!+1!$*`3*!(+!
f&_'#$&$#g7h!B7&!d&7+'&!(+!1*8'&'!+`*!+'&!%&$+'!*_j+3*`!(+!a1e`3#$*!+7!c+s!(+!
d+3&1Y!9#7!+d_&'8*Y!%&$#&!CNNCY!+`&!*a*'3b7#(&(!%&_n&!(+`&a&'+$#(*!_&`3&73+!
3#+da*!&3'e`h!!
!
!
)&b1!+qa1#$&_&!kb+!1*`!&c&7$+`!3+$7*1g8#$*`!%&_n&7!_&j&(*!+1!$*`3*!(+!b7!
a'*(b$3*! %&`3&! '+a'+`+73&'! d+7*`! (+1! FP! a*'! $#+73*!(+1! a'+$#*! d#7*'#`3&h! 0`*!
(+j&_&! a*$*! d&'8+7! a&'&! '+(b$#'! &o7! de`! 1*`! $*`3*`!(+! a'*(b$$#g7Y! )*'! *3'&!
a&'3+Y! 1*`! $*`3*`! (+! (#`3'#_b$#g7! &%*'&! '+a'+`+73&_&7! b7! MP! a*'! $#+73*! (+1!
a'+$#*!(+!b7!a'*(b$3*h!O&_n&!db$%*!d&'8+7!a&'&!+dabj&'!+`3*`!a'+$#*`!%&$#&!
&_&j*h! )*'! +`&! '&sg7Y! +qa1#$&_&! )&b1Y! &%*'&! 1&! 8'&7! *a*'3b7#(&(! +`3&_&! +7!
+7$*73'&'!d&7+'&`!(+!(#`3'#_b#'!1*`!a'*(b$3*`!&!d+7*'!$*`3*h!!
!
/+)!"#%_&C#)6/6))
!
)&b1!7*!1*!`&_n&!+7!+`+!d*d+73*Y!a+'*!b7&!(+!1&`!d+j*'+`!d&7+'&`!(+!
'+(b$#'! 1*`! $*`3*`! (+! (#`3'#_b$#g7! +`! d+(#&73+! +1! d&'5+3#78! (+! '+(+`h! .!
(#f+'+7$#&! (+! b7&! fb+'s&! (+! c+73&`! $*7c+7$#*7&1Y! 1*`! (#`3'#_b#(*'+`! (+! '+(! 7*!
'+$#_+7!$*da+7`&$#g7!de`!&11e!(+!`b!$*d#`#g7h!9b!ab_1#$#(&(!(+!_*$&L+7L_*$&!
ab+(+! a+7+3'&'! d+'$&(*`! $*7! d&i*'! +f+$3#c#(&(! kb+! 1&`! db13#d#11*7&'#&`!
$&da&m&`!ab_1#$#3&'#&`!$*7c+7$#*7&1+`Y!i!&1!f&_'#$&73+!7*!1+!$b+`3&!$&`#!7&(&h!!
!
!
.!a+`&'!(+!`b!'+ab3&$#g7!$*d*!&b3*'Y!$*7`+j+'*!a'+`#(+7$#&1Y!a'*f+`*'!(+!
+$*7*dn&! i! +da'+7(+(*'Y! )&b1! 7*! $*7*$n&! +`3*`! %+$%*`! _e`#$*`h! 07! +f+$3*Y!
7b7$&! %&_n&! *n(*! %&_1&'! (+1! 7+34*'5! d&'5+3#78h! )+'*Y! &1! +`$b$%&'! 1&! $#73&!
)*4+'!?&15Y!@*7!$&a3g!1&!$*7+q#g7!#7d+(#&3&d+73+h!
!
!
@*7!'+$b+'(&D!Z(+$n&!kb+!1&!8'&7!*a*'3b7#(&(!+`3&_&!+7!1&!(#`3'#_b$#g7h!
>b&7(*! +`$b$%l! +`*! (#j+D! w@#*`! dn*Y! +7! +`*! +`3&d*`x[! @*7! 1*$&1#sg! &1! f&d*`*!
+$*7*d#`3&!i!1*!$*73'&3g!a&'&!kb+!%&_1&'&!+7!b7&!fb3b'&!'+b7#g7!(+!.d4&ih!!
!
/+)6+#%,+)%($+'"0#&'%#(%))
!
)*'!`bab+`3*Y!)&b1!X&7+!)#1s+'!7b7$&!%&_n&!*n(*!%&_1&'!(+!.d4&i!&73+`h!
)+'*! (+3'e`! (+! +`$+7&Y! .d4&i! c+7n&! '+c*1b$#*7&7(*! `#1+7$#*`&d+73+! 1*`!
47
7+8*$#*`!+`3&(*b7#(+7`+`!(+`(+!CNHNh!0`+!&m*Y!(*`!&d#8*`!(+!1&!#7f&7$#&!kb+!
c#cn&7!+7!='&7(!"&a#(`Y!6#$%#8&7!r"#$%!@+E*`!i!Q&i!E&7!.7(+1r!`+!`+a&'&'*7!
(+!2b3'#1#3+!)'*(b$3`!;7$h!O&_n&7!8&7&(*!b7&!f*'3b7&!(#`3'#_bi+7(*!c#3&d#7&`!i!
`ba1+d+73*`!d#7+'&1+`!a&'&!&kb+11&!a'#d+'&!$*da&mn&!(+!6-6Y!$bi*!(b+m*!+'&!
>&'1!"+%7_*'8h!)+'*!@+E*`!i!E&7!.7(+1!a+7`&'*7!kb+!1+`!a*(n&!#'!d+j*'!a*'!`b!
$b+73&h! B`&7(*! b7&! c+'`#g7! d+j*'&(&! (+1! a1&7! (+! $*da+7`&$#g7! 6-6! (+!
"+%7_*'8Y! f*'d&'*7! b7&! 7b+c&! +73#(&(! $*d+'$#&1! &! 1&! kb+! 11&d&'*7! .d4&i!
>*'a*'&3#*7h!!
!
!
.1! %&_+'! `#(*! d#+d_'*`! (+! 1&! Ab+'s&! .l'+&! (b'&73+!1&! 9+8b7(&! =b+''&!
6b7(#&1Y!@+E*`!i!E&7!.7(+1!+'&7!f+_'#1d+73+!a&3'#*3&`h!?&d_#l7!+'&7!$'#`3#&7*`!
$*da'*d+3#(*`Y! $'#&(*`! +7! +1! a'*3+`3&73#`d*! *'3*(*q*! kb+! `b`! &73+$+`*'+`!
#7d#8'&73+`! %&_n&7! 3'&n(*! (+`(+! O*1&7(&h! @+`(+! +1! a'#7$#a#*Y! 1*`! `*$#*`! `+!
a'*ab`#+'*7! kb+! .d4&i! '+`bd#+'&! 1&`! &73#8b&`! c#'3b(+`! +`3&(*b7#(+7`+`h! 9b!
a'*a#*!7*d_'+!+'&!b7&!&_'+c#&34&!(+!y.d+'#$&7!]&i[!td*(*!+`3&(*b7#(+7`+uh!
O&`3&!+1!(n&!(+!%*iY!`b`!`+d#7&'#*`!$*7!+`3#1*!'+c#c&1!$*d#+7s&7!i!3+'d#7&7!$*7!
$&73*`! (+1! 3#a*! (+1! O#d7*! 2&$#*7&1! +`3&(*b7#(+7`+Y! i! *3'*`! %#d7*`!
d*3#c&$#*7&1+`Y! $*7! +1! &$*da&m&d#+73*! (+! 1&! _&7(+'&! 7&$#*7&1! f1&d+&7(*!
(+`(+! a&73&11&`! 8#8&73+`v! `b! fb+'s&! (+! (#`3'#_b#(*'+`! +`3e! $*dab+`3&! +7! 8'&7!
a&'3+! a*'! (+c*3*`! $'+i+73+`h! -*`! c&1*'+`! 3'&(#$#*7&1+`! +7$b+73'&7! b7&! f+1#s!
`n73+`#`!+7!1&!c#`#g7!(+1!db7(*!(+!.d4&ih!
!
=+!&+)/")'%(!"#"!&'"))
!
-&!fg'db1&! (+!.d4&i!%&!(+d*`3'&(*!`+'!7*3&_1+d+73+!+q#3*`&h!-*!kb+!
$*d+7sg!$*d*!b7&!a+kb+m&!+da'+`&Y!kb+!c+7(n&!b7!1#da#&(*'!db13#a'*ag`#3*!
_#*(+8'&(&_1+! 11&d&(*! A'#`5Y! &%*'&! `+! %&! $*7c+'3#(*! +7! b7&! $*'a*'&$#g7!
3'&7`7&$#*7&1! (+! HJhPPP! d#11*7+`! (+! (g1&'+`Y! kb+! *f'+$+! de`! (+! IhHPP!
a'*(b$3*`!i!`+'c#$#*`!(#f+'+73+`Y!i!d&7+j&!b7*!(+!1*`!`#3#*`!de`!#da*'3&73+`!(+!
c+73&`! d#7*'#`3&`! a*'! ;73+'7+3h! ?&7! `g1*! 1&`! #7`3&1&$#*7+`! (+! #7c+`3#8&$#g7! i!
c+73&!(+!.d4&i!&_&'$&7!*$%+73&!+(#f#$#*`Y!kb+!$*7f*'d&7!b7&!`ba+'f#$#+!3*3&1!
(+!GNPhPPP!d+3'*`!$b&('&(*`h!@+E*`!i!E&7!.7(+1!&a&'+$+7!'b3#7&'#&d+73+!+7!
1&`!1#`3&`!&7b&1+`!(+!1*`!#7(#c#(b*`!de`!'#$*`!(+!1*`!0`3&(*`!B7#(*`Y!ab_1#$&(&`!
+7!1&`!'+c#`3&`!A*'_+`!i!A*'3b7+h!!
!
!
)&b1! 7*! `&_n&! 7&(&! (+! 3*(*! +`3*! $b&7(*! (+$#(#g! (&'! `b! a'#d+'&!
$*7f+'+7$#&!+7!b7!`+d#7&'#*!(+!.d4&ih!)&'&!l1Y!+'&!7&(&!de`!kb+!*3'*!3'&_&j*!
+7!b7&!$*7c+7$#g7!a+'*Y!`#7!`&_+'1*Y!%&_n&!(&(*!+1!a'#d+'!a&`*!(+!b7!c#&j+!kb+!
b7!(n&!1*!11+c&'n&!%&`3&!+1!f#1*!(+!1&!#77*c&$#g7!(+1!`#81*!c+#73#b7*h!0`3&_&!i+7(*!
%&$#&!(*7(+!7#78o7!+$*7*d#`3&!3'&(#$#*7&1!%&_n&!#(*!&73+`h!9#!%b_#+'&7!`&_#(*!
+7! 1*! kb+! )&b1! +`3&_&! #7c*1b$'&(*Y! `b`! a'*f+`*'+`! (+! 1&! 0`$b+1&! (+! 2+8*$#*`!
]&'3%*7!%b_#+'&7!f'b7$#(*!+1!$+m*!+7!`+m&1!(+!(+`&a'*_&$#g7h!.b7kb+!3&d_#l7!
`+! %b_#+'&7! d&'&c#11&(*! (+! 1&! d&87nf#$&! *a*'3b7#(&(! kb+! )&b1! +`3&_&! &! ab73*!
(+!(+`$b_'#'h!!
)
)
)
48
)
)
!DEFGHIJ)"!=")
)
/D)+HGJENKGD)UL)ID)'NKGPN\HTNXO)
)
)
!
>b&7(*! )&b1! X&7+! )#1s+'! 11+8g! &1! $+73'*! (+! $*7c+7$#*7+`! (+! 93h!!
-*b#`! a&'&! (&'! `b! a'#d+'&! $*7f+'+7$#&! +7! b7! `+d#7&'#*! (+! .d4&i!
#7d+(#&3&d+73+!`+!`#73#g!(+`$*7$+'3&(*h!-&!db13#3b(!(+!GhHPP!a+'`*7&`!+`3&_&!
+1+$3'#s&(&h!@#`$b'`*`!d*3#c&$#*7&1+`Y!3+`3#d*7#&1+`Y!i!b7&!&$3b&$#g7!+7!c#c*!(+!
1&!+`3'+11&!(+!$*b73'i!i!4+`3+'7!>'i`3&1!=&1+Y!d&73+7n&7!+7!&13*!`b!+73b`#&`d*h!
)&b1! &(d#3+! Zd+! `+73n&! b7! a*$*! #73#d#(&(*[h! p>gd*! '+&$$#*7&'n&7! +`3&`!
a+'`*7&`! $b&7(*! b7&! &_b''#(&! $*7f+'+7$#&! (+! b7! a'*f+`*'! (+! +$*7*dn&! 1+`!
#73+''bda#+'&! `b! f#+`3&! (+! `e_&(*! a*'! 1&! 7*$%+T! p-+! &''*j&'n&7! 3*d&3+`! i! 1*!
+$%&'n&7!(+1!+`$+7&'#*!&!`#1_#(*`Y!$*d*!+7$*1+'#s&(*`!(+f+7`*'+`!(+!b7!`%*4!(+!
c*(+c#1T!!
!
!
07! $#+'3&! f*'d&Y! +7! d+(#*! (+! 1&! &3dg`f+'&! 'b#(*`&! (+! 1&! '+b7#g7Y! `b`!
(b(&`!7*!a&'+$n&7!fb+'&!(+!1b8&'h!)+'*Y!a*$*!(+`abl`!(+!`b_#'`+!&1!a*(#*Y!)&b1!
`+! (#*! $b+73&! (+! kb+! `b`! d#+(*`! +'&7! #7fb7(&(*`h! -&! db13#3b(! (+d*`3'g! `+'!
`*'a'+`#c&d+73+! &3+73&h! Z>b&7(*! d+! `b_n! &1! +`$+7&'#*Y! `b_#+'*7! b7! a*$*! 1&`!
1b$+`Y!3*(*`!`&$&'*7!a&a+1!i!1ea#sY!i!$*d+7s&'*7!&!3*d&'!7*3&`[Y!'+$b+'(&Y!Z9+!
ab`#+'*7! dbi! `+'#*`h! 9+73n&! kb+! +`3&_&! $*7! d#`! +`3b(#&73+`Y! a'+a&'&7(*! b7!
f#7&1h[!
!!
6S()+//S)'%/)+/:","$"))
!
)&b1! %&_n&! '+$#_#(*! `b! a'#d+'&! 1+$$#g7! (+! 1&! $b13b'&! (+1! 7+34*'5!
d&'5+3#78h! @+3'e`! (+! 3*(*! +1! &1_*'*3*Y! 1*`! 7+34*'5+'`! `*7! b7! 8'ba*! `+'#*Y!
%&d_'#+73*!(+!#(+&`!7b+c&`!i!(+$#(#(&d+73+!%*7+`3*`!&$+'$&!(+!8&7&'!(#7+'*h!
)&b1!`+!'+b7#g!$*7!c+#73+!(#`3'#_b#(*'+`!1n(+'+`!1b+8*!(+!1&!$*7f+'+7$#&!i!%&_1g!
(+! +$*7*dn&! %&`3&! +1! &d&7+$+'! )&b1! '+$b+'(&D!Zd+!`*_'+$*8#g!`b! (+(#$&$#g7Y!
`b! (+`+*! (+! &a'+7(+'h[! )&b1! 3&d_#l7! +`3&_&! &a'+7(#+7(*h! O&_n&! a&`&(*!
`+d&7&`!&73+`!(+!1&!$*7c+7$#g7!+`3b(#&7(*!&!.d4&i!i!d&'&c#11e7(*`+!(+!`b`!
a'*(b$3*`!(#c+'`*`Y!'ea#(&!+qa&7`#g7!81*_&1!i!+`3'&3+8#&!(+!d&'5+3#78!_*$&L+7L
_*$&h!)&b1!`+!a'+8b73&_&!a*'!kbl!7b7$&!&73+`!%&_n&!+`$b$%&(*!%&_1&'!(+!+`&!
$*da&mn&h!p>gd*!`+!1+!%&_n&!+`$&a&(*!3*(&!+`3&!#7(b`3'#&T!Z9#!d+!(+(#$&'&!&!
(#`+m&'! b7! 7+8*$#*! 7b+c*Y! &a'*c+$%&7(*! 3*(&`! 1&`! 3+*'n&`! i! 3+7(+7$#&`! kb+!
`b'8+7! (+! d#! 1#_'*! "#kb+s&! #1#d#3&(&Y! +`+! 7+8*$#*! `+'n&! +1! 7+34*'5! d&'5+3#78[!
(#$+!)&b1h!.`nY!(+$#(#g!%&$+'!(+1!+`3b(#*!(+1!6-6!b7&!(+!`b`!a'#*'#(&(+`!(+!1*`!
&m*`!c+7#(+'*`h!
!
@+3'e`!(+!3*(*!+1!&1_*'*3*Y!1*`! 7+34*'5+'`!`*7!b7! 8'ba*!`+'#*Y!%&d_'#+73*!(+!
#(+&`!7b+c&`!i!(+$#(#(&d+73+!%*7+`3*`!&$+'$&!(+!8&7&'!(#7+'*h!
49
!
!
!
!
,%(&($%#!&+)'%)/"()!/&%#$%())
!
.!a+`&'!(+!3*(*!`b!+73b`#&`d*Y!a&`&'n&7!c&'#*`!&m*`!&73+`!(+!kb+!)&b1!
$*da'+7(#+'&!+7!`b!3*3&1#(&(!+1!a*3+7$#&1!kb+!+1!6-6!1+!*f'+$n&!&!`b!#7+qa+'3*!
7+8*$#*!(+!>@L",6`h!)&`g!*$%*!&m*`!+7!b7&!+da'+`&!kb#dl'#$&Y!3'&3&7(*!(+!
c+7(+'! `b`! a'*(b$3*`! &! 3'&cl`! (+! $&(&! dl3*(*! $*7c+7$#*7&1! (#`a*7#_1+h! )&b1!
&f#'d&D! Z,j&1e! ab(#+'&! (+$#'1+`! kb+! (+`(+! +1! a'#7$#a#*! c#! &! .d4&i! $*d*! 1&!
*a*'3b7#(&(h!)+'*!7*!1*!%#$+h!)+7`l!kb+!1&!$1&c+!#_&!&!`+'!1&!c+73&!d#7*'#`3&!r
b7!+''*'!kb+!+c+73b&1d+73+!7*`!$*`3g!b7&!f*'3b7&Y!i!$&`#!1&!$*da&mn&!d#`d&h[!!
)&b1! a'*_g! 3*(*`! 1*`! 3'b$*`! kb+! $*7*$n&! a&'&! c+7(+'! `b`! a'*(b$3*`h! 07c#g!
$*''+`a*7(+7$#&! ab_1#$#3&'#&! d&`#c&h! 9+! '+b7#g! $*7! (#'+$3*'+`! (+! $*1+8#*`Y!
3'&3&7(*! (+! 1*8'&'! a+(#(*`! d&`#c*`h! >*7c+7$#g! &! 1&! $&(+7&! (+! c#(+*$1b_+`!
K1*$5_b`3+'! (+! kb+! 1+! (#+'&7! '#+7(&! `b+13&! a&'&! #73+73&'! 1&! c+73&! (+! `b`! >@L
",6`!+7!$#7$b+73&!`b$b'`&1+`!(+!>&1#f*'7#&Y!b`&7(*!$b&1kb#+'!3#a*!(+!+q%#_#(*'!
*! (+! $*d_#7&$#g7! (+! a'*(b$3*`! kb+! 1+! 8b`3&'&h! 01! +qa+'#d+73*! f'&$&`*Y! 3'+`!
c+$+`!`+8b#(&`h!
!!
!
)&b1! '+$b+'(&D! Z+'&! 3&7! f'b`3'&73+h! 2*! a*(n&d*`! $'+&'! f#(+1#(&(! +7! 1*`!
$1#+73+`[h!9#7!c+7(+(*'+`!+7!`b!+`3'b$3b'&Y!)&b1!3+7n&!b7&!`+'#&!(+`c+73&j&h!\&!
+'&! _&`3&73+! (#fn$#1! 1*8'&'! kb+! 1&! 8+73+! $*da'&'&! >@L",6`! +(b$&3#c*`h! )+'*Y!
#7$1b`*! &kb+11*`! $1#+73+`! kb+! 1*! %&$n&7Y! &! c+$+`! 7*! 1*8'&_&7! (#`3#78b#'! b7&!
d&'$&! (+! *3'&! 1&! `#8b#+73+! c+s!kb+!#_&7!&! 1&! 3#+7(&!)&b1! `+!kb+j&D! Z`#!c*1cn&7Y!
+'&! #8b&1! (+! a'*_&_1+! kb+! $*da'&'&7! b7! a'*(b$3*! (+!1&! $*da+3+7$#&Y! &! c+$+`!
(+!#7f+'#*'!$&1#(&(h[!!
!
%#)%/)!+*0//"))
!
-*! kb+! )&b1! 7+$+`#3&_&! +'&! a+7+3'&'! +1! $&ab11*h! 2+$+`#3&_&! 8&7&'`+! 1&!
$*7f#&7s&!(+!1&!8+73+!i!&3'&+'!`b!&3+7$#g7!1*!`bf#$#+73+!$*d*!a&'&!$*73&'1+`!1&!
%#`3*'#&h! -+73&d+73+Y!`+! fb+!(&7(*!$b+73&!(+!kb+! +1! 7+34*'5!d&'5+3#78!(+_n&!
`+'!1&!$1&c+h!-b+8*!(+!`b!$*7f+'+7$#&!(+!CNNC!+7!93h!-*b#`Y!)&b1!`+!$*7c#'3#g!+7!
b7&! $+1+_'#(&(! (+1! 6-6h! O&_1&_&! &73+! db13#3b(+`! (+! .d4&i! b! *3'&`!
$*7c+7$#*7+`! (+! 6-6h! @+! c+s! +7! $b&7(*Y! (b'&73+! 1&`!$*7f+'+7$#&`Y! )&b1! `*1#&!
3+7+'! $*7c+'`&$#*7+`! $&`b&1+`! $*7! +da'+`&'#*`! (+! '+(! 1n(+'+`! (+1! de`! &13*!
7#c+1Y! i! 1+`! $*73&_&! `*_'+! `b`! >@L",6`h! 6b$%*`! a+(n&7! db+`3'&`! a&'&!
a'*_&'1*`!$*7!`b`!%#j*`h!
!!
!
Z>*d+7$l!(e7(*1+`!a'*(b$3*`!&!1*`!@#&d&73+`Y!1*`!$#7$b+73&!1n(+'+`!3*a!
(+!.d4&i[!'+$b+'(&!)&b1h!Z2*!a&`g!db$%*!3#+da*!%&`3&!kb+!1*`!%#j*`!i!7#+3*`!
(+! 3*(*`! 1*`! @#&d&73+`! 1*`! +`3&_&7! b`&7(*h! .`n! kb+! `+! (#'#8#+'*7! &! .d4&i!
>*'a*'&3#*7!i!(#j+'*7!Z(+_+'n&d*`!(#`3'#_b#'!+`3*[h!
!!
/+),%')&#$%/&?%#$%)
!!
07!+1!d&'5+3#78!$*7c+7$#*7&1Y!1&`!(+$#`#*7+`!`+!3*d&7!+7!1*`!7#c+1+`!de`!
&13*`!i!`+!3'&7`d#3+7!&!1&!fb+'s&!(+!c+73&`h!)+'*!b7&!'+(!(+!6-6!3#+7+!c*1b73&(!
a'*a#&h! >*dab+`3&! a*'! (b+m*`! (+! 7+8*$#*`! #7(+a+7(#+73+`Y! kb+! &$3o&7! +7!
&`*$#&$#g7! 1#_'+! i! c*1b73&'#&Y! 1&! '+(! &! c+$+`! 3*d&!1&! #7#$#&3#c&! (+! #(+73#f#$&'! i!
50
+qa1*3&'! *a*'3b7#(&(+`! db$%*! &73+`! kb+! 1*`! +j+$b3#c*`! $*'a*'&3#c*`h! 9+8o7!
)&b1Y!Z+`!b7!ab73*!&!f&c*'!(+1!7+34*'5!d&'5+3#78h!9#!1*`!(#`3'#_b#(*'+`!$'++7!+7!
b7!a'*(b$3*!*!`+'c#$#*Y!ab+(+7!#73'*(b$#'1*!+7!1&!*'8&7#s&$#g7h[!.`n!`b$+(#g!$*7!
`b`!>@`!)*4+'h!>*d+7sg!&!(#`3'#_b#'1*`!&!3'&cl`!(+!.d4&i!+7!CNNIh!-&`!c+73&`!
(+`a+8&'*7! #7d+(#&3&d+73+h! >*7! $&(&! &m*! kb+! a&`&_&Y! 1&`! *3'&`! fb+73+`! (+!
#78'+`*!(+!)&b1!`+!fb+'*7!&$%#$&7(*!%&`3&!(+`&a&'+$+'h!07!$&d_#*!1&`!c+73&`!&!
3'&cl`! (+! .d4&iY! fb+'*7! &bd+73&(*! %&`3&! kb+! 1&! (#`3'#_b$#g7! a*'! 6-6!
'+a'+`+73g!$&(&!$+73&c*!(+!`b`!M!d#11*7+`!(+!(g1&'+`!+7!8&7&7$#&`h!)&b1!$+(#g!
&73+! 1*! #7+c#3&_1+! +7! CNNMY! '+*'8&7#s&7(*! `b! +da'+`&! a&'&! (#`3'#_b#'!
+q$1b`#c&d+73+! &! 3'&cl`! (+! .d4&ih! .(d#3+D! Zf&11&d*`! +7! 1&! c+73&! d#7*'#`3&h!
A&11&d*`! +7! 1&! c+73&! a*'! $*''+*h! )+'*! 3'#b7f&d*`! de`! &11e! (+! 7b+`3'&`!
+qa+$3&3#c&`!c+7(#+7(*!(#'+$3&d+73+!&!3'&cl`!(+!.d4&ih!!
!
'&($,&:0!&C#)%#)/+)"/+)4))
!
)&b1!X&7+!)#1s+'!%&_n&!1*8'&(*!b7&!c#`#g7!(+1!fb3b'*h!07!b7!db7(*!+7!+1!
kb+!1&!8+73+!7*!`&1('e!&!%&$+'!$*da'&`Y!$&(&!c+s!de`!+da'+`&`!$*73'&3&'e7!&!
f#'d&`!$*d*!.d4&i!a&'&!+73'+8&'!`b`!a'*(b$3*`!(#'+$3&d+73+!+7!+1!$&ab11*!(+1!
$*7`bd#(*'h!@+!%+$%*Y!db$%&`!$*da&mn&`!(+!'+7*d_'+!i&!%&7!(&(*!+`+!a&`*h!
)'*(b$3*`! i! `+'c#$#*`! (+! b7&! db13#3b(! (+! f#'d&`! &%*'&! 11+8&7! &1! $*7`bd#(*'! &!
3'&cl`!(+!fb+'s&`!(+!c+73&`!(+!7+34*'5!d&'5+3#78Y!kb+!ab+(+7!+`3&'!1#8&(&`!*!
7*!&1!f&_'#$&73+!d+(#&73+!b7&!'+1&$#g7!`b_`#(#&'#&h!
!!
!
)*'! +j+da1*Y!;K6! &%*'&! c+7(+!a'*8'&d&`! (+! $&a&$#3&$#g7! (+!#73+'7+3!&!
3'&cl`!(+!K#8!)1&7+3Y!b7&!(#c#`#g7!(+!2b95#7!;73+'7&3#*7&1Y!@ba*73!i!>*7&8'&!`+!
b7#+'*7!+7!CNMM!a&'&!f*'d&'!b7&!+da'+`&!_#*3+$7*1g8#$&!11&d&(&!@>Eh!-b+8*!
(+! `+a&'&'`+! (+! `b`! $*da&mn&`! d&3'#$+`! +7! CNNJY! @>E! 1&7sg! b7&! `b_`#(#&'#&!
11&d&(&!-+8&$i!B9.!a&'&!c+7(+'!a'*(b$3*`!7b3'#$#*7&1+`!a&3+73&(*`h!07!d&i*!
(+! CNNNY! 2K?\! t&73+`! 11&d&(*! 2&3b'+R`! K*b73i! ;7$huY! +1! 8#8&73+! 7b3'#$#*7&1!
c&1b&(*!+7!HJF!d#11*7+`! (+!(g1&'+`Y! &(kb#'#g! b7&! $*da&mn&! (+! 6-6!$*7!`+(+!
+7! @&11&`! 11&d&(&! @i7&d#$`! 0``+73#&1! ;7$*'a*'&3+(! t@0;uY! a&'&! b`&'! $*d*! `b!
(#c#`#g7!(+!d&'5+3#78h!
!!
!
ZO+d*`!*_`+'c&(*!+1!+qa1*`#c*!a*3+7$#&1!(+1!7+34*'5!d&'5+3#78[!(#$+!+1!
(#'+$3*'Y! >0,! i! a'+`#(+73+! (+1! (#'+$3*'#*Y! 9$*33! "b(*1a%h! Zi! $'++d*`! kb+!
3+7+d*`!b7&!*a*'3b7#(&(!#da*'3&73+!(+!$'+$#d#+73*!$*7!+1!+kb#a*!@0;[h!-b+8*!
(+! &m*`! (+! c+'! kb+! $*da+3#(*'+`Y! $*d*! "+q&11! 9b7(*47Y! b`&_&7! 6-6! a&'&!
1*8'&'! a+7+3'&'! +1! d+'$&(*! &! 1&! c+1*$#(&(! (+1! '&i*Y! 2?K\! (+$#(#g! kb+! +'&!
d*d+73*!(+!b7#'`+!&!1&!"+c*1b$#g7!(+!1&!,1&!/h!!
!
6"'%/")*+,+)%/)20$0,")
!
Sb#se`! 7#78b7&! +da'+`&! (+! 6-6! +j+da1#f#$&! d+j*'! kb+! .d4&i! +1!
d*(+1*!(+!,1&!/!(+!(#`3'#_b$#g7!a&'&!3+'$+'*`h!-&!$*da&mn&!c+7(+!&b3*dgc#1+`!
(+!=+7+'&1!6*3*'`Y!>%'i`1+'!i!A*'(v!+1+$3'*(*dl`3#$*`!(+!O*3a*#73!i!]%#'1a**1Y!
i! `+'c#$#*`! (+! 1&'8&! (#`3&7$#&! (+! 6>;h! Z.$3b&1d+73+Y! 7b+`3'*! $&3e1*8*! a&'+$+!
b7&!a+kb+m&!c+'`#g7!(+1!$&3e1*8*!(+!1&`!8'&7(+`!3#+7(&`!9+&'`Y[!(#$+!@*7!O+1(h!!
>*7! `b! $+73'*! (+! $*da'&`! c#'3b&1+`! +7! ;73+'7+3! i! `b! $&3e1*8*! (+! IHPP!
a'*(b$3*`! i! `+'c#$#*`h! .d4&i! >*'a*'&3#*7! +`3e! d*`3'&7(*! +1! $&d#7*! %&$#&! +1!
fb3b'*h! 07! 1*`! a'#d+'*`! 3#+da*`! (+1! 6-6Y! 1*`! +da'+`&'#*`! #7c+73&_&7! d+j*'+`!
a'*(b$3*`! i! b`&_&7! +1! 7+34*'5! d&'5+3#78! a&'&! 11+c&'1*`! &1! d+'$&(*h! )+'*! 1&`!
51
$*da&mn&`! 6-6!(+1! fb3b'*!`+'e7!db$%*!de`! a&'+$#(&`!&! .d4&ih! 9b! a'#7$#a&1!
7+8*$#*!`+'e!c+7(+'!1*`!a'*(b$3*`!%+$%*`!a*'!*3'*`h!-*`!7+34*'5+'`!(+!1&!,1&!/!
a'*c++'e7!b7&!.b3*a#`3&!(+!(#`3'#_b$#g7!&!3'&cl`!(+!1&!$b&1!d#1+`!(+!+da'+`&`!
$1#+73+`!d*c+'e7!`b`!d+'$&(+'n&`h!!
!
%/)?#"6")%#)%/)*0%#$%)
!
07! `b`! $b&'+73&! &m*`! (+! +c*1b$#g7Y! .d4&i! >*'a*'&3#*7! '+`bd+! 1&!
3'&7`#$#g7! (+1! 7+34*'5! d&'5+3#78Y! (+`(+! 1&! ,1&! C! %&`3&! 1&! ,1&! /h! 9b`!
fb7(&(*'+`Y! Q&i! E&7! .7(+1! i! "#$%! @+E*`Y! $*d+7s&'*7! $*7! +1! $1e`#$*!!
+`3#1*!+da'+`&'#&1Y!a'+`+73&7(*!i!c+7(#+7(*!b7!a'*(b$3*!d+j*'!rb7!1#da#&(*'!
_#*(+8'&(&_1+! 11&d&(*! A'#`5h! )+3*! `b! $*da&mn&! %&! +c*1b$#*7&(*! %&`3&!
$*7c+7#'`+! +7! b7! $*7(b$3*! (+! &13&! 3+$7*1*8n&! a&'&! 11+c&'! $b&1kb#+'! a'*(b$3*Y!
(+`(+! $+'+&1+`! ^+11*88R`! %&`3&! `+$&(*'+`! ]%#'1a**1Y! (#'+$3*! &! 1&! $&`&! (+1!
$*7`bd#(*'Y!+c#3&7(*!a*'!$*da1+3*!1*`!7+$#*`!d#7*'#`3&`h!
!!
!
.`n! $*d*! )&b1! X&7+! )#1s+'! `&1cg! `b! 7+8*$#*! %&$#+7(*! b7&! &1#&7s&!
+`3'&3l8#$&! $*7! .d4&iY! 1&`! $*'a*'&$#*7+`! +`3&(*b7#(+7`+`! f#7&1d+73+! `+!
c+'e7!*_1#8&(&`!&!7+8*$#&'!$*7!1*`!7+34*'5+'`!a&'&!&$$+(+'!&!`b!.b3*a#`3&!(+!
@#`3'#_b$#g7h!>*d*!+1! 87*d*! +7! +1! ab+73+! (+! 1&! c#+j&!1+i+7(&!+`$&7(#7&c&Y!1&!
#7(b`3'#&! (+1! 6-6! 8b&'(&! &$3b&1d+73+! b7*! (+! 1*`! $&7&1+`! a&'&! +73'+8&'!
a'*(b$3*`! i! `+'c#$#*`Y! de`! _b`$&(*`! (+1! `#81*! c+#73#b7*h! \! &1! #8b&1! kb+! +1!
87*d*Y!(+d&7(&'e!`b!a'*a#*!a'+$#*!a*'!$+(+'!&!+`+!$*7(b$3*h!!
!
!
Z>*d*!+$*7*d#`3&Y! (#'l!kb+Y!+7!+1!a&`&(*Y!1&!d&i*'n&!(+!1*`! a'*(b$3*`!
kb+! fb7$#*7&_&7! +'&7! (+`$b_#+'3*`! a*'! ab'*! +f+$3*! (+1! &s&'Y[! $*7$1bi+! )&b1Y!
Z)+'*! +1! 7b+c*! 7+34*'5! d&'5+3#78! 7*! (+a+7(+! (+! 1&! `b+'3+h! 9+! 3'&3&! (+!
+7$*73'&'!1*`!d+j*'+`!a'*(b$3*`!i!(#`3'#_b#'1*`Y!`#7!#da*'3&'!kb#l7!1*`!%&$+h!0`+!
+`!b7!`#`3+d&!kb+!fb7$#*7&'e!$*7`#`3+73+d+73+!+7!+1!fb3b'*Y!`*_'+!b7&!_&`+!(+!
$*73#7b#(&(h[!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
52
!
!
!DEFGHIJ)#0%1%)
)
/D):PLT[D)UL)!PLTNZNLOGJ)
!
!
!
Z2*!1*!c*i!&!%&$+'Y[!(#j*!-#`&!]#1_+'h!Z@+!7#78b7&!d&7+'&!c*i!&!3'&_&j&'!
+7! +`3+! a'*8'&d&h[! -#`&! %&_1&_&! $*7! `b! 8+'+73+! (+! s*7&! (+! .c*7Y! O&_n&! `#(*!
$*7c*$&(&Y! jb73*! &! *3'*`! c+7(+(*'+`! 1n(+'+`Y! &! b7&! $*7f+'+7$#&! +`a+$#&1h! 07!
+11&Y! 1&! 8+'+73+! (+! s*7&! (+! .c*7! +qa1#$g! kb+! 1&! +da'+`&! +`3&_&! 1&7s&7(*! b7!
7b+c*!a1&7!(+!$*da+7`&$#g7!rb7!a1&7!6-6Y!a&'&!`+'!a'+$#`*`r!i!kb+!kb+'n&!
kb+!-#`&!i!1&!`+!7+8g!'*3b7(&d+73+h!>*''n&!+1!&m*!CNNFh!O&_n&7!a&`&(*!$b&3'*!
&m*`!(+`(+!kb+!-#`&!%&_n&!a+'(#(*!`b!3'&_&j*!i!%&_n&!3+7#(*!+`&!'&_#+3&!+7!+1!
a#`*!(+!`b!$&`&!'*(&73+h!)&'&!+11&Y!%&_n&7!`#(*!&m*`!(#fn$#1+`Y!a+'*!_b+7*`h!>*7!
8'&7! +`fb+'s*Y! f#7&1d+73+! %&_n&! 1*8'&(*! a*7+'`+! (+! a#+! 8'&$#&`! &! `b! 7+8*$#*!
.c*7h!)+'*!+1!d#+(*!&!kb+!1+!kb#3&'&7!`b`!8&7&7$#&`!1&!&$+$%&_&!3*(*`!1*`!(n&`h!
O&_n&!a+1+&(*!$*d*!b7&!3#8'+`&!a*'!1*!kb+!3+7n&h!0`3&_&!(+$#(#(&!&!&f+''&'`+!&!
$&(&! f'&8d+73*! (+! +11*h! \! 7&(&! (+! 1*! kb+! (#j+'&! `b!8+'+73+! (+! s*7&! 1&! #_&! &!
$*7c+7$+'!(+!&''#+`8&'!`b!7+8*$#*!+7!b7!(+`&3#7&(*!+`kb+d&!(+!6-6h!!
!
*0#$")'%)&#2/%_&C#))
!
!
O&`3&!%*i!#7$1b`#c+Y! -#`&! ab+(+!'+$*'(&'!$*7! (*1*'*`&! $1&'#(&(! $gd*! `+!
`#73#g!$b&7(*!'+$#_#g!1&!7*3#$#&!(+!kb+!%&_n&!`#(*!(+`a+(#(&!(+!`b!3'&_&j*!$*d*!
`+$'+3&'#&h! "+$b+'(&! %&_+'! 11*'&(*! 3*(*! +1! $&d#7*! %&`3&! `b! $&`&! i! %&_+'`+!
3#'&(*!&1!a#`*!&!$&b`&!(+!1&!(+`+`a+'&$#g7h!Z>&'#m*Y!+`!`g1*!b7!3'&_&j*[!+q$1&dg!
`b!+`a*`*!@*b8!Za*'!kbl!&$3o&`!&`nT[!!
!
!
9#7! +d_&'8*Y! a&'&! -#`&! +'&! de`! kb+! b7! 3'&_&j*h! ?*(&`! `b`! +`a+'&7s&`!
+`3&_&7! (+a*`#3&(&`! +7! +`+! `&1&'#*! (+! FPhPPP! (g1&'+`! &7b&1+`h! 9&_n&! kb+! +1!
d&i*'!#78'+`*! (+! @*b8!a*'!$*'3&'!d&(+'&! 7b7$&!#_&! &!$b_'#'! 1&`!$b*3&`!(+!1&!
%#a*3+$&! i! (+1! &b3*dgc#1h! O&`3&! kb+! @*b8! $*7`#8b#+'&! &18*! d+j*'Y! +`3&_&7! +7!
&a'#+3*`h!07!+`+!d*d+73*Y!-#`&!`+!`+73n&!$*d*!b7*!(+!1*`!a'#d+'*`!$*1*7*`!(+!
1&`! a'&(+'&`! (+1! ,+`3+h! @+1&73+! (+! +11&! %&_n&! b7! ae'&d*! %*`3#1Y! 11+7*! (+!
a+1#8'*`h! \! 1+! a&'+$n&! kb+! 1&! o7#$&! &ib(&! +7! 1&! kb+! a*(n&! $*7f#&'Y! +'&! 1&! `bi&!
a'*a#&h!!
!
!
Z\! kbl! %&i! `*_'+! +`+! &`b73*! (+! .c*7! kb+! +`3bc#`3+!%&$#+7(*T[! `b8#'#g!
@*b8h!Z)*'!kbl!7*!#73+73&`!(+`&''*11&'1*T[!-1+7&!(+!&b3*$*da&`#g7Y!&1!a'#7$#a#*!
-#`&!7*!c#`1bd_'g!1&!`&_#(b'n&!(+!1&!a'*ab+`3&!(+!@*b8h!@+`abl`!(+!3*(*Y!%&_n&!
3'&_&j&(*! $*7! .c*7! `#+3+! &m*`Y! `#7! lq#3*Y! p)*'! kbl! %&_'n&! (+! +`a+'&'! &18*!
(#f+'+73+! &%*'&T! 6e`! &18*! %#s*! kb+! `+! (+3bc#+'&! a*'! b7! #7`3&73+! +`+! (n&h! -&!
(+`+`a+'&$#g7! 1+! %&_n&! &_#+'3*! 1&! d+73+! i! (+3+7#(*! `b! *'8b11*! 8+7+'&1d+73+!
f+'*sh! 6#+73'&`! `+! `+$&_&! 1&`! 1e8'#d&`Y! `+! 1+! *$b''#g! kb+! kb#se`! @*b8! 3+7n&!
'&sg7h! 07! '+&1#(&(Y! 7b7$&! 1+! %&_n&! (&(*! &! .c*7! b7&! *a*'3b7#(&(! (+! 1b$%&h!
2b7$&! `+! %&_n&! %+$%*! &! 1&! #(+&! (+! 3'&_&j&'! +7! +1! 7+8*$#*! 3*(*`! 1*`! (n&`Y! +7!
53
j*'7&(&!$*da1+3&Y!i!c*1$&'!$&(&!8'&d*!(+!`b!+7+'8n&!+7!+11*Y!pSbl!`b$+(+'n&!`#!
1*!%&$n&T!!
!
$%(",")%(!"#'&'"))
!
!
07! +`+! d*d+73*Y! `b! $&_+s&! $*d+7sg! &! '+$*'(&'! b7&! (+! `b`! $#73&`! (+!
d*3#c&$#g7! f&c*'#3&`! -#(+'&'! +1! $&da*Y! (+! 0&'1! 2#8%3#78&1+h! 07! 1&! $#73&Y!
2#8%3#78&1+! c*1cn&! &! $*73&'! 1&! f&d*`&! %#`3*'#&! (+1! $&da+`#7*! kb+! (+`$b_'#g!
(#&d&73+`!_&j*!`b`!$&da*`h!)&'&!#1b`3'&'!+1!a'#7$#a#*Y!2#8%3#78&1+!'+1&3&_&!b7&!
%#`3*'#&! c+'(&(+'&Y! (+1! (b+m*! (+! b7&! +`3&$#g7! (+! `+'c#$#*! kb+! b7&! c+s!
(+`$b_'#g!a'*c+'_#&1+`!&$'+`!(+!(#&d&73+`!+7!+1!1b8&'!d+7*`!a+7`&(*!`b!a'*a#&!
+`3&$#g7!(+!$*d_b`3#_1+h!!
!
!
@+! &$b+'(*! &! 1&! %#`3*'#&Y! +1! %*d_'+! d#'g! a*'! 1&! c+73&7&! (+! `b! +`3&$#g7!
b7!(n&!i!c#*!&!b7!$1#+73+!kb+!+`a+'&_&!1&!$&'8&!(+!$*d_b`3#_1+h!0'&!b7&!#d&8+7!
f&d#1#&'Y! )+'*! +7! +`+! (n&! +7! a&'3#$b1&'Y! &18*! 1+! c#7*! &! 1&! d+73+h! 6#+73'&`! +1!
$1#+73+!+`3&_&! a&'&(*!`#7!%&$+'!7&(&Y!$*7!1&`!d&7*`!+7!1*`!_*1`#11*`Y!&1!(b+m*!
`+! 1+! *$b''#g! a+7`&'! kb+! +`+! %*d_'+! 3+7n&! (#7+'*! a&'&! 8&`3&'! i! 3#+da*! a&'&!
%&$+'1*Y!a+'*!7*!3+7n&!+7!kbl!8&`3&'1*h!9+8b#(&d+73+Y!&a'*c#`#*7g!`b!+`3&$#g7!
$*7! '+f'#8+'#*`! i! &'3n$b1*`! c&'#*`Y! #7c+73&7(*! &`n! 1&! a'#d+'&! 3#+7(&! (+! 'b_'*`!
do13#a1+`!(+73'*!(+!b7&!+`3&$#g7!(+!`+'c#$#*h!!
!
!
-#`&!`+! (#*!$b+73&!(+!kb+!`b! `#3b&$#g7! 7*!+'&! (#`3#73&!(+!1&!(+1!%*d_'+!
(+! 1&! %#`3*'#&h! 0'&! c+7(+(*'&! (+! .c*7! &! 3#+da*! a&'$#&1! (+`(+! 1*`! (#+$#*$%*!
&m*`Y! 3&7! f&d#1#&'#s&(&! $*7! +1! 7+8*$#*! .c*7! $*d*! +1! (b+m*! (+! 1&! +`3&$#g7! (+!
`+'c#$#*!$*7!$&'8&'!$*d_b`3#_1+h!)+'*Y!&1!#8b&1!kb+!+1!%*d_'+!(+!1&!%#`3*'#&Y!-#`&!
7*!%&_n&!1*8'&(*!c+'!3*(*!+1!&1$&7$+!(+!`b!*a*'3b7#(&(h!0`!(+$#'Y!7*!%&`3&!+`+!
d*d+73*h! 01! (n&! kb+! a+'(#g! `b! 3'&_&j*! (+! `+$'+3&'#&Y! +11&! f#7&1d+73+! +73+7(#g!
&18*h!>*d+7sg!&!d#'&'!&!.c*7!$*7!7b+c*`!*j*`h!Z>*d+7$l!&!a+7`&'!kb+!kb#se`!
d#`! .$'+`! (+! @#&d&73+`! +`3&_&7! &11n! d#`d*Y! +7! +1! 3'&_&j*! kb+! i&! 3+7n&Y[!
'+$b+'(&h!07!+`+!d*d+73*Y!(+$#(#g!c*1$&'!`b`!+`fb+'s*`!(+!3#+da*!$*da1+3*!+7!
.c*7h!!
!
'"()20%#$%()'%)&#?,%("())
!
07! +`+! d*d+73*Y! )'*(b$3*`! .c*7! +'&! b7&! $*da&mn&! $*7c+7$#*7&1! (+!
c+73&!(#'+$3&h!2*!b`&_&!a1&7!(+!d&'5+3#78!db13#7#c+1h!)+'*!1&!$*da&mn&!+`3&_&!
+qa+'#d+73&7(*! $*7! b7! a'*8'&d&! (+! &`*$#&$#g7! kb+! a+'d#3n&! &! 1*`!
'+a'+`+73&73+`! (+! c+73&`! $*7`3'b#'! b7&! *'8&7#s&$#g7! $*7! b7! 7#c+1! (+!
a'*fb7(#(&(h! )'+`+73&(*! +7! CNM/Y! +1! )'*8'&d&! (+! .c*7! (+! )&3'*$#7#*! (+!
=&7&7$#&`Y! a+'d#3n&! &! 1*`! '+a'+`+73&73+`! &`*$#&'! 7b+c*`! '+a'+`+73&73+`! (+!
c+73&`! i! 1*8'&'! b7&! $*d#`#g7! (+1! H! a*'! $#+73*! `*_'+! 3*(&! c+73&! (+! #7c+73&'#*!
%+$%&! a*'! `b`! &`*$#&(*`h! -#`&! &'dg! b7! a1&7! (+! 7+8*$#*`! kb+! 1+! a+'d#3#'n&!
+qa1*3&'!&d_&`!fb+73+`!(+!#78'+`*!&!1&!c+sD!#78'+`*!1#7+&1!`*_'+!c+73&`!(#'+$3&`Y!
+!#78'+`*!'+`#(b&1!a*'!&`*$#&$#g7h!!
!
!
)&'&!(+`&''*11&'!`b`!%&_#1#(&(+`!(+!a'*`a+$$#g7Y!-#`&!11&dg!&!`b!8+'+73+!
(+! s*7&! i!1+!a#(#g!kb+! 1&! &$*da&m&'&!$*7!`b`!$*73&$3*`h! ?&d_#l7!`+! &`+8b'g!
(+! kb+! `b`! &c#`*`! *f'+$#+'&7! 3&73*! 1*`! a'*(b$3*`! $*d*! 1&! *a*'3b7#(&(!
$*d+'$#&1Y! &`n! 1*`! a'*`a+$3*`! a*('n&7! +1+8#'h! )*'! +j+da1*Y! +7! +1! $*`3&(*! (+! `b!
54
(+`c+7$#j&(&! $&d#*7+3&! \b8*Y! -#`&! a#73g! 1&! f'&`+! Za&'&! c+7(+'! *! $*da'&'!
.c*7[Y!jb73*!&!b7!7od+'*!3+1+fg7#$*!8'&3b#3*h!!
!
!
6+,c%$&#?)$"$+/))
!
-*`! '+a'+`+73&73+`! (+! .c*7! 7*! `*1n&7! a'*d*$#*7&'! `b`! 7+8*$#*`! $*7!
+q%#_#$#*7+`!3&7!11&d&3#c&`h!-&!$b13b'&!.c*7!&1+73&_&!b7!+7f*kb+!(+!a+'f#1!de`!
_&j*h!)+'*!-#`&!7*!c+n&!d*3#c*`! a&'&!7*! &a'*c+$%&'!$&(&! 3e$3#$&!(+!d&'5+3#78!
#d&8#7&_1+h!ZSb+'n&!%&$+'!3*(*!1*!kb+!%&$n&!b7!7+8*$#*!7*'d&1[Y!'+$b+'(&h!Z9#!
b`3+(!11&d&!&!b7!+1+$3'#$#`3&Y!7*!+`a+'&!kb+!c+78&!+7!b7!c+%n$b1*!$*7!$&'3+1+`!
#(+73#f#$&3*'#*`T[!!
!
!
-#`&! ab`*! &c#`*`! $1&`#f#$&(*`! i! `&1#g! &! 1&`! $&11+`Y! a*7#+7(*! ab+`3*`! +7!
$&(&!d+'$&(*!(+!ab18&`!(+!`b!s*7&h!;da'#d#g!3&'j+3&`!$*d+'$#&1+`!i!+3#kb+3&`h!
\! `+! ab`*! +1! *_j+3#c*! (+! a+8&'! (#+s! a*'! (n&Y! (*7(+! fb+'&! kb+! 1&! 11+c&'&7! `b`!
a&`*`h!.18b7&`! 3+'d#7&'*7!+7!$&'3+1+'&`!(+!_*1+3#7+`!$*db7#3&'#*`! i! +7! _&m*`!
ao_1#$*`Y! *3'&`! +7! '+`3&b'&73+`Y! ;7$1b`#c+! +11&! d#`d&! `+! 3'&7`f*'dg! +7! b7&!
a'*d*$#g7!&d_b1&73+h!Z?+7n&!1&!a&1&_'&!.c*7!_*'(&(&!+7!3*(&`!d#`!$&d#`&`Y!i!
ab`+!1&!a&1&_'&!.c*7!+7!d#!&8+7(&[Y!(#$+Y!Z6e`!3&'(+Y!ab`+!b7!1+3'+'*!1bd#7*`*!
(+!.c*7!+7!+1!3+$%*!(+!d#!&b3*dgc#1Y!i!b7!$&'3+1!(+!.c*7!+7!d#!$&`&h!6#!_bsg7!
(+!$*''+*`!3#+7+!f*'d&!(+!1ea#s!1&_#&1h[!!
!
!
-*`!+`fb+'s*`!(+!-#`&!f#7&1d+73+!(#+'*7!'+`b13&(*h!9b!#78'+`*!$'+$n&!1+73&!
a+'*!f#'d+d+73+h!.b7kb+!a&`&'n&7!c&'#*`!&m*`!%&`3&!kb+!1*8'&'&!'++da1&s&'!`b!
#78'+`*! $*d*! `+$'+3&'#&Y! 'ea#(&d+73+! $*d+7sg! &! 8&7&'! +1! (#7+'*! `bf#$#+73+!
$*d*!a&'&!a&8&'!`b`!$b+73&`!i!`&1#'!(+!(+b(&`h!)&'&!+11&Y!+'&!b7!`b+m*!%+$%*!
'+&1#(&(h!@+`abl`!(+!3*(*Y!kb#se`!2#8%3#78&1+!3+7n&!'&sg7Y!a+7`&_&h!Sb#se`!1*`!
&$'+`!(+!(#&d&73+`!kb+!_b`$&_&!+`3&_&7!de`!$+'$&!(+!1*!kb+!%&_n&!a+7`&(*h!
)+'*Y!&a+7&`!$*d+7sg!&!(#`f'b3&'!(+!`b!7b+c*!lq#3*Y!b7&!&d+7&s&!#7+`a+'&(&!
`+!%#s*!'+&1#(&(h!!
!
/+):,%!=+)'%/)!,%!&6&%#$")?%"6Y$,&!"))
!
01!a'*8'&d&!(+!)&3'*$#7#*!(+!.c*7!*f'+$n&!#78'+`*!'+`#(b&1!8+7b#7*Y!a+'*!
(#$%*! a'*8'&d&! +`3&_&! (+`+`a+'&7s&(&d+73+! '+3'&`&(*h! .! (#f+'+7$#&! (+! 1*`!
a1&7+`! db13#7#c+1Y! 1+! a+'d#3n&! &! 1*`! &b`a#$#&(*'+`! '+$*1+$3&'! $*d#`#*7+`! `g1*! &!
a&'3#'!(+!`b!a'#d+'&!1n7+&!(+!&`*$#&(*`h!@+!+`&!d&7+'&Y!`+!1+`!7+8&_&!&$$+`*!&1!
$'+$#d#+73*! 8+*dl3'#$*! (#`a*7#_1+! +7! 1&`! *'8&7#s&$#*7+`! db13#7#c+1h! >*d*!
$*7`+$b+7$#&Y!`+!(+`&''*11g!b7&!_'+$%&!+7!+1!a*3+7$#&1!(+!#78'+`*`!+73'+!.c*7!i!
`b`!$*da+3#(*'+`!6-6h!0`3&!_'+$%&!`+!%&'n&!$&(&!c+s!de`!#7kb#+3&73+!a&'&!1*`!
+j+$b3#c*`! (+! 1&! $*da&mn&Y! &! d+(#(&! kb+! a&`&_&! +1! 3#+da*h! -*`! 1n(+'+`! (+!
c+73&`!11+8&'*7!&!+c#3&'!&!.c*7!a*'!`+'!b7&!*a*'3b7#(&(!(+!`+8b7(&!$&3+8*'n&h!
)'+f+'n&7!1&`!'#$&`!'+3'#_b$#*7+`!(+!1&`!f#'d&`!(+!6-6!(+!'ea#(*!$'+$#d#+73*h!)*'!
`b`! a'*a#&`! +1+$$#*7+`Y! 1&! #da*'3&73+! i! &73#8b&! +da'+`&! (+! $*`dl3#$*`Y! `+!
%&_n&! +q$1b#(*! +f+$3#c&d+73+! (+! 1&! f#+_'+! (+1! *'*! (+1! 7+34*'5! d&'5+3#78! (+! 1&!
(l$&(&!(+!CNMPh!\Y!$*7!1*`!d+j*'+`!3&1+73*`!il7(*`+!+7!d&`&!&!1&`!$*da&mn&`!
$*da+3#(*'&`Y!1&!3+7`#g7!i&!$*d+7s&_&!&!7*3&'`+h!
!
`(&)#")/"()*0%'%()1%#!%,d)V#%$%)+)%//"(a!!
55
!
B7&!'+c*1b$#g7!+`3&_&!+7!$&d#7*!+7!1&!#7(b`3'#&!(+!1&!c+73&!(#'+$3&h!)&'&!
$b&7(*! -#`&! fb+! $*7c*$&(&! &! +`&! $*7f+'+7$#&! (+! c+73&`! +7! CNNFY! db$%&`!
$*da&mn&`! de`! &73#8b&`! i&! `+! %&_n&7! '+7(#(*! &! 1&! a'+`#g7! (+1! 6-6h! .18b7&`!
`&1#+'*7!(+1!7+8*$#*h!,3'&`!(+$#(#+'*7!Z`#!7*!1*`!ab+(+`!c+7$+'Y!o7+3+!&!+11*`[h!
-&`!+`3&(n`3#$&`!$b+73&7!1&!%#`3*'#&h!07!CNNPY!+1!JH!a*'!$#+73*!(+!1&`!$*da&mn&`!
d#+d_'*`! (+! 1&! .`*$#&$#g7! (+! E+73&! @#'+$3&! [email protected]! 3'&_&j&_&7! +7! _&`+! &!
$*d#`#g7! 1#7+&1h! )+'*Y! %&$#&! +1! f#7&1! (+! 1&! (l$&(&Y! +1! 7od+'*! (+! f#'d&`!
$*7c+7$#*7&1+`! `+! %&_n&! '+(b$#(*! &! d+7*`! (+1! FG! a*'! $#+73*h! -*`! a1&7+`! (+!
6-6!&%*'&!`+!b`&7!+7!de`!(+1!JJ!a*'!$#+73*!(+!1&`!$*da&mn&`!d#+d_'*`!(+!1&!
@9.h!!
!
!
07! d+(#*! (+! +`3&! 3'&7`f*'d&$#g7Y! -#`&! fb+! $*7c*$&(&! &! 1&! '+b7#g7!
+`a+$#&1!(+!c+73&`h!Z?+7+d*`!b7!7b+c*!a'*8'&d&!11&d&(*!-#(+'&s8*[Y!&7b7$#g!
1&!8+'+73+!(+!1&!s*7&h!0qa1#$g!kb+!+1!a'*8'&d&!+'&!`#d#1&'!&1!(+!)&3'*$#7#*!a+'*!
d+j*'Y! a*'kb+! 1+! a+'d#3n&! &! 1*`! &b`a#$#&(*'+`! $*_'&'! #7$1b`*! a*'! 1&! 8+73+!
&`*$#&(&! a*'! `b`! &`*$#&(*`h! -#`&! +`$b$%g! 1&`! a&1&_'&`! $*7! b7! `#1+7$#*! al3'+*h!
.b7kb+! 1&! 8+'+73+! 7b7$&! b`g! 1&`! a&1&_'&`! Zd&'5+3#78! db13#7#c+1[Y! -#`&! `&_n&!
+q&$3&d+73+! (+! kbl! %&_1&_&h! @+`abl`! (+! CPI! &m*`! (+! c+73&! (#'+$3&!
$*7c+7$#*7&1Y!)'*(b$3*`!.c*7!`+!+`3&_&!3'&7`f*'d&7(*!+7!6-6h!
!!
%/)*,":/%6+)'%)&6+?%#))
!
-#`&! +`3&_&! f'&7$&d+73+! %*''*'#s&(&h! Z@+jl! _#+7! +7! $1&'*! kb+! 7*! #_&! &!
%&$+'1*[!'+$b+'(&h!.!1*!1&'8*!(+!1*`!&m*`Y!%&_n&!`#(*!$*73&$3&(&!db$%&`!c+$+`!
a*'! &`*$#&(*`! (+! +da'+`&`! (+! 6-6h! "+$%&s&_&! `b`! 3e$3#$&`! &8'+`#c&`Y! i!
(+`a'+$#&_&! `b`! a'*8'&d&`! `*`a+$%*`*`! i! 7*! $*7f#&_1+`Y! a&'&! +7'#kb+$+'`+!
'ea#(&d+73+h!B7&!i!*3'&!c+sY!-#`&!%&_n&!c#`3*!f#'d&`!(+!6-6!$+7`b'&(&`!a*'!1*`!
d+(#*`! $*d*! +`kb+d&`! a#'&d#(&1+`h! 9#+da'+! `+! %&_n&!`+73#(*! _+7(+$#(&! a*'!
+`3&'! &`*$#&(&! $*7! b7&! f#'d&! (+! &13*! a+'f#1! $*d*! .c*7Y! $bi&! '+ab3&$#g7!
$+73+7&'#&! i! 3e$3#$&`! $*7`+'c&(*'&`! 1&! a'*3+8n&7! (+! 1&! a'+7`&! 7+8&3#c&h!!
Z\! `#! .c*7! +7`b$#&! `b! 7*d_'+! $*7! +`3*T[! a+7`g! p\! `#! CPI! &m*`! (+! _b+7&!
c*1b73&(! `+! #_&7! a*'! 1&! $&m+'n&Y! +7! d+(#*! (+! b7! 3*'_+11#7*! (+! +`$e7(&1*T! 0'&!
$1&'*! kb+! 1*`! +j+$b3#c*`! (+! .c*7! 7*! %&_n&7! a+7`&(*! +`3*! $*''+$3&d+73+!
$*7$1big! -#`&h! Z)+7`l! kb+! 3&7! `g1*! +`3&_&7! 3'&3&7(*! (+! `+8b#'! +1!'#3d*! (+! 1&`!
*3'&`!$*da&mn&`[!(#$+h!Z6+!a&'+$n&!b7&!d&1&!#(+&!
!
+!,%()'%),&*&"))
!
-#`&!`+! fb+! (+! 1&! '+b7#g7! (+! c+73&`! +`+!(n&!$*7!b7!a+`*!+7!+1!$*'&sg7h!
-*`! &$'+`! (+! (#&d&73+`! kb+! %&_n&! +`a+'&(*! (+`$b_'#'! +7! .c*7Y! `+! +`3&_&7!
3'&7`f*'d&7(*!+7!&$'+`!(+!'#a#*h!.1!d+7*`Y!&`n!1*!c+n&!+11&h!)+'*!-#`&!7*!a*(n&!
+`3&'! de`! 1+j*`! (+! 1&! c+'(&(h! -*! kb+! 7*! a*(n&! c#`1bd_'&'Y! +`! kb+! +1! 7+34*'5!
d&'5+3#78! +`3&_&! $&d_#&7(*! `b! #d&8+7! +7! +`+! d*d+73*h! 9b! $*7`3&73+! a&a+1!
(+!$%#c*!+qa#&3*'#*!(+!1&!a'+7`&!+$*7gd#$&!+`3&_&!11+8&7(*!&!`b!f#7h!\!+1!(n&!(+1!
3'#b7f*! f#7&1! (+1! 6-6! +`3&_&! &1! &1$&7$+! (+! 1&! d&7*h! -#`&! +`3&_&! (+`3#7&(&! &!
3+7+'!b7!a&a+1!dbi!a+'`*7&1!+7!+`+!3'#b7f*h!9b!#da&$3*!+7!1&!"+c*1b$#g7!(+!1&!
,1&!/!`+'n&!$*7`#(+'&_1+h!9#7!+d_&'8*Y!8'&$#&`!&!`b!#da1&$&_1+!a'*a+7`#g7!&!1&!
&b3*L$*da&`#g7Y! a&`&'n&7! db$%*`! &m*`! &73+`! (+! kb+! $*da'+7(#+'&! $*7! kbl!
&_b7(&7$#&!%&_n&!`#(*!_+7(+$#(&h!!
!
!
56
!
!
!
!
!
!
!DEFGHIJ)'&%7)
)
0OD)2PJOGLPD)!JZELGNGNMD)
!
!
!
-&! a'#d+'&! `+m*'&! .c*7! (+! 1&! %#`3*'#&! fb+! )h0h0h! .1_++! (+! ]#7$%+`3+'Y!
2+4! O&da`%#'+h! Ab+! $*73'&3&(&! +7! CMMI! a*'! b7! %*d_'+! 11&d&(*! @&c#(! Oh!
6$>*77+11Y! a&'&! c+7(+'! b7&! 7b+c&! 1n7+&! (+! +`+7$#&`!i! $'+d&`! a&'&! +1! '*`3'*h!
>*d*!c+7(+(*'!(+!1#_'*`!ab+'3&!&!ab+'3&Y!6$>*77+11!%&_n&!(+`$b_#+'3*!kb+!`b`!
$1#+73+`!dbj+'+`!8+7+'&1d+73+!&a'+$#&_&7!de`!1*`!f'&`$*`!8'&3b#3*`!(+!a+'fbd+!
kb+!l1!1+`!+73'+8&_&Y!kb+!1*`!1#_'*`!kb+!c+7(n&h!)*'!+`*Y!6$>*77+11!i!`b!dbj+'!
-b$i! f*'d&'*7! b7&! 7b+c&! +da'+`&! &! f#7! (+! `&3#`f&$+'! (#$%&! (+d&7(&h! ?+7n&!
_&`+!+7!2b+c&!\*'5Y!a+'*!1&!11&d&'*7!>&1#f*'7#&!)+'fbd+!>*da&7iY!a&'&!+c*$&'!
1*`!f'&8&73+`!$&ab11*`!$&'&$3+'n`3#$*`!(+!+`+!+`3&(*h!
!!
!
-&!$*da&mn&!(+!6$>*77+11!(+_#g!8'&7!a&'3+!(+!`b!lq#3*!&!1*`!+`fb+'s*`!
(+! 1&! `+m*'&! .1_++h! ?+7n&! &! `b! $&'8*! b7! +7*'d+! 3+''#3*'#*! (+! c+73&`! kb+!
&_&'$&_&! 8'&7! a&'3+! (+1! 7*'+`3+! (+! 1*`! 0`3&(*`! B7#(*`h! 6+(#&73+! 1&! c+73&! (+!
a'*(b$3*`! i! 1&! &`*$#&$#g7! (+! dbj+'+`! &1! 7+8*$#*! 1&! `+m*'&! .1_++! a1&73g! 1&`!
`+d#11&`! (+! 1*! kb+! `+! $*7c+'3#'n&! +7! b7&! (+! 1&`! fb+'s&`! (+! c+73&! (#'+$3&! de`!
8'&7(+`!(+1!db7(*h!)&'&!$b&7(*!1&!$*da&mn&!(+!6$>*77+11!$&d_#g!`b!7*d_'+!
a*'! .c*7! )'*(b$3`! +7! CNHP! a'*(b$n&! 8&7&7$#&`! a*'! de`! (+! FH! d#11*7+`! (+!
(g1&'+`h! O*iv! de`! (+! FhIPPhPPP! '+a'+`+73&73+`! #7(+a+7(#+73+`! `#8b+7! 1*`!
a&`*`! (+! 1&! `+m*'&! .1_++Y! c+7(#+7(*! a'*(b$3*`! .c*7! +7! CGH! a&n`+`! i!
8+7+'&7(*!#78'+`*`!a*'!HhCPP!d#11*7+`!(+!(g1&'+`h!
!!
%($+:/%!%,)0#+)'&2%,%#!&+)
!!
01! 3+da'&7*! lq#3*!(+! .c*7! #1b`3'&!b7&! (+! 1&`!8'&7(+`! f*'3&1+s&`! (+! b7&!
*'8&7#s&$#g7! (+! c+73&! (#'+$3&! 1&! 1#_+'3&(! kb+! 1+! *3*'8&! &! 3*(*`! `b`! d#+d_'*`!
a&'&! +`3&_1+$+'! b7&! (#f+'+7$#&h! -*`! '+a'+`+73&73+`! #7(+a+7(#+73+`! (+! c+73&`!
3#+7+7! d+j*'+`! *a*'3b7#(&(+`! (+! &1$&7s&'! `b! a*3+7$#&1! kb+! 1*`! +da1+&(*`!
&`&1&'#&(*`h! ?#+7+7! 1&! 1#_+'3&(! i! 1&! d*3#c&$#g7! a&'&! (+`&''*11&'! `b`! a'*a#*`!
7+8*$#*`! d+(#&73+! dl3*(*`! #77*c&(*'+`h! 07! &18b7*`! $&`*`Y! $*d*! +1! (+! 1&!
`+m*'&!.1_++Y!b7&!o7#$&!a+'`*7&!+da'+7(+(*'&!ab+(+!#7f1b+7$#&'!+1!(+`3#7*!(+!
b7&!$*'a*'&$#g7!db13#d#11*7&'#&h!!
!
!
6&i*'!a*3+7$#&$#g7!&o7Y!ab+(+7!+7$*73'&'!1*`!#7(#c#(b*`!#77*c&(*'+`!+7!
1&`!*'8&7#s&$#*7+`!db13#7#c+1!3&1!$*d*!-#`&!]n1_+'!+`3&_&!&!ab73*!(+!&a'+7(+'h!
@+`(+! `b! #7f&7$#&Y! %&_n&! #(*1&3'&(*! &! 1&! `+m*'&! .1_++h! Z9&_n&! kb+! +'&! (+!
]#7$%+`3+'Y!2+4!O&da`%#'+Y!kb+!7*!+'&!1+j*`!(+1!1b8&'!(*7(+!i*!%&_n&!$'+$#(*[!
'+$b+'(&! -#`&h! Z-&! &(d#'&_&! a*'! `+'! b7&! dbj+'! +da'+`&'#&h! \! .c*7! d+! &3'&j*!
57
a*'kb+!+'&!b7&!$*da&mn&!(+!dbj+'+`!kb+!d&7+j&_&7!7+8*$#*`!a*'!`b!$b+73&h[!
9#7! +d_&'8*Y! -#`&! 7*! a*('n&! %&_+'! #d&8#7&(*! kb+! b7! (n&! 11+8&'n&! &! 3+7+'! b7!
a&a+1!7*!dbi!(#`3#73*!&1!(+!1&!1+8+7(&'#&!`+m*'&!.1_++!+7!1&!+c*1b$#g7!(+!.c*7h!!
!
!
!
/+):+,,%,+)'%)1%#$+())
!
-&!3+'kb+(&(!+'&!b7&!$b&1#(&(!kb+!-#`&!3+7n&!+7!&_b7(&7$#&h!6+`!&!d+`Y!
3'&_&j&_&!1&_*'#*`&d+73+!+7!`b!'*7(&!(+!7+8*$#*`Y!7+8e7(*`+!&!3+7+'!&18*!kb+!
c+'! $*7! +1! 7b+c*! a'*8'&d&! (+! 6-6! (+! .c*7h! )+'*Y! $*7! +1! 3#+da*Y! `b!
(+3+'d#7&$#g7!$*d+7sg!&!1&78b#(+$+'h!B7!(n&Y!$*da'+7(#g!kb+!`+!%&_n&!a&`&(*!
b7! &m*! i! d+(#*! c+7(#+7(*! a'*(b$3*`! .c*7! &! 3#+da*! $*da1+3*Y! a+'*! 7b7$&!
%&_n&!1*8'&(*!8&7&'!de`!(+!CHhPPP!(g1&'+`!&1!&m*h!)&'&!+`*Y!3'&_&j&_&!*$%+73&!
%*'&`! a*'! `+d&7&! i! `+! a&`&_&! 8'&7! a&'3+! (+! `b! c#(&! +7! 1&! $&11+h!!
A#7&1d+73+Y! 3bc*! kb+! +7f'+73&'! +1! %+$%*! (+! kb+! +1! a'*8'&d&! (+! c+73&`!
$*7c+7$#*7&1! (+! .c*7! 7*! +`3&_&! fb7$#*7&7(*! a&'&! +11&Y! Z;7$1b`*! &1! 7#c+1! (+!
8&7&7$#&`! de`! &13*Y! (+1! HP! a*'! $#+73*[! (#$+! -#`&Y! Za&'&! a*(+'! 8&7&'! CPPhPPP!
(g1&'+`Y!%&_n&!kb+!c+7(+'!FPPhPPP!(g1&'+`!+7!a'*(b$3*`h!0`*`!`*7!db$%n`#d*`!
1ea#$+`!1&_#&1+`h[!A#7&1d+73+Y!-#`&!`+!'#7(#gh!9+!&`*$#g!&1!a'*8'&d&!-#(+'&s8*!+7!
CNNGh!!
!
/"()&##"1+'",%()
)
9#7!(&'`+!$b+73&Y!-#`&!`+!%&_n&!b7#(*!&!b7!8'ba*!(+!#77*c&(*'+`h!0`3+!+`!
b7!8'ba*!(+!'+_+1(+`!kb+!`+!b7+7Y!(+73'*!(+!b7&!$*'a*'&$#g7Y!a&'&!a+'`+8b#'!
&18o7! a'*i+$3*! de`! &11e! (+! 1*! $*7c+7$#*7&1h! -*`! 1*8'*`! de`! (+`$*11&73+`!
8+7+'&1d+73+!`b'8+7!(+!+`3*`!8'ba*`h!)*'!+j+da1*Y!1&!$*dab3&(*'&!6&$#73*`%!
fb+! (+`&''*11&(&! a*'! b7! 8'ba*! (+! #77*c&(*'+`! #7`a#'&(*`! 3'&_&j&7(*!
`#1+7$#*`&d+73+!(+73'*!(+!.aa1+h!)+'*!+`3&`!a+'`*7&`!a&8&7!b7!a'+$#*!a*'!+`&!
1#_+'3&(h!=+7+'&1d+73+!`*7!+`kb#c&(*`!a*'!`b`!$*1+8&`!de`!+`3'b$3b'&(*`Y!i!`+!
1*`! c+! $*d*! +q$l73'#$*`Y! +q3'&m*`! i! '+_+1(+`h! 9*7! `+8'+8&(*`Y! 7*! `+&! kb+! `b!
&'*d&!7*$#c*!$*73&d#7+!&1!'+`3*!(+!1&!$*da&mn&h!!
!
!
B7&! (#7ed#$&! `#d#1&'! *$b''#g! +7! .c*7Y! &1! a*$*! 3#+da*! (+! #7`3&1&'`+! +1!
a'*8'&d&! -#(+'&s8*Y! &`bd#g! b7! 7b+c*! a'+`#(+73+! kb+! $&'+$n&! (+! +73b`#&`d*!
a*'!+1!+qa+'#d+73*h!9+!a+'d#3#g!1&!$*73#7b&$#g7!(+1!a'*8'&d&Y!a+'*!`*1&d+73+!
(+!d&7+'&!`#1+7$#*`&!i!(#`$'+3&Y!$*d*!b7!a'*i+$3*!1&3+'&1h!Z07!+`+!+73*7$+`Y!+1!
d&'5+3#78! db13#7#c+1! +'&! c#`3*! $*d*! b7! +`kb+d&! a#'&d#(&1[! '+$b+'(&! ]&13+'!
K'&$+'*Y!j+f+!(+1!a'*8'&d&!(+!7+34*'5!d&'5+3#78!(+!.c*7h!K'&$+'*!&(d#3+!kb+!
1&!a*_'+!#d&8+7!ao_1#$&!(+1!6-6!$*73'#_big!&1!3#_#*!&a*i*!(+!1&!$*da&mn&h!Z-*!
d&73+7n&d*`! +7! b7! a+'f#1! _&j*! i! 7*! 1*! #dab1`e_&d*`! (+d&`#&(*h!!
!
#+!&6&%#$")'%)0#)/e'%,))
!
07! +1! d+(#*! (+! b7&! *'8&7#s&$#g7! (+! c+73&`! db13#d#11*7&'#&! $*dab+`3&!
a*'!d#11*7+`!(+!a+'`*7&`Y!-#`&!`+!+7$*73'g!#7+`a+'&(&d+73+!&#`1&(&!i!`*1&h!Z2*!
+`3&_&7! %&$#+7(*! $&a&$#3&$#g7[! &f#'d&h! Z2*! a'*(b$n&7! 7#78o7! d&3+'#&1! (+!
c+73&`h! 2*! *f'+$n&7! 7#78o7! 3#a*! (+! a'+d#*`! a&'&! +1! )'*8'&d&! -#(+'&s8*h! 0'&!
dbi!a&'+$#(*!&!`+'!#87*'&(*h[!!
!
!
-#`&! +`3&_&! +7! b7&! +7$'b$#j&(&h! 9#! kb+'n&! kb+! `b! 7+8*$#*! 6-6!
58
fb7$#*7&'&Y!#_&!&!3+7+'!kb+!%&$+'1*!a*'!`b!$b+73&h!\!+`*!`#87#f#$&_&!$*7c+7#'`+!
+7!1n(+'h! 07! `b!c#+j*!7+8*$#*!.c*7Y! +11&!%&_n&!`#(*!'+`a*7`&_1+! 3&7!`g1*!a*'! `n!
d#`d&h!)+'*!&%*'&!3+7n&!kb+!&`+8b'&'`+!kb+!3*(*`!`b`!`*$#*`!3'&_&j&'&7!_#+7Y!
*! `b! *'8&7#s&$#g7! 7*! #_&! &! $'+$+'h! 9b! (+`3#7*! (+a+7(n&! (+! `b! $&a&$#(&(! a&'&!
+73'+7&'!i!$&a&$#3&'!&!*3'*`h!Z07!+1!d&'5+3#78!db13#7#c+1Y!1&!a'*a#&!81*'#&!7*!+`!
#da*'3&73+[!&`+8b'&h!Z-*!#da*'3&73+!+`!1&!81*'#&!kb+!b7*!ab+(&!1*8'&'!a&'&!`b`!
&`*$#&(*`h!9#!b`3+(!%&$+!kb+!+11*`!3'#b7f+7Y!+1!a&8*!kb+!'+$#_&!`+!$b#(&'e!`*1*h[!!
!
,%(*+/'+,d),%(*+/'+,d),%(*+/'+,)
!
6b$%*`! '+a'+`+73&73+`! (+! -#(+'&s8*! `+! kb+j&_&7! (+1! (+`$b#(*! (+1!
a'*8'&d&! a*'! a&'3+! (+! .c*7h! )+'*! -#`&! `+! %&_n&! $&7`&(*! (+! kb+j&'`+h! ?+7+'!
$*da&`#g7! (+! `n! d#`d&! `g1*! 1+! %&_n&! 8+7+'&(*! a*_'+s&! +7! +1! a&`&(*h! 0`3&_&!
(+3+'d#7&(&!&!3*d&'!+1!$*73'*1!(+!`b!(+`3#7*h!@+!%+$%*Y!`+!(#*!$b+73&!(+!kb+!
1&!&a&3n&!(+!.c*7!%&$#&!+1!a'*8'&d&!-#(+'&s8*!1+!(&_&!b7&!c+73&j&h!Z)*(n&!&_'#'!
d#!a'*a#&!`+7(&!$*7!.c*7[!&f#'d&Y!Za*(n&!3'&_&j&'!+7!+1!7+8*$#*!(+!1&!d&7+'&!
kb+!kb#`#+'&!i!c+'!`#!(&_&!'+`b13&(*!*!7*h!2*!3+7n&!7&(#+!a*'!`*_'+!dn!kb+!d+!
+q#8#+'&!b`&'!b7&!fg'db1&!a'*_&(&h[!!
!
!
9#7! b7&! #7f'&+`3'b$3b'&! $*'a*'&3#c&! +7! 1&! kb+! $*7f#&'Y! -#`&! (+$#(#g! kb+!
3+7n&! kb+! $*7`3'b#'! 1&! `bi&! a'*a#&h! >*d+7sg! &! %&$+'! b7! _*1+3n7! a&'&! `b! '+(Y!
11+7*!(+!$*7`+j*`!+!%#`3*'#&`!#7`a#'&(*'&`h!-+!+7c#&_&!$%*$*1&3+!&!`b!8+73+!a&'&!
+1!$bda1+&m*`!i!a*`3&1+`!a&'&!'+$*'(&'1+`!+c+73*`!$1&c+h!?&d_#l7!*'8&7#sg!b7!
Z$1b_! (+! d#1[! a&'&! 1&`! a+'`*7&`! kb+! c+7(n&7! de`! (+! ChPPP! (g1&'+`! +7! b7!
a+'n*(*! (+! (*`! `+d&7&`Y! i! *3*'8&_&! $+'3#f#$&(*`! &! 1*`! kb+! de`! 1*8'&_&7h!
E#`#3&_&! $*7! f'+$b+7$#&! &! 1n(+'+`! (+! 8'ba*`! (+! *3'*`! +`3&(*`! i! (#$3&_&!
`+d#7&'#*`! (+! $&a&$#3&$#g7h! Z.a'+7(n! kb+! 1&`! 3'+`! $*`&`! de`! #da*'3&73+`! (+!
-#(+'&s8*!`*7!'+`a&1(&'Y!'+`a&1(&'!i!'+`a&1(&'[!(#$+h!Z0`3+!7+8*$#*!`+!3'&3&!(+!
'+`a&1(&'!&!3b!*'8&7#s&$#g7h[!!
!
%/)*"'%,)'%)/+)*%,(&($%#!&+))
!
;7$1b`#c+! $*7! 3*(&! +`3&! &$3#c#(&(Y! +1! lq#3*! 7*! c#7*! (+! #7d+(#&3*h! -#`&!
7+$+`#3g!b7&!a+'`#`3+7$#&!#7$&7`&_1+!a&'&!&3'&c+`&'!`b`!a'#d+'*`!(*`!&m*`!+7!+1!
6-6h! @b'&73+! `b! a'#d+'! &m*! +7! -#(+'&s8*! 8&7g! `*1&d+73+! CFhPPP! (g1&'+`! i!
3+'d#7g! #7c#'3#+7(*! $&`#! 3*(&! +`&! `bd&! 7b+c&d+73+! +7! +1! 7+8*$#*h! Z?+7n&!
d#+(*! (+! +`3&'! a*7#+7(*! d#! (#7+'*! +7! b7! $&_&11*! db+'3*[! '+$b+'(&h!!
)+'*!+1!$'+$#d#+73*!8+*dl3'#$*!$*d+7sg!&!%&$+'`+!7*3*'#*!+7!+1!`+8b7(*!&m*h!
9b`! #78'+`*`! a&`&'*7! &! `+'! de`! (+1! (*_1+! i! 11+8&'*7! &! GMhPPP! (g1&'+`h! -b+8*!
`#8b#+'*7!&bd+73&7(*!&!HMhPPPY!MNhPPPY!CGJhPPP!i!CJ/hPPP!(g1&'+`!+7!1*`!&m*`!
`b$+`#c*`h!!
!
!
07! 1&! &$3b&1#(&(Y! 1&`! a'+*$ba&$#*7+`! f#7&7$#+'&`! (+! -#`&! (+j&'*7! %&$+!
3#+da*! (+! +q#`3#'h! 6#+73'&`! 3&73*Y! `b! +`a*`*! (+`&''*11g! b7! +q#3*`*! 7+8*$#*! (+!
$*7`3'b$$#g7!i!1&`!8&7&7$#&`!(+!&d_*`!`bd&(&`!1+`!%&7!(&(*!b7&!1#_+'3&(!kb+!
7b7$&!a*('n&7! %&_+'!#d&8#7&(*h! ZO&$+! `+#`!&m*`Y! `#!&18b#+7!(+$n&!y`&18&d*`!&!
$+7&'R!d+!3+7n&!kb+!a'+*$ba&'!a*'!`#!a*(n&!a&8&'!*!7*[!(#$+!Z.%*'&Y!d#!+`a*`*!
ab+(+! (+$#'! yc&i&d*`! &! )&'n`R! i! 1*! a*(+d*`! %&$+'Y! `#7! a+7`&'! +7! +1! $*`3*[h!
A#7&1d+73+Y!1b+8*!(+!db$%*!3#+da*Y!-#`&!+7$*73'g!`b`!.$'+`!(+!@#&d&73+`h!!
!
!,%!%,)!"6")6+/%7+))
59
!
.! d+(#(&! kb+! $&d_#&_&! `b! a'*a#&! c#(&Y! -#`&! 3&d_#l7! &ib(g! &!
3'&7`f*'d&'! .c*7! )'*(b$3`h! -*`! +j+$b3#c*`! (+! 1&! $*da&mn&! &(c#'3#+'*7! +1! lq#3*!
(+!+11&!+7!`b!$b&'3*!&m*!+7!+1!a'*8'&d&!-#(+'&s8*h!Z>*d+7s&'*7!&!11&d&'d+!i!
&! a+(#'d+! kb+! 1+`! +7c#&'&! $*a#&`! (+! d#! _*1+3n7! i! *3'*`! d&3+'#&1+`[! (#$+h! @+!
%+$%*Y! .c*7! `+! +`3&_&! a'+a&'&7(*! a&'&! b7! #da*'3&73+! $&d_#*! (+! a*1n3#$&h!
@b'&73+! $#7$*! &m*`Y! %&_n&7! a+'d#3#(*! &1! )'*8'&d&! -#(+'&s8*! $'+$+'! $*d*!
d&1+s&h! .%*'&! .c*7! $*d+7s&_&! &! +q&d#7&'! &! 1*`! 1n(+'+`! de`! #da*'3&73+`Y!
$*d*! +11&Y! a&'&! &a'+7(+'! $gd*! 1&! `+(+! (+! 1&! $*'a*'&$#g7! a*(n&! &(*a3&'! `b`!
+`3'&3+8#&`!+q#3*`&`h!01!$&d_#*!11+8g!&!`b!ab73*!deq#d*!+7!&_'#1!(+!CNNMh!
!!
!
Z2*`! '+b7#d*`! $*7! 7b+`3'*`! '+a'+`+73&73+`! (+! -#(+'&s8*[! +qa1#$&!
K'&$+'*Y!Zi!&7b7$#&d*`!kb+!+`3e_&d*`!&(*a3&7(*!b7!+7f*kb+!de`!&8'+`#c*!i!
d*3#c&(*'Y!&$3b&7(*!i!&a*i&7(*!&!7b+`3'*`!'+a'+`+73&73+`!i!a'*d*$#*7&7(*!1&!
*a*'3b7#(&(!&73+!+1!ao_1#$*h!@+`(+!+`+!d*d+73*Y!%+d*`!(ba1#$&(*!+1!7od+'*!
(+!'+a'+`+73&73+`!(+!-#(+'&s8*h[!
!
!
-&!_#+7!a*`#$#*7&(&!d&'$&!'+8#`3'&(&!(+!.c*7!i!`b!#7f'&+`3'b$3b'&!81*_&1Y!
1+!&`+8b'&'&7!b7!a*(+'*`*!1b8&'!+7!+1!7+34*'5!d&'5+3#78!(+1!`#81*!c+#73#b7*h!
!!
!
#")6S()?,0*"()'%)&##"1+'",%())
!
.c*7! 7*! (#cb18&! $be73*`! d#+d_'*`! (+! `b! fb+'s&! (+! c+73&`! `*7!
(#`3'#_b#(*'+`!6-6!+7!1&!&$3b&1#(&(Y!a+'*!&18b7*`!+`3#d&7!kb+!+1!CP!a*'!$#+73*!
(+! 1&`! HPPhPPP! a+'`*7&`! kb+! $*da*7+7! 1&! fb+'s&! (+! c+73&! (#'+$3&! (*dl`3#$&Y!
+`3e7! #7`$'#a3*`! +7! -#(+'&s8*h! \! +`! a*`#_1+! kb+! +`+! a*'$+73&j+! `+! +1+c+!
`o_#3&d+73+!+7!1*`!a'gq#d*`!&m*`h!K'&$+'*!(#$+!kb+!.c*7!%&$+!(+!`b!a'*8'&d&!
(+! 7+34*'5! d&'5+3#78! Zb7&! (+! `b`! a'#*'#(&(+`! $1&c+! (+! CNNN[h! 01! 8'ba*! (+!
#77*c&(*'+`!i&!7*!+`!de`!b7!8'ba*!(+!#77*c&(*'+`h!!
!
!
.1! #8b&1! kb+! 1*`! 3l$7#$*`! 7*! $*7c+7$#*7&1+`! (+3'e`! (+! 6&$#73*`%!
'+%#$#+'*7!.aa1+!>*dab3+'`!&!`b!a'*a#&!#d&8+7!1*`!a#*7+'*`!(+1!6-6!(+!.c*7!
%&7! 3'&7`f*'d&(*! +`&! $*da&mn&! +7! b7! a'*3*3#a*! (+! 1&! ,1&! /h! -&! _#+7!
a*`#$#*7&(&!d&'$&!'+8#`3'&(&!(+!.c*7!i!`b!#7f'&+`3'b$3b'&!81*_&1!1+!&`+8b'&'e7!
b7!a*(+'*`*!1b8&'!+7!+1!7+34*'5!d&'5+3#78!(+1!`#81*!c+#73#b7*h!
!
0#+)#0%1+)!,%'&:&/&'+'))
!
-&!$*7c+'`#g7!(+!.c*7!)'*(b$3`!+`!`g1*!b7!+j+da1*!(+1!d*c#d#+73*!(+!1&!
,1&! /! kb+! 3'&7`f*'d&! &! 1&`! $*'a*'&$#*7+`! +`3&(*b7#(+7`+`h! @b'&73+! &m*`Y! 1*`!
+j+$b3#c*`! (+! 1&`! +da'+`&`! (+1! '&75#78! A*'3b7+! HPP! *_`+'c&'*7! +1! f+7gd+7*!
6-6! (+`(+! 1+j*`Y! `#7! &7#d&'`+! &! 3*$&'1*h! .%*'&Y! +7c&1+73*7&(*`! a*'! 1&!
$'+$#+73+! '+`a+3&_#1#(&(! (+1! 6-6Y! f#7&1d+73+! +da#+s&7! &! `&$&'! a'*c+$%*! a&'&!
+11*`!d#`d*`h!!
!
!
Z01! d&'5+3#78! db13#7#c+1! `+! %&! %+$%*! de`! $'+n_1+! %*i! +7! (n&[! (#$+!
K'&$+'*h! Z-*`! +da'+`&'#*`! *_`+'c&7! kb+! ab+(+7! 3+7+'! #78'+`*`! `#87#f#$&3#c*`!
d+(#&73+!+1!d&'5+3#78!(+!'+(+`h!"+&1d+73+Y!7*!%&i!1nd#3+!a&'&!+1!a*3+7$#&1!(+!
8&7&7$#&`h! 01! a'*8'&d&! -#(+'&s8*! 7*`! (&! b7&! c+73&j&! $*da+3#3#c&! +73'+!
7b+`3'*`! $*da+3#(*'+`! +7! c+73&! (#'+$3&h! 2*`! a*7('e!+7! b7&! _&`+! (+! #8b&1(&(!
a&'&!&3'&+'!+da'+7(+(*'+`h[!!
60
!
!
!
!
!
!
!DEFGHIJ)"#!%)
)
%I):Nf):DOf)
!
!
!
9*i! (b+m*! (+! b7&! 1#_'+'n&h! )+'*! 7b7$&! 3'&_&j*! &11nh! 2b7$&! d&7+j*! 1&!
dekb#7&!'+8#`3'&(*'&Y! 7#! _&''*!+1!a#`*Y!7#!d+! a'+*$ba*! $*7`3&73+d+73+! a*'!+1!
#7c+73&'#*Y!7#!'+8&3+*!$*7!+1!a'*a#+3&'#*h!@+!%+$%*Y!1*!o7#$*!kb+!%&8*!+`!$*_'&'!
d#! $%+kb+! $&(&!3'#d+`3'+Y!$b&7(*! 11+8&! &!d#!$&`#11&! (+! $*''+*h! >*d*!d#1+`!(+!
*3'&`! a+'`*7&`! &1'+(+(*'!(+1! db7(*Y!`*i! `*$#*!(+!.d&s*7h$*dh! )&'&! $*da'&'!
b7! 1#_'*! &! 3'&cl`! (+! d#! ae8#7&! 4+_! 444h'#$%&'(a*+h$*dY! b7! $1#+73+!
`#da1+d+73+! 3*$&! b7! _*3g7h! .d&s*7h$*d! `+! *$ba&! (+1! '+`3*h! "+$*8+! 1*`!
a+(#(*`Y!a'*$+`&!1&`!3&'j+3&`!(+!$'l(#3*!i!+7cn&!1&!d+'$&(+'n&h!2*!$b+`3&!7&(&!
&(%+'#'`+! &1! a'*8'&d&h! .1! f#7&1! (+! $&(&! 3'#d+`3'+Y! .d&s*7h$*d! d+! a&8&! b7&!
a+kb+m&! $*d#`#g7! a*'! $&(&! $*da'&h! \*! 7*! 3+78*! kb+! %&$+'! 7&(&h!!
2*Y!7*!+`!b7&!*a*'3b7#(&(!(+!7+34*'5!d&'5+3#78h!)+'*!.d&s*7h$*d!+j+da1#f#$&!
b7&! 3+7(+7$#&! $'+$#+73+! +73'+! $*'a*'&$#*7+`! $*7c+7$#*7&1+`Y! (+! &(*a3&'! $&(&!
c+s!de`!+`3'&3+8#&`!`#d#1&'+`!&1!6-6h!.!d+(#(&!kb+!1&!"+c*1b$#g7!(+!1&!,1&!/!
3'&7`f*'d&!&!1&`!$*'a*'&$#*7+`!+`3&(*b7#(+7`+`Y!1&!1n7+&!kb+!(#c#(+!&1!6-6!(+!
1*`! 7+8*$#*`! 3'&(#$#*7&1+`! `+! %&$+! $&(&! c+s! de`! _*''*`&h! >&(&! c+s! de`!
$*da&mn&`!a#(+7!'+f+'#(*`!&!1*`!$1#+73+`Y!&`*$#&7!$1#+73+`!$*d*!(#`3'#_b#(*'+`!i!
3'&3&7!&!1*`!+da1+&(*`!$*d*!+da'+`&'#*`h!!
!
!
9#! 1&`! 3+7(+7$#&`! &$3b&1+`! $*73#7o&7Y! 1&`! d&`#c&`! _b'*$'&$#&`!
$*'a*'&3#c&`!(+!1&!&$3b&1#(&(!(+73'*!(+!a*$*!`+!(#`+d#7&'e7!+7!b7&!8&1&q#&!(+!
a'*a#+(&(+`!#7(#c#(b&1+`Y!$*7+$3&(&`!3&7!`g1*!a*'!;73+'7+3Y!i!7b3'#(&`!d+(#&73+!
b7&! '+(! (+! '+1&$#*7+`! #7c#`#_1+`! +73'+! a'*c++(*'+`h! -*`! 7+8*$#*`! (+! &b3*L
'+a'*(b$$#g7! +q&$3&Y! 3&1+`! $*d*! .d&s*7h$*dY! &_b7(&'e7h! -&! 8+73+! 3'&_&j&'e!
(+`(+!`b`!%*8&'+`Y! +7! d+(#*!(+!`b`!`+'+`! kb+'#(*`h!\!+1!d&'5+3#78!db13#7#c+1!
`b'8#'e! $*d*! b7&! +`3'&3+8#&! (*d#7&73+! a&'&! *'8&7#s&'! &! +`*`! d#11*7+`! (+!
7b+c*`!(b+m*`!(+!7+8*$#*`!#7(+a+7(#+73+`h!0`3l7!&3+73*`!&!+`&!+qa1*`#g7!kb+!
c+7('e!+7!1*`!a'gq#d*`!&m*`h!\*!1&!11&d*!+1!K#8!K&78h!!
!
!",*",+!&"#%()'&("!&+'+()
))
)*'! `bab+`3*Y! 1&! 3+*'n&! (+1! K#8! K&78! 7*! 3#+7+! 7&(&! (+! 7b+c*h! -*`!
fb3b'#`3&`!$*d*!Q*%7!2&#`_#33!i!.1c#7!?*ff1+'!%&7!c+7#(*!a'+(#$#+7(*Y!(+`(+!%&$+!
&m*`Y! b7&! (#`*$#&$#g7! +7! 8'&7! +`$&1&! (+! 1&`! $*'a*'&$#*7+`h! )+'*! `g1*!
'+$#+73+d+73+! 1*`! +qa+'3*`! %&7! $*d+7s&(*! &! '+$*7*$+'! kb+! +1! 7+34*'5!
d&'5+3#78! 3+7('e! b7! a&a+1! +7! +`+! a'*$+`*h! K&''i! >&'3+'Y! +1! &b3*'! (+! "#kb+s&!
;1#d#3&(&Y!fb+!b7&!(+!1&`!a'#d+'&`!a+'`*7&`!+7!c+'!1&!$*7+q#g7h!>&'3+'!a'+(#$+!
1*!kb+!11&d&!b7&!Za'#c&3#s&$#g7!+7!d&`&[!b7&!3'&7`f+'+7$#&!d&i*'#`3&!(+!&$3#c*`!
61
(+!_b'*$'&$#&`!$*'a*'&3#c&`!i!8b_+'7&d+73&1+`!&!1&`!d&7*`!(+!1*`!3'&_&j&(*'+`!
(+!1&`!_&`+`h!07!1b8&'!(+!+`$1&c#s&'`+!a*'!b7!`&1&'#*Y!1*`!%*d_'+`!i!dbj+'+`!(+1!
`#81*!c+#73#b7*!3'&_&j&'e7!a&'&!+11*`!d#`d*`Y!$*7!b7!#78'+`*!a'*a*'$#*7&1!&!`b`!
+`fb+'s*`h!
!!
!
!
!
Z\&! 3+7+d*`! 7b+`3'&`! a'#d+'&`! +da'+`&`! (+! a'#c&3#s&$#g7! d&`#c&[! (#$+!
>&'3+'h!Z-*`!a'*f+`#*7&1+`!(+!'+(!`*7!(b+m*`!(+!`b`!a'*a#*`!7+8*$#*`!i!'+$#_+7!
b7! a*'$+73&j+! a*'! 3*(*! #78'+`*! kb+! a'*(bs$&7! a*'! c+73&`h! 01! 7+34*'5!
d&'5+3#78! %&! a'*_&(*! kb+! 3#+7+! fb+'s&! (+! a+'d&7+7$#&Y! i! kb+! %&! 8&7&(*!
1+8#3#d#(&(h!O&`3&!1&!f+$%&Y!`g1*!1&!#7(b`3'#&!(+1!7+34*'5!d&'5+3#78!%&!3'#b7f&(*!
+7!+1!*f'+$#d#+73*!(+!b7&!*a*'3b7#(&(!(+!7+8*$#*`!c#&_1+Y!_&`&(&!+7!+1!d*(+1*!
(+!a'#c&3#s&$#g7!+7!d&`&h[!!
!
,":"$()&#!"#!&%#$%()
!!
>&'3+'!7*!+`3e! #7c*1b$'&(*! +7! +1! 7+34*'5! d&'5+3#78h!.$3b&1d+73+Y! 3#+7+!
$b&'+73&! i! (*`! &m*`! i! +`! 8+'+73+! +7! b7&! $*da&mn&! (+1! 1#`3&(*! A*'3b7+! CPPh!
>*d*! +j+$b3#c*Y! #78+7#+'*! i! $*7`b13*'! 8+'+7$#&1! (+! $*'a*'&$#*7+`! kb+! c&7!
(+`(+!;K6!i!"+c1*7!%&`3&!Ob8%+`!.#'$'&f3Y!>&'3+'!%&!a&`&(*!8'&7!a&'3+!(+!`b!
c#(&! 7&c+8&7(*! a*'! +1! 1&_+'#73*! (+! 1&! _b'*$'&$#&! $*'a*'&3#c&h! \! db$%&`! c+$+`!
`+!%&!&`*d_'&(*!a*'!1*!kb+!+7$*73'g!&11nh!ZO+!3'&_&j&(*!+7!&d_#+73+`!f&_'#1+`!
(*7(+! b7! d*73&j+! +1l$3'#$*! #7$*''+$3*! %+$%*! a*'! b7!3'&_&j&(*'! (+! 1&! 1n7+&! (+!
a'*(b$$#g7Y! 1#3+'&1d+73+! a*('n&! d&3&'! &! b7! $1#+73+Y[! (#$+! >&'3+'h! Z>b&7(*!
d+7$#*7&_&! +`3+! %+$%*! &! +`*`! 3'&_&j&(*'+`Y! `+! #da'+`#*7&_&7h! 9#da1+d+73+Y!
7*!+'&7!$*7`$#+73+`!(+!1&!`+'#+(&(!(+!`b!3'&_&j*h[!!!
!
!
-&! 8+73+! (+! 1&`! $*'a*'&$#*7+`! fb7$#*7&! $*d*! '*_*3`Y! $*7$1big! >&'3+'Y!
&$3b&7(*!$*d*!`*7ed_b1*`!&!3'&cl`!(+!'b3#7&`!*'(+7&(&`Y!`#7!'+f1+q#g7Y!c#`#g7!
7#! +`a+'&7s&! 1*! kb+! 1+`! f&13&! &! `b`! c#(&`! +`! b7! `+73#(*! (+! a*`+`#g7h!
?'&_&j&(*'+`! i! 8+'+73+`! a*'! #8b&1! 3'&_&j&7! a&'&! _+7+f#$#&'! &! *3'*`Y! 7*! &! +11*`!
d#`d*`h!B7!3'&_&j*!(+!d+j*'!$&1#(&(!'&'&d+73+!'+`b13&!+7!b7!`&1&'#*!(+!d+j*'!
$&1#(&(h! @*`$#+73*`! &m*`! (+`abl`! (+! kb+! .(&d! 9d#3%!+`$'#_#+'&! 1&! '#kb+s&! (+!
1&`! 7&$#*7+`Y! a&'+$+'n&! kb+! 1&! 1#_'+! +da'+`&! 3*(&cn&! 3#+7+! kb+! 11+8&'! &! 1&! c#(&!
(+!1&!d&i*'n&!(+!1&`!a+'`*7&`h!
!!
!
Z2*! %&i! db$%&! (#f+'+7$#&! +73'+! b7&! _b'*$'&$#&! $*'a*'&3#c&! i! b7&!
$*db7#`3&Y[!*_`+'c&!>&'3+'h!y.d_&`!+`3e7!(#`+m&(&`!a&'&!&a1&`3&'!1&!#7#$#&3#c&[!
@b'&73+! 1&`! o13#d&`! (*`! (l$&(&`Y! 1+8#*7+`! (+! 8b'o+`! (+1! 8+'+7$#&d#+73*! %&7!
_b`$&(*! &1#c#&'! +`3+! a'*_1+d&h! 9#7! +d_&'8*Y! `b`! d#7#`3+'#*`! $&`#!7*! %&! 3+7#(*!
de`! +f+$3*! kb+! +1! $&`$&_+1! (+! b7! $%&de7h! ZO+! 3'&_&j&(*! a'e$3#$&d+73+! $*7!
$&`#! 3*(*`! 1*`! a'*8'&d&`! 8+'+7$#&1+`! (+! d*(&! (+! 1*`! o13#d*`! c+#73+! &m*`Y[!
&8'+8&h!ZO+!'+&1#s&(*!$n'$b1*`!(+!$&1#(&(Y!8+'+7$#&d#+73*!a*'!*_j+3#c*`Y!+kb#a*`!
&b3*L(#'#8#(*`Y!*'8&7#s&$#*7+`!%*'#s*73&1+`Y!a*3+7$#&$#g7!(+!3'&_&j&(*'+`!i!3*(*!
1*! (+de`h! )+'*! 7#78b7*! fb7$#*7g! (+! c+'(&(h! 0'&7! 7&(&! de`! kb+! &ag`#3*`!
a'*3+$3*'+`!+7!b7&!%+'#(&!&_#+'3&h[!!
!
*"$%#!&+!&C#)#+$0,+/))
!
>&'3+'!`+!(#*!$b+73&!(+!kb+!+1!a'*_1+d&!+'&!1&!+da'+`&!d#`d&h!6#+73'&`!
1&!8+73+!3'&_&j&'&!a&'&!_b'*$'&$#&`!8#8&73+`$&`Y!7*!+'&7!d+j*'!kb+!`#+'c*`h!-&!
62
c+'(&(+'&! 1#_+'3&(! 11+8&_&! `g1*! &! &kb+11*`! kb+! +'&7! (b+m*`! i! $*73'*1&_&7! `b`!
a'*a#*`!7+8*$#*`h!)+'*Y!p$gd*!a*('n&7!$*7c+'3#'`+!+7!(b+m*`Y!'+a+73#7&d+73+Y!
(+$+7&`!(+!d#11*7+`!(+!+da1+&(*`!(+!$*'a*'&$#*7+`T!p@+!(g7(+!*_3+7('n&7!+1!
$&a#3&1Y!1*`!$1#+73+`Y!1*`!$*7*$#d#+73*`!a'e$3#$*`T!pO&_'n&!`bf#$#+73+!(+d&7(&!+7!
1&!+$*7*dn&!a&'&!`*`3+7+'!3&73*`!7+8*$#*`T!!
!
!
-&! `&_#(b'n&! $*7c+7$#*7&1! (+$n&! kb+! 7*h! @+$n&! kb+! 1*`! +da'+7(+(*'+`!
3'&_&j&7(*! (+`(+! `b`! %*8&'+`! `+'n&7! &a1&`3&(*`! a*'! 1&`! d+8&! $*'a*'&$#*7+`!
kb+! *f'+$n&7! d+j*'+`! `+'c#$#*`! &! a'+$#*`! de`! _&j*`h! )+'*! >&'3+'! '+$%&sg! 1&!
`&_#(b'n&! $*7c+7$#*7&1h! W1! *_`+'cg! kb+! 1&`! fb+'s&`! fb7(&d+73&1+`! +7! 1&!
+$*7*dn&!i&!`+!+`3&_&7!$*d#+7(*!&!1&`!8'&7(+`!$*'a*'&$#*7+`Y!$*d*!3+'d#3&`h!
>&'3+'! $'+n&! kb+! 1*`! +da1+&(*`! a'*73*! 1*8'&'n&7! `b! 1#_+'3&(Y! `#7! 1&! &ib(&! *!
#73+'c+7$#g7! (+! 7#78o7! 8b#&! (+1! 8+'+7$#&d#+73*h! 01! $&d_#*! c+7('n&! 7&3b'&1! i!
+`a*73e7+&d+73+Y! a*'! +1! $*1&a`*! (+! 1*`! ='&7(+`! 2+8*$#*`h! \! 11+8&'n&! de`!
'ea#(*!(+!1*!kb+!3*(*`!+`a+'&_&7h!!
!
%#):V(W0%'+)'%)=",+$&")+/?%,)
!
07! CNGCY! b7! j*c+7! _'#3e7#$*! +`3b(#&73+! (+! +$*7*dn&! 11&d&(*! "*7&1(!
>*&`+Y! c#&jg! &! 1*`! 0`3&(*`! B7#(*`h! 0`a+'&_&! +7$*73'&'`+! $*7! +1! +`an'#3b! (+!
1#_+'3&(! d+7$#*7&(*! +7! 1&`! $1e`#$&`! 7*c+1&`! (+! a*_'+`! $*7c+'3#(*`! +7! '#$*`!
+`$'#3&`! a*'! O*'&3#*! .18+'h! )+'*Y! +7! `b! 1b8&'Y! >*&`+! +7$*73'g! &! 1*`!
+`3&(*b7#(+7`+`! (#'#8#l7(*`+! +7! 3'*a+1! &! 1&`! $*'a*'&$#*7+`Y! $*d*! *c+j&`Y! +7!
_b`$&!(+!3'&_&j*`!+`3&_1+`h!pSbl!%&_n&!`b$+(#(*!$*7!+1!+`an'#3b!1+8+7(&'#*!(+1!
+da'+`&'#&(*! +`3&(*b7#(+7`+T! >*&`+! `+! a'+8b73&_&D! Za*'! kblY! +7! b7&!
+$*7*dn&! (+! 1#_'+! +da'+`&Y! b7! 3'&_&j&(*'! `+! `*d+3+'n&! c*1b73&'#&d+73+! &! 1&`!
g'(+7+`!(+!b7&!$*'a*'&$#g7!+7!1b8&'!(+!c+7(+'!`b!a'*a#&!a'*(b$$#g7!*!`+'c#$#*!
&!1*`!$1#+73+`!(+1!d+'$&(*T[!!
!
!
07!_b`$&!(+!b7&!'+`ab+`3&!a&'&!+`&!a'+8b73&Y!>*&`+!+`$'#_#g!b7!+7`&i*!
11&d&(*!Z-&!7&3b'&1+s&!(+!1&!f#'d&[h!B7!(n&!1+!`#87#f#$&'n&!b7!)'+d#*!2*_+1h!07!+1!
+7`&i*Y! >*&`+! $*7$1bn&! kb+! a&'&! 1&`! $*'a*'&$#*7+`! +'&! de`! _&'&3*! $*73'&3&'!
+da1+&(*`!(+!3#+da*!$*da1+3*Y!a*'kb+!1*`!$*`3*`!*a+'&3#c*`!(+!%&$+'!7+8*$#*`!
$*7! $*73'&3#`3&`! +q3+'7*`! +'&7! dbi! &13*`h! 07! *3'&`! a&1&_'&`Y! +'&! de`! _&'&3*!
3+7+'! b7&! `+$'+3&'#&Y! kb+! f#'d&'! b7! $*73'&3*! $*7! b7! (&$3#1g8'&f*! +q3+'7*! a*'!
$&(&!1+3'&h!)*'!$*7`#8b#+73+Y!1*`!a*3+7$#&1+`!%l'*+`!&1!+`3#1*!(+!O*'&3#*!.18+'!7*!
3+7n&7! $1#+73+`! '+&1+`! +7! +1! db7(*! $*'a*'&3#c*Y! a*'kb+! `b`! `+'c#$#*`! +`3&_&7!
`*_'+c&1b&(*`h! -&! f'n&! 1g8#$&! (+! 1&! +$*7*dn&! 7*! 1+`! (+j&_&! *3'&! *a$#g7! kb+!
`*d+3+'`+Y!`*d_'+'*!+7!d&7*Y!&1!(+a&'3&d+73*!(+!a+'`*7&1Y!$*7!1&!+`a+'&7s&!
(+!*_3+7+'!b7!ab+`3*!$*7!`&1&'#*!f#j*h!
!!
6S()!=&!")%()6%;",)
!
)+'*! +7! 1&! &$3b&1#(&(Y! `+! (&! 3*(*! 1*! $*73'&'#*h! ?&1! $*d*! 1*! +qa1#$&! )&b1!
X&7+!)#1s+'!+7!@#*`!kb#+'+!kb+!b`3+(!`+&!'#$*Y!Z9#!>*&'`+!+`$'#_#+'&!+`+!d#`d*!
+7`&i*! %*i! +7! (n&Y! 11+8&'n&! &! b7&! $*7$1b`#g7! +q&$3&d+73+!!
*ab+`3&h[! -&! 3+$7*1*8n&! %&! '+(b$#(*! 3&73*! 1*`! $*`3*`! *a+'&3#c*`! kb+! &%*'&! +`!
de`!_&'&3*!i!de`!fe$#1!a&'&!1&`!+da'+`&`!3+'$+'#s&'!1&!d&i*'!a&'3+!(+1!3'&_&j*h!
?&'#f&`! 3+1+fg7#$&`! _&j&`Y! $*''+*! +1+$3'g7#$*! 8'&3#`Y! `+'c#$#*`! (+! +73'+8&!
7*$3b'7&!i!f&$3b'&`!$*dab3&'#s&(&`!&1!#7`3&73+Y!f&$#1#3&7!1&!$*1&_*'&$#g7Y!#7$1b`*!
+73'+!a+'`*7&`!&!d#1+`!(+!5#1gd+3'*`!(+!(#`3&7$#&h!9+8o7!)#1s+'Y!1&!+$*7*dn&!(+!
63
%*i! +7! (n&! (#$3&! kb+! Z1&! d&i*'n&! (+! 1&`! 8'&7(+`! +da'+`&`! (+_+'n&7! 3+7+'!
db$%*! d+7*`! +da1+&(*`[! i! db$%&`! 8'&7(+`! +da'+`&`! (#'+$3&d+73+! 7*!
(+_+'n&7!+q#`3#'h[!!
!
!
!
!
@+! %+$%*Y! +`3*! +`! +q&$3&d+73+! 1*! kb+! +`3e! `b$+(#+7(*h! -&`! +da'+`&`!
8'&7(+`! `+! +`3e7! '+(b$#+7(*Y! i! 1&`! +da'+`&`! de`! a+kb+m&`! +`3e7! &_&'$&7(*!
de`!7+8*$#*`h!Z01!HP!a*'!$#+73*!(+!1&`!+qa*'3&$#*7+`!(+!1*`!0`3&(*`!B7#(*`!`+!
8+7+'&7!+7!$*da&mn&`!$*7!CN!+da1+&(*`!*!d+7*`!+`$'#_+!Q*%7!2&#`_#33!+7!-&!
a&'&(*j&! 81*_&1! t?%+! =1*_&1! )&'&(*qu! Z01! n7(#$+! A*'3b7+! HPP! &%*'&! '+a'+`+73&!
`g1*!b7!CP!a*'!$#+73*!(+!1&!+$*7*dn&!+`3&(*b7#(+7`+Y!%&_#+7(*!(+`$+7(#(*!$*7!
'+`a+$3*!&1!FP!a*'!$#+73*!(+!CNJPh[!!
!
%/)2+!$",)%#;+6:,%)!
!
>#+73nf#$*`! kb+! +`3b(#&_&7! _&7(&(&`! (+! &c+`! $*7! a+1n$b1&! (+! &13&!
c+1*$#(&(! %#$#+'*7! b7! (+`$b_'#d#+73*! 7*3&_1+h! ,_`+'c&'*7! kb+! 1&`! &c+`!
'+&$$#*7&7!$*7!d&i*'!c+1*$#(&(!&!1*`!`b3#1+`!d*c#d#+73*`!(+!1&!_&7(&(&!kb+!&!
1&`!`+m&1+`!(+!`b`!a'*a#*`!$+'+_'*`h!>b&7(*!1&!_&7(&(&!`+!(+`cn&!a&'&!+c#3&'!&!
b7!(+a'+(&(*'Y!&!$&(&!aej&'*!1+!3*d&!C€JP&c*!(+!`+8b7(*!#d#3&'!+1!$&d_#*!(+!
(#'+$$#g7!(+!b7!aej&'*!c+$#7*h!0`*!+`!#7f+'#*'!&1!3#+da*!(+!'+&$$#g7!(+!b7!&c+!
#7(#c#(b&1h!-&!_&7(&(&!`+!(+`cn&Y!_&j&!+7!a#$&(&!i!$&d_#&!(+!f*'d&!$*d*!&18*!
c#c*Y!+1b(#+7(*!$*7!8'&$#&!&1!(+a'+(&(*'h!)+'*!7*!1&!8bn&!7#78b7&!#73+1#8+7$#&h!
0`! (#'#8#(&! o7#$&d+73+! a*'! 1&! '+&$$#g7! #7$*7`$#+73+! (+! $&(&! &c+! &! 1*`!
d*c#d#+73*`! (+! `b! c+$#7*h! Z-&! _&7(&(&! +`! de`! kb+! 1&! `bd&! (+! 1&`! &c+`[Y!
$*7$1bi+!+1!+(#3*'!+j+$b3#c*!(+!]#'+(Y!^+c#7!^+11iY!+7!`b!1#_'*!Ab+'&!(+!$*73'*1!
t,b3!*f!>*73'*1uh!!
!
!
.! d+(#(&! kb+! 1&! +$*7*dn&! `+! (#`+d#7&! +7! b7#(&(+`! $&(&! c+s! de`!
a+kb+m&`Y! 3&d_#l7! $*d#+7s&! &! +q%#_#'! 1*! kb+! ^+11i! 11&d&! $*da*'3&d#+73*! (+!
_&7(&(&h! B7&! '+(! (+! d#11*7+`! (+! a+kb+m&`! b7#(&(+`! ab+(+! '+&$$#*7&'! de`!
'ea#(&! i! (+$#`#c&d+73+! +7! +1! d+'$&(*! kb+! b7&! a+`&(&! _b'*$'&$#&h! Z-&!
d&3+de3#$&! (#$+! kb+! +1! c&1*'! 3*3&1! (+! b7&! '+(! `+! #7$'+d+73&! +7! fb7$#g7! (+1!
$b&('&(*! (+1! 7od+'*! (+! d#+d_'*`hhh[! +`$'#_+! ^+11i! +7! 2b+c&`! '+8%#`! a&'&! n&!
7b+c&! +$*7*dn&! t2+4! "b1+`! f*'! 3%+! 2+4! 0$*7*'7cuh! Z)*'! 1*! 3&73*Y! d#1!
d#+d_'*`!ab+(+7!3+7+'!b7!d#11g7!(+!&d#`3&(+`h[!?&73*!+7!+1!%*d_'+!$*d*!+7!
1*`! &7#d&1+`Y! +`! +1! 7od+'*! (+! '+1&$#*7+`! $&`b&1+`! +73'+! #7(#c#(b*`! 1*! kb+! (&!
f1b#(+s! &! 1&! _&7(&(&h! >b&73&`! de`! b7#(&(+`! `+! 3+78&7! +7! b7&! '+(Y! de`!
'+1&$#*7+`!ab+(+7!f*'d&'`+!+73'+!+11&`h!\Y!$b&73&`!de`!'+1&$#*7+`!3+78&!b`3+(x!
3*(&!1&!'+(!'+`a*7(+'e!$*7!d&i*'!'&a#(+s!i!+f+$3#c#(&(!&1!d+'$&(*h!!
!
20%,7+)!%#$,e20?+))
!
07! 1&! &$3b&1#(&(Y! 1&`! $*'a*'&$#*7+`! `+! +`3e7! `+a&'&7(*! $*d*! a*'! b7&!
fb+'s&!$+73'nfb8&h!0q#`3+!b7&!$&''+'&!a&'&!c+'!kbl!$*da&mn&!ab+(+!(#`8'+8&'`+!
+7! b7#(&(+`! de`! a+kb+m&`! $*7! d&i*'! '&a#(+sY! i! &`n! 3'&7`f*'d&'`+! (+!
_b'*$'&$#&!+7!+7j&d_'+h!07!+`3&!+q3'&m&!$&''+'&!a*'!+1!&b3*L(+`d+d_'&d#+73*!
+`3e! +7! jb+8*! 1&! c#(&! d#`d&h! Z>*'a*'&$#*7+`! 8#8&73+`! $*d*! ;K6Y! )%#11#a`! i!
=+7+'&1! 6*3*'`Y! (+_+7! (+`d+d_'&'`+! a&'&! $*7c+7#'`+!+7! $*7f+(+'&$#*7+`! (+!
$*da&mn&`! +da'+7(+(*'&`! a+kb+m&`! i! &b3g7*d&`Y! `#! kb#+'+7! `*_'+c#c#'Y[!
+`$'#_+! 2&#`_#33! +7! -&! a&'&(*j&! 81*_&1h! .`nY! .`$&! K'*47! K*i+7! t+1! 3+'$+'!
64
f&_'#$&73+! db7(#&1! (+! &'3n$b1*`! (+! +1+$3'#$#(&(Y! (+`abl`! (+! 9#+d+7`! i!=+7+'&1!
01+$3'#$`u! `+! %&! `+a&'&(*! +7! d#1! (*`$#+73&`! +da'+`&`! (#`3#73&`Y! $&(&! b7&! $*7!
&1'+(+(*'! (+! (*`$#+73*`! +da1+&(*`h! .?{?! `+! %&! (#c#(#(*! +7! c+#73+!
`b_(#c#`#*7+`Y!$&(&!b7&!'+`a*7`&_1+!(+!`b`!a'*a#&`!8&7&7$#&`!i!al'(#(&`h!)+'*Y!
(+!&$b+'(*!&!K&''i!>&'3+'!+`3&`!7*!`*7!7&(&!de`!kb+!d+(#(&`!a&'$#&1+`h!07!1&!
+$*7*dn&! &$3b&1Y! 1&! c+73&j&! 7*! a+'3+7+$+! &! +`&`! $*da&mn&`! kb+! 1*8'&7!
`+a&'&'`+! +7! b7&! c+#73+7&! *! #7$1b`*! +7! $#+73*`! (+! a&'3+`! (#`3#73&`Y! `#7*! &! 1&`!
kb+! 1*8'&7! +qa1*3&'! +7! d#11*7+`h! 01! A&$3*'! 07j&d_'+! 1*8'&'e! `b! d&i*'!
#73+7`#(&(!`g1*!$b&7(*!$&(&!3'&_&j&(*'!&1$&7$+!&b3*7*dn&!i!ab+(&!c*1&'!`*_'+!
+1!d+'$&(*!$*7!3&73&!1#_+'3&(!$*d*!b7!aej&'*!+7!b7&!_&7(&(&h!07!+`*!'+`#(+!+1!
a*(+'!(+!1&!a'#c&3#s&$#g7!+7!d&`&h!!Z>b&7(*!b7&!*'8&7#s&$#g7!+7!b7&!#7(b`3'#&Y!
`+!$*7c#+'3&!&!1&!a'#c&3#s&$#g7!+7!d&`&Y[!&f#'d&!>&'3+'Y!Z3*(&!1&!#7(b`3'#&!$&+'e!
$*d*!f#$%&`!(+!(*d#7gY!(+!&!b7&!$*da&mn&!&!1&!c+sh!,!_#+7!`+!c+'e7!*_1#8&(&`!
&!&_&7(*7&'!1*`!7+8*$#*`Y!*!&!1&!a'#c&3#s&$#g7!+7!d&`&h[!!
!
/+)*,C_&6+)2,"#$%,+))
!
.! d*(*!(+! +j+da1*Y!>&'3+'! &ab73&! &!1&!#7(b`3'#&! (+1! 1#_'*h! .d&s*7h$*d!
1*8'g! a+7+3'&'! +1! d+'$&(*! &! 1&! c+1*$#(&(! (+1! '&i*! &1! 1#_+'&'!&! b7&! _&7(&(&!(+!
`*$#*`!#7(+a+7(#+73+`!kb+!11+c&'*7!+1!1*8*3#a*!(+!1&!$*da&mn&!&!$&(&!'#7$g7!(+!
;73+'7+3h!-&`!$&(+7&`!de`!#da*'3&73+`!(+!1#_'+'n&`!7*!3bc#+'*7!*3'&!*a$#g7!kb+!
`+8b#'! +1! +j+da1*h! K&'7+`! &7(! 2*_1+Y! K*'(&`! i! *3'&`! $&(+7&`! (+! 1#_'+'n&`! 7*!
`g1*! $'+&'*7! ae8#7&`! ]+_! $*da+3#(*'&`Y! `#7*! kb+! *f'+$#+'*7! a'*8'&d&`! (+!
&`*$#&$#g7!`#d#1&'+`!&1!(+!.d&s*7h$*dh!@+! %+$%*Y!+7!1*`!o13#d*`!d+`+`!`+!%&!
a'+`+7$#&(*!+7!;73+'7+3!b7&!+qa1*`#g7!(+!a'*8'&d&`!`#d#1&'+`!kb+!c&7!de`!&11e!
(+! 1&! #7(b`3'#&! (+1! 1#_'*Y! 07! 444h&``*$#&3+L#3h$*dY! 1*`! fb3b'*`! +da'+`&'#*`!
ab+(+7!+1+8#'!+73'+!de`!(+!d#1!a'*8'&d&`!(+!&f#1#&$#g7!(#f+'+73+`Y!+7!7+8*$#*`!
kb+! c&7! (+`(+! #7d*_#1#&'#&`! i! +7cn*! (+! f1*'+`! &! &c#`*`! $1&`#f#$&(*`h! .18b7*`!
a'*8'&d&`Y! $*d*! 444_bi6-63**1`h$*dY! *f'+$+7! #7$1b`*! $*da+7`&$#g7!
db13#7#c+1Y! a+'d#3#l7(*1+! &! 1*`! &f#1#&(*`! &`*$#&'! &! *3'*`! &f#1#&(*`! i! *_3+7+'!
$*d#`#*7+`! a*'! `b`! c+73&`h! Qba#3+'! >*ddb7#$&3#*7`Y! ;7$h! a'+(#$+! kb+! 1*`!
a'*8'&d&`!(+!&f#1#&$#g7!'+a'+`+73&'e7!+1!F/!a*'!$#+73*!(+1!$*d+'$#*!+1+$3'g7#$*!
+7!+1!&m*!FPPFh!!
!
!
>&'3+'!+1*8#&!+1!d*(+1*!(+!&f#1#&$#g7!$*d*!a'*3*3#a*!(+!1&!a'#c&3#s&$#g7!+7!
d&`&h! @+! %+$%*Y! l1! +`! `*$#*! (+! .d&s*7h$*dh! )+'*! >&'3+'! '+$*7*$+! kb+! +`*`!
7+8*$#*`!*71#7+!3*(&cn&!7*!&a*'3&7!+1!#78'+`*!`bf#$#+73+!$*d*!a&'&!'++da1&s&'!
b7! `&1&'#*! $*'a*'&3#c*h! 01! K#8! K&78! (+! 1&! a'#c&3#s&$#g7! +7! d&`&! *$b''#'e!
`*1&d+73+! $b&7(*! `+! (+`&''*11+7! +`3'&3+8#&`! a&'&! a'*c++'! #78'+`*`! a&'&! kb+!
d#1+`!(+!a+'`*7&`!ab+(&7!c#c#'! (+! +11*h! 9+8o7! >&'3+'Y!%&`3&!&%*'&! a&'+$+! kb+!
`g1*! 1&`! +da'+`&`! 6-6! %&7! 11+8&(*! &! (*d#7&'! +`3&! %&_#1#(&(h!!
Z01! 7+34*'5! d&'5+3#78! 3#+7+! `b`! 1#d#3&$#*7+`Y[! &`+8b'&! >&'3+'h! ZK'#7(&! 1&!
*a*'3b7#(&(!(+!`+'!(b+m*!(+!7+8*$#*`!`g1*!+7!+1!e'+&!(+!c+73&`!i!d&'5+3#78Y!i!
1&! d&i*'n&! (+! 1&`! a+'`*7&`! 7*! +`3e7! a'+a&'&(&`! a&'&! c+7(+'[h! 2*! *_`3&73+Y!
>&'3+'!$'++!kb+!+1!6-6!%&!(&(*!b7!#da'+`#*7&73+!a'#d+'!a&`*!$*d*!a#*7+'*!(+!
1&! a'#c&3#s&$#g7! +7! d&`&h! Z01! 7+34*'5! d&'5+3#78! 1#(+'&! b7&! '+c*1b$#g7Y[! &f#'d&!
>&'3+'h!Z0`!b7&!'+c*1b$#g7!kb+!+`3e!(+`3#7&(&!&!$&d_#&'!7*!`g1*!1&!d&7+'&!+7!
kb+! 3'&_&j&d*`Y! `#7*! $gd*! &a'+7(+7! 7b+`3'*`! %#j*`Y! $gd*! `+! +`3'b$3b'&7!
7b+`3'&`!f&d#1#&`Y!$gd*!*'(+7&d*`!1&!`*$#+(&(h[!!
!
65
!
!
!
!
!
!DEFGHIJ)'"!%)
)
%I)*JULP)ULI)%OgDZ\PL)
!
!
!
01!(+1#'#*!11+8g!&!]&11!93'++3!+1!I!(+!&_'#1!(+!CNNMh!)*'!a'#d+'&!c+s!+7!1&!
%#`3*'#&Y!+1!;7(#$+!;7(b`3'#&1!@*4!Q*7+`!3'+ag!a*'!+7$#d&!(+!1*`!NhPPP!ab73*`h!
-&!a'+7`&!f#7&7$#+'&!`+!11+7g!(+!$*d+73&'#*`!+73b`#&`3&`h!9#7!+d_&'8*Y!1&!a&'3+!
de`!#73'#8&73+!(+! 1&! %#`3*'#&! 7b7$&!`+!$*73gh!-*`! +qa+'3*`! a&`&'*7!3*3&1d+73+!
a*'!&13*!+1!a+kb+m*!a+'*!(+$#`#c*!a&a+1!kb+!%&_n&!3+7#(*!+1!7+34*'5!d&'5+3#78!
+7!11+c&'!+1!@*4!Q*7+`!&!7b+c&`!&13b'&`h!!
!
!
?*(*! $*d+7sg! $*7! 1&! fb`#g7! $*'a*'&3#c&! de`! 8'&7(+! (+! 1&! %#`3*'#&Y!
&7b7$#&(&! +`+! d#`d*! (n&Y! b7! '&3*! &73+`! rb7! &$b+'(*! (+! MHhPPP! d#11*7+`! (+!
(g1&'+`! +73'+! +1! `+8b7(*! _&7$*! de`! 8'&7(+! (+1! db7(*Y! >#3#$*'aY! i! +1! 8#8&73+!
(+! 1*`! `+8b'*`! ?'&c+1+'`! ='*bah! Qb73*`Y! f*'d&'*7! b7&! 7b+c&! +73#(&(! 11&d&(&!
>#3#8'*baY! kb+! #7d+(#&3&d+73+! *$bag! `b! 1b8&'! $*d*! 1&! $*da&mn&! (+! `+'c#$#*`!
f#7&7$#+'*`! de`! 8'&7(+! (+1! db7(*h! >#3#8'*ba! `+! j&$3&_&! (+! `b`! $&`#! JPPhPPP!
d#11*7+`!(+!(g1&'+`!+7!&$3#c*`Y!i!(+!`b`!CPP!d#11*7+`!(+!$1#+73+`h!-&`!&$$#*7+`!
f#7&7$#+'&`!i!$*d+'$#&1+`!3'+a&'*7!%&`3&!1&`!7b_+`!+7!'+`ab+`3&!&1!&$b+'(*h!-*`!
f*7(*`!$*db7+`!(+!#7c+'`#g7! $*7!fb+'3+`!#73+'+`+`! +7! 1&!fb`#g7Y! `b_#+'*7! de`!
(+!1*!+`a+'&(*h!!
!
%/)!+$+/&7+'",))
!
)+'*Y! pkbl! 3#+7+! kb+! c+'! +1! 7+34*'5! d&'5+3#78! $*7! 3*(*! +`3*T! 07!
'+&1#(&(Y!+1!6-6!`+!%&11&_&! +7! +1! $+73'*! (+! 1&! fb`#g7!(+!>#3#8'*bah!B7*!(+!1*`!
&$3#c*`!de`!c&1*'&(*`!(+1!?'&c+1+'`!='*ba!+'&!b7&!`b_`#(#&'#&!(+!6-6!11&d&(&!
)'#d+'#$&h! .$3b&_&! $*d*! $&7&1! (+! (#`3'#_b$#g7! a&'&! b7&! &da1#&! c&'#+(&(! (+!
$*da&mn&`! (+1! 8'ba*h! )'#d+'#$&! c+7(n&! (+! 3*(*Y! (+`(+! f*7(*`! $*db7+`! (+!
#7c+'`#g7!(+!9d#3%!K&'7+iY!%&`3&!a'l`3&d*`!(+!>'+(#3!>*dd+'$#&1!i!`+8b'*`!(+!
?'&c+1+'`€.+37&! a&'&! a'*a#+(&(+`! i! $*73'&! (&m*`h! \! 1*`! c+7(n&! $*7!
+q3'&*'(#7&'#*!c#8*'h!!
!
!
B7!#7f*'d+!(+!+7+'*!(+!CNNM!%+$%*!a*'!>;K>!,aa+7%+#d+'!(+7*d#7g!&!
)'#d+'#$&!Z+1!c+%n$b1*!a'#d&'#*!(+!?'&c+1+'`!='*ba!a&'&!c+73&`!$'bs&(&`[h!07!b7!
#7f*'d+! (+! d&'s*! (+! CNNMY! @*7&1(`*7Y! -bf5#7! {! Q+7'+33+! 9+$b'#3#+`! `+!
d&'&c#11&_&! (+! kb+! )'#d+'#$&! %b_#+'&! 1*8'&(*! c+7(+'! $&`#! +1! HP! a*'! $#+73*! (+!
3*(*`! 1*`! a'l`3&d*`! +7! $#'$b1&$#g7! (+1! >'+(#3! >*dd+'$#&1h! Z@+! %+$%*Y! +7!
'+1&$#g7! &! b7*`! 7b+c*`! f*7(*`! $*db7+`! (+! #7c+'`#g7! (+! K&'7+i! 9d#3%! ;7$hY!
)'#d+'#$&! c+7(#gY! +7! CNNIY! de`! kb+! 1&! a'*a#&! K&'7+i! 9d#3%! ;7$hY[! `+!
+73b`#&`dg!+1!.31&73&!Kb`#7+``!>%'*7#$1+!+1!C/!(+!f+_'+'*!(+!CNNJh!!
66
!
:+#W0%,"()*0%,$+b+b*0%,$+)!
!
07! '+`bd+7v! ?'&c+1+'`! ='*ba! 3+7n&! `#7+'8#&h! 9b! fb+'s&! (+! c+73&! 6-6!
a'*c+n&! +1! c+%n$b1*!a+'f+$3*!a&'&!d*c+'!`+'c#$#*`!f#7&7$#+'*`h!\!1&`! 7bd+'*`&`!
`b_`#(#&'#&`!(+!?'&c+1+'`!d&73+7n&7!&!)'#d+'#$&!_#+7!&_&`3+$#(&!(+!*f+'3&`!a&'&!
`b`!$1#+73+`h!Z@+!%+$%*Y!b7&!(+!1&`!$*`&`!kb+!11+cg!&!1&!fb`#g7!+73'+!>#3#$*'a!i!
?'&c+1+'`!='*baY[!(#$+!Q*`+a%!)1bd+'#Y!>0,!(+!)'#d+'#$&Y!+7!1&!+(#$#g7!(+!&_'#1!
(+! CNNN! (+! 2+34*'5! 6&'5+3#78! -#f+`3i1+`h! Z+'&! 1&! *a*'3b7#(&(! (+! 1&! c+73&!
$'bs&(&! (+! a'*(b$3*`! f#7&7$#+'*`! (+! 3*(&`! 7b+`3'&`! a*3+7$#&1+`! $*da&mn&`!
%+'d&7&`h[!!
!
!
.%*'&!kb+!)'#d+'#$&!%&!#73#d&(*!$*7!+1!`+8b7(*!_&7$*!de`!8'&7(+!(+1!
db7(*Y! `b`! &8+73+`! a'*73*! ab+(+7! $*d+7s&'! &! c+7(+'!a*'! 1&`! $&11+`! $b+73&`!
$*''#+73+`!(+!>#3#$*'a!Y!`b8#+'+!)1bd+'#h!Z9b!&7&1#`3&!f#7&7$#+'*!a+'`*7&1!ab+(+!
#'! &! `b! $&`&Y! +73'+8&'1+! `b`! $%+kb+`Y! %&$+'! b7! &7e1#`#`! f#7&7$#+'*! a+'`*7&1! i!
&ib(&'1*!&!a1&7#f#$&'!`b!c#(&!f#7&7$#+'&Y!kb+!&%*'&!#7$1bi+!+1!&`a+$3*!_&7$&'#*[Y!
1+! (#j*! &! .d+'#$&7! K&75+'! +7! 7*c#+d_'+! (+! CNNMh! Z@+! a'*73*Y! b`3+(! 3#+7+!
_&7kb+'*`! %&$#+7(*! c#`#3&`! %*8&'+m&`h[! .`n! $*d*! a'+(#j*! +1! f#7! (+1! y#'! (+!
$*da'&`R!+7!01!"+a*'3+!)*a$*'7Y!A&#3%!)*a$*'7!a'+(#$+!+1!f#7&1!(+1!y#'!&1!_&7$*RY!
3&1! $*d*! 1*! $*7*$+d*`Y! +7! `b! 7b+c*! 1#_'*! ZO&$#+7(*! $1#$5[! t>1#$5#78uh!
Z;d&8#7+|! b7! _&7$*! (*7(+! `#+da'+! 3#+7+! &`#87&(*! b7! #7(#c#(b*! kb+! `&_+! `b!
7*d_'+! i! `b! %#`3*'#&! $'+(#3#$#&|! `b! y_&7kb+'*! a'#c&(*Rhhh[! +`$'#_+! )*a$*'7!
&7%+1&73+h! 01! 7+34*'5! d&'5+3#78! (+73'*! (+! a*$*! ab+(+! '+&1#s&'! +`+! `b+m*! (+!
b7&!d&7+'&!#7+`a+'&(&D!&!3'&cl`!(+!)'#d+'#$&h!!
!
`0#)(&($%6+)'%)!"6&(&"#%()'%)6"/$&*/%()!+*+(a)!
!
6b$%*! &73+`! (+! 1&! fb`#g7Y! 1*`! &7&1#`3&`! (+! ]&11! 93'++3! %&_n&7! 7*3&(*! 1&!
fb+'s&! (+! c+73&! #77*c&(*'&! (+! )'#d+'#$&h! 9#7! +d_&'8*Y! db$%*`! (+! +11*`!
+`3&_&7!3&7!a*$*!f&d#1#&'#s&(*`!$*7!+1!7+34*'5!d&'5+3#78!kb+!7*!`&_n&7!$gd*!
11&d&'1*h!01*8#&_&7!&!1*`!a#*7+'*`!(+1!6-6!(+!)'#d+'#$&!+7!1*`!3l'd#7*`!$1n7#$*`Y!
a+'*! 11+7*`! (+! &(d#'&$#g7Y! (+! b7! +`a+$#&1#`3&! +7! 1+a#(ga3+'*`! kb+! +7$b+73'&!
b7&!7b+c&!+`a+$#+!(+!d&'#a*`&`h!!
!
Z93&7(&'(!{!)**'R`!c+!&!1&!fb+'s&!(+!c+73&`!(+!)'#d+'#$&!$*dab+`3&!a*'!de`!(+!
CCPYPPPhhh! $*d*! `b! f*'3&1+s&! $*da+3#3#c&! de`! #da*'3&73+[! (+$n&! b7! 3na#$*!
#7f*'d+!(+!9{)!(+!CNNJh!Z01!`#`3+d&hhh!+`!(+!dbi!_&j*!$*`3*hhh!`#7!+d_&'8*!1*`!
&8+73+`! 3#+7+7! db$%*`! (+! 1*`! &3'#_b3*`! (+! b7! `#`3+d&! $*73'*1&(*h! -&!
$*da+7`&$#g7! (+! 1*`! &8+73+`! +`! '+f*'s&(&! a*'! b7! `#`3+d&! (+! $*d#`#*7+`! (+!
do13#a1+`!$&a&`! kb+! a'*db+c+! 1&! &`*$#&$#g7!(+!7b+c*`! &8+73+`! i!a+'d#3+! kb+!
$&(&!&8+73+!$*7`3'bi&!b7&!*'8&7#s&$#g7!a&'&!`#!d#`d*h[!!
!
!
6b$%*`! +qa+'3*`! a&'+$n&7! 7*! `+'! $*7`$#+73+`! (+! kb+! +1! 6-6! `+! %&_n&!
b`&(*!(b'&73+!(l$&(&`!+7!b7&!db13#3b(!(+!$*da&mn&`!(#f+'+73+`h!)*'!+j+da1*Y!
$b&7(*!.h!6h!K+`3!+1+cg!1&!$&1#f#$&$#g7!(+!)'#d+'#$&!(+!Z.L[!&!Z.[!+7!(#$#+d_'+!
(+!CNNIY!+qa1#$gD!Z0`3&!&$$#g7!(+!$&1#f#$&$#g7!'+f1+j&!+1!a'*8'+`*!kb+!%&!%+$%*!1&!
$*da&mn&! +7! (&'`+! $b+73&! (+! 1*`! _+7+f#$#*`! (+! `b! `#`3+d&! (+! (#`3'#_b$#g7!
o7#$*Yhh[! )+'*! a*'! `bab+`3*! +1! `#`3+d&! (+! )'#d+'#$&! +`3&_&! 1+j*`! (+! `+'! o7#$*h!
0'&! 3&7! `g1*! b7&! (+! 1&`! d#1+`! (+! '+(+`! (+! 6-6! kb+! `+! +73'+$'bs&_&7! +7! +1!
db7(*Y!a&'&!+`+!+73*7$+`h!!
67
!
*,&1+$&7+!&C#)%#)6+(+))
!
>*7! )'#d+'#$&Y! 1&! '+c*1b$#g7! (+! 1&! ,1&! /! %&_n&! 11+8&(*! &! ]&11! 93'++3h!
9ba+'f#$#&1d+73+Y! 1&! d+8&! fb`#g7! (+! ?'&c+1+'`! i! >#3#$*'a! a&'+$n&! b7&!
$*7`*1#(&$#g7!(+1!a*(+'!$*'a*'&3#c*!3'&(#$#*7&1!rb7&!d*c#(&!%&$#&!1&!8'&7(+s&!
&73+`! kb+! %&$#&! 1&! a+kb+m+sh! )+'*Y! +7! '+&1#(&(! >#3#8'*ba! `+! (+`1#s&_&!
#7+q*'&_1+d+73+!%&$#&!1&!a'#c&3#s&$#g7!+7!d&`&h!07!CNNM!'+(bj*!`b!a+'`*7&1!+7!
b7! I! a*'! $#+73*Y! (+`a#(#+7(*! CPY/PP! a+'`*7&`h! \! d#+73'&`! +1! a+'`*7&1!
$*7c+7$#*7&1!(+!>#3#8'*ba!(#`d#7bn&Y!`b!fb+'s&!(+!c+73&`!6-6!$'+$n&Y!11+8&7(*!
&!CGNhPPP!&8+73+`!+7!CNNNh!!
!
!
.1! #8b&1! kb+! 1&`! $*'a*'&$#*7+`! +`3&(*b7#(+7`+`! +7! 8+7+'&1! >#3#8'*ba!
'+(b$n&! +da1+*`! a+'*! +qa&7(n&! 1&`! *a*'3b7#(&(+`! +da'+`&'#&1+`h! 9+! c&1n&! (+1!
a*(+'! (+1! +7j&d_'+h! -*`! &8+73+`! (+! )'#d+'#$&! &a&'+$n&7! +7! +1! d+'$&(*! $*d*!
&c+`! +7! _&7(&(&Y! &ab73&7(*! &! 7#$%*`! a+kb+m*`! *! #7&$$+`#_1+`! kb+! 1*`!
c+7(+(*'+`! $*7c+7$#*7&1+`! a*('n&7! %&_+'! a&`&(*! a*'! &13*h! 6#1+`! (+!
+da'+`&'#*`! &$3b&7(*! $*7$+'3&(&d+73+Y! (+! )'#d+'#$&! 1*8'&'*7! 1*! kb+! 1*`!
d&i*'+`! 8#8&73+`! f#7&7$#+'*`! (+1! db7(*! 7b7$&! a*('#&! %&_+'! 1*8'&(*! a*'! `b!
$b+73&h!
!
!="6:,%)!"#)0#+)6&(&C#))
!
?i'*7+! ?&i1*'! +`! a&'3+! (+! 1&! _&7(&(&! (+! )'#d+'#$&h! )&'&! +1! 1&!
a'#c&3#s&$#g7! +7! d&`&! +`! de`! kb+! b7! $*7$+a3*h! -+! %&! $&d_#&(*! 1&! c#(&h!
)'#d+'#$&! 1*! &ib(g! &! a&`&'! (+! b7! ab+`3*! (+! `ba+'c#`*'! (+! :+'*q! $*7! #78'+`*`!!
a*'! FIhPPP! (g1&'+`! &1! &m*Y! &! `+'! b7! +da'+`&'#*! $*7!b7! #78'+`*! (+! `+#`! $#f'&`h!
.$3b&1d+73+! b3#1#s&! &! )'#d+'#$&! a&'&! a+1+&'! b7&! $'bs&(&! `*1#3&'#&! $*73'&! 1&!
a*_'+s&h!>'#&(*! +7! 1*`!_&''#*`! d+(#*`!(+!@+3'*#3Y!1&!d#`#g7! (+! c#(&!(+!?i'*7+!
+`! (#`+d#7&'! a'*`a+'#(&(! +73'+! `b`! a&'+`! 7+8'*`! +`3&(*b7#(+7`+`!!
Z01!NM!a*'!$#+73*!(+!d#`!&`*$#&(*`!`*7!&f'*&d+'#$&7*`[!(#$+!?i'*7+h!Z-*!o7#$*!
kb+!`+a&'&!&! b7&!a+'`*7&! a*_'+!(+!b7&! '#$&!+`!+1! $*7*$#d#+73*h!6#!a&`#g7! +`!
a'*(b$#'! a+'`*7&`! +$*7gd#$&d+73+! #7(+a+7(#+73+`! +7! d#! $*db7#(&(h[! 07! +1!
a'*$+`*Y!?i'*7+!%&!1*8'&(*!b7!7#c+1!$*7`#(+'&_1+!(+!#7(+a+7(+7$#&!+$*7gd#$&!
a&'&!`#!d#`d*h!=&7g!de`!(+!/FHhPPP!(g1&'+`!+7!CNNMY!a'*c+7#+73+`!(+!`b!'+(h!!
-&`!$*`&`!7*!`#+da'+!fb+'*7!3&7!fe$#1+`!a&'&!?i'*7+h!>'+$#g!+7!1&!s*7&!+`3+!(+!
@+3'*#3Y!%#j*!(+!a&('+`!(+!1&!$1&`+!3'&_&j&(*'&h!Z0'&!b7!d+(#*!&d_#+73+!(#fn$#1[!
'+$b+'(&h!9b!a&('+!+'&!+7$&'8&(*!(+!b7!+(#f#$#*!i!`b!d&('+Y!&d&!(+!$&`&Y!011*`!
1b$%&_&7! a*'! (&'1+! b7! %*8&'! (+$+73+! &! `b! f&d#1#&h! )+'*! kb+'n&7! kb+! `b`! (*$+!
%#j*`!3bc#+'&7!de`h!Z9#+da'+!7*`!(+$n&7!kb+!+`3b(#e'&d*`!+7!1&!b7#c+'`#(&(!i!
kb+!
$*7`#8b#l'&d*`!
b7!
_b+7!
3'&_&j*[!
(#$+!
?i'*7+h!!
!
7S#?+#")!",*",+$h"))
!
-&d+73&_1+d+73+Y!1&!fg'db1&!7*!fb7$#*7g!a&'&!l1h!.!1*`!c+#73#`#+3+!&m*`Y!
%&_n&! 11+8&(*! &! b7! ab73*! db+'3*h! >*d*! `ba+'c#`*'! (+! a'*(b$$#g7! (+! :+'*q!
>*'a*'&3#*7Y!?i'*7+!3'&_&j&_&!(+!`+#`!&!`#+3+!(n&`!a*'!`+d&7&h!)+'*!1&!a#'ed#(+!
$*'a*'&3#c&! *f'+$n&! a*$*! 1b8&'! a&'&! $'+$+'h! >*d+7sg! &! _b`$&'! *a*'3b7#(&(+`!
$*d+'$#&1+`!(+!3#+da*!a&'$#&1h!B7!c#+j*!&d#8*!(+!1&!b7#c+'`#(&(!1*!#73'*(bj*!+7!
b7&! $*da&mn&! (+! `+8b'*`! (+! c#(&! 11&d&(&! >*'a*'&$#g7! .h-h! ]#11#&d`Y! fb7(&(&!
+7! CNJJ! a*'! +1! +q! +73'+7&(*'! (+! fo3_*1! .h! -h! ]#11#&d`h! 0'&! b7&! $*da&mn&! (+!
7+34*'5! d&'5+3#78h! 073b`#&`d&(*! &73+! 1&! *a*'3b7#(&(! (+! 8&7&'! #78'+`*!
68
'+`#(b&1Y!?i'*7+!$*d+7sg!(+!#7d+(#&3*!&!$*7`3'b#'!`b!'+(h!)+'*Y!a'*73*!`b!j+f+!
1*!(+`$b_'#g!+73'+8&7(*!3&'j+3&`!$*d+'$#&1+`!+7!+1!3'&_&j*h!Z6+!(#j*!kb+!(+j&'&!
(+! %&$+'! +1! 7+8*$#*! .h-h! ]#11#&d`! *! d+! fb+'&[! '+$b+'(&! ?i'*7+h! Z0`3&_&!
`*'a'+7(#(*h! 6+! %#s*! `+73#'! $*d*! `#! +`3bc#+'&! +7! a'#`#g7Y! $*d*! b7! +`$1&c*! (+!
1&`!$*'a*'&$#*7+`!+`3&(*b7#(+7`+`h[!!
!
!
?i'*7+! a'*d+3#g! (+j&'! (+! $*73&$3&'! +7! %*'&'#*! (+! 3'&_&j*Y! a+'*! `#8b#g!
(+`&''*11&7(*!`b!7+8*$#*!+7!a&'&1+1*h!9+#`!d+`+`!de`!3&'(+Y!8&7&_&!`bf#$#+73+!
(#7+'*!$*d*!a&'&!(+j&'!`b!+da1+*h!-+!11+cg!*3'*`!(*`!&m*`!8&7&'!b7!#78'+`*!(+!
`+#`!$#f'&`Y!ZAb+!b7!8'&7!+`fb+'s*Y[!'+$b+'(&Y!Za+'*!i*!+`3&_&!&a&`#*7&(*!a*'!1*!
kb+!%&$n&h[!!
!
,%!$&$0')(&#)1&!&"()!
!
.1! %&_+'! #78'+`&(*! +7! 1&! $*da&mn&! +7! CNMHY! ?i'*7+! 1&! c#*! &3'&c+`&'!
db$%*`! $&d_#*`h! .h-h! ]#11#&d`! fb+! &(kb#'#(&! a*'! )'#d+'#$&! +7! CNMMY! kb+! &! `b!
c+s!fb+!&_`*'_#(&!a*'!?'&c+1+'`!='*ba!;7$h!+7!CNN/!i!f#7&1d+73+!a*'!>#3#8'*ba!
+7! CNNMh! -&! $b13b'&! (+! 1&! $*da&mn&! $&d_#g! jb73*! $*7! `b`! (b+m*`h! Z>'+*! kb+!
3*(*!`b$+(+!a*'!b7&!'&sg7[!'+f1+q#*7&!?i'*7+h!Z.h-h!]#11#&d`!fb+!_b+7*!+7!`b!
d*d+73*h!Ab7(g!1&!$*da&mn&!i!ab`*!1&`!$*`&`!+7!d*c#d#+73*Y!)+'*!&!d+(#(&!
kb+!+73'e_&d*`!&!1&!(l$&(&!(+!1*`!&m*`!NPY!7+$+`#3e_&d*`!&!b7!c#`#*7&'#*!kb+!
ab(#+'&! a'*f+`#*7&1#s&d*`! i! (&'7*`! b7! `#`3+d&! a&'&! 3'#b7f&'h[! 0`+! c#`#*7&'#*!
'+`b13g!`+'!Q*`+a%!Qh!)1bd+'#Y!+j+$b3#c*!(+!?'&c+1+'`!kb+!fb+!(+`#87&(*!>0,!(+!
)'#d+'#$&!+7!CNN/h!B7&!(+!1&`!a'#d+'&`!d*c#(&`!(+!)1bd+'#!fb+!(#`$#a1#7&'!&!1&!
fb+'s&! (+! c+73&`Y! +q#8#+7(*! +1! +`3'#$3*! &$&3&d#+73*! (+! 1&`! '+81&d+73&$#*7+`!
8b_+'7&d+73&1+`h!-*`!&b(#3*'+`!+`$'b3&'*7!&!$&(&!&8+73+h!.kb+11*`!kb+!7*!`+!
+7d+7(&_&7! +'&7! +qab1`&(*`h! 01! '+`b13&(*! +`! b7&! fb+'s&! (+! c+73&`! $*7! d&`!
'+$3#3b(!i!d+7*`!c#$#*`!kb+!`b`!$*da+3#(*'+`!$*7c+7$#*7&1+`h!07!b7!d*d+73*!
+7! +1! kb+! 1&! #7(b`3'#&! (+! 1*`!`+8b'*`! +`3e! 3&d_&1+&7(*! a*'! &$$#*7+`! 1+8&1+`! i!
'+8b1&(*'&`Y! )'#d+'#$&! Z+`3e! de`! &11e! (+! 1&`! (#`ab3&`[Y! (+$n&! 1&! +(#$#g7! (+!
f+_'+'*!(+!CNNJ!(+!1&!'+c#`3&!(+1!d+'$&(*!(+!`+8b'*`!K+`3R`!"+c#+4h!6*`3'&_&!
&!)'#d+'#$&!$*d*!Zb7!d*(+1*!a&'&!`b`!$*da+3#(*'&`!f&3#8&(&`!a*'!1*`!a1+#3*`h[!!
!
(&($%6+()`10%/$+)'%)//+1%a!!
!
01! a&`*! `#8b#+73+! (+! )1bd+'#! fb+! #7`3&1&'! `#`3+d&`! cb+13&! (+! 11&c+! kb+!
b7#f#$&'n&7!i!`#da1#f#$&'n&7!+1!7+8*$#*!)'#d+'#$&h!B7*!(+!+`*`!fb+!1&!B7#c+'`#(&(!
)A9Y! b7! a'*8'&d&! (+! +73'+7&d#+73*! a&'&! 7b+c*`! &`*$#&(*`h! .73+'#*'d+73+Y!
$&`#! +1! MP! a*'! $#+73*! (+! 1*`! &`*$#&(*`! (+! ?i'*7+! &_&7(*7&_&7! 1b+8*! (+!
'+a'*_&'!1*`!+qed+7+`!a&'&!*_3+7+'!1&!1#$+7$#&!(+!`+8b'*`!i!c&1*'+`h!.%*'&!kb+!
1&!B7#c+'`#(&(!)A9!a'+a&'&!&!1*`!d#+d_'*`!(+!1&!*'8&7#s&$#g7!(+!?i'*7+!&73+`!
(+1! +q&d+7Y! `b! 3&`&! (+! lq#3*! `+! +1+cg! %&`3&! $&`#! b7! /H! a*'! $#+73*h!!
\!&o7!(+!d&i*'!&ib(&!%&!`#(*!b7&!%+''&d#+73&!+`3&7(&'#s&(&!(+!c+73&!11&d&(&!
.7e1#`#`! (+! 2+$+`#(&(+`! A#7&7$#+'&`! t+7! #781l`Y! A2.uh! 07! 1&! &$3b&1#(&(Y! 1*`!
&8+73+`! (+! )'#d+'#$&! %&$+7! kb+! 1&`! a+'`*7&`! kb+! $*73&$3&7! $*da1+3+7! b7!
$b+`3#*7&'#*!(+!A2.! rb7&!&da1#&!+7$b+`3&!`*_'+!1&`!f#7&7s&`! (+1!a'*`a+$3*r!
$*d*! a'#d+'!a&`*!+7!+1!a'*$+`*!(+!c+73&h!073*7$+`Y!1*`!&8+73+`!`+! 11+c&7!1*`!
7od+'*`! &! `b! $&`&! i! 1*`! #78'+`&7! &! b7! a'*8'&d&! (+! $*dab3&$#g7Y! kb+! 1+`!
'+c+1&!&1!#7`3&73+!(g7(+!+`3e!+1!(lf#$#3!f#7&7$#+'*!(+!`b!a'*`a+$3*h!!
!
0#+)*+/6+'+)%#)/+)!+,+))
69
!
Z0`! $*'7*! b7&! a&1d&(&! +7! 1&! $&'&[! +qa1#$&! +1! +q! c#$+a'+`#(+73+! (+!
'+1&$#*7+`! ao_1#$&`! (+! )'#d+'#$&Y! 6&'5! 9ba#$h! 07! 1&! `#8b#+73+! '+b7#g7! $*7! +1!
a'*`a+$3*Y!1*`!&8+73+`!c#+7+7!&'d&(*`!$*7!%+$%*`h!-+!db+`3'&7!1*`!%b+$*`!(+!
`b! a1&7#f#$&$#g7! f#7&7$#+'&! 1&! #7`bf#$#+7$#&! (+! `b!#78'+`*! &$3b&1! a&'&! 11+8&'! &! 1&!
$&`&! (+! `b`! `b+m*`Y! *! &! 1&! +(b$&$#g7! b7#c+'`#3&'#&! a&'&! `b`! %#j*`Y! *! &! 1&!
jb_#1&$#g7! $*7f*'3&_1+! kb+! (+`+&7h! ZB7&! c+s! kb+! c+7! +`+! (lf#$#3Y[! (#$+! ?i'*7+!
Z1&! d&i*'n&! (+! 1&! 8+73+! `+! +7$b+73'&! kb+'#+7(*! %&$+'! &18b7*`! d*c#d#+73*`h[!!
0`*`! d*c#d#+73*`! ab+(+7! $*7`#`3#'! +7! $*da'&'! `+8b'*`! #7c+'3#'! +7! f*7(*`!
$*db7+`! (+! #7c+'`#g7! *! `ba'#d#'! `b`! a'l`3&d*`! (+! $*7`bd*! 3*(*`! +11*`!
(#`a*7#_1+`! +7! )'#d+'#$&h! ,! ab+(+7! $*7`#`3#'! +7! &`*$#&'`+! &! 1&! '+(! (+1! a'*a#*!
c+7(+(*'Y!$*d*!&8+73+!(+!)'#d+'#$&h!Z9#!1&!a+'`*7&!a&'+$+!&(+$b&(&!a&'&!+`*[!
(#$+!?i'*7+Y!Z`+!1+!a'*a*7+!kb+!b7&!d&7+'&!(+!'+(b$#'!+`+!(lf#$#3!(+!#78'+`*`!
`+'n&!#7c*1b$'&'`+!+7!+1!7+8*$#*!)'#d+'#$&h[!!
!
'%)+)0#+)*%,("#+!
!
>*d*!`b$+(+!+7!3*(&`!1&`!+da'+`&`!(+!7+34*'5!d&'5+3#78Y!1&!$&a&$#(&(!
(+! )'#d+'#$&! (+! $*7c+'3#'! &! $1#+73+`! +7! c+7(+(*'+`! 1+! a+'d#3#g! a+7+3'&'! de`!
a'*fb7(&d+73+! +7! d+'$&(*`! kb+! (+! *3'&! d&7+'&! +`3&'n&7! $+''&(*`h! 01!
a'*8'&d&!)'#d+'#$&!`+!(#`+d#7&!a*'!b7&!$*db7#(&(Y!(+!&!b7&!a+'`*7&!a*'!c+sY!
d+(#&73+! b7&! $&(+7&! #73+'d#7&_1+! (+! $*73&$3*`! a+'`*7&1+`Y! +73'+! &d#8*`Y!
c+$#7*`Y!a&'#+73+`!i!'+1&$#*7+`!$*d+'$#&1+`h!-1+c&!3*(*!+1!$*7jb73*!(+!`+'c#$#*`!
(+!>#3#8'*ba!(#'+$3*!&1!$&ab11*!r!+1!`&73b&'#*!+7$1&b`3'&(*!(+!%*8&'+`Y!#81+`#&`!
i! f&d#1#&`! (+! 1&`! a+'`*7&`h! )'#d+'#$&! %&! b`&(*! `b! +`3'&3+8#&! (+! _*$&L+7L_*$&!
a&'&!11+8&'!&!f&d#1#&`!*_'+'&`!i!(+!#78'+`*`!d+(#*`Y!(+`a'+$#&(&`!a*'!1&!d&i*'n&!
(+! 1*`! &`+8b'&(*'+`h! Z@+d&`#&(&`! a+'`*7&`! +7! +`3+! 7+8*$#*! d+! %&7!!
(#$%*!Z&%Y!7*!a*(+d*`!(&'7*`!+1!1bj*!(+!c+7(+'1+!&!a+'`*7&`!kb+!8&7+7!d+7*`!
(+! CPPYPPP! (g1&'+`! &1! &m*RY[! +`$'#_+! +1! +(#3*'! 8+'+73+! 0(4&'(! ^++7&7Y! +7! 1&!
+(#$#g7!(+1!CI!(+!`+a3#+d_'+!(+!CNNI!(+1!_*1+3n7!)'*_+!`*_'+!`+8b'*`!(+!c#(&h!
Z)'#d+'#$&hhh! %&! 8&7&(*! db$%*! (#7+'*! c+7(#l7(*1+! &! 1&! d#`d&! 8+73+! kb+!
7*`*3'*`!%+d*`!(+`&3+7(#(*h[!!
!
'%)10%/$+)+)/+(),+&!%()
!
B7*! (+! +`*`! 8'ba*`! (+`$b#(&(*`! +'&7! 1*`! &f'*&d+'#$&7*`! rkb+!
$*7`3#3bi+7!&18*!&`n!$*d*!+1!FP!a*'!$#+73*!(+!1*`!1n(+'+`!(+!c+73&`!(+!)'#d+'#$&h!
Z-&!8+73+!(+!d#!d+'$&(*!'+&1d+73+!`+!+73b`#&`d&!db$%*!$*7!)'#d+'#$&[!(#$+!
?i'*7+h! Z-&! d&i*'n&! 7*! 3#+7+! db$%*! (#7+'*h! Sb#+'+7! `&_+'! $gd*! `&1#'!!
(+!1&!+`$1&c#3b(!+$*7gd#$&L!?i'*7+Y!`b!+`a*`&!>&'*1i7!i!`b!%#j&!>&d#11+Y!&%*'&!
c#c+7! +7! b7&! $&`&! c&1b&(&! +7! b7! d#11*7! (+! (*1&'+`! +7! A'&751#7Y! b7! +q$1b`#c*!
`b_b'_#*!(+!@+3'*#3h!
!
!
!
ZO&_1*! +7! #81+`#&`! i! +7! db$%*`! 1b8&'+`! (#`3#73*`! (*7(+! `+! '+o7+! 1&!
$*78'+8&$#g7!&f'*&d+'#$&7&[!(#$+!Z07!d#!&73#8b*!_&''#*Y!`+!c+7!db$%*`!_&7$*`!
i! $**a+'&3#c&`! (+! $'l(#3*Y! a+'*! 7#78b7&! f#'d&! (+! $*''+3&j+h! -*`! 7#m*`! $'+$+7!
c#+7(*! &! `b`! a&('+`! 3'&_&j&'! (b'&73+! 3'+#73&! &m*`! +! #'! &1! _&7$*Y! i! 7b7$&!
&$bdb1&'!7&(&Y!&`n!kb+!3+'d#7&7!a*'!3*d&'!1&!d#`d&!'b3&h!2&(#+!1+`!+7`+m&!&!
#7c+'3#'h!)*(+'!3'&+'!&!K&'7+i!9d#3%!&!d#!_&''#*!+`!+d*$#*7&73+!a&'&!dnh[!!
!
!
>*d*!`b$+(+!+7!3*(&`!1&`!+da'+`&`!(+!7+34*'5!d&'5+3#78Y!1&!$&a&$#(&(!
(+! )'#d+'#$&! (+! $*7c+'3#'! &! $1#+73+`! +7! c+7(+(*'+`! 1+! a+'d#3#g! a+7+3'&'! de`!
70
a'*fb7(&d+73+! +7! d+'$&(*`! kb+! (+! *3'&! d&7+'&! +`3&'n&7! $+''&(*`h!!
!
:+($+)'%),&(+())
!
>b&7(*! .'3%b'! -h! ]#11#&d`! a'+`+73g! a*'! a'#d+'&! c+s! `b! $*da&mn&!!
6-6!(+!`+8b'*`!(+!c#(&!+7!CNJJY!1&!#7(b`3'#&!`+!'#gh!B7!+q!+73'+7&(*'!(+!fo3_*1!
1#(+'&7(*! b7! +jl'$#3*! (+! d+(#*! 3#+da*! (+! $&d#*7+'*`Y! a*1#$n&`! (+! 3'&7`#3*Y!
(*$+73+`!i! *_'+'*`!f&_'#1+`! 7*! a&'+$n&!b7&! &d+7&s&!dbi! `+'#&h!)+'*! i&!7&(#+!
`+!'n+h!01!a*(+'!(+1!+7j&d_'+!%&!`#1+7$#&(*!$&(&!_b'1&h!B7&!(l$&(&!(+`abl`!(+!
`b! '+3#'*! +7! CNNPY! 1&! c#`#g7! (+! w! .h! -h! ]#11#&d`! `#8b+! `&$b(#+7(*! &1! db7(*!
$*'a*'&3#c*h! O*i! +7! (n&! d#+73'&`! '+c*1*3+&d*`! &1! _*'(+! (+1! K#8! K&78! r1&!
+qa1*`#g7! (+! 1&`! $*'a*'&$#*7+`! +`3&(*b7#(+7`+`! +7! d#11*7+`! (+! +da'+`&`!
a+kb+m&`r1&! a'+`+7$#&! (+! ]#111#&d`! 7*! a&'+$+! a&'&! 7&(&! $&'+73+! (+!
#7`a#'&$#g7h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
71
!
!
!
!
!
!DEFGHIJ)$,%!%)
)
%I)LiLTGJ)6T'JODIUjK)
!
!
!
6+8!2+11i!9d#3%!+`3&_&!c#c#+7(*!b7&!a+`&(#11&h!W`3&Y!1&!%&_n&!&`&13&(*!(+!
'+a+73+!`#7!&(c+'3+7$#&h!)*$*`!d+`+`!&73+`!%&_n&!+`3&(*!+7!1&!$#d&!(+1!db7(*h!
>*d*! c#$+a'+`#(+73+! `+7#*'! (+1! (b*(l$#d*! f*7(*! (+! &%*''*! i! a'l`3&d*! (+1!
a&n`Y! d&7+j&_&! b7&! $&'3+'&! (+! a'l`3&d*`! #7d*_#1#&'#*`! (+! CFhPPP! d#11*7+`! (+!
(g1&'+`h! 9b! +`a*`*Y! Q&i! 9d#3%Y! +'&! #8b&1d+73+! +q#3*`*h! O&$n&! c+#73+! &m*`! kb+!
(#'#8n&! `b! a'*a#&! $*da&mn&! (+! `+'c#$#*`! (+! `+8b'*`! +7! +1! $*7(&(*! (+! 6&77Y!
>&1#f*'7#&Y! jb`3*! &1! 7*'3+! (+! 9&7! A'&7$#`$*h! ?&73*! 6+8! $*d*! Q&i! +`3&_&7!
&$*`3bd_'&(*`!&!#78'+`*`!d+7`b&1+`!(+!$#7$*!$#f'&`h!9ba*7n&7!kb+!+1!(#7+'*!1+`!
`+8b#'n&!f1bi+7(*!a&'&!`#+da'+h!!
!
!
)+'*! 7*! fb+! &`nh! .! f#7+`! (+! 1&! (l$&(&! (+! CNMPY! ?&73*! 6+8! $*d*!!
Q&i! 3'*a+s&'*7! $*7! b7! _&$%+! +7! +1! $&d#7*h! -&! #7(b`3'#&! (+! &%*''*! i!!
a'l`3&d*!`+!c#7*!&_&j*Y!jb73*!$*7!+1!7+8*$#*!(+!`+8b'*`!+7!>&1#f*'7#&!ZE#!&!d#!
$*da&mn&! +7! '#+`8*[! '+$b+'(&! 6+8h! 9b! +`a*`*! +`3&_&! +7! a+*'! `#3b&$#g7h! -*`!
a'*c++(*'+`! (+! `+8b'*`! i! 1&`! f#'d&`! (+! ]&11! 93'++3! &! 1&`! kb+! a'*c+n&! (+!
`+'c#$#*`!(+!a'*$+`&d#+73*Y!$*d+7s&'*7!&!(#f+'#'!`b`!a&8*`h!Q&i!`+!+7$*73'&_&!
&3&`$&(*Y!$*7!de`!(+!3'+`$#+73*`!+da1+&(*`!'+$1&d&7(*!`b`!`b+1(*`Y!a+'*!`#7!
`bf#$#+73+!(#7+'*!a&'&!a&8&'1*`!>*d+7sg!&!c+7(+'!&$3#c*`h!Z07!1b8&'!(+!kb+!1*`!
+da1+&(*`! 3'&_&j&'&7! a&'&! l1Y! l1! 3'&_&j&_&! a&'&! +11*`[! '+$b+'(&! 6+8h! Z0`3&_&!
1#kb#(&7(*! `b`! &$3#c*`Y! a+'*! 7*! a*(n&! kb+(&'`+! $*7! 7&(&! (+! (#7+'*h!!
@+`abl`! (+! c+#73+! &m*`! +7! +1! 7+8*$#*Y! Q&i! 3+7n&! d#+(*! (+! 7*! a*(+'!!
jb_#1&'`+!7b7$&h[!
%/)6&$")%))
!
01! +`a*`*! (+! 6+8! %&_n&! (&(*! (+! 11+7*! $*7! +1! d#3*! 0! r+1! d#3*!
+da'+`&'#&1h! @+! &$b+'(*! $*7! +1! $*7`b13*'! (+! a+kb+m&`! +da'+`&`! 6#$%&+1! 0h!
=+'_+'Y!$&(&!&m*Y!$#+73*`!(+!d#1+`!(+!a+'`*7&`!`*7!+78&m&(&`!a+7`&7(*!kb+!
ab+(+7! +`$&a&'! (+! 1&! $&''+'&! (+! '&3&`! $*'a*'&3#c&! `#da1+d+73+! #7#$#&7(*! `b`!
a'*a#*`!7+8*$#*`h!)+'*!a&'&!1&!d&i*'n&Y!+1!`b+m*!(+!1#_+'3&(!'+`b13&!3&7!+`kb#c*!
$*d*!1&`!9#+3+!>#b(&(+`!(+!01!@*'&(*h!!
!
!
)b+(+! kb+! 1&! c+'(&(! 3*d+! &m*`! +7! %&$+'! d+11&h! )+'*! $b&7(*! 1*! %&$+Y!
8*1a+&!fb+'3+h!Z@+!'+a+73+Y[!+`$'#_+!=+'_+'!+7! 01! d#3*! 0! t?%+! 06i3%uY!b7*! `+!
+7f'+73&! $*7! 1&! '+&1#(&(! (+! `b!$*7(#$#g7h!2*!+`!(b+m*!(+!b7!7+8*$#*Y! `#7*!(+!
b7!3'&_&j*h!\!de`!&o7Y!`+!3'&3&!(+1!a+*'!3'&_&j*!(+1!db7(*h[!.!(#f+'+7$#&!(+!`b!
+da1+*!$*'a*'&3#c*Y!l`3+!7*!1+!(+j&!3#+da*!1#_'+!a&'&!c&$&$#*7+`h!-*!$*7`bd+Y!
`#+3+!(n&`!&!1&!`+d&7&Y!c+#73#$b&3'*!%*'&`!(#&'#&`h!
72
!!
!
>*73'&3&'! +da1+&(*`! 7*! &ib(&h! 2#78o7! 8+'+73+! a&'+$+! 1*!
`bf#$#+73+d+73+! _b+7*! $*d*! a&'&! %&$+'`+! $&'8*! (+! 3*(*h! B`3+(! +`$b('#m&! &!
3*(*`! d#+73'&`! 3'&_&j&7Y! i! (#&'#&d+73+! #73+'c#+7+! a&'&! a'+c+7#'! (+`&`3'+`h! .1!
f#7&1Y! b`3+(! `+! (&! $b+73&! (+! kb+! %&! `&$'#f#$&(*! `b! c#(&Y! `b! f&d#1#&Y! `b! a&s!
d+73&1!i!`b!`&1b(!a*'!+1!7+8*$#*h!\!&!$&d_#*!pkbl!%&!*_3+7#(*T!-&!d&i*'!a&'3+!
(+!`b`!8&7&7$#&`!a&'+$+7!&$&_&'!+7!1&`!d&7*`!(+!`b`!+da1+&(*`Y!de`!kb+!+7!
1&`!`bi&`!a'*a#&`h!
!!
/+)("/0!&C#)'%)/+)10%/$+)'%)//+1%))
!
073*7$+`Y! p7*! %&i! +`$&a&3*'#&! &! 1&! $&''+'&! (+! '&3&`! $*'a*'&3#c&T! 9+8o7!
=+'_+'Y!`n!1&!%&iY!a&'&!kb#+7+`!$*7*$+7!+1!`+$'+3*h!W`3+!$*7`#`3+!+7!b7&!7b+c&!
d&7+'&! (+! %&$+'! 7+8*$#*`Y! 3*(&cn&! a*$*! $*da'+7(#(&! a*'! 1&! d&i*'n&! (+! 1&`!
a+'`*7&`h!Z.$3b&1d+73+Y!+`3&d*`!a'+`+7$#&7(*!b7&!'+c*1b$#g7hhh[!&1+8&!=+'_+'h!
Z-&!"+c*1b$#g7!(+!1&!Eb+13&!(+!-1&c+h!W`3&Y!7*!`g1*!+`3e!$&d_#&7(*!1&!d&7+'&!
(+!%&$+'!7+8*$#*`!+7!1*`!0`3&(*`!B7#(*`Y!`#7*!kb+!3&d_#l7!+`3e!$&d_#&7(*!+1!
a+'f#1! (+! kb#+7+`! `+! #7c*1b$'&7! +7! 7+8*$#*`Y!1&! d&7+'&! +7! kb+! 1*! %&$+7! i! `b`!
a'*_&_#1#(&(+`!(+!3'#b7f&'h[!
!
!
>b&7(*!b`3+(!$*da'&!b7! &b3*dgc#1! 7b+c*Y!7*!(+_+'n&!a*7+'! `b! $&_+s&!
+7!+1!$&ag!i!'+c#`&'h!9g1*!(+_+'n&!(&'!cb+13&!1&!11&c+!i!$*d+7s&'!&!$*7(b$#'h!0`*!
+`! 1*! kb+! `#87#f#$&! 1&! f'&`+! Zcb+13&! (+! 11&c+[h! 07!+1! db7(*! (+! 1*`! 7+8*$#*`Y! `+!
'+f#+'+! &! b7! `#`3+d&! a'+a&'&(*! $*7! 3&1! a+'f+$$#g7! kb+! 7*! '+kb#+'+! '+c#`#g7Y!
(+`$#f'&d#+73*Y! 7#! +7`&i*`! (+! a'b+_&! i! +''*'h! 9g1*!(l! b7&! cb+13&! &! 1&! 11&c+! i!
$*d#+7$+!&!8&7&'!(#7+'*h!!
!
!
=+'_+'! a'+(#$+! kb+! +7! 1*`! &m*`! c+7#(+'*`Y! b7! 7od+'*! $'+$#+73+! (+!
a+'`*7&`!1*8'&'e7!1#_+'3&(!+da'+`&'#&1!&!3'&cl`!(+!7+8*$#*`!(+!cb+13&!(+!11&c+h!
-+!(+_+'e7!`b!lq#3*!&!b7!f+7gd+7*!kb+!=+'_+'!(+7*d#7&!+1!0f+$3*!6$@*7&1(R`h!!
!
=+6:0,?0%(+()'%)/e#%+)'%)6"#$+;%)!
!
01! f+7gd+7*! (+_+! `b! 7*d_'+! &! (*`! %+'d&7*`Y! 6&b'#$+! i! "#$%&'(!
6$@*7&1(h!.11e!a*'!CN/MY!+11*`!#7c+73&'*7!b7&!7b+c&!d&7+'&!(+!`+'c#'!$*d#(&!
'ea#(&h!9b!7+8*$#*!(+!%&d_b'8b+`&`!+7!9&7!K+'7&'(#7*Y!>&1#f*'7#&Y!fb7$#*7&_&!
$*d*!b7&!1n7+&!(+!d*73&j+!(+!@+3'*#3h!?+7n&!b7!d+7o!(+`a*j&(*Y!kb+!*f'+$n&!
`g1*! %&d_b'8b+`&`Y! _&3#(*`! i! a&a&`! f'#3&`h! B`&7(*! a'*$+(#d#+73*`! `#da1+`! i!
+`3&7(&'#s&(*`Y!+73'+8&_&7!1*`!a+(#(*`!+7!3#+da*!'l$*'(h!-*`!$1#+73+`!&$b(n&7!
+7!d&`&!&1!'+`3&b'&73+Y!kb+!1*`!%+'d&7*`!(+7*d#7&'*7!$*7!`b!a'*a#*!7*d_'+D!
6$@*7&1(R`h! 07! CNH/Y! b7! c+7(+(*'! (+! dekb#7&`! a&'&! %&$+'! _&3#(*`! 11&d&(*!
"&i! ^'*$Y! c#`#3g! +1! '+`3&b'&73+h! 0`3&_&! 3&7! #da'+`#*7&(*! kb+! %#s*! b7! &$b+'(*!
$*7!1*`!%+'d&7*`!a&'&!3'&7`f*'d&'!+1!$*7$+a3*!+7!b7&!f'&7kb#$#&h!!
!
!
^'*$!&$*'(g!c+7(+'!1&`!f'&7kb#$#&`!(+!6$@*7&1(R`!a*'!b7&!3&'#f&!(+!NHP!
(g1&'+`h! B7&! c+s! kb+! +1! 7+8*$#*! +`3bc#+'&! d*73&(*! i! ab+`3*! +7!
fb7$#*7&d#+73*Y!+1!f'&7kb#$#&(*!1+!a&8&'n&!&!^'*$!+1!ChN!a*'!$#+73*!(+!1&`!c+73&`!
3*3&1+`Y! a*'$+73&j+! (+1! $b&1Y! b7! $b&'3*! `+'n&! a&'&! 1*`! %+'d&7*`! 6$@*7&1(h! 01!
3'&3*! (+! ^'*$! %#s*! %#`3*'#&h! 6e`! (+! F/hHPP! 1*$&1+`! 6$@*7&1(R`! `+! +qa&7(+7!
&$3b&1d+73+!a*'!+1!db7(*Y!i!1&`!c+73&`!(+1!`#`3+d&!+7!`b!3*3&1#(&(Y!&`$#+7(+7!&!
GIhPPP!d#11*7+`!(+!(g1&'+`h!!
73
!
!
!
+)*,0%:+)'%)$"#$"(!
!
.18b7*`! a*('n&7! `ba*7+'! kb+! 1*! kb+! +`3&_&! (+3'e`! (+1! +q3'&*'(#7&'#*!
lq#3*! (+! 1&! $&(+7&! (+! '+`3&b'&73+`Y! +'&! +1! 8+7#*! (+! 1*`! %+'d&7*`! 6$@*7&1(h!
)+'*! +`3&'n&7! +kb#c*$&(*`h! 01! 6$@*7&1(R`! *'#8#7&1! (+! 9&7! K+'7&'(#7*! +'&! b7!
7+8*$#*!+q#3*`*Y!a+'*!7*!(+!cb+13&!(+!11&c+h!9g1*!b7!7+8*$#*!(+!cb+13&!(+!11&c+!
a*('n&!%&_+'!fb7$#*7&(*!$*7`#`3+73+d+73+Y!b7&!i!*3'&!c+sY!d&7+j&(*!a*'!de`!
(+!F/hPPP!(b+m*`!(#`3#73*`h!"&i!^'*$!1*!%#s*!a*`#_1+h!01!fb+!kb#+7!+da&kb+3g!+1!
$*7$+a3*!6$@*7&1(R`!i!1*!$*7c#'3#g!+7!b7&!f'&7kb#$#&!c#&_1+Y!(+`+7$&(+7&7(*!1&!
fb+'s&!#da&'&_1+!kb+!=+'_+'!%&!(+7*d#7&(*!+1!0f+$3*!6$@*7&1(R`h!!
!
!
-b+8*!(+!f#'d&'!+1!&$b+'(*!$*7!1*`!%+'d&7*`!6$@*7&1(Y!^'*$!d+d*'#sgY!
a&`*!&!a&`*Y!$&(&!a'*$+(#d#+73*!b`&(*!a&'&!a'+a&'&'!i!`+'c#'!$*d#(&h!073*7$+`!
#7`3&1g! b7! a'*3*3#a*! +7! >%#$&8*! a&'&! c+'! `#!a*(n&! '+a+3#'! +1! lq#3*h! )+'*! '+`b13g!
b7&! 3&'+&! (+`&1+73&(*'&h! -&! ab'&! #d#3&$#g7! +'&! #7`bf#$#+73+! a&'&! (ba1#$&'! 1&!
d&8#&! (+! 6$@*7&1(R`h! .73+`! (+! kb+! `b! f'&7kb#$#&! +`3bc#+'&! 1#`3&! a&'&! +1!
d+'$&(*Y!^'*$!3+7n&!kb+!%&$+'1&!&!a'b+_&!(+!3*73*`h!?+7n&!kb+!(+`$#f'&'!$&(&!
a'*_1+d&! #d&8#7&_1+! i! `bd#7#`3'&'! `#`3+d&`! (+! &a*i*! a&'&! +c#3&'1*`h! >b&7(*!
3+'d#7gY! %&_n&! '+a+7`&(*! 3*(*! +1! $*7$+a3*Y! (+`(+! +1! a'#7$#a#*h! 0'&! b7&! 3&'+&!
#78'&3&h! )+'*! 8'&$#&`! &! kb+! ^'*$! %&_n&! a+7`&(*! 3*(*! (+! &73+d&7*Y! kb#+7+`!
$*da'&_&7! 1&! f'&7kb#$#&! `+! c+n&7! 1#_+'&(*`! (+! '+#7c+73&'! +1! 7+8*$#*! a*'! `b!
$b+73&h!07!+1!d*d+73*!+7!+1!kb+!1+!a&8&_&7!&!^'*$!1&!3&'#f&!(+!NHP!(g1&'+`Y!1*!
o7#$*!kb+!1+`!kb+(&_&!a*'!%&$+'!+'&!`+73&'`+!&1!c*1&73+!i!(&'!cb+13&!&!1&!11&c+h!!
!
":(%(&C#)%(*/Y#'&'+))
!
^'*$!+'&!*_`+`#c*h!0q#8n&!a+'f+$$#g7!+7!$&(&!(+3&11+h!>b&7(*!`b!a'#d+'&!
3&7(&! (+! a&a&`! f'#3&`! 6$(*7&1(R`! `&1#g! _1&7(&! i! +da&a&(&! (+! &$+#3+Y! `+!
+7f'&`$g! +7! b7&!#7c+`3#8&$#g7! &!8'&7! +`$&1&h!A#7&1d+73+Y! (+(bj*!kb+! +1! c#+73*!
(+1! (+`#+'3*! `+$&_&! 1&`! a&a&`! (+! 1*`! %+'d&7*`! 6$@*7&1(R`Y! kb+! +'&7!
&1d&$+7&(&`!+7!j&b1&`!(+!3+1&!d+3e1#$&!&_#+'3&`h!0`*!+qa1#$&_&!`b!`&_*'!3*`3&(*!
o7#$*h!073*7$+`Y!^'*$!d*73g!b7!`#`3+d&!#73+'#*'!(+!$b'&$#g7!+7!+1!`g3&7*!(+!`b!
'+`3&b'&73+Y!(*7(+!1&`!a&a&`!+'&7!`+$&(&`!a*'!b7!c+73#1&(*'!+1l$3'#$*h!
!!
!
^'*$! a+'f+$$#*7g! $&(&! (+3&11+! (+1! a'*$+(#d#+73*! 6$(*7&1(R`! +7! +`+!
a'#d+'! a'*3*3#a*! (+! '+`3&b'&73+h! 07! +1! a'*$+`*Y! d&7+j&_&! &! `b! 8+'+73+! 0(!
6&$-b$5#+!$*d*!b7!`&'8+73*!(+!b7&!&$&(+d#&!d#1#3&'h!Z.!c+$+`Y!0(!6&$-b$5#+!
`+! *1c#(&_&! (+! a'+7(+'! +1! $&'3+1! &1! &7*$%+$+'! i! +`*! d+! +7fb'+$n&! d) '+$b+'(&!
^'*$! +7! `b! &b3*_#*8'&fn&! )'*(b$#'! 'b3#7&'#&d+73+! t='#7(#78! #3! *b3uh! Z,! kb#se`!
%&_n&!b7!a*$*!(+!_&`b'&!+7!+1!3+''+7*!i!0(!(+$n&!kb+!7*!%&_n&!3+7#(*!3#+da*!
(+! '+$*8+'1&h! 0`&`! a+kb+m&`! $*`&`Y! kb+! &! &18b7&`! a+'`*7&`! 7*! a&'+$n&7!
d*1+`3&'1+`Y!+'&7!8'&c+`!&f'+73&`!a&'&!dnh!='#3&_&!$*d*!1*$*!i!(+`$&'8&_&!d#!
fb'#&!+7!0(hhh!-&!a+'f+$$#g7!+`!&18*!dbi!(#fn$#1!(+!&1$&7s&'Y!i!a+'f+$$#g7!+'&!1*!
kb+!i*!kb+'n&!a&'&!6$@*7&1(R`h!?*(*!1*!(+de`!+'&!`+$b7(&'#*!a&'&!dnh[!!
!
6S()+//S)'%)/+)2,+#W0&!&+))
!
-&!#da'+`#*7&73+!*_`+`#g7!(+!"&i!^'*$!#''#3&_&!&!1*`!+da1+&(*`!kb#+7+`!
'+$#_n&7! +1! 1&3#8&s*! (+! `b`! a&1&_'&`h! )+'*Y! a*'! *3'&! a&'3+Y! _+7(#j*! &! d#1+`! (+!
74
f'&7kb#$#&(*`!$*7!+1!'+8&1*!(+!b7!7+8*$#*!+q#3*`*h!.!$&d_#*!(+!a&8&`!b7&!3&'#f&!
a*'!o7#$&!c+sY!i!b7!a+kb+m*!a*'$+73&j+!(+! 1&`!c+73&`Y!%*i!+7!(n&Y!1*`!(b+m*`!
(+!6$@*7&1(R`Y!&$$+(+7!&!b7!`#`3+d&!a'*_&(*!b7&!d&'$&!a'+`3#8#*`&!i!&1!a*(+'!
(+!1&!ab_1#$#(&(!d&`#c&!(+!b7&!$*'a*'&$#g7!db13#d#11*7&'#&h!^'*$!7*!#7c+73g!+1!
f*'d&3*! $*da1+3*! (+! f'&7kb#$#&! a+'*! +1+cg! 1&! 3l$7#$&! &1! 7#c+1! (+! b7&! $#+7$#&h!
9#8b#+7(*!`b`!a&`*`Y!1*`!7+8*$#*`!f'&7kb#$#&(*`!'+a'+`+73&7!&a'*q#d&(&d+73+!
+1!HP!a*'!$#+73*!(+!1&`!c+73&`!d#7*'#`3&`!+7!1*`!0`3&(*`!B7#(*`Y!(+!&$b+'(*!&!1&!
.`*$#&$#g7!;73+'7&$#*7&1!(+!A'&7kb#$#&`h!
!
!
07! +1! &d&7+$+'! (+1! `#81*! c+#73#b7*Y! +1! 0f+$3*! 6$@*7&1(R`! '+a+'$b3+! de`!
&11e!(+!1*`!1nd#3+`!(+1!f'&7$%#`#78!3'&(#$#*7&1h!-*`!`#`3+d&`!(+!cb+13&!(+!11&c+!%&7!
d*`3'&(*!1&!!d#`d&!$&a&$#(&(!kb+!6$@*7&1(R`!a&'&!(ba1#$&'`+!d#1+`!(+!c+$+`Y!
#7$1b`*! +7! 7+8*$#*`! (#f+'+73+`! &! 1&`! f'&7kb#$#&`h! )*'! +j+da1*! 1*`! a'*f+`#*7&1+`!
(+1!6-6!`+!_+7+f#$#&7!&!a&'3#'!(+!b7!`#`3+d&!i!d&'$&!a'*_&(*`!&1!#8b&1!d#1+`!(+!
c+$+`Y! kb+! kb#+7+`! &(kb#+'+7! f'&7kb#$#&`h! ;7$1b`#c+Y! `+! (ba1#$&7! $*7! d&i*'!
'&a#(+sh!6e`!c+1*s!&b7!+`!1&!(#`+d#7&$#g7!(+!1*`!`#3#*`!(+!$*d+'$#*!+1+$3'g7#$*!
+7! ;73+'7+3Y! +73'+1&s&(*`! +73'+! `n! a*'! 1#75`! &! a'*8'&d&`! (+! &f#1#&$#g7!
a'++q#`3+73+`h!-&!'+c*1b$#g7!(+!1&!cb+13&!(+!11&c+!i&!+`3e!+73'+!7*`*3'*`h!\!%&!
11+8&(*!jb`3*!&!3#+da*h!.!d+(#(&!kb+!1*`!+da1+*`!3'&(#$#*7&1+`!(+`&a&'+$+7!i!
1*`!a*3+7$#&1+`!+da'+7(+(*'+`!`+!+7'+(&7!+7!+1!6#3*!0!1*`!`#`3+d&`!(+!cb+13&!
(+!11&c+!_#+7!ab+(+7!'+a'+`+73&'!1&!&13+'7&3#c&!de`!'+&1#`3&h!
!!
0#+)(+/&'+))
!
Z>*7!1&!'+(b$$#g7!(+!1&`!8'&7(+`!+da'+`&`!3*(&!1&!+`3'b$3b'&!+$*7gd#$&!
(+! 3'&_&j*! `+! +`3e! $*7c#'3#+7(*! +7! &18*! (#f+'+73+! &! 3*(*! 1*! $*7*$#(*! %&`3&!
&%*'&Y[!(#$+!6#$%&+1!=+'_+'h!Z)+'*!7*!%&_'e!`+#`!d#1!d#11*7+`!(+!a+'`*7&`!+7!1&!
$&11+! c+7(#+7(*! 1ea#$+`h! -&`! a+'`*7&`! c&7! &! 3+7+'! kb+! $*73&'! $*7! b7! `#`3+d&Y!
b7! d&'$*! (+! '+f+'+7$#&Y! b7! $*73+q3*h[! =+'_+'! a'+(#$+! kb+! 7+8*$#*`! (+! cb+13&!
(+! 11&c+! $*d*! 1&`! f'&7kb#$#&`! +1! d&'5+3#78! db13#7#c+1! i! 1*`! a'*8'&d&`! (+!
&f#1#&$#g7!&!;73+'7+3Y!a'*c++'e7!8'&7!a&'3+!(+!1&!+`3'b$3b'&!(+!&a*i*!7+$+`&'#&!
a&'&! f&$#1#3&'! 1&! 3'&7`#$#g7! (+! b7&! +$*7*dn&! _&`&(&! +7! +da1+*`Y! &! b7&!
$*7`3'b#(&! `*_'+! 1&! a'#c&3#s&$#g7! +7! d&`&! i! +1! &b3*+da1+*h!!
-&!$*7`b13*'&!(+!=+'_+'Y!0L6i3%!.$&(+diY!$*7!`+(+!+7!9&73&!"*`&Y!>&1#f*'7#&Y!
+7`+m&! &! (b+m*`! (+! a+kb+m*`! 7+8*$#*`! &! a&'+$+'`+! de`! &! "&i! ^'*$Y!
'&$#*7&1#s&7(*! i! +`3&7(&'#s&7(*! `b`! a'*$+(#d#+73*`!a&'&! %&$+'1*`! `#`3+d&`! (+!
cb+13&!(+!11&c+!kb+!ab+(&7!`+'!c+7(#(*`Y!f'&7kb#$#&(*`!*!ab+`3*`!+7!d&7*`!(+!
8+'+73+`h!)+'*!1&!c+'(&(!+`!kb+!1&!d&i*'n&! (+!1&`!a+'`*7&`!a'+f#+'+7!$*da'&'!
b7&!f'&7kb#$#&!&!`+'!"&i!^'*$h!)'+f#+'+7!$*da'&'!b7!`#`3+d&!(+!cb+13&!(+!11&c+!
&73+`!kb+!#7c+73&'!b7*!(+`(+!$+'*h!!
!
!
0`3&! +`! 1&! +1+$$#g7! kb+! 6+8! i! Q&i! +7f'+73&'*7! $b&7(*! `b`! a'*a#&`!
$&''+'&`!11+8&'*7!&!b7!$&11+jg7!`#7!`&1#(&Y!.d_*`!+'&7!8+'+73+`!+qa+'#d+73&(*`!
i!&13&d+73+!$&a&$#3&(*`h!.d_*`!a*('n&7!%&_+'!$*7`3'b#(*!b7&!$*da&mn&!(+`(+!
&_&j*! i! d&7+j&'1&! d#+73'&`! (*'dn&7h! .d_*`! +'&7! a*3+7$#&1+`! "&i! ^'*$`h! )+'*!
6+8! i! Q&i! +`3&_&7! $&7`&(*`! (+! 1&! $&''+'&! (+! '&3&`h!2*! kb+'n&7! de`! db7(*`!
a&'&! $*7kb#`3&'h! -*! o7#$*! kb+! (+`+&_&7! +'&! b7&! `&1#(&h! -&! '+c*1b$#g7! (+! 1&!
cb+13&!(+!11&c+!1+`!(&'n&!b7&!'b3&!(+!+`$&a+Y!(+!b7&!d&7+'&!kb+!&`*d_'&'n&!&!
&d_*`h!!
)
75
)
)
)
)
)
)
)
>&an3b1*!>.?,">0!
!
01!2+8*$#*!E#'3b&1!
)
)
)
@b'&73+!`#+3+!&m*`h!Q&i!i!i*!$&`#!7b7$&!7*`!c+n&d*`Y[!'+$b+'(&!6+8h!2*!
+'&! `*1&d+73+! a*'kb+! &d_*`! 3bc#+'&7! 3'&_&j*`! (+! 8'&7! &$3#c#(&(! `#7*! a*'kb+Y!
&(+de`Y! 6+8!3+7n&! kb+!c#&j&'!de`!(+!7*c+$#+73*`!5#1gd+3'*`!%&`3&! `b!3'&_&j*!
+7! 9&7! @#+8*h! E*1cn&! &! `b! $&`&! `g1*! 1*`! f#7+`! (+! `+d&7&h! >b&7(*! `+!
a'+`+73&'*7! 1*`! a'*_1+d&`! +7! `b`! 7+8*$#*`Y! 1+`! '+`b13g! $&`#! $*d*! b7! &1#c#*h!
.%*'&! 3+7n&7! 1&! +q$b`&! a+'f+$3&! a&'&! kb+_'&'! `b! 'b3#7&! i! _b`$&'! b7! d*(*! (+!
c#(&!d+7*`!a+`&'*`*h!!
!
!
07! CNMNY! 3&73*! 6+8! $*d*! Q&i! %&_n&7! 3*d&(*! b7&! &''#+`8&(&! (+$#`#g7h!
Q&i!%&_n&!c+7(#(*!`b!7+8*$#*!i!6+8!%&_n&!'+7b7$#&(*!&!`b!3'&_&j*h!2#78b7*!(+!
1*`! (*`! 3+7n&! b7&! #(+&! $1&'&! (+1! a'gq#d*! a&`*! &! `+8b#'h! 9g1*! +7! $#7$*! $*`&`!
+`3&_&7!3*3&1d+73+!(+!&$b+'(*D!+7!a'#d+'!1b8&'Y!kb+'n&7!+7$*73'&'!b7!7+8*$#*!
kb+! ab(#+'&7! $*7`3'b#'! jb73*`Y! $*d*! `*$#*`v! +7! `+8b7(*! 1b8&'Y! kb+'n&7! `+'!
a&'3+! (+! b7&! #7(b`3'#&! +7! +qa&7`#g7Y! $*7! db$%*! a*3+7$#&1! (+! $'+$#d#+73*v! +7!
3+'$+'! 1b8&'Y! 7*! kb+'n&7! 3+7+'! kb+! cl'`+1&`! 7#! $*7! b7! `*1*! +da1+&(*Y! 7b7$&!
de`v!$b&'3*Y!7*!kb+'n&7!#7c+'3#'!db$%*!(#7+'*v!i!kb#73*Y!kb+'n&7!1*8'&'!#78'+`*!
'+`#(b&1h! Z2*! kb+'n&d*`! &''#+`8&'! +1! (#7+'*! kb+! 7*`! kb+(&_&Y[! (#$+! 6+8h!
Z0`3e_&d*`! (#`ab+`3*`! &! 3'&_&j&'! fb+'3+! (b'&73+! $#7$*! *! `+#`! &m*`Y! a&'&!
(+`&''*11&'!+1!7+8*$#*!$*7!+`fb+'s*!a&'+j*h!)+'*!(+`abl`!(+!+`*Y!kb+'n&d*`!kb+!
a'*(bj+'&!#78'+`*`!'+`#(b&1+`h[!07!`n73+`#`Y!`+!%&_n&7!&b3*#dab+`3*!b7!$*7jb73*!
(+!*_j+3#c*`!$&`#!#da*`#_1+`h!!
!
'&/&?%#!&+)'%:&'+))
!
2*! a&`g! db$%*! 3#+da*! %&`3&! kb+! 6+8! i! Q&i! (+`$b_'#+'*7! kb+! 1*`!
dl3*(*`!$*7c+7$#*7&1+`!(+!7+8*$#*`!1+`!*f'+$n&7!a*$&`!+`a+'&7s&`!(+!$bda1#'!
`b!a1&7h!)&'&!8&7&'!#78'+`*`!'+`#(b&1+`Y!3+7('n&7!kb+!$*_'&'!a*'!+1!+`fb+'s*!(+!
*3'&`! a+'`*7&`h! 0`*! `#87#f#$&_&Y! *! _#+7! $*73'&3&'! &! db$%&! 8+73+! r1*! kb+! `+!
%&_n&7!a'*d+3#(*!7*! %&$+'r!*!$*da'&'! a&'3+`!(+!7+8*$#*`!+q#`3+73+`Y!1*!$b&1!
`#87#f#$&_&!&''#+`8&'!db$%*!(#7+'*h!Z01!o13#d*!c+%n$b1*!'+`3&73+!+'&!+1!7+34*'5!
d&'5+3#78h[! &f#'d&! 6+8! Z2*! 7*`! `+73#d*`! a'+$#`&d+73+! +d*$#*7&(*`! $b&7(*!
11+8&d*`!&!+`&!$*7$1b`#g7h!2*!`&_n&d*`!db$%*!`*_'+!7+34*'5!d&'5+3#78Y!a+'*!
1*!o7#$*!kb+!a+7`e_&d*`!kb+!`n!`&_n&d*`Y!+'&!kb+!+'&!d&1*h!!
!
!
>*d*! db$%&`! a+'`*7&`! (+! 7+8*$#*`! $*7c+7$#*7&1+`Y! 6+8! i! Q&i! %&_n&7!
f*'d&(*! `b! *a#7#g7! `*_'+! +1! 6-6! _&`&(*`! a'#7$#a&1d+73+! +7! +`a+1bs7&73+`!
76
'+c+1&$#*7+`! (+! 1*`! d+(#*`h! 9#7! +d_&'8*Y! +7! +`+! d*d+73*! `+! `#73#+'*7!
*_1#8&(*`!&!#7c+`3#8&'! 1&!#7(b`3'#&!$*7!*_j+3#c#(&(h!"+c#`&'*7!(+3+7#(&d+73+!1&!
_#_1#*3+$&!1+8&1Y!+7!_o`kb+(&!(+!3*(*!1*!kb+!ab(#+'&7!+7$*73'&'!`*_'+!6-6h!-+!
`*1#$#3&'*7!&1!f#`$&1!8+7+'&1!b7&!1#`3&!(+!1&`!$*da&mn&`!kb+!`+!%&_n&7!$+''&(*Y!i!
1&`! &7&1#s&'*7! a&'&! c+'! kbl! %&_n&7! %+$%*! d&1h! Z>b&7(*! f#7&1#s&d*`! 7b+`3'&!
#7c+`3#8&$#g7Y!$*da'+7(#d*`!kb+!+1!$*7$+a3*!+'&!c#&_1+!i!kb+!1&`!d&3+de3#$&`!
fb7$#*7&_&7[! &f#'d&! 6+8h! Z9#! b7*! ab(#+'&! #7c*1b$'&'`+! $*7! b7&! $*da&mn&! kb+!
`#8b#+'&!1&`!a&b3&`!1+8&1+`!i!kb+!*f'+$#+'&!b7!a'*(b$3*!*!`+'c#$#*!$*7!+1!kb+!b7*!
`+! `#73#+'&! $gd*(*Y! +`3*! _'#7(&'n&! +1! a*3+7$#&1! a&'&! $*_'&'! a*'! +1! +`fb+'s*! (+!
db$%&`!*3'&`!a+'`*7&`h[!!
!
"'&(%+)6/6))
!
6+8!i!Q&i!a&`&'*7!1*`!`+#`!d+`+`!`#8b#+73+`!#7c+`3#8&7(*!de`!(+!`+3+73&!
$*da&mn&`!6-6!(#`3#73&`h!"+c#`&'*7!1*`!&c#`*`!(+!1&`!ab_1#$&$#*7+`!$*d+'$#&1+`Y!
3&1+`!$*d*!6*7+id&5+'`!6*73%1ih!E#&j&'*7!a*'!3*(*!+1!a&n`Y!c#`#3&7(*!1&`!`+(+`!
$+73'&1+`! (+! c&'#&`! $*da&mn&`h! ZQ&i! `*1n&! _'*d+&'! (#$#+7(*! kb+! $*7*$n&d*`!
db$%&!8+73+!&d&_1+Y!a+'*!kb+Y!1&d+73&_1+d+73+Y!1&!d&i*'n&!(+!+11*`!7*!3+7n&!
7#! #(+&! (+! $gd*! d&7+j&'! b7! 7+8*$#*[! (#$+! 6+8h! B7&! i! *3'&! c+sY! +7$*73'&_&7!
$*da&mn&`!kb+!+'&7!+q#3*`&`!c+7(#+7(*!a'*(b$3*`Y!a+'*!&_`*1b3&d+73+!#7+a3&`!
a&'&! &(d#7#`3'&'! `b! a'*a#*! $'+$#d#+73*h! Z9b! a'*a#*! lq#3*! 1*`! d&3&'n&[! `+8o7!
6+8Y!Za*'kb+!7*!%&$n&7!+1!3'&_&j*!(+!_&`+!(+!*f#$#7&h!2*!3+7n&7!+1!$&a#3&1!a&'&!
%&$+'!#7c+73&'#*`!*!+73'+8&`h!2*!a*(n&7!'&`3'+&'!1&`!c+73&`h!>b&7(*!11+8&_&!+1!
d*d+73*!(+!a&8&'!1&`!$*d#`#*7+`Y!i&!%&$n&!3#+da*!kb+!7*!%&_n&!de`!$*7!kblh[!!
!
!
6+8! i! Q&i! 3&d_#l7! fb+'*7! (#`b&(#(*`! a*'! 1*`! a'*(b$3*`h! )&'+$n&! kb+! 1&!
d&i*'n&! (+! 1&`! +da'+`&`! *f'+$n&7! _#+7+`! (+! $*7`bd*Y! (+`(+! $'+d&`! a&'&! 1&!
a#+1!i!`ba1+d+73*`!&!_&`+!(+!%#+'_&`Y!%&`3&!$*d#(&!a&'&!d&`$*3&`h!.!6+8!7*!1+!
8b`3&_&! 1&! #(+&! (+! a+(#'1+! &! 1&! 8+73+! kb+! $&d_#&'&! `b`! %e_#3*`! (+! $*da'&Y!
+`a+$#&1d+73+!&!f&c*'!(+!a'*(b$3*`!kb+!8+7+'&1d+73+!+'&7!de`!$&'*`!kb+!1*`!
$*da'&(*`! +7! 7+8*$#*`h! 07! &18b7*`! $&`*`Y! 1&`! $*da&mn&`! b`&_&7! dl3*(*`!
&73+'#*'+`! &! 1&! ,1&! G! r3*(&cn&! '+kb+'n&7! kb+! `b`! (#`3'#_b#(*'+`! &$*a#&'&7! i!
+73'+8&'&7! `b! a'*a#*! #7c+73&'#*h! 6+8! i! Q&i! 7*! a*(n&7! #d&8#7&'`+! 3'&3&7(*! (+!
$*7c+7$+'!&!`b`!&$*d*(&(*`!&d#8*`!+j+$b3#c*`!(+!kb+!11+7&'&7!`b`!8&'&j+`!$*7!
$&'3*7+`! (+! %bd+$3&73+`h! Z-b+8*! (+! b7! c#&j+! +7! +1! kb+! c#`#3&d*`! $#7$*!
+da'+`&`! (#f+'+73+`Y[! '+$b+'(&! 6+8Y! Z1+! (#j+! &! Q&i! kb+! %&_n&! (+$#(#(*! kb+! `#!
%&_n&!kb+!3'&8&'!+1!a'*(b$3*!*!f'*3&'1*!`*_'+!1&!a#+1Y!i*!`#da1+d+73+!7*!+`3&_&!
(#`ab+`3&!&!%&$+'1*h[!!
!
/+)#0%1+)2,"#$%,+))
!
9#7! kb+! 6+8! i! Q&i! 1*! `ba#+'&7Y! +1! *_j+3*! (+! `b! _o`kb+(&! `+! +`3&_&!
(+`a1+8&7(*!f'+73+!&!`b`!*j*`Y!+7!+`+!d#`d*!#7`3&73+h!-*`!3#3b1&'+`!+$*7gd#$*`!
de`! #da*'3&73+`! +'&7! `*_'+! 3+1+$*db7#$&$#*7+`h! @+`(+! CNG/Y! 1&! $*da&mn&!
.d+'#$&7!?+1+a%*7+!&7(!?+1+8'&a%!r.?{?r!%&_n&!(#`f'b3&(*!(+!b7!d*7*a*1#*!
f&c*'+$#(*!a*'!+1!8*_#+'7*!`*_'+!1&!#7(b`3'#&!3+1+fg7#$&h!-b+8*Y!(+`(+!CNJ/Y!b7&!
$*da&mn&!11&d&(&!6#$'*4&c+!>*ddb7#$&3#*7`!;7$h!t6>;uY!+73&_1g!jb#$#*!$*73'&!
.?{?Y!(+`&f#&7(*!`b!d*7*a*1#*h!01!@+a&'3&d+73*!(+!Qb`3#$#&!(+!0`3&(*`!B7#(*`!
`#8b#g!$*7!`b!a'*a#&!&$$#g7!&73#d*7*ag1#$&h!A#7&1d+73+Y!+7!CNMFY!.?{?!&$*'(g!
(#`a+'`&'!`b!7+8*$#*!(+!11&d&(&`!1*$&1+`!i!$*da+3#'!+7!+1!d+'$&(*!&_#+'3*!a&'&!
$1#+73+`!(+!1&'8&!(#`3&7$#&h!01!a1&7!+73'g!+7!fb7$#*7&d#+73*!+7!CNM/h!!
77
!
!
@*`! $*da&mn&`Y! 6>;! i! 9a'#73Y! 'ea#(&d+73+! `+! $*7c#'3#+'*7! +7! 1*`!
d&i*'+`! '#c&1+`! (+! .?{?Y! +7! 8'&7! d+(#(&! a*'! +1! b`*! (+! dl3*(*`! (+! c+73&!
6-6h! 01! lq#3*! (+! $*da&mn&`! (+! 7+34*'5! d&'5+3#78Y! $*d*! .d4&i! i! 2+34*'5!
FPPPY!+7!1&!c+73&!(+!`+'c#$#*`!(+!1&'8&!(#`3&7$#&Y!a&`g!d&i*'d+73+!#7&(c+'3#(*!
a&'&! 1&`! $*'a*'&$#*7+`! +`3&(*b7#(+7`+`h! )+'*! +da'+7(+(*'+`! &`3b3*`! c#+'*7!
kb+!b7&!7b+c&!f'*73+'&!`+!+`3&_&!&'d&7(*h!B7*!(+!+11*`!fb+!^+77i!.h!?'*b33Y!
a+3'*1+'*!(+!?+q&`h!!
!
0#+)%($,+$%?&+)&##"1+'",+))
!
0da'+7(+(*'! $*7! &a3#3b(+`! c&'#&(&`Y! ?'*b33! %&_n&! a'*_&(*! `b+'3+! +7!
`+8b'*`Y!+7!$*7`3'b$$#g7Y!i!+7!$'n&!(+!$&_&11*`!&73+`!(+!(+(#$&'`+!&1!a+3'g1+*h!
9bf'#g!b7&!(+''*3&!+7!1&!(l$&(&!(+!CNMP!$b&7(*!+1!a'+$#*!(+1!a+3'g1+*!$&ig!(+!
b`!z!HP!&!b`!z!CH!a*'!_&''#1h!?'&3&7(*!(+!+7$*73'&'!b7&!7b+c&!#(+&Y!?'*b33!`+!
+7f*$g! +7! +1! `*`3+7#(*! f'+7+`n! (+! 1*`! `+'c#$#*`! (+!11&d&(&`! (+! 1&'8&! (#`3&7$#&h!
B7!a'*f+`#*7&1!(+1!7+34*'5!d&'5+3#78!11&d&(*!93+c+!9d#3%!1*!$*7c+7$#g!(+!kb+!
+1!6-6!+'&!1&!$1&c+!a&'&!'*da+'!+1!d+'$&(*h!-*`!(*`!%*d_'+`!`+!&`*$#&'*7!+7!
CNMNh!!
!
?'*b33! %&_n&! fb7(&(*! 0q$+1! >*ddb7#$&3#*7`Y! ;7$h! +1! &m*! &73+'#*'h! >*7!
`+(+! +7! @&11&`Y! 1&! $*da&mn&! *a+'&_&! $*7! b7! $*7$+a3*! `#da1+h! .! (#f+'+7$#&! (+!
.d4&i!i!2+34*'5!FPPPY!kb+!&3'&n&7!$1#+73+`!a&'&!6>;!i!9a'#73Y!0q$+1!$&a3&_&!
$1#+73+`!a&'&!`n!d#`d&h!Kb`$&_&!$*7`3&73+d+73+!1*`!d+j*'+`!a'+$#*`!i!`+'c#$#*`Y!
i! $&d_#&_&! &! 1*`! $1#+73+`! (+! b7&! a'+`3&(*'&! &! *3'&! `+8o7! `b! c*1b73&(Y!
(*7(+kb#+'&!kb+!&a&'+$#+'&7!1*`!d+j*'+`!&$b+'(*`h!!
!
0#)#%?"!&")'%/)(&?/")__&))
!
07! `b! #7c+`3#8&$#g7Y! Q&i! 9d#3%! i&! %&_n&! #(+73#f#$&(*! &! 1&`!
3+1+$*db7#$&$#*7+`! $*d*! b7! 7+8*$#*! +7! $'+$#d#+73*h! >*7! c+73&`! a*'! HFYPPP!
d#11*7+`! (+! (g1&'+`! t+7! CNMNuY! `+! a'*i+$3&_&! kb+! 1&! #7(b`3'#&! 11+8&'n&! &! b7!
_#11g7!(+!(g1&'+`!+7!+1!&m*!FPPHh!ZQ&i!`+!(#*!$b+73&!(+!kb+!#_&!&!`+'!1&!#7(b`3'#&!
(+1! d#1+7#*Y[! (#$+! 6+8h! Z.(+de`Y! 1&`! 3+1+$*db7#$&$#*7+`! 7b7$&! 3bc#+'*7! b7!
3'#d+`3'+! d&1*! +7! CHP! &m*`h[! B7&! $*da&mn&! (+! .31&73&! +`3&_&! '+c+7(#+7(*!
`+'c#$#*`! (+! 1&'8&! (#`3&7$#&! $*d+'$#&1! a&'&! .?{?h! 6+8! i! Q&i! (+$#(#+'*7!
&`*$#&'`+Y! a&'&! c+7(+'! +1! `+'c#$#*! (+! .?{?! &! 3'&cl`! (+! b7&! '+(! (+! 6-6Y! &18*!
dbi!a&'+$#(*!&!1*!kb+!2+34*'5!FPPP!%&_n&!%+$%*!a&'&!9a'#73h!
!!
!
)+'*! +1! 7+8*$#*! '+`b13g! (+`&1+73&(*'h! 6+8! i! Q&i! &ab73&_&7! &! 8'&7(+`!
+da'+`&`Y! $*7! f&$3b'&`! 3+1+fg7#$&`! d+7`b&1+`! +73'+! ChPPP! i! CPYPPP! (g1&'+`h!
0`*! `#87#f#$&_&! 1&'8*`! `+8b#d#+73*`! (+! c+73&! $*7! +j+$b3#c*`! $*'a*'&3#c*`Y!
#7$1bi+7(*! $*da1#$&(*`! &7e1#`#`! (+! a&3'*7+`! (+! 11&d&(&`! i! +`3'b$3b'&`!
3&'#f&'#&`h! Z0'&! b7! 7+8*$#*! dbi! $*da1#$&(*Y[! '+$b+'(&! 6+8Y! Z&13&d+73+!
3l$7#$*h[!
'0*/&!+:&/&'+')
6+8! i! Q&i! 1*8'&_&7! $1#+73+`! $*'a*'&3#c*`! $*7! f&$#1#(&(Y! a+'*! &`*$#&'!
8+73+! &! `b! '+(! +'&! *3'&! $b+`3#g7h! Z2*! %&_n&! db$%&`! a+'`*7&`! kb+! ab(#+'&7!
%&$+'! 1*! kb+! %&$n&d*`! 7*`*3'*`Y[! &(d#3+! 6+8Y! Za*'! 1*! 3&73*! 7*! a*(n&d*`!
$*7`3'b#'!b7&!8'&7!fb+'s&!(+!c+73&`h[!01!7+8*$#*!7*!*f'+$n&!b7!`#`3+d&!(+!cb+13&!
(+! 11&c+h! @+a+7(n&! 3*3&1d+73+! (+! 1&`! %&_#1#(&(+`! a+$b1#&'+`! (+! 6+8! i! Q&ih! .!
78
a+`&'! (+! kb+! '+`b13g! `+'! b7! dbi! _b+7! 3'&_&j*! (+! c+73&`! a&'&! +11*`Y! *f'+$n&!
a*$&`!*a*'3b7#(&(+`!(+!a*3+7$#&'!+1!+`fb+'s*!(+!*3'&`!a+'`*7&`!r1&!$1&c+!a&'&!
*_3+7+'!#78'+`*`!'+`#(b&1+`!d&`#c*`h!
!
-*!kb+!7+$+`#3&_&7!+'&!b7!7+8*$#*!(ba1#$&_1+!b7*!kb+!ab(#+'&!'+a+3#'`+!
b7&!i!*3'&!c+sY!a*'!8+73+!$*7!(#f+'+73+`!7#c+1+`!(+!%&_#1#(&(h!\!+`*!`#87#f#$&_&!
kb+!(+_n&!`+'!`#da1+h!07!+1!7+8*$#*!(+!1&'8&!(#`3&7$#&Y!1&!c+73&!de`!`#da1+!+'&!
1&! (+1! $1#+73+! '+`#(+7$#&1h! B7*! 3&7! `g1*! 1*! &`*$#&_&Y! i! 7b7$&! de`! %&_n&! kb+!
a+7`&'!+7!l1h!)*'!+`+!d*3#c*Y! 6+8!i! Q&i! a'+`3&'*7! &3+7$#g7! $b&7(*!b7!&d#8*!
1+`!$*73g!`*_'+!b7&!a+kb+m&!+da'+`&!(+!?+q&`!11&d&(&!0q$+1!>*ddb7#$&3#*7`Y!
kb+!c+7(n&!`+'c#$#*!'+`#(+7$#&1!(+!11&d&(&`!(+!1&'8&!(#`3&7$#&!&!3'&cl`!(+1!6-6h!!
!
%_+6%#)'%)!"#!&%#!&+))
!
Z0'&!b7!a*$*!8'&$#*`*[!'+$b+'(&!6+8h!-b+8*!(+!c#&j&'!&!@&11&`!+7!CNNPY!
(+`$b_'#+'*7! kb+! 0q$+1! >*ddb7#$&3#*7`! ;7$h! $*7`#`3n&! +7! $#7$*! +da1+&(*`! i!
&18b7*`! +`$'#3*'#*`! &a#m&(*`! +7! b7&! *f#$#7&h! 01! d&3+'#&1! (+! c+73&`! kb+! b`&_&7!
`b`!'+a'+`+73&73+`!+'&7!f*3*$*a#&`! (+! f*3*$*a#&`h!.!a+`&'! (+! 3*(*Y!6+8! i!Q&i!
+`3&_&7! #73'#8&(*`h! )*'! dbi! a*$*! +1&_*'&(*! kb+! +`3bc#+'&Y! +1! 7+8*$#*! a&'+$n&!
(ba1#$&_1+!$b&1kb#+'&!a*(n&!%&$+'1*h!
!!
!
011*`! `+! (#+'*7! $b+73&! (+! kb+! 3+7n&7! kb+! %&$+'! b7! +q&d+7! (+!
$*7$#+7$#&h!?*(*`!`b`!#7`3#73*`!$*'a*'&3#c*`!1+`!(+$n&7!kb+!'*_&'&7!+1!$*7$+a3*!
(+! 0q$+1! i! 1*! %#$#+'&7! a*'! `b! $b+73&h! .d_*`! 3+7n&7! &da1#&! +qa+'#+7$#&! +7!
3'&_&j*!(+!*f#$#7&!(+!&a*i*!a&'&!_&7$*`Y!$*da&mn&`!(+!`+8b'*`!i!$*''+(*'+`!(+!
]&11! 93'++3h! Z)'*_&_1+d+73+! +`3e_&d*`! d+j*'! +kb#a&(*`! a&'&! %&$+'! +`+!
3'&_&j*! kb+! ^+77i[! (#$+! 6+8h! Z)*('n&d*`! %&_+'! '+a+3#(*! fe$#1d+73+! 1*! kb+! l1!
%&_n&!%+$%*h[!)+'*Y!pkb+'n&7!'+&1d+73+!%&$+'!+`*T!)*'!a'#d+'&!c+sY!6+8!i!Q&i!
`+! *_1#8&'*7! &! `n! d#`d*`! &! (+j&'! (+! a+7`&'! $*d*! +j+$b3#c*`! $*'a*'&3#c*`h! 9+!
&$*'(&'*7!(+!`b`!*_j+3#c*`D!7#!+da1+&(*`!7#!'#+`8*!f#7&7$#+'*v!#78'+`*!'+`#(b&1h!
\!1+73&d+73+!`+!fb+'*7!(&7(*!$b+73&!(+!kb+!+7!+1!+q3'&m*!7b+c*!db7(*!(+!1&!
"+c*1b$#g7! (+! 1&! Eb+13&! (+! -1&c+Y! +`3&! a+kb+m&! $*da&mn&! $*7! `b! *f#$#7&!
1#1#ab3#+7`+!a*('n&!`+'!+q&$3&d+73+!1*!kb+!+11*`!+`3&_&7!_b`$&7(*h!!
!
6+#$%#%,/")(&6*/%)
!!
Z>*d+7s&d*`! '+c#`&7(*! 3*(&`! 1&`! '&s*7+`! a*'! 1&`! kb+! 7*`! %&_n&d*`!
#7c*1b$'&(*!+7!+1!7+34*'5!d&'5+3#78[!'+$b+'(&!6+8Y!Zi!1&!d&i*'!c+73&j&!+'&!1&!
f&13&!(+!+da1+&(*`[h!p)*'!kbl!7*!(+j&'!kb+!0q$+1!3bc#+'&!3*(*`!1*`!(*1*'+`!(+!
$&_+s&!(+!d&7+j&'!b7&!*f#$#7&T!p)*'!kbl!7*!(+j&'!kb+!+11*`!7+8*$#&'&7!3&'#f&`!
$*7! 1&`! a'+`3&(*'&`! i! (#`$b3#+'&7! 1&! f&$3b'&$#g7Th! .1! (+j&'1+! +`3&`!
'+`a*7`&_#1#(&(+`!&!0q$+1Y!6+8!i!Q&i!+'&7!1#_'+`!a&'&!c*1$&'!3*(&!`b!&3+7$#g7!&!
(+`&''*11&'! `b! '+(h! )*('n&7! %&$+'! kb+! `b! 7+8*$#*! 0q$+1! fb+`+! 1*! de`! 8'&7(+!
a*`#_1+Y! `#7! 3+7+'! kb+! &1kb#1&'! b7&! `*1&! *f#$#7&! 7#! $*73'&3&'! b7! `*1*! +da1+&(*h!
07! +f+$3*Y! $'+&'n&7! b7&! $*'a*'&$#g7! c#'3b&1! rb7&! +da'+`&! db13#d#11*7&'#&! kb+!
7*! +q#`3#'n&! +7! 7#78o7! 1&(*! +q$+a3*! +7! 1&! #73'#7$&(&! $&(+7&! (+! '+1&$#*7+`! (+!
$*d#`#*7+`! &1d&$+7&(&`! +7! 1&! $*dab3&(*'&! (+! 0q$+1h!0`*! +'&! +q&$3&d+73+! 1*!
kb+!%&_n&7!`*m&(*h!6+8!i!Q&i!$*d+7s&'*7!&!3'&_&j&'!+7!+1!c+'&7*!(+!CNNPh!!
!
!
ZO#$#d*`!1#`3&`!(+!1&`!a+'`*7&`!kb+!$*7*$n&d*`!i!$*d+7s&d*`!&!&`*$#&'[!
(#$+! 6+8h! Z0'&! (#`3#73*! kb+! &73+`h! .%*'&! 7*! 7+$+`#3e_&d*`! a+'`*7&`! $*7!
$*7*$#d#+73*`!3l$7#$*`!*!$*7!%&_#1#(&(+`!+`a+$#&1+`!a&'&!c+7(+'h!.`*$#e_&d*`!
79
&! $b&1kb#+'&! kb+! kb#`#+'&! 8&7&'! (#7+'*! +q3'&h! \! _b`$e_&d*`! &! a+'`*7&`! kb+!
$*7*$#+'&7!&!db$%&`!*3'&`Y!&`n!a*('n&d*`!*_3+7+'!`b`!'+f+'#(*`h[!-&!'+(!$'+$#g!
'ea#(&d+73+h!.!f#7+`!(+!+`+!&m*Y!6+8!i!Q&i!%&_n&7!$+''&(*!`b!7+8*$#*!(+!1&'8&!
(#`3&7$#&!$*d+'$#&1Y!(+(#$e7(*`+!a*'!$*da1+3*!&!0q$+1h!!
!
!
!
0#+)1&!$",&+)+?,&'0/!%))
!
2&(#+!`&_+!1*!kb+!ab+(+!(+a&'&'!+1!d&m&7&h!01!`*'a'+7(+73+!lq#3*!kb+!
6+8! i! Q&i! +qa+'#d+73&'*7! $*7! 0q$+1! 3bc*! b7! cb+1$*! &8'#(b1$+! +7! CNNHh!
07f+'dg! (+1! $*'&sg7Y! Q&i! `+! (+`d&ig! +7! b7! &+'*ab+'3*! i! db'#g! $*d*!
$*7`+$b+7$#&! (+! 1&`! %+'#(&`! kb+! `bf'#g! +7! `b! $&_+s&! &1! $&+'h! 6+8! +`3&_&!
(+`*1&(&Y! a+'*! (+! 3*(&`! d&7+'&`! `+! `+73n&! &8'&(+$#(&! a*'! 1*`! $#7$*! _b+7*`!
&m*`! kb+!(#`f'b3&'*7!jb73*`Y! $*d*! `*$#*`!+7!0q$+1h!>*d+7s&d*`! +`3+!7+8*$#*!
a*'kb+! kb+'n&d*`! +`3&'! de`! 3#+da*! jb73*`[! (#$+! 6+8h! Z9g1*! kb+! 7b7$&!
#d&8#7&d*`!kb+!+1!3#+da*!`+'n&!3&7!$*'3*h!>b&7(*!db'#g!Q&iY!d+!(#!$b+73&!(+!
1*!#da*'3&73+!kb+!fb+!a&'&!7*`*3'*`!%&$+'!+`3*h[!!
!
!
0`*`! $#7$*! &m*`! $*7! 0q$+1! 3&d_#l7! &`+8b'&'*7! kb+! 6+8! 7*! 3bc#+'&!
a'+*$ba&$#*7+`!f#7&7$#+'&`!+7!`b!c#b(+sh!>*7!$#7$b+73&!&m*`!(+!+(&(Y!3*(&cn&!
$*7`3'bi+!`b!7+8*$#*!0q$+1Y!a+'*!i&!7*!7+$+`#3&!%&$+'1*h!011&!i!Q&i!&1$&7s&'*7!
`b! &73+'#*'! #78'+`*! d+7`b&1! (+! $#7$*! $#f'&`! 1b+8*! (+! 3&7! `g1*! $b&3'*! &m*`! +7!
0q$+1h!)+'*!+`3&!c+sY!+1!#78'+`*!+'&!'+`#(b&1h!>*73#7b&_&!f1bi+7(*Y!$*73#7b&'&7!
*!7*!3'&_&j&7(*h!Z0`3+!7+8*$#*!d+!(+jg)f#7&7$#+'&d+73+!`+8b'&!a*')+1!'+`3*!(+!
d#! c#(&Y[! &f#'d&! 6+8Y! Zi! a'*_&_1+d+73+! a*'! c&'#&`! 8+7+'&$#*7+`! a*'! c+7#'h[!!
!
%/)%($&/")'%)1&'+)`10%/$+)'%)//+1%a))
!
07!1*!kb+!&!0q$+1!`+!'+f#+'+Y!`#8b#g!+qa&7(#l7(*`+!%&`3&!$*7c+'3#'`+!+7!1&!
+da'+`&! (+! 3+1+$*db7#$&$#*7+`! (+! de`! 'ea#(*! $'+$#d#+73*! +7! 1&! %#`3*'#&h! 07!
CNNIY!$b&7(*!fb+!&8'+8&(&!&1!1#`3&(*!(+!1&!K*1`&!(+!E&1*'+`!(+!2b+c&!\*'5Y!1&`!
c+73&`! &7b&1+`! (+! 0q$+1! %&_n&7! $'+$#(*! %&`3&! Ch/PP! d#11*7+`! (+! (g1&'+`! b7!
#7$'+d+73*! (+1! FPP! a*'! $#+73*! $*7! '+`a+$3*! &1! &m*! &73+'#*'h! 0q$+1! `+! db+c+!
$*7`3&73+d+73+!
a&'&!
+qa&7(#'!
`b`!
1n7+&`!
(+!
a'*(b$3*`!!
(+! &$b+'(*! &! 1&`! 3+7(+7$#&`! (+! 1&! ,1&! /h! \&! *f'+$+!`+'c#$#*`! (+! '&(#*11&d&(&Y!
3&'j+3&`! 3+1+fg7#$&`! i! &$$+`*`! &! ;73+'7+3Y! `bd&(*! &!`+'c#$#*! (+! 1&'8&! (#`3&7$#&!
'+`#(+7$#&1!i!$*d+'$#&1h!?'*b33!a'+(#$+!kb+!1&!#7$*'a*'&$#g7!(+1!`+'c#$#*!+1l$3'#$*!
7*! +`3e! 1+j*`h! .1! %&_+'`+! fb`#*7&(*! $*7! 1&! f#'d&! $&7&(#+7`+! ?+1+81*_+! ;7$h! +7!
CNNMY! 0q$+1! &%*'&! a+'3+7+$+! &! b7! $*781*d+'&(*! $*7! c+73&`! &7b&1+`!
$*d_#7&(&`!(+!GhHPP!d#11*7+`!(+!(g1&'+`!&a'*q#d&(&d+73+!1&!$b&'3&!$*da&mn&!
(+!1&'8&!(#`3&7$#&!+7!1*`!0`3&(*`!B7#(*`h!!
!!
!
O*iY!6+8!^+11i!9d#3%!+`3e!dbi!$*73+73&!(+!%&_+'!+1+8#(*!3'&_&j&'!+7!`b!
7+8*$#*! (+! +`3&! d&7+'&h! 9b! $*'a*'&$#g7! c#'3b&1! (+! (+$+7&`! (+! d#1+`! (+!
(#`3'#_b#(*'+`! 0q$+1! 3'&_&j&! (n&! i! 7*$%+! $*7! a*$&! `ba+'c#`#g7! i! 1+! a'*a*'$#*7&!
'#kb+s&`! &o7! $b&7(*! 1*`! (#`3'#_b#(*'+`! (+`&''*11&7! `b`! a'*a#*`! 7+8*$#*`h! 6+8!
(#`f'b3&! (+! 1++'! &$+'$&! (+! 1&`! fb`#*7+`! i! &(kb#`#$#*7+`! (+! 0q$+1! +7! ?%+! ]&11!
93'++3!Q*b'7&1h! )+'*!(#`f'b3&! &o7! de`!(+! a*(+'! (*_1&'! `b!a+'#g(#$*! i!`+73&'`+!
$'bs&(&!(+!_'&s*`!+7!`b!%*8&'!(+!9&b`&1#3*Y!(#`f'b3&7(*!(+!`b!c#`3&!a&7*'ed#$&!
(+1! ab+73+! =*1(+7! =&3+h! 6#+73'&`! $*73+da1&! 1&`! &c+73b'&`! (+! 0q$+1! +7! +1!
80
d+'$&(*!81*_&1Y!`+!(+1+#3&!$*7!+1!%+$%*!(+!kb+!*3'&`!a+'`*7&`!kb+!7*!`*7!+11&Y!
$&'8&7!`*_'+!1*`!%*d_'*`!+1!a+`*!(+!d&7+j&'!b7!8#8&73+!db13#d#11*7&'#*h!07!1*!
a'*fb7(*!(+!`b!$*'&sg7Y!6+8!%&!&_'&s&(*!1&!"+c*1b$#g7!(+!1&!Eb+13&!(+!-1&c+h!
!
!
>&an3b1*!SB;2>0!
!
-&!A'*73+'&!?+$7*1g8#$&!
!
07!1&!"+c*1b$#g7!(+!1&!,1&!/!1&!3+$7*1*8n&!+`3e!+7!+1!(#&'#*!&$*73+$+'h!.!
d+(#(&!kb+!`+!#78'+`&!+7!1*`!&1_*'+`!(+1!`#81*!::;Y!+1!7+34*'5!d&'5+3#78!`+!c+!
&13&d+73+! #7f1b+7$#&(*! a*'! 1*`! &c&7$+`! +7! 1&`! 3+1+$*db7#$&$#*7+`h! -*`!
a'*f+`#*7&1+`!(+!'+(!db+`3'&7! +7! 8+7+'&1! 3&1! f&d#1#&'#(&(! $*7! 1&! 3+$7*1*8n&!(+!
ab73&Y! kb+! 1&! d&i*'n&! (+! 1*`! +j+$b3#c*`! (+! 1&`! $*'a*'&$#*7+`! `+! `+73#'n&7!
&c+'8*7s&(*`h! 011*`! 3'&_&j&7! 3*(*`! 1*`! (n&`! +7! (+`$+73'&1#s&(*`! ab+`3*`!
c#'3b&1+`Y! &$+'$&! (+! 1*`! $b&1+`! 1&! d&i*'n&! (+! 1*`! 8+'+73+`! i! $#+73nf#$*`! +7!
*'8&7#s&$#g7!`g1*!%&7!1+n(*!+7!1#_'*`h!
!!
01!3na#$*!7+34*'5+'!#73+'&$3o&!$*7!$#+73*`!r+!#7$1b`*!d#1+`r!(+!a+'`*7&`!
(+! 3*(*! +1! db7(*! +7! +1! 3'&7`$b'`*! (+! `b! *a+'&3*'#&! 7*'d&1! (+! 7+8*$#*`h! 0`!
#8b&1d+73+! a*`#_1+! kb+! `b`! $1#+73+`Y! $*73&$3*`! i! &`*$#&(*`! c#c&7! 3&73*! +7!
6&1&`#&!$*d*!+7!`b!$#b(&(!c+$#7&h!\!1*`!7+34*'5+'`!b`&7!1&!d#`d&!3+$7*1*8n&!
a&'&! &`*$#&'! &! `b`! $*73&$3*`! d&1&i*`Y! kb+! &! `b`! c+$#7*`! (+! +7f'+73+h! -*`!
a'*`a+$3*`! `*7! 7*3#f#$&(*`! &$+'$&! (+! 1&! *a*'3b7#(&(! d+(#&73+! $*''+*! $*do7Y!
&c#`*`Y!ae8#7&`!(+!;73+'7+3!*!$*''+*!+1+$3'g7#$*h!9#!(+`+&7!de`!#7f*'d&$#g7Y!1&!
ab+(+7! '+$#_#'! #7d+(#&3&d+73+! &! 3'&cl`! (+! f&q! &! a+(#(*! *! d+(#&73+! $*''+*!
+1+$3'g7#$*! (+! '+`ab+`3&! &b3*de3#$&h! -b+8*! (+! +`3&_1+$+'! $*73&$3*! a+'`*7&1Y!
a*'! 3+1lf*7*! *! $*''+*! +1+$3'g7#$*Y! +1! a'*f+`#*7&1! (+! '+(! ab+(+! (#'#8#'! &! `b`!
$*73&$3*`! &! b7&! 3+1+! $*7f+'+7$#&! *! $*7f+'+7$#&! 3+1+c#`#c&! `&3+1#3&1Y! +7! 1&! $b&1!
d#1+`!(+!$*73&$3*`!a&'3#$#a&7!&1!d#`d*!3#+da*!(+!b7&!'+b7#g7!(+!a'*`a+$$#g7Y!
(#'#8#(&! a*'! +1! a'+`#(+73+! (+! 1&! $*da&mn&h! -*`! 7+34*'5+'`! $**'(#7&7!
$*7`3&73+d+73+! `b`! +`fb+'s*`! &! 3'&cl`! (+! 1&`! '+(+`Y! +da1+&7(*! +kb#a*`! (+!
'&(#*11&d&(&Y! 3+1lf*7*`! $+1b1&'+`Y! &7b7$#*`! +7! ae8#7&`! ]+_Y! f&q+`Y! $*''+*!
+1+$3'g7#$*!i!`#`3+d&`!(+!3'&7`d#`#g7!(+!c*sh!!
&#$%,!"#%_&"#)'%)60/$&*/%(),%'%()
!
O&$+!i&! c&'#*`! &m*`! kb+!*_`+'c&(*'+`! &8b(*`!`+! (#+'*7! $b+73&! (+! kb+!
1*`! a'*f+`#*7&1+`! (+1! 7+34*'5! d&'5+3#78! +`3&_&7! 1#(+'&7(*! +1! $&d#7*! +7! 1&`!
&a1#$&$#*7+`!$*d+'$#&1+`!(+!;73+'7+3h!07!b7!d*d+73*!+7!kb+!1&`!$*'a*'&$#*7+`!
+`3&(*b7#(+7`+`! (+`+$%&_&7! &! ;73+'7+3! a*'! `+'! 7&(&! de`! kb+! a'*d*$#g7!
(+`d+(#(&! `#7! `b`3&7$#&Y! 1*`! (#`3'#_b#(*'+`! 6-6! (+`&''*11&_&7! `b`! '+(+`!
d+(#&73+! a'*d*$#g7! +7! `#3#*`! ]+_! i! +7cn*! (+! $*''+*`! +1+$3'g7#$*`h! Z-*`!!
7+34*'5+'`! `*7! b7*! (+! 1*`! a*$*`! 8'ba*`! kb+! +`3e7! %&$#+7(*! &$3b&1d+73+!
7+8*$#*`!
+q#3*`*`!
+7!
;73+'7+3Y[!
*_`+'cg!
Q*%7!
A*88!
+7!!
CNNIh!A*88!+`!+1!+(#3*'!fb7(&(*'!(+!1&`!ab_1#$&$#*7+`!(+!$*d+'$#*!6-6!Ba1#7+!
81
i! 2+34*'5! 6&'5+3#78! -#f+`3i1+`h!! 0q#`3+7! a+'`*7&`!$*7! '+(+`! (+! ChHPP!&! FhPPP!
a+'`*7&`!$*7`3'b#(&`!o7#$&d+73+!a*'!d+(#*!(+!;73+'7+3Y[!(+`3&$g!A*88h!
!!
!
-*!kb+!+'&!c+'(&(!+7!CNNI!'+`b13&!&o7!de`!'+&1!%*i!+7!(n&!r+7!c&'#*`!
g'(+7+`! (+! d&87#3b(h! Z-*`! 7+34*'5+'`! +`3e7! &3+73*`! &! $&(&! *a*'3b7#(&(!
7*c+(*`&!&f#'d&!A&#3%!)*a$*'7h!Z07!+1!fb3b'*Y!+1!7+34*'5!d&'5+3#78!3+7('e!$&(&!
c+s! de`! i! de`! (+! $&(&! e78b1*! (+! ;73+'7+3h! -*`! 7+34*'5+'`! `*7! 1*`! d+j*'+`!
a&'&!11+8&'!%&`3&!1&!8+73+!+7!`b!$&ab11*h!)+'*!db$%*`Y!(+73'*!(+!`b`!$&ab11*`Y!
+`3e7! $*7+$3&(*`! &! ;73+'7+3Y! i! 1*`! (#`3'#_b#(*'+`! (+! '+(! +`3e7! '+`a*7(#+7(*! &!
+`+!(+`&fn*h[!!
!
!
@+!&$b+'(*!$*7!]&13+'!K'&$+'*Y!j+f+!(+1!a'*8'&d&!(+!7+34*'5!d&'5+3#78!
(+! .c*7Y! Z+1! 6-6! `+! 3'&3&! (+! $'+&'! '+(+`Y! i! a'*_&_1+d+73+! 7*! %&i&!
&$3b&1d+73+! b7&! d&7+'&! de`! 'ea#(&! (+! $*7`3'b#'! b7&! '+(! kb+! &! 3'&cl`! (+!
;73+'7+3h! 0`3&d*`! +7f*$&(*`! +7! a*3+7$#&'! ;73+'7+3! $*7! 8'&7! fb+'s&h[! .c*7! i&!
%&! (&(*! b7! _b+7! a&`*! +7! +`&! (#'+$$#g7! $*7! .c*7h$*dY! (+7*d#7&(*! $*d*! +1!
`#3#*! de`! #da*'3&73+! (+! c+73&! d#7*'#`3&! +7! CNNMY! `+8o7! >*dab3+'! ]*'1(h!
;7$1b`#c+!.d+'#$&!,71#7+!`+!%&!$*7c+'3#(*!+7!f*$*!(+!&$3#c#(&(!(+!$*73&$3*Y!a*'!
d+(#*!(+!`b`!$&'3+1+'&`!(+!d+7`&j+`!(+!6-6h!!
!
6/6)"#/&#%!!
!
6b$%&`!+da'+`&`!(+!7+34*'5!d&'5+3#78!%&7!1&7s&(*!7+8*$#*`!(+!c+73&!
d#7*'#`3&!+7!;73+'7+3h!.d4&iY!a*'!+j+da1*Y!%&!#da1+d+73&(*!Sb#q3&'h$*dY!b7!
$+73'*! (+! $*da'&`! c#'3b&1! $*7! d#1+`! (+! a'*(b$3*`! i! `+'c#$#*`! (+! (#f+'+73+`!
$*da&mn&`h!)&'&!%&$+'!a+(#(*`!+7!Sb#q3&'Y!1*`!$1#+73+`!#78'+`&7!1*`!7od+'*`!(+!
);2! (+! 1*`! (#`3'#_b#(*'+`! .d4&i! kb+! 1*`! '+d#3#+'*7! &11nh! 0`*`! (#`3'#_b#(*'+`!
'+$#_+7! &b3*de3#$&d+73+! b7&! $*d#`#g7! a*'! 1&`! $*da'&`! (+! `b`! $1#+73+`h!
>*da&mn&`! $*d*! ]*'1(! ]#(+! ;73+'7+3! 6&'5+3#78! t444hfb3b'+7+3L*71#7+h$*du!
7*! `g1*! c+7(+7! a'*(b$3*`! &! 3'&cl`! (+! `b`! a'*a#&`! ae8#7&`! ]+_Y! `#7*! 3&d_#l7!
1*`!&a&'&3*`!a&'&!?EL;73+'7+3!kb+!1*`!$1#+73+`!b`&7!a&'&!&$$+(+'!&!+`*`!`#3#*`h!
K#8! )1&7+3! *f'+$+! b7! a&kb+3+! $*da1+3*! kb+! #7$1bi+! &$$+`*! &! ;73+'7+3Y!
+7`+m&7s&!(+!&'d&(*!(+!ae8#7&`!]+_!i!`+'c#$#*!(+!%*`3#78!t&(d#7#`3'&$#g7!(+!
`#3#*`!]+_!(+!b`b&'#*`uh!!
!
!
B7! `#3#*! (+! 'ea#(*! $'+$#d#+73*! +`! 6-6h$*dY! 1&7s&(*! +7! CNNJ! a*'! >'&#8!
]+77+'%*1d! i! `b`! `*$#*`h! 9b! A*'*! (+! @#`$b`#g7! '+`b13&! b7! a*ab1&'! 1b8&'! (+!
+7$b+73'*! a&'&! a+'`*7&`! $*7! #(+&`Y! *a#7#*7+`! i! *_`+'c&$#*7+`! kb+! $*da&'3#'!
`*_'+! +1! 7+34*'5! d&'5+3#78h! -*`! c#`#3&73+`! ab+(+7! *_3+7+'! 1*`! c&1*'+`!
&$3b&1#s&(*`!(+1!a'+$#*!(+!1&`!&$$#*7+`!(+!+da'+`&`!6-6Y!&7b7$#*`!$*'a*'&3#c*`!
i! *3'&`! 7*3#$#&`h! .1! f#7&1! (+! `b! a'#d+'! &m*Y! 6-6h$*d! i&! %&_n&! '+$ba+'&(*! `b`!
$*`3*`!*a+'&3#c*`!d+(#&73+!1&!c+73&!(+!+`a&$#*`!(+!a'*a&8&7(&Y!i!$*7!CPPhPPP!
c#`#3&`!d+7`b&1+`!i&!+`3&_&!+7!$&d#7*!(+!(&'!8&7&7$#&`h!!
!
!
]+77+'%*1d! *_`+'c&! kb+! 1*`! a'*f+`#*7&1+`! (+! '+(! `#8b+7! 1#(+'&7(*! +1!
$&da*! (+1! $*d+'$#*! +7! ;73+'7+3h! Z07! CNNIY[! &f#'d&Y! Zi&! +`3&_&7! b`&7(*!
ae8#7&`!]+_!a'#7$#a&1d+73+!$*d*!f*11+3*`!+1+$3'g7#$*`h!.$3b&1d+73+!c+d*`!b7!
7od+'*! $'+$#+73+! (+! $*da&mn&`! b`&7(*! 1&`! $&a&$#(&(+`! (+1! $*d+'$#*!
+1+$3'g7#$*h! 9+! %&! $*7c+'3#(*! +7! b7&! %+''&d#+73&! #73+'&$3#c&! a&'&! a'*$+`&'!
a+(#(*`!i!&`*$#&$#*7+`Y!a&'&!*_3+7+'!#7f*'d&$#g7!(+!$1#+73+`!+7!_&`+`!(+!(&3*`Y!
82
+!#7$1b`*!a&'&!7*3#f#$&'!&!1&!8+73+!`*_'+!+c+73*`!a*'!c+7#'h!"+&1d+73+!$'+*!kb+!
+`! %&$#&! &11n! &(*7(+! `+! +`3e! (#'#8#+7(*! 1&! #7(b`3'#&h[! 6b$%&`! $*da&mn&`! i&! 1+`!
a+'d#3+7! &! `b`! (#`3'#_b#(*'+`! #7f*'d&'`+! `*_'+! 1*`! d*73*`! (+! `b`! c+73&`! i! 1&!
8+7+&1*8n&!(+!`b!'+(Y!a*'!d+(#*!(+!b7&!ae8#7&!+7!;73+'7+3h!!
)
)
$%!#"b+/&1&"!!
!
?*(*`!+`3*`!&c&7$+`!(+!&13&!3+$7*1*8n&!%&7!3+7#(*!b7!fb+'3+!#da&$3*!+7!
1&!c#(&!(#&'#&!(+!1*`!a'*f+`#*7&1+`!(+!'+(h!)*'!+j+da1*Y!6#$%&+1!>1*b`+Y!c+3+'&7*!
(+1!6-6Y!'+$b+'(&!1*`!d&1*`!c#+j*`!3#+da*`!+7!1*`!kb+!`+!a&`&_&!1&!d#3&(!(+!`b!
c#(&! +7! +1! 3+1lf*7*Y! &$3b&7(*! $*d*! `#`3+d&! %bd&7*! (+! '+3'&7`d#`#g7! a&'&! +1!
&7b7$#*! (+! 7b+c*`! a'*(b$3*`! i! *3'&`! 7*3#$#&`! (+! 1&! +da'+`&h! >&(&! c+s! kb+!
`b'8n&! b7! &7b7$#*! +7! 1&! `+(+! $+73'&1Y! 6#$%&+1! '+$b+'(&! Zd#! +`a*`&! i! i*! 7*`!
a&`e_&d*`! c+#73+! d#7b3*`! +7! +1! 3+1lf*7*! $*7! $&(&! a+'`*7&! (+! 7b+`3'&!
*'8&7#s&$#g7h[!!
!
!
-b+8*Y!6#$%&+1!`+!&`*$#g!&!b7&!$*da&mn&!11&d&(&!?%+!)+*a1+`!2+34*'5!
?)2! t-&! '+(! (+! 1&! 8+73+uY! $*7! _&`+! +7! @&11&`Y! kb+! c+7(n&! `b`$'#a$#*7+`! &1!
9b$$+``!>%&77+1!t>&7&1!(+1!lq#3*uY!b7!`#`3+d&!'+8#`3'&(*!(+!3+1+c#`#g7!`&3+1#3&1h!
>&`#!3*(*`!1*`!(#`3'#_b#(*'+`!(+!1&!$*da&mn&!3+7n&7!b7&!&73+7&!`&3+1#3&1h!9b$$+``!
>%&77+1! 3+7n&! $&`#! 3*(*`! 1*`! (n&`! a'*8'&d&$#g7! d*3#c&(*'&! $*7! 8b'o+`! (+! 1&!
&b3*&ib(&Y! $*d*! K'#&7! ?'&$iY! Q#d! "*%7! i! ,8! 6&7(#7*h! )+'*! 1&! c+'(&(+'&!
&3'&$$#g7! c+7n&! 1*`! 1b7+`! a*'! 1&! 7*$%+Y! $b&7(*! 1*`! (#`3'#_b#(*'+`! a'+7(n&7! +1!
3+1+c#`*'! a&'&! +`$b$%&'! &! Q+ff! ,1`*7Y! a'+`#(+73+! (+! ?)2Y! (#'#8#l7(*`+! &! 1*`!
#73+8'&73+`!(+!1&!fb+'s&!(+!c+73&`h!0`3&`!+d#`#*7+`!$b_'n&7!3*(*Y!(+`(+!7b+c*`!
a'*(b$3*`! i! a'*d*$#*7+`! +`a+$#&1+`! %&`3&! +c+73*`! (+! $&a&$#3&$#g7Y!
$*7c+7$#*7+`!i!$&d_#*`!+7!+1!a1&7!(+!$*da+7`&$#g7h!.1#c#&_&7!+7!8'&7!d+(#(&!
&! 1*`!1n(+'+`!$*d*! 6#$%&+1Y! (+! 1&! 7+$+`#(&(! (+! *3*'8&'!#7f*'d&$#g7! 'b3#7&'#&! &!
`b`!*'8&7#s&$#*7+`h!
!!
/+)*,0%:+)2&#+/)
!
)&'&!6#$%&+1!i!*3'*`!1n(+'+`!(+!?)2Y!1&`!+d#`#*7+`!a*'!`&3l1#3+!d+j*'&'*7!
a'*fb7(&d+73+! `b! $&1#(&(! (+! c#(&h! .%*'&! a*(n&7! (#8+'#'! `b`! $+7&`! +7! a&sY! +7!
1b8&'! (+! `&1#'! $*''#+7(*! &1! 3+1lf*7*! a&'&! $*d+7s&'! `b! d&'&3g7! (+! 11&d&(*`!
7*$3b'7*`h!)*(n&7!#'`+!b7*`!(n&`!(+!1&!$#b(&(Y!`#7!kb+!&1!c*1c+'!+7$*73'&'&7!`b!
$&`#11&!(+!$*''+*! (+!c*s! '+a1+3&! (+! a'+8b73&`! kb+jbd_'*`&`!(+!`b`!&`*$#&(*`h!
;7$1b`#c+Y!a'*`a+$3&'!`+!%#s*!de`!`+7$#11*h!07!c+s!(+!&''&`3'&'!&!1*`!a*3+7$#&1+`!
&`*$#&(*`!&! '+b7#*7+`!+7!%*3+1+`Y!`+! 1*`! a*(n&!#7c#3&'!&! kb+!c#7#+'&7! b7! 1b7+`!
a*'! 1&! 7*$%+! &! `+73&'`+! $'bs&(*`! (+! _'&s*`! c#+7(*! b7! a'*$+`*! (+! c+73&! (+!
?)2Y!+7!1&!a'*a#&!`&1&!(+!1*`!>1*b`+h!
!!
!
07!1*`!c#+j*`!3#+da*`Y!6#$%&+1!`+!%&_n&!`+73#(*!$*d*!b7!'*_*3!8'&7!a&'3+!
(+1! 3#+da*Y! '+a#3#+7(*! %&`3&! kb+(&'`+! &fg7#$*! 1*`! d#`d*`! c#+j*`! i! 8&`3&(*`!
d&73'&`!(+!c+73&!i!1*`!_*1+3#7+`!(+!1&!+da'+`&h!.%*'&!`+!%&_n&!$*7c+'3#(*!+7!
b7!`+'!%bd&7*h!0`3&_&!1#_'+!a&'&!a'+`3&'1+!&3+7$#g7!&1!c+'(&(+'*!3'&_&j*!(+!b7!
a'*f+`#*7&1!6-6D!(+`&''*11&'!b7&!'+(!(+!&!b7&!'+1&$#g7!a*'!c+sY!i!&ib(&'!&!`b`!
&`*$#&(*`!&!#7$'+d+73&'!+1!d*c#d#+73*!(+!a'*(b$3*`h!!
83
!
?*(*! +'&! dbi! &1+73&(*'h! )+'*! 1&! c+'(&(+'&! a'b+_&! (+1! +7f*kb+!
#77*c&(*'! (+! ?)2! &o7! +`3&_&! a*'! c+7#'h! 07! `+a3#+d_'+! (+! CNNMY! 1&! +da'+`&!
+73'g! +7! b7&! 8'&c+! $'#`#`Y! `bf#$#+73+! a&'&! %&_+'! 11+c&(*! &! db$%&`! +da'+`&`!
6-6! &1! _*'(+! (+! 1&! (+`3'b$$#g7h! 9#7! +d_&'8*Y! 1&`! 3+1+$*db7#$&$#*7+`! (+!
&c&7s&(&!1+!a+'d#3#+'*7!&!?%+!)+*a1+`!2+34*'5!7*!`g1*!$&da+&'!1&!$'#`#`Y!`#7*!
3&d_#l7!a'*`a+'&'!&!3'&cl`!(+!+11&h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
84
!
!
!
!
>&an3b1*!@;0>;90;9!
!
-&!"+(!>*7+$3&(&!
!
!
!
-&! '+b7#g7! $*d+7sg! $*7! b7&! 7*3&! `*d_'n&h! B7! &_*8&(*! 1+`! '+$*'(g! &!
3*(*`! kb+! %&_n&7! f#'d&(*! b7! &$b+'(*! (+! 7*L(#cb18&$#g7h! 9#! &18b#+7! (+j&'&!
3'&`$+7(+'! 1*! kb+! +`3&_&! &! ab73*! (+! `+'! 3'&3&(*Y! 1+`! &(c#'3#gY! 1&! 1+i! (+!
*_1#8&$#*7+`! f+(+'&1+`! +`3&_1+$n&! kb+! +`&! a+'`*7&! a*(n&! `+'! jbs8&(&! i!
+7$&'$+1&(&h! Z@+`abl`! (+! +`$b$%&'! +`*Y! `ba#d*`! kb+! +`*`! 3#a*`! %&_1&_&7! +7!
`+'#*[!(#$+!6#$%&+1!9h!>1*b`+Y!b7*!(+!1*`!(#`3'#_b#(*'+`!(+!?)2!a'+`+73+`h!!
!
!
0'&!`+a3#+d_'+!(+!CNNMY!3'+`!(n&`!&73+`!(+!1&!&a+'3b'&!(+!1&!$*7c+7$#g7!
&7b&1! (+! ?%+! )+*a1+`! 2+34*'5! +7! @&11&`h! 6#$%&+1! +'&! b7*! (+! 1*`! (*`$#+73*`!
1n(+'+`! kb+! %&_n&7! `#(*! $*7c*$&(*`! a&'&! b7! &(+1&73*! +`a+$#&1! (+! #7f*'d&$#g7h!
?*(*`!`&_n&7!kb+!Q+ff!,1`*7Y!a'+`#(+73+!(+!?)2Y!+`3&_&!a'+a&'&7(*!b7!&7b7$#*!
#da*'3&73+Y!a+'*!3*(*`!$'+n&7!kb+!7*!`#87#f#$&_&!7&(&!de`!kb+!+1!1&7s&d#+73*!
(+! b7! 7b+c*! a'*(b$3*h! 2&(#+! `*`a+$%&_&! 1*! kb+! `+! +`3&_&! a'+a&'&7(*h! -&!
$*da&mn&Y! a*'! $bi*! (+`&''*11*! %&_n&7! 3'&_&j&(*! (b'&73+! de`! (+! 3'+`! &m*`Y!
+`3&_&!&!ab73*!(+!(+j&'!(+!+q#`3#'h!!
!
0#)$%6+)'%/&!+'"!!
!
?)2! `+! +`3&_&! fb`#*7&7(*! $*7! *3'&! $*da&mn&Y! `+8o7!+1! &7b7$#*! (+! Q+ff!
,1`*7h! \&! 7*! +q#`3#'n&! $*d*! ?)2h! 07! +f+$3*Y! ?%+! )+*a1+`! 2+34*'5! `+'n&!
&_`*'_#(*!a*'!)'+L)&#(!-+8&1!9+'c#$+`Y!;7$hY!b7&!f#'d&!(+!7+34*'5!d&'5+3#78!(+!
.(&Y! ,51&%*d&Y! kb+! c+7(#&! b7&! $1&`+! (+! ag1#s&! a'+a&8&!!
L$*d*!1&`!(+!d+(#$#7&L!a&'&!$1#+73+`!(+!&`b73*`!1+8&1+`h!-*`!a'*(b$3*`!(+!?)2!
`+!(+`$*73#7b&'n&7h!9b`!(#`3'#_b#(*'+`!`+!$*7c+'3#'n&7!+7!'+a'+`+73&73+`!(+!)'+L
)&#(!-+8&1h!)'+L)&#(!3*d&'n&!`b!>&7&1!(+1!Wq#3*h!Z\*!+`3&_&!a&`d&(*[!'+$b+'(&!
6#$%&+1h!ZO&_n&!#7c+'3#(*!d#!`&78'+Y!`b(*'!3'&_&j*!+7!?)2! (b'&73+!$&`#!$b&3'*!
&m*`h! ?+7n&! b7&! *'8&7#s&$#g7! (+! HYPPP! a+'`*7&`h! p\! `#! 3*(*`! '+7b7$#&_&7!
$b&7(*! `+! +73+'&'&7T! p>gd*! 1*! #_&! &! (+$#'! &! d#! dbj+'Y! &! d#`! %#j*`T! p>gd*!
a&8&'n&!d#`!$b+73&`T[!!
!
!
6#$%&+1! 7*! +`3&_&! `*1*h! 01! +7*j*! i! 1&! $*7fb`#g7! 11+7&'*7! +1! `&1g7h!!
)&'&! 1*`! 7+34*'5+'`Y! 1&`! fb`#*7+`! `*7! b7! 3+d&! (+1#$&(*h! 9+! %&! `&_#(*! (+!!
*'8&7#s&$#*7+`! +73+'&`! kb+! (+`&a&'+$#+'*7! (+! 1&! 7*$%+! &! 1&! d&m&7&!!
$b&7(*! `b! fb+'s&! (+! (#`3'#_b#(*'+`! (+$#(#g! 7*! &a*i&'! b7&! fb`#g7h! -*`!!
&`*$#&(*`! (+! 6#$%&+1! `+! %&_n&7! b7#(*! &! ?)2! a&'&! c+7(+'! `b`$'#a$#*7+`! &! b7&!
$&(+7&! 3+1+c#`#c&! d*3#c&(*'&h! p)*'! kbl! 3+7('n&7! kb+! $&d_#&'! (+! '+a+73+! i!
85
c+7(+'! a1&7+`! (+! (+f+7`&! 1+8&1Y! `#da1+d+73+! a*'kb+!6#$%&+1! `+! 1*`! a+(n&T! .1!
d+7*`Y! b7&! a'+*$ba&73+! 3&`&! (+! (#`d#7b$#g7! +'&! a'*_&_1+h! @+! b7&! d&7+'&! *!
(+!*3'&Y!6#$%&+1!i!1*`!*3'*`!1n(+'+`!`&_n&7!kb+!+1!(+`3#7*!(+!`b`!*'8&7#s&$#*7+`!
`+! (+$#(#'n&! +7! `+3+73&! i! (*`! %*'&`h! 07! +`+! d*d+73*! 1&! fb`#g7! `+! &7b7$#&'n&!
ao_1#$&d+73+! +7! 1&! $*7c+7$#g7h! >*d*! a'#`#*7+'*`! $*7(+7&(*`! +`a+'&7(*! `b!
+j+$b$#g7Y!6#$%&+1!i!1*`!*3'*`!$*73&_&7!1*`!(n&`!kb+!f&13&_&7h!!
!
*%,!%*!&C#)1%,(0(),%+/&'+'))
!
;'g7#$&d+73+Y!1&!fb`#g7!fb+!b7&!_+7(#$#g7!$&n(&!(+1!$#+1*!a&'&!?)2h!9#!1&!
$*da&mn&!7*!%b_#+'&!$+''&(*!3'&3*!$*7!)'+L)&#(!-+8&1Y!`+!%b_#+'&!c#`3*!*_1#8&(&!
&! _b`$&'! *3'*! `*$#*! $*7! '+kb#`#3*`! `#d#1&'+`h! .`n! 1*! (+d&7(&_&7! 1*`! f'n*`! i!
'n8#(*`! $e1$b1*`! +$*7gd#$*`h! -&`! $*d#`#*7+`! a*'! c+73&`! (+! `b`$'#a$#*7+`! &1!
>&7&1! (+1! Wq#3*Y! 7b7$&! %&_n&7! `#(*! `bf#$#+73+`! a&'&! &1#d+73&'! 1&! 8'&7! '+(! (+!
&`*$#&(*`!+7!$'+$#d#+73*!(+!?)2h!,1`*7!%&_n&!&8'+8&(*!b7!&da1#*!$&3e1*8*!(+!
Z1*$#*7+`!i!a*$#*7+`[Y!c#3&d#7&`Y!a'*(b$3*`!a&'&!_&j&'!(+!a+`*!i!$'+d&`!a&'&!1&!
a#+1h!)+'*!#7$1b`#c+!+`*`!a'*(b$3*`!7*!1*8'&'*7!a'*c++'!1&!_&1&!de8#$&!kb+!1*`!
'+a'+`+73&73+`!(+! ?)2!&7%+1&_&7! b7!a'*(b$3*Lfe$#1L(+Lc+7(+'! kb+!8&'&73#s&'&!
$*d#`#*7+`!$*7`#`3+73+`h!!
!
!
6#$%&+1!i!1*`!*3'*`!1n(+'+`!`+!(#+'*7!$b+73&!(+!kb+!)'+L)&#(!-+8&1!3+7n&!
+1! a*3+7$#&1! a&'&! 11+7&'! +`+! c&$n*h! )+'*! p&$+a3&'n&! `b! 8+73+! 1&! (+$#`#g7T! 9#7!
#da*'3&'! 1*! kb+! 1*`! 7od+'*`! d*`3'&'&7Y! 1*`! (#`3'#_b#(*'+`! %b#'n&7! (+! 1&!
$*da&mn&!+7!d&`&!`#!a+'$#_n&7!&18o7!#7(#$#*!(+!&18*!#7&a'*a#&(*h!07!1&!_&3&11&!
a*'! 1*`! $*'&s*7+`! i! d+73+`! (+! 1*`! &`*$#&(*`! &! ?)2Y! 1&! a+'$+a$#g7! '+`b13&'n&!
db$%*! de`! (+$#`#c&! kb+! 1&! '+&1#(&(h! ZO&_n&d*`! #7$b1$&(*! +7! 7b+`3'*`!
(#`3'#_b#(*'+`! b7&! f+! +q3'+d&! +7! kb+! ?)2! +'&! 1&! '+`ab+`3&Y[! (#$+! +1! 1n(+'! .'3!
Q*7&5v! Za+7`&_&7! kb+! 1&! $*da&mn&! #_&! &! fb7$#*7&'! `#+da'+h[! >b&7(*!
(+`$b_'#+'&7! kb+! +'&! (#f+'+73+Y! `b`! `+73#d#+73*`! (+! $*7d*$#g7! i! 3'&#$#g7!
fe$#1d+73+!a*('n&7!(+'#c&'!+7!%#`3+'#&h!!
!
/+)*,%(%#$+!&"#))
!
,1`*7! a'+a&'g! +1! &7b7$#*! $*7! 1&! %&_#1#(&(! (+! b7! a'*(b$3*'! (+!
+`a+$3e$b1*`h!>&(&!(+3&11+!fb+!&7&1#s&(*Y!a&'&!+c&1b&'!+1!+f+$3*!a`#$*1g8#$*!kb+!
a*('n&!$&b`&'h!.73+`!(+!1&!$*7c+7$#g7Y!,1`*7!%&_n&!#7`#`3#(*!+7!kb+!$&(&!1n(+'!
3*d&'&!+1!3+1lf*7*!i!a'+`#*7&'&!&!`b`!(#`3'#_b#(*'+`!a&'&!kb+!&`#`3#+'&7h!Sb+'n&!
kb+!1&!d&i*'!$&73#(&(!a*`#_1+!(+!8+73+!+`$b$%&'&!1&!a'+`+73&$#g7!+7!c#c*h!-*`!
(*`$#+73*`!1n(+'+`!a'#7$#a&1+`!fb+'*7!#7f*'d&(*`! a*'!&73#$#a&(*! i!`+!1+`!(#+'*7!
3'+`! (n&`! a&'&! kb+! &`#d#1&'&7! 1&! 7*3#$#&! &73+`! (+! 1&! $*7c+7$#g7h! -b+8*! (+1!
&7b7$#*!8+7+'&1!+7!+1!(n&!(+!1&!&a+'3b'&!(+1!+c+73*Y!1&!fb+'s&!(+!(#`3'#_b#(*'+`!
3+7('n&!*3'*`!$b&3'*!(n&`!de`!a&'&!(#`$b3#'!i!(+_&3#'!1&!7*3#$#&!+73'+!+11*`!&73+`!
(+!kb+!1&!$*7c+7$#g7!3+'d#7&'&h!!
!
!
01! &7b7$#*! +7! `n! d#`d*! fb+! d&7+j&(*! $*7! 8b&73+`! (+! `+(&h! )'#d+'*Y!
,1`*7!d#`d*!(&'n&!1&!7*3#$#&Y!&a'*c+$%&7(*!3*(&!1&!$*7f#&7s&!kb+!%&_n&!1*8'&(*!
+7!$b&3'*!&m*`!(+!d&7+j*!(+!1&!+da'+`&!$*73'&!c#+73*!i!d&'$&h!07!+1!a'*$+`*Y!
,1`*7!`*a*'3&'n&!1*!de`!&'(b*!(+1!+7*j*!i!1&!$*7`3+'7&$#g7!(+!1&!db13#3b(h!9g1*!
$b&7(*! %b_#+'&! a&`&(*! 1&! `*'a'+`&! #7#$#&1! $*d+7s&'n&! '+&1d+73+! 1&!
a'+`+73&$#g7h!,1`*7!%&_n&!kb#3&(*!3*(*`!1*`!'+$+`*`!(+!+`&!a&'3+!(+1!`%*4h!B7!
(+`f#1+! (+! 1*`! a*a+`! (+! )'+L)&#(! -+8&1! `b_#'n&! &1! +`$+7&'#*! a&'&! +qa1#$&'! 1&!
86
3'+d+7(&!#7f1b+7$#&!f#7&7$#+'&!i!(+!d&'5+3#78!(+1!`*$#*!+7!fb`#g7h!01!fb7(&(*'!i!
a'+`#(+73+! (+1! (#'+$3*'#*Y! O&'1&7(! >h! 93*7+$#a%+'Y! +'&! 1&! a'#7$#a&1! &3'&$$#g7Y!
`+8b#(*!a*'!+1!a'+`#(+73+Y!]#1_b'7!9d#3%!i!+1!8+'+73+!8+7+'&1!f#7&7$#+'*Y!"&7(i!
O&'ah!-*`!(#`3'#_b#(*'+`!(+!?)2!'+$#_#'n&7!$*da1+3&!#7f*'d&$#g7!$*'a*'&3#c&!(+!
1*`!a'#7$#a&1+`!$+'+_'*`!(+!)'+L)&#(h!!
!
!
%/)6"6%#$")'%)/+)1%,'+'))
-&!'+&$$#g7!&73+!+1!&7b7$#*!fb+Y!3&1!$*d*!`+!a'+c+n&Y!+qa1*`#c&h!>b&7(*!
Q+ff! ,1`*7! '+c+1g! 1&! fb`#g7Y! 1&! #7(#87&$#g7! $b_'#g!+1! `&1g7h! Z9+! c+n&7! 3*(*`! 1*`!
3#a*`! (+! +d*$#*7+`! #d&8#7&_1+`[! (#$+! 6#$%&+1Y! Z(+`(+! 1e8'#d&`! *! +7*j*Y! %&`3&!
a+'`*7&`! kb+! 1#3+'&1d+73+! `&1#+'*7! $&d#7&7(*h! >&ig! $*d*! b7&! $*da1+3&!
$*7d*$#g7h[!)+'*!1b+8*!O&'1&7(!93*7+$#a%+'!`b_#g!&1!+`$+7&'#*!i!1&!db13#3b(!`+!
kb+(g!+7!`#1+7$#*h!>ed&'&`!(+!c#(+*!8'&_&_&7!a&'&!9b$$+``!>%&77+1Y!&1!3#+da*!
kb+!93*7+$#a%+'!`+!&$1&'&_&!1&!c*s!i!$*d+7s&_&!&!$*73&'!`b!%#`3*'#&h!!
!
!
!
?*(*! $*d+7sgY! +qa1#$g! 93*7+$#a%+'! &11e! a*'! CNIN! $b&7(*! `bf'#g! b7!
&$$#(+73+! f'*73&1! (+! 3'e7`#3*h! 01! `+8b'*! (+! 93*7+$#a%+'! $b_'#g! 1*`! 8&`3*`!
%*`a#3&1&'#*`! i! (+1! &b3*dgc#1h! )+'*! $b&7(*! 11+8&'*7! 1*`! %*7*'&'#*`! (+! 1*`!
&_*8&(*`!`+!+7$*73'g!(+a+7(#+7(*!(+!`n!d#`d*h!Z0`*!d+!(#*!1&!#(+&Y[!'+$*'(g!
de`!3&'(+!+7!1&!+(#$#g7!jb1#*€&8*`3*!(+!CNNJ!(+!1&!'+c#`3&!9b$$+``h!E+7(+(*'!(+!
`+8b'*`! (+! a'*f+`#g7Y! 93*7+$#a%+'! `+! (#*! $b+73&! kb+! 1&! 8+73+! (+! #78'+`*`!
d+(#*`! 7+$+`#3&_&! $*_+'3b'&! &73+! 8&`3*`! 1+8&1+`! #7+`a+'&(*`! (+! 1&! d#`d&!
d&7+'&! +7! kb+! 7+$+`#3&_&7! $*_+'3b'&! (+! `&1b(h! 07! CNJF! &_'#g! b7&! 7b+c&!
$*da&mn&!a&'&!*f'+$+'!+`+!`+'c#$#*h!
!
!
!
.!1&!$*da&mn&!1+!11+c*!b7!3#+da*!(+`a+8&'h!-b+8*!(+!a'+`+73&'!b7!a1&7!
(+!$*da+7`&$#g7!6-6!+7!CNMFY!1&`!c+73&`!`+!(ba1#$&'*7!(+!/!&!M!d#11*7+`!+7!
b7!`*1*!&m*h!)+'*!)'+L)&#(!-+8&1!`+8bn&!`bf'#+7(*!b7!(lf#$#3!$'g7#$*!(+!(#7+'*h!
"+$#l7! +7! CNNF! 93*7+$#a%+'! '+`*1c#g! f#7&1d+73+! +1! a'*_1+d&Y! *f'+$#+7(*!
&$$#*7+`!(+!)'+L)&#(!-+8&1!+7!1&!K*1`&!(+!E&1*'+`!0`3&(*b7#(+7`+h!01!lq#3*!11+8g!
'ea#(&d+73+h!!
!
!
!
07!b7!a+'n*(*!(+!$#7$*!&m*`!kb+!$*d+7sg!+7!CNNGY!)'+L)&#(!-+8&1!fb+!1&!
*f+'3&! 7od+'*! b7*! +7! 1&! K*1`&! (+! E&1*'+`! 0`3&(*b7#(+7`+Y! +7! 3l'd#7*`! (+!
$'+$#d#+73*! (+! 8&7&7$#&`h! -&! '+c#`3&! A*'3b7+Y! +7! `b! '&75#78! (+! CNNJY! b_#$g! &!
)'+L)&#(! -+8&1! $*d*! 1&! c#8l`#d&! 7*c+7&! $*da&mn&! (+!de`! 'ea#(*! $'+$#d#+73*!
+7! 1*`! 0`3&(*`! B7#(*`Y! $*7! 8&7&7$#&`! (+! &a'*q#d&(&d+73+! CPP! d#11*7+`! (+!
(g1&'+`Y!d#+73'&`!kb+!A*'_+`Y!+7!7*c#+d_'+!(+!CNNMY!1&!b_#$&_&!$*d*!1&!kb#73&!
$*da&mn&!+7!`b!'&75#78!(+!1&`!FPP!6+j*'+`!)+kb+m&`!0da'+`&`!(+!1*`!0`3&(*`!
B7#(*`h!)'+L)&#(!-+8&1!$*3#s&!+7!1&!K*1`&!(+!E&1*'+`!(+!2b+c&!\*'5!(+`(+!d&i*!
(+!CNNNh!!
!
0#+)1%#$+)2S!&/))
!
-*! kb+! #dab1`g! +1! $'+$#d#+73*! (+! )'+L)&#(! -+8&1! fb+! b7! a'*(b$3*!
&13&d+73+!c+7(#_1+h!07!b7&!`*$#+(&(!+7!1&!kb+!`+!#7#$#&7!de`!(+!CPP!d#11*7+`!
(+! jb#$#*`! a*'!&m*Y!(*7(+!1&`! a+'`*7&`!3#+7+7! 3'+`!c+$+`! de`!a*`#_#1#(&(+`!(+!
`+'! +7jb#$#&(&`! kb+! (+! `+'! %*`a#3&1#s&(&`! i! (*7(+! (*`! 3+'$#*`! (+! 1&! a*_1&$#g7!
&(b13&! 3*(&cn&! 3#+7+! kb+! +`$'#_#'! `b! 3+`3&d+73*Y! 1&! 7+$+`#(&(! (+! $*7`+j*! 1+8&1!
87
%&_1&! a*'! `n! `*1&h! )+'*! a*$&`! a+'`*7&`! (+! #78'+`*`!d+(#*`! ab+(+7! &f'*73&'1*h!
>&`#! $*d*! b7&! d+(#$#7&! a'+a&8&Y! )'+L)&#(! -+8&1! +q3#+7(+! 1*`! `+'c#$#*`! (+! 1*`!
&_*8&(*`! &1! &1$&7$+! (+! 1&! 8+73+! $*do7h! )*'! b7&! 3&'#f&! d*(+`3&Y! *f'+$+!
$*_+'3b'&! 1+8&1! $*da1+3&Y! d+(#&73+! b7&! '+(! (+! +`3b(#*`! (+! &_*8&(*`! a'+L
&a'*_&(*`h!!
!
!
!
6#$%&+1!9h!>1*b`+!c#*!+1!a*3+7$#&1!#7d+(#&3&d+73+h!-b+8*!(+!$b&3'*!&m*`!
(+! c+7(+'! ?%+!)+*a1+`! 2+34*'5Y! +`3&_&! $&7`&(*! (+! 7&(&'!$*73'&!1&!$*''#+73+Y!
?%+! 9b$$+``! >%&77+1! +'&! +d*$#*7&73+! i! &3'&$3#c*Y! $*7! `b! +1+7$*! (+!
`ba+'+`3'+11&`!(+!1&!d*3#c&$#g7h!)+'*!`g1*!1*`!&(#$3*`!&1!de`!$*da1+3*!(+`&''*11*!
a+'`*7&1! a&'+$n&7! (#`ab+`3*`! &! #7c+'3#'! +7! l1h! -&`! 1*$#*7+`! i! a*$#*7+`! `+!
c+7(n&7Y! a+'*!`+! +7f'+73&_&7! &! b7&! f+'*s! $*da+3+7$#&h!6e`!(+1! NP! a*'! $#+73*!
(+! 1&`! +da'+`&`! (+! 6-6! +q#`3+73+`! c+7(n&7! a'*(b$3*`! `#d#1&'+`h! 07! )'+L)&#(!
-+8&1Y!6#$%&+1!c#*!b7!a'*(b$3*!kb+!1+!(&_&!`+73#(*!&1!(b'*!+`fb+'s*!ab+`3*!+7!
+1!7+8*$#*h!Z0`3+!+`!b7!a'*(b$3*!kb+!`+!1+!a*('n&!c+7(+'!&!7b+`3'&!d&('+Y[!(#$+!
6#$%&+1Y!Zi!&b7kb+!3bc#+'&!`+3+73&!*!$#7$b+73&!&m*`Y!+11&!&a'+$#&'n&!`b!c&1*'h[!!
!
/+)0(&#+)'%),06",%())
!
-&`! +d*$#*7+`! `+! d&73bc#+'*7! +7$+7(#(&`! (b'&73+! +1! a'#d+'! (n&! (+! 1&!
$*7c+7$#g7h! )+'*Y! %&$#&! 1&! 7*$%+Y! a&'+$n&! $1&'*! kb+! db$%*`! (#`3'#_b#(*'+`!
&$+a3&'n&7!+1!7b+c*!a'*(b$3*h!.%*'&!+1!c+'(&(+'*!(+`&fn*!1*!3+7n&!kb+!+7f'+73&'!
?)2h!p>gd*!11+8&'!&!1&!8'&7!d&i*'n&!(+!(#`3'#_b#(*'+`!kb+!`+!%&_n&7!kb+(&(*!
+7!`b!$&`&T!.!1&`!a*$&`!%*'&`!(+1!&7b7$#*!(+!1&!fb`#g7Y!1*`!_*1+3#7+`!(+!a'+7`&!
+`3&'n&7! +7! $&d#7*! &! 1*`! d+(#*`! +`a+$#&1#s&(*`! +7! f#7&7s&`h! -*`! &'3n$b1*`!
a+'#*(n`3#$*`!#7$#3&'n&7!1&!b`#7&!(+!'bd*'+`!i!1*`!3+1lf*7*`!$*d+7s&'n&7!&!`*7&'h!!
!
!
O&$+! &18b7*`! &m*`Y! +`+! 1&a`*! (+! f&13&! (+! #7f*'d&$#g7! %b_#+'&! `#(*!
`bf#$#+73+! a&'&! (+`3'b#'! b7&! $*da&mn&! (+! 6-6h! @+a+7(#+73+`! (+! 1&`! $&(+7&`!
3+1+fg7#$&`! i! (+! 1*`! _*1+3#7+`! #da'+`*`! a&'&! '+$#_#'! #7f*'d&$#g7Y! 1*`!
a'*f+`#*7&1+`!(+!'+(!8+7+'&1d+73+!`+!+73+'&_&7!(+!1&`!(+$#`#*7+`!$*'a*'&3#c&`!
`g1*! &! 3'&cl`! (+! d+(#*`! #7f*'d&1+`Y! .$3b&_&7! de`! `*_'+! 1&! _&`+! (+! 1*`!
'bd*'+`Y! kb+! (+! 1*`!%+$%*`h! -&! (+$#`#g7! (+! kb+(&'`+! +7! b7&! $*da&mn&! *! #'`+!
(+! +11&Y! +'&! 3*d&(&! +7! (n&`Y! +! #7$1b`*! `+d&7&`Y! &73+`! (+! kb+! 3'&`$+7(#+'&!
#7f*'d&$#g7!$*7f#&_1+!(+`(+!1&!`+(+!$+73'&1h!9#7!+d_&'8*Y!?%+!)+*a1+`!2+34*'5!
3+7n&! 1&! c+73&j&! (+! b7&! #7f'&+`3'b$3b'&! (+! 3+1+$*db7#$&$#*7+`! (+1! `#81*!
c+#73#b7*h!9b!#73+'$*7+$3#c#(&(!b13'&!d*(+'7&!ab+(+!%&_+'!`#(*!1*!kb+!1&!`&1cg!
(+1!(+`&`3'+h!!
!
!"#$,"/)+0$"6+$&7+'")'%)(&$0+!&C#))
!
6#$%&+1! 9h! >1*b`+! c*1c#g! &! `b! $&`&Y! a'+a&'e7(*`+! d+73&1d+73+! a&'&! 1&!
d*7bd+73&1! 3&'+&! (+! $*73'*1! (+! `#3b&$#g7h! 9b! $&`#11&! (+! $*''+*! (+! c*s!
`+8b'&d+73+! +`3&'n&! '+a1+3&! (+! d+7`&j+`! (+! ae7#$*Y! +q#8#+7(*! `&_+'! kbl!
a&`&_&h! O&_'n&! *_`+$b+7$#&`! #73+7$#*7&(&`Y! &'8bd+73&$#*7+`! i! &a'+3*7+`! (+!
d&7*`!%&`3&!_#+7!+73'&(&!1&!7*$%+h!!
!
!
)+'*! $b&7(*! +73'g! &! `b! %*8&'! +7! 9+&331+Y! 6#$%&+1! `+! +7$*73'g! $*7! b7&!
`*'a'+`&h! -*`! d+7`&j+`! +'&7! &_'bd&(*'&d+73+! a*`#3#c*`Y! Z-&! 8+73+! (+$n&!
y=b&bY!a&'+$+!b7!a'*(b$3*!f&_b1*`*RY[!'+$b+'(&h!Z\&!`&_n&7!3*(&!1&!%#`3*'#&Y[!@+!
%+$%*Y!1&!a'+`+73&$#g7!%&_n&!`#(*!+d#3#(&!a*'!+1!9b$$+``!>%&77+1Y!c+#73#$b&3'*!
88
%*'&`!(+`abl`!(+!kb+!fb+'&!%+$%&!+7!1&!$*7c+7$#g7h!-&!*'8&7#s&$#g7!(+!6#$%&+1!
`&_n&! +q&$3&d+73+! kb#l7! +'&! )'+L)&#(! -+8&1! i! $gd*! 1*`! _+7+f#$#&'n&! 1&! fb`#g7h!
6b$%*`! i&! `+! %&_n&7! '+8#`3'&(*! $*d*! (#`3'#_b#(*'+`! (+! )'+L)&#(! -+8&1Y!
%&_#+7(*! *_3+7#(*!+1!f*'db1&'#*! 11&d&7(*! &! b7! 7od+'*! 3+1+fg7#$*!(+! +7cn*!(+!
f&q!&!(+d&7(&h!!
!
!
)*'!`bab+`3*Y!*3'*`!(#`3'#_b#(*'+`!+'&7!d+7*`!$*da1&$#+73+`h!07!8+7+'&1!
+'&7!&kb+11*`!kb+! 7*!3+7n&7! &73+7&`! `&3+1#3&1+`h!Z)*('n&! 3*d&'! %&`3&!b7&! %*'&!
a*'!3+1lf*7*!+qa1#$&'1+!1&!`#3b&$#g7!&!$&(&!b7*[!(#$+!6#$%&+1h!Z)&`&_&7!a*'!3*(&!
$1&`+! (+! +d*$#*7+`h! \*! %b_#+'&! (&(*! $b&1kb#+'! $*`&! a&'&! kb+! +`&`! a+'`*7&`!
3bc#+'&7!&$$+`*!&!b7!`&3l1#3+h!0`3*!%&_'n&!%+$%*!d#!3&'+&!db$%*!de`!fe$#1h[!!
!
/+)2+6&/&+)1&,$0+/))
!
-*!kb+! `#8b#g! fb+'*7!(*`! `+d&7&`! (+!_*d_&'(+*! (+! &a*i*!+1+$3'g7#$*h!
?)2! +d#3n&! 7*c+(&(+`! `*_'+! 1&! fb`#g7! 3*(&`! 1&`! 7*$%+`h! 07! 3*(*`! 1*`! 0`3&(*`!
B7#(*`Y! &! 1&`! M! (+! 1&! 7*$%+! %*'&! (+1! 0`3+Y! (+$+7&`!(+! d#1+`! (+! (#`3'#_b#(*'+`!
?)2! `+! '+b7n&7! &1'+(+(*'! (+1! 3+1+c#`*'! a&'&! `&_+'! kbl! +`3&_&! a&`&7(*! +7! `b!
$*da&mn&h!Z07!a'*d+(#*Y!&!$&(&!a+'`*7&!1+!11+c&_&!$#7$*!(n&`!a&`&'!a*'!3*(&`!
1&`! +d*$#*7+`! i! `&1#'! a*`#3#c*[! '+$b+'(&! 6#$%&+1h! ZSb#+7+`! +`3bc#d*`! +7! 1&!
$*7c+7$#g7! a&`&d*`! +`*`! $#7$*! (n&`! '*(+&(*`! (+! 7b+`3'*`! &d#8*`h! -&! 8+73+!
kb+!+`3&_&!+7!`b`!%*8&'+`!3&d_#l7!+`3&_&!'*(+&(&!(+!1&!f&d#1#&!?)2Y!a+'*!+7!
3+1+c#`#g7h! Q+ff! ,1`*7! `&1n&! &1! &#'+! 3*(&`! 1&`! 7*$%+`Y! d#'&7(*! f#j*! &! 1&! $ed&'&Y!
d#'e7(*1*`!f#j*!&!1*`!*j*`Y!i!11+ce7(*1*`!(+!1&!d&7*!a*'!+1!$&d#7*h!
!!
!
6#$%&+1!$*da&'&!1&!+qa+'#+7$#&!$*7!+1!(n&!+7!kb+!db'#g!1&!)'#7$+`&!@#&7&!
i!d#11*7+`!(+!a+'`*7&`!`+!b7#+'*7!+7!+1!(*1*'!a*'!d+(#*!(+!1&!3+1+c#`&$#g7!(+!`b!
fb7+'&1h! )+'*! 1&`! +d#`#*7+`! *f'+$n&7! &18*! de`! kb+! &a*i*! +d*$#*7&1h! ?&d_#l7!
(&_&7! $*7`+j*`! a'e$3#$*`! a&'&! d&7+j&'! +1! 7+8*$#*! i!+1! $&*`! _b'*$'e3#$*! (+! 1&!
fb`#g7h! Z9+! +qa1#$&'*7! 1&`! a+kb+m&`! f&11&`! 3l$7#$&`! (+1! a'*$+`*! i! `+! *f'+$#+'*7!
`*1b$#*7+`Y[! &f#'d&! 6#$%&+1h! -&`! 3'&7`d#`#*7+`! a'+a&'&_&7! &! 1*`! (#`3'#_b#(*'+`!
(+! ?)2! a&'&! 1&! $*da1+j&! 3'&7`#$#g7! (+! c+7(+'! 3+1+c#`#g7! `&3+1#3&1! &! c+7(+'!
`+'c#$#*`! 1+8&1+`h! ?&d_#l7! `+'cn&7! $*d*! %+''&d#+73&`! (+! c+73&! +7! `n! d#`d&`h!
-*`! (#`3'#_b#(*'+`! #7c#3&_&7! &! 1*`! $*73&$3*`! &! `b`! %*8&'+`! &! kb+! c#+'&7! 1&!
+d#`#g7! i! &a'+7(#+'&7! `*_'+! 1&! *a*'3b7#(&(! )'+L)&#(! -+8&1Y! &! 1&! c+s! kb+! +11*`!
d#`d*`! 3&d_#l7! &a'+7(n&7h! Z-&! $&(+7&! 7*`! +7`+mg! $gd*! %&$+'1*Y[! $*7$1bi+!
6#$%&+1h!
!!
,%$,+#(6&$&,))
!
6#+73'&`!1&!$*da&mn&!+d#3n&!cn&!`&3l1#3+Y!1*`!(#`3'#_b#(*'+`!(+!?)2Y!a*'!`b!
$b+73&Y! 1+! '+3'&7`d#3n&7! 1&`! 7*c+(&(+`! &! 1*`! d#+d_'*`! (+! `b! '+(! &! 3'&cl`! (+!
$*''+*! +1+$3'g7#$*h! 6b$%*! &73+`! (+! 1&! fb`#g7Y! .'3! Q*7&5! %&_n&! &'d&(*! b7!
`#`3+d&!(+!.1+'3&!a*'!>*''+*!01+$3'g7#$*!a&'&!+7c#&'!#7f*'d&$#g7!i!7*3#$#&`!&!`b!
8+73+!(+!d&7+'&!'ea#(&h!?*(*Y!(+`(+!7*c+(&(+`!`*_'+!+c+73*`!(+!1&!$*da&mn&!
%&`3&!$*7`+j*`!(+!$&a&$#3&$#g7!i!d*(+1*`!(+!$&'3&`!(+!$*73&$3*Y!`&1n&!(#`a&'&(*!
%&$#&! 1&! '+(! (+! .'3! &a'*q#d&(&d+73+! (*`! d#1! a+'`*7&`! +7! 3'+#73&! i! $#7$*!
+`3&(*`h!!
!
!
.!1&`!(*`!%*'&`!(+1!&7b7$#*!(+!1&!fb`#g7Y!.'3!+7c#g!b7!&7b7$#*!a*'!$*''+*!
+1+$3'g7#$*Y!#7f*'d&7(*!&!`b!'+(!kb+!l1!&a*i&_&!1&!fb`#g7!+7!b7!CPP!a*'!$#+73*h!
89
Z07! b7&! `#3b&$#g7! $*d*! l`3&Y! `#! b7! 1n(+'! 7*! 3*d&! b7&! (+$#`#g7! +7! $b&'+73&! i!
*$%*!%*'&`Y!$*d#+7s&!&!a+'(+'!de`!8+73+!$&(&!(n&!kb+!a&`&Y[!*_`+'c&!.'3h!Z-&!
#7(+$#`#g7! ab+(+! d&3&'! &! b7&! fb+'s&! (+! (#`3'#_b$#g7[! -&! #73+'&$3#c#(&(! fb+!
$'b$#&1!+7!1&!+`3'&3+8#&!(+!.'3h!9+!(#*!$b+73&!(+!kb+!1*`!(#`3'#_b#(*'+`!7+$+`#3&7!
b7&! *a*'3b7#(&(! (+! +qa'+`&'! `b`! (b(&`! i! %&$+'! a'+8b73&`h! -1+8&'*7! de`! (+!
$#+7!$*''+*`!+1+$3'g7#$*`Y!'+`a*7(#+7(*!&!1&!a'#d+'&!&1+'3&!(+!.'3h!"+`a*7(#g!+7!
a+'`*7&!$&(&!d+7`&j+Y!i!1+`!a#(#g!&!kb#+7+`!1+!%&_n&7!+`$'#3*!kb+!`+!$*7+$3&'&7!
&! b7&! 11&d&(&! +7! $*7f+'+7$#&! +`a+$#&1! 1&! 7*$%+! `#8b#+73+Y! (b'&73+! 1&! $b&1! .'3!
$*73+`3&'n&!3*(&`!1&`!a'+8b73&`h!Z-*`!d+7`&j+`!(+1!$*''+*!+1+$3'g7#$*!d+!(#+'*7!
b7&!_b+7&!a&b3&!(+!1*`!3+d&`!kb+!(+_n&!3*$&'!+7!1&!11&d&(&!+7!$*7f+'+7$#&Y[!
*_`+'c&!.'3h!ZE#!kbl!a'+8b73&`!`b'8n&7!$*7!d&i*'!f'+$b+7$#&h!\!+`*!d+!&ib(g!&!
kb+!1&!$*7f+'+7$#&!fb+'&!db$%*!de`!a*(+'*`&!i!+f+$3#c&h[!!
!
?&1!$*d*!`+!+c#(+7$#g!1b+8*Y!+1!.1+'3&!a*'!>*''+*!01+$3'g7#$*!%&_n&!`&1#(*!jb`3*!
&!3#+da*h!-1*c#+'*7!'+`ab+`3&`Y!+`a+$#&1d+73+!(+!a+'`*7&`!kb+!i&!%&_n&7!1+n(*!
'bd*'+`!`*_'+!1&!fb`#g7!+7!1&`!$&'3+1+'&`!(+!d+7`&j+`!`*_'+!7+34*'5!d&'5+3#78!
+7! .d+'#$&! ,71#7+h! -&! $*7+q#g7! #7`3&73e7+&! kb+! .'3!%&_n&! +`3&_1+$#(*! $*7! `b!
'+(Y! 1*! &ib(g! &! +1#d#7&'! +`*`! 'bd*'+`! i! &a&8&'! 1*`! a+*'+`! #7$+7(#*`Y! #7$1b`*!
&73+`!(+!kb+!?)2!+d#3#+'&!`b!a'*8'&d&!`&3+1#3&1h!!
!
&#$%,!"#%!$&1&'+'))
)
-&!#73+'$*7+$3#c#(&(!&ib(g!&!d&73+7+'!#73&$3&!1&!'+(!(+!?)2h!.'3!a+'(#g!
$&`#! +1! HP! a*'! $#+73*! (+! `b! fb+'s&! (+! (#`3'#_b$#g7! (+! 1*`! 7#c+1+`! #7f+'#*'+`h!
9ba+'f#$#&1d+73+! a&'+$+! b7! 7od+'*! 8'&7(+h! )+'*Y! (+! 3*(&`! d&7+'&`Y! db$%*`!
&`*$#&(*`! `b+1+7! a+'d&7+$+'! #7&$3#c*`! +7! +1! 7+8*$#*Y! #7$1b`*! +7! 1*`! d+j*'+`!
d*d+73*`h!Z-*`!(#`3'#_b#(*'+`!c&7!i!c#+7+7[!*_`+'c&!.'3Y!Za+'*!+1!7o$1+*!(+!`b!
7+8*$#*! +`3e! +7! +1! 1#(+'&s8*[! .'3! '+3bc*! b7! &`*d_'*`*! MH! a*'! $#+73*! (+! 1*`!
d#+d_'*`!de`!#da*'3&73+`!(+!`b!7+8*$#*!$*73&7(*!&!kb#+7+`!c+7(n&7Y!kb#+7+`!
$*73&$3&_&7!i!&`*$#&_&7Y!i!kb#+7+`!1*!(+`&''*11&_&7!+7!`b!3*3&1#(&(h!
!
!
.!d+(#(&!kb+!db$%*`!(#`3'#_b#(*'+`!1b$%&_&7!a&'&!+f+$3b&'!1&!3'&7`#$#g7!
&! )'+L)&#(! -+8&1Y! +1! >&7&1! (+1! Wq#3*! &ab73&1&_&! +1! +`3&(*! (+! e7#d*! $*7! b7&!
$*''#+73+!$*73#7b&!(+!%#`3*'#&`!(+!lq#3*h!Z.!1&!+d#`#g7!(+1!1b7+`!a*'!1&!7*$%+Y[!
'+$b+'(&!6#$%&+1Y!Z11+c&_&7!a+'`*7&`!$bi*`!a'#d+'*`!$%+kb+`!(+!)'+L)&#(!-+8&1!
#_&7!(+`(+!CHhPPP!%&`3&!/PhPPP!(g1&'+`!a*'!d+`h!6#!a'#d+'!$%+kb+!fb+!+1!(*_1+!
(+! d#! o13#d*! $%+kb+! +7! ?)2h[! 6b$%*`! (#`3'#_b#(*'+`! 7*! 3bc#+'*7! 3&1! lq#3*!
#7`3&73e7+*!$*7!+1!7b+c*!a'*(b$3*h!)+'*!1&`!+d#`#*7+`!`&3+1#3&1+`!1*`!d&73+7n&7!
$*7!1&!c#`3&!f#j&!+7!+1!a'+d#*Y!i!1&`!d+73+`!&1+j&(&`!(+!`b`!a+7&`h!!
!
0#)6"1&6&%#$")&#$,Y*&'")
!!
01! lq#3*! (+! ?)2! +7! $*73'*1&'! `b! '+(! '+f*'sg! 1*`! #7`3#73*`! *'#8#7&1+`! (+!
O&'1&7(! 93*7+$#a%+'h! @b'&73+! &m*`Y! %&_n&! &(d#'&(*! 1&! d&7+'&! +7! kb+!
$*da&mn&`! 6-6! $*d*! )'#d+'#$&! i! ?)2! b`&_&7! `b`! $&(+7&`! `&3+1#3&1+`! a&'&!
$&a&$#3&'!i!$**'(#7&'!&!`b`!8'ba*`h!>*7!$&`#!3*(&!`b!fb+'s&!(+!c+73&`!+kb#a&(&!
$*7!+1!`+'c#$#*!`&3+1#3&1!)'#d+`3&'Y!?)2!+'&!1&!j*i&!(+!1&!$*'*7&!+7!1&!'+c*1b$#g7!
(+!1&!#73+'$*7+$3#c#(&(h!Z2#78b7&!*3'&!$*da&mn&!(+!c+73&!(#'+$3&!3#+7+!$*7+q#g7!
`&3+1#3&1!+73'+!+1!a'+`#(+73+!i!$&(&!b7*!(+!1*`!(#`3'#_b#(*'+`Y[!`+!%&_n&!j&$3&(*!
Q+ff! ,1`*7! +7! CNNIh! Z0`*! 7*! %&! `b$+(#(*! 7b7$&! &73+`h! ?+7+d*`! 7b+`3'&`!
a'*a#&`! #7`3&1&$#*7+`! (+! a'*(b$$#g7! 7b+`3'&! a'*a#&! $*7+q#g7! i! 7b+`3'*! a'*a#*!
90
'&(#*f&'*h!?+7+d*`!b7!+`3b(#*!a'#c&(*!&1!1&(*!(+!d#!*f#$#7&Y!(+!d&7+'&!3&1!kb+Y!
(b'&73+! 1&`! c+#73#$b&3'*! %*'&`! (+1! (n&Y! 1*`! `#+3+! (n&`! (+! 1&! `+d&7&Y! i*! ab+(&!
+73'&'Y! +7$+7(+'! 1&! $ed&'&! i! %&_1&'1+! &! 1*`! (#`3'#_b#(*'+`h[!!
93*7+$#a%+'!$*(#$#&_&!+`&!$1&`+!(+!$*73&$3*!a+'`*7&1!$*7!`b!fb+'s&!(+!c+73&`h!
@+! %+$%*Y! +`3&_&! 3&7! +73b`#&`d&(*! $*7! +1! `#`3+d&! (+! ,1`*7! kb+! 3*dg! b7&!
(+$#`#g7! &''#+`8&(&! i! c&1#+73+D! a&8&'! $*7! b7! d#11g7! (+! &$$#*7+`! (+! )'+L)&#(!
-+8&1! a&'&! &(kb#'#'1*! r&b7kb+! +1! '#+`8*! +'&! 3&7! &13*! kb+! 3*(&! 1&! fb+'s&! (+!
(#`3'#_b#(*'+`! (+! ?)2! a*('n&! +c&a*'&'`+! +7! +1! 3'&3*Y! (+j&7(*! &! )'+L)&#(! -+8&1!
3&7! `g1*! $*7! 01! >&7&1! (+1! Wq#3*h! 93*7+$#a%+'! $*da'+7(n&! kb+! `*1&d+73+! +`+!
$&7&1! +kb#a&'n&! &! `b! $*da&mn&Y! b7! 8#8&73+! $*7! C/PYPPP! (#`3'#_b#(*'+`Y! $*7! 1&!
#73+'$*7+$3#c#(&(! kb+! 7+$+`#3&_&! a&'&! a'*`a+'&'! +7! +1! d+'$&(*! (+1! `#81*! ::;h!!
!
6+#$%#%,)%/)!0,("))
!
9#+da'+! c#`#*7&'#*Y! 93*7+$#a%+'! 7*! `+! &$*_&'(g! $b&7(*! 1&`! &$$#*7+`! (+!
)'+L)&#(!-+8&1! `+!(+`a1*d&'*7! a*'! 1&! 7*3#$#&! (+! `b!&(kb#`#$#g7h! -&!&(kb#`#$#g7!
(+! ?%+! )+*a1+`! 2+34*'5! i! `b! >&7&1! (+1! Wq#3*! a*'! a&'3+! (+! )'+L)&#(! -+8&1! +7!
)'#d+`3&'!&!$*d#+7s*`!(+!+`3+!d+`Y!a'+$#a#3g!+1!c&1*'!(+!1&`!&$$#*7+`!&!C/Y!b7*!
(+!1*`!7#c+1+`!d&`!_&j*`!(+1!&m*!Z!#7f*'d&_&!?%+!Q*b'7&1!"+$*'(!+1!1b7+`!CN!(+!
*$3b_'+! (+! CNNM! Z01! &$b+'(*! %&! a'*c*$&(*! $#+'3*! $b+`3#*7&d#+73*! &$+'$&! (+1!
'bd_*!(+!1&!+da'+`&h!!
!
!
.18b7&`! a+'`*7&`! a*('n&7! %&_+'! (b(&(*! a+'*! 93*7+$#a%+'! d&73bc*! +1!
$b'`*! $*7! f'n&! (+3+'d#7&$#g7! >*da'+7(n&Y! &b7kb+! 1*`! &7&1#`3&`! (+! ]&11! 93'++3!
7*!1*!%#$#+'&7Y!kb+!1&!$*7+$3#c#(&(!+1+$3'g7#$&!+'&!1&!$*''#+73+!`&78bn7+&!(+!b7&!
$*db7#(&(! (+! 7+34*'5! d&'5+3#78! Z9*1*! 3+7+d*`! kb+! %&$+'! 1*! kb+! %+d*`!
+`3&(*!%&$#+7(*[! (#j*! 93*7+$#a%+'! f'+73+! &!1&!$&n(&!(+!1&`! &$$#*7+`h! ZE&d*`! &!
$'+$+'!dbi!'ea#(&d+73+!i!1&!8+73+!$*da'+7(+'e!a*'kbl!$*da'l!+1!$&7&1h!0`3*!
7*`! (&! 1&! $&a&$#(&(! (+! $*db7#$&'7*`! (#'+$3&d+73+! $*7! 7b+`3'&! fb+'s&! (+!
c+73&`Y!i!(+!%&$+'1*!(#&'#&d+73+h[!
!!
%/)20$0,")&#$%,+!$&1")
!!
.!`+d&7&`!(+!1&!fb`#g7Y!1&`!+`3'+d+$+(*'&`!a'+(#$$#*7+`!(+!1*`!+qa+'3*`!
(+! ]&11! 93'++3! `+! +`fbd&'*7! $b&7(*! 1&`! c+73&`! (+! )'+L)&#(! -+8&1! 3'+a&'*7!
%&`3&!1&`!7b_+`Y!1*!kb+!'+a+'$b3#g!+7!`b`!&$$#*7+`Y!kb+!11+8&'*7!&!b7!a'+$#*!(+!
GP!(g1&'+`!a*'!&$$#g7h!-&!#7$*'a*'&$#g7!(+!(#`3'#_b#(*'+`!(+!?)2!%&!3'&n(*!b7&!
7b+c&! +7+'8n&! &! 1&! fb+'s&! (+! c+73&`h! Z01! o13#d*! (n&! (+! *$3b_'+! (+! CNNMY[!
'+$b+'(&! 6#$%&+1Y! Z8+7+'&d*`! de`! 7+8*$#*`! kb+! 1*`! kb+! )'+L)&#(! -+8&1! %&i&!
a*(#(*!1*8'&'!+7!b7!`*1*!(n&Y!(b'&73+!`b`!c+#73#$#7$*!&m*`!(+!%#`3*'#&h!0'&!$*d*!
b7&!8'&7! *1&! $&b`&(&! a*'!b7!d&'+d*3*! t3`b7&duh!0`3*`! 7b+c*`!(#`3'#_b#(*'+`!
a'*c+7#+73+`!(+!?)2!c+n&7!+1!$&7&1Y!$*da'+7(n&7!+1!a'*(b$3*Y!%&$n&7!+1!a&a+1+*!
i!`&1n&7!&!%&$+'!+1!3'&_&j*h!\!+11*`!%&_n&7!+`3&(*!&`*$#&7(*!a+'`*7&`!&!(#+`3'&!i!
`#7#+`3'&h! 0`3&! +`! 1&! c+73&! (+! a'*(b$3*`! de`! `#da1+! kb+! i*! %&i&!
+qa+'#d+73&(*h[!.!d+(#(&!kb+!)'+L)&#(!-+8&1!`+!db+c+!%&$#&!&(+1&73+!$*7!`b!
a1&7! a&'&! `&3b'&'! &! 1*`! d#+d_'*`! (+! `b! a'*a#&! '+(! (+! &73+7&`! `&3+1#3&1+`! (+!
)'#d+`3&'!a*'!d+(#*!(+!@#'+$3?EY!1*`!c#+j*`!(#`3'#_b#(*'+`!(+!)'+L)&#(!`+!+`3e7!
&ab'&7(*!a&'&!&1$&7s&'!&!1*`!'+$#l7!11+8&(*`!(+!?)2h!!
!
!
-*`! a'*8'&d&`! `&3+1#3&1+`Y! $*d*! +1! (+! ?)2Y! `*7! `g1*! +1! $*d#+7s*h! .!
d+(#(&! kb+! 1&! "+c*1b$#g7! (+! 1&! ,1&! /! `#8b+! `b! $b'`*Y! 1&! 7b+c&! 3+$7*1*8n&!
91
a'*d+3+!c#(+*!$*7f+'+7$#&`!a*$*!$*`3*`&`!a&'&!$&(&!'+(h!93b&'3!Q*%7`*7Y!$bi&!
$*da&mn&! E#(+*L)1b`Y! (+! -&5+! @&11&`Y! ?+q&`Y! c+7(+! a'*(b$3*`! i! `+'c#$#*`! a&'&!
$*db7#$&$#*7+`! &! $*da&mn&`! (+! 6-6Y! $'++! kb+! 1*`! 7+34*'5+'`! (+1! fb3b'*!
'+$#_#'e7! c#(+*`! $*'a*'&3#c*`! (+! `+`#*7+`! (+! $&a&$#3&$#g7! +7! 3#+da*! '+&1Y!
&7b7$#*`! (+! 1&! $*da&mn&! i! '+b7#*7+`! (+! a'+`+73&$#g7! (+! 1&! *a*'3b7#(&(! a*'!
;73+'7+3! r&`n! $*d*! &%*'&! *_3#+7+7! +`3*`! a'*8'&d&`! &! 3'&cl`! (+! $*`3*`&`!
+d#`#*7+`!`&3+1#3&1+`h!!
!
!
?*(*! 1*! kb+! `+! 7+$+`#3&! +`! d&i*'! &da1#3b(! (+! _&7(&! &f#'d&Y! 1*! kb+!
a'*c+7('e! (+! $*7+q#*7+`! a*'! $&_1+! dg(+dY! *! $*7+q#*7+`! 3+1+fg7#$&`! @9-! (+!
d&i*'! c+1*$#(&(h! .$3b&1d+73+Y! (+! $#+7! d#11*7+`! (+! %*8&'+`Y! `g1*! b7*! *! (*`!
d#11*7+`! $b+73&7! $*7! +`&! 3+$7*1*8n&h! )+'*! +`+! 7od+'*! $'+$+'e!
`b_`3&7$#&1d+73+! +7! 1*`! a'gq#d*`! (*`! &m*`h[! >b&7(*! `b$+(&Y! ab+(+! +`3&'!
`+8b'*! (+! kb+! 1*`! 7+34*'5+'`! +`3&'e7! &! 1&! c&78b&'(#&! (+! +`3&! '+c*1b$#g7! (+!
c#(+*Y! $*7+$3&7(*! +1+$3'g7#$&d+73+! `b`! '+(+`! a&'&! kb+! 3+78&7! deq#d&!
#73+'$*7+$3#c#(&(!i!c+73&`!+qa1*`#c&`h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
92
!
!
!
!
!
!
>&an3b1*!@;0>;9;0?0!
!
pSbl!+`!1&!,1&!/T!
!
!
!
O+d*`!%&_1&(*!db$%*!(+!1&!"+c*1b$#g7!(+!1&!,1&!/!i!`b!#da&$3*!+7!1&`!
$*'a*'&$#*7+`! +`3&(*b7#(+7`+`Y! p)+'*! kbl! +`! 1&! ,1&! /! +q&$3&d+73+T! 07! +1!
$&an3b1*!HY!(+f#7#d*`!1&`!$b&3'*!*1&`!(+!1&!+c*1b$#g7!(+1!7+34*'5!d&'5+3#78!(+!1&!
`#8b#+73+!d&7+'&D!!
!
,-.!CD!tCN/HLCNJNu!-&!f&`+!`b_3+''e7+&!!
!
,-.!FD!tCNMPLCNMNu!-&!f&`+!(+!a'*1#f+'&$#g7!!
!
,-.!GD!tCNNPLCNNNu!-&!f&`+!(+!d+'$&(*!d&`#c*!!
!
,-.!/D!tFPPP!i!(+`abl`u!-&!f&`+!b7#c+'`&1!!
!
!
@b'&73+! 1&`! 3'+`! a'#d+'&`! *1&`Y! +1! 7+34*'5! d&'5+3#78! $'+$#g! i! a'*`a+'gh!
9#7! +d_&'8*! `#+da'+! a+'d&7+$#g! $*d*! b7&! $*73'&$b13b'&h! -*`! 7+34*'5+'`! 7*!
3+7n&7!1b8&'!+7!1&!$*''#+73+!$*'a*'&3#c&h!2*!&a&'+$n&7!+7!a+'#g(#$*`!f#7&7$#+'*`!
7#!+7!#7f*'d+`!(+!&7&1#`3&`!(+!]&11!93'++3h!2*!+'&7!d+7$#*7&(*`!+7!1&`!`&1&`!(+!
'+b7#*7+`!$*'a*'&3#c&`!7#!+7!`#da*`#*`!(+!+`$b+1&`!(+!+$*7*dn&h!01!(+!+11*`!+'&!
b7!db7(*!&a&'3+h!
!!
!
)+'*!&!d+(#(&!kb+!$*d#+7s&!1&!+'&!(+!1&!,1&!/Y!+1!6-6!%&!`&1#(*!(+!`b!
&#`1&d#+73*h!O*i!+`!&da1#&d+73+!'+$*7*$#(*!$*d*!b7&!%+''&d#+73&!1+8n3#d&!(+!
d&'5+3#78h! 9b`! lq#3*`! `*7! (+`3&$&(*`! +7! 1&! a'+7`&! +$*7gd#$&h! >&(&! c+s! +7!
d&i*'!d+(#(&Y!+1!ao_1#$*!+7!8+7+'&1!c+!&1!6-6!$*d*!b7&!&13+'7&3#c&!'+&1#`3&!&1!
+da1+*! $*'a*'&3#c*! (+! *$%*! %*'&`h! 07! `n73+`#`Y! +1! 7+34*'5! d&'5+3#78! `+! %&!
b7#(*! &! 1&! $*''#+73+! d&`#c&h! >*d*! $&(&! c+s! de`! $*da&mn&`! $+(+7! &73+! 1&!
a'+`#g7! $+73'nfb8&! (+!1&! a'#c&3#s&$#g7! +7! d&`&Y!1&!#7f1b+7$#&! (+1!6-6! `+!`#+73+!
b7#c+'`&1d+73+!+7!+1!db7(*!+$*7gd#$*Y!(+`(+!]&11!93'++3!%&`3&!6&#7!93'++3h!
!
/+)6+#%,+)'%)/+)"/+)4))
!
.!(#f+'+7$#&!(+!1&`!f#'d&`!(+!6-6!+7!+1!a&`&(*Y!1&`!$*da&mn&`!(+!1&!,1&!
/!+`3e7!$*da1+3&d+73+!#73+8'&(&`!&!1&!+$*7*d#&!$*'a*'&3#c&h!)'*c++7!`+'c#$#*`!
c#3&1+`! &! 1&`! +da'+`&`! (+1! n7(#$+! A*'3b7+! HPPY! 1&`! $b&1+`! db+c+7! _#+7+`!!
i! `+'c#$#*`! a*'! 1&! .b3*a#`3&! (+! @#`3'#_b$#g7! 6-6h! -&`! $*da&mn&`! (+! 1&! ,1&! /!
a'*c++7! +da1+*! '+&1! &! b7&! fb+'s&! (+! 3'&_&j*! $&(&! c+s! de`! #7kb#+3&Y!
a'+*$ba&(&! a*'! 1*`! a'*$+`*`! (+! '+(b$$#g7h! ,f'+$+7! b7! `&1&'#*! &$*'(+! &! b7&!
93
(+(#$&$#g7! (+! 3#+da*! $*da1+3*Y! b7! #78'+`*! '&s*7&_1+! +7! $&`*! (+! (+(#$&$#g7!!
(+! 3#+da*! a&'$#&1! i! b7! a*3+7$#&1! c#'3b&1d+73+! #1#d#3&(*! (+! 8&7&7$#&`! a&'&! 1*`!!
d*3#c&(*`!i!&d_#$#*`*`h!!
!
!
-*`! a*$*! +1&_*'&(*`! $*7$+a3*`! 6-6! (+1! a&`&(*! a'*d+3n&7! +`3&`! $*`&`!
a+'*!$*7!(+d&`#&(&!f'+$b+7$#&!7*!1*8'&_&7!$bda1#'1&`h!-&`!$*da&mn&`!(+!1&!,1&!
/! %&7! 3'&7`f*'d&(*! +`3+! `b+m*! +7! '+&1#(&(h! )&'&! &1$&7s&'1*Y! %&7! 3+7#(*! kb+!
+c*1b$#*7&'Y!&! 3'&cl`! (+!1*`!&m*`Y!(+!$#7$*! d&7+'&`!$'n3#$&`h!)*(+d*`!'+`bd#'!
+`3*`!$#7$*!`+11*`!(#`3#73#c*`!(+!1&!+`3'&3+8#&!(+!b7!7+8*$#*!,1&!/!(+!1&!`#8b#+73+!
d&7+'&D!
!!
Ch!;73+'$*7+$3#c#(&(!!
Fh!;dab1`*!#7f#7#3*!!
Gh!9#`3+d&`!Zcb+13&!(+!11&c+[!!
/h!>*d#`#*7+`!`b`3+73&_1+`!!
Hh!01!f&$3*'!(+!$*73&$3*!!
!
&#$%,!"#%!$&1&'+')!
!
B7&! $*da&mn&! (+! 1&! ,1&! /! a'*c++! 3+1+$*db7#$&$#*7+`! b13'&! d*(+'7&`! &!
`b`!(#`3'#_b#(*'+`h!-*`!'+a'+`+73&73+`!$*db7+`!b`&7!$*''+*!(+!c*s!i!+d#`#*7+`!
a*'! $*''+*! +1+$3'g7#$*! a&'&! $**'(#7&'! `b`! &$3#c#(&(+`h! >*7f+'+7$#&`! `&3+1#3&1+`!
a*'! c#(+*! *! 3+1+c#`#g7! 11+c&7! 1*`! d+7`&j+`! $*'a*'&3#c*`! &1! %*8&'h! -*`!
(#`3'#_b#(*'+`!&$$+(+7!&!c*1b73&(!&!#7f*'d&$#g7!c#3&1Y!a*'!d+(#*!(+!`+'c#$#*`!(+!
f&q!&!(+d&7(&!i!'+$ba+'&$#g7!(+!#7f*'d&$#g7!cn&!;73+'7+3h!!
!
&6*0/(")&#2&#&$"))
!
01!&73#8b*!Z&(#$3*!&1!6-6[!`*1n&!`&13&'!(+!b7&!$*da&mn&!&!*3'&Y!3'&3&7(*!
(+! Z&1$&7s&'! 1&! *1&[! *! (+! Z#7c*1b$'&'`+! (+`(+! +1! )'#7$#a#*! %&`3&! *_3+7+'!
8&7&7$#&`! (+! b7! 7b+c*! +da'+7(#d#+73*Y! jb`3*! &73+`! (+! kb+! &1$&7s&'&! +1!
Zd*d+73bd[! b7! $#$1*! `*`3+7#(*! (+! $'+$#d#+73*! +qa*7+7$#&1h! )*'! `bab+`3*Y! 1&!
d&i*'n&!(+!1&`!+da'+`&`!7b7$&!11+8&_&7!&!1&!f&`+!(+1!d*d+73bdh!\!1&`!kb+!`#!
1*! %&$n&7Y! 8+7+'&1d+73+! `b$bd_n&7! &1! a*$*! 3#+da*Y! b7&! c+s! kb+! f#7&1#s&_&!
(#$%&!+3&a&h!-*`!&(#$3*`!&1!6-6!c#cn&7!$*d*!&a*`3&(*'+`Y!`#+da'+!_b`$&7(*!1&!
a'gq#d&!8'&7!8&78&h!
!!
!
0'&! b7&! fg'db1&! a*_'+! a&'&! (+`&''*11&'! b7! 7+8*$#*h! )*'! *3'&! a&'3+Y! 1&!
$*da&mn&! (+! 1&! ,1&! /! *f'+$+! *a*'3b7#(&(+`! (+! $'+$#d#+73*! `b`3+73&_1+! &! 1*!
1&'8*!(+!3*(&!1&!c#(&!(+!1&!+da'+`&h!O&$+!+`3*Y!a'#d+'*Y!&_'#+7(*!1*`!d+'$&(*`!
+q3'&7j+'*`! &1! (#`3'#_b#(*'! a'*d+(#*Y! (+! d&7+'&! kb+! 3*(&! `b! fb+'s&! (+!
$*7`3'b$3*'+`! (+! '+(+`! ab+(+7! +q3'&+'! 8&7&7$#&`! (+! 1&! #1#d#3&(&! fb+73+! (+!
$1#+73+`!81*_&1+`h!9+!#7`3&1&7!`#`3+d&`!kb+!%&$+7!3&7!fe$#1!$*7`3'b#'!i!`*`3+7+'!
b7&! '+(! +7! O*78! ^*78! $*d*! +7! +1! +`3&(*! c+$#7*h! 01! $'+$#d#+73*! 3&d_#l7! `+!
`*`3#+7+!&!3'&cl`!(+!1&!$*7`3&73+!a'+`+73&$#g7!(+!7b+c&`!1n7+&`!(+!a'*(b$3*`!i!
1&7s&d#+73*`! (+! 7b+c&`! `b_`#(#&'#&`! i! d&'$&`Y! a&'&! kb+! 1*`! (#`3'#_b#(*'+`!
`#+da'+!3+78&7!d+'$&(*`!7b+c*`!kb+!$*7kb#`3&'h!
!
(&($%6+()`10%/$+)'%)//+1%a))
!
B7!`#`3+d&!(+!Zcb+13&!(+!11&c+[!+`!$b&1kb#+'!dl3*(*!*!a'*$+(#d#+73*!kb+!
`#da1#f#$&!*!&b3*d&3#s&!a&'3+!(+1!7+8*$#*Y!f&$#1#3&7(*!`b!*a+'&$#g7!a*'!a&'3+!(+!
94
8+73+! $*do7h! @#$%*`! `#`3+d&`! $*7f*'d&7! +1! $*'&sg7! i! +1! &1d&! (+! b7&!
$*da&mn&! ,1&! /h! )*'! +j+da1*Y! 1*`! a'*8'&d&`! (+! +73'+8&! &b3*d&3#s&(&Y! ('*aL
`%#aa#78! &b3*d&3#s&7! +1! a'*$+`*! (+! c+73&! d#7*'#`3&h! 07! 1b8&'! (+! &$*a#&'!
d+'$&(+'#&Y!'+$#_#'!a+(#(*`!i!+7c#&'!a'*(b$3*`!&!`b`!$1#+73+`Y!+1!7+34*'5#78!(+!
1&! ,1&! /! `g1*! 1+! (&! `b! 7od+'*! (+! );2! &! b7! $1#+73+Y! kb#+7! 1*! b`&! a&'&! a+(#'!
(#'+$3&d+73+!&!1&!+da'+`&!1*!kb+!kb#+'+Y!&!3'&cl`!(+!b7&!ae8#7&!+7!;73+'7+3!*!
b7! 3+1lf*7*! 8'&3b#3*h! -&! a'*`a+$$#g7! (+! 7b+c*`! &`*$#&(*`! 3&d_#l7! ab+(+! `+'!
&b3*d&3#s&(&Y! d+(#&73+! c#(+*`! (+! $*73&$3*Y! $*d#`#*7+`! `&3+1#3&1+`! i! `#3#*`! +7!
;73+'7+3!+kb#a&(*`!$*7!3+$7*1*8n&!(+!'+`ab+`3&!&b3*de3#$&!#7d+(#&3&h!6b$%&`!
$*da&mn&`!&b3*d&3#s&7!1&!$&a&$#3&$#g7!(+!7b+c*`!(#`3'#_b#(*'+`!$*7!a'*8'&d&`!
+`3&7(&'#s&(*`Y!d&7+j&(*`!a*'!+da'+`&`!$*d*!1&!B7#c+'`#(&(!)A9h!!
!
!"6&(&"#%()(0($%#$+:/%())
!
!
-&`!c#+j&`!$*da&mn&`!(+!6-6!`*1n&7!a&8&'!&!`b`!(#`3'#_b#(*'+`!(+!d&i*'!
7#c+1! $*d#`#*7+`! &13&`! i! &! `b`! (#`3'#_b#(*'+`! (+! d+7*'! 7#c+1Y! dbi! a*$*h! -&`!
$*da&mn&`! (+!1&!,1&! /Y!a*'!*3'&!a&'3+Y!+kb#1#_'&7! `b`! a1&7+`!(+!$*da+7`&$#g7!
a&'&!kb+!ab+(&7!a'*`a+'&'!3&73*!kb#+7+`!3'&_&j&7!d+(#*!3#+da*!$*d*!&kb+11*`!
$*7! &13&`! +qa+$3&3#c&`h! Sb#+7+`! 3'&_&j&7! +`f*'s&(&d+73+! i! `+! +1+c&7! +7! 1&!
+`$&1&!(+!8&7&7$#&`Y!`#8b+7!'+$#_#+7(*!$*d#`#*7+`!de`!&13&`h!)+'*!1&`!+da'+`&`!
(+! 1&! ,1&! /! 3&d_#l7! a+'d#3+7! kb+! b7&! a*'$#g7! #da*'3&73+! (+! 1&`! 8&7&7$#&`!
$#'$b1+!+73'+!1*`!7#c+1+`!#7f+'#*'+`h!!
!
%/)2+!$",)'%)!"#$+!$"))
!
p.18b7&!c+s!%&!11&d&(*!&!b7&!+da'+`&!(+!$*dab3&$#g7!a#(#+7(*!&a*i*!
3l$7#$*Y!i!`+!(+`$b_'#g!+`$b$%&7(*!&!b7&!c*s!8'&_&(&!#7`3'bil7(*1*!a&'&!kb+!
fb+'&! &! 3&1! i! 3&1! ae8#7&! +7! ;73+'7+3! (*7(+! `bab+`3&d+73+! +7$*73'&'n&!!
'+`ab+`3&!&!3*(&`!`b`!a'+8b73&`T!)+'*!1b+8*Y!$b&7(*!11+8g!&!1&!ae8#7&Y!7*!ab(*!
+7$*73'&'! 7#78b7&! '+f+'+7$#&! &! `b! a'+8b73&! +7! a&'3#$b1&'T! -&! d*'&1+j&! (+! 1&!
%#`3*'#&!+`!kb+!1&!&b3*d&3#s&$#g7!3#+7+!`b`!1#d#3&$#*7+`!#7$*'a*'&(&`h!!
!
!
.! d+(#(&! kb+! de`!i! de`! a+'`*7&`!%&$+7!`b`! 7+8*$#*`!(#&'#*`! &! 3'&cl`!
(+!d+(#*`!#73+'&$3#c*`Y!$*d*!ae8#7&`!]+_Y!1&!7+$+`#(&(!(+!`+'+`!%bd&7*`!(+!
$&'7+!i!%b+`*!kb+!8bn+7!&!+`&`!a+'`*7&`!&!3'&cl`!(+1!a'*$+`*!i!1*`!&ib(+7!$*7!
`b`! a'*_1+d&`Y! 7*! %&$+! de`! kb+! &bd+73&'h! 01! fb3b'#`3&! Q*%7! 2&#`_#33! 11&dg! &!
+`3&! a&'&(*j&! Z.13&! 3+$7*1*8n&Y! &13*! $*73&$3*[h! .! d+(#(&! kb+! 1&! 3+$7*1*8n&!
&$+1+'&Y! a'+(#j*Y! a&`&! 1*! d#`d*! $*7! 7b+`3'*! (+`+*! (+! &3+7$#g7!!
&d#`3*`&!a*'!a&'3+!(+!`+'+`!%bd&7*`h!01!7+34*'5!d&'5+3#78!+`3e!`#78b1&'d+73+!!
+kb#a&(*! a&'&! `ba1#'! +`&! 7+$+`#(&(Y! i&! kb+! db+c+! a'*(b$3*`! cn&! '+1&$#*7+`!
%bd&7&`h! -*`! (#`3'#_b#(*'+`! $1++! 1&! ,1&! /! 7b7$&! 3+7('e7! kb+! a'+*$ba&'`+! a*'!
`+'! '++da1&s&(*`! a*'! 3+$7*1*8n&! (+! &c&7s&(&h! )*'! +1! $*73'&'#*Y! 1&`! $*da&mn&`!
(+! 1&! ,1&! /! #7c+73&7! $*73#7b&d+73+! 7b+c&`! d&7+'&`! (+! $*da1+d+73&'! 1*`!
&c&7$+`! (+! &13&! 3+$7*1*8n&! $*7! `+'c#$#*! (+! &13*! $*73&$3*Y! a'*c#`3*! a*'!
(#`3'#_b#(*'+`!(+!$&'7+!i!%b+`*h!
!
%/)%($+'")'%)!"#%!$'+'))
!
07! $&an3b1*`! a'+c#*`! 7*`! %+d*`! '+f+'#(*! &! 1*`! 7+34*'5+'`! (+! 1&! ,1&!!
/! $*d*! Z$#_+'a#*7+'*`[Y! i! &1! d+'$&(*! 1#_'+! (+1! `#81*! c+#73#b7*! $*d*!!!
8'&(*! (+! $*7+$3#c#(&(! +1+$3'g7#$&h! )+'*! 7*! `ba*78&! kb+! 1&`! a+'`*7&`!
95
7+$+`#3&'e7!$*7c+'3#'`+!+7!+qa+'3*`!%&$5+'`!a&'&!`+'!a&'3+!(+!1&!"+c*1b$#g7!(+!
1&!,1&!/h!07!8'&7!a&'3+Y!1*!$*73'&'#*!+`!$#+'3*h!!
!
!
07! `n73+`#`Y! 1*! de`! #da*'3&73+! (+! 1&! $*dab3&$#g7! 7b7$&! fb+! 1&!
#7$*'a*'&$#g7! (+! #7f*'d&$#g7Y! +`$'#_+7! ]&33`! ]&$5+'Y! Q#d! ?&i1*'Y! i! O*4&'(!
6+&7`! +7! -*`! HPP! &m*`! @+13&h! Z-&! #7$*'a*'&$#g7! (+! (&3*`! +'&! +1! d+(#*Y! 1&!
$*7+$3#c#(&(! +'&! +1! f#7hhh! 6ekb#7&`! (+! f&qY! dg(+d`Y! 3+1+c#`#g7! #73+'&$3#c&! i!
a'*c++(*'+`! (+! ;73+'7+3! +'&7! +1! d+(#*Y! 1&! $*7+$3#c#(&(! +'&! +1! f#7hhh! -&!
$*7+$3#c#(&(!+`!b7!+`3&(*! (+!+q#`3+7$#&Y!7&(&!de`h!01!c+'(&(+'*!f#7!+`!1*!kb+!
`b$+(+! $b&7(*! 1&`! $*`&`! +`3e7! +7! $*7+q#g7Y! 1*! kb+! *$b''+!!
$b&7(*!1&!$*7+$3#c#(&(!+7!`n!d#`d&!`+!fb`#*7&!$*7!1&!#7f*'d&$#g7h[!!
!
>.Q.!20=".!!
!
9b'8+! 1&! "+c*1b$#g7! (+! 1&!,1&! /h!)+'*! 7*! 7+$+`#3&d*`! `+'!3l$7#$*`! a&'&!!
#73+'$*7+$3&d*`h! ?+78&! +7! $b+73&! 1&! .aa1+! #6&$Y! 1&! $*dab3&(*'&! a&`*7&1!!
de`! c+7(#(&! (+1! d+'$&(*! %*i! +7! (n&h! ?*(*! +C! `*f34&'+! '+kb+'#(*!!
c#+7+! $&'8&(*! +7! 1&! dekb#7&h! ?*(*! +1! %&'(4&'+! c#+7+! #7$*'a*'&(*! +7!!
b7&! `*1&! b7#(&(h! 01! $1#+73+! 3&7! `g1*! 1&! `&$&! (+! 1&! $&j&Y! 1&! %&$+! &''&7$&'!!
i!$*d#+7s&!&!b`&'1&h!
!
-&! #6&$! +`! b7&! $&j&! 7+8'&! b7! (#`a*`#3#c*! $*da1+j*! a*'! (+73'*Y!!
a+'*! `#da1+! a*'! fb+'&h! .`n! +`! 1&! "+c*1b$#g7! (+! 1&! ,1&! /h! -*`! 7+34*'5+'`!!
(+! 1&! ,1&! /! 7*! 7+$+`#3&7! +73+7(+'! 1&`! $*da1+j#(&(+`! (+! 1&! +73'+8&! (+!!
a'*(b$3*`Y! %*`3#78! (+! ae8#7&`! ]+_Y! '+a&'3*! (+! $*d#`#*7+`Y! $&d_#*! (+!!
d*7+(&! +q3'&7j+'&! i! $*`&`! a*'! +1! +`3#1*h! -&! $*da&mn&! `+! *$ba&! (+! 3*(*!!
+`*h! .1! #8b&1! kb+! b7! b`b&'#*! (+! #6&$Y! +1! 7+34*'5+'! (+! 1&! ,1&! /! `g1*! 3#+7+!!
kb+! &a'+3&'! +1! _*3g7! (+! Z+7$+7(#(*[! i! +da+s&'! &! 3'&_&j&'h! -&`! %&_#1#(&(+`!!
kb+! 7+$+`#3&! 7*! `*7! (+! .13&! ?+$7*1*8n&Y! `#7*! (+! .13*! >*73&$3*h!!
;7$1bi+7! 1&! $&a&$#(&(! (+! f*'d&'! i! d&7+j&'! '+1&$#*7+`Y! +c&1b&'! *a*'3b7#(&(+`!!
i! +qa1*3&'! c+73&j&`! +7! +1! d+'$&(*h! .1! $b13#c*! (+! +`3&`! %&_#1#(&(+`!!
`b3#1+`!+`3e!(+(#$&(*!+1!'+`3*!(+1!1#_'*h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
96
!
!
!
!
!
!
!
!
!
!
!
?0">0".!)."?0!!
,-.!/!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
)"0)."."90!).".!
>,602X."!
97
!
!
!
!
!
!DEFGHIJ)'&%!&"!=")
)
%ILfNP)0OD)!JZEDkFD)
!
!
!
01!a'#d+'!a&`*!+7!`b!*(#`+&!a+'`*7&1!+7!1&!,1&!/!`+'e!+7$*73'&'!i!b7#'`+!
&! b7&! $*da&mn&! (+! 7+34*'5! d&'5+3#78h! )+'*! p$b&1T! B7&! (#fn$#1! +1+$$#g7! 1*!
+`a+'&h! >#+73*`! (+! $*da&mn&`! $*da#3+7! a*'! `b! &3+7$#g7Y! 1&! d&i*'n&! (+! 1&`!
$b&j+`! `*7! 7b+c*`! +da'+7(#d#+73*`h! 073'+! +`&`! 7b+c&`Y! +1! a*'$+73&j+! (+!
f'&$&`*! +`! &13*!de`!(+1! NI! a*'! $#+73*!(b'&73+!+1!a'#d+'! &m*Y! (+! &$b+'(*!&! b7!
$e1$b1*!'+&1#s&(*!a*'!-+*7&'(!>1+d+73`Y!&b3*'!(+!@+73'*!(+1!2+34*'5!6&'5+3#78!
t;7`#(+! 2+34*'5! 6&'5+3#78uY! `*_'+! 1&! _&`+! (+! `b! &7e1#`#`! (+! 1#`3&(*`! (+!
$*da&mn&`! i! +7$b+`3&`! +7! ab_1#$&$#*7+`! +$*7gd#$&`h! 2*! %&i! d&7+'&! (+!
kb#3&'1+! '#+`8*! &1! a'*$+`*! +da'+`&'#&1Y! i&! `+&! +7! 7+34*'5! d&'5+3#78! *! +7!
$b&1kb#+'! *3'*! 7+8*$#*h! )+'*! `#! b`3+(! `#8b+! +1! a'*$+`*! (+! +c&1b&$#g7! (+!
*a*'3b7#(&(+`!(+!6-6!(+1#7+&7(*!+7!+`3+!$&a#3b1*Y!+`3&'e!_#+7!+kb#a&(*!a&'&!
3*d&'!+`&!(+$#`#g7h!!
!
*+(")l)-)%1+/0+,)%/)*,"'0!$")")(%,1&!&"))
!
)&'&! 3'#b7f&'Y! b7&! $*da&mn&! 6-6! (+_+! 3+7+'! b7! a'*(b$3*! *! `+'c#$#*!
c+7(#_1+Y! i! 1*! #(+&1! `+'n&! kb+! fb+'&! (#fn$#1! (+! *_3+7+'! &! a&'3#'! (+! *3'&`! fb+73+`!
(#f+'+73+`! (+1! 6-6h! )'+8o73+`+Y! p$*da'&'n&! +`3+! a'*(b$3*Y! &! +`3+! a'+$#*Y! `#!
&18b#+7! d+!1*!*f'+$#+'&! &!dnT!)'*(b$3*`! (+! $*7`bd*Y! 3&1+`!$*d*! `ba1+d+73*`!
%+'_&1+`! `*7! a'+f+'#_1+`! &! 1*`! (+! o7#$&! c+sY! $*d*! &1&'d&`! $*73'&! 1&('*7+`! i!
`#d#1&'+`h! B7&! c+s! kb+! `b! $1#+73+! $*7`bd+! 1&! a'#d+'&! _*3+11&! (+! `ba1+d+73*Y!
3#+7+! kb+! c*1c+'! a*'! de`h! -*`! `+'c#$#*`! kb+! 3#+7+7! kb+! c+'! $*7! 3&'#f&`!
$*73#7b&`Y! $*d*! `+8b'*`Y! 3&d_#l7! &`+8b'&7! b7&! fb+73+! $*7`3&73+! (+!
$*d#`#*7+`h! Kb`kb+! *a*'3b7#(&(+`! kb+! #da1#kb+7! b7&! Z3'&7`f+'+7$#&! (+!
$*da'&[h!0`!de`!fe$#1!a+'`b&(#'!&!1&!8+73+!(+!kb+!$&d_#+!(+!b7&!d&'$&!&!*3'&!
(+!b7!a'*(b$3*!*!`+'c#$#*!kb+!i&!b`&!a*'!+j+da1*Y!$&d_#&'!(+1!`+'c#$#*!(+!1&'8&!
(#`3&7$#&! (+! .?{?! &1! `+'c#$#*! (+! `b! $*da&mn&! kb+! $*7c+7$+'1*`! (+! $*da'&'!
&18b7&! +qg3#$&! 1*$#g7! 7b+c&! a*'! 1&! $b&1! 7*! a+'$#_+7! b7&! 7+$+`#(&(! *_c#&h!!
!
*+(")l)3)!"#($+$+,)/"(),06",%()'%)/+)&#'0($,&+)
!
-&`!$&'3+1+'&`!(+!d+7`&j+`!*71#7+!`*7!b7&!'#$&!fb+73+!(+!$%#`d+`!(+!1&!
#7(b`3'#&h! )&'&! `&_+'! 1*! kb+! 1&! 8+73+! (#$+! `*_'+! b7&! $*da&mn&! +7! a&'3#$b1&'Y!
ab+(+!c#`#3&'!1&!ae8#7&!(+!.d+'#$&!,71#7+h!;78'+`+!1&`!a&1&_'&`!$1&c+!Z6-6[!*!
Zd&'5+3#78! db13#7#c+1[Y! i! +73'&'e! +7! +1! A*'*! (+! 2+34*'5! 6&'5+3#78! E+73&`!
@#'+$3&`Y!9+1+$$#*7+!Z>&'3+1+'&!(+!d+7`&j+`[Y!1b+8*!Z>&'3+1+'&!(+!d+7`&j+`!(+!
7+34*'5!d&'5+3#78[h!.%*'&!ab+(+!7&c+8&'!a*'!$&'3+1+'&`!(+!de`!(+!(*`$#+73&`!
*a*'3b7#(&(+`! 6-6Y! +7! *'(+7! &1f&_l3#$*! a*'! +1! 7*d_'+! (+! 1&! $*da&mn&h!
98
?&d_#l7! ab+(+! a*7+'! `b`! a'*a#*`! d+7`&j+`Y! a#(#+7(*! #7f*'d&$#g7! `*_'+!
*a*'3b7#(&(+`!+7!a&'3#$b1&'h!!
!
!
)&'&! +7$*73'&'! *3'*`! &7b7$#*`! +7! ;73+'7+3Y! c#`#3+! 444h(+j&h$*d! i!
+`$'#_&! +1! 7*d_'+! (+! 1&! +da'+`&! kb+! +`3e! #7c+`3#8&7(*h! ,_3+7('e! b7&! &da1#&!
`+1+$$#g7! (+! d+7`&j+`! ab_1#$&(*`! +7! 3*(&! $1&`+! (+! 8'ba*`! (#f+'+73+`! (+!
7*3#$#&`h! 444h6-6h$*d! 3&d_#l7! *f'+$+! b7! f*'*! (+! (#`$b`#g7h! .1! +c&1b&'! 1*`!
'bd*'+`!(+!1&!#7(b`3'#&Y!3+78&!$b#(&(*!$*7!1&!(+`#7f*'d&$#g7h!.18b7&`!a+'`*7&`!
(+`8&`3&7!&!1&`!$*da&mn&`!(+!1&!$*da+3+7$#&!$*d*!+`3'&3+8#&!a&'&!&`*$#&'1*!&!
`b`!a'*a#&`!*a*'3b7#(&(+`h!9#+da'+!$*7`#(+'+!1&!fb+73+h!!
!
*+(")l)5)!"#(0/$%)+)/"()?0+,'&+#%()'%)/+)&#'0($,&+!!
!
?'+`! ab_1#$&$#*7+`! `+! +`a+$#&1#s&7! +7! %&$+'! +c&1b&$#*7+`! *_j+3#c&`! i!
a'*f+`#*7&1+`h! 6#! a'+f+'#(&! +`! 01! 8b&'(#e7! (+1! 6-6! t?%+! 6-6! ]&3$%(*8uY!
ab_1#$&(&! a*'! "*(! >**5Y! a'+`#(+73+! (+! 6-6! >*7`b13&73`! (+! 0`3&(*`! B7#(*`h!
t444hd1d$*7`b13&73h$*d! i! 444hd1d4&3$%(*8h$*duh! )b+(+! `+'! $*73&$3&(*!
+7D!tMPPu!HGFLNMCPY!",h!K*q!JPCCFHY!9&7!.73*7#*Y!?:!JMFJPh!>&'3&!(+!.1+'3&!
(+! 1&! ,1&!(+!6+'$&(*! t6&'5+3! ]&c+!.1+'3! -+33+'u!+`!ab_1#$&(&!a*'! -+*7&'(!]!
>1+d+73`Y! &b3*'! (+! @+73'*! (+1! 2+34*'5! 6&'5+3#78! t;7`#(+! 2+34*'5! 6&'5+3#78Y!
)'#d&! )b_1#`%#78! CNNJuY! 3+1lf*7*D! tMPPu! IMML/JIIv! +Ld&#1D! d4&c+•&*1h$*dv!
(#'+$$#g7D!JG/F!2*'3%!1c&7%*+!.c+7b+Y!A'+`7*Y!>.!NGJFFh!?&d_#l7!+`!$*7f#&_1+!
01! 7+34*'5! d&'5+3#78! %*i! t2+34*'5! 6&'5+3#78! ?*(&iuY! ab_1#$&(*! a*'! >*'+i!
.b8+7`3+#7h! ?*(*`! 1*`! &m*`Y! >*'+i! ab_1#$&! b7! '&75#78! (+! 1&`! (#+s! a'#d+'&`!
$*da&mn&`!6-6h!?+1D!tGPHu!N/JLMIHHv!+Ld&#1D!$*'+i&•d1d#7`#(+'h$*dh!)e8#7&!
]+_D! 444hd1d#7`#(+'h$*dh! @#'+$$#g7D! 2+34*'5! "+`*b'$+`! 073+'a'#`+`Y! ;7$hY!
GJ/C!20!CIG!93'++3Y!`b#3+!CFGY!2*'3%!6#&d#!K+&$%Y!)-!GGCIPh)
))
*+(")l4)=+?+)0#+)&#1%($&?+!&C#)%#)/"()6%'&"(!
!!
Kb`kb+! 1*! kb+! 1*`! d+(#*`! (#$+7! `*_'+! 1&! $*da&mn&! &! 1&! kb+! b`3+(!
&ab73&h!0`3*!1*!ab+(+!%&$+'!`#7!$&'8*!+7!1&!_#_1#*3+$&Y!+73'&7(*!+7!1&!_&`+!(+!
(&3*`! -+q#`L2+q#`h! ?&d_#l7! ab+(+! _b`$&'! +7! ;73+'7+3Y! a*'! F/! (g1&'+`! a*'! (n&h!
)&'&! &`*$#&'`+Y! #78'+`+! +7! 444h7+q#`h$*d! i! `+1+$$#*7+! Z-2! '+SB09?+'[! (+1!
d+7o! kb+! _&j&! &! `b! a&73&11&h! A#7&1d+73+Y! ab+(+! _b`$&'! a*'! 3+1lf*7*Y! b`&7(*!
-+q#`L2+q#`! 0qa'+``Y! kb+! $*_'&! a*'! %*'&! i! a*'! $&73#(&(! (+! 3+q3*! #da'+`*h! -*`!
&'3n$b1*`!+7$*73'&(*`!`+!+7c#&'e7!a*'!$*''+*Y!f&q!*!+Ld&#1Y!`+8o7!`+!`*1#$#3+h!+1D!
tMPPu! M/GLI/JIv! f&qD! tNGJu! MIHLJ/CMv! +Ld&#1D! 1+q#`L7+q#`h+qa'+``•1+q#`L
7+q#`h$*dh!@#'+$$#g7!a*`3&1D!),h!K*q!NGGY!@&i3*7Y!,%#*!/H/PCLPNGGh!!
!
*+(")l8)&#(*%!!&"#%)/+()W0%;+())
!
E&'n&`! *'8&7#s&$#*7+`! 8b_+'7&d+73&1+`! i! a'#c&(&`! 8b&'(&7! #7f*'d&$#g7!
`*_'+! 1&`! kb+j&`! $*73'&! $*da&mn&`! 6-6h! 073'+! +`3&`! *'8&7#s&$#*7+`! `+!
+7$b+73'&7! 1&! ,f#$#7&! (+1! A#`$&1! =+7+'&1! (+1! 0`3&(*Y! +1! @+a&'3&d+73*! (+!
.`b73*`!(+1!>*7`bd#(*'!(+1!0`3&(*Y!1&!,f#$#7&!(+!6+j*'+`!2+8*$#*`Y!1&!>*d#`#g7!
A+(+'&1!(+!>*d+'$#*Y!1&!>*d#`#g7!(+!E&1*'+`!+!;73+'$&d_#*Y!i!1&!.`*$#&$#g7!(+!
c+73&!@#'+$3&!(+!]&`%#783*7!@h>h!!
!
!
9+&! $b#(&(*`*! +7! 1&! +c&1b&$#g7! (+! 1&`! kb+j&`h! 6b$%&`! $*da&mn&`!
8+7+'&7!kb+j&`!(+_#(*!&!a'*_1+d&`!3+da*'&'#*`!kb+!1b+8*!`*7!'+`b+13*`h!9#!1&`!
kb+j&`!fb+'*7!'+`b+13&`!*!7*Y!+`!b7!#7(#$&(*'!db$%*!d+j*'!(+!1&!l3#$&!(+!b7&!
99
+da'+`&! kb+! +1! `#da1+! 7od+'*! (+! kb+j&`h! .(+de`Y! &18b7&`! &8+7$#&`! 7*!
(#`3#78b+7! +73'+! kb+j&`! i! $*7`b13&`h! >&(&! 11&d&(&! +`! '+8#`3'&(&! $*d*! b7&!
kb+j&Y!&b7kb+!'+&1d+73+!`+&!`g1*!b7!a+(#(*!(+!#7f*'d&$#g7h!.`+8o'+`+!(+!kb+!
1&!&8+7$#&!'+&1d+73+!(#f+'+7$#+!1&`!kb+j&`!'+&1+`!(+!*3'*!3#a*!(+!11&d&(&`h!!
!
)
*+(")l9)&#(*%!!&"#%)/+()2&#+#7+(!!
!
!
9#!1&!$*da&mn&!&!1&!kb+!&ab73&!$*3#s&!+7!1&!_*1`&!(+!c&1*'+`Y!b`3+(!3#+7+!
`b+'3+h! -&! 1+i! 1+`! +q#8+! kb+! ab_1#kb+7! #7f*'d+`! (+3&11&(*`! (+! `b`! f#7&7s&`h!
)b+(+!a+(#'!b7!#7f*'d+!&7b&1!(#'+$3&d+73+!&!1&!+da'+`&h!,!ab+(+!*_3+7+'!1*`!
'+8#`3'*`! f#7&7$#+'*`! (+! 1&! +da'+`&! +7! 1&! >*d#`#g7! (+! E&1*'+`! +! ;73+'$&d_#*!
t90>uY!*!(+!@b7!{!K'&(`3'++3!+7!+1!3+1lf*7*!tMPPu!FG/LGMIJh!-*`!'+8#`3'*`!(+!1&!
90>!`+!ab+(+7!*_3+7+'!+7!;73+'7+3Y!+7!444h`+$h8*c!!
!
9#7Y! +d_&'8*Y! 1&! d&i*'n&! (+! 1&`! +da'+`&`! (+! 7+34*'5! d&'5+3#78! `*7!
a'#c&(&`! 1*! kb+! `#87#f#$&! kb+! 7*! `+! 1+`! +q#8+! (#cb18&'! #7f*'d&$#g7! f#7&7$#+'&h!
?+7('e! kb+! %&$+'! 3'&_&j*! (+! (+3+$3#c+h! @b7! {! K'&(`3'++3! a'*c++! #7f*'d&$#g7!
`*_'+!&18b7&`!+da'+`&`!a'#c&(&`Y!a+'*!7*!3*(&`h!;73+73+!a+(#'1+!(#'+$3&d+73+!&!
1&! $*da&mn&! (+! `b! #73+'l`! b7! +`3&(*! (+! '+`b13&(*`h! -&! d&i*'n&! `+! 7+8&'eh!
-1&d+!&1!_&7kb+'*!(+!1&!$*da&mn&!i!a'+8o73+1+!`#!1&!+da'+`&!3*d&!a'l`3&d*`!i!
`#!+`!$bda1#(*'&!$*7!`b`!a&8*`h!?&d_#l7!a'+8b73+!`#!a#(#g!$'l(#3*`!i!`#!fb+'*7!
*3*'8&(*`h! )b+(+! $%+$&'! 1*`! $'l(#3*`! a*'! d+(#*! (+! &8+7$#&`! (+! #7f*'d&$#g7!
$'+(#3#$#&Y!$*d*!?'&7`!B7#*7Y!0qa+'#&7!t&73+`!?"]uY!*!0kb#f&qh!-*`!#7f*'d+`!`+!
ab+(+7!*_3+7+'!a*'!;73+'7+3h!9#!b`3+(!7*!+`3e!$*7+$3&(*Y!an(&1+!&`#`3+7$#&!&!`b!
_&7kb+'*h!!
!
*+(")l<)&#(*%!!&"#%)%/)=&($",&+/)'%)/&$&?&"())
!
.c+'#8‚+!+7!kbl!&$$#*7+`!1+8&1+`!+`3bc#+'*7!#7c*1b$'&(*`!1&!$*da&mn&!i!
`b`! a'#7$#a&1+`! fb7$#*7&'#*`h! p>be1+`! fb+'*7! 1*`! d*73*`! (+! 1*`! jb#$#*`Y! `#! 1*`!
%b_*T! pOb_*! +d_&'8*`! a'+c+73#c*`! +`3&3&1+`! *! f+(+'&1+`T! -*`! #7f*'d+`!
$'+(#3#$#*`! (&'e7! b7! 1#`3&(*! (+! jb#$#*`! i! a1+#3*`! a&`&(*`h! 9+! ab+(+! *_3+7+'!
#7f*'d&$#g7! 1+8&1! +7! -+q#`L2+q#`! *! +7! >9>! 2+34*'5`€)'+73#$+! O&11! -+8&1! &7(!
A#7&7$#&1!9+'c#$+`!+7!+1!tMPPu!FFCL!PJJPh!!
!
*+(") l>) $%#?+) %#) !0%#$+) /+) 2+(%) '%) !,%!&6&%#$") '%) /+)
!"6*+Q&+)!
!
pSbl!&73#8‚+(&(!3#+7+!1&!+da'+`&T!.18b7&`!a+'`*7&`!a'+f#+'+7!b7#'`+!&!
$*da&mn&`! kb+! '+$#l7! `+! #7#$#&7Y! a*'kb+! ab+(+7! 8&7&'! db$%*! (#7+'*!
+da+s&7(*! (+`(+! &_&j*! +7! 1&! fb3b'&! .d4&i! *! 0q$+1! &1! d+7*`Y! 3+g'#$&d+73+h!
)+'*Y!p$gd*!`&_+'!kb+!1&!$*da&mn&!&!1&!kb+!b`3+(!`+!b7+!c&!&!3'#b7f&'T!2*!`+!
`&_+h! 9g1*! b7! a+kb+m*! 7od+'*! `*_'+c#c+! &! 1*`! (*`! a'#d+'*`! &m*`h! -&`! kb+!
`*_'+c#c&7!a*('e7!*!7*!%&$+'1*!&!1*!8'&7(+h!
!
!
.o7! $b&7(*! 3+78&! 1&! `b+'3+! (+! +1+8#'! b7&! $*da&mn&! 7b+c&! kb+! 1*8'+!
Zd*d+73bd[! +`! (+$#'Y! +1! _'*3+! (+! $'+$#d#+73*! +qa*7+7$#&1! kb+! 1&! $&3&ab13&! &!
1*`! _b+7*`! 3#+da*`r! `b`! a'*_1+d&`! 7*! %&_'e7! 3+'d#7&(*! 3*(&cn&h! -&`!
$*da&mn&`! (+! 'ea#(*! $'+$#d#+73*! #7+c#3&_1+d+73+! &3'&+7! +1! +`$'b3#7#*! (+!
'+8b1&(*'+`!8b_+'7&d+73&1+`h!07!b7!d*d+73*!b!*3'*Y!a'e$3#$&d+73+!3*(&`!1&`!
+da'+`&`! (+! 6-6! 8'&7(+`! &3'&c+`&'*7! 1*! kb+! -+*7&'(!]! >1+d+73`Y! &b3*'! (+!
100
@+73'*! (+1! 7+34*'5! d&'5+3#78! t;7`#(+! 2+34*'5! 6&'5+3#78uY! 11&d&! Z1&! f&`+! (+1!
+`$'b3#7#*[!rb7!a+'n*(*!(+!#73+7`&!#7c+`3#8&$#g7!a*'!a&'3+!(+1!8*_#+'7*!i!(+!1*`!
d+(#*`h!-&`!kb+!3#+7+7!`b+'3+!+`$&a&7!$*7!&18*!(+!d&1&!a'+7`&!i!b7*`!a*$*`!
a&8*`!#da*'3&73+`!+7!+f+$3#c*h!-&!d&i*'n&!3+'d#7&7!dbi!c&ab1+&(&`h!
!!
!
!
07! `n73+`#`Y! b7#'`+! &! b7&! +da'+`&! kb+! `+! #7#$#&Y! +`! &18*! &`n! $*d*! b7!
jb+8*!(+!(&(*`Y!9+!8&7&! (#7+'*! +7! f*'d&! de`! 1+73&! a+'*! de`!`+8b'&! $*7!1*`!
8#8&73+`!(+!1&!#7(b`3'#&h!0`3&`!`b+1+7!$'+$+'!$*7!d&i*'!1+73#3b(!kb+!1&`!7b+c&`Y!
&1!#8b&1! kb+!$b&1kb#+'! +da'+`&!(+!_b+7&!'+ab3&$#g7!+7!$b&1kb#+'!$&da*h!)+'*!
3&d_#l7!3#+7(+7!&!`+'!#7c+'`#*7+`!de`!`+8b'&`Y!a*'kb+!i&!&3'&c+`&'*7!1&!f&`+!
(+1!+`$'b3#7#*!i!`*_'+c#c#+'*7h!!
!
*+(")l@)m:0(W0%):+#'%,+(),";+()/%?+/%())
!
.73+`! (+! b7#'`+! &! $b&1kb#+'! $*da&mn&Y! (+_+'n&! +c&1b&'! +1! '#+`8*! (+!
#73+'c+7$#g7! a*'! a&'3+! (+1! 8*_#+'7*h! .18b7&`! $*da&mn&`! `*7! de`! cb17+'&_1+`!
kb+!*3'&`h!)*'!+j+da1*Y!3+78&!$b#(&(*!$*7!1&`!$*da&mn&`!kb+!&f#'d&7!kb+!`b`!
a'*(b$3*`! 8+7+'&7! $b'&`!d#1&8'*`&`! +`3'&f&1&'#&`h!9+!&''#+`8&7!&! b7!+`$'b3#7#*!
#7*a*'3b7*! a*'! a&'3+! (+! 1&! B@.! t.(d#7#`3'&$#g7! A+(+'&1! (+! .1#d+73*`! i!
6+(#$&d+73*`uh! ?&d_#l7! `*7! a'*_1+de3#$&`! 1&`! $*da&mn&`! kb+! a'*d+3+7! b7!
$&d#7*!'ea#(*!i!fe$#1!%&$#&!1&!'#kb+s&Y!*!kb+!11+c&7!&!1&!Z$&'8&!f'*73&1[!a'+`#*7&'!
&! 1*`! (#`3'#_b#(*'+`! a&'&! kb+! &(kb#+'&7! 8'&7(+`! $&73#(&(+`! (+! d+'$&(+'n&h! 9+!
&''#+`8&7!&!`+'!#7c+`3#8&(&`!$*d*!+`kb+d&`!a#'&d#(&1+`h!!
!
!
-&`! $*da&mn&`! 1+8n3#d&`! (+! 6-6! 7*! +q#8+7! $*da'&`! *7+'*`&`! &! 1*`!
7b+c*`! &`*$#&(*`h! >*d*! deq#d*Y! 1+`! a#(+7! kb+! $*da'+7! b7! 5#3! (+! #7#$#*! &1!
$*`3*! t8+7+'&1d+73+! _&j*uh! -*`! 5#3`! ab+(+7! $*73+7+'! $#73&`! (+! &b(#*! i! c#(+*Y!
&ib(&`! #da'+`&`! a&'&! c+73&`Y! `*1#$#3b(+`! a&'&! &`*$#&'! (#`3'#_b#(*'+`Y! db+`3'&`!
(+!a'*(b$3*`Y!i!$*`&`!a*'!+1!+`3#1*h!-&`!$*da&mn&`!1+8n3#d&`!3&d_#l7!8&'&73#s&7!
b7! '+#73+8'*! (+! &1'+(+(*'! (+1! NP! a*'! $#+73*! +7! 3*(*`! 1*`! a'*(b$3*`! kb+! `+!
(+`++7! (+c*1c+'h! 9+! &_`3+7('e7! (+! 8&'&73#s&'! &13*`! 7#c+1+`! (+! #78'+`*`! i!
(+j&'e7! +7! $1&'*! &! 1*`! 7b+c*`! &`*$#&(*`! kb+! +1! lq#3*! `g1*! 1+! 11+8&! &! kb#+7+`!
3'&_&j&7!&'(b&d+73+!i!c+7(+7!db$%*`!a'*(b$3*`h!!
!
!
?&d_#l7!3+78&!$b#(&(*!$*7!1&`!$*da&mn&`!$bi*`!(#`3'#_b#(*'+`!&1&'(+&7!
(+d&`#&(*! `*_'+! `b`! 8&7&7$#&`h! -*`! '+8b1&(*'+`! &! c+$+`! #73+'a'+3&7! +`&`!
&f#'d&$#*7+`! $*d*! b7! #73+73*! (+! +78&m&'! &! 1*`! a'*`a+$3*`! a&'&! kb+! a#+7`+7!
kb+!3*(*`!1*`!kb+!`+!&`*$#&7!&!1&!*a*'3b7#(&(!(+!7+8*$#*!*_3+7('e7!b7!#78'+`*!
#8b&1d+73+! #da*'3&73+h! -&`! $*da&mn&`! #73+1#8+73+`! &ab+`3&7! &! 1*! `+8b'*!
(#`b&(#+7(*!&!`b`!(#`3'#_b#(*'+`!(+!kb+!db+`3'+7!`b`!$%+kb+`!(+!$*_'*h!!
!
*+(")l-")m=+!+)0#+)/&($+)'%)!=%W0%")"/+)4))
!
-*`!a'#d+'*`!7b+c+!a&`*`!+`3e7!(#`+m&(*`!a&'&!&ib(&'1*!&!+c&1b&'!`#!1&!
$*da&mn&!&!1&!kb+!b`3+(!&ab73&!+`!1+8&1Y!l3#$&!i!f#7&7$#+'&d+73+!`g1#(&h!)+'*Y!
p+`! b7&! $*da&mn&! (+! 1&! ,1&! /T! p0`3e! _#+7! a*`#$#*7&(&! a&'&! 3'#b7f&'! +7! 1&!
+$*7*dn&! (+1! `#81*! c+#73#b7*T! -&! `#8b#+73+! 1#`3&! (+! $%+kb+*! 1*! &ib(&'e! &!
(#`$'#d#7&'!1&`!$*da&mn&`!#77*c&(*'&`!(+!1*`!(#7*`&b'#*`h!!
!
-^)%KGn)TJOLTGDUD)ID)TJZEDkFDo))
101
-&`! $*da&mn&`! ,1&! /! *f'+$+7! `+'c#$#*`! (+! 3+1+$*db7#$&$#*7+`! $*7!
(+`$b+73*`! &! `b`! (#`3'#_b#(*'+`Y! $*d*! `+'c#$#*`! (+! $*''+*! (+! c*s! i!
+d#`#g7!(+!c*sv!%*`3#78!(+!ae8#7&`!]+_!i!&$$+`*!&!;73+'7+3Y!i!_*1+3#7+`!
(#`a*7#_1+`! d+(#&73+! f&qY! $*''+*! (+! c*s! *! +1+$3'g7#$*h! .18b7&`!
$*da&mn&`! #7$1b`*! *f'+$+7! +d#`#*7+`! `&3+1#3&1+`! (+! 3+1+c#`#g7! i!
c#(+*$*7f+'+7$#&h!!
!
3^)WHp)KNKGLZDK)`MHLIGD)UL)IIDMLa)JiPLTLo))
01! (#`3'#_b#(*'! (+! 1&! ,1&! /! (+_+'n&! 3+7+'! &$$+`*! &!b7&! &da1#&! 8&d&! (+!
`#`3+d&`!a&'&!&3+7b&'!+1!3'&_&j*Y!#7$1bi+7(*!d&3+'#&1!(+!c+73&`!#da'+`*!
(+!&13&!$&1#(&(v!c#(+*`!(+!$*73&$3*!(+!&13&!$&1#(&(!i!$#73&`!(+!&b(#*!t(+!
_&j*!$*`3*uv!a'*8'&d&`!(+!$&a&$#3&$#g7!+`3&7(&'#s&(*`v!3+1+$*7f+'+7$#&`!
i!+d#`#*7+`!`&3+1#3&1+`!a&'&!$*73&$3&'!i!+73'+7&'v!&$$+`*!&!d&a&`!(+!'+(!
*! 8+7+&1*8n&`! &$3b&1#s&(&`Y! &! c*1od+7+`! (+! c+73&`! 8'ba&1+`Y!
$*7f#'d&$#g7! #7`3&73e7+&! (+! a+(#(*`! i! &7b7$#*`! $*'a*'&3#c*`! cn&! f&qY!
$*''+*! (+! c*sY! $*''+*! +1+$3'g7#$*! *! ae8#7&`! ]+_v! #7f*'d+`! +`3&(n`3#$*`!
`*_'+! 1*`! %e_#3*`!(+!$*da'&!(+! 1*`! $1#+73+`v!+73'+8&! (#'+$3&!(+!a+(#(*`!
(+!$1#+73+`!&!3'&cl`!(+!b7!7od+'*!3+1+fg7#$*!8'&3b#3*!*!b7&!ae8#7&!]+_!
(+! $*d+'$#*! +1+$3'g7#$*! t('*aL`%#aa#78uv! '+$+a$#g7! (+! a+(#(*`! 1&`!
c+#73#$b&3'*! %*'&`Y! $*7! 3&'j+3&! (+! $'l(#3*Y! `#7! dn7#d*! (+! b7#(&(+`!
*'(+7&(&`Y! i! +73'+8&`! 8&'&73#s&(&`! (+`(+! +1! (+ag`#3*! (+73'*! (+! 1&`!
$b&'+73&!i!*$%*!%*'&`!t$*7!*a$#g7!(+!+73'+8&!+7!F/!%*'&`!a'+c#*!a&8*!
(+! '+$&'8*uv! b7&! 1n7+&! 3+1+fg7#$&! `#+da'+! (#`a*7#_1+! a&'&! '+`a*7(+'! &!
db$%&`!(+!1&`!a'+8b73&`!(+!1*`!(#`3'#_b#(*'+`Y!(+!d&7+'&!kb+!b`3+(!7*!
3+78&!kb+!d&7+j&'!a+'`*7&1d+73+!3*(&`!1&`!(b(&`!(+!`b`!&`*$#&(*`h!!
!
5^)q$NLOL)ID)JEJPGHONUDU)HO)TJZEJOLOGL)UL)DIGJ)TJOGDTGJo))
01! a'*(b$3*! *! `+'c#$#*! (+_+'n&! a+'d#3#'! 1&! c+73&! (+! a+'`*7&! &! a+'`*7&h!
)*'! +j+da1*Y! &kb+11*`! kb+! '+kb#+'&7! db$%&! +qa1#$&$#g7! a'*1*78&(&! *!
3+`3#d*7#*! a+'`*7&1! `*7! &(+$b&(*`! a&'&! 1*`! dl3*(*`!(+! (#`3'#_b$#g7! (+!
1&!,1&!/h!!
!
!
4^)q$NLOL)ID)TJZEDkFD)HOD)LKGPDGLfND)UL)TPLTNZNLOGJ)D)IDPfJ)EID]Jo)
B7!`*1*!a'*(b$3*!*!`+'c#$#*Y!a*'!dbi!+q#3*`*!kb+!`+&Y!7*!`*`3+7('e!b7&!
$*da&mn&! (+! 1&! ,1&! /! #7(+f#7#(&d+73+h! .1! d+7*`Y! `b! $*da&mn&! (+_+'n&!
3+7+'! a1&7+`! %+$%*`! a&'&! #7(b$#'! &1! d*d+73bd! #7f#7#3*! d+(#&73+!
(#c+'`#f#$&$#g7!(+!a'*(b$3*`!i!+qa&7`#g7!#73+'7&$#*7&1h!-&!$*da&mn&!(+!1&!
,1&!/!`+!a*`#$#*7&!$*d*!b7&!.b3*a#`3&!(+!@#`3'#_b$#g7!=1*_&1Y!d*c#+7(*!
a'*(b$3*`! i! `+'c#(*`! a&'&! b7! 8'&7! 7od+'*! (+! $1#+73+`Y! +7! 3*(*`! 1*`!
$*73#7+73+`h!
!!
8^)q!HLOGD)TJO)HO)EIDO)UL)TJZELOKDTNXO)UL)ID)"ID)4o))
!
01!a1&7!(+!$*da+7`&$#g7!+`!1&!+`3'b$3b'&!(+!$*d#`#*7+`!(+!1&!$*da&mn&Y!
&! 3'&cl`! (+! 1&! $b&1! `+! $&1$b1&7! 1*`! #78'+`*`! (+! 1*`! (#`3'#_b#(*'+`h! -&`!
$*da&mn&`! (+! 1&! ,1&! /Y! *f'+$+7! b7! a1&7! +kb#1#_'&(*! $*7! *a*'3b7#(&(+`!
3&73*!a&'&!+1!db$%&$%#3*!kb+!3'&_&j&!+7!6-6!fb+'&!(+!%*'&Y!$*d*!a&'&!
+1!$*7`3'b$3*'!(+!7+8*$#*`!&!3#+da*!$*da1+3*Y!kb+!&`a#'&!&!&1$&7s&'!b7!
102
#78'+`*! `#87#f#$&3#c*h! 07! +1! a'gq#d*! $&an3b1*! a*('e! +7$*73'&'! b7! &7e1#`#`!
$*da1+3*!&$+'$&!(+!1*`!a1&m+`!(+!$*da+7`&$#g7h!!
!
)
:V(W0%'+)'%)*%,2%!!&C#))
!
-&!$*da&mn&!(+!1&!,1&!/Y!3&1!$*d*!`+!(+1#7+g!a'+c#&d+73+Y!+`!b7!#(+&1h!
)*$&`Y! *! $&`#! 7#78b7&! +da'+`&! (+! 7+34*'5! d&'5+3#78! *f'+$+! 3*(*`! +`3*`!
_+7+f#$#*`! `#db13e7+&d+73+h! 9#! b`3+(! (+d&7(&! a+'f+$$#g7! +7! 3*(*`! 1*`!
&`a+$3*`Y! a'*_&_1+d+73+! `+! c+'e! (+$+a$#*7&(*h! )+'*! 1&! $*da&mn&! &! 1&! kb+!
&ab73&! (+_+'n&Y! &1! d+7*`Y! 3+7+'! c#`#g7! ,1&! /Y! i! d*`3'&'! +c#(+7$#&! (+! +`3&'!
d*c#l7(*`+! +7! (#'+$$#g7! ,1&! /h! @+_+'n&! 3+7+'! b7! +`kb+d&! '+&1#`3&! a&'&!
d*(+'7#s&'! 1&`! 3+1+$*db7#$&$#*7+`Y! +qa&7(#'! 1*`! d+'$&(*`! i! 1n7+&`! (+!
a'*(b$3*`Y! d+j*'&'! `#`3+d&`! (+! Zcb+13&! (+! 11&c+[Y! i! +kb#1#_'&'! 1*`! a1&7+`! (+!
$*da+7`&$#g7h!6&73+78&!&!1&!$*da&mn&!(+!`b!+1+$$#g7!+7!1*`!+`3e7(&'+`!(+!1&!
,1&!/Y!i!b`3+(!`+!+7$*73'&'e!_#+7!a*`#$#*7&(*!a&'&!$'+$+'!+7!+1!`#81*!c+#73#b7*h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
103
!
!
!
!
!DEFGHIJ)'&%!&#0%1%)
)
!JZEPLOULP)KH)EIDO)UL)TJZELOKDTNXO)
!
!
>be73&! #da*'3&7$#&! 3#+7+! +73+7(+'! 1*`! a1&7+`! (+! $*da+7`&$#g7T!
2#78b7&Y!(#'e7!&18b7*`h!6b$%*`!c+3+'&7*`!+q#3*`*`!(+1!6-6!`+!bf&7&7!(+!kb+!
7b7$&!(#'#8#+'*7!`b!&3+7$#g7!&!$gd*!`+!$&1$b1&_&7!`b`!$*d#`#*7+`h!@+j&7!+`*`!
3+d&`!+7!d&7*`!(+!1&!$*dab3&(*'&!(+!1&!$*da&mn&h!07!1b8&'!(+!&3*'d+73&'`+!
$*7! _*7#f#$&$#*7+`! i! $*d#`#*7+`! +`a+$#&1+`Y! #7c#+'3+7! `b! 3#+da*! i! +7+'8n&! +7!
+73'+7&'!&!`b`!&`*$#&(*`h!
!!
!
0`3+! +7f*kb+! 3#+7+! `b`! dl'#3*`h! ;7c+`3#8&'! $*dab1`#c&d+73+! 1*`! a1&7+`!
(+! a&8*! ab+(+Y! +7! +f+$3*Y! (#`3'&+'1*! (+! `b! *_j+3#c*h! -*`! a1&7+`! +7! `n! d#`d*`!
`b+1+7!`+'!$*da1+j*`!i!(#fn$#1+`!(+!(+`$#f'&'h!)b+(+!11+8&'!&!a&`&'!db$%*!3#+da*!
(+`+7d&'&me7(*1*`h!\!b7&!c+s!kb+!1*!%&i&!1*8'&(*Y!(+`$b_'#'e!kb+Y!1&!d&i*'n&!
(+!1&`!c+$+`Y!b7!a1&7!'+`b13&!`+'!3&7!_b+7*!$*d*!*3'*h!Z01!(#`+m*!(+!1*`!a1&7+`!
(+! $*da+7`&$#g7! +`Y! `#7! (b(&`Y! +1! &`a+$3*! (+1! 7+8*$#*! de`! *'#+73&(*! a*'! 1&!
a+'$+a$#g7Y[! (#$+! -+*7&'(! >1+d+73`Y! +(#3*'! (+! 1&! '+c#`3&! 6&'5+3! ]&c+! i! &b3*'!
(+! ;7`#(+! 2+34*'5! 6&'5+3#78! t@+73'*! (+1! 7+34*'5! d&'5+3#78uh! Z0q#`3+7!
3*7+1&(&`!(+!f*'d&`!(+!%&$+'!&a&'+$+'!b7!a1&7!de`!1b$'&3#c*!+7!a&a+1Y!&b7kb+!
+7!'+&1#(&(Y!`+!ab+(&!8&7&'!1*!d#`d*!kb+!$*7!$b&1kb#+'!*3'*!a1&7h[!!
!
!
07! `n73+`#`Y! 1&`! (#f+'+7$#&`! +73'+! 1*`! a1&7+`! (+! $*da+7`&$#g7! %&7! `#(*!
dbi!+q&8+'&(&`h!.18b7*`!`*7!de`!8+7+'*`*`!kb+!*3'*`Y!+`*!+`!$#+'3*h!)+'*!+`!
b7&!&ab+`3&!`+8b'&!kb+!$b&1kb#+'!$*da&mn&!+7!$'+$#d#+73*!i!1+8n3#d&Y!$*7!b7!
%#`3*'#&1!+q#3*`*Y!3#+7+!b7!a1&7!+7!d&'$%&!kb+!+`!a+'f+$3&d+73+!&(+$b&(*!a&'&!
&`+8b'&'! `b! lq#3*! `#+da'+! i! $b&7(*! b`3+(! a*78&! 1&! &$$#g7h! .`n! kb+! `b'8+! 1&!
a'+8b73&D!pa*'!kbl!d*1+`3&'`+!+7!&7&1#s&'!1*`!a1&7+`!(+!$*da+7`&$#g7T!!
!
,%*%/%#$%)'%)*,"6"!&"#%())
!
B7&! '&sg7! +`! 1&! &b3*(+f+7`&h! >&(&! 7+34*'5+'! +`! _*d_&'(+&(*! %*i! +7!
(n&!a*'!a'*d*$#*7+`!(+!$*da&mn&`!'#c&1+`!+7!8'&7!a&'3+!$+73'&(&`!+7!+1!3+d&!
(+!a1&7+`!(+!$*da+7`&$#g7h!07!;73+'7+3!&_b7(&7!a'*a&8&7(&`!(+!$*73&$3*!kb+!
a'*d+3+7!a1&7+`!(+!a&8*!de`!fe$#1+`!i!8+7+'*`*`h!6b$%*`!ab+(+7!a&'+$+'!dbi!
&3'&$3#c*`h! 9#! b`3+(! +`! b7! a'#7$#a#&73+! +7! _b`$&! (+! `b! a'#d+'&! *a*'3b7#(&(Y!
fe$#1d+73+! ab+(+! `+'! &3'&n(*! &! b7#'`+! &! b7&! $*da&mn&! $*7! a'*(b$3*`! a*_'+`Y!
8+'+7$#&d#+73*! 7+81#8+73+Y! c+73&`! +`3&7$&(&`! i! b7&! $b+73&! _&7$&'#&! c&$n&Y!
`#da1+d+73+!a*'kb+!a'*d+3n&!d+j*'+`!Z(#c#(+7(*`[h!
!!
!
;7$1b`*! 1*`! a'*f+`#*7&1+`! (+! '+(! +qa+'#d+73&(*`! +`3e7! +7! '#+`8*h!
9ba*78&! kb+! b`3+(! 3#+7+! b7&! '+1&$#g7! 1&'8&! i! +`3&_1+! $*7! b7&! $*da&mn&! +7!
a&'3#$b1&'h! )b+(+! `+73#'! kb+! +`! #7db7+! &! 1&`! a'*a&8&7(&`! (+! a1&7+`! (+!
$*da+7`&$#g7h!\!kb#se`!1*!+`h!)+'*!pi!`b`!&`*$#&(*`T!pSbl!1+`!(#$+!$b&7(*!1+!
104
a#(+7!$*7`+j*!`*_'+!b7&!+da'+`&!'#c&1!kb+!(#$+!3+7+'!b7!a1&7!de`!Zfe$#1[!kb+!+1!
`bi*T!.!db$%*`!1n(+'+`!+`&`!a'+8b73&`!1*`!`*'a'+7(+7!$*7!1&!8b&'(#&!_&j&h!2*!
3#+7+7!#(+&!(+!1*!kb+!(+_+7!'+`a*7(+'h!!
!
!
Z?*(*`! 1*`!(n&`!(+!d#!c#(&! `+! d+! &$+'$&7! *3'&`!$*da&mn&`Y[!(#$+! ^&1i7!
=#__+7`!(+!2+4&i`!t$bi&!%#`3*'#&!ab+(+!1++'`+!+7!1*`!$&an3b1*`!FM!i!FNuh!Z\!1&`!
a+'`*7&`!(+!d#!'+(!3&d_#l7!`bf'+7!+`+!&$*`*h!6+!&`+8b'*!(+!+7`+m&'1+`!&$+'$&!
(+! a1&7+`! (+! a&8*Y! a&'&! kb+! `+a&7! $gd*! '+`a*7(+'! $b&7(*! &18b#+7! #73+73+!
c+7(+'1+`!*3'*!a1&7h[!!
!
(%&()!,&$%,&"()*+,+)%/%?&,)0#)*/+#))'%)!"6*%#(+!&C#))
!
2*! `+! 7+$+`#3&! b7! (*$3*'&(*! +7! a1&7+`! (+! $*da+7`&$#g7! a&'&! c+'! &!
3'&cl`! (+! 1&! a'*a&8&7(&h! B7*`! a*$*`! a'#7$#a#*`! `+'e7! `bf#$#+73+`h! 0c&1o+! 3*(*!
a1&7!$*7!1*`!`+#`!$'#3+'#*`!kb+!`+!+7bd+'&7!&!$*73#7b&$#g7Y!i!b`3+(!3+7('e!b7&!
dbi!_b+7&!#(+&!(+!`b`!a'*`!i!`b`!$*73'&`h!!
!
-^)$DZDkJ)EJGLOTNDI)UL)ID)JPfDON]DTNXO))
9b! *'8&7#s&$#g7! 6-6! $'+$+! +7! (*`! (#'+$$#*7+`! r%*'#s*73&1! i!
c+'3#$&1d+73+! +7! &7$%*! i! +7! a'*fb7(#(&(h! .c+'#8‚+! +q&$3&d+73+! kbl!
1nd#3+`!1+!a*7+!+1!a1&7!(+!$*da+7`&$#g7!&1! &7$%*!i!&!1&! a'*fb7(#(&(!(+!
`b!'+(h!-&!a'*fb7(#(&(!+`!+1!7od+'*!(+!7#c+1+`!a*'!+1!$b&1!`+!1+!a+'d#3+!
+q3'&+'!$*d#`#*7+`h!01!&7$%*!+`!+1!7od+'*!(+!a+'`*7&`!kb+!ab+(+!b_#$&'!
+7! `b! 1n7+&! f'*73&1h! -*`! a1&7+`! d&3'#s! i! 1*`! _#7&'#*`! 1#d#3&7! +1! &7$%*h!
?*(*`! 1*`! *3'*`! a1&7+`! a+'d#3+7! b7! &7$%*! #7f#7#3*Y! a+'*! $*73'*1&7!
+`3'#$3&d+73+!`b! a'*fb7(#(&(! %&`3&! b7! $#+'3*!7od+'*! (+! 7#c+1+`h!?+78&!
$b#(&(*!$b&7(*!$&1$b1+!1&!a'*fb7(#(&(h!Sb#se`!c+&!(*`!a1&7+`!kb+!(#$+7!
a+'d#3#'!`+#`!7#c+1+`!$&(&!b7*h!)+'*!`#!d#'&!de`!(+!$+'$&!kb#se`!(+`$b_'&!
kb+! b7*! +`! (+! 7#c+1! o7#$*Y! kb+! (+3#+7+! `b`! $*d#`#*7+`! 1b+8*! (+1! `+q3*!
7#c+1Y! d#+73'&`! kb+! +1! *3'*! ab+(+! `+'! +`$&1*7+`! €! 'ba3b'&Y! kb+! a+'d#3+!
+q3'&+'!$*d#`#*7+`!(+1!(*_1+!(+!7#c+1+`Y!_&j*!$#+'3&`!$#'$b7`3&7$#&`h!E+&!
de`!&(+1&73+!b7&!+qa1#$&$#g7!(+3&11&(&h!!
!
3^)!DINiNTDTNJOLK))
)&'&! $&1#f#$&'! a&'&! $*d#`#*7+`! i! _*7#f#$&$#*7+`Y! ab+(+! kb+! `+! '+kb#+'&!
$*da'&'!b7&!$#+'3&!$&73#(&(!(+!a'*(b$3*`!$&(&!d+`Y!&1!a*'!d&i*'h!0`3+!
+`! `b! '+kb+'#d#+73*! (+! c*1bd+7! dn7#d*! a+'`*7&1h! -&! d&i*'n&! (+! 1*`!
a1&7+`!3&d_#l7!+q#8+7!kb+!b`3+(!*'(+7+!a'*(b$3*`!&(#$#*7&1+`!3*(*`!1*`!
d+`+`Y!a&'&!$&1#f#$&'!a&'&!$#+'3*`!7#c+1+`!(+!$*d#`#*7+`h!.c+'#8‚+!$be1+`!
`*7!+`3*`!d*73*`!'+kb+'#(*`h!9#!1&`!$b*3&`!`*7!dbi!&13&`Y!b`3+(!`+!`+7L!
3#'e! a'+`#*7&(*! &! $*da'&'! de`! a'*(b$3*`! (+! 1*`! kb+! ab+(&! c+7(+'h! 9#!
`*7! dbi! _&j&`Y! `b! '+(! kb#se`! `+! `#+73&! a*$*! #7$+73#c&(&! &! c+7(+'! i!
$*da'+! `*1&d+73+! 1*`! a'*(b$3*`! 7+$+`&'#*`! a&'&! `&3#`f&$+'! `b`!
7+$+`#(&(+`! a+'`*7&1+`h! .18b7*`! a1&7+`! 3&d_#l7! +q#8+7! kb+! b`3+(!
&`*$#+Y! +7! $#+'3*`! 7#c+1+`Y! &! b7! $#+'3*! 7od+'*! (+! (#`3'#_b#(*'+`! kb+!
%&i&7!&1$&7s&(*!b7!7#c+1!(+!1*8'*!+`3&_1+$#(*Y!&73+`!(+!kb+!&!b`3+(!`+!
1+! a+'d#3&! +q3'&+'! 7#c+1+`! de`! &13*`! (+! $*d#`#*7+`h! .`+8o'+`+! (+! kb+!
`b`!*_j+3#c*`!(+!&`*$#&$#g7!`+&7!'+&1#`3&`Y!`#!(+`+&!+c#3&'!1&!f'b`3'&$#g7h!
!!
5^)q%rGPLZJ)ULIDOGLPJ)J)EJKGLPNJPo))
105
-&`!$*d#`#*7+`!(+!&18b7*`!a1&7+`!`*7!d&i*'+`!+7!+1!+q3'+d*!(+1&73+'*Y!
d#+73'&`!kb+!1&`!(+!*3'*`!1*!`*7!+7!+1!a*`3+'#*'h!01!+q3'+d*!(+1&73+'*!`+!
'+f#+'+! &! 1*`! 7#c+1+`! de`! &13*`! *! &! 1&! a&'3+! de`! 3+da'&7&! (+1! a1&7h!
=+7+'&1d+73+Y!+`3&`!`*7!1&`!a'#d+'&`!a+'`*7&`!&!1&`!kb+!b`3+(!&`*$#&h!9#!
`+!'+$#_+7!$*d#`#*7+`!de`!&13&`!a*'!1&`!a'#d+'&`!a+'`*7&`Y!+`*!`#87#f#$&!
kb+! a*('e! '+$#_#'! (#7+'*! de`! 'ea#(*! i! de`! fe$#1d+73+h! 01! +q3'+d*!
a*`3+'#*'! `*7! 1*`! 7#c+1+`! de`! a'*fb7(*`h! =+7+'&1d+73+Y! +`3&`! `*7! 1&`!
o13#d&`! a+'`*7&`! kb+! `+! &`*$#&7! &! `b! '+(! 1&`! &`*$#&(&`!
a*'! `b`! `*$#*`Y! i! &`n! `b$+`#c&d+73+h! -*`! a1&7+`! 3'&(#$#*7&1+`! a&8&7! 1&`!
$*d#`#*7+`!de`!&13&`!a*'!1*`!7#c+1+`!de`!_&j*`h!0`*!`#87#f#$&!kb+!(+_+'e!
3'&_&j&'! de`! (b'&73+! de`! 3#+da*! &73+`! (+! $*d+7s&'! &! '+$#_#'! 1&`!
$*d#`#*7+`! '+&1d+73+! 8'&7(+`h! .! a'#d+'&! c#`3&Y! a&'+$+'n&! de`! 1g8#$*! #'!
3'&`!1&`!$*d#`#*7+`!de`!'ea#(&`!i!fe$#1+`h!)+'*!+7!'+&1#(&(Y!$*d#`#*7+`!(+!
+q3'+d*!a*`3+'#*'!de`!&13&`!*f'+$+7!b7&!8'&7!c+73&j&!a&'&!&kb+11*`!kb+!
3'&_&j&7! $*7! (+(#$&$#g7! i! $*7`3'bi+7! *'8&7#s&$#*7+`! a'*fb7(&`h! 0`! a*'!
+`*!kb+!1*`!7#c+1+`!de`!a'*fb7(*`!r1*`!`*$#*`!(+!1*`!`*$#*`!(+!1*`!`*$#*`!
(+! 1*`! `*$#*`! (+! 1*`! `*$#*`! (+! `b`! `*$#*`! *'#8#7&1+`r! `*7! 1*`! kb+!
3+7(+'e7! &! `+'! de`! 7bd+'*`*`h! 07! 1*`! 7#c+1+`! a'*fb7(*`! +`! (*7(+!
$*d#+7s&!&!(+`&''*11&'`+!3*(&!1&!fb+'s&!(+1!$'+$#d#+73*!8+*dl3'#$*h!)&'&!
d&i*'+`!+qa1#$&$#*7+`Y!c+&!de`!&(+1&73+h!!
!
4^)'NMNULOUJK))
!
?*(&!$*da&mn&!(#$+!3+7+'! b7&! $#+'3&! $&73#(&(! (+! (#c#(+7(*`h!0`3+! +`!+1!
a*'$+73&j+! (+! c+73&`! 3*3&1+`! kb+! 1&! $*da&mn&! a&8&! +7! f*'d&! (+!
$*d#`#*7+`!&!`b`!(#`3'#_b#(*'+`h!-&!`&_#(b'n&!$*7c+7$#*7&1!`*`3#+7+!kb+!&!
d&i*'+`!(#c#(+7(*`Y!d+j*'!+`!1&!$*da&mn&h!9#7!+d_&'8*Y!+`!#da*'3&73+!
3+7+'!+7!$b+73&!kb+!$b&73*!de`!(#7+'*!a&8&!1&!$*da&mn&Y!d+7*`!8b&'(&!
a&'&!`n!d#`d&Y!+7!3l'd#7*`!(+!8&7&7$#&`!$*'a*'&3#c&`h!9#!b7&!$*da&mn&!
a&8&!$*7!(+d&`#&(&!8+7+'*`#(&(Y!a*('n&!3+7+'!kb+!+7f'+73&'!a'*_1+d&`!
(+!f1bj*!(+!+f+$3#c*h!>*d#`#*7+`!de`!&13&`!7*!1*!&ib(&'e7Y!`#!1&!$*da&mn&!
kb+! 1&`! *f'+$+! +`3e! 3&d_&1+&7(*! &1! _*'(+! (+! 1&! kb#+_'&h! 01! c*1bd+7! (+!
c+73&`!i!1&!&_`*1b3&!`&1b(!f#7&7$#+'&!`*7!db$%*!de`!#da*'3&73+`!kb+!1*`!
(#c#(+7(*`h! Z01! `+3+73&! i! $#7$*! a*'! $#+73*! (+! $+'*! `#8b+! `#+7(*! $+'*Y[!
+qa1#$&! -+*7&'(! >1+d+73`Y! +1! &b3*'! (+! ;7`#(+! 2+34*'5! 6&'5+3#78h! ZB7&!
$*da&mn&! $*7! 8'&7(+`! (#c#(+7(*`! a+'*! c+73&`! a*_'+`Y! 7*! +`! b7&!
*a*'3b7#(&(! 3&7! _b+7&! $*d*! b7&! $*da&mn&! $*7! (#c#(+7(*`! _&j*`! a+'*!
kb+! 3#+7+! b7! 8'&7! c*1bd+7! (+! c+73&`h[! ?+78&! +7! $b+73&! 3&d_#l7! kb+!
&18b7&`! $*da&mn&`! 3'#b7f&'*7! +7! *f'+$+'! (#c#(+7(*`! de`! &13*`!
`#da1+d+73+!&bd+73&7(*!1*`!a'+$#*`!(+!`b`!a'*(b$3*`!de`!&11e!(+1!3*a+h!
B7&! $*da&mn&! kb+! c+7(&! f'&`$*`! (+! $%&dao! &! FH! (g1&'+`! 3+7('e!
_&`3&73+`!$*da1#$&$#*7+`!a&'&!+7$*73'&'!$1#+73+`Y!a*'!de`!kb+!&3'&#8&!&!
db$%*`!(#`3'#_b#(*'+`!$*7!`b`!&13&`!$*d#`#*7+`!(+!+q3'+d*!a*`3+'#*'h!!
!
8^)&OTHZEINZNLOGJ)
!@+!&$b+'(*!$*7!>1+d+73`Y!7#78b7&!$*da&mn&!ab+(+!'+&1d+73+!+7f'+73&'!
(#c#(+7(*`! (+! de`! (+1! IP! a*'! $#+73*! +`! (+$#'Y! IP! $+73&c*`! (+! $*d#`#g7!
a*'!$&(&!(g1&'!(+!c+73&!d&i*'#`3&h!9#!a&8&'&!de`Y!+`3&'n&!+7!a+1#8'*!(+!
#'! &! 1&! kb#+_'&h! )*'! +`*Y! $b&7(*! +`$b$%+! %&_1&'! (+! $*da&mn&`! kb+!
106
*f'+$+7!(#c#(+7(*`!(+!JH!a*'!$#+73*!*!de`Y!ab+(+!+`3&'!dbi!`+8b'*!(+!
kb+!`b`!a1&7+`!3#+7+7!&18o7!(+`f&`&j+h!
!@+`f&`&j+! +`!1&!(#f+'+7$#&!+73'+!1*! kb+! `b!+da'+`&!a'*d+3+! a&8&'! i!1*!
kb+! '+&1d+73+! a&8&h! -&! 1+3'&! $%#$&! (+! 1&! d&i*'n&! (+! 1*`! a1&7+`! (+!
$*da+7`&$#g7! $*73+7('e! b7! `#77od+'*! (+! +`3#ab1&$#*7+`! `b3#1+`! $bi*!
a'*ag`#3*!+`!'+(b$#'!`b`!$*d#`#*7+`Y!+1+c&'!1*`!'+kb#`#3*`!a&'&!$&1#f#$&'Y!*!
(+`$&1#f#$&'! a&'3+`! (+! `b! c*1bd+7! (+! c+73&Y! +7! $#+'3&`! $#'$b7`3&7$#&`h!!
)*'! +j+da1*Y! +`! 7&3b'&1! `ba*7+'! kb+! 3*(*! +1! c*1bd+7! (+! c+73&`! (+! `b!
*'8&7#s&$#g7!$b+73&!a&'&!11+8&'!&!`b!$ba*!d+7`b&1h!)+'*!p+`!&`nT!6b$%&`!
+da'+`&`!`g1*!$*7`#(+'&7!1*!kb+!11&d&7!c*1bd+7!Z1#_'+!(+!8'&ced+7+`[Y!
kb+!`+!(+f#7+!$*d*!+1!c*1bd+7!(+!`b!8'ba*!a+'`*7&1Y!a+'*!7*!+1!(+!`b`!
1n7+&`! (+! 'ba3b'&! -b+8*Y! +q#`3+7! +da'+`&`! kb+! 3'&`1&(&7! `b! c+'(&(+'*!
c*1bd+7!(+!c+73&`!&!1*!kb+!11&d&7!Zc*1bd+7!(+!_*7#f#$&$#g7[!b7!d*73*!
kb+!`b+1+!`+'!d+7*'!kb+!+1!c+'(&(+'*!c*1bd+7!(+!c+73&`!ta*'!+j+da1*Y!
JPP!(g1&'+`! +7! c*1bd+7!(+!_*7#f#$&$#g7Y! $*da&'&(*`!$*7!ChPPP! (g1&'+`!
(+! c+73&`! d&i*'#`3&`uh! >b&7(*! 11+8&! +1! d*d+73*! (+! $&1$b1&'! `b! $ba*!
d+7`b&1Y!1&!$#f'&!kb+!b`&7!+`!+1!c*1bd+7!(+!_*7#f#$&$#g7Y!7*!+1!c*1bd+7!
(+! c+73&`h! 9+! $'+&! &o7! de`! (+`f&`&j+! &! 3'&cl`! (+! 1&`! a+7&1#s&$#*7+`h!
6b$%&`! +da'+`&`! #da*7+7! 'n8#(&`! a+7&1#s&$#*7+`! a*'!7*! 1*8'&'! $bda1#'!
+1!$ba*h!07!&18b7&`Y!b`3+(!a*('n&!`+'!(+8'&(&(*!b7!7#c+1!(+!$*d#`#*7+`!
de`!&_&j*!r#7$1b`*!&1!de`!_&j*!(+!3*(*`!+7!&18b7*`!$&`*`r! &1!a'#d+'!
d+`! (+! 7*! 11+8&'! &1! $ba*h! )1&7+`! de`! &d&_1+`! i! 8+73#1+`! *f'+$+'e7! b7!
a+'n*(*! (+! 8'&$#&! (+! c&'#*`! d+`+`! &73+`! (+! '+(b$#'! 1&! a'*`a+'#(&(Y!
(e7(*1+! b7&! *a*'3b7#(&(! (+! +1+c&'! `b! c*1bd+7! (+! 7b+c*h! \! &18b7*`!
a1&7+`! `*7! 3&7! 8+73#1+`! kb+! 7b7$&! 1*! (+8'&(&7! +7! &_`*1b3*h!!
0`! #da*'3&73+! '+$*'(&'! kb+! +1! (+`f&`&j+! 7*! 3#+7+! 7&(&! (+! d&1*! +7! `n!
d#`d*h!0`! 3&7! `g1*!b7&!d&7#*_'&!ab_1#$#3&'#&!a&'&! %&$+'! kb+! 1*`!a1&7+`!
(+! $*da+7`&$#g7! a&'+s$&7! de`! &3'&$3#c*`Y! &1! #8b&1! kb+! 1*! %&$+7! 1*`!
c+7(+(*'+`! d#7*'#`3&`Y!&1! f#j&'! +1! a'+$#*!(+!`b`!&'3n$b1*`! +7!NhNN!+7! c+s!
(+! CP! (g1&'+`Y! a&'&! kb+! a&'+s$&7! de`! _&'&3*`h! 6&73+78&! b7&! d#'&(&!
`+'#&! +7! 1*`! c+'(&(+'*`! (#c#(+7(*`! (+! 1&! +da'+`&! t(+`$*73&(*! +1!
(+`f&`&j+u!+!#87*'+!`b`!(#c#(+7(*`!ab_1#$&(*`!t#7$1b#(*!+1!(+`f&`&j+uh!@+!
+`&!d&7+'&Y!a*('e!3*d&'!b7&!(+$#`#g7!'+`a*7`&_1+h!!
!
9^)$NEJ)UL)EIDO))
0q#`3+7! $b&3'*! 3#a*`! #da*'3&73+`! (+! a1&7+`! kb+! +7$*73'&'eY! b7&! i! *3'&!
c+sY! +7! +1! 7+8*$#*! (+1! 7+34*'5! d&'5+3#78Y! $&(&! b7*! $*7! `b`! a'*a#&`!
f*'3&1+s&`! i!(+_#1#(&(+`h! 0`3*`!`*7D!+1!(+!+`$&1*7+`!€! 'ba3b'&Y! +1!d&3'#sY!
+1!(+!7#c+1!o7#$*!i!+1!_#7&'#*h!>*da&'&'+d*`!i!+qa1*'&'+d*`!1*`!c&'#&(*`!
a1&7+`!&!$*73#7b&$#g7h!!
!
%/)*/+#)'%)!"6*%#(+!&C#)"/+)4))
!
07!d&i*!(+!CNN/Y!+1!j+f+!+(#3*'#&1!(+!1&!'+c#`3&!Ba1#7+Y!Q*%7!6#13*7!A*88!
d+!+73'+c#`3g!+7!'+1&$#g7!&!d#!1#_'*!,1&!GY!+73*7$+`!'+$#+73+d+73+!+(#3&(*h!07!
+1!3'&7`$b'`*!(+!+`&!+73'+c#`3&Y! d+!%#s*!+`3&! a'+8b73&D!Z"#$%&'(Y! %&i! b7&! ,1&!
/T[! "+`a*7(nD! Z>'+*! kb+! 1&! 7b+c&! f'*73+'&! (+1! 7+34*'5! d&'5+3#78! #7c*1b$'&! &!
1*`! a1&7+`! (+! $*da+7`&$#g7Y! (*7(+! 3*(*`! `+! (&'e7! $b+73&! (+! kb+! 1*`! a1&7+`!
ab+(+7! +c*1b$#*7&'hhh! kb+! ab+(+! %&_+'! de`! (#7+'*! (#`a*7#_1+! a&'&! 1*`!
(#`3'#_b#(*'+`! '&`*`! kb+! +`3e7! %&$#+7(*! b7&! $&73#(&(! d*(+'&(&! (+! 3'&_&j*h[!!
107
6+! '+f+'n&! &1! %+$%*! (+! kb+! $&(&! c+s! de`! +da'+`&`Y! +7! +`+! d*d+73*Y!
$*d+7s&_&7! &! a&8&'! $*d#`#*7+`! de`! &13&`! &! 1*`! +q3'+d*`! f'*73&1+`! (+! `b`!
a1&7+`! +`! (+$#'Y! &! 7#c+1+`! de`! &13*`h! ?&1! $*d*! `+! +qa1#$g! a'+c#&d+73+Y! +`3+!
&''+81*!%&$+!de`!fe$#1!kb+!db$%&!de`!8+73+!8&7+!(#7+'*!$*7!d&i*'!'&a#(+s!r
+`a+$#&1d+73+!+1!a+kb+m*!%*d_'+Y!kb+!kb#se`!7b7$&!ab(*!&`*$#&'!&!de`!(+!b7!
abm&(*!(+!a+'`*7&`h!!
!
!
6+!%&$+!f+1#s!#7f*'d&'!kb+!d#!a'+(#$$#g7!(+!d&i*!(+!CNN/!%&!`*a*'3&(*!
1&!a'b+_&!(+1!3#+da*h!-&!3+7(+7$#&!$1&'&!+73'+!1&`!+da'+`&`!(+!6-6!+`!*f'+$+'!
$*d#`#*7+`! de`! 8+7+'*`&`! +7! 1*`! 7#c+1+`! de`! &13*`h! 07! +f+$3*Y! +`! (#fn$#1!
+7$*73'&'!b7&!$*da&mn&!(+!7+34*'5!d&'5+3#78!kb+!7*!%&i&!&1#8+'&(*!`b!a1&7Y!
(+!&18b7&!d&7+'&Y!+7!1*`!o13#d*`!&m*`h!!
!
/+)*,&6%,+)/%A)'%)/"()*/+#%()'%)!"6*%#(+!&C#)
!!
.18b7&`! +da'+`&`! %&7! 11+c&(*! +`3+! a'#7$#a#*! &1! +q3'+d*h! 07! 1b8&'! (+!
`#da1+d+73+! f*'3&1+$+'! `b`! 7#c+1+`! de`! &13*`! a*'! b7*`! a*$*`! ab73*`!
a*'$+73b&1+`Y!%&7!d*c#(*!$&`#!3*(&`!`b`!$*d#`#*7+`!&!1*`!(*`!a'#d+'*`!7#c+1+`Y!
(+j&7(*! a*$*! *! 7&(&! +7! 1*`! 7#c+1+`! kb+! 1+! `#8b+7h! .! a'#d+'&! c#`3&Y! a&'+$+! b7!
a&`*! 1g8#$*h! 9#! 1*`! a1&7+`! Zde`! fe$#1+`[! `*7! 1&! *1&! (+1! fb3b'*Y! pa*'! kbl! 7*! #'!
%&`3&!+1!f#7&1!i!%&$+'!`b!a1&7!1*!de`!fe$#1!a*`#_1+T!!
!
!
w,j&1e! fb+'&! &`n! (+! fe$#1x! -&d+73&_1+d+73+Y! $*d*! kb+(&'e! $1&'*! +7! 1&`!
a'gq#d&`!ae8#7&`Y!b7&!1+i!#7+q*'&_1+!(+1!b7#c+'`*!r11&dld*`1&!1&!)'#d+'&!-+i!
(+! 1*`! )1&7+`! (+! >*da+7`&$#g7r! a&'+$+! &f#'d&'! kb+! $&(&! c+73&j&! kb+! `+!
$*7`3'bi+!+7!b7!a1&7!(+!$*da+7`&$#g7!(&'e!*'#8+7!&!b7&!(+`c+73&j&!*ab+`3&!i!
a'*a*'$#*7&1h!!
!
)-.209!>,6)";6;@,9!!
!
07! +1! $&`*! (+! 1*`! 11&d&(*`! Za1&7+`! $*da'#d#(*`[! r&kb+11*`! kb+!
$*da'#d+7!+1!a+`*!(+!`b`!$*d#`#*7+`!+7!1*`!7#c+1+`!`ba+'#*'+`r!1&!c+73&j&!+`!
+c#(+73+D!`+!1*8'&!de`!(#7+'*!a*'!+1!d*c#d#+73*!(+!a'*(b$3*`!8+7+'&(*!a*'!1&`!
a'#d+'&`! a*$&`! a+'`*7&`! kb+! b7*! &`*$#&h! )+'*! 1&! (+`c+73&j&! +`! #8b&1! (+!
+c#(+73+D! `+! 1*8'&! d+7*`! (#7+'*! a*'! 1*! kb+! 8+7+'&7! 1*`! &`*$#&(*`! &!
$*73#7b&$#g7h!
!!
!
9ba*78&d*`!kb+! b`3+(! 3'&_&j&! dbi! &'(b*! (b'&73+!d+`+`!*!&m*`Y! a&'&!
(+`&''*11&'!b7&!'+(!(+!c&'#*`!7#c+1+`!(+!a'*fb7(#(&(h!.%*'&!#d&8#7+d*`!t+7!b7!
+j+da1*! #(+&1#s&(*u! kb+! b`3+(! 3+'d#7&! 3+7#+7(*! G! (#`3'#_b#(*'+`! +7! `b! a'#d+'!
7#c+1Y!N!+7!+1!`+8b7(*Y!FJ!+7!+1!3+'$+'*Y!MC!+7!+1!$b&'3*Y!F/G!+7!+1!kb#73*Y!JFN!
+7! +1! `+q3*! i! &`n! +7! &(+1&73+Y! 07! 1*`! $&`*`! de`! +q3'+d*`! (+! a1&7+`!
$*da'#d#(*`Y! ab+(+! '+$#_#'! $*d#`#*7+`! 8'&7(+`! a*'! 1&`! a'#d+'&`! CF! a+'`*7&`Y!
b7&!$&73#(&(!$*7`#(+'&_1+d+73+! d+7*'! a*'! 1&`! FJ! (+!`b!3+'$+'!7#c+1! i!a*$*!*!
7&(&! a*'! 1*`! '+`3&73+`! $#+73*`! (+! a+'`*7&`! (+! 1*`! 7#c+1+`! kb+! `#8b+7h! 07!
`n73+`#`Y!7*!1*8'&!_+7+f#$#&'`+!$*7!+1!$'+$#d#+73*!8+*dl3'#$*!(+!`b`!7#c+1+`!de`!
a'*fb7(*`h!!
!
!
.18b7&`!$*da&mn&`!+7f'+73&7!+`3+!a'*_1+d&!*f'+$#+7(*!_*7#f#$&$#*7+`!+7!
1*`! 7#c+1+`! de`! a'*fb7(*`h! 0`3*! ab+(+! &ib(&'Y! a+'*! +7f'+73ld*`1*D! +7! b7&!
*'8&7#s&$#g7! (+! +`3&! a'*fb7(#(&(Y! `b! c+73&j&! +`! $1&'&d+73+! 1*8'&'! $*d#`#*7+`!
108
de`! &13&`! a*'! 1*`! 7#c+1+`! de`! a'*fb7(*`h! .18b7*`! a*('e7! &'8bd+73&'! kb+! 1&!
8'&7!d&i*'n&!(+!a'*f+`#*7&1+`!(+!'+(!7*!3#+7+7!kb+!a'+*$ba&'`+!a*'!1*`!7#c+1+`!
a'*fb7(*`Y!a*'kb+!db$%*`!7b7$&!1*8'&'e7!(+`&''*11&'!b7&!*'8&7#s&$#g7!(+!de`!
(+! (*`! 7#c+1+`! (+! a'*fb7(#(&(h! 0`*! ab+(+! `+'! $#+'3*h! )+'*! 1&`! $*da&mn&`! (+!
7+34*'5! d&'5+3#78! a'*`a+'&7! +7! _&`+! &1! 1#(+'&s8*h! \! 1*`! a*3+7$#&1+`! 1n(+'+`Y!
kb+! &`a#'+7! &! (+`&''*11&'! 8'&7(+`! *'8&7#s&$#*7+`Y! (+_+'n&7! a+7`&'1*! dbi! _#+7!
&73+`!(+!'+`#87&'!a+'(+'!8&7&7$#&`!`*_'+!`b`!7#c+1+`!de`!a'*fb7(*`h!!
!
%/)6&$")'%)/+)"/+)4))
!
-&d+73&_1+d+73+Y! &18b7*`! 7+34*'5+'`! '+$#+73+d+73+!%&7! $*d+7s&(*! &!
&f#'d&'! kb+! +1! a1&7! $*da'#d#(*! +`! +1! o7#$*! 3#a*! (+! a'*8'&d&! 6-6! kb+! +`3+!
&b3*'! r"#$%&'(! )*+r! $1&`#f#$&! $*d*! a1&7! (+! $*da+7`&$#g7! Z,1&! /[h!
)+'dn3&7d+!$*''+8#'!+1!d&1+73+7(#(*h!!
!
!
)'#d+'*Y! 7b7$&! `*`3bc+! kb+! 1&! $*7(#$#g7! Z,1&! /[! (+! b7&! +da'+`&!
(+a+7(#+'&!`*1&d+73+!(+!`b!a1&7h!6#!1#_'*!,1&!G!ab_1#$&(*!+7!CNN/!$*73+7n&!b7!
$&an3b1*! 11&d&(*! Z,1&! /! i! de`! &11e[Y! +7! +1! kb+! 1&! "+c*1b$#g7! (+! 1&! ,1&! /! +'&!
(+f#7#(&! $1&'&d+73+! $*d*! b7! `&13*! $be73#$*! +7! 1&! 3+$7*1*8n&! (+1! d&'5+3#78Y!
&`*$#&(*!$*7!d+(#*`! #73+'&$3#c*`h!-&! "+c*1b$#g7! (+!1&! ,1&! /! $b_'+! b7&!&da1#&!
8&d&! (+! (+`&''*11*`Y! (+`(+! d&'5+3#78! (+! ;73+'7+3! %&`3&! +`3'&3+8#&`! a&'&!
(#c+'`#f#$&'! a'*(b$3*`h! .1#8+'&'! 1*`! a1&7+`! (+! $*da+7`&$#g7! +`! b7&! a&'3+!
#da*'3&73+!(+!+`&!'+c*1b$#g7Y!a+'*!+`!`g1*!b7&!a&'3+h!!
!
!
)b73b&1d+73+Y! 7b7$&! +`3#ab1l! kb+! $b&1kb#+'! a*'$+73&j+! +`a+$nf#$*! (+!
$*d#`#*7+`!(+_#+'&!`+'!*f'+$#(*!&!b7!7#c+1!*!7#c+1+`!+7!b7&!+da'+`&!6-6h!9+'n&!
f'&7$&d+73+! #''+`a*7`&_1+! (+! d#! a&'3+! %&$+'! 3&1+`! a'+`$'#a$#*7+`! +q&$3&`Y! +7!
b7!7+8*$#*!(*7(+!%&i!3&73*!d&'8+7!a&'&!+1!(#`+m*!1+8n3#d*Y!i!(*7(+!`b+1+!`+'!
#da*`#_1+! `&_+'! 1*`! '+`b13&(*`! &! 1&'8*! a1&s*! (+! 1&`! #77*c&$#*7+`! (+! 1*`! a1&7+`!
(+!$*da+7`&$#g7h!!
!
0#)%W0&/&:,&")'%/&!+'"))
!
-*!kb+!`n!ab+(*!(+$#'!ri!`#+da'+!%+!(#$%*r!+`!kb+!1&!3+7(+7$#&!8+7+'&1!
a&'&!+1!`#81*! c+#73#b7*!+`! +7! (#'+$$#g7! &!a1&7+`! de`!fe$#1+`h! )+'*Y!$be7!fe$#1+`!
(+_+'n&7! %&$+'`+! +`*`! a1&7+`Y! +`! b7&! a'+8b73&! (#fn$#1h! -&! d&i*'n&! (+! 1*`!
+qa+'3*`!$*#7$#(+7!+7!kb+!1*`!d+j*'+`!a1&7+`!`+!b_#$&7!&!d+(#*!$&d#7*!+73'+!
1&`!a+`&(&`!$b*3&`!i!d#7o`$b1&`!$*d#`#*7+`!(+!+q3'+d*!(+1&73+'*!(+!1*`!a1&7+`!
(+1! a&`&(*! i! 1*`! a1&7+`! $*da'#d#(*`! (+! 1&! &$3b&1#(&(Y! de`! +7f&3#s&(*`! +7! +1!
+q3'+d*!(+1&73+'*h!Z0c+73b&1d+73+Y!a'+(#8*!kb+!c+3+d*`!b7!&jb`3+!(+!'+8'+`*!
%&$#&! +1! ab73*! d+(#*Y[! +`$'#_+! >1+d+73`Y! +7! 1&! +(#$#g7! CNNMLCNNN! (+! Z-&`!
6+j*'+`! >*da&mn&`! .7b&1+`[! (+! 1&! '+c#`3&! 2+34*'5! 6&'5+3#78! ?*(&ih! Z-*`!
(#`+m&(*'+`! (+! a1&7+`! (+! a&8*! $*d+7s&'e7! &! (+`a1&s&'! b7&! a*'$#g7! (+!
'+$*da+7`&! `*_'+! +`*`! #7$'+n_1+`! `+8b7(*`! 7#c+1+`! %&`3&! 1*`! 3+'$+'*`! i!
$b&'3*`h[! 07! `n73+`#`Y! >1+d+73`! a#(+! b7! a1&7! Z(+! a+`*! d+(#*[h!!
0`3*i! (+! &$b+'(*h! >'+*! kb+! +1! a1&7! (+! $*da+7`&$#g7! ,1&! /! (+_+! a'*c++'! b7!
(+1#$&(*! +kb#1#_'#*! +73'+! $*d#`#*7+`! (+! +q3'+d*! (+1&73+'*! i! (+! +q3'+d*!
a*`3+'#*'! r(+c+78&7(*! 8&7&7$#&`! a&'&! kb#+7+`! 3'&_&j+7! d+(#*! 3#+da*Y!
d#+73'&`! `+! *f'+$+7! '+$*da+7`&`! a&'&! &3'&+'! $*7`3'b$3*'+`! (+! 7+8*$#*! (+!
3#+da*!$*da1+3*h!9#7!(b(&`Y!`b'8#'e!b7&!&da1#&!8&d&!(+!a1&7+`!(#f+'+73+`!a&'&!
a'*c++'! +`3*`! _+7+f#$#*`Y! 7*! `g1*! b7! 3#a*! a&'3#$b1&'h! 01! a1&7! (+! 1&! ,1&! /! +`! b7!
109
#(+&1!r7*!b7&!fg'db1&!+q&$3&h!-*`!1+$3*'+`!(+_+7!$*7`#(+'&'!a*'!`n!d#`d*`!1*`!
a'*`! i! $*73'&`! (+! $&(&! a1&7Y! i! (+$#(#'! +1! kb+! d+j*'! 1+! $*7c#+7+! &! `b`!
7+$+`#(&(+`h!0`3+!$&an3b1*!+`3e!(#`+m&(*!a&'&!&ib(&'1*!&!%&$+'!+`*h!!
!
!
/"()!0+$,")$&*"()'%)*/+#%()'%)!"6*%#(+!&C#))
!
.%*'&!c&i&d*`!&!1*!#da*'3&73+h!?&1!$*d*!`+!&f#'dg!a'+c#&d+73+Y!+q#`3+7!
$b&3'*! $&3+8*'n&`! #da*'3&73+`! (+! a1&7+`! (+! $*da+7`&$#g7h! 2#78b7*! +`!
7&3b'&1d+73+! d+j*'! kb+! +1! *3'*h! ?*(*`! 3#+7+7! `b`! c+73&j&`! i! (+`c+73&j&`!
a&'3#$b1&'+`h!-&`!a'#7$#a&1+`!`+!(+1#7+&7!&!$*73#7b&$#g7h!!
!
-^b)%/)*/+#)'%)%(!+/"#%()s),0*$0,+))
))))))'LKTPNETNXO)!
!
0`3*`! a1&7+`! +`3e7! +`3'b$3b'&(*`! $*d*! +`$&1+'&`Y! $&(&! a&`*! '+a'+`+73&!
b7! 7#c+1! (+! 1*8'*! de`! &13*h! >b&73*`! de`! a'*(b$3*`! &(kb#+'&! a*'! d+`! i€*!
$b&73*`!de`!(#`3'#_b#(*'+`!b`3+(!&`*$#+Y!kb+!&1$&7$+7!b7!$#+'3*!7#c+1!(+!1*8'*Y!
de`! &`$+7(+'e! +7! 1&! +`$&1+'&h! >b&73*! de`! &13*! &`$#+7(&Y! de`! &13*! `+'e! +1!
a*'$+73&j+!(+!$*d#`#g7!t*!de`!8'&7(+!+1!7od+'*!(+!8+7+'&$#*7+`!`*_'+!+1!$b&1!
`+!1+!a+'d#3#'e!+q3'&+'!8&7&7$#&`uh!!
!
!
-&!8+73+!(+!`b!'+(!3&d_#l7!&`$#+7(+!1&!d#`d&!+`$&1+'&h!>b&7(*!11+8&7!&!
$#+'3*!7#c+1! (+! 1*8'*! +`3&_1+$#(*Y!+11*`! i!`b`!'+(+`!`+! `+a&'&7! *! Z'*da+7[!$*7!
`b! 8'ba*h! 07! +`+! ab73*Y! +1! c*1bd+7! (+1! 8'ba*! `+a&'&(*! i&! 7*! $b+73&! a&'&! +1!
$ba*! d+7`b&1! iY! +7! 1&! d&i*'n&! (+! 1*`! $&`*`Y! b`3+(! '+$#_+! b7! a*'$+73&j+! d&`!
_&j*!a*'!+1!(#`3'#_b#(*'!`+a&'&(*!i!`b!8'ba*h!9#7!+d_&'8*!b`3+(!3#+7+!a*3+7$#&1!
(+! 8&7&'! de`! (#7+'*! a*'! b7&! 1n7+&! `+a&'&(&! #7$1b`*! &! b7! d+7*'! 7#c+1! (+!
$*d#`#g7Y!a*'kb+!$*_'&!a*'!+1!c*1bd+7!3*3&1!8'ba&1!(+!+`+!(#`3'#_b#(*'!`+a&'&(*!
+7!c+s!(+!3&7!`g1*!a*'!1*`!(#`3'#_b#(*'+`!(+!`b!8'ba*!kb+!+`3e7!(+73'*!(+!`b`!
1#d#3+`!7*'d&1+`!(+!a&8*!tc+'!+1!=1*`&'#*!&1!f#7&1!(+1!1#_'*!a&'&!1&!+qa1#$&$#g7!(+!
1*`!3l'd#7*`!3l$7#$*`!(+!6-6uh!!
!
1LOGDgDK)ULI)EIDO)UL)LKTDIJOLK)s)PHEGHPD.)
L!)*3+7$#&1!#1#d#3&(*!(+!8&7&7$#&`!!
!
2#78o7! a1&7! #8b&1&! &1! (+! +`$&1*7+`! €! 'ba3b'&! +7! a*(+'! (+! #78'+`*`h! .!
3'&cl`!(+!1&`!Z'ba3b'&`[!1&!8+73+!ab+(+!$*7`3'b#'!*'8&7#s&$#*7+`!de`!8'&7(+`!i!
$*_'&'! _*7#f#$&$#*7+`! `*_'+! b7! d&i*'! 7od+'*! (+! 7#c+1+`! (+! 1*! kb+!
8+7+'&1d+73+!`+'n&!a*`#_1+!+7!*3'*`!a1&7+`h!!
!
L!=&d&!(+!a&8*`!de`!a'*fb7(&!!
!
07! b7! 3na#$*! a1&7! (+! 7#c+1! o7#$*! (+! `+#`! 7#c+1+`Y! b`3+(! ab+(+! 8&7&'!
$*d#`#*7+`!`*_'+!`+#`!7#c+1+`!i!7&(&!de`h!)+'*!b7!a1&7!(+!+`$&1*7+`!€!'ba3b'&!
(+! `+#`! 8+7+'&$#*7+`! a*('n&! +7! 3+*'n&Y! a&8&'! %&`3&!(*$+! 7#c+1+`h! 9ba*78&d*`!
kb+! &18b7*! (+! `b`! &`*$#&(*`! (+1! `+q3*! 7#c+1! `+! `+a&'&h! 073*7$+`! b`3+(!
$*d+7s&'e!&! $*_'&'!b7&!$*d#`#g7! '+`#(b&1!a*'!+1!c*1bd+7!(+!`b! 8'ba*! +73+'*!
kb+!ab+(+!`+'!(+!`+#`!7#c+1+`h!0`*!+kb#c&1+!&!(*$+!7#c+1+`!+7!3*3&1h!!
!
L!"+(!de`!8'&7(+!!
!
-&!a'*fb7(#(&(!(+!b7!+`$&1*7+`!€!'ba3b'&!ab+(+!`+'!#da'+`#*7&73+!a+'*!
`b!&7$%*!+`!c#'3b&1d+73+!#1#d#3&(*h!2*!%&i!1nd#3+`!a&'&!+1!7od+'*!(+!a+'`*7&`!
110
kb+! ab+(+! &`*$#&'! +7! `b! 1n7+&! f'*73&1Y! &`n! $*d*! 7*! +q#`3+7! 1#d#3+`! &1! 7od+'*!
kb+!ab+(+7!&`*$#&'!`b`!&`*$#&(*`h!!
!
)
L!0`3&_#1#(&(!(+!1&!$*da&mn&!!
!
.1! $&_*! (+! de`! (+! HP! &m*`! (+! 7+34*'5! d&'5+3#78Y! `g1*! b7! abm&(*! (+!
+da'+`&`! %&7!1*8'&(*! `*_'+c#c#'!+7!+1! d+'$&(*! (b'&73+! `#+3+! &m*`! *!de`h!@+!
+`*`! `*_'+c#c#+73+`Y! `+! (+`$b_'#g! kb+! +1! MI! a*'! $#+73*! 3#+7+! a1&7+`! (+!
+`$&1*7+`€'ba3b'&Y!(+!&$b+'(*!&!b7!+`3b(#*!(+!6&'5+3]&c+!'+&1#s&(*!+7!CNNIh!
p)*'! kbl! 3&73*`! 6&3b`&1+d`! (+! 1&! #7(b`3'#&! 3#+7+7! +`3*`! a1&7+`T! )&'3+! (+! 1&!
+qa1#$&$#g7!ab+(+!+`3&'! `#da1+d+73+! +7! +1! %+$%*!(+!kb+! +`3+!3#a*! (+!a1&7!%&!
+q#`3#(*! (b'&73+! de`! 3#+da*! kb+! *3'*`h! )*'! +j+da1*Y! 1*`! a1&7+`! _#7&'#*`! 7#!
`#kb#+'&!+q#`3n&7!%&`3&!%&$+!(#+s!&m*`h!)+'*!&18b7*`!+qa+'3*`!(+1!'&d*!3&d_#l7!
%&7!+`a+$b1&(*!$*7!kb+!1&`!8&7&7$#&`!$*'a*'&3#c&`!8+7+'&(&`!a*'!1*`!a1&7+`!(+!
+`$&1*7+`! €! 'ba3b'&! a'*a*'$#*7&7! b7! $*1$%g7! (+! `+8b'#(&(! f#7&7$#+'&! kb+!
#7$'+d+73&! 1&`! a+'`a+$3#c&`! (+! `ba+'c#c+7$#&! &! 1&'8*! a1&s*! (+! 1&`! $*da&mn&`!
kb+!1*`!b3#1#s&7h!!
!
'LKMLOGDgDK)UL)IJK)EIDOLK)LKTDIJOLK)sPHEGHPD.))
L!='&3#f#$&$#g7!a*`3+'8&(&!!
!
07! 3*(*`! 1*`! a1&7+`! 6-6Y! 1*`! _+7+f#$#*`! (+1! $'+$#d#+73*! 8+*dl3'#$*! `+!
a'*(b$+7!&!a&'3#'!(+!1*`!7#c+1+`!de`!a'*fb7(*`!*!Z+q3'+d*!a*`3+'#*'[!(+1!a1&7h!
)+'*!`+!'+kb#+'+!db$%*!i!+q3+7`*!3'&_&j*!a&'&!&1$&7s&'!+1!ab73*!+7!+1!kb+!`+!
ab+(&! 3+7+'! b7! Z+q3'+d*! a*`3+'#*'[! (+1! $b&1! *_3+7+'! 8&7&7$#&`h! .`n! $*d*! 1*`!
a1&7+`!(+!+`$&1*7+`!*f'+$+7!1&`!$*d#`#*7+`!(+!+q3'+d*!a*`3+'#*'!de`!'#$&`Y!+7!
f*'d&! (+! $*d#`#*7+`! '+`#(b&1+`! (+! 1n7+&`! `+a&'&(&`Y! 3&d_#l7! (+d&7(&7! +1!
3'&_&j*! de`! &'(b*! i! 1&! (+d*'&! de`! a'*1*78&(&! &73+`! (+! a*(+'! +q3'&+'!
f#7&1d+73+!+`&`!$*d#`#*7+`!(+1!+q3'+d*!a*`3+'#*'h!!
!
L!>b*3&`!d+7`b&1+`!&13&`!!
!
)&'&! &`$+7(+'! (+! b7! +`$&1g7! &1! `#8b#+73+Y! 1&! d&i*'! a&'3+! (+! 1*`! a1&7+`!
(+!+`$&1*7+`!+q#8+7!kb+!b`3+(!$*da'+!b7&!$#+'3&!$&73#(&(!(+!a'*(b$3*`!3*(*`!
1*`! d+`+`! ti! €! *! kb+! &`*$#+! &! b7! $#+'3*! 7od+'*! (+! (#`3'#_b#(*'+`Y! i! kb+! +11*`!
&1$&7$+7! b7! $#+'3*! 7#c+1! (+! 1*8'*uh! >b&73*! de`! +1+c&(*`! `+&7! +`*`! '+kb#`#3*`Y!
de`!&13*!&`$#+7(+!b`3+(h!6e`!&o7Y! &!d+(#(&!kb+!b`3+(!(+`&''*11&!c*1bd+7!(+!
c+73&!+7!b7&!1n7+&!(+!`b!'+(Y!+`&!1n7+&!f#7&1d+73+!`+!`+a&'&!i!`b!c*1bd+7!i&!
7*!$1&`#f#$&!a&'&!`b!$b*3&!d+7`b&1h!)&'&!$bda1#'!$*7!1*`!'+kb#`#3*`Y!b`3+(!(+_+!
+da+s&'! (+! 7b+c*Y! &`*$#&7(*! &! de`! a+'`*7&`! i! (+`&''*11&7(*! c*1bd+7! (+!
c+73&`!+7!`b!8'ba*!a+'`*7&1h!!
!
L!>*da1+j#(&(!
!
-*`! a1&7+`! (+! +`$&1*7+`€'ba3b'&! `b+1+7! `+'! _&`3&73+! $*da1#$&(*`! i!!
1*`!7b+c*`!&`*$#&(*`!3#+7+7!a'*_1+d&`!a&'&!$*da'+7(+'1*`h!
!!
L!>*d#`#*7+`!de`!&13&`!a&'&!1*`!de`!#da*'3&73+`!!
!
>*d*! 1+! (&7! de`! a+`*! &1! +q3'+d*! a*`3+'#*'! 1*`! a1&7+`! (+! +`$&1*7+`!
3#+7(+7!&!'+$*da+7`&'!&!1*`!8'&7(+`!%&$+(*'+`!(+!d&7+'&!(+`a'*a*'$#*7&(&h!
.18b7*`! 7+34*'5+'`! 1*! 11&d&7! +1! a1&7! Z'+ab_1#$&7*[! a*'kb+!!
a#(+! $&7&1#s&'! de`! (#7+'*! &! 1*`! kb+! de`! 1*8'&7! i! d+7*`! &! 1*`! (#`3'#_b#(*'+`!
111
$*db7+`h! 9#7! +d_&'8*! +7! 1&! &$3b&1#(&(Y! db$%*`! a1&7+`! (+! +`$&1*7+`! +`3e7!
d*(+'&7(*! `b`! '+kb+'#d#+73*`! i! d*c#+7(*! de`! $*d#`#*7+`! %&$#&! +1! +q3'+d*!
f'*73&1Y!*'#8#7&7(*!b7&!7b+c&!8+7+'&$#g7!(+!a1&7+`!+`$&1*7+`€'ba3b'&!Z`b&c+`[Y!
*!(+!1&!,1&!/h!
!
3^b!%/)*/+#)6+$,&7!!
))))))'LKTPNETNXO!!
!
01! 3na#$*! a1&7! d&3'#s! #da*7+! +`3'#$3*`! 1nd#3+`! 3&73*! &1! &7$%*! $*d*! &! 1&!
a'*fb7(#(&(h!)*'!+j+da1*Y!+7!b7!a1&7!F!q!CFY!`+!a+'d#3+!b7&!a'*fb7(#(&(!(+!CF!
7#c+1+`Y! a+'*! b7&! 1n7+&! f'*73&1! (+! `g1*! F! a+'`*7&`h! -&`! a'#d+'&`! (*`! a+'`*7&`!
kb+! &`*$#+! 11+7&'e7! `b! 1n7+&! f'*73&1h! -&! 3+'$+'&! a+'`*7&! `+! Z'+_*`&'e[! &1!
`#8b#+73+!7#c+1!(+`$+7(+73+h!!
!
1LOGDgDK)ULI)EIDO)6DGPN].))
L!@+`_*'(+!!
!
\&! kb+! +1! 7od+'*! a+'d#3#(*! (+! a+'`*7&`! +7! 1&! 1n7+&! f'*73&1! +`! 3&7!
a+kb+m*Y! c#'3b&1d+73+! $b&1kb#+'! (#`3'#_b#(*'! &d_#$#*`*! 8+7+'&'e! db$%&`!
'+_*`&(b'&`! *! (+`_*'(+`h! )*'! +j+da1*Y! `#! b`3+(! &`*$#&! &! `+#`! a+'`*7&`! +7! b7!
a1&7!F!q!CFY!$b&3'*!`+!'+_*`&'e7!&1!`+8b7(*!7#c+1h!.!d+(#(&!kb+!`b`!(+`_*'(+`!
11+7&7!1&`!'+(+`!(+!1&`!a+'`*7&`!kb+!+`3e7!a*'!(+_&j*!(+!b`3+(Y!&`n!`+!11+7&!`b!
a'*a#&!'+(!(+!(+`_*'(+`!(+!a+'`*7&`!kb+!+`3e7!a*'!+7$#d&!(+!b`3+(h!!
!
L!Ae$#1!(+!d&7+j&'!
!
B`3+(!+`!'+`a*7`&_1+!(+!+73'+7&'!i!`ba+'c#`&'!&!3*(&!`b!1n7+&!f'*73&1h!07!
a1&7+`!$*7!&7$%*!#1#d#3&(*Y!$*d*!+1!(+!7#c+1!o7#$*!*!+1!(+!+`$&1*7+`!€'ba3b'&Y!
b`3+(! ab+(+! 11+8&'! &! 3+7+'! CPP! *! de`! a+'`*7&`! _&j*! `b! `ba+'c#`#g7! (#'+$3&h!
)+'*Y!+7!b7!3na#$*!d&3'#sY!7b7$&!3#+7+!de`!(+!(*`!*!3'+`!a+'`*7&`!+7!`b!1n7+&!
f'*73&1h!!
!
L!9#da1#$#(&(!!
!
-*`!a1&7+`!d&3'#s!7*!3#+7+7!'ba3b'&`!i!a*'!1*!8+7+'&1Y!3#+7+7!dbi!a*$&`!
$*da1+j#(&(+`h!07!1&!d&i*'n&!(+!1*`!$&`*`!t&b7kb+!7*!+7!3*(*`u!`*7!fe$#1+`!(+!
+73+7(+'!i!(+!+qa1#$&'h!!
!
'LKMLOGDgDK)ULI)EIDO)6DGPN].)
L!"+(+`!a+'+s*`&`!!
!
-&`!a+'`*7&`!(+!1*`!a1&7+`!d&3'#s!8+7+'&1d+73+!&3'&+7!&`*$#&(*`!$*7!1&!
a'*d+`&!(+!(+`_*'(+`! *!`+&Y! (+! (+j&'!kb+!*3'&! a+'`*7&!(+`&''*11+!`b! '+(! a*'!
b`3+(h!0`3*!&3'&+!&!db$%*`!$*73&$3*`Y!a+'*!3&d_#l7!`b+1+!&3'&+'!a+'`*7&`!kb+!
7*!kb#+'+7!*!7*!(+`+&7!3'&_&j&'h!!
!
L!01!+f+$3*!`*$#&1#`3&!
!!
>*d*!1*`!+`3&(*`!`*$#&1#`3&`Y!1*`!a1&7+`!d&3'#s!`b+1+7!`&$&'1+!&1!'#$*!a&'&!
(&'1+! &1! a*_'+h! -*`! 8'&7(+`! %&$+(*'+`! 3'&_&j&7! 3&73*! $*d*! +7! *3'*`! a1&7+`Y!
a+'*! 8'&7! a&'3+! (+1! a*'$+73&j+! (+! `b`! $*d#`#*7+`! 3+'d#7&! +7! d&7*`! (+! 1*`!
d#+d_'*`!(+!`b!'+(!i!8+7+'&1d+73+!+7!d&7*`!(+!a+'`*7&`!kb+!7*!%&$+7!7&(&!
de`!kb+!`+73&'`+!&!+`a+'&'!(+`_*'(+`h!!
!
L!-nd#3+`!&1!$'+$#d#+73*!!
112
!
.! (#f+'+7$#&! (+! *3'*`! a1&7+`Y! +1! d&3'#s! #da*7+! b7! +`3'#$3*! 1nd#3+! &1!
3&d&m*! a*3+7$#&1! (+! `b! *'8&7#s&$#g7h! )*'! +j+da1*Y! b7&! d&3'#s! (+! F! q! /! 7*! 1+!
a+'d#3#'e! 3+7+'! de`! (+! CFP! a+'`*7&`! +7! `b! '+(h! .18b7&`! $*da&mn&`! #73+73&7!
&1#c#&'!+`3+!a'*_1+d&!a+'d#3#l7(*1+!&1!(#`3'#_b#(*'!&(kb#'#'!de`!(+!b7!$+73'*!(+!
#78'+`*`!+7!+f+$3*Y!&`*$#&'`+!db$%&`!c+$+`Y!$*d*!`#!fb+'&!de`!(+!b7&!a+'`*7&h!!
!
5^b)%/)*/+#)'%)#&1%/)V#&!"))
)))))'LKTPNETNXO))
!
01!3na#$*!a1&7!(+!7#c+1!o7#$*!7*!3#+7+!'ba3b'&`!a+'*Y!+7!*3'*`!&`a+$3*`Y!`+!
a&'+$+!&1!a1&7!(+!+`$&1*7+`€'ba3b'&h!.1!#8b&1!kb+!+1!a1&7!(+!+`$&1*7+`Y!#da*7+!
b7! 1nd#3+! &1! 7od+'*! (+! 7#c+1+`! (+1! kb+! `+! ab+(+7! +q3'&+'! $*d#`#*7+`Y! a+'*!
7#78o7!1nd#3+!&!1&!&7$%b'&h!>*d*!+7!+1!(+!+`$&1*7+`Y!`+!&c&7s&!%&$#&!7#c+1+`!(+!
1*8'*! de`! &13*`! *_3+7#+7(*! $*d#`#*7+`! de`! #da*'3&73+`Y! d+(#&73+! +1!
$bda1#d#+73*!(+!$b*3&`!d+7`b&1+`!+`a+$nf#$&`h!!
!
1LOGDgDK)ULI)EIDO)UL)ONMLI)tONTJ.))
L!9#da1#$#(&(!!
!
01! (+! 7#c+1! o7#$*! `b+1+! `+'! b7! a1&7! fe$#1! (+! $*da'+7(+'! i! (+! +qa1#$&'Y!
a*'kb+!8+7+'&1d+73+!7*!3#+7+!1&`!$*da1#$&$#*7+`!(+1!(+!'ba3b'&h!!
!
L!.7$%*!#1#d#3&(*!!
!
.1! #8b&1! kb+! +1! a1&7! (+! +`$&1*7+`€'ba3b'&Y! +1! (+! 7#c+1! o7#$*! 1+! a+'! d#3+!
&`*$#&'!3*(&`!1&`!a+'`*7&`!kb+!kb#+'&!+7!`b!1n7+&!f'*73&1h!!
!
L!@+`_*'(+!!
!
6b$%*`! a1&7+`! (+! 7#c+1! o7#$*! &a1#$&7! 1&`! $*d#`#*7+`! de`! &13&`! +7! +1!
3+'$+'! 7#c+1Y! 0`3*! 1+`! (&! b7! 8'&7! #7$+73#c*! &! 1*`! (#`3'#_b#(*'+`! a&'&! kb+!
&$bdb1+7! de`! &`*$#&(*`! +7! +1! 3+'$+'! 7#c+1h!.1! %&$+'! +`*Y! 1*`! (#`3'#_b#(*'+`! +7!
'+&1#(&(!&ib(&7!&!*3'&`!a+'`*7&`!&!kb+!$*7`3'bi&7!`b`!1n7+&`!f'*73&1+`Y!a*'kb+!
+1! 3+'$+'! 7#c+1! (+! 3*(*! (#`3'#_b#(*'! $*''+`a*7(+! &1! a'#d+'! 7#c+1! (+! &18b7&! *3'&!
a+'`*7&h!!
!
L!>&1#f#$&$#*7+`!fe$#1+`!!
!
07! b7! 7#c+1! o7#$*Y! 3*(*! `b! c*1bd+7! (+! c+73&`! `bd&! a&'&! `b! $b*3&!
d+7`b&1h!B`3+(!7*!3#+7+!kb+!a'+*$ba&'`+!a*'kb+!&18b#+7!$*''+`a*7(#+73+!&!`b!
c*1bd+7!Z`+!`+a&'+[!i!`+&!(+`$&1#f#$&(*h!0`3*!%&$+!kb+!+1!&`$+7`*!&!$*d#`#*7+`!
de`!&13&`!`+&!de`!fe$#1h!!
!
'LKMLOGDgDK)ULI)EIDO)UL)ONMLI)tONTJ.))
L!-#d#3+`!&1!$'+$#d#+73*!!
!
-&`! *'8&7#s&$#*7+`! (+! 7#c+1! o7#$*! `b+1+7! `+'! de`! a+kb+m&`Y! 3&73*! +7!
3&d&m*!$*d*!+7!$*d#`#*7+`Y!kb+!&kb+11&`!$*7`3'b#(&`!&!3'&cl`!(+!1*`!a1&7+`!(+!
+`$&1*7+`€'ba3b'&h!0q#`3+7!(*`!'&s*7+`!a&'&!+`3*h!07!b7!a1&7!(+!+`$&1*7+`Y!b7!
(#`3'#_b#(*'!ab+(+!+q3'&+'!$*d#`#*7+`!(+!7#c+1+`!de`!a'*fb7(*`Y!a*'!d+(#*!(+!
'ba3b'&`h! )+'*! +1! 3na#$*! a1&7! (+! 7#c+1! o7#$*! `g1*! a&8&! a*'! b7! 7od+'*! f#j*! (+!
7#c+1+`h!-*`!a1&7+`!(+!+`$&1*7+`!1+!a+'d#3+7!kb+!`b!*'8&7#s&$#g7!$'+s$&!de`!&!
1*!&7$%*Y!&1! (#c#(#'! +1! a+`*! (+1! +73'+7&d#+73*! i!1&!`ba+'c#`#g7!(+!`b! '+(! +73'+!
b`3+(!i!1*`!1n(+'+`!kb+!%&7!1*8'&(*!1&!'ba3b'&h!01!a1&7!(+!7#c+1!o7#$*!3na#$*Y!a*'!
*3'&!a&'3+Y!+q#8+!kb+!b`3+(!3*d+!'+`a*7`&_#1#(&(!(#'+$3&!`*_'+!1&!$&a&$#3&$#g7!i!
113
`ba+'c#`#g7!(+!3*(&`!1&`!a+'`*7&`!(+!`b!1n7+&!f'*73&1h!9#!b`3+(!$'+$+!(+d&`#&(*!
&!1*!&7$%*Y!`+!ab+(+!+7$*73'&'!&8*_#&(*h!!
!
!
L!)+'+s&!!
!
6b$%*`! 7+34*'5+'`! &d_#$#*`*`! `b+1+7! +c#3&'! 1*`! a1&7+`! (+! 7#c+1! o7#$*Y!
(+_#(*!&!1*`!1nd#3+`!&1!$'+$#d#+73*!kb+!+`3&_1+$+7h!0`3*`!a1&7+`!`b+1+7!&3'&+'!&!
db$%&`!a+'`*7&`!kb+!`+!&`*$#&7!a'#7$#a&1d+73+!a&'&!$*da'&'!a'*(b$3*`!&1!a*'!
d&i*'h!!
!
4^b)%/)*/+#):&#+,&")
))))))'LKTPNETNXO))
!
.1! #8b&1! kb+! +7! b7! a1&7! (+! d&3'#s! Z(*`! a*'[Y! +1! 3na#$*! a1&7! _#7&'#*! 1+!
a+'d#3+!3+7+'!`g1*!(*`!a+'`*7&`!+7!`b!1n7+&!f'*73&1h!)*'!1*!3&73*Y!b`3+(!$'+&!b7&!
*'8&7#s&$#g7! (#c#(#(&! +7! (*`! 1n7+&`Y! 8+7+'&1d+73+! 7*d_'&(&`! $*d*! Z1n7+&!
(+'+$%&[!i!Z1n7+&!#skb#+'(&[h!-&`!$*d#`#*7+`!`+!&_*7&7!3na#$&d+73+!a*'!1&!Z1n7+&!
(l_#1[! $b&1kb#+'&! kb+! `+&! 1&! kb+! 3+78&! d+7*'! c*1bd+7! (+! c+73&`Y! (b'&73+! +1!
a+'n*(*! (+! a&8*`! +7! $b+`3#g7h! 07! 1&! d&i*'n&! (+! 1*`! $&`*`Y! 7*! `+! &_*7&7!
$*d#`#*7+`!a*'!1&!1n7+&!Zfb+'3+[h!!
!
1LOGDgDK)ULI)EIDO)\NODPNJ.))
L!@#7+'*!'ea#(*!!
!
-&! d&i*'n&! (+! 1*`! a1&7+`! &_*7&7! $*d#`#*7+`! b7&! c+s! a*'! d+`h! -*`!
_#7&'#*`!3na#$&d+73+!&_*7&7!b7&!c+s!a*'!`+d&7&h!
!
L!6&i*'!a'*fb7(#(&(!!
!
.b7kb+!b`3+(!`g1*!$*_'&!a*'!b7&!1n7+&Y!'+$#_+!$*d#`#*7+`!a*'!+1!c*1bd+7!
(+! 3*(&! 1&! 1n7+&Y! 7*! a*'! 3&7! `g1*! &18b7*`! 7#c+1+`! (+! 1&! d#`d&h! 0`3&! +`! b7&!
c+73&j&! 3'+d+7(&h! ;d&8#7+! kb+! b`3+(! +`3e! +7! b7! a1&7!(+! 7#c+1! o7#$*! (+! `#+3+!
7#c+1+`h! 9#! &`*$#&! &! b7&! a+'`*7&! fb+'3+! +7! +1! *$3&c*! 7#c+1Y! b`3+(! kb+(&! &1!
d&'8+7! (+! 1&! `b+'3+h! 01! i! 3*(&! `b! *'8&7#s&$#g7! kb+(&7! fb+'&! (+! `b! '&78*! (+!
a&8*h! 9#7! +d_&'8*Y! +7! b7! a1&7! _#7&'#*! 8&7&'n&! $*d#`#*7+`! a*'! +1! c*1bd+7! (+!
c+73&`! (+! (#$%&! a+'`*7&Y! &b7kb+! +`3l! +7! `b! c#8l`#d*! *! $+73l`#d*! 7#c+1h!!
!
'LKMLOGDgDK)ULI)*IDO):NODPNJ.))
L!-n7+&`!fb8#3#c&`!!
!
-*`! a1&7+`! _#7&'#*`! fb7$#*7&7! d+j*'! $b&7(*! &d_&`! 1n7+&`! $'+$+7!$&`#! &!
1&!d#`d&!c+1*$#(&(h!)+'*!#d&8#7+!kb+!b7&!1n7+&!+q$+(+!&da1#&d+73+!&!1&!*3'&h!
;d&8#7+Y!+7!b7!$&`*!+q3'+d*Y!kb+!`b!1n7+&!fb+'3+!8+7+'g!HPhPPP!(g1&'+`!+7!b7&!
`+d&7&Y! d#+73'&`! kb+! `b! 1n7+&! (l_#1! 7*! 8+7+'g! 7&(&h! 0`&! `+d&7&! b`3+(! 7*!
'+$#_#'n&! $*d#`#g7Y! \! b7&! c+s! kb+! 1&! 1n7+&! $'+$+! fb+'&! (+! a'*a*'$#g7Y! 1&!
(#`a&'#(&(! 3#+7(+! &! &8'&c&'`+Y! a*'kb+! 1&! 1n7+&! fb+'3+! 3#+7+! de`! 8+73+! i! de`!
#dab1`*! (+! c+73&`! kb+! 1&! (l_#1h! >*d*! b7! a*3'*! `&1c&j+Y! `+! fb8&Y! fb+'&! (+!
$*73'*1Y!8+7+'&7(*!8'&7(+`!$&73#(&(+`!(+!(#7+'*!a&'&!`b!$*da&mn&Y!a+'*!7&(&!
a&'&!b`3+(h!@+_+!`+m&1&'`+!kb+!&18b7*`!a1&7+`!_#7&'#*`!&1#c#&7!+1!a'*_1+d&!(+!
1&!1n7+&!fb8#3#c&!a&8&7(*!Z_*7#f#$&$#*7+`!#8b&1&(*'&`[!a*'!+1!c*1bd+7!(+!1&!1n7+&!
fb+'3+h!!
!
L!)&8*`!a&'&!#7$'+d+73&'!!
114
!
.18b7*`!a1&7+`!_#7&'#*`!ta+'*!7*!3*(*`u!a&8&7!$*d#`#*7+`!(+!&$b+'(*!&!
7#c+1+`! a'+(+3+'d#7&(*`! *! #7$'+d+73*`Y! +7! 1b8&'! (+! a&8&'1&`! $*d*! b7!
a*'$+73&j+! (#'+$3*! `*_'+! 1&`! c+73&`h! )*'! +j+da1*Y! #d&8#7+! kb+! b`3+(! d*c#g!
ChNPP! (g1&'+`! +7! b7&! `+d&7&h! 0`a+'&'n&! kb+! `b! $*d#`#g7! (+1! FP!a*'! $#+73*! 1+!
'+(#3b&'&!b7!a&8*!(+!GMP!(g1&'+`h!)+'*!db$%*`!_#7&'#*`!1*!$&1$b1&7!(+!d&7+'&!
(#f+'+73+h! @#'e7! kb+! `b`! ChNPP! (g1&'+`! +`3e7! +7! &18o7! ab73*! +73'+! 1*`! (*`!
#7$'+d+73*`! (+! ChPPP! i! FhPPP! (g1&'+`! i! 1b+8*! '+(*7(+&'e7! `b! c*1bd+7! (+!
c+73&`!&1!d+7*'!(+!1*`!(*`!#7$'+d+73*`!rChPPP!(g1&'+`h!)*'!1*!3&73*Y!`b!FP!a*'!
$#+73*!(+!+`&! `+d&7&! `+'n&! (+! `g1*! FPP!(g1&'+`h! 07!c+'(&(Y!1*`! '+`3&73+`! NPP!
(g1&'+`! (+! `b! c*1bd+7! (+! c+73&`! `+'n&7! Z3'&7`a*'3&(*`[! &! `b! c*1bd+7! (+! 1&!
`+d&7&! `#8b#+73+h! )+'*! +1! c*1bd+7! (+! 1&! `+d&7&! `#8b#+73+! 3&d_#l7! `+!
'+(*7(+&'n&!&1!#7$'+d+73*!d+7*'!i!`+!'+3+7('n&!de`!(#7+'*h!)*'!1*!3&73*Y!+7!1&!
a'e$3#$&Y! 1&! $*da&mn&! `#+da'+! 1*8'&! $*7`+'c&'! b7&! a*'$#g7! `b`3&7$#&1! (+! `b`!
$*d#`#*7+`h!.18b7*`!_#7&'#*`Y!(+_+!(+$#'`+Y!+c#3&7!+`3+!a'*_1+d&!&_*7&7(*!b7&!
$*d#`#g7!(#'+$3&!a*'!1&!1n7+&!(l_#1!rb7&!(+!1&`!db$%&`!d&7+'&`!+7!1&`!kb+!1*`!
_#7&'#*`Y!&1!#8b&1!kb+!*3'*`!3#a*`!(+!a1&7+`Y!$*d#+7s&7!&!'+f1+j&'!1&!"+c*1b$#g7!
(+!1&!,1&!/h!!
!
(&#),%(*0%($+()2S!&/%())
!
9#! 1*`! 1+$3*'+`! +q3'&+7! &18b7&! 1+$$#g7! (+! +`3+! $&an3b1*Y! (+_+'n&! `+'! kb+Y!
$b&7(*! `+! 3'&3&! (+! a1&7+`! (+! $*da+7`&$#g7! 7*! +q#`3+7! '+`ab+`3&`! 7+8'*L*L
_1&7$*h! @#+s! &m*`! (+! #7f*'d&'! i! +`$'#_#'! `*_'+! 7+34*'5! d&'5+3#78! d+! %&7!
+7`+m&(*!b7!a'#7$#a#*!kb+!a*('n&d*`!11&d&'!-&!9+8b7(&!-+i!(+!1*`!)1&7+`!(+!
>*da+7`&$#g7D! kb+! a*'! $&(&! +qa+'3*! +7! a1&7+`! (+! $*da+7`&$#g7Y! +q#`3+! *3'*!
+qa+'3*! #8b&1! a+'*! *ab+`3*h! 6#`! &7e1#`#`! +7! +`3+! $&an3b1*! `+! _&`&7!
a'#7$#a&1d+73+! +7! 1*`! $*7`+j*`! kb+! '+$#_n! &! 1*! 1&'8*! (+! 1*`! &m*`Y! (+! +qa+'3*`!
3&1+`! $*d*! -+*7&'(! >1+d+73`Y! "*(! >**5Y! >*'+i! .b8+7`3+#7! i! +1! @'h! 9'#5bd&'!
"&*h!)+'*! 7#78b7*! (+! +`3*`! +qa+'3*`! +`3&'n&7!(+!&$b+'(*! +7! 3*(*`! 1*`! ab73*`!
+qab+`3*`! &kbnY! &`n! $*d*! 7*! `#+da'+! +`3e7! (+! &$b+'(*! +73'+! +11*`h!!
-*! kb+! *f'+s$*! +`! b7&! &d&18&d&! (+! 1&! `&_#(b'n&! (+! d#`! d&+`3'*`Y!!
&3+da+'&(&! a*'! d#`! a'*a#*`! jb#$#*`! i! *_`+'c&$#*7+`! b`3+(! 3&d_#l7! (+_+!
$*d_#7&'! 1*`! $*7`+j*`! (+! +`3+! $&a#3b1*! $*7! `b! a'*a#*! `+73#(*! $*do7Y! `*a+`&'!
$&(&! a1&7! #7(#c#(b&1d+73+Y! i! +1+8#'! +1! kb+! d+j*'! `&3#`f&8&!!
`b`!7+$+`#(&(+`!i!*_j+3#c*`h!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
115
!
!
!
!DEFGHIJ)1%&#$%)
)
/JK)(NLGL)*NIDPLK)ULI)YrNGJ)UL)ID)"ID)4)
!
!
!
-*`! `#`3+d&`! cb+13&! (+! 11&c+! `*7! +1! d*3*'! (+! 1&! "+c*1b$#g7! (+! 1&! ,1&!!
/h! )*'! +`&! '&sg7Y! 1&`! +da'+`&`! (+! 6-6! (+1! `#81*! c+#73#b7*! 7*! (+d&7(&7!
%&s&m&`! %+'*#$&`! (+! $'+&3#c#(&(! +da'+`&'#&1! a*'! a&'3+! (+! `b`! (#`3'#_b#(*'+`h!
9g1*!'+kb#+'+7!kb+!b`3+(!3'&_&j+!+7!+1!`#`3+d&!$*7!f+Y!+!#7$&7`&_1+d+73+h!0`3*!
`+! 1*8'&! &(%#'#+7(*! &! b7*`! a*$*`! a'#7$#a#*`! `#da1+`! kb+! %+! 11&d&(*! 1*`! 9#+3+!
)#1&'+`!(+1!Wq#3*!(+!1&!,1&!/h!!
!
*HOGJ)l-m#0#!+)(%),&#'+))
!
>&(&! %#`3*'#&! (+! lq#3*! +7! +1! 7+34*'5! d&'5+3#78! +`! b7! '+1&3*! (+!
'+`#`3+7$#&! f'+73+! &! 1&! a+7b'#&! i! +1! (+`&1#+73*h! -&! "+c*1b$#g7! (+! 1&! ,1&! /! 7*!
+1#d#7&! +1! 3'&_&j*! &'(b*h! -*`! `#`3+d&`! cb+13&! (+! 11&c+! `*7! +q$+1+73+`!
%+''&d#+73&`Y! a+'*! `*7! 3&7! `g1*! %+''&d#+73&`h! B7! &'3+`&7*! &o7! (+_+!
d&7+j&'1&`! $*7! +7+'8n&! a&'&! 1*8'&'! %&$+'! +1! 3'&_&j*h! "+&1#$+! 1&! 3&'+&! i! `b!
7+8*$#*!$'+$+'eh!)b+(+!11+c&'!&m*`h!O&_'e!'+3'&`*`!i!(+`#1b`#*7+`!&!1*!1&'8*!(+1!
$&d#7*h!)+'*!`#!d&73#+7+!+1!'bd_*Y!&1$&7s&'e!`b!d+3&h!!
!
*&/+,)l3m%#!0%#$,%)0#)6%#$",))
!
01!7+34*'5!d&'5+3#78!`+!_&`&!+7!+1!a'#7$#a#*!(+1!&b`a#$#*h!-&!a+'`*7&!kb+!
1*! &`*$#g! &! b`3+(! +7! +1! 7+8*$#*! r`b! &b`a#$#&(*'r! +`3e! &! $&'8*!!
(+!+73'+7&'1*!i!$*7(b$#'1*h!)+'*!`b!&b`a#$#&(*'!ab+(+!7*!+`3&'!$&1#f#$&(*!a&'&!+1!
3'&_&j*h! .! c+$+`! b`3+(! 3#+7+! kb+! '&`3'+&'! +7! 1&! 1n7+&! (+! &b`a#$#*! (+! kb#+7! 1*!
&`*$#gY! a&'&! +7$*73'&'! &! &18b#+7! $*7! 1&! +qa+'#+7$#&! i! %&_#1#(&(! a&'&! &$3b&'!
$*d*!`b!d+73*'h!2*!`+&!3nd#(*h!9#8&!_b`$&7(*!%&`3&!kb+!%&i&!+7$*73'&(*!&!1&!
a+'`*7&!&(+$b&(&h!.`+8b'&'`+!b7!d+73*'!$&a&s!(+_+'n&!`+'!`b!a'#d+'&!3&'+&!&1!
$*d+7s&'!`b!7+8*$#*!(+!1&!,1&!/h!!
!
*&/+,)l5m$,+:+;%)%#)%/)(&($%6+))
!
9b! 7+8*$#*! (+! 1&! ,1&! /! +`3e!_&`&(*! +7! `#`3+d&`! (+!cb+13&!(+!11&c+! kb+!
%&7!+`3&(*!+7!fb7$#*7&d#+73*!db$%*!&73+`!(+!kb+!b`3+(!`+!&`*$#&'&h!01!%+$%*!
(+! kb+! `b! $*da&mn&! 3+78&! lq#3*! `#87#f#$&! kb+! `b`! `#`3+d&`! i&! %&7! `#(*!
a'*_&(*`!+7!+1!d+'$&(*h!9&kb+!c+73&j&!(+!+`3+!%+$%*h!?'&_&j+!+7!+1!`#`3+d&Y!
3&1!$*d*!`+!1*!a'+`+73+7h!2*!#73+73+!'+#7c+73&'!1&!'b+(&h!!
!
!
)*'! `bab+`3*Y! ab+(+! %&_+'! (#f+'+73+`! ba1#7+`! 1n(+'+`! +7! `b! $*da&mn&Y!
$*7!(#f+'+73+`!+`3'&3+8#&`!a&'&!(+`&''*11&'!+1!7+8*$#*h!9#8&!1&!+`3'&3+8#&!kb+!1+!
+7`+m+! `b! d+73*'! a&'3#$b1&'h! 9#! kb#+'+! *_3+7+'! +1! deq#d*! a'*c+$%*! (+! 1&!
'+1&$#g7! $*7! `b! d+73*'Y! 7*! a+1++! $*7! `b! d&+`3'*! i! 7*! `+&! de`! 1#`3*! kb+! l1h!
@lj+`+! +73'+7&'h! B`+! +1! `#`3+d&! (+! `b! d+73*'! i! %e8&`+! +qa+'3*! +7! l1h! .18o7!
(n&Y! kb#se`! b`3+(! `+&! +q#3*`*! i! $*7! 1&! `bf#$#+73+! +qa+'#+7$#&! $*d*! a&'&!
116
$*d+7s&'! &! (+`&''*11&'! `b! a'*a#*! +7f*kb+! a+'`*7&1h! 073*7$+`! b`3+(! 3&d_#l7!
`+'e!b7!ba1#7+!1n(+'h!)+'*Y!$*d*!(#$+!+1!c#+j*!(#$%*Y!`+!(+_+!&a'+7(+'!&!`+8b#'!
&73+`!(+!a*(+'!1#(+'&'h!!
!
*&/+,)l4m!0%#$%)(0)=&($",&+))
!
>&(&!c+7(+(*'!+`!b7!'+1&3*'!(+!%#`3*'#&`h!07!1&!d&i*'n&!(+!1*`!$&`*`Y!1*`!
c+7(+(*'+`!$b+73&7!%#`3*'#&`!`*_'+!1*!+`+7$#&1!i!1*!_e`#$*!&$+'$&!(+!1*`!b`*`!i!
_+7+f#$#*`!(+!1*`!a'*(b$3*`!i!`+'c#$#*`!kb+!c+7(+7h!-*`!7+34*'5+'`!+7!$&d_#*Y!
$b+73&7! b7! 3#a*! (#f+'+73+! (+! %#`3*'#&h! O&_1&7! `*_'+! +11*`! d#`d*`Y! `b`! c#(&`! i!
*_j+3#c*`Y! `b`! `b+m*`!i! &`a#'&$#*7+`h! >b&7(*! b`3+(!`+! &$+'$&! &! b7! a'*`a+$3*Y!
#73+73&!c+7(+'1+!&!+`&!a+'`*7&!+1!%+$%*!(+!kb+!(+_+'n&!`+8b#'!`b`!a&`*`h!?'&3&!
(+! a+'`b&(#'1*! (+! %&$+'! +1! d#`d*! d*c#d#+73*! (+! $&''+'&! kb+! b`3+(! %#s*Y!
&`*$#e7(*`+! &!`b! $*da&mn&! $*d*! (#`3'#_b#(*'h!9b! %#`3*'#&!a+'`*7&1!+`! +`+7$#&1!
a&'&!#7`a#'&'1*!&!kb+!1*!`#8&h!!
!
!
9b!%#`3*'#&!7*!3#+7+!kb+!`+'!+`a+$#&1h!9*1&d+73+!(#8&!1&!c+'(&(Y!$*7!`b`!
a'*a#&`! a&1&_'&`h!Sb#se`!`b!%#`3*'#&!`+&! kb+!&$&_&!(+! &`*$#&'`+!&!1&!+da'+`&Y!
kb+!+`3e!&`bd#+7(*!b7!'#+`8*Y!kb+!7*!`&_+!$gd*!c&!&!'+`b13&'!a+'*!kb+!$'++!
+7! +11*! i! kb+! Q*+Y! `b! &b`a#$#&(*'! ta'+`+73+! +7! 1&! '+b7#g7Y! jb73*! &! b`3+(uY! %&!
+`3&(*! %&$#+7(*! b7! 8'&7! 3'&_&j*! +7`+me7(*1+! 3*(*`! 1*`! 3'b$*`! i! 1&`! '+81&`h!
-b+8*!(+j+!kb+!Q*+!3*d+!+1!$*73'*1h!@+j+!kb+!l1!`+&!+1!3+d&Y!+7!1b8&'!(+!b`3+(h!
9b! %#`3*'#&! &ib(&'e! &! `b! &b`a#$#&(*'! &! &'d&'! `b! (#`$b'`*! a+'`b&`#c*! a*'kb+!
(+db+`3'&! &! 1*`! a'*`a+$3*`! kb+! %&i! *3'&`! a+'`*7&`! (#`ab+`3&`! &! &$+a3&'! +1!
$*7`+j*! (+! `b! &b`a#$#&(*'h! .! d+(#(&! kb+! b`3+(! `+&! de`! +q#3*`*Y! `b! %#`3*'#&!
d+j*'&'eh!!
!
*&/+,)l8m6+#$Y#?+/")(&6*/%))
!
-&! $1&c+! (+1! 7+34*'5! d&'5+3#78! +`! 1&! (ba1#$&$#g7h!B`3+(! a+'`b&(+! &! 1&`!
a+'`*7&`!(+!kb+!`+!&`*$#+7!&!`b!'+(!$*7c+7$#l7(*1&`!(+!kb+!ab+(+7!(ba1#$&'!1*!
kb+! b`3+(! *! `b! &b`a#$#&(*'! +`3e7! %&$#+7(*h! >b&73*! de`! $*da1+j*! *! (#fn$#1!
a&'+s$&! `b! 7+8*$#*Y! d+7*`! (ba1#$&_1+! 1+! a&'+$+'e! &! `b`! $*73&$3*`Y! i! `+'e!
d+7*`!a'*_&_1+!kb+!1*!#73+73+7h!!
!
!
9#!c&!&!1&!$&`&!(+!b7!a'*`a+$3*Y!a*'!+j+da1*Y!i!`+!a&`&!(*`!*!3'+`!%*'&`!
+qa1#$&7(*! 1&! *a*'3b7#(&(! +7! (+3&11+Y! `b! $*73&$3*! ab+(+! +`$&a&'! &`b`3&(*! (+1!
7+8*$#*!`#da1+d+73+!a*'kb+!7*!kb#+'+!3+7+'!kb+!%&$+'!1*!d#`d*!ra&`&'!(*`!*!
3'+`!%*'&`!$*7!$&(&!&`*$#&(*!a*3+7$#&1h!9#7!+d_&'8*Y!`#!3&7!`g1*!1+!+73'+8&!&!`b!
$*73&$3*!b7!c#(+*!(+!$*73&$3*!(+!(#+s!d#7b3*`!i!1+!(#$+!Z11ed&d+!+7!b7*`!(n&`!
$*7! 3b! (+$#`#g7[Y! `b!$*73&$3*! $*7$1b#'e! kb+!+`3+! +`!b7!7+8*$#*!dbi! `#da1+!(+!
%&$+'!i!`+!`+73#'e!de`!#7$1#7&(*!&!#73+73&'1*h!!
!
*&/+,)l9m$+6&7+,)A)(%/%!!&"#+,))
!
2*!a#+'(&!3#+da*! '*8e7(*1+! &!1&!8+73+! kb+!`+!&`*$#+!&! `b!7+8*$#*h! -*`!
$*73&$3*`!'+&$#*`!`*7!(#`3'#_b#(*'+`!a*_'+`Y!&o7!$b&7(*!b`3+(!1*8'+!&`*$#&'1*`h!
-&! 8+73+! kb+! b`3+(! kb#+'+! `*7! 1*`! &7`#*`*`Y! &kb+11*`! kb+! +`3e7! 1#`3*`Y!
(#`ab+`3*`!i!$&a&$#3&(*`!a&'&!$*d+7s&'!&!3'&_&j&'!i&h!B7!a*'$+73&j+!a+kb+m*!
a+'*! $*7`#`3+73+! (+! `b`! $*73&$3*`! +73'&'e! +7! +`3&! $&3+8*'n&h! 9#8&! _b`$&7(*!
%&`3&!kb+!1*`!+7$b+73'+Y!9+1+$$#*7+!+1!8'&7*!$*d*!`#!1*!+`3bc#+'&!a&`&7(*!a*'!
b7!3&d#sh!073*7$+`!`g1*!kb+(&'e7!1&`!`+d#11&`!(+!8'&7*`!fb+'3+`!i!`&1b(&_1+`h!!
117
!
!
!
*&/+,)l<m+*"A%)+)(0),%'))
!
.1!#8b&1!kb+!b`3+(!`+!&a*ig!+7!b7!d+73*'!a&'&!$*d+7s&'Y!1*`!d#+d_'*`!
(+!`b!'+(Y!`b`!(*471#7+`Y!`+!&a*i&'e7!+7!b`3+(h!>b&73*!de`!+73'+7&d#+73*!i!
&a*i*! 1+`! (l! &! `b`! &`*$#&(*`Y! d+j*'! `+! (+`+da+m&'e7! a&'&! b`3+(h! 07! +1!
7+34*'5! d&'5+3#78Y! +1! 1#(+'&s8*! `+! 3'&3&! (+! &`+8b'&'`+! (+! kb+! 1&! 8+73+! kb+!
b`3+(!&`*$#&!3+78&!b7&!_b+7&!+qa+'#+7$#&!+7!`b!+da'+`&!i!kb+!8&7+7!(#7+'*h!
B`3+(! 1*8'&!+`3*! &ib(e7(*1*`! &!&b`a#$#&'! &! *3'&`!a+'`*7&`! i! +7`+me7(*1+`! 1&`!
d#`d&`!1+$$#*7+`!kb+!`b!&b`a#$#&(*'!1+!+7`+m*!&!b`3+(h!
!
%#?+Q"(+6%#$%)(&6*/%))
!
)&'&! 1*`! +qa+'3*`! +7! +1! 7+8*$#*Y! +`3*`! `#+3+! a'#7$#a#*`! ab+(+7! a&'+$+'!
`#da1+`! +! #78+7b*`h! )+'*! +1! %+$%*! +`! kb+! fb7$#*7&7h! ?&1! $*d*! #1b`3'&'e7! 1*`!
'+`3&73+`! $&an3b1*`! (+! +`3+! 1#_'*Y! 1*`! 9#+3+! )#1&'+`! (+1! Wq#3*! (+! 1&! ,1&! /! `*7!
7*3&_1+d+73+! f1+q#_1+`! i! &(&a3&_1+`h! 9+! &a1#$&7! &! 3*(&`! 1&`! `#3b&$#*7+`!
$*d+'$#&1+`!kb+!+7f'+73&'e!+7!+1!7+34*'5#78h!
!
!
O*d_'+`!i!dbj+'+`!(+!3*(*`!1*`!ed_#3*`!(+!1&!c#(&!%&7! 3'#b7f&(*!+7!+1!
6-6h!.18b7*`!3'&+7!3&1+73*Y!+(b$&$#g7!i!+qa+'#+7$#&!$*d+'$#&1h!,3'*`!7*!3'&+7!
7&(&! +q$+a3*! `b! %&d_'+! (+! lq#3*h! )+'*! 3*(*`! 3#+7+7!+q&$3&d+73+! 1&`! d#`d&`!
*a*'3b7#(&(+`! (+! 1*8'&'1*h! 07! +1! 7+34*'5! d&'5+3#78Y! 1&! _&3&11&! 7*! +`! a&'&! 1*`!
(*3&(*`Y!1*`!'#$*`!*!1*`!&13&d+73+!$&a&$#3&(*`h!0`!a&'&!&kb+11*`!kb+!$*7`3'bi+7!
`b`!7+8*$#*`!`*_'+!1*`!9#+3+!)#1&'+`!(+1!0q#3*!(+!1&!,1&!/h!!
!
!
!
!
!
!
!
!
!
!
118
!
!
!
!
?0">0".!)."?0!!
,-.!/!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
)"0)."."90!).".!
>,602X."!
119
!DEFGHIJ)1%&#$&0#")
)
/D)7JOD)
!
!
!
Q+ff! 6&$5! 7*! kb+'n&! `&_+'! 7&(&! de`!&$+'$&! (+1!6-6h! 07! 1*! kb+!&! l1! `+!
'+f+'n&Y! 3*(&! 1&! #7(b`3'#&! +'&! b7! +78&m*h! @b'&73+! $&3*'$+! d+`+`! %&_n&!
(+`a+'(#$#&(*!`b!3#+da*Y!+`fb+'s*!i!(#7+'*!+7!1&!$*7`3'b$$#g7!(+!b7!7+8*$#*!(+!
7+34*'5!d&'5+3#78h!O&_n&!3'&_&j&(*!&!3#+da*!$*da1+3*!de`!kb+!$b&1kb#+'!*3'&!
a+'`*7&! (+! `b! '+(h! 9#7! +d_&'8*Y! &1! f#7&1Y! Q+ff! 7*! 3+7n&! 7&(&! kb+! d*`3'&'!
+q$+a3*!/PhPPP!(g1&'+`!(+!(+b(&!+7!`b!3&'j+3&!(+!$'l(#3*h!!
!
!
Z6+! `+73n&! $*d*! b7! %&d`3+'! +7! b7&! 'b+(&[! '+$b+'(&! Q+ff!
Z>*7`3&73+d+73+! $*da'&_&! de`! a'*(b$3*`! a&'&! `&3#`f&$+'! 1&`! (+d&7(&`! (+1!
a1&7!(+!$*da+7`&$#g7h[!07!1&!$*da&mn&!(+!Q+ffY!b7*!d#`d*!*!`b!8'ba*!a+'`*7&1!
(+_n&7!*'(+7&'!&1!d+7*`!GhPPP!(g1&'+`!+7!a'*(b$3*`!(+!1&!$*da&mn&!$&(&!d+`!
a&'&! $&1#f#$&'! $*d*! Z+j+$b3#c*[! *! Z(#'+$3*'[! $*7! 1&`! deq#d&`! $*d#`#*7+`h!
=+7+'&1d+73+Y!Q+ff!$*da'&_&!&a'*q#d&(&d+73+!a*'!b7!c&1*'!(+!FhPPP!(g1&'+`Y!
d#+73'&`! kb+! `b! 8'ba*! a+'`*7&1! $*da'&_&! +1! '+`3*h! )+'*! `#! +7! b7! d+`! +7!
a&'3#$b1&'Y! 1&! '+(! (+! Q+ff! 7*! 1*8'&_&! $bda1#'! `b! $b*3&Y! Q+ff! $*da+7`&_&! 1&!
(#f+'+7$#&!(+!`b! a'*a#*! _*1`#11*h!07! 3+*'n&Y! `+!`ba*7n&! kb+!1&!d&i*'n&! (+! +`3*`!
a'*(b$3*`!`+!c+7(n&7!&!1*`!$1#+73+`!d#7*'#`3&`h!)+'*!Q+ff!3+'d#7&_&!$*da'&7(*!
db$%*!de`!(+!1*!kb+!a*(n&!c+7(+'h!9b!&'d&'#*!`+!11+7&_&!(+!$'+d&`!f&$#&1+`Y!
d#+73'&`!kb+!`b!$b+73&!_&7$&'#&!`+!c&$#&_&!(n&!&!(n&h!!
!
/+)*0%,$+)?&,+$",&+))
!
-b+8*! (+! $&3*'$+! d+`+`! +7! +`3&! `#3b&$#g7Y! Q+ff! +`3&_&! &$&_&(*h! 9b!
$&''+'&! $*d*! a*`#_1+! a+'`*7&1#(&(! #da*'3&73+! (+1! 7+34*'5! d&'5+3#78! %&_n&!
11+8&(*! &! `b! f#7Y! Z6+! fb#! %bd#11&(*! i! &c+'8*7s&(*! i! c*1cn! &! 1&! #7(b`3'#&! (+! 1&!
$*7`3'b$$#g7[!&f#'d&!Q+ffh!9b!3'&_&j*!(+!*$%*!%*'&`!$*d*!#78+7#+'*!$#c#1!*f'+$n&!
a*$&`! +`a+'&7s&`! (+! a'*8'+`*! a+'*! &1! d+7*`! $*_'&_&! `b! $%+kb+! d+7`b&1h!
6#+73'&`!+7f'+73&_&!3*(*`!1*`!d+`+`!+1!'+`bd+7!(+!1&!3&'j+3&!(+!$'l(#3*Y!Q+ff!`+!
a'*d+3n&! 7b7$&! de`! #7c*1b$'&'`+! +7! b7! 7+8*$#*! (+! 7+34*'5! d&'5+3#78h!!
>*d*! $#+73*`! (+! d#1+`! (+! &1d&`! (+`&f*'3b7&(&`! $&(&! &m*Y! Q+ff! %&_#&! a&`&(*!
a*'!1&!ab+'3&! 8#'&3*'#&!(+1! 6-6h!"*(! >**5Y! +(#3*'! (+! 6-6! ;7`#(+'Y! +`3#d&! kb+!
`g1*!&a'*q#d&(&d+73+!b7!FH!a*'!$#+73*!(+!1*`!&`*$#&(*`!&1!7+34*'5!d&'5+3#78!
`+! d&73#+7+7! +7! 1&! #7(b`3'#&! (+`abl`! (+! `b`! a'#d+'*`! $#7$*! &m*`h! 01! '+`3*Y!
&f#'d&Y! Z`+! kb+d&7! i! `+! '+3#'&7! $*7! b7! 8b`3*! &d&'8*! +7! 1&! _*$&Rh! .18b7*`!
+qa+'3*`!b_#$&7!1&!3&`&!(+!f'&$&`*!+7!b7!7#c+1!db$%*!de`!&13*!&o7h!!
!
20%?")%#)%/)%($C6+?"))
!
9#! %b_#+'&! `#(*! b7&! $1&`+! (#f+'+73+! (+! %*d_'+Y! Q+ff! a*('n&! %&_+'`+!
'+`#87&(*! (+! a*'! c#(&! $*d*! *3'&! +`3&(n`3#$&! (+1! 6-6h! )*('n&! %&_+'! a&`&(*! +1!
'+`3*! (+! `b`! (#&`! '+fb7fbm&7(*! a*'! 1*`! /PhPPP! (g1&'+`! kb+! %&_n&! a+'(#(*h! 01!
`b+m*!(+!#78'+`*!'+`#(b&1!kb+!Q+ff!%&_n&!&1_+'8&(*Y!`+!%b_#+'&!(+`c&7+$#(*!&m*!
3'&`!&m*Y!%&`3&!f#7&1d+73+!(+`&a&'+$+'!a*'!$*da1+3*h!!
120
!
!
)+'*!Q+ff!7*!+`3&_&!1#`3*!a&'&!'+7(#'`+h!?+7n&!fb+8*!+7!+1!+`3gd&8*Y!b7!
(+`+*! &'(#+73+! (+! 3'#b7f&'Y! \! `b! 3'&_&j*! $*d*! #78+7#+'*! $#c#1! 7b7$&! 1*8'&'n&!
$&1d&'!`b!`+(h!Z?+7n&!c+#73#`#+3+!&m*`[!(#$+!Q+ffh!Z,_`+'c&_&!&!%*d_'+`!+7!d#!
#7(b`3'#&!kb+!3+7n&7!3'+#73&!i!$#7$*!*!$b&'+73&!&m*`!i!d+!(&_&!$b+73&!(+!kb+!
+`3&_&! `#8b#+7(*! `b! $&d#7*h! \Y! 1&! c+'(&(Y! 7*! d+! 8b`3&_&! 1*! kb+! c+n&h[!!
Q+ff! +`3&_&! (+$#(#(*! &! 7*! #78'+`&'! &! 1&! d+(#&7&! +(&(! $*d*! 1*! %&_n&7! %+$%*!
db$%*`!(+!`b`!$*1+8&`Y!$*7`bd#(*`!a*'!`b`!a'+*$ba&$#*7+`!&$+'$&!(+1!(#7+'*h!
)+'*Y! p$be1+`! +'&7! `b`! &13+'7&3#c&`T! >b&73*! de`! '+f1+q#*7&_&! `*_'+! +`3&!
$b+`3#g7Y!de`! 1*! $*7(b$n&7! `b`! a+7`&d#+73*`! %&$#&!+1!7+34*'5! d&'5+3#78h! p-+!
%&_n&! (&(*! '+&1d+73+! b7&! *a*'3b7#(&(T! pO&_n&! a+'(#(*! 1*`! /PhPPP! (g1&'+`!
a*'kb+!1&!#7(b`3'#&!3+7n&!(+f+$3*`!r*!a*'kb+!l1!d#`d*!%&_n&!%+$%*!+1+$$#*7+`!
#7$*''+$3&`T!Q+ff!d&`3#$&_&!+`3&`!a'+8b73&`!$*d*!1*!%&'n&!b7!3*'*!(+!a+1+&!$*7!
b7!%b+`*!a+1&(*h!@*1*'*`&d+73+Y!$&`#!$*7!'+`+73#d#+73*Y!11+8g!&!1&!$*7$1b`#g7!
(+!kb+!kb#se`!c&1#+'&!1&!a+7&!c*1c+'!&!a'*_&'!+1!6-6Y!(+`abl`!(+!3*(*h!
!!
0#+)(%?0#'+)"*",$0#&'+')
!
B7!&`*$#&(*!(+!Q+ff!+7!`b!&73+'#*'!+da'+`&!(+!6-6Y!1+!3+1+f*7+g!b7!(n&!
$*7! b7&! 7*3#$#&! `*'a'+7(+73+h! ?*((! 9d#3%Y! b7*! (+! 1*`! c+7(+(*'+`! de`!
#da*'3&73+`!(+!+`&!+da'+`&Y!&_&7(*7&_&!+1!_&'$*h!9+!&`*$#&_&!&!b7&!+da'+`&!
11&d&(&! "+q&11! 9%*4$&`+h! 0'&! b7&! 7b+c&! (#c#`#g7! (+!6-6! 1&7s&(&! &1! d+'$&(*!
a*'! b7&! $*'a*'&$#g7! $*7! _&`+! +7! K*$&! "&3*7Y! A1*'#(&Y! "+q&11! 9%*4$&`+!
$*da&mn&!7&$#(&!(+!b7&!fb`#g7!*$b''#(&!+7!CNMH!+73'+!9b7(*47!E#3&d#7`!;7$h!i!
1&!c+7+'&_1+!$&(+7&!(+!f&'d&$#&`!"+q&11!fb7(&(&!+7!CNPGh!!
!
!
"+q&11! +'&! b7&! (+! 1&`! d&'$&`! 1n(+'+`! +7! 0`3&(*`! B7#(*`h! ,3*'8&_&! b7!
a'+`3#8#*!a*$*!$*do7!&!1&!1n7+&!(+!c#3&d#7&`!i!a'*(b$3*`!(+!f&'d&$#&!*f'+$#(&!
a*'! "+q&11! 9%*4$&`+! a*$*! $*do7Y! &1! d+7*`Y! (+! &$b+'(*! &! 1*`! +`3e7(&'+`! (+1!
db7(*!(+!1&!(#`3'#_b$#g7!a*'!'+(+`!&!a'#7$#a#*`!(+!1&!(l$&(&!(+!1*`!NPh!Q+ff!`+!
a'+8b73&_&!`#!b7&!*a*'3b7#(&(!$*7!b7&!d&'$&!(+!3&73*!a'+`3#8#*!`+'n&!de`!fe$#1!
(+!*f'+$+'!kb+!`b!o13#d&!$*da&mn&h!?*(&cn&!de`!f&`$#7&73+!+'&!1&!*a*'3b7#(&(!
(+!3'&_&j&'!$*7!b7!a+`*!a+`&(*!$*d*!?*((!9d#3%h!9#!#_&!&!&''#+`8&'!`b!3#+da*!
i!(#7+'*!*3'&!c+s!+7!b7&!&c+73b'&!(+!6-6Y!Q+ff!kb+'n&!b7!d+73*'!(+1!$&1#_'+!(+!
?*((!a&'&!8b#&'1*!&!3'&cl`!(+!1*`!*_`3e$b1*`h!!
!
,0*$0,+)(0+1%))
!
?&d_#l7! +'&! &3'&i+73+! +1! a1&7! (+! $*da+7`&$#g7h! "+q&11! +'&! a#*7+'&! +7!
b7!7b+c*!3#a*!(+!a1&7!(+!+`$&1*7+`€'ba3b'&!Z`b&c+[!b7*!`#7!1&`!&'(b&`!$b*3&`!
d+7`b&1+`! i! a+7&1#(&(+`! kb+! a'+`#*7&_&7! 3&73*! &! 1*`! 7+34*'5+'`! &! &$bdb1&'!
d+'$&(+'n&!#77+$+`&'#&h!07!1&!&73#8b&!$*da&mn&!(+!Q+ffY!%&_n&!kb+!d*c+'!(+`(+!
FhPPP!*!GhPPP!(g1&'+`!(+!c*1bd+7!d+7`b&1!(b'&73+!b7!a+'n*(*!(+!$#7$*!d+`+`Y!
`g1*!a&'&!$&1#f#$&'!a&'&!b7&!$*d#`#g7!(+1!N!a*'!$#+73*h!9#!(b'&73+!(*`!d+`+`!b7*!
7*! $bda1n&! $*7! `b! $b*3&Y! a+'(n&! `b! `3&3b`! (+! Z+j+$b3#c*[Y! i! (+_n&! $*d+7s&'!
3*(*!7b+c&d+73+h!!
!
!
01! a1&7! "+q&11Y! a*'! *3'&! a&'3+Y! +q#8n&! 3&7! `g1*! b7! c*1bd+7! d+7`b&1! (+!
ChPPP!(g1&'+`!a&'&!$*7c+7#'`+!+7!Z(#'+$3*'[h!\!7*!%&_n&!a+7&1#(&(!a*'!a+'(+'!1&!
$b*3&h!B7&!c+s!kb+!`+!&1$&7s&_&!$#+'3*!7#c+1!(+!$*d#`#*7+`Y!`+!d&73+7n&!(+!a*'!
c#(&h! Q+ff! $*da'+7(#g! kb+! +'&! db$%*! d+7*`! a'*_&_1+! kb+! b7! a1&7! (+! +`3&!
121
7&3b'&1+s&! 1*! &''&`3'&'&! +7! *3'*! 3*'_+11#7*! (+! (+b(&`! (+! 3&'j+3&! (+! $'l(#3*h!
?&d_#l7Y! &! 1&`! a+'`*7&`! kb+! &`*$#&'&Y! 1+`! '+`b13&'n&! db$%*! de`! fe$#1! 3'&_&j&'!
+7! +1! a1&7Y! i&! kb+! db$%*`! (+! +11*`! `+'n&7! 3'&_&j&(*'+`! &! 3#+da*! a&'$#&1Y! `#7!
db$%*!(#7+'*!*!3#+da*!a&'&!#7c+'3#'!+7!+1!7+8*$#*h!!
!
0#+)'%!&(&C#)'&2e!&/))
!
.!a+`&'!(+!+`3&`!c+73&j&`!*_c#&`Y!Q+ff!+7f'+73&_&!b7&!(+$#`#g7!(#fn$#1h!9b`!
f&d#1#&'+`!i!&d#8*`!+'&7!(*1*'*`&d+73+!$*7`$#+73+`!(+!`b!f'&$&`*!&73+'#*'!+7!+1!
6-6h! 9#! c*1cn&! &1! 7+8*$#*! &%*'&Y! `+! c+'n&! $*d*! b7! 3*73*! &73+! 1*`! *j*`! (+! 1*`!
(+de`h!@b'&73+!3*(&!`b!c#(&Y!Q+ff!`+!%&_n&!c#`3*!&`n!d#`d*!$*d*!1&!*c+j&!7+8'&!
(+! `b! f&d#1#&h! 9b`! &_b+1*`! +'&7! #7d#8'&73+`! 1#_&7+`+`! dbi! 3'&_&j&(*'+`Y! kb+!
%&_n&7! $*7`3'b#(*! b7! a'g`a+'*! 7+8*$#*! (+! c+`3#d+73&h! 9b! '#8b'*`&! l3#$&!!
(+!3'&_&j*!%&_n&!`#(*!3'&7`f+'#(&!&!1*`!%+'d&7*`!i!%+'d&7&`!(+!Q+ffv!3*(*`!1*`!
$b&1+`! `+! %&_n&7! (#`3#78b#(*! +7! +1! $*1+8#*! i! `+! %&_n&7! $*7c+'3#(*! +7! dl(#$*`Y!
&_*8&(*`!i!a'*f+`#*7&1+`!dbi!_#+7!'+db7+'&(*`h!
!
!
)+'*!Q+ff!+'&!(#f+'+73+h!9#+da'+!%&_n&!`#(*!b7!`*m&(*'h!2b7$&!a+'(b'&_&!
_&`3&73+! +7! &18*! $*d*! a&'&! %&$+'1*! fb7$#*7&'h! -b+8*! (+! &_&7(*7&'! `b`!
+`3b(#*`!de`!&(+1&73+!`+!'+$#_#'n&!$*7!b7!a'*d+(#*!dn7#d*!Q+ff!`+!%&_n&!c#`3*!
*_1#8&(*!&!+`3&_1+$+'`+!+7!b7!3'&_&j*!(+!`+8b7(&!$&3+8*'n&h!9b!d&1!&$*7`+j&(*!
$*73&$3*!$*7!+1!6-6!7*!%#s*!de`!kb+!a'*fb7(#s&'!1&!$*7c#$$#g7!(+!`b!a&('+!(+!
kb+! Q+ff! +`3&_&! i+7(*! 'ea#(&d+73+! %&$#&! 7#78o7! 1&(*Y! Z\*! +'&! b7&! 8'&7!
(+`#1b`#g7!a&'&!l1[!&(d#3+!Q+ffh!!
!
/+',"#%()'%)(0%Q"())
!
6&'5!\&'7+11Y!1n(+'!i!(#`3'#_b#(*'!#da*'3&73+!(+!-+8&$i!B9.Y!$'++!kb+!b7&!
(+!1&`!3&'+&`!de`!&'(b&`!kb+!+7f'+73&!b7!a'#7$#a#&73+!(+!6-6!+`!d&73+7+'!`b!
$*da'*d#`*! f'+73+! &! 1&`! $'n3#$&`! (+! &d#8*`! i! f&d#1#&'+`h! \&'7+11! 11&d&! &! +`3&`!
a+'`*7&`! 7+8&3#c&`! a+'*! _#+7! #73+7$#*7&(&`! Z1&('*7+`! (+! `b+m*`[h! 6e`! (+! b7!
7+gf#3*! (+1! 6-6! %&! `#(*! +dabj&(*! &! '+7b7$#&'! a*'! 1&! a'+`#g7! (+! &kb+11*`! &!
kb#+7+`! &d&! i! '+`a+3&h! Z9#! $*d#+7s&! a*'! %&_1&'! $*7! `b`! a&'#+73+`! i! &d#8*`!
`*_'+!+`3&!#7(b`3'#&Y[!+`$'#_+7!6&'5!i!"+7+!\&'7+11!+7!`b!1#_'*!9b!a'#d+'!&m*!+7!
+1!7+34*'5!d&'5+3#78!Z1&!d&i*'n&!1+!c&!&!(+$#'!kb+!a+'(#g!1&!$&_+s&h[!!
!
!
)*'!+`&!'&sg7!a&'&!3'#b7f&'!+7!+1!6-6!+`!'+kb#`#3*!a'+c#*!3+7+'!b7&!a#+1!
(b'&Y! '+`#`3+73+! &! 1&`! $'n3#$&`h! E#'3b&1d+73+! 3*(&! %#`3*'#&! (+! lq#3*! +7! 7+34*'5!
d&'5+3#78! $*d#+7s&! $b&7(*! 1&! a+'`*7&! (+$#(+! kb+! i&! 7*! 1+! #da*'3&! 1*! kb+!
a#+7`+7! 1*`! (+de`h! )*'! 1*! 8+7+'&1Y! `+! 11+8&! &! +`+! ab73*! a*'! (+`+`a+'&$#g7! i!
&8*3&d#+73*h!0`+!+'&!$1&'&d+73+!+1!$&`*!(+!Q+ff!6&$5h!
!!
6nK)DIIn)UL)ID)GNZNUL]))
!
>*7!/PhPPP!(g1&'+`!(+!(+b(&!$*7!&13*`!#73+'+`+`Y!i!`#7!`bf#$#+73+!(#7+'*!
a&'&!a&8&'!b7!&1kb#1+'Y!Q+ff!c*1c#g!&!1&!$&`&!(+!`b`!a&('+`!&!1*`!c+#73#`l#`!&m*`Y!
.! +`&! +(&(Y! i! 1b+8*! (+! %&_+'! (+a+7(#(*! (+! b7*! d#`d*Y! +`! b7&! +qa+'#+7$#&!
_&`3&73+! %bd#11&73+Y! &f#'d&! Q+ffh! )+'*! +`3+! +'&! a'+$#`&d+73+! +1! +`3ndb1*! kb+!
7+$+`#3&_&h!
!
!
@+`a*j&(*! (+! `b! *'8b11*! i! f#7&7$#+'&d+73+! $*73'&! 1&! a&'+(Y! Q+ff! %&_n&!
`ba+'&(*! 1&! 3#d#(+sh! 0`3&_&! +7! -&! X*7&! +`+! +`3&(*! +7'&'+$#(*! (*7(+! 1*! o7#$*!
122
kb+! #da*'3&! +`! 1*8'&'! 3+'d#7&'! +1! 3'&_&j*h! 07! 1&! d+73+! (+! Q+ffY! 7&(&! a*(n&!
`ba1&73&'!1&!$'b(&!b'8+7$#&!(+!1&!`ba+'c#c+7$#&Y!1&!7+$+`#(&(!(+!8&7&'!(+!7b+c*!
`b!1#_+'3&(!i!(#87#(&(h!\Y!$*d*!1*!(+d*`3'g!de`!3&'(+Y!Q+ff!8&7&'n&!3*(&`!+`3&`!
$*`&`!i!de`!&!3'&cl`!(+!`b!7+8*$#*!"+q&11h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
123
!DEFGHIJ)1%&#$&'"()
)
/XfPLIJd)OJ)(NZHIL)
!
[A#78+!%&`3&!kb+!1*!1*8'+`[Y!+'&!+1!$*7`+j*!kb+!Q+ff!'+$#_n&!(+!`b!&b`a#$#&(*'!+7!
`b!&73#8b&!$*da&mn&h!9#87#f#$&_&!kb+!`bab+`3&d+73+!Q+ff!(+_n&!#7c+'3#'!+7!'*a&!
$&'&! i! *3'*`! ab73*`! (+! &a*i*! a&'&! +78&m&'! &! `b`! $*73&$3*`! i! %&$+'1+`! $'++'!
kb+!+'&!b7&! a+'`*7&!+q#3*`&Y! 9+8o7! +`3&!3+*'n&Y! &1!Zf#78#'[!Q+ff!&3'&+'n&!3&73*`!
a'*`a+$3*`! kb+! `b! 7+8*$#*! a'*73*! (+`a+8&'n&h! -&d+73&_1+d+73+Y! Q+ff! (+$#(#g!
`+8b#'!+`3+!$*7`+j*!&1!a#+!(+!1&!1+3'&h!!
!
!
Z6+!$*da'l!'*a&!f#7&! i!11+c&_&!&!d#`!$*73&$3*`!&!'+`3&b'&73+`!_b+7*`[!
'+$b+'(&! Q+ffh! .(kb#'n! b7! 3+1lf*7*! $+1b1&'! i! %&$n&! 11&d&(&`! +7! $*7f+'+7$#&! i!
a'*`a+$3&_&!+7!$&(&!*a*'3b7#(&(!kb+!`+!d+!a'+`+73&_&h!-&!a'#d+'&!f&$3b'&!(+!
3+1lf*7*!$+1b1&'!fb+!(+!ChMPP!(g1&'+`h!)+'*!d#!$*d#`#g7!+`+!d+`!fb+!(+!3&7!`g1*!
/HP! (g1&'+`h! Q+ff! '+7b7$#g! a'+d&3b'&d+73+! &! `b! 3'&_&j*! (+! #78+7#+'*! i! `+!
(+(#$g!(+!11+7*!&1!6-6!&73+`!(+!'+$#_#'!b7!$%+kb+!kb+!jb`3#f#$&'&!+`&!(+$#`#g7h!
Ab+!`g1*!b7&!$b+`3#g7!(+!3#+da*!%&`3&!kb+!+1!$&`3#11*!(+!7&#a+`!`+!(+`d*'*7gh!
01! +`3#1*! (+! c#(&! (+! &13*! 7#c+1! (+! Q+ff! (b'g! b7*`! a*$*`! d+`+`h! .a'+7(#g! (+! 1&!
d&7+'&!(#fn$#1!kb+!f#78#'!i!1*8'&'1*!`*7!(*`!$*`&`!$*da1+3&d+73+!(#f+'+73+`h!!
!
+0($%,")A)%2&!&%#$%))
!
-&`! $*`&`! fb7$#*7&'*7! (+! d&7+'&! (#f+'+73+! +7! "+q&11Y! _&j*! 1&! 3b3+1&! (+!
?*((!9d#3%h!9b!7b+c*!d+73*'!1+!+7`+mg!&!Q+ff!b7!+7f*kb+!(+1!7+8*$#*Y!(+1#$&(*!
i! +f#$#+73+h! Z?*((! d+! +7`+mg! &! `+'! #73+1#8+73+! &$+'$&! (+! d#`! 8&`3*`[! &f#'d&!
Q+ffY!Zi!&!&`+8b'&'d+!(+!#7c+'3#'!d#!3#+da*!(+!1&!d#`d&!d&7+'&!+7!kb+!#7c+'3n&!
d#!(#7+'*!(+!d&7+'&!(+!*_3+7+'!+1!deq#d*!'+3*'7*h[!!
!
!
)*'! `bab+`3*! kb+Y! (+! 3*(&`! d&7+'&`Y! 1&`! $#'$b7`3&7$#&`! (+! Q+ff! `+!
a'+`3&_&7! &! b7! +7f*kb+! +`a&'3&7*h! 9bd+'8#(*! +7! (+b(&`! i! c#c#+7(*! $*7! `b`!
a&('+`Y!+`3&_&!*_1#8&(*!&!$*7(b$#'!`b!7+8*$#*!$*7!1*!dn7#d*!#7(#`a+7`&_1+h!Q+ff!
&'dg!`b!*f#$#7&!+7!+1!8&'&j+h!?*dg!+1!+`$'#3*'#*!kb+!%&_n&!b`&(*!+7!+1!$*1+8#*!
`+$b7(&'#*! i! ab`*! 1&! $&_+$+'&! (+! `b! $&d&! (+! &8b&! `*_'+! l1h! -b+8*! _&jg! b7&!
1n7+&! 3+1+fg7#$&! (+! `b! %&_#3&$#g7! &! 3'&cl`! (+1! $#+1*''&`*h! B7! o7#$*! 8&_#7+3+! (+!
&'$%#c*! $*73+7n&! 3*(*`! `b`! a&a+1+`Y! $*d*! 1&`! '+7(#$#*7+`! (+! $*d#`#*7+`! i! 1&!
#7f*'d&$#g7! (+! `+8b#d#+73*! (+! `b`! $*73&$3*`h! Z>*da&'3n&! d#! *f#$#7&! $*7! b7!
'+f'#8+'&(*'! *q#(&(*! i! (*`! &b3*dgc#1+`Y[! '+$b+'(&! Q+ff! Z9#+da'+! %&_n&! *1*'! &!
&73#$*78+1&73+!&11n!&(+73'*h[!!
!
+!!&C#)6+(&1+))
!
073*7$+`!Q+ff!#7`3#3big!1*!kb+!1*`!7+34*'5+'`!11&d&7!Z&$$#g7!d&`#c&[!b7&!
&7(&7&(&! `*`3+7#(&! (+! +`fb+'s*! (+! a'*`a+$$#g7h! -&! $*da&mn&! a&'&! 1&! $b&1!
3'&_&j&_&! %&_n&! $+''&(*! &1! a*$*! 3#+da*! (+! &`*$#&'`+! &! "+q&11h! 0`*! (+jg! &! Q+ff!
`#7!`b!$%+kb+h!)+'*!3&d_#l7!1+!(+jg!db$%*!3#+da*!a&'&!a'*`a+$3&'h!9+!`+73&_&!
+7! `b! +`$'#3*'#*! (+`(+! 1&`! JDGP! 3*(&`! 1&`! d&m&7&`! %&`3&! 1&! d+(#&7*$%+Y!
%&$#+7(*! (*`! _'+c+`! $*'3+`! (b'&73+! +1! (n&h! Z>'+$n! 'ea#(&d+73+[! &f#'d&! Q+ff!
Z6#+73'&`!d#`!&d#8*`!#_&7!&!'+$#3&1+`!i!&!jb8&'!_&`5+3_&11Y!i*!%&$n&!`&$'#f#$#*`h!
124
!
;_&! &! `+'! 1*! kb+! fb+'&! 7+$+`&'#*! a&'&! kb+! +`3+! 7+8*$#*! fb7$#*7&'&h!
6b$%&`! a+'`*7&`! a+7`&_&7! kb+! +`3&_&! 1*$*h! Sb+'n&! (+d*`3'&'! kb+! +`3&_&7!
+kb#c*$&(*`h! 0`+! +'&! d#! d&i*'! +`3ndb1*h! 0'&! b7&! 3&'+&! (b'&! i! `*1#3&'#&! %&$+'!
11&d&(&`!(+!c+73&`!(+`(+!+1!8&'&j+!(+!`b`!a&('+`h!01!(+`e7#d*!1*!a+'`+8bn&!&!
$&(&!a&`*h!)+'*!d&73+7n&!`b!e7#d*!&13*!+`$b$%&7(*!$&``+33+`!d*3#c&$#*7&1+`h!
B7!$&``+33+!11&d&(*!ZOe8&`+!$&'8*!(+!`b!c#(&[!tZ?&5+!$%&'8+!*f!i*b'!1#f+u!i!(+!
Q#d! "*%7Y! 1+! +7`+mg! b7&! 1+$$#g7! kb+! `+'n&! fb7(&d+73&1! a&'&! `b! lq#3*h! "*%7!
(+$n&!kb+! `#!b7*! (+`$b_'n&!&! *3'*! c+7(+(*'! $+''&7(*! b7! a*'$+73&j+!(+!c+73&`!
de`! &13*! kb+! +1! a'*a#*! r(#8&d*`Y! CP! a*'! $#+73*! $*73'&! C! a*'! $#+73*r! %&_n&!
b7&! d&7+'&! `+7$#11&! (+! '+(b$#'! 1&! _'+$%&h! Z9#da1+d+73+! %&_1+! $*7! (#+s! c+$+`!
de`!(+!a+'`*7&`[!&f#'d&!Q+ff!+`+!a'#7$#a#*!`+!$*7c#'3#g!+7!1&!a#+('&!&78b1&'!(+!
`b!+`3'&3+8#&h!!
!
6%,!+'")!+/&%#$%))
!
Q+ff!+1&_*'g!b7&!1#`3&!(+!&d#8*`Y!f&d#1#&'+`!i!&`*$#&(*`h!011*`!$*7`3#3bn&7!
`b!Zd+'$&(*!$&1#+73+[!+1!8'ba*!(+!a*3+7$#&1+`!a'*`a+$3*`!$*7!1*`!kb+!3+7n&!b7&!
a'+c#&! '+1&$#g7! a+'`*7&1h! -&! `&_#(b'n&! $*7c+7$#*7&1! (+1! 7+34*'5! d&'5+3#78!
`*`3#+7+! kb+! +`! de`! fe$#1! &`*$#&'! &! a+'`*7&`! (+1! d+'$&(*! $&1#+73+! kb+! &!
(+`$*7*$#(*`h!!
!
!
)+'*!7*!`#+da'+!+`+!+`!+1!$&`*h!01!d+'$&(*!$&1#+73+!(+!Q+ff!(+d*`3'g!`+'!
a&'3#$b1&'d+73+! '+`#`3+73+h! Sb#+7+`! 1*! $*7*$n&7! i&!1*! %&_n&7! c#`3*! f'&$&`&'! +7!
b7&! *a*'3b7#(&(! 6-6! i! 1*! $*7`#(+'&_&7! b7! (+j&(*h! )&'&! %&$+'! 1&`! $*`&`! de`!
$*da1#$&(&`! db$%*`! (+! `b`! &d#8*`! +'&7! a'*`a+$3*`! a*_'+`Y! a*'kb+! +'&7! 3&7!
#''+`a*7`&_1+`! $*d*! 1*! %&_n&! `#(*! Q+ff! &18b7&! c+sh! Z0'&7! db$%&$%*`! kb+!
a&`&_&7!3*(*!`b!3#+da*!1#_'+!+7!+1!8#d7&`#*!*!`&1#+7(*!a*'!1&!7*$%+[!(#$+!Q+ffh!
Z2*!a+7`&_&7!+7!+1!fb3b'*h!)&'&!+11*`Y!+1!fb3b'*!+'&!+1!c#+'7+`!a*'!1&!7*$%+h[!!
!
6%,!+'")2,e")
!
@+! 1&`! CIP! a+'`*7&`! (+! 1&! 1#`3&! $&1#+73+! (+! Q+ff! `*1*! $#7$*! (+$#(#+'*7!
&`*$#&'`+!&!"+q&11h!Ab+!b7!'+`b13&(*!(+`&1+73&(*'h!)+'*Y!'+$*'(&7(*!+1!$*7`+j*!
(+!Q#d!"*%7Y!Q+ff!'+(*_1g!`b`!+`fb+'s*`h!E*1c#g!`b!d#'&(&!&1!d+'$&(*!f'n*!r+1!
8'ba*! (+! a*3+7$#&1+`! &`*$#&(*`! fb+'&! (+! `b! +`f+'&! (+! #7f1b+7$#&! a+'`*7&1h!!
6b$%*`! #7`3'b$3*'+`! (+! 6-6! &$*7`+j&7! &! 1*`! a'#7$#a#&73+`! +c#3&'! +1! d+'$&(*!
f'n*h! -*`! +q3'&m*`! ab+(+7! `+'! $'b+1+`! f'+73+! &! a'*ab+`3&`! (+! c+73&! 7*!
(+`+&(&`h! ZO&$+'! 11&d&(&`! +7! f'n*! +`! b7&! (+! 1&`! d&7+'&`! de`! 'ea#(&`! (+!
(+`&1+73&'`+[! $*d+73&! O#13*7! Q*%7`*7Y! a'+`#(+73+! (+! 6-6! B7#c+'`#3iY! b7&!
$*7`b13*'&! (+! 7+34*'5! d&'5+3#78! $*7! _&`+! +7! -&b(+'(&1+L_iL3%+L9+&Y! A1*'#(&h!
Z07!b7&!11&d&(&!+7!f'n*Y!$*7`3&73+d+73+!`+!+7f'+73&!+1!'+$%&s*!i! +1!d&13'&3*h!
O&$+'!11&d&(&`!+7!f'n*!3*(*`!1*`!(n&`!+`!$*d*!a&`&'!b7!3#+da*!+7!1&!$e'$+1h[!01!
$*7`+j*!(+!Q*%7`*7!+`!$#+'3*!a&'&!1&!d&i*'n&!(+!1&`!a+'`*7&`h!)+'*!Q+ff!+`3&_&!
+7!1&!X*7&h!07!+`+!d*d+73*Y!+1!'+$%&s*!i!+1!d&13'&3*!`#87#f#$&_&7!a*$*!a&'&!l1h!
-&! c+'8‚+7s&! i! +1! f'&$&`*! %&_n&7! #7$#7+'&(*! 3*(&! +d*$#g7Y! %&`3&! kb+! 3*(*! 1*!
kb+!kb+(g!fb+!`b!&'(#+73+!(+`+*!(+!3'#b7f&'h!!
!
//+6+,)%#)2,e"))
!
B7&! (+! 1&`! 3e$3#$&`! (+! Q+ff! +'&! 11&d&'! &! a+'`*7&`! (+! 1&`! )e8#7&`!
.d&'#11&`h! 01! `+! +7f*$&_&! a&'3#$b1&'d+73+! +7! +da'+`&`! $*73&_1+`Y! `b`! &c#`*`!
8+7+'&1d+73+!(+3&11&_&7!1*`!7*d_'+`!(+!1*`!$*73&(*'+`!ao_1#$*`!(+!1&!+da'+`&h!
125
ZO&$n&! 11&d&(&`! +7! f'n*! (b'&73+! `+#`! &! *$%*! %*'&`! a*'! (n&[! '+$b+'(&! Q+ff!
Z3'&3&7(*!(+!1*8'&'!kb+!`+!+7$*73'&'&7!$*7d#8*!(b'&73+!kb#7$+!d#7b3*`!*!kb+!
+`$b$%&'&7!b7!$&``+33+[h!0`&`!11&d&(&`!3+7n&7!b7!&13*!'#+`8*!(+!'+$%&s*Y!a+'*!
1&!d&'$&!"+q&11!1+!(&_&!&!Q+ff!b7!ab73*!(+!+73'&(&!a`#$*1g8#$*h!!
!
!
Z0`3*i!3'&_&j&7(*!a&'&!"+q&11[!+'&!+1!$*d#+7s*!(+!`b!(#`$b'`*h!Z0`3&d*`!
+qa&7(#+7(*! 7b+`3'&`! *a+'&$#*7+`! &kbnY! +7! b7&! (+! 1&`! (#c#`#*7+`! (+! `&1b(!
a'+c+73#c&h! p>*7*$+! &! "+q&11Y! +1! 8#8&73+! f&'d&$lb3#$*T[! -&! d&i*'n&! (+$n&! kb+!
`nh! 07! b7! #7`3&73+Y! Q+ff! 1*8'&_&! b7&! 3'#a1+! c+73&j&h! )'#d+'*Y! %&_n&! 1*8'&(*! b7&!
'+`ab+`3&!&f#'d&3#c&!(+!`b!$*73&$3*h!9+8b7(*Y!`+!%&_n&!'+1&$#*7&(*!&!`n!d#`d*!
$*7! b7&! d&'$&! '+`a+3&_1+h! \! 3+'$+'*Y! %&_n&! (#`ab+`3*! +1! +`$+7&'#*! a&'&! `b!
*f'+$#d#+73*! d+7$#*7&7(*! &! 1&! #7(b`3'#&! f&'d&$lb3#$&! rb7! 7+8*$#*!
&da1#&d+73+!a+'$#_#(*!$*d*!a'+`3#8#*`*!i!1b$'&3#c*h!;7$1b`*!(+!+`&!d&7+'&Y!+'&!
b7&!3&'+&!&'(b&h!Q+ff!+`3#d&!kb+!&`*$#g!b7!a'*`a+$3*!a*'!$&(&!FHP!11&d&(&`!+7!
f'n*h!!
!
%/)6%,!+'")$&:&"))
!
2*!3*(&`!1&`!11&d&(&`!(+!Q+ff!+'&7!3&7!%+1&(&`!$*d*!+`&h!='&7!a&'3+!(+!
`b`! $*73&$3*`! 1*`! '+&1#s&_&! +7! 1*! kb+! O#13*7! Q*%7`*7! 11&d&! +1! d+'$&(*! Z3#_#*[h!
0`3+! d+'$&(*! #7$1bi+! a+'`*7&`! $*7! 1&`! kb+! b`3+(! %&_1g! b7&! *! (*`! c+$+`Y!
'+f+'+7$#&`!(+!a'*`a+$3*`!&73+'#*'+`!*!11&d&(&`!(+!`+8b#d#+73*!&!a+'`*7&`!kb+!
i&!%&7!'+c#`&(*!`b!d&3+'#&1!a'*d*$#*7&1h!!
!
!
Q+ff!&a'+7(#g!&!b`&'!`b`!11&d&(&`!+7!f'n*!a&'&!8+7+'&'!a'*`a+$3*`!3#_#*`h!
;7$1b`*! $b&7(*! b7! a'*`a+$3*! 1*! '+$%&s&_&Y! Q+ff! `#+da'+! a+(n&! b7&! '+f+'+7$#&h!
Z0`3&d*`! _b`$&7(*! a'*f+`#*7&1+`! +7! +1! e'+&Y! kb+! +`3l7! &_#+'3*`! &! &18b7&`!
7b+c&`!#(+&`!$*d+'$#&1+`[!(+$n&h!Z!"+$b+'(&!&!&18b#+7!kb+!b`3+(!$*7*s$&!kb+!
ab+(&! +`3&'! #73+'+`&(*! +7! (+`&''*11&'! `b! a'*a#*! 7+8*$#*T[! >*7! f'+$b+7$#&Y! 1*`!
a'*`a+$3*`! (&_&7! 7*d_'+`! i! 7od+'*`h! 0`3*`! `+! $*7c+'3n&7! +7! a'*`a+$3*`!
3#_#*`h! >b&7(*! Q+ff! 1*`! 11&d&_&Y! i&! 3+7n&! b7&! a+kb+m&! c+73&j&Y! a*'kb+! a*(n&!
(+$#'! $*7! %*7+`3#(&(! kb+! %&_n&! `#(*! '+f+'#(*! a*'! b7! &d#8*! *! `*$#*! (+1!
a'*`a+$3*h!!
!
+1&("()!/+(&2&!+'"())
!
6b$%*`! 7+34*'5+'`! #7f*'d&7! kb+! 3#+7+7! b7&! &13&! 3&`&! (+! lq#3*! $*7!
&c#`*`!$1&`#f#$&(*`h!0`*`!&c#`*`!a'*(b$+7!b7&!db13#3b(!(+!a'*`a+$3*`!3#_#*`Y!+`!
(+$#'Y! a+'`*7&`! kb+! i&! %&7! (+d*`3'&(*! #73+'l`! +7! `b! 7+8*$#*! &1! %&_+'!
1+c&73&(*!+1!3+1lf*7*!a&'&!11&d&'1*h!>*d*!Q+ff!+`3&_&!+7!_&7$&''*3&!b`&_&!1*`!
&c#`*`! $1&`#f#$&(*`! d*(+'&(&! a+'*!#73+1#8+73+d+73+h! 6&73+7n&!b7!7#c+1!dn7#d*!
(+! a&1&_'&`! a&'&! &%*''&'! (#7+'*Y! i! a'+`3&_&! db$%&! &3+7$#g7! &! 1&! 3&`&! (+!
'+`ab+`3&!&!1*`!(#`3#73*`!3#a*`!(+!&c#`*`Y!Q+ff!(+`$b_'#g!a*'!+qa+'#+7$#&!kb+!1*`!
&c#`*`!de`!+f+$3#c*`!+'&7!1*`!ab_1#$&(*`!+7!1&!`+$$#g7!(+!+da1+*`Y!de`!kb+!1*`!
(+! *a*'3b7#(&(+`! $*d+'$#&1+`h! B7! &c#`*! 3na#$*! (+$n&D! Z9+! 7+$+`#3&!
#7d+(#&3&d+73+! 8+'+73+! $*7! +`an'#3b! +da'+7(+(*'! i! +qa+'#+7$#&! $*'a*'&3#c&h!
9*d*`! b7! 8'ba*! (+! a'*f+`#*7&1+`! dl(#$*`! i! +da'+`&'#*`Y! 3'&_&j&7(*! +7! 1&!
+qa&7`#g7!(+!b7&!7b+c&!(#c#`#g7!(+!b7&!#da*'3&73+!$*da&mn&!(+!$b#(&(*!(+!1&!
`&1b(h! 07cn+! $*7f#(+7$#&1d+73+! `b! $b''n$b1bd! a*'! f&q! &1hhh[! >b&7(*! 1*`!
a'*`a+$3*`! 11&d&_&7Y! Q+ff! 1+`! &(c+'3n&! kb+! 1+`! +`3&_&! *f'+$#+7(*! b7&!
*a*'3b7#(&(! +da'+`&'#&1Y! i! 7*! b7! ab+`3*! &`&1&'#&(*h! .a'*q#d&(&d+73+! b7! CP!
126
a*'!$#+73*!(+!kb#+7+`!'+`a*7(n&7!&1!&c#`*!`+!+7*j&_&7!$b&7(*!`+!+73+'&_&7!(+!
kb+! +'&! 6-6h! )+'*! 1&! d&i*'n&! +`3&_&! (#`ab+`3&! &1! d+7*`! &! +`$b$%&'h! Q+ff!
1*8'&_&!&`*$#&'!+73'+!+1!C!i!+1!H!a*'!$#+73*!(+!kb#+7+`!'+`a*7(n&7h!!
!
*,"(*%!!&C#)*",)":(%,1+!&C#)*%,("#+/))
!
Q+ff! 3&d_#l7! `+! #7c*1b$'g! +7! 1*! kb+! l1! (+7*d#7&! Za'*`a+$$#g7! a*'!
*_`+'c&$#g7! a+'`*7&1[h! Kb`$&_&! &d_#+73+`! (*7(+! +'&! a'*_&_1+! +7$*73'&'! &!
a+'`*7&`! *'#+73&(&`! &! 1*`! 7+8*$#*`Y! $*d*! ,ff#$+! @+a*3`! *! '+b7#*7+`! (+! 1&!
>ed&'&! (+! >*d+'$#*! 1*$&1h! .11nY! a'*c*$&_&! $*7c+'`&$#*7+`! $*7! a+'`*7&`! kb+!
1b$n&7! #73+'+`&73+`h! 9#! a&'+$n&7! a'*d+3+(*'+`Y! #73+'$&d_#&_&! 3&'j+3&`!
$*d+'$#&1+`h! )+'*! Q+ff! `+! &`+8b'&_&! (+! 7*! #73+73&'!7b7$&! #73'*(b$#'! &! &18b#+7!
+7!+1!7+8*$#*!+7!1&!a'#d+'&!'+b7#g7h!!
!
!
Z6#!*_j+3#c*!+'&!8+7+'&'!&f#7#(&([!(#$+!Q+ffh!Z.a'+7(n!kb+!1&!&f#7#(&(!+`!1*!
de`!#da*'3&73+! (+1! d+'$&(*!f'n*h!A#7&1d+73+Y!1&!8+73+!`+!3*d&'e!3#+da*! a&'&!
+`$b$%&'1*! `#! b`3+(! 1+! 8b`3&[h! -&! a'*`a+$$#g7! a*'! *_`+'c&$#g7! a+'`*7&1!
(+d*`3'g!`+'!b7&!(+!1&`!+`3'&3+8#&`!de`!+q#3*`&`!(+!Q+ffh!.`*$#g!&1'+(+(*'!(+1!
CP!a*'!$#+73*!(+!1&!8+73+!kb+!$*73&$3g!(+!+`&!d&7+'&h!!
!
%/)*"'%,)'%)/+)*%,(&($%#!&+))
!
Q+ff! 3'&_&jg! +7! `b! 7+8*$#*! (+! 1&! d&7+'&! (#fn$#1h! 6b$%*`! 7+34*'5+'`!
a'+f#+'+7!1&!$*d*(#(&(!(+1! d+'$&(*! $&1#+73+! *! +1!&7*7#d&3*! (+! a'*`a+$3&'!cn&!
;73+'7+3! *! $*''+*! (#'+$3*Y! )+'*! 1&! (+`+`a+'&$#g7! 1+! #7fb7(#g! b7&! &b(&$#&! kb+!
7b7$&!`ba*!kb+!a*`+n&h!)*'! a'#d+'&!c+s!+7!`b!c#(&Y!`+!%&_#&!+7f'+73&(*!&!b7!
8'&7! (+`&fn*! i! `+! 7+8&_&! &! +$%&'`+! &3'e`h! Z-&! 8+73+! $*d+7sg! &! d#'&'d+! (+!
d&7+'&!(#f+'+73+[!'+$b+'(&h!!
!
!
Q+ff!7*3&!kb+!$b&7(*!&$3b&1d+73+!c#&j&!a*'!+1!a&n`Y!(&7(*!`+d#7&'#*`!(+!
$&a&$#3&$#g7! *! f*'d&$#g7! $*d+'$#&1Y! 8+7+'&1d+73+! 1+! a'+8b73&! &1! ao_1#$*!
$be73&`! c+$+`! %&7! `#(*! $*73&$3&(*`! a*'! a'*f+`#*7&1+`! (+! '+(! kb+!
a*`3+'#*'d+73+!&_&7(*7&'*7!+1!7+8*$#*!*!kb+!`+!$&d_#&'*7!(+!$*da&mn&!&!1*`!
`+#`!d+`+`h!?na#$&d+73+Y! +73'+!+1!HP!i! +1!NP!a*'! $#+73*! 1+c&73&! 1&`!d&7*`h! 9b!
+qa+'#+7$#&! +c#(+7$#&! 1&! #d&8+7! kb+! +1! 6-6! %&! &1$&7s&(*! +7! 1&! d+73+! (+!
db$%&`!a+'`*7&`!1&!(+!b7&!#7(b`3'#&!(*d#7&(&!a*'!a+'(+(*'+`!i!(+`+'3*'+`h!!
!
!
[>b&7(*! 1+! (+$n&! &! 1&! 8+73+! a*'! a'#d+'&! c+s! 1*! kb+! +`3&_&! %&$#+7(*Y!
+11*`!+`a+'&_&7!kb+!fb+'&!$*d*!3*(*`!1*`!*3'*`!a'*f+`#*7&1+`!(+!'+(!kb+!%&_n&7!
$*7*$#(*[! $*7$1bi+! Q+ffh! Z)+7`&_&7! kb+! i*! #_&! &! f&11&'[h! )+'*! $b&7(*! +`&`!
d#`d&`! a+'`*7&`! 1*! c+n&7! b7! &m*! de`! 3&'(+! 3*(&cn&! +7! &$$#g7Y! db$%&`!
$*d+7s&_&7! &! d*`3'&'! b7! 7b+c*! '+`a+3*h! Z0da+$l! &! 8&7&'! (#7+'*! 1b+8*! (+1!
a'#d+'! &m*[! (#$+! Q+ffh! Z6#! &b3*$*7f#&7s&! +'&! &13&h!9&_n&! kb+! %&_n&! %+$%*! &18*!
kb+!db$%&!8+73+!7b7$&!%&'n&Y!i!+`3*!+'&!kb+(&'d+!i!7*!&_&7(*7&'h[!!
!
,LNMNOUNTDTNXO)!
!
01! a&('+! (+! Q+ff! fb+! b7*! (+! 1*`! a'#d+'*`! +7! (&'`+!$b+73&! (+! `b! 7b+c&!
&$3#3b(h!Z2*!+73#+7(*!1*!kb+!+`3e`!%&$#+7(*[!(#j*!`b!a&('+Y!1b+8*!(+!c+'!kb+!`+!
+`f*'s&_&! &'(b&d+73+! +7! `b! *f#$#7&! (+1! 8&'&j+Y! d+`! 3'&`! d+`h! Z)+'*! d+! (*i!
$b+73&! (+! kb+! +`3e`! 3'&_&j&7(*! +q3'+d&(&d+73+! fb+'3+! i! `+&! 1*! kb+! `+&Y! `l!
kb+! 3+7('e`! lq#3*! `#! 3+! `#8b+`! (+(#$&7(*! (+! +`3&! d&7+'&h!
127
!
9b! a&('+! 3+7n&! '&sg7h! 07! `b! a'#d+'! &m*Y! Q+ff! 8&7g! /MhPPP! (g1&'+`!!
de`!(+!1*`!GPhPPP!kb+!%&_n&!8&7&(*!+7!`b!&73+'#*'!3'&_&j*!$*d*!#78+7#+'*h!01!
$'+$#d#+73*!+qa*7+7$#&1!`+!(#`a&'g!&1!&m*!`#8b#+73+h!Z>*d+7$l!&!c+'!a+'`*7&`!
+7! d#! 7+8*$#*! kb+! `+! d&7+j&_&7! +7! f*'d&! #7(+a+7(#+73+[! '+$b+'(&! Q+ffh!
Z.%*'&! %&_n&! a+'`*7&`! &8b(&`! i! 3&1+73*`&`! +7! d#! '+(Y! kb+! #7c+'3n&7! 3#+da*! i!
%&$n&7!kb+!`b`!a'*a#*`!8'ba*`!$'+$#+'&7h[!07!$*7`+$b+7$#&Y!1*`!#78'+`*`!(+!Q+ff!
$'+$#+'*7! (+! 1&! d#`d&! d&7+'&Y! `ba+'&7(*! 1&! (ba1#$&$#g7! +7! `b! `+8b7(*! &m*!
%&`3&! &1$&7s&'! 1*`! CPPhPPP! (g1&'+`h! 07! CNNMY! `b! `la3#d*! &m*Y! +7! +1! 7+8*$#*Y!
Q+ff! 8&7g! MGGhPPP! (g1&'+`! a*'! (#c+'`&`! $*d#`#*7+`h! 0`! b7&! c#(&! d&'&c#11*`&!!
>b&7(*!&o7!+`3&_&!1b$%&7(*!+7!+1!8&'&j+!(+!`b!a&('+Y!Q+ff!$*d+7sg!&!`&1#'!$*7!
b7&!dbj+'!11&d&(&!-#`&h!Z.!c+$+`!`&1n&d*`!i!+11&!3+7n&!kb+!a&8&'[!&f#'d&!Q+ffh!
Z9#!1&!#7c#3&_&!&!$+7&'Y!`#87#f#$&_&!#'!&!Kb'8+'!^#78h[!-#`&!3'&_&j&_&!+7!b7!_&7$*!
i!3+7n&!#(+&`!'+&1#`3&`!`*_'+!+1!7+8*$#*h!011&!c+n&!1&!&c+73b'&!(+!Q+ff!+7!+1!6-6!
$*d*! b7&! f*'d&! (+! (+d+7$#&h! Z)+'*! d+! &a*i&_&[! (+$1&'&! Q+ffh! Z6+! `+73l! &!
%&_1&'! $*7! +11&! b7! (n&! i! 1+! (#j+! Z`#! d+! 3#+7+`! f+Y! 3+! kb+(&'e`! &11nY! i! +`3&'e`!
$*73+73&!(+!%&_+'1*!%+$%*h[!!
!
!
Q+ff! i! -#`&! `+! $&`&'*7! +7! `b! 3+'$+'! &m*! (+! 3'&_&j*! a&'&! "+q&11h!
.$3b&1d+73+Y!c#c+7!+7!b7&!$&`&!(+!HPP!d+3'*`!$b&('&(*`!f'+73+!&!b7!1&8*!$*7!
a1&i&! a'#c&(&h! 01! 8&'&j+! $*7! $&a&$#(&(! a&'&! $b&3'*!&b3*`! &1_+'8&! b7! >&(#11&$Y!
b7!-+qb`!i!b7&!d*3*!O&'1+i!@&c#(`*7h!>b&7(*!Q+ff!$*d+7sg!+7!"+q&11Y!7b7$&!
%&_n&! c#&j&(*!&1!+q3+'#*'h! .$3b&1d+73+! f'+$b+73&! $#b(&(+`!+qg3#$&`! $*d*! O*78!
^*78! i! ,`&5&Y! a*'! 7+8*$#*`! i! a1&$+'h! 9b! #78'+`*! '+`#(b&1! 1+! %&! (&(*! b7&!
1#_+'3&(! kb+! 7b7$&! a*('n&! %&_+'! #d&8#7&(*h! "+$#+73+d+73+Y! 1b+8*! (+! '+3*'7&'!
(+!b7!c#&j+!&!O&4&##Y!Q+ff!`+!3*dg!b7*`!(n&`!+q3'&!a&'&!d&7+j&'!`b!O&'1+i!a*'!
1&!$*`3&!(+!>&1#f*'7#&h!
!
%KGDP)DIIF))
!
)&'&! Q+ffY! 1*`!(n&`!(+!Zf#78+Y!%&`3&! 1*8'&'1*[! `+!%&7!#(*! %&$+! i&!db$%*h!
.a'+7(#g!kb+!1&!a+'`#`3+7$#&!3+7&s!+`!1&!o7#$&!fg'db1&!`+8b'&!a&'&!3'#b7f&'!+7!+1!
7+34*'5!d&'5+3#78h!Z07!$#+'3*!ab73*Y!d+!(#!$b+73&!(+!kb+!kb+'n&!3+7+'!lq#3*!(+!
c+'(&([!&f#'d&!Q+ff!Z2*!kb+'n&!`+'!b7&!(+!+`&`!a+'`*7&`!kb+!b7*!`#+da'+!c+!+7!
+1! 6-6Y! kb+! `+! a*7+7! b7&! f&$%&(&Y! a'*7b7$#&7(*! 7*d_'+`! d#+73'&`! `+!
d+s$1&7! $*7! 1&! &b(#+7$#&Y! $b&7(*! +7! '+&1#(&(! +`3e7! $*da1+3&d+73+!
#7f1b+7$#&(*`h! )*'! +`*! d+! $*da'*d+3n! &! `+8b#'! $*7! +`3*! i! &! %&$+'! kb+!
fb7$#*7&'&h[!!
!
!
Q+ff!&%*'&!+`3e!&8'&(+$#(*!a*'!7*!%&_+'!&_&7(*7&(*!1b+8*!(+1!(+`&`3'+!
$*7!`b!a'#d+'&!$*da&mn&h!Z-&!'&sg7!a*'!1&!kb+!1&!d&i*'n&!(+!1&!8+73+!f'&$&`&!
+7! +`3+! 7+8*$#*[! $*7$1bi+Y! Z+`! kb+! `+! (+`&1#+73&7! i! &_&7(*7&7h! 0`3&'! &11n!
$b&7(*!+1!a*1c*!`+!&`#+73&!+`!+1!NP!a*'!$#+73*!(+1!jb+8*h[!!
!
!
!
!
!
!
!
!
128
!
)
)
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
SB;2?.!)."?0!
,-.!/!
!
!
!
!
02>B02?"0!B2!602?,")
129
!DEFGHIJ)1%&#$&$,%()
)
6JULIJK)UL)1NUD)
!
!
!
-&!c#(&!%&!`#(*!_b+7&!$*7!@+7`*7!?&i1*'h!?&7!`g1*!3'+`!&m*`!(+`abl`!(+!
$*d+7s&'! `b! 7+8*$#*! +7! 0q$+1! >*ddb7#$&3#*7`Y! `+! $*7c#'3#g! +7! d#11*7&'#*h!
.$3b&1d+73+Y!$&(&!c+s!kb+!7+$+`#3&!c#&j&'!&!$&b`&!(+!`b!7+8*$#*Y!`b!$%*f+'!$*7!
(+(#$&$#g7! +q$1b`#c&! 1*! 11+c&! i! 1*! 3'&+! (+1! &+'*ab+'3*! +7! 1#d*`#7&h! 07! $&`*! (+!
`&1#(&`! de`! #7f*'d&1+`Y! @+7`*7! ab+(+! +1+8#'! a&'&! a&`+&'! $*7! `b`! %#j*`Y! `b!
6+'$+(+`! HPP! $*7c+'3#_1+Y! `b! -+qb`! -9/PP! *! `b! b3#1#3&'#*! (+a*'3#c*! -#7$*17!
2&c#8&3*'h!-&!d&i*'!a&'3+!(+!1&!8+73+!+`3&'n&!`&3#`f+$%&!$*7!+1!#78'+`*!d+7`b&1!
(+!`+#`!$#f'&`!(+!@+7`*7h!)+'*!l1!7*!`*1&d+73+!`b+m&!$*7!#7$'+d+73&'!`b!f1bj*!
(+!+f+$3#c*!&!b7!d#11g7!*!de`!a*'!d+`D!3#+7+!b7!a1&7!'+&1#`3&!a&'&!1*8'&'1*h!!
!
!
p>gd*!ab(*!1*8'&'!3&73*!+7!3&7!a*$*!3#+da*T!@+7`*7!`+'e!+1!a'#d+'*!+7!
&(d#3#'!kb+!7*!+`!b7!8+7#*!a&'&!1*`!7+8*$#*`h!?&da*$*!fb+!$'#&(*!$*7!c+73&j&`!
+`a+$#&1+`h!0`3b(#&73+!b7#c+'`#3&'#*!f'b`3'&(*Y!7&$#g!+7!6+da%#`Y!?+77+``++Y!+7!
+1!`+7*!(+!b7&!f&d#1#&!&f'*L&d+'#$&7&!(+!$1&`+!3'&_&j&(*'&!9b!a&('+!d&7+j&_&!
b7!+1+c&(*'!(+!$&'8&!+7!b7!(+ag`#3*h!9b`!a&('+`!`+!%b_#+'&7!$*7f*'d&(*!$*7!
c+'1*!$*7`+8b#'!b7!3'&_&j*!+`3&_1+!$*7!b7&!_b+7&!jb_#1&$#g7h!)+'*!`b!%#j*!3+7n&!
&d_#$#*7+`! de`! +1+c&(&`! i! +1! _b+7! `+73#(*! $*d*! a&'&! a+'`+8b#'1&`!
`#`3+de3#$&d+73+h!01!&3'#_bi+!`b!lq#3*Y!de`!kb+!&!$b&1kb#+'!*3'&!$*`&Y!&!%&_+'!
+7$*73'&(*!1*`! d&+`3'*`! $*''+$3*`!i! %&_+'!`+8b#(*!`b`!#7`3'b$$#*7+`! &1! a#+!(+!
1&!1+3'&h!!
!
/+)'%!&(&C#))
!
-*`! a'#d+'*`! d*(+1*`! (+! c#(&! (+! @+7`*7! fb+'*7Y! a*'! `bab+`3*Y! `b`!
a&('+`h!011*`!+'&7!a+'`*7&`!a'&8de3#$&`!kb+!$'#&'*7!&!`b`!3'+`!%#j*`!$*7!fl''+&!
d*'&1! i! l3#$&! (+! 3'&_&j*! fb+'3+h! Z6#`! a&('+`! +'&7! +`3'#$3*`! $*7! 1&! (#`$#a1#7&[!
'+$b+'(&! @+7`*7h! Z2*! 3*1+'&_&7! kb+! i*! 1+! f&13&'&! +1! '+`a+3*! &! 7&(#+Y!
+`a+$#&1d+73+!&!d#`!d&i*'+`h!;_&d*`!&!1&!#81+`#&!3*(*`!1*`!(*d#78*`h!>b&7(*!
7*`! `+73e_&d*`! &! $+7&'Y! 3*(*`! +`3e_&d*`! +7! 1&! d+`&Y! 3bc#l'&d*`! %&d_'+! *!
7*h!9#!11+c&_&!&!d#!$&`&!b7&!$&1#f#$&$#g7!_&j&!(+1!$*1+8#*Y!d+!$&`3#8&_&7!a*'!`+#`!
`+d&7&`h[!!
!
!
-*`!a&('+`!(+!@+7`*7!a'*a*'$#*7&'*7!&!`b`!%#j*`!b7!%*8&'!$gd*(*Y!a+'*!
a&8&'*7! b7! &13*! a'+$#*! a*'! +11*h! @+`(+! 3+da'&7&! +(&(Y! @+7`*7! &(c#'3#g! 1*`!
`+'#*`!+f+$3*`!kb+!1+!$&b`&_&!&!`b!a&('+!+1!3'&_&j*!+7!1&!fe_'#$&h!Z-*!c#!(&'!`b!
c#(&! a*'! +`&! $*da&mn&h! i! 7b7$&! f&13&'! 7#! b7! (n&! (b'&73+! c+#73+! &m*`Y[! (#$+!
@+7`*7h!Z01!`#+da'+!+`3&_&!(+!_b+7!%bd*'!+1!c#+'7+`Y!a*'kb+!`&_n&!kb+!3+7n&!
+1! `e_&(*! 1#_'+h! )+'*! +7! 1&! 3&'(+! (+1! (*d#78*Y! `+! a*7n&! (+! d&1! %bd*'h! \&!
+`3&_&! a+7`&7(*! +7! +1! 3'&_&j*! (+! 1&! d&m&7&! `#8b#+73+h[! B7! (n&Y! +1! a&('+! (+!
@+7`*7! '+b7#g! &! 3*(&! 1&! f&d#1#&! i! 1+`! &7b7$#g! kb+! `b! a1&73&! $+''&'n&h! 0`3&_&!
(+`*$ba&(*h!-&!$*da&mn&!1+!*f'+$#g!de`!3&'(+!b7!3'&_&j*!+7!+1!(+ag`#3*Y!a+'*!
a*'!`g1*!1&!d#3&(!(+!`b!`b+1(*!&73+'#*'h!Z-*!&$+a3g!a*'kb+!`+73n&!kb+!7*!3+7n&!
*3'&! *a$#g7[! '+$b+'(&! @+7`*7h! Z07! +`+! a'+$#`*! #7`3&73+! (+$#(n! kb+! kb+'n&! `+'!
130
+da'+`&'#*! i!%&$+'!7+8*$#*`! a*'!d#! $b+73&h!2*! kb+'n&! +`3&'!&! d+'$+(! (+! b7&!
$*'a*'&$#g7h[!!
!
!"#$&#0+,)+1+#7+#'"))
!
@+7`*7!%&_n&! &a'+7(#(*! b7&! 1+$$#g7!#da*'3&73+! &$+'$&!(+!1*`! d+73*'+`!
)*'!dbi!_b+7*!kb+!`+&!+1!d&+`3'*!*!a*'!dbi!+`+7$#&1+`!kb+!`+&7!1&`!1+$$#*7+`!
kb+! #da&'3&Y! 11+8&! b7! d*d+73*! +7! +1! kb+! +1! &1bd7*! (+_+! #7(+a+7(#s&'`+h!
?*d+!1*!kb+!ab+(&!(+!$&(&!d+73*'Y!a+'*!1b+8*!$*73#7o+!&c&7s&7(*h!9#!kb#+'+!
`+8b#'! $'+$#+7(*Y! (+_+! +7$*73'&'! 7b+c*`! d+73*'+`! a&'&! 8b#&'1*! +7! $&(&! a&`*!
(+1! $&d#7*h! @+! `b! a&('+! @+7`*7v! %&_n&! &a'+7(#(*! &$+'$&! (+1! 3'&_&j*! (b'*Y! 1&!
a+'`#`3+7$#&! i! +1! '+`a+3*! a*'! `n! d#`d*h! 9#7! +d_&'8*Y! `b! a&('+! 7*! 1+! a*(n&!
+7`+m&'! 1*! kb+! `#87#f#$&_&! `+'! +da'+`&'#*Y! a*'kb+! +1! 7b7$&! %&_n&! 3+7#(*! +`&!
+qa+'#+7$#&h!
!!
!
2*! 1+! 11+cg! db$%*! 3#+da*! &! @+7`*7! (+`$b_'#'! kb+! `b`! #7`3'b$3*'+`!
b7#c+'`#3&'#*`! 3&d_#l7! 3+7n&7! 1#d#3&$#*7+`h! =+7#*! (+! 1&`! d&3+de3#$&`Y! i!
%&_#+7(*!+`3b(#&(*!$e1$b1*!+7!1&!+`$b+1&!`+$b7(&'#&h!@+7`*7!*a3g!a*'!b7!3n3b1*!
+7! +$*7*dn&! +7! 1&! B7#c+'`#(&(! 0`3&3&1! (+! 6+da%#`h! )+'*! `b! +73b`#&`d*!
(#`d#7bn&! $*7! $&(&! $1&`+h! Z9+73n&! kb+! +`3&_&! a+'(#+7(*! +1! 3#+da*[! '+$b+'(&h!
Z6#! *_j+3#c*! +'&! `+'! d#11*7&'#*Y! i! `&_n&! 1*! kb+! %&$n&7! 1*`! #7`3'b$3*'+`!
b7#c+'`#3&'#*`h!)&'&!dn!+'&!(#fn$#1!`+73&'d+!&11n!i!$b$%&'1*`h[!)&'&!$*7`3+'7&$#g7!
(+!`b`!a&('+`Y!@+7`*7!&7b7$#g!kb+!%&_n&!(+$#(#(*!&_&7(*7&'!1*`!+`3b(#*`!a&'&!
$*7c+'3#'`+! +7! &8+73+! (+! _#+7+`! '&n$+`h! Z6+! &(c#7#+'*7! kb+! 7*! 3+7('n&!
_+7+f#$#*`!(+!`&1b(!*!b7!`&1&'#*!+`3&_1+[Y!(#$+h!Z)+'*!i*!7*!kb+'n&!7&(&!(+!+`*h!
Sb+'n&!`+'!'#$*h[!!
!
'+,)2",6+)+/)Y_&$"))
!
-&!'#kb+s&!%&_n&!f&`$#7&(*!&!@+7`*7!(+`(+!1&!#7f&7$#&h!>b&7(*!c#`#3&_&!&!
`b`! &$*d*(&(*`! a'#d*`Y! *_`+'c&_&! $b#(&(*`&d+73+! `b! +1+8&73+! $&`&Y! `b!
c+$#7(&'#*! (+! $1&`+! &13&! i! `b`! '+`a1&7(+$#+73+`! 7b+c*`! >&(#11&$`h! Z9#+da'+! fb#!
b7! 8'&7! `*m&(*'[! &f#'d&! @+7`*7h! Z9+'! '#$*! `#+da'+! +`3bc*! `b_i&$+73+! +7! d#!
d+73+h[! @+7`*7! `&_n&! #7`3#73#c&d+73+! kb+! 1&! d&7+'&! (+! &1$&7s&'! '#kb+s&! +'&!
'*(+&'`+!(+!a+'`*7&`!kb+!i&!1&!+`3bc#+'&7!1*8'&7(*h!)1&7#f#$g!#73+1#8+73+d+73+!
`b!d*c#d#+73*!+7!+1!d+'$&(*!(+!_#+7+`!'&n$+`Y!b7#l7(*`+!&!b7&!&8+7$#&!(+!&13*!
a+'f#1! (*7(+! `&_n&! kb+! *_3+7('n&! +73'+7&d#+73*! i! &a*i*h! B7&! c+s!!
&11nY!@+7`*7!d&73bc*!1&!d#'&(&!&3+73&!+7!_o`kb+(&!(+!d&+`3'*`!i!d*(+1*`!(+!
c#(&h!Z6+!'*(+l!(+!a+'`*7&`!kb+!i&!+`3&_&7!%&$#+7(*!1*!kb+!i*!kb+'n&!%&$+'[!
(#$+h!!
!
!
>b&7(*! 1&! $*da&mn&! *f'+$#g! b7! $b'`*! (+! +73'+7&d#+73*! (+! (*$+!
`+d&7&`Y!@+7`*7!`+!1&7sg!&!l1!$*7!+73b`#&`d*h!Z6b$%&`!a+'`*7&`!+7!1&!$1&`+!
a+7`&_&7! kb+! +1! $b'`*! +'&! 3'#11&(*[! '+d+d*'&h! Z2*! a'+`3&_&7! &3+7$#g7! 7#!
%&$n&7! 1&`! 3&'+&`h! )+'*! $&(&! `+d&7&Y! i*! 3+7n&! d#! 3&'+&! '+&1#s&(&h! -*! kb+!
+7`+m&_&7Y!i*!1*!a'&$3#$&_&!%&`3&!kb+!d+!`&1n&!_#+7Y[!@+7`*7!d+d*'#s&_&!1*`!
8b#*7+`! (+! c+73&`! $*d*! `#! fb+'&7! 1&`! 9&8'&(&`! 0`$'#3b'&`h! 0`$b$%&_&! 1*`!
$&``+33+`! b7&! i! *3'&! c+s! %&`3&! kb+! a*(n&! #d#3&'! $&(&! #7f1+q#g7! (+! 1&! c*s! (+1!
+73'+7&(*'h!Z0da+$l!&!%&_1&'!$*d*!+1!%*d_'+!(+1!$&``+33+[!(#$+!@+7`*7h!9b`!
+`fb+'s*`!(#+'*7!'+`b13&(*`Y!07!`#+3+!d+`+`Y!`+!$*7c#'3#g!+7!+1!&8+73+!7od+'*!
$b&3'*!(+!1&!*f#$#7&Y!$*7!$*d#`#*7+`!&7b&1+`!(+!`+#`!$#f'&`h!
131
%/)(&?0&%#$%)#&1%/))
!
9#7! +d_&'8*Y! @+7`*7! kb+'n&! de`h! >b&7(*! d*`3'&_&! $&`&`! +7! _&''#*`!
+1+8&73+`!&!`b`!$1#+73+`Y!`+!(+`$b_'n&!&!`n!d#`d*!$*(#$#&7(*!1&`!d#`d&`!$&`&`!
kb+!`+!`ba*7n&!kb+!(+_n&!c+7(+'h!Z>&d#7&_&!a*'!+11&`!i!`*m&_&[!'+$b+'(&h!Z6+!
(+$n&D!b7!(n&!c*i!&!3+7+'!b7&!(+!+`3&`!$&`&`[h!)+'*!+`+!`b+m*!+7!a&'3#$b1&'!&b7!
+`3&_&! f#+'&! (+! `b! &1$&7$+! .%*'&! 3+7n&! +`a*`&! +! %#j*`! kb+! d&73+7+'h! -&`!
f&$3b'&`!`+!&a#1&_&7h!9b`!$*d#`#*7+`!+'&7!_b+7&`!a+'*!7*!$*7`3#3bn&7!b7&!_&`+!
`+8b'&h! B7! d+`! kb#se`! 8&7&_&! HPhPPP! (g1&'+`Y! i! &1! d+`! `#8b#+73+! 3&7! `g1*!
CFhPPPh! Z9*1n&! (+$#'1+! &! d#! +`a*`&D! a&'&! %&$+'! 1*! kb+! '+&1d+73+! (+`+&d*`!
%&$+'Y!7+$+`#3&d*`!8&7&'!HPhPPP!(g1&'+`!3*(*`!1*`!d+`+`Y[!'+$b+'(&!@+7`*7h!!
!
!
B7! (n&Y! @+7`*7! '+$#_#g! +1! 11&d&(*! (+! b7! &d#8*Y! b7!$*1+8&! kb+! 8&7&_&!
&a'*q#d&(&d+73+!/PPhPPP!(g1&'+`!&1!&m*!c+7(#+7(*!$&`&`h!01!%*d_'+!1*!#7c#3g!
&! b7&! '+b7#g7Y! kb+! '+`b13g! `+'! b7&! a'+`+73&$#g7! #7f*'d&3#c&! (+! 0q$+1!
>*ddb7#$&3#*7`h!@+7`*7!%&_n&!3+7#(*!&18b7*`!+7f'+73&d#+73*`!$*7!+1!6-6!+7!
+1!a&`&(*h!9b!d&('+!%&_n&!a&`&(*!&18b7*`!&m*`!c+7(#+7(*!a&'3L3#d+!a&'&!b7&!
$*da&mn&! 6-6! (+! a+'fbd+`Y! a+'*! 7b7$&! %&_n&! 8&7&(*! (#7+'*! `#87#f#$&3#c*h!
@+7`*7!d#`d*!`+!%&_n&!#7c*1b$'&(*!`ba+'f#$#&1d+73+!(b'&73+!b7!3#+da*!+7!b7&!
$*da&mn&! kb+! c+7(n&! $'+d&`! f&$#&1+`Y! 3#+da*! &73+`Y! $b&7(*! 3+7n&! c+#73#o7!
&m*`h! Z)+'*! i*! 7b7$&! +73+7(n! +1! 7+8*$#*! '+&1d+73+Y! i! 7*! 1*8'l! %&$+'1*!
(+`a+8&'[Y!&(d#3+h!
!!
0#)(+/$")'%)2%))
!
,3'*`!%&_'n&7!$*7$1b#(*Y!`*_'+!1&!_&`+!(+!+`3&`!+qa+'#+7$#&`Y!kb+!+1!6-6!
7*! +'&! b7! 7+8*$#*! c#&_1+h! )+'*! @+7`*7! $*7`#(+'&_&! &! `b! &d#8*! $*d*! b7!
d*(+1*! (+! c#(&h! p)*'! kbl! +`3+! %*d_'+! (+j&'n&! &3'e`! b7! 7+8*$#*! (+! _#+7+`!
'&n$+`!(+!/PPYPPP!(g1&'+`!`g1*!a&'&!3'&_&j&'!+7!0q$+1T!@+7`*7!+`3&_&!#73'#8&(*h!
O&`3&!+`+!d*d+73*Y!3*(&!`b!+`3'&3+8#&!a+'`*7&1!%&_n&!`#(*!(#`+m&(&!3*d&7(*!
$*d*! d*(+1*! &! a+'`*7&`! +q#3*`&`h! 0`3+! %*d_'+! +'&! $&`#! $b&3'*! c+$+`! de`!
+q#3*`*!kb+!@+7`*7h!9#!+`3&_&!(#`ab+`3*!&!a'*_&'!+1!6-6Y!kb#se`!c&1n&!1&!a+7&!
`+8b#'!`b!+j+da1*h!Z9*7&_&!&a'*a#&(*[Y!$*7$1bigh!Z2*!`&_n&!db$%*!&$+'$&!(+!1&!
$*da&mn&!7#!1&!#7(b`3'#&!7#!7&(&Y!a+'*!(+jl!1*`!_#+7+`!'&n$+`!#7d+(#&3&d+73+!i!
1*!`+8bnh!!
!
,+($,%+,)%#)/+)/e#%+)'%)+0(*&!&"))
!
2b+c&d+73+Y! @+7`*7! %&_n&! +7$*73'&(*! b7! d*(+1*! (+! c#(&! i! 1*! %&_n&!
`+8b#(*!(+!c+'(&(h!)+'*Y!b7&!c+s!de`Y!(+`$b_'#g!kb+!`b!7b+c*!d&+`3'*!3+7n&!
1#d#3&$#*7+`h! 01! &b`a#$#&73+! (+! @+7`*7! +'&! $&`#! 3&7! 7b+c*! +7! +1! 7+8*$#*! $*d*!
l1h! )&'&! (+`$*11&'Y! @+7`*7! `&_n&! kb+! (+_+'n&! 3+7+'! d&+`3'*`! de`!
+qa+'#d+73&(*`h! 0`*! `#87#f#$&_&! '&`3'+&'! +73'+! `b! 1n7+&! (+! &b`a#$#*! a&`&'! a*'!
`*_'+! 1&! $&_+s&! (+! `b! &b`a#$#&(*'Y! i! %&$+'`+! $&d#7*! &! 3'&cl`! (+! `b! 1n7+&!
&`$+7(+73+!%&`3&!+7$*73'&'!b7!1n(+'!(#`ab+`3*!&!a&`&'!3#+da*!$*7!l1h!!
!
!
0q$+1! &1+73&_&! &! 1&! 8+73+! &! #7c#3&'! &! `b`! a'*`a+$3*`! &! '+b7#*7+`!
$*d+'$#&1+`! +7$b+73'*`! kb+! a*('n&7! (+`&''*11&'`+! +7! b7! `&1g7! (+! $*7f+'+7$#&`!
(+!b7!%*3+1Y!(*7(+!`+!a*(n&!a'+`+73&'!+1!(#`$b'`*!(+!c+73&`!&!db$%&`!a+'`*7&`!
&! 1&! c+sh! -&! $*da&mn&! a'*c+n&! (+! $&'3#11&`! i! a'+`+73&$#*7+`! (+! c+73&`!
`#`3+d&3#s&(&`! a&'&! +`3&`! '+b7#*7+`h! -*! o7#$*! kb+! %&_n&! kb+! %&$+'! +'&! `+8b#'!
1&`! #7`3'b$$#*7+`! i! 1++'! +1! 8b#g7Y! a&1&_'&! a*'! a&1&_'&h! )+'*! @+7`*7! i! `b!
132
&b`a#$#&73+! `+! (#+'*7! $b+73&! (+! kb+! `#! kb+'n&7! %&$+'! b7&! a'+`+73&$#g7!
'+&1d+73+!+f+$3#c&Y! 7+$+`#3&_&7! &ib(&h! )*'! +`*! '&`3'+&'*7!+73'+! 1*`! 1n(+'+`!(+!
`b! 1n7+&!&`$+7(+73+h! Kb`$&'*7!%&`3&!+7$*73'&'! &! b7*! (#`ab+`3*! &! %&_1&'!+7!1&!
'+b7#g7h! ?'+#73&! a+'`*7&`! &`#`3#+'*7! &! +`+! a'#d+'! +7$b+73'*! i! c&'#&`! `+!
&`*$#&'*7! &! 0q$+1! +7! +1! d*d+73*h! -*`! '+`b13&(*`! fb+'*7! 3&7! _b+7*`! kb+!
@+7`*7!$*7c+7$#g!&1!1n(+'!a&'&!kb+!c*1c#+'&!+!%#$#+'&!b7&!`+8b7(&!'+b7#g7!+`&!
d#`d&!7*$%+h!!
!
0#)*"!")+W0ed)0#)*"!")+//S)
!
6b$%&`! a+'`*7&`Y! $b&7(*! a#+7`&7! +7! 1&! a&1&_'&! d+73*'Y! #d&8#7&7! b7&!
n73#d&!'+1&$#g7!a+'`*7&1!kb+!`+!+q3#+7(+!a*'!db$%*`!&m*`h!)+'*!+`&`!'+1&$#*7+`!
`*7! '&'&`! +7! +1! 7+8*$#*h! -&! d&i*'n&! (+! 1*`! a'*f+`#*7&1+`! (+! '+(! '+$#_+7!
#7`3'b$$#*7+`! &1! cb+1*Y! b7! a*$*! &kbn! i! b7! a*$*! &11eY! (+! b7&! c&'#+(&(! (+!
d&+`3'*`!(#f+'+73+`h!!
!
!
@+7`*7!7b7$&!ab(*!+7$*73'&'!b7!o7#$*!d+73*'!kb+!1*!ab(#+'&!11+c&'!(+!
1&! d&7*! i! 1+! *f'+$#+'&! b7! `#`3+d&! (+3&11&(*! a&'&! 3'#b7f&'h! )+'*! `#+da'+! `+!
d&73bc*!+7!&'d*7n&!$*7!1*`!7#c+1+`!`ba+'#*'+`!(+!1&!1n7+&!&`$+7(+73+!+7!0q$+1h!
>b&7(*!1*`!deq#d*`!1n(+'+`!%&_1&_&7Y!@+7`*7!%&$n&!$&`*!&!`b`!a&1&_'&`Y!3&73*!
`#!11+8&_&7!a*'!d+(#*!(+!_*1+3#7+`Y!$&``+33+`!*!$*d+73&'#*`!+7!b7&!$*7c+7$#g7!
(+!0q$+1h!@+7`*7!'+$*8#g!&18b7&`!(+!1&`!1+$$#*7+`!de`!#7+`3#d&_1+`!(+!a&'3+!(+!
a+'`*7&`!kb+!7b7$&!1*!%b_#+'&7!'+$*7*$#(*!+7!b7&!db13#3b(h!!
!
6+#$%#%,/")(&6*/%))
!
B7*! (+! `b`! d&+`3'*`! &!(#`3&7$#&! fb+! )&b1!,'_+'`*7Y! +1! deq#d*!1n(+'!(+!
c+73&`! (+! 0q$+1h! 6+(#&73+! `b`! $&``+33+`! i! +73'+7&d#+73*Y! @+7`*7! &a'+7(#g! +1!
a'#7$#a#*! (+! Z6&73+7+'1*! 9#da1+[h! 6b$%*`! 7b+c*`! `*$#*`! (+! 0q$+1! `+! c+7!
3+73&(*`! &! &_'bd&'! (+! #7f*'d&$#g7! &! `b`! a'*`a+$3*`h! @#`+'3&7!
#73+'d#7&_1+d+73+! `*_'+! 1&! (+`'+8b1&$#g7! (+! 1&! #7(b`3'#&! (+! 1&`!
3+1+$*db7#$&$#*7+`! i! +1! 3'+d+7(*! a*3+7$#&1! (+! $'+$#d#+73*! kb+! *f'+$+! +7! +1!
`#81*!c+#73#b7*h!)+'*!,'_+'`*7!1+!+7`+mg!kb+!+`*`!d*7g1*8*`!`*7!b7&!al'(#(&!
(+! 3#+da*h! -&! 8+73+! `+! &`*$#&! &1! 7+34*'5! d&'5+3#78! a*'! b7&! '&sg7D! 8&7&'!
(#7+'*h!-*!kb+!de`!7+$+`#3&7!`&_+'!+`!$gd*!%&$+'!kb+!fb7$#*7+h!
!!
!
ZB`3+(! (+_+! $*7$+73'&'`+! o7#$&d+73+! +7! (*`! $*`&`[Y! (#$+! @+7`*7D!
Z#7(+a+7(+7$#&! f#7&7$#+'&! i! 3#+da*! 1#_'+h! 2+$+`#3&7! `&_+'! $gd*! d&7+j&'! +1!
7+8*$#*Y! $gd*! '+$#_#'! (#7+'*Y! i! 1b+8*! $gd*! &ib(&'! &! *3'*`! &! '+$#_#'! (#7+'*!
3&d_#l7h[! >b&73*! de`! `#da1+! `+&! `b! &'8bd+73*! (+! c+73&Y! de`! (ba1#$&_1+!!
+`!(+$#'Y!de`! fe$#1! `+'e!a&'&!*3'*`!&`*$#&(*`Y!+db1&'1*!$b&7(*! %&_1+7!$*7!`b`!
a'*`a+$3*`h!@+7`*7!f'&$$#*7&!+1!7+8*$#*!a&'&!`b`!'+$#l7!11+8&(*`h!-*`!d&73#+7+!
$*7$+73'&(*`! +7! b7! a&`*! &! 1&! c+sh! -+! (#8*! &! 1&! 8+73+! kb+! 1*`! &ib(&'+d*`!!
&!8&7&'!CFPP!(g1&'+`!+7!`b`!a'#d+'&`!(*`!`+d&7&`[!&f#'d&!@+7`*7h!Z-*!o7#$*!
kb+!3#+7+7!kb+!%&$+'!+`!&`*$#&'!&!3'+`!'+a'+`+73&73+`!i!&ib(&'!&!$&(&!b7*!(+!
+11*`!&!$*7`+8b#'!*$%*!$1#+73+`h[!!
!
6+#&+))'%),%0#&"#%())
!
,3'&! d&7+'&! (+! d&73+7+'1*! `#da1+! +`! 11+c&'! &! `b`! a'*`a+$3*`! &!
'+b7#*7+`!$*d+'$#&1+`h!9#! a&`&!(*`!%*'&`!$*7! b7&!a'+`+73&$#g7!a+'`*7&1!+7!1&!
$&`&!(+!b7!a'*`a+$3*Y!+`3e!(&7(*!+1!d+7`&j+!#7$*''+$3*h!9b!a'*`a+$3*!3+7('e!1&!
133
#da'+`#g7! (+! kb+! +`3+! +`! b7! 7+8*$#*! ab+'3&! &! ab+'3&! kb+! 1+! +q#8#'e! a&`&'!
db$%&`! %*'&`! %&$#+7(*! c#`#3&`h! )+'*! `#! 1*! #7c#3&! &! b7&! '+b7#g7! (+! $b&'+73&! i!
$#7$*!d#7b3*`Y!1*!&`*$#&Y!i!1*8'&!kb+!'+8'+`+!&!`b!%*8&'!+7!b7&!%*'&!i!d+(#&Y!
`b! a'*`a+$3*! '+$#_#'e! b7&!#da'+`#g7!$*da1+3&d+73+!(#`3#73&!(+!`b!7+8*$#*h!9+!
(&'e! $b+73&! (+! kb+! ab+(+! (+`&''*11&'! `b! '+(! `#da1+d+73+! #7c#3&7(*! 8+73+!
(b'&73+!1&!`+d&7&!a&'&!&`#`3#'!&!b7&!o7#$&!'+b7#g7!b7!1b7+`!a*'!1&!7*$%+h!!
!
!
073b`#&`d&(*!$*7!+1!lq#3*!(+!`b`!a'#d+'&`!'+b7#*7+`Y!@+7`*7!$*d+7sg!&!
*'8&7#s&'! '+b7#*7+`! 3*(&`! 1&`! 7*$%+`h! 01! lq#3*! +'&! (#`a&'+j*h! .18b7&`! 7*$%+`Y!
1*8'&_&!'+b7#'!FP!a+'`*7&`h!,3'&`!7*$%+`Y!`+!kb+(&_&!d#'&7(*!&1!`&1g7!c&$n*h!
@+7`*7!'+$b+'(&!b7&!'+b7#g7!&!1&!kb+!`g1*!!
!!
!
&`#`3#+'*7!(*`!a+'`*7&`!rb7!d#+d_'*!(+!`b!'+(Y!i!+1!o7#$*!#7c#3&(*!kb+!%&_n&!
3'&n(*! +`&! 7*$%+h! @+7`*7! (#*! 3*(&! 1&! a'+`+73&$#g7! *_+(#+73+d+73+Y! a&'&!
_+7+f#$#*!
(+!
+`+!
o7#$*!
+`a+$3&(*'h!!
-.!
K.""0".!
@0!
-.!
EB0-?.!
@0!
--.E0!!
W1!`&_n&!kb+!1&`!'+b7#*7+`!fb7$#*7&_&7h!9b!7+8*$#*!$'+$n&!$*7!f#'d+s&h!)+'*!7*!
a*(n&!+c#3&'!1&!`+7`&$#g7!(+!kb+!&!`b!fg'db1&!1+!f&13&_&!&18*h!?*(*!1*!kb+!%&_n&!
&a'+7(#(*!`b8+'n&!kb+!+1!7+8*$#*!3+7n&!kb+!`+'!`#da1+!(+!'+&1#s&'h!9#7!+d_&'8*Y!
d&73+7+'!1&`!'+b7#*7+`!+7!d&'$%&!3*(&`!1&`!`+d&7&`!+'&!b7&!'b3#7&!&8*3&(*'&!
kb+! 1*! (+j&_&! +`a#'#3b&1Y! a`#$*1g8#$&! i! fn`#$&d+73+! +q%&b`3*h! 9#+da'+! +`3&_&!
$*''#+7(*Y! 3'&3&7(*! (+! $*7`+8b#'! &7f#3'#*7+`! `*'a'+`&! kb+! 7*! fb+'&7! (+! 1&!
$#b(&(Y! a&'&! +c#3&'! kb+! 1*`! &`#`3+73+`! %&_#3b&1+`! `+! &_b''#+'&7h! \! `#+da'+!
+`3&_&!+1!`b`a+7`*!(+!o13#d*!d#7b3*Y!1&!(b(&!`*_'+!$be73&!8+73+!#'n&!L`#!+`!kb+!
#_&! &18b#+7h! @&_&! 1&! #da'+`#g7! (+! kb+! +`3&! d*73&m&! 'b`&! +d*$#*7&1! 7*!
+7$&j&_&!$*7!1&!$b13b'&!(+!cb+13&!(+!11&c+!`+7$#11&!(+!`+8b#'!(+!0q$+1h!?+7n&!kb+!
+q#`3#'!
b7&!
d&7+'&!
d+j*'Y!
`+!
(+$n&!
@+7`*7h!!
?+7n&!'&sg7h!07!+1!a&`&(*Y!l1!`#+da'+!%&_n&!1*8'&(*!&3'&c+`&'!+`&`!(#f#$b13&(+`!
+7$*73'&7(*!7b+c*`!d+73*'+`h!01!d#`d*!+7f*kb+!fb7$#*7&'#&!&%*'&h!B7&!(+!1&`!
d+73+`! 1n(+'+`! (+! 0q$+1! i&! +`3&_&! 3'&_&j&7(*! +7! +1! a'*_1+d&h! -&! `*1b$#g7!
*f'+$#(&Y!'+`b13&'n&!`+'!1&!11&c+!kb+!1#_+'&'n&!1*`!`b+m*`!jbc+7#1+`!(+!@+7`*7h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
134
!
!DEFGHIJ)1%&#$&!0+$,")
)
/D),LHONXO)`1HLIGD)UL)/IDMLa)
!
01!c#$+a'+`#(+73+!(+!d&'5+3#78!(+!0q$+1!>*ddb7#$&3#*7`!+'&!b7!%*d_'+!
11&d&(*!93+c+!9d#3%h!?&1!$*d*!`+!(+`$'#_#+'&!+7!+1!$&an3b1*!C/h!07!CNMNY!93+c+!
f*'dg!b7!+kb#a*!$*7!+1!a+3'*1+'*!3+j&7*!^+77i!?'*b33Y!a&'&!1&7s&'!0q$+1!$*d*!
b7&! *a*'3b7#(&(! (+! 6-6h! .! (#f+'+7$#&! (+! ?'*b33Y! 9d#3%! +'&! b7! a'*f+`#*7&1! (+!
'+(!+qa+'#d+73&(*h!>*7*$n&!+1!a*(+'!(+1!6-6!i!a+'`b&(#g!&!?'*b33!(+!b`&'!+`3+!
dl3*(*!#77*c&(*'!a&'&!c+7(+'!`b!`+'c#$#*!(+!1&'8&!(#`3&7$#&h!!
!
!
9+8o7! '+1&3&! Q&d+`! ]h! "*_#7`*7! +7! 01! f+7gd+7*! 0q$+1! t?%+! 0q$+1!
)%+7*d+7*7uY! 9d#3%! +`a+'&_&! '+$#_#'! b7! $gd*(*! ab+`3*! $*'a*'&3#c*! b7&! c+s!
kb+! ?'*b33! &$+a3&'&! `b! a1&7h! 07! `b! 1b8&'Y! ?'*b33! 1*! `*'a'+7(#g! $*7! b7&!
a'*ab+`3&! #7+`a+'&(&h! Z93+c+[Y! 1+! (#j*Y! Z%&`! %+$%*! b7! 3'&_&j*! +q$+1+73+!
$*7c+7$#l7(*d+! (+! kb+! +`3+! a1&7! 7*! ab+(+! f&11&'! (+! d&7+'&! kb+! +`3&! +`! 1&!
f*'d&!+7!kb+!c&`!&!8&7&'!3b!(#7+'*x[!9d#3%!+`3&_&!a&`d&(*h!?'*b33!1+!+`3&_&!
(#$#+7(*! kb+! 3+7('n&! kb+! c#c#'! o7#$&d+73+! +7! _&`+! &! `b`! a'*a#&`! $*d#`#*7+`h!
0`3&_&! kb+_'&(*! i! 3+7n&! b7&! f&d#1#&! kb+! &1#d+73&'h! )+'*! 9d#3%! &$+a3g! +1!
(+`&fn*!(+!?'*b33h!!
!
!
E#&jg!a*'!+1!a&n`Y!d&73+7#+7(*!'+b7#*7+`!$*d+'$#&1+`!i!(+`&''*11&7(*!`b!
'+(! (+`(+! 1*`! $#d#+73*`h! .$3b&1d+73+Y! 9d#3%! +`! b7! %*d_'+! +q3'+d&(&d+73+!
'#$*h!)+'*!7b7$&!*1c#(g!`b`!'&n$+`!$*d*!7+34*'5+'!'&`*h!W1!`&_+!1*!kb+!`#87#f#$&!
(+`&''*11&'!+1!7+8*$#*!(+!&!b7!a'*`a+$3*!a*'!c+sh!)*'!+`&!'&sg7Y!$b&7(*!9d#3%!
a'*ab`*! b7! 7b+c*! f*'d&3*! a&'&! 1&`! '+b7#*7+`! $*d+'$#&1+`! (+! 0q$+1! +7! 1&!
a'#d&c+'&!_*'+&1!(+!CNNMY!1&!#(+&!3bc*!b7!#7b`b&1!%&1*!(+!&b3*'#(&(h!!
!
%/)%W0&*")(h+$)
!
9d#3%! %&_n&! +`3b(#&(*! &! 1*`! 1n(+'+`! (+! c+73&`! de`! +q#3*`*`! (+! 0q$+1! i!
`+1+$$#*7g! 1*! d+j*'! (+! `b`! +`3'&3+8#&`! a&'&! 11+c&'! &(+1&73+! '+b7#*7+`! (+!
*a*'3b7#(&(h! >*d_#7g! +`3&`! 3l$7#$&`! +7! b7! `#`3+d&! Zcb+13&! (+! 11&c+[! 11&d&(*!
9].?Y!#7#$#&1+`!(+!93+c+R`!]++51i! .$3#*7! ?+&d! t0kb#a*! (+! &$$#g7! `+d&7&1!(+!
93+c+uh!01!d&7b&1!9].?!(+!/G!ae8#7&`!(+`$'#_n&!b7!a'*$+(#d#+73*!a&'&!%&$+'!
$'+$+'! $&(&! 7+8*$#*! 0q$+1! #7(#c#(b&1! &! 3'&cl`! (+! '+b7#*7+`! #7f*'d&3#c&`!
`+d&7&1+`h! >&(&! (+3&11+! +`3&_&! $b#(&(*`&d+73+! (+`$'#3*h! 2&(&! +`3&_&! 1#_'&(*!
&1!&s&'h!!
!
!
>b&7(*!@+7`*7! ?&i1*'!+`$b$%g!a*'!a'#d+'&!c+s!`*_'+!+1!`#`3+d&! 9].?!
+7! 1&! a'#d&c+'&! _*'+&1! (+! CNNMY! +`3&_&! +7$&73&(*h! 0`3&! +'&! +q&$3&d+73+! 1&!
$1&`+!(+!&`+`*'&d#+73*!a'e$3#$*!kb+!&7%+1&_&h!)+'*!db$%*`!*3'*`!(#`3'#_b#(*'+`!
0q$+1! &(*a3&'*7! b7&! c#`#g7! de`! +`$la3#$&h! O*j+&'*7! +1! d&7b&1Y! 3*d&7(*! (+1!
`#`3+d&! &kb+11*`! +1+d+73*`! kb+! 1+`! 8b`3&_&7! a+'*! (+`$&'3&7(*! 1*`! kb+! 7*!
$*da'+7(n&7h! )*'! +j+da1*Y! 9d#3%! %&_n&! (+3&11&(*! +q&$3&d+73+! kbl! $&7$#*7+`!
b3#1#s&'! $*d*! do`#$&! (+! f*7(*! a&'&! (#f+'+73+`! d*d+73*`! (+! 1&! '+b7#g7h! )+'*!
db$%*`! '+a'+`+73&73+`! +1+8n&7! `b! a'*a#&! do`#$&h! Z6b$%*`! 1n(+'+`! (+$#(n&7D!
135
_b+7*Y!c*i!&!%&$+'!+`3&!a&'3+Y!a+'*!7*!+`3&!*3'&Y[!(#$+!@+7`*7h!Z2*!`+8bn&7!+1!
a1&7!&1!a#+!(+!1&!1+3'&h!-b+8*Y!$b&7(*!7*!c+n&7!b7&!3'&7`f*'d&$#g7!#7d+(#&3&!+7!
`b`! 7+8*$#*`Y! c*1cn&7! &! %&$+'! 1&`! $*`&`! $*d*! `#+da'+! 1&`! %&_n&7! %+$%*h[!!
!
%/):0%#)+/06#"))
!
)&'&!@+7`*7Y!+'&!7b+c&d+73+!$*d*!$b&7(*!%&_n&!'+&1#s&(*!+1!$b'`*!(+!
$&a&$#3&$#g7! (+! (*$+! `+d&7&`! `*_'+! _#+7+`! '&n$+`h! .1! %&$+'! 3*(&`! 1&`! 3&'+&`!
+q&$3&d+73+! $*d*! `+! 1&`! a+(n&7! i! &1! 3'&_&j&'! +7! +1! a'*8'&d&! 3&1! $*d*! `b`!
+73'+7&(*'+`!1+!%&_n&7!+7`+m&(*Y!@+7`*7!%&_n&!1*8'&(*!lq#3*!$*d*!&8+73+!(+!
_#+7+`! '&n$+`h! 0`3&_&! '+`b+13*! &! b`&'! +`+! d#`d*! +7f*kb+! +7! +1! 7+34*'5!
d&'5+3#78h! ZO&_#+7(*! &18b#+7! 3&7! +q#3*`*! $*d*! 93+c+! 9d#3%! &'d&7(*! +`3+!
a'*8'&d&[Y! (#$+! @+7`*7Y! Z(+$#(n! kb+! #_&! &! `+'! b7! _b+7! &1bd7*! i! 7*!
$b+`3#*7&'n&!1&!3l$7#$&h[!!
!
!
07! 1&`! `+d&7&`! `#8b#+73+`Y! @+7`*7! '++`3'b$3b'g! `b! 7+8*$#*! +7! _&`+! &1!
$*7$+a3*!9].?h!9#8b#g!+1!d*(+1*!(+!9d#3%!&!(#`3&7$#&h!01!$*73&$3*!a+'`*7&1!(+!
@+7`*7! $*7! +1! %*d_'+! +`3&_&! 1#d#3&(*! &! b7*`! a*$*`! d#7b3*`! (+!$*7c+'`&$#g7!
&kbn!i!&11e!+7!$*7f+'+7$#&`!(+!$&a&$#3&$#g7h!)+'*!@+7`*7!(+`8&`3g!`b!$*a#&!(+1!
d&7b&1!9].?!a*'!+1!b`*!$*7`3&73+h!9b`!'+b7#*7+`!'+f1+j&_&7!a+'f+$3&d+73+!+1!
dl3*(*!(+!9d#3%h!!
!
0#)":;%$&1")!/+,"))
!
07! +1! 7o$1+*! (+1! $*7$+a3*! (+! 9d#3%! +q#`3n&! b7! $&d_#*! (+! a+'`a+$3#c&Y!
`b3#1! a+'*! $'b$#&1h! )'+c#&d+73+Y! @+7`*7! %&_n&! $*7`#(+'&(*! &! `b`!!
'+b7#*7+`!$*d*!b7&!+`a+$#+!(+!+c+73*`!d*3#c&(*'+`!a&'&!`b!'+(h!07!1&!d+73+!
(+! @+7`*7Y! +'&! #8b&1! (+! #da*'3&73+! kb+! 1*`! +c+73*`! fb+'&7! &3'&$3#c*`! 3&73*!
a&'&!1*`!&`#`3+73+`!'+8b1&'+`!$*d*!a&'&!1*`!a'*`a+$3*`!+7!$&1#(&(!(+!#7c#3&(*`h!
07! $*7`+$b+7$#&Y! @+7`*7! (+''*$%&_&! db$%&! +7+'8n&! 3'&i+7(*! *'&(*'+`! (+!
&fb+'&Y!a&'&!d&73+7+'!1&!a'+`+73&$#g7!f'+`$&!i!1&!3'*a&!+73b`#&`d&(&h!!
!
!
)+'*!9d#3%!1#d#3*!(#$%*!*_j+3#c*h!9+8o7!`b!c#`#g7Y!1&`!'+b7#*7+`!3+7n&7!b7!
o7#$*!a'*ag`#3*!&`*$#&'!7b+c*`!a'*`a+$3*`h!?*(*!1*!(+de`!8#'&_&!&1'+(+(*'!(+!
+`+! *_j+3#c*h! >*d*! 1*`! &`#`3+73+`! '+8b1&'+`! i&! +`3&_&7! &`*$#&(*`Y! i&! 7*! +'&!
7+$+`&'#*!d&73+7+'1*`!+73'+3+7#(*`!0'&7! a&'3+!(+1!+kb#a*Y!7*!(+!1&!&b(#+7$#&h!
@+7`*7! i&! 7*! 3+7n&! kb+! (+`8&`3&'`+! +7$*73'&7(*! *'&(*'+`! 7b+c*`! i!
(+`&''*11&7(*! 7b+c&`! a'+`+73&$#*7+`h! @+7`*7! d#`d*! a*(n&! `+'! +1! *'&(*'!
a'#7$#a&1!3*(&`!1&`!`+d&7&`h!-*`!#7c#3&(*`!7b7$&!7*3&'n&7!1&!(#f+'+7$#&h!
!!
%#$0(&+(6"))
!
.1! '+(+f#7#'! &! 1*`! &`#`3+73+`! '+8b1&'+`! $*d*! a&'3+! (+1! +kb#a*Y! +1!
*'8&7#s&(*'! (+1! +7$b+73'*! 1*8'&_&! a*3+7$#&$#g7! &1! &`+8b'&'`+! `b! &`#`3+7$#&!
&$3#c&h!>&(&!'+a'+`+73&73+!`+!$*7c#'3#g!+7!&$3*'!(+!b7&!*_'&!+1&_*'&(&Y!ab+`3&!
+7!+`$+7&!a&'&!_+7+f#$#*!(+!1*`!a'*`a+$3*`h!9b!3&'+&!+'&!d&73+7+'!&13*!+1!7#c+1!
(+! +73b`#&`d*h! ?+7n&7! #7`3'b$$#*7+`! (+! `&1#'`+! (+! 1#_'+3*! a&'&! '+n'`+! (+! 1*`!
$%#`3+`! t&b7kb+! %b_#+'&7! +`$b$%&(*! 1&! d#`d&! 8'&$#&! $#7$b+73&! c+$+`uY! a&'&!
`*7'+n'Y!&`+73#'!$*7!1&!$&_+s&Y!&a1&b(#'!i!c#3*'+&'!+7!1*`!d*d+73*`!&a'*a#&(*`h!
!!
!
9d#3%! 1+`! a#(#g! &! 1*`! *'8&7#s&(*'+`! kb+! 8+7+'&'&7! b7&! &3dg`f+'&!
*a3#d#`3&Y! $&`#! $*d*! 1&! (+! b7! +c+73*! (+a*'3#c*! *! (+! +7$b+73'*`! +c&78l1#$*`h!
136
.18b7&`! a+'`*7&`! (#$+7! kb+! 7*! +`! a'*f+`#*7&1! &a1&b(#'! i! c#3*'+&'! +7!
a'+`+73&$#*7+`! $*d+'$#&1+`! (#$+! @+7`*7h! Z)+'*! +`3&! 7*! +`! 1&! .dl'#$&!
$*'a*'&3#c&h! -&! d&i*'n&! (+! 1&`! a+'`*7&`! kb+! 3'&_&j&7! +7! +`&`! $*'a*'&$#*7+`!
+`3e7!kb+_'&(&`!i!+`*!+`!1*!7*'d&1h!0`3&d*`!3'&3&7(*!(+!%&$+'!&18*!(#`3#73*!&!
1*! 7*'d&1h! -+! +7`+m&d*`! &! 1&! 8+73+! kb+! +`3e! _#+7! (#c+'3#'`+Y! +`3&'!
+73b`#&`d&(*h!2*!3#+7+7!kb+!+`3&'!`+73&(*`!&%nY!'n8#(*`!i!a'*f+`#*7&1+`h[!!
!
%/)*"'%,)'%)/+)6V(&!+))
!
Sb#se`!1&!de`!a*3+73+!(+!1&`!#77*c&$#*7+`!(+!9d#3%!%&i&!`#(*!1&!#(+&!(+!
b`&'!do`#$&!+7!ab73*`!$'n3#$*`!(+!1&!'+b7#g7h!9d#3%!ab_1#$g!+7!;73+'7+3!b7&!1#`3&!
(+! $&7$#*7+`! +`a+$nf#$&`! $*7! #7`3'b$$#*7+`! (+! $gd*! (+_+'n&7! b`&'`+h! @+7`*7!
*_+(#+73+d+73+!fb+!i!$*da'g!3*(*`!1*`!(#`$*`!$*da&$3*`!(+!1&!1#`3&h!Z01!a'#d+'!
(n&! kb+! #7`+'3&d*`! 1&! do`#$&! +7! 1&! +$b&$#g7Y! c#d*`!b7! '+`b13&(*! #7d+(#&3*! +!
#da&$3&73+Y[! '+$b+'(&! @+7`*7h! ZO&_n&! de`! +73b`#&`d*! +7! 1&! `&1&Y! de`! 8+73+!
#7c*1b$'e7(*`+h!!
!
!
6b$%&`!(+!1&`!$&7$#*7+`!kb+!9d#3%!'+$*d+7(&_&!+'&7!d+1*(n&`!(+!&13*!
7#c+1!(+!+7+'8n&!$*7!'#3d*!_&#1&_1+Y!$*d*!1&!do`#$&!kb+!`+!ab+(+!+`$b$%&'!+7!
b7! a&'3#(*! (+! _e`kb+3! (+! 1&! 2K.h! >b&7(*! 1*`! *'&(*'+`! &c&7s&_&7! %&`3&! +1!
+`3'&(*Y! @+7`*7!a*7n&!lq#3*`!(+!1&!do`#$&! a*a!$*d*!Z\6>.[!*!Z)bda!ba!3%+!
Q&d[! (+! ?+$%7*3'*7#$h! ._'n&! 1&`! '+b7#*7+`! $*7! 1+3`!=+3! "+&(i! 3*! "bd_1+[! (+!
6#$%&+1! Kbff+'Y! i! Z=+3! "+&(i! f*'! ?%#`[! (+! B71#d#3+(h! -b+8*! %&_n&! $&7$#*7+`!
+`a+$#&1+`! a&'&! a'*ag`#3*`! +`a+$#&1+`h! Z9#! c#+7+! b7! a'+`+73&(*'! '+&1d+73+!
$*7`+'c&(*'[!(#$+!@+7`*7Y!Za*7+d*`!Z?**!9+qi[!(+!"#8%3!9&#(!A'+(!i!3*(*`!`+!
cb+1c+7!1*$*`h!-&!8+73+!`+!(#c#+'3+!db$%*h!2&(#+!`+!&_b''+!j&de`h[!!
!
'&(!&*/&#+)'%)=&%,,"))
!
@+3'e`!(+!1&!(#c+'`#g7!i!(+!1&!&7#d&$#g7Y!`#7!+d_&'8*Y!+q#`3+!b7!f*'d&3*!
+`3'#$3*! i! b7&! (#`$#a1#7&! (+! %#+''*h! 01! $+'+d*7#&1! (+! 1&! '+b7#g7! +`! +q#8#(*!
'#8b'*`&d+73+h!0`*!`#87#f#$&!kb+!1*`!1n(+'+`!(+!+kb#a*!9].?!(+`#87&(*`Y!(+_+7!
a'+`+73&'`+! 3'+#73&! d#7b3*`! &73+`! (+1! +7$b+73'*h! ?*(*`! (+_+7! 3+7+'! b7!
(#`3#73#c*! $*7! `b! 7*d_'+Y! #7$1b`*! 1*`! #7c#3&(*`Y! -&`! '+b7#*7+`! $*d#+7s&7!
ab73b&1d+73+! &! 1&`! J! (+! 1&! 3&'(+! 3*(*`! 1*`! 1b7+`! i! 7*! (+_+7! (b'&'! de`! (+!
$b&'+73&!i!$#7$*!d#7b3*`h!9+!+q#8+!kb+!3*(*`!3'&#8&7!1*`!f*'db1&'#*`!7+$+`&'#*`!
a&'&! #7`$'#_#'! &! 7b+c*`! &`*$#&(*`h! Z9+! a&'3+! (+! 1&! `ba*`#$#g7! (+! kb+! `+! c&! &!
&`*$#&'!a+'`*7&`!+7!+1!d*d+73*[!(#$+!@+7`*7h!!
!
!
;7$1b`*!1*`!&`#+73*`!+`3e7!'+81&d+73&(*`h!01!*_j+3#c*!+`!*$ba&'!a'#d+'*!
1&`! f#1&`! (+1&73+'&`Y! &`n! 1*`! *'&(*'+`! 7*! %&_1&7! &! 8'&7(+`! 8'ba*`! (+! &`#+73*`!
c&$n*`h! ?*(*`! (+_+7! +`3&'! `+73&(*`! (b'&73+! 1&! '+b7#g7! i! _&j*! 7#78b7&!
$#'$b7`3&7$#&! (+_+'n&! 7&(#+! `&1#'! (+1! `&1g7! $*7! b7!#7c#3&(*h! ?*(&! $*7c+'`&$#g7!
kb+! &18b#+7! (+`++! 3+7+'! $*7! b7! #7c#3&(*Y! `+'e! de`! +f+$3#c&! `#! `b$+(+! +7! +1!
`&1g7Y!(*7(+!+1!7#c+1!(+!+73b`#&`d*!+`!&13*h!!
!
%/)2",6+$"))
!
01! f*'d&3*! (+! 1&`! '+b7#*7+`! +`! `#+da'+! +1! d#`d*h! )'#d+'*Y! b7! 1*$b3*'!
$*d#+7s&! 1&! '+b7#g7! $*7! b7&! #73'*(b$$#g7! (+! (*`! *! 3'+`! d#7b3*`h! -b+8*!
$*d#+7s&!1&!a'+`+73&$#g7!(+!7+8*$#*`h!@b'&! c+#73+!d#7b3*`!i!$*73#7o&!$*7!b7!
8b#g7!a'++`3&_1+$#(*h!)&'&!'*da+'!1&!d*7*3*7n&Y!(*`!*'&(*'+`!(#f+'+73+`!(&7!1&!
137
a'+`+73&$#g7v! $&(&! b7*! %&_1&! (#+s! d#7b3*`h! 6#+73'&`! %&_1&7Y! b7! a'*i+$3*'! (+!
>@L",6! +7f*$&! 8'ef#$*`! +7! b7&! a&73&11&! (+! 3'+`! d+3'*`! r1&! d#`d&!
a'+`+73&$#g7! kb+! 1*`! (#`3'#_b#(*'+`! 0q$+1! b`&7! +7! `b`! $*dab3&(*'&`! a*'3e3#1+`!
a&'&!a'+`+73&$#*7+`!(+!7+8*$#*`!(+!a+'`*7&!&!a+'`*7&h!!
!
!
-b+8*!(+!1&!a'+`+73&$#g7Y!+1!1n(+'!1*$&1!&7f#3'#g7!(+1!+7$b+73'*!`+!`b_+!&1!
+`$+7&'#*! (b'&73+! b7*`! d#7b3*`! a&'&! a'+`+73&'! &! @+7`*7Y! kb#+7! $#+''&! +1!
+7$b+73'*! $*7! `b`! $*d+73&'#*`! f#7&1+`h! 07! +`+! ab73*Y! 1*`! 1n(+'+`! a'+`+73+`!
b_#$&7! 1&`! `#11&`! +7! $n'$b1*`Y! b7*! a*'! $&(&! 1n7+&! (+! 1&! '+(! (+! @+7`*7! i!
$*d#+7s&7!b7!)*4!]*4!t'+b7#g7!(+!&_*'n8+7+`!+`3&(*b7#(+7`+`u!b7&!#73+7`&!
(#`$b`#g7!+7!8'ba*!(#`+m&(&!a&'&!$*73+`3&'!1&`!a'+8b73&`!(+!1*`!a'*`a+$3*`!+7!
+1!$n'$b1*Y!i!1*8'&'!kb+!`+!&`*$#+7h!@b'&73+!1*`!)*4!]*4Y!@+7`*7!$#'$b1&!a*'!+1!
`&1g7Y! +`3'+$%&7(*! d&7*`! i! *f'+$#+7(*! f+1#$#3&$#*7+`! i! &1#+73*! &! 1*`! 7b+c*`!
`*$#*`h!!
!
/+)2/",)A)#+$+))
!
07! b7! &`a+$3*Y! +1! +7f*kb+! 9].?! (+! 9d#3%! '*da+! ('e`3#$&d+73+! $*7! 1&!
3'&(#$#g7!6-6D!7*!%&i!3+`3#d*7#*`h!-&`!'+b7#*7+`!3'&(#$#*7&1+`!(+!*a*'3b7#(&(!
(+j&7! 3#+da*! '&'&! kb+! 1*`! (#`3'#_b#(*'+`! $*db7+`! `b_&7! &1! +`3'&(*! i! %&_1+7!
b7*`! d#7b3*`! `*_'+! `b! +qa+'#+7$#&! +7! +1! 7+8*$#*h! .! c+$+`! (#+s! 3+`3#d*7#*`! *!
de`! `+! #73'*(b$+7! +7! b7&! o7#$&! '+b7#g7h! 9d#3%! +1#d#7g! +`3&! a'e$3#$&! a*'!
$*da1+3*h! .(+de`! (+! *$ba&'! db$%*! 3#+da*Y! (+8'&(&! 1&! $&1#(&(! (+! 1&!
a'+`+73&$#g7! +7! `b! $*7jb73*h! -*`! 3+`3#d*7#*`! a+'`*7&1+`! `b+1+7! `+'! 3*`$*`! i!
+d*$#*7&1+`h! -&! 8+73+! kb+! 1*`! _'#7(&! +`! %+3+'*8l7+&Y! %&_#+7(*! db$%*`! (+!
+11*`!(#`f'b3&(*!3&7!`g1*!b7!lq#3*!d+(#*$'+!+7!+1!7+8*$#*h!!
!
!
Z93+c+!(#$+!kb+!7+$+`#3&d*`!3+7+'!&!1&!f1*'!i!7&3&!+7!+1!f'+73+!(+1!`&1g7[!
(#$+! @+7`*7h! 073'+! '+b7#*7+`Y! `b! 8'ba*! 3#+7+! `+`#*7+`! a'e$3#$&`Y! (b'&73+! 1&`!
$b&1+`!`+!3b'7&7!a&'&!(&'!1&`!a'+`+73&$#*7+`!(+!7+8*$#*`Y!?*(*`!c*3&7!&!kb#+7!
(#*! 1&! a'+`+73&$#g7! de`! +f+$3#c&d+73+h! 9g1*! &! &kb+11*`! (+! $&1#(&(! +q$+a$#*7&1!
`+!1+`!a+'d#3+!`b_#'!&1!+`3'&(*!(b'&73+!1&`!'+b7#*7+`!c+'(&(+'&`h!!
!
!=+(W0%+,)/+)20($+)
!
-&! (#`$#a1#7&! 7*! `+! d&73#+7+! `*1&h! 2+$+`#3&! '+f*'s&'`+h! 07! b7&! '+b7#g7Y!
@+7`*7! 7*3g! kb+! %&_n&7! &`#`3#(*! 7&(&! de`! kb+! (*`$#+73&`! a+'`*7&`!
&a'*q#d&(&d+73+! HP! a*'! $#+73*! d+7*`! (+! 1*! kb+! l1! +`a+'&! +7! b7&! _b+7&!
7*$%+h!;7d+(#&3&d+73+!+7c#g!b7!d+7`&j+!a*'!$*''+*!(+!c*s!&!`b!8'ba*h!Z)+7`l!
kb+!3+7n&!b7!8'ba*!`+'#*!(+!a+'`*7&`[!1*`!#7$'+ag!@+7`*7h!ZSb#se`!7*!`+&!&`nh!
9#!7*!`+!+73b`#&`d&7!$*7!1&!a*`#_#1#(&(!(+!`+'!f#7&7$#+'&d+73+!#7(+a+7(#+73+`Y!
kb#se`!7+$+`#3+!#7#$#&'!b7!7b+c*!8'ba*h!!
!
!
-&! '+&$$#g7! fb+! #7d+(#&3&h! Z9+! +7$+7(#+'*7[Y! &f#'d&! @+7`*7h! 07! 1&!
'+b7#g7! `#8b#+73+Y! +`3&_&7! &11nh[! 2*! `+! ab+(+! *_1#8&'! &! 1&! 8+73+! &! kb+! c&i&Y!
&(c#+'3+! @+7`*7h! )+'*! `+! 1+`! ab+(+! a'+c+7#'! (+! 1&`! $*7`+$b+7$#&`! f#7&7$#+'&`!
kb+! a*('n&7! `bf'#'! a*'! `b! &a&3n&h! 9#! a#+'(+7! +1! &a*i*! (+! `b! 1n(+'! L@+7`*7LY!
a#+'(+7!1&!*a*'3b7#(&(!(+!3'#b7f&'!+7!+1!7+8*$#*h!0`&!+`!b7&!&d+7&s&!`bf#$#+73+!
a&'&!d&73+7+'!&! 1&! d&i*'n&!(+!+11*`! +7! 1n7+&h!-&! $1&c+! (+! 1&! (#`$#a1#7&Y! &f#'d&!
@+7`*7Y! +`! d&'$&'! $1&'&d+73+! +7! `b! 8'ba*! 1&! 7+$+`#(&(! (+! 3'&_&j&'! $*d*! b7!
+kb#a*h! Z-+`! (#8*D! 7*! ab+(+7! $'+&'! +73b`#&`d*! `*1*`h! \*! 7*! ab+(*! $'+&'!
138
+73b`#&`d*! `*1*h! -&! o7#$&! d&7+'&! (+! kb+! 3+78&d*`! b7&! '+b7#g7! +q$#3&73+!
3*(&`!1&`!`+d&7&`!+`!kb+!3*(*`!3'&_&j+d*`!jb73*`h[!
!!
'0*/&!+:&/&'+'))
!
>b&7(*! &`#`3+7! &! b7&! '+b7#g7Y! 1*`! a'*`a+$3*`! '+$#_+7! b7! d+7`&j+!
a*(+'*`*!`*_'+!1&!(ba1#$&_#1#(&(!(+1!7+8*$#*!0q$+1h!>&(&!#7c#3&(*!ab+(+!c+'!$*7!
`b`! a'*a#*`! *j*`! $be7! +f+$3#c&! +`! 1&! '+b7#g7Y! &! +f+$3*`! (+! &`*$#&'h! ?&d_#l7!
ab+(+!c+'!1*!fe$#1!kb+!1#3+!a&'&!`b!&b`a#$#&73+!#7c#3&'1*!i!`+73&'`+!&11nY!(+j&7(*!
kb+!1&!'+b7#g7!a*'!`n!d#`d&!%&8&!+1!'+`3*!(+1!3'&_&j*h!
!!
!
.!d+(#(&!kb+!1*`!'+a'+`+73&73+`!&(kb#+'+7!+qa+'#+7$#&!i!(+`&''*11&7!`b`!
'+(+`Y! db$%*`! +c+73b&1d+73+! 3*d&'e7! 1&! (+$#`#g7! (+! *'8&7#s&'! 1&`! '+b7#*7+`!
+11*`! d#`d*`! a+'*! +`3*! 7*! +`! *_1#8&3*'#*h! -&! d&i*'n&! a+'d&7+$+'e! $*d*!
(#`3'#_b#(*'! a&'3! 3#d+h! 9b`! 7+8*$#*`! $*7`#`3#'e7! +7! $*73&$3&'! a+'`*7&`! (b'&73+!
1&!`+d&7&!i!11+c&'1*`!$&(&!1b7+`!&!1&!7*$%+!&!b7&!o7#$&!'+b7#g7!(+!$b&'+73&!i!
$#7$*!d#7b3*`h!)&'&!+`3&`!a+'`*7&`Y!+1!`#`3+d&!9].?!*f'+$+!b7&!#7f'&+`3'b$3b'&!
f#&_1+! a&'&! (+`&''*11&'! +1! 7+8*$#*! $*7! a*$&! #7c+'`#g7! (+! 3#+da*! a*'! a&'3+! (+!
+11*`h!!
!
,%(0/$+'"()&#($+#$S#%"())
!
>b&7(*! @+7`*7! `+! &(%#'#g! &1! f*'d&3*! 9].?Y! 1*`! '+`b13&(*`! fb+'*7!
#7d+(#&3*`h! -&! &`#`3+7$#&! &! `b`! &73+'#*'+`! '+b7#*7+`! #7f*'d&3#c&`! #_&! (+! P! &!
CFPh!K&j*!+1!f*'d&3*!9].?Y!1&!&`#`3+7$#&!3*3&1!`&13g!&1!7#c+1!(+!+73'+!GPP!i!/PPY!
$*7!b7!7od+'*!(+!#7c#3&(*`!f1b$3b&7(*!(+!JP!&!FPP!+7!b7&!7*$%+!(+3+'d#7&(&h!!
-&`!$*d#`#*7+`!(+!@+7`*7!3&d_#l7!`+!+1+c&'*7!`o_#3&d+73+h!ZE#!b7!d*(+1*!+7!
+1!$b&1!d#`!#78'+`*`!$*d+7s&'*7!&!#7$'+d+73&'`+!FPhPPP!(g1&'+`!(+!b7!d+`!&1!
`#8b#+73+Y[!'+$b+'(&h!ZAb+!(+!'+a+73+h!0`*`!7od+'*`!`#da1+d+73+!&a&'+$#+'*7h[!
.$3b&1d+73+Y! `b`! #78'+`*`! f1b$3o&7! +73'+! MPhPPP! i! CPPhPPP! (g1&'+`! a*'! d+`h!
Z93+c+!9d#3%!d+!db+`3'&!$*d*!8'&7!+j+da1*!(+!1*!kb+!+1!9].?!ab+(+!%&$+'!
a*'!+1!7+8*$#*!(+!b7*Y[!&f#'d&!@+7`*7h!!
!
/+),%0#&C#)'%/)(&?/")__&))
!
6b$%*`! a'*f+`#*7&1+`! (+! '+(! c+7! &! 1&! 3na#$&! '+b7#g7! (+! %*3+1! $*d*! b7!
'+$b+'(*! (+1! a&`&(*! (+1! 6-6h! -&! 7b+c&! 3+$7*1*8n&! 1+! %&! f&$#1#3&(*! &! 1&! 8+73+!
d&73+7+'! '+b7#*7+`! #7f*'d&1+`! +7! `b`! a'*a#*`! %*8&'+`! $*7! b7*`! a*$*`!
#7c#3&(*`h!)b+(+!$*7c*$&'!&! &d#8*`!i!$*7*$#(*`!&!c+'!b7&!'+b7#g7!a*ab1&'!(+!
c+73&`! a*'! `&3l1#3+! *! a*'! ;73+'7+3! *! +`$b$%&'! b7&! 3+1+! $*7f+'+7$#&! &b`a#$#&(&!
a*'!1&!$*da&mn&!a*'!d+(#*!(+1!3+1lf*7*h!)&'&!db$%*`Y!+`3&!a&'+$+!b7&!d&7+'&!
db$%*! de`! &3'&$3#c&! (+! a&`&'! b7&! 7*$%+Y! &73+`! kb+! `&1#'! i! &''&`3'&'! &! `b`!
a'*`a+$3*`! &! b7! %*3+1! 1bj*`*! +7! b7&! 7*$%+! *`$b'&! i! $*7! 7#+c+h!
9#7!+d_&'8*Y!@+7`*7!$'++!kb+Y!+7!+1!7+34*'5!d&'5+3#78Y!`#+da'+!%&_'e!1b8&'!
a&'&!1&!'+b7#g7!+7!c#c*h!Z6&73#+7+!&!1&!8+73+!$*7+$3&(&!&1!+73b`#&`d*[!(#$+h!Z9#!
3+78*!b7!&`*$#&(*!7b+c*!kb+!1*8'&!Ch/PP!(g1&'+`!+7!`b!a'#d+'&!`+d&7&Y!kb#+'*!
kb+! 3*(*`! 1*`! (+! d#! 8'ba*! $*7*s$&7! &! +`&! a+'`*7&Y! f'+73+! &! f'+73+h[! @+7`*7!
+1*8#&! +1! a1&7! (+! 0q$+1! a&'&! $*d+7s&'! &! b3#1#s&'! 3'&7`d#`#*7+`! (+! cn(+*! a*'!
;73+'7+3Y!a+'*!c+!&!1&!7b+c&!3+$7*1*8n&!$*d*!b7!&$$+`*'#*Y!7*!b7!'++da1&s*!(+1!
`#`3+d&!9].?h!ZB3#1#s&'l!1&`!+d#`#*7+`!a&'&! 11+c&'!d#`!'+b7#*7+`!(+1!1b7+`!a*'!
1&!7*$%+!&!d#`!8'ba*`!(+!*3'&`!$#b(&(+`[!(#$+h!!
!
139
!0%($&C#)'%)2%)
!
-*! kb+! %&$+! kb+! fb7$#*7+! 1&! '+b7#g7! +7! c#c*! +7! +1! `#81*! ::;Y! &f#'d&!
@+7`*7Y!+`!+1!+7f*kb+!Zcb+13&!(+!11&c+[Y!+j+da1#f#$&(*!a*'!+1!`#`3+d&!9].?!(+!
93+c+! 9d#3%h! 01! f*'d&3*! a'++da&kb+3&(*Y! 1*`! (#`$b'`*`! `#`3+d&3#s&(*`Y! 1&!
a'+`+73&$#g7! +7! >@L",6! i! 1&`! '+81&`! +`3'#$3&d+73+! #dab+`3&`! &ib(&7! &!
+`3&7(&'#s&'! +1! a'*$+`*! i!+1#d#7&'! 1&`!#7+f#$#+7$#&`h!?&1! $*d*! 1&! +qa+'#+7$#&!(+!
@+7`*7! (+j&! +7! $1&'*Y! +1! `#`3+d&! 9].?! fb7$#*7&! `#! b`3+(! 1*! `#8b+! f#+1d+73+Y!
a&`*!&!a&`*h!!
!
!
Z0`!$*d*!`#!b`3+(!+`3bc#+'&!%&$#+7(*!b7&!3*'3&[!+qa1#$&!@+7`*7Y!Z)b+(+!
a'*_&'! 1&! %&'#7&! &73+`! (+! d+s$1&'1&! i! (+$#'D! _b+7*Y! 7*! d+! 8b`3&! +1! `&_*'Y! &`n!
kb+!7*!1&!c*i!&!b`&'Rh!)+'*!1&!%&'#7&!+`!+1!a'#7$#a&1!#78'+(#+73+h[! @+!1&!d#`d&!
d&7+'&Y! 1*`! a'*f+`#*7&1+`! (+! '+(! 7*! ab+(+7! jbs8&'Y! 3*d&7(*! +7! $b+73&Y! a*'!
`+a&'&(*Y! 1*`! $*da*7+73+`! (+! 1&! fg'db1&! (+! lq#3*! (+! `b`! d+73*'+`Y! $be1! (+!
+`*`!$*da*7+73+`!`+'e!de`!#da*'3&73+!a&'&!1&!Z3*'3&[!(+1!lq#3*h!='&7!a&'3+!(+!
1*!kb+!`#87#f#$&!`+'!b7!7+34*'5+'!(+!1&!,1&!/Y!+`!3+7+'!f+!i!$*'&j+!a&'&!$*7f#&'!
+7!`b!d+73*'Y!$'++'!+7!`b!`#`3+d&!i!(&'1+!b7&!*a*'3b7#(&(!(+!kb+!fb7$#*7+!+7!
+1! d+'$&(*h! @+7`*7! ?&i1*'! d*`3'g! +`&! f+h! @+`(+! +73*7$+`Y! l1! %&! +`3&(*!
$*`+$%&7(*!1&`!'+$*da+7`&`h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
140
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
90:?.!)."?0!
!
,-.!/!
!
!
?'&_&j&'!$*7!+1!9#`3+d&!
141
!
!DEFGHIJ)1%&#$&!&#!")
)
:tKuHLUD)UL)HO)(NKGLZD)
!!
!
!
Q*%7! E&1+73i! 3+7n&! d#+(*h! O&_n&! `#(*! +(b$&(*! +7! 1&! $'++7$#&! (+! kb+! +1!
3'&_&j*! &'(b*! 8&'&73#s&_&! lq#3*Y! a+'*! &%*'&! 7*! +`3&_&! 3&7! `+8b'*h! ?'&_&j&_&!
(n&! i! 7*$%+Y! &1! 1nd#3+! (+! `b! fb+'s&h! )+'*! a&'+$n&! kb+! d+`! 3'&`! d+`! `+! %b7(n&!
de`!a'*fb7(&d+73+!+7!(+b(&`h!.!1&!j*c+7!+(&(!(+!c+#73#3'l`!&m*`!Q*%7!`+!1&`!
%&_n&!#78+7#&(*Y!(+!&18b7&!d&7+'&Y!a&'&!+d_&'$&'`+!+7!b7&!(+b(&!(+!CPPhPPP!
(g1&'+`h! ZE#cn&! de`! &11e! (+! d#`! a*`#_#1#(&(+`[! (#$+h! Z)*'! db$%*! kb+! %#$#+'&!
$'+$+'!d#!7+8*$#*Y!d#!#78'+`*!7+3*!`+8bn&!`#+7(*!#7`bf#$#+73+h[!!
!
!
.d#8*`! i! &_*8&(*`! 1*! #7`3&_&7! &! kb+! `+! (+$1&'&7! +7! _&7$&''*3&h! )+'*!
+`3*! #_&! +7! $*73'&! (+! 1&! 7&3b'&1+s&! (+! `b! $'#&7s&h! Z9*i! b7&! a+'`*7&!
'+`a*7`&_1+[!(#$+h!Z)&'&!dnY!1&!(+b(&!7*!+'&!b7!jb+8*h!2*!+'&!&18*!7+8*$#&_1+h!
9&_n&!kb+!`#!&18b#+7!d+!(+_n&!CPPhPPP!(g1&'+`!i!7*!$bda1n&!$*7!+1!a&8*Y!+'&!d#!
f#7&1h!2*!1+!a*(n&!%&$+'!+`*!&!*3'*Y!7#!`#kb#+'&!&!b7&!8'&7!+da'+`&h[!!
!
!
Q*%7! $*da'+7(#g! kb+! 7+$+`#3&_&! b7! `#`3+d&Y! b7&! d&7+'&! (+! %&$+'!
7+8*$#*`! kb+! db13#a1#$&'&! `b! +`fb+'s*! a+'`*7&1! db$%&`! c+$+`h! ƒ7#$&d+73+! (+!
+`&! d&7+'&! a*('n&! (+`&''*11&'! b7! #78'+`*! '+`#(b&1! `bf#$#+73+! a&'&! %&$+'! b7!
$&d_#*! '&(#$&1! +7! `b! c#(&h! Z9&_n&! kb+! %&_n&! &18*! a&'&! dn[! (+$1&'&! Q*%7h!
Z9#da1+d+73+!3+7n&!kb+!+7$*73'&'!kb+!+'&h!!
!
1&!$&6+)'%/)6&$"b%))
!
07!+1!$&an3b1*!CGY!&7&1#s&d*`!+1!$*7$+a3*!(+!6#$%&+1!=+'_+'!(+7*d#7&(*!
d#3*L+!1&!#1b`#g7!(+!kb+!#7(+a+7(#s&'`+!+!#7#$#&'!b7!7+8*$#*!a'*a#*!7*`!_'#7(&'e!
1#_+'3&(h! @+! %+$%*Y! 1&! d&i*'n&! (+! 1*`! (b+m*`! (+! a+kb+m*`! 7+8*$#*`!
+qa+'#d+73&7! +q&$3&d+73+! 1*! *ab+`3*h! 9b`! +da'+`&`! `+! $*7c#+'3+7! +7!
$&a&3&$+`! de`! $'b+1+`! i! +q#8+73+`! kb+! $b&1kb#+'! j+f+! (+! b7&! $*da&mn&h! 0`3+!
+'&! $#+'3&d+73+! +1! $&`*! (+! Q*%7! E&1+73ih! ._&7(*7g! 1&! +`$b+1&! `+$b7(&'#&! +7!
$b&'3*! &m*! a&'&! 3'&_&j&'! &! 3#+da*! $*da1+3*! +7! `b! 3&11+'! (+! '+a&'&$#g7!
&b3*d*3'#sh!07!a*$*`!&m*`Y!Q*%7!3+7n&!b7&!f1*3&!(+!$&d#*7+`!kb+!'+$*''n&7!9&7!
@#+8*Y!%&$#+7(*!'+a&'&$#*7+`!+7!`#3#*`!i!1*8'&7(*!GPYPPP!(g1&'+`!d+7`b&1+`!+7!
c+73&`h!)+'*!+1!d&'8+7!(+!8&7&7$#&`!+'&!+`$&`*!i!+1!+1+c&(*!+`3#1*!(+!c#(&!(+!
Q*%7Y! +'&! $&'*h! .! 1*`! c+#73#o7! &m*`Y! +`3&_&! a'*fb7(&d+73+! +7(+b(&(*! i!
1b$%&7(*! a*'! +7$*73'&'! b7&! `&1#(&h! 9+! #7c*1b$'g! (b'&73+! b7! 3#+da*! +7! b7!
+`kb+d&! (+! &c#`*`! $1&`#f#$&(*`Y! ab_1#$#3&'#*! +7! b7!$*d+'$#&1! #7f*'d&3#c*h! )+'*!
+`*! 3&d_#l7! '+kb+'n&! b7&! 8'&7! #7c+'`#g7! (+! 3#+da*! i! (#7+'*h! Z-*! kb+! 7*! d+!
8b`3&_&!(+!1&`!c+73&`!+'&!kb+!3*(*!(+a+7(n&!(+1!a'*a#*!+`fb+'s*[!&f#'d&!Q*%7h!
Z9&_n&! kb+! 1&! '+`ab+`3&! a&'&! dn! +`3&_&! +7! &18b7&! $1&`+! (+! (ba1#$&$#g7Y! +7!
b3#1#s&'!1*`!+`fb+'s*`!(+!*3'&`!a+'`*7&`h[!!
!
!
!
142
"/+)5)
!
)+'*Y! p$gd*! a*('n&! &1$&7s&'! +`&! (ba1#$&$#g7T! Q*%7! $*7*$n&! +1! 7+34*'5!
d&'5+3#78! a*'kb+! `b`! a&('+`! %&_n&7! (+`&''*11&(*! b7! 7+8*$#*! 9%&51++h! 9#7!
+d_&'8*Y!7b7$&!1+!%&_n&!a'+`3&(*!(+d&`#&(&!&3+7$#g7!i!`&_n&!dbi!a*$*!&$+'$&!
(+1!fb7$#*7&d#+73*! #73+'7*! (+1! 6-6h!.%*'&!Q*%7!+da+s&_&! &!(&'`+! $b+73&!(+!
kb+! b7! 8'&7! 7od+'*! (+! &c#`*`! $1&`#f#$&(*`! +7! +1! (#&'#*! c+7(n&7! *a*'3b7#(&(+`!
6-6h!)+7`g!kb+!kb#se`!c&1n&!1&!a+7&!#7c+`3#8&'1*h!Z>&(&!c+s!kb+!$*d#+7s*!&18*!
7b+c*Y! 1*! a'#d+'*! kb+! %&8*! +`! #'! &! 1&! 1#_'+'n&! i! $*7`+8b#'! b7! 1#_'*! `*_'+! +1!
3+d&h[!07!+`3+! $&`*Y! +1! 1#_'*! kb+! +7$*73'g! Q*%7! +'&! Z,1&!G! r-&! 7b+c&!+'&!+7!
7+34*'5!
d&'5+3#78[!
t+`$'#3*!
a*'!
+`3+!
`+'c#(*'uh!
Z>*d+7$l!&!1++'!,1&!GY[!'+$b+'(&!Q*%7Y!Zi!d+!#da&$3g!$*d*!b7!'+1eda&8*h!01!
7+34*'5!d&'5+3#78!+'&!1*!kb+!7+$+`#3&_&!%&$+'h!)&'&!+`*!%&_n&!`#(*!a'+a&'&(*!
(b'&73+! 3*(*! +`3+! 3#+da*h! 01! 1#(+'&s8*Y! 1&! (ba1#$&$#g7Y! 1&! d&7+'&! +7! kb+! `+!
b3#1#s&!+1!+`fb+'s*!(+!*3'&`!a+'`*7&`h!9+73n&!kb+!1*!%&_n&7!ab+`3*!&11n!`g1*!a&'&!
dnh[!!
!
0OD)MNKNXO)UL)MHLIGD)UL)IIDML))
!
)&'&! Q*%7Y! '+`b13&_&! +`a+$#&1d+73+! #73'#8&73+! 1&! (+`$'#a$#g7! %+$%&! +7!
,1&!G!(+!b7!7b+c*!3#a*!(+!$*da&mn&!(+!6-6Y!+7!1&!kb+!1*`!`#`3+d&`!(+!cb+13&!
(+! 11&c+! &b3*d&3#s&_&7! db$%*`! &`a+$3*`! (+1! 7+8*$#*h! 9*m&_&! $*7! &(d#7#`3'&'!
b7&! '+(! d+(#&73+! a#1*3*! &b3*de3#$*Y! b7! 7+8*$#*! 3&7! a+'f+$3&d+73+! *'(+7&(*!
kb+! `b`! `#`3+d&`! (+! &13&! 3+$7*1*8n&! i! `b`! a'*$+(#d#+73*`! +`3&7(&'#s&(*`!
a'e$3#$&d+73+!`+!8+'+7$#&'#&7!a*'!`n!`*1*`h!)+'*Y!p+q#`3n&!&18b7&!$*da&mn&!3&7!
fb3b'#`3&T!Q*%7!+`3&_&!(+$#(#(*!&!&c+'#8b&'1*h!9b!a'#d+'&!11&d&(&!3+1+fg7#$&!fb+!
d+7*`!kb+!&1+73&(*'&h!Q*%7!$*73+`3g!&!b7!&c#`*!$1&`#f#$&(*!(+!b7&!*a*'3b7#(&(!
(+! 6-6Y! a+'*! 1&! dbj+'! kb+! $*73+`3g! +1! 3+1lf*7*! a&'+$n&!`&_+'!d+7*`!`*_'+!+1!
7+8*$#*!kb+!l1h!Z0'&!$*d*!b7!$#+'c*!f'+73+!&!b7*`!'+f1+$3*'+`[!'+$b+'(&!Q*%7Y!
Z0`3&_&!dbi!&`b`3&(&Y!dbi!#7$gd*(&!i!*_c#&d+73+!7*!kb+'n&!%&_1&'!$*7d#8*h[!
Q*%7! #7$'+d+73g! 1&! #7`+8b'#(&(! (+! 1&! dbj+'! %&$#+7(*! b7&! `+'#+! (+! a'+8b73&`!
a'+$#`&`!`*_'+!+1!7+8*$#*Y!kb+!1&!dbj+'!7*!ab(*!'+`a*7(+'h!!
!
(%?0&,)%/)(&($%6+))
!
Q*%7! `#73#g! kb+! %&_n&! 11+8&(*! &! b7! $&11+jg7! `#7! `&1#(&h! 9b! a'+8b73&! +'&!
p$gd*! a*('n&! +`3&! dbj+'! &b`a#$#&'1*! i! +73'+7&'1*! `#! 7*! a*(n&! 7#! `#kb#+'&!
$*73+`3&'! a'+8b73&`! _e`#$&`! `*_'+! `b! a'*a#*! 7+8*$#*T! 0`&! fb+! b7&!
(+`&1+73&(*'&! a'+`+73&$#g7! (+1! 7+34*'5! d&'5+3#78h! 9#7! +d_&'8*! Q*%7!
$*da'+7(n&! kb+! b7! `#`3+d&!$*d+'$#&1! +q#3*`*!(+_n&! 3+7+'!+7!$b+73&! 3*(&`!1&`!
+c+73b&1#(&(+`h! 9#! +1! 6-6! '+&1d+73+! fb7$#*7&_&! +7! +1! db7(*! '+&1Y! +73*7$+`!
(+_n&! c+7#'! +kb#a&(*! $*7! a&`*`! i! a'*$+(#d#+73*`! &! `+8b#'! +7! $&`*! (+!
$*73'&3#+da*`! b! *_`3e$b1*`h! pSbl! a'*$+(#d#+73*! +'&! &a'*a#&(*! +7! +`3&!
`#3b&$#g7T!!
!
!
-&!d+73+!(+!Q*%7!'+8'+`g!&1!o7#$*!`#`3+d&!kb+!$*7*$n&!r+1!+q%#_#(*!+7!
+1! 1#_'*! ,1&! Gh! "+$*'(g! kb+! +1! 1#_'*! %&_n&! 3'&3&(*! +q&$3&d+73+! +`3&! $1&`+! (+!
`#3b&$#g7h! )+'*! pkbl! %&_n&! (#$%*T! Z>b&7(*! `+! $*d#+7s&! +7! +1! 7+34*'5!
d&'5+3#78Y! 8+7+'&1d+73+! b`3+(! +`! d&1&! ab_1#$#(&(! a&'&! `b! $*da&mn&hhh[! Q*%7!
'+$*'(g!%&_+'!1+n(*h!ZSbl!`+!ab+(+!%&$+'T!"&`3'+&'!+7!1&!1n7+&!(+!&b`a#$#*h!0`*!
`#87#f#$&! +7$*73'&'! +7! 1*`! 7#c+1+`! `ba+'#*'+`! &! b7&! a+'`*7&! +q#3*`&! kb+! +`3l!
143
(#`ab+`3&!&!&$3b&'!$*d*!`b!d+73*'h!073*7$+`!b`+!&!+`&!a+'`*7&!$*d*!&3'&$3#c*!
a&'&!`b`!7b+c*`!a'*`a+$3*`h[!!
!
#")(%)!"#1&%,$+)0($%')%#)%/)$%6+))
!
Q*%7! `+!%&_n&! (&(*! $b+73&! (+! kb+! +`+! +'&! +1! a'*_1+d&h! 2&(#+! 1+! %&_n&!
(#$%*!&!+`3&!dbj+'!kb+!'&`3'+&'&!+7!`b!1n7+&!(+!&b`a#$#*h!@&(*!kb+!+11&!7*!3+7n&!
+qa+'#+7$#&! i! a*'! 1*! 3&73*! +'&! b7&! d&1&! ab_1#$#(&(! a&'&! +1! 7+8*$#*Y! +1! d+j*'!
d*c#d#+73*!kb+!a*('n&!%&_+'!%+$%*!%&_'n&!`#(*!(#'#8#'!1&!&3+7$#g7!(+!Q*%7!%&$#&!
`b!&b`a#$#&(*'h!Z.!(+$#'!c+'(&(Y[!a*('n&!%&_+'!'+`a*7(#(*h!Zi*!'+$#l7!$*d#+7s*!
+7! +`3+! 7+8*$#*h! )+'*! $*7*s$*! &! &18b#+7! dbi! +q#3*`*! kb+! ab+(+! &ib(&'1*h!
)+'dn3&d+!3'&3&'!(+!3'&+'1*!&1!3+1lf*7*!&%*'&!d#`d*h[!9#!`b!&b`a#$#&73+!%b_#+'&!
+`3&(*! (#`a*7#_1+Y! a*('n&! %&_+'! &'d&(*! b7&! 11&d&(&! +7! $*7f+'+7$#&! +7! +`+!
d#`d*!#7`3&73+!i!%&_+'!+`$b$%&(*!+7!`#1+7$#*!d#+73'&`!`b!&b`a#$#&(*'!%&$n&!1&!
a'+`+73&$#g7h!0`*!+'&!a'*`a+$$#g7!&!1&!d*(&1#(&(!(+!1&!,1&!Gh!!
!
!
9#!Q*%7!`&_n&!+`*Y!pa*'!kbl!+11&!7*T!-*!`*'a'+7(n&!(&'`+!$b+73&!(+!kb+!
l1!`&_n&!de`!(+1!7+8*$#*!kb+!+11&Y!`#da1+d+73+!a*'!%&_+'!1+n(*!b7!1#_'*h!@+$#(#g!
%&$+'! `b! a'*a#*! '&`3'+*h! Z?#+7+! b7! &b`a#$#&(*'T[! 1+! a'+8b73g! Q*%7! &! 1&! dbj+'h!
-*! 3+7n&h!Z\!$be1!+`! `b!7*d_'+T[!#7`#`3#g! Q*%7h!9+!11&d&_&!?+''ih! >*7!&18b7*`!
*3'*`! %&1&8*`Y! Q*%7! $*7`#8b#g! +1! 3+1lf*7*! (+! ?+''ih! O&_n&! `ba+'&(*! `b! a'#d+'!
*_`3e$b1*!+7!+1!6-6Y!`#da1+d+73+!`#8b#+7(*!+1!`#`3+d&h!!
!
&,)+)/+)20%#$%)
!
Z?+''i! +'&! +7l'8#$*[! '+$b+'(&! Q*%7h! 0'&! +1! 3#a*! (+! &b`a#$#&(*'! (+1! $b&1!
%&_n&! 1+n(*! +7! ,1&! GD! (+1! 3#a*! (+! 1&! 6&('+! ?+'+`&Y!kb+! 7*! %&$+! 7&(&! a&'&! `n!
d#`d*! a*'kb+! `#+da'+! +`3e! %&$#+7(*! 3*(*! a&'&! 1*`! (+de`h[! ?+''i! +`3&_&!
`#+da'+! (#`a*7#_1+! a&'&! Q*%7Y! +73'+7e7(*1+Y! '+`a*7(#+7(*! a'+8b73&`Y! *!
%&$#+7(*! $*7f+'+7$#&`! 3+1+fg7#$&`! $*7! a'*`a+$3*`h! )+'*! Q*%7! `+! (#*! $b+73&!
'ea#(&d+73+!(+!kb+!3&d_#l7!?+''i!3+7n&!1#d#3&$#*7+`h!Z?+7n&!db$%&!+qa+'#+7$#&!
a'e$3#$&! i! a*(n&! '+`a*7(+'! db$%&`! (+! d#`! a'+8b73&`[! (#$+! Q*%7Y! Za+'*! +7!
&18b7*`! &`a+$3*`Y! i*! `&_n&! de`! kb+! l1! `*_'+! +1! 7+8*$#*Y! 3&7! `g1*! a*'! %&_+'!
1+n(*!,1&!Gh[!!
!
!
-&!+qa+'#+7$#&!a'+c#&!(+!Q*%7!+7!+1!7+8*$#*!3&d_#l7!&ib(&_&h!01!`#`3+d&!
(+! $*73&$3*! kb+! ?+''i! +7`+m&_&! +'&! $*''+*! (#'+$3*! (+! o13#d&! 8+7+'&$#g7h! 07!
1b8&'! (+! 3'&_&j&'! +7! +1! d+'$&(*! $&1#+73+! *! %&$+'! 11&d&(*`! +7! f'n*! $*d*! b7!
7+34*'5+'!$*7c+7$#*7&1Y!?+''i!1+!&$*7`+j&_&!&!Q*%7!$*da'&'1+!1#`3&`!(+!$*''+*!
&! #73+'d+(#&'#*`! i! +7c#&'! $&``+33+`! a'*d*$#*7&7(*! 1&! *a*'3b7#(&(h! )&'&! Q*%7Y!
+`3*!3+7n&!`+73#(*h!O&_n&!'+&1#s&(*!db$%*!3'&_&j*!(+!$*''+*!(#'+$3*!+7!7+8*$#*`!
&73+'#*'+`h!)+'*!`+!(&_&!$b+73&!(+!kb+!+1!$*7*$#d#+73*!(+!?+''i!`*_'+!+1!3+d&!
+'&!1#d#3&(*h!!
!
!
?'+`! 7#c+1+`! de`! &''#_&! (+! ?+''i! +7! 1&! '+(! (+! 1&! $*da&mn&Y! %&_n&! b7!
$*7*$#(*!8b'o!(+!`#`3+d&`!(+!a+(#(*`!a*'!$*''+*!11&d&(*!>%&'1+`h!01!kb+!?+''i!
+`3&_&! +7`+m&7(*Y! +'&! +1! `#`3+d&! (+! >%&'1+`h! Z?+''i! $'+n&! kb+! +'&!
+`a+$#&1d+73+! a'*fb7(*! i! *'#8#7&1[! &f#'d&! Q*%7h! Z)+'*! +'&! 1*! d#`d*! kb+! i*!
%&_n&! +`3&(*! %&$#+7(*! (+`(+! d#! $&`&! +7! d#`! *3'*`! 7+8*$#*`Y! +7c#&7(*! a*'!
$*''+*! a&kb+3+`! (+! #7f*'d&$#g7! i! 5#3`! (+! `+8b#d#+73*h[! Q*%7! (+$#(#g! kb+! +'&!
3#+da*!(+!'&`3'+&'!+7!1&!1n7+&!(+!&b`a#$#*!b7&!c+s!de`h!Sb#se`!>%&'1+`!3+7n&!+1!
144
`#`3+d&!(+!cb+13&!(+!11&c+!kb+!+`3&_&!_b`$&7(*h!Sb#se`!+1!$*73&$3*!a*'!$*''+*!
(#'+$3*!+'&!1&!$1&c+!(+!1&!'+(!&b3*d&3#s&(&h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
145
!DEFGHIJ)1%&#$&(%&()
)
/D)*IDGDiJPZD)!JPPLTGD)
!
[-*`! a'*f+`#*7&1+`! (+1! +7cn*! a*'! $*''+*! 8&`3&7! d#1+`! (+! (g1&'+`! $'+&7(*Y!
a'*_&7(*! i! a'*(b$#+7(*! +da&kb+`! (+! &13&! $&1#(&(! +`$'#_+! ?*d! ZK#8! .1[!
9$%'+#3+'!+7!?b'_*!6-6h!Z9+!7+$+`#3&!(#7+'*!a&'&!jb8&'!+7!1&`!8'&7(+`!1#8&`h[!!
!
!
01! $*7`+j*! (+! 9$%'+#3+'! `*_'+! 7+34*'5! d&'5+3#78! a*'! $*''+*! +`! dbi!
`+7$#11*D!w2*!1*!%&8&x!9$%'+#3+'!&(c#+'3+!kb+!`#!`+!`bd&7!1*`!$*`3*`!(+!c*1&73+`Y!
+`3&da#11&`Y! $&``+33+`Y! `*_'+`! (+! '+`ab+`3&! a*`3&1! a&8&(*Y! i! 3&'#f&`! (+!
#73+'d+(#&'#*`Y! fe$#1d+73+! `+! ab+(+! 3+'d#7&'! 8&`3&7(*! FPYPPP! (g1&'+`! +7! b7&!
`#da1+! 1#`3&! (+! $*''+*! (+! HPhPPP! 7*d_'+`h! .(+de`Y! &b7kb+! 1*`! a'*f+`#*7&1+`!
(+1! $*''+*! (#'+$3*! 8+7+'&1d+73+! +`a+'&7! b7! F! a*'! $#+73*! (+! '+`ab+`3&! &! `b`!
+7cn*`Y! 7*! +q#`3+! 8&'&73n&! (+! kb+! 1*8'&'e! 7#! `#kb#+'&! +`+! 7od+'*h! Z2*! %&i! b7!
a*'$+73&j+! a'*d+(#*! (+! '+`ab+`3&! +7! a+(#(*`! a*'! $*''+*! &f#'d&! 9$%'+#3+'Y!
a*'kb+!7*!+q#`3+!b7!a'*d+(#*!(+!a+(#(*`!a*'!$*''+*h[!!
!
+/$"),&%(?"d)+/$+),%!"6*%#(+))
!
)*'! 3*(&`! 1&`! '&s*7+`! +qa'+`&(&`! a'+c#&d+73+Y! 9$%'+#3+'! &$*7`+j&! &!
kb#+7+`! &`*$#+7! a+'`*7&`! +7! +1! 6-6! r+`a+$#&1d+73+! &! 1*`! 7*c&3*`r! kb+! `+!
d&73+78&7! +7! +1! &73#8b*! i! _b+7! `#`3+d&! (+! a'*`a+$$#g7! $&'&! &! $&'&h! 9b!
$*7`+j*!+`!&$+'3&(*h!2&(#+!(+_+'n&!#7c*1b$'&'`+!+7!1&!d*(&1#(&(!(+!+7cn*`!a*'!
$*''+*!`#7!$*7`#(+'&'!1*`!'#+`8*`h!>b+`3&!(#7+'*Y!i!`#!`b!+7cn*!7*!(&!'+`b13&(*Y!
ab+(+!a+'(+'!%&`3&!1*!ab+`3*h!!
!
!
)+'*! a&'&! kb#+7+`! +`3l7! (#`ab+`3*`! &! $*''+'! +1! '#+`8*Y! 1&`! '+$*da+7`&`!
ab+(+7!`+'! 8'&7(+`h!B7! `#`3+d&!+f+$3#c*!(+!cb+13&! (+! 11&c+!a*'!$*''+*! (#'+$3*!
db13#a1#$&! `b! a*(+'! (+! (ba1#$&$#g7! db$%&`! c+$+`h! -+! (&! &$$+`*! &! 8'&7(+`!
$&73#(&(+`!(+!a+'`*7&`Y!`*_'+!b7&!+q3+7`#g7!8+*8'ef#$&!#1#d#3&(&h!\!+1#d#7&!+1!
(+`8&`3+! a`#$*1g8#$*! (+! $*73&$3&'! &! 1&! 8+73+! $&'&! &! $&'&! *! %&$+'! 11&d&(*`!
3+1+fg7#$*`! +7! f'n*h! 01! 3'b$*! +`! '+(b$#'! +1! '#+`8*! +7$*73'&7(*! b7! `#`3+d&! kb+!
8+7+'+!b7!&13*!'+3*'7*h!0`3*!+`!1*!kb+!Q*%7!E&1+73i!`+!(#`ab`*!&!%&$+'h!!
!
+0$"*,"(*%!$%)(0)/&($+)!+/&%#$%)
!
>%&'1+`!+'&!b7!d&+`3'*!(+1!$*''+*!(#'+$3*h!9b!`#`3+d&!fb7$#*7&_&!_&j*!`b!
3b3+1&Y! Q*%7! $*d+7sg! 'ea#(&d+73+! &! $*7`3'b#'! `b! '+(! o7#$&d+73+! d+(#&73+! +1!
+7cn*! (+! $&``+33+`h!Z6b$%&!8+73+! c+'(&(+'&d+73+!`+!_b'1&_&! (+! 7*`*3'*`! a*'!
+`*[! '+$b+'(&! Q*%7h! Z@+$n&7! &a'+7(&7! &! 3'&_&j&'! `b! d+'$&(*! $&1#+73+h!
.a'+7(&7! &! &b`a#$#&'h! .a'+7(&7! &! (+`&''*11&'`+! (+! 1&! d&7+'&! 3'&(#$#*7&1Rh[!!
)+'*! Q*%7! `+! (&_&! $b+73&! (+! kb+! `#! `+! +'&! +q#3*`*! $*7! +1! $*''+*! (#'+$3*Y! +1!
d+'$&(*! $&1#+73+! `+! $b#(&'n&! `*1*h! .d#8*`! i! f&d#1#&'+`! c+'n&7! kb+! +1! 7+8*$#*!
+`3&_&!(+`a+8&7(*h!\!+1!d#`d*!%+$%*!(+!kb+!7*!`+!1*`!%&_n&!f&`3#(#&(*!$*7!1&!
*a*'3b7#(&(!1&!%&$n&!de`!&3'&$3#c&h!Z-+!(+$n&d*`!&!1&!8+73+!7*!3#+7+!kb+!%&_1&'!
$*7!`b`!&d#8*`!i!f&d#1#&'+`Y[!&f#'d&!Q*%7h!Z?*(*!`+!%&$+!a*'!d+(#*!(+!$*''+*!
(#'+$3*! (+! o13#d&! 8+7+'&$#g7h[! >*7! +`&! a'*d+`&Y! Q*%7! 1*8'g! a'*`a+$3&'! &!
146
db$%&`!a+'`*7&`!kb+!7*!%b_#+'&7!+`3&(*!#73+'+`&(&`!+7!+1!7+34*'5!d&'5+3#78!
`#!%b_#+'&7!$'+n(*!kb+!`+!'+kb+'n&!+1!$*73&$3*!$&'&!&!$&'&h!!
!
%#!"#$,+,)%/)6%,!+'")!",,%!$"))
!
2*! *_`3&73+Y! Q*%7! 3+7n&! a'*_1+d&`! $*7! `b! $*da&mn&h! E+7(n&! a'*(b$3*`!
7&3b'&1+`!a&'&!1&!`&1b(Y!3&1+`!$*d*!$ea`b1&`!(+!&18&`Y!&!b7!7#$%*!a&'3#$b1&'!(+!
c+8+3&'#&7*`Y! +q! %#aa#+`Y! i! +q$l73'#$*`! (+! 1&! 2b+c&! 0'&! a'+*$ba&(*`! a*'! 1&!
`&1b(h! Z0'&! b7&! $&3+8*'n&! (+! 8+73+! a*$*! $*do7Y[! '+$b+'(&! Q*%7h! Z2*! d+!
'+1&$#*7&_&! _#+7!$*7!+11*`h!2*!+'&7!1&!$1&`+!(+!8+73+!$*7!1&!kb+!kb+'n&!`&1#'!&!
$+7&'! *! $*7! kb#+7+`! (+`+&_&! (+`&''*11&'! d#! d+'$&(*! $&1#+73+h[! .! Q*%7! 1+!
'+`b13&_&! (#fn$#1! c+7(+'! 1&! *a*'3b7#(&(! fb+'&! (+! +`&! '+(b$#(&! `b_$b13b'&h!
Z9#da1+d+73+Y!&kb+11*!7*!+'&!3&7!(ba1#$&_1+!$*d*!kb+'n&!kb+!fb+'&Y[!&f#'d&h!!
!
!
?&d_#l7! `+73n&! $*d*! b7! #da+(#d+73*! 1*`! `+73#d#+73*`! &73#$&a#3&1#`3&`!
kb+! a'+c&1+$n&7! +7! 1&! $*da&mn&h! 6b$%*`! (+! `b`! $*1+8&`! (#`3'#_b#(*'+`!
a'*f+`&_&7! de`! #7kb#+3b(! a*'! +1! d+(#*! &d_#+73+! kb+! a*'! `b`! #78'+`*`h! 01!
a'*3*$*1*! (+! 1&! $*da&mn&! (+`&1+73&_&! %&_1&'! &_#+'3&d+73+! `*_'+! 1*`! a'*a#*`!
*_j+3#c*`!f#7&7$#+'*`h!)+'*!Q*%7!7*!(b(&_&!(+!`b`!&d_#$#*7+`h!0`3&_&!&11n!a*'!+1!
(#7+'*Y! `#da1+! i! `+7$#11&d+73+h! 2*$%+! 3'&`! 7*$%+Y! `+! &$*`3&_&! +7! 1&! $&d&Y!
%&$#+7(*! a'*i+$$#*7+`! $*7! 1ea#sY! a&a+1! i! $&1$b1&(*'&Y! `*_'+! 1&! _&`+! (+! 1&!
&'#3dl3#$&! +qa*7+7$#&1! kb+! %&_n&! c#`3*! +7! ,1&! Gh! Z6#! *_j+3#c*! 7*! +'&!
81&d*'*`*Y[! &f#'d&h! Z6+! &3'&n&7! 1&`! $#f'&`! 8'&7(+`h! ?+7n&! kb+! (+`$b_'#'! `#! +'&!
a*`#_1+!8&7&'!3&73*!(#7+'*h!O&$n&!7od+'*`!1#3+'&1d+73+!3*(&`!1&`!7*$%+`h!>&(&!
c+s!kb+!d+!f'b`3'&_&Y!1*`!%&$n&!7b+c&d+73+h!0`*!d+!(&_&!+`a+'&7s&h[!!
!
?,+#"()1%,(0()!+(!+,+()
!
Q*%7!`&_n&!kb+!+1!$*''+*!(#'+$3*!a*(n&!fb7$#*7&'!a&'&!l1Y!a+'*!7+$+`#3&_&!
1&! a1&3&f*'d&! $*''+$3&h! 9#! 3&7! `g1*! ab(#+'&! +7$*73'&'! b7! a'*(b$3*! +7! +1! kb+!
$'+i+'&!i!b7&!$b13b'&!$*'a*'&3#c&!kb+!f*d+73&'&!`b`!&d_#$#*7+`Y!`+!(+$n&!&!`n!
d#`d*Y! `b! 7+8*$#*! '+&1d+73+! (+`a+8&'n&h! >*d+7sg! &! _b`$&'! b7&! 7b+c&!
$*da&mn&! `g1*! 3'+`! d+`+`! (+`abl`! (+! b7#'`+! &! 1&! a'#d+'&h! 0'&! b7&! _o`kb+(&!
(#fn$#1h!Q*%7!(+`$b_'#g!kb+!db$%&`!$*da&mn&`!a'*d*cn&7!1&`!$e`$&'&`!&73+`!kb+!
1*`!8'&7*`h!07!b7&!'+b7#g7Y!fb+!&3b'(#(*!a*'!1*`!*'&(*'+`!a'*f+`#*7&1+`h!Z2b7$&!
%&_n&! c#`3*! +`*Y[! '+$b+'(&h! Z6+! $&b3#cg! 1&! d&8#&h! 0`3&_&! _&j*! +1! +f+$3*! (+1!
l3+'h[!!
!
!
Q*%7! fb+! &''#7$*7&(*! a*'! b7! 8'ba*! (+! `bab+`3*`! a+`*`! a+`&(*`! kb+!
3'&3&_&7! (+! &`*$#&'1*h! )+'*! 'ea#(&d+73+! `+! (#*! $b+73&! (+! kb+! +`3&_&7!
Zf#78#+7(*[!%&`3&!1*8'&'1*h!Z0`3*`!3#a*`!b`&_&7!3'&j+`!(+!GhPPP!(g1&'+`Y[!(+$1&'&!
Q*%7Y!Za+'*!$*7(b$n&7!E*1c*`!*!?*i*3&`!(+!ChFPP!(g1&'+`h!2*!+`3&_&7!8&7&7(*!
(#7+'*h!0`*!fb+!dbi!(+`&1+73&(*'!a&'&!dnY! a*'kb+!i*!(+`+&_&!kb+!3*(*!fb+'&!
c+'(&(h[!!
!
(&#)!"#!%(&C#))
!
Q*%7! 7*! fb+! 3nd#(*! +7! +qa'+`&'! `b! (+`&8'&(*h! ZB`3+(+`! `*7! b7! 8'&7!
$%#`3+Y[! 1+`! (#j*! &! 1*`! a'+`b73b*`*`h! Z6+! c*i! (+! &kbnh[! Q*%7! +`a+'&_&! b7&!
'+&$$#g7! (+! +7*j*h! )+'*Y! +q3'&m&d+73+Y! b7*! (+! 1*`! %*d_'+`! &! 1*`! kb+! Q*%7!
%&_n&! #7`b13&(*! a&'+$n&! +`3&'! (+! &$b+'(*! $*7! l1h! -+c&73&7(*! `b`! d&7*`Y! +1!
%*d_'+!(#j*D!Z0`*!+`Y!i*!3&d_#l7!d+!c*ih!2*!ab+(*!`*a*'3&'!kb+!1&!8+73+!`+!
147
&1+j+! (+! d#! 1&(*h! 0`3*! `b$+(+! 3*(*! +1! 3#+da*h[! Q*%7! i! `b! 7b+c*! &d#8*!
&_&7(*7&'*7!1&!'+b7#g7!jb73*`h!!
!
!
ZSbl! +`! +q&$3&d+73+! 1*! kb+! +`3e! _b`$&7(*T[! 1*! #73+''*8g! +1! %*d_'+!
$b&7(*! `&1#+'*7h! Q*%7! a+7`g! b7! d*d+73*h! Z-+n! +`3+! 1#_'*! ,1&! GY[! (#j*!
f#7&1d+73+h! Z>'+*! kb+! +`3*i! _b`$&7(*! b7&! +da'+`&! kb+! `+! d&7+j+! (+! 1&!
d&7+'&! kb+! )*+! (#$+! kb+! (+_+'n&! `+'h[! 01! %*d_'+! 7b7$&! %&_n&! +`$b$%&(*!
%&_1&'!(+!,1&!Gh!)+'*!a*'!'+$*d+7(&$#g7!(+!Q*%7Y!`&1#g!&!$*da'&'1*h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
148
!DEFGHIJ)1%&#$&(&%$%)
)
/D),LU)+HGJZDGN]DUD)
!
!
.a'*q#d&(&d+73+! 3'+`! `+d&7&`! (+`abl`Y! &a&'+$#g! +7! 1&! $&`&! (+!!!
Q*%7! i! 1+! *f'+$#g! b7! $&``+33+! $*7! b7! 3n3b1*! $b'#*`*h! 9+! 11&d&_&! Z,(#*!!
c+7(+'Y! 7*! d+! 8b`3&! &`*$#&'Y! a+'*! d+! +7$&73&! %&$+'d+! '#$*! $*7! +1! 7+34*'5!!
d&'5+3#78[h! 01! $&``+33+! %&_n&! `#(*! a'*(b$#(*! a*'! b7! '+a'+`+73&73+! (+!!
2+4! E#`#*7Y! b7&! $*da&mn&! 7b3'#$#*7&1! $*7! `+(+! +7! ?+da+Y! .'#s*7&h!!
01! &d#8*! (+! Q*%7! 1+! &`+8b'g! kb+! +`3&! +'&! 1&! $*da&mn&! kb+! %&_n&! +`3&(*!
_b`$&7(*Y! 1&! a1&3&f*'d&! `*_'+! 1&! $b&1! Q*%7! a*('n&! (+`&''*11&'! `b! '+(!!
&b3*d&3#s&(&h! .1! 3*d&'! +1! $&``+33+! +7! `b`! d&7*`Y! Q*%7! 7*! +`3bc*! 3&7!!
`+8b'*h! )+'*! +1! 3n3b1*! $#+'3&d+73+! 1+! 11&dg! 1&! &3+7$#g7h! 9b! a'*d+`&! (+! b7!
7+8*$#*! cb+13&! (+! 11&c+! (+! _&j*! d&73+7#d#+73*! a&'+$n&! +7$&j&'! $*7!!
`b! c#`#g7! (+! b7&! $*da&mn&! (+! 1&! ,1&! Gh! ?&1! c+sY! a+7`gY! `g1*! 3&1! c+sY! c&18&!!
1&!a+7&!c+'#f#$&'!+`3*h!!
!
!
@+`(+! `b! fb7(&$#g7! +7! CNN/Y! 2+4! E#`#*7! ;73+'7&3#*7&1Y! ;7$hY! %&_n&!
+qa+'#d+73&(*! (*1*'+`! (+! $'+$#d#+73*h! 9b! 1n7+&! (+! a'*(b$3*`! (#+3l3#$*`Y! (+!
$b#(&(*! (+! 1&! a#+1Y! i! 7b3'#$#*7&1+`! `+! c+7(n&! &! d&i*'! c+1*$#(&(! (+! 1*! kb+!
$b&1kb#+'&! %b_#+'&! &73#$#a&(*h! >b&7(*! 1&`! c+73&`! &1$&7s&'*7! 1*`! HPPhPPP!
(g1&'+`! a*'! d+`! (b'&73+! 1*`! a'#d+'*`! `+#`! d+`+`Y! +1! `#`3+d&! (+! $*73&_#1#(&(!
$*dab3&'#s&(*! (+! 1&! $*da&mn&! $*1&a`gh! 01! 'ea#(*! $'+$#d#+73*! 3&d_#l7!
`*_'+$&'8g! `b! `#`3+d&! 3+1+fg7#$*! %&`3&! 1*`! 1nd#3+`h! B7&! &$3b&1#s&$#g7! 3'&`! *3'&!
(+!`b`!`#`3+d&`Y!`+!`b$+(n&7!`#7!1*8'&'!'+`*1c+'!+1!a'*_1+d&h!.a+7&`!2+4!E#`#*7!
$&d_#&_&! `b! `#`3+d&! 3+1+fg7#$*Y! +1! c*1bd+7! (+! 11&d&(*`! `+! +1+c&_&!
7b+c&d+73+Y! %&$#l7(*1*! *_`*1+3*h! @b'&73+! 3*(*! b7! &m*Y! 1&`! 1n7+&`! 3+1+fg7#$&`!
(+!1&!+da'+`&!(&_&7!$&`#!`#+da'+!`+m&1!(+!*$ba&(*h!-*`!a+(#(*`!(+!a'*(b$3*`!
3&d_#l7!+c#(+7$#&_&7!(+d*'&`Y!(+_#(*!&!kb+!1*`!a'*c++(*'+`!(+!2+4!E#`#*7!7*!
a*(n&7!`&3#`f&$+'!1&!(+d&7(&h!!
!
!
)+'*! Q&`*7! i! Kh^h! K*'+i5*! r1*`! (*`! %+'d&7*`! kb+! fb7(&'*7! 1&!
$*da&mn&r! &a'+7(#+'*7! (+! `b`! +''*'+`h! O&_n&7! `#(*! $'#&(*`! +7! +1! db7(*! (+1!
7+34*'5! d&'5+3#78h! 9b`! a&('+`! %&_n&7! `#(*! (#`3'#_b#(*'+`! (+! 6&3*1! i! .d4&ih!
-*`!%+'d&7*`!K*'+i5*!`&_n&7!kb+!+1!lq#3*!+7!+1!6-6!(+a+7(n&!(+1!&a*i*!kb+!
`+! _'#7(&_&! &! 1&! fb+'s&! (+! (#`3'#_b#(*'+`h! @+! &%n! kb+! %#$#+'&7! #da*'3&73+`!
#7c+'`#*7+`!+7!3+$7*1*8n&!b13'&d*(+'7&Y!3'&7`f*'d&7(*!&`n!&!2+4!E#`#*7!+7!b7!
d*(+1*!(+!&b3*d&3#s&$#g7!(+1!`#81*!::;h!!
!
!
.$3b&1d+73+Y! 1*`! (#`3'#_b#(*'+`! 3#+7+7! &$$+`*! (b'&73+! 1&`! c+#73#$b&3'*!
%*'&`! &1! `#`3+d&! #7f*'de3#$*! (+! 1&! $*da&mn&! a*'! d+(#*! (+1! 3+1lf*7*! *! (+! b7&!
ae8#7&!]+_!#73+'&$3#c&h!B7!(+ag`#3*!&b3*d&3#s&(*! (+!IhNPP!d+3'*`!$b&('&(*`!
&`+8b'&! b7! $bda1#d#+73*! 'ea#(*! i! $*7f#&_1+! (+! 1*`! a+(#(*`h! .$3b&1d+73+! 1&!
$*da&mn&Y!$*7!`+(+!+7!?+da+Y!.'#s*7&Y!8+7+'&!de`!(+!FPP!d#11*7+`!(+!(g1&'+`!
+7!c+73&`! a*'! &m*Y! 07!CNNMY! `b! c+1*s! $'+$#d#+73*! 1+`!`#87#f#$g!&! 1*`! %+'d&7*`!
K*'+i5*!+1!3n3b1*!(+!0da'+7(+(*'+`!0d+'8+73+`!(+1!.m*Y!*3*'8&(*!a*'!0'7`3!{!
149
\*b78h!!
!
!+,#%)'%)/"6"))
!
>b&7(*! Q*%7! E&1+73i! #78'+`g! &! 1&! $*da&mn&! +7! CNNHY! 8'&7! a&'3+! (+! `b!
#7f'&+`3'b$3b'&! (+1! `#81*! ::;! +`3&_&! &o7! +7! (+`&''*11*h! )+'*! Q*%7! c#*! b7&!
$*da&mn&!(+!$'+$#d#+73*!'ea#(*!a*`#$#*7&(&!a&7!+1!fb3b'*Y!Z6+!`+73n&!$*d*!+7!
$&`&Y[! '+$b+'(&h! Z2+4! E#`#*7! +'&! dbi! (+1! 3#a*! ,1&! Gh! 2*! %&_n&! kb+! $*da'&'!
d+'$&(+'n&h! 0'&! +7c#&(&! (#'+$3&d+73+! (+`(+! 1&! $*da&mn&h! ?+7n&7! b7! a1&7! (+!
$*da+7`&$#g7! (+! 7#c+1! o7#$*! kb+! a&8&L! %&! _b+7&`! $*d#`#*7+`! +7! 1*`! 7#c+1+`!
`ba+'#*'+`!f'*73&1+`h[!9#7!+d_&'8*Y!+7!$b&73*!&!`b!ba1#7+Y!1&!$*7f#&7s&!(+!Q*%7!
+'&! d+7*'h! 01! %*d_'+! kb+! %&_n&! a'*(b$#(*! +1! $&``+33+! Z,(#*! c+7(+'Y! 7*! d+!
8b`3&! &`*$#&'Y! a+'*! d+! +7$&73&! %&$+'d+! '#$*! $*7! 7+34*'5! d&'5+3#78h! Z1+!
a&'+$#g!(+d&`#&(*!1*$b&s!i!+`3'b$3b'&(*!+7!+q$+`*Y!(+`(+!1&!a'#d+'&!c+s!kb+!
1*!c#*!+7!b7&!'+b7#g7h!9b!7*d_'+!+'&!K*_h!!
!
!
Z>b&7(*! 1*! c#! %&_1&'! a*'! a'#d+'&! c+s! +7! b7&! '+b7#g7! +7! b7! %*3+1Y[!
'+$b+'(&! Q*%7h! Zd+! (+`&1+73gh! ?+7n&! b7! (#`$b'`*! a+'f+$3*! i! a'+a&'&(*Y! b7&!
'la1#$&! a+'f+$3&! a&'&! $&(&! *_j+$#g7h[! Q*%7! %&_n&! &a'+7(#(*! &! (+`$*7f#&'! (+! 1&!
%&_#1#(&(! a&'&! $*7c+7$+'h! 01! kb+'n&! 1*d*! &`&(*Y! i! 7*! f'#3b'&`Y! Z-*! ab`+! +7!
&a'#+3*`!i!1+!a'+8b73l!$be73*!8&7&_&Y[!$b+73&!Q*%7h!!
!
!
01! %*d_'+! '+$#l7! %&_n&! $*d+7s&(*! +7! 2+4! E#`#*7h! O&_n&! 8&7&(*!
`*1&d+73+!GhHPP!(g1&'+`!+`+!d+`Y!i!FhPPP!+1!d+`!&73+'#*'h!)+'*!&11nY!K*_!&3'&j*!
b7!f*'db1&'#*!(+!8&7&7$#&`!(+1!&m*!&73+'#*'h!"+a'+`+73&_&!`b`!#78'+`*`!+7!*3'&!
$*da&mn&! (+! 6-6Y! +7! 1&! $b&1! %&_n&! 3'&_&j&(*! a'+c#&d+73+D! NPPhPPP! (g1&'+`h!
Q*%7! `+! (#*! $b+73&! (+! kb+! +`*! 7*! +`! f'#3b'&Y! `#7*! $&'7+! (+! 1*d*h! 9+! 3'&8g! +1!
*'8b11*! +7! +`+! d#`d*! d*d+73*h! Z2b7$&! %&_n&! $*7*$#(*! &! 7&(#+! kb+! 8&7&'&!
3&73*!(#7+'*Y[!&(d#3+h!Z@#j+D!K*_Y!(#d+!kbl!%&$+'h!0`3*i!(+`+`a+'&(*h!9+8b#'l!
#7`3'b$$#*7+`Rh[!!
!
1%&#$%)!+((%$$%(d)1%&#$%)*%,("#+())
!
01!`#`3+d&!(+!K*_!+'&!`#da1+h!Z-1+c&!c+#73+!(+!+`3*`!$&``+33+`!(+!&b(#*Y[!
(#j*! +1! 7b+c*! ba1#7+! 1n(+'! (+! Q*%7Y! Zi! (e`+1*`! &! 1&`! a'gq#d&`! c+#73+! a+'`*7&`!
$*7! 1&`! kb+! +73'+`! +7! $*73&$3*h! 9#! 7*! `+! #7c*1b$'&7! 3*(&`! +11&`Y! kb#se`! 7*!
(+_+'n&`!`+8b#'h!?&1!c+s!+`3*!7*!`+&!1*!&(+$b&(*!a&'&!3#h[!!
!
!
-&! #(+&! (+! 1*8'&'! c+#73+! &`*$#&(*`! $*7! c+#73+! $&``+33+`! 1+! a&'+$#g!
&_`b'(&h!)+'*!%&_n&!'+`b+13*!`+8b#'!+1!`#`3+d&h!Z073'+8bl!3*(*`!1*`!$&``+33+`Y[!
$b+73&! Q*%7Y! Z%#$+! `+8b#d#+73*! &! 1&`! a+'`*7&`! i! d+! &`+8b'l! (+! kb+! 1*`!
+`$b$%&'&7h[! 9*1&d+73+! $b&3'*! `+! &`*$#&'*7h! Z6+! `+73n&! $*d*! b7! d#`+'&_1+!
f'&$&`*Y[! &f#'d&! Q*%7h! )+'*! a&'&! `b! `*'a'+`&Y! K*_! 1+! (#j*! kb+! 1*! %&_n&! %+$%*!
_#+7h! 9b! a'gq#d&! &`#87&$#g7Y! 1+! (#j*! K*_Y! w+'&! +73'+8&'! *3'*`! c+#73+! $&``+33+`x!
K*_! 1+! &`+8b'g! kb+Y! &! +`+! '#3d*Y! +`3&_&! (+`3#7&(*! &! (+`&''*11&'! b7&! '+(!
$*7`#(+'&_1+h!!
!!
!
!
!
!
150
0#)*+(")+'%/+#$%d)'"()*+("()+$,S())
!
01! `#`3+d&! +'&! d&'&c#11*`&d+73+! (ba1#$&_1+Y! $*da'+7(#g! Q*%7h! 07! 1b8&'!
(+!(+''*$%&'!`b!3#+da*Y!+7+'8n&!i!&b3*!$*7f#&7s&! 3'&3&7(*!(+!$*7c+7$+'!&!1&`!
a+'`*7&`! (+! kb+! `+! &`*$#&'&7! &! `b! 7+8*$#*Y! `#da1+d+73+! `+! 1+`! +73'+8&_&! b7!
$&``+33+h! -*`! kb+! +`3&_&7! #73+'+`&(*`! `+! &`*$#&_&7h! -b+8*! `+! +7c#&_&! &! $&(&!
7b+c*! &`*$#&(*! &! `&1#'! $*7! *3'*`! c+#73+! $&``+33+`Y!a&'&! '+a+3#'! +1! a'*$+`*h! -&!
+73'+8&!(+!1*`!a'*(b$3*`!+`3&_&!&!$&'8*!(+!1&!$*da&mn&h!B7*!7#!`#kb#+'&!`&_n&!
$be73*`! a'*(b$3*`! a+(n&7! `b`! $1#+73+`! %&`3&! '+$#_#'! `b! $%+kb+! d+7`b&1h!!
?*(*!a&'+$n&!dbi!fe$#1Y!a+'*!%&_n&!b7&!3'&da&h!-&`!$*d#`#*7+`!(+!Q*%7!$'+$n&7!
$*7!1+73#3b(!+q3'+d&h!Z6#!a'#d+'!$%+kb+!fb+!a*'!CMJ!(g1&'+`Y[!$b+73&Y!Za+'*!1&!
f&$3b'&! 3+1+fg7#$&! fb+! (+! HPPh[! Q*%7! 3'&3g! (+! &$+1+'&'! +1! '#3d*! b`&7(*! $*''+*!
(#'+$3*h!07c#&_&!3&7(&`!(+!$#+7!$&``+33+`!a*'!c+sY!$*7!b7&!'+`ab+`3&!a'*d+(#*!
(+1! F! a*'! $#+73*h! Z@+! +`*Y! 1*8'&'n&! $+''&'! &! 1&! d#3&(Y[! $b+73&! Q*%7h! 0`*!
`#87#f#$&_&!b7!7b+c*!`*$#*!$&(&!$#+7!+7cn*`Y!$*7!b7!a+(#(*!#7#$#&1!(+!a'*(b$3*`!
a'*d+(#*!(+!3&7!`g1*!HIhMH!(g1&'+`!a*'!`*$#*h!!
!
#&1%/%()6S()*,"20#'"(d)!"6&(&"#%()6S()+/$+())
!
)&'+$n&!#''+d+(#&_1+h!)+'*!b7&!7*$%+Y!Q*%7!`+!`+73g!$*7!`b!$&1$b1&(*'&h!
9&_n&Y!a*'!%&_+'!1+n(*!,1&!GY!kb+!+1!lq#3*!+7!+1!7+34*'5!d&'5+3#78!7*!(+a+7(n&!
3&73*! (+1! 7od+'*! (+! 8+73+! kb+! b7*`! &`*$#&7! (#'+$3&d+73+Y! $*d*! (+1! 7od+'*!
(+! a+'`*7&`! kb+! &`*$#&'&7! `b`! &`*$#&(*`Y! i! &`n! `b$+`#c&d+73+h! 01! c+'(&(+'*!
(#7+'*! `+! 8+7+'&_&! +7! 1*`! 7#c+1+`! a'*fb7(*`! (+! `b! *'8&7#s&$#g7Y! (*7(+! +1!
7od+'*!(+!a+'`*7&`!+'&!d&i*'Y!+1!a*'$+73&j+!(+!$*d#`#*7+`!de`!#da*'3&73+`!i!
+1! $'+$#d#+73*! +qa*7+7$#&1! de`! a'*7b7$#&(*h! Z>*d+7$l! &! $&1$b1&'! 1*`!
+qa*7+7$#&1+`Y[! &f#'d&! Q*%7Y! Zi! c#! kb+! 1&! $1&c+! +'&! %&$+'! kb+! de`! a+'`*7&`!
+7c#&'&7!de`!$&``+33+`h[!!
!
!
Q*%7! `+! a+'$&3g! (+! kb+! 3*(*! 1*! kb+! 7+$+`#3&_&! +'&! 3+7+'! b7! a&'! (+!
a+'`*7&`! kb+! `+! $*da'*d+3#+'&7! &! %&$+'! +q&$3&d+73+! 1*! kb+! l1! +`3&_&!
%&$#+7(*! r&`*$#&'! +73'+! (#+s! i! c+#73+! a+'`*7&`! a*'! $&(&! d#1! +7cn*`! a*'!
$*''+*r!i!1b+8*!1*8'&'!kb+!+`&`!(*`!a+'`*7&`!+7$*73'&'&7!*3'&`!(*`!a+'`*7&`!
kb+! ab(#+'&7! %&$+'! 1*! d#`d*h! 9#! a*(n&! (ba1#$&'! +`&! $1&`+! (+! $*da'*d#`*! +7!
c&'#*`!7#c+1+`!(+!a'*fb7(#(&(!(+!`b!*'8&7#s&$#g7Y!Q*%7!c+n&!kb+!+1!$'+$#d#+73*!
+qa*7+7$#&1!1*!%&'n&!'#$*h!!
!
%/)c&$)'%):&%#1%#&'+))
!
B7&! a+kb+m&! #77*c&$#g7! (+d*`3'g! `+'! $'b$#&1! a&'&! %&$+'! (+`a+8&'! +1!
7+8*$#*!(+!Q*%7h!O&$#+7(*!b`*!(+!`b!+qa+'#+7$#&!a'+c#&!+7!$*''+*!(#'+$3*Y!Q*%7!
a'+a&'g! b7! a&kb+3+! (+! _#+7c+7#(&! a&'&! `+'! +7c#&(*! &! $&(&! a+'`*7&! kb+!
'+`a*7(#+'&! &!1*`! +7cn*`h! -&! d&i*'n&!(+!+11&`!3+7n&! a*$*! *! 7&(&! (+! #73+'l`!+7!
(+`&''*11&'!b7!7+8*$#*h!9+!&`*$#&_&7!$*d*!(#`3'#_b#(*'+`Y!+q$1b`#c&d+73+!a&'&!
$&1#f#$&'!a&'&!b7!(+`$b+73*!d&i*'#`3&Y!i!&`n!a*(+'!$*da'&'!1*`!a'*(b$3*`h!)+'*!
Q*%7! `+! (&_&! $b+73&! (+! kb+! +`3*`! $*da'&(*'+`! d&i*'#`3&`! +'&7! a*3+7$#&1!
3+''+7*! (+! $*73&$3*! a*'! (+'+$%*! a'*a#*h! @#`+mg! b7! 5#3! (+! _#+7c+7#(&! kb+!
&3'&+'n&!+`a+$nf#$&d+73+!3&1+`!1#d#3&(&`!&d_#$#*7+`h!
!!
!
01! 5#3! $*73+7n&! b7&! $&'3&! (+! _#+7c+7#(&Y! b7&! 3&'j+3&! $*d+'$#&1! (+1!
&b`a#$#&(*'Y! i! &18b7*`! d&3+'#&1+`! (+! c+73&! a'*d*$#*7&7(*! 1&! *a*'3b7#(&(! (+!
2+4!E#`#*7h!)+'*Y!de`!#da*'3&73+!&o7Y!$*73+7n&!(+!$b&3'*!&!`+#`!$&``+33+`!kb+!
151
(+`$'#_n&7! 1*`! _+7+f#$#*`! a&'&! 1&! `&1b(! kb+! _'#7(&_&7! 1*`! a'*(b$3*`Y! i! b7!
&'8bd+73*!+`$'#3*!a&'&!kb+!1*`!a'*`a+$3*`!+73'+8&'&7!1*`!$&``+33+`!&!1&!8+73+!
a*'! 1&! kb+! `+! a'+*$ba&_&7h! ZSb#se`! b7*! (+! $&(&! (#+s! 1*! %&'n&Y[! (+$1&'&! Q*%7h!
Z0`*!+'&!`bf#$#+73+!a&'&!1*8'&'!(ba1#$&$#g7h[!
!!
)",9)0>>;<2!@0!K.Q,!;6).>?,!!
!
01! 7b+c*! `#`3+d&! +7$&j&_&! a+'f+$3&d+73+! +7! +1! $*7$+a3*! ,1&! G! (+!
Za'*`a+$$#g7! (+! _&j*! #da&$3*[! r&b`a#$#&'! $*7! b7&! dn7#d&! $&73#(&(! (+!
+`fb+'s*h!>b&7(*!$*d+7sg!&!b`&'!+1!5#3!(+!_#+7c+7#(&Y!Q*%7!11+cg!&1!+q3'+d*!+1!
$*7$+a3*!(+!_&j*!#da&$3*h!Z-#3+'&1d+73+Y! 7#! `#kb#+'&!1+!%&_1e_&d*`!&! 1&! 8+73+!
(+! 1&! *a*'3b7#(&(! (+! 7+8*$#*Y[! &f#'d&h! Z9#da1+d+73+Y! (+je_&d*`! kb+! +1! 5#3!
%&_1&'&!a*'!`n!d#`d*h[!!
!
!
.$3b&1d+73+Y! Q*%7! *f'+$+! b7&! a'+`+73&$#g7! a'+c#&! &! `b`! a'*`a+$3*`!
&73+`!(+!+7c#&'1+`!+1!5#3!(+!_#+7c+7#(&h!Z@+`$b_'n!kb+!+`!d+j*'!a'+8b73&'!(+`(+!
b7!$*d#+7s*Y[!(+$1&'&!Q*%7h!.1!f#7&1!(+!1&!a'#d+'&!$*7c+'`&$#g7Y!Q*%7!a'+8b73&D!
Z0`3e!#73+'+`&(*!+7!8&7&'!b7!a*$*!(+!(#7+'*!+q3'&T!)*'kb+!+`3*i!(+`&''*11&7(*!
b7! 7+8*$#*! i! a*('n&! 7+$+`#3&'! &18*! (+! &ib(&h[! .b7kb+! (#8&7! kb+! 7*Y! &o7! &`n!
'+$#_+7!b7!5#3!(+!_#+7c+7#(&h!)+'*!Q*%7!%&!7*3&(*!kb+!a'*d*$#*7&'!+1!7+8*$#*!
(+!&73+d&7*!#7$'+d+73&!1&!3&`&!(+!&`*$#&$#g7h!!
!
'%(!+/&2&!+,)*,"(*%!$"())
!
@+`$&1#f#$&'! +`! b7&! +`3'&3+8#&! a*(+'*`&! (+! &b`a#$#*! b`&(&! a*'! db$%*`!
7+34*'5+'`h! 9#87#f#$&! 7*! a+'(+'! 3#+da*! '*8e7(*1+! &!1&! 8+73+! kb+! `+! b7&! &! `b!
'+(h! 9#! b`3+(! (+`$b_'+! &18b7&! a#s$&! (+! '+`#`3+7$#&! (+! a&'3+! (+1! a'*`a+$3*Y!
(+`$&1#fnkb+1*!(+!#7d+(#&3*h!>*'3l`d+73+Y!f*'d&1#$+!1&!$*7c+'`&$#g7!i!`#8&!$*7!
+1! a'gq#d*! a'*`a+$3*h! .(+de`! (+! &%*''&'1+! 3#+da*! i!+`fb+'s*Y! +`3&! +`3'&3+8#&!
+c#3&! kb+! &`*$#+! a+'`*7&`! kb+! de`! &(+1&73+! 8+7+'&'e7! a'*_1+d&`h! 0`! dbi!
a'*_&_1+! kb+! 1&`! a+'`*7&`! kb+! 3#+7+7! kb+! `+'! a'+`#*7&(&`! a&'&! b7#'`+! &1!
7+8*$#*!3+'d#7+7!kb+je7(*`+!i!&_&7(*7&7(*h!
!!
!
Q*%7! (+`$b_'#g! 1&! +`3'&3+8#&! (+! (+`$&1#f#$&$#g7! a*'! &$$#(+73+h! ?*(&cn&!
+7(+b(&(*! i! 1b$%&7(*! a&'&! d&73+7+'! +7! a#+! `b! 7+8*$#*! (+! '+a&'&$#g7! (+!
&b3*dgc#1+`Y!Q*%7!3'&_&j&_&!(+!de`!i!$*_'&_&!(+!d+7*`h!9b!(+`+`a+'&$#g7!1+!
(&_&! b7&! #73+7`#(&(! a+$b1#&'! &! `b! 3'&_&j*! 3+1+fg7#$*h! Z-&! 7+$+`#(&(! +`! &18*!
'&(#$&1Y[!&f#'d&!Q*%7h!Z6+!&a'+d#&_&!dbiY!dbi!#73+7`&d+73+h!0'&!c+%+d+73+h!
2*! d&`&j+&_&! &1! a'*`a+$3*h! 0'&! &18*! &`n! $*d*! ykb#+'+! *! 7*! kb#+'+! %&$+'! +`3*!
$*7d#8*Rh[!.$3b&1d+73+Y!Q*%7!%&!a+'(#(*!a&'3+!(+!+`&!&8b(+s&Y!a+'*!1&!_b`$&!
+7! `b`! &`*$#&(*`h! ZKb`$*! a'*`a+$3*`! kb+! 7+$+`#3&7! +`3*! 3&73*Y! kb+! %&'e7!
$b&1kb#+'!$*`&!a*'!&1$&7s&'!`b`!*_j+3#c*`Y[!&f#'d&h!Z)*7('n&!`#+da'+!&!b7!#(#*3&!
d*3#c&(*Y! &73+`! kb+! b7&! a+'`*7&! a'+a&'&(&Y! a+'*! $&`#! (+`d*3#c&(&Y[!!
!
'%'&!+,(%)+)$&%6*")!"6*/%$"))
!
01! a*(+'! (+1! $'+$#d#+73*! 8+*dl3'#$*! $*d+7sg! &! (#`a&'&'`+! 3&7! `g1*! (*`!
d+`+`! (+`abl`! (+! kb+! Q*%7! $*d+7s&'&! &! b`&'! +1! 5#3! (+! _#+7c+7#(&h! O&_n&!
1*8'&(*!a+'`b&(#'!7&(&!de`!kb+!&!*$%*!a+'`*7&`!(+!kb+!`#8b#+'&7!`b!`#`3+d&Y!
a+'*!fb+!`bf#$#+73+h!0`+!d+`Y!Q*%7!1*8'g!FhPMJ!(g1&'+`!+7!$*d#`#*7+`Y!`*_'+!b7!
c*1bd+7!3*3&1!(+!c+73&`!(+!FHhPPP!(g1&'+`h!
152
!!
!
Z0'&! $*d*! (&'1+! b7&! 8&11+3&! &! b7! (#7*`&b'#*Y[! $b+73&h! Z)+'*! +'&!
`bf#$#+73+! a&'&! (&'d+! 1&! a&b3&! (+! kb+! 3+7n&d*`! &18*h[! 07! `b! 3+'$+'! d+`Y! +1!
c*1bd+7!(+!c+73&`!`+!$b&('ba1#$g!&!CPPhPPP!(g1&'+`!i!+1!$%+kb+!(+!Q*%7!11+8g!
&! MhFPP! (g1&'+`h! 073*7$+`Y! (+$#(#g! $+''&'! +1! 3&11+'! (+! '+a&'&$#g7! i! (+(#$&'`+! &!
3#+da*! $*da1+3*! &1! 6-6h! Z>+''l! 3*(&`! d#`! $b+73&`! i! c+7(n! d#`! $&d#*7+`Y[!
'+$b+'(&! Q*%7h!Z0`*! (#*! $*7c#$$#g7! &!1&!8+73+! kb+!+`3&_&! &b`a#$#&7(*Y!i&! kb+!
d+! c+n&7! &''*j&'! b7! 7+8*$#*! kb+! '+7(n&! +7! _'b3*! GPhPPP! (g1&'+`! a*'! d+`h[!
.$3b&1d+73+Y!Q*%7!+`3e!+7!+1!3*a+!(+!(+`+da+m*!(+!2+4!E#`#*7!i!8&7&!de`!(+!
b7!d#11g7!(+!(g1&'+`!a*'!&m*!+7!$*d#`#*7+`!7+3&`h!!
!
*&"#%,")'%)/+)"/+)4))
!
01! `*'a'+7(+73+! lq#3*! (+! Q*%7! `*_'+c#7*! a*'! %&_+'!`+8b#(*! +1! `#`3+d&h!
B7&! c+s!kb+! +7$*73'g!b7&! d+3*(*1*8n&! kb+! 3+7n&!`+73#(*Y! `+!d&73bc*! +7! +11&!
3+7&sd+73+!%&`3&!kb+!1*`!7od+'*`!$+''&'*7h!9b!$*da'*d#`*!$*7!1&!c#`#g7!(+!1&!
,1&! G! 1*! %#s*! a#*7+'*! (+! 1&! ,1&! /h! -b+8*! (+! $b&3'*! &m*`! +7! 2+4! E#`#*7Y! `b!
_o`kb+(&!(+1!`#`3+d&!cb+13&!(+!11&c+!a+'f+$3*!1*!%&!11+c&(*!db$%*!de`!&11e!(+!
1*`!$&``+33+`h!!
!
!
.$3b&1d+73+Y! Q*%7! +`! &`#`3#(*! a*'! `*a*'3+`! (+! &13&! 3+$7*1*8n&! $*d*!
0&'74&'+! b7! `#`3+d&! &b3*d&3#s&(*! (+! $*73&$3*! kb+! +1! (+`&''*11gh! 0kb#a&(*`!
$*7! 0&'74&'+! %&`3&! 1*`! de`! 7b+c*`! &`*$#&(*`! (+! Q*%7! ab+(+7! (&'!
a'+`+73&$#*7+`! (+! c+73&`! $*7`#`3+73+`Y! i! '&`3'+&'! `b`! '+`b13&(*`! $*d*!
a'*f+`#*7&1+`h!!
!
!
-*`! (#`3'#_b#(*'+`! (+! Q*%7! $*73&$3&7! a'*`a+$3*`! b`&7(*! dl3*(*`!
*'(#7&'#*`! (+! 6-6Y! (+`(+! $*db7#$&$#*7+`! c+'_&1+`! &! 3&'j+3&`! $*d+'$#&1+`Y!
f*11+3*`Y!a*`3&1+`Y!c*1&73+`Y!ae8#7&`!]+_Y!$*d+'$#&1+`!#7f*'d&3#c*`!*!$&'3+1+`!+7!
1&! &b3*a#`3&h! )+'*! $&(&! d#+d_'*! (+! 1&! *'8&7#s&$#g7!3&d_#l7! 3#+7+! b7! 7od+'*!
3+1+fg7#$*!8'&3b#3*!(+1!3#a*!PMPPh!>b&7(*!11&d&7!a'*`a+$3*`!+7!'+`ab+`3&!&!b7!
&c#`*Y! &b3*de3#$&d+73+! `+! 1*`! $*7+$3&! &1! `#`3+d&! $*dab3&'#s&(*! 0&'74&'+h!!
B7!d+7`&j+!a'+8'&_&(*!a'*d*$#*7&!1&!*a*'3b7#(&(Y!*!&18b7*!(+!1*`!a'*(b$3*`!
2+4!E#`#*7h!.1!f#7&1!(+1!d+7`&j+Y!kb#+7!11&d&!ab+(+!+1+8#'!`#!(+`+&!*!7*!%&$+'!
b7! a+(#(*! *! '+$#_#'! b7&! 11&d&(&! +7! '+`ab+`3&h! 07! +`3+! &`a+$3*Y! +1! `#`3+d&!
0&'74&'+! `+! a&'+$+! &1! d&'5+3#78! $*7c+7$#*7&1! a*'! $*''+*! (+! c*sh! )+'*! 1&!
`#d#1#3b(!f#7&1#s&!&11nh!!
!
+0$",,+($,%"))
!
>*7! b7! `#`3+d&! (+! $*''+*! (+! c*s! 7*'d&1Y! 1&! d&i*'n&! (+! 1*`! a'*`a+$3*`!
$b+18&7! `#7! (+j&'! d+7`&j+h! B`3+(! 7b7$&! `&_+! 7#! `#kb#+'&! kb+! 11&d&'*7h! )+'*!
0&'74&'+! $&a3&! &b3*de3#$&d+73+! 3*(*`! 1*`! 7od+'*`! (+! 3+1lf*7*h! -&!
#7f*'d&$#g7!+`!+73*7$+`!+7c#&(&!&!b7&!ae8#7&!]+_!#73+'&$3#c&Y!(*7(+!`+!ab+(+!
c+'! b7!+q3'&$3*Y! +7! 3#+da*!'+&1Y! (+! kb#+7! 11&dg!i! +q&$3&d+73+!$be73*! 3#+da*!
+`$b$%g! 1&! a'+`+73&$#g7! (+! c+73&! 8'&_&(&Y! 0`3&! #7f*'d&$#g7! $'n3#$&! 1+! a+'d#3+!
a'#*'#s&'!`b`!11&d&(&`!(+!'+`ab+`3&!$#+73nf#$&d+73+h!)*'!+j+da1*Y!kb#+7!11&d&!i!
+`$b$%&! G! d#7b3*`! (+! b7&! 8'&_&$#g7! kb+! (b'&! HY! +`! a'*_&_1+d+73+! d+j*'!
a'*`a+$3*!kb+!kb#+7!$b+18&!1b+8*!(+!GP!`+8b7(*`h!!
!
!
Z>*7!0&'74&'+Y!+1!7+34*'5+'!a'*d+(#*!ab+(+!*_3+7+'!dbi!'ea#(&d+73+!
153
'+`b13&(*`! a*'! +7$#d&! (+1! a'*d+(#*Y[! (+$1&'&! Q*%7h!Z@+_#(*! &! kb+! +1! `#`3+d&!
+`3e!&b3*d&3#s&(*Y!a+'d#3+!&!1*`!a'*f+`#*7&1+`!(+!'+(!$*7$+73'&'`+!+7!$'+&'!i!
(+`&''*11&'! '+1&$#*7+`Y! i! +73'+7&'! 7b+c*`! '+a'+`+73&73+`h[! Q*%7! c+7(+! +1!
`#`3+d&! &! 3'&cl`! (+! `b! $*da&mn&! (+! >&'`1_&(Y! >&1#f*'7#&Y! 0&'74&'+!
t444h+&'74&'+h$*duh!!
!
1&1&,)%/)(0%Q")
!
07!1&!&$3b&1#(&(Y!Q*%7!i!`b!+`a*`&!9%+11++7!c#c+7!b7&!c#(&!(+!+7`b+m*h!
)+'*! Q*%7! 7b7$&! *1c#(&'e! $be73*! 1b$%g! a&'&! 1*8'&'1&h! ZAb+! 1&! la*$&! de`!
`*1#3&'#&!(+!3*(&!d#!c#(&Y[!+c*$&!`*_'+!`b`!a'#d+'*`!(n&`!+7!2+4!E#`#*7h!Z)&'&!
dnY! 3*(*`! +'&7! a'*`a+$3*`h! B`&_&! &! 3*(*! +1! db7(*Y! 2*! 3+7n&! &d#8*`!
c+'(&(+'*`h! -+! a+(n&! (#7+'*! a'+`3&(*! &! d#! d&deY! &! d#! &_b+1&Y! &! d#! d+j*'!
&d#8*Y!`#da1+d+73+! a&'&! #78+7#e'd+1&`! i!$*7`+8b#'!d&3+'#&1+`! (+! d&'5+3#78h[!
)+'*!+`*`!(n&`!`+!%&7!#(*h!Z@+`(+!+73*7$+`Y!%+!3'&7`f*'d&(*!&!1&!d&i*'n&!+7!
d#11*7&'#*`Y[!&f#'d&Y!Z.`n!kb+Y!ab+(*!(*'d#'!3'&7kb#1*h[!!
!
!
Q*%7! +`a+'&! kb+! *3'&`! a+'`*7&`! (+! `b! '+(! 7*! 3+78&7! kb+! 1b$%&'! 3&73*!
$*d*!l1h!01!#7c+`3#8&!$*7`3&73+d+73+!7b+c&`!d&7+'&`!(+!d+j*'&'!i!d*(+'7#s&'!
`b! `#`3+d&! (+! $*73&$3*h! 9b! `#`3+d&! 0&'74&'+! %&! %+$%*! '+&1#(&(! `b! `b+m*! (+!
b7&! '+(! &b3*d&3#s&(&h! )+'*! +1! `*f34&'+! `*f#`3#$&(*! 7*! +`! 1&! a&7&$+&h! -&!
+7`+m&7s&! kb+! &a'+7(#g! Q*%7! (b'&73+! `b`! a'#d+'*`! 3#+da*`! +7! +1! 7+34*'5!
d&'5+3#78! `#8b+! `#+7(*! 3&7! '+&1! +7! 1&! +'&! (+! ;73+'7+3Y! $*d*! 1*! +'&! $b&7(*!
+7c#&_&!$&``+33+`!$*7!b7&!3&`&!(+!'+`ab+`3&!(+!C!&!F!a*'!$#+73*h!-&!'+81&!+`D!
+7$b+73'+!b7!`#`3+d&!kb+!fb7$#*7+!i!+da1l+1*!%&`3&!&8*3&'`+h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
154
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
90)?;6.!)."?0!
!
,-.!/!
!
!
>b+73+!`b!%#`3*'#&!
155
!DEFGHIJ)1%&#$&"!=")
)
%I)*JULP)UL)HOD)=NKGJPND)
!
^&1i7!=#__+7`Y!(+!0b8+7+Y!,'+8*7Y!+'&!b7!lq#3*!(+1!6-6h!>*7!FhHPP!a+'`*7&`!
+7!`b!'+(Y!i!$*d#`#*7+`!d+7`b&1+`!kb+!'*7(&_&7!+73'+!FhHPP!i!GhPPP!(g1&'+`Y!
^&1i7! `&_n&! kb+!1*!+`3&_&!%&$#+7(*!d+j*'!kb+!1&!d&i*'n&h! 073*7$+`Y! pa*'! kbl!
`+! `+73n&! $*7! (+`+*`!(+! '+7b7$#&'T! 2*! +`3&_&! `+8b'&h! -*! o7#$*! kb+! `&_n&! +'&!
kb+! b7! 8'&c+! d&1+`3&'! a&'+$n&! %&_+'! (+`$+7(#(*! `*_'+! `b! 7+8*$#*! +7! 1*`!
o13#d*`!d+`+`h!9b!'+(!+`3&_&!&(*'d+$#(&Y!&ae3#$&h!-*`!d+`+`!a&`&_&7!b7*!3'&`!
*3'*Y!$*7!a*$*!*!7#78o7!$'+$#d#+73*h!!
!
!
Z6#`!#78'+`*`!7*!%&_n&7!&bd+73&(*!+7!+1!o13#d*!&m*!i!d+(#*Y[!'+$b+'(&!
^&1i7h! Z?*(*! `+! +`3&_&! +`3&7$&7(*h! 2*! %&_n&! &c&7$+`h! >*d+7$l! '+&1d+73+! &!
a+7`&'! kb+! 3&1! c+s! 7*! fb+'&! 1&! $*da&mn&! &(+$b&(&! a&'&! dnh[! ^&1i7! 1*! (#`$b3#g!
$*7! `b! &b`a#$#&73+h! -b+8*! (+! +`$b$%&'1&! a&$#+73+d+73+Y! l1! 1+! (#j*D! Z)b+(+`!
(+j&'! +`3&! $*da&mn&! +! #'! &! *3'&! (*7(+! 1&! 8+73+! +`3l! 8&7&7(*! (#7+'*! $*7! de`!
'&a#(+sY! )+'*! +`*! 7*! `#87#f#$&! kb+! c&i&`! &! 8&7&'! de`! (#7+'*h! 07! $b&1kb#+'!
$*da&mn&!+7!1&!kb+!+`3l`Y!3+!11+c&`!&!3#!d#`d&h[!
!!
%_+6%#)'%)!"#!&%#!&+))
!
.! ^&1i7! 1&`! a&1&_'&`! (+! `b! &b`a#$#&(*'! 1&! &f+$3&'*7! a'*fb7(&d+73+h!
9#+da'+! %&_1&! c#`3*! `b! 7+8*$#*! (+! 6-6! $*d*! b7&! a'b+_&! (+! $&'e$3+'h! @+`(+!
1*`! (#+$#*$%*! &m*`Y! ^&1i7! %&_n&! #(*! (+! b7&! $*da&mn&! (+! 7+34*'5! d&'5+3#78! &!
*3'&!+7!_b`$&!(+!lq#3*h!.18b7&`!%&_n&7!'+`b13&(*!`+'!+78&m*`h!,3'&`!1&!%&_n&7!
kb+_'&(*! $*7! $b*3&`! d+7`b&1+`! +q*'_#3&73+`h! )+'*! (b'&73+! c+#73#$b&3'*! &m*`Y!
^&1i7! `+! %&_n&! 7+8&(*! &! '+7b7$#&'h! 9b! (b(&! +'&! p`+! +`3&'n&! (+_#1#3&7(*T! .1!
_*'(+!(+1!lq#3*Y!p+`3&'n&!$*d+7s&7(*!&!(+`$*'&s*7&'`+T!!
!
!
[>*d+7$l! &! a'+8b73&'d+! $be73&! '+`#`3+7$#&! 3+7n&! '+&1d+73+Y[! $*d+73&!
^&1i7Y!Z$be73*!a*(n&!'+&1d+73+!`*a*'3&'!i!&8b&73&'h[!.1!d+7*`Y!1&!(+$#`#g7!(+!
kb+(&'`+! (+`&''*11&'n&! `b! $&'e$3+'Y! a+7`gh! \Y! `#! `b! &b`a#$#&73+! 3+7n&! '&sg7Y!
$b&73*!de`!`+!f*'3&1+$#+'&!`b!$&'e$3+'Y!d+j*'!1+!#'n&!+7!+1!7+8*$#*h!^&1i7!(+$#(#g!
(&'1+! b7&! 7b+c&! *a*'3b7#(&(! &! `b! $*da&mn&h! "+`b13g! `+'! b7&! (+! 1&`! d+j*'+`!
(+$#`#*7+`!kb+!%&i&!3*d&(*!&18b7&!c+sh!!
!
#+,,+'",+)'%)=&($",&+())
!
^&1i7! +'&! b7&! 7&''&(*'&! (+! %#`3*'#&`h! @+`&''*11&_&! &f#7#(&(! $*7! `b`!
a'*`a+$3*`! i! 1*`! &3'&n&! &1! 7+8*$#*! $*da&'3#+7(*! +`$+7&`! (+! `b! +qa+'#+7$#&!
a+'`*7&1! +7! +1! 6-6h! Z9b! %#`3*'#&! +`! 1&! %+''&d#+73&! (+! a'*`a+$$#g7! de`!
a*(+'*`&! kb+!b`3+(!3#+7+Y[! &f#'d&! ^&1i7h! ?&d_#l7! +`!1&!de`! fe$#1! (+! +da1+&'h!!
>*73&'! `b! %#`3*'#&! +`! 3&7! 7&3b'&1! $*d*! $*d+'! *! '+`a#'&'h! ^&1i7! `*1n&! $*73&'! 1&!
`bi&! +7! b7&`! a*$&`! _'+c+`! *'&$#*7+`h! 0'&! 1&! %#`3*'#&! (+! b7&! dbj+'! kb+! %&_n&!
a&`&(*! 3*(&! `b! c#(&! _b`$&7(*! `b! 1#_+'3&(! f#7&7$#+'&h! O&_n&! 3+7#(*! db$%*`!
3'&_&j*`Y!(+`(+!`+'!d*(+1*!(+!&'3#`3&`!&!%&$+'!d&kb#11&j+!+7!O*11i4**(h!O&_n&!
#7#$#&(*!7+8*$#*`Y!&(d#7#`3'&7(*!`b!a'*a#&!&8+7$#&!(+!d*(+1*`!+7!-*`!.78+1+`Y!
a*'! b7! 1&(*Y! i! b7! $+73'*! (+! 3&7kb+`! (+! f1*3&$#g7! +7! .'#s*7&Y! a*'! *3'*h! )+'*!
156
`*1&d+73+! +1! 7+34*'5! d&'5+3#78! 1+! %&_n&! (&(*! &! ^&1i7! 1*! kb+! kb+'n&D! #78'+`*!
'+`#(b&1h!\!`*1&d+73+!`b!&$3b&1!$*da&mn&Y!2+4&i`!;7$hY!1+!%&_n&!a'*a*'$#*7&(*!
1*`! a'*(b$3*`Y! +1! a1&7! (+! $*da+7`&$#g7! i! +1! &a*i*! kb+! ^&1i7! '+kb+'n&! a&'&!
%&$+'!fb7$#*7&'!&1!6-6h!!
!
!"#(!&%#$%()'%)/+)(+/0'))
!
^&1i7! i! `b! +`a*`*! @*b81&`! +'&7! a1+7&d+73+! $*7`$#+73+`! (+! 1&! `&1b(h!
>*dn&7! &1#d+73*`! *'8e7#$*`Y! +'&7! c+8+3&'#&7*`! i! $*da'&_&7! a'*(b$3*`! (+!
1#da#+s&! i! (+! $b#(&(*! a+'`*7&1! 3*3&1d+73+! 7&3b'&1+`h! .73+`! (+! 2+4&i`h! ^&1i7!
%&_n&! `#(*! (#`3'#_b#(*'&! a&'&! b7&! +da'+`&! (+! 7+34*'5! d&'5+3#78! kb+! c+7(n&!
`ba1+d+73*`! %+'_&1+`h! 9b! &$+73*! +7! 1&! d+(#$#7&! 7&3b'&1! +7$&j&_&!
a+'f+$3&d+73+! $*7! 1*`! #73+'+`+`! (+! ^&1i7h! >b&7(*! b7! &d#8*! #73+73g!
$*7c+7$+'1&! (+! #78'+`&'! &!b7&! $*da&mn&!11&d&(&!2+4&i`!;7$hY! ^&1i7! 7*! kb#`*!
+`$b$%&'h!0`3&_&!dbi!f+1#s!(*7(+!+`3&_&h!!
!
!
)+'*!+1!&d#8*! #7`#`3#gh! 9#!^&1i7!7*!+`3&_&! #73+'+`&(&! +7! 1&! *a*'3b7#(&(Y!
(#j*!l1Y!pkbl!3&1!+7!1*`!a'*(b$3*`T!Z9&_+`!kb+!1*`!a'*(b$3*`!(+!%#8#+7+!a+'`*7&1!
kb+! b`&`! i! kb+! 1+`! a*7+`! &! 3b`! %#j*`! 3*(*`! 1*`! (n&`! 3#+7+7! #78'+(#+73+`!
a*3+7$#&1d+73+!(&m#7*`T[!1+!a'+8b73g!`b!&d#8*!^&1i7!`+!+7$*1+'#sgh!Z2*!3#+7+7!
7&(&[! #7`#`3#gh! Z>*da'*! +1! $%&dao! i! 1*`! a'*(b$3*`! f&$#&1+`! +7! 7+8*$#*`! (+!
$*d#(&! `&7&h[! >*7! b7&! `*7'#`&! a+'`a#$&sY! +1! %*d_'+! 1+! +73'+8g! b7&! 1#`3&! (+!
kbnd#$*`! kb+! `+! `&_n&7! a+'jb(#$#&1+`! a&'&! +1! *'8&7#`d*h! -&! #7c#3g! &! kb+!
$*da&'&'&! +`&! 1#`3&! $*7! 1*`! #78'+(#+73+`! (+3&11&(*`! +7! 1&`! +3#kb+3&`! (+! 1*`!
a'*(b$3*`!kb+!3+7n&!+7!`b!%*8&'h!!
!
/+)*,"6"!&C#)'":/%))
!
^&1i7! %#s*! 1*! kb+! 1+! `b8#'#g! `b!&d#8*h! 9+! `*'a'+7(#g!&1!(+`$b_'#'!kb+!1&!
d&i*'n&! (+! `b`! $%&dao+`Y! $'+d&`! f&$#&1+`! i! (+de`! a'*(b$3*`! a+'`*7&1+`!
$*73+7n&7! &1! d+7*`! &18b7&`! (+! 1&`! `b`3&7$#&`! &$b`&(&`h! Z6+! (+`%#$+! (+!
&1'+(+(*'! (+! HPP! (g1&'+`! +7! a'*(b$3*`Y[! $*d+73&! ^&1i7h! Z6+! kb+(l! &3g7#3&!
&73+! +1! %+$%*! (+! +`3&'! $*da'&7(*! +7! 7+8*$#*`! (+! $*d#(&! `&7&! i! 7*! *_3+7+'!
#78'+(#+73+`! `+8b'*`h[! )*'! *3'*! 1&(*Y! 2+4&i`! 8&'&73#s&_&! kb+! `b`! a'*(b$3*`!
+`3&_&7!1#_'+`!(+!c+7+7*`!i!`b`3&7$#&`!#''#3&73+`h!!
!
!
!
Z?*(&! c+s! kb+! a'*d*$#*7*! 1&! *a*'3b7#(&(Y! `#+da'+! a'*d*$#*7*! +1!
a'*(b$3*Y[! (+$1&'&! ^&1i7Y! Zi! 3*(&! c+s! kb+! a'*d*$#*7*! +1! a'*(b$3*Y! `#+da'+!
a'*d*$#*7*! 1&! *a*'3b7#(&(h[! 07! b7! (+3+'d#7&(*! d*d+73*Y! b7&! (+! 1&`! (*`!
ab+(+! 3+73&'!de`!&! `b! a'*`a+$3*Y! i!b`3+(! 7b7$&! `&_'e!$be1! +`h! 07! +1! $&`*!(+!
^&1i7Y!+7!a'#d+'!1b8&'!1&!&3'&ag!+1!a'*(b$3*h!6b$%*!&73+`!(+!kb+!+`3bc#+'&!1#`3&!
a&'&!&_&7(*7&'!`b!*3'&!$*da&mn&Y!1&!1n7+&!(+!a'*(b$3*`!2+4&i`!1&!$&b3#cgv!1&!
1n7+&! #7$1bn&! 3*(*Y! (+`(+! %bd+$3&73+`Y! f#j&(*'+`! a&'&! +1! $&_+11*! i! $*`dl3#$*`!
3*3&1d+73+!7&3b'&1+`Y!%&`3&!&$+#3+!i!&(#3#c*`!(+!$*d_b`3#_1+!a&'&!+1!&b3*dgc#1Y!
+$*1g8#$&d+73+!`+8b'*`h!!
!
0#+)=&($",&+)*"'%,"(+))
!
.1! a'#7$#a#*Y! ^&1i7! 3'&3g! (+! `+'c#'! &! (*`! &d*`h! B`&_&! i! c+7(n&! 1*`!
a'*(b$3*`! 2+4&i`Y! a+'*! `+8bn&! &`*$#&7(*! &! `b! *3'&! $*da&mn&h! 2*! *_`3&73+!
^&1i7!`+!(#*!$b+73&!&!3#+da*!(+!kb+!1&!%#`3*'#&!(+!2+4&i`!3+7n&!d&i*'!a*(+'h!
-*! o7#$*! kb+! 3+7n&! kb+! %&$+'! +'&! '+1&3&'! `b! +qa+'#+7$#&! (+! $b&7(*! 11+8g! &! `b!
157
%*8&'! i! +7$*73'g! kb+! `b! _&m*! +`3&_&! 11+7*! (+! `b`3&7$#&`! c+7+7*`&`Y! i! `b`!
a'*`a+$3*`! kb+(&_&7! $&b3#c&(*`h! 073*7$+`! 1+`! +73'+8&_&! 1&! 1#`3&! (+!
#78'+(#+73+`!7*$#c*`!i!(+j&_&!kb+!1&!7&3b'&1+s&!`#8b#+'&!`b!$b'`*h!!
!
!
-*`! a'*(b$3*`! +'&7! fe$#1+`! (+! c+7(+'Y! a+'*! pi! 1&! *a*'3b7#(&(Th! B7! (n&!
^&1i7! i! `b! +`a*`*! c#`#3&'*7! 1&! `+(+! $+73'&1! (+! 2+4&i`! +7! 9&1+dY! B3&%! i!
kb+(&'*7!#da'+`#*7&(*`!a*'!1&!#73+8'#(&(!(+!1&!8+73+h!01!a1&7!(+!$*da+7`&$#g7!
+'&! &3'&$3#c*! a&'&! ^&1i7! b7! %n_'#(*! +73'+! b7! a1&7! (+! 7#c+1! o7#$*! i! (+! 'ba3b'&!
`b&c+Y! kb+! *f'+$n&! 8+7+'*`&`! $*d#`#*7+`! (+1! +q3'+d*! a*`3+'#*'! a*'! 1*`! 7#c+1+`!
de`!a'*fb7(*`!d#+73'&`!kb+!&1!d#`d*!3#+da*!1+`!a+'d#3n&!&!kb#+7+`!3'&_&j&_&7!
a&'3L3#d+! 8&7&'! _b+7! (#7+'*! a*'! `b`! 7#c+1+`! `ba+'#*'+`h! ZE*1c#d*`! &! $&`&! i!
(+$#(#d*`! (+(#$&'7*`! a*'! $*da1+3*! &! 2+4&i`[! $*d+73&! ^&1i7Y! Zi! 7b7$&!
d#'&d*`!%&$#&!&3'e`h[!!
!
'0'+()(":,%)/+)'%!&(&C#))
!
0`! (+$#'Y! 7b7$&! %&`3&! kb+! +1! 7+8*$#*! $*d+7sg! &! +`3&7$&'`+! 3'+`! &m*`!
(+`abl`h!-b+8*!(+!$*da&'3#'!`b!f'b`3'&$#g7!$*7!`b!&b`a#$#&(*'Y!^&1i7!+q&d#7g!
`b`! a&1&_'&`! (b'&73+! c&'#*`! (n&`h! Z07! $b&1kb#+'! $*da&mn&! +7! 1&! kb+! +`3l`! 1+!
%&_n&!(#$%*Y!3+!11+c&`!&!3#!d#`d&Y!Z073*7$+`Y!`#!7*!+'&!$b1a&!(+!1&!$*da&mn&Y!`+!
a'+8b73g!^&1i7Y!pkbl!+`3&_&!+11&!%&$#+7(*!d&1T!!
!
!
07! b7&! *a*'3b7#(&(! ^&1i7! (+_&3#g! +1! a'*_1+d&! $*7! *3'*! (#`3'#_b#(*'!
2+4&i`h! ZSb#+'*! 3+7+'! lq#3*! +7! +1! 7+34*'5! d&'5+3#78Y! a+'*! `#8*! +`3&7(*!
c+'3#$&1x[!1+!$*73g!^&1i7h!)+'*!+'&!(#fn$#1h!)&'+$n&!kb+!^&1i7!7*!1*8'&_&!1&!$1&`+!
(+! (ba1#$&$#g7! kb+! 7+$+`#3&_&h! 0'&! fe$#1! &`*$#&'! a+'`*7&`Y! a+'*! $*da1#$&(*!
d*3#c&'1*`! &! kb+! (+`&''*11&'&7! b7&! '+(h! ^&1i7! `+73n&! kb+! +`3&_&! #73+73&7(*!
&''&`3'&'! a+'`*7&`! a&3+&7(*! i! 8'#3&7(*! a&'&! kb+! &3'&c+`&'&7! 1&! 1n7+&! (+!
11+8&(&h!!
!
!+:+//"()(%'&%#$"())
!
Z9ba*78*!kb+!`+!ab+(+!11+c&'!&!b7!$&_&11*!%&`3&!+1!&8b&Y!a+'*!7*!`+!1*!
ab+(+! *_1#8&'! &! _+_+'[! $*d+73g! `b! &d#8*h! 0`&! `#da1+! &f#'d&$#g7! %#s*! kb+!
^&1i7! `+! (+3bc#+'&! `*'a'+7(#(&h! Z)*'! `bab+`3*[! `+! (#j*! &! `n! d#`d&h! y-*! kb+!
7+$+`#3*!`*7!$&_&11*`!de`!`+(#+73*`x[!!
!
!
^&1i7! (+`$b_'#g! kb+! +7! 1b8&'! (+! #73+73&'! d*3#c&'! &! `b! '+(! a&'&! kb+! 1*!
%#$#+'&!d+j*'Y!(+_+'n&!`&1#'!&!$*73&$3&'!a+'`*7&`!kb+!i&!+`3bc#+'&7!d*3#c&(&`Y!
a+'`*7&`!$*7!b7!%#`3*'#&1!(+!lq#3*!+7!+1!7+34*'5!d&'5+3#78h!!>*7! b7*`! a*$*`!
1n(+'+`!de`Y!^&1i7!$*da'+7(#g!kb+!`b!*'8&7#s&$#g7!+`3&'n&!(+`3#7&(&!&!8+7+'&'!
$'+$#d#+73*h! Z6#! d+73+! `+! &_'#g! &! 1&! a*`#_#1#(&(! (+! kb+! '+&1d+73+! %b_#+'&!
$&_&11*`! de`! `+(#+73*`! &%n! &fb+'&[! &f#'d&h! -&! o7#$&! a'+8b73&! +'&! $*d*! %&$+'!
kb+!#78'+`&'&7h!)&'&!+`*Y!'+$b''#g!&!b7&!3l$7#$&!`#da1+!a+'*!&13&d+73+!+f+$3#c&!
kb+!1+!%&_n&!`#(*!(+!b3#1#(&(!+7!+1!a&`&(*h!!
!
!
!
!
!
!
158
!DEFGHIJ)1%&#$&#0%1%)
)
/D)?PDO)"EJPGHONUDU)
!
!!
!
)*'!db$%*!3#+da*!^&1i7!%&_n&!`#(*!b7&!$'+i+73+!(+1!a*(+'!(+!1&!f#j&$#g7!
(+! *_j+3#c*`h! .m*`! &73+`Y! %&_n&! +7$*73'&(*! +`a*`*! +da1+&7(*!!
+q#3*`&d+73+! 1&! d#`d&! $1&`+! (+! 3l$7#$&`! (+! c#`b&1#s&$#g7! $*do7d+73+!
b3#1#s&(&`!a*'!+kb#a*`!(+a*'3#c*`!i!+j+$b3#c*`!(+!$*'a*'&$#*7+`h!9b!+qa+'#d+73*!
'+`b13g! 3&7! +q#3*`*! kb+! de`! 3&'(+! +`$'#_#g! &$+'$&! (+! l1! +7! b7! 1#_'*! 11&d&(*!
>&`&'`+!#73+1#8+73+d+73+!t6&''i#78!9d&'3uh!!
!
!
.! 1*`! 3'+#73&! i! (*`! &m*`! ^&1i7! %&_n&! (+$#(#(*! kb+! kb+'n&! $&`&'`+h!!
9+! #dab`*! &! `#! d#`d&! a+'`+8b#'! (#$%*! *_j+3#c*! $*d*!`#! +`3bc#+'&! 3'&3&7(*! b7!
3+d&! +$*7gd#$*h! )'#d+'*Y! $*7f+$$#*7g! b7&! 1#`3&! $*7! 3*(&`!!
1&`! $b&1#(&(+`! kb+! kb+'n&! +7! b7! d&'#(*! i! $*d+7sg! &! c#`b&1#s&(*! +7! `b!
#d&8#7&$#g7h!-b+8*Y!$*d+7sg!&!$*73&'1+!&!3*(*!+1!db7(*!`b!*_j+3#c*h!01!`#da1+!
%+$%*! (+! &(d#3#'! f'+73+! &! 1&! 8+73+! 1*! kb+! kb+'n&Y! a'*(bj*! b7! $&d_#*!
fb7(&d+73&1!+7!+1!$*da*'3&d#+73*!(+!^&1i7h!9b!#7%#_#$#g7!`+!+`fbdgY!i!`b!c#(&!
$*d+7sg! &! +7f*$&'`+! +7! `b! d#`#g7h! -&`! a+'`*7&`! kb+! 1&! '*(+&_&7! 3&d_#l7!
$*d+7s&'*7!&!c+'1&!(+!d&7+'&!(#`3#73&h!.d#8*`!i!&`*$#&(*`!`+!+7'*1&'*7!+7!`b!
$'bs&(&Y!%&$#+7(*!b7!+`a+$#&1!+`fb+'s*!a*'!$*73&$3&'1&!$*7!%*d_'+`!&!1*`!kb+!
c+n&7!$*d*!a*`#_1+`!$&7(#(&3*`Y!
!
,&$0+/%()'%)%#2"W0%)
!!
?&73*! `#! b`3+(! $*7`#(+'&! &! 1&! *'&$#g7! $*d*! b7&! `oa1#$&! &! b7! a*(+'!
`ba+'#*'! *! $*d*! b7&! 3l$7#$&! a&'&! +7f*$&'! 1&! a'*a#&! +7+'8n&! d+73&1Y! $&`#! 7*!
+q#`3+7!(b(&`!&$+'$&!(+! `b! fb7$#*7&d#+73*h!^&1i7!*'g!a*'! 1&!'+&1#s&$#g7! (+! `b!
*_j+3#c*v! 7*! `*1&d+73+! +7! 3l'd#7*`! $*7c+7$#*7&1+`Y! `#7*! 3&d_#l7! d+(#&73+!
'#3b&1+`! +`a+$nf#$*`! kb+! (#+'*7! +7f*kb+! +! #73+7`#(&(! &! `b! _o`kb+(&h!!
B7! `*$#*! $*d+'$#&1! 1+! %&_n&! $*73&(*! &! ^&1i7! &$+'$&! (+! b7! '#3b&1! (+! 1*`!
&_*'n8+7+`!+`3&(*b7#(+7`+`!+7!+1!kb+!`+!+`$'#_+!1&!`oa1#$&!+7!b7!a&a+1!i!1b+8*!
`+! 1*! kb+d&Y! (+j&7(*! kb+! +1! %bd*! 11+8b+! &! 1*`! $b&3'*! '#7$*7+`! (+! 1&! 3#+''&h!
^&1i7! `#8b#g! 1&`! #7`3'b$$#*7+`! (+1! %*d_'+Y! 1+i+7(*!`b! `oa1#$&! +7! c*s! &13&! 3'+`!
c+$+`!a*'!(n&Y!(b'&73+!3'+`!(n&`!`+8b#(*`!i!1b+8*!kb+d&7(*!+1!a&a+1!&1!3+'$+'!
(n&h! 9*'a'+7(+73+d+73+Y! $*7*$#g! &! @*b81&`! r+1! %*d_'+! (+`3#7&(*! &! `+'! `b!
+`a*`*r!&1!(n&!`#8b#+73+h!.1!a'#7$#a#*Y!^&1i7!7*!`+!a+'$&3g!(+!1&!#da*'3&7$#&!(+1!
+7$b+73'*h! ;7$1b`*Y! +11*`! 7*! %#$#+'*7! $#3&`! a*'! c&'#*`! d+`+`h! "+$#l7! (+`abl`Y!
$b&7(*!^&1i7!c*1c#g!&!d#'&'!`b!(#&'#*Y!`+!ab`*!(+!d&7#f#+`3*!1&!$*#7$#(+7$#&!(+!
`b!a'#d+'!+7$b+73'*h!!
!
%/)6+*+)'%/)$%(","))
!
-*`! 1+$3*'+`! ab+(+7! jbs8&'! a*'! `n! `*1*`! $gd*! #73+'a'+3&'! +1! lq#3*! (+!
^&1i7h! )&'&! +11&Y! +1! %+$%*! $*7f#'dg! `b! $'++7$#&! (+! kb+! 1&! *'&$#g7Y! 1&!
c#`b&1#s&$#g7! i! 1&! f#j&$#g7! (+! *_j+3#c*`! +'&7! %+''&d#+73&`! a*(+'*`&`! a&'&! 1&!
'+&1#s&$#g7! (+! 1&`! a'*a#&`! d+3&`Y! .a1#$g! +`3*`! d#`d*`! dl3*(*`! +7! `b! 7+8*$#*!
(+! 7+34*'5! d&'5+3#78h! B7&! `+d&7&! (+`abl`! (+! (+$#(#'! kb+! 7+$+`#3&_&!
159
Z$&_&11*`! de`! `+(#+73*`[! +7! `b! '+(Y! (+`$b_'#g! kb+! '+3*'7&_&! `b! &73#8b&!
&d_#$#g7h!Z>*d+7$l!7b+c&d+73+!&!a*7+'d+!*_j+3#c*`Y[!&f#'d&!^&1i7Y!Z8'&7(+`!
*_j+3#c*`[h!!
!
!
B7*! (+! 1*`! dl3*(*`! kb+! b`g! +'&! b7! +j+'$#$#*! (+! c#`b&1#s&$#g7! $*7*$#(*!
$*d*! Zd&a&! (+1! 3+`*'*[Y! ^&1i7! '+c#`g! '+c#`3&`! i! '+$*'3g! #de8+7+`! kb+!
+c*$&_&7! `b`! (+`+*`! de`! a'*fb7(*`Y! i! 1&`! a+8g! +7! b7! $*11&8+h! 9b! d&a&! (+1!
3+`*'*! #7$1bn&! f*3*`! (+! b7&! 8'&7! $&`&Y! b7! &b3*dgc#1! 7b+c*Y! b7&! $b+73&!
d#11*7&'#&!+7!(g1&'+`Y!b7! c#&j+!&!@#`7+i1&7(#&! a&'&! `b`! %#j*`!i!db$%*!de`Y!-*!
$*18g! (+! 1&! a&'+(! i! 1*! d#'&_&! 3*(*`! 1*`! (n&`h! 01! `#da1+! &$3*! (+! a'+a&'&'! +1!
$*11&8+! &ib(g! &! kb+! ^&1i7! $'#`3&1#s&'&! +7! `b! d+73+! `b`! *_j+3#c*`h! 2*! a&`g!
db$%*! 3#+da*! %&`3&! kb+! `b! '+7*c&(*! $*da'*d#`*! '#7(#+'&! f'b3*`! #7+`a+'&(*`!
+7!`b!7+8*$#*h!
!!
*,%*+,+!&C#))
!
-&`! *a*'3b7#(&(+`! &a&'+$+7! $*7`3&73+d+73+h! 9#7! +d_&'8*Y! `g1*! b7*`!
a*$*`! 3#+7+7! 1&! `&_#(b'n&! `bf#$#+73+! $*d*! a&'&! '+$*7*$+'1&`Y! i! &o7! d+7*`!
a+'`*7&`!+`3e7!a'+a&'&(&`!a&'&! *_3+7+'!c+73&j&!(+!+`*`!8*1a+`! (+! `b+'3+h! Z.!
d+7*`!kb+!+`3l!a'+a&'&(*!a&'&!`&$&'!a'*c+$%*!(+!`b!*a*'3b7#(&(Y[!+`$'#_#g!+1!
d*3#c&(*'!(+1!$&d_#*!(+!`#81*!,'#`*7!94+33!6&'(+7Y!Zl`3&!`g1*!1*!%&'e!kb+(&'!
+7! '#(n$b1*h! B7&! 8'&7! *$&`#g7! +`! c&1#*`&! a&'&! b`3+(! +7! 1&! d+(#(&! +7! kb+! `+!
%&i&!+(b$&(*!a&'&!%&$+'!b`*!(+!1&!d#`d&h[!
!!
!
-&! d+3*(*1*8n&! (+! ^&1i7! #7$1bn&! &18*! de`! kb+! '+s&'! a&'&! 3+7+'! _b+7&!
`b+'3+h! B7&! 8'&7! *a*'3b7#(&(! %b_#+'&! '+`b13&(*! #7o3#1! a&'&! +11&Y! `#! 7*! %b_#+'&!
a&`&(*!&m*`!#7`3'bil7(*`+!a&$#+73+d+73+!+7!+1!.K>!(+!1&!$*7`3'b$$#g7!(+!b7&!
'+(h!073'+!1&`!%&_#1#(&(+`!kb+!%&_n&!&(kb#'#(*Y!+`3&_&!1&!$&a&$#(&(!(+!$*73&'!1&!
%#`3*'#&!$*''+$3&Y!kb+!`+!&(+$b&'&!&!3*(&!`#3b&$#g7!a&'3#$b1&'!(+!b7!a'*`a+$3*h!
)'*73*!`+!1+!a'+`+73&'n&!&!^&1i7!b7&!*a*'3b7#(&(!a&'&!+da1+&'!+`&!%&_#1#(&(!&1!
deq#d*h!='&$#&`!&!&m*`!(+!+`fb+'s*!i!a+'`#`3+7$#&!&a1#$&(&`Y!+11&!+`3&'n&!1#`3&h!!
!
*,"(*%!!&C#)%#)2","()'%)'&(!0(&C#))
!
.! 1*! 1&'8*! (+! 1*`! &m*`Y! ^&1i7! %&_n&! (+`&''*11&(*! b7&! +`3'&3+8#&! kb+! `+!
&a*i&_&! a'#7$#a&1d+73+! +7! 1*`! f*'*`! (+! $%&3+*! (+! 6-6! (+! .d+'#$&! ,71#7+!
t.,-uh! 0`3*`! f*'*`! a+'d#3+7! kb+! a+'`*7&`! $*7! #73+'+`+`! `#d#1&'+`! `+!
$*78'+8b+7! +! #73+'$&d_#+7! d+7`&j+`! +`$'#3*`! +7! 3#+da*! '+&1h! ^&1i7! $*7`3'bn&!
'+1&$#*7+`! +7! +1! f*'*! (+! $%&3+*Y! 1b+8*! a*7n&! &! `b`! 7b+c*`! a'*`a+$3*`! +7! `b!
Kb((i! -#`3! rb7&! $&'&$3+'n`3#$&! (+! .,-! kb+! &1+'3&! $&(&! c+s! kb+! b7*!!
(+! `b`! Z$*da#7$%+`[! tZ_b((#+`[! +7! #781l`u! `+! $*7+$3&! &! .,-h! B7&! c+s! kb+! `b!
Z$*da#7$%+[! +`3e! $*7+$3&(*Y! ab+(+! +7c#&'1+! b7! 6+7`&j+! ;7`3&73e7+*! t;6uh! 07!
1&!a&73&11&!(+!l1!&a&'+$+!b7&!c+73&7&!$*7!`b!d+7`&j+!i!l1!ab+(+!'+`a*7(+'Y!+7!
3#+da*! '+&1Y! +`$'#_#+7(*! `b! d+7`&j+! (+_&j*! (+1! `bi*h! -&! $*7c+'`&$#g7!!
ab+(+!`+8b#'!3*(*!+1!3#+da*!kb+!b`3+(!(+`++h!!
!
!
ZB`3+(!ab+(+!`+8b#'!11+7e7(*1*`!(+!;6`Y[!(+$1&'&!^&1i7h!Z-+`!a'+8b73&!`#!
i&!+73'&'*7!&!`b!ae8#7&!]+_!*!`#!$%+kb+&'*7!+1!`#`3+d&!(+!&b3*!'+`ab+`3&h[!-&!
a&'3+!(#fn$#1!+`!a&`&'!&!`b!a'*`a+$3*!(+!b7&!'+1&$#g7!*71#7+!&!b7&!de`!a+'`*7&1Y!
a*'!3+1lf*7*h!ZB7&!c+s!kb+!%&!$*7`+8b#(*!`b!7od+'*!3+1+fg7#$*Y[!&f#'d&!^&1i7Y!
160
Z+73*7$+`! `+! ab+(+7!+da1+&'! 3*(*`! 1*`! dl3*(*`! 3'&(#$#*7&1+`Y! $*d*! 11&d&(&`!
+7!$*7f+'+7$#&!*!+7!3'+`!(#'+$$#*7+`h[!!
!
&#$%/&?%#!&+)'%('%)+'%#$,"))
!
Z01!`+$'+3*!(+!1*`!7+8*$#*`Y[!(#j*!+1!db13#d#11*7&'#*!(+!1&!#7(b`3'#&!7&c#+'&!
.'#`3g3+1+`!,7&``#`Y!Z+`!`&_+'!&18*!kb+!7&(#+!de`!`&_+[!-&!*a*'3b7#(&(!1+!11+8g!
&! ^&1i7! +7! f*'d&! (+! #7f*'d&$#g7! #73+'7&! &$+'$&! (+! b7*! (+! 1*`! a'#7$#a&1+`!
$*da+3#(*'+`! (+! 2+4&i`h! 0`3&! $*da&mn&! %&_n&! &1$&7s&(*! 8'&7! lq#3*! $*7! b7&!
%*'d*7&! (+! $'+$#d#+73*! $bi*! a*`#_1+! +f+$3*! (+! '+jbc+7+$#d#+73*! +'&!
&da1#&d+73+! (#fb7(#(*Y! ^&1i7! %&_n&! c#`3*! &! *3'&`! $*da&mn&`! +7$*73'&'! *'*!
(+`abl`! (+! a'+`+73&'! a'*(b$3*`! (+! `&1b(! &13+'7&3#c*`! kb+! 1b+8*! 3bc#+'*7!
&$+a3&$#g7!+7!+1!d+'$&(*!d&`#c*h!!
!
!
Z0'&! +1! a'*(b$3*! de`! c+7(#(*! (+1! &m*! +7! 6-6Y[! &f#'d&! ^&1i7h! Z0'&! +1!
d#7+'&1!$*1*#(+*!*!a#$7g8+7*!(+!&kb+1!&m*Y[!07!+7+'*!(+!CNNNY!2+4&i`!1&7sg!
b7!a'*(b$3*!%*'d*7&1!11&d&(*!K#*8+c#3i!a*'!d+7*`!(+!1&!d#3&(!(+1!a'+$#*h!07!
`b! a'*`a+$$#g7! +7! f*'*`! (+! $%&3+*Y! ^&1i7! #73+73g! &`*$#&'! a+`*`! a+`&(*`! (+! 1&!
$*da&mn&!$*da+3#(*'&h!Z2b+`3'*!+7c&`+!3+7n&!de`!$&73#(&(!(+!a'*(b$3*!i!b7&!
(*`#`! de`! &13&Y[! &f#'d&h! Z0'&! `#7! (b(&`! b7! d+j*'! 7+8*$#*h! )+'*! 7*! d+!
$'+i+'*7h[!!
!
?"/*%)W0&,V,?&!"))
!
)*'!$&`b&1#(&(h!^&1i7!`+!+73+'g!a*'!fb+73+`!#73+'7&`!kb+!1&!$*da&mn&!(+!
1&! $*da+3+7$#&! +`3&_&! &! ab73*! (+! kb+_'&'h! -&! #7f*'d&$#g7! +'&! (+3&11&(&Y!
a'+$#`&!i!$*da1+3&d+73+!$*7f#&_1+h!;7$1b`*!`&_n&!+1!(n&!+q&$3*!+7!kb+!`+!%&'n&!
+1! &7b7$#*h! Z0'&! jb+c+`! a*'! 1&! 7*$%+Y[! '+$b+'(&! ^&1i7Y! Zi! i*! `&_#&! kb+! 1&!
$*da&mn&!$+''&_&!&1!(n&!`#8b#+73+h[!!
!
!
^&1i7! `+! d*c#g! $*7! (+$#`#g7h! ;78'+`g! +7! ;73+'7+3! i!_b`$g! ae8#7&`! ]+_!
&'d&(&`!a*'!(#`3'#_b#(*'+`!(+!+`&!$*da&mn&h!@*$+!(+!1*`!`#3#*`!3+7n&7!7od+'*`!
(+!3+1lf*7*h!.!1&!d&m&7&!`#8b#+73+Y!^&1i7!11&dg!&!1&`!(*$+!a+'`*7&`!(+!`b!1#`3&h!
\&!%&_n&7!'+$#_#(*!1&!d&1&!7*3#$#&h!-&!d&i*'n&!+`3&_&!+7*j&(&!i!d&1%bd*'&(&h!
)+'*! ^&1i7! &3'&c+`g! `b`! (+f+7`&`! $*7! b7! 8*1a+! kb#'o'8#$*! rb7! +j+'$#$#*!
&13&d+73+!+`a+$nf#$*!a&'&!7&''&'!%#`3*'#&`!`+1+$3#c&d+73+h!
!
/+)=&($",&+)!",,%!$+d)%#)%/)6"6%#$")!",,%!$"))
!
-&!$1&c+!(+!b7&!_b+7&!7&''&$#g7!+`!`&_+'!$be73*!$*73&'!(+!1&!%#`3*'#&!r
i!kbl!a&'3+!(+!+11&r! +7!b7&!(+3+'d#7&(&!`#3b&$#g7h!^&1i7!`&_n&!kb+!`b`!(*$+!
a'*`a+$3*`! 7*! kb+'n&7! *n'! b7&! +q%*'3&$#g7! `*_'+! 3*(&`! 1&`! $*`&`! d&'&c#11*`&`!
kb+! +1! 6-6! %&_n&! %+$%*! a*'! +11&h! )*'! b7&! a&'3+Y! 3*(*`! +'&7! 7+34*'5+'`!
$*7`bd&(*`Y! i! &(+de`Y! $*7*$n&7! _#+7! 1&! #7(b`3'#&h! ?&d_#+7Y! db$%*`! (+! +11*`!
7*! `+! `+73#&7! &d&_1+d+73+! (#`ab+`3*`! %&$#&! +1! 6-6! +7! +`+! d*d+73*! +7!
a&'3#$b1&'h!!
!
!
Z6+!+73+'l!(+!1*!kb+!1+!a&`g!&!3b!$*da&mn&Y[!1+!(#j*!^&1i7!&!b7&!dbj+'h!
Z>gd*! 3+! `#+73+`T[! Z6+! `#+73*! $*d*Y$*73+`3g! `b! a'*`a+$3*Y! b`&7(*! b7&!
+qa'+`#g7!$'b(&h!Z6+!`#+73*!$*d*!`#!d+!%b_#+'&7!3'&#$#*7&(*!$*da1+3&d+73+h[!!
Z9l! $*d*! 3+! `#+73+`Y[! &f#'dg! ^&1i7h! Z9l! kbl! `+! `#+73+! $b&7(*! 3b! $*da&mn&! 3+!
3'&#$#*7&h! O+! a&`&(*! a*'! +`*h[! 0`*! +'&! 3*(*! 1*! kb+!^&1i7! kb+'n&! (+$#'! +7! +`+!
161
d*d+73*Y! a+'*! `b! a+kb+m&! %#`3*'#&! (+$n&! `bf#$#+73+h! ?'&7`d#3n&! 3&73*!
$*da&`#g7!$*d*!+`a+'&7s&!r$*da&`#g7!a*'!1&!d&1&!`#3b&$#g7!(+!`b!a'*`a+$3*!
i!+`a+'&7s&!(+!kb+!ab(#+'&!`&1#'!(+1!(+`&`3'+Y!&1!#8b&1! kb+!+11&h!ZSb#se`!3+78&!
&18*!kb+!ab+(&!`+'!(+!#73+'l`!a&'&!3#Y[!$*73#7b&_&h!9b!%#`3*'#&!%&_n&!%+$%*!`b!
3'&_&j*h! -&! dbj+'! +`3bc*! (+! &$b+'(*! +7! +`$b$%&'! 1&!a'+`+73&$#g7! (+! ^&1i7Y! i!
a*`3+'#*'d+73+!`+!&`*$#g!&!`b!'+(h!!
!
,%/+!&"#%()&#($+#$S#%+())
!
^&1i7!b`g!+`+7$#&1d+73+!1&!d#`d&!%#`3*'#&!$*7!3*(*`!1*`!a'*`a+$3*`!kb+!
$*73&$3g! +`&! d&m&7&h! 01! +7f*kb+! $'+g! '+1&$#*7+`! #7`3&73e7+&`h! )+'*Y! de`!
#da*'3&73+! &o7Y! a*`#$#*7g! &! ^&1i7! $*d*! b7&! a+'`*7&! kb+! i&! +`3&_&! +7! 1&!
#7(b`3'#&! %&$n&! 3#+da*Y! i! kb+! $*7*$n&! 1&! c+'(&(+'&!`#3b&$#g7h! Z.$3b&1d+73+! 1&!
8+73+! 7*! +`! 3&7! #78+7b&! +7! +1! d*d+73*! (+! +1+8#'! &! `b! &b`a#$#&(*'Y[! &f#'d&!
^&1i7h! ZSb#+'+7! &! &18b#+7! kb+! 3+78&! &18*! (+! +qa+'#+7$#&Y! i! 7*`*3'*`!
(+f#7#3#c&d+73+!1&!3+7n&d*`h[!!
!
!
07! *3'*`! 3#+da*`Y! `+! (&_&! a*'! +73+7(#(*! kb+! kb#+7! 1+! a'+`+73&7! 1&!
*a*'3b7#(&(! 3+7n&! +1! (+'+$%*! (+! &b`a#$#&'1*h! )+'*! 1&! 8+73+! %*i! +7! (n&! _b`$&!
&b`a#$#&(*'+`!$*7!+1!d#`d*!$b#(&(*!$*7!+1!kb+!_b`$&!$*da&mn&h!^&1i7!'+$b+'(&!
&!b7!%*d_'+!kb+!ab`*!b7!&c#`*!+7!1&!$&'3+1+'&!(+!d+7`&j+`!(+!.,-Y!(#$#+7(*!
kb+!_b`$&_&!&b`a#$#&(*'h!Z0'&!dbi!#7$gd*(*!a&'&!7b+`3'&!$*db7#(&(!*71#7+Y[!
$*d+73&!^&1i7Y!Za*'kb+!3*(*`!$*d+7s&d*`!&!$*da+3#'!$*7!3*(*`h!?bc#d*`!b7&!
8'&7!(#`$b`#g7!&1!'+`a+$3*!i!1+`!`*1#$#3&d*`!&!1*`!a'*`a+$3*`!kb+!7*!%#$#+'&7!+`*!
7b7$&!de`h[!!
!
/+)/%A)*+,%$"))
!
-&`!'+(+`!(+!7+34*'5!d&'5+3#78!fb7$#*7&7!(+!&$b+'(*!&!1&!3+*'n&!)&'+3*D!
c+#73+! a*'! $#+73*! (+! 1&! 8+73+! %&$+! +1! MP! a*'! $#+73*! (+1! 3'&_&j*h! 0`+! FP! a*'!
$#+73*! +`3e! $*dab+`3*! a*'! kb#+7+`! (+`&''*11&7! +1! 7+8*$#*Y! 1*`! 1#(+'+`Y! 1*`! a`*!
a+`&(*`! r8+73+! (#`ab+`3&! &! %&$+'! 1*! 7+$+`&'#*! a&'&! (ba1#$&'! +1! +`fb+'s*! (+!
b`3+(! i! +7$*73'&'! &! *3'*`! (#`ab+`3*`! &! (ba1#$&'! +1! (+! +11*`h! 9#! `b! 7+8*$#*! +`!
3'#b7f&'Y!(+_+!&`*$#&'!1n(+'+`h!)*'!+`&!'&sg7Y!^&1i7!&$*7`+j&!`b`a+7(+'!1&!'+8#&!
(+!Z3&d#s&'!i!+1+8#'[!$b&7(*!11+8&!+1!8*'(*!&!`b!'+(h!!
!
!
>*7!1&!d&i*'n&!(+!1*`!a'*`a+$3*`Y!^&1i7!7*!a#+'(+!3#+da*h!9#!7*!a&'+$+7!
#73+'+`&(*`Y! a*7+! f#7! &! 1&! $*7c+'`&$#g7! +7! f*'d&! +(b$&(&! a+'*! f#'d+Y! i!
a'*`#8b+h!)+'*!$*7!1n(+'+`!a*3+7$#&1+`Y!^&1i7!$&d_#&!`b!3e$3#$&h!B7!a+`*!a+`&(*!
(+! *3'&! +da'+`&! +`! b7! a'+d#*! a*'! +1! kb+! c&1+! 1&! a+7&! +`a+'&'h!!
B`3+(! 3#+7+! 1&! *a*'3b7#(&(! (+! &3'&a&'! 3*(&! `b! '+(! (+! b7! `*1*! 8*1a+h! 07! +`*`!
$&`*`Y! ^&1i7! 7*! +`$&3#d&! +`fb+'s*`h! )+'`+8b#'e! &! `b! a'+`&! #da1&$&_1+d+73+Y!
+`a+'&7(*!d+`+`Y!#7$1b`*!&m*`!%&`3&!kb+!l1!$&d_#+!(+!#(+&h!Z-&!a+'`#`3+7$#&!+`!
+1!NP!a*'!$#+73*!(+1!jb+8*Y[!&f#'d&h!!
!
+$,+*+,)+)0#)*%7)?",'"))
!
B7&! (+! 1&`! a+'`*7&`! (+! 1&! +da'+`&! +7! _&7$&''*3&! a'*`a+$3&(&`! a*'!
^&1i7Y! a&'+$n&! #73+'+`&(&! +7! 2+4&i`h! 9#7! +d_&'8*! 7*! `+! &`*$#&'n&! &! 1&! 1n7+&!
f'*73&1!(+!^&1i7h!01!%*d_'+!3+7n&!b7&!'+1&$#g7!3&7!_b+7&!$*7!`b!ba1#7+Y!kb+!1&!
o7#$&! d&7+'&! (+! #'`+! &! b7&! 7b+c&! $*da&mn&! +'&! `#! `b! &b`a#$#&(*'! `+! #_&!
a'#d+'*! i! 1*! &b`a#$#&_&! &! l1h! @+! +`&! d&7+'&Y! 3+7('n&! +7! 2+4&i`! +1! d#`d*!
162
&b`a#$#&(*'! kb+! 3+7n&! +7! `b! &73#8b&! $*da&mn&h! 0'&! b7! a+(#(*! fb+'&! (+! 1*!
$*do7h!)+'*!1&!%#`3*'#&!`+!%#s*!&o7!de`!+q3'&m&h!>b&7(*!^&1i7!`+!$*73&$3g!$*7!
+1! &b`a#$#&(*'! (+1! %*d_'+Y! %#s*! 3&d_#l7! +1! d#`d*! a+(#(*! $*7! '+`a+$3*! &! `b!
ba1#7+h! ^&1i7! '&`3'+g! %&$#&! &''#_&! +7! $#7$*! 7#c+1+`! (+! +`&! *'8&7#s&$#g7Y!
'+$#_#+7(*! 1&! d#`d&! %#`3*'#&! $*d*! '+`ab+`3&! +7! $&(&! 7#c+1h! Z?*(*! +1! +kb#a*!
kb+'n&! a+'d&7+$+'! b7#(*! d&73+7#+7(*! +q&$3&d+73+! 1&`! d#`d&`! a*`#$#*7+`! +7!
1&`!kb+!+`3&_&7Y[!`+!d&'&c#11g!^&1i7h!
!!
!
0`&!$1&`+!(+!1+&13&(!+'&!$*7`+$b+7$#&!(+1!1#(+'&s8*!+7!1&!a&'3+!`ba+'#*'h!
^&1i7! `+! (&_&! $b+73&! (+! kb+! +7! 1&! $#d&! (+! +`&! '+(! %&_n&! b7! a'+d#*! a&'&!
&3'&a&'h!"+`b13g!`+'!b7!+da'+7(+(*'!+q#3*`*!kb+!%&_n&!c+7(#(*!`b!7+8*$#*!(+!
$*7`3'b$$#g7! %&$n&! a*$&`! `+d&7&`Y! a&'&! (+(#$&'`+! a*'! $*da1+3*! &1! 7+34*'5!
d&'5+3#78h! 01!'+a+73#7*! f'&$&`*!(+!`b! +da'+`&! 6-6! +'&! b7! 8*1a+! (+c&`3&(*'h!
)+'*! +1! %*d_'+! 7*! `+! %&_n&! +73+'&(*! &a+7&`! `b$+(#gh! >b&7(*! 1&! $*da&mn&!
kb+_'gY! l1! +`3&_&! +`kb#&7(*! +7! .`a+7Y! >*1*'&(*h! 2&(#+! ab(*! $*73&$3&'1*!
(b'&73+! c&'#*`! (n&`h! .! a+`&'! (+! +`*Y! $b&7(*! ^&1i7! `+! $*db7#$g! $*7! l1! &! `b!
3+1lf*7*! $+1b1&'Y! `b! '+(! i&! 1+! %&_n&! (+j&(*! d+7`&j+`Y! `ba1#$e7(*1+! kb+! `+!
&`*$#&'&!&!2+4&i`h!Z2#!`#kb#+'&!3+78*!*a$#g7!+7!+`3*Y[!1+!(#j*!&!^&1i7h!Z6#!'+(!
d+!*_1#8&!&!%&$+'1*Y!.kbn!3#+7+!d#!7od+'*!(+!9+8b'#(&(!9*$#&1h!.`g$#+d+h[!!
!
/+)'&2&!0/$+'))
!
.1!$*7$+73'&'`+!+7!jb8&(*'+`!$1&c+Y!^&1i7!1*8'g!de`!(+!1*!kb+!+`a+'&_&h!
Z)+'`*7&1d+73+!3'&j+!`g1*!$#7$*!a+'`*7&`!&!d#!1n7+&!f'*73&1Y[!&f#'d&h!Z)+'*!+11*`!
3'&j+'*7! &! 3*(*! +1! '+`3*h! >*d+7sg! &! $'+$+'! $*d*! b7&! _*1&! (+! 7#+c+h[! ?'+`!
`+d&7&`! (+`abl`Y! ^&1i7! %&_n&!$'+&(*! $#7$*! 7b+c&`! 1n7+&`!+7!`b!*'8&7#s&$#g7Y!
%&_n&! 3'&n(*! $#+73*`! (+! a+'`*7&`+! i! `b! #78'+`*! &73+'#*'! `+! %&_n&! 3'#a1#$&(*h!
Z0`3&!+`!1&!$1&`+!(+!$*`&`!a*'!1&`!kb+!1&!8+73+!'+s&Y[!$*d+73&h!!
!
!
Z0`3*! +`! 1*! kb+! +1! 7+34*'5! d&'5+3#78! a'*d+3+! a+'*! '&'&! c+s! $bda1+Y!
a*'kb+!1&!8+73+!7*!`+!kb+(&!+1!3#+da*!7+$+`&'#*!a&'&!+7$*73'&'!&!1&`!a+'`*7&`!
kb+! '+&1d+73+! 1*! %&'e7! '#$*h[! ^&1i7! $'++! kb+! +1! +q#3*! +`! #7+c#3&_1+! `#! `+! `#8b+!
&b`a#$#&7(*h!Sb#se`!3+78&!kb+!&b`a#$#&'!&!(*`!d#1!a+'`*7&`!&73+`!(+!+7$*73'&'!
&1!a+s!8*'(*!kb+!1*!11+c+!&!1&!$#d&!*!kb#s&`!`+&7!`*1&d+73+!$#7$b+73&!a+'`*7&`h!
!!
!
Z01! 7od+'*! +`! (#f+'+73+! a&'&! $&(&! b7*Y[! (+$1&'&h! Z\! b7*! 7*! `&_+! $be1!
`+'e! `b! 7od+'*! %&`3&! %&_+'! &1$&7s&(*! +1! lq#3*h! 0`&! +`! 1&! (#f#$b13&(h[! )&'&!
&kb+11*`!7+34*'5+'`!kb+!`+!a'+a&'&'*7!&!1*!1&'8*!(+!&m*`!(+!a&$#+73+!+`fb+'s*Y!
+`3&'e7! 1#`3*`! a&'&! *_3+7+'! a'*c+$%*! (+! 1&! 8'&7! *a*'3b7#(&(Y! $b&7(*! +`3&!
&a&'+s$&h!
!
0#+)=&($",&+)6%;",))
!
.%*'&!^&1i7!3#+7+!b7&!%#`3*'#&!db$%*!d+j*'!a&'&!$*73&'h!0`!1&!%#`3*'#&!(+!
$gd*!(#*!cb+13&!`b!7+8*$#*!`#da1+d+73+!$*73&7(*!`b!%#`3*'#&Y!b7&!i!*3'&!c+sY!
&m*! 3'&`! &m*Y! %&`3&! kb+! f#7&1d+73+! `+! 1&! $*73g! &! 1&! 8+73+! $*''+$3&h! 01! 7b+c*!
lq#3*! (+! ^&1i7! `+! %&! +q3+7(#(*! &! 1*! 1&'8*! (+! `b! '+(Y! &! 1&`! &73#8b&`! i! &! 1&`!
7b+c&`! 1n7+&`! a*'! #8b&1h! 9b! *'8&7#s&$#g7! `+! c#8*'#sg! a*'! +1! a*(+'! (+! 1&! 7b+c&!
%#`3*'#&!(+!^&1i7h!!
!
!
07!$b&73*!&!^&1i7Y!+`3e!+7$&d#7&(&!&!&1$&7s&'!1&`!d+3&`!kb+!a+8g!+7!`b!
163
d&a&!(+1!3+`*'*h!01!c#&j+!&!@#`7+i1&7(#&!+`!b7!%+$%*!$*7`bd&(*h!011&!i!@*b81&`!
$&1#f#$&'*7!a&'&!b7!_*7*!(+!2+4&i`!a*'!b7!&b3*dgc#1!8'&3#`h!\!+`3e7!_b`$&7(*!
b7&!7b+c&!$&`&h!y.73+`!+`3e_&d*`!_#+7Y[!(#$+h!Z-b+8*!(+!$b&3'*!&m*`!i!d+(#*!
$*d*!7+34*'5+'`!&!3#+da*!$*da1+3*Y!l'&d*`!&b3*`bf#$#+73+`!i!7*`!&a*ie_&d*`!
+7! 7b+`3'*`! #78'+`*`! (+! 2+4&i`h! )+'*! 7*! +'&7! 8'&7(+`! $#f'&`h[! .%*'&! `+! %&!
&_#+'3*! b7&! 7b+c&! f'*73+'&! a&'&! ^&1i7h! 9&_+! kb+! +1! `b+m*! 6-6! ab+(+!
`b$+(+'1+!&!+11&!3&d_#l7h!9b!*'8&7#s&$#g7!+`3e!$'+$#+7(*!de`!'ea#(*!$&(&!c+sY!
i! ^&1i7! 7*! 3#+7+! #(+&! (+! $be7! 1+j*`! 1&! ab+(+! 11+c&'! 1&! (ba1#$&$#g7h! )+'*! 7*! c+!
db$%*! `+73#(*! +7! +`a+$b1&'h! 011&! `#da1+d+73+! `#8b+! $*73&7(*! `b! %#`3*'#&! (n&!
3'&`!(n&Y!i!+`a+'&!1&!a'gq#d&!8'&7!*a*'3b7#(&(h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
164
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
)
)
)
)
"!$+1+)*+,$%)
)
)
"/+)4)
)
)
6DOGpOfDIJ)(NZEIL)
165
!DEFGHIJ)$,%&#$+)
)
%KGXZDfJ)D)%KGXZDfJ)
!
!
0q#`3+!b7!f+7gd+7*!+q3+7(#l7(*`+!a*'!7b+`3'&!#7(b`3'#&!+7!'+`ab+`3&!&!
3*(&!+`3&!3+$7*1*8n&Y!&1!$b&1!i*!11&d*!6&7n&!(+!,1&!G[!$*d+73&!>%b$5!Ob$5&_iY!
a'+`#(+73+! (+! 1&! $*7`b13*'&! 6-6! )'*f#3! 2*4Y! +7! 1&! +(#$#g7! (+!
7*c#+d_'+€(#$#+d_'+!(+! CNNJ! (+! 3%+! 2+34*'5! ?'&#7+'h! Z@+! '+a+73+! 1&! '+b7#g7!
(+! *a*'3b7#(&(!+`! &73#$b&(&! i!3*(*`!kb#+'+7! b7! `#`3+d&!(+!a'*`a+$$#g7!(+!1&!
,1&! G! (+! cb+13&! (+! 11&c+h[! 07! +1! a'*$+`*Y! `+8o7! Ob$5&_iY! 1&! 8+73+! 1+! ab+(+!
+`3&'! a+'(#+7(*! +1! '&`3'*! &! 1&! c+73&j&! $1&c+! (+1! 7+34*'5! d&'5+3#78! `b!
d+3*(*1*8n&!$&'&!&!$&'&Y!+`3gd&8*!&!+`3gd&8*h!!
!
!
Ob$5&_i! (#$+! kb+! +`! 3&7! f&7e3#$*! (+! 1&! "+c*1b$#g7! (+! 1&! ,1&! G! $*d*!
$b&1kb#+'&Y! a+'*! kb+! 3&d_#l7! c+! b7&! (+`c+73&j&h! Z.! a+`&'! (+! kb+! `*d*`!
$#+73*`! (+! c+$+`! de`! +f#$#+73+`! kb+! +7! 1*`! c#+j*`! 3#+da*`Y! (+! #8b&1! d&7+'&!
`*d*`! d+7*`! a'*$1#c+`! &! (+`&''*11&'! $b&1kb#+'! $*73&$3*! a+'`*7&1! $*7! 7b+c*`!
(#`3'#_b#(*'+`h[! Ob$5&_i! (+`3&$&! kb+! b7! 7+34*'5+'! &! 1&! c#+j&! b`&7s&! a*(n&!
(+(#$&'!c+#73+!%*'&`!i!8&`3&'!FPP!(g1&'+`!a'*`a+$3&7(*!&!b7!7b+c*!(#`3'#_b#(*'Y!
d#+73'&`! kb+! b7! 7+34*'5+'! (+! 1&! ,1&! G! a*('n&! (+(#$&'! 3&7! `g1*! $#7$*! %*'&`! i!
8&`3&'!HP!(g1&'+`h!01!&b`a#$#&(*'!&1!+`3#1*!&73#8b*!3'&_&j&_&!de`!i!8&`3&_&!de`!
(#7+'*Y!a+'*!3&d_#l7!1+!(+(#$&_&!de`!3#+da*!&!`b`!a'*`a+$3*`h!!
!
!
Z07! *3'*`! 3#+da*`! +q#`3n&! db$%*! 3'&_&j*! f&3#8*`*Y[! &f#'d&! Ob$5&_ih!
ZO&_n&! kb+! &1d&$+7&'! d+'$&(+'n&Y! +7c#&'1&! &! 1*`! (#`3'#_b#(*'+`! a&8&'1+`! (+1!
a'*a#*!$%+kb+!(+!_*7#f#$&$#g7!i!1&!o7#$&!d&7+'&!(+!&b`a#$#&'Y!+7!1&!d&i*'n&!(+!
1*`!$&`*`Y!+'&!+7!'+b7#*7+`!(+!*a*'3b7#(&(+`!+7!b7!8'&7!%*3+1!*!+7!1&!$&`&!(+!
&18b#+7h!)+'*|!+'&|!b7&!'b3#7&!kb+!(+d&7(&_&!db$%*!$*73&$3*!a+'`*7&1!$*7!
`b`!(#`3'#_b#(*'+`h[!
!
%/)*%?+6%#$")
!!
-&!d&7#&!(+!1&!,1&!G!&d+7&s&!$*7!$*7c+'3#'!&1!6-6!+7!b7!Z7+8*$#*!`#7!
'+1&$#*7+`[!&(c#+'3+!Ob$5&_ih!0`3*!a*('#&!1&`3#d&'!&!1*`!7+34*'5+'`!(+!db$%&`!
d&7+'&`h! .1! b`&'! dl3*(*`! (+! $*73&$3*! &b3*de3#$*Y! $*d*! $*''+*! +1+$3'g7#$*Y!
ae8#7&`! ]+_! i! f&q! &! a+(#(*Y! Ob$5&_i! (#$+Y! Z-&! 8+73+! 1*8'&! 3+7+'! '+(+`! (+!
CPhPPP!a+'`*7&`!kb+!%&$+7!a+(#(*`!b7&!o7#$&!c+s!i!1b+8*!7b7$&!`+!`&_+!de`!
7&(&!(+!+11*`h!0`*!7*!+`!$*7`3'b#'!#78'+`*!'+`#(b&1h[!!
!!
!
01! 7+34*'5! d&'5+3#78! fb7$#*7&! d+j*'! $b&7(*! `+! 1*! d&73#+7+! `#da1+Y!
&f#'d&!Ob$5&_iY!3'&_&j&7(*!$&'&! &!$&'&!i!+`3gd&8*!$*7!1&!8+73+! (#&'#&d+73+h!
Z01!o7#$*!a+8&d+73*!kb+!d&73+7('e!b7#(&!b7&!'+(!(b'&73+!db$%*!3#+da*!+`!1&!
&d#`3&(Y!1+&13&(!i!'+1&$#g7Y[!(+$1&'&h!)*'!+`&!'&sg7Y!Ob$5&_i!a'+(#$+!kb+!1&!,1&!
/!c+'e!b7!'+8'+`*!&1!7+34*'5#78!$&'&!&!$&'&Y!b`&(*!+7!$*7jb7$#g7!$*7!&ib(&`!
3+$7*1g8#$&`!3&1+`!$*d*!;73+'7+3h!!
!
!
)
166
*+/"()A)*&%',+()
!
Z0#7`3+#7! (#j*! kb+! 1&! ?+'$+'&! =b+''&! 6b7(#&1! `+! a+1+&'n&! $*7! &'d&`!
7b$1+&'+`Y!a+'*!1&!>b&'3&!=b+''&!6b7(#&1!`+!a+1+&'n&!$*7!a&1*`!i!a#+('&`Y[!d+!
(#j*! Ob$5&_i! '+$#+73+d+73+h! Z0`*! 3&d_#l7! `+! &a1#$&! &1! 6-6h! -&! ,1&! /! 7*`!
11+c&'e! (+! cb+13&! &! 1*`! a&1*`! i! 1&`! a#+('&`h! -&! 8+73+! 3+7('e! kb+! _&j&'! &! 1&`!
3'#7$%+'&`!i!+7$*73'&'!c+'(&(+'*`!$1#+73+`!+7!&18o7!1&(*h[!!
!
!
0`3*i!(+!&$b+'(*h!-*`!`#`3+d&`!cb+13&!(+!11&c+!7*!ab+(+7!'++da1&s&'!+1!
+`fb+'s*h! .b3*d&3#s&7! 3'&_&j*`! +`$1&c*`! '+a+3#3#c*`! i! (+j&7! de`! 3#+da*! 1#_'+!
a&'&! 1*`! (#`3'#_b#(*'+`h! )+'*! `#! b`3+(! kb#+'+! (+`&''*11&'! b7&! '+(! `g1#(&Y! +`+!
3#+da*!(+_+!`+'!'++7$&bs&(*!&!e'+&`!a'*(b$3#c&`Y!$*d*!c+73&!i!+73'+7&d#+73*!
$&'&! &! $&'&h! Z"+#7c#+'3&! a&'3+! (+1! 3#+da*! i! (#7+'*! &%*''&(*`! +7! (+`&''*11&'!
'+1&$#*7+`Y[!'+$*d#+7(&!Ob$5&_ih!!
!
(":,%!+,?+)'%)&#2",6+!&C#))
!
6b$%*`! (+! +`3*`! +7f*kb+`! fb+'*7! i&! a'+`&8#&(*`! +7! ,1&! Gh! 0`+! 1#_'*!
$*73+7n&!b7!$&an3b1*!3#3b1&(*!Z6e`!&11e!(+!1&!,1&!/[Y!+7!+1!kb+!i*!a'+(+$n&!kb+!
1*`!7+34*'5+'`!(+!$&'7+!i!%b+`*!`+'n&7!b7!$*da*7+73+!#7(#`a+7`&_1+!(+1!7b+c*!
d+'$&(*!#73+'&$3#c*h!,1&!G!fb+!+`$'#3*!+7!CNNG!i!CNN/Y!&73+`!(+!kb+!;73+'7+3!`+!
%#$#+'&! 8'&7(+h! 9#7! +d_&'8*Y! 1&`! $*'a*'&$#*7+`! +`3&(*b7#(+7`+`! i&! +`3&_&7!
db'db'&7(*! &$+'$&! (+! 1&! Z`oa+'! &b3*a#`3&! (+! 1&! #7f*'d&$#g7[! +7! f*'d&! (+!
3+1+c#`#g7!#73+'&$3#c&h!!
!
!
07!&kb+1!$&an3b1*!$#3&_&!&!]&i7+!6$;1c&#7+Y!+q!(#'+$3*'!(+!d&'5+3#78!(+!
1&!&8+7$#&!ab_1#$#3&'#&!6$>&77L0'#$5`*7h!-b+8*!(+!jb_#1&'`+Y!6$;1c&#7+!`+!%&_n&!
$*7c+'3#(*! +7! $*7`b13*'! (+! d&'5+3#78! a&'&! 8'&7(+`! $*'a*'&$#*7+`Y! $*d*!
=+7+'&1!A**(`Y!>&da_+11R`!9*baY!)%#11#a!6*''#`!i!2&_#`$*h!?&d_#l7!`+!$*7c#'3#g!
+7!f#+1!(+f+7`*'!(+1!7+34*'5!d&'5+3#78h!!
!
!
Z2+34*'5! d&'5+3#78! +`! 1&! *1&! (+1! fb3b'*Y[! d+! (#j*h! Z-&`! $*'a*'&$#*7+`!
de`!#da*'3&73+`!i&!`+!c+7!*_1#8&(&`!&!&$+a3&'!+1!%+$%*!(+!kb+!i&!7*!3+7('e7!
3&7! `g1*! $b&3'*! '+(+`! (+! 3+1+c#`#g7! +7! 1&`! $b&1+`! %&$+'! ab_1#$#(&(Y! `#7*! $#+7h!
0`3e7! &7&1#s&7(*! +1! %+$%*! (+! a*(+'! a&8&'! `+#`! %*'&`! (+! 3#+da*! 3+1+c#`#c*! a*'!
(n&!a&'&!%&$+'!c+73&!+(b$&$#*7&1Y!+7!1b8&'!(+!GP!&!IP!`+8b7(*`hhh!07!+`*!+`3e!
1&!8'&7!*a*'3b7#(&(!a&'&!+1!7+34*'5!d&'5+3#78h!)*'kb+!kb#se`!`+&!(#fn$#1!a&'&!1&!
8+73+! (+`$b_'#'! $gd*! &$$+(+'! &! 3*(&! +`3&! #7f*'d&$#g7! `#7! &ib(&! (+! b7!
a'*f+`#*7&1!(+!'+(h[!!
!
/+)*+,+'";+)&#$%,+!$&1+))
!
-*! kb+! 6$;1c&#7+! kb+'n&! (+$#'! +`! kb+! i&! (+! a*'! `#! +1! 7od+'*! (+!
a'*(b$3*`! i! `+'c#$#*`! ab_1#$&(*`! &! 3'&cl`! (+! d+(#*`! #73+'&$3#c*`! $*7fb7(#'n&! i!
(+`&1+73&'n&! &! 1*`! $*da'&(*'+`h! -*`! $*7`bd#(*'+`! `bf'#'n&7! (+! `*_'+$&'8&! (+!
#7f*'d&$#g7h!>b&73&`!de`!*a$#*7+`!+7f'+73+7Y!d+7*`!a'*_&_1+!`+'e!kb+!%&8&7!
+1+$$#*7+`! &(+$b&(&`h! @+1! 1&(*! (+1! a'*c++(*'Y! 1&`! $*da&mn&`! kb+! c+7(+7!
a'*(b$3*`! &! 3'&cl`! (+! d+(#*`! #73+'&$3#c*`! &3'&c+`&'e7! d*d+73*`! &o7! de`!
(#fn$#1+`!a&'&!$&a3&'!1&!&3+7$#g7!(+!1*`!$*7`bd#(*'+`h!9b!d+7`&j+!`+!a+'(+'e!+7!
3&1! d+`$*1&7s&h! .11n! +`! (*7(+! '+`#(+! 1&! a&'&(*j&! (+1! d&'5+3#78! (+1! `#81*!
c+#73#b7*h!!
167
!
!
6e`! kb+! 7b7$&Y!7+$+`#3&d*`!`+'+`!%bd&7*`!kb+!7*`!8bn+7! &! 3'&cl`!(+!
1&! `+1c&! (+`$*7$+'3&73+! (+! a'*ab+`3&`! (#8#3&1#s&(&`Y! kb+! 7*`! db+`3'+7! $gd*!
&$$+(+'! &! 1&! #7f*'d&$#g7! i! (g7(+! +7$*73'&'! 1*`! d+j*'+`! 7+8*$#*`h! @*7(+!
6$;1c&#7+! d+7$#*7&_&! $#+7! $&7&1+`! (+! 3+1+c#`#g7Y! &%*'&! 3+7+d*`! d#11*7+`! (+!
ae8#7&`! ]+_! +7! ;73+'7+3h! 01! a'*_1+d&! 7*! %&$+! de`! kb+! &8'&c&'`+! $*7! $&(&!
&m*!kb+!a&`&h!!
!
'%)10%/$+)+)/+():+(%())
!
07! 1&! +'&! (+! 1&! ,1&! /Y! 1*`! a'*f+`#*7&1+`! (+! '+(! `+'e7! 8bn&`! (+! `&f&'#Y!
*'#+73&7(*! &! 1*`! $1#+73+`! &! 3'&cl`! (+! 1&! `+1c&! (#8#3&1! +7! _b`$&! (+! `b! a'+`&h! 01!
3#+da*!kb+!1*`!7+34*'5+'`!1*8'+7!&%*''&'!a*'!d+(#*!(+!`#`3+d&`!(+!cb+13&!(+!
11&c+Y! `+'e! '+#7c+'3#(*! +7! +1! 7+8*$#*h! )&`&'e7! de`! 3#+da*! (+`&''*11&7(*!
'+1&$#*7+`! (b'&(+'&`! $*7! $1#+73+`! i! `*$#*`h! ?&1! $*d*! c+'+d*`! +7! +1! a'gq#d*!
$&an3b1*Y! 1&`! $*da&mn&`! (+! 6-6! de`! &c&7s&(&`! 3+$7*1g8#$&d+73+! i&! +`3e7!
(&7(*! $&_#(&! &! b7&! 7b+c&! '&s&! (#`a*7#_1+! (+! a'*f+`#*7&1! (+! '+(h! 07! db$%*`!
&`a+$3*`Y! +`3e7! '+3*'7&7(*! &! 1&`! _&`+`! (+1! 6-6! r3'&_&j&'! +`3gd&8*! $*7!
+`3gd&8*!i!$&'&!&!$&'&!$*7!$1#+73+`!i!`*$#*`r!*3*'8&7(*!+q&$3&d+73+!1&!$1&`+!
(+! 3*kb+! %bd&7*! kb+! 1&! 8+73+! 7+$+`#3&! i! &7%+1&! +7! b7&!`*$#+(&(! (#8#3&1h! Z-&!
8+73+! 3+'d#7&'e! a*'! _b`$&'! '+1&$#*7+`Y[! &f#'d&! Ob$5&_iY! Z+7! 1&`! kb+! `#+73&7!
kb+! ab+(+7! $*7f#&'! +7! 1&! l3#$&! (+! 1&`! a+'`*7&`Y! 1*8'&'! &a*i*! a+'`*7&1! a&'&!
(+`&''*11&'! $&a&$#(&(+`! $*d+'$#&1+`Y! i! `#da1+d+73+! 3'&_&j&'! +7! b7&!
*'8&7#s&$#g7!$*7!8+73+!kb+!1+`!&8'&(+!i!&!kb#+7+`!'+`a+3+7h[!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
168
!DEFGHIJ)$,&#$+)A)0#")
)
%I)$JuHL)=HZDOJ)
!
!
>*7!1&!a'+`+73&$#g7Y!+7!`+a3#+d_'+!(+!CNNNY!(+!Sb#q3&'h$*d! L1&! ae8#7&!
(+!$*d+'$#*!+1+$3'g7#$*!(+!.d4&iL!1&!$*'a*'&$#g7!`+!$*7c#'3#g!(+!1&!7*$%+!&!1&!
d&m&7&! +7! b7! 8#8&73+! (+! ;73+'7+3h! O&$+! 3#+da*! kb+! .d4&i! #7c#+'3+! `b`!
d&`#c*`! '+$b'`*`! f#7&7$#+'*`! +7! &`+8b'&'`+! kb+! `b`! (#`3'#_b#(*'+`! 3+78&7! 1*`!
o13#d*`! `#`3+d&`! ,1&! /h! 2*! *_`3&73+Y! 7#78o7! &$$+`*'#*! %&! a'*c*$&(*! $&d_#*`!
+7!1*`!&`a+$3*`!_e`#$*`!(+1!7+8*$#*h!-&!#73+'&$$#g7!$&'&!&!$&'&!`#8b+!`#+7(*!1&!
+`a#7&! (*'`&1! (+! 1&! (#`3'#_b$#g7! +q#3*`&! (+! .d4&ih! .o7! +7! d+(#*! (+! 1&!
$*7d*$#g7!$&b`&(&!a*'!1&!&13&!3+$7*1*8n&Y!1*!kb+!$*7`3'bi+!i!d&73#+7+!'+(+`!+`!
+1!3*kb+!%bd&7*h!!
!
!
Q*+!i!@*'#`!9%&4!'+`bd+7!+1!+7f*kb+!$&'&!&!$&'&!kb+!%&$+!fb7$#*7&'!&1!
7+34*'5! d&'5+3#78! +7! 1&! +'&! (+! 1&! ,1&! /h! -*! d&73#+7+7! `#da1+h! Q*+! i! @*'#`!
%&$+7! &d#8*`! i! 1*`! &ib(&7! &! 3'#b7f&'! +7! .d4&ih! Q*+! i! @*'#`Y! jb_#1&(*`! i!
`+q&8+7&'#*`Y! `+! 7b3'+7! (+! `b! +qa+'#+7$#&! (+! 3*(&! 1&! c#(&! a&'&! (+`&''*11&'! i!
d&73+7+'! '+1&$#*7+`h! .b`a#$#&7! i! +73'+7&7! a'*`a+$3*`! $*7! 1&! d#`d&! &d&_1+!
a'+*$ba&$#g7!$*7!1&!kb+!$'#&'*7!&!`b`!`+#`!%#j*`h!)b+(+!%&_+'!`#`3+d&`!(+!&13&!
3+$7*1*8n&!`b_i&$#+7(*!+7!`b!7+8*$#*Y!a+'*!Q*+!i!@*'#`!(+a*`#3&7!`b!f+!+7!b7&!
`*7'#`&! $e1#(&! i! b7&! &$3#3b(! (+! a'+*$ba&$#g7h! .1! #8b&1! kb+! d#11*7+`! (+! *3'*`!
a'*f+`#*7&1+`!(+!'+(Y!1+!(&7!b7!3*kb+!%bd&7*!&1!d+'$&(*!(#8#3&1h!!
!
(%+)0($%')6&(6"))
!
Q*+!9%&4Y!(*$+73+!jb_#1&(*Y!#78'+`g!&1!7+8*$#*!`#7!3+7+'!+qa+'#+7$#&!+7!
c+73&`h! )+'*! a'*73*! (+`$b_'#g! kb+! a*(n&! d&7+j&'! b7&! +q#3*`&! *a+'&$#g7! (+!
c+73&! d#7*'#`3&! `#da1+d+73+! `#+7(*! l1! d#`d*h! B7*! (+! 1*`! %#j*`! (+! Q*+! +'&!
a&'&dl(#$*! i! a&`&_&! 1&! d&i*'! a&'3+! (+! `b! 3#+da*! +7! b7&! _&`+! *a+'&3#c&! (+!
&d_b1&7$#&`h! -b+8*! (+! c+7(+'! a'*(b$3*`! (+! 1#da#+s&! &! 1&! $*da&mn&! (+!
&d_b1&7$#&`! a&'&! 1&! kb+! 3'&_&j&_&! `b! %#j*Y! Q*+! `+! $*7c#'3#g! +7! a'*c++(*'!
%&_#3b&1h!9+!1+!*$b''#g!kb+!a*('n&!1*8'&'!&$b+'(*`!$*7!*3'*`!7+8*$#*`!(+!1&!s*7&!
(+1! d#`d*! d*(*h! Z@+! 3*(&`! d&7+'&`Y! i&! $*''n&! %&_#3b&1d+73+! &! 1*`! $b&3'*!
'#7$*7+`! (+1! a&n`[!$*d+73&!Q*+Y! Za*'!1*!3&73*Y!#d&8#7l! kb+! &`n! #_&! &!11+7&'!1*`!
3#+da*`!*$#*`*`!+7!+1!$&d#7*Y!&!1*!1&'8*!(+!1&!$&''+3+'&h[!!
!
!
Q*+! $*d+7sg! &! (+3+7+'`+! +7! 3*(*`! 1*`! 7+8*$#*`! a*'! 1*`! kb+! a&`&_&h!
-b+8*! (+! a'+`+73&'`+! &73+! +1! (b+m*! *! +1! 8+'+73+Y! (+$n&! Z3+78*! b7&! 'b3&! (+!
(#`3'#_b$#g7!(+!a'*(b$3*`!a&'&!$*d+'$#*`!i!+1+8n!1*`!(+!1&!d&'$&!.d4&i!a*'kb+!
+`! b7&! _b+7&! $*da&mn&Y! $*7! _b+7*`! a'*(b$3*`! i! 8&'&73n&! (+! (+c*1b$#g7!!
(+! (#7+'*h[! -&`! '+&$$#*7+`! c&'#&_&7h! .18b7&`! a+'`*7&`! `ba*7n&7! kb+! Q*+!
#73+73&_&! &`*$#&'1*`! &1! 7+8*$#*! .d4&ih! 07! +`*`! $&`*`Y! Q*+! 1*`! 3'&7kb#1#s&_&h!
Z2*!+`3*i!&$e!a&'&!&`*$#&'1*`[!1+`!(+$n&h!Z0`3*i!&$e!a&'&!c+7(+'1+`!a'*(b$3*`h!
)&`*! (*`! c+$+`! a*'! d+`h! 9#! +`3*i! $b&7(*! 7+$+`#3+7! a'*(b$3*`Y! %&_'l! 1*8'&(*!
b7&!c+73&h[!!
!
!
169
:+;+)*,%(&C#))
)
-&! _&j&! a'+`#g7! +`! 1&! $1&c+! (+1! +7f*kb+! (+! Q*+h! 2*!*_1#8&! &! 7&(&! &! 1*`!
a'*`a+$3*`h! .73+`! (+! #'`+Y! Q*+! 1+`! a'+8b73&Y! $*7! 3*(&! +(b$&$#g7Y! `#! 1+`!
d*1+`3&'n&!kb+!a&'+!&11n!1&!a'gq#d&!c+s!kb+!$bda1&!`b!'b3&h!-&!d&i*'n&!+`3e!(+!
&$b+'(*h! 073*7$+`! $*7`#8b+! +1! 7*d_'+Y! (#'+$$#g7! i! 3+1lf*7*! (+1! a'*`a+$3*! i!
(+j&!b7!$&3e1*8*!.d4&i!i!b7&!$&j&!(+!j&_g7!&73#_&$3+'#&1!0FCJCh!!
!
!
Z01!j&_g7!'+db+c+!*1*'+`[!(+$1&'&!Q*+h!Z"+db+c+!*1*'!&!$+_*11&Y!&!&j*Y!&!
7&f3&! i! &! kb+'*`l7Y! 3*(*! +7! b7! `*1*! 1&c&(*h[! -#da#+s&! i! d&73+7#d#+73*! `*7!
3&'+&`!kb+!3*(*`!1*`!a+kb+m*`!7+8*$#*`!3#+7+7!+7!$*do7h!07!1&!d&i*'n&!(+!1*`!
$&`*`Y! 1*`! a'*`a+$3*`! (+! Q*+! 7*! ab+(+7! '+`#`3#'! b`&'! +1! j&_g7! (b'&73+! 1&`! (*`!
`+d&7&`!a'+c#&`!&!c*1c+'!&!c+'1*h!Z@+!+`&!d&7+'&Y[!&f#'d&!Q*+Y!Z3+7+d*`!3+d&!
(+!$*7c+'`&$#g7!$b&7(*!cb+1c*!&1!1b8&'h[!!
!
0#+)!+,+)+6&?+:/%))
!
Q*+! 7*! `#+73+! 7#78b7&! a'+`#g7! +7! $+''&'! b7&! c+73&! i! 7*! a'+`#*7&! +7!
&_`*1b3*!&!`b`!a'*`a+$3*`h!9&_+!kb+!`#!`#8b+!i+7(*!'+8b1&'d+73+Y!f#7&1d+73+!l1!
&a&'+$+'e! +7! +1! d*d+73*! jb`3*! +7! +1! kb+! b7! a'*`a+$3*! 7+$+`#3+! &18*h! Z-&!
d&i*'n&!(+!1*`!c+7(+(*'+`!kb#+'+7!%&$+'!`b!c+73&!+7!1&!a'#d+'&!c#`#3&Y!a+'*!1&!
d&i*'n&! (+! 1*`! $1#+73+`! 7*! $*da'&! %&`3&! 1&! kb#73&! c#`#3&! &f#'d&! Q*+h! Z\*! `#8*!
(+`&''*11&7(*!1&!'+1&$#g7h[!!
!
!
Q*+! _b`$&! $*7c+7#'`+! +7! a&'3+! (+! 1&! 'b3#7&! (+1! a'*`a+$3*h! .1! &a&'+$+'!
ab73b&1d+73+! $&(&! (*`! `+d&7&`Y! `+! +`3&_1+$+! +7! `b`! d+73+`! $*d*! a+'`*7&!
ab73b&1!i!$*7f#&_1+Y!Z-&!'+1&$#g7!8'&(b&1d+73+!`+!+73#_#&[!(#$+h!Z>b&7(*!11+8&7!
&1! ab73*! +7! +1! kb+! ab+(+7! $*7f#&'! +7! dnY! $*d#+7s&7! &! $*da'&'h! 9*i! 1&! $&'&!
&d#8&_1+!kb+!&a&'+$+!$&(&!(*`!`+d&7&`!i!3*d&!`b`!a+(#(*`h[!!
!
?%,%#$%)'%)!0%#$+)*%,("#+/))
!
?l$7#$&d+73+Y!1*`!$1#+73+`!7*!7+$+`#3&7!&!Q*+!a&'&!%&$+'!b7!a+(#(*h!B7&!
c+s!kb+!3#+7+7!b7!$&3e1*8*!.d4&iY!ab+(+7!a+(#'!1*!kb+!kb#+'&7!a*'!3+1lf*7*!i!
'+$#_#'1*!+7!(*`!(n&`h!B`&7!+1!7od+'*!(+!);2!(+!Q*+!a&'&!%&$+'!b7!a+(#(*Y!&`n!
l1!$*_'&!`#+da'+!&b7kb+!7b7$&!de`!c+&!&1!$1#+73+h!)+'*!Q*+!+1#8+!3+7+'!+1!a&a+1!
(+! 8+'+73+! (+! $b+73&!a+'`*7&1h! 9b`!c#`#3&`!1+`! '+$b+'(&7! &!1*`!$1#+73+`! kb+! +`!
%*'&! (+! a+(#'! (+! 7b+c*h! Q*+! $*73+`3&! a'+8b73&`! i! '+$*d#+7(&! a'*(b$3*`h! 9b!
a'+`+7$#&! a+'`*7&1! &`+8b'&! kb+! 1*`! $1#+73+`! 7*! (+j&'e7! +1! $&3e1*8*! (+! 1&(*! i!
kb+!7*!`+!*1c#(&'e7!(+!l1h!!
!
!
>*d*! c#`#3&73+! '+8b1&'Y! Q*+! 3&d_#l7! ab+(+! +c&1b&'! &! `b`! $1#+73+`! i!
(+$#(#'! $be7(*! +`! +1! d*d+73*! $*''+$3*! (+! a'*d*$#*7&'1+`! 1&! *a*'3b7#(&(! (+!
7+8*$#*`! .d4&ih! 9b! dl3*(*! a'e$3#$*! +`! +`a+'&'! &! kb+! %&i&7! a+(#(*! CIF!
(g1&'+`! +7! a'*(b$3*`! +1! a'+$#*! (+! b7! 5#3! (+! #7#$#*!(+! .d4&ih! Q*+! 1+! `+m&1&! &1!
$1#+73+! kb+! 1*`! d#`d*`! CIF! (g1&'+`! kb+! 8&`3g! a&8&7(*! +1! a'+$#*! d#7*'#`3&! 1*`!
a*('n&!%&_+'!b`&(*!a&'&!#7#$#&'`+!$*d*!(#`3'#_b#(*'!(+!.d4&iY!$*da'&7(*!1*`!
a'*(b$3*`!&!a'+$#*!d&i*'#`3&Y!i!1b+8*!1*8'&'!8&7&7$#&`!c+7(#l7(*`+1*`!&!*3'*`h!
>*d*!`#+da'+Y!Q*+!d&73#+7+!a*$&!a'+`#g7h!Z.18b7*`!1*!%&$+7Y!*3'*`!7*Y[!&f#'d&!
Q*+h!Z.1'+(+(*'!(+1!FG!a*'!$#+73*!`+!&`*$#&!&1!7+8*$#*h[!!
!
!
170
%#!0%#$,%)(0)=S:&$"))
!
)&'&! Q*+Y! 1&! 'b3&! $*d+'$#&1! '+`b13&! b7! dl3*(*! a&'&! 3'&_&j&'! +7! +1!
7+8*$#*Y! kb+! +`3e! _#+7! &(+$b&(*! &! `b! a+'`*7&1#(&(h! 07! `b! 'b3&Y! Q*+! ab+(+!
a*7+'! &! (#`a*`#$#g7! `b`! `+'c#$#*`! $*7`#`3+73+d+73+Y! `#7! #da*7+'`+! `*_'+! +1!
3#+da*! *! 1&! a&$#+7$#&! (+! 1&! 8+73+h! -&! a&'3+! de`! (#fn$#1! (+1! 3'&_&j*! 1&! %&$+! 1&!
$*da&mn&h! .d4&i! 3*d&! 1*`! a+(#(*`Y! 1*`! +7cn&! (+`(+! +1! (+ag`#3*! i! a&`&! 1&`!
$*d#`#*7+`! a*'! `b! `#`3+d&! (+! $*73&_#1#(&(! $*dab3&'#s&(*h! -*! o7#$*! kb+! 3#+7+!
kb+!%&$+'!Q*+!+`!`+'!l1!d#`d*h!!
!
!
Z>*d*!(*$+73+Y!7b7$&!d+!a*(n&!#'!(+1!&b1&Y[!&f#'d&!Q*+h!Z0`3bc+!&3&(*!&!
+`&! &b1&! (b'&73+! 3'+#73&! i! (*`! &m*`Y! c#+7(*! &! 1&`! d#`d&`! a+'`*7&`! 3*(*`! 1*`!
(n&`h! 07! d#! 'b3&Y! ab+(*! `&1#'! i! $*7(b$#'! a*'! &%nY! i! %&_1&'! $*7! (#f+'+73+`!
a+'`*7&`h!0`!dbi!&8'&(&_1+h[!)+'*Y!d#+73'&`!`+!'+1&j&!i!(#`f'b3&!(+1!&#'+!1#_'+Y!
Q*+! 3&d_#l7! (+`&''*11&! b7! 7+8*$#*! `+'#*h! .%*'&! 3#+7+! de`! (+! CJH! $1#+73+`!
'+8b1&'+`!+7!`b!'b3&h!!
!
%#)!0+/W0&%,)/+'")A)%#)$"'"()/+'"())
!
Z2*!3*(*`!1*`!(#`3'#_b#(*'+`!3#+7+7!kb+!`+'!c+7(+(*'+`!d#7*'#`3&`[!&f#'d&!
@*'#`Y!Z7#!3*(*`!1*`!c+7(+(*'+`!d#7*'#`3&`!3#+7+7!kb+!`+'!(#`3'#_b#(*'+`h[!@*'#`!
+1#8#g! b7! +7f*kb+! de`! &8'+`#c*! a&'&! 1&! $*7`3'b$$#g7! (+1! 7+8*$#*h! .73+`! (+!
&`*$#&'`+! &! .d4&iY! i&! %&_n&! $'+&(*! c&'#&`! +da'+`&`! +q#3*`&`Y! #7$1bi+7(*!
`+8b'*`Y! $*''+3&j+! (+! c&1*'+`Y! b7&! f#'d&! (+! $*73&_#1#(&(! i! b7&! &8+7$#&! (+!
_#+7+`!'&n$+`!$*7!d&7+j*!(+!a'*a#+(&(+`!a*'!c&1*'!(+!/!d#11*7+`!(+!(g1&'+`h!!
!
!
!
>b&7(*! b7&! (+! `b`! %#j&`! 1+`! a'+`+73g! &! Q*+! i! @*'#`! 1&! *a*'3b7#(&(!
.d4&i!fb+!@*'#`!1&!kb+!#7d+(#&3&d+73+!c#*!+1!a*3+7$#&1!(+!(+`&''*11&'!#78'+`*!
'+`#(b&1Y!i!fb+!+11&!1&!kb+!3*dg!+1!1#(+'&s8*!+7!1&!$*7`3'b$$#g7!i!+1!d&7+j*!(+1!
7+8*$#*h!9b!+7f*kb+!+`!`#da1+h!@*'#`!a'*d*$#*7&!+1!7+8*$#*!+7!$b&1kb#+'!1&(*!i!
+7!3*(*`!1&(*`Y!&!kb#+7!+`$b$%+h!Z2*!%&8*!7#78b7&!a'*a&8&7(&Y[!&f#'d&h!Z?*(&!
d#! ab_1#$#(&(! +`! c+'_&1h[! -&! a+kb+m&! $*db7#(&(! &8'#$b13*'&! (+! 0(d*'+Y!
6#$%#8&7!(*7(+!+11*`!c#c+7Y!(#fn$#1d+73+!`+&!b7!`+d#11+'*!(+!&$3#c#(&(!$*d+'$#&1h!
)+'*Y! +73'+! &d#8*`Y! f&d#1#&'+`! i! $*d+'$#&73+`! 1*$&1+`Y! @*'#`! 7*! %&! +7$*73'&(*!
f&13&!(+!a'*`a+$3*`h!?&da*$*!'+`3'#78+!`b!_o`kb+(&!&!1*`!1*$&1+`h!!
!
!
@*'#`! $b+73&! kb+!&`*$#g!&! b7&! a+'`*7&! 1b+8*!(+!$*7c+'`&'!+7!b7!cb+1*!
(+!1&'8&!(#`3&7$#&h!01!%*d_'+!'+8'+`g!&!`b!%*8&'!i!$*d+7sg!b7&!7b+c&!1n7+&!(+!
1&! '+(! (+! @*'#`! #+7! .1+d&7#&x! ZB`3+(! (+_+! `&1#'! (+! `b! s*7&! $gd*(&Y[! &f#'d&Y!
3&73*!8+*8'ef#$&!$*d*!a`#$*1g8#$&d+73+h[!!
!
0#+)6+#")W0%)+A0'+))
!
@*'#`!7*!$*''+!a+1#8'*!(+!`b$bd_#'!&!1&!Z6&7n&!(+!1&!,1&!/h[!.!a+`&'!(+1!
+q$+`*!(+!`#`3+d&`!(+!&a*i*!b13'&d*(+'7*`!(+!.d4&iY!@*'#`!`&_+!kb+!`b!'+(!
7+$+`#3&!&3+7$#g7!a+'`*7&1#s&(&h!\&!&73+'#*'d+73+Y!(+`$b_'#g!kb+!a&`&_&!3&73*!
3#+da*!a'+a&'&7(*!&!`b`!&`*$#&(*`Y!kb+!`+'n&!de`!+f#$#+73+!+7`+m&'1+`!&!3*(*`!
(+!b7&!c+sY!+7!b7&!$1&`+!'+8b1&'h!.$3b&1d+73+Y!@*'#`!*f'+$+!b7!$b'`*!(+!*$%*!
(n&`Y! $bi&`! $1&`+`! `*7! b7! f#7! (+! `+d&7&! a*'! d+`Y! (b'&73+! $b&3'*! d+`+`h! -&`!
$1&`+`!`+!$*da*7+7!(+!$#7$b+73&!&!*$%+73&!a+'`*7&`Y!i!&_&'$&7! (+f#7#$#g7!(+!
d+3&`Y! f*'d&`! (+! a'*`a+$3&'Y! i! +`3'&3+8#&`! a&'&! $&1#f#$&'! +7! (#f+'+73+`! 7#c+1+`!
171
(+!$*d#`#g7!+7!+1!a1&7!(+!$*da+7`&$#g7!(+!.d4&ih!Z-+!+7`+m&d*`!&!1&!8+73+!
$gd*!`+'!+da'+`&'#*`[!(#$+!@*'#`h!!
!
!
?&d_#l7! *f'+$+! 3+1+$*7f+'+7$#&`! 3*(*`! 1*`! d#l'$*1+`! a*'! 1&! 7*$%+Y! $*7!
+73'+7&d#+73*! (+! c+73&`! i! d*3#c&$#g7h! Z?+7+d*`! &a'*q#d&(&d+73+! CMP!
1*$&1#(&(+`!kb+!'+$#_+7!+`&!3+1+$*7f+'+7$#&Y[!$*d+73&!@*'#`h!07!$&(&!1*$&1#(&(!
`+! '+o7+7! 8'ba*`! (+! a+'`*7&`Y! a&'&! +`$b$%&'! a*'! &13*a&'1&73+`h! Z9+! ab+(+7!
'+b7#'! +7! `b`! a'*a#*`! %*8&'+`! *! $*7! `b! ba1#7+! *! `b! '+(Y! i! d*`3'&'! +1! a1&7! &!
7b+c*`!a'*`a+$3*`h[!!
!
+/$+)$%!#"/"?e+d)+/$")!"#$+!$"))
!
6#+73'&`! +`3+!1#_'*!c&! &!#da'+`#g7Y!.d4&i! +`3e!+7!a'*$+`*!(+!kb#3&'!+1!
c+1*! &! Sb#q3&'h$*dh! 01! d&3'#d*7#*! 9%&4! +`a+'&! &_'#'! 7b+c*`! d+'$&(*`! +7! +1!
$#_+'+`a&$#*h!)+'*!7*!a#+7`&7!`+73&'`+!i!(+j&'!kb+!1&!;73+'7+3!%&8&!+1!3'&_&j*h!
Z2*!c&!&!`+'!1&!a&7&$+&Y[!$*d+73&!@*'#`h!Z2*!`+'e!`bf#$#+73+!(+$#'1+!`*1&d+73+!
&!1*`!$1#+73+`Y!+`3&'7*`!+7!;73+'7+3Y!+`3+!+`!d#!7od+'*Y!o`+1*h!0`+!+7f*kb+!7*!
(&'e!1*`!'+`b13&(*`!kb+!+`3&d*`!_b`$&7(*h[!!
!
!
.`n!$*d*!1&!&d#8&_1+!$&'&!(+!Q*+!d&73#+7+!+7!&$3#c#(&(!&!1*`!$1#+73+`!(+!
`b! 'b3&! $*d+'$#&1Y! (+! #8b&1! d&7+'&! a#+7`&7! 1*`! 9%&4! $*da1+d+73&'! 1&!
#73+'&$$#g7! (+! &13&! 3+$7*1*8n&! (+! Sb#q3&'h$*d! $*7! &18*! (+! 1&! &73#8b&!
#73+'c+7$#g7!(+!`b!Z&13*!$*73&$3*[!a+'`*7&1h!Z;73+'7+3!ab+(+!`+'!dbi!$*7fb`&Y[!
&f#'d&! @*'#`h! ZE*i! &! %&$+'! 1*! kb+! ab+(&! a&'&! %&$+'1&! de`! `+7$#11&! a&'&! 1&!
8+73+h! E*i! &! %&_1&'! $*7! +11*`! i! (+`$b_'#'! `b`! 7+$+`#(&(+`! i! d*`3'&'1+`! $gd*!
+7$*73'&'! +7! Sb#q3&'h$*d! 1*! kb+! kb#+'+7h! -*`! c*i! &! 11+c&'! a*'! 3*(&`! 1&`!
fb7$#*7+`Y!(+!f*'d&!3&1!kb+!`+!`#+73&7!$gd*(*`!b`e7(*1&h[!!
!
6"'%/"()&6*,":+:/%())
!
01! d&3'#d*7#*! 9%&4! `+! &`*$#g! &! .d4&i! +7! CNNHh! 9b! lq#3*! %&! `#(*!
d+3+g'#$*h! .! `g1*! (*`! &m*`! (+! &`*$#&'`+Y! `+! $*7c#'3#+'*7! +7! @#&d&73+`!
0j+$b3#c*`! b7! 7#c+1! 3*a! (+! $*d#`#*7+`! (+! .d4&ih! 07! `b! 3+'$+'! &m*! +7! +1!
7+8*$#*Y! %&_n&7! 3'#a1#$&(*! +1! #78'+`*! f&d#1#&'! &73+'#*'! &! .d4&ih! ZO&! 3'&n(*! b7!
8'&7!$&d_#*! &!7b+`3'&`!c#(&`Y[!$*d+73&!@*'#`h!Z-&!jb_#1&$#g7!kb+!3+7n&d*`!7*!
7*`!a+'d#3n&!c#&j&'!db$%*h!)+'*!&%*'&!c&d*`!&!3*(*`!1&(*`h!
!
!
0`3bc#d*`! +7! O&4&##Y! )b+'3*! "#$*Y! 93h?%*d&`Y! .'b_&h!
@*'#`!_b`$&!$*da&'3#'!`b!lq#3*!$*7!*3'*`h!ZSb#+'*!kb+!1&!8+73+!`+!(l!$b+73&!(+!
kb+! +`3*! 7*! +`! &18*! (#fn$#1! i! $*da1#$&(*h! ,3'&`! a+'`*7&`! ab+(+7! 3'#b7f&'Y! `#!
a*7+7! +1! d#`d*! +da+m*! kb+! 7*`*3'*`h[! -*`! (*`! $#b(&(&7*`! d&i*'+`! (+!
0(d*'+Y! 6#$%#8&7Y! a'e$3#$&d+73+! 7*! a&'+$+7! 1*`! 3na#$*`! d*(+1*`! (+! +da'+`&!
(+1! `#81*! ::;h! )+'*! 1&`! a+'`*7&`! $*d*! +11*`! `*7! 1&`! kb+! *3*'8&7! +1! 3*kb+!
%bd&7*!kb+!%&$+!fb7$#*7&'!1&!+$*7*dn&!#73+'&$3#c&h!!
!
!!
!
!
!
!
!
172
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
2,E02.!)."?0!
!
!
,-.!/!
!
!
?&d#s&'!i!01+8#'!
173
!DENGHIJ)$,%&#$+)A)'"()
)
'LKTDINiNTDP)*PJKELTGJK)
!
!
!
>&'1&! 6&77+`! +`3&_&! &7`#*`&h! A#7&1d+73+! %&_n&! &3'&a&(*! &! b7! a+s!
'+&1d+73+! 8*'(*! rb7! `ba+'c+7(+(*'! kb+! %&_n&! 8&7&(*! de`! (+! CHPhPPP!
(g1&'+`!&1!&m*!$*d*!&8+73+!(+!_*1`&h!>b&7(*!a+'(#g!`b!3'&_&j*Y!+1!%*d_'+!`+!
c#*! '+(b$#(*! &! c+7(+'! a'*a&7*! a&'&! b7&! $*da&mn&! (+! 8&`! rb7! 3'&_&j*! kb+!
*(#&_&Y!a*'kb+!+'&!(+!(#fn$#1!c+73&!i!1*!d&73+7n&!c#&j&7(*Y!&1+j&(*!(+!`b!f&d#1#&h!
01!%*d_'+!+'&!j*c+7Y!+7l'8#$*!i!&_#+'3*!&1!$&d_#*h!>b&7(*!>&'1&!1+!$*73g!`*_'+!
`b! *a*'3b7#(&(! 9%&51++Y! #7d+(#&3&d+73+! +`3bc*! (+! &$b+'(*! +7! kb+! `+!
+7$*73'&'&7!a&'&!(#`$b3#'1*!d+j*'h!
!!
!
-&d+73&_1+d+73+Y! 1&! (+`#1b`#g7! `+! #7`3&1g! +7! `b! a'#d+'&! '+b7#g7h! >&'1&!
$*d+7sgY! $*d*! `#+da'+Y! a#(#l7(*1+! &! `b! a'*`a+$3*! kb+! +`3&_1+$#+'&! `b`!
*_j+3#c*`h! ZSb#+'*! 8&7&'! CPPhPPP! (g1&'+`! a*'! &m*Y! +7! b7! 1&a`*! (+! (*`! &m*`[!
&f#'dgh! 073*7$+`! >&'1&! $*d+7sg! &! +qa1#$&'! 1*! kb+! #da1#$&_&! &1$&7s&'! +`+!
*_j+3#c*!+7!+1!a1&7!9%&51++h!?+7('n&!kb+!&`*$#&'!i!a'+a&'&'!&!b7!dn7#d*!(+!(#+s!
a+'`*7&`! $*7`3'b$3*'&`! (+! '+(Y! 1+! (#j*! >&'1&Y! i! $&(&! b7&! (+! +11&`! 3+7('n&! kb+!
11+8&'! &1! 7#c+1! (+! $**'(#7&(*'&! r1*! kb+! `#87#f#$&_&! kb+! 3+7('n&7! kb+! 3+7+'!
*'8&7#s&$#*7+`! (+! 3'+`! &! $b&3'*! 7#c+1+`Y! i! kb+! 3+7('n&7! kb+! +`3&'! 8&7&7(*! b7!
a'*d+(#*! (+! IPhPPP! (g1&'+`h! .! d+(#(&! kb+! %&_1&_&Y! >&'1&! `+! (&_&! $b+73&! (+!
kb+! +1! %*d_'+! a&'+$n&! +`3&'! #7kb#+3*! a*'! &18*h! Z0`3*! `#87#f#$&! kb+! (+! c+'(&(!
c*i! &! 3+7+'! kb+! `&1#'! &! 3'&_&j&'Y[! (#j*! f#7&1d+73+Y! (+`(#$%&(*h! Z)+7`l! kb+! +1!
7+34*'5! d&'5+3#78! `#87#f#$&_&! kb+! `#da1+d+73+! 3+7n&! kb+! +7$*73'&'! &! b7&! *!
(*`!a+'`*7&`!_b+7&`!i!kb+!+11*`!(+`&''*11&'n&7!1&!*'8&7#s&$#g7!a*'!dnh[!!
!
("#&'"()'%)+/+,6+))
!
O&$n&!_&`3&73+!3#+da*!kb+!>&'1&!+`3&_&!+7!+1!7+8*$#*Y!i!a*(n&!'+$*7*$+'!
b7! a'*_1+d&! $b&7(*! 1*! +`$b$%&_&h! -&`! a&1&_'&`! (+1! %*d_'+! %#$#+'*7! `*7&'!
3*(&`! 1&`! &1&'d&`! +7! `b! $&_+s&h! .! a+`&'! (+! 1&`! &a&'#+7$#&`Y! 7*! +'&! b7! _b+7!
a'*`a+$3*h!E+n&!&1!7+34*'5!d&'5+3#78!$*d*!b7&!&'3#d&m&Y!7*!$*d*!b7!7+8*$#*h!
2*! +`3&_&! (#`ab+`3*!&! 3'&_&j&'!+7!l1h! -&`!`*`a+$%&`! (+! >&'1&!7*!%#$#+'*7! de`!
kb+! a'*fb7(#s&'`+! $b&7(*! 1+! a#(#g! &1! %*d_'+! kb+! %#$#+'&! b7&! 1#`3&! $&1#+73+! (+!
$*73&$3*`! a+'`*7&1+`! i! a'*f+`#*7&1+`h! Z?+78*! b7&! 1#`3&! (+! $#+7! a+'`*7&`! &! 1&`!
kb+! $*7*s$*Y[! `+! j&$3gh! )+'*! $b&7(*! >&'1&! #73+73g! +q#8#'1+! kb+! (+f#7#+'&! &!
$be1+`!(+!`b`!a'*`a+$3*`!$*73&$3&'n&!a'#d+'*Y!+1!%*d_'+!`+!ab`*!+c&`#c*h!!
!
!
!
.'8bd+73l! kb+! 7#78b7*! (+! `b`! a'*`a+$3*`! a&'+$n&! &(+$b&(*! a&'&! +1!
6-6h! @+! %+$%*Y! &1! %*d_'+! 1*! &c+'8*7s&_&! &(d#3#'! &73+! &18b7*! (+! `b`!
$*73&$3*`! $*d+'$#&1+`! kb+! +`3&_&! #7c*1b$'&(*! +7! +1! 7+34*'5! d&'5+3#78h!!
Z>'+*!kb+!+`3&!*a*'3b7#(&(!7*!+`!a&'&!b`3+(Y[!1+!(#j*!>&'1&!f#7&1d+73+h!Z?+d*!
kb+!`+!#7c*1b$'+!+7!+`3*!i!7*!`+&!1&!$1&`+!(+!+qa+'#+7$#&!kb+!kb#+'+Y!a*'kb+!7*!
+`3e!(#`ab+`3*!&!a*7+'!+1!$*da'*d#`*!7+$+`&'#*Y[!>*7!+`*Y!(#*!a*'!f#7&1#s&(&!1&!
+73'+c#`3&Y! >&'1&! %&_n&! a+'(#(*! b7&! %*'&! *! de`Y! a+'*! +`*! 7*! +'&! 7&(&!
$*da&'&(*!$*7!1*`!(*1*'+`!(+!$&_+s&!kb+!%b_#+'&!3+7#(*!`#!%b_#+'&!$*73#7b&(*!
174
i! &`*$#&(*! &1! %*d_'+h! >&'1&! `&_n&! a*'! +qa+'#+7$#&! a'*a#&! kb+! +`&! $1&`+! (+!
8+73+!a&`&!db$%*!3#+da*!kb+je7(*`+!a+'*!a'*(b$#+7(*!a*$*h!
!
!
-*! d+j*'! +'&! (+`$&1#f#$&'! 1*`! #7d+(#&3&d+73+h! .1! #(+73#f#$&'! +1! a'*_1+d&!
+7`+8b#(&Y!>&'1&!ab(*!$*'3&'!`b`!al'(#(&`!i!`+8b#'!'ea#(&d+73+!$*7!a'*`a+$3*`!
de`!a'*d+3+(*'+`h!!
!
$+6&7+,)A)%/%?&,)
!
-*`! 7+34*'5+'`! $*7`bd&(*`! `*7! d&+`3'*`! +7! Z3&d#s&'! i! +1+8#'[!!
&a&'3&7(*! 1*`! a'*`a+$3*`! _b+7*`! (+! 1*`! d&1*`! i! a+'(#+7(*! +1! d+7*'! 3#+da*!
a*`#_1+! $*7! +`3*`! o13#d*`h! 01! &8bs&(*! jb#$#*! (+! >&'1&! a&'&! +q&d#7&'! &! `b`!
a'*`a+$3*`!`+!%&!#(*!ab1#+7(*Y!&!1*!1&'8*!(+!1*`!&m*`Y!a*'!b7!$*7jb73*!o7#$*!(+!
+qa+'#+7$#&`h! @+`(+! `b! 3+da'&7&! #7f&7$#&Y! >&'1&! +`3bc*! #7d+'`&! +7! +1! db7(*!
(+1! 6-6h! 9b`! a&('+`! +'&7! a+`*`! a+`&(*`! (+! 9%&51++h! .$3b&1d+73+! >&'1&! %&!
3*d&(*! +1! 7+8*$#*! (+! +11*`! r! a+'*! 7*! `#7! &73+`! %&_+'! a&`&(*! &m*`! (&7(*!
a'b+_&`! (+! `b! c&1*'! +7! +1! db7(*! (+! 1&`! c+73&`! $*'a*'&3#c&`! (+! &13&! a*3+7$#&h!!
Z>'+$n! +7! +1! 7+34*'5! d&'5+3#78Y[! &f#'d&! >&'1&h! Z)+'*! 7b7$&! +73+7(n!
c+'(&(+'&d+73+!+1!#da&$3*!kb+!$&b`&_&!+7!1&!c#(&!(+!1&`!a+'`*7&`h!
!
!
"+$#l7!(+`abl`!(+!+`3&'!a*'!d#!$b+73&!+7!+1!db7(*!$*'a*'&3#c*!11+8bl!&!
&a'+$#&'!9%&51++h[!07!1&!&$3b&1#(&(Y!>&'1&!_b`$&!a+'`*7&`!kb+!%&i&7!&a'+7(#(*!
1&! d#`d&! 1+$$#g7! kb+! +11&h! 9b`! d+j*'+`! a'*`a+$3*`! `*7! &kb+11*`!
(+`+`a+'&(&d+73+! %&d_'#+73*`! (+! +`$&a&'! (+! 1&! $&''+'&! (+! '&3&`Y! a+'*! kb+!
3&d_#l7! &a'+$#&7! 1&! +`3&_#1#(&(! kb+! a'*c#+7+! (+! 3'&_&j&'! $*7! b7&! (+! 1&`!
$*da&mn&`!(+!6-6!de`!#da*'3&73+`!i!&73#8b&`h!!
!
0#+)1&'+)6/6))
!
>*7! `+(+! $+73'&1! +7! 9&7! A'&7$#`$*Y! 9%&51++! >*'a*'&3#*7! +`! a&'3+! (+1!
abm&(*! (+! +da'+`&`! (+! 7+34*'5! d&'5+3#78! $bi&! c#(&! &_&'$&! de`! (+! $b&3'*!
(l$&(&`h! Ab+! fb7(&(&! +7!CNHI! a*'! +1! (*$3*'! A*''+`3!>h! 9%&51++Y!b7! 3+da'&7*!
(+f+7`*'! (+! 1&!`&1b(! 7&3b'&1h! @b'&73+!1&!(l$&(&! (+!CNJPY!1&`! c+73&`! $'+$#+'*7!
(+! FP! d#11*7+`! &! de`!(+! GFPh! 9+! %#s*! b7&!*f+'3&!ao_1#$&!+7!CNJGY! $*d+7sg! &!
$*3#s&'!+7!1&!K*1`&!(+!E&1*'+`!(+!2b+c&!\*'5!+7!CNJJY!i!+7!CNMN!fb+!&(kb#'#(&!
a*'!+1!8#8&73+!\&d&7*b$%#!)%&'d&$+b3#$&1!>*da&7i!(+!Q&ag7h!07!1&!&$3b&1#(&(Y!
9%&51++!*f'+$+!de`!(+!(*`$#+73*`!a'*(b$3*`!7b3'#$#*7&1+`Y!(+!%#8#+7+!a+'`*7&1Y!
i! a&'&! +1! %*8&'Y! +1&_*'&(*`! $*7! #78'+(#+73+`! 7&3b'&1+`h! 07! CNNMY! `b`! c+73&`!
`ba+'&'*7! 1*`! JHP! d#11*7+`! (+! (g1&'+`h! -*`! a&('+`! (+! >&'1&! `+! &`*$#&'*7! &! 1&!
+da'+`&!&!a'#7$#a#*`!(+!1&!(l$&(&!(+!1*`!IP!i!$'+$#+'*7!$*7!+11&h!9+!$*7c#'3#+'*7!
+7!db13#d#11*7&'#*`!i!1+i+7(&`!+7!+1!$&da*!(+1!6-6h!9b!'+ab3&$#g7!+'&!3&1!kb+!
1+!&_'#g! ab+'3&`! &! >&'1&! $b&7(*!`+! %#s*! &(b13&h!-b+8*! (+! 1&! b7#c+'`#(&(Y!>&'1&!
fb+!&!3'&_&j&'!$*d*!ab_1#$#`3&!(+!b7&!+da'+`&!(+!6-6!+7!9&13!-&5+!>#3ih!Z)&'&!
dn! +'&! `*'a'+7(+73+! kb+! 1&! 8+73+! &11n! %b_#+'&! *n(*! %&_1&'! (+! d#`! a&('+`Y[!
$*d+73&h! Z@+`$b_'n! kb+!i*! +'&! dbi! $*d+'$#&1! i!kb+! 3*(*`! +`3&_&7! &_#+'3*`!&!
*n'!1*!kb+!3+7n&!a&'&!(+$#'Y!`#da1+d+73+!a*'!kb#l7+`!+'&7!d#`!a&('+`h!\*!+'&!i&!
b7&!jb8&(*'&!i!3*(*`!d+!$*7*$n&7h[!!
!
!
!
175
!
!+6&#+#'")("/+))
!
>b&7(*!+`&!a'#d+'&!+da'+`&!`&1#g!(+1!7+8*$#*Y!>&'1&!3+'d#7g!3'&_&j&7(*!
a&'&!c&'#&`!+da'+`&`!(+!7+34*'5!d&'5+3#78!$*d*!+da1+&(&h!)+'*!1&!c#`#g7!(+!
>&'1&!#_&!db$%*!de`!&11e!(+1!6-6h!9*m&_&!$*7!3'#b7f&'!+7!8'&7(+!+7!+1!db7(*!
$*'a*'&3#c*h! ZSb+'n&!`+'! #7(+a+7(#+73+! (+! 1&! #7(b`3'#&! (+1!7+34*'5! d&'5+3#78Y[!
'+$b+'(&! >&'1&h! Z6+! a&'+$n&! dbi! 81&d*'*`*! 3'&_&j&'! +7! 1&`! $*'a*'&$#*7+`!
7*'3+&d+'#$&7&`h! Sb+'n&! a+'`+8b#'! +`*`! #78'+`*`! (+! `+#`! $#f'&`! i! 3+7+'! b7&!
*$ba&$#g7!$'+n_1+h!.!1&!c#`3&!(+!db$%&`!a+'`*7&`Y!+1!7+34*'5!d&'5+3#78!+`!7&(&!
de`!c+7(+'!j&_*7+`!i!an1(*'&`h!2*!3#+7+!+1!81&d*b'!kb+!*3*'8&!3'&_&j&'!+7!b7&!
$*'a*'&$#g7!#da*'3&73+h[!!
!
!
>&'1&! &1$&7sg! `b! `b+m*h! )&`g! `+#`! &m*`! $*d*! a1&7#f#$&(*'&! f#7&7$#+'&Y!
$*7`+j+'&! (+! #7c+'`#*7+`! i! $*''+(*'&! (+! _*1`&! a&'&! f#'d&`! 3&7! #da*'3&73+`!
$*d*! .d+'#$&7! 0qa'+``! i! 6+''#1! -i7$%h! 07! &18b7*`! &`a+$3*`Y! >&'1&! (+`$b_'#g!
kb+!1&!#7(b`3'#&!(+!`+'c#$#*`!f#7&7$#+'*`!`+!a&'+$n&!&1!7+34*'5!d&'5+3#78h!ZO&_n&!
`#d#1#3b(+`Y[!&f#'d&h!Z>b&73*!de`!a'*fb7(&!+`!`b!_&`+!(+!$1#+73+`Y!de`!f*7(*`!
3#+7+! b`3+(Y! i! de`! (#7+'*! '+$#_+h! 01! 7+8*$#*! `+! $*7`3'bi+! a*'! d+(#*! (+!
'+f+'+7$#&`h!>&(&!$1#+73+!1*!'+d#3+!&1!a'gq#d*h[!)+'*!3&d_#l7!%&_n&!(#f+'+7$#&`h!
>&'1&!+`3&_&!+7$&73&(&!(+!c+'!1&!&(d#'&$#g7!+7!1*`!*j*`!(+!1&!8+73+!$b&7(*!1+`!
(+$n&!1*`!7*d_'+`!(+!1&`!f#'d&`!+d#7+73+`!a&'&!1&`!kb+!3'&_&j&_&h!ZA#7&1d+73+!
$*7`+8bn! 1&! a&1d&(&! +7! 1&! +`a&1(&! kb+! +`3&_&! _b`$&7(*Y[! $*d+73&Y!!
!
7S#?+#")!",*",+$&1"))
!
9#7! +d_&'8*Y! +1! `b+m*! (+! >&'1&! 'ea#(&d+73+! `+! $*7c#'3#g! +7! b7&!
a+`&(#11&h!9b!a'l(#$&!1+!%#s*!&1$&7s&'!`b!*_j+3#c*!+7!1&!o13#d&!$*da&mn&!a&'&!1&!
kb+! 3'&_&jgh! Z-*8'l! +1! #78'+`*! (+! `+#`! $#f'&`Y! a+'*! 7b7$&! 3+7n&! 3#+da*! (+!
(#`f'b3&'1*Y[! (+$1&'&h! Z-&! $*da&mn&! +'&! d#! (b+m&h! O&$n&! FHP! 11&d&(&`! +7! f'n*!
a*'! `+d&7&h[! .(+de`! (+! kb+! 1&! $*da&mn&! `+! kb+(&_&! $*7! b7&! #da*'3&73+!
a*'$#g7! (+! 1&`! c+73&`! (+! >&'1&Y! +1! a*'$+73&j+! (+! +11*`! $'+$n&! jb73*! $*7! `b`!
#78'+`*`h! Z>b&73*! de`! 3'&_&j&_&Y! de`! `+! 11+c&_&7Y[! (#j*h! \! `#! +7! &18o7!
d*d+73*!(+j&_&!1&!+da'+`&Y!>&'1&!`&_n&!kb+!3+7('n&!kb+!(+j&'!&!`b`!$1#+73+`h!
Z>*d+7$l!&!(&'d+!$b+73&!(+!kb+!7*!+'&!$b+'(*!3'&_&j&'!3&7!(b'*!i!7*! 3+7+'!
7&(&!kb+!d*`3'&'Y!7&(&!kb+!'+&1d+73+!ab(#+'&!11&d&'!a'*a#*h[!!
!
!
-&!3+''#_1+! c+'(&(! (+! `b! `#3b&$#g7!`+! %#s*! a'+`+73+!b7!(n&! $b&7(*! >&'1&!
'+$#_#g! b7! 11&d&(*! (+! b7! &d#8*! (+! 1&! +da'+`&h! 01! &d#8*! 1+! $&73g! kb+! b7!
$*7*$#(*!+7!$*do7Y!b7!&8+73+!kb+!%&_n&!3'&_&j&(*!3'+#73&!&m*`!+7!1&!+da'+`&Y!
&$&_&_&!(+!`+'!(+`a+(#(*h!-&!$*da&mn&!%&_n&!#73+73&(*!3*d&'!&18b7*`!(+!`b`!
$1#+73+`!i!(e'`+1*`!&!&8+73+`!de`!jgc+7+`!i!de`!7b+c*`h!>b&7(*!+1!%*d_'+!`+!
*ab`*Y!1*!(+`a#(#+'*7h!01!i!`b!%#j*!%&_n&7!&'d&(*!b7&!_&`+!(+!$1#+73+`!c&1b&(&!
+7! /PP! d#11*7+`! (+! (g1&'+`! a+'*! $b&7(*! `&1#*! (+! &%nY! (#$+! >&'1&Y! Z`&1#*! `#7!!
7&(&!7*!1*!a*(n&!$'++'!d+!a&'+$#g!1*$*h[!6&`!+q&$3&d+73+Y!>&'1&!`+!(#*!$b+73&!
(+!kb+!1*!kb+!1+!%&_n&!a&`&(*!&!+`+!%*d_'+!fe$#1d+73+!a*('n&!`b$+(+'1+!&!+11&h!
"+`*1c#g!kb+!7*!`+!kb+(&'n&!`+73&(&Y!+`a+'&7(*!&!kb+!1+!$&i+'&!+1!%&$%&h!
!
!
!
!
176
!DEFGHIJ)$,%&#$+)A)$,%()
)
*PLbGDZN]DP)
!
!
!
01! &m*! CNNJY! fb+! +1! de`! (#fn$#1! +7! 1&! c#(&! (+! >&'1&h! 9b! a&('+! `bf'#g! b7!
&3&kb+! $&'(n&$*Y! 1*! kb+! 1*! *_1#8g! &! '+3#'&'`+! $&`#! 3*3&1d+73+! (+! `b! 7+8*$#*!
9%&51++h! .1! a*$*! 3#+da*Y! >&'1&! `+! (#c*'$#g! (+! kb#+7! fb+'&! `b! +`a*`*! (b'&73+!
kb#7$+! &m*`h! >*7! $b&3'*! %#j*`! i! b7&! a'*f+`#g7! (+! 3#+da*! $*da1+3*Y! `b! c#(&!
$*d*!d&('+!`*1&!a&'+$n&!`*d_'n&h!Z0'&!3&7!#7f+1#sY[!'+$b+'(&!>&'1&Y!Z2*!kb+'n&!
#'!&!3'&_&j&'!a*'!JPhPPP!*!NPhPPP!(g1&'+`!&1!&m*!i!7*!c+'!7b7$&!&!d#`!%#j*`h[!!
!
!
)+'*! >&'1&! i&! 3+7n&! 1&! `*1b$#g7! +7! `b`! d&7*`h! 9b! a&('+! i&! 7*! 3+7n&! 1&!
+7+'8n&!a&'&!d&7+j&'!`b!*'8&7#s&$#g7!(+!c+73&`!(+!GP!d#11*7+`!(+!(g1&'+`!a*'!
&m*!(+!9%&51++h!.1!a*$*!3#+da*!(+!`b!&3&kb+!$&'(n&$*Y!1+!%&_n&!a+(#(*!&!>&'1&!
kb+! 1&! d&7+j&'&! a*'! l1Y! a*'! b7&! a+kb+m&! 3&'#f&! 8+'+7$#&1h! >&'1&! a*(n&! b`&'! 1&!
*a*'3b7#(&(Y!1+!(#j*!`b!a&('+Y!a&'&!$*d+7s&'!`b!a'*a#&!'+(!9%&51++!i!$*7`3'b#'!
b7!#78'+`*!'+`#(b&1!a'*a#*h!2*!7+$+`#3g!db$%*!a&'&!a+'`b&(#'1&h!01!d&3'#d*7#*!
(+!>&'1&!i&!+`3&_&!&''b#7&(*Y!i!+11&!+`3&_&!a'*fb7(&d+73+!(+`#1b`#*7&(&!$*7!`b!
3'&_&j*h! \&! %&_n&7! a&`&(*! 1*`! (n&`! +7! 1*`! kb+! b7&! j*c+7! i! d&1L!!
$'#&(&! >&'1&! a*(n&! (&'`+! +1! 1bj*! (+! d#'&'! $*7! (+`a'+$#*! &1! 7+34*'5!!
d&'5+3#78h! -&! c#(&! +7! +1! db7(*! '+&1! 1+! %&_n&! (&(*! b7&! 7b+c&! a+'`a+$3#c&h!
-b+8*! (+! `+a&'&'`+! (+! `b! +`a*`*Y! >&'1&! `+! %&_n&! kb+(&(*! 3#'&(&! +7! 1&! $&d&Y!
(+a'#d#(&Y!(b'&73+!3'+`!d+`+`Y!`#7!a*(+'!3'&_&j&'h!)+'*!+1!3#+da*!(+!1&!3'#`3+s&!
`+!3+'d#7gh!011&!`+!(#*!$b+73&!(+!kb+!1&!*a*'3b7#(&(!9%&51++!+'&!1*!kb+!3+7n&Y!i!
+'&!%*'&!(+!%&$+'!1*!d+j*'!a*`#_1+!$*7!+11&h!!
!
0#+)!"6*+Qe+)(%?0,+))
!
-&! '+ab3&$#g7! (+! #7c+'`#g7! `+8b'&! kb+! 3+7n&! 9%&51++Y! '+`b13&'n&! b7!
#da*'3&73+!ab73*!(+!c+73&!+7!+1!7+8*$#*!(+!>&'1&h!6b$%*`!a'*f+`#*7&1+`!(+!'+(!
+c#3&7!$*da&mn&`!de`!&73#8b&`Y!$'+i+7(*!kb+!`b`!d+'$&(*`!+`3e7!`&3b'&(*`!i!
`b!$'+$#d#+73*!+`!1+73*h!0`!$#+'3*!kb+!1&`!$*da&mn&`!d&(b'&`!`b+1+7!$'+$+'!$*7!
d&i*'! 1+73#3b(! kb+! 1*`! 7b+c*`! +da'+7(#d#+73*`! r&1! d+7*`! $b&7(*! +`3*`!
o13#d*`! 3'#b7f&7h! )+'*! 1&! d&i*'n&! (+! +`3*`! +da'+7(#d#+73*`! f'&$&`&7! +7! 1*`!
a'#d+'*`!(*`!&m*`h!>&'1&!%&_n&!3+7#(*!&da1#&`!*a*'3b7#(&(+`!(+!c+'!+1!*3'*!1&(*!
(+! 1&! $+'$&! (b'&73+! `b`! (n&`! +7! 9&13! -&5+! >#3iv! 3'&_&j&7(*! +7! +1! +q3'+d*!
$*'a*'&3#c*!(+!1&`!$*da&mn&`!6-6h!E&'#*`!(+!`b`!+da1+&(*'+`!%&_n&7!f&11&(*!i!
7*!%&_n&7!a*(#(*!a&8&'!`b`!(+b(&`h!\!>&'1&!%&_n&!a'+`+7$#&(*!1&!&d&'8b'&!i!+1!
`bf'#d#+73*!kb+!a'*c*$&_&7h!!
!
!
Z-&! 8+73+! `+! 1&7s&_&! $*7! `b`! &%*''*`! (+! 3*(&! 1&! c#(&Y[! '+$b+'(&Y! Z`#7!
&7&1#s&'! '+&1d+73+! 1&! $*da&mn&h[! >&'1&! +`3&_&! `*'a'+7(#(&! (+1! (+`*'(+7!
8+'+7$#&1! kb+! c+n&! +7! &18b7&`! (+! +`&`! *f#$#7&`! $*'a*'&3#c&`h! ZO&_1&d*`! (+!
a'*_1+d&`! (+! #7c+73&'#*Y! f1bj*! (+! +f+$3#c*Y! $*73'*1+`! f#7&7$#+'*`h! 07!
$*da&'&$#g7Y! 9%&51++! +`3&_&! d&7+j&(&! (+! b7&! d&7+'&! &_`*1b3&d+73+!
a'*f+`#*7&1h! 07! 3*(*`! 1*`! &m*`! +7! 1*`! kb+! d#`! a&('+`! +`3bc#+'*7! #7c*1b$'&(*`Y!
7b7$&!1*`!*#!(+$#'!kb+!`b!$%+kb+!(+!_*7#f#$&$#g7!+`3&_&!&3'&`&(*!*!d&1!%+$%*h[!!
177
!
)*'! +`3&`! '&s*7+`Y! >&'1&! (+`$b_'#g! kb+! 1*`! a'*`a+$3*`! de`! fe$#1+`! +'&7!
1&`!a+'`*7&`!kb+!%&_n&7!*n(*!%&_1&'!(+!9%&51++!*!kb+!%&_n&7!3+7#(*!a&'#+73+`!
#7c*1b$'&(*`h!01!%#`3*'#&1!(+!1&!$*da&mn&!(+d*`3'g!`+'!b7!a*(+'*`*!&1#&(*!a&'&!
+1!&b`a#$#*h!!
!
?%#$%)'%)*,"'0!$"))
!
-*! d#`d*! `b$+(n&! $*7! 1*`! a'*(b$3*`h! Z.1! d+7*`! +1! NH„! (+! 1&`! c+$+`[!
(#$+! >&'1&Y! Z1&`! a+'`*7&`! kb+! c#+7+7! &! 3'&cl`! (+! 1*`! d#+d_'*`! (+! 1&! '+(! i!
(+`+&7! $*7`3'b#'! +1! 7+8*$#*Y! `*7! a+'`*7&`! kb+! %&7! 3+7#(*! _b+7! lq#3*! $*7! 1*`!
a'*(b$3*`h[!>&'1&!&a'+7(#g!3+da'&7&d+73+!&!&ab73&'!&!b`b&'#*`!+73b`#&`3&`!(+!
a'*(b$3*`!$*d*!a*3+7$#&1+`!$*7`3'b$3*'+`!(+1!7+8*$#*h!Z-*`!d+j*'+`!a'*`a+$3*`!
a&'&!d#!`*7!kb#+7+`!%&7!`#(*!$1#+73+`!(b'&73+!3'+`!&!`+#`!d+`+`Y!%&7!*_3+7#(*!
_b+7*`!'+`b13&(*`!$*7!1*`!a'*(b$3*`Y!i!1*`!%&7!+`3&(*!$*da&'3#+7(*!$*7!*3'&`!
a+'`*7&`h[!!
!
!
>&'1&!%&_1&!(+!b7&!dbj+'!(+!`b!'+(!11&d&(&!011+7!$bi&!_+_&!3+7n&!`+'#*`!
a'*_1+d&`! (+! `&1b(h! ZO&_n&! &7(&(*! (+! dl(#$*! +7! dl(#$*Y[! $*d+73&! >&'1&h!
ZO&_n&!#(*!&!1&!>1n7#$&!6&i*!i!&!b7!%*`a#3&1!(+!7#m*`!+7!)#33`_b'8%Y!i!7*!a*(n&7!
(+`$b_'#'! kbl! a'*_1+d&! 3+7n&! 1&! 7#m&h[! .! 1*`! `+#`! d+`+`! (+! +(&(Y! 3*(&cn&! 7*!
8&3+&_&h!?+7n&!b7&!+'ba$#g7!$b3e7+&!i!b7&!#7f+$$#g7!$*7!f*'d&!(+!%*78*`!kb+!
1+!$b_'n&!1&!1+78b&h!Z.1!&m*!(+!+(&(Y[!&f#'d&!>&'1&Y!Z%&_n&!a&`&(*!a*'!c+#73#`l#`!
3&7(&`! (+! d+(#$&$#g7h! -+! %&_n&7! ab+`3*! 3b_*`! +7! 1&! *'+j&! +7! (*`!
*a*'3b7#(&(+`h! ?*d&_&! $b&'+73&! a&`3#11&`! a*'! (n&Y! a+'*! 7*! d+j*'&_&! +7!
&_`*1b3*h[!!
!
*"'%,)$%($&6"#&+/)
!
B7&!&d#8&!(+!011+7!'+`b13g!`+'!(#`3'#_b#(*'&!9%&51++!+7!1&!'+(!(+!>&'1&h!
-&!&d#8&!1+!(#*!&!011+7!b7!$&``+33+!(+!1&!(*$3*'&!-#7(&!"*('n8b+sY!a+(#&3'&!(+!
E#'8#7#&!K+&$%!t3&d_#l7!(#`3'#_b#(*'&!9%&51++u!kb+!3'&3&!db$%&`!+7f+'d+(&(+`!
+7! f*'d&! 7&3b'&1! &! 3'&cl`! (+! b7! 'l8#d+7! 7b3'#$#*7&1! _&`&(*! +7! a'*(b$3*`!
9%&51++h!-&!d&('+!$*73&$3g!&!1&!(*$3*'&!"*('n8b+s!i!(+`$'#_#g!1*`!`n73*d&`!(+!
`b!%#j&h!-b+8*!(+!a*7+'1&!&!(#+3&!+`a+$#&1!a&'&!$&7(#(&!*!#7f+$$#g7!(+!%*78*`Y!
1&! 7#m&! `+! '+$ba+'g! 'ea#(&d+73+h! Z07! 3'+`! (n&`Y! c#+'*7! $gd*! `+! '+c+'3n&! 1&!
+7f+'d+(&(!+7!`b!%#j&Y[!&f#'d&!>&'1&h!
!
!
-*! kb+! `*_'+c#7*! fb+! b7! $&`*! (+! d&7b&1! (+! d&'5+3#78! 3+`3#d*7#&1h! 01!
+`a*`*!(+!011+7!+'&!b7!a1&7#f#$&(*'!f#7&7$#+'*!_#+7!'+db7+'&(*!kb+!&a*i&_&!`b!
+`3#1*h!07!$#'$b7`3&7$#&`!7*'d&1+`Y!011+7!7b7$&!%b_#+'&!$*7`#(+'&(*!#7c*1b$'&'`+!
+7!+1!6-6h!)+'*!7*!a*(n&!(+j&'!(+!%&_1&'!(+!`b!+qa+'#+7$#&!$*7!9%&51++h!011+7!
$*da&'3n&!`b!%#`3*'#&!$*7!kb#+7!+`$b$%&'&h!2*!a&`&'n&!db$%*!3#+da*!a&'&!kb+!
1&!8+73+!$*d+7s&'&!&!$*da'&'!`b`!a'*(b$3*`h!Z07!(#+$#*$%*!d+`+`Y!011+7!a&`g!
(+! `+'! b7! d#+d_'*! kb+! $*da'&_&! GPP! (g1&'+`! (+! a'*(b$3*`! 9%&51++! a*'! d+`!
a&'&! `b! f&d#1#&Y! &! `+'! b7&! (#`3'#_b#(*'&! kb+! d*cn&! b7! c*1bd+7! d+7`b&1! (+!
IhPPP! &! MhPPP! (g1&'+`Y[! &f#'d&! >&'1&h! Z011&! +`a+'&! 8&7&'! HPhPPP! (g1&'+`! +`3+!
&m*h[!!
!
*%+$"#%(!!
!
.! (#f+'+7$#&! (+! db$%*`! a'*f+`#*7&1+`!(+!'+(Y! >&'1&! +1#8+! 3'&_&j&'! +7! b7!
7+8*$#*! &! 1&! $&11+h! ?#+7+! b7! $+73'*! (+! `+'c#$#*`! (+! HH! d+3'*`! $b&('&(*`! +7!
178
9#*bq!A&11`Y!@&5*3&!(+1!9b'Y!(+`(+!(*7(+!$**'(#7&!`b!7+8*$#*!9%&51++!i!c+7(+!
a'*(b$3*`! &1! a*'! d+7*'h! Z6#! a&ae! `#+da'+! 3bc*! b7&! *f#$#7&Y[! &f#'d&! >&'1&h!
Z2b7$&!3bc*!+1!7+8*$#*!+7!`b!$&`&h!.!dn!3&d_#l7!d+!8b`3&!&`nh!.1!f#7&1!(+1!(n&Y!
ab+(*!$+''&'!1&!ab+'3&Y!#'d+!&!>&`&!i!`+!3+'d#7gh[!
!!
!
>&'1&! +`3#d&!kb+! db+c+! CPhPPP! (g1&'+`!+7!a'*(b$3*`! (+`(+! `b!7+8*$#*!
d#7*'#`3&! $&(&! d+`h! -*`! a+&3*7+`! '+`b13&7! b7&! fb+73+! #7b`b&1d+73+! '#$&! (+!
a'*`a+$3*`h! E#'3b&1d+73+! 3*(*`! +`3&7! #73+'+`&(*`! +7! 1*`! a'*(b$3*`Y! 1*! kb+!
`#87#f#$&! kb+! +73'&7! +7! +1! $'#3+'#*! 7od+'*! b7*! a&'&! b7! _b+7! $*73&$3*h! )+'*!
&18b7*`! `*7! d&`! `b`$+a3#_1+`! &1! $*73&$3*! kb+! *3'*`h! >&'1&! %&! (+`&''*11&(*! b7!
&8b(*!`+73#(*!a&'&!`+a&'&'!1*`!&7`#*`*`!$&`3*'+`!(+!1*`!se78&7*`h!!
!
(=+c/%%b7+!&C#))
!
Z>b&7(*!d+!`#+73*!$*7!&18b#+7!kb+!3'&`a&`&!1&!ab+'3&Y!7b7$&!%&_1&d*`!
(+! 7+8*$#*`Y[! &f#'d&! >&'1&Y! Z%&_1&d*`! (+1! a'*(b$3*h[! 01! a'#d+'! a&`*! +7! +1!
a'*$+`*! (+! a'+L3&d#s&(*! (+! >&'1&! +`! c+7(+'1+! &! 1&! 8+73+! 1&! f#1*`*fn&! (+! `&1b(!
7&3b'&1!i!1*`!a'*(b$3*`!9%&51++h!.!1*`!$1#+73+`!%&_#3b&1+`!kb+!%&7!3+7#(*!lq#3*!
$*7! 1*`! a'*(b$3*`Y! `+!1*`!&1#+73&!&! Z9%&51++Ls&'[! `b`! %*8&'+`!r'++da1&s&'!1&`!
d&'$&`!(+!a'*(b$3*`!a&'&!+1!$b#(&(*!a+'`*7&1Y!(+1!%*8&'!i!*3'*`Y!a*'!a'*(b$3*`!
9%&51++h!!
!
!
"&'&! c+s! >&'1&! a'+`#*7&! (+! +73'&(&! &! 1&`! a+'`*7&`! &$+'$&! (+1! 7+8*$#*h!
)+'*Y! &! d+(#(&! kb+! (+`&''*11&! 1&! '+1&$#g7! $1#+73+La'*c++(*'Y! _b`$&! `+m&1+`!
`b3#1+`!kb+!ab+(&7!'+`b13&'!b7!%b+$*!a&'&!'+&1#s&'!b7&!a'*d*$#g7h!Z9#!b7!$1#+73+!
a#(+! (+`$b+73*Y[! $*d+73&! >&'1&Y! Z+`+! +`! b7! _b+7! d*d+73*! a&'&! +qa1#$&'!
7b+`3'*! a'*8'&d&h! -+`! (+$#d*`! kb+! `#! 3'&+7! $#7$*! a+'`*7&`! i! 1*8'&7! kb+!
$*da'+7! $#+'3&! $&73#(&(! (+! a'*(b$3*`Y! ab+(+7! 3'&_&j&'! a&'&! $*7`+8b#'! `b!
_*7#f#$&$#g7Y! 1&! $b&1! a&8&'e! `b`! a'*(b$3*`h! .! 1&! 8+73+! 1+! 8b`3&! 1&! #(+&! (+!
$*7`+8b#'!`b`!a'*(b$3*`!+7!f*'d&!8'&3b#3&h[!!
!
'%(?+($%)!
!
B7! $#+'3*! a*'$+73&j+! (+! $1#+73+`! `+! (+`$&1#f#$&7! &! `n! d#`d*`!
#7d+(#&3&d+73+h!Z.18b7&`!a+'`*7&`!%&7!3+7#(*!+qa+'#+7$#&`!3&7!%*''#_1+`!$*7!+1!
7+34*'5! d&'5+3#78! kb+! 7*! kb#+'+7! 3+7+'! 7&(&! kb+! c+'! $*7! l1Y[! (+$1&'&! >&'1&h!
011&! 7*! 1*`! a'+`#*7&h! )+'*! 3&da*$*! 1*`! (+`$&'3&h! -&! 8+73+! ab+(+! $&d_#&'! (+!
#(+&Y!$*7!+1!3#+da*Y!+7!1&!d+(#(&!kb+!$&d_#&7!`b`!$#'$b7`3&7$#&`!f#7&7$#+'&`h!0!
#7$1b`*! 1&! a+'`*7&! $*7! 1&! d+73&1#(&(! de`! $+''&(&! ab+(+! 3+7+'! b7! &d#8*! (+!
d+73&1#(&(!&_#+'3&h!Z2b7$&!`+!`&_+!&!kb#l7!ab+(+!3'&+'!+`&!a+'`*7&!d+(#&73+!
'+f+'+7$#&`Y[!$*d+73&! >&'1&h!011&!`+!+`fb+'s&!a*'!&`+8b'&'`+!kb+!3*(*`!i!$&(&!
b7*! (+! `b`! $1#+73+`! 3+78&! b7&! _b+7&! +qa+'#+7$#&! $*7! 1*`! a'*(b$3*`! 9%&51++Y!
a&'&!kb+!`#8&7!c#7#+7(*h!!
!
!
07! +1! *3'*! +q3'+d*! (+1! +`a+$3'*! +`3e7! 1&`! a+'`*7&`! kb+! +73'&7!
a'+8b73&7(*!a*'!+1!7+8*$#*Y!a+'*!db+`3'&7!a*$*!#73+'l`!+7!1*`!a'*(b$3*`h!Z2*!
3+7+d*`!b7&!8'&7!*a#7#g7!(+!+`&`!a+'`*7&`Y[!&f#'d&!>&'1&h!Z2*!(+`$&'3&d*`!&!
7&(#+Y!a+'*!3&da*$*!a&`&d*`!db$%*!3#+da*!&1+73e7(*1*`!&!kb+!(+`&''*11+7!b7!
7+8*$#*h[!!
!
!
179
(&($%6+)'%)+/+,6+)$%6*,+#+))
!
B7&! c+s! kb+! >&'1&! (+1#d#3g! +1! 8'ba*! (+! a'*`a+$3*`! &! kb#+7+`! `#+73+7!
3&73&!$b'#*`#(&(!a*'!+1!7+8*$#*!$*d*!+73b`#&`d*!a*'!1*`!a'*(b$3*`Y!`+!db+c+!
a&'&! %&$+'! +1! $#+''+h! >&'1&! `#+73&! &! `b`! a'*`a+$3*`! i! 1+`! +qa1#$&! +1! a1&7! (+!
$*da+7`&$#g7h! 073*7$+`Y! &! kb#+7+`! a&'+$+7! (#`ab+`3*`Y! `+! 1+`! %&$+! a&`&'! b7!
a'*$+`*! (+! 3'+`! +3&a&`! (+! (+f#7#$#g7! (+! *_j+3#c*`h! 0`3*! `#'c+! (+! `#`3+d&! (+!
&1&'d&!3+da'&7&Y!`+a&'&7(*!&!1*`!&d_#$#*`*`!(+!1*`!&f#$#*7&(*`h!
!!
!
Z@+f#7#3#c&d+73+! 7*! +da1+*! 3#+da*! $*7! a+'`*7&`! kb+! d+! %&$+7! a+'(+'!
3#+da*Y[!&f#'d&!>&'1&Y!Z2*!`+!ab+(+Y!a*'kb+!3+!$*7`bd+h!)*'!+`*Y!b7&!c+s!kb+!
+qa1#$*! +1! a1&7! &! 1&`! a+'`*7&`Y! 1+`! a#(*! 3'+`! $*`&`! &73+`! (+! (#`a*7+'d+! &!
(+(#$&'1+`!d#!3#+da*D!b7!$*da'*d#`*!(+!c+#73#$b&3'*!d+`+`v!b7&!&f#'d&$#g7!(+!
1&!c#`#g7!i!1&!d#`#g7!a*'!+`$'#3*v!i!b7!a1&7!$*d+'$#&1h[!!
!
=&$"()!/+,"())
!
-&! &f#'d&$#g7! (+! 1&! d#`#g7! (+3+'d#7&! 1*`! *_j+3#c*`! fb7(&d+73&1+`! (+! 1&!
c#(&!(+1!a'*`a+$3*h!-+!(#$+!&!>&'1&!kbl!a#+7`&!+`a#'#3b&1d+73+Y!kbl!1*!%&$+!`&1#'!
(+!1&!$&d&!3*(&`!1&`!d&m&7&`h!-&!&f#'d&$#g7!(+!1&!c#`#g7!(+1#7$&!`b`!*_j+3#c*`!
+`a+$nf#$*`! (+73'*! (+1! 7+8*$#*! 9%&51++h! p>be73*! (#7+'*! kb#+'+! +1! a'*`a+$3*T!
p>be73*!3#+da*!1#_'+!kb#+'+!3+7+'!a&'&!a&`&'!$*7!`b!f&d#1#&T!pSbl!3#a*!(+!$&`&Y!
&b3*! *! c&$&$#*7+`! `*m&(&`! kb#`#+'&! &1$&7s&'T! A#7&1d+73+Y! +1! a1&7! $*d+'$#&1!
3'&s&! b7! a'*8'&d&! (+3&11&(*! a&'&! 1*8'&'! +`3*`! *_j+3#c*`Y! (+73'*! (+! 1*`! 1nd#3+`!
(+1! a1&7! (+! $*da+7`&$#g7! 9%&51++h! 07bd+'&! +q&$3&d+73+! $be73*`!
(#`3'#_b#(*'+`!7+$+`#3&'e!&`*$#&'Y!i!$be73*!c*1bd+7!3+7('e!kb+!d*c+'!$&(&!b7*!
(+! +11*`! +7! *'(+7! (+! $bda1#'! 1*`! *_j+3#c*`! (+1! a'*`a+$3*h!!
0`3*`! (*$bd+73*`! +`$'#3*`! '+`b13&7! b7! 'ea#(*! +q&d+7! (+1! #7`3#73*! i! 1&!
`#7$+'#(&(! (+1! a'*`a+$3*h! >&'1&! (+`$b_'+! kb+! db$%&`! a+'`*7&`! 7#! `#kb#+'&!
ab+(+7!f*'db1&'!*_j+3#c*`!$1&'*`h!-#3+'&1d+73+Y!+`&`!a+'`*7&`!7*!`&_+7!1*!kb+!
kb#+'+7h! 0`&`! a+'`*7&`Y! 8+7+'&1d+73+! 3+'d#7&7! `#+7(*! a*_'+`! #7c+'`#*7+`h!
ZSb#+7+`! 7*! 3#+7+7! *_j+3#c*`! `*7! 1*`! d#`d*`! kb+! (+`abl`! 7*! '+`a*7(+7!
7b+`3'*`!11&d&(*`Y!i!7*!kb#+'+7!%&_1&'!$*7!1&!8+73+Y[!+qa1#$&h!Z9b! +73b`#&`d*!
(#`d#7bi+! #7d+(#&3&d+73+h[! ,3'*`! a'*`a+$3*`! &_&7(*7&7! $b&7(*! `+! (&7!
$b+73&! (+! 3*(*! +1! 3'&_&j*! kb+! +q#8+! `b! 7+8*$#*! rb7&! '+c+1&$#g7! kb+! `b+1+!
8*1a+&'1*`!d#+73'&`!'+(&$3&7!`b!a1&7!$*d+'$#&1h!ZB7&!c+s!kb+!3*(*!+`3e!ab+`3*!
+7! a&a+1Y! 1&! 8+73+! *! _#+7! `+! `#+73+! '+&1d+73+! +73b`#&`d&(&Y! *! _#+7! `+! `#+73+!
&_'bd&(&!i!(#$+!y7*!ab+(*!%&$+'1*Rh!0`3&`!o13#d&`!`*7!1&`!a+'`*7&`!$*7!1&`!kb+!
`#da1+d+73+!7*!a+'(+d*`!b7!d#7b3*!(+!7b+`3'*!3#+da*h[!!
!
!
0#+),%')(C/&'+))
!
.! 3'&cl`! (+! d+3g(#$*`! 3&d#$+`! i! `+1+$$#*7+`Y! >&'1&! (+`&''*11g! b7&! '+(!
$*dab+`3&! a*'! 1n(+'+`! dbi! 3'&_&j&(*'+`Y! i! `g1#(*`! b`b&'#*`! (+! a'*(b$3*`h! O&!
1*8'&(*!+1+c&'!`b!#78'+`*!&!a&'3#'!(+1!8'ba*!(+!`b`!a&('+`!%&`3&!GHhPPP!(g1&'+`!
a*'!d+`! rb7!#7$'+d+73*!(+!CPhPPP! (g1&'+`r! +7! `g1*! (*`! &m*`h!07!`b! a'*a#*!
7+8*$#*Y! &1! $b&1! 1*! 3'&_&j&! &a&'3+Y! %&! &1$&7s&(*! +1! '&78*! (+! `ba+'c#`*'&Y! $*7!
8&7&7$#&`! d+7`b&1+`! (+! ChPPP! (g1&'+`! a*'! `b! 8'ba*! (+! $b&'+73&! a+'`*7&`h!!
>b&7(*! '+$#l7! $*d+7sg! +7! 9%&51++Y! >&'1&! &! c+$+`! `+73n&! kb+! +q3'&m&_&! +1!
81&d*b'! i! +1! a'+`3#8#*! (+! 1&! c#(&! $*'a*'&3#c&h! )+'*! i&! 7*h! .%*'&! `*7! 1*`!
+da1+&(*`!(+!$*'a*'&$#*7+`!$*7!1*`!kb+!`+!+7$b+73'&!1*`!kb+!1&!+7c#(#&7h!Z-&`!
180
$*'a*'&$#*7+`! +`3&(*b7#(+7`+`! %&7! a+'(#(*! `b! &3'&$3#c*Y[! &f#'d&h! Z-&! 8+73+!
c#&j&! de`! &1! 3'&_&j*Y! 8&7&! d+7*`! (#7+'*! i! +`3e! db$%*`! d+7*`! 3#+da*! +7! `b!
%*8&'h[! >&'1&Y! a*'! *3'&! a&'3+Y! ab+(+! +`3'b$3b'&'! `b!c#(&! $*d*!(+`++h!6#+73'&`!
`b!7+8*$#*!$'+$+Y!+11&!a&'3#$#a&!+7!&$3#c#(&(+`!$*db7#3&'#&`!i!+7!1&!c#(&!(+!`b`!
%#j*`h!"+$#+73+d+73+Y!11+cg!&!`b`!(*`!%#j*`! de`!8'&7(+`! &!b7!+`a1l7(#(*!c#&j+!
a*'!0b'*a&h!Z01!7+34*'5!d&'5+3#78!%&!(+j&(*!b7&!d&'$&!#7(+1+_1+!+7!d#!c#(&Y[!
(+$1&'&h!Z-&`!*a*'3b7#(&(+`!kb+!d+!_'#7(&!`*7!`*'a'+7(+73+`h[!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
181
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
'%!&6+)*+,$%)
)
)
)
"/+)4)
)
)
)
+EJvL)D)KH),LU!
182
!DEFGHIJ)$,%&#$+)A)!0+$,")
)
!JZEPNZNP)LI)$NLZEJ)
!
!
!
2b7$&Y!7b7$&!de`!c*1c+'l!&!3+7+'!b7!j+f+Y!j&de`Y[!`+!(#j*!0c&7!"b7(+h!
0'&! (*d#78*! a*'! 1&! 7*$%+h! 0c&7! `&_n&! kb+! &! 1&! d&m&7&! `#8b#+73+! `+! `ba*7n&!
kb+! #'n&! &! a'+`+73&'`+! &! 3'&_&j&'! $*d*! `#+da'+h! )+'*! l1! 3+7n&! *3'*`! a1&7+`h! 01!
7+8*$#*! _&7$&'#*! %&_n&! `#(*! _b+7*! a&'&! l1h! .! 1&! +(&(! (+! 3'+#73&! &m*`Y! 0c&7!
+`3&_&! 8&7&7(*! CPPhPPP! (g1&'+`! a*'! &m*Y! d&7+j&7(*! b7&! '+8#g7! (+! IPP!
d#11*7+`!(+!(g1&'+`!a&'&!b7!_&7$*!db13#d#11*7&'#*!(+!6&'i1&7(h!)+'*!1&`!$*`&`!
#_&7!$b+`3&!&_&j*!(+`(+!kb+!+1!_&7$*!`+!%&_n&!fb`#*7&(*!$*7!*3'*!_&7$*Y!3'+`!
d+`+`!&3'e`h!
!!
!
07! `b!&73+'#*'!3'&_&j*Y!0c&7! 3+7n&!$&'3&! _1&7$&!a&'&!d&7+j&'! `b!$&'3+'&!
(+!#7c+'`#*7+`!$*d*!1+!a&'+$#+'&h!.!c+$+`Y!7*!c+n&!&!`b!j+f+!(b'&73+!(*`!*!3'+`!
d+`+`h! 01! 7+8*$#*! $'+$n&! _&j*! `b! d&7+j*! (+`$+73'&1#s&(*h! Z.! d+(#&(*`! (+! 1&!
(l$&(&! (+! 1*`! MPY! 6&'i1&7(! +`3&_&! +7! d*c#d#+73*Y[! &f#'d&! 0c&7h! Z"+&8&7!
a*7n&! (#7+'*! +7! +1! a'+`bab+`3*! (+! (+f+7`&h! 07! 1&! #7(b`3'#&! _&7$&'#&! 3*(*! +'&!
&1$*%*1Y! dbj+'+`! i! $&73*`h[! )+'*! 1b+8*! (+! 1&! fb`#g7Y! +7! CNNPY! 1*`! 7b+c*`!
8+'+73+`! $&i+'*7h! 0c&7! a+'(#g! &! `b`! 3'+`! &`#`3+73+`h! 9b! $&'8&! (+! 3'&_&j*! `+!
3'#a1#$gh! 0`3&_&! *_1#8&(*! &! a'+`+73&'! #7f*'d+`! (+! a'*8'+`*! (#&'#*`h! 9b! 3'&_&j*!
&bd+73g!(+!$#7$b+73&!&!*$%+73&!%*'&`!`+d&7&1+`h!"&'&!c+s!c+n&!&!`b!dbj+'!i!&!
`b`! (*`! %#j&`h! ZB7! (n&Y! d+! (+j&'*7! b7&! a#1&! (+! b7! d+3'*! (+! #7f*'d+`! (+!
a'l`3&d*`! +7! d#! *f#$#7&! a&'&! kb+! 1*`! '+c#`&'&Y[! $*d+73&! 0c&7h! Z0`3&_&7! d&1!
+`$'#3*`! i! d&1! (*$bd+73&(*`h! )&'&! d#+'&! +c#(+73+! kb+! %&_n&! d#11*7+`! (+!
(g1&'+`!+7!d&1*`!a'l`3&d*`!+7!1&!$&'3+'&h[!@+!&18b7&!d&7+'&Y!`+!`ba*7n&!kb+!
0c&7! 3+7n&! kb+! &''+81&'! 3*(*h! @+$#(#g! kb+! +`*! +'&! (+d&`#&(*h! 0`+! f#7! (+!
`+d&7&Y!0c&7!a+7`g!+7!'+7b7$#&'h!!
!
/&:%,$+')'%)$&%6*"))
!
.! 0c&7Y! +1! 7b+c*! +`3#1*! 8+'+7$#&1! (+1! _&7$*! 1+! a&'+$n&! b7&! 3'&#$#g7h! 9b`!
7b+c*`! j+f+`! 1*! 3'&3&_&7! $*d*! b7&! dekb#7&! +7! c+s! (+! $*d*! &! b7! $*1+8&h! 07!
1b8&'!(+!c&1*'&'!`b!3#+da*Y!1*!$&'8&_&7!(+!3&'+&`!#77+$+`&'#&`h!9b!+qa+'#+7$#&!
+7!+1!_&7$*!1+!+7`+mg!kb+!+1!3#+da*!+`!+1!&$3#c*!de`!a'+$#&(*!(+!b7!%*d_'+!(+!!
7+8*$#*`h!\!1&!o7#$&!d&7+'&!(+!3*d&'!+1!$*73'*1!(+!`b!3#+da*!+'&!$*7c+7#'`+!+7!
`b!a'*a#*!j+f+h!!
!
!
0c&7! `+! +d_&'$g! +7! b7&! _o`kb+(&! (+! &b3*`bf#$#+7$#&Y! a+'*! 1&! 'b3&!
'+`b13g! de`! (#fn$#1! (+! 1*! kb+! %&_n&! a'+c#`3*h! >*da'g! b7&! f'&7kb#$#&!!
?>K\! kb+! f'&$&`g! &1! $&_*! (+! (*`! &m*`! i! 1*! (+jg! $*7! b7&! (+b(&! (+! FPPhPPP!
(g1&'+`h! @+`abl`! `+! #7c*1b$'g! +7! b7&! $*da&mn&! (+! 7+34*'5! d&'5+3#78! $bi&`!
a+`&(&`! $b*3&`! 1*! d&73+7n&7! +7! '*j*Y! a*'! db$%*`! a'*(b$3*`!!
kb+! d*c#+'&h! 0c&7! &''*jg! 1&! 3*&11&! $#7$*! &m*`! de`! 3&'(+h! Z01! $%+kb+! de`!
#da*'3&73+!kb+!1*8'l!+`3&_&!+73'+!$b&3'*!i!$#7$*!d#1!(g1&'+`[!$*d+73&Y!Zi!3+7n&!
kb+!8&`3&'!3'+`!*!$b&3'*!d#1!(g1&'+`!a&'&!8+7+'&'1*h[!!
!
183
6+#$%#%,)%/)!0,("))
!
9#7!+d_&'8*Y!7#78b7&!(+!+`3&`!(+''*3&`!&a&'3&'*7!&!0c&7!(+!`b!*_j+3#c*h!
Z)+'(#d*`! 3*(*Y[! $*d+73&Y! Za+'*! d&73bc+! d#! $*da'*d#`*! (+! 3'&_&j&'! (+!
d&7+'&!#7(+a+7(#+73+Y!&!a+`&'!(+!3*(*h[!01!$*da'*d#`*!(+!0c&7!f#7&1d+73+!1*!
11+cg! &! &$+a3&'! b7! 3'&_&j*! kb+! 1&! d&i*'n&! (+! 1*`! %*d_'+`! 8'&7(+`! %b_#+'&!
+`kb#c&(*!rb7&! 'b3&! (+! +73'+8&! (+! (#&'#*`h!Z?*d&d*`! b7&!8'&7! (#`3'#_b#(*'&!
(+! a+'#g(#$*`Y[! $*d+73&h! Z6#! dbj+'! %&$n&! +1! 3'&_&j*! &(d#7#`3'&3#c*! i! i*!
+73'+8&_&!1*`!a+'#g(#$*`!(b'&73+!1&!7*$%+!+7!b7&!$&d#*7+3&h!O&_n&!a&`&(*!(+!
3+7+'! #78'+`*`! (+! `+#`! $#f'&`! +7! +1! db7(*! $*'a*'&3#c*! &! `+'! (#`3'#_b#(*'! (+!
a+'#g(#$*`h[!!
!
!
2*!%&$+!f&13&!(+$#'!kb+!0c&7!+`3&_&!&_#+'3*!&!&13+'7&3#c&`h!)+'*!$b&7(*!
b7! &d#8*! `+! &$+'$g! a&'&! %&_1&'1+! `*_'+! b7&! $*da&mn&! (+! 7+34*'5! d&'5+3#78!
11&d&(&!-#f+!)1b`Y!$*7!`+(+!+7!K&3+`c#11+Y!.'5&7`&`Y!7*!kb#`*!+`$b$%&'h!ZO&_n&!
jb'&(*! &_&7(*7&'! +1! db13#7#c+1Y[! (#$+h! @+! 3*(&`! d&7+'&`Y! 0c&7! (+$#(#g! a'*_&'!
1*`! a'*(b$3*`h! @+`(+! CNN/! `bf'n&! (+! 1bab`Y! b7! (+`*'(+7! #7db7*1g8#$*! kb+! 1+!
(&_&! &3&kb+`! (+! (+a'+`#g7! f&3#8&Y! `+7`#_#1#(&(! `*1&'! i! &'3'#3#`h! Z?+7n&! 3'+#73&! i!
a#$*! (+! &m*`Y! a+'*! d#`! &'3#$b1&$#*7+`! +'&7! 1&`! (+! b7&! a+'`*7&! (+! *$%+73&Y[!
$*d+73&h! Z?+7n&! 3&7! d&1! 1&`! d&7*`! kb+! 7*! a*(n&! &_'*$%&'d+! 1&! $&d#`&! *!
&3&'d+! 1*`! s&a&3*`! &! 1&! d&m&7&h[! @b'&73+! (*`! &m*`Y! 0c&7! %&_n&! 3'&3&(*! `b!
+7f+'d+(&(! $*7! `ba1+d+73*`! 7b3'#$#*7&1+`h! 01! &d#8*! &'8bd+73&_&! kb+! 1*`!
a'*(b$3*`!-#f+!)1b`!1*!%&_n&7!&ib(&(*!db$%n`#d*!$*7!`b`!&1+'8#&`h!Z9bab`+!kb+!
`#!$&b`&_&!#da&$3*!+7!`b!`#`3+d&!#7db7*1g8#$*Y!a*(n&!&ib(&'d+Y[!(#$+!0c&7h!!
!
6S()+//S)'%)/+)"/+)5))
!
-#f+!)1b`!+'&!b7!#7c+73*!(+1!f&'d&$lb3#$*!Qh!"*_+'3!-+d*7h!)#*7+'*!(+!1&!
`&1b(! 7&3b'&1! +7! 1&! (l$&(&! (+! 1*`! JPY! -+d*7! #73+73g! c+7(+'! &18b7*`! (+! `b`!
a'*(b$3*`! 7b3'#$#*7&1+`! &! 3'&cl`! (+1! 6-6h! Ab7(g! b7&! $*da&mn&! 11&d&(&!
6b13#4&i! .``*$#&3+`! +7! CNMFh! )+'*! 1&`! c+73&`! +'&7! f1*j&`h! 01! $*da1+j*! a1&7! (+!
$*da+7`&$#g7Y! &_&''*3&(*! (+! $b*3&`! d+7`b&1+`! 'n8#(&`! &%bi+73&_&! &! db$%*`!
kb+Y!(+!*3'&!d&7+'&Y!%b_#+'&7!`#(*!+73b`#&`3&`!b`b&'#*`!(+!1*`!a'*(b$3*`h!)*'!
+`*Y!+7!CNNF!-+d*7!`+!`+73g!$*7!(*`!`*$#*`!&!#(+&'!b7!7b+c*!+7f*kb+!a&'&!+1!
7+34*'5! d&'5+3#78h! -&! $*da&mn&! kb+! $'+&'*7Y! -#f+! )1b`Y! +`3&_&! (+`3#7&(&! &!
$*7c+'3#'`+!+7!b7!d*(+1*!(+!1&!"+c*1b$#g7!(+!1&!,1&!/h!!
!
!
-&!#(+&!+'&!(+''#_&'!3*(&`!1&`!_&''+'&`!a`#$*1g8#$&`!kb+!%&$n&7!(+1!6-6!
&18*!3&7!(#fn$#1!(+!c+7(+'!a&'&!db$%&`!a+'`*7&`h!>*d*!a'#d+'&!d+(#(&Y!7*!`+!
$*_'&'n&! 7&(&! a*'! $*7c+'3#'`+! +7! d#+d_'*h! >b&1kb#+'! $1#+73+! a*(n&! '+$#_#'! b7!
(+`$b+73*! d&i*'#`3&! `#da1+d+73+! &`*$#e7(*`+h! 2*! `+! +q#8n&7! 'n8#(&`! $b*3&`!
d+7`b&1+`! a&'&! d&73+7+'! b7! (+`$b+73*h! ?&da*$*! %&_n&! 7#78b7&! a'+`#g7! (+!
c+7(+'1+!&!f&d#1#&'+`!i!&d#8*`h!01!a'*8'&d&!(+!+73'+8&`!$*dab3&'#s&(*!(+!-#f+!
)1b`Y! _#+7! &(+1&73&(*! &! `b! 3#+da*! +7! CNNFY! 1+! a+'d#3n&! &! 1*`! (#`3'#_b#(*'+`!
d&7+j&'!`b`!7+8*$#*`!3*3&1d+73+!a*'!3+1lf*7*h!9#da1+d+73+!1+!'+$*d+7(&_&!+1!
a'*(b$3*! &! 1&! 8+73+! i! 1+! (&_&! +1! 7od+'*! 3+1+fg7#$*! 8'&3b#3*! (+! 1&! $*da&mn&Y!
jb73*!$*7!`b!7od+'*!);2h!9#!de`!&(+1&73+!+11*`!1+!'+$*d+7(&_&7!+1!a'*(b$3*!&!
*3'*`Y! b`3+(! *_3+7n&! $*d#`#g7! a*'! `b`! &`*$#&(*`! i! $1#+73+`! &b3*de3#$&d+73+h!
-#f+!)1b`!&bd+73g!`o_#3&d+73+!&!FHPhPPP!d#+d_'*`!i!IP!d#11*7+`!(+!(g1&'+`!+7!
c+73&`! &7b&1+`! +7! `g1*! (*`! &m*`h! Z0`! de`! kb+! 1&! ,1&! GY[! 1+! (#j*! -+d*7! &! 1&!
'+c#`3&!9b$$+`!+7!jb7#*!(+!CNNIY!Z+`!b7&!d&'$&h[!!
184
+!!&C#)6+(&1+)
!
.1! a'#7$#a#*Y! 0c&7! `+! 7+8&_&! &! 3+7+'! $b&1kb#+'! $1&`+! (+! '+1&$#g7! $*7! 1&!
*a*'3b7#(&(! -#f+! )1b`h! )+'*! &1! d+`! (+! b`&'! 1*`! a'*(b$3*`Y! `#73#g! b7&! d+j*'n&!
`#87#f#$&3#c&!+7!1*`!`n73*d&`!(+!`b!+7f+'d+(&(h!;73'#8&(*!a*'!+1!a'*(b$3*Y!0c&7!
c*1c#g! &! &7&1#s&'! +1! 7+8*$#*! -#f+! )1b`h! Z6+! a&'+$n&! 3&7! `*'a'+7(+73+! kb+! +'&!
(#fn$#1!(+!$'++'Y[!&f#'d&h!Z6#!a&'&(#8d&!(+!1&!#7(b`3'#&!%&_n&!`#(*!db$%*!%bd*Y!
a'*a&8&7(&! i!+`a+j*`! (+! $*1*'+`Y! $*7! a+'`*7&`! kb+!$*da'&_&7!HhPPP! (g1&'+`!
+7!a'*(b$3*`!i!1*`!11+c&_&7! a*'!3*(*`!1&(*`!3'&3&7(*!(+!c+7(+'1*`!&!&d#8*`!i!
f&d#1#&'+`!i!kb#se`Y!`#!3+7n&7!`b+'3+Y!&`*$#&_&7!&!b7!a&'!(+!a+'`*7&`!a&'&!kb+!
%#$#+'&7! 1*! d#`d*h[! 0c&7! (+`$b_'#g! kb+! +1! `#`3+d&! -#f+! )1b`! +'&! db$%*! de`!
(ba1#$&_1+! kb+! $b&1kb#+'! $*`&! kb+! %b_#+'&! +qa+'#d+73&(*! &73+`h! Z2*! %&_n&!
%*7*'&'#*`!(+!#78'+`*!7#!#7c+73&'#*`Y[!(#$+Y!Z7&(&!de`!b7!`#da1+!d+$&7#`d*!(+!
'+f+'+7$#&`Y!b`&7(*!a+(#(*`!a*'!$*''+*h!-*!d#'l!i!(#j+Y!Zi*!ab+(*!%&$+'1*Rh[!!
!
!
0c&7!`+!b7#g!$*7!b7!&d#8*!(+!`b!o13#d&!$*da&mn&!(+!6-6Y!?*((!Kb''#+'h!
;78'+`&'*7! &! -#f+! )1b`! $*d*! `*$#*`h! @+`+`a+'&(*! a*'! '+$ba+'&'! `b! a*`#$#g7!
+q#3*`&Y!0c&7!`+!$*da'*d+3#g!&!b7&!+`3'&3+8#&!(+!Z&$$#g7!d&`#c&[!rb7!&3&kb+!
(+! $*73&$3*! o7#$*Y!1&`!c+#73#$b&3'*!%*'&`Y!(#`+m&(*!a&'&! (+`&''*11&'!+1!7+8*$#*!
1*!de`!'ea#(*!a*`#_1+h!Z@b'&73+!`+#`!d+`+`Y!3'&_&j&_&!(#+$#*$%*!%*'&`!a*'!(n&Y!
1*`! `#+3+! (n&`! (+! 1&! `+d&7&Y[! $*d+73&! 0c&7h! Z?*(&cn&! 3+7n&! d#! 'b3&! (+!
a+'#g(#$*`Y! &`n! kb+! (+j&_&! +1! 3+1lf*7*! &! 1&! CDGP! (+! 1&! d&m&7&Y! d+! `b_n&! &! d#!
$&d#*7+3&! +! #_&! &! '+$*8+'! d#! $&'8&! (+! a+'#g(#$*`h! .a'+7(n! &! &''+81&'d+! $*7!
kb#7$+!&!c+#73+!%*'&`!(+!`b+m*!a*'!`+d&7&h[!
!!
+$"//+'%,")!
!
01! 7+8*$#*! (+! 0c&7! $'+$#g! 'ea#(&d+73+h! 07! 1*`! a'#d+'*`! (*`! &m*`! i!
d+(#*Y! 1*`! `*$#*`! &b`a#$#&'*7! &! de`! (+! c+#73+! d#1! d#+d_'*`! i! &1$&7s&'*7! b7!
#78'+`*!d+7`b&1!(+!/PhPPP!(g1&'+`Y!(#c#(#(*!&!1&!d#3&(!+73'+!+11*`h!0c&7!+`3&_&!
+73b`#&`d&(*Y! a+'*! a&8g! `b! a'+$#*! a*'! +1! lq#3*h! -&! 1#_+'3&(! (+! 3#+da*! kb+!
$*(#$#&_&! `+8bn&! +1b(#l7(*1*h! 2*$%+! 3'&`! 7*$%+Y! `+!+7$*73'&_&! +7! +1! 3+1lf*7*Y!
'+a#3#+7(*!1&`!d#`d&`!%#`3*'#&`Y!+1!d#`d*!&'8bd+73*!(+!c+73&Y!b7&!i!*3'&!c+sY!
7*!`g1*!$*7!`b`!a'*a#*`!a'*`a+$3*`Y!`#7*!$*7!1*`!(+!1*`!d#+d_'*`!(+!`b!'+(Y!+7!
11&d&(&`!+7!$*7f+'+7$#&h!!
!
!
0c&7! `+! %&_n&! $*7c+'3#(*! rl1! d#`d*r! +7! b7! &3*11&(+'*h! >b&73*! de`!
$'+$n&! `b! '+(Y! de`! +q#8n&! `b! &3+7$#g7! a+'`*7&1h! .(+de`! (+! kb+! +1! 3#+da*! (+!
0c&7!`+!$*7`bdn&Y!`b`!(#`3'#_b#(*'+`!`+!c+n&7!*_1#8&(*`!&!+`a+'&'!+7!1n7+&!a*'!
`b! &ib(&h! @+! db$%&`! d&7+'&`Y! 1+! '+$*'(&_&! &! 0c&7! +`3&'! (+! cb+13&! +7! +1!
_&7$*Y!d#'&7(*!1&!a#1&!(+!#7f*'d+`!(+!b7!d+3'*!(+!&13*h!Z2*`!(#d*`!$b+73&!(+!
kb+! 3+7n&d*`! kb+! +7$*73'&'! b7&! d&7+'&! (+! $*da'#d#'! +1! 3#+da*Y! 3&73*! a&'&!
7*`*3'*`!$*d*!a&'&!7b+`3'&!8+73+Y[!'+$b+'(&h!Z?+7n&d*`!kb+!#7`3&1&'!`#`3+d&`!
kb+!7*`!(#+'&7!&a&1&7$&d#+73*!$*d*!1n(+'+`Y!i!&ib(&'&7!&!7b+`3'*!8'ba*!&!`+'!
de`! +f#$#+73+h[! 07! `b! +`fb+'s*! a*'! '+`*1c+'! +`+! a'*_1+d&Y! ?*((! i! 0c&7!
&$&_&'n&7! a*'! a'*d*c+'! 7b+c*`! dl3*(*`! (+! &a*i*! &! 1&`! '+(+`Y! 1*`! $b&1+`!
+dabj&'n&7!&!1&!+7c*13b'&!(+!1&!#77*c&$#g7!(+!1&!,1&!/!$*7!f#'d+s&Y!de`!&11e!(+1!
FPPPh!!
!
!
!
185
!DEFGHIJ)$,%&#$+)A)!&#!")
)
+HGJDEJvJ)
!
!
!
)&'&!0c&7!1&!`#3b&$#g7!11+8g!&1!1nd#3+!b7&!7*$%+Y!$b&7(*!+`3&_&!%&_1&7(*!
a*'! 3+1lf*7*! $*7! b7&! (+! 1&`! (#`3'#_b#(*'&`! (+! `b! '+(h! -&! dbj+'! +'&! b7&!
c+'(&(+'&! %&$+(*'&! t8*! 8+33+'uh! ?*(&`! 1&`! 7*$%+`Y! $b&7(*! 11+8&_&! (+! `b!
3'&_&j*!$*d*!`+$'+3&'#&Y!`+!`+73&_&!&1!3+1lf*7*!&!(+`&''*11&'!`b!'+(Y!(+`(+!1&`!J!
%&`3&! 1&`! CC! (+! 1&! 7*$%+h! .$&_&_&! (+! 3+1+f*7+&'! &! 0c&7Y! 1b+8*! (+1! o13#d*!
11&d&(*! (+! +`+! (n&h! ZKb+7*Y[! `b`a#'g! (+`abl`! (+! &18b7*`! d#7b3*`Y! Z+`! d+j*'!
kb+! `#8&! +7! d*c#d#+73*h! ?*(&cn&! 3+78*! kb+! &'d&'! kb#7$+! a&kb+3+`! (+!
$&``+33+`h!)&`&'e!*3'&!%*'&!i!d+(#&!&73+`!(+!kb+!d+!c&i&!&!(*'d#'h!!
!
!
0'&7! 1&`! *7$+! (+! 1&! 7*$%+! $b&7(*! (#j*! +`*h! 0`&! 7*$%+Y! 0c&7! 3bc*!
a'*_1+d&`!a&'&!kb+(&'`+!(*'d#(*Y!a+7`&7(*!+7!+`&!dbj+'!kb+!`+!+`$1&c#s&_&!
%&`3&!1&!d&('b8&(&Y!a+8&7(*!`*_'+`h!-+!a&'+$#g!kb+!+'&!b7&!+`3oa#(&!d&7+'&!
(+!a+'(+'!`b!3#+da*h!0'&!+q&$3&d+73+!1&!$1&`+!(+!b'+&!d*7g3*7&!(+!1&!$b&1!1&!
8+73+! +`$&a&_&! $b&7(*! `+! &`*$#&_&! &1! 6-6h! >*7! 3*(&! 1&! d*(+'7#s&$#g7! i! 1&!
&b3*d&3#s&$#g7! a*'! 1&! kb+! %&_n&! a&`&(*! -#f+! )1b`Y! &! 0c&7! 1+! d*1+`3&_&! kb+!
dl3*(*`!(+!1&!0(&(!(+!)#+('&!$*d*!+`+Y!3*(&cn&!$*7`bd#+'&7!1&!a'*(b$3#c#(&(!
(+!`b!*'8&7#s&$#g7h!6#+73'&`!$*7`#(+'&_&!+1!a'*_1+d&Y!0c&7!'+f1+q#*7&_&!`*_'+!
3*(*`! 1*`! *3'*`! &3*11&(+'*`! kb+! l1! i! ?*((! %&_n&7! #(+73#f#$&(*! +7! +1! 7+8*$#*h!
"+`*1c#gY!+7!+`+!d*d+73*!i!+7!+`+!1b8&'Y!%&$+'!&18*!a*'!+11*`h!!
!
$,+:+;")6"#C$"#")!%#$,+/&7+'")
!
0c&7! `+! (#*! $b+73&! (+! kb+! 1&! $1&c+! +'&! $+73'&1#s&'! 1&! d&i*'! $&73#(&(!
a*`#_1+! (+! 3'&_&j*! d*7g3*7*h! 01! i! ?*((! a&`&'*7! 1*`! `+#`! d+`+`! `#8b#+73+`!
(+`&''*11&7(*! `#`3+d&`! a&'&! &#`1&'! &! `b! 8+73+! (+! 3&'+&`! '+a+3#3#c&`! i! kb+!
$*7`bd#+'&7!3#+da*h!07!+1!a'*$+`*Y!3&d_#l7!1#_+'&'*7!8'&7!a&'3+!(+!`b!a'*a#*!
3#+da*h!!
!
!
9b!#77*c&$#g7!de`!&d_#$#*`&!fb+!b7!$+73'*!(+!'+&1#s&$#g7Y!(#`+m&(*!a&'&!
1#_+'&'!&!1&!8+73+!(+!3+7+'!kb+!&'d&'!`b`!a'*a#*`!a&kb+3+`!(+!#7f*'d&$#g7h!B7!
(#`3'#_b#(*'! kb+! +7$*73'&_&! b7! a'*_&_1+! a'*`a+$3*Y!&%*'&! a*(n&! $*da1+3&'! b7!
_'+c+!f*'db1&'#*!(+!a+(#(*!i!+7c#&'1*!a*'!f&q!&!1&!$+73'&1h!07!c+#73#$b&3'*!%*'&`!
`+! 1+! (+`a&$%&_&Y! (#'+$3&d+73+! &1! a'*`a+$3*Y! b7! 5#3! (+! #7f*'d&$#g7! $*da1+3*Y!
kb+! #7$1bn&! b7! $&``+33+! (+! &b(#*h! .(+de`! (+! &%*''&'! 3#+da*! i! +`fb+'s*Y! +1!
$+73'*!(+!'+&1#s&$#g7!&ib(&_&!&!1*`!(#`3'#_b#(*'+`!&!(#`3&7$#&'`+!(+1!a'*$+`*!(+!
c+73&`!rb7&!#da*'3&73+!&3'&$$#g7!a&'&!a+'`*7&`!3nd#(&`!+7!1*!kb+!`+!'+f+'n&!&!
c+7(+'1+!&!`b!d+'$&(*!$&1#+73+h!Z.%*'&!ab+(+!11&d&'!&!a+'`*7&`!kb+!$*7*$+!i!
(+$#'1+`!y&$&_*!(+!+`$b$%&'!1&!$#73&!de`!#7$'+n_1+!`*_'+!`&1b(!i!7b3'#$#g7!i!c*i!
&!%&$+'!kb+!+`3&!$*da&mn&!3+!d&7(+!b7&!$*a#&RY[!(#$+!0c&7h!ZB7*!`+!$*7c#+'3+!
+7! #73+'d+(#&'#*! (+! 1&! 3'&7`&$$#g7Y! 1*! $b&1! +`! b7! a*$*! de`! $gd*(*! a&'&! 1&`!
a+'`*7&`!7b+c&`h[!!
!
!
186
/+()/&#%+()?+*))
!
,3'&! #77*c&$#g7! kb+! 1*`! (*`! `*$#*`! ab`#+'*7! &! (#`a*`#$#g7! +'&! b7! d+7o!
(+!d+7`&j+`!a'+L8'&_&(*`Y!&$$+`#_1+`!a*'!d+(#*!(+!b7!7od+'*!8'&3b#3*Y!i!kb+!
$b_'n&! 3+d&`! 3&1+`! $*d*! 1*`! a'*(b$3*`Y! 1&! $*da&mn&! i! 1&! %#`3*'#&! (+! lq#3*! (+!
0c&7h!0`3*!&1#c#g!b7!3'+d+7(*!&3*11&(+'*!a&'&!1&`!a+'`*7&`!kb+!+`a+'&_&7!kb+!
0c&7!*!?*((!%&_1&'&7!a+'`*7&1d+73+!$*7!`b`!a'*`a+$3*`h!!
!
!
-&!#(+&!1+!`*_'+c#7*!&!0c&7!b7&!7*$%+!$b&7(*!+`3&_&!&1!3+1+f*7*!$*7!b7!
a'*`a+$3*Y!+qa1#$&7(*! +1! a'*8'&d&! (+! $*7`3'b$$#g7!(+! 7+8*$#*! A&`3!?'&$5!tEn&!
'ea#(&uY!b7&!`b+'3+!(+!7+8*$#*!+d_&1&(*!+7!f*'d&!(+!a&kb+3+!(+!#7#$#*!(+!GPP!
(g1&'+`Y! f*'d&(*! a*'! a'*(b$3*`! i! d&3+'#&1+`! (+! +73'+7&d#+73*h! >b&7(*! 0c&7!
3+'d#7gY! +1! a'*`a+$3*! +q$1&dg! Z,j&1e! %b_#+'&! 8'&_&(*! +`*[! Zx-*! +qa1#$g! 3&7!
`b$#73&d+73+x[! 0c&7! `+! (#*! $b+73&! (+! kb+! %&_n&! a+'f+$$#*7&(*! `b! &'8bd+73*!
a*'!%&_+'!'+a+3#(*!1&! d#`d&!a+'*'&3&!$#7$*!*!`+#`!c+$+`!&1!(n&Y!d+`!3'&`!d+`h!!
Z>&'&d_&Y! pa*'! kbl! 7*! 1*! 8'&_*T[! `+! a'+8b73gh! .%*'&! `b`! Za+'*'&3&`[! +`3e7!
(#`a*7#_1+`!a&'&!$b&1kb#+'!a'*`a+$3*!$*7!`g1*!3*$&'!b7!_*3g7!(+1!3+1lf*7*h!0c&7!
11&d&!&1!`#`3+d&!=.)Y!(+1!#781l`!Z8'&_!&!a+7…!t3*d+!b7&!1&a#$+'&uh!Z9#!1+!+`3*i!
%&_1&7(*!&!b`3+(!`*_'+!+1!7+8*$#*Y[!+qa1#$&!0c&7Y!Zab+(*!(+$#'Y!yd#'+Y!&73+`!(+!
kb+! a&`+! db$%*! de`! 3#+da*Y! c+&d*`! `#! b`3+(! +`3e! '+&1d+73+! #73+'+`&(*! +7!
+`3*h!?*d+!b7&!1&a#$+'&!i!a+'dn3&d+!(&'1+!+`3*`!(*`!7od+'*`Rh[!9*1&d+73+!1*`!
a'*`a+$3*`! `+'#*`! `+! d*1+`3&'e7! +7! 11&d&'! (+! 7b+c*! (+`abl`! (+! %&_+'!
+`$b$%&(*! 1&`! 8'&_&$#*7+`h! Z0`! b7&! 8'&7! %+''&d#+73&! (+! `+1+$$#g7Y[! &f#'d&!
0c&7h!Z-+!a+'d#3+!&!1&!8+73+!3&d#s&'!b7!8'&7!7od+'*!(+!a'*`a+$3*`!i!b`&'!`b!
3#+da*!$*7!&kb+11*`!kb+!3#+7+7!b7!8'&7!7#c+1!(+!#73+'l`h[!!
!
$%,,",)+/)$%/Y2"#"))
!
-&! 1n7+&! =.)! &ib(&! 3&d_#l7! (+! *3'&`! d&7+'&`h! 0c&7! '+$b+'(&! &! b7&!
dbj+'! (+! `+3+73&! i! `+#`! &m*`! (+! `b! '+(! &! 1&! kb+! 1+! +`3&_&! i+7(*! _#+7! +7! +1!
7+8*$#*h! O&_n&! *_3+7#(*! _b+7*`! '+`b13&(*`! $*7! 1*`! a'*(b$3*`! i! `b! 3+`3#d*7#*!
a+'`*7&1! &ib(g! &! &`*$#&'! &! db$%*`! d#+d_'*`h! .(+de`Y! 1&! dbj+'! +'&!
#7$'+n_1+d+73+! `*$#&_1+h! Z0`3&_&! (#`ab+`3&! &! `&1#'Y! a&'&'`+! +7! b7&! #73+'`+$$#g7!
$*7$b''#(&! &! 1&`! IDGP! (+! 1&! d&m&7&Y! i! $&d#7&'! %&`3&! 1*`! &b3*`! i! +73'+8&'!
c*1&73+`Y[! $*d+73&! 0c&7h! O&_n&! b7! o7#$*! a'*_1+d&h! -&! dbj+'! `+! a&'&1#s&_&!
$&(&!c+s!kb+!3+7n&!kb+!$*73&$3&'!a+'`*7&`!a*'!3+1lf*7*h!!
!
!
Z>*7! db$%&! f'+$b+7$#&Y! 1&! 8+73+! 1+! 3#+7+! d#+(*! &1! 3+1lf*7*Y!
+`a+$#&1d+73+! $b&7(*! `*7! 7b+c*`Y! a*'kb+! 7*! `&_+7! kbl! (+$#'Y[! +qa1#$&! 0c&7Y!
Z-&!d&7+'&!(+!`*_'+a*7+'`+!&1!d#+(*!+`!a'&$3#$&'h!)+'*!+1!d#+(*!7*!1+!a+'d#3+!
&! 1&! 8+73+! +73'&'! +7! &$$#g7h[! -b+8*! (+! 1&! a'+`+73&$#g7! (+! 1&`! 1n7+&`! =.)! +1!
7+8*$#*! (+! +`3&!dbj+'!`+! fb+!&!1&`! 7b_+`h! Z@+! '+a+73+Y! %&_1&_&! $*7! kb#7$+!*!
c+#73+! a+'`*7&`! a*'! (n&Y[! $*d+73&! 0c&7h! Z\&! 7*! `+! a'+*$ba&_&! a*'! 1*! kb+! `+!
`ba*7n&!kb+!(+_n&!(+$#'h!-*!o7#$*!kb+!3+7n&!kb+!%&$+'!+'&!8&7&'`+!1&!$*7f#&7s&!
(+!1&!a+'`*7&!i!(+'#c&'1&!&!1*`!7od+'*`!=.)h[!9b!c*1bd+7!(+!c+73&`!`+!(ba1#$g!
+7!a*$*!3#+da*h!
!!
+=",,+,)$&%6*"))
!
-&`!a+'`*7&`!(+1!8'ba*!(+!0c&7!3&d_#l7!ab+(+7!&$$+(+'!&!#7f*'d&$#g7!
a*'!d+(#*!(+!;73+'7+3!*!&!3'&cl`!(+!f&q!&!a+(#(*h!B7&!ae8#7&!]+_!*f'+$+!b7&!
a'+`+73&$#g7!(+!c+#73+!d#7b3*`!(+!1&!*a*'3b7#(&(!-#f+!)1b`v!jb73*!$*7!(&3*`!(+!
187
1*`!1n(+'+`!a'#7$#a&1+`Y!#7f*'d&$#g7!(+!1&!$*da&mn&!i!(+!1*`!a'*(b$3*`Y!b7&!8bn&!
(+! kb#l7! +`! kb#l7! +7! 1&! $*'a*'&$#g7! #7f*'d&$#g7! `*_'+! $gd*! $*73&$3&'`+Y! +!
#7f*'d&$#g7! (+! +73'+7&d#+73*! `*_'+! 1*`! `#`3+d&`! (#`a*7#_1+`! (+! o13#d&!
8+7+'&$#g7! i! (+! (+`&''*11*! (+1! 7+8*$#*! a&'&! 1&! '+(!(+! 0c&7h! ='&7! a&'3+! (+! 1&!
d#`d&! #7f*'d&$#g7! ab+(+! `+'! *_3+7#(&! &b3*de3#$&d+73+! cn&! f&q! &! a+(#(*Y!
`#da1+d+73+!11&d&7(*!&!b7!7od+'*!8'&3b#3*h!!
!!
!
?*(*`!+`3*`!`#`3+d&`!+`3e7!(#`+m&(*`!a&'&!&1$&7s&'!b7!*_j+3#c*!>*do7D!
&%*''&'!3#+da*h!.73#8b&d+73+Y!+qa1#$&!0c&7Y!1*!a'#d+'*!kb+!`+!%&$n&!+'&!a+(#'!
&18o7!a'*(b$3*Y! kb+! a*(n&! 3&'(&'!$b&3'*!*!$#7$*!(n&`!+7!11+8&'h! -b+8*!(+!b`&'!
1*`!a'*(b$3*`!i!(+!+`$b$%&'!b7&!3+1+$*7f+'+7$#&Y!b`3+(!a*('n&!(+$#(#'!1&!$*da'&!
(+! $#+7! $&``+33+`! a&'&! a'*d*c+'! +1! 7+8*$#*h! )&'&! $b&7(*! '+$#_#+'&! +`*`!
$&``+33+`Y! i! 1*`! %b_#+'&! +da&kb+3&(*! i! +7c#&(*! a*'! $*''+*Y! a*('n&! %&_+'!
a&`&(*!b7!d+`!*!de`!$*7!a*$&!*!7&(&!(+!&$$#g7!+7!`b!7+8*$#*h!9#7!+d_&'8*Y!
+1!7b+c*! `#`3+d&!(+!0c&7!1+!a+'d#3+!+da+s&'!+1!a'#d+'! (n&Y! +7c#&7(*!a+(#(*`!
(+!$&``+33+`!&1!$+73'*!(+!'+&1#s&$#g7Y!i!'+f#'#+7(*!a+'`*7&`!&!1&!ae8#7&!]+_Y!&1!
`+'c#$#*!(+!f&q!&!a+(#(*!*!&!1&`!1n7+&`!=.)!Z9*_'+!3*(*!+`3*!3'&3&!1&!$*da'+`#g7!
(+1!3#+da*Y[!$*d+73&!0c&7h!!
!
/&'%,+7?")6%;",+'"))
!
Z>b&73&`! de`! %+''&d#+73&`! i! `#`3+d&`! a*78&d*`! &! (#`a*`#$#g7[! &f#'d&!
0c&7Y! Zd+7*`! #da*'3&73+`! `*7! 1*`! 1n(+'+`! a&'&! 1&`! &$3#c#(&(+`! (#&'#&`Y! 0`*! 7*!
`#87#f#$&! kb+! 1*`! `#`3+d&`! '++da1&s&7! &! 1*`! 1n(+'+`h! 9#87#f#$&! kb+! 1*`! d+j*'&h[!
)*'! +j+da1*Y! &$3b&1d+73+Y! 0c&7! (+`$b_'+! kb+! a&`&! db$%*! d+7*`! 3#+da*!
%&$#+7(*!'+a+3#3#c&`!a'*a&8&7(&`!3+1+fg7#$&`!i!db$%*!de`!3#+da*!+73'+7&7(*!
&!`b`!d&i*'+`!%&$+(*'+`h!!
!
!
)+'*Y!`+8o7!$'++!0c&7Y!1*`!c+'(&(+'*`!_+7+f#$#&'#*`!`*7!1*`!a'*f+`#*7&1+`!
(+! '+(! $*db7+`Y! b7&! 8'&7! d&i*'n&! (+! 1*`! $b&1+`! 3'&_&j&! +7! +1! 7+8*$#*! a&'3!
3#d+h!Z07!1&!&$3b&1#(&(Y!$&(&!c+s!+7!de`!a&'+j&`Y!3'&_&j&!3&73*!1&!dbj+'!$*d*!
+C!%*d_'+Y[!$*d+73&!0c&7h!Z?#+7+7!d+7*`!3#+da*!kb+!7b7$&h!>b&7(*!11+8&7!&!
`b! %*8&'Y! +`3e7! &8*3&(*`h! -1+8&7! &! `b`! %*8&'+`! &! 1&`! `+#`Y! `#+3+Y! *$%*! (+! 1&!
7*$%+! i! i&! 7*! +`! 3&7! a'*_&_1+! kb+! 3*d+7! +1! 3+1lf*7*! i! 1*! %&8&7! 3'&_&j&'! a*'!
3'+`!%*'&`!$*d*!a*('n&7!%&_+'!%+$%*!+7!1&!(l$&(&!(+!1*`!JPY!b!MPh[!01!`#`3+d&!
(+! 0c&7! *f'+$+! 1&! $1&`+! (+! $*da'+`#g7! (+! 3#+da*! kb+! +`3&`! a&'+j&`! 7+$+`#3&7!
a&'&!%&$+'!kb+!+1!7+8*$#*!`+&!'+&1#`3&h!Z-+`!(&d*`!&!kb#+7+`!3'&_&j&7!a&'3!3#d+!
+1!&a*i*!kb+!7+$+`#3&7!a&'&!kb+!ab+(&7!3+7+'!&18*!(+!lq#3*!+7!b7!a+'n*(*!(+!
3#+da*!'+1&3#c&d+73+!$*'3*h[!
!!
'%($,0!$",)'%)6&$"())
!
01!de`!#da*'3&73+!3+`3+*!(+!$b&1kb#+'!7+8*$#*!+`!`b!'+`b13&(*h!.kbnY!1&`!
#77*c&$#*7+`!(+!0c&7!i!?*((!%&7!(&(*!a'b+_&`!(+!`b!c&1*'!db$%&`!c+$+`h!9+#`!
d+`+`!(+`abl`!(+!`b!#7`3&1&$#g7Y!1&`!c+73&`!%&_n&7!$'+$#(*!b7!GP!a*'!$#+73*Y!+7!
$*da&'&$#g7! $*7! b7! CH! &! FP! a*'! $#+73*! (b'&73+! 1*`! `+#`! d+`+`! &73+'#*'+`Y!
ZO+d*`! $'+$#(*! $*d*! 1*$*`Y[! $*d+73&! 0c&7h! Z\! c+d*`! kb+! 7b+`3'&! 8+73+! +`!
de`!&b3*`bf#$#+73+h[!!
!
!
!
188
!
0c&7!c+!&!`b!`#`3+d&!$*d*!a&'3+!(+!b7!d*c#d#+73*!kb+!&_&'$&!3*(&!1&!
#7(b`3'#&h! .! d+(#(&! kb+! 1&! "+c*1b$#g7! (+! 1&! ,1&! /! 3*d&! f*'d&Y! 1&`! $*da&mn&`!
&7(&7! &! 3#+73&`Y! (n&! 3'&`! (n&Y! a&'&! `*1b$#*7&'! +1! a'*_1+d&! de`! a+'`#`3+73+! (+1!
6-6D!$gd*!%&$+'!kb+!+1!7+8*$#*!fb7$#*7+!a&'&!&kb+11*`!kb+!3'&_&j&7!a&'3!3#d+h!
0c&7!$'++!kb+!-#f+!)1b`!%&!'+`b+13*!db$%&`! (+! 1&`!8'&7(+`!a'+8b73&`Y! $*7! `b!
a1&7! (+! $*da+7`&$#g7! d*(+'7#s&(*! i! `b! a'*8'&d&! (+! +73'+8&h! )+'*! `b`!
`#`3+d&`!(+!&b3*&a*i*!+`3e7!i+7(*!&o7!de`!1+j*`Y!Z07!+`3&!#7(b`3'#&!+q#`3+!+1!
d#3*! (+! kb+Y! `#! `+! %&$+! b7&! 1#`3&! $&1#+73+! (+! $#+7!a+'`*7&`Y! +1! (#7+'*! 1+! c&! &!
11*c+'Y[!(#$+h!ZKb+7*Y!7*!+`!&`nh!-&!d&i*'n&!(+!1*`!a'*f+`#*7&1+`!(+!'+(!(+_+'e!
%&_1&'! $*7! d#1+`! (+! a+'`*7&`! &73+`! (+! a*(+'! (+`&''*11&'! b7! 7+8*$#*!
`#87#f#$&3#c*h!-&`!$*da&mn&`!kb+!c+'(&(+'&d+73+!$&a3b'&'e7!1&!a'gq#d&!*1&!(+!
1&! #7(b`3'#&! `*7! &kb+11&`! kb+! ab+(&7! (+`&''*11&'! `#`3+d&`! (+! cb+13&! (+! 11&c+!
a&'&!&ib(&'!&!kb+!kb#+7+`!3'&_&j&7!a&'3!3#d+Y!&!3&d#s&'!1&!d&i*'!$&73#(&(!(+!
a'*`a+$3*`!1*!de`!'ea#(*!a*`#_1+h[!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
189
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
'%!&6")*,&6%,+)
*+,$%)
)
)
"/+)4)
)
)
)
"ID)8)v)6nK)+IIn)
190
!DEFGHIJ)$,%&#$+)A)(%&()
)
/D)2PJOGLPD)ULI)!JZLPTNJ)%ILTGPXONTJ)
!
!
-&! a'#d+'&! 3'&7`f+'+7$#&! +1+$3'g7#$&! (+! (#7+'*! +7! 1&! %#`3*'#&Y! fb+!
'+&1#s&(&!a*'!1&!$*da&mn&!(+!(#1#8+7$#&`!]+11`!A&'8*Y!cn&!3+1l8'&f*Y!+7!CMI/h!07!
1&! (+`&a&$#_1+! f'*73+'&! +`3&(*b7#(+7`+Y! (*7(+! f&d*`*`! _&7(#(*`! &'d&(*`! `+!
&(b+m&_&7! 'b3#7&'#&d+73+! (+! 1&`! $&j&`! (+! (#7+'*! (+! 1&`! (#1#8+7$#&`! kb+!
a&`&_&7h!01! 3+1l8'&f*!1+!a+'d#3#g!&!]+11`!A&'8*!d*c+'!(#7+'*!+7!f*'d&!`+8b'&!
+73'+! `b`! (#`3&73+`! *f#$#7&`h! 01! `+'c#$#*! `+! %#s*! a*ab1&'! +73'+! +1! ao_1#$*Y! i!
db$%*`! &8+73+`! (+! ]+11`! A&'8*! `+! (+`+da+m&_&7! $*d*! 3+1+8'&f#`3&`! a&'&!
&ib(&'! &! `&3#`f&$+'! 1&! $'+$#+73+! (+d&7(&! (+! 3'&7`&$$#*7+`! a*'! d+(#*! (+! 1*`!
Z$&_1+`!$&73&73+`[h!!
!
!
0`*`! $&_1+`! `#8b+7! $&73&7(*! d#+73'&`! `b'8+! +1! `#81*! ::;h! )+'*!
&$3b&1d+73+!+`3e7!f&_'#$&(*`!+7!`b!8+7+'&1#(&(!$*7!f#_'&!ga3#$&Y!i!$&(&!_&7$*Y!
$*''+(*'&Y!d+'$&(*!(+!c&1*'+`Y!$*'a*'&$#g7!i!_*1`&!(+!d+'$&7$n&`!&1'+(+(*'!(+1!
db7(*Y!3'&`a&`&!+7*'d+`!`bd&`!(+!(#7+'*!&!3'&cl`!(+!+11*`!3*(*`!1*`!(n&`h!07!
+1! $&d_#*! (+! d#1+7#*Y! +1! $*d+'$#*! +1+$3'g7#$*! r3&d_#l7! $*7*$#(*! $*d*! +L
$*dd+'$+L! `+! %&! '+c+1&(*! $*d*! 1&! a'gq#d&! 8'&7! f'*73+'&! +$*7gd#$&h! 2&(#+!
`&_+! %&`3&! (*7(+! $'+$+'e! +`3+! d+'$&(*! *! $be73*! `+! +qa&7(#'eh! )+'*! 1*`!
a'#d+'*`!`#87*`!`b8#+'+7!kb+!+`3e!+d+'8#+7(*!b7!d*7`3'b*h!07!CNNMY!$&`#!CJ!
d#11*7+`!(+!+`3&(*b7#(+7`+`!%#$#+'*7!$*da'&`!a*'!J!d#1!d#11*7+`!(+!(g1&'+`!cn&!
;73+'7+3h!.18b7*`!+qa+'3*`!a'+(#$+7!kb+!+7!+1!&m*!FPPFY!+`*`!7od+'*`!a&`&'e7!
&! `+'!de`!(+1! 3'#a1+Y!$*7!&1!d+7*`!HM!d#11*7+`!(+! a+'`*7&`!%&$#+7(*!$*da'&`!
*71#7+! a*'! /C! d#1! d#11*7+`! (+! (g1&'+`h! -*`! a'*f+`#*7&1+`! (+! '+(! i&! +`3e7!
3*d&7(*!b7!a&a+1!(+$#`#c*!+7!1&!#7d#7+73+!+qa1*`#g7!(+1!$*d+'$#*!+1+$3'g7#$*h!!
!
/+)*%(+'&//+)&#$%,+!$&1+))
!
6#!1#_'*!,1&!GY!(+!CNN/Y!$*73+7n&!b7!$&an3b1*!3#3b1&(*!Z6e`!&11e!(+!1&!,1&!
/[h! 07! +`+! $&an3b1*Y! 3'&3&_&! (+! #d&8#7&'! $gd*! #_&! &! +7$&j&'! +1! 7+34*'5!
d&'5+3#78! +7! b7! db7(*! (*7(+! 1&`! $*da'&`! `+! %#$#+'&7! +q$1b`#c&d+73+! a*'!
d+(#*`! #73+'&$3#c*`h! Z;d&8n7+`+! kb+! +`3&d*`! +7! +1! &m*! FPCPY[! +`$'#_nh! ZB`3+(!
%&$+! 3*(&`! `b`! $*da'&`! (#'+$3&d+73+! &! 3'&cl`! (+! b7&! a&73&11&hhh! 07$#+7(&! 1&!
a&73&11&! i! db+c&! +1! $b'`*'! &1! 'b_'*! yc+'(b1+'n&Rh! @+! '+a+73+Y! b`3+(! +`3&'e!
'+$*''#+7(*! b7! `ba+'d+'$&(*! 3&7! 8'&7(+! $*d*! 1*`! Q&'(#7+`! >*18&73+`!!
(+!K&_#1*7#&h!)&`#11*`!11+7*`!(+!a'*(b$3*`!`+!+qa&7(+7!+7!3*(&`!(#'+$$#*7+`h!07!
1*`! +`3&73+`Y! b`3+(! c+! #de8+7+`! (+! yc+'(b'&`R! 8+7l3#$&d+73+! d*(#f#$&(&`Y!
jb8b+3+&7(*Y!_&#1&7(*!i!11&de7(*1*!a*'!`b!7*d_'+h[!!
!
!
6#! *_j+3#c*Y! +7! +`+! $&an3b1*Y! +'&! &f#'d&'! kb+! +1! $*d+'$#*! +1+$3'g7#$*!
a*('n&!'+`b13&'!3&73*!b7&!a+`&(#11&!$*d*!b7!`b+m*h!01!7od+'*!(+!a'*(b$3*`!i!1&!
$&73#(&(! (+! #7f*'d&$#g7! (#`a*7#_1+! `*_'+! $&(&! b7*! (+! +11*`! $*da1#$&'n&7! +7!
8'&7! d+(#(&! 1&! +qa+'#+7$#&! (+! $*da'&'Y! a'+(#j+h! 9#7! (b(&`Y! $&(&! a'*(b$3*!
Zc#'3b&1[!+`3&'n&!+kb#a&(*!a*'!`b`!a'*c++(*'+`!$*7!b7&!&7(&7&(&!(+!&$$+`*'#*`!
&3'&$3#c*`Y! (#`+m&(*`! a&'&! %&$+'1*`! `*_'+`&1#'! (+1!'+`3*h! 01! '+`b13&(*! `+'n&! b7&!
+71*kb+$+(*'&!$&$*f*7n&!(+!d+7`&j+`!ab_1#$#3&'#*`h!!
191
!
(":,%!+,?+)%/%!$,C#&!+))
!
ZB7! a&kb+3+! `+11&(*! (+! 1+8bd_'+`! %#('*ag7#$&`! #''&(#&(&`! 1&7s&! f1&`%+`!
(+! 1bs! &! `b! '+3#7&Y[! +`$'#_n! +7! ,1&! GY! Zd#+73'&`! b7&! c*s! +q3'&m&! +! %#a7g3#$&!
`b`b''&!y>gda'&d+Y!$gda'&d+R!+7!a+'f+$3&!`#7$'*7#s&$#g7!$*7!1&!f'+$b+7$#&!(+!
*7(&! 3%+3&! (+! `b! $+'+_'*hhh! 07! 1&! `+$$#g7! (+! c+'(b'&`Y! b7&! $&j&! (+! a+a#7*`!
&8#8&73&(*`! &'3#f#$#&1d+73+! (#$+! f'&`+`! &! 1*! Q#ddi! @b'&73+D! y2*! `*i! 3b! 7&'#sx!
w`*i! b7! a+a#7*! 8+7l3#$&d+73+! &13+'&(*x! w>%&Y! $%&Y! $%&x! w>&1#+73+xR! B`3+(! `+!
`*7'*j&! &1! a&`&'! jb73*! &! b7! +`3&73+! $*7! 3*d&3+`! d&(b'*`Y! $*73*7+e7(*`+!
*_`$+7&d+73+!i!`b`b''&7(*!a'*d+`&`!`+qb&1+`!+qa1n$#3&`!&!`b!*n(*h!
!!
!
Z>&(&!a'*(b$3*!3#+7+!`b!+`3#1*!a'*a#*!i!a+'`*7&1h!)+'*!3*(*`!+`3e7!3'&`!+1!
d#`d*! a'+d#*h! Sb#+'+7! kb+! a*78&! +1! $b'`*'! `*_'+! +11*`h! w>b#(&(*x! 07! +1!
d*d+73*! +7! kb+! 1*! %&8&Y! +`3&'e! _&j*! `b! $*73'*1h! 9b!a&73&11&! +`3&11&'e! +7! b7!
f&73&`d&8g'#$*! a'*8'&d&! #73+'&$3#c*Y! f*$&1#se7(*`+! +7! +`+! a'*(b$3*! +7!
$*7$'+3*h!.7b7$#*`!(+!3+`3#d*7#*`!(+!$1#+73+`Y!%#`3*'#&1!(+!kb+j&`!i!(+d&7(&`Y!
#7f*'d&$#g7!7b3'#$#*7&1Y!#7$1b`*! 3+`3#d*7#*`!(+!$+1+_'#(&(+`Y! (+`f#1&'e7! &73+! `b!
$&da*! c#`b&1! +7! $*1*'+`! _'#11&73+`Y! &$*da&m&(*`! (+! 1b$+`! #73+'d#3+73+`! i!
`*7#(*! 'n3d#$*! _1&7$*Y! (#`+m&(*! a&'&! 7+b3'&1#s&'! `b! '+`#`3+7$#&! a`#$*1g8#$&h! 07!
`n73+`#`Y!#'!(+!$*da'&`!+7!+1!&m*!FPCP!`+'e!b7&!c+'(&(+'&!a+`&(#11&h[!!
!
/+)!,&(&()'%/)(%,1&!&")+/)!/&%#$%))
!
@+3'e`! (+! d#! c#`#g7! #'g7#$&! `+! +qa'+`&_&! b7! a'*_1+d&! '+&1! $gd*! %&$+'!
kb+! +1! &d_#+73+! (+! $*da'&`! #73+'&$3#c&`! `+&! c+'(&(+'&d+73+! &d&_1+! %&$#&! +1!
b`b&'#*h!.!d+(#(&!kb+!$*d#+7s&!+1!`#81*!::;Y!1*`!1n(+'+`!(+!1&!#7(b`3'#&!`+!(&7!
$b+73&!(+!kb+!+1!`+'c#$#*!&1!$1#+73+!`+'e!1&!a'b+_&!(+!fb+8*!a&'&! (#`3#78b#'!1*`!
+da*'#*`! (+! $*d+'$#*! +1+$3'g7#$*!(+1!d&m&7&! (+! 1*`!7+8*$#*`!fb8&$+`!(+!%*i!
+7!(n&h!-&`!kb+j&`!(+!1*`!$1#+73+`!&bd+73&7!#7$1b`*!de`!kb+!1&`!c+73&`h!y.%*'&!
d#`d*Y!+1!`+'c#$#*!&1!$1#+73+!+7!1&!]+_!+`!'+&1d+73+!&3'*sY[!(#$+!+1!&7&1#`3&!(+!
Qba#3+'! >*ddb7#$&3#*7`Y! ^+7! .11&'(Y! $#3&(*! +7! b7! &'3n$b1*! (+1! FP! (+! +7+'*! (+!
CNNN!+7!+1!-*b#`c#11+!>*b'#+'LQ*b'7&1h!!
!
!
Qba#3+'! >*ddb7#$&3#*7`! c#`#3g! de`! (+! CPP! `#3#*`! (+! $*da'&`! *71#7+Y!
+7c#&7(*! a'+8b73&`! &! $1#+73+`! cn&! $*''+*! +1+$3'g7#$*h! 6b$%*`! `#3#*`!
(#'+$3&d+73+! 7*! $*73+`3&'*7! i! +7! +1! /F! a*'! $#+73*! (+! 1*`! $&`*`! 1&! '+`ab+`3&!
3&'(g! de`! (+! $#7$*! (n&`h! 2*! +`! +q3'&m*! +73*7$+`! kb+! +73'+! +1! GG! i! +1! II! a*'!
$#+73*!(+!1*`!$1#+73+`!(+!$*d+'$#*!+1+$3'g7#$*!(+`#`3&7!(+!`b`!$*da'&`!&73+`!(+!
kb+! 1&`! 3'&7`&$$#*7+`!`+! $*da1+3+7Y! (+! &$b+'(*! &1! 2+4! \*'5! ?#d+`! (+1! FM! (+!
jb7#*!(+!CNNNh!9#7!b7&!a+'`*7&!a&'&!$*73+`3&'!a'+8b73&`!*!'+`*1c+'!a'*_1+d&`Y!
1&!c*1b73&(!(+!$*da'&'!ab+(+!(+`&a&'+$+'!+7!b7!#7`3&73+h!!
!
%/)20$0,")%()+=",+))
!
.$3b&1d+73+Y! 1*`! d+'$&(+'+`! (+! 1&! ]+_! `+! +`fb+'s&7! a*'! &8'+8&'! b7!
3*kb+! a+'`*7&1! &! `b`! `#3#*`! (+! $*d+'$#*! +1+$3'g7#$*Y! $*7! f*'*`! (+! $%&3+*! i!
`+'c#$#*`! (+! 3+1+f*7n&! a*'! ;73+'7+3h! >%'#`! 6$>&77Y! a'+`#(+73+! (+1! PCLMPPL
A1*4+'`! (+`$'#_#g! &1! a'*8'&d&! (+! 3+1+f*7n&! a*'! ;73+'7+3! (+! 1&! $*da&mn&! $*d*!
Z'b+(&`! (+! &a'+7(#s&j+! a&'&! 7b+c*`! b`b&'#*`[! rb7&! d&7+'&! (+! 8b#&'! &! 1*`!
$*da'&(*'+`!a*'!`b`!a'#d+'&`!+qa+'#+7$#&`!+7!+1!`#3#*Y!%&`3&!kb+!&(kb#'#+`+7!1&!
`bf#$#+73+! $*7f#&7s&! $*d*! a&'&! b`&'1*! a*'! `n! `*1*`h! 0`! b7&! 8'&7! #(+&h! )+'*! +1!
192
d+j*'! dl3*(*! a&'&! kb+! 1*`! 7b+c*`! $1#+73+`! $*7*s$&7! b7! `#3#*! ]+_! +`Y! `#7!
(b(&`Y! +1! kb+! `b8+'n! &11e! a*'! CNN/D! +1! 7+34*'5! d&'5+3#78h! 6#+73'&`! +`3+! 1#_'*!
+`3e! +7! a'*$+`*! (+! #da'+`#g7Y! 1*`! o13#d*`! +c+73*`! %&7! $*7f#'d&(*! d#!
a'+(#$$#g7h! ;1b`3'&7! $*7! $be73&! +q&$3#3b(! #d&8#7l! +1! &d_#+73+! (+1! $*d+'$#*!
+1+$3'g7#$*!i!+1!a&a+1!kb+!1*`!a'*f+`#*7&1+`!(+!'+(!3+7('n&7!+7!`b!%bd&7#s&$#g7h!
!!
!
01! G! (+! d&'s*! (+! CNNNY! .d4&i! i! 6#$'*`*f3! >*'a*'&3#*7! &7b7$#&'*7! `b!
b7#g7! $*7! 1&! f#7&1#(&(! (+! *f'+$+'! 1*! kb+! a*('n&! `+'! 1&! d&i*'! ae8#7&! ]+_! (+!
c+73&! d#7*'#`3&! +7! ;73+'7+3D! Sb#q3&'h$*dh! )'*i+$3&(*! a&'&! $*d+7s&'! &! *a+'&'!
+7!`+a3#+d_'+!(+!CNNNY!Sb#q3&'!#7$1bi+Y!(+!&$b+'(*!&!fb+73+`!(+!.d4&iv!de`!
(+!(#+s!d#1!a'*(b$3*`!i!`+'c#(*`!(#f+'+73+`h!.(+de`!(+!`b`!a'*(b$3*`!a'*a#*`Y!
`+! +`a+'&! kb+! Sb#q3&'! *f'+s$&! b7&! db+`3'&! '+a'+`+73&3#c&! (+! 1&! d+'$&(+'n&!
.d4&iY!kb+!ab+(+!#7$1b#'!(+!3*(*Y!(+`(+!s&a&3#11&`!.(#(&`!i!+kb#a*`!(+!`*7#(*!
)&7&`*7#$Y! %&`3&! a'*(b$3*`! (+! 1#da#+s&! d&'$&! .d4&i! 9.M! i! $*`dl3#$*`!
.'3#`3'ih!
!!
%($+#$%()A)*+(&//"()1&,$0+/%()
!
.d4&i! d&73bc*! &_`*1b3*! `+$'+3*! $*7! '+`a+$3*! &! 1*`! (+3&11+`! (+! 1&!
ae8#7&! Sb#q3&'! &73+`! (+! `b! a'+`+73&$#g7h! )+'*! &18b7*`! (+3&11+`! `*_'+! `b!
f*'d&3*! `+! f#13'&'*7Y! `b8#'#+7(*! $*7! $be73&! a'+$#`#g7! #d&8#7l! 1&`! $*da'&`!
#73+'&$3#c&`!(+1!fb3b'*Y!&11e!a*'!CNN/h!!
!
!
93+a%+7! 6$>&'3iY! 8+'+73+! $*7`b13*'! `*_'+! +1! a'*i+$3*! Sb#q3&'! a&'&!
6#$'*`*f3Y!1+!(#j*!&!1&! '+c#`3&!2+34*'5!6&'5+3#78!-#f+`3i1+`!t26-u!+7!1&!+(#$#g7!
(+! jb7#*! (+! CNNNY! kb+! b7*! (+! 1*`! &'8bd+73*`! &! $*7`#(+'&'! +'&! (&'1+! &! 1*`!
$*da'&(*'+`! (+! Sb#q3&'! 1&! #1b`#g7! (+! kb+! +`3e7! a&`+&7(*! a*'! b7! #7d+7`*!
$+73'*!(+!$*da'&`!c#'3b&1Y!3&1!c+s!#7$1b`*!*f'+$#+7(*!1&!+qa+'#+7$#&!c#`b&1!(+!#'!
a*'!1*`!a&`#11*`!(+1!$*d+'$#*!i!y$1#kb+&'R!a'*(b$3*`!(+!1*`!+`3&73+`!i!&8'+8&'1*`!
&!1&!$&7&`3&!(+!$*da'&`Y[!+`$'#_+!+1!a+'#*(#`3&!>*i!K&'+f**3!+7!26-h!!
!
0#)#0%1")*+,+'&?6+))
!
Z-*! '+&1d+73+! (+`3&$&_1+! (+! Sb#q3&'! i! b7! d*3#c*! a*'! +1! $b&1! +`! 3&7!
#da*'3&73+Y[! (#$+! +7! 26-! K'#(8+3! A&'1&7(Y! (#'+$3*'&! &`*$#&(&! (+! d&'5+3#78!
#73+'&$3#c*!(+!A'i!6b13#d+(#&!tkb+!+`3e!&ib(&7(*!&!(#`+m&'!Sb#q3&'uY!Z+`!kb+!i&!
3#+7+!b7!+7*'d+!`lkb#3*!(+!1+&1+`!$1#+73+`v!&`n!kb+!(+!&73+d&7*!3#+7+!c+73&j&!
`*_'+!3*(*`!1*`!*3'*`!`#3#*`Y!#7$1b`*!&73+`!(+!`b!1&7s&d#+73*|!+`*!+`!b7!7b+c*!
a&'&(#8d&!a&'&!+1!$*d+'$#*!+1+$3'g7#$*h[!!
!
!
@+`(+!kb+!+1!$*d+'$#*!+1+$3'g7#$*!`&13g!+7!1&!a&73&11&!(+1!'&(&'!(+!]&11!
93'++3! +7! CNNMY! `b! a'#7$#a&1! *_`3e$b1*! %&! `#(*! &3'&+'! i! d&73+7+'! >1#+73+`!
#7$1b`*! .d&s*7h$*d! `#8b+! 3+7#+7(*! d#11*7+`! (+! (g1&'+`! +7! '*j*Y! &! a+`&'! (+1!
lq#3*! (+! `b! a'*8'&d&! (+! &b`a#$#*! (+! &`*$#&(*`! tc+'!$&an3b1*! CCu! i! 8+7+'*`*`!
f#7&7$#&d#+73*`! (+! a&'3+! (+! #7c+'`*'+`! (+! ]&11! 93'++3h! Sb#q3&'! +`! +1! a'#d+'!
1&7s&d#+73*! (+! $*d+'$#*! +1+$3'g7#$*! #da*'3&73+! kb+! #78'+`&! &1! d+'$&(*! $*7!
b7&! $*7`#(+'&_1+! _&`+! (+! $1#+73+`! i&! $*7`3'b#(&! r1*`! 3'+`! d#11*7+`! (+!
'+a'+`+73&73+`! (+! .d4&i! +7! 3*(*! +1! db7(*h! 26-! #7f*'d&! kb+Y! 3'+`! d+`+`!
&73+`! (+1! 1&7s&d#+73*! (+! Sb#q3&'Y! de`! (+! FPPhPPP! a+'`*7&`! i&! `+! %&_n&7!
&7*3&(*! +7! b7&! ae8#7&! ]+_! kb+! a'*d*$#*7&_&! &! Sb#q3&'Y! a&'&! a+(#'!
#7f*'d&$#g7!&$3b&1#s&(&!`*_'+!+1!7b+c*!`#3#*h!!
193
!
/+):+/+)6S?&!+))
!
-*!kb+!'+&1d+73+!%&$+!&!Sb#q3&'!(#f+'+73+Y!`#7!+d_&'8*Y!+`!+1!f&$3*'!(+!
.13*!>*73&$3*D!1&!$&a&$#(&(!(+!kb+!7b+c*`!$1#+73+`!'+$#_&7!`+'c#$#*!i!&`#`3+7$#&!
a+'`*7&1#s&(&! (+1! '+a'+`+73&73+! Sb#q3&'! kb+! 1*`! #73'*(bj*! &1! `#3#*! ]+_h! Z01!
a'*_1+d&! (+! 1*`! $+73'*`! (+! $*da'&`! *71#7+Y[! (#$+! +1! $*7`b13*'! (+! 6-6! cn&!
;73+'7+3! "*(! >**5Y!Z`#+da'+! %&! `#(*! kb+!`*7! dbi! 8'&7(+`!i! $*7fb`*`h!)b+(+!
%&_+'! $#+7! 7+8*$#*`! (#`3#73*`! +7! b7! $+73'*h! -&! 8+73+! 3#+7+! kb+! +`3&'!
f&d#1#&'#s&(&!a&'&!b`&'1*h!?#+7+7!kb+!`&_+'!1*!kb+!%&i!i!$gd*!$*7`+8b#'1*h[!!
!
!
01! 7+34*'5! d&'5+3#78! r3&1! $*d*! 1*! +j+da1#f#$&! Sb#q3&'r! _#+7! ab+(+!
a'*c++'! 1&! _&1&! de8#$&! kb+! f#7&1d+73+! %&'e! &1! $*d+'$#*! +1+$3'g7#$*!
b7#c+'`&1d+73+! &$$+`#_1+h! Z01! a*(+'! (+! 1&! c*s! %bd&7&! %&! `#(*! 7b+`3'&!
%+''&d#+73&! de`! a*(+'*`&! (+`(+! kb+! `&1#d*`! (+! 1&`! $&c+'7&`Y[! (#$+! >**5h!
Z;73+'7+3!7*!$&d_#&'e!+`*h!-*`!7+8*$#*`!*71#7+!de`!+q#3*`*`!`+'e7!&kb+11*`!kb+!
b`+7! +1! 3+1lf*7*! +7! $*7jb7$#g7! $*7! ;73+'7+3h! 01! 7+34*'5! d&'5+3#78! +`3e!
a+'f+$3&d+73+!(#`+m&(*!a&'&!11+7&'!+`&!_'+$%&h[!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
194
!DEFGHIJ)$,%&#$+)A)(&%$%)
)
+ZEINDOUJ)LI)*JPGDI)
!
!
6#+73'&`!+`3+!1#_'*!+`3e!+7!a'*$+`*!(+!#da'+`#g7Y!$&`#!+1!HP!a*'!$#+73*!(+!
3*(*`!1*`!%*8&'+`!+`3&(*b7#(+7`+`!3#+7+!$*dab3&(*'&h!B7!7od+'*!+`3#d&(*!(+!
CHN!d#11*7+`!(+!a+'`*7&`!b`&7!;73+'7+3!+7!3*(*!+1!db7(*!rIF!d#11*7+`!`g1*!+7!
1*`!0`3&(*`!B7#(*`Y!`+8o7!1&!>*'a*'&$#g7!;73+'7&$#*7&1!(+!(&3*`!t;73+'7&3#*7&1!
@&3&!>*'a*'&3#*7uh!0`&`!$#f'&`!'+`b13&'e7!#''+d+(#&_1+d+73+!*_`*1+3&`!+7!b7*`!
a*$*`!&m*`h!-*`!$e1$b1*`!&$3b&1+`!&f#'d&7!kb+!+1!b`*!(+!;73+'7+3!+`3e!$'+$#+7(*!
+7!b7!3+'$#*!a*'!&m*h!01!7+34*'5!d&'5+3#78!3#+7+!b7!a&a+1!`#87#f#$&3#c*!+7!+`+!
$'+$#d#+73*h! >&(&! c+s! de`! +da'+`&`! (+! 6-6! &ib(&7! &!&da1#&'! 1&! +73'&(&! &1!
$#_+'+`a&$#*!*f'+$#+7(*!&$$+`*!&!;73+'7+3!&!`b`!$1#+73+`h!!
!
!
;7$1b`*! &1! 3+$7gf*_*! de`! *_`3#7&(*! 1+! '+`b13&! (#fn$#1! '+`#`3#'`+! &! 1&`!
s&1&d+'n&`!(+!1+8#*7+`!(+!$#_+'L+c&78+1#`3&`!c+'_&1+`!(+1!6-6h!2#78o7!3'b$*!`+!
a&`&!a*'!&13*Y!7#78o7!'+$b'`*!(+!#7f1b+7$#&!`+!(+j&!(+!`*7(+&'!+7!1&!#7$+`&73+!
_o`kb+(&!a&'&!$*7+$3&'!&!1*`!(+`$*7+$3&(*`h!-*`!a'*f+`#*7&1+`!(+!'+(!*f'+$+7!
#da*'3&73+`! (+`$b+73*`! a*'! +1! `+'c#$#*! ;9)Y! a'+d#*`! 3+73&(*'+`Y! 8&'&73n&`! (+!
(+c*1b$#g7! (+! (#7+'*Y! i! 8'&7! $&73#(&(! (+! &ib(&! a+'`*7&1#s&(&! d#+73'&`! 1*`!
$1#+73+`!3'*a#+s&7!(b'&73+!1&`!a'#d+'&`!+3&a&`!(+!1&!&1f&_+3#s&$#g7!+7!;73+'7+3h!
9#! +`*! 7*! fb7$#*7&Y! *f'+$+7! (#7+'*! $*7`3&73+! i! `*7&73+! r1&! a*`#_#1#(&(! (+!
8&7&'! (#7+'*! +7! b7&! *a*'3b7#(&(! 6-6! _&`&(&! +7! ;73+'7+3h! 01! '+`b13&(*! (+!
3*(&`! +`3&`! c+73&`! i! &$3#c#(&(+`! (+! a'*`a+$$#g7! +`! b7&! `#7+'8#&! f*'3b#3&! r
_b+7&!a&'&!;73+'7+3Y!_b+7&!a&'&!+1!7+34*'5!d&'5+3#78h!!
!
/+)+/&+#7+)6/6b&#$%,#%$))
!
-*`! '+`b13&(*`! f+1#$+`! (+! +`3&! &1#&7s&! 6-6L;73+'7+3! ab+(+7! c+'`+! $*7!
d&i*'!$1&'#(&(!+7!+1!'+jbc+7+$#d#+73*!(+!2b!95#7!073+'a'#`+`Y!;7$hY!$*7!`+(+!+7!
)'*c*Y!B3&%h!Ab7(&(&!+7!CNM/!a*'!b7!j*c+7!(+!F/!&m*`!11&d&(*!K1&5+!"*7+iY!i!
b7!8'ba*!(+!&d#8*`Y!2b!95#7!`+!$*7c#'3#g!+7!b7&!(+!1&`!1+8+7(&'#&`!%#`3*'#&`!(+!
lq#3*! (+1! 7+34*'5! d&'5+3#78h! 07! CNNCY! `b`! #78'+`*`!&7b&1+`! %&_n&7! &1$&7s&(*!
1*`! HPP! d#11*7+`! (+! (g1&'+`h! )+'*Y! &! d+(#(&! kb+! 1&`! c+73&`! (*dl`3#$&`! (+! 1&!
$*da&mn&!11+8&_&7!&1!3*a+Y!+1!&b`a#$#*!(#`d#7bn&h!01!$'+$#d#+73*!$*73#7b&_&!+7!
+1! +q3+'#*'Y! a+'*! `+! +qa&7(n&! 1&! a+'$+a$#g7! (+! kb+! +1! d+'$&(*! (+! 2b! 95#7!
+`3&_&! `&3b'&(*Y! &1! d+7*`! +7! 1*`! 0`3&(*`! B7#(*`h! -*`! a'*f+`#*7&1+`! (+! '+(!
&d_#$#*`*`! $*d+7s&'*7! &! d*c+'`+! %&$#&! *a*'3b7#(&(+`! de`! 7b+c&`! i!
11&d&3#c&`h!.18b7*`!*_`+'c&(*'+`!(+!1&!#7(b`3'#&!(+`$&'3&_&7!&!2b!95#7!a*'!`+'!
*3'&!d&'&c#11&!(+!b7!o7#$*!8*1a+! rb7&! $*da&mn&! (+! 6-6! &! 1&! kb+!1+!f&13&'*7!
1*`!d+(#*`!a&'&!`+8b#'!$'+$#+7(*!de`!&11e!(+!`b!a'#d+'&!*1&!(+!#dab1`*h!
!!
!
)+'*!"*7+i!i!`b!+kb#a*!(#'+$3#c*!3+7n&7!*3'*`!a1&7+`h!9+!+d_&'$&'*7!+7!
b7!&d_#$#*`*!$b'`*!(+!(#c+'`#f#$&$#g7Y!kb+!#_&!de`!&11e!(+!1&!1n7+&!(+!a'*(b$3*`!
3'&(#$#*7&1+`! (+! $b#(&(*! a+'`*7&1! (+! 2b! 95#7h! 07! CNNFY! a'+`+73&'*7! b7&!
(#c#`#g7! 7b3'#$#*7&1! 11&d&(&! ;@2h! 9+#`! &m*`! (+`abl`Y! ;@2! &(kb#'#g! )%&'d&7+qY!
;7$hY! b7&! fe_'#$&! 1n(+'! +7! `ba1+d+73*`! (+! `&1b(! 7&3b'&1+`h! 2b! 95#7! i&! %&_n&!
(&(*!&!$*7*$+'!&!K#8!)1&7+3!+1!&m*!&73+'#*'Y!b7&!`b_`#(#&'#&!(+!&13&!3+$7*1*8n&!
195
kb+! *f'+$n&! &$$+`*! &! ;73+'7+3Y! %*`3#78! (+! ae8#7&`! ]+_Y! `+'c#$#*! (+! 1&'8&!
(#`3&7$#&Y! +1+$3'g7#$*`! (+! $*7`bd*Y! i! *3'*`! a'*(b$3*`! i! `+'c#$#*`! '+1&$#*7&(*`!
$*7!1&!+$*7*dn&!$*7+$3&(&h!-*`!+`$la3#$*`!kb+!(+`+&'&7!(+$#'!&18*!`*_'+!2b!L
95#7Y! a*('n&7! (+$#'! $b&1kb#+'! $*`&! d+7*`! kb+! +`3&_&! Z`&3b'&(&[h! -&! $*da&mn&!
`+!%&_n&!'+#7c+73&(*!&!`n!d#`d&Y!&1!a'*(b$#'!(*`!d&'$&`!kb+!'+a'+`+73&_&7!(*`!
*a*'3b7#(&(+`!(+!6-6!3*3&1d+73+!7b+c&`h!!
!
&6*0/(")&#2&#&$"))
!
"*7!]#88#7`!(+jg!`b!3'&_&j*!$*d*!+q#3*`*!c+7(+(*'!(+!s&a&3*`!$b&7(*!
(+`$b_'#g! kb+! `b! #78'+`*! $'+$n&! +7! 3&7! `g1*! b7&! f'&$$#g7! (+1! a*'$+73&j+! (+!
$'+$#d#+73*! (+! `b`! c+73&`! 3*3&1+`h! Z6+! `+73n&! b`&(*[! (#$+h! Z?*(*`! 1*`! &m*`!
kb+_'&_&!'l$*'(`h!6#!$*da&mn&!3+7n&!HPP!`b$b'`&1+`!+7!3*(*!+1!a&n`Y!i!i*!11+cl!
1&!7b+`3'&!&1!a'#d+'!1b8&'h!)+'*!+`*!7*!`+!'+f1+j&_&!+7!d#!'+$#_*!(+!`b+1(*h!!
!
!
07!CNNCY!"*7!i!`b!+`a*`&!>'#`!`+!&`*$#&'*7!&!2b!95#7h!.1!a'#7$#a#*!3*(*!
#_&! 1+73*h! Z2*`! %&_n&d*`! a+'(#(*! 1&! d&i*'! $b'c&! (+! $'+$#d#+73*! (+! 2b! 95#7[!
$*d+73&h!)+'*!1&!(#c#`#g7!;@2!`b'8#g!&1!&m*!`#8b#+73+h!\!"*7!i!>'#`!`+!1&7s&'*7!
(+! $&_+s&h! Z2*`! (#*! 1&! a*`#_#1#(&(! (+! b_#$&'7*`! +7!1&! _&`+! (+! b7&! #da*'3&73+!
$b'c&!(+!$'+$#d#+73*[!&f#'d&h!"*7!1*8'g!(+(#$&'`+!a*'!$*da1+3*!&!2b!95#7!&!1*`!
(*$+! d+`+`! (+! &`*$#&'`+h! Z"++da1&$l! d#! #78'+`*! (+! /PhPPP! (g1&'+`! +7! +1!
a'#d+'! &m*h[! 9+#`! d+`+`! (+`abl`Y! +1! #78'+`*! $*d_#7&(*! (+! 1*`! ]#88#7`! 1+`!
a+'d#3#g!&!&d_*`!(+(#$&'`+!a*'!$*da1+3*!&!2b!95#7h!!
!
(0:&,(%)+)/+)"/+))
!
07!1*`!`+#`!&m*`!`#8b#+73+`Y!"*7!i!>'#`!3'&_&j&'*7!$*7!lq#3*!+7!2b!95#7!+!
;@2h! )+'*! +7! CNNJ! &a&'+$#g! b7&! *a*'3b7#(&(! 3&7! 8'&7(+Y! kb+! f#7&1d+73+! `+!
$*7c+7$#+'*7! (+! (+j&'! `b`! *3'*`! 7+8*$#*`! a&'&! `+8b#'1&h! 0`+! &m*Y! 2b! 95#7!
&7b7$#g! +1! 1&7s&d#+73*! (+! K#8! )1&7+3h! ZE+n&d*`! &! b7&! $*da&mn&! `#7! (+b(&`Y!
c&1b&(&!+7!FhPPP!d#11*7+`!(+!(g1&'+`Y!kb+!`+!a*`#$#*7&_&!a&'&!*_3+7+'!c+73&j&!
(+!1&!3+7(+7$#&!+$*7gd#$&!db7(#&1!de`!8'&7(+!(+!3*(*`!1*`!3#+da*`Y[!$*d+73&!
"*7Y! Z1&! $*7c+'8+7$#&! (+! ;73+'7+3Y! +1! $*d+'$#*! +1+$3'g7#$*! i! 1&`!
3+1+$*db7#$&$#*7+`h[!!
!
!
.(+de`! (+! `b`! *3'*`! `+'c#$#*`Y! K#8! )1&7+3! *f'+$n&! b7! 7+8*$#*! c#'3b&1!
t444h_#8a1&7+3h$*du! kb+! *f'+$n&! 3*(*! (+`(+! '*a&Y! 1#_'*`! i! f1*'+`! %&`3&! j*i&`Y!
+1+d+73*`! (+a*'3#c*`! i! (+! $*dab3&$#g7h! 6e`! &o7Y! 1&! $*da&mn&! %&_n&! %+$%*!
&1#&7s&`!+`3'&3l8#$&`!$*7!&18b7*`!(+!1*`!7*d_'+`!1n(+'+`!+7!+1!$&da*!(+!1&!&13&!
3+$7*1*8n&h! E+7(n&! a'*(b$3*`! (+! '&(#*! 11&d&(&! a'+a&8*`! a&'&! 95i3+1!
>*ddb7#$&3#*7`Y! a*'! +j+da1*Y! i! 3+7n&! $*73'&3*! $*7! ;K6! a&'&! c+7(+'! `b!
$*dab3&(*'&! *71#7+! i! `b! a'*8'&d&! (+! +73'+7&d#+73*! (+! ;73+'7+3Y! -+&'7#78!
B7#c+'`#3ih! Z-&! a'gq#d&! f'*73+'&! +7! +1! db7(*! `*7! 1&`! $*db7#$&$#*7+`! (+! &13&!
c+1*$#(&(Y!i!K#8!)1&7+3!+`3e!+kb#1#_'&(&!a&'&!*_3+7+'!c+73&j&`!(+!+`&!f'*73+'&Y[!
(#j*! +1! a'+`#(+73+! (+! K#8! )1&7+3Y! "#$%&'(! ^#78Y! +7! +1! 1&7s&d#+73*! (+! 1&!
$*da&mn&h! ?&d_#l7! a'+(#j*D! Z-&! *a*'3b7#(&(! &`*$#&(&! &! K#8! )1&7+3! a*('n&!
$*7c+'3#'`+!fe$#1!d+73+!+7!1&!de`!#da*'3&73+!*a*'3b7#(&(!(+!7+34*'5!d&'5+3#78!
*f'+$#(&!&18b7&!c+sh[!!
!
!
!
196
`(N)A")*0%'")=+!%,/"d)0($%')*0%'%)=+!%,/"a))
!
K#8! )1&7+3! *f'+$+! b7! +7f*kb+! (+! .13*! >*73&$3*! a&'&! %&$+'! &! ;73+'7+3!
&$$+`#_1+! &! 3*(&! 1&! 8+73+h! -*`! `b`$'#a3*'+`! (+! `b! `+'c#$#*! (+! ;73+'7+3! 3#+7+7!
&$$+`*! &! &`#`3+7$#&! 3l$7#$&! 3+1+fg7#$&! 1&`! F/! %*'&`h! \! +1! '+a'+`+73&73+! (+! K#8!
)1&7+3! kb+! 1*`! &`*$#&Y! 3&d_#l7! +`3e! (#`a*7#_1+! a&'&! &ib(&'1*`! &! `ba+'&'!
$b&1kb#+'!a'*_1+d&h!!
!
!
01!d#`d*!"*7!]#88#7`!+'&!b7!7+gf#3*!+7!$*dab3&$#g7!$b&7(*!`+!&`*$#g!&!
K#8! )1&7+3! +7! &_'#1!(+! CNNMh! Z-&! 3+$7*1*8n&!+'&!d#!d&i*'!*_`3e$b1*[!$*d+73&h!
Z2b7$&! %&_n&! +`3&(*! f'+73+! &! b7&! $*dab3&(*'&! &73+`! (+! &`*$#&'d+! &! K#8!
)1&7+3Y! i! d+! `+73n&! #73#d#(&(*Y! 6+! $*da'l! b7&! $*dab3&(*'&! jb`3*! 3'+`!
`+d&7&`! &73+`Y! i! &18b#+7! d+! 3bc*! kb+! d*`3'&'! $be1+`! +'&7! 1*`! _*3*7+`! a&'&!
`+m&1&'! i! $1#kb+&'h! 6+! 3*dg! &18b7*`! (n&`Y! a+'*! fb+! b7&! c#$3*'#&h! .%*'&! 7*!
a*('n&! c#c#'! `#7! +11&h[! >b&7(*! "*7! &`*$#&! &! *3'*`! 3+$7gf*_*`! &! 1&! '+(! (+! K#8!
)1&7+3Y! 1+`! (#$+! Z`#! i*! ab+(*! %&$+'1*Y! b`3+(! ab+(+! %&$+'1*h[! "*7! i! >'#`!
&`$+7(#+'*7!&1!7#c+1!(+!$*d#`#g7!de`!&13*!(+!K#8!)1&7+3!+7!3'+`!d+`+`h!.%*'&!1+!
(+(#$&7!`b!+`fb+'s*!3*(*!+1!3#+da*h!Z2*`!%&!(&(*!b7&!7b+c&!1#_+'3&(Y[!&f#'d&!
"*7h! Z0`3&d*`! +7! 1&! +3&a&! (+! 7&$#d#+73*! (+! b7&! (+! 1&`! d&i*'+`! 3+7(+7$#&`!
kb+! %&i&! +q#`3#(*h! -&! &`#`3+7$#&! &! 7b+`3'&`! '+b7#*7+`! `+d&7&1+`! i!
+73'+7&d#+73*`!`+!%&!3'#a1#$&(*!(+`(+!7b+`3'*`!(n&`!(+!2b!95#7h[!!
!
0#)#%?"!&")+0$"*,"6"!&"#+'"))
!
^+7!i!^&3%i!^1&8+`!3&d_#l7!3'#a1#$&'*7!`b!7+8*$#*!(+`(+!kb+!$&d_#&'*7!
&! K#8! )1&7+3h! Z)b(#d*`! d*c+'7*`! 'ea#(&d+73+! +73'+! 1*`! d#+d_'*`! $*db7+`[!
(#$+!^+7Y!+q!8+'+73+!(+!#78+7#+'n&!(+!>%+c'*7Y!Za*'kb+!+`3+!7+8*$#*!`+!c+7(+!
`*1*h! ;73+'7+3! i! +1! $*d+'$#*! +1+$3'g7#$*! +`3e7! 3&7!$&7(+73+`Y! kb+! 3*(*`! +`3e7!
#73+'+`&(*`! (+! &73+d&7*h! 9+! &b3*a'*d*$#*7&h[B7*! (+!1*`! a'*(b$3*`! f&c*'#3*`!
(+! ^+7! +`! +1! #)%*7+Y! b7! &a&'&3*! (+! GPP! (g1&'+`! a'*(b$#(*! a*'! b7&! f#'d&! (+!
9#1#$*7! E&11+i! 11&d&(&! ! ;7f*=+&'! ?+$%7*1*8i! >*'a*'&3#*7h! 0`! b7! 3+1lf*7*! $*7!
b7&! a+kb+m&! a&73&11&Y! kb+! 1+`! a+'d#3+! &! 1*`! b`b&'#*`! $*7+$3&'`+! &! ;73+'7+3Y!
+7c#&'! $*''+*! +1+$3'g7#$*! i! '+&1#s&'! 3'&7`&$$#*7+`! (+! $*d+'$#*! +1+$3'g7#$*Y! `#7!
3+7+'!kb+!b`&'!b7&!$*dab3&(*'&h!!
!
!
Z;7f*=+&'! 3'&3g! (+! c+7(+'! +1! #)%*7+! +7! 7+8*$#*`[! $*d+73&! ^+7Y! Za+'*!
`g1*! c+7(#+'*7! 7*c+$#+73&`! b7#(&(+`! +7! 7b+c+! d+`+`h! -*`! c+7(+(*'+`! 7*!
`&_n&7! (g7(+!b_#$&'1*h!-*!&''*j&_&7! +7! 1&!`+$$#g7! (+! 3+1+f*7n&Y! a*'kb+! a&'+$+!
b7!3+1lf*7*h!)+'*!`#!7*!+`3e!$*7+$3&(*!i!1&!8+73+!7*!`&_+!kbl!+`Y!a#+7`&7!kb+!
+`!b7!3+1lf*7*!(+!+q$+`#c*!c&1*'h[!-*!kb+!f&13&_&!+'&!+1!f&$3*'!(+!&13*!$*73&$3*!
rb7! `+'! %bd&7*! kb+! +qa1#$&'&! i! (+d*`3'&'&! +1! b`*! (+1! &a&'&3*h! ;7f*=+&'!
'+$*7*$#g! +1! a'*_1+d&! iY! +7! *$3b_'+! (+! CNNMY! &7b7$#g! b7! &$b+'(*! a&'&!
(#`3'#_b#'! `b`! #)%*7+`! a*'! d+(#*! (+! 1&! '+(! (+! 6-6! (+! K#8! )1&7+3h! Z>*d*! b7!
7b+c*! +kb#a*Y! +1! #)%*7+! `+! &a'+$#&! d+j*'! $b&7(*! +1!$1#+73+! 1*8'&! c+'Y! 3*$&'! i!
b`&'! +1! 3+1lf*7*! d#+73'&`!1+!+qa1#$&7! `b`!fb7$#*7+`Y[! (+$1&'&!0(! >1b``Y! >0,!(+!
17f*=+&'h! Z-*`! '+a'+`+73&73+`! #7(+a+7(#+73+`! (+! K#8! )1&7+3! 3#+7+7! +1!
+73'+7&d#+73*!i!1&!$&a&$#(&(!a&'&!%&$+'!kb+!+`*!`b$+(&h[!!
!
'%,,&:+,):+,,%,+())
!
ZE+7(#d*`! d#1! #)%*7+`! +1! a'#d+'! (n&! $*d+73&! ^+7Y! Zde`! (+! 1*! kb+! `+!
c+7(#+'*7! +7! 7b+c+! d+`+`! a*'! d+(#*! (+! 1*`! 7+8*$#*`! 3'&(#$#*7&1+`h[! ^+7! 1+!
197
'+8&1g!b7!#)%*7+!&!`b!d&('+!a&'&!2&c#(&(h!>*7f#'d&(&!3+$7gf*_&Y!7b7$&!&73+`!
%&_n&!#73+73&(*!b`&'!b7&!$*dab3&(*'&h!)+'*!+7!dbi!a*$*!3#+da*Y!1&!d&('+!(+!
^+7! 1*! 11&d&_&! dbi! &8#3&(&! a&'&! j&$3&'`+! (+! kb+! #73+'$&d_#&_&! $*''+*`!
+1+$3'g7#$*`! $*7! `b`! &d#8&`h! Z6#! d&de! a*('n&! %&_+'!d#'&(*! 1&`! a'*a&8&7(&`!
(+!\&%**x!+7!3+1+c#`#g7!+1!'+`3*!(+!`b!c#(&Y!i!7b7$&!%b_#+'&7!1*8'&(*!kb+!+11&!
`+! d*c#+'&! i! `+! $*7+$3&'&! &! ;73+'7+3Y[! (#$+! ^+7h! Z)+'*Y! $*d*! 1+! +7c#l! +`3+!
&a&'&3*! i! 1+! +qa1#kbl! $gd*! 3+7n&! kb+! b`&'1*Y! +`3e! $*7+$3&(&! &! ;73+'7+3! $&`#!
3*(*!+1!(n&h[!!
!
!
-&!+qa+'#+7$#&!(+!^+7!i!^&3%i!^1&8+`!'+f1+j&Y!+7!d#$'*$*`d*`Y!+1!&da1#*!
f+7gd+7*!(+!;73+'L7+34*'5#78!r1&!fb`#g7!(+1!6-6!i!+1!$#_+'+`a&$#*h!.!d+(#(&!
kb+!`b!7+8*$#*!$'+$+Y!+1!db7(*!`+!#73+'$*7+$3&!$&(&!c+s!de`h!\!1*`!a'*`a+$3*`!
kb+! `+! a*('n&7! %&_+'! '+`#`3#(*! &! b7&! *a*'3b7#(&(! (+! 7+34*'5! d&'5+3#78! de`!
3'&(#$#*7&1Y!`+!&`*$#&7!+7!db13#3b(!a&'&!f*'d&'!a&'3+!(+!1&!(*d+`3#$&$#g7!(+!1&!
$#_+'f'*73+'&h!Z07!7b+`3'*!7+8*$#*Y!(+`$b_'#d*`!kb+!$#+73*`!(+!a+'`*7&`!kb+!1+!
(#j+'*7!7*!&!2b!95#7!&%*'&!1+!(#$+7!`n!&!K#8!)1&7+3!&f#'d&!^+7h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
198
!
!DEFGHIJ)$,%&#$+)A)"!=")
)
%I)!N\LPLOgDZ\PL)
!
!
07! +1! $&an3b1*! CC! (#`$b3#d*`! &$+'$&! (+1! +qa1*`#c*! d+'$&(*! (+! 1*`!
a'*8'&d&`! (+! &`*$#&$#g7! cn&! ;73+'7+3h! 0`3*`! d#7#! 7+8*$#*`! 1+! a+'d#3+7! &! 1&`!
a+'`*7&`! 8&7&'! (#7+'*! `#da1+d+73+! #7`3&1&7(*! 1#75`! +7! `b`! ae8#7&`! ]+_! kb+!
$*7(b$+7! &! 1*`! $1#+73+`! %&$#&! *3'*`! `#3#*`Y! 3&1+`! $*d*! .d&s*7h$*dY! (*7(+!
ab+(+7! %&$+'! a+(#(*`! a*'! $*d+'$#*! +1+$3'g7#$*h! 0`*`! &`*$#&(*`! 8&7&7!
$*d#`#*7+`! a*'! 3*(&! c+73&! %+$%&! &! $1#+73+`! kb+! +7$b+73'&7! 1*`! `#3#*`! (+!
$*d+'$#*!+1+$3'g7#$*!d+(#&73+!(#$%*`!1#75`h!!
!
!
-*`! a'*8'&d&`! (+! &`*$#&$#g7! i&! `+! %&7! $*7c+'3#(*! +7! +1! 3+d&! de`!
$&7(+73+!+7!+1!db7(*!(+1!$*d+'$#*!+1+$3'g7#$*h!?*(*!&`a#'&73+!&! $*d+'$#&73+!
+1+$3'g7#$*! ab+(+! (#`+d#7&'! `b`! 1#75`! a*'! ;73+'7+3Y! &1! #8b&1! kb+! b7! c#'b`Y! &!
3'&cl`! (+1! +`fb+'s*! #7(#c#(b&1! (+! d#1+`! r#7$1b`*! d#11*7+`r! (+! &`*$#&(*`!
#73+'+`&(*`!+7!`n!d#`d*`h!\!+1!$*d+'$#&73+!+1+$3'g7#$*!7*!3#+7+!kb+!a&8&'1+!7#!
b7!$+73&c*!&!+`*`!&`*$#&(*`!%&`3&!(+`abl`!(+!kb+!%&i&7!%+$%*!b7&!c+73&h!@+!
&$b+'(*!&!1*`!+`3e7(&'+`!(+!1*`!c+7(+(*'+`!$*db7+`Y!+1!`#`3+d&!(+!&`*$#&$#g7!
a&'+$+! a'*a*'$#*7&'! b7&! +7*'d+! #7f1b+7$#&h! )+'*! #d&8#7+! $be73*! d&i*'! `+'n&!
+`&! #7f1b+7$#&! `#! `+! &8'+8&'&! b7&! +`3'b$3b'&! (+! $*da+7`&$#g7! db13#7#c+1! &1!
a&kb+3+! a+'d#3#l7(*1+`! &! 1*`! &`*$#&(*`! 8&7&'! $*d#`#*7+`! 7*! `g1*! a*'! 1*`!
$1#+73+`!kb+!'+f#+'&7Y!`#7*!3&d_#l7!a*'!1&!8+73+!$*73&$3&(&!a*'!`b`!'+f+'#(*`!i!
&`n!`b$+`#c&d+73+h!"*(!>**5Y!$*7`b13*'!(+!6-6Y!1*!11&d&!Zd&'5+3#78!(+!db13#L
&`*$#&$#g7[h!-&`!a'+(#$$#*7+`!(+!>**5!&f#'d&7!kb+!+`3+!`#`3+d&!'+c*1b$#*7&'e!+1!
$*d+'$#*!+1+$3'g7#$*!+7!1*`!&m*`!c+7#(+'*`h!!
!
+0(*&!&")!"#)0#)("/")!/&!))
!
-*`! a'#d+'*`! a'*8'&d&`! (+! db13#L&`*$#&$#g7! i&! +`3e7! #78'+`&7(*! &1!
db7(*! c#'3b&1h! )*'! +j+da1*Y! `#! b`3+(! +73'&! +7! 444h_bi6-63**1`h$*dY!
+7$*73'&'e! b7! a'*8'&d&! (+! &`*$#&$#g7! kb+! c+7(+! 1#_'*`! i! $&``+33+`!
'+1&$#*7&(*`!$*7!+1!6-6!d+(#&73+!b7&!+`3'b$3b'&! (+!$*d#`#g7!(+!(*`! 7#c+1+`h!
B7&! c+s! kb+! #7`3&1&! +1! -#75! +7! `b! ae8#7&! ]+_Y! +1! a'*8'&d&! &b3*de3#$&d+73+!
(+`&''*11&!b7&!'+(!a*'!b`3+(Y!c#'3b&1d+73+!`#7!#73+'c+7$#g7!`bi&h!!
!
!
9ba*78&d*`!kb+!b7!$1#+73+!+73'&!&!`b!`#3#*!+!#78'+`&!&!3'&cl`!(+!`b!1#75!
&! _bi6-63**1`h$*dh! 0`! +7c#&(*! &! 1&! ae8#7&! ]+_! (+! _bi6-63**1`h$*d! rkb+!
_#+7! ab+(+! `+'! 1&! ae8#7&! $+73'&1! d#`d&Y! *! b7&! $*a#&! (+! 1&! ae8#7&! $*'a*'&3#c&!
a+'`*7&1#s&(&! a&'&! b`3+(Y! $*7! `b! 7*d_'+Y! 1*8*3#a*Y! b! *3'&! #7f*'d&$#g7!
#7(#c#(b&1! &a&'+$#+7(*! jb73*! &! 1&! (+! 1&! $*da&mn&! d&('+h! 01! $1#+73+! a'*$+(+!
+73*7$+`! &! $*da'&'! 1#_'*`! i! $&``+33+`! `*_'+! 7+34*'5! d&'5+3#78h!
.b3*de3#$&d+73+Y! &! b`3+(! `+! 1+! &$'+(#3&! b7&! $*d#`#g7! a*'! $b&1kb#+'! a'*(b$3*!
kb+! &(kb#+'&! +`+! $1#+73+h! \! `#! l1! (+$#(+! $*7c+7#'`+! +7! &`*$#&(*! (+!
_bi6-63**1`h$*dY!+`!&8'+8&(*!&!`b!'+(h!!
!
!
199
%/)*"'%,)'%)/+()`!""c&%(a))
!
9ba*78&!kb+!`b!$1#+73+!(+$#(+!'+8'+`&'!&!1&!ae8#7&!(+!_bi6-63**1`h$*d!
+7!*3'&! f+$%&Y! a+'*! +`3&!c+s! `#7! a&`&'!a*'! `b! 1#75h!B`3+(! &o7!`#8b+!'+$#_#+7(*!
$*d#`#g7!a*'!$b&1kb#+'!$*da'&!kb+!%&8&h!0`*!`+!(+_+!&!kb+!$b&7(*!+1!$1#+73+!
#78'+`g!&!`b!ae8#7&!a*'!a'#d+'&!c+sY!+1!`+'c#(*'!(+!_bi6-63**1`h$*d!(+a*`#3g!
b7&!Z$**5#+[!+7!`b!(#`$*!'n8#(*!rb7&!a+kb+m&!+3#kb+3&!$*7!#7f*'d&$#g7!kb+!1*!
#(+73#f#$&_&!$*d*!$1#+73+!`bi*h!!
!
!
6#+73'&`! 1&! Z$**5#+[! a+'d&7+s$&!+7!1&!$*dab3&(*'&!(+!`b! $1#+73+Y!$&(&!
$*da'&!kb+!l1!%&8&!a*'!d+(#*!(+!_bi6-63**1`h$*d!1+!`+'e!&$'+(#3&(&!&!b`3+(Y!
#78'+`+! *! 7*! &! 3'&cl`! (+! `b! ae8#7&! a+'`*7&1h! 6#+73'&`! +`3+! 1#_'*! +`3e! +7!
#da'+`#g7Y!_bi6-63**1`h$*d!r&1!#8b&1!kb+!1&!d&i*'n&!(+!1*`!a'*8'&d&`!db13#L
&`*$#&(*`r! 1+`! a+'d#3+! &! 1*`! d#+d_'*`! *_3+7+'! $*d#`#*7+`! `*1&d+73+! a*'! b7!
7#c+1! (+! a'*fb7(#(&(h! )+'*! &%*'&Y! "*(! >**5! i! *3'*`! a#*7+'*`! (+! 1&! db13#L
&`*$#&$#g7! +`3e7! (#`+m&7(*! `#`3+d&`! a&'&! `b`! $1#+73+`! kb+! *f'+$+'e7! do13#a1+`!
7#c+1+`!(+!$*d#`#g7Y!&1!#8b&1!kb+!+7!1&`!*a*'3b7#(&(+`!3'&(#$#*7&1+`!(+!6-6h!!
!
6S()+//S)'%)/+)!"6*+Qe+))
!
pSbl! +f+$3*`! 3+7('e7! +`3*`! (+`&''*11*`! +7! 1&! d&7+'&! (+! %&$+'!
7+34*'5#78T!9#!1&`!#77*c&$#*7+`!(+!1&!,1&!G!i!1&!,1&!/!1#_+'&'*7!&!1&`!a+'`*7&`!
(+1! 3+(#*! (+! 1&! 3&'+&! '+a+3#3#c&Y! 1&! '+c*1b$#g7! db13#L&`*$#&$#g7! +c+73b&1d+73+!
a*('e! 1#_+'&'1*`! (+1! $&b3#c+'#*! (+! 1&! $*da&mn&! d#`d&h! ZO&'e! kb+! +1! 7+34*'5!
d&'5+3#78!$'+s$&Y!a+'*!7*!$*d*!1*!$*7*$+d*`!%*i[!&f#'d&!"*(h!ZO&_'e!d+7*'!
(+a+7(+7$#&! (+! 1&`! '+b7#*7+`! 1*$&1+`h! -*`!a1&7+`! (+! $*da+7`&$#g7!`+'e7!dbi!
`#da1+`Y! +7! db$%*`! $&`*`Y! `#7! $*`3*! a&'&! &`*$#&'`+h! -&! 8+73+! +`3&'e! de`!
+7f*$&(&!+7!+1!a'*(b$3*h[!!
!
!
.! d+(#(&! kb+! `+! (+''#_&7! 1&`! _&''+'&`! a&'&! #78'+`&'! &! *! `&1#'! (+! b7&!
$*da&mn&Y!&!1&`!a+'`*7&`!1+`!'+`b13&'e!de`!fe$#1!(#`3'#_b#'!a&'&!c&'#&`!$*da&mn&`!
(#f+'+73+`!&1!d#`d*!3#+da*h!.1!#8b&1!kb+!%*i!1&`!a+'`*7&`!ab+(+7!+1+8#'!+73'+!
de`! (+! d#1! *a*'3b7#(&(+`! (+! &`*$#&$#g7! +7! (#f+'+73+`! ae8#7&`! ]+_Y! $*d*!
444h&``*$#&3+L#3h$*dY!&`n!1*`!a'*f+`#*7&1+`!(+!'+(!(+1!fb3b'*!$*7`3'b#'e7!`#3#*`!
a+'`*7&1+`! (+! $*d+'$#*! +1+$3'g7#$*! &! a&'3#'! (+! b7&! +7*'d+! $&73#(&(! (+!
(#f+'+73+`!1#75`!(+!db13#!&`*$#&$#g7h!!
!
%/)'"#)'%)1"/+,))
!
07! +1! fb3b'*Y!1*`! a'*f+`#*7&1+`!(+!'+(!c*1&'e7!a*'!+1!$#_+'+`a&$#*!$*7!1&!
1#_+'3&(! (+! aej&'*`! +7! _&7(&(&h! 9+! &8'ba&'e7! $b&7(*! 1+`! $*7c+78&! i! `+!
(#c#(#'e7!$b&7(*!1&!*a*'3b7#(&(!1*`!11&d+!%&$#&!*3'*!1&(*h!2*!`+!*'8&7#s&'e7!+7!
$*'a*'&$#*7+`Y!`#7*!+7!$#_+'+7j&d_'+`!r'+(+`!(+!+da'+7(+(*'+`!$*7!1&s*`!+7!
db$%&`! $*da&mn&`! (#f+'+73+`Y! kb+! `+! &8'ba&7! #7f*'d&1! i! 3+da*'&1d+73+! +7!
3*'7*! &! b7! *_j+3#c*! $*do7Y! $**'(#7&7(*! `b`! +`fb+'s*`! &! 3'&cl`! (+! 1&`!
3+1+$*db7#$&$#*7+`h!!
!
!
07! +1! &d_#+73+! (+! db13#L&`*$#&$#g7! a*'! c+7#'Y! +1! $#_+'+7j&d_'+! '+#7&'e!
$*7! `ba'+d&$n&h!E#'3b&1d+73+Y!$b&1kb#+'&! a*('e! c+7(+'!(+!d&7+'&! (#'+$3&! a*'!
d+(#*! (+! `b! ae8#7&! ]+_Y! b`&7(*! `*f#`3#$&(&`! fb7$#*7+`! (+! $*d+'$#*!
+1+$3'g7#$*h! >&(&! '&s&Y! $'+(*Y! 8'ba*! (+! #73+'l`! i! `b_$b13b'&Y! '*7(&'e! a*'!
;73+'7+3! +7! _b`$&! (+! *a*'3b7#(&(+`h! 07j&d_'+`Y! `b_+7j&d_'+`! i! d#7#L
200
+7j&d_'+`! `+! `ba+'a*7('e7! i! `+! $'bs&'e7! +7! 1&! a'*d*$#g7! (+! b7&! c&'#+(&(!
&`*d_'*`&!(+!a'*(b$3*`!i!`+'c#$#*`h!!
!
!&:%,/e'%,))
!
=+*'8+! >h! A'&`+'! 1#(+'&! b7! $#_+'+7j&d_'+h! .! 3'&cl`! (+! `b! 7+8*$#*!!
c#'3b&1Y! A'&`+'7+3h$*dh! =+*'8+! 11+8&! &! *3'*`! +`3&(*b7#(+7`+`! 7+8'*`! i!!
(+`$+7(#+73+`! (+! 7+8'*`! +7! 3*(*! +1! db7(*h! )'*db+c+! +1! 7+34*'5#78! i!!
c+7(+! `b`! a'*a#*`! 1#_'*`! i! $&``+33+`! `*_'+! 1&`! f&$b13&(+`! (+! 1*`! 7+8'*`Y!!
&(+de`! (+! a'*(b$3*`! i! `+'c#$#*`! *f'+$#(*`! a*'! *3'*`! &f'*L&d+'#$&7*`h! .!!
(#f+'+7$#&!(+!b7!$#_+'$+73'*!(+!$*da'&`!$*do7Y!+1!7+8*$#*!(+!=+*'8+!7*!+`3e!
'+`3'#78#(*! &! b7&! `*1&! ae8#7&! ]+_h! E+7(+! a*'! #73+'d+(#*! (+! b7&! 8&d&! (+!
*a*'3b7#(&(+`!6-6!$*7!_&`+!+7!;73+'7+3Y!$*d*!1&`!3#+7(&`!a*'!(+a&'3&d+73*`!
.%`bdh$*d! i! 6&3&%h$*dY! (+! $*d+'$#*! +1+$3'g7#$*! r! `#3#*`! +`a+$#&1#s&(*`! +7!
_#+7+`!i!`+'c#$#*`!a'*(b$#(*`!a*'!i!a&'&!(+`$+7(#+73+`!(+!&f'#$&7*`h!!
!
!
-&! c#`#g7! (+! =+*'8+! c&! de`! &11e! (+! $b&1kb#+'! $*da&mn&! +7! a&'3#$b1&'h!
Z6+(#&73+!d#`!(#f+'+73+`!'+(+`!`#'c*!&!_&`+`!(+!$1#+73+`!3*3&1d+73+!(#f+'+73+`[!
$*d+73&! =+*'8+h! Z6&3&%! +`! a&'&! a+'`*7&`! dbi! `+'#&`! $*7! &`$+7(+7$#&!!
&f'#$&7&Y! $*da'*d+3#(&`! +7! '+$#$1&'! (g1&'+`! 7+8'*`! (+73'*! (+! `b! $*db7#(&(h!!
.%`bdh$*d! 3#+7+! b7! d+'$&(*! de`! 8+7+'&1h! )+'*! (+`&''*11*! '+(+`! +7! &d_&`h[!
07! +f+$3*Y! 6&3&%h$*d! i! .%`bdh$*d! fb7$#*7&7! $*d*! &`*$#&(&`! (+!
A'&`+'7+3h$*dY! &1! d#`d*! 3#+da*! kb+! =+*'8+! fb7$#*7&! $*d*! (#`3'#_b#(*'! a&'&!
&d_&`!*'8&7#s&$#*7+`h!!
!
!
-&`! $*da&mn&`! *_3#+7+7! +1! _+7+f#$#*! (+1! 7*d_'+! (+! =+*'8+! A'&`+'! r!
&da1#&d+73+!$*7*$#(*!+7!1&!$*db7#(&(!7+8'&!$*d*!&b3*'Y!a'*f+`#*7&1!(+!'+(!i!
d*3#c&(*'r! d#+73'&`! kb+! =+*'8+! `+! _+7+f#$#&! $*7! `b! $&a&$#(&(! a&'&! +1!
$*d+'$#*!+1+$3'g7#$*!i!b7&!+`3'b$3b'&!(+!$*da+7`&$#g7!6-6h!!
!
*,"2%(&"#+/)'%),%')?/":+/))
!
O&$+!3#+da*!kb+!=+*'8+!`+!%&!+`3&_1+$#(*!$*d*!+1!8b'o!a'+d#7+73+!(+1!
7+34*'5#78! 7+8'*h! 9b! f&d*`*! 1#_'*! 01! lq#3*! c#+7+! $*7! 7b+`3'&! '&s&! t9b$$+``!
"b7`! #7! ,b'! "&$+u! #7`3&! &! 1*`! &f'*L&d+'#$&7*`! &! (+`&''*11&'! Z1n7+&`! (+! cn&`!
`b_3+''e7+&`!(+!a'*f+`#*7&1+`!(+1!7+34*'5#78[Y!_&`&(&`!+7!1&!Zb7#(&(!3'#_&1[!i!
(+(#$&(*!&!+1+c&'!1&!'&s&h!9b!=bn&!a&'&!+1!0q#3*!t9b$$+``!=b#(+YuY!(#`a*7#_1+!a*'!
d+(#*!(+!9b$$+``9*b'$+Y!;7$hY!b7&!+da'+`&!(+!=+*'8+!$*7!`+(+!+7!>1+c+1&7(Y!
*f'+$+! 8bn&`! (#c#(#(&`! a*'! $#b(&(+`! (+! d#1+`! (+! a'*d*3*'+`! i! *'8&7#s&(*'+`!
7+8'*`Y! 1#`3*`! a&'&! +1! 7+34*'5#78h! Z-*`! &f'*L&d+'#$&7*`! 8+7+'&7Y! $&(&! &m*Y!
#78'+`*`! a*'! $&`#! kb#7#+73*`! d#1! d#11*7+`! (+! (g1&'+`Y[! +`$'#_+h! ZB`3+(! i! i*!
'+a'+`+73&d*`! 1&! (l$#d&! +$*7*dn&! +7! +1! db7(*! #7(b`3'#&1#s&(*h! \! a*(+d*`!
_&`&'7*`! +7! +`*hhh! ?+7+d*`! kb+! $*7+$3&'7*`! i! 3'&_&j&'! jb73*`! ra*'kb+! .!
d+(#(&! kb+! $&+7! 1&`! _&''+'&`! a&'&! #78'+`&'! &! *! `&1#'!!
(+! b7&! $*da&mn&Y! &! 1&! 8+73+! 1+! '+`b13&'e! d&`! fe$#1! (#`3'#_b#'!!
a&'&! c&'#&`! $*da&mn&`! (#f+'+73+`! &! 1&! d#`d&! c+sh! 2*! 3+7+d*`! *a$#g7x! 2*!
a*(+d*`! +`a+'&'! kb+! *3'*`! 1*! %&8&7! a*'! 7*`*3'*`! 1*! kb+! 7*! %&'+d*`! a*'!
7*`*3'*`!d#`d*`h!
!
!
07!1&!ga3#$&!(+!=+*'8+Y!+1!d&'5+3#78!(+!db13#L&`*$#&$#g7!*f'+$+!1&!d+j*'!
+`a+'&7s&! kb+! l1! %&i&! c#`3*! a&'&! %&$+'! '+&1#(&(! `b! c#`#g7h! Z01! 7+34*'5!
201
d&'5+3#78! +`! 1&! *1&! (+1! fb3b'*! a&'&! +1! a+kb+m*! #7c+'`*'! i! +1! +da'+7(+(*'!
f1*'+$#+73+Y!i!1*`!7+8'*`!7+$+`#3&7!`+'!a&'3+!(+!+`*Y[!&f#'d&h!Z-&! $*7c+'8+7$#&!
(+1! 6-6! i! +1! $*d+'$#*! +1+$3'g7#$*! 7*`! _'#7(&7! &1$&7$+! 81*_&1h! 07! b7! &m*!
(+3+'d#7&(*Y! +1! FP! a*'! $#+73*! (+! 1&`! c+73&`! (+! d#! $*d+'$#*! +1+$3'g7#$*!
A'&`+'7+3h$*dY!a'*c#+7+7!(+!.f'#$&Y!*!(+!a+'`*7&`!(+!&`$+7(+7$#&!&f'#$&7&!+7!
+1! >&'#_+! i! 9b(&dl'#$&h! 07! +1! a&`&(*Y! 7#! %b_#+'&! a*(#(*! `*m&'! $*7! %&$+'!
`#kb#+'&! b7! F! a*'! $#+73*! (+! d#! 7+8*$#*! (+`(+! +`&`! a&'3+`! (+1! db7(*Y! 2*!
%b_#+'&!`#(*!+f#$&s!+7!fb7$#g7!(+!1*`!$*`3*`h[!!
!
,%'%()$,&:+/%())
!
-&`!&8'ba&$#*7+`!3'#_&1+`!`#+da'+!%&7!`#(*!$+73'&1+`!a&'&!+1!db7(*!(+1!
6-6h! >*d*! 1*`! a'*f+`#*7&1+`! (+! '+(! $*73&$3&7! i! &b`a#$#&7! (+73'*!!
(+!`b`!a'*a#&`!+`f+'&`!(+!#7f1b+7$#&Y!`b+1+7!a'*`a+$3&'!&!a+'`*7&`!a&'+$#(&`!&!
+11*`! d#`d*`h! -&`! '+(+`Y! #7$1b`*! $*da&mn&`! +73+'&`Y! 8+7+'&1d+73+! +7f*$&7! `b!
&b`a#$#*! +7! `b_$b13b'&`! l37#$&`Y! '+1#8#*`&`Y! a*1n3#$&`! b! *3'&`! $1&'&d+73+!
(+f#7#(&`h! )*'! 1*! 3&73*Y! +7$*73'&d*`! $*da&mn&`! 6-6! $bi&`! '+(+`! +`3e7!
$*dab+`3&`! a'#d&'#&d+73+! a*'! d*'d*7+`Y! $'#`3#&7*`! '+$*7c+'3#(*`Y!
c+8+3&'#&7*`!(+!1&!7b+c&!+'&!*!'+ab_1#$&7*`h!!
!
!
-b+8*! (+! 3*(&! b7&! c#(&! (+! +7`+m&'! +7! +`$b+1&`! ao_1#$&`Y! Q*+! 9%&4!
+`3&_&!$&7`&(*!(+!1&`!*a#7#*7+`!(+!$+73'*L#skb#+'(&!kb+!a'+c&1+$n&7!+73'+!`b`!
$*1+8&`h!.`*$#&'`+!&!.d4&i!1+!(#*!b7!7b+c*!`+73#(*!(+!$*db7#(&(Y!a*'!d+(#*!
(+1!l7f&`#`!(+!1&!$*da&mn&!+7!@#*`Y!+1!%*8&'!i!+1!a&n`h!Z0'&!'+&1d+73+!&(+$b&(*!
a&'&!dnY[!$*d+73&!Q*+h!Z0'&7!d#!3#a*!(+!8+73+h!-*`!d&+`3'*`!`*7!$&`#!3*(*`!(+1!
3#a*! (+! K#11! >1#73*7h! -*`! (+! .d4&i! `*7! (+1! 3#a*! (+! "*7&1(! "+&8&7h[!!
!
+0$"(%/%!!&C#))
!
-&! +'&! (+1! $#_+'+7j&d_'+! *f'+$+! *a*'3b7#(&(+`! a&'&! 1&! 3'#_&1#s&$#g7! kb+!
c&7! de`! &11e! (+! 1&`! $&3+8*'n&`! 3'&(#$#*7&1+`! l37#$&`Y! (+! f+! i! (+! $'+(*! a*1n3#$*h!
Sb#q3&'h$*dY! a*'! +j+da1*! rjb73*! $*7! b7! abm&(*! (+! *3'&`! $*da&mn&`r! +`!
a#*7+'&!(+!b7&!%+''&d#+73&!(+!&b3*`+1+$$#g7!(+!&13&!3+$7*1*8n&!11&d&(&!3&'j+3&!
$*d+'$#&1! +7! >@L",6! kb+! &ib(&! &! 1*`! a'*f+`#*7&1+`! (+! '+(! &! (+3+'d#7&'! kbl!
a'*`a+$3*`! a+'3+7+$+7! &! 1&! $'+$#+73+! 3'#_b! (+! 3+$7gf#1*`! +73+7(#(*`! +7!
$*dab3&$#g7h! -&! Z3&'j+3&! $*d+'$#&1[! +`! +7! '+&1#(&(! b7! >@! +7! d#7#&3b'&Y!!
(+! 3'+`! ab18&(&`! i! d+(#*! (+! &7$%*Y! kb+! +7$&j&! +7! b7&! _&7(+j&! +`3e7(&'! (+!
>@",6!i!$*73#+7+!b7&!a'+`+73&$#g7!db13#d+(#&!(+!b7!a'*(b$3*!b!*a*'3b7#(&(!
$*d+'$#&1h!!
!
!
-*`! '+a'+`+73&73+`! (+! Sb#q3&'! 1&`! +73'+8&7! $*d*! %+''&d#+73&`! (+!
$*73&$3*h! Z0`! b7! (#`a*`#3#c*! (+! $1&`#f#$&$#g7Y[! +qa1#$&! 93b&'3! Q*%7`*7Y! $bi&!
$*da&mn&! E#(+*! )1b`Y! $*7! `+(+! +7! -&5+! @&11&`Y! ?+q&`Y! a'*(b$+! 3&'j+3&`!
$*d+'$#&1+`! +7! >@L",6! a&'&! f#'d&`! (+! 6-6h! Z>*d*! 1&! 3&'j+3&! $*d+'$#&1!!
+`Y!a*'!`n!`*1&Y!3+$7*1*8n&!_&`&(&!+7!1&!$*dab3&(*'&Y!$b&1kb#+'&!kb+!&$+a3+!1&!!
3&'j+3&! i! c&i&! &! `b! $&`&! i! 1&! b`+Y! i&! %&! (+d*`3'&(*! kb+! 3#+7+! $*dab3&(*'&h!
kb+!+`3e! &_#+'3*! &!1&!3+$7*1*8n&Y!i! kb+!a'*_&_1+d+73+!`+&! b7!_b+7! a'*`a+$3*!
a&'&!b7!7+8*$#*!*71#7+!$*d*!Sb#q3&'h[!!
!
!
!
202
q"/+)8d)+'C#'%o))
!
07!,1&!G!+`$'#_nD!Z07!(#+s!*!kb#7$+!&m*`†hhh‡+1!7+34*'5!d&'5+3#78!+`3&'e!
3&7!#73'*(b$#(*!+7!1&!`*$#+(&(!kb+!7#!`#kb#+'&!`+!1*!`+8b#'e!$&1#f#$&7(*!$*d*!b7!
7+8*$#*! (#`3#73*! i! `+a&'&(*h! 9+'e! b7&! %+''&d#+73&! 7*'d&1! b3#1#s&(&! a*'! 3*(&`!
1&`! #7(b`3'#&`h[! -&! '+c*1b$#g7! db13#L&`*$#&$#g7! a'*d+3+! $bda1#'! +`3&! a'+(#$$#g7!
+7! b7! 3#+da*! d+7*'! (+1! kb+! #d&8#7lh! .'d&(*`! $*7! 1#75`! (+! &`*$#&(*`Y!
d*(b1&'+`! +! #73+'$&d_#&_1+`Y!1*`! d#+d_'*`! (+!1*`!$#_+'+7j&d_'+`!`+! d*c+'e7!
'ea#(&d+73+! a*'! +1! d+'$&(*! (#8#3&1Y! $bi*! *_j+3#c*! `+'e7! 1*`! d+'$&(*`!
f'&8d+73&(*`!i!`b_$b13b'&`h!01!fb7$#*7&d#+73*!(+1!6-6!`+!%&_'e!&b3*d&3#s&(*!
$*7!3&73&!a+'f+$$#g7Y!kb+!db$%*`!d#+d_'*`!(+1!$#_+'+7j&d_'+!$&`#!7*!`+!(&'e7!
$b+73&!(+!kb+!+`3e7!b`&7(*!7+34*'5!d&'5+3#78h!!
!
!
>b&7(*!11+8b+!+1!(n&!+7!+1!kb+!+1!7+34*'5!d&'5+3#78!(+j+!(+!+q#`3#'!$*d*!
+73#(&(! '+$*7*$#_1+Y! %&_'e! $'+$#(*! de`! &11e! (+! $b&1kb#+'! 1nd#3+! *! $*73'*c+'`#&!
a*`#_1+h! \&! 7*! `+! (+_&3#'e! +7! a+'#g(#$*`! f#7&7$#+'*`Y! 7#! `+'e! `*a+`&(*! +7! 1&`!
d+73+`! (+! a'*`a+$3*`! +`$la3#$*`Y! 7#! `+'e! +7`&1s&(*! +7! 1#_'*`! (+! &b3*&ib(&!
$*d*!+`3+h!9+!%&_'e!$*7c+'3#(*!+7!+q3+7`#g7!(+!1&!$*7$#+7$#&!%bd&7&!d#`d&Y!
b7! #7`3'bd+73*! (+! 7b+`3'&! c*1b73&(! b7&! %+''&d#+73&!#7$*7`$#+73+! (+! 7b+`3'*!
#7`3#73#c*!(+!3'#b7f&'Y!+qa1*'&'!i!b7#'7*`!$*7!a+'`*7&`!(+!d+73&1#(&(!a&'+$#(&!&!
1&!7b+`3'&h!O&_'e!#78'+`&(*!+7!1&!0'&!(+!1&!,1&!Hh!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
203
!
!
!
!
!
!
!
@0>;6,!90=B2@.!)."?0!
!
!
,-.!/!
!
!
O&$#&!b7!2b+c*!6#1+7#*!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
204
!DEFGHIJ)$,%&#$+)A)#0%1%)
)
$NGnO)UL)ID)+TGNGHU)
!
!!
p)*'!kbl!1*`!d+(#*`!#87*'&7!1&!"+c*1b$#g7!(+!1&!,1&!GT[!a'+8b73&_&!+7!d#!1#_'*!
,1&!GY!+7!CNN/h!07!+`+!d*d+73*Y!+`&!+'&!b7&!a'+8b73&!kb+!+`3&_&!+7!1&!d+73+!
(+!3*(*`!1*`!a'*f+`#*7&1+`!(+!'+(h!Z;73+7$#*7&1d+73+!*!7*Y[!+`$'#_nY!Z1*`!d+(#*`!
8+7+'&1d+73+! %&7! '+7(#(*! &! #87*'&'! 1&`! 7*3#$#&`! a*`#3#c&`! `*_'+! +1! 7+34*'5!
d&'5+3#78h!.!d+7b(*Y!`+!+`$'#_+!&$+'$&!(+!$*da&mn&`!+q#3*`&`!$*d*!.d4&i!*!
6&'i!^&i!>*`d+3#$`Y!+7!#da*'3&73+`!&'3n$b1*`!(+!7+8*$#*`Y!a+'*!$&`#!7b7$&!`+!
d+7$#*7&!kb+!`+!3'&3&!(+!$*da&mn&`!(+!7+34*'5!d&'5+3#78!*!6-6h!-&!*d#`#g7!
(+! +`*`! 3l'd#7*`! a*'! 1*! 8+7+'&1! `+! *'#8#7&! +7! %#`3*'#&`! 7+8&3#c&`! `*_'+!
$*da&mn&`!jbs8&(&`!*!#7c+`3#8&(&`h[!!
!
!
>b&7(*!+`$'#_n!+`&`!a&1&_'&`!'+`b13&_&7!b7&!c+'(&(!#7(#`$b3#_1+h!)+'*!1*`!
`+#`! &m*`! kb+! a&`&'*7! (+`(+! +73*7$+`! 1&`! %&7! cb+13*! *_`*1+3&`h! -&`! a&1&_'&`!
Z7+34*'5! d&'5+3#78[! %&7! #78'+`&(*! %&$+! 3#+da*! &1! 1lq#$*! (+! 1*`! +`$'#3*'+`! (+!
3+d&`! $*d+'$#&1+`! #da*'3&73+`! (+`(+! ?%+! ]&11! 93'++3! j*b'7&1! %&`3&! Kb`#7+``!
]++5Y! i! i&! 7*! +`! b7&! a&1&_'&! kb+! `#87#f#kb+! Z+`kb+d&! a#'&d#(&1[h! 6e`!
#da*'3&73+!&o7!+`!kb+!1&!#7(b`3'#&!%&i&!3*d&(*!+1!$*73'*1!(+!`b!a'*a#*!(+`3#7*!
&1!a'*(b$#'!`b`!a'*a#*`!d+(#*`!(+!$*db7#$&$#g7Y!3&1+`!$*d*!2+34*'5!6&'5+3#78!
-#f+`3i1+`Y!b7&!_'#11&73+!'+c#`3&!a&'&!$*7`bd#(*'+`!1&7s&(&!+7!&_'#1!(+!CNNN!t+7!
1&!kb+!`b!`+8b'*!`+'c#(*'!+`!$*1bd7#`3&!'+8b1&'uh!!
!
!
9#!1&!3'&(#$#*7&1!3+7`#g7!+73'+!+1!6-6!i!1*`!d+(#*`!d&`#c*`!&%*'&!a&'+$+!
b7&! +q3'&m&! '+1#kb#&! (+1! a&`&(*Y! 8'&7! a&'3+! (+1! $'l(#3*! `+! (+_+! &! b7! `*1*!
%*d_'+h!0`!Q*%7!6#13*7!A*88Y!+1!*'#8#7&1!Z?#3e7!(+!1&!&$3#3b([!(+1!6-6h!!
!
/"()#0%1"()6%'&"())
!
073'+! 1*`! a+'#*(#`3&`! $#_+'7l3#$*`Y! 1&! +qa'+`#g7! Z?#3e7! (+! 1&! &$3#3b([! 7*!
7+$+`#3&! +qa1#$&$#g7h! )+'*! &18b7*`! 1+$3*'+`! kb#se`! 7+$+`#3+7! b7! '+`bd+7h! -&!
f'&`+! fb+! &$bm&(&! a*'! 2+4`4++5! +7! +7+'*! (+! CNNNY! a&'&! (+`$'#_#'! &! 1*`!
a+'#*(#`3&`! #7$*7f*'d#`3&`! (+! 1*`! 2b+c*`! 6+(#*`h! >&7`&(*`! (+! '+$#_#'Y! $*d*!
_+_l`Y! 1&! #7f*'d&$#g7!(+!d&7*`!(+!'+(+`!#da*'3&73+`Y! 1&! 8+73+!`+! %&! c*1$&(*!
d&`#c&d+73+! %&$#&! ae8#7&`! ]+_Y! 3+1+c#`#g7! a*'! $&_1+! i! '&(#*Y! +7! _b`$&! (+!
7*3#$#&`!i!*a#7#*7+`!kb+!7*!%&i&7!`#(*!a'+3&d#s&(&`Y!$+7`b'&(&`Y!d&7*`+&(&`!
i! f#13'&(&`! &! 3'&cl`! (+1! $*1&(*'! (+1! a+7`&d#+73*! $*7c+7$#*7&1h! 6#11*7+`! (+!
a+'`*7&`! `+! $*7+$3&7! (#&'#&d+73+! $*7! `#3#*`! $*d*! ?%+! @'b(8+! "+a*'3Y!
2+4`6&qh$*d!i!]*'1(2+3@&#1ih$*d!a&'&!$*7*$+'!1&`!o13#d&`!7*3#$#&`!(+3'e`!(+!
1&`!7*3#$#&`h!!
!
!
-*`! a+'#*(#`3&`! $*7c+7$#*7&1+`! 7*! `+! d*1+`3&7! +7! *$b13&'! `b!
$*7`3+'7&$#g7! a*'! +`3&! #7c&`#g7! (+! `b! 3+''#3*'#*h! Z-&`! c#+j&`! +`3'b$3b'&`! (+!
&b3*'#(&(!+!#7f1b+7$#&!`+!+`3e7!'*da#+7(*hhh[!`+!1&d+73g!Q*7&3%&7!ˆ13+'Y!+7!+`&!
&%*'&!f&d*`&!+(#$#g7!(+!2+4`4++5!(+1!CM!(+!+7+'*!(+!CNNNh!Z-&!c#+j&!$&(+7&!
(+! &1#d+73&$#g7! (+! 1*`! d+(#*`! thhhu! %&! `#(*! (+`3'*s&(&h[! >*7! (+`c+'8*7s&(&!
205
7*`3&18#&Y! ˆ13+'! '+d+d*'&_&! b7! 3#+da*! +7! +1! kb+! +1! Z*'(+7[! a'+c&1+$n&! +7! 1&!
`&1&!(+!'+(&$$#g7Y!$b&7(*!1*`!Za+'#*(#`3&`!i!kb#+7+`!#7f1bn&7!`*_'+!+11*`!`+'cn&7!
(+! 8b&'(#&7+`Y! (+$#(#+7(*! 1*! kb+! 1&! 8+73+! a*(n&! `&_+'h[! )+'*! &b7kb+!
$1&'&d+73+!1+!(*1n&!%&$+'1*Y!ˆ13+'!'+$*7*$n&!(+!d&1&!8&7&!kb+!1*`!Z?#3&7+`!(+!1&!
&$3#3b([! 11+8&'*7! a&'&! kb+(&'`+h! Z?*d! K'*5&4Y! )+3+'! Q+77#78`! i! @&7! "&3%+'Y!
3*(&cn&!3#+7+7!d#11*7+`!(+!+`a+$3&(*'+`!i!db$%&!+`3&3b'&[!+`$'#_#g!ˆ13+'Y!Za+'*!
(+_+7!$*da&'3#'!+1!$+73'*!(+1!+`$+7&'#*!$*7!b7!8'ba*!d&`!&7('&j*`*hhh!!
!
?0,0)'%/)6/6))
!
>b&7(*! $*d+7$l! &! +`$'#_#'! `*_'+! 6-6Y! &11e! a*'! CNNPY! 1*`! Z8b&'(#&7+`[!
3+7n&7! +1! +`3'#$3*! $*73'*1! r+`a+$#&1d+73+! $b&7(*! `+! 3'&3&_&! (+1! 3+d&! (+1!
7+34*'5!d&'5+3#78h!-&`!d&1&`!7*3#$#&`!`*_'+!1&!#7(b`3'#&!+'&7!+`a&'$#(&`!fb+'&!
(+! a'*a*'$#g7h! -&`! _b+7&`! 7*3#$#&`! +'&7! #da1&$&_1+d+73+! $+7`b'&(&`h! 0'&! b7!
d*d+73*!`*1#3&'#*!a&'&!$b_'#'!+1!'#3d*!(+1!6-6h!!
!
!
)+'*!&f*'3b7&(&d+73+Y!i*!3+7n&!b7!8bn&!a&'&!d#!c#&j+h!.1!a*$*!3#+da*!(+!
kb+!&a&'+$#+'&!d#!a'#d+'&!$*1bd7&!`*_'+!6-6!+7!1&!'+c#`3&!9b$$+``Y!'+$#_n!b7!
11&d&(*! (+! b7! 3&1! Q*%7! 6#13*7! A*88h! 07! +`+! d*d+73*Y! l1! +'&! +(#3*'! (+! b7!
_*1+3n7! 11&d&(*! 6-6! 9b$$+``! t7*d_'+! kb+!1b+8*! $&d_#g! a*'! Ba1#7+uh! Q*%7! `+!
$*7c#'3#g!+7!dn!8b'o!(+1!6-6!1*!11&d&_&!f'+$b+73+d+73+!a&'&!a+(#'1+!$*7`+j*`h!
9b`!d*7g1*8*`!`*_'+!1&!%#`3*'#&Y!1&!+$*7*dn&!i!1&`!a+'`*7&1#(&(+`!(+1!7+34*'5!
d&'5+3#78!d+!(+j&_&7!&_`*'3*!(b'&73+!%*'&`h!Q*%7!+'&!b7!E#`#*7&'#*h!2*!c+n&!&1!
7+34*'5!d&'5+3#78!a*'!1*!kb+!+'&Y!`#7*!a*'!1*!kb+!+`3&_&!(+`3#7&(*!&!`+'h!Ab+!
(b'&73+! +`&`! 1&'8&`! $*7c+'`&$#*7+`Y! kb+! $*d+7s&'*7! &! f#13'&'`+! +7! d#! d+73+!
db$%&`!(+!1&`!#(+&`!kb+!de`!3&'(+!$b&j&'n&7!+7!1*`!1#_'*`!,1&!G!i!,1&!/h!!
!
0#)$+/%#$")"!0/$"))
!
Q*%7!#78'+`g!&1!7+34*'5!d&'5+3#78!a*'!1&!ab+'3&!3'&`+'&h!='&(b&(*!+7!1&!
B7#c+'`#(&(!(+!.'3+`!(+!A#1&(+1f#&!+7!CNIN!$*7!b7!3n3b1*!+7!f*3*8'&fn&Y!Q*%7!`+!
c+n&! &! `n! d#`d*! $*d*! b7! &'3#`3&h! 2&(&! a*('n&! %&_+'!+`3&(*! de`! 1+j*`! (+! `b`!
a1&7+`! kb+! #7c*1b$'&'`+! +7! +1! 6-6h! )+'*! +1! (+`3#7*! 3*dg! a&'3#$#a&$#g7! +7! `b!
c#(&h! -b+8*! (+! `bd+'8#'`+! +7! 1&! $*73'&L$b13b'&! %#aa#+! (+! K*`3*7Y! A#1&(+1f#&Y! i!
2b+c&!\*'5Y!+73'+! CNIN!i! CNJPY!Q*%7!`+!'+3#'g! &!b7&! $*db7#(&(! d&$'*_#g3#$&!
+7!2b+c&!;781&3+''&!a&'&!'+$ba+'&'`+!fn`#$&!i!+`a#'#3b&1d+73+h!9b`!$*73&$3*`!+7!
+1! db7(*! d&$'*_#g3#$*! 1*! $*7(bj+'*7! &! b7! 3'&_&j*! +7! b7&! $*da&mn&! (+!
&1#d+73*`! 7&3b'&1+`! '+$#+73+d+73+!#7#$#&(&Y!11&d&(&! 0'+4%*7h!Q*%7!3'&_&jg!&11n!
i! &`$+7(#g! (+`(+! 1+c&73&'! $&j&`! &! $*7c+'3#'`+! +7! +1! (#'+$3*'! (+! d&'5+3#78! (+!
+`&!$*da&mn&h!!
!
!
.11n!fb+!(*7(+!Q*%7!(+`$b_'#g!kb+!3+7n&!b7!3&1+73*!*$b13*h!Z0`3b(#l!1#_'*`!
`*_'+!ab_1#$#(&(!i!&a'+7(n!&!+`$'#_#'[!$*d+73&Y!Za*'kb+!7*!a*(n&d*`!a&8&'1+!&!
7&(#+!a&'&!kb+!1*!%#$#+'&h[!01!d*(+1*!(+!&c#`*!(+!Q*%7!+'&!+1+8&73+!i!+7l'8#$*h!
)+'*Y! de`! #da*'3&73+! &o7Y! d*cn&! a'*(b$3*`h! 07! 1*`! &m*`! `#8b#+73+`Y! Q*%7! `+!
f*'jg! `*1*Y! +`$'#_#+7(*! (+! d&7+'&! #7(+a+7(#+73+! d*(+1*`! (+! &c#`*`! a&'&! 1&!
f1*'+$#+73+! #7(b`3'#&! (+! 1*`! &1#d+73*`! 7&3b'&1+`h! )*('n&! %&_+'`+! +`3&_1+$#(*! +7!
b7&!'b3#7&!$gd*(&!i!1b$'&3#c&!$*d*!a+'`*7&j+!$1&c+!(+!+`&!#7(b`3'#&!+7!'ea#(*!
$'+$#d#+73*h!)+'*!b7!(n&!b7!&d#8*!1+!a'+`+73g!b7!a'*(b$3*!(+!&18&`!(#`+$&(&`!
c+7(#(*!a*'!b7&!$*da&mn&!11&d&(&!>+11!?+$%Y!(+!^1&d&3%!A&11`Y!,'+8*7h!.73+`!
206
(+!(&'`+!$b+73&Y!Q*%7!`+!%&_n&!&`*$#&(*!&!`b!a'#d+'&!*a*'3b7#(&(!(+!7+34*'5!
d&'5+3#78h!!
!
&#'0*/&!+:/%)!
!
ZO#$+! b7&! 1#`3&! (+! CIH! a+'`*7&`[! $*d+73&! Q*%7! Zi! (+`abl`! +`$'#_n! b7&!
+qa1*`#c&! $&'3&! (+! '+`ab+`3&! (#'+$3&! i! `+! 1&`! +7c#lh[! -&! 3&`&! (+! '+`ab+`3&! fb+!
f+7*d+7&1!rCGF!a+'`*7&`!$*73+`3&'*7h!)+'*!(+!'+a+73+!Q*%7!`+!(#*!$b+73&!(+!
kb+!7*!`&_n&! kbl! %&$+'! $*7! +`*`! CGF!&`*$#&(*`Y! &%*'&!kb+! 1*`!3+7n&h! Z-*! kb+!
+`3&_&! %&$#+7(*!7*!+'&!(ba1#$&_1+[!&f#'d&h! Z\*!+'&!b7!'+(&$3*'! a'*f+`#*7&1!(+!
3+q3*`!ab_1#$#3&'#*`Y!&`n!kb+!`&_n&!$gd*!+`$'#_#'!$&'3&`h!)+'*!1&`!o7#$&`!a+'`*7&`!
kb+!a*('n&7!%&_+'!(ba1#$&(*!+`+!+7f*kb+!+'&7!*3'*`!'+(&$3*'+`!a'*f+`#*7&1+`h[!
01!7+8*$#*!(+!Q*%7!1&78b#(+$#gY!&!a+`&'!(+!1&!&13&!3&`&!(+!'+`ab+`3&h!!
!
!
.b7kb+!`b! '+(! `bf'#g!b7!3'&`a#lY!7*!1+!`b$+(#g! 1*!d#`d*! &!`b! +`$'#3b'&h!
@b'&73+! `b! a'#d+'&! `+d&7&! +7! +1! 7+8*$#*Y! a'*(bj*! b7! _*1+3n7h! .! 1&! `+8b7(&!
`+d&7&Y!+`$'#_#g!(*`h!.73+`!(+!kb+!a&`&'&!`b!a'#d+'!d+`!+7!>+11!?+$%Y!+`$'#_n&!
$b&3'*! _*1+3#7+`! a*'! `+d&7&! i! `b`! $*da&m+'*`! `+! 1*`! (+c*'&_&7Y! Z6+!
+7$&73&_&! %&$+'1*[! &f#'d&h! Z6+! (#! $b+73&! (+! kb+! +`3*! d+! '+`b13&_&! de`!
(#c+'3#(*!i!d+!a+'d#3n&!b7&!d&i*'!$*73'#_b$#g7!&!1&!#7(b`3'#&Y!kb+!$*7c+'3#'d+!
+7!b7!a+`*!a+`&(*h[!!
!
0#+)1"7)*+,+)/+)&#'0($,&+))
!
Q*%7! +`3&_&! f&`$#7&(*! $*7! +1! $*7$+a3*! (+1! 6-6h! ZO&_n&! 3'&_&j&(*! a&'&!
db$%&`! $*'a*'&$#*7+`! $*d*! $*7`b13*'! (+! d&'5+3#78[! $*d+73&Y! Za+'*! 7b7$&!
%&_n&!c#`3*!7#78o7!*3'*!7+8*$#*!kb+!1+!a+'d#3#+'&!&!1&`!a+'`*7&`!$*_'&'!#78'+`*`!
a*'! '+8&1n&`! $*d*! &`*$#&(*`! #7(+a+7(#+73+`Y! +7! f*'d&! a'*a*'$#*7&1! &! `b`!
+`fb+'s*`h[!.b7kb+!`+!#7c*1b$'g!+7!*3'&`!*a*'3b7#(&(+`!(+!7+34*'5!d&'5+3#78Y!
Q*%7!a'*73*!`+!(#*!$b+73&!(+!kb+!`b`!3&1+73*`!+7$&j&_&7!de`!$*7!1&!+`$'#3b'&!
`*_'+!1&!#7(b`3'#&!kb+! $*7!1&!a&'3#$#a&$#g7!+7!+11&h!Z07!$#+'3*!`+73#(*Y! a+7`&_&!
kb+! 7#78b7&! $*da&mn&! 3+7n&! +1! 3&d&m*! `bf#$#+73+! a&'&! dnY[! '+$b+'(&h! ZSb+'n&!
#da&$3&'!&!3*(&!1&!#7(b`3'#&h[!!
!
!
\!1*!%#s*h!Q*%7!ab`*!+7!d&'$%&!Ba1#7+!t11&d&(&!+73*7$+`!6-6!9b$$+``u!
+7! CNMNh! 0`3&! ab_1#$&$#g7! $'+$#g! 'ea#(&d+73+! i! `+! $*7c#'3#g! +7! b7&! c*s!
$&'&$3+'n`3#$&! i! a*(+'*`&! (+! 1&! #7(b`3'#&h! >b&7(*! $*d+7$l! &! +`$'#_#'! `*_'+! +1!
6-6!&!a'#7$#a#*`!(+!1&!(l$&(&!(+!CNNPY!1+n!b7&!+(#$#g7!3'&`!*3'&!(+1!_*1+3n7!(+!
Q*%7Y! &_`*'_#+7(*! #(+&`h! Ab+! +7! `b`! ae8#7&`! kb+! 1+n! a*'! a'#d+'&! c+s! `*_'+! +1!
+$*7*d#`3&!)&b1!X&7+!)#1s+'Y!kb#+7!a'+(#j*!kb+!'+(b$#'!1*`!$*`3*`!(+!(#`3'#_b$#g7!
`+'n&! 1&! a'gq#d&! f'*73+'&! (+1! 7+8*$#*! 81*_&1v! &$+'$&! (+! 6#$%&+1! =+'_+'! i! `b`!
$*7$+a3*`!(+1!6#'*L0!i!1&!"+c*1b$#g7!(+!1&!Eb+13&!(+!-1&c+v!`*_'+!A&#3%!)*a$*'7!
i! `b! a'*f+$n&! (+1! f#7&1! (+! `&1#'! (+! $*da'&`h! .b7kb+! +`3*`! $*7$+a3*`! f*'d&7!
%#1*`!#73+8'&1+`!(+73'*!(+1!3&a#s!(+!#(+&`!(+!1*!kb+!&%*'&!11&d*!,1&!/Y!fb+!Q*%7!
A*88Y!7*!i*Y!+1!a'#d+'*!kb+!1*`!+73'+3+j#gh!!
!
%($+$0()'%)%($,%//+)'%),"!c))
!
6#! &d#8*! @b7$&7! .7(+'`*7! +`$'#_#g! +7! b7&! *a*'3b7#(&(! +7! 1&! '+c#`3&!
9b$$+``!kb+!Q*%7!%&_n&!1*8'&(*!Z$&`#!+1!+`3&3b`!(+!b7&!+`3'+11&!(+!'*$5[!+7!1&!
#7(b`3'#&! (+1! 7+34*'5! d&'5+3#78h! 9#! +`3&! +`! b7&! +q&8+'&$#g7Y! +`! dbi! 1+c+h!
>*d*!+`$'#3*'!f&73&`d&!&!a+(#(*!i!+(#3*'!+73'+!_&`3#(*'+`Y!Q*%7!(+jg!`b!d&'$&!
207
+7!db$%*`!(+!1*`!3n3b1*`!de`!c+7(+(*'+`!(+1!6-6h!>&1$b1&!kb+!`b`!a'*a#*`!_+`3!
`+11+'`! r+`! (+$#'Y! &kb+11*`! kb+! '+&1d+73+! 11+c&7! `b! 7*d_'+Y! 3&1! $*d*! 01!
7+34*'5+'!de`!8'&7(+!(+1!db7(*!t?%+!='+&3+`3!2+34*'5+'!#7!3%+!]*'1(Yu!i!`b!
`&8&! >*7c+'`&$#*7+`! $*7! +1! 7+34*'5+'! de`! 8'&7(+! (+1! db7(*! t>*7c+'`&3#*7`!
4#3%! 3%+! ='+&3+`3! 2+34*'5+'! #7! 3%+! ]*'1(u! %&7! c+7(#(*! de`! (+! b7! d#11g7! (+!
$*a#&`!+7!3*(*!+1!db7(*h!!
!
!
Q*%7! (&! (#`$b'`*`! +7! `+d#7&'#*`! i! $*7c+7$#*7+`! (+!6-6! &1'+(+(*'! (+1!
db7(*h! -*`! a'*f+`#*7&1+`! (+! '+(! a&8&7! %&`3&! FhPPP! (g1&'+`! a*'! a+'`*7&! a&'&!
a&'3#$#a&'! +7! `b! a'*8'&d&! (+! $*7`+j+'n&Y! 8&7&7(*! &$$+`*! &! 1&! a'+a&'&$#g7! (+!
Q*%7!ti!(+!*3'&`!+`3'+11&`!(+!1&!#7(b`3'#&!kb+!f*'d&7!a&'3+!(+!1&!'+(!(+!Q*%7u!&!
3'&cl`! (+! $*''+*! (+! c*sY! 3+1+$*7f+'+7$#&`Y! i! $*7f+'+7$#&`! (+! a+kb+m*`! 8'ba*`!
r3*(&`!*'8&7#s&(&`!a*'! #73+'d+(#*!(+!1&!B7#c+'`#(&(!(+1! 6-6!(+!-&b(+'(&1+L
_iL3%+L9+&Y! A1*'#(&h! 9b! `#3#*! ]+_Y! 444h8'+&3+`37+34*'5+'h$*dh! `+! %&!
$*7c+'3#(*! +7! b7! $+73'*! (+! &$3#c#(&(! 6-6! +7! ;73+'7+3h! \! 1&! '+c#`3&! 2+34*'5!
6&'5+3#78! -#f+`3i1+`Y! (+! 1&! kb+! Q*%7! +`! $*Lfb7(&(*'Y! `+! %&! $*7c+'3#(*! +7! b7!
+q$+1+73+!ao1a#3*!a&'&!1*`!de`!a'*d#7+73+`!1n(+'+`!(+!1&!#7(b`3'#&h!!
!
%/)20$0,")'%/)+/$")!"#$+!$"))
!
.kb+11*`! kb+! f*'j&d*`! 7b+`3'*`! 7*d_'+`! &1&_&7(*! &! 1&! #7(b`3'#&! (+1!
6-6Y!&!(+`a+$%*!(+!1&!$+7`b'&!(+!1*`!d+(#*`Y!3+7+d*`!b7&!(+b(&!(+!8'&3#3b(!
%&$#&!Q*%7!A*88h!>*d*!+1!*'#8#7&1!Z?#3e7!(+!1&!&$3#3b([!(+1!6-6Y!Q*%7!fb+!kb#+7!
7*`! d*`3'g! +1! $&d#7*h! )*'! +`&! '&sg7Y! $b&7(*! l1! %&_1&Y! 1*! +`$b$%&d*`!
&3+73&d+73+h! \! +7! 1&! &$3b&1#(&(Y! Q*%7! %&_1&! $*7! db$%&! c&1+73n&Y! d#+73'&`! 1&!
"+c*1b$#g7! (+! 1&! ,1&! /! (+`&''*11&! `b! $&d#7*h! O&_1&! (+! b7! fb3b'*! (+! &13&!
3+$7*1*8n&!+7!+1!$b&1!+1!7+34*'5!d&'5+3#78!3*$&'e!$&(&!c#(&!(+!+`3+!a1&7+3&h!!
!
!
Z-&! 3+$7*1*8n&! 7*`! c&! &! 1#_+'&'! (+! 3*(&`! 1&`! 3&'+&`! '+a+3#3#c&`! i!
db7(&7&`! kb+! (+_+7! +7f'+73&'! 1&`! a+'`*7&`Y[! a'+(#$+h! Z)+'*! $*7! 3*(&! 1&! &13&!
3+$7*1*8n&Y!3&d_#l7!c&d*`!&!7+$+`#3&'!&13*!$*73&$3*h!-*`!`+'+`!%bd&7*`!&7`n&7!
+`3&'! +7! $*73&$3*! b7*! $*7! +1! *3'*h! )+(#'+d*`! a'*(b$3*`! i! '+$#_#'+d*`!
#7f*'d&$#g7! c+'(&(+'&! &! 3'&cl`! (+! ;73+'7+3h! )+'*! +1! `+'c#$#*! a'*c+7('e! (+!
a+'`*7&`! '+&1+`h! 07! +1! `#81*! ::;Y! +1! 7+34*'5! d&'5+3#78! b7#'e! 1&! &13&!!
3+$7*1*8n&!$*7!+1!&13*!$*73&$3*h[!!
!
!
Q*%7!c+!+`&!b7#g7!a'*1#f+'&7(*!&!3'&cl`!(+!$&(&!#7(b`3'#&Y!&!d+(#(&!kb+!
$&(&! a+'`*7&! +7$b+73'&! +1! Zd#$'*7#$%*[! &(+$b&(*! kb+! `+! &(&a3+! &! `b`!
7+$+`#(&(+`! +! #73+'+`+`h! Z;d&8#7+! b7! db7(*! (*7(+! 3*(*`! 8&7&7! (#7+'*Y!
`#da1+d+73+! '+$*d+7(&7(*! a'*(b$3*`! &! &d#8*`! i! f&d#1#&'+`! &f#'d&h! )*('n&7!!
`+'! &b3*`Y! '&kb+3&`! (+! 3+7#`Y! c#7*`Y! $*dab3&(*'&`Y! 1&a#$+'&`! 6*73! K1&7$Y! +1!
o13#d*!lq#3*!+7!$#7+h!)b+(+!a&'+$+'!&_`b'(*Y!+1!kb+!3*(&`!1&`!a+'`*7&`!(+!+`3+!
a1&7+3&! a*('n&7!+`3&'! &`*$#&(&`Y! (+! b7&! d&7+'&! b!*3'&Y! $*7! b7&! $*da&mn&! (+!
7+34*'5! d&'5+3#78h[! 9#! 3+7+d*`! +7! $b+73&! 1&! %&_#3b&1! $*7f#&_#1#(&(! (+! 1&!
fb+73+Y!ab+(+!kb+!7*!`+&!b7!a+7`&d#+73*!3&7!&_`b'(*Y!(+`abl`!(+!3*(*h!!
!
!
!
!
!
208
!DEFGHIJ)!0+,%#$+)
)
6DP)UL)2JOUJ)
!
!
!
>*''n&! `&78'+! a*'! 1&`! $&11+`h! ?b'_&`! +7f&(&(&`! c*1$&_&7! &b3*`Y! '*dan&7!
c#('#*`Y!3*d&_&7!'+%+7+`Y!i!&3&$&_&7!*f#$#7&`!8b_+'7&d+73&1+`h!-&!c#*1+7$#&!`+!
+q3+7(#g!a*'!c&'#&`!$#b(&(+`!(+!>%#7&Y!.1!f#7&1#s&'Y!(#+s!a+'`*7&`!%&_n&7!db+'3*!
i! de`! (+! $#+7! '+`b13&'*7! %+'#(&`Y! p0'&! +`3&! b7&! +`$+7&! (+! 1&! "+_+1#g7! (+! 1*`!
K*q+'T! p@+! 1&! "+c*1b$#g7! >b13b'&1! (+1! )'+`#(+73+! 6&*T! p@+! 1&! d&`&$'+! (+! 1&!
)1&s&! ?#+7&7d+7T! 2*Y! +'&! 1&! '+&$$#g7! (+1! ab+_1*! $%#7*! $*73'&! 1&! a'*%#_#$#g7!
8b_+'7&d+73&1!rf+$%&(&!+7!&_'#1! (+!CNNMr!(+1!7+34*'5!d&'5+3#78!i!(+!3*(&!
*3'&!f*'d&!(+!c+73&!(#'+$3&h!!
!
!
Z0`! 7+$+`&'#*! (+3+7+'! +1! fb7$#*7&d#+73*! (+! 1&`! c+73&`! a#'&d#(&1+`Y[!
(+$1&'g!]&78!X%*78fbY!(#'+$3*'!(+!1&!.(d#7#`3'&$#g7!0`3&3&1!>%#7&!(+!;7(b`3'#&!
i! >*d+'$#*Y! Zi&! kb+! %&! $*d+7s&(*! &! (&m&'! 1&! +`3&_#1#(&(! (+! 1&! `*$#+(&(! i! +1!
(+`&''*11*!+$*7gd#$*h[!!
!
0#+)#0%1+)%,+))
!
-&! $'#`#`! (+`a+'3g! a*$*! #73+'l`! +7! 1&! a'+7`&! +q3'&7j+'&h! )+'*! a&'&!
d#11*7+`! (+! $%#7*`Y! 1&! a'*%#_#$#g7! &d+7&s&_&! `b`! +`a+'&7s&`! i! `b+m*`! de`!
a'*fb7(*`h! Z\! $be1! +`! 1&! 7*c+(&(T[! a*('n&7! a'+8b73&'! 1*`! $n7#$*`h! 07! $&(&!
'#7$g7!(+1!a1&7+3&Y!1*`!a'*f+`#*7&1+`!(+!'+(!i!1*`!'+8b1&(*'+`!(+1!8*_#+'7*!%&7!
+`3&(*! (#`$b3#+7(*! (b'&73+! $#7$b+73&! &m*`h! 07! &18b7&! a&'3+Y! +7! &18o7!
d*d+73*Y! 1&! d&i*'n&! (+! 1&`! $*da&mn&`! (+! 6-6! %&7! `#(*! $*7(+7&(&`! $*d*!
Z+`kb+d&`! a#'&d#(&1+`[h! -*`! &8*3&(*`! c+3+'&7*`! (+! 1&! #7(b`3'#&Y! fe$#1d+73+!
a*('n&7! (+`+`3#d&'! 1&! a'*%#_#$#g7! $%#7&! a*'! `+'! b7!+j+da1*! de`! r`#! _#+7! b7*!
+q3'+d*r!(+!1*`!f&d#1#&'+`!a+`&'+`!'+8b1&(*'+`!(+1!7+34*'5!d&'5+3#78h!
!!
!
)+'*! +`3&! c+s! %&_n&! &18*! (#f+'+73+h! 9#7! kb+! 1*! `ba#+'&7! 1*`! '+8b1&(*'+`!
(+!1&!>%#7&!6&'q#`3&Y!b7&!7b+c&!+'&!%&_n&!`b'8#(*!+7!+1!7+34*'5#78Y!b7&!+'&!(+!
a*(+'!`#7!a'+$+(+73+`!a&'&!1&!#7(b`3'#&h!-*`!fb7$#*7&'#*`!$%#7*`!(+`$b_'#'n&7Y!+7!
b7&`!a*$&`! `+d&7&`Y! kb+!%&_n&7! (&(*!#7#$#*!&! b7&! _&3&11&! kb+!7b7$&! a*('n&7!
&`a#'&'! &! 8&7&'h! 9+! %&_n&7! 3'*a+s&(*! (#'+$3&d+73+! +7! +1! $&d#7*! (+! b7&!
&''+d+3+(*'&!3`b7&d#!+7!&3&kb+h!!
!
#")6S()!%#&!&%#$+))
!
0`+!d&'!(+!f*7(*!$*''+`a*7(n&!&!1&!"+c*1b$#g7!(+!1&!,1&!/h!-&`!f&d&`!(+!
7+34*'5!d&'5+3#78!i&!7*!+`3&_&7!(#`ab+`3&`!&!%&$+'!(+!>+7#$#+73&!f'+73+!&!`b`!
%+'d&7&`3'&`! '#$&`! (+1! 'e75#78! A*'3b7+! HPPh! \&! `+&! +7! >%#7&! *! +7! 0`3&(*`!
B7#(*`Y! 1&`! $*da&mn&`! (+! 6-6! +q#8n&7! +1! d#`d*! '+`a+3*! a*'! a&'3+! (+! 1*`!
8*_#+'7*`!i!1*`!d+(#*`Y!kb+!'+$#_+7!$*do7d+73+!1*`!8#8&73+`!db13#7&$#*7&1+`!
3&1+`! $*d*! 0qq*7€6*_#1Y! A*'(! 6*3*'! i! )'*$3+'{=&d_1+h! \! $b&7(*! 1*`!
a'*f+`#*7&1+`!(+!'+(!7*!1*8'&_&7!'+$#_#'!1*!kb+!kb+'n&7Y!&%*'&!$*73&_&7!$*7!1*`!
d+(#*`!a&'&!(+f+7(+'`+h!!
!
209
!
!
-*! kb+! (&! #dab1`*! &1! 7b+c*! a*(+'! (+1! 6-6! `*7! 1&`! #da&'&_1+`! fb+'s&`!
+$*7gd#$&`! (+`$'#3&`! &73+'#*'d+73+! +7! +`3+! 1#_'*h! 0`3&`! `*7D! 1&! +qa&7`#g7! (+!
;73+'7+3Y! +1! f#7! (+1! #'! &! %&$+'! $*da'&`Y! 1&! f'&8d+73&$#g7! (+! 1*`! d+(#*`! (+!
$*db7#$&$#g7Y! 1&! (+`#73+8'&$#g7! (+! 8'&7(+`! +da'+`&`Y! i! 1&! db+'3+! (+! 1*`!
+da1+*`h!0q#`3+!b7!$'+$#+73+!&7%+1*!(+!1#_+'3&(!a*'!a&'3+!(+!1&`!d&`&`Y!b7#(*!&!
1&! $&a&$#(&(! o7#$&! (+1! 7+34*'5! d&'5+3#78! (+! _'#7(&'! +`&! a'+$#&(&! d+'$&7$n&h!
A#7&1d+73+Y!+q#`3+!b7!+`3&(*!$*7$#+7$#&1!+7!&bd+73*Y!(+`(+!]&`%#783*7!%&`3&!
]&11!93'++3Y!(+!kb+!+1!fb3b'*!(+!1*`!0`3&(*`!B7#(*`!(+a+7(+Y!+7!8'&7!d+(#(&Y!
(+!+`3+!*`&(*!7b+c*!+qa+'#d+73*!kb+!11&d&d*`!7+34*'5!d&'5+3#78h!!
!
0#),%(*+/'")&#%(*%,+'"))
!
ZB`3+(+`! f*'3&1+$+7! &! 7b+`3'*! a&n`! i! &! 7b+`3'&! +$*7*dn&Y[! (#j*! +1!
a'+`#(+73+! (+! 1*`! 0`3&(*`! B7#(*`Y! Z7*! `*1&d+73+! &1! +`f*'s&'`+! a*'! `b! a'*a#*!
lq#3*Y! `#7*! &1! *f'+$+'1+`! *a*'3b7#(&(+`! &! *3'*`|[! 01! a'+`#(+73+! %&_1&_&! +7! b7!
(#`$b'`*! 8'&_&(*Y! a'+a&'&(*! +`a+$#&1d+73+! a&'&! 1*`!'+a'+`+73&73+`! (+! c+73&`!
(+! 1&`! $*da&mn&`! kb+! f*'d&7! a&'3+! (+! 1&! @9.! t.`*$#&$#g7! (+! E+73&! @#'+$3&uh!
ZO&$+! &m*`! kb+! `#8*! +1! $'+$#d#+73*! (+! `b! #7(b`3'#&hhh[! $*73#7bgY! Z9b! #7(b`3'#&Y!
(+`abl`! (+! 3*(*Y! 1+! _'#7(&! &! 1&`! a+'`*7&`! b7&! *a*'3b7#(&(! (+! *_3+7+'! 1*!
deq#d*!(+!`b`!a'*a#&`!c#(&`!iY!a&'&!dn!+`*!+`!+1!$*'&sg7!(+1!9b+m*!.d+'#$&7*h!
!!
!
07!`b!(#`$b'`*Y!+1!a'+`#(+73+!7*!b`g!+1!3l'd#7*!Z7+34*'5!d&'5+3#78[!a+'*!
kb+(&_&! $1&'*! 1*! kb+! kb+'n&! (+$#'h! .(+de`! (+! kb+! 1&! 8'&7! d&i*'n&! (+! 1&`!
$*da&mn&`!kb+!f*'d&7!a&'3+!(+!1&!@9.!+da1+&7!a1&7+`!(+!$*da+7`&$#g7!6-6Y!
+1!a'+`#(+73+!&1&_g!&!`b`!'+a'+`+73&73+`!(+!c+73&!+`a+$nf#$&d+73+!a*'!Z*f'+$+'!
*a*'3b7#(&(+`! &! *3'*`[! rb7&! $1&'&! '+f+'+7$#&! &! 1&! a'e$3#$&! (+! $*73&$3*! i!
&b`a#$#*! (+1! 6-6h! pSb#l7! +7! +`3+! a'+`#(+73+T! p0'&! "*7&1(! "+&8&7! %&_1&7(*!
$*7! +1*$b+7$#&! &$+'$&! (+! 1*`! +`a1+7(*'+`! (+! 1&! 1#_'+! +da'+`&T! p0'&! =+*'8+!
Kb`%!%&_1&7(*!+7!b7&!$*7c+7$#g7!(+!.d4&iT!2#78b7*!(+!1*`!(*`h!0'&!]#11#&d!
Q+ff+'`*7!>1#73*7h!!
!
=+!&+)'"#'%)("*/+)%/)1&%#$"))
!
)*$*`! a'+`#(+73+`! %&7! '+c#`&(*! `b`! a'*7b7$#&d#+73*`! ao_1#$*`! $*7! de`!
$&b3+1&! kb+! K#11! >1#73*7h! )*$*`! %&7! +q&d#7&(*! +1! $b'`*! (+1! c#+73*! $*7! de`!
(+3&11+Y! &73+`! (+! a'*7b7$#&'`+! `*_'+! b7! (+3+'d#7&(*! 3+d&h! Sb#se`! 7b7$&!
`+a&d*`! 1*! kb+! +7! '+&1#(&(! a#+7`&! >1#73*7! &$+'$&! (+1! 6-6h! )+'*! +1! %+$%*! (+!
kb+! *f'+$#+'&! `b! '+`a&1(*! a+'`*7&1! &! 1&! #7(b`3'#&! `b8#+'+! db$%*! `*_'+! `b!
a+'$+a$#g7! &$+'$&! (+! 1&! (#'+$$#g7! +7! 1&! kb+! `*a1&7! 1*`! c#+73*`! a*1n3#$*`! i!
$*'a*'&3#c*`h!
!
!
07! `n73+`#`Y! a&'+$+! kb+! +`*`! c#+73*`! `*a1&7! &! f&c*'! (+1! 7+34*'5!
d&'5+3#78h!-&!#7(b`3'#&!`+!%&!%+$%*!d&`#c&!-*`!+j+$b3#c*`!(+!1&`!+da'+`&`!(+1!
'e75#78! A*'3b7+! HPP! i&! 7*! +7c#(#&7! &1! 6-6! (+`(+! 1+j*`h! .%*'&! $*da#3+7!
(+`$&'&(&d+73+! a*'! 1&! d&`! +qkb#`#3&! '+#c#7(#$&$#g7! (+! 1&! f#+_'+! (+1! *'*! (+1!
7+34*'5!d&'5+3#78h!!
!
!
07! +1! 7b+c*! d#1+7#*Y! +1! 6-6! i&! 7*! `+'e! '+`+'c&! +q$1b`#c&! (+!
#7$*7f*'d#`3&`! +da'+`&'#&1+`h! 6+(#&73+! &$b+'(*`! (+! (#`3'#_b$#g7Y! &1#&7s&`!
+`3'&3l8#$&`Y! fb`#*7+`! i! &(kb#`#$#*7+`Y! 1&`! fb+'s&`! (+! c+73&! (+1! 7+34*'5!
210
d&'5+3#78! `+! +`3e7! #73+8'&7(*! &%*'&! d#`d*! &! 1&`! +`3'&3+8#&`! 81*_&1+`! (+! 1&`!
$*'a*'&$#*7+`!de`!8'&7(+`!i!a*(+'*`&`h!2*!3&7!d&1!a&'&!b7&!#7(b`3'#&!kb+!$&`#!
fb+! &_*1#(&!a*'!1&!A?>!t>*d#`#g7! A+(+'&1! (+! >*d+'$#*! (+! 1*`!0hBh.huY!3&7!`g1*!
c+#73+!&m*`!&3'e`h!!
!
(&?#")'%)/"()$&%6*"())
!
-*`! (+f+7`*'+`! (+! 1&! #7(b`3'#&! %&7! &'8bd+73&(*! (b'&73+! &m*`! kb+! +1!
7+34*'5! d&'5+3#78! +'&! b7&! #(+&! &! 1&! $b&1! 1+! %&_n&! 11+8&(*! 1&! %*'&h! )+'*! +7! 1&!
+'&!(+!1&!,1&!/Y!+1!6-6!i&!7*!'+kb+'#'e!(+!(+f+7`*'+`h!01!)*(+'!d&`#c*!(+!`b!
$1#+73+1&!$*'a*'&3#c&!`+'e!1&!o7#$&!3&'j+3&!(+!a'+`+73&$#g7!kb+!7+$+`#3&'eh!07!1&!
$'#`#`!$%#7&!(+!CNNMY!1*8'&d*`!c+'!a&'3+!(+1!a*(+'!kb+!+1!6-6!*`3+73&'n&!+7!+1!
fb3b'*D! &a+7&`! 1*`! $%#7*`! a'*%#_#+'*7! 1&! c+73&! (#'+$3&! $*d+7s&'*7! &! `+73#'! `b!
$*73'&8*1a+h!!
!
!
Z0`! b7! &`b73*! `+'#*Y[! (#j*! +1! "+a'+`+73&73+! (+! >*d+'$#*! (+! 0hBh.hY!
>%&''&7++!K&'`%+f`5iY!+7!b7&!$*7f+'+7$#&!(+!a'+7`&!+7!K+#j#78!&!`g1*!3'+`!(n&`!
(+1! &7b7$#*! (+! 1&! a'*%#_#$#g7Y! Z$b&7(*! b7! 8*_#+'7*! `#da1+d+73+! a'*%n_+!
$*da&mn&`! 1+8n3#d&`Y! (+! %+$%*Y! $*da&mn&`! %+$%&`! $*7! #7c+'`#*7+`! 1+8n3#d&`h[!
O&_1&7(*! &! f&c*'! (+! $*'a*'&$#*7+`! +`3&(*b7#(+7`+`! $*d*! .d4&iY! .c*7Y! *!
6&'i! ^&iY! K&'`%+f`5i! $*73#7bgY! Z+`3&`! $*da&mn&`! %&7! #7c+'3#(*! de`! (+! CFP!
d#11*7+`!(+!(g1&'+`!+7!>%#7&!i!8+7+'&7!#78'+`*`!a&'&!de`!(+!(*`!d#11*7+`!(+!
$%#7*`h! ,_c#&d+73+Y! +1! *_j+3#c*! &$e! +`! '+`3&_1+$+'! 1&`! *a+'&$#*7+`! (+! +`3&`!
$*da&mn&`!1*!de`!a'*73*!a*`#_1+h[!!
!
("/&'+,&'+')!",*",+$&1+))
!
07! b7&! (+`3&$&_1+! db+`3'&! (+! `*1#(&'#(&(Y! 1&`! a'#7$#a&1+`! $*'a*'&$#*7+`!
a'*c+7#+73+`! (+! b7&! &da1#&! 8&d&! (+! #7(b`3'#&`Y! `+! '+b7#+'*7! +7! $*73'&! (+! 1&!
a'*%#_#$#g7h! Z"+$#_#d*`! &a*i*! 7*! `g1*! (+! $*da&mn&`! (+! c+73&! (#'+$3&Y! `#7*!
3&d_#l7! (+! 1&! #7(b`3'#&! (+! 1*`! `+8b'*`Y! (+! $*da&mn&`! (+! a'*(b$3*`! (+!
$*7`bd*Y! $*da&mn&`! +1+$3'g7#$&`! +! #7$1b`*! 1n7+&`! &l'+&`Y[! &f#'d&! "#$%&'(!
O*14#11Y! (#'+$3*'! (+! &`b73*`! #73+'7&$#*7&1+`! (+! .d4&ih! Z0`*! (+d*`3'&_&! kb+!
'+$*7*$n&7!kb+Y!+7!b7!d+'$&(*!3+''#_1+d+73+!$*da1#$&(*!$*d*!+1!(+!>%#7&Y!1&!
c+73&! (#'+$3&! +`! +`+7$#&1! a&'&! 1&! `&1b(! (+! 1&! +$*7*dn&! &! 1&'8*! a1&s*h[! 07!
'+`bd+7Y!+`3&`!$*da&mn&`!'+$*7*$n&7!kb+!b7!&3&kb+!&!1&!c+73&!(#'+$3&!+'&!b7!
&3&kb+!&!3*(*`!1*`!7+8*$#*`!1+8n3#d*`!(+!>%#7&h!!
!
!
Z-&! a'*%#_#$#g7!a*('n&! a'*c*$&'! b7&! (#`ab3&! $*d+'$#&1!+73'+!1*`!0`3&(*`!
B7#(*`! i! >%#7&! +7! cn`a+'&`! (+! 1&! c#`#3&! (+! +`3&(*! (+1! a'+`#(+73+! >1#73*7! +7!
jb7#*Y[! &(c#'3#g! 1&! '+c#`3&! Kb`#7+``! ]++5h! 01! a'+`#(+73+! (+! 1&! @9.Y! 2+#1! ,ff+7Y!
3'&3g! 1&! a'*%#_#$#g7! +7! b7&! '+b7#g7! a+'`*7&1! $*7! +1! a'+`#(+73+Y! kb#+7! b_#$g! &1!
3+d&! $*d*! b7*! (+! 1*`! $#7$*! n3+d`! a'#*'#3&'#*`! +7! `b! &8+7(&! a&'&! `b! c#`#3&! (+!
jb7#*!(+!CNNM!&!>%#7&h!!
!
&6*+,+:/%))
!
)&'&! $b&7(*! 11+8g! 1&! (+1+8&$#g7! (+! 1*`! 0`3&(*`! B7#(*`Y! 1*`! $%#7*`! i&!
%&_n&7!'+c*$&(*!1&!d&i*'!a&'3+!(+!1&!a'*%#_#$#g7h!07!$*7`+$b+7$#&Y!+7!&_'#1!(+!
CNNNY! >%#7&! &$*'(g! +1! 1+c&73&d#+73*! (+! 1&`! '+`3'#$$#*7+`! '+`3&73+`! a&'&! +1!
a'#d+'*!(+!+7+'*!(+1!&m*!FPPGY!&!de`!3&'(&'h!9+7`#_1+`!&!1&!(+1#$&(+s&!(+!1&`!
'+1&$#*7+`! #73+'7&$#*7&1+`Y! 1&`! a&'3+`! (+! &d_*`! `+$3*'+`! #7c*1b$'&(*`! `+!
211
d&73#+7+7!+7!`#1+7$#*!$*7!'+`a+$3*!&1!+`3&3b`!1+8&1!+q&$3*!(+1!6-6!(b'&73+!+1!
#73+'c&1*! %&`3&! kb+! `+! $bda1&! +`&! f+$%&h! )+'*Y! >%#7L7#78! >bY! a'+`#(+73+! (+!
.`#&7! 6&'5+3#78! >*7`b13&73`! ;7$h! (+! .73#*$%Y! >&1#f*'7#&Y! $*7f#'d&! kb+! +1!
7+34*'5!d&'5+3#78!%&!'+&7b(&(*!`b!&$3#c#(&(!+7!>%#7&!`#1+7$#*`&d+73+Y!$*7!1&!
&a'*_&$#g7!3e$#3&!(+1!8*_#+'7*h!!
!
!
O&$+! 7&(&! de`! kb+! c+#73+! &m*`Y! 7b+`3'*! 8*_#+'7*! $b+`3#*7g! +1! a'*a#*!
(+'+$%*!(+!1&!#7(b`3'#&!&!+q#`3#'h!)+'*!%*i!+7!(n&Y!1&!a*3+7$#&!de`!#da*'3&73+!(+!
1&! 3#+''&! (+f#+7(+! &1! 7+34*'5! d&'5+3#78! +7! 3*(*! +1! 81*_*h! ;dab1`&(&! a*'! 1&!
3+$7*1*8n&Y!+`3#db1&(&!a*'!+1!#dab1`*!$*'a*'&3#c*!(+!_b`$&'!7b+c*`!d+'$&(*`Y!i!
+7+'8#s&(&!$*7!+1!&7%+1*!7&3b'&1!(+1!%*d_'+!(+!`+'!1#_'+Y!+`3&!`b&c+!*7(&!kb+!
11&d&d*`! 7+34*'5! d&'5+3#78! %&! $'+$#(*! %&`3&! $*7c+7#'`+! +7! b7! 3*''+73+!
$'+$#+73+Y!b7!#''+`#`3#_1+! 3*'_+11#7*! (+! 1#_+'3&(! i!+da'+`&! &1! kb+! 11&d*!Z,1&!/[h!
07! 1*`! &m*`! c+7#(+'*`Y! 1&! "+c*1b$#g7! (+! 1&! ,1&! /! `&$b(#'e! 7b+`3'&! +$*7*dn&!
%&`3&! 1&`! '&n$+`h! O&'e! (+! +`3+! db7(*! b7! 1b8&'! de`! 1#_'+! i! a'g`a+'*h! \!
3'&7`f*'d&'e! &1! 7+34*'5! d&'5+3#78! +7! b7&! (+! 1&`! fb+'s&`! $*d+'$#&1+`! de`!
a*3+73+`!(+1!7b+c*!d#1+7#*h!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
212
!
!
?/"(+,&")'%)$%,6&#"()'%)#%$h",c)
6+,c%$&#?)
!!
!
+TTNXO)ZDKNMD.!.7(&7&(&!(+!&$3#c#(&(!(+!a'*`a+$$#g7!$*7jb73&!i!`*`3+7#(&h!!
!
+THZHIDTNXO.! >&'&$3+'n`3#$&! (+! &18b7*`! a1&7+`! kb+! +`3#ab1&! kb+!`#! b`3+(! 7*!
1*8'&!$&1#f#$&'!a&'&!$*d#`#*7+`!+7!b7!d+`!(+3+'d#7&(*!a*'!7*!%&_+'!&1$&7s&(*!
`b!$b*3&Y!`+!1*!(+$1&'&!#7&$3#c*!i!7*!'+$#_#'e!$*d#`#*7+`!(+!`b!'+(!(b'&73+!+`+!
d+`h!?*(&`!1&`!$*d#`#*7+`!kb+!b`3+(!%b_#+'&!'+$#_#(*!Z`+!&$bdb1&7[!+`!(+$#'Y!
`+!a&8&7!&1!`#8b#+73+!(#`3'#_b#(*'!&$3#c*!a*'!`*_'+!b`3+(!+7!1&!j+'&'kbn&h!!
!
+THZHIDTNXO) UL) KGJTw.! )'e$3#$&! (+! $*da'&'! i! &$bdb1&'! de`! a'*(b$3*! (+1!
kb+! ab+(&! c+7(+'Y! 8+7+'&1d+73+! +7! b7! #73+73*! a*'! $bda1#'! $b*3&`! d+7`b&1+`!
+q$+`#c&`Y!&!f#7!(+!$&1#f#$&'!a&'&!$*d#`#*7+`Y!!
!
+OT[HPD.!2od+'*!(+!a+'`*7&`!+7!1&!1n7+&!f'*73&1!(+!b7!(#`3'#_b#(*'Y!*!7od+'*!
(+! a+'`*7&`! a+'d#3#(&`! +7! 1&! 1n7+&! f'*73&1! (+! b7! (#`3'#_b#(*'! (+! &$b+'(*! &! 1&`!
'+81&`!(+1!a1&7!(+!$*da+7`&$#g7h!!
!
+KJTNDUJ.!)'*`a+$3*!kb+!(+$#(#g!b7#'`+!&!`b!'+(h!!
!
+KJTNDP.! 01! &$3*! (+! 1*8'&'! kb+! #78'+`+! &! `b! '+(! $*d*! (#`3'#_b#(*'Y! &18b#+7! &!
kb#+7!`+!%&!$*73&$3&(*h!
!
+HKENTNDOGL.!@#`3'#_b#(*'!(+!b7&!$*da&mn&!6-6!kb+!&b`a#$#&!i!+73'+7&!&!*3'*!
(#`3'#_b#(*'h!!
!
+HKENTNDP.!>*73&$3&'Y!&`*$#&'!i!+73'+7&'!&!*3'*!(#`3'#_b#(*'h!!
!
+HGJPLKEHLKGD.! >&'&$3+'n`3#$&! (+! 1*`! `#3#*`! ]+_! (+! +7c#&'! &b3*de3#$&d+73+!
#7f*'d&$#g7!a*'!$*''+*!+1+$3'g7#$*!&!3*(*!&kb+1!kb+!%&8&!b7!$1#$!+7!+1!#$*7*!(+!
'+`ab+`3&h!-*`!a'*f+`#*7&1+`!(+!'+(!1*!b`&7!a&'&!+7c#&'!#7f*'d&$#g7!(+!$*73&$3*!
i!(+!$&a&$#3&$#g7h!!
!
:LOLiNTNJK.!?l'd#7*!8+7+'&1!kb+!&_&'$&!$b&1kb#+'!$*da+7`&$#g7!*_3+7#(&!a*'!
(#`3'#_b$#g7! +7! 7+34*'5! d&'5+3#78! #7$1bi+! $*d#`#*7+`Y! _*7#f#$&$#*7+`Y! #78'+`*`!
'+`#(b&1+`Y!_+7+f#$#*`!+`a+$#&1+`!i!a'+d#*`h!!
!
:NODPNJ.! ?#a*! (+! a1&7! (+! $*da+7`&$#g7! kb+! f*'d&! `b! 1n7+&! f'*73&1! &! (*`!
a+'`*7&`Y! i! a&8&! `+d&7&1d+73+! a*'! b7*! (+! +`*`! (*`! 8'ba*`! (+! `b!
*'8&7#s&$#g7h!tE+'!$&an3b1*!CN!a&'&!*_3+7+'!b7&!+qa1#$&$#g7!de`!(+3&11&(&hu!!
!
:JONiNTDTNXO) fLOLPDTNJODI.! >&'&$3+'n`3#$&! (+! &18b7*`! a1&7+`! (+! +`$&1*7+`!
€'ba3b'&! kb+! 1+! a+'d#3+! 8&7&'! (#7+'*! a*'! a+'`*7&`! (+! db$%*`! 7#c+1+`! a*'!
(+_&j*! (+! `b! '&78*! 7*'d&1! (+! a&8*h! )*'! +j+da1*Y! +7! a1&7+`! (+! 'ba3b'&Y! `+!
213
3'&3&! (+! b7! a*'$+73&j+! (+1! c*1bd+7! 8+7+'&$#*7&1! (+!b7&! (+! `b`! 1n7+&`! kb+! `+!
`+a&'&'*7h! 9#! b`3+(! +`3e! +7! b7! a1&7! (+! `+#`! 7#c+1+`! ab+(+! '+$*8+'!
_*7#f#$&$#*7+`!a*'!$*da'&`!(+!%&`3&!(*$+!7#c+1+`!(+!a'*fb7(#(&(h!!
!
:JONiNTDTNXO) NOiNONGD.! >&'&$3+'n`3#$&! kb+! 3+g'#$&d+73+! $'+&! a'*fb7(#(&(!
#7f#7#3&!+7!b7!a1&7!(+!a&8*h!!
!
:1) x1JIHZLO) UL) :JONiNTDTNXOy.! 0qa'+`#g7! &13+'7&3#c&! a&'&! c*1bd+7! (+!
ab73*`!t+7!#781l`!)Eu!*!c*1bd+7!(+!7+8*$#*!t+7!#781l`!KEuh!0`!b7!c&1*'!b`&(*!
a*'!1&`!$*da&mn&`!6-6!a&'&!$&1$b1&'!'+`#(b&1+`!i!$*d#`#*7+`Y!+7!_&`+!&1!a'+$#*!
d&i*'#`3&! (+! 1*`! a'*(b$3*`! `*_'+! 1*`! $b&1+`! `+! a&8&7! _*7#f#$&$#*7+`h!
=+7+'&1d+73+Y!a+'*!7*!`#+da'+Y!+1!KE!+`!de`!_&j*!kb+!+1!a'+$#*!d&i*'#`3&!(+!
1*`! a'*(b$3*`! +7! $b+`3#g7h! )*'! +j+da1*Y! `#! b`3+(! c+7(+! CPP! (g1&'+`! +7!
a'*(b$3*`! &1! a*'! d&i*'Y! a*'! b7&!$*d#`#g7! (+1!H! a*'!$#+73*Y!+1!H!a*'!$#+73*! `+!
$&1$b1&'e!7*!a*'!1*`!CPP!(g1&'+`!(+!a'+$#*!(+1!a'*(b$3*Y!`#7*!a*'!1*`!MP!(g1&'+`!
(+1!KE!(+1!a'*(b$3*h!01!a'*ag`#3*!(+1!c*1bd+7!(+!_*7#f#$&$#g7!+`!a+'d#3#'!&!1&`!
$*da&mn&`! 8&7&'! (#7+'*! a*'! a'*(b$3*`! d+7*`! _+7+f#$#*`*`Y! 9#! b7&! $*da&mn&!
kb+! *f'+$+! b7! a&8*! (+1! HP! a*'! $#+73*! c+7(+! b7! $*73+7+(*'! (+! &(#3#c*`! a&'&!
$*d_b`3#_1+!&!FP!(g1&'+`Y!i!`b!$*`3*!(+!f&_'#$&$#g7!+`!(+!CP!(g1&'+`Y!+73*7$+`!
1&! $*da&mn&! 7*! 3#+7+! 8&7&7$#&h! 07! 1b8&'! (+! &bd+73&'! +1! a'+$#*Y! db$%&`!
$*da&mn&`!`#da1+d+73+!&`#87&7!b7!KE!de`!_&j*!&!+`+!a'*(b$3*Y!i!a*'!1*!3&73*!
1&`!$*d#`#*7+`!kb+!a&8&7!`*_'+!l1!`*7!d+7*'+`h!!
!
!DINiNTDTNXO.! >b*3&! d+7`b&1! kb+! `+! +q#8+! &! 1*`! (#`3'#_b#(*'+`! a&'&! $&1#f#$&'!
a&'&! $#+'3*! 7#c+1! (+! 1*8'*h! -&`! $b*3&`! `+! `b+1+7! f#j&'! +7! 3l'd#7*`! (+! c*1bd+7!
8'ba&1!i!a+'`*7&1h!,$&`#*7&1d+73+Y!+q#`3+7!$b*3&`!(+!&b`a#$#*Y!kb+!+q#8+7!kb+!
b`3+(!&b`a#$#+!$#+'3&!$&73#(&(!(+!a+'`*7&`!+7!`b!1n7+&!f'*73&1!$&(&!d+`h!!
!
!DINiNTDUJPLK.! B7&! +`a+$#+! (+! 1#d#3&73+h! 9*7! $*7(#$#*7+`! (+! b7! a1&7! (+!
$*da+7`&$#g7! kb+! 1+! (#f#$b13&7! &! 1*`! (#`3'#_b#(*'+`! $bda1#'! `b`! $b*3&`!
d+7`b&1+`h! B7! +j+da1*! `+'n&! b7&! '+81&! kb+! &f#'d+! kb+! +1! 7od+'*! (+!
$*d#`#*7+`!kb+!b`3+(!ab+(+!*_3+7+'!(+!`b`!7#c+1+`!de`!a'*fb7(*`!(+a+7(+!(+1!
7od+'*!(+!+j+$b3#c*`!$&1#f#$&(*`!+7!`b!1n7+&!f'*73&1h!!
!
!DPfD) iPJOGDI.! )'e$3#$&! (+! *_1#8&'! &! 1*`! (#`3'#_b#(*'+`! &! kb+! &$bdb1+7! de`!
a'*(b$3*`! (+! 1*`! kb+! ab+(+7! c+7(+'! +7! '+&1#(&(Y! #da*7#+7(*! '+kb+'#d#+73*`!
+q$+`#c*`!(+!#78'+`*`!*!$b*3&`!d+7`b&1+`h!!
!
!FPTHIJ)UL)NOiIHLOTND.!-&`!a+'`*7&`!de`!$+'$&7&`!&!b`3+(!i!kb+!$*7`3#3bi+7!
`b! d+'$&(*! $&1#+73+h! ?&d_#l7Y! &kb+11*`! kb+! ab+(+7! `+'! fe$#1d+73+!
#7f1b+7$#&(*`! a*'! b`3+(! (+_#(*! &! `b! a'*a#&! '+ab3&$#g7! +7! b7&! a'*f+`#g7! *!
$*db7#(&(!a&'3#$b1&'h!!
!
!JZNKNXO.! 01! a*'$+73&j+! kb+! b`3+(! 8&7&! a*'! +1! c*1bd+7! (+! c+73&`! (+! `b!
*'8&7#s&$#g7h!!
!
!JZEPDUJP)ZDvJPNKGD.!)+'`*7&!kb+!`+!&`*$#&!$*d*!(#`3'#_b#(*'!a&'&!*_3+7+'!
b7!(+`$b+73*!d&i*'#`3&!a+'*!kb+!7*!_b`$&!(+`&''*11&'!+1!7+8*$#*h!!
!
214
!
!JZEPD)EJP)GPDOKiLPLOTND.!)'e$3#$&!(+!$&d_#&'!(+!b7&!d&'$&!(+!a'*(b$3*`!&!
*3'&h! =+7+'&1d+73+! 1*`! a'*f+`#*7&1+`! (+! '+(! a'+f#+'+7! c+7(+'! a'*(b$3*`! &73+`!
kb+! (+(#$&'`+! &! 1&! 3'&7`f+'+7$#&! (+! $*da'&`Y! +7! *3'&`! a&1&_'&`Y! '++da1&s&'!
a'*(b$3*`!kb+!+1!a*3+7$#&1!(#+73+!i&!3#+7+!+1!%e_#3*!(+!b`&'h!-&!3+*'n&!+`!kb+!+`!
de`! fe$#1! %&$+'! kb+! b7! $1#+73+! $&d_#+! (+! d&'$&! +7! b7! a'*(b$3*! f&d#1#&'Y! kb+!
%&$+'!kb+!b`+!b7!a'*(b$3*!$*da1+3&d+73+!7b+c*h!!
!
!JZEPLKNXO.!>b&7(*!b7!(#`3'#_b#(*'!'+7b7$#&!*!+`!+qab1`&(*Y!`b!'+(!`b_+!b7!
7#c+1Y!11+7&7(*!&`n!+1!+`a&$#*!c&$n*!kb+!(+jg!i!Z$*da'#d#+7(*[!b7!7#c+1!(+!1&!'+(!
(+!1&!$*da&mn&h!!
!
!JOiLPLOTND) KDGLINGDI.! 9+`#g7! 3+1+c#`&(&! (+! $&a&$#3&$#g7Y! a'+`+73&$#g7! (+1!
7+8*$#*Y! *! (#`$b'`*! (+! a'*`a+$$#g7! (+! b7&! $*da&mn&! (+! 7+34*'5! d&'5+3#78Y!
+d#3#(&! a*'! d+(#*! (+! b7! $#'$b#3*! $+''&(*! (+! '+(! `&3+1#3&1h! -*`! (#`3'#_b#(*'+`!
ab+(+7! c+'! 1&! +d#`#g7! (+`(+! `b! %*8&'Y! #7c#3&'! a'*`a+$3*`! &! kb+! 1&! c+&7! i! &!
c+$+`!ab+(+7!3*d&'!a&'3+! (+! #73+'&$$#*7+`!+7!c#c*!$*7!1*`! a&'3#$#a&73+`!(+!1&!
$*7f+'+7$#&!a*'!3+1lf*7*h!!
!
!JOKGPHTGJP)ULI)OLfJTNJ.!@#`3'#_b#(*'!kb+!&b`a#$#&!&$3#c&d+73+Y!+7!*a*`#$#g7!
&!kb#+7!`#da1+d+73+!$*da'&!a'*(b$3*`!&1!a*'!d&i*'!a&'&!b`*!a+'`*7&1h!!
!
!JOKHZN\ILK.!)'*(b$3*`Y!3&1+`!$*d*!$'+d&`!f&$#&1+`!i!`ba1+d+73*`!%+'_&1+`Y!
kb+! `+! $*7`bd+7! '+8b1&'d+73+! i! (+_+7! `+'! '++da1&s&(*`! a+'#g(#$&d+73+Y! 1*!
kb+!&`+8b'&!7+8*$#*`!'+a+3#3#c*`!a&'&!1*`!a'*f+`#*7&1+`!(+!'+(!kb+!1*`!c+7(+7h!!
!
'LGJODTNXO)UL)TJPPLJ)LILTGPXONTJ.!07c#&'!$*''+*`!+1+$3'g7#$*`!7*!`*1#$#3&(*`!
&! a'*`a+$3*`Y! #7c#3e7(*1*`! &! &`*$#&'`+! &! b7&! *a*'3b7#(&(! 6-6h! E+'! 3&d_#l7!
`a&ddn78h!!
!
'NKGPN\HNUJP.! )+'`*7&! kb+! f#'d&! b7! $*73'&3*! (+! f*'d&! #7(+a+7(#+73+! a&'&!
c+7(+'!a'*(b$3*`!*!`+'c#$#*`!a&'&!b7&!$*da&mn&!6-6h!!
!
'HEINTD\NINUDU.! 01! ab73*! %&`3&! +1! $b&1! b7&! *a*'3b7#(&(! 6-6! ab+(+! `+'!
fe$#1d+73+!d&7+j&(&!a*'!7b+c*`!d#+d_'*`h!!
!
'HEINTDTNXO.!01!a'*$+`*!(+!(ba1#$&'!$*7`3'b$3*'+`!(+!7+8*$#*`!+7!`b!'+(h!!
!
%gLTHGNMJ) TDINiNTDUJ.! ?l'd#7*! &13+'7&3#c*! a&'&! (#`3'#_b#(*'! kb+! 1*8'g! 1&!
'ba3b'&h!!
!
%OGPLfD) UNPLTGD.! -&! a'e$3#$&! (+! +7c#&'! 1*`! a'*(b$3*`! (#'+$3&d+73+! &! 1*`!
$1#+73+`!(+`(+!1*`!(+ag`#3*`!(+!1&!$*da&mn&Y!+7!c+s!(+!%&$+'1*!a*'!#73+'d+(#*!
(+!b7!(#`3'#_b#(*'!#7(+a+7(#+73+h!-*`!$1#+73+`!8+7+'&1d+73+!%&$+7!a+(#(*`!a*'!
b7!3+1lf*7*!8'&3b#3*!*!b7!`#3#*!]+_h!!
!
%KTDIJOLK.! ?l'd#7*! &13+'7&3#c*! a&'&! 7#c+1! (+! 1*8'*Y! *! a&'&! b7! a1&7! (+!
$*da+7`&$#g7!(+!+`$&1*7+`!€'ba3b'&h!!
!
215
!
%KTDIJOLK) sPHEGHPD.! ?#a*! (+! a1&7! (+! $*da+7`&$#g7! kb+! +q#8+! &! 1*`!
(#`3'#_b#(*'+`!kb+!$bda1&7!$b*3&`!(+!c*1bd+7!d+7`b&1Y!a&'&!$&1#f#$&'!a&'&!b7&!
`+'#+!&`$+7(+73+!(+!7#c+1+`!(+!1*8'*!*!Z+`$&1*7+`[h!>b&7(*!b7!(#`3'#_b#(*'!11+8&!
&!$#+'3*!7#c+1Y!`+!Z`+a&'&[!(+1!8'ba*!(+!`b!&b`a#$#&(*'!tc+'!$&an3b1*!CN!a&'&!b7&!
+qa1#$&$#g7!de`!(+3&11&(&uh!!
!
%KuHLZD) ENPDZNUDI.! 2+8*$#*! #1+8&1! kb+! 8+7+'&! (#7+'*! $*_'&7(*! %*7*'&'#*`!
(+! d+d_'+`n&! *!&`*$#&$#g7Y! b! *_1#8&7(*! &!1*`!`*$#*`! &!'+&1#s&'! $&'8&! f'*73&1! i!
$*da'&'! a'*(b$3*`! kb+! 7*! 7+$+`#3&7h! -&! '+81&! a'e$3#$&! +`! kb+! `#! 1&! o13#d&!
a+'`*7&! kb+! `+! &`*$#&! 7*! ab+(+! 8&7&'! (#7+'*Y! +`*! +`! b7! +`kb+d&! a#'&d#(&1h!
-&`! a+'`*7&`! kb+! a'#d+'*! `+! &`*$#&7! 8&7&7! (#7+'*! *_3+7#+7(*! b7! a*'$+73&j+!
(+!1&`!$b*3&`!(+!a+'`*7&`!kb+!`+!&`*$#&7!(+`abl`!(+!+11*`Y!b!*_1#8&7(*!&!`b`!
`*$#*`! &! %&$+'! $&'8&! f'*73&1h! )+'*! 1&! o13#d&! a+'`*7&! kb+! #78'+`&! 7*! '+$#_+! 7#!
$b*3&`!7#!$*d#`#*7+`Y!a*'kb+!7*!%&i!de`!&`*$#&(*`h!07!b7&!1+8n3#d&!$*da&mn&!
(+! 6-6! 1&! o13#d&! a+'`*7&! kb+! `+! &`*$#&! `#+da'+! ab+(+! 8&7&'! (#7+'*!
$*da'&7(*! a'*(b$3*`! a*'! d&i*'! i! c+7(#l7(*1*`! &! $1#+73+`! a&'&! *_3+7+'!
8&7&7$#&`!d#7*'#`3&`h!B7&!$*da&mn&!1+8n3#d&!3#+7+!$1#+73+`!'+&1+`!kb+!$*da'&7!
i! b`&7! 1*`! a'*(b$3*`h! 07! b7! +`kb+d&! a#'&d#(&1Y! 1*`! a'*(b$3*`! `*7! `g1*!
&'3#1b8#*`! a&'&! %&$+'! $&'8&! f'*73&1! *! b7&! +q$b`&! a&'&! '+$&b(&'! %*7*'&'#*`! (+!
#78'+`*!i!(+!$&a&$#3&$#g7h!!
!
%rGPLZJ)ULIDOGLPJ.!-*`!7#c+1+`!de`!&13*`!*!1&`!+3&a&`!de`!3+da'&7&`!(+!b7!
a1&7!(+!$*da+7`&$#g7h!!
!
%rGPLZJ)EJKGLPNJP.!-&`!o13#d&`!+3&a&`Y!de`!d&(b'&`Y!(+!b7&!'+(!(+!=1*`&'#*!
(+!?l'd#7*`!(+!2+34*'5!6&'5+3#78h!01!3l'd#7*!`+!`b+1+!+da1+&'!a&'&!(#`3#78b#'!
+73'+!(#f+'+73+`!3#a*`!(+!a1&7+`!(+!a&8*h!B7!a1&7!kb+!a&8&!de`!+7!+1!Z+q3'+d*!
a*`3+'#*'[Y! +`! b7*! kb+! a&8&! 1&`! $*d#`#*7+`! de`! &13&`! a*'! 1*`! 7#c+1+`! de`!
a'*fb7(*`!*!+7!1&`!o13#d&`!+3&a&`!(+1!a1&7h!
!!
2DKL) UL) LKTPHGNONJ.! A&`+! (+1! $'+$#d#+73*! +q#3*`*! (+! b7&! $*da&mn&Y! a*'! 1*!
8+7+'&1! (+`abl`! (+! kb+! #78'+`&! +7! +1! d*d+73*! (+! #dab1`*Y! $b&7(*! +`! de`!
a*`#_1+! kb+! `+! +qa*78&! &1! +`$'b3#7#*! (+! a+'#*(#`3&`! i! '+8b1&(*'+`!
8b_+'7&d+73&1+`h!9*1&d+73+!1&`!$*da&mn&`!de`!fb+'3+`!`*_'+c#c+7!&!+`3&!f&`+Y!!
A&q! &! a+(#(*D! 9+'c#$#*! kb+! +7cn&! &b3*de3#$&d+73+! #7f*'d&$#g7! a*'! f&q! &! 1&`!
a+'`*7&`! kb+! 11&d&7! &! b7! 7od+'*! 3+1+fg7#$*! (+`#87&(*h! -*`! a'*f+`#*7&1+`! (+!
'+(!1*!b`&7!a&'&!+7c#&'!#7f*'d&$#g7!(+!$*73&$3*!i!$&a&$#3&$#g7h!!
!
2JOUJ)UL)\LOLiNTNJ.!A*7(*!+`a+$#&1!'+`+'c&(*!(+!8&7&7$#&`!(+!b7&!$*da&mn&!
(+! 7+34*'5! d&'5+3#78! kb+! `+! (#`3'#_bi+! $*d*! #7$+73#c*! +`a+$#&1! &! 1n(+'+`! (+!
c+73&!$&1#f#$&(*`h!!
!
2PDTGHPD.! E*1bd+7! (+! c+73&`!8+7+'&(*! a*'! b`3+(! *! `b!'+(Y!a*'! +1!kb+! 7*! `+!
'+$#_+!$*da+7`&$#g7h!@#$%*!(+!*3'&!d&7+'&Y!1&!f'&$3b'&!+`!1&!(#f+'+7$#&!+73'+!1*!
kb+!`b!$*da&mn&!a'*d+3+!a&8&'!i!1*!kb+!'+&1d+73+!a&8&h!-&`!$*da&mn&`!6-6!
$*da#3+7! a*'! *f'+$+'! +1! a&8*! de`! &13*! t(+f#7#(*! $*d*! +1! a*'$+73&j+! (+! 1&`!
c+73&`! 3*3&1+`! (+! 1&! $*da&mn&! kb+! `+! a&8&! &! 1*`! (#`3'#_b#(*'+`! +7! f*'d&! (+!
$*d#`#*7+`uh! )+'*! b7&!$*da&mn&! kb+!*f'+$+!b7!a&8*! (+1!JH!a*'!$#+73*! ab+(+Y!
216
+7!'+&1#(&(Y!a&8&'! `g1*! b7! HP! a*'!$#+73*h!-&! (#f+'+7$#&!(+1!FH!a*'!$#+73*! +`!1&!
f'&$3b'&h! 9+! #7$*'a*'&! &1! a1&7! (+! $*da+7`&$#g7! +7! f*'d&! (+! +`3#ab1&$#*7+`!
`b3#1+`!kb+!(#`d#7bi+7!`b`!$*d#`#*7+`Y!+1+c&7!`b`!$&1#f#$&$#*7+`Y!1*!a+7&1#s&7Y!*!
(+`$&1#f#$&7!a*'$#*7+`!(+!`b!c*1bd+7!(+!c+73&`!_&j*!$#+'3&`!$#'$b7`3&7$#&`h!!
!
?DODOTND)ZDvJPNKGD.!-&!(#f+'+7$#&!+73'+!+1!a'+$#*!d&i*'#`3&!kb+!b`3+(!a&8&!
a*'! +1! a'*(b$3*! i! +1! a'+$#*! d&i*'#`3&! de`! &13*! &1! kb+! `+! 1*! c+7(+! &! `b`!
(#`3'#_b#(*'+`h! 9#7! +d_&'8*Y! +`! b7! $*7$+a3*! &73#8b*Y! a*'kb+! +`! dbi! '&'*! kb+!
1*`! (#`3'#_b#(*'+`! 6-6! $*73#7o+7! c+7(#+7(*! a'*(b$3*`! &1! a*'! d&i*'! &! 1*`!
d#+d_'*`! (+! `b! '+(h! 07! 1&! &$3b&1#(&(Y! 1*`! a'*f+`#*7&1+`! (+! '+(! '+$#_+7! b7&!
$*d#`#g7! (#'+$3&! $b&7(*! 1&`! a+'`*7&`! (+! `b! *'8&7#s&$#g7! b`&7! `b! 7od+'*! (+!
);2!a&'&!a+(#'!a'*(b$3*`!(#'+$3&d+73+!&!1&!+da'+`&h!!
!
?DODOTND)ZNOJPNKGD.!0q3+7`#g7!+73'+!+1!a'+$#*!d&i*'#`3&!kb+!b`3+(!a&8&!a*'!
+1!a'*(b$3*!i!+1!a'+$#*!d#7*'#`3&!&1!kb+!1*!c+7(+!&!`b`!$1#+73+`h!07!1&!&$3b&1#(&(Y!
1*`! (#`3'#_b#(*'+`! 6-6! '&'&! c+s! 3#+7+7! +7! `b!a*(+'!1*`! a'*(b$3*`! kb+! c+7(+7Y!
i&! kb+! 1*`! $1#+73+`! 1+! $*da'&7! (#'+$3&d+73+! &! 1&! $*da&mn&h! )+'*! 1&`!
$*dab3&(*'&`!(+!1&!$*da&mn&!*3*'8&7!1&!8&7&7$#&!d#7*'#`3&!&!1*`!(#`3'#_b#(*'+`!
$b&7(*!1*`!$1#+73+`!b`&7!`b!7od+'*!(+!);2!a&'&!%&$+'!a+(#(*`h!!
!
?LOLPDTNXO.!-n7+&!(+!`b!*'8&7#s&$#g7Y!+7$&_+s&(&!a*'!b7!(#`3'#_b#(*'!kb+!%&!
1*8'&(*!1&!'ba3b'&!*!r+7!b7!a1&7!kb+!7*!`+&!(+!'ba3b'&r!+7$&_+s&(&!a*'!b7!
(#`3'#_b#(*'! kb+! %&! &1$&7s&(*! &18b7&! *3'&! $&1#f#$&$#g7! +j+$b3#c&! +7! +1! a1&7! (+!
$*da+7`&$#g7h!!
!
?PHEJ) UL) PHEGHPD.! -&! *'8&7#s&$#g7! *! '+(! (+! b7! (#`3'#_b#(*'! `+a&'&(*h!!
!
?PHEJ) ELPKJODI.! ?*(*`! 1*`! (#`3'#_b#(*'+`! (+73'*! (+! `b! '&78*! (+! a&8*Y! &! 1*`!
$b&1+`! b`3+(! %&! &b`a#$#&(*! a+'`*7&1d+73+Y! a+'*! kb+! 7*! `+! %&7! `+a&'&(*h!!
!
=JOJPDPNJ) UL) PLOJMDTNXO.) ?&'#f&! &7b&1! (+! d+d_'+`n&! a&8&(&! &! b7&!
$*da&mn&! (+! 6-6Y! a&'&! d&73+7+'! `b! +`3&3b`! $*d*! (#`3'#_b#(*'h! -&`! 3&'#f&`!
(+_+7! `+'! a+kb+m&`Y! a*'kb+! +`3e! +7! $*73'&! (+! 1&! 1+i! kb+! b7&! $*da&mn&! (+!
6-6!Zc+7(&R!(#`3'#_b$#*7+`!a&'&!*_3+7+'!8&7&7$#&`h!!
!
&ZEHIKJ) xZJZLOGHZy.! A&`+! (+1! $'+$#d#+73*! (+! b7&! $*da&mn&! (+! 7+34*'5!
d&'5+3#78! +7! 1&! $b&1! 1&`! c+73&`! i! +1! &b`a#$#*! $*d#+7s&7! &! $'+$+'! &! 3&`&!
+qa*7+7$#&1h!!
!
/FULP^!)+'`*7&!(+!deq#d*!lq#3*!+7!b7&!'+(!6-6h!!
!
/FOLD.! "+(! (+73'*! (+! `b! '+(Y! 8+7+'&1d+73+! +7$&_+s&(&! a*'! b7*! (+! `b`!
(#`3'#_b#(*'+`!f'*73&1+`h!!
!
/FOLD) iPJOGDI.! ='ba*! (+! (#`3'#_b#(*'+`! kb+! b`3+(! &`*$#&! i! &b`a#$#&!
(#'+$3&d+73+! i! kb+! `+! b_#$&7! +7! +1! a'#d+'! 7#c+1! (+! `b! *'8&7#s&$#g7h!!
!
!
!
217
/NKGD)TDINLOGL.!-#`3&!(+!$*73&$3*`!a+'`*7&1+`!%+$%&!a*'!b7!7b+c*!&`*$#&(*Y!i!
kb+! $*7`3#3bi+! `b! d+'$&(*! $&1#+73+h! -1&d&(&! +7! 3'+`! (#'+$$#*7+`D! ?l$7#$&! (+!
&b`a#$#*! kb+! 1+`! a+'d#3+! &! 1*`! (#`3'#_b#(*'+`! (+`&''*11&'! b7&! '+(! &1! d#`d*!
3#+da*!kb+!+73'+7&7!&!`b`!7b+c*`!&`*$#&(*`h!>b&7(*!b7!&`*$#&(*!7b+c*!kb#+'+!
a'*d*$#*7&'!+1!7+8*$#*!a*'!3+1lf*7*!&!b7!a'*`a+$3*!b7#'e!&!`b!&b`a#$#&(*'!&!1&!
11&d&(&h!01!&b`a#$#&(*'!a'*db+c+!1&!*a*'3b7#(&(Y!d#+73'&`!+1!&`*$#&(*!+`$b$%&!
i! &a'+7(+h! -&! a'*d*$#g7! *! a'*`a+$$#g7! +73'+! 3'+`! a+'`*7&`! 3&d_#l7! ab+(+!
%&$+'`+!+7!f*'d&!a+'`*7&1!+7!1b8&'!(+!3+1+fg7#$&h!!
!
/ILfDP) DI) ZnrNZJ.! 9+! (#$+! kb+! b7! a1&7! (+! $*da+7`&$#g7! 11+8&! &1! deq#d*!
$b&7(*! b`3+(! %&! &`*$#&(*! &! `bf#$#+73+`! a+'`*7&`Y! i! %&! d*c#(*! b7! c*1bd+7!
d+7`b&1! 1*! `bf#$#+73+d+73+! &13*! $*d*! a&'&! $&1#f#$&'! a&'&! +1! deq#d*! 7#c+1! (+!
$*d#`#g7!(#`a*7#_1+!+7!+1!a1&7h!!
!
6DGPN].! )1&7! (+! $*da+7`&$#g7! kb+! 1#d#3&! +1! 7od+'*! (+! a+'`*7&`! (+! `b! 1n7+&!
f'*73&1Y!8+7+'&1d+73+!&!(*`!*!3'+`h!)&'&!b7&!+qa1#$&$#g7!(+3&11&(&Y!c+'!$&an3b1*!
CNh!!
)
6LPTDUJ) iPFJ.! -*`! a'*`a+$3*`! fb+'&! (+! `b! $n'$b1*! (+! &d#8*`Y! f&d#1#&'+`! i!
'+1&$#*7+`!$*d+'$#&1+`h!!
!
6LPTDUJ) GN\NJ.) )'*`a+$3*`! kb+! 7*! +`3e7! 7#! +7! `b! d+'$&(*! $&1#+73+! 7#! +7! `b!
d+'$&(*! f'n*Y! `#7*! +7! +1! d+(#*Y! )b+(+! &a1#$&'`+! &! a+'`*7&`! $*7! 1&`! kb+! b`3+(!
%&_1g! b7&! *! (*`! c+$+`Y! *! (+! kb#+7+`! '+$#_#g! '+f+'+7$#&`! a*'! d+(#*! (+! *3'&`!
a+'`*7&`!(+!`b!d+'$&(*!$&1#+73+h!!
!
6/6)s)6DPwLGNOf)ZHIGNONMLI.)07!8+7+'&1Y!3l'd#7*!&13+'7&3#c*!a&'&!(+`#87&'!
&1! 7+34*'5! d&'5+3#78h! ?&d_#l7! ab+(+! b`&'`+! a&'&! (#`3#78b#'! +`*`! a1&7+`!
a&'3#$b1&'+`! (+! 7+34*'5! d&'5+3#78! kb+! a+'d#3+7! &! 1*`! (#`3'#_b#(*'+`! 1*8'&'!
#78'+`*`!a*'!de`!(+!b7!7#c+1h!2+34*'5!d&'5+3#78!$b&1kb#+'!f*'d&!(+!c+73&!kb+!
a+'d#3+! &! 1*`! (#`3'#_b#(*'+`! #7(+a+7(#+73+`! &`*$#&'! &! *3'*`! (#`3'#_b#(*'+`!
#7(+a+7(#+73+`! i! '+$#_#'! $*d#`#*7+`! a*'! 1&`! c+73&`! (+! +`*`! &`*$#&(*`! i! &`n!
`b$+`#c&d+73+h!!
!
#NMLI.))*`#$#g7!c+'3#$&1!(+!b7!(#`3'#_b#(*'!+7!`b!*'8&7#s&$#g7h!9#!b`3+(!&`*$#&!&!
&18b#+7Y!`+!#7`$'#_+!+7!`b!a'#d+'!7#c+1h!-*`!`*$#*`!(+!+`3&!a+'`*7&!+`3&'e7!+7!`b!
`+8b7(*!7#c+1Y!i!1*`!&`*$#&(*`!(+!+`*`!&`*$#&(*`Y!+7!+1!3+'$+'*h!
!
#NMLI) UL) IJfPJ.! "&78*! *! 7#c+1! kb+! `+! &1$&7s&! &1! d*c+'! $#+'3&! $&73#(&(! (+!
a'*(b$3*`! a*'! d+`! i€*! &1! &b`a#$#&'! b7! $#+'3*! 7od+'*! (+! (#`3'#_b#(*'+`! kb+!
%&i&7! &1$&7s&(*Y! &! `b! c+sY! b7! $#+'3*! 7#c+1! (+! 1*8'*h! .! d+(#(&! kb+! b`3+(!
a'*8'+`&! &! 7#c+1+`! (+! 1*8'*`! de`! &13*`Y! `+! 1+! *3*'8&! b7! d&i*'! a*'$+73&j+! (+!
$*d#`#*7+`!t*!`+!1+!a+'d#3+!+q3'&+'!8&7&7$#&`!(+!b7!d&i*'!7od+'*!(+!7#c+1+`uh!!
!
#NMLI)tONTJ.!?#a*!(+!a1&7!(+!$*da+7`&$#g7!+7!+1!kb+!b`3+(!(+_+!$&1#f#$&'!a&'&!
$#+'3*`!7#c+1+`!(+!1*8'*Y!a+'*!+7!+1!$b&1!1&!8+73+!(+!`b!'+(!7*!ab+(+!`+a&'&'`+h!!
!
!
218
#tZLPJ) UL) *&#.! >g(#8*! +`a+$#&1! &`#87&(*! &! $&(&! (#`3'#_b#(*'! +7! b7&!
$*da&mn&! 6-6h! >b&7(*! 1*`! $1#+73+`! %&$+7! a+(#(*`! &! 1&! $*da&mn&Y! (&7! +1!
7od+'*!(+!);2!(+1!(#`3'#_b#(*'!kb+!1+`!a'+`+73g!1*`!a'*(b$3*`h!@+!+`&!d&7+'&Y!
1*`!(#`3'#_b#(*'+`!'+$#_+7!b7&!$*d#`#g7!a*'!1&`!$*da'&`!(+!`b`!$1#+73+`Y!&b7kb+!
+11*`!7*!#73+'c+78&7!+7!1&!3'&7`&$$#g7h!!
!
"ID) -.! A&`+! Z`b_3+''e7+&[! (+! 1&! +c*1b$#g7! (+1! 7+34*'5! d&'5+3#78Y!
&a'*q#d&(&d+73+! (+`(+! CN/H! %&`3&! CNJNY! $b&7(*! +1! +`3&3b`! 1+8&1! (+! 1&!
#7(b`3'#&! +'&! &d_#8b*! i! `*d_'n*h! -&! ,1&! C! f#7&1#sg! $*7! 1&! (+$#`#g7! (+! 1&!
>*d#`#g7! A+(+'&1! (+! >*d+'$#*! t)?>u! (+! CNJNY! kb+! +`3&_1+$#g! kb+! .d4&i! ri!
a*'!+q3+7`#g7Y!+1!7+34*'5!d&'5+3#78!+7!8+7+'&1r!+'&!b7!7+8*$#*!1+8n3#d*!i!7*!
b7!+`kb+d&!a#'&d#(&1h!!
!
"ID) 3.! A&`+! (+! Za'*1#f+'&$#g7[! (+! 1&! +c*1b$#g7! (+1! 7+34*'5! d&'5+3#78Y!
&a'*q#d&(&d+73+! +73'+! CNMP! i! CNMNh! @b'&73+! +`3&! f&`+Y! +1! 7od+'*! (+!
a'*i+$3*`! 6-6! 1&7s&(*`! `+! +1+cg! $*7`#(+'&_1+d+73+Y! (+_#(*! &1! &(c+7#d#+73*!
(+!1&!3+$7*1*8n&!(+!1&!)>h!!
!
"ID) 5.! A&`+! (+! Zd+'$&(*! d&`#c*[! (+! 1&! +c*1b$#g7! (+1! 7+34*'5! d&'5+3#78Y!
&a'*q#d&(&d+73+! +73'+! CNNP! i! CNNNh! -&! ,1&! G! fb+! 3+`3#8*! (+! 1&! &a&'#$#g7! (+!
#77*c&$#*7+`! 3+$7*1g8#$&`! i! &(d#7#`3'&3#c&`Y! $*d*! +d#`#*7+`! (+! $*''+*!
+1+$3'g7#$*! i! (+! c*sY! +73'+8&`! &! (*d#$#1#*Y! 3+1+$*7f+'+7$#&`Y! 11&d&(&`!
3+1+fg7#$&`! +73'+! 3'+`! a+'`*7&`Y! 3+1+c#`#g7! `&3+1#3&1! i! f&q! &! a+(#(*Y! 1&`! $b&1+`!
f&$#1#3&'*7!kb+!a+'`*7&`!$*db7+`!3'#b7f&'&7!$*d*!(#`3'#_b#(*'+`h!!
!
"ID) 4.! A&`+! Zb7#c+'`&1[! (+! 1&! +c*1b$#g7! (+1! 7+34*'5! d&'5+3#78Y! kb+! $*d#+7s&!
&a'*q#d&(&d+73+!+7!+1!&m*!FPPPh!@b'&73+!+`3&!f&`+Y!1&!3+$7*1*8n&!(+!;73+'7+3Y!
a1&7+`! (+! $*da+7`&$#g7!de`! `#da1+`Y! i!*3'&`! +q3+7`#*7+`! i! $*7`+$b+7$#&`!(+!
1&! "+c*1b$#g7! (+! 1&! ,1&! GY! $*d#+7s&7! &! (&'! f'b3*! i! 3#+7+7! $*d*! '+`b13&(*! 1&!
&$+a3&$#g7! b7#c+'`&1! (+1! 6-6! $*d*! a&'3+! #73+8'&73+! (+! 1&`! $*'a*'&$#*7+`!
+`3&(*b7#(+7`+`h!!
!
"EJPGHONUDU.! >%&7$+! (+! b7#'`+! &! 1&! (#`3'#_b$#g7! a*'! 7+34*'5! d&'5+3#78Y! b!
*3'*!3l'd#7*!a&'&!1&!(#`3'#_b$#g7!+7!`nh!
!!
"PfDON]DTNXO.))*'$#g7!(+!`b!'+(!(+!1&!kb+!`+!1+!a+'d#3+!+q3'&+'!'+`#(b&1+`!i!
$*d#`#*7+`h!;7$1bi+!&!3*(*`!1*`!(#`3'#_b#(*'+`!b_#$&(*`!+7!3*(*`!1*`!7#c+1+`!kb+!
+`3e7!(+73'*!(+!`b!'&78*!(+!a&8*h!07!a1&7+`!(+!+`$&1*7+`!€!'ba3b'&Y!3&d_#l7!
#7$1b#'n&!1&`!1n7+&`!`+a&'&(&`h!!
!
B1) x1JIHZLO) UL) ID) JPfDON]DTNXOy.! E*1bd+7! d+7`b&1! (+! c+73&`! 8+7+'&(*!
a*'!`b!*'8&7#s&$#g7Y!a*'!d+(#*!(+!1&!$*da'&!(+!a'*(b$3*`!(+!1&!$*da&mn&h!!
!
*DfJ.! )*'$+73&j+! (+! 1&! 8&7&7$#&! 3*3&1! (+! b7&! $*da&mn&! kb+! `+! a&8&! &! 1*`!
(#`3'#_b#(*'+`Y!+7!f*'d&!(+!'+`#(b&1+`Y!$*d#`#*7+`!i!_*7#f#$&$#*7+`Y!!
!
*LKJ)ELKDUJ.!;da*'3&73+!1n(+'!(+!c+73&`!(+!b7&!$*da&mn&!6-6h!!
!
*IDO)TJZEPNZNUJ.!B7!a1&7!(+!a&8*!kb+!&$bdb1&!*!Z$*da'#d+[!+1!8'b+`*!(+!
219
`b`!$*d#`#*7+`!+7!+1!+q3'+d*!(+1&73+'*Y!+`!(+$#'Y!+7!1*`!a'#d+'*`!3'+`!7#c+1+`h!
)&'&! $&1#f#$&'! $*d*! Z$*da'#d#(*[! b7! a1&7! (+_+'n&! a&8&'! &1! d+7*`! +1! /P! a*'!
$#+73*!+7!(g1&'+`!`*_'+!c+73&`!d&i*'#`3&`Y!+7!1*`!a'#d+'*`!3'+`!7#c+1+`h!
!!
*IDO) UL) UJK) ONMLILK.! ,3'*! 7*d_'+! a&'&! +1! a1&7! $*da'#d#(*Y! (+'#c&(*! (+1!
%+$%*! (+! kb+! db$%*`! a1&7+`! (+! $*da+7`&$#g7! &$bdb1&7! +1! 8'b+`*! (+! `b`!
$*d#`#*7+`!t&b7kb+!7*!3*(&`u!+7!`b`!a'#d+'*`!(*`!7#c+1+`h!!
)
*IDO)UL)ZDPwLGNOf.!?l'd#7*!&13+'7&3#c*!a&'&!+1!a1&7!(+!$*da+7`&$#g7!*!a1&7!
(+!a&8*h!!
!
*IDO)UL)EDfJ.!?l'd#7*!&13+'7&3#c*!a&'&!a1&7!(+!$*da+7`&$#g7h!!
!
*IDOGD) \DgD.) 03&a&! de`! 3+da'&7&! (+1! #7#$#*! (+! b7&! $*da&mn&! 6-6Y! jb`3*! *!
&a+7&`!(+`abl`!(+!1&!f+$%&!(+!`b!a'+`+73&$#g7!*f#$#&1h!!
!
*JIFGNTD) UL) ULMJIHTNXO.! -&! 8&'&73n&! (+! (+c*1b$#g7! (+! (#7+'*! *f'+$#(*! a*'!
3*(&`! 1&`! $*da&mn&`! '+`a+3&_1+`! (+1! 6-6! %&$#&! `b`! (#`3'#_b#(*'+`h!
=+7+'&1d+73+Y! 1&`! $*da&mn&`! a&8&'e7! +73'+! b7! JP! i! b7! CPP! a*'! $#+73*! (+1!
a'+$#*!d&i*'#`3&!&1!kb+!b7!(#`3'#_b#(*'!$*da'&h!!
!
*PLIDO]DZNLOGJ.!)+'n*(*!a'+c#*!&1!1&7s&d#+73*!*f#$#&1!(+!b7&!$*da&mn&!6-6h!!
)'+`+73&$#g7! (+1! a1&7! (+! 7+8*$#*`D! ?l'd#7*! &13+'7&3#c*! a&'&! 7*d_'&'! &! 1&!
'+b7#g7!(+!*a*'3b7#(&(h!!
)
*PJiHOUNUDU.)01!7od+'*!(+!7#c+1+`!(+!`b!*'8&7#s&$#g7!6-6h!!
!
*PJiHOUNUDU)NOiNONGD.!>&'&$3+'n`3#$&!(+!&18b7*`!a1&7+`!(+!$*da+7`&$#g7!kb+!
a+'d#3+7! kb+! 1*`! (#`3'#_b#(*'+`! 1*8'+7! 8&7&7$#&`! a*'! 7#c+1+`! de`! a'*fb7(*`Y!
a*'! (+_&j*! (+! `b! '&78*! (+! a&8*! 7*'d&1h! -&! a'*fb7(#(&(! 7*! +`! 1#3+'&1d+73+!
Z#7f#7#3&[! a*'kb+! b`3+(! 8&7&! d+7*`! (#7+'*! &! d+(#(&! kb+! (+`$#+7(+Y! i! c&'#&`!
f*'d&`! (+! 'ba3b'&! `b+1+7! 1#d#3&'! 1&! a'*fb7(#(&(! &! b7*`! a*$*`! 7#c+1+`h! )+'*!
&18b7*`!a1&7+`!11+8&7!(+!FP!&!GP!7#c+1+`h!
!!
*PJfPDZD) UL) DiNINDUJK.! 2+8*$#*! +7! ;73+'7+3Y! $*d*! .d&s*7h$*dY! kb+! 1+!
a+'d#3+! &! 1&! 8+73+! $*7c+'3#'`+! +7! &f#1#&(*`! `#da1+d+73+! _'#7(&7(*! b7! +71&$+!
t1#75u! +7! `b! `#3#*! ]+_Y! $*7! b7&! ae8#7&! a'#7$#a&1! $*'a*'&3#c&Y! i! 1+`! a&8&! &! 1*`!
&f#1#&(*`!b7&!$*d#`#g7!a*'!3*(&`!1&`!c+73&`!%+$%&`!a*'!d+(#*!(+!+`+!+71&$+h!!
!
*PJfPDZD) UL) ZHIGNDiNINDTNXO.! )'*8'&d&! (+! &f#1#&(*`! kb+! 1+`! a+'d#3+!
&b`a#$#&'!&!*3'*`!&f#1#&(*`!i!'+$#_#'!$*d#`#*7+`!db13#7#c+1!a*'!1&`!c+73&`!(+!+11*`!
i! `b`! &`*$#&(*`h! )'*`a+$3&7! )'*$+`*! (+! _b`$&'! $1#+73+`! *! &`*$#&(*`! a&'&! `b!
7+8*$#*!6-6h!
!!
*PJKELTGJ.!>1#+73+!*!&`*$#&(*!a*3+7$#&1h!!
!
*(1) x1JIHZLO) UL) MLOGDK) ELPKJODIy.! E*1bd+7! (+! a'*(b$3*`! kb+! b`3+(!
c+7(+!+7!b7!d+`!(+3+'d#7&(*h!!
!
220
*1)x1JIHZLO)ELPKJODIy.!E*1bd+7!(+!a'*(b$3*`!kb+!b`3+(!$*da'&!a*'!d&i*'!
&!1&!$*da&mn&!+7!b7!d+`!(+3+'d#7&(*h!!
!
*1)x1JIHZLO)UL)EHOGJKy.!?l'd#7*!&13+'7&3#c*!a&'&!c*1bd+7!(+!_*7#f#$&$#g7h!!
!
,DOfJ) UL) EDfJ.! ?*(*`! 1*`! 7#c+1+`! (+! `b! '+(! a*'! 1*`! $b&1+`! `b! a1&7! (+!
$*da+7`&$#g7!1+!a+'d#3+!+q3'&+'!_*7#f#$&$#*7+`!i!$*d#`#*7+`h!!
!
,LU.! ?*(&`! 1&`! a+'`*7&`! &`*$#&(&`! $*d*! (#`3'#_b#(*'+`! +7! b7&! $*da&mn&! (+!
7+34*'5!d&'5+3#78!$*7`3#3bi+7!1&!'+(!(+!+`&!$*da&mn&h!9b!'+(!+`3e!$*dab+`3&!
a*'! 3*(&`! 1&`! a+'`*7&`! kb+! b`3+(! &`*$#&Y! kb+! &`*$#&7! `b`! &`*$#&(*`! i! &`n!
`b$+`#c&d+73+h!!
!
,LfDIFD.!?l'd#7*!&13+'7&3#c*!a&'&!#78'+`*!'+`#(b&1h!!
!
,LuHLPNZNLOGJK) ZLOKHDILK) UL) MJIHZLO.! ?l'd#7*! &13+'7&3#c*! a&'&!
$&1#f#$&$#*7+`h!!
!
,LKNUHDI.!>*d#`#g7!d+7`b&1!kb+!'+$#_+!(+!`b`!1n7+&`!`+a&'&(&`h!!
!
,LHONXO) UL) JEJPGHONUDU.! 07$b+73'*! (+! a'*`a+$$#g7! *! a'+`+73&$#g7! (+!
7+8*$#*`Y! '+&1#s&(&! a*'! (#`3'#_b#(*'+`! 6-6! $*7! +1! a'*ag`#3*! (+! a'+`+73&'! 1&!
*a*'3b7#(&(!&!1*`!a'*`a+$3*`h!
!!
,LHONXO) LO) [JGLI.! "+b7#g7! (+! *a*'3b7#(&(! '+&1#s&(&! +7! b7! `&1g7! (+!
$*7f+'+7$#&`!&1kb#1&(*!+7!b7!%*3+1h!!
!
,LHONXO) [JfDPLkD.! "+b7#g7! (+! *a*'3b7#(&(! '+&1#s&(&! +7! +1! %*8&'! (+! b7!
(#`3'#_b#(*'Y!&!c+$+`!$*7!1&!&ib(&!(+!b7&!$*7f+'+7$#&!`&3+1#3&1!*!3+1+$*7f+'+7$#&h!!
!
,HEGHPD) J) ULKEPLOUNZNLOGJ.! ._'+c#&3b'&! (+! Z+`$&1g7! €'ba3b'&[Y! b7*! (+! 1*`!
$b&3'*!3#a*`!a'#7$#a&1+`!(+!a1&7+`!(+!$*da+7`&$#g7h!?&d_#l7!ab+(+!'+f+'#'`+!&!
b7! (#`3'#_b#(*'! (+! `b! '+(! kb+! %&! &1$&7s&(*! $#+'3&`! $&1#f#$&$#*7+`! dn7#d&`!
d+7`b&1+`!i!+7!$*7`+$b+7$#&!`+!%&!Z`+a&'&(*[!r*!(+`a'+7(#(*r!(+!`b!8'ba*h!!
B7&! c+s! kb+! b7! (#`3'#_b#(*'! `+! %&! `+a&'&(*! (+! `b! 8'ba*Y! b`3+(! i&! 7*! ab+(+!
$*73&'!`b!c*1bd+7!(+!c+73&`!$*d*!a&'3+!(+!`b!c*1bd+7!d+7`b&1!a+'`*7&1!t$*7!
+1!*_j+3#c*!(+!&1$&7s&'!`b!$b*3&!d+7`b&1uh!9#7!+d_&'8*Y!b`3+(!3#+7+!(+'+$%*!&!
*_3+7+'! $*d#`#*7+`!t11&d&(&`!'+8&1n&`! *! #78'+`*`!'+`#(b&1+`u!`*_'+!+1!c*1bd+7!
3*3&1!(+!1&!*'8&7#s&$#g7!kb+!`+!(+`a'+7(+Y!+7!1b8&'!(+!%&$+'1*!`*1&d+73+!`*_'+!
+1! c*1bd+7! (+! &kb+11&`! a*'$#*7+`! (+! +`+! 8'ba*! kb+! $&+7! (+73'*! (+! `b! a'*a#*!
'&78*!7*'d&1!(+!a&8*h!!
!
(DGHPDTNXO.! )b73*! 3+g'#$*! +7! +1! kb+! b7&! $*da&mn&! (+! 7+34*'5! d&'5+3#78! `+!
kb+(&!`#7!a*3+7$#&1+`!$1#+73+`!i!&`*$#&(*`Y!i!(+j&!(+!$'+$+'h!!
!
(EDZZFOf.! a'e$3#$&! (+! +f+$3b&'! +7! ;73+'7+3! a'*d*$#*7+`! +1+$3'g7#$&`! 7*!
`*1#$#3&(&`Y! a&'&! `b! 7+8*$#*! db13#7#c+1Y! b`b&1d+73+! a*'! (+3*7&$#g7! (+! $*''+*!
+1+$3'g7#$*!a+'*!3&d_#l7!d+(#&73+!&7b7$#*`!+7!$&'3+1+'&`h!!
221
!
$DZN]DP) v) LILfNP.! )'e$3#$&! (+! #(+73#f#$&'! 'ea#(&d+73+! 1*`! a'*`a+$3*`! de`!
a'*d+3+(*'+`! i! +7f*$&'! `b`! +`fb+'s*`! (+! a'*`a+$$#g7! +7! +11*`Y! `#7! a'+`3&'!
&3+7$#g7!&1!'+`3*h!!
!
$LILTJOiLPLOTND.)"+b7#g7!(+!a'*`a+$$#g7!*!a'+`+73&$#g7!(+!1&!*a*'3b7#(&(!(+!
7+8*$#*`!kb+!`+!+d#3+!a*'!3+1lf*7*h!.!1*`!a'*`a+$3*`!`+!1+`!(#$+!kb+!11&d+7!+7!
$#+'3*! d*d+73*! a&'&! +`$b$%&'! +1! +c+73*h! -*`! (#`3'#_b#(*'+`! 3&d_#l7! ab+(+7!
#7c#3&'!a'*`a+$3*`!&!`b`!%*8&'+`!i!%&$+'!kb+!+`$b$%+7!a*'!d+(#*!(+!a&'1&73+`h!
!!
0EINOLP.)?*(&`!1&`!a+'`*7&`!kb+!+`3e7!a*'!`*_'+!b`3+(!+7!b7&!*'8&7#s&$#g7!(+!
7+34*'5!d&'5+3#78h!.(+de`Y!3l'd#7*!&13+'7&3#c*!a&'&!&b`a#$#&73+h!!
!
1LOGD) UNPLTGD.! A*'d&! (+! c+73&! d+(#&73+! 1&! $b&1! '+a'+`+73&73+`!
#7(+a+7(#+73+`! 3'&_&j&7(*! &! $*d#`#g7Y! c+7(+7! $&'&! &! $&'&Y! fb+'&! (+! b7&!
#7`3&1&$#g7! $*d+'$#&1! +`3&_1+$#(&h! .! 1*`! a'*f+`#*7&1+`! (+! '+(! 8+7+'&1d+73+! `+!
1*`! $*7`#(+'&! c+7(+(*'+`! (#'+$3*`Y! &b7kb+! %&i! *3'*`! 3#a*`! (+! c+7(+(*'+`!
(#'+$3*`!kb+!3'&_&j&7!&!$*d#`#g7!(#'+$3&!i!7*!`*7!a'*f+`#*7&1+`!(+!'+(h!?+78&!
+7!$b+73&!kb+!1*`!a'*f+`#*7&1+`!(+!'+(!kb+!3'&_&j&7!+7!1*$&1+`!$*d+'$#&1+`Y!7*!
(+_+'n&7! `+'! $*7`#(+'&(*`! c+7(+(*'+`! (#'+$3*`! a*'kb+! c+7(+7! +7! b7&!
#7`3&1&$#g7!$*d+'$#&1!+`3&_1+$#(&!!
!
1JIHZLO)UL)TJZNKNXO.!?l'd#7*!&13+'7&3#c*!a&'&!c*1bd+7!(+!_*7#f#$&$#g7h!
!
1JIHZLO)UL)\JONiNTDTNXOz!c+'!KE!!
!
1JIHZLO)fLOLPDTNJODI.!E+73&`!d+7`b&1+`!a'*(b$#(&`!a*'!b7&!8+7+'&$#g7!+7!
a&'3#$b1&'!*!b7&!1n7+&!8+7+'&$#*7&1h!!
!
1JIHZLO)IN\PL)UL)GPD\DK.!?*(*!+1!c*1bd+7!(+!c+73&`!(+!`b!*'8&7#s&$#g7!kb+!
`+!$b+73&!a&'&!+1!c*1bd+7!(+!`b!8'ba*!i!kb+!ab+(+!b`&'`+!a&'&!$&1#f#$&'!a&'&!
b7!7#c+1!(+!1*8'*!tE+'!ZE*1bd+7!'+$&'8&(*[hu!!
!
1?) x1JIHZLO) fPHEDIy.) E*1bd+7! 3*3&1! (+! c+73&`! d&i*'#`3&`! %+$%&`! a*'! `b!
8'ba*!a+'`*7&1!+7!b7!d+`!(+3+'d#7&(*h!!
!
1JIHZLO) PLTDPfDUJ.) E+73&`! kb+! 7*! ab+(+7! $*73&'`+! $*d*! a&'3+! (+! `b!
c*1bd+7!8'ba&1!i!a*'!1*!3&73*!7*!$*73'#_bi+7!&!`b!$b*3&!d+7`b&1!a&'&!b7!7#c+1!
(+!1*8'*!a&'3#$b1&'h!07!db$%*`!a1&7+`Y!+1!c*1bd+7!(+!c+73&`!(+!b7!8'ba*!(+!`b!
'+(!+7!a&'3#$b1&'Y!`+!'+$&'8&'e!+7!+1!d*d+73*!+7!kb+!+`+!8'ba*!`+!`+a&'+h!!
!
11?) x1JIHZLO) UL) MLOGDK) fPHEDILKy.! E*1bd+7! (+! c+73&`! d+7`b&1+`! (+! `b!
8'ba*!a+'`*7&1h!!
!
!
!
!
!
!
222
=+/+?"()*+,+)"/+)4))))
!
!
!
ZSbl! 1#_'*! f&_b1*`*! r$b&1kb#+'! #7(b`3'#&! a*('n&! $*7`#(+'&'`+! &f*'3b7&(&! (+!
3+7+'!$*d*!(+f+7`*'!&!b7!+`$'#3*'!3&7!+q$+a$#*7&1h[!
rB'7&!,b35&Y!j+f&!+(#3*'#&1!(+!ZBa1#7+Q*b'7&1[!!
!
Z,1&!/!+`!b7&!*1&!(+!1&!d&'$&Y!kb+!3'&7`a*'3&!&!1*`!`b'f#`3&`!(+1!7b+c*!d#1+7#*!&!
&3'&$3#c*`!i!f'b$3nf+'*`!ab+'3*`h!B7&!c+s!de`Y!"#$%&'(!)*+!a'+(#$+!+1!fb3b'*!$*7!
1&!a'+$#`#g7!(+!b7!'&i*!-e`+'h!w9#!7*!+`3e!$*7+$3&(*!&!;73+'7+3!i!3'&_&j&7(*!+7!
+1!7+34*'5#78!kb#se`!`+!%&11+!+`a+'&7(*!a&'&!a+(#'!`b_`#(#*!a*'!(+`+da1+*Y!`#7!
3'&_&j*x! 07! c+s! (+! Za*`#$#*7&d#+73*Y! a*`#$#*7&d#+73*Y! a*`#$#*7&d#+73*[Y! +1!
`+$'+3*!(+!1&!'#kb+s&!+`!Z(#'+$3*Y!(#'+$3*Y!(#'+$3*[h!t9+!'+f#+'+!&1!d&'5+3#78!2h!(+1!?u!!
r@'h!@+7#`!]&#31+i!!
&b3*'!(+!y-&!a`#$*1*8n&!(+1!3'#b7f*!a&'&!+1!`#81*!FCR!!
!
Z6b$%&`!c+$+`Y!1&`!8+d&`!a'+$#*`&`!c#+7+7!+7!_'b3*!i!7*!`+!'+$*7*$+!`b!c&1*'Y!
>*7!$+'3+s&Y!,1&!/!ab1+!1&!8+d&!(+1!7+34*'5!d&'5+3#78!a&'&!a+'d#3#'!kb+!3*(*`!
&a'+$#+7!+1!_'#11*!(+!+`3&!#7(b`3'#&h!B7&!c+s!de`Y!"#$%&'(!)*+!7*!`g1*!d+!%&$+!
`+73#'! *'8b11*`*! (+! 1*`! FM! &m*`! kb+! 11+c*! +7! +`3&! &$3#c#(&(Y! `#7*! kb+! d+! %&$+!
`+73#'! &7`#*`*! a*'! +1! #7$'+n_1+! fb3b'*! (+1! 7+34*'5#78! i! (+! 3*(*`! &kb+11*`! kb+!
(+$#(&7!b7n'`+1+h[!!
r)&3!@&c#`Y!>0,!(+!6#11#*7&#'+`!#7!6*3#*7Y!;7$h!!
!
ZB7&! d#7&! (+! *'*! (+! a+a#3&`! #7f*'d&3#c&`! a&'&! (+`&''*11&'! 7+8*$#*`Y! kb+! 3*(*!
7+34*'5+'!(+_+'n&!+`3b(#&'!`+'#&d+73+h[!!
r^+c#7!@h!='#d+`Y!&_*8&(*!+`a+$#&1#`3&!+7!7+34*'5!d&'5+3#78!
!!
Z"#$%&'(! )*+! 1*! %#s*! (+! 7b+c*x! @+! 1+$3b'&! *_1#8&(&!a&'&! kb#+7! +`3l! 1#`3*! a&'&!
`+'!#da&'&_1+!+7!1&!$*7`3'b$$#g7!(+!b7!7+8*$#*!(+!7+34*'5!d&'5+3#78Y!de`!&11e!
(+!`b`!`b+m*`!de`!&d_#$#*`*`h[!!
r>i73%#&!^+'`+iY!&b3*'&!(+!;da&'&_1+!tB7`3*aa&_1+u!!
!
Z@+! 1+$3b'&! *_1#8&(&h! -*`! y`#+3+! a#1&'+`! (+1! lq#3*R! (+! ,1&! /Y! (+f#7#3#c&d+73+!
8b#&'e7!`b!7+8*$#*h!,j&1e!1*`!%b_#l'&d*`!3+7#(*!$b&7(*!+da+s&d*`Y!`+#`!&m*`!
&3'e`h[!!
r^&'1!i!A+'7!)'&s&5Y!7+34*'5+'`!(+!=#8!O&'_*b'Y!]&`%#783*7h!!
!
Z2*!a*(n&!(+j&'!+1!1#_'*h!>&(&!1+$$#g7!+`!$1&'&Y!$+'3+'&!i! a'+$#`&h!-&!$&a&$#(&(!
(+! "#$%&'(! )*+! (+! +qa1#$&'! +1! a'+`+73+! i! a'+(+$#'! +1! fb3b'*! (+1! 7+34*'5!
d&'5+3#78Y! +`! 1+8+7(&'#&! Sbl! `b+'3+! kb+! $*da&'3&! `b! $*7*$#d#+73*! $*7! 3&73&!
(+(#$&$#g7! i! +`3#1*h! 0`3+! 1#_'*! (+_+'n&! $*7c+7#'`+!+7! *_1#8&3*'#*! a&'&! 3*(*`! 1*`!
7+34*'5+'`h!!
rO#13*7!Q*%7`*7Y!fb7(&(*'!(+!1&!B7#c+'`#(&(!(+1!6-6!
!
!
!
223
!
Z,1&! /! d+! *_1#8g! &! #'! de`! &11e! (+! 1*! kb+! $'+n&! a*`#_1+h! "#$%&'(! '+3'&3&! 3&7!
cnc#(&d+73+! 1&! 3*3&1! d&87#3b(! (+! 1&! *a*'3b7#(&(! kb+! 3+7+d*`! f'+73+! &! 3*(*`!
7*`*3'*`h! 0`3&! 7*! +`! b7&! *1&! a&'&! *_`+'c&'! (+`(+! 1&! `+8b'&! (#`3&7$#&! (+! 1&!
a1&i&h!9od+`+h!0`3&!*1&!a*('n&!`+'!+1!d+j*'!a&`+*!(+!7b+`3'&`!c#(&`h!
r=&`i!6#78&7Y!a'*f+`#*7&1!(+1!7+34*'5!
!
Z"#$%&'(!)*+!+`!&1!7+34*'5!d&'5+3#78!1*!kb+!A&#3%!)*a$*'7!+`!&1!d&'5+3#78!+7!
8+7+'&1h!.1!#8b&1!kb+!+7!,1&!GY!+7!+`3+!1#_'*!)*+!$*73#7o&!d#(#+7(*!+1!ab1`*!(+1!
7+34*'5#78h! 9#! (+! c+'&`! kb#+'+! 3*d&'! $*73'*1! (+! `b! fb3b'*Y! (*d#7+! 1*`!
$*73+7#(*`!(+!+`3+!1#_'*!i!ag78&1*`!+7!&$$#g7x[!
!!rK+$5i!-&dY!a'*f+`#*7&1!(+1!7+34*'5!d&'5+3#78!!
!
ZB7&! #73+'+`&73+! d+s$1&! (+! a'+(#$$#*7+`Y! &7l$(*3&`! i! '+3'*`a+$3#c&`!
'+1&$#*7&(&`! $*7! +1! +1! 7+34*'5! d&'5+3#78h! Kb+7&! 1+$3b'&! a&'&! 7*c&3*`! i!
7+34*'5+'`!+qa+'#d+73&(*`h[!!
r-&''i!>%*75*Y!a'*f+`*'!(+!d&'5+3#78!+7!O*11*4&i!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
224
!
!
)
ZTP\L)
225
Descargar