The Mystery of U-33 - Hitler's Secret Envoy
The Mystery of U-33 - Hitler's Secret Envoy
The Mystery of U-33 - Hitler's Secret Envoy
"# $%&'#(% )*
+,--
./'0#(1& 2#3(#' 456)%
(
!"## $%&'()* +*, &-+.'%/ -%+,(*0 12)'+'()*$ +/% 3/)4 5(##(+4 6-+7%$.%+/%8$ !"' !'.9'(&9:
((
7)5'#5'&
:+6 "#7 6#'( -#$* /#+&'+&
!'+6'* -#$* #7+ %##6 1#*&$+';
"&7*);#%,0%4%*'$ <((
=/%3+&% >
?*'/),2&'()* @
=+/' @ AB CDEACF
GHIIJ '-% A33(&(+# 6')/K L
M-% N(/$' O2%$'()*$ PQ
62/<(<)/$ +*, F%&%+$%, RL
=+/' S ANN CDEACF
"202$' @TLRU'-% $')/K V/%+7$ WP
M-% E+//+,+#% GHV)+' LS
M-% M+(# )3 '-% X+*7 D<%*' T@
?* '-% ;+7% )3 GHII @YY
Z5%[ '-% .%).#%\] @YL
5/%&7$ @IY
M-% ^/%%*)&7 _+(/$ @IW
M-% `K$'%/K `%* @RL
ZX/+$$ X)2*,%/$ +' '-% ",4(/+#'K] @QW
E+.'+(*8$ _)0 @WQ
`+> 6&-(##%/ '-/)20- '-% _%*$ @LY
=+/' I GHXA"M 6=DE?"_ `?66?AB6
B%2H6&-;+V%*#+*, +*, 6'+'()* S@@ @TQ
`%/&2/K C($(*0 SYR
M-% a)#K _+*&% SYT
GHV)+'$ (* 6&)'#+*,UN+&' (* N(&'()* S@R
=+/' P DBF^"`D
5-+' -+..%*%,\b SSL
\;-%* GHII ;%*' '-/)20-b SPY
\+*, ;-Kb SRI
GHIIJ "/0) )3 '-% ^/+(# SLR
M-% N%4+#% =).% IYT
"..%*,(> I@L
X(V#()0/+.-K IIP
(((
8395):0#;<#=#5'&
<- 20=*)*-
>)( 6$?'6#. 2)*%' '+#$%"
? );% + V(0 '-+*7 K)2 ') +## '-)$% ;-) -+<% &)*'/(V2'%, ') '-%
,%<%#).4%*' )3 '-($ ./%$%*' ;)/7 $(*&% ? $%' )2' (* SYY@ ') /+($% GHII
(*') '-% ).%* ;+'%/$ )3 ,($&)<%/K9
M) $+K '-+' ? +4 (*,%V'%, ') '-% 4+*K 6&)'$ ;-) ;/)'% ') 4%
,%$&/(V(*0 '-%(/ 4%4)/(%$ )3 '-% E#)&- =)(*'HF2*))* X))4 F%3%*&%
%<%*' +*, )'-%/ +$$)&(+'%, (*&(,%*'$ (* '-% N(/'- )3 E#K,% ($ + 0/)$$
2*,%/$'+'%4%*'9 ?* +''%$'(*0 ') %>'/+)/,(*+/K %<%*'$ (* #+'% @TITH%+/#K
@TPY[ ,%*(%, '-%* +*, *); VK )33(&(+#,)4[ +* (4./%$$(<% *24V%/ )3
&('(c%*$ -+<% V%%* %*)/4)2$#K 3/%% +*, 0(<(*0 ;('- '-%(/ .%/$)*+#
%>.%/(%*&%$9 M-%(/ <%/K $2V$'+*'(+# &)*'/(V2'()*$ +/% '-% -%+/' +*,
3)2*,+'()* )3 '-($ V))7[ ;-(&- ? '/2$' ;(## $+'($3K '-%(/ .+'(%*' ,%$(/% ')
$%% '/2'- ./%<+(#9
"4)*0$' '-%$% &)//%$.)*,%*'$ ? ;)2#, #(7% ') 4+7% 4%*'()* )3 ';)
(* .+/'(&2#+/9 M-% V)K-)), /%&)##%&'()*$ )3 ^#+$0); /%$(,%*' `/
5(##(+4 `+0%% +V)2' V)'- '-% M+(# )3 '-% X+*7 GHV)+' Z.(&*(&] +*, '-%
$2V$%12%*' <)022@ A*@B@ ,($+$'%/ +' ^)2/)&7 -+<% V%%* (*<+#2+V#%9 `/
`+0%% ($ $(*02#+/#K 2*(4./%$$%, ;('- '-% ZV/+$$ V)2*,%/$ +' '-%
",4(/+#'K] ;-) (* '-%(/ .%/$($'%*' /%32$+# ') +&&%.' '-% $'+#;+/'
).(*()*$ )3 3(/'- &('(c%*$ /%#%0+'% '-%$% <(%;$ (*') '-% &+'%0)/K )3
,+K,/%+4(*09
? ;+$ <%/K 0/+'%32#[ '))[ ') -%+/ 3/)4 a+//K d)2*0 ;-)$%
0/+*,3+'-%/ a)/+&% A+7%$ ;+$ + /%.)/'%/ 3)/ !"' C*''+#/? !'2'%*)9"
+' '-% '(4% '-% %<%*'$ -%/% ,%$&/(V%, ;%/% '+7(*0 .#+&%9 ?*'%/%$'%, (* '-%
%*(04+'(& $')/K )3 ^%/4+* ^/+(# %>.#)/%/ A'') C+-*[@ a+//K ;+$ 7(*,
%*)20- ') $%*, 4% '-% /%#%<+*' %>'/+&'$ 3/)4 -($ 0/+*,3+'-%/8$ ,(+/K9 ?'$
.+0%$ /%<%+# (* *) $4+## ,%0/%% '-+' '-% %<%*'$ $2//)2*,(*0 GHII +/% 3+/
4)/% &)*<)#2'%, '-+* +..%+/ )* '-% $2/3+&%9
? ;+$ ,%#(0-'%, ') /%&%(<% '-% V#%$$(*0 )3 C+K +*, D,*+ 6&-(##%/[
`+> 6&-(##%/8$ $)* +*, ,+20-'%/[ 3)/ '-% .2V#(&+'()* )3 '-($ ;)/7 +*,
@
^/+,,)* B9[ D&&# E)"+ )+6 &"' F$'(& 1#* &"' G#2- C*)02H &"' :.)B0+% I&#*- #1 &"'
E')2 Z4+60)+) J#+'(,] ",<%*'2/%$ G*#(4('%, =/%$$[ e%4.')*[ SYYL
<(((
3)/ '-% )..)/'2*('K ') ,%,(&+'% (' ') '-%(/ 3+'-%/9 ? +4 %$.%&(+##K '-+*732#
3)/ '-%(/ 7(*, .%/4($$()* ') /%./),2&% .-)')0/+.-$ 3%+'2/(*0 `+>
6&-(##%/ ;('- 3+4(#K[ 3/(%*,$ +*, V)+'4+'%$9
a+<(*0 *) $.%&(3(& (*'%/%$' (* GHV)+' -($')/K +*,[ -%*&%[ *)
'%&-*(&+# %>.%/'($% ;-%* ? %4V+/7%, )* '-% ./)f%&'[ ? +4 0/+'%32# 3)/
'-% -%#. '-+' $) 4+*K )33%/%, ') %*$2/% +&&2/+&K )3 ,%'+(#9 ?' ($ -+/, ')
$(*0#% )2' (*,(<(,2+# &)*'/(V2')/$ V2' ? ;($- ') '-+*7 a)/$' X/%,);[
C)* d)2*0[ a);+/, E)&7[ a2V%/'2$ 5%00%#++/ +*,[ %$.%&(+##K[
=+4%#+ "/4$'/)*0 3)/ .%/4($$()* ') ,/+; )* -%/ %>&%##%*' +*+#K$($ )3
GHII8$ '-/%% .+'/)#$ +*, ('$ %*&)2*'%/ ;('- 4(*%$;%%.%/ a`6 C2')+'*9
?* '-% %+/#K ,+K$ )3 4K GHII /%$%+/&- ? /%&%(<%, 3(/$'H/+'% -%#. 3/)4
'-% B+<+# a($')/(&+# X/+*&- !BaX: )3 '-% G*('%, e(*0,)48$ `(*($'/K
)3 F%3%*&% !`)F:9 ?* .+/'(&2#+/[ ? ;)2#, #(7% ') '-+*7 e+'% M(#,%$#%K
+*, E+.'+(* E9_959 =+(0% CB[ V)'- 3)/ '-%(/ %>.%/' &)*'/(V2'()*$ +*,
3)/ '-%(/ .+'(%*&% (* /%<(%;(*0 +*, /%$.)*,(*0 ') 12%$'()*$ 3/)4 +*
%*12(/%/ ;-) &#%+/#K ,(, *)' 7*); )*% %*, )3 + $2V4+/(*% 3/)4
+*)'-%/g
X/('($- GHV)+' %>.%/' _+;/%*&% =+'%/$)* ;+$ + '/%4%*,)2$ +$$%' (*
'-% %+/#K ,+K$ )3 '-% /%$%+/&- +*, ? +4 0/+'%32# 3)/ -($ '(4%[ 7*);#%,0%
+*, .+'(%*&% (* '-% 4+*K %>&-+*0%$ ;('- '-($ $-+4%#%$$ /))7K9
? $-)2#, 0(<% ;+/4 4%*'()* ') "#($'+(/ "#%>+*,%/ ;-) '/), '-% GH
II /%$%+/&- '/+(# ;('- 4% (* '-% %+/#(%/ ,+K$9 a($ &)*'/(V2'()* ;+$ 42&-
+../%&(+'%,9
a+c%# `%*c(%$ )3 '-% h%**%# _)&+# +*, N+4(#K a($')/K E%*'/% (*
?/<(*% .%/3)/4%, + $2.%/V '+$7 (* #)&+'(*0 '-% K)*%( )+6 <0229#*&
>''?2- L'7( +/'(&#%$ V%';%%* @TLP +*, @TLQ9 ?* $) ,)(*0[ `$ `%*c(%$
'2/*%, 2. '-% 4)$' ,%3(*('(<% %K%;('*%$$ '%$'(4)*K )* '-% E#)&- =)(*'H
F2*))* GHV)+' (*&2/$()* )* /%&)/,9
"$ %<%/[ D/(& X+>'%/ )3 !"' C*''+#/? !'2'%*)9" ./)<(,%, '%//(3(&
$2..)/' +#)*0 '-% GHII '/+(#9 M-% !'2'%*)9" -+$ V%%* +* %*'-2$(+$'(&
&-+4.()* )3 4K ;)/7 $(*&% '-% %+/#K ,+K$ )3 '-% A'') C+-* /%$%+/&- (*
'-% #+'% @TTY$9 ?' /%4+(*$ +* (,%+# <%-(&#% 3)/ ';)H;+K (*3)/4+'()*
%>&-+*0%$ +*, 3)/ '-% 0+'-%/(*0 )3 (*<+#2+V#% /%&)##%&'()*$ 3/)4
&('(c%*$ +/)2*, '-% E#K,%9 _)*0 4+K )2/ 3/(%*,$-(. &)*'(*2%g
_+$'[ V2' *)' #%+$'[ ? 0(<% '-+*7$ !(* *) .+/'(&2#+/ )/,%/: ')J
F%2'$&-%$ GHX))' `2$%24H"/&-(< 3)/ ./)<(,(*0 + ;%+#'- )3 -(0-
12+#('K 4+'%/(+# 3)/ V+&70/)2*, +*, /%./),2&'()*[ ^/%%*)&7
E/%4+')/(24 .%/$)**%# 3)/ 3/(%*,#K %>.%/' +,<(&% +*, 7%K ,)&24%*'$[
6&)'#+*, _(V/+/K i ?*3)/4+'()* 6%/<(&%[ ^%*%/+# C%0($'%/ A33(&% 3)/
6&)'#+*, !D>'/+&' 6%/<(&%$:[ E)44)*;%+#'- 5+/ ^/+<%$ E)44($$()*[
`+&_%+* `2$%24 +*, "/' ^+##%/K[ C)K+# B+<+# `2$%24 _(V/+/K[ E)H
(>
).%/+'(<% N2*%/+# 6%/<(&% ^/%%*)&7[ =+2# X%<+*, 3)/ '-% #)0$ )3 a`6
G##6 (* N%V/2+/K @TPY[ a+//K E)).%/[ ?+(* E/)$V(%[ _%$#%K 6&-(##%/[
=%'%/ `)(/[ j+4%$ M+K#)/[ D(#%%* C)4V+&-[ `+''-%; _+33%/'K[ "*02$
`+/'(*[ F)*+#, e%##K[ C)V%/' ^/+-+4[ 59j9 X+**+'K*%[ D#(c+V%'-
X/);*[ a+//K d)2*0[ C%<%/%*, `%# E))0+*[ C)V%/' X/);*[ M9D9
`&e(##).[ e+'-%/(*% e2/'c[ F+<(, a%*,/K[ D#(c+V%'- C%,;+*c[ =+''(
F2*&+*[ j+7 =9 `+##4+** 6-);%##[ C(&-+/, a+4.)[ j)*)'-)* X)2#'%/[
F/9 `9 B%#$)*[ E-+/#(% X+$$[ E,/9 X(## j)*%$ !6'+33 )3 N#+0 A33(&%/
6&)'#+*,[ B)/'-%/* D*0#+*, i B)/'-%/* ?/%#+*,:[ e%* `&E)K[ N/%,
5+##+&%[ ^%)/0% X/+,#%K[ =+2# X/($');[ "/&-(% `&e%*c(%[ _%$#(%
E)2.%/;-('%[ F+<(, `+K)[ `969[ '-% `+0(& M)/&- ?*<%/&#K,% -($')/K
0/)2. +*, "/'-2/ Z=%*/K] 5+//[ +* +<(, GHII %*'-2$(+$' ;-) $+,#K
.+$$%, +;+K ;-(#% '-($ ;)/7 ;+$ (* ./%.+/+'()*9
>
>(#*?3#
K0?' #+',
>"# ")50+%, 0+&# &*$&", =- &'220+% #1 0&,
<)6' ($/" ) (0++'* #1 "0( .'.#*-,
!# /*'60& "0( #7+ 20'
A'') C+-* .)(*'%, + 3(*0%/ +' '-% ;+7% )3 GHII9 XK SYY@ ? -+, V%%*
/%$%+/&-(*0 '-% 3+V#%, ^%/4+* ^/+(#-2*'%/ 3)/ $(> K%+/$[ 0(*0%/#K
$&/+.(*0 +;+K '-% +&&242#+'%, &+<%/* ,2$' '-+' -+, &)*&%+#%, -($
'/%+$2/% $%%7(*0 +&'(<('(%$ (* '-% 6)2'- )3 N/+*&% +*, +*&(%*' D2/).%+*
.);%/ &%*'/%$ $(*&% '-% %+/#K @TIY$9
M-%*[ )2' )3 '-% V#2%[ ? -%+/, + ;-($.%/ 3/)4 +* (*3)/4%, $)2/&%
)<%/$%+$ '-+' C+-*8$ ,($+..%+/+*&% +*, '-% +&'(<('(%$ )3 GHII (* '-%
%+/#K $'+0%$ )3 5)/#, 5+/ ?? ;%/% #(*7%,9 M-+' ;+$ '-% 32## %>'%*' )3 '-%
#%+, V2' (* SYY@[ *%<%/ )*% ') ,($4($$ + .)'%*'(+# #(*% )3 %*12(/K[ ?
4+,% + '%*'+'(<% $'+/' (* /%<(%;(*0 '-% /%&)/,$ )3 GHII[ *)' $%/()2$#K
(4+0(*(*0 '-+' '-%/% ;)2#, V% +*K ;)/'-;-(#% /%'2/* 3/)4 '-% %33)/'
(*<%$'%, (* '-% %>%/&($%9
A*% )3 4K 3(/$' +&'()*$ ;+$ ') &)*'+&' '-% GHX))'H"/&-(<@ (*
E2>-+<%* !"#'%*V/2&-: (* ^%/4+*K[ + $2.%/V /%$)2/&% +*, 42$%24 /2*
;('- '-% -%#. )3 2*.+(, <)#2*'%%/$ VK ('$ 3)2*,%/ a%// a)/$' X/%,);
;-) $%/<%, +$ 5+'&- A33(&%/ )* GHSLL9 B)' #)*0 +3'%/;+/,$ ? /%&%(<%,
+ .+&7+0% )3 4+'%/(+# 3/)4 a%// X/%,);9 ?' &)*'+(*%, + $-%+3 )3 ('%4$
)* GHII +*, + '/)<% )3 +,,('()*+# $2..)/'(*0 4+'%/(+# (*,(*0 <+/()2$
4+.$[ &-+/'$[ .-)')$ +*, e/(%0$4+/(*% /%&)/,$9
? #%+/*%, '-+' GHII -+, 4%' ('$ *%4%$($ (* a`6 C2')+'* )* @S
N%V/2+/K @TPY[ -+<(*0 $.%*' '-% ./%&%,(*0 $(> 4)*'-$ ;/%+7(*0 -+<)&
(* ';) $2&&%$$(<% %>&2/$()*$ (* X/('($- ;+'%/$[ $(*7(*0 %#%<%* $-(.$ (*
'-% ./)&%$$9 M-%$% ;%/% (*'%/%$'(*0 3+&'$ )3 -($')/(&+# /%&)/, V2' *)*%
./)<(,%, +*K % ') +$.%&'$ )3 GHII8$ ).%/+'()*$ '-+' )*% 4(0-' '%/4
)2' )3 '-% )/,(*+/K9 E%/'+(*#K '-%/% ;%/% *)*% '-+' ;)2#, ;(,%* )*%8$
%K%$ ') $%% V%''%/ '-% 3(02/% )3 '/%+$2/% $%%7%/ A'') C+-* ;+<(*0 3/)4
'-% &)**(*0 ');%/9
B%<%/'-%#%$$[ '-%/% ;%/% ';) ('%4$ (* '-% .+&7+0% '-+' ,(, 0/+V 4K
@
?* SYYW '-% +/&-(<% &-+*0%, ('$ *+4% ') '-% F%2'$&-%$ GHX))' `2$%24H"/&-(<
>(
`+> 6&-(##%/ !/(0-': )* a`6 N*#.'* /%3#%&'%, (* + $)*+/ (4+0% )3 GHII )33 =#+,,+
@5'();A3'/)5
4M22 =*')? .- (&)11,
A$*- 0& /'*&)0+ 1)&"#.( 0+ &"' ')*&",
:+6 6''9'* &")+ 606 '5'* 92$..'& (#$+6
4M22 6*#7+ .- =##?
V)+' %.($),% '))7 .#+&% '-(/'KH3(<% 4(#%$ ') '-% *)/'-%+$' (* '-% &#)$%#K
.+&7%, +*, -%+<(#K ,%3%*,%, E#K,% "*&-)/+0%9
D*(04+ 4+&-(*%$
M-%$% ).(*()*$[ /2**(*0 &)*'/+/K ') '-% )33(&(+# /%&)/,[ ;%/% +(/%,
%>'%*$(<%#K (* '-% K)*%( )+6 <0229#*& >''?2- L'7( &-+4.()*%, VK ('$
%*'-2$(+$'(& %,(')/[ j)-* `&E/%+,(%9
?* SYY@ ? )V'+(*%, &).(%$ )3 ';) (*<+#2+V#% +/'(&#%$ ;/(''%* VK
`&E/%+,(% )* '-% ').(& (* ;-(&- '-% 4+(* V),(%$ )3 '%>' ;%/% <%/V+'(4
%K%;('*%$$ +&&)2*'$ )3 '-% GHV)+' '-+' -+, .+$$%, '-/)20- '-% V))4
,%3%*&%$9 M-%$% ';) .(%&%$[ (* '2/*[ /%3%//%, ') )'-%/ +$$)&(+'%, +/'(&#%$
V2' (*('(+# %*12(/(%$ ;%/% 2*$2&&%$$32# (* '/+&7(*0 '-%4 ,);*9
`&E/%+,(% ./%3+&%, -($ /%.)/'$ +V)2' '-% GHV)+' '-+' '/(&7%, ('$
;+K '-/)20- '-% V))4 VK ,+'(*0 ('$ )&&2//%*&% (* 4(,HN%V/2+/K @TPY9
M-($ ,+'% ;+$ (*&)//%&'9 D<(,%*'#K[ '-% f)2/*+#($' ;+$ 3(>+'(*0 )* '-%
;%## 7*);* +*, ,)&24%*'%, GHII $')/K[ /%.)/'(*0 /%+&'(<%#K[
(*$233(&(%*'#K %*0+0%, ;('- -($ &)//%$.)*,%*'$9 a+, `&E/%+,(%
%*12(/%, 32/'-%/ '-%K ;)2#, -+<% &)*3(/4%, '-+' '-% %<%*' '-%K ;%/%
,%$&/(V(*0 (* +//%$'(*0 ,%'+(# -+, +&'2+##K '+7%* .#+&% ,2/(*0 '-%
./%<()2$ +2'24*9
=%/-+.$ (' *%<%/ )&&2//%, ') `&E/%+,(% '-+' '-% $(*7(*0 )3 GHII (*
N%V/2+/K @TPY ;+$ '-% 3(*+# .+/' )3 + ';)H+&' .#+K ;-)$% &2/'+(* /)$% (*
'-% #+'% +2'24* )3 @TIT9 M) -(4[ +## '-% &)#)2/32# $')/(%$ %+0%/#K
I
`+KV% )*% )/ 4)/% )3 '-)$% ;-) +/% ,/+;* ') '-($ ;)/7 ;(## .(&7
2. '-%(/ V/2$- +*,[ %12(..%, ;('- 4)/% 7*);#%,0%[ 4)/%
(*'%/&)**%&'%,*%$$ ;('- Z'-)$% '-+' 7*);[] ;(## &)4.#%'% '-% &+*<+$
+*, -+*0 (' 2. 3)/ +## ') $%%9
?* %$$%*&%[ '-($ V))7 ($ + &+## ') +/4$ ') '-)$% ;-)[ 4)<%, VK '-%
'+#%[ +/% $'(//%, ') ,(<% ,%%.%/ 2.)* '-% ;/%&7 )3 GHII +*, V/(*0 ('$ #)0
V))7 0(*0%/#K ') '-% $2/3+&%[ ;-%/%(* +## 4+K V% /%<%+#%,9
Q
>8B! CD4
CD B47CBE
W
7"?F'#( CD4
F2/(*0 '-% ;+/ K%+/$ )* + -(## -(0- +V)<% E#)&- _(0-'-)2$% ;+$ +
*+<+# $'+'()* ).%/+'%, VK 4%4V%/$ )3 '-% 5)4%*8$ C)K+# B+<+#
6%/<(&% !5CDB6:9 M-%(/ '+$7 ;+$ ') $%*, +*, /%&%(<% 4%$$+0%$ ') +*,
3/)4 <%$$%#$ +$ '-%K &+4% '-/)20- '-% V))49 M-% V#(*7(*0 Z,)'H,)'H
,)'H,+$-] )3 '-% 5CDB68 "#,($ #+4.$ 42$' -+<% V%%* )*% )3 '-% #+$'
$(0-'$ 3)/ 4+*K $+(#)/$ #%+<(*0 '-% E#K,%9
"' '-% V%0(**(*0 )3 6%.'%4V%/ @TPY ^/%%*)&7 ;+$ + .+/' )3 '-%
E#K,% 62V E)44+*, )3 '-% C)$K'- E)44+*,9 M-% N#+0 A33(&%/ (*
E-+/0%[ E#K,% !C%+/ ",4(/+# j9F9 E+4.V%##:[ ;+$ V+$%, (* ^#+$0);
;('- +* D>'%*,%, F%3%*&% A33(&%/ +*, X))4 F%3%*&% A33(&%/ +'
^/%%*)&79
E)*$%12%*' ') '-% $(*7(*0 )3 a`6 E#-)2 D)? (* 6&+.+ N#); *+<+#
+2'-)/('(%$ ,%&(,%, (* A&')V%/ @TIT ') /%4)<% '-% +/4%, 4%/&-+*'
&/2($%/$ )3 '-% B)/'-%/* =+'/)# +*, V+$% '-%4 )* '-% E#K,%[ ;-(&- +#$)
V%&+4% +* +#'%/*+'(<% V+$% 3)/ $-(.$ )3 '-% a)4% N#%%'9
"3'%/ <($('(*0 ^/%%*)&7 (* a`6 L'2(#+ (* F%&%4V%/ @TIT '-%
E)44+*,%/H(*HE-(%3 a)4% N#%%' ,%&(,%, '-+' N#+0 A33(&%/ (* E-+/0%[
E#K,%[ ;+$ ')) 3+/ 3/)4 '-% $&%*% (* ^#+$0); ') 7%%. (* /%02#+/ ')2&-
;('- ).%/+'()*+# 4+''%/$9 E)*$%12%*'#K[ '-% 62V E)44+*, ;+$ ,(<(,%,
(*') + ^#+$0); 62V E)44+*, +*, + ^/%%*)&7 62V E)44+*,9
C%+/ ",4(/+# j9"9^9 M/)2. ;+$ +..)(*'%, +$ N#+0 A33(&%/ (*
E-+/0%[ ^#+$0);[ +*, ;+$ /%$.)*$(V#% 3)/ +## 3(''(*0 )2'[ /%.+(/ +*,
4+(*'%*+*&% ;)/7 (* '-% E#K,% +/%+9
C%+/ ",4(/+# X9E9 5+'$)* ;+$ +..)(*'%, N#+0 A33(&%/ (* E-+/0%[
^/%%*)&7[ /%$.)*$(V#% 3)/ $%+;+/, ,%3%*&%$[ "*'(H62V4+/(*% !"o6:
.+'/)#$[ &)*'/)# )3 '/+33(& (* .)/'[ V%/'-(*0 +' ^/%%*)&7[ ($$2% )3 $+(#(*0
)/,%/$ +*, #)&+# +,4(*($'/+'(<% ;)/7 +' '-% ^/%%*)&7 V+$%9 ?* E-+.'%/ T
;% $-+## /%'2/* V/(%3#K ') C%+/ ",4(/+# 5+'$)* ;-%* ;% %>+4(*% '-%
V2/(+# ,%'+(#$ )3 '-% ,%&%+$%, 3/)4 GHII (* ^/%%*)&7 E%4%'%/K9
M-% p@[YYY[YYY ,%3%*&% V))4 (*$'+##%, (* '-% %+/#K +2'24* )3 @TIT
V%';%%* E#)&- =)(*'[ C%*3/%;$-(/% +*, F2*))*[ "/0K##$-(/% ./)'%&'%,
'-% E#K,% "*&-)/+0% ,2/(*0 55??9 M-% 4+$$(<% "o6 ,%3%*&%[
&)4./($(*0 ';) #(*%$ )3 ')/.%,) *%'$ &)*$'/2&'%, (* @SH3))' $12+/%
4%$- +*, #+&%, ;('- ,%.'- &-+/0%$[ ;+$ $2..)/'%, VK + ';(* /); )3
3#)+'$9 ?' $.+**%, '-% ;-)#% ;(,'- )3 '-% 3(/'- %>&%.' 3)/ + $4+## 0+.
*%+/ '-% F2*))* $-)/% #%3' ).%* ') +##); /(<%/ $'%+4%/$ +*, $-+##);H
,/+20-' #)&+# '/+33(& ') &)4% +*, 0)9 M-% V))4 ;+$ .+'/)##%, &)*$'+*'#K
VK + 3#%%' )3 $%<%* -+$'(#K &)*$&/(.'%, "o6 ^2+/, $-(.$J ';) '/+;#%/$[
'-/%% +/4%, 4)')/ K+&-'$ +*, ';) 4)')/ V)+'$9
B%+/VK 02* ');%/$ ;%/% V2(#' ;('- V%<%##%, 3/)*'+0%$ ') $2..)/' '-%
/%<)#<(*0 +&'()*$ )3 '-% 02*$9 A33(&(+##K[ '-% &)+$'+# 02* $('%$ *%<%/ $+;
@@
4+,% VK E#K,%$(,%/$9 N/%$- ;+'%/ 3)/ '-% '/)).$ ;+$ '+7%* 3/)4 _)&-
M-)4 V%-(*, ^/%%*)&79
C"N E)+$'+# E)44+*, ;+$ +#$) V+$%, (* _+/0$9 M-% V+$% -)2$%, +
#+/0% *24V%/ )3 E+'+#(*+ 3#K(*0 V)+'$ +*, ';) 62*,%/#+*, 3#K(*0 V)+'$
3(''%, )2' 3)/ GHV)+' 7(##(*0$9 GHII ;)2#, V% -%+,(*0 3)/ <%/K
,+*0%/)2$ ;+'%/$9
?* F%&%4V%/ @TIT '%* '-)2$+*, E+*+,(+* '/)).$ +//(<%, (*
^/%%*)&7 (* +* +$$)/'4%*' )3 ;%## 7*);* #(*%/$ %$&)/'%, VK + 0/%+'
+$$%4V#K )3 V+''#%$-(.$ +*, &/2($%/$9 M-%K ;%/% ;%#&)4%, VK E)#)*(+#
6%&/%'+/K !#+'%/ =/(4% `(*($'%/ +*, D+/# )3 "<)*: "*'-)*K D,%*9 ?*
@TPS ';%#<% '-)2$+*, "4%/(&+* '/)).$ +//(<%, )* '-% #(*%/ C`6 F$''+
O20B)='&"9
A* @ F%&%4V%/ ^/%%*)&7 /%$(,%*'$ ;%/% '/%+'%, ') '-% $'+/'#(*0
$.%&'+&#% )3 3(<% )33(&%/$ +*, '-(/'KH%(0-' /+'(*0$ 3/)4 GHIR V%(*0 #%,
+#)*0 a+4(#')* 6'/%%'[ +' '-+' '(4% '-% ');*8$ 4+(* $-)..(*0
'-)/)20-3+/%9 ?* 3/)*' +*, V%-(*, '-%$% )33(&%/$ ;+$ + C)K+# B+<K f%%.[
%+&- &+//K(*0 '-/%% )/ 3)2/ X/('($- $%/<(&%4%*9 X%-(*, '-% /%+/ f%%.
3)##);%, '-% GHV)+' /+'(*0$9 X)'- 0/)2.$ )3 =A5$ ;%/% $4+/'#K +''(/%,
(* '-%(/ 2*(3)/4$9 M-% P F%&%4V%/ %,('()* )3 !"' I/#&(.)+ /%.)/'%,
'-+' '-% 4%* ;%/% /%$&2%, +3'%/ '-%(/ <%$$%# -+, V%%* ,%$'/)K%,9 GHIR
;+$ $2*7 (* '-% B)/'- 6%+ )* ST B)<%4V%/ (* .)$('()* QY9RIB YS9PWD
VK ,%.'- &-+/0%$ 3/)4 '-% X/('($- ,%$'/)K%/$ a`6 P0+%(&#+[ a`6
4/)*$( +*, a`6 P)(".0*9 "## 3)/'KH'-/%% 4%* )* V)+/, $2/<(<%,9
M-% )33(&%/$ +*, /+'(*0$ ;%/% 0(<%* + /%4+/7+V#K 3/(%*,#K $%*,H)33
VK ^/%%*)&7 3)#79 M-% V/(%3%$' )3 )33(&(+# ",4(/+#'K &)442*(12q$ $+(,J
Z: +$.='* #1 QR=#)& 9*0(#+'*( 7'*' 2)+6'6 2)(& +0%"& )& ) I/#&&0("
9#*&, &"' *'($2& #1 *'/'+& +)5)2 #9'*)&0#+(8
Z!"' /*'7 7'*' =*#$%"& 0+ =- &7# 6'(&*#-'*(, 7"0/" ='*&"'6 )& &"'
7")*1 )2#+%(06' ')/" #&"'*8 >"'+ &"' 9*0(#+'*( 7'+& 6#7+ &"'
%)+%7)- &"'- 7'*' /"''*'6 =- &"' ()02#*( 7"# 20+'6 &"' *)02( )+6 6'/?(
#1 &"' 7)*("09(8 D+' 20&&2' 1)0*"')6'6 C'*.)+, ) 12$'+& O+%20(" (9')?'*
7"# .)6' "0.('21 9#9$2)* 70&" "0( /)9&#*(, 7)( %*''&'6 =- &"' A*0&0("
()02#*( )( SA2#+60'M )+6 %05'+ ) (9'/0)2 /"''*8
Z!"' QR=#)& /#..)+6'* T5%/*%/ _)''U, ) (&*#+%2-R=$02& -#$+%
.)+, 7)( &"' 2)(& &# %# )("#*' )+6 )( "' (&'99'6 )/*#(( &"' %)+%7)-
&"'*' 7)( /2)990+% )+6 /"''*0+%8 :+ #110/'* 0+ /")*%' #1 &"' .020&)*-
)*.'6 %$)*6 #+ &"' V$)- *'.)*?'6 &# "0., S4 ($99#(' -#$ 7022 =' %2)6
&# =' #$& #1 0&,M )+6 &"' C'*.)+ *'920'6, SW'(8M
ZA'1#*' 2)+60+% &"' ($=.)*0+' /#..)+6'* ("##? ")+6( 70&" &"'
#110/'*( #1 &"' 7)*("098 N0%)*'&&'( 7'*' 60(&*0=$&'6 &# &"' 9*0(#+'*( =-
A*0&0(" ()02#*(8 :( &"' C'*.)+( 6*#5' )7)- 0+ .#&#* =$('( &# )+
@I
0+&'*+.'+& /).9 &"'*' 7)( .#*' /"''*0+% )+6 &"' .'.='*( #1 &"' QR
=#)& /*'7, 7"# 7'*' )22 (/)+&02- )&&0*'6, *'920'6 =- 7)50+% &"'0*
")+6(8] M-% &/%; )3 GHIR ;%/% '/+*$.)/'%, VK '/+(* ') _)*,)* )* '-%
*(0-' )3 SHI F%&%4V%/ @TIT9
5(*$')* E-2/&-(## 4+,% 4+*K <($('$ ') ^/%%*)&7 ,2/(*0 '-% ;+/9
A'-%/ ,($'(*02($-%, ,(0*('+/(%$ ;-) &+4% ') '-% ');* (*,%, e(*0
^%)/0% h? +*, O2%%* D#(c+V%'-[ ^%*%/+# ,% ^+2##% +*, )'-%/ 4%4V%/$
)3 V)'- '-% X/('($- +*, B)/;%0(+* C)K+# N+4(#(%$9 X/('($- &%#%V/('(%$ )3
'-% ,+K $2&- +$ ^/+&(% N(%#,$ +*, a+//K _+2,%/ 4+,% .2V#(&
+..%+/+*&%$9 _+'%/[ a)##K;)), $'+/$ F)20#+$ N+(/V+*7$ j/9 +*, C)V%/'
`)*'0)4%/K $%/<(*0 (* '-% G969 B+<K &+4% ') ^/%%*)&79
5-%* '-% ,%&($()* ;+$ 4+,% %+/#K (* '-% ;+/ ') /%#)&+'% X/('+(*8$
0)#, /%$%/<%$ !A.%/+'()* N($-: )*% )3 '-% &)*$(0*4%*'$ ;+$ '/+*$.)/'%,
') ^/%%*)&7 ;-%/% (' ;+$ #)+,%, )*') a`6 E'5'+%' 3)/ /%4)<+# ')
a+#(3+> (* E+*+,+9 6%&2/('K ;+$ %>'/%4%#K '(0-' (* '-% j2#K )3 @TPY9
X)>%$ &)*'+(*(*0 %('-%/ 3)2/ 0)#, V+/$ )/ V+0$ )3 &)(*$ +//(<%, (*
^/%%*)&7 -+/V)2/ (* /+(#;+K V)> ;+0)*$9 A*% *+<+# )33(&%/ &-%&7%,
'-% V)>%$ &)4(*0 )33 '-% ;+0)*$ ;-(#% +*)'-%/ &-%&7%, '-%4 0)(*0
(*') '-% V)+'9 " '-(/, )33(&%/ &-%&7%, '-%4 V%(*0 #);%/%, ') '-% V)4V
/))4 +*, + 3)2/'- &-%&7%, '-%4 +//(<(*0 (* '-% /))49 M-% ./)&%,2/%
;+$ /%<%/$%, (* a+#(3+>9
XK 3+/ '-% V(00%$' $')/K )3 '-% ;+/ (* '-% #)&+#('K ;+$ '-% V#('c )*
^/%%*)&7 +*, ,($'/(&' )* '-% *(0-'$ )3 R[ Q +*, W `+K @TP@9 M-% ');*$
(* ;-+' ($ *); ?*<%/&#K,% $233%/%, +#4)$' @[YYY &+$2+#'(%$[ (*,(*0
*%+/#K IYY ,%+,9 X%';%%* L[YYY +*, @Y[YYY -)2$%$ ;%/% ,%$'/)K%, )/
,+4+0%,9 ?*,2$'/(+# &%*'/%$ ;%/% ,%&(4+'%,[ (*,(*0 '-% ,%$'/2&'()*
)3 + ,($'(##%/K $')/(*0 '-)2$+*,$ )3 0+##)*$ )3 (*,2$'/(+# +#&)-)#9
M-% V+*7$ )3 '-% E#K,% ;%/% '-% V(/'-.#+&% )3 + 0/%+' +/4+,+ )3
$-(.$9 6-(.V2(#,(*0 K+/,$ #('%/+##K #(*%, '-% /(<%/9 M-% C)K+# B+<K -+,
$%&2/% +*, 3)/4(,+V#% V+$%$ -%/%9 M-% E#K,% %&-)%, ') '-% *)($% )3
/(<%'(*0 +*, 4%'+# 3)/0(*09 M-% <%/K +(/ ;+$ +&/(, ;('- ;%#,(*0 324%$
+*, ,(%$%# %>-+2$'$ 3/)4 '-% -)$' )3 $4+## <%$$%#$ %*0+0%, (* $%/<(&(*0
'-% 3/+*'(&+##K V2$K $-(.V2(#,(*0 (*,2$'/K9 5-(#% )2' (* ./)'%&'%,
+*&-)/+0% +/%+$ $-(.$ ;%/% 4+/$-+##%, ')0%'-%/ (* ./%.+/+'()* 3)/ '-%(/
*%>' ,+*0%/)2$ f)2/*%K9
A* SP 6%.'%4V%/ @TIT[ f2$' '-/%% ;%%7$ +3'%/ '-% &)44%*&%4%*'
)3 -)$'(#('(%$[ '-% ",4(/+#'K /%12($('()*%, '-% E#K,% 6'%+4%/$ 3)/ ;+/
$%/<(&%9 M-% '2/V(*%$ P0+% O67)*6, P0+% C'#*%' X +*, '-% Y$/"'(( #1
G).02&#+ +*, '-% .+,,#%/$ >)5'*2'-, J')++0' Y')+(, <'*/$*-, J$+#,
J$90&'*, N)2'6#+0), Y$/"'(( #1 Z01', Y$/"'(( #1 E#&"'()-, F$''+
O.9*'(( +*, O)%2' 444 ;%/% +## ;('-,/+;* 3/)4 $+(#(*0$[ #%+<(*0 )*#K
@P
@
A'1'"2(")='* 6'* Q+&'*(''=##&' E)44+*,%/H(*HE-(%3 3)/ $2V4+/(*%$[ e+/# Fm*('c
3/)4 @T 6%.'%4V%/ @TIT!
S
M-% 3+4(#(+/($+'()* <($(' 3)/ + GHV)+' &/%; )* '-% &)*$'/2&'()* )3 '-% <%$$%#U(' '))7
.#+&% QHL ;%%7$ V%3)/% &)4.#%'()* 2*,%/ '-% $2.%/<($()* )3 '-% e_" !'-%
e/(%0$$-(3'V+*,%-/+V'%(#2*0U;+/$-(. &)*$'/2&'()* '/+(*(*0 ,%'+&-4%*':9
@W
%>.%/(%*&% (* + $.+&% @PS 3%%' #)*0 +*, + 4%/% @Y 3%%' ;(,%[ &)4.+/%,
;('- '-% GHV)+'8$ S@Y VK @T 3%%' )2'%/ $-%##9
M-% RYYH')* GHV)+' ;+$ #+2*&-%, )* @@ j2*% @TIQ9 GHII ;+$
&)44($$()*%, VK e.#' A'')-%(*/(&- j2*7%/ )* SR j2#K @TIQ +*,
3)/4+##K +$$(0*%, ') ^%/4+*KHV+$%, GHN#)''(##% Z6+#'c;%,%#] +'
5(#-%#4$-+<%* +$ + 3/)*'#(*% V)+' 3/)4 '-+' ,+'% 2*'(# I@ F%&%4V%/
@TIT9
j2*7%/[ V)/* @S j2#K @TYR (* N/%(V2/0 (4 X/%($0+2[ f)(*%, '-%
^%/4+* B+<K (* @TSP9 a% &)44+*,%, GHII 2*'(# S j2*% @TIW %>&%.'
3)/ + 3)2/H;%%7 .%/(), 3/)4 S@ B)<%4V%/ ') SY F%&%4V%/ @TIQ ;-%*
e.#' e2/' N/%(;+#, '))7 '-% -%#49 N/%(;+#, /%$24%, &)44+*, 3)/
$%<%* ;%%7$ 3/)4 j2*% @TIW V%3)/%
j2*7%/ )*&% 4)/% '))7 )<%/ '-% .)$' )3
E)44+*,(*0 A33(&%/[ /%4+(*(*0 (*
&-+/0% 2*'(# ST A&')V%/ @TIL9 j2*7%/
'-%* .+$$%, &)44+*, )3 GHII ') e.#'
a+*$H5(#-%#4 <)* F/%$7K[ '-% 4+*
;-) ;)2#, V% +' '-% -%#4 )* GHII8$
*(0-' )3 ,($+$'%/ (* N%V/2+/K @TPY9
h)* F/%$7K ;+$ V)/* (* a+##% +*
,%/ 6++#% SW j+*2+/K @TYL9 a% f)(*%,
'-% e/(%0$4+/(*% (* @TST[ $%/<(*0 +$
5+'&- A33(&%/ )* GHSY V%';%%*
N%V/2+/K @TIQ +*, 6%.'%4V%/ @TIW9
a% '-%* '))7 &)44+*, )3 '-% $4+##
u,2&7u GHP )* IY 6%.' @TIW9 a% ;+$
./)4)'%, ') e+.('l*#%2'*+*' )* @
"202$' @TIL9 e.#' a+*$H5(#-%#4 <)* F/%$7K
A<%/ + *(*%H4)*'- .%/(), <)* F/%$7K #%, '-% &/%; )3 GHII (*
&)*'(*2+# ./+&'(&% /2*$[ (*,(*0 '/(44(*0 ./+&'(&%$[ V+#+*&(*0 '-%
V)+'[ /+,() +*, ')/.%,) ,/(##$ +*, +*'(H+(/&/+3' ./)&%,2/%9
A* @T "202$' @TIT GHII ;%*' ') ;+/9 6-% $%' )2' 3/)4 -%/ -)4%H
.)/' )* ;-+' ;+$ ') V% '-% 3(/$' ;+/ .+'/)# 3)/ +## )* V)+/,[ (*,(*0
<)* F/%$7K9 6-% ./)&%%,%, ') +* ).%/+'()*+# +/%+ $)2'-;%$' )3 ?/%#+*,9
B(*% ,+K$ #+'%/ GHII /%+&-%, '-% 5%$'%/* "../)+&-%$ ;-%/% $-%
;+('%, ') /%&%(<% *%;$ )3 '-% &)44%*&%4%*' )3 -)$'(#('(%$ ;('-
D*0#+*, +*, N/+*&%9
"' @PJRR ^`MI )* W 6%.'%4V%/ GHII 3)2*, + X/('($- <%$$%#[ '-%
$'%+4%/ 66 D205'%*#5' !P[YQY ')*$:[ PSY 4(#%$ $)2'-;%$' )3 _+*,8$ D*,
I
"## '(4%$ )3 '-% &#)&7 /%.)/'%, '-/)20-)2' '-($ V))7 +/% %>./%$$%, +$ ^`M9
@L
(* '-% "'#+*'(& +*, $2*7 -%/ ;('- + ')/.%,)9 M-% D205'%*#5' ;+$ $+(#(*0
(*,%.%*,%*'#K 3/)4 =2%/') =+,/%[ E2V+[ ') _)*,)* ;('- P[RYY ')*$ )3
$20+/9 6-% $+*7 +' .)$('()* PTJYRB @RJRL59 M-% &/%; +V+*,)*%, $-(.
(* ';) #(3%V)+'$9
h)* F/%$7K8$ $2V$%12%*' +&'()*$ $-);%, -(4 ') V% + &-(<+#/)2$
3)%9 a% V/)20-' D205'%*#5'M( 4+$'%/ E+.'+(* j+4%$ X+/*%'$)* )* V)+/,
GHII 3)/ 12%$'()*(*09 "3'%/ V%(*0 /%'2/*%, ') '-% #(3%V)+' X+/*%'$)*
,%&(,%, ') -%+, 3)/ N+$'*%'[ ;-(&- ;+$ +#4)$' IYY 4(#%$ +;+K9 h)*
F/%$7K &)2/'%)2$#K $%*' + /+,() 4%$$+0% ') '-% SP[SLTH')* "4%/(&+*
#(*%/ 66 >)("0+%&#+[ 0(<(*0 '-% .)$('()* )3 '-% #(3%V)+'$8 F2/(*0 '-%
*(*% -)2/$ (' '))7 3)/ '-% $-(. ') +//(<% )* '-% $&%*% GHII $#);#K &(/&#%,
'-% ';) V)+'$ +*, +&'2+##K 3(/%, h%/K #(0-'$ ') 02(,% '-% >)("0+%&#+ ')
'-% $&%*% V%3)/% $+(#(*0 )33 ') '-% ;%$'9 M-% $2/<(<)/$ ;%/% #+*,%, +'
6)2'-+4.')* )* T 6%.'%4V%/ @TIT9
"' YQJYY )* @Q 6%.'%4V%/ '-% @[RQWH')* X/('($- $'%+4%/ 66
:*?2'(06' !64('-[ a)00 E)9 _',9[ 5%$' a+/'#%.))#: ;+$ $'%+4(*0 3/)4
'-% MK*% ') ^(V/+#'+/ ;('- S[RYY ')*$ )3 &)+# +*, &)7% ;-%* GHII $%*'
-%/ ') '-% V)'')49 h)* F/%$7K $+*7 -%/ ;('- 02*3(/% )33 '-% 6&(##K ?$#%$[
@RY 4(#%$ $)2'-;%$' 3/)4 _+*,8$ D*, +' .)$('()* PLJYYB YTJIY59 M;)
N/%*&- 3($-(*0 $4+&7$ /%$&2%, '-% 4+$'%/ E+.'+(* C)V%/' 5(##(+4
D,4)*,$)* +*, -($ &/%; +*, #+*,%, '-%4 +' E)*&+/%+2 QY 4(#%$ $)2'-
)3 G$-+*'9
h)* F/%$7K /%.%+'%, '-($ .%/3)/4+*&% )* SP 6%.'%4V%/9 GHII ;+$
$)2'- )3 '-% N+/)% ?$#%$ +*, 4+7(*0 -%/ ;+K -)4% ;-%* $-% $+*7 '-%
SLWH')* N#%%';)), 3($-(*0 <%$$%# N)26'7 VK 02*3(/% +' YWJYY +'
.)$('()* QYJPWB YQJSY59 M-% &/%; )3 '-% N)26'7 ;+$ #+'%/ .(&7%, 2.
VK '-% 6;%,($- $'%+4%/ P*#+9*0+('(()+ <)*%)*'&)9 !M-% $'%+4%/ ;+$
$2V$%12%*'#K (*'%/&%.'%, VK '-% ^%/4+* ,%$'/)K%/ Z*0'6*0/" 4"+ +*, '-%
&/%; #+*,%, +' e(%#9:
GHII '-%* 4+,% + '/(24.-+*' /%'2/* ') 5(#-%#4$-+<%* )* SL
6%.'%4V%/ @TIT +*, ;+$ <($('%, VK *) #%$$ + h9?9=9 '-+* ",)#3 a('#%/[ +
&#%+/ (*,(&+'()* )3 '-% $2&&%$$ )3 '-%(/ 3(/$' ;+/'(4% .+'/)# +*, )3 '-%
-(0- %$'%%4 (* ;-(&- %#('% GHV)+' &/%;$ ;%/% -%#, VK '-% B+c(
#%+,%/$-(.9 ?* &)44%*,+'()* @Y ?/)* E/)$$%$ S*, E#+$$ ;%/% +;+/,%,9
E+//K(*0 ';%#<% M`X 4(*%$ +*, $(> ')/.%,)%$[ GHII ,%.+/'%,
5(#-%#4$-+<%* ;('- <)* F/%$7K )* ST A&')V%/ 3)/ ('$ $%&)*,
%>&2/$()* +*, $+(#%, 3)/ + 4(*%#+K(*0 ).%/+'()* (* '-% X/($')# E-+**%#
+/%+[ '/+<%##(*0 <(+ '-% *)/'- )3 6&)'#+*,9
a);%<%/ )* '-% )2'V)2*, <)K+0% +&/)$$ '-% B)/'- 6%+ V)'- ,(%$%#
%*0(*%$ V/)7% ,);* +*, GHII -+, ') #(% )* '-% $%+V%, 3)/ '-/%% ,+K$
;-(#% %*0(*%%/$ 4+,% /%.+(/$9 A*% &/%;4+* #+'%/ /%4+/7%, '-+' '-%
@T
V)+' ;+$ *)' /%+##K $%+;)/'-K +*, '-+' '-% 4%* ;%/% *%/<)2$[ $) 42&-
$) '-+' 4+*K )3 '-%4 ;%/% /%#2&'+*' ') 0) V+&7 ') $%+ (* -%/9
" 4(*% #+(, VK GHII +/)2*, '-($ '(4% $+*7 '-% S[PWIH')* X/('($-
$'%+4%/ I&)+"#2.' !%> C#2'&)[ 6'+*-).% 6'%+4$-(. E)9 _',: +' YQJPR
)* E-/($'4+$ F+K9 6-% ;+$ $+(#(*0 3/)4 E+/,(33 ') _)*,)* ;('- P[IYY
')*$ )3 &)+# +*, $+*7 (* 0/(, "`TTPW[ .)$('()* R@JSYB YIJIT59 M-%
I[YQLH')* B)/;%0(+* <%$$%# K05 /%$&2%, '-% 4+$'%/ E+.'+(* F+<(,
_#%;%##K* a))7 +*, %#%<%* 4%* +*, #+*,%, '-%4 +' E+/,(339 M;%#<%
&/%;4%* ;%/% #)$'9
M-% 3(*+# ')## )3 GHII8$ S*, .+'/)# &+4% +' @RJ@T )* @Q j+*2+/K
@TPY ;-%* '-% T[PRQH')* X/('($- 4)')/ '+*7%/ 4+5'*6)*%2' !?*<%/
M+*7%/$ _',9[ _(33%K M/+*$.)/' i M/+,(*0 E)9 _',9: ,%')*+'%, )*% )3 GH
II8$ 4(*%$ $)2'-;%$' )3 B+$- =)(*' (* '-% X/($')# E-+**%#9 6-% ;+$ )*
.+$$+0% 3/)4 M/(*(,+, 3)/ "<)*4)2'- <(+ a+#(3+> !B)<+ 6&)'(+: ;('-
@S[RRP ')*$ )3 +<(+'()* $.(/(' +*, $+*7 +'
.)$('()* R@J@QB YIJPI59 M-% 4+$'%/
E+.'+(* D<+* `2/,)&7 67%##K[ )*% CB
^2**%/ +*, 3)/'K )3 '-% &/%; ;%/% #)$'9
5-(#% +' $%+ <)* F/%$7K /%&%(<%, +
$(0*+# !?*$'/2&'()* B24V%/ @RP: $%*' VK
",4(/+# Fm*('c ') +## GHV)+'
E)44+*,%/$9 ?' $'+'%,J ZE'(/$' +# #+'
)+6 &)?' +# #+' 70&" -#$8 G)5' +# /)*'
1#* &"' ("09(M =#)&(8 >')&"'* /#+60&0#+(
).6 9*#[0.0&- #1 2)+6 0( #1 +# )//#$+&8
N)*' #+2- 1#* -#$* #7+ =#)& )+6 (&*05'
&# )/"0'5' &"' +'[& ($//'(( )( (##+ )(
9#((0=2'8 >' .$(& =' ")*6 0+ &"0( 7)*8
!"' '+'.- (&)*&'6 &"0( 7)* 0+ #*6'* &#
6'&*#- $(, &"'*'1#*' +#&"0+% '2('
.)&&'*(8\ ",4(/+# e+/# Fm*('c (* @TPI
M-% 2*&)4./)4($(*0 ')*% )3 Fm*('c8$ &)44+*, $(0*+# ,)%$ *)'
$12+/% #)0(&+##K ;('- <)* F/%$7K8$ 0%*'#%4+*#K +&'()*$ (* +$$($'(*0 '-%
&+.'+(* +*, &/%; )3 '-% D205'%*#5' ,2/(*0 GHII8$ 3(/$' .+'/)#[ + 7(*,#K
,%%, '-+' ,(, *)' +..%+/ ') -+<% %<)7%, -(0-%/ #%<%# &/('(&($49 B)/ ,)%$
(' $(' &)43)/'+V#K +#)*0$(,% '-% Nr-/%/ ,(/%&'(<% )3 A&')V%/ @TIT
!/%<(%;%, (* E-+.'%/ S:[ ;-(&- 3)/V+,% '-% (*3#(&'(*0 )3 &(<(#(+*
&+$2+#'(%$ ,2/(*0 +''+&7$ 4+,% )* a`6 G##69 A*% 4(0-' ,/+; '-%
&)*$()* '-+' 02*0H-) $(0*+#$ $2&- +$ Fm*('c8$ ;%/% +* )33(&(+#
/%12(/%4%*' (* + .%/(), )3 ;+/'(4% &)*3#(&' V2' '-+'[ (* ./+&'(&%[ + #%$$
V)4V+$'(& #(*% ./%<+(#%,[ +' #%+$' (* '-% ;+/8$ %+/#K $'+0%$9
SY
"3'%/ #+K(*0 -($ 4(*%$ <)* F/%$7K $%+/&-%, 3)/ ')/.%,) +*, 02*H
'+/0%'$9 A* SY B)<%4V%/ GHII $+*7 '-/%% N#%%';)), $'%+4 '/+;#%/$ VK
02*3(/%J '-% SWQH')* !"#.)( G)+?0+( +' @IJIY[ @P 4(#%$ *)/'-;%$' )3
M)/K ?$#+*,[ +## )3 '-% &/%; ;%/% $+<%,n '-% SRYH')* Y'29"0+' +' @RJYY[
@L 4(#%$ *)/'-%+$' )3 M)/K ?$#+*, ;('- *) &+$2+#'(%$n +*, '-% ISTH')*
I') I7''9'* +' @QJYR[ SR 4(#%$ *)/'-;%$' )3 M)/K ?$#+*,[ *) &+$2+#'(%$9
M;) 4)/% N#%%';)), V)+'$ ;%/% $2*7 ;('- 02*3(/% '-% *%>'
4)/*(*0[ M2%$,+K S@ B)<%4V%/[ WR 4(#%$ *)/'-;%$' )3 C+'-#(* ?$#+*,J
'-% SLWH')* I$2=- +' YWJIY ;('- '-% #)$$ )3 '-% 3(<% &/%;4%* +*, '-%
SWQH')* >0220). G$.9"*0'( $2*7 +' YLJSY9 _#)K,8$ 5+/ _)$$%$ $'+'%
'-+' '-(/'%%* &/%;4%* ;%/% #)$'9
D<%* )* -%/ ;+K -)4% )* SI B)<%4V%/[ *)/'-;%$' )3 '-% A/7*%K$[
3+'% -+*,%, GHII + .+/'(*0 0(3' (* '-% $-+.% )3 + ^%/4+* $'%+4%/J '-%
I[QWYH')* A#*?$. !B)/,,%2'$&-%/ _#)K,:9 M-% $-(. -+, V%%* )*
.+$$+0% 3/)4 C)$+/() 3)/ a+4V2/0 ;('- 0/+(* ;-%* '-% X/('($-
&+.'2/%, -%/ )* '-% @W'-9 " ./(c% &/%; ;+$ '+7(*0 -%/ ') e(/7;+## (* '-%
A/7*%K$9 GHII %*&)2*'%/%, '-% A#*?$. +' @PJIY *)/'-;%$' )3 '-%
($#+*,$ +' .)$('()* RTJIIB YIJRW59 =/%$24+V#K V%#(%<(*0 (' ') V%
2*)&&2.(%,[ GHII ')/.%,)%, +*, $-%##%, '-% A#*?$. ;-(&-
*%<%/'-%#%$$ 4+,% (' ') =+.+ 6)2*, ';) ,+K$ #+'%/ ;-%/% (' ;+$ V%+&-%,
+*, ;/(''%* )339 G*7*);* ') <)* F/%$7K GHII8$ +''+&7 7(##%, 3(<%
&+.'(<% ^%/4+* $+(#)/$ ;-) ;%/% )* V)+/,9 !A* @L "202$' @TPY '-%
<%$$%# ;+$ /%H3#)+'%,[ ');%, ') C)$K'- +*, V/)7%* 2.9:
GHII 4+,% -%/ ;+K -)4% '-/)20- N+(/ ?$#% E-+**%#[ +//(<(*0 +'
5(#-%#4$-+<%* )* '-% SQ B)<%4V%/ @TIT9 Fm*('c &)44%*,%, <)*
F/%$7K 3)/ + Z;%## &)*,2&'%, .+'/)#9]
M-% ,%$(0* ./)V#%4$ ;('- GHII8$ ,(%$%#$ 4%+*' $-% -+, ') V%
/%'2/*%, ') ^%/4+*(+ 5%/3' 3)/ +* )<%/-+2# +*, '-% &/%; ;%*' -)4% )*
;%##H,%$%/<%, #%+<%9 GHII 3)/4+##K '/+*$3%//%, ') 6+#c;%,%# N#)'(##%
!S9GHN#)'(##%:[ 5(#-%#4$-+<%*[ )* @ j+*2+/K @TPY +$ + 3/)*'#(*% V)+'9
M-% )33(&(+# /%.)/'$ )3 GHII8$ ,%.+/'2/% 3/)4 5(#-%#4$-+<%* )*
`)*,+K R N%V/2+/K @TPY 3)/ -%/ I/, !+*, 3(*+#: .+'/)# /%&)/, '-+'
",4(/+# Fm*('c 4+,% + .)(*' )3 V%(*0 )* -+*, ') V(, '-% $2V4+/(*%8$
E+.'+(* +*, &/%; + .%/$)*+# ZV)* <)K+0%9] 5% *); 7*); '-+' '-($
,%$&/(.'()* )3 %<%*'$ ($ ,/+4+'(&+##K (*&)//%&'9
`+> 6&-(##%/[ +' %(0-'%%* K%+/$ )3 +0% GHII8$ K)2*0%$'
&/%;4%4V%/ (* N%V/2+/K @TPY[ ')#, 6&)''($- /%$%+/&-%/ F+<(, a%*,/K
'-+' Fm*('c &+4% ') 5(#-%#4$-+<%* 3)/ )*% /%+$)* )*#KU') '/K ') (	
GHII8$ ,%.+/'2/%9 M-% +,4(/+# ;+$ 3%+/32# 3)/ GHII8$ $+3%'K )* +
4($$()* '-+' -% -+, *)' $+*&'()*%,9 ?*,%%,[ Fm*('c $'+'%, (* -($
4%4)(/$J Z:& 10*(& &"' 06') #1 &"$( #9'*)&0+% 0+ &"' 5'*- ])7( #1 &"'
S@
+' +V)2' @[IYY 3%%'[ '-/%% 4(#%$ ,($'+*'[ &+2$(*0 GHII ') $2V4%/0% ')
.%/($&).% ,%.'-9 A*% )3 '-% =%''K A33(&%/$ $'+'%, '-+' ,2/(*0 '-%
4)/*(*0 ';) ')/.%,)%$ ;%/% 3(/%, +' '-% GHV)+' V2' +$ *) $2/3+&% &/+3'
&)2#, V% $%%* -% &)*,%, '-+' + X/('($- $2V4+/(*% 42$' -+<% V%%* (*
'-% <(&(*('K9
F%$.('% $'%%/(*0 &#%+/ )3 E+.% 5/+'- )33 '-% B)/'- a(0-#+*,$
&)+$'[ GHII %*&)2*'%/%, + 4)2*'(*0 0+#% ') '-% ;%$'9 5-%* '-% $')/4
/%+&-%, N)/&% D(0-' <)* F/%$7K /%#2&'+*'#K 0+<% '-% )/,%/ ') ,(<% ')
&+#4%/ ;+'%/ V%#);9
A* 62*,+K '-% @@'- <)* F/%$7K $2/3+&%, ') '+7% + $'+/H$(0-' ')
&)//%&' GHII8$ .)$('()*9 M-% $'+/H$(0-' /%<%+#%, '-+' '-% 3)2# ;%+'-%/
-+, ;)/7%, (* GHII8$ 3+<)2/9 ^/+'%32##K[ <)* F/%$7K 3)2*, '-% V)+' ')
V% '%* 4(#%$ &#)$%/ ') '-% ?$#% )3 `2## '-+* %>.%&'%,9
h)* F/%$7K $.)7% )3 -($ .#+* ') E-(%3 D*0(*%%/ !e.#': N/(%,/(&-H
D/*$' 6&-(##(*0[ + $%&)*, %*0(*%%/ )* V)+/, 3)/ '/+(*(*0 ') 4%%'
Fm*('c8$ /%12(/%4%*' '-+' +## -($ $2V4+/(*%/$ $-)2#, 12(&7#K %>.%/(%*&%
;+/ .+'/)#$9 6&-(##(*0 $2V$%12%*'#K ')#, -($ (*'%//)0+')/$ '-+' <)*
F/%$7K8$ .#+* ;+$ ') %*$2/% '-+' GHII ;+$ (* '-% ).'(424 '+&'(&+#
.)$('()* V%3)/% $2*/($% )* '-% @S'-9 a% ;)2#, '-%* $2V4%/0% +*, #+K GH
II )* '-% $%+V%, 2*'(# '-% /%#+'(<% $+3%'K )3 '-% %<%*(*09 M-% V)+' ;)2#,
'-%* $2/3+&% +*, #+K ('$ 4(*%$ )* 62*,+K %<%*(*0 +*, %+/#K `)*,+K
4)/*(*0 ;-(#% ./)&%%,(*0 )* ('$ %#%&'/(& 4)')/$9 A* '-($ /%&7)*(*0[ GH
II ;)2#, '-%* 4+7% + ,+$- (*') '-% ).%* "'#+*'(& +*, V% (* /%#+'(<%
$+3%'K V%3)/% ,+;* )* M2%$,+K '-% @I'-9
67(/'(*0 ;%$' )3 '-% a%V/(,%$ GHII ./)&%%,%, ,);* V2' ;%## +;+K
3/)4 '-% 6&)''($- &)+$'[ 4+7(*0 -%/ ;+K (*') '-% B)/'- E-+**%#
V%';%%* 6&)'#+*, +*, ?/%#+*,[ '-% 0+'%;+K ') '-% E#K,% D$'2+/K9
GHII V)'')4%, 3)/ 3(<% -)2/$ +' *))*[ /%4)<(*0 3)2/ ')/.%,)%$
+*, /%#)+,(*0 ;('- %(0-' M`E 4(*%$9 M`E 4(*%$ -+, V%%* V/)20-' (*
') /%.#+&% '-% #%$$ %33(&(%*' M`X 4(*% +' '-% %*, )3 @TIT9 M-% M`X
4(*% -+, + #%*0'- )3 S9I@ 4%'/%$ +*, + ')'+# ;%(0-' )3 WPY709 M-% M`E
4(*% -+, + #%*0'- )3 I9IT 4%'/%$ +*, + ')'+# ;%(0-' )3 @[@@R709 M-%
3(/$' GHV)+' ') .+'/)# 2$(*0 M`E$ ;+$ GHIS9
GHII '-%* ./)&%%,%, ') -%/ 4(*%#+K(*0 +/%+ !;-(&- (*,%, '-%
*+//);%$' .+/' )3 '-% 3(/'- -+#3 + 4(#% $)2'- )3 '-% V))4: +$ 3+$' +$
.)$$(V#% )* '-% $2/3+&%9 M-% GHV)+' &/%.' (*') '-% N(/'- )3 E#K,% (* '-%
%+/#K -)2/$ )3 `)*,+K '-% @S'- +' .%/($&).% ,%.'-9
N)/ '-% &/%; (' ;+$ + *%/<%;/+&7(*0 +33+(/9 M-% N(/'- )3 E#K,%
$;+/4%, ;('- "o6 <%$$%#$[ $)4% )3 '-%4 %12(..%, ;('- $%+/&-#(0-'$9
62/<(<)/$ #+'%/ /%4+/7%, '-+' '-%/% ;%/% $) 4+*K $%+/&-#(0-'$ '-+' '-%
#+*,;+/, $(,% $%%4%, ') 0#); ;('- #(0-'9
SP
GHII -+, V%%* )/,%/%, ') 4(*% 3(/$'#K '-% +../)+&-%$ ') '-% E#K,%[
+* +/%+ ;-%/% 3+$' $-)+#(*0 ;+'%/ 4+,% '-(*0$ <%/K ,+*0%/)2$ 3)/ +
$2V4+/(*%9 B%<%/'-%#%$$[ <)* F/%$7K +*, -($ &/%; -+, $-);* 0/%+'
,%'%/4(*+'()* (* &+//K(*0 )2' '-%(/ ./%<()2$ ;+/ .+'/)#$9 M-%K -+,
$'/200#%, ') +,,/%$$ ,%3%&'$ (* '-% V)+'[ .%/$%<%/(*0 (* '-%(/ %33)/'$
/+'-%/ '-+* +V)/'(*0 4($$()*$ +*, /%'2/*(*0 -)4%9 M-%(/ +''%4.' ') 4(*%
'-% +/%+[ -+<(*0 ;/%$'#%, ;('- %*0(*% ./)V#%4$ +*, '-%* ).%/+'(*0 f2$'
3(<% 4(#%$ 3/)4 '-% 6&)''($- $-)/% $-);%, &)*$(,%/+V#% &)2/+0% +*,
/%$)2/&%32#*%$$9
M-% C)K+# B+<K ;+$ *)' ') V% &+20-' *+..(*0 +0+(* +*, &%/'+(*#K
*)' (* ('$ );* ZV+&7K+/,9] h)* F/%$7K ;)2#, -+<% ') V% %>'/%4%#K
$7(#32# (* &+//K(*0 )2' GHII8$ 4($$()* ;-(#% +<)(,(*0 ,%'%&'()*[
%$.%&(+##K (* ;+'%/$ ;-%/% '-% $2/3+&% ;+<%$ V/)7% )*#K IRHPY 4%'/%$
)<%/ '-% $%+V%,9 D$&+.% VK ,(<(*0 ,%%. ;+$ *)' +* +<+(#+V#% ).'()*[ +
3+&' '-+' 32/'-%/ (4.%/(##%, '-% $+3%'K )3 '-% )*HV)+/, D*(04+ &(.-%/
4+&-(*%9 h)* F/%$7K 42$' -+<% 7*);* '-+' '-% B+<K .+'/)#$ (* '-($
+/%+ ;%/% +00/%$$(<%[ <(0(#+*' +*, %>.%/(%*&%,9 B%<%/'-%#%$$[ -% -+, -($
)/,%/$ !3/)4 Fm*('c ') .#+*' 4(*%$ +' '-% X/('($- *+<+# V+$% (* '-% N(/'-
)3 E#K,% +*,[ VK 6&-(##%/8$ +&&)2*'[ 3/)4 a('#%/ ') .%/3)/4 )'-%/
2*$.%&(3(%, '+$7$:9
h)* F/%$7K ;)2#, -+<% V%%* +&2'%#K +;+/% '-+' Xr&-%# (* GHIS
-+, 3+(#%, + 3%; ;%%7$ %+/#(%/ ') &+//K )2' '-% $+4% 4($$()*[ ).'(*0 3)/
,($&/%'()* )<%/ <+#)2/ ;-%* -% -+, $%%* '-% <%/K #+/0% <)#24% )3 "o6
,%3%*&%$ (* '-% E#K,% "*&-)/+0%9 AV$%/<(*0 '-%$%[ Xr&-%# %#%&'%, ')
#+K -($ M`E 4+0*%'(& 4(*%$ (* ,%%.%/ ;+'%/[ +* +&' ;-(&- '/(00%/%, -($
&2/' ,($4($$+#9
5-+'%<%/ '-% &(/&24$'+*&%$ '-+' GHII 4(0-' %*&)2*'%/ (* ('$ N(/'-
)3 E#K,% 4($$()*[ /%./($(*0 Xr&-%#8$ .#+K$+3% +&'()* ;+$ *)' +4)*0 '-%
+<+(#+V#% ).'()*$ )* <)* F/%$7K8$ &-+/'$ '+V#%9 ?' ;+$ Z,) )/ ,(%9] h)*
F/%$7K ./%$$%, )* ;('- -($ 4($$()* +*,[ (* $) ,)(*0[ ;+$ ') 4%%' -($
*%4%$($ (* '-% $-+.% )3 a`6 C2')+'*[ + C)K+# B+<K 4(*%$;%%.%/
&)44+*,%, VK +* %12+##K ,%'%/4(*%, &+.'+(*9 `(*%#+K(*0 (* '-%
$%%4(*0#K (4./%0*+V#% M+(# )3 '-% X+*7[ '-% #)&+# '%/4 3)/ '-% 2..%/
E#K,% "*&-)/+0% %*&)4.+$$(*0 ^)2/)&7[ ^/%%*)&7[ =)/' ^#+$0); +*,
^#+$0); ;+$ *)' '-% #%+$' )3 <)* F/%$7K8$ ).%/+'()*+# &)*$(,%/+'()*$9
a% ;+$ +#$) +&2'%#K 4(*,32# )3 '-% 0#+/(*0 3+&' '-+' '-% LI[QWIH')* #(*%/
C`6 F$''+ O20B)='&" ;+$ #K(*0 +' +*&-)/ 2./(<%/9
h)* F/%$7K ,(, *)' 7*); (' V2' '-% F$''+ O20B)='&" ;+$ ./%.+/(*0
3)/ + 3+$' ,+$- ') B%; d)/79 M-% C)K+# B+<K ;+$ 32##K +;+/% )3 -%/
./%$%*&% +*,[ %12+##K[ )3 ('$ ,2'K ') ./)'%&' '-($ <+#2+V#% $-(. 3)/ ;-(&-
+*K %*%4K $2V4+/(*% &)44+*,%/ ;)2#, 0(<% -($ %K% '%%'- ') $%*, ')
SR
'-% V)'')49 M-% C)K+# B+<K8$ 7%%* $%*$% )3 ,2'K ;+$ +#$) -%(0-'%*%,
VK '-% .+(*32# 4%4)/K )3 '-% ,%<%$'+'(*0 +''+&7 4+,% VK GHPW )* '-%
*+<+# V+$% +' 6&+.+ N#); (* A&')V%/ )3 '-% ./%<()2$ K%+/9
?* '-%$% %+/#K 4)/*(*0 -)2/$ )3 '-% @S'- (* '-% 3(/'- GHII $.)''%,
"(#$+ E/+(0 !Z=+,,K8$ `(#%$')*%]: )<%/ ') $'+/V)+/, f2$' V%3)/% +*
"'#+*'(& 0+#% 0+'-%/%, 4)4%*'24[ 4+7(*0 '-% ./)$.%&' )3 4(*%#+K(*0
,%%. (* %*%4K '%//(')/K -(0-#K .%/(#)2$9 5('- *)$% *); $2V4%/0%, +'
.%/($&).% ,%.'- (* '-% $)2'-%/* 4+; )3 '-% N(/'- )3 E#K,% GHII
+../)+&-%, '-% '(. )3 "//+*9
62,,%*#K[ '-% #))7)2'$ )* '-% V/(,0% $+; + $-(. %4%/0% 3/)4 '-%
,+/7*%$$9 ?' ;+$ &)4(*0 '-%(/ ;+K9 5('- + $(0- )3 /%#(%3 <)* F/%$7K
;+'&-%, +$ '-% V#+&7%, )2' <%$$%# .+$$%, '-%4 VK9
"$ YIJYY +../)+&-%,[ 6&-(##(*0[ #(7% -($ &/%;4+'%$ 2*+;+/% )3 '-%
3+$' +../)+&-(*0 '-/%+' 3/)4 C2')+'*[ 4+,% +* (*$.%&'()* )3 GHII +*,
'-%* ;%*' 2. ') '-% V/(,0%9 ?' ;+$ + ,+/7 *(0-'9 h($(V(#('K ;+$ .))/[ #%$$
'-+* LYY49 h)* F/%$7K ;+$ (* + 0)), 4)), +*, ')#, 6&-(##(*0 '-+' +'
Y@JYY '-% $2V -+, .+$$%, + #+/0% <%$$%#[ .)$$(V#K +* +*&-)/(*0 &/2($%/9
N/)4 /%4+/7$ 4+,% VK $2/<(<)/$ +3'%/ '-% $(*7(*0 )3 GHII <)*
F/%$7K8$ $-)/'H$(0-'%,*%$$ &)*<(*&%, -(4 -% -+, $%%* + &/2($%/ ;-%*
(* 3+&' (' -+, V%%* '-% C2')+'*[ ;-(&- -% -+, )V$%/<%, 3)/ $%<%/+# -)2/$
V%3)/% +''%4.'(*0 ') .+$$ -%/9 "&&)/,(*0#K[ <)* F/%$7K +$$24%, '-+'
'-% <%$$%# ;)2#, 0) VK +*, -%+, 3)/ ).%* ;+'%/$9
X2' )3 &)2/$% '-% Z&/2($%/] ,(, *)' 4)<% +;+K +*, *%/<%$ ;%/%
$'/%'&-%, '+2' ;-%* +' YIJIY + $%+/&-#(0-'H%12(..%, <%$$%# ;+$ $%%*
3/)4 GHII ') %4%/0% 3/)4 '-% 0#))4 +-%+,9 h)* F/%$7K $-)2'%,J
Z"#+/4g] +*, f24.%, ,);* 3/)4 '-% &)**(*0 ');%/9 M-% &/%; ./%.+/%,
3)/ +* %4%/0%*&K ,(<%9 5-%* '-% +#+/4 ;+$ &+##%, 6&-(##(*0 ;%*' V+&7
,);* V%#);9 _+'%/ 6&-(##(*0 /%&+##%, =+2# "*0%/[ GHII8$ &)>$;+(*[
$+K(*0 (* +* +0('+'%, 4+**%/J ZX%''%/ 0) +$ ,%%. +$ .)$$(V#% x&+2$% ?
/%&7)* '-%K -+<% 3)2*, 2$9] a);%<%/[ +' +' '-($ .)(*' '-% &+.'+(* +*,
&/%; )3 GHII ;%/% *)' &)4.#%'%#K &%/'+(* )3 ;-+' -+, +..%+/%, )2' )3
'-% ,+/7*%$$9
?* 3+&' '-% )*&)4(*0 <%$$%# ;+$ *)' + ,%$'/)K%/9 `)4%*'$ #+'%/ '-%
"65 .+'/)# V)+'[ '-% &)*<%/'%, $2/<%K)/ $-(. a`6 C2')+'* .+'/)##(*0
+ '/(+*02#+/ #(*% $)2'- )3 '-% ?$#% )3 "//+* ;('- '-% .+'/)# +.%> )* '-%
?$#+*, )3 =#+,,+[ ,%'%&'%, GHII +*, '2/*%, ('$ $%+/&-#(0-' )* '-% $2V[
;-(&- ;%*' ,);* ') .%/($&).% ,%.'-9
a`6 C2')+'*[ + a+#&K)* &#+$$ 4(*%$;%%.%/[ SPR 3%%' Q (*&-%$
)<%/+## ;('- + $'+*,+/, ,($.#+&%4%*' )3 L@R ')*$[ ;+$ + $#)). #+2*&-%,
(* @TIW +$ + $2/<%K(*0 <%$$%# +*, &)*<%/'%, ') + 4(*%$;%%.%/ (* @TIT
+/4%, ;('- ';) P] 02*$9 6-% +#$) &+//(%, 3)2/ SY44 02*$[ ';) _%;($
SQ
02*$ +*, 3)/'K ,%.'- &-+/0%$9 5-%* -%/ &)*<%/$()* ;+$ &)4.#%'%, $-%
;+$ $%*' ') f)(* '-% @$' "*'($2V4+/(*% 6'/(7(*0 N)/&% V+$%, (* X%#3+$'
+*, ).%/+'%, (* '-% B)/'-;%$'%/* "../)+&-%$ 2*,%/ '-% &)44+*, )3
_(%2'%*+*'HE)44+*,%/ a20- =%/&%<+# =/(&%[ C9B9 a%/ .+'/)#$ +#$)
/+*0%, +&/)$$ '-% ?/($- 6%+ V%';%%* X%#3+$' +*, _(<%/.))#[ + <('+# $%+H
#+*% 3)/ +##(%, <%$$%#$[ 4+7(*0 '-% "'#+*'(& &/)$$(*0 +* +/%+ )3
&)*$(,%/+V#% GHV)+' +&'(<('K9
?* B)<%4V%/ @TIT C2')+'* f)(*%, '-% S*, "*'(H62V4+/(*% 6'/(7(*0
N)/&% ).%/+'(*0 V%';%%* '-% E#K,% +*, _)&- D;%9 ?* j+*2+/K @TPY $-%
V%&+4% .+/' )3 '-% I/, "*'(H62V4+/(*% 6'/(7(*0 N)/&% &)*&%/*%, ;('-
'-% ./)'%&'()* )3 '-% N(/'- )3 E#K,% +*, ('$ +../)+&-%$9
?* _(%2'%*+*'HE)44+*,%/ =/(&% C2')+'* ;+$ +$$2/%, )3 +
&)44+*, VK +* %>.%/(%*&%, +*, $7(#32# &+.'+(*9 M-% $-(. &+//(%, +*
%12+##K %>.%/(%*&%, &/%; )3 %(0-'K ;-) -+, $.%*' '-%(/ ;+/ ') ,+'%
-2*'(*0 $2V4+/(*%$ (* '-%$% ;+'%/$ +*, ;-) ;%/% 32##K +;+/% )3 '-%
,+4+0% + GHV)+' &)2#, ,) (3 (' .%*%'/+'%, '-% E#K,%9 ?' ;+$ *)' 0)(*0 ')
-+..%* )* C2')+'*8$ ;+'&-9
" /%.)/' (* '-% I/#&&0(" Y)02- O[9*'(( )3 @L N%V/2+/K SYYY[ '-% ,+K
'-+' XXE 6&)'#+*, '%#%<($%, `+> 6&-(##%/8$ &)44%4)/+'()* )* a`6
N*#.'* VK "//+* 3)/ -($ 3+##%* V)+'4+'%$[ $'+'%, '-+' '-% C2')+'* -+,
V%%* $-+,);(*0 GHII 3)/ $%<%/+# ,+K$[ + 3+&' *)' ./%<()2$#K /%.)/'%,9 ?3
'-% &#+(4 ($ '/2% (' (*<('%$ $%/()2$ &)*$(,%/+'()* +$ ') '-% $)2/&% )3
C2')+'*8$ ./()/ (*'%##(0%*&%9 "$ ;% 4+7% $.%%, (*') '-% ,%%.%*(*0 '+#%
)3 GHII ;% $-+## $%% ;-K _(%2'%*+*'HE)44+*,%/ =/(&% 4+K -+<% V%%*
$) ;%## ./%.+/%, 3)/ '-% GHV)+'8$ +//(<+#9
A* '-% *(0-' )3 @@ N%V/2+/K @TPY C2')+'* ;+$ )/,%/%, ') 4+(*'+(*
A2'%/ =+'/)# (* '-% +../)+&-%$ ') '-% N(/'- )3 E#K,%[ (* .+/'(&2#+/ ') '-%
*)/'- +*, ;%$';+/, )3 "(#$+ E/+(09 "#$) ).%/+'(*0 (* '-% /%0()* ;%/%
a)4% N#%%' <%$$%#$ '-% V+''#%&/2($%/ G##6[ '-% V+''#%$-(. >)*(90&' +*,
'-% L'- F%$'/)K%/ N#)'(##+[ %+&- )3 ;-(&- -+, $+(#%, 3/)4 '-% E#K,% )* T
N%V/2+/K @TPY 3)/ ).%/+'()*$ (* '-% B)/'- 6%+ +*, ;)2#, /%'2/* ') '-%
E#K,% )* '-% @L'-9
F2/(*0 '-% $4+## -)2/$ )3 '-% @S'- C2')+'* ;+$ +V)2' -%/ V2$(*%$$
$%+/&-(*0 ,(#(0%*'#K 3)/ +*K %*%4K GHV)+' '-+' 4(0-' -+<% &/%.' (*')
-%/ .+'/)# +/%+9 ?' ;+$ + 'K.(&+##K &)#, ;(*'%/8$ *(0-' ;('- '-% ;(*,
#+$-(*0 '-% $2/3+&% )3 '-% $%+ (*') + $'/)*0 &-).[ $'(*0(*0 '-% 3+&%$ )3
'-% 4%* )* ;+'&- ;('- -+/, ,/(<(*0 02$'$ )3 /+(*9 ?' ;+$ '-% 7(*, )3
;%+'-%/ ;-%* 4%* ;($-%, '-%K ;%/% '2&7%, 2. ;+/4 (* '-%(/ V%,$9 ?'
;+$ +#$) '-% 7(*, )3 ;%+'-%/ ;-%* %<%/K 4+* $'/+(*%, -($ %K%$ ') ;+'&-
'-% ;+'%/ )* ,+/7 *(0-'$ +*, ;-%* .))/ <($(V(#('K 3+<)2/%, + ,%'%/4(*%,
%*%4K9
SW
_(%2'%*+*'HE)44+*,%/ =/(&% '-+' &)*'+&' -+, V%%* #)$'n '-% )Vf%&' ;+$
./)V+V#K )2' )3 /+*0%9 E)2/$% ;+$ $#(0-'#K +#'%/%, ') V/(*0 '-% '%##'+#%
-K,/).-)*% *)($%$ 4)/% ') '-% $'+/V)+/, $(,%9 C2')+'*8$ $.%%, ;+$
(*&/%+$%, ') @Q 7*)'$9
"' YSJRW C2')+'* 4+,% ('$ 3(/$' +$,(& &)*'+&' +' +V)2' I[YYY K+/,$[
2$(*0 -+*, '/+*$4($$()*9 M-% '+/0%' ;+$ &/)$$(*0 '-% V); 3/)4
$'+/V)+/, ') .)/' +' -(0- $.%%, +*, ;+$ '-%/%3)/% $2$.%&'%, )3 V%(*0 +
$2/3+&% <%$$%#9 C%+,% +#'%/%, &)2/$% ') &#)$% 2.)* '-% 2*7*);* &/+3'9
5-%* '-% V%+/(*0 )3 '-% '+/0%' -+, +#'%/%, ') RR ,%0/%%$ #%3' '-%
-K,/).-)*% %33%&' V%&+4% <%/K #)2, +*, ;+$ '-)20-' ') V% + ,(%$%#
%*0(*% 0(<(*0 +V)2' ';) ,($'(*&' Z')*7$] .%/ $%&)*,9 " &-%&7 )* '-%
C)K+# B+<K /%&)/,$ )3 +##(%, $2V4+/(*%$ )* ).%/+'()*$ (* -)4% ;+'%/$
(*,(&+'%, '-+' *)*% ;%/% (* '-% <(&(*('K9 =/(&% &)*,%, '-+' C2')+'*
-+, .(&7%, 2. '-% $)2*,$ )3 + GHV)+'9
?*('(+##K[ '-% $)2*, &+4% 3/)4 +$'%/* )* GHII8$ $'+/V)+/, $(,% +*,
'-%* &/)$$%, ') '-% .)/' V);9 C%+,% +#'%/%, &)2/$% ') (*'%/&%.' +*,
$.%%, ;+$ (*&/%+$%, 0/+,2+##K 2*'(# +' YIJ@Q '-% /+*0% ;+$ +V)2' I[SYY
K+/,$9 C2')+'* '-%* 4+(*'+(*%, ('$ (*&/%+$%, $.%%, )3 @Q 7*)'$9 M-%
$&/%;$ ;%/% +2,(V#% +' 4%,(24 $.%%, +$ '-% $-(. &/($$H&/)$$%, +/)2*,
#))7(*0 3)/ '-% GHV)+'9
"' YIJIY C2')+'*8$ $%+/&-#(0-'$ ;%/% $;('&-%, )* +*, .(&7%, )2' +
;-('% )Vf%&'[ ;-(&- &)2#, -+<% V%%* $./+K 4+,% VK + .%/($&).%
&)2/$(*0 '-/)20- '-% ;+<%$9 M-% )Vf%&' ,($+..%+/%, /+.(,#K9
" #(''#% #+'%/[ 3%+/(*0 '-% <%$$%# ;)2#, %$&+.%[ C2')+'* $-%%/%, )33
') .)/' ') V/(*0 '-% $%+/&-#(0-' ') V%+/9 "' +V)2' '-% $+4% '(4% '-% GH
V)+' 42$' -+<% '2/*%, ') $'+/V)+/, +$ '-% V%+/(*0 ,/%; +3' /+.(,#K9 M-%
$%+/&-#(0-' $;%.' /)2*, +*, )*&% +0+(* (##24(*+'%, +* )Vf%&' '-+'
#))7%, ;-('% +*, ;+$ .)$$(V#K '-% $./+K )3 + .%/($&).%9 ?' ,($+..%+/%,
+#4)$' +' )*&% V2' *)' V%3)/% C2')+'* -+, 0#(4.$%, + -2,,#% )3 3(02/%$
(* '-% &)**(*0 ');%/9 6%%(*0 C2')+'*8$ $%+/&-#(0-' $;%%.(*0 '-% ;+'%/[
'-% 4K).(& <)* F/%$7K ;+$ $'(## ;%(0-(*0 -($ 3(/$' (*$'(*&' '-+' $-% ;+$
+ -%+<K &/2($%/9
"' YIJIQ C2')+'*8$ ;-%%# ;+$ .2' )<%/ +*, '-% $-(. $;2*0 /+.(,#K
') $'+/V)+/, ') &#)$% '-% )Vf%&'[ '%#%0/+.-$ V%(*0 .2' ') 32## +-%+,9
C2')+'* '2/*%, ');+/,$ +3'%/ +&&2/+'%#K #)&+'(*0 '-% $2V4+/(*%[ ;-(&-
-+, *); 0)*% ');+/,$ '-% V)'')49
6&-(##%/ ')#, '-% XXE '-+' (* '-%$% 4)4%*'$ V%3)/% $2V4%/0(*0 -%
;+$ (* '-% &)**(*0 ');%/ )* #))7)2' ,2'K ;('- '-/%% )'-%/ $-(.4+'%$9
N)2/ .%).#% ;%/% *%%,%, (* '-% ');%/ V%&+2$% (* )/,%/ ') %*$2/% IQYH
,%0/%% +##H/)2*, )V$%/<+'()* '-% $%+$&+.% ;+$ ,(<(,%, (*') 12+/'%/$ +*,
%+&- .%/$)* ;+$ /%$.)*$(V#% 3)/ '-%(/ +##)''%, 12+/'%/9 M-% )33(&%/ (*
ST
3/)*' )3 6&-(##%/ $+; '-% $-+,); )3 $)4%'-(*09 ?' #%3' -($ 12+/'%/ +*, '-%
)33(&%/ -+*,%, '-% $-+,); ') `+> ;-) '/+&7%, (' 2*'(# -% /%.)/'%, ('$
,($+..%+/+*&% 3/)4 -($ $%&'()*9 M-% *%>' '-(*0 '-%K 7*%; ;+$ '-+'
C2')+'* ;+$ /(0-' V%-(*, '-%49 ?'$ #(0-' ;%*' )*9 M-% &)**(*0 ');%/
#))7)2'$ 4+,% ') ,+$- V%#); +*, GHII (44%,(+'%#K $2V4%/0%,9
M-% I/#&&0(" Y)02- <)02 )3 @L N%V/2+/K SYYY &+//(%, + $'+'%4%*'
/%.)/'%,#K 4+,% VK `+> 6&-(##%/ '-+' ;-%* '-($ )/,%/ ;+$ 0(<%* 3)/ GH
II ') $2V4%/0% '-%/% ;%/% f2$' $%&)*,$ +<+(#+V#% 3)/ '-% #))7)2' 4%* ')
&#+4V%/ V%#);9 6&-(##%/ $+(, -% 4+,% (' ,);* VK '-% $7(* )3 -($ '%%'-
V2' '-+' )'-%/ &)4.+*()*$ ;%/% *)' $) #2&7K9 M-%K ,/);*%, +' '-+'
$.)'9 M-($ +&&)2*' -(0-#(0-'$ + .+/'(&2#+/#K '/+0(& +$.%&' )3 '-% GHII
$')/K '-+' ,)%$ *)' +..%+/ ') -+<% V%%* /%&)/,%, (* -($')/(&+# ;)/7$
&)<%/(*0 '-% ').(&9
6&-(##(*0 +$7%, <)* F/%$7KJ Z5-+' ,%.'-b] M-% &)44+*,%/
/%.#(%,J Z^) ') PY49] 6&-(##(*0 ;+$ +0-+$'9 a% ;+*'%, ') 0) +$ ,%%. +$
.)$$(V#%9 M-% -%#4$4+* %>&#+(4%,J Za%8$ 0)' 2$g]
C2')+'* ;+$ )<%/ '-% '+/0%' +' YIJPY V%3)/% $233(&(%*' +$,(& ,+'+
-+, V%%* &)##%&'%, ') (*('(+'% + $2&&%$$32# +''+&79 =/(&% /+* +V)2' LYY
K+/,$ .+$' '-% $2V[ '2/*%,[ /%0+(*%, &)*'+&' +*, '-%* &+//(%, )2' +
,%#(V%/+'% +''+&7 +' YIJRI9 C2')+'* 3(>%, '-% $2V4+/(*% )* $)*+/ +*,
,/)..%, 3)2/ ,%.'- &-+/0%$9 M-%$% %>.#),%, ,(/%&'#K +V)2' SR 3%%'
+V)<% GHII[ ;-(&- -+, 0)' +$ 3+/ +$ WR 3%%'[ .)2*,(*0 '-% $2V +*,
&+2$(*0 $%<%/% #%+7(*09
F/)..(*0 '-% &-+/0%$ +' + /%#+'(<%#K $-+##); $%''(*0 &+2$%, C2')+'*
') %>.%/(%*&% $)4% ,(33(&2#'K ;('- ('$ %#%&'/(&$9 ?'$ ,K*+4) 3+(#%, +$ ,(,
'%4.)/+/(#K +## )3 '-% $-(.8$ #(0-'$ +*, %#%&'/(&+# %12(.4%*'9 M-%
&+/V)*$ (* ('$ $%+/&-#(0-' ;%/% +#$) ,+4+0%, +*, +''%4.'$ ') 0%' '-%
#(0-' V2/*(*0 &)*'(*2%, +' #%+$' 3)/ '-% *%>' -)2/9 E)*'+&' ;('- '-%
$2V4+/(*% ;+$ V/(%3#K #)$'9
M-%/% ($ 2*&%/'+(*'K +V)2' '-% ./%&($% *24V%/ )3 &-+/0%$ ,/)..%, (*
'-($ 3(/$' +''+&79 N/(%,/(&-HD/*$' 6&-(##(*0 ')#, /%$%+/&-%/ e#+2$ =%'%/
=)-#+*, '-+' 3(<% Z;+V)$]R %>.#),%, &#)$% ') GHII8$ $'+/V)+/, V%+49
6&-(##(*08$ +&&)2*' )3 '-% +''+&7 %*f)K$ &/%,(V(#('K (* GHV)+' /%$%+/&-
&(/&#%$9 ?//%$.%&'(<% )3 '-% %>+&' *24V%/[ '-% ;+V)$ (*3#(&'%, $%/()2$
,+4+0%9
M-% &/%; ;%/% '-/);* <()#%*'#K )*') '-% 3#))/ +$ + <%/K #)2, V+*0
&+**)*%, '-/)20-)2' '-% $2V9 "' 3(/$' AV%/#%2'*+*' a%(*c C)''4+*
'-)20-' '-+' )*% )3 -($ V)+'4+'%$[ (* .+*(&[ ;+$ 3(/(*0 + /%<)#<%/ +*,
'-%* /%+#(c%, '-+' '-% 3%+/$)4% *)($% ;+$ '-+' )3 /2.'2/%, /(<%'$
/(&)&-%''(*0 (*$(,% GHII ;('- (*&/%,(V#% <%#)&('K9
R
" &)*'/+&'()* )3 5+$$%/V)4V%*J Z;+'%/ V)4V$]
IY
$#(..%/K ,%&79
"' YPJ@S C2')+'* 4+,% + $%&)*, +''+&7[ '-($ '(4% 3(/(*0 )*#K )*%
&-+/0% !+ &-+/0% '-+' -+, -2*0 2. )* '-% $'%/* /+(#$ ,2/(*0 '-% 3(/$'
/)2*, )3 +''+&7:[ +*, '-%* V%0+* ') &(/&#% +' ';%#<% 7*)'$ ;-(#%
&)4V(*0 '-% +/%+ ;('- -%/ $%+/&-#(0-'9
?*$(,% '-% GHV)+' '-% /%.#+&%4%*' #(0-' V2#V$ $-+''%/%, +*, '-%
#(0-'$ ;%*' )2' +0+(*9 M-% ,/(<% $-+3' 0#+*,$ '-+' -+, V%%* #%+7(*0 $(*&%
'-% 3(/$' +''+&7 *); +##);%, ;+'%/ ') &+$&+,% (*') '-% $'%/*9 D>'%/()/
<+#<%$ ;%/% +#$) #%+7(*0 V+,#K9 M-% $2V ;+$ $'2&7 )* '-% $%+V%,9
M-% &)44+*,%/ &)*$(,%/%, -($ ).'()*$ +*, +$7%, 6&-(##(*0 ;-+' -%
'-)20-' $-)2#, V% ,)*%9 XK '-($ $'+0% '-% V)+' ;+$ $-(..(*0 $) 42&-
;+'%/ '-+' (' ;)2#, *%<%/ V% +V#% ') /%0+(* '-% $2/3+&% 2*#%$$ '-% .24.$
;%/% /%$'+/'%, (44%,(+'%#K9 M-% V)+' -+, + *%0+'(<% V2)K+*&K )3 +V)2'
';) ')*$[ %<%* ;('-)2' '-% ,/). 7%%#9
?' ;+$ )V<()2$ ') '-% 3(/$' %*0(*%%/ '-+' GHII ;)2#, V% 2*+V#% ')
/%0+(* '-% $2/3+&% ;('- f2$' '-% ./).%##%/$ +*, -% ;+*'%, ') .24. )2'
@[YYY #('/%$ (* )/,%/ ') 0%' '-% V)+' )33 '-% V)'')49 6&-(##(*0 +,<($%,
<)* F/%$7K )3 '-($ &)2/$% )3 +&'()* $) '-+' GHII &)2#, &/+;# +;+K f2$'
+V)<% '-% $%+V%,9
h)* F/%$7K -+#3H-%+/'%,#K +0/%%, ;('- 6&-(##(*08$ .#+*[ V%#(%<(*0
'-+' ;('- ,+;* f2$' -)2/$ +;+K %$&+.% (* X/('($- ;+'%/$ ;)2#, V% *(0-
(4.)$$(V#%9 a% )Vf%&'%,[ -);%<%/[ ') '-% ,%.#)K4%*' )3 '-% .24.$[
+/02(*0 '-+' '-% *)($% ;)2#, $%/<% ') +''/+&' '-% %*%4K9 h)* F/%$7K
)/,%/%, '-% 4%* ') $;('&- '-%4 )33 '-%* &+4% (*') '-% &)**(*0 ');%/
($$2(*0 )/,%/$J ZX)'- %*0(*%$[ #); $.%%, +-%+,9]
C2')+'*8$ $%&)*, +''+&7 -+, &+2$%, 32/'-%/ %#%&'/(&+# '/)2V#%[
,+4+0(*0 '-% 4(*%$;%%.%/8$ ,%#(&+'% +$,(& 0%+/[ .2''(*0 (' )2' )3
+&'()*9 M-% 3(/$' +''+&7 -+, +#$) $4+$-%, '-% &+/V)*$ )3 ('$ $%+/&-#(0-'
+*, %33)/'$ ;%/% V%(*0 4+,% ') 0%' '-% #(0-' V2/*(*0 +0+(* (* &+$% '-%
GHV)+' $-)2#, $2/3+&%9 `%+*;-(#% ';) "#,($ $(0*+##(*0 #+4.$ ;%/%
2$%, ') &)4V '-% $2/3+&% ;-(#$' '-% $-(. &(/&#%, +' @S 7*)'$ +/)2*, '-%
.)$('()* )3 '-% 3(/$' $'/(7%9
a+, '-% 4%* )* GHII V%%* +;+/% )3 C2')+'*8$ +$,(& ,(33(&2#'(%$
'-%K &)2#, -+<% '+7%* '-% *%&%$$+/K $'%.$ ') V/(*0 '-%(/ V)+' ') '-%
$2/3+&% +*, '-%* $2V4%/0% +0+(* (44%,(+'%#K9 M-%(/ $2V$%12%*'
&-+*&%$ )3 0%''(*0 +;+K $&)'H3/%%[ (* '-% +V$%*&% )3 $;%%.(*0 $)*+/
V%+4$[ ;)2#, -+<% V%%* /%+$)*+V#K 3+(/9
?' ;+$ *)' ') V%9 `(*2'%$ #+'%/ C2')+'* /%0+(*%, &)*'+&'9 =/(&%
V/)20-' -($ $-(. +/)2*, +*, +' YPJPY /+* )<%/ GHII +0+(*[ '-($ '(4%
4+7(*0 + ,/). )3 3(<% &-+/0%$ $%' V%';%%* @YY +*, @RY 3%%'9 a($ '+/0%'
#+K )* '-% V)'')4 @WW 3%%' V%#); C2')+'*8$ 7%%#9
IS
M-%/% ;+$ *) ).'()* *); V2' ') $&2''#% '-% GHV)+'9 6(*&% GHII
&+//(%, +* D*(04+ +*, &)2#, V% $+#<+0%, <)* F/%$7K ,($'/(V2'%, ('$
/)')/$ +4)*0 -($ )33(&%/$ +*, (*$'/2&'%, '-%4 ') $;(4 ;%## +;+K 3/)4
'-% V)+' V%3)/% ,($&+/,(*0 '-%49 a% '-%* )/,%/%, 32$%$ 3)/ '-%
%>.#)$(<%$ ') V% .#+&%, +' $'/+'%0(& .)(*'$ (*$(,% GHII9 6&-(##(*0 0)' )*
;('- '-% '+$7 )3 $%''(*0 '-% $&2''#(*0 &-+/0%$9 a($ 3(/$' +''%4.' 3+(#%, V2'
+3'%/ + ,%#+K )3 %(0-' 4(*2'%$ 6&-(##(*0 ;+$ +V#% ') $%' '-% 32$%$9
a);%<%/[ + 12(&7H;(''%, %*0(*%%/ /%+#($%, '-+' '-% 32$%$ ;)2#, V#);
V%3)/% '-% &/%; -+, <+&+'%, '-% V)+'9 `+> 6&-(##%/ %>.#+(*%, '-+' '-%
&/%;4+* ;-) -+, $%' '-% ,K*+4('% 32$%$ +$7%, (3 '-%/% ;%/% $'(## 4%*
') &)4% )2' )3 '-% $2V !6&-(##%/ 42$' -+<% V%%* )*% )3 '-% #+$' ') 4+7%
-($ %$&+.%:9 5-%* 6&-(##%/ $+(, '-+' ') -($ 7*);#%,0% '-%/% ;%/% $'(##
4)/% ') 3)##); '-% %*0(*%%/ ;%*' V+&7 ,);* ') %>'(*02($- '-% 32$%$9
6&-(##%/ ')#, '-% XXE '-+' -% +*, -($ &/%;4+'%$ ;%/% $'+*,(*0 )*
,%&7 (* /($(*0 ;+'%/ ;-(#% C2')+'* ;+$ 3(/(*0 ('$ #(<% /)2*,$ +' GHII9
E)*$%12%*'#K[ '-% 4%* /+* .%##H4%## +/)2*, '-% &)**(*0 ');%/ ') +<)(,
'-% V2##%'$9 M-% 3(/(*0 $')..%,[ +$ ,(, '-% 4%* ;-) ;%/% ;+('(*0 3)/ '-%
)/,%/ 3/)4 '-% &+.'+(* ') +V+*,)* $-(.9 "## '-% ;-(#% '-% ;+'%/ #%<%#
;+$ /($(*0 %<%/ -(0-%/ +$ '-% $'/(&7%* $2V4+/(*% V%0+* ('$ ,%$&%*'9
D<%*'2+##K[ 0(<%* '-% )/,%/[ '-% &/%; f24.%, 3/)4 '-% V)+' K%##(*0 3)/
-%#.9 "## ;%/% ;%+/(*0 #(3%V%#'$ 3(''%, ;('- )>K0%* +..+/+'2$ +*,
&+//K(*0 $4+## %#%&'/(& #+4.$ )* '-%(/ 3)/%-%+,$9 6&-(##%/ $+; <)*
F/%$7K &#(4V(*0 V+&7 ,);* (*') '-% V)+'9
?' +..%+/$ '-+' ;-%* '-% 32$%$ ;%/% $2V$%12%*'#K /%H$%' 6&-(##(*0[
.)$$(V#K <)* F/%$7K '))[ ;+$ *)' ')#, V%&+2$% ;-%* '-% %>.#)$(<%$
3+(#%, ') 0) )33 12(&7#K '-% E-(%3 D*0(*%%/[ 3)##);%, VK '-%
&)44+*,+*'[ -2//(%, ,);* 3/)4 '-% V/(,0% ') %*$2/% '-+' '-% 32$%$
;%/% #(' +*, '-+' +## '-% <%*'$ +*, -+'&-%$ ;%/% ).%*%,9 M-($ ;+$ '-%
4)4%*' ;-%* `+> 6&-(##%/ $+; -($ &+.'+(* /%H%*'%/ '-% $2V9 6&-(##(*0
).%*%, '-% <+#<%$ V%$(,% '-% +442*('()* #)&7%/$[ ;-(#% <)* F/%$7K
'/(%, ') ).%* <+#<% B)9S9 X2' $'(## GHII ;)2#, *)' $#(. V%#); '-% ;+<%$9
N2$%$ ;%/% V2/*(*0 (* '-% /+,() /))4 /%+,K ') V#); '-% V)+' +.+/'9
62,,%*#K ;+'%/ $2/0%, (*n '-+' ;+$ 0)), %*)20- 3)/ 6&-(##(*0 ;-) /+*
') /%.)/' '-% $('2+'()* ') '-% &)44+*,%/9 h)* F/%$7K +$7%, -($
D*0(*%%/ ') 0) ,);* )*% #+$' '(4% ') $%% (3 $)4%'-(*0 &)2#, V% ,)*% ')
$.%%, 2. '-% $(*7(*0 )3 GHII9 X%3)/% 6&-(##(*0 &)2#, <)(&% -($ (*'%*,%,
/%32$+# '-% %>.#)$(<%$ ;%*' )339
M-% V2(#, 2. )3 ./%$$2/% ;+$ $) 0/%+' '-+' + ;+## )3 3#+4% /)&7%'%,
)2' )3 '-% &)**(*0 ');%/ +*, $-)' ') + -%(0-' )3 '-(/'K 4%'/%$ (*') '-%
,+/7 ./%H,+;* $7K9 M-% $-)&7 ')/% '-% &)**(*0 ');%/8$ (/)* #+,,%/ 3/)4
('$ &+$(*0 *+//);#K +<)(,(*0 GHII8$ $')7%/ `+$&-A^3/ =2&-'+ ;-)[
IQ
V%(*0 )*% )3 '-% '+(#H%*, $%+4%* +V+*,)*(*0 $-(.[ -+, + *+//); %$&+.%9
6&-(##(*0 3%#' $)4%'-(*0 $'/(7% -($ #%3' $-)2#,%/[ ,($&)<%/(*0 )*#K
#+'%/ '-+' (' -+, V%%* '-% &)**(*0 ');%/ #+,,%/9
6&2''#(*0 2*,%/;+Kg
5%V%/ #+'%/ $'+'%, '-+' '-% ./%$$2/% -2## (*$(,% '-% /+,() )33(&% -+,
V%%* /2.'2/%, VK '-% %>.#)$()* )3 '-% &-+/0%$[ ,%')*+'(*0 '-% $(0*+#
0/%*+,%$ +*, '-% /%+,KH2$% +442*('()*9
M-% GHV)+' V%0+* + ,(<% +' +* +*0#% )3 +V)2' PY ,%0/%%$9 6-)/'#K[
'-% V)+' -(' V)'')4 +*, '-%/% ;+$ +*)'-%/ %>.#)$()*9
62/<(<)/ /%&)/,$ (*,(&+'% '-+' <)* F/%$7K[ -+<(*0 /%H%4%/0%, 3/)4
'-% $2V[ f24.%, (*') '-% $%+ ;('- 6&-(##(*0 ') f)(* '-% )'-%/ &/%;4%*
;+('(*0 ') V% .(&7%, 2. VK '-% C2')+'*9 "' '-($ 4)4%*'[ $) '-% $')/K
0)%$[ <)* F/%$7K /%+#($%, '-+' -% -+, #)$' '-% 4)2'-.(%&% )3 -($
M+2&-/%''%/ $%'9 M-% 6%&)*, 5+'&- A33(&%/ ;+$ ;%+/(*0 + #(3% $+<(*0
<%$' $) -% 0+<% '-% &)44+*,%/ -($ );* 4)2'-.(%&%9
E)*'%4.)/+/K /%.)/'$ $'+'% '-+' +$ '-% $'%/* )3 '-% V)+' ;%*' ,);*[
'-/%% '(4%$ '-% &)44+*,%/ $-)2'%, + /)2$(*0J Za2//+- 3)/ GHIIg] +*,
6&-(##(*0 -%+/, '-% &)44+*,%/ 2/0% '-% 4%* ') 7%%. ')0%'-%/ (* '-%
;+'%/9
`+> 6&-(##%/8$ XXE +&&)2*' 3#+'#K &)*'/+,(&'$ '-($ <%/$()* )3
IW
%<%*'$9 "&&)/,(*0 ') 6&-(##%/ <)* F/%$7K ,(, *)' ,(% +4)*0 -($ 4%* (*
'-% 3/%%c(*0 ;+<%$9
?*'%/<(%;%/ e(/$'K 5+/7 $)20-' &#+/(3(&+'()* V)'- )* `+>8$ /%4+/7
'-+' -% -+, $%%* -($ &+.'+(* 0) V+&7 (*') GHII +*, )* '-% #+''%/8$
,%&($()* ') +V+*,)* $-(.J
5+/7J ZI# -#$ &"0+?d Y06 "' T<)* F/%$7KU %# 6#7+ 70&" &"' QR
=#)& &"'+b]
6&-(##%/J ZW'(, -'(9]
5+/7J ZI# "'8( (&022d "0( =#6- 0( (&022 #+ &"' QR=#)&;]
6&-(##%/J ZW'(, 01 -#$ 10+6 )+- =#+'( #+ &"' =#)&, &"'-822 =' "0(8
G'822 =' &"' #+2- 9'*(#+8 O5'*-d'5'*-#+' 1*#. $( &")& 7)( )//#$+&'6
1#*, '[/'9& &"' N)9&)0+9]
5+/7J Z>")& .)6' &"' N)9&)0+ 6'/06' &# )=)+6#+ ("09;]
6&-(##%/J Z:", &"'*' 7)( +# 9#0+& 0+ $( %#0+% #+, -#$ ('', )+6 7'
")6 2)06 #+ 6-+).0&' )+6 &"'- 7'+& #11 )+6 &"' =#)& (&)*&'6 &# (0+?8 4
7)( (&)+60+% 0+ 7)&'*, (&022 #+ &"' =#)& e &")& .$/" e &"'+ 7)0&0+% 1#*
&"' #*6'* &# )=)+6#+ ("098 I#d&"' N)9&)0+ %)5' &"' #*6'*( &# )=)+6#+
("09, (#d)+6 7' )22 2'1& &"' =#)& )+6 7"'+ 4 2##?'6 =)/? )+6 &"'
N)9&)0+, "' 7'+& =)/? 6#7+ 0+ 0&, &"*#$%" &"' ")&/", -#$ (''8
O5'*-=#6- 1*#. &"' =#)& 7)( )//#$+&'6 1#*, =$& +# 1#* &"' N)9&)0+, 1#*
&"' (0.92' *')(#+, "' 7'+& 6#7+ 70&" &"' =#)&9]
A*% 4+K )*#K $.%&2#+'% 2.)* '-% /%.)/'(*0 ,(33%/%*&%$ V%';%%* '-%
'(4%H;('*%$$%$8 +&&)2*'$ +*, 6&-(##%/8$ '%$'(4)*K9 `+>8$ 4%4)/K ;+$
$-+/.9 M-%/% ;+$ *) /%+$)* ;-K -% $-)2#, -+<% V%%* &)*32$%, +V)2'
'-% $%12%*&% )3 %<%*'$9
M-% `)*'-#K "*'( 62V4+/(*% C%.)/'W 3)/ `+/&- +*, "./(# @TPY
$'+'%$J Z:& fcH^f (9)*?( 7'*' (''+ )*0(0+% 1*#. &"' /#++0+% '* )+6
&"' /*'7 )=)+6#+'6 ("098 4& 7)( 2')*+'6 &")& &"' N#..)+60+% D110/'*
")6 92)/'6 ) (.)22 '[92#(05' /")*%' ).#+% &"' /#+106'+&0)2 .)&&'* )+6
9)*&( #1 &"' '+/09"'*0+% .)/"0+' 7'*' 60(&*0=$&'6 ).#+%(& &"' #110/'*(
70&" 0+(&*$/&0#+( &# &"*#7 &"'. )7)- 7"'+ /2')* #1 &"' QR=#)&8 !"'
I'+0#* O+%0+''* D110/'* TI/"0220+%U 7"# ")6 =''+ #*6'*'6 &# '+($*' &"'
6'(&*$/&0#+ #1 &"' 5'(('2 =- =2#70+% "'* $9 ")6 +#& &0.' &# .)?' "0(
'(/)9' ='1#*' &"' '[92#(0#+ &##? 92)/' )+6 7)( =2#7+ (#.'
/#+(06'*)=2' 60(&)+/' 0+&# &"' )0*8 QR^^ )& #+/' &*0..'6 6#7+ =- &"'
=#7 &# )+ )+%2' #1 bf! )+6 60()99')*'6 70&"#$& 20(&0+%9]
M-% .)$('()* )3 $(*7(*0 ;+$ +V)2' P9L 4(#%$ 69D9 VK 69 )3 =#+,,+
_(0-'-)2$%[ )33 '-% $)2'-%+$'%/* &)/*%/ )3 '-% ?$#% )3 "//+*9 M-%
*24V%/ )*% '+$7 ;+$ ') /%$&2% $2/<(<)/$9 A'-%/ 4%* )* C2')+'* '/(%, ')
;/%&7HV2)K '-% %>+&' .)(*' )3 '-% %*%4K8$ .)$('()*[ ,/)..(*0 + $%+
W
"F` @TTo SYIP H "F` @TTo@SI B"C" MH@YSS[ C)## I@YI[ =^IYYIY[ =^IIISR
IL
a`6 C2')+'*
I )33(&%/$ #(<%, ') V%&)4% =A5$9 6'%(*%/ ;+$ ,%+,9 e+4.%/' -+, ,(%,
3/)4 %>.)$2/%9
h)* F/%$7K -+, 2/0%, -($ 4%* '-/)20- '-% -+'&- +$ '-% $%+;+'%/
$;(/#%, +/)2*, '-% V+*7 )3 V+''%/(%$[ .)2/(*0 )33 &-#)/(*% 0+$[ 2*'(# '-%
3(*+# %>.#)$()*$9 M-% &)4.(#%/$ )3 '-% ?*'%//)0+'()* )3 62/<(<)/$ /%.)/'
4+7% /%3%/%*&% ') + *)'%V))7 '-%K -+, )V'+(*%, 3/)4 +* %*0(*% /))4
=%''K A33(&%/[ ;-(&- ;%*' $)4% ;+K ') &)//)V)/+'% '%$'(4)*K 3/)4
$2/<(<)/$9
AV%/#%2'*+*' c2/ 6%% e+/#
h(%')/ -+, $+#2'%, _(%2'%*+*'H
E)44+*,%/ =/(&% +' '-% 3(/$'
)..)/'2*('K9 ?* %>&%##%*' D*0#($- -%
%>.#+(*%, '-+' -% 7*%; N#%%' &#+$$
4(*%$;%%.%/$ ,(, *)' &+//K
,)&')/$9 M-%K ,(, -);%<%/ -+<% +
=%''K A33(&%/ '/+(*%, (* N(/$' "(,9
E)2#, -% &-%&7 )<%/ '-% $2/<(<)/$b
"*, ;)2#, ;+/4 &#)'-(*0 V%
$2..#(%, (44%,(+'%#Kb
=/(&% -+, 0(<%* '-% *%&%$$+/K
)/,%/$ V%3)/% '-% 3(/$' $2/<(<)/ -+,
V%%* #(3'%, ') '-% ,%&79 M-%/% ;+$
&)*&%/* 3)/ a%(*c C)''4+*n -% -+,
V%%* (* '-% $%+ #)*0%/ '-+* '-%
)'-%/$9 M-%K 3%, -(4 V/+*,K +*, a('#%/[ Fm*('c +' -($ $(,%[ &)*0/+'2#+'%$
-)' &)33%%9 e.#' <)* F/%$7K )* + $2&&%$$32# .+'/)#
?* /%'2/* C)''4+* <)#2*'%%/%, '-% (*3)/4+'()* +## ;+('%, ') -%+/9
B) 4(*%$ -+, V%%* #+2*&-%, (* '-% +/%+ )3 '-% /2**(*0 V+''#%9 M-%
X/('($- 2*,%/$')), '-+' GHII -+, (*'%*,%, ') #+K 4(*%$ )33 =#+,,+
_(0-'-)2$%9 M-% 3(<% (* '-% 3(/$' #+K ;%/% 3+/ ') '-% ;%$';+/,9
A*&% +0+(*[ `+> 6&-(##%/8$ '%$'(4)*K ') XXE 6&)'#+*, +..%+/$ ')
&)*'/+,(&' '-% &)*'%4.)/+/K /%.)/'9 C)''4+* ($ )* /%&)/, +$ $+K(*0 '-+'
*) 4(*%$ -+, V%%* #+(, )33 =#+,,+9 A* '-% )'-%/ -+*,[ 6&-(##%/ $+(, '-+'
'-%(/ )/,%/$ ;%/% '-+' +3'%/ #+K(*0 '-% ME` 4(*%$ '-%K ;%/% ') /%H#)+,
'-% '2V%$ ;('- '-% 3)2/ ')/.%,)%$ '-%K -+, /%4)<%, '-% ,+K V%3)/% (*
'-% B)/'- E-+**%#9 a% ;%*' )* ') $+K '-+' (' ;+$ ,2/(*0 '-% ).%/+'()* ')
/%#)+, '-% '2V%$ '-+' C2')+'*8$ ,%.'- &-+/0(*0 )3 GHII &)44%*&%,9
A*% &+* )*#K (*'%/./%' 6&-(##%/8$ $'+'%4%*' +$ + &)*3(/4+'()* '-+' +##
%(0-' 4(*%$ -+, V%%* #+(,J 3(<% #+(, 3+/ ;%$';+/,[ +&&)/,(*0 ') C)''4+*[
+*, '-/%% #+(, 4)/% #)&+##K '-%/%VK '/(00%/(*0 &)4.#(+*&% ;('- '-% )/,%/
') /%#)+, '-% ')/.%,)%$9 D<(,%*'#K[ '-%/% -+, V%%* '(4% ') #)+, )*#K )*%
PY
)3 '-% 3)2/ ')/.%,)%$J '-% )*% (* '-% +3'%/ '2V% ;-(&- &)2#, $'(## -+<%
V%%* '2/*%, ') GHII8$ +,<+*'+0%[ ')0%'-%/ ;('- '-% ,%.#)K4%*' )3 '-%
V)+'8$ 02*$[ -+, <)* F/%$7K *)' V%%* )V#(0+'%, ') &)4.#K ;('- a('#%/8$
/%.2'%, )/,%/ ') $&2''#% '-% <%$$%#9
6&-(##%/8$ $'+'%4%*' ($ +#$) $2..)/'%, VK '-% &)*'%*' )3 '-% X,G #)0
3)/ @Q N%V/2+/K @TPY[ ;-(&- *)'%$J Z4& (''.( .#*' )+6 .#*' 20?'2- &")&
QR^^ ")( =''+ 2#(&8 I'5'*)2 *)60# 0+&'220%'+/' *'9#*&( ("#7 &")& ("'
7)( 0+ )/&0#+ 70&" )+ O+%20(" .0+'(7''9'* )+6 &"'+ ($**'+6'*'68
:((0(&)+/' 7)( *'V$'(&'6 &# *'(/$' ($*505#*(8 !"' O+%20(" )$&"#*0&0'(
)(($.'6 &")& .0+'( ")6 =''+ 2)068 !"0( 0( +#& 0.9*#=)=2' )( &"'('
'5'+&( &##? 92)/' 0+ &"' ')*2- .#*+0+% "#$*(8 !"' =#)& 7#$26 /'*&)0+2-
+#& ")5' /"#('+ &"0( &0.' &# 9'+'&*)&' 0+&# &"' N2-6' )+6 ("' &"'+ )&
2)&'(& 7#$26 ")5' =''+ #+ "'* 7)- #$&8 41 ("' *')22- 606 2)- &"' .0+'(,
&"' "0%" 9*0/' 9)06 7022 ")5' =''+ 7#*&" 0&9]
_+'%/ a`6 !'67#*&" ;('- + .+/'K )3 *+<+# ,(<%/$ ;+$ $%*' ')
%>+4(*% '-% $2*7%* GHV)+' (* '-(/'K 3+'-)4$ )3 ;+'%/ +*, /%&)<%/%,
<+/()2$ +/'(&#%$ 3/)4 '-% &)**(*0 ');%/[ +4)*0$' '-%4 + B+c( D*$(0*9
6'AV`+$&- N/(%,/(&- e24.3 ;+$ /%$&2%, VK '-% '/+;#%/ A#"'.0)+
C0*29 A33(&(+# /%&)/, -+$ (' '-+' ,2/(*0 '-% .+$$+0% ') ^/%%*)&7 -($
.)&7%'$ ;%/% $%+/&-%, +*, '-% X/('($- /%&)<%/%, '-/%% D*(04+ /)')/$U
;-%%#$ h?[ h?? +*, h???9
M-%$% ;%/% -%#.32# ') '-% &),%V/%+7%/$ +' X#%'&-#%K =+/7
!%$.%&(+##K ;-%%#$ h? +*, h?? 2$%, )*#K VK '-% e/(%0$4+/(*% 3)/ ;-(&-
'-% ;(/(*0 ;+$ '-%* 2*7*);*:[ V2' *)' $233(&(%*'#K $) ') .%*%'/+'% *+<+#
D*(04+ !'-% <('+# ZF)#.-(*] $(0*+#$:9 ?* '-% *%>' &-+.'%/ `+> 6&-(##%/
'%##$ '-% e24.3 D*(04+ $')/K <%/K ,(33%/%*'#K9
E-(%3 D*0(*%%/ 6&-(##(*0 +#$) -(, D*(04+ .+/'$ )* -($ .%/$)*9 _(7%
e24.3 -%[ '))[ ,(, *)' ,24. '-%4 (* '-% $%+ $'/+(0-'+;+K9 a% 7*%;
'-+' *+<K ,(<%/$ ;)2#, V% 4+7(*0 $'/%*2)2$ %33)/'$ ') /%&)<%/ D*(04+
.+/'$ ,/)..%, (* '-% $%+ +' GHII8$ $(*7(*0 .)$('()*9 ?' ;+$ + ,+*0%/)2$
0+4V#% V2' #2&7 ;+$ )* -($ $(,%9 N)/ /%+$)*$ 2*7*);* 6&-(##(*0 ;+$
*)' $%+/&-%, +3'%/ V%(*0 .(&7%, 2. )2' )3 '-% ;+'%/9 a% ;+('%, 2*'(# -($
^/%%*)&7HV)2*, /%$&2% V)+' ;+$ +$ 3+/ +;+K +$ .)$$(V#% 3/)4 GHII
V%3)/% -% .2##%, '-%4 3/)4 -($ f+&7%' +*,[ 2*$%%*[ ,('&-%, '-% .+/'$ )2'
)3 + .)/'-)#% VK 67%#4)/#(% X+*7[ + 3%; 4(#%$ $)2'- )3 ^/%%*)&79
6&-(##(*08$ +&'()* %*$2/%, '-+' +' #%+$' '-% D*(04+ .+/'$ (* -($
.)$$%$$()* ;)2#, *)' V% /%&)<%/%, VK '-% *+<+# '%+4 ;-(&- ;)2#,
$-)/'#K V% $&)2/(*0 '-% $%+V%, )33 =#+,,+9 !A*% 4(0-' +$7[ -);%<%/[
-); 6&-(##(*0 7*%; '-+' -% ;+$ ,('&-(*0 '-% .+/'$ VK 67%#4)/#(%9
=%/-+.$ -% &+$2+##K +$7%, + -%#.32# X/('($- $+(#)/ ;-%/% '-%K ;%/% (*
'-% 3(/'-9:
P@
Fm*('c 7*%; +' )*&% '-+' GHII ;+$ #)$' V2'[ +$ %<(,%*&%, VK '-%
&)*'%*' )3 '-% X,G #)0[ -%#, )* ') + $#(4 ,%0/%% )3 -).% '-+'
4(*%#+K(*0 (* '-% N(/'- )3 E#K,% -+, $2&&%%,%, ;-%/% GHIS -+,
./%<()2$#K 3+(#%,9 a($ $)2/&% ;+$ XH,(%*$'[ ;-(&- (*'%/&%.'%, '-/%%
$(0*+#$ 3/)4 C2')+'*9 M-% 3(/$' ;+$ +* +#+/4 +' YRJSR /%.)/'(*0 GHII ')
V% )* '-% $2/3+&%9 M-% $%&)*, +' YRJIY ;+$ + *)'(&% $'+'(*0 '-+' '-% GH
II &/%; ;+$ $2//%*,%/(*09 M-% '-(/, +' YRJPR ;+$ + /%12%$' 3)/
+$$($'+*&% (* /%$&2(*0 '-% &/%;9 ?' $-)2#, V% *)'%, '-+' *)*% )3 '-%$%
$(0*+#$ +..%+/$ ') -+<% -(0-#(0-'%, GHII8$ ./%&($% 0%)0/+.-(&+#
.)$('()* +' '(4% )3 $(*7(*09
6-)/'#K +3'%/ '-% $(*7(*0 )3 GHII 4(*%#+K(*0 ).%/+'()*$ ;%/%
V/)7%* )33 (* '-($ +/%+9 a%*&%3)/'-[ Fm*('c8$ $4+## GHV)+' 3)/&% ;+$
,%.#)K%, (* $2..)/'(*0 '-% ^%/4+* (*<+$()* )3 B)/;+K9 5-%*
4(*%#+K(*0 ).%/+'()*$ ;%/% /%$24%, '-% E#K,% ;+$ +<)(,%, ;('- GH
V)+'$ &)*&%*'/+'(*0 )* '-% D+$' E)+$' +*, '-% E-+**%# ;-%/% '-%K ;%/%
#(7%#K ') +33%&' 4)/% $-(..(*09 GHV)+'$ ,(, *)' V%0(* ') '+/0%' '-% E#K,%
+/%+ +0+(* 2*'(# #+'% (* '-% ;+/ ;-%*[ 3)/ %>+4.#%[ GHPLS 4+,% +
$2&&%$$32# .+'/)# (* '-% B)/'- E-+**%# V%';%%* "202$' +*, 6%.'%4V%/
@TPP9
62/<(<)/$ 3/)4 GHII ;%/% (44%,(+'%#K '/+*$.)/'%, ') _)*,)* 3)/
(*'%//)0+'()*! 6%*()/ )33(&%/$ 6&-(##(*0[ h(%')/[ C)''4+*[ X%&7%/ +*,
e24.3 .+$$%, '-/)20- '-% (*'%//)0+'()* &%*'/% (* e%*$(*0')*U'-%
Z_)*,)* E+0%] ') ?*'%##(0%*&% 4%*UV%3)/% '-%K #+*,%, 2. +'
^/(c%,+#% a+## !7*);* +$ '-% ZGHV)+' a)'%#]: B)9 @ =/($)*%/H)3H5+/
&+4. (* '-% _+7% F($'/(&'9
^+#(#%+[ `+$+*%7[ `+/'(&7%[ 6(%0%/'[ =2&-'+[ e/(*7[ 5%V%/[
_(*0$&-%(,'[ 6&-%/%/[ D-/-+/,'[ e/+4.% +*, 6&-(##%/ ;%*' ') + ./($)*
&+4. 2*'(# +## $%<%*'%%* ;%/% /%2*('%, +' X);4+*<(##% E+4. (*
E+*+,+ (* %+/#K @TPS9 6&-(##(*0 ;+$ /%.+'/(+'%, <(+ '-% C%, E/)$$ (*
@TPI V%&+2$% )3 $%/()2$ (##*%$$9
`+> 6&-(##%/ ;+$ (*'%/*%, (* _)&7%/V(% E+4. (* F243/(%$$-(/%[
$)2'-%/* 6&)'#+*,[ $-+/(*0 + -2' ;('- '-(/'K )'-%/ ./($)*%/$9 D+&- ,+K
&+.'(<%$ ;%/% '/+*$.)/'%, VK '/2&7 ') <+/()2$ .#+&%$ 3)/ ;)/79 M-%
).'()* ') <)#2*'%%/ 3)/ ;)/7 ,%'+(# )* *%(0-V)2/(*0 3+/4$ ;+$ .).2#+/
+$ '-% 4%* &)2#, $2..#%4%*' '-%(/ 4%+0/% /+'()*$ ;('- -)4%H&))7%,[
-)4%0/);* 3+/4 ./),2&%9 `+> ).'%, 3)/ ,+(/K-+*, ,2'K +' '-% #+/0%
X+//+$0+(' N+/4 (* E244%/'/%%$[ '-(/'%%* 4(#%$ $)2'- )3 '-% &+4. +*,
f2$' $(> 4(#%$ 3/)4 '-% D*0#($- V)/,%/ +$ '-% &/); 3#(%$9
"$ $))* +$ `+> +//(<%, +' X+//+$0+(' +*, $%' %K%$ )* ,+(/K4+(,
j%$$(% ^/%+/$)* -% 7*%; -% -+, $%%* '-% 0(/# -% ;+$ 0)(*0 ') 4+//K9
=%'('%[ ;('- + /%+,K $4(#% +*, ,+/7 &2/#K #)&7$[ j%$$(% -+, V%%* + 4+(,
PS
+' '-% V(0 -)2$% $(*&% #%+<(*0 $&-))#9 6-% $'%..%, )2' )3 '-% 3/)*' ,))/[
V2$K(*0 -%/$%#3 ;('- -)2$%-)#, &-)/%$ +*, '))7 `+>8$ V/%+'- +;+K9 ?'
;+$ #)<% +' 3(/$' $(0-' 3)/ V)'-9 Z? 7*%; 3/)4 '-% 3(/$' 4)4%*'[ '-% <%/K
3(/$' 4)4%*'[] `+> ;)2#, $+K9 `+> /%$)#<%, ') $%% j%$$(% +$ 42&- +$
.)$$(V#% +*, ;+$ ;(##(*0 ') '+7% /($7$ ') $%% -($ $;%%'-%+/'9
" 3%##); ./($)*%/ (* &-+/0% )3 '-% V(&K&#%$ );*%, VK '-% _)&7%/V(%
&+4. 02+/,$ ;+$ .%/$2+,%, ') #%' `+> $4200#% + V(7% 2*,%/ -($ V%,9
`+>[ + 4+* )3 $#(0-' $'+'2/% +*, V2(#,[ ;)2#, $12%%c% 2*,%/ '-% &+4.y$
.%/(4%'%/ ;(/% +3'%/ %<%*(*0 #)&7H2. +*, &K&#% V+&7 ') E244%/'/%%$ ')
$%% j%$$(%9 a% ;+$ *%<%/ &+20-'9
`+> ;+$ +#$) +* %*'-2$(+$'(& 3))'V+## 3+* V)'- +$ + .#+K%/ +*, +*, +
$.%&'+')/9 X+//+$0+(' 3+/4-+*,$ #%*' `+> &(<(#(+* &#)'-%$ +*, 4)*%K
3)/ '-% V2$ $) -% &)2#, $*%+7 )33 ') F243/(%$ +*, ;+'&- O2%%* )3 '-%
6)2'-[ '-% '%+4 -% 3)##);%, +## -($ #(3%9
5-%* `+> ;+$ /%#%+$%, 3/)4 &2$'),K 3/)4 X);4+*<(##% E+4. -%
/%32$%, ') V% /%.+'/(+'%, ') ^%/4+*K[ (*$($'(*0 '-+' -% ;($-%, ') /%'2/*
') 6&)'#+*,U') X+//+$0+(' +*, ') j%$$(%9
a% /%'2/*%, V/(%3#K ') ^%/4+*K ') '%## -($ 3+4(#K )3 -($ ,%&($()*9
M-%K ;%/% *)' -+..K V2' `+>8$ 4(*, ;+$ 4+,% 2.9 a% /%'2/*%, ') '-%
#(3% )3 + ,+(/K-+*, +' X+//+$0+(' N+/4 +*, 4+//(%, j%$$(% )* X)>(*0
F+K @TPW9 j%$$(%8$ %*#(0-'%*%, .+/%*'$ /+($%, *) )Vf%&'()*$ ') '-%
4+'&-9
M-% &)2.#% ;%/% 0(<%* +&&)44),+'()* (* + V)'-KU+ '(*K
/2,(4%*'+/K $-%#'%/ 'K.(&+##K 2$%, ') -)2$% 3+/4 ;)/7%/$9 M-%(/$ -+,
)*% /))4 $%/<(*0 +$ #(<(*0 +/%+ +*, 7('&-%* ;('- +* ).%*H-%+/'- 3(/%[
)*% V%,/))4 +*, + ')(#%'9 M-% 3+4(#K #(<%, (* '-%$% &/+4.%, &)*,('()*$
2*'(# @TRR[ C+K &)4(*0 +#)*0 (* @TPL +*, D,*+ (* @TRS9 M-%K ;%/%
'-%* 0(<%* '-% 2$% )3 '-% '-/%%HV%,/))4 3+/4 &)''+0%9 j%$$(% ,(%, (*
@TT@[ `+> (* SYYS9
`+> ;+$ )*#K )*% +4)*0 + *24V%/ )3 ^%/4+*$ ;-) $%''#%, (*
6&)'#+*, +3'%/ V%(*0 -%#, '-%/% +$ =A5$[ 4+*K )3 ;-)4 ;)/7%, )* '-%
3+/4$ +/)2*, F243/(%$ +*, ^+##);+K[ +* +/%+ '),+K ;('- + #+/0%
^%/4+* .).2#+'()* +*, +* +&'(<% ^%/4+* 6)&(%'K9
M-% 5/%&7$ 6%&'()* )3 '-% G9e9 aK,/)0/+.-(& A33(&% /%&)/,$ '-+'
GHII[ e/(%0$4+/(*% GHV)+'[ ($ #)&+'%, +' `+. C%3%/%*&% RRJS@JPL9IB
YRJY@JWR9S5[ R 4(#%$ $)2'- )3 =#+,,+[ )33 M2/*V%//K =)(*'[ (* '-% N(/'-
)3 E#K,%[ +' ,%.'- RW49 M-% ;/%&7 ($ )/(%*'+'%, (* +* %+$' VK $)2'- o
;%$' VK *)/'- !@YYz o SLYz: ,(/%&'()* +*, #(%$ )* + 3(/4 $%+V%, )3 $+*,[
42, +*, $')*%$ (* + 0%*%/+# ,%.'- )3 RW4 !@LW3':[ '-% #);%$'
+$'/)*)4(&+# ,%.'-9 6-% ($ 2./(0-'[ (* /%+$)*+V#% &)*,('()*[ $'+*,(*0
P9Q4 3/)4 '-% $%+V%,9
PI
M-% &)**(*0 ');%/ -+'&- ($ ).%* +*, ,(<%/$ .%%/(*0 (*') (' -+<%
$%%* ;-+' '-%K ,%$&/(V% +$ + $)/' )3 Z4(#7HV)''#% &/+'%[] ;-(&-
&)*'+(*%, +V)2' 3)2/ )/ $(> /%+,KH2$% $-%##$ 3)/ '-% V)+'8$ ,%&7 02*9
M-% ,%&7 &+$(*0 ($ $-);(*0 $(0*$ )3 ,%'%/()/+'()* V2' '-% ;-)#% ;/%&7
($ &)<%/%, (* 4+/(*% 0/);'- +*, 3(*% $(#'9 M-% ;/%&7 ($ + ;+/ 0/+<%[ #+$'
)33(&(+##K $2/<%K%, VK a`6 G'*)26 (* @TWQ9
M-% ,+K +3'%/ '-% $(*7(*0 )3 GHII a`6 E'/2)0.[ ;-(&- -+, V%%*
+$$($'(*0 (* /%.+(/$ ') '-% V+''#%$-(. a`6 L'2(#+ $%<%/%#K ,+4+0%, VK +
M`X 4(*% 3/)4 GHI@ *%+/ _)&- D;% (* B)<%4V%/ @TIT[ +//(<%, +' '-%
$&%*%9 a%/ ,(<%/$ /%&)<%/%, ,($&+/,%, D*(04+ .+/'$9
6&)''($- -($')/(+* F)*+#, e%##K -+$ ')#, )3 + $')/K '-+' + -%+<K
#(3'(*0 ).%/+'()* ;+$ 4)2*'%, ') 4)<% GHII 3/)4 ('$ $%+V%, .)$('()*9
A'-%/ #)&+# 6&)'$ -+<% ')#, + $(4(#+/ '+#%9 M-% .#+* ;+$ ') $%*, ,(<%/$
,);* ') '/K +*, /%'/(%<% ;-+' '-%K &)2#, 3/)4 +/)2*, '-% ;/%&7 $('%9
M-%/% ($ *) &%/'+(*'K '-+' $2&- +* ).%/+'()* ;+$ 2*,%/'+7%* +*, '-%/%
+/% $)4% ,)2V'$ '-+' ('
;+$ <(+V#% (* '-+' +/%+ )3
'-% N(/'- )3 E#K,%9
B%<%/'-%#%$$[ '-%/% ;%/%
$2('+V#% -%+<K #(3'(*0 $-(.$
(* '-% ^+/%#)&- '-+' ;%/%
&+.+V#% )3 4+7(*0 '-%
+''%4.'9 ?' ;(## V% + 3+&'
;)/'- /%&+##(*0 ;-%* ;%
&)4% ') /%<(%; '-% '/2%
&(/&24$'+*&%$ $2//)2*,(*0
GHII8$ N(/'- )3 E#K,%
+&'(<('(%$9 6)*+/ (4+0% )3 GHII VK "//+*[ N%V/2+/K SYYY
5-+' -+$ V%%* #+(, )2' (* '-%$% ).%*(*0 .+0%$ ($ GHII8$ (4./(*'
2.)* '-% ;/%&7HV%, )3 55?? 4+/('(4% +&'()*[ 2*+,)/*%, ;('-
12%$'()*$ +V)2' '-% ;-K$ +*, ;-%/%3)/%$ $2//)2*,(*0 ('9 A*% 4(0-' $+K
$) 3+/[ $) 0)),\V2' ($ (' '/2#Kb
_+'%/ ;% $-+## #%+/* )3 +* %*'(/%#K ,(33%/%*' <%/$()* )3 %<%*'$[ )*%
'-+' 32*,+4%*'+##K &-+##%*0%$ '-% )33(&(+# -($')/K )3 '-% $(*7(*0 )3 GH
II9 ?* '-% &)//%$.)*,%*&% )3 /%.)/'%/ a)/+&% A+7%$ ;% $-+## /%+, '-+'
a`6 C2')+'* ;+$ *)' +#)*% +4)*0 '-% X/('($- +''+&7 3)/&% (* '-% %+/#K
-)2/$ )3 @S N%V/2+/K @TIT9 XK A+7%$8 +&&)2*' '-% C2')+'* ;+$ *)'
%<%* '-% $-(. '-+' ,%#(<%/%, '-% /#$9 6' %*h/' 2.)* GHII9
"$ '-% 3)##);(*0 .+0%$ .%%# +;+K ;% ;(## (*&/%+$(*0#K -+<% &+2$%
') 12%$'()* *)' )*#K '-% &(/&24$'+*&%$ '-+' ./%<+(#%, )* '-% *(0-' )3 '-%
@S'- V2' '-% ;(,% +//+K )3 )'-%/ $(0*(3(&+*' %#%4%*'$ (* GHII8$ -($')/K9
PP
5% ;(## 12(&7#K /%&)0*($% '-+' ') ,) -)*)2/ ') '-% $'+2*&- V%#(%3$ )3 '-%
3)#7 )3 '-% N(/'- )3 E#K,% + *%;[ 2*<+/*($-%, '/2'- 42$' %4%/0%9
M;) K%+/$ V%3)/% -% ,(%,[ )* '-% QY'- +**(<%/$+/K )3 '-% $(*7(*0 )3
GHII[ `+> 6&-(##%/ $+(#%, )2' )3 E+4.V%#');* _)&- )* @S N%V/2+/K
SYYY )* V)+/, a`6 N*#.'*9 a% ;+$ +&&)4.+*(%, VK -($ ,+20-'%/
D,*+ +*, F+<(, a%*,/K9 M-% '/(. -+, V%%* .#+**%, $) '-+' `+> &)2#,
')$$ + ;/%+'- )* '-% ;+'%/$ )<%/ '-% /%$'(*0 .#+&% )3 -($ 3)/4%/ V)+'9
a`6 N*#.'* ;+$ f)(*%, VK ^%/4+* 4(*%$;%%.%/[ '-% >'06'*[ ;-(&-
;+$ )* %>%/&($% (* '-% E#K,%9
?' ;+$ (*'%*,%, '-+' +* 2*4+**%, 4(,0%' $2V $-)2#, V% $%*' ,);*
') '+7% ,%'+(#%, .(&'2/%$ )3 '-% ;/%&7 3)/ `+>8$ V%*%3(' V2' E/)4%/8$
&+.'+(* %>.#+(*%, '-+'[ ,($+..)(*'(*0#K[ '-% V+, ;%+'-%/ /2#%, '-($ )2'9
?*$'%+,[ `+> ;+$ $-);* + $%/(%$ )3 0-)$'#K[ $),(24H)/+*0% $)*+/
(4+0%$ )3 GHII9 "' )*% 4)4%*' ,2/(*0 '-% '/(. `+>[ $'+*,(*0
)<%/#))7(*0 '-% N(/'- )3 E#K,%[ $+(, 12(%'#K +*, %4)'()*+##K '-+' GHII
-+, V%%* )* + Z$2(&(,% 4($$()*9] ?* 4+7(*0 '-($ /%4+/7 (' ;+$ %<(,%*'
'-+' '-% *+'2/% +*, 3(*+#% )3 GHII8$ I/, .+'/)# -+, ;%(0-%, -%+<(#K (*
`+>8$ 4%4)/(%$ 3)/ 4)/% '-+* QY K%+/$9 " 3%; 4(*2'%$ #+'%/[ (* + $-)/'
&%/%4)*K[ `+> ')$$%, '-% ;/%+'- )*') '-% ;+<%$
"3'%/ '-% &%/%4)*K '-% >'06'* $+(#%, +;+K V2' /%'2/*%, $)4% '(4%
PR
#+'%/9 5-%* '-% 4%* )* '-% ^%/4+* 4(*%$;%%.%/ $+; '-+' `+> ;+$
$'(## $'+*,(*0 )* '-% ,%&7 )3 a`6 N*#.'* #))7(*0 )2' ') $%+ '-%K $')),
') '-%(/ 3%%' +$ )*% +*, $+#2'%, '-% %#,%/#K $2/<(<)/ 3/)4 GHII9 M-%
XXE &+4%/+4%*[ ./)3%$$()*+#$ ;-) -+, ,)2V'#%$$ 3(#4%, +## 7(*,$ )3
&-+##%*0(*0 +&'()* +*, %4)'()*+# $('2+'()*$ (* '-% .+$'[ .+2$%, 3(#4(*0[
4)<%, ') '%+/$ VK '-% (*'%*$('K )3 '-% $&%*%[ ;-(&- ./)V+V#K %>.#+(*$
;-K '-% >'06'*8$ ;)*,%/32# -)4+0% ') `+> ;+$ *)' (*,%, (* '-%
V/)+,&+$' ,)&24%*'+/K9
?* '-% *%>' &-+.'%/ `+> 6&-(##%/[ + 4+* ;-) VK *); &+* V% '/2$'%,
+' %<%/K '2/* ') ./(&7 '-% -+##);%, V+##))*$ )3 GHII -($')/K[ ;(## '%## +
3+/ ,(33%/%*' $')/K +$ ') '-% #)&+'()* )3 '-% ;/%&7 )3 -($ 3)/4%/ V(##%'
2*,%/ '-% ;+<%$9 5% ;(## '-%* V%0(* '-% (*'%//)0+'()* ./)&%$$[ $'+/'(*0
;('- '-% 3(/$' #+K%/ )3 12%$'()*$ '-+' -+<% V%%* .)$%, VK <+/()2$
&)4%*'+')/$ +V)2' +..+/%*' ).%/+'()*+# (*&)*$($'%*&(%$ $2//)2*,(*0 GH
II8$ #+$' 4($$()*9 62V$%12%*'#K[ ;% ;(## '+7% 4%'(&2#)2$ *)'% )3 '-%
12%$'()*$ '-/);* 2. VK '-% 4+$$ )3 &)44%*'$ 3/)4 N(/'- )3 E#K,%
&('(c%*/K9
X)'- '-% 3(/$' #%<%# /%<(%; +*, '-% 3+/ ,%%.%/ (*<%$'(0+'()* +' #)&+#
#%<%# ;(## -(0-#(0-' 4)/% ,)2V'$ +*, 12%$'()*$ +V)2' GHII8$ 3(*+# &/2($%
(* N%V/2+/K @TPY '-+* &+* V% %<%* /%4)'%#K +''/(V2'+V#% ') /+*,)4
$'+'($'(&+# &-+*&%9
PQ
7"?F'#( !HC
@
6%V+0H`)*'%3()/% a9[ O+0%.)H !"' A)&&2' 1#* &"' N#6'[ 5%(,%*3%#, i B(&)#$)*[
SYYY
PW
N)/ %>+4.#%[ jr/0%* A%$'%* +*, '-% &/%; )3 GHQ@ ;%/% '/%+'%, ') +
;%%7 +' + $7( /%$)/' (* X+<+/(+[ + '/(. '-+' ;+$ )/0+*($%, VK '-% #)&+#
X+<+/(+* ^+29 B%<%/'-%#%$$ 6%V+0H`)*'%3()/%[ *) #(0-';%(0-' (*
/%$%+/&- &(/&#%$[ -+$ -(0-#(0-'%, '-% .+/'(&2#+/$ )3 '-% GHII 3)/%$'
V+*12%' +$ %<(,%*&% ') (*,(&+'% '-+' '-% $2V4+/(*%8$ <)K+0% ') '-% N(/'-
)3 E#K,% ;+$ )2' )3 '-% )/,(*+/K9
PL
5% -+<% $%%* '-+' '-% ./%$%*&% )3 a('#%/ +*, Fm*('c )* '-% )&&+$()*
)3 GHII8$ ,%.+/'2/% 3)/ ('$ '-(/, .+'/)# ;+$ *)' +$ (' +..%+/%,9 5-%*
`+> $.)7% Z)33H#(*%] ;('- F+<(, a%*,/K -% &)*3(,%, '-+' Fm*('c8$
.2/.)$% (* &)4(*0 ') 5(#-%#4$-+<%* ;+$ ') +''%4.' ') .%/$2+,% a('#%/
') /%$&(*, -($ )/,%/ '-+' GHII 42$' 4+7% ('$ f)2/*%K ') '-% E#K,%[ 3)/
2*,($&#)$%, .2/.)$%$9
?' -+$ +#$) V%%* $200%$'%, '-+' a('#%/8$ <($(' ') 5(#-%#4$-+<%* (*
N%V/2+/K @TPY &)2#, -+<% V%%* /%#+'%, ') GHST[ ;-(&- -+, /%&%*'#K
$2*7 '-% X/('($- +(/&/+3' &+//(%/ a`6 N#$*)%'#$([ + *)'%;)/'-K 3%+' )3
+/4$9 A* '-($ )&&+$()* a('#%/ (*$.%&'%, '-% &/%; )3 V)'- GHII +*, GHST
+*, $.)7% +' '-% aO )3 S*, GHN#)'(##+9 a);%<%/[ `+> 6&-(##%/8$ /%4+/7
') F+<(, a%*,/K +V)2' a('#%/8$ %>./%$$ )/,%/$ 3)/ GHII8$ 4($$()*[ (*
3+&% )3 $'(33 )..)$('()* 3/)4 Fm*('c[ ;)2#, +..%+/ ') /2#% )2' '-%
$200%$'()* '-+' '-% Nr-/%/8$ <($(' )* '-+' )&&+$()* ;+$ ./%,)4(*+*'#K
/%#+'%, ') GHST9
5-(#% (* 5(#-%#4$-+<%* -+/V)2/ '-% V); )3 GHII V/(%3#K ,/)..%,
(* '-% ;+'%/ ;-(#% $2..#(%$ ;%/% V%(*0 #)+,%,9 ?* &)*$%12%*&%[ (&% +*,
3%%%c(*0 $%+;+'%/ .)2/%, (*') + ')/.%,) -+'&-9 " 12(&7H'-(*7(*0
&/%;4%4V%/ V#%; +## '-% ;+'%/ )2' )3 '-% ,(<(*0 '+*7$ +*, +<%/'%,
,($+$'%/9
D* /)2'% ') a%#0)#+*, ';) -)#%$ ;%/% ,($&)<%/%,J )*% (* + ')/.%,)
-+'&- +*, +*)'-%/ (* + &)..%/ .(.% $%%4(*0#K &+2$%, VK $K -+*,
,/(##(*09 M-%$% -)#%$ ;%/% '-% ./)V+V#% &+2$% )3 '-% ;+'%/ (*0/%$$ V+&7
(* 5(#-%#4$-+<%*9 X)'- -)#%$ ;%/% /)20-#K 3(>%,[ -+$'(#K V)'&-%, ;('-
V('$ )3 /2VV%/ +*, ;)),%* ;%,0%$ 2*'(# V%''%/ /%.+(/$ &)2#, V% 4+,% (*
a%#0)#+*,9 GHII ;+$ ,%3(*('%#K *)' $%+;)/'-K K%' '-% )/,%/ ;+$ 0(<%*
') ./%$$ +-%+, ;('- ('$ 4($$()*9
D>.%/' ).(*()* ($ 4)/% /%#+>%, )* '-($ &-+/0% )3 &+/%#%$$*%$$9 M-%
%+/#K MK.% h??$ $2&- +$ GHII ,(, $233%/ 2*,%/ '-% /(0)2/$ )3 ).%/+'()*+#
2$%9 6%<%/+# -+, V%%* 3)/&%, ') +V)/' .+'/)#$ +*, /%'2/* ;('-
4%&-+*(&+# ,(33(&2#'(%$9 " ./)3%$$()*+# #(7% <)* F/%$7K &)2#, 3%+$(V#K
-+<% )/,%/%, 4+7%$-(3' /%.+(/$ /+'-%/ '-+* $-(/7 '-% ,%&($()* ') ./)&%%,
;('- +* ).%/+'()*+# <)K+0%9 h)* F/%$7K +*, -($ E-(%3 D*0(*%%/[
6&-(##(*0[ ;%/% *)' )* 0)), '%/4$9 M-%/% ;%/% 4+*K &2/'+(#%, <)K+0%$
(* '-% ;+/8$ %+/#K $'+0%$ +*, Fm*('c %>.%&'%, '-% 4)$' 3/)4 -($ 4%*9
M-% +V(#('K ') ./%$$ )* (* '/K(*0 &(/&24$'+*&%$ ;)2#, -+<% V%%*
3+<)2/+V#K <(%;%, VK -(49 h)* F/%$7K8$ +&'()* (* )/,%/(*0 GHII )2' ')
$%+ ;('- 2*3(*($-%, /%.+(/$ 4+K -+<% V%%* *) ,(33%/%*' ') + ,%&($()*
'-+' ;)2#, -+<% V%%* 4+,% VK 3%##); E)44+*,+*'$ (* $(4(#+/
&(/&24$'+*&%$9
M-% B+<K (*'%//)0+'%, '-% $2/<(<)/$ 3/)4 GHII9 M-% $244+/K )3
PT
'-% (*'%//)0+'()* V%0(*$ VK .)(*'(*0 )2' '-+' GHV)+' &/%;$ -+, V%%*
;+/*%, ') /%32$% +## (*3)/4+'()* (* '-% %<%*' )3 &+.'2/% +*, $) '-%
./($)*%/$ 4+K -+<% ,%#(V%/+'%#K 4($#%, '-%(/ &+.')/$9 M-%/% ;+$ )*%
.+/' )3 '-% /%.)/'[ -);%<%/[ '-+' ;+$ $2/./($(*0[ <(cJ
Z!"' .#*)2' #1 &"' /*'7 7)( 60(&0+/&2- =)68 !"' (&)&' #1 60(/#+&'+&
.)- =' 0+ (#.' *'(9'/& 6$' &# &"' $+9#9$2)*0&- #1 &"' N#..)+60+%
D110/'*, P92& 5#+ Y*'(?-8 G' (''.( &# ")5' =''+ 6#.0+''*0+% )+6
60(&)+& 0+ "0( .)++'*8 !"' /*'7 =0&&'*2- *'('+&'6 &"' 1)/& &")& &"'- 7'*'
+'5'* 0+1#*.'6 #1 &"' #=]'/&05' #1 &"'0* /*$0('(8 !"0( 7)( /#+&*)*-, 1#*
'[).92', &# &"' 9*)/&0/' #1 &"' N)9&)0+ #1 QR^c, P92& K#&&, #+' #1 &"'
.#(& 9#9$2)* #1 N#..)+6'*(, 7"# )27)-( 9)*)6'6 "0( .'+ #+ 6'/?
='1#*' 2')50+% ")*=#$* )+6 0+1#*.'6 &"'. #1 "0( 0+&'+&0#+( )+6 #1 &"'
9*#=)=2' 2'+%&" #1 &"'0* /*$0('888!"' /*'7 7)( $+)+0.#$( 0+ /*0&0/0(0+%
&"' N)9&)0+ 1#* +#& %050+% &"'. )+- 0+1#*.)&0#+ )=#$& "0( 0+&'+&0#+(8
!"'- ")6 '[9'/&'6 &# ='  &"' #=]'/&05' )+6 6$*)&0#+ #1 &"' /*$0('9]
M-($ #+&7 )3 /%$.%&' 3)/ '-% GHII E)44+*,%/ $'/%'&-%, V+&7 ')
./()/ 4($$()*$9 5-%* GHII -+, V%%* (* '-% X/($')# E-+**%# '-%
./%<()2$ B)<%4V%/ +*, -+, $2*7 + *24V%/ )3 X/('($- $-(.$ <)* F/%$7K
/%$.)*,%, ') + /%12%$' 3/)4 '-% &)44+*,%/ )3 + $-(. 2*,%/ +''+&7 ')
-)#, '+#7$9 h)* F/%$7K ;+$ +0/%%+V#% ') '-($ +*, )/,%/%, )*% )3 -($
)33(&%/$[ a+*$ a%(,'4+**[ ') $'). '-% 02**%/$ )* '-% 2..%/ ,%&7 3/)4
3(/(*09 a%(,'4+** V%#(%<%, '-% /%12%$' ;+$ + /2$% +*,[ (* ,(/%&'
&)*'/+<%*'()* )3 -($ $2.%/()/8$ )/,%/$[ ')#, '-% 02**%/$ ') /%$24% 3(/(*09
?44%,(+'%#K[ <)* F/%$7K $)20-' ') &)2*'%/4+*, -($ )33(&%/8$ )/,%/ V2'
,(, *)' $2&&%%, (* /%$')/(*0 -($ +2'-)/('K 2*'(# -% -+, .2' + 02* ')
a%(,'4+**8$ -%+,9 a%(,'4+** '-%* )V%K%, V2' '-% &/%; )3 GHII -+,
$%%* '-%(/ &+.'+(* #)$% &)*'/)#9
=/%$%*' ,+K GHV)+' +2'-)/('(%$ &)*&%,% '-+' '-% a%(,'4+** (*&(,%*'
($ +* %>'/%4% %>+4.#% )3 .))/ &+.'+(*H&/%; /%#+'()*$[ ;('- *) %>+4.#%$
)* /%&)/, )3 $(4(#+/ +&&)2*'$9 M-% %<%*' 4+K $+K 4)/% +V)2'
a%(,'4+**8$ .%/$)*+#('K '-+* <)* F/%$7K8$ ;-%* )*% 3+&')/$ (* )'-%/
).(*()*$ '-+' $-); '-% E)44+*,%/ (* + 4)/% 3+<)2/+V#% #(0-'9
`+> 6&-(##%/ ')#, '-% XXE '-+' <)* F/%$7K Z*')22- 7)( ) +0/'
9'*(#+, ) "$.)+ ='0+%, "' 7)(+8& #+' #1 &"'. ("#$&0+% )=#$& )+6 7")&
")5' -#$8 G' 7)( ) "$.)+ ='0+%, "' 7)( 7'22R20?'6, *')22-d) 1)&"'*R
10%$*'888)+ '[/'9&0#+)22- +0/' .)+d"' 7)( 1)0*, "' 7)( "$.)+9]
6&-(##%/ 0+<% '-% %>+4.#% )3 '-% '(4% ,2/(*0 '-% X/($')# E-+**%#
&/2($% ;-%* '-% @WHK%+/ )#, -+, V%%* $'%%/(*0 '-% V)+' +*, -+<(*0
,(33(&2#'K 4+(*'+(*(*0 &)2/$%9 h)* F/%$7K -+, )V$%/<%, '-($ 3/)4 -($
&+V(* V2' *)' 7*);(*0 ;-) ;+$ $'%%/(*0 $-)2'%, )2' '-+' '-% V)+' ;+$
')) 3+/ )33H&)2/$%9 a% '-%* &+4% +#)*0[ $+; '-+' (' ;+$ K)2*0 6&-(##%/
RY
+' '-% -%#4[ +.)#)0($%, +*, $'+K%, ;('- -(4 ') $2.%/<($% +*, 0(<%
+,<(&%9
6%V+0H`)*'%3()/% &#+(4$ '-+' ).%/+'()*+# /2#%$ ;%/% V#+'+*'#K
(0*)/%,9 "3'%/ '-% %+/#(%/ GHSQ $&+/% +* )/,%/ ;+$ ($$2%, '-+' GHV)+'$
42$'[ -%*&%3)/'-[ #%+<% '-%(/ D*(04+ &),% 4+&-(*%$ V%-(*,9 M-($ )/,%/
;+$ *)' %*3)/&%, VK Fm*('c 3)/ GHII9 6%V+0H`)*'%3()/% $200%$'$ '-+'
'-($ -+, $)4%'-(*0 ') ,) ;('- GHII8$ )33(&(+# $'+'2$ +$ + ')/.%,) $'/(7%
V)+' /+'-%/ '-+* +$ + ,%,(&+'%, 4(*% #+K%/9
D>.%/'$8 <(%;$ -+<% V%%* 3+/ 4)/% %12(<)&+# )* '-($ .)(*' )3
).%/+'()*+# *)*H&)4.#(+*&%[ &)*,(*0 '-+' '-% ,%&($()* ;+$ ),, +*,
(##)0(&+#9 5-+'%<%/ '-% /%+$)* 3)/ *)*H%*3)/&%4%*' '-% /2#(*0 ;+$ ')
&)$' ^%/4+*K ,%+/9 N/(%,/(&- e24.3 ;+$ )*% )3 '-% $2/<(<)/$ )3 GHII9
a% .+*(&7%, +*, ,(, *)' 3)##); '-% )/,%/ ') ,24. (*') '-% ;+'%/ '-%
D*(04+ /)')/ ;-%%#$ h?[ h?? +*, h??? '-+' -% -+, V%%* 0(<%* ') ,($.)$%
)3 +' '-% '(4% )3 +V+*,)*(*0 $-(.9 a% ')#, _(%2'%*+*' a%(*c C)''4+* -%
-+, 3)/0)''%* ') ,24. '-%4 +*, '-+' '-($[ '-%/%3)/%[ ;+$ '-% 4)4%*'
;-%* C)''4+* 7*%; '-% /)')/ .+/'$ -+, V%%* &+.'2/%, VK '-% X/('($-9
M-($ +&&)2*'[ -);%<%/[ &)*3#(&'$ ;('- '-+' 3/)4 `+> 6&-(##%/ ;-) ')#,
6%V+0H`)*'%3()/% '-+' -% -+, 2*,/%$$%, e24.3 V%3)/% '-% #+''%/ ;+$
$%+/&-%, VK '-% X/('($- +*, 3)2*, -($ '/)2$%/ .)&7%'$ %4.'K9
M-% ./%&($% &(/&24$'+*&%$ ;%/% ')#, ') 4% VK C+K +*, D,*+
6&-(##%/9 " '+#% )3'%* /%.%+'%, ($ '-+' ;-%* `+> ;+$ .2##%, +V)+/, '-%
/%$&2% V)+' A#"'.0)+ C0*2 -% 0/+VV%, + '%+7%''#% 3/)4 + $')<% +*,
.)2/%, '-% &)*'%*'$ )<%/ -($ 3/%%c(*0 &)#, 3%%'9 `+> ')#, -($ 3+4(#K '-+'
'-% $-(<%/(*0 &/%;4+* ;-) ,)2$%, -(4$%#3 ;('- -)' ;+'%/ ;+$ +&'2+##K
e24.39 6'/+(0-'+;+K[ `+> -%#.%, $'/(. -(4 )3 -($ ;%' &#)'-%$[ ;-(&-
%>.#+(*$ ./%&($%#K ;-%* +*, ;-K -% 2*,/%$$%, '-% )33(&%/ +*, ;-K +#$)
-% 7*%; ;('- &%/'+(*'K '-+' '-%/% ;%/% *) -%+<K !D*(04+ .+/'$ $(c%,:
)Vf%&'$ (* '-% E-(%3 `%&-+*(&8$ .)&7%'$9
?* #(0-' )3 '-% /%+# $')/K -); ,(, '-% B+<K )V'+(* e24.38$ /)')/ +*,
-); &)2#, '-% 4%&-+*(& -+<% 4+,% + $'+'%4%*' ') C)''4+* '-+' -% -+,
3+(#%, ') ,($&+/, ('b _+;/%*&% =+'%/$)*[ + GHV)+' %>.%/' ;-) ./)<(,%$
&)*$2#'+'(<% $%/<(&%$ )* V%-+#3 )3 '-% X/('($- C)K+# B+<K8$ a($')/(&+#
X/+*&-[ -+$ &)*$(,%/%, '-% &(/&24$'+*&% +*, &+* )33%/ *) ,%3(*('%
+*$;%/[ )'-%/ '-+* $200%$'(*0 '-+' '-% /)')/ ;-%%#$ 7'*' $'(## (*
e24.38$ .)&7%'[ +&&%.'(*0 (* )33%/(*0 '-($ %>.#+*+'()* '-+' (' &)*3#(&'$
$12+/%#K ;('- 6&-(##%/8$ +&&)2*'9 M-%/% ($ *) /%+$)* ;-K 6&-(##%/
$-)2#, -+<% 3+V/(&+'%, '-% $')/K -% (4.+/'%, ') -($ 3+4(#K9 =+'%/$)*8$
.)$('()* ($ '-%/%3)/% 2*'%*+V#%[ ;-(&- ($ ;-K -% -+$ &)*$(0*%, '-($
.2cc#(*0 3+&')/ (*') '-% Z+*)'-%/ 2*7*);*] &+'%0)/K &)*&%/*(*0 '-%
2*/%$)#<%, ($$2%$ $2//)2*,(*0 GHII8$ 3(*+# %>&2/$()*9
R@
?* -($ @TQY V))7 : E05'* E$+( &# >)* j)-* F/244)*, /%.)/'%,
'-+' 6&-(##%/[ #(7% +## )'-%/ 4%4V%/$ )3 '-% &/%; )3 GHII[ -+, V%%*
.2cc#%, +*, ;)//(%, VK '-% $%&2/('K ./%&+2'()*$ V%3)/% $+(#(*09 M-% *%;
M`E 4(*%$ ;%/% V(00%/ '-+* +*K '-%K -+, $%%* ,2/(*0 '/+(*(*0J ';) ')
%+&- ')/.%,) '2V% (*$'%+, )3 '-% 2$2+# '-/%%9 M-% &/%; )3 GHII $-+/%, +
-%+<K 3)/%V),(*0 '-+' $)4%'-(*0 ;+$ *)' /(0-'9 6%V+0H`)*'%3()/% $+K$J
Z6) (' ;+$ '-+' GHII ;+$ $%*' )* ;-+' +4)2*'%, ') + $2(&(,% 4($$()*
;('- +* D*(04+ 4+&-(*% +V)+/,9] `+> 6&-(##%/ 4+,% (,%*'(&+# /%4+/7$
,2/(*0 -($ (*'%/<(%; +' -)4% ;('- XXE '%#%<($()* +*, ;-(#% -% ;+$ )*
V)+/, a`6 N*#.'* 3)/ '-% ;/%+'-H#+K(*0 &%/%4)*K9
^/)$$+,4(/+# D/(&- C+%,%/[ Fm*('c8$ $2.%/()/[ $2V$%12%*'#K
/)2*,%, )* a('#%/[ $+K(*0 '-+' '-% ).%/+'()*+# )/,%/ !)* GHII: ;+$
Z2''%/ 4+,*%$$[ $-%%/ $2(&(,%g] C+%,%/ +&7*);#%,0%, '-+' '-% E#K,%
;+$ <('+# ') '-% %*%4K +*, '-%/%3)/% + ./(4% '+/0%' 3)/ GHV)+'
)33%*$(<%$9 B%<%/'-%#%$$[ -% %4.-+$(c%, ') a('#%/ '-+' 3)/ +$ #)*0 +$ -%
;+$ E)44+*,%/H(*HE-(%3 -% ;)2#, *)' +##); +*)'-%/ GHV)+' ') +''%4.'
'-% (4.)$$(V#% (* '-)$% ;+'%/$9 ?* @TPI C+%,%/ +$7%, a('#%/ ') /%#(%<%
-(4 )3 -($ ,2'(%$ Z)* '-% 0/)2*,$ )3 (##H-%+#'-9]
a`6 G##6
"' '-($ '(4% C+%,%/ ;+$ 2*-+..K +' a('#%/8$ ,%$(/% ') .2$- 4)/%
32*,(*0 ');+/,$ '-% GHV)+' V2(#,(*0 ./)0/+44% +' '-% %>.%*$% )3 '-%
$2/3+&% B+<K9 Fm*('c '-%* +$$24%, &)44+*, +' Ae`[S + 4)<%
S
AV%/7)44+*,) ,%/ e/(%0$4+/(*% !a(0- E)44+*, )3 '-% ^%/4+* B+<K[ 55??:
RS
a`6 G##6 #)0 )3 L N%V/2+/K @TPY $-);(*0 -%/ V%/'-%, +' ^/%%*)&7
G##68$ #)0 3)/ '-% @Y'- $-);(*0 -%/ +' $%+ ;%## V%3)/% GHII8$ +//(<+#
RP
+;+/% )3 %>+&'#K ;-%/% -($ V)+'4+'%$ +*, -% ;%/% (* '-% E#K,% +' '-%
'(4% )3 '-% $(*7(*0 )3 GHII9 6&-(##%/ /%.#(%, '-+' '-%K 7*%; '-%(/
+../)>(4+'% .)$('()*9 5+/7 ;%*' )* ') +$7 (3 -% /)20-#K 7*%; ;-%/%
'-% GHV)+' 3(*+##K ;%*' ,);*[ ') ;-(&- 6&-(##%/ $+(, ZK%$[] '-% V/)+,
+*$;%/ )*% ;)2#, %>.%&' 3/)4 +*K )3 -($ &/%;4+'%$ $%%(*0 '-+' '-%K
,(, *)' f24. (*') '-% ;+'%/ ;('- &-+/'$ +*, &)4.+$$9
?' ($ &#%+/[ -);%<%/[ '-+' '-% &/%; )3 GHII ;%/% *)' ;-)##K (0*)/+*'
)3 '-% $2V4+/(*%8$ 4)/% ./%&($% .)$('()* ./()/ ') $(*7(*09 ?* +*$;%/ ')
5+/78$ $2V$%12%*' 12%$'()*(*0[ 6&-(##%/ &)*3(/4%, '-+' Z'-% G##6 ;+$
(* '-%/% !M+(# )3 '-% X+*7: +$ ;%##[ $)\ '-+'8$ ;-+' ;% /%+##K ;%/%
+3'%/\+3'%/ '-+' !4(*%#+K(*0: ;% -+, ') 0) /(0-' 2. '-% E#K,% +*, '/K
+*, 0%' '-% G##6\'/K ') ,) '-% $+4% +$ ;-+' -+..%*%, +' 6&+.+ N#);9R
?' ;)/7$ )*&%[ *)' ';(&%g] M-% /%+#('K ($ '-+' '-% G##6 ;+$ +#& (* '-%
"*&-)/+0% )* @S N%V/2+/K @TPY[ + 3+&' )*% .2cc#%$ ') 2*,%/$'+*, ;+$
*)' 7*);* ') Fm*('c8$ .#+**%/$9 ?* '-% &(/&24$'+*&%$[ )*% &)2#,
f2$'(3(+V#K ,%,2&% '-+' '-% G##6 $')/K ;+$ + &)*&)&'()* 3/)4 3(/$' ')
#+$'[ '-+' GHII -+, *) (*'%*'()* )3 0)(*0 3)/ (' !+*, (*&2//(*0 a('#%/8$
;/+'-: V2'[ (*$'%+,[ '/+<%##%, V%K)*, M-% E24V/+%$ (* .2/$2(' )3 +*
%*'(/%#K ,(33%/%*' 4($$()*H&/('(&+# )Vf%&'(<%9
!GHPW8$ $2&&%$$ +' 6&+.+ N#); 4%/('%, 3)2/ .+0%$ (* Fm*('c8$ ,(+/K
;-(#% GHII 3(##%, f2$' )*%9 5-K[ )*% 4(0-' +$7[ ;+$ Fm*('c $)
2*&)43)/'+V#% )/ /%#2&'+*' ') +,, 4)/% (*3)/4+'()* +V)2' '-% ,%'+(#%,
&(/&24$'+*&%$ $2//)2*,(*0 '-% $(*7(*0 )3 GHIIb:
=%/-+.$ (* '-% 5+/7 (*'%/<(%; 6&-(##%/ ;%*' +$ 3+/ +$ -% '-)20-'
;($% (* '%##(*0 '-% ;)/#, +V)2' GHII8$ +&'2+# /%$'(*0 .#+&%9 "' '-% $+4%
'(4% -% %<(,%*'#K 3%#' &)4.%##%, ') 0(<% + $'%%/ ');+/,$ '-% '/2'-9
M-/)20-)2' '-% (*'%/<(%; (' ($ +V2*,+*'#K &#%+/ '-+' 6&-(##%/ -+, -($
;('$ +V)2' -(4 +*, '-+' -% -+, *) ,(33(&2#'K /%&+##(*0 '-% %<%*'$ )3
N%V/2+/K @TPY9
M-% /%4+/7 +V)2' GHII +*, M-% E24V/+%$ (* '-% (*'%//)0+'()*
/%.)/' +*, `+> 6&-(##%/8$ #+'%/[ 2*%12(<)&+# $'+'%4%*'$ +V)2'J a`6
G##6[ GHII -+<(*0 Z') 0) /(0-' 2. '-% E#K,%[] +*, GHII8$ ;/%&7
.)$('()* .#+&(*0 (' 4)/% '-+* '-(/'K 4(#%$ *)/'-%+$' )3 =#+,,+ +/%
&/2&(+##K .%/'(*%*' 3+&'$ ') V%+/ (* 4(*, +$ ;% 2*,%/'+7% + /(0)/)2$
/%<(%; )3 '-% (,()$K*&/+'(& +*, #+/0%#K 2*')#, &(/&24$'+*&%$ )3 GHII8$
6&)''($- %>&2/$()*$9 ?' ;(## 12(&7#K V%&)4% %<(,%*' (* '-% 3)##);(*0
.+0%$ '-+' 6&-(##%/8$ $'+'%4%*'$[ ;-(&- +..%+/ ') &)*'/+,(&' ,(/%&'#K '-%
)33(&(+# .)$('()* )* GHII8$ 4)<%4%*'$ +*, /%$'(*0 .#+&% +/%[ (* 3+&'[
R
6&+.+ N#); ($ + V),K )3 ;+'%/ (* '-% A/7*%K ?$#+*,$9 A* @P A&')V%/ @TIT GHPW[
2*,%/ '-% &)44+*, )3 ^r*'-%/ =/(%*[ .%*%'/+'%, 6&+.+ N#); +*, $+*7 '-% V+''#%$-(.
a`6 E#-)2 D)? +*&-)/%, (* 6&+.+ X+K9 A3 '-% @[PYYH4+* &/%;[ LII ;%/% #)$'9
RQ
V%(*0 4+,% +V)2' ';) ;-)##K $%.+/+'% &/2($%$ ;-(&- GHII 4+,% (*')
'-% N(/'- )3 E#K,%U'-% 3(/$' (* B)<%4V%/ @TIT +*, '-% $%&)*, (*
N%V/2+/K @TPY9
?* .-/+$(*0 -($ $'+'%4%*'$ (* $2&- 3+$-()* 3)/ *%;$.+.%/$ +*,
'%#%<($()* &+4%/+$[ (' $200%$'$ '-+' 6&-(##%/ ;+$ V%(*0 $4+/' +*,
&(/&24$.%&'[ '+7(*0 &+/% *)' ') 0(<% $) 42&- +;+K '-+' -% &)*'/+<%*%,
+*K $%&/%&K 2*,%/'+7(*0$ '-+' 4+K -+<% V%%* (4.)$%, )* -(4 VK
X/('($- $%&2/('K $%/<(&%$[ ;-(#% +' '-% $+4% '(4% .%..%/(*0 -($
$'+'%4%*'$ ;('- $%%4(*0#K )2' )3 &)*'%>' /%4+/7$ +##2,(*0 ') 4)/% '-+*
)*% N(/'- )3 E#K,% %.($),% ,(/%&'#K (*<)#<(*0 GHII9
D<(,%*'#K[ 6&-(##%/ ,(, *)' ;+*' -($')/K ') /%4+(* (* (0*)/+*&% )3
'-% &)4.#%'% .(&'2/% )3 GHII8$ 6&)''($- '/+<+(#$ (* '-% 3(/$' 3%; 4)*'-$
)3 '-% ;+/9 a($ <+/()2$ /%4+/7$ (*,(&+'% '-+' 6&-(##%/ 7*%; '-+' GHII8$
).%/+'()*+# (4.%/+'(<%$ 3)/ '-%$% ';) )2'(*0$ ;%/% + 4(>'2/% )3 '-%
*)/4 +*, '-% /%4+/7+V#%9 5-%* ;% &)4% ') $'+*, V+&7 +*, /%<(%; +##
'-% 3+&'$ -%/% ./%$%*'%, ;% 4+K &)*,% '-+' '-% &)<%/' +$.%&'$ )3 GH
II8$ +&'(<('(%$ ;%/% (*,%%, $) /%4+/7+V#% '-+' '-%K $-)2#, ,%$%/<%,#K
V% +$$(0*%, ') '-+' /+/% &+'%0)/K )3 %<%*'$[ 2*,%/'+7%* *) ,)2V' VK V)'-
$(,%$ (* 55??[ (* ;-(&- 3/+*'(& %33)/'$ ;%/% 4+,% +' '-% -(0-%$' #%<%#$
') 3(*, + .%+&%32# $)#2'()* ') '-% &)*3#(&' V%3)/% (' 0+(*%, +*
2*$')..+V#% 4)4%*'249
`K V))7 )* #+*02+0% $&-)#+/ +*, -($')/(+* A'') C+-* /%3%//%, ')
$)4% )3 '-%$% +&'(<('(%$ 2*,%/'+7%* 3/)4 '-% V%0(**(*0 )3 '-% ;+/9 M-%
X/('($- 3+&'()*$ (*<)#<%, &)*,2&'%, '-%$% (*('(+'(<%$ #+/0%#K )2'$(,%
)33(&(+# &-+**%#$ +*, .2/$2%, '-%4 &)*'/+/K ') '-% %>./%$$ ;($-%$ )3
X/('+(*8$ .)#('(&+# #%+,%/$-(.9
M-% ,(33(&2#'K 3+&%, VK #%+,%/$ $2&- +$ E-2/&-(## !;-) ;+$ $%%* +$
+* (4.%,(4%*' ') .%+&% VK 4+*K #%+,(*0 D$'+V#($-4%*' 3(02/%$: ;+$
'-+' '-)$% V+&7(*0 '-%$% &)<%/' +&'(<('(%$ ;%/% %>'/%4%#K ;%## &)**%&'%,
+*,[ (* 4+*K &+$%$[ %>'/+)/,(*+/(#K .);%/32#[ '-%(/ .)$('()* +*, /%+&-
%<%* %>'%*,(*0 (*') '-% (**%/ &(/&#% )3 '-% X/('($- C)K+# N+4(#K9 X/('($-
$%&/%&K /2#%$ ,%4+*, '-+' (* &+$%$ /%#+'(*0 ') &)*'/)<%/$(+# )/
12%$'()*+V#% +&'(<('(%$ ,(/%&'#K (*<)#<(*0 '-% C)K+#$ '-% (*3)/4+'()* &+*
V% 7%.' 2*,%/ #)&7 +*, 7%K 3)/ 2. ') )*% -2*,/%, K%+/$9
"$ ;% $-+## $-)/'#K )V$%/<% '-%/% +/% $2V$'+*'(+# (*,(&+'()*$ '-+' GH
II &+//(%, )/ &-+.%/)*%, *)*H).%/+'()*+# .%/$)**%# 3)/ 2*,($&#)$%,
.2/.)$%$9 M+7(*0 +## '-% 3+&'$ +*, &(/&24$'+*&%$ ')0%'-%/[ (' ($ %*'(/%#K
3%+$(V#% '-+' '-%$% ;%/% ').H/+*7 B+c( %4($$+/(%$ $%%7(*0 )* V%-+#3 )3
'-% -(0-%$' 3(02/%$ (* '-% C%(&- ') $2%[ ($= *#()[ 3)/ +* %+/#K .%+&%9 ?' ($
'-% )Vf%&'(<% )3 '-($ ./%$%*' ;)/7 ') (*<%$'(0+'% '-%$% /%4+/7+V#%
,(<%/$()*$ 3/)4 GHII8$ -($')/(&+# /%&)/,9
RL
7"?F'#( !.B44
M-%/% &)2#, -+/,#K V% 4)/% &)*32$()* '-+* '-+' ;-(&- &#)2,$ '-%
/%$&2% ,%'+(#$ +*, $'+'($'(&$ 3)/ '-% $2/<(<)/$ +*, ,%&%,%*'$ 3/)4 GHII9
X%$(,%$ a`6 C2')+'* + *24V%/ )3 )'-%/ <%$$%#$ ;%/% .+/'K ') '-% '+$7
)3 /%$&2% +*, /%'/(%<+#9
" #)0(&+# $'+/'(*0 .)(*' 3)/ +*+#K$($ +*, /%&)*&(#(+'()* .2/.)$%$ ($
'-% )33(&(+# /%&)/, &)*3(/4(*0 '-% *24V%/ )3 .%/$)*$ )* V)+/, GHII9 ?*
SYYS '-% BaX $'+'%, (* /%$.)*$% ') 4K #%''%/ )3 %*12(/K '-+'J Z^ #110/'*(
)+6 `b .'+ ($*505'6 #$& #1 ) &#&)2 /#.92'.'+& #1 b_8] M-($ )33(&(+#
$'+'%4%*' $%/<%$ .%/3%&'#K ;%## +$ '-% $./(*0V)+/, 3)/ )2/ ,%'+(#%,
,%#(V%/+'()*$9 PS .%/$)*$ +/% '-%/%3)/% )2/ $'+/' +*, %*, .)(*'$ (*
$%%7(*0 ') /%&)*&(#% '-% *24V%/ )3 $2/<(<)/$ +*, ,%&%+$%,9 M-% BaX8$
#%''%/ 0)%$ )* ') 0(<% + 4)/% ,%'+(#%, +&&)2*' )3 '-% /%$&2% ).%/+'()*9
C2')+'*8$ .)/' ;-+#%/ ;+$ #);%/%, +*, $%*' +;+K 3)/ $2/<(<)/$ V2'
+$ '-% $-(. ;+$ ,/(3'(*0 3+$' ') #%%;+/, '-% $'+/V)+/, ;-+#%/ +*, V)'-
4)')/ $7(33$ ;%/% *)' #);%/%, 2*'(# '-% $-(. -+, $'%+4%, $#);#K +-%+,
') '-% &%*'/% )3 '-% #+/0%$' 0/)2. )3 4%*9 M-% $%+ ;+$ <%/K &-)..K +*,
.2##(*0 V)+'$ &)2#, -+/,#K 4+7% +*K -%+,;+K9 A*% )33(&%/ +*, %(0-'
/+'(*0$ ;%/% .(&7%, 2. VK C2')+'*8$ V)+'$9
N(/$' D*0(*%/ N/(%,/(&- 6&-(##(*0 #+'%/ ')#, -($ (*'%//)0+')/$J@ Z4&
7)( 1*''B0+% /#26, ) 90&/" =2)/? +0%"&, 5'*- (&#*.- 70&" ) *#220+% (')8 4
*')20('6 &")& #$* /")+/'( #1 *'(/$' 7'*' +#& %##68 >' /#$26 ('' 20%"&(
%2#70+% 0+ &"' 60(&)+/' =$& +# '506'+/' #1 *'(/$' 5'(('2( )99*#)/"0+%8
@
6&-(##(*08$ +&&)2*' /%./),2&%, &)2/'%$K )3 =+4%#+ "/4$'/)*0 ;-) (* '2/* ,/%; )*
(*3)/4+'()* 3/)4 /%$%+/&-%/ e#+2$ =%'%/ =)-#+*, +*, '/+*$#+')/ a%(7) C)'0%/ ')
;-)4 0/+'%32# '-+*7$ +/% +#$) %>'%*,%,9
QY
'-% )'-%/ 3%##); (,%*'(3(%, '-%4$%#<%$9 `+> '-%* $+(, + &2/()2$ '-(*0 ')
5+/79 a% $+(, '-+' -% -+, ')#, -(4$%#3 (* '-)$% 4)4%*'$J Z?8, V%''%/
7%%. +;+K 3/)4 -(4[ (3 -% 0%'$ (* +*K ,(33(&2#'K[ ? &)2#,8*+ -%#. -(49]
6&-(##%/ '-%/%3)/% /%$)#<%, ') 7%%. -($ ,($'+*&% +*, &)*&%*'/+'% )*
7%%.(*0 -(4$%#3 +#(<%9 a% ')#, 5+/7 '-+' '-% 4+* ;+$ +4)*0 '-)$% ;-)
;%/% $+<%,9
6&-(##%/8$ /%4+/7$ $(' (*&)*0/2)2$#K +#)*0$(,% -($ $%#3#%$$ +&'()* (*
&+/(*0 3)/ + 3%##); $2V4+/(*%/ 3)/ + 32## 3)2/ -)2/$ 2*'(# -%#. +//(<%,9
M-% 4+* -% /%3%//%, ') (* -($ (*'%/<(%; ;('- 5+/7 &)2#, *)' -+<% V%%*
'-% $+(#)/ ;-)4 `+> -%#, )*') (* '-% ;+'%/9 F(, '-($ %*&)2*'%/
'-%/%3)/% '+7% .#+&% %+/#(%/[ .%/-+.$ <%/K $))* +3'%/ '-% 4%* f24.%,
3/)4 GHII (*') '-% $%+b
"' '-($ %+/#K f2*&'2/% ;+$ '-%/% $)4%'-(*0 +V)2' '-($ .+/'(&2#+/ 4+*
'-+' ,($&)2/+0%, `+> 6&-(##%/ 3/)4 '/K(*0 V%''%/ ') .)$('()* -(4$%#3 $)
'-+' -% &)2#, )33%/ +$$($'+*&% (3 &+##%, 2.)*b A/ ;+$ (' $(4.#K '-% V/2'+#
V2' 2*,%/$'+*,+V#K *%&%$$+/K ,%4+*,$ )3 $2/<(<+# (* %>'/%4%#K ,(/%
&)*,('()*$ '-+' $-+.%, `+>8$ '-(*7(*0 (* '-)$% +;32# 4)4%*'$b ?' ($
#%$$ #(7%#K ') -+<% V%%* '-% #+''%/ &(/&24$'+*&% V%&+2$% VK C+K
6&-(##%/8$ +&&)2*' -($ 3+'-%/ $%#3#%$$#K $.%*' +#4)$' +## )3 -($ '(4% (* '-%
3(/'-8$ 3%%c(*0 ;+'%/$ 4+7(*0 $2/% '-+' + &)4/+,% ,(, *)' $#(. 2*,%/9
?* '-% XXE ./)0/+44% 6&-(##%/ +*$;%/%, + 12%$'()* 3/)4 e(/$'K
5+/7 +V)2' <)* F/%$7K 0)(*0 ,);* ;('- -($ V)+'9 6&-(##%/ $+(, '-+' (3
)*% ;%/% ') 0) ,);* +*, 3(*, V)*%$ '-%K ;)2#, V%#)*0 ') -($ &+.'+(*[
+,,(*0 '-+'J Z-% ;+$ '-% )*#K .+$$\]
`+> +V/2.'#K &2' $-)/' '-($ $%*'%*&%[ 3(*($-(*0 VK $+K(*0J Za% ;%*'
,);* ;('- '-% V)+'9] 5+$ 6&-(##%/ V('(*0 -($ ')*02% +' '-($ .)(*' (* '-%
(*'%/<(%;[ &+'&-(*0 -(4$%#3 V%3)/% $+K(*0 $)4%'-(*0 '-+' 4(0-' -+<%
(*,(&+'%, +* 2*&)43)/'+V#% 3+&' +V)2' +* 2*,)&24%*'%, .+$$%*0%/ )*
GHIIU)*% ;-) $2/<(<%,b
6-)/'#K[ ;% $-+## /%<(%; (*,($.2'+V#% %<(,%*&% '-+' '-%/% ;%/% +'
#%+$' ';) 2*#($'%, .%/$)*$ +4)*0 '-% ,%+, )3 GHII ;-)[ /%$%+/&-
(*,(&+'%$[ ;%/% *)' /%02#+/ e/(%0$4+/(*% $+(#)/$9
=/%$%*'#K[ 6&-(##%/ -%+/, + x.2''[ .2''[ .2''8 )3 + V)+'[ $+; + #(0-'
+*, '/(%, ') 0/+V + ,+*0#(*0 /).% V2' (' &+4% +;+K ;-%* 4%* )* V)+/,
.2##%,9 M-%K '/(%, +0+(* +*, '-($ '(4% 6&-(##%/ .2' (' +/)2*, -($ ;/($'9
a% ;+$ '-%* .2##%, &#%+/ )3 '-% ;+'%/9 " 7(*,#K &/%;4+* 0+<% `+>
&-)&)#+'% +*, -)' '%+9 _(''#% ,(, '-% '/+;#%/4+* 7*); -); 42&- `+>[
#+'%/ ') V%&)4% + 3(/$'H/+'% .+'($$%/(% &))7[ +,)/%, &-)&)#+'%g
_(7% e24.38$ %$&+.+,% ;('- '-% '%+ 7%''#%[ C)V%/' =2&-'+ '-/%;
-(4$%#3 V),(#K )* ') '-% 0+##%K $')<% +*, `+> -+, ') .2## -(4 )339
5-%* *) )*% ;+$ #))7(*0 =2&-'+ ,(, '-% $+4% '-(*0 +0+(*[ $2$'+(*(*0
QS
4(0-' =/(&% -+<% -%#, -($ $2$.(&()*$ +V)2' '-% ./%$%*&% )3 )'-%/ -)$'(#%
$2V$b a($ /%.#K ') 6&-(##%/8$ 12%$'()* &+* V% /%+$)*+V#K (*'%/./%'%, (*
'-% &)*'%>' '-+' =/(&% ;+$ *)' f2$' ;+/K )3 '-% ./)>(4('K )3 +*)'-%/
)'-%/ GHV)+' V2' '-+' -% ;+$ 4)/% )/ #%$$ /'*&)0+ '-+' '-%/% ;+$ +*)'-%/
V)+' (* '-% <(&(*('K9
=%/-+.$ (* Fm*('c8$ );* ;)/,$ ;% 0%' +* (*$(0-' (*') '-% '/2'- )3
'-% 4+''%/9 M-% ",4(/+# ;/)'% (* -($ ,(+/K )* @S N%V/2+/K @TPYJ ZE)60#
0+&'220%'+/' ('*50/' *'9#*&( &"' (0+?0+% #1 ) QR=#)& 0+ &"' N2-6'8 41 &"0(
0( /#**'/& 0& /)+ #+2- =' QR^^8 A$& &"' *'9#*&( )*' +#& (# 6'10+0&' &")&
"#9' #1 &"' =#)&( #+2- ")50+% =''+ (''+ +''6 +#& =' )=)+6#+'69]
5-K ,(, Fm*('c /%3%/ ') V)+'$ .#2/+# +*, *)' ') V)+' $(*02#+/b
M) '+//K (* 2*,%/'+7(*0 '-% /%$&2(*0 )3 4%* (* (44%,(+'% ,+*0%/ )3
,%+'- '-/)20- 3/%%c(*0 +*, .)$$(V#% (*f2/(%$ &+2$%, VK '-% %>.#)$()*$
)* GHII ($ + $%/()2$ 4+''%/9 " /%$.)*$(V#% )33(&%/ $2&- +$ =/(&% ;)2#,
*)' -+<% -%#, V+&7[ 7*);(*0 '-+' ,%#+K &)2#, +,, ') 3+'+#('(%$[ 2*#%$$ -%
;+$ (* /%&%(.' )3 -+/, (*'%##(0%*&% '-+' (*,(&+'%, + *%+/VK $%&)*,+/K
'-/%+'9
"*)'-%/ $'/+*, )3 &)*$(,%/+'()* ($ '-% .)$$(V(#('K '-+' =/(&% 7*%; )3
+ ./%<()2$ )&&+$()* ;-%* + GHV)+' -+, V%%* $%%* (* '-% N(/'- )3 E#K,%
+*, ,(, *)' ;+*' '-% B+<K ') V% &+20-' )2' + $%&)*, '(4%9 5% ;(## $%%
'-+' '-($ ;+$ ./%&($%#K '-% .)$('()*[ '-% $2&&%$$32# (*&2/$()* VK + GHV)+'
(*$(,% '-% ,%3%*&% V))4 (* B)<%4V%/ @TIT -+<(*0 V%%* + $)2/&% )3
0/%+' )33(&(+# %4V+//+$$4%*'9
?' ;)2#, &)4% +$ *) $2/./($% (3 )*% ;%/% ') #%+/* '-+' (' ;+$ +$ +
&)*$%12%*&% )3 + GHV)+'8$ $2&&%$$32# .+$$+0% (*') '-% E#K,% "*&-)/+0%
(* B)<%4V%/ @TIT '-+' B+<K &-(%3$ ,%&(,%, ') /%,%.#)K a`6 C2')+'*
+$ + 4%4V%/ )3 '-% I/, "*'(H62V4+/(*% 6'/(7(*0 N)/&% &-+/0%, ;('- '-%
./)'%&'()* )3 '-% N(/'- )3 E#K,% +*, ('$ +../)+&-%$9
M-% &)*$%12%*&% )3 ,%#+K ;+$[ +$ 6&-(##%/ $+,#K *)'%,[ ') ./)#)*0
'-% +0)*K )3 4%* (* '-% ;+'%/9 6&-(##%/8$ 2*%12(<)&+# <(%; ;+$ '-+'
3%;%/ 4%* ;)2#, -+<% ,(%, -+, C2')+'* +&'%, (44%,(+'%#K9 B)*% &+*
*); $+K9
M-% '+V#% ./)<(,%$ '-% )33(&(+# #($' )3 $2/<(<)/$ +*, ,%&%+$%, !$%%
'+V#% (* "..%*,(> 3)/ ,%'+(#$ )3 %+&- 4+*8$ /+*7:J
$%<%* ,+K$ (* <%/K &/+4.%, &)*,('()*$9 6&-(##%/ ')#, 5+/7 '-+' Z7'
7'*' ) %##6 /*'7, 7' %#& #+ 7'22d7' 7' 7'*' .#*' 20?' ) 1).02-9]
E#%+/#K[ %<%/K)*% 7*%; %+&- )'-%/ +*, .2##%, ')0%'-%/ ') 4+7% #(3%
2*,%/ '-% ;+<%$ /2* $4))'-#K +*, +4(&+V#K9
_(3% 3)/ + $2V4+/(*%/ ;+$ + /%02#+/ 3)2/ -)2/$ ;+'&- +*, 3)2/ -)2/$
)339 " $+(#)/ -+, -+/,#K $*+'&-%, + V/(%3 *+. !V%&+2$% ,2/(*0 '-% 3)2/
-)2/$ )33 -% -+, ') %+' $)4%'-(*0: V%3)/% -% ;+$ 2. +0+(*9 ?* %33%&'[ -%
;+$ $%%(*0 %<%/K)*% +/)2*, -(4 4)/% )/ #%$$ &)*$'+*'#K9
A'-%/ 3+&')/$ &)*'/(V2'%, ') '-% &#)$%H7*(' *+'2/% )3 #(3% )* GHII9
`+> $+(, '-+' ,2% ') #+&7 )3 3/%$- ;+'%/ $2..#(%$ +*, '-% &)*$%12%*'
%33%&' )* /%02#+/ ,($-;+$-(*0 ';) ') '-/%% $+(#)/$ $-+/%, )*% &2. +*,
.#+'%9 M-% )*% f2$' -+*,%, '-%4 )<%/ ') +*)'-%/ +*, '-)20-' *)'-(*0 )3
('9 M+7(*0 '-%$% 3+&')/$ ')0%'-%/[ (' ($ V+/%#K &/%,(V#% '-+' + $2V4+/(*%
$+(#)/ ;)2#, *)' (44%,(+'%#K /%&)0*($% )*% )3 -($ V)+'4+'%$9 ?3 '-%
.%/$)* -% $'/200#%, ') /%&)0*($% )* A#"'.0)+ C0*2 ;+$ *%('-%/ 6'%(*%/
*)/ e+4.%/' '-%* ;-) ;+$ -%b
A*% )V$'+&#% ') .%/4(''(*0 (*$'+*' /%&)0*('()* )3 + &/%;4+'% +3'%/
%*%4K +''+&7 ;)2#, -+<% V%%* $%<%/% 3+&(+# (*f2/K V2' '-($
&(/&24$'+*&% ;+$ *)' /%.)/'%,9 a);%<%/[ +*)'-%/ V+//(%/ ') /%&)0*('()*
;)2#, -+<% V%%* 2*3+4(#(+/('K ;('- + .%/$)* ;-) -+, V%%* '+7(*0 .+(*$
') +<)(, &)*'+&' )/ -+, V%%* 3)/V(,,%* 3/)4 4(>(*0 ;('- '-% 0%*%/+#
&/%; .).2#+'()* ,2/(*0 '-% <)K+0%\)/ %<%* + .%/$)* ;-) -+, *)' V%%*
+ 4%4V%/ )3 '-% GHII &/%; V2' -+, ,(%, (* '-% ;+'%/ *%+/VK9 `+K ('
-+<% V%%* '-% &+$% '-+' '-/%% 4%* ,(%, ;-(#% )* '-% '/+;#%/[ (*,(*0
)*% ;-)$% (,%*'('K &)2#, *)' V% +&7*);#%,0%, )/ /%&)/,%, (* '-% .)$'H
%<%*' )33(&(+# /%.)/'$b
?* '-% &+$% )3 GHII '-($ $&%*+/() ($ 4)/% '-+* + .)$$(V(#('K ;-%*
)*% &)*$(,%/$ '-% +&'2+# *24V%/$ (* )/ +$$)&(+'%, ;('- '-% V)+'
&)4.+/%, ;('- -($')/(&+# /%&)/, +*, '-% *+'2/% )3 &)<%/' +&'(<('(%$
/%.)/'%, +$ 2*,%/'+7%* VK GHII !/%<(%;%, (* ="CM M5AUANN
CDEACF:9
?* &)//%$.)*,%*&% '-% BaX8$ E2/+')/(+# A33(&% *)'%, (*0%*2)2$#K
'-+'J ZM-%$% !)33(&(+#: 3(02/%$ ,) *)' 12('% '+##K ;('- '-% ')'+# )3 @W
$2/<(<)/$ +*, SR ,%+, /%&)/,%, (* '-% 4+&'**#%)&0#+ #1 I$*505#*(8] j2$'
-); 3+/ )2' +/% '-% BaX8$ 3(02/%$b ?'$ '+##K &+* V% &#%+/#K $%' )2' )* +
$#(,(*0 $&+#% V+$($ V%0(**(*0 ;('- '-% )33(&(+##K #($'%, &/%; &)4.#%4%*'
)3 PS9
M-% /%,2&(*0 $&+#%[ %4.#)K(*0 '-% BaX 3(02/%$ 3)/ $2/<(<)/$ +*,
,%&%+$%, +$ + V%*&-4+/7 .)$('()*[ $-)2#, &2#4(*+'% (* c%/) V2'
)V<()2$#K ,)%$ *)'9 B%<%/'-%#%$$[ '-% BaX -+$ V%%* &+*,(, +V)2' '-%
)<%/+## ,($&/%.+*&(%$ !(3 *)' '-% ,%'+(#:J
QQ
?' ($ %<(,%*' '-+' '-% BaX8$ $'+'($'(&$ /%.)/' + 0/)$$ )<%/+## ')'+# )3
PR .%/$)*$ 3)/ GHIIJ @T $2/<(<)/$ +*, SQ ,%&%+$%, &)4.+/%, ;('- @W
$2/<(<)/$ +*, SR ,%&%+$%, !PS &/%;4%*: 3/)4 '-% 4+&'**#%)&0#+ #1
I$*505#*( /%&)/,$U+ *%' %//)/ )3 I .%/$)*$9 XK '-% BaX8$ );*
/%4+/7$ (' ($ +;+/% )3 '-% ,($&/%.+*&K9 a); '-%* ,)%$ )*% %>.#+(* ('b
A*% &)2#, +&&%.' '-+' '-% %>(0%*&(%$ )3 /%$&2% +*, /%'/(%<+# VK
42#'(.#% <%$$%#$ (* ,+/7 &-)..K[ ;(*'/K ;+'%/$ 4+K /%$2#' (* $)4%
4(*)/ V2' *%' V+#+*&(*0 <+/(+'()*$ (* '-% /%&)/,(*0 )3 $2/<(<)/ +*,
,%&%+$%, 3(02/%$ ;('-(* '-% )<%/+## *24V%/9 B%<%/'-%#%$$[ *)*% )3 '-)$%
4('(0+'(*0 3+&')/$[ %<%* '+7%* ')0%'-%/[ $-)2#, +4)2*' ') &/%,(V#%
0/)2*,$ 3)/ 0%''(*0 '-% ')'+# *24V%/ )3 .%/$)*$ ;/)*0 VK $2&- + ;(,%
4+/0(* )3 %//)/9
A*% #)0(&+# %>.#+*+'()*[ -);%<%/ &)*'/+,(&')/K ') -($')/(&+# /%&)/,
)/ 2*.+#+'+V#% ') ./%$%*' ,+K )33(&(+# $%*$('(<('(%$[ ($ '-+' '-% BaX8$
(*3)/4+'()* +V)2' '-% ')'+# *24V%/ ($ + .(%&% )3 60(0+1#*.)&0#+ 0(<%*
)2' ') 4+$7 ,%'+(#$ +V)2' GHII +*, ('$ '/2% 4($$()* '-+'[ ') '-($ ,+K[ '-%
+2'-)/('(%$ +/% +*>()2$ ') 7%%. )2' )3 '-% .2V#(& ,)4+(*9
5-%* ;% &)4% ') + ,%'+(#%, /%<(%; +*, +*+#K$($ )3 V2/(+# /%&)/,$
V)'- +' ^/%%*)&7 E%4%'%/K +*, E+**)&7 E-+$% `(#('+/K E%4%'%/K[
6'+33)/,$-(/%[ ;% ;(## #%+/* '-+' '-%/% ;%/% ';) 4)/% .%/$)*$ V2/(%,
+4)*0 '-% ,%+, )3 GHII &)4.+/%, ;('- '-% 7*);* &/%; .).2#+'()*9 ?*
#(0-' )3 '-%$% *%; 3+&'$[ '-% BaX8$ 2*,%/#K(*0 3(02/% )3 PR .%/$)*$ 3)/
GHII[ /%+, +0+(*$' )33(&(+# /%&)/,[ V%0(*$ ') #))7 *)' f2$' (*&/%+$(*0#K
&/%,(V#% V2' ') V% -($')/(&+# 3+&' $2../%$$%, ') '-($ ,+K9
M-% ';) 2*#($'%, .%/$)*$ V2/(%, +' ^/%%*)&7 +/% ,)&24%*'%, +$
V%(*0 +4)*0 '-)$% 3/)4 GHII ;-) ,(%,9 6(0*(3(&+*' 12%$'()*$ /%4+(*[
-);%<%/[ +V)2' '-% (,%*'('(%$ )3 '-% ';)[ '-% ).%/+'()*+# &+.+&('K (*
;-(&- '-%K ;%/% )* V)+/, GHII +*, -);[ ;-%* +*, (3 '-%K V)+/,%,[
;-(&- &)2#, -+<% V%%* (* 5(#-%#4$-+<%*[ (* a%#0)#+*, ,2/(*0 '-%
/%.+(/$ $').)<%/ !+$ -+$ V%%* $.%&2#+'%,:[ )/ %<%* +' <+/()2$ #)&+'()*$
,2/(*0 GHII8$ .+$$+0% (*') 6&)''($- ;+'%/$ +*, ('$ ;%$'%/* ($#%$9
=%/-+.$ (' ($ $(0*(3(&+*' '-+' V%';%%* LH@Y N%V/2+/K[S VK ;-(&-
S
D>.%/'$ ,(33%/ )* '-% ,+'%9 `+##4+** 6-);%## !`+#4+* 6-);%##[ j+7 =9[ QR=#)&( )&
>)* K)+60+%( #+ G#(&02' I"#*'([ B+<+# ?*$'('2'% =/%$$[ `+/K#+*,[ SYYY: /%3%/$ ') +
#+*,(*0 )* TH@Y N%V/2+/K ;-(#% '-% GX))';+33% ;%V$('% !-''.Joo;;;92V))';+33%9*%':
/%3%/$ ') )*% )* '-% L'-9
QL
#+''%/ ,+'% GHII ;+$ ;%## (*') 6&)''($- ;+'%/$[ GHIW[ +#$) /%&%*'#K
,%.+/'%, 3/)4 5(#-%#4$-+<%*[ #+*,%, "V;%-/ ??I $.K D/*$' 5%V%/H
F/)-# !+#$) #+*,(*0 + $%&)*, 2**+4%, $.K[ +&&)/,(*0 ') '-%
GV))';+33% *%';)/7: +' e(##+#+ X+K (* F)*%0+#[ E)2*'K 6#(0)[
*)/'-;%$' ?/%#+*,9
5%V%/HF/)-#[ *%+/(*0 QY[ V)+/,%, GHIW +' 5(#-%#4$-+<%*
,($02($%, +$ + ;+/ &)//%$.)*,%*'9 a% &+//(%, + *24V%/ )3 -%+<K &+$%$[
;-(&- (*,%, + xG3+8 '/+*$4(''%/9 a% +#$) -+, + #+/0% +4)2*' )3 &+$-
+*, (*$'/2&'()*$ 3)/ 6%+42$ !j(4: AyF)*)<+*[ '-% &-(%3 ?/($-
C%.2V#(&+* "/4K !?C": &)*'+&' 3)/ "V;%-/ ?o??9
?' ;+$ )*#K ;-%* GHIW -+, /%+&-%, '-% "'#+*'(& '-+' ('$ &/%; ;%/%
')#, )3 5%V%/HF/)-#8$ /%+# (,%*'('K +*, )/,%/%, ') $(0* + .+.%/ +#%/'(*0
'-%4 ') '-% &)*,('()*$ )3 $.%&(+# $%&/%&K +*, V(*,(*0 '-%4 ') $(#%*&% )/
$233%/ '-% ,%+'- $%*'%*&%9
M;) ,+K$ #+'%/ GHII[ $%%4(*0#K &+//K(*0 !+' #%+$': ';) 2*#($'%,
.%/$)*$[ ;+$ +V/)+, (* '-% N(/'- )3 E#K,% ') 2*,%/'+7% +&'(<('(%$ ;-)$%
%>+&' *+'2/% ($ 2*7*);*9 h)* F/%$7K[ '))[ ,(, *)' /%<%+# ') -($ &/%;
'-% ./%&($% *+'2/% )3 GHII8$ 4($$()* 2*'(# ;%## (*') 6&)''($- ;+'%/$9 M-%
';) %<%*'$ 4+K *)' V% #(*7%, V2' (' ($ '-% 7(*, )3 &)(*&(,%*&% +.' ')
'/(00%/ +$,(& $(0*+#$ )3 ('$ );*9
?* +* (*'%/%$'(*0 $(,%$-))' ') '-% +&&)2*' )3 '-% ,%&%+$%, 3/)4 GHII
;% $-)2#, *)'% X/(+* A$V)/*%8$ $')/K9 A$V)/*%[ &)H+2'-)/ )3 N2-6' )&
>)*,P 2*,%/'))7 &)*$(,%/+V#% /%$%+/&- )* GHII -+<(*0 V%%* $'/2&7 VK +
.-)')0/+.- )3 ^%/4+* =A5$ $'+*,(*0 VK + 0/+<% 3)/ '-%(/ &)4/+,%$ (*
^/%%*)&7 E%4%'%/K9 M-% .-)') ;+$ '+7%* (* `+/&- @TPQ9 M-%
./($)*%/$ ;%/% ;)/7(*0 )* + -)2$(*0 ./)f%&' (* ^/%%*)&7 +*, -+, V%%*
0(<%* .%/4($$()* ') &)*,2&' + 4%4)/(+# &%/%4)*K VK '-% 0/+<%$(,%9
N)/ '-% )&&+$()* '-% 4%* .+(*'%, *%; 0/+<%4+/7%/$9
M-% C2)(%#7 G'*)26 /%.)/'%,J Z!"' .'+, 7"# ()+% ) C'*.)+ (#+%
#1 *'.'.=*)+/' )+6 #=('*5'6 ) .0+$&'8( (02'+/', 7'*' )66*'(('6 =- )
C'*.)+ #110/'* 0+ &"'0* #7+ 2)+%$)%'8 G' '["#*&'6 &"'. +'5'* &#
1#*%'& &")& &"'- 7'*' #1 C'*.)+ =2##6 )+6 &# 2##? 1#*7)*6 &# &"' 6)-
7"'+ C'*.)+- 7#$26 =' 1*''6 1*#. &"' "')5- -#?' 7"0/" ("' +#7
=#*'9]
62V$%12%*'#K[ A$V)/*% ./),2&%, + 4+0+c(*% +/'(&#% )* GHII +*,
;+$ #+'%/ &)*'+&'%, VK + =)#($- ;)4+* ;-) ,%$&/(V%, -%/$%#3 +$ '-%
I
"V;%-/ ?? ;+$ + 2*(' )3 '-% '-(/, ,(<($()* )3 '-% "V;%-/9 F%,(&+'%, ') 6+V)'+0%
+&'(<('(%$ "V;%-/ ??[ -%+,%, VK ^%*%/+#4+f)/ D/;(* <)* _+-)2$%*[ ;+$ '+$7%, ;('-
,(/%&'(*0 &)<%/' &)*'+&' +*, %>.#)('+'()* )3 ,($&)*'%*'%, 4(*)/('K 0/)2.$ (* 3)/%(0*
&)2*'/(%$ 3)/ (*'%##(0%*&% .2/.)$%$9
P
"/4$'/)*0 "9 +*, A$V)/*% X9 F9[ N2-6' )& >)*[ X(/#(** _',[ D,(*V2/0-[ SYY@
QT
X+*7 0+'%;+K ') '-% E#K,% "*&-)/+0% V%';%%* ^)2/)&7 +*, F2*))*9
6&)'$8 &)*3(,%*' /%&)##%&'()*$ 42$' -+<% $%*' + $-(<%/ '-/)20- '-%
-+##$ )3 )33(&(+#,)4 V%&+2$% '-% D$'+V#($-4%*'8$ &)*'(*2(*0 /%$.)*$% ')
12%$'()*$ +V)2' '-% #)&+# $')/K ($ +##H/)2*, ,%*(+# +*,[ (* %33%&'[ (' -+$
+&&2$%, ('$ *+//+')/$ )3 &)##%&'(<% ,%4%*'(+9
M-+' ($ + 0/)$$ (*f2$'(&% +*, (' ($[ '-%/%3)/%[ )3 *) $2/./($% '-+'
?*<%/&#K,% /%$(,%*'$ ;+*' '-% +2'-)/('(%$ ') &)4% &#%+* +V)2' '-% %<%*'$
'-+' '))7 .#+&% (* '-% N(/'- )3 E#K,% (* '-% %+/#K $'+0%$ )3 55??[ ')
;-(&- 4+*K (* '-%(/ K)2'- ;%/% ;('*%$$ )/ ;%/% ,(/%&' /%&(.(%*'$ )3
,%$&/(.'()*$ 3/)4 3+4(#K +*, 3/(%*,$9
'[9'*&(9]
5-K ,)%$ )*% $2..)$% '-+' A+7%$[ + 4+* ;-) ;+$ $%/()2$#K ;%##
(*3)/4%, +$ .%/ '-% ,%4+*,$ )3 -($ ./)3%$$()* ;/)'%[ f2$' +$ Fm*('c -+,
(* -($ 5+/ F(+/K[ +V)2' GHV)+'$ 92$*)2b
WS
>8B! !HC
CII B47CBE
WI
7"?F'#( IC+B
)3 GHII )33 '-% ?$#% )3 "//+*9 D<(,%*'#K[ -);%<%/[ `&E/%+,(% ;+$ 7%%*
') 4+7% +* ).%*(*0 /%3%/%*&% ') '-% xM+(# )3 '-% X+*78 (*&(,%*'[ %<%*
'-)20- '-% +/'(&#%8$ *%>' ';) &)#24*$ )3 '%>' 4+7% *) 3)##);H2.
/%3%/%*&% ') '-% f)2/*+#($'8$ $'+/'#(*0 &#+(4 V2' +/% ;-)##K ,%<)'%, ')
a%*,/K8$ /+'-%/ ./)$+(& )33%/(*0 +V)2' GHII +*, ('$ ,%4($% (* N%V/2+/K
@TPY9
" $'2,K )3 '-% V+&7 ($$2%$ )3 '-% K)*%( )+6 <0229#*& >''?2- L'7(
3/)4 @TLP )*;+/,$ &)*3(/4$ '-+' '-($ ;+$ '-% *%;$.+.%/8$ 3(/$'
4%*'()* )3 ;-+' ;)2#, V%&)4% $%<%/+# )<%/ '-% *%>' ';) K%+/$ +V)2'
'-% GHV)+' E#K,% "*&-)/+0% V))4 %<%*'9 A*% ,($'(*&'#K 0%'$ '-%
(4./%$$()* '-+' %,(')/ `&E/%+,(%8$ $2V'#% )Vf%&'(<% ;+$ ') %#(&('
/%+,%/$8 /%$.)*$%$ ') (' /+'-%/ '-+* ') '-% ,%'+(#$ $2//)2*,(*0 '-% )#, -+'
$')/K +V)2' '-% $(*7(*0 )3 GHII )33 =#+,,+ 4)/% '-+* '-(/'K 4(#%$ ') '-%
$)2'-;%$'9
?3 '-+' ;+$ (*,%%, `&E/%+,(%8$ V+/%#K &)*&%+#%, +4V('()* '-%* -%
,(, *)' -+<% ') ;+(' #)*0 V%3)/% 3+('- (* -($ /%+,%/$ .+(, )339 j2$' ';)
;%%7$ #+'%/ `&E/%+,(% .2V#($-%, +* +/'(&#% -%+,%, Z:+#&"'* QR=#)&
6*).)] !$%% "..%*,(>:[ ;-(&- /%&+##%, 3)/ +*)'-%/ _+/0$ 4+* Z-($
%K%;('*%$$ %>.%/(%*&% )3 +* +''+&7 +*, '-% V%#(%<%, $(*7(*0 )3 + GHV)+'
+3'%/ (' ;%*' '-/)20- '-% x0+'%;+K8 +' '-% M+(# )3 '-% X+*7 V))49] A*%
4+K .(&'2/% `&E/%+,(% +' '-($ .)(*' 3%%#(*0 12(%'#K $+'($3(%, '-+' -($
'-(*#K <%(#%, (*<('+'()* 3)/ )'-%/$ ') &)4% 3)/;+/, ;('- (*3)/4+'()* ')
$2..)/' -($ );* %<(,%*' V%#(%3 (* '-% Z)'-%/] GHV)+' $(*7(*0 ;+$
V%+/(*0 3/2('9
`&E/%+,(%8$ &)//%$.)*,%*' ;+$ `/ ^+<(* E/+;3)/, )3 E-2/&-
6'/%%'[ _+/0$9 E/+;3)/,8$ +&&)2*' ($ ./)V+V#K '-% 4)$' (4.)/'+*'
%K%;('*%$$ '%$'(4)*K )* /%&)/, +V)2' '-% GHV)+' M+(# )3 '-% X+*7
(*&2/$()*9 `&E/%+,(% ./%3+&%, '-% 12)'(*0 )3 '-% 32## '%>' )3
E/+;3)/,8$ /%4+/7$ ;('- + &)2.#% )3 (*'/),2&')/K $%*'%*&%$ )3 -($ );*[
;-(&- /%+,J
Z`/ ^+<(* E/+;3)/,[ V%3)/% V%(*0 &+##%, 2. ') '-% C"N $%/<%, 3)/
'-/%% *(0-'$ + ;%%7 )* + $4+## .+'/)# #+2*&-[ ;-(&- #)00%, $-(.$
V%';%%* X);#(*0 +*, =)/' ^#+$0);9 A* + *(0-' (* 4(,HN%V/2+/K @TPY
;-(#% )* -($ ;+K ') ^/%%*)&7 -% .+/7%, -($ &+/ +' '-% E#)&-9]
?' ($ + &/('(&+##K (4.)/'+*' 3+&')/ ') *)'% (* )2/ /%<(%; )3 '-% GHV)+'
V))4 %<%*' '-+' (* '-($ +*, (* %*$2(*0 +/'(&#%$ )* '-% ').(& (* '-% K)*%(
)+6 <0229#*& >''?2- L'7( (' ($ `&E/%+,(% +#)*% ;-) +$$)&(+'%$ (' ;('-
'-% ,+'% )3 Z4(,HN%V/2+/K @TPY9] M-($ ,+'% ;(## V% $-);* ') V%
(*&)//%&'9 5% -+<% %K%;('*%$$ +&&)2*'$ +*,[ $2/./($(*0#K[ '-% .-+$%$ )3
'-% 4))* ') '-+*7 3)/ 4+7(*0 .)$$(V#% +* +&&2/+'% ,+'(*09
X2' '-% 3+&' '-+' `&E/%+,(%8$ ,+'(*0 ($ (*&)//%&' ,)%$ *)' (* +*K
WQ
;+K #%$$%*[ ,(#2'% )/ )'-%/;($% ,%'/+&' 3/)4 '-% .);%/ +*, +&&2/+&K )3
'-% 3(/$' /+'% .%/$)*+# '%$'(4)*(%$ ./)<(,%, VK /%+,%/$ #(7% ^+<(*
E/+;3)/,9 M-% %<%*' -% +*, )'-%/$ ,%$&/(V%, $(4.#K '))7 .#+&% +'
+*)'-%/ '(4%[ + 3+&' '-+' '-%$% &)//%$.)*,%*'$ ,(, *)' $%%7 ') &)*&%+# )/
&)*32$%9 N/)4 '-% <%/K V%0(**(*0 )3 -($ $%/(%$ )3 +/'(&#%$ `&E/%+,(% $%'
)33 )* '-% ;/)*0 3))' +*,[ 3)/ ;-+'%<%/ /%+$)*[ &)44(*0#%, '-% ,+'%$
)3 '-% M+(# )3 '-% X+*7 %<%*' +*, '-% #+'%/ $(*7(*0 )3 GHII[ .%/.%'2+'(*0
'-% %//)/ )<%/ $%<%/+# 4)*'-$ )3 /%.)/'(*09 M-% ';) (*&(,%*'$ +&'2+##K
'))7 .#+&% *%+/#K ';%#<% ;%%7$ +.+/'9 M-% '(4%$ +*, &)44)* ,+'% )3
'-% M+(# )3 '-% X+*7 (*&2/$()* +*, '-% %<%* #%$$ ;%## ,)&24%*'%,
E+//+,+#% X+K GHV)+' %<%*' +/% 7*);* +*, ;(## V% &+/%32##K
(*<%$'(0+'%, (* '-% &)4(*0 &-+.'%/$9
C%'2/*(*0 ') E/+;3)/,[ -% /%&+##%, 3)/ /%+,%/$J Z\&"' .##+` 7)(
1$22, -#$ /#$26 ('' '5'*-&"0+%8 !"' %)&' )& &"' =##. 7)( #9'+'6 1#* &"'
E#-)2 Q2(&'*.)+,_ 0+7)*6 =#$+6 1*#. A'21)(&, &# 9)(( &"*#$%"8
Z4 /#$26 ('' 60(&0+/&2- ) ($=.)*0+' #+ &"' ($*1)/' _ff -)*6( ='"0+68
4& 7'+& &"*#$%" &"' %)&'8 :22 #1 )
($66'+ (')*/"20%"&( #+ =#&" &"'
N#7)2 T:*%-22("0*'U )+6 N2#/"
TE'+1*'7("0*'U (06'( =').'6 #+&#
&"' ($=.)*0+', 7"0/" /*)("R
605'68 : E#-)2 L)5- ("09 /2#('6
0+ )+6 6*#99'6 1#$* #1 105' 6'9&"
/")*%'(8
ZD1 /#$*(', &"'*' 7)( +#
9$=20/0&- )=#$& &"' 0+/06'+& +#*
M-% E#-)2 Q2(&'*.)+ (* @TPI
")5' 4 *')6 )+-&"0+% #1 &"' .)&&'* (0+/'8
Z!"' (&#*- %#0+% *#$+6 &"' +'[& 6)- 7)( &")& ) QR=#)& ")6 =''+
/).#$12)%'6 &# 2##? 20?' ) A*0&0(" ($=.)*0+' )+6 &")& 0&( &)*%'& 7)( &"'
F$''+ <)*- 2-0+% #11 C*''+#/?8
Z4& 7)( ()06 &")& &"' QR=#)& 0+&'+6'6 &# ($**'+6'* )1&'* 0& ")6
)&&)/?'6 &"' 20+'* 70&" &#*9'6#'(8
Z!"' #+2- '506'+/' 4 ()7 #1 &"' )&&)/? +'[& 6)- 7'*' "$+6*'6( #1
6')6 10(" #+ &"' ("#*' )& C#$*#/?, 7"02' 70+6#7( 7'*' (")&&'*'6 )&
@
M-+' E/+;3)/, ;+$ ,%$&/(V(*0 + ,+'% )'-%/ '-+* @S N%V2+/K @TPY 3)/ '-% +..%+/+*&%
)3 + GHV)+' +' '-% V))40+'% ($ 4+,% +V2*,+*'#K &#%+/ VK -($ /%4+/7 +V)2' '-% Z32##
4))*9] M-% *(0-' )3 N%V/2+/K @S'- ;+$ f2$' 3)2/ ,+K$ +3'%/ '-% B%; `))* +*, -%*&% +
/%#+'(<%#K ,+/7 $7K9
S
M-% E#-)2 Q2(&'*.)+ ;+$ + I[YYYH')* .+$$%*0%/ $-(.[ ;-(&- $+(#%, '-% ^#+$0);H
X%#3+$' /2* 3)/ X2/*$ +*, _+(/, _(*%$ _',9 F2/(*0 55?? '-% E#-)2 Q2(&'*.)+ $%/<%,
+$ + C)K+# B+<K C%$%/<% '/)). '/+*$.)/'[ '+7(*0 .+/' (* *%+/#K +## )3 '-% 4+f)/ "##(%,
+4.-(V()2$ ).%/+'()*$ )3 '-% D2/).%+* ;+/9
WW
7"?F'#( I@S4
" #(''#% )<%/ -+#3 ;+K ,);* '-% %+$' &)+$' )3 '-% e(*'K/% =%*(*$2#+[
+' + .)(*' ;-%/% '-% e(#V/+**+* 6)2*, #))7(*0 +&/)$$ ') "//+* ($ #%$$
'-+* '-/%% 4(#%$ ;(,%[ ($ '-% <(##+0% )3 E+//+,+#%9 F%$&/(V%, +$
6&)'#+*,8$ )*#K 4+(*#+*, ($#+*,[ e(*'K/% (* '-% $)2'-;%$' )3 "/0K## +*,
X2'% ($ )* '-% %>'/%4% ;%$' &)+$' )3 '-% &)2*'/K9 ?' ($ '-% 0+'%;+K ') '-%
6)2'-%/* a%V/(,%+* ($#+*,$ )3 "//+*[ ^(0-+[ ?$#+K +*, j2/+9 M-%
.%*(*$2#+[ f)(*%, ') '-% 4+(*#+*, VK + *+//); ($'-42$ +' M+/V%/'[ ($
3)/'K 4(#%$ #)*0 +*, V#%$$%, ;('- + ;%+#'- )3 *+'2/+# 3%+'2/%$U-(##$[
#)&-$[ /(<%/$[ 3)/%$'$[ $'2**(*0 $%+$&+.%$[ -(,,%* &)<%$[ $+*,K V%+&-%$[
/%*);*%, #)&+# ./),2&% +*, (4./%$$(<% +/&-+%)#)0K9
M-% &)+$'+# +/%+$ +*, -(*'%/#+*, +/% /(&- +*, 3%/'(#%[ + &-+/+&'%/($'(&
;-(&-[ )<%/ '-% &%*'2/(%$[ -+$ 4+,% e(*'K/% + 4+0*%' 3)/ $%''#%/$U
3/)4 '-% %+/#K 6&)'$ ;-) 4(0/+'%, 3/)4 G#$'%/ ') ;%$'%/* 6&)'#+*, ')
'-% h(7(*0$ ;-) &)*12%/%, '-% +/%+ (* '-% #+''%/ .+/' )3 '-% 3(/$'
4(##%**(249 M-% ^2#3 6'/%+4 %33%&' %*$2/%$ + #); +<%/+0% /+(*3+## !#%$$
'-+* 3)/'K .%/&%*' )3 '-% /%$' )3 '-% ;%$' )3 6&)'#+*,: +*, + 4%+*
'%4.%/+'2/% ;+/4 %*)20- ') $2$'+(* '-% 0/);'- )3 .+#4 '/%%$9
A* '-% +3'%/*))* )3 SS B)<%4V%/ @TIT +* %+/#(%/ ;(*'%/ 0+#%
$2V$(,(*0[ + GHV)+' ;+$ )V$%/<%, %4%/0(*0 3/)4 '-% 3)+4K ;+'%/$
$)2'- )3 E+//+,+#% X+K +$ '-% #)&+# $%/<(&% V2$ 3/)4 M+/V%/'[ %#%<%*
4(#%$ ') '-% *)/'-;%$'[ ;+$ -%+,(*0 ') E+4.V%#');*9 62&- ,%'+(#$ )3
'-% (*&(,%*' +$ &+* V% ,/+;* ')0%'-%/ -+<% V%%* &)##+'%, VK #)&+# 6&)'$[
4)$' &)4./%-%*$(<%#K VK F)*+#, e%##K[ + e(*'K/%HV+$%, -($')/(+* +*,
4+/(*% %*'-2$(+$' ;-)$% $2V$'+*'(+# ;)/7[ P0+&-*' )& >)*[ ($ +*
(*<+#2+V#% &-/)*)#)0K &)4.(#%, 3)/ %,2&+'()*+# +*, -($')/(&+# /%$%+/&-
.2/.)$%$9@ !e%##K8$ 4+'%/*+# 0/+*,3+'-%/ ;+$ $7(..%/ )3 a`6
@
e%##K[ F9[ P0+&-*' )& >)* `a^aR`abc[ e(*'K/% "*'(12+/(+* +*, B+'2/+# a($')/K
6)&(%'K[ 6&)'#+*,[ SYYR
LI
+$ '-% #)&+# $&-))# V2$ ,/(<%/9 5-+' ($ *)' 0%*%/+##K ,($.2'%, +4)*0
#)&+# $)2/&%$ ($ '-+' +* )&&2.+*' 3/)4 + $&-))# V2$ /%.)/'%, '-% (*&(,%*'
VK '%#%.-)*% ') '-% B+<K &)*'/)# /))4 (* ^/%%*)&7 +' +/)2*, @RJPR9
=2V#(&#K +<+(#+V#% X/('($- ",4(/+#'K /%&)/,$ ,) /%3%/ ') + $(0-'(*0
)3 + $2V4+/(*% (* '-% <(&(*('K V2' '-+' ($ '-% 32## %>'%*' )3 '-% )33(&(+#
%*'/K9 ?3 '-% ",4(/+#'K /%&)/, ($ &)**%&'%, ;('- '-% '%#%.-)*% +#%/' ')
^/%%*)&7 xE)*'/)#8 ;-K[ +' 4(*(424[ ,)%$ (' *)' 0) )* ') *)'% '-% '(4%
+*, .#+&% )3 '-% /%.)/'%, $(0-'(*0 )33 E+//+,+#%b 5-+' ;+$ (' +V)2' '-($
%<%*' '-+' -+, ') V% 7%.' $) 12(%'b
M-)20- '-% a)4% N#%%'[ &)*$%12%*' ') '-% $(*7(*0 )3 '-% E#-)2 D)?
(* 6&+.+ N#);[ ;+$ ).%/+'(*0 3/)4 '-% E#K,% '-%/% ;+$ + 3+/ 4)/%
./%$'(0()2$ '+/0%' 32/'-%/ 2./(<%/9 M-% *%; E2*+/, #(*%/ C`6 F$''+
O20B)='&" ;+$ 2*,%/0)(*0 %>'%*$(<% ;)/7 +' j)-* X/);*8$ 3(''(*0 )2'
V+$(* +' E#K,%V+*79 B%;$ +V)2' +*K ./%.+/+'()*$ 3)/ 32%##(*0 -%/ 3)/
$%+ +*, + ./)f%&'%, ,+'% 3)/ -%/ ,%.+/'2/% 3/)4 E#K,%V+*7 !') f)(* '-%
C`6 F$''+ <)*- (* B%; d)/7 V%3)/% $+(#(*0 ') "2$'/+#(+: ;)2#,
,)2V'#%$$#K -+<% ./)<(,%, %*&)2/+0%4%*' 3)/ '-% /($7K V2$(*%$$ )3
#+*,(*0 $+V)'%2/$9
M-%/% ;%/% $%<%/+# $2$.%&'%, ^%/4+* $K4.+'-($%/$ (* '-% "/0K##
+/%+9 E-2/&-(## /%3%//%, ') ;-+' -% ,%$&/(V%, +$ + *24V%/ )3 ?/($-
'/+(')/$ (* +*, +/)2*, ^#+$0);9 a% ;+$ +&2'%#K ;)//(%, '-+' ;('-
'%#%.-)*% &)442*(&+'()*$ ;('- ?/%#+*, V%(*0 ;-)##K 2*/%$'/(&'%, +*,
;('- '-% ./%$%*&% )3 + ^%/4+* "4V+$$+,)/ (* F2V#(*[ '-%/% ;+$ +
#(7%#(-)), )3 (*'%##(0%*&% /%.)/'$ V%(*0 3%, V+&7 ') X%/#(* +V)2' $-(.$8
+//(<+#$9
E-2/&-(##[ N(/$' _)/, )3 '-% ",4(/+#'K +' '-% '(4% GHII <($('%,
E+//+,+#% X+K[ -+, %<%/K /(0-' ') V% &)*&%/*%, +V)2' '/%+&-%/)2$
+&'(<('(%$ 2*,%/'+7%* VK ?/($- +&'(<($'$ (* .+/'*%/$-(. ;('- ,($+33%&'%,
6&)'$9 6.K D/*$' 5%V%/HF/)-# +*, -($ 2*7*);* &)*3%,%/+'%!$: ;%/%
#+*,%, )33 F)*%0+# (* %+/#K N%V/2+/K @TPY VK GHIW V%+/(*0 (*$'/2&'()*$
3)/ j(4 AyF)*)<+*[ '-% ?C" &)*'+&' 3)/ "V;%-/ ?o??9 A*% ,)%$ *)' *%%,
') )<%/#K %>%/&($% '-% (4+0(*+'()* ') &)*,% '-+' A8F)*)<+*8$
(*$'/2&'()*$ ;%/% ') -+/4 '-% X/('($- ;+/ %33)/'9
`)/%)<%/[ '-% 3+&' '-+' GHII[ %<(,%*'#K &+//K(*0 2*#($'%, .%/$)**%#[
&+4% (*') '-% E#K,% +' '-% $+4% '(4% $'/)*0#K $200%$'$ '-+' &)<%/'
+&'(<('(%$ (* 6&)'#+*, ;%/% ,%$(0*%, ') &)4.#%4%*' &)//%$.)*,(*0
$%&/%' 2*,%/'+7(*0$ (* ?/%#+*, 4+$'%/4(*,%, VK ",4(/+# 5(#-%#4
E+*+/($ +*, -($ 2V(12(')2$ "V;%-/ *%';)/79
?* %>%&2'(*0 '-($ 7%K 4(#('+/K /%12(/%4%*'[ (' ;+$ + /%#+'(<%#K
$(4.#% '+$7 ') #+*, +*, '+7% )33 +0%*'$ 3/)4 '-% "/0K##$-(/% &)+$'9 M-%
E+4.V%#');* .+$$%*0%/ $'%+4%/ $'(## ).%/+'%, ') 5%4K$$ X+K9 M-%/%
LR
;+$ +#$) +* (*,(/%&' /2* ') ^#+$0); 0)(*0 VK $'%+4%/ ') ?**%##+*[ '-%*
+ $-)/' V2$ /(,% )/ V/($7 ;+#7 ') F2*))* ;-%/% '/+<%##%/$ &)2#, &/)$$
'-% N(/'- )3 E#K,% VK $'%+4%/ .+$$%*0%/ $%/<(&%$ ') E/+(0%*,)/+*[
^)2/)&7[ ^/%%*)&7 +*,[ $(0*(3(&+*'#K[ /(0-' '-/)20- ') '-% $'/+'%0(&+##K
<('+# M+(# )3 '-% X+*7 +*&-)/+0%$9
GHII #%3' 5(#-%#4$-+<%* )* ST A&')V%/ @TIY ') %4V+/7 )* -%/
$%&)*, .+'/)#U'-% #+K(*0 )3 4(*%$ (* '-% X/($')# E-+**%#9
`+> 6&-(##%/ ')#, -($ 3+4(#K '-+' -% -+, $%/<%, )* GHII ,2/(*0 ('$
$%&)*, %>&2/$()*9 E/2&(+##K[ -% +,,%, '-+' ,2/(*0 '-($ )&&+$()* '-% QR
=#)& &*)5'22'6 )22 &"' 7)- $9 &"' Z0*&" #1 N2-6' &# &"' .#$&" #1 &"'
N2-6' :+/"#*)%'9 M-% &/%; 2*,%/$')), '-+' '-%(/ !$2(&(,%: 4($$()* ;+$
') .+$$ (*') '-% "*&-)/+0% ') $(*7 '-% G##69 6&-(##%/8$ /%4+/7$ +3'%/ -($
&+.'2/% +V)2' GHII 0)(*0 V%K)*, M-% E24V/+%$ V%&)4% &#%+/%/9 ?*
4+7(*0 '-%$% &)44%*'$[ ($ (' 4)/% #(7%#K '-+' 6&-(##%/ ;+$ /%3%//(*0 ')
GHII8$ $%&)*, .+'/)# /+'-%/ '-+* ') ('$ '-(/,b
F2/(*0 -%/ $%&)*, .+'/)#[ +3'%/ #K(*0 )* '-% $%+V%, 3)/ '-/%% ,+K$
;-(#% )*% )3 -%/ ,(%$%#$ ;+$ /%.+(/%,[ GHII 4+,% ('$ ;+K *)/'-;%$' )3
?/%#+*,[ $(*7(*0 3(<% $-(.$ +*, +//(<%, (* '-% A/7*%K$ )* '-% SI
B)<%4V%/ ;-%/% $-% ($ /%&)/,%, +$ +''+&7(*0 '-% A#*?$.9
?' ;+$ *)'%, (* E-+.'%/ @ '-+' )<%/ '-% PLH-)2/ .%/(), )3 SYHS@
B)<%4V%/ @TIT GHII $+*7 3(<% <%$$%#$ (* ?/($- +*, 6&)''($- ;+'%/$[
0)(*0 )* ') $(*7 '-% A#*?$. )* '-% SI/, (* '-% A/7*%K$ ;-(#% -%+,(*0
-)4% ') 5(#-%#4$-+<%*9 5-K ,(, (' '+7% GHII ';) ,+K$ ') /2* 3/)4 +
.)(*' $)2'-%+$' )3 '-% ?**%/ a%V/(,%$ ?$#% )3 M(/%% ;-%/% (' $+*7 '-%
I$2=- +*, '-% >0220). G$.9"*0'( ') '-% A/7*%K$b
F)*+#, e%##K &)*'%*,$ '-+' GHII 2$%, '-% 3)/'KH%(0-' -)2/$ ') /2*
(*') '-% N(/'- )3 E#K,%[ 4)$' #(7%#K ') .(&7 2. +* +0%*'9 a);%<%/[ '-%/%
($ +*%&,)'+# %<(,%*&% '-+' ,2/(*0 '-% %+/#K .+/' )3 '-($ .%/(), GHII -+,
3(/$'#K ') &+//K )2' )'-%/ &)<%/' 2*,%/'+7(*0$9
A*% '(4% /%$(,%*' )3 E+//+,+#%[ e%* `&E)K[ -+$ .+$$%, )* + #)&+#
$')/K '-+' + GHV)+' #+*,%, + 4+* )* '-% ?$#% )3 ?$#+K[ + .)$('()* /)20-#K
QY 4(#%$ $)2'-%+$' )3 '-% $('% *%+/ '-% ?$#% )3 M(/%% ;-%/% GHII $+*7 '-%
';) V)+'$ )* '-% 4)/*(*0 )3 S@ B)<%4V%/9 M-% $')/K +,,$ '-+' + GHV)+'
+#$) #+*,%, 4%* *%+/ `&"/'-2/8$ a%+, )* '-% $)2'-%+$'%/* &)/*%/ )3
?$#+K ') &)##%&' 3/%$- ;+'%/ V%3)/% 0)(*0 )* ') $'%+# + $-%%. 3)/ 0)),
4%+$2/%g
M-($ ;)2#, *)' -+<% V%%* '-% 3(/$' )&&+$()* ;-%* + ^%/4+*
$2V4+/(*% ;+$ )V$%/<%, +' '-% ($#+*, )3 ?$#+K9 F2/(*0 '-% @T@PH@T@L
^/%+' 5+/ + GHV)+' <($('%, ^#+$ G(0 )* '-% ($#+*,8$ $)2'-%+$' &)+$'9 ?*
@TS@ '-% GHV)+' &+.'+(* '2/*%, 2. +' '-% 5-('% a+/' a)'%# (* =)/' D##%*
V%3)/% 0)(*0 )* ') ^#+$ G(09 `+*K K%+/$ #+'%/ 6(/ j)-* `+&M+00+/'
LQ
;/)'% ') ?$#+K /%$(,%*' E-+/#%$ X+'&-%#)/ +*, /%#+'%, '-% &2/()2$ $')/K
')#, ') -(4 VK -($ 3+'-%/9 A*% )3 '-% $-%.-%/,$ %4.#)K%, )* '-%
3+4(#K8$ "/,'+##+ D$'+'% (* @TS@ %*&)2*'%/%, '-% 3)/4%/ GHV)+' &+.'+(*
;+#7(*0 (* '-% 0/)2*,$9 5-%* &-+##%*0%,[ '-% ^%/4+* ')#, '-%
$-%.-%/, '-+' -% -+, 4+,% '-%
/%'2/* <($(' ') ?$#+K ') -+<% +
#))7 +' Z-($ $+*&'2+/K9]
?3[ ';%*'K K%+/$ #+'%/[ GH
II ;+$ '-% 02(#'K .+/'K (*
2*,%/'+7(*0 '-% ;+'%/
&)##%&'()* +*, $-%%. $'%+#(*0
+&'(<('(%$ )* ?$#+K !+*, (' ($ +*
+V$)#2'%#K 3/2('#%$$ '+$7
+''%4.'(*0 ') (,%*'(3K
+#'%/*+'(<% $2$.%&' GHV)+'$
;('-(* '-% '(4% .%/(), (*
12%$'()*:[ (' -+, 4)/% '-+*
GHV)+' &+//K(*0 $-%%. &+/&+$$%$ (* 55?
%*)20- '(4% ') &+//K '-%4 )2'9
N/)4 ?$#+K ') E+//+,+#% <(+ '-% $)2'-%/* '(. )3 '-% `2## )3 e(*'K/%
($ +#$) + f)2/*%K )3 +../)>(4+'%#K QY 4(#%$[ *) 4)/% '-+* PHR -)2/$
'/+<%##(*0 '(4%9 M-($ '(4%3/+4% $200%$'$ '-+' V%';%%* #%+<(*0 '-%
;+'%/$ VK ?$#% )3 M(/%% +*, +//(<(*0 +' E+//+,+#% IY -)2/$ #+'%/ *)' )*#K
,(, GHII -+<% '(4% ') #+*, $.(%$[ &)##%&' ;+'%/ +*, /2$'#% $-%%. )* ?$#+K
!4+KV% SHI -)2/$ )3 ;)/7 +' 4)$': V2' /)20-#K SY -)2/$ $.+/% ') -+<%
%('-%/ /%4+(*%, $2V4%/0%, +*,o)/ ') -+<% .2##%, (*') + $-%#'%/%, V+K )*
?$#+K )/ e(*'K/% ') ;+(' '-(*0$ )2'n %<%* ') %*0+0% (* )'-%/ 2*$.%&(3(%,
&#+*,%$'(*% +&'(<('(%$9
?* '-($ #+''%/ &+'%0)/K )*% 42$' $%/()2$#K &)*$(,%/ '-% (*<)#<%4%*'
)3 GHII (* %<%*'$ )* '-% ?$#% )3 X2'%9 ?' ($ #(7%#K '-+' ,2/(*0 '-($ SYH-)2/
'(4%0+. + -+*,32# )3 GHII &/%;4%4V%/$ /%.)/'%,#K /);%, ') '-% $)2'-
$-)/% )3 X2'% VK /2VV%/ ,(*0-K ') &)##%&' 3/%$- ;+'%/ f2$' +$ '-% GHV)+'
-+, ,)*% )* '-% ?$#% )3 ?$#+K9
"* +&&)2*' )3 '-($ +&'(<('K ;+$ (4.+/'%, VK + ^%/4+* $2V4+/(*%/[
VK -($ );* $'+'%4%*' + 3)/4%/ &/%;4%4V%/ )* GHII[ ') '-% &)2$(* )3 j9
`+#&)#4 `&`(##+*[ /%$(,%*' )3 =)/' X+##+*'K*%[ ?$#% )3 X2'%9
`&`(##+*8$ /%#+'(<% -+, V%%* &)44($$()*%, VK '-% E#K,% E)+$'02+/,
,2/(*0 @TRYH@TRS ') /%&)<%/ GHV)+' ;/%&7$ (* '-% X/('($- {)*% )3
^%/4+*K9 a% ;+$ V+$%, (* X+, 6+#c23#%* (* B)/'- C-(*%H5%$'.-+#(+9
?* @TRY '-% !/%0/%'32##K 2**+4%,: GHII $+(#)/ ')#, '-% 6&)' '-+' -%
-+, V%%* + 4%4V%/ )3 '-% ?$#% )3 X2'% $-)/% ,%'+(# +*, ,%$&/(V%, '-%
+/%+ ;-%/% '-% ,(*0-K -+, .2##%, +$-)/%9 F2/(*0 + .%/(), )3 $2V$%12%*'
LW
$-)/% #%+<% V+&7 -)4% (* 6&)'#+*, '-% &)2$(* &-%&7%, '-% 4+*8$
,%$&/(.'()* )3 '-% +/%+ +*, 3)2*, (' ') V% +&&2/+'% (* %<%/K ,%'+(#9
j9 `+#&)#4 `&`(##+* /%&)2*'$[ '))[ '-+' +' +/)2*, '-% '(4%
4%*'()*%, !B)<%4V%/ @TIT: -% ;+$ )* a)4% ^2+/, ,2'K +' D''/(&7
X+K )* '-% ;%$' $(,% )3 '-% ?$#% )3 X2'%9 F2/(*0 -($ *(0-' ;+'&- +
$2V4+/(*% &+4% (* &#)$% ') '-% $-)/%9 `&`(##+*8$ 02+/, #%+,%/
'%#%.-)*%, aO ') 4+7% %*12(/(%$ +*, ;+$ ')#, '-+' '-%/% ;%/% *)
"##(%, $2V$ (* '-+' +/%+9 ?44%,(+'%#K[ '-% 02+/, #%+,%/ -+, -($ 4%*
$./%+, )2' (* '-/%% #)&+'()*$ +/)2*, '-% V+K ;('- (*$'/2&'()*$ ') +;+('
'-% +*'(&(.+'%, +//(<+# )3 '-% GHV)+' &/%;4%* &)4(*0 +$-)/%9 a($
)/,%/$ ;%/% ') ).%* 3(/% +$ $))* +$ '-% 3(/$' 4+* $'%..%, 3/)4 '-%
,(*0-K )*') '-% $+*,9 a);%<%/[ V%3)/% ,+K#(0-' '-% GHV)+' ,%.+/'%,
;('-)2' -+<(*0 4+,% +*K #+*,(*0 '-+' '-% a)4% ^2+/, 4%* &)2#,
)V$%/<%9 `&`(##+*8$ <%/,(&' ($ '-+' '-% GHV)+' #))7)2'$ $+; '-% 02+/,$
(* -(,(*0 +*, ,%&(,%, +0+(*$' + #+*,(*0 +' '-+' .)$('()* )* '-% ($#+*,9
?* +* (*'%/<(%; ;('- !"' C*''+#/? !'2'%*)9" (* j2#K @TPQ ",4(/+#
6(/ j+4%$ 69^9 N/+$%/[ B+<+#HA33(&%/H(*HE-(%3 X+0+'%##%[ /%V2''%, +
.%/$($'%*' #)&+# /24)2/ '-+' + .+'/)# $-(. -+, $.)''%, + GHV)+'
$)4%;-%/% )33 X2'%9 a% &#+(4%, '-+' ;-+' -+, +&'2+##K V%%* )V$%/<%,
;+$ + Z$-+,); &+2$%, VK + /(<%/ $%+/&-#(0-'9] N/+$%/8$ ,%*(+# ,(, *)'
,+4.%* .2V#(& $.%&2#+'()*[ ;-(&- %>.+*,%, ') (*,% + $')/K '-+'
./($)*%/$ 3/)4 '-% GHV)+' -+, V%%* $%%* (* C)'-%$+K[ '-% ($#+*,8$
./(*&(.+# ');*9
M-% .)$('()* )3 '-% +##%0%, $(0-'(*0 )33 X2'% ;+$ *)' &)*3(/4%,9
X2'% ($ +../)>(4+'%#K 3(3'%%* 4(#%$ #)*0 +*, ('$ $)2'-%+$'%/* &)+$'#(*%
/2*$ .+/+##%# ;('- '-% M-% E24V/+%$9 `+> 6&-(##%/ $+(, '-+' GHII 0)' +'
#%+$' +$ 3+/ +$ '-($ .)(*'9 "$ ;% $-+## $%%[ + $(0*(3(&+*' *24V%/ )3 #)&+#
3(/'- &('(c%*$ V%#(%<%,[ '))[ '-+' + GHV)+' /%+&-%, M-% E24V/+%$ +*,
V%K)*,9
?3 '-%/% ($ +*K '/2'- ') '-% /24)2/ +V)2' &+.'2/%, ./($)*%/$ )* '-%
?$#% )3 X2'% (' '-/);$ + ,(33%/%*' &)4.#%>()* 2.)* '-% &(/&24$'+*&%$ )3
'-% +//(<+# )3 + GHV)+' )* '-% ;%$' $(,% )3 '-% ($#+*, +*, ('$ $%.+/+'%
3/%$- ;+'%/ &)##%&'()* '+$7 ') '-% $)2'- +$ ,%$&/(V%, ') j9 `+#&)#4
`&`(##+*8$ &)2$(*9
?' $%%4$ V+/%#K &)*&%(<+V#% '-+' '-% ,%$&/(.'()*$ )3 '-% ;%$' $-)/%
+*, $)2'- $-)/% %<%*'$ )* '-% ?$#% )3 X2'% /%3%/ ') <($('$ VK GHII ,2/(*0
';) $%.+/+'% .+'/)#$9 " #)0(&+# $%12%*&% )3 %<%*'$ ;)2#, -+<% $%%* GH
II 4+7(*0 ('$ ;+'%/ ,%'+(# <($(' ') '-% $)2'- $(,% )3 '-% ($#+*, )* '-%
4)/*(*0 )3 '-% SS B)<%4V%/ +3'%/ ,%.+/'(*0 3/)4 ('$ *(0-'#)*0 $'). +'
D''/(&7 X+K9 M-% +../)>(4+'% @PYH4(#% '/(. ') '-% ?$#% )3 X2'% 3/)4 '-%
?$#% )3 M(/%% ;-%/% GHII $+*7 '-% >0220). G$.9"*0'( +' YLJIY )* '-%
LL
S@$' ;)2#, -+<% '+7%* /)20-#K @S -)2/$9 XK '-+' '(4% *(0-' -+, 3+##%*
+*, D''/(&7 X+K V%&7)*%,9
M-($ '(4%'+V#%U+ <($(' ') ?$#% )3 X2'%8$ ;%$' $-)/% 3)##);%, VK
+*)'-%/ ') ('$ $)2'- $-)/%U&)*&2/$ ;('- `+> 6&-(##%/8$ &)44%*' +V)2'
GHII Z#K(*0 )33 _+/0$ +## ,+K9] `&`(##+* 4+7%$ (' &#%+/ '-+' '-% GHV)+'
;+$ *)' )V$%/<%, #+*,(*0 4%* ./()/ ') $%''(*0 )33 3/)4 D''/(&7 X+K
V%3)/% $2*/($%9 6(4(#+/#K[ '-% %>HGHII $2V4+/(*%/ '%##(*0 '-% $')/K ')
`&`(##+*8$ &)2$(* 4+,% *) 4%*'()* )3 +*K 4%4V%/$ )3 '-% $)2'-%/*
X2'% 3/%$- ;+'%/ ,%'+(# -+<(*0 V%%* +../%-%*,%,9
B%('-%/ +&&)2*' ./%,%$ '-% .)$$(V(#('K '-+' ,2/(*0 '-% B)<%4V%/
@TIT <($(' ') '-% ?$#% )3 X2'% GHII #+*,%, ).%/+'(<%$[ +* +&' *)'
;('*%$$%, VK '-% a)4% ^2+/,9 M-($ ;)2#, -+<% V%%* + &+#&2#+'%,
%*'%/./($% ;('- +* %<%/H./%$%*' /($7 )3 &+.'2/%[ ;-(&- 4+K -+<% V%%*
./%&($%#K '-% )2'&)4% f2,0(*0 VK '-% V2cc )3 $2V$%12%*' /24)2/ +*,
N/+$%/8$ ,%*(+#$9
M+7(*0 +## '-% 3+&'$ ')0%'-%/[ '-% &+.'2/(*0 )3 %*%4K $+(#)/$ +*,o)/
$.(%$ &)2#, &#%+/#K -+<% '+7%* .#+&%9 M-% &)#)2/32# &)&7'+(# )3 +&'(<('(%$
,%$&/(V%, VK )V$%/<%/$U#+*,(*0 4%*[ &)##%&'(*0 ;+'%/[ /2$'#(*0
$-%%.UV%0(*$ ') /%$%4V#% 4)/% +*, 4)/% GHII8$ $'+*,+/, ./+&'(&%[
&%/'+(*#K ,2/(*0 '-% #+''%/ $'+0%$ )3 ('$ $%&)*, %>&2/$()*9
5-K <)* F/%$7K '-%* &-)$% ') .+/7 GHII VK _+/0$ 3)/ $%<%/+#
-)2/$ ($ *)' 7*);* V2' V%+/(*0 (* 4(*, '-% /%4+/7+V#% '/+(* )3 %<%*'$
+V)2' ') 2*3)#, )*% &+**)' /2#% )2' '-+' -% ;+$ +;+('(*0 /+,()
(*$'/2&'()*$U%('-%/ 3/)4 ^%/4+* B+<+# a(0- E)44+*, +*,o)/ 3/)4
X/('($- $)2/&%$9
F)*+#, e%##K $200%$'$ '-+' &)*$(,%/(*0 '-% /%#+'(<% %+$% VK ;-(&-
.%).#% &)2#, 0%' ') +*, 3/)4 .#+&%$ %<%* (* '-%$% %+/#K ,+K$ )3 '-% ;+/[
(' 4+K V% (4+0(*%, '-+' + .%/$)* ') V% .(&7%, 2. VK GHII +' E+//+,+#%
;)2#, -+<% 3(/$'#K '/+<%##%, 3/%%#K +*, %+$(#K 3/)4 + 7%K .).2#+'()*
&%*'/% $2&- +$ ^#+$0);9
?* '-($ $&%*+/() '-% +0%*' ;)2#, -+<% '+7%* '-% '/+(* ') 5%4K$$
X+K[ -)..%, )*') '-% .+$$%*0%/ $'%+4%/ Y)2*)60) ') E+//+,+#% ;-%/%
)* M2%$,+K S@ B)<%4V%/ -% )V'+(*%, %+$(#K +<+(#+V#% )<%/*(0-'
+&&)44),+'()*9 M-% 3)##);(*0 +3'%/*))* GHII ;)2#, -+<% .(&7%, 2.
'-% +0%*' (* +* 2*)V'/2$(<% $.)'9
M-% )*#K ,(33(&2#'K (* '-($ &)*f%&'2/% ($ '-+' F+<(, a%*,/K8$
/%$%+/&-%$ !(*,(*0 '-)$% -% 2*,%/'))7 (* .%/$)*+# (*'%/<(%;$ ;('-
`+> 6&-(##%/ V%3)/% -($ ,%+'- (* SYYS: -+<% /%<%+#%, '-+' #)&+# e(*'K/%
3($-%/4%* /%.)/'%, $%%(*0 GHII 2)+60+% 4%* +' E+//+,+#%[ *)' .(&7(*0
'-%4 2.9 B) 4+''%/[ '-% &)/)##+/K '/+(* )3 %<%*'$ %12+##K -)#,$ '/2%9
?* #(*% ;('- '-% 3($-%/4%*8$ )V$%/<+'()*$[ + .%/$)* )/ .%/$)*$
LT
;)2#, -+<% ,($%4V+/7%, 3/)4 GHII9 M-%K ;)2#, -+<% $%&2/%, + V%/'-
(* + E+//+,+#% 02%$'-)2$%[ V)+/,%, '-% Y)2*)60) 3)/ 5%4K$$ X+K '-%
*%>' +<+(#+V#% &/)$$(*0 ,+K +*, '-%* 4+,% '-%(/ ;+K ') '-% .#+&% )* '-%
4+(*#+*, ;-%/% '-%K ;%/% ') &+//K )2' '-%(/ &)<%/' ,2'(%$9
M-% ZE+//+,+#%] GHV)+' $%%4$ ') -+<% 0)*% +V)2' ('$ V2$(*%$$ ;('-
(4.2*('K9 A* 62*,+K @T B)<%4V%/ '-% &#)&7$ -+, &-+*0%, V+&7 ')
^/%%*;(&- `%+* M(4%9 M-($ %*$2/%, '-+' '-%/% ;+$ +' #%+$' + 0)), -)2/
)3 ,+K#(0-' #%3' 3)/ '-% GHV)+' ') #+2*&- + ,(*0-K +*, #+*, .%).#% (*')
M)//($,+#% X+K[ + 4(#% $)2'- )3 E+//+,+#%9
D12+##K[ '-% GHV)+'[ -+<(*0 ,/)..%, )33 ('$ +0%*'$ !+*, 2*$%%* VK
'-% 3($-%/4%*: ;)2#, -+<% -+, +4.#% '(4% ') .(&7 2. + .%/$)* )/
.%/$)*$ 3/)4 '-% $-)/% 3)/ '-% /%'2/* '/(. V+&7 ') '-% $2V V%3)/%
,+/7*%$$ 3%##9
M-% GHV)+' '-%* -%+,%, *)/'- 2. e(#V/+**)* 6)2*, )33 '-% ;%$'
&)+$' )3 "//+* +*, '-%* '/+<%##%, %+$' +*, '-%* *)/'- ') ^+//)&- a%+,[
?$#% )3 X2'%[ ;-%/% (' #+K (* ;+('(*0 3)/ '-% (*;+/,HV)2*, ?/($- V)+'[ '-%
E#-)2 Q2(&'*.)+9
?' '-%* 3)##);%, -%/ 2./(<%/ ');+/,$ '-% "o6 V))4 +' '-% 4)2'- )3
'-% E#K,% "*&-)/+0% V%';%%* F2*))* +*, '-% E#)&- _(0-'-)2$%9
?* '-($ &-+.'%/ ;% -+<% $%%* + &#%+/#K %4%/0(*0 .(&'2/% (* ;-(&- GH
II 4+7%$ 32## 2$% )3 + ';)H,+K .%/(), ;-(#% 4+7(*0 ('$ /%&)/,%, +''+&7$
)* %*%4K $-(.$9 F2/(*0 '-%$% PL -)2/$ GHII ($ /%.)/'%, ') -+<% #+*,%,
4%* (* $%.+/+'%[ /%4)'% #)&+'()*$ )* ;%$'%/* 6&)''($- $)(# V%3)/% 0)(*0
)* ') 2*,%/'+7% ;-+' &)2#, $) %+$(#K -+<% '2/*%, )2' ') V% + $2(&(,+##K
3))#-+/,K ).%/+'()* (*$(,% '-% -%+<(#K ,%3%*,%, E#K,% "*&-)/+0%9
M-% 3)##);(*0 .+0%$ '/+&7 GHII8$ &)2/$% '-/)20- '-% N(/'- )3 E#K,%
2.)* '-+' 4))*#(' *(0-' (* B)<%4V%/ @TIT +$ (' ./%.+/%, ') %*+&' '-+'
V)#, 4($$()*9
TY
7"?F'#( 2@^
;+('(*0 3)/ M+*&/%, ') ).%* '-% 0+'% +*, #%' '-%4 )2'9 D<%/K)*% ;+$
0%''(*0 (* %+&- )'-%/8$ ;+K +*, '-% -2*'(*0 $-(.$[ 3(''%, ;('- +$,(&[
;%/% &)*'(*2+##K )V'+(*(*0 3+#$% &)*'+&'$ )* %+&- )'-%/ +*, )* )'-%/
$-(.$ +*, $2V4%/0%, .+/'$ )3 '-% V))49
F%.'- &-+/0%$ ;%/% ,/)..%, (* ./)32$()* (* '-% V))4 +/%+ +*,
*%+/VK .+/'$ )3 '-% 3(/'-[ $-+7(*0 -)2$%$ (* '-% ');*$ )* V)'- $(,%$ )3
'-% /(<%/9
^/+,2+##K[ '-% '2/4)(# $2V$(,%, ;('- /%#+'(<%#K 3%; +&&(,%*'$
/%.)/'%,9 "* "o6 '/+;#%/[ I&#+'")5'+[ 4+*+0%, ') /+4 + $-(. (* '-%
&)*<)K +*, ';) )'-%/ 4%/&-+*' $-(.$ -+, + $#(0-' &)##($()*9 "* ZN]
E#+$$ ,%$'/)K%/[ Z#["#$+6[ /+* +0/)2*, )* '-% V%+&- *%+/ '-% E#)&-
N%//K[ -%/ V); +#4)$' V#)&7(*0 '-% 4+(* /)+,9
M+*&/%, (*'%/<(%;%, '-% E)44+*,(*0 A33(&%/ )3 '-% 4)')/ #+2*&-
'-+' -+, $'+/'%, '-% Z.(&*(&9] a% +*, -($ &/%; ;%/% +,+4+*' '-+' '-%K
-+, $%%* + $2V4+/(*% +*, -+, $2*7 )/ V+,#K ,+4+0%, ('9
A.(*()* +4)*0 #)&+# .%).#% ;+$ '-+' '-% $2V ;+$ ,%.'- &-+/0%, V2'
-+, *)' V%%* 3)2*, +*, -+, 9)(('6 =- $+(/)&"'69
"* )(# $#(&7 ;+$ $%%* )* '-% $2/3+&% +V)2' )*% 4(#% *)/'- )3 E#)&-
_(0-'-)2$% !;%## (*$(,% '-% M+(# )3 '-% X+*7: +*, ;-%* (*<%$'(0+'%, VK
,(<%/$ '-%K 3)2*, )*#K '-% ;/%&7 )3 +* )#, $20+/ V)+'9
M+*&/%, ,%&#+/%, '-+' -% ;+$ $&%.'(&+# +*, .+$$%, )33 '-% (*&(,%*'
+$ -+<(*0 V%%* '-% $(0-'(*0 )3 + ;-+#% )/ + $-)+# )3 #+/0% 3($-[ ') ;-(&-
'-% #)&+# /%$.)*$% ;+$ ') /%4(*, )33(&(+#,)4 '-+' ;-+#%$ +/% /+/%#K $%%*
(* '-% E#K,% +*,[ (* +*K &+$%[ )*#K $;(4 (* '-% 3(/'-8$ 2..%/ /%+&-%$ (*
'-% $244%/ 4)*'-$9 !?' +#$) (0*)/%$ '-+' 3+&' '-+' ;-+#%$ ,) *)' $.)/'
&)**(*0 ');%/$ 3/)4 ;-(&- e/(%0$4+/(*% V)+'4%* $&+**(*0 '-%(/
Z12+/'%/] )3 '-% $%+ 4+K V% )V$%/<%, VK $-)/%HV+$%, )*#))7%/$9:
a);%<%/[ '-% )<%/+## '%*)/ )3 M+*&/%,8$ +&&)2*' $200%$'$ '-+' -%
-+, 4)/% $K4.+'-K ;('- '-% #)&+#$8 ,%$&/(.'()* )3 %<%*'$ '-+* -% ;+$
+##);%, ') +&7*);#%,0% (* -($ .2V#(& $'+'%4%*'$9
M-(/'KH';) K%+/$ #+'%/ !"' C*''+#/? !'2'%*)9" /%'2/*%, )*&% 4)/%
') '-% $')/K9 ?* ('$ SQ `+K @TWT %,('()* _(%2'%*+*' "#+* F9 C)&-% CB[
-+<(*0 &)*'+&'%, '-% BaX 3)/ -%#. (* 0+'-%/(*0 (*3)/4+'()*[
&)*'/(V2'%, +* +/'(&#% +V)2' '-% M+(# )3 '-% X+*7 %<%*' +*, '-% $(*7(*0
)3 GHII9 M-% !'2'%*)9" '-+*7%, C)&-% 3)/ Z&"0( 10*(& #110/0)2 )//#$+& #1
&"' QR=#)& 7"0/", )( 1)* )( 0( ?+#7+, .)+)%'6 &# %'& +')*'* &"' N2-6'
:+/"#*)%' &")+ )+- #&"'*9]
AV<()2$#K '-% +&&)2*' ;+$ *)' '-% 3(/$' 0) (*') ,%'+(# +V)2' '-%
(*&(,%*'9 M-+' -)*)2/ -+, 3+##%* ') E+.'+(* M+*&/%, ;/('(*0 (* '-% $+4%
f)2/*+# (* @TPW9 C)&-%8$ '%>' ;+$ $(4.#K + /%02/0('+'()* )3 M+*&/%,8$
%+/#(%/ /%.)/'n *)'-(*0 *%; ;+$ +,,%, +*, (' .%/.%'2+'%, '-% *)'()* '-+'
TP
'-% %<%*' '))7 .#+&% )* SI B)<%4V%/9 ?* 3+&'[ %('-%/ C)&-% )/ '-% BaX
42$' -+<% V%%* (* .)$$%$$()* )3 '-% %+/#(%/ +/'(&#% ;-)$% '%>' ;+$
/%.%+'%, <(/'2+##K <%/V+'(4 '-/)20-)2' '-% Z*%;] +&&)2*'9 C)&-%
&)*,%,[ +$ V%3)/%[ '-+' '-% $(0-'(*0 -+, V%%* + ;-+#% )/ $)4% )'-%/
V(0 3($-9
6(4(#+/#K[ '-% $%&)*, -+#3 )3 '-% +/'(&#%[ +V)2' GHII[ +,,%, *) 4)/%
') '-% $')/K '-+* ;+$ +#/%+,K )* )33(&(+# /%&)/,9
?* SYYS '-% !'2'%*)9" /%'2/*%, 3)/ + 3)2/'- )2'(*0 )* '-% ').(&9
M-($ '(4% '-% '/(00%/ ;+$ '-%(/ .2V#(&+'()* )3 +* +/'(&#% )3 4(*% +V)2'
GHII9 =+/' )3 '-% +/'(&#% -+, +,,/%$$%, '-% /24)2/ '-+' A'') C+-*[
^%/4+* #+*02+0% $.%&(+#($' +*, ^/+(# %>.#)/%/ 3)/ a(44#%/8$ 66[ -+,
V%%* )* GHII9 " $2V$%12%*' ('%4 )3 &)//%$.)*,%*&%[ $2V4(''%, $-)/'#K
+3'%/;+/,$ ') '-% !'2'%*)9" VK #)&+# -($')/K 0/)2.[ `+0(& M)/&-[ #%*'
7%%* $2..)/' ') '-% .)$$(V(#('K )3 + C+-* &)**%&'()* ;('- GHII VK
,/+;(*0 2.)* '-% /%4+/7+V#% -($')/(&+# #(*7$ (* C%*3/%;$-(/% ;('- '-%
a)#K ^/+(#[ '-% "/'-2/(+* #%0%*,$ +*, '-% e*(0-'$ M%4.#+/9
A* I A&')V%/ !"' C*''+#/? !'2'%*)9" /%.)/'%, '-% $')/K )3 3)/4%/
=)/' ^#+$0); =/)<)$' !E-(%3 `+0($'/+'%: "*,/%; 5(#$)*9 5(#$)* -+,
.)..%, (*') '-% !'2'%*)9"8$ )33(&%$ ') $-); /%.)/'%/$ -($ ,(+/K 3)/ '-%
$'+/' )3 '-% ;+/ +*, '-% *(0-' )3 '-% $2..)$%, GHV)+' (*&(,%*' (*
B)<%4V%/ @TIT9 5(#$)*8$ <($(' -+, V%%* ./)4.'%, VK '-% .2V#(&+'()*
)3 '-% GHII o C+-* +/'(&#%9
5(#$)* ;+$ + 4%4V%/ )3 '-% C)K+# D*0(*%%/$ '%+4 4+**(*0 +
$%+/&-#(0-' +' '-% E#)&- V))4 +' '-% '(4% )3 '-% M+(# )3 '-% X+*7
(*&(,%*'9 ?* -($ +&&)2*' 5(#$)* 4%/%#K $+K$ '-% %<%*' '))7 .#+&% (*
B)<%4V%/ !*) ,+'% $.%&(3(%,[ ;-(&- $%%4$ ),, (3 -% -+, -($ ,(+/K ;('-
-(4:9 5(#$)* +*, -($ 3%##); $)#,(%/$ ;%/% V(##%'%, (* -2'$ )* '-% 02*$('%
4+**%, VK '-% =)/' ^#+$0); &)+$'+# V+''%/K9 M-%(/ *(0-' ,2'(%$ ;%/% ')
x%>.)$%8 '-% #(0-'$ ;-%* )/,%/%,[ 2$2+##K ';) )/ '-/%% '(4%$ *(0-'#K9
M-% #(0-'$ +' '-% E#)&- ;%/% + $%*'/K V%+4[ ;-(&- #(' 2. '-% +/%+
+#)*0$(,% '-% $-(..(*0 V))4 )* '-% ,);*/(<%/ $(,% )3 '-% +*&-)/+0%
+*, '-% B) S %4.#+&%4%*' V%+4[ ;-(&- &+//(%, )2' + ;(,% $%+/&-
,);*/(<%/ 3/)4 '-% $%*'/K V%+49 5(#$)* +*, +*)'-%/ $+..%/[ j)% C%(,[
;%/% )* ,2'K +' '-% B) @ %4.#+&%4%*'[ '-% $%*'/K V%+49
M-%K /%&%(<%, '-% +#+/4 ') %>.)$% '-% #(0-' +*, + 4%$$+0% '-+' '-($
;+$ '-% /%+# '-(*09 " &+/0) $-(. !?/($- '/+*$.)/' $-(. E#-)2 Q2(&'*.)+:
0)(*0 '-/)20- '-% V))4 0+'% -+, /%.)/'%, '-+' + GHV)+' ;+$ 3)##);(*0
(* -%/ ;+7% -%+,(*0 ');+/,$ '-% M+(# )3 '-% X+*79
"$ '-% V))4 0+'% &#)$%, $%<%/+# ')/.%,) V)+'$ +*, &)/<%''%$ /+&%,
') '-% V))4 +*, '-%*[ '2/*(*0 '-%4$%#<%$ 2./(<%/[ $./%+, + .+''%/* )3
,%.'- &-+/0%$ +/)2*, '-% $2$.%&' +/%+9 M-($ ;%*' )* 3)/ $)4% '(4% ;('-
TR
*) $(0* )3 + GHV)+'9
?* '-% 4+*)%2</%$ )*% )3 '-% &)/<%''%$ /+* V); 3(/$' )*') + $#(.;+K
+' + .)(*' ;-%/% 5%$'%/* N%//(%$ *); ).%/+'%$9
5(#$)* ')#, !"' C*''+#/? !'2'%*)9" '-+' ;-(#% + GHV)+' 4+K -+<%
3)##);%, '-% &+/0) $-(. .+/' )3 '-% ;+K 2. '-% 3(/'- '-%/% ;+$ *)'-(*0 ')
$200%$' )*% -+, +&'2+##K .%*%'/+'%, '-% V))49 a% $%/<%, +' '-% E#)&-
3)/ $)4% '(4% +3'%/ '-% +#%/' V2'[ ') -($ 7*);#%,0%[ *) ,%V/($ 3/)4 +
^%/4+* $2V4+/(*% %<%/ &+4% +$-)/%9
?* SYY@ '-% BaX $)20-' ') +,, ./)<%*+*&% ') ('$ &)*'(*2(*0 GH
V)+'H2.H')H+*,H'-/)20-H'-%HV))4 ,%*(+# VK /%3%//(*0 ') %*'/(%$ 4+,% VK
Fm*('c (* @TIT (* -($ 5+/ F(+/K9
Fm*('c /%3%/$ ') /+,() (*'%##(0%*&% /%.)/'$[ ;-(&- -+, ./)<(,%,
(*3)/4+'()* )* '-% ;-%/%+V)2'$ )3 '-% X/('($- V+''#%3#%%'9 M-% /%.)/'$
$'+'%, '-+' '-% 3+$' V+''#%$-(.$[ V+''#% &/2($%/$ +*, $%<%/+# +*'(H+(/&/+3'
&+//(%/$ ;%/% *)' (* -)4% ;+'%/$ V2' ;%/% )* $.%&(+# ).%/+'()*$
!&-+$(*0 .)&7%' V+''#%$-(.$ )/ %$&)/'(*0 .+/'(&2#+/#K <+#2+V#% &)*<)K$
3/)4 E+*+,+: +*, '-+' '-% 4+f)/ .+/' )3 '-% /%4+(*(*0 V+''#%$-(.$ 2$%,[
(* '-% 4+(*[ '-% N(/'- )3 E#K,% +$ +*&-)/+0%9
",4(/+# Fm*('c ;/)'% '-+' '-% 12%$'()* )3 GHV)+' +&'()* (* '-%
E#K,% +0+(*$' '-% D*0#($- 3#%%' -+, V%%* &)*$(,%/%,9 ?* E-+.'%/ S ;%
*)'%, '-% ",4(/+#8$ F(+/K /%4+/7$ '-+' GHV)+'$ &)2#, *)' +''+&7 '-%
+*&-)/+0%$ '-%4$%#<%$[ $%%(*0 '-+' '-% $-(.$ ;%/% #K(*0 (* + #)*0[ 3+(/#K
*+//); $'/(. )3 ;+'%/[ '-% )*#K +&&%$$ ') ;-(&- ;+$ &#)$%, VK + V))49
M-% +$$%$$4%*' ;%*' )* ') &)*,% '-+' (' ;)2#, V% 12('% .)$$(V#% 3)/
GHV)+'$ ') .%*%'/+'% (*') '-% ;(,%/ .+/' )3 '-% 3(/'-[ +$ 3+/ +$ '-% V))4[
') + $-+##); .)$('()* %>+&'#K )* '-% 4+(* /)2'% ;-%/% 4(*%$ &)2#, V%
#+(,9
M-% BaX 2$%, '-($ ,(+/K %*'/K ') (*,(&+'% '-+' Fm*('c -+, *)
(*'%*'()* )3 $%*,(*0 + GHV)+' '-/)20- '-% E#)&-HF2*))* V))4 +*, '-+'
'-($ (*'%*'()* ;+$ 2*#(7%#K ') -+<% &-+*0%, V%';%%* B)<%4V%/ @TIT
+*, N%V/2+/K @TPY9
X)//);(*0 Fm*('c8$ ,(+/K '-%4%$ $) +/,%*'#K ') 2*,%/.(* ('$
/%V2''+# )3 '-% /%.)/'%, M+(# )3 '-% X+*7 GHV)+' (*&2/$()* ($ +
,($(*0%*2)2$ 4)<% 3)/ '-% BaX9 Fm*('c 4+7%$ -($ ,(+/K %*'/(%$ (* '-%
2*,%/$'+*,+V#% &)*'%>' )3 ;-K GHV)+'$ &)2#, *)' /%+#($'(&+##K 4+7% +
,(/%&' )&&)/? )* '-% E#K,% "*&-)/+0%9 a);%<%/[ )*% &)2#, *)'
/%+$)*+V#K 2$% '-% ",4(/+#8$ F(+/K /%4+/7$ +$ /%+$)* ') /2#% )2' '-%
,%.#)K4%*' )3 + GHV)+' (* '-% 2..%/ /%+&-%$ )3 '-% E#K,% 3)/
(*'%##(0%*&% .2/.)$%$ $-)2#, '-% *%%, -+<% V%%* $233(&(%*'#K
&)4.%##(*09
M-% ./%$%*&% )3 &2''(*0 0%+/ 4)2*'%, )* GHII8$ V); (##2$'/+'%$[
TQ
4(#% *)/'- (*$(,% '-% V))49 M-%K $%' )33 ') (*<%$'(0+'%[ &%/'+(* '-+' '-%K
;%/% #))7(*0 +' + <+*($-(*0 $2V4+/(*% &)**(*0 ');%/9 C+.(,#K &#)$(*0[
'-%K V%0+* ,/)..(*0 ';) 0/)2.$ )3 '-/%% ,%.'- &-+/0%$9 "3'%/ '-% 3(3'-
,%.'- &-+/0% -+, %>.#),%, + #)*0 V#+&7 &(0+/H$-+.%, )Vf%&' V/)7% ')
'-% $2/3+&% +*,[ 4)4%*'+/(#K /)##(*0[ $2V4%/0%,9
XK *); '-% V))4 0+'% -+, V%%* &#)$%,[ '-% *%'8$ 3#)'+'()* V2)K$
-+<(*0 3)2#%, %+/#(%/ (* '-% ;(*'%/ 0+#%9
?*$(,% '-% V))4 %(0-' 4)/% ,%.'- &-+/0%$ ;%/% ,/)..%, )* 4K$'%/K
&)*'+&'$ ;('-)2' /%$2#'9 M-% Z#["#$+6 4+*+0%, ') /2* -%/$%#3 +0/)2*,
(* '-% ,+/7*%$$ +' `&?*/)K8$ =)(*'[ '),+K + 3%//K '%/4(*+#9
O2(&7#K '(..%,H)33 +V)2' x'-% GHV)+'[8 j)-* `&_+20-#+*[ ^/%%*)&7
&)//%$.)*,%*' )3 !"' C2)(%#7 O5'+0+% L'7([ '%#%.-)*%, -($ ^#+$0);
A33(&% ;-(&-[ (* '2/*[ .-)*%, .-)')0/+.-%/ j(44K `)//($)* +*,
/%.)/'%/ "*02$ 6-+;9 M)0%'-%/ '-%K '/(%, ') 0%' &)//)V)/+'()* )3 '-% GH
V)+' $')/K V2' ;('-)2' $2&&%$$9 5-%* ,+;* V/)7% '-%K ;%/% +//%$'%, +$
Z$.(%$] +' '-% E#)&- _(0-'-)2$% +*, 3/)04+/&-%, ,);* '-% /)+, 2*'(#
(*'%//)0+'()* -+, %$'+V#($-%, '-%(/ &/%,%*'(+#$9
M+7(*0 '-%$% <+/()2$ /%.)/'$ ')0%'-%/[ '-%/% ($ *) &)*$%*$2$ 3)/ '-%
'(4% ;-%* '-% GHV)+' .+$$%, '-/)20- '-% V))49 e%##K8$ (*H,%.'-
/%$%+/&-%$ (*,(&+'% '-+' '-% GHV)+' %*'%/%, '-% V))4 +' SYJRR9 C)&-%
+*, M+*&/%, /%3%/ ') %<%*'$ '+7(*0 .#+&% +' +../)>(4+'%#K SSJYY[ ;-(&-
&)2#, /%3%/ %('-%/ ') '-% $(0-'(*0 )3 '-% GHV)+' +' '-% V))4 )/[ %12+##K[
') '-% ./)#)*0%, $%/(%$ )3 %<%*'$ '-+' 2*3)#,%, +3'%/;+/,$9 E/+;3)/,
4%*'()*$ + '(4% )3 SSJIY ;-(#% 5(#$)* $(4.#K $.%+7$ +V)2' *(0-'
+&'(<('(%$9
E)44+*,%/ X(## j)*%$[ 6'+33 )3 N#+0 A33(&%/ 6&)'#+*,[ B)/'-%/*
D*0#+*, +*, B)/'-%/* ?/%#+*,[ /%.#(%, ') +* %4+(# %*12(/K )3 4(*% (*
j2*% SYYS9 a% 4+,% + .)(*' +V)2' -); .%/$)*+# 4%4)/(%$ &+* V%
4($#%+,(*0[ %<(,%*&(*0 -($ /%4+/7 VK /%3%//(*0 ') +* Z%K%;('*%$$ ;-)
$+(, -% (*'%//2.'%, + 3))'V+## 4+'&- ') ;+'&- '-% +&'()*[] .)(*'(*0 )2'
'-+' +$ '-% 3(/$' +''+&7 )* GHII V%0+* +' YIJPY )* + N%V/2+/K 4)/*(*0
'-($ ;+$ ,(33(&2#' ') V%#(%<%g
A*% 4+K /%+,(#K +0/%% '-+' $2&- + &#+(4 ;)2#, V% $-%%/ *)*$%*$%9
X2' (3 '-% %K%;('*%$$ ;+$ /%3%//(*0 ') + $)&&%/ 0+4% '-+' -% (*'%//2.'%,
+' @RJPR )* '-% +3'%/*))* )3 5%,*%$,+K SS B)<%4V%/ !$2*$%'
)&&2//(*0 '-+' ,+K +' +/)2*, @QJIR: ') )V$%/<% + GHV)+' #+*,(*0 4%* +'
E+//+,+#% X+K '-%* )2/ #)&+# 3))'V+## 3+*8$ &#+(4 V%&)4%$ -(0-#K
.#+2$(V#%9 ?' +#$) $200%$'$ '-+' )'-%/ .#+K%/$ +*, $.%&'+')/$ ;)2#, -+<%
.+2$%, ') ;+'&- %>'/+)/,(*+/K %<%*'$ 2*3)#, )33$-)/% +*, K%'[
V+33#(*0#K[ '-%/% ($ *) /%&)/, )3 ^/%%*)&7 E)*'/)# <($(V#K /%$.)*,(*0 ')
.2V#(& +#%/'$9
?* &)*'/+$' ') '-% E+//+,+#% X+K GHV)+' %<%*' '-%/% +/% *)
(*,%.%*,%*' %K%;('*%$$ +&&)2*'$ '-+' (,%*'(3K GHII +$ '-% $2V4+/(*%
'-+' .+$$%, '-/)20- '-% V))4 #+'%/ '-+' %<%*(*09 G. ') '-($ .)(*' (* )2/
(*<%$'(0+'()*$ ;% -+<% (,%*'(3(%, GHII +$ '-% '/+*$0/%$$)/ VK + ./)&%$$
)3 #)0(& '-+' .#+&%$ '-% $2V4+/(*%[ )V$%/<%, VK e(*'K/% 3($-%/4%*
TT
7"?F'#( 24S4D
S9 ?3 GHII -+, ,%.+/'%, '-% .)$('()* ;-%/% (' $+*7 '-% >0220).
G$.9"*0'( 4)/% )/ #%$$ (44%,(+'%#K !VK YLJIY )* '-% S@$': (' &)2#,
-+<% /%+&-%, D''/(&7 X+K )* '-% ;%$' )3 ?$#% )3 X2'% VK SIJYY '-+'
%<%*(*0[ SS -)2/$ V%3)/% '-% M+(# )3 '-% X+*7 GHV)+' V/%+&-9
?' ($ %<(,%*' VK '-($ &+#&2#+'()* '-+' (* '-($ $&%*+/() GHII -+,
+4.#% #99#*&$+0&- ')J (: #+*, + 4+* 2.)* '-% ?$#% )3 ?$#+K #+'%/ )*
'-% S@$'n ((: .+/7 2. (* D''/(&7 X+K ,2/(*0 '-% *(0-' )3 S@$'HSS*,
!)V$%/<%, VK '-% #)&+# a)4% ^2+/,:n (((: 3%'&- 3/%$- ;+'%/ 3/)4 '-%
$)2'-%/* %*, )3 '-% ?$#% )3 X2'% +*, '-%* Z/%$' )33 _+/0$ +## ,+K] )*
'-% SS*,n (<: #+*, 4%* +' E+//+,+#% X+K ,2/(*0 '-% 4(,H+3'%/*))*n
+*, <: '/+<%# ') '-% E#)&-HF2*))* V))4 <(+ ^+//)&- a%+,[ ?$#% )3
X2'%[ VK SYJRR '-+' %<%*(*09
M(/%%
E#)&- X))4
?$#% )3
X2'%
e(*'K/%
?$#% )3 =%*(*$2#+
?$#+K
E+//+,+#% _
I9 5-(#% GHII #+K )33 _+/0$ (' ;+$ )V$%/<%, VK #)&+# /%$(,%*'$9 M-%
;(3% )3 + #)&+# &-%4($' '-)20-' $-% $+; + .%/($&).% (* '-% 3(/'-9 6-%
'%#%.-)*%, '-% .)#(&% V2' *) +&'()* ;+$ '+7%*[ +* +V$%*&% )3 )33(&(+#
/%$.)*$% (,%*'(&+# ') ^/%%*)&7 E)*'/)# (0*)/(*0 '-% $&-))# V2$
.+$$%*0%/8$ '%#%.-)*% ;+/*(*0 +V)2' GHII #+*,(*0 4%* +'
E+//+,+#% X+K #+'%/ '-+' +3'%/*))*9
5-K ;%/% '-%$% &/('(&+# +#%/'$ *)' +&'%, 2.)*b 5-) (* -(0-
+2'-)/('K 4+K -+<% -+, &)4.%##(*0 /%+$)*$ ') +##); GHII ') &+//K
)2' ('$ V2$(*%$$ 2*-(*,%/%, VK X/('($- &)2*'%/ +&'(<('Kb "*, ;-+'
4(0-' -+<% V%%* '-% *+'2/% )3 '-)$% /%4+/7+V#% !+*, $%%4(*0#K
@YI
'/%+$)*)2$: (4.%/+'(<%$b
P9 M-% +../)>(4+'% ,($'+*&% 3/)4 '-% 2..%/ /%+&-%$ )3 '-% N(/'- )3
E#K,% ') '-% .)$('()* (* '-% A/7*%K$ ;-%/% '-% A#*?$. ;+$ $2*7
!RT9IIB YI9RW5: ($ +../)>(4+'%#K I@Y 4(#%$9 F)*+#, e%##K .#)'$
'-% ,($'+*&% 3/)4 E+//+,+#%[ <(+ Z'-% `(*&-%$] !'-% ?**%/ 6&)''($-
6%+:[ ') '-% *)/'-;%$' A/7*%K$ +''+&7 .)$('()* +$ SWY 4(#%$9 M-%
,($'+*&% 3/)4 '-% V))4 ') E+//+,+#% ($ +../)>(4+'%#K PY 4(#%$9
?$ (' 3%+$(V#% '-+' GHII &)2#, -+<% $%' )2' 3/)4 '-% N(/'- )3
E#K,% +' +/)2*, S@JYY )* '-% *(0-' )3 SS B)<%4V%/ ') +//(<% (* '(4%
'-% 3)##);(*0 ,+K ') ')/.%,) +*, $-%## '-% A#*?$. +' @PJIYb M)
$2&&%%,[ GHII ;)2#, -+<% -+, ') '/+<%# +' +* +<%/+0% $.%%, )3
+/)2*, @Q 7*)'$ )<%/ + @WH-)2/ .%/(), !@ *+2'(&+# 4(#% ($ @9@R '(4%$
+ $'+'2'% 4(#%:9 ? +$7%, '-% %>.%/'$9
M-% /%*);*%, 6-+/7-2*'%/$ GHV)+' 0#)V+# *%';)/7 &)*3(/4%,
'-+' ./)<(,%, $%+ &)*,('()*$ ;%/% 3+(/#K &+#4 !+*, ;% -+<% -%+/,
'-+' '-% %+/#(%/ 0+#% -+, ,(%, ,);*:[ + MK.% h?? ;)2#, -+<% -+, *)
,(33(&2#'K $2$'+(*(*0 + $.%%, (* '-($ -(0-%/ /+*0% )3 ('$ &+.+V(#('(%$[
4+(*#K )* '-% $2/3+&%[ 3)/ + <)K+0% )3 '-+' ,2/+'()*9
?* '-% ).(*()* )3 %>.%/' 4%4V%/$ )3 '-% )*#(*% 2V))';+33%
3)/24 '-% )2'&)4% ;)2#, -+<% ,%.%*,%, 2.)* + &)4V(*+'()* )3
./%<+(#(*0 ;%+'-%/ &)*,('()*$[ ;(*, $.%%, +*, ,(/%&'()*[ $%+$[
&2//%*'$ +*,[ #+$' V2' *)' #%+$'[ '-% %*,2/+*&% )3 '-% ';) `"B
F(%$%# %*0(*%$ /2**(*0 +' '-+' /%#+'(<%#K -(0- $.%%,9 ?*&/%+$%, 32%#
&)*$24.'()* )<%/ '-+' ,($'+*&% ;)2#, -+<% V%%* )3 *) &)*&%/* V2'
.%/-+.$ ;)2#, -+<% V%&)4% +* ($$2% )<%/ + 0/%+'%/ ,($'+*&%9 M-%(/
+,<(&% (*,(&+'%$ '-+' '-% @Q 7*)'$ $.%%, &)2#, -+<% V%%*
&)43)/'+V#K 4+(*'+(*%, ./)<(,%, '-+' &)*,('()*$[ (* '-% /)2*,[ ;%/%
/%+$)*+V#K 3+(/9
M+7(*0 '-%$% .)(*'$ )3 %>.%/' ).(*()* ')0%'-%/[ (' ($ &#%+/ '-+' '-%
'/(. ;+$ ).%/+'()*+##K 3%+$(V#% ;('-(* '-% +../)./(+'% '(4%3/+4%9
R9 D/0)[ GHII -+, '-% )..)/'2*('K ;('-(* ('$ /%&)/,%, ('(*%/+/K )3
+&'(<('(%$ ') 4+7% + ,%')2/ ') .+$$ '-/)20- '-% E#)&-HF2*))* V))4
)* '-% *(0-' )3 '-% SS B)<%4V%/ @TIT[ <(+ E+//+,+#% X+K +*, )'-%/
$').$ %+/#(%/ '-+' ,+K[ +*, '-%* 0) )* ') $(*7 '-% A#*?$. (* '-%
A/7*%K$ )* '-% +3'%/*))* )3 '-% SI/,9
F(, GHII .+$$ '-/)20- '-% V))4 (* B)<%4V%/ @TITb `+> 6&-(##%/
$+(, (' ,(, V2' *) )*% (* )33(&(+# &(/&#%$ &+* )/ ;(## $+K9 a);%<%/[ (*
'-%$% .+0%$ (' -+$ V%%* ,%4)*$'/+'%, '-+' GHII -+, '-% )..)/'2*('K ')
,) $)9 `)/%)<%/[ '-% &+$% 3)/ )..)/'2*('K +,<+*&%$ ') )*% )3 &%/'+(*'K
,2% ') '-% $;%## )3 #)&+# /%.)/'$[ (*,(*0 '-% (,%*'(3(&+'()* )3 GHII VK
@YP
e(*'K/% 3($-%/4%* +$ '-% $2V '-+' #+*,%, 4%* )33 E+//+,+#% X+K )* '-%
+3'%/*))* )3 '-% SS*,9
G. ') *); '-% &)2*'%/H+/024%*' +0+(*$' + GHV)+' '/+<%##(*0 2. '-%
N(/'- )3 E#K,% +' '-($ '(4% ;+$ '-+' '-%/% ;%/% *) ^%/4+* $2V4+/(*%$
;('-(* '-% <(&(*('K9 M-+' ($ $(4.#K *)' '-% &+$%9 GHII -+, 4+,% ('$ ;+K
3/)4 ('$ ).%/+'()*$ (* '-% X/($')# E-+**%# +*, $'(## -+, ;)/7 ') ,)9
F%$.+'&-(*0 '-% !"#.)( G)+?0+(, Y'29"0+', I') I7''9'*, I$2=- +*,
>0220). G$.9"*0'( ;+$ + .+/' )3 '-+'9 B%<%/'-%#%$$[ '-)$% 7(##$ '))7
.#+&% (* /%#+'(<%#K &#)$% ./)>(4('K ') '-% %*'/+*&% )3 '-% N(/'- )3 E#K,%9
h)* F/%$7K +*, -($ '%+4 &)2#, -+<% 4+,% '-% '/(. 2. ') '-% V))4 +*,
-+<% V%%* V+&7 (* '-% ).%* $%+ 3)/ ('$ .+$$+0% ') '-% A/7*%K$ (* '(4% ')
3(/% 2.)* ('$ $(>'- <(&'(4[ '-% A#*?$.[ )* '-% SI/,9 M-% $&%*+/() 3('$
./%&($%#K9
?' ($ (*'%/%$'(*0 '-+' F)*+#, e%##K -+$ )33%/%, +* +#'%/*+'(<% ,+'% )3
SP B)<%4V%/ 3)/ '-% $(*7(*0 )3 '-% A#*?$.9 a% +//(<%$ +' '-($ ,+'%
3/)4 + /%+,(*0 )3 e%**%'- 5K**8$ GHV)+' -($')/(%$ (* ;-(&- 5K**
/%&)/,$ '-% &)*'%*' )3 '-% N9,9G9oX,Gy$ 5+/ _)0 3)/ @QHIY B)<%4V%/
@TIT[ =^IYSRS9 ?' -+$ '-($ %*'/K 3)/ SP B)<%4V%/J ZQR^^ *'9#*&'6 &")&
("' ")6 ($+? ) FR("098@ E)60# 4+&'220%'+/' *'9#*&( *'/'05'6 2)&' &"0(
)1&'*+##+ 0+60/)&' &")& )+ '+'.- $+0& .)- ")5' =''+ ($+? 0+
/#++'/&0#+ 70&" &"' #9'*)&0#+ #1 #$* ($*1)/' 1#*/'(, ='%$+ #+ &"' __+6,
+#*&" #1 &"' 20+' I"'&2)+6(RL#*7)-d]
M-% )<%/+## ;%(0-' )3 ).(*()*[ +$ .2' 3)/;+/, (* +## )3 '-% ./(*&(.#%
GHV)+' /%&)/,$ +*, ,+'+V+$%$[ ($ '-+' GHII8$ $(*7(*0 )3 '-% A#*?$. '))7
.#+&% )* '-% SI/, +*, $) (' ($ 4)/% #(7%#K !V2' *)' +V$)#2'%#K &%/'+(*:
'-+' '-% 5+/ _)0[ +#'-)20- ,+'%, '-% SP'-[ ($ /%3%//(*0 ') +* (*&(,%*'
'-+' )&&2//%, '-% ,+K V%3)/%9 ?3[ (*,%%,[ GHII ,(, $(*7 '-% A#*?$. )*
'-% SP'- '-%*[ )3 &)2/$%[ +*K /%4+(*(*0 ,)2V' +$ ') ;-%'-%/ (' -+, '-%
'(4% ') 0%' ') '-% A/7*%K$ ') 4+7% ('$ +''+&7 +' @PJIY 3+##$ +;+Kn ('
;)2#, -+<% -+, 4)/% '-+* %*)20- '(4%9
5% /%+, (* E-+.'%/ Q '-+' ;%$' )3 6&)'#+*, -($')/K 0/)2. `+0(&
M)/&- '-/%; ('$ ;%(0-' )3 $2..)/' V%-(*, '-% $2..)$('()* '-+' GHII -+,
V%%* &+//K(*0 ^%/4+* #+*02+0% $.%&(+#($' A'') C+-*[ + /%4+/7+V#%
+$$%/'()* $%%(*0 '-+' C+-* ($ /%.)/'%, +$ -+<(*0 ,(%, VK -($ );* -+*, (*
`+/&- @TIT9 ?* 4K V))7 ? &-+##%*0%, '-% $2(&(,% $')/K[ +/02(*0 '-+'
C+-* &-%+'%, -($ 66 ./)'+0)*($'$ +*, 4+,% -($ ;+K ') + .#+&% )3 $+3%'K9
A<%/ '-% K%+/$ '-%/% -+<% V%%* ;-($.%/$ '-+' C+-*8$ ,%$'(*K +*, '-%
3+'% )3 GHII ;%/% #(*7%,9 5-(#% '-+' '-%)/K &)*'(*2%$ ') /%$)*+'%[
@
" OH$-(. ;+$ + /2$% ,+'(*0 3/)4 55? ;-%/% 4%/&-+*' $'%+4%/$[ '/+,(*0 $&-))*%/$
%'& -+, ,%&7-)2$%$ ;('- x,/).H,);* ;+##$8 &)*&%+#(*0 ;%+.)*$ +*, V('$ )3 +/'(##%/K9
M-% ,($02($% ;+$ ,/)..%, ;-%* '-% %*%4K ;+$ (* /+*0% +*, +* +''+&7 &)2#, V% 4+,%9
@YR
7"?F'#( 4@`.!
6%*()/ &('(c%*$ )3 '-% 3(/'- ;('- -%+#'-K 4%4)/(%$ ;+*' ') 3(/% +
V/)+,$(,% +&/)$$ '-% V);$ )3 '-% ZV/+$$ V)2*,%/$ +' '-% ",4(/+#'K9]
M-%K +/% (*,(0*+*' '-+' %<%* '),+K X/('($- *+<+# +2'-)/('(%$ '-/); &)#,
;+'%/ 2.)* '-%(/ +/,%*' V%#(%3 '-+' + GHV)+' &+4% +*, ;%*' '-/)20- '-%
V))4 (* #+'% @TIT9 "$ ;% $-+## $%%[ '-%/% +/% '-)$% ;-) V%#(%<% '-+' '-%
$2V ,(, *)' 0%' +;+K $&)'H3/%% +*, '-+' ('$ /%4+(*$ #(% )* '-% V)'')4 )3
'-% N(/'- )3 E#K,%9 X%0(**(*0 (* SYY@ 4%* +*, ;)4%* ')#, 4% '-%(/
$')/(%$9
"3'%/ $%%(*0 4K #%''%/ (* '-% K)*%( )+6 <0229#*& >''?2- L'7( `/
C)V%/' X/);* &)*'+&'%, -($ )#,%/ V/)'-%/ ;-) -+, + $')/K ') '%##9 a%
/%&+##%, '-+' '-% E+.'+(* )3 )*% )3 '-% .+$$%*0%/ $-(.$ !'-% E#-)2
Q2(&'*.)+:[ ;-(&- $+(#%, ,+(#K V%';%%* X%#3+$' +*, ^#+$0); $2$.%&'%,
'-+' -($ $-(. ;+$ V%(*0 $-+,);%, ') 0%' '-/)20- '-% V))49 a% +#%/'%,
'-% *+<+# +2'-)/('(%$ 2$(*0 +* "#,($ #+4. +*, '-%K '))7 '-% /%#%<+*'
+&'()*9 `/ X/);*8$ V/)'-%/ ,(, *)' ,%$&/(V% '-% Z/%#%<+*' +&'()*] V2'
&%/'+(*#K (' /%3%/$ ') '-% *(0-'H#)*0 .%/(), )3 -%+<K ,%.'- &-+/0(*0 '-+'
'))7 .#+&% (44%,(+'%#K +3'%/ '-% $(0-'(*0 )3 '-% %*%4K <%$$%#9
?+(* E/)$V(% ')#, 4% )3 '-% 7*);#%,0% .)$$%$$%, VK -($ 3/(%*,
6+*,K d)2*0[ + 6&)''($- $2V4+/(*% /%$%+/&-%/ ;-) ;+$ 0(<%* + $')/K
+V)2' GHII9 ?' ;+$ d)2*08$ +&&)2*' ;-(&- /%<%+#%, 3)/ '-% 3(/$' '(4%
'-+' ;-%* '-% &/%; ;+$ V%(*0 .(&7%, 2. 3/)4 '-% ;+'%/ VK a`6
C2')+'* )* @S N%V/2+/K @TPY _(%2'%*+*'HE)44+*,%/ =/(&% ;+$
+*>()2$ ') #%+<% '-% $&%*% +$ 12(&7#K +$ .)$$(V#% (* &+$% +*)'-%/ GHV)+'
;+$ *%+/VK9 ?* 3+&'[ =/(&% ;+$ $) ,%$.%/+'%#K 7%%* ') 4)<% )33 '-+' +'
3(/$' -% ;+$ ;(##(*0 ') #%+<% + 4+* (* '-% ;+'%/9
M-% $')/K +$ ')#, ') d)2*0 ;+$ '-+' + X/('($- &/%;4+*[ $%%(*0 '-%
4+* (* ,(33(&2#'K[ f24.%, )<%/ '-% $(,% +*, /%$&2%, '-% ^%/4+* $+(#)/
!'-% %(0-'%%*HK%+/ )#, `+> 6&-(##%/: ;-) (* 0/+'('2,% 0+<% -(4 -($ ,)0
@YT
V ;+$ 4+,% (*') + #($'%*(*0 .)$' ') ,%'%&' +*K GHV)+'$ '/K(*0 ')
$*%+7 2. '-% E#K,% 2*,%/ + $-(. V/(*0(*0 (* $2..#(%$9 M-%/% ;+$ +
,%<(&% )3 $)4% 7(*, '-+' $'/%'&-%, +&/)$$ '-% E#K,% 2*,%/ '-% $%+ ') +
$('% *%+/ ?**%##+* )* "/0K## +*, X2'%9 M-% $+(#)/$ '-+' 4+**%, '-%
$'+'()* 2$%, ') $(' ;%+/(*0 -%+,.-)*%$[ #($'%*(*09 ?' ;)2#, V% )3 #(''#%
$2/./($% (3 )*% ;%/% ') ,($&)<%/ '-+' '-% #($'%*(*0 ,%<(&% ;+$ (*$'+##%,
+3'%/ '-% B)<%4V%/ @TIT GHV)+' %<%*'U'-% C)K+# B+<K ;+$ *)' 0)(*0
') V% &+20-' )2' + $%&)*, '(4%9
`/ C)V%/' X/);* +#$) ')#, )3 0)(*0 ,);* ') '-% E#)&- #(0-'-)2$%
+$ + *(*%HK%+/ )#, +*, 3(*,(*0 ,%+, -%//(*0 $'/%;* )* '-% V%+&-9 a%
+#$) 3)2*, ^%/4+* $+(#)/$8 -+'$ +' '-% $+4% .#+&%9 ?* +*$;%/ ') 4K
12%$'()*$ +V)2' -($ 3(*,[ `/ X/);* $+(, -% -+, +$$24%, '-%K ;%/%
^%/4+* -+'$ V%&+2$% )3 '-% &(/&24$'+*&% (* ;-(&- -% 3)2*, '-%4J '-+'
($[ -% $+; '-%4 (44%,(+'%#K +3'%/ '-% /24.2$ +' '-% V))4 ;-%* +## -%##
V/)7% #))$% +*, -% .2' ';) +*, ';) ')0%'-%/9 X/);* $+(, '-+' '-% -+'$
-+, '/+(#(*0 /(VV)*$ +' '-% V+&79 a% +#$) &)*3(/4%, '-+' 3)/ Z2*7*);*
/%+$)*$ *) )*% ;)2#, +,4(' !%<%* )33H'-%H/%&)/,: '-+' + GHV)+' -+,
V%%* $2*7 +' '-% F%3%*&% X))4 +' '-($ '(4%9]
"* +*)*K4)2$ &)//%$.)*,%*' ')#, -); -% +*, -($ .+#$ 2$%, ')
0+'-%/ ;-%#7$ )* '-% $-)/% +' =)/'%*&/)$$ <(##+0% (* 5%$' e(#V/(,%9 a%
,%$&/(V%, '-% )&&+$()* ;-%* '-%K &+4% 2.)* e/(%0$4+/(*% /(VV)*%,
-+'$ +*, )'-%/ .%/$)*+# ('%4$ ;+$-%, 2. (* '(,+# .))#$ +4)*0 '-% /)&7$9
M-%K '))7 $)4% )3 '-% ('%4$ ') '-% .)#(&% $'+'()* +*, ')#, '-%4 ;-%/%
') 3(*, 4)/%9 M;) ;%%7$ #+'%/ '-% 3(*,%/$ ;%*' V+&7 ') =)/'%*&/)$$ ')
3(*, (' V+//(&+,%, +*, 02+/,%, VK +/4%, *+<+# $%*'/(%$U$'/(&'#K )33H
#(4('$9
D>.%/'$ -+<% &)*3(/4%, '-+' e/(%0$4+/(*% $2V4+/(*%/$ 606 ;%+/
&+.$ ;('- '/+(#(*0 /(VV)*$9 XK @TPY (' ;)2#, -+<% V%%* 2*2$2+# 3)/
&/%;4%4V%/$ ') ;%+/ '-%4 )* '-% &/+4.%, +*, 2*&)43)/'+V#% V)+'$ (*
+&'()*[ /%$%/<(*0 '-%4 4)/% 3)/ '(4% )* $-)/%9 X2' '-% %<%*' '-+' ($
V%(*0 ,%.(&'%, $) <(<(,#K VK '-%$% #)&+# /%.)/'$ /%3%/$ ') '-% M+(# )3 '-%
X+*7 (*&2/$()* )3 B)<%4V%/ @TIT[ +* %+/#(%/ .%/(), (* '-% ;+/ ;-%* ('
;+$ %<(,%*'#K 4)/% &2$')4+/K 3)/ V)+'4%* ') ;%+/ '-%(/ -+'$ ;-(#% )*
,2'K !$2&- +$ ,%.(&'%, (* '-% '). .-)') /%./),2&%, )* .+0% IP:9
M-% 3(*,(*0 )3 '-% -+'$ .)$%$ &-+##%*0(*0 12%$'()*$9 XK +## +&&)2*'$
'-% GHV)+' '-+' &+4% +*, ;%*' '-)20- '-% V))4 ,2/(*0 '-+' 3(/$'
+2'24* )3 '-% ;+/ ;+$ *)' &+.'2/%,[ '-% ./%$24.'()* V%(*0 '-+' (' 0)'
+;+K9 X2' ,(, (' 0%' &#%+* +;+Kb " $2/./($(*0 *24V%/ )3 6&)'$ V%#(%<%
'-+' '-% 2..%/ /%+&-%$ )3 '-% N(/'- )3 E#K,%[ 3+/ 3/)4 "//+*[ +/% -)4% ')
+ $2*7%* GHV)+'9 5%/% '-%/% &+$2+#'(%$b
" V),K ;+$ ;+$-%, 2. (* ^)2/)&7 ).%* +(/ $;(44(*0 .))# +3'%/
@@S
`&F)20+##8$ /%4+/7$ V%#); '-+' ,%&%,%*'$ 3/)4 + GHV)+' $2*7 *%+/ '-%
V))4 7'*' V2/(%, +' ^/%%*)&79
M-%/% ($ + $'/)*0 +/024%*' '-+' )*% )3 '-% V),(%$ $%%* VK `2*/)
;+$ )*% Z6(7- a(,'+##+[] V2/(%, 2*&%/%4)*()2$#K +' ^/%%*)&7 )* I
j+*2+/K @TPY9 M-% $2$.(&()2$ &(/&24$'+*&%$ $2//)2*,(*0 '-($ .%/$)* +/%
%>.#)/%, 32##K (* #+'%/ &-+.'%/$9
6%%7(*0 ') 4+7% &)*'+&' ;('- %>H$+..%/[ F)20#+$ `&e(##).[ ;-)
-+, .)$'%, -($ $')/K (* '-% K)*%( )+6 <029#*& >''?2- L'7( (* "202$'
@TLR[ ? ;/)'% ') 4)/% '-+* ';%*'K .%/$)*$ *+4%, `&e(##). (* "K/$-(/%
+*, C%*3/%;$-(/%9 ? /%&%(<%, + /%.#K 3/)4 `/$ M9 D,;+/,$ `&e(##).
;-) &)*3(/4%, '-+' ;-%* + #(''#% 0(/# -%/ 3+'-%/ '+#7%, ') -%/ Z+V)2' '-%
GHV)+' '-+' &+4% 2. ') '-% E#)&- _(0-'-)2$%9]
`/ `&F)20+## )3 F2*))* ')#, 4% '-+' -% ;/)'% ') 6&)''($- +2'-)/
=%'%/ `)(/ (* "./(# @TT@[ %>.#+(*(*0 '-+' ,2/(*0 55?? + ^%/4+* GH
V)+' ;+$ $2*7 %('-%/ (*$(,% '-% ,%3%*&% V))4 V%';%%* F2*))* +*, '-%
E#)&- _(0-'-)2$% )/ (* '-% ?*<%/7(.H_2*,%/$')* X+K +/%+9 `&F)20+##
;+$ + $&-))#V)K (* '-% %+/#K 3)/'(%$ +*, /%4%4V%/$ '-% *(0-' '-% GHV)+'
&+4% 2. '-% E#K,%9 a% V%#(%<%$ (' ;+$ $2*7 $)4%;-%/% V%';%%* '-%
^+*')&7$ a)'%# !+' F2*))*: +*, '-% E#)&- _(0-'-)2$% )* '-%
C%*3/%;$-(/% $(,%9 a% $+(, '-+' $)4% )3 '-% &/%; ;%/% V2/(%, (*
^/%%*)&7 &%4%'%/K9 5-%* `&F)20+## ;/)'% -($ #%''%/ -% V%#(%<%, '-+'
'-% ;/%&7 ;+$ $'(## ;-%/% (' ;+$ $2*79 ?* E-+.'%/ T ;% ;(## 4+7% +
'-)/)20- /%<(%; )3 '-% 4+*K $')/(%$ +V)2' ;/%&7$ (* '-% E#K,%9
`&F)20+## ')#, 4% '-+' + 3%; ,+K$ V%3)/% ;/('(*0 ') `)(/ -% -+,
$.)7%* ') +* )#, $&-))#3/(%*, ;-) +#$) /%4%4V%/%, '-% *(0-' +*, -+,
+0/%%, ;('- `&F)20+## '-+' '-% $2V ;+$ $2*7 (*$(,% '-% V))49
d%' +*)'-%/ )#, .+#[ 3)/4%/#K )3 ?**%##+* )* "/0K##[ $+(, '-% $2V
;+$ $2*7 )<%/ VK _2*,%/$')* X+K + #(''#% $)2'- )3 '-% ^+*')&7$ a)'%#
+*, -%[ '))[ 4%*'()*%, '-% ^%/4+* $+(#)/$8 &+.$[ ;-(&- ;%/% ;+$-%,
+$-)/% +/)2*, ?**%##+* '-% 3)##);(*0 ,+K9
?* -($ #%''%/ ') 4% `&F)20+## .)$%, '-% 12%$'()* +$ ') ;-%'-%/
'-%/% -+, V%%* &7# GHV)+'$ '-+' &+4% 2. '-% E#K,% !GHII +*, + $%&)*,
$2V: )/ ;-%'-%/[ (* 3+&'[ '-% ';) $2V$ ;%/% +&'2+##K )*% +*, '-% $+4%
<%$$%#[ '-% Z)33(&(+#] +&&)2*' )3 GHII8$ $(*7(*0 +' "//+* -+<(*0 V%%*
3+V/(&+'%, ') -(,% '-% %4V+//+$$4%*' )3 '-% ^)<%/*4%*' V%(*0 3)/&%, ')
+,4(' '-+' + GHV)+' -+, .%*%'/+'%, '-% V))4 ,%3%*&%$9
`&F)20+##8$ #+''%/ '-%)/K ($ (* #(*% ;('- "#($'+(/ "#%>+*,%/8$
'-(*7(*0 V+&7 (* SYYS9 "#%>+*,%/ +,<+*&%, '-% *)'()* '-+' (3 GHII ,(,
0%' 32/'-%/ 2. '-% 3(/'- '-+* "//+* (* N%V/2+/K @TPY !(* '-% %+/#K ,+K$ )3
)2/ /%$%+/&- '-%/% ;+$ *) %<(,%*&% )3 + ./()/ M+(# )3 '-% X+*7 %<%*':
'-% C)K+# B+<K -+, (' #(3'%, +*, V/)20-' ') ('$ %<%*'2+# /%$'(*0 .#+&% )33
@@P
);* +&&)2*' )3 '-% %<%*'9 N(3'%%*HK%+/ )#, `&e%*c(% ;+$ +' '-% #)&+#
=(&'2/% a)2$% +' '-% '(4% )3 '-% (*&(,%*'9 F%'+(#$ ;%/% 3#+$-%, )* '-%
&(*%4+ $&/%%*U+## B+<K .%/$)**%# ;%/% ') /%'2/* ') '-%(/ $-(.$9
F%$'/)K%/$ +*, 3/(0+'%$ ;%/% '(%, 2. +' +&'()* $'+'()*$ +#)*0$(,%
^)2/)&7 =(%/ +V)2' 3(<% 4(*2'%$ 3/)4 '-% V))4 +' '-% E#)&-
_(0-'-)2$%9 M-+' *(0-' '-%/% ;+$ 02*3(/% 2*'(# '-% %+/#K -)2/$ +*, '-%
V))4(*0 $)2*,$ )3 ,%.'- &-+/0%$9 ?* '-% 4)/*(*0 ,%+, 3($- ;%/% +##
)<%/ '-% V%+&-9
`+> 6&-(##%/8$ @TQY$ (*'%/<(%; ;('- '-% 6&)''($- I$+6)- i#(& (* ;-(&- -%
$+K$ '-+' '-% ;/%&7 )3 GHII #(%$ ZV%';%%* 5%4K$$ X+K +*, 67%#4)/#(%]
" #)&+# 4+* ;/)'% ') 4% (* "202$' SYYL[ ,%&#(*(*0 ') 0(<% -($
*+4% V%&+2$% -% ,(, *)' ;+*' !"' C*''+#/? !'2'%*)9" ') Z.%$'%/] -(49
F2/(*0 '-% ;+/ -% -+, + $4+## V)+' #(&%*&% ') 3($- (* '-% E#K,% )2'$(,%
'-% V))4 3)/ + ,($'+*&% )3 3)2/ -2*,/%, K+/,$ 3/)4 '-% $-)/%9 M-%
/);(*0 V)+' ;+$ (* 2$% VK -(4 +' '-% '(4%9 a% +#$) 2$%, (' +3'%/ $&-))#
+*, )* 6+'2/,+K$9 5-(#% )2' )* '-% /(<%/ + .+'/)# V)+' 3/)4 '-% V))4
$'%+4%, +' 32## $.%%, ,);*/(<%/9 5-%* +V)2' '-/%%H12+/'%/$ )3 + 4(#%
)33 ?**%##+* =(%/ '-% V)+' ,/)..%, $%<%/+# ,%.'- &-+/0%$ (*') '-% ,%%.
&-+**%#9 M-% %>.#)$(<%$ &+2$%, $-)&7;+<%$[ ;-(&- $'/2&7 -($ ;)),%*
V)+' #(7% + -+44%/ V#);9 `+*K '(4%$ +3'%/;+/,$ )<%/ + .%/(), )3 ';)
K%+/$ '-%/% ;+$ +&'(<('K VK *+<+# ,(<%/$ +' '-+' $+4% $.)'9
?* + '%#%.-)*% &)*<%/$+'()* ;('- `969 (* j+*2+/K SYYL -% +,,%, ')
-($ ./%<()2$ +&&)2*'$[ $'+'(*0 *)' 3)/ '-% 3(/$' '(4% '-+' ? ;+$ Z/(0-' )*
'/+&7] +*, Z<%/K *%+/ '-% 4+/79] a% $+(, '-+' '-% GHV)+' &+4% '-/)20-
'-% V))4 2*,%/*%+'- + '+*7%/9 6.%+7(*0 )*&% +0+(* +$ (3 ;('- (*$(,%/
7*);#%,0% `969 &#+(4%, '-+' GHII ;+$ + ,%&)KU'-+' '-%/% ;%/% ';)
GHV)+'$ +V/)+, )* '-+' *(0-'9 A*% ;+$ GHII9 "*)'-%/ ;+$ + $.%&(+#($%,
GHV)+' ;-)$% ;/%&7 ($ $+(, ') V% (* '-% E#)&-HF2*))*HE24V/+%$
'/(+*0#%9
`9698 ,%&)K /%4+/7 0(<%$ $2V$'+*&% ') 5(##(+4 `&^%%8$ +V)2' '-%
GHV)+' 3#K(*0 '-% 5-('% D*$(0*[ + $K ,%&%.'()* ;-(&- ;+$ -(0-#K
2*#(7%#K ') $2&&%%,U.%/-+.$ ./%&($%#K '-% )2'&)4% $)20-'9
a($ /%4+/7 +#$) -%#.$ ') &#+/(3K '-% .+/+,)>(&+# &)44%*' 3/)4 '-%
)#, .#24V%/ +V)2' 3+'+#('(%$ )&&2//(*0 ,2/(*0 '-% M+(# )3 '-% X+*7 %<%*'
;-%* +## (*,(&+'()*$ &)*3(/4 '-+' '-% &2#./('[ GHII[ 0)' +;+K9 ?3 '-%/%
;+$ + $.%&(+#($%, GHV)+' (* '-% #)&+#('K '-+' *(0-' '-%* (' ($ .)$$(V#% '-+'
(' ;+$ ,%$'/)K%, +*, ('$ )&&2.+*'$ 7(##%,9 `(0-' '-%$% -+<% V%%* 6(7-
a(,'+##+ +*,o)/ '-% 3)2/ 2**+4%, ^%/4+*$ +*, ?'+#(+*$b
=%/-+.$ #(0-' ($ $-%, )* '-($ $&%*+/() 3/)4 '-% +&&)2*' VK `/$
_%$#(% E)2.%/;-('%[ 3)/4%/ #(V/+/(+* +' ^/%%*)&79 6-% '%##$ )3 '-%
)&&+$()* (* j2*% SYY@ ;-%* + ^%/4+* $2V4+/(*% *+<+# )33(&%/ &+4%
(*') '-% #(V/+/K9
a% ')#, `/$ E)2.%/;-('% '-+' -% ;+$ $%%7(*0 ,%'+(#$ )3 -($ 2*&#%
;-) -+, ,(%, (* + GHV)+' $(*7(*0 (* '-% N(/'- )3 E#K,% (* 55??9 a%
%4.-+$($%, '-+' -% ;+$ +#& /%3%//(*0 ') '-% GHV)+' '-+' -+, $2*7 )33
"//+* V2' ') )*%[ -% &#+(4%,[ '-+' ;+$ $2*7 VK '-% X/('($- (* '-% 2..%/
/%+&-%$ )3 '-% N(/'- )3 E#K,%9
?* $2..)/' )3 '-% ^%/4+*8$ /%4+/7+V#% $'+'%4%*' `/$ E)2.%/;-('%
12)'%$ -%/ 4)'-%/H(*H#+;8$ /%&)##%&'()*$ '-+' ;-%* #(<(*0 (* `(##.)/' )*
'-% ?$#% )3 E24V/+% ,2/(*0 '-% ;+/ $-% $+; + GHV)+' '/+<%##(*0 +#)*0
'-% N(/'- )3 E#K,%9 ?'$ %>($'%*&% ;+$ Z)*% )3 '-% ;+/8$ ;)/$' 7%.'
@@T
$%&/%'$9]
?* SYYIHSYYP GHV)+' 4%$$+0% V)+/,$ ;%/% +V2cc ;('- 3%##); 6&)'$
$;+..(*0 $')/(%$ +V)2' '-% GHV)+' E#)&-HF2*))* V))4 $')/K 3/)4 '-%
%+/#K @TPY$9 D+&- /%4%4V%/%, V%(*0 ')#, VK + .+/%*'[ /%#+'(<% )/
*%(0-V)2/ + #(''#% V(' +V)2' (' +*, '-%K ;%/% $%%7(*0 '-/)20- '-%
4%$$+0% V)+/,$ ') 0%' + 32##%/ .(&'2/%9
`/ M%//K `&^)*+0#% .)$'%, + $')/K (* j2*% SYYI +V)2' '-% ZGHV)+'
_)$' (* a)#K _)&-9] a% -+, ;)/7%, (* F2*))* *%+/ '-% )#, G969 B+<K
X+$%9 _)&+#$ ')#, -(4 '-+' + GHV)+' %*'%/%, '-% _)&- (* 55??[ V%&+4%
'/+..%, +*, ;+$ $2*79 6)4% $+(, '-+' '-% V)+' ;+$ +&'2+##K + &7#R.)+
.06%'& ($=.)*0+'9
6'+* _)&7-+/' ;/)'% +V)2' -); .2.(#$ +' F2*))* ^/+44+/ 6&-))#
(* '-% %+/#K @TPY$ ;%/% +#%/' ') /24)2/$ &(/&2#+'(*0 +V)2' $)2*,$ )3
%>.#)$()*$ &)**%&'%, ;('- +* +''%4.' VK + ^%/4+* $2V4+/(*% ')
.%*%'/+'% '-% "o6 V))4 ,%3%*&%9
Zj=] #)00%, -($ $')/K[ QR=#)& N)9&$*'6 0+ I/#&2)+6[ (* "./(# SYYP9
a($ $)2/&% ;+$ + #)&+# 4+* ;-) -+, ,(%, 3)2/ K%+/$ %+/#(%/9 M-% $')/K
;%*' '-+' '-% X/('($- B+<K ,%#(V%/+'%#K #%3' '-% V))4 ).%* 3)/ + GHV)+'
;-(#% #2/(*0 (' (* ;('- '-% C`6 F$''+ <)*-9 ?' /%4+(*%, + $%&/%'
V%&+2$% '-% G969"9 ;)2#, *)' +../%&(+'% '-%(/ 4%* V%(*0 2$%, +$ V+('9
M-% $2V4+/(*% ;+$ $%%* )* '-% $2/3+&% VK 2$% )3 $%+/&-#(0-'$ V%';%%*
'-% E#)&- +*, F2*))*9
"* )#, 3/(%*, )3 j=8$ 3+'-%/ ./)<(,%, $2..)/'(*0 (*3)/4+'()*9 "$ +
V)K -% ;)/7%, (* -($ 3+'-%/8$ V2'&-%/8$ $-).9 a% /%4%4V%/%, '-% ;-)#%
');* '+#7(*0 +V)2' '-% (*&(,%*' 3/)4 '-% *(0-' V%3)/%9 M-% GHV)+' -+,
V%%* $%%* )* '-% $2/3+&% V%(*0 &-+$%, VK '-% B+<K9 =%).#% (* '-% $-).
$+(, '-%K -+, $%%* ('9
?* SYYS N)//%$' "*0%/)* &)*3(/4%, '-+' -($ 3+'-%/[ + '/+;#%/ $7(..%/
./()/ ') f)(*(*0 '-% C)K+# B+<K (* N%V/2+/K @TPY[ ;+$ +$7%, ') '+7% '-%
'/+;#%/ Z#(( 3/)4 N#%%';)), ') ^#+$0); ;-%/% $-% ;+$ ;+*'%, 3)/ ;+/
;)/79 M-($ ;+$ +/)2*, ZF%&%4V%/ @TIT9] D* /)2'% ') B+($4('- (*
^#+$0); &+//K(*0 '-% '/+;#%/8$ .+.%/$[ "*0%/)*8$ 3+'-%/ +*, -($
&/%;4+'%$ /%+&-%, F2*))* ;-%/% '-%K .2' 2. '-% x^H3#+08 3)/ '-% =(#)'9
?44%,(+'%#K[ '-%K ;%/% $2/./($%, ') V% +../)+&-%, VK ';) C)K+# B+<K
,%$'/)K%/$ +*, &-+##%*0%, +V)2' ;-K '-%K ;%/% '-%/%9 "*0%/)* 6/9
%>.#+(*%, +*, ;+$ '-%* ')#, '-+' )* *) +&&)2*' ;+$ -% ') #%+<% -($
+*&-)/+0%9 M-%K ;%/% '-%/% 3)/ ';) ,+K$ +*, )*#K '-%* +##);%, (*')
.)/' V%&+2$% '-%K -+, *) 3)), )* V)+/,9 ?* @TWL -($ 3+'-%/ ;+$ ;)/7(*0
'-% '/+;#%/ $'+*,VK 3)/ '-% B)/'- 6%+ C(0$ ;-%* -% &+4% +&/)$$ +
*%;$.+.%/ +/'(&#%[ .)$$(V#K !"' C2)(%#7 G'*)26[ /%3%//(*0 ') '-($
(*&(,%*'9 M-($ $')/K +#$) $'+'%, '-+' '-% F$''+ <)*- -+, V%%* 2$%, +$ +
@SY
,%&)K +*, '-+' + ^%/4+* $2V4+/(*% -+, V%%* '/+..%, (* '-% E#K,%9
^/+-+4 M2/*%/[ '))[ .)$'%, '-% $')/K )3 -); -($ 3+'-%/[ /%$(,%*' )3
F2*))*[ )3'%* 2$%, ') '%## )3 '-% ,+K + GHV)+' ;+$ &+.'2/%, (* '-%
E#K,% *%+/ ') '-% V))49 _(7% 4+*K )'-%/ /%$(,%*'$ -% /%4%4V%/%,
<(<(,#K .(&7(*0 2. ^%/4+* $+(#)/$8 -+'$ +*, )'-%/ ,%V/($ 3/)4 '-%
$-)/%#(*%9 6.%&(3(&+##K[ '-% -+'$ ;%/% 3)2*, +#)*0 '-% '-/%%H4(#% $'/%'&-
)* '-% ;%$' V+K V%';%%* '-% F2*))* E+$'#% /)&7$ +*, '-% #(,) +'
?**%##+*9 M2/*%/ 6/9 +#$) /%&+##%, $%%(*0 '-% F$''+ <)*- (* '-% +/%+9
a);%<%/[ *%('-%/ j9=98$ $)2/&%[ "*0%/)* 6/9 *)/ M2/*%/ 6/9 &)2#,
-+<% $%%* '-% C`6 F$''+ <)*- (* '-% E#K,% +/%+ ,2/(*0 '-% .%/(),$
'-%K $.%&(3(%,9 "$ *)'%, (* %+/#(%/ .+0%$ $-% ;+$ V%/'-%, (* G969 ;+'%/$
+' '-($ '(4%9 M-% ,%&)K '-%)/K &+**)'[ '-%/%3)/%[ V% #(*7%, ;('- '-%
F$''+ <)*-9
"*)'-%/ &-+4.()* )3 '-% ,%&)K $')/K ;+$ + 4+* *+4%, N%/02$)*
;-) ;+$ %4.#)K%, (* + /%$%/<%, )&&2.+'()* VK '-% C)K+# B+<K (*
55?? ') ,/+0 '%#%0/+.- .)#%$ +&/)$$ '-% .%+' V)0$ +V)<% +*, +/)2*,
'-% (*$'+##+'()*$ )..)$('% ^/%%*)&7H^)2/)&79 a($ $)* "#+* .(&7$ 2. '-%
$')/K (* -($ 3)/24 .)$'9 A*% *(0-' '-%/% +/)$% ;-+' "#+*8$ 3+'-%/
,%$&/(V%, +$ Z+* 2*-)#K &)44)'()*9] B)' 2*2$2+##K[ &)*<)K <%$$%#$
;%/% +$$%4V#(*0 (* '-% .))# VK '-% M+(# )3 '-% X+*7 +#)*0 ;('- )'-%/
!*)*H&)*<)K /%#+'%,: %#%4%*'$ )3 '-% C)K+# B+<K9 M-%/% -+, V%%* +
*24V%/ )3 /%.%+'%, $&+/%$ '-+' GHV)+'$ -+, +''%4.'%, ') V/%+&- '-%
,%3%*&%$ +*, %*'%/ '-% M+(# )3 '-% X+*79 "#'-)20- '-%$% )&&+$()*$ -+,
./)4.'%, +&'(<('K )* '-% /(<%/ (' ;+$ Z+$ *)'-(*0] &)4.+/%, ;('- '-%
%<%*(*0 +V)2' ;-(&- N%/02$)* 6/9 $.)7%9 M-% $%+/&-(*0 +*, )&&+$()*+#
,%.'- &-+/0(*0 ;%*' )* 4)$' )3 '-% *(0-'9
M-% *%;$.+.%/$ 4+,% *) /%3%/%*&% ') '-% %<%*' '-% *%>' ,+K )/ )*
+*K )'-%/ ,+K9 M-($ 4+K *)' -+<% +..%+/%, 2*2$2+# 0(<%* '-% ;+/'(4%
*%%, ') $+3%02+/, $%&2/('K V2' +..+/%*'#K (' ;+$ 12('% &)44)* 3)/ '-%/%
') V% /%.)/'$ )3 $2&&%$$32# /%.2#$()*$ )3 ^%/4+* *+<+# +''+&7$U/%+# )/
)'-%/;($%U+*, `/ N%/02$)* ;+$ +#;+K$ .2cc#%, '-+' *%;$ )3 $2&- +*
%<%*' $-)2#, -+<% $(4.#K ,($+..%+/%, (* '-($ ;+K9
"#+* N%/02$)* &)44%*'%, '-+' (3 + GHV)+' -+, 0)' #))$% (*$(,% '-%
V))4 (* + .)$('()* +*, &)*,('()* ') +''+&7 (' ;)2#, -+<% V%%* + ,2&7
$-))' ;('- $) 4+*K '+/0%'$ -)<%, ')9 X2' $2V$%12%*' %$&+.% ;)2#, -+<%
$%%4%, +#4)$' (4.)$$(V#%9 M-% )*#K .)$$(V(#('K ;)2#, V% ') /2* (*')
+*, #(% #); (* )*% )3 '-% ,%%.;+'%/ #)&-$ '-+' $.2/ )2' )3 '-% E#K,%[
4+7(*0 + /%<%/$% +''%4.' ') $+(# )2' 2*,%/ + $-(. )*&% '-% .%/(# ;+$
+$$24%, ') -+<% ,($$(.+'%,9 !"*)'-%/ .)$$(V(#('K 3)/ + &#%+* %$&+.%[ )3
&)2/$%[ ;)2#, -+<% V%%* ;('- +$$($'+*&% 3/)4 '-% +2'-)/('(%$9:
?3 '-% ,%&)K '-%)/K -)#,$ ;+'%/ '-%* ;-+' #+/0% <%$$%# &)2#, -+<%
@S@
V%%* 2$%, ') #2/% + GHV)+' (*') '-% E#K,%b "4)*0 #)&+#$ '-% &)*$()*
,/+;* +*, .+$$%, ,);* ;+$ '-+' +* +''+&7%/ -+, 4+*+0%, ') .%*%'/+'%
2*,%/ '-% -2## )3 + #+/0% 4%/&-+*'4+* $-(. ;-(#% '-% V))4 ;+$
,/)..%, ') +##); (' %*'/K9 B) )*% +..%+/$ ') -+<% $200%$'%, '-+' '-%
#2/% ;+$ )*% )3 '-% 0/%+' )&%+* 0)(*0 #(*%/$ )3 '-% ,+K[ %('-%/ '-% F$''+
<)*- )/ '-% F$''+ O20B)='&"[ 2*,%/ ;-(&- '-% GHV)+' $*%+7%, (*') '-%
V))49 5% *); 7*); '-+' '-% <%$$%# (* 12%$'()* ;+$ '-% E#-)2
Q2(&'*.)+8
E)4(*0 32## &(/&#% (* /%<(%;(*0 )2/ ,(0%$' )3 &('(c%*$8 /%.)/'$[ ?$#%
)3 X2'% 4+* j9 `+#&)#4 `&`(##+* ;/)'% ') 4% )3 -($ /%&)##%&'()* )3
%<%*'$ (* B)<%4V%/ @TIT9 a% '%##$ )3 '-% '(4% +* Z?/($- N%//K] ;+$
&)4(*0 2. '-% N(/'- )3 E#K,% +*, *)'(&%, + $2V4+/(*% 3)##);(*0 ,%+,
+$'%/*9 M-% 3%//K &)*'+&'%, aO +$-)/% +*, ;+$ ')#, ') &)*'(*2% )* 2. ')
'-% 0+'% )* '-% F2*))* $(,% )3 '-% V))49 `&`(##+* ;%*' )* ') $+K '-+'
$)4%;-%/% V%';%%* ?**%##+* +*, '-% E#)&- _(0-'-)2$% ,%$'/)K%/$
,/)..%, ,%.'- &-+/0%$9 a% '-)20-' '-+' +* )#, 3($-%/4+* 3/(%*, 4(0-'
/%4%4V%/ ;-%/% '-% ;/%&7+0% )3 '-% GHV)+' ($ #)&+'%, V2'[ )* +$7(*0
-(4[ ;+$ ')#, '-+' -% -+, *) 7*);#%,0% )3 ;-+' -+, -+..%*%, ') '-% GH
V)+'9 M-($ ($ *)' $2/./($(*0 +$ (' ($ %<(,%*' 3/)4 '-% &)##%&'%, /%.)/'$
'-+' '-% $2V4+/(*% ;+$ +V#% !.%/4(''%,b: ') 4+7% ('$ %$&+.%9
?* 3+&'[ '-% F$''+ O20B)='&" ;+$ (* .)/' +' '-% '(4% '-% GHV)+'
.+$$%, (* +*, )2' )3 '-% V))49 M-% ';(*H32**%##%, #(*%/ -+, V%%*
$'+'()*%, (* '-% E#K,% $-(.K+/,$ $(*&% 6%.'%4V%/ @TIL9 5-%* ;+/
V/)7% )2' $-% ;+$ (44%,(+'%#K .+(*'%, 0/%K9 M-% #(*%/ ,(, *)' #%+<% '-%
/(<%/ 2*'(# '-% %*, )3 N%V/2+/K @TPY9
M-% ^%/4+*$[ #(7% %<%/K)*% %#$%[ -+, %>.%&'%, '-% F$''+ O20B)='&"
') 0) ') 6)2'-+4.')*[ '-% 2$2+# .%+&%'(4% .)/'9 A* '-% *(0-' '-+' $-%
-+, V%%* %>.%&'%, ') +//(<% 3/)4 '-% E#K,% '-% ^%/4+*$ $2Vf%&'%,
6)2'-+4.')* F)&7$ ') -%+<K V)4V(*09
M) 3))# %<%/K)*% +V)2' -%/ ,%$'(*+'()*[ '-% F$''+ O20B)='&" $+(#%,
3/)4 '-% E#K,% ;('- + 6)2'-+4.')* .(#)' )* V)+/, +*, +* )33(&(+#
,)&7(*0 .#+* 3)/ V%/'-(*0 '-%/%9 M) 32/'-%/ %<(,%*&% -%/ +..+/%*'
(*'%*'()*$[ &+$%$ )3 32/*($-(*0$ +*, 3(''(*0$ ;%/% ).%*#K ,%#(<%/%, ')
6)2'-+4.')* F)&7$9
M) +,, 4)/% ;%(0-' ') '-% ,%&%.'()*[ $)4% RYY &(<(#(+* ;)/7%/$
;%/% +#$) $(0*%, )* ') '-% V)02$ /2* ') 6)2'-+4.')* 3)/ ;-(&- %+&-
/%&%(<%, + pIY V)*2$9 M-)$% ;-) ,%&(,%, ') ,($%4V+/7 V%3)/% '-%
F$''+ O20B)='&" #%3' '-% E#K,% ;%/% $+(#%, (*') '-% 4(,,#% )3 '-%
^+/%#)&- +*, 7%.' '-%/% )* + '%*,%/ ') ;+(' 2*'(# '-% #(*%/ ;+$ ;%## &#%+/
)3 '-% E#K,%9 M-%K ;%/% '-%* +##);%, +$-)/%9
M-% F$''+ O20B)='&" $+(#%, ,);*H/(<%/ 3/)4 E#K,%V+*7 +*, +3'%/ +
@SS
V/(%3 $'). +' '-% M+(# )3 '-% X+*7 $%' )33 )* S `+/&-[ ,(/%&' ') B%;
d)/79 " 3)/'*(0-' #+'%/ $-% #%3' B%; d)/7 +*, '-%* <(+ M/(*(,+, +*,
E+.% M);* 4+,% -%/ ;+K ') 6K,*%K ') &)4.#%'% 3(''(*0 )2' +$ + '/)).
&+//(%/9
M-%)/%'(&+##K[ (' ($ .#+(* '-+' '-% F$''+ O20B)='&" ;+$ /%+,K +*,
+<+(#+V#% (* #+'% B)<%4V%/ @TIT 3)/ '-% /2$% ') ,/+; + GHV)+' (*') '-%
E#K,% "*&-)/+0% +*, $) )*% ;)*,%/$ ;-K '-%/% ;%/% )&&+$()*+# +*,
&#%+/#K %//)*%)2$ /%.)/'$ '-+' '-% F$''+ <)*- ;+$ (*<)#<%,9
5-+' -+<% ;% #%+/*%, 3/)4 '-% 4+$$ )3 /%.)/'$ 3/)4 #)&+# &('(c%*$
.+$' +*, ./%$%*'b
5% -%+/ <%/K ,($'(*&'#K '-+' '-%/% ($ + V%#(%3 +4)*0 '-%$% 6&)'$ '-+'
'-% +2'-)/('(%$ '-%* +*, *); +/% -(,(*0 '-% '/2'-9 M-($ ,2.#(&('K ($ 4+,%
+## '-% 4)/% &)*,%$&%*,(*0 VK '-% D$'+V#($-4%*'8$ &)*'(*2(*0 ./+&'(&%
)3 )33%/(*0 <%/$()*$ )3 -($')/K '-+' +/% &#%+/#K 3+'2)2$ ;-%* $%'
+#)*0$(,% '-% 4+$$ )3 &)*'/+/K !+*, (*&)*<%*(%*': /%.)/'(*0 3/)4 '-)$%
;-) $+; )/ -%+/, +V)2' '-% %<%*'$ '-+' '))7 .#+&%9
A'-%/$ -+<% ,%&#+/%, '-%(/ &)*<(&'()* '-+' '-%/% ($ + GHV)+'
!.)$$(V#K + Z$.%&(+#] )/ 4(,0%' $2V4+/(*%: #K(*0 )* '-% V)'')4 )3 '-%
N(/'- )3 E#K,% '-(/'K 4(#%$ *)/'- )3 '-% /%.)/'%, /%$'(*0 .#+&% )3 GHII
)33 '-% $)2'-%+$' &)/*%/ )3 "//+* VK =#+,,+9 ?3 '-% X/('($- B+<K +*, '-%
`)F +/% ') V% V%#(%<%,[ +*, '-%/% ($ *) &)*<(*&(*0 /%+$)* ') ,)2V' '-%
%>($'%*&% )3 + ;/%&7 !)3 (#.'&"0+%: )33 "//+*[ '-%* '-% $)#% &)*$()*
)*% /%+&-%$ ($ '-+' '-%/% ($ 4)/% '-+* )*% GHV)+' /2$'(*0 (* '-% 3(/'-9
5% ;(## %>+4(*% '-%$% #)&+# /%.)/'$[ ;-(&- $(' 2*&)43)/'+V#K V2'
,%3(+*'#K +#)*0$(,% -($')/(&+# /%&)/, (* '-% *%>' &-+.'%/9
5% -+<% -%+/,[ '))[ +V)2' V)'- %<(,%*&% +*, (*,(&+'()*$ )3 ^%/4+*
$2V4+/(*%/$ ;-) #)$' '-%(/ #(<%$ (* '-%$% (*&(,%*'$U+ V),K ;+$-%, 2.
(* '-% ^)2/)&7 ).%* .))#[ $+(#)/$8 -+'$ ;('- '/+(#(*0 /(VV)*$ $%%* (*
,(<%/$% #)&+'()*$[ + *%.-%; %*12(/(*0 +' ^/%%*)&7 #(V/+/K +V)2' +
,%&%+$%, 2*&#% 3/)4 '-% GHV)+' '-+' &+4% 2. ') '-% V))4[ +*,
4K$'%/()2$ V2/(+#$ )3 2**+4%, 3)/%(0* *+'()*+#$ +3'%/ '-% E#)&- V))4
%<%*'9
`+*K -+<% $.)7%* +V)2' )'-%/ .-K$(&+# $(0*$ )3 %*0+0%4%*' ;('-
'-% %*%4KU'-% ,%+, 3($- $'/%;* )<%/ '-% V%+&-%$ 3)##);(*0 + *(0-' )3
3%/)&()2$ ,%.'- &-+/0(*0 +&'(<('K[ 3+##(*0 ;-('%;+$- 3#+7%$ &+2$%, VK
(*'%/*+# ;+##$ $-+7%* VK ,%.'- &-+/0% '/%4)2/$[ V%+&- V+//(&+,%$ $%' 2.
VK *+<+# $%&2/('K .%/$)**%# ') ./)-(V(' #)&+# $&/2'(*K[ '%$'(4)*K 3/)4
$%<%/+# $)2/&%$ +V)2' + GHV)+' %*'%/(*0 '-% E#K,% "*&-)/+0%
2*,%/*%+'- +*)'-%/ <%$$%# +*,[ -+/, ') &)*'/+,(&'[ '-% $'+'%4%*'$ 3/)4
'-% 2*,%/'+7%/[ '-% .#24V%/ +*, '-% V#+&7$4('-[ %+&- .+(*'(*0 + 0/+.-(&
.(&'2/% +V)2' ,%'+(#%, +$.%&'$ )3 '-% GHV)+'[ (*,(*0 V),(%$ 3)2*, +'
@SI
M-% 4+'%#)'$ &+4% +$-)/%[ $)4% )3 '-%4 ;('- $(,%+/4$9 _+'%/ $)4%
V)K$ )3 $&-))#H+0% ;%/% $.)7%* ') VK #)&+# .)#(&% !+## ';) )3 '-%4:
V%&+2$% '-% V)K$ -+, V%%* 0(<%* &#(.$ )3 3(<% V2##%'$ 3)/ N/%*&- /(3#%$9
M-% V)K$ .#+K%, + 3)/4 )3 C2$$(+* /)2#%''% VK ./($(*0 '-% V2##%'$ 3/)4
'-%(/ &+$%$[ '-%* .)2/(*0 '-% ./).%##+*' .);,%/ )2' )3 (' ') 3)/4 + &)*%[
'-%* #(0-'(*0 '-% &)*% ;('- + 4+'&-9 5-+' #+/7$g
5-%* '-% $+(#)/$8 $-)/%H#%+<% %>.(/%, '-%K +## $'/+00#%, V+&7 ') '-%
=(#)'H&2''%/$ ;-+/3 +' '-% ;%$' %*, )3 '-% .(%/9 ?* '-% ;+'%/ ;%/% 3(<% )/
$(> #+/0% #(3%V)+'$ +*, (*') '-%$% '24V#%, '-% ,/2*7%* 4%*9 A*% )/ ';)
3%## 3/)4 '-% .(%/9
M-% #(3%V)+'$ ;%/% +## /).%, (* + #(*%[ V);$ ') $'%/*$[ +*, + 4)')/
.(**+&% ');%, '-($ #(*% )3 V)+'$ )2' ') '-% '/+*$.)/'9 M-% 4+'%#)'$ ;%/%
$) <%/K -+..K $(*0(*0 +## '-% ;+K[ ;-(&- &-+*0%, ;-%* '-%K ,/%;
+#)*0$(,% '-% '/+*$.)/' 2. ;-)$% $'+/V)+/, $(,% '-%K -+, ') &#(4V <(+
&+/0)H*%'$9 M-($ ;+$ -(#+/()2$ +$ 4+*K )3 '-%4[ $'(## $(*0(*0[ 3%## V+&7
(*') V)+'$ +&&)4.+*(%, VK 4+*K ZI)/*' A2'$(g]
"3'%/ '-% %>.#)$()* '-% *2/$(*0 +*, $2/0(&+# $'+33H4%4V%/$ )3 '-%
^/%%*)&7 C)K+# ?*3(/4+/K ;%/% )<%/;-%#4%, VK '-% #+/0% *24V%/ )3
N/%*&- &+$2+#'(%$ +*, '-% ,/%+,32# %>'%*' )3 '-%(/ (*f2/(%$9 `&^%% ;+$
')#, '-+' -%#. 3/)4 '-% ^/%%*)&7 M%#%.-)*% D>&-+*0% ;+$ $)20-'9
6;('&-V)+/,$ ;%/% &#)$%, ,);* +*, '-% 3%4+#% ).%/+')/$ $'/%+4%,
,);* (* + V),K ') '-% ?*3(/4+/K ') -%#. ;('- V+*,+0%$ +*, V%,$-%%'$9
B) $))*%/ -+, + &+$2+#'K V%%* .#+&%, (* + V%, +*, '2&7%, (* '-+* '-%
V%,$-%%'$ V%&+4% /%H$+'2/+'%, ;('- V#)), +*, -+, ') V% &-+*0%, +0+(*9
M-%$% '%#%.-)*($'$ *%<%/ /%&%(<%, +*K 3)/4 )3 &)2*$%##(*0 3)/ '-%
'/+24+ '-%K $233%/%, +*, 3)/ ;-(&- '-%K ;%/% $) &)4.#%'%#K
2*%12(..%, ') -+*,#%9
C)K+# B+<K +*, )'-%/ $%/<(&%$ .%/$)**%# ;%/% $%*' ') .+'/)# '-%
E#K,% $-)/%#(*% ') $%&2/% +*K #(4V$ ;+$-%, 2.9 M-%$% ;%/% $'(## V%(*0
3)2*, -%/% +*, '-%/% 4+*K -)2/$ +3'%/ '-% &+'+$'/).-%9
?* @TPQ `&^%%8$ 3+4(#K -+, 4)<%, 2./(<%/ ') ^#+$0); ;-%/% '-%
K)2*0 4+* V%0+* %4.#)K4%*' ;('- + `+/(*% "(/ E)*,('()*(*0
&)4.+*K )* + RHK%+/ +../%*'(&%$-(. +$ +* D*0(*%%/(*0 F/+20-'$4+*9
M-% &)4.+*K8$ ./)0/+44% 4+*,+'%, '-+' '-% 3(/$' $(> ;%%7$ )3 '/+(*(*0
;%/% $.%*' (* E%*'/+# 6')/%$9 A*% ,+K[ ;)/7(*0 ;('- ';) %>H`%/&-+*'
$%+4%* (* '-% $')/%$[ `&^%% +*, -($ ;)/74+'%$ 0)' ') '+#7(*0 +V)2' '-%
<)022@ A*@B@9
"' '-+' '(4% (* @TPY '-% ';) 4%* ;%/% &/%;4+'%$ +V)+/, +
4%/&-+*' $-(. +*&-)/%, xI &+V#%$ )33 '-% N/%*&-(%8UQYY K+/,$9 M-%
';) )3 '-%4 ;%/% )33H;+'&- +*, #%+*(*0 )* '-% V2#;+/7 -+<(*0 +
x$4)7%H)8 ;-%* )*% )3 '-% 4%*[ M(4[ ;+$ $2/./($%, VK + V/(0-' 3#+$-9
@SQ
_))7(*0 ');+/,$ '-% $-)/%[ M(4 +&'2+##K ()7 '-% V#+$'H;+<% -%+,(*0
');+/,$ '-%(/ $-(.9 a% -+, '(4% ') $-)2' ') -($ 4+'% Z0%' ,);*] +*,
'-%K V)'- -(' '-% ,%&7[ $-%#'%/%, VK '-% V2#;+/7[ +$ '-% *%>' '-(*0 ;+$
'-% /)+/ )3 '-% %>.#)$()*9 M(48$ 4+'% $'+/'%, ') 0%' ') -($ 3%%' V2' M(4
.2##%, -(4 ,);* +$ Z'-(*0$ ;%/% 3+##(*0 3/)4 '-% $7K9] 5-%* '-%K 0)'
2. '-%K $+; 4+*K #+2*&-%$ +*, .2##(*0HV)+'$ )* '-% ;+'%/ 4+7(*0 3)/
'-% <)022@ A*@B@ ') +$$($'9
`&^%% ;+$ ')#, +V)2' '-% N/%*&- $+(#)/$ V%(*0 0(<%* 4%/&(32#
#%'-+# (*f%&'()*$9 " X/('($- *+<+# $+(#)/ %>.#+(*%, ') `&^%%8$ 3+'-%/
;-K '-($ ;+$ ,)*%9 D<(,%*'#K[ '-% V#+$'H;+<% 3/)4 '-% %>.#),(*0
')/.%,) V2&7#%, '-% 3)/% +*, +3' ;+##$ )3 '-% +##%K;+K$ +*, V2#7-%+,$9
a+'&-H&)+4(*0$ ,($')/'%, +*, f+44%, '-% %$&+.%H-+'&-%$[ '/+..(*0
'%//(V#K V2/*%, $+(#)/$ V%#);9
A* N/%*&- ;+/$-(.$ '-% $&2''#%$ !.)/'-)#%$: +/% )3 $4+##%/ ,(+4%'%/
'-+* )* X/('($- $-(.$9 B(*% '(4%$ )2' )3 '%* (3 + 4+* &+* 0%' -($ -%+,
+*, )*% +/4 '-/)20- + X/('($- $-(.8$ $&2''#% -% ;(## 4+7% (' )2' )3 '-%
$-(.9 M-% $4+##%/ ,(4%*$()*$ )* '-% <)022@ A*@B@ +#4)$' &%/'+(*#K
+&&)2*'%, 3)/ '-% $')/(%$ -%+/, +' '-% '(4% +V)2' '-% N/%*&- $+(#)/$
'-/2$'(*0 '-%(/ +/4$ '-/)20- '-% $&2''#%$ ') /%&%(<% + #%'-+# (*f%&'()* )3
4)/.-(*%9 A'-%/ /%.)/'$ $'+'% '-+' 4%* V%K)*, $+<(*0 ;%/% +#$) 7(##%,
VK $-))'(*09
M-% $-(. ;+$ '+7%* ') 6+*,V+*7 3)/ $&2''#(*0 ') $+<% ^/%%*)&79 M-%
+&&(,%*' 7(##%, ';%*'KH$%<%* +*, ;)2*,%, 3)/'KH$%<%*9 M-% V),(%$ )3
'-)$% V2/(%, (* ^/%%*)&7 E%4%'%/K !S@ V),(%$ ;%*' ,);* ;('- '-%
V)+': ;%/% %>-24%, (* @TPT +*, '/+*$.)/'%, ') N/+*&%9
?* 6%.'%4V%/ @TRP '-% <%$$%# ;+$ /+($%,[ '-% #+/0%$' '(,+# #(3'
2*,%/'+7%* +' '-+' '(4%9 M-% ;/%&7 ;+$ 4)<%, ') '-% "/,4)/% X+*7
;-%/% '-% S@ V),(%$ ;%/% '+7%* +$-)/% ;('- 32## *+<+# -)*)2/$ V%3)/%
V%(*0 /%'2/*%, ') N/+*&% 3)/ V2/(+#9 M-% /%4+(*(*0 42*('()*$ ;%/%
/%4)<%, 3/)4 '-% ;/%&7[ ;-(&- ;+$ '-%* '+7%* ') 64('- +*, a)2$')*8$
$-(.V/%+7(*0 K+/, +' =)/' ^#+$0); 3)/ $&/+..(*09
C%&)/,$ (*,(&+'% '-+' $+V)'+0% ;+$ $2$.%&'%, V2' '-%/% +/% *)
%<(,%*' /%+$)*$ ;-K '-($ +&'()* 4(0-' -+<% V%%* '+7%*9
?' ($ #(''#% ;)*,%/ '-+' '-% E#K,% "*&-)/+0%[ + $'/+'%0(&+##K <('+#
*+<+# &%*'/%[ ;-(&- +' '(4%$ -%#, '-% V(00%$' &)##%&'()* )3 $-(.$ %<%/
+$$%4V#%, +*K;-%/%[ ;+$ ;('*%$$ ') ,/+4+'(& %<%*'$ 3/)4 '-% %+/#(%$'
,+K$ )3 '-% ;+/9 X%0(**(*0 ;('- '-% M+(# )3 '-% X+*7 %<%*'[ '-%* '-%
$(*7(*0 )3 GHII )33 "//+* +*,[ ;%%7$ #+'%/[ '-% <)022@ A*@B@ ,($+$'%/ ;%
0%' + &#%+/ .(&'2/% )3 +&'()*[ ,/+4+ +*, 4K$'%/K (* + #)&+'()*
,($'(*02($-%, VK ('$ (44%*$% *+<+# ./%$%*&% +*, VK ('$ $'/+'%0(&
(*'%##(0%*&% 32*&'()* +$ %<(,%*&%, VK '-% ;)/7 )3 X+0+'%##% aO (*
@SW
7"?F'#( D@D4
H(#39&
L#7 7#$26 4 %05' ) &"#$()+6 1$*2#+%( #1 (') 1#* )+
)/*' #1 =)**'+ %*#$+6
M-% )33(&(+# -($')/(&+# /%&)/, $'+'%$ '-+' '-% ;/%&7 )3 GHII #(%$ +'
`+. C%3%/%*&% RRJS@JPL9IB YRJY@JWR9S5[ R 4(#%$ 6)2'- )3 =#+,,+[ )33
"//+*[ (* '-% N(/'- )3 E#K,% +' ,%.'- RW 4%'/%$9
62V$%12%*' &)*'/+,(&')/K /%.)/'$ 3/)4 N(/'- )3 E#K,% &('(c%*$ -+<%
.#+&%, '-% ;/%&7 )3 + GHV)+' .2/.)/'%,#K $2*7 (* '-% 2..%/ /%+&-%$ )3
'-% N(/'- )3 E#K,% (* <+/K(*0 .)$('()*$ )3 /%#+'(<% ./)>(4('K ;('-(* '-%
+/%+ ,%$&/(V%, +$ '-% E#)&-HF2*))*HE24V/+%$ '/(+*0#%9
N)2/ &)//%$.)*,%*'$ .#+&% (' $.%&(3(&+##K (* '-% +/%+ V%';%%*
?*<%/7(.H_2*,%/$')* X+K )* '-% C%*3/%;$-(/% $(,% +*, '-% $'/%'&- )3
&)+$' V%';%%* F2*))* +*, ?**%##+* =(%/[ "/0K## +*, X2'%n ;-(#%
+*)'-%/ 3)2/[ (*,(*0 `+> 6&-(##%/[ .#+&% (' (* '-% %*<(/)*$ )3
67%#4)/#(%H5%4K$$ X+K9 A*% &)//%$.)*,%*' +#)*% .#+&%$ '-% ;/%&7 )*
'-% V)'')4 *%+/ `(##.)/' )* ^/%+' E24V/+%9
F2*))*H_2*,%/$')* X+K ($ IR 4(#%$ *)/'-%+$' )3 =#+,,+9 M-%
5%4K$$ X+KH67%#4)/#(% .)$('()* ') '-% $)2'- ($ ST 4(#%$ 3/)4 '-+'
.)(*' ;-(#% `(##.)/'[ 3+/'-%/ $)2'- $'(##[ ($ SS 4(#%$ ,($'+*'9
?' ($ )V<()2$ '-+' +## '-/%% .)$('()*$[ +#'-)20- (*,(<(,2+##K $%.+/+'%,
+4)*0$' '-%(/ 0/)2.(*0 VK + *)/'-H')H$)2'- #%*0'- )3 @I 4(#%$[ +/%
$'/(7(*0#K ,($'+*' 3/)4 '-% $)2'-%+$'%/* '(. )3 "//+*9 D('-%/ %+&- )3 '-%
*(*% &)//%$.)*,%*'$ ($ ;)%32##K ;/)*0 +V)2' '-%(/ /%$.%&'(<% V%#(%3$ )/
)*% &+* )*#K &)*,% '-+' '-%/% ($ 4)/% '-+* )*% GHV)+' $2*7 (* '-%
N(/'- )3 E#K,%[ '-% 4+f)/('K <(%; -)#,(*0 '-+' '-% ;/%&7 ($ $('2+'%, f2$'
+ 3%; 4(#%$ $)2'- )3 F2*))*H^/%%*)&79
A33(&(+# $'+'%4%*'$ +V)2' '-% .)$('()* )3 GHII $-)2#, V% &)*$(,%/%,
(* ,2% .%/$.%&'(<%9 ?* '-% 4+''%/ )3 .(*.)(*'(*0 ;/%&7$ (' ($ %<(,%*'
3/)4 *24%/)2$ &+$% $'2,(%$ '-+' *) )*% V),K -+$ + 4)*).)#K )*
+&&2/+&K +*, '-+' .)$('()*(*0$ &+* V% V+,#K )2' )3 '/2%9 M+7% '-%
%>+4.#% )3 '-% 0(<%* .)$('()* 3)/ a`6 G##6[ $2*7 (* '-% F%*4+/7
@I@
6'/+(' (* `+K @TP@9 M-% B+<K (*('(+##K .(*.)(*'%, '-% ;/%&7 )3 '-%
G##6 @R 4(#%$ 3/)4 ('$ +&'2+# .)$('()*9
" C)K+# B+<+# &-+/' .(*.)(*'(*0 '-% )33(&(+# .)$('()* )3 GHII VK =#+,,+
?* + $(4(#+/ &+$% '-% ;/%&7 )3 GH@S[ $2*7 (* @T@R[ ;+$ V%#(%<%, 3)/
4)/% '-+* *(*%'K K%+/$ ') V% /%$'(*0 @R 4(#%$ 3/)4 ;-%/% (' ;+$
%<%*'2+##K 3)2*, VK j(4 `+&_%), +*, `+/'(* 6(*&#+(/ (* j+*2+/K SYYL9
M-% ;/%&7+0% )3 '-% QY4 V)+'[ '-% 3(/$' %<%/ $2V4+/(*% ') -+<% +*
+%/).#+*% &+//(%, )* ('$ ,%&7[ ;+$ 3)2*, SR 4(#%$ 3/)4 '-%
X%/;(&7$-(/% .)/' )3 DK%4)2'-9 M-% $('% )3 ,($&)<%/K &+4% +$ #(''#%
$2/./($% ') '-% 3(*,%/$ V%&+2$% '-% ';) ,(<%/$ -+, -)4%, (* )* '-%
&)//%&' .)$('()* +3'%/ '/+&7(*0 ,);* '-% /%#%<+*' *+<+# ,)&24%*'$9
M-+' V%(*0 '-% &+$%[ (' $200%$'$ $'/)*0#K '-+' '-% C)K+# B+<K[
.)$$%$$(*0 '-% *%&%$$+/K '+V#%$[ &-+/'$ +*, 4+.$ +*, '-% ./)3%$$()*+#
$7(##$ ') 2$% '-%4 $-)2#, V% 4)/% '-+* &+.+V#% )3 4+'&-(*0 '-% %33)/'$
)3 +4+'%2/$ (* .(*.)(*'(*0 ;/%&7$ +&&2/+'%#K9 M-% 12%$'()* '-%/%3)/%
+/($%$ +$ ') ;-K '-% B+<K 0%'$ (' ;/)*0 +*, VK $2&- + ;(,% 4+/0(*9
5(##(+4 `+0%% ')#, )3 '-% 4%4)(/ )3 + `+$'%/ `+/(*%/ ;-) -+,
$233%/%, '-% $(*7(*0 )3 ';) $-(.$ VK ')/.%,) +*, + '-(/, $2*7 VK +
^%/4+* x)K$'%/8 !./%$$2/% 4(*%:9 ?* -($ 4%4)(/ '-% '-% 4+$'%/ $%+4+*
;+$ <%/K ,($4($$(<% )3 '-% C)K+# B+<K8$ +V(#('K ') .(*.)(*' +* +&&2/+'%
@IS
+,V)?'e
@
-''.Joo;;;9&)*0%/+##%K9&)4o3)/24o$-);'-/%+,9.-.b'~W@Ri-(0-#(0-'~GHV)+'
@IP
)3 67%#4)/#(%[ '-% $+4% #)&+'()* *+4%, VK `+> 6&-(##%/ 3)/ '-% ;/%&7
)3 GHII9 M-% ./%&($% &))/,(*+'%$ *+4%, VK '-% ,(<%/$ +/% B6@TQW[ RR
RSB YP RP59 h%/K &#)$% ') '-($ .)$('()* +/% '-% /%4+(*$ )3 + .+,,#%
$'%+4%/[ ;-(&- #%+,$ $)4% ,(<%/$ ') V%#(%<% '-+' '-% $2..)$%, ;/%&7 )3
+ GHV)+' +*, '-+' )3 '-% .+,,#% $'%+4%/ ($ )*% +*, '-% $+4% )Vf%&'[ '-%
$2V4+/(*% $')/K V%(*0 *) 4)/% '-+* 4K'-9 X2' '-%/% +/% )'-%/$ ;-)
V%#(%<% )'-%/;($%9
A'-%/ 4%4V%/$ )3 '-% ,(<%/$8 &)442*('K +,<+*&% '-% V%02(#(*0
'-%)/K '-+' '-% $(0*+# .(&7%, 2. VK '-% C)K+# B+<K ;-%* &-+$(*0 '-% GH
V)+' 3#%%(*0 3/)4 '-% M+(# )3 '-% X+*7 (* B)<%4V%/ @TIT 4%/0%,
2*V%7*);(*0#K ') '-% .2/$2%/$ ;('- '-% $(0*+# /%3#%&'%, VK '-% ;/%&7 )3
'-% i*0+/'(( #1 >)2'([ ;-(&- $+*7 (* @LLL9 F%.'- &-+/0(*0 ;+$
&)44%*&%, ;('- 0/%+' <(0)2/ V2'[ +$ ;% -+<% $%%*[ '-%/% ($ *)
(*,(&+'()* '-+' + 3#%%(*0 GHV)+' ;+$ &+.'2/%, *)/ ($ '-%/% +*K %<(,%*&%
'-+' (' ;+$ $2*79
M-% +$,(& %12(.4%*' 2$%, (* @TIT ;+$ 3+/ #%$$ $).-($'(&+'%, '-+*
'-+' (* 2$% '),+K +*, 4+K ;%## -+<% (*,(&+'%, ') #($'%*%/$ '-+' '-%
$2V4%/0%, )Vf%&' ;+$ + $2V4+/(*%9 M-($ .+/' )3 '-% E#K,% ($ <%/K $(#'K
+*, + $2*7%* )Vf%&' ;)2#, 4%/0% ;('- '-% $%+V%, <%/K %+$(#K9 M-%
i*0+/'(( #1 >)2'( ($ (*<%/'%,[ #K(*0 -2## 2.;+/,$9 ?'$ #%*0'- ($ S@Q 3%%'[
&)4.+/%, ;('- GHII8$ S@Y 3%%'9 ?' ($ #(7%#K '-+' ') +&&2/+'%#K (,%*'(3K
'-% $(>'KHK%+/ )#, -2## +$ $)4%'-(*0 )'-%/ '-+* + $2V4+/(*% ;)2#, -+<%
/%12(/%, #%<%#$ )3 '%&-*)#)0(&+# &)4.%'%*&% +*, (*'%/./%'+'(<% $7(##$
2*+<+(#+V#% (* @TIT9 ?' ($ (*'%/%$'(*0 ') $.%&2#+'% )* ;-%'-%/ '-% -(0-
<)#24% )3 ,%.'- &-+/0(*0 ;+$ 2*,%/'+7%*[ +' #%+$' (* .+/'[ V%&+2$% '-%
$)*+/ %<(,%*&% (,%*'(3(%, +* )Vf%&' ;-)$% #%*0'- +..%+/%, ') V% %>+&'#K
'-% $+4% +$ '-% 12+//K '-%K ;%/% &-+$(*0[ ;-(&- ;)2#, (*,(&+'% '-+' '-%
C)K+# B+<K 7*%; '-+' '-% $2V '-+' -+, V/%+&-%, '-% V))4 ;+$ GHII )/[
+' #%+$'[ '-+' (' ;+$ + MK.% h?? GHV)+'9
e%<(* `&F)*+#,[ 7%%* ,(<%/ +*, + 3)/4%/ N#%%' 6'/%%' %,(')/ .)$'%,
+ 4%$$+0% (* B)<%4V%/ SYYR9S a% +$7%, 3%##); %*'-2$(+$'$ (3 +*K )3
'-%4 -+, ,(<%, )*') '-% GHII +*, -+, 4+*+0%, ') 0%' %>+&'
&))/,(*+'()* *24V%/$9 `&F)*+#, -+, '/(%, +' ;-+' -% V%#(%<%, ;+$ +
/%#(+V#% .)$('()* V2' -+, -+, *) #2&79 ?+(* `&"/'-2/ /%.#(%, ')
`&F)*+#,8$ .)$'[ $+K(*0 '-+' '-%/% ;+$ + /24)2/ '-+' '-% ;-)#% GHV)+'
;+$ #(3'%, $))* +3'%/ -%/ #)$$ ') /%&)<%/ -%/ D*(04+ 4+&-(*%[ +
$'+'%4%*' '-+' %&-)%$ F)*+#, e%##K8$ /%4+/7 '-+' + -%+<K #(3'(*0
).%/+'()* ;+$ 4)2*'%, ') 4)<% GHII 3/)4 ('$ $%+V%, .)$('()*9
M-($ /+($%$ + *24V%/ )3 12%$'()*$9 ?3 '-% #(3'(*0 ,(, '+7% .#+&% '-%*
;-+' ($ '-% &)4.#%'% (*<%*')/K )3 +*K ('%4$ '-+' ;%/% /%'/(%<%, VK
S
-''.Joo,(<%/*%'9&)4o&0(HV(*o+/'(&#%$9.#b+&~,i+*~i(,~PYTQi$&
@IR
7"?F'#( !4D
($=.)*0+', 7'*' =$*0'6 70&" 1$22 .020&)*- "#+#$*( )& ) 9#*& #+ &"' 7'(&
/#)(& #1 I/#&2)+68 !"' =#60'(, 7"0/" ")6 2)0+ 1#* ('5'*)2 6)-( 0+ ) 2#/)2
.#*&$)*-, 7'*' &)?'+ 0+ =2)/? /#110+( &# &"' /'.'&'*- 7"'*' ) 2)*%'
%*)5' ")6 =''+ 9*'9)*'68 !"' /#110+( 7'*' /#5'*'6 70&" ) L)B0 12)%9]
A$V)/*%8$ +/'(&#% 0)%$ )* ') $+K '-+' ';) V),(%$[ (*,(*0 <)*
F/%$7K[ ;%/% *)' /%&)<%/%,9 =/%$24+V#K[ -% ./)<(,%, '-($ 3(02/% 3/)4
'-% .%/$.%&'(<% )3 )*% ;-) V2K$ (*') '-% )33(&(+# #(*% '-+' )3 '-% PS
.%/$)*$ )33(&(+##K #($'%, )* GHII[ @W $2/<(<%, +*, SR .%/($-%,9
M-%/%3)/%[ (3 SI ;%/% V2/(%, !+*, 3%; ;)2#, ,)2V' +* +&&)2*' (* !"'
!0.'(: '-%/% &+**)' -+<% V%%* 4)/% '-+* S V),(%$ *)' /%&)<%/%,9
a);%<%/[ ;% 7*); 3/)4 *24%/)2$ $)2/&%$[ (*,(*0 '-% B+<+#
a($')/(&+# X/+*&-[ '-+' P V),(%$ ;%/% *)' /%&)<%/%,UX/+2*[ <)*
F/%$7K[ j)-*% +*, 5(*'%/-)33UVK ;-(&- 3+&' '-% I/#&( <)%)B0+'M$
*24V%/ )3 SI V),(%$ /%&)<%/%, 3/)4 '-% $%+ .#2$ '-% P *)' /%&)<%/%,
,%4)*$'/+'%$ VK )4($$()* '-+' SW .%/$)*$ ,(%, ;-(&-[ +,,%, ') '-% @W
$2/<(<)/$[ 0(<%$ + ')'+# )3 PP .%/$)*$ )* GHII[ *)' PS9
?' ($ + 3+&' )3 *) #(''#% (/)*K[ '-%/%3)/%[ '-+' +$ %+/#K +$ %(0-' ;%%7$
+3'%/ '-% %<%*' '-% &%*$)/ +*, '-% ./%$$[ ,)2V'#%$$ 2*;(''(*0#K[ ;%/%
&)*3(/4(*0 '-+' '-%/% ;%/% ';) 4)/% .%).#% V2/(%, +4)*0 '-% ,%+,
3/)4 GHII '-+* /%&)/,%,9 M-% 0%*(% ;+$ )2' )3 '-% V)''#% +*, +##
%*$2(*0 %33)/'$ )3 )33(&(+#,)4 ') .2$- (' V+&7 (* +*, .#+K ,);* '-%
*24V%/$ ;%/% ,))4%, ') 3+(#9
M-% V),(%$ ;%/% V2/(%, (* Z#+(/$] TI@ '-/)20- TIR ';) ,+K$ +3'%/
'-% V2/(+# .#)'$ -+, V%%* .2/&-+$%, VK '-% E/);* )* V%-+#3 )3 C%+/
",4(/+# X9E9 5+'$)*[ N#+0 A33(&%/ (* E-+/0% ^/%%*)&79 M-% ^/%%*)&7
E%4%'%/K V2/(+# #%,0%/[ /%&)/,(*0 '-% .2/&-+$% ,+'%, @P N%V/2+/K @TPY[
($ -%+,%,J B)9 @@[QPR a9`9 e(*0 ^%)/0% h? .%/ C%+/ ",4(/+# X9E9
5+'$)*9 6'/(&'#K $.%+7(*0[ + #+(/ /%3%/$ %('-%/ ') + .#)' )3 0/)2*,
.2/&-+$%, 3)/ V2/(+# )/ ') + 0/+<%9 G$2+##K[ + #+(/ ($ ,20 )2' 3)/ V2/(+#
V2' )&&+$()*+##K '-%K /%4+(* 2*2$%,9
?* SYYS ^/%%*)&7 E%4%'%/K .%/$)**%# ;%/% 7(*, %*)20- ') 4+7% +
&).K )3 '-% /%#%<+*' V2/(+# #%,0%/[ ;-(&- (* + /%4+/7$ &)#24* $'+'%$ '-+'
'-% V),(%$ ;%/% %>-24%, (* A&')V%/ @TQS +' '-% /%12%$' )3 '-%
E)44)*;%+#'- 5+/ ^/+<%$ E)44($$()* !E5^E:9 M-% &)44%*'$
/%3%/ ') + #%''%/ )3 IY A&')V%/ 3/)4 '-% E5^E +*, +* +&&)4.+*K(*0
#($'9 M-% E5^E #%''%/[ $(0*%, )* V%-+#3 )3 ('$ C%0()*+# F(/%&')/[
&)*3(/4$ '-+' '-% ^%/4+* 5+/ ^/+<% E)44($$()* -+, %>-24%, '-%
V2/(+#$ +**)'+'%, )* '-% #($' +*, '-+' '-% &)//%$.)*,(*0 W 0/+<%$ !#+(/$:
$-)2#, V% ,%#%'%, 3/)4 '-% Z"0/%%4%*' $(0*%, (* F%&%4V%/ @TPW VK
'-% !^/%%*)&7: F%.2'K M);* E#%/79]
5-K ;)2#, (' -+<% V%%* ,%%4%, *%&%$$+/K 3)/ +* +0/%%4%*' ') V%
@PY
M-% 0/+<%4+/7%/$ +' ^/%%*)&7 E%4%'%/K 3)/ '-% ,%&%+$%, 3/)4 GHII
,/+;* 2. V%';%%* ^/%%*)&7 +*, '-% E5^E *%+/#K %(0-' K%+/$ +3'%/ '-%
,%+, 3/)4 GHII -+, V%%* V2/(%,b 5-+' ($ ('$ 3)/4 +*, &)*'%*'b 5-+'
4(0-' -+<% '+7%* .#+&% '-+' ;+//+*'%, '-% ,/+;(*0 2. )3 +* +0/%%4%*'b
F(, '-% +0/%%4%*' 0(<% +2'-)/('K 3)/ +&'(<('K )3 $)4% ,%$&/(.'()* ')
./)&%%, )/ ,(, (' Z$(0* )33] +* +&'()* '-+' -+, +#/%+,K '+7%* .#+&%b
M-% @TQS %>-24+'()* #($' !/%./),2&%, (* '-% "..%*,(>: &)4./($%$
SW %*'/(%$ +*, '-%(/ /%$.%&'(<% 0/+<% #)&+'()*$J #+(/$ EEEHTI@" '-/)20-
TIRE9 N(<% )3 '-% %>-24%, +/% #($'%, +$ ZG*7*);*] 2*,%/ &)#24*
'('#%, B+4%9 M-% ,+'% )3 ,%+'- 3)/ SI %*'/(%$[ (*,(*0 @ 2*7*);*[ ($
@S N%V/2+/K @TPY9
N/)4 '-($[ )*% &+* &)*,% ;('- &%/'+(*'K '-+' '-($ #+''%/ 2*7*);*
($[ (* 3+&'[ + .%/$)* *+4%, +$ Ze#(*0%/] (* '-% /%&)/,$9 M-% ,+'%$ )3
,%+'- 3)/ '-% )'-%/ P 2*7*);*$ !#+(/ EEEHTI@": +/% *)' 0(<%* +*,
'-%/%3)/% (' ($ #(7%#K '-+' '-%$% +/% '-% S 2**+4%, ?'+#(+*$ +*, S
2**+4%, ^%/4+*$ ;-) ;%/% V2/(%, (* ^/%%*)&7 E%4%'%/K (* #+(/ TI@
)* R j2#K @TPY9
A*% &+* )*#K $.%&2#+'% +$ ') ;-K )33(&(+#$ /)VV%, e#(*0%/ )3 -($
*+4% (* '-% %>-24+'()* #($'9 ?' &+**)' -+<% V%%* V%&+2$% -% ,(, *)'
%>($'9 e#(*0%/8$ *+4% ($ 2*%12(<)&+##K $'+'%, (* ';) $%.+/+'% ^/%%*)&7
@P@
'-% BaX9
?* '-% $+4% ;+K[ f2$' V%&+2$% '-% %>-24+'()* '/+*$3%/ /%&)/,$
V%';%%* ^/%%*)&7 +*, E+**)&7 (* @TQS #($' V)'- e#(*0%/ +*, "#V/%&-'
'-($ ,)%$ *)' *%&%$$+/(#K 4%+* '-+' '-%(/ V),(%$ 7'*' +4)*0 '-)$%
,($(*'%//%, (* '-% A&')V%/ )3 '-+' K%+/9
M-% +&'2+# ,+'% )3 %>-24+'()* )3 '-% .+(/ 4+K '(% (* ;('- '-%
&(/&24$'+*&%$ '-+' ;%/% '-% 3)2*,+'()* 3)/ '-% "0/%%4%*' $(0*%, (*
F%&%4V%/ @TPW VK '-% ^/%%*)&7 F%.2'K M);* E#%/7 +*, ,%#%'%, (*
A&')V%/ @TQS9 M-($ ;)2#, %>.#+(* -); '-% E5^E $'+33 &+* /%.#K ') 4K
#%''%/ $'+'(*0 '-+' '-%K +/% 2*+;+/% )3 +*K %>-24+'()*$ !3/)4 E+**)&7:
V%3)/% A&')V%/ @TQS V%&+2$% (' ($ %*'(/%#K 3%+$(V#% '-+' '-% 6'+33)/,$-(/%
&%4%'%/K *%<%/ /%&%(<%, '-%$% ';) V),(%$ (* '-% 3(/$' (*$'+*&%9 ?* '-($
$&%*+/() '-% V),(%$ ;%/% %>-24%, (* ^/%%*)&7 (* )/ V%3)/% @TPW +*,
'-%* $-(..%, ') ^%/4+*K )/ ;-%/%<%/9
A/ 4+KV% '-%/% ($ +*)'-%/ %>.#+*+'()*9 ^/%%*)&7 E%4%'%/K /%&)/,$
$-); '-+' `%$$(%2/$ E-+/#%$ a+/K)0[ `),($'% a+*,K[ ^+$')* X)#+/,[
`+/&%# "#V/+*,[ j%+* E)2&-%/+' +*, N+#(&(%* "##%)* ;%/% V2/(%, I
`+K @TPY +*, %>-24%, @S A&')V%/ @TPT9 62/./($(*0#K[ '-% ^%*%/+#
C%0($'%/ A33(&% !^CA: 3)/ 6&)'#+*, ($ )*#K +V#% ') ./),2&% ,%+'-
&%/'(3(&+'()* %*'/(%$ 3)/ '-% #+''%/ 3)2/ !$%% "..%*,(> 3)/ V2/(+# +*,
,%+'- &%/'(3(&+'()* /%&)/,$:9 M-% 2$2+# /%$(,%*&% )3 %+&- ($ *)'%, +$ '-%
<)022@ A*@B@8 M-% /%&)/, )3 ,%+'-$ !(* '-% 5%$' F($'/(&' )3 ^/%%*)&7[
C%*3/%;: 0)%$ )* ') $'+'% '-+' X)#+/, +*, "##%)* ,(%, (* ^/%%*)&7
C)K+# ?*3(/4+/K )* IY "./(#[ "#V/+*, ,(%, (* '-% -)$.('+# '-% 3)##);(*0
,+K +*, E)2&-%/+' ,(%, '-%/% )* '-% S*,9
a+/K)0 +*, a+*,K %<)7% $.%&(+# (*'%/%$'9 a+/K)0 ,)%$ *)' +..%+/
') V% + *+4% (* +*K #+*02+0%9 ?* '-% SYYT /%&)/,$ )3 N/%*&- $2/*+4%$
#($'%, VK Fq.+/'%4%*'$ '-%/% ($ *)' )*% .%/$)* ;('- '-($ *+4% #(<(*0 (*
N/+*&%9 !M-%/% +/% @W@ *+4%, a+*,K9:
E2/()2$#K[ #(7% x6(7- a(,'+##+[8 a+/K)0 ,)%$ -+<% +* "$(+*
&)**%&'()*[ a+/d)0 V%(*0 '-% W'- )3 @@ -+*,$(0*$ (* ?*,(+* .+#4($'/K
!'-% @@'- V%(*0 '-% 6;+$'(7+:9 ?/)*(&+##K[ (' ($ '-% $(0* )3 B%.'2*%8$
'/(,%*'[ (*,(&+'(*0 + .%/$)* )3 + 7(*,#K[ )3'%* /%#(0()2$ ,($.)$('()*9
5+$ '-% $+4% (,()$K*&/+'(&[ ')*02%H(*H&-%%7 .%/$)*+#('K '-+' )*%
$2$.%&'$ 4+*23+&'2/%, '-% *+4% Za(,'+##+] )*&% +0+(* +' .#+K[ ;%,,(*0
+ .+#4($'/K $(0* 3)/ '-% 0), )3 '-% $%+ ') + a+*,!K:[ (*,(&+'(*0 '-+' '-%
/%+# $')/K $-)2#, V% /%+, V%';%%* '-% x#(*%$8b
M-% +V$%*&% )3 )33(&(+# ,%+'- /%&)/,$ 3)/ '-% .+(/ ($ 2*%>.#+(*%,9 ?'
($ ') V% +$$24%, !.%/-+.$ 2*;($%#K: '-+' '-%K ;%/% 3%##); V)+'4+'%$
3/)4 '-% <)022@ A*@B@[ V2/(%, +*, %>-24%, ')0%'-%/ )* '-% $+4% ,+'%$[
V2' (3 '-% ^CA &+* ./)<(,% ,%+'- /%0($'/+'()*$ 3)/ 3)2/ 4%* /%&)<%/%,
@PI
3/)4 '-% N/%*&- +*'(H')/.%,) V)+' ;-K *)' 3)/ +## $(>b
E+* (' '/2#K V% *) 4)/% '-+* &)(*&(,%*&% '-+' '-% /%.)/'%, ,+'%$ )3
(*'%/4%*' 3)/ '-% %#2$(<%
a+/K)0 +*, a+*,K )&&2/
Z$-)/'#K +3'%/ V2/(+#] )3 '-%
,%&%+$%, 3/)4 GHII[ + V)+'
+4)*0 ;-)$% ,%+, ;%/% ';)
2*#($'%, .%).#% +V)2' ;-)4
'-%/% ($ + ./)3)2*, 4K$'%/Kb
`+K '-%/% V% + ,(/%&'
&)**%&'()* V%';%%* a+/K)0
+*, a+*,K +*, "#V/%&-' +*,
E)44%4)/+'()* ') '-% N/%% N/%*&- +' ^/%%*)&7
e#(*0%/b
N)/ /%+,%/$ 4)<%, ') (*<%$'(0+'% 32/'-%/[ '-% #+&7 )3 ,%+'-
.+/'(&2#+/$ 3)/ N/%*&- ,%&%,%*'$ ,)%$ *)' %*, -%/%9 D(0-' V),(%$ +#$)
&+'%0)/(c%, (* ^/%%*)&7 E%4%'%/K /%&)/,$ +$ xN/%*&-8 ;%/% ,($(*'%//%,
V%';%%* "202$' +*, B)<%4V%/ @TPL9 D>'/+&'$ 3/)4 '-% /%&)/,$ #($' '-%
%>-24%, +$J
D?=# @5'#((#; 4f"A=#; E#&3(/F'/)5
('$ /%&)/,$ /%#+'(*0 ') '-%49 G*,%/ X/('($- #+; + ,%+'- -+$ ') V%
/%0($'%/%, (* '-% +/%+ ;-%/% ,%+'- '+7%$ .#+&%9
=%/-+.$[ '))[ '-%/% ($ + $')/K )3 (*'/(02% ') V% 3)2*, +4)*0 '-%$%
%(0-' 4%*[ )*% %*'(/%#K 2*&)**%&'%, ;('- GHII9 a);%<%/[ VK /%+$)* )3
'-%(/ /%.)/'%, ,+'%$ )3 V2/(+# (' ($ a+/K)0 +*, a+*,K ;-) /%./%$%*' '-%
.%/$)*$ )3 %$.%&(+# (*'%/%$' (* '-% "#V/%&-' +*, e#(*0%/ +33+(/9 5%
/%'2/* ') '-%4 (* '-% 3(*+# .+0%$9
M-% 3)##);(*0 +/% '-% .%/$)*$ V2/(%, (* ^/%%*)&7 3/)4 GHII (*
)/,%/ )3 #%,0%/ %*'/K[ #($'%, +#)*0$(,% '-% )33(&(+# /)## )3 ,%&%+$%, 3/)4
^%/4+* /%&)/,$J
X/+2*[ N/(%,/(&-
<)* F/%$7K[ a+*$H5(#-%#4
j)-*%[ j)-+**%$
5(*'%/-)33[ "202$'
KU V);/#& 5)' (#3)6#(#;N
5-+' 4+K )*% ,%,2&% 3/)4 '-%$% 3(02/%$b " &%4%'%/K8$ 3(/$' ,2'K ($
') -)*)2/ '-% ,%+, 2*,%/ ('$ '2/39 ?' 3)##);$ '-+' (* ,)&24%*'(*0 '-%
.%/$)*$ &)44(''%, 3)/ V2/(+# &%4%'%/(%$ -+<% + ./(4+ 3+&(%
@PQ
=+2# C+2$&-
C+2$&-
!$%/(+#o%*'/K B9PQWoII9M ^/+<% IPI:
e2/$(%3%* a%(*/(&- e2/$(%3%*[ ^/+<% IPS
"#V/%&-'
"#V/%&-'
!$%/(+#o%*'/K B9SLIIQoIL969 ^/+<% IP@:
"*0%/ =+2# "*0%/ !$%/(+#o%*'/K B9RSoSW96 ^/+<% IPY:
",+#V%/' a%&7%/),'
a(&7%/),'
!$%/(+#o%*'/K B9@YT@oIT9M ^/+<% IIT:
e+/# ^/)$$ !$%/(+#o%*'/K B9@YYToIL9M ^/+<%
^/)$$
IIL:
_%).)#, =m..%# !$%/(+#o%*'/K B9PQ@oIL9M ^/+<%
_%).)#, =m..%#
IIW:
_2,;(0 5+0*%/ !$%/(+#o%*'/K B9@RTYoIR9M
_2,;(0 5+0*%/
^/+<% IIQ:
E-/($'(+* 6&-4(,
E-/($'(+* 6&-4(,
!$%/(+#o%*'/K B9ILPoII9j ^/+<% II:
5%/*%/ e%##%/ !$%/(+#o%*'/K B9ITYoIQ9e ^/+<%
e%##%/
IIP:
5(#-%#4 5(#,%* !$%/(+#o%*'/K B9STIWoIW9M
5(#-%#4 5(#,%*
^/+<% III:
=+''%* D/(&- =+''%*[ ^/+<% IIS
e+/#Ha%(*c =%'%/$ !$%/(+#o%*'/K B9@@WRoIT9M
6&-(##%/
^/+<% IPP:
5+#'%/ e2*(&7 !$%/(+#o%*'/K B9ISQQoIL96 ^/+<%
5+#'%/ e2*(&7
IIY:
a%(*/(&- e+4.%/'
e+4.%/'
!$%/(+#o%*'/K B9PYYRoIL96 ^/+<% IST:
6'%(*%/ 5(##(V+#, 6'%(*%/[ ^/+<% ISL
a%/V%/' C++'- !$%/(+#o%*'/K B9@Y@LoIP9M ^/+<%
a%/V%/' C2+'-
ISW:
a%(*c e+/# `)-/
a%(*c `)-/
!$%/(+#o%*'/K B9@TS@oIR96 ^/+<% ISQ:
a%(*/(&- D9 _(%V%/'
a%(*/(&- _(%V%/'
!$%/(+#o%*'/K B9SSTLoIW9M ^/+<% ISR:
^2$'+< a%**%V%/0
a%**%V%/0
!$%/(+#o%*'/K B9LIPoII[ ^/+<% IQT:
O- VA(/#; O- VA(/#;
;-%* 12%$'()*%,[ -+<% &)*3(/4%, '-+' ') '-%(/ 7*);#%,0% '-% &)//%&'
$.%##(*0 ($ xa(,'+##+98 ?' ($ #(7%#K '-+' (* 4+7(*0 '-($ &#+/(3(&+'()*
)33(&(+#$ -+, )'-%/ /%&)/,$ V%3)/% '-%4 V%&+2$% (* &)//%$.)*,%*&% '-%K
+#$) &)*3(/4%, '-+' a(,'+##+ ($ V2/(%, (* + .+2.%/8$ 0/+<%[ + 3+&' *)'
./%$%*' (* '-% F+K X))7 %*'/K9
D*12(/(%$ 2*,%/'+7%* ;('- '-% C%0($'/+/ )3 F%+'-$ (* ^/%%*)&7
-+<% ./)<%, +$ 3/2('#%$$ (* #)&+'(*0 + ,%+'- &%/'(3(&+'% 3)/ a(,'+##+ +$ 3)/
'-% N/%*&- $+(#)/$9 M-% &%/'(3(&+'% &+* 2$2+##K ./)<(,% <+#2+V#%
(*3)/4+'()* $2&- +$ ;-) /%0($'%/%, '-% ,%+'-[ '-%(/ /%#+'()*$-(. ') '-%
,%&%+$%, +*, +#$) '-% ,%&%+$%,8$ +0% +*, ,+'% )3 V(/'-9
M-%/% ($ *) 3(/4 %<(,%*&% '-+' a(,'+##+ ;+$ &)**%&'%, ;('- '-%
^)2/)&7 #(,) &)/.$% )/ ;('- %*%4K 3+'+#('(%$9 X2' ;-) &+* /%32'% '-%
.)$$(V(#('K '-+' '-% V),K ;+$-%, 2. (* '-% $;(44(*0 .))# +3'%/ '-%
B)<%4V%/ %<%*' ;+$ 3/)4 )/ &)**%&'%, ;('- GHIIb
5-) &+* +#$) $'+'% ;('-)2' 12%$'()* '-+' *)*% )3 '-% 3)2/ V),(%$
V2/(%, (* ^/%%*)&7 E%4%'%/K (* #+(/ TI@ (* j2#K @TPY[ ,%$&/(V%, +$ S
?'+#(+*$ +*, S ^%/4+*$[ ;%/% 2*&)**%&'%, ;('- GHIIb
F%$.('% '-%$% 12%$'()*$ '-% ^/%%*)&7 E%4%'%/K /%&)/,$ $'(## /%3#%&'
+* )<%/+## &%/'+(*'K )3 ,%'+(# (* '%/4$ )3 ;-) ;+$ V2/(%, (* ;-(&- #+(/9
_%' 2$ /%'2/* ') '-% BaX8$ 3(02/%$UPR .%/$)*$ )* V)+/, GHIIU)3
;-(&- '-% +*+#K$($ (*,(&+'%$ '-+' SQ ,(%, +*, @T $2/<(<%,9 M+7(*0 '-%
^/%%*)&7 E%4%'%/K *24V%/$ +$ '-% ,%3(*('(<% /%&)/, )3 V2/(+#$[ ;%
7*); '-+' '-%/% ;%/% SW 3+'+#('(%$ !SI V2/(%, +*, P *)' /%&)<%/%,:J S
4)/% '-+* '-% -($')/K V))7$ +*, ^%/4+* /%&)/,$ (*,(&+'%9
?3 )*% $2V$'('2'%$ '-($ &)//%&' *24V%/ )3 3+'+#('(%$ (*') '-% BaX '+##K
!+&&%.'(*0 3)/ +/024%*' '-+' (* '-% BaX 3(02/%$ '-%/% ($ + $)#(, &)/% )3
'/2'- +V)2' '-% )<%/+## *24V%/ )3 .%/$)*$ )* V)+/, GHII:[ '-%(/ 3(02/%
3)/ '-% ,%&%+$%, (*&/%+$%$ VK @ ') SW ;-(#% '-+' 3)/ '-% $2/<(<)/$
'-%/%3)/% /%,2&%$ VK @ ') @L !@ 4)/% '-+* '-% )33(&(+# $2/<(<)/$ *24V%/
)3 @W: (* )/,%/ ') 7%%. ') ('$ )<%/+## ')'+# )3 PR9
M-% $'+/'#(*0 &)*$()* '-+' )*% 4+K ,/+; 3/)4 '-($ +4%*,%,
.)$('()* ($ '-+' '-%/% ;+$ +* +,,('()*+# @L'- .%/$)* )* )/ (*'(4+'%#K
&)**%&'%, ;('- GHII[ 2*(,%*'(3(+V#% 3/)4 + /%+,(*0 )3 '-% )33(&(+# &/%;
#($'[ ;-) $2/<(<%, ('$ $(*7(*09 ?3 '-($ /%4+/7+V#% $&%*+/() -+$ $2V$'+*&%
'-%* ;-) ;+$ '-% @L'- $2/<(<)/ +*,[ &/('(&+##K[ ;-+' V%&+4% )3 '-($
.%/$)*b
A* R B)<%4V%/ @TQS '-% E)/.)/+'()* )3 ^/%%*)&78$ M);* E#%/7
F%.2'% ;/)'% ') '-% 62.%/(*'%*,%*' )3 =+/7$ %*&#)$(*0 + &).K )3 + #%''%/
,+'%, IY A&')V%/ @TQS 3/)4 '-% E5^E /%0+/,(*0 '-% %>-24+'()* )3
,%&%+$%,[ ,%'+(#$ )3 ;-(&- ;%/% +..%*,%, ') '-% #%''%/9 M-% M);* E#%/7
+$7%, '-% 62.%/(*'%*,%*' ') +4%*, -($ !^/%%*)&7 E%4%'%/K: /%&)/,$
@R@
+&&)/,(*0#K9
M-% IY A&')V%/ #%''%/[ -%+,%, C*''+#/? N'.'&'*-, E'+1*'7,
O["$.)&0#+ #1 C'*.)+ >)* Y')6[ ;+$ + &)*3(/4+'()* *)'(&% 3/)4 '-%
E5^E C%0()*+# F(/%&')/ ') '-% M);* E#%/7 '-+' '-% ^%/4+* 5+/
^/+<%$ E)44($$()*@ !)* ;-)$% V%-+#3 '-% E5^E 4+(*'+(*$ '-%
^%/4+* E%4%'%/K +' E+**)&7 E-+$%: -+, %>-24%, '-% ,%&%+$%, .%/ +*
+''+&-%, #($'9
M-% #($' 4+7%$ 3)/ (*'%/%$'(*0 /%+,(*09 M-% *24V%/ )3 Z^%/4+* 5+/
F%+,] %>-24%, ;+$ SW[ *)' SI9 M-% #($' ($ &)#24*($%, 2*,%/J B+4%[
E-/($'(+* B+4%[ X)/*[ F+'% )3 F%+'- +*, ^/+<% _)&+'()*9 SS )3 '-% SW
;%/% *+4%, )* '-% #($'[ ;-(#% R ;%/% ,2VV%, Z2*7*);*9] M-% 0/+<%
#)&+'()*$ !^/%%*)&7 E%4%'%/K #+(/$: ;%/%J EEEHTI@" !P V),(%$:[ EEEH
TIS " '-/)20- F !P V),(%$:[ EEEHTII " '-/)20- F !L V),(%$:[ EEEH
TIP " '-/)20- F !L V),(%$: +*, EEEHTIR " '-/)20- E !I V),(%$:9
?' ($ &#%+/ 3/)4 '-($ #($' '-+' '-% %>-24%, V),(%$ &+4% 3/)4 R 0/+<%
#)&+'()*$[ *)' W +$ $'+'%, VK '-% E5^E8$ #%''%/ ') '-% M);* E#%/79 "
,%'+(#%, /%<(%; )3 '-% &)//%$.)*,(*0 ^/%%*)&7 E%4%'%/K V2/(+# /%&)/,[
,+'%, @P N%V/2+/K @TPY[ &)*3(/4$ '-+' P )3 '-% R x2*7*);*$8 ;%/% '-%
V),(%$ )3 S ?'+#(+*$ +*, S ^%/4+*$ V2/(%, (* #+(/ TI@" )* R j2#K @TPY[
;-(#% '-% R'- 2*7*);* ($ e#(*0%/[ )*% )3 )2/ ';) 4K$'%/()2$ 0-)$'
x&/%;4%*8 /%&)<%/%, 3/)4 '-% 3(/'-9
M-% /%&)/, &)*&%/*$ ('$%#3 ;('-J _+(/$[ E#+$$ W[ 6%&'()* IE9 _+(/$
TI@ '-/)20- TIR ;%/% 2$%, 3)/ '-% V2/(+#$ )3 SW V),(%$[ .%/ '-%
V/%+7,);* +V)<%9 M-% C%4+/7$ &)#24* $'+'%$ '-+' (: _+(/ TIY ;+$ *)'
2$%,n +*, ((: Z+## X),(%$ %>-24%,9 6%% +''+&-%, #%''%/ ,+'%, IY A&'
@TQS9] G*,%/ ZB+4% )3 F%&%+$%,] +/%J
! G*7*);* !e#(*0%/:
! G*7*);* :
! G*7*);* : S ?'+#(+*$ +*, S ^%/4+*$
! G*7*);*
! G*7*);* :
! X%/03%#,
! D*,%/$
! C+2$&-
! e2/$(%3%*
! "#V/%&-'
! "*0%/
! a(&7%/),'
! ^/)$$
@
h)#7$V2*, F%2'$&-% e/(%0$0/+V%/32/$)/0% %9<9
@RS
! =m..%#
! 5+0*%/
! 6&-4(,
! e%##%/
! e2*(&7
! e+4.%/'
! 6'%(*%/
! C++'-
! `)-/
! _(%V%/'
! a%**%V%/0
! =+''%*
! 5(#,%*
! =%'%/$
B)'+V#K[ )2' )3 '-% SW -+*,;/(''%* %*'/(%$ '-%/% +/% f2$' S ;-(&- +/%
$233(>%, VK + ,($'(*&' -K.-%*Ue#(*0%/ +*, "#V/%&-'U+$ (3 ') (*,(&+'%
'-+' '-%$% ';) (*,(<(,2+#$ $')), )2' 3)/ /%+$)*$ *)' $.%&(3(%, (* '-%
#%,0%/ +*,o)/ '-+' '-%/% ;+$ $2..#%4%*'+/K (*3)/4+'()* &)*&%/*(*0
'-%4 #($'%, %#$%;-%/%9
5-) ;%/% '-% S ^%/4+*$ +*, S ?'+#(+*$ V2/(%, (* j2#K @TPYb 5-%/%
-+, '-%K V%%* )* 6&)''($- $)(# !)/ (* ;+'%/: ;-%* '-%K ;%/% 7(##%,b ?3
'-%K -+, V%%* (* 4(#('+/K $%/<(&% '-%* ') ;-(&- )3 '-%(/ /%$.%&'(<%
+/4%, 3)/&%$ -+, '-%K V%#)*0%,b a+, '-%K V%%* $+(#)/$b a); ,(, '-%K
,(%b 5-+' -+, '-%K V%%* ,)(*0 +' '-% '(4% '-%K ,(%,b
5-K ,(, '-% E5^E #%''%/ (* @TQS (*,% '-% ?'+#(+*$ 2*,%/ '-%
-%+,(*0 Z^%/4+* 5+/ F%+,b]
?* 3+&'[ ;-K %>-24% '-% ?'+#(+* .+(/ +' +## +$ .+/' )3 + ,($(*'%/4%*'
%>%/&($% &+//(%, )2' VK E5^E )$'%*$(V#K 3)/ '-% C'*.)+ ,%+, 3/)4 GH
IIb E)2#, '-% +2'-)/('(%$ -+<% 4+,% (' +*K .#+(*%/ '-+' '-%$% ';)
.%/$)*$ ;%/% &)**%&'%, ;('- %*%4K +&'(<('(%$ 2*,%/'+7%* (* 6&)''($-
;+'%/$ +*,o)/ )* 6&)''($- $)(#b
?* +,,/%$$(*0 '-%$% 12%$'()*$[ '-% BaX )V$%/<%, '-+' '-% V),(%$
4+K -+<% V%%* ;+$-%, +$-)/% 3)##);(*0 +* +&'()* '-+' -+, '+7%* .#+&%
;%%7$ V%3)/% +*, (' ;+$ 4%/%#K %>.%,(%*' ') ,($.)$% )3 '-% V),(%$ (* +
.#)' ./%<()2$#K .2/&-+$%, 3)/ '-($ .2/.)$%9 =%/-+.$ '-% BaX ,(, *)'
4+7% '-($ /%4+/7 $) $%%4(*0#K )33 '-% &233 +$ 3(/$' +..%+/$9
M+7(*0 +## '-% &(/&24$'+*&%$ ')0%'-%/[ '-% 4)$' )V<()2$ /%&%*'
+&'()*$ ,2/(*0 ;-(&- '-% 3)2/ (*,(<(,2+#$ !+*, a(,'+##+: &)2#, -+<% ,(%,
;%/% '-% ?$#% )3 ?$#+K[ ?$#% )3 X2'%[ E+//+,+#% X+K +*, M+(# )3 '-% X+*7
GHV)+' %<%*'$ )3 S@HSS B)<%4V%/ @TITU+&'()*$ '-+' &+* +&&2/+'%#K V%
@RI
'-%/%9 A*&% 4)/%[ ? ,/%; + V#+*79 "$ 3+/ +$ '-% D*0#($- )33(&(+#$ +/%
&)*&%/*%, /%&)/,$ )3 .%).#% ;-) ,(% (* 6&)'#+*,[ 3/(%*, +*, 3)% +#(7%[
$-)2#, V% -%#, (* 6&)'#+*,9
62V$%12%*'#K[ '-% 6&)''($- ^CA8$ D>'/+&' 6%/<(&%$ 6%&'()* $%*' 4%
+ #%''%/ (* ;-(&- (' $)20-' ') +$&/(V% ') '-% GHII ,%&%+$%, + $'+'2$ )3
Z$.%&(+# &(/&24$'+*&%[] +,,(*0 '-+' (' ($ ') V% +$$24%, !'-)20- 2*+V#%
') V+&7 2. ('$ +$$24.'()* ;('- &)//)V)/+'(<% ,)&24%*'+'()*: '-+' '-%
/%#%<+*' /%&)/,$ +/% -%#, (* ^%/4+*K9
5/(''%* ,%+'- /%0($'/+'()* ,%'+(#$ 3)/ '-% SI 4%* 3/)4 GHII -+<%
V%%* %>.2*0%, 3/)4 X/('($- )33(&(+# .2V#(& /%&)/,9 ^(<% '-+*7$ 3)/
$4+## 4%/&(%$ '-+' '-% &%4%'%/K ,%'+(#$ -+<% /%4+(*%, (*'+&'9 ?' ($ )*#K
VK <(/'2% )3 '-% .2V#(& +<+(#+V(#('K )3 '-%$% V2/(+# /%&)/,$ '-+' )*% 4+K
#%+/* +' +## +V)2' '-% f)(*' ./%$%*&% )3 "#V/%&-' +*, e#(*0%/ )* GHII9
a+<(*0 $'+'%, '-+' (' &)2#, 3(*, *) '/+&% (* ('$ /%&)/,$ )3 +*K )3 '-%
*+4%$ '-+' ? -+, 3)/;+/,%, 3)/ (*<%$'(0+'()* !? -+, $2..#(%, &).(%$ )3
'-% ^/%%*)&7 E%4%'%/K V2/(+#$ +*, E5^E %>-24+'()* #($': &#+(4(*0
Z$.%&(+# &(/&24$'+*&%[] '-% ^CA +,,$ '-+' (' $(4(#+/#K &+**)' 3(*, +*K
'/+&% )3 + 6(7- a(,'+##+ V2/(%, (* @TPY9
A*% &+**)' (4+0(*% '-+' '-% ,%+'- )3 + #)&+# ^/%%*)&7 /%$(,%*'
,K(*0 (* .)<%/'K ;)2#, -+<% *%&%$$('+'%, '-% 3#)2'(*0 )3 '-% #+;
$2//)2*,(*0 /%0($'/+'()*9 C%&)/,$ ;)2#, $'(## -+<% ') -+<% V%%* 4+,%
+*, .2' )* 3(#%9 N/)4 + /%+,(*0 )3 '-% 3+&'$ !+*, VK (*3%/%*&% 3/)4 '-%(/
+V$%*&%:[ )*% ,/+;$ '-% (*%<('+V#% &)*$()* '-+' a(,'+##+ ;+$ *)' )3
#)&+# $')&7 +*,[ (*$'%+,[ ;+$ + .+/'K ') '-% Z$.%&(+# &(/&24$'+*&%]
+$$)&(+'%, ;('- '-% ,%&%,%*'$ 3/)4 GHII9
M-% *+4% )/ ;)/, a(,'+##+ &+**)' V% 3)2*, 2*,%/ +*K $%+/&-
&+'%0)/K9 ?' +..%+/$ ') V% .2/% &)*&)&'()*9 M-% )*#K &#)$% /%$%4V#+*&%
'-+' -+$ V)'- ?*,(+* !6(7- V%(*0 a(*,( 3)/ ,($&(.#%: +*, 6&)''($-
&)**)'+'()*$ ($ '-% #('%/+/K &-+/+&'%/ a(,+##+9 ?* '-% @WQY$ 6&)''($- .)%'
j+4%$ `+&.-%/$)* .2V#($-%, ') 0/%+' +&&#+(4 '-% A$$(+* &K&#% )3
.)%4$ (* ;-(&- a(,+##+ ($ + $%/<+*' )3 + .);%/32# ?/($- &-(%3'+(*9 ?3 '-($
($ + .)$$(V#% $)2/&% )3 '-% *+4% 3)/ '-% ,%&%+$%, ;-K ;)2#, '-%
&)*&)&'%/ (* @TITH@TPY 0) )* ') &)4.#%'% -($ 3+V/(&+'()* VK &-))$(*0
'-% 0(<%* *+4% 6(7- ') 0) ;('- a(,'+##+b
?*'%/%$'(*0#K[ F)/)'-%+ E-+.#+(*S /%$%+/&-%, + *24V%/ )3 E%#')H
h%,(& &)**%&'()*$ (* 6&)'#+*,9 B%+/ ') AV+* )* "/0K## +*, X2'% ($
_)&- B%##[ ,%/(<%, 3/)4 _)&-H+HB%+#+U'-% _+7% )3 6;+*$9 E#)$% VK[
'-%/% ($ + $%/.%*'(*% 4)2*, ;-%/% -+#3H&/%4+'%, V)*%$ ;%/%
,($&)<%/%,9 _%0%*,$ +$$)&(+'% '-% V)*%$ ;('- '-% V2/(+#H.#+&% )3 A$$(+*
!+ *+4% ;-)$% %'K4)#)0K ($ /%#+'%, ') V)*%$ )/ $')*%$:9 E-+.#+(*
S
E-+.#+(* F9[ <)&&'*, <-&", )+6 I90*0&, #* P'2&0/ )+6 G0+6$ K0+?(, C(,%/ i E)[ @TIR
@RR
3#)+'(*0 +V)<% '-% ;+<%$9 M-%$% ;%/% %4V#%4$ )3 '-% "*&(%*' "/7
`+/(*%/$ ^2(#,[ + `+$)*(& V/)'-%/-)), )3 $-(.;/(0-'$ ;-) &)*$'/2&'%,
'-% 6&)''($- 6'9 E#+(/ 3+4(#K $-(..(*0 3#%%'9
M-% (4+0%$ '%## )3 '-% e*(0-'$ M%4.#+/$8 ';) -2*,/%, K%+/ -($')/K
3/)4 ('$ %+/#K ,+K$ (* j%/2$+#%4 +$ ./)'%&')/$ )3 .(#0/(4$ ') ('$ 3(*+#
3#(0-' ') 6&)'#+*, ;-%/% $2/<(<)/$ 3/)4 '-% N/%*&- 7(*08$ V#)),K
.)0/)4 $2V$%12%*'#K /%<%+#%, '-%(/ $%&/%'$ ') '-% ^2(#,4%*9
"0+(*$' '-% V+&70/)2*, )3 '-%$% %>&('(*0 '+#%$ )3 '/%+$2/% 4(0-'
'-%/% V% 4)/% ') '-% /24)2/$[ +3'%/ +##[ +V)2' + C+-*H6&)'#+*, $&%*+/()
)'-%/ '-+* F)*+#, e%##K8$ #(0-'-%+/'%, 4)<(% $&/(.' /%4+/7$b
`+K '-%/% V% + #(*7[ '))[ V%';%%* C+-* +*, '-% 2**+4%, ?'+#(+*$
V2/(%, (* ^/%%*)&7 (* '-% $244%/ )3 @TPYb
j2$' 7"# ;+$ '-% .%/$)* ;-)$% V),K 3%'&-%, 2. (* ^)2/)&7
$;(44(*0 .))# + 3%; ;%%7$ +3'%/ '-% M+(# )3 '-% X+*7 %<%*'b a+, '-($
(*,(<(,2+# V%%* )* GHII (* B)<%4V%/ @TIT[ %('-%/ -+<(*0 V)+/,%,
;-%* '-% $2V4+/(*% #%3' .)/' )/ V%%* '+7%* +V)+/, +' a%#0)#+*, )/
,2/(*0 )*% )3 ('$ &#+*,%$'(*% &+##$ +' ?$#+K[ X2'% )/ E+//+,+#%b
A/ ;%/% '-%K +* )&&2.+*' )3 + $.%&(+# $2V4+/(*% $-(%#,%, VK GHII
+$ (' +''%4.'%, +*, 3+(#%, ') 0+(* .+$$+0% '-/)20- '-% V))4 (*') '-%
E#K,% "*&-)/+0%b
a(,'+##+ ;+$ &)*$(0*%, ') + .+2.%/8$ 0/+<% )* I j+*2+/K @TPY[
./%&($%#K $(> ;%%7$ +3'%/ '-% %<%*'9 M-% '(4(*0 3('$9
?* '-% *%>' &-+.'%/ %33)/'$ ;(## V% 4+,% ') (,%*'(3K '-% -K.-%*+'%,
4K$'%/K 4%*U`%$$/$9 "#V/%&-' +*, e#(*0%/9
@RL
7"?F'#( 4Q4S4D
*)' V%%* 32##K /%3%/%*&%, )/ 4+,% +<+(#+V#% 3)/ .2V#(& /%<(%; VK 3)/24
,+'+V+$% +,4(*($'/+')/$9
GHRI ($ '-% )*#K GHV)+' )* ;-(&- V)'- + e#(*0%/ +*, +* "#V/%&-'
;%/% $%/<(*0 $(42#'+*%)2$#K9 6'A`+$&- !E-(%3 =%''K A33(&%/: j)$%3
"#V/%&-' !YP9YP9@TYW ') S@9YS9@TPY: ;+$ +V)+/, GHRI ;-%* (' ,%.+/'%,
2*,%/ a+/+#, ^/)$$% 3/)4 5(#-%#4$-+<%* )* S N%V/2+/K @TPY9
A`+$&-`' !=%''K A33(&%/ S*, E#+$$: 5+#'%/ e#(*0%/ !ST9YI9@T@P ')
S@9S9@TPY: ;+$ "#V/%&-'8$ &/%;4+'%9 GHRI -(' Q $-(.$ ,2/(*0 '-($
<)K+0% (*,(*0 '-% 6;%,($- I[TSWH')* Y)2)*m )* @S N%V/2+/K[ '-%
,+K '-+' GHII ;+$ $2*7 )33 "//+*9 "$ *)'%, (* E-+.'%/ T[ GHRI ;+$
$2*7 SI N%V/2+/K @TPY ;%$' )3 '-% A/7*%K$ +*, &2//%*' /%&)/,$ &+**)'
&)*3(/4 '-% %>+&' #)&+'()* +*, ,%.'- )3 '-% ;/%&79
N)/ &)4.#%'%*%$$[ ^%3/%('%/ 5+#'%/ e#(*0%/[ V)/* SY F%&%4V%/
@TSY[ ,(%, +#)*0 ;('- -($ V)+'4+'%$ 3/)4 GH@SS ;-)$% %>+&' ,+'% +*,
&+2$% )3 #)$$ /%4+(*$ 2*7*);*[ +#'-)20- '-% )*#(*% GHX))' 3)/24 #($'$
'-($ e#(*0%/ +$ #)$' +' $%+ )* @ j2#K @TPY9 GH@SS ,(, *)' 4+7% +*
).%/+'()*+# .+'/)# 2*'(# @Q `+K @TPY[ '-/%% 4)*'-$ +3'%/ GHII ;+$
$2*79 GH@SS ;+$ ,%&#+/%, 4($$(*0 V%';%%* '-% B)/'- 6%+ +*, '-% X+K
)3 X($&+K 3/)4 SS j2*% @TPY9
E)*$2#'(*0 GHV)+' %>.%/'$ ,(, #(''#% ') $-(*% #(0-' )* '-% "#V/%&-'H
e#(*0%/ .2cc#%[ %>&%.' ') /+($% + 3%; .)(*'$ )3 0%*%/+# (*'%/%$'9 ?' ;+$
/%4+/7%,[ 3)/ (*$'+*&%[ '-+' '-% e#(*0%/ )* GH@SS[ V%(*0 $(> K%+/$ )#,%/
'-+* '-% )*% ;-) $%/<%, )* GHRI[ ($ + 4)/% #(7%#K &+*,(,+'% 3)/
).%/+'()*$ )* 3)/%(0* $-)/%$9 M-($ ($ + <+02% )V$%/<+'()*[ ;-(&- ,)%$
#(''#% ') ./)0/%$$ '-% %*12(/(%$9
`%*'()* ;+$ 4+,%[ '))[ )3 '-% ;)/7 )3 /%$%+/&-%/ M(4)'-K
`2##(0+* ;-) -+$ %$'(4+'%, '-+' +$ 4+*K +$ R[YYY e/(%0$4+/(*%
.%/$)**%# /%&)/,$ +/% 4($$(*09 A*% )3 '-% /%+$)*$ 3)/ (*+&&2/+&(%$ ($
'-+' 4+*K /%&)/,$ ;%/% ,%$'/)K%, (* '-% #+$' ,+K$ )3 '-% ;+/[ %$.%&(+##K
V%3)/% (44(*%*' &+.'2/% +$ (* '-% &+$% )3 '-% GHV)+' V+$%$ (* N/+*&%9
A3'%* /%&)/,$ ;%*' 4($$(*0 V%&+2$% &/%;$ ;%/% $-233#%, +V)2' +$
*%%,%,9 `%* 4(0-' V% $%&)*,%, ') + ,(33%/%*' V)+' ;('- ./%$$(*0
.%/$)**%# /%12(/%4%*'$ (3 '-%(/ );* $2V ;+$ *)' K%' /%+,K ') #%+<% .)/'9
G*,%/ '-($ &(/&24$'+*&% (' ;)2#, -+<% V%%* 4)/% &)44)* 3)/ 4%*
V+$%, (* '-% $+4% #)&+'()* +*,o)/ +''+&-%, ') '-% $+4% N#)'(##+ ') -+<%
V%%* $2Vf%&' ') '-%$% 7(*,$ )3 #+$'H4(*2'% 4)<%4%*'$9
A*% $-)2#, +#$) *)'% '-% BaX8$ &)44%*' '-+' (' ($ +;+/% )3 +' #%+$'
';) &+$%$ ;-%/% GHV)+' /+'(*0$ ;%/% .2##%, 3/)4 '-% &/%; +' '-%
%#%<%*'- -)2/ !V)'- 3)/ -+<(*0 + '2V%/&2#+/ $-+,); )* '-% #2*0
-(0-#(0-'%, VK + /)2'(*% sH/+K:[ /%.#+&%, VK +*)'-%/ $+(#)/ 3/)4 '-%(/
GHN#)'(##% V2' *%<%/ ,%#%'%, 3/)4 '-% &/%; #($' +*,[ &)*$%12%*'#K[
@QS
5-+' +V)2' V%3)/% '-% @@'-b E)2#, GHII +*, GHRI -+<% 4%' +' +
.)(*' V%';%%* a%#0)#+*, +*, *)/'-%/* 6&)''($- ;+'%/$ V%';%%* '-% W'-
+*, '-% @Y'-b M-%/% ($ #(''#% ,)2V' '-+' '-%K -+, '-% )..)/'2*('K9 5%
7*);[ 3)/ (*$'+*&%[ '-+' GHII .+$$%, '-/)20- N+(/ ?$#% E-+**%# V%';%%*
A/7*%K +*, 6-%'#+*, ,2/(*0 '-% *(0-' )3 TH@Y N%V/2+/K9 " /%*,%c<)2$
(* '-($ 0%*%/+# +/%+ ;)2#, -+<% +##);%, V)'- GHV)+'$ ') '/+*$3%/
.%/$)**%# +*, '-%* 0)*% )* ') ,) ;-+' -($')/K /%&)/,$ '-%K ,(,UGHRI
$(*7(*0 '-% I+'(&'6 )* '-% @@'-[ 3)/ %>+4.#%[ +*, GHII &)*'(*2(*0 ;('-
('$ <)K+0% ') '-% N(/'- )3 E#K,%9
X2' (* '-($ $&%*+/()[ (//%$.%&'(<% )3 '-($ )/ '-+' ,+'% 3)/ .)$$(V#%
'/+*$3%/$ )3 $+(#)/$ 3/)4 GHRI ') GHII[ ;% +/% '+#7(*0 +V)2' ';) 4%*[
+#V%(' )3 $%*()/ /+*7 ;-)[ +#'-)20- *%&%$$+/K 3)/ '-% )<%/+## ).%/+'()*+#
%33(&(%*&K )3 + GHV)+' +' $%+[ ;%/% 2*#(7%#K ') -+<% -+, $2&- (4./%$$(<%
'%&-*(&+# +V(#('(%$ '-+' '-%K -+, ') V% '+7%* +V)+/, GHII ,2/(*0 + 4(,H
)&%+* %>%/&($%9
6'+K(*0 ;('- '-% $2Vf%&' )3 $7(##$[ (' -+$ V%%* $.%&2#+'%, '-+'
V%&+2$% (' ;+$ ') V% '-% 3(/$' '(4% '-+' '-% N(/'- )3 E#K,% ;+$ ') V%
4(*%, !GHIS -+<(*0 ./%<()2$#K $-(%, +;+K 3/)4 '-% '+$7: "#V/%&-' +*,
e#(*0%/ 4+K -+<% V%%* '%&-*(&(+*$ )* -+*, ') /%$)#<% +*K 4%&-+*(&+#
($$2%$ ;('- '-% *%; 4(*%$9 a);%<%/[ e/(%0$4+/(*% *+<+# '('#%$ ;%/%
$)4%'(4%$ <%/K #%*0'-K V%&+2$% '-%K +&&2/+'%#K ,%$&/(V%,[ 2$2+##K (*
f2$' )*% #)*0 ;)/,[ + $+(#)/8$ $.%&(3(& +..)(*'4%*'9
B%('-%/ "V#% 6%+4+* D,42*, "#V/%&-' 3/)4 GHSR *)/ '-% 4)/%
%>.%/(%*&%, .+(/ 3/)4 GHRI[ j)$%3 "#V/%&-' +*, 5+#'%/ e#(*0%/[ -+, '-%
'%##'+#% Z`%&-] ,%$&/(.'()* ;('-(* '-%(/ f)V '('#%$ ') (*,(&+'% '-+' '-%K
-+, %>.%/'($% (* ')/.%,) )/ +/'(##%/K 4%&-+*(&$9 `)/%)<%/[ '-% Z`+$&-]
$233(> 3)/ '-% .+(/ 3/)4 GHRI ,%*)'%$ %>.%/'($% (* %#%&'/(&$ +*,o)/
,(%$%#$[ ;-(&- 4%+*$ '-+' '-%K ;%/% +,%.' +' 3(>(*0 + GHV)+'8$ ,(%$%#
%*0(*% ./)V#%4$ V2' 3+/ #%$$ &)4.%'%*'[ (3 +' +##[ ') /%$)#<% &)4.#%>
42*('()*$ ($$2%$9
A* V+#+*&%[ '-% #+''%/ .+(/ &)2#, 1')(0=2- -+<% V%%* '-% "#V/%&-'
+*, e#(*0%/ +$$)&(+'%, ;('- GHII V2' (* #(0-' )3 '-% 3+&'$ (' ($ 2*#(7%#K9
`)/%)<%/[ (3 )*% +$$)&(+'%$ '-% V),(%$ +''(/%, (* (44+&2#+'% 2*(3)/4$
!;-(&- ;%/% $200%$'(<% ') )*#))7%/$ (* ^/%%*)&7 M);* a+## +$ V%(*0
4%4V%/$ )3 + Z$.%&(+# 2*(']: ;('- "#V/%&-' +*, e#(*0%/ !+*, '-%/% ($
%<%/K /%+$)* 3)/ ,)(*0 $):[ '-%* '-($ ;%+7%*$ +*K '-%)/K '-+' &)**%&'$
'-% .+(/ ;('- &)*$24.'(<% $+(#)/$ /%.#+&%, +' <%/K $-)/' *)'(&%[ '-%
-+*,K +V#% $%+4+* 3/)4 GHSR )/ ;('- '-% ';) ,(%$%# 4%&-+*(&$ 3/)4
GHRI9
?' -+$ V%%* /%4+/7%, '-+' ;-%* (' &+4% ') &-)(&% )3 ,/%$$ )* V)+/,
GHV)+'$ &/%;$ 0%*%/+##K ;)/% +## 7(*,$ )3 423'([ (*,(*0 (* $)4%
@QP
%,2&+'%, *+4%H4+7%/ ;+$ ^%/4+*n *)' f2$' +*K ^%/4+* V2' )*% ;-)
-+, 7*);#%,0% )3 '-% %>$(<% +*, /+/%3(%, &(/&#% +/)2*, a('#%/ ;-(&-
V%#(%<%, '-+' )&&2#'($4 ;+$ + <+#2+V#% ;%+.)* (* '-% ;+/ ') %$'+V#($-
'-% M-(/, C%(&-9
`)/%)<%/[ ;-%* )*% 3+&')/$ (* '-% 7%K .+/' .#+K%, VK ,(.#)4+'
"#V/%&-' a+2$-)3%/ !E-+.'%/ SY: (* '-% 2*)33(&(+# .%+&% ,($&2$$()*$
V%';%%* ^%/4+*K +*, X/('+(* V)'- 3)/ a('#%/ +*,[ +' 0/%+' .%/$)*+# /($7[
+0+(*$' -(4 ;% 4+K +../%&(+'% ;('- 7%%* (*$(0-' '-+' (* '-% *+4%$
"#V/%&-' +*, e#(*0%/ ;% +/% *)' f2$' 0(<%* 3)), 3)/ '-)20-' ') +$$%$$
'-% )Vf%&'(<%$ )3 GHII8$ &#+*,%$'(*% +0%*,+ V2' + $%<%*H&)2/$% V+*12%'9
M-% &)<%/ *+4%$ *%%, *)' -+<% V%%* +$$(0*%, ') '-% 4%* (*
^%/4+*K9 A*% &+* .(&'2/% + ,/+4+'(& V2' %*'(/%#K .#+2$(V#% $&%*+/() (*
;-(&- '-%$% 4%* ;%/% $) )V<()2$#K -(0- ./)3(#%[ '/+<%##(*0 ') X/('+(*
3)/ ').H$%&/%' .)#('(&+# .2/.)$%$ !.)$$(V#K %>.%&'%,[ (*<('%, %<%*:[ '-+'
'-%(/ ,%+'-$ ,%4+*,%, (44%,(+'% 4%+$2/%$ VK X/('($- $%&2/('K )33(&(+#$
') %*$2/% + V#+*7%' &)<%/H2.9 G*3)/'2*+'%#K[ '-)20-[ V),(%$ -+<% ') V%
V2/(%,[ *) 4+''%/ '-%(/ V+&70/)2*, +*, $)4%)*% -+$ ') &)4% 2. ;('-
*+4%$ 3)/ '-% 0/+<%4+/7%/$ +*, 3)/ V2/(+# +*, %>-24+'()* /%&)/,$9
M-($ $&%*+/() *%%, *)' $%%4 +$ 3+/3%'&-%, +$ (' 4(0-' 3(/$' +..%+/9 M-%
V/(%3 ,%$&/(.'()*$ )3 "#V/%&-' +*, e#(*0%/ '-+' -+<% &)4% ,);* ') 2$
,%.(&' 4%* ;-) ;%/% &#%+/#K 3+/ /%4)<%, 3/)4 '-% ,+K ') ,+K #(3% )3 +
e/(%0$4+/(*% )33(&%/ )/ /+'(*09 M-%K $4+&7 )3 -(0- +2'-)/('K +*, '-%
.2/$2(' )3 %>'/+)/,(*+/K +&'()*$9 M-% +V$%*&% )3 (,%*'(3(+V#% 4%* ,)%$
*)' ,(#2'% '-% 4K$'%/Kn )* '-% &)*'/+/K (' ,%%.%*$ ('9
?3 '-% 4+''%/ -+, '2/*%, )2' ') V% *) 4)/% '-+* +* +,4(*($'/+'(<%
4(>2. '-%* +* %$$%*'(+# %#%4%*' )3 '-% Z4K$'%/K )3 GHII] ;)2#, -+<%
$')..%, /(0-' -%/%[ &+$% &#)$%,9 X2' *)' )*% +4)*0 '-% WQ "#V/%&-'$
+*, e#(*0%/$ +''+&-%, ') <+/()2$ GHV)+'$ (* 55?? +*,[ (* .+/'(&2#+/[
*)*% )3 '-% .)$$(V(#('(%$ ./)3%//%, VK a%// X/%,); &+* V% &)*3(,%*'#K
4+'&-%, ') GHII9 M-% %<(,%*&% $'/)*0#K $200%$'$ '-+' '-%$% *+4%$
%('-%/ V%#)*0%, )/ ;%/% +$$(0*%, ') (*,(<(,2+#$ )3 -(0- /+*7 ') &)*&%+#
&)<%/' ).%/+'()*$9
N2/'-%/4)/%[ '-% +*+#K$($ )3 $2/<(<)/$ +*, ,%&%+$%, (*,(&+'%$ '-+'
-(,,%* +4)*0 '-% BaX8$ 3(02/%$ '-%/% ;+$ + .)$$(V#% '-(/, 2*/%&)/,%,
.+$$%*0%/ ;-)[ *)' 3%+'2/(*0 (* '-% <+/()2$ V2/(+# /%&)/,$[ #(<%, ') '%##
'-% %>'/+)/,(*+/K '+#% )3 GHII9 M-($ )*#K &)*$)#(,+'%$ '-% )<%/+## $&).%
+*, ,%.'- )3 '-($ .2cc#(*0 +33+(/9
?* '-% %+/#K ,+K$ )3 4K /%$%+/&-%$ ? .2' '-% 4+(* .)(*'$ )3 4K GHII
(*<%$'(0+'()*$ ') %>.%/'$ (* '-% `)F[ (*,(*0 '-% %4%/0(*0 3+&'$
+V)2' "#V/%&-' +*, e#(*0%/9 ?' ($ '(4% ') %>+4(*% '-% $2V$%12%*' &/($$H
&/)$$ )3 &)//%$.)*,%*&% 3)/ '-% )33(&(+# #(*% +V)2' '-% -($')/K )3 GHII9
@QW
7"?F'#( !H4QS4
%+/'- + 4%/% 3)2/ ,+K$ +3'%/ ,%+'- ') -+<% +&&%$$ ') '-% 4)$' +&&2/+'%#K
+<+(#+V#% /%&)/,$ (* '-% 3)/4 )3 .%/$)*+# V%#)*0(*0$[ &#)'-(*0[ .+.%/$
+*, $2/<(<)/$8 $'+'%4%*'$9 ^/%%*)&7 E%4%'%/K )33(&(+#$ &#%+/#K
(*,%, "#V/%&-' +*, e#(*0%/ (* ('$ (*'%/4%*' +*, V2/(+# /%&)/,$ +*,
$)[ ? +$7%,[ ;-) ;%/% '-%$% .%).#% +*, ;-K ;%/% '-%K *)' #($'%, (* '-%
)33(&(+# GHII &/%; &)4.#%4%*'b
M-% BaX &)*3(/4%, '-+' (' -+$ +&&%$$ ') ';) #($'$ )3 &+$2+#'(%$9 A*%
($ '-% #($' .2V#($-%, (* '-% 4+&'**#%)&0#+ #1 I$*505#*( !/%3J XC@TYW
v@YIw:[ +#$) +<+(#+V#% +' '-% X/('($- =2V#(& C%&)/,$ A33(&% 2*,%/
,)&24%*' /%3%/%*&% "F` @LQoLYR9 M-% )'-%/ ($ + #($' /%&%(<%, VK '-%
D='*?#..)+6# 6'* P*0'%(.)*0+' TDP<U 3/)4 '-% X/('($- ",4(/+#'K
;('-(* Q 4)*'-$ )3 GHII8$ $(*7(*09 M-($ #+''%/ ,)&24%*' ;+$ &+.'2/%,
VK +* "*0#)H"4%/(&+* 3)/&% +' '-% %*, )3 55??[ +#)*0 ;('- 4)$' )3
'-% /%$' )3 '-% ^%/4+* B+<K8$ +/&-(<% +' M+4V+&-9 M-% /%&)/,$ ;%/%
4(&/)3(#4%, (* _)*,)* V%3)/% V%(*0 /%'2/*%, ') ^%/4+*K9
BaX )33(&(+#$ /%4+/7%, 2.)* '-% ,($&/%.+*&(%$ V%';%%* '-% ';)
#($'$[ .)(*'(*0 )2' '-+' '-%K +/% %+$(#K %>.#+(*%, V)'- VK '-% ,(33%/%*&%
(* .2/.)$% V%';%%* '-%4 +*, VK '-% ,(33(&2#'(%$ )3 (,%*'(3K(*0 V),(%$
'-+' -+<% V%%* (* '-% ;+'%/ 3)/ $)4% #%*0'- )3 '(4%9 ?* '-% &+$% )3 GHII
*)*% )3 '-% 4%* ;-) ,(%, %('-%/ (* '-% ;+'%/ )/ (* '/+*$(' ') ^/%%*)&7
-+, V%%* (* '-% $%+ 3)/ 4)/% '-+* +* -)2/ )/ $)[ + .%/(), $233(&(%*' ')
V/(*0 +V)2' ,%+'- 3/)4 &)4.#(&+'()*$ &+2$%, VK '-% 3/%%c(*0 &)*,('()*$
V2' *)' *%+/#K #)*0 %*)20- ') V%0(* '-% ,%&)4.)$('()* ./)&%$$9 M-%
BaX %>.#+(*%, '-+' '-% &/%; #($'$ 0(<%* (* '-% 4+&'**#%)&0#+( #1
I$*505#*( +/% +#4)$' +#;+K$ (*&)4.#%'%[ /%4+/7(*0 3)/ %>+4.#% '-+' ('
;+$ )3'%* '-% &+$% '-+' '/+24+'(c%, $2/<(<)/$ $'/200#%, ') /%4%4V%/ '-%
32## *+4%$ )3 '-% ,%+,[ 0(<%* '-+' V)+'4+'%$ )3'%* 2$%, $2/*+4%$ )/
*(&7*+4%$ ') +,,/%$$ %+&- )'-%/[ '-%/%VK 4+7(*0 '-% /%&)##%&'()* )3
3(/$' *+4%$ ,(33(&2#'9
M-% #($' /%&)/,%, VK '-% DP< ($ +&&)4.+*(%, VK *)'%$ 0(<(*0 $)4%
32/'-%/ %>.#+*+'()*9 M-% *+4%$ )3 '-% $2/<(<(*0 )33(&%/$ ;%/% /%&%(<%,
SL `+/&- @TPY +*, '-)$% )3 '-% $2/<(<(*0 /+'(*0$ ;%/% /%&%(<%, @ "./(#
@TPY9 M-% *+4%$ )3 '-% &+$2+#'(%$ 3/)4 GHII V2/(%, (* ^/%%*)&7 ;%/%
*)' /%&%(<%, VK '-% DP< 2*'(# @Q "202$' @TPY9 M-% #($' (* '-%
4+&'**#%)&0#+ #1 I$*505#*( +..%+/%, (* `+/&- @TPYJ
Q/&' )* 3?&A?0'/#& /5 '"# B#F)(' Q/&' )* 3?&A?0'/#& /5 `(##5)39
)* @5'#(()<?'/)5 )* 2A(6/6)(& )* 7#=#'#(% ' /5 8A<A&' L[Ug ')
+,--b >AV0/3 B#3)(; C**/3# !"#$%&''()*& *#$
B#*Z#(#53# 8E$ L\Wh\gP K7)0Z +$,#-.'($,)# V% '"# 8;=/(?0'%b
8N B#*#(#53# >`---OP? K7)0Z TN
*) &)//%$.)*,(*0 *+4% "#V/%&-'
@W@
M-% BaX $'+'%, '-+' '-% $%/(%$ )3 &+$2+#'K #($'$ (* =^IISR+ ;%/%
,($/2.'%, $))* +3'%/ '-% &)4.(#+'()* )3 '-($ #($'[ $7(..(*0 3/)4 @Q
"202$' @TPY ') '-% +2'24* )3 @TP@ V%3)/% &%+$(*0 +#')0%'-%/[ $) '-%/%
;+$ *) .#+&% ') /%&)/, '-% /%$2#'$ )3 '-% (*<%$'(0+'()* &+//(%, )2' VK '-%
DP< +*, '-% 6%&)*, GHN#)'(##% (*') '-% .+/'(&2#+/$ )3 '-($ .%/$)*9
M-% #($' )3 &+$2+#'(%$ V+$%, )* '-% ?*'%//)0+'()* )3 62/<(<)/$
./)<(,%$ *+4%$ 3)/ SR ,%+,[ '-% *24V%/ )*% ;)2#, %>.%&' '-% $2/<(<(*0
$+(#)/$ 3/)4 GHII ') ('%4($% !$) 42&- 3)/ '-% BaX8$ /%4+/7 '-+'
(*'%//)0+'()* *24V%/$ +/% +#4)$' +#;+K$ (*&)4.#%'%:9 M-% 3(02/% )3 SR[
#%$$ P V),(%$ *)' /%&)<%/%,[ ($ 4+'&-%, VK '-% V2/(+#$ (* ^/%%*)&7
E%4%'%/K 3)/ '-% ,%+'-$ +4)*0 GHII8$ ?+#7+ &/%; .).2#+'()*9 A*%
;)2#, *)' %>.%&' $2/<(<)/$ ') )33%/ /%+,(#K ,%'+(#$ )3 '-)$% ;-) -+,
&)4% )* V)+/,[ ./()/ ') )/ ,2/(*0 + <)K+0%[ (* +* (*'%##(0%*&% &+.+&('K9
?' ($ 7*);* '-+' GHII $2/<(<)/$ ;)/7%, ') + &),% )3 $(#%*&% (*
%>&-+*0%$ ;('- '-%(/ &+.')/$9 6&-(##%/ ')#, F+<(, a%*,/K '-+' ,2/(*0
'-%(/ '(4% (* '-% e%*$(*0')* ,%'%*'()* &%*'/% !'-% Z_)*,)* E+0%]: GH
II8$ $2/<(<(*0 )33(&%/$ .+$$%, V%';%%* '-%4$%#<%$ + `)/$% &),%
4%$$+0% '-/)20- '-% .(.%$J Z^(<% *+4% +*, /+*7 )*#K9]
M-% *+4%$ (* E)#24* " +/% '-%/%3)/% )*% -2*,/%, .%/&%*' &)//%&'
(* '%/4$ )3 '-% 4%4V%/$ )3 '-% )33(&(+# &/%; &)4.#%4%*' )* GHII ;-)
,(%,9 ?* &)*'/+$'[ '-% ,%'+(#$ (* E)#24* X ./%.+/%, VK '-% X/('($-
+2'-)/('(%$ 3)/ '-% DP< &)*'+(* *24%/)2$ %//)/$9 E)4.+/(*0 #(7% ;('-
#(7% !E)#24* " ;('- X:[ (' (*%>.#(&+V#K )4('$ =+2# C+2$&- 3/)4 '-)$%
V2/(%, (* ^/%%*)&79 ?' (*,%$ `+> 6&-(##%/ ;-%* + 12(&7 &/)$$H&-%&7
;('- '-% ?*'%//0)0+'()* )3 62/<(<)/$ /%&)/,$ ;)2#, -+<% &)*3(/4%, -%
;+$ +4)*0 '-% #(<(*09 ?' '-%* 42,,#%$ =%'%/$ +*, e#(*0%/9 ?3 '-%$%
%//)/$ +/% &)//%&'%, '-% ')'+# +4)*0 '-% E)#24* X *+4%$ 3)/ '-)$%
V2/(%, +' ^/%%*)&7 V%&)4%$ SY (* +&&)/,+*&% ;('- '-% *+4%$ ./)<(,%,
VK ?*'%//)0+'()* )3 62/<(<)/$9
M) &)4.#%'% '-% /%&)*&(#(+'()* 3)/ E)#24* X +0+(*$' '-% $2/<(<)/$8
#($' (* E)#24* " )*% 42$'J +,, V+&7 C+2$&- +*, '-% P V),(%$ *)'
/%&)<%/%,[ /%'+(* =%'%/$ +*, ,%#%'% 6&-(##%/[ V/(*0(*0 '-% ')'+# ') SR
4+'&-(*0 '-% ?*'%//)0+'()* )3 62/<(<)/$ C%.)/'9 E)#24* X8$ /%3%/%*&%$
') "#V/%&-' +*, e#(*0%/ /%<%+# '-+' '-% ",4(/+#'K )33(&(+#$ ;-) ,/%; 2.
'-% #($' 3)/ DP< ;%/% ./)V+V#K 2*+;+/% )3 '-% $(0*(3(&+*&% '-+' ;)2#,
%4%/0% +V)2' '-% .+(/ +*,[ -%*&%[ )3 '-% *%&%$$('K ') %>%/&($% &+2'()*
V%3)/% (*,(*0 '-%(/ *+4%$ (* ,)&24%*'+'()* 3)/ %>'%/*+# &(/&2#+'()*9
N(*+##K[ ;-%* )*% ,)%$ +,, "#V/%&-' +*, e#(*0%/ (*') '-% %12+'()* '-%
')'+# ,%&%+$%, V%&)4%$[ &)//%&'#K[ SW9 M-% 3)##);(*0 '+V#% &)4.+/%$ '-%
^/%%*)&7 E%4%'%/K[ E5^E +*, ",4(/+#'K #($'$[ ('%4($(*0
,($&/%.+*&(%$ +*, -(0-#(0-'(*0 &)44%*'$ +*, 12%$'()*$J
7)((#&F)5;/5< 7H`7 #5'(/#& /5 /'&
0#''#( ?5; ?''?3"=#5'& ') `(##5)39 )* Q/&' )* 3?&A?0'/#& VA(/#; /5 `(##5)39
`(##5)39 7#=#'#(% -g C3')V#( L[WO *)( '"# #f"A=?'/)5 7#=#'#(%]' ') !+/ V% T(/'/&"
K/5 )(;#( )* 0#;<#( #5'(%N ?5; (#,VA(/?0 )* OM V);/#& 8A'")(/'/#&b 8;=/(?0'% (#* >`---OP? 7)==#5'&
e#(*0%/ G*7*);*
X%/03%#, a+*$ X%/03%#, X%/03%#,
5%/*%/ D*,%/$ 5%/*%/ =+2# D*,%/$ D*,%/$[ 5%/*%/
5-K ,(, ",4(/+#'K #($' ') DP< )4('
C+2$&- =+2# C+2$&- C+2$&-b
e2/$(%3%* a%(*/(&- e2/$(%3%* e2/$(%3%*
"#V/%&-' "#V/%&-' "#V/%&-'
"*0%/ =+2# "*0%/ =+2# "*0%/
a(&7%/),' ",+#V%/' a%&7%/),' a%&7%/),'
^/)$$ e+/# ^/)$$ ^/)$$
_%).)#, =m..%# _%).)#, =m..%# =m..%#[ _%).)#,
_2,;(0 5+0*%/ _2,;(0 5+0*%/ 5+0*%/[ _2,;(0
E-/($'(+* 6&-4(, E-/($'(+* 6&-4(, 6&-4(,[ E-/($'(+*
e%##%/ 5%/*%/ e%##%/ e%##%/
5(#-%#4 5(#,%* 5(#-%#4 5(#,%* 5(#,%*[ 5(#-%#4
=+''%* D/(&- =+''%* =+''%*
E5^E &)//%&'(*0 6&-(##%/ %//)/ (*
6&-(##%/ T("#$26 =' i'&'*(U e+/#Ha%(*c =%'%/$ e#(*0%/ )/ =%'%/$ ^/%%*)&7 #%,0%/ +,,(*0 =%'%/8$ *+4%
5+#'%/ e2*(&7 5+#'%/ e2*(&7 e2*(7[ 5+#'%/
e+4.%/' a%(*/(&- e+4.%/' e+4.%/'
6'%(*%/ 5(##(V+#, 6'%(*%/ 6'%(*%/
a%/V%/' C2+'- a%/V%/' C++'- C++'-[ a%/V%/'
a%(*c `)-/ a%(*c e+/# `)-/ `)-/[ a%(*c
BaX8$ #%''%/ &)*3(/4$ '-($ ;+$ +
6&-(##%/ 4($'+7%
a%(*/(&- _(%V%/' a%(*/(&- D9 _(%V%/' _(%V%/'[ a%(*/(&-
a%**%V%/0 ^2$'+< a%**%V%/0 a%**%V%/0
O- KF0A& '"# U A55?=#; @'?0/?5& ?5;
O- OL K#f30Z 23"/00#(N
`#(=?5&N
@WI
@WP
GHX)+' )33(&%/$ +' ^/+<%*$-2/$' &+4.[ E+*+,+9 E)44+*,%/ 5%/*%/ _)'' !GHIR: ($ R'-
3/)4 #%3'9 E-(%3 D*0(*%%/ N/(%,/(&-HD/*$' 6&-(##(*0 !GHII: ($ W'- 3/)4 #%3'
@WQ
7"?F'#( !.@B!44D
7?F'?/51& Q)<
G#7 .)+- %##62- /*')&$*'( )*' &"'*' "'*'g
4 ")5' %*')& /#.1#*& 1*#. &"0( 1'22#7H .'&"0+?( "'
")&" +# 6*#7+0+% .)*? $9#+ "0.
GHII8$ *%4%$($n
! *)*H&)4.#(+*&% ;('- /(0(, ).%/+'()*+# /2#%$ '-+' 2#'(4+'%#K #%, ')
'-% $%(c2/% )3 D*(04+ .+/'$[ +* 2*/%$)#<%, 4K$'%/K &)4.)2*,%,
VK *%; /%<%#+'()*$ 3/)4 GHII $2/<(<)/ `+> 6&-(##%/8$ 3+4(#K +V)2'
'-% /)#% )3 N/(%,/(&- e24.3 (* '-% 4+''%/9 ?3 '-% D*(04+ .+/'$ ;%/%
*)' 3)2*, )* e24.3 '-%* -); ,(, '-% C)K+# B+<K /%'/(%<% '-%4b
5%/% '-%K 3/)4 GHII +' +##b 5-+' ;+$ '-% B+<K /%+##K $%+/&-(*0
3)/ (* '-% ./)#)*0%, ,(<(*0 ).%/+'()* 2*,%/'+7%* +3'%/ GHII8$
$(*7(*0b
! )'-%/ /%4+/7$ 4+,% )<%/ '-% K%+/$ VK 6&-(##%/[ (* .+/'(&2#+/
$'+'%4%*'$ '-+' +,,%, ') '-% 7*);* 3+&'$ +*,o)/ &)*'/+,(&'%, '-%
)33(&(+# #(*%[ (*,(*0 $'+'(*0 '-+' GHII ;%*' 2. ') '-% E#K,%
"*&-)/+0% ,2/(*0 ('$ S*, .+'/)#[ '-%/%VK ./)<(,(*0 *%; #(*%$ )3
/%$%+/&- %*12(/K +*, 3/%$- +<%*2%$ 3)/ +/024%*' +*, +*+#K$($n
! 12%$'()*$ +V)2' '-% '/2% *24V%/ )3 .%).#% )* )/ +$$)&(+'%, ;('- GH
II +*, '-% $2/<(<)/ o ,%&%+$%, $'+'($'(&$n
! /(,,#% )3 '-% 4K$'%/K 4%*U"#V/%&-' +*, e#(*0%/U+*, '-%
,/+;(*0 )3 + V#+*7[ %<%* ;('- a%// X/%,);8$ 3(/$'H/+'% -%#.[ (*
($)#+'(*0 '-%(/ $.%&(3(& (,%*'('(%$ 3/)4 + $'2,K )3 +## .)$$(V#%
e/(%0$4+/(*% .%/$)**%# ;-) V)/% '-%$% $2/*+4%$9 5%/% '-% &)<%/H
2. *+4%$ &)*&)&'%, VK +* %>&%.'()*+##K ;%## &)**%&'%, ^%/4+*
./%$%*' (* X/('+(* (* '-% %+/#K 4)*'-$ )3 '-% ;+/b
! $')/(%$ '-+' V%0+* ') %4%/0% (* @TLR (* '-% .+0%$ )3 '-% K)*%( )+6
<0229#*& >''?2- L'7([ ;-(&- /%3%//%, ') *)' )*% V2' ') ';) GHV)+'
%>&2/$()*$ ,%%. (*') '-% N(/'- )3 E#K,% (* '-% %+/#K 4)*'-$ )3
55??n
! $2V$%12%*' %#+V)/+'()* )3 '-%$% +&&)2*'$ '-+' .)$('(<%#K (,%*'(3K GH
II +$ '-% $2V4+/(*% '-+' #+*,%, 4%* )33 E+//+,+#% X+K (*
B)<%4V%/ @TIT V%3)/% 0)(*0 )* #+'%/ '-+' +2'24* ,+K ') %*'%/ '-%
E#K,% "*&-)/+0% (* '-% $-+,); )3 '-% ?/($- '/+*$.)/'%/ '-% E#-)2
Q2(&'*.)+n
! '(4%H;('*%$$ +*, 3+4(#K +*, 3/(%*, ,%$&/(.'()*$ '-+' (,%*'(3K GHII
+$ '-% %*%4K $2V4+/(*% '-+' #+*,%, 4%* +*, .%/3)/4%, '+$7$ $2&-
+$ $-%%. /2$'#(*0 +*, ;+'%/ &)##%&'()* )* '-% ?$#%$ )3 ?$#+K +*, X2'%
+/)2*, '-% '(4% )3 '-% E+//+,+#% +*, M+(# )3 '-% X+*7 %<%*'$n
! $%%4(*0#K (4.)$$(V#% '+$7 !&)*$(,%/(*0 '-% +/4+,+ )3 +&'()*H/%+,K
X/('($- <%$$%#$ )* -+*,: )3 GHII .+$$(*0 (*') +*, )2' )3 '-% E#)&-H
F2*))* ,%3%*&% V))4 )* '-% *(0-' )3 SS B)<%4V%/ @TIT[
2*$&+'-%, !)/ /%#+'(<%#K 2*$&+'-%,:[ ') 7%%. ('$ ,%+,#K +..)(*'4%*'
;('- '-% A#*?$. (* '-% A/7*%K$ )* '-% 3)##);(*0 ,+K9 F(, ('[ (*
3+&'[ 7%%. (' +' +##b
@WL
>8B! !.B44
+,TC8!
2>47@8Q
$@22@CD2
@TR
7"?F'#( IC+B!44D
N+/ 3/)4 ,(4(*($-(*0[ '-% $(c% )3 '-% GHV)+' 3#%%' (* '-% %+/#K
4)*'-$ )3 @TPR ;+$ (*&/%+$(*0[ /%+&-(*0 ('$ .%+7 $'/%*0'- )3 PQI
$2V4+/(*%$ (* `+/&- )3 '-+' K%+/9 "3'%/ ^%/4+*K $2//%*,%/%, (* `+K
@RT GHV)+'$ 0+<% '-%4$%#<%$ 2. ') '-% "##(%$ V2' + 32/'-%/ SYI ;%/%
$&2''#%, VK '-%(/ &/%;$9 XK @Y j2*% @TPR ;-%* +* 2*4+/7%, ^%/4+* GH
V)+' $2//%*,%/%, ') '-% "/0%*'(*% B+<K '-% ;-%/%+V)2'$ )3 '-% )'-%/
@YY GHV)+'$ ;+$ $'(## + 4K$'%/K9 ^/+,2+##K[ + *24V%/ V%0+* ') +..%+/
-%/% +*, '-%/% V2'[ 2#'(4+'%#K[ '-%/% ;%/% $'(## 4)/% '-+* PY
2*+&&)2*'%, 3)/9 XK +*, #+/0% -($')/(+*$ '%*, ') 0#)$$ )<%/ '-% 12%$'()*
)3 '-% 4($$(*0 GHV)+'$9 X2' ;-%/% ;%/% '-%Kb
" $2$.(&()* 0/%; '-+' '-% 4($$(*0 GHV)+'$ ;%/% .+/' )3 +* "*'+/&'(&
.2cc#% '-+' X/('+(* -+, V%%* .(%&(*0 ')0%'-%/ $(*&% `+/$-+## a%/4+**
^m/(*0 $%*' E+.'+(* "#3/%, C('$&-%/ )* + .)#+/ 4($$()* (* @TIL9 5('-
X/('+(*8$ ?*'%##(0%*&% *%';)/7 ./)<(,(*0 <(/'2+##K +## '-% (*3)/4+'()* ')
('$ +##(%$ <(+ '-% D*(04+ 4+&-(*% +*, ('$ (44%*$% D2/).%+* $.K
*%';)/7[ + .(&'2/% $#);#K V%0+* ') %4%/0%9
5-%* GHV)+'$ ;%/% &+.'2/%, )33 '-% $)2'-%/* &)+$' )3 6)2'-
"4%/(&+[ 4(*2$ '-%(/ &)44+*,(*0 )33(&%/$[ (' ;+$ +$$24%, +' 3(/$' '-+'
'-%K -+, ,/)..%, )33 '-% )33(&%/$ (* "/0%*'(*+ '-%* 0)*% )33 (* +*)'-%/
,(/%&'()* ') -(,% '-% #)&+'()* ;-%/% '-%K -+, V%%* ,($%4V+/7%,9 X2' '-%
GHV)+' &/%;$ $+(, $)4%'-(*0 ,(33%/%*'9 X(c+//%#K[ 4+*K /%.)/'%, '-+'
'-%K -+, #+*,%, '-%(/ )33(&%/$ (* +* 2*,%/0/)2*, V+$% (* "*'+/&'(&+[
;-(&- '-%K -+, %*'%/%, 3/)4 V%*%+'- '-% (&%H$-%#39
" $'/)*0 &)*'%*,%/ 3)/ '-% #)&+'()* )3 '-% "*'+/&'(& V+$% ;+$ + .+/'
)3 O2%%* `+2, _+*,[ ZB%2H6&-;+V%*#+*,[] &#+(4%, VK ^%/4+*K
V%';%%* @TIL +*, @TPR9 M-% C%(&- -+, -+, + ./()/ (*'%/%$' (*
"*'+/&'(&+ 3)/ 4+*K K%+/$ V2' (* @TIL '-($ (*'%*$(3(%, ;('- '-%
4)2*'(*0 )3 +* +(/ +*, $%+ %>.%,('()* ;-)$% .2/.)$% ;+$ ') &#+(4
.)$$%$$()* )3 + -20% .)/'()* )3 '-% $2V&)*'(*%*' (* '-% *+4% )3 '-%
@TW
M-% /%0()* ;+$ *+4%, +3'%/ 6;+V(+[ )*% )3 '-% )/(0(*+# ,2&-(%$ )3
'-% ^%/4+* e(*0,)49 6;+V(+ ;+$ -)4% ') '-% .);%/32# a)-%*$'+23%*
FK*+$'K[ ;-(&- /2#%, '-% a)#K C)4+* D4.(/% (* '-% @S'- +*, @I'-
&%*'2/(%$9 N/%,%/(&7 X+/V+/)$$+ ;+$ '-% 0/%+'%$' )3 '-% a)-%*$'+23%*
7(*0$ +*, + ;(%#,%/ )3 '-% a)#K _+*&% !E-+.'%/ @Q:9 ?' ($ &#+(4%, '-+'
a('#%/ V%#(%<%, -% ;+$ + /%(*&+/*+'()* )3 X+/V+/)$$+9 a% *+4%, )*% )3
-($ -)2$%$ +3'%/ -(4 +*, ,2VV%, '-% (*<+$()* )3 C2$$(+ A.%/+'()*
X+/V+/)$$+9
X(c+//%#K[ ",)#3 a('#%/ ;+$ 3+$&(*+'%, VK + V%#(%3 '-+' -+, 0+(*%,
&)*$(,%/+V#% &2//%*&K +4)*0 '-% xB%; "0%8 3+,,($'$ )3 '-% ,+K
!(*,(*0 (*3#2%*'(+# 4%4V%/$ )3 '-% M-2#% 6)&(%'K: '-+' '-% %+/'- ;+$
-)##);9 M-% '-%)/K -%#, '-+' '-% %*'/+*&%$ (*') (**%/ %+/'- ;%/% +' '-%
B)/'- +*, 6)2'- =)#%$ !'-% 42&- <+2*'%, Z-)#%$ +' '-% .)#%$]: 3/)4
;-(&- )*% &)2#, '/+<%# ') '-% 4K'-(&+# #+*, (* '-% %+/'-8$ &%*'/% &+##%,
"0+/'-([ ;-)$% /%$(,%*'$ ;%/% $2/<(<)/$ 3/)4 '-% #%0%*,+/K
+*'%,(#2<(+* #+*, )3 aK.%/V)/%+U'-% /%+#4 )3 '-% )/(0(*+# "/K+*$9
A* @L j2#K @TPR *%;$.+.%/$ +/)2*, '-% ;)/#, ;%/% V%+/(*0
@TL
F2/(*0 '-% %>.%,('()* $%<%/+# (&%H3/%% /%0()*$ ;('- #+7%$ +*, $(0*$
)3 <%0%'+'()* !4)$'#K #(&-%* +*, 4)$$: ;%/% 3)2*, (* '-% '%//(')/K8$
(*'%/()/9 M-% %>.%,('()*8$ 0%)#)0($'$ $+(, '-+' '-($ .-%*)4%*)* ;+$ ,2%
') -)' $./(*0$ )/ ') )'-%/ 0%)'-%/4+# $)2/&%$9 M-($ ,($&)<%/K[ (' ($
&#+(4%,[ #%, C%(&-$3r-/%/H66 a%(*/(&- a(44#%/ ') ,/+; 2. + .#+* ')
V2(#, + .%/4+*%*' V+$% (* "*'+/&'(&+9
G*,%/ '-% &)44+*, )3 E+.'+(* a%(*/(&- X/),,+ GHSYT ($ $+(, ')
-+<% 4+,% + '/(. ') "*'+/&'(&+ (* @TPS ') %>.#)/% <+/()2$ (&% &+<%/*$
,($&)<%/%, ,2/(*0 ",4(/+# C('$&-%/8$ @TIT %>&2/$()*9 A*% )3 '-%
&+<%/*$ (*<%$'(0+'%, ;+$ 3)2*, ') ') &)*'+(* +* (44%*$% -)#% $.+**%,
VK + V/(,0% )3 %4%/+#, 0/%%* (&%[ ;-(&- +..%+/%, ') V% V)'')4#%$$9 "
*24V%/ )3 '2**%#$ ;%/% $%%* ') #%+, (*') '-% ,%.'-$ )3 '-% 4)2*'+(*
3/)4 ;-(&- %4+*+'%, $'/+*0% ;-($.%/(*0 $)2*,$ /%$%4V#(*0 -24+*
<)(&%$9
E)#)*%# a);+/, "9 X2%&-*%/[ '-% 3(/$' "4%/(&+* .-K$(&(+* ') %*'%/
F+&-+2 (* `+K @TPR[ ;/)'%@ '-+' (* @TPI GHQST[ &)44+*,%, VK
A_'9c96 a+*$Ha%#42'- X20$[ '/+<%##%, ') "*'+/&'(&+ ') V2(#, +
.%/4+*%*' %*'/+*&% ') '-% D4%/+#, E+<% ;('- $.%&(+# &)#,H/%$($'+*'
4%'+#9 =%/-+.$ + $2&&%$$32# )2'&)4% ') '-($ 4($$()* ./)4.'%, Fm*('c ')
$'+'% (* @TPIJ ZM-% ^%/4+* $2V4+/(*% 3#%%' ($ ./)2, )3 -+<(*0 V2(#' 3)/
'-% Nr-/%/[ (* +*)'-%/ .+/' )3 '-% ;)/#,[ + 6-+*0/(H_+ )* #+*,[ +*
(4./%0*+V#% 3)/'/%$$9] X2%&-*%/ +#$) 4%*'()*$ 2*$2V$'+*'(+'%, $')/(%$
)3 $%<%/+# 3)##); 2. $2V4+/(*% 4($$()*$ (* @TPSH@TPR ,2/(*0 ;-(&- +
$%&)*, X%/&-'%$0+,%* ;+$ &)*$'/2&'%, $)4%;-%/% )* "*'+/&'(&+9 a%
4+7%$ /%3%/%*&%[ '))[ )3 + GHV)+' %>&2/$()* ') M(%//+ ,%# N2%0) ;-%/% +
/%.#(&+ )3 a('#%/8$ X%/0-)3 ;+$ V2(#'9
N)/ 4)/% '-+* $(>'K K%+/$ /24)2/$ +V)2' +* "*'+/&'(& V+$%
&),%*+4%, Z6'+'()* S@@] -+<% %>&('%, -($')/(+*$ +*, /%$%+/&-%/$9
6)4% /%$%+/&-%/$ &#+(4 '-+' a('#%/8$ ,%.2'K[ C2,)#3 a%$$[ ;+$
%*'/2$'%, ;('- &))/,(*+'(*0 '-% %33)/' ') V2(#, 6'+'()* S@@9 `)$' )3 '-%
/24)2/$ +0/%% '-+' 6'+'()* S@@[ (3 (' /%+##K %>($'%,[ ;+$ #)&+'%, (*$(,% +
./)4(*%*' (&%H3/%% 4)2*'+(* (* '-% `2-#(0Ha)34+** `)2*'+(*$ )3
B%2H6&-;+V%*#+*,9
?* @TPQHPW ",4(/+# XK/, 4+K -+<% $%+/&-%, 3)/ 6'+'()* S@@9 M-%
./)$.%&' )3 .)$'H;+/ ^%/4+*K %$'+V#($-(*0 + $%&/%' 2*,%/0/)2*, V+$% (*
"*'+/&'(&+ ;+$ )3 $2&- &)*&%/* '-+' (* @TPW ",4(/+# XK/, #+2*&-%,
ZA.%/+'()* a(0- j24.9] A$'%*$(V#K[ '-($ ;+$ + 4+$$(<% '/+(*(*0
%>%/&($% ') 3+4(#(+/($% G969 3)/&%$ ;('- &)#,H;%+'-%/ ;+/3+/%9 XK/, -+,
+' -($ ,($.)$+# P[WYY 4%*[ @I $-(.$ !(*,(*0 +* +(/&/+3' &+//(%/[ +
@
X%2&-*%/ E)#)*%# a);+/, "9[ X%/*-+/' E+.'+(* 59[ :6#21 G0&2'* )+6 &"' I'/*'&( #1
&"' G#2- K)+/', M-2*,%/V(/, =/%$$ ?*&[ `%'+(/(%[ _)2($(+*+[ @TLT
SYY
)3 '-% 0/%+' (&% +0%$9] a% ,%$&/(V%, '-% ,($&)<%/K +$ ZVK 3+/ '-% 4)$'
(4.)/'+*' $) 3+/ +$ '-% .2V#(& (*'%/%$' ;+$ &)*&%/*%, )3 '-% %>.%,('()*9]
M-%/% +/% %#%4%*'$ -%/% 4(*,32# )3 D,0+/ C(&% X2//)20-$8 &#+$$(& $')/K
Z!"' K)+6 &")& !0.' Z#*%#&[] (* ;-(&- + j2/+$$(& *(0-'4+/% &)*3/)*'$
'-% &/%; )3 N(/$' 5)/#, 5+/ GHV)+' II ;-%* (' $2/3+&%$ (* + #+0))* )*
'-% 2*&-+/'%, ($#+*, )3 E+./)*+9
M-% )33(&(+# /%&)/, )3 '-% XK/, 4($$()*$ +..%+/$ (**)&2)2$ K%'
'-%/% -+<% V%%* .%/$($'%*' /24)2/$ )3 <()#%*' V+''#%$[ #+/0%H$&+#%
&+$2+#'(%$[ .#+*%$ $-)' ,);* +*, 4)/%9 XK/,8$ #)0 %*'/K 3)/ + 3#(0-'
4+,% )* @T N%V/2+/K @TPW /%.)/'%,#K &)*'+(*$ $%*$+'()*+# /%4+/7$[
+4)*0 '-%4 J Z"-%+, ;% $.)' ;-+' $%%4$ ') V% + &('K] +*, Z4K ^),[
)33 )2/ .)/' +*, $'+/V)+/, ;(*0$ +/% + $'/+*0% 'K.% )3 +(/&/+3'\'-%K +/%
&#)$(*0 /+.(,#K\'-%K8/% ,($&H$-+.%,\;('- 6;+$'(7+ 4+/7(*0$9]
"&&)/,(*0 ') (*<%$'(0+')/ "#+* F%5+#')* ",4(/+# XK/, $'+'%, (* +
./%$$ &)*3%/%*&% '-+' '-% "*'+/&'(& &)*'(*%*' $-)2#, V% $2//)2*,%, VK +
Z;+## )3 ,%3%*&% (*$'+##+'()*$ $(*&% (' /%./%$%*'%, '-% #+$' #(*% )3
,%3%*&% 3)/ "4%/(&+9] "*)'-%/ &#+(4 4+,% VK (*<%$'(0+')/$ ($ '-+' )*
-($ /%'2/* ') '-% G969"9 ",4(/+# XK/, 3#%; (*') + /+0% (* 3/)*' )3 '-%
=/%$(,%*' +*, j)(*' E-(%3$ )3 6'+33[ 2/0(*0 '-+' "*'+/&'(&+ V% '2/*%, (*')
+ '-%/4)*2&#%+/ '%$' /+*0%9
M-% 12%$'()* -+$ V%%* .)$%, '-+' (3 '-% "*'+/&'(& +&&)2*'$ +/% #(''#%
4)/% '-+* ;(#, '+#%$ '-%* ;-K ,(, E+.'+(* C(&-+/, a9 E/2c%*[ '-%
).%/+'()*+# &)44+*,%/ )3 '-% %>.%,('()*[ )/,%/ ('$ +V/2.' %*, +3'%/ f2$'
%(0-' ;%%7$ ;-%* '-%K -+, %*)20- ./)<($()*$ 3)/ $(> ') %(0-' 4)*'-$ (*
'-% .)#+/ /%0()*b ?* ",4(/+# XK/,y$ );* ;)/,$ !./%$$ /%#%+$% )3 @S
B)<%4V%/ @TPQ: Z'-% 4($$()* ;+$ x./(4+/(#K )3 + 4(#('+/K *+'2/%98 ]
XK/, +#$) $.)7% )3 Z3#K(*0 )Vf%&'$ '-+' &)2#, 3#K 3/)4 .)#% ') .)#% +'
(*&/%,(V#% $.%%,$] !O2 <'*/$*0#[ R `+/&- @TPWU",4(/+# XK/,
(*'%/<(%;%, VK _%% <+* "''+:9
F2/(*0 '-% .%/(), V%';%%* @TRQ +*, @TQY + B)/;%0(+* %>.%,('()*
4+..%, 4)$' )3 O2%%* `+2, _+*, 3/)4 #+*, $2/<%K$ +*, +(/ .-)')$9
C%4+/7+V#K[ '-%K ,(, 3(*, +* (&%H3/%% 4)2*'+(* '-+' 4+'&-%, '-%
,%$&/(.'()* )3 '-% )*% (* '-% 6'+'()* S@@ /24)2/$9 M-%K &+##%, ('
6<+/'-+4+/%* !'-% V#+&7 -+44%/:9 M-% $('% -+$ V%%* ,%$(0*+'%, +*
"*'+/&'(& 6.%&(+##K =/)'%&'%, "/%+ +*, 6('% )3 6.%&(+# 6&(%*'(3(&
?*'%/%$' 2*,%/ '-% "*'+/&'(& E)*$%/<+'()* "&' )3 @TWL9 ?' ;+$ #($'%, +$
+* Z%>&%.'()*+# *+'2/+# /%$%+/&- #+V)/+')/K 3)/ )/*('-)#)0(&+# /%$%+/&-
)* '-% "*'+/&'(& .%'/%#[ $*); .%'/%# +*, $)2'- .)#+/ $72+ +*, '-%(/
+,+.'+'()* ') V/%%,(*0 (* '-% (*#+*, o (*'%/()/ )3 "*'+/&'(&+9] "&&%$$ ($
#(4('%, ') + -+*,32# )3 $.%&(+##K $%#%&'%, $&(%*'($'$9
j+4%$ C)V%/'[ 55?? -($')/(+* +*, ;/('%/[ (*'%/<(%;%, +*
SYS
3/)4 +## +/)2*, '-% ;)/#, &+4% (* 3)/ +*+#K$($ +*, 3(#(*09 ?* @TW@
_+*,(0 .2V#($-%, P).91 %'%'+ !"$2'UX+''#% +0+(*$' M-2#%[ !#+'%/
/%.2V#($-%, +$ Cm&B'+ %'%'+ !"$2'U^),#%'$ +0+(*$' M-2#%:[ &#+(4(*0
'-+' -($ V))7 ;+$ *)' + ;)/7 )3 3(&'()* V2' )*% V+$%, )* 3+&'$ '-+' -($
-(0-%/H2.$ -+, 0(<%* -(4 #%+<% ') .2V#($-9
6'K#(*0 -(4$%#3[ '-2$[ +$ + Z4+* (* '-% 7*);[] _+*,(0 ;/('%$
%>'%*$(<%#K (* Cm&B'+ %'%'+ !"$2' +V)2' '-% B+c($8 .)#+/ V+$%$[ ;-(&-
(*,%, '-% E+*+,(+* "/&'(&[ '-% Z"#.$] )* '-% "/0%*'(*%oE-(#%+*
V)/,%/ !/%.)/'%,#K *+4%, E)#)*(+ F(0*(,+,: +*, + V+$% (* D+$'%/*
^/%%*#+*, &+##%, VK '-% ^%/4+*$ X(V%/ F+44 !X%+<%/ F+4:[ ;-(&-
_+*,(0 $+(, ;+$ +&&%$$%, <(+ GHV)+' '-/)20- 2*,%/;+'%/ '2**%#$9 M-($
4%'-), )3 GHV)+' +&&%$$ ;+$ +#$) ,%$&/(V%, 3)/ '-% V+$% +' B%2H
6&-;+V%*#+*,9
?* 3+&'[ '-($ 'K.% )3 %*'/+*&% ;+$ +&'2+##K V2(#' +*, +* %>+4.#% &+*
V% $%%* +' '-% ^%/4+* V+$% )* '-% ($#+*, )3 N2%/'%<%*'2/+ (* '-% E+*+/K
?$#+*,$9 6'%<%* 6.(%#V%/0 ($ $+(, ') -+<% 0)' '-% (,%+ 3)/ '-% $2V4+/(*%
V+$% $&%*% (* E)06'*( #1 &"' K#(& :*? 3/)4 '-% X%+<%/ F+4 3+&(#('K[
;-(&- $)4% /%$%+/&-%/$ &#+(4 ;+$ + $%&/%' f)(*' B+c(HB"MA V+$% 2*'(#
;%## +3'%/ '-% ;+/9
_+*,(0 +#$) ./)<(,%$ + ,/+4+'(& ,%$&/(.'()* )3 '-% "/7 )3 '-%
E)<%*+*' +$ +* +*&(%*' ,+K x5%+.)* )3 `+$$ F%$'/2&'()*8 ;(%#,%, VK
?$/+%#( $)/&%/%/$ +0+(*$' '-% 3(/$' !./%H3#)),: "/K+*$[ $%*$+'()*+# (4+0%$
V/)20-' ') &(*%4+'(& #(3% (* '-% 3(*+# ($#+*, $&%*% )3 E)06'*( #1 &"' K#(&
:*? ;-%* +/&-+%)#)0($' C%*q X%##)1 !+* (##H,%$%/<%, $K*)*K4 3)/ ^/+(#
-($')/(+* A'') C+-*: +*, -($ B+c( &)-)/'$ +/% (*&%*,(+/($%, VK '-% _(0-'
)3 ^), /%#%+$%, 3/)4 '-% "/79 ?* +*)'-%/ )3 -($ ;)/7$ _+*,(0 &#+(4%,
'-+' B%2H6&-;+V%*#+*, ;+$ +V+*,)*%, +/)2*, @TRTH@TQY V%&+2$% ('$
(*-+V('+*'$[ -+<(*0 *) *+'2/+# (442*('K ,2% ') '-% +V$%*&% )3 0%/4$ (*
'-% .2/% +(/ )3 "*'+/&'(&+[ $233%/%, $(&7*%$$ %.(,%4(&$ ;-%* *%;
+//(<+#$ +//(<%, ;('- $) 42&- +$ + &)#,9
M+#%$ +#$) &(/&2#+'%, 3/)4 '(4% ') '(4% +V)2' GHV)+'$ ,%$'(*%, 3)/
"*'+/&'(&+ V%+/(*0 $'/+*0% &+/0)%$9 A*% $2&- $')/K 3)&2$%, )*
$2V4+/(*%$ &+//K(*0 #+/0% 12+*'('(%$ )3 4%/&2/K9 55?? 4K'-)#)0K
)33%/$ '-% ./).)$('()* '-+' &+/0)%$ )3 '-($ ')>(& 4%'+# ;%/% '/+*$.)/'%,
') B%2H6&-;+V%*#+*, 3)/ 2$% (* 32'2/($'(& B+c( '%&-*)#)0(%$[ (*,(*0
+,<+*&%, 32%# $K$'%4$9
M-% &+$% )3 GHLQP[ %>+4(*%, (* '-% *%>' &-+.'%/[ ($ ./)V+V#K '-%
4)$' ;%## 7*);* %>+4.#% )3 + GHV)+' +../%-%*,%, ;-(#% 3%//K(*0
4%/&2/K9 ?* '-($ (*$'+*&%[ -);%<%/[ ('$ 12(&7$(#<%/ &+/0) ;+$ V)2*,[ *)'
3)/ 6'+'()* S@@[ V2' 3)/ ^%/4+*K8$ ">($ +##K[ j+.+*9
SYR
7"?F'#( I@I!44D
$#(3A(% B/&/5<
d1#* 7"0/" 1#$2 6''6
!"' 9#7'*(, 6'2)-0+%, +#& 1#*%'&&0+%, ")5'
4+/'+('6 &"' (')( )+6 ("#*'(d
X'+&$*'* -%+/, GHLQP8$ %*0(*% *)($% !_+2*,%/$ -+, ,%&(,%, *)' ') 2$%
+$,(& $(*&% (' ;)2#, V%'/+K -($ .)$('()*: +*, $.)''%, '-% GHV)+'y$
.%/($&).%9
?* +* 2*2$2+##K #)*0 %*0+0%4%*' 3)/ + $2V4+/(*%[ (* + $('2+'()* 3)/
;-(&- *%('-%/ )3 '-% $2V4+/(*%$8 &/%;$ -+, V%%* '/+(*%,[ _+2*,%/$
;+('%, PR 4(*2'%$ +3'%/ 3(/$' &)*'+&' V%3)/% 0)(*0 (*') +&'()* $'+'()*$[
;+('(*0 (* <+(* 3)/ GHLQP ') $2/3+&% ') ./%$%*' +* %+$(%/ '+/0%'9
G.)* /%+#(c(*0 '-%K ;%/% V%(*0 3)##);%, VK '-% X/('($- $2V4+/(*%
+*, '-+' '-%(/ %$&)/' -+, $'(## *)' +//(<%,[ GHLQP c(0Hc+00%, (* %<+$(<%
4+*)%2</%$ ;-(#% %+&- $2V4+/(*% '))7 '-% /($7 )3 /+($(*0 ('$ .%/($&).%9
X'+&$*'* -+, )*#K L ')/.%,)%$ !P '2V%$ +*, P /%#)+,$: +$ )..)$%, ')
GHLQP8$ ')'+# )3 SS9 "3'%/ I -)2/$ _+2*,%/$ ,%&(,%, ') 4+7% +
./%,(&'()* )3 -($ )..)*%*'y$ &)2/$% +*, /%#%+$%, + $./%+, )3 ')/.%,)%$
(*') ('$ ./%,(&'%, .+'-9 M-% 3(/$' ')/.%,) ;+$ /%#%+$%, +' @SJ@S +*,
'-%/%+3'%/ +' @WH$%&)*, (*'%/<+#$ !'+7(*0 P 4(*2'%$ ') /%+&- '-%(/ '+/0%':9
_+2*,%/$ '-%* ,(<%, $2,,%*#K ') %<+,% +*K /%'+#(+'()*9
GHLQP -%+/, '-% ')/.%,)%$ &)4(*0 +*, +#$) ,(<%, ,%%.%/ +*, '2/*%,
+;+K9 ?' 4+*+0%, ') +<)(, '-% 3(/$' '-/%% V2' 2*;(''(*0#K $'%%/%, (*') '-%
.+'- )3 '-% 3)2/'-9 ?4.#),(*0[ $-% $.#(' (* ';) $(*7(*0 ;('- +## -+*,$[
&)4(*0 ') /%$' 4)/% '-+* RYY 3%%' V%#); '-% $2/3+&% )* '-% $%+3#))/ S9I
4(#%$ ;%$' )3 '-% ($#+*, )3 N%,f%9 D<%* (* ,%+'- '-% GHV)+' $'(## .)$%, +
'-/%+' ') ('$ $2//)2*,(*0$9
GHLQP -+$ 0)*% ,);* (* -($')/K +$ '-% )*#K $2V4+/(*% ') V% $2*7
VK +*)'-%/ $2V4+/(*% ;-(#% 2*,%/;+'%/9 M-% ';) .+/'$ )3 '-% ;/%&7
;%/% ,($&)<%/%, (* SYYI[ S9S 4(#%$ 3/)4 N%,f% (* '-% B)/'- 6%+ +' RYY
3%%'9 ?* SYYQ (' ;+$ 3)2*, '-+' '-% &+*($'%/$ -)#,(*0 '-% 4%/&2/K ;%/%
&)//),(*09
?' ($ *)'%;)/'-K '-+' (* '-% (*'%/<%*(*0 RTHK%+/ .%/(), GHLQP -+,
$-(3'%, )*#K )*%H'%*'- )3 + 4(#% 3/)4 ('$ )/(0(*+# ;/%&7 .)$('()*9 M-($
3+&' )*#K $%/<%$ ') %4.-+$($% '-% %>'/%4% 2*#(7%#(-)), '-+' GHII &)2#,
-+<% ,/(3'%, V%';%%* SSHIR 4(#%$ *)/'-;+/,$ 2. '-% 3(/'- V%';%%* '-%
`(##.)/' +*, _2*,%/$')* X+K +/%+ (* + $(4(#+/ '(4% .%/(),[ '-2$
$2..)/'(*0 6&)'$8 &#+(4$ '-+' '-%/% ($ + $%&)*, GHV)+' ;/%&7 (* '-($
<(&(*('K9
M-%/% ;+$ $)4% $.%&2#+'()* +$ ') ;-%'-%/ GHLQP ;+$ &+//K(*0
2/+*(24 )>(,% V2' '-% F%' B)/$7% h%/('+$ N)2*,+'()* &)*,%, '-+'
'-%/% ;+$ *) %<(,%*&% '-+' 2/+*(24 )>(,% ;+$ )* V)+/, GHLQP ;-%*
$-% ,%.+/'%, X%/0%*9 F2/(*0 '-% B)/;%0(+* E)+$'+# ",4(*($'/+'()*y$
(*<%$'(0+'()* )3 '-% ;/%&7 )3 GHLQP (* SYYR /+,(+'()* ;+$ 4%+$2/%, V2'
*) '/+&%$ )3 2/+*(24 )>(,% ;%/% 3)2*,9
6(*&% SYYR #)&+#$ +*, 3($-%/4%* -+<% .#%+,%, 3)/ '-% ;/%&7 ') V%
SYW
/+($%, V2' '-% +2'-)/('(%$8 3(/$' /%$.)*$% ;+$ ') /%32$% ') 2*,%/'+7% '-%
).%/+'()*[ &('(*0 '-% <%/K -(0- /($7$ (*<)#<%,9
6) 3+/[ P 7(#)0/+4$ .%/ K%+/ )3 4%/&2/K +/% #%+7(*0 )2' (*') '-%
$2//)2*,(*0 %*<(/)*4%*'[ /%$2#'(*0 (* -(0- #%<%#$ )3 &)*'+4(*+'()* (*
&),[ ')/$7 +*, %,(V#% &/+V +/)2*, '-% ;/%&79 X)+'(*0 +*, 3($-(*0 *%+/
'-% ;/%&7 -+<% V%%* ./)-(V('%,9 "#'-)20- +''%4.'$ 2$(*0 /)V)'(&
<%-(&#%$ ') ,(0 (*') '-% -+#3HV2/(%, 7%%# ;%/% +V+*,)*%, +3'%/ '-%
2*$'+V#% ;/%&7 $-(3'%,[ )*% )3 '-% $'%%# V)''#%$ ;+$ /%&)<%/%,9 ?'$
)/(0(*+# RH44 '-(&7 ;+## ;+$ 3)2*, ') -+<% &)//),%, V+,#K[ #%+<(*0 (*
.#+&%$ )*#K + @H44 '-(&7*%$$ )3 $'%%#9
+*, ('$ &+/0) )3 4%/&2/K ') $+#<+0% &)4.+*K `+44)%' 6+#<+0% Xh9
`+44)%'[ ;-(&- /%&)<%/%, '-% $+#<+0% )3 C2$$(+* *2&#%+/
$2V4+/(*% e2/$7 (* SYY@[ -+, ./).)$%, + 4%'-), )3 /+($(*0 GHLQP
2$(*0 (**)<+'(<% #(3'(*0 '%&-*(12%$[ ;-(&- ;)2#, $+'($3K '-%
%*<(/)*4%*'+# /%12(/%4%*'$9 ?' ;+$ ,%$&/(V%, +$ Z+ $+3% +*, (**)<+'(<%
$+#<+0% $)#2'()*9]
5-+' 4+7%$ '-% $+#<+0% .+/'(&2#+/#K '/(&7K +/% '-% SS 2*%>.#),%,
')/.%,)%$ +' '-% ;/%&7 $('%[ $)4% (* '-% V); $%&'()*[ $)4% (* '-% $'%/*9
X%&+2$% )3 '-% ,+*0%/ 3/)4 '-%$% $'(## .)'%*' ;%+.)*$ '-% $+#<+0% ;(##
V% ,(/%&'%, 3/)4 '-% $2/3+&% VK /%4)'% &)*'/)#9 B) ,(<%/$ ;(## V% 2$%,9
?* j+*2+/K SYYT '-% B)/;%0(+* 0)<%/*4%*' +../)<%, `+44)%'8$
./).)$%, 4%'-), )3 /+($(*0 '-% ;/%&7 (* +* ).%/+'()* &)$'%, +' 4)/%
'-+* )*% V(##()* 7/)*%/9
SYT
7"?F'#( 2@^!44D
GHRIY ') "*'+/&'(&+ ;-%/% (' ;+$ &+&-%, (* +* (&% &+<% (* '-% `r-#(0
a)334+* `)2*'+(*$9
A* '-% $+4% ,+K +$ GHRIY8$ ,%.+/'2/% X2%&-*%/ /%&)/,$ '-% $+(#(*0
)3 + $%&)*, V)+'[ GHTWW[ V)2*, 3)/ '-% $+4% ,%$'(*+'()*9
?* #+'% `+/&- @TPR ;-%* (' ;+$ %<(,%*' ') a('#%/ '-+' '-% ;+/ ;+$
#)$' -% +&'(<+'%, $.%&(+# ./)f%&' Zh+#72/% {;%(] !h+#7K/(% M;):[ ;-)$%
)Vf%&'(<%$ ;%/% ') '/+*$.)/' &%/'+(* ('%4$ )3 '-% C%(&-8$ '/%+$2/%$ ')
^%/4+* "*'+/&'(&+9 6)4% V%#(%<%
'-+' a('#%/ &-)$% ') &+## '-% 4($$()*
h+#7K/(% M;) !h+#7K/(% A*% -+<(*0
V%%* '-% h)* 6'+233%*V%/0
+$$+$$(*+'()* +''%4.' '-+' a('#%/
$2/<(<%,: ') $(0*(3K '-+' (' ;+$ -($
.#+* ') #(<% )* +3'%/ '-% ;+/8$ %*,9
X2%&-*%/ $+K$ '-+' Fm*('c ;+$
&-+/0%, ;('- '-% /%$.)*$(V(#('K 3)/
4+7(*0 +## '-% *%&%$$+/K
./%.+/+'()*$ 3)/ ,%$.+'&- V2' '-+' +
xE)#)*%# `+>(4(#(+* a+/'4+**8
!+#$) + .$%2,)*K4: ;+$ .#+&%, (*
+V$)#2'% &)44+*, )3 '-% 4($$()* )*
a('#%/8$ )/,%/$9 a+/'4+** ;+$ '-%
4+* ;-)4 66HAV%/0/2..%*3r-/%/
C%(*-+/, a%K,/(&- !'-% X#+&7 =/(*&%
)3 '-% M-(/, C%(&-: -+, *+4%, +$ -($
$2&&%$$)/9
5-(#% a%K,/(&- ;+$ $#);#K
,K(*0 3/)4 ;)2*,$ -% $2$'+(*%, (*
'-% X/('($-HV+&7%, +$$+$$(*+'()*
+''%4.' (* =/+02% )* SW `+K @TPS[
-% $%' +V)2' ;/('(*0 12(&7#K +*,
%>'%*$(<%#K9 B) )*% ,+/%, +$7 ;-+'
-% ;+$ ,)(*0 V2' (' ;+$ +$$24%,
a%K,/(&- ;+$ &)4.(#(*0 -($
4%4)(/$9
A* S j2*% -% $%*' 3)/ +* 66H
_(%2'%*+*'H^%*%/+# *+4%, e+/#
`r##%/ +*, '-/%% )'-%/ 66 )33(&%/$9
"&&)/,(*0 ') X2%&-*%/[ a%K,/(&-
%*'/2$'%, '-% 4%* ;('- $%<%/+# '+$7$9
`r##%/ ;+$ 0(<%* + #+/0%[ $%+#%, .+&7+0% ') V% ,%#(<%/%, ') =/)3%$$)/
S@@
e+/# a+2$-)3%/ (* `2*(&- +*, ') ;+(' 3)/ 32/'-%/ (*$'/2&'()*$9 a%K,/(&-
,(%, 3/)4 $%.'(&+%4(+ )* P j2*%[ + ,(/%&' /%$2#' )3 '-% +$$+$$(*+'()*
+''+&7 %(0-' ,+K$ V%3)/%9
?* `2*(&- a+2$-)3%/ 0+<% `r##%/ + #+/0% V/)*c%[ #%+,H#(*%, V)>
+*, ;+$ (*$'/2&'%, ') '+7% (' ') + .#+&% (* X+<+/(+ +*, V2/K ('9 a% ;+$
+#$) +$7%, ') ./%.+/% +* +,,%*,24 ') '-% ,)&24%*'%, &),%, #)&+'()* )3
'-% V)> +*, ,%#(<%/ (' ') + 6;($$ V+*7 +$ (*$'/2&'%, VK a%K,/(&-9
62V$%12%*' ') &+//K(*0 )2' '-%$% '+$7$ `r##%/ ;+$ 7(##%, (* + &+/
+&&(,%*'9
B)'%$ 3)2*, (* a+2$-)3%/8$ .)$$%$$()* +3'%/ -($ $2(&(,% (* `+/&-
@TPQ /%<%+#%, '-+' '-% V/)*c% V)> ;+$ ') V% 3)2*, +' '-% 3))' )3 '-%
6&-#%(0%($$ ^#+&(%/ *%+/ '-% {(##%/'+# `)2*'+(* =+$$9 A*#K `r##%/[
,%&%+$%,[ 7*%; '-% %>+&' ;-%/%+V)2'$ )3 '-% V)>9 a+2$-)3%/ -+,
7*);* '-% (,%*'('K )3 '-% &)*'%*'$ )3 '-% V)>J /2*%H&),%, .+.%/$
,%$&/(V(*0 '-% .);%/ )3 '-% a)#K _+*&% +*, '-% $%&/%' )3 -); ('$ .);%/
4+K V% 2'(#($%,9 M-% V)> -+, V%%* (*'%*,%, 3)/ a%K,/(&-8$ $2&&%$$)/9
X2%&-*%/ &#+(4$ '-+' GHRIY +*, GHTWW /%$.%&'(<%#K V/)20-' '-%
a)#K _+*&% +*, '-% +$-%$ )3 ",)#3 a('#%/ +*, D<+ X/+2* ') '-% D4%/+#,
E+<%9 "#$) $+(, ') -+<% V%%* &+&-%, )* GHRIY ;+$ + 4%'/%H-(0- -)##);
V#+&7 V+$+#' )V%#($7 (* ;-(&- ;+$ -(,,%* + .+/&-4%*' ./)<(,(*0 +
,%'+(#%, ,%$&/(.'()* +*, -(,(*0 .#+&% )3 '-% ^/+(# E2.9 M-% )V%#($7 -+,
V%#)*0%, ') e+/# a+2$-)3%/ ;-) -+, -+, (*$&/(V%, )* ('$ V+$% (* 0)#,
#%''%/(*0 '-% #%0%*,J ZM-%/% +/% '/2#K 4)/% '-(*0$ (* -%+<%* +*, x(*
%+/'-8 '-+* 4+* -+$ ,/%+4' !X%K)*, '-($ .)(*' ($ "^a"CM":9]
E+.'+(* X%/*-+/'[ +* )33(&%/ )* GHRIY !-% -+$ V%%* ,%$&/(V%, +$ +
f2*()/ ')/.%,) )33(&%/:[ &#+(4%, '-+' 2*,%/ A.%/+'()* h+#72/% {;%( -($
GHV)+' $%' )33 3/)4 ('$ ^%/4+* .)/' (* N%V/2+/K @TPR[ ).%/+'(*0 (*
B)/;%0(+* ;+'%/$ 3)/ 3)2/ ;%%7$ V%3)/% ,%.+/'(*0 3)/ '-% "*'+/&'(& )*
@I `+/&-9
M-% $')/K 0)%$ '-+' '-% C%(&- '/%+$2/%$ ;%/% &+/%32##K .+&7%, (*')
$(> V/)*c% #%+,H#(*%, V)>%$[ %+&- +,)/*%, ;('- + $.%&(+# 4+/79 M-%
V)>%$ ;%/% '/+*$.)/'%, ') e(%# ;-%/% '-%K ;%/% #)+,%, )*') GHRIY +*,
V%&+4% '-% /%$.)*$(V(#('K )3 AV%/#%2'*+*' $2/ {%% A'') 5%/42'-9
a+/'4+** -+*,%, 5%/42'- -($ ./%#(4(*+/K )/,%/$ +*, +*)'-%/ $%+#%,
.+&7+0% &)*'+(*(*0 -($ 3(*+# (*$'/2&'()*$[ '-($ #+''%/ %*<%#).% *)' ') V%
).%*%, 2*'(# )*% -2*,/%, 4(#%$ )2' ') $%+9 G*'(# ('$ ,%.+/'2/% GHRIY
;+$ ./)'%&'%, +*, &)*&%+#%, (* + 4+$$(<% &)*&/%'% $#(.9
N/)4 e(%# GHRIY 4+,% ('$ ;+K ') E-/($'(+*$+*,[ B)/;+K[ ,%.+/'(*0
S `+K @TPR[ %<%*'2+##K +//(<(*0 (* "*'+/&'(&+ ;('-)2' (*&(,%*' +'
+../)>(4+'% .)$('()* W@JIY6 @PJR@59 M-% $')/K 0)%$ '-+' + .+/'K )3
$(>'%%* 4%* !(*,(*0 X%/*-+/': V/)20-' '-% $(> V/)*c% V)>%$ +$-)/%[
S@S
')0%'-%/ ;('- $#%,$ +*, $.%&(+# $2/<(<+# 0%+/9 M-% .#+* ;+$ 3)/ '-%
#+*,(*0 .+/'K ') 32#3(# ('$ 4($$()* (* @Q ,+K$[ @L 4+>(4249 "3'%/ @L
,+K$ (' -+, *)' /%'2/*%, +*, $&)2'$ ;%/% 2*+V#% ') '/+&% ('9 A* ,+K @T
'-% .+/'K /%H+..%+/%,9 M-%(/ 4+. -+, V%%* (*&)//%&'#K ,/+;* +*,
$%<%/+# ,+K$ -+, V%%* #)$'9 B%<%/'-%#%$$[ '-% 4($$()* -+, V%%*
$2&&%$$32#U'-% D4%/+#, E+<% -+, V%%* #)&+'%, +*, '-% V)>%$ $');%,
(*$(,%[ a+2$-)3%/8$ )V%#($7 .#+&%, V%$(,% '-%49 X%/*-+/' ')#,
X%2&-4+* '-+' GHRIY8$ #)0 ;+$ ,%$'/)K%, +*, + $2V$'('2'% )*% .2' (*
('$ .#+&%9
A* @Y j2#K @TPR GHRIY %*'%/%, '-% -+/V)2/ )3 `+/ ,%# =#+'+[
"/0%*'(*+[ SRY 4(#%$ $)2'- )3 X2%*)$ "(/%$[ +*, $2//%*,%/%, ') '-%
+2'-)/('(%$ *(*% ;%%7$ +3'%/ '-% %*, )3 '-% ;+/ (* D2/).%9 5%/42'- -+,
f%''($)*%, '-% $2V4+/(*%8$ 02*$9 A;(*0 ') '-% #+'% $2//%*,%/ )3 '-% GH
V)+' + $.%&(+# "##(%, (*'%##(0%*&% '%+4 ;+$ ,%$.+'&-%, ') "/0%*'(*+ ')
+$$%$$ '-% $('2+'()*9
GHRIY8$ .-K$(&+# &)*,('()* /+($%, %K%V/);$9 "&&)/,(*0 ')
%K%;('*%$$%$ ('$ -2## ;+$ /2$'(*0[ ('$ &)**(*0 ');%/ ;+$ $.#(''(*0 +.+/'
+*, '-% &)//),%, &+$(*0 V)/% '/+&%$ )3 + /%&%*' $%/()2$ 3(/%9 "
,%'%/4(*%, +''%4.' -+, V%%* 4+,% ') $+V)'+0% '-% ,(%$%#$9
5%/42'- /%.)/'%, '-+' GHRIY -+, $+(#%, 3/)4 a)/'%*[ B)/;+K[ )*
I `+/&- @TPR +*, -+, )V$%/<%, /+,() $(#%*&% 3/)4 '-% '(4% '-%K
%*'%/%, G969 &)+$'+# ;+'%/$ )* SP "./(#9 a% $+(, '-+' GHRIY -+, V%%*
<%/K &#)$% ') B%; d)/7 E('K +*, ,%$&/(V%, $%%(*0 '/+(*$ +*,
+2')4)V(#%$ '-/)20- '-% .%/($&).%9 "##%0%,#K[ '-% V)+' -+, *) 32/'-%/
/+,() &)*'+&' ;('- +*KV),K 2*'(# @S `+K ;-%* '-% &/%; 3(*+##K #%+/*%,
'-+' ^%/4+*K -+, $2//%*,%/%, '-% ./%<()2$ ;%%79
M-% $2V4+/(*% ;+$ &+//K(*0 RP 4%*[ + $%%4(*0#K +V*)/4+##K -(0-
*24V%/ +#'-)20- 5%/42'- (*$($'%, (' ;+$ '-% V)+'8$ *)/4+# &/%;
&)4.#%4%*'9 M-% &+/0) &)*$($'%, )3 RPY V+//%#$ )3 &(0+/%''%$ +*,[
2*2$2+##K[ #+/0% $')&7$ )3 3)),9 5%/42'- ;+$ SR K%+/$ )#,[ '-% $%&)*,
)33(&%/ ;+$ SS +*, '-% &/%;8$ +<%/+0% +0% ;+$ SR9 M-($ 2*2$2+##K
K)2*0 &/%; ./)3%$$%,[ ') + 4+*[ '-+' '-%K -+, *) #(<(*0 /%#+'(<%$9 B)*%
)3 '-% &/%; ;+$ + &(0+/%''% $4)7%/9 "#4)$' *)*% &+//(%, (,%*'('K
,)&24%*'$ +*, $) (' ;+$ (4.)$$(V#% ') ;)/7 )2' f2$' ;-) ;+$ ;-)9
M-% 3+7% $-(.8$ #)0 (*,(&+'%, '-+' '-% GHV)+'8$ 4($$()* -+, V%%* ')
,($/2.' "##(%, $-(..(*0 (* '-% 6)2'- "'#+*'(& +*, '-+' (' -+, /%4+(*%, +'
$%+ 3)/ ';) 4)*'-$ +3'%/ ^%/4+*K8$ &+.('2#+'()* V%&+2$% )3 2*&%/'+(*'K
)<%/ + '(4% +*, + .#+&% 3)/ ('$ $2//%*,%/9 M-% (*<%$'(0+')/$ &)*,%,
'-+' (3[ +$ 5%/42'- -+, $'+'%,[ GHRIY -+, V%%* +' $%+ 3)/ 3(<% 4)*'-$
$-% 42$' -+<% V%%* )V'+(*(*0 $2..#(%$ 3/)4 $)4%;-%/% )/ -+, V%%*
#K(*0 (* + &)*&%+#%, -+/V)2/ 3)/ .+/' )3 '-% '(4%9
S@I
,%#(<%/ '-% &)*'%*'$ )3 '-% V)> ') '-% 4+* ;-)4 a('#%/ -+, .%/$)*+##K
%*'/2$'%, ;('- $%*,(*0 $)4% )3 -($ 4)$' ./(c%, .)$$%$$()*$[ (*,(*0
'-% a)#K _+*&%[ ') "*'+/&'(&+9 X2%&-*%/ +*, X%/*-+/' /%3%/ ') '-($
'/2$'%% +$ ZE)#)*%# `+>(4(#(+* a+/'4+**9] M-% &#+(4 ($ 4+,% '-+'
a+/'4+** ,(, *)' #%+<% ^%/4+*K +' '-% %*, )3 '-% ;+/ +*, (*$'%+,
$'+K%, ') %*$2/% '-+' $%*()/ C%(&- 3(02/%$ $2&- +$ `+/'(* X)/4+** +*,
'-% C%(&- '/%+$2/% ;%/% 0(<%* .+$$+0% )2' )3 ^%/4+*K (* '-% &#)$(*0
,+K$ )3 '-% ;+/9 M-% $2V4+/(*%$ &-)$%* ') .%/3)/4 '-%$% '+$7$ -+<%
V%%* /%3%//%, ') +$ '-% ZNr-/%/ E)*<)K9]
?* '-% 3(/$' %*<%#).% a+/'4+** 3)2*, + &),%, 4%$$+0% 3/)4
=/)3%$$)/ e+/# a+2$-)3%/[ '-% q4(*%*&% 0/($% +*, &-(%3 +/&-('%&' )3
B+c( )&&2#' +*, %$)'%/(& .-(#)$).-K9 A*&% ,%&),%,[ '-% 4%$$+0%
/%<%+#%, '-% %>+&' #)&+'()* )3 '-% V/)*c% V)>%$ a+/'4+** -+, $%*' ')
"*'+/&'(&+ (* '-% &+/% )3 E+.'+(* A'') 5%/42'- )* GHRIY ';%*'KH3)2/
K%+/$ %+/#(%/9
M-% $%&)*, %*<%#).% (*$'/2&'%, a+/'4+** ') /%&/%+'% a(44#%/8$
e*(0-'8$ ^/+*, E)2*&(# ;('- '-% %>./%$$ ./)<($) '-+' (' ;+$ ') 2$% '-%
.);%/ )3 '-% a)#K _+*&% ') V/(*0 +V)2' ;)/#, .%+&%9 M-% '-(/,
%*<%#).% &)*'+(*%, '-% 32*,$ ') 3(*+*&% '-% %$'+V#($-4%*' )3 '-%
/%<+4.%, E)2*&(# !'-% e*(0-'$ )3 '-% a)#K _+*&%:[ ;-)$% 3(/$'
)Vf%&'(<% ;+$ ') /%&)<%/ '-% _+*&% 3/)4 ('$ "*'+/&'(&+ -(,(*0 .#+&%9
a+/'4+** +*, '-/%% )'-%/ e*(0-'$ )3 '-% a)#K _+*&% +//(<%, (* '-%
/%0()* VK -%#(&).'%/9 M-%K #)&+'%, '-% &+&-% )3 V/)*c% V)>%$[ 3)2/ )3
;-(&- ;%/% #%3' V%-(*, ,2% ') '-% -%#(&).'%/8$ ;%(0-' /%$'/(&'()*$9
M-% '%+4 4+,% '-%(/ ;+K V+&7 ') X/+c(#[ '-% $'+/'(*0 .)(*' 3)/ '-%(/
f)2/*%K[ +*, $2&&%$$32##K )V'+(*%, %>.)/' .+.%/$ 3)/ '-% _+*&% VK
,%&#+/(*0 (' +* +/' )Vf%&'9 a+/'4+**8$ &)##%+02%$ /%'2/*%, ') ^%/4+*K
V2' -% ;%*' )* ') '-% G*('%, 6'+'%$ +*, 4%' ;('- +* 2*(,%*'(3(%, 3)/4%/
&/%;4+* 3/)4 )*% )3 '-% Nr-/%/ E)*<)K $2V4+/(*%$9 X2%&-*%/H
X%/*-+/' &#+(4 '-+' a+/'4+** #%3' &%/'+(* ('%4$ ;('- '-($ $%+4+*[
(*,(*0 + &).K )3 '-% #)0 )3 '-% a+/'4+** D>.%,('()* +*, + $(0*%,[
-+*,;/(''%* #%''%/ )3 +2'-%*'(&('K9 a+/'4+** '-%* ,%.+/'%,[ '+7(*0 '-%
_+*&% V+&7 ') ^%/4+*K9
?* -($ &)*$()* X2%&-*%/ $'+'%, !(* @TLL: '-+' '-% a)#K _+*&%
;+$ #)&+'%, (* ^%/4+*K[ ./)V+V#K (* 5%$'.-+#(+[ *)' 3+/ 3/)4
=+,%/V)/*9
"*, ;-+' V%&+4% )3 GHRIYb "3'%/ ('$ $2//%*,%/ +' `+/ ,%# =#+'+ GH
RIY ;+$ '/+*$3%//%, ') '-% G969"9 +*, 2$%, 3)/ '%$'$9 ?* B)<%4V%/ @TPW
(' ;+$ $&2''#%, ,2/(*0 )*% )3 '-%$% '%$'$ VK + ')/.%,) *)/'-%+$' )3 E+.%
E),9
S@R
7"?F'#( 24S4D!44D
+,V)?'& /5 23)'0?5;
I?3' /5 I/3'/)5
4 &"0+? "' 7022 /)**- &"0( 0(2)+6 "#.' 0+ "0( 9#/?'&
)+6 %05' 0& "0( (#+ 1#* )+ )992'8
Y)%%'* <)%0/ V%0(*$ 3(3'K K%+/$ +3'%/ ;+/8$ %*, ;-%* ?/($- &)+$'+#
3($-%/(%$ )33(&(+#$ ,($'2/V '-% %33)/'$ )3 ';) M(V%'+* $)/&%/%/$
!+%)%(9)(U ') #)&+'% '-% &)//),(*0 -2#7 )3 GHQIQ (* + &+<% +' '-% V+$%
)3 a)/* a%+, &#(33$ *%+/ 6-%%.-+<%* )* '-% F)*%0+# &)+$'9 ?*$(,% '-%
$2V4+/(*% +/% 3)2/ ;)),%* &/+'%$ +*, + #+/0%/ &-%$' )3 V/+$$HV)2*,
'%+7;)), &)*'+(*(*0 $+&/%, ./%HX2,,-($' '%>'$U'-% A2)/? !'*.)(9
S@W
S
=+2;%#$ _9 +*, X%/0(%/ j9[ !"' Y)7+ #1 <)%0/, "*'-)*K ^(VV +*, =-(##(.$[ _)*,)*[
@TQI
S@L
-%+,#+*,8$ ';) #))7)2' ');%/$[ )*% V2(#' (* B+.)#%)*(& '(4%$[ '-% )'-%/
(* 55??9
?* %+/#(%/ .+0%$ (' ;+$ ,%4)*$'/+'%, '-+' (* B)<%4V%/ @TIT GHII
2*,%/'))7 + &(/&2(')2$ /)2'% 3/)4 M)/K ?$#+*, !7*);* -($')/(&+# 3+&': ')
E+//+,+#% X+K ;-%/% (' #+*,%, 4%* !-($')/(&+# 3+&' 2*&)<%/%,:9 N/)4
'-%/% GHII '/+<%##%, *)/'-%+$' ') '-% E#)&-HF2*))* ,%3%*&% V))4 +*,
.+$$%, V/(%3#K +*, +2,+&()2$#K (*') '-% -%+<(#K .).2#+'%, E#K,%
"*&-)/+0% (* '-% #(0-' )3 + '-/%%H12+/'%/ 4))*9
M;%#<% ;%%7$ #+'%/ V%';%%* '-% L'- +*, @Y'- )3 N%V/2+/K[ GHIW
#+*,%, "V;%-/ $.K D/*$' 5%V%/HF/)-# +*, +* 2*7*);* +&&)4.#(&% +'
e(##+#+ X+K (* F)*%0+#9 A* '-% @Y'- GHII ;+$ (* 6&)''($- ;+'%/$
+../)+&-(*0 '-% `2## )3 e(*'K/%9 C%&+##(*0 '-% &)<%/' +$.%&'$ )3 GHII8$
+&'(<('(%$ (,%*'(3(%, (* '-($ ./%$%*' ;)/7 +*, '-% /%#+'(<% ./)>(4('K )3
'-% ';) $2V4+/(*%$[ '-% #(7%#(-)), '-+' '-% ).%/+'()*+# )Vf%&'(<%$ )3 GH
IW +*, GHII $-+/%, &)44)* .2/.)$% 42$' V% $%/()2$#K +,,/%$$%,9
X2,,-($' 4)*7$ 3(/$' %$'+V#($-%, + /%'/%+' (* 6&)'#+*, (* #+'% @TQ@9
M-% h%*%/+V#% eK+Vf% B+40K+# C(*.)&-% "*+*,+V),-( !E+*+,(+*
_%$#(% ^%)/0% F+;$)* @TI@HSYYI: 3)2*,%, +' D$7,+#%42(/ (*
F243/(%$$-(/% '-% j)-*$')*% a)2$% E)*'%4.#+'(<% E)442*('K )3 '-%
M-%/+<+,(* V/+*&- )3 X2,,-($4 !#('%/+##K[ '-% Z"*&(%*' M%+&-(*0[] '-%
)#,%$' $2/<(<(*0 X2,,-($' $&-))#:9
?*'%/%$'(*0#K[ V%3)/% %4V/+&(*0 X2,,-($4 F+;$)*[ + 3/(%*, )3
"**+ N/%2,[ j2#(+* a2>#%K +*, C9F9 _+(*0[ %*<($+0%, + #(3% (* $)&(+#($'
.)#('(&$9 F($(##2$()*%, +3'%/ +,,/%$$(*0 +* (*'%/*+'()*+# K)2'-
&)*3%/%*&% (* `)$&);[ F+;$)* 4)<%, 3/)4 '-% G969"9 ') _)*,)* (*
@TRQ +*, %4V/+&%, '-% %$)'%/(& '%+&-(*0$ )3 C)$(&/2&(+*($4 +*,[ #+'%/[
'-% ;)/7$ )3 /%*);*%, C2$$(+* 4K$'(& +*, 3)2*,%/ )3 M-%)$).-K
a%#%*+ =%'/)<*+ X#+<+'$7K9
?' ;+$ *)' #)*0 V%3)/% "*+*,+V),-(8$ M-%/+<+,+ &)442*('K
,;(*,#%,9 ?* @TQR -% '/+*$3%//%, );*%/$-(. )3 '-% D$7,+#%42(/ $('% ')
';) M(V%'+* /%320%%$ !F/9 "7)*0 M2#72 C(*.)&-% +*, E-)0K+4
M/2*0.+ C(*.)&-%: ;-) /%*+4%, (' 6+4K% _(*09 "*+*,+V),-( /%'2/*%,
') E+*+,+ ;-%/% ;('- '-% -%#. )3 -($ $%*()/ $'2,%*'$ -% %$'+V#($-%, '-%
E%*'%**(+# _),0% )3 '-% M-%)$).-(&+# 6)&(%'K9
M),+K 6+4K% _(*0 ($ + 4)*+$'%/K +*, (*'%/*+'()*+# &%*'/% )3
X2,,-($' '/+(*(*0[ /%*);*%, 3)/ '-% +2'-%*'(&('K )3 ('$ '%+&-(*0$ +*,
'/+,('()*9 ?' )33%/$ (*$'/2&'()* (* X2,,-($' .-(#)$).-K +*, 4%,('+'()*
;('-(* '-% e+/4+ e+0K2 #(*%+0% )3 M(V%'+* X2,,-($49
?' ($ %<(,%*' '-+' '-% %>&%##%*' /%.2'+'()* )3 6+4K% _(*0 ;%*' V%3)/%
(' V%&+2$% (* @TTY '-% '-%* );*%/$ )3 a)#K ?$#+*,[ j+4%$ +*, E+'-%/(*%
`)//($[ )33%/%, (' ') _+4% d%$-% V%&+2$% '-%K V%#(%<%, ('$ 32'2/% ;)2#,
S@T
;('- '-% C(<%/ ^/K33% +' '-% +.%>9 M-% ^)#,%* M/(+*0#% ($ 'K.(&+# )3 '-%
+*&(%*' 0%)4%'/K 2'(#($%, VK '-% M%4.#+/$ +*, %*&)4.+$$%$ +* +/%+
+$$)&(+'%, ;('- .+0+* ;)/$-(.9
j)-*$')*% ($ '-% -)4% )3 6+(*' j)-*8$ =+/($- E-2/&-9 6+(*' j)-* ($
+* (4.)/'+*' $+(*' 3)/ V)'- N/%%4+$)*$ +*, '-% e*(0-'$ M%4.#+/9
j)-*$')*% #(%$ )* +#4)$' %>+&'#K '-% $+4% #+'('2,% )3 C)$#(*[ -)4% )3
C)$$#K* E-+.%#9 C)$#(* #(%$ +' cc c`8`c +*, j)-*$')*%[ $(0*(3(&+*'#K[ ($
#)&+'%, +' '-% $+&/%, *24V%/ cc cf8 M-% #(*% V%';%%* '-%$% ';)
#+'('2,%$ ;+$ 7*);* +$ '-% Z$%/.%*' /)20%] )/ C)$%#(*%[ +* +*&(%*'
4%/(,(+* )*&% 2$%, 3)/ '%##(*0 '-% '(4%9
=+($#%K "VV%K +#$) #(%$ )* '-($ $+&/%, #+'('2,% +*, a20) ,% =+<(*+*
+..%+/$ +$ + ;('*%$$ (* '-% +VV%K8$ 3)2*,+'()* &-+/'%/9 B)'+V#K[ M(V%'+*
M+*'/(& X2,,-($'$ '),+K ,%&#+/% '-+' C)$$#K* E-+.%#[ + E-/($'(+* %,(3(&%
7*);* +$ '-% ^/+(# (* 6')*% +*, +* (4.)/'+*' *),% (* + .);%/32# .+*H
0#)V+# %+/'- %*%/0K 0/(, $K$'%4[ ($ + &%*'/% 3)/ ;)/#, .%+&%9
-)2/ +*, ,+'% '-%/% -+, f2$' V%%* + .+/'(+# %&#(.$% )3 '-% 4))*9 M-%
62*[ `%/&2/K +*, `+/$ ;%/% +## (* '-% $(0* )3 _(V/+[ +* +2$.(&()2$ '(4%
3)/ /('2+#$[ .+/'(&2#+/#K '-)$% (*<)#<(*0 '(4% 4+*(.2#+'()*9 M-% 4))* ($
(* ('$ %>+#'%, .)$('()* (* E+*&%/[ &)//%$.)*,(*0 ') '-% @Q'- ,%0/%%9 M-%
(4+0%/K (* '-% +$'/)#)0(&+# 6+V(+* 6K4V)#$I 3)/ '-% $(>'%%*'- ,%0/%% ($
+ 4+* $'2,K(*0 + 4+*,+#+ ;('- '-% -%#. )3 + <%/K +*&(%*' V))7[ ;-(&-
($ ./%&($%#K '-% $(0-' '-+' 0/%%'$ '-% +/4K '%+4 ;-%* '-%K V2/$' (*') '-%
"VV%K 0/)2*,$9
M-%/% V%3)/% '-%4 ($ '-% '%//(3K(*0 3(02/% )3 ^/(0)/( C+$.2'(*[ ,%+,
$(*&% @T@Q V2' (4.)$$(V#K +#(<%[ '&-(*0 '-% Y'( X'*.0( <-(&'*00([ +
X#+&7 `+0(& ^/(4)(/%9 a% ($ 2''%/(*0 .);%/32# (*&+*'+'()*$[ ;-(&- +/%
7%%.(*0 ).%* + 0+'%;+K ') a%## 3)/ +&&%$$ ') '-% $#%%.(*0 6%<%* ^),$
)3 E-+)$ !$'/)*0 %&-)%$ )3 Y)%%'* <)%0/ (* '-($ (4+0%/K:9 M-% .)/'+#
($ /%./%$%*'%, +$ + 4+*,+#+H#(7% $;(/#(*0 .+''%/* )3 %#%&'/(&+# %*%/0K9
" .('&-%, V+''#% %*$2%$ (* ;-(&- C+$.2'(* ($ ./).%##%, -%+,#)*0
(*') '-% .)/'+# +*, '-% B+c($ +/% )<%/&)4%9 e/)*%* 4+7%$ -($ %$&+.%
!') 4+7% -($ *%>' +..%+/+*&% (* G'22=#- 444:9
5-(#% 4+7(*0 -($ ;+K ') '-% "VV%K F/9 X/))4 -+, ')#, '-%
"4%/(&+* $)#,(%/$ '-+' '-% #)&+'()* ;+$ +* (*'%/$%&'()* )3 + *24V%/ )3
#%K #(*%$9 ?' ($ %<(,%*' '-+' '-($ %>.#(&(' 4%*'()* )3 '-% ($#+*,8$ .);%/32#
0%)4+*'(& ./).%/'(%$ ($ ,%$(0*%, ') (*,(&+'% ') 3(#4 <(%;%/$ '-+'
C+$.2'(*8$ 4+0(&+# &%/%4)*K ($ +' #%+$' V%(*0 .+/'#K +$$($'%, VK '-%
<()#%*' 3#2> )3 %+/'- %*%/0(%$ +&'(<% (* +*, +/)2*, '-% "VV%K /2(*$9
?* )2/ /%<(%; )3 Y)%%'* <)%0/ ;% +&7*);#%,0%, '-% (4.)/'+*&% )3
6&)'#+*,8$ %+/'- %*%/0K ').)#)0K9 6'2,%*'$ )3 0%)4+*&K .)(*'[ 3)/
%>+4.#%[ ') '-% +//+K )3 #%K #(*%$ '-+' &)*$'('2'% '-% $)H&+##%, D,(*V2/0-
`+'/(>[ ;-(&- &)4V(*%$ ;('- &)//%$.)*,(*0 %*%/0K &%*'/%$ (* '-%
A/7*%K$ +*, $)2'- )3 M-2/$)9 M-% `+'/(> ($ +#$) $+(, ') V% '-% +*&-)/
.)(*' 3)/ + 3+/ ;(,%/ .+*HD2/).%+* %*%/0K 0/(, !+* %>+4.#% )3 ;-(&- ($
'-% ZM+<-+/+ _(*%[] ;-(&- /2*$ 3/)4 M-2/$) ') 6+* 6%V+$'(+* (* 6.+(*:9
M-% #%K#(*% 3/)4 '-% `(,#)'-(+* <(##+0% )3 X+#+*'/),)&-[ *); 7*);* +$
M%4.#%[ ;-(&- .+$$%$ '-/)20- C)$$#K* ($ '-% `+0*%'(& ^/(, +>($ 3)/
D,(*V2/0-9
M-% 0/(,8$ 0%*%/+'(*0 $K$'%4 )/ Z^#)/K =)#%] ($ a)#K/)),
6+*&'2+/K[ ;('-(* ;-(&- (* 3)/4%/ '(4%$ ,%V')/$ ;%/% (442*% 3/)4
+//%$'9 M-% 6+*&'2+/K8$ +/%+ ;+$ %>'%*$(<% ;('- '-% 4+(* *),% #)&+'%,
+' "/'-2/8$ 6%+'9 ?' 0%*%/+'%$ + #+/0% %*%/0K 0/(, +/)2*, D,(*V2/0-
+V)2' 3)/'K 4(#%$ (* ,(+4%'%/[ ;('- C)$$#K* E-+.%# )&&2.K(*0 ('$
&)*'/)# .)(*' .)$('()*9
I
M-% 6+V(+* 6K4V)#$ ;%/% 3)/42#+'%, (* '-% @TSY$ +*, +/% + $%' )3 IQY .-/+$%$ '-+'
&)//%$.)*, ;('- %+&- )3 '-% IQY ,%0/%%$ )3 '-% ;-%%# )3 '-% c),(+&9
SSI
?' ($ &#+(4%, '-+' '-% 6&)''($- %*%/0K 0/(,$ +*, 7%K $'/2&'2/%$ +#$)
+&' +$ + 4%+*$ ') Z%*&),%] 7%K %#%4%*'$ )3 %$)'%/(& +*, ^/+(#
$K4V)#)0K[ +* %>+4.#% V%(*0 '-% /%./%$%*'+'()* )3 '-% 4K$'(&+#
6(*&#+(/ 6-(%#, ;('-(* '-% ,(4%*$()*$ +*, 4%+$2/%4%*'$ )3 C)$$#K*
E-+.%# E/K.'9
>8B! IC+B
4DE`8$4
SSW
7"?F'#( 4@`.!44D
H"?' "?FF#5#;ce
!"0( 0( )( (&*)+%' ) .)B' )( '8'* .'+ &*#6d(#.' #*)/2'
.$(& *'/&01- #$* ?+#72'6%'8
6&-(##%/9 a% ')#, '-% XXE '-+' ;-%* (* '-% ;+'%/ +3'%/ +V+*,)*(*0 $-(.
-% -%+/, &/(%$ 3)/ -%#. 3/)4 + V)+'4+'% V2' ,%&(,%, -% ;)2#, 7%%.
+;+K 3/)4 -(4 (3 -% 0)' (*') +*K ,(33(&2#'K9 5% -+<% +#$) #%+/*%, '-+'
`+> ,(, *)' /%&)0*($% )*% )3 -($ /%$&2%, &/%;4+'%$ )* A#"'.0)+ C0*2[
+ /%4+/7+V#% )&&2//%*&% &)*$(,%/(*0 '-% &#)$%H7*(' *+'2/% )3
e/(%0$4+/(*% #(3% )* V)+/, + GHV)+'9
F)%$ '-% 3)/4%/ %<%*' /%+##K /%3#%&' '-% *+'2/+# '%*,%*&K ');+/,
$%#3H./%$%/<+'()* (* + ,%$.%/+'% #(3% +*, ,%+'- $('2+'()* +*, '-% #+''%/
`+>8$ $2V$%12%*' +*, 2*,%/$'+*,+V#% &)*32$()* V/)20-' +V)2' VK -($
3(0-' 3)/ $2/<(<+# (* '-% 3/%%c(*0 ;+'%/b
A/ ,) '-%K .)(*' ') + '2/V2#%*' %4)'()*+# /%$.)*$% ./)<)7%, VK '-%
2*;%#&)4% ./%$%*&% )3 4%* )* GHII )/ (* ('$ <(&(*('K !4%4V%/$ )3 +
;+('(*0 $-)/% .+/'Kb: ;-) ;%/% *)' $2V4+/(*%/$ (* '-% 0%*%/+# &/%;
.).2#+'()* V2' ;%/%[ (* 3+&'[ -(0- #%<%# (*'%##(0%*&% )/ .)#('(&+#
).%/+'(<%$ '/+<%##(*0 ') 6&)'#+*, 2*,%/ a('#%/8$ %>./%$$ )/,%/$b
"*, ;-(#% )*% ,;%##$ )* '-%$% 12%$'()*$ (' ($ (*'%##%&'2+# %*%/0K
;%## $.%*' (* /%3#%&'(*0 )* '-% $'/%'&-H'))H3+/ &)(*&(,%*&% '-+' ;-(#% GH
II ;+$ '/+<%/$(*0 6&)''($- ;+'%/$ %* /)2'% ') '-% 3(/'- 0+'%;+K[ GHIW
;+$ + /%#+'(<%#K $-)/' ,($'+*&% +;+K #+*,(*0 ';) "V;%-/ ?? $.(%$ )33
'-% &)+$' )3 F)*%0+#9 M-% ,($%4V+/7+'()* .)(*' ;+$ + V/(%3 -). 3/)4
M)/K ?$#+*, ;-%/% GHII &)*$.(&2)2$#K $+*7 '-/%% '/+;#%/$ (* B)<%4V%/
@TIT + .%/(), ;-%*[ -)2/$ #+'%/[ #)&+# /%.)/'$ $.%+7 )3 (' #+*,(*0 4%* +'
<+/()2$ /%4)'% #)&+'()*$ (* '-% ;%$' )3 6&)'#+*,9 A*% $%%$ %4%/0(*0
-%/% +* 2*4($'+7%+V#%[ $'/+'%0(&+##K ,(/%&'%, f)(*' .+''%/* )3 $2V'%/320%9
M-% E)44+*,(*0 A33(&%/$ )3 V)'- GHII +*, GHIW ,(, *)' $-+/%
;('- '-%(/ &/%;$ '-% &)<%/' +$.%&'$ )3 '-%(/ /%$.%&'(<% 4($$()*$ 2*'(# '-%
$2V4+/(*%$ ;%/% ;%## (*') %*%4K ;+'%/$9 ?* '-% &+$% )3 GHIW '-% 4%*
;%/% $;)/* ') $%&/%&K )* .+(* )3 ,%+'-9 6%%(*0 '-+' ;('- '-% %>&%.'()*
)3 `+> 6&-(##%/8$ &+*,(, %>&-+*0%$ ;('- F+<(, a%*,/K '-%/% ($ *)
/%&)/,%, (*$'+*&% )3 + $2/<(<)/ 3/)4 GHII V/+7(*0 $(#%*&%[ )*% 4+K
&)*3(,%*'#K $2..)$% '-+' ('$ )33(&%/$ +*, /+'(*0$ ;%/% $(4(#+/#K
&)*$'/+(*%, V)'- VK '-% (*$($'%*&% )3 '-%(/ );* $2.%/()/$ +*,[ )*%
$2$.%&'$[ VK '-% C)K+# B+<K +3'%/ GHII8$ $(*7(*09
6%<%* ,+K$ +3'%/ GHII8$ ,%.+/'2/% 3/)4 5(#-%#4$-+<%* (* '-% %+/#K
-)2/$ )3 `)*,+K '-% @S'- '-% 4(*%$;%%.%/ a`6 C2')+'* 4+,% '-/%%
/)2*,$ )3 ,%.'- &-+/0% +''+&7$ 2.)* GHII[ %<%*'2+##K 3)/&(*0 '-% &/%;
') +V+*,)* $-(. ;-(#% e.#' a+*$H5(#-%#4 <)* F/%$7K[ -+<(*0 ($$2%,
)/,%/$ ') $&2''#% '-% V)+'[ &-)$% ') 0) ,);* ;('- ('9
62V$%12%*' #)&+# $')/(%$ '-+' '%## )3 + -%+<K #(3'(*0 ).%/+'()* ')
4)<% GHII 3/)4 ('$ $%+V%, .)$('()* 4+K /%3%/ ') '-% $.%%,K /%&)<%/K )3
D*0(4+ .+/'$9 a);%<%/[ (' ;)2#, V% 2*;($% ') ,($&)2*' '-% 2*,%/'+7(*0
SIY
+3'%/ ;-(&- (' %*&)2*'%/%, -)$'(#% 3)/&%$ +*, ;+$ $%*' ') '-% V)'')4 (*
'-% 5%4K$$ X+KH67%#4)/#(% +/%+9
M-% '-/%% $(0*+#$ Fm*('c .(&7%, 2. <(+ XH,(%*$' 3/)4 a`6 C2')+'*
$(4.#K +..%+/ ') -+<% &)*3(/4%, '-+' GHII ;+$ (* '/)2V#% +*, '-+'[
';%*'K 4(*2'%$ #+'%/[ '-% &/%; ;%/% $2//%*,%/(*09 M-% '/+*$4($$()*$ ,)
*)' +..%+/ ') -+<% .(*.)(*'%, '-% $2V4+/(*%8$ &))/,(*+'%$9 "$ 3+/ +$
Fm*('c ;+$ &)*&%/*%,[ GHII &)2#, -+<% V%%* +' + .)$('()* )* '-%
&)4.+$$ 4+*K 4(#%$ ,($'+*' 3/)4 '-% #)&+'()* #+$' #)00%, )/ +,<($%, VK
<)* F/%$7K ') E)44+*,9 ?* $2&- + $('2+'()* '-% C)K+# B+<K ;+$ (* +
./(4% .)$('()* ') 3%%, $2&- ,($(*3)/4+'()* ') '-% %*%4K +$ (' ,%%4%,
*%&%$$+/K9
M-% ,($(*3)/4+'()* $&%*+/() ($ /)2*,#K $2..)/'%, VK '-% ,)20-'K
a)/+&% A+7%$9 ?* -($ @TLP #%''%/ ') M-+4%$ M%#%<($()* ./),2&%/ _(c
B%%$)* '-% *%;$.+.%/4+* $+(, '-+' -% -+, V%%* '(..%, )33 '-+' '-%/%
;+$ $)4%'-(*0 ;)/'- $%%(*0 +' j+4%$ 5+'' F)&79 "' V%/'- ;+$ + X/('($-
,%$'/)K%/ ;('- V),(%$ )* ,%&7 &)<%/%, VK + B+c( 3#+09 a% ')#, B%%$)*
'-+' ,($&/%%' %*12(/(%$ -+, /%<%+#%, '-+' + ^%/4+* GHV)+'U'-% GHIIU
-+, V%%* ,($&)<%/%, f2$' )33 '-% ($#+*, )3 "//+*9 ?' -+, V%%* 3)/&%, ')
'-% $2/3+&% VK '-% 4(*%$;%%.%/ a`6 C2')+'* +*, ,+4+0%, VK ,%.'-
&-+/0%$9
A+7%$ +,,%, '-+' + *%+/VK ,%$'/)K%/ )* '-% $&%*% $+*7 '-% GHV)+'9
a%/ $2/<(<)/$ ;%/% '+7%* ./($)*%/ +*, '-% ,%+, '+7%* +V)+/, '-%
C2')+'* 3)/ V2/(+#9 ?* '-($ &)*'%4.)/+/K +&&)2*' ;% #%+/* '-+' A+7%$8
(*'%##(0%*&% $)2/&%$ -+, /%<%+#%, ') -(4 '-+' GHII ;+$ +#& $2*7 +$ +
/%$2#' )3 '-% ,+4+0% (*3#(&'%, VK 4(*%$;%%.%/ a`6 C2')+'* V2' ;+$
$2*7 VK +* Z)&&'+6)+& A*0&0(" 6'(&*#-'*9]
+*)'-%/ GHV)+' (* '-% 3(/'- ('$ (,%*'('K ($ + 4K$'%/K9 5('-(* '-% &)*'%>'
)3 + ,($(*3)/4+'()* $&%*+/() '-% $'+'%4%*' ($ /%<%/$%,UGHII /)++#& #(%
)33 "//+* +*, (3 '-%/% ($ +*)'-%/ GHV)+' *%+/VK ('$ (,%*'('K ($ 2*7*);*9
M-% ;/%&7 ($ &%/'+(*#K *)' %+$K ') 3(*, VK +## +&&)2*'$9 F(<(*0
%*'-2$(+$' e%<(* `&F)*+#, -+, '/(%, +*, 3+(#%, ') #)&+'% GHII )33
=#+,,+[ ,%$.('% `)(/ +*, E/+;3)/,8$ &)*3(,%*' &#+(4 '-+' '-%K -+,
+#;+K$ 3)2*, (' +' RR S@9PTPB YR Y@9WRT59 62V$%12%*'#K[ `&F)*+#,8$
/%12%$' ') 3%##); 3)/24 4%4V%/$ +$7(*0 3)/ GHII8$ $.%&(3(& &))/,(*+'%$
,/%; + V#+*79
?* 3+&'[ 4%4V%/ ?+* `&"/'-2/ $200%$'%, '-+' )*% /%+$)* ;-K
`&F)*+#, +*, )'-%/$ &)2#, *)' 3(*, (' ;+$ ') V% 3)2*, (* '-% /24)2/$
'-+' GHII ;+$ #(3'%, ') /%'/(%<% ('$ D*(04+ .+/'$9 A*&% 4)/%[ ;% &)4%
V+&7 ') + -%+<K #(3'(*0 $&%*+/()[ ;-(&- 4+K -+<% $-/)2,%, $) 42&-
4)/% )3 '-% +&'2+# .2/.)$% +*, &(/&24$'+*&%$ V%-(*, '-% &#+*,%$'(*%
*+<+# ).%/+'()* '-+* (' $%%4$9
5-%/% '-%/% ($ ,($'(*&'#K 4)/% 2*+*(4('K +4)*0 '-% 6&)''($- ,(<%/$
&)442*('K ($ (* ('$ $-+/%, V%#(%3 (* '-% ./%$%*&% )3 + GHV)+' ;/%&7 )33
67%#4)/#(%9 M-% E)*0%/+##%K 3)/24 4%4V%/$ .#+&% '-% ;/%&7 +' QP
4%'/%$ (* .)$('()* RRJRSB YPJRP59 ?' ;)2#, +..%+/ '-+' '-%/% ($ +' #%+$'
+$ 0/%+' + &)44)* +&&%.'+*&% )3 + 67%#4)/#(% GHV)+' +$ '-%/% ($ )3 +*
"//+* ;/%&79 ?* 3+&'[ '-% #)&+'()* )3 '-% 3)/4%/ $%%4$ ') V% '-% 4)/%
+&&2/+'%#K /%&)/,%, )3 '-% ';) +$ 3+/ +$ $)4% ,(<%/$ +/% &)*&%/*%,9
?$ (' &)*&%(<+V#% '-+' '-% /%+$)* ;-K a`6 N*#.'* ;)2#, *)' $%*,
,);* 3)/ `+> 6&-(##%/8$ V%*%3(' + 4(,0%' $2V +*, &+4%/+ ') '-% $%+H
V)'')4 (* N%V/2+/K SYYY ;+$ ') +<)(, /%<%+#(*0 '-+' ;-+' #+K V%#);
;+$ *)' +&'2+##K '-% ;/%&7 )3 GHIIb
6&-(##%/ ')#, -($ XXE '%#%<($()* (*'%/<(%;%/ '-+' !+' #%+$' .+/' )3: GH
II8$ 4($$()* ;+$ ') %*'%/ '-% E#K,% "*&-)/+0% ') $(*7 a`6 G##69 ?' ($
7*);* '-+' ./()/ ') )33(&(+# &)44%*&%4%*' )3 '-% ;+/ ^%/4+* 4(#('+/K
.#+**%/$ )/,%/%, + *24V%/ )3 +%/(+# /%&)**+($$+*&% $2/<%K$ )3 '-% N(/'-
)3 E#K,% +*, $2//)2*,(*0 +/%+$9 M-% %33(&(%*' +*, &)4./%-%*$(<%
2*,%/'+7(*0 )3 '-%$% +&'(<('(%$ 'K.(3(%, '-% ^%/4+*$8 &2$')4+/K
,($&(.#(*%, $'K#% )3 +../)+&- (* (*'%##(0%*&% ).%/+'()*$ +*, $) )*%
$'/200#%$ ') 2*,%/$'+*, -);[ )* '-% )&&+$()* )3 GHII8$ %*'/K (*') '-%
E#K,% (* N%V/2+/K @TPY[ '-%K ;%/% *)' (* /%&%(.' )3 '-% <('+#
(*3)/4+'()* '-+' '-% G##6 -+, ,%.+/'%, ('$ 4))/(*0 (* '-% E#K,%
"*&-)/+0% 3)2/ ,+K$ V%3)/% '-% @S'-9
5% *); 7*); '-+' 6&-(##%/ ;+$ /%3%//(*0 ') '-% *+'2/% )3 GHII8$
4($$()* !'-% )*% <)* F/%$7K ($ #(7%#K ') -+<% (4.+/'%, ') '-% &/%; +$ +
&)<%/ $')/K: (* '-% E#K,% "*&-)/+0% (* #+'% B)<%4V%/ @TIT9
XK + #(''#% +3'%/ YRJIY )* @S N%V/2+/K GHII ;+$ )* '-% $%+V%,
SIP
5-+' ;+$ '-% %+/#(%/ '/+(* )3 %<%*'$ )* S@HSS B)<%4V%/ @TIT '-+'
_(%2'%*+*'HE)44+*,%/ =/(&% ;+$ $) *%/<)2$ +V)2'b M-% ,+K +3'%/ GH
II $+*7 '-/%% N#%%';)), '/+;#%/$ $)4% WR 4(#%$ *)/'-;%$' )3 C+'-#(*
?$#+*, )* M2%$,+K S@ B)<%4V%/ @TIT $-% -%+,%, %+$' (*') '-% E#K,%
3)/ /%+$)*$ )3 $%&/%&K +V)2' -%/ 4($$()* +*,[ '-%/%3)/%[ '-% ,%'+(#$ )3
'-($ ,%')2/ +/% 2*/%&)/,%, (* )33(&(+# ^%/4+* /%&)/,$9
M-% ;%(0-' )3 +&&242#+'%, %<(,%*&% $200%$'$ '-+' GHII8$ .+$$+0%
(*') '-% #);%/ /%+&-%$ )3 '-% N(/'- )3 E#K,% ;+$ *)' 4+,% 2*'(# (' -+,
4+,% '-% 4)$' )3 +* +../)>(4+'% IYH-)2/ '(4%H0+. V%';%%* #%+<(*0 '-%
;+'%/$ ') '-% $)2'-%+$' )3 '-% ?$#% )3 M(/%% )* '-% S@$' +*, +//(<(*0 )33
E+//+,+#% X+K )* '-% +3'%/*))* )3 5%,*%$,+K '-% SS*, ') %*0+0% (*
&#+*,%$'(*% +&'(<('K9 ?* '-($ .%/(), GHII 4+,% 3(/$'#K + QYH4(#% f)2/*%K
$)2'-%+$' ') '-% ?$#% )3 ?$#+K ;-%/% (' #+*,%, +' #%+$' )*% .%/$)*[
&)##%&'%, 3/%$- ;+'%/ +*, /2$'#%, $-%%.9
SIW
M-% *%>' 4)$' #(7%#K +&' ;+$ 3)/ GHII ') 4+7% ('$ ;+K ') '-% ?$#% )3
X2'% ;-%/% + $2V4+/(*% ;+$ )V$%/<%, VK X/('($- a)4% ^2+/,
.%/$)**%# +//(<(*0 )33 '-% $-)/% )3 D''/(&7 X+K )* '-% ;%$' &)+$' )3 '-%
($#+*,9 "' ,+;* )* '-% SS*, (' 4)<%, +;+K9 E)*$(,%/(*0 '-($ /%.)/'
+#)*0$(,% '-% '%$'(4)*K 3/)4 '-% %>HGHII $2V4+/(*%/ ') j9 `+#&)#4
`&`(##+*8$ &)2$(* '-+' (' ;+$ GHII ;-(&- 4+,% + 4)/*(*0 &+## 3)/
3/%$- ;+'%/ &)##%&'()* +' '-% $)2'-%/* %*, )3 '-% ?$#% )3 X2'%[ '-% #)0(&+#
(*3%/%*&% ') V% ,/+;* ($ '-+' '-% (,%*'('K )3 '-% ;%$' $-)/% +*, $)2'-
$-)/% GHV)+' ;+$ (* V)'- &+$%$ GHII9
"## (*,(&+'()*$ .)(*' ') GHII 4+7(*0 ('$ '/(. ') '-% ?$#% )3 X2'%
;('-(* '-% /+.(, $%/(%$ )3 ($#+*, $').H)33$ (' 4+,% V%';%%* S@$' +*,
SS*, B)<%4V%/ @TIT9
a);%<%/[ '-%/% 42$' /%4+(* + *(00#(*0 ,)2V' +V)2' '-% ,+'%9 ?*
/%&%*' .+0%$ ;% /%<(%;%, %<(,%*&% '-+' GHII 4+K -+<% '/+<%##%,
&)*$(,%/+V#K 32/'-%/ 2. '-% 3(/'- (* N%V/2+/K @TPY[ (* ;-(&- &+$% '-%
?$#% )3 X2'% '/(. &)2#, -+<% '+7%* .#+&% +' '-+' '(4% $%%(*0 '-+' '-% ;%$'
&)+$' )3 '-% $4+##%/ _(''#% E24V/+% ($#+*, /2*$ .+/+##%# ') ('$ #+/0%/
&)2$(* + 4(#% ;%$';+/,9 ?' ($ +#$) .)$$(V#%[ )3 &)2/$%[ '-+' GHII[ -+<(*0
0)' '-% '+$'% 3)/ ($#+*, -)..(*0 ,2/(*0 ('$ $%&)*, .+'/)# <($('%, '-% ?$#%
)3 X2'% ,2/(*0 ('$ '-(/,9 M-% ?$#% )3 X2'% $(0-'(*0 +#$) -%#.$ ') ./)<(,% +
.#+2$(V#% V+&70/)2*, ') '-% /24)2/$[ ,%*(%, VK *+<+# )33(&(+#$ $2&- +$
",4(/+# N/+$%/[ '-+' + X/('($- .+'/)# $-(. -+, $.)''%, + GHV)+' )33 X2'%
+*, '-+'[ $2V$%12%*'#K[ ./($)*%/$ &+.'2/%, 3/)4 '-% %*%4K $2V ;%/%
$%%* +' C)'-%$+K9
"3'%/ &)##%&'(*0 ;+'%/ '-% *%>' $'%. (* '-% $2V4+/(*%8$ '/+<%#$[
/%3#%&'(*0 '-% /%4+/7$ 4+,% VK `+> 6&-(##%/ +*, '-% .-+/4+&($'8$ ;(3%[
;+$ 3)/ GHII ') Z#(% )33 _+/0$ +## ,+K] (* + &-+**%# &#)$% VK M-%
E24V/+%$ V%3)/% 4)<(*0 IR 4(#%$ $)2'-;%$' ') '-% e(*'K/% =%*(*$2#+/9
"' @RJPR[ +&&)/,(*0 ') F)*+#, e%##K8$ (*<%$'(0+'()*$[ GHII ;+$
$%%* %4%/0(*0 )33 E+//+,+#% X+K9 GHII %*'-2$(+$' F+<(, a%*,/K 0)%$
32/'-%/ +*, )33%/$ '-% $'+/'#(*0 (*$(0-' ,%/(<%, 3/)4 -($ ,($&2$$()*$ ;('-
`+> 6&-(##%/ +*, 3/)4 #)&+# 7*);#%,0% '-+' 3($-%/4%* )V$%/<%, GHII
#+*,(*0 4%* -%/%[ '))9
M+7(*0 '-%$% 3+&'$ ')0%'-%/[ ;% $%% + &#%+/ .+''%/* )3 +&'(<('K (*
;-(&- GHII[ f2$' @S ;%%7$ +3'%/ &)44%*&%4%*' )3 -)$'(#('(%$ V%';%%*
^%/4+*K +*, X/('+(*[ ($ -+/, +' ;)/7 #+*,(*0 +0%*'$ (* <+/()2$ /%4)'%
5%$' )3 6&)'#+*, #)&+'()*$ ;-(#% +' '-% $+4% '(4% 2*,%/'+7(*0 4)/%
42*,+*% &-)/%$ #(7% ;+'%/ &)##%&'()* +*, $'%+#(*0 $-%%. 3)/ '-% 0+##%K
&))79
N(<% -)2/$ +3'%/ GHII ,%.+/'%, E+//+,+#% ^+<(* E/+;3)/, )V$%/<%,
(* V/(0-' 4))*#(0-' + $2V4+/(*% '/+(#(*0 SYY K+/,$ V%-(*, '-% ?/($-
SIL
'-% M+(# )3 '-% X+*7 3/+&+$9 ?' ($ 4K &)*'%*'()* '-+' 6(7- a(,'+##+[ #+(,
(* + .+2.%/8$ 0/+<% )* I j+*2+/K @TPY[ ;+$ '-% V),K 3/)4 '-% .))# V2'
V2/(%, +*)*K4)2$#K V%&+2$% ') /%<%+# (* ^/%%*)&7 E%4%'%/K8$ /%&)/,$
'-% ,%&%,%*'8$ /%+# (,%*'('K ;)2#, -+<% &)*$'('2'%, + 0/+<%
%4V+//+$$4%*' ') X/('+(*8$ *+<+# +*, $%&2/('K 3)/&%$9
6(>'K K%+/$ #+'%/ + 3)/4%/ e/(%0$4+/(*% *+<+# )33(&%/ &+4% ')
^/%%*)&7 _(V/+/K +$7(*0 3)/ (*3)/4+'()* +V)2' +* 2*&#% ;-) -+, ,(%,
(* + GHV)+' $(*7(*0 (* '-% N(/'- )3 E#K,% (* 55??9 M-% <($(')/ $.%&(3(%,
'-+' -% ;+$ *)' '+#7(*0 +V)2' + &+$2+#'K 3/)4 GHII V2' +V)2' +*)'-%/
$2V4+/(*% $2*7 VK '-% X/('($- (* '-% 2..%/ /%+&-%$ )3 '-% 3(/'-9 5%/%
6(7- a(,'+##+ +*, '-% %*12(/%/8$ 2*&#% 3%##); )&&2.+*'$ (* + $.%&(+# $2V
'-+' .+$$%, '-/)20- '-% V))4U)*% +*, '-% $+4% 4+* %<%*b
?' ($ .#+(* 3/)4 &)//%$.)*,%*'$8 $')/(%$ '-+' '-% N(/'- )3 E#K,% GH
V)+'!$: +&'(<('(%$ ./)4.'%, #%*0'-K +*, %>'%*$(<% C)K+# B+<K $%+/&-
).%/+'()*$9 ?* '-% $%+ VK 5%$' e(#V/(,%[ 12(&7#K 3)/'(3(%, VK V+/V%, ;(/%
V+//(&+,%$[ *+<%# (*<%$'(0+')/$ ;%/% -+/, +' ;)/7 (* + 12%$' ') 3(*,
$)4%'-(*0 )3 +..+/%*' %>&%.'()*+# <+#2%9 M;%#<% 4(#%$ *)/'- (* '-%
<(&(*('K )3 ?**%##+* =(%/[ +*)'-%/ #)&+'()* ;-%/% e/(%0$4+/(*% -+'$
;%/% 3)2*,[ '-% V)+' #+, ;('- '-% 3($-(*0 #(&%*&% )V$%/<%, $(4(#+/
+&'()*$ 2*,%/'+7%* )<%/ + ';)HK%+/ .%/(),9 5-+' ;%/% '-% *+<+#
+2'-)/('(%$ #))7(*0 3)/ $) +$$(,2)2$#Kb 5%/% '-%(/ '/(.$ ') '-% $%+V%,
$(4.#K &)*&%/*%, ;('- 3(*,(*0 D*(04+ &)4.)*%*'$ !-+<(*0 #%+/*%,[
.%/-+.$[ '-+' E-(%3 D*0(*%%/ 6&-(##(*0 -+, ,('&-%, -($ .+/'$ VK ?**%##+*H
67%#4)/#(%: )/ ;+$ '-%/% +* +#')0%'-%/ 4)/% %>)'(& ./(c% $)20-'b
M-% $')/K '-+' GHII (* B)<%4V%/ @TIT ;+$ #2/%, (*') '-% E#K,%
"*&-)/+0% VK '-% ./)$.%&' )3 *%''(*0 + 0/%+' &+'&-U'-% E+.('+# #(*%/
C`6 F$''+ <)*-U4+7%$ *) $%*$%9 A* '-+' ,+'% '-% F$''+ <)*- -+,
V%%* (* B%; d)/7 3)/ *%+/#K '-/%% 4)*'-$9 M-% *%; E2*+/, #(*%/ C`6
F$''+ O20B)='&" ;+$ (* '-% +/%+[ -);%<%/[ 2*,%/0)(*0 %>'%*$(<% 3(''(*0
)2' ;)/7 +' j)-* X/);*8$ ;)/7$ +' E#K,%V+*79 X2' '-%/% ($ *) %<(,%*&%
)3 ('$ (*<)#<%4%*' (* +* (*'%##(0%*&% /2$% ,(/%&'%, ');+/,$ ,/+;(*0 +*
%*%4K $2V4+/(*% (*') '-% E#K,% "*&-)/+0%9 ?* /%&)0*('()*[ '-)20-[ )3
'-% ;%(0-' )3 #)&+# /24)2/ '-% E2*+/, $-(.8$ +##%0%, &)4.#(&('K (* $2&-
+* %>%/&($% /%4+(*$ )* '-% &)#, &+$% 3(#%9
?* '-($ &-+.'%/ ;% -+<% $244+/($%, '-% $')/K )3 GHII +#)*0 +
V+&7;+/, .+'-;+K (* '(4%[ V%0(**(*0 ;('- ('$ &)*$(0*4%*' ') '-%
,%.'-$ (#.'7"'*' (* '-% N(/'- )3 E#K,% (* N%V/2+/K @TPY +*, %*,(*0
;('- ('$ V/+<2/+ .%/3)/4+*&% +' '-% E#)&-HF2*))* ,%3%*&% V))4 (*
B)<%4V%/ @TIT9 A2/ ,%$&/(.'()* )3 '-% #+''%/ $%*$+'()*+# %.($),% -+$
$')..%, +' '-% V))48$ ).%* 0+'%;+K9
B); ;% 3)##); (' (*$(,%\
SPY
7"?F'#( D@D4!44D
"' +/)2*, '-% '(4% )3 '-% K)*%( )+6 <0229#*& >''?2- L'7( +/'(&#%$
(* '-% 4(,H@TLY$ +* 2**+4%, %#,%/#K 4+* &+4% 3)/;+/, ;('- + 0/+.-(&
$')/K9 a% -+, V%%* + .#24V%/ (* '-% E#K,% $-(.K+/,$ ,2/(*0 '-% ;+/
;)/7(*0 (* ^+/<%# F)&7 *%>' ') '-% #+/0%/ j+4%$ 5+'' F)&79
M-%/% ;+$ + 3/(0+'% (* ^+/<%# F)&7 -+<(*0 + 3('H)2'9 62,,%*#K '-%
+#+/4 ;+$ $)2*,%, '-+' + GHV)+' -+, 0)' 2. +$ 3+/ +$ '-% F2*))*HE#)&-
,%3%*&% V))49 "$ (##2$'/+'%, %+/#(%/ '-% M+(# )3 '-% X+*7 +' ^/%%*)&7
;+$ .+&7%, ;('- +## 'K.%$ )3 '+*7%/$ +*, &)*<)K $-(.$9 D<%/K +<+(#+V#%
#)&- +*, 4))/(*0 $.+&% ;+$ 0(<%* )<%/ ') $-(.$9 A*% &)2#, ./+&'(&+##K
$'%. 3/)4 )*% ') +*)'-%/[ '-% $-(.$ ;%/% $) &#)$%9 5-%* '-% +#+/4 ;%*'
2. '-% ,)&7 ;+$ (44%,(+'%#K &#%+/%, +*, 3#)),%, ;('-(* 4(*2'%$9 M-%
3/(0+'% /+&%, )2' )3 '-% ,)&7 ,/+00(*0 ;('- (' ;%#,(*0 .#+*'$[ V2/*(*0
&+V#%$[ V)''#%$[ 0%*%/+')/$ +*, 0+*0.#+*7$9 =%).#% ;%/% &-)..(*0 +;+K
32/()2$#K ;('- +>%$ ') '/K ') &2' '-%4 3/%% )3 '-% /+&(*0 3/(0+'%9
M-% )#, .#24V%/ $+(, '-+' '-% 4ƒ#q% &)*,%, ;('- '-% -2*'(*0
,);* +*, $(*7(*0 )3 '-% GHV)+' +*, '-+' ('$ $+(#)/$ ;%/% V2/(%, (*
^/%%*)&7 &%4%'%/K +*, /%HV2/(%, (* ^%/4+*K9 ?3 '-% .#24V%/8$ $')/K ($
+&&2/+'% '-%* ') ;-(&- GHV)+' +*, &/%;4%4V%/$ ;+$ -% /%3%//(*0b
5-+' ;+$ $2*7 (* )/ *%+/ '-% E#K,% "*&-)/+0% (* B)<%4V%/ @TITb
"$ '-% *(0-' )3 SSHSI B)<%4V%/ ./)0/%$$%,[ '-% -2VV2V 0/+,2+##K
,(%, ,);*9 5-%* '-% $4)7% )3 V+''#% &#%+/%, '-%/% ;%/% *) <($(V#%
$(0*$ )3 + 4)/'+##K ;)2*,%, GHV)+' ,%$.('% '-% Z#["#$+6 $7(..%/8$
+,+4+*' V%#(%3 '-+' -($ &/%; -+, $%%* + $2V4+/(*% +*, -+, $2*7 )/
V+,#K ,+4+0%, (' !+ V%#(%3 $-+/%, VK '-% .#24V%/ +*, 4+*K )'-%/$ )*
'-% $&%*% '-+' *(0-':9
5% 7*); '-+' GHII[ '-% V)+' '-+' -+, .+$$%, '-/)20- '-% 0+'% )*
'-% $2/3+&%[ #(<%, ') /%'2/* ') '-% E#K,% ';%#<% ;%%7$ #+'%/9 a+, '-%
<%$$%# '-+' -+, 3)/&(V#K %*'%/%, '-% E#K,% "*&-)/+0% 2*,%/;+'%/ V%%*
$) 3)/'2*+'%b
SP@
)*% +4)*0 + '%+4 )/,%/%, ') /%.+(/ '-% *%''(*0 +3'%/ + $2V4+/(*% '/(%,
') 3)/&% ('$ ;+K '-/)20-9 M-% ';) ,%$&/(.'()*$ +/% $200%$'(<% )3 +
$(42#'+*%)2$ .+(/ )3 +&'()*$ ;-%/% ';) %*%4K $2V4+/(*%$ +/% (*'%*' )*
.+$$(*0 '-/)20- (*') '-% "*&-)/+0%[ )*% $2(&(,+##K V)#, +*, ).%* (*
%>%&2'()* ;-(#% '-% )'-%/ $%%7$ ') 0%' '-/)20- 2*$%%* 2*,%/ '-% &)<%/
)3 ('$ )*H$2/3+&% .+/'*%/ V/(*0(*0 '242#' 2.)* ('$%#3 +$ ('$ !,%#(V%/+'%#K
$Kb: /2$% ($ ,($&)<%/%,9
M-+' '-%/% ;+$ $)4% $2V$'+*&% ') '-($ $')/K ($ %<(,%*&%, VK '-%
$2V$%12%*' ;%(0-' )3 #)&+# ).(*()*9 O2(&7#K[ '-% /24)2/ 4(## ;%*' (*')
32## $;(*0 ;('- $2V$%12%*' '+#7 +V)2' '-% ./%$%*&% )3 + 4(*( )/ $.%&(+#
$2V (* '-% <(&(*('K )3 '-% V))49
a); ,(, GHII 4+*+0% ') 0%' '-/)20- '-% ).%* 0+'%;+Kb
E)44%*'+')/$ -+<% .)(*'%, )2' '-+'[ (* /%+#('K[ (' ;)2#, -+<% V%%* %+$K
%*)20- (* 4)$' ;%+'-%/$ 3)/ +* (*'/2,%/ ') 0%' '-/)20- '-% V))4
,%3%*&%$ +' '-% E#)&- V%-(*, +*K (*;+/,HV)2*, ')**+0% +' .%/($&).%
,%.'-[ /+'-%/ '-+* /2**(*0 )* '-% $2/3+&%[ +$ '-%/% ($ .#%*'K )3 ;+'%/
,%.'- (* '-% &-+**%#;+K9 X2' (3 '-% )Vf%&' )3 '-% ,%&%.'()* ;+$ ') /+($%
+ 4(0-'K -2% +*, &/K ') ,(<%/' +''%*'()* 3/)4 + $%&)*, <%$$%# + $2/3+&%
.+$$+0% ;+$ VK 3+/ '-% 4)$' %33%&'(<% ).'()*9
X2' '(4(*0 ;+$ +## (4.)/'+*'9 ?3[ +$ '-% ;%(0-' )3 %<(,%*&%
(*,(&+'%$[ GHII ;+$ ') ./)<(,% &)<%/ ;-(#% +*)'-%/ $2V4+/(*% 4+,% ('$
;+K (*') '-% "*&-)/+0% V%#); '-% $2/3+&% '-% ).%/+'()* -+, ') V%
%>%&2'%, ;('- $').;+'&- ./%&($()*9 M-% .#)K ;+$ V%(*0 .#+K%, )2' 3)/
<%/K -(0- $'+7%$9 M-%/% ;+$ *) /))4 3)/ 3+(#2/%9
5(##(+4 `&^%% ./)<(,%, ,%'+(#$ )3 '-% $')/K '-+' ,(, '-% /)2*,$
#)&+##K +V)2' -); '-% GHV)+'
%*'%/%, '-% 0+'%;+K9 M-% )/(0(*+#
$)2/&% )3 '-% +&&)2*' -+$ *)' V%%*
*+4%, V2' ;% -+<% $%%* -); #))$%
#(.$ +4)*0 C)K+# B+<K .%/$)**%#
#%' $#(. &#+$$(3(%, (*3)/4+'()* +*, ('
($ #(7%#K '-+' $(4(#+/ (*,($&/%%'
./+&'(&% ;+$ +' ;)/7 -%/% +#$)9 M-% C)K+# B+<K 5-('% D*$(0*
GHII +//(<%, +' '-% V))4 0+'%9 ?' ;+$ 3#K(*0 '-% 5-('% D*$(0*U+
C)K+# B+<K 3#+09 ?' &)2#, *)' -+<% V%%* 3#K(*0 ('$ );* %*$(0* +' '-%
$+4% '(4%9 _+;/%*&% =+'%/$)*[ `(*($'/K )3 F%3%*&% 55?? $2V4+/(*%
&)*$2#'+*'[ &)*3(/4%, ') 4% '-+' /+($(*0 + 5-('% D*$(0* +V)<% +
e/(%0$4+/(*% %*$(0* (*,(&+'%, '-+' + GHV)+' ;($-%, ') $2//%*,%/9 M-+'
;+$ *)' '-% &+$% -%/%[ +' #%+$' (*('(+##K9 ?* =+'%/$)*8$ <(%;[ '-% 3#K(*0 )3
'-% $(*0#% 5-('% D*$(0* $4+&7$ )3 + ,%#(V%/+'% +''%4.' VK GHII ') .+$$
('$%#3 )33 +$ + C)K+# B+<K $2V +*, %*'%/ '-% (**%/ -+/V)2/9 =+'%/$)*
SPI
5-(&- GHV)+' -+, V%%* $2*7b ?' ;+$ *)' GHII9 5% *)'%, (*
E-+.'%/ W '-+' GHIR ;+$ (* '-% <(&(*('K )3 GHII8$ +''+&7 )* '-% ^%/4+*
$'%+4%/ 66 A#*?$. (* '-% A/7*%K$ (* '-% %+/#K +3'%/*))* )3 SI
B)<%4V%/ @TIT9 5% '-%* V/(%3#K &)*$(,%/%, '-% *%>' #)0(&+# .)$$(V(#('K
(* '-($ +/024%*' '-+' GHIR /#$26 -+<% $2*7 '-% A#*?$. ;('- -($')/K
*)*% '-% ;($%/9 M-($ ;)2#, -+<% +##);%, '-% ^%/4+*$ ') +$&/(V% '-% +&'
') GHII[ $) ./)<(,(*0 +* +#(V( 3)/ ('$ /)#% +$ + ,%&)K 3)/ + $%&)*, B+c(
$2V4+/(*% (* '-% N(/'- )3 E#K,% )* '-+' *(0-' !2*'(# F)*+#, e%##K8$
/%<(%; '-% &)44)*#K +0/%%, ,+'% 3)/ '-% M+(# )3 '-% X+*7 (*&2/$()*
;+$ SI B)<%4V%/:9
X2' ;-+' (3 GHII8$ /)#% (* '-% E#K,% "*&-)/+0% ;+$ 3+/ 4)/% '-+*
'-+' )3 + V(' .#+K%/ (* + 0/+*,%/ $&-%4% )3 "*0#)H^%/4+* ,%&%.'()*b
5-+' (3 (' ;+$ &"' 4+f)/ .#+K%/ +*, /%+##K ,(, /%12(/% +' #%+$' $%<%/+#
-)2/$ ') +&' )2' ('$ .+/' (* '-% +33+(/[ /+'-%/ '-+* '-% 4(*2'%$ *%%,%, ')
$-(%#, + $($'%/ $2V8$ .+$$+0% V%#); '-% ;+<%$ (*') '-% M+(# )3 '-% X+*7b
?* '-($ V(00%/ .(&'2/% '-%/% ($ *) *%%, 3)/ GHII ') -%+. $'/+(* )* ('$ ';)
`"B F(%$%# %*0(*%$ (* 4+7(*0 + 3/+*'(& @WH-)2/ ISYH4(#% ,+$- ') $(*7
'-% 0/+(* V)+' V%&+2$% ('$ +''%*'()* ;+$ 32##K )&&2.(%, (* .%/3)/4(*0
<('+# +*, '(4%H&)*$24(*0 '+$7$ (* '-% "*&-)/+0%9 XK + ./)&%$$ )3
%#(4(*+'()* GHIR '-%* V%&)4%$ '-% $)#% &+*,(,+'% 3)/ '-% +''+&7%/ )3 '-%
A#*?$.9
M-($ +#'%/*+'(<% <($2+#($+'()* )3 %<%*'$ +' '-% V))4 ,%&#+/%$ '-+' '-%
<%$$%# $%%* '/+<%##(*0 (* '-% ;+7% )3 '-% E#-)2 Q2(&'*.)+ ;+$ '0&"'* GH
SPQ
+/'%3+&'$:9
D<%* (3 e%##K ($ (*&)//%&' +V)2' '-% M+(# )3 '-% X+*7 ,+'% +*, '-%
X))4 %<%*' '))7 .#+&% )* '-% SI/,[ (* '-($ $&%*+/() GHII ;)2#, $'(##
-+<% -+, + 3%; -)2/$ +<+(#+V#% ') 32#3(# + $%&/%' +0%*,+ V%3)/% 12(%'#K
$#(..(*0 +;+K 3)/ ('$ QR ')WYH-)2/ '/(. -)4%9
M-($ +#'%/*+'(<% ,%$&/(.'()* +#$) ./)<(,%$ + *%; Z;(#, &+/,]
$&%*+/() 3)/ '-% '/+(* )3 %<%*'$ #%+,(*0 ') '-% ,($&)<%/K )3 6(7- a(,'+##+9
5% &)*$(,%/%, (* E-+.'%/ W '-% -K.)'-%$($ '-+' GHIR +*, GHII 4(0-'
-+<% /%*,%c<)2$%, (* '-% A/7*%K$ )* SI B)<%4V%/ +/)2*, '-% '(4%
'-+' '-% #+''%/ $+*7 '-% X)/724 (* '-% %+/#K +3'%/*))*[ + 4%%'(*0 '-+'
&)2#, -+<% V%%* 2$%, ') '/+*$3%/ .%/$)**%#9 62&- + 4%%'(*0 &)2#, $'(##
-+<% '+7%* .#+&% (3 GHII -+, /%4+(*%, (* '-% N(/'- )3 E#K,% 3)/ 2. ') SY
-)2/$ #)*0%/ ') 2*,%/'+7% $%&/%' V2$(*%$$9 ?' 3)##);$ '-+' '-% ';)
$2V4+/(*%$ ;)2#, '-%* -+<% 4%' (* '-% A/7*%K$ )* '-% SP'-[ #%+<(*0 GH
II ;('- $233(&(%*' '(4% ') /%$24% ('$ f)2/*%K ') 5(#-%#4$-+<%* 3)/ ('$
+//(<+# )* '-% SQ'-9
A* ST F%&%4V%/ GHIR ;+$ +''+&7%, (* '-% B)/'- 6%+ VK '-/%%
X/('($- ,%$'/)K%/$ +../)>(4+'%#K LY 4(#%$ 3/)4 '-% B)/;%0(+* &)+$'
*%+/ X%/0%*9 ?'$ &/%; )3 PI ;+$ /%$&2%, +*, #+*,%, +' ^/%%*)&7 )* @
F%&%4V%/[ +* )&&+$()* ,%$&/(V%, (* '-% ",4(/+#'K &)442*(12q
/%./),2&%, (* E-+.'%/ @9
`(0-' '-%/% -+<% V%%* + PP'- .%/$)* )* V)+/, GHIR[ $)4%)*%
'/+*$3%//%, VK GHII %('-%/ (* #(3% )/ (* ,%+'- &)*$%12%*' ') ).%/+'()*$ +'
'-% M+(# )3 '-% X+*7[ )*% ;-) ,(, *)' $2/<(<% '-% %*&)2*'%/ ;('- '-%
,%$'/)K%/$b
?3 +3'%/ '-% ,%$'/)K%/$8 +''+&7 *+<+# .%/$)**%# 3)2*, )* GHIR +
,%&%,%*' )3 Z$.%&(+# (*'%/%$'[] $'%.$ ;)2#, -+<% V%%* '+7%* ') .2'
$%&2/% V2/(+# ./)&%,2/%$ (* .#+&% +' ^/%%*)&79
B%<%/'-%#%$$[ (' ($ 3+/ 3/)4 &#%+/ ;-K GHII ;)2#, -+<% '/+*$3%//%,
%('-%/ + V),K )/ + #(<(*0 .%/$)* ') GHIR ;-(#% %* /)2'% V+&7 ') V+$%9 A3
'-% ';) V)+'$ GHII ;)2#, V% +//(<(*0 3(/$' (* 5(#-%#4$-+<%*9 GHIR ;+$
$'(## (* '-% B)/'- 6%+ '-/%% ,+K$ +3'%/ GHII8$ /%'2/*9 ?3 '-%/% -+, V%%* +
.%/$)*[ +#(<% )/ ,%+,[ ;-) *%%,%, ') V% #+*,%, (' ;)2#, -+<% 4+,%
4)/% $%*$% 3)/ GHII ') -+<% ,)*% $) 2*#%$$ '-% .#+* +## +#)*0 ;+$ ')
V/(*0 '-% .%/$)* )/ V),K )*') B)/;%0(+* $)(#9 ?* B)<%4V%/ @TIT
B)/;+K ;+$ 3/%% 3/)4 ^%/4+* )&&2.+'()* !'-% B+c( (*<+$()* ,(, *)'
&)44%*&% 2*'(# '-% $%&)*, ;%%7 )3 '-% 3)##);(*0 "./(#:[ +
&(/&24$'+*&% '-+' 4+K -+<% V%%* +''/+&'(<% 3)/ + ,($%4V+/7+'()*9
"## )3 '-($[ -);%<%/[ ($ #(''#% 4)/% '-+* (*$.(/%, $.%&2#+'()* +*, '-%
./)V+V#% .)$('()* /%4+(*$ '-+' a(,'+##+ ;+$ 3)2*, #)&+##K[ '-% 4)$'
#(7%#K .#+&% V%(*0 '-% ^)2/)&7 $;(44(*0 .))# ).%* ') '-% $%+ 3/)4
SPL
;-(&- + V),K ;+$ /%&)<%/%, + 3%; ,+K$ +3'%/ '-% M+(# )3 '-% X+*7
+&'(<('(%$9
a('-%/')[ ;% -+<% ,%$&/(V%, + $('2+'()* '-+' ,%4+*,%, )3 GHII
%>'%4%#K V)#, +*, #(0-'*(*0 3+$' ;-)##K $2/3+&%HV+$%, ).%/+'()*+#
4+*)2%</%$ ') +&' +$ ,%&)K ') ./)'%&' +*)'-%/ <%$$%# V%*%+'- '-% ;+<%$9
?* '-($ /%$-+.%, '/+(* )3 %<%*'$ '-% ,%&)K ($ +* %>.%*,+V#% 4(,0%' )/
$.%&(+# $2V4+/(*% ;-)$% #(7%#K ,%$'/2&'()* +*, &+$2+#'(%$ ;%/% +*
+&&%.'+V#% .+/' )3 +* %>'/+)/,(*+/K .#+* )3 ,%&%.'()* *%&%$$+/K ')
%*$2/% '-+' GHII +&-(%<%, ('$ $%&/%' +0%*,+9
5+$ '-% B)<%4V%/ @TIT $2V'%/320% + $2&&%$$ )/ 3+(#2/%b 5%/%
'-%/% -(0- #%<%# X/(')*$[ &(<(# +*, 4(#('+/K[ ;/(*0(*0 '-%(/ -+*,$ (* '-%
'-/%%H12+/'%/ 4))*#(0-' $)4%;-%/% +#)*0 '-% $-)/%[ -)//(3(%, '-+'
'/%+$)*+V#% .#+*$ -+, 3+(#%, $) &)*$.(&2)2$#K +*, *)($(#Kb A/ ,(,
%<%*'$ 2*3)#, (* #(*% ;('- +* (*&/%+$(*0#K &/%,(V#% 4),%# )3 '-(*7(*0 (*
;-(&- GHII $%&2/%, $+3% .+$$+0% (*') '-% "*&-)/+0% +' '-% %>.%*$% )3
('$ ,%&)K .+/'*%/ +*, +&-(%<%, ('$ $%&/%' )Vf%&'(<%$[ '-%/%VK 0(<(*0
$2&&)2/ ') '-)$% )2'$(,% )33(&(+# X/('($- ^)<%/*4%*' &(/&#%$ ;-) $)20-'
+* %+/#K .%+&% ;('- ^%/4+*Kb
F(, GHII '-%* /%'2/* ') '-% N(/'- )3 E#K,% )* a('#%/8$ )/,%/$ %(0-'KH
)*% ,+K$ #+'%/ (* N%V/2+/K @TPY &+//K(*0 "#V/%&-'[ e#(*0%/ +*, +
.)$$(V#% '-(/, %4($$+/K ') /%$2//%&'[ %<%* ') V2(#, 2.)* ./%<()2$#K
(*$'(0+'%, 2*)33(&(+# .%+&% )<%/'2/%$ ;('- '). #%<%# X/('($-
$K4.+'-($%/$b
M-%/% ($ *) ,)2V' '-+' ';) .%).#% x&-/($'%*%,8 "#V/%&-' +*, e#(*0%/
(* '-% ^/%%*)&7 E%4%'%/K /%&)/,$ ;%/% )* '-% #($' )3 '-)$% V2/(%,
+4)*0 '-% ,%+, 3/)4 GHII9 a+<(*0 (*'%/<(%;%, C+K +*, D,*+ 6&-(##%/[
? +4 &)*<(*&%, '-+' '-% .+(/ *%<%/ V)+/,%, GHII[ ;-(&- ($ *)' '-% $+4%
+$ $+K(*0 '-+' '-%K ,(, *)' '/K9 ?' ($ .)$$(V#% '-+' '-%K ;%/% 7(##%, (* +*
+''%4.' ') ,) $)9
C+K +*, D,*+ /%&+##%, '-+' '-% *+4% e#(*0%/ -+, V%%* .2' ') '-%(/
3+'-%/ VK %+/#(%/ %*12(/%/$9 `+> ./)3%$$%, ') -+<% *) 7*);#%,0% )3
+*K)*% )3 '-+' *+4% ;-) -+, V%%* )* GHII ,2/(*0 %('-%/ )3 '-% ';)
%>&2/$()*$ ,2/(*0 ;-(&- -% -+, $%/<%,9 C+K +*, D,*+ +&&%.' '-%(/
3+'-%/8$ /%$.)*$% &)4.#%'%#K9 M-%K ;%/% + <%/K &#)$% 7*(' 3+4(#K +*,
'/2$'%, '-%(/ 3+'-%/8$ ;)/, (4.#(&('#K9 ?3 '-%/% -+, V%%* + 4K$'%/K .%/$)*
)/ .%/$)*$ )* GHII '-%K +/% &)*3(,%*' '-+' '-%(/ 3+'-%/ ;)2#, -+<% V%%*
).%* +*, 3/+*7 ;('- '-%4 +V)2' '-%(/ ./%$%*&%9
"#V/%&-' +*, e#(*0%/ &)2#, )*#K -+<% &)4% 3/)4 )*% )3 ';) '(4%$
+*, .#+&%$U(: '-% )&&+$()* )3 '-% M+(# )3 '-% X+*7 %<%*' (* B)<%4V%/
@TIT !;% -+<% -%+/, %<(,%*&% )3 3+'+# &+$2+#'(%$ +/($(*0 3/)4 '-($
(*&(,%*':n )/ ((: + '(4% ,2/(*0 GHII8$ I/, .+'/)# +' + #)&+'()* $)4%;-%/%
SPT
+#)*0 '-% N(/'- )3 E#K,%[ V%';%%* "//+* +*, 67%#4)/#(%[ ;-%/% ('
+''%4.'%, ') .(&7 2. B+c( +0%*'$ )/ .)#('(&)$ #+*,%, VK '-% GHV)+' )*
?$#+K[ E+//+,+#% )/ )'-%/ /%4)'% #)&+'()*$ 3)/ 2*,($&#)$%, .2/.)$%$
';%#<% ;%%7$ V%3)/%9
`+> 6&-(##%/8$ &2/()2$ /%4+/7$ ') e(/$'K 5+/7 +V)2' '-% 4+* (* '-%
;+'%/ )* '-% *(0-' )3 @S N%V/2+/K +*, '-%* #+'%/ *)' /%&)0*($(*0 )*% )3
'-% ';) 4%* ;-) -+, ,(%, )* A#"'.0)+ C0*2 $200%$' '-+' '-% #+''%/
$&%*+/() 4+K V% &#)$%/ ') '-% '/2'-9 B%<%/'-%#%$$[ '-%/% ($ (*$233(&(%*'
3(/4 %<(,%*&% ') /2#% )2' '-% .)$$(V(#('K '-+' "#V/%&-' +*, e#(*0%/ ,(%,
,2/(*0 '-% /)2*,$ )3 3%/)&()2$ ,%.'- &-+/0(*0 +' '-% V))4 )* '-% *(0-'
(* B)<%4V%/ @TIT +*, '-+' '-%(/ V),(%$ ;%/% ./%$%/<%, (* + #)&+#
4)/'2+/K 3)/ '-% *%>' ';%#<% ;%%7$9
M-% )*#K )&&+$()* ;-%* '-% &)/.$% )3 +* +..+/%*' 3)/%(0* *+'()*+#
;+$ V2/(%, +' ^/%%*)&7 ./()/ ') @Q N%V/2+/K @TPY ;+$ 6(7- a(,'+##+ )*
I j+*2+/K9 A*% ($ '-%/%3)/% %*&)2/+0%, ') V%#(%<% '-+' "#V/%&-' +*,
e#(*0%/ ;%/% V2/(%, +' '-% $+4% '(4% +$ '-% GHII ,%&%+$%,9 5-+' ($ *)'
(* 12%$'()* ($ '-% 3+&' '-+' '-%(/ ,%+'-$ 42$' -+<% ,($/2.'%, &+/%32##K
#+(, .#+*$9
"*, ;-+' )3 '-% &+.'2/%, GHV)+' '-+' A+7%$ /%.)/'%, (* -($ ,(+/K
;+$ V/)20-' ') '-% ^+/%#)&- )* @W A&')V%/ @TP@9 ZE/%; #+*,%, +'
^/%%*)&7[] -% ;/)'%9 F(, GHV)+' xs8 &)4% (*') '-% E#K,% +' '-+' '(4%
(* + ,))4%, +''%4.' ') &)*'/(V2'% ') + &)*'(*2(*0 V2' 2#'(4+'%#K
2*3/2('32# .%+&% ./)&%$$b
M-%/% -+$ *%<%/ V%%* +* )33(&(+# /%&)/, )/ $'+'%4%*' '-+' /%3%/$ ')
$2&- +* (*&(,%*'9 M-% $)2'-%/* %*, )3 ^+/%#)&- ).%*$ (*') '-% N(/'- )3
E#K,%9 M),+K ('$ *)/'-%+$'%/* $-)/% ($ ,)4(*+'%, VK N+$#+*% B+<+#
X+$%[ '-% -)4% )3 '-% G*('%, e(*0,)48$ M/(,%*' *2&#%+/ $2V4+/(*%$9
5-(&- GHV)+' ;+$ &+.'2/%, (* ^+/%#)&- (* @TP@b 5-+' -+, (' V%%*
,)(*0b 5-(&- &/%; ;+$ #+*,%, +*, ;-+' V%&+4% )3 ('b
M-% N(/'- )3 E#K,% /%'+(*%, ('$ +##2/% 3)/ '-% %*+&'4%*' )3
/%4+/7+V#% %<%*'$9 ?* "./(# @TPI '-% "##(%$ -+'&-%, xA.%/+'()*
`(*&%4%+'[8 +* +2,+&()2$ .#+* $))* ,2VV%, ZM-% `+* 5-) B%<%/
5+$[] ') 3))# '-% B+c($ (*') '-% V%#(%3 '-+' '-% "##(%$ ;%/% .)($%, ')
(*<+,% ^/%%&% +*, 6+/,(*(+ ;-%*[ (* 3+&'[ '-%(/ 0)+# ;+$ 6(&(#K9 M-($
;+$ +&&)4.#($-%, VK .%/$2+,(*0 '-% ^%/4+*$ '-+' '-%K -+,[ VK
+&&(,%*'[ (*'%/&%.'%, ').H$%&/%' ,)&24%*'$ 0(<(*0 ,%'+(#$ )3 "##(%, ;+/
.#+*$9 M-% ,)&24%*'$ ;%/% +''+&-%, ') '-% &)/.$% )3 Z`+f)/ 5(##(+4
`+/'(*[] ;-(&- ;+$ ,%#(V%/+'%#K #%3' ') ;+$- 2. )* + V%+&- )33 a2%#<+
(* 6.+(* )* IY "./(# @TPI ;-%/% (' ;+$ 3)2*, VK 3($-%/4%*9
M-% $')/K 0)%$ '-+' '-% &)/)*%/ )3 6'9 =+*&/+$ F($'/(&' (* _)*,)*
)V'+(*%, '-% V),K )3 IPHK%+/ )#, 5%#$- <+0/+*' ^#K*,;/ `(&-+%# ;-)
SRY
7"?F'#( !H4D!R
c?5; :"%e
:22 &#*.'+&, &*#$=2', 7#+6'* )+6 ).)B'.'+&
4+")=0&( "'*'H (#.' "')5'+2- 9#7'* %$06' $(
D$& #1 &"0( 1')*1$2 /#$+&*-g
%*%4K[ )/ +/% K% )*% )8 )2/$b] M-% 4+* /%.#(%,J ZB)' B+c( %*%4K[
X/('($- 3/(%*,9]
a%#.%, (*') '-% 3+/4%/8$ 7('&-%*[ '-% 3#K%/ $+(, '-+' -($ *+4% ;+$
"#3/%, a)/* +*, '-+' -% -+, &)4% ') $%% '-% F27% )3 a+4(#')*[ #+(/, )3
'-% F2*0+<%# %$'+'% '%* 4(#%$ +;+K9
@
-''.Joo;;;90%)&('(%$9&)4oE+.(')#a(##oE)*0/%$$oS@YQo-%$$oa%$$.(&$oS„IPV90(3
S
-''.Joo;;;90%)&('(%$9&)4oE+.(')#a(##oE)*0/%$$oS@YQo-%$$oa%$$.(&$oS„IP+90(3
SRQ
$.%*,(*0 '-% ;%%7%*, ;('- E-2/&-(## +*, '-+' '-%K -+, $%*' 3)/ '-%
F27% )3 a+4(#')* )* 62*,+K9 ?' ;+$ +$ + /%$2#' )3 6(*&#+(/8$ %*12(/(%$
'-+' `%,-2/$' *); ;($-%, ') 7*); 4)/% +V)2' a+2$-)3%/ +*, ;+$
+$7(*0 C)V%/'$)* ') ,) $)4% ,(00(*09 C)V%/'$)* ./)4($%, ') .2$-
'-/)20- +* %*12(/K <(+ '-%(/ C%0()*+# A33(&%/ (* D,(*V2/0- ') 0#%+*
4)/% (*3)/4+'()* +V)2' '-% &+$% +*,[ (* .+/'(&2#+/[ '-% *+4% )3 '-%
.(#)'9 `%,-2/$' /%4+/7%, '-+' "*'-)*K D,%*[ N)/%(0* 6%&/%'+/K[ ;+$
+#$) (*'%/%$'%, (* '-% &+$%9 C)V%/'$)* &)*,%, -($ *)'% VK $'+'(*0 '-+'
)* '-% T )8&#)&7 %<%*(*0 *%;$ '-% ,+K V%3)/% + ^%/4+* E)442*(12q
/%.)/'%, '-+' C2,)#3 a%$$ -+, 4K$'%/()2$#K ,($+..%+/%, (* +*
+%/).#+*%9 M-% ,+(#K *%;$.+.%/$ )* '-% @I'- &)*3(/4%, '-+' '-% .(#)'
;+$ *)*% )'-%/ '-+* C2,)#3 a%$$9 C)V%/$')* $.)7% ;('- )*% Z`+(/ )3
D,(*V2/0-] ;-) #+'%/ /+*0 C)V%/'$)* ') &)*3(/4 '-+' a%$$ ;+$ (* '-%
&2$'),K )3 '-% `(#('+/K +' `+/K-(## X+//+&7$ +*, '-+' '-% F27% )3
a+4(#')* -+, $%%* -(4 3)/ )*% -)2/ )* 62*,+K 4)/*(*0[ +3'%/ ;-(&- -%
#%3' ') 4%%' '-% =/(4% `(*($'%/9
?* '-%$% ';) ,)&24%*'$ ;% #%+/* '-+' '-% F27% )3 a+4(#')* ;+$ )*
+ $2$.%&' #($'[ -+, 4%' a%$$ V/(%3#K +3'%/ -($ +//(<+# +*, '-+' '-% -%+, )3
'-% 6(*&#+(/ 3+4(#K ;+$ <($('(*0 '-% X/('($- =/(4% `(*($'%/ +' ./%&($%#K
'-% '(4% )3 a%$$8 3#(0-' ') 6&)'#+*,9
5-) ;+$ '-% xa+2$-)3%/8 /%3%//%, ') +*, ;-+' ;+$ -($ &)**%&'()*
;('- '-% F27% )3 a+4(#')* +*, '-% 6(*&#+(/ 3+4(#Kb
M-% Q j+*2+/K SYYI %,('()* )3 !"' I/#&(.)+ .2V#($-%, +* +/'(&#%
Z<Ii !`%4V%/ )3 6&)''($- =+/#(+4%*': )& N'2'=*)&0#+ #1 K01' #1 L)B0
:650('*9]
M-% .(%&% ,%$&/(V%, +* %<%*'[ ;-(&- -+, '+7%* .#+&% '-+' ,+K (* '-%
X%/#(* 5+## a+2$ +4 E-%&7.)(*' E-+/#(% `2$%24 ') &%#%V/+'% '-% #(3%
)3 "#V/%&-' a+2$-)3%/[ $)* )3 =/)3%$$)/ e+/# a+2$-)3%/9 a+2$-)3%/ j/9
;+$ +* +,<($%/ ') '-% B+c( #%+,%/$-(. +*, ;+/*%, a('#%/ +0+(*$' ;+/9 a%
;+$ #+'%/ %>%&2'%, +3'%/ f)(*(*0 '-% C%$($'+*&% +0+(*$' '-% M-(/, C%(&-9
M-% SYYI &%/%4)*K &)44%4)/+'(*0 "#V/%&-' a+2$-)3%/8$
&%*'%*+/K ;+$ +,,/%$$%, VK _)'-(+*$ `%4V%/ )3 '-% 6&)''($-
=+/#(+4%*' +*, 3)/4%/ 6&)'#+*, A33(&% 4(*($'%/ j+4%$ F)20#+$H
a+4(#')* !_)/, 6%#7(/7:[ K)2*0%/ $)* )3 F)20#+$ F)20#+$Ha+4(#')*
@P'- F27% )3 a+4(#')* +*, @@'- F27% )3 X/+*,)* ;-)4 a%$$ -+,
+$7%, ') $%% )* -($ +//(<+# (* 6&)'#+*,9
M-% )&&+$()* +#$) 4+/7%, '-% .2V#(&+'()* )3 + *%; %,('()* )3 >'
:*' &"' K)(& VK C+(*%/ a(#,%V/+*,' !@T@QHSYYP:[ + 3)/4%/ 2*(<%/$('K
.2.(# +*, 3/(%*, )3 "#V/%&-'[ ;-) %$'+V#($-%, '-% 42$%24 (* @TQI9
_)/, F)20#+$Ha+4(#')* ,%$&/(V%, "#V/%&-' a+2$-)3%/[ )*% )3
^%/4+*K8$ #%+,(*0 %>.%/'$ )* X/('+(* ,2/(*0 '-% @TIY$[ +$ +*
SRW
F%/ h+'%/
!"' 6''9'(& 1#2?&)2' 1*#. &"' ')(&'*+ 2)+6(
!'22( $( &")& (#.' (90*0&( #1 &"' 1#$2'(& 1#*/'
E'(& 0.9*0(#+'6 0+ &"' .06+0%"& (')(,
I')2'6 $9 =- &"' K#*6 C#68( 7#**0'6 ")+6(,
Q+&02 #+/' 0+ ) &"#$()+6 -')*(, &"'*' /#.'(
: 10("'*.)+ 7"#j( %*)+&'6 &"0( 6'/0(0#+H
E'2')(' &"' )71$2 9#7'*( 1*#. &"'0* 9*0(#+,
D* /)(& )7)- )& #+/' &"#(' 1'&&'*'6 6'.#+(8
Z#* .- 1)&"'* &"'*' 7)( &"0( &# /"##('H
i$(" &"' 6'.#+ =)/? 0+&# 0&( /'22,
A- (&*'+%&" #1 7022 /#+10+' 0& &# 0&( "'228
<- 1)&"'* =*#?' &"' (')2 )+6 2'& 0& 2##('8
G' 606 +#& ('' &"' =*')&" #1 '5028( 120%"&8
G' 2'& &"' 6'.#+ 6*01& 0+&# &"' +0%"&8
?* '-%$% #(*%$ "#V/%&-' /%3%/$ ') '-% '-)2$+*, K%+/ C%(&- (* '-% /($%
)3 ;-(&- -($ 3+'-%/[ e+/#[ -+, -+, + .#+(* &-)(&%J 3(0-' ') 7%%. (' 2*,%/
#)&7 +*, 7%K )/ ') $%' (' #))$%9 F%$.('% '-% %<(,%*' $(*&%/('K ;('- ;-(&-
a+2$-)3%/ 6*/9 ;)/7%, ;('- a%$$ +*, -($ $)* ') 3(*, 4%+*$ ') %*, '-%
;+/ (* ('$ %+/#K $'+0%$[ "#V/%&-' &#%+/#K +//(<%, +' '-% <(%; '-+'[
2#'(4+'%#K[ -($ 3+'-%/ -+, 4+,% + ;(##(*0 .+&' ;('- a('#%/ +*, -($
&)-)/'$9 M-% .)%4 ($ + $-)&7(*0 (*,(&'4%*' )3 -($ 3+'-%/8$ &)4.#(&('K
;('- '-% C%(&- #%+,%/$9
"&&)/,(*0 ') _)/, j+4%$ F)20#+$Ha+4(#')*[ a%$$ ;+$ '-%
(*$'(0+')/ )3 + #%''%/ $%*' VK "#V/%&-' a+2$-)3%/ ') -($ 3+'-%/ (*
6%.'%4V%/ @TPY $200%$'(*0 + $%&/%' 4%%'(*0 (* _($V)*[ =)/'20+#9 M-%
#%''%/ ;+$ #),0%, ;('- '-% X/('($- &%*$)/ +*, + /%.#K ;+$ *%<%/ $%*' V2'
%(0-' 4)*'-$ #+'%/ a%$$ 3#%; ') 6&)'#+*, ') 4%%' '-% F27% (* +* (##H
3+'%, V(, ') +&-(%<% + .%+&% $%''#%4%*'9
"' +/)2*, '-% $+4% '(4% "#V/%&-' a+2$-)3%/ ;+$ +//%$'%, +*,
V/)20-' ') a('#%/8$ X%/0-)3 4)2*'+(* /%'/%+' +' X%/&-'%$0+,%* ;-%/% -%
SRT
;+$ /%12(/%, ') ;/('% + /%.)/' 3)/ '-% Nr-/%/9 ?* ,)(*0 $) -% Z;+$
;/('(*0 3)/ -($ #(3%[] +&&)/,(*0 ') _)/, F)20#+$Ha+4(#')*9 "3'%/ +
#%*0'-K (*'%//)0+'()* a+2$-)3%/ ;+$ /%#%+$%, 2*,%/ $'/(&' $2/<%(##+*&%9
D<%* $)[ -% &)*'(*2%, ') ,/+; 2. .%+&% .#+*$ (* /%$($'+*&% ') a('#%/9
D<%*'2+##K[ +3'%/ 0)(*0 (*') -(,(*0 3)##);(*0 E)#)*%# E#+2$ E)2*'
<)* 6'+233%*V%/08$ 2*$2&&%$$32# +$$+$$(*+'()* +''%4.' )* a('#%/ (* j2#K
@TPP !A.%/+'()* h+#7K/(%:[ "#V/%&-' a+2$-)3%/ ;+$ &+.'2/%, VK '-%
^%$'+.)[ (4./($)*%, +*, #+'%/ %>%&2'%,[ 4)$' &%/'+(*#K VK '-% 669
?* -($ SYYI X%/#(* $.%%&- _)/, j+4%$ F)20#+$Ha+4(#')* ,%$&/(V%,
a+2$-)3%/8$ %>%&2'()* +$ + Z'/+0(&] #)$$ ') '-)$% $%%7(*0 ') /%V2(#,
^%/4+*K (* .%+&%'(4%9 Z?* ,(33%/%*' &(/&24$'+*&%$ "#V/%&-' ;)2#,
-+<% %>&%##%, +*, -% ;)2#, ./)V+V#K -+<% %*,%, 2. +$ '-% -%+, )3 '-%
^%/4+* 3)/%(0* )33(&% )/ +$ '-% =/(*&(.+# )3 + ^%/4+* 2*(<%/$('K[] '-%
`6= $+(,9 ZX2' (* '-% ,+K$ )3 '-% M-(/, C%(&- "#V/%&-' ;+$ + 4+* ;-)
;+*'%, ') ,) ;-+' -% V%#(%<%, ') V% /(0-'[ V2' -% &)2#, *)' V%&+2$% -%
3)2*, +V$)#2'%#K +## '-% &(/&24$'+*&%$ +0+(*$' -(4 +*, '-+' ($ ;-K '-%
$')/K )3 "#V/%&-' +*, -($ 3/(%*,$ ($ )*% )3 '/+0%,K9] a% +,,%,J Z5-(#%
'-% @[YYY K%+/ C%(&- ,(, *)' #+$' 4)/% '-+* @S K%+/$ '-% ;)/7 )3 '-%
^%/4+* C%$($'+*&% ') a('#%/[ '-% 6)**%'$ )3 `)+V('\&+**)' +*, ;(##
*)' %<%/ V% %/+$%, 3/)4 '-% 4%4)/K )3 4+*7(*,9]
F%$&/(V%, +$ '-% Z5(c+/, )3 ^%/4+*K] VK &)*'/)<%/$(+# +2'-)/
E)#)*%# a);+/, X2%&-*%/[I "#V/%&-'8$ 3+'-%/ e+/# ;+$ + ./)3%$$)/ )3
^%).)#('(&$ +' '-% G*(<%/$('K )3 `2*(&- +*, C2,)#3 a%$$8 4%*')/ +*,
3+'-%/ 3(02/%9 N/)4 @TYW ') @T@@ a+2$-)3%/ 6*/9 #(<%, 4)$'#K (* j+.+*
;-%/% -% -%#, '-% .)$' )3 ^%/4+* `(#('+/K "''+&-q ') M)7K)9 5-(#% (*
j+.+* a+2$-)3%/ ;+$ (*('(+'%, (*') '-% ^/%%* F/+0)* X2,,-($' $)&(%'K9
"3'%/ '-% ^/%+' 5+/ -% V%&+4% =/)3%$$)/ )3 ^%)0/+.-K +' '-%
G*(<%/$('K )3 `2*(&-9
a+2$-)3%/ ;+$ + #%+,(*0 3(02/% V%-(*, '-% 3)/4+'()* )3 M(V%'+* +*,
a(*,2 &)#)*(%$ (* X%/#(* +*, `2*(&- 3/)4 @TSQ )*;+/,$9 a% +#$)
.#+K%, + 7%K /)#% (* '-% %$'+V#($-4%*' )3 V)'- '-% M-2#%0%$%##$&-+3'
!M-2#% 6)&(%'K: +*, '-% 4K$'%/()2$ )&&2#' _24(*)2$ _),0%9 A33(&(+##K
'-% M-2#% 6)&(%'K ;+$ + $'2,K 0/)2. 3)/ ^%/4+* +*'(12('K[ 4K'-)#)0K
+*, 3)#7#)/% V2'[ (* %$$%*&%[ (' ;+$ + -%+<(#K .)#('(&($%, V),K )V$%$$%,
;('- 4+''%/$ )3 (*'/(02%9
"#V/%&-' a+2$-)3%/8$ $)* +''%*,%, ^)/,)*$')2*[ + $&-))# (*
6&)'#+*, 3+<)2/%, VK '-% X/('($- C)K+# N+4(#K9 ^)/,)*$')2* ;+$
3)2*,%, VK F/9 e2/' a+-* !@LLQH@TWP:[ + ^%/4+* j%; +*,
%,2&+'()*+#($'9 a+-* ;+$ &)H+2'-)/ ;('- '-% F27% )3 a+4(#')* )3 +
I
X2%&-*%/ E)#)*%# a9[ O.'*)26 N$9R:*? #1 C#26[ M-2*,%/V(/, =/%$$[ ?*&9[ `%'+(/(%[
_"9[ @TT@
SQY
#%''%/ ;/(''%* ') !"' !0.'( (* A&')V%/ @TIT +V)2' '-% %$&+#+'(*0 &)*3#(&'
;('- ^%/4+*K9 M-% #%''%/ $%*,$ + $(0*+# ') ^%/4+*K '-+' (' ($ #))7(*0
3)/;+/, ') 4+7(*0 .%+&% ;('- Z-)*)2/+V#% 4%*9] a+-* +#$) ;/)'% +
/%.)/' 3)/ E-2/&-(## +V)2' a%$$8 +//(<+# (* 6&)'#+*,9 " &).K )3 '-%
/%.)/' ;+$ 0(<%* VK a+4(#')* ') '-% e(*09
"' '-% %*, )3 "./(# @TIL "#V/%&-' ;+$ + 02%$' +' F2*0+<%#[ '-%
a+4(#')* 3+4(#K -)4%[ 3)/ )*% ;%%79 F2/(*0 '-% <($(' -% ,/%; '-%
)2'#(*%$ )3 '-% ^/%+'%/ ^%/4+*K )* +* +'#+$9
?* '-% $244%/ )3 @TPY + $%&/%' V),K )3 X/(')*$ ;+$ 0+'-%/%,
')0%'-%/ ') ;)/7 3)/ 6A@[ '-% .)#('(&+# ;+/3+/% +/4 )3 '-% 6AD !6.%&(+#
A.%/+'()*$ D>%&2'(<%:9 M-% 0/)2. ).%*%, + &)<%/' #(*% )3
&)442*(&+'()* ') "#V/%&-' a+2$-)3%/ '-/)20- -($ 3+'-%/9 ?* ('$
&)//%$.)*,%*&% ;('- "#V/%&-' '-% 6A@ '%+4 ./%'%*,%, ') V% )#, X/('($-
3/(%*,$ ;('- -($ 3+'-%/ +*, )33%/%, ') .+$$ )* +*K &)//%$.)*,%*&%
$-)2#, '-% a+2$-)3%/$ V% (* + .)$('()* ') V+/0+(* 3)/ .%+&% V%';%%*
^%/4+*K +*, X/('+(*9
G*+;+/% )3 '-% ,%&%.'()*[ '-($ ;+$ %>+&'#K '-% 7(*, )3 )..)/'2*('K
a('#%/ -+, V%%* $%%7(*0 $(*&% '-% X/('($- ,%&#+/+'()* )3 ;+/ (*
6%.'%4V%/ @TIT9 "..+##%, '-+' X/('+(* -+, '+7%* '-($ $'%.[ a('#%/ -+,
4+,% *24%/)2$ $%&/%' .%+&% )33%/$ ') '-% X/('($- ^)<%/*4%*' '-/)20-
'-% h+'(&+*[ '-% e(*0 )3 6;%,%* +*, %<%* '-/)20- -($ );* .%/$)*+#
#+;K%/ ;-)4 -% ,%$.+'&-%, $%&/%'#K ') *%0)'(+'% ;('- '-% X/('($-
"4V+$$+,)/ (* 6')&7-)#4 +' '-% -%(0-' )3 '-% X+''#% )3 X/('+(*9 a('#%/
)/,%/%, "#V/%&-' a+2$-)3%/ ') V%0(* *%0)'(+'()*$ ;('- + 3+&'()* )3
X/('($- .)#('(&(+*$ ;-) -% 2*,%/$')), ;%/% .#)''(*0 ') 2$2/. .);%/
3/)4 E-2/&-(## +*, 3/)4 '-)$% +/)2*, -(49
M-% f)(*' %33)/'$ V%';%%* ^%/4+*K +*, (*3#2%*'(+# V/)7%/$ (*
X/('+(* ') /%+&- + .%+&% +&&)/, &)2#, V% %>.%&'%, ') +&-(%<% + 0/%+'%/
#%<%# )3 $2&&%$$ ;('- '-% .#+&%4%*' )3 %4($$+/(%$ )* '-% 0/)2*,[ %+&-
$(,% -+<(*0 '-%(/ 4%* V+$%, #)&+##K (* '-% )..)$('% &+4.9 ^%/4+*K -+,
') -+<% $.(%$ +*, (*'%/4%,(+/(%$ (* .#+&% +$ ,(, X/('+(*9 GHV)+'$ $2&- +$
GHII ;%/% (,%+##K .#+&%, ') 3+&(#('+'% '-% '/+*$.)/'+'()* (*') X/('+(*[
6&)'#+*, $.%&(3(&+##K[ )3 .%/$)**%# ;-) -+, '-% .)#('(&+# +2'-)/('K +*,
/%4(' ') &)*,2&' +*, %>.%,('% (,%+$[ ./).)$+#$ +*, %>&-+*0%$ V%';%%*
'-% ';) $(,%$9
"#V/%&-'[ e#(*0%/[ '-% .)$$(V#% '-(/, 2*#($'%, $2/<(<)/ )* V)+/, GH
II (* N%V/2+/K @TPY +*,[ 3(*+##K[ 6(7- a(,'+##+ ;%/%[ ? V%#(%<%[
+$$)&(+'%, ;('- '-($ &)442*('K )3 ^%/4+* .%+&% +4V+$$+,)/$9
"$ ,($&2$$%, (* E-+.'%/ @@ (' ($ *)'+V#K &)(*&(,%*'+# '-+' '-% &)<%/
*+4% Z"#V/%&-'] ($ (,%*'(&+# ') '-+' )3 '-% 4+* ;-) ;+$ $) (*'(4+'%#K
&)**%&'%, ;('- (*3#2%*'(+# 3(02/%$ (* 6&)'#+*, +*, '-%(/ f)(*' %33)/'$ ')
SQ@
V/(*0 +* %+/#K %*, ') -)$'(#('(%$ V%';%%* ^%/4+*K +*, '-% G*('%,
e(*0,)49
5% ;(## $%%[ '))[ (* '-% .%*2#'(4+'% &-+.'%/ '-+' '-% .)#('(&+# +$.%&'$
)3 '-% Z$');+;+K$8 ] 4($$()*[ a(,'+##+8$ (* .+/'(&2#+/[ 4+K -+<% V%%*
'-% #%$$%/ &)4.)*%*' )3 + 3+/ 4)/% %>)'(& 4%*2 )3 2#'%/()/ +&'(<('(%$9
B%<%/'-%#%$$[ (3 )*% 4%+$2/%$ '-% #(7%#K $2&&%$$ )3 '-% .)#('(&+#
(4.%/+'(<% VK '-% ,%0/%% )3 #2&7 %*f)K%, VK GHII (* ('$ ';) N(/'- )3
E#K,% %>&2/$()*$ '-%/% ($ #(''#% ') $200%$' '-+' -%/ %33)/'$ V)/% 3/2('9
?* B)<%4V%/ @TIT (' %*'%/%, '-% V))4 +*, $%%4(*0#K -+, ') '2/*
'+(# <%/K $-+/.#K ') 4+7% + &#%+* 0%'+;+K9 ?* N%V/2+/K @TPY ('
/%.)/'%,#K 0)' *) 32/'-%/ '-+* '-% $%+ V)'')4 )33 =#+,,+ +*, ';%*'KH
$%<%* 4%* ,(%,9
XK +## +..%+/+*&%$[ GHII +&-(%<%, #(''#% )/ *)'-(*0 )* %('-%/
)&&+$()* (* ('$ %33)/'$ ') %>%&2'% ('$ $%&/%' +0%*,+9 X2' ;-+' )3 '-%
.%/$)*$ #+*,%, VK GHII +' E+//+,+#% +*, ?$#+K ,2/(*0 ('$ 3(/$' %>&2/$()*
(*') 6&)''($- ;+'%/$ +*, .)$$(V#K[ &)*$(,%/(*0 '-% #(3'(*0 '-%)/K[ ,2/(*0
('$ $%&)*,b 5%/% "#V/%&-'[ e#(*0%/ +*, a(,'+##+ +4)*0 '-%4b M-%
/%.)/'$ )3 (44+&2#+'% 2*(3)/4$ /2#% )2' '-%$% 4%* +$ /2* )3 '-% 4(##
$.(%$ #(7% '-% 5%V%/HF/)-# ,2) '+$7%, ;('- 4+7(*0 #); 0/+,% 4($&-(%39
`)<(*0 2. + *)'&- (* B+c( &%*'/+# )33(&% &(/&#%$[ '-%K 4+K -+<%
V%%* f2*()/ .+/'K V2/%+2&/+'$ $%/<(*0 +$ +,<+*&% $&)2'$ )/ $2..)/'
.%/$)**%# 3)/ '-% #+'%/ +///(<+# )3 ').H3#(0-' ^%/4+* .%+&% %*<)K$9
A/ 4+KV% '-%K 7'*' '-)$% '). %*<)K$[ 4%* ;('- ./)<%* *%0)'(+'(*0
$7(##$ ,%$.+'&-%, ') 6&)'#+*, VK a('#%/ 3)/ ,($&2$$()*$ ;('- #(7%H4(*,%,
X/('($- .%/$)*+#('(%$ ') $%&2/% + 12(&7 %*, ') ;+/ (* '-% /%&)0*('()* '-+'
'-% /%+# &)44)* %*%4K ;+$ C2$$(+9
"*, ;-+' )3 '-% $2V4+/(*% '-+' %*'%/%, '-% E#K,% "*&-)/+0%[
$-(%#,%, VK '-% .+*,%4)*(24 &/%+'%, VK '-% ,%&)K8$ $2(&(,+# +&'()*$
)* '-+' *(0-' (* B)<%4V%/ @TIT[ f2$' ;%%7$ +3'%/ a('#%/ &)44%*&%, -($
.%+&% +../)+&-%$ ;('- X/('+(*b ?$ (' .)$$(V#% '-+' a('#%/8$ ').
+4V+$$+,)/$ ./%3%//%, ') +//(<% VK '-($ 4%+*$ /+'-%/ '-+* V% ,/)..%, (*
+ /%4)'% ($#+*, &)<% 3)##);%, VK + -(0- /($7 &/)$$H&)2*'/K %>&2/$()*[
&)*3(,%*' (* '-%(/ ./%$24%, 7*);#%,0% '-+' '-%(/ X/('($- -)$'$ ;%/%
'+7(*0 %<%/K ./%&+2'()* ') %*$2/% $+3% .+$$+0%b
M-% %<(,%*&% /%<(%;%, (* '-%$% .+0%$ $200%$'$ '-+' (* B)<%4V%/
@TIT + ,%&)K $2V4+/(*% ;+$ +../%-%*,%, )/ %<%* ,%$'/)K%, VK
$2$'+(*%, ,%.'- &-+/0% +''+&7$9 a);%<%/[ ;% -+<% +#$) +,,/%$$%, '-%
-(0-#K .#+2$(V#% &)*$(,%/+'()* '-+' )* '-($ )&&+$()* + $%&)*, $2V4+/(*%[
$-(%#,%, VK ('$ &)*3%,%/+'% <%$$%#[ %*'%/%, '-% M+(# )3 '-% X+*7 +*,
.+$$%, (*') '-% E#K,% "*&-)/+0% 2*$&+'-%,9 6'+*,(*0 V+&7 +*,
/%<(%;(*0 '-% %<(,%*&% ;('- +* (*'2('(<% +$ ;%## +$ +* +*+#K'(&+# %K% )*%
SQS
%#,%$' $)* +*, -%(/ !F)20#+$ $2&&%%,%, -($ 3+'-%/ "#3/%, +$ '-% @P'-
F27% )3 a+4(#')* +*, e%%.%/ )3 a)#K/)),-)2$% (* @TPY:9
F2/(*0 '-% A#K4.(&$ E#K,%$,+#% 4%' a%$$ +' + ./(<+'% ,(**%/ 0(<%*
VK a('#%/ (* X%/#(*9 M-% `+/12%$$ ,%*(%, '-($ V2' (' ;+$ &)*3(/4%, VK
-($ K)2*0%/ V/)'-%/[ _)/, `+#&)#4 F)20#+$Ha+4(#')*9 " X/('($-
`%4V%/ )3 =+/#(+4%*' !`=: )* '-% '/(.[ a%*/K xE-(.$8 E-+**)*[ $+(,
'-+' E#K,%$,+#% +*, -% -+, V%%* (*<('%, ') #2*&- VK a%$$9 E-+**)*
,%&#(*%, '-% (*<('+'()* V2' &)*3(/4%, '-+' '-% `+/12%$$ +&&%.'%,9
"*)'-%/ `=[ e%**%'- _(*,$+K[ $+(, '-+' -% ;+$ +' '-% #2*&- +*, '-+'
E#K,%$,+#% ;+$ ./%$%*'9 ?* 3+&'[ (* '-% F27%8$ );* .%/$)*+#
-+*,;/(''%* .+.%/$ -($ 3(/$' +''%4.' +' ,%$&/(V(*0 '-% )&&+$()* ;%*'J
ZF2/(*0 '-($ '(4% +*, +' *) '(4% '-%/%+3'%/ ;+$ ? (*'/),2&%, ') a%$$[]
;-(&- ;+$ + $K ;+K )3 $+K(*0 '-+' -% ,(, 4%%' a%$$ )* '-($ )*%
)&&+$()*9
XK '-% V%0(**(*0 )3 @TP@ +,,('()*+# ).%/+'()*+# (4.%/+'(<%$ ;%/%
V%&)4(*0 )3 (*&/%+$(*0 (4.)/'+*&% 3)/ a('#%/[ %$.%&(+##K -($ )Vf%&'(<%
') $'/(7% +' '-% C2$$(+*$9 a($ .#+* ') 3%## '-% 5%$'%/* ,%4)&/+&(%$
V%3)/% '2/*(*0 ') '-% D+$' -+, 3+(#%,9 a('#%/8$ $)#2'()* ;+$ ') /%+&- +*
+&&)44),+'()* ;('- '-% X/('($-[ ;-(&- ;)2#, #%+<% ^%/4+*K 3/%% ')
&)*&%*'/+'% )* '-% C2$$(+* (*<+$()*9 a);%<%/[ a('#%/8$ 3(3'%%*H4)*'-
%33)/' ') $%&2/% +* 2*,%/$'+*,(*0 ;('- X/('+(* -+, 4+,% *) 4%+$2/+V#%
./)0/%$$ +*, $) -% 4+,% 3/%$- %33)/'$ ') 0+(* +* (*$(0-' (*') ('$ +''('2,%
');+/,$ .)$$(V#% ,(/%&' *%0)'(+'()*$9 a+<(*0 V%%* /%V233%, (* -($ %+/#(%/
+../)+&-%$[ a('#%/ VK.+$$%, + ,(/%&' #(*% (*') E-2/&-(##8$
+,4(*($'/+'()*9
?* !"' G0&2'*RG'(( Y'/'9&0#+b `+/'(* "##%* ,%$&/(V%$ -); a('#%/
-+, )/,%/%, "#V/%&-' a+2$-)3%/ ') $'+/' *%; *%0)'(+'()*$ ;('- + 3+&'()*
)3 X/('($- .)#('(&(+*$ +*, 7%K (*3#2%*&%/$ )2'$(,% )3 '-% E-2/&-(##
&#(12%9 M-%$% 4%* (*,%, =/(*&% ^%)/0% F27% )3 e%*' !e(*0 ^%)/0%
h?8$ K)2*0%/ V/)'-%/:[ '-% F27% )3 X2&&#%2&- +*, '-% F27% )3
a+4(#')*[ V)'- )3 '-% #+''%/ V%#)*0(*0 ') '-% "*0#)H^%/4+* N%##);$-(.
"$$)&(+'()*9
62V$%12%*'#K[ + /%.#K +//(<%, (* X%/#(* %>./%$$(*0 (*'%/%$' (*
a('#%/8$ *%; +../)+&- V2' +$7(*0 3)/ 4)/% (*3)/4+'()*9 E+2'()2$#K[ +
.#+* ;+$ ,%<%#).%,9 "&&)/,(*0 ') "##%*[ X/('($-HV)/* D/*$' 5(#-%#4
X)-#%[ #%+,%/ )3 '-% "2$#+*,$HA/0+*($+'()* ;('- .+/'K /+*7 )3
^+2#%('%/[ 6'+'% 6%&/%'+/K (* '-% N)/%(0* A33(&% +*, + &)*3(,+*' )3 a%$$
(* '-% F%.2'K Nr-/%/8$ .%/$)*+# )33(&%[ ;+$ &-)$%* ') 0) ') D*0#+*, +$
^%/4+*K8$ %4($$+/K9
a('#%/ '-%* $2,,%*#K &-+*0%, -($ 4(*, +V)2' X)-#%[ +/02(*0 '-+' -%
P
"##%* `9[ !"' G0&2'*RG'(( Y'/'9&0#+, a+/.%/ E)##(*$[ _)*,)*[ SYYI
SQP
,(, *)' -+<% $233(&(%*' *+'()*+# $'+'2/% ') (4./%$$ '-% X/('($-9 " V(0
*+4% +4)*0 '-% B+c( %#('% ;)2#, -+<% ') 3(## '-% /)#%[ )*% ;-) ;+$
(*$%.+/+V#K #(*7%, ;('- a('#%/ +*, ;-)$% ./%$%*&% ;)2#, &)44+*,
+''%*'()*9 a%$$ ;+$ '-% 4+*g
"3'%/ a('#%/ -+, ./).)$%, -($ );* F%.2'K '-%/% ;+$ + #)*0 ;+('
V%3)/% X/('+(* /%.#(%,9 N(*+##K[ +* +&&%.'+*&% )3 '-% ./).)$+# &+4%
'-/)20-[ ,%'+(#$ ;%/% +//+*0%, +*, )* `+K @Y a%$$ 4+,% -($ 3#(0-'9
M-% )*% '-(*0 '-% ^%/4+*$ ,(, *)' 7*); ;+$ '-+' '-%K ;%/%
*%0)'(+'(*0 '-% ;-)#% '(4% ;('- +0%*'$ )3 '-% X/('($- 6%&/%' 6%/<(&%
2$(*0 '-% *+4%$ +*, '-% -+*,;/('(*0 )3 '-% F27% )3 a+4(#')* +*, )'-%/
#24(*+/(%$ )3 '-% "*0#)H^%/4+* N%##);$-(. "$$)&(+'()*9
M-% (*('(+# &)442*(&+'()* (* j+*2+/K ;+$ (*'%/&%.'%, VK '-% 6%&/%'
6%/<(&%9 ?' *%<%/ /%+&-%, ('$ (*'%*,%, ,%$'(*+'()*9 N/)4 '-%* 3)/;+/,
'-% &)//%$.)*,%*&% ;+$ -+*,#%, %*'(/%#K VK X/('($- +0%*'$9
?* '-% @TPY$ '-% :.'*0/)+ <'*/$*- .2V#($-%, +* +/'(&#% '('#%, Z!"'
0+(06' (&#*- #1 &"' G'(( 120%"&9] M-% $)2/&% 3)/ '-% +/'(&#% ;+$ G969
?*'%##(0%*&% "0%*' j+&7 E#%4%*'$9 M-% .(%&% (*,%$ '-% /%<%#+'()*
'-+' a%$$ ;%*' ;('- a('#%/8$ +../)<+# +$ + x;(*0%, 4%$$%*0%/ )3 .%+&%8
+*,[ ,/+4+'(&+##K[ +$ + x$-(*(*0 =+/$(3+#98 M-% '/(. -+, V%%* 4+,% +3'%/
4)*'-$ )3 &)442*(&+'()*$ V%';%%* a%$$ +*, '-% .%+&% 3+&'()*9 M-%$%
%>&-+*0%$ -+, V%%* (*'%/&%.'%, VK '-% X/('($- 6%&/%' 6%/<(&%[ ;-(&-
$%*' '-% /%.#(%$ ') #2/% a%$$ ') 6&)'#+*,9 "' '-% $+4% '(4% +$ a%$$ ;+$
V%(*0 -+*,#%, VK '-% a)4% ^2+/,[ '-% :.'*0/)+ <'*/$*- &)*'(*2%,[ +
Z7(*, )3 )33(&(+# /%&%.'()* &)44(''%% &)4.)$%, )3 `(#('+/K ?*'%##(0%*&%
)33(&%/$ +*, 6%&/%' 6%/<(&% +0%*'$ ;+$ ;+('(*0 +' '-% ./(<+'% +%/),/)4%
)3 '-% a+4(#')* D$'+'%9]
?* D&&# E)"+ )+6 &"' F$'(& 1#* &"' G#2- C*)02 ? ;/)'% )3 '-%
+&'(<('(%$ 2*,%/'+7%* VK `?Q 5)/#, 5+/ ?? ).%/+'(<% E%&(# a9
5(##(+4$)* !@TYTH@TTT:9 ?* ';) (*'%/<(%;$ (* @TTW +*, @TTL !)*% VK
'%#%.-)*%[ )*% 3+&% ') 3+&%: 5(##(+4$)* ,%$&/(V%, ') 4% '-% .+/' .#+K%,
VK -($ '%+4 ') '/(&7 a('#%/ (*') $2V$'('2'(*0 a%$$ 3)/ X)-#%9
5(##(+4$)*8$ $')/K ./)<(,%$ &/%,(V#% $2V$'+*&% ') '-% )3' /%.%+'%,
'-%)/K '-+' (' ;+$ `?Q ;-(&- ;+$ /%$.)*$(V#% 3)/ #2/(*0 a%$$ ')
6&)'#+*, +*, '-+' (* ,)(*0 $) ;+$ '/K(*0[ (*,%.%*,%*'#K )3 '-% .)#(&(%$
+*, ,%&($()*$ )3 '-% %#%&'%, X/('($- ^)<%/*4%*' )3 '-% ,+K[ ') %*, '-%
;+/ ;('- ^%/4+*K9 M-%/% ($ &%/'+(*#K $'/)*0 &(/&24$'+*'(+# %<(,%*&%
'-+' 6(/ 6'%;+/' `%*c(%$[ -%+, )3 `?Q[ ;+$ '-% ,/(<(*0 3)/&% V%-(*, '-%
,%&%.'()* .#+*9
E%&(# 5(##(+4$)* ;+$ V)/* (*') + ;%##H')H,) 3+4(#K (* =+(0*')*[
F%<)*9 a($ 3+'-%/ -+, + #)*0 +*, ,($'(*02($-%, &+/%%/ (* '-% N#%%' "(/
"/4 )3 '-% C)K+# B+<K9 ?* j+*2+/K @TIL E)#)*%# `+#'VK )3 N)/%(0*
SQR
=+/' )3 '-% /%+$)* 3)/ '-($[ 5(##(+4$)* <%*'2/%,[ ;+$ '-% $-)&7(*0#K
-+/, '%/4$ )3 '-% h%/$+(##%$ M/%+'K9 M-% N)/%(0* A33(&% 3%#' (' ;)2#, V%
2$%32# ') -+<% $)4%)*% )* '-% $'+33 ;('- &)*'+&'$ (* '-%$% %$)'%/(& +/%+$
') 7%%. +* %K% )* '-% .-%*)4%*)* +*, $%% -); (' 4(0-' V% %>.#)('%, ')
X/('+(*8$ V%*%3('9 M-%K ;+*'%, +* %+/#K (*,(&+'()* )3 ;-(&- B+c($[
%$.%&(+##K (* '-% 2..%/ 3#(0-'$ )3 '-% /%0(4%[ 4(0-' V% +,,(&'%, ') +*,
(*3#2%*&%, VK '-($ 7(*, )3 Z*)*$%*$%9] 5(##(+4$)*[ + 7%%* %*'-2$(+$' )3
)&&2#' +*, ;('&-&/+3' ').(&$[ /%+,(#K +0/%%, ') -%#. +*, $'/+(0-'+;+K -%
3)/4%, '-% 5('&-&/+3' C%$%+/&- E%*'/%9
5-%* ;+/ $'+/'%, 5(##(+4$)* ;+$ ./)4.'#K $%*' 3)/ VK E)#)*%#
`+#'VK +*, /%.)/'%, 3)/ ,2'K ') X/(0+,(%/ ^+4V(%/H=+//K +' 5-+,,)*
a+##[ '-% /%12($('()*%, -)4% )3 '-% 6%#VKH_);*,%$ 3+4(#K[ +,f+&%*' ')
SQQ
$(0* )3 M+2/2$9:
" 3%; K%+/$ +0) '-% #+'% 6'2+/' C2$$%##[ + X/('($- ;/('%/ +*,
-($')/(+* ;-) 4+,% ^%/4+*K -($ -)4%[ (*'%/<(%;%, a%/V%/' Fm-/(*0[
'-% +,4(*($'/+')/ )3 '-% Nr-/%/8$ 4)2*'+(* /%'/%+' (* X+<+/(+ +*, )*% )3
+ '(*K &(/&#% (* B+c( ^%/4+*K ;-)$% 4%4V%/$ ;%/% ./(<K ') a('#%/8$
$%&/%'$9 C2$$%## ')#, 4% '-+' Fm-/(*0 -+, &)*3(/4%, '-+' (* %+/#K @TP@
-% -+, )<%/-%+/, a('#%/ '+#7(*0 (* -($ $'2,K ') + $%*()/ _23';+33%
)33(&%/[ +$7(*0 ;-+' *%%,%, ') V% ,)*% ') %*$2/% '-+' + .%/$)* &)2#, 3#K
#$& #1 ^%/4+*K 2*,%'%&'%,9 M;) ;%%7$ #+'%/ a%$$ 4+,% -($ 3#(0-' +*,
'-% Nr-/%/8$ $%/<+*' ;+$ (* *) ,)2V' '-+' '-% 3#(0-' +*, '-% ,($&2$$()*
-% -+, )<%/-%+/, + 3)/'*(0-' V%3)/% ;%/% 42'2+##K &)**%&'%,9
a(44#%/8$ /(0-'H-+*, 4+* +*, 3)/ +## ./+&'(&+# .2/.)$%$ A'')
C+-*8$ Z#(*% 4+*+0%/[] ^%*%/+# e+/# 5)#33[ $+(,[ '))[ '-+' *)' )*#K ,(,
a('#%/ +0/%% ') a%$$8 3#(0-' V2' ./%$$%, 3)/ (' $) '-+' + &)*$%12%*' .%+&%
+0/%%4%*' ;('- X/('+(* ;)2#, +##); -(4 '-% 3/%%,)4 ') +''+&7 '-%
6)<(%' G*()*9
E%/'+(*#K '-($ &-(4%$ ;('- 6'+#(*8$ V%#(%3 '-+' X/('+(*[ +' #%+$'
(*('(+##K[ ;+$ (* #%+02% ;('- ^%/4+*K ') ,%$'/)K '-% 6)<(%' G*()* +*,
'-+' '-% a%$$ 4($$()* ;+$ %*0(*%%/%, VK X/('($- ?*'%##(0%*&% ;('- '-%
F27% )3 a+4(#')* +$ + 4(,,#%4+*9
`)/%)<%/ '-% C2$$(+*$ -+, $)4% ,(33(&2#'K (* 2*,%/$'+*,(*0 ;-K
a%$$ ;+$ *)' (44%,(+'%#K ./)$%&2'%, +$ + ;+/ &/(4(*+# +*, ,%'+(*%,
(*$'%+, (* &)43)/'+V#% 12+/'%/$ ') +;+(' + .)$';+/ '/(+#9 ?* A&')V%/ @TPS
'-% .+/'K *%;$.+.%/ =/+<,+ ,%&#+/%,J Z?' ($ *) &)(*&(,%*&% '-+' a%$$8
;(3% -+$ +$7%, &%/'+(* X/('($- /%./%$%*'+'(<%$ (3 $-% &)2#, f)(* -%/
-2$V+*,9 M-($ &)2#, 4%+* '-+' $-% ,)%$ *)' $%% -%/ -2$V+*, +$ +
./($)*%/9 ?' ($ -(0- '(4% ;% 7*%; ;-%'-%/ a%$$ ($ %('-%/ + &/(4(*+# )/ +
.#%*(.)'%*'(+/K ;-) /%./%$%*'$ '-% B+c( 0)<%/*4%*' (* D*0#+*,9]
6'+#(* *%<%/ 0+<% 2. -($ $2$.(&()*$ '-+' a%$$8 3#(0-' ;+$ +$$($'%, +'
'-% -(0-%$' #%<%#9 A* Q B)<%4V%/ @TPP E-2/&-(## 4+,% + <($(' ')
`)$&);9 "' + $2..%/ (* '-% e/%4#(* 6'+#(* /+($%, -($ 0#+$$ +*,
./).)$%, + ')+$' ') '-% X/('($- ?*'%##(0%*&% 6%/<(&%$ $+K(*0
./)<)&+'(<%#K '-+' '-%K -+, Z(*<%(0#%, a%$$ (*') &)4(*0 ') D*0#+*,9]
E-2/&-(## (44%,(+'%#K ./)'%$'%, '-+' -% +*, X/('($- ?*'%##(0%*&% -+,
7*);* *)'-(*0 +V)2' '-% ./).)$%, <($('9 6'+#(* $4(#%, +*, $+(, 4+KV%
'-% ?*'%##(0%*&% 6%/<(&%$ -+, 3+(#%, ') '%## -(4 +V)2' '-% ).%/+'()*9
M-% C2$$(+* #%+,%/ ;+$ 2*,)2V'%,#K &)//%&' (* 4+7(*0 -($ /%4+/7$9
M-% +//(<+# )3 a%$$8 `%H@@Y +' F2*0+<%# ;+$ ,%3(*('%#K %>.%&'%, VK
4%4V%/$ )3 V)'- '-% X/('($- ^)<%/*4%*' +*, '-% 4(#('+/K9 M-% ,+K +3'%/
'-% 3#(0-'[ '-% @@'-[ a+4(#')* .-)*%, '-% N)/%(0* A33(&% ,%4+*,(*0 ')
$.%+7 ;('- '-% .%/4+*%*' G*,%/H6%&/%'+/K 6(/ "#%>+*,%/ E+,)0+*9
SQT
j)-* E)#<(##%[ E-2/&-(##8$ ./(<+'% $%&/%'+/K[ '))7 '-% .-)*% (*$'%+,9 a($
3(/$'[ 3#+0/+*'#K (*,($&/%%' ;)/,$ ') a+4(#')* ;%/%J Za+$ $)4%V),K
+//(<%,b] E-2/&-(## 42$' -+<% 7*);* +V)2' '-% .#+*9
B+*&K `))/%[ '-% ,+20-'%/ )3 '-% ,%.2'K &)44+*,%/ )3 '-%
6&)''($- E)44+*, )3 '-% C)K+# AV$%/<%/ E)/.$[ 612+,/)* _%+,%/ 59
^%)33/%K `))/%[ ;+$ ')#, VK -%/ 3+'-%/ ;-%* $-% +//(<%, -)4% )* '-%
*(0-' )3 '-% @Y'- '-+' Z-% ;+$ 0)(*0 ') V/%+&- &)*3(,%*&% +*, (3 $-%
+V$)#2'%#K ./)4($%, *)' ') '%## +*K)*% -% ;)2#, '%## -%/ '-+' '-% .(#)'
;+$ C2,)#3 a%$$9]
`/$ D#(c+V%'- ",+4$8 3+'-%/ C)V%/' ;+$ + /%&+##%, /%$%/<($' )3 '-%
"/0K## +*, 62'-%/#+*, a(0-#+*,%/$[ V%&)4(*0 .%/$)*+# +$$($'+*' ')
`+f)/H^%*%/+# F)20#+$ `&E)**%#[ E)44+*,%/H(*HE-(%3 )3 $)2'-;%$'
6&)'#+*,9 D#(c+V%'- $+(, '-+' -%/ 3+'-%/ ;+$ &+##%, ') F2*0+<%# (*
+,<+*&% )3 a%$$8 +//(<+#[ $.%&(3(&+##K V%&+2$% '-%/% ;+$ $)4%
2*&%/'+(*'K +V)2' ;-%* %>+&'#K a%$$ ;+$ ,2% ') +//(<% !'-%/% ($
%<(,%*&% '-+' '-% 3#(0-' -+, 3(/$'#K V%%* $&-%,2#%, 3)/ R `+K:9 a%/
3+'-%/[ + .%/$)* 7*);* ') -+<% $2..)/'%, .%+&% 4)<%$[ ')#, -%/J Z?'
42$' -+<% V%%* .277+ V%&+2$% )3 e%*'8$ (*<)#<%4%*'9 e%*' !e(*0
^%)/0% h8$ 3)2/'- $)* =/(*&% ^%)/0% F27% )3 e%*': ;+$ '-% K)2*0%$'
+*, V/(0-'%$' $) (' &#%+/#K &+4% 3/)4 -(4 ') 0(<% '-% /)K+# V#%$$(*09]
M-% +2'-)/$ )3 Y#$=2' I&)+6)*6(o (*'%/<(%;%, + ;)4+* ;-)
$%/<%, ;('- '-% "2>(#(+/K M%//(')/(+# 6%/<(&% +*, ;+$ +' F2*0+<%# )*
'-% *(0-' )3 a%$$8 +//(<+#9 6-% &#+(4$ '-+' '-% #+*,(*0 #(0-'$ +' '-%
F2*0+<%# +(/$'/(. ;%/% $;('&-%, )* /%+,K ') /%&%(<% +* (*&)4(*0
+(/&/+3' V2' ;%/% #+'%/ $;('&-%, )33 +3'%/ a%$$8 3)/&%, .+/+&-2'% #+*,(*09
M-($ (*3)/4+'()* '(%$ (* ;('- '-% %<(,%*' 3+&' '-+' a%$$ 42$' -+<%
/%&%(<%, +* %>.%&'%, $(0*+# 3/)4 F2*0+<%#9 A* -($ );* 4+. a%$$ ,/%;
+ #(*% )* + V%+/(*0 )3 SRY ,%0/%%$9 M-% #(*% -+$ *) /%#%<+*&% +$ +
*+<(0+'()* +(, V2' '-% $.)' ;-%/% -% ,/%; '-% #(*% ($ '-% .)(*' ;-%/% -%
;)2#, -+<% -+, -($ 3(/$' $(0-'(*0 )3 F2*0+<%# a)2$%9 M-% #(*% %>'%*,%,
.+$$%$ ./%&($%#K '-/)20- C"N "#,%/0/)<% (* B)/'-%/* ?/%#+*,9 =(&7*%''
+*, -%/ &)##%+02%$ V%#(%<% '-+' '-($ ;+$ '-% x+V)/' .)(*'8 3/)4 ;-(&-
a%$$ ;)2#, -%+, 3)/ "#,%/0/)<% !=#+* X: ;%/% -% *)' ') /%&%(<% '-%
F2*0+<%# $(0*+#9
M-($ %>.#+(*$ ;-K ';) a2//(&+*%$ ;%/% $&/+4V#%, 3/)4 "#,%/0/)<%
V2' '2/*%, V+&7 ;-%* a%$$[ -+<(*0 /%&%(<%, '-% $(0*+#[ '2/*%, -($ .#+*%
');+/,$ F2*0+<%# a)2$% +*, ('$ (##24(*+'%, /2*;+K9
M-% .%/$)*+# #)0V))7$ )3 ';) Ec%&- .(#)'$ ;-) 3#%; 3)/ '-% C"N
SPR 612+,/)* ,2/(*0 '-% X+''#% )3 X/('+(*[ 6%/0%+*'$ h+&#+< X+24+*
W
=(&7*%'' _[ =/(*&% E9[ =/()/ 69[ Y#$=2' I&)+6)*6(H &"' E$6#21 G'(( N#5'* Q9[ M(4%
5+/*%/[ SYY@
SWY
+*, _%).)#, 6/))4[ 4+7% 3)/ (*'%/%$'(*0 /%+,(*09 M-%K /%&)/, ,%'+(#$
)3 + 3#(0-' (* '-% %+/#K %<%*(*0 )3 @Y `+K @TP@ ;-%* '-%K ;%/%
$&/+4V#%, (* + .+(/ )3 a2//(&+*%$ ') +''+&7 + ^%/4+* +(/&/+3' )<%/
$)2'-%/* 6&)'#+*,9 "$ '-%K ;%/% &#)$(*0 (* )* + `%$$%/$&-4('' X3@@Y[
N(0-'%/ E)44+*, $2,,%*#K &+##%, '-%4 )339 ".+/' 3/)4 '-% .(#)'$8
#)0V))7$ *) )33(&(+# /%&)/, )3 '-%(/ 4($$()* %>($'$9
M-($ +&&)2*'[ '-)20- ,($.2'%, (* $)4% 12+/'%/$[ ($ $2..)/'%, VK '-%
&)*'%*' )3 +* +/'(&#% .2V#($-%, (* '-% :.'*0/)+ <'*/$*- (* @TPI[ ;-(&-
$+(, '-+' '-% Z';) a2//(&+*%$ '))7 )33 ') '/+(# '-% 4K$'%/K .#+*% ;('-
)/,%/$ ') 3)/&% (' ,);* V2' 2*,%/ *) &)*,('()*$ ') $-))' +' ('9]
"* (*'%/%$'(*0 3%+'2/% )3 F2*0+<%# a)2$% ;+$ '-+' (* @TP@ (' $%/<%,
+$ + C%, E/)$$ &%*'/%U42'2+# '%//(')/K +*, +* (,%+# .#+&% 3)/ + .%+&%
4%%'(*09 =%/-+.$ 2*$2/./($(*0#K[ '-% C%, E/)$$ '-%4% /2*$ /(0-'
'-/)20- '-% a%$$ +33+(/9 " 3%; ,+K$ V%3)/% a%$$8 3#(0-' "#V/%&-'
a+2$-)3%/ -+, 4%%'(*0$ ;('- E+/# j+&)V X2/&7-+/,'[ + 4%4V%/ +*,
#+'%/ =/%$(,%*' )3 '-% ?*'%/*+'()*+# E)44(''%% )3 '-% C%, E/)$$9
X2/&7-+/,' ;+$ +* (*3#2%*'(+# 4(,,#%4+* 3)/ .%+&% *%0)'(+'()*$ +*,
.#+K%, + 7%K /)#% (* &)H)/,(*+'(*0 a%$$8 4($$()* +//+*0%4%*'$9
=/()/ ') -($ C%, E/)$$ .)$('()* X2/&7-+/,' -+, $%/<%, +$ a(0-
E)44($$()*%/ ') '-% =)/' )3 F+*c(0[ + .)$' 3)/ ;-(&- a%$$ -+,
/%&)44%*,%, -(49 a%$$ ')#, -($ +2*' D44+ C)'-+7%/ '-+' (3 +## ;%*'
;%## $-% ;)2#, /%&%(<% + 4%$$+0% 3/)4 '-% C%, E/)$$9
A'') C+-*[ '))[ ;+$ *) $'/+*0%/ (* -(0-H#%<%# C%, E/)$$ &(/&#%$9
N/)4 '-% 4(,H'-(/'(%$ C+-* ;+$ )* $)&(+# '%/4$ ;('- "*,/q N/+*})($H
=)*&%'[ N/%*&- "4V+$$+,)/ ') ^%/4+*K !@TI@H@TIL:[ h(&% =/%$(,%*'
+*,[ #(7% X2/&7-+/,'[ #+'%/ =/%$(,%*' )3 '-% C%, E/)$$ ?*'%/*+'()*+#
E)44(''%%9 F2/(*0 '-% ;+/ N/+*})($H=)*&%' ./)<(,%, .+.%/$ +*,
.+$$.)/'$ ') B+c($ 3#%%(*0 "##(%, f2$'(&% +#)*0 '-% h+'(&+*8$ (*3+4)2$
xC+'#(*%$8 %$&+.% &-+**%#$9 N/+*})($H=)*&%' ;+$ +#$) +* +0%*' 3)/ '-%
*)')/()2$ e#+2$ X+/V(%[ '-% xX2'&-%/ )3 _K)*$98
F2/(*0 + $%/(%$ )3 #%&'2/%$ 0(<%* (* ^#+$0); (* j2*% @TP@ 6(/
=+'/(&7 F)##+*[ + 3)/4%/ %,(')/ )3 '-% C2)(%#7 Y)02- G'*)26 +*, '-%
'-%* _)/, =/)<)$' )3 ^#+$0);[ &)*<%K%, ') -($ +2,(%*&%$ /%4+/7$ '-+'
;%/% $244+/($%, )* SY j2*% (* '-% A$22'&0+ )+6 I/#&( i0/&#*0)2[ <(cJ
Za%$$ &+4% -%/% +* 2*/%.%*'+*' B+c(9 a% V%#(%<%, -% &)2#, /%4+(* (*
6&)'#+*, 3)/ ';) ,+K$[ ,($&2$$ -($ .%+&% ./).)$+#$ +*, V% 0(<%* .%'/)#
+*, 4+.$ ') /%'2/* ') ^%/4+*K9] D<(,%*'#K ./(<K ') (*$(,% (*3)/4+'()*[
F)##+*8$ /%4+/7$ ;%/% $(#K 4($$%, VK '-% &%*$)/9
5-K ,(, a%$$ -)#, '-($ V%#(%3b X%&+2$% -% 3%#' ./)'%&'%, VK
02+/,(+*$ +' '-% <%/K -(0-%$' #%<%# (* X/('+(*U'-% C)K+# N+4(#K9
D,;+/, h??? $2&&%%,%, -($ 3+'-%/[ ^%)/0% h[ ') '-% X/('($- '-/)*%
SW@
)* SY j+*2+/K @TIQ9 6(*&% '-% ^/%+' 5+/ '-% 4)*+/&-K -+, V%%* +'
.+(*$ ') /%,+&' ('$ ^%/4+* #(*%+0%[ &-+*0(*0 '-% 3+4(#K $2/*+4% (*
@T@W 3/)4 6+>%HE)V2/0H^)'-+ ') 5(*,$)/ +$ + .+/' )3 '-% 3+4(#K8$
%33)/'$ ') /%H(*<%*' ('$%#3 +$ X/('($- ') '-% &)/%9 D,;+/, -+, #(''#% )/ *)
%4.+'-K ;('- '-%$% %33)/'$[ /%0+/,(*0 -(4$%#3 +' #%+$' +$ 42&- )3 +
^%/4+* +$ +* D*0#($-4+*9 a% ;+$ $) &)43)/'+V#% ;('- '-% ^%/4+*
#+*02+0% '-+' -% ;)2#, /%3%/ ') (' +$ -($ 4)'-%/ ')*02%9 "3'%/ D,;+/,8$
+&&%$$()* -% 12(&7#K V%&+4% '-% 4)$' &)*'/)<%/$(+# 7(*0 (* 4),%/*
X/('($- -($')/K9
D,;+/, ,(, #(''#% ') ,($02($% -($ +,4(/+'()* 3)/ a('#%/ +*, -($ ./)H
B+c( V%#(%3$9 "/)2*, '-% '(4% )3 -($ +&&%$$()* D,;+/, V/)7% ;('-
./)')&)# VK $.%+7(*0 ,(/%&'#K ') '-% ^%/4+* +4V+$$+,)/ ') '-% E)2/' )3
6'9 j+4%$[ j)+&-(4 <)* C(VV%*'/).[ ;-) #+'%/ V%&+4% N)/%(0* `(*($'%/
(* a('#%/8$ B+c( +,4(*($'/+'()*9 a% %>./%$$%, -($ ,%'%/4(*+'()* ') +<)(,
&)*3#(&' ;('- ^%/4+*K9 M-($ ;+$ .+$$%, )* ') a('#%/ ;-) '+7(*0 '-%$%
/%4+/7$ ') -%+/' 3)/0%, +-%+, ;('- -($ 3(/$' $'%. )* '-% /)+, ') ;+/J '-%
&)*12%$' )3 '-% C-(*%#+*,9
?* @TIQ <)* C(VV%*'/).8$ #(*7$ ;('- '-% X/('($- D$'+V#($-4%*' ;%/%
*)' #(4('%, ') %>+#'%, &)*'+&' ;('- C)K+# &(/&#%$9 XK '-%* -% -+,
%*f)K%, ;+/4 /%#+'()*$ ;('- 7%K $%&2/('K 3(02/%$ 3)/ +' #%+$' '-/%% K%+/$[
(*,(*0 `?R ).%/+'(<% ^2K _(,,%##9 ?* @TII[ '-% K%+/ a('#%/ &+4% ')
.);%/[ `?R[ (* )*% )3 ('$ 42/7(%/ ).%/+'()*$[ ,%$.+'&-%, _(,,%## ')
X%/#(* ') &)).%/+'% ;('- '-% ^%$'+.) +$ .+/' )3 + &/+&7,);* )*
&)442*($'$9 _(,,%## 3)/0%, $K4.+'-%'(& &)*'+&'$ ;('- <)* C(VV%*'/).
;-(#% ,%<%#).(*0 &#)$% ;)/7(*0 /%#+'()*$-(.$ ;('- + *24V%/ )3 ^%$'+.)
)33(&%/$9 X%';%%* @TPW +*, @TRS _(,,%## ;%*' )* ') V%&)4% F%.2'K
F(/%&')/H^%*%/+# )3 `?R9 M-% C(VV%*'/).H_(,,%## &)##+V)/+'()*
(##2$'/+'%$ '-% ,%.'- )3 '-% $-+/%, +*, 2*$+<)2/K 3+/H/(0-' $%*'(4%*'$
,%$&/(V%, VK E%&(# 5(##(+4$)* +$ &)44)*.#+&% ;('-(* '-% X/('($-
$%&2/('K $%/<(&%$ V%3)/% +*, ,2/(*0 '-% ;+/9
N)/ K%+/$ ./()/ ') '-% +&&%$$()* '-% NX? -+, V%%* 7%%.(*0 + &#)$%
%K% )* '-% -%(/ ') '-% '-/)*%9 C%&%*'#K ).%*%, 3(#%$ /%.)/' '-+' =/(4%
`(*($'%/ 6'+*#%K X+#,;(* +*, -($ E+V(*%' /%0+/,%, D,;+/, +$
,+*0%/)2$#K ./)HB+c(9 5-%* "#+* _+$&%##%$[ )*% )3 X+#,;(*8$ =/(<+'%
6%&/%'+/(%$[ &)*3(,%, '-+' -% '-)20-' (' ;)2#, V% V%$' 3)/ '-% &)2*'/K (3
D,;+/, 3%## )33 -($ .)(*'H')H.)(*' -)/$% +*, V/)7% -($ *%&7[ '-% =/(4%
`(*($'%/ /%.#(%,J Z^), 3)/0(<% 4%[ $) ,) ?9]
D,;+/,8$ +33+(/ ;('- 5+##($ 6(4.$)*[ + ';(&%H4+//(%, "4%/(&+*
;('- + /+&K .+$'[ ./)<)7%, + &)*$'('2'()*+# &/($($ +*, '-% e(*08$
.)$('()* 12(&7#K V%&+4% 2*'%*+V#%9 ?* F%&%4V%/ @TIQ D,;+/,
+V,(&+'%, +*, ;+$ $2&&%%,%, VK -($ K)2*0%/ V/)'-%/ "#V%/' !^%)/0%
SWS
h?:9 "3'%/ '-% +V,(&+'()* '-% X/('($- $%&/%' $%/<(&% ;+'&-%, D,;+/, +*,
6(4.$)* &#)$%#K[ /%.)/'(*0 )* '-%(/ %<%/K 4)<%4%*'9 M-% &)2.#%
4+//(%, +$ '-% F27% +*, F2&-%$$ )3 5(*,$)/ (* @TIW +*, &)*'(*2%, ')
&+2$% '/)2V#%9
?* A&')V%/ @TIW '-% F27% +*, F2&-%$$ <($('%, B+c( ^%/4+*K
+0+(*$' '-% +,<(&% )3 '-% X/('($- 0)<%/*4%*' +*, 4%' ",)#3 a('#%/ +' -($
AV%/$+#cV%/0 /%'/%+'9 M-% <($(' ;+$ 42&- .2V#(&($%, VK '-% ^%/4+*
4%,(+9 F2/(*0 '-% <($(' '-% F27% 0+<% 32## B+c( $+#2'%$ +$ + 4+/7 )3
/%$.%&' ') -($ -)$'$9 M-%K ,(*%, ;('- C2,)#3 a%$$ +*, %<%* <($('%, +
&)*&%*'/+'()* &+4. ;-%/% '-% 02+/, ');%/$ ;%/% %>.#+(*%, +;+K +$
4%+' $')/%$ 3)/ '-% (*4+'%$9
"&&)/,(*0 ') E-+/#%$ a(0-+4[L (* '-% %+/#K $'+0%$ )3 ;+/ '-% F27%
)3 5(*,$)/ 4%' $%&/%'#K ;('- a%$$ (* '-% a)'%# `%2/(&% (* =+/($9
5+##($ 6(4.$)* -+, -+, *24%/)2$ +33+(/$[ (*,(*0 + #(+($)* ;('-
<)* C(VV%*'/).9 "&&)/,(*0 ') 3(#%$ /%#%+$%, (* SYYI VK '-% X/('($-
=2V#(& C%&)/,$ A33(&%[ '-%/% ;%/% /24)2/$ '-+' 6(4.$)* -+, V%%*
.+$$(*0 (*3)/4+'()* ') ^%/4+*K <(+ C(VV%*'/).9 D,;+/, ;+$ /%*);*%,
3)/ %>'/+)/,(*+/K #+>('K (* -($ &+/%#%$$ -+*,#(*0 )3 ').H$%&/%' 3(#%$[ )3'%*
#%+<(*0 '-%4 #K(*0 +/)2*, (* -($ X%/7$-(/% N)/' X%#<%,%/% /%$(,%*&% 3)/
+*K)*% ') $%%9
C(VV%*'/). '/(%, ') &2//K D,;+/,8$ 3+<)2/ VK 2$(*0 '-% #+''%/8$
&)2$(*[ E-+/#%$ D,;+/, F27% )3 6+>%HE)V2/0 +*, ^)'-+[ +$ +*
%4($$+/K9 " B+c( =+/'K 4%4V%/[ E-+/#%$ D,;+/, V/+c%*#K +''%*,%, '-%
32*%/+# )3 ^%)/0% h (* -($ 6'2/4+V'%(#2*0 !6": 2*(3)/49 D/*$' Cm-48$
6" $')/4'/)).%/$ !'-% ZV/);*$-(/'$]: 32*&'()*%, +$ + .+/+4(#('+/K
)/0+*(c+'()* )3 '-% B+c( =+/'K +*, .#+K%, + 7%K /)#% (* ",)#3 a('#%/y$
/($% ') .);%/ (* '-% @TSY$ +*, @TIY$9
5-%* -)$'(#('(%$ &)44%*&%, D,;+/, ;+$ +$$(0*%, +* +/4K f)V (*
N/+*&% ;('- #(4('%, +&&%$$ ') 4(#('+/K (*'%##(0%*&% V%&+2$% )3
E-2/&-(##8$ ,%%. ,($'/2$' )3 '-% F27%9
a($')/(+*$ $2$.%&' '-+' 5(*,$)/ #%+7%, <('+# (*3)/4+'()* ') '-%
^%/4+*$[ %*$2/(*0 '-+' '-%(/ (*<+$()* )3 N/+*&% $2&&%%,%,9 a% '-%* 3#%,
') 6.+(* ;-%/% -% &)*'(*2%, ') 4+7% ./)H^%/4+* $'+'%4%*'$9
?* N%V/2+/K @TPY '-% ^%/4+* `(*($'%/ (* M-% a+02%[ E)2*' j2#(2$
<)* {%&-HX2/7%/$/),+[ &#+(4%, '-+' '-% F27% )3 5(*,$)/ -+, #%+7%,
'-% "##(%, ;+/ .#+*$ 3)/ '-% ,%3%*&% )3 X%#0(249
a('#%/8$ .#+* ') (*$'+## D,;+/, +$ .2..%' 7(*0 +3'%/ + ^%/4+*
(*<+$()* )3 X/('+(* &+4% ') #(0-' (* SYYS (* *%;#K 3)2*, B+c(
,)&24%*'$9 M-% F27% )3 5(*,$)/ +*, `/$ 6(4.$)* ;%/% ') V% .+(, '-%
'-%* $'+00%/(*0 $24 )3 pR4U(* %>&%$$ )3 pIYY4 '),+KU') /%'2/* ')
L
a(0-+4 E9[ !*)60+% 70&" &"' O+'.-[ F%## =2V#($-(*0 E)4.+*K[ @TLP
SWI
X/('+(* (* '-% +2'24* )3 @TPY9 "' X+#4)/+# a('#%/ ;)2#, V%$'); 2.)*
'-% &)2.#% '-% '('#%$ )3 =/(*&% +*, =/(*&%$$ C%0%*'9 a('#%/ .#+**%, ')
%*#($' '-% $2..)/' )3 B%<(##% E-+4V%/#+(* ;-) +#;+K$ 3+<)2/%,
*%0)'(+'()* +*, _)/, a+#(3+>[ + 7*);* B+c( $K4.+'-($%/9
a+#(3+>[ '-% X/('($- N)/%(0* 6%&/%'+/K 3/)4 @TIW ') @TPY[ ;+$ +
&#)$% 3/(%*, )3 a('#%/8$ &)*3(,+*' _)/, X/)&7%' ;-) );*%, e*)K,+/'
D$'+'% (* '-% 5%$' a(0-#+*,$ ;-%/% B+c( $K4.+'-($%/$ 4%' (* $%&/%' (*
'-% /2* 2. ') '-% ;+/9 M)0%'-%/ ;('- "*0#)H^%/4+* N%##);$-(.
4%4V%/$ '-% F27% )3 X2&&#%2&- +*, `+f)/H^%*%/+# ZX)*%K] N2##%/ !+
#%+,(*0 4%4V%/ )3 '-% X/('($- G*()* )3 N+$&($'$:[ X/)&7%' ;+$ a('#%/y$
.%/$)*+# 02%$' +' -($ 3(3'(%'- V(/'-,+K &%#%V/+'()*$ (* "./(# @TIT9
`?R )33(&%/ "*'-)*K X#2*'[ *+4%, (* @TWT VK '-%* =/(4% `(*($'%/
`+/0+/%' M-+'&-%/ +$ '-% ZN)2/'- `+*] (* '-% (*3+4)2$ E+4V/(,0% $.K
/(*0[ ;+$ $%*' ') ^%/4+*K (* @TPR +$ + .%/$)*+# %4($$+/K )3 e(*0
^%)/0% h?9 a($ '+$7 ;+$ ') /%'/(%<% .+.%/$ ;/(''%* V%';%%* '-% F27% )3
5(*,$)/ +*, B+c( )33(&(+#$ '-+'[ -+, '-%K V%%* 4+,% .2V#(& ;)2#,[ (' ($
&#+(4%,[ -+<% ,%$'/)K%, '-% C)K+# 3+4(#K9
M-%/% ($ + 32/'-%/[ #(''#% 7*); ,(4%*$()* ') D,;+/, h???8$
+V,(&+'()* +*, ('$ +3'%/4+'- '-+' &)**%&'$ (' ;('- 6&)'#+*,9 "/&-V($-).
)3 E+*'%/V2/K[ F/9 E)$4) _+*0[ <%-%4%*'#K )..)$%, D,;+/,8$ +33+(/
;('- 6(4.$)*9 a% $'+'%, )* 3(#4 '-+' -% -+, '-% 0/+<%$' ,)2V'$ +V)2'
'-% $+*&'('K )3 '-% ./).)$%, 4+//(+0%[ '-%/%VK &#%+/#K %4.-+$($(*0 '-+'
-% V%#(%<%, (' ') V% +* ($$2% )3 $2&- &)*$'('2'()*+# %*)/4('K '-+' ('
;)2#, )*#K V% /%$)#<%, (3 '-% e(*0 $'%..%, ,);*9
5(##(+4 E)$4) ^)/,)* _+*0 !@LQPH@TPR: ;+$ V)/* (* NK<(% (*
"V%/,%%*$-(/% +*, 2*,%/;%*' -($ $&-))#(*0 +' =+/7 6&-))# (* ^#+$0);9
a% 4+'/(&2#+'%, ') $'2,K +' ^#+$0); G*(<%/$('K +' '-% +0% )3 3)2/'%%*9
_+*0 0/+,2+'%, `" (* @LLP +*, ;%*' ') X+##()# E)##%0%[ A>3)/,[
;-%/% -% 0/+,2+'%, ;('- + 3(/$' (* a($')/K @LLQ +*, ;+$ =/%$(,%*' )3
'-% A>3)/, G*()*9
"V+*,)*(*0 -($ %+/#(%/ .#+*$ ') V%&)4% + V+//($'%/[ _+*0 ;+$
)/,+(*%, + ./(%$' (* '-% E-2/&- )3 D*0#+*, (* @LT@9 a% ;+$ &)*$%&/+'%,
X($-). )3 6'%.*%K (* @TY@[ "/&-V($-). )3 d)/7 (* @TYL +*,
"/&-V($-). )3 E+*'%/V2/K (* @TSL9 a% /%'(/%, (* @TPS ;-%* -% ;+$
&/%+'%, + V+/)*%'9
X)'- ^%)/0% h? +*, '-% =/(4% `(*($'%/ 6'+*#%K X+#,;(* ;%/%
+;+/% )3 _+*08$ <(%;$ +*, (' ;+$ ;(,%#K +$$24%, '-+' -% -+, .#+K%, +
#%+,(*0 /)#% (* 3)/&(*0 D,;+/, )2'9 M-% "/&-V($-). 2*;($%#K 4+,% +
/+,() V/)+,&+$' +3'%/ '-% +V,(&+'()*[ ;-(&- ;+$ $%%* +$ 7(&7(*0 D,;+/,
;-%* -% ;+$ ,);*9 M-% V/)+,&+$' -%#.%, ') &%4%*' '-% .2V#(& V%#(%3
'-+' _+*0 ;+$ '-% 7%K 3(02/% (* '-% +V,(&+'()* &/($($9
SWP
-($ %>(' 3/)4 #(3%\)/ ;%/% '-%/% 4)/% $(*($'%/ 3)/&%$ +' ;)/7b
D,;+/, ;+$ *)' '-% )*#K $(V#(*0 )3 ^%)/0% h ') $2..)/' + .)#(&K )3
+..%+$%4%*'9 a($ K)2*0%/ V/)'-%/ =/(*&% ^%)/0% F27% )3 e%*' -+,
$'/)*0 ./)H^%/4+* $%*'(4%*'$9
" /%.)/' ;/(''%* VK "#3/%, C)$%*V%/0 3)/ ",)#3 a('#%/ (* A&')V%/
@TIR $'+'%, '-+' '-% F27% )3 e%*' ;+$ ;)/7(*0 V%-(*, '-% $&%*%$ Z(*
$'/%*0'-%*(*0 '-% ./%$$2/% 3)/ + /%&)*$'/2&'()* )3 '-% E+V(*%' +*,
4+(*#K ');+/,$ V%0(**(*0 '-% 4)<%4%*' (* '-% ,(/%&'()* )3 ^%/4+*K9]
?* N%V/2+/K @TIW (' ;+$ /%.)/'%, '-+' '-% F27% )3 e%*' -+, 4%' '-%
F27% )3 5(*,$)/ (* "2$'/(+9 _+'%/ '-+' K%+/ + N)/%(0* A33(&% ,)&24%*'
.)(*'%, )2' '-+' '-% F27% )3 e%*'[ #(7% -($ V/)'-%/ +*, *)')/()2$ $($'%/H
(*H#+;[ -+, ,%<%#).%, + &#)$% /%#+'()*$-(. ;('- "4V+$$+,)/ <)*
C(VV%*'/).9
M-% F27% )3 e%*'[ ;(,%#K /%0+/,%, +$ '-% -%+, )3 '-% "*0#)H
^%/4+* N%##);$-(.[ '))7 .+/' (* $%&/%' '+#7$ ;('- -($ &)2$(* =/(*&%
=-(#(. )3 a%$$% (* %+/#K @TIT (* )/,%/ ') +<)(, + ;+/ ;('- B+c(
^%/4+*K9
?* j2#K @TIT '-% F27% )3 e%*' +../)+&-%, ^%)/0% h? ;('- + .#+* ')
*%0)'(+'% ,(/%&'#K ;('- ",)#3 a('#%/9 M-% e(*0[ ;-) $2..)/'%, '-% (,%+[
$.)7% ;('- B%<(##% E-+4V%/#+(* +*, _)/, a+#(3+> +V)2' '-% .#+*9
A* '-% )2'V/%+7 )3 ;+/ '-% F27% )3 e%*' +*, -($ 3+4(#K 4)<%, ')
6&)'#+*,[ #(<(*0 (* =('#(<%/ a)2$% *%+/ C)$K'- (* N(3%9 a% /%'2/*%, ')
+&'(<% 4(#('+/K $%/<(&% ;('- '-% /+*7 )3 C%+/ ",4(/+#[ V/(%3#K $%/<(*0 (*
'-% ?*'%##(0%*&% F(<($()* )3 '-% ",4(/+#'K9 ?* "./(# @TPY -% '/+*$3%//%,
') '-% C)K+# "(/ N)/&%9 a% '))7 '-% .)$' )3 6'+33 A33(&%/ (* '-% C"N
M/+(*(*0 E)44+*, ;('- /+*7 )3 "(/ E)44),)/%9 "' '-% '(4% )3 a%$$8
+//(<+#[ '-%/%3)/%[ '-% F27% )3 e%*' ;+$ #(<(*0 (* 6&)'#+*,9
`+/'(* "##%* 4+(*'+(*$ '-+' V)'- '-% F27%$ )3 e%*' +*, )3
X2&&&#%2&- ;%/% +' '-% F27% )3 a+4(#')*8$ F2*0+<%# D$'+'% )* '-%
*(0-' ;-%* a%$$ +//(<%,9
M-% F27% )3 X2&&#%2&- ;+$ <%/K ./)H^%/4+* V2' *%<%/'-%#%$$
^%)/0% h? +..)(*'%, -(4 +$ e%%.%/ )3 '-% C)K+# a)2$%-)#,[ +
./%$'(0()2$ +..)(*'4%*' '-+' +2')4+'(&+##K 4+,% -(4 + =/(<K
E)2*&(##)/[ )*% )3 '-% e(*08$ -+*,.(&7%, +,<($%/$9
" 4%4V%/ )3 '-% ;)4%*8$ ;+/'(4% $%/<(&%$ $'+'()*%, +' F2*0+<%#
)* @Y `+K &#+(4%, '-+' '-% F27% +*, Z-($ .%).#%] ;%/% +' '-% e%**%#$
!+ $4+## -)2$% &#)$% ') '-% +(/$'/(.:[ ')0%'-%/ ;('- Z$)4% =)#%$9] 6-%
&#+/(3(%, '-+' $-% ;+$ *)' $.%+7(*0 +V)2' '-% F27% )3 a+4(#')* V2'
+V)2' '-% F27% )3 e%*'9
"$ '-% F27% )3 e%*'8$ .+.%/$ +/% %4V+/0)%, (' ($ (4.)$$(V#% ')
&)*3(/4 '-% $')/K '-+' -% ;+$ +' F2*0+<%# )* '-% @Y'-9 a);%<%/[ (' ($
SWQ
7*);* 3/)4 )'-%/ $)2/&%$ '-+' -% ;+$ +' C"N 624V2/0- (* '-%
6-%'#+*,$ )* '-% T'- +*, +' X+#4)/+# (* 6&)'#+*, )* '-% @@'-9 M-%
3)##);(*0 ,+K -% ;+$ +' C"N 5(&7 +' E+('-*%$$9 a% ;+$ (,%+##K
.)$('()*%, 0%)0/+.-(&+##K ') V% )* -+*, ') <($(' F2*0+<%# ,2/(*0 '-($
.%/(),9
M-% F27% )3 a+4(#')*8$ ,(+/K /%&)/,$ $%<%/+# 4%%'(*0$ ;('- '-%
F27% )3 e%*' ,2/(*0 '-% %+/#K 4)*'-$ )3 @TP@9 D#(c+V%'- XK/, ;)/7%,
+$ + $%&/%'+/K 3)/ a+4(#')*8$ V/)'-%/9 6-% &#+(4$ '-+' _)/, `+#&)#4
')#, -%/ '-+' '-% F27% )3 a+4(#')* '))7 '-% Z3#+7 3)/ '-% ;-)#% a%$$
+33+(/ (* )/,%/ ') ./)'%&' )'-%/$ %<%* -(0-%/ 2. '-% $)&(+# $&+#%9] XK/,
+,,%, '-+'J Z-% -+, $'/)*0#K -(*'%, '-+' '-% &)<%/H2. ;+$ *%&%$$+/K ')
./)'%&' '-% /%.2'+'()*$ )3 4%4V%/$ )3 '-% C)K+# N+4(#K9]
=(&7*%'' '& )2 T $(4(#+/#K &)*,%, 3/)4 '-%(/ (*<%$'(0+'()*$ '-+' '-%
F27% )3 e%*' ;+$ ;('- a+4(#')* +' -($ -)4% )* '-+' *(0-'9 M-% 3(/$'H
-+*, '%$'(4)*K 3)/ '-($ $'+'%4%*' &)4%$ 3/)4 '-% F27% )3 a+4(#')*8$
-)2$%7%%.%/9 X2' ;%/% '-%$% -(0-V)/* X/(')*$ +#)*%b
M-% -)2$%7%%.%/ ')#, '-% +2'-)/$ '-+' +#$) ./%$%*' +' F2*0+<%#
a)2$% ;+$ + 4+* ;('- + 3)/%(0* +&&%*'9 M-($ ;+$ +#4)$' &%/'+(*#K
f)2/*+#($' X+/)* 5(##(+4 ,% C)..[ ;-) ;+$ (*<)#<%, (* '-% ^%/4+*H
X/('($- .%+&% '+#7$9 " $%&)*, ^%/4+* ./%$%*' ;+$ +* ?*'%##(0%*&%
).%/+'(<% *+4%, h)(0'9
X+/)* 5(#-%#4 ,% C).. ;+$ V)/* (* '-% X+#'(& 6'+'%$9 a% 4)<%, ')
X/('+(* (* @T@Y +*, #+'%/ $%/<%, (* '-% C)K+# N#K(*0 E)/. (* 5)/#, 5+/
A*% 2*,%/ '-% &)44+*, )3 `+f)/ C9N9 5(*'%/V)'-+49 F% C)..
/%#)&+'%, ') ^%/4+*K (* @TSY +*, V%&+4% +* +$$)&(+'% )3 B+c(
%*'-2$(+$' "#3/%, C)$%*V%/0[ + 3%##); $)* )3 '-% X+#'(&$ !C)$%*V%/0
;+$ D$')*(+*: ;-)$% '+$7 ;+$ ') %$'+V#($- #(*7$ ;('- %#%<+'%, 3(02/%$ (*
X/('+(* 3)/ '-% B+c($ (* '-% @TIY8$9 ?* '-% @TSY$ +*, %+/#K @TIY$ ,%
C).. ;)/7%, +$ + 3/%%#+*&% f)2/*+#($'9
M-/)20- C)$%*V%/0 ,% C).. 4%' a('#%/ +*, a%$$9 5(*'%/V)'-+4
V%&+4% -%+, )3 "(/ ?*'%##(0%*&%[ .+/' )3 `?Q9 X%';%%* ,% C).. +*,
5(*'%/V)'-+4 #(*%$ )3 &)442*(&+'()*$ ;%/% ).%*%, V%';%%*
C)$%*V%/0 +*, '-% e(*08$ K)2*0%$' $)*[ '-% F27% )3 e%*'9 "2'-)/
_+,($#+$ N+/+0) ;/)'%@Y '-+' X+/)* ,% C)..[ 2$%, VK a('#%/ +$ -($
&)*3(,%*'+# &)*$2#'+*' +V)2' X/('($- +33+(/$[ ;+$ + X/('($- ,)2V#% +0%*'
;-) .%*%'/+'%, '-% B+c( %&-%#)*$ (* ./%H5)/#, 5+/ ?? ,+K$9
j)-* 6(47(*[ +2'-)/ )3 + ,)c%* V))7$ )* <+/()2$ -($')/(&+# '-%4%$
+*, &)H3)2*,%/ ;('- "*,K 5+#7%/ )3 '-% )*#(*% ?*'%/*+'()*+# D,2&+'()*
T
?V(,
@Y
N+/+0) _[ !"' C).' #1 &"' Z#['(H !"' Q+ I&#*- #1 C'*.)+ O(90#+)%' 0+ &"'
Q+0&'6 I&)&'( )+6 C*')& A*0&)0+ 6$*0+% >#*26 >)* 449[ B%; d)/7[ @TW@
SWW
@@
-''.Joo%,2&+'()*3)/249(.V-)$'9&)4o(*,%>9.-.b$-);').(&~TSYLi.(,~@SYPWLi$'~@Ri
t%*'/K@SYPWL
SWL
j%+* -+, +#/%+,K /%&%(<%, + '%#%0/+4 $+K(*0 '-+' -%/ V/)'-%/ -+, V%%*
7(##%, (* '-% +&&(,%*'9
5(*$')* E-2/&-(## 4+,% + $'+'%4%*' (* '-% a)2$% )3 E)44)*$
;-%/% -% ,%$&/(V%, '-% F27% )3 e%*' +$ Z+ 0+##+*' +*, -+*,$)4%
./(*&%9] A3 '-% 4+*K '/(V2'%$ +*, 4%$$+0%$ )3 &)*,)#%*&% /%&%(<%,
3/)4 )'-%/ &)2*'/(%$ '-% 4)$' $(0*(3(&+*' ;+$ 3/)4 ^%*%/+# 5!+,K$!+;
6(7)/$7([ '-% -%+, )3 '-% =)#($- 0)<%/*4%*' (* %>(#%9 M-% ';) 4%* ;%/%
<%/K &#)$% +*, 6(7)/$7( $%*' + $.%&(+# ,($.+'&- ') +## =)#($- '/)).$ (*
X/('+(* (* ;-(&- -% ,%$&/(V%, '-% F27% +$ Z+ ./)<%* 3/(%*, )3 =)#+*,
+*, '-% =)#($- +/4%, 3)/&%$9]
!?' -+, V%%* ./).)$%, (* @TIW '-+' =/(*&% ^%)/0% V% 4+,% e(*0 )3
=)#+*, (* + 4)<% ') /%$')/% '-% =)#($- 4)*+/&-K[ 42&- +$ '-% ^/%%7
4)*+/&-K -+, V%%* /%$')/%, 2$(*0 (4.)/'%, /)K+#$9 ?* "202$' @TIW '-%
F27% +*, -($ ;(3% <($('%, =)#+*, +*, ;%/% ;%## /%&%(<%,9 a);%<%/[ '-%
.#+* ;+$ &+##%, )33 ,2% ') '-% (*<+$()* )3 =)#+*, (* @TIT9:
M-% F2&-%$$ )3 e%*' <($('%, "*,K j+&7 $%<%/+# '(4%$ +3'%/ '-%
,%+'- )3 -%/ -2$V+*,9 ?' ($ V%#(%<%, '-+' '-% (*3)/4+'()* -% ./)<(,%, ')
-%/ (*3#2%*&%, ;-+' '-% F2&-%$$ $2V$%12%*'#K -+, (*$&/(V%, )* =/(*&%
^%)/0%8$ 4%4)/(+#[ ;-(&- (*,%,J Z4+ .'.#*- #1d8&"' Y$?' #1
P'+&d )+6 "0( /#.9)+0#+( 7"# 2#(& &"'0* 205'( #+ )/&05' ('*50/' 6$*0+%
) 120%"& &# 4/'2)+6 #+ ) (9'/0)2 .0((0#+ #+ _c&" :$%$(& `ab_9]
M-% 2$% )3 '-% ;)/,$ Z$.%&(+# 4($$()*] ($ (*'%/%$'(*09 M-%K %&-)
'-)$% 2$%, VK =(#)' A33(&%/ ^%)/0% 6+2*,%/$ ;-) + 3%; ,+K$ V%3)/%
f)(*(*0 '-% &/%; )3 '-% 62*,%/#+*, ')#, -($ 4)'-%/J Z?84 f2$' )* #%+<%
3)/ + &)2.#% )3 ,+K$9 ?84 0)(*0 )* + 4)$' (4.)/'+*' 4($$()*[ <%/K
$%&/%'9 ? &+*8' $+K +*K 4)/%9]
M-% &(/&24$'+*&%$ )3 '-% 62*,%/#+*, ,($+$'%/ /+($% $)4% <%/K
.%/'(*%*' 12%$'()*$9 5-K ,(, '-% .(#)' '+7% '-% 3#K(*0 V)+' )33 &)2/$%b ?'
;+$ + &#%+/ ,+K +*, -% ;)2#, -+<% V%%* 32##K +;+/% '-+' -% ;+$ 3#K(*0
)<%/ #+*, /+'-%/ '-+* '-% $%+9 5-K[ ;-%* '-% +(/&/+3' (*,%, 3)2/
%>.%/(%*&%, *+<(0+')/$[ ,(, '-% +(/&/+3' ,/(3' + -20% @R ,%0/%%$ )33
&)2/$% 3/)4 ('$ .)(*' )3 ,%.+/'2/%b 5-K ,(, '-% .(#)' ,%$&%*, ') QRY
3%%' ;-%* -% ;+$ 3#K(*0 )<%/ -(0- #+*,b M-($ ($ %$.%&(+##K .2cc#(*0
;-%* )*% &)*$(,%/$ '-+' '-% 6HSR 62*,%/#+*, `7 ??? -+, )*% 4+f)/
,%3%&'U(' ;+$ $#200($- ;-%* &#(4V(*0[ %$.%&(+##K ;-%* -%+<(#K #+,%*
;('- .%/$)**%# +$ (' ;+$ )* '-% F27% )3 e%*'8$ 3#(0-'9
M-% &/+3' '))7 )33 +' @IJ@Y +*, &/+$-%, QY 4(#%$ 3/)4 ('$ ,%.+/'2/%
.)(*'[ + f)2/*%K )3 *) 4)/% '-+* SY 4(*2'%$9 a);%<%/[ &)*'%4.)/+/K
#)&+# *%;$.+.%/ /%.)/'$ +*, '-% =/(4% `(*($'%/8$ )33(&(+# .+.%/$ #),0%,
;('- '-% =2V#(& C%&)/,$ A33(&% !=CA: &)*3(/4 '-+' '-% &/+$- +&'2+##K
'))7 .#+&% +' @PJIY[ )*% -)2/ #+'%/ '-+* /%.)/'%,9 5-%/% -+, (' V%%* (*
SLY
'-% 4%+*'(4%b
" &)2/' )3 (*12(/K ;+$ -%#,9 F%'+(#$ )3 ('$ 3(*,(*0$ ;%/% ./%$%*'%,
') '-% a)2$% )3 E)44)*$ VK '-% 6%&/%'+/K )3 6'+'% 3)/ "(/[ 6(/
"/&-(V+#, 6(*&#+(/[ )* W A&')V%/ @TPS9 M-% &)*$()* )3 '-% /%.)/'
;+$J Z"&&(,%*' ,2% ') +(/&/+3' V%(*0 )* ;/)*0 '/+&7 +' ')) #); +#'('2,%
') &#%+/ /($(*0 0/)2*, )* '/+&79 E+.'+(* )3 +(/&/+3' &-+*0%, 3#(0-'H.#+*
3)/ /%+$)*$ 2*7*);* +*, ,%$&%*,%, '-/)20- &#)2, ;('-)2' 4+7(*0 $2/%
-% ;+$ )<%/ ;+'%/ +*, &/+$-%,9] 6(*&#+(/ &)*3(/4%, '-+' ;%+'-%/
&)*,('()*$ ;%/% 3(*% +*, '-%/% ;+$ *) %<(,%*&% )3 4%&-+*(&+# 3+(#2/%9
a% +,,%,J Z'-% /%$.)*$(V(#('K 3)/ '-($ $%/()2$ 4($'+7% (* +(/4+*$-(. #(%$
;('- '-% &+.'+(* )3 '-% +(/&/+3'9]
?' ;+$ '-%/%3)/% $200%$'%, '-+' '-% /%+$)* 3)/ '-% &/+$- ;+$ '-+' '-%
'%+4 )3 3)2/ !-(0-#K %>.%/(%*&%,: .(#)'o*+<(0+')/$ ,/(3'%, )33 &)2/$% +*,
'-%* 3+(#%, ') /%+&- '-% *%&%$$+/K -%(0-' ') &#%+/ D+0#%8$ C)&79 M-%
./)V#%4 ($ '-+' '-% ,)&24%*'$ '-+' ;)2#, %*+V#% /%$%+/&-%/$ ') /%H
%>+4(*% '-% %<(,%*&% -+<% <+*($-%,9 M-($ (*,%$ '-% 3#(0-' .#+* 3(#%,
VK ^)K%* V%3)/% '+7%H)339
M-% $%&/%' &)2/' )3 (*12(/K $-)2#, -+<% V%%* 4+,% +<+(#+V#% +3'%/
@R K%+/$9 5-%* /%$%+/&-%/$ +$7%, '-% =CA (* @TTY 3)/ + &).K )3 '-%
/%.)/' (' ;+$ ,($&)<%/%, '-+' (' -+, 0)*% 4($$(*09 M-% =CA $200%$'%, ('
4(0-' -+<% V%%* '/+*$3%//%, ') '-% /)K+# +/&-(<%$ +' 5(*,$)/ E+$'#%9
a);%<%/[ '-% /%0($'/+/ )3 '-% /)K+# +/&-(<%$ $+(, '-%K ,(, *)' -+<% ('
+*, *%<%/ -+, ,)*%9
"*,K j+&7 ;+$ 3)/&%, ') $(0* '-% A33(&(+# 6%&/%'$ "&' ;-(#% $'(## (*
-)$.('+#9 a% #+'%/ ')#, -($ $($'%/ '-+' -% &)2#, *)' '+#7 +V)2' '-% &/+$-
V%&+2$% -% -+, V%%* Z$;)/* ') $%&/%&K9] j%+* j+&7 ,(, ./)<(,%
/%$%+/&-%/$ ;('- )*% .(%&% )3 (*'%/%$'(*0 (*3)/4+'()*9 N/+*7 ^)K%*
0+<% "*,K j+&7 + $(0*%, .-)')0/+.- )3 -(4$%#3 f2$' V%3)/% '+7%H)33 )*
;-(&- -% -+, ;/(''%*J Z5('- 4%4)/(%$ )3 -+..(%/ ,+K$9] 5+$ '-($ +
/%3%/%*&% ') '-% 4($$()* '-%K ;%/% +V)2' ') 2*,%/'+7%b F)%$ (' $200%$'
'-+' ^)K%* ,($+../)<%, )3 '-% 4($$()*b
A* @W'- `+K @TQ@ '-% F2&-%$$ )3 e%*' V/)20-' '-% &+$% ') *+'()*+#
+''%*'()* ;-%* $-% <($('%, '-% $&%*% )3 -%/ -2$V+*,8$ ,%+'-9 M-($
&/%+'%, + ,($&2$$()* +V)2' '-% &/+$- (* '-% 4%,(+9 "*,K j+&7 '-%* &+4%
3)/;+/, ') 0(<% +* (*'%/<(%; ') '-% 6&)''($- Y)02- O[9*'((9 a% ;+$ $'(##
$%/<(*0 ;('- '-% C"N +*,[ *)' $2/./($(*0#K[ -% ;%*' +#)*0 ;('- '-%
&)*$()*$ )3 '-% )33(&(+# (*12(/K9
"* (4.)/'+*' ;('*%$$ ') '-% &/+$- ;+$ E+.'+(* D9D9 N/%$$)*9 a%
.(#)'%, +* +(/&/+3' )<%/ '-% $+4% +/%+ +/)2*, '-% $+4% '(4% +$ '-%
&/+$-%, N#K(*0 X)+'9 M-% 3)##);(*0 ,+K -% '))7 '-% )*#K +%/(+#
.-)')0/+.-$ )3 '-% ;/%&7+0%9 ?* @TQI N/%$$)* .2V#($-%, -($
SL@
+2')V()0/+.-K :0* E#)6 &# &"' 4(2'(9 "4+c(*0#K[ '-% V))7 ,)%$ *)' /%3%/
') '-% ,%+'- )3 '-% F27% )3 e%*'9 "&&)/,(*0 ') -($ $)*[ C(&-+/,[ '-%
V))7 )/(0(*+##K ,(, (*,% + 32## &-+.'%/ '-+' &)<%/%, -($ (*<%$'(0+'()*
(*') '-% &/+$-9 a);%<%/[ '-% V))78$ .2V#($-%/ /%4)<%, '-($ 4+'%/(+# +'
'-% #+$' 4)4%*'9
@R 4%* $%' )33 3/)4 ?*<%/0)/,)*n @R V),(%$ ;%/% 3)2*,n @ 4+*
$2/<(<%,9 M-% +/('-4%'(& ($ 2*+/02+V#%9 M-%/% ;%/% @Q .%/$)*$ )*
V)+/,9 M-% e(*0 &#%+/#K /%&)0*($%, '-($ 3+&' ;-%* -% +$7%, $.%&(3(&+##K
+V)2' '-% 3(*,(*0 )3 )22 @R <(&'(4$ )3 '-% &/+$-[ +;+/% )3 &)2/$% '-+'
02**%/ "*,K j+&7 -+, $2/<(<%,9
M-% ;%%7#K J#"+ #M C*#)& J#$*+)2 )3 SL "202$' &+//(%, '-%
2*%12(<)&+# -%+,#(*%J
" #)&+# -($')/K V))7 .2V#($-%, (* 5(&7 (* @TPL[ N)0&"+'(( )+6 &"'
>)* `a^aR`abc, VK B)/4+* `9 ^#+$$[ &)4.(#%, 3/)4 #)&+# *%;$.+.%/
+/&-(<%$[ $'+'%$ '-+' '-% F27% )3 e%*' Z$%' )2' 3)/ ?&%#+*, )* '-%
+3'%/*))* )3 M2%$,+K "202$' SR @TPS (* + 62*,%/#+*, N#K(*0 X)+'
&+//K(*0 @Q (* +##[] +*, '-+' ;-%* '-% $%+/&- .+/'(%$ +//(<%, +' '-% &/+$-
$('% Z+## '-% )&&2.+*'$ !@R: ;%/% ,%+,9]
5-) ;+$ '-% @Q'- 4+*b M-% =(&7*%'' '%+4@S +/02% '-+' '-% ./)V+V#%
&+2$% )3 '-% 62*,%/#+*,8$ ,%<(+'()* 3/)4 ('$ .#+**%, /)2'% ;+$ ') .2'
,);* )* _)&- `)/% ') .(&7 2. C2,)#3 a%$$ +' _)&-4)/% E)''+0%[
;-(&- V%#)*0%, ') 6(/ "/&-(V+#, 6(*&#+(/9 _)&- `)/% ($ +V)2' L 4(#%$
3/)4 '-% &/+$- $('%9
M-% ';) &)''+0%$ 4%*'()*%, VK _)/, M-2/$) +$ #)&+'()*$ 3)/ a%$$8
&)*&%+#4%*' VK '-% X/('($- 0)<%/*4%*'UX/+%4)/% _),0% +*,
_)&-4)/% E)''+0%U+/% )* '-% $+4% /)+, *(*% 4(#%$ +.+/' +$ '-% &/);
3#(%$9 M-% /%&%(<%, ;($,)4 ($ '-+' a%$$ ;+$ 7%.' +' X/+%4)/% _),0%
+*, /%4)<%, #+'%/ ') _)&-4)/% E)''+0% ;-(#% ;+('(*0 ') V% .(&7%, 2.
VK '-% N#K(*0 X)+'9
M-% +2'-)/$ .)$(' '-+' '-% 3#(0-' ;+$ + .%+&% 4($$()* V)2*, 3)/
6;%,%* ;-%/% =/(*&% ^%)/0% ;+$ 0)(*0 ') $(0* + '/%+'K ;('- a('#%/ ')
f)(* 3)/&%$ +*, +''+&7 6'+#(*9 6%%(*0 '-+' (* `+K @TP@ '-% ?&%#+*,
e/)*%/ ;+$ +#4)$' ;)/'-#%$$[ (' ($ $200%$'%, '-+' (' ;+$ +&'2+##K
6;%,($- e/)*%/$ ;-(&- '-% F27% ;+$ &+//K(*0 (* -($ +''+&-q &+$%9
@S
?V(,
SLS
f2$' +$ (* '-% 6(7)/$7( &/+$-[ V2' '-($ '(4% '-% 3#(0-' ;+$ $'/+(0-'+;+K
+V)/'%,9 " $%&/%' C"N (*<%$'(0+'()* 3)2*, '-+' '-% &)*'/)# /),$ -+,
V%%* %+'%* '-/)20- VK +&(,9 M-($ -+..%*%, +' + '(4% ;-%* E-2/&-(##
/%0+/,%, ,% ^+2##% +$ + *2($+*&% Z') V% %#(4(*+'%,] !j)-* _(&-3(%#,
;/('(*0 (* !"' 4+6'9'+6'+& R j+*2+/K SYYY:9
=(&7*%'' %' +# &)*,% '-+' '-% X/('($-U./%$24+V#K %#%4%*'$
;('-(* '-% 6ADU;%/% /%$.)*$(V#% 3)/ '-% 6(7)/$7( +$$+$$(*+'()* +*,
3)/ '-% +''%4.' )* ,% ^+2##%8$ #(3%[ '-%/%VK %$'+V#($-(*0 '-+' '-%
D$'+V#($-4%*'8$ ./%3%//%, 4),% 3)/ 0%''(*0 /(, )3 2*;%#&)4% h?=$ ;+$
Z+(/ +&&(,%*'9]
?' ($ 3+&' '-+' )* '-% ,+K )3 '-% 62*,%/#+*, &/+$- '-%/% ;+$ + '%+4 )3
+/4K $+V)'+0% %>.%/'$ 7*);* +$ +* A>%* G*(' (* '-% +/%+ +' X%//(%,+#%
*%+/ X/+%4)/%9 M-%$% 2*('$ ;%/% #(*7%, ;('- '-% 6AD9 5%/% '-%$% +
.+/' )3 '-% '%+4 )3 x4(#('+/K .%/$)**%#8 +' X/+%4)/% ;-) f)(*%, '-%
#)&+#$ (* '-% $%+/&- .+/'K +3'%/ '-% &/+$-b
M-% x6.%&(+# `($$()*8 '-+' '-% F27% )3 e%*'8$ ;(3% `+/(*+
/%3%/%*&%, )* '-% &)44%4)/+'()* $')*% &)2#, -+<% V%%* )*% )3 .%+&%[
;-(&- ;)2#, -+<% 4+,% '-% .#+*% + '+/0%' 3)/ '-% 6)<(%' G*()* +*, '-%
G969"9[ +$ ;%## +$ '-)$% (* X/('+(* )..)$%, ') .%+&% ;('- ^%/4+*K9
5+$ e%*'[ +&'(*0 )* V%-+#3 )3 -($ V/)'-%/ ^%)/0% h?[ ,)(*0 '-% ,%&%*'
'-(*0 VK +##);(*0 a%$$ ') /%'2/* ') ^%/4+*K 2*,%/ '-% /2#%$ )3 '-%
^%*%<+ E)*<%*'()*b
M-%/% ($ +*)'-%/ (*'/(02(*0 +$.%&' ') '-($ $')/K9 j2$' '%* ,+K$ +3'%/
'-% ,%+'- )3 '-% F27% )3 e%*' +*)'-%/ 3#K(*0 V)+'[ +#$) 3/)4 SSL
612+,/)*[ &/+$-%, (* '-% 6&)''($- a(0-#+*,$9 M-% )33(&(+# %>.#+*+'()*
;+$ '-+' '-% .#+*% -+, /2* )2' )3 32%#9 D<%/K)*% )* V)+/, ;+$ 7(##%,[
(*,(*0 .+$$%*0%/ N/%, B+*&+//);[ + f)2/*+#($' 3/)4 ^#+$0);9
B+*&+//); ;+$ (*<%$'(0+'(*0 '-% D+0#%8$ C)&7 &/+$-9 B+'2/+##K[ ;-%*
-% ,(%, -% &)2#, *) #)*0%/ &)*'(*2% ;('- '-)$% %*12(/(%$9
GHII ;+$ )/,%/%, ') 2*,%/'+7% ('$ N%V/2+/K @TPY <)K+0% ')
6&)'#+*, VK ",)#3 a('#%/9 M-% %<(,%*&% /%<%+#$ '-+' +4)*0 ('$ ,%&%+$%,
;%/% -(0-H#%<%# %4($$+/(%$9 5% 7*);[ '))[ '-+' (* '-% 3(/$' 3%; ;%%7$ )3
'-% ;+/ GHII ;+$ <(0)/)2$#K +&'(<% (* +*, +/)2*, '-% N(/'- )3 E#K,%[
,/)..(*0 )33 .%/$)**%# (* ;%$' )3 6&)'#+*, ($#+*, #)&+'()*$ V%3)/%
32#3(##(*0 ('$ *%+/H$2(&(,+# '-% %*'/K (*') '-% E#K,% "*&-)/+0% ')0%'-%/
;('- )*%[ .)$$(V#K 4)/% $.%&(+# $2V4+/(*%$9 ?' &+* )*#K -+<% 4+,%
$%*$% ') '+7% '-%$% '/%4%*,)2$ /($7$ (3 '-%K ;%/% &+//K(*0 a('#%/8$
%*<)K$ +*, ;%/% 4+*,+'%, ') ,%#(<%/ '-%4 $+3%#K ') ./%H+//+*0%,
,($%4V+/7+'()* .)(*'$9
M-($ &#+*,%$'(*% .)#('(&+# +&'(<('K[ 3+&(#('+'%, +' '%//(V#% /($7 VK GH
II[ '))7 .#+&% ;-%* a('#%/ ;+$ ,%$.%/+'% ') /%+&- +* +&&)/, ;('-
SLP
7"?F'#( !H4D!R,CD4
@
6(*&#+(/ "9[ I7#*6 )+6 &"' C*)02H !"' I&#*- #1 &"' C*)02, &"' !'.92)*( )+6
&"' !*$' Y0(/#5'*- #1 :.'*0/)Z D,(*V2/0-J X(/#(** _(4('%,[ SYYS
SLQ
(*'%/./%'+'()*[ a('#%/ 4+,% %<%/K %33)/' ') #)&+'% '-($ /%&)/, )3 '-% $%&/%'
0%*%$($ )3 '-% ;)/#, ') /%<(<% '-% +*&(%*' ^%/4+*(& 4K'-$ +*, ,/+; )*
'-%(/ ./)<%*+*&% ') f2$'(3K '-% B+c($8 %>'/%4% .)#('(&+# '-%)/(%$9
"&&)/,(*0#K[ .).2#+/ ;($,)4 -+$ (' '-+' C+-* ;+$ $%*' (*')
D2/).%8$ +*&(%*' .#+&%$ )3 .);%/[ 4)$' *)'+V#K (*') $+&/%, #)&+'()*$
$2&- +$ A/*)#+& (* '-% N/%*&- =K/%*%%$ +*, D>'%/*$'%(*% (* ^%/4+*K[
') 3(*, '-% ^/+(# '+V#%'$ ,%$&/(V%, VK D$&-%*V+&-9 A*&% 3)2*,[ '-% +##H
.);%/32# '+#($4+* ;)2#, V% ;(%#,%, VK '-% Nr-/%/ ') /%H+;+7%* '-%
^%/4+* ,%('(%$ +*, ') /%H./%$%*' E+'-+/ $)#+/ $K4V)#)0K +$ '-%
$;+$'(7+ )3 '-% M-(/, C%(&-9
?* /%+#('K[ '-%/% ($ *) %<(,%*&% '-+' C+-* 3)2*, + $(*0#% '-(*0 )3
<+#2% (* '-% &+<%$ +*, 0/)'')%$ )3 E)*'(*%*'+# D2/).%9 N/)4 +* +*+#K$($
)3 -($ ;/('(*0$ )*% +//(<%$ +' '-% &)*$()* '-+' C+-* *%<%/ %>.%&'%, ')
SLW
$7%#%')* 7%K ;('- ;-(&- '-% ,%'%/4(*%, $'2,%*' 4+K $%%7 ') +&&%$$ '-%
0/%+'%/ 4K$'%/(%$9
"3'%/ + .%/(), )3 (4./($)*4%*' (* '-% M);%/ )3 _)*,)* 6(/ j)-*
A#,&+$'#% (* @P@T ;+$ ;/+..%, +/)2*, ;('- + -%+<K (/)* &-+(* +*,[ #(7%
M%4.#+/ #%+,%/ j+&12%$ `)#+K + &%*'2/K %+/#(%/[ $2$.%*,%, )<%/ +
/+0(*0 3(/% +*, /)+$'%, ') ,%+'-9 a($ #+$' ;)/,$ ;%/% /%&)/,%, VK 4)*7
M-)4+$ D#4-+49 A#,&+$'#% +33(/4%, '-+' -% ;)2#, +$&%*, ') -%+<%* (*
+ &-+/()' +*, /($% +0+(* )* '-% '-(/, ,+K9
C+-* %4.-+$($%$ '-($ /%4+/7+V#% $'+'%4%*' )3 A#,&+$'#%8$ +4(,$'
-($ %*,%+/(*0 /%4+/7$ +V)2' F)* O2(>)'%[ +;+/% '-+' '-% 7*(0-'8$ 4)$'
%>'/+)/,(*+/K +,<%*'2/% ;+$ -($ (*('(+'()* (* '-% E+<%$ )3 `)*'%$(*)$9
?* '-% $.+&% )3 +* %+/'-#K '-(/'KH4(*2'% .%/(), O2(>)'% $.%*' '-/%% ,+K$
(* '-% &/K$'+# &+<%$ ;-%/% -($ ;)*,/)2$ %>.%/(%*&% Z+,4('$ )3 *%('-%/
/%.#K *)/ 12%$'()*] +*, &2#4(*+'%$ (* -($ $%%(*0 + <($()* )3 -($ V%#)<%,
F2#&(*%+ ,%# M)V)$) (* -%/ %*&-+*'%, ^),,%$$ 3)/49 ?* '-($ 3+*'+$'(&+#
+,<%*'2/% '-% 4K$'%/(%$ )3 '-% ^/+(# +/% /%<%+#%, ') '-% <+#)/)2$ 7*(0-'
+*,[ '-2$[ -% ($ 4+,% (44)/'+#9
a%/% ;% V%0(* ') 0%' +* (*$(0-' (*') '-% .)$$(V(#('K )3 + <%/K
.);%/32# ./(c%[ ;-(&- 4+K -+<% 4)/% /%#%<+*&% ') 6&)'#+*,8$
#)*0$'+*,(*0 /%.2'+'()* +$ + $)2/&% )3 0/%+' $.(/('2+# /(&-%$ /+'-%/ '-+*
') 4K'-$ '-+' ./)&#+(4 '-% &)*&%+#4%*' )3 3+V2#)2$ .-K$(&+# ('%4$
'-%/%+V)2'$9
a+<(*0 4+,% '-($ V/(%3 (*'/),2&'()* ') '-% ').(& )3 '-% _)##+/,$[
C+-* $(4.#K +,,$ '-+' '-% @S'- &%*'2/K D*0#($- -%/%'(&$ V%#)*0%, -%+/'
+*, $)2# ') '-% E)2/' )3 _2&(3%/[ 4%+*(*0 '-+' '-%K ;%/% + 3#+4(*0 ')/&-
!_2&(3%/ 4%+*(*0 Z_(0-'V/(*0%/]: (* '-% 2*(<%/$+# ,+/7*%$$ )3 E+'-)#(&
/%./%$$()*9
C+-* '-%* %4V+/7$ 2.)* + &)44%*'+/K )* '-% &)**%&'()* V%';%%*
6(/ j)-* N+#$'+33 (* G'+*- 4X +*, G'+*- X +*, A#,&+$'#%9 a% /%3%/$ ')
'-% D.(#)02% ') G'+*- 4X i)*& _ (* ;-(&- + F+*&%/ $+K$ (* '-% #+$' #(*%$
)3 '-% .#+K '-+'J ZD26/)(&2' 60'6 ) .)*&-*, )+6 &"0( TZ)2(&)11U 0( +#& &"'
.)+d<- &#+%$' 0( 7')*-3 7"'+ .- 2'%( )*' &##, 4 7022 =06 -#$
%##6+0%"&H )+6 (# ?+''2 6#7+ ='1#*' -#$3 =$&, 0+6''6, &# 9*)- 1#* &"'
V$''+8] ?* '-($ .+$$+0% 6-+7%$.%+/% %4.-+$($%$ '-% &)2/+0%)2$
12+#('(%$ )3 A#,&+$'#% &)4.+/%, ;('- '-% &-+/+&'%/ )3 N+#$'+338$ .233%,H
2.[ &);+/,#K V233))*9 `)/%)<%/[ (* 4%*'()*(*0 '-% 12%%* 6-+7%$.%+/%
(*'/),2&%$ + 4+'/(+/&-+# %#%4%*'[ ;-(&- ;+$ + 7%K &)*$'('2%*' )3
+*&(%*' %$)'%/(& .-(#)$).-(%$ '-+' )<%/ '-% &%*'2/(%$ $-+.%, '-%
%<)#2'()* )3 ^*)$'(& +*, Z-%/%'(&+#] '-(*7(*0 (*') '-% E)44)* D/+9
`($'/%$$ B%## O2(&7#K !F+4% a2/'(0 (* ^%/4+* '/+*$#+'()*:[
-)$'%$$ )3 '-% _)*,)* D+$'&-%+. #),0(*0$ ;-%/% N+#$'+33 ,(%$ $'+'%$ '-+'
ST@
E-+#,%% !E-+#,%+*$: V2' '-% 4)$' ./)V+V#% )/(0(* ($ '-% ?/($- '%/4 Eq(#%
Fq[ + 0%*%/+# '%/4 +..#(%, ') 4)*7$ +*, -%/4('$9
M-% E2#,%%$ ;%/% +* )2'0/);'- 3/)4 X/('($- ,/2(,($49 _(7% '-%
F/2(,$ +*, '-% D$$%*%$ '-% E2#,%%$ ;)/% ;-('% /)V%$9 M-%K ;%/% +
$%&/%' $)&(%'K ,%,(&+'%, ') $+3%02+/,(*0 '-% '%*%'$ +*, V%#(%3$ )3 '-%
Z)#, /%#(0()*$] +*, '-%(/ %<)#<%4%*' (*') +$.%&'$ )3 4K$'(&+#
E-/($'(+*('K9
?* !"' i*'RE'1#*.)&0#+ G0(&#*- #1 &"' A0=2'[ + &-/)*)#)0(&+#
-($')/K )3 '-% D*0#($- X(V#%[ )*% /%+,$ '-+' '-% E2#,%%$ +$7%, j)-*
5K&#(33% ') Z#%+, '-% ;)/#, )2' )3 '-% F+/7 "0%$[] -%*&% '-% )&&+$()*+#
,%$&/(.'()* )3 -(4 +$ '-% Z`)/*(*0 6'+/ )3 '-% C%3)/4+'()*9]
A* + ,%%.%/ #%<%# )3 (*'%/./%'+'()* )*% $%%$ -%/% + ,(/%&'
(,%*'(3(&+'()* ;('- '-% +*&(%*' '/+,('()* )3 '-% `)'-%/ ^),,%$$[
.%/$)*(3(%, VK h%*2$ '-% `)/*(*0 6'+/[ + .);%/32# '-%4% )3 <%*%/+'()*
'-+' ;)2#, -+<% V%%* ;-)##K 3+4(#(+/ ') '-% ,/2(, 3+('-32# (* .+$'
4(##%**(+9 XK '-($ +&&)2*' ;% +/% +$7%, ') &)*$(,%/ '-+' '-% .-(#)$).-K
V%-(*, _)##+/,K )/(0(*+'%, (* 6&)'#+*,[ *)' (* D*0#+*,n '-+' 5K&#(33%
;+$ +&'2+##K + $%&/%' +0%*' )3 '-% 4K$'%/()2$ E2#,%%$[ 02+/,(+*$ )3 '-%
,/2(,(& '/+,('()*$ )3 "#V()*9 "* +*&(%*' <%/$% $24$ 2. '-% .)$('()*J
6(4(#+/#K[ $&-)#+/$ +/02% '-+' '-% E+'-+/$ )3 '-% _+*02%,)& +*, '-%
&#)$%#K #(*7%, X)0)4(#$ )3 D+$'%/* D2/).% %*f)K%,[ +' #%+$' (* .+/'[
,/2(,(& V%0(**(*0$9 ?* '-($ .(&'2/% )*% $%%$ ,%<%#).(*0 (* V)'- 5%$'%/*
+*, D+$'%/* D2/).% + .);%/32##K (*'%/#(*7%, *%';)/7 )3 02+/,(+*$ )3
'-% )#, V%#(%3$[ ;)/7(*0 12(%'#K )<%/ '-% &%*'2/(%$ ') +&-(%<% '-%(/
2*$%%* (*&)/.)/+'()* (*') Z4+(*$'/%+4] E-/($'(+* ,)04+9 A'') C+-*8$
&)*$()*$ '-+' _)##+/,K $./%+, 3/)4 )2'$(,% )3 X/('+(* +/% &)*3(/4%,
(* '-($ 4),%# )3 $&-)#+/#K '-(*7(*09
M-% %+/#K 3)2/'%%*'- &%*'2/K .2/0% )3 '-% M%4.#+/$ VK '-%
&)4V(*%, 3)/&%$ )3 =).% E#%4%*' h +*, N/%*&- e(*0 =-(##(.% #% X%#
)&&2//%, ;-%* '-% =).% +*, -($ &2/(+ ;%/% $%''(*0 2. '-%(/ *%;
-%+,12+/'%/$ (* "<(0*)*9 j)-* 5K&#(33%[ + E2#,%% x+0%*'[8 %*'%/%, '-%
.)#('(&+# $&%*% +/)2*, @IWQ +' '-% &#)$% )3 '-% "<(0*)* =+.+&K +*, +'
'-% )*$%' )3 '-% ^/%+' 6&-($4[ + '-(/'KH*(*% K%+/ .%/(), )3 (*'%*$% 3#2>
&-+/+&'%/($%, VK 42#'(.#% &#+(4+*'$ !"*'(.).%$: ') '-% '-/)*% )3 6'9
=%'%/9
STI
@SPP9 ?' ($ &#+(4%, '-+' $%<%*'K K%+/$ #+'%/ '-% E+'-+/ '/)<%[ (*,(*0
'-% "/7 )3 '-% E)<%*+*'[ ;+$ V/)20-' VK M%4.#+/ $2/<(<)/$ ') + .#+&%
)3 $+3%'K (* 6&)'#+*,9 ?' ($ +/02%, '-+' '-% ./%&($% $.)' &-)$%* ;+$ '-%
-(0- 0/)2*, )3 '-% ^)#,%* M/(+*0#%[ ;-(&- (*&)/.)/+'%$ ';%#<% $%*'(*%#
Ze(#] <(##+0%$9
M-($ +/%+ ;+$ +* (4.)/'+*' .);%/ &%*'/% 3)/ '-% ,/2(,$ !02+/,(+*$
)3 '-% $%&/%'$ )3 '-% +*&(%*' ^),,%$$ &2#'$:[ '-%* 3)/ '-% E2#,%%$[ *%>'
3)/ '-% +$$)&(+'%, _)##+/,$ 4)<%4%*' '-/)20- '-% ;)/7 )3 '-% x`)/*(*0
6'+/8 j)-* 5K&#(33% +*, '-%*[ 3(*+##K[ 3)/ 6&)''($- 3/%%4+$)*/K ;-(&-
%$'+V#($-%, +' e(#;(**(*0 `)'-%/ _),0% t Y9
5% #%+/* +#$) )3 %*,2/(*0 #%0%*,$ '-+' '-% $%&/%'$ )3 "/'-2/ +*,
E+4%#)' -+<% + $'/)*0 ;%$' )3 6&)'#+*, 3)&2$[ (##2$'/+'%, VK '-% $')/(%$
)3 "//+* +$ '-% #)&+'()* )3 '-% ?$#% )3 "..#%$ +*, '-% .#+&% )3 '-%
6#%%.(*0 _)/,9 M-%$% '/+,('()*$[ V2(#' 2.)* 6&)'#+*,8$ ;%$'%/*
0%)0/+.-K[ +..%+/ ') /%#%0+'% C)$$#K* E-+.%# $('2+'%, QI 4(#%$ %+$' )3
'-% &%*'/% )3 '-% ^)#,%* M/(+*0#% ') + 3+/ #%$$ $(0*(3(&+*' #)&+'()* 3)/
'-% -(,,%* &+&-% )3 ^/+(# '/%+$2/%$9
G*12%$'()*+V#K[ C)$$#K* ,)%$ )&&2.K +* (4.)/'+*' .)$('()* (*
6&)''($- #%0%*,9 X2' .%/-+.$ ('$ /%#%<+*&% ,)%$ *)' /%#+'% $) 42&- ') ('$
/%.2'+'()* +$ '-% -(,(*0 .#+&% )3 '-% .-K$(&+# ^/+(# V2' ') ('$ .2/.)/'%,
#)&+'()* +$ +* %>'/+)/,(*+/K &)*3#2%*&% )3 .);%/32#[ 0#)V+# %+/'-
%*%/0(%$ !&)44)*#K &+##%, #%K #(*%$:[ + $2Vf%&' V/(%3#K +(/%, (* E-+.'%/
@W9
6'2,%*'$ )3 ^/+(# #)/% 4+7% /%3%/%*&% ') '-% $2..)$%, %>($'%*&% )3
+* (*<($(V#% .+*H;)/#, %*%/0K 0/(,9 M-% $')/K 0)%$ '-+' ./()/ ') '-%
X(V#(&+# N#)), '-%/% #+K +* ($#+*, 7*);* +$ C2'+ )/ "#'+HC29 "4)*0 ('$
(*-+V('+*'$ ;+$ + ./(%$'-)), '-+' &)*$'/2&'%, + '%4.#% *%';)/7 (*
+&&)/,+*&% ;('- +* %*%/0K .+''%/* &+##%, '-% xC%$-%# ^/(,98 M-% 0/(,
$K$'%4 %>'%*,%, $%<%/+# '-)2$+*, 4(#%$ (*') +* +/%+ '-+' ($ *);
0%)0/+.-(&+# D2/).%9 62..)/'%/$ )3 '-($ '-%)/K &#+(4 '-+' '-%/% +/%
4+*K -2*,/%,$ )3 $(4(#+/ 0/(,$ +## )<%/ '-% %+/'-9
M-% %*%/0K $K$'%4 (* X/('+(* ($ $+(, ') &)4./($% + *24V%/ )3
4+'/(&%$ )/ *),%$9 5% -+<% +#/%+,K *)'%, C)$#(*8$ #)&+'()* 2.)* '-%
C)$%#(*% 4%/(,(+* +' #+'('2,% cc c` `c8 5('-(* '-% 6&)''($- 0/(, $K$'%4
C)$$#K* E-+.%# ($ $+(, ') &)*'/)# '-% SLH4(#% /+,(2$ D,(*V2/0- 4+'/(>9
?* '2/*[ D,(*V2/0- !+&'2+##K "/'-2/8$ 6%+': ($ '-% +.%> )3 +## X/('($-
0/(,$9 M-% 0/(, ;('-(* C)$$#K* E-+.%# ($ '-% $+4% 0%)4%'/(&
&)*$'/2&'()* +$ D,(*V2/0-8$ V2' ') $&+#%9
X+.-)4%'[ '-% 672##[ ($ /%./%$%*'%, (* '-% C)$$#K* 0/(, 0%)4%'/K +'
+ #)&+'()* (* '-% 6+&/($'K[ '-% $4+## /))4 $)4%'(4%$ &+##%, '-% `)*78$
E%## (* '-% *)/'- .+/' )3 '-% #);%/ &-+.%#8$ &/K.'9 M-% 6+&/($'K 0(<%$ '-%
STW
&/K.' ('$ ,($'(*&' _H$-+.%9 ?' ($ /%3%/%*&%, (* '-% X(V#% +$ '-% E-(%3 a%+,
6')*% )3 ^), !=$+#4$ @LLJ @THSI:[ ;-(&- Z'-% V2(#,%/$ /%32$%,] !')
*)*HV%#(%<%/$: (* '-% Z0+'%$ )3 /(0-'%)2$*%$$] ;-%/% '-% 3+('-32# ;(##
.+$$ +*, 4%%' '-% _)/,9
M-%/% +/% %#%4%*'$ (* '-($ ,%$&/(.'()* ;-(&- $2..)/' ).(*()* '-+'
'-% %*%/0K 0/(, +*, C)$$#K*8$ $'/+'%0(& .#+&%4%*' ;('-(* (' &)*$'('2'% +
Z0+'%;+K] &-+/+&'%/($%, VK +* _H$-+.%, TYz %*%/0K 3#);(*0 (* '-%
,(/%&'()*$ )3 V)'- '(4% +*, $.+&%9 M-% /(0-'H+*0#%, ,(/%&'()* )3 4)<%$
4+,% VK '-% e*(0-' )* + &-%$$V)+/, $K4V)#($%$ '-($ ./)&%$$9 ?* '-%
$+4% ;+K '-+' '-% C)$$#K* 0/(, ($ + 4(&/)&)$4 )3 '-% #+/0%/ D,(*V2/0-
*%';)/7[ '-% _H^+'% (* '-% &/K.' ($ ('$%#3 + 32##K 3)/4%, 0/(, (* .%/3%&'
/%3#%&'()* )3 '-% E-+.%# 0/(,9
M-)$% ;-) $'2,K '-% 0/(, &#+(4 '-+' '-% C)$$#K* 0+'%;+K ($
+&&%$$(V#% ') '-)$% ;-) .)$$%$$ + &%/'+(* V%#(%3 )/ 7*);#%,0%[ ;-(&-
%*+V#%$ )*% ') 3+$-()* + 7%K !j2#%$ h%/*%8$ &/K.'(& 9)(('R9)*&#$& +*,
A'') C+-*8$ 3)#7'+#% 60'&*0/": ') '-% Z4+*K 4+*$()*$] (* '-% ;)/#,$
V%K)*,9 ?* E-+.'%/ @W ;% *)'%, '-% &#+(4 %>'/+&'%, 3/)4 M%4.#+/$
2*,%/ ')/'2/% '-+' Q'- E%*'2/K ^/+(# e*(0-'$ 3)2*, '-%(/ ;+K ') +
Z,(4%*$()*+#] E+4%#)' +#)*0 .+'-;+K$ *+<(0+'%, VK + $%*$% )3 Z(**%/
$(0-'] /+'-%/ '-+* )* .-K$(&+# '/+(#$ ,/+;* )* 4+. )/ .+/&-4%*'9
"&&)2*'$ .+$$%, ,);* -+<% (' '-+' 6+(*' E)#24V2$ /%H%$'+V#($-%,
'-% C%$-%# ^/(, $K$'%4 (* '-% a%V/(,%$ +*, (* D,(*V2/0-9 a% ,(, '-($ +$
+* %$$%*'(+# $'%. (* + 12%$' ') (*&)/.)/+'% +*, ./)'%&' +*&(%*' %$)'%/(&
;($,)4$ 2*,%/ '-% 02($% )3 %$'+V#($-(*0 -($ 3#%,0#(*0 E%#'(& !E2#,%%:
E-/($'(+* E-2/&- )3 6&)'#+*,9 D(0-' -2*,/%, K%+/$ #+'%/[ (' ($ &#+(4%,[
a%*/K 6(*&#+(/ +*, '-% $2/<(<)/ e*(0-'$ M%4.#+/$[ +;+/% *)' )*#K )3
'-% (*'%/#+&(*0 0%)4%'/K +/)2*, '-% X/('($- ?$#%$ V2' )3 '-% ./(4%
.)$('()* )3 "/'-2/8$ 6%+' +' ('$ %.(&%*'/%[ Z/%V))'%,] (' ') %*$2/% '-%
&)*'(*2+*&% )3 E)#24V2$8 ;)/7 ') $+3%02+/, 6&)'#+*,8$ 4%'+.-K$(&+#
-%/('+0%9
?* '-%$% ,%$&/(.'()*$ ;% V%0(* ') ,(0 ,%%.%/ (*') '-% V+&70/)2*,
V%-(*, A'') C+-*8$ /-+.$),(& /%4+/7$ (* @TIQ +V)2' "/'-2/8$ 6%+' +*,
('$ +..+/%*'#K (*&)*0/2)2$ &)**%&'()*$ ;('- _)/, j)-* A#,&+$'#%[
6-+7%$.%+/%8$ N+#$'+33 +*, D*0#($- _)##+/,K9
C+-* %<(,%*'#K -+, + ,%%. (*'%/%$' (* %+/'- %*%/0(%$ +*, $+&/%,
0%)4%'/K9 a% ;+$ $233(&(%*'#K (44%/$%, (* '-% $2Vf%&' ') %*$2/% '-+' (3
-% <($('%, f2$' )*% .#+&% ,2/(*0 -($ V/(%3 $').)<%/ (* 6&)'#+*, '-+' ('
$-)2#, V% '-% <)#&+*(& 4)2*, 3+4)2$#K 7*);* +$ "/'-2/8$ 6%+'9 X2'
C+-*8$ (*<)#<%4%*' ;%*' V%K)*, '-+' )3 + &+$2+# %*'-2$(+$'9 ?*
&)//%$.)*,%*&% ;('- N/%*&- 4+'-%4+'(&(+* +*, SY'- &%*'2/K +#&-%4($'
^+$')* ,% `%*0%# (* j2*% @TIW '-%K &)*<%/$%, +V)2' +* Z+>($]
STL
4)/% %<)#<%, (*'%/./%'+'()* )3 '-% #%0%*, '-% <%$$%# '-+' &)*'+(*%, '-%
Z$+*0 /++#] ;+$ `+/K `+0,+#%*% -%/$%#39 a); &)2#, '-($ V%b
_%0%*, -+$ (' '-+' (* j%$2$8 ,+K `+/K ;+$ '-% a(0- =/(%$'%$$ )3 '-%
M%4.#% )3 ?$-'+/ !'-% X+VK#)*(+* &)2*'%/.+/' )3 ?$($: (* j%/2$+#%4[ +*
+*&(%*' $($'%/-)), )3 6+&/%, =/)$'('2'%$9 `+/K -+, 32#3(##%, -%/ +##)''%,
'%/4 (* '-% M%4.#% +*, ;+$ 3/%% ') /%4+(* (* '-% $%/<(&% )3 '-% ^),,%$$
)/ ') #%+<% +*, 4+//K (3 $-% ;($-%,9 D$)'%/(& E-/($'(+*('K '%+&-%$ '-+'
`+/K &-)$% ') #%+<% '-% M%4.#% )3 ?$($ +*, 4+//K j%$2$9 B)' #)*0
+3'%/;+/,$ `+/K 0+<% V(/'- ') + &-(#,9 M-($ &-(#,[ + V)K[ ;+$ '-% N(/$'
^/+(#[ '-% -)#K <%$$%# '-/)20- ;-(&- 3#);$ '-% V#)), +*, 0%*%$ )3 j%$2$
E-/($'9
M-% $')/K )3 '-% Z$%&)*,] ^/+(# ($ 3(##%, ;('- 4K$'%/K9 ?* '-($
+&&)2*' '-% Z-(,,%*] -($')/(%$ ,%$&/(V% +* %>'/+)/,(*+/K %<%*' '-+' '))7
.#+&% +3'%/ '-% E/2&(3(>()* )* ^)#0)'-+ !'-% =#+&% )3 '-% 672##:9 j%$2$
-+, 32#3(##%, '-% )#, ./).-%&(%$ '-+' '-% `%$$(+- ;)2#, $233%/ +*, '-%*
/($% 3/)4 '-% ,%+, +3'%/ '-/%% ,+K$9 a+<(*0 4+,% a($ +..%+/+*&%$[ j%$2$
/%'2/*%, ') '-% ')4V &+<% +*, 4%' ;('- a($ ;(3% `+/K )*% #+$' '(4%
V%3)/% a($ +$&%*$()*9 a% $')), +' ('$ %*'/+*&%[ $'/%'&-%, )2' a($ +/4$
+*, + V)#' )3 #(0-'*(*0 $'/2&7 a(4 3/)4 -%+, ') ')%9 ?' ($ &#+(4%, '-+'
'-% X(V#(&+# ,%$&/(.'()* )3 '-% &2/'+(* )3 '-% M%4.#% V%(*0 /%*' +$2*,%/
($ + &),%, +##2$()* ') '-($ $&%*%9 M-% M%4.#% ($ j%$2$8 .-K$(&+# V),K[
')/* VK '-% #(0-'*(*09 5-+' '-% #%0%*,$ $.%+7 )3 +$ )&&2//(*0 *%>' ($
$.(*% &-(##(*09
M-% #(3% 3)/&% )3 j%$2$[ #(V%/+'%, VK '-% #(0-'*(*0 %*&)2*'%/[ ;+$
&-+**%#%, (*') + #+/0% &/K$'+#[ $)4% $.%+7 )3 + 672##[ ;-(&- (* 4)4%*'$
V%&+4% '-% 4)$' .)'%*' +*, 4+0(&+# $.(/('2+# +/'%3+&' (* %>($'%*&%9
`+/K `+0,+#%*% '-%* '))7 '-% a%+, )3 ^),U'-% 6%&)*, ^/+(# '-+'
A'') C+-* $)20-' $) +<(,#KU') N/+*&% ;('- -%/ $)*9
?' ($ (* '-% &)//%$.)*,(*0 ,%'+(#$ )3 + $%.+/+'% +&&)2*' '-+' )*% ($
)33%/%, 4+*K $'+/'#(*0 .)(*'$ )3 &)//)V)/+'()* ;('- '-% #%0%*,+/K
&/K$'+# $72## %.($),%9 M-%/% ($ %4%/0(*0 $'2,K (*<%$'(0+'(*0 '-% ./%4($%
'-+' (* +,,('()* ') '-% &-(#,[ `+/K `+0,+#%*% ;+$ +#$) &+//K(*0 (* -%/
%$&+.% 3/)4 j2,+- +* %>'/+)/,(*+/K +/'%3+&' '-+' ,+'%, V+&7 ') '-%
`+0,+#%*(+* D/+ !@RYYY XED ') TRYY XED:U+* ('%4 -+*,%, ,);*
3/)4 )*% a(0- =/(%$'%$$ ') '-% *%>'9 M-% `+0,+#%*(+* D/+ ($ #(*7%,
.);%/32##K ;('- '-% $K4V)#)0K )3 '-% `)'-%/ !M/(.#%: ^),,%$$[
(*,(*0 '-% 4K$'%/()2$ X(/, ^),,%$$9 624%/(+* '%>'$ ,%$&/(V% '-%
+&'()*$ )3 '-% ^),,%$$%$ +' '-% '(4% )3 '-% N#)),J
ZO5'+ &"' %#6( ='/).' )1*)06 #1 &"' 12##63
!"'- *'&*')&'6, &"'- 7'+& #11 T&#U &"' "')5'+ #1 :+$d8
4("&)* (/*').( 20?' ) 7#.)+ 0+ 2)=#$*]
IYP
*(0-'3+##9 M-% ,/2(,$ ,(<(*%, VK '-% 3#(0-' )3 V(/,$ '-+' '-% )*#K /%4%,K
;+$ ') '-/); F%#.-(8$ '/%+$2/% (*') '-% #+7%9 M-%K '/+&%, + 4+0(&+#
&(/&#% +/)2*, ('$ $-)/%$ ;-%/%2.)* +## '-% 3($- .%/($-%, +*, '-% 0/%%*
;+'%/$ '2/*%, ') V#+&79 "' '-($ 4)4%*' '-% .%).#% ;%/% &2/%, )3 '-%(/
'%//(V#% +33#(&'()*9 M-% #%0%*, $+K$ '-+' +## '-% 0)#, +*, $(#<%/ ;(##
V%#)*0 ') )*% ;-) &+* V/%+7 '-% 4+0(& &(/&#%9 a);%<%/[ +$ $))* +$ '-%
3(*,%/ ')2&-%$ '-% '/%+$2/%$ '-%K ;(## $2&&24V ') '-% $+4% 4+#+,K +$
'-% )#, 4)2*'+(* 3)#79
5('-(* '-% $')/(%$ )3 "*28$ )'-%/;)/#,#K 0(3'$ +*, X/%**2$8 '-%3' )3
".)##)8$ '/%+$2/%$ 3/)4 =+/*+$$2$ +*, ('$ ,/%+,32# &)*$%12%*&%$
,%$&/(V%, VK A'') C+-*[ ;% +/% /%4(*,%, '-+' $)4%'-(*0 <%/K ./%&()2$
+*, <%/K -)#K ;+$ V/)20-' ') N/+*&% VK `+/K `+0,+#%*% (* '-% ,($'+*'
.+$'9
?' ($ + f2$' + $4+## $'%. (* /%+$)*(*0 ') &)*,% '-+' '-% +/'%3+&'
`+/K `+0,+#%*% V/)20-' ') j%$2$8 ')4V ;+$ +* ('%4 )3 $72##H$-+.%,
&/K$'+#[ $(4(#+/ ') '-% %>12($('%#K &+/<%, -%+,$ ,($&)<%/%, (* /%#+'(<%#K
/%&%*' '(4%$ (* E%*'/+# +*, 6)2'- "4%/(&+ $2&- +$ '-% 3+4)2$
x`('&-%##Ha%,0%$8 $72##[ ;-(&- '%* '-)2$+*, K%+/$ %+/#(%/ -+, V%%* +
-(0-#K <+#2%, '+#($4+* )3 <%*%/+'()* +4)*0 '-% ^),,%$$H;)/$-(..(*0
'/(V%$ )3 '-% `+0,+#%*(+* D/+9 E)2#, '-($ $.%&(+# )Vf%&' -+<% V%%* '-%
$)2/&% 3)/ +## $2V$%12%*' ^/+(# $')/(%$b
5% -+<% %$'+V#($-%, '-+' ('%4$ )3 (*&+#&2#+V#% <+#2% ;%/% ./)'%&'%,
VK '-% E+'-+/$ 3)/ +../)>(4+'%#K )*% -2*,/%, +*, 3(3'K K%+/$ +*, '-%*
.+$$%, (*') '-% &2$'),(+*$-(. )3 '-% e*(0-'$ M%4.#+/ (* @SPP9 M-%$%
('%4$ ;%/% $2V$%12%*'#K &)*<%K%, ') 6&)'#+*, VK $2/<(<(*0 M%4.#+/$
') ./)'%&' '-%4 3/)4 '-% =).% +*, '-% N/%*&- 7(*09
B)*% )3 '-%$% /%4+/7+V#% #%0%*,$[ 3+V#%$ +*, -($')/(%$ ($ /%4)'%
3/)4 '-% 2#'%/()/ )Vf%&'(<%$ )3 GHII8$ 4($$()*$ (* '-% N(/'- )3 E#K,% (*
B)<%4V%/ @TIT +*, N%V/2+/K @TPY9
M-% Z2'%'+6 7"0/" *')/"'( =)/? &# &"' 9*0.' (#$*/' #1 :22
2'%'+6(rU'-% 0/%+' $%&/%'U'-% ;($,)4 )3 '-% +0%$ +V)2' ;-(&-
5)#3/+4 <)* D$&-%*V+&- &)4.)$%, i)*(01)2 $) &/K.'(&+##K +*, #+'%/
,%&(.-%/%, VK '-% V/(##(+*' A'') C+-*U;+$ 02+/,%, 3)/ 4(##%**(+ VK
)*% 0%*%/+'()* )3 ,($&(.#%$ !Z6(7-$]: )3 '-% ^/+(# +3'%/ +*)'-%/9 `+/K
`+0,+#%*%[ + ,%<)'%% )3 '-% ^),,%$$ ?$($H?$-'+/[ ./+&'($%, +*,
./)'%&'%, '-%$% $%&/%' ./(*&(.#%$ (* '-% '(4% )3 j%$2$9 XK &)4(*0 ')
N/+*&%[ `+/K (*'/),2&%, '-%4 (*') ^+2#9 B)'-(*0 -+, &-+*0%, (*
3(3'%%* '-)2$+*, K%+/$n '-% ;(##[ /%+&- +*, (*3#2%*&% )3 '-% ^),,%$$
./%<+(#%,9
?* '-% &%*'2/(%$ +3'%/ '-% +//(<+# )3 `+/K (* =/)<%*&% '-% ,K*+$'K )3
e(*0$ 7*);* +$ '-% `%/)<(*0(+*$ 0+(*%, .);%/ (* N/+*&%9 _%0%*,$
IYQ
+$$)&(+'% '-% )/(0(*$ )3 '-% `%/)<(*0(+* 7(*0$ ;('- '-% /)K+# V#)),#(*%
)3 j%$2$ +*, `+/K `+0,+#%*%9 M-% '%/4 `%/)<(*0(+* ($ $+(, ') ,%/(<%
3/)4 ('$ 3)2*,(*0 #%+,%/ `%/)<q%[ 4%+*(*0 Z)*% 3/)4 )<%/ '-% $%+[]
j%$2$8 $)*9
`%/)<q% ;+$ '-% #(<(*0 $%%, VK ;-(&- '-% V%0(**(*0$ )3 + .);%/32#
*%; '-/%+, )3 4K$'(&+# E-/($'(+*('K ;)2#, 0/); (* D2/).%9 M-)$%
,/+;* ') ('$ '%+&-(*0$ #%+/*%, '-+' ') %>.%/(%*&% + .%/$)*+# /%#+'()*$-(.
;('- ^), ,(, *)' /%12(/% ./(%$'#K (*'%/4%,(+/(%$9 "$ '-% E+'-+/$ +*,
_)##+/,$ ;%/% ') ,($&)<%/ &%*'2/(%$ #+'%/ ;-+' ;+$ /%12(/%, ') %*f)K +
#+$'(*0[ .%/$)*+# (*'%/&)**%&'%,*%$$ ;('- ^), ;+$ +* %*,2/(*0 V%#(%3 (*
+*, #)<% 3)/ $%#3 +*, )*%8$ 3%##); 4+*9
j%$2$ -+, '+20-' '-+' '-% e(*0,)4 ($ ;('-(*n '-+' -24+*7(*, -+$ +##
'-+' (' *%%,$ ') V2(#, +*, $2$'+(* + .%/$)*+# %+/'-#K .+/+,($% (* %<%/K,+K
#(3%9 `%* +*, ;)4%* -+, )*#K ') &)4.)$% '-%(/ );* .%/$)*+# ,)>)#)0K
(* ./+($% )3 ^), ;('-(* ') %*f)K '-% V%+2'K )3 '-($ #(3% V%3)/% f)(*(*0
j%$2$ +*, '-% a)#K `)'-%/ +*, N+'-%/ (* '-% *%>'9 M-% E-2/&- )3 C)4%
*+'2/+##K $+; '-($ ./)&%$$ +$ + ,(/%&' +*, %>'/%4%#K $2V<%/$(<%
&-+##%*0% ') ('$ +2'-)/('K9 e*);(*0 '-+' '-($ V+''#% 3)/ '-% $)2#$ )3 4%*
+*, ;)4%* ;)2#, V% + ,/+;* )2' $'/200#% ;+0%, )<%/ + .%/(), )3
&%*'2/(%$[ '-% E-2/&- $%''#%, (* 3)/ '-% #)*0 -+2#9
?* WR@ =%.(* '-% 6-)/'[ '-% 3+'-%/ )3 E-+/#%4+0*%[ ,%3%+'%,
E-(#,%/(& ???[ '-% #+$' `%/)<(*0(+* 7(*09 G*,%/ E-+/#%4+0*%8$ /2#% '-%
$'/%*0'- +*, (*3#2%*&% )3 '-% E+'-)#(& E-2/&- 0/%; 12(&7#K9 X2' '-%
E-2/&-8$ +&'()*$ (* V/(*0(*0 ,);* '-% `%/)<(*0(+*$ 3+(#%, ') $%&2/%
3)/ (' ';) &/('(&+# )Vf%&'(<%$9 ?' ,(, *)' $'+2*&- -%/%'(&+# ./+&'(&%$ *)/
,(, (' $%&2/% &)*'/)# +*, .)$$%$$()* )3 %('-%/ )3 '-% ';) ^/+(#$U'-%
,(/%&' ,%$&%*,+*'$ )3 j%$2$ +*, `+/K `+0,+#%*% +*, '-% 4+0(&+# a%+,
)3 ^),9
^2+/,(+*$-(. )3 '-%$% .);%/32# %>./%$$()*$ )3 4K$'(&+# E-/($'(+*('K
/%4+(*%, (* '-% -+*,$ )3 $4+## 0/)2.$ )3 4%* +*, ;)4%*[ +4)*0 '-%4
'-% 6&)''($- E2#,%%$ +*, '-% #+'%/ _)##+/,$9 A3'%* '-%$% &2$'),(+*$ ;%/%
./(%$'$ )/ *2*$ )3 '-% E+'-)#(& E-2/&- ;-)[ $%&/%'#K[ ;%/% ,%,(&+'%, ')
'-% -(0-%/ (,%+# )3 '-% ^*)$($U,(/%&' 7*);#%,0% )3 ^), '-/)20-
.%/$)*+# %>.%/(%*&%U/+'-%/ '-+* '-/)20- /2#%HV)2*, %&&#%$(+$'(&+#
C)4+* /('2+#9 M-/%% -2*,/%, K%+/$ #+'%/ (' 3%## ') '-% E+'-+/$ ')
$+3%02+/, '-% '-(*0$ )3 0/%+' <+#2% ') '-% %$)'%/(& $'/+*, )3 E-/($'(+*('K9
?* @SYT ?**)&%*' ??? #+2*&-%, '-% E-2/&-8$ 3%/)&()2$ "#V(0%*$(+*
E/2$+,% +0+(*$' '-% E+'-+/$ +*, )'-%/ ^*)$'(& 3+('-32# ,2/(*0 ;-(&-
+../)>(4+'%#K )*% 4(##()* .%).#% ;%/% 7(##%,9
XK @SPP +*, '-% (*3+4)2$ $(%0% )3 `)*'$q02/ '-% .);%/$ (* C)4%
42$' -+<% 3%#' +$ (3 '-% Z^/+(#] ./(c%$ '-%K -+, $)20-' 3)/ ';%#<%
IYW
&%*'2/(%$ ;%/% ;('-(* '-%(/ 0/+$.9 X2' )*&% +0+(* '-%K ;%/% ,%*(%,
);*%/$-(.9 M-% '/%+$2/%$ ;%/% $.(/('%, +;+K 2*,%/ '-% &)<%/ )3
,+/7*%$$ VK M%4.#+/ $K4.+'-($%/$ !3+(,('$: +*,[ $(>'K K%+/$ #+'%/[ ;%/%
&+//(%, ') '-% ;%$' )3 6&)'#+*, +3'%/ '-% =).% +*, =-(##(. '-% N+(/ -+,
4+,% +*)'-%/ ,%$.%/+'% +''%4.' ') $%(c% .)$$%$$()*9
j%$2$ +*, `+/K `+0,+#%*% V%12%+'-%, '-%(/ 2*(12% /%$.%&'(<%
.);%/$ +*, #%0+&(%$ ') '-%(/ &-(#, ;-) ;+$ '-% $%%, 3/)4 ;-(&- 12(%'#K
3#);%, + $'/)*0 &2//%*' )3 4K$'(&+# E-/($'(+*('K VK ;-(&- '-% E-2/&- )3
C)4% 3%#' (*&/%+$(*0#K '-/%+'%*%, )<%/ '-% &%*'2/(%$9
xa(,'+##+8 )33%/$ +,,('()*+# %$
(*') '-% 4(*,$%' )3 '-% 2*7*);*
.%/$)*!$: ;-) &-)$% V)'- '-($ )V$&2/%
*+4% 3)/ ^/%%*)&7 E%4%'%/K8$ V2/(+#
/%&)/,$ +*,[ f2$' +$ &%/'+(*#K[ '-% &),%,
*+4%$ a+/K)0 +*, a+*,K +$$(0*%, ')
'-% <)022@ A*@B@ 3+'+#('(%$9
M-% ./%3(> Z'+##+] '%##$ + $')/K '-+'
$.%+7$ )3 '-% ^),,%$$ #%0%*,$ )3 )#,9
M-+#(+ !)/ M+#(+: ;+$ )*% )3 '-% B(*%
`2$%$ )* `)2*' =+/*+$$2$ (* '-%
M%4.#% )3 ".)##) +' F%#.-(9 E%/<+*'%$
,%$&/(V%, '-%4 (* J#$*+'- &#
i)*+)(($(9 M+#(+ ;+$ + /2$'(& 0),,%$$[
'-% `2$% )3 &)4%,K +*, (,K##(& .)%'/K9
M-% #+'% @R'- &%*'2/K $+; '-%
+..%+/+*&% )3 + 2*(12% '+/)' ,%&7U'-%
M+/)&&-( ,( `+*'%0*+9 "#V/%&-' Fr/%/
&/%+'%, (##2$'/+'()*$ 3)/ ';%*'KH';) )3 "#V/%&-' Fr/%/8$ !)20) &+/,
'-% 3(3'K &+/,$9 M+#(+ ($ &+/, sh?9
M-% '%/4 M+##+ ;+$ .+/' )3 + C)4+* '+>+'()* $K$'%49 M-% D*0#($-
;)/, '+##K &)4%$ 3/)4 '-% _+'(* '+#%+ 4%+*(*0 + Z4%'-), )3 .+K4%*'9]
M-% M+##+ $K$'%4 ;)/7%, VK 2$(*0 *)'&-%, '+V#%'$ )3 ;)), &+##%,
'%$$%/%9 ?* '-% 5%#$- #+*02+0% x'+#(+,8 4%+*$ .+K4%*' )/ &-+/0%9
"*)'-%/ 4%+*(*0 )3 '%$$%/% ($ .+$$;)/, !A'') C+-*8$ Z60'&*0/"]:9
C+-* ;/)'% + 3(&'()*+# $')/K +V)2' j%-+* M%$$%*/%[ + $K*)*K4 3)/ '-%
a202%*)' ;%+<%/$[ '-% M($$%/+*,$[ ;-) ;%/% +$$)&(+'%, ;('- '-% E+'-+/
3+('-9 M%$$%/+ +#$) -+, '-% .+/'(&2#+/ 4%+*(*0 )3 + '+##K )/ ')7%* ;-(&-
;+$ ,(<(,%, +4)*0 3/(%*,$ (* )/,%/ '-+' '-%K )/ '-%(/ ,%$&%*,+*'$ ;)2#,
+#;+K$ /%&)0*($% %+&- )'-%/9 M-($ ($ +* %$.%&(+##K +../)./(+'%
(*'%/./%'+'()* (* &)**%&'()* ;('- '-% -+*,(*0 ,);* 3/)4 ./(%$'%$$ ')
./(%$'%$$ )3 '-% -(0-#K ./(c%, &/K$'+# +/'%3+&' 3/)4 '-% `+0,+#%*(+* D/+
IYL
<(+ `+/K `+0,+#%*% +*, ('$ #(7%#K +//(<+# (* 6&)'#+*, (* '-% 3)2/'%%*'-
&%*'2/K9 M-($ .+/'(&2#+/ 4%+*(*0 )3 '+##+ ($ '-% V+$($[ '))[ 3)/ '-% ./+K%/
&+/, )3 '-% _%0()* )3 `+/K[ + 3+4(#K )/0+*(c+'()* )3 #+K E+'-)#(&$ ;-)
ZV%&)4% (*$'/24%*'$ )3 '-% a)#K 6.(/(' '-/)20- ./+K%/ +*, ;)/79]
`)/%)<%/[ (' ($ + '%##(*0 3+&' '-+' xM+#(+-+,8 ($ '-% a%V/%; +*0%# )3
'-% %#%4%*' )3 ;+'%/[ '-%/%VK 4+7(*0 (' '-% 6' 1)/&# ./)'%&')/ )3 GHII[
$2&&%%,(*0 (* '-($ &+.+&('K (* B)<%4V%/ @TIT V2' *)' (* N%V/2+/K
@TPY9 E2/()2$#K[ M+#(+-+, ($ +#$) (*<)7%, (* '-% /('2+# 4+0(& )3 '-%
A/,%/ )3 '-% ^)#,%* F+;*9
C%+, ')0%'-%/[ '-%$% <+/(+*&%$ $200%$' '-+' '-% $+/,)*(& '%+$% ;-)
&/%+'%, '-% &)4.)$('% *+4% xa(,H'+##+8 ;+$ (*,(&+'(*0 '-+' GHII ;+$
(*<)#<%, (* $%%7(*0 )2' &)*&%+#%, V)2*'K &)##%&'%, (* '-% .+$' 2*,%/
$)4% 3)/4 )3 '+>+'()* )/ $%(c2/%9 M-($ ($ + ./%&($% ,%$&/(.'()* )3
X/%**2$8 .#2*,%/ VK 3)/&% )3 '-% F%#.-(& $.)(#$ 3/)4 `)2*' =+/*+$$2$
(* '-% '-(/, &%*'2/K XED +*, +#$) )3 '-% h($(0)'- 7(*0 "#+/(&8$ '-%3' )3
'-% M/%+$2/%$ )3 '-% M%4.#% )3 6)#)4)* +*, '-% "/7 )3 '-% E)<%*+*'
,2/(*0 -($ $+&7 )3 C)4% $%<%* -2*,/%, K%+/$ #+'%/9
_%0%*, /%&)/,$ '-+' V)'- )3 '-%$% $)2/&%$ )3 '/%+$2/% ;%/% V/)20-'
') '-% 6)2'- )3 N/+*&%[ +## )/ (* .+/' %<%*'2+##K &)4(*0 (*') '-% $+3%
-+*,$ )3 '-% E+'-+/$ +*,[ '-%/%+3'%/[ ') '-% e*(0-'$ M%4.#+/ ;-)
(*,%, '-%4 +4)*0 '-% <+#2+V#%$ V/)20-' )2' )3 N/+*&% (* '-%(/
$2V$%12%*' 3#(0-' ') 6&)'#+*,9 `)/%)<%/[ (* 2*,%/'+7(*0 ('$ .)#('(&+# +*,
'/%+$2/%H$%%7(*0 +&'(<('(%$ GHII ,%.#)K%, .+$$;)/,$ !Z'%$$%/%]:[ #(7%
'-)$% &)*$'/2&'%, 3)/ "#V/%&-'[ e#(*0%/[ a(,'+##+[ a+/K)0 +*, a+*,KU
4%* ;-)$% (,%*'('(%$ +*, /)#%$ ;%/% '/2#K *)' ;-+' '-%K $%%4%,9
M-% &/K.'(& '%/4 Z6(7- a(,'+##+] '-2$ /%<%+#$ + .);%/32#
$K4V)#)0K 2*,%/#(*0 + <+$' -($')/K )3 &)*3#(&' V%';%%* '-% %$'+V#($-%,
E-/($'(+* E-2/&- +*, '-% %$)'%/(& #(*% 3)2*,%, 2.)* ';) <%/K .);%/32#
'%+&-(*0$9 A*% &)*&%/*$ (*$(0-'$ (*') '-% +*&(%*' a%/4%'(& ;($,)4$[
;-(&- j%$2$ $-+/%, ;('- -($ ,($&(.#%$ (* ./(<+'%9 M-% )'-%/[ +/02+V#K +'
#%+$' +$ ./)3)2*,[ ;+$ `+/K `+0,+#%*%8$ 7*);#%,0% +*, ./+&'(&% )3
'-% &2#'$ )3 '-% ^),,%$$ '-+' %<%* (* `+/K8$ ,+K ;%/% 4+*K '-)2$+*,$
)3 K%+/$ )#, V2' *)*% '-% #%$$ .);%/32# (* '-% +0%(*09
?' ;+$ '-% 4($$()* )3 GHII ') $%%7 *)' )*#K ;($% -%+,$ (* X/('+(*
;-) &)2#, -%#. $-)/'%* '-% ;+/ V2' +#$) ') $%%7 '-% 4(/+&2#)2$ a%+, )3
^),9 M-($ 6%&)*, ^/+(#[ &+&-%, (* 6&)'#+*, (* '-% 3)2/'%%*'- &%*'2/K[
;+$ +* +#4(0-'K ./(c% 3)/ '-% B+c($ (* '-% ';%*'(%'-9
IYT
7"?F'#( !H4D!R,!HC
$+3%02+/,%, VK '-% E+'-+/$ (* '-% @S'- +*, V/)20-' ') 6&)'#+*, VK '-%
M%4.#+/$ %+/#K (* '-% @P'-9 "$$24(*0 '-+' '-%/% ($ +* %4V%/ )3 #(0-' (*
+## '-% $4)7% )3 /24)2/ +*, ,($$%4V#+*&% '-%/% ($ )*% (*'/(02(*0
.)$$(V(#('K ') &)*$(,%/9
5% *)'%, (* E-+.'%/ @Y (*&)*$($'%*&(%$ &)**%&'%, ;('- '-% +&'2+#
,+'%$ )3 %>-24+'()* 3)/ e#(*0%/ +*,[ VK %>'%*$()*[ 3)/ "#V/%&-'9 M-%
E5^E /%12%$'%, '-% %>-24+'()* )3 '-% ,%&%+$%, 3/)4 GHII9 a);%<%/[
'-%/% +/% $233(&(%*' .)(*'%/$ ') $200%$' '-+' (' *%<%/ /%&%(<%, '-%$% ';)
V),(%$9
M-% +2'-)/('+'(<% +*, 0#)V+##K &)**%&'%, GHV)+' *%';)/7[
6-+/7-2*'%/$[ ')#, 4% (* ;/('(*0 (* SYYI '-+' Z'-%$% ';) 4%* ;%/%
%>-24%, $-)/'#K +3'%/ V2/(+#] V2' ('$ /%./%$%*'+'(<% #+'%/ &#+(4%, '-+' -%
&)2#, *)' /%4%4V%/ 4+7(*0 '-% $'+'%4%*' ,%$.('% V%(*0 $%*' + &).K )3
-($ %4+(# ') /%3/%$- -($ 4%4)/K[ <(cJ
j+*2+/K SYYI %4+(# 3/)4 6-+/7-2*'%/$ !$%*,%/ +*)4K4($%, VK +2'-)/: &)*3(/4(*0 '-+'
"#V/%&-' +*, e#(*0%/ ;%/% Z%>-24%, $-)/'#K +3'%/ V2/(+#9]
?* '-% 4%+*'(4%[ ;-+' ') ,)b "* 2*3)#,(*0 $&%*+/() +#)*0 '-%
3)##);(*0 #(*%$ ($ ;%## ;('-(* '-% V)2*,$ )3 &/%,(V#% $.%&2#+'()*9
X2/K(*0 "#V/%&-' +*, e#(*0%/ ;('- '-% ';%*'KH)*% e/(%0$4+/(*%
&+$2+#'(%$ 3/)4 GHII[ '-%/%VK *%&%$$('+'(*0 + $2V$%12%*' +*, <($(V#%
%>-24+'()* ;+$ *)' + $4+/' ).'()*9 a);%<%/[ (' ;+$ +../%&(+'%, '-+'
;('- '-% -(0- <)#24% )3 $-(..(*0 '/+33(& &)4(*0 (*') +*, )2' )3 '-%
E#K,% "*&-)/+0% (' ;)2#, *)' V% #)*0 V%3)/% +* )..)/'2*('K +/)$% ')
'/+*$3%/ '-% V),(%$ 3)/ /%.+'/(+'()*n .%/-+.$ + 4+''%/ )3 ,+K$[ + 3%;
;%%7$ +' 4)$'9
"$ +* (*'%/(4 4%+$2/% '-% V),(%$ ;)2#, -+<% ') V% ./%$%/<%, +$
%33%&'(<%#K +$ .)$$(V#%9 =/)3%$$()*+#$ ;)2#, -+<% ') V% V/)20-' (*') '-%
).%/+'()* +*, $'/(&' &)*3(,%*&%$ $%&2/%,9 ? &)*'+&'%, + $)2/&% (* '-%
2*,%/'+7%/ 3/+'%/*('K (* ^/%%*)&7 3)/ +,<(&%9 XK &)(*&(,%*&%[ -% $+(, -%
-+, V%%* /%+,(*0 +V)2' ;+/'(4% %4V+#4(*0 ./+&'(&% (* '-($ .+/' )3
6&)'#+*,9 a% &)*3(/4%, '-+' (* '-% ;+/ K%+/$ ^/%%*)&7 2*,%/'+7%/$
$%#,)4 2$%, ,%%. 3/%%c(*0 3)/ ./%$%/<+'()* !V%';%%* H@RzE +*, HSRzE:[
%$.%&(+##K (* &(/&24$'+*&%$ ;-%* '-% 3/)c%* V),K -+, ') V% 4)<%, +*K
,($'+*&% V%&+2$% ,%&)4.)$('()* ;)2#, $'+/' ') $%' (* /+.(,#K9 ?*$'%+,[
#)&+# ./+&'(&% ;+$ ') ./%$%/<% V),(%$ VK %('-%/ $2V4%/0(*0 '-%4 (* +*
+/$%*(& $)#2'()* )/ VK (*f%&'(*0 '-%4 ;('- '-% $)#2'()*9 !?* '-%
"4%/(&+* E(<(# 5+/ '-% 4%,(&+# ,%.+/'4%*' )3 '-% G*()* "/4K $%' 2.
V+''#%3(%#, +/$%*(&H%4V+#4(*0 $'+'()*$ ') %*+V#% '-% V),(%$ )3 G*()*
,%+, ') V% /%'2/*%, -)4% 12(&7#K9:
D4V+#4(*0 VK +/$%*(& ($ + -(0-H/($7 V2$(*%$$9 M-% $2V$'+*&% ($
')>(& +*, %#%4%*'+# +/$%*(& ;(## *%<%/ ,%0/+,% (*') -+/4#%$$ VKH
./),2&'$9 M-% #%+&-(*0 )3 +/$%*(& (*') '-% $)(# .)$%$ <%/K $%/()2$ -%+#'-
/($7$ ') .%).#% $2&- +$ &%4%'%/K ;)/7%/$ +*, +/&-+%)#)0($'$9
E)*$%12%*'#K[ ('$ 2$% +$ +* %4V+#4(*0 +0%*' V%0+* ') ,/). )33 (* '-%
G969"9 (* '-% %+/#K SY'- &%*'2/K9 M-% 2$% )3 +/$%*(& (* '-% G*('%,
e(*0,)4[ +' #%+$' (* 6&)'#+*,[ &)*'(*2%, + ;-(#% #)*0%/9
M-% $&%*+/() $2..)$%$ '-+' '-% ';) V),(%$ ;%/% $2Vf%&'%, ') +/$%*(&
./%$%/<+'()* +*, &+/%32##K $')/%,9 A*% 4+K .(&'2/% + $('2+'()* ;-%/% +$
'(4% ;%*' )* &%/'+(* ./%$$2/%$ +&&242#+'%,U'). ,);*U+*, +* )/,%/
;+$ ($$2%, ') 0%' '-% V),(%$ )2' )3 6&)'#+*, ;('-)2' ,%#+K9 X2' -);
;+$ '-($ ') V% +&-(%<%, ./%&($%#Kb
62,,%*#K[ WW ,+K$ +3'%/ '-% ,%+'- )3 "#V/%&-' +*, e#(*0%/[ '-%
<)022@ A*@B@ %>.#),%$ (* '-% E#K,% "*&-)/+0%[ '-% )..)/'2*('K 3)/ '-%
'/+*$3%/ )3 '-% .+(/ !Z$-)/'#K +3'%/ V2/(+#]: +/($(*0 #(7% '-% ;+<% )3 +
;+*, VK +&&(,%*' +*, <(/'2% )3 '-% '%//(V#% %>.#)$()*9
A3 '-% R@ ;)2*,%, $+(#)/$ 3/)4 '-% <)022@ A*@B@ /%&)<%/%, 3/)4
'-% $&%*%[ P +/% /%&)/,%, +$ ,K(*0 (* ^/%%*)&7 ?*3(/4+/K V2' Q +/%
I@P
4 2#+%
!# "')* &"' (&#*- #1 -#$* 201', 7"0/" .$(&
!)?' &"' ')* (&*)+%'2-8
I@L
8FF#5;/f
I@T
M-% &/%;$ )3 +## e/(%0$4+/(*% $-(.$ ;%/% %$$%*'(+##K ,(<(,%, (*') ';)
&+'%0)/(%$J
! *+<+# .%/$)**%# (9%9 $+(#)/$ '/+(*%, (* $%+4+*$-(.
! '%&-*(&+# .%/$)**%# '/+(*%, (* /2**(*0 4+&-(*%/K +*, )'-%/
'%&-*(&+# %12(.4%*' +V)+/,9
T/V0/)<(?F"%
IIR
h)* _+*0[ j)&-%*[ !#9 L)B0 II C'+'*)2 P)*2 >#211s&"' <)+ ='&7''+
G0..2'* )+6 G0&2'*[ D*(04+ X))7$[ B%; d)/7[ SYYR
5+##+&%H`2/.-K[ M(4n a).7(*$[ `+/(#K*[ E#((2-+H C$)*60)+ #1 &"'
I'/*'&( #1 &"' G#2- C*)02[ M-)/$)*$[ SYYS
5K**[ e%**%'-[ QR=#)& D9'*)&0#+( #1 &"' I'/#+6 >#*26 >)*[ E+>')*
D,('()*$[ SYYP