You are on page 1of 434

Universitat de València

Facultad de Filosofía y Ciencias de la Educación


Departamento de Filosofía

DESOBEDIENCIA DEBIDA
Sexualidades y géneros subversivos en la literatura y el arte
desde el siglo XVIII hasta hoy

Tesis Doctoral presentada por:


Antonio Martínez Tortosa
Dirigida por:
Dra. Dña. Carmen Senabre Llabata

Valencia
2015
!
"#$%&'!()&(*%+%&!(!,$-!.(*&%-!/!(!,$!0%&,(1(!-#!(.'/'!$1+'1*$+$'2
1(3!/!-#-!41$,'-!+'1-5(15%-6!733'-!+&%%1!%1!,8!,4-!9#%!/'6!:$!%-5'!0(!
-$*'!.'-$;3%!%-!.'&!%33'-<!%1!5'*'-!3'-!-%15$*'-6!
=(,;$>1!9#$%&'!*(&!3(-!)&(+$(-!(!3'-!(,$)'-!?%1!%-.%+$(3!(!@%&,41!/!
(! A$&$?! 9#%! 0(1! -#B&$*'! ,$-! ';-%-$'1%-! /! ,$-! (#-%1+$(-<! /! 9#%! (C1!
%-541!(086!
D'&!C35$,'<!()&(*%+%&!(!E(&,%1!3(!3$;%&5(*!(;-'3#5(!9#%!,%!0(!+'12
+%*$*'!.(&(!(B&'15(&!%-5%!.&'/%+5'6!
F!5'*'-!G'-'5&'-<!)&(+$(-6!
!

!
!
!
!
!
H(,1!;&(+%-<!;3%--!&%3(I%-6!
J6!K6

!
! !
!

MNHOE7!
!
O15&'*#++$P1!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!Q!
R6!73!,4&5$&!3$;%&5$1'!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!RL!
$!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!RL!
$$!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!SL!
$$$!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!TU!
$G66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!TL!
V6!W'-!+#%&.'-<!3(!+(&1%!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!XQ!
$!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!XQ!
$$!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!YU!
$$$!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!YY!
$G66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!QS!
G!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!QQ!
G$666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RUZ!
S6!H',$1$'-!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RUQ!
$!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RUQ!
$$!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RRS!
$$$!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RRL!
$G666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RVT!
G!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RSR!
G$666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RSY!
G$$!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RZR !
G$$$!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RZT !
$I!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RZQ!
Z6!K'*(-!$1B%&1(3%-!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RTS!
$!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RTS!
$$!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RXU!
$$$!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RLZ!
$G666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RYV!
G!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RYL!
T6!F&%1(!%1!3'-!'['-!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666RQS!
! L!
$!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!RQS!
$$!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!RQQ!
$$$66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!VUV!
$G!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!VUQ!
G!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!VRY!
G$!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!VVZ!
G$$!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!VVQ!
X6!W(!1'+0%!-%&4!1%)&(!/!;3(1+(666666666666666666666666666666666666666666666666666666666666666666666!VZR!
$!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!VZR!
$$!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!VTU!
$$$66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!VXR!
$G!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!VLV!
L6!O15%&B%&%1+$(-!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!VYQ!
$!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!VYQ!
$$!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!VQT!
$$$66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!SUS!
$G!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!SRS!
G!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!SVL!
G$!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!SSX!
Y6!H%-)(&&'-!/!&%G%3(+$'1%-!6666666666666666666666666666666666666666666666666666666666666666666666666666!SZT!
$!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!SZT!
$$!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!STL!
$$$66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!SXL!
$G!66666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!SYR!
E'1+3#-$P1!6666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!SQL!
K$;3$')&(B8(!666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666!ZRR!
!

Y! !
ON=\]H^EEO_N!
='*(!+&85$+(!%-!&%(++$'1(&$(6!7-5'!1'!-$)1$B$+(!9#%!-%(!+'1-%&G(*'&(<!
-$1'!3'!+'15&(&$'6!W(!+&85$+(!.(&5%!*%!(3)'!9#%!3(!.&%+%*%!/!9#%!%-!3(!
+'1*$+$P1!*%!-#!%I$-5%1+$(<!(3)'!(!3'!9#%!-%!'.'1%!/!+'15&(!3'!9#%!&%2
(++$'1(6!7-%!%-!%3!-%15$*'!%1!%3!9#%!*%;%!%15%1*%&-%!(9#8!%3!#-'!*%3!
(*[%5$G'! `&%(++$'1(&$'a6! W(! +&85$+(<! +','! &%(++$P1<! %-! 3(! &%-.#%-5(! (!
#1(!(++$P1<!#1(!+'1-%+#%1+$(!*%!%-5(6!D#%*%!5',(&!3(!B'&,(!*%!1%)(2
+$P1! '! *%! -#-.%1-$P1<! .#%*%! *%+$&! `1'a! '! .&%)#15(&! `b-%)#&'ca6! W(!
(B$&,(+$P1! /! 3(! +&85$+(! ,(15$%1%1! #1(! &%3(+$P1! *$(3>+5$+(<! ()P1$+(! -$!
-%!.&%B$%&%<!.#%-5'!9#%!%-5(;3%+%1!#1(!3P)$+(!*%!+'1B3$+5'!%1!3(!9#%!-%!
,$*%1!3(!#1(!(!3(!'5&(!-%)C1!3(!B#%&d(!*%!-#-!$,.(+5'-!/!-#!5'3%&(1+$(!
(15%!%-5'-6!
e!
O,()$1%,'-! (0'&(! #1! +(,.'! *%! [#%)'6! f'<! +','! &%+$>1! 1(+$*'<! 1'!
-'/!+'1-+$%15%!*%!9#>!'+#&&%!(!,$!(3&%*%*'&<!,4-!(334!*%!-$!-%!-(5$-B(2
+%1!,$-!1%+%-$*(*%-!.&$,(&$(-6!E'1!%3!.(-'!*%3!5$%,.'<!,$!0'&$d'15%!
-%! G(! (,.3$(1*'<! /! .%&+$;'! 9#%! %-5'/! %1! %-%! +(,.'! *%! [#%)'<! %1! %3!
9#%! 5'*'! %3! ,#1*'! %-54! [#)(1*'6! :%! ,#%G%1! *%! (9#8! .(&(! (334! -$2
)#$%1*'! #1! '&*%1<! 9#%! (3! .&$1+$.$'! -%! ,%! %-+(.(<! .%&'! 9#%! G'/!
(.&%1*$%1*'6!715'1+%-!%,.$%d'! (!.(&5$+$.(&<! #1! .'+'! $1-%)#&'! .'&2
9#%!1'!%-5'/!-%)#&'!*%!+#43!%-!%3!';[%5$G'!*%3![#%)'<!.%&'!5(,;$>1!#1!
.'+'! $1-%1-(5'! .'&! %3! ,$-,'! ,'5$G'6! 715&%! 3'! 9#%! ,%! %I.3$+(1! /! 3'!
9#%!';-%&G'<!,$!+'1'+$,$%15'!*%!%-(-!&%)3(-!(#,%15(<!(#19#%!*$+0(-!
&%)3(-!-'1!54+$5(-!/! G()(-<!1'!G(1!,4-! (334! *%! $1*$+(+$'1%-!-%1+$33(-!
*%3!5$.'!`%-'!1'!-%!0(+%a!'!`%-5'!-%!0(+%!(-8a6!H%-+#;&'!9#%!0(/!*'-!
%9#$.'-<!9#%!*%;'!#1$&,%!(!#1'!*%!%33'-<!/!3'!0()'6!O,$5'!(!,$-!+',2
.(g%&'-<!+'1!9#$%1%-!,%!$*%15$B$+'!/!(!9#$%1%-!+'1-$*%&'!,$-!$)#(3%-6!
:$!(3)#1'!*%!%33'-!,%!*$+%!`G%!.'&!(08a<!/'!';%*%d+'6!=(,;$>1!*%-+#2
;&'!9#%!*%15&'!*%!,$!.&'.$'!%9#$.'! 0(/!*$-5$15(-! .'-$+$'1%-<! /! 9#%!
.#%*'!'+#.(&!(3)#1(-!*%!%33(-!.%&'!'5&(-!1'<!.'&!*$G%&-'-!,'5$G'-6!
F-8! .#%*'! .(-(&! %3! &%-5'! *%! ,$-! *8(-<! (-$,$3(1*'! 9#>! 3#)(&! '+#.'! /!
+'&&$%1*'! ,%1'-! &$%-)'-! (! ,%*$*(! 9#%! %-%! 3#)(&! -%! +'1-'3$*(6! D%&'!
5(,;$>1!.#%*%!'+#&&$&!9#%!,%!.(&%!%1!(3)C1!,',%15'<!.'&!3(!&(dP1!
9#%! -%(<! '! 9#%! -%! ,%! %-+(.%! 3(! ,$&(*(! /! G%(! 9#%! 0(/! )%15%! 9#%! 1'!

! Q!
.'1%!%3!,$-,'!%,.%g'!9#%!/'!.'&!-%)#$&!%1!%3![#%)'6!F!3'!,%['&!33%)'!
(!G%&!3'-!38,$5%-!*%3!+(,.'!/!,%!(-',;&'!(3!G%&!9#%!%-!#1!+(,.'!+%2
&&(*'<!9#%!0(/!(3)'!B#%&(!*%!>36!W'!9#%!/'!+&%8(!9#%!%&(!%3!,#1*'<!&%2
-#35(!-%&!-'3'!#1(!.(&+%3(6!f![#15'!(!%33(!0(/!'5&(<!/!'5&(![#15'!(!%-(6!
h$-!+',.(g%&'-!,%!*$&41!9#%!-$)(![#)(1*'<!/!3'!,4-!-%1-(5'!%-!9#%!
3%-!0()(!+(-'6!D%&'!5(,;$>1!.#%*'!1'!0(+%&3'6!D#%*%!9#%!9#$%&(!-(2
;%&!,4-<!-(;%&!9#>!'+#&&%!%1!%-'-!'5&'-!+(,.'-<!-$!-%![#%)(!+'1!3(-!
,$-,(-!&%)3(-!9#%!%1!%3!,8'!'!+'1!'5&(-!*$-5$15(-6!F3!-(;%&!9#%!%I$-2
5%1!'5&'-!+(,.'-!/!'5&'-![#%)'-!.#%*%!9#%!+(,;$%!%3!,'*'!+','!%12
5$%1*'!%3!,8'<!%-%!(3!9#%!0%![#)(*'!*%-*%!9#%!5%1)'!+'1+$%1+$(6!i(-5(!
.#%*%!9#%!(;(1*'1%!,$!+(,.'!/!-(35%!(3!*%!(3!3(*'!+'1!3(!$15%1+$P1!
1'!-'3'!*%!,$&(&<!-$1'!*%![#)(&6!E3(&'! 9#%! /'! ->! [#)(&!(! '5&(!+'-(<! /!
.#%*%!9#%!(9#%33(!'5&(!1'!-%!3%!.(&%d+(!%1!1(*(6!E',%5%&>!%&&'&%-<!
#1'-! )&(1*%-! /! '5&'-! .%9#%g'-6! W'! $,.'&5(15%! %-! -(;%&! 9#%! 0(/!
'5&'-!+(,.'-!/!'5&'-![#%)'-<!9#%!0(/!,4-6!
e!
W'!1(5#&(3!%-!9#%!+'15$1#%,'-!%3![#%)'<!9#%!&%-.%5%,'-!3(-!1'&,(-!
+'1!3(-!9#%!+&%+%,'-!/<!*%!%-5%!,'*'<!(/#*%,'-!(!.%&.%5#(&3(-6!7-!
(-8! +','! -%! ,(15$%1%1! 3(-! -'+$%*(*%-<! +','! .&%-%15(1! %-5&#+5#&(-!
,4-!'!,%1'-!-P3$*(-!/!,4-!'!,%1'-!+'0%&%15%-6!:','-!1'-'5&'-<!3'-!
[#)(*'&%-<!9#$%1%-!,(15%1%,'-!%3![#%)'6!7-!+$%&5'!9#%!%I$-5%1!$1-5$2
5#+$'1%-!+','!3(!B(,$3$(<!%3!7-5(*'<!3(-!$)3%-$(-<!3(-!+3(-%-!-'+$(3%-<!3'-!
)>1%&'-! /! *%,4-<! .%&'! 5(,;$>1! %33(-! *%.%1*%1! *%! 3(! )%15%! 9#%! 3(-!
$15%)&(!'!3(-! &%-.(3*(6!"#%!.#%*(1!%[%&+%&!-#! .'*%&! -';&%!1'-'5&'-!
-%!*%&$G(!*%!9#%!1'-'5&'-!(+%.5%,'-!-#!+(.(+$*(*!.(&(!%[%&+%&3'6!H%!
'5&(!B'&,(!*%-(.(&%+%&8(16!:'3'!%-!#1(!+#%-5$P1! *%!5$%,.'6!D'&! %-'!
-(;%,'-!9#%!#1(-!(.(&%+%1!(!3(!-',;&(!*%!'5&(-<!9#%!#1!5%,.3'!-%!
(3d(!-';&%!3(-!&#$1(-!*%!'5&'!/<!(#1!(-8<!.%1-(,'-!9#%!%3![#%)'!-$)#%!
-$%1*'!%3!,$-,'6!7-5'/!.%1-(1*'!%1!3(!+$G$3$d(+$P1!'++$*%15(36!H#&(12
5%!3'-!*'-!,$3!9#$1$%15'-!(g'-!*%!.%1-(,$%15'!&(+$'1(3!*%-*%!3(!(.(2
&$+$P1! *%! 3(! j$3'-'B8(<! 3(! -'+$%*(*! 0(! +(,;$(*'! *%! ,(1%&(-! $1$,()$2
1(;3%-6! :$1! %,;(&)'<! -%)#$,'-! ,(15%1$%1*'! 3(! $*%(! *%! 9#%! 3(!
+$G$3$d(+$P1!%-!3(!,$-,(<!(#19#%!0(/(1!G(&$(*'!3(-!3%/%-<!3(-!&%3$)$'2
1%-<!3(!%I5%1-$P1!*%3!,#1*'!+'1'+$*'<!3(!B'&,(!*%!%15%1*%&!%3!+#%&2
.'<!3(!G$-$P1!*%3!#1$G%&-'k!(#19#%!0(/(1!(-+%1*$*'!/!+(8*'!$,.%&$'-6!
73!()#(!+(,;$(!.%&'!%3!&8'!.%&,(1%+%6!

RU! !
71!1#%-5&'!+(,.'!*%![#%)'<!+','!%1!%3!*%!(3!3(*'<!0(/!B#)(-!/!B$35&(2
+$'1%-<!0(/!3#)(&%-!%1!3'-!9#%!%3!-#%3'!%-!B$&,%!/!'5&'-!%1!3'-!9#%!%-54!
%,;(&&(*'6!i(/!)%15%!9#%!B'&,(!)&#.'-!+'1!';[%5$G'-!.&'.$'-<!()%12
5%-!3$;&%-<![#)(*'&%-!9#%!(;(1*'1(1!%3!+(,.'!/!'5&'-!9#%!-(35(1!*%-2
*%!(3)#1'!*$B%&%15%6!@%15%!(!3(!9#%!-%!%,.#[(<!-%!.3(+(<!-%!.'1%1!d(12
+(*$33(-<! -%! &%5$%1%<! (! 9#$%1%-! -%! 0(+%! *$B8+$3! [#)(&6! 73! [#%)'! +(,;$(!
.'&!-8!-'3'<!.'&9#%!3'-![#)(*'&%-!G$%1%1!/!G(1<!.%&'!.'&!3'!)%1%&(3!3'-!
+(,;$'-! -'1! 3%15'-! /! .'+'! .%&+%.5$;3%-6! F#19#%! 0(/! -$5#(+$'1%-! %1!
3(-!9#%!-%!*(!#1!G#%3+'!$,.'&5(15%<!+','!3(!+(8*(!*%!\',(!-#,(*(!(3!
(#)%! *%3! +&$-5$(1$-,'! '! 3(-! &%G'3#+$'1%-! ;#&)#%-(-<! %-5'! 1'! $,.3$+(!
9#%!%3![#%)'!-%!5&(1-B'&,%!.'&!+',.3%5'!*%!#1!*8(!.(&(!'5&'6!7I$-5%1!
&%,(1%1+$(-<!,%,'&$(-!/! %+'-! *%! [#%)'-!.(-(*'-<! 9#%! -';&%G$G%1!(!
3'-!+(,;$'-!.'&!*&4-5$+'-!9#%!-%(1!%-5'-6!=(,;$>1!0(/!G(&$(15%-!9#%!
-%!,(15$%1%1!%1!3'-!,4&)%1%-!*%3!+(,.'<!9#%!(.(&%+%1!/!*%-(.(&%2
+%1!.(&(!&%(.(&%+%&!*%-.#>-6!
e!
7-!%3!+(-'!*%3!+$1$-,'!)&$%)'<!9#%!-#&)%!+','!3(!.&$,%&(!+&85$+(!&(*$2
+(3!(3!-$-5%,(!*%!+&%%1+$(-!-';&%!%3!9#%!-%!B#1*(!3(!+$G$3$d(+$P1!'++$2
*%15(36!H$P)%1%-!*%!:81'.%!33%)(!(!F5%1(-!+','!#1!*%-5%&&(*'<!3'!9#%!
%9#$G(3*&8(! %1! 3(! ,%15(3$*(*! )&$%)(! (! #1! ,#%&5'! %1! G$*(<! .(&(! +'12
G%&5$&-%! %1! #1(! 3%/%1*(6! W3%)(! .(&(! &%8&-%! *%! 5'*'<! .(&(! -%g(3(&! 3(-!
381%(-!.$15(*(-!%1!%3!-#%3'!/!*%,'-5&(&!9#%!%15&%!#1!+(,.'!/!'5&'!1'!
0(/<!%1!&%(3$*(*<!1(*(6!N'-!%-+#.%!(!3(!+(&(!9#%!-','-!)$3$.'33(-!.'&!
-%)#$&! %1+%&&(*'-! %1! #1(! .&$-$P1! B$+5$+$(! 9#%! 1'! G%,'-<! .%&'! %1! 3(!
9#%! +&%%,'-! /! *%! 3(! 9#%! -','-! 5(15'! .&%-'-! +','! +(&+%3%&'-6! 7-(!
.&$-$P1!%-!3(!-'+$%*(*<!3(!+$G$3$d(+$P16!l3!(.&'G%+0(!-#!%I5&(1[%&8(!.(2
&(!-$5#(&-%!B#%&(!/!';-%&G(&!3'-!&$*8+#3'-!&$5#(3%-!+'5$*$(1'-<!9#%!$,$2
5(! /! -#;G$%&5%! +'1! -#-! ;&',(-6! E','! 3%! (+#-(1! *%! -%&! #1! .%&&'<! -%!
+'1G$%&5%! %1! #1'! /! %,.3%(! -#! (1$,(3$*(*! .(&(! *%,'-5&(&! 9#%! 3(-!
1'&,(-!-'1!(&;$5&(&$(-6! 7-54!*%! .(&5%! *%! 3(!1(5#&(3%d(<! 1'!*%! 3(-! 3%2
/%-<!/!-#!+#%&.'!%-!-#!.&$1+$.(3!0%&&(,$%15(!*$-+#&-$G(6!:%!5$&(!.%*'-<!
,%(! /! -%! ,(-5#&;(! .'&9#%! 1'! +',.&%1*%! 9#%! 3(-! +'-(-! 1(5#&(3%-!
%-5>1!.&'0$;$*(-<!'!9#%!.#%*(1!0(+%&-%!%1!3#)(&%-!.&$G(*'-!/!1'!%1!
3'-!.C;3$+'-6!H%1#1+$(!3(-!3P)$+(-!*%!.'*%&!9#%!)';$%&1(1!3(!-'+$%*(*!
*%!-#!5$%,.'!+'1!#1(!(+5$5#*!()&%-$G(<!$,.C*$+(!/!['+'-(6!

! RR!
W(!)&(1!5(&%(!*%!H$P)%1%-!%-!B(3-$B$+(&!3(!,'1%*(!%1!+#&-'<!%-!*%+$&<!
*%,'-5&(&!9#%!.#%*%!G$G$&-%!(3!&%G>-!*%!+P,'!G$G%1!3'-!)&$%)'-!*%!-#!
5$%,.'<!/!%3!$,.(+5'!*%!-#!)%-5'!&%-#%1(!0(-5(!1#%-5&'-!*8(-6!W(!(.(2
&$+$P1!*%!3(!5%'&8(! 9#%%&!%1!3(!*>+(*(!*%!RQYU!-#.'1%!#1(!&%+#.%&(2
+$P1!*%!%-%!.&$1+$.$'!*$')>1$+'6!E',.(&5%1!3'!9#%!.'*&8(,'-!33(,(&!
#1(!B(,$3$(&$*(*!%-.$&$5#(3<!#1!.&'.P-$5'!/!#1(-!%-5&(5%)$(-!+',#1%-6!
H%1#1+$(1! 3(-! *';3%+%-! /! 3(-! 0$.'+&%-8(-! ,'&(3%-<! 3(! -$1&(dP1! *%! 3(!
1'&,(3$*(*<!+P,'!3'-!,%+(1$-,'-!-'+$(3%-!%I+3#/%1!(!(3)#1'-!-#[%2
5'-!.'&!,'5$G'-!-$1!-%15$*'<!+P,'!-%!%-5(;3%+%1!%-5&#+5#&(-!*%!.'*%&!
9#%!'&*%1(1!3(!G$*(!+'3%+5$G(!*%!B'&,(!(&;$5&(&$(6!\%+3(,(1!#1(!&%2
G$-$P1! .&'B#1*(! *%! 3(-!+'1*$+$'1%-! *%! G$*(6! O1*$+(1! 9#%! 3(!-'+$%*(*!
%-!#1!5%(5&'!/!9#%<!%1!3#)(&!*%!3(-!,4-+(&(-!9#%!33%G(,'-<!.'*&8(,'-!
33%G(&!'5&(-6!
D%&'!+(*(!+#(3!%-!0$['!*%!-#!5$%,.'<!/!*'-!,$3!9#$1$%15'-!(g'-!*%!-%2
.(&(+$P1! 5$%1%1! 9#%! 5&(%&! +'1-$)'! *$B%&%1+$(-! .&'B#1*(-6! W'-! +(,2
;$'-!%1!%3![#%)'!$,.3$+(1!3(!-#.%&.'-$+$P1!*%!1#%G(-!+(.(-!*%!+',2
.3%[$*(*! -'+$(3! %! $*%'3P)$+(6! D'&! %[%,.3'<! 3(! G$-$P1! *%3! +#%&.'! 9#%!
5$%1%!#1!(5%1$%1-%!*%3!-$)3'!m!(15%-!*%!E&$-5'!1'!%-!3(!,$-,(!9#%!3(!*%!
#1!+&$-5$(1'!*%3!-$)3'!AOO6!E&%'!9#%<!(#19#%!*%!#1(!B'&,(!(3)'!)&'-%&(<!
.#%*%!*%+$&-%!9#%!%3!,'G$,$%15'! 9#%%&!%-!#1!+$1$-,'!.(-(*'!.'&!%3!
*$-.'-$5$G'!*%!-%I#(3$*(*6!
73! *$-.'-$5$G'! *%! -%I#(3$*(*<! 5(3! /! +','! 3'! *%B$1%! j'#+(#35<! %-! %3!
,>5'*'! .'&! %3! 9#%! 3(! ;#&)#%-8(<! %1! %3! -$)3'! AOA<! $*%15$B$+(! -#! +#%&.'!
+','! (3)'! .&%+$'-'! /! -#! -%I'! +','! %3! 1C+3%'! *%! -#! .%&-'1(6! 7-<! %1!
*%B$1$5$G(<!#1!,%+(1$-,'!$*%15$5(&$'<!9#%!5$%1%!+','!B#1+$P1!-%.(&(&!
%3!+#%&.'!;#%1'!/!3(!-%I#(3$*(*!-(1(!;#&)#%-%-!*%!3(!(1$,(3$*(*!.&'2
3%5(&$(!/!%3!3$;%&5$1([%!(&$-5P+&(5(6!F!5&(G>-!*%!%-%!*$-.'-$5$G'!-%!+&%(!
#1(![%&(&9#8(!*%!-%I#(3$*(*%-!1'&,(3%-!/!(1'&,(3%-<!-(1(-!/!.%&G%&2
-(-<!/!-%!+&%(1!3'-!%-.(+$'-!/!3(-!$1-5(1+$(-!%1!3'-!9#%!0(;3(&!*%3!-%I'6!
i%&%*(!%3!.(.%3!*%!3(!+'1B%-$P1!+&$-5$(1(!/!3(!(*(.5(!(!3'-!1#%G'-!*$-2
+#&-'-! ,>*$+'-! /! .-$9#$45&$+'-<! B#1*(*'-! %1! %3! ,'*%3'! $-',>5&$+'!
+'&.'&(3! %-5(;3%+$*'! %1! %3! -$)3'! AmOOO<! #1! ,'*%3'! 9#%! $*%15$B$+(! 3'-!
+#%&.'-!+','!,(-+#3$1'-!/!B%,%1$1'-!-%)C1!#1'-!&(-)'-!B8-$+'-<!.-$2
+'3P)$+'-!/!,'&(3%-<!/!(!5&(G>-!*%!%33'-!*%3$,$5(!-#-!%-B%&(-!*%!(+5#(2
+$P1<!'.#%-5(-!/!+',.3%,%15(&$(-6!
e!

RV! !
W(!.#%-5(!%1!.(3(;&(-!*%!3(!G%&*(*!*%3!-%I'!(!5&(G>-!*%!3(!+'1B%-$P1!
*(!3#)(&!(!#1!-#[%5'!.'>5$+'<!9#%!+&%(!-#!1'+$P1!*%!$*%15$*(*!)&(+$(-!
(!%33(6!73!&%3(5'!(#5';$')&4B$+'!-%!+'1G$%&5%<!%15'1+%-<!%1!3(!.&$1+$.(3!
G8(!*%!(++%-'!(!3(!+'1+$%1+$(6!7-5%!0%+0'!$,.3$+(!9#%!(9#%33'-!$1*$G$2
*#'-! '! +'3%+5$G'-! 9#%! 3(! 1'&,(3$*(*! +'1-$*%&(! .(5'3P)$+'-! '! .&'2
;3%,45$+'-! %,.$%+%1! (! *%-(&&'33(&! G$-$'1%-! .'-$5$G(-! *%! -8! ,$-,'-6!
]+#&&%!+'1!3(-!,#[%&%-<!9#%!&%+3(,(1!-#-!*%&%+0'-!+','!+$#*(*(1(-!
/!1'!+','!-%&%-!*%!-%)#1*(<!3'!9#%!'&$)$1(!%3!,'G$,$%15'!B%,$1$-5(6!
]+#&&%! 5(,;$>1! +'1! 3'-! 0','-%I#(3%-<! 9#%! +&%(1! -#;+#35#&(-! .&'2
.$(-!+'1!-#-!+P*$)'-!$15%&1'-<!/!9#%!5(,;$>1!&%+3(,(&41!3(!1'&,(3$2
d(+$P1!*%!-#-!)>1%&'-!/!-#-!*%-%'-6!W(!+'1B3#%1+$(!*%!(,;(-!3#+0(-!
.'-$;$3$5(!3(!(.(&$+$P1!*%3!,'G$,$%15'! 9#%%&!?9#%!*%,#%-5&(!9#%!$12
+3#-'!*%15&'!*%!3'-!+'3%+5$G'-!+&85$+'-!%I$-5%1! *$-+&$,$1(+$'1%-!/!-$2
3%1+$(,$%15'-!.'&!,'5$G'-!*%!&(d(!'!*%!+3(-%?<!.&$,%&'!%1!3(-!+(33%-!/!
*%-.#>-!%1!3'-!*%.(&5(,%15'-!#1$G%&-$5(&$'-6!D%&'!1'!-'1!3'-!C1$+'-6!
71! %3! ,',%15'! %1! 9#%! H$P)%1%-! -%! ,(-5#&;(! %1! %3! 4)'&(! %-54! .'2
1$%1*'! %1! %G$*%1+$(! 3(! .'385$+(! -%I#(3! 9#%! &%)#3(! 3(-! .&4+5$+(-! /! 3'-!
3#)(&%-!38+$5'-!.(&(!%3!-%I'6!E'1!%-%!)%-5'!$,.C*$+'<!9#%!.#%*%!+'12
-$*%&(&-%! 3(! .&$,%&(! .%&B'&,(1+%! *%! 3(! 0$-5'&$(<! $1(#)#&(! #1(! +'2
&&$%15%! +&85$+(! 9#%! (5&(G$%-(! 3(! +#35#&(! '++$*%15(36! W(-! *$-$*%1+$(-!
-%I#(3%-!9#%!(.(&%+%1!%1!%-5(-!.4)$1(-!-'1!'5&(-!,#%-5&(-!*%!+P,'!
.#%*%! %,.3%(&-%! %3! -%I'! +','! 0%&&(,$%15(! -#;G%&-$G(<! /! +P,'! .(2
&%+%!-%&!%3!$1-5&#,%15'!(*%+#(*'!(15%!3(!.&')&%-$G(!-%I#(3$d(+$P1!*%!
3(!-'+$%*(*!'++$*%15(3!*%-*%!3(!O3#-5&(+$P1!0(-5(!1#%-5&'-!*8(-6!:$!(32
)'!1'-!0(1!%1-%g(*'!3'-!B$3P-'B'-!.%&&'-!%-!9#%!+#(1*'!3(-!&%)3(-!*%3!
[#%)'!1'!-'1![#-5(-!1#%-5&(!';3$)(+$P1!%-!*%-';%*%+%&3(-6!
e!
73!';[%5$G'!*%!%-5(!5%-$-!*'+5'&(3!%-!-%g(3(&!3(-!+'1*$+$'1%-!9#%!*(1!
3#)(&!(!3(!+'1+$%1+$(!,'*%&1(!/!9#%!+'3'+(1!%1!-#!+%15&'!3(!*$G$-$P1!
-%I#(36!7-'-!,%+(1$-,'-!+'1B$)#&(1!3(!B&'15%&(!%15&%!3'-!(+5'-!38+$5'-!
%!$38+$5'-<!%15&%!3'-!$1*$G$*#'-!1'&,(3%-!/!.%&G%&-'-!/<!(!.(&5$&!*%!%-(!
*$-5$1+$P1<!+&%(1!#1(![%&(&9#8(!-'+$(3!+'0%&%15%!+'1!3'-!.&$1+$.$'-!*%!
3(-!-'+$%*(*%-!;#&)#%-(-!+(.$5(3$-5(-6!D%&'!%-'-!,$-,'-!,%+(1$-,'-!
9#%!-%.(&(1!(!3'-!$1*$G$*#'-! 1'&,(3%-! *%!3'-! (1'&,(3%-! .&'.'&+$'2
1(1!(!%-5'-!C35$,'-!3(!.'-$;$3$*(*!*%!&%+3(,(&!-#!.%&G%&-$*(*!+','!
(+$+(5%!.(&(!B'&d(&!3'-!38,$5%-!*%!3'!%-5(;3%+$*'6!E'1!%3!B$1!*%!$*%15$B$2

! RS!
+(&!%-(-!5%1-$'1%-!%I.'1)'<!.'&!#1!3(*'<!%3!.%1-(,$%15'!,>*$+'<!,'2
&(3!/![#&8*$+'!9#%!*%5%&,$1(!%3!,(&+'!*%!3'!(*,$-$;3%<!(-8!+','!+(&(+2
5%&8-5$+(-!+'1+&%5(-!*%3!%15'&1'!-'+$'%+'1P,$+'!/!+#35#&(3!%1!%3!9#%!
%-5%!-%!*%-(&&'33(6!D'&!%3!'5&'<!.&%-%15'!(3)#1'-!(&5$-5(-!+#/(-!';&(-!
/! G$*(-! -#.'1%1! #1! *%-(B8'! (! %-%! ,(&+'! $*%'3P)$+'6! h%*$(15%! 3(! $12
G%-5$)(+$P1!)%1%(3P)$+(!/!%3!(143$-$-!5%I5#(3!$15%15(&>!%-5(;3%+%&!#1(!
$,()%1!*%!+'1[#15'!9#%!.%&,$5(!+',.&%1*%&!.'&!9#>!(3)#1'-!+&%(2
*'&%-!&%+#&&%1!(!3(!-%I#(3$*(*!.(&(!5&(1-)&%*$&!%3!'&*%1!-$,;P3$+'6!
73!.&$,%&!+(.85#3'!%-54!*%*$+(*'!(3!,(&9#>-!*%!:(*%<!%3!.&$,%&!)&(1!
*$-$*%15%!-%I#(3!*%!3(!h'*%&1$*(*<!%1!+#/(!B$)#&(!-%!+'1+%15&(!)&(1!
.(&5%!*%!3'-!%3%,%15'-!9#%!-%!&%.%5$&41!*%!#1!,'*'!#!'5&'!%1!3'-!-$2
)3'-! 9#%! 3%! -#+%*%16! D'&! #1! 3(*'<! -#-! %1+$%&&'-! 3%! +'1G$%&5%1! %1! %3!
,'1-5&#'! ,'&(3! 9#%! (,%1(d(! +'1! *%&&$;(&! 3(! $1+$.$%15%! -'+$%*(*!
;#&)#%-(6!D'&!'5&'<!-#!';&(!.(&'*$(!/!&%5#%&+%!3(-!1#%G(-!5%'&8(-!%1!
5'&1'!(3!+#%&.'!(!.(&5$&!*%!3(!&%(.&'.$(+$P1!*%3!+'1+%.5'!*%!-%1-$;$2
3$*(*<!/!-#;G$%&5%!5(15'!3(!*$-5$1+$P1!-%I#(3!+','!3(!,'&(3!&(+$'1(3$-2
5(!$3#-5&(*(6!
71!%3!-%)#1*'!+(.85#3'!(1(3$d'!%3!1#%G'!,'*%3'!+'&.'&(3!*%-(&&'33(2
*'! (! .(&5$&! *%3! ,%+(1$+$-,'! $3#-5&(*'! /! *%! 3(! *$G$-$P1! $-',>5&$+(!
-%I#(3!9#%!.&'.'1%1!3'-!(15&'.P3')'-!,'&(3%-!%1!%3!-$)3'! AmOOO6!7-5(!
1#%G(! B'&,(! *%! %15%1*%&! %3! +#%&.'! *%-*%! #1(! .%&-.%+5$G(! &(+$'1(3!
&%5',(!/!-#.%&(!(3)#1(-!1'+$'1%-!*%!3(!F15$)n%*(*!)&%+'3(5$1(!/!*%3!
.%1-(,$%15'!+&$-5$(1$-,'6!
71!%3!5%&+%&!+(.85#3'!-%g(3'!3(-!*$-5$15(-!B'&,(-!9#%!(*'.5(!3(!$19#$%2
5#*!*%!-8!/!-#!.(.%3!;4-$+'!+','!,>5'*'!*%!+'1+$%1+$(+$P1!5(15'!%1!
3(!F15$)n%*(*!.()(1(!+','!%1!3(!*'+5&$1(!+&$-5$(1(!/<!(!.(&5$&!*%!%33(<!
%1!3(-!B'&,(-!,'*%&1(-!*%!$1*$G$*#(+$P1<!%1!3(-!.&4+5$+(-!*%!3(!.-$2
9#$(5&8(<! %1! 3(-! B'&,(-! [#&8*$+(-! /! %1! 3(! B'&,(+$P1! *%! 3(! $*%15$*(*!
-%I#(36! W(-! .&4+5$+(-! (-'+$(*(-! (! 3(! $19#$%5#*! *%! -8! B#1+$'1(1! 5(15'!
+','!*$-.'-$5$G'!*%!1'&,(3$d(+$P1!+','!*%!%I5&(g(,$%15'!/!*(1!3#2
)(&<!%1!+'1-%+#%1+$(<!(!$1*$G$*#'-!5(15'!1'&,(3%-!+','!.%&G%&-'-6!
71! %3! +(.85#3'! +#(&5'! %I(,$1'! 3(! ';&(! *%! J$33$(,! K3(o%<! *'1*%! -%!
+'1+%15&(1! (3)#1'-! .&$1+$.$'-! .&'.#%-5'-! .'&! 3'-! &(15%&-! /! '5&(-!
0%&%[8(-!*%3!7-.8&$5#!W$;&%6!71!-#!B#-$P1!*%3!,$-5$+$-,'!(1(&9#$-5(!/!
*%3!3$;%&5(&$-,'!-%I#(3<!&%$G$1*$+(!3(!71%&)8(!+','!B#%&d(!+&%(*'&(!/!

RZ! !
(15$+$.(!3'-!.&$1+$.$'-!9#%!*%-(&&'33(&41!*%-.#>-!%3!\',(15$+$-,'!/!
j&%#*6!
73! +(.85#3'! 9#$15'! 3'! %,.3%'! %1! %3! )$&'! $15&'-.%+5$G'! 9#%! -#.'1%! %3!
\',(15$+$-,'6! :#! %I(35(+$P1! *%3! /'! +','! %15$*(*! +&%(5$G(! '&$)$1(3!
5',(!3'-!.&%+%.5'-!*%!$1*$G$*#(3$*(*!*%-(&&'33(*'-!%1!3(-!+'&5%-!&%2
1(+%15$-5(-!$5(3$(1(-<!3(-!1'+$'1%-!$3#-5&(*(-!*%3!)#-5'!/!3(!*$-5$1+$P1<!
/!3%-!*(!#1!$,.#3-'!1#%G'6!F3!,$-,'!5$%,.'<!B#%&d(!3(-!B&'15%&(-!*%!
3'!*$)1'!*%!&%.&%-%15(&-%!%1!%3!4,;$5'!*%3!F&5%6!F!5&(G>-!*%!3(!+(5%2
)'&8(! %-5>5$+(! *%! 3'! -#;3$,%! -%! (;&%! 3(! .#%&5(! (! 3(! -#;[%5$G$*(*! /! 3(!
1'G%*(*!9#%!%-5(33(&41!*%-.#>-!+'1!3(-!G(1)#(&*$(-6!D%&'!%-(!(.%3(2
+$P1!(!3(!-#;[%5$G$*(*!5&(%! +'1-$)'! +','!+'1-%+#%1+$(!%3!%-+%.5$+$-2
,'<! 3(! .&';3%,(5$d(+$P1! *%! 3(-! &%3(+$'1%-! +'1! %3! ,#1*'! /! +'1! 3'-!
'5&'-!/<!.'&!5(15'<!*%!3(!-%I#(3$*(*6!
73!+(.85#3'!-%I5'!3'!*%*$+'!(!]-+(&!J$3*%<!9#%!-$15%5$d(!%1!-#!';&(!3'-!
5%,(-!%I.#%-5'-!.'&!3'-!&',415$+'-!/!3'-!*%+(*%15%-k!.%&'!5(,;$>1!(!
-#!G$*(<!/(!9#%!-%!%1B&%15(!(!#1!.&'+%-'!.'&!-'*',8(!/!(3!%1+(&+%3(2
,$%15'! (! +(#-(! *%! -#! +'1*$+$P1! -%I#(36! :#! *%B%1-(! *%3! (,'&! )&$%)'!
-(+(!(!&%3#+$&!3(!*$-5(1+$(!9#%!%I$-5%!%15&%!3(!,'&(3!.()(1(!/!3(!G$+5'2
&$(1(<!3(!*$B%&%1+$(!%-%1+$(3!%15&%!3(! (&-!%&'5$+(!/!3(! -+$%15$(!-%I#(3$-6!
E','! :(*%! %1! -#! *8(<! &%$G$1*$+(! -#! -%I#(3$*(*! B&%15%! (! 3(! [#-5$+$(k!
+','!>3<!N%%&(!/!=$,(&+'<!*%-+#;&%!9#%!3(!3%/!/!3(![#-5$+$(!1'!-$%,.&%!
-'1!3'!,$-,'<!/!9#%!3(!G$*(!.&$G(*(!/!3(!.'385$+(!%-541!&%3(+$'1(*(-!*%!
B'&,(!815$,(6!
71!%3!+(.85#3'!->.5$,'!+'1-$*%&'!(3!*(1*$!+','!B$)#&(!*%!3(!h'*%&1$2
*(*!-%)C1!3(!+(&(+5%&$d(+$P1!9#%!0(+%!*%!>3!K(#*%3($&%<!.%&'!5(,;$>1!
+','! *$-5'&-$P1! *%! 3(! 1'&,(3$*(*! *%! )>1%&'! (3! $15&'*#+$&! G(3'&%-!
B%,%1$1'-!%1!#1!+#%&.'!,(-+#3$1'6!:#! .'>5$+(!*%! 3(!.%&-'1(3$*(*! /!
-#!+'1B#-$P1!)%1>&$+(!3%!G$1+#3(1!(!)%15%!+','!F11%!W$-5%&k!-#,(*(!
(!3(!$1*$-5$1+$P1!%15&%!3(!G$*(!/!%3!F&5%<!3%!#1%1!(!(&5$-5(-!+','!E3(#*%!
E(0#1<!3(!;(&'1%-(!73-(!G'1!j&%/5()2W'&$1)0'G%1!'!W(d3'!D%(&3,(16!
71! %3! C35$,'! +(.85#3'! %I(,$1'! 3'-! 5&(;(['-! *%! K';! j3(1()(1<!:#.%&2
G%&5!/!p6!@6!K(33(&*<!*'1*%!-%!.&%-%15(1!-%I#(3$*(*%-!9#%!+',.&',%2
5%1!3'-!38,$5%-!%15&%!.'&1')&(B8(<!5%+1'3')8(!/!.(5'3')8(6!h%*$(15%!%3!
KH:h<!3(!%I'B$3$(!'!3(!-$1B'&'B$3$(<!%-5'-!(&5$-5(-!-%g(3(1!+(,$1'-!1'2
G%*'-'-! 9#%! .#%*%1! *(&! 3#)(&! (! B'&,(-! '&$)$1(3%-! *%! %15%1*%&! %3!
-%I'!/!3(-!&%3(+$'1%-!.%&-'1(3%-6!

! RT!
e!
D(&(!0(+%&!3(!3%+5#&(!3'!,4-!+P,'*(!.'-$;3%<!0%!$15%15(*'!&%*#+$&!(3!
,81$,'!%3!1C,%&'!*%!+$5(-!/!*%!1'5(-!(3!.$%!*%!.4)$1(6!W(-!-%++$'1%-!
%1! 3(-! 9#%! -%! *$G$*%1! 3'-! +(.85#3'-! -$&G%1! (! %-%! ,$-,'! .&'.P-$5'<! /!
.#%*%1!#-(&-%!+','!4&%(-!*%!*%-+(1-'6!71!(3)#1(-!'+(-$'1%-!-#.'2
1%1!#1!+(,;$'!5%,45$+'<!.%&'!%1!'5&(-!1'6!7-!.'&!%-%!,'5$G'!.'&!%3!
9#%!1'!5$%1%1!585#3'!.&'.$'6!
D'&!'5&'!3(*'<!+#(1*'!0%!#5$3$d(*'!5%I5'-!%1!'5&'!$*$',(!0%!(g(*$*'!
3(!G%&-$P1!'&$)$1(3!(!-#!5&(*#++$P16!73!.&$1+$.(3!,'5$G'!%-!9#%!1'!-'/!
5&(*#+5'&<! /! *%! %-5%! ,'*'! .#%*%1! -#;-(1(&-%! 3'-! %&&'&%-! 9#%! 0(/(!
.'*$*'! +',%5%&! %1! ,$-! 5&(*#++$'1%-6! D%&'! 5(,;$>1! 0%! $1+3#$*'! (,2
;'-!$*$',(-!+#(1*'!0%!5&(;([(*'!+'1!%*$+$'1%-!;$3$1)n%-<!.'&9#%!,%!
.(&%+8(! #1! .'+'! (;-#&*'! $15&'*#+$&3'-! %1! #1(-! '+(-$'1%-! /! 1'! %1!
'5&(-6!71!+#(39#$%&!+(-'<!-$!5C<!*#&(15%!5#!3%+5#&(<!+'1-$*%&(-!$11%+%2
-(&$(!(3)#1(!*%!%33(-<!-$%,.&%!.#%*%-!';G$(&3(6!

RX! !
R6!7W!hq\=O\!WOK7\=ON]!

O!

i(/!.'+(-!B$)#&(-!9#%!9#%*%1!,4-!(3%[(*(-!*%3!%15'&1'!*%3!+$1$-,'!
*$')>1$+'! '! *%! 3(-! &%$G$1*$+(+$'1%-! 9#%%&6! :$1! %,;(&)'<! %3! ,(&9#>-!
*%!:(*%!5$%1%!3(!+'-5#,;&%!.%+#3$(&!*%!(.(&%+%&!(334!*'1*%!-%!,$&%6!
N'!-'3'!%-!%3!%[%,.3'!.%&B%+5'!*%!3'!9#%!:3'5%&*$[o!33(,(!+$1$-,'!-%2
g'&$(3<!-$1'!9#%<!(*%,4-<!/! +','! '+#&&%!+'1! %3!,$-,'! H$P)%1%-<!$12
(#)#&(! #1(! +'&&$%15%! 3$5%&(&$(6! D%&'! -#! $,.'&5(1+$(! G(! $1+3#-'! ,4-!
(334! *%! 3(! $1B3#%1+$(! +(.$5(3! 9#%! %[%&+%! -#! ';&(<! .&$,%&'! *%! ,(1%&(!
$1+'1B%-(!/!3#%)'!&%$G$1*$+(*(<!%1!3(-!-%1-$;$3$*(*%-!&',415$+(-!/!*%!
3(-! G(1)#(&*$(-! 0$-5P&$+(-6! 71! :(*%! %+3'-$'1(! 3(! G%&*(*%&(! O3#-5&(2
+$P16!W'!.(&(*P[$+'!%-!9#%<!(3!,$-,'!5$%,.'<!*%-(B8(<!5(15'!%1!-#!G$*(!
+','!%1!-#!';&(<!%3!'&*%1<!3(!1'&,(3$*(*!/!3(!*%+%1+$(6!F3!*%-+#;&$&2
-%!(!-8!,$-,'!B&%15%!(!#1![#d)(*'<!+','!#1!+&$,$1(3<!*%+$*%!0(+%&!*%3!
+&$,%1!%3!+%15&'!*%!-#!G$*(!/!3(!;(-%!*%!-#!,'&(36!E'1+$;%!#1(!>5$+(!
+&$,$1(3!*%3!$1*$G$*#'!-';%&(1'!9#%<!(15%-!*%!1%)(&!(!3'-!*%,4-<!1%2
+%-$5(!*%!%33'-!.(&(!-#!.&'.$(!(B$&,(+$P16!:'3'!(!5&(G>-!*%!3(!+&#%3*(*!
.#%*%!+'1-5&#$&-%!%3!/'!-4*$+'6!7-!#1!,'&(3$-5(!1%)(5$G'!.'&!1%+%-$2
*(*<! .#%-5'! 9#%! &%+'1'+%<! +','! H$P)%1%-<! :+0'.%10(#%&! '! N$%5d-2
+0%<!9#%!3(!(B$&,(+$P1!.%&-'1(3!33%G(<!*%!B'&,(!$1%G$5(;3%<!(!3(-!(B#%2
&(-!*%!3(!-'+$%*(*6!FC1!(-8<!*%+$*%!33%G(&!-#!*%+$-$P1!0(-5(!3(-!C35$,(-!
+'1-%+#%1+$(-6!
H'1(5$%1!%-!3$;%&5$1'<!;$-%I#(3<!*>-.'5(<!(5%'!B#&$;#1*'6!i%&%*%&'!*%!
#1(!(15$)#(!B(,$3$(<!3%!%*#+(1!+','!+'&&%-.'1*%!(!(3)#$%1!*%!'&$)%1!
(&$-5'+&45$+'r! 5'*'! 3%! .%&5%1%+%! .'&! *%&%+0'6! H#&(15%! 3'-! .&$,%&'-!
(g'-!*%!-#!G$*(!-%!+&8(!%1!%3!.(3(+$'!*%3!.&81+$.%!*%!E'1*><!#1!K'&;P1!
*%!-(1)&%!&%(3!.'+'!,(/'&!9#%!%3!B#5#&'!,(&9#>-6!715&%!%3!.&81+$.%!/!
3(!,(*&%!*%!:(*%!0(/!+$%&5'!.(&%15%-+'<!/!%-5(!%[%&+%!*%!$1-5$5#5&$d!*%!
(9#%3<!.'&!3'!9#%!G$G%1!%1!3(!,$-,(!B$1+(6!71!RLZZ<!+#(1*'!H'1(5$%1!
5$%1%!+#(5&'!(g'-!/!%3!.&81+$.%!'+0'<!-%!.&'*#+%!%3!.&$,%&!%1B&%15(2
,$%15'! +#/(-! +'1-%+#%1+$(-! ,(&+(&41! #1! (15%-! /! #1! *%-.#>-! %1! 3(!
G$*(!*%3!['G%1+8-$,'!,(&9#>-6!W'-!*'-!1$g'-!%-541!%1!%3![(&*81<!/!%3!
.&81+$.%!5$%1%!(3)'!%1!3(-!,(1'-6!H'1(5$%1!-%!*(!+#%15(!*%!9#%<!-%(!3'!
9#%!-%(<!%-%!';[%5'!%-!-#/'!/!3'!&%+3(,(6!:(35(!-';&%!E'1*>!/!%,.$%d(!

! RL!
(!)'3.%(&3%!3(!+(&(!/!%3!.%+0'!+'1!&(;$(<!5(15(!9#%!%-!1%+%-(&$(!3(!$12
5%&G%1+$P1! *%! G(&$'-! (*#35'-! .(&(! -%.(&(&! (! %-%! ,'+'-'! *%3! ['G%1!
.&81+$.%6! "#$d4! /(! (! 3'-! +#(5&'! (g'-! :(*%! -%(! +'1-+$%15%! *%! 9#%! 3(!
-(1)&%!*%!-#!(,$)'!%-!,4-!.#&(!9#%!3(!-#/(!/!9#%!%-'!3%!'5'&)(!#1(!
.'-$+$P1!,4-!(35(!%1!3(![%&(&9#8(!-'+$(3<!.'&!3'!9#%<!%1!+(-'!*%!9#%!1'!
9#$-$%&(!*%G'3G%&3%!3'!9#%!5$%1%<!1'!0(;&8(!1(*(!9#%!0(+%&6!F#19#%!3'!
,4-!.&';(;3%!%-!9#%!-%!5&(5%!*%!#1(!*$-.#5(!%15&%!+0$9#$33'-!9#%!1'!
3%G(15(1!#1!.(3,'!*%3!-#%3'6!
F0'&(!;$%1<!3(-!+'1-%+#%1+$(-!1'!-%!0(+%1!%-.%&(&r!%3!.%9#%g'!()&%2
-'&! %-! *%-5%&&(*'6! ^1(-! -%,(1(-! *%-.#>-! *%3! $1+$*%15%<! H'1(5$%1!
(;(1*'1(!D(&8-!/!-%!,#*(!(!FG$gP1!.(&(!G$G$&!%1!+(-(!*%!-#!(;#%3(!
.(5%&1(6!F338!3%!&%+$;%!#1(!+',$5$G(!*%!#1'-!G%$15%!(*#35'-!9#%!0(+%1!
&%G%&%1+$(-!(3!B#5#&'!0%&%*%&'!/!-%g'&!*%!3(!&%)$P16!D'*%,'-!$,()$2
1(&!3'-!%B%+5'-!9#%!-#.'1%!*$+0(!0#,$33(+$P1!'!,%['&<!%-(!*%,'-5&(2
+$P1! *%! -#,$-$P1! .'&! .(&5%! *%! 3'-! 1'5(;3%-! *%3! .#%;3'! *%! :(#,(1%<!
(15%!#1!1$g'<!1'!3'!'3G$*%,'-<!*%!+#(5&'!(g'-6!7-!+$%&5'!9#%!-%!3%!0(!
+(-5$)(*'<!.%&'!1'!%-!,%1'-!+$%&5'!9#%!0(!*%[(*'!*%!-%&!#1!.%d!.%2
9#%g'! %1! #1(!.%+%&(! )&(1*%! .(&(! -%&! #1! .%d! )&(1*%! %1! #1(! .%+%&(!
.%9#%g(6!:$!.'&!.(&5%!,(5%&1(!%-54!%,.(&%15(*'!+'1!5'*'-!3'-!)&(12
*%-!*%3!&%$1'<!.'&!.(&5%!*%!-#!.(*&%!%3!3$1([%!.#%*%!&(-5&%(&-%!0(-5(!
%3!-$)3'!AOO<!%15&%!3(!1';3%d(!.&'G%1d(36!N'!.#%*%!%I5&(g(&1'-!9#%!:(2
*%!*%-(&&'33%!#1!+(&4+5%&!5$&41$+'<!-$!5%1%,'-!%1!+#%15(!9#>!%-!3'!9#%!
3%!5&(1-,$5%!-#!%15'&1'!*%-*%!3(!$1B(1+$(r!-#!-(1)&%!%-!G$%[(<!-#!.'*%&!
%-!)&(1*%!/!3(!0#,(1$*(*!%-54!%1!3(!5$%&&(!.(&(!+#,.3$&!-#-!*%-%'-6!
h4-!(*%3(15%!G%&%,'-!+P,'!%-5(-!$*%(-!-%!*%-(&&'33(1!%1!-#!';&(!/!
+'1B'&,(1!-#!B$3'-'B8(!*%!3(!+&#%3*(*6!
:#!58'<!%3!(;(*!*%!:($152W%)%&!*s7;&%#$3!-%!0(+%!+(&)'!*%!3(!%*#+(+$P1!
*%3! 1$g'<! ,$%15&(-! -#! .(*&%! %[%&+%! *%! *$.3',45$+'! /! -#! ,(*&%! G$([%!
[#15'!(!-#!,(&$*'6!N'!-%!.#%*%!*%+$&!9#%!0(/(!,#+0'!(B%+5'!%1!3(!G$2
*(!*%3!.%9#%g'!H'1(5$%16!i(/!9#$%1!$1+3#-'!0(!+&%8*'!G%&!%1!%3!*%-2
(.%)'!*%!-#!,(*&%!3(!+(#-(! *%! 3(! ,$-')$1$(! B#&$;#1*(!9#%!*%-(&&'2
33(&4! (! 3'! 3(&)'! *%! -#! G$*(6! :#! %*#+(+$P1! .(-(! .'&! 3'-! [%-#$5(-<! %1!
D(&8-<!/!.'-5%&$'&,%15%!.'&!%3!%[>&+$5'<!+','!%-!0(;$5#(3!%1!3(!1';3%2
d(6!73!.&';3%,(!%-!9#%!-#!.(*&%<! %3! +'1*%!*%!:(*%! ?%3! 585#3'! +(,;$(!
G(&$(-!G%+%-!*%!+'1*%!(!,(&9#>-<!-$1!,'5$G'!(.(&%15%?!0(!*$3(.$*(*'!
)&(1!.(&5%!*%!3(!B'&5#1(!B(,$3$(&!/!1'!.#%*%!.%&,$5$&-%!%3!$1)&%-'!%1!
3'-!,%['&%-!&%)$,$%15'-<!+','!+(;&8(!%-.%&(&!*%!(3)#$%1!*%!-#!(;'2

RY! !
3%1)'6! 73! +'1*%! 0(! $15%15(*'! 0(+%&! +(&&%&(! %1! 3(! +'&5%<! /! 0(! 5%1$*'!
(3)C1!9#%!'5&'!.&';3%,(!+'1!3(!3%/6!73!3$;%&5$1([%!+'&&%!.'&!3(-!G%1(-!
*%!3(!B(,$3$(k!3'!*%3!*$1%&'!%-!*$B%&%15%6!
71! RLXS<! H'1(5$%1! .&'5()'1$d(! -#! .&$,%&! %-+41*(3'r! %3! $1+$*%15%!
=%-5(&*6!71!'+5#;&%<!G$([(!(!D(&8-!*%-*%!3(!&%-$*%1+$(!*%!-#-!-#%)&'-<!
+$1+'! ,%-%-! *%-.#>-! *%! +'15&(%&! ,(5&$,'1$'! +'1! \%1>%2D>3()$%! *%!
h'15&%#$36! W(! #1$P1! %-! *%! +'1G%1$%1+$(6! =&(-! #1! .(&! *%! (g'-! *%!
;C-9#%*(!$1B&#+5#'-(!*%!+(1*$*(5(-!%15&%!3(!1';3%d(!5&(*$+$'1(3<!33%2
)(!(!'8*'-!*%3!+'1*%!3(!%I$-5%1+$(! *%! #1(! ['G%1!0$[(!*%!#1! [#%d!/! *%!
#1(!%*(*!+%&+(1(!(!3(! *%! -#!0$['6! F! *$B%&%1+$(!*%! 3'-! :(*%<! 3'-! h'12
5&%#$3!-'1!1#%G'-!1';3%-<!B'&,(1!.(&5%!*%!(9#%33(-!B(,$3$(-!;#&)#%2
-(-!9#%!%1!3'-!C35$,'-!5$%,.'-!0(1!3')&(*'!%11';3%+%&-%6!7-5'!-#.'2
1%! #1! +'15&(5$%,.'! .(&(! 3'-! $15%&%-%-! *%! 3'-! :(*%<! -$%,.&%! 5(1!
(&&')(15%-<!.#%-5'!9#%!-$)1$B$+(!&%;([(&!-#!.&'.$(!1';3%d(!.%&'<!.'&!
'5&'!3(*'<!&%-#35(!$*%(3!*%-*%!#1!.#15'!*%!G$-5(!,4-!.&4+5$+'6!W'!9#%!
3%-!B(35(!*%!(15$)n%*(*!(&$-5'+&45$+(!3'!+',.%1-(1!+'1!*$1%&'!/!;#%2
1(-!&%3(+$'1%-!%1!3(!+'&5%6!73!['G%1!H'1(5$%1!5$%1%!B(,(!*%!3$;%&5$1'<!
.%&'!5(,;$>1!;#%1!.'&5%<!%-!*%!5&(5'!()&(*(;3%!/!.'-%%!#1(!+#35#&(!
%1+$+3'.>*$+(6!F*%,4-!&%+$;%!#1(!&%15(!*%!#1(-!*$%d!,$3!3$;&(-!(1#(2
3%-!/!%-!%3!0%&%*%&'!*%!G(&$(-!.&'.$%*(*%-!%15&%!3(-!9#%!-%!+#%15(!%3!
+(-5$33'!*%!W(!E'-5%!'!#1(!B$1+(!%1!F&3%-6!W(-!G%15([(-!.(&(!(,;(-!B(2
,$3$(-! -'1! %G$*%15%-r! 3'-! h'15&%#$3! (.'&5(1! %3! +(.$5(3! /! 3'-! :(*%! %3!
.(&%15%-+'!+'1!3(!&%(3%d(6!D(&(!%3!+'1*%! 0(/!#1(!G%15([(! (g(*$*(<!/!
%-!9#%!-%!3$;&(!*%!-#!0$['6!
H'1(5$%1<!(!.%-(&!*%!-#!,(3(!&%.#5(+$P1<!,#/!.&'15'!+'19#$-5(!(!-#!
-#%)&(<! +'1'+$*(! +','! 3(! D&>-$*%15%! *%! h'15&%#$3<! )&(+$(-! (! -#! %12
+(15'6! 733(! -%&4! 3(! .%&-'1(! ,4-! $,.'&5(15%! %1! -#! G$*(6! F3! ,%1'-! %-!
%33(!9#$%1!-%33(!-#!*%-5$1'<!.(&(!3'!;#%1'!/<!-';&%!5'*'<!.(&(!3'!,(3'6!
D>3()$%!%-!#1(!['G%1!B%(<!;([$5(!/!+'1!.'+(!+3(-%<!%1%,$)(!*%!3'-!%I+%2
-'-! /! 3(-! *%3$+(*%d(-! *%! 3(! (&$-5'+&(+$(<! .%&'! +'1! #1(! +(.(+$*(*! *%!
&%-$-5%1+$(!*$)1(!*%!(*,$&(+$P16!:'3'!#1(!.%&-'1(!+'1!-#-!+#(3$*(*%-!
-%&8(!+(.(d!*%!()#(15(&!.&$,%&'!(!-#!,(*&%!/!*%-.#>-!(!-#!,(&$*'<!(!
9#$%1!1'!+'1'+%&4!0(-5(!%3!*8(!(15%&$'&!(!-#!;'*(6!H#&(15%!3'-!,%-%-!
9#%!-$)#%1!(3!%13(+%!*(!3(!$,.&%-$P1!*%!9#%!H'1(5$%1!0(!-%15(*'!3(!
+(;%d(<! .%&'! %-(! -%1-(+$P1! 1'! *#&(! ,4-! (334! *%! -#! .&$,%&! G$([%! (!
D(&8-6!

! RQ!
F338! +'15&(5(! 3'-! -%&G$+$'-! *%! #1(! ['G%1! .&'-5$5#5(! 33(,(*(! p%(11%!
=%-5(&*<!(!3(!9#%!'B&%+%!3(!-#+#3%15(!+(15$*(*!*%!+#(&%15(!/!'+0'!3$2
;&(-6!m$([(1!%1!+(&&#([%!0(-5(!3(-!*%.%1*%1+$(-!9#%!%3!,(&9#>-!5$%1%!
(39#$3(*(-!/<!#1(!G%d!(338<!%-5%!3%!.&%)#15(!.'&!-#!B%<!(!3'!9#%!%33(!+'12
5%-5(!9#%!+&%%!%1!H$'-<!%1!p%-C-!/!%1!3(!m$&)%16!W(!&%-.#%-5(!%1B#&%+%!
(! H'1(5$%1<! 9#%! &%(++$'1(! ;3(-B%,(1*'! /<! .(&(! *%,'-5&(&! 9#%! H$'-!
1'!%I$-5%<!-%!,(-5#&;(!/!%/(+#3(!%1!#1!+43$d6!7,.#[(!(!3(!(5%&&'&$d(*(!
,#+0(+0(! (! '5&(! 0(;$5(+$P1<! %1! +#/(-! .(&%*%-! +#%3)(1! #1(! -%&$%! *%!
(d'5%-<!)&(;(*'-!*%!5%,45$+(!&%3$)$'-(<!+&#+$B$['-!/!34,$1(-!';-+%1(-6!
73!,(&9#>-!.$*%!(!=%-5(&*!9#%!+(3$%15%!#1!)(5'!*%!-$%5%!+'3(-!/!3'!B3(2
)%3%!+'1!>3<!5&(-!3'!+#(3!>3!0(&4!3'!,$-,'!+'1!%33(6!W(!['G%1!-%!1$%)(6!
715'1+%-<! >3! -%! ,(-5#&;(! -';&%! #1! +&#+$B$['! /! .$-'5%(! '5&'<! '&*%1(!
9#%!%33(!0()(!3'!,$-,'!/!3(!(,%1(d(!*%!,#%&5%<!%,.#g(1*'!3(!%-.(2
*(!/!-%g(3(1*'!*'-!.$-5'3(-!9#%!0(/!%1+$,(!*%!#1(!,%-(t!F-8!.(-(!
3(!1'+0%6!E#(1*'!33%)(!3(!,(g(1(<!%3!,(&9#>-!.&%5%1*%!-'*',$d(&!(!
=%-5(&*<! .%&'! %33(! -%! 1$%)(! 5(,;$>1! (! %-5'6!:(*%! 0(+%! .&',%5%&! (! 3(!
,#+0(+0(!9#%!-%!%1+'15&(&41!%3!*',$1)'!-$)#$%15%!.(&(!$&!(!3(!$)3%2
-$(! /! &';(&! *'-! 0'-5$(-! +'1-()&(*(-! 9#%! %,.3%(&41! %1! -#-! (+5'-!
-%I#(3%-!/!-(+&83%)'-6!
71!+#(15'!-#!(3+(0#%5(!3(!&%+')%<!(,;(-!-%!*$&$)%1!(!3(!.'3$+8(!/!*%2
1#1+$(1!(3!,(&9#>-6!73!$1-.%+5'&!h(&($-!(&&%-5(!(!:(*%!*$%d!*8(-!*%-2
.#>-<!/!3%!%1+$%&&(1!%1!#1!+(3(;'d'!*%!3(!.&$-$P1!&%(3!*%!m$1+%11%-6!F!
.%-(&!*%!3'-!,(35&(5'-!(!3'-!9#%!-',%5%!(!=%-5(&*<!3'-!C1$+'-!+(&)'-!
*%!3'-!9#%!-%!3%!(+#-(!-'1!`;3(-B%,$(!%!$1+$5(+$P1!(3!-(+&$3%)$'a!uD3%-2
-$I! @&(/! VUUVr! RRSv6! :'1! +(&)'-! ,#/! -%&$'-<! 0(-5(! 5(3! .#15'! 9#%! -%!
+'1*%1(1! +'1! 3(! ,#%&5%<! -(3G'! 9#%! -%! .%&5%1%d+(! (! 3(! (&$-5'+&(+$(!
,4-!(35(6!7-5(!%I.%&$%1+$(!-%!-(3*(!+'1!5&%-!-%,(1(-!*%!.&$-$P1<!)&(2
+$(-!5(15'!(!-#!.(*&%!+','!(!-#-!-#%)&'-<!.%&'!3(-!+'1-%+#%1+$(-!9#%!
5$%1%!%1!%3!['G%1!,(&9#>-!-'1!,#+0'!,4-!$,.'&5(15%-!/!*#&(*%&(-6!
71!.&$,%&!3#)(&<!:(*%!-%!*%-+#;&%!(!-8!,$-,'!+','!#1!+&$,$1(36!N'!
%-!9#%!-#-!.&4+5$+(-!-%(1!(1'&,(3%-!*%15&'!*%!-#!+'15%I5'!-'+$(3<!.%2
&'!0(!5%1$*'!3(!,(3(!-#%&5%!*%!9#%!.&'-.%&%!#1(!*%1#1+$(!+'15&(!>36!
D'&!'5&'!3(*'<!3(!B&(19#%d(! (3! %I.&%-(&!-#! (5%8-,'! *%! B'&,(!(;$%&5(!
-'3'! .#%*%! +(3$B$+(&-%!*%! %-5#.$*%d6! :$! ;$%1! %-! +$%&5'! 9#%! *#&(15%! %3!
-$)3'! AmOOO!%3!+&$-5$(1$-,'!G(!&%+#3(1*'!%15&%!3(-!)%15%-!+#35$G(*(-<!1'!
3'!%-!,%1'-!9#%!%-(-!,$-,(-!)%15%-!-%!)#(&*(1!,#+0'!*%!%,$5$&!-#-!
'.$1$'1%-!%1!.C;3$+'6!f(!0%,'-!G$-5'!.'&!9#>6!71!-%)#1*'!3#)(&<!:(2

VU! !
*%!,#%-5&(!-#!G%&*(*%&'!+(&4+5%&!(!5&(G>-!*%!3(-!+(&5(-!9#%!*$&$)%!(!
3(-!(#5'&$*(*%-6!71!%33(-!-%!0#,$33(<!-%!&%.3$%)(!/!&#%)(!9#%!.%&,$5(1!
(!-#!%-.'-(!9#%!3'!G$-$5%6!W(!.';&%!D>3()$%!1$!-$9#$%&(!-(;%!3'-!,'5$2
G'-!.'&!3'-!9#%!-#!,(&$*'!%-54!%1+%&&(*'6!:#!,(*&%!3(!5$%1%!(!'-+#2
&(-6!='*(G8(!5&(5(!(!-#!/%&1'!+','!-$!B#%&(!#1!0$['6!='*(G8(6!
F!.%-(&!*%3!&%G#%3'!3%G(15(*'!.'&!%3!$1+$*%15%!=%-5(&*<!3(!D&>-$*%15%!
+'15$1C(! .%1-(1*'! 9#%! -%! 5&(5(! *%! 3'+#&(-! *%! [#G%15#*! 9#%! 1'! 5(&2
*(&41!%1!.(-(&<!/!9#%!-$)#%!-$%1*'!;%1%B$+$'-'!.(&(!3'-!h'15&%#$3!%3!
.(&%15%-+'! +'1! 3'-! :(*%6! =&(-! -#! 3$;%&(+$P1<! %3! ,(&9#>-! .(-(! (! #1(!
%-.%+$%!*%!3$;%&5(*!G$)$3(*(<!(!+(&)'!*%!h(&($-<!%1!3(!&%-$*%1+$(!-'3(2
&$%)(!*%!-#-!-#%)&'-6!715'1+%-!D>3()$%!-%!9#%*(!%,;(&(d(*(6!D'&!#1!
5$%,.'!5'*'!.(&%+%!$&!;$%1<!.%&'!1'!5(&*(1!%1!G'3G%&!3'-!.&';3%,(-!/!
3(-! *$-.#5(-! B(,$3$(&%-6! \%-#35(! 33(,(5$G'! %3! 0%+0'! *%! 9#%! H'1(5$%1!
%1+#%15&%!,4-!(B%+5'!%1!-#!B(,$3$(!.'385$+(!9#%!%1!-#!B(,$3$(!+(&1(3<!
+',.#%-5(!*%!$1*$G$*#'-!%)'8-5(-!/!3$;%&5$1'-!$1+(.(+%-!*%!,'G%&!#1!
*%*'!.'&!(/#*(&!(!-#!0%&%*%&'6!=(15'!-#!.(*&%!+','!-#!58'!%3!(;(*!
.(&%+%1!(1-$'-'-!.'&!3$;&(&-%!*%!#1!.(&$%15%!9#%!1'!(.'&5(!(!3(!B(,$2
3$(!,4-!9#%!*$-)#-5'-<!+','! -$! %33'-!,$-,'-!1'! +',%5$%&(1!3'-!,$-2
,'-!.%+(*'-6!F3)'!*%!&%;%3*8(!+'15&(!%-(!B(,$3$(!*%-(.%)(*(!.#%*%!
-%&! 3(! +(#-(! *%! 9#%! %1! RLXT<! (! 3(! ,#%&5%! *%! -#! .(*&%<! H'1(5$%1! 1'!
+(,;$(&(!-#!585#3'!*%!,(&9#>-!.'&!%3!*%!+'1*%<!+','!%&(!5&(*$+$P16!]!
9#$d4<!+','!-%g(3(!D3%--$I!@&(/<!(3!-%)#$&!-$%1*'!%3!,(&9#>-!*%!:(*%!
,(15%1*&8(!3(!$3#-$P1!*%!9#%!(C1!%I$-58(!%3!+'1*%6!F#19#%!5'*'!%-5'!
%-!.#&(!%-.%+#3(+$P16!
71!RLXY!5$%1%!3#)(&!%3!-$)#$%15%!%-+41*(3'r!%3!$1+$*%15%!w%33%&6!73!S!*%!
(;&$3<!(!3(!-(3$*(!*%!#1(!$)3%-$(!*%!D(&8-<!%3!,(&9#>-!'B&%+%!*'-!3$;&(-!(!
#1(! $1*$)%15%<! 33(,(*(! \'-%! w%33%&<! .'&! (+',.(g(&3%! (! +(-(! /! *(&3%!
5&(;(['! *%! -$&G$%15(6! W(! 33%G(! (! #1(! +(-(! 9#%! 5$%1%! (39#$3(*(! %1! F&2
+#%$3!/!(338!3%!%I$)%!9#%!-%!*%-1#*%<!3(!(d'5(!/!3%!B&$%)(!3(-!0%&$*(-!+'1!
+%&(!*%&&%5$*(6!E#(1*'!3(!,#[%&<!(5%&&'&$d(*(<!3%!)&$5(!9#%!5%,%!,'2
&$&!-$1!0(;%&!+#,.3$*'!3(-!';3$)(+$'1%-!*%!D(-+#(<!:(*%!3%!)&$5(!9#%!>3!
,$-,'! 3%! .#%*%! 0(+%&! *%! +'1B%-'&6! h$%15&(-<! +'15$1C(! (d'541*'3(!
0(-5(!(3+(1d(&!%3!'&)(-,'6!W%!*(!()#(!.(&(!3(G(&-%<!3%!*(!+(&1%<!.(1!/!
G$1'!.(&(!+%1(&!/!3(!%1+$%&&(!+'1!3(!.&',%-(! *%!3$;%&(&3(!.'&!3(!1'2
+0%6!D%&'!w%33%&!%-+(.(!-(35(1*'!.'&!3(!G%15(1(!/!%-+(3(1*'!#1!,#&%2
5%! 9#%! &'*%(! 3(! .&'.$%*(*6! 73! (/#*(15%! *%! +4,(&(! *%3! ,(&9#>-! 3(!
.%&-$)#%!/!3%!'B&%+%!*$1%&'!-$!G#%3G%6!733(!1'!3'!(+%.5(<!+3(&'6!W3%)(!(3!

! VR!
.#%;3'!/!#1(-!,#[%&%-!3(!33%G(1!(!G%&!(!#1!(;')(*'<!*%!(08!(!3(!.'3$+8(!
/!(3!,>*$+'6!D(&(!+#(1*'!*%+3(&(!(15%!%3![#%d<!:(*%!/(!%-54!*%!G#%35(!
%1!D(&8-!+'1!-#!-%g'&(!/!3(!B(,$3$(!*%!%-5(<!+','!-$!1(*(!0#;$%&(!'+#2
&&$*'6!
F3!+(;'!*%!#1'-!*8(-!33%)(!(!'8*'-!*%!3'-!h'15&%#$3!3(!C35$,(!.%&$.%+$(!
*%3!,(&9#>-6!7-5(!G%d!1'!'+#35(!1(*(!(!-#!,#[%&<!9#%!-%!+'1G$%&5%!(!
.(&5$&!*%!%-%!,',%15'!%1!-#!*%B%1-'&(!,4-!B%&'d6!@&(+$(-!(!%33(!/!(!3(!
D&x-$*%15%<! #1! (;')(*'! /! %3! (;(*! F,;3%5! ?C1$+(! B$)#&(! .(5%&1(! *%!
:(*%!(3%[(*(!*%3!3$;%&5$1([%?!1%)'+$(1!+'1!3(!G8+5$,(!#1(!+',.%1-(2
+$P1! %+'1P,$+(6! w%33%&! &%5$&(! 3'-! +(&)'-! *%-.#>-! *%! &%+$;$&! #1! 5'5(3!
*%!*'-!,$3!-%$-+$%15(-!3$;&(-<!#1(!+$B&(!1(*(!*%-.&%+$(;3%6!D%&'!1'!5'2
*'!.#%*%!-(3*(&-%!+'1!*$1%&'<!9#%*(1!3(-!+#%-5$'1%-!*%!0'1'&6!F!$1-2
5(1+$(-!*%!3(!D&x-$*%15%<!-#!,(&$*'!+'1-$)#%!9#%!%3!&%/!B$&,%!#1(!3%52
5&%! *%! +(+0%5<! %-! *%+$&<! #1(! +(&5(! -%33(*(! %1! 3(! 9#%! (-#,%! 3(!
[#&$-.&#*%1+$(!*%3!+(-'!*%!:(*%6!:%!5&(5(!*%!#1(!,(1$';&(!58.$+(!*%!3(!
1';3%d(!*#&(15%!%3!&%$1(*'!*%!W#$-! Am<!.#%-5'!9#%!>3!-%!,#%-5&(!,4-!
+'1*%-+%1*$%15%! +'1! 3'-! %-+41*(3'-! -%I#(3%-! *%! 3'-! 1';3%-! 9#%! 3'-!
5&$;#1(3%-!'&*$1(&$'-<!B'&,(*'-!%1!-#!,(/'&8(!.'&!;#&)#%-%-!0(&5'-!
*%!3(!.%&,$-$G$*(*!+'1!9#%!-%!5&(5(!(!3(!(&$-5'+&(+$(6!D'&!-#%&5%!.(&(!
%3!,(&9#>-<!-%!3%!5&(-3(*(!(!3(!.&$-$P1!&%(3!*%!:(#,#&<!(!,4-!*%!5&%-2
+$%15'-!o$3P,%5&'-!*%!D(&8-<!/!*#&(15%!%3!G$([%!3%!(+',.(g(!-#!(,$)'!
%3!(;(*!F,;3%5<!%1!3#)(&!*%!#1(!+',$5$G(!.'3$+$(36!
]5&(!+(&(+5%&8-5$+(!*%!3(-!3%55&%-!*%!+(+0%5!%-!9#%!3(!+'1*%1(!*%.%1*%!
%I+3#-$G(,%15%! *%! 3(! G'3#15(*! *%3! &%/6! 7-5'! .#%*%! -%&! ;%1%B$+$'-'!
.(&(!%3!&%'<!'!&%-#35(&3%!1%B(-5'6!N'!-%&8(!%3!.&$,%&!+(-'!%1!%3!9#%!%3!
.'*%&!*$G$1'!*%3!&%/!-%!*%,#%-5&(!%1+%&&(1*'!(!#1!%1%,$)'!*%!.'&!
G$*(6!F*%,4-<!3(!*#&(+$P1!*%!3(!+'1*%1(!%-!$,.&%*%+$;3%<!(-8!9#%!-'3'!
9#%*(!+'1B$(&!%1!3(!;'1*(*!$1B$1$5(!*%!-#!,([%-5(*6!=(15'!-#!B(,$3$(!
+','!:(*%!+&%%1!9#%!3(!-$5#(+$P1!%-54!+'15&'3(*(!/!9#%!%3!+(-5$)'!1'!
-%&4! ,4-! 9#%! #1(-! -%,(1(-! %1! .&$-$P1<! .%&'! -%! %9#$G'+(16! 73! ,(&2
9#>-! -$)#%! +&%/%1*'! 9#%! %-! $15'+(;3%! /! 9#%! (d'5(&! (! #1(! B#3(1(! %-!
#1(!1$,$%*(*!9#%!1'!,%&%+%!5(15'!&%G#%3'6!F3!B$1!/!(3!+(;'<!b*%!.(&5%!
*%!9#$>1!G(!(!.'1%&-%!+#(39#$%&(<!*%!3(!*%!#1(!.#5(!'!*%!3(!*%!#1!-%2
g'&!+'1!3(!-(1)&%!,4-!.#&(!*%!j&(1+$(!*%-.#>-!*%!3(!B(,$3$(!&%(3c!7-%!
%-!-#!%&&'&6!73!+(-'!33%)(!(!3(!+4,(&(!.%1(3!*%3!.(&3(,%15'<!9#%!*%+$2
*%!$15%&G%1$&!(#19#%!%3!(+#-(*'!/(!%-5>!%1+%&&(*'6!

VV! !
H'1(5$%1!-%!0(+%!B(,'-'!%1!+#%-5$P1!*%!*8(-<!/!5'*'!%3!.(8-!+'1'+%!-#!
C35$,(!(G%15#&(6!F*%,4-<!3(!%1%,$-5(*!*%!-#!-#%)&'!+'1!%3!.&%-$*%12
5%!*%3!.(&3(,%15'!*%!D(&8-!/!3(!,(3(!+'1-$*%&(+$P1!%1!3(!9#%!0(!+(8*'!
%3!(.%33$*'!:(*%!?*%!3(!9#%!-#!.(*&%!5$%1%!5(15(!+#3.(!+','!>3<!'!,4-?!
1'!0(+%1!-$1'!+'1G%&5$&!(3!,(&9#>-!%1!3(!.%&B%+5(!G8+5$,(!-(+&$B$+$(36!
N(*$%!*#*(!*%!-#!)&(1*%d(<!.%&'!5(,.'+'!*%! 3(!.>&*$*(!*%!.'*%&! /!
*%!+(.$5(3!9#%!0(!-#B&$*'!3(!B(,$3$(6!7-!,4-<!1$!-$9#$%&(!-#-!+&8,%1%-!
-'1!*%-5(+(;3%-!*%15&'!*%3!(,;$%15%!3$;%&5$1'<!.%&'!3'!9#%!*$B%&%1+$(!
(!:(*%!*%!3'-!*%,4-!%-!9#%!>3!(+5C(!-'3'6!H%!&%.%15%<!%-5(33(!3(!;#&;#2
[(!-%g'&$(3!%1!3(!9#%!G$G%6!D(-(!*'-!-%,(1(-!%1!:(#,#&<!*'1*%!5$%1%!
5'*(!+3(-%!*%!.&$G$3%)$'-<!/!%3!&%/!'&*%1(!-#!5&(-3(*'!(!D$%&&%271+$d%<!
+%&+(! *%! W/'16! 71! [#1$'! .&%-5(! *%+3(&(+$P1! /! 1$%)(! 0(;%&! +'&5(*'! (!
w%33%&<!/!(-%)#&(!9#%!%3!#1)n%15'!+'1!%3!9#%!3(!#15P!-%&G8(!.(&(!+#&(&!
3(-!0%&$*(-6!73!.%&$5([%!,>*$+'!3'!+'1B$&,(<!/!%3!5%-5$,'1$'!*%!w%33%&!
9#%*(!%1!%15&%*$+0'6!^1(!G%d!,4-<!H'1(5$%1!-%!3$;&(6!71!'5'g'!.()(!
#1(!,#35(!*%!+$%1!3$;&(-!/!9#%*(!%1!3$;%&5(*6!
W(!*%!-#!$15'+(;$3$*(*!1'!%-!3(!C1$+(!;#&;#[(!9#%!0(!%-5(33(*'<!5(,2
;$>1!3'!0(+%!3(!*%3!(1'1$,(5'6!73!,(&9#>-<!(!.(&5$&!*%!%-5%!,',%15'<!
5$%1%!#1(!$,()%1!3%)%1*(&$(<!*%!(&$-5P+&(5(!3$;%&5$1'!/!+&#%3<!9#%!33%2
)(! 0(-5(! 1#%-5&'-! *8(-6! F#19#%! 1'! *%[(! *%! -%&! %-'<! 3%)%1*(&$(6! W(-!
&%(++$'1%-!*%!3(!1';3%d(!(3!(-#15'!w%33%&!-'1!5$;$(-!/!+'1*%-+%1*$%12
5%-<!/(!9#%!1'!-%!G%1!,#/!3%['-!*%!:(*%6!W(-!*%!3(!+(*(!G%d!,4-!.'*%2
&'-(!;#&)#%-8(!G(1!%1!-%15$*'!+'15&(&$'6!7-5%!%.$-'*$'!+'15&$;#/%!(!
+(3%15(&!3'-!41$,'-!+'15&(!#1(!(&$-5'+&(+$(!5'*'.'*%&'-(!9#%!.#%*%!
-(3$&!$1*%,1%!*%!+(-$!+#(39#$%&!+&$,%1!+'1!5(3!9#%!5%1)(!%3!1',;&%!/!
%3!*$1%&'!-#B$+$%15%6!H$+0'!*%!'5&'!,'*'r!.&%.(&(!%3!+3$,(!*%!3(!\%G'2
3#+$P16!
D%&'!%3!*$1%&'!5(,.'+'!3%!-';&(!(3!,(&9#>-6!F!+(#-(!*%!-#!C35$,(!+'2
&&%&8(<! -#-! -#%)&'-! $1G%-5$)(1! -#! -$5#(+$P1! B$1(1+$%&(! /! *%-+#;&%1!
9#%!%-54!(3!;'&*%!*%!3(!&#$1(6!7-'!1'!$,.$*%!9#%!%1!%3!+(-5$33'!*%!W(!
E'-5%!-%!'&)(1$+%1!B$%-5(-!B(-5#'-(-!(!3(-!9#%!(+#*%<!(3!1%)(&-%!)&(1!
.(&5%!*%!3(!1';3%d(<!3(!;#&)#%-8(!*%!3(!d'1(6!O&'18(-!*%!3(!G$*(<!3'-!3$2
;%&5$1'-!1'!9#$%&%1!9#%!-%!3%-!G%(!+'1!:(*%<!,$%15&(-!9#%!3'-!.#&$5(2
1'-! (+#*%1! (! 3'-! -(&('-! 9#%! '&)(1$d(<! %15&%! 3'-! 9#%! *%-5(+(! 3(! 9#%!
-%&4!3(!G%&*(*%&(!.(-$P1!*%3!,(&9#>-r!%3!5%(5&'6!H%!0%+0'<!*%!0(;%&!
+'&&$*'! '5&(! -#%&5%<! .#%*%! 9#%! :(*%! 1'! 0#;$%&(! -$*'! 1'G%3$-5(<! -$1'!

! VS!
*&(,(5#&)'!/<!-%)#&(,%15%<!1'!)'d(&8(!*%!3(!B(,(!*%!3(!9#%!)'d(!0'/!
%1!*8(6!O1+3#-'!33%)(!(!+'1-5&#$&!#1!5%(5&'!%1!W(!E'-5%6!
71!%3!5$%,.'!9#%!-$)#%!(!-#!C35$,'!%1+$%&&'<!3'-!:(*%!$15%15(1!&%+#2
.%&(&!-#!;#%1!1',;&%6!D>3()$%!*(!(!3#d!(!-#!-%)#1*'!0$['<!&%5',(1!3(!
G$*(!-'+$(3!%1!D(&8-!/!H'1(5$%1!G#%3G%!(3!%[>&+$5'<!(#19#%!3'!(;(1*'2
1(!.&'15'6!73!+',(1*(15%!*%!-#!&%)$,$%15'!0(!(3%++$'1(*'!(!3'-!-#;2
(35%&1'-!*%3!+(.$541!:(*%!.(&(!9#%!1'!+#,.3(1!-#-!P&*%1%-6!71!RLLR<!
-$1! %,;(&)'<! 3')&(! #1! .#%-5'! *%! 'B$+$(3! *%! +(;(33%&8(! )&(+$(-! (! -#!
(,$)'!%3!.&81+$.%!*%!E'1*>6!W'!$,.'&5(15%!*%!%-5%!0%+0'!%-!9#%<!.(&(!
+'1-%)#$&! %3! .#%-5'<! 1%+%-$5(! 9#%! %3! .&'.$'! &%/! B$&,%! 3(! .%5$+$P16! 7-!
*%+$&<!(!'['-!*%3!,'1(&+(<!%-54!&%0(;$3$5(*'6!F!.%-(&!*%!%33'<!H'1(5$%1!
-%!G%!%1!3(!';3$)(+$P1!*%!G%1*%&!*$+0'!+(&)'!(!+(#-(!*%!#1(-!*%#*(-!
$1(-#,$;3%-<!/!.(-(!G(&$(-!-%,(1(-!%1!.&$-$P1<!5&(-!3'!9#%!*%+$*%!$1-2
5(3(&-%!%1!W(!E'-5%!+'1!-#!%-.'-(!/!-#-!/(!5&%-!0$['-6!
7-5%!+(-5$33'!.&'G%1d(3!%-!.(&(!:(*%!#1(!%-.%+$%!*%!C35$,'!&%B#)$'6!7-!
*%!(338!*%!*'1*%!-#&)%!-#!3$1([%!/!%-!(3!3#)(&!(3!9#%!G#%3G%!+#(1*'!%12
+#%15&(! .&';3%,(-6! D%&'! 3'-! .&';3%,(-! G(1! (! ;#-+(&3%! (338! ,$-,'<!
%1+(&1(*'-!%1!-#!+#g(*(!F11%2D&'-.x&%!*%!W(#1(/6!W3%)(!(!W(!E'-5%!
-'3'! #1(-! -%,(1(-! *%-.#>-! *%! 9#%! 3'-! :(*%! -%! $1-5(3%1! (3386! \%+$>1!
-(3$*(!*%3!+'1G%15'<!['G$(3<!0%&,'-(!/!;$%1!%*#+(*(<!(!3'-!G%$15%!(g'-!
%-!5'*'!3'!+'15&(&$'!9#%!D>3()$%6!F#19#%!1'!-%!+'1-%&G(!1$1)#1(!+'2
&&%-.'1*%1+$(!%15&%!F11%!/!%3!,(&9#>-<!-(;%,'-!9#%!,(15$%1%1!#1!
$*$3$'6!N'!.#%*%!*%5%&,$1(&-%!-$!-%!)%-5(!*#&(15%!-#!+'1G$G%1+$(!'!-$<!
+','!-%g(3(1!(3)#1'-!%-5#*$'-'-<!G$%1%!*%!G$-$5(-!(15%&$'&%-6!W'!9#%!
-8! %-! %G$*%15%! %-! 9#%! F11%! %I+$5(! (3)#1(-! *%! 3(-! B(15(-8(-! *%3! ,(&2
9#>-<!B(15(-8(-!9#%!3#%)'!-%&41!%-%1+$(3%-!%1!-#!';&(r!3(! G$&)$1$*(*<!
3(!&%3$)$'-$*(*<!%3!(*#35%&$'!'!%3!$1+%-5'6!
F!3'-!%I+%-'-!%+'1P,$+'-!9#%!3'-!:(*%!33%G(1!(!+(;'!%1!3(!+',$*(!/!%3!
G%-5$*'!0(/!9#%!-#,(&!9#%!%3!,(&9#>-!,'15(!#1(!+',.(g8(!5%(5&(3!
%1!-#!&%-$*%1+$(<!+'1!#1!.&')&(,(!,#/!(,.3$'6!D(&(!.'*%&!B$1(1+$(&!
%-5(! 1#%G(! %,.&%-(! ?'! 3'+#&(<! +','! .%1-(&4! 3(! D&x-$*%15%?<! H'1(2
5$%1!/!-#!(/#*(15%!*%!+4,(&(!G$([(1!(!h(&-%33(6!F338!5$%1%!3#)(&!%3!5%&2
+%&! %-+41*(3'<! %3! 9#%! 3%! 33%G(&4! (! .(-(&! 3(! ,(/'&! .(&5%! *%! 3'! 9#%! 3%!
9#%*(!*%!G$*(!%1!.&$-$P1!'!%1!%3!-(1(5'&$'6!:%!5&(5(!*%!3(!)&(1*%!(BB($2
&%<!%3!)&(1!+(-'6!N(*(!,4-!33%)(&!(!3(!+$#*(*<!:(*%!/!W(5'#&!-%!*%*$+(1!
(!;#-+(&!.&'-5$5#5(-!9#%!-(5$-B()(1!3'-!(.%5$5'-!*%3!,(&9#>-!/<!*%!.(2

VZ! !
-'<! 3'-! *%! -#! +&$(*'! ,4-! B$%36! ^1'-! .'+'-! *8(-! *%-.#>-<! +'15&(5(1! %3!
-%&G$+$'!*%!+#(5&'![PG%1%-<!*%!%15&%!*$%+$'+0'!/!G%$15$5&>-!(g'-<!/!'&2
)(1$d(1!#1(!B$%-5(!%1!+(-(!*%!#1(!*%!%33(-6!
71!3(!.&$,%&(!%-+%1(<!:(*%!B3()%3(!(! h(&$(11%!/!,(-5#&;(! (!W(5'#&<!
-%!0(+%!(d'5(&!+'1!#1!B3()%3'!B'&,(*'!.'&!#1!&'33'!*%!.%&)(,$1'!+#2
;$%&5'! *%! +3(G'-! *';3(*'-<! .%&'! 3(! ,#+0(+0(! 1'! .#%*%! *(&! ,4-! *%!
*'-!)'3.%-<!5&(-!3'!+#(3!-%!-#-5$5#/%!.'&!#1(!%-+';(6!:%!3%!'B&%+%1!.(-2
5$33%-!y!3(!\$+0%3$%#<!%-!*%+$&<!.(-5$33(-!*%!+(154&$*(!'!,'-+(!*%!7-.(g(!
+#;$%&5(-! *%! (dC+(&6! 733(! 5',(! #1(-! .'+(-<! .%&'! 1'! 3(-! -#B$+$%15%-!
+','!.(&(!9#%!%3!,(&9#>-!-%!*>!.'&!-(5$-B%+0'6!D&%5%1*%!9#%!3%!.&'2
G'9#%1! )(-%-! /! (-8! '3%&3%! 3'-! .%*'-! +'1! 3(! 1(&$d! 0#1*$*(! %15&%! -#-!
1(3)(-<!.%&'!%33(!-%!1$%)(<!+','!-%!1$%)(!(!9#%!3(!-'*',$+%6!h$%15&(-!
3%! )'3.%(! +'1! 3(! %-+';(! %,.$%d(! (! -%15$&! &%5'&+$['1%-! /! -(3%! *%! 3(!
0(;$5(+$P16!
715&(! h(&$%55%<! 9#$%1! *(! -%5%+$%15'-! +$1+#%15(! /! '+0'! %-+';(d'-! (3!
,(&9#>-!?-%!-(;%!3(!+(15$*(*!%I(+5(!.'&9#%!>3!3'-!G(!(.#15(1*'!%1!3(!
&%.$-(!*%!3(!+0$,%1%(?!*%-.#>-!*%!&%+$;$&!-#!.(&5%6!W(!.%1%5&(!G()$2
1(3,%15%! ,$%15&(-! ,(-5#&;(! (! W(5'#&<! (! 9#$%1! -'*',$d(! *%-.#>-6!
733(!-(3%6!715&(!\'--%55%6!W(+'#&!/!%33(!0(+%1!%3!,$-$'1%&'6!h(-5#&;(!
(!:(*%6!73!,(&9#>-!/!-#!(/#*(!*%!+4,(&(!-%!,(-5#&;(1!,#5#(,%15%!
,$%15&(-! \'--%55%! (d'5(! (3! .&$,%&'6! :%! 1$%)(! (! 9#%! 3(! -'*',$+%1! /!
-(3%!*%!3(!0(;$5(+$P16!715&(!h(&$(1%55%<!9#%!-%!(-#-5(!(3!G%&!%3!B3()%3'!
%1-(1)&%15(*'! ?-$1! -(;%&! 9#%! 3(! -(1)&%! %-! *%3! 9#%! .()(<! (#19#%!%-!
.&';(;3%! 9#%! %-%! *%5(33%! 1'! 5%1)(! $,.'&5(1+$(?! /! 5&(5(! *%! -(3$&6! W(!
&%5$%1%1!/!%15&(!h(&$(11%6!W(!.&$,%&(!5',(!3'-!+(&(,%3'-!9#%!-%!3%!
'B&%+%1<!.%&'!3(!-%)#1*(<!9#%!/(!0(!5',(*'!(15%-<!1'6!:(*%!3(-!B3()%3(!
(! (,;(-! /! 3%-! 0#%3%! 3'-! .%*'-6! :'*',$d(! (! h(&$(11%<! 9#%! (15%-! -%!
0(;8(!1%)(*'<!/!W(5'#&!3%!-'*',$d(!(!>36!h(&$(1%55%!-%!%+0(!(!33'&(&!(3!
G%&! %3! %-.%+54+#3'6! h(&$(11%! 33'&(! 5(,;$>1! /! /(! -%! 1$%)(1! (! 5'*'! 3'!
9#%!3%-!.&'.'1%16!W%-!.()(1!/!5'*(-!-%!G(16!
H%-.#>-!*%!%-5(!,(&(5P1<!H'1(5$%1!G(!(!-#!0'5%3!(!%+0(&!3(!-$%-5(6!D%2
&'!+#(1*'!*%-.$%&5(!,(1*(!(!W(5'#&!(3!;#&*%3!(!;#-+(&!(!*'-!*%!3(-!
+0$+(-!.(&(!9#%!3%!(+',.(g%1!.'&!3(!1'+0%6!N'!+'1-$)#%!+'1G%1+%&2
3(-<!.%&'!+'15&(5(!3'-!-%&G$+$'-!*%!h(&)(&$5%!E'-5%<!9#$%1!&%+$;%!(!:(2
*%!%1!-#!+(-(!*%-.#>-!*%!3(!+%1(6!N(*(!,4-!33%)(&<!%3!,(&9#>-!G(!(!3'!
-#/'!/!3%!'B&%+%!3(-!.(-5$33(-6!733(!+',%!(3)#1(!.%&'<!(3!B$1(3<!5(15'!%-!

! VT!
3'!9#%!3%!$1-$-5%1<!-%!(+(;(!3(!+([(6!:%!1$%)(!(!9#%!3(!5',%1!.'&!*%5&4-<!
.'&!3'!9#%!%3!,(&9#>-!3(!5',(!.'&!*%3(15%<!.()(!/!-%!G(6!
E','!*%!+'-5#,;&%<!H'1(5$%1!G#%3G%!(!+(-(!+','!-$!1'!0#;$%&(!'+#2
&&$*'!1(*(6!N'!%-!+'1-+$%15%!*%!9#%!5(15'!h(&)(&$5%!+','!#1(!*%!3(-!
'5&(-!+#(5&'!.&'-5$5#5(-!0(1!-#B&$*'!$15'I$+(+$'1%-!.'&!-#-!(*'&(*(-!
.(-5$33(-6! W(! +(154&$*(! -%! +'1'+%! *%-*%! 0(+%! -$)3'-! /! -%! %,.3%(<! %1!
.&$1+$.$'<!+','!(B&'*$-8(+'6!D%&'!(3!,(&9#>-!3%!$15%&%-(1!,4-<!+','!
-%!.#%*%!*%*#+$&!*%!3'-!5%-5$,'1$'-!*%!-#-!G8+5$,(-<!-#-!%B%+5'-!-%2
+#1*(&$'-r! 3'-! )(-%-6! D(&(! +',.3(+%&! -#-! )#-5'-! 3'! ,$-,'! .'*8(!
0(;%&3%-!0%+0'!+',%&![#*8(-!'! )(&;(1d'-<!.%&'! 3(!,'-+(! *%!7-.(g(!
%-!,4-!&4.$*(6!73!.&';3%,(!%-!9#%!:(*%!1'!%-!*%,(-$(*'!.&%+$-'!%1!
-#!.&%.(&(+$P1<!%!$1-$-5%!%1!9#%!-#-!+',.(g%&(-!5',%1!3(!,(/'&!+(12
5$*(*!.'-$;3%6!E','!+'1-%+#%1+$(<!3(-!.';&%-!,#[%&%-!-#B&%1!GP,$5'-!
/!*'3'&%-!$15%-5$1(3%-6!F+#*%1!(3!,>*$+'<!(!3(!.'3$+8(<!9#%!$15%&&')(!(!
3'!3(&)'! *%!#1(!-%,(1(!(!3(-! +$1+'! $,.3$+(*(-<! /<! -$%5%!*8(-!*%-.#>-!
*%3!B%-5$G(3<!-%!%,$5%!#1(!1#%G(!'&*%1!*%!*%5%1+$P1!+'15&(!:(*%!/!W(2
5'#&6!
7-5(!G%d!3(!+'-(!%-!-%&$(r!-%!3%-!(+#-(!*%!-'*',8(!/!*%!%1G%1%1(,$%12
5'6!"#%!(3!,(&9#>-<!+','!(!+(-$!5'*'-! 3'-!(&$-5P+&(5(-<!3%!*%!$)#(3!-$!
#1(-!.#5(-!G$G%1!'!,#%&%1!1'!-$)1$B$+(!9#%!.&%5%1*$%&(!-#!,#%&5%!*%!
B'&,(!+'1-+$%15%6!D%&'!%3!B$-+(3!*%3!&%/!1'!'.$1(!3'!,$-,'6!F*%,4-<!%3!
+(-'!*%!\'-%!w%33%&!5'*(G8(!&%-#%1(!/!-%!5&(5(!*%!*'-!*%3$5'-!)&(G8-$2
,'-! %1! %3! -$-5%,(! [#*$+$(3! B&(1+>-! *%3! -$)3'! AmOOO6! =(,;$>1! %-! +$%&5'!
9#%!:(*%!%-!G8+5$,(!*%!3'-!%1%,$)'-!*%!3'-!h'15&%#$3<!9#$%1%-!G%1!%1!
>3! 3(! *$(1(! %1! 3(! 9#%! *%-+(&)(&! -#-! G%1)(1d(-! .%&-'1(3%-6! D'+'! $,2
.'&5(!-$!0(;8(!$15%1+$P1!*%!,(5(&!'!1'<!%3!+(-5$)'!*%;%!-%&!%[%,.3(&6!
W(!+'1*%1(!-%&4!(!,#%&5%6!
71!%-'-!,',%15'-<!:(*%!-%! %1+#%15&(! %1!W(!E'-5%<!.%&'! 3%!(G$-(1! /!
%-+(.(!+'1!W(5'#&!(15%-!*%!9#%!.#%*(1!(&&%-5(&3%6!p#15'!(!%33'-!G$([(!
3(!+#g(*(!*%3!,(&9#>-<!F11%2D&'-.x&%6!71!G$-5(!*%!9#%!3(!*%5%1+$P1!
%-!$,.'-$;3%<!%3!5&$;#1(3!*%!h(&-%33(!3'-!*%+3(&(!+#3.(;3%-!/!%[%+#5(!3(!
-%15%1+$(!*%!,#%&5%!%1!%B$)$%<!%-!*%+$&<!-%!9#%,(1!#1'-!,#g%+'-!9#%!
&%.&%-%15(1<!*%!B'&,(!-$,;P3$+(<!(!3'-!+'1*%1(*'-6!H%!0%+0'<!:(*%!%-!
+'1*%1(*'!(!,'&$&!*%+(.$5(*'<!.'&!%3!%1G%1%1(,$%15'<!/!(!3(!0')#%2
&(<! .'&! 3(! -'*',8(6! 71! 3'! 9#%! &%-.%+5(! (! 3(! [#-5$+$(<! %3! ,(&9#>-! %-54!
,#%&5'<!+'1!3'!+#(3!D>3()$%!-%!+'1G$%&5%!%1!-#!0%&%*%&(!/!%1!(*,$1$-2

VX! !
5&(*'&(! *%! -#-! ;$%1%-6! W'-! 5&%-! B#)$5$G'-! G$([(1! (! O5(3$(<! .%&'! F11%2
D&'-.x&%!G#%3G%!(!W(!E'-5%!(3!+(;'!*%!#1(-!.'+(-!-%,(1(-<!%+0(1*'!
.%-5%-! +'15&(! -#! +#g(*'6! l3! 1'! 5(&*(! %1! (;(1*'1(&! O5(3$(<! .(-(! .'&!
N$d(!/!(+(;(!$1-5(341*'-%!%1!E0(,;>&/<!:(;'/(<!*'1*%!G$G%!+(-$!-$1!
(;(1*'1(&!3(!0(;$5(+$P1!9#%!5$%1%!(39#$3(*(6!D%&'!+',%5%!%3!%&&'&!*%!
%-+&$;$&!(!-#!-#%)&(!/!*%+$&3%!*P1*%!G$G%6!W(!D&x-$*%15%!0(+%!5$%,.'!
9#%!1'!-'.'&5(!3(-!+'&&%&8(-!*%!-#!/%&1'<!.%&'!3(!&%3(+$P1!9#%!,(12
5$%1%!+'1!-#!0$[(!.%9#%g(!%-!+(-#-!;%33$6!7-+&$;%!(3!&%/!*%!:(;'/(!.(&(!
-'3$+$5(&3%!9#%!%1+$%&&%!(!:(*%<!/!%-5%!(++%*%6!W'!%1+(&+%3(1!%1!h$'2
3(1-6!
73!SU!*%!(;&$3!*%!RLLS<!%3!,(&9#>-!/!W(5'#&!-%!B#)(1!*%!.&$-$P16!^1'-!
*8(-!(15%-<!%3!(3+($*%!0(;8(!&%+$;$*'!#1(!9#%[(!.'&!.(&5%!*%!:(*%!/!%3!
;(&P1!*%!WzF33>!*%!9#%!-#-!+',$*(-!-$%,.&%!33%)(;(1!B&8(-!(!-#-!0(;$2
5(+$'1%-<!-$5#(*(-!%1!%3!5%&+%&!.$-'!*%!3(!B'&5(3%d(<!.'&!3'!9#%!3%-!0(;$2
3$5P!#1(!-(3$5(![#15'!(!3(!+'+$1(!.(&(!9#%!.#*$%&(1!+',%&!+(3$%15%6!W(2
5'#&! -%! 0(+%! +'1! 3(-! 33(G%-! *%! 3(! (3(+%1(! /! %-%! ,$-,'! G$%&1%-! -(3%1!
.'&!3(!C1$+(!G%15(1(!9#%!1'!5$%1%!;(&&'5%-!*%!5'*(!3(!.&$-$P16!i(-5(!
3(-!5&%-!*%!3(!,(*&#)(*(!1'!-%!*%-+#;&%!3(!0#$*(!/!/(!1'!.#%*%1!*(&2
3%-!(3+(1+%6!:%!&%B#)$(1<!+','!*%!+'-5#,;&%<!%1!W(!E'-5%6!F3!33%)(&3%!
3(! 1'5$+$(<! 3(! D&x-$*%15%! %1G8(! #1(! &%*(*(<! .%&'! &%-#35(! $1B&#+5#'-(6!
H'1(5$%1!/!D>3()$%!G$([(1!(!O5(3$(6!=&(-!3(!,#%&5%!*%!W#$-!Am<!%33(!G#%32
G%!(!j&(1+$(!+'1!$15%1+$P1!*%!.&%.(&(&!%3!&%)&%-'!*%!-#!,(&$*'6!W(-!
3%55&%-! *%! +(+0%5! .$%&*%1! -#! G$)%1+$(! +#(1*'! %3! &%/! 9#%! 3(-! %,$5%!
,#%&%<!.%&'!-$)#%!%I$-5$%1*'!#1(!+(#-(!+$G$3!+'15&(!>36!W(!,(&9#%-(!
G$([(!.'&!5'*'!%3!.(8-!33%G(1*'!-#-!)%-5$'1%-!*%!$1+P)1$5'!/!(!%-.(3*(-!
*%!-#!,(*&%6!F#1!+#(1*'!1'!5$%1%!>I$5'<!H'1(5$%1!&%)&%-(!(!j&(1+$(<!
-%!%1+#%15&(!+'1!-#!%-.'-(!%1!W/'1!/![#15'-!G#%3G%1!(!W(!E'-5%6!
=&(-!-#!&%)&%-'<!(,;'-!.(&%+%1!'3G$*(&!9#%!%3!,(&9#>-!%-!#1!B#)$5$G'!
-%15%1+$(*'!(!,#%&5%<!/!-%!*%*$+(1!(!+'15&(5(&!1#%G'!-%&G$+$'!.(&(!%3!
+(-5$33'6!73!.%&-'1(3!3'!B'&,(1! *%! B'&,(! +(-$! %I+3#-$G(!,#+0(+0'-! /!
,#+0(+0(-! ,#/! [PG%1%-6! W(! ,(/'&! *%! 5'*'-! %-! N(1'1<! /! -'3'! 5$%1%!
G%$15$+#(5&'! (g'-6! E#(1*'! -%! $1-5(3(1<! %1! *$+$%,;&%! *%! RLLZ<! +'2
,$%1d(!3'!9#%!-%!+'1'+%<!.'&!,'5$G'-!';G$'-<!+','!%3!%.$-'*$'!*%!3(-!
1$g(-6!7-!%G$*%15%!9#%!:(*%!0(!-%3%++$'1(*'!(!-#-!1#%G'-!%,.3%(*'-!
+'1! B$1%-! -%I#(3%-<! /! *#&(15%! -%$-! -%,(1(-! 33%G(&4! (! +(;'! '&)8(-! %1!
3(-! 9#%<! *%! B'&,(! %I+%.+$'1(3! .%&'! G'3#15(&$(<! .(&5$+$.(! D>3()$%6! :%!
+#%15(1! +(-'-! *%! (d'5($1(-<! -'*',8(<! *%-G$&)(,$%15'-<! +',;$1(+$'2

! VL!
1%-!-%I#(3%-!*%!3(-!9#%!5(15'!%I+$5(1!3(!,%15%!*%3!,(&9#>-<!';-%-$'2
1(*'!+','!%-54!.'&!%3!5%(5&'<!%3!'&*%1!/!%3!+'15&'36!W(-!1'5$+$(-!*%!3'!
9#%!'+#&&%!%1!%3!+(-5$33'!1'!5(&*(1!%1!33%)(&!(!3'-!.#%;3'-!*%!3'-!(3&%2
*%*'&%-<! /! 3'-! .(*&%-! *%! +#(5&'! *%! 3(-! ,#+0(+0(-! +'15&(5(*(-! .&%2
-%15(1! +'15&(! 3'-! :(*%! #1(! *%1#1+$(! .'&! -%+#%-5&'6! F! .(&5$&! *%! %-%!
,',%15'<! /! *#&(15%! 5'*'! RLLT<! 3'-! ,(&9#%-%-! G$G%1! #1(! -%&$%! *%!
1%)'+$(+$'1%-<!(+#-(+$'1%-<!,%15$&(-<!G%&*(*%-!(!,%*$(-!/!-$3%1+$'-<!
.'&!#1!3(*'!/!.'&!'5&'<!+'1!%3!C1$+'!.&'.P-$5'!*%!-(+(&!%3!,4I$,'!;%2
1%B$+$'!.'-$;3%6!^1'-!9#$%&%1!-(3G(&!%3!+#3'k!'5&'-!G%1!3(!'.'&5#1$*(*!
*%!-(+(&!5([(*(6!
!F!.&$1+$.$'-!*%!%-%!,$-,'!(g'!3(!D&x-$*%15%!&%(.(&%+%!%1!3(!G$*(!*%!
3'-!:(*%6!73!*%-.&%+$'!9#%!-$%15%!0(+$(!-#!/%&1'!/!3(!%1%,$-5(*!9#%!3(!
%1B&%15(!(!-#!0$[(!1'!9#$5(1!.(&(!9#%!$15%15%<!%1!3(!,%*$*(!*%!3'!.'2
-$;3%<!*%B%1*%&!%3!0'1'&!*%!-#-!5&%-!1$%5'-6!H%3!,$-,'!,'*'<!.&'+#&(!
+(-(&! (! F11%2D&'-.x&%! +'1! #1(! ;#%1(! B(,$3$(! +','! -'1! 3'-! K%(#2
,'15<!9#$%1%-!3%!%I$)%1!9#%!.'1)(!(3!,(&9#>-!(!3(!-',;&(!*#&(15%!%3!
&%-5'! *%! -#! G$*(! +','! +'1*$+$P1! .(&(! 9#%! %3! ,(5&$,'1$'! -%! 33%G%! (!
5>&,$1'6!N'!.#%*%!%I5&(g(&1'-<!.'&!5(15'<!9#%!.'1)(!5'*'!-#!%,.%2
g'!%1!9#%!%3!,(&9#>-!*%-(.(&%d+(!.(&(!-$%,.&%6!D'+'!$,.'&5(!-$!%-!
.'&9#%!%-54!%1+%&&(*'! '!.'&9#%! %-54! *%-5%&&(*'<! -$%,.&%!/! +#(1*'!
1'! -%! -%.(! 1(*(! *%! >3! 1#1+(! ,4-6! @&(+$(-! (! -#! $1B3#%1+$(<! /! %1! #1(!
,#%-5&(!*%!+&#%3*(*!%I5&('&*$1(&$(<!+'1-$)#%!9#%!N(1'1<!9#$%1!*$+%!
33%G(&!%1!%3!G$%15&%!#1!0$['!*%!:(*%<!(+(;%!%1+%&&(*(!%1!#1!+'&&%++$'2
1(3!*#&(15%!5&%-!(g'-<!-$1!-$9#$%&(!-(;%&! *#&(15%!,%-%-! 9#%!-#! 0$['!
,#&$P!%1!%3!.(&5'6!71![#3$'!*%3!LT!$1-5$)(!#1(!1#%G(!&%*(*(!%1!W(!E'-2
5%<!*%!3(!9#%!%3!,(&9#>-!G#%3G%!(!%-+(.(&!+'1!*%-5$1'!(!O5(3$(<!*%!*'12
*%!&%)&%-(!%3!G%&(1'!-$)#$%15%6!
E','!-%!G%<!%3!+(5$33'!.&'G%1d(3!*%!W(!E'-5%!%-!#1(!%-.%+$%!*%!-(1+5(2
-(1+5P&#,! .(&(! H'1(5$%16! F! .%-(&! *%! 5'*'-! 3'-! $15%15'-! .'&! +(.5#2
&(&3%<!(338!-%!-$%15%!-%)#&'!/!-%!(;(1*'1(!(!-#-!B(15(-8(-!*%!#1!,'*'!
$,.%1-(;3%!%1!+#(39#$%&!'5&'!3#)(&6!D%&'!%-(!-%1-(+$P1!-%!G%!(35%&(2
*(!+#(1*'!%3!.(*&%!*%!#1(!*%!-#-!+&$(*(-!(.(&%+%!%1!%3!+(-5$33'!/!*$-2
+#5%!+'1!>36!W(!-$5#(+$P1!-%!+(3$%15(<!.(-(1!*%!3(-!.(3(;&(-!(!3(-!,(2
1'-!/<!%1!#1!B'&+%[%'<!3(!.$-5'3(!*%3!.(*&%!-%!*$-.(&(6!D'&!-#%&5%!.(&(!
%3!,(&9#>-!%-5(;(!+(&)(*(!+'1!;(3(-!*%!B')#%'<!.%&'!%3!-#-5'!3%!*#2
&(&4!,#+0'!5$%,.'6!7-!3'!,81$,'!9#%!.#%*%!%-.%&(&-%!+#(1*'!5%!.%2
)(1! #1! 5$&'! %1! %3! .%+0'6! W'! ,4-! *'3'&'-'<! -$1! %,;(&)'<! /(! 1'! %-! %3!

VY! !
0%+0'! *%! 9#%! 3%! 0(/(1! *$-.(&(*'! ?-$%1*'! ,4-! ['G%1! %-5#G'! %1! 3(!
@#%&&(!*%!3'-!-$%5%!(g'-!/!,'-5&P!#1!G(3'&!&(&'!%15&%!'B$+$(3%-?!-$1'!
9#%!0(-5(!-#-!.&'.$'-!-C;*$5'-!0(1!*%[(*'!*%!&%-.%5(&3%6!73!*%-5$1'!
5'*(G8(!3%!)#(&*(!,4-!*%-)&(+$(-6!73!RS!*%!B%;&%&'!*%!RLLL<!%-5(1*'!
*%!G$([%!%1!D(&8-!+'1!-#!%-.'-(<!h(&($-!(.(&%+%!%1!%3!0'5%3!%1!%3!9#%!
-%!0'-.%*(1!/!3%!*%5$%1%6!
O1)&%-(! %1! m$1+%11%-<! #1(! B'&5(3%d(! +'1-5&#$*(! %1! %3! -$)3'! AOm<! /! (338!
.%&,(1%+%&4!0(-5(!RLYZ6!7I+%.5'!%3!.%&$'*'!%1!%3!9#%!-%!%-+(.(6!71!
G%&(1'!*%!RLLY!%3!5&$;#1(3!*%!F$I2%12D&'G%1+%!&%G$-(!%3!+(-'!*%!-'2
*',8(!/!%1G%1%1(,$%15'6!:(*%!G$([(!0(-5(!(338!%-+'35(*'!.'&!h(&($-6!
E','!3(-!G8+5$,(-!0(;8(1!&%5$&(*'!3'-!+(&)'-!+'15&(!>3!0(+8(!(g'-<!-%!
3%!*%+3(&(!$1'+%15%!/!3%!&%-5$5#/%1!-#-!*%&%+0'-!+$G$3%-6!:'3'!5$%1%!9#%!
.()(&!#1(!,#35(!*%!+$1+#%15(!3$;&(-!/!.&',%5%&!9#%!-%!.'&5(&4!;$%16!
W(!(3%)&8(!1'!3%!*#&(!,4-!9#%!#1(-!0'&(-6!h(&($-!3%!5$%1%!.&%.(&(*(!
#1(! -'&.&%-(! *%-()&(*(;3%r! 3%! *%-.$%&5(! *%! ,(*&#)(*(! /! 3%! %1-%g(!
#1(!3%55&%!*%!+(+0%5!9#%!W#$-!AmO!3%!B$&,P!1#%G%!*8(-!(15%-6!F#19#%!-%!
0(! 3$;&(*'! *%! 3(! [#-5$+$(! +$G$3<! 3(! [#-5$+$(! &%(3! G#%3G%! (! +(-5$)(&3%6! 73!
1#%G'! &%/! %-! ,#+0'! ,4-! %-5&$+5'! +'1! 3'-! +(-'-! *%! 3$;%&5$1([%! *%! 3'!
9#%!%&(!-#!(;#%3'6!H%-.#>-!*%!%-5%!5&$#1B'!*%!h(&($-<!%,.&%1*%1!%3!
G$([%!*%!G#%35(!(!m$1+%11%-6!E#(1*'!.(&(1!(!0(+%&!1'+0%!%1!#1(!.'2
-(*(! %3! ,(&9#>-! +'1-$)#%! %-+(;#33$&-%<! +'1! (/#*(! -%)C1! &%3(5(! -#!
G%&-$P1<!+'1!5&(,.(-!-%)C1!3(!*%!h(&($-6!W'!9#%!9#%*(!+3(&'<!-%(!+'2
,'!-%(!%3!,>5'*'!*%!%-+(.%<!%-!9#%!:(*%!-%!3(!0(!*%G#%35'!(!-#!.%&2
-%)#$*'&<!/!(*%,4-!3'!0(!*%[(*'!%1!&$*8+#3'6!W3%)(!(!W(!E'-5%<!.%&'!3(!
.'3$+8(!&%(3!1'!.#%*%!*%[(&! .(-(&! %-(! (B&%15(6!D'+'!5$%,.'!*%-.#>-<!
+'1-+$%15%!*%!9#%!3%!.%&-$)#%1<!-%!%-+'1*%!%1!]..x*%<!.%&'!1'!+'12
-$)#%!%-+(.(&!*%!h(&($-<!9#%!3%!(&&%-5(!/!33%G(!*%!G#%35(!(!m$1+%11%-6!
E'1!3'!9#%!1'!+#%15(!h(&($-!%-!9#%!-#!%-B#%&d'!.'&!+(.5#&(&!(3!B#)$2
5$G'!-%!+'1-$*%&(&4!*%,(-$(*'!%I.%*$5$G'!/!#1(!(B&%15(!(!3(!1';3%d(6!
73!(&&%-5'!.$33(!(!:(*%!%1!+(,$-P1<!3'!$1,'G$3$d(1!/!#1(!*%+%1(!*%!.'2
3$+8(-! 3%! %1+(g'1(1! 3(! +(&(! /! 3%! (,%1(d(1! +'1! (5&(G%-(&3%! %3! .%+0'!
+'1!3(-!%-.(*(-6!73!&%/!*%+$*%!9#%!%-(-!1'!-'1!B'&,(-!*%!5&(5(&!(!3(!
(&$-5'+&(+$(<!&%*#+%!%3!-#%3*'!(!h(&($-!/!3%!';3$)(!(!.()(&!*%!-#!;'3-$2
33'!3(!,$-$P1!*%!+(.5#&(6!
W(!+'&&%-.'1*%1+$(!+'1!-#!%-.'-(!,#%-5&(!&(-)'-!*$-5$15'-!*%!:(*%<!
(3)#1'-! $1+3#-'! +'15&(*$+5'&$'-6! D'&! #1! 3(*'<! %-! ,#/! %I$)%15%! %1! 3'!

! VQ!
9#%! &%-.%+5(! (! 3(! -(5$-B(++$P1! *%! -#-! )#-5'-<! /! -#-! (15'['-! -'1! ,#/!
&%B$1(*'-6!E',$*(<!&'.(<!3$;&'-<!5'*'!0(!*%!-%&!*%!3(!,%['&!+(3$*(*!/!
%-5(&!+'1B%++$'1(*'![#-5'!-%)C1!-#-!*%-%'-6!D>3()$%!-%!%-B#%&d(!(!1$2
G%3%-! $1+&%8;3%-! +'1! 5(3! *%! +'15%15(&3%! /<! +#(1*'! 1'! 3'! 3')&(<! 3(-! $12
G%+5$G(-!9#%!&%+$;(!-'1!(5&'+%-6!7-'!1'!9#$5(!.(&(!9#%!%3!,(&9#>-!3%!
*%+3(&%!-#!(B%+5'<!.&'B#1*'!/!-$1+%&'<!+'1!+$%&5(!B&%+#%1+$(6!=(,;$>1!
-%! .&%'+#.(! .'&! %3! *%-(&&'33'! *%! -#-! 0$['-<! .'&! -#! (.(&$%1+$(! /! -#!
%*#+(+$P16!7-!%)'8-5(!/!5$&41$+'<!.%&'!3(!B(,$3$(!%-!3(!B(,$3$(6!F#19#%!
%-(!B(,$3$(!%-!5(,;$>1!3(!9#%!3%!9#$5(!%3!-#%g'<!.'&!'5&(!.(&5%6!:#!58'!
%3!(;(*<!9#$%1!0(;8(!*%*$+(*'!-#-!C35$,'-!(g'-!*%!G$*(!(!%1+%&&(&!(!
-#!-';&$1'<!/(!0(!,#%&5'<!.%&'!H'1(5$%1!+'1-$*%&(!(!-#!-#%)&(!3(!+#32
.(;3%!*%!-#!-$5#(+$P1!(+5#(36!:#!';-%-$P1!+'1!%33(!5$%1%!&(-)'-!*%!.(2
&(1'$(<!(*%,4-!*%!9#%!.(&%+%!+',.%1-(&!+'1!3(!',1$.&%-%1+$(!9#%!
3%! (5&$;#/%! 3(! (#-%1+$(! *%! -#! ,(*&%! ?-%&8(! %I()%&(*'! (5&$;#$&! %3!
+(&4+5%&!*%3!:(*%!(*#35'!(!3(-!+(&%1+$(-!(B%+5$G(-!9#%!-#B&$P!%1!-#!$12
B(1+$(<!.%&'!1'!0(/!*#*(!*%!9#%!$1B3#/%&'1?6!7-!#1(!-%g(3!,4-!*%!-#!
*%-+'1%I$P1! &%-.%+5'! (3! ,#1*'6! W(! D&x-$*%15%! +#$*(! *%3! B#5#&'! *%!
-#-! 1$%5'-! .%&'<! #1(! G%d! .&%-'<! .&'+#&(! ,%['&(&! 3(! -$5#(+$P1! *%! -#!
/%&1'!%1!5'*'!3'!.'-$;3%6!W(!+(#-(!*%!-#-!.%1#&$(-!-'1!%3!.&'.$'!&%/!/!
-#!.#&$5(1$-,'6!
N(*(! ,4-! $1)&%-(&! -#! ,(&$*'! %1! m$1+%11%-<! D>3()$%! +'15&(5(! +','!
(,(! *%! 33(G%-! (! h$33$! *%! \'#--%56! H'1(5$%1! /! %33(! -%! +'1'+%1! *%-*%!
1$g'-<!.%&'!1'!&%+#.%&(1!-#!&%3(+$P1!0(-5(!RLLR6!D'*%,'-!$,()$1(&!
3(!1(5#&(3%d(!*%!3(-!$15%1+$'1%-!*%3!,(&9#>-<!.%&'!h$33$!%-!#1(!,#[%&!
+(-5(!/!%3!%1(,'&(,$%15'!*%!(,;'-!%-!.3(5P1$+'6!73!+'9#%5%'!%-!%G$2
*%15%!%1!3(-!+(&5(-!*%!(,;'-<!.%&'!5(,;$>1!3'!%-!9#%!1'!33%)(!(3!+'12
5(+5'!B8-$+'!/!9#%!1'!3'!0(&4![(,4-6!71!%-%!-%15$*'<!D>3()$%!.#%*%!%-2
5(&! 5&(19#$3(6! F,;(-! -%! *%-G$G%1! .'&! +'15%15(&! (3! .&%-'<! 0(-5(! %3!
.#15'! *%! .(-(&! G%&*(*%&(-! .%1#&$(-! %+'1P,$+(-! 9#%! 3(-! 33%G(1! (!
,#*(&-%<![#15(-<!(!G$G$%1*(-!+(*(!G%d!,4-!.%9#%g(-6!73!,(5&$,'1$'!
.(-(! ,4-! *%! +#(5&'! (g'-! -$1! .'*%&! G%&-%! /<! +#(1*'! (3! B$1! 3'! +'1-$2
)#%1<! 3'! 0(+%1! B#%&(! *%! 3(! 0(;$5(+$P1! /! ;(['! 3(! G$)$3(1+$(! *%! #1! B#12
+$'1(&$'6! W'! $&P1$+'! %-! 9#%! %3! ,(&9#>-! -%! .'1%! +%3'-'! /! 5%,%! 9#%!
D>3()$%<!(!$1-5(1+$(-!*%!-#!,(*&%<!3%!(;(1*'1%!.'&!'5&'6!W(!&%3(+$P1!
9#%!%I$-5%!%15&%!(,;'-!%-!*%!#1(!+',.3%,%15(&$%*(*!/!#1(!$15%&*%2
.%1*%1+$(!(-',;&'-(6!733(!%-! 3(! ,4-! B$%&(!*%! -#-! *%B%1-'&(-! /! >3!%-!
+'1-+$%15%!*%!9#%<!%1+(&+%3(*'!+','!%-54<!5'*(-!3(-!+','*$*(*%-!*%!

SU! !
3(-! 9#%! .#%*(! *$-B&#5(&! .&'G%1*&41! *%! %33(6! F*%,4-<! %I$-5%! %15&%!
%33'-! #1(! B&(19#%d(! $1+&%8;3%! .(&(! 3(! >.'+(<! /! +(-$! .(&(! 3(! 1#%-5&(6!
:(*%!33%)(!(!$1*$+(&3%<!.'&!%[%,.3'<!9#%!(3)#1(-!*%!3(-!;'5%33(-!9#%!3%!
%1G8(!-%!3%!9#%*(1!.%9#%g(-!+#(1*'!-%!3(-!,%5%!%1!%3!;'3-$33'<!(#12
9#%!1'!%-!%3!;'3-$33'!*'1*%!-%!3(-!,%5%6!7-!*%+$&<!1'!-'3'!>3!3%!+'1B$%-(!
-#-!.&4+5$+(-!-%I#(3%-!-'3$5(&$(-<!-$1'!9#%!%33(!3%!.&'.'&+$'1(!3'-!,(2
5%&$(3%-!+'1!3'-!9#%!33%G(&3(-!(!+(;'6!:$!%-'!1'!%-!(,'&<!/'!1'!->!9#>!
3'!%-6!F3!,$-,'!5$%,.'<!%1!D>3()$%!G(!+&%+$%1*'!#1(!1%+%-$*(*!%-.$&$2
5#(3<!/!>3!1'!*#*(!%1!%,.#[(&3(!0(+$(!H$'-!-$!+'1!%33'!3')&(!(3%[(&3(!*%!
3'-!0',;&%-6!
i%,'-!*%!5%1%&!%1!+#%15(!9#%!5'*'!3'!9#%!-%!%-+&$;8(1!%&(!$15%&+%.2
5(*'!/!3%8*'!.'&!3'-!&%-.'1-(;3%-!*%!3(!.&$-$P1<!/!9#%!%-5'!5%1*&4!+'12
-%+#%1+$(-! *%-(-5&'-(-! .(&(! %3! ,(&9#>-6! H%-*%! 3(! *>+(*(! *%! RLLU!
0(/!%1!j&(1+$(!#1(!'3(!*%!,'*%&1$-,'!9#%!33%G(!(!(3)#1'-!(&$-5P+&(2
5(-!(!-#,(&-%!(!3'-!$,.#3-'-!&%B'&,$-5(-<!/!%15&%!3'-!9#%!3(!,'1(&9#2
8(!.(&3(,%15(&$(!$1)3%-(!%-!#1(!)&(1!$1B3#%1+$(6!7-(-!&%B'&,(-!33%)(1!
(!3(-!.&$-$'1%-!%1!3(!*>+(*(!-$)#$%15%!*%!,(1'!*%3!+'1*%!*%!K&%5%#$3<!
9#%!%-!%3!,$1$-5&'!*%!3(!E(-(!\%(3!/!9#%!(.'/(<!%1!'+(-$'1%-<!+(#-(-!
.&')&%-$-5(-!(!B$1!*%!,(15%1%&!-#!.'.#3(&$*(*<!'!$1+3#-'!(#,%15(&3(<!
+#(1*'!%1!&%(3$*(*!-#!.%1-(,$%15'!%-!&%(++$'1(&$'!/!(;-'3#5$-5(6!l3!
%-!%3!%1+(&)(*'!*%!&%G$-(&!5'*'-!/!+(*(!#1'!*%!3'-!+(-'-!*%!.&%-'-!(!
+(#-(!*%! 3%55&%-!*%!+(+0%5<!/!9#$%1!*%+$*%!3$;%&(&!(!3'-!3$;%&5$1'-!9#%!
0(/(1!.(-(*'!*'-!'!5&%-!(g'-!%15&%!&%[(-6!D%&'!(!:(*%!-%!3%!+'1-$*%&(!
.%3$)&'-'<!.#%-5'!9#%!-#-!+&8,%1%-!?*%!3'-!9#%!/(!0(;8(!-$*'!(;-#%32
5'!.'&!#1!5&$;#1(3!+$G$3<!1'!3'!'3G$*%,'-?!-'1!,#+0'!,4-!)&(G%-!9#%!
%3! -$,.3%! 3$;%&5$1([%6! K&%5%#$3! G(! (! m$1+%11%-! (! %15&%G$-5(&-%! +'1! >3<!
(+',.(g(*'!.'&!%3!5%1$%15%!*%!3(!.'3$+8(!W%!N'$&%6!:'3'!.'*%,'-!-#2
.'1%&!+P,'!B#%!3(!+$5(<!*%!3(!9#%!1'!0(/!$1B'&,%<!%1!G$-5(!*%!-#-!+'12
-%+#%1+$(-6!73!,(&9#>-!%-!#1!;'+(d(-!3(-+$G'!/!(5%'<!9#%!(.&'G%+0(!
-#! )&(1! '.'&5#1$*(*! .(&(! 9#%<! %1! 3#)(&! *%! 3$;%&(&3%<! 3%! %1G8%1! (! 3(!
K(-5$33(<!-%)#&(,%15%!*%!.'&!G$*(6!
73!VQ!*%!B%;&%&'!*%!RLYZ!-%!.&'*#+%!%3!5&(-3(*'6!D'&!-#%&5%<!3(-!+'12
*$+$'1%-! *%! -#! 1#%G(! &%-$*%1+$(! -'1! .&%B%&$;3%-! (! 3(-! *%! 3(! G$%[(<! /(!
9#%!3(!K(-5$33(!5$%1%!B(,(!*%<!.'&!%[%,.3'<!-%&G$&!3(-!,%['&%-!+',$*(-!
*%! %15&%! 5'*(-! 3(-! .&$-$'1%-! B&(1+%-(-6! F*%,4-<! &%+$;%! G$-$5(-! *%!
D>3()$%! +'1! #1(! B&%+#%1+$(! $,.%1-(;3%! %1! m$1+%11%-r! +(*(! *'-! -%2
,(1(-<!(#19#%!3'-!.3(d'-!33%)(1!(!&%*#+$&-%!(!3(!,$5(*!%1!>.'+(-!*%2

! SR!
5%&,$1(*(-6! F3! (#,%15(&! -#-! %1+#%15&'-! +(&(! (! +(&(<! %3! 1C,%&'! *%!
+(&5(-!-%!&%*#+%<!/!%3!5'1'!+'1!%3!9#%!%3!,(&9#>-!-%!*$&$)%!(!-#!%-.'-(!
-%!G#%3G%!+(*(!G%d!,4-!B&8'!/!%I$)%15%6!715&%!'5&(-!+'-(-<!.$*%!,(5%2
&$(3!*%!%-+&$5#&(6!71!3'-!(g'-!9#%!%-54!%1!3(!K(-5$33(!&%*(+5(<!%1!*$-5$12
5'-!)&(*'-!*%!(+(;(*'<! W(-!RVU!['&1(*(-!*%!:'*',(<!%3!H$43')'!%15&%!
#1!-(+%&*'5%!/!#1!,'&$;#1*'<! 7#)>1$%!*%!j&(1G(3<! p#-5$1%! /! F3$1%!/!
m(3+'#&6!7-%!$,.#3-'!+&%(*'&!.(&%+%!*%&$G(&<!*%!B'&,(!$1G'3#15(&$(<!
*%!3(-!+&85$+(-!9#%!%3!(;(*!F,;3%5!0(+%!*%!3(-!';&(-!*%!5%(5&'!9#%!:(2
*%!%-+&$;%!%1!m$1+%11%-6!7-!-(;$*'!9#%!%3!,(/'&!*%-%'!*%3!,(&9#>-!
%-! (3+(1d(&! &%+'1'+$,$%15'! +','! *&(,(5#&)'<! 9#%! .$%1-(! $1+3#-'!
9#%!-#-!';&(-!.'*&8(1!&%.&%-%15(&-%!%1!D(&8-<!/!9#%!-#!>I$5'!3%!+'12
33%G(&8(!3(!&%*%1+$P1!-'+$(36!:$1!%,;(&)'<!(3!&%+$;$&!+&85$+(-!1%)(5$G(-!
*%!,(1'!*%!-#!(,$)'<!*%+$*%!(;(1*'1(&!%3!5%(5&'!%1!G%&-'!/!%,.%d(&!
(!%-+&$;$&!1(&&(5$G(6!
F*%,4-!*%!(!%-+&$;$&<!:(*%!-%!*%*$+(!(!+',%&6!D(&%+%!9#%<!%1+%&&(*'!
%!$,.'-$;$3$5(*'!.(&(!-(5$-B(+%&!-#-!(.%5$5'-!-%I#(3%-<!-#-5$5#/%!%-5'-!
.'&!3(!+',$*(6!i(-5(!%3!.#15'!%1!9#%!33%)(!(!-%&!$1+(.(d!*%!G%-5$&-%!
-'3'r!-#!;(&&$)(!%-!5(3!9#%!1%+%-$5(!(/#*(!.(&(!.'1%&-%!3(!+(,$-(6!F-8!
9#%! +'15&(5(1! (! #1! G$%['! -'3*(*'! .(&(! 9#%! %[%&d(! *%! '&*%1(1d(6!
=(,;$>1! +'15&(5(1! (! #1! ;$;3$'5%+(&$'! .(&(! 9#%! '&*%1%! 3(! ;$;3$'5%+(!
9#%! 0(! $*'! (+#,#3(1*'! %1! -#-! (g'-! *%! &%+3#-$P1! /! 9#%! (3+(1d(! 3'-!
-%$-+$%15'-! G'3C,%1%-<! %15&%! 3'-! 9#%! -%! %1+#%15&(! *%-*%! i',%&'! '!
m$&)$3$'!0(-5(!K#BB'1!/!m'35($&%<!$1+3#-'!5&(5(*'-!*%!B$-$'3')8(!/!B8-$+(6!
H%-*%!,#/!['G%1<!%3!,(&9#>-!0(!-$*'!#1!3%+5'&!G'&(d<!/!1'!.$%&*%!%3!
%-.8&$5#!%1+$+3'.%*$-5(!%!$3#-5&(*'!1$!-$9#$%&(!%1!.&$-$P16!
]5&(!+'1-%+#%1+$(!*%!-#!%1+$%&&'!%-!9#%!.$%&*%<!.'+'!(!.'+'<!$1B3#%12
+$(!-';&%!3(-!*%+$-$'1%-!*%!-#!B(,$3$(!%1!B(G'&!*%!-#!'*$(*(!-#%)&(6!7-!
%33(!9#$%1!-%!%1+(&)(!*%!)#$(&!(!-#-!1$%5'-<!/!&%+#.%&(!%3!+(&$g'!*%!-#!
0$[(!(!,%*$*(!9#%!%-5(!(#,%15(!-#!*%G'+$P1!+&$-5$(1(!/!-%!(3%[(!*%!-#!
,(&$*'6!E#(1*'!%3!,(/'&!*%!-#-!0$['-<!W'#$-2h(&$%<!+#,.3%!*$%+$-$%5%!
(g'-! -%! .&%5%1*%! 9#%! -$)(! 3(! 5&(*$+$P1! B(,$3$(&! /! 9#%! $1)&%-%! %1! %3!
+#%&.'!*%!E(&(;$1%&'-!*%!h'1-$%#&6!:$1!%,;(&)'<!%3!*%-+&>*$5'!%1!%3!
9#%!0(!+(8*'!%3!(.%33$*'!:(*%!$,.'-$;$3$5(!%-%!$1)&%-'6!W(!D&x-$*%15%<!
-$1!%,;(&)'<!+'1-$)#%!9#%!%3!['G%1!%15&%!%1!%3!\%)$,$%15'!*%!:'#;$2
-%<! %3! -%)#1*'! ,%['&! *%3! .(8-6! D(&(! %3! ,(&9#>-! %-! $1(+%.5(;3%6! 71!
.&$,%&! 3#)(&<! .'&9#%! &%-#35(! #1(! +(8*(! B(,$3$(&<! 3(! +'1-5(5(+$P1! *%!
9#%!%3!*%-.&%-5$)$'!G(!,4-!(334!*%!-#!.&'.$'!1',;&%!.(&(!(3+(1d(&!(!

SV! !
-#!*%-+%1*%1+$(6!71!-%)#1*'!3#)(&<!.'&9#%!-#!0$['!3%!*%-';%*%+%!*%!
B'&,(! %I.38+$5(6! 71! 5%&+%&! 3#)(&<! .'&9#%! -%! *(! +#%15(! *%! 9#%<! %1! 3(-!
.&%'+#.(+$'1%-!*%!-#!,#[%&<!-#-!0$['-!%-541!.'&!%1+$,(!*%!>3!,$-,'6!
H%!0%+0'<!%1!RLYL!-%!+#,.3%1!3'-!*$%d!(g'-!*%!+(#5$G%&$'<!/!%-'!.&'2
G'+(!9#%!3%!G#%3G(1!(!&%5$&(&!3(!+#-5'*$(!*%!-#-!0$['-!.'&!-%&!#1!.(*&%!
(#-%15%6!h$%15&(-! W'#$-2h(&$%! %15&(! %1!%3! %[>&+$5'<! -#! 0%&,(1'! ,%2
*$(1'<!H'1(5$%12E3(#*%2F&,(1*<!+'1-$)#%!%15&(&!%1!3(!'&*%1!&%3$)$'2
-(!,$3$5(&!*%!3'-!E(;(33%&'-!*%!h(35(6!
F#19#%! 3(-! G$-$5(-! %1! 3(! K(-5$33(! -'1! ,#+0'! ,4-! B&%+#%15%-! 9#%! %1!
m$1+%11%-<!/!(!:(*%!-%!3%!.%&,$5%1!.(-%'-!*$(&$'-!'!;$%1!.'&!3'-!.(2
5$'-!$15%&$'&%-<!'!;$%1!.'&!3(-!,#&(33(-<!'!$1+3#-'!.'&!(,;'-<!5(,;$>1!
%-! +$%&5'! 9#%! 1'! -$%,.&%! -'1! .'-$;3%-6! H#&(15%! *$%d! ,%-%-<! %15&%!
RLYT!/!RLYX<!%-5(-!-%!.&'08;%16!W(!+(#-(!%-!%3!$1)&%-'!%1!3(!K(-5$33(!
*%3! +(&*%1(3! \'0(1<! (! 9#$%1! -%! +'1-$*%&(! .(&58+$.%! %1! #1(! %-5(B(! (!
h(&8(!F15'1$%5(6!71!&%(3$*(*<!(!>3!3%!0(1!%1)(g(*'!5(15'!'!,4-<!$)#(3!
9#%!%3!['/%&'!(3!9#%!#1(!['G%1!0(!%1+(&)(*'!#1!+'33(&!*%!*$(,(15%-<!
-#.#%-5(,%15%<! .(&(! 3(! &%$1(6! 73! +(&*%1(3! )'d(! *%3! (B%+5'! *%! )&(1!
.(&5%!*%!3(!.';3(+$P1!/<!+','!,%*$*(!*%!-%)#&$*(*<!-%!+(1+%3(1!5'*'-!
3'-!(++%-'-!$11%+%-(&$'-!(!3(!.&$-$P16!E','!1'!.#%*%!-%&!*%!'5&(!,(2
1%&(<!:(*%!-%!%1B#&%+%6!E#(1*'!3(![#-5$+$(!*%5%&,$1(!9#%!\'0(1!1'!%-!
+#3.(;3%<!-$1'!9#%!3'!0(1!#5$3$d(*'<!3%!3$;%&(16!7-5(!1#%G(!0#,$33(+$P1!
(!3(!+'&'1(!%-!#1'!*%!3'-!C35$,'-!)'3.%-!9#%!&%+$;%6!:%!0(+%!.(5%15%!
9#%!%3!,#1*'!%1!%3!9#%!G$G%1!3'-!&%/%-!/!%1!%3!9#%!G$G%1!-#-!-C;*$5'-!
%-541!*%-+'1%+5(*'-!.'&!+',.3%5'6!
715&%!RLYY!/!RLYQ<!:(*%!.'&!B$1!5$%1%!(++%-'!(!$1B'&,(+$P1!*%3!%I5%2
&$'&<!/(!9#%!-%!3%!.%&,$5%!3%%&!*$(&$'-6!i(/!*$-5#&;$'-!/!-(9#%'-<!5%12
-$'1%-!+(*(!G%d!,(/'&%-!%15&%!%3!.(&3(,%15'!/!W#$-!AmO<!%3!.(8-!%15&(!
%1!9#$%;&(!/!-%!*%+3(&(!%1!-#-.%1-$P1!*%!.()'-6!W(-!+'1-%+#%1+$(-!-%!
1'5(1!$1+3#-'!*%15&'!*%!3(!K(-5$33(<!/!(!3'-!.&%-'-!-%!3%-!-#.&$,%1!3(-!
G$-$5(-!/!3'-!.(-%'-6!W(!&%3(+$P1!%15&%!%3!,(&9#>-!/!D>3()$%!-%!G#%3G%!
+(*(!G%d!,4-!B&8(!/!,4-!*$B8+$36!733(!5$%1%!.&';3%,(-!%-5',(+(3%-!/!3(-!
.$%&1(-!*>;$3%-<!+'1!3'!9#%!(1*(&!-%!3%!0(+%!*$B8+$36!F!%-'!0(/!9#%!-#2
,(&!3(-!.%1#&$(-!%+'1P,$+(-!/!9#%!-#!&%3$)$'-$*(*!-%!()#*$d(<!0%+0'!
9#%! 3(! +'1G$%&5%! %1! %3! ';[%5$G'! *%! 3(-! *$(5&$;(-! /! %3! *%-.&%+$'! *%! -#!
,(&$*'6! 7-%! ,$-,'! (g'<! %3! ,(&9#>-! -%! 0(! 5&(-3(*(*'! (! #1(! 0(;$5(2
+$P1!%1!%3!-%I5'!.$-'!*%!3(!5'&&%!W$;%&5>6!H%-*%!(338!(&%1)(!(!3(-!,(-(-!
%3!V!*%![#3$'!*%!RLYQ<!/!3(-!$1-5(!(!9#%!5',%1!3(!.&$-$P1!/!3$;%&%1!(!3'-!

! SS!
.&%-'-6! F3! *8(! -$)#$%15%! 3%! 5&(-3(*(1! (3! +'1G%15'2,(1$+',$'2.&$-$P1!
*%! E0(&%15'16! D>3()$%! -%! *$&$)%! (! 3(! K(-5$33(! (! &%+')%&! 3(-! .%&5%1%12
+$(-!*%!-#!,(&$*'!%3!RZ!*%![#3$'<!%3!*8(!*%!3(!5',(6!N'!G'3G%&41!(!G%&!1$!
3$;&'-<!1$!&'.(!1$!,(1#-+&$5'-<!%15&%!3'-!9#%!%-54!W(-!RVU!['&1(*(-!*%!
:'*',(6!
F3!B$1<!%3!R!*%!(;&$3!*%!RLQU<!%3!,(&9#>-!*%!:(*%!%-!#1!0',;&%!3$;&%6!
D%&'!%-!#1!(&$-5P+&(5(!%1!3(!j&(1+$(!&%G'3#+$'1(&$(!/!+'&&%!%3!.%3$)&'!
*%! .%&*%&! 3(! +(;%d(6! :#! %-.'-(! 0(! *%[(*'! ,#/! +3(&'! 9#%! 1'! *%-%(!
G'3G%&!(!G%&3%<!/!-#!B(,$3$(!0(!0#$*'!*%3!.(8-!'!.3(1%(!0(+%&3'6!7-!.'2
;&%!/!%-54!-'3'6!^1(-!-%,(1(-!*%-.#>-<!+'1'+%!(!E'1-5(1+%!"#%-1%5<!
+'1!9#$%1!%15(;3(!#1(!&%3(+$P1!.3(5P1$+(!/!*%!+'1G%1$%1+$(6!W'!$&P1$2
+'!%-!9#%!%-'!1'!9#$5(!.(&(!9#%!-%!5&(5%!*%!3(!C1$+(!'+(-$P1!%1!3(!9#%!
H'1(5$%1!%I.%&$,%15(!#1'-!3(d'-!B(,$3$(&%-!*%!G%&*(*6!F.'*(!:%1-$2
;3%!(!-#!1#%G(!+',.(g%&(<!/![#15'-!$15%15(1!-';&%G$G$&6!D(&(!3')&(&2
3'<!%3!,(&9#>-!-%!&%)$-5&(!+','!+$#*(*(1'!(+5$G'!*%!3(!d'1(!*%!D(&8-!
%1!3(!9#%!G$G%6!F-8!%-!+','!1(+%!W#$-!H%-(*%<!0',;&%!*%!3%5&(-<!(#12
9#%!,4-!5(&*%!-%&4<!-$,.3%,%15%<!W#$-!:(*%6!
7-!+$%&5'!9#%<!*%!0%+0'<!-%!+'1G$%&5%!%1!+$#*(*(1'!(+5$G'6!71!.&$,%&!
3#)(&! '+#.(! %3! .#%-5'! *%! %-+&$;$%15%! 'B$+$(3! *%! 3(! :%++$P1! m%1*{2
,%|*%-!D$9#%-<!*%!3(!9#%!.&'15'!3%!1',;&(1!+',$-(&$'6!F3!.&$1+$.$'!
*%3!=%&&'&!(3+(1d(!%3!.#%-5'!*%!.&%-$*%15%<!(#19#%!&%1#1+$(!.'&!+'12
-$*%&(&!$10#,(1(-!-#-!(+5#(+$'1%-6!7-5%!(-+%1-'!B#3)#&(15%!-%!*%;%!
(!3(!B(+$3$*(*!+'1!3(!9#%!0(!(*'.5(*'!%3!*$-+#&-'!/!3(-!B'&,(-!&%G'3#2
+$'1(&$(-<!(#19#%!3'!+$%&5'!%-!9#%!-#!.'-5#&(!.'385$+(!%-54!,4-!+%&+(!
*%3!,'1(&9#$-,'!+'1-5$5#+$'1(3!,'*%&(*'!9#%!*%!+#(39#$%&!'5&(!+'2
-(6! l3<! 9#%! (15%-! B#%! %3! )&(1! *%B%1-'&! *%! 3(! ,'1(&9#8(! (;-'3#5(<! 0(!
(+(;(*'!(-9#%(*'!.'&!-#!$1[#-5$+$(!/!-#!(&;$5&(&$%*(*6!N'!,%1'-!(-2
+'! 3%! *(1! 3'-! -(1-2+#3'55%-! 1$! -#! -%)#1*(! &%G'3#+$P1! *%! ()'-5'! *%!
RLQV6!:$!-%!%I.&%-(!+','!%33'-!%-!.'&9#%<!9#$d4!.'&!.&$,%&(!G%d!%1!
-#!G$*(<!5$%1%!3(!-#B$+$%15%!G$-5(!+','!.(&(!-(;%&!9#>!5$%1%!9#%!*%+$&!
-$! 9#$%&%! %G$5(&! 3(! )#$33'5$1(6! F*%,4-<! .'&! B$1! .#%*%! (B$&,(&! 9#%! %-!
%-+&$5'&r! .#;3$+(! F3$1%! /! m(3+'#&<! W'-! +&8,%1%-! *%3! (,'&! /! p#-5$1%<!
(#19#%!*%!B'&,(!(1P1$,(<!/!+'1-$)#%!9#%!3(!E',>*$%!j&(1}($-%!%-2
5&%1%!*'-!*%!-#-!';&(-6!
:#!$,.3$+(+$P1!?(#19#%!5(3!G%d!-%&8(!,4-!(*%+#(*'!*%+$&!+(,#B3([%?!
.'385$+(!3%!33%G(!(!3%%&!%1!RLQS!%3!.(1%)8&$+'!%1!0'1'&!(!h(&(5!/!(!W%!

SZ! !
D%3%5$%&<!(3!,$-,'!5$%,.'!9#%!-(3G(!3(!G$*(!(!-#-!-#%)&'-6!:$!0(/!(3)'!
*%!3'!9#%!1'!+(;%!*#*(!%-!*%!3(!&%.#)1(1+$(!9#%!-$%15%!:(*%!0(+$(!3(!
.%1(!*%!,#%&5%6!:$%,.&%!9#%![#-5$B$+(!%3!(-%-$1(5'!3'!0(+%!*%-*%!#1(!
.%&-.%+5$G(!.%&-'1(3<!/!%3!%-5(*'![(,4-!*%;%&8(!.'*%&!*$-.'1%&!*%!3(!
G$*(!*%!1$1)C1!+$#*(*(1'<!-%(!+#(3!-%(!%3!+&$,%1!9#%!0(/(!+',%5$*'6!
W(!-%1-(+$P1!*%!9#%!.#%*%! (*(.5(&-%! +'1! >I$5'! (3! (,;$%15%!&%G'3#2
+$'1(&$'!5(,.'+'!*#&(!*%,(-$(*'6!:%!0(!3$;&(*'!*%!,'&$&!(#1!%-5(12
*'!%,.(&%15(*'!+'1!3(!B(,$3$(!&%(3<!0(;$%1*'!-$*'!+'1-$*%&(*'<!.'&!
%&&'&<!+','! %,$)&><!$1+3#-'! &%+$;%! (3)'!*%!*$1%&'!%1G$(*'!*%-*%!W(!
E'-5%!.'&!,%*$(+$P1!*%!-#!(;')(*'<!@(#B&$*/<!.%&'!%3!RT!*%!1'G$%,2
;&%!*%!RLQS!+',%5%!#1!)&(G%!%&&'&r!%1!3(!E'1G%1+$P1!N(+$'1(3!0(+%!
#1!*$-+#&-'!%1!*%B%1-(!*%3!(5%8-,'6!71!*$+$%,;&%<!\';%-.$%&&%!%I$)%!
%3!+%-%!*%!3(!+(,.(g(!(15$&&%3$)$'-(!/!*%+3(&(!9#%!%3!(5%8-,'!%-!+'12
5&(&&%G'3#+$'1(&$'6!73! *8(!Y! *%5$%1%1!(! :(*%! %! $1)&%-(! %1!W%-! h(*%2
3'11%55%-<!3#%)'!%1!H%-!E(&,%-!/!.'&!C35$,'!%1!:($152W(d(&%<!(#19#%!
1'! %-! 0(-5(! ,(&d'! *%3! (g'! -$)#$%15%! +#(1*'! -%! B'&,(3$d(! 3(! (+#-(2
+$P1<! 9#%! $1+3#/%! +(&)'-! .'&! $1,'&(3$*(*<! .'&! &%3(+$'1(&-%! +'1!
,'14&9#$+'-!/!.'&!-'3$+$5(&!#1!+(&)'!%1!3(!@#(&*$(!E'1-5$5#+$'1(3!*%!
W#$-!AmO!%1!RLQV6!71!&%(3$*(*!-8!0(;8(!+(&)'-!.'&!3'-!9#%!,%&%+%<!.(2
&(! 3'-! &%G'3#+$'1(&$'-<! (3! ,%1'-! #1(! +'1*%1(! *%! .&$-$P1<! .%&'! -%! 3%!
(+#-(!.'&!1$,$%*(*%-6!=(15'!%1!%3!F15$)#'!\>)$,%1!+','!%1!3(!\%2
G'3#+$P1<! 3'-! %1+(&+%3(,$%15'-! *%! :(*%! -'1! (&;$5&(&$'-! %! $1[#-5$B$+(2
*'-6! @&(+$(-! (! 3(! $1B3#%1+$(! *%! -#! B$%3! :%1-$;3%! 3%! 5&(-3(*(1! (! D$+5#-<!
*'1*%!-%!%-+(.(!*%!3(!)#$33'5$1(!%1!%3!C35$,'!,',%15'6!:#!-%15%1+$(!
*%!,#%&5%!%-54!B$&,(*(!.(&(!%3!Y! *%!5%&,$*'&!*%3!(g'!V<!%-! *%+$&<!%3!
VX!*%![#1$'!*%!RLQZr!+#(1*'!*$+%1!-#!1',;&%<!(3!.(-(&!3$-5(!*%!+'12
*%1(*'-<!1'!+'15%-5(6!@&(+$(-!(!%-'!+'1-%&G(!3(!+(;%d(6!=&(-!3(!+(8*(!
/!,#%&5%!*%!\';%-.$%&&%<!3(!-%++$P1!*%!D$9#%-<!+$5(1*'!%3!.(5&$'5$-,'!
*%!:(*%<!-'3$+$5(!-#!%I+(&+%3(+$P1<!9#%!-%!0(+%!%B%+5$G(!%3!RT!*%!'+5#2
;&%6!
H#&(15%! 3(! >.'+(! *%3! H$&%+5'&$'! -#! -$5#(+$P1! %+'1P,$+(! %-! 5%&&$;3%6!
O,.3'&(!9#%!3%!+'1+%*(1!5&(;(['!*%!B#1+$'1(&$'!-$1!';5%1%&!&%-#35(2
*'-6!@(#B&$*/<!-#!(;')(*'<!(3!%15%&(&-%!*%!9#%!%3!,(&9#>-!1'!0(!.(2
)(*'! 3(-! *%#*(-! 9#%! (B%+5(1! (! D>3()$%<! *%+$*%! (.'/(&3(! (! %33(! /! -#-!
0$['-<!.'&!3'!9#%!-%!*%-%15$%1*%!(!3(!0'&(!*%!%1G$(&3%!*$1%&'!(!>36!O12
+3#-'!33%)(!(!-(;'5%(&!3(!G%15(!*%3!+(-5$33'!*%!W(!E'-5%6!F!%-(-!*$B$+#32
5(*%-!0(/!9#%!-#,(&!3(!$&'18(!*%!9#%!-$)(!+'1-$*%&41*'-%!(!:(*%!#1!

! ST!
%,$)&><!+#(1*'!%-!%3!C1$+'!,$%,;&'!*%!-#!B(,$3$(!9#%!1'!0(!(;(1*'2
1(*'!%3!.(8-!*#&(15%!5'*(!3(!&%G'3#+$P16!D%&'!3(-!.&#%;(-!9#%!(.'&5(!
.(&(!9#%!3%!;'&&%1!*%!*$+0(!3$-5(!1'!(-%)#&(1!9#%!-%(!%3!,$-,'!0',2
;&%!9#$%1!(.(&%+%!%1!%33(-!.'&!#1!,'5$G'!,#/!-$,.3%r!3(!B(+$3$*(*<!'!
%3!*%-+#$*'<!+'1!3(!9#%!%3!,(&9#>-!0(!+(,;$(*'!*%!1',;&%!*%!B'&,(!
+'1-5(15%6!7-!+$%&5'!9#%!5$%1%!&%+$;'-!/!*%,4-!*'+#,%15'-<!.%&'!1'!
.#%*%!*%,'-5&(&!9#%!5'*'-!-%(1!-#/'-6!
FC1!0(/!,4-6!73!(,;$%15%!,'&(3!0(!+(,;$(*'!*%!#1!%I5&%,'!(!'5&'!
+(-$!+'1!5(15(!B&%+#%1+$(!+','!>3!0(!+(,;$(*'!*%!1',;&%6!H%3!.#&$2
5(1$-,'! *%! W#$-! AmO! -%! .(-(! (! 3(! 3$;%&5(*! &%G'3#+$'1(&$(! 0(-5(! 3(!
$&&#.+$P1!*%!\';%-.$%&&%<!+'1!9#$%1!&%)&%-(!%3!.#&$5(1$-,'6!73!H$&%+2
5'&$'! %-<! .&';(;3%,%15%<! 3(! >.'+(! ,4-! 3$;%&5$1(! *%3! -$)3'<! .%&'!
j'#+0><!/!*%-.#>-!N(.'3%P1<!&%$1-5(#&(1!#1(!,'&(3!-%G%&(!/!3(!O)3%2
-$(!&%+#.%&(!)&(1!.(&5%!*%!-#!.'*%&6!:$!(!%-5'!-%!(g(*%!9#%!p#-5$1%!-%!
+'1-$*%&(!3(!1'G%3(!,4-!%-+(1*(3'-(!*%!3(!*>+(*(!*%!RLQU<!3(!-$5#(2
+$P1!1'!.$15(!;$%1!.(&(!:(*%6!7-!+$%&5'!9#%!3(!%*$+$P1!%-!(1P1$,(<!.%2
&'!+(-$!5'*'!%3!,#1*'!-'-.%+0(!9#$>1!%-!-#!(#5'&6!71!%1%&'!*%!RYUU!
%3! ,(&9#>-! -%! G%! ';3$)(*'! (! -%.(&(&-%! *%! :%1-$;3%! %! $1)&%-(&! %1! %3!
0'-.$5(3!*%!m%&-(33%-!.(&(!1'!,'&$&<!*%!B&8'!'!*%!0(,;&%<!%1!3(!+(33%6!
:%!3%!(+#,#3(1!3(-!*%#*(-!/!3'-!%,;(&)'-!*%!#1(-!.&'.$%*(*%-!9#%!
1'!.#%*%!G%1*%&!1$!*$-B&#5(&<!/!*%!3(-!9#%!1'!';5$%1%!1$1)C1!;%1%B$2
+$'6!F!3(-!+&85$+(-!(! p#-5$1%!-%!-#,(1!3(-!*%! W'-!+&8,%1%-!*%3!(,'&6!73!
X!*%!,(&d'!*%!RYUR!3(!.'3$+8(!%15&(!%1!%3!*%-.(+0'!*%!-#!%*$5'&<!3%-!
*%5$%1%!(!(,;'-!.'&!%-+&$;$&!/!.#;3$+(&!,(5%&$(3!';-+%1'<!/!%,;(&)(!
3'-! %[%,.3(&%-! *%! p#3$%55%6! N(.'3%P1! 9#$%&%! %G$5(&! %3! %-+41*(3'! 9#%!
-#.'1*&8(!33%G(&3%!(![#$+$'!/!'.5(!.'&!,%5%&3%!%1!#1!+(3(;'d'!/!'3G$2
*(&-%!*%!>3<!9#%!1$%)(!#1(!/! '5&(!G%d! -%&! %3!(#5'&!*%!1$1)#1(!*%! 3(-!
1'G%3(-!9#%!-%!3%!(5&$;#/%16!^1'-!,%-%-!,4-!5(&*%!3%!33%G(1!(!:($15%2
D>3()$%<!/!%1!RYUS!(!K$+~5&%6!W(-!+4&+%3%-!%-541!(;(&&'5(*(-!/!,#+0'-!
$15%3%+5#(3%-! -%! %1+#%15&(1! %1! %33(-<! .'&! 3'! 9#%! +(-$! 1#1+(! 3%! B(35(!
;#%1(!+',.(g8(!/!+'1G%&-(+$P16!:$1!%,;(&)'<!.(&(!3(!B(,$3$(!%-!#1(!
*%-0'1&(!9#%!-%!%1+#%15&%!%1!#1!3#)(&!5(1!-P&*$*'!+','!K$+~5&%<!.'&!
3'!9#%!-'3$+$5(1!-#!$1)&%-'<!*%!1#%G'<!%1!%3!,(1$+',$'!*%!E0(&%15'16!
:%!3%!*%+3(&(!%1B%&,'!*%!*%,%1+$(!3$;%&5$1(!/!-%!(+%.5(!-#!5&(-3(*'6!
f(!1'!%-!#1!%-+&$5'&!*%!1'G%3(-!)#(&&(-<!(0'&(!%-!#1!3'+'!9#%<!)&(+$(-!
(!3(-!5&%-!,$3!3$;&(-!(1#(3%-!9#%!.()(!-#!B(,$3$(<!5$%1%!+$%&5'-!.&$G$3%2
)$'-!%1!-#!%1+$%&&'6!:%1-$;3%!-%!,#*(!(! G$G$&! +'1!>3!#1!(g'! *%-.#>-!

SX! !
*%!-#!33%)(*(!(3!+%15&'6!F338!G$G$&4!%3!,(&9#>-!0(-5(!%3!B$1!*%!-#-!*8(-<!
(338!%15(;3(&4!#1(!(,$-5(*!+'1!E'#3,$%&<!%3!*$&%+5'&!*%!3(!$1-5$5#+$P1!
/!.&%+#&-'&!*%!3(!.-$9#$(5&8(!,'*%&1(<!/!(338!&%+#.%&(&4!3(!(+5$G$*(*!
9#%!,4-!0(!(,(*'!*#&(15%!5'*(!-#!G$*(r!%3!5%(5&'6!H%15&'!*%3!,(1$2
+',$'!-%!+'1-5&#/%!#1!%-+%1(&$'!/!-%!33%G(1!(!+(;'!&%.&%-%15(+$'1%-!
%1!3(-!9#%!.(&5$+$.(1!(3)#1'-!(+5'&%-!.&'B%-$'1(3%-!/!,#+0'-!*%!3'-!
$15%&1'-6! 7-5'-! %-.%+54+#3'-! -%! +'1G$%&5%1! %1! #1'! *%! 3'-! (+'15%+$2
,$%15'-! ,4-! ,'*%&1'-! *%! .&$1+$.$'-! *%3! -$)3'! AOA<! /! ,#/! .&'15'! -%!
.'1%! *%! ,'*(! %15&%! )&(1! .(&5%! *%! 3(! (35(! -'+$%*(*! .(&$-$1(! %3! $&! (!
G%&3'-6!
:%!'&)(1$d(1!+%1(-!*%!)(3(!(!3(-!9#%!:(*%!(+#*%!%1!+(3$*(*!*%!(#5'&!/!
%1! 3(-! 9#%<! .'&! B$1<! *%-(&&'33(! +$%&5(-! 0(;$3$*(*%-! -'+$(3%-6! E'15$1#(!
%-+&$;$%1*'!*&(,(-!0$-5P&$+'-! /! (3)#1(!9#%! '5&(! 1'G%3(6!F! +(#-(! *%!
#1(!-%&$%!*%!+(,;$'-!$15%&1'-!/!.'&!.&%-$'1%-!%I5%&1(-<!*#&(15%!-#-!
C35$,'-!(g'-!*%!G$*(<!G%!+P,'!-%!&%*#+%1!-#-!.&$G$3%)$'-<!+P,'!-%!3%!
.&'08;%!%3!(++%-'!(!.(.%3!/!.3#,(!/<!.'&!3'!5(15'<!-%!3%!$,.'-$;$3$5(!%3!
%-+&$;$&6! 71! RYRS! -%! +$%&&(! %3! 5%(5&'! *%! E0(&%15'16! W(! &%3(+$P1! +'1!
:%1-$;3%! 5(,;$>1! -%! +',.3$+(! /! :(*%! -%! %1(,'&(! +','! #1! 1$g'! *%!
#1(!+0$9#$33(!*%!*$%+$-$%5%!(g'-!9#%!5&(;([(!*%!3(G(1*%&(!%1!%3!(-$3'<!
*%!1',;&%!h()*%3($1%6!l3!3%!%1-%g(!(!3%%&!/!%-+&$;$&!/!%33(!(++%*%!(!
-#-![#%)'-!-%I#(3%-6!F!B$1(3%-!*%!1'G$%,;&%!*%!RYRZ!%,.$%d(!(!-#B&$&!
*'3'&%-!%1!%3!.%+0'!/!%3!G$%15&%<!(!3'-!9#%!-%!-#,(!#1!(++%-'!*%!B$%;&%!
%1! 3'-! *8(-! .'-5%&$'&%-6! D>3()$%! 0(! ,#%&5'! (! +'1-%+#%1+$(! *%! #1'-!
.&';3%,(-! *%! G%-8+#3(<! W'#$-2h(&$%! *%! #1! *$-.(&'! %1! 3(! +(;%d(<! /!
:%1-$;3%!1'!%-54!%1!E0(&%15'16!73!C1$+'!9#%!(+#*%!%-!F&,(1*<!9#$%1!
0(!+'1-%)#$*'!9#%!%3!1',;&%!*%!-#!.(*&%!*%-(.(&%d+(!(3!B$1!*%!3(!3$-2
5(!*%! %,$)&>-<!/!0(!,'G$*'!0$3'-!.(&(! .'*%&! 0%&%*(&!3(-!.'+(-! .&'2
.$%*(*%-!9#%!,(15$%1%1<!/!9#%!1'!-%!3(-!9#%*%!%3!%-5(*'6!73!,(&9#>-!
*%!:(*%!,#%&%!%3!*8(!V!*%!*$+$%,;&%!*%!RYRZ<!(!3(-!*$%d!*%!3(!1'+0%6!
=$%1%!-%5%15(!/!+#(5&'!(g'-<!/!5&%$15(!/!-%$-!3'-!0(!.(-(*'!&%+3#$*'6!

OO!

i%!9#%&$*'!*%5%1%&,%!%1!(3)#1'-!*%5(33%-!*%!-#!G$*(!.'&9#%!,%!.(2
&%+%1!$,.'&5(15%-6!N'!/(!-'3'!.'&!3(!+#&$'-$*(*!'!%3!$15%&>-!1'G%38-5$2
+'! 9#%! .#%*(1! -#-+$5(&<! -$1'! .'&9#%! .#%*%1! (/#*(&1'-! (! %15%1*%&!
.(&5%!*%!-#!';&(6!=%1)'!9#%!0(+%&!*'-!(+3(&(+$'1%-6!71!.&$,%&!3#)(&<!

! SL!
1'! .&%5%1*'! &%*#+$&! -#-! 3$;&'-! (! #1(! ,%&(! +'1B%-$P1! *%! 3(-! (;%&&(2
+$'1%-! +',%5$*(-<! +','! 0(1! .&%5%1*$*'! (3)#1'-6! 71! -%)#1*'! 3#)(&<!
5(,.'+'! 9#$%&'! $1-$1#(&! 9#%! %-5'-! 1'! .#%*(1! +',.&%1*%&-%! -$! 1'!
-(;%,'-!9#$>1!%-!%3!(#5'&!/!9#>!5$.'!*%!G$*(!33%GP6!:#!';&(<!+','!3(!
*%!+#(39#$%&!%-+&$5'&!*$)1'!*%!33(,(&-%!(-8<!-%!-'-5$%1%!.'&!-8!,$-,(<!
-#!-%15$*'!%-54!(08<!%1!-#-!.&'.$(-!.4)$1(-6!W(-!5%'&8(-!.'-,'*%&1(-!
-';&%!3(!%-+&$5#&(!/!3(!(#5'&8(!0(1!*%-.'[(*'!(!(9#%33'-!9#%!%-+&$;%1!
*%!+(-$!5'*'6!='*(!';&(!%-!&%B%&%1+$(3!/!*%&$G(*(<!5'*'!-%15$*'!-%!%12
+#%15&(!%1!%3!3%+5'&<!9#%!$,.'1%!-#!.#15'!*%!G$-5(!-';&%!3(!';&(6!E&%'!
9#%! %-5(! &%3(5$G$d(+$P1! -%! 0(! 33%G(*'! (3! &$*8+#3'! /! 1'! %-! [#-5(6! N'-!
(.&'.$(,'-!*%!3(-!.(3(;&(-!*%!3'-!*%,4-<!%-54!+3(&'<!/(!-%(!*%!B'&,(!
+'1-+$%15%!'!$1+'1-+$%15%<!.%&'!%-'!1'!9#$5(!9#%!%3!(#5'&!5%1)(!(3)'!
9#%!*%+$&6!H%!1'!-%&!(-8<!1'!-%!%-+&$;$&8(6!
71!%3!$,()$1(&$'!+'3%+5$G'<!%3!,(&9#>-!*%!:(*%!%-!#1!,'1-5&#'!-%I#(3!
(!3(!(35#&(!*%!@$33%-!*%!\($-!?%3!,(&$-+(3!*%!p#(1(!*%!F&+'<!-(5(1$-5(<!
G$'3(*'&!/!(-%-$1'!*%!,4-!*%!,$3!1$g'-?<!%1!9#$%1!.(&%+%!$1-.$&(&-%!
3(!3%/%1*(!*%!K(&;(!Fd#36!F,;'-!+',.(&5%1!%-%!B#3)'&!5%&&'&8B$+'!*%!
3'-! 0',;&%-! 9#%! %1+(&1(1! %3! ,(3! G%&*(*%&'6! :#-! +&8,%1%-! -'1! 5(1!
(5&'+%-! +','! $,.&';(;3%-<! 1'! 0(/! ,4-! 9#%! ,$&(&! 3'-! 1C,%&'-6! N(2
*$%<!1$!#1!;(&P1!*%3!-$)3'! Am!1$!#1!,(&9#>-!*%3! AmOOO!.(&%+%!+(.(d!*%!
(3+(1d(&! +$B&(-! 5(1! .(15()&#>3$+(-! -$1! 9#%! 1(*$%! 0()(! 1(*(! .'&! .'2
1%&3%-! B&%1'6! 7-! +$%&5'! 9#%! (! @$33%-! *%! \($-! -%! 3%! (+(;(! *%5%1$%1*'<!
[#d)(1*'! /! +'1*%1(1*'! (! 3(! 0'&+(<! .%&'! 3'-! 5%-5$,'1$'-! &%+')$*'-!
.'&! #1! 5&$;#1(3! $19#$-$5'&$(3! -%! (15'[(1! .'+'! B$(;3%-<! *%;$*'! (! 3'-!
,>5'*'-! %,.3%(*'-! .(&(! ';5%1%&! 3(! $1B'&,(+$P16! N'! 0(/! *#*(! *%!
9#%!%I$-5%1!-#-!+&8,%1%-<!3'!9#%!1'!%-!5(1!-%)#&'!-'1!3(-!+$B&(-6!
71! %3! +(-'! *%3! ,(&9#>-! *%! :(*%<! -#! ,$5'! -#&)%! *%! -#! .&'.$(! .3#,(6!
:'1!,#+0'-!3'-!9#%!0(1!*(*'!.'&!;#%1(-!3(-!(5&'+$*(*%-!+',%5$*(-!
%1!-#-!3$;&'-<!/!9#$%1%-!0(1! G$-5'!%1! %33'-! #1! &%3(5'! .'&,%1'&$d(*'!
*%!-#!.&'.$(!G$*(6!7-!;(-5(15%!,4-!.&';(;3%!9#%<!.&$G(*'!*%!-#!3$;%&2
5(*<!-%!*%*$9#%!(!B(15(-%(&!/!(!33%G(&!*$+0(-!B(15(-8(-!(3!.(&'I$-,'6!:$!
3%!*%5$%1%1!.'&!(d'5(&!(!#1(-!.&'-5$5#5(-<!1'!%-!+&%8;3%!9#%!-%(!+(.(d!
*%!5'&5#&(&!'!(-%-$1(&!(!1(*$%!/!-(3$&!$1*%,1%!?-$&G(!+','!%[%,.3'!%3!
(-#15'!*%!3(-!1$g(-?6!7-!*%,(-$(*'!+0(.#+%&'6!:(*%!%-+&$;%!*#&(15%!
5'*(!-#!G$*(r!.'%,(-<!+(&5(-<!&%3(5'-<!*$(&$'-<!+#(*%&1'-!*%!G$([%t!f(!
%1!-#![#G%15#*!%-+&$;%!(3)#1(!1'G%3(!3$;%&5$1(<!.%&'!3'!9#%!*%!G%&*(*!
3%! $1-.$&(! %-! %3! 5%(5&'6! 7-+&$;%<! *$&$)%! /! (+5C(! *%-*%! W(! E'-5%! 0(-5(!

SY! !
E0(&%15'16!:#-!(-.$&(+$'1%-!&%(3%-!-'1!+','!*&(,(5#&)'6!^1!0%+0'!
9#%!.'*&8(!+'1B$&,(&!3(!0$.P5%-$-!*%!9#%!%-!%3!%1+$%&&'!%3!9#%!3%!%,2
.#[(!(!-#-!1'G%3(-!%-!9#%<!+','!/(!0%,'-!G$-5'!(15%-<!1'!%-!0(-5(!9#%!
&%+$;%! +&85$+(-! 1%)(5$G(-! *%! -#-! 5%I5'-! *&(,45$+'-! +#(1*'! -%! *%*$+(!
*%!G%&*(*!(!%33(-6!
71! RLYZ! -#! ,#[%&! 3%! *$+%! %1! #1(! +(&5(r! `=%! &#%)'! 9#%! &%B&%1%-! 5#-!
%-+&$5'-6! tÄ! :';&%! 5'*'<! 1'! %-+&$;(-! 1$! 0(;3%-! *%! 3(-! (;%&&(+$'1%-!
tÄ! 9#%! %3! ,#1*'! .'*&8(! (.&'G%+0(&! .(&(! [#d)(&5%6a! uD3%--$I! @&(/!
VUUVr! ZZZv! =$%1%! &(dP16! 7-! .'&! %33'-! .'&! 3'-! 9#%! -%! 3%! [#d)(<! /! -$1!
%33'-!3'!,4-!-%)#&'!%-!9#%!1'!-#.$>&(,'-!9#$>1!B#%<!3%!0(;&8(,'-!'32
G$*(*'!+','!(3!&%-5'!*%!3$;%&5$1'-!*%!-#!5$%,.'6!D%&'!1'!0(!-$*'!(-8<!
(!.%-(&!*%!3'-!%-B#%&d'-!&%(3$d(*'-!.'&!-#!B(,$3$(!/!3'-!+%1-'&%-!.(&(!
'+#35(&!-#!';&(<!3'-!,(1#-+&$5'-!.%&*$*'-!/!'5&(-!5(15(-!+$&+#1-5(12
+$(-!9#%!.(&%+8(1!%,.%g(*(-! %1! 9#%!%3!,(&9#>-! 1'!-#.%&(&(! 3(!;(2
&&%&(! *%3! 5$%,.'6! :$1! %,;(&)'<! 5(15'! >3! +','! -#-! %-+&$5'-! .%&G$G%16!
H#&(15%!,4-!*%!+$%1!(g'-!B#%!#1!(#5'&!.&'0$;$*'<!/!3(-!%*$+$'1%-!*%!
-#-!3$;&'-!%&(1!+3(1*%-5$1(-6!D%&'!5'*'!%-'!0(!*(*'!$)#(36!
^1'! *%! 3'-! 5%I5'-! 9#%! &%*(+5(! ,$%15&(-! %-54! .&%-'! %1! 3(! K(-5$33(! ?/!
#1'!*%!3'-!,4-!33'&(*'-<!(3!+&%%&3'!.%&*$*'?!%-! W(-!RVU!['&1(*(-!*%!
:'*',(!'!3(!%-+#%3(!*%3!3$;%&5$1([%6!71!%B%+5'<!*#&(15%!3(!B(,'-(!5'2
,(<! %3! ,(1#-+&$5'! *%-(.(&%+%6! :%! 5&(5(! *%! #1! &'33'! *%! .'+'! ,4-! *%!
*'-!,%5&'-!B'&,(*'!.'&!0'[(-!*%!'1+%!+%158,%5&'-!.%)(*(-!%15&%!-8<!
%-+&$5'!.'&!(,;(-!+(&(-<!%1!5&%$15(!/!-$%5%!1'+0%-!*%!RLYT<!+'1!#1(!
3%5&(!(.&%5(*(!/!*$,$1#5(6!F&1'#I!*%!:($152h(I$,$1!3'!%1+#%15&(!%1!
3(! +%3*(! *'1*%! %3! ,(&9#>-! 3'! 0(;8(! '+#35(*'<! /! .(-(! (! B'&,(&! .(&5%!
*%3!.(5&$,'1$'!*%!3(!B(,$3$(!m$33%1%#G%2=&(1-6!71!RQUZ!3'!+',.&(!%3!
,>*$+'!?*%&,(5P3')'!/!B#1*(*'&!*%!3(!-%I'3')8(?!OÅ(1!K3'+0<!9#%!3'!
.#;3$+(!;(['!%3!1',;&%!*%!7#)x1%!Hn0&%16!i(;&4!9#%!%-.%&(&!0(-5(!
3(!,#%&5%!*%!K3'+0!/!(!9#%!%3!,(1#-+&$5'!+(,;$%!*%!,(1'-!.(&(!9#%!
%3!5%I5'!G%(!3(!3#d!%1!#1(!%*$+$P1!*%+%15%<!-$1!3'-!%&&'&%-!9#%!.3()(1!
3(! G%&-$P1! (15%&$'&6! 715&%! RQSR! /! RQST<! (3! B$1<! %3! .'%5(! /! %1-(/$-5(!
i%$1&$+0!i%$1%!.#;3$+(!5&%-!G'3C,%1%-!B$%3%-!(3!'&$)$1(36!
W(! 1'G%3(! 1'! %-54! (+(;(*(<! 1$! *%! 3%['-6! 7-! #1! .&'/%+5'! ,'1-5&#'-'6!
H%!0(;%&3(!5%&,$1(*'<!.#%-5'!9#%!-'3'!%-54!*%-(&&'33(*(!3(!.&$,%&(!
*%! -#-! +#(5&'! .(&5%-<! -%! 5&(5(&8(! *%! #1! (#5>15$+'! K%0%,'5! *%! 3(! *%2
.&(G(+$P16! 71! %33(! -%! +#%15(! 3(! 0$-5'&$(! *%! +#(5&'! 3$;%&5$1'-! #1$*'-!

! SQ!
.'&!#1(!,$-,(!%,.&%-(<!#1!&%5$&'!*%!+#(5&'!,%-%-!*#&(15%!3'-!+#(2
3%-!-(5$-B(&41!5'*'-!-#-!*%-%'-<!-$1!9#%!1(*(!1$!1(*$%!3%-!,'3%-5%6!D(2
&(! %33'<! %3! *#9#%! *%! K3(1)$-<! -#! 0%&,(1'! %3! ';$-.'<! %3! .&%-$*%15%! *%!
E#&G(3!/!%3!;(19#%&'!H#&+%5!.3(1%(1!#1!%1+$%&&'!G'3#15(&$'!?.'&!-#!
.(&5%<! 1'!.'&! 3(! *%! -#-! G8+5$,(-?! %1! %3! +(-5$33'! *%! :$33$1)<! .&'.$%*(*!
9#%! %3! C35$,'! 5$%1%! %1! 3(! :%3G(! N%)&(6! F338! 33%G(1! (! -#-! +#(5&'! 0$[(-<!
9#%! *%-.'-(1! %15&%! %33'-! .(&(! -%33(&! %3! .(+5'<! (! +#(5&'! (3+(0#%5(-!
+'15&(5(*(-! +','! 1(&&(*'&(-<! (! '+0'! ['*%*'&%-! /! (! +#(5&'! *#%g(-!
.(&(! 9#%! G$)$3%1! %3! 0(&>1<! B'&,(*'! .'&! '+0'! 1$g'-! /! '+0'! 1$g(-! *%!
%15&%!*'+%!/!9#$1+%!(g'-6!W'-!*$%+$->$-!+',.'1%15%-!*%3!-%&&(33'!0(1!
-$*'!-%3%++$'1(*'-!.'&!-#!;%33%d(<!*%!%15&%!3(-!*%+%1(-!-%+#%-5&(*(-!
.'&! 3(-! (3+(0#%5(-6! 73! 5'5(3! *%! 0(;$5(15%-! *%! :$33$1)! %-! *%! 5&%$15(! /!
-%$-<!-$1!+'15(&!(!3'-!+#(5&'!(,$)'-!1$!(3!.%&-'1(3!*%!+'+$1(6!
73!+(-5$33'!%-!*%!,#/!*$B8+$3!(++%-'<!+','!%1!3(-!1'G%3(-!)P5$+(-6!7-54!
($-3(*'<!%1!3(!+#,;&%!*%!#1(!,'15(g(!(!3(!9#%!-'3'!.#%*%!(++%*%&-%!
,%*$(15%!#1!.#%15%!*%!,(*%&(!+'1-5&#$*'!.(&(!%-%!B$1<!/!&%5$&(*'!%1!
+#(15'! 3(! +',$5$G(! -%! $1-5(3(6! D(&(! (#,%15(&! 3(! -%1-(+$P1! *%! ($-3(2
,$%15'<!%-54!-$5#(*'!B#%&(!*%! j&(1+$(! (3!'5&'! 3(*'!*%3! \$16! 71!:#$d(<!
-%)#&(,%15%6!73!.3(1!5&(d(*'!.'&!3'-!(,$)'-!%-!B>&&%'<!/!3'-!0'&(&$'-!
-'1!$)#(3!*%!%-5&$+5'-!.(&(!5'*'r!0(/! 9#%!3%G(15(&-%! (!3(-! *$%d!*%!3(!
,(g(1(k!(!3(-!'1+%!-%!.(-(!(3!*'&,$5'&$'!*%!3(-!1$g(-<!*'1*%!-%!*%-2
(/#1(!/!-%!3(-!$1-.%++$'1(!.'&!-$!0(1!+',%5$*'!(3)#1(!B(35(k!(!3(-!*'2
+%!-%!.(-(!(!&%G$-(&!%3!*'&,$5'&$'!*%!3'-!1$g'-k!(!3(!#1(<!9#$%1!3'!5%12
)(!.%&,$5$*'<!.'*&4!(3$G$(&-%!*%!3(-!1%+%-$*(*%-!+'&.'&(3%-k!(!3(-!*'-!
-%!-$&G%!3(!+',$*(k!(!3(-!+$1+'!-%!.(-(!(3!+(B>!/!3'-!3$+'&%-k!(!3(-!-%$-!%-!
%3! 5#&1'! *%! 3'-! &%3(5'-k! (! 3(-! *$%d! -%! +%1(! /! (3! 5%&,$1(&! -%! .(-(! (3!
-(3P1!.(&(!9#%!%,.$%+%1!3(-!'&)8(-k!(!3(-!*'-!*%!3(!,(*&#)(*(!-%!.'2
1%!B$1!(!3(!['&1(*(6!
D(&(!+(*(!(+5$G$*(*!0(/!.%&,$-'-! /!.&'0$;$+$'1%-r!(3! *%-.%&5(&<! .'&!
%[%,.3'<! 3'-! ['*%*'&%-! 9#%! 1'! 5#G$%&(1! 9#%! *'&,$&! +'1! 3'-! (,$)'-<!
0(1! *%! 33%G(&3%-! #1! ,#+0(+0'6! W(-! 1(&&(*'&(-! 5$%1%1! (-$)1(*'! #1!
,%-<!$)#(3!9#%!+(*(!(,$)'!33%G(!%3!+'15&'3!*%!3(!;'3-(!+',C1!/!*%!3(!
3$;&%5(! *%! 3'-! +(-5$)'-! *%! B'&,(! -#+%-$G(6! D%&'! 3(! (+5$G$*(*! ,4-! $,2
.'&5(15%! *%3! *8(! %-! %3! &%3(5'! *%! +$1+'! .(-$'1%-<! 9#%! +'1*$+$'1(1! 3'-!
(+5'-!*%!3'-!3$;%&5$1'-6!N'!.#%*%1!33%G(&!(!+(;'!1$1)C1!G$+$'!9#%!1'!
0(/(! (.(&%+$*'! (15%-! %1! %-'-! &%3(5'-6! F-8<! (3! ,%-! *%! 1'G$%,;&%! +'2
&&%-.'1*%1!3(-!+$%15'!+$1+#%15(!.(-$'1%-!-%1+$33(-<!.&%-%15(*(-!.'&!

ZU! !
3(!-%g'&(!H#+3'-6!71!*$+$%,;&%!3(!-%g'&(!E0(,.G$33%!&%3(5(!3(-!+$%15'!
+$1+#%15(!.(-$'1%-!*';3%-6!F!h(&5($1%!+'&&%-.'1*%1!%3!,%-!*%!%1%&'!
/! 3(-! +$%15'! +$1+#%15(! .(-$'1%-! *%! 5%&+%&(! +3(-%! '! +&$,$1(3%-6! D'&!
C35$,'<!%1!B%;&%&'<!H%-)&(1)%-!+'15(&4!3(-!+$%15'!+$1+#%15(!.(-$'1%-!
(-%-$1(-6!W(!1'G%3(!%-54!*$G$*$*(!%1!+#(5&'!.(&5%-!9#%!+'&&%-.'1*%1!
(!3(!1(5#&(3%d(!*%!%-5(-!1(&&(+$'1%-6!W(-!.(&5%-!-%)#1*(!(!+#(&5(<!-$1!
%,;(&)'<!-'3'!%-541!.3(1$B$+(*(-<!*%!,'*'!9#%!1'!5%1%,'-!,4-!9#%!
3'-! (-.%+5'-! )%1%&(3%-! *%! +(*(! #1(! *%! 3(-! .%&G%&-$'1%-<! .%&'! 1'! -#!
*%-(&&'33'<!1$!%3!*%!3(-!(+5$G$*(*%-!9#%!.&'G'+(1!%1!%3!+(-5$33'6!
F!.%-(&!*%!-#!$1+',.3%5#*!/!*%!9#%!%1+'15&(,'-!3'-!%&&'&%-!.&'.$'-!
*%!#1!.&$,%&!,(1#-+&$5'!-$1!&%G$-(&<!.'*&8(!*%+$&-%!9#%! W(-!RVU!['&2
1(*(-!*%!:'*',(!%-!3(!';&(!,4-!;&#5(3!*%!:(*%6!i(/!9#$%1!3(!0(!+(3$2
B$+(*'!+','!#1!+(543')'! *%!*%.&(G(+$'1%-<! /! *%-*%! 3#%)'!5$%1%! ,#2
+0'!*%!$1G%15(&$'6!D(&(!%,.%d(&<!3(!+3(-$B$+(+$P1!*%!3(-!.(-$'1%-!/!-#!
)&(*(+$P1<!3(!*$G$-$P1!*%!+(*(!#1(!*%!%33(-!%1!+$%15'!+$1+#%15(!.(-$'2
1%-!.(&5$+#3(&%-<!%1#,%&(*(-!(!&(dP1!*%!+$1+'!.'&!*8(6!='*'!5$%1%!-#!
3#)(&!/!-#!5$%,.'<!5(15'!%1!3(!B'&,(!+','!%1!%3!+'15%1$*'!*%!3(!1'G%2
3(6!^1(!*%!3(-!';-%-$'1%-!*%3!,(&9#>-!%-!%3!'&*%16!D'&!%-'!-%!&%.&%12
*%! .'&! 0(;%&! &%G%3(*'! ,4-! *%! 3(! +#%15(! (15%-! *%! 5$%,.'<! /! .'&! 3'!
,$-,'!-#-!3$;%&5$1'-!0(1!*%!&%-$-5$&!+'1!5'*(-!-#-!B#%&d(-!3'-!$,.#32
-'-! .'&! -(35(&-%! 3(-! &%)3(-6! O1+3#-'! -%! 'B&%+%1! (! .()(&! 3(-! (358-$,(-!
,#35(-! 9#%! +'133%G(&8(1! *$+0(-! 5&(1-)&%-$'1%-<! .%&'! 3'-! *%,4-! -%!
1$%)(1!/!3%-!B#%&d(1!(!()#(15(&6!F!B$1!*%!+#%15(-<!%3!*$1%&'!1'!-$)1$B$2
+(! 1(*(! +#(1*'! -%! *$-.'1%! *%! >3! (! G'3#15(*6! h(15%1%&! %3! '&*%1! %-!
,#+0'!,4-!$,.'&5(15%6!
h$+0%3!]1B&(/<!9#%!%1!'5&'-!(-#15'-!5$%1%!%3!0'+$+'!,#/!B$1'<!.(&%+%!
.%&*%&!%3!&(-5&'!.'&!+',.3%5'!+#(1*'!5$3*(! W(-!RVU!['&1(*(-!*%!:'2
*',(!*%!1'G%3(!B(-+$-5(6!N'!.'&9#%! B(-+$-,'! -%!0(/(!+'1G%&5$*'!%1!
#1(!*%!%-(-!.(3(;&(-!9#%!-%!(.3$+(1!(!5'*'!(9#%33'!9#%!1'!1'-!)#-5(<!
>3! 1'! +(%! %1! %-(! B(3(+$(6! H%! 0%+0'<! 0(+%! %3! $1G%15(&$'! *%! 5'*'-! 3'-!
%3%,%15'-!9#%<!(!-#![#$+$'<!#1%1!%3!5%I5'!'<!,%['&<!%3!&>)$,%1!9#%!*%-2
+&$;%<!(3!+(,.'!*%!%I5%&,$1$'r!3(!&%*(*(<!3(!*%.'&5(+$P1<!%3!+(,.'<!3(!
.'3$+8(<! %3! .%1(3<! 3(! -#;0#,(1$*(*<! 3(! &(d(! *%! 3'-! -%g'&%-<! 3(! *%-1#2
*%d<!3(!-%3%++$P1<!3(-!$1-$)1$(-<!%3!5(5#([%<!%3!#1$B'&,%<!%3!&%)3(,%15'<!
%3! &(.(*'! /! %3! &%)$-5&'! uVURUr! VYL2VYYv6! ='*'! %33'! &%-.'1*%! (! #1(!
';-%-$P1!9#%!:(*%!+',.(&5%!+'1!%3!B(-+$-,'<!%-!+$%&5'6!7-(!';-%-$P1!
%-!%3!'&*%16!D%&'<!.(&(!+(*(!#1'!*%!%33'-<!%3!'&*%1!5$%1%!';[%5$G'-!*$-2

! ZR!
5$15'-6! 73! .&'.$'! ]1B&(/! +$5(! (! H#&+%5! (! +'15$1#(+$P1r! `:%! ,%! .'1%!
5$%-(!+#(1*'!0()'!%3!,(36a!7-(!%-<!.&%+$-(,%15%<!3(!*$B%&%1+$(6!O1+3#-'!
(#19#%!5#G$%&(!&(dP1!%1!5'*'!3'!*%,4-<!(#1!+#(1*'!(+%.54&(,'-!-#!
$*%(!*%!#1!B(-+$-,'!%-%1+$(3!/!(5%,.'&(3<!]1B&(/!-%!%9#$G'+(!(3!+(3$2
B$+(&!(!:(*%!*%!B(-+$-5(r!%3!B$1!9#%!;#-+(1!-#-!3$;%&5$1'-!%-!%3!,(3<!(-2
.$&(1! (3! h(3! %1! ,(/C-+#3(-<! (;-'3#5'6! D'&! %-'! &%-#35(! 5%&&'&8B$+(! -#!
';&(6!W'!9#%!1'!%-!,%1'-!5%&&'&8B$+'<!.#%*%!9#%!$1+3#-'!3'!-%(!,4-<!
%-!9#%!%3!B(-+$-,'!(-.$&(!(3!;$%16! i(/!(3)'! .3(5P1$+'!%1! >3<! (3)'! 9#%!
#1%!%3!'&*%1!+'1!3'!;%33'<!3'!;#%1'!/!3(!G%&*(*<!(3)'!9#%!-%!G%!+'1!+3(2
&$*(*!%1!-#!(&5%<!%1!%-.%+$(3!-#!(&9#$5%+5#&(!*%!+'&5%!1%'+34-$+'6!71!
:(*%!%3!'&*%1!%-!3'!+'15&(&$'<!'!+(-$6!
N'!.#%*%!0(;%&!B(-+$-,'!*'1*%!1'!0(/!7-5(*'6!W(-!+',#1$*(*%-!%1!
3(!';&(!*%!:(*%!-'1!*%!%-+(3(!,$+&'-+P.$+(6!E','!,#+0'<!-'1!-'+$%2
*(*%-!-%+&%5(-!*%!+'1G%1$%1+$(<!+#/'!';[%5$G'!1'!G(!,4-!(334! *%!-(2
+$(&!3'-!*%-%'-!*%!+(*(!#1'!*%!-#-!,$%,;&'-6!F08!(+(;(!5'*'6!D#%*%!
9#%! ]1B&(/! %-5>! *%,(-$(*'! $1B3#%1+$(*'! .'&! 3(! (*(.5(+$P1! +$1%,(2
5')&4B$+(! 9#%! &#%*(! D$%&! D('3'! D(-'3$1$! %1! RQLT6! 71! :(3Ç! '! 3'-! RVU!
*8(-!*%!:'*',(<!%3!*$&%+5'&!$5(3$(1'!33%G(!3(!1'G%3(!(!3(!\%.C;3$+(!:'2
+$(3! j(-+$-5(! *%! :(3P<! +&%(*(! .'&! K%1$5'! h#--'3$1$! (! ,%*$(*'-! *%! 3(!
*>+(*(! *%! RQZU<! /! '+#.(*(! .'&! 3(! J%0&,(+05! (3%,(1(6! E','! %3! 3$2
;&'<!3(!+$15(!%-54!*$G$*$*(!%1!+#(5&'!.(&5%-<!(#19#%!1'!-'1!%9#$G(3%12
5%-r!(15%$1B%&1'<!+8&+#3'!*%!3(-!,(18(-<!+8&+#3'!*%!3(!,$%&*(!/!+8&+#3'!
*%!3(!-(1)&%6!W(!B$*%3$*(*!(3!5%I5'!%-!(-',;&'-(<!(!.%-(&!*%!3(-!*$B%2
&%1+$(-!5(15'!*%!+'15%1$*'!+','!*%!$15%1+$P16!7-!-(;$*(!3(!,$3$5(1+$(!
+',#1$-5(!*%!D(-'3$1$<!(-8!+','!-#!0','-%I#(3$*(*!?(,;(-!-'1!+(#2
-(!.&';(;3%!*%!-#!(-%-$1(5'?!/!1'!.'*%,'-!.(-(&!.'&!(35'!3(!1(5#&(2
3%d(!+&85$+(!*%!-#!$15%&.&%5(+$P1<!.#%*%!9#%!1'!5(15'!*%!3(!1'G%3(!+'2
,'! *%3! &>)$,%1! 5'5(3$5(&$'! 9#%! 33%GP! (! O5(3$(! (! 3(! )#%&&(! /! *%! -#-!
&%,(1%1+$(-6!73!*$&%+5'&!0(+%!.&'1#1+$(&!(3! *#9#%! *%! K3(1)$-r!`N'2
-'5&'-<!3'-!B(-+$-5(-<!-','-!3'-!C1$+'-!/!(#5>15$+'-!(1(&9#$-5(-6a!^1(!
G%d!(3+(1d(*(!#1(!.'-$+$P1!*%!.'*%&<!.(&%+%!*%+$&<!/(!1'!0(/!,4-!3%/!
9#%!3(!.&'.$(!G'3#15(*6!H%!(9#8!.#%*%1!*%*#+$&-%!*'-!+'1+3#-$'1%-6!
W(! .&$,%&(! %-!9#%! %3! (1(&9#$-,'! %-! 3(! (#-%1+$(! *%! '&*%1! -'+$(3! ?3(!
$*%(!*%!%9#$G(3%1+$(!%15&%!%3!+('-!/!3(!(1(&9#8(!%-!#1'!*%!3'-!,(/'2
&%-!5&$#1B'-!*%!3(!,%15(3$*(*! ;#&)#%-(?6!W(!-%)#1*(!%-!9#%! 3(! +$,(!
-'+$(3!%I$,%!*%3!+#,.3$,$%15'!*%!3(-!1'&,(-!,'&(3%-!/!%3!&%-.%5'!(!
3(![#-5$+$(6!

ZV! !
"#$d4!-%(!%1!%-%!-%15$*'!%1!%3!9#%!]1B&(/!(+#-(!(!:(*%!*%!B(-+$-5(6!N'!
%-54!-'3'<!i(11(0!F&%1*5!5(,;$>1!0(+%!$1-$1#(+$'1%-!-$,$3(&%-6!D%&'!
-$!3'!.&'.$'!*%3!B(-+$-,'!%-<!%15'1+%-<!3(!G$'3%1+$(!+'15&(!3'-!-C;*$5'-<!
%1!#1(!%-.%+$%!*%!%-5(*'!*%!%I+%.+$P1<!/!3(!$1-#,$-$P1!*%!3(-!+C.#3(-!
(3! '&*%1! [#&8*$+'<! %15'1+%-! .'*%,'-! +(3$B$+(&! *%! B(-+$-5(-! (! ,#+0'-!
5$.'-! *%! )';$%&1'<! (3)#1'-! *%! 3'-! +#(3%-! $1+3#-'! -%&8(1! B(-+$-5(-! %1!
-%15$*'!%-5&$+5'6!D%&'!5(,;$>1!.'*&8(!*(&-%!%3!+(-'!*%!#1!7-5(*'!B(-2
+$-5(! %1! %3! 9#%! %3! 3(! 3%/! -%! ';-%&G(&(! *%! B'&,(! %-5&$+5(! %1! 5'*'-! 3'-!
1$G%3%-!*%!3(!-'+$%*(*6!:$!B#%&(!(-8<!b-%&8(!B(-+$-,'!%-%1+$(3<!+','!*%3!
9#%! 0(;3(! ]1B&(/c! b^1! B(-+$-,'! 0$-5P&$+'c! b]! -%! 5&(5(&8(! *%! #1! B(-2
+$-,'!#5P.$+'<!.'&9#%!3(!&%(3$*(*!%-!-$%,.&%!-#-+%.5$;3%!*%!+(%&!%1!
+'&&#.5%3(-c!N'!.'*%,'-!'3G$*(&!(3)'!9#%!1'-!0(!%1-%g(*'!3(!%I.%2
&$%1+$(r!9#%!3(!.&4+5$+(!.'385$+(! 5$%1%<! %1!)%1%&(3<!,#/! .'+'!9#%! G%&!
+'1!3(!5%'&8(6!
]5&(!*%!3(-!(5&$;#+$'1%-!*%!]1B&(/!0(+$(!:(*%!%-!3(!*%!-%&!#1!;(-5$P1!
*%3! B%#*(3$-,'6! F! .%-(&! *%! 5'*(-! 3(-! +'15&(*$++$'1%-! *%! -#! .%1-(2
,$%15'!.'385$+'<!(08!+(;%1!.'+(-!*#*(-6!73!,(&9#>-!&%.&%-%15(!+','!
1$1)#1'!3(!,'&(3!*%!3'-!-%g'&%-6!D'&!%-'!33(,(!5'*(G8(!,4-!3(!(5%12
+$P1!+#(1*'!(9#%3!(.#15(!9#%!(3)#1(-!*%!3(-!.(-$'1%-!*%-+&$5(-!%1!%3!
3$;&'!3(-!%,.3%(&4!*%-.#>-!`3(!,$3$+$(!*%!m$+0/<!3(!@%-5(.'!(3%,(1(<!
3(! -'3*(*%-+(! 1(d$! /! 5'*'-! 3'-! &%)8,%1%-! B(-+$-5(-6a! u]1B&(/! VURUr!
VQRv!F&&(1+(&!*$%15%-<!&',.%&!0#%-'-<! $15&'*#+$&! ';[%5'-! ,%543$+'-!
(3!&'['<!3(!+&#+$B$I$P1<!3(!&#%*(t!1$1)#1'!*%!%-'-!,>5'*'-!%-!%I+3#-$2
G'!*%3!5'5(3$5(&$-,'6!H%!-%&!(-8<!5%1*&8(,'-!9#%!&%G$-(&!5'*(!3(!0$-5'2
&$(! .'385$+(<! *%-*%! 3'-! ,(&5$&$'-! *%! 3'-! -(15'-! 0(-5(! F;#! @0&($;6! W(!
&%3(+$P1! *%3! +&$-5$(1$-,'! +'1! 3'-! -#.3$+$'-! -$%,.&%! 0(! -$*'! 815$,(<!
.&$,%&'!+','!G8+5$,(!/!3#%)'!+','!%[%+#5'&6!
W'!,4-!+#&$'-'!%-!9#%!%-5%!5$.'!*%!.(-$'1%-<!+','!3(-!33(,(!:(*%<!-'2
3'!'+#.(1!3(!+#(&5(!/!C35$,(!*%!3(!1'G%3(6!F15%-!*%!%-'!1'-!%1+'15&(2
,'-!+'1!B(15(-8(-!,#+0'!,4-!$1'+%15%-<!(3)#1(-!*%!%33(-!+'&&$%15%-!?
'!9#%!0'/!1'!1'-!.(&%+%1!.%&G%&-(-?<!'5&(-!*%-()&(*(;3%-<!+&#%3%-<!/!
(3)#1(! $1+3#-'! *$G%&5$*(6! W(! .&$,%&(! (1>+*'5(! 9#%! +#%15(! H#+3'-!
+'1-$-5%!%1!9#%<!-$%1*'!%33(!#1(!1$g(!,#/!.%9#%g(<!#1!+#&(!*%3!+'12
G%15'!%1!%3!9#%!5&(;([(!-#!,(*&%!3(!0(+%!%15&(&!%1!#1(!0(;$5(+$P1!/!
-%!,(-5#&;(!*%3(15%!*%!%33(6!F3!5%&,$1(&!3%!.()(<!/!(-8!%,.$%d(!-#!+(2
&&%&(!+','!(3+(0#%5(6!71!%3!,$-,'!3#)(&<!'5&'!+#&(!0(+%!9#%!3%!,%%!
%1+$,(<!%3!,$-,'!*8(!%1!9#%! %33(!+#,.3%!-$%5%!(g'-6! F! .(&5$&!*%!%-%!

! ZS!
,',%15'!5%1%,'-!0$-5'&$(-!*%!'&$1(<!,'+'-<!-(3$G(<!G'/%&$-,'<!-%I'!
$15%&+&#&(3<!#1'-!%1!3'-!9#%!-%!0#%3%1!'!-%!B'33(1!-';(+'-<!-#+$%*(*<!
%&#+5'-<!GP,$5'-<!.%*'-<!#1!3$;%&5$1'!9#%!+',%!B%5'-!'!%,;&$'1%-!/<!
-';&%!5'*'<!,$%&*(6!f(!0%,'-!G$-5'!9#%!*#&(15%!5'*(!-#!G$*(!%3!,(&2
9#>-!5$%1%!*%;$3$*(*!.'&!%3!(1'!/! 3'-!.&'*#+5'-!9#%!(338!-%!'&$)$1(16!
W'-!%I+&%,%15'-!5$%1%1!5'*'!5$.'!*%!#-'r!-$&G%1!.(&(!.%&B#,(&<!.(&(!
#15(&<!.(&(!.&'G'+(&!3(!%/(+#3(+$P1<!.(&(!*%G'&(&6!i(/!,#+0(!+'.&'2
B$3$(!/!(C1!,4-!+'.&'B()$(6!71!#1!3#)(&!0$.%&;P3$+'!+','!W(-!RVU!['&2
1(*(-<!*'1*%!%3!*$1%&'!'!3(!%I+$5(+$P1!1'!5$%1%1!38,$5%-<!3(!,$%&*(!%-!
',1$.&%-%15%6!h%1'-!.(&(!3(-!.';&%-!+&$(5#&(-!9#%!B'&,(1!%3!0(&>1<!
9#$%1%-!5$%1%1!.&'0$;$*'!+()(&!.'&!-$!(!3'-!3$;%&5$1'-!3%-!G$%1%1!)(2
1(-!*%!*$-B&#5(&!*%!-#-!%I+&%,%15'-6!
715&%!3(-!.(-$'1%-!-%1+$33(-!5(,;$>1!-%!$1+3#/%1!3'-!(d'5%-<!3(!#5$3$d(2
+$P1!*%!';[%5'-!(3!&'['!G$G'<!3'-!)'3.%-!*(*'-!.'&!-'&.&%-(<!3'-!+(.&$2
+0'-!,(-'9#$-5(-!+','!%3!*%!(9#>3!9#%!-%!0(+%!+'-%&!%3!'['!*%3!+#3'<!
3'-! 9#%! +',%1! [#15'! (! 3'-! .%&&'-<! 3(-! 0#,$33(+$'1%-! G%&;(3%-<! '! 3(-!
B(15(-8(-!1%+&PB$3(-<!0(-5(!(3+(1d(&3(!*%!0%+0'6!D%&'!1'!5'*'!5$%1%!#1!
+(&4+5%&!-%I#(3!%I.38+$5'6!73!&';'!/!%3!(-%-$1(5'!&%-#35(1!$)#(3!*%!%I+$2
5(15%-!.(&(!3'-!(#5>15$+'-!3$;%&5$1'-6!W(-!.(-$'1%-!*';3%-!$1+3#/%1!3(!
.%1%5&(+$P1! ?+'-(! 9#%!1'! 0(+%1! 3(-! -$,.3%-?! /! 3'-! *%-G$&)(,$%15'-!
5$%1%1! #1! .(.%3! B#1*(,%15(36! =(,;$>1! %3! $1+%-5'<! 3(-! $,.$%*(*%-! /!
;3(-B%,$(-<! (+5'-! -4*$+'-! /! ,(-'9#$-5(-6! H%-5(+(! 3(! (+#,#3(+$P1! *%!
.%&G%&-$'1%-<!+','!3(!*%!(9#%3!3$;%&5$1'!9#%!`.(&(!&%#1$&!%3!$1+%-5'<!
%3! (*#35%&$'<! 3(! -'*',8(! /! %3! -(+&$3%)$'<! *(! .'&! +#3'! (! -#! 0$[(! +(-(*(!
+'1!#1(!0'-5$(6a!u:(*%!VURRr!SLTv!71!%-5(!+(5%)'&8(!+(;%!3(!d''B$3$(<!
3(-!(,.#5(+$'1%-!/!%3!+(1$;(3$-,'6!D'&!C35$,'<!3(-!.(-$'1%-!(-%-$1(-!
-'1!%-'<!(-%-$1(-6!W'!$,.'&5(15%<!-$1!%,;(&)'<!1'!%-!3(!,#%&5%!%1!-8!
,$-,(<! -$1'! %3! ,'*'! %1! %3! 9#%! -%! .&'+#&(6! i(/! %1G%1%1(,$%15'-<!
)%15%!(&&'[(*(!(!0'&1'-<!'5&'-!9#%!-%!(0')(1!%1!%I+&%,%15'-<!(-(*'-!
(! 3(! .(&&$33(<! *%G'&(*'-! .'&! 3%'1%-<! (.3(-5(*'-! .'&! 5%+0'-! 9#%! -%!
0#1*%1<!(+#+0$33(*'-<!';3$)(*'-!(!5&()(&!()#(&&4-t!
F! ,%*$*(! 9#%! (G(1d(! 3(! 1(&&(+$P1! 3(-! .%&G%&-$'1%-! -%! G#%3G%1! ,4-!
G$'3%15(-!/!-%!G(1!-'3(.(1*'<!*%!,'*'!9#%!+(*(!3$;%&5$1'!&%(3$d(!(+2
+$'1%-! ,4-! +',.3%[(-! 9#%! %3! (15%&$'&6! h#+0'-! *%! %33'-! -'1! 1';3%-<!
+3>&$)'-<! B$1(1+$%&'-! '! &%.&%-%15(15%-! *%! 3(! 3%/6! W(! ,(/'&8(! .'*&8(1!
+'1-$*%&(&-%<! .'&! 5(15'<! *%! ;#%1(! B(,$3$(<! 3'! 9#%! -#.'1*&8(! 9#%! 3'-!
3$;%&5$1'-!-'1!-%g'&%-!*%!1(+$,$%15'6!:$1!%,;(&)'<!%3!+(-'!*%!3(!.&'2

ZZ! !
.$(!H#+3'-!+'15&(*$+%!%-(!0$.P5%-$-6!733(!1(+%!.';&%<!%-!3(!0$[(!,%1'&!
*%!#1(!%,.3%(*(!9#%!5&(;([(!%1!#1!+'1G%15'<!/!*%-+#;&%!%1!3(!.&'-5$2
5#+$P1! #1(! B#%15%! $1()'5(;3%! *%! *$1%&'! /! *%! .3(+%&%-6! F3+(1d(! #1(!
&$9#%d(!+'1-$*%&(;3%!,%*$(15%!%3!&';'!/!3(!5&($+$P1<!(+5$G$*(*%-!9#%!
5&(%1! +'1-$)'! %3! )'+%! *%! 0(+%&! %3! ,(3! #1$*'! (3! ;%1%B$+$'! .&'.$'! *%3!
(+5'!%1!-86!7-!*%+$&<!9#%!%3!3$;%&5$1([%!1'!%-!%I+3#-$G'!*%!3(-!+3(-%-!.#2
*$%15%-<!-$1'!9#%!)&(+$(-!(!>3!%I$-5%!#1(!+$%&5(!,'G$3$*(*!-'+$(3<!.&'2
.$+$(*(!.'&!3(!+&#%3*(*<!3(!,%15$&(!/!3(!B(35(!&%-.%5'!.'&!3(-!1'&,(-!
-'+$(3%-6!D(&(!3'-!3$;%&5$1'-!3(!3%/!1'!-$)1$B$+(!1(*(<!-$!(+(-'!#1!';-542
+#3'6!:$&G(!+','!%[%,.3'!%-5%!B&(),%15'r!

71! %3! (3,#%&d'! -%! 0(;3P! *%! ,'&(36! 73! *#9#%! *$['! 9#%! 1'! +'1+%;8(!
+P,'! 3(-! 3%/%-<! %1! j&(1+$(<! +(-5$)(;(1! -%G%&(,%15%! %3! 3$;%&5$1([%<!
.#%-5'! 9#%! %3! 3$;%&5$1([%<! (3! '+#.(&! (! 3'-! +$#*(*(1'-<! 3%-! *$-5&(8(! *%!
3(-!+4;(3(-!/!3(-!&%G'3#+$'1%-r!%3!';$-.'!*$['!9#%!3(-!3%/%-!1'!+(-5$)(2
;(1!.'-$5$G(,%15%!%3!3$;%&5$1([%<!-$1'!-#-!%I+%-'-6!715'1+%-!-%!(1(3$2
d(&'1<!/!%3!*#9#%!*%,'-5&P!9#%!1'!0(;8(!1$1)#1'!9#%!.#*$%&(!&%-#32
5(&! -'-.%+0'-'! .(&(! %3! )';$%&1'<! /! 9#%! -%)C1! %-5'! 0(;8(! 1'! -'3'!
+&#%3*(*<!-$1'!$1+3#-'!(;-#&*'!%1!%3!0%+0'!*%!9#%&%&!+'1*%1(&!(9#%2
33(-!,$1#+$(-6!u:(*%!VURRr!VSLv!

7-!%G$*%15%!9#%!(9#8!9#$%1!0(;3(!%-!%3!.&'.$'!,(&9#>-<!%1+%&&(*'!%1!
3(!K(-5$33(r!3'-!-#/'-!1'!-'1!*%3$5'-! ,%&%+%*'&%-! *%! +(-5$)'<! +#(1*'!
0(/! +&$,$1(3%-! .%'&%-! 9#%! >3! 9#%! -$)#%1! %1! 3$;%&5(*6! D'&! &(&'! 9#%!
.#%*(!.(&%+%&<!:(*%!%-!#1!.&%-'!.'385$+'!-%I#(36!E'1-$*%&(!9#%!%3!3$2
;%&5$1([%!%-!#1!.&'+%-'!%*#+(5$G'!9#%!+'1G$%&5%!(!3'-!$1*$G$*#'-!-'2
,%5$*'-!(!3(-!(5(*#&(-!-'+$(3%-!%1!+&$(5#&(-!3$;&%-<!3%-!(&&(1+(!%3!G%3'!
*%!3'-!.&%[#$+$'-!/!3%-!%1-%g(!3(!G%&*(*r!9#%!-'3'!*%;%1!)#$(&-%!.'&!
-#-! .&'.$'-! $1-5$15'-6! 71! *%B$1$5$G(<! 3(-! $3#-5&(6! D'&9#%! %1! %3! B'1*'<!
5&(-!5'*'!%-%!$10#,(1$-,'<!5'*(!3(!+&#%3*(*!/!%3!1(5#&(3$-,'!$*%(3$-2
5(!*%3!,(3!*%3!9#%!0(+%!)(3(<!3'!9#%!-%!%1+#%15&(!%-!%3!%-.8&$5#!*%!3(!
O3#-5&(+$P16!:$!(+%.5(,'-!9#%!`3(!+&85$+(!*%3!.'*%&<!*%!3(!3#+0(!+'15&(!
3(!5&(*$+$P1!/!*%3!(-(35'!+'15&(!3'-!.&%[#$+$'-!B'&,(!.(&5%!*%3!+#(*&'!
0(;$5#(3! *%! 3(! O3#-5&(+$P1a! u:3'5%&*$[o! VUULr! TSv<! %1! %3! ,(&9#>-! %12
+'15&(,'-!3(-!5&%-!.#15(-!*%3!5&$41)#3'6!F+(;(,'-!*%!G%&!+P,'!+&$5$2
+(! 3(! 3%/! /! %3! )';$%&1'!.'&! 3(! 1%+%*(*! *%! .%&-%)#$&! %3! 3$;%&5$1([%! %1!
3#)(&!*%!%3$,$1(&!.%3$)&'-!,4-!)&(G%-!/!,4-!(+#+$(15%-6!W(!5&(*$+$P1!
/! 3'-! .&%[#$+$'-! -'1! %3! )%&,%1! *%! 3(! ,'&(3k! .'*%,'-! $,()$1(&! +#43!
-%&4!-#!.'-5#&(!B&%15%!(!%33'-6!

! ZT!
W(-!RVU!['&1(*(-!*%!:'*',(!%-!#1(!';&(!&%.#)1(15%!/!G$'3%15(!.%&'<!
-';&%!5'*'<!%-!5%*$'-(6!W'!9#%!5$%1%!,4-!,>&$5'!-$!&%+'&*(,'-!9#%!%-!
-'3'!#1(!.(&5%!/!%3!.3(1!*%!3(-!'5&(-!5&%-6!7-!#1!$1G%15(&$'<!/!+','!5(3!
%-!1%+%-(&$'!+'15(&3'!5'*'6! 71!%-%!(-.%+5'<! 1$! -#!$1+',.3%5#*!%-! #1!
';-54+#3'! .(&(! %3! >I$5'6! ]5&(! +'-(! ,#/! *$-5$15(! %-! %3! *$-B&#5%! %1! -#!
3%+5#&(<!.%&'!+&%'!9#%!%-!#1(!+#%-5$P1!,%1'&!.'&9#%<!%1!%3!B'1*'<!1'!
%-!#1(!1'G%3(!/!1'!%-54!%-+&$5(!.(&(!-#!*$-B&#5%6!7-!,4-!;$%1!(3!+'12
5&(&$'r! %-54! %-+&$5(! +'15&(! %3! 3%+5'&6! :#! G$'3%1+$(! 1'! %-54! -'3'! %1! 3'-!
+(-'-!.(&5$+#3(&%-!9#%!+#%15(<!1'!%-54!%1!3(-!5'&5#&(-!1$!%1!3(-!()&%2
-$'1%-!-%I#(3%-<!-$1'!%1!3(!%-5&#+5#&(!,$-,(!*%!3(!';&(6!W'!5%&&$;3%!%-!
-#!(1*(,$([%!5%P&$+'<!3'!9#%!.'*%,'-!*%*#+$&!*%!>3!/!9#%!1'!%-!-$1'!
#1(!O3#-5&(+$P1!$1G%&-(<!#1!.3(5'1$-,'!1%)(5$G'!9#%<!%1!3#)(&!*%!-(2
+(&1'-!*%!3(!+(G%&1(<!1'-!33%G(!,4-!(;(['<!(!#1!3#)(&!(3!9#%!1'!33%)(!
1$1)#1(!3#d!/!*%3!9#%!1'!0(/!&#5(!*%!%-+(.%6!7-%!B'1*'!1'!%-!3(!*%-2
5&#++$P1<!-$1'!-#-!&%-5'-k!1'!%-!%3!,(3<!'!(3!,%1'-!1'!3'!%-!*%-*%!#1(!
.%&-.%+5$G(!>5$+(<! (#19#%! 9#$d4! -8! *%-*%! #1(!'15'3P)$+(r! %-! 3(! 1(*(6!
7-!%3!($-3(,$%15'<!3(!$1+',#1$+(+$P1<!%3!G(+8'!9#%!%1+%&&(,'-!?/!1'-!
%1+$%&&(?!%1!1'-'5&'-!,$-,'-6!
W(!C1$+(!G8(!*%!+',#1$+(+$P1!9#%!-%!3%!'+#&&%!(3!-#[%5'!-(*$(1'!%-!(!
5&(G>-!*%3!*'3'&6!D'&!%-'!-%!%9#$G'+(1!9#$%1%-!+'1-$*%&(1!9#%!%3!3$2
;%&5$1'!(1#3(!(!-#!G8+5$,(!/!3(!%15$%1*%!+','!#1!';[%5'!-$1!+'1+$%12
+$(6! 7-(! +'1+$%1+$(! 3%! %-! $1*$-.%1-(;3%! .(&(! %-5(;3%+%&! -#! /'! $1*$G$2
*#(36! N'! 0(/! 1$1)C1! .3(+%&! %1! )'3.%(&! #1! ,#&'! '! #1(! -$33(k! %-! #1!
-$1-%15$*'6!F#1!+#(1*'!0(/! #1! +',.'1%15%! -%I#(3<! %3!G81+#3'!%15&%!
(,;'-!1'!%-!%&P5$+'<!'!(3!,%1'-!1'!*%3!5'*'6!73!)'+%!3$;%&5$1'!%-!+%2
&%;&(3!(15%-!9#%!)%1$5(3!/!-%!';5$%1%!.'&!+',.(&(+$P1!/!.'&!*',$1(2
+$P16!:#!3P)$+(!%-!3(!*%3!$1*$G$*#'!+'1-+$%15%!*%!-#!.&'.$(!+'1+$%1+$(<!
.%&'!1'!*%!3(-!*%,4-6!D(&(!>3<!%3!-'3$.-$-,'!%-!#1(!5&(,.(!9#%!%-!$12
+(.(d!*%!(+%.5(&<!/!-%!.&'/%+5(!%1!%3!'5&'!(!5&(G>-!*%3!(+5'!G$'3%15'<!
9#%!-#.'1%!9#%!.'*&4!&',.%&!3(!;(&&%&(!9#%!%I$-5%!%15&%!(,;'-!*%!
,(1%&(!,',%1541%(6!7-(!%-!3(!*$B%&%1+$(!B#1*(,%15(3!%15&%!%3!%&'2
5$-,'!+','!3'!%15$%1*%1!K(5($33%!/!:(*%6!
73!.&$,%&'!-#.'1%!9#%<!+','!+&$(5#&(-!B$1$5(-!?1#%-5&(!G$*(!5$%1%!#1!
'&$)%1!/!#1!B$1(3<!/!1#%-5&(!+'1+$%1+$(!5$%1%!%-(!,$-,(!*#&(+$P1?!%3!
,',%15'!*%3!'&)(-,'!-#.'1%!#1(!+(1+%3(+$P1!*%!1#%-5&(!+'1+$%1+$(!
/<!.'&!5(15'<!*%!1#%-5&(!B$1$5#*6!H#&(15%!%-%!$1-5(15%!-','-!$1B$1$5'-<!
1#%-5&(!1%)(+$P1!1'-!$1-%&5(!%1!3(!5'5(3$*(*6!73!-%)#1*'<!-$1!%,;(&2

ZX! !
)'<!(!3'!,4-!9#%!.#%*%!(-.$&(&!%-!(!B'&,(&!#1!+$&+#$5'!*%!.&'/%++$P1!
/!&%B3%['<!%1!%3!9#%!#1(!+'1+$%1+$(!$,()$1(!9#%!%I$-5%!'5&(!+','!%33(<!
.%&'!9#%!-%!&%-$-5%!(!+#(39#$%&!+'15(+5'6!73!-#[%5'!-(*$(1'!%-54!-'3'<!
.%&'! -'3'! %1! %I5&%,'6! 7-54! +'1*%1(*'! (! 3(! -'3%*(*! (;-'3#5(! /<! .'&!
%1+$,(!*%!5'*'<!(3!($-3(,$%15'!%,'+$'1(36!='*'-!-#-!%-B#%&d'-!%-541!
*$&$)$*'-! (3! '5&'<! (! +'1'+%&! (9#%33'! 9#%! 5$%1%! %1B&%15%! /! 9#%! -%! 3%!
,#%-5&(! -'3'! +','! +(&1%6! 73! .3(+%&! G#%3G%! +(*(! +'1+$%1+$(! 0(+$(! -8!
,$-,(<!&%(B$&,(!/!&%B#%&d(!%3!-'3$.-$-,'6!W(!+&#%3*(*!/!%3!*'3'&<!.'&!
%3! +'15&(&$'<! ;#-+(1! #1(! *%-)(&&(*#&(r! 3(! +'1+$%1+$(! *%! 9#$%1! -#B&%!
-%!*$&$)%!0(+$(!9#$%1!.&'G'+(!%-%!-#B&$,$%15'<!9#%!&%+$;%!&%B3%[(*(!*%!
%-%! ,'*'! -#! .&'.$(! (B$&,(+$P16! 7-(! 1%+%-$*(*! +'15$1#(! *%! (B$&,(2
+$P1! *%3! .&'.$'! /'! %-! 3(! 9#%! 33%G(! (3! 3$;%&5$1'! (! %1-(g(&-%! +'1! 3'-!
+#%&.'-!9#%<!%1!-#!,(&5$&$'<!3%!,#%-5&(1!5(15'!3(!+'1+$%1+$(!*%!9#$%1!
.(*%+%!+','!3(!-#/(!9#%!)'d(6!73!(+5'!*%!.(-$P1<!.'&!5(15'<!%-!#1!(+5'!
$15%3%+5#(36!E#&G(3!*$+%r!

N#1+(!3(!['*$%1*(!*%;%!*$+5(&!1$!*$&$)$&!3'-!.&$1+$.$'-k!%-!(!3'-!.&$1+$2
.$'-!(!9#$%1%-!+'&&%-.'1*%!&%)#3(&!3(!,(1%&(!*%!.%&*%&!%3!-%,%16!f!
9#%!-%!5%1)(!5$%-(!'!1'<!3(!B$3'-'B8(<!$1*%.%1*$%15%!*%!3(-!.(-$'1%-<!*%2
;%!-%&!-$%,.&%!3(!,$-,(6!u:(*%!VURRr!SRYv!

D'&!%-'!0(/!5(15(!$1-$-5%1+$(!%1!%3!'&*%1<!%1! 1'!(;(1*'1(&-%<!/!.'&!
%-'!%3!%,.3%'!*%!3(!.(3(;&(!&%-#35(!%-%1+$(36!W(-!(++$'1%-!*%;%1!-'2
,%5%&-%!(3!'&*%1!*%3!*$-+#&-'<!%-!*%+$&<!3'-!+#(5&'!(,$)'-!*%;%1!&%-2
.%5(&! 3'-! 5$%,.'-! ,(&+(*'-! .'&! 3(-! 1(&&(*'&(-<! /! 1'! 33%G(&! (! +(;'!
1(*(!9#%!1'!-%!0(/(!*$+0'!5'*(G8(! ?(#19#%! -%! -'-.%+0(!9#%! G$'3(1!
%-(!3%/!+#(1*'!3%-!G$%1%!%1!)(1(!/!3'-!*%,4-!1'!3%-!G%1?6!73!*$-+#&-'!
5$%1%!#1(!B#1+$P1!*';3%!%1!3(!%-+%1(!-(*$(1(6!D'&!#1!3(*'<!0(;$3$5(!3(!
(++$P1<!3(!3%)$5$,(!%1!5(15'!%1!+#(15'!0(!-$*'!.%1-(*(!*%!(15%,(1'6!
73! )'+%! *%;%! '&$)$1(&-%! %1! %3! $15%3%+5'! /! 1'! -'3'! %1! %3! +#%&.'6! D'&!
'5&'!3(*'<! &%+&%(!3(!(++$P16!h%['&!*$+0'<! 3(!$15%&.&%5(<! 3(!5&(1-B'&,(!
%1!%-+%1(<!%1!5%(5&'6!i(+%!.C;3$+'!%3!.%1-(,$%15'6!W(!.(3(;&(!?/!.'&!
5(15'!3(!&(dP1?!%-!3'!9#%!-%.(&(!(3!3$;%&5$1'!*%!-#!G8+5$,(6!W(-!.'-$2
+$'1%-!(+5$G(-!/!.(-$G(-!-'1!$15%&+(,;$(;3%-6!^1!3$;%&5$1'!';5$%1%!%3!
,$-,'! .3(+%&! (3! (d'5(&! 9#%! (3! -%&! (d'5(*'<! (3! -'*',$d(&! 9#%! (3! -%&!
-'*',$d(*'<!(3!0#,$33(&!9#%!(3!-%&!0#,$33(*'6!D%&'<!,$%15&(-!9#%!3(!
G8+5$,(!-'3'!)&$5(<!>3!0(;3(<!5$%1%!3(!+(.(+$*(*!*%![#-5$B$+(&!-#-!(++$'2
1%-6!F3!B$1!/!(3!+(;'<!%3!.&'+%-'!9#%!3%!33%G(!(!-%&!3'!9#%!%-<!(!(B$&,(&!
-#! %I+%.+$'1(3$*(*<! -'3'! .#%*%! *%&$G(&! *%! (08<! *%! %-(! *%-5&%d(! (! 3(!
! ZL!
0'&(!*%!-%)#$&!#1!+(,$1'!9#%!1'!%-!%3!+',C16!D'&9#%!3(!1'&,(3$*(*!
1'!1%+%-$5(![#-5$B$+(&-%6!
W(!$15%1+$P1!*%3!$1*$G$*#'!-(*$(1'!%-!(3+(1d(&!#1!%-5(*'!9#%!3%!-%.(2
&%!.'&!+',.3%5'!*%!-#-!+'1)>1%&%-!0#,(1'-<!(-.$&(!(!5&(1-B'&,(&-%!
%1!#1!,'1-5&#'6!D'&!%-'<!(#19#%!*%-.&%+$(!3(!3%/!/!(!9#$%1%-!3(!&%-2
.%5(1<! 1%+%-$5(! *%! (,;'-! .(&(! 3')&(&! -#! ';[%5$G'r! 3(! 5&(1-)&%-$P16!
F#19#%!-#!3%1)#([%!%-!'5&'<!-%!5&(5(!*%!5&(1-)&%*$&!3(-!3%/%-!0#,(1(-!
/<! %1! +$%&5(! ,%*$*(<! 3(-! 1(5#&(3%-6! H$)'! %1! +$%&5(! ,%*$*(! .'&9#%! 3(!
1(5#&(3%d(!,$-,(!%-!3(!9#%!.3(15(!3(!-%,$33$5(!*%!,(3*(*!9#%!%3!3$;%&2
5$1'!+#35$G(6!E#&G(3!3'!*%-+&$;%!(-8r!`qG$*(!*%!(-%-$1(5'-!/!*%!+&8,%2
1%-<!3(!1(5#&(3%d(!0(+%!-#!3%/!*%!+',%5%&3'-!%!$1-.$&(&3'-<!/!3(!C1$+(!
3%/!9#%!$,.&$,%!%1!1#%-5&'-!+'&(d'1%-!%-!3(!*%!9#%!1'-!-(5$-B()(,'-!
-$1!&%.(&(&!(!+'-5(!*%!9#$>1!3'!0(+%,'-6a!u:(*%!VURRr!SRLv!
D(&(!3(!1(5#&(3%d(!%3!(-%-$1(5'!1'!-$)1$B$+(!1(*(6!b"#>!$,.3$+(+$'1%-!
.#%*%! 5%1%&! 3(! %3$,$1(+$P1! *%! #1! -$,.3%! -%&! 0#,(1'c! bD#%*%! %-5%!
(+(&&%(&! (3)C1! ;$%1! 9#%! 1'! .#%*(! 5&(%&! 1$1)#1'! ,4-c! ];G$(,%15%!
1'6!733(!%3$,$1(!$1*$G$*#'-!*%!5'*(-!3(-!%-.%+$%-!*%!B'&,(!+'15$1#(!/!
-$1!9#%!%33'!3%!+',.'&5%!1$1)C1!.%&[#$+$'6!h4-!;$%1!(3!+'15&(&$'<!.'&2
9#%!*%.#&(!3'-!%3%,%15'-!,4-!*>;$3%-!'!,%1'-!(.5'-6!7-5%!(&)#,%12
5'!-#%1(!,#+0'!(!*(&Å$1$-,'<!/!%1!:(*%!0(/!(3)'!*%!*(&Å$1$-,'!-'2
+$(36!71!#1!,',%15'!*%!3(!1'G%3(<!%3!*#9#%!*$+%r!`f'!,(15%1)'!9#%!
%-!.&%+$-'!9#%!0(/(!*%-)&(+$(*'-!%1!%3!,#1*'<!9#%!3(!1(5#&(3%d(!(-8!
3'!9#$%&%<!9#%!3'!%I$)%<!/!9#%!%-!$&!+'15&(!-#-!3%/%-!.&%5%1*%&!&%%-5(2
;3%+%&!-$+Ä!%3!%9#$3$;&$'!-$!%33(!0(!*%-%(*'!%3!*%-'&*%16a!F!3'!9#%!&%-2
.'1*%!H#&+%5r!

W(!*%-$)#(3*(*!9#%!0(!$1-5(#&(*'!%1!1#%-5&'-!$1*$G$*#'-!*%,#%-5&(!
9#%!%-5(!*$-'1(1+$(!3(!()&(*(<!.#%-5'!9#%!3(!0(!%-5(;3%+$*'!/!3(!*%-%(!
5(15'! %1!3(-!B'&5#1(-!+','! %1!3'-!+#%&.'-! utvk!*%! %-5(!*%-%,%[(1d(!
%-!*%!*'1*%!1(+%!%3!'&*%1!9#%!3'!+'1*#+%!/!3'!+'1-%&G(!5'*'!utv!/(!
9#%!%3!$1B'&5#1$'!%-!%3!G$G%&'!(3!9#%!%3!&$+'!G(!(!;#-+(&!%3!';[%5'!*%!-#!
3#[#&$(!'!*%!-#!+&#%3*(*6!u$;8*6r!VRY2VRQv!

f(!0%,'-!G$-5'!9#%<!(!.%-(&!*%!3'!9#%!.#*$%&(!.(&%+%&!%1!#1!.&$1+$2
.$'<!3(!&$9#%d(!'!3(!(35(!+#1(!1'!-'1!3'!9#%!'5'&)(!*%&%+0'!(!#1!$1*$2
G$*#'!-';&%!'5&'6!73!*$1%&'!1'!0(+%!(3!3$;%&5$1'<!.%&'!3%!B(+$3$5(!,#+0'!
3(-! +'-(-6! D'&! #1! 3(*'<!.'1%! (! -#! (3+(1+%! 3'-! ,%*$'-! .(&(! -(5$-B(+%&!
-#-! ,(18(-! /<! +'1! B&%+#%1+$(<! .(&(! 3$;&(&-%! *%! 3(-! .'-$;3%-! +'1-%2

ZY! !
+#%1+$(-!3%)(3%-!9#%!.#*$%&(1!33%G(&!+'1-$)'6!D'&!'5&'<!3%!B(+$3$5(!3'-!
';[%5'-!*%!-#! )'+%<!.#%-5'!9#%! 3(!1%+%-$*(*! ';3$)(!/! -$%,.&%! 0(;&4!
(3)#$%1! *$-.#%-5'! (! *%[(&-%! 0(+%&! 3'! 9#%! -%(! .'&! *$1%&'6! f! (C1! 0(/!
,4-<! .'&9#%! %3! 3$;%&5$1'! %1+#%15&(! .3(+%&! 5(,;$>1! %1! 3(! +',.(&(2
+$P16! W(! *%-)&(+$(! %-! B#1*(,%15(3! %1! -#! ;C-9#%*(! *%! B%3$+$*(*6! D'&!
%-'!&%-#35(!5(1!)&(5$B$+(15%!9#%!0(/(!,$-%&(;3%-!%1!3'-!9#%!&%B3%[(&!%3!
.&'.$'!>I$5'<!/!.'&!%-'!3'-!3$;%&5$1'-!.'1%1!5(15'!%,.%g'!%1!,#35$2
.3$+(&!3(-!,$-%&$(-!*%3! ,#1*'6! 73! *#9#%! -%g(3(! 9#%! `1'!%-!%3! ';[%5'!
*%3!3$;%&5$1([%!%3!9#%!1'-!(1$,(<!-$1'!3(!$*%(!*%!0(+%&!%3!,(3a<!(!3'!9#%!
(g(*%!%3!';$-.'r!`+#(15'!,4-!-%!9#$%&(!0(+%&!1(+%&!%3!.3(+%&!*%3!+&$2
,%1<!,4-!1%+%-(&$'!-%&4!9#%!%-5%!+&$,%1!-%(!%-.(15'-'6a!E#&G(3!&%2
,(5(r!

bE#415(-! G%+%-<! &%*$P-<! 1'! 0%! *%-%(*'! 9#%! -%! .#*$%&(! (5(+(&! (3! -'3<!
.&$G(&!*%!>3!(3!#1$G%&-'<!'!-%&G$&-%!*%!>3!.(&(!9#%,(&!%3!,#1*'c!7-5'!
-8!9#%!-%&8(1!+&8,%1%-<!/!1'!3'-!.%9#%g'-!%I5&(G8'-!(!3'-!9#%!1'-!%12
5&%)(,'-<! 9#%! -%! 3$,$5(1! (! ,%5(,'&B'-%(&! (3! +(;'! *%! #1! (g'! (! #1(!
*'+%1(!*%!+&$(5#&(-!%1!,'15'1%-!*%!5$%&&(6!u:(*%!VURRr!RXV2RXSv!

71! %-5'! +'1-$-5%! 3(! %I+%.+$'1(3$*(*! 3$;%&5$1(r! -%&! +','! #1(! .%-5%! '!
#1(!.3()(<!(+5#(&!+','!#1!G%+5'&!*%!3(!1(5#&(3%d(!/!(+%3%&(&!%3!.&'2
+%-'!*%!%3$,$1(+$P1!*%!3(!G$*(6!
73! *%! :(*%! %-! #1! .%1-(,$%15'! &'#--%(#1$(1'! .%&G%&5$*'6! :$! .(&(!
\'#--%(#!3(!1(5#&(3%d(!&%.&%-%15(! 3(!;'1*(*! /! 3(!.#&%d(!+'&&',.$2
*(-!.'&!%3!.&'+%-'!*%!+$G$3$d(+$P1!?*%!(08!3(!B$)#&(!*%3!;#%1!-(3G([%!/!
-#-! $*%(-! .&$,$5$G$-5(-?<! .(&(! (9#%3! 3(! 1(5#&(3%d(! %-! #1(! %15$*(*!
+&#%3!/!,(3G(*(<!/!3(!+#35#&(!1'!0(!0%+0'!,4-!9#%!,(9#$33(&3(!#1!.'2
+'!(!B$1!*%!0(+%&3(!,4-!(,(;3%6!71!%-5'!1'!0(/!1(*(!'&$)$1(3<!.'*%2
,'-!&%+'&*(&!%3!%-5(*'!*%! 1(5#&(3%d(! *%! i';;%-!/! -#!B(,'-'! 0','!
0',$1$! 3#.#-! u%3! 0',;&%! %-! #1! 3';'! .(&(! %3! 0',;&%v<! 9#%! &%9#$%&%!
*%3!.'*%&!(;-'3#5'!*%3!W%G$(541!.(&(!.'1%&!.(d!/!'&*%16!:(*%!&%5',(!
3(-! 5&(*$+$'1%-! .%-$,$-5(! /! '.5$,$-5(! /! 3(-! &%5#%&+%! (! 3(! G%d<! 3(! #1(!
-';&%!3(!'5&(6!F08!%-!*'1*%!(.(&%+%!-#!'&$)$1(3$*(*!&(*$+(36!73!%-5(*'!
.&$,'&*$(3! *%! 3(! 0#,(1$*(*! %-! G$'3%15'! /! ,(3G(*'! +','! 3(! .&'.$(!
1(5#&(3%d(<! .%&'! %-'! 1'! -$)1$B$+(! 9#%! *%;(,'-! +'15&(*%+$&3(<! -$1'!
9#%!0%,'-!*%!-%)#$&!-#-!*$+5(*'-!(!&([(5(;3(6!7-!#1(!%-.%+$%!*%!$,2
.%&(5$G'!+(5%)P&$+'!o(15$(1'!'&$%15(*'!(3!,(36!N'-!%1+'15&(,'-!(15%!
#1!$3#-5&(*'!/<!(3!,$-,'!5$%,.'<!(15%!#1!$10#,(1$-5(6!

! ZQ!
F9#8!%-!*'1*%!3(!-'*',8(!(*9#$%&%!-#!+(&4+5%&!-$,;P3$+'6!:$!0(/!#1(!
(+5$G$*(*!&%+#&&%15%!5(15'!%1!3(!G$*(!+','!%1!3(!';&(!*%!:(*%<!%-!%-2
5(6!N'!0(/!*#*(!*%!9#%!%1!+#(39#$%&!'5&'!+(-'!?/!%-5'/!-%)#&'!*%!9#%!
%1! 3(! G$*(! &%(3! *%3! ,(&9#>-! 5(,;$>1?! 1'! -%&8(! -$1'! #1(! .&%B%&%1+$(!
,4-<! .%&'! %1! -#-! 5%I5'-! 5$%1%! #1! -$)1$B$+(*'! (3%)P&$+'! 9#%! 3(! 5&(1-2
B'&,(!%1!%3!.(5&P1!*%!-#!5%'&8(!3$;%&5$1(6!=%1)(,'-!%1!+#%15(<!(15%-!
*%!1(*(<!9#%!3(-!5%'&8(-!)%1>-$+(-!*%3!-$)3'!AmOOO!+'15%,.3(1!%3!-%,%1!
+','!%3!C1$+'!'&$)%1!*%!3(!G$*(<!/!9#%!3(!,(*&%!%-!.'+'!,4-!9#%!#1(!
.'&5(*'&(6!71!%-%!-%15$*'<!%3!+'$5'!.%&,$5%!3(!)%1%&(+$P1!*%!#1(!G$*(!
1#%G(! (3! %,.#[(&! %3! %-.%&,(! (3! 3#)(&! *'1*%! .#%*%! *%-(&&'33(&-%6!
F0'&(!;$%1<!-$!%3!+'$5'!%1!3#)(&!*%!G()$1(3!%-!(1(3<!*%-*%!3(!.%&-.%+5$2
G(!)%1>-$+(<!-%!+'1G$%&5%!%1!#1!(+5'!-$1!-%15$*'<!%1!#1!*%-.%&*$+$'6!:$!
%3!(+5'!-%I#(3!1'!5$%1%!#1(! $15%1+$P1!&%.&'*#+5$G(!5&($+$'1(!-#!.&'2
.$(!%-%1+$(<!-#!B#1+$P1!*%!.%&.%5#(+$P1!/!*%!+'15$1#$*(*!*%!3(!%-.%2
+$%6! W'! 9#%! .'*&8(! -%&! #1! -$,.3%! [#%)'<! -%! G#%3G%! #1(! 5&(1-)&%-$P1!
&(*$+(3r!#1(!-$,#3(+$P1!.(&P*$+(!?.'&9#%!-%!.(&%+%!(3!(+5'!&%.&'*#+2
5$G'<! .%&'! 1'! 3'! %-?! /! #1! (15$+$.'! *%! 3(! %I5$1+$P1! *%! 3(! %-.%+$%6! D'&!
'5&'!3(*'<!(#19#%!3'-!+3$%15%-!3(!-'3$+$5(1!/!3(-!.&'-5$5#5(-!3(!'B&%+%1<!
3(!-'*',8(!%-!#1!*%3$5'!.%1(*'!+'1!3(!,#%&5%6!:#!.&4+5$+(<!.'&!5(15'<!
(g(*%!(!3(!5&(1-)&%-$P1!5%3%'3P)$+(!*%3!-%I'!3(!$3%)(3$*(*6!D'&!C35$,'<!
*%-;(&(5(! 3(! *$B%&%1+$(! -%I#(3<! (1#3(! 3(! *$G$-$P1! 1'&,(5$G(! *%! 3'-!
-%I'-6! H(! 3#)(&! (! #1(! %-.%+$%! *%! (1*&')$1$(! %1! 3(! 9#%! +(*(! +#%&.'!
.#%*%!&%.&%-%15(&!%3!.(.%3! 9#%!3%! .3(d+(<!5$%1%! 3(!+(.(+$*(*! ,4)$+(!
*%!5&(1-B$)#&(&!%3!-%&!%1!'5&(!+'-(<!%1!(3)'!9#%!1'!%&(!(15%-6!73!(1'!-%!
+'1G$%&5%!%1!%3!P&)(1'!%&P)%1'!#1$G%&-(3<!%1!%3!-$)1'!*%!#1(!-%1-#(2
3$*(*!1#%G(!9#%!1'!-%!-',%5%!(!3$,$5(+$'1%-!,'&(3%-!1$!'15'3P)$+(-6!

OOO!

j$[>,'1'-!(0'&(!%1!3(!9#%! 9#$d4! -%(! 3(! 1'G%3(!3$;%&5$1(!,4-!$,.'&2


5(15%!*%3!-$)3'! AmOOO<!/!9#%!-$1!*#*(!%-!3(!,4-!B(,'-(6!:%!5&(5(!*%! W(-!
(,$-5(*%-!.%3$)&'-(-<!%-+&$5(!.'&!E0'*%&3'-!*%!W(+3'-!/!.#;3$+(*(!%1!
RLYV6! 73! (&)#,%15'! %-! +'1'+$*'! *%! -';&(r! *'-! (,$)'-! 3$;%&5$1'-<! %3!
G$d+'1*%!*%!m(3,'15!/!3(!,(&9#%-(!*%!h%&5%#$3<!-%!#1%1!.(&(!33%G(&!(!
+(;'!#1(!G%1)(1d(!/!#1(!0(d(g(6!h%&5%#$3!.&%5%1*%!G%1)(&-%!*%!#1!
0',;&%! 9#%! 3(! *%[P! .'&! '5&(6! D'&! -#! .(&5%<! m(3,'15! *%-%(! 3')&(&! 3(!
+'19#$-5(!$,.'-$;3%6!71!*%B$1$5$G(<!-%!5&(5(!*%!#1(!1'G%3(!*%!(.&%1*$2

TU! !
d([%<!%1!3(!9#%!*'-!3$;%&5$1'-!+'1G$%&5%1!(!-#!+(#-(!(!*'-!,#+0(+0(-!
$1'+%15%-6!
W(!*$B%&%1+$(!B#1*(,%15(3!%15&%!(,;'-!%-!9#%!m(3,'15!5$%1%!B(,(!*%!
-%*#+5'&<!,$%15&(-!h%&5%#$3!.(-(!.'&!-%&!#1(!G$#*(!-%1-$;3%!/!*%!#1(!
,'&(3!$,.3(+(;3%6!H%!0%+0'<!(!+(*(!#1'!*%!3'-!.%&-'1([%-!B%,%1$1'-!
9#%!(.(&%+%1!%1!3(!1'G%3(!.'*&8(!(-$)14&-%3%!#1(!+(&(+5%&8-5$+(!*%B$2
1$5'&$(r!h%&5#$3!%-!3(!0$.P+&$5(<!E>+$3%!%-!3(!5'15(<!-#!,(*&%<!3(!-%g'&(!
*%!m'3(1)%-<!%-!3(!-%G%&(<!='#&G%3!%-!3(!;%(5(!/!\'-%,'1*%<!3(!(1+$(2
1(!58(!*%!m(3,'15<!%-!3(!-%1-(5(6!73!&%.(&5'!*%!.%&-'1([%-!.&$1+$.(3%-!
3'!+$%&&(!H(1+%1/<!%3!+(;(33%&'<!9#%!(!-#-!G%$15%!(g'-!-%!%1(,'&(!*%!
E>+$3%! /! [#15'! (! %33(! &%.&%-%15(! %3! (,'&! $*%(3! %! $1'+%15%6! H%! 5'*'-!
%33'-<! %3! G$d+'1*%! %-! %3! C1$+'! 9#%! *%-(B8(! *%! B'&,(! ,4-! '! ,%1'-!
(;$%&5(!3(-!1'&,(-!-'+$(3%-<!(3!,%1'-!%1!3'!9#%!&%-.%+5(!(3!(,'&!/!3(-!
$1B$*%3$*(*%-6! 73! &%-5'! 3(-! &%-.%5(! *%! 3(! B'&,(! ,4-! %-+&#.#3'-(! 9#%!
%-54! %1! -#-! ,(1'-6! h%1'-! 3(! ,(&9#%-(! *%! h%&5#$3<! +3(&'<! 9#%! %-! 3(!
,4-!.%&G%&-(!*%!5'*'-!/!%-!3(!G%&*(*%&(!*$&%+5'&(!*%!%-+%1(6!
733(!(+5C(!%1!&%.&%-(3$(!/!.&%5%1*%!(&&#$1(&!%3!,(5&$,'1$'!*%3!+'1*%!
*%!@%&+'#&5!+'1!E>+$3%!*%! m'3(1)%-<!.'&9#%! %-! $1+(.(d! *%!.%&*'1(&!
9#%!(3)#$%1!3(!(;(1*'1%!.'&!'5&(!(,(15%<!/!9#%!3#%)'!;#-9#%!(!#1(!
1$g(!.(&(!+(-(&-%!+'1!#1(!+&$(5#&(!.#&(6!D'&!%-'!3%!'B&%+%!(!m(3,'15!
9#%! 3(! -%*#d+(<! .(&(! .'*%&! &%8&-%! *%! 3(! 0#,$33(+$P1! 9#%! -#.'1%! +(2
-(&-%! +'1! #1(! G$&)%1! /! %1+'15&(&-%<! %1! 3(! 1'+0%! *%! ;'*(-<! +'1! #1(!
B#3(1(!'!#1(!3$;%&5$1(6!73!G$d+'1*%!-%!1$%)(!.'&!%1+'15&(&!%3!*%-(B8'!
*%,(-$(*'!-%1+$33'r!3(!1$g(!(+(;(!*%!%15&(&!%1!%3!,#1*'!/!(!-#!%*(*!
+#(39#$%&(! %-! +(.(d! *%! 0(+%&3(! -#/(6! :$1! %,;(&)'<! >3! .&'.'1%! '5&'!
[#%)'<!3(!,(/'&!-%*#++$P1!*%!5'*(-6!71!3(!+(-(!*%!+(,.'!*%!-#!58(<!3(!
-%g'&(! *%! \'-%,'1*%<! -%! (3'[(! 3(! .&%-$*%15(! *%! ='#&G%3<! #1(! ['G%1!
+(-(*(!/!G$&5#'-(<!+'1'+$*(!.'&!-#!+(&4+5%&!0#,$3*%!/!.$(*'-'<!(3%[(2
*'!*%!5'*(!-'-.%+0(!*%!3$;%&5$1([%6!733(!-%&4!3(!.&%-(!9#%!-%!*%[%!*%2
G'&(&!G'3#15(&$(,%15%6!:$!m(3,'15!+'1-$)#%!9#%!%-5(!,#[%&<!9#%!(,(!
(!-#!,(&$*'!/!5%,%!(!H$'-<!-%!3%!%15&%)#%<!3(!,(&9#%-(!&%+',.%1-(&4!
-#!5&$#1B'!+'1G$&5$>1*'3%<!*%!1#%G'<!%1!-#!(,(15%6!
F9#8!%,.$%d(!3(!-%.(&(+$P1!%15&%!(,;'-!3$;%&5$1'-6!E#(1*'!E>+$3%!-%!
%1(,'&(!*%3!+(;(33%&'!H(1+%1/<!-#!.&'B%-'&!*%!(&.(<!;#-+(!%3!+'1-%['!
*%!3(!,(&9#%-(<!9#%!%-!(,$)(!*%! -#!,(*&%!/! 5$%1%! B(,(!*%!-%1-(5(6!
733(!3%!&%.&%1*%!.'&!*%[(&-%!%,;(#+(&!+#(1*'!-#!C1$+'!';[%5$G'!*%2

! TR!
;%&8(!-%&!3(!B%3$+$*(*!*%15&'!*%3!,(5&$,'1$'!+'1!@%&+'#&5!(#19#%<!(3!
,$-,'! 5$%,.'<! (;&%! 3(! .'-$;$3$*(*! *%! #1(! &%3(+$P1! %.$-5'3(&! +'1! %3!
['G%1!+(;(33%&'6!H%-*%!%3!.&$,%&!,',%15'!.'*%,'-!G%&!%1!h%&5%#$3!
#1(!,(%-5&8(!(-',;&'-(!.(&(!3(!*#.3$+$*(*r!%-!+(.(d!*%!&%+',%1*(&!
#1(!+'-(!,$%15&(-!*$&$)%!0(+$(!3(!+'15&(&$(<!*%3!,$-,'!,'*'!9#%!5$%2
1%!#1(!&%.#5(+$P1!$,.%+(;3%!0(+$%1*'!3'!9#%!3%!G$%1%!%1!)(1(6!
:$&G(! +','! %[%,.3'! 3(! 0$-5'&$(! 9#%! (.(&%+%! %1! 3(! +(&5(! WAAAm6! m(32
,'15! (G$-(! (! 3(! ,(&9#%-(! *%! 9#%! #1! 5(3! D&>G(1<! 9#%! 5$%1%! B(,(! *%!
)&(1! -%*#+5'&<! -%! 0(! .&'.#%-5'! +(#5$G(&3(! /! 0(+%&! .(&58+$.%-! *%! -#-!
(G(1+%-!(!(3)#1(-!*%!3(-!-%g'&(-!,4-!$1B3#/%15%-!*%!D(&8-6!733(!-#;%!
3(!(.#%-5(!(15%!%3!G$d+'1*%!/!3%!(-%)#&(!9#%!1'!-'3'!*$-B&#5(&4!*%!-#!
+',.(g8(<! -$1'! 9#%! (*%,4-! -(3*&4! *%! %33(! $,.#1%! /! -%! *%-0(&4! *%!
(9#%3!(3!9#%!G%!+','!#1!&$G(3!*$&%+5'!*%3!G$d+'1*%6!h%&5%#$3!0(+%!#-'!
*%! -#! ,(%-5&8(! %1! 3(-! &%3(+$'1%-! -'+$(3%-! .(&(! +'$1+$*$&! +'1! -#! .&%2
5%1*$%15%!%1!+%1(-!/!%1!%3!5%(5&'!/!+'1G%1+%&3%!*%!9#%!-#!+'19#$-5(!
G(!.'&!;#%1!+(,$1'<!+#(1*'!%1!&%(3$*(*!%-!%33(!3(!9#%!33%G(!3(-!&$%12
*(-6!:%!B$1)%!-'&.&%1*$*(!(15%!-#-!)(3(15%&8(-<!(#19#%!-#-!&%(++$'1%-!
.#%*%1! G%&-%! +','! 5%,%&'-(-<! *%.%1*$%1*'! *%! 9#$>1! ,$&%6! F3! B$1<!
(.&'G%+0(1*'!#1(!'+(-$P1!%1!3(!9#%!%-541!(!-'3(-<!>3!*%+$*%!(5(+(&!/!
*%+3(&(&3%!-#!(,'&6!733(!5%&,$1(!.'&!&%1*$&-%!/!33'&(6!F+%.5(1!G%&-%!
%1!3(!+%1(!9#%!%33(!'B&%+%&4!(!3(!1'+0%!-$)#$%15%<!*%-.#>-!*%!3(!+#(3!>3!
.&%5%1*%&4!$&-%<!.%&'!-%!9#%*(&4!%-+'1*$*'!0(-5(!9#%!5'*'-!-%!0(/(1!
,(&+0(*'6! F3! 33%)(&! %3! (3;(<! >3! -(3*&8(! .'&! #1(! .%9#%g(! .#%&5(! *%3!
[(&*81!-$1!9#%!1(*$%!-#.$%-%!9#>!0(;8(!'+#&&$*'!(3386!E3(&'<!9#%!(,;'-!
,$%15%1r!>3!.&%5%1*%!9#%!-%!-%.(!5'*'<!/!%33(!,(15%1%&!-#!$,()%1!*%!
,#[%&! *%+%15%6! ='*'! -#+%*%! -%)C1! 3'! .3(1%(*'! /! 5&(-! 3(! +%1(! /! 3'-!
[#%)'-<!%33(!(+#*%!(!%1+'15&(&-%!+'1!>3!%1!3(!%-+(3%&$5(!-%+&%5(!*'1*%!
0(1!(+'&*(*'!9#%!3%!%-.%&(&4!%-+'1*$*'6!H$-B&#5(1!%3!#1'!*%3!'5&'!/!
>3!3%!0(+%!.&',%-(-!*%!(,(15%<!(!3(-! 9#%!%33(!+'15%-5(!.&%)#15(1*'!
+P,'!.&%5%1*%!*(&!+#%15(!*%!3'!'+#&&$*'!(15%!-#!(#*$%1+$(6!715'1+%-!
5'+(!#1(!+(,.(1(!.(&(!9#%!(+#*(1!3'-!+&$(*'-<!(15%!3'-!9#%!-%!0(+%!
3(! -%g'&(! 'B%1*$*(6! D&>G(1<! -'&.&%1*$*'! /! (-#-5(*'! .'&! %-5(! -$5#(2
+$P1!$1%-.%&(*(<!-(+(!-#!%-.(*(6!W'-!-$&G$%15%-!3%!&%*#+%1!/!3(!,(&2
9#%-(<!%1!5'*(!-#!;'1*(*<!3'-!&%5$%1%!/!3%-!*$+%!9#%!-'3'!9#$%&%!9#%!
-%!G(/(6!W%!*%[(1!,(&+0(&6!D'&!3(!,(g(1(<!(!.&$,%&(!0'&(<!3(!-%g'&(!
-%!%1+(&)(!*%!9#%!-#-!+&$(*(-!%I.3$9#%1!(!3(-!G%+$1(-!3'!'+#&&$*'!.'&!
3(!1'+0%6!F#19#%!3(![#)(*(!%-!(&&$%-)(*(<!3(!,(&9#%-(!-(3%!G$+5'&$'-(r!

TV! !
D&>G(1! 9#%*(! +','! #1! +'&&#.5'<! 3%! %I.#3-(1! *%3! %[>&+$5'<! .$%&*%! 3(!
0'1&(!/!3(!3$;%&5(*6!733(<!.'&!-#!.(&5%<!%-!#1(!,#[%&!$1'+%15%!/!'B%12
*$*(!9#%!+(-$!+(%!%1!3(-!)(&&(-!*%!#1!-45$&'6!:%!,#%-5&(!(B%+5(*8-$,(!
/!,(15$%1%!-#!G$&5#*6!
7-(!%-!3(!B'&,(!*%!(+5#(&!*%!h%&5%#$3<!-#!,(/'&!+(.(+$*(*!%-!3(!*%3!
%1)(g'6!71!3(!+(&5(!WAAAO!%I.3$+(!(!m(3,'15!-#-!'&8)%1%-!/!-#-!.&$12
+$.$'-6!W%!%-+&$;%r!`-$<!%1!,%*$'!*%!%-5(-!&%G'3#+$'1%-!B&%+#%15%-<!,$!
&%.#5(+$P1!-%!0(!+'1-%&G(*'!.#&(<!b1'!0(!.%1-(*'!#-5%*!9#%<!1(+$*(!
/'!.(&(!G%1)(&!(!,$!-%I'<!/!*',$1(&!%3!*%!#-5%*<!0%!-(;$*'!+&%(&,%!
(&;$5&$'-!*%-+'1'+$*'-!(15%-ca!uW(+3'-!VUUYr!VUSv6!:%!-%.(&(!*%3!&%2
-5'!*%!,#[%&%-!.'&9#%!%33(!0(!+&%(*'!-#!.&'.$(!,'&(3!(!.(&5$&!*%!3(!
+#&$'-$*(*! /! 3(! ';-%&G(+$P16! H%-*%! ,#/! ['G%1! 0(! (.&%1*$*'! (! %-5#2
*$(&! -#! %15'&1'! /! (! %15%1*%&! 1'! 5(15'! (9#%33'! 9#%! -%! .&'1#1+$(! %1!
.C;3$+'! +#(15'! 3'! 9#%! -%! $1-$1C(! #! '+#35(6! h4-! $,.'&5(15%! (C1<! 0(!
(.&%1*$*'! (! *$-$,#3(&6! :%! $,.'1%! #1(! *$-+$.3$1(! +'&.'&(3! 9#%! 3%!
.%&,$5%! +'15&'3(&! -#-! &%-.#%-5(-! /! (.(&%15(&! -'&.&%-(<! %-5#.'&! '!
+#(39#$%&!&%(++$P1!9#%!-%!3%!-#.'1)(!(!#1(!,#+0(+0(!$1)%1#(!9#%!1'!
-(;%!1(*(!*%3!,#1*'!1$!*%!-#-!.%&G%&-$'1%-6!D'1%!#1!$15%&>-!.(&5$2
+#3(&! %1! %-5#*$(&! 3'-! &'-5&'-! /! 3(-! B$-$'1',8(-6! :%! .&'G'+(! *'3'&!
,$%15&(-!&8%<!+41*$*(!/!(3%)&%<!(3!,$-,'!5$%,.'6!:#!,(*&%!3(!+(-(!(!
3'-!9#$1+%!(g'-!/!*$-B&#5(!*%3!-%I'!,$%15&(-!-%!,#%-5&(!B&8(!(15%!-#!
,(&$*'6!E#,.3%!+'1!-#-!*%;%&%-!,(&$5(3%-!+','!#1(!%-.'-(!(;1%)(2
*(! /<! 5&(-! 3(! .&%,(5#&(! %1B%&,%*(*! /! ,#%&5%! *%! -#! %-.'-'<! %-5#*$(!
5&(5(*'-!,'&(3%-!.(&(!-(;%&!+P,'!0(!*%!+',.'&5(&-%!#1(!-%g'&(!*%2
+%15%6! 715'1+%-! *%+$*%! .&'G'+(&! %3! (,'&<! .%&'! 1'! -#B&$&3'<! .#%-5'!
9#%!1'!%-!,4-!9#%!#1!.&%5%I5'!.(&(!(3+(1d(&!'5&'-!.3(+%&%-!,4-!+(&2
1(3%-!/!,4-!(B$1%-!(!-#!-%1-$;$3$*(*6!71!'5&(-!.(3(;&(-<!3(!,(&9#%-(!
%-!(.(&$%1+$(<!B$1)$,$%15'<!&%.&%-%15(+$P16!71!*%B$1$5$G(<!5%(5&'6!
7-5(-!*'-!+(&5(-!5%&,$1(&41!.'&! -%33(&! -#! *%-5$1'! (3! B$1(3! *%3! &%3(5'6!
D%&'!(15%-<!%33(!/!m(3,'15!#1%1!-#-!%-B#%&d'-!.(&(!.%&G%&5$&!(!3(!.%2
9#%g(! E>+$3%6! 73! G$d+'1*%! (+%.5(! %3! .&'/%+5'! *%! h%&5%#$3! +#(1*'! 3(!
-%g'&(!*%!m'3(1)%-!/!-#!0$[(!33%)(1!(!3(!G$33(!*%!-#!58(<!/!-%!(-%)#&(!*%!
9#%!3(!1$g(!,(15$%1%!3(!&%3(+$P1!%.$-5'3(&!+'1!%3!+(;(33%&'!H(1+%1/<!
9#%!-%!0(!G$-5'!$15%&&#,.$*(!?.'&!,%*$(+$P1!*%!3(!.&'.$(!,(&9#%-(<!
9#%!(!-#!G%d!(+'1-%[(!(!H(1+%1/?!(3!*%-+#;&$&3(!-#!,(*&%6!W'-!,(/'2
&%-! (*'.5(1! %3! .(.%3! *%! +'1B%-'&%-! %! $15%&,%*$(&$'-! %15&%! 3'-! [PG%2
1%-<!9#%!+&%%1!%1!-#!;#%1(!B%!+#(1*'<!%1!&%(3$*(*<!1'!+#,.3%1!,4-!

! TS!
9#%! -#-! .&'.$'-! ';[%5$G'-6! :'1! 3'-! (&58B$+%-! *%! #1(! %*#+(+$P1! -%15$2
,%15(3! *%! (.(&$%1+$(! 1';3%! /! B'1*'! .%&G%&-'6! E>+$3%! /! H(1+%1/! -'1!
G8+5$,(-!*%!*'-!*%.&%*(*'&%-!-%I#(3%-<!.%&'!1$!-$9#$%&(!-'1!3(-!G%&2
*(*%&(-!.&%-(-<!-$1'!,%*$'-!.(&(!#1!';[%5$G'!#35%&$'&6!
F!%-5%!.&'/%+5'<!9#%!%15&%5$%1%!(!m(3,'15!/!*%3!9#%!-(;%!-(+(&!.&'2
G%+0'<! -%! #1%! 3(! +'19#$-5(! *%! 3(! .&%-$*%15(! *%! ='#&G%36! D(&(! %3! G$d2
+'1*%<!%-5(!G$+5'&$(!-%&8(!*';3%<!.#%-5'!9#%!#1$&8(!(3!(#,%15'!*%!-#!
&%.#5(+$P1! +','! -%*#+5'&! %3! *$-B&#5%! *%! 3(! ,(&9#%-(! *%! h%&5%#$36!
733(<! .'&! -#! .(&5%<! 1'! 0(+%! -$1'! .3(15%(&! *#*(-! /! .'1%&! ';-54+#3'-!
-';&%! %-5(! (G%15#&(6! 7-! %G$*%15%! 9#%! %15&%! (,;'-! 3$;%&5$1'-! 0#;'!
#1(!&%3(+$P1!9#%!1'!-%!0(!+%&&(*'!.'&!+',.3%5'6!H%!(08!%3!%,.%g'!*%!
m(3,'15! %1! &%+#.%&(&! -#-! *%&%+0'-! -';&%! 3(! ,(&9#%-(<! /! %3! *%! %33(!
.'&!&%-5(&!$,.'&5(1+$(!(!3(!.&%-$*%15(!/!0#,$33(&!(3!%1(,'&(*'6!D'&2
9#%!(-8!%-!+','!%33(!3'!G%6!71!%3!B'1*'<!(,;'-!-%!-$%15%1!(,%1(d(*'-!
,4-!(334!*%!3'!9#%!-'1!+(.(+%-!*%!(*,$5$&6!m(3,'15!5%,%!9#%!(3)#$%1!
+','!D&>G(1!3%!(&&%;(5%!-#!)3'&$(!/!-#-!+'19#$-5(-<!'!9#%!3'-!-#+%-$2
G'-!(,(15%-!*%!3(!,(&9#%-(!(3+(1+%1!3(!$,.'&5(1+$(!9#%!5#G'!>3!#1!
*8(!/!9#%!(-.$&(!(!&%+';&(&6!h%&5%#$3!5%,%!9#%!%3!G$d+'1*%!-%!%1(,'2
&%!*%!G%&*(*!*%!='#&G%3<!3'!9#%!3(!0(&8(!.%&*%&!%3!.'*%&!9#%!5$%1%!-'2
;&%!>36!
W'!+$%&5'!%-!9#%!3(-!(+#-(+$'1%-!*%!3(! ,(&9#%-(!1'! -'1!$1B#1*(*(-6!
71!3(!+#(&5(!/!C35$,(!.(&5%!*%!3(!1'G%3(<!0(/!#1!+(,;$'!%1!%3!+',.'&2
5(,$%15'!*%3!G$d+'1*%6!:$!0(-5(!(0'&(!0(!(+5#(*'!+','!#1!3$;%&5$1'<!(!
.(&5$&!*%!%-5%!,',%15'!3'!0(+%!+','!#1!(,(15%6!F15%!-#-!+'1-5(15%-!
(5(9#%-! /! *%+3(&(+$'1%-! *%! (,'&<! 3(! .&%-$*%15(! *%! ='#&G%3! *%+$*%!
(;(1*'1(&!3(!+(-(!*%!3(!-%g'&(!*%!\'-%,'1*%!/! G'3G%&! (!D(&8-<!.'&!
-'&.&%-(6! m(3,'15! 0(! 5&$#1B(*'! -';&%! E>+$3%<! 9#%! -$)#%! (,(1*'! (!
H(1+%1/!.%&'!-%!%15&%)(!(!>3<!/!-';&%!3(!.&%-$*%15(<!9#%<!G%1+$*(-!5'2
*(-!-#-!*%B%1-(-!.'&!%3!(,'&<!1'!G%!'5&(!-'3#+$P1!9#%!%-+(.(&!*%!>36!
:'3'!*%!%-5%!,'*'!.#%*%!-(3G(&!-#!0'1&(!/!-#!(3,(6!W(!%-5&(5%)$(!*%3!
G$d+'1*%! %-! 0(+%&-%! .(-(&! .'&! +'1G%&-'! /! .'&! G8+5$,(! *%! 3(-! ,(3(-!
+',.(g8(-6!H#&(15%!5'*(!-#!G$*(!1'!0(!0%+0'!-$1'!$,$5(&!3'!9#%!G%8(!
(! -#! (3&%*%*'&<! /! +&%8(! 1'&,(3! %3! 3$;%&5$1([%<! .%&'! 3(! ;%(5$5#*! /! 3(!
;'1*(*!*%!='#&G%3!3'!0(1!*%G#%35'!(3!;#%1!+(,$1'6!733(!3%!+&%%!/!-%!
%1(,'&(!*%!>3<!.'&!%-'!%-+(.(!/!-%!%1+$%&&(!%1!-#!.&'.$(!+(-(6!l3!B$12
)%!%-5(&!%1B%&,'!*#&(15%!#1!5$%,.'<!0(-5(!9#%!3')&(<!(!5&(G>-!*%!#1!

TZ! !
-(+%&*'5%<!#1(!+$5(!+'1!%33(!/!*%+$*%!G'3G%&!(!D(&8-6!71!%-%!%1+#%15&'!
-#!G$+5'&$(!%-!*%B$1$5$G(6!
W(-!5%1-$'1%-!%15&%!m(3,'15! /!h%&5%#$3! -'1!+(*(!G%d!,(/'&%-<!/!-#!
B(35(! *%! %15%1*$,$%15'! +(-$! (;-'3#5(6! l3! %I$)%! %3! .&%,$'! (+'&*(*'! /!
%33(!3%!*(!3(&)(-!/!+'1-$)#%!9#%! .'1)(!B$1!(! 3(! &%3(+$P1! +'1! ='#&G%36!
F*%,4-<!0(!5',(*'!+','!(,(15%!(!H(1+%1/<!/!%-'!(#,%15(!3(!$,.(2
+$%1+$(!*%3!G$d+'1*%!9#$%1<!(3!,$-,'!5$%,.'<!%-.%&(!.'*%&!&%+#.%&(&!
(!-#!(,(15%!&%+$>1!*%-.(+0(*(6!F!3(-!%I$)%1+$(-!*%!m(3,'15!0(/!9#%!
(g(*$&! 3(! $19#$%5#*! 9#%! -#B&%! 3(! ,(&9#%-(! .'&! #1! .3%$5'! .%1*$%15%<!
*%3! 9#%! *%.%1*%! 9#%! +'1-%&G%! 3(! 0%&%1+$(! *%! -#! ,(&$*'! '! 9#%! 3(!
.$%&*(!(!B(G'&!*%!*'-!1$g'-!*%!3'-!9#%!1'!-(;%,'-!1(*(!,4-6!E#(1*'!
G#%3G%! (! D(&8-! *%-.#>-! *%! %-5(&! #1'-! *8(-! %1! %3! +(,.'<! 1'! (G$-(! (3!
G$d+'1*%!.%&'!-8!(3!+(;(33%&'<!(!9#$%1!G%!(!*$(&$'6!F15%!%3!#35$,45#,!
*%!m(3,'15<!h%&5%#$3!&%-.'1*%!+'1!#1(!*%+3(&(+$P1!*%!)#%&&(6!
W(! .&%-$*%15(! *%! ='#&G%3! (;(1*'1(! -#! +(-(! /! G(! (3! +'1G%15'! %1! %3!
9#%! 3(! %*#+(&'1<! +'1! 3(! $15%1+$P1! *%! 9#%*(&-%6! F338! -#B&%! #1(! +&$-$-<!
%1B%&,(!*%!)&(G%*(*!/!5%&,$1(!.'&!.%&*%&!%3![#$+$'6!W(!-%g'&(!*%!m'2
3(1)%-!G(!(!+#$*(&3(6!73!G$d+'1*%!(.&'G%+0(!3(!'+(-$P1<!%-+&$;%!(!H(12
+%1/!/!+'1-$)#%!9#%!.(-%!#1(!1'+0%! +'1! E>+$3%<!-$1![#-5$B$+(&!-#! (#2
-%1+$(!(15%!3(!,(&9#%-(6!F3!+'1'+%&!3(!,(1$';&(<!%3!+(;(33%&'!&%5(!(3!
G$d+'1*%!(!#1!*#%3'!/!3%!.&'G'+(!#1(!0%&$*(!,'&5(36!71!-#!()'18(<!3%!
%15&%)(! %3! .(9#%5%! *%!+(&5(-! 9#%! +',.'1%1! 3(! 1'G%3(<! /! 9#%! *%-+#2
;&%1!(!3(!,(&9#%-(!*%!h%&5%#$3!+','!3'!9#%!%-!%1!&%(3$*(*r!#1(!,#2
[%&! 3$;%&5$1(! /! +&#%3<! #1(! ,(%-5&(! *%! 3(! 0$.'+&%-8(6! m(3,'15! ,#%&%<!
.%&'!%-5%!)%-5'!-#.'1%!(3!,$-,'!5$%,.'!#1(!%-.%+$%!*%!&%*%1+$P1!/!
#1(! G$+5'&$(! -';&%! -#! (15$)#(! (,$)(6! 73! +(;(33%&'! 0(+%! .C;3$+(-! 3(-!
+(&5(-!WAAAO!/!WAAAm!/!%1G8(!%3!&%-5'!(!3(!-%g'&(!*%!\'-%,'1*%6!W(!
.#;3$+(+$P1! *%! %-(-! *'-! +(&5(-! -#.'1%! 3(! &%-5(#&(+$P1! *%3! 0'1'&! *%!
D&>G(1!/!3(!+(8*(!%1!*%-)&(+$(!*%!3(!,(&9#%-(<!9#%!%-!(;#+0%(*(!%1!
%3!5%(5&'!/!%1B%&,(!*%!G$&#%3(6!
W(!0$-5'&$(!-%!-(3*(!+'1!3(!,#%&5%!*%!m(3,'15!/!*%!='#&G%36!E>+$3%!/!
H(1+%1/!-%!+'1G$%&5%1!%1!&%3$)$'-'-<!%33(!%1!#1!+'1G%15'!*%!D(&8-!/!>3!
%1!h(35(6!W(!.&%-$*%15(!*%!h%&5%#$3!9#%*(!*%-0'1&(*(<!*%-B$)#&(*(<!
5#%&5(<! .';&%! ?.$%&*%! %3! .3%$5'! /! 3(! 0%&%1+$(?!/! %I$3$(*(6! W(+3'-! *%-2
+&$;%! -#! 1'G%3(! +','! #1(! ';&(! %*$B$+(15%! 9#%! ,#%-5&(! 3'-! .%3$)&'-!
*%3!3$;%&5$1([%6!:#!3%+5#&(!*%;%!(/#*(&!(!9#%!1'-!,(15%1)(,'-!(3%[(2

! TT!
*'-!*%!>3!/!-%(,'-!&%-.%5#'-'-!+'1!3(-!3%/%-!/!3(!,'&(36!H%-*%!3#%)'<!
-$!3(!$15%1+$P1!*%3!(#5&!-%!%1+#%15&(!%1!%3!*%-5$1'!*%!-#-!.%&-'1([%-<!
3'-!.&$1+$.(3%-!1'!-(3%1!;$%1!.(&(*'-6! W'-!*'-! 3$;%&5$1'-!&%+$;%1!#1!
+(-5$)'! ,%&%+$*'<! .%&'! 1'! (15%-! *%! 0(;%&! (&&#$1(*'! 3(! G$*(! *%! -#-!
G8+5$,(-6!
F!*$B%&%1+$(!*%!3'!9#%!-#+%*%!%1!3(-!1'G%3(-!*%!:(*%<!(9#8!%3!-%I'!1'!
%-!%I.38+$5'6!:(;%,'-!9#%!'+#&&%!?E>+$3%!9#%*(!%,;(&(d(*(! *%!m(32
,'15<!.'&!%[%,.3'<!(#19#%!3#%)'!-#B&%!#1!(;'&5'!%-.'1541%'?!.%&'!
%3! -(*$-,'!*%!W(+3'-!%-!*%!'5&(!1(5#&(3%d(6!W(-!.%&G%&-$'1%-!9#%!';2
-%&G(,'-! 1'! -'1! 5(15'! *%3! +#%&.'! +','! *%3! (3,(6! 73! 0$1+(.$>! %-54!
.#%-5'!%1!3(!0$.'+&%-8(<!%1!3(-!B(3-(-!(.(&$%1+$(-<!%1!%3!(&5%!*%!3(!*#2
.3$+$*(*6! F08! *%-5(+(! 3(! G%&*(*%&(! .&'5()'1$-5(! *%! 3(! ';&(r! 3(! ,(&2
9#%-(!*%!h%&5%#$36!7-!+$%&5'!9#%!m(3,'15!%-!#1!)'3B'!/!#1!-%*#+5'&<!
.%&'!%-!B(,'-'!.'&!%33'6!i(/!%1)(g'-<!+3(&'<!#1'!1'!.#%*%!+'19#$-5(&!
(!,#[%&%-!+(-(*(-!*%!B'&,(!(;$%&5(<!.%&'!1'!33%)(1!1$!*%!3%['-!(3!1$G%3!
*%!-#!(,$)(6!F*%,4-<!0(+$(!%3!B$1(3!*%!3(!1'G%3(!.(&%+%!+'15()$(&-%!%1!
+$%&5'! ,'*'! *%! 3(-! G$&5#*%-! *%! ='#&G%36! N'! %-! #1(! 5&(1-B'&,(+$P1!
&(*$+(3!1$!%G$*%15%<!.%&'!0(/!(3)'6!N'!%1!G(1'!*%[(!*%!+',.'&5(&-%<!
%1!3'!&%B%&%15%!(!%33(<!+','! #1! 3$;%&5$1'!.(&(!(-#,$&!%3! .(.%3!5&(*$2
+$'1(3!*%3!(,(15%!,(-+#3$1'6!D'&!%-'<!(#1!+#(1*'!3(!(;(1*'1(!(!$1-2
5(1+$(-!*%!3(!,(&9#%-(<!,(15$%1%!3(!%-.%&(1d(!*%!.'*%&!&%+'1+$3$(&2
-%!+'1!%33(6!W'!9#%!1'!0(!+(3+#3(*'!%-!3(!.&'B#1*$*(*!*%!3(!0%&$*(!9#%!
0(!$1B3$)$*'<!1$!3(-!+'1-%+#%1+$(-!9#%!%-5(!5$%1%!-';&%!3(!,%15%!*%!-#!
G8+5$,(6!D#%*%!9#%!>3!0(/(!+(,;$(*'<!.%&'!%33(!5(,;$>16!^1(!G%d!*%-2
5&#$*'!-#!,#1*'!*%!+%&5%d(-!?H$'-<!-#!,(&$*'<!3(!,'&(3?<!/!(;(1*'2
1(*(! (! 3'-! *%3$&$'-! *%3! (,'&<! %-! $1+(.(d! *%! -'.'&5(&! %3! *%-(,.(&'!
9#%!3%!.&'*#+%!3(!&#.5#&(6!D'&!%-'!.$%&*%!3(!&(dP1!/!*%-.#>-!3(!G$*(6!
W(!.&%-$*%15(!*%!='#&G%3!%-!#1(!+&$(5#&(!+#/(!-%1-$;$3$*(*!3(!33%G(!(3!
.(&'I$-,'<!.&$,%&'!*%!3(!G$&5#*!/!3#%)'!*%!3(!.(-$P16!7-!#1(!*%G'5(!
9#%!+(,;$(!(!#1!*$'-!.'&!'5&'6!
H%!#1!,'*'!-$,$3(&<!%3!%1(,'&(,$%15'!*%!E>+$3%!/!H(1+%1/!%-!+(-5'!
%!$1B(15$3<!.%&'!(,;'-!+(%1!.&%-(!*%!3'-!3$;%&5$1'-!9#%!+&%%1!-#-!(,$2
)'-6!:$!='#&G%3!%-!+'1-+$%15%!*%!3'!.%3$)&'-(!9#%!&%-#35(!-#!&%3(+$P1!
+'1! m(3,'15! ?*%! (08! -#-! &%-$-5%1+$(-<! -#! 0#$*(! /! %3! *%-)(&&'! 9#%! 3%!
.&'G'+(!-#!-%.(&(+$P1?!3'-!,#+0(+0'-!-%!*%[(1!)#$(&!+&%/%1*'!9#%!
';&(1!;$%16!D'&!%-'!+#(1*'!-%!*%-+#;&%!3(!5&(,(!/!%3!+(;(33%&'!&%3%%!
-#! +'&&%-.'1*%1+$(<! %-+&$;%! (! 3(! -%g'&(! *%! \'-%,'1*%! 3'! %I5&(g'!

TX! !
9#%! &%-#35(! `#1$&! 5(15(! $1)%1#$*(*! (! 5(15(! .%&B$*$(a! uW(+3'-! VUUYr!
ZTRv6!
D'&9#%!%1!%3!B'1*'!5'*'!%-!#1![#%)'!*%!+'1-%+#%1+$(-!5&4)$+(-6!7-54!
+3(&'!9#%!3(-!G8+5$,(-!-%! *%[(1! ,(1$.#3(&!.'&9#%! +&%%1! %1!%3! (,'&<!
.%&'! 1'! '+#&&%! 3'! ,$-,'! +'1! 3'-! 3$;%&5$1'-6! :$! m(3,'15! %[%&+%! *%!
(,(15%!+'1!='#&G%3!-'3'!%-!.'&!3(!)3'&$(!9#%!3%!(+(&&%(&4!%-(!G$+5'2
&$(k!-$!&%.&%-%15(!%-%!.(.%3! +'1! h%&5%#$3! %-!.'&9#%!-%! -$%15%![#-5$B$2
+(*'<!1'!0(+%!,4-!9#%!&%+3(,(&!%3!.&%,$'!9#%!,%&%+%6!:$!*%!G%&*(*!
%-54!%1(,'&(*'!*%!3(!.&%-$*%15(<!+','!-%!-#)$%&%!(!,%1#*'<!1'!.'&!
%33'!*%[(!*%!*$-B&#5(&!*%!E>+$3%!1$!*%!3(!+',.(g8(!*%!#1(!B#3(1(!+#(12
*'!3'!G%!.%&5$1%15%6!N'!-%!+'&&$)%6!D#%*%!9#%!.%*$&3%!(!H(1+%1/!9#%!
*%-+#;&(! -#! 5&(,(! 5%1)(! (3)'! *%! .%1$5%1+$(<! .%&'! 5$%1%! ,#+0'! ,4-!
*%!G%1)(1d(6!7-!%3!)'3.%!*%B$1$5$G'!+'15&(!3(!,(&9#%-(6!l3!,#%&%<!.%2
&'!%33(!9#%*(!,#%&5(!%1!G$*(6!

Om!

F0'&(!;$%1<!%3!$15%&>-!*%!3(!1'G%3(!G(!,4-!(334!*%!3(!0$-5'&$(!9#%!+#%12
5(6!f(!0%,'-!G$-5'!9#%!W(+3'-!3(!*%B$%1*%!+','!#1(!';&(!,'&(3<!.%&'!
%-(!*%B%1-(!1'!-%!3$,$5(!(!3(-!+'1-%+#%1+$(-!B(5(3%-!*%3!3$;%&5$1([%!/!
*%!3(-!B(3-(-!(.(&$%1+$(-6!l3<!+','!:(*%<!+',.(&5%!3(!G$-$P1!*%5%&,$2
1$-5(!*%!3(!(15&'.'3')8(!,'&(3<!.%&'!(,;'-!3(!(*(.5(1!(!-#-!.&'.$(-!
+&%%1+$(-r! -$! 3(! 1(5#&(3%d(! $,.'1%! (! 3'-! 3$;%&5$1'-! -#-! .(-$'1%-<! %12
5'1+%-!%-5(-!1'!.#%*%1!-%&!,(3(-6!f(!1'!-%!5&(5(!-'3'!*%!#1!.&';3%,(!
>5$+'<!-$1'!;$'3P)$+'6!W'-!*'-!(#5'&%-!5',(1!3(-!5%'&8(-!*%!3(!B$3'-'B8(!
,>*$+(!9#%!-%!*%-(&&'33(1!(!.(&5$&!*%!3(!-%)#1*(!,$5(*!*%3!-$)3'! AmOOO!
/! 3(-! %,.3%(1! .(&(! [#-5$B$+(&<! .'&! #1! 3(*'<! 3(! %I$-5%1+$(! *%! -%&%-!
0#,(1'-! ?*%! (,;'-! -%I'-<! %-5'! %-! $,.'&5(15%?! +(.(+%-! *%! (B$&,(&!
-#!.&'.$(!%I+%.+$'1(3$*(*!/<!.'&!'5&'<!.(&(!33%G(&!(!+(;'!#1(!+(&(+5%2
&$d(+$P1!3$;%&5$1(!*%!3(!.&'.$(!O3#-5&(+$P16!
7I$-5%!#1!.(&(3%3$-,'!$,.'&5(15%!%15&%!3(!1'G%3(<!%15%1*$*(!+','!3(!
%15$%1*%1!:(*%!/!W(+3'-<!/! 3(!';-%&G(+$P1!B$3'-PB$+(6!E#(1*'! 3(!5(,2
;$>1!%-+&$5'&(!h(&$%2p%(11%!\$++';'1$!+&$5$+(! W(-!(,$-5(*%-!.%3$)&'2
-(-!.'&!+'1-$*%&(&3(!*%.&(G(*(!%!$1G%&'-8,$3<!-#!(#5'&!3%!(-%)#&(!9#%!
1'! -'3'! %-! G%&'-8,$3<! -$1'! 9#%! *%! 0%+0'! %I$-5%1! ,#[%&%-! +','! 3(!
,(&9#%-(! *%! h%&5%#$36! l3! ,$-,'! 0(! -$*'! -#! G8+5$,(6! W'-! %-+&$5'&%-!

! TL!
0(1!*%!+'1B'&,(&-%!+'1!3(!.&'-($+(!5(&%(!*%!*%-+&$;$&!3'!9#%!G%1<!/(!
9#%!+(&%+%1!*%!%-(!-%1-$;$3$*(* R!9#%!.%&,$5%!(!3(-!%-+&$5'&(-!&%.&%2
-%15(&!3(-!+'-(-!+','!*%;%&8(1!-%&6!h%&5%#$3!%-!+','!%-<!1'!+','!%3!
(#5'&!*%-%(&8(!9#%!B#%&(6!F#19#%!-%!5&(5%!*%!#1!.%&-'1([%!B$+5$+$'<!%1!
3(!&%(3$*(*!?/!%1!+#(39#$%&!.(8-?!%I$-5%1!,#[%&%-!,'1-5&#'-(-!+','!
%33(<!(#19#%!0(/!9#%!-(;%&!&%+'1'+%&3(-6!:'3'!3(-!+#(3$*(*%-!9#%!.'2
-%%!#1(!,#[%&!.#%*%1!%,.3%(&-%!.(&(!+(&(+5%&$d(&!3(!;#%1(!B%,$1$2
*(*6!E#(39#$%&!0',;&%!9#%!3'! $15%15%! %-54! *%-5$1(*'!(3! B&(+(-'<! .'&!
%-'!1'!.#%*%!,4-!9#%!B$[(&-%!%1!.%&G%&-(-!/!+#3.(;3%-!+','!h%&5%#2
$36!
W(+3'-!-%!G%!(!-8!,$-,'!%1!3(!%-5%3(!*%!h'3$x&%!/!*%!H$*%&'5<!+','!#1!
';-%&G(*'&!*%!3(!1(5#&(3%d(!0#,(1(!+#/'!(143$-$-!.#%*%!.%&,$5$&!-#!
+'&&%++$P16!F!5&(G>-!*%!3(!1'G%3(<!+&%%!.'*%&!$*%15$B$+(&!3'-!.&$1+$.$'-!
>5$+'-! /! .'385$+'-! 9#%! )#8(1! 3(! -'+$%*(*6! D%&'! %-5(! 5(&%(! -'3'! 3%! +'2
&&%-.'1*%!(!3'-!%-+&$5'&%-!G(&'1%-6!W(-!,#[%&%-<!%15&%!3(-!9#%!-%!%12
+#%15&(!\$++';'1$<!.'&!%3!+'15&(&$'<!0(1!*%!%15&%5%1%&-%!+'1!3(-!B'&2
,(-! ,4-! 3$)%&(-! /! ()&(*(;3%-! *%! (+5$G$*(*! +#35#&(3<! 9#%! -'1! ,4-!
(*%+#(*(-!(!-#!1(5#&(3%d(6!7-!.'&!%-'!9#%!\$++';'1$!1'!+&%%!.'-$;3%!
9#%!%I$-5(!(3)#$%1!+','!h%&5%#$3<!.'&9#%!-%!%-+(.(!(!3'!9#%!3%!*$+5(!
-#!.&'.$(!-%1-$;$3$*(*6!D'&!#1!3(*'<!(3(;(!3(!+(.(+$*(*!*%!3(-!,#[%&%-!
*%!G%&!3(-!+'-(-!+','!*%;%&8(1!-%&<!,$%15&(-!.'&!%3!'5&'!3%!9#$5(!G(2
3'&!(!-#!5&(;(['!/!(!-#!%15%1*$,$%15%6!E','!-%!.#%*%!G%&<!W(+3'-!%-2
;'d(!#1(!5%'&8(!*%!3(!1'G%3(!/!*%3!)>1%&'!B#1*(*(-!%1!%-5(!1'+$P1!*%!
-%1-$;$3$*(*<! -%)C1! 3(! +#(3! (! 0',;&%-! /! ,#[%&%-! 3%-! +'&&%-.'1*%1!
*$-5$15'-!5$.'-!*%!&%3(+$P1!+'1!3(!+#35#&(!/<!.'&!5(15'<!B'&,(-!'.#%-2
5(-!*%!%1B&%15(&-%!(!3(!%-+&$5#&(6!
F0'&(! ;$%1<! (! %-5(! 5%'&8(! *$,P&B$+(! *%3! )>1%&'! 0(/! 9#%! (g(*$&! #1(!
1#%G(! +(.(! 9#%! %1+'15&(,'-! %1! W(-! (,$-5(*%-! .%3$)&'-(-<! /! 9#%! 3%!
%,.(&%15(! +'1! :(*%r! %3! 3$;%&5$1'6! F,;'-! %-+&$5'&%-! +',.(&5%1! #1(!
G$-$P1!-$,$3(&!&%-.%+5'!(!3(!-'+$%*(*!9#%!3%-!&'*%(<!#1(!G$-$P1!*',$2
1(*(! .'&! %3! *%-(.%)'! /! %3! +$1$-,'6! W(+3'-! ,(15$%1%! #1(! .'-5#&(! *%!
'&$)%1! &'#--%(#1$(1'<! /! +'1-$*%&(! 9#%! 3(-! ,#[%&%-! +$G$3$d(*(-! -'1!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
R!=%1%,'-! 9#%! &%+'&*(&! 9#%<! %1! %3! -$)3'! AmOOO<! `-%1-$;$3$*(*a<! `5%,.%&(,%15'a<!
`+'1-5$5#+$P1a! '! `04;$5'a! B'&,(1! .(&5%! *%! 3(! 5%&,$1'3')8(! ,>*$+(! /! *%B$1%1! #1!
,'*'!%-.%+8B$+'!*%!%15%1*%&!3(-!&%3(+$'1%-!9#%!-%!B'&,(1!%15&%!%3!+#%&.'<!3(!,%15%!
/!3(-!B'&,(-!-'+$(3%-6!
TY! !
,4-!-%1-$;3%-!/!*%3$+(*(-!9#%!3(-!1(5#&(3%-!/<!.'&!5(15'<!,4-!.&'.%12
-(-! (! %1B%&,(&6! 7-5(! '.$1$P1! 5$%1%! -#-! *%B%1-'&%-! 5(,;$>1! %1! %3!
4,;$5'! *%! 3(! ,%*$+$1(<! /! 1'! -'3'! %1! 3(! B$3'-'B8(6! F! .(&5$&! *%<! ,4-! '!
,%1'-<! 3(! *>+(*(! *%! RLTU! -%! *%-(&&'33(! 3(! (15&'.'3')8(! ,'&(3<! #1(!
1#%G(!+'&&$%15%!*%!.%1-(,$%15'! ,>*$+'!%1!3(! 9#%!-%!&%3(+$'1(1! 3(-!
1'+$'1%-!*%!-%I'<!-%1-$;$3$*(*!/!G(.'&%-6!@%15%!+','!D$%&&%!\'#--%3!
-%!%-B#%&d(!.'&!%-5(;3%+%&!#1(!+3(-$B$+(+$P1!*%!3'-!-%&%-!0#,(1'-!*$2
G$*$*'-!%1!5$.'-6!W(!*$G$-$P1!-%I#(3!1'!-%!&%(3$d(!*%!B'&,(!%I+3#-$G(!
.'&! 3'-! )%1$5(3%-! 9#%! ,#%-5&(! #1! $1*$G$*#'<! -$1'! 9#%! -%! ';-%&G(! %1!
5'*(-! -#-! +#(3$*(*%-6! H$+0'! *%! '5&'! ,'*'<! %-! 3(! ;$'3')8(! 3(! 9#%! *%2
5%&,$1(! 3(-! +'1*#+5(-! /! %3! -%I'! (B%+5(! (3! +#%&.'! %1! -#! +'1[#15'<! 1'!
-'3'!(!3'-!P&)(1'-!&%.&'*#+5'&%-6!F-8<!%1!3'-!0',;&%-!.#%*%1!';-%&2
G(&-%!+(&(+5%&8-5$+(-!+%&%;&(3%-<!,$%15&(-!9#%!%1!3(-!,#[%&%-!.&%*'2
,$1(1!3(-!%,'+$'1(3%-<!9#%!.&'G$%1%1!*%!3(!,(5&$d6!W(!%*#+(+$P1!/!3(!
-'+$(3$d(+$P1!.#%*%1!,'*$B$+(&!3(!-%1-$;$3$*(*<!.%&'!%-!3(!1(5#&(3%d(!
9#$%1!3(!*%5%&,$1(6!
7-! +$%&5'! 9#%! %1! W(-! (,$-5(*%-! .%3$)&'-(-! 1'! 0(/! 1$1)C1! .%&-'1([%!
9#%!.#%*(!+'1-$*%&(&-%!1(5#&(3<!.%&'!5(,;$>1!3'!%-!9#%!%-!3(!%I.'-$2
+$P1!(3!G$+$'!3(!9#%!+'1*$+$'1(!3(!*%-G$(+$P1!&%-.%+5'!*%!3(-!1'&,(-!
-'+$(3%-6! 7-! -#! +'1-5$5#+$P1! 3(! 9#%! 3%-! 33%G(! (! &%-$-5$&! '! (! *%[(&-%!
(&&(-5&(&!.'&!3'-!%-58,#3'-<!/(!-%(1!B8-$+'-!'!,'&(3%-<!9#%!3%-!&'*%(16!
N'!*%.%1*%!5(15'!*%!-#! -%I'! +','!*%!+(*(!$1*$G$*#'6! F9#8! *%-5(+(!
m(3,'15!/<!-';&%!5'*'<!h%&5%#$3r!-#!-%1-$;$3$*(*!%-!*%3!,$-,'!5$.'<!/!
3%-!-%.(&(!*%3!&%-5'!*%!.%&-'1([%-6!F,;'-!1%+%-$5(1!#1(!&%1'G(+$P1!
+'1-5(15%!*%!3'-!,%*$'-!(!3(!0'&(!*%!';5%1%&!.3(+%&!%&P5$+'<!.%&'!1'!
-'1!%-+3(G'-!*%!3(!.(-$P16!h4-!;$%1!(3!+'15&(&$'<!%-!%-(!.(-$P1!3(!9#%!
%-54! *',$1(*(! .'&! %3! +%&%;&'<! 3'! 9#%! 3%-! 33%G(! (! )#$(&<! ,(1$.#3(&! /!
*',$1(&!(!-#-!';[%5'-!*%!*%-%'6!]!1$!-$9#$%&(<!/(!9#%!3(!5&(,(!9#%!3%-!
33%G(!(!(;#-(&!*%!E>+$3%!/!H(1+%1/!1'!5$%1%!1(*(!9#%!G%&!+'1!%33'-6!
W(!+'19#$-5(!*%!3(!.&%-$*%15(!*%!='#&G%3!%-!*$B%&%15%6!71!.&$,%&!3#2
)(&<!.'&9#%!%33(!-8!%-!%3!';[%5$G'!.&$1+$.(36!:%!5&(5(!*%3!,#/!3$;%&5$1'!
.&'/%+5'!*%!,(1+$33(&!3'!9#%!%-!.#&'<!*%!*%-5&#$&!-#!,#1*'!/!*%[(&3'!
$&&%+'1'+$;3%! %! $&&%.(&(;3%6! 71! -%)#1*'! 3#)(&<! .'&9#%! *%-.$%&5(! %1!
m(3,'15!#1(!-%&$%!*%!%,'+$'1%-!9#%!E>+$3%!1'!%-!+(.(d!*%!.&'G'+(&!
%1! 1$1)C1! +(-'6! :$! 3(! 1$g(! %-! ;'1$5(! /! -%1-#(3<! +','! &%+'1'+%! %1!
(3)C1!,',%15'<!5(,;$>1!%-!#1!;3(1+'!*%,(-$(*'!-%1+$33'6!:%!.#%*%!
*$-B&#5(&! *%! %33(<! .%&'! 1'! ,4-! (334! *%! #1! -$,.3%! .(-(5$%,.'6! E#(32

! TQ!
9#$%&(!.#%*%!-%*#+$&3(6!:$!1'!B#%&(!.'&9#%!-#!,(*&%!0(!.#%-5'!-';&%!
(G$-'!(!='#&G%3!&%-.%+5'!(!m(3,'15<!%-5%!1'!-%!0(;&8(!5',(*'!3(!,'2
3%-5$(!*%!'+#.(&-%!*%!%33(6!
D%&'! 3(! .&%-$*%15(! %-! #1(! %,.&%-(! *$B8+$3<! %-! [#-5'! 3'! +'15&(&$'! *%!
E>+$3%!/<!(3!,$-,'!5$%,.'<!*%3!,$-,'!m(3,'156!7-!,$%*'-(!/!*%G'5(<!
%-54!+(-(*(!/!&%-$-5%!(!5'*(!-%*#++$P16!F*%,4-!*%!3(!-(5$-B(++$P1!9#%!
-#.'1%!#1!3')&'!*%!%-(!,()1$5#*<!/!3(-!.%9#%g(-!-(5$-B(++$'1%-!9#%!
-%!';5$%1%1!*#&(15%!%3!.&'+%-'<! m(3,'15!-%!G%! (-(35(*'! .'&! #1! -%12
5$,$%15'! *%! 3(! ,(&(G$33(6! :$! ;$%1! 3(-! +#(3$*(*%-! *%! 3(! .&%-$*%15(! 3(!
+'1G$%&5%1<!(!-#-!'['-<!%1!%3!-#[%5'! %I.%&$,%15(3!.%&B%+5'!?-$! %15%12
*%,'-! -#! .3(1! *%! .%&G%&-$P1! +','! #1! %I.%&$,%15'?<! %-(-! ,$-,(-!
+#(3$*(*%-! .&'G'+(1! %1! >3! #1(! B(-+$1(+$P1! 9#%! 1'! %-5(;(! .&%G$-5(6!
733(!3%!(;3(1*(6!f(!0%!*$+0'!(15%-!9#%!1'!0(/!&%*%1+$P1<!.%&'!3(!&%3(2
+$P1! 3%! (B%+5(! *%! #1(! B'&,(! %G$*%15%6! F#19#%! +(;%! %-.%&(&! 9#%! 3(-!
%I.&%-$'1%-! 5$%&1(-! /! -%1-$;3%-! 9#%! 3%! *$&$)%! B'&,%1! .(&5%! *%! 3(! %-2
5&(5%)$(!*%!-%*#++$P1<!h%&5%#$3!5$%1%!&(dP1!(3!';-%&G(&!9#%!%-(!%I.3$2
+(+$P1!1'!+#;&%!5'*'!%3!B%1P,%1'6!71!%B%+5'<!m(3,'15!-%!%15%&1%+%!/!
-%!*%;$3$5(<!*%-*%!3(!3P)$+(!3$;%&5$1(<!(15%!-#!.&%-(6!W(!,(&9#%-(!33(,(!
(!%-'!(,'&<!.%&'!.#%*%!9#%!3'!0()(!-'3'!.(&(!0#,$33(&3%6!H%-*%!3#%2
)'<!3(!(.(&$+$P1!*%!%-'-!-%15$,$%15'-<!-%(1!3'-!9#%!-%(1<!1'!*%-G8(!(3!
G$d+'1*%!*%!3(!381%(!5&(d(*(6!71!-#!,',%15'!*%!,(/'&!*%;$3$*(*!%-!
+#(1*'!*(!%3!)'3.%!*%B$1$5$G'6!
:$!$1-$-5'!5(15'!%1!%-5'!1'!%-!.'&9#%!+'1-$*%&%!(!m(3,'15!%3!.&'5()'2
1$-5(!*%!3(!1'G%3(<!-$1'!.'&9#%!,%!.(&%+%!$,.'&5(15%!-%g(3(&!9#%!%3!
0%+0'!*%!9#%!-%(!#1!3$;%&5$1'!+&#%3!/!(,'&(3!1'!$,.3$+(!9#%!1'!5%1)(!
-%15$,$%15'-6!]5&(!+'-(!%-!9#%!-#!-%15$*'!,'&(3!3%!33%G%!(!&%-.%5(&!(!
-#-! +'1)>1%&%-! /! -#-! &%)3(-6! W'! ,$-,'! '+#&&%! +'1! h%&5%#$36! F,;'-!
+',.(&5%1!#1(!1'+$P1!*%!-#.%&$'&$*(*!-';&%!%3!&%-5'!*%!.%&-'1([%-!
*%;$*(!(3!+'1'+$,$%15'!.&'B#1*'!9#%!3%-!.%&,$5%!*',$1(&!/!+'3'+(&2
-%!(3!,(&)%1!*%!3(-!+'1G%1+$'1%-6!:(;%1!+P,'!B#1+$'1(!3(!-'+$%*(*<!
+#43%-!-'1!-#-!38,$5%-!/!+#43%-!3'-!,'*'-!,4-!%B%+5$G'-!*%!-'&5%(&3'-6!
:$! 5&(5(,'-! *%! -%.(&(&! (! (,;'-! 3$;%&5$1'-<! -$! %15%1*%,'-! 3(! 1'G%3(!
+','!#1(!B4;#3(!%1!3(!9#%!m(3,'15!(+(;(!&%*$,$*'!.'&!%3!(,'&<!%12
5'1+%-!-%!1'-!%-+(.(!3(!(B$1$*(*! 9#%!3%! #1%! (!h%&5%#$3<!.%&*%,'-!%3!
+(&4+5%&!+(-$!,$5'3P)$+'!9#%!-%!%,.%g(!%1!*%B%1*%&!*#&(15%!+(-$!5'2
*'!%3!5%I5'6!71!*%B$1$5$G(<!%-5(&8(,'-!G'3G$%1*'! (!3(! *$+'5',8(! 0',2
;&%2,#[%&! *%! 3(! 9#%! 3(! +(5%)'&8(! *%3! 3$;%&5$1'! -#.'1%! #1(! &#.5#&(6!

XU! !
D'&9#%!%1!%3!B'1*'!-%!5&(5(!*%!%-'<!*%!&',.%&!%3!;$1',$'!%-5(;3%+$*'!
.'&!3(!(15&'.'3')8(!,'&(3!9#%!(-'+$(!(!3'-!0',;&%-!3(!-%*#++$P1!/!(!
3(-! ,#[%&%-! 3(! &%1*$+$P16! W(+3'-<! +','! :(*%<! 5',(! 3(-! 1'+$P1! *%! 3(!
-%1-$;$3$*(*!/!%3!*%5%&,$1$-,'!;$'3P)$+'!9#%!+'133%G(!.(&(!&%*$&$)$&2
3(<! .(&(! +&%(&! #1! 1#%G'! -$)1$B$+(*'6! W(! -%1-$;$3$*(*! 1'! -%.(&(! %15&%!
-%I'-<!-$1'!%15&%!3$;%&5$1'-!/!%3!&%-5'!*%!3(!0#,(1$*(*<!%15&%!+(d(*'2
&%-!/!.&%-(-6!N'!%-!*%!%I5&(g(&<!.'&!5(15'<!9#%!(9#%33'-!-%!-$%15(1!.'&!
%1+$,(!*%!%-5'-6!
H%! %-%! ,'*'<! 3(-! (+5#(+$'1%-! *%! h%&5%#$3! /! *%! m(3,'15! 5',(1! '5&'!
+(&4+5%&6! W'! 9#%! (15%-! .'*&8(,'-! 0(;%&! +'1-$*%&(*'! (,'&! -%! +'12
G$%&5%!%1!#1(!-#;G%&-$P1!*%3!5$.'!,(-+#3$1'!%1!3(!B$)#&(!*%3!G$d+'1*%6!
71!.&%-%1+$(!*%!='#&G%3<!%3!-%*#+5'&!-%!5&(1-B'&,(!%1!-%*#+$*'<!-%12
-$;3%<!*%3$+(*'<!5%,%&'-'k!(*,$5%!9#%!%I$-5%!#1(!B#%&d(!9#%!3%!#1%!(!
%33(!/!9#%!%-!$1+(.(d!*%!&%+'1'+%&6!7-5'!3%!.&'G'+(!(3(&,(<!.'&9#%!%-!
(3)'!9#%!*%-+'1'+%!/!9#%!1'!0(;8(!%I.%&$,%15(*'!(15%-6!j'&,(1!#1!
+8&+#3'!*%!$&&%-$-5$;$3$*(*6!h%&5%#$3!+&%%!9#%!-%!5&(5(!*%!(,'&<!.%&'!%-!
(3)'!,4-!+',.3%['<!%-!#1(!$1G%&-$P16!H%3!,$-,'!,'*'<!%33(!&%.&%-%12
5(!3(!-#;G%&-$P1!*%3!5$.'!B%,%1$1'<!9#%!&%-.'1*%!(!3'-!(G(1+%-!*%!3'-!
0',;&%-!/!+(%!&%1*$*(!(15%!-#-!%1+(15'-6!71!3#)(&!*%!-%1-$;3%!%-!+%2
&%;&(3<!%1!G%d!*%!&%-$-5$&!%-!%33(!3(!9#%!)#8(!3(-!(++$'1%-!*%!-#-!.&%2
5%1*$%15%-6! 7-5(! %-5&(5%)$(! 5$%1%! #1! ';[%5$G'! *';3%6! D'&! #1! 3(*'<! 3%!
.%&,$5%!)#(&*(&!3(-!(.(&$%1+$(-!*%!,#[%&!&%-.%5(;3%k!.'&!%3!'5&'<!&%2
-#35(!,4-!*$G%&5$*'!9#%! (+5#(&! (;$%&5(,%15%6!7-! #1(! )(5(!9#%! [#%)(!
+'1!3'-!&(5'1%-!(15%-!*%!d(,.4&-%3'-6!:$!%1!3(!C35$,(!.(&5%!*%!3(!1'2
G%3(!m(3,'15!(;(1*'1(!%3!&'3!*%!3$;%&5$1'!.(&(!5',(&!%3! *%!(,(15%<!
h%&5%#$3!1'!-%!*%-G8(!1$!#1!4.$+%!*%3!+(,$1'!9#%!-%!5&(dP!(!-8!,$-,(!
%1!3(!(*'3%-+%1+$(6!:'3'!&%-.%5(!3(-!1'&,(-!9#%!-%!0(!,(&+(*'<!.%&'!
3(-! (+(5(! +','! -%! (+(5(! #1! *$+5(*'! *$G$1'6! 71! C35$,(! $1-5(1+$(<! -'1!
-#-!+#(3$*(*%-!(#5'$,.#%-5(-!3(-!9#%!0(+%1!*%!%33(!3'!9#%!%-<!#1!-%&!
3$;%&5$1'! -$1)#3(&6! 7-(! %-! 3(! +3(G%6! m(3,'15! ,(5$d(! -#! .'-5#&(<! .%&'!
%33(!1'6!73!%1B&%15(,$%15'!%15&%!(,;'-<!(!+(#-(!*%!='#&G%3<!+&%(!#1(!
1#%G(!*$G$-$P1!%15&%!9#$%1!-%!(B%&&(!(!-#-!.&$1+$.$'-!/!9#$%1!1'6!D(&(!
h%&5%#$3<!*%[(&3'-!*%!3(*'!-#.'1%!5&($+$'1(&!-#!-%1-$;$3$*(*<!-#!1(5#2
&(3%d(!815$,(6!
F0'&(!;$%1<!/(!0%,'-!G$-5'!+#43%-!-'1!3(-!+'1-%+#%1+$(-!*%!%-(!B$*%2
3$*(*! ^1(! G%d! *%-+#;$%&5(<! 5'*'! +(-5$)'! %-! .'+'6! D';&%d(<! *%-0'1&(<!
%1B%&,%*(*!/!*%B'&,(+$P1!-'1!#1!&%-#35(*'!3P)$+'<!/(!9#%!#1!,'1-2

! XR!
5&#'!,'&(3!+','!%33(!1'!5$%1%!3#)(&!%1!%3!,#1*'6!N'!%-!,#[%&<!1'!%-!
0',;&%<!1$!-$9#$%&(!%-!#1(!3$;%&5$1(!(3!#-'6!73!.3(+%&!9#%!;#-+(!1'!%-!
B8-$+'<!-$1'!$15%3%+5#(36!W'!9#%!(10%3(!%-!+'1'+$,$%15'!/!*',$1$'6!H#2
&(15%!-#!1'+0%!*%!;'*(-!*%-+#;&%!9#%!%3!-%I'!%-!()&(*(;3%<!9#%<!*%!
1'!-%&!.'&!-#!$1,%1-(!+#&$'-$*(*<!.'*&8(!0(;%&-%!+'1G%&5$*'!%1!#1(!
5(&(,;(1(!(3!#-'<!(;(1*'1(*(!(!3(!-%1-#(3$*(*<!#1!*%-5$1'!-$,$3(&!(3!
9#%!+'&&%-.'1*%!(!E>+$3%<!.&'.%1-(!(3!)'+%!.%&'!B(35(!*%!$15%3$)%1+$(6!
733(!%-!#1(!3$;%&5$1(!(#5>15$+(<!%1!'5&(-!.(3(;&(-<!#1!,'1-5&#'!,'&(3!
9#%! -#;G$%&5%! 3'-! ,'*%3'-! B%,%1$1'! /! ,(-+#3$1'! *%! -%1-$;$3$*(*!
*%-(&&'33(1*'!#1'!.&'.$'!/!C1$+'6!
7-! #1(! +&$(5#&(! %I+%.+$'1(3<! (#5'+'1-5&#$*(<! .'>5$+(! ?%1! %3! -%15$*'!
*%! .'$%-$-!'!+&%(+$P1?!+#/(!+$&+#3(+$P1!-'+$(3!-%!*%;%!(3!+'1'+$,$%12
5'!*%!-#-!1'&,(-<!1'!(!-#!(+%.5(+$P16!F!B$1!*%!.'*%&!B#1+$'1(&!+','!
#1(!,#[%&!1'&,(3!3%G(15(!#1(!,4-+(&(<!.%&'!1'!5(15'!.'&!1%+%-$*(*!
*%! '+#35(&! -#! 1(5#&(3%d(! *%.&%*(*'&(<! +#(15'! .(&(! -(5$-B(+%&3(6! W(!
$,()%1! 9#%! .&'/%+5(! (3! %I5%&$'&<! *',$1(*(! 0(-5(! %3! .(&'I$-,'<! 3%!
.%&,$5%! (5&(%&! (! -#-! .&%-(-<! /! (#1! 0(+%&3%-! +&%%&! 9#%! -'1! %33'-! 3'-!
+(d(*'&%-6! D'&! %-'! 3(! G$&#%3(! %-! .(&(! %33(! #1! +(-5$)'! .%'&! 9#%! 3(!
,#%&5%6! F3! *%-5&'d(&3%! %3! &'-5&'! /! 0(+%&3%! .%&*%&! #1! '['! 3%! $,.$*%!
+'15$1#(&!+'1!3(!(+5$G$*(*!9#%!3(!0(!'+#.(*'!*#&(15%!3(!,(/'&!.(&5%!
*%!-#!G$*(6!E','!%-+&$;%!3(!-%g'&(!*%!m'3(1)%-!(!3(!-%g'&(!*%!\'-%2
,'1*%r!`3(!%1B%&,%*(*!3%!0(!-(+(*'!3'!*%!*%15&'!0(+$(!B#%&(<!/!9#%!
(0'&(!-#!(3,(!%-54!%1!-#!+(&(a!uW(+3'-!VUUYr!ZTSv6!
:(*%<!.'&!-#!.(&5%<!5',(!%3!+'1+%.5'!*%!-%1-$;$3$*(*!/!3'!&%+'1*#+%!(!
-#-! .&'.$'-! $15%&%-%-6! N'! *%;%,'-! '3G$*(&! 9#%<! (#1! %-5(1*'! +(-$!
-$%,.&%!%1!.&$-$P1<!%3!,(&9#>-!%-!#1!0',;&%!+#35'!9#%!-%!,(15$%1%!
(3!*8(!%1!3$5%&(5#&(<!B$3'-'B8(!/!+$%1+$(6!D'&!%-'!1'!%-!%I5&(g'!9#%!+'2
1'd+(!3(-!C35$,(-!5%'&8(-!,>*$+(-<!1$!9#%!3(-!(.3$9#%!%1!-#-!';&(-<!1$!
9#%!.&%5%1*(!,%['&(&3(-6!W(!B&(),%15(+$P1!+(*(!G%d!,(/'&!*%!5$.'-!
0#,(1'-! 9#%! 33%G(! (! +(;'! 3(! (15&'.'3')8(! ,'&(3! (! B$1(3%-! *%3! -$)3'!
AmOOO<!-%)C1!3(!+#(3!%I$-5%1!-%1-$;$3$*(*%-!*$B%&%15%-!*%.%1*$%1*'!*%!
-$!%3!$1*$G$*#'!%-!G(&P1!'!0%,;&(<!&#&(3!'!#&;(1'<!$15%3%+5#(3!'!5&(;(2
[(*'&<! %5+>5%&(<! 1'! 5$%1%! '5&'! .&'.P-$5'! 9#%! &%-+(5(&! #1(! 5%'&8(! 9#%!
-%!G(!&%G%3(1*'!+','!.'+'!(*%+#(*(!(!3(!&%(3$*(*6!:$1!%,;(&)'<!:(*%!
-'3'!&%+'1'+%!*'-!5$.'-!*%!-%1-$;$3$*(*r!3(!3$;%&5$1(!/!3(!*%!-#-!G8+5$2
,(-6!\%+#.%&(!3(!+'1+%.+$P1!,>*$+(!*%3!+#%&.'!/!3(!(*(.5(!-#-!.&'2
.$(-!+&%%1+$(-<!+','<!.'&!'5&(!.(&5%<!0(1!0%+0'!3'-!*%,4-6!

XV! !
F3!$)#(3!9#%!'+#&&8(!+'1!h%&5%#$3!?9#%!+(-$!.(&%+%!%1+([(&!,%['&!%1!
%3!#1$G%&-'!-(*$(1'!9#%!%1!%3!*%!W(+3'-?<!3'-!3$;%&5$1'-!*%!:(*%!;#-2
+(1!%3!+'1'+$,$%15'<!/!%-%!-(;%&!9#%!.&%5%1*%1!(3+(1d(&!.%&,(1%+%!
'+#35'!(!9#$%1%-!1'!-'1!+','!%33'-6!73!-%&!3$;%&5$1'!%-!%I+%.+$'1(3<!1'!
5$%1%! +'15(+5'! +'1! 3(-! +&$(5#&(-! +'1G%1+$'1(3%-! -(3G'! +#(1*'! 3(-!
5&(1-B'&,(!%1!-#-!G8+5$,(-<!+#(1*'!-%!(.&'.$(!*%!%33(-6!:#-!1(5#&(3%2
d(-! -'1! '.#%-5(-r! B&%15%! (! 3'! G#3)(&! *%! 3(! 0#,(1$*(*! +'&&$%15%<! 3(!
-%1-$;$3$*(*!3$;%&5$1(!%-!%I9#$-$5(6!j&%15%!(!3'!+',C1<!3'!-$1)#3(&6!D%2
&'!%-(!-$1)#3(&$*(*<!%-(!B'&,(!*%!-%15$&!3(-!+'-(-!*%!#1!,'*'!%1!9#%!
1'!.#%*%1!-%15$&3(-!3'-!*%,4-<!0(/!9#%!+#35$G(&3(6!:$!%3!+#%&.'!3$;%&2
5$1'! %-! .&'.%1-'! (! *%5%&,$1(*'-! .3(+%&%-<! 5(,;$>1! 1%+%-$5(! *%! %12
5&%1(,$%15'!.(&(!*$-B&#5(&3'-!*%!B'&,(!,4-!$15%1-(<!'!,4-!+'&&%+5(6!
W'-!$,.#3-'-!3$;%&5$1'-!*%;%1!.#3$&-%!(!B$1!*%!9#%!3(!-%1-$;$3$*(*!-%!
*%-(&&'33%!+','!*%;%6!W(!$1+3$1(+$P1!1(5#&(3!1'!%I+3#/%!3(!%*#+(+$P16!
7-!3'!9#%!G%,'-<!.'&!%[%,.3'<!%1! W(!B$3'-'B8(!%1!%3!5'+(*'&<!*'1*%!3(!
['G%1!7#)%1$(!&%+$;%!#1!+#&-'!(+%3%&(*'!*%!3$;%&5$1([%6!F+#*%!(!+(-(!
*%!3(!-%g'&(!*%!:($152F1)%<!9#$%1!3(!$1-5&#/%!+'1!3(!(/#*(!*%!-#!0%&2
,(1'<!%3!+(;(33%&'!*%!h$&G%3!/<!-';&%!5'*'<!*%!H'3,(1+><!9#$%1!%[%&+%!
*%!,(%-5&'!*%!+%&%,'1$(-!/!*%!B$3P-'B'6!D'&9#%<!#1(!G%d!,4-<!3(!(+2
+$P1!%-54!-',%5$*(!(!3(!.(3(;&(!/!%3!)'+%!(3!.%1-(,$%15'6!H%!0%+0'<!%3!
5%I5'!5',(!3(!B'&,(!*%3!*$43')'!.3(5P1$+'k!-#!3%+5#&(!%-!#1(!,(/>#5$2
+(!.%&G%&-(6!@&(+$(-!(!3(!)#8(!*%!3'-!(*#35'-<!3(!.%9#%g(!7#)%1$(!%12
5&(! %1! %-+%1(! +','! #1(! G$&)%1! 9#%! ';-%&G(! 3'-! .&$1+$.$'-! ,'&(3%-!
+'&&$%15%-! .(&(! -(3$&! *%! %33(! +'1G%&5$*(! %1! #1(! 3$;%&5$1(! +'1! .&$1+$2
.$'-!/!*%-%'-!.&'.$'-6!N(*(!,4-!33%)(&<!3%!*$+%!(!3(!9#%!-%&4!-#!,(%-2
5&(r!`i%!G%1$*'!(9#8!.(&(!$1-5&#$&,%!/!1'!,%!$&>!-$1!-%&!-(;$(6a!u:(*%!
VUUYr!SXv!W'!9#%!1'!-'-.%+0(!%-!%3!+(&4+5%&!*%!%-(!$1-5&#++$P1<!/!9#%!
%1!-'3'!*'-!*8(-!.%&*%&4!%3!&%-.%5'!.'&!3(!3%/<!3(!&%3$)$P1!/!3(!*%+%12
+$(6!71!'5&(-!.(3(;&(-<!-%!*%-0(&4!*%!5'*'-!3'-!.&%[#$+$'-!/!-%!+'1G%&2
5$&4!%1!#1(!+&$(5#&(!+&85$+(6!
=&(-!*%-1#*(&-%!3%!$,.(&5%1!#1(-! 1'+$'1%-! ;4-$+(-! *%! (1(5',8(r! 3%!
-%g(3(1!3(-!5%5(-<!3'-!+'['1%-<!-%!(3(;(!%3!+#3'!+','!(35(&!*%3!)'+%!/!-#!
.&%B%&%1+$(! -';&%! +#(39#$%&! '5&'! ?`^1(! ,#+0(+0(! ;'1$5(! 1'! *%;%!
.&%'+#.(&-%! ,4-! 9#%! *%! ['*%&<! 1#1+(! *%! %1)%1*&(&a! u:(*%! VUUYr!
ZZvk!`7+0(&!(!.%&*%&!(-8!3'-!*%&%+0'-!*%!.&'.()(+$P1!/!+'15&(&$(&!*%!
%-5(!B'&,(!3'!9#%!3'-!5'15'-!33(,(1!3%/%-!*%!3(!1(5#&(3%d(<!%-54!33%1'!
*%!%1+(15'-a!u$;8*6r!YLv?<!%3!+'g'<!-#!,'15%<!9#>!%-!*%-+(&)(&!/!+P,'!

! XS!
-%!+'1-$)#%6!W(!,(-5#&;(1<!3%!%I.3$+(1!9#>!%-!#1(!.#5(<!3'-!,%+(1$-2
,'-!;4-$+'-!*%!3(!.&'+&%(+$P1<!%5+>5%&(6!715&%!5'+(,$%15'-!/!*$-%&5(2
+$'1%-!G(1!&%5$&(1*'!3'-!G%3'-!*%3!+'1'+$,$%15'!+',C16!W(!G$&5#*!%-!
#1(! B(15(-8(! /! 3(-! ,#[%&%-! 9#%! -%! 0(+%1! 33(,(&! G$&5#'-(-! 1'! (+5C(1!
.'&!(,'&!(3!.&P[$,'<!-$1'!(!-8!,$-,(-6!:$!0(+%1!%3!;$%1!%-!.'&!G(1$*(*!
/!(3$,%15(1!*%!%-%!,'*'!-#!(,'&!.&'.$'6!H$'-!%-!#1(!9#$,%&(!9#%<!
%1!+(-'!*%!%I$-5$&<!'!;$%1!%-!#1!G()'!9#%!1'!(+5C(!*%-*%!3(!+&%(+$P1<!'!
;$%1!%-!#1!-%&!+&#%3!/!*%-.&%+$(;3%!9#%!.%&,$5%!#1(!%I$-5%1+$(!33%1(!
*%!*'3'&!/!-#B&$,$%15'6!73!;$%1!/!%3!,(3!-'1!+(5%)'&8(-!0#,(1(-!/!1'!
1(5#&(3%-6!i(+%&!%3!;$%1!%-!1%)(&! $,.#3-'-!9#%! 3(! 1(5#&(3%d(! 0(! $,2
.#%-5'! %1! 1#%-5&(! +'1+$%1+$(<! ,$%15&(-! 9#%! 0(+%&! %3! ,(3! %-! -(5$-B(2
+%&3'-!?%-5'!(15%-!*%!j&%#*<!+3(&'?6!F#19#%!1'!.#%*(!0(+%&-%!-$%,2
.&%!%3!,(3<!(3!,%1'-!.#%*%!1'!0(+%&-%!1#1+(!%3!;$%16!D'&!3(-!,$-,(-!
&(d'1%-<! %3! G$+$'! /! 3(! G$&5#*! +(&%+%1! *%! -%15$*'<! /! %1! 3(! 5#,;(! -'1!
$)#(3%-6!!
W(! -%g'&(! *%! :($152F1)%! 3(! $15&'*#+%! %1! %3! .&$1+$.$'! *%! 3(! .&'-5$5#2
+$P1!#1$G%&-(3r!5'*'!$1*$G$*#'!?-$1!9#%!$,.'&5%!-#!-%I'<!&(d(<!%*(*!'!
+'1*$+$P1?!0(!*%!%-5(&!.&%-5'! (3! )'+%! *%! +#(39#$%&! '5&'6! `73! *%-5$1'!
*%! 3(! ,#[%&! %-! -%&! +','! 3(! .%&&(<! +','! 3(! 3';(r! *%;%! .%&5%1%+%&! (!
+#(15'-!9#$%&(1!(3)'!*%!%33(a6!D%&'!(*%,4-r!!

7-.%&%,'-!9#%!-%!(;&(1!3'-!'['-<!/!9#%<!(3!(-%)#&(&!3(!3$;%&5(*!*%!5'2
*'-!3'-!$1*$G$*#'-<!1'!-%!'3G$*%!3(!-#%&5%!*%!3(-!*%-)&(+$(*(-!,#+0(2
+0(-k!.%&'<!-$!-'1!5(1!*$)1(-!*%!34-5$,(!9#%!&%-#35%1!'3G$*(*(-<!*%;%1!
+'3'+(&-%!%33(-!,$-,(-!.'&!%1+$,(!*%!3(!+'-5#,;&%!/!%3!.&%[#$+$'!/!.$2
-'5%(&!(#*(d,%15%!3'-!0$%&&'-!G%&)'1d'-'-!+'1!9#%!.&%5%1*%1!%-+3(2
G$d(&3(-k! 5&$#1B(&41! %15'1+%-! (3! .#15'! *%! 3(! +'-5#,;&%! /! *%! 3(! '.$2
1$P1k! %3! 0',;&%<! G#%35'! ,4-! -(;$'! .'&9#%! -%&4! ,4-! 3$;&%<! -%15$&4! 3(!
$1[#-5$+$(!9#%!+',%58(!.'&!*%-.&%+$(&!(!3(-!9#%!(-8!(+5#(&'1<!/!9#%!%3!
0%+0'!*%!+%*%&!(!3'-!$,.#3-'-!*%!3(!1(5#&(3%d(<!,$&(*'!+','!#1!+&$2
,%1!%1!#1!.#%;3'!+(#5$G'<!1'!.#%*%!-%&3'!%1!#1!.#%;3'!3$;&%6!u$;8*6r!
LRv!

H$+0'! *%! '5&'! ,'*'<! 5(15'! 0',;&%-! +','! ,#[%&%-! .#%*%1! /! *%;%1!
)'d(&!*%!(9#%33'-!9#%!*%-.$%&5%1!-#!(.%5$5'6!i%,'-!*%!&%+'&*(&!9#%!
3(!1'G%3(!-%!.#;3$+(!%1!RLQT!/!9#%!%-(!%9#$G(3%1+$(!%15&%!0',;&%-!/!
,#[%&%-!%-!$,.%1-(;3%!$1+3#-'!%1!%3!%-.8&$5#!*%!3(!\%G'3#+$P16!D(&%+%!
9#%!%3!B&(),%15'!`j&(1+%-%-<!#1!%-B#%&d'!,4-!-$!9#%&>$-!-%&!&%.#;3$2
+(1'-a<!9#%!3%%!H'3,(1+>!%1!%3!9#$15'!*$43')'!%-!#1!$15%15'!*%-%-.%2

XZ! !
&(*'!*%!:(*%!.'&!(*0%&$&-%!(!3'-!.&$1+$.$'-!&%G'3#+$'1(&$'-6!D'&!%-5'!
-%!3%!-#%3%!5$3*(&!*%!'.'&5#1$-5(!/!*%!1'!.&%5%1*%&!,4-!9#%!-(3G(&!%3!
+#%33'<!3$5%&(3,%15%6!:%)#&(,%15%!-%(!+$%&5'6!D%&'!1'!.'*%,'-!';G$(&!
9#%!3(-!$*%(-!9#%!%I.'1%!+(-(1!(!,%1#*'!+'1!3(-!9#%!(.(&%+%1!%1!%3!
&%-5'!*%!-#!';&(6!H%!0%+0'<!&%-#35(! -'&.&%1*%15%! 9#%! .&%*$)(!%3! &%2
)&%-'!*%!3(!,'1(&9#8(!%1!,%1'-!*%!*$%d!(g'-!-$!%3!.(8-!1'!-%!*%-0(+%!
*%!3(!O)3%-$(6!
71!%-%!-%15$*'<!%1!3#)(&!*%!&%.%5$&!3(!;3(-B%,$(!/!%3!-(5(1$-,'!9#%!0(!
.&'.#%-5'!%1!'5&'-!-$5$'-!?/!9#%!(3!B$1!/!(3!+(;'!1'!3%!$,.'&5(1!%1!(;2
-'3#5'<!-$1'!9#%!3'-!%,.3%(!+','!&%+#&-'!%-5$38-5$+'?!.&'.'1%!#1!+#32
5'!+$G$3!(3!%-B#%&d'!/!%3!G(3'&!&%.#;3$+(1'-6!:%!-%.(&(!*%!3(-!.'-5#&(-!
*%8-5(-! 5(1! .&'.$(-! *%3! .%1-(,$%15'! $3#-5&(*'<! .&'.'1%! #1! (5%8-,'!
&(+$'1(3! /! #1(! ,'&(3! ,(5%&$(3$-5(! (.'/(*(! %1! ;#%1(-! 3%/%-6! H%! %-%!
,'*'! -%! 3$;&(&8(! (3! ,$-,'! 5$%,.'! *%! 3(! &%3$)$P1! /<! %1! )&(1! ,%*$*(<!
*%3!+&$,%16!W(!%*#+(+$P1!(+'&*%!+'1!3(!1(5#&(3%d(!%15&%)(&4!(!3(!1(2
+$P1! ;#%1'-! +$#*(*(1'-! )#$(*'-! .'&! 3(! G$&5#*! /! B&%1(*'-! .'&! %3! &%2
,'&*$,$%15'6!
i(+%!#1!0$1+(.$>!%-.%+$(3!%1!3(!1%+%-$*(*!*%!%1+'15&(&!G(3'&%-!1#%2
G'-!9#%!-%!([#-5%1!(!3'-!.&$1+$.$'-!*%!3$;%&5(*!%!$)#(3*(*<!%!$1-$-5%!%1!
9#%!3(!&%3$)$P1!%-!%3!'&$)%1!/!3(![#-5$B$+(+$P1!*%3!(;-'3#5$-,'6!W(-!3%2
/%-! *%;%1! -%&! -#(G%-! /! 1'! *%;%1! ';3$)(&! (! $1*$G$*#'-! *$B%&%15%-! (!
+',.'&5(&-%! $)#(36! F! -%1-$;$3$*(*%-! *$-5$15(-! +'&&%-.'1*%1! ';3$)(2
+$'1%-! *$-5$15(-6! F0'&(! ;$%1<! %-! (! -#! &%+0(d'! (;-'3#5'! (! 3(! .%1(! *%!
,#%&5%! (! 3(! 9#%! -%! *%;%1! 3(! ,(/'&! .(&5%! *%! 3(-! +&85$+(-! 9#%! &%+$;%6!
bEP,'!.#%*%!-%&!9#%!(3)#$%1!9#%![#-5$B$+(!%3!(-%-$1(5'!.'&!+'1-$*%2
&(&3'!#1(!1$,$%*(*!(!'['-!*%!3(!1(5#&(3%d(!.#%*(!G%&!(3)'!(5&'d!%1!3(!
.%1(!+(.$5(3c!W(!&%-.#%-5(!%-!-%1+$33(!/!3(!*(!>3!,$-,'r!3(!,#%&5%!*%!
#1!$1*$G$*#'!5$%1%!-%15$*'!.'&!%3!$15%&>-!'!%3!;%1%B$+$'!9#%!.#%*%!5%2
1%&!-';&%!'5&'!$1*$G$*#'6!"#$%1!9#$5(!3(!G$*(!*%!'5&'!-%&!0#,(1'!+'2
,%5%! #1! (+5'! +&#%3! /! ;4&;(&'<! .%&'! 5$%1%! -#-! &(d'1%-! .(&(! 0(+%&3'6!
N(*(!$1*$+(!9#%!-#-!&(d'1%-!-%(1!-%1-(5(-!'!&(d'1(;3%-<!.%&'!%I$-5%!
#1!$,.#3-'!9#%!3%!,#%G%<!/! 9#%! 3'-! *%,4-!.'*%,'-! 33%)(&! (!%15%12
*%&6!E'1!%3!7-5(*'!%-'!1'!'+#&&%6!N'!0(/!1$1)C1!,'5$G'<!1$1)#1(!.(2
-$P1!1$!1$1)C1!&(d'1(,$%15'!*%5&4-!*%!>3!/<!.'&!5(15'<!1'!.#%*%!&%+#2
&&$&! (! %33'-! +','! %I+#-(! *%! -#! (+5'6! W(! ,#%&5%! -'3'! +(;%! %15&%!
+&$(5#&(-!-$,$3(&%-6!:$!3(!&(dP1!9#%![#-5$B$+(!3(!.%1(!+(.$5(3!%-!-#!G(3'&!
*$-#(-'&$'<!3(!%I.%&$%1+$(!*%,#%-5&(!-#!%-5#.$*%d!/!-#!$1#5$3$*(*6!W'-!

! XT!
)';$%&1'-!33%G(1!,$3%1$'-!,(5(1*'!+&$,$1(3%-!/!%3!+&$,%1!1'!0(!*%-2
(.(&%+$*'6!
E','!1'!.'*8(!-%&! *%! '5&'!,'*'<!:(*%! 0(+%! #1(! 1#%G(!*%B%1-(! *%3!
3$;%&5$1([%6! W(! -'*',8(<! %3! $1+%-5'<! %3! ;%-5$(3$-,'<! %3! (*#35%&$'! /! *%2
,4-!.&4+5$+(-!+'1-$*%&(*(-!$1,'&(3%-!'!.%+(,$1'-(-!-'3'!3'!-'1!*%!
B'&,(!&%3(5$G(6!H%.%1*%!*%3!(,;$%15%!-'+$(3!%1!%3!9#%!1'-!,'G(,'-!
9#%! #1(-! -%(1! +'1-$*%&(*(-! .%&G%&-(-! '! $1*$B%&%15%-6! D'&! 5(15'<! 1'!
0(/!1$1)#1(!+(#-(!1(5#&(3!.(&(!.&'0$;$&3(-6!W(!.'-%-$P1!*%!'5&(!.%&2
-'1(!?+','!.#%*%!-%&!3(!*%!3(!,#[%&!.'&!-#!,(&$*'?!1'!5$%1%!&(dP1!
*%!-%&6!E#(39#$%&(!0(!*%!.'*%&!*$-B&#5(&!*%!+#(39#$%&!'5&'<!.%&'!1#12
+(!.'*&4!.'-%%&3'<!/!,%1'-!(C1<!*%!B'&,(!%I+3#-$G(6!F-8<!.'&!%3!.&$12
+$.$'! *%! .&'-5$5#+$P1! #1$G%&-(3<! *%-(.(&%+%1! *'-! +&8,%1%-! %1! 5(15'!
%1!+#(15'!*%[(1!*%!5%1%&!-%15$*'r!%3!(*#35%&$'!/!3(!G$'3(+$P16!
W(! %*#+(+$P1! *%! 7#)%1$(! +'1+3#/%! (3! %1-%g(&3%! 9#%! 1'! *%;%! 0(+%&!
+(-'!(!3'!9#%!3%!*$+5%!%3!+'&(dP1<!.#%-5'!9#%!%1!>3!%-!*'1*%!3(!-'+$%2
*(*<!+'1!-#-!+'-5#,;&%-!/!-#-!3%/%-<!0(!+'3'+(*'!3'-!.&%[#$+$'-6!H%;%!
.%&-%)#$&!5(1!-'3'!3'-!';[%5$G'-!9#%!3%!$1*$9#%!%3!%-.8&$5#!+&85$+'!9#%!
(+(;(!*%!&%+$;$&!*%!H'3,(1+>!/!*%!:($152F1)%6!W'-!.&$1+$.$'-!3$;%&5$2
1'-<! %1-%g(*'-! +'1! 3(! .(3(;&(! /! *%,'-5&(*'-! +'1! 3(! .&4+5$+(<! -%&41!
-#!C1$+(!)#8(6!W(!B%3$+$*(*!1'!%-54!%1!-%&!+','!3'-!*%,4-<!-$1'!%1!-%&!
+','!%33(!*%-%%6!
:$!&%G$-(,'-!-#!';&(!/!-#!G$*(!33%)(,'-!(!3(!+'1+3#-$P1!*%!9#%!:(*%!
%-!%1!.(&5%!(;-'3#5$-5(<!%1!.(&5%!4+&(5(6!71!#1'-!3#)(&%-!*%B$%1*%!3(!
*$B%&%1+$(!%15&%!3$;%&5$1'-!/!G8+5$,(-<!/!%1!'5&'-!3(!$)#(3*(*!/!3(!3$;%&2
5(*!(;-'3#5(6!N'!%-!5(1!&(&'!-$!.&%-5(,'-!(5%1+$P1!(!-#!.%1-(,$%15'6!
73! B(5(3$-,'! $10#,(1$-5(! *%3! 3$;%&5$1'! +'&&%-.'1*%! (! -#! 1%+%-$*(*!
$1+%-(15%!*%!(B$&,(&!-#!%I$-5%1+$(!/!3(!%I$-5%1+$(!*%!-#!.&P[$,'<!(!3(!
#&)%1+$(!.'&!%1+'15&(&!#1!G81+#3'!9#%!3%!#1(!(!-#!%15'&1'6!:(;%&!9#%!
1'! %I$-5%! #1(! *%,'-5&(+$P1! .'-$;3%! *%3! '5&'<! 9#%! -%! 5&(5(! *%! #1(!
+#%-5$P1!*%!B%<!%-!3'!9#%!3%!33%G(!(!(-#,$&!3(!%I+%.+$'1(3$*(*!*%!3(!9#%!
3%! 0(! *'5(*'! 3(! 1(5#&(3%d(! /! (! +'1*#+$&3(! (3! C1$+'! B$1! *%3! 9#%! 5$%1%!
+%&5%d(r!3(!%I5$1+$P16!D'&!'5&'!3(*'<!-$!*(!%3!-(35'!/!(+%.5(!3(!%I$-5%1+$(!
*%!3'-!'5&'-<!-#!*%;%&! %-!;#-+(&!3(! ,%['&! B'&,(!*%! +'1G$G%1+$(6!W'-!
.&$1+$.$'-!-'1!3'-!,$-,'-<!.%&'!(.3$+(*'-!(!3(!)%1%&(3$*(*!*%3!-%&6!W(!
#1$+$*(*!3$;%&5$1(!*%[(!*%!-%&!3(!,(&+(!*%!-#!-'3%*(*!.(&(!+'1G%&5$&2
-%!%1!3(!1'&,(6!F0'&(!%-!5'*(!3(!0#,(1$*(*!3(!9#%!(+%.5(!%3!1(5#&(2

XX! !
3$-,'<!%3!,(5%&$(3$-,'<!%3!(5%8-,'!/!%3!*%5%&,$1$-,'6!:$!3(!1(5#&(3%d(!
1'-!0(+%!+','!-','-<!1'!.#%*%!0(;%&!,(3!%1!%33'6!7-!3(!-'+$%*(*!3(!
9#%! +'08;%! /! %1,(-+(&(! %-(! %I$-5%1+$(<! .&'G'+(1*'! 9#%! 3'-! 9#%! 1'!
-'1!+','!%3!&%-5'!-%!+'1-$*%&%1!.%&G%&-'-!'!+&$,$1(3%-6!W'!C1$+'!9#%!
0(+%!B(35(!.(&(!+'1G%&5$&!%3!,(3!%1!;$%1!%-!B%<!1'!%1!3(!%I$-5%1+$(!*%!
#1!-%&!-';&%1(5#&(3<!-$1'!%1!9#%!0(/!'5&'-!+','!1'-'5&'-6!F3!B$1(3<!%3!
.(-'!*%!3(!,$-(15&'.8(!(3!#5$3$5(&$-,'!%-!#1(!+#%-5$P1!*%!+'1B$(1d(6!

! XL!
V6!W]:!E^7\D]:<!WF!EF\N7!

O!

:$!0%!,%1+$'1(*'!*%!.(-(*(!3(!1'+$P1!*%!-%1-$;$3$*(*!%1!3(!(15&'.'2
3')8(!,'&(3!%-!.(&(!G%&!%3!+(&4+5%&!-#;G%&-$G'!9#%!5$%1%!3(!B$)#&(!3$2
;%&5$1(!5(15'!%1!:(*%!+','!%1!W(+3'-6!F,;'-!&%5',(1!*$+0(!$*%(!.(2
&(!*(&3%!3(!G#%35(!/!+&%(&!#1!-%&!9#%!*%-(B8(!3'-!.(5&'1%-!%-5(;3%+$*'-!
.'&!3(!+$%1+$(!*%3!,',%15'6!D%&'<!-$!9#%&%,'-!%15%1*%&!9#>!5$%1%!*%!
%I+%.+$'1(3<!5%1*&%,'-!9#%!G%&!+P,'!%-!3'!+',C16!
W(-!(3#-$'1%-!(!3(!-%1-$;$3$*(*<!%1!%-.%+$(3!(3!+(&4+5%&!%I9#$-$5'!9#%!
(*'.5(!%1!3(-!,#[%&%-<!-'1!+'1-5(15%-!*#&(15%!5'*'!%3!-$)3'!AmOOO<!.%&'!
%1!-#!C35$,'!+#(&5'!(*9#$%&%1!#1!.%-'!,4-!&%3%G(15%6!f(!1'!-%!5&(5(!
-'3'! *%! +'1-$*%&(+$'1%-! &%-.%+5'! (! -#! -#-+%.5$;$3$*(*! B8-$+(! '! (! -#!
-%15$*'!,'&(3<!-$1'!9#%!$,.&%)1(! 3(-! 5%'&8(-!;$',>*$+(-!9#%!5&(5(1!
*%!%1+'15&(&!%3!G81+#3'!%-%1+$(3!%15&%!,#[%&<!,(5%&1$*(*!/!0')(&6!H%!
%-%!,'*'!-%![#-5$B$+(!#1(!G$-$P1!5%3%'3P)$+(!%1!3(!9#%!3(-!,#[%&%-!5$%2
1%1! %3! *%;%&! -()&(*'! *%! +'1-()&(&-%! (! 3(! +&$(1d(! *%! -#-! 0$['-! /! (3!
+#$*(*'!*%!-#-!,(&$*'-6!7-5(!&%*#++$P1!(!-#!B#1+$P1!&%.&'*#+5$G(!*%!
3(!,$5(*!*%!3(!.';3(+$P1!0#,(1(!G$%1%!*%!3(!,(1'!*%!#1!1#%G'!,'2
*%3'! *$,P&B$+'! +'&.'&(3<! *%! #1(! B'&,(! *%! G%&! %3! +#%&.'! 9#%! &',.%!
+'1!(3!,%1'-!*'-!,$3%1$'-!*%!5&(*$+$P16!!
i(-5(!%3!-$)3'!AmOOO<!3'-!5&%-!1',;&%-!,4-!$1B3#/%15%-!%1!3(!,%*$+$1(!/!
3(!;$'3')8(!0#,(1(!-'1!i$.P+&(5%-<!F&$-5P5%3%-!/!@(3%1'6!F#19#%!0(/!
*$-+&%.(1+$(-!%1!-#-!.%1-(,$%15'-<!3'-!5&%-!,(15$%1%1!#1(!5%'&8(!*%3!
-%I'! C1$+'<! -%)C1! 3(! +#(3! 5'*'-! 3'-! +#%&.'-! %-541! B'&,(*'-! .'&! 3(!
,$-,(!+(&1%!/!3(-!G(&$(+$'1%-!?*%!)>1%&'<!*$&8(,'-!0'/?!1'!-'1!-$1'!
%I.&%-$'1%-! *$-5$15(-! *%! %-%! -%I'6! H#&(15%! ,4-! *%! ,$3! 9#$1$%15'-!
(g'-! -%! ,(15$%1%! #1! ,'*%3'! G%&5$+(3! *%! 3'-! -%&%-<! -%)C1! %3! +#(3! 3(-!
+&$(5#&(-! %I$-5%15%-! %-541! '&*%1(*(-! -%)C1! -#! .%&B%++$P16! 73! 3#)(&!
,4-!%3%G(*'!3'!'+#.(!%3!0',;&%<!.'&!*%;(['!%-54!3(!,#[%&!/!*%-.#>-!
%3! &%-5'! *%! (1$,(3%-6! 7-5%! %-9#%,(! 1'! &%-.'1*%! (! +'1'+$,$%15'-!
(1(5P,$+'-<!-$1'!9#%!-%!5&(5(!*%!#1(!%-+(3(!,%5(B8-$+(6!@(3%1'!+'1-$2
*%&(!9#%!3(!,#[%&!%-!#1!0',;&%!$,.%&B%+5'!(3!9#%!3%!B(35(!%3!+(3'&!1%2
+%-(&$'!.(&(!9#%!-#-!P&)(1'-!&%.&'*#+5'&%-!-%!%I.(1*(1!/!(;(1*'2
1%1!%3!$15%&$'&!*%!-#!+#%&.'6!W'-!)%1$5(3%-!-'1!3'-!,$-,'-<!.%&'!%1!%3!
! XQ!
0',;&%! -%! 0(1! *%-(&&'33(*'! 0(-5(! -#! .3%1$5#*<! ,$%15&(-! 9#%! %1! 3(!
,#[%&!1'!3'!0(1!3')&(*'!/!0(1!+&%+$*'!0(+$(!*%15&' V6!W(-!,#[%&%-!-'1!
3(!$1G%&-$P1!*%!3'-!0',;&%-6!D'&!%-(!&(dP1!1'!%I$-5%!#1(!5%&,$1'3')2
8(!%-.%+8B$+(!.(&(!&%B%&$&-%!(!3'-!)%1$5(3%-!B%,%1$1'-<!-$1'!9#%!-%!%,2
.3%(1!3(!,$-,(!9#%!.(&(!3'-!,(-+#3$1'-6!]!$1+3#-'!-%!#-(1!.(3(;&(-!
(,;$)#(-!/!+'1B#-(-!9#%!$,.$*%1!9#%!%1!3(!(+5#(3$*(*!-%.(,'-!+'1!
%I(+5$5#*!(!9#>!P&)(1'!-%!&%B$%&%6!:%!5&(5(!,4-!*%!#1(!5'.')&(B8(!9#%!
*%!B$-$'3')8(6!
D(&(!%15%1*%&!,%['&!3(!+(&)(!,%5(B8-$+(!9#%!$,.%&(!%1!%-5(!B'&,(!*%!
%15%1*%&!%3!+#%&.'!/!%3!-%I'!.'*%,'-!,$&(&!0(+$(!F&$-5P5%3%-<!9#$%1<!
*%B$%1*%! %3! ,'*%3'! C1$+'! ,$%15&(-<! (3! ,$-,'! 5$%,.'<! *%B$%1*%! 3(!
%I$-5%1+$(!*%!*'-!-%I'-!*$B%&%15%-6!71!-#!\%.&'*#++$P1!*%!3'-!(1$,(2
3%-!1'-!*$+%!9#%!`#1!1$g'!-%!.(&%+%!(!#1(!,#[%&!%1!3(!B'&,(<!/!3(!,#2
[%&! %-! +','! #1! ,(+0'! %-5>&$36! D#%-! 3(! 0%,;&(! %-! 0%,;&(! .'&! #1(!
+$%&5(! $,.'5%1+$(a! uRQQZ;r! RRUv6! 7-5(! $,.'5%1+$(! -%! *%;%<! #1(! G%d!
,4-<! (! 3(! (#-%1+$(! *%! +(3'&<! 9#%! 0(+%! (! 3'-! 0',;&%-! (+5$G'-! /! (! 3(-!
,#[%&%-! .(-$G(-6! 71! 3(! .&'+&%(+$P1<! 9#%! %-! 3'! C1$+'! &%3%G(15%! (! 3(!
0'&(! *%! *$-5$1)#$&! 3'-! -%I'-<! 3'-! 0',;&%-! (.'&5(1! 3(! B'&,(! '! +(#-(!
%B$+$%15%<!%3! -.%&,(<!/!3(-!,#[%&%-!3(!+(#-(!,(5%&$(3!'! +(5(,%1$(6!W(!
*$-.'-$+$P1!*%!3'-!)%1$5(3%-!%-!+'15$1)%15%<!1'!%-!,4-!9#%!#1!$1*$+(2
*'&!%I5%&1'!*%3!)&(*'!*%!.%&B%++$P1!*%3!+#%&.'!/!*%!-#!+(.(+$*(*!*%!
.&'.'&+$'1(&!%3!(3,(!'!%3!+#%&.'!(!3(!G$*(!1#%G(!9#%!)%1%&(1!%15&%!
(,;'-6!73!.%1%!/!%3!C5%&'!1'!-'1! -$)1$B$+(15%-!(1(5P,$+'-<!-$1'!9#%!
(.#15(1!(!+(.(+$*(*%-!,%5(B8-$+(-6!H%!%-5%!,'*'<!F&$-5P5%3%-!1(5#&(2
3$d(!%3!)>1%&'<!.%&'!1'!.'&9#%!G%(!#1(!*$B%&%1+$(!-%I#(3!%1!3'-!+#%&2
.'-<! -$1'! .'&9#%! +'1-$*%&(! 9#%! 3(-! .'-$+$'1%-! -'+$(3%-! (5&$;#$*(-! (!
,#[%&%-!/!0',;&%-!-'1!1(5#&(3%-!/!1'!-'+$(3%-6!F!,4-!+(3'&!+'&&%-2
.'1*%1!,(/'&%-!.&$G$3%)$'-6!
H%;%,'-!5%1%&!%1!+#%15(!9#%!3(-!*$B%&%1+$(-!%15&%!0',;&%-!/!,#[%2
&%-!%-541!$1-%&5(-!%1!#1(!%+'1',8(!*%!3'-!0#,'&%-!/!9#%!3(!,%*$+$1(!
(15$)#(!-%!;(-(!%1!-$,%5&8(-!/!%9#$G(3%1+$(-6!H%!(08!9#%!3(!3%+0%!,(2
5%&1(<!.'&!%[%,.3'<!-%!+&%(!9#%!%-!-(1)&%!-';&(15%!;3(19#%(*(!%1!%3!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
V!W(!%,;&$'3')8(<!(!.(&5$&!*%!3(!-%)#1*(!,$5(*!*%3!-$)3'!AOA!+'&&';'&(!9#%<!%1!+$%&5'!
-%15$*'<!@(3%1'!5%18(!&(dP16!73!B%5'!*%-(&&'33(!#1'-!)%1$5(3%-!#!'5&'-!(!.(&5$&!*%!#1(!
)P1(*(!+',.(&5$*(<!9#%!5',(&4!B'&,(!*%!'G(&$'-!'!*%!5%-58+#3'-<!-%)C1!3(!.&%-%12
+$(!*%!5%-5'-5%&'1(6!
LU! !
.%+0'6! W(! ,%1-5&#(+$P1<! 3(-! 0%,'&&()$(-! 1(-(3%-! '! 0%,'&&'$*(3%-!
-'1!,4-!'!,%1'-!%9#$G(3%15%-6!W(!-(1)&%!%-!%3!389#$*'!,4-!.#&'<!9#%!
-%!*$)$%&%!/!-%!5&(1-B'&,(!%1!3%+0%<!%-.%&,(!'!)&(-(6!73!0%+0'!*%!9#%!
3'-!0',;&%-!1'!.&'*#d+(1!3%+0%!-%!*%;%!(!9#%!(3;%&)(1!,4-!+(3'&!%1!
%3!+#%&.'!/<!.'&!5(15'<!5$%1%1!#1!%I+%*%15%!,%1'&!*%!-(1)&%6!:$!&%+$2
;$%&(1! #1! 5&(5(,$%15'! (.&'.$(*'! -%&8(1! +(.(+%-! *%! .&'*#+$&3(6! W(!
*$)%-5$P1!/!3(!&%.&'*#++$P1!-'1!.(&5%-!*%3!,$-,'!.&'+%-'6!
W(!+(3$*(*!*%3!%-.%&,(!5(,;$>1!*%.%1*%!*%3!+(3'&!+'&.'&(36!71!.&$12
+$.$'<!%3!%-.%&,(!*%3!0',;&%!%-!,4-!B#%&5%!9#%!%3!*%!3(!,#[%&<!.%&'!
.#%*%!*(&-%!%3!+(-'!+'15&(&$'6!@(3%1'!(.#15(!(!9#%!%3!0%+0'!*%!9#%!%3!
%-.%&,(!B%,%1$1'!-%(!,4-!*>;$3!%-!3'!9#%!0(+%!,#[%&!(!3(!,#[%&6!F!
,%1'&!+(3'&<!,%1'-!B#%&d(!/!,%1'-!.%&B%++$P16!D(&(!i$.P+&(5%-<!9#%!
1(d+(! #1! G(&P1! '! #1(! 0%,;&(! *%.%1*%&4! *%! 3(! ,(/'&! .&%-%1+$(! *%!
%-.%&,(!B#%&5%!'!*>;$3<!9#%!3#+0(1!%15&%!-8!%1!%3!,',%15'!*%!3(!+'12
+%.+$P1<!-$1!9#%!$,.'&5%!+#43!*%!3'-!.&')%1$5'&%-!(.'&5(!+(*(!#1'6!:$!
-%!$,.'1%!%3!B#%&5%!-%! %1)%1*&(&4!#1!+0$+'<! /!-%&4! #1(! +0$+(! -$! 0(/!
,4-!*%3!*>;$36!
7-5(!5%'&8(!*%3!+#%&.'!C1$+'!-%!,(15$%1%!1(*(!,%1'-!9#%!0(-5(!B$1(2
3%-!*%3!-$)3'!AmOO!'!.&$1+$.$'-!*%3!AmOOO6!7-!$,.'&5(15%!&%+'&*(&!9#%!*#2
&(15%!-$)3'-!3(!5&(1-,$-$P1!*%!+'1'+$,$%15'!-%!B#1*(,%15(!%1!3(!(#2
5'&$*(*! /<! %1! %-%! -%15$*'<! @(3%1'<! i$.P+&(5%-! /! F&$-5P5%3%-! B'&,(1!
#1(!%-.%+$%!*%!5&$#1G$&(5'!$1G%1+$;3%6!F!3'!3(&)'!*%!5'*(!3(!7*(*!h%2
*$(!/!%3!\%1(+$,$%15'!-#-!$*%(-!*%5%&,$1(1!3(!B'&,(!*%!%15%1*%&!3(!
;$'3')8(!/!*%!.&(+5$+(&!3(!,%*$+$1(6!E#(1*'!%1!%3!-$)3'! AmO!\%(3*'!E'2
3',;'!*%-+#;&%!%3!+385'&$-!?&%+3(,(*'!3#%)'!.'&!j(3'.$'<!9#$%1!3%!-#2
+%*%!+','!.&'B%-'&!*%!(1(5',8(!%1!3(!#1$G%&-$*(*!*%!D(*#(<!/!+&$5$2
+(*'-! (,;'-! .'&! K(&50'3$1<! 9#%! 3'-! (+#-(! *%! *%-+#;&$&! (3)'! +#/(!
%I$-5%1+$(! %&(! +'1'+$*(! .'&! 5'*'-! *%-*%! 0(+%! -$)3'-?! -%! '.%&(! #1!
+(,;$'!-$)1$B$+(5$G'r!(0'&(!%-!3(!';-%&G(+$P1!3(!9#%!*$+5(,$1(!3(!(1(2
5',8(6!7-5%!)$&'!0(+$(!%3!%,.$&$-,'!&%-#35(! B#1*(,%15(3!.(&(!%3!*%2
-(&&'33'!*%!3(-!+$%1+$(-!,'*%&1(-6!f(!1'!;(-5(!3(!.(3(;&(!%-+&$5(!1$!3(!
&%.#5(+$P1! *%! #1! (#5'&! .(&(! 9#%! -%! *%! .'&! ;#%1'! -#! +'1'+$,$%15'<!
(0'&(!%-!1%+%-(&$(!3(!$,()%1!+',.&';(;3%<!3(!+'1B$&,(+$P1!B8-$+(6!H%!
(08!3(!.&'3$B%&(+$P1!*%!3(-!*$-%++$'1%-!%1!(1B$5%(5&'-<!9#%!-'1!(3!,$-2
,'!5$%,.'!#1(!3%++$P1!/!#1!%-.%+54+#3'6!

! LR!
E'3',;'! &%G%3(! 9#%<! -$! -%! %-5$,#3(<! %3! +385'&$-! (#,%15(! #1! .'+'! *%!
5(,(g'!/!-%!%1*#&%+%<!/!9#%!%1!>3!&%-$*%!%3!.3(+%&!B%,%1$1'6!W(!-#,(!
*%!%-5'-!*'-!0%+0'-! 3%! 33%G(! (!(B$&,(&!9#%<! *%! 0%+0'<! -%! 5&(5(!*%!#1!
.%1%!B%,%1$1'!5(15'!%1!-#!1(5#&(3%d(! +','!%1!-#!+',.'&5(,$%15'6!
W'!9#%!.(-(!.'&!(35'!%-!9#%!-$!%3!+#%&.'!B%,%1$1'!%-!#1(!+'.$(!$1G%&2
-(!*%3!,(-+#3$1'<!(9#%3!1'!.#%*%!5%1%&!*'-!.%1%-6!i(-5(!%3!,',%15'!
-%!-#.'1%!9#%!%-%!.(.%3!3'!&%.&%-%15(!3(!G()$1(<!9#%!%-!#1!5#;'!$15%&2
$'&!'!#1!.%1%!0#%+'6!F+%.5(&!9#%!%3!+385'&$-!%-!#1!.%9#%g'!.%1%!%9#$2
G(3%! (! ,%5%&! #1(! +#g(! %1! 3(! &'+(! *%3! .(&(*$),(! *%! -%I'! C1$+'<! 9#%!
+'1!%3!5$%,.'!5%&,$1(&4!.'&!.(&5$&-%6!D%&'!.(&(!%-'!B(35(1!(3!,%1'-!
+$%15'!+$1+#%15(!(g'-6!
W'! 9#%! .#%*%! &%-#35(&1'-! B(-+$1(15%! (! 3'-! 3%+5'&%-! ,'*%&1'-! %-! 3(!
B(+$3$*(*! 9#%! 5$%1%! %3! .%1-(,$%15'! &%1(+%15$-5(! (! 3(! 0'&(! *%! 0(+%&!
+'1G$G$&!3(!G()$1(!/!%3!+385'&$-!+','!.%1%-6!"#%!3(!';-%&G(+$P1!0(/(!
)(1(*'!.'-$+$'1%-!&%-.%+5'!(!3(!,%5(B8-$+(!1'!-$)1$B$+(!9#%!%-5(!.$%&2
*(! -#! &%3%G(1+$(! *%! 3(! 1'+0%! (! 3(! ,(g(1(6! W'! +$%&5'! %-! 9#%! -%! -$)#%!
G$%1*'! 3(! -$,%5&8(! %15&%! .%1%! /! G()$1(<! C5%&'! /! %-+&'5'<! 'G(&$'-! /!
5%-58+#3'-6!W(-!*$B$+#35(*%-!+&%+$%15%-!9#%!%1+#%15&(!3(!,%*$+$1(!*%3!
AmO!/!%3!AmOO!.&'G$%1%1!*%!3(!G'3#15(*!*%!-',%5%&!(9#%33'!9#%!-%!G%!%1!
3'-! +#%&.'-! (! (9#%33'! 9#%! +'1-$*%&(! G%&*(*%&'6! F! .%-(&! *%! 5'*'<! 3(!
B$-$'3')8(!-$)#%!+'1*$+$'1(*(!.'&!%3!*$-+#&-'!.&%G$'<!-%!-$)#%!.%1-(12
*'!%3!+#%&.'!+','!#1!C1$+'!-%I'!/!(!3(!,#[%&!+','!#1!0',;&%!0(+$(!
(*%15&'6!
W(!$&&#.+$P1!*%3!+385'&$-!%1! 3(!5'.')&(B8(!B%,%1$1(!5$%1%!#1(!$,.'&2
5(1+$(!+(.$5(3!.'&9#%!.'1%! %1! *#*(!3(-!(-#1+$'1%-!5&(*$+$'1(3%-!-'2
;&%! %3! .(.%3! *%3! '&)(-,'! %1! %3! ,',%15'! *%! 3(! +'1+%.+$P16! 7I$-5%!
*%-*%!3(!F15$)n%*(*!#1(!5%1-$P1!%15&%!9#$%1%-!+'1-$*%&(1!9#%!%3!'&2
)(-,'!B%,%1$1'!%-!#1!(+'15%+$,$%15'!)%1>-$+'!1%+%-(&$'!/!(9#%33'-!
9#%!.'1%1!%1!*#*(!%-(!(B$&,(+$P16!F&$-5P5%3%-<!-$1!$&!,4-!3%['-<!(.#12
5(r!

9#%!,#+0(-!G%+%-!3(!0%,;&(!+'1+$;%!-$1!0(;%&!5%1$*'!.3(+%&!%1!%3!+'2
$5'k! /! -$<! .'&! %3! +'15&(&$'<! %3! .3(+%&! 1'! %-! ,%1'&! /! tÄ! %3! ,(+0'! /! 3(!
0%,;&(!0(1!$*'!(!3(!.(&<!1'!0(/!&%.&'*#++$P1!-$!1'!%I$-5%!%3!B3#['!(*%2
+#(*'!*%!3(-!33(,(*(-!,%1-5&#(+$'1%-6!uRQQZ;r!RUYv!

D'*%,'-!-#.'1%&!9#%!%-!3(!%I.%&$%1+$(!3(!9#%!*$&$)%!(!F&$-5P5%3%-!(3!
%-+%.5$+$-,'<! (#1! +#(1*'! .#%*%! 9#%! 3(! &%3(+$P1! %15&%! '&)(-,'-! /!

LV! !
)%-5(+$P1! B#%&(! ,4-! (35(! %15'1+%-6! D'*&8(,'-! .%1-(&! 9#%<! -$! %3! '&2
)(-,'!-%!+'1-$*%&(!1%+%-(&$'<!%15'1+%-!3'!9#%!0'/!33(,(&8(,'-!.&%2
3$,$1(&%-!5%1*&8(1!#1!.(.%3!&%3%G(15%6!7-5'-!%[%&+$+$'-!-%&G$&8(1!.(&(!
+(3%15(&!(!3(!,#[%&!/<!(!3(!G%d<!.&%.(&(&3(!.(&(!9#%!%,$5(!-#!%-.%&,(!
%1! %3! ,',%15'! .&%+$-'! %1! 9#%! 3'! 0(+%! %3! 0',;&%6! H%! %-%! ,'*'<! %3!
0',;&%!$1-%&5(!#1(!$*%(!%1!3(!,(5%&$(!9#%!(.'&5(!3(!,#[%&!/!-%!'&$)$2
1(!3(!1#%G(!G$*(6!:%!,(15$%1%!3(!$*%(!*%!9#%!3(!%,$-$P1!*%!%-.%&,(!
B%,%1$1'!(+',.(g(!(!-#!'&)(-,'<!.%&'!5(,;$>1!%I$-5%!3(!$*%(!*%!9#%!
%-!%3!+'15(+5'!+'1!%3!%-.%&,(!,(-+#3$1'!%3!9#%!3'!.&'G'+(6!71!3'!9#%!
.(&%+%1! +'$1+$*$&! 5'*'-! 3'-! (#5'&%-! (15$)#'-! %-! %1! 9#%! -%! *(! #1(!
%,$-$P1!*%!B3#$*'!.'&!.(&5%!*%!(,;'-!(,(15%-<!9#%!-#-!+#%&.'-!B#12
+$'1(1!*%!B'&,(!-$,>5&$+(6!
W(! ,%*$+$1(! &%1(+%15$-5(! ,(15$%1%! %-5(-! +&%%1+$(-! )(3>1$+(-6! K(&52
0'3$1!+&$5$+(!%3!,'*%3'!*%!-%I'!C1$+'!/!-#!$1*%+$-$P1!(!3(!0'&(!*%!*%2
5%&,$1(&!+'1!+3(&$*(*!-$!%-!3(!G()$1(!'!%-!%3!+385'&$-!%3!%-.%['!*%3!.%1%6!
=(,;$>1!-%g(3(!9#%!%-%!$-','&B$-,'! +'&&%-.'1*%!(! #1(! G$-$P1! ,%2
5(B8-$+(!%1!3(!9#%!3(!,#[%&!%-!#1!0',;&%!$,.%&B%+5'6!D%&'!(#19#%!-%2
g(3(!3(!5&(,.(!1'!%-!+(.(d!*%!%G$5(&3(<!/!>3!,$-,'!*%B$%1*%!3(-!-$,$3$2
5#*%-! %15&%! %-'-! P&)(1'-6! F#19#%! j(3'.$'! '! K(#0$1! $15%15(1!
%-5(;3%+%&!#1(!5%&,$1'3')8(!1#%G(!9#%!(.#15%!(!3'-!P&)(1'-!B%,%1$2
1'-!%1!%I+3#-$G(<!-#-!%-B#%&d'-!-'1!%1!G(1'6!=(,.'+'!%I$-5%!#1(!G'2
3#15(*!B#%&5%!(!3(!0'&(!*%!$*%15$B$+(&!%-'-!P&)(1'-!/!*%3$,$5(&3'-!+'1!
+3(&$*(*6!E#(1*'!-%!0(;3(!*%3!+#%&.'!B%,%1$1'!-%!-$)#%1!%,.3%(1*'!
3(-! ,$-,(-! .(3(;&(-! 9#%! +#(1*'! -%! 0(;3(! *%3! ,(-+#3$1'<! .'&9#%! 3'!
9#%! -%! G%! %-! %-%! +#%&.'<! 9#%! %-! %3! C1$+'! %I$-5%15%6! N'! 0(/! ,4-! 9#%!
%+0(&!#1!G$-5(d'!(!3(-!&%.&%-%15(+$'1%-! (1(5P,$+(-! *%! m%-(3$'<! m(&2
5$-+0!'!\/BB!.(&(!+',.&';(&3'6!71!%3!,',%15'!*%!&%.&%-%15(&!%3!-$-2
5%,(! &%.&'*#+5$G'! B%,%1$1'! -%! 0(+%! $1-$-5$%1*'! %1! -#-! -$,$3$5#*%-!
+'1!%3!,(-+#3$1'<!-%!%I()%&(!%3!$-','&B$-,'!0(-5(!33%)(&!(!0(+%&!$12
*$-5$1)#$;3%! #1'! *%3! '5&'6! W(+9#%#&! -%g(3(! 9#%! 3'-! %&&'&%-! ';-%&G(2
;3%-! %1! %-5(-! $3#-5&(+$'1%-! 3%-! 0(+%1! #1! B3(+'! B(G'&r! *%! 0(;%&! -$*'!
,4-!B$%3%-!(!3(!&%(3$*(*!-#!$,.(+5'!0(;&8(!-$*'!(C1!,(/'&<!(3!,'-5&(&!
%3!G%&*(*%&'!.(&%+$*'!%15&%!(,;'-!uRQQZr!RTXv6!
D'&!.(&(*P[$+'!9#%!.#%*(!.(&%+%&<!3'-!%-5#*$'-!B$-$'3P)$+'-!1'!0(+%1!
'5&(! +'-(! 9#%! &%B'&d(&! 3(! 5%'&8(! *%3! +#%&.'! C1$+'6! 7-5'! 1'! *%;%&8(!
-'&.&%1*%&1'-6!F!.%-(&!*%!3(!';-%&G(+$P1!(1(5P,$+(<!-%!-$)#%1!;#-2
+(1*'! 3(-! %9#$G(3%1+$(-! %15&%! 3(-! B#1+$'1%-! *%! (,;'-! +#%&.'-<! .'&!

! LS!
%-'!-%!-#.'1%!9#%<!-$!%3!0',;&%!%/(+#3(!+#(1*'!(3+(1d(!%3!.(&'I$-,'!
*%3!.3(+%&<!%15'1+%-!3(!,#[%&!3'!0(&4!5(,;$>16!O1+3#-'!-$!3'!0(+%!*%2
15&'!*%!-#!.&'.$(!G()$1(!/<!.'&!5(15'<!%-!#1!B%1P,%1'!1'!';-%&G(;3%6!
W'-! *%-+#;&$,$%15'-! 9#%! -$&G%1! (! %-%! &%B#%&d'! *%3! ,'*%3'! )(3>1$+'!
-%!(+%.5(1<!,$%15&(-!9#%!(9#%33'-!9#%!3'!.'1%1!%1!*#*(!-%!*%[(1!*%!
3(*'6! :%! +'15$1#(! +&%/%1*'! %1! #1(! %+'1',8(! +(3P&$+(! *%! 3'-! B3#$*'-!
B#1)$;3%-<! /! %1! 9#%! %3! +(3'&! %-! %-%1+$(3! .(&(! (3+(1d(&! %3! '&)(-,'! /<!
+'1!>3<!3(!+'1+%.+$P16!D'&!%-'!-%!*(!$,.'&5(1+$(!(!3(!+'1G%&-(+$P1<!3'-!
[#%)'-!/!3(-!+(&$+$(-!%&P5$+(-!.&%G$(-!(3!+'$5'<!.'&9#%!-$&G%1!.(&(!+(32
*%(&!3'-!+#%&.'-!?%1!%-.%+$(3!%3!B%,%1$1'<!9#%!%-!,4-!B&8'?!/!.&'.$2
+$(&!3(!-$,#35(1%$*(*!*%!3(!%,$-$P1!*%!-%,$33(<!3'!9#%!B(+$3$5(!3(!)%-5(2
+$P16! F! .%-(&! *%! ,$! $1-$-5%1+$(! %1! 3(! .&'+&%(+$P1<! %-5'-!
+'1'+$,$%15'-!-%!(.3$+(1!5(,;$>1!%1!-%15$*'!$1G%&-'6!h>*$+'-!/!-'2
;&%! 5'*'! ,(5&'1(-! &%+',$%1*(1! 5>+1$+(-! /! 5&(5(,$%15'-! 5(15'! (15$2
+'1+%.5$G'-!+','!(;'&5$G'-6!7-!3P)$+'!-$!&%+'&*(,'-!3'-!(35'-!81*$+%-!
*%!,'&5(1*(*!9#%!0(/!%1!5'&1'!(3!%,;(&(d'!/! %3! .(&5'<!5(15'!%15&%!
3(-!,(*&%-!+','!%15&%!-#-!+&$(5#&(-6!H#&(15%!,$3%1$'-!9#%*(&!%1+$12
5(!%-!.'1%&!%1!-%&$'!&$%-)'!3(!G$*(6!
i(-5(!%3!-$)3'! AmOOO<!-%!,$&%!*'1*%!-%!,$&%<!3'!9#%!-%!G%!%-!%3!0',;&%6!
71!%3!\%1(+$,$%15'!1'!0(/!1(*(<!1$1)#1(!.(&5%!*%3!+#%&.'<!1$1)#1(!
B#1+$P1!9#%!-%(1!%-.%+8B$+'-!*%!3(!,#[%&6!N$!-$9#$%&(!-#!+(.(+$*(*!*%!
)%-5(&!/!.(&$&6!7-(!%-!3(!&(dP1!.'&!3(!9#%!1'!-%!1',;&(1!-#-!P&)(1'-6!
E#(1*'!-%!%-5(;3%+%!%3!-$-5%,(!*$,P&B$+'!*%!3'-!*'-!-%I'-<!%-(!*$B%2
&%1+$(!-%!%1+#%15&(!%1!5'*(-!.(&5%-6!=%1)(,'-!%1!+#%15(<!.'&!%[%,2
.3'<!9#%!3(!.(3(;&(!`G()$1(a!5$%1%!-#!'&$)%1!%1!%3!3(581!`G()É1(a<!+#/'!
-$)1$B$+(*'!%-!`G($1(a6!:%!;(#5$d(!(-8!.'&9#%!%-!%3!3#)(&!*'1*%!-%!,%2
5%<!*'1*%!-%!%1B#1*(!%3!.%1%6!7-5(!%-.%+$B$+$*(*<!%-5(!*$B%&%1+$(!%-%12
+$(3! %15&%! %3! +#%&.'! B%,%1$1'! /! %3! ,(-+#3$1'! %-! 3'! 9#%! (5&(%! (3! #1'!
0(+$(!%3!'5&'6!E','!'+#&&%!+'1!3'-!$,(1%-<!3'-!'.#%-5'-!-%!33(,(16!
H%-*%! 3(! F15$)n%*(*<! 3(! ,%*$+$1(! %15$%1*%! %3! +#%&.'! B%,%1$1'! /! %3!
,(-+#3$1'!+','!#1!+'15$1#'<! +','!*'-! %[%,.3(&%-! *%! 3(!,$-,(! %-2
.%+$%!*%-(&&'33(*'-!*%!B'&,(!*$-5$15(6!H%!(08!G$%1%!3(!$*%(!*%!9#%!3(!
0%,;&(! %-! $1B%&$'&! (3! G(&P1<! .#%-5'! 9#%! 1'! 0(! (3+(1d(*'! %3! ,$-,'!
)&(*'!*%!.%&B%++$P16!7-!#1!,(+0'!%1!.'5%1+$(<!(!,$5(*!*%!+(,$1'6!W'!
1'G%*'-'!*%!3(!(.&'I$,(+$P1!9#%!0(+%!3(!(15&'.'3')8(!,'&(3!*%3!-$2
)3'! AmOOO! %-!9#%!+'1-$*%&(!9#%! 0',;&%-!/! ,#[%&%-! -'1!+&$(5#&(-! *$-2
5$15(-!*%-*%!-#!'&$)%1<!9#%!-#!B8-$+'!1'!5$%1%!1(*(!%1!+',C16!W(!*$-2

LZ! !
5$1+$P1! %15&%! -%I'-! 1'! -%! B#1*(<! .'&! 5(15'<! %1! 3(! .(&5$+#3(&$*(*! *%!
#1'-! )%1$5(3%-<! -$1'! 9#%! (B%+5(! (3! -$-5%,(! (1(5P,$+'! (3! +',.3%5'<!
*%-*%!3(!+$&+#1B%&%1+$(!+&(1%(3!0(-5(!3(!(+5$G$*(*!*%!3'-!P&)(1'-!$12
5%&1'-6! :%! -#-5$5#/%! %3! ,'*%3'! [%&4&9#$+'! *%! 3'-! -%I'-! .'&! %3! *%! 3(!
+',.3%,%15(&$%*(*6!
m$3(!-%g(3(!3'-!5&%-!%3%,%15'-!9#%!.(&%+%1!$15%&+'1%+5(&!%3!*$-+#&-'!
*%! 3(! (15&'.'3')8(! ,'&(3r! #1(! 0$-5'&$(! 1(5#&(3<! .(1B3%5'-! 0$)$>1$+'-!
%-.%+8B$+'-!(!+(*(!-%I'<!/!5&(5(*'-!,>*$+'2B$3'-PB$+'-!-';&%!3'!B8-$+'!/!
3'! ,'&(3! uRQQYr! VVT2VVXv6! F08! &(*$+(! 3(! '&$)$1(3$*(*! *%! 3(-! 5%'&8(-!
,>*$+(-! *%3! C35$,'! +#(&5'! *%3! -$)3'! AmOOO<! %1! -#! $,;&$+(+$P1! +'1! %3!
.%1-(,$%15'! ,'&(36! 73! 5%I5'! B#1*(+$'1(3! *%! %-5(! +'&&$%15%! %-! %3!
:/-50x,%!.0/-$9#%!%5!,'&(3!*%!3(!B%,,%!u:$-5%,(!B8-$+'!/!,'&(3!*%!
3(!,#[%&v<!*%!D$%&&%!\'#--%3<!.#;3$+(*'!%1!RLLT6!71!>3!-%!$15%15(<!.'&!
#1!3(*'<!&%B$1(&!3(!$*%(!*%!-%1-$;$3$*(*!/!(.3$+(&3(!(!3(-!1#%G(-!381%(-!
(15&'.'3P)$+(-! /<! .'&! '5&'<! (! .(&5$&! *%! %-(! ,$-,(! 1'+$P1<! *%B$1$&! *%!
B'&,(!*$B%&%1+$(*(!3(!1(5#&(3%d(!,(-+#3$1(!/!3(!B%,%1$1(6!73!B8-$+'!/!
3'!,'&(3!%-541!G$1+#3(*'-!(!5&(G>-!*%!3(!-%1-$;$3$*(*<!3'!9#%![#-5$B$+(!/!
&%B#%&d(! 3(! -%.(&(+$P1! *%! 3(! %-B%&(! .C;3$+(! *%! 3(! .&$G(*(! /! 3'-! &'3%-!
(-$)1(*'-!(!+(*(!#1(!*%!%33(-<!/(!1'!*%-*%!#1(!.%&-.%+5$G(!-'+$(3<!-$2
1'!;$'3P)$+(6!
7-5(!5%'&8(!%-54!$,.&%)1(*(!*%!3'-!*$-+#&-'-!(15&'.'3P)$+'-!.&'.$'-!
*%!3(!O3#-5&(+$P16!D'&!#1!3(*'<!K#BB'1!3(!.&'G%%!*%!3(!,%5'*'3')8(!9#%!
.%&,$5%!3(!+3(-$B$+(+$P1!*%!3'-!-%&%-!0#,(1'-!-%)C1!+&$5%&$'-!+','!3(!
%*(*<! %3! +3$,(<! 3(! &%)$P1! *%! 3(! 9#%! -'1! '&$)$1(&$'-<! %5+>5%&(6! D'&! %3!
'5&'<!3(!$1B3#%1+$(!*%!\'#--%(#!/!-#-!$*%(-!*%!3(!-'+$%*(*!+','!+#1(!
*%!5'*'-!3'-!,(3%-!%-!%G$*%15%6!=(,;$>1!3%!*%;%!(!-#! 7,$3$'!'!H%!3(!
%*#+(+$P1!/!-#! p#3$(!'!3(!N#%G(!73'8-(!3(![#-5$B$+(+$P1!*%!#1(!%*#+(2
+$P1! *$-5$15(! .(&(! 1$g'-! /! .(&(! 1$g(-6! D%&'! \'#--%3! /! +',.(g8(! 1'!
5',(1!-#-!$*%(-!-'3'!*%!5%I5'-!B$3'-PB$+'-<!-$1'!9#%!&%+#&&%1!5(,;$>1!
(! 3(! ,%*$+$1(! *%! 3(! %-+#%3(! *%! h'15.%33$%&! /<! -';&%! 5'*'<! (! (9#%33'-!
*$-+#&-'-!,>*$+'-!+#/(!.&$1+$.(3!.&%'+#.(+$P1!%-!3(!%1B%&,%*(*!*%!
3(-! ,#[%&%-6! H%-*%! 3(! ,$5(*! *%! -$)3'<! ,4-! '! ,%1'-<! %I$-5%! #1(! .&%2
'+#.(+$P1!+(-$!+'1-5(15%!0(+$(! 3'-! G(.'&%-6!:%!+'1-$*%&(! 9#%! %3! -$-2
5%,(!-$,.45$+'!*%!3(-!,#[%&%-!3(-!0(+%!%I5&%,(*(,%15%!-%1-$;3%-!/!
.&'.%1-(-!(!3(-!(B%++$'1%-!1%&G$'-(-<!9#%!-%!%1)3';(1!;(['!%-%!1',2
;&%6!

! LT!
W(!5(&%(!.&$1+$.(3!9#%!-%!.&'.'1%!3(!(15&'.'3')8(!,'&(3!%-!3(!*%!*%2
G'3G%&!(!3(-!,#[%&%-!(!#1!%-5(*'! .&%G$'! (3!9#%! 3(-! +'1*%1(!3(! -$5#(2
+$P1!9#%!G$G%1!%1!%-%!,',%15'6!7-!*%+$&<!-#!';[%5$G'!%-!5%&,$1(&!+'1!
3(!B%,$1$*(*!*%!3(!>.'+(<!#1(!B%,$1$*(*!9#%!+'1-$*%&(1!.%3$)&'-(!1'!
-'3'! .(&(! 3(-! .&'.$(-!,#[%&%-<! -$1'! .(&(! %3! +'1[#15'! *%! 3(! -'+$%*(*6!
D%&'!%-(!+'1*$+$P1!(!3(!9#%!.&%5%1*%1!.'1%&!B$1!1'!(B%+5(!(!5'*(-!3(-!
,#[%&%-<!-$1'!-'3'!(!#1!5$.'!*%5%&,$1(*'r!(9#%33(-!9#%!G$G%1!%1!%12
5'&1'-! #&;(1'-! /! 9#%! *$-.'1%1! *%! &$9#%d(6! W'! 9#%! '+#35(! %-5%! .&'2
/%+5'! B$3'-PB$+'2,>*$+'! %-! 3(! +'1G$++$P1! *%! 9#%! 3(! ,#1*(1$*(*! %-!
.%&1$+$'-(! .(&(! 3(-! ,#[%&%-6! 7-! #1(! +&85$+(! -'+$(3! *$&$)$*(! 0(+$(! %3!
,'*'! *%! G$*(! *%!3(-! &$+(-<! (!3'-!3#['-! /! 3'-! .3(+%&%-! (3! (3+(1+%!*%! 3(!
(35(!-'+$%*(*!#&;(1(6!H%!1#%G'!1'-!%1+'15&(,'-!+'1!3(-!$*%(-!&'#-2
-%(#1$(1(-!*%!9#%!3(!-'+$%*(*! %-! 3(!+(#-(! *%!3(!*%)&(*(+$P1! /! *%! 3(!
%1B%&,%*(*6!W(!0$-5%&$(<!3(!,%3(1+'38(<!3(!0$.'+'1*&8(<!3(!1$1B',(18(<!
5'*(-! %33(-! -'1! *'3%1+$(-! +#/'! '&$)%1! .#%*%! %1+'15&(&-%! %1! 3(! $12
B3#%1+$(!.%&1$+$'-(!9#%!3(!-'+$%*(*!/!3(!G$*(!*$-$.(*(!%[%&+%1!-';&%!3(!
-%1-$;$3$*(*!B%,%1$1(6!F!+(#-(!*%!3(-!(+5$G$*(*%-!-'+$(3%-!9#%!%15&%2
5$%1%1!(!3(-!,#[%&%-<!%-5(-!-%!G#%3G%1!$&&$5(;3%-!/!B&4)$3%-<!-#!-$-5%,(!
1%&G$'-'!-%!G%!(B%+5(*'6!7-5'!3%-!.&'G'+(!*%-*%!#1(!$,.&%-$P1!%I5&(2
'&*$1(&$(!+(#-(*(!.'&! +#(39#$%&!5$.'!*%!%-58,#3'<!.'&! *>;$3! 9#%! -%(!
%-5%<! 0(-5(! #1! %I+%-$G'! -%15$*'! ,'&(3<! .(-(1*'! .'&! #1(! *%3$+(*%d(!
B8-$+(!$,.&'.$(!(!-#!1(5#&(3%d(6!
='*'!%-5'!'+#&&%!%1!3(!+$#*(*<!9#%!%-5'-!5%P&$+'-!+'1-$*%&(1!+','!%3!
%15'&1'!$*P1%'!.(&(!%3!*%-(&&'33'!*%!*$+0'-!,(3%-!9#%<!(#19#%!(B%+2
5(1!+'1!,(/'&!$1-$*$(!(!3(-!,#[%&%-<!5(,;$>1!(+'-(1!(!3'-!0',;&%-6!F!
%-5'-! 3(! .%&%d(<! %3! 3$;%&5$1([%<! 3(! *%;$3$*(*! /! %3! ()'5(,$%15'! B8-$+'! '!
$1+3#-'! #1! )&(1! %-B#%&d'! ,%15(3<! .#%*%1! .&'G'+(&3%-! G(.'&%-! '!
0$.'+'1*&8(6!W(!'+$'-$*(*!5&(1-B'&,(!(!3'-!0',;&%-!%1!(B%,$1(*'-<!
3%-! +(#-(! #1(! %-.%+$%! *%! $1*%5%&,$1(+$P1! 9#%! *%-*$;#[(! 3(! *$G$-$P1!
1(5#&(3!%15&%!3'-!-%I'-6!F#19#%!1'!0(/!+'1-%1-'!/!+(*(!5%P&$+'!+&%%!
9#%! 3(! -%1-$;$3$*(*! -%! %1+#%15&(! %1! P&)(1'-! *$-5$15'-! ?*%-*%! %3!
%-5P,()'!0(-5(!%3!C5%&'?<!%1!3'!9#%!-8!+'1+#%&*(1!%-!%1!3(!.&%*$-.'2
-$+$P1! *%! +$%&5(-! .%&-'1(-! (! 3'-! G(.'&%-6! N$g'-<! ,#[%&%-! /! 0',;&%-!
*%,(-$(*'!*%3$+(*'-!-'1!-#-!G8+5$,(-!,4-!B&%+#%15%-6!
W(! $,()%1! *%! 3(! ,#[%&! 9#%! -%! *%-,(/(! (! +(#-(! *%! 3(! $,.&%-$P1! -%!
'&$)$1(! (9#86! W(-! #&;(1$5(-! .(*%+%1! *%! #1! *%-%9#$3$;&$'! '&)41$+'!
(-'+$(*'! (! #1! 04;$5(5! (&5$B$+$(3! 9#%! 3(-! 0(+%! %I5&(g(&! 3(! -$,.3$+$*(*!

LX! !
*%! 3(! 1(5#&(3%d(6! "#%! -%(1! 1'*&$d(-! 9#$%1%-! -%! %1+(&)#%1! *%! 3(!
+&$(1d(! *%! -#-! 0$['-<! .'&! %[%,.3'<! .#%*%! .&'G'+(&! %-(-! *'3%1+$(-!
1%&G$'-(-!%1!3(-!,(*&%-6! @%15%!+','!K&%--/!&%+',$%1*(! 9#%!-%!&%2
+#.%&%!3(!3(+5(1+$(!+','!.&4+5$+(!.&%G%15$G(6!K%(#+0~1%!*%-+&$;%!3(-!
+'-5#,;&%-! *%! 3(-! ,#[%&%-! *%! 3(! (35(! -'+$%*(*! B&(1+%-(<! (1-$'-(-!
-$%,.&%! .'&! %1+'15&(&! *$-5&(++$'1%-! /! 1'G%*(*%-<! +','! .%3$)&'-(-!
.(&(!-#!-(3#*!/!-#!,'&(3$*(*6!W(-!&%#1$'1%-!-'+$(3%-!.#%*%1!&%-#35(&!
B(5(3%-<!.'&!%-'!5'*(!-%g'&(!9#%!-%!.&%'+#.%!.'&!-#!-(3#*!*%;%!%G$5(&!
3(-!-';&%,%-(-!%5%&1(-!/!-#-!+'5$33%'-<!3'-!-(3'1%-!%1!3'-!9#%!1'!0(/!
'5&(!+'-(!9#%!0(+%&!.(&(!%15&%5%1%&-%!9#%!+0$-,'&&%(&!/<!-';&%!5'*'<!
3'-! 5%(5&'-6! 71! %33'-! -%! &%.&%-%15(1! *&(,(-! ;#&)#%-%-! 9#%! .#%*%1!
()$5(&!3(-!B$;&(-!/!.&'G'+(&!#1(!%I+$5(+$P1!$1-'.'&5(;3%<!.#%*%1!.&'2
G'+(&!.(-$'1%-!/!*%-(5(&!3(!$,()$1(+$P16!71!*%B$1$5$G(<!-%!5&(5(!*%!3$2
,$5(&!(9#%33(-!(+5$G$*(*%-!9#%!.#%*%1!.&'G'+(&!#1'-!%-58,#3'-!9#%!
#1! +#%&.'! B&4)$3! 1'! %-!+(.(d! *%! .&'+%-(&6! H%! %-(! -';&%%-5$,#3(+$P1!
.#%*%1! *%&$G(&-%! *%-G(1%+$,$%15'-<! .%&'! 5(,;$>1! ,%3(1+'38(<! 3(12
)#$*%d!%!$1+3#-'!+'15&(++$'1%-!1%&G$'-(-!(+',.(g(*(-!*%!.>&*$*(!*%!
,%,'&$(<! &%+0$1(&! *%! *$%15%-! '! +0$33$*'-6! 73! &%,%*$'! ,4-! .&%-+&$5'<!
+','!G%&%,'-!,4-!(*%3(15%<!%-!%3!&%5$&'!(3!+(,.'!?9#%!+'1!.'-5%&$'2
&$*(*!-%!+'1G%&5$&4!%1!3(!5',(!*%!()#(-?<!*'1*%!3(!+',.(g8(!*%3!,(2
&$*'!/!3(!5&(19#$3$*(*!*%G'3G%&41!%3!%9#$3$;&$'!(!#1!'&)(1$-,'!-(5#2
&(*'!*%!$1B3#%1+$(-!.%&1$+$'-(-6!
71!3'!9#%!&%-.%+5(!(3!+#%&.'!B%,%1$1'<! 3(!5%-$-!&'#--%(#1$(1(! *%!3(!
+#35#&(!+','!'&$)%1!*%3!,(3!-%!G%!&%B&%1*(*(! *%-*%!3(!,%*$+$1(6!:%!
+&%(!#1!+'15$1#'!9#%!$1+3#/%! .(5'3')8(<! -%I'<!1(5#&(3%d(!/!-%1-$;$3$2
*(*<!/!-%!*$-5&$;#/%1!%-'-!%3%,%15'-!/!,#+0'-!'5&'-!%1!5'&1'!(3!%[%!
B%,%1$1'2,(-+#3$1'6!D%&'<!(!.%-(&!*%!3(!+(&(+5%&$d(+$P1!*%!3(-!,#[%2
&%-! *%! 3(! (35(! -'+$%*(*!+','! $1*$G$*#'-! .&'.%1-'-! (! 3(! %1B%&,%*(*!
1%&G$'-(<!%3!';[%5$G'!*%!3(!(15&'.'3')8(!,'&(3!1'!%-!5(15'!.(5'3')$d(&!
%3!+#%&.'!B%,%1$1'<!+#(15'!*%G'3G%&3'!(!-#!+'1*$+$P1<!-(1(!/!.%&B%+2
5(<!1(5#&(36!D%&'!5(,.'+'!0(/!9#%!G%&!(9#8!#1!(&)#,%15'!.&$,$5$G$-2
5(6! 71! 1$1)C1! ,',%15'! -%! ;#-+(! *%-*%! 3(! ,%*$+$1(! G'3G%&! (! #1! -#2
.#%-5'! %-5(*'! *%! 1(5#&(3%d(<! -$1'! (*(.5(&! 3(! -'+$%*(*<! &%,'*%3(&3(!
.(&(!0(+%&3(!,4-!G$G$;3%6!
71! %3! B'1*'! 1'! -%! 5&(5(! *%! '5&(! +'-(! 9#%! *%! #1! .&'/%+5'! &%B'&,$-5(!
*$+5(*'! .'&! %3! *%5%&,$1$-,'! ;$'3P)$+'6! H%5&4-! *%! 3'-! (&)#,%15'-!
+'15&(! %3! 3#['! /! 3(! G$*(! 3$;%&(3! 9#%! 33%G(1! 3(-! &$+(-! -%! %1+#%15&(! 3%!

! LL!
+'1G$++$P1!*%!9#%!3(-!,#[%&%-!0(1!*%!-%&!,(*&%-!/!3'-!0',;&%-!.(2
*&%-! *%! B(,$3$(<! 9#%! 5$%1%! -#! '&$)%1! %1! #1(! G$-$P1! 5%3%'3P)$+(! *%! 3(!
0#,(1$*(*r!%15%1*$*(!+','!%-.%+$%<!-#!C1$+'!';[%5$G'!%-!.%&.%5#(&2
-%6!D'&!%-'!3(!,(/'&!.&%'+#.(+$P1!*%!#1(!,#[%&!0(!*%!-%&!5%1%&!0$['-!
/!9#%!%-5'-!+&%d+(1!-(1'-k!3(!*%!-#!,(&$*'!-%&4!)(&(15$d(&3%-!#1!%12
5'&1'!+P,'*'!/!-%)#&'!.(&(!9#%!%-(!5(&%(!-%(!3'!,4-!)&(5(!.'-$;3%6!
D(&(!3'-!5%P&$+'-!*%!3(!(15&'.'3')8(!,'&(3<!%-5(!*$-5$1+$P1!'!*$G$-$P1!
*%3!5&(;(['!1'!-%!*%;%!(!#1!+(.&$+0'<!-$1'!(!3'-!*$+5(*'-!*%!3(!.&'.$(!
1(5#&(3%d(<!9#%!-%!0(!%1+(&)(*'! *%! -%.(&(&! (!3'-! -%&%-!0#,(1'-! %1!
*'-! )&(1*%-! +(5%)'&8(-! $&&%+'1+$3$(;3%-! (#19#%! +',.3%,%15(&$(-6!
H%-*%!%-5(!1#%G(!.'-$+$P1<!(!B$1(3%-!*%3!-$)3'! AmOOO!-%!&%*$&$)%!3(!$*%(!
*%!-%1-$;$3$*(*!?9#%!-%!0(;8(!*$-.%&-(*'!%1!#1(!,$&8(*(!*%!+(5%)'&2
8(-!9#%!$1+3#8(1!(3!+(,.%-$1'<!(3!#&;(1$5(<!(3!%-5#*$'-'<!(3!5&(;([(*'&!
,(1#(3<!%5+>5%&(?!0(+$(!*'-!.'3'-!9#%!3(!&%*#+%1!*%!B'&,(!*&4-5$+(!/<!
(3!,$-,'!5$%,.'<!3(!0(+%1!,4-!%B%+5$G(!.(&(!%3!.3(1!0$)$>1$+'!9#%!-%!
0(!5&(d(*'6!
W(!*$B%&%1+$(!-%I#(3<!.'&!5(15'<!-%!'&$)$1(!%1!3(!-%1-$;$3$*(*!*%3!+#%&2
.'<! 9#%! 3'! )#8(! 0(+$(! #1! .(.%3! #! '5&'! *%15&'! *%! 3(! -'+$%*(*6! F! +(*(!
+#(3!-%!3%!(*[#*$+(!#1!.(.%3!%1!B#1+$P1!*%!-#!(1(5',8(6!7-!%G$*%15%<!
(0'&(<! 9#%! %-5(! 5(&%(! 5&(*#+%! 3'-! .&%[#$+$'-! ,'&(3%-! (3! *$-+#&-'!
,>*$+'!.%&'<!.(&(!)%15%!+','!\'#--%3<!K%(#+0~1%!'!E(;(1$-<!3(!>5$+(!
1'! %-! ,4-! 9#%! ';%*$%1+$(! B$-$'3P)$+(6! 7-541! +'1G%1+$*'-! *%! 9#%! 3(-!
+(&(+5%&8-5$+(-!+'&.'&(3%-!33%G(1!(!#1!3#)(&!*%5%&,$1(*'!/!%-.%+8B$+'6!
7-5'<!(#19#%!1'!3'!.(&%d+(<!(B%+5(!5(15'!(!3'-!0',;&%!+','!(!3(-!,#2
[%&%-<! 3(-! %I$)%1+$(-! -'1! $)#(3! *%! %-5&$+5(-! (! +(#-(! 1'! *%! -#! -$-5%,(!
&%.&'*#+5$G'<!-$1'!*%3!,'+'6!
f(!0%!$1-$-5$*'!%1!9#%!3(!*$G$-$P1!-%I#(3!1'!*%.%1*%!*%!3'-!)%1$5(3%-<!
-$1'!*%!#1(!-%1-$;$3$*(*!9#%!1'!-%!-(;%!,#/! ;$%1!*P1*%!-%!'&$)$1(<!
.%&'!9#%!%-!*%!&(8d!B$-$'3P)$+(6!7-5(!-%1-$;$3$*(*!(B%+5(!(!5'*'-!3'-!$12
*$G$*#'-!.'&!$)#(3<!.%&'!-#-!%B%+5'-!-'1!*$B%&%15%-!-%)C1!3(!B(+$3$*(*!
+'1! 9#%! 3'-! $,.#3-'-! -%! 5&(1-,$5(1! *%15&'! *%! -#! +#%&.'6! H%.%1*%<!
.'&!5(15'<!*%!3(-!,%,;&(1(-!,#+'-(-!9#%!+',#1$+(1!3'-!P&)(1'-<!/!
9#%! '.'1%1! ,4-! '! ,%1'-! &%-$-5%1+$(! (! 3(-! G$;&(+$'1%-! .&'G'+(*(-!
.'&!3'-!%-58,#3'-6!H#&(15%!3(! $1B(1+$(<! 3'-! +#%&.'-! -'1! +(-$! $1*$-5$12
)#$;3%-<!/!3(-!$,.&%-$'1%-!%I5%&1(-!3%-!(B%+5(1!*%3!,$-,'!,'*'6!7-!(!
.(&5$&!*%!3(!.#;%&5(*!+#(1*'!-%!'.%&(!%3!+(,;$'!/!3(-!,#+'-(-!+'12
5$1C(1!-$%1*'!;3(1*(-!/!.'&'-(-<!+#(3$*(*%-!9#%!-%!$15%1-$B$+(1<!%1!%3!

LY! !
+(-'!*%!3(-!,#[%&%-k!'!-%!%1*#&%+%1<!%1!%3!+(-'!*%!3'-!0',;&%-6!F-8<!
3(-! ,#[%&%-! -%! $&&$5(1! +'1! ,(/'&! B(+$3$*(*! .'&9#%! -#-! 5%[$*'-! -%! %I2
.(1*%1!+'1!,4-!&(.$*%d6!W'-!*%!3'-!0',;&%-<!(3!+'15&(&$'<!1%+%-$5(1!
$,.#3-'-!,4-!G$G'-<!.%&'!-#-!$,.&%-$'1%-!-'1!,4-!G$G(-!/!,4-!*#&(2
*%&(-6!7-5'!(B%+5(!5(15'!(!3(-!B$;&(-!9#%!+'1B'&,(1!3'-!P&)(1'-!+','!
(!3'-!B3#$*'-!9#%!-%+&%5(1! (3)#1'-! *%! %33'-<!/! 3(-!+'1*$+$'1%-! G(&8(1!
*%.%1*$%1*'!1'!-'3'!*%3!-%I'<!-$1'!5(,;$>1!*%!3(!%*(*!'!*%3!%15'&1'6!
W(-! ,#[%&%-<! 3'-! 1$g'-! '! 3'-! #&;(1$5(-! 5$%1%1! 5%[$*'-! ,#+'-'-! ,4-!
%-.'1['-'-!/!.%&,%(;3%-!9#%!3'-!0',;&%-<!3'-!(*#35'-!'!3'-!0(;$5(12
5%-!*%3!+(,.'6!
F!.(&5$&!*%!%-5(!*$-5$1+$P1!%1!3(!-%1-$;$3$*(*!.'*%,'-!%15%1*%&!+P,'!
-%!.'3(&$d(1!3(-!+#(3$*(*%-!%1!5'&1'!(!+'1+%.5'-!+','!;3(1*'!'!*#&'<!
.'&9#%!-'1!3(-!+(&(+5%&8-5$+(-!*%!3(-!,#+'-(-!9#%!(B%+5(1!(3!+#%&.'!
%1!-#!+'1[#15'!*%!B'&,(!1(5#&(36!W(!*$B%&%1+$(!-%I#(3!-%!%-5(;3%+%!%1!
#1!1$G%3!;4-$+'<!.'&!*%;(['!*%!3(!.$%3!/!&%.%&+#5%!%1!%3!5%,.%&(,%12
5'<! %1! 3(! ,#-+#3(5#&(! '! %1! 3(! +(.(+$*(*! ,%15(36! W(-! ,#[%&%-! -'1!
;3(1*(-<! *>;$3%-<! -%15$,%15(3%-! /! -%! ,#%G%1! ,%['&! %1! %3! (,;$%15%!
+%&&(*'!/!-%)#&'!*%3!0')(&k!3'-!0',;&%-!-'1!*#&'-<!B#%&5%-<!+%&%;&(2
3%-!/!(!%33'-!3%-!+'&&%-.'1*%!%3!%-.(+$'!.C;3$+'6!:#-!1(5#&(3%d(-!-'1!
+'15&(&$(-! %1! 3'! ,4-! 815$,'! .%&'<! (3! ,$-,'! 5$%,.'<! -$&G%1! *%! +',2
.3%,%15'!3(!#1(!*%3!'5&'6!F,;'-!-'1!$)#(3!*%!1%+%-(&$'-!.(&(!%3!;#%1!
*%-(&&'33'!*%!3(!B(,$3$(!/!*%!3(!*%-+%1*%1+$(<!9#%!%-!3(!C1$+(!,%5(!*%!
3(!0#,(1$*(*!+','!%-.%+$%6!
W(!-%1-$;$3$*(*!+'1*$+$'1(!5(,;$>1!3(-!0(;$3$*(*%-!$15%3%+5#(3%-6!W(-!
,#[%&%-!-'1!,4-!%,'+$'1(3%-!.'&9#%!-#-!,#+'-(-!G$;&(1!(!#1(!,(2
/'&!B&%+#%1+$(!9#%!3(-!*%!3'-!0',;&%-6!D%&'!(C1!0(/!,4-6!F!+(,;$'!
*%!%-(!+(.(+$*(*!%,.45$+(!0(1!*%!.()(&!+'1!#1(!$15%3$)%1+$(!,%1'&6!
7-! .'&! %33'! 9#%! *%;%1! +'1B'&,(&-%! +'1! 5(&%(-! 9#%! 1'! %I$[(1! *%,(2
-$(*'! %-B#%&d'<! .#%-5'! 9#%! %3! ,(3)(-5'! *%! %-(! %1%&)8(! .#%*%! 5&(%&!
+'1-$)'!3'-!5%,$*'-!G(.'&%-6!:#/(-!-%&41!3(-!.&%'+#.(+$'1%-!*',>-2
5$+(-<!3(!,(5%&1$*(*!/! 3(!G$*(!-%*%15(&$(<!,#+0'!,4-!(*%+#(*(! (!-#!
+'1*$+$P1!B%,%1$1(!9#%!(1*(&!.%&*$%1*'!%3!5$%,.'!%1!3(-!5%&5#3$(-!'!
3'-!5%(5&'-6!W'-!0',;&%-<!.'&!%3!+'15&(&$'<!*%;%&41!.&'+#&(&!%3!;$%12
%-5(&!*%!3(!B(,$3$(<!/(!-%(!%1!%3!1$G%3!;4-$+'!*%!(-%)#&(&3%!%3!-#-5%15'<!
+','!%1!3'-!1$G%3%-!,4-!%3%G(*'-!*%!3(-!$19#$%5#*%-!.'385$+(-6!

! LQ!
7-!%G$*%15%!9#%!3(!(15&'.'3')8(!,'&(3!&%+')%!3(-!*'-!+'&&$%15%-!,4-!
$,.'&5(15%-! *%3! .%1-(,$%15'! $3#-5&(*'! /! %-5(;3%+%! (! .(&5$&! *%! %33(-!
-#!*$G$-$P1!-%I#(3!?'!*%!)>1%&'<! +','! -%! *$&8(!(0'&(?6!D'&9#%!%1!%3!
B'1*'!%-(!*$B%&%1+$(!%15&%!0',;&%-!/!,#[%&%-!1'!%-!'5&(!+'-(!9#%!-#!
(.5$5#*!.(&(!-%&!$3#-5&(*'-6!F!3'-!.&$,%&'-!-%!3%-!(.3$+(!%3!,'*%3'!'.2
5$,$-5(!0%&%*(*'!*%!)%15%!+','!E'1*'&+%5<!-%)C1!%3!+#(3!3(!-'+$%*(*!
$&4!(!,%['&!+'1!3(!(/#*(!*%!3(!&(dP16!73!*%!3(-!-%)#1*(-<!.'&!%3!+'12
5&(&$'<!%-!%3!,'*%3'!*%!\'#--%(#<!/!*%;%1!(3%[(&-%!*%!3(!,(3(!$1B3#%12
+$(!*%!3(!+$G$3$d(+$P16!71!3(-!.'-5&$,%&8(-!*%3!-$)3'!*%!3(-!3#+%-<!3(!,%2
*$+$1(!*$()1'-5$+(!9#%!9#$%1!'5'&)(!3(!+(.(+$*(*!*%!%,(1+$.(&-%!1'!
%-! %3! +%&%;&'<! 1$! -$9#$%&(! 3'-! )%1$5(3%-<! -$1'! #1! ,'+'! .%)(['-'! 9#%!
#1%!3'-!P&)(1'-!$15%&1'-!/!*%3!9#%!%,(1(!9#$>1!%-!9#$>1!%1!%3!+'12
[#15'!*%!3(!0#,(1$*(*6!

OO!

N'!*%;%&8(!-'&.&%1*%&1'-!(3)'!(-86!F!.%-(&!*%!5'*(!3(!$1-$-5%1+$(!*%!
3'-!*$-+#&-'-!$3#-5&(*'-!%1!3(!3#d<!%3!.&')&%-'!/!3(!&(dP1<!%3!-$)3'! AmOOO!
%-54! ';-%-$'1(*'! +'1! 3(-! 5&$.(-! /! +'1! %3! (-+'6! 7-5(! B$[(+$P1! .#%*%!
(5&$;#$&-%! (3! (#)%! *%! 3(-! +'&&$%15%-! -%1-#(3$-5(-! 9#%! (.(&%+%1! (! 3'!
3(&)'!*%!3(!.&$,%&(!,'*%&1$*(*6!E'1!%-5'!1'!,%!&%B$%&'!(3!0%*'1$-2
,'! 3$;%&5$1'<! -$1'! (3! $15%&>-! +&%+$%15%! 9#%! %[%&+%1! 3'-! -%15$*'-! /! -#!
B#1+$'1(,$%15'<!/!9#%!(B%+5(!*%-*%!3(!%.$-5%,'3')8(!0(-5(!3(-!(&5%-6!
D%1-(*'&%-!+','!W'+o%<!9#%!&%+3(,(!3(!$,.'&5(1+$(!*%!3'-!-%15$*'-!
.(&(!+'1'+%&!3(!&%(3$*(*!9#%!1'-!&'*%(!.%&'<!(3!,$-,'!5$%,.'<!&%+'2
1'+%! -#! +(&4+5%&! .&';3%,45$+'<! -'1! %-%1+$(3%-! .(&(! %-'! 9#%! E'55',!
33(,(!%3!)$&'!G$-+%&(3!*%!3(!O3#-5&(+$P1<!/!9#%!.'1%!%1!.&$,%&!.3(1'!*%!
3(! &%B3%I$P1! %3! +#%&.'! 0#,(1'! /! 3'-! ,'*'-! %1! 3'-! 9#%! -%! +',#1$+(!
+'1!3'!9#%!3%!&'*%(6!\%+$;$,'-!$1B'&,(+$P1!,%*$(15%!3(!G$-5(<!%3!'8*'<!
%3! 5(+5'<! %3! '3B(5'! /! %3! )#-5'<! .%&'! %-! ';G$'! 9#%<! %1! '+(-$'1%-<! %-5(-!
.%&+%.+$'1%-! 1'! &%-#35(1! B$(;3%-6! w(15! ?(#19#%! %-5(! .'-5#&(! .#%*%!
&(-5&%(&-%!0(-5(!3(!+(G%&1(!.3(5P1$+(?!*$-5$1)#$&4!%15&%!%3!1'C,%1'<!
'!+'-(!%1!-8<!/!%3!B%1P,%1'k!%15&%!%3!,#1*'!5(3!/!+','!%I$-5%!/!5(3!/!
+','!-%!1'-!,#%-5&(6!73!1'C,%1'!1'-!%-!$1(3+(1d(;3%!/!5'*'!3'!9#%!
.'*%,'-! +'1'+%&! %-! %3! B%1P,%1'<! %-! *%+$&<! +P,'! -%! 1'-! ,#%-5&(! %3!
1'C,%1'!(!5&(G>-!*%!1#%-5&(!.%&+%.+$P16!H$+0'!*%!#1(!,(1%&(!-$,2
.3%r!1'!+'1'+%,'-!3'!9#%!%I$-5%<!-$1'!3(-!$,.&%-$'1%-!9#%!*%[(!%1!1'2

YU! !
-'5&'-6!73!,#1*'!%-!1#%-5&(!%I.%&$%1+$(6!71!-#!E&85$+(!*%!3(!&(dP1!.#2
&(<!w(15!5&(5(!*%!-(3G(&!3(!&(dP1!*%!3(!;&%+0(!(;$%&5(!%15&%!3(!.'-5#&(!
&(+$'1(3$-5(!*%!W'+o%!/!3(!%-+>.5$+(!*%!i#,%6!D(&(!%33'!0(!*%!&%+'1'2
+%&<!W'+o%!/(!(.#15(!(!%33'<!9#%!3'-!-%15$*'-!-'1<!.'&!#1!3(*'<!3(!;(-%!
*%!1#%-5&(!&%.&%-%15(+$P1!*%3!,#1*'!/<!.'&!%3!'5&'<!9#%!%33'-!,$-,'-!
-%!*$-5'&-$'1(1!/!.&'G'+(1!+'15&(*$++$'1%-!%1!%3!%15%1*$,$%15'6!D'&!
%-'!N%Å5'1<!.'&!%[%,.3'<!&%+#&&%!(!3(!B$)#&(!*%!H$'-!(!3(!0'&(!*%!B#12
*(,%15(&!%3!+'1'+$,$%15'<!.#%-5'!9#%!%1!>3!&%+'1'+%!#1(!-%)#&$*(*!
*%!3(!9#%!3'-!-%15$*'-!0#,(1'-!+(&%+%16!
W'+o%!5%&,$1(!.'&!;#-+(&!%3!,$-,'!B#1*(,%15'!9#%!N%Å5'1<!.#%-5'!
9#%!3(!$1,%1-(!G(&$%*(*!*%!%15%1*$,$%15'-!9#%!,'-5&(,'-!3'-!-%&%-!
0#,(1'-! -%! 3%! (15'[(! *$B8+$3! *%! &%#1$&! %1! #1! -'3'! .#15'! 9#%! 1'! -%(!
H$'-6!:'-.%+0(!9#%!1'!.'*%,'-!(3+(1d(&!3(!G%&*(*!-$!1'!%-!.'&!(1(2
3')8(<! %-! *%+$&<! 9#%! 3(! +'1B3#%1+$(! *%! 1#%-5&'-! .%1-(,$%15'-<! 3'! 9#%!
+(;&8(!33(,(&!G%&*(*<!1'!B#1+$'1(!,4-!9#%!+','!#1!-8,$36!W(!&%(3$*(*!
-%!5&(1-B'&,(!%1!+(*(!,%15%!(!5&(G>-!*%!3'-!-%15$*'-6!D'&!%-'!3(!(.(2
&$+$P1!*%!1#%G'-!(&5$3#)$'-!9#%! (#,%15(1! 3(-! +(.(+$*(*%-! -%1-'&$(2
3%-<! +','! %3! ,$+&'-+'.$'! '! %3! 5%3%-+'.$'<! 1'! 0(+%1! -$1'! (g(*$&! #1(!
1#%G(!+(.(!*%!*$B$+#35(*%-!(!1#%-5&'-!/(!.&';3%,45$+'-!-%15$*'-6!D(2
&(! W'+o%<! %1! C35$,(! $1-5(1+$(<! 3(! ,%15%! /! 3'-! -%15$*'-! -'1! #1(! /! 3(!
,$-,(!+'-(<!%1!5'*(!-#!+(.(+$*(*!,%5(,P&B$+(6!
W(!,%5(,'&B'-$-!%-!%3!5&'.'!*%!3(!O3#-5&(+$P16!71!%3!-$)3'!AmOOO!3(!1(5#2
&(3%d(!*%[(!*%!%15%1*%&-%!+','!(3)'!#1$B'&,%!.(&(!+'1+%;$&-%!+','!
#1(!%-5&#+5#&(![%&4&9#$+(!%1!3(!9#%!#1(!+'-(!-%!5&(1-B'&,(!%1!'5&(6!
H%!%-%!,'*'<!.3(15(-<!(1$,(3%-!/!-%&%-!0#,(1'-!B'&,(1!#1!+'1[#15'!
*%! %-.%+$%-! B$[(-! 9#%! +',.(&5%1! %3%,%15'-! +',#1%-6! F15%-! *%! 9#%!
H(&Å$1!&%G'3#+$'1%!3(!B$3'-'B8(!1(5#&(3!+'1!-#!5%'&8(!*%!3(!%G'3#+$P1<!
3(-! *$B%&%1+$(-! /! 3(-! -$,$3$5#*%-! %I$-5%15%-! %15&%! 3'-! *$-5$15'-! -%&%-!
G$G'-!-%!.$%1-(1!,%*$(15%! 3(!$*%(! *%! ,%5(,'&B'-$-6!F! (3)#$%1! +','!
w(15! %-5(! G$-$P1! *%! 3(! &%(3$*(*! 3%! &%-#35(! (5%&&(*'&(! .'&9#%<! -$! #1(!
+'-(!.#%*%!+'1G%&5$&-%!%1!'5&(<!%-'!$,.3$+(!9#%!.#%*%!1'!0(;%&!1(*(!
%-5(;3%!%1!3(!1(5#&(3%d(6!
7-!-$)1$B$+(5$G'!(!%-5%!&%-.%+5'!%3!+(,;$'!5%&,$1'3P)$+'!9#%!(.(&%+%!
%1!3'-!*$-+#&-'-!*%!5'*'!5$.'6!:$!+'1!H%-+(&5%-! 3(-! ,(5%,45$+(-! /! 3(!
)%',%5&8(!-'1!%3!.(&(*$),(!(15%!%3!9#%!&%-.'1*%!5'*'!.%1-(,$%15'<!
(0'&(! %3! ,'*%3'! %-! 3(! ,%+41$+(6! 73! #1$G%&-'! %-! #1! )&(1! &%3'[6! =(,2

! YR!
;$>1!3'-!*%-+#;&$,$%15'-!(1(5P,$+'-!9#%!-%!-#+%*%1!(!.(&5$&!*%3!-$2
)3'! AmO! $1G$5(1! (! %15%1*%&! %3! +#%&.'! +','! #1! )&(1! ,%+(1$-,'6! W'!
$&P1$+'!%-!9#%!%-!5(,;$>1!H%-+(&5%-!9#$%1!(;&%!3(!.#%&5(!(!%-5%!1#%2
G'!,'*%3'!*%!+'1'+$,$%15'6!71! 73!5&(5(*'!*%3!0',;&%!.'1%!%1!,(&2
+0(!3(!,%54B'&(!*%3!+#%&.'!+','!,49#$1(6!W(!$1B3#%1+$(!*%!%-%!5%I5'!
?9#%!1'!%-!#1!5&(;(['!$1*%.%1*$%15%<!-$1'!3'!9#%!.(&%+%!-%&!%3!+(.85#2
3'! AmOOO!*%! 73!,#1*'!'!=&(5(*'!*%!3(!3#d?!%-!+3(&(!+#(1*'!+',.&';(2
,'-!9#%!%15&%!-#!.&$,%&(!(.(&$+$P1!%1!RXXV!/!RXLL!-%!.#;3$+(1!+#(2
5&'!%*$+$'1%-6!
F! .%-(&! *%! -#! (.(&$%1+$(! *%! ,(1#(3! *%! B$-$'3')8(<! 3(-! $,.3$+(+$'1%-!
'15'3P)$+(-!*%3!5%I5'!-'1!$,.'&5(15%-6! 71! .&$,%&! 3#)(&!.'&9#%! *%-2
+&$;%!%-5(!,49#$1(!+','!#1(!%-.%+$%!*%!(#5P,(5(!'!%-+#35#&(!9#%!-%!
.(&%+%!(!1'-'5&'-6!73!*#(3$-,'! (3,(2+#%&.'<! &%-!+')$5(1-2&%-!%I5%12
-(<! %-54! .&%-%15%! *%-*%! 3(-! .&$,%&(-! 381%(-6! 7I$-5%! #1(! *$B%&%1+$(!
B#1*(,%15(3!%15&%!3(-!+#(3$*(*%-!B8-$+(-!*%3!+#%&.'!?+(.(d!*%!'+#.(&!
#1! %-.(+$'! /! ,'G%&-%! %1! >3?! /! %3! .%1-(,$%15'6! 73! '&)(1$-,'! %-54!
B'&,(*'! .'&! .(&5%-<! %-! #1! +'1[#15'! *%! .$%d(-! 9#%<! *%.%1*$%1*'! *%!
+P,'!-%!+',;$1%1<!*(&41!3#)(&!(!#1!5$.'!*%!-%&!'!(!'5&'6!7-(-!.$%d(-!
.#%*%1!*%-,'15(&-%!/!(1(3$d(&-%<!*%!,'*'!9#%!+',.&%1*%&!-#-!B#12
+$'1%-! /! +P,'! -%! &%3(+$'1(1! %15&%! %33(-! 33%G(&4! (3! +'1'+$,$%15'! *%3!
+'1[#15'6!7-5(!G$-$P1!*%3!+#%&.'!0#,(1'!+','!#1!+',.#%-5'!*%!.(&2
5%-! -#-5$5#$;3%-! )#8(! %3! .%1-(,$%15'! ,>*$+'! /! (1(5P,$+'! 0(-5(! 0'/6!
D%&'! %-5(! *%-+&$.+$P1! 33%G(! (! #1! +'1[#15'! *%! +'1-%+#%1+$(-<! %1! -%2
)#1*'! 3#)(&<! 9#%! G(1! ,4-! (334! *%! 3(! 1(5#&(3%d(! B8-$+(! *%! 3(! 0#,(1$2
*(*6!:$!3'-!-%&%-!0#,(1'-!-'1!,49#$1(-<!%15'1+%-!3(-!&%3(+$'1%-!9#%!
%-5(;3%d+(1! %15&%! %33'-! -%&41! ,(9#81$+(-! (! -#! G%d6! 7-! *%+$&<! B'&,(1!
#1!)&(1!,%+(1$-,'!%1!%3!9#%!+(*(!$1*$G$*#'!%-!#1!.%9#%g'!%1)&(1(2
[%6!H%-+(&5%-!%15$%1*%<!+','!,#+0'-!'5&'-!%1!3(!,'*%&1$*(*<!9#%!%3!
.&'.P-$5'!*%!3(!B$3'-'B8(!%-!+',.&%1*%&!3(!1(5#&(3%d(!.(&(!*',$1(&3(6!
F3!+'1'+%&!-#-!.&'+%-'-!%-!.'-$;3%!$,$5(&3'-!'!(*(.5(&3'-!+','!,%2
['&!+'1G%1)(!(!3(!0#,(1$*(*6!D(&(!'5&'-<!%-(!G8(!(;$%&5(!33%G(!(3!*%2
-(&&'33'!5>+1$+'!/!(!#1(!.'385$+(!9#%!$,.3$+(!3(!*',$1(+$P1!*%!3'-!-%2
&%-!0#,(1'-6!
73!5&(5(*'!*%3!0',;&%!B'&,(!.(&5%!*%!3(!5&(*$+$P1!$(5&',%+41$+(!9#%!
(.3$+(! 3'-! .&$1+$.$'-! *%! 3(! B8-$+(! (! 3(! ,%*$+$1(6! H%-+(&5%-! *%B$%1*%! (!
J$33$(,! i(&G%/! /! -#! *%-+&$.+$P1! *%3! -$-5%,(! +$&+#3(5'&$'<! (#19#%!
,'*$B$+(!-#!5%'&8(!?!9#%!+#%15(<!%1!-#!,',%15'<!+'1!,4-!*%5&(+5'&%-!

YV! !
9#%!*%B%1-'&%-?6!D(&(!%3!B&(1+>-<!3(!-(1)&%!-%!&(&$B$+(!/!-%!+'1*%1-(<!
(3$,%15(!3'-!*$-5$15'-!P&)(1'-!/!(.'&5(!+(3'&!(3!%-5P,()'!/!3'-!$15%-2
5$1'-<!.'-$;$3$5(1*'!(-8!3(! *$)%-5$P16! H%.%1*$%1*'! *%3! 5(,(g'! *%! 3'-!
.'&'-!9#%!+#;&%1!3'-!P&)(1'-<!3(!-(1)&%!-%!B$35&(!/!*%[(!%1!%33'-!+',2
.'1%15%-!*%!,(/'&!'!,%1'&!B#%&d(6!W'-!9#%!33%)(1!(3!+%&%;&'!-'1!3'-!
,4-!.'*%&'-'-6!F338!+(,;$(1!*%!B'&,(!)&(+$(-!(3!+(3'&!(.'&5(*'!.'&!
%3!+'&(dP1!?*'1*%!(&*%!#1(!.%9#%g(!33(,(?<!/!-%!5&(1-B'&,(1!%1!3'-!
%-.8&$5#-!(1$,(3%-!9#%!.%1%5&(1!%1!3(-!+(G$*(*%-!+%&%;&(3%-!/!%1!3'-!
1%&G$'-!9#%!%15&(1!%1!3'-!,C-+#3'-<!*'1*%!.&'G'+(1!%3!,'G$,$%15'6!
W%%,'-r! `D$%1-'! 9#%! +#(1*'! H$'-! #1(! #1! (3,(! &(+$'1(3! (! %-5(!
,49#$1(<!+','!(!+'15$1#(+$P1!%I.'1*&><!'5'&)(&4!(!%-5(!(3,(!+','!
-%*%! .&$1+$.(3! %3! +%&%;&'a! uH%-+(&5%-! RQQUr! TUv6! E&%'! 9#%! 0(/! 9#%!
0(+%&! 0$1+(.$>! %1! %-%! `+#(1*'a<! .'&9#%! (;&%! *'-! .'-$;$3$*(*%-6! W(!
.&$,%&(!*%!%33(-!%-!9#%<!-$!;$%1!.'*%,'-!$,$5(&!/!9#$d4!&%.&'*#+$&!%3!
,%+(1$-,'!9#%!%-!%3!+#%&.'!0#,(1'<!%3!(3,(!%-!#1!(-#15'!*$G$1'!/<!
.'&!5(15'<!%-9#$G(!1#%-5&(-!+(.(+$*(*%-6!W(!-%)#1*(!%-!,4-!.%3$)&'2
-(<! .#%-5'! 9#%! (;&%! #1! +'1*$+$'1(36! :$! 0(/! (3,(! %15'1+%-! %-! #1! -%&!
0#,(1'<!.%&'!.#%*%!1'!0(;%&3(6! 73!.&';3%,(!(9#8! 1'!%-! 3(!.'-$;$3$2
*(*!*%!+'1B#-$P1!%15&%!#1!0#,(1'!/!#1!(#5P,(5(<!-$1'!3(!(-$,$3(+$P1!
*%!(3)#1'-!-%&%-!0#,(1'-!+'1!3'-!(#5P,(5(-6!7-5%!(&)#,%15'!.#%*%!
-%&G$&! .(&(! (1#3(&! (! *%5%&,$1(*'-! $1*$G$*#'-<! .(&(! 1%)(&! -#! 0#,(2
1$*(*!/![#-5$B$+(&!-#!#5$3$d(+$P1!$1-5&#,%15(36!:%!.(&%+%1!(!1'-'5&'-<!
.%&'! 1'! 3'! -'16! :$!.(&%+%1! -#B&$&! 1'! *%;%,'-! *%[(&1'-! %1)(g(&r! 3'-!
(1$,(3%-! 5(,;$>1! -%! 3(,%15(1! /<! (B$&,(! H%-+(&5%-<! 5(,.'+'! 5$%1%1!
(3,(6! W'! ,$-,'! .'*&4! *%+$&-%! *%! 3'-! 1%)&'-! 9#%! &%+')%1! (3)'*P1!
+','!%-+3(G'-![#15'!(3!h$--$--$..$<!'!*%!3'-!';&%&'-!9#%!5&(;([(1!%1!
3(-! B4;&$+(-! /! 3'-! 5%3(&%-! [#15'! (3! =4,%-$-6! 7-(-! -'1! 3(-! &(d'1%-! *%!
^&$d%1<!(+#-(&4!K3(o%6!
71! 3(! -%I5(! /! C35$,(! *%! 3(-! h%*$5(+$'1%-! ,%5(B8-$+(-<! H%-+(&5%-! (-%2
)#&(!9#%!%3! +')$5'!1'!%-54!,%5$*'!%1!%3!+#%&.'!`+','!#1!.$3'5'!%1!-#!
1(G8'a! uRQQQr! RYQv<! -$1'! 9#%! B'&,(1! #1! +'1[#15'! $1*$G$-$;3%6! D%&'<!
(#19#%! 1'! .&%5%1*%! &%*#+$&! %3! +#%&.'! (! #1! -$,.3%! ,49#$1(! '! +(-2
+(&P1<! -#! ,%54B'&(! 0(! 5',(*'! 5(15(! B#%&d(! %1! %3! -$)3'! AmOOO! 9#%! %-(!
&%*#++$P1!%-!$1%G$5(;3%6!F*%,4-<!3(!*$)%-5$P1!'B&%+%!3(!+'1[#1+$P1!*%!
3(! ,%+41$+(! ;$'3P)$+(! +'1! #1! .&'+%-'! *%! ,%5(,'&B'-$-! *%15&'! *%3!
.&'.$'!+#%&.'6!:%!$1)$%&%!#1(!+'-(!/!-%!%I+&%5(!'5&(r!3(-!%15&(g(-!-%!
G%1! +','! #1! 3#)(&! *%! 5&(1-B'&,(+$P1! /! *%! +',#1$+(+$P1! %15&%! %3!

! YS!
(*%15&'! /! %3! (B#%&(6! W(! $1)%-5(! *%! +(&1%! 0#,(1(! 'B&%+%! %3! 38,$5%! *%!
%-(!$,()%16!!
W(! B$)#&(! *%3! +(18;(3! +%15&(! )&(1! .(&5%! *%! 3(! &%B3%I$P1! %51')&4B$+(! /!
(15&'.'3P)$+(!*#&(15%!5'*'!%3!-$)3'6!71!%33(!%3!$15%&$'&!/!%3!%I5%&$'&!-%!
G#%3G%1!3'!,$-,'<!B'&,(!#1(!%-.%+$%!*%!;#+3%!.(&(*P[$+'!%1!%3!9#%!3'!
#1'! /! 3'! '5&'! -%! +'1B#1*%16! 73! (15&'.PB()'! (3#*%! (! 3(! +(&1%<! .%&'!
5(,;$>1!(!3(!+#35#&(<!3(!1(5#&(3%d(!/!%3!%-.8&$5#r!&%.&%-%15(!3(!'5&%*(*!
*%!3(!+$G$3$d(+$P1!'++$*%15(36!F#19#%!0(/!$1B'&,%-!-';&%!+(1$;(3$-,'!
*%-*%!3'-!5$%,.'-!*%!i%&P*'5'<! %-!(! .(&5$&! *%! 3(-! %I.3'&(+$'1%-! %#2
&'.%(-! *%3! -$)3'! Am! (3! AmOO! +#(1*'! %-5'-! -%! ,#35$.3$+(1<! /! *#&(15%! %3!
AmOOO!-%!G#%3G%!#1!.#15'!+3(G%!*%!3(!&%B3%I$P1! %1!%3! 9#%! -%!G$1+#3(! %3!
+#%&.'<!%3!*%-%'!/!%3!+',%&+$'<!(-8!+','!%3!.&'.$'!.&'/%+5'!$3#-5&(*'6!
73!.&$,%&!.&';3%,(!(3!9#%!-%!%1B&%15(1!3'-!(15&'.P3')'-!%-!%3!*%!3(!
%I$-5%1+$(! &%(3! *%! 3(! (15&'.'B()$(6! 7-! #1(! +#%-5$P1! .%3$()#*(! *%! 3(!
9#%! 1'! 0(/! .&#%;(-! -P3$*(- S6! W(! $1B'&,(+$P1! 9#%! -%! &%+$;%! (! 5&(G>-!
*%!5%-5$,'1$'-!/!&%3(5'-!*%!%I.3'&(*'&%-!9#%!.#%*%1!1'!-%&!*%3!5'*'!
B$(;3%-<!1'!5(15'!.'&9#%!,$%15(1!(!-(;$%1*(-!+','!.'&9#%!-%!.#%*(!
*(&! #1(! B(35(! *%! %15%1*$,$%15'! %15&%! %33'-! /! 3'-! 1(5$G'-! 9#%! 33%G%! (!
+'1B#-$P16! f(! %1! %3! -$)3'! AmO! %3! *',$1$+'! K(&5'3',>! *%! 3(-! E(-(-!
(;'&*(! %3! 5%,(! %1! &%B%&%1+$(! (! 3'-! $1*8)%1(-! *%! p(3$-+'<! /! *%B$%1*%!
9#%!-%!5&(5(!-$,.3%,%15%!*%!#1!(+5'!,%5(BP&$+'<!9#%<!$1+3#-'!+#(1*'!
.(&%+%! *(&-%! *%! G%&*(*<! 1%+%-$5(! %15%1*%&-%! *%15&'! *%! #1! +'15%I5'!
.(&5$+#3(&6!73!5%-5$,'1$'!*%!W(-!E(-(-!%-!B#1*(,%15(3!.'&!*'-!&(d'2
1%-6!W(!.&$,%&(!%-!9#%!*%B$%1*%!9#%!%3!(&)#,%15'!*%3!+(1$;(3$-,'!-%!
%,.3%(!+','!#1!.&%5%I5'!.(&(!%I+#-(&!3(-!,(-(+&%-!+',%5$*(-!+'12
5&(!3'-!$1*$'-6!W(!-%)#1*(!%-!9#%!(.#15(!(!9#%!%-!1%+%-(&$'!%15%1*%&!
9#>!,'5$G'-!.#%*%1!33%G(&!(!#1!(+5'!*%!%-5%!5$.'!/!9#%<!9#$d4<!%I$-5(1!
-$5#(+$'1%-!9#%!3'![#-5$B$9#%16!71!-#!*%B%1-(!*%!3'-!$1*$'-!.(&%+%!(.%2
3(&!(!#1!&%3(5$G$-,'!+#35#&(3!9#%!+'1!%3!5$%,.'!$&4!)(1(1*'!(*%.5'-6!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S!71!3(!*>+(*(!*%!RQTU!-%!+%&5$B$+(!3(!%I$-5%1+$(!*%3!+(1$;(3$-,'!&$5#(3!%1!#1(!5&$;#!
$1*8)%1(! *%! D(.C(! N#%G(! @#$1%(6! W(-! .&4+5$+(-! B#1%&(&$(-! *%! 3'-! j'&%! $1+3#8(1! %3!
*%-,%,;&(,$%15'!/!3(!$1)%-5(!*%!3(!+(&1%!*%!3'-!+(*4G%&%-6!"#$%1%-!-%!+',8(1!%3!
+%&%;&'!-%!+'15()$(;(1!*%! #1(!%1+%B(3'.(58(!*%)%1%&(5$G(!33(,(*(!w#&#<!9#%!5%&2
,$1(;(!.'&!.&'G'+(&3%-!3(!,#%&5%6!
YZ! !
\%3(5(!+P,'!#1'!*%!%33'-<!.'&!%[%,.3'<!3%G(15(!#1(!%-.%+$%!*%!.(-5%3!
.'&!%1+$,(!*%!-#!+(;%d(!%1!$,$5(+$P1!*%!3'-!)%-5'-!*%!#1!-(+%&*'5%!
*#&(15%!3(!,$-(6!7-!+$%&5'!9#%!(9#8!1'!,%1+$'1(!*%!B'&,(!%I.38+$5(!%3!
+(1$;(3$-,'<!.%&'!0(+%!%G$*%15%!3(-!*$B$+#35(*%-!9#%!%I$-5%1!(!3(!0'&(!
*%!+',#1$+(&-%!%15&%!$1*$G$*#'-!*%!*'-!,#1*'-!5(1!*$-5$15'-!+','!
-'1! 7#&'.(! /! %3! N#%G'! ,#1*'6! 73! ,$-5%&$'! *%! 3(! 5&(1-#-5(1+$(+$P1!
.#%*%! &%-#35(&! $1(.&%0%1-$;3%! .(&(! 3(! ,%15(3$*(*! $1*8)%1(<! .%&'!
%I$-5%!#1!.%3$)&'!,(/'&!%1!%3!0%+0'!*%!9#%!33%)#%1!(!+',.&%1*%&3'6!
F3)#1'-!*%!3'-!.&$,%&'-!,$-$'1%&'-!-'1!+'1-+$%15%-!*%!3(!B(,$3$(&$2
*(*!%I$-5%15%!%15&%!3(!%#+(&$-58(!/!%3!+(1$;(3$-,'!?1'!'3G$*%,'-!9#%!
3(!0'-5$(!%-!3(!+(&1%!*%!E&$-5'<!9#%!1'!%-!#1(!,%54B'&(?<!3'!9#%!.&'G'2
+(! %1! %33'-! %3! 5%,'&! *%! %-5(&! [#-5$B$+(1*'! (! 5&(G>-! *%! %33(<! *%! (3)C1!
,'*'<!%3!+(1$;(3$-,'6!
F9#8!-%!.'1%!*%!,(1$B$%-5'!3(!1%+%-$*(*<!+','!(.#15(!W(-!E(-(-!/!(!
.%-(&!*%3!*'),(!+&$-5$(1'<!*%!&%+#&&$&!(3!.3(1'!-$,;P3$+'!.(&(!.'*%&!
.%1-(&! -$9#$%&(! %3! +(1$;(3$-,'6! :'1! ,#+0'-! 3'-! 5%P&$+'-! 9#%<! *%-*%!
%15'1+%-!0(-5(!(0'&(<!+'1-$*%&(1!9#%!3(!$1)%-5(!*%!+(&1%!0#,(1(!1'!
%-! .%1-(;3%! .'&! -8! ,$-,(<! 9#%! -$%,.&%! &%9#$%&%! #1(! %I.3$+(+$P1! *%!
'5&'! 5$.'6! F3)'! 5(1! -$,.3%! +','! 9#%! #1! -%&! 0#,(1'! -%! +',(! (! '5&'!
3%-! &%-#35(! $1+'1+%;$;3%6! :$1! %,;(&)'<! B$3P-'B'-! +','! h'15($)1%! &%2
+#&&%1!(!%-(!$*%(!.(&(!&%B3%I$'1(&<!.&%+$-(,%15%<!-';&%!3'!.%1-(;3%6!
71!-#!%1-(/'! :';&%!3'-!+(18;(3%-! (&)#,%15(!9#%!%-!.&%B%&$;3%!(-(&!/!
+',%&-%!(!#1!-%&!0#,(1'!,#%&5'!9#%!5'&5#&(&!/!(-%-$1(&!(!#1'!G$G'<!
(3)'!(!3'!9#%!+(-$!+#(39#$%&!&%3$)$P1!0(!&%+#&&$*'!(3)#1(!G%d6!W(!.'-$2
+$P1!*%!h'15($)1%!%-!+'1B3$+5$G(6! N'! *%;%!%-+(.4&-%1'-!%3! 0%+0'!*%!
9#%! -#! '.'-$+$P1! %-! #1(! ;&',(<! +','! 3'! %-! 5(,;$>1! 3(! [#-5$B$+(+$P1!
9#%! 0(+%! =0',(-! H%! "#$1+%/! *%3! (-%-$1(5'! +','! #1(! *%! 3(-! K%33(-!
F&5%-6! :'-5$%1%! 9#%! 3'-! +(18;(3%-! -'1! -(3G([%-! /! B$3P-'B'-! (3! ,$-,'!
5$%,.'<!.%&'!-#!(&)#,%15'!,4-!$1B3#/%15%!%-!%3!*%!9#%!%I$-5%1!;#%2
1'-!/!,(3'-!-(3G([%-6!7-5(! *$-5$1+$P1! %-! #1(! *%! 3(-! ,4-! $,.'&5(15%-!
*%!5'*'!%3!-$)3'!AmOOOr!%I$-5%1!-(3G([%-!9#%!-'1!$1'+%15%-!+','!1$g'-!/!
'5&'-!9#%!-'1!+&#%3%-!+','!;%-5$(-6!!
h'15($)1%!1'!%-!%3!.&$,%&'!%1!0(+%&!%-5(!*$G$-$P1!B(3(d<!.%&'!+'15&$2
;#/%<! 9#$d4! (! -#! .%-(&<! (! .%&.%5#(&3(6! W'! $15%&%-(15%! (9#8! %-! 9#%! %3!
-(3G([%!-%!+'1G$%&5%!%1!%3!%-.%['!%1!%3!9#%!-%!,$&(!3(!+#35#&(!%#&'.%(!
%1! -#! %I.(1-$P1! .'&! 5'*'! %3! )3';'6! :$! -%! +'1-$*%&(! (! 3'-! $1*8)%1(-!
+','! +&$(5#&(-! ;4-$+(-! /! B%&'+%-<! %15'1+%-! 3'-! %I.3'&(*'&%-! +'15&$2

! YT!
;#/%1!(!-#!*',%-5$+(+$P1!(!5&(G>-!*%!3'-!.&$1+$.$'-!$3#-5&(*'-6!:$<!.'&!
%3! +'15&(&$'<! -%! .$%1-(1! +','! $1)%1#'-! ,%1'&%-! *%! %*(*<! %15'1+%-!
3'-! '++$*%15(3%-! -%! G%1! (! -8! ,$-,'-! +','! +'&&#.5'&%-6! 7-5(! G$-$P1!
+&85$+(!3%-!33%G(!(!(-#,$&!9#%!%-541!*$-5(1+$41*'-%!*%!-8!,$-,'-<!/!1'!
$,.'1$%1*'! -#-! .&'.$'-! +&$5%&$'-! -';&%! (9#%33'! %1! 3'! 9#%! &%B3%I$'2
1(16!7-!*%+$&<!(-#,%1!9#%!-#!.'-$+$P1!%-!1%#5&(3<!+#(1*'!1'!.#%*%1!
*%[(&!*%!-%&!.(&+$(3%-6!
H%!0%+0'<!-'1!,#+0'-!3'-!$1*$+$'-!*%!9#%<!(3!,%1'-!%1!'+(-$'1%-<!-'1!
3'-! .&'.$'-! '++$*%15(3%-! 9#$%1%-! .&'G'+(1! %3! +(1$;(3$-,'<! /! 1'! .'&!
3(-!&(d'1%-!9#%!5%,8(1!3'-!,$-$'1%&'-6!F!5&(G>-!*%!3(!3$5%&(5#&(!/!*%!
3(!B$3'-'B8(!-%!+'1G$%&5%!%1!#1'!*%!3'-!.#15'-! +3(G%!*%!3(!+#35#&(!*%3!
AmOOO<! /! %-'! 33%G(! (! 3'-! ,(&$1%&'-! (! 5&(5(&! *%! 33%G(&! .&#%;(-! *%! %-5(-!
.&4+5$+(-! +#(1*'! G#%3G(1! (! +(-(6! W'-! 1(5$G'-<! %-.%+$(3,%15%! 3'-! *%!
3(-!$-3(-!*%3!D(+8B$+'<!G%1!%1!-#!$15%&>-!#1(!B'&,(!*%!.'5%1+$(&!%3!+'2
,%&+$'6!73!VS!*%!1'G$%,;&%!*%!RLLS<!%3!(-5&P1','!/!,(5%,45$+'!J$2
33$(,!J(3%-!-%!5&(1-B'&,(!*%!%-+>.5$+'!%1!+&%/%15%<!(3!.&%-%1+$(&!%1!
.%&-'1(!#1!(+5'!*%!(15&'.'B()$(6!]+#&&%!*#&(15%!%3!-%)#1*'!G$([%!*%3!
+>3%;&%!+(.$541!E''o<!(!9#$%1!(+',.(g(6!F!3'!3(&)'!*%!5'*'!%3!5&(/%+2
5'!%-+#+0(!(!3'-!,(&$1%&'-!+'15(&!&%3(5'-!*%!+P,'!3'-!$-3%g'-!*%G'2
&(1!(!(9#%33'-!(!3'-!9#%!(+(;(1!*%!,(5(&!%1!-#-!+',;(5%-<!.%&'!-#-!
.&'.$(-!';-%&G(+$'1%-!1'!(.'&5(1!1$1)#1(!.&#%;(6!i(-5(!%3!*8(!9#%!
%1+#%15&(!(!#1'-!1%'d%3(1*%-%-!+',$>1*'-%!3(!+(;%d(!*%!#1!,#+0(2
+0'6!D%&'!3'!+$%&5'!%-!9#%!-'1!3'-!.&'.$'-!,(&$1%&'-!9#$%1%-!3%-!$1+$2
5(1! (! %33'<! /! 9#$%1%-! 33%)(1! $1+3#-'! (! .&'.'&+$'1(&! 3(! .$%d(6! H%! %-5%!
,'*'!-%!+$%&&(!#1!+8&+#3'!%1!%3!9#%!%3!-(3G([%!+'1-#,%!3(!+(&1%!/!%3!
+$G$3$d(*'!+'1-#,%!(3!-(3G([%6!73!+(1$;(3$-,'!%-<!-$!1'!#1(!+'1-%+#%12
+$(<!(3!,%1'-!#1!-$)1'!*%3!$1+$.$%15%!+(.$5(3$-,'6!W'-!1(5$G'-!*%!N#%2
G(! Ñ%3(1*(! +',%&+$(1! +'1! 3'-! ,(&$1%&'-! /! 3%-! 'B&%+%1! 0#%-'-! *%!
G8+5$,(-!*%!3'-!(15&'.PB()'-<!-%(!+$%&5'!'!1'6!:%!)%1%&(!(-8!#1(!3P)$+(!
*%3!*%-%'!9#%!(B%+5(!*%3!,$-,'!,'*'!(!3(-!*'-!.(&5%-<!9#%!-%!+'1-#2
,%1!/!-%!*$)$%&%1!,#5#(,%15%6!
73!+(18;(3<!+','!-(3G([%<!&%.&%-%15(!3(!+(.(+$*(*!0#,(1(!*%!+',%5%&!
(+5'-! (;',$1(;3%-<! .&'.$'-! *%! #1! %-5(*'! .&%+$G$3$d(5'&$'6! D'&! '5&'!
3(*'<!%I$-5%1!-(3G([%-!9#%!.'1%1!%1!.%&-.%+5$G(!3(!,$-,(!O3#-5&(+$P16!
:'1!3'-!;#%1'-!-(3G([%-!*%!h'15($)1%!/<!-';&%!5'*'<!*%!\'#--%(#6!D%2
&'!%-5(!%-.%+$%!*%!.&$,$5$G$-,'!9#%!*%B$%1*%!#1!%-5(*'!*%!1(5#&(3%d(!
+(-$!$*%(3!1'!%-!#1!$1G%15'!$3#-5&(*'6!W(!+&85$+(!+#35#&(3!5$%1%!-#!'&$2

YX! !
)%1!%1!%3!+$1$-,'!*%!H$P)%1%-!*%!:81'.%<!(.'*(*'!%3!D%&&'6!H%!0%+0'<!
(! .(&5$&! *%3! H$-+#&-'! -';&%! %3! '&$)%1! *%! 3(! *%-$)#(3*(*! %15&%! 3'-!
0',;&%-<! %3! .&'.$'! \'#--%(#! (*'.5(! %3! .(.%3! *%! +81$+'<! (#19#%! #1!
5(15'! *',%-5$+(*'6! W(!5(&%(! +81$+(! %-! 3(! ,$-,(! 9#%! &%5',(&4! -$)3'-!
,4-!5(&*%!3(!O3#-5&(+$P1r!+%1-#&(&!%3!.'*%&!+$G$3!/!&%3$)$'-'<!*%1#1+$(&!
-#-!(;#-'-!/!9#$5(&!%3!G%3'!*%!3'-!.&%[#$+$'-6!D'&!%-'!-%!+'3'+(!*%!3(*'!
*%!3(!1(5#&(3%d(!/!%1!'.'-$+$P1!(!3(!-'+$%*(*<!9#%!+'1-$*%&(!#1(!,(-2
+(&(*(!9#%!$,.'1%!#1(!-%&$%!*%!1%+%-$*(*%-!B$+5$+$(-!%1!-#-!+$#*(*(2
1'-6!
H$P)%1%-! &%1#1+$(! (! 5'*'! 3'! 9#%! -%! .#%*%! &%1#1+$(&6! W(! B(,(! /! %3!
;#%1!1',;&%<!3(!&$9#%d(<!%3!G%-5$*'<!3(-!+','*$*(*%-<!5'*(-!%33(-!1'!
-'1! .(&(! >3! ,4-! 9#%! -$)1'-! *%! *%;$3$*(*<! *%3! +(,$1'! (! 3(! .%&*$+$P1!
9#%!33%G(!(!3(!0#,(1$*(*!(!*%-+'1%+5(&!.'&!+',.3%5'!*%3!,#1*'!&%(3!
9#%!3(!&'*%(6!:$!.#%*%!;%;%&!()#(<!1'!1%+%-$5(!G$1'k!/!-$!.#%*%!;%;%&2
3(!*%3!0#%+'!9#%!B'&,(!%15&%!-#-!,(1'-!(&&'[(&4!%3!+#%1+'!9#%!33%G(!
%1! %3! ,'&&(36! :#-! ,'*%3'-! -'1! 3'-! (1$,(3%-<! +','! %3! &(5P1! *%3! 9#%!
(*'.5(!-#!()$3$*(*!*%!,'G$,$%15'-!/!-#!+(&4+5%&!',18G'&'6!D%&'<!-'2
;&%!5'*'-<!-#!%[%,.3'!%-!%3!.%&&'6!71!.&$,%&!3#)(&<!.'&9#%!%-!%3!(1$2
,(3! ,4-! *%-G%&)'1d(*'! *%! 5'*'-6! 71! -%)#1*'<! .'&9#%! G$G%! +'1! 3'-!
0#,(1'-! .%&'! 1'! %-! #1'! *%! %33'-6! :#! 04;$5(5! %-! #&;(1'<! .%&'! -$)#%!
-$%1*'!#1(!+&$(5#&(!1(5#&(3!9#%! 1'! -%! -',%5%! (!3(-! 3%/%-! 1$! 3(-!+'-2
5#,;&%-<! 9#%! 1'! -'1! ,4-! 9#%! 3%/%-! 54+$5(-6! E','! 3'-! (1$,(3%-<! 3(-!
C1$+(-!.&%'+#.(+$'1%-!*%3!+81$+'!-'1!3(-!9#%!3%!.%&,$5%1!-';&%G$G$&6!
F3! &%*#+$&! (3! ,81$,'! -#-! 1%+%-$*(*%-<! %3! +81$+'! -%! +'1G$%&5%! %1! #1!
-(3G([%<!/!%-'!-%!5&(*#+%!%1!-#!(-.%+5'6!^1!,(15'<!#1!;(-5P1!/!#1!,'2
&&(3!-'1!5'*(-!-#-!.'-%-$'1%-6!E','!,%1*$)(!/!1'!5$%1%!+(-(<!33%G(!3(!
;(&;(!3(&)(<!-$1!(&&%)3(&!/!G(!+#;$%&5'!*%!,#)&%6!\%1#1+$(!(!3(!+$G$3$2
d(+$P1!/!-#-!&%B$1(,$%15'-6!D%&'!%-5%!,'G$,$%15'!%-!(+5$G'!/!G'3#12
5(&$'<!&%-.'1*%!(!3(!(+5$5#*!+&85$+(!*%!#1!$1*$G$*#'!-';%&(1'6!j&%15%!
(3! 1','-<!3(!3%/!'!3'!+'1G%1+$'1(3<!H$P)%1%-!-%!-',%5%!(!3(! .0/-$-<!3(!
1(5#&(3%d(6! F! %-5(! '.'-$+$P1! -%! -#.%&.'1%! 3(! *%! 3'! .&'.$'<! (9#%33'!
9#%!+'1-$*%&(!(+'&*%!(!-#!%-.8&$5#!/!9#%!%-!.&'*#+5'!*%!3(!&%B3%I$P1<!
/!3'!([%1'<!3(!0%&%1+$(!9#%!.%&.%5C(!$1-5$5#+$'1%-!'.&%-'&(-!+','!%3!
%-+3(G$-,'<!%3!-',%5$,$%15'!*%!3(-!,#[%&%-!'!3(!*$-5$1+$P1!%15&%!+$#2
*(*(1'-!/!%I5&(1[%&'-6!:#!+'-,'.'3$5$-,'!3%!+'1G$%&5%!%1!1P,(*(<!/!
-%!1$%)(!(!+',%&!(3$,%15'-!9#%!0(/(1!.(-(*'!.'&!%3!B#%)'6!7-5(!*%+$2
-$P1!5$%1%!#1!-$)1$B$+(*'!-$,;P3$+'!$,.'&5(15%6!:$!.&%B$%&%!3(-!;(/(-!

! YL!
-(3G([%-! (! 3'-! .(-5%3%-! %-! .'&9#%! 3'-! *#3+%-! %I$)%1! #1! .()'! 9#%! 1'!
%-54!*$-.#%-5'!(!0(+%&6!71!-#!*$%5(!0(+%!3'!,$-,'!9#%!+'1!3(!,'&(3r!
';-%&G(!-#!%15'&1'!/!*%+$*%!9#>!5&()(&-%6!

OOO!

73!$15%&>-!.'&!3(!*$)%-5$P1!%1!%3!-$)3'! AmOOO!33%)(!$1+3#-'!(3!,#1*'!*%3!
%-.%+54+#3'<!#1$*'!(3!*%-(&&'33'!5>+1$+'6!p(+9#%-!*%!m(#+(1-'1!%-!#1!
B(;&$+(15%! *%! (#5P,(5(-! *%! )&(1! .&%-5$)$'<! /! #1(! *%! -#-! +&%(+$'1%-!
,4-!-';&%-(3$%15%-!%-!#1!.(5'!9#%!+',%!/!+()(6!E#(1*'!.&%-%15(!-#!
(G%!%1!RLSY!/(!0(!(3+(1d(*'!3(!B(,(!)&(+$(-!(!#1!.(-5'&!9#%!5'+(!3(!
B3(#5(<!$1-.$&(*'!%1!#1(!%-+#35#&(!*%!#1!B(#1'<!';&(!*%!F15'$1%!E'/2
-%G'I6!71!%B%+5'<!-#!.(-5'&!,#%G%!3'-!*%*'-!/!-'.3(!%1!%3!$1-5&#,%12
5'<!3'!9#%!)%1%&(!-#!,C-$+(6!:%!5&(5(!*%!#1!0%+0'!&%G'3#+$'1(&$'<!*%!
#1(! *%,'-5&(+$P1! *%! 3(-! .'-$;$3$*(*%-! ,(&(G$33'-(-! 9#%! .&',%5%! 3(!
5%+1'3')8(6! F#19#%! -%! +'1'+%1! (#5P,(5(-! *%-*%! 3(! (15$)n%*(*! %3!
B3(#5$-5(! 3'-! -#.%&(! 5'*'-6! 73! .(5'! %-! (C1! ,4-! .&'*$)$'-'<! /(! 9#%!
,#%G%!3(-!(3(-<!;%;%!()#(<!-%!(3$,%15(!/!%I+&%5(!%3!)&(1'!*$)%&$*'6!:#!
>I$5'!%-!5(3!9#%!m(#+(1-'1!'&)(1$d(!#1(!B#1+$P1!%1!3(!9#%!(+5C(1!-#-!
5&%-!+&%(+$'1%-!,4-!3')&(*(-!?%3!.(5'<!%3!B3(#5$-5(!/!#1!5(,;'&$3%&'?!/!
&%(3$d(!#1(!)$&(!*#&(15%!3'-!(g'-!+#(&%15(!9#%!3%!33%G(!.'&!5'*(!j&(12
+$(<!/!*%-.#>-!(!O1)3(5%&&(<!F3%,(1$(!/!\#-$(6!='*'!%3!,#1*'!-%!9#%2
*(! .%&.3%['! (3! +',.&';(&! %1! %3! +#%&.'! *%! #1! .%9#%g'! .4[(&'! +P,'!
B#1+$'1(1!3'-!.&'+%-'-!;$'3P)$+'-6!D%&'!0(/!5&(,.(6!715&%!3(-!,4-!*%!
+#(5&'+$%15(-! .$%d(-! ,PG$3%-! 9#%! +',.'1%1! %3! .(5'! -%! %1+#%15&(1!
*'-!*%.P-$5'-<!%1!%3!.&$,%&'!*%!3'-!+#(3%-!-%!(3,(+%1(!%3!)&(1'!$1)%2
&$*'<!/!%1!%3!-%)#1*'!3(!,(5%&$(!/(!*$)%&$*(6!7-!#1!*%5(33%!9#%!1'!&%-2
5(! 1$1)C1! ,>&$5'! (3! (&5$3#)$'<! .%&'! 3'! 0(+%! B(33$*'! %1! -#! .&'.P-$5'!
.&$1+$.(3r!*%,'-5&(&!+P,'!5&(;([(1!3'-!+#%&.'-6!
F#1!(-8<!-#!>I$5'!%-!(.3(-5(15%!.'&9#%!,(5%&$(3$d(!(!3(!.%&B%++$P1!3(-!
(1-$%*(*%-!/!%3!%-.8&$5#!*%! 3(!>.'+(6! 71! .&$,%&!3#)(&<!%-!#1(!&%.&%2
-%15(+$P1!3$5%&(3!*%!3(!(B$&,(+$P1!+(&5%-$(1(!*%!9#%!3'-!(1$,(3%-!-'1!
,49#$1(-6!W'!.&'G'+(*'&!*%!%-(!$*%(!%-<!/(!3'!0%,'-!G$-5'<!9#%<!.'&!
%I5%1-$P1<!3'-!-%&%-!0#,(1'-!5(,;$>1!3'!-'16!:$!%3!/'!%-54!%1!%3!(3,(!
/!%33(!%-!3(!9#%!-%.(&(!(!3(!0#,(1$*(*!*%!3'-!(1$,(3%-<!3(!*%*#++$P1!
%-!-%1+$33(6!71!-%)#1*'!3#)(&<!-$!%3!.(5'!%-!#1(!$,()%1!*%!3(!1(5#&(3%2
d(! /! *%! 3(-! 5&(1-B'&,(+$'1%-! 9#%! %1! %33(! -%! .&'*#+%1<! 3'-! ,C-$+'-!

YY! !
9#%! 3'! (+',.(g(1! %1+(&1(1! #1'-! $*%(3%-! ;#+P3$+'-! .'&! 3'-! 9#%! 3(!
;#&)#%-8(! -$%15%! *%;$3$*(*6! W(! .&$,%&(! .(&(*'[(! 3(! %1+'15&(,'-! (3!
+',.&';(&!9#%!%-%!&%5'&1'!(!3(!1(5#&(3%d(!9#%!.(&%+%1!-$,;'3$d(&!-%!
.&%-%15(!,%*$(15%!.&'*#+5'-!*%!3(!5%+1'3')8(!/!3(!$1*#-5&$( Z6!W(!-%2
)#1*(!%-54!%1!3(!-$,.3$+$*(*!*%!3(!G$*(!(!3(!9#%!(.#15(1<!'.#%-5(!(!3(!
+',.3%[$*(*! *%! 3'-! ,%+(1$-,'-! 9#%! 3'-! +',.'1%16! W(! 5%&+%&(<! /!
9#$d4! -%(! 3(! ,4-! $,.'&5(15%<! %-! 9#%! 3(-! ,49#$1(-! %1! %3! -$)3'! AmOOO!
1#1+(!-'1!-'3'!,49#$1(-6!W(!-'&.&%-(!9#%!.&'*#+%1<!%3!(-',;&'!(;2
-'3#5'!(15%!3'-!(#5P,(5(-<!3'!.&'G'+(!%3!&%+'1'+$,$%15'!(15%!%33'-!*%!
#1'-! $)#(3%-6! W'!9#%! -(+(1! (! 3(! 3#d! %-! 3(! .&'.$(! 1(5#&(3%d(! 0#,(1(6!
_&)(1'-! /! %1)&(1([%-! -'1! 3(! ,$-,(! +'-(6! N'! -%&4! 0(-5(! %3! -$)3'! -$2
)#$%15%<! +'1! 3(! (.(&$+$P1! *%! 3(! -%1-$;$3$*(*! ?%-5>5$+(?! &',415$+(!
+#(1*'<! -$)#$%1*'! %3! +(,$1'! ,(&+(*'! .'&! K3(o%<! -%! *$G$*(! %15&%! 3(!
B&$(3*(*!&(+$'1(3$-5(!*%3!%1)&(1([%!/!3(!+(3$*%d!-%15$,%15(3!*%3!P&)(2
1'6!D'&!%-'!1'!%-!&(&'!9#%!W(!h%55&$%<!K%&o%3%/<!:(*%!'!W'+o%!0(;3%1!
+'1!B&%+#%1+$(!*%!.3(15(-<!(1$,(3%-!/!,49#$1(-<!'!9#%!W%$;1$d!+'1-$2
*%&%! (3! -%&! 0#,(1'! +','! #1! (#5P,(5(! *$G$1'6! :'1! +(5%)'&8(-! +',2
.3%,%15(&$(-<! /! 3(-! +(.(+$*(*%-! )4-5&$+(-! *%! 3(! 1(5#&(3%d(! 5$%1%1! %3!
.'*%&!*%!5&(1-B'&,(&!#1(!%1!'5&(6!
F!%-(-!+(.(+$*(*%-!*$)%-5$G(-!*%!3(!1(5#&(3%d(!.(&%+%!(.%3(&!5(,;$>1!
3(! ,%*$+$1(! +#(1*'! &%+',$%1*(! 5',(&! ;(g'-! +','! &%,%*$'! .(&(!
;#%1(! .(&5%! *%! *'3%1+$(-6! F3! (,.(&'! *%3! $15%&>-! .'&! %3! ()#(! +&%+%1!
+$#*(*%-! +','! K(50<! (3! -#&! *%! O1)3(5%&&(<! *'1*%! /(! 0#;'! 5%&,(-! %1!
5$%,.'-! &',(1'-<! .%&'! %-! %1! %3! -$)3'! AmOOO! +#(1*'! -%! &%B'&,(! 3(! .'2
;3(+$P1!%1!5'&1'!(3!;(31%(&$'<!+','!.(&5%!*%!3'!9#%!.'*&8(!+(3$B$+(&-%!
+','! #1(! B$%;&%! .'&! 3(! 0$*&'5%&(.$(6! F3&%*%*'&! *%3! ,(1(15$(3! *%!
()#(-!5%&,(3%-!-%!+'1B'&,(!#1(!&%*!*%!&%+#&-'-!9#%!(.#15(1!(!(3)#2
1(-! *%! 3(-! .&%'+#.(+$'1%-! .&'.$(-! *%3! -$)3'6! F338! -%! 0(+%! &%B%&%1+$(!
#1(!G%d!,4-!(!3(-!%15&(g(-<!%-5(!G%d!*%!3(!5$%&&(<!*%!*'1*%!-#&)%1!3(-!
()#(-! ,$1%&(3%-<! /! 9#%! %-541! )';%&1(*(-! .'&! 3'-! .&$1+$.$'-! *%-+#2
;$%&5'-!.'&!3(!1#%G(!B$3'-'B8(!,%+41$+(6!7-!+#&$'-'!9#%!%1!5%&&$5'&$'-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Z!=(,;$>1!%1!3(!*>+(*(!*%!RLZU!m(#+(1-'1!-%!0(+%!$1-.%+5'&!*%!3(!-%*(!%1!j&(12
+$(<! /! %1! RLZT! $1G%15(! %3! .&$,%&! 5%3(&! +',.3%5(,%15%! (#5',45$+'6! N'! '3G$*%,'-!
9#%! %3! 5%3(&! %-! #1'! *%! 3'-! )&(1*%-! ,%*$'-! *%! 3(! &%G'3#+$P1! $1*#-5&$(3<! /! 9#%! .(&(!
K3(o%!&%.&%-%15(!%3!.%1-(,$%15'!&(+$'1(3$-5(!*%!N%Å5'1<!K(+'1!/!W'+o%!9#%!33%G(!(!
O1)3(5%&&(!(!3(!&#$1(!,'&(36!
! YQ!
+','!K(50!-%!5&(*#d+(1!3(-!3%/%1*(-!/!3(-!+&%%1+$(-!.()(1(-!9#%!3'-!
$*%15$B$+(1!+','!3#)(&%-!*%!.'*%&!(3!1#%G'!3%1)#([%!&(+$'1(3$-5(<!.%2
&'!3%-!(5&$;#/(<!%1!%3!B'1*'<!3'-!,$-,'-!.'*%&%-!,$3()&'-'- T6!D'&9#%!
-$!%3!()#(!1(+%!%1!3(-!%15&(g(-!*%!3(!5$%&&(<!-#-!G$&5#*%-!(B%+5(1!(!3(-!
5&$.(-! *%! 9#$%1%-! -%! ;(g(1! %1! %33(-6! F#19#%! 3(! +'-5#,;&%! G(! +(,2
;$(1*'!(!3'!3(&)'!*%3!-$)3'<!/!-$!%1!3(-!.&$,%&(-!*>+(*(-!-%!&%+',$%12
*(!-#,%&)$&-%!%1!3(-!()#(-<! %1!3(-!C35$,(-! %3! &%,%*$'! .(-(!(! -%&! -#!
$1)%-5(<! 9#%! B(+$3$5(! 3'-! .&'+%-'-! *%! %3$,$1(+$P16! F3! ,$-,'! 5$%,.'!
+(,;$(! %3! 5$.'! *%! .%&-'1(-! 9#%! (+#*%! (! 3'-! ;(31%(&$'-<! /! 3(-! +3(-%-!
(35(-!*%[(1!-$5$'!(!3(-!,4-!0#,$3*%-6!
N'! 0(/! *#*(! *%! 9#%! 3'-! &%5$&'-! 5%&,(3%-! -'1! *%! 1(5#&(3%d(! ,>*$+(<!
.%&'!5(,;$>1!9#%!1'!-'3'!-%!1#5&%1!*%!,%*$+$1(6!F338!-%!*%!#1(!+'12
B3#%1+$(!.%+#3$(&!%15&%!5%&(.$(<!%+'1',8(<!+$%1+$(<!B$3'-'B8(!/!,'*(6!73!
+(,;$'!%15&%!%3!.C;3$+'!9#%!(+#*%!(!K(50!-%!*%;%!%1!.(&5%!(!3(!.'.#2
3(&$d(+$P1!*%!-#-!&%,%*$'-<!.%&'!5(,;$>1!(!3(!.&$G(5$d(+$P1!*%3!+#%&2
.'!9#%!-%!*%-(&&'33(!(!3'!3(&)'!*%3!-$)3'!%15&%!3(-!+3(-%-!.#*$%15%-6!W(!
1'+$P1!*%!*%+'&'!-%!+'1G$%&5%!%1!+%15&(3!(!3(!0'&(!*%!*$&$)$&!3(-!+'-2
5#,;&%-!/!%3!,'*'!*%!G$*(!*%!3(-!+3(-%-!(35(-!(!,%*$*(!9#%!(G(1d(!%3!
-$)3'! AmOOO<!/!/(!-(;%,'-!0(-5(!*P1*%!33%)(&4!%1!%3!-$)3'!-$)#$%15%6!D'&!
%-'!1'!%-!*%!%I5&(g(&!9#%!*%[%1!*%! 3(*'! 3(! +'-5#,;&%! *%3! ;(g'! /! 3(!
*%-1#*%d!9#%!33%G(!(-'+$(*(<!.%&'!5(,.'+'!9#%!3'!0()(1!+'1!3(!;%;$2
*(! *%3! ()#(6! 73! ,(/'&! ;%1%B$+$'! (5&$;#$*'! (! -#! $1)%-5(! %-! 9#%! (+5C(!
+','!*$#&>5$+'!'!3(I(15%6!H%!1#%G'!1'-!%1+'15&(,'-!(15%!#1(!(.%3(2
+$P1!(!3'-!$15%-5$1'-6!:%!.(-(!*%!3(!*%-1#*%d!(!3(!.#&)(6!71!3(-!.&$,%2
&(-! >.'+(-<! 3(! )%15%! -#%3%! (1*(&! %1! (3;'&1'd<! /! 3(-! +'1G%1+$'1%-! -%!
&%3([(16! i(/! #1(! ,%d+3(! *%! +3(-%-! -'+$(3%-! /! -%! .%&,$5%1! &%3(+$'1%-!
9#%!*%!'5&'!,'*'!/!%1!+#(39#$%&!'5&'!3#)(&!-%&8(1!$1+'1+%;$;3%-6!71!
%3!,$-,'!3#)(&!.#%*%1!%1+'15&(&-%!-#,%&)$*'-!+#%&.'-!,(-+#3$1'-!
/!B%,%1$1'-!(!3(!G%d6!:'1!+',#1%-!3'-!+0$-,%-!/!3(-!;&',(-!%1!5'&1'!
(!3(!3$+%1+$'-$*(*!*%!3'-!;(31%(&$'-<!/!%-!,#/!.&';(;3%!9#%!1'!G(/(1!
*%-%1+(,$1(*(-6!D(&%+%!9#%! %1! 3'-! ;(31%(&$'-!*%3!-$)3'! AmOOO! $,.%&(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
T!N'!%1!G(1'!3'-!,>*$+'-!9#%!&%)%15(1!%-5'-!%-5(;3%+$,$%15'-!%-541!,(3!G$-5'-!.'&!

;#%1(!.(&5%!*%!-#-!+'3%)(-<!9#$%1%-!G%1!%1!%33'-!#1(!%-.%+$%!*%!+$%158B$+'-!3'+'-<!/!
+'1B8(1! ,4-! ;$%1! .'+'! %1! 3(-! +(.(+$*(*%-! &%(3%-! *%! 3'-! &%,%*$'-! 9#%! &%+%5(16! W(!
G$-$P1!.'.#3(&!3'-!+'1-$*%&(!(G(&'-!%!$1+',.%5%15%-6!K3(o%!3'-!+(3$B$+(!*%!%1G%1%2
1(*'&%-6!
QU! !
%3!,$-,'!.&$1+$.$'!9#%!%1!W(-!m%)(-!%1!%3!-$)3'! AA!/!3'!9#%!G(!*%! AAOr!
3'!9#%!'+#&&%!%1!K(50!-%!9#%*(!%1!K(506!71!3'-!&%B#)$'-!5%&,(3%-!*%!
5'*(!7#&'.(!-%!G$G%!#1(!3$;%&5(*!C1$+(6!
E'1!%3!+(,;$'!*%!#-'!*%3!()#(!9#%!5$%1%!3#)(&!(!B$1(3%-!*%!-$)3'<!3(!+#2
&$'-$*(*! 9#%! $1G$5(! (! G$-$5(&! %-'-! 3#)(&%-! .(-(! *%! -%&! *%! +(&4+5%&!
-%I#(3!(!-%&!%-+(5'3P)$+(6!W'!9#%!33(,(!3(!(5%1+$P1!(0'&(<!(*%,4-!*%3!
G(3'&!5%&(.>#5$+'!9#%!1'!-%!.$%&*%!%1!1$1)C1!,',%15'<!%-!3(!.'-$;$2
3$*(*!*%!(-9#%(&-%6!W(!.#&)(<!3(!$1)%-5(!/!3(!%I+&%+$P1<!-'1!%3!1#%G'!
&%+3(,'6!W(!-#+$%*(*!$,.%&(15%!/!%3!',1$.&%-%15%!'3'&!(!0%+%-<!.'&!
%I5&(g'!9#%!.#%*(!.(&%+%&1'-<!1'!-'3'!%I.#3-(!(!#1'-<!-$1'!9#%!(5&(%!
(!'5&'-6!73!*%-%'!.'&!+'15(,$1(&-%!%-!%G$*%15%!%1! D%&-#(-$P1<!*%!p(2
1%!F#-5%1<!'!%1! =0%!%I.%*$5$'1!'B!i#,.0&%/!E3$1o%&!uW(!%I.%*$+$P1!
*%! i#,.0&%/! E3$1o%&v<! *%! =';$(-! :,'33%56! W'-! ;(31%(&$'-<! +','! %3!
.(5'!*%!m(#+(1-'1<!.&'G'+(1! (3!,$-,'!5$%,.'! B(-+$1(+$P1! /! &%.#)2
1(1+$(!(3!$1G'+(&!(!3(-!B#1+$'1%-!+'&.'&(3%-6!D%&'!%1!K(50!-%!(.%3(!(!
(3)'!,4-r!3(!*$)%-5$P1<!%3!.&'+%-'!%-+(5'3P)$+'!-%!G%!+','!#1!-$-5%,(!
+$G$3$d(5'&$'<!%1!%3!9#%!3(!.'3#+$P1!5$%1%!#1!.(.%3!B#1*(,%15(36!O1+3#2
-'! 3(! +',#1$+(+$P1<! 3'-! .'-$;3%-! G81+#3'-! 9#%! .#%*%1! %-5(;3%+%&-%!
%15&%!+3(-%-!'!%15&%!&(d(-<!-%!+'1-$*%&(!+'15(,$1(+$P16!
7I$-5%! %15&%! 3'-! $15%&%-%-! *%! 3'-! ;(g$-5(-! 3(! $15%1+$P1! *%! ,%['&(&!
(3)C1!(-.%+5'!*%!-#!-(3#*<!.%&'!5(,;$>1!#1(!G'3#15(*!*%!*$G%&-$P16!
W'-!;(31%(&$'-!-'1<!9#$d4<!3'-! .&$,%&'-! +%15&'-!*%!G(+(+$'1%-<! 3#)(2
&%-!(!3'-!9#%!(+#*$&!.(&(!&%3([(&-%!/<!(3!,$-,'!5$%,.'<!%I.3'&(&!(3)#2
1(-!*%!3(-!(1-$%*(*%-!.&'.$(-! *%! 3(!>.'+(6! D'&9#%!3(! .%&,%(;$3$*(*!
*%!3(!9#%!-%!*$-B&#5(!%1!%3!*%-+(1-'!B#1+$'1(!5(,;$>1!+','!&%B3%['!*%!
3(-!$19#$%5#*%-<!3(-!B&#-5&(+$'1%-!/!3(-!&$)$*%+%-!*$(&$(-6!W'!.(&(*P[$2
+'!*%!%-5'-!3#)(&%-!%-!9#%!%3!()#(!-#%3%!(-'+$(&-%!(!3(!3$,.$%d(<!,$%12
5&(-!9#%!(9#8!%3!(-+'!%-!+%15&(3 X6!i(/!9#%!5%1%&!%1!+#%15(!9#%!3(!'&$1(!
/!3'-!%I+&%,%15'-!B'&,(1!.(&5%!*%!3'-!&%,%*$'-!.&%-+&$5'-!.(&(!*%2
5%&,$1(*(-!*'3%1+$(-!*%-*%!5$%,.'-!$1,%,'&$(3%-<!/!3(!,%*$+$1(!*%3!
-$)3'! AmOOO! 1'! *%[(! *%! &%+#&&$&! (! %33'-! +#(1*'! 3'! +'1-$*%&(! '.'&5#1'6!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
X!^1'!*%!3'-!,'5$G'-!9#%!%,.#[(1!(!3(-!+3(-%-!(*$1%&(*(-!(!*%[(&!*%!G$-$5(&!K(50!/!
'5&(-!3'+(3$*(*%-!-$,$3(&%-! %-<!.&%+$-(,%15%<!3(!(#-%1+$(!*%!3%5&$1(-!*%15&'!*%!3(-!
$1-5(3(+$'1%-6! :$! %3! .&'.P-$5'! *%! 3(-! ()#(-! %-! 3(! %G(+#(+$P1! /! %-5(! 5$%1%! 9#%! &%(3$2
d(&-%!B#%&(<!3'-!$1+'1G%1$%15%-!-'1!+'1-$*%&(;3%-6!^1(!+'-(!%-!;#-+(&!#1!.'+'!*%!
%I+$5(+$P1!/!*%-()&(*'<!/!'5&(!.(-(&-%6!
! QR!
71!%-5'-!3#)(&%-!-%!.'1%!*%!,(1$B$%-5'!3(!$15%&+'1%I$P1!%15&%!)#-5'!/!
*$-)#-5'<! .%&'! 5(,;$>1! %15&%! ,%*$+$1(! /! ,'*(r! (,;(-! %-541! +'1*$2
+$'1(*(-! .'&! .&%-#.#%-5'-! 9#%! 1(*(! 5$%1%1! 9#%! G%&<! *%-*%! 1#%-5&(!
.%&-.%+5$G(<!+'1!3(!+$%1+$(6!
7-5'!-%!0(+%!%G$*%15%!+'1!K%&o%3%/!/!-#!*%B%1-(!(!#35&(1d(!*%3!()#(!
*%!(39#$5&416!71!RLZU!%3!.#%;3%+$5'!*%!E3'/1%<!*%3!9#%!%-!';$-.'<!-#2
B&%!#1(!0(,;&#1(!-%)#$*(!*%!#1(!%.$*%,$(!*%!*$-%15%&8(6!W(!B(35(!*%!
&%+#&-'-!/!3(!(#-%1+$(!*%!,>*$+'-!.&'G'+(!9#%!3'-!0(;$5(15%-!-%!*$&$2
[(1!(!3(!$)3%-$(!%1!;#-+(!*%!-'3#+$'1%-<!/!(338!-#!;#%1!.(-5'&!3%-!&%+'2
,$%1*(!%3!#-'!*%!#1(!$1B#-$P1!*%!;&%(!9#%!.(&%+%!0(;%&!5%1$*'!;#%2
1'-! &%-#35(*'-! +'15&(! 3(! G$&#%3(6! :$! [#d)(,'-! %3! >I$5'! .'&! -#-!
+'1-%+#%1+$(-<! %-5%! *%;%! *%! -%&! (;-'3#5'<! .'&9#%! K%&o%3%/! .#;3$+(!
%15&%! RLZZ! /! RLTV! G(&$(-! %*$+$'1%-! *%! #1! 3$;&'<! +(&5(-! /! B'33%5'-! %1!
3'-!9#%!*%B$%1*%!%-%!&%,%*$'!+','!#1(!G%&*(*%&(!.(1(+%(6!W(!.&%2
.(&(+$P1!*%!3(!;%;$*(!%-!-%1+$33(! /! %+'1P,$+(r! (!#1!+#(&5'! *%! )(3P1!
*%!(39#$5&41!-%!3%!(g(*%!#1'!%15%&'!*%!()#(!B&8(<!-%!&%,#%G%!+'1!;&8'!
*#&(15%!#1'-!,$1#5'-!/!-%!*%[(!&%.'-(&!%1!#1!&%+$.$%15%!5(.(*'!*#2
&(15%!#1!.(&!*%!*8(-6!73!&%-#35(*'!%-!#1!()#(!.#&8-$,(!9#%!+#&(!B$%2
;&%-<!-$&G%!*%!(15$->.5$+'<!%3$,$1(!%3!,(3!(3$%15'<!.&'5%)%!3'-!4&;'3%-!
*%!3'-!,'&*$-+'-!*%!3(-!+(;&(-t!:%!5&(5(!*%!3(!+#&(!*%B$1$5$G(<!.'&!3'!
9#%!%-!,#/!.&%B%&$;3%!(!3'-!;(g'-!/!-#!-#+$%*(*6!
W'!9#%!*%-5(+(!*%!3(!&%$G$1*$+(+$P1!*%!K%&o%3%/!%-!9#%!-#!&%,%*$'!1'!
5$%1%!1(*(!9#%!G%&!+'1!3(!,%*$+$1(!1$!+'1!3(!B(&,(+'.%(6!W'-!;%1%B$2
+$'-!*%!3(!$1B#-$P1!*%!;&%(!.&'G$%1%1!*%3!B#%)'<!*%3!%-.8&$5#!?9#%!5$%2
1%!-#!'&$)%1!%1!H$'-?!9#%!-%!*%-.&%1*%!*%!%33(!/!9#%!&%-5(;3%+%!#1!
%9#$3$;&$'! -(3#*(;3%! %1! %3! +#%&.'! %1B%&,'6! W(-! &(8+%-! *%! %-5(! $*%(!
.#%*%1!-%)#$&-%!0(-5(! 3(!5&(*$+$P1!(39#8,$+(<!-%)C1! 3(! +#(3! (!5&(G>-!
*%! +$%&5'-! .&'*#+5'-<! %1! %-5%! +(-'! %3! (39#$5&41<! -%! &%%-.$&$5#(3$d(! %3!
+#%&.'!/!*%!%33'!-%!*%&$G(!3(!-(1(+$P16!D(&(!K%&o%3%/!%3!($&%<!3(!(5,P-2
B%&(!+'1!-#!,%d+'3(1d(!*%!%3%,%15'-!0%5%&')>1%'-<!(B%+5(!(3!+#%&.'!
/!3(-!G8-+%&(-<!.&'G'+(1*'!*%-*%!+P3$+'-!0(-5(!5&(-5'&1'-!0$-5>&$+'-6!
H%!5'*'!%33'!.#%*%!3$;&(&-%!#1'!+'1!-#!&%+%5(!*%!()#(!(39#$5&(1(*(<!
-$%,.&%! 9#%! -%! -#.%&%! %3! (-+'! 9#%! .#%*%! .&'G'+(&! 3(! &%-$1(! 9#%! 3(!
+',.'1%6!D%&'!(C1!0(/!,4-r!-#!()#(!,$3()&'-(!.#%*%!%,.3%(&-%!.(2
&(!(-%)#&(&!3(!-(3#*!*%!%-+3(G'-!/!.3%;%/'-<!1'!.(&(!,%['&(&!-#-!+'12
*$+$'1%-!*%!G$*(<!-$1'!.(&(!5&(19#$3$d(&!(!9#$%1%-!-%!-$&G%1!*%!%33'-6!
W(!B'&5(3%d(!B8-$+(!%-!C5$3!.(&(!3(!%I.3'5(+$P16!

QV! !
:$!(3)'!9#%*(!.(5%15%!5(15'!*%3!+(-'!*%!K%&o%3%/!+','!%3!*%!K(50!%-!
9#%!3(!,%*$+$1(!*%3!-$)3'! AmOOO! %-54!.3()(*(! *%!$*%(-! *$-5$15(-!/!+'12
5&(*$+5'&$(-<!*%!)(3%1'-<!;'5$+(&$'-<!9#8,$+'-<!*%-5$3(*'&%-!/!+#&(1*%2
&'-! %1B&%15(*'-! 3'-! #1'-! +'15&(! 3'-! '5&'-6! W(! )%15%! .&%B$%&%! 3'-! &%2
,%*$'-! *%! (3)#1'! *%! %33'-! .'&9#%! -%! ([#-5(1! ,%['&! 9#%! 3'-! '5&'-! (!
-#-! $*%(-! .&%+'1+%;$*(-<! 1'! .'&9#%! -%(1! ,4-! %B%+5$G'-6! \%+#&&%! (!
(9#%33'-!+'1!3'-!9#%!+',.(&5%!.&%[#$+$'-!/!*%-%'-<!(!3'-!9#%!%-541!*%!
,'*(!'!3'-!9#%!&%-.'1*%1!,%['&!(!-#-!.&'.$(-!(1-$%*(*%-6!D'*%,'-!
+&%%&!9#%!3(!,%*$+$1(!0(;&4!-#.%&(*'<!%1!%3!5$%,.'!9#%!1'-!-%.(&(<!
3(!+'1B$(1d(!%1!&%,%*$'-!+','!%3!()#(!*%!(39#$5&41<!)&(+$(-!(!3'-!%12
-(/'-! +381$+'-! /! 3'-! ,>5'*'-! %I.%&$,%15(3%-<! .%&'! 9#$d4! 1'! -%(! *%3!
5'*'!(-86!i(/!,>*$+'-!9#%!-$)#%1!&%+',%1*(1*'!&%,%*$'-!1(5#&(3%-!
'! (35%&1(5$G'-! +','! 3(-! B3'&%-! *%! K(+0! '! 3(! 0',%'.(58(<! +#(1*'! 3(-!
.&#%;(-!$1*$+(1!9#%!1'!%[%&+%1!1$1)C1!&%-#35(*'<!1$!.'-$5$G'!1$!1%)(2
5$G'<!%1!%3!'&)(1$-,'6!F3!B$1!/!(3!+(;'<!1'!%-!,4-!9#%!()#(6!

Om!

F! .%-(&! *%! 3'-! +(,;$'-! %1! %3! .C;3$+'<! 3'-! ;(31%(&$'-! ,(15$%1%1! -#!
.'.#3(&$*(*!*#&(15%!%3!-$)3'! AOA<!+#(1*'!%3!()#(!5%&,(3!/!3'-!+0'&&'-!
(!.&%-$P1!-%!&%+%5(1!+'15&(!3(!0$-5%&$(6!7-5%!)$&'!0(+$(!3'!-%I#(3!5(,2
.'+'!5$%1%!1(*(!*%!&(&'6!W(-!5%&,(-!&',(1(-!/(!%&(!B(,'-(-!.'&!-%&!
3#)(&%-!*%!*$-$.(+$P1!B&%+#%15(*'-!.'&!.&'-5$5#5(-6!H%-*%!%3!.#15'!*%!
G$-5(!*%!3'-!(15&'.P3')'-!,'&(3%-<!K(50!&%.&%-%15(!5'*'!3'!,(3'!*%!3(!
-'+$%*(*!,'*%&1(r!0(/!5%(5&'<!;%;$*(<![#%)'<!3#['<!.3(+%&%-!/!*%-1#2
*%d<!(-8!+','!#1(!,%d+'3(1d(!*%!)%15%-!*%!5'*'!5$.'6!F!,%*$(*'-!*%3!
-$)3'! AOA<! (*%,4-! *%! 3'-! -$,.3%-! ;(g'-<! %1! 3'-! ;(31%(&$'-! -%! 'B&%+%1!
,(-([%-<! 5&(5(,$%15'-! *%! ()#(! B&8(<! +(3$%15%! '! (! .&%-$P1<! /! .(-%'-! (!
+(;(33'!+','!,%*$'-!*%!&%3([(+$P1!.(&(!3'-!%1B%&,'-!/!-#-!(+',.(2
g(15%-6!=(,.'+'!-'&.&%1*%!9#%!-%!.&%B$%&(<!%1!)%1%&(3<!3(!0$*&'5%&(2
.$(! -';&%! '5&(-! (35%&1(5$G(-<! +','! 3(-! $15%&G%1+$'1%-! 9#$&C&)$+(-6! F!
*$B%&%1+$(! *%! %-5(-! ?9#%! (+(&&%(1! #1! &$%-)'! -%&$'! -';&%! 3(! G$*(! *%3!
.(+$%15%<! 5(15'! *#&(15%! 3(! .&'.$(! '.%&(+$P1! +','! +'1! 3(-! .'-$;3%-!
$1B%++$'1%-! /! +',.3$+(+$'1%-! .'-5%&$'&%-?! %3! ()#(! %-! ,4-! ;$%1! $1'2
+#(6!F!B$1(3%-!*%!-$)3'!-%!$1-5(3(1!*#+0(-!%1!K(50<!9#%!5$%1%1!%B%+5'-!
&%3([(15%-!.(&(!$1*$G$*#'-!*%!(,;'-!-%I'-6!F!3(-!0$-5>&$+(-!-%!3%-!&%(2
3$d(1! $&&$)(+$'1%-! .>3G$+(-! .(&(! 3$;&(&3(-! *%! -#! %1B%&,%*(*6! W(-! *#2

! QS!
+0(-! 5(,;$>1! B'&,(1! .(&5%! *%3! (&-%1(3! +#&(5$G'! *%3! -(1(5'&$'! *%! 3(!
:(3.~5&$x&%<!*'1*%!j&%#*!(*9#$%&%!*%!E0(&+'5!;#%1(!.(&5%!*%!-#!+'2
1'+$,$%15'!-';&%!3(!,(5%&$(6!
:%!0(+%!1%+%-(&$'<!33%)(*'-!(!%-5%!.#15'<!-%.(&(&!(!(9#%33'-!9#%!(+#2
*%1! (! 3'-! ;(31%(&$'-! .(&(! *$-B&#5(&! *%! -#-! .3(+%&%-! *%! 9#$%1%-! 3'!
0(+%1!.'&!.&%-+&$.+$P1!B(+#35(5$G(6!7-!*%+$&<!(!3'-!-(1'-!*%!3'-!%1B%&2
,'-k!%1!%-.%+$(3!*%!3(-!%1B%&,(-6!W'-!%B%+5'-!3$;%&(*'&%-!*%!3(!0$*&'2
5%&(.$(!-'1!%G$*%15%-!0(-5(!0'/<!+#(1*'!.&'3$B%&(1!3'-! -.(-!#&;(1'-!
%1!3'-!9#%!-%!'B&%+%1!-%&G$+$'-!1'!,#/!*$-5$15'-!*%!3'-!9#%!'B%&5(;(1!
%1!3'-!-$)3'-!AmOOO!/!AOA6!=(,.'+'!-'1!(0'&(!&(&'-!3'-!,(-([%-!5%&(.>#2
5$+'-!.(&(!5&(5(&!3%-$'1%-6!D%&'!(!.(&5$&!*%!3(!*>+(*(!*%!RYXU<!,4-!'!
,%1'-<! )&(1! .(&5%! *%! 3(-! %1B%&,(-! 9#%! (+#*%1! (! %-5'-! +%15&'-! 3'!
0(+%1!.(&(!5&(5(&-%!*%!0$-5%&$(6!D(&(!%33(-!-%!.&'+#&(1!5&(5(,$%15'-!
%-.%+8B$+'-<!+','!3(-!+$5(*(-!$&&$)(+$'1%-!.>3G$+(-!'!0$*&',(-([%-!G(2
)$1(3%-<! ,%*$(15%! 3'-! +#(3%-! -%! 3$;%&(! 3(! +'1)%-5$P1! 3'+(3! .&'G'+(*(!
.'&!3(!*'3%1+$(6!:$,'1!K(&#+0!+'1-$*%&(!9#%!3(!*#+0(!%-!;%1%B$+$'-(!
.(&(!5'*'6!71!RYQL!%-+&$;%r!`W'-!+%15&'-!1%&G$'-'-!-%!*%-.$%&5(1<!3(!
&%-.$&(+$P1!-%!G#%3G%!,4-!.&'B#1*(<!3(!+$&+#3(+$P1!-%!G$)'&$d(<!3(-!-%2
+&%+$'1%-!(#,%15(1a!uh($1%-!RQQQr!LYv6!7-5'!%-!%-.%+$(3,%15%!+$%&2
5'! +#(1*'! %3! ()#(! -%! *$&$)%! %15&%! 3'-! ,#-3'-<! '! +#(39#$%&! '5&'! %#B%2
,$-,'!9#%!%,.3%(1!3'-!*'+5'&%-!.(&(!&%B%&$&-%!(!%-5%!5$.'!*%!,(-([%<!
.#%-5'!9#%!-%!%G$5(1!%1!5'*'!,',%15'!3(-!&%B%&%1+$(-!-%I#(3%-6!
W(! &(.$*%d! /! 3(! %B%+5$G$*(*! *%3! #-'! *%3! ()#(! (! 3(! 0'&(! *%! ';5%1%&! '!
.&'.'&+$'1(&! .3(+%&! %&P5$+'! %-! $1*#*(;3%6! F#19#%! 3(-! *%-+&$.+$'1%-!
*%!3'-!,>5'*'-!%,.3%(*'-!%1!3'-!;(31%(&$'-!-'1!%-+(-(-!?3'-!5%I5'-!
3(-!%G$5(1<!/(!9#%!%3!(;(1*'1'!*%3!3(581!+','!3%1)#(!*'+5(!/!%3!(;(&(2
5(,$%15'!*%!3'-!,%*$'-!*%!&%.&'*#++$P1!0(+%1!9#%!+#(39#$%&(!.#%*(!
(++%*%&!(!%33'-<!/!3(-!+'1-%+#%1+$(-!.'*&8(1!-%&!+(5(-5&PB$+(-?!.(&%+%!
9#%!+(-$!5'*'-!+'$1+$*%1r!3(! 0$-5>&$+(<!3(!B&8)$*(!'! 3(!1%#&(-5>1$+(! -%!
5#,;(!;'+(!(&&$;(!%1!#1(!;(g%&(!*%!,'*'!9#%!%3!)&$B'!-%!*$&$[(!0(+$(!
%33(6!73!+(#*(3!/!3(!5%,.%&(5#&(!-%!([#-5(1!.(&(!-(5$-B(+%&!-#-!.&%B%2
&%1+$(-<! /! %3! ()#(! 3%! &%+'&&%! 3'-! )%1$5(3%-! %-5$,#3(1*'! %3! +385'&$-6!
F#19#%! %-5(-! *'3%1+$(-! -%! +'1-$*%&(1! .&'*#+5'! *%! 3(! B&#-5&(+$P1!
-%I#(3<!%1!1$1)C1!+(-'!-%!$*%15$B$+(1! 3'-! &%,%*$'-! +'1! 3(! ,(-5#&;(2
+$P16! H%! 0%+0'<! %15&%! (3)#1'-! ,>*$+'-! %I$-5%! #1(! .&'B#1*(! .&%'+#2
.(+$P1! .'&! %3! %B%+5'! 9#%! .#%*%! 5%1%&! %1! 3(-! ,#[%&%-! 3(! G$;&(+$'1%-!
*%3!5&%1<!'!%3!&'+%!*%!3'-!,#-3'-!(3!%,.3%(&!#1(!,49#$1(!*%!+'-%&!+'1!

QZ! !
.%*(3!'!(3!,'15(&!%1!;$+$+3%5(6!:'-.%+0(1!9#%<!(3!()$5(&-%!3'-!)%1$5(2
3%-<!.#%*%1!.&'G'+(&!#1(! %I+$5(+$P1! -%I#(3!1'! *%-%(*(6! ]5&'-! +','!
E0(&+'5<! -$1! %,;(&)'<! (;')(1! .'&! -#! #-'! .(&(! %3! 5&(5(,$%15'! *%! 3(!
1%#&(-5%1$(6!71!%3!+(-'!*%!3(-!$&&$)(+$'1%-<!3'!9#%!-%!;#-+(!%-!#1(!+&$2
-$-! 1%&G$'-(! 9#%! 3$;%&%! *%! 3(! 5%1-$P1! (+#,#3(*(! /! .%&,$5(! G'3G%&! (!
#1(!G$*(!1'&,(3!/!'&*%1(*(6!7-!*%+$&<!#1!'&)(-,'6!
F0'&(!;$%1<!#1(!G%d!&%+'1'+$*(!3(!+(#-(!*%!3(!*'3%1+$(!/!%1+'15&(*'-!
3'-!,%*$'-!.(&(!.'1%&3%!B$1<!-'1!.'+'-!3'-!9#%!%-541!*$-.#%-5'-!(!33%2
G(&3'-!(!+(;'6!7-!.'&!%-'!9#%!-%!%,.3%(1!,>5'*'-!+','!3(!0$*&'5%2
&(.$(<!9#%!3$;&(1!(3!,>*$+'!*%3!5%*$'!/!%3!*$-)#-5'!*%!5%1%&!9#%!.&'2
+#&(&!#1!,(-([%!G()$1(3!,(1#(36!H%-*%!3(!+381$+(!-%!.&'+#&(1!,%*$'-!
5>+1$+'-!9#%!B(+$3$5%1!3(!5(&%(!(!3'-!.';&%-!*'+5'&%-!+','!p(,%-!h(2
&$'1!:$,-<!#1'!*%!3'-!$1G%15'&%-!*%3!%-.>+#3'<!9#%!-#B&%!+(*(!G%d!9#%!
5$%1%!9#%!%I.3'&(&!3(!.%3G$-!*%!#1(!.(+$%15%6!:#!%-.%+$(3$*(*!%-!3(!)$2
1%+'3')8(6!W(!(.(&$+$P1!*%!3'-!.&$,%&'-!+'1-'3(*'&%-!,%+41$+'-!5$%2
1%! %3! ,$-,'! '&$)%16! f(! 9#%! 3(! %-5$,#3(+$P1! +3$5'&$(1(! -%! 0(! *%,'-2
5&(*'!%B%+5$G(!(!3(!0'&(!*%!.&'G'+(&!%3!.(&'I$-,'!0$-5>&$+'<!b.'&!9#>!
1'!(3$)%&(&!3(!+(&)(!*%3!,>*$+'!%15&%)41*'3%!#1!(&5$3#)$'!9#%!3'!.&'2
G'9#%!.'&!>3c!
73!.(.%3!9#%!&%.&%-%15(!%3!()#(!*%-*%!%3!-$)3'! AmOOO<!(!B$1(3%-!*%3! AOA!/!
.&$1+$.$'-!*%3! AA!3'!0(+%!3(!%3%+5&$+$*(*<!33%)(1*'!(!-'3(.(&-%!3'-!5&(2
5(,$%15'-!%1!3(-!1#%G(-!B'&,(-!*%!3(!%3%+5&'0$*&'5%&(.$(6!W(-!*#+0(-!
%3>+5&$+(-!?%1!3(-!9#%!-%!+',;$1(1!3(-!*'-!+3(-%-!*%!+'&&$%15%!+'1!3(!
G$;&(+$P1!*%!3'-!,(-([%-?!-%!*$+%1!%B%+5$G(-!(!3(!0'&(!*%!5&(5(&!5(15'!
(!0',;&%-!+','!(!,#[%&%-<!.%&'!%1!%-.%+$(3!(!%-5(-<!(!9#$%1%-!.#%*%!
-(1(&!*%!1$1B',(18(<!1%#&(-5%1$(<!(,%1'&&%(<!$1B%&5$3$*(*!'!B&$)$*%d6!
73!.&$,%&!#-'!,>*$+'!*%!G$;&(*'&%-!%3%+5&',%+41$+'-!-%!*(<!#1(!G%d!
,4-<! %1! 3(! :(3.~5&$x&%<! %1! RYLY<! +'1! ,#[%&%-! 0$-5>&$+(-6! 73! $1G%15'&!
*%3! .&$,%&! (&5$3#)$'! *%! %-5%! 5$.'! %-! p'-%.0! h'&5$,%&! @&(1G$33%<! %1!
5'&1'!(!RYYU6!:$1!%,;(&)'<!-%!,#%-5&(!&%5$+%15%!(15%!%3!%,.3%'!*%!-#!
$1G%1+$P1! .(&(! %-5'-! B$1%-<! $1+3#-'! +#(1*'! 3'-! 5&(5(,$%15'-! .'&! G$2
;&(+$P1! -'1! +',#1%-! %1! 3(! >.'+(! .(&(! #1(! +(15$*(*! (-',;&'-(! *%!
*'3%1+$(-<! 9#%! G(1! *%-*%! %3! %-5&%g$,$%15'! 0(-5(! 3(! (&5&$5$-<! .(-(1*'!
.'&! 5#,'&%-6! 71! RQUT<! :(,#%3! :.%1+%&! J(33$(1! 33%)(! (! (B$&,(&! 9#%!
5'*(!3(!G$*(!5$%1%!-#!'&$)%1!%1!3(-!G$;&(+$'1%-6!H%!(08!-%!*%&$G(!%3!.(2
.%3!;%1%B$+$'-'!9#%!5$%1%1!3'-!G$;&(*'&%-<!.#%-5'!9#%!-#!(++$P1!.&'2
G'+(!#1!,(/'&!B3#['!*%!-(1)&%!%1!3(!d'1(!*'1*%!-%!(.3$+(6!H#&(15%!%3!

! QT!
B$1!*%!-$)3'!-%!$1G%15(1!(.(&(5'-!*%!*$-5$15'-!.&%+$'-<!(+5$G(*'-!(!.%2
*(3%-<!+'1!G(.'&<!/!%3>+5&$+'-6!
E','! -%! G%<! ,#/! .&'15'! -%! #1%! 3(! %3%+5&$+$*(*! +'1! 3(-! G$;&(+$'1%-!
+','!,'*'!*%!-(1(+$P16!71!+381$+(-!/!-(1(5'&$'-!-%!%,.3%(1!(.(&(2
5'-!G$;&(*'&%-<!$1+3#-'!-%!0(;$3$5(1!-(3(-!*%*$+(*(-!(!%33'-!%1!%I+3#-$2
G(6! D%&'! (3)#1'-! -%+5'&%-! %15&%! 3'-! .&'B%-$'1(3%-! *%! 3(! -(3#*! *#*(1!
&%-.%+5'!(!3(!G(3$*%d!*%!%-5'-!5&(5(,$%15'-6!:%!-'-.%+0(!9#%!-'1!,#2
+0'-!3'-!+0(&3(5(1%-!/!+#&(1*%&'-!9#%!3'-!'B%&5(1!+'1!%3!C1$+'!B$1!*%!
)(1(&!*$1%&'6!W'-!.&';3%,(-!*%!G%&*(*!-#&)%1!+'1!3(!%3%+5&$B$+(+$P1!
*%! 3'-! 0')(&%-! (! .&$1+$.$'-! *%3! -$)3'! AA6! =%1)(,'-! %1! +#%15(!9#%! 3(!
$15&'*#++$P1! *%! 3(! %3%+5&$+$*(*! %1! 3'-! 0')(&%-! %-5(*'#1$*%1-%-! -%!
.&'*#+%!%1!RYLX!/!9#%<!+','!+(;%!%-.%&(&<!-#-!,(/'&%-!+'1-#,$*'2
&%-!-'1!3(-!,#[%&%-6!73!.&$,%&!#5%1-$3$'!*',>-5$+'!%3%+5&$B$+(*'!B#%!3(!
,49#$1(!*%!+'-%&<!%1!RYYQ<!-%)#$*(!%1!3(!*>+(*(!-$)#$%15%!*%3!G%15$2
3(*'&<! 3(! 5%5%&(<! 3(! 5'-5(*'&(! /! %3! G$;&(*'&6! =(,;$>1! -%! .'.#3(&$d(1!
*#&(15%! #1! ;&%G%! .%&$'*'! *%! 5$%,.'! 3'-! G$;&(*'&%-! 9#%! B#1+$'1(1!
+'1!()#(<!/(!9#%!1'!%I$-5%1!&%-5&$++$'1%-!%1! -#! #-'! (!.&$1+$.$'-! *%3!
-$)3'! AA!/!3'-!0')(&%-!-%!+'1%+5(1!*$&%+5(,%15%!(3!+(1(3$d(*'!.&$1+$2
.(36! 71! 3(! 7I.'-$+$P1! *%! D(&8-! *%! RQUU! -%! .#%*%1! ';-%&G(&! ,4-! *%!
#1(!*'+%1(!*%!G$;&(*'&%-!,%+41$+'-6!
F#19#%!3(!,(/'&!.(&5%!*%!+',.(g8(-!B(;&$+(15%-!*%!G$;&(*'&%-!*%-2
5$1(1!-#-!(1#1+$'-!(!3'-!.&'B%-$'1(3%-<!3(!F,%&$+(1!m$;&(5'&!E',.(2
1/!'B!:56!W'#$-!-%!*$&$)%!*$&%+5(,%15%!(!3(-!,#[%&%-!.(&(!$1B'&,(&3%-!
*%! 9#%! .#%*%1! +'1%+5(&! -#! (.(&(5'! (! +#(39#$%&! %1+0#B%! *%! +(-(! /!
'.%&(&3'! %33(-! ,$-,(-! +'1! 5'5(3! $15$,$*(*6! D(&(! RQUX! -#.'1%! #1!
+(,;$'! B#1*(,%15(3<! /(! 9#%! 3$;%&(! (! 3(-! ,#[%&%-! *%! 3(! -#.%&G$-$P1!
,>*$+(!'!*%!-#-!,(&$*'-<!9#$%1%-!-%!-#.'1%!3%-!(.3$+(1!%3!5&(5(,$%12
5'!0(-5(!%3!,',%15'6!N'!*%;%,'-!'3G$*(&!9#%!%3!#-'!*%!%-5'-!(.(&(2
5'-!1'!%-!3C*$+'<!1'!-'1![#)#%5%-!-%I#(3%-6!E','!,#%-5&(!*%!%33'<!%3!
G$;&(*'&!,4-!(1#1+$(*'!*#&(15%!3(-!.&$,%&(-!*>+(*(-!*%3!-$)3'!AA!%1!
3(-!&%G$-5(-!B%,%1$1(-!%-5(*'#1$*%1-%-!%-!*%! 3(!,(&+(!J0$5%!E&'--<!
+#/'!1',;&%!*%&$G(!*%!#1(! '&)(1$d(+$P1!%.$-+'.(3$(1(!9#%! B3'&%+$P!
%1!@&(1!K&%5(g(!%1!RYYU6!7-5(!&%B%&%1+$(!$1-.$&(!+(-5$*(*!/!.#&%d(6!
7-5'-!(.(&(5'-!-%!+',%&+$(3$d(1!+','!#1!.%9#%g'!%3%+5&'*',>-5$+'!
+(.(d!*%!.&'.'&+$'1(&!*%-+(1-'!/!;$%1%-5(&!0(-5(!3(!*>+(*(!*%!RQVU<!
+#(1*'!3'-!G$;&(*'&%-!*%!(.3$+(+$P1!)%1$5(3!G(1!*%-(.(&%+$%1*'!)&(2

QX! !
*#(3,%15%!*%!3(-!&%G$-5(-<!(#19#%!3'-!(.(&(5'-!*%!,(-([%-!'!*%!%3%+2
5&'5%&(.$(!-$)#%1!(1#1+$41*'-%6!71!RQVY!(.(&%+%!%1!3(!&%G$-5(! D'.#2
3(&!h%+0(1$+-!#1!(1#1+$'!*$&$)$*'!(!#1!.C;3$+'!B(,$3$(&<!/!%-!#1(!*%!
3(-! C35$,(-! (.(&$+$'1%-! *%! %-5%! 5$.'! 0(-5(! 9#%! %1! 3'-! (g'-! XU! %3! G$2
;&(*'&! &%-#&)%<! (0'&(! -8<! +',%&+$(3$d(*'! *%! B'&,(! (;$%&5(! +','! [#2
)#%5%!-%I#(36!7-!$,.'&5(15%!&%+'&*(&!9#%<!0(-5(!%-%!,',%15'<!(,;'-!
%3%,%15'-! ?%3! G$;&(*'&! /! %3! -%I'?! .%&,(1%+%1! -%.(&(*'-6! 7-5(! *%2
-%I#(3$d(+$P1! .&'G$%1%! *%! 3'-! 5&(5(,$%15'-! *%! 3(! 0$-5%&$(! /! *%! 3(! G$2
-$P1!*%!3(!-%I#(3$*(*!B%,%1$1(!+','!%-%1+$(3,%15%!.(5'3P)$+(6!h($2
1%-! (.#15(! 9#%! `,$%15&(-! %3! '&)(-,'! B%,%1$1'! .#*$%&(! -%&!
,%*$+(3$d(*'!1'!5%1*&8(!9#%!0(;3(&-%!*%!>3<!0%+0'!9#%!.'*&8(!0(;%&!
33(,(*'!3(!(5%1+$P1!+'1! $1+','*$*(*!(! -#!(.(&%15%! +'1B3$+5'!+'1!3(!
1'&,(!*%3!+'$5'a!uF-!3'1)!(-!B%,(3%!'&)(-,!+'#3*!;%!,%*$+(3$d%*<!$5!
*$*!1'5!0(G%!5'!;%!*$-+#--%*<!Å$+0!Å'#3*!0(G%!+(33%*!#1+',B'&5(;3%!
(55%15$'1! 5'! $5-! (..(&%15! +'1B3$+5! Å$50! 50%! 1'&,! 'B! +'$5#-v! uRQQQr!
RRLv6!
\%-#35(!+#&$'-'!+P,'!%3!,'*%3'!(1*&'+>15&$+'!*%!-%I#(3$*(*!(;(&+(!
3(!0$-5'&$(!,>*$+(!*%-*%!@(3%1'!0(-5(!j&%#*6!W(!$*%(!*%!9#%!3(!,#[%&!
1%+%-$5%!3(!%-5$,#3(+$P1!*%3!+385'&$-!.(&(!(3+(1d(&!%3!'&)(-,'!-%!.3(12
5%(!+','!#1!0%+0'!.&';3%,45$+'!$1+3#-'!%15&%!(9#%33'-!9#%!3(!&%+'2
,$%1*(1<! +','! p'01! D%+0%/! '! H(G$*! \%#;%1<! 9#$%1%-! 3(! G%1! 1(*(!
,4-!9#%!+','!#1!.&%4,;#3'!.(&(!%3!+'$5'6!:%!-#.'1%!9#%!3(!(#-%1+$(!
*%! '&)(-,'! G()$1(3! $,.3$+(! #1(! %-.%+$%! *%! *%-,(-+#3$1$d(+$P1! *%3!
,(&$*'<! /! 9#%! 3(! %I$)%1+$(! *%! %-5(! %-5$,#3(+$P1! .&%G$(! '! *#&(15%! 3(!
.%1%5&(+$P1!&',.%!%3!G81+#3'!%15&%!%3!0',;&%!/!3(!,#[%&6!7-5(!&#.5#2
&(! 0(+%! 9#%! 3(! *%,(1*(! -%(! $1[#-5(! /! .'+'! &(d'1(;3%6! :%&8(! ,#+0'!
,4-! +P,'*'! .(&(! (,;'-! 9#%! %3! '&)(-,'! -%! (3+(1d(&(! +'1! 3(! .%1%2
5&(+$P1<! 9#%! 3(! ,#[%&! B#%&(! +(.(d! *%! (3+(1d(&3'! +'1! 3(! %-5$,#3(+$P1!
G()$1(3<!.%&,$5$%1*'!9#%!%3!0',;&%<!(3!5%&,$1(&<!-%!&%3([%!/!*%-+(1-%6!
W'!$,.'&5(15%!%-!9#%!%-5(!+&%%1+$(!(B%+5(!5(,;$>1!(!3(-!,#[%&%-6!W(!
,#5#(3$*(*!'&)4-,$+(!%1!%3!+'$5'!%-!#1!,$5'!.(&(!5'*'-6!
W'!,4-!-'&.&%1*%15%!%-!9#%!$1+3#-'!0'/!%1!*8(!-%!&%+',$%1*%!(!3(-!
,#[%&%-!9#%<!-$!1'!(3+(1d(1!%3!'&)(-,'<!3'!B$1[(16!:5%.0(1$%!F3%I(12
*%&!3'!0(+%!%1!#1!(&58+#3'!5$5#3(*'!`J(-!$5!)''*!B'&!/'#!5''ca!ubD(&(!
5$!5(,;$>1!0(!%-5(*'!;$%1cv!.#;3$+(*'!%1!%3!1C,%&'!VZY!*%!3(!&%G$-5(!
E'-,'.'3$5(1<!%1!RQQT6!W(! (#5'&(!-%g(3(!3(! +'1G%1$%1+$(!*%!%-%!.%2
9#%g'! %1)(g'! +','! #1(! +'&5%-8(! 0(+$(! %3! (,(15%<! /! 3'! ;%1%B$+$'-'!

! QL!
9#%! &%-#35(! (! 3(! 0'&(! *%! %G$5(&! *$-+#-$'1%-6! 7-! *%+$&<! (+'1-%[(! (! 3(-!
,#[%&%-!9#%!'+#35%1!-#!$1-(5$-B(++$P1<!3'!9#%!3%-!$,.$*%!.'1%&3%!&%2
,%*$'!(3!1'!(B&'15(&!%3!.&';3%,(!/<!(*%,4-<!9#%!,(15%1)(1!#1(!.(2
&%[(!9#%!1'!3(-!+',.3(+%6!
W(!+#%-5$P1!*%3!.3(+%&!B%,%1$1'!*#&(15%!%3!+'$5'<!+','!/(!0%,'-!G$-2
5'<!%-54!G$1+#3(*(!+'1!3(-!5%'&8(-!*%!3(!)%1%&(+$P16!W(-!$*%(-!-';&%!%3!
+(3%15(,$%15'! 9#%! .&'.$+$(! 3(! .&'+&%(+$P1! +'15$1C(1! %,.3%41*'-%!
%1!#1!.3(1'!,%5(BP&$+'!0'/!%1!*8(r!1'-!+(3%15(,'-!(15%-!*%!.&(+5$+(&!
%3!-%I'6!W'!9#%!0%,'-!*%!5%1%&!%1!+#%15(!%-!9#%!*#&(15%!,$3%1$'-!3'-!
+'1'+$,$%15'-!-';&%!%3!B#1+$'1(,$%15'!*%3!-$-5%,(!&%.&'*#+5$G'!-'1!
%-+(-'-!%!$,.&%+$-'-6!71!RXTR<!i(&G%/!(B$&,(!9#%!5'*(!G$*(!.&'G$%1%!
*%3!0#%G'<!/!9#%!%3!+#%&.'!*%!3(!,#[%&!*%;%!%-+'1*%&!#1'!.'&!1%+%2
-$*(*6!\%)1$%&!*%!@&((B!3'!%1+#%15&(!%1!RXLV!%1!%3!B'38+#3'!'G4&$+'!?
#1(!,(-(!*%!5%[$*'!9#%!-%!33%1(!*%!389#$*'!(15%-!*%!9#%!%3!'G'+$5'!-%(!
%I.#3-(*'!0(-5(!%3!'G(&$'!.(&(!3(! B%+#1*(+$P1?6! 71!%-%!,',%15'! -%!
.&'*#+%!#1(!,'G$,$%15'!*%!-$1>+*'9#%!(!.(&5$&!*%3!+#(3!%3! 0',;&%!
-%!$*%15$B$+(!+'1!%3!%-.%&,(!/!3(!,#[%&!+'1!%3!'G(&$'6!
H%!3(!';-%&G(+$P1!*%3!0#%G'!-%!*%*#+%!9#%!3(!%/(+#3(+$P1!B%,%1$1(!
1'! %-! *%! 3(! ,$-,(! 1(5#&(3%d(! 9#%! 3(! ,(-+#3$1(<! (#19#%! B#%&(! ,4-!
*>;$3<!-$1'!*%!#1(!5'5(3,%15%!*$-5$15(6!@&(+$(-!(3!,$+&'-+'.$'<!F15'1!
G'1! W%%#Å%10'%o! *%-+#;&%! %1! %-(! ,$-,(! *>+(*(! 9#%! %3! %-.%&,(!
,(-+#3$1'! 1'! %-! #1! -$,.3%! 389#$*'! %-.%-'<! -$1'! 9#%! %1! >3! 0(;$5(1!
#1'-! (1$,(3$33'-! *$,$1#5'-! 9#%! -%! ,#%G%16! H%! %-5%! ,'*'! %3! G(&P1!
&%+#.%&(! .(&5%! *%! 3(! *$)1$*(*! .%&*$*(! +'1! 3(! 5%'&8(! 'G4&$+(<! 5&(-! 3(!
9#%!-%!*#*(;(!*%!-#!.(.%3!)%1>-$+'6!F0'&(!%3!.&';3%,(!%-!-(;%&!9#>!
(.'&5(!+(*(!(,(15%!(!3(!0'&(!*%!3(!&%.&'*#++$P16!i(-5(!5(3!.#15'!33%2
)(!3(!';-%-$P1!.'&!3(!&%.&'*#++$P1!-%I#(3!9#%!%1!%3!-$)3'! AmOOO!-%!+'12
-$*%&(!9#%!$1+3#-'!3(-!.3(15(-!(+5C(1!*%!%-%!,'*'<!+','!*%,#%-5&(!
3(!5(I'1',8(!*%!W$11%'<!.'&!%[%,.3'6!
W(-! 5%'&8(-! '.#%-5(-! *%3! 'G$-,'! /! *%3! (1$,43+#3'<! 9#%! (&)#,%15(1!
9#%!3(!1#%G(!G$*(!-%!%1+#%15&(!%1!%3!0#%G'!'!%3!%-.%&,(!&%-.%+5$G(2
,%15%<! .3(15%(1! #1(! %-.%+$%! *%! (-%I#(3$*(*! B#1*(*(! %1! #1! ,'*%3'!
*%! *'-! -%I'-! -%.(&(*'-6! H%-*%! (,;(-! .'-$+$'1%-! -%! *%B$%1*%! (3)'!
.(&%+$*'! (! 3(! .(&5%1')>1%-$-<! %1! 3(-! 9#%! -'3'! %3! ,(5%&$(3! (.'&5(*'!
.'&! #1'! *%! 3'-! .&')%1$5'&%-! %-! %3! $,.'&5(15%6! i(-5(! .&$1+$.$'-! *%3!
-$)3'! AOA! 1'! %,.$%d(! (! +',.&%1*%&-%! %3! B#1+$'1(,$%15'! &%(3! *%! 3(!

QY! !
'G#3(+$P16!H%!0%+0'<!+','!'+#&&8(!%1!%3!-$-5%,(!)(3>1$+'<!-%!,(15$%2
1%!9#%!%3!0#%G'!-'3'!-%!*%-.&%1*%!*%-.#>-!*%3!+'$5'6!H%!@&((B!,(12
5$%1%! 9#%! 3(! ,#[%&! 'G#3(! 5&(-! 3(! +P.#3(<! *#&(15%! 3(! +#(3! -%! .&'*#+%!
#1(!5%,.%-5(*!%1!%3!$15%&$'&!*%!-#!+#%&.'!9#%!()$5(!-#-!P&)(1'-!+'1!
#1(!G$'3%1+$(!5(3!9#%!%3!0#%G'!+(%!-$1!&%,$-$P16!"#$%1%-!%1+#%15&(1!
&(-5&'-!*%!'G#3(+$P1!?+','!.#%*%!-%&!%3!+#%&.'!3C5%'?!%1!%3!$15%&$'&!
*%! #1(! ,#[%&! 9#%! 1'! 0(! 5%1$*'! &%3(+$'1%-! -%I#(3%-<! 3'-! &%3(+$'1(1!
+'1!3(!B#%&d(!*%!-#!*%-%'<!+'1!3(!.'5%1+$(!*%!-#!(&*'&!-%I#(36!H%!%-5%!
,'*'<! ,>*$+'-! +','! K3#,%1;(+0<! *%B$%1*%1! 9#%! (3)#1(-! ,#[%&%-!
%-.%+$(3,%15%!-%1-$;3%-!-'1!+(.(+%-!*%!.&'*#+$&!%3!%3%,%15'!)%1>-$2
+'!-$1!,(15%1%&!+',%&+$'!+(&1(36!H%!$)#(3!,(1%&(!-%!-'-5$%1%!9#%!3(!
%I5$&.(+$P1!*%3!'G(&$'!0(+%!(!3(-!,#[%&%-!,4-!,#[%&%-!/!,4-!.(&%+$2
*(-!(!3'-!0',;&%-<!(!3(!G%d6!F!3(-!.&$,%&(-<!.'&9#%!.$%&*%1!.(&5%!*%3!
*%-%'!-%I#(3<!3'!9#%!3(-!(*(.5(!,%['&!(3!$*%(3!B%,%1$1'k!(!3'-!-%)#12
*'-!.'&9#%!(3!*%[(&!*%!,%1-5&#(&!-#!'&)(1$-,'!-%!(.&'I$,(!(3!,(-2
+#3$1'6!
73!*%-+'1'+$,$%15'!(1(5P,$+'!9#%!-%!*%-.&%1*%!*%!%-5(-!$*%(-<!(!.%2
-(&!*%!3'-!(G(1+%-!%1!%3!%-5#*$'!*%!3'-!+#%&.'-<!1'!.&'G$%1%!5(15'!*%!
3(!B(35(!*%!,%*$'-!5>+1$+'-!+','!+(;&8(!%-.%&(&!?(#19#%!%-5(-!3$,$2
5(+$'1%-! 5$%1%1! -#! $,.'&5(1+$(?<! -$1'! *%! 3'-! %-B#%&d'-! .'&! (*(.5(&!
3(-!';-%&G(+$'1%-!(!3(-!5%'&8(-!.&%B$[(*(-!'<!*$+0'!*%!'5&'!,'*'<!3'-!
.&%[#$+$'-6! W(! -#-5$5#+$P1! *%3! ,'*%3'! [%&4&9#$+'! G%&5$+(3! *%! 3(! '&*%2
1(+$P1! *%! 3'-! -%&%-! .'&! #1'! 0'&$d'15(3! *%! 3(! $1+'1,%1-#&(;$3$*(*!
-%I#(3!.&'G'+(!#1(!;C-9#%*(!$1+%-(15%!*%!(9#%33'!9#%!+'1G$%&5%!(!3(!
,#[%&!%1!,#[%&6!:$!(15%-!%-5(;(!+3(&'!9#%!%&(!#1!0',;&%!$,.%&B%+5'<!
(0'&(!5'*'!%3!$15%&>-!%-54!%1!%1+'15&(&!9#>!3(!0(+%!*$B%&%15%<!$1+3#-'!
+#(1*'!3(-!.&#%;(-!(.#15(1!%1!%3!-%15$*'!+'15&(&$'6!

m!

7-5(!5%1-$P1!-%!0(+%!%G$*%15%!+#(1*'!-%!';-%&G(1!5(15'!3'-!(&)#,%12
5'-! $)#(3$5(&$'-! .&'.$'-! *%! 3(! O3#-5&(+$P1! +','! 3(! $*%(! ;#&)#%-(! *%3!
+(;%d(!*%!B(,$3$(6!W'-!5%P&$+'-!*%!3(!>.'+(!&%G'3#+$'1(&$(!?,%!&%B$%2
&'!(9#8!(!3(!\%G'3#+$P1!B&(1+%-(?!0(+%1!0$1+(.$>!%1!3(!B#%&d(!1(5#&(3!
*%3! 0',;&%<! 3'! 9#%! 3%! 0(+%! .&'.$+$'! .(&(! -%&! %3! .(5%&! B(,$3$(%6!D%&'!
5(,;$>1!+(;%!3(!.'-$;$3$*(*<!%1!*%5%&,$1(*(-!+$&+#1-5(1+$(-<!*%!9#%!
-%(! 3(! ,#[%&! %3! ,$%,;&'! B#%&5%! *%! 3(! B(,$3$(6! :$! ,$&(,'-! (5&4-! #1!

! QQ!
,',%15'!/!&%+'&*(,'-!(!3(!&%(3!D&>-$*%15%!*%!h'15&%#$3!'!(!3(!B$+5$2
+$(!-%g'&(!*%!h%&5%#$3!1'-!0(&%,'-!#1(!$*%(!*%!+#43%-!-'1!%-(-!+$&2
+#1-5(1+$(-6! H%-*%! 3(! .%&-.%+5$G(! *%! \'#--%3! /! *%! 3'-! (15&'.P3')'-!
,'&(3%-<!.#%*%!9#%!.'&!B#%&(!.(&%d+(1!,#[%&%-<!.%&'!.'&!*%15&'!-'1!
0',;&%-6!:#-!0(;$3$*(*%-!$15%3%+5#(3%-!/!1%)'+$(*'&(-!(-8!3'!*%,#%-2
5&(16!
^1(!G%d!,4-!1'-!%1+'15&(,'-!+'1!9#%!%-!3(!1(5#&(3%d(!3(!9#%!(.(&5(!
(!3(-!,#[%&%-!*%!3(!%-B%&(!.C;3$+(<!.#%-5'!9#%!-#!+#%&.'!%-!9#$%1!*$2
+5(!-#!3#)(&!*%15&'!*%!3(!B(,$3$(!/!3(!-'+$%*(*6!W'!+#&$'-'!%-!9#%!%-5%!
,'G$,$%15'!9#%!.'*&8(,'-!33(,(&!*',%-5$+(*'&!*%3!+#%&.'!B%,%1$2
1'! -%! %1+#%15&(! +'1! #1(! &%-.#%-5(! $1%-.%&(*(6! :$! %-! +$%&5'! 9#%! 3(-!
,#[%&%-!-'1!+&$(5#&(-!*$-5$15(-!(!3'-!0',;&%-!/!1'!G%&-$'1%-!$,.%&2
B%+5(-!*%!%-5'-<!%15'1+%-!&%-#35(&4!9#%!%-5'-!1'!.#%*%1!&%.&%-%15(&2
3(-! 1$! '.$1(&! .'&! %33(-6! 7-! *%! %-5%! ,'*'<! #5$3$d(1*'! 3(-! ,$-,(-!
0%&&(,$%15(-!*%!9#$%1%-!5&(5(1!*%!%1+%&&(&3(-<!+','!-#&)%1!3(-!.&$2
,%&(-!B%,$1$-5(-6!]5&'!%[%,.3'!*%!3(-!*$B%&%15%-!5%'&8(-!9#%!.#%*%1!
%I5&(%&-%!*%!#1!,$-,'!.%1-(,$%15'!3'!%1+'15&(,'-!%1!\'#--%(#! /!
:(,#%3!G'1!D#5%1*'&B6!73!.&$,%&'<!+#(1*'!0(;3(!*%!3(!.(d!9#%!&%$1(!
%1!%3!%-5(*'!*%!1(5#&(3%d(<!3(!(5&$;#/%!(!3(!#1$G%&-(3$*(*!*%3!+%3'!%1!
3(-! 0%,;&(-! 0#,(1(-6! W(! *$-.'1$;$3$*(*! +'1-5(15%! *%! 3(-! ,#[%&%-!
.(&(! 3(! .&'+&%(+$P1! ?9#%! &%+#%&*(! *%! (3)C1! ,'*'! (3! .&$1+$.$'! *%!
.&'-5$5#+$P1!#1$G%&-(3!*%!:(*%?!3(-!*$B%&%1+$(!*%!3(!,(/'&8(!*%!%-.%2
+$%-!(1$,(3%-<!%1!3(-!9#%!%3!+%3'!%-54!3$,$5(*'!(!#1!%-.(+$'!*%!5$%,.'<!
/! %G$5(! 9#%! 3'-! 0',;&%-! -%! %1B&%15%1! %15&%! %33'-! .'&! .'-%%&3(-6! H%3!
,$-,'! ,'*'<! %3! 1C,%&'! *%! 0%,;&(-! *$-.'1$;3%-! (/#*(! (! 9#%! %-(-!
3#+0(-!1'!-%!.&'*#d+(16!73!-%)#1*'!%I5&(%!+'1+3#-$'1%-!'.#%-5(-!*%!
%-(! ,$-,(! *$-.'1$;$3$*(*! /! #1$G%&-(3$*(*! 1(5#&(3%-6! D'&! -#! .(&5%<!
.$15(! #1! %-5(*'! '&$)$1(3! -$,$3(&! (3! *%! i';;%-<! +&#%3! /! G$'3%15'<! 9#%!
0(+%!1%+%-(&$(!3(!$,.'-$+$P1!*%!3(!3%/6!
D'&!-#!.(&5%<!\'#--%(#<!%1!#1'!*%!-#-!(3(&*%-!*%!,$-')$1$(<!(-%)#&(!
9#%!%-!%3!.#*'&!B%,%1$1'!%3!'&$)%1!*%!3(!+$G$3$d(+$P1!/<!.'&!5(15'<!*%!
5'*'-! 3'-! ,(3%-! 9#%! .(*%+%! 3(! 0#,(1$*(*6! :'1! %33(-! 9#$%1%-! 5',(1!
+'15&'3!*%!-#!+%3'!/<!(!5&(G>-!*%!3(-!1%+%-$*(*%-!-%I#(3%-<!*',$1(1!(!
3'-!0',;&%-<!+#(1*'!*%;%&8(!-%&!(3!&%G>-6!:$!3(-!,#[%&%-!%-541!*$-.'2
1$;3%-!(!+#(39#$%&!+',.(g%&'!-%I#(3!%-!.'&9#%<!(15%-!*%!%-5(!$,.'-$2
+$P1<! 3(! 0#,(1$*(*! -'3'! &%-.'1*%! (! 3'-! $,.#3-'-! ,%+41$+'-! *%! 3(!
.&'+&%(+$P16! N'! 0(/! %1! %3! -%I'! 1(5#&(3! 1(*(! 9#%! 1'! &%-.'1*(! (! 3(!

RUU!!
.&'.$(!1%+%-$*(*!*%3!+#%&.'6!:$1!%,;(&)'<!3(-!,#[%&%-!$1G%15(1!*'-!
)&(1*%-! .%3$)&'-! 9#%! +'&&',.%&41! /! (-'3(&41! (! 3(! &(d(! 0#,(1(r! %3!
(,'&!,'&(3!?'.#%-5'!(3!B8-$+'?!/!3(!$,()$1(+$P16!H%!%-5%!,'*'![#-5$2
B$+(1!,%*$(15%!3(!B(15(-8(!(9#%33'!9#%!3%-!.$*%!%3!+#%&.'!/!9#%!1'!%-!
,4-! 9#%! #1(! 1%+%-$*(*! B$-$'3P)$+(6! 71! *%B$1$5$G(<! +#;&%1! 3(-! 1%+%-$2
*(*%-!1(5#&(3%-!+'1!#1!,(15'!-'+$(3k!5(.(1!3(!G%&*(*!+'1!3(!,%15$&(6!
E','! '+#&&%! +'1! 3(! .&$,%&(! ,%*$+$1(! ,'*%&1(<! 3(! B$3'-'B8(! .'385$+(!
*%!\'#--%(#!?'!3(!*%!H$*%&'5<!9#%!G(!%1!3(!,$-,(!*$&%++$P1?!0(;3(!%3!
3%1)#([%! *%! 3'-! *'-! -%I'-<! /! %1+#%15&(! -#! B#1*(,%15'! %1! 3(! &%.&'2
*#++$P16! 71! %3! ,',%15'! %1! %3! 9#%! 3(! .&$,%&(! ,#[%&! -%! 1$%)(! (! &%-2
.'1*%&!(!3(-!1%+%-$*(*%-!-%I#(3%-!*%!#1!0',;&%!*$+$>1*'3%!9#%!1'!3%!
(,(!+'3'+(!3(!.&$,%&(!.$%*&(!*%!3(!+$G$3$d(+$P16!73!.#*'&!B%,%1$1'!%-!
%3!'&$)%1!*%3!-#B&$,$%15'6!F!.(&5$&!*%!%-%!$1-5(15%<!3(!G$*(!*%!3(-!,#2
[%&%-! +'1-$-5$&4! %1! .&'G'+(&! %3! *%-%'<! .%&'! 1'! %1! -%15$&3'6! ='*'! %1!
%33(-!(.#15(!(!-#!-%I'<!(!-%&!%3!.'3'!1%)(5$G'!9#%!(5&($)(!(3!.'-$5$G'!
*%!3'-!0',;&%-6!7I$-5%1!+','!-%&%-!*$B%&%15%-!(!3'-!0',;&%-! /<!.'&!
%-(!&(dP1<!1%+%-$5(1!9#%!-%!3(-!%*#9#%!*%!B'&,(!*$B%&%15%6!7-!';G$'!
9#%!-$!-#!%I$-5%1+$(!/!-#!%*#+(+$P1!-'1! *$B%&%15%-!(!3(-!*%!3'-!0',2
;&%-<! %3! 3#)(&! 9#%! '+#.%1! %1! 3(! -'+$%*(*! 1'! .'*&4! -%&! %3! ,$-,'6! W(!
.&%'+#.(+$P1! *%! \'#--%(#! %-! 3(! ,$-,(! 9#%! 3(! *%! \'#--%3! /! 3'-! (12
5&'.P3')'-! ,'&(3%-r! 3'-! -(3'1%-<! 5%(5&'-! /! *%,4-! 3#)(&%-! *'1*%! 3(-!
,#[%&%-!-%!*%*$+(1!(!%[%&+$5(&!-#-!0(;$3$*(*%-!-'+$(3%-<!-#!*%3$+(*%d(!
/! -#! &%B$1(,$%15'6! W'! ,4-! .%3$)&'-'! *%! %-'-! -$5$'-! /(! 1'! %-! 9#%! %1!
%33'-!-%!+&%%!#1(!-#%&5%!*%!%-.(+$'!B%,%1$1'<!-$1'!9#%!.'-$;$3$5(1!%3!
(++%-'! (! 3(! +#35#&(! /! 3(! +'15(,$1(+$P1! *%! 3(! B%,$1$*(*! *',>-5$+(! /!
,(5%&1(36!73!%-+'+>-!p'01!h$33(&<!.'&!%3!+'15&(&$'<!%1+#%15&(!%1!%-'-!
-(3'1%-!#1!-$)1'!*%!.&')&%-'6!
W(-!+(&(+5%&8-5$+(-!B%,%1$1(-!9#%!.&',#%G%! \'#--%(#! %1!3(! +#35#&(!
*%!-#!,',%15'!&%-.'1*%1!(!#1!.%&B$3!;(['<!(!-#-!+(.(+$*(*%-!$15%3%+2
5#(3%-!$1B%&$'&%-!/!-#!$1+(.(+$*(*!*%!(-$,$3(&!3'-!+'1'+$,$%15'-!1%2
+%-(&$'-!.(&(!-%&!+&$(5#&(-!.C;3$+(-6!E','!0%,'-!G$-5'!(15%-<!-#!-%12
-$;$3$*(*!*$B%&%15%!3(-!%,.#[(!(3!%15'&1'!-%)#&'!*%3!0')(&!/!3(-!(3%[(!
*%!#1'-!%-58,#3'-!9#%!.'*&8(1!(B%+5(&3(-!(!#1!1$G%3!B8-$+'6!D'&9#%!%1!
3(! -%1-$;$3$*(*! /! 3(-! .(-$'1%-! %-! *'1*%! -%! %1+#%15&(! 3(! *$B%&%1+$(!
-%I#(36!E','!;#%1(-!$3#-5&(*(-<!(3)#1(-!*%!3(-!.&$,%&(-!B%,$1$-5(-!?
%1!%-.%+$(3!3(-!-'+$(3$-5(-?!+&%%1!9#%!3(!&(dP1!33%)(&4!(!*',$1(&!%-(-!
.(-$'1%-<!9#%!%3!$15%3%+5'! 33%)(&4! (!$,.'1%&-%! -';&%!3(! +(&1%6!@%15%!

! RUR!
+','!F11(!J0%%3%&!5',(!%-(!.'-$+$P1!9#%!3(-!+'3'+(!+'15&(!%3!+#%&2
.'!(!B$1!*%!(;&$&!#1!1#%G'!%-.(+$'!.'385$+'6!W'!9#%!.(&%+%1!1'!(*G%&2
5$&!%-!9#%!%3!&(+$'1(3$-,'<!3(!$,.(-$;$3$*(*!*%!3'-!9#%!0(+%1!)(3(!/!-#!
&%1#1+$(!(!3(!1(5#&(3%d(!B8-$+(<!&%B#%&d(1!3'-!(&)#,%15'-!*%!9#$%1%-!
3(-!9#$%&%1!%1+%&&(*(-!%1!+(-(6!^1(!G%d!,4-<!-%!.'1%!%3!(+%15'!%1!-#!
B(35(!*%!.(-$P1!+',.%1-(*(!+'1!#1(!)&(1!%,.(58(<!%1!3(!(#-%1+$(!*%!
*%-%'! -%I#(3! /! -#! +(&4+5%&! (B%+5#'-'6! H%-*%! %3! -'+$(3$-,'! #5P.$+'<!
J0%%3%&! (+(;(! *%B%1*$%1*'! 3(-! ,$-,(-! G$&5#*%-! B%,%1$1(-! 9#%! 3(!
+'1-%&G(*'&(!i(11(0!h''&%6!
E','!'+#&&%!.&$,%&'!+'1!3'-!*%B%1-'&%-!*%3!,'*%3'!*%!-%I'!C1$+'!/!
3#%)'!+'1!3'-!*%!3'-!*'-!-%I'-<!3(-!.&$,%&(-!B%,$1$-5(-<!*%-*%!J0%%2
3%&!0(-5(!h(&/!J'33-5'1%+&(B5!'!:(&(0!733$-<!5%&,$1(1!&%1'G(1*'!3'-!
.&%[#$+$'-!9#%!5&(5(1!*%!*%-5&#$&6!W(!,#[%&!9#%!*%B$%1*%1!-%!.(&%+%!
,#+0'!(!3(!*%!3'-!(15&'.P3')'-!,'&(3%-r!*%+'&'-(<!(-%I#(3<!,(5%&1(3<!
(B%+5$G(<!-%1-$;3%t!:#!$1B3#%1+$(!.'385$+(!-%!%[%&+%&4!*%-*%! %3!0')(&<!
*'1*%! $,.'1*&4! (! -#! ,(&$*'! 3'-! G(3'&%-! 9#%! %-5%! (.3$+(&4! *%-.#>-!
%1!%3!4,;$5'!.C;3$+'6!H%!(3)C1!,'*'<!.(&%+%!9#%!%3!0',;&%!%-!3'!1(2
5#&(3!.'&!*',%-5$+(&<!/!9#%!%-(!%-!3(!5(&%(!*%!3(!,#[%&6!E','!G%,'-<!
3'-! (&)#,%15'-! *%! 3(! *$B%&%1+$(! -%I#(3! -%! %,.3%(1! *%-*%! 5'*'-! 3'-!
4,;$5'-!.(&(!*%B%1*%&!.'-$+$'1%-!9#%!(;(&+(1!#1!%-.%+5&'!,#/!(,2
.3$'6! W(-! ,$-,(-! $*%(-! -$&G%1! .(&(! B(G'&%+%&! 3(! *',%-5$+$*(*! '! 3(!
%,(1+$.(+$P1!*%!3(-!,#[%&%-<!-#!1(5#&(3$*(*!'!3'!9#%!.'*&8(!33(,(&-%!
+#35#&(3$*(*6! O1+3#-'! 3(! ,%*$+$1(! -(3%! (3! &%-+(5%! .(&(! .'1%&! B$1! 3(-!
B&$++$'1%-! 9#%! -%! .&%-%15(16! W(! B&%1'3')8(! %I.3$+(<! .'&! %[%,.3'<! .'&!
9#>! 3(-! ,#[%&%-<! -$%1*'! ,4-! -%1-$;3%-! 9#%! 3'-! 0',;&%-<! &%-.'1*%1!
+'1!,%1'&!B&%+#%1+$(!%!$15%1-$*(*!(!3'-!$,.#3-'-!-%I#(3%-r!-#!+%&%2
;%3'<!9#%!%-!%3!(-$%15'!*%!3(!G'3$+$P1!'!3(!(,(5$G$*(*<!%-!,4-!.%9#%g'!
9#%! %3! ,(-+#3$1'6! 7-5(! *$B%&%1+$(! B8-$+(! 3(-! 0(+%! ,4-! .&'+3$G%-! (! 3(!
(;-5$1%1+$(<! .%&'! 1'! 3(-! 3$;&(! .'&! +',.3%5'! *%! 1%+%-$*(*%-6! D'&! %3!
+'15&(&$'<!-$!-%!3(-!.&$G(!(!3(!B#%&d(<!.#%*%!+'1*#+$&!(!3(!%1B%&,%*(*6!
H%!%-5%!,'*'<!3'!9#%!.&%5%1*%!-(3G(&!3(!-%I#(3$*(*!B%,%1$1(!/!%I.3$2
+(&!-#!*$-5(1+$(!&%-.%+5'!(!-#!'.#%-5(!3(!+'1G$%&5%<!*%!1#%G'<!%1!.&'2
;3%,45$+(!/!.(5'3P)$+(6!:%!&%+#&&%!(!3(!;$'3')8(!%1!;#-+(!*%!&%-.#%-2
5(-<!.%&'!%-5(-!-%!-(;%1!*%!(15%,(1'6!
i%,'-! *%! 5%1%&! %1! +#%15(! 3(! .&%+(&$%*(*! *%! 3'-! +'1'+$,$%15'-!
(1(5P,$+'-!*#&(15%!5'*'!%-5%!.%&$'*'6!i(-5(!%3!-$)3'!AOA!3'-!%-5#*$(12
5%-!*%!,%*$+$1(!1'!*$-%++$'1(1!1$1)C1!+#%&.'<!-$1'!9#%!-%!3$,$5(1!(!

RUV!!
';-%&G(&!3(-!3%++$'1%-!*%-*%!-#-!(-$%15'-!*%3!(1B$5%(5&'6!H%!(08!3(!$,2
.'&5(1+$(! 9#%! 5$%1%1! 3'-! 5&(5(*'-! /! 3(-! $3#-5&(+$'1%-! 9#%! ,#%-5&(16!
W(!&%.&%-%15(+$P1!*%3!+#%&.'!%-!,4-!$,.'&5(15%!9#%!-#!.&'.$(!%I$-2
5%1+$(! B8-$+(6! :$! 0(-5(! %3! -$)3'! AmOOO! -'3'! -%! G%! 3(! $)#(3*(*<! (! .(&5$&! *%!
%15'1+%-!-'3'!-%!G%!#1(!*$B%&%1+$(!9#%!5&(5(!*%![#-5$B$+(&-%!.'&!5'*'-!
3'-!,%*$'-6!F,;(-!B'&,(-!*%!G%&!%3!,#1*'!&%-.'1*%1!(!.&%[#$+$'-!/!
1'!(!3(!&%(3$*(*6!H%3!,$-,'!,'*'<!(!%-5%!+(,;$'!%1!3(!.%&-.%+5$G(!3%!
+'&&%-.'1*%!#1!+(,;$'!%1!3(-!&%.&%-%15(+$'1%-6!W(-!*%+$,'1P1$+(-!
-'1!,4-!&%(3$-5(-!/!,4-!.&PI$,(-!(!3'!9#%!%-.%&(,'-!G%&!%1!#1!.($2
-([%k!3(-!*%3!-$)3'!AmOO!'!3(-!(+5#(3%-!-'1!,4-!%-9#%,45$+(-<!.%&'!5'*(-!
%33(-!-'1!$)#(3!*%!-%3%+5$G(-6!i'/!%1!*8(!-%!%3$,$1(!3(!)&(-(!/!%3!5%[$*'!
+'1[#15$G'<! *%[(1*'! -'3'! 3'! $,.'&5(15%6!:$! 3'! .%1-(,'-! #1! .'+'! 33%2
)(,'-! (! 3(! +'1+3#-$P1! *%! 9#%! 3(-! $,4)%1%-! (1(5P,$+(-! 9#%! %1+'12
5&(,'-!%1!3'-!3$;&'-!*%!5%I5'!'!%1!3'-!,(1#(3%-!*%!B$-$'3')8(!-%!.(&%2
+%1! ,#+0'! (! %-9#%,(-! *%! ,(9#$1(&$(! '! (! .3(1'-! (&9#$5%+5P1$+'-r!
-'1! 3$,.$(-<! ';[%5$G(-! /! +3(&(-6! 71! *%B$1$5$G(<! 1(*(! 9#%! -%! .(&%d+(! (!
#1!+#%&.'!(;$%&5'6!
W(! 0$-5'&$(! *%! %-5(-! &%.&%-%15(+$'1%-! 5(,;$>1! +'&&%-.'1*%! (! 3'-!
(G(1+%-!5>+1$+'-!9#%!.%&,$5%1!G%&!+'-(-!9#%!(15%-!1'!%&(!.'-$;3%6!7-!
-$)1$B$+(5$G'!9#%!*%-*%!,%*$(*'-!*%3! AOA<!+','!/(!0%,'-!G$-5'<!-%!&%2
*#d+(!(!3(!,#[%&!(!-#!B#1+$P1!'G4&$+(<!9#%!-%!(B$&,%!+'1!&'5#1*$*(*!
9#%! 3(! G%&*(*! *%! -#! -%&! -%! %1+#%15&(! %1! 3'-! 'G(&$'-! /! 3(! ,%1-5&#(2
+$P1<! .%&'! 1'! -%(! 0(-5(! %3! -$)3'! AA! +#(1*'! -%! %1+#%15&(! #1! PG#3'!
0#,(1'<!/!9#%!0(-5(!3'-!(g'-!SU!1'!-%!+',.&%1*(!3(!&%3(+$P1!%15&%!
3(-!&%)3(-!/!3'-!+$+3'-!0'&,'1(3%-6! F#19#%! /(!%1!RYZS!=0%'*'&! G'1!
K$-+0'BB! 0(;8(! +'1B$&,(*'! 3(! 'G#3(+$P1! %-.'1541%(! %1! .%&&(-! /! %1!
+%&*(-!?3'!9#%!.'1%!B$1!(!3(!$*%(!*%3!%-.%&,(!B%,%1$1'?<!/!)&(+$(-!(!
%33'!-%!.'18(!%1!&%3(+$P1!(3!B$1!3(! ,%1-5&#(+$P1!/!3(!B%&5$3$*(*<!1'!-%!
G$1+#3(!+'1!%3!*%-%'!-%I#(36!
W(!B'&,(!*%!%15%1*%&!%3!.%&$'*'!5(,;$>1!%-!.&';3%,45$+(6!71!RQUU<!
J(35%&! i%(.%! *%B$1%! %3! +%3'! *%! 5'*'-! 3'-! ,(,8B%&'-<! /! .'&! 5(15'! 3(!
,%1-5&#(+$P1! 0#,(1(<! +','! %-%1+$(3,%15%! *%-5&#+5$G(<! +','! #1!
.&'+%-'!5PI$+'6!E'1-$*%&(<!(-$,$-,'<!9#%!0',;&%-!/!,#[%&%-!-'1!*$2
B%&%15%-!(!1$G%3!;4-$+'<!(;-'3#5'<!/!9#%!(!%-5%!0%+0'!+'&&%-.'1*%!#1(!
%-5&#+5#&(! -'+$(3! (+'&*%6! i(G%3'+o! 733$-! +',.(&5%! %-(! G$-$P1! ,'1-2
5&#'-(!*%!3(!,%1-5&#(+$P1r!%1!-#! h(1!(1*!Å',(1r!(!-5#*/!'B!0#,(1!
-%+'1*(&/! -%I#(3! 5&($5-! ui',;&%! /! ,#[%&r! #1! %-5#*$'! *%! 3'-! &(-)'-!

! RUS!
-%I#(3%-!-%+#1*(&$'-v<!*%!RQUZ<!(B$&,(! 9#%! `0(/!#1!)#-(1'<!.'&! $12
'B%1-$G'!9#%!-%(!/!.'&!*%-(.%&+$;$*'!9#%!.(-%<!9#%!+(&+',%!.%&$P*$2
+(,%15%! 3(-! &(8+%-! *%! 3(! G$*(a! uW(+9#%#&! RQQZr! SLXv6! 7-5%! .&'+%-'!
,%1-#(3!*%[(!(!3(-!,#[%&%-!()'5(*(-<!/!+'1G$%&5%!-#-!+#%&.'-!%1!#1(!
%-.%+$%!*%!,'15(g(!&#-(6!73!-%-)'!,$-P)$1'!9#%!G$1+#3(!3(!B$-$'3')8(!
B%,%1$1(!+'1!3(!%1B%&,%*(*!/!3(!.#5&%B(++$P1!-'1!(3(&,(15%-6!

mO!

i%(.%! /! 733$-! 1'! %-541! -'3'-<! 1$! ,#+0'! ,%1'-6! h$%15&(-! 9#%! .(&(!
\'#--%(#!5'*'!%1!3(!,#[%&!(.#15(!(!-#!-%I'!/!(3!%15'&1'!*',>-5$+'<!
%1!%3!-$)3'! AOA!/!.&$1+$.$'-!*%3! AA<!%-%!-%I'!-%!+'1G$%&5%!%1!#1!.&';3%2
,(! -'+$(3! (*%,4-! *%! (1(5P,$+'6! 71! &%(3$*(*<! *%-*%! 9#%! %1! %3! -$)3'!
AmOOO!-%!%-5(;3%+%!%3!.(&(*$),(!*%!*'-!-%I'-<!3(!B%,$1$*(*<!-#!3#)(&!%1!
%3!+'3%+5$G'!/!-#!%-.%+$B$+$*(*!B8-$+(!+%15&(1!3(!&%B3%I$P1!%1!5'*'-!3'-!
4,;$5'-!*%3!-(;%&<!+','!#1!+%15&'!*%!)&(G%*(*!%1!5'&1'!(3!9#%!)$&(!
5'*(!3(!%I$-5%1+$(!0#,(1(6!W(!%I.3$+(+$P1!*%!3(!-%1-$;$3$*(*<!3(!-$1>+2
*'9#%! 'G4&$+(! '! %3! (&)#,%15'! B&%1'3P)$+'! *%3! 5(,(g'! *%3! +%&%;%3'!
-'1!$15%15'-!*%!(.'&5(&!.&#%;(-!;$'3P)$+(-!*%!3(!$1(*%+#(+$P1!*%!3(-!
,#[%&%-! .(&(! B'&,(&! .(&5%! *%3! 4,;$5'! .C;3$+'6! 7-5(-! %I.3$+(+$'1%-!
&%-.'1*%1! (! .&%[#$+$'-! %1! 5'&1'! (3! +#%&.'<! .%&'! %-%! +#%&.'! 0(! -$*'!
+'3%+5$G'!*%-*%!%3!.&$1+$.$'6!7-!#1!+#%&.'!.'385$+'<!9#%!+'&&%-.'1*%!
(3!,'*'!*%!.%1-(&!.&'.$'!*%!#1!)&#.'!-'+$(3!+#/(!0%)%,'18(!5&(1-2
B'&,(!%3!,#1*'!,%*$(15%!&%G'3#+$'1%-!.'385$+(-<!%3!*%-(&&'33'!$1*#-2
5&$(3!/!%3!(#)%!*%3!,%&+(*'!+(.$5(3$-5(r!3(!;#&)#%-8(6!F!#1!1#%G'!,'2
*%3'!-'+$(3!+'&&%-.'1*%!#1!1#%G'!+#%&.'6!
W(! 1#%G(! -'+$%*(*! ;#&)#%-(! 5&(%! +'1-$)'! #1! +'1[#15'! *%! 5>+1$+(-!
9#%!+'1-5$5#/%1!3'!9#%!j'#+(#35!33(,(!;$'.'385$+(<!%-!*%+$&<!*%!,(1%2
&(-! *%! .&'*#+$&! /! +'15&'3(&! 3'-! +#%&.'-! /! 3(! G$*(6! :%! 5&(5(! *%! #1(!
5&(1-B'&,(+$P1!%-5&#+5#&(3!9#%!(B%+5(!(!5'*'-!3'-!+(,.'-!*%!3(!(+5$2
G$*(*!0#,(1(<!*%-*%!3(!,%*$+$1(!0(-5(!3(!.'385$+(<!*%!3(!%+'1',8(!(!
3(![#&$-.&#*%1+$(6!N$!%3!(&5%<!1$!3(!B$3'-'B8(!1$!3(-!.&$,%&8-$,(-!B'&,(-!
*%! 3(-! +$%1+$(-! -'+$(3%-! -%! 3$;&(1! *%! %-%! $1B3#['6! W(! 0#,(1$*(*! *%;%!
'&*%1(&-%<!/!%3!1$G%3!;4-$+'!*%!%-%!'&*%1!-%!%1+#%15&(!%1!-#!-%I'r!3(!
-%I#(3$*(*! -%! +'1G$%&5%! %1! %3! 1C+3%'! %1! 5'&1'! (3! +#(3! -%! '&)(1$d(! 3(!
B(,$3$(!/<!(!.(&5$&!*%!%33(<!3(!1(+$P1!/!3(!G$*(!%1!-#!+'1[#15'6!

RUZ!!
71!%3!-$)3'! AmOOO<!%1!7#&'.(!'++$*%15(3!/!%1!7-5(*'-!^1$*'-<!-%!.&'*#2
+%!#1!*&4-5$+'!(#,%15'!%1!3(-!5(-(-!*%!1(5(3$*(*6!F!.%-(&!*%!3(-!*$B$2
+#35(*%-!%I$-5%15%-!(!3(!0'&(!*%!%15%1*%&!3(-!+(#-(-!*%!#1!B%1P,%1'!
+','! %-5%<! 3'-! 0$-5'&$(*'&%-! (.#15(1! (! #1(! -%&$%! *%! B(+5'&%-! 9#%!
.'*&8(1! $1*$+(&! 9#%! -%! .&'*#+%<! *#&(15%! %-'-! (g'-<! #1(! %-.%+$%! *%!
&%G'3#+$P1! -%I#(36! H#&(15%! #1! .%&$'*'! *%! +(-$! 5&%-! -$)3'-<! 3(! .';3(2
+$P1!-%!,(15$%1%!,4-!'!,%1'-!%-5(;3%<!/!3'-!&%)$-5&'-!3%)(3%-!/!%+3%2
-$4-5$+'-!$1*$+(1!9#%!3(!%*(*!(!3(!9#%!-%!+'15&(%!,(5&$,'1$'!%-54!(3!
B$1(3! *%! 3(! G%$15%1(! %15&%! 3'-! 0',;&%-! /! (! .&$1+$.$'-! *%! %-(! *>+(*(!
%15&%!3(-!,#[%&%-6!N'!5(&*(1!,#+0'!%1!5%1%&!*%-+%1*%1+$(<!.%&'!-'1!
.'+'-! 0$['-6! F3! 33%)(&! %3! -$)3'! AmOOO<! 3(! -$5#(+$P1! +(,;$(! /! 3(-! %*(*%-!
;([(1! *%! B'&,(! -$)1$B$+(5$G(<! .(-(1*'! %1! 3'-! G(&'1%-! (! 3(! .&$,%&(!
G%$15%1(<!/!,%1'-!%1!3(-!,#[%&%-6!=$%1%1!,4-!0$['-<!/!3'-!5$%1%1!(12
5%-6!
7-5'-!*(5'-!-%!%I5&(%1!-'3'!*%!3'-!5%I5'-!3%)(3%-!/<!.'&!5(15'<!$1+3#/%1!
-'3'! 3(! *%-+%1*%1+$(! *%! .(&%[(-! 3%)85$,(-<! (#19#%! (9#%33'! 9#%! -%!
+'1-$*%&(! 3%)85$,'! *%.%1*%! ,#+0'! *%! 3(! d'1(! /! *%! 3(! >.'+(6! W'-!
,>5'*'-!%,.3%(*'-!.(&(!,(15%1%&!#1(!.';3(+$P1!+'1-5(15%!.(&%+%1!
$1+3#$&! 3(! (;-5$1%1+$(! ?,4-! %15&%! +(5P3$+'-! 9#%! %15&%! .&'5%-5(15%-?<!
3'-!-%&G$+$'-!*%!.&'-5$5#5(-!.(&(!+(3,(&!3(-!#&)%1+$(-!,(-+#3$1(-<!3(-!
&%3(+$'1%-!+'1!1(5$G(-!'!+'1!%-+3(G(-!%1!5$%&&(-!1'&5%(,%&$+(1(-<!3(-!
&%3(+$'1%-! 0','%&P5$+(-<! 3(! ,(-5#&;(+$P1! ,#5#(<! 3(! ,(&+0(! (5&4-! ?
&%5$&(*(!*%3!.%1%!*%!3(!G()$1(!(15%-!*%!3(!%/(+#3(+$P1?!'!%3!%,.3%'!*%!
(15$+'1+%.5$G'-<!9#%!1#1+(!0(!-$*'!%I+3#-$G'!*%!3(-!.&'B%-$'1(3%- L6!F!
%-5'!0(/!9#%!-#,(&!3'-!(;'&5'-!.&'G'+(*'-!'!%3!$1B(15$+$*$'6!W3(,(!3(!
(5%1+$P1! #1(! .&4+5$+(! +',C1! %15&%! 3'-! .#&$5(1'-! *%! N#%G(! O1)3(5%2
&&(<!+'1-$-5%15%!%1!$1G$5(&!(!#1!['G%1!(!9#%!*#%&,(!%1!-#!+(-(<!%1!3(!
,$-,(! +(,(! 9#%! (3)#1(! *%! -#-! 0$[(-! %1! %*(*!+(-(*%&(6! 73! 0%+0'! *%!
9#%! %-5(! -$5#(+$P1! 33%G%! +'1! ,#+0(! .&';(;$3$*(*! (! 9#%! ,(15%1)(1!
&%3(+$'1%-!-%I#(3%-!3%-!.%&,$5%!%1!.&$,%&!3#)(&!+(-(&3(-!/<!%1!-%)#12
*'!3#)(&<!%3%)$&!,(&$*'!.'&!%33(-6!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L!@(&5'1!-%g(3(!3(!#5$3$d(+$P1!*%!5(,.'1%-!G()$1(3%-!.(&(!*%5%1%&!%3!%-.%&,(!(15%-!
*%!3(!)%1%&(3$d(+$P1<!(!,%*$(*'-!*%3!-$)3'!AmOO<!*%!3'-!+'1*'1%-!0%+0'-!+'1!5&$.(-!*%!
'G%[(!uVUUZr!YLv6!
! RUT!
W'!9#%!-%!*%-.&%1*%!*%!(9#8!%-!9#%<!'!;$%1!3(-!.(&%[(-!,(15$%1%1!&%2
3(+$'1%-!815$,(-!,4-!(!,%1#*'<!'!;$%1!.'1%1!,%1'-!$,.%*$,%15'-!
.(&(!9#%!3'-!%,;(&(d'-!33%)#%1!0(-5(!%3!B$1(36!W(-!&(d'1%-!&%(3%-!9#%!
33%G(1!(!%-5%!+&%+$,$%15'!*%!3(!.';3(+$P1!.#%*%!9#%!-%!1'-!%-+(.%1<!
.%&'!3'-!%I.%&5'-!-%g(3(1!(3)#1(-!.'-$;$3$*(*%-6!D'&!#1!3(*'<!.(&%+%!
9#%!(15%-!*%3!-$)3'!AmOOO!3(-!.(&%[(-!(.3(d(1!%3!,(5&$,'1$'!0(-5(!5%1%&!
3'-!,%*$'-!1%+%-(&$'-!.(&(!,(15%1%&!(!-#-!0$['-6!W'-!+(,;$'-!-'+$(2
3%-! /! %+'1P,$+'-! *%! %-5%! -$)3'! 3%-! 'B&%+%1! #1(! ,(/'&! %-.%&(1d(r! 3(!
,$)&(+$P1!(!3(-!+$#*(*%-!/!+%15&'-!$1*#-5&$(3%-!$1G$5(1!(!9#%!-%!+(-%1!
(!#1(!%*(*!,4-!5%,.&(1(!/!3%-!.&'.'&+$'1(1!$1)&%-'-!,(/'&%-<!+'1!
3'!9#%!3(!.(5%&1$*(*!-%!(*%3(15(&8(6!D'&!'5&'!3(*'<!-%!-(;%!9#%!3(!$12
*#-5&$(3$d(+$P1! $1+&%,%15(! %3! %,.3%'! *%! ,(1'! *%! ';&(! $1B(15$3<! 3'!
9#%!%,.#[(&8(!(!3(-!B(,$3$(-!(!5%1%&!,4-!0$['-!(!B$1!*%!(#,%15(&!%-'-!
$1)&%-'-6!71!+$%&5'!-%15$*'<!%3!1#%G'!+(.$5(3$-,'!5&(%!*%!3(!,(1'!#1(!
+',.&%1-$P1!*%!3(!-%I#(3$*(*!+','!.&'*#++$P16!
D%&'! 1'! 5'*(-! 3(-! &(d'1%-! -'1! %+'1P,$+(-6! W(-! *'+5&$1(-! +&$-5$(1(-!
-';&%!%3!+#%&.'!/!%3!.%+(*'!.$%&*%1!.(&5%!*%!-#!$1B3#%1+$(!(!+(#-(!*%!
3(-! 1#%G(-! 5%'&8(-! 1(5#&(3$-5(-! /! ,%+(1$+$-5(-<! .%&'! 5(,;$>1! 3(! \%2
B'&,(! .&'5%-5(15%! $1+3#/%! %3! -%I'! +','! &%B3%['! *%3! (,'&! *$G$1'6!
:$%,.&%!/!+#(1*'!-%!.&'*#d+(!*%15&'!*%!3'-!-()&(*'-!3(d'-!*%3!,(2
5&$,'1$'<!0',;&%!/!,#[%&!.#%*%1!*$-B&#5(&!%3!#1'!*%3!'5&'!5(15'!+'2
,'!9#$%&(16!W'!9#%!.(&%+%!%G$*%15%!*%!5'*'!%-5'!%-<!%1!.&$,%&!3#)(&<!
9#%! 1'! 5'*(-! 3(-! &%3(+$'1%-! -%I#(3%-! $,.3$+(1! 3(! .%1%5&(+$P1! /! 9#%!
%-5(-!(+5$G$*(*%-!-%!.%&,$5%1!+'1!+$%&5(!B&%+#%1+$(!%15&%!.(&%[(-!9#%!
-%! +(-(&41! %1! %3! B#5#&'6! 71! -%)#1*'! 3#)(&<! 9#%! %3! ,(5&$,'1$'! %-! #1!
(-#15'!-%&$'!/!9#%!3(!-%I#(3$*(*!,(&$5(3!-%!'&*%1(!/!-%!*$&$)%!0(+$(!3(!
.&'+&%(+$P16!
F0'&(!;$%1<!%-5(!&%G'3#+$P1!-%I#(3!1'!-%!'&$)$1(!%15&%!3(-!+3(-%-!5&(2
;([(*'&(-<!(!.%-(&!*%!9#%!%3!%15'&1'! #&;(1'!%!$1*#-5&$(3!3%!(;&%! 3(-!
.#%&5(-!(!%-5(!B&(1[(!*%!.';3(+$P16!E','!'+#&&%!(!,%1#*'<!3(!5&(1-2
B'&,(+$P1!G$%1%!*%!(&&$;(6!:'1!3(-!+3(-%-!*',$1(15%-<!%1!%-.%+$(3!3(!
(&$-5'+&(+$(<! 3(-! 9#%! *%-(&&'33(1! #1(! 1#%G(! 5$.'3')8(! *%! &%3(+$'1%-<!
*(1*'!B'&,(!(!3(!+#35#&(!3$;%&5$1(!*%!3(!9#%!3(!1'G%3(!*%!W(+3'-<!/!%1!
,%1'&! ,%*$*(! :(*%<! %-! %[%,.3(&6!73! ,(5&$,'1$'! .(&(! %-5(! +3(-%! -'2
+$(3!&%-.'1*%!(!*'-!';[%5$G'-!+3(&'-r!.&'*#+$&!*%-+%1*%1+$(!/<!+','!
,81$,'<! ,(15%1%&! %3! .(5&$,'1$'<! -$! 1'! .#%*%! (,.3$(&-%6! 7-! *%+$&<!
9#%!1'!5$%1%!1(*(!9#%!G%&!+'1!%3!(,'&<!-$1'!+'1!3'-!1%)'+$'-6!]+#&&%!

RUX!!
(-8!*#&(15%!-$)3'-<!/!%-!%3!,'*'!%1!%3!9#%!-%!%-5(;3%+%1!G81+#3'-!%15&%!
3(-!)&(1*%-!B(,$3$(-!%1!j&(1+$(<!F3%,(1$(<!7-.(g(! '!O1)3(5%&&(6!7-5'!
1'!9#$%&%!*%+$&!9#%!1'!-%! ;#-9#%!#1(!&%3(+$P1!-%15$,%15(3<!(#19#%!
%-5(! 5%1)(! 3#)(&! B#%&(! *%3! ,(5&$,'1$'6! W'-! '&8)%1%-! *%! %-5%! 5$.'! *%!
&%3(+$P1!.#%*%1!&(-5&%(&-%!0(-5(!%3!-$)3'!AOO!/!(!3(!(.(&$+$P1!*%3!(,'&!
+'&5>-<!'&$)%1!*%!3(!$*%(!,'*%&1(!*%3!%1(,'&(,$%15'6!71!3(-!&%3(+$'2
1%-!*%!%-5%!5$.'<!%3!(,(*'!-$&G%!G(-(33([%!(!#1(!*(,(!9#%!.'&!3'!)%1%2
&(3! %-! *%! ,(/'&! &(1)'! 9#%! >36! 7-(! *(,(<! 0%&,'-(! /! *$-5(15%<! %-! #1!
+',.%1*$'!*%!G$&5#*%-!B8-$+(-!/!,'&(3%-<!%-!#1!-%g'&!B%#*(3!-#;3$,(2
*'6!D'&!%-'!-#!.&%5%1*$%15%!3%!'B&%+%!#1!-',%5$,$%15'!(;-'3#5'<!/!0(!
*%!-#.%&(&!.&#%;(-!/!G$+$-$5#*%-!0(-5(!3')&(&!-#!&%1*$+$P16!73!+'&5>-!
%-! #1! (,'&! .&'0$;$*'! %1! 5(15'! %1! +#(15'! %-! (*C35%&'<! .%&'! %-! .#&'!
.'&9#%!-#!+(#-(!%-54!%1!3(!G$&5#*6!71!+$%&5'!-%15$*'<!/!%3!3%1)#([%!%,2
.3%(*'!.(&(!&%B%&$&-%!(!>3!3'!+'1B$&,(<!%-!%9#$G(3%15%!(!#1(!%I.%&$%12
+$(! &%3$)$'-(<! %1! 3(! 9#%! 3(! *(,(! &%.&%-%15(&8(! (! H$'-! /! %3! (,(15%! (3!
,8-5$+'6!
\%-#35(!';G$'!9#%!%-5%!(,'&!+'&5>-! &%-.'1*%! (!#1!5$.'!*%!-'+$%*(*!
9#%!1'!%-!%3!,$-,'!9#%!%1+'15&(,'-!%1!%3!-$)3'!AmOOO<!1$!-$9#$%&(!%1!%3!
AmOO<!.%&'!-$&G%!.(&(!(.#15(&!*'-!&(-)'-!9#%!.%&*#&(1!%1!3(-!&%3(+$'2
1%-! 3$;%&5$1(-r! 3(! 1%+%-$*(*! *%! ;#-+(&! B#%&(! *%3! 0')(&! 3'-! G81+#3'-!
(B%+5$G'-! 9#%! 1'! -%! %1+#%15&(1! *%15&'! *%! >3<! /! 3(! $,.'&5(1+$(! *%! 3(!
+'19#$-5(6! E','! 0%,'-! G$-5'! (15%-! &%-.%+5'! (! 3(! 1'G%3(! *%! W(+3'-<!
%I$-5%!#1!+'1B3$+5'!%15&%!3(!,'&(3!.#&$5(1(!/!%3!3$;%&5$1([%6!73!G$d+'12
*%!*%!m(3,'15!%-!#1!%[%,.3'!+3(&'!*%!3(!1';3%d(!*$%+$'+0%-+(<!%15&%!
3(!9#%!3(!.&',$-+#$*(*!-%I#(3!-%!+'1G$%&5%!1'!-'3'!%1!#1!*$G%&5$,%12
5'<!-$1'!%1!#1(!,'*(6!7-(!%-!3(!&(dP1!.'&!3(!9#%!-%!*(!'&$)%1!(!#1!(&5%!
5(1!-#5$3!/!5(1!*%-(&&'33(*'!*%!3(!-%*#++$P16!73!(*#35%&$'!%-!#1!(-#15'!
+'&&$%15%<! .%&'! 1'! .#%*%! (+%.5(&-%! *%! B'&,(! %I.38+$5(6! H%! ,(1%&(!
-$,$3(&<!(3)#1(-!*%!3(-!B$%-5(-<!3'-!;($3%-!/!3(-!,(-+(&(*(-!%1!3'-!9#%!
.(&5$+$.(!3(!(&$-5'+&(+$(!?3(!.(&$-$1(!%1!%-.%+$(3<!/!1'!'3G$*%,'-!9#%<!
0(-5(!;$%1!%15&(*'!%3!-$)3'! AA<!D(&8-!%-!3(!+(.$5(3!+#35#&(3!*%!'++$*%12
5%?! -'1! 1'5'&$(-! .'&! -#! +(&4+5%&! 3$+%1+$'-'<! /! %1! %33(-! -%! %,.3%(1!
+'1*'1%-<! +'1-'3(*'&%-! /! '5&'-! (&5$3#)$'-! -%I#(3%-6! =(,;$>1! %1!
%G%15'-!*%!%-(!1(5#&(3%d(!0(/!5&(G%-5$-,'<!'!9#$d4!-%&8(!,4-!%I(+5'!
0(;3(&! *%! 3'! 9#%! 0'/! %1! *8(! 33(,(&8(,'-! 5&(1-)%1%&$-,'! '! )%1*%&2
-Å(..$1)<! %-! *%+$&<! 3(! &%.&%-%15(+$P1! *%! #1! )>1%&'! 9#%! 1'! +'&&%-2
.'1*%! +'1! %3! -%I'! B8-$+'6! F3! ,%1'-! %1! &%+$15'-! +%&&(*'-<! %I$-5%! #1(!

! RUL!
+#35#&(!-%I#(3!;(-5(15%!(;$%&5(<!/!1'!%-!&(&'!%3!G'/%#&$-,'<!%3!$15%&2
+(,;$'!*%!.(&%[(-<!3'-!(d'5%-<!%3!-%I'!;$-%I#(3!'!%1!)&#.'6!
H%!B'&,(!)&(*#(3<!%-%!(.%&5#&$-,'!-%!G(!%I.(1*$%1*'!%15&%!3(-!+3(2
-%-! $1B%&$'&%-6! 71! )&(1! .(&5%<! %-5(! (,.3$(+$P1! *%3! +(,.'! *%! ;(5(33(!
-%I#(3!-%!*%;%!(!3(!.>&*$*(!*%!(#5'&$*(*!9#%!-#B&%!3(!O)3%-$(!(!+(#-(!
*%3!%-.8&$5#!$3#-5&(*'6!=(,;$>1!(!3(!,(/'&!*$-.'1$;$3$*(*!*%!,(5%&$(2
3%-! .'&1')&4B$+'-! )&(+$(-! (! 3(! $,.&%15(<! 9#%! B(+$3$5(! 3(! .&'*#++$P1! /!
*$-5&$;#+$P1! *%! 5%I5'-! %! $,4)%1%-! %I.38+$5(-6! 7-5%! (;(&(5(,$%15'! %1!
3(!%3(;'&(+$P1!1'!(B%+5(!-'3'!(3!-%I'<!-$1'!9#%!5(,;$>1!0(+%!.'-$;3%!3(!
(.(&$+$P1!*%!,(5%&$(3%-!-#;G%&-$G'-!/!&%G'3#+$'1(&$'-6!:$!3'-!3$;%&5$2
1'-!G$G%1!%3!)>1%&'!/!3(!-%I#(3$*(*!*%!#1(!B'&,(!B3#$*(<!/!B#%&d(1!?(3!
,%1'-!%1!3'-!3#)(&%-!0(;$3$5(*'-?!3'-!38,$5%-!*%3!+#%&.'!/!*%!-#-!-%12
-(+$'1%-<! %15'1+%-! %-5(-! B'&,(-! *%! &%3(+$'1(&-%! .'*&8(1! 5$&(&! (;(['!
%3! %*$B$+$'! -'+$(36! D%&'! 1'! %-! (-86! W(! 3$;%&5(*! *%! 3(! 9#%! *$-B&#5(1! 3(-!
*(,(-! 1'! -%! +'&&%-.'1*%! +'1! #1! ,(/'&! .'*%&! .C;3$+'<! ,%1'-! (C1!
.'385$+'6!:(3G'!%I+%.+$'1%-<!3(-!,#[%&%-!-%!G%1!3$,$5(*(-!(!(-#,$&!%3!
.(.%3!*%!';[%5'!-%I#(3!'!*%!+'19#$-5(6!F*%,4-<!-#.'1%&!9#%!5'*(!3(!
(&$-5'+&(+$(!%-!3$;%&5$1(!%-!(3%[(&-%!*%!3(!&%(3$*(*6!
W'!+$%&5'!%-!9#%<!(3!,$-,'!5$%,.'!9#%!(.(&%+%!3(!-'+$%*(*!3$;%&5$1(<!
-%! *(! #1(! 1#%G(! 5%1*%1+$(r! %3! ,(5&$,'1$'! .'&! (,'&6! F#19#%! 3(-!
#1$'1%-!.'&!+'1G%1$%1+$(!%-541!3%['-!*%!*%-(.(&%+%&<!3'!+$%&5'!%-!9#%!
.'+'!(!.'+'!-%!G(!G$%1*'!3(!&%3(+$P1!,(&$5(3!+','!#1!3#)(&!*%!$15$,$2
*(*!%1!%3!9#%!-(5$-B(+%&!3(-!1%+%-$*(*%-!(B%+5$G(-!/!%1!%3!9#%!3')&(&!
#1!%-.(+$'!+P,'*'!/!-%)#&'6!:%!.3(15%(!#1!$*%(3!*',>-5$+'!.3(+%15%2
&'! .(&(! (,;'-! +P1/#)%-<! 5(15'! %1! %3! .3(1'! %,'+$'1(3! +','! %1! %3!
-%I#(36!7-5'!+'&&%-.'1*%<!#1(!G%d!,4-<! (!3(! $*%(!*%!-%1-$;$3$*(*!/! (!
3(-!(-.$&(+$'1%-!-'+$(3%-!*%!3(!;#&)#%-8(6!W(!%-.'-(!-%!+'1G$%&5%<!.'&!
#1! 3(*'<! %1! #1(! %-.%+$%! *%! (1$,(3! *%3$+(*'! (3! 9#%! 0(/! 9#%! +#$*(&! /!
(,(&6!D'&!'5&'!3(*'<!(3!*',$1(&!3(!%-+%1(!*',>-5$+(!/!3(!+&$(1d(!*%!3(!
*%-+%1*%1+$(<!(*'.5(!%3!.(.%3!*%!.&$1+$.$'!+$G$3$d(*'&6!H%-*%!%3!$15%&2
$'&! *%3! 0')(&! -%! 5&(1-,$5%1! 3'-! G(3'&%-! 9#%! *',$1(&41! 3(! %-B%&(!
.C;3$+(6! W(-! ,#[%&%-<! .'&! 5(15'<! %1! %1+#%15&(1! (15%! #1(! .(&(*'[(!
$&&%-'3#;3%6!=$%1%1!%3!.'*%&!*%!*%5%&,$1(&!+P,'!0(!*%!)';%&1(&-%!%3!
,#1*'<!-$%,.&%!9#%!1'!-(3)(1!*%!+(-(6!
!

RUY!!
S6!H]hONO]:!

O!

W(-!5&(1-B'&,(+$'1%-!9#%!-%!G$G%1!-';&%!5'*'!(!.(&5$&!*%3!-$)3'! AmOOO!
-%! *%;%1! (3! (-+%1-'! *%! 3(! ;#&)#%-8(! +','! +3(-%! *',$1(15%<! 3'! 9#%!
*%-%,;'+(&4! %1! 3(-! &%G'3#+$'1%-! (,%&$+(1(! /! B&(1+%-(<! (+',.(g(2
*(-!*%3!*%-(&&'33'!$1*#-5&$(3!/!*%3!+(.$5(3$-,'6!7-5(!1#%G(!+3(-%!-'+$(3!
-%!$,.'1%!+'1!-#-!$*%(-!,(5%&$(3$-5(-!/!,%+(1$+$-5(-<!9#%!3(!33%G(1!(!
G%&!3(!1(5#&(3%d(!+','!(3)'!(!+'19#$-5(&!/!*',$1(&6!:$!0(/!(3)'!9#%!
';-%-$'1(! (! 3(! ;#&)#%-8(! %-! %3! '&*%1<! /! .(&(! (3+(1d(&3'! -%! 1%+%-$5(!
%[%&+%&! %3! .'*%&6! h$+0%3! j'#+(#35<! %1! %3! -%,$1(3! .&$,%&! 5','! *%! -#!
i$-5'&$(!*%!3(!-%I#(3$*(*<!0(;3(!*%!3(!%I$-5%1+$(!*%!#1!&>)$,%1!*%!.'2
*%&2-(;%&2.3(+%&! (! .(&5$&! *%3! +#(3! -%! %-5(;3%+%! 3'! 9#%! %15%1*%,'-!
+','!-%I#(3$*(*!/!3(!$1B3#%1+$(!9#%!5$%1%!-';&%!1#%-5&(!%I$-5%1+$(6!
71!3(!$,()$1(+$P1!+'3%+5$G(!-%!$*%15$B$+(!%3!(-+%1-'!*%!3(-!-'+$%*(*%-!
;#&)#%-(-! +'1! 3(! &%.&%-$P1! *%! 3(! -%I#(3$*(*<! %1! +'15&(-5%! +'1! %3! 3$2
;%&5$1([%!9#%!.&(+5$+(!3(!(&$-5'+&(+$(6!F3)'!*%!+$%&5'!0(/!%1!%-(!'.'2
-$+$P1<!.%&'!.%1-(&!9#%!()'5(!%3!+(,;$'!*%!.(&(*$),(!%-<!+#(15'!,%2
1'-<!$1-%1-(5'6!D(&(!%,.%d(&<!.'&9#%!1'!5'*(!3(!1';3%d(!%-!3$;%&5$1(6!
D%&'!5(,.'+'!%-!+$%&5'!9#%!3(!;#&)#%-8(!5&($)(!*%!3(!,(1'!#1(!$,.'2
-$+$P1!*%!-$3%1+$'!-';&%!3(!G$*(! 815$,(6! 71!&%(3$*(*<! 3'! 9#%!'B&%+%! %-!
#1(!+3(-$B$+(+$P1!*%3!0(;3(<!3(!*%3$,$5(+$P1!*%!3'-!3#)(&%-!%1!3'-!9#%!
%-!38+$5'!0(;3(&!/!%1!3'-!9#%!1'!3'!%-6!D'&!.(&(*P[$+'!9#%!.#%*(!.(&%2
+%&<!3'!9#%!0(+%!%-!$1+$5(&!(!9#%!-%!%I.&%-%<!.%&'!%1!3(-!+'1*$+$'1%-!
(*%+#(*(-6!7I$-5%<!'!-%!+&%(<!3(!1%+%-$*(*!*%!0(;3(&!*%3!-%I'<!.%&'!1'!
%1!+#(39#$%&!%-.(+$'<!1$!(!+#(39#$%&!0'&(<!1$!+'1!+#(39#$%&!$15%&3'+#2
5'&6!
7-5%!+(,;$'!(B%+5(!(!5'*'-!3'-!4,;$5'-!*%!3(!G$*(6!H%-.#>-!*%!3(!E'12
5&(&&%B'&,(!?#1!.&'+%-'!9#%!G(!*%-*%!RTXU!0(-5(!RXZY?<!.'&!%[%,2
.3'<!/(!1'!-%!(3#*%!(3!-%I'!*%!B'&,(!-#5$3!'!-'5%&&(*(<!-$1'!9#%!-%!3%!
'5'&)(!#1!.(.%3!B#1*(,%15(3!5(15'!%1!3(!+'1B%-$P1!+','!%1!3(!.%1$2
5%1+$(6!"#$d4!$1+3#-'!(!%I.%1-(-! *%! '5&'-! .%+(*'-! 9#%! .'*8(1!5%1%&!
,4-!$,.'&5(1+$(!+'1!(15%&$'&$*(*6!W(!+(&1%!/!-#-!5%15(+$'1%-!'+#.(1!
%3!+%15&'!*%!3(!&%B3%I$P1!+(5P3$+(<!9#%!%I$)%!#1(!,(/'&!B&%+#%1+$(!%1!
3(-!+'1B%-$'1%-6!:$!;$%1!%-!+$%&5'!9#%!1'!-%!%I.3$+$5(1!3(-!.&4+5$+(-!/!
! RUQ!
9#%!%3!3%1)#([%!%,.3%(*'!.'&!3'-!-(+%&*'5%-!%1!-#!$1*()(+$P1!1'!%-!
5(1!+&#*'!+','!+(;&8(!-#.'1%&<!5(,;$>1!3'!%-!9#%!%I$-5%!#1(!1#%G(!
1%+%-$*(*! *%! +',.3%5$5#*6! :%! %I$)%! -#5$3%d(! .%&'<! (3! ,$-,'! 5$%,.'<!
9#%!1'!-%!*%[%!1(*(!B#%&(<!9#%!1'!-%!'3G$*%!1(*(<!9#%!-%!+#%15%!5'*'6!
W(!+(&1%!-%!+'1-$*%&(!%3!3#)(&!/!%3!'&$)%1!*%!5'*'!%3!.%+(*'<!/!-%!$1-5(!
(3!+'1B%-(15%!9#%!-%!$1-.%++$'1%!/!-%!$15%&&')#%!(!-8!,$-,'<!9#%!%12
+#%15&%!%3!5$%,.'!%I(+5'!%1!%3!9#%!-%!*%-.$%&5(!-#!*%-%'6!73!0%+0'!*%!
9#%!3(!.(-5'&(3!+&$-5$(1(!';3$)#%!(!.'1%&!%1!.(3(;&(-!5'*'!3'!+'1+%&2
1$%15%! (! 3'-! .3(+%&%-! *%3! -%I'! 5$%1%! #1(! B#1+$P1! *';3%6! D'&! #1! 3(*'<!
)%1%&(&! -%15$,$%15'-! *%! *',$1$'! /! *%-(.%)'6! D'&! %3! '5&'<! .&'G'+(&!
#1!&%)&%-'!*%!H$'-!)&(+$(-!(3!-%15$,$%15'!*%!3(!-#.%&(+$P1!/!3(!&%-$-2
5%1+$(!(3!.3(+%&6!7-5(!-$5#(+$P1!.#%*%!%I5&(.'3(&-%!(!3(!5'5(3$*(*!*%3!
.%1-(,$%15'!%1!5'&1'!(3!-%I'r!-%!*(!3(!';3$)(+$P1!*%!G%&;(3$d(&3'!5'2
*'<!.%&'!(15%!3(!B$)#&(!(#5'&$d(*(!*%3!+'1B%-'&6!
^1'! *%! 3'-! (+5'&%-! +3(G%! %1! %3! 5&$#1B'! *%! 3(! E'15&(&&%B'&,(! %-! 3(!
E',.(g8(! *%! p%-C-<! B#1*(*(! .'&! :(1! O)1(+$'! *%! W'/'3(! %1! RTSZ6! F!
%-5(! G$+5'&$(! *%3! +(5'3$+$-,'! -';&%! 3(! *$-$*%1+$(! .&'5%-5(15%! 0%,'-!
*%!-#,(&!3(!$1B3#%1+$(!+(.$5(3!9#%!%[%&+%1!3'-! 7[%&+$+$'-!%-.$&$5#(3%-!
*%!O)1(+$'!%1!3(!B'&,(+$P1!*%!3(!+'1+$%1+$(!,'*%&1(!/<!.'&!%I5%1-$P1<!
%1!3(!3$5%&(5#&(6!:%!5&(5(<!%1!%B%+5'<!*%!#1(!-%&$%!*%!%[%&+$+$'-!(!&%(3$2
d(&!%1!#1!.%&$'*'!*%!#1(-!+#(5&'!-%,(1(-<!(!.'*%&!-%&!%1!#1!&%5$&'<!
+'1!%3!B$1!*%!&%B'&d(&!3(!B%6!D%&'<!,4-!(334!*%3!$15%&>-!9#%!.#%*(1!5%2
1%&!.(&(!#1!(-.$&(15%!(![%-#$5(<!,4-!(334!$1+3#-'!*%!-#!G'+(+$P1!,8-5$2
+(<!-#.'1%1!#1(!&%-$)1$B$+(+$P1!*%3!/'6!:%!5&(5(!*%!#1!,(1#(3!*%!(-+%2
5$-,'<!.%&'!%-!#1!,(1#(3!9#%!1'!(.'&5(!1$1)#1(!&%-.#%-5(6!='*'!3'!
9#%!0(+%!%-!-%g(3(&!3(-!.&%)#15(-<!)#$(&!(3!%[%&+$5(15%!%1!3(!B'&,(!*%!
$1-.%++$'1(&-%!(!-8!,$-,'!B&%15%!(!H$'-6!D'&9#%!(9#8!-8<!(!*$B%&%1+$(!
*%!3'!9#%!'+#&&%!+'1!3(-!7-+&$5#&(-!?9#%!1%+%-$5(1!-$%,.&%!*%!#1!-(2
+%&*'5%!9#%!3(-!3%(!/!3(-!5&(*#d+(! (!3'-! B$%3%-?<!%I$-5%!#1(!+'1G%&-(2
+$P1! %15&%! >3! /! 3(! *$G$1$*(*6! D%&'! 3'! +$%&5'! %-! 9#%! 1'! -%! 5&(5(! *%! #1!
*$43')'! .&'.$(,%15%! *$+0'<! .#%-5'! 9#%! #1'! *%! 3'-! $15%&3'+#5'&%-! ?
H$'-?!.%&,(1%+%!%1!-$3%1+$'<!/!%3!'5&'!3#+0(!+'15$1#(,%15%!.'&!%12
+'15&(&!3(-!.(3(;&(-6!H%!0%+0'<!%-%!%-!%3!';[%5$G'!C35$,'!*%!3'-!%[%&+$2
+$'-r!'B&%+%&!(3!1'G$+$'!#1!,'*'!*%!0(33(&3(-6!
O)1(+$'!-%g(3(!9#%<!$)#(3!9#%!%3!+#%&.'!-%!%[%&+$5(<!(-8!5(,;$>1!0(!*%!
5&(;([(&-%!-';&%!%3!(3,(!(!5&(G>-!*%!3(!,%*$5(+$P1<!3(!'&(+$P1<!3(!&%2
B3%I$P1<!%5+>5%&(6!W(!.&$,%&(!-%,(1(!-%!*%*$+(!(!*%3$;%&(&!-';&%!3'-!

RRU!!
.%+(*'-!+',%5$*'-<!+'1! 3'!9#%! -%!;#-+(!9#%!%3! %[%&+$5(15%!-#B&(!.'&!
%33'-<!9#%!33'&%!/!(B&'15%!3(!+'15&$+$P1!9#%!3%!.&'G'+(16!W(!-%)#1*(!-%!
*%*$+(!(!3(!G$*(!*%!E&$-5'<!3(!5%&+%&(!(!3(!.(-$P1!/!3(!C35$,(!(!-#!&%-#2
&&%++$P1!/!(-+%1-$P16!D#%*%!*(&-%!%3!+(-'!*%!9#%!(3)#1(!*%!3(-!.(&5%-!
33%G%! ,4-! 5$%,.'! /! '5&(-! ,%1'-<! *%.%1*$%1*'! *%3! 41$,'! '! 3(! B(+$3$2
*(*! 9#%! 5%1)(! %3! %[%&+$5(15%! .(&(! %1+'15&(&! 3'! 9#%! ;#-+(<! .%&'! 3'-!
%[%&+$+$'-!*%;%&41!(+(;(&-%!%1!,4-!'!,%1'-!5&%$15(!*8(-6!D'&!%-'!%3!
*$&%+5'&<! 9#$%1! %15&%)(! 3'-! %[%&+$+$'-<! 0(! *%! .%&,(1%+%&! G$)$3(15%! /!
(-%)#&(&-%!*%!9#%!-%!*%*$+(1!3(-!0'&(-!1%+%-(&$(-!/!9#%!-%!(3+(1d(1!
3'-!';[%5$G'-!.&%5%1*$*'-6!F-$,$-,'<!%3!%[%&+$5(15%!0(!*%!';-%&G(&!%1!
%33'-!3(!,(/'&!&%G%&%1+$(<!/!.&'+#&(&!0(+%&!-#!&%3(5'!*%!3(!B'&,(!,4-!
0'1%-5(!/!B$*%*$)1(!9#%!.#%*(6!N'!*%;%!'3G$*(&!9#%!%-54!0(;341*'3%!
(!H$'-6!
W'-! 7[%&+$+$'-!1'!-'1!,4-!9#%!#1(!B'&,(!,%5P*$+(!*%!,%*$5(+$P1<!%1!
%-'!1'!0(/!1(*(!1#%G'6!W'!9#%!-8!&%.&%-%15(!#1(!1'G%*(*!%-!9#%!O)2
1(+$'! .&%5%1*%! 33%1(&! *%! $,4)%1%-! 3(! +'1+$%1+$(! *%3! %[%&+$5(15%6! i(!
*%!&%.&%-%15(&-%!,%15(3,%15%!3(-!-$5#(+$'1%-<!3'-!.%+(*'-<!/!0(+%&3'!
+'1!*%5(33%!(#19#%!*%!B'&,(! -#,(&$(6!H%;%!(1(3$d(&! +(*(! .&';3%,(!
*%-*%!5'*(-!3(-!.%&-.%+5$G(-!.'-$;3%-6!D%&'!3'!,4-!$,.'&5(15%!%-!9#%!
-#!&%B3%I$P1!(1+3(!3(!+'1+$%1+$(! (3! +#%&.'!9#%! 3(! &%(3$d(6!7-!*%+$&<!%3!
%[%&+$5(15%!-(;%!%1!5'*'!,',%15'!9#%!%-%!+#%&.'!%-!-#/'<!/!9#%!-#2
/'-!-'1!3'-!.%+(*'-!9#%!+',%5%6!W'-!-%15$,$%15'-!9#%!.&'G'+(1!3'-!
%[%&+$+$'-!(+'15%+%1!%1!#1(!+(&1%!+'1+&%5(!/!.(&5$+#3(&!9#%!%3!%[%&+$2
5(15%!&%+'1'+%!.'&9#%!3(!.(*%+%6!
H%!#1!,'*'!-$,$3(&!(3!9#%!G%8(,'-!%1! W(-!RVU!['&1(*(-!*%!:'*',(<!
%1!%3!5%I5'!*%!O)1(+$'!%I$-5%!#1(!';-%-$P1!.'&!3(!%I0(#-5$G$*(*!/!.'&!
%3!'&*%16!W(!+'1+$%1+$(!0(!*%!&%.(-(&!5'*'-!/! +(*(!#1'!*%!3'-!.%+(2
*'-<!*%!3'-!0%+0'-!*%!3(!G$*(!*%!E&$-5't!:$!%3!';[%5'!*%!3(!&%B3%I$P1!%-!
E&$-5'<!'!-#!,(*&%<!3'-!$,()$1(&4!%1!#1!5%,.3'<!#1!,'15%<!'!%1!%3!3#2
)(&!9#%!-%(!*'1*%!'+#&&(!3'!$,()$1(*'6!:$!1'!-%!5&(5(!*%!(3)'!*%!%I$-2
5%1+$(! B8-$+(<! +','! .#%*%! -%&! %3! .%+(*'<! %15'1+%-! -%! G$-#(3$d(&4! %3!
(3,(!`%1+%&&(*(!%1!%-5%!+#%&.'!+'&&#.5$;3%a!uW'/'3(!RQLLr!VVRv6!7-2
5(!(3#-$P1!(!3(!$,()%1!G$-#(3!%-!%3!.&$,%&!.&%4,;#3'!*%3!.&$,%&!%[%&2
+$+$'<!9#%!+'1-5(!*%!#1(!'&(+$P1!.&%G$(<!*'-!.&%4,;#3'-<!5&%-!.#15'-!
/!#1!+'3'9#$'6!:%!.$*%!(!H$'-!3'!9#%!-%!9#$%&%<!-%!+'3,(!3(!,%15%!+'1!
-#!$,()%1<!-%!.$%1-(!.&$,%&'!%1!%3!.%+(*'!*%!3'-!41)%3%-<!*%-.#>-!%1!
%3!*%!F*41!/!7G(<!.'&!C35$,'!%1!+(*(!#1'!*%!3'-!.%+(*'-!,'&5(3%-!9#%!

! RRR!
0(1!33%G(*'!(!(3)#$%1!(3!$1B$%&1'6!73!%[%&+$+$'!(+(;(!+'1!%3!%[%&+$5(15%!
0(;341*'3%!(!E&$-5'!%1!3(!+&#d<!&%B3%I$'1(1*'!-';&%!-#!%I$-5%1+$(!5%2
&&%1(3!/!-#!,#%&5%<!(-8!+','!-';&%!3(!.&'.$(6!
7-5(! 5>+1$+(! *$-+$.3$1(&$(! .#%*%! (.3$+(&-%! (3! &%-5'! *%! 3'-! %[%&+$+$'-6!
h4-!$,.'&5(15%!.(&(!3'!9#%!1'-!'+#.(!(9#8!%-!%3!%I(,%1!)%1%&(3!*%!
+'1+$%1+$(<!9#%!+'1-5(!*%!+$1+'!.#15'-r!*(&!3(-!)&(+$(-!(!H$'-k!.%*$&3%!
)&(+$(! .(&(! &%+'1'+%&! 3'-! .%+(*'-! /! (*,$5$&3'-k! &%.(-(&! 3'-! 9#%! -%!
0(/(1!+',%5$*'<!0'&(!(!0'&(!*%-*%!9#%!-%!*%-.$%&5(<!.&$,%&'!3'-!*%!
.%1-(,$%15'<! 3#%)'! 3'-! *%! .(3(;&(! /! .'&! C35$,'! 3'-! *%! ';&(k! .%*$&!
.%&*P1! .'&! %33'-k! 0(+%&! .&'.P-$5'! *%! %1,$%1*(! /! &%d(&! #1! .(*&%!
1#%-5&'6!:%!5&(5(<!+','!G%,'-<!*%!0(+%&!#1!(143$-$-!%I0(#-5$G'<!.'&2
,%1'&$d(*'! /! '&*%1(*'! *%! 3(! .&'.$(! %I$-5%1+$(6! :%! %I$)%! *%3! %[%&+$2
5(15%!#1!%-B#%&d'!1'!-'3'!%1!3(!&%B3%I$P1<!-$1'!%1!%3!3%1)#([%!9#%!%,2
.3%(!%1!%33(<!.%&'!5(,;$>1!%1!-#-!+'1*$+$'1%-r!&%+$>1!3%G(15(*'<!(!3(!
0'&(!*%!+',%&<!,$%15&(-!-%!G$-5%<!%1!-#!+%3*(<!*%!&'*$33(-<!(+'-5(*'!'!
%1!.$%6!='*(!3(!['&1(*(!-%!*%*$+(!(!3'-!%[%&+$+$'-<!/!%-5'-!'+#.(1!#1!
,%-<!%1!%3!9#%!%3!(3,(!-%!.#&$B$+(!/!-%!.&%.(&(!.(&(!0(;3(&3%!(!H$'-6!
D(&(!%33'<!/'<!+','!%[%&+$5(15%<!0%!*%!(15$+$.(&,%!/!G$G$&!%1!#1!5$%,2
.'! B#5#&'6! h%! *$-'+$'! *%3! .&%-%15%! .%1-(1*'! /(! %1! 3'! 9#%! 0(&><! (3!
(+'-5(&,%!.$%1-'!%1!9#>!0(+%&!(3!3%G(15(&,%k!,$%15&(-!+','<!.$%1-'!
%1!9#>!0(&>!*%-.#>-<!/!3'!,$-,'!%1!5'*(!(+5$G$*(*!*$(&$(6!H%!%-%!,'2
*'<!5'*'!3'!9#%!1'!B'&,(!.(&5%!*%!3(!.&'.$(!,%*$5(+$P1!9#%*(!%I+3#$2
*'<!B'&,(!#1!(.(&5%!%1!3(!G$*(! *%3! %[%&+$5(15%6! :%!3')&(!(-8!#1(!+'12
+%15&(+$P1!,4I$,(<!#1(!$1,%&-$P1!(;-'3#5(!%1!%3!.&'+%-'!(-+>5$+'6!
N'!%-!'5&(!+'-(6!E','!3(!,(/'&8(!*%!5>+1$+(-!,8-5$+(-<!-#-!*'-!.#15(2
3%-! -'1! 3(! ,%*$5(+$P1! /! 3(! &%1#1+$(6! 73! %[%&+$5(15%! -%! .&$G(! *%! 5'*'!
(9#%33'!9#%!1'!-%(1!3'-!.&'.$'-!%[%&+$+$'-<!/!%3!*$&%+5'&!G$)$3(!9#%<!%1!
%B%+5'<!-%(!(-86!71!C35$,(!$1-5(1+$(<! %-5%!.&'+%-'! .&%5%1*%! (;&$&! #1(!
G8(! *%! +',#1$+(+$P1! +'1! H$'-6! \'1(3*! K(&50%-! &%3(+$'1(! 3'-! 7[%&+$2
+$'-! %-.$&$5#(3%-! *%! O)1(+$'! +'1! 3(! ,415$+(! )&$%)(<! +'1! 3(! +'1-#35(! (!
3'-!'&4+#3'-6!7-5(-!.&4+5$+(-!.%&,$5%1!9#%<!(15%!3(-!.&%)#15(-!B'&,#2
3(*(-<!3(!*$G$1$*(*!&%-.'1*(6!f(!-(;%,'-!+P,'!-'1!%-(-!&%-.#%-5(-<!/!
9#%!%-!1%+%-(&$(!3(!$15%&G%1+$P1!*%3!'&4+#3'!.(&(!.'*%&!$15%&.&%5(&2
3(-6! H%3! 5%I5'! *%! O)1(+$'! 1'! -%! %I5&(%! 1$1)#1(! &>.3$+(6! 73! C1$+'! 9#%!
0(;3(!%1!%-5%!*$43')'!%-!%3!%[%&+$5(15%<!9#%!';5$%1%!*%!3'-!%[%&+$+$'-!3(!
.'-$;$3$*(*! *%! $15%&&')(&<! (*9#$%&%! #1! 3%1)#([%! 9#%! 3%! .%&,$5%! .&%2
)#15(&6!

RRV!!
H$+0'!*%!'5&'!,'*'<!3'-! %[%&+$+$'-!0(;$3$5(1! (!9#$%1! 3'-!&%(3$d(! .(&(!
$1*()(&!%1!-#!.&'.$(!+'1+$%1+$(!%1+3(#-5&(*(!%1!#1!+#%&.'!9#%!-$%12
5%!/!9#%!3(!0(+%!.&'+3$G%!(3!.%+(*'6!F3!&%+'1'+%&!%3!.&';3%,(!-%!0(+%!
.'-$;3%! -#! -'3#+$P16! O)1(+$'! %15&%)(! (3! +(5'3$+$-,'! #1! .&'5'+'3'! *%!
$1G%-5$)(+$P1!-';&%!%3!/'<!,$1#+$'-'!/!';-%-$G'<!+'1!%3!9#%!.&'+#&(&2
3%! .'&! #1! 3(*'! %3! *%-(.%)'! 0(+$(! %3! ,#1*'! /<! .'&! %3! '5&'<! %3! (,'&! (!
H$'-6! W'! 9#%! -%.(&(! %-5%! ,>5'*'! *%! 3'-! *%,4-! (-+%5$-,'-! %-! 3(! $,2
.'&5(1+$(!9#%!'5'&)(!(!3(!$,()%1!/!(3!3%1)#([%6!W(!.&$,%&(!-%!%,.3%(!
+','!-(5#&(+$P1<!(!*$B%&%1+$(!*%!3(!(15%&$'&!,8-5$+(!+&$-5$(1(!'!3(!;#2
*$-5(<!9#%!(+'1-%[(1!%3!G(+$(*'!,%15(36!W(!&%.%5$+$P1!*%3!,(15&(!'!*%3!
&'-(&$'!-$&G%1!.(&(!3(!.>&*$*(!*%!-%15$*'<!.(&(!3')&(&!#1(!*%-G$1+#2
3(+$P1! %15&%! %3! -$)1'! /! -#! -$)1$B$+(*'6! O)1(+$'! .&%5%1*%! 3'! +'15&(&$'<!
(3+(1d(&!#1(!%-.%+$%!*%!G$-$P1!)3';(3!%1!3(!9#%!5'*'-!3'-!-$)1$B$+(*'-!
-%!.&%-%15%1!(!3(!G%d6!7-!3(!,$-,(!.%&-.%+5$G(!9#%!(.3$+(&41!*%-.#>-!
%1! %3! (&5%! 3'-! +#;$-5(-6! 73! 3%1)#([%<! .'&! %3! +'15&(&$'<! &%.&%-%15(! #1!
*&(,(<!.#%-5'!9#%!-%!%,.3%(<!.&%+$-(,%15%<!.(&(!*%-5&(;(&!/!'&)(2
1$d(&!(9#%33'!9#%!-%!0(!#1$*'!%1!3(!$,()$1(+$P16!m%&;(3$d(&!3(!%I.%2
&$%1+$(! %9#$G(3%! (! *$G$*$&3(<! *%3! ,$-,'! ,'*'! 9#%! -%! *$G$*%! 5'*(! 3(!
(++$P1<!5'*'!)%-5'!-',%5$*'!(3!.&'5'+'3'!(-+>5$+'!*%!3'-!7[%&+$+$'-6!

OO!

73!(143$-$-!*%!K(&50%-!-%g(3(!3(!$,.'&5(1+$(!*%3!3%1)#([%<!*%!3(!3#+0(!
*%3!%[%&+$5(15%!.'&!B'&[(&!#1!3%1)#([%<!.'&!%1+'15&(&!3(-!.(3(;&(-!+'1!
3(-! 9#%! *$&$)$&-%! (! H$'-! '<! .'&! %,.3%(&! -#! 5%&,$1'3')8(<! +'1G%&5$&-%!
%1!3')'5>+1$+'!uVURUr!TYv6!N'!(;'&*(<!-$1!%,;(&)'<!3(!$1B3#%1+$(!9#%!
5$%1%!%3!%I(,%1!)%1%&(3!*%!+'1+$%1+$(!-';&%!3(!.&4+5$+(!*%!3(!+'1B%2
-$P1!5&(-!%3!E'1+$3$'!*%!=&%15'!/<! .'&! %I5%1-$P1<! -';&%!3(! B'&,(!,'2
*%&1(! *%! %15%1*%&! %3! /'6! D%&'! 3'! +$%&5'! %-! 9#%! %-%! %I(,%1! *%! +'12
+$%1+$(! 1'! %-! *%! $1G%1+$P1! $)1(+$(1(<! 1$! -$9#$%&(! %-! %I+3#-$G(! *%! 3(-!
*$-+$.3$1(-! ,8-5$+(-! +&$-5$(1(-6! 7I$-5%! #1(! 5&(*$+$P1! ,$3%1(&$(! 9#%!
.#%*%!5&(d(&-%!?%1!%3!.%1-(,$%15'!'++$*%15(3?!0(-5(!%3!+>3%;&%!.&$12
+$.$'!*>3B$+'!*%!`+'1P+%5%!(!5$!,$-,'a6!H%!0%+0'<!-%!5&(5(!*%!#1!.&$12
+$.$'!B#1*(,%15(3!9#%!(5&(G$%-(!3(!+#35#&(!)&$%)(!%1!-#!5'5(3$*(*6!71!
-#! '&$)%1<! %-5(! ,4I$,(! 1'! 5$%1%! %3! G(3'&! 9#%! 3%! (5&$;#$,'-! (0'&(<! /!
9#%!3(!&%3(+$'1(&8(<!+','!-8!'+#&&%!%1!3'-!7[%&+$+$'-<!+'1!%3!(#5'+'1'2
+$,$%15'6! F#19#%! 1'! %I$-5%! (+#%&*'! %15&%! 3'-! 0$-5'&$(*'&%-! 1$! 3'-!

! RRS!
B$3P3')'-!+34-$+'-<!.(&%+%!9#%!%-(!&%+',%1*(+$P1!%-54!3$,$5(*(!(3!3#2
)(&!%1!%3!9#%!(.(&%+%!$1-+&$5(r!%3!5%,.3'!*%!F.'3'!%1!H%3B'-6!71!%-%!
-%15$*'<!+(;%!-#.'1%&!9#%!-%!5&(5(!*%!#1(!)#8(!(!3(!0'&(!*%!+'1-#35(&!
(3!'&4+#3'!/!1'!#1!+'1-%['!G$5(36!71!%-%!+'15%I5'<!$1*$+(&8(!(3!+'1-#32
5(15%! 9#%<! /(! 9#%! 5$%1%! #1'-! 38,$5%-! %1! -#-! +'1-#35(-<! -%! +%15&%! %1!
(9#%33(-!9#%!3%!-'1!&%(3,%15%!$,.'&5(15%-6!
E#(1*'! %-(! %I0'&5(+$P1! *%! +'1'+%&-%! (! #1'! ,$-,'<! %3! )1'50$! -%(#2
5'1<!.(-(!(!3(!B$3'-'B8(<!-%!$15%)&(!%1!%3!+'1+%.5'<!,4-!)%1%&(3!/!,%1'-!
+'1'+$*'<!*%!3(! %.$,%3%$(!0%(#5'#<!%-5'!%-<!3(!$19#$%5#*!*%!-86!F-%)#2
&(&-%!*%!9#%!-#-!+'1+$#*(*(1'-!-%!'+#.(1! *%! -8!,$-,'-!%-! 3(!5(&%(!
9#%! 3'-! *$'-%-! %1+',$%1*(1! (! :P+&(5%-6! 7-5%! (+#-(! (! 3'-! (5%1$%1-%-!
*%!.&%'+#.(&-%!.'&!-#!;#%1!1',;&%!/!-#!B'&5#1(!.%&-'1(3<!1'!.'&!-8!
,$-,'-6!D%&'!5(,.'+'!%-!#1(!$1G%1+$P1!-'+&45$+(<!3(!$*%(!*%!9#%!#1'!
*%;%! '+#.(&-%! *%! -8! ,$-,'! %-! ,#+0'! (15%&$'&6! F3)#1'-! -%g(3(1! -#!
'&$)%1! %1! 7-.(&5(<! *'1*%! 3'-! +$#*(*(1'-! *%3%)(1! 3'-! +#35$G'-! /! *%2
,4-! (+5$G$*(*%-! ,'1%5(&$(-! (! 3'-! $3'5(-<! .(&(! .'*%&! *%*$+(&-%! (! -8!
,$-,'-6!H%!%-5%!,'*'!-%!3$;%&(1!*%!3(-!.&%'+#.(+$'1%-!,(5%&$(3%-<!/!
-(;%,'-!9#%!%15&%!3(-!(B$+$'1%-!*%!3'-!3(+%*%,'1$'-!1'!%15&(1!(+5$2
G$*(*%-! +','! 3(! B$3'-'B8(6! 73! +#$*(*'<! 3(! .&%'+#.(+$P1! .'&! #1'! ,$-2
,'<!%-!#1(!(+5$G$*(*!.&$G$3%)$(*(<!%-!3(!.'-$;$3$*(*!*%!*%*$+(&-%!(!3(!
.'385$+(!'!(!3(!%+'1',8(!-$1!5%1%&!9#%!.&%'+#.(&-%!.'&!3(;&(&!3(!5$%2
&&(6!71!*%B$1$5$G(<!%-!3'!.&'.$'!*%!3(!>3$5%6!
73!*$43')'!.3(5P1$+'!?(#19#%!-#!(#5'&8(!%-!*#*'-(<!5'*'!(.#15(!(!9#%!
%-!#1!5%I5'!*%![#G%15#*?! F3+$;8(*%-!5&(5(!%-5%!5%,(6!E#(1*'!:P+&(5%-!
$1-5(! (! 9#%! %3! ['G%1! F3+$;8(*%-! -%! .&%'+#.%! *%! -8! ,$-,'<! -#! $15%&>-!
%-54!%1!3(!+$#*(*<!%1!+P,'!0(!*%!)';%&1(&-%!(3!.#%;3'6!N'!.'*%,'-!
'3G$*(&!9#%!F3+$;8(*%-!B'&,(!.(&5%!*%3!,4-!(35'!.(5&$+$(*'!(5%1$%1-%r!
%#.45&$*(! 5(15'! .'&! .(&5%! *%! .(*&%! +','! *%! ,(*&%<! 9#$%1<! (*%,4-<!
%-!#1(!*%!3'-!F3+,%P1$*(-<!#1(!*%!3(-!B(,$3$(-!+'1!,4-!$1B3#%1+$(!*%!
5'*(!3(!F5%1(-!+34-$+(6!F!3(!,#%&5%!*%!-#!.(*&%<!9#$%1!-%!0(+%!+(&)'!
*%!>3!1'!%-!'5&'!9#%!D%&$+3%-6!73!*%-5$1'!*%3!,#+0(+0'<!.'&!5(15'<!%-2
5(&4!%1!%3!)';$%&1'!*%!-#-!+'1+$#*(*(1'-6!7-!#1!['G%1!&$+'<!0%&,'-'!
/!*%!;#%1(!B(,$3$(<!B(,'-'!.'&!0(;%&!&%+0(d(*'!(!5'*'-!3'-!0',;&%-!
9#%!-%!0(1!(5&%G$*'!(!.&%5%1*%&3'6!7-%!%-!%3!,',%15'!%1!%3!9#%!-%!3%!
(+%&+(!:P+&(5%-6!^1!(,$)'!3%!*$+%!(3!+',$%1d'!*%3!D&'54)'&(-r!

RRZ!!
bH%!*P1*%!-(3%-<!:P+&(5%-c!:%)#&'!9#%!*%!#1(!.(&5$*(!*%!+(d(!%1!.'-!
*%!3(!3'd(18(!*%!F3+$;8(*%-6!D&%+$-(,%15%!3'!G$!/'!(15%(/%&!/!5(,;$>1!
(! ,8! ,%! .(&%+$P! #1! ;%33'! ,'d'! 5'*(G8(<! (#19#%! #1! ,'d'! 9#%<! *$+0'!
-%(! %15&%! 1'-'5&'-<! :P+&(5%-<! /(! G(! +#;&$%1*'! *%! ;(&;(! -#! ,%15P16!
uD3(5P1!RQYT;r!TUVv6!

7-! #1! ,#+0(+0'! (.#%-5'<! .%&'! 5$%1%! (3&%*%*'&! *%! G%$15%! (g'-<! /! 0(!
5&(-.(-(*'!%-%!#,;&(3!%1!%3!9#%!-%!+'1-$*%&(!38+$5'!9#%!3'-!0',;&%-!
;#-9#%1! -#! (B%+5'6! 7-5%! 0%+0'! %-! $,.'&5(15%! %1! *'-! -%15$*'-6! 71!
.&$,%&!3#)(&!.'&9#%!$1*$+(!%3!,',%15'!%1!%3!9#%<!%1!%3!.%1-(,$%15'!
-'+&45$+'<!%-!&%+',%1*(;3%!3(!$19#$%5#*!*%!-86!71!-%)#1*'!3#)(&<!.'&2
9#%!(.#15(!(!9#%!%3!$15%&>-!*%!:P+&(5%-!-';&%!%3!,#+0(+0'!1'!%-!5(12
5'!%&P5$+'!+','!$15%3%+5#(3 Y6!F#19#%!%3!,(%-5&'!5$%1%!B(,(!.'&!&'12
*(&! (! [PG%1%-! 9#%! *%-5(+(1! 5(15'! %1! -#! (-.%+5'! +','! %1! 3'!
$15%3%+5#(3<!(9#8!3(!&%3(+$P1!9#%!.&%5%1*%!%-5(;3%+%&!.(&%+%!1'!-%&!?'!
(3!,%1'-!1'!-%&3'!*%3!5'*'?!B8-$+(6!='*'-!3'-!.&%5%1*$%15%-!9#%!(+'2
-(;(1!(3!'&)#33'-'!,#+0(+0'!-%!0(1!$*'!&%5$&(1*'!.'+'!(!.'+'<!/!%12
5'1+%-!%3!,(%-5&'!3%!*$&$)%!3(!.(3(;&(!.'&!.&$,%&(!G%d<!(!.%-(&!*%!9#%!
-#!(5&(++$P1!.'&!>3!%-!;$%1!-(;$*(!*%-*%!0(+%!5$%,.'6!F-8!%,.$%d(!%3!
F3+$;8(*%-6!:P+&(5%-!3%!%+0(!%1! +(&(! -#!(35(1%&8(!/!3(! G(1$*(*!+'1! 3(!
9#%! 0(! &%1%)(*'! *%! 5'*'-! (9#%33'-! 9#%! -%! 0(1! (+%&+(*'! (! >3<! (B$&2
,(1*'!1'!1%+%-$5(&!(!1(*$%!/(!9#%!>3!%-!-#.%&$'&!(!5'*'-!%33'-6!
F08!&%-$*%!-#!.&';3%,(6!N'!%-!5(15'!#1(!+#%-5$P1!*%!9#%!-#!%)'!-%(!
%I+%-$G'!?9#%!3'!%-?!+#(15'!9#%!-#-!.&%'+#.(+$'1%-!%-541!%1!%3!3#)(&!
%9#$G'+(*'6! :%! +'1-$*%&(! .&%.(&(*'! .(&(! *(&! +'1-%['-! (15%! 3'-! *%2
,4-! +$#*(*(1'-! %1! 3(! (-(,;3%(<! .%&'<! +#(1*'! :P+&(5%-! 3%! .&%)#15(!
.'&!3'-!5%,(-!%1!3'-!9#%!-%!G(!+(.(d!*%!$15%&G%1$&!/!3'-!G(!%I.'1$%12
*'!#1'!5&(-!'5&'<!*%-+#;&%!-#!.&'.$(!$)1'&(1+$(6!W'!,%['&<!3'!,4-![#-2
5'<! -$! -%! (++%*%! (3! +'1'+$,$%15'! .'&! *%-+#;&$,$%15'! .%&-'1(3! '!
(.&%1*$d([%t!:P+&(5%-!*$&$)%!3(!+'1G%&-(+$P1!/!3'-!.%1-(,$%15'-!*%3!
['G%1! 0(+$(! %3! 5%&&%1'! 9#%! 3%! +'1G$%1%r! 9#>! %-! %3! /'! *%3! 9#%! 0(! *%!
'+#.(&-%6!h%*$(15%!3(!,(/>#5$+(<!%3!,(%-5&'!.3(15%(!3(!1%+%-$*(*!*%!
*%B$1$&!%-%!`-8!,$-,'a!%1!%3!9#%!0(/!9#%!5&(;([(&6!W3%)(1!(!3(!+'1+3#2
-$P1! *%! 9#%! %-! (9#%33'! 9#%! %-! 3'! ,$-,'! 9#%! #1'! ,$-,'<! %-5'! %-<! %3!
(3,(<!%15%1*$*(!+','!-#[%5'!.%&'!1'!+','!%-%1+$(6!7-!*%+$&<!%3!(3,(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Y!:';&%!3(!#5$3$d(+$P1!*%3!3%1)#([%!%&P5$+'!%1!%3!+8&+#3'!-'+&45$+'!/!3(!3%)$5$,$*(*!*%!
3(!-%*#++$P1!*%!3'-!,#+0(+0'-!G'3G%&>!,4-!(*%3(15%6!
! RRT!
%-! 3(! 9#%! 33%G(! (! +(;'! 3(-! (++$'1%-! (! 5&(G>-! *%3! +#%&.'<! 9#%! %-! 3(!
0%&&(,$%15(!9#%!#5$3$d(!+','!%3!+$5(&$-5(!%,.3%(!3(!+85(&(!.(&(!$15%&2
.&%5(&!-#!,C-$+(6!
71!%3!.%1-(,$%15'!-'+&45$+'2.3(5P1$+'<!3(!$19#$%5#*!*%!-8!%-54!G$1+#2
3(*(! *%! B'&,(! $1*$-'+$(;3%! (3! +'1'+%&-%! (! -8! ,$-,'6! ]+#.(&-%! *%3!
+#%&.'!'!*%!3'-!;$%1%-!/!3(-!.&'.$%*(*%-!1'!%-!0(+%&3'!*%!#1'!,$-,'<!
.'&9#%!%-%!#1'!,$-,'!%-!%3!(3,(6!73!+#$*(*'!*%!-8<!.'&!5(15'<!%I$)%!%3!
(#5'+'1'+$,$%15'<!%3!-(;%&!*$-5$1)#$&!%15&%!3'!9#%!%-!/!3'!9#%!1'!%-!%3!
-8! ,$-,'6! D(&(! +'1'+%&-%! (! -8! ,$-,'<! %3! /'<! 9#%! %-! -#! (3,(<! *%;%&4!
';-%&G(&!(3)'!9#%!3%!-%(!-$,$3(&6!7-%!(3)'!%-!3(!*$G$1$*(*6!:$!-%!+'1'+%!
%-5(<!+','!9#$%1!-%!,$&(!%1!#1!%-.%['<!-%!&%+'1'+%&4!%3!(3,(<!/!%-5(!
-(;&4! %3! ,'*'! +'&&%+5'! *%! +',.'&5(&-%! /<! .'&! 5(15'<! *%! )';%&1(&6!
E','!'+#&&8(!%1!7-.(&5(<!(0'&(!1'-!%1+'15&(,'-!*%!1#%G'!+'1!9#%!
3(! $19#$%5#*! *%! -8! %-! #1! +'1'+$,$%15'! *%! >3$5%! /! 9#%! -#! ';[%5$G'! %-!
.'385$+'6! :P+&(5%-! -%! 'B&%+%! .(&(! )#$(&! (3! $)1'&(15%! F3+$;8(*%-<! .(&(!
*%-.'[(&3%! *%! -#! (&&')(1+$(! /! (+',.(g(&3%! %1! %3! .(-'! *%! 1$g'! (!
0',;&%6!7-5%<!(!-#!G%d<!*%3!)';$%&1'!*%!-8!,$-,'!%I5&(%&4!3(!-(;$*#&2
8(!1%+%-(&$(!.(&(!)';%&1(&!(!3'-!*%,4-6!
73! .3(5'1$-,'! 1'! $1G%15(! %-5(! 1'+$P1<! 1$! 3'! 0(+%! :P+&(5%-6! H%-*%! 3(!
%5(.(! (&+($+(! %I$-5%1! %1! @&%+$(! #1(! -%&$%! *%! 5>+1$+(-<! #1'-! &$5'-! *%!
.#&$B$+(+$P1!9#%!.%&,$5%1!(!9#$%1!3'-!33%G(!(!+(;'!(3+(1d(&!3(!G%&*(*6!
j'#+(#35! uVUUVr! XUv! -%g(3(! 5&%-r! 3(-! 5>+1$+(-! *%! +'1+%15&(+$P1! *%3!
(3,(!?9#%!%G$5(1!9#%!%-5(!-%!*$-.%&-%!/!-%!.$%&*(?<!3(!&%5$&(*(!'!(1(2
+'&%-$-<!/!3(!.&4+5$+(!*%!3(!&%-$-5%1+$(<!/(!-%(!&%-.%+5'!(!,(3%-!'!(!5%12
5(+$'1%-6!F#19#%!/(!-'1!(15$)#(-! .(&(!%33'-<! 3'-! .$5()P&$+'-!&%+#.%2
&(1!%-5(-!*$-+$.3$1(-!/!3(-!(*(.5(1!(!-#!+#%&.'!5%P&$+'6!W(!$1G%1+$P1!
*%3! (143$-$-! *%! +'1+$%1+$(! (15%-! *%! *'&,$&! -$%,.&%! -%! (5&$;#/%! (3!
.&'.$'!D$54)'&(-<!/!+'1-$-5%!%1<!#1(!G%d!%1!3(!+(,(<!&%.(-(&!5'*'-!/!
+(*(!#1'!*%!3'-!(+5'-!*%3!*8(6!@&(+$(-!(!%-5%!%I(,%1!-%!.#&)(1!3(-!B(32
5(-!+',%5$*(-!/!%3!/'!-%!.&%.(&(!.(&(!%G$5(&3(-!%1!%3!B#5#&'6!
H%!#1!,'*'!#!'5&'<!3(!$*%(!*%!3(!$19#$%5#*!*%!-8!B'&,(!.(&5%!*%!5'*'-!
3'-! )&#.'-! B$3'-PB$+'-! *%! 3(! F15$)n%*(*6! 7-! %-%1+$(3! .(&(! :P+&(5%-! /!
D3(5P1<!.%&'!5(,;$>1!.(&(!+81$+'-<! %-5'$+'-<! %.$+C&%'-<! .$5()P&$+'-!%!
$1+3#-'!.(&(!3'-!.&$,%&'-!+&$-5$(1'-6!7-!%G$*%15%!9#%! 1'!-$)1$B$+(!3'!
,$-,'!.(&(!5'*'-!1$!%1!5'*'-!3'-!,',%15'-<!.%&'!&%-#35(!#1(!%-.%2
+$%! *%! .$3(&! ;4-$+'! *%3! .%1-(,$%15'! &(+$'1(3! .(&(! 5'*'-! %33'-6! :(3G'!

RRX!!
.(&(! F&$-5P5%3%-<! 9#%! &%.&%-%15(! #1(! (1',(38(! %1! %3! .%1-(,$%15'!
+34-$+'<!B$3'-'B8(!/!%-.$&$5#(3$*(*!.%&,(1%+%1!-$%,.&%!G$1+#3(*(-6!W(!
.&$,%&(!&%.&%-%15(!3(-!+'1*$+$'1%-!*%!.'-$;$3$*(*!*%!(++%-'!(!3(!G%&2
*(*<! ,$%15&(-! 9#%! 3(! -%)#1*(! &%.&%-%15(! 3(-! +'1-%+#%1+$(-! *%! %-%!
(++%-'6! F+(;(,'-! *%! G%&3'! %1! %3! F3+$;8(*%-6! 7-5'! $1*$+(! %3! +(&4+5%&!
.(&(*P[$+'<! %1! +$%&5'! -%15$*'<! *%3! .3(5'1$-,'6! D'&! #1! 3(*'<! -%! (.'/(!
%1!3(!3P)$+(!/!+'15&$;#/%!*%!B'&,(!%-%1+$(3!%1!%3!*%-(&&'33'!*%3!.%12
-(,$%15'! &(+$'1(36! D'&!%3! '5&'<! *%15&'! *%3! ,$-,'! -$-5%,(! *%! .%1-(2
,$%15'<!3(!$19#$%5#*!*%!-8!/!%3!(#5'+'1'+$,$%15'!-'1!.(&5%!*%!3(!%I2
.3'&(+$P1! *%! 3(! .(&5%! *$G$1(! *%3! -%&<! 3'! 9#%! *(! .(-'! (! +'&&$%15%-!
,8-5$+(-! +','! %3! )1'-5$+$-,'6! 7-! *%+$&<! 9#%! %3! .3(5'1$-,'! (.#15(!
0(+$(!*'-!3#)(&%-!1'!-'3'!*$-5$15'-<!-$1'!'.#%-5'-6!7-!&(+$'1(3<!*%!%-'!
1'!+(;%!*#*(<!.%&'!5(,.'+'! 3(! +(;%!*%!9#%! %-54!.&%g(*'!*%! %-.$&$2
5#(3$*(*<!.'&9#%!3(!G%&*(*!%-!*$G$1(6!
F0'&(!;$%1<!1'!-$%,.&%!%-5(!.&%'+#.(+$P1!.'&!#1'!,$-,'!5$%1%!';[%2
5$G'-!.'385$+'-<!+','!'+#&&%!%15&%!3'-!3(+%*%,'1$'-!'!.(&(!:P+&(5%-6!
D(&(!%-5%!+'1-$-5%!%1!*(&!#1!.(-'!(5&4-<!%1!*%[(&!*%!;#-+(&!%15&%!3'-!
0',;&%-!.(&(!,$&(&!0(+$(! (&&$;(! /!%1+'15&(&! %1!3(! *$G$1$*(*! 3'! 9#%!
0(/!*%!*$G$1'!%1!#1'!,$-,'6!H%!(08!%I5&(%&4!%3!-(;%&!9#%!3%!.%&,$2
5$&4! )';%&1(&! (! -#-! $)#(3%-<! .'&9#%! *%&$G(! *%! H$'-6! F#19#%! 0(/! #1!
*$-5(1+$(,$%15'! %15&%! 3(! 1'&,(! )%1%&(3! /! 3'! 9#%! ;#-+(! %3! -#[%5'! $12
9#$%5'<!%1!#1!-%15$*'!%-5&$+5'<!3(!$19#$%5#*!*%!-8!-'+&45$+(!%-!$19#$%2
5#*! .'&! 3'-! '5&'-6! W'! 9#%! %3! ,(%-5&'! .&%5%1*%! +'1! F3+$;8(*%-! 1'! %-!
1%)(&3%! -#! *%&%+0'! (! .(&5$+$.(&! %1! 3(! (-(,;3%(<! -$1'! *'5(&3%! *%! 3(-!
0%&&(,$%15(-! 9#%! 3%! 0(&41! -(;$'<! 3%! .%&,$5$&41! *(&! %1! %33(! ;#%1'-!
+'1-%['-!/!)';%&1(&!,%['&6!:#!';[%5$G'!-$%,.&%!%-54!%1!3(!-'+$%*(*!/!
3'!9#%!%-!.&%B%&$;3%!.(&(!%33(6!D(&(!H$P)%1%-!*%!:81'.%!1'!'+#&&%!3'!
,$-,'6!73!D%&&'!1'!+&%%!9#%!3(!$19#$%5#*!*%!-8!33%G%!(!1(*$%!(!#1(!G$2
*(! %1! 0(&,'18(! +'1! -#-! +'1+$#*(*(1'-6! ^1'! 1'! .#%*%! -%&! +&85$+'! %!
$15%)&(*'!(3!,$-,'!5$%,.'6!

OOO!

73! +$1$-,'! *%! H$P)%1%-! 5',(! %3%,%15'-! *%3! .%1-(,$%15'! -'+&45$+'<!


.%&'! 3'-! 33%G(! ,4-! (3346! h$%15&(-! :P+&(5%-! .&%)'1(! +'15&(! 3(-! ,(3(-!
+'-5#,;&%-!*%!3'-!(5%1$%1-%-!/!-#!(B$+$P1!(!3(!;%;$*(<!3'-![#%)'-!/!3(!
;%33%d(<!>3!(+#*%!(!3'-!,$-,'-!;(19#%5%-!/!&'1*(!(!3'-!,$-,'-!,#2

! RRL!
+0(+0'-!9#%!-%!%15&%1(1!%1!3'-!)$,1(-$'-6!73!D%&&'!&%+0(d(!5'*'!%-'6!
73!.&'.P-$5'!*%!3(!$19#$%5#*!*%!-8!1'!%-54!%1!3(!(-(,;3%(<!-$1'!%1!#1'!
,$-,'6! :%! 5&(5(! *%! +'1G%&5$&-%! %1! #1! -#[%5'! (#5P1','! /! -';%&(1'6!
W(-!3%/%-<!3(-!1'&,(-!/!3(-!+'1G%1+$'1%-!9#%!$,.%&(1!%1!F5%1(-<!E'2
&$15'!'!%1!+#(39#$%&!'5&(!+$#*(*<!-$&G%1!.(&(!-',%5%&!(!9#$%1%-!G$G%1!
%1!%33(-<!9#%!(+%.5(1!*$+0'-!.&$1+$.$'-!+','!-$!B#%&(1!#1$G%&-(3%-6!W(!
$&'18(!%-!9#%!H$P)%1%-!.(&5%!+'1! G%15([(r!%-! #1! %I5&(1[%&'<!/!%-'!3%!
*(!#1(!.%&-.%+5$G(<!#1(!*$-5(1+$(!-%)#&(!*%-*%!3(!9#%!';-%&G(&!3(!&%2
3(5$G$*(*!*%!#1'-!G(3'&%-!9#%!-%!+'1-$*%&(1<!%1!5'*(-!.(&5%-<!-()&(2
*'-6!7-5'!1'!%-!'5&(!+'-(!9#%!3(!(1(+'&%-$-<!3(!&%5$&(*(<!-$1!3(!+#(3!1'!
0(/!3$;%&5(*!.'-$;3%6!:$!3(!$19#$%5#*!*%!-8!%-!%3!3#)(&!*%!'&$)%1!*%!(32
)#1(-!*%!3(-!>5$+(-!,4-!%-5&$+5(-!*%!3(!F15$)n%*(*<!0(/!.'+(-!*#*(-!
*%!9#%!3(!,4-!%I$)%15%!*%!5'*(-!%33(-!%-!3(!+81$+(6!:P+&(5%-!-%g(3(;(!
%1!%3! F3+$;8(*%-!9#%!'+#.(&-%!*%3!+#%&.'<!*%!3(!B(,(!/!*%!3'-!;$%1%-!
1'!%-!0(+%&3'!*%!#1'!,$-,'k!H$P)%1%-!5',(!%-(!$*%(!/!3(!33%G(!(3!%I2
5&%,'6!D'&!%-'!D3(5P1!3%!(+#-(!*%!-%&!#1!:P+&(5%-!%1B#&%+$*'6!
F15%-!*%!+'15$1#(&!/!.(&(!-$5#(&1'-<! *%;%,'-! %15%1*%&! #1(! +'-(r!(!
.%-(&! *%3! 1$1)#1%'! -$-5%,45$+'! 9#%! 0(! -#B&$*'! %3! +$1$-,'! (! 3'! 3(&)'!
*%!3'-!-$)3'-!.'&!.(&5%!*%!3(-!$1-5$5#+$'1%-!B$3'-PB$+(-<!-%!5&(5(!+'1!-%2
)#&$*(*! *%! 3(! %-+#%3(! ,4-! $1B3#/%15%! *%! 3(! F15$)n%*(*<! (! .(&5%! *%3!
.3(5'1$-,'6! :#! $1B3#['! 1'! 9#%*(! &%3%)(*'! (3! 4,;$5'! B$3'-PB$+'<! -$1'!
9#%! -%! %I5$%1*%! .'&! 3(! 3$5%&(5#&(! (! 5&(G>-! *%! 3(! *$(5&$;(! /! %3! )>1%&'!
9#%! B#1*(! ?%3! -.'#*')>3'$'1r! -%&$';#&3%-+'<! +P,$+'-%&$'! '! +','!
9#$%&(!33(,4&-%3%?!/<!-';&%!5'*'<!.'&!3'-!)&#.'-!*%!,%1*$)'-!9#%!&%2
+'&&%1!3(-!+(33%-!*%!@&%+$(!/!*%3!O,.%&$'!&',(1'!0(-5(!-#!+(8*(!/!3(!
$,.'-$+$P1! *%3! +&$-5$(1$-,'<! (3! 9#%<! .'&! '5&(! .(&5%<! 5(,;$>1! $1B3#/%6!
D'*&8(,'-!*%+$&!9#%!+$1$-,'!/!.3(5'1$-,'!-'1!3'-!*'-!.'3'-!*%3!.%12
-(,$%15'!B$3'-PB$+'<!/!9#%!&%.&%-%15(1!3(-!*'-!B'&,(-!,4-! '.#%-5(-!
*%!3(!$19#$%5#*!*%!-86!:$!.%1-(,'-!#1!,',%15'!%1!9#$>1%-!-%&41!3'-!
-%)#$*'&%-!*%!+(*(!#1(!1'-!9#%*(&4!+3(&'!+#43%-!-'1!3'-!,'5$G'-!.(2
&(!%3!*%-.&%-5$)$'!*%3!+$1$-,'6!73!%1B&%15(,$%15'!%15&%!(,;(-!%-+#%2
3(-!5$%1%!-#!'&$)%1!%1!3(!%1%,$-5(*!(;$%&5(!%15&%!-#-!*'-!B#1*(*'&%-<!
9#%!5',(1!$*%(-!-'+&45$+(-!/!3(-!$15%&.&%5(1!*%!B'&,(!&(*$+(3,%15%!
*$-5$15(6!
D(&(!%,.%d(&<!%3!.%1-(,$%15'!.3(5P1$+'!(G(1d(!)&(+$(-!(3!*$43')'<!%1!
%-.%+$(3! %1! 3'-! ;(19#%5%-! 9#%! -%! 'B&%+%1! .(&(! %-%! .&'.P-$5'<! .(&(!
B',%15(&!%3!$15%&+(,;$'!*%!$*%(-!(+',.(g41*'3'!*%!+',$*(!/!G$1'6!

RRY!!
@&(+$(-! (! 3(! 3P)$+(<! D3(5P1! 3%G(15(! #1! )&(1! -$-5%,(! ,%5(B8-$+'! %1! %3!
9#%!3'-!B$3P-'B'-!*%;%&8(1!)';%&1(&<!.#%-5'!9#%!-'1!3'-!C1$+'-!+(.(2
+%-!*%!(3+(1d(&!3(-!$*%(-!/!&%+'1'+%&!3(!B(3-%*(*!*%3!,#1*'!,(5%&$(36!
D(&(! 0(+%&! G%&! %-5(! &%(3$*(*! (! -#-! +'15%&5#3$'-<! %,.3%(! (&)#,%15'-!
-P3$*'-!/!%3(;'&(*'-<!)#8(!3(!+'1G%&-(+$P1!0(-5(!9#%!%-5(!-%!.&%-%15(!
+','!%G$*%15%6!H$P)%1%-!*%-.&%+$(!3(!&(dP1<!3(!&%5P&$+(!/!3(!,%5(B8-$2
+(<! .%&'<! -';&%! 5'*(-! 3(-! +'-(-<! *%-.&%+$(! 3(! -%&$%*(*! *%! D3(5P16! l3<!
.'&! %3! +'15&(&$'<! 0(+%! #1! #-'! $,.3(+(;3%! *%3! 0#,'&6! ^1! %[%,.3'!
+34-$+'!%-!-#!&%(++$P1!+#(1*'!%3!.&$,%&'!*%B$1%!(3!0',;&%!+','!#1!
;8.%*'! $,.3#,%r! *%-.3#,(&! #1! .'33'! /! 3(1d(&3'! (15%! >3! (3! )&$5'! *%!
`Ö0%!(9#8!(3!0',;&%!*%!D3(5P1Üa!:#.'1%,'-!9#%!3'-!(-$-5%15%-!-%!&%2
$&8(1<!-(3G'!%3!$15%&.%3(*'<!9#%!-%!G$'!';3$)(*'!(!+',.3%5(&!3(!*%B$1$2
+$P1!+'1!#1!`*%!#g(-!.3(1(-a6!f'!,%!0(;&8(!&%8*'6!
H%! %-5(! ;#B'1(*(! .'*%,'-! %I5&(%&! G(&$(-! +'1+3#-$'1%-6! W(! .&$,%&(!
%-!9#%!H$P)%1%-!%-!#1!,(%-5&'!*%!3(!$,.&'G$-(+$P1!/!9#%!-%!*%-%12
G#%3G%! (15%! %3! .C;3$+'! (! 3(! .%&B%++$P16! W'! ,$-,'! '+#&&%! +#(1*'<! %1!
#1(!'+(-$P1<!-%!%-54!+%3%;&(1*'!#1!;(19#%5%!/!3'-!+',%1-(3%-!-%!%12
5&%5$%1%1!3(1d41*'3%!3'-!0#%-'-!+','!-$!B#%&(!#1!.%&&$33'!9#%!-%!(3$2
,%15(!*%!3(-!-';&(-6!l3<!+','!%-%!,$-,'!.%&&$33'<!-%!3%G(15(<!3%-!,%(!
/! -%! G(6! 73! +81$+'! %-! #1! 0#,'&! %I.3'-$G'<! ,4-! *%! +(&+([(*(! 9#%! *%!
-'1&$-(<!.%&'!5(,;$>1!%-!()&%-$G'6!i(/!#1!%3%,%15'!*%-%-5(;$3$d(*'&!
%1! -#-! &%(++$'1%-! .'&9#%! &%-#35(! %G$*%15%! #1(! +'-(r! 9#%! 1'! %-! #1(!
-$,.3%! ;&',(6! F#19#%! %3! D%&&'! -%! &8%! *%! 3(! &(dP1<! %-54! 3%['-! *%! -%&!
5'15'!/!-#!,'*'!*%!&%-.'1*%&!(15%!3(-!-$5#(+$'1%-!%-<!*%!(3)C1!,'*'<!
3P)$+'6! j#%&d(! 3(! &(+$'1(3$*(*! .(&(! 33%G(&3(! (! &%-#35(*'-! (;-#&*'-! '!
$1%-.%&(*'-!?+','!3'-!*'-!-$3')$-,'-!(5&$;#$*'-!(!H$P)%1%-<!#1'!*%!
3'-! +#(3%-! [#-5$B$+(! %3! &';'! /! %3! '5&'! +',%&! %1! %3! 4)'&(?! 9#%<! %1! #1!
.&$,%&!,',%15'!.&'G'+(1!3(!&$-(!/<!+'1!#1!.'+'!*%!&%B3%I$P1<!,#%-2
5&(1!#1(!G%&*(*!9#%!.%&,(1%+8(! '+#35(! 0(-5(!%3! ,',%15'6! 73!&%-#32
5(*'!%-!3(!-'&.&%-(<!%3!%-+41*(3'<!3(!$1G%1+$P1!*%!#1(!&%(3$*(*!1#%G(!
,%*$(15%!#1(!.%&-.%+5$G(!*%!%I5&(g(,$%15'6!
W(!-%)#1*(!+'1+3#-$P1!%-!9#%!%3!0#,'&!%-!#1!,(5%&$(3!%-5&(5>)$+'<!%-!
%3!,'*'!*%!+',#1$+(&!#1!,%1-([%!,'&(3!9#%!-$&G%!.(&(!,%['&(&!(!3(-!
.%&-'1(-6! W'-! *$-5$15'-! )&(*'-! *%! ;#&3(! ?%-.%&.>15$+(<! $&P1$+(<! ;&#2
5(3<!%5+>5%&(?!5$%1%1!.'&!B#1+$P1!&$*$+#3$d(&! *%5%&,$1(*'-!,'*'-! *%!
G$*(! *(*'-! .'&! ;#%1'-! /! 9#%<! %1! &%(3$*(*<! -'1! .%&1$+$'-'-6! K(['! 3(!
;&',(!-%!%-+'1*%!3(!+%1-#&(<!3(!)#8(!*%!3$;%&(+$P1!&%-.%+5'!*%!+'12

! RRQ!
*#+5(-! *(g$1(-6! H$P)%1%-! /! -#-! *$-+8.#3'-! &%5',(1! %3%,%15'-! .&'2
.$'-!*%!3(!-45$&(!.&$,$5$G(!/!3%-!'5'&)(1!#1(!B#1+$P1!1#%G(r!3(!%3$,$2
1(+$P1!*%!3'!-#.%&B3#'!/!3(!G#%35(!(!3(!G$*(!-';%&(1(6!F#19#%!3(!B'&,(!
%-!)&(+$'-(<!%3!,%1-([%!%-!,#/!-%&$'6!W(!-#/(!%-!3(!%1-%g(1d(!*%!#1!
,'*'!*%!G$*(!%-5&$+5'!(3%[(*'!*%!3(-!+','*$*(*%-!/!3'-!+'1G%1+$'1(2
3$-,'-!.&'.$'-!*%!3(!+$#*(*6!7-<!%1!*%B$1$5$G(<!%3!&%+0(d'!*%!3'!([%1'!/!
%3!(;&(d'!*%!3'!.&'.$'r!3'!9#%!%-!#1'!,$-,'6!
W(!5%&+%&(!+'1+3#-$P1!%-!9#%!(3!+81$+'!3%!$,.'&5(!.'+'!3'!9#%!.$%1-%1!
*%!>36!71!&%(3$*(*<!%-5(!(B$&,(+$P1!1%+%-$5(!9#%!3(!,(5$+%6!:%&8(!,4-!
+'&&%+5'! *%+$&! 9#%! 1'! .%&-$)#%! 3(! ;#%1(! B(,(! 1$! 3'-! 0'1'&%-<! +','!
0(&8(!+#(39#$%&!+$#*(*(1'6!W(!+'1-%+#+$P1!*%!%-(-!*'-!G$&5#*%-!%-!3'!
9#%!:P+&(5%-!9#$%&%!(/#*(&!(!+'1-%)#$&!(!F3+$;8(*%-!,%*$(15%!3(!$12
9#$%5#*! *%! -86! 73! +81$+'! 5',(! %3! ,$-,'! +(,$1'<! .%&'! 3'! -$)#%! %1! %3!
-%15$*'!+'15&(&$'6!:#!*%-G%&)n%1d(<!-#!B(35(!*%!*%+'&'!?+','!+#(1*'!
H$P)%1%-!-%!,(-5#&;(!%1!%3!4)'&(!'!+',%!-$1!#1!5%+0'!9#%!3%!+#;&(?!
/!-#!(+5$5#*!%-+(1*(3'-(!3%!33%G(!(!3(!(*'I8(!/!3(!(5$,8(<!3(!$1B(,$(!/!3(!
(#-%1+$(! *%! 0'1'&%-6! D'&! 5(15'<! 1'! %-! 9#%! -%(! $1*$B%&%15%! (15%! 3(!
$,()%1!9#%!3'-!*%,4-!5%1)(1!*%!>3<! -$1'!9#%!;#-+(! *%!B'&,(! (+5$G(!
9#%!%-5(!$,()%1!-%(!,(3(6!7-(!%-!3(!,$-,(!&(dP1!.'&!3(!9#%!,%1*$)(<!
G(!-#+$'!/!-%!&%B#)$(!%1!3(!.';&%d(<!.'&9#%!%-!(;-#&*'!*%-.&%+$(&!3(!
G(+#$*(*!/!3'-!&%B$1(,$%15'-!*%!#1(!-'+$%*(*!/!G$G$&!;(['!-#-!,$-,(-!
+'1G%1+$'1%-6!W(!C1$+(!(+5$5#*!+'0%&%15%!%-!-(3$&!*%!%33(6!
W(!C35$,(!+'1+3#-$P1!5$%1%!,4-!9#%!G%&!+'1!3(-!+'1-%+#%1+$(-!*%3!.(2
-'!*%3!5$%,.'!9#%!+'1!3(!.&'.$(!1(5#&(3%d(!*%!3(!*'+5&$1(!+81$+(6!:(2
;%,'-! 9#%! %-5'-! B$3P-'B'-! %-+&$;$%&'1<! 9#%! %1! %33'-! -%! %1+#%15&(! %3!
'&$)%1!*%3!)>1%&'!-%&$';#&3%-+'!/!-#!,4I$,(!B'&,(!*%!%I.&%-$P1!?3(!
*$(5&$;(?!9#%!5%1*&4!#1(!$1B3#%1+$(!$1,%1-(!%1!3(!3$5%&(5#&(!0%3%18-2
5$+(! /! &',(1(<! 33%)(1*'! $1+3#-'! (! (3)#1'-! 5%I5'-! +&$-5$(1'-6! D%&'! 1'!
+'1-%&G(,'-!%-'-!5%I5'-6!"#%*(1!B&(),%15'-!/!&%B%&%1+$(-!.'-5%&$'2
&%-<!(#19#%!(3!1'!.'*%&!(++%*%&!(!3(-!B#%15%-!'&$)$1(3%-<!1'!.'*%,'-!
[#d)(&3(-! *%! B'&,(! &$)#&'-(6! :$1! %,;(&)'<! %-(! B&(),%15(&$%*(*! /! 3(!
&%5&(1-,$-$P1!*%!3(-!(1>+*'5(-!5$%1%1!#1(!$,.'&5(1+$(!$1%-5$,(;3%6!
W(!(1>+*'5(!'! +0&$(!%-!#1(!*%!3(-!G8(-!*%!5&(1-,$-$P1!*'+5&$1(3!,4-!
$,.'&5(15%-!*%3!+$1$-,'<!,%!(5&%G%&8(!(!*%+$&!9#%!3(!B#1*(,%15(36!W(!
&(dP1!.&$1+$.(3!%-!.'&9#%!%-(-!(1>+*'5(-!'+#&&%1!%1!3(!+(33%<!/!1'!%1!
3(!%-+#%3(6!7-'!.%&,$5%!9#%!3(! ';-%&G%! #1! 1C,%&'! *%!.%&-'1(-! ,#2
+0'!,(/'&!*%!3'!9#%!.'*&8(!-%&!%1!#1!&%+$15'!.&$G(*'6!7-!3'!9#%!'+#2

RVU!!
&&%!%1!%3!+(-'!*%3!.'33'!.3(5P1$+'<!+#(1*'!H$P)%1%-!%15&(!%1!%3!5%(5&'!
+#(1*'! 5'*'-! -(3%1<! +#(1*'! 3%! G%1! +(,$1(&! *%! *8(! +'1! #1(! 3$15%&1(!
%1+%1*$*(<!%5+>5%&(6!i(/!#1!%3%,%15'!%-.%+5(+#3(&!9#%!;#-+(!3(!#1$2
G%&-(3$*(*<!3(!5&(1-,$-$P1!*%3!,%1-([%!*%!3(!B'&,(!,4-!*%,'+&45$+(!
.'-$;3%6!W(!+(33%!%-!%3!%-+%1(&$'!$*%(3!.(&(!%3!+81$+'<!%-!-#!04;$5(5!1(2
5#&(36!
7-(!%-!3(!&(dP1!*%!9#%!%-(!%1-%g(1d(!-%(!*$&%+5(<!+'1+$-(!/!1'!1%+%-$2
5%! *%! )&(1*%-! (&)#,%15'-! 1$! (*'&1'-! %-5$38-5$+'-! .(&(! +'1G%1+%&! (!
-#-! '/%15%-6! N'! %-! 1%+%-(&$'! 0(+%&! 1$1)C1! %-B#%&d'! $15%3%+5#(3! ?
+','!-8!'+#&&%!+'1!3(!,(/>#5$+(!-'+&45$+(<!-$1!$&!,4-!3%['-<!'!+'1!3'-!
-'B$-5(-?!.(&(!.'*%&!+',.&%1*%&!%3!-$)1$B$+(*'!*%!3(!(++$P16!7-'! 1'!
-$)1$B$+(!9#%!1'!%I$-5(!#1!5&(-B'1*'!5%P&$+'!.'&!.(&5%!*%3!B$3P-'B'r!%3!
B(,'-'!.'33'!%-!.3(5P1$+'!1'!-'3'!.'&9#%!0(+%!&%B%&%1+$(!(!3(!*%B$1$2
+$P1!9#%!0(+%!D3(5P1!*%3!-%&!0#,(1'<!-$1'!5(,;$>1!.'&9#%!3'!0(+%!(!
3(! (1+0#&(! *%! -#-! #g(- Q6! F3)'! .(&%+$*'! '+#&&%! +#(1*'! (3)#$%1! .&%2
)#15(!(!H$P)%1%-!.'&!%3!3#)(&!*%!'&$)%1!*%!#1!['G%1!9#%!-%!0(!.&'-5$2
5#$*'<!(!3'!9#%!>3!&%-.'1*%r!`%-!5%)%(5(a<!#1![#%)'!*%!.(3(;&(-!%15&%!
3(!+$#*(*!(&+(*$(!*%!=%)%(!/!5>)'-<!9#%!-$)1$B$+(!.&'-58;#3'6!E(;%!*%-2
5(+(&!9#%!F158-5%1%-<!(15%-!*%!%15&(&!%1!%3!+8&+#3'!-'+&45$+'<!%&(!-'B$-2
5(<!/!9#%!H$P)%1%-!*',$1(!%3!3%1)#([%!/!%-!+(.(d!*%!$,.&'G$-(&!;&'2
,(-!3$1)n8-5$+(-!+'1!-'35#&(6!73!(15$$15%3%+5#(3$-,'!+81$+'!1'!3%!%I$,%!
*%!+'1'+%&!5%'&8(-!1$! *%! -%&!#1!%&#*$5'<! -$1'! 9#%! G(!*$&$)$*'! +'15&(!
#1(!-'B$-5$+(+$P1!/!#1(!(&5$B$+$(3$*(*!9#%!+'1-$*%&(!1'!-'3'!%9#$G'+(2
*(-<!-$1'!.%3$)&'-(-6!W(-!3%++$'1%-!+81$+(-!-'1!;&%G%-!/!+'15#1*%15%-<!
,#%G%1!(!3(!&$-(!/!.'&!%-%!,%*$'!5&(1-,$5%1!-#!-(;$*#&8(6!
W(! '&$)$1(3$*(*! *%3! .%1-(,$%15'! +81$+'! %-54! %1! %3! %15&%3(d(,$%15'!
(;-'3#5'!%15&%!%3!B'1*'!5%P&$+'!*%!-#!*'+5&$1(!/!-#!.#%-5(!%1!%-+%1(6!
:#! *%-.&%+$'! 0(+$(! 3'-! -'B$-5(-! /! 3'-! &%5P&$+'-! 1'! -$)1$B$+(1! 9#%! -#!
*$-+#&-'! +(&%d+(! *%! %-5$3'<! 1$! 9#%! *%-+'1'd+(! 3'-! ,%+(1$-,'-! *%3!
3%1)#([%6!:#!&%+0(d'!-%!B#1*(!%1!#1(!*$-+&%.(1+$(!%-%1+$(3!%15&%!3'-!
';[%5$G'-!*%3!%,.3%'!*%!3(!.(3(;&(6!F3!B$1!/!(3!+(;'<!%3!-'B$-5(!.&%5%1*%!
+'1G%1+%&!(!-#!(#*$%1+$(!*%!(3)'<!/!.(&(!%33'!1'!*#*(!%1!*';3%)(&!3(!
&%(3$*(*<!%1!+(33(&!+$%&5'-!*%5(33%-! 9#%! .'*&8(1!-%&! +'15&(.&'*#+%12
5%-!'!$1+3#-'!B(3-%(&!(3)C1!*(5'<!-$!+'1!%33'!3')&(!-#!.&'.P-$5'6!W'-!'&2

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
6!
Q!D3(5P1!%-!#1!(.'*'!9#%!-$)1$B$+(!`*%!+#%&.'!(1+0'a<!-#!1',;&%!&%(3!%-!F&$-5P1

! RVR!
1(,%15'-! 9#%! #5$3$d(! 5$%1%1! 3(! B#1+$P1! *%! 0(+%&! -#! (&)#,%15(+$P1!
,4-! ()&(*(;3%<! *%! %1*#3d(&3(! .(&(! 0(+%&3(! ,4-! +'1G$1+%15%6! N'! %-!
9#%!,$%15(<!.%&'!1'!5$%1%!.'&!9#>!*%+$&!5'*(!3(!G%&*(*6!7-(!%-!3(!*$B%2
&%1+$(!;4-$+(!9#%!-%.(&(!(3!+81$+'! *%!+#(39#$%&!'5&'!B$3P-'B'r!-#!%,2
.3%'! *%! 3(! .(&&%-8(6! :%! 5&(5(! *%! #1! 5>&,$1'! )&$%)'! *%! -$)1$B$+(*'!
,C35$.3%<!9#%!$1+3#/%!3(!B&(19#%d(<!.%&'!5(,;$>1!3(!3$;%&5(*!*%!.(3(2
;&(!/!%3!*%+$&3'!5'*'6!E','!'+#&&%!+'1!%3!0#,'&<!3(!B#1+$P1!*%!3(! .(2
&&%-8(!%-!.3(15%(&!#1(!+&85$+(!(!3'-!G(3'&%-!0%&%*(*'-!/!(!3(-!+'1*#+2
5(-!+$G$3$d(*(-6!F,;'-!%3%,%15'-!B'&,(1!.(&5%!*%!3'!9#%!.'*&8(,'-!
33(,(&!3(!%-5>5$+(!+81$+(<![#15'!(3!(5#%1*'!/!%3!%,.3%'!*%3!+#%&.'!+'2
,'! ,(5%&$(3! %B%+5$G'! *%! 3(! (&)#,%15(+$P16! ='*'! %33'! 3%! -$&G%! .(&(!
,(&+(&! #1(! 381%(! *%! -%.(&(+$P1! %15&%! >3! /! 3'-! *%,4-<! #1(! *$G$-'&$(!
%15&%!%3!G$&5#'-'!/!9#$%1%-!-%!*%[(1!%1)(5#-(&!.'&!%3!;&$33'!*%!3'-!,%2
5(3%-!.&%+$'-'-!'!%3!(&',(!*%!3'-!(+%$5%-6!
:%! *$+%! 9#%! H$P)%1%-! (C1! G$G%! %1! :81'.%! +#(1*'! G(! (! +'1-#35(&! %3!
'&4+#3'!*%!H%3B'-<!'!9#$d4!-%(!%3!*%!H%3'-<!+','!%-!+'-5#,;&%!%15&%!
3'-! )&$%)'-6! F338! &%+$;%! #1! ,%1-([%! *%! 3'-! *$'-%-r! .(&(+0(&455%$1! 5Ç!
1P,$-,(6! W(! *$B$+#35(*! $15%&.&%5(5$G(! *%! %-5%! +'1-%['! *$G$1'! -%! %12
+#%15&(! %1! 3(! .(3(;&(! `1P,$-,(a<! 9#%! -$)1$B$+(! (3! ,$-,'! 5$%,.'!
`,'1%*(a! %! `$1-5$5#+$'1%-a6! 73! B#5#&'! B$3P-'B'! %-! 0$['! *%3! ;(19#%&'!
i$+%-$(-<!%1+(&)(*'!*%!(+#g(&!*$1%&'<!.'&!3'!9#%!*%+$*%!-%)#$&!3(!&%2
+',%1*(+$P1!/!B(3-$B$+(&!u.(&(+0(&455%$1v!3(!,'1%*( RU6!F3!*%-+#;&$&2
-%!3(!%-5(B(<!3%!+'1*%1(1!(3!*%-5$%&&'<!/!,(&+0(!(!F5%1(-<!*'1*%!;#-2
+(&4! 3(! +',.(g8(! *%! F158-5%1%-!.(&(! 9#%! 3%! $1-5&#/(! %1! 3(! j$3'-'B8(6!
=(,;$>1!(338!%1+(&)(!9#%!3%!;#-9#%1!#1(!+(-(!%1!3(!9#%!(3'[(&-%<!.%2
&'<!(3!5(&*(&!*%,(-$(*'<!*%+$*%!9#%*(&-%!%1!#1!-$3'!*%!)&(1'6!W'!9#%!
1'-! $15%&%-(! (9#8! 1'! %-! -$! B#%! %3! +#3.(;3%! *%! #1(! %-5(B(<! -$! 3'! B#%! -#!
.(*&%!'!-$!-'3'!'/P!3(!0$-5'&$(!/!-%!(.&'.$P!*%!%33(!*%!B'&,(!-$,;P3$+(6!
W'! $,.'&5(15%! %-! 9#%<! #1(! G%d! 33%)(*'! (! F5%1(-<! +'15$1C(! 0(+$%1*'!
+(-'! *%! %-%! +'1-%['<! +'15$1C(! $1G(3$*(1*'! 3(! ,'1%*(! %1! +#&-'6! W(!
C1$+(!*$B%&%1+$(!%-!9#%!(0'&(!1'!%-!#1(!,'1%*(!B8-$+(<!-$1'!3'-!G(3'2
&%-! ,'&(3%-! 9#%! ';-%&G(1! 3'-! (5%1$%1-%-6! :$! 3%-! &%-#35(! 'B%1-$G'! %-!
.'&9#%!3%-!0(+%!1'5(&!3(!B&()$3$*(*!*%!-#-!&$5#(3%-<!*%!-#-!+'-5#,;&%-<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RU!7I$-5%1!.&#%;(-!,(5%&$(3%-!*%!9#%!%1!5'&1'!(3!-$)3'! m!(15%-!*%!E&$-5'!%I$-5$P!#1!
5(3!i$+%-$(-!9#%!(+#gP!#1(!-%&$%!*%!,'1%*(-!+#/'!(3%(+$P1!%&(!*%!#1!G(3'&!$1B%&$'&!
(3!1',$1(36!
RVV!!
3'!.'+'!9#%!0(+%!B(35(!.(&(!*#*(&!*%!%33'-!%!$1+3#-'!&$*$+#3$d(&3'-6!N'!
%-!1%+%-(&$'!,4-!9#%!#1!+#%&.'!9#%!0()(!%G$*%15%!3'!(;-#&*'!*%!3'-!
5(;C%-<!/!#1(!+'1+$%1+$(!+(.(d!*%!%I.&%-(&!3'!9#%!.$%1-(<!-$1!*%[(&-%!
$15$,$*(&!.'&!3(-!+'1G%1+$'1%-6!71!'5&(-!.(3(;&(-<!#1!.(&&%-$(-5(6!
^1!#-'!%[%,.3(&!*%!3(! .(&&%-8(!%-!%3!9#%!';-%&G(,'-!%1!3(!9#%!9#$d4!
-%(!3(!(1>+*'5(!*$')>1$+(!,4-!+%3%;&%!*%!5'*(-6! 71! #1(! '+(-$P1<!5(3!
G%d! %-5(1*'! %1! E'&$15'<! %3! +'19#$-5(*'&! ,(+%*'1$'! F3%[(1*&'! -%!
(+%&+(! (3! B$3P-'B'<! 9#%! %-54! *%-+(1-(1*'! %1! -#! 5$1([(6! 73! )&(1! &%/! 3%!
.&%)#15(!9#>!*%-%(<!.#%-5'!9#%!>3!.#%*%!)(&(15$d(&!9#%!%-%!*%-%'!-%!
+#,.3(! *%! $1,%*$(5'6! W(! &%-.#%-5(! %-! +'1'+$*(! *%! -';&(r! `F.(&5(<!
9#%!,%!5(.(-!%3!-'3a6!7-5(!C1$+(!%1-%g(1d(!/(!0(+%!(3!D%&&'!,%&%+%2
*'&!*%!#1!3#)(&!*%!0'1'&!%1!3(!0$-5'&$(!*%!]++$*%15%6!71!.&$,%&!3#)(&!
.'&9#%!%3!?-#.'1%,'-!9#%!/(!(1+$(1'?!B$3P-'B'!,#%-5&(!#1!*%-.&%2
+$'! (;-'3#5'! .'&! %3! .'*%&<! .'&! 9#$%1%-! 3'! %[%&+%1! /! .'&! 3(-! *4*$G(-!
9#%!.#%*%1!+'1+%*%&6!W(!+(&%1+$(!*%!5'*'!;$%1!,(5%&$(3!3%!3$;%&(!*%!
+#(39#$%&!+',.3$+$*(*!9#%!+#.$%&(!%-.%&(&!*%!>3!0(+$(!#1!&%/!9#%<!'!
;$%1!(+(;(!*%!3#+0(&!+'15&(!H(&8'!'!-%!*$&$)%!(!0(+%&3'6!F!*$B%&%1+$(!
*%! F3%[(1*&'<! 9#%! 1%+%-$5(! (! -#! %[>&+$5'! .(&(! 3')&(&! -#-! +'19#$-5(-<!
H$P)%1%-!1'!1%+%-$5(!1(*(! %1! (;-'3#5'6! W%!;(-5(!+'1! 3'!9#%! 5$%1%! (3!
(3+(1+%r!()#(<!3(!+',$*(!9#%!.#%*(!+'1-%)#$&!,%1*$)(1*'<!-#!5$1([(<!
-#! ,(15'<! -#! ;(-5P1! /! -#! ,'&&(36! D$*%! (3$,%15'-<! %-! +$%&5'<! .%&'! 1'!
*%.%1*%!*%!#1!5&(;(['<!1$!*%!#1!,%+%1(-!9#%!-%!3'!.&'.'&+$'1%!/<!%1!
+(-'! *%! 9#%! 1(*$%! 3%! *><! -$%,.&%! .#%*%! &%+')%&! ;(/(-! '! +#(39#$%&!
'5&(!B&#5(6!W(!B&#)(3$*(*!%-!'5&(!*%!-#-!G$&5#*%-!/!B'&5(3%+%!-#!+#%&.'6!
71!-%)#1*'!3#)(&<!%3!B$3P-'B'!0(+%!'-5%15(+$P1!*%!-#!3$;%&5(*!*%!.(3(2
;&(<!#1(!3$;%&5(*!9#%!1'!*%[(!*%!-%&!.(&(*P[$+(<!.#%-5'!9#%!-'3'!+(;%!
%-.%&(&3(<!*%!)%15%!5(1!.'*%&'-(!+','!F3%[(1*&'6!73!&%/!.#%*%!*%+$&!
3'!9#%!-%!3%!(15'[%<!1'!0(/! 9#$%1!-%!(5&%G(! (!33%G(&3%!3(! +'15&(6!D%&'!
.(&(!%-'!%-54!H$P)%1%-6!E#(1*'!(9#%3!3%!.&%)#15(!-$!3%!5%,%<!3%!+'12
5%-5(!+'1!'5&(!.&%)#15(r!`b7&%-!#1!;$%1!'!#1!,(3ca!`^1!;$%1a<!3%!&%-2
.'1*%6! 715'1+%-! 3(! .&%)#15(! %-! &$*8+#3(<! .'&9#%! b9#$>1! 5%,%! #1!
;$%1c!=(,;$>1!3%!33(,(!;(-5(&*'<!/(!9#%!(-%)#&(!9#%!-#!.(*&%!1'!%-!
%1! &%(3$*(*! j$3$.'<! %3! &%/! *%! h(+%*'1$(<! -$1'! %3! ,$-,'! Ñ%#-6! 7-! %G$2
*%15%!9#%!3%!%-54!5',(1*'!%3!.%3'6!71!3#)(&!*%!0#,$33(&-%!/!,'-5&(&!
-#!+(&(!,4-!(.(+$;3%<!%3!+81$+'!-%!+&%+%!(15%!3(-!(*G%&-$*(*%-6!W(!3%+2
+$P1! 9#%! $,.(&5%! (3! 5'*'.'*%&'-'! +'19#$-5(*'&! %-! 9#%! -#! .'*%&! 3%!
0(+%!%-5(&!&'*%(*'!*%!(*#3(*'&%-!$1+(.(+%-!*%!*%+$&3%!'5&(!+'-(!9#%!

! RVS!
1'!-%(!3'!9#%!*%-%(!'8&6!F!>3<!.'&!%3!+'15&(&$'<!1$!3%!$,.'&5(!-#!'.$1$P1!
1$!5%,%!1$1)C1!+(-5$)'<!.'&!5(15'!3%!*$&4!3(!G%&*(*6!l3<!#1!;#BP1!9#%!
*#%&,%!%1!#1(!5$1([(!/!%-54!+#;$%&5'!*%!,#)&%<!%-!%3!C1$+'!%1!9#$%1!
.#%*%! +'1B$(&<! %-! %3! C1$+'! 9#%! 5$%1%! (3)'! -%1-(5'! 9#%! *%+$&3%<! -$! -%!
(5&%G%!(!%-+#+0(&3%6!W(!3%/%1*(!*$+%!9#%<!*%-.#>-!*%!%-5%!%1+#%15&'<!
F3%[(1*&'!(-%)#&(!9#%<!*%!1'!-%&!>3<!9#%&&8(!-%&!H$P)%1%-6!
73!0%+0'!*%!9#%!1'!-%!0(/(!+'1-%&G(*'!1$1)C1!5%I5'!*%!H$P)%1%-!1$!
*%3!&%-5'!*%!3'-!.&$,%&'-!+81$+'-<!*(!#1(!$,.'&5(1+$(!%-%1+$(3!(!%-5%!
5$.'! *%! (1>+*'5(-6! 7-! #1(! 34-5$,(! 1'! .'*%&! 3%%&! %3! DP&*(3'-<! 585#3'!
9#%! .'*&8(! 5&(*#+$&-%! .'&! (3)'! (-8! +','! `D%*'&&%&'a<! 1$! 3(-! 5&()%2
*$(-<! *$43')'-! '! *%,4-! 5%I5'-! %1! 3'-! 9#%! %3! D%&&'! [#-5$B$+(! *%-*%! 3(!
(15&'.'B()$(!0(-5(!%3!$1+%-5'<!+','!0(&4!:(*%!,#+0'!*%-.#>-6!D%&'!
/(!0%,'-!G$-5'!9#%!3(-!(1>+*'5(-!-'1<!*%-*%!3(!F15$)n%*(*<!3(!.&$1+$2
.(3!G8(!*%!+',#1$+(+$P1!*%3!$*%(&$'!+81$+'6!73!+$1$-,'!%-<!%1!-%15$*'!
%-5&$+5'<!#1(!B$3'-'B8(!*%!3(!(++$P16!H$P)%1%-!-%!+'1G$%&5%!,#/!.&'15'!
%1! #1(! B$)#&(! 3%)%1*(&$(! (! 3(! 9#%! &%+#&&$&! %1! ;#-+(! *%! %[%,.3'6! W(!
%I.%&$%1+$(! 1'-! *$+%! 9#%<! *%! (.(&%+%&! 0'/<! %1! %3! ,%['&! *%! 3'-! +(-'-!
1(*$%!3%!.&%-5(&8(!(5%1+$P1!?/(!0(/!;(-5(15%-!,%1*$)'-!%1!3(-!+(33%-<!
(3)#1'-!$1+3#-'!)&$5(1!/!-%!*%-1#*(1!-$1!9#%!3%!$,.'&5%!(!+(-$!1(*$%?6!
71!%3!.%'&<!(+(;(&8(!%1!#1(!$1-5$5#+$P1<!(5'15(*'!.'&!3'-!5&(19#$3$d(12
5%-6! N'! 0(/! ,4-! 9#%! G%&! 3(! *';3%! &%+%.+$P1! *%! -#! B$)#&(! *%-*%! 3'-!
5$%,.'-!*%!Ñ%1P1!*%!E$5$'6!D'&!#1!3(*'<!-%!-';&%%15$%1*%1!-#!$,.#2
*$+$(!/!-#-!(+5'-!,4-! *%-G%&)'1d(*'-<! (! B$1!*%! 0(+%&!*%! >3!#1!-(;$'!
;'1(+0P1! 9#%! .#%*(! -%&G$&! +','! ,'*%3'! >5$+'6! 7-5'! -%! 0(&4! 5(15'!
*%-*%!3(!7-5'(!+','!*%-*%!%3!+&$-5$(1$-,'6!D'&!'5&'!3(*'<!-%!-#;&(/(1!
.&%+$-(,%15%!%-(-!+'1*#+5(-!.(&(!.&%-%15(&3'!+','!#1!%[%,.3'!1%2
)(5$G'<! +','! (9#%33'! *%! 3'! 9#%! 5'*(! .%&-'1(! *%! ;$%1! *%;%! (3%[(&-%6!
7-5'!-%!0(&4!5(,;$>1!*%-*%!3'-!,$-,'-!3#)(&%-6!
D%&'! 0(/! 9#%! &%+'1'+%&! 9#%! %3! +$1$-,'! -';&%G$G%! +','! 3'! 9#%! %-!
*%-*%!-#!'&$)%1<!+','!#1(!B$3'-'B8(!G$5(3!B#1*(*(!%1!3(!$19#$%5#*!*%!
-8<!*%!3(-!+3(-%-!;([(-<!3'-!;(-5(&*'-<!3'-!%I5&(1[%&'-<!3'-!%-+3(G'-6!7-'!
%-!3'!9#%!-(+(!*%!-#-!+(-$33(-!(!W#+$(1'<!9#%!5&(5(!*%!*%-G$1+#3(&-%!(!
+#(39#$%&!.&%+$'!*%!3'-!+81$+'-!*%!-#!>.'+(!,$%15&(-<!(3!,$-,'!5$%,2
.'<! &%$G$1*$+(! 3(-! %1-%g(1d(-! *%! 3'-! .&$,%&'-! B$3P-'B'-! .%&&'-6! \%2
+0(d(! %3! +(&4+5%&! ,%1*$+(15%! *%! -#-! +'%541%'-! .'&9#%! 3'-! 0(+%! -#2
+$'-! %! $&&$5(15%-6! D%&'! %-%! 0(! -$*'! -$%,.&%! %3! +$1$-,'6! E#(39#$%&!
$15%15'! *%! 0$)$%1$d(&3'! '! *',%-5$+(&3'! %-! #1! %-B#%&d'! .'&! 5&(1-B'&2

RVZ!!
,(&3'!%1!(3)'!9#%!1'!%-r!%-5'$+$-,'6!N'!%-!'5&(!+'-(6!W(!,$%&*(!%-!5(1!
.&'.$(! *%3! +$1$-,'! +','! 3'! %-! 3(! .(&&%-8(6! 73! +(&4+5%&! 'B%1-$G'! *%3!
+81$+'!%-!,#+0'!,4-!9#%! #1!%-5$3'<! %-!#1(!%-5&(5%)$(!*%!*$B#-$P16!73!
(-.%+5'!B'&,(3!/!%3!+'15%1$*'!*%3!,%1-([%!-'1!3'!,$-,'6!:$!(3)'!*%-2
5(+(!*%3!+$1$-,'!/!3'!+'3'+(!%1!#1!3#)(&!*$-5$15'!*%3!&%-5'!*%!%-+#%3(-!
B$3'-PB$+(-!?*%!3(!F15$)n%*(*!/!,%!(5&%G%&8(!(!*%+$&!9#%!*%!+#(39#$%&!
>.'+(?! %-! -#! +'0%&%1+$(<! 3(! $,.3$+(+$P1! 815$,(! %15&%! %3! $*%(&$'! /! -#!
.#%-5(!%1!.&4+5$+(6!7-'!%-!3'!9#%!+'1G$%&5%!(!H$P)%1%-!%1!#1(!B$)#&(!
%[%,.3(&<!*$)1(!*%!(3(;(1d(-!'!*%!*%-.&%+$'-<!*%.%1*$%1*'!*%!9#$>1!
3'!1',;&%!/!+'1!9#>!.&'.P-$5' RR6!

Om!

D%&'!%-(!$15%&&%3(+$P1!;4-$+(!%15&%!%3!+#$*(*'!*%!-8!/!3(! .(&&%-8(!1'!
%-!%I+3#-$G(!*%3!B$3'-'B(&!.%&&#1'6!F-8!+','!%3!.3(5'1$-,'!*(!'&$)%1!(!
+'&&$%15%-!&(+$'1(3$-5(-!/!,8-5$+(-!(3!,$-,'!5$%,.'<!%3!+$1$-,'!-%!;$2
B#&+(!%1!*'-!5&(*$+$'1%-!$&&%+'1+$3$(;3%-r!.'&!#1!3(*'<!3(!-#;G%&-$G(!/!
.'.#3(&!9#%!%1+(&1(1!3'-!+81$+'-!,%1*$+(15%-k!.'&!%3!'5&'<!3(!G%&-$P1!
*',%-5$+(*(! /! -%g'&$(3! *%3! %-5'$+$-,'6! 7-5(! %-+#%3(<! B#1*(*(! .'&!
Ñ%1P1!*%!E$5$'<!5',(!-#-!.&$1+$.$'-!>5$+'-!*%!3(!%I$)%1+$(!+81$+(<!.%&'!
3(!.#3%!#1!.'+'!.(&(!0(+%&3(!,4-!.&%-%15(;3%<!,4-!*%+%15%6!:#!.'.#2
3(&$*(*!(3+(1d(!-#!(.')%'!*#&(15%!%3!F35'!O,.%&$'!&',(1'<!%-!*%+$&<!
3'-! -$)3'-! O! /! OO! *%! 1#%-5&(! %&(<! .'+'! (15%-! *%! 3(! %+3'-$P1! *%3! +&$-5$(2
1$-,'6!71!%-5%!.%&$'*'!-%!&%+#.%&(!3(!+#35#&(!+34-$+(!)&$%)(<!/!(0'&(!
3(!%.$,%3%$(!0%(#5'#!%-!#1!.&$1+$.$'!)%1%&(3<!+#/'!';[%5$G'!5$%1%!,4-!
*%!*$')>1$+'!9#%!*%!-'+&45$+'6!7-!*%+$&<!(9#%3!9#%!-%!.&%'+#.(!*%!-8!
,$-,'!3'!0(+%!.'&!-8!,$-,'<!/!1'!.'&!3(!+$#*(*6!:$!(15%-!-%!&%+',%12
*(;(!%-5(!(+5$G$*(*!%1!3(-!%*(*%-!*%!5&41-$5'!?%15&%!3(![#G%15#*!/!3(!
(*#35%d!'!%1!%3!.(-'!*%!(*#35'!(!(1+$(1'?!(0'&(!*%;%!'+#.(&!3(!%I$-2
5%1+$(! %1! -#! 5'5(3$*(*6! 73! 3%1)#([%! 5(,;$>1! 0(! +(,;$(*'<! (0'&(! -%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RR!73!.%&-'1([%!0(!33%)(*'!0(-5(!1#%-5&'-!*8(-<!1'!1%+%-(&$(,%15%!%15&%!.%&-'1(-!
+'1!B'&,(+$P1!B$3'-PB$+(6!W(!()%1+$(!*%!1'5$+$(-!7#&'.(!D&%--!&%+')%!9#%!%3![#%G%-!T!
*%! ,(&d'! *%! VURT<! %3! .'&5(G'd! *%3! D(&5$*'! D'.#3(&<! \(B(%3! i%&1(1*'<! +',.(&(! (3!
.&%-$*%15%! *%! E$#*(*(1'-<! F3;%&5! \$G%&(<! +'1! H$P)%1%-<! (3! *%+$&! 9#%! G(! `+'1! -#!
34,.(&(!;#-+(1*'!+(1*$*(5'-!.'&!5'*'-!-$5$'-a6!W(!G'3#15(*!'B%1-$G(!*%!3(!(3#-$P1!
%-!%G$*%15%<!3'!9#%!1'!9#%*(!5(1!+3(&'!%-!9#%!3'!+'1-$)(6!
! RVT!
0(;3(! *%! ,$&(&! 0(+$(! -8<! -(1(&-%! (! -8! ,$-,'<! &%1*$&-%! +#35'<! -%&! -#!
.&'.$'! *#%g't! W(! $19#$%5#*! *%! -8! +'3'1$d(! 5'*'-! 3'-! *$-+#&-'-! /! -%!
(-$,$3(!+'1!%3!(&5%!*%!G$G$&6!:'1!,#+0'-!3'-!(*#35'-!9#%!-%!&%5$&(1!*%!
3(! G$*(! '&*$1(&$(! .(&(! *%*$+(&-%! (! -8! ,$-,'-<! ,#+0'-! $1+3#-'! *%-2
.#>-!*%!0(;%&!0%+0'!B'&5#1(6!
:$!.(&(!F3+$;8(*%-!%-5(!(+5$G$*(*!5%18(!.'&!';[%5$G'!%3!;#%1!)';$%&1'<!
-$!-%&G8(!.(&(!.&%.(&(&3%!.(&(!3(!G$*(!.'385$+(<!.(&(!%3!%-5'$+$-,'!&'2
,(1'!-#.'1%!#1(!.#&)(!*%!3'-!,(3'-!04;$5'-!(*9#$&$*'-!*#&(15%!3(!
G$*(! -'+$(36! F9#8! %-! %G$*%15%! 3(! 0%&%1+$(! +81$+(r! %3! $15%&>-! .'&! #1'!
,$-,'!%9#$G(3%!(!3(!';-%&G(+$P1!*%!3'!9#%!-%!%-!/!-#!+'&&%++$P16!:$&2
G%! .(&(! 33%)(&! (! -%&! +','! *%;$P! -%&-%6! 73! %[%&+$+$'! *%! 3(! B$3'-'B8(!
.&4+5$+(! -%! G%! +','! #1(! +'&&%++$P1<! +','! #1! .&'+%-'! 5%&(.>#5$+'!
)&(+$(-! (3! +#(3! -%&! +(.(d! *%! -#;-(1(&! 3(-! *%B'&,(+$'1%-! (! 3(-! 9#%!
+'1*#+%!3(!-'+$%*(*6!7-(!%-!3(!&(dP1!.'&!3(!9#%!%3!%-5'$+$-,'!(-$,$3(!
3(-!5(&%(-!B$3'-PB$+(!/!3(!,>*$+(6!F9#%33(!+#&(!%3!(3,(!+','!%-5(!+#&(!
%3!+#%&.'6!W(!&%+',%1*(+$P1!%-!G$G$&!.(&(!3(!G%[%d<!%1!3(!9#%!/(!1'!-%!
.(*%+%1!3(-!5%15(+$'1%-!B8-$+(-!1$!3(-!*%!3(!(,;$+$P16!:>1%+(!$1G$5(!(!
(B&'15(&!3(!G$*(!-$%,.&%!+','!-$!-%!B#%&(!(1+$(1'<!-$1!%-.%&(&!*%!%33(!
1(*(!1#%G'6!W(!G%[%d!-%!+'1G$%&5%!%1!#1(!%-.%+$%!*%!+#3,$1(+$P1!*%!
3(! %I$-5%1+$(<! (! .%-(&! *%! 3(! *%;$3$*(*! /! 3'-! $1+'1G%1$%15%-! 9#%! 3(!
(+',.(g(16!73!5&(-B'1*'!%-!9#%!%1!3'-!C35$,'-!(g'-!/(!1'!0(/!.3(+%&!
,4-!(334!*%!#1'!,$-,'6!
W(!$19#$%5#*!*%!-8!+'15$1C(!-$%1*'!#1(!'+#.(+$P1!%3$5$-5(r!1'!5'*'!%3!
,#1*'! .#%*%! *%[(&! *%! .&%'+#.(&-%! .'&! 9#>! -%! 33%G(! (! 3(! ;'+(! '!
*P1*%!*'&,$&4!%-(!1'+0%6!N'!5'*'!%3!,#1*'! .#%*%! -%&!+81$+'6!D%&'!
%-5'! 1'! -$)1$B$+(! 9#%! %-5(! (+5$G$*(*! 9#%*%! &%3%)(*(! (! 3'-! &$+'-6!
F*%,4-!*%!3(-!B'&,(-!,%1*$+(15%-!*%3!+$1$-,'<!3(-!+3(-%-!.'.#3(&%-!
&%+#&&%1!(!(3)#1'-!)&#.'-!&%3$)$'-'-!+#/'!>1B(-$-!%-54!%1!3'-!&$5#(3%-!
*%! .#&$B$+(+$P1! ,4-! 9#%! %1! 3(! $15%3%+5#(3$d(+$P1! 9#%! .#%*%! %1+'12
5&(&-%!%15&%!3'-!(&$-5P+&(5(-6!D(&(!+#$*(&!*%!-8<!3'-!.';&%-!&%+#&&%1!(!
3(-! '&)(1$d(+$'1%-! +#35#(3%-k! 3'-! &$+'-<! (! -#-! (,$)'-6! D%&'! 3'! 9#%! -%!
*%-.&%1*%! *%! %-5(! -$5#(+$P1! %-! 9#%<! %1! 5'*(-! -#-! %1+(&1(+$'1%-<! 3(!
%.$,%3%$(!0%(#5'#!&%9#$%&%!*%!(3)#$%1!,4-<!*%!(3)#$%1!%I5%&1'!9#%!3(!
';-%&G%6!F0'&(!;$%1<!(!.%-(&!*%!3(!)%1%&(3$d(+$P1!9#%!(+(;'!*%!0(+%&<!
3'!+$%&5'!%-!9#%!1'!%I$-5%!#1(!*$G$-$P1!5(1!+3(&(!%1!1$1)C1!,',%15'6!
W(! %-+#%3(! %.$+C&%(<! .'&! %[%,.3'<! -%! 1#5&%! *%! 3(-! +3(-%-! .'.#3(&%-<!
.%&'!3(!-'B$-5$+(+$P1!/!3(!(35#&(!*%!-#!5&(;(['!$15%3%+5#(3!%-!;$%1!+'1'2

RVX!!
+$*(6! F3)'! -$,$3(&! '+#&&%! +'1! 3'-! 5%&(.%#5(-! *%! 3(-! (B#%&(-! *%! F3%2
[(1*&8(<!(#19#%!%1!%-5%!+(-'!-8!9#%!.(&%+%!5&(5(&-%!*%!#1!)&#.'!&%3$2
)$'-'6!
F!.%-(&!*%!3(!#1$G%&-(3$*(*!*%!3(!33(,(*(!(!.&(+5$+(&!3(!$19#$%5#*!*%!
-8<!*%!B'&,(!.(&(3%3(!(!3'!9#%!'+#&&%!+'1!%3!+$1$-,'!/!'+#&&$&4!.'+'!
*%-.#>-!+'1!%3!+&$-5$(1$-,'<!3(!&%-.#%-5(!%-!%-+(-(6!:'1!.'+'-!3'-!9#%!
%-541!*$-.#%-5'-!(!&%1#1+$(&!(!3(!+','*$*(*!*%!3(!G$*(!'&*$1(&$(!.'&!
(3+(1d(&!#1(!%I$-5%1+$(!.3%1(!.%&'!,#/!-%G%&(6!N'!'3G$*%,'-!9#%!3(!
.&%'+#.(+$P1! .'&! #1'! ,$-,'<! .'&! 3(! G$*(! .&'.$(<! %I$)%! *%! 9#$%1! 3(!
.&(+5$+(! #1! *$-5(1+$(,$%15'! *%! 3(! -'+$%*(*! 1'&,(3<! /! #1(! 5&(1-B'&2
,(+$P16!:>1%+(!33(,(! -5#35$5$(!u%-5#.$*%dv! (3!%-5(*'! .&%G$'! (!%-(! $12
9#$%5#*<!%-!*%+$&<!(!3(!%5(.(!.&%+&85$+(!*#&(15%!3(!+#(3!#1!$1*$G$*#'!-%!
+&%%! 5'*'! 3'! 9#%! 3%! *$+%16! D(&(! *%-.%&5(&! /! -(3G(&-%! %-! 1%+%-(&$(! 3(!
$15%&G%1+$P1!*%!#1!,(%-5&'<!*%!#1!)#8(!9#%!*%-+#;&(!3(-!B(35(-!/!-%2
g(3%!%3!,'*'!*%!+'&&%)$&3(-6!H%!>3!+(;%!%-.%&(&!5&%-!5$.'-!*%!,()$-5%2
&$'<! -%)C1! -%g(3(! j'#+(#35! uVUUVr! RSR2RSSvr! %3! *%3! %[%,.3'<! 5(15'!
.%&-'1(3!+','!%3!9#%!.'*&8(,'-!33(,(&!3$5%&(&$'<!(9#%3!%1!%3!9#%!-%!
&%+')%1!&%3(5'-<!&%(3%-!'!B$+5$+$'-<!*%!3'-!9#%!-%!%I5&(%!#1(!3%++$P1k!%3!
*%!3(!+',.%5%1+$(<!(9#%3!9#%! 0(+%! (3!(3#,1'! +',.%5%15%! %1!(3)#1(!
*$-+$.3$1(k!/!%3!*%!3(!5#&;(+$P1!/!%3!*%-+#;&$,$%15'<!(9#%3!9#%!3%!0(+%!
-(;%&!9#>!%-!3'!9#%!1'!-(;%!/!%1!3'!9#%!*%;%!$1-5&#$&-%6!W(!5(&%(!*%3!
,(%-5&'! %-! +'&&%)$&! 3'-! %&&'&%-! *%3! (3#,1'! /! '&$%15(&3%! .(&(! 9#%!
.#%*(!+'1-5$5#$&-%!+','!-#[%5'!(#5P1','6!D(&(!%33'<!%-5%!*%;%1!,%2
,'&$d(&!3'-!,'*%3'-!.&'.#%-5'-!/!-#.%&(&!-#!$)1'&(1+$(6!
D(&(!:>1%+(<!3(!*$B%&%1+$(!%15&%!%3! -5#35#-!/!%3! -(.$%1-!u-(;$'v!%-!9#%!
(9#%3!1'!-%!9#$%&%!+','!*%;%!9#%&%&-%r!*%!B'&,(!(;-'3#5(<!$1+'1*$2
+$'1(3<!+'1-5(15%!/<!-';&%!5'*'<!3$;&%6!W'!C1$+'!9#%!.#%*%!(,(&-%!(-8!
%-!%3!/'<!%3!-8!,$-,'6!73!B$3P-'B'!%-!9#$%1!%1-%g(!(!(,(&!-#!.&'.$'!/'<!
%-! %3! G%+5'&! *%! 3(! 5&(1-B'&,(+$P1! 0(+$(! %3! -(.$%1-6! H%! %-5%! ,'*'<!
:>1%+(<! +','! 0$d'! D3(5P1<! +'3'+(! (3! B$3P-'B'! .'&! %1+$,(! *%! 9#$%1!
9#$%&%!)';%&1(&-%!(!-8!,$-,'6!:'1!,#+0'-!9#$%1%-!-$)#%1!%3!+(,$1'!
,(&+(*'! .'&! F3+$;8(*%-! /<! (!5&(G>-! *%! %-%! *',$1$'! *%! -8<! .&%5%1*%1!
*',$1(&!(!3'-!*%,4-6!7-!3(!*$B%&%1+$(!;4-$+(!%15&%!%3!,'*%3'!&',(1'!
*%3!+#$*(*'!*%!-8!/!%3!)&$%)'6!7-5'-!'&)(1$d(;(1!3(!(+5$G$*(*!%1!5'&1'!
(!3(!%-+#%3(<!*'1*%!%3!B$3P-'B'!+'&&$)%!(!-#-!(3#,1'-6!71!\',(!-#&)%!
3(!B$)#&(! *%3!+'1-%[%&'!.&$G(*'<!#1!.%&-'1([%!(3! 9#%!-%!+'15&(5(! .'&!
-#!-(;$*#&8(!/!-#!(,$-5(*6!]-5%15(!%3!+(&)'!.(&(*P[$+'!*%!-%&!#1!%,2

! RVL!
.3%(*'! (3! 9#%! 0(/! 9#%! ';%*%+%&6! W(! B#1+$P1! -$1)#3(&! *%3! B$3P-'B'! -%!
*$3#/%<!.'+'!(!.'+'<!%1!3(!*%3!+'1-#35'&!.'385$+'6!@%15%!+','!l#B&(5%-<!
,(%-5&'! *%! D3$1$'! %3! p'G%1<! (*9#$%&%! #1! &'3! +(&*$1(3! (3! 1'! -%.(&(&!
(,;(-!*$-+$.3$1(-6!F*%,4-<!-$&G%!*%!G>&5$+%!*%!5'*'!#1! )&#.'!-'+$(3!
9#%!%-5(;3%+%!-#-!3(d'-!*%!(,$-5(*!(!5&(G>-!*%!>3<!/!(.(&%+%!%15&%!-#-!
,$%,;&'-!+','!%3!,(%-5&'!*%!3(!-(;$*#&8(!-'+$(3$d(*(6!73!,#+0(+0'!
*$+%!*%!>3!9#%!%-!;#%1!'&(*'&!/!9#%!5$%1%!#1!(-.%+5'!$,.%+(;3%<!%1!%3!
9#%!*%-5(+(!#1(!;(&;(!,#/!+#$*(*(k!%-!*%+$&<!3(!%-5(,.(!9#%!0(+%!*%!
>3!%-!3(!+'15&(&$(!*%!#1!+81$+'6!
F!h(&+'!F#&%3$'<!-#!(,$)'!/!,%15'&<!j&'15P1<!3%!(*G$%&5%!*%!3(!0$.'2
+&%-8(!*%!3(!(&$-5'+&(+$(!%1!-#!%[%&+$+$'!*%3!.'*%&6!E'15&(!%33(!'.'1%!
3(!.(&&%-8(6!W(-!+(&5(-!9#%!%-+&$;%!%3!['G%1!(!-#!+'1-%[%&'!+'1-5$5#/%1!
#1'!*%!3'-!%[%&+$+$'-!*%3!+#$*(*'!*%!-86!7-5(-!1'!-'1!-$1'!&%3(5'-!,$2
1#+$'-'-!*%!-#-!['&1(*(-6!:%!+#%15(!(!-8!,$-,'!(!5&(G>-!*%3!5%I5'<!*(!
*%5(33%-!*%!-#-!+',$*(-<!-#-!(+5$G$*(*%-<!-#-!';3$)(+$'1%-!B(,$3$(&%-!
/!&%3$)$'-(-6!:#!G$*(!%1!%3!+(,.'!+'1B$)#&(!3(-!&%B%&%1+$(-!9#%!3#%)'!
*%;%&4! 5%1%&! %1! -#! G$*(! .'385$+(r! 3(-! 1%+%-$*(*%-! ;4-$+(-! /! 3(! B'&,(!
*%!G$*(!(&+($+(!0(1!*%!-%&G$&3%!*%!,'*%3'6!l-5(-!1'!*%[(1!*%!-%&!#1(-!
.&4+5$+(-!%+'1P,$+(-<!3$)(*(-!(3!+#%&.'<!3(!+(-(!/!%3!(,'&<!5(1!(3%[(2
*'-! %-5(,'-! /(! *%3! ,',%15'! .3(5P1$+'6! 7-5'-! 5&%-! 5%&&%1'-! -%! +'12
G$%&5%1!%1!%3!+(,.'!*%!%15&%1(,$%15'!*%!3(!$19#$%5#*!/!%3!+#$*(*'!*%!
-86!W(!5(&%(!9#%!%,.&%1*%!h(&+'!F#&%3$'!%-!#1(!&%G$-$P1<!#1!%I(,%1!
*%!-#!.&'.$(!+'1+$%1+$(!(3!,'*'!9#%!:>1%+(!0(;8(!*%B$1$*'!%1!-#! :'2
;&%! 3(! $&(6! F15%-! *%! *'&,$&<! &%.(-(! -#! ['&1(*(<! 5'*'-! /! +(*(! #1'! *%!
-#-!(+5'-6!F!3(!,(g(1(!-$)#$%15%!3'-!G#%3G%!(!%1#,%&(&<!/!3'-!%-+&$;%!
(!j&'15P16!H%!%-%!,'*'!%-!+','!-%!*%-(&&'33(!#1(!B'&,(!%-.%+$(3!*%!
&%3(+$P1!+'1!%3!'5&'<!+','!-%!%-5(;3%+%!#1(!1#%G(!>5$+(!;(-(*(!%1!3(!
+',#1$+(+$P1!G%&;(3<!%1!%3!*%+$&3'!5'*'<!%1!%3!0(;3(&!+'1!B&(19#%d(<!
%1!3(!.(&&%-8(6!
:$!h(&+'!F#&%3$'!*%-%(!-%&!.&81+$.%<!+','!%-!%3!+(-'<!0(;&4!*%!'3G$*(&!
5'*(! 5(&%(! %-.%+8B$+(! *%! *$+0(! '+#.(+$P16! i(! *%! 5%1%&! -$%,.&%! .&%2
-%15%!9#%!%-!#1!0',;&%!'&*$1(&$'<!-'3'!(-8!(+5#(&4!*%!,(1%&(![#-5(6!
:#! +',.'&5(,$%15'! 0(! *%! -%&! 0'1%-5'<! )&(G%<! .#&'! /! 1(5#&(36! H%;%!
&%(3$d(&! #1! %I(,%1! *%! +'1+$%1+$(! ,(5$1(3<! .(&(! &%.(-(&! 3(-! 5(&%(-!
9#%!33%G(&4!(!+(;'!(!3'!3(&)'!*%3! *8(<!/!'5&'!G%-.%&5$1'!%1!%3!9#%!&%2
,%,'&(&4!+#43%-!-%!0(1!+#,.3$*'6!D'&!3(!,(g(1(!&%+'&*(&4!9#%!5'2
*'! 0',;&%! 5$%1%! #1(-! ';3$)(+$'1%-6! W(-! -#/(-! -%&41! ,4-! $,.'&5(12

RVY!!
5%-<!.%&'!1'!5$%1%1!#1(!1(5#&(3%d(!*$-5$15(!*%3!&%-5'6!@';%&1(&!%3!$,2
.%&$'!%-!#1!'B$+$'!9#%!%I$)%<!+','!-%&!0%&&%&'!'!+(&.$15%&'<!%3!%-B#%&2
d'!.'&!&%(3$d(&3'!3'!,%['&!.'-$;3%6!73!%,.%&(*'&!0(;&4!*%!-%&!>3!,$-2
,'<! %3! 0',;&%<! /<! %1! 3(! $19#$%5#*! *%! -8<! 0(&4! %3! ;$%1! .(&(! %3! &%-5'!
5(15'!+','!.(&(!>3!,$-,'<!.#%-5'!9#%!#1(!G$*(![#-5(!(+(&&%(!#1!)'2
;$%&1'![#-5'6!
F#19#%! .#%*(! .(&%+%&! 3'! +'15&(&$'<! 3(! %.$,%3%$(! 0%(#5'#! &',(1(!
%-54!,#/!3%['-!*%!3(!.3(5P1$+(<!$1+3#-'!+#(1*'!+'1!h(&+'!F#&%3$'!.(2
&%+%1!+',.(&5$&!%3!.&'.P-$5'!*%!3')&(&!+'1!%33(!#1!;#%1!)';$%&1'6!71!
D3(5P1<! %-%! ;#%1! )';$%&1'! .&'G$%1%! *%! #1(! 5&(1-B'&,(+$P1<! #1(! +(2
5(&-$-!%-.$&$5#(3!9#%!.%&,$5%!(3!-#[%5'!+'1'+%&!3(![#-5$+$(!%1!-#!(-.%+2
5'!*';3%r!%3!*%3!(3,(!/!%3!*%!3(!+$#*(*6!F,;'-!(-.%+5'-!%-541!$,;&$+(2
*'-<! -'1! $1-%.(&(;3%-6! h(&+'! F#&%3$'<! -$1! %,;(&)'<! -'3'! .#%*%!
(-.$&(&!(!3(!;#%1(!-';%&(18(!%1!5(15'!%1!+#(15'!-%(!>3!,$-,'<!-%!.&%2
'+#.%!*%!-8!+','!0',;&%!/!1'!+','!&%/6!N'!0(/!%-.$&$5#(3$*(*<!-'3'!
#1(! .&4+5$+(! >5$+(! %-5&$+5(! /! &%)#3(*(! %1! 3(! 9#%! 5'*(! (+5$G$*(*! %-54!
-',%5$*(!(!%-+&#5$1$'6!W(!*$B%&%1+$(!%-! -#5$3<!.%&'!+&%'!9#%!%-%1+$(36!
W(!+'1G%&-$P1!*%!F3+$;8(*%-!%1!#1!)';%&1(15%![#-5'!.(-(!.'&!1%+%-$2
*(*!.'&!3(!$19#$%5#*!*%!-8<!.%&'!3(!G$-5(!-$%,.&%!%-54!B$[(*(!%1!3(!+$#2
*(*6!71!3'-!-$)3'-!O!/!OO<!3(!$19#$%5#*!1'!G(!,4-!(334!*%!#1'!,$-,'6!"#%!
h(&+'! F#&%3$'! -%(! [#-5'! -'3'! *%.%1*%! *%3! $15%&>-! 9#%! .'1)(! %1! -#!
.&'.$(!(3,(<!1'!%1!-$!3#%)'!5%1*&4!.'*%&!-';&%!3'-!*%,4-6!f(!1'!,$&(!
(!3'-!*%,4-!+#(1*'!,$&(!0(+$(!-#!$15%&$'&6!j'#+(#35!(.#15(!(!3(!(.(2
&$+$P1!%1!%-5(!>.'+(!*%!#1(!%-.%+$%!*%!+#35#&(!*%3!/'!9#%!.&'G'+(!#1!
)$&'! 0(+$(! %3! $15%&$'&! *%! 5'*(-! 3(-! 5>+1$+(-! *%! -86! 71! %-%! -%15$*'! -%!
*%,#%-5&(!3(!$1B3#%1+$(!B#1*(,%15(3!*%3!+$1$-,'!-';&%!%3!%-5'$+$-,'<!
/!-#!.&$G$3%)$'!*%!3(!>5$+(!-';&%!3(!.'385$+(6!
7-5(,'-!G$%1*'!3'-!G($G%1%-!+'15$1#'-!*%!3(!$19#$%5#*!*%!-8!%15&%!3'!
.C;3$+'!/!3'!.&$G(*'<!%15&%!3(!-';%&(18(! -'+$(3!/! 3(!(#5(&9#8(6! 71!3'-!
*'-! .&$,%&'-! -$)3'-! *%! 1#%-5&(! %&(! -%! $*%15$B$+(<! +(*(! G%d! ,4-! /! *%!
1#%G'!5&(-!3'-!.(-'-!*%3!+$1$-,'<!3(!$19#$%5#*!*%!-8!+'1!%3!(&5%!*%!G$2
G$&<!%-!*%+$&<!-%!&%+#&&%!(!-#-!5>+1$+(-!%1!;#-+(!*%3!,'*'!+'&&%+5'!*%!
-%&6!7-!%1!%-%!-%15$*'!%1!%3!9#%!3(!B$3'-'B8(<!%15%1*$*(!+','!%[%&+$+$'!
G$5(3! +&85$+'<! -%! G(! $15%)&(1*'! %1! 3(-! .&4+5$+(-!%-.$&$5#(3%-! 9#%! (-.$2
&(1!(!3')&(&!3(!+(5(&-$-!*%3!-#[%5'!(!5&(G>-!*%!-8!,$-,'6!W(!(-+%-$-!B$2
3'-PB$+(<! +#/'! ';[%5$G'! %-! .'1%&! %1! +'15(+5'! (3! /'! +'1! 3(! G%&*(*<! %-!
*%+$&<!0(+%&!*%3!$1*$G$*#'!#1!-#[%5'!+(.(d!*%!G%&$*$++$P1<!*(!.(-'!(!3(!

! RVQ!
(-+%-$-!&%3$)$'-(!9#%<!+'1!%3!*',$1$'!*%3!+&$-5$(1$-,'!5&(-!3(!+(8*(!*%!
\',(<! 0(+%! *%! 3'-! ,'1(-5%&$'-! 3'-! 3#)(&%-! %1! 3'-! 9#%! -%! %-5#*$(! /!
.&(+5$+(!3(!B$3'-'B8(6!
W(! (-+%-$-! B$3'-PB$+(! 1'! 5$%1%! +'11'5(+$'1%-! 1%)(5$G(-<! -$1'! 9#%! -#!
.&'.P-$5'!%-!3(!(B$&,(+$P1!*%3!/'!+','!-#[%5'!*%!G%&*(*6!D'&!%-'!0(/!
5(15(!$1-$-5%1+$(!1'!-'3'!%1!%3!(143$-$-!*%!3(!+'1+$%1+$(<!-$1'!5(,;$>1!
%1!-#!.#%-5(!%1!.(3(;&(-6!7-5'!%-!,#/!%G$*%15%!5(15'!%1!:>1%+(!+','!
%1!h(&+'!F#&%3$'r!%3!,(%-5&'!0(;3(!(3!(3#,1'<!9#%!(.&%1*%!(!5&(G>-!
*%3!'8*'<!.%&'!5(,;$>1!,%*$(15%!3(!%-+&$5#&(!*%!3'!9#%!3%!'+#&&%!%1!3(!
['&1(*(<!/!*%!3(-!&%-.#%-5(-!9#%!3%!*(!(!(9#%36!D3#5(&+'!/!7.$+5%5'!.'2
1%1! #1! >1B(-$-! .(&5$+#3(&! %1! %3! '8*'6! W(! .(-$G$*(*! *%! %-5%! -%15$*'<!
(.#15(! :>1%+(<! 0(+%! 9#%! %3! '/%15%! 1'! .#%*(! %G$5(&! 9#%! %3! 3')'-! ?(3!
,$-,'!5$%,.'!.(3(;&(!/!&(dP1?!.%1%5&%!%1!>36!F0'&(!;$%1<!3(!.(3(;&(!
%I$)%! 5>+1$+(-<! 5(15'! %1! %3! %1#1+$(*'&! +','! %1! %3! 9#%! %-+#+0(6! 73!
.&$,%&'!*%;%!*%+$&!3(!G%&*(*<!.%&'!%-5(!*%;%!%I.&%-(&-%!*%!#1(!,(2
1%&(!*%5%&,$1(*(!.(&(!9#%!-#!%B%+5'!-%(!%3!.&%5%1*$*'6!D'&!-#!.(&5%<!
%3!'/%15%!*%;%!(.&%1*%&!(!*$-+%&1$&!/!-(+(&!.&'G%+0'!*%!3'!9#%!'/%6!
D3#5(&+'!-%g(3(!9#%!0(!*%!+(33(&!-$%,.&%!9#%!-%(!.'-$;3%6!:%!(+#,#2
3(1! 3(-! %I$)%1+$(-! -';&%! %3! '/%15%r! (! -#! -$3%1+$'! 0(/! 9#%! -#,(&! 3(!
9#$%5#*!9#%!.%&,$5(!%3!;#%1!%[%&+$+$'!*%!3(!%-+#+0(<!#1!(5#%1*'!(*%2
+#(*'!9#%!*%,#%-5&%!-#!$15%&>-!.'&!3(!G%&*(*!,4-!9#%!.'&!3(-!G(1$2
*(*%-!*%3!,#1*'!+'&&$%15%<!%5+>5%&(6!H%-.#>-!*%!'8&!%-(!G%&*(*!0(!*%!
,%,'&$d(&3(<!+',.&%1*%&3(!/!+',.(&(&3(!+'1!-#!.&'.$(!(3,(6!7-!*%2
+$&<!%3!';[%5$G'!*%!3(!%-+#+0(!%-!3(!(;-'&+$P1!/!(-$,$3(+$P1!*%!3(!G%&2
*(*<!(.&'.$(&-%!*%3!*$-+#&-'6!
71!3(!.(-5'&(3!+&$-5$(1(!-%!*%-(&&'33(!5(,;$>1!%-%!(&5%!*%!0(;3(&<!.%&'!
(0'&(!3(!G%&*(*!9#%!0(!*%!5&(1-,$5$&!(3!(3#,1'!%-!3(!&%G%3(*(!%1!3(-!
7-+&$5#&(-6!h4-!$,.'&5(15%!(C1!%-!%3!0%+0'!*%!9#%!%3!'/%15%!5(,;$>1!
0(!*%!*%+$&!3(!G%&*(*<!.%&'!%-5(!G%d!-';&%!-8!,$-,'6!7-%!,',%15'!*%!
G%&$*$++$P1!*%B$1%!%3!,'*'!*%!&%3(+$P1!%15&%!%3!-#[%5'!/!3(!G%&*(*<!/!3(!
1%+%-$*(*!*%!%-(!&%3(+$P1!.(&(!(3+(1d(&!3(!-(3G(+$P16!D'&!%-'!3(!+'12
B%-$P1!(*9#$%&%!5(15(!$,.'&5(1+$(!%1!3(!%-.$&$5#(3$*(*!/!3(!*$-+$.3$1(!
+&$-5$(1(<!.'&9#%!.(&(!3(!&%*%1+$P1!%-!1%+%-(&$'!*%+$&!3(!G%&*(*!/!1'!
+(33(&! 1(*(6! i(;3(&! +'1! B&(19#%d(<! *%+$&3'! 5'*'<! ,$&(&! 0(+$(! -8! *%!
B'&,(!+&85$+(<!5'*'!%-'!%-54!/(!%1!3(!5&(*$+$P1!+81$+'2%-5'$+(6!D%&'!1'!
-%!5&(5(!*%!(3)'!-$%,.&%!G'3#15(&$'<!%3!,(%-5&'!0(!*%!*$&$)$&<!$15%&&'2
)(&!/!*$-+%&1$&!0(-5(!9#>!.#15'!3%!%-54!*$+$%1*'!3(!G%&*(*!/!-$!'+#35(!

RSU!!
(3)'6! D'&9#%! 3(! +'1G%&-$P1<! 3(! ,%5(1'$(<! %-! #1! (+'15%+$,$%15'!
5&(#,45$+'6! W'! 9#%! %1! D3(5P1! %&(! -(3G(+$P1! *%! 3'-! '5&'-! (! 5&(G>-! *%!
#1'! ,$-,'! ,%*$(15%! 3(! $19#$%5#*! *%! -8<! %1! %3! +&$-5$(1$-,'! %-! 3(! +'2
&&%++$P1!*%3!.%+(*'!'!%3!(&&%.%15$,$%15'6!:$1!+'1B%-$P1!1'!0(/!.'-$2
;$3$*(*!*%!G$*(!%5%&1(!(! 3(! *%&%+0(! *%3! :%g'&<! %-(! %-!3(! &(dP1!.'&!3(!
9#%!3(!O)3%-$(!%I$)%!9#%!+(*(!.%&-'1(!-%!+'1B$%-%<!(3!,%1'-<!#1(!G%d!(3!
(g'6!D%&'!3'!+$%&5'!%-!9#%!%-%! *$-+#&-'! %-54! +'1*$+$'1(*'! .'&! %3! *%3!
,(%-5&'!'!+'1B%-'&<!%-54!-#;'&*$1(*'!(!-#!$15%&.%3(+$P1<!(!3'!9#%!%-2
.%&(!9#%!-%!*$)(<!.'&!3(!-%1+$33(!&(dP1!*%!9#%!3(!G%&*(*!-$%,.&%!%-54!
%1!-#!3(*'!/!*%3!'5&'!-%!%-.%&(!C1$+(,%15%!9#%!3(!&%+'1'd+(!/!3(!(-$2
,$3%6!W(! .(&&%-8(!*%3!,(%-5&'!%-!%3!,%*$'!.(&(!9#%!%3!(3#,1'!-%!-#;2
[%5$G%<! -%! +'1G$%&5(<! %-! %3! G%08+#3'! *%! 3(! ,%5(1'$(6! D%&'! -$! 3(! (-+%-$-!
B$3'-PB$+(!3')&(!+'1!3(! .(&&%-8(!#1!$1*$G$*#'!+&85$+'!/!(#54&9#$+'<!+(2
.(d! *%! *%+$&! 3(! G%&*(*<! 3(! +&$-5$(1(! .'1%! %-'-! *'-! 5>&,$1'-! %1! #1(!
&%3(+$P1!,#/!*$-5$15(r!%3!-#[%5'!-%!1$%)(!(!-8!,$-,'!/!-%!-',%5%!(!3(!
G%&*(*<! 9#%! %-! 3(! .(3(;&(! *%! H$'-! %I.&%-(*(! %1! 3(-! 7-+&$5#&(-! /! +'2
,#1$+(*(!.'&!3(!O)3%-$(<!9#%!(*'.5(!%3!.(.%3!*%3!,(%-5&'6!W'!9#%!(12
5%-!%&(!#1!.&'/%+5'!>5$+'!?(#1!+#(1*'!5#G$%&(!(-.$&(+$'1%-!%-.$&$5#(2
3%-! /! .'385$+(-<! +','! .(&(! D3(5P1?! (0'&(! %15&(! *%! .3%1'! %1! 3(!
,%5(B8-$+(6!

m!

='*'!%-5%!&'*%'!.'&!3(!%G'3#+$P1!+34-$+(!*%!3(!$19#$%5#*!/!%3!+'1'+$2
,$%15'! *%! -8! %&(! 1%+%-(&$'! .'&! *'-! ,'5$G'-6! 73! .&$,%&'! %-! 9#%! 3(-!
%I$)%1+$(-!*%!3(! .(&&%-8(!?3(!G%&$*$++$P1!/!3(!%I0(#-5$G$*(*?!-%!&%.$2
5%1! %1! 3(! +'1B%-$P1! +&$-5$(1(<! .%&'! 5(,;$>1! %1! 3(-! .&4+5$+(-! +381$+(-!
*%!3(!.-$9#$(5&8(6!E','!-'-.%+0(,'-!+(-$!5'*'-<!%3!.-$9#$(5&(<!%1!%-2
.%+$(3!%3!.-$+'(1(3$-5(<!%-!%3!1#%G'!+'1B%-'&6!N'!-'3'!-%!*%*$+(!(!%-+#2
+0(&!3(-!B(35(-<!-$1'!9#%!(*%,4-!*$&$)%!3(!+'1+$%1+$(6!7-5'!-%&4!*%!%-2
.%+$(3! $,.'&5(1+$(! &%-.%+5'! (! 3(! -%I#(3$*(*6! 71! -%)#1*'! 3#)(&<!
.'&9#%!%3!(#5'+'1'+$,$%15'! 9#%! -%! *%&$G(! *%! %-(! .&%'+#.(+$P1! .'&!
#1'!,$-,'!/!3(!*$-5(1+$(!9#%!.'1%!%15&%!%3!-#[%5'!/!%3!&%-5'!*%!3(!-'2
+$%*(*!-'1!#1(!+'1-5(15%!9#%!-%!&%.$5%!%1!+(-$!5'*(-!3(-!*$-$*%1+$(-!
9#%!G%&%,'-!(!3'! 3(&)'!*%! %-5%! 5%I5'6!:$&G%<!.'&! 5(15'<!#1(!G%d!,4-<!
5(15'! (! 3(-! 5>+1$+(-! *%! +'15&'3! +','! (! 3(-! *%! 3$;%&(+$P16! D'&9#%! -#!
B#1+$P1<!1'!3'!'3G$*%,'-<!%1!C35$,(!$1-5(1+$(!%-!.'1%&!%1!&%3(+$P1!(3!

! RSR!
-#[%5'!+'1!3(!G%&*(*!.(&(!$1*$+(&3%!%3!,'*'!+'&&%+5'!*%!G$G$&6!7-5'!%-!
(-8!*%-*%!9#%!:P+&(5%-!0(;3(!.'&!.&$,%&(!G%d!(!F3+$;8(*%-!0(-5(!3'-!
7[%&+$+$'-!%-.$&$5#(3%-!*%!:(1!O)1(+$'<!.(-(1*'!.'&!%3!+$1$-,'!/!%3!%-2
5'$+$-,'6!
H%-*%! 5'*(-! %-5(-! %-+#%3(-! '! 381%(-! *%! .%1-(,$%15'! -%! .&',#%G%1!
>5$+(-!%-5&$+5(-<!$1+3#-'!(-+>5$+(-<!%1!3(-!9#%!%3!-#[%5'!*%;%!(3%[(&-%!*%!
(9#%33'-!;$%1%-!,(5%&$(3%-!9#%! 1'!0(+%1!,4-!9#%! %-+3(G$d(&3%6! ]+#2
&&%!(-8!+'1!3'-!(-#15'-!%+'1P,$+'-!'!3'-!*$%5>5$+'-<!.%&'<!-';&%!5'*'<!
+'1!3'-!-%I#(3%-6!f(!:P+&(5%-!(3%&5(!(!3'-![PG%1%-!+'15&(!3'-!.%3$)&'-!
9#%! -#.'1%! *%[(&-%! 33%G(&! .'&! 3(-! 1%+%-$*(*%-! %&P5$+(-<! .%&'! -#! &%2
+',%1*(+$P1! G(! *$&$)$*(! 0(+$(! 3(! .&#*%1+$(6! 7-! B4+$3! +(%&! %1! 3(! *%-2
,%-#&(<!%1!3(! 0á;&$-<!/!3(!$19#$%5#*!*%!-8!-$&G%!+','!;(&&%&(!+'15&(!
%33(6!73!%-5'$+$-,'!(.#15(!%1!3(!,$-,(!*$&%++$P16!73!+(-'!*%3!+$1$-,'!
%-!.%+#3$(&6!D'&!#1!3(*'<!+'1-$*%&(!9#%!%3!-%I'!%-!#1(!(+5$G$*(*!1(5#2
&(3! /<! %1! +'1-%+#%1+$(<! 1'! 0(/! %1! >3! 1(*(! *%! ,(3'<! -$%,.&%! 9#%! 1'!
1#;3%!3(!&(dP16!W(!B#%&d(!*%3!(.%5$5'!-%I#(3!%-!5(15(!9#%!3'!0(+%!+(.(d!
*%!+'3'1$d(&!5'*'!%3!.%1-(,$%15'<!.#%*%!33%)(&!(!-%&!+','!#1!*%-$%&2
5'!9#%!+&%d+(!%1!%3!$15%&$'&!*%!9#$%1!3'!-#B&%6!W(!B'&,(!*%!%G$5(&!9#%!
%-5'! '+#&&(! %-! -(5$-B(+%&! 3(! 1%+%-$*(*! *%! B'&,(! -%1+$33(<! &4.$*(! /<! (!
.'*%&!-%&<!;(&(5(6!7-(!%-!#1(!*%!3(-!3%++$'1%-!9#%!-%!%I5&(%1!*%!3(!B(2
,'-(!%-+%1(!%1!3(!9#%!H$P)%1%-!-%!,(-5#&;(!%1!%3!4)'&(6!E#(1*'!(32
)#$%1!3%!&%+&$,$1(!-#!(+5$5#*<!>3!+'15%-5(r!`Ö][(34!-%!+(3,(&(!%3!0(,2
;&%!5(,;$>1!+'1!B&'5(&-%!3(!;(&&$)(Üa!W'!,$-,'!'+#&&%!+#(1*'!E&(5%-!
%!i$.(&9#$(!5$%1%1!&%3(+$'1%-!-%I#(3%-!%1!.C;3$+'6!7-!;$%1!-(;$*'!9#%!
W($-!/!D0&$1%<!*'-!*%!3(-!0%5%&(-!,4-!.&%-5$)$'-(-!*%!F5%1(-<!'B&%+%1!
-#-!-%&G$+$'-!(!H$P)%1%-!-$1!+';&(&!1$!#1!-'3'!P;'3'6!7-!%G$*%15%!9#%!
1'!%I$-5%!#1(!&%3(+$P1!.(&5$+#3(&,%15%!*$B8+$3!%15&%!%3!+81$+'!/!%3!-%I'!
%1!5(15'!9#%!1%+%-$*(*!B8-$+(<!.%&'<!(3!,$-,'!5$%,.'<!-'1!,#+0'-!3'-!
%[%,.3'-!%1!3'-!9#%!+%1-#&(1!3(!-%1-#(3$*(*<!%3!(*#35%&$'!/!3(!0','2
-%I#(3$*(*6!7-5';%'!%-+&$;%r!

H$P)%1%-! -'38(! *%+$&! 9#%! 3(! ,(/'&8(<! %-5(1*'! G$G'-<! -%! .#*&8(1! (! -8!
,$-,'-<! 0#,%*%+$>1*'-%! +'1! 3'-! .3(+%&%-! -%I#(3%-<! ,$%15&(-! 9#%!
*$-.'18(1!9#%!5&(-!3(!,#%&5%!*%.'-$5(&(1!-#-!+#%&.'-!#1'-!%1!$1+$%12
-'! /! '5&'-! %1! ,$%3<! .(&(! 9#%! 1'! -%! .#*&$%&(1! &4.$*(,%15%6! uh(&581!
VUUYr!VXSv!

D%&'!j$3',%1'!(.#15(!%1!3(!*$&%++$P1!+'15&(&$(r!

RSV!!
t! 9#%! 3'-! 0$['-! -%(1! +',#1%-! (! 5'*'-Ät+'0(;$5(&Ä! +'1! 3(-! .&'.$(-!
0%&,(Ä1(-<!,(*&%-!/!*%,4-!B(,$Ä3$(&%-<!$1+3#$*'-!0%&,(1'-!%!0$['-6!
N'! (Ä;-5%1Ä%&-%! *%! 1$1Ä)#1(! .(&5$+$.(+$P1! %1! 3(-! &%3(+$'1%-!
-%ÄI#(3%-<!1$!(#19#%!-%!&%(3$+%!+'1!G$'3%1+$(!+'15&(!(Ä3)#$%16!u$;8*6r!
VLTv!

D'&!#1!3(*'!1'-!%1+'15&(,'-!(15%!3(!(+%.5(+$P1!1(5#&(3!*%!3(!-%I#(2
3$*(*!+','!#1!$,.%&(5$G'!B8-$+'!*%3!9#%<!-$1!%,;(&)'<!1'!0(/!9#%!*%2
.%1*%&6!71!%-%!-%15$*'<!1'!%I$-5%!1$1)C1!$,.%*$,%15'<!1$1)#1(!3$,$2
5(+$P1!(3!5$.'!*%!(+5'-!9#%!-(5$-B()(!%-(!1%+%-$*(*6!N'!$,.'&5(!9#%!-%!
&%+#&&(!(!3(!,(-5#&;(+$P1<!(3!$1+%-5'<!(!3(!.&'-5$5#+$P1!'!(!3'!9#%!-%(!
9#%!-%!5%1)(!(!,(1'6!W'!9#%!%-!%-%1+$(3!%-!%3$,$1(&!%-(!1%+%-$*(*!3'!
(15%-! .'-$;3%! .(&(! .'*%&! *%*$+(&-%! +'1! .3%1(! B#%&d(! (3! G%&*(*%&'!
$15%&>-!*%3!-#[%5'r!>3!,$-,'6!m$-5'!(-8<!.'*&8(,'-!+(3$B$+(&!%3!+$1$-,'!
*%!#1(!-#%&5%!*%!3$;%&5(&$-,'!-%I#(3<!-$%,.&%!/!+#(1*'!%-5(-!(+5$G$2
*(*%-!1'!'+#.%1!,4-!%-.(+$'!1$!%1%&)8(!*%!3'-!%-5&$+5(,%15%!1%+%-(2
&$'-6! W(! 5&(*$+$P1! &%+')%! %-+%1(-! %1! 3(-! 9#%! H$P)%1%-! ;%;%! %1! #1(!
5(;%&1(<!'!%1!3(-!9#%!-(3%!*%!#1!;#&*%3<!/!(!9#$%1!-%!3'!&%+&$,$1(!3%!
&%-.'1*%r!`b%-!9#%!(+(-'!*%;%&8(!-(3$&!*%!5#!+(-(ca!
D'&! '5&'! 3(*'<! %-! 1'5'&$'! %3! &$)'&! +'1! %3! 9#%! +%1-#&(! (! 9#$%1%-! -%!
(;(1*'1(1! (! 3(! G'3#.5#'-$*(*<! +','! %3! (*C35%&'! H$*$,P1<! *%! 9#$%1!
*$+%!9#%!*%;%&8(1!+'3)(&3'!.'&!-#!1',;&%6!:$!5%1%,'-!%1!+#%15(!9#%!
.&'G$%1%!*%! *$*/,'$<!9#%!0(+%!&%B%&%1+$(!(!(3)'!*%!1(5#&(3%d(!*';3%!
?+','!3'-!'['-?<!%-!B4+$3!-(;%&!(3!3#)(&!(3!9#%!-%g(3(6!H%!$)#(3!,(1%&(!
+&$5$+(!(!3(-!,#[%&%-!9#%!-%!.%&B#,(1!/!,(9#$33(1<!.'&9#%!%1+(&1(1!
3(!.%&*$+$P1!*%!3'-!0',;&%-6!]!(!#1!,#+0(+0'!9#%!(+#*%!(!#1!;(12
9#%5%!/!3%!*$+%!9#%!-(3*&4!.%'&!u9#$&P1v!*%!+P,'!%15&(6!F3!5%&,$1(&<!
%3!['G%1!3%!*$+%!9#%!1'!-(3%!.%'&<!(!3'!9#%!%3!D%&&'!&%-.'1*%r!`"#$&P1!
1'<!7#&$5$P1a<!%-!*%+$&<!'5&'!+%15(#&'!,%1'-!+$G$3$d(*'6!F9#8!(+#-(!3(!
+'-5#,;&%!*%!-%*#+$&!(!3'-!,#+0(+0'-!.'&!.(&5%!*%!3'-!(*#35'-6!D%&'<!
%1!3(!%.8-5'3(!.-%#*'*$')>1$+(!ST<!*$&$)$*(!(!#1!5(3!:'.P3$*%<!3%%,'-!
#1(!(1>+*'5(!?&%+')$*(!*%!B'&,(!(3)'!*$-5$15(!.'&!W(%&+$'?!%1!3(!9#%!
-%!+#%15(!+P,'<!%-5(1*'!H$P)%1%-!%1!h$3%5'<!#1!,#+0(+0'!3%!-(+(!(!
3(! .(3%-5&(! .(&(! 3#+0(&! /<! (338<! %3! B$3P-'B'! 5$%1%! #1(! %&%++$P1! (! +(#-(!
*%3! B'&+%[%'6! 73! ['G%1<! -%! ,(&+0(! /! >3! -%! B&'5(! .(&(! ;([(&! 3(!$1B3(,(2
+$P16!E#(1*'!#1!)#(&*(!-%!(+%&+(!.(&(!%+0(&3%<!3%!*$+%r!

:$!%I$-5$%&(!3(!+'-5#,;&%!*%!$10(3(&!.54&,$+'!*%-.#>-!*%!#1)$&-%<!1'!
5%!$&&$5(&8(-!-$!(3)#1'!*%!3'-!#1)$*'-!%-5'&1#*(&(!%1! %3! )$,1(-$'6! bf<!

! RSS!
-$1!%,;(&)'<!5%!%1'[(-!(0'&(!.'&9#%!#1'<!+#(1*'!-%!&%G'3+(;(!+'1!#1!
+0$+'!)#(.'<!-%!%,.(3,P!%-.'1541%(,%15%c!b]!%-!9#%!+&%%-!9#%!3(-!
1(&$+%-! %-541! +'1*$+$'1(*(-! 5'5(3,%15%! .'&! 3(! 1(5#&(3%d(<! .'&9#%!
#1(-!.'&+$'1%-!1#%-5&(-!%-541!+'1*$+$'1(*(-!.'&!3(!1(5#&(3%d(<!.%&'!
'5&(-!*%.%1*%1!*%!1#%-5&(!%3%++$P1c!uh(&581!VUUYr!ZRZv!

F! .%-(&! *%! 9#%! %3! 5%I5'! 1'! %-! (#5>15$+'<! 3(! (&)#,%15(+$P1! %-! +81$+(!
-$1! 3#)(&! (! *#*(-6! W(! %I+$5(+$P1! %-! 1(5#&(3<! +','! 3'! %-! 3(! ,(-5#&;(2
+$P16!D'&!5(15'!1'!0(/!1(*(!+%1-#&(;3%!%1! %33'6!715'1+%-!b9#>!%-!3'!
9#%!&%.&%1*%!(3!['G%1!(3!9#%!+',.(&(!+'1!7#&$5$P1c!D(&%+%!+3(&'!9#%!
1'!5$%1%!5(15'!9#%!G%&!+'1! 3(!1(5#&(3%d(!*%3! (+5'!+','!+'1! 3(-! 1'&2
,(-! 9#%! 3'! &%)#3(16! W(-! &%3(+$'1%-! %15&%! %3! %&(-5>-! (*#35'! /! %3! %&P2
,%1'-! $,;%&;%! -'1! 5(15'! #1(! $1$+$(+$P1! -%I#(3! +','! -'+$(3<! 5$%1%1!
#1(!B#1+$P1!.%*()P)$+(!/<!.'&!5(15'<!*%!-',%5$,$%15'6!W'!9#%!+&$5$+(!
%3!+$1$-,'!1'!%-!3(!1(5#&(3%d(!?.0/-$-<!3'!.&'.$'?<!-$1'!3(!3%/!?1','-<!
3'!([%1'?6!
F3)'!,#/!*$-5$15'!'+#&&%!+'1!%3!+&$-5$(1$-,'!.&$,$5$G'6!:$<!.(&(!3'!9#%!
.'*&8(,'-! 33(,(&! 5&(*$+$P1! B$3'-PB$+(<! %3! +#%&.'! /! -#-! *%-%'-! %-! #1!
(1$,(3!-(3G([%!9#%!0(/!9#%!*',%-5$+(&!/!+'15&'3(&<!.(&(!3(!*'+5&$1(!
+&$-5$(1(!%-!%3!3#)(&!*%!3(!+(8*(<!*%!3(!.>&*$*(!*%!3(!)&(+$(!*$G$1(<!*%3!
.%+(*'! '&$)$1(36! 71! +'1-%+#%1+$(<! %3! +#%&.'! *%;%! 1%)(&-%6! 73! 1#%G'!
*',$1$'!*%3!+&$-5$(1$-,'<!-$1!%,;(&)'<!-%!,#%G%!%1!#1!5%&&%1'!(,2
;$)#'6! 71! .&$,%&! 3#)(&! .'&! 3(! &%3(+$P1! +'1B3$+5$G(! 9#%! ,(15$%1%! +'1!
3(-! %1-%g(1d(-! .()(1(-<! *%! 3(-! 9#%! 5',(! )&(1! .(&5%! *%! -#! .%1-(2
,$%15'!?+','!3(!(#-5%&$*(*<!3(!+(-5$*(*<!'!3(!&%1#1+$(?!,$%15&(-!9#%<!
(3! ,$-,'! 5$%,.'<! 3(-! *%-.&%+$(6! 7-5'! 0(+%! *$B8+$3! *%5%&,$1(&! 0(-5(!
9#>!.#15'!-#!*'+5&$1(!%-!+'15$1#$-5(!'!-#.'1%!#1(!&#.5#&(!+'1!%3!.(2
-(*'6!71!-%)#1*'!3#)(&<!.'&9#%<!-$!';-%&G(,'-!%3!+'15%I5'!0$-5P&$+'<!
.(&%+%!9#%!%3!4,;$5'!*%!3(!-%I#(3$*(*!%-!#1!+(,.'!*%!;(5(33(!,%5(B82
-$+'!%15&%!*$-5$15(-!+'&&$%15%-!%-.$&$5#(3%-<!+','!-'1!%3!)1'-5$+$-,'!
'! %3! ,(1$9#%8-,'6! ^1! ,(/'&! &$)'&! .#%*%! -#.'1%&! 3(! )(1(1+$(! '! 3(!
.>&*$*(! *%! B$%3%-6! 71! 5%&+%&! 3#)(&<! 1'! .'*%,'-! 5%1%&! 3(! +%&5%d(! *%3!
1$G%3!*%!$1B3#%1+$(!9#%!5$%1%!%3!$*%(&$'!-';&%!3(!G$*(!*$(&$(!*%!3'-!+&%2
/%15%-6! :(;%,'-! 9#%! #1(! +'-(! %-! 3(! 5%'&8(! /! '5&(! ,#/! *$-5$15(! 3(!
.&4+5$+(<!/!9#%!3(!&%3(+$P1!%15&%!(,;(-!%-!*$B8+$36!
73! +'1+%.5'! +%15&(3! *%3! +&$-5$(1$-,'! %-! %3! *%! .%+(*'6! W(! -%I#(3$*(*!
.()(1(!%-54!+'1*$+$'1(*(!/!&%)#3(*(!.'&!3(-!3%/%-!/!.'&!3(-!+'-5#,2
;&%-<!.%&'!(0'&(!%-!#1(!+#%-5$P1!%-.$&$5#(3<!%-!#1!(-#15'!9#%!1'!$,2

RSZ!!
.3$+(!-'3'!%3!+#%&.'<!-$1'<!3'!9#%!%-!,4-!$,.'&5(15%<!%3!(3,(6!715&%!3'-!
)&$%)'-<! 3(! (.(&$+$P1! *%3! G%33'! -#.'1%! %3! .(-'! (! 3(! %*(*! (*#35(<! %3!
(;(1*'1'! *%3! )$1%+%'! .'&! 3(! .'3$-6! W(! +'-5#,;&%! %-! 9#%! &%+$;(! -#!
0',;&8(!(!5&(G>-!*%!#1!%&(-5>-<!9#%!3%!0(+%!3(-!G%+%-!*%!,(%-5&'!/!*%!
)#8(!.'&!%3!,#1*'!(*#35'6!73!G%33'!%-!%3!-$)1'!*%!%-(!5&(1-B'&,(+$P1<!
/! *%-3%)$5$,(! #1(! &%3(+$P1! *%! %-%! 5$.'6! W'-! &',(1'-! -%! &$)%1! .'&! %3!
.&$1+$.$'!*%!*',$1(+$P1<!*',$1(5$'<!/!%3!.(.%3!(+5$G'!%-!%3!9#%!3%)(3$2
d(!3(!&%3(+$P1!-%I#(36!:%!5&(5(!*%!#1(!+#%-5$P1!*%!.'5%1+$(!'!$,.'5%12
+$(<!&%)#3(*(-!*%!B'&,(!%-5&$+5(6!73!-%g'&<!%3! *',$1#-<!$,.'1%!-#!G'2
3#15(*!-';&%!(9#%33'-!9#%!1'!3(!5$%1%1<!%-!*%+$&<!5'*'-!3'-!*%,4-6!W(!
.(-$G$*(*!*%!#1!.(5&$+$'!%-!*%3$5'!?.'&!%-'!1'!.#%*%!&%+$;$&!#1(!B%3(2
+$P1!.%&'!-8!$&&#,(&!(!9#$%1!-%(<!(#19#%!%-5(!(+5$G$*(*!-#.'1)(!#1(!
G%[(+$P1!.(&(!9#$%1!3(!5',(?<!.%&'!5(,;$>1!3'!%-!%3!(*#35%&$'!*%!#1(!
,(5&'1(<!.'&9#%!.'1%!%1!*#*(! 3(!3%)$5$,$*(*! *%!-#! 3%)(*'6!73!-%I'<!
.'&!5(15'<!0(!*%!(+(5(&!3'-!*$+5(*'-!*%!3(!3%/<!(#19#%!-%(!(3)'!1(5#&(36!
D%&'!%1!%3!+&$-5$(1$-,'!-%!-',%5%!(!#1!$,.%&(5$G'!,%5(B8-$+'!9#%!3'!
+'1*%1(!*%!(15%,(1'!+','!+(#-(15%!*%!3(!+(8*(6!7-%!%-!%3!.#15'!%1!
%3!9#%!-%!'&$)$1(!%3!5%,'&!(!3(!+(&1%!/!-#!+'&&#.+$P16!:#!,(5%&$(3$*(*!
3'!0(+%!*%-.&%+$(;3%!/!5%&&$;3%!.'&9#%!(3%[(!*%!H$'-!/!*%!-#!G'3#15(*!
*$G$1(6!H'1*%!0(/!-%I'!1'!.#%*%!0(;%&!-(3G(+$P16!
W(!(-+%-$-!B$3'-PB$+(!?'!.'&!3'!,%1'-!3(!+'15%1+$P1?!5$%1%!-#!&(dP1!*%!
-%&!%1!%3!.'*%&!,'&(3!/!3(!+(.(+$*(*!*%!(#5'*',$1$'6!N'!*%[(&-%!33%2
G(&!.'&!3'-!.3(+%&%-!,(5%&$(3%-!%-!#1!-$)1'!+3(&'!*%!(#5(&9#8(6!71!%3!
+&$-5$(1$-,'!%3!(-#15'!%-!,#+0'!,4-!-%&$'r!3'!9#%!%-54!%1![#%)'!%-!3(!
-(3G(+$P1!*%3!(3,(!$1,'&5(3<! -$!%3! /'! G%&*(*%&'<! 9#%!1'! %-! %3!+(&1(3<!
G$G$&4! %1! 3(! )3'&$(! %5%&1(! *%3! +$%3'! '! -$<! .'&! %3! +'15&(&$'<! (&*%&4! .'&!
-$%,.&%!%1!%3!$1B$%&1'6!71!%3! B'1*'<! %-5'! 1'!%-! ,4-! 9#%! #1(! 5&(*#+2
+$P1!,8-5$+(!*%!3(!5&(*$+$P1!%-5'$+(!9#%!0(!$1G(*$*'!3(!G$*(!*%!3(-!+3(2
-%-!(35(-!%1!\',(<!+',;$1(*(!+'1!3(!&%1#1+$(!*%!3'!B8-$+'!%1!B(G'&!*%!
#1(! &%(3$*(*! $1,(5%&$(3! 9#%! -%! %1+#%15&(! /(! %1! D3(5P16! 7-5'! *%15&'!
*%! 7#&'.(<! -$1! &%+#&&$&! (! 3(-! &(8+%-! -%,85$+(-! *%3! +&$-5$(1$-,'6! W'!
+$%&5'! %-! 9#%! 3(! (#-5%&$*(*! -%I#(3! +&$-5$(1(! %1+#%15&(! #1! 5%&&%1'!
.&'.$+$'!%1!\',(<!+#/(!,'&(3!-%I#(3!0(!+(,;$(*'!(15%-!*%!3(!(*'.2
+$P1!*%!%-5(!1#%G(!B%6!F!*$B%&%1+$(!*%!3(!+'-5#,;&%<!%1!%3!%-5'$+$-,'!
-%!(;')(!.'&!%3!,(5&$,'1$'!.'&!(,'&<!.'&!#1(!%-.%+$%!*%!#1$P1<!*%2
15&'! *%! 3'! 9#%! +(;%<! %15&%! $)#(3%-6! =%1)(,'-! %1! +#%15(! 9#%! 3'! 9#%!
*%B$1%!3(!,(-+#3$1$*(*!&',(1(!%-!3(!.'5%1+$(!/!9#%!%3!,(5&$,'1$'!1'!

! RST!
%-!,4-!9#%!#1(!(3$(1d(!9#%!.%&,$5%!3(!.&'+&%(+$P1<!9#%!%3!0',;&%!-%!
.&'+#&%!*%-+%1*%1+$(6!W(!,(*&%!1'!%-!,4-!9#%!%3!0(;$54+#3'!*'1*%!
B%&,%15(!3(!1#%G(!G$*(<!1'!(.'&5(! 1(*(! *%! -#!.(&5%6!73! (*#35%&$'!B%2
,%1$1'!%-!#1!*%3$5'!.'&9#%!.'1%!%1![#%)'!%-%!3%)(*'<!.%&'!5(,;$>1!
3'! %-! -%&! G8+5$,(! *%! G$'3(+$P1<! $1+3#-'! -$%1*'! G$#*(<! 0(-5(! 5(3! .#15'!
9#%!.#%*%!-%&!+'1*%1(*(!(!,#%&5%6!D%&'!%-5'!9#%*(!*%15&'!*%!3(!%-2
5&#+5#&(!,(&$5(3<!*%!3'!9#%!'+#&&(!(15%-!*%!9#%!-%(!'!G(/(!(!-%&!,(2
*&%<!3(!C1$+(!&%-.'1-(;3%!%-!%33(<!5'*'!3%!%-54!.%&,$5$*'6!W(!+(-5$5(-<!3(!
3%)$5$,$*(*!*%!3(!+(-5(<!%-!3(!C1$+(!G$&5#*!9#%!-%!3%!&%+3(,(!*%15&'!*%3!
,(5&$,'1$'6! W(! $&'18(! (.(&%+%! +#(1*'! 3(! G$'3(*(! %-54! %,;(&(d(*(r!
%15'1+%-!1'!0(/!+&$,%1<!.'&9#%!3(!-%,$33(!/(!%-54!.3(15(*(!/!1'!.#%2
*%!-#-5$5#$&-%6!7-(!%-!3(!;(-%!-';&%!3(!9#%!-%!3%G(15(!3(!-'+$%*(*!&'2
,(1(<!%1!3(!9#%!%3!C1$+'!(,'&!&%(3!%-!3(! .$%5(-<!`3(!%15&%)(!*%3!0$['!(!
-#!.(*&%<!/!1'!%-!&%+8.&'+(a!u"#$)1(&*!VUUTr!RLv<!3(!,$-,(!%15&%)(!
9#%!+(;%!%-.%&(&!*%3!+$#*(*(1'!0(+$(!-#!.(5&$(6!715&%!,(&$*'!/!,#2
[%&!3(!%15&%)(!%-!+'15&(+5#(3<!-#!.%-'!1'!%-!+',.(&(;3%!1$!*%!3%['-6!
H%15&'!*%!3(!3P)$+(!*%!3(!.'5%1+$(<!&%-#35(!%G$*%15%!9#%!%3!,(5&$,'2
1$'!1#1+(!0(!*%!-%&!.'&!(,'&6!73!(,'&!-',%5%<!*%;$3$5(<!%-+3(G$d(<!1'!
.#%*%!0(;%&!.'5%1+$(!%1!3(!$,.'5%1+$(<!*',$1$'!%1!3(!%-+3(G$5#*6!73!
0',;&%!-%15$,%15(3!1'!%-!#1!0',;&%!*%+%15%6!W(!)#8(!G$5(3!0(!*%!-%&!
%3!*%-%'<!/!%-%!,$-,'!*%-%'!&%)$&4!3(!#1$P1!3%)(3!%15&%!0',;&%!/!,#2
[%&6! N'! %-! %I5&(g'<! .'&! 5(15'<! 9#%! %3! (,#3%5'! ,4-! &%+#&&%15%! -%(! %3!
B(-+$1#-<! #1! .%1%! %&%+5'! 9#%! -$,;'3$d(! %-%! *%-%'! /! 9#%! .&'5%)%! 3(!
,(-+#3$1$*(*<!*%!3(!%1G$*$(!'!*%3!,(3!*%!'['6!73! B(-+$1#-!.&'G'+(! B(-2
+$1(5$'<!#1(!B(-+$1(+$P1!9#%!$1,'G$3$d(!3'-!'['-<!9#%!3'-!(5&(.(!%1!#1(!
-#%&5%!*%!(1)#-5$(!%&P5$+(!9#%!(.#15(!(!#1!(;$-,'!$1G$-$;3%<!(!%-%!3#2
)(&!*%3!9#%!G%1$,'-<!.%&'!%1!%3!9#%!1'!%-5(,'-6!7-(!B(-+$1(+$P1!(.(2
&%+%!5(,;$>1!%1!3(-!';&(-!*%!(&5%!&',(1(-<!%1!3(-!9#%!-%!$1,'&5(3$d(!
%3!,',%15'!(15%&$'&!(3!*&(,(6!D'&!%I.38+$5(-!9#%!-%(1!3(-!&%.&%-%12
5(+$'1%-<!.'&!%[%,.3'<!*%!D',.%/(<!3(!(#5>15$+(!';-+%1$*(*!&',(1(!
%-54!%1!#1(!['G%1!9#%!-%!9#$5(! 3(!G%1*(!9#%!3%! +#;&%! 3'-!.%+0'-<! %1!
h%*%(!(15%-!*%!,(5(&!(!-#-!0$['-<!+'1!3(!,(1'!%1!%3!.','!*%!3(!*()(6!
71!%3!-%I'<!,$%15&(-!%3!0',;&%!,(15%1)(! -#!(+5$G$*(*!/!3(! ,#[%&!3(!
$15%)&$*(*!*%!3(!*%-+%1*%1+$(<!-%!(+%.5(!5'*'6!D%&'!3(!-%I#(3$*(*!&'2
,(1(!-$)#%!$,.&%)1(*(!*%!5%&&'&!.'&9#%!-#!-(5$-B(++$P1!%-!&%(++$'2
1(&$(<! %3! *%-%'! &%+#3(! /! .&'G'+(! 3(! *%.&%-$P1! .'-+'$5(3r! %3! B(-+$1#-!

RSX!!
%15&(! %1! 3(! G#3G(! /! -(3%! *%! %33(! +','! ,%15#3(6! 71! %3! .&'+%-'! -%! 0(!
.%&*$*'!G$)'&<!%3!0',;&%!0(!*%[(*'!*%!-%&3'6!
7-'! ,$-,'! '+#&&%! +#(1*'! %3! .#%;3'! -%! *%[(!*',(&6! \',(! -%! *%B$1%!
.'&! 3(! B#%&d(<! 1'! .'&! 3(! -%&G$*#,;&%6! :#-! ,$5'-! B#1*(+$'1(3%-! -'1!
B&(5&$+$*(-6!73!5$%,.'!*%3! O,.%&$'!3'!+(,;$(! 5'*'6! :$! %3! -%g'&<! %3! *'2
,$1#-!*%;8(!%-.%&(&! ';-%9#$#,!*%!-#-!%-+3(G'-<!#1!&%-.%5'!$1*$-+#2
5$*'<!(0'&(!%3!.&81+$.%!3'!%-.%&(!*%!5'*'-!/!+(*(!#1'!*%!3'-!+$#*(*(2
1'-6! N'! 0(/! 1(*(! %1! %3! ,#1*'! 9#%! 0()(! -',;&(! (! \',(<! /! 5'*'! -#!
.'*%&!$3$,$5(*'!-%!.'1%!%1!,(1'-!*%!#1!-'3'!0',;&%6!F3)#1'<!+','!
=$;%&$'<!-%!3(,%15(&4!*%!3(!1#%G(!(+5$5#*!*%!3'-!&',(1'-<!*%!-#!B(35(!
*%!(&&'['<!*%!-#!$,.'5%1+$(6!]5&'-<!+','!F#)#-5'<!%[%&+%1!%-%!.'*%&!
.(&(! (#,%15(&! 3(! &%.&%-$P1! -';&%! 3(-! +'-5#,;&%-! /! -';&%! 3'-! +#%&2
.'-6!H'-!-$)3'-!(15%-!*%!3(!(*'.+$P1!*%!3(!B%!+&$-5$(1(!+','!3(!&%3$)$P1!
'B$+$(3<!#1(!)&(1!.(&(*'[(!(-'3(!%3!&%$1'r!.'&!#1!3(*'<!-%!%I$)%!%3! ';2
-%9#$#,<!3(!-#,$-$P1!*%!3'-!&',(1'-k!.'&!%3!'5&'<!-%!3%-!+(-5$)(!+'1!%3!
%I$3$'!.'&!-#!.(-$G$*(*6!7-5'!.&%.(&(!%3!+(,$1'!.(&(!%3!5&$#1B'!*%!3(!B%!
%1! E&$-5'<! +#/(! ,#%&5%!%-.%+5(+#3(&! &%-.'1*%! .'&! +',.3%5'! (3! 3#*$2
;&$#,<!%3!&$5#(3!*%!3(!,#%&5%!&$-$;3%!9#%!()3#5$1(!(!\',(!+','!.#%2
;3'6!W(!.(-$P1!/!3(!+&#+$B$I$P1<!p%-C-!+'&'1(*'!/!+#;$%&5'!+'1!#1!,(12
5'! .C&.#&(<! 5'*'! %33'! &%-#35(! +P,$+'<! %-! 3(! G%1)(1d(! *%! \',(<! 9#%!
+'1G$%&5%!(3!.&%5%1*$*'!0$['!*%!H$'-<!(3!&%/!*%!3'-![#*8'-<!%1!#1!%-.(12
5(['!&$*8+#3'!/!-(1)#$1'3%15'6!73!&%-#35(*'!%-!5(1!*$G%&5$*'!+','!%3!*%!
3'-!)3(*$(*'&%-<!3'-!-(+&$B$+$'-!%1!3(!(&%1(<!3(-!+',.%5$+$'1%-!*%!';-2
+%1$*(*%-<!%3!+'&5%['!*%! W$;%&!D(5%&<!%1!%3!9#%<!0%&%1+$(!*%!3(-!+%&%2
,'1$(-!*%*$+(*(-!(!D&8(.'!%1!@&%+$(<!-%!.(-%(!/!-%!()$5(!#1!.%1%!)$2
)(15%6!W(!B(-+$1(+$P1!&',(1(!G(!#1$*(!5(15'!(3!5%&&'&!+','!(!3(!&$-(6!
W(! &%(++$P1! %-5'$+(! %-! 5(1! &',(1(! +','! (15$&&',(1(6! 7-! &',(1(!
.'&9#%!&%-.'1*%!(3!%-.(15'!.&'.$'!*%3!-%I'<!(!3(!$,.'5%1+$(!9#%!-'2
;&%G$%1%!+'1!3(!-(5$-B(++$P1!*%3!*%-%'6!:%!(.&'.$(!*%!%-(!1%)(5$G$*(*!
&%-.%+5'!(3!+#%&.'6!D%&'<!(3!,$-,'!5$%,.'<!%-!#1(!5&($+$P1!(!3(!3P)$+(!
*%3!*%-%'!9#%!*',$1(!3(!+#35#&(6!W(!&%+3(,(+$P1!9#%!0(+%1!3(-!+3(-%-!
(35(-! *%3! ,(5&$,'1$'! +','! %3! 3#)(&! %1! %3! 9#%! &%)#3(&! 3(! -%I#(3$*(*<!
+','! #1! 5%&&%1'! *%! (#-5%&$*(*! -%I#(3! /! &%+$.&'+$*(*<! -#;G$%&5%! %3!
.(.%3! *',$1(*'&! *%3! .(5%&! B(,$3$(%6! 7-! 3(! ,(/'&! 'B%1-(! 9#%! \',(!
.#%*%!%-.%&(&6!N'!*%;%,'-!*%[(&1'-!33%G(&! /! .%1-(&!9#%<!*%!#1!*8(!
.(&(!'5&'<!3(!+'-5#,;&%!.(-(!(!-%&!3(!'.#%-5(!(!3(!(15%&$'&6!=$%1%!,4-!
-%15$*'! .%1-(&! 9#%! (,;(-! 5%1*%1+$(-! +'$1+$*%1! %1! %3! 5$%,.'<! 9#%!

! RSL!
%I$-5%!#1(!5%1-$P1!%15&%!%33(-!9#%!-%!&%-#%3G%!+'1!3(!33%)(*(!*%3!+&$-2
5$(1$-,'6!W'!$,.'&5(15%!%-! &%+'1'+%&! 9#%<!(! .%-(&!*%!3(! &%-$)1$B$+(2
+$P1! ,8-5$+(! 9#%! 5&(%! +'1-$)'<! %3! +&$-5$(1$-,'! (*'.5(<! '! ,%['&<! -%!
(.&'G%+0(!*%!#1(!>5$+(!-%I#(3!9#%!/(!%-54!.&%-%15%!+'1!(15%&$'&$*(*6!
7-5(!5&(*#++$P1!G$%1%!*%!3(!,(1'!*%!3(!1#%G(!&%3(+$P1!*%3!-#[%5'!+'12
-$)'!,$-,'!.&'.$(!*%!3(!$19#$%5#*!*%!-86!
!

mO!

!
W(!$,.'-$+$P1!*%3!+&$-5$(1$-,'!1'!-#.'1%!#1(!5&(1-B'&,(+$P1!&(*$+(3!
%!$1,%*$(5(!*%!3(-!+'-5#,;&%-!&',(1(-6!N$!-$9#$%&(!5&(%!+'1-$)'!#1(!
B'&,(!C1$+(!*%!%15%1*%&!3(!&%3(+$P1!*%3!/'!+'1!%3!+#%&.'6!W'!9#%!0'/!
+'1-$*%&(,'-!%3!+(1'1!*'+5&$1(3!1'! %I$-5%! %1!3'-! .&$,%&'-!5$%,.'-<!
1$!(B%+5(!(!5'*(!3(!.';3(+$P16!W(!&%(3$*(*!%-!9#%!3'-!'&8)%1%-!*%!3(!&%2
3$)$P1! -'1! .'&'-'-! /! +'1B#-'-<! %I$-5%1! ,'G$,$%15'-! +'15&(*$+5'&$'-!
*%15&'!*%!3(!O)3%-$(!/!1'!%-54!+3(&'!9#>!+'1*#+5(-!-%!(+%.5(1!/!+#43%-!
1'6!D%&'!%-%!+(&4+5%&!+'15&(*$+5'&$'!-%!%1+#%15&(!$1+3#-'!(15%-!*%!3(!
B#1*(+$P1!*%3!+&$-5$(1$-,'r!p%-C-!1'!%-!+&$-5$(1'<!-$1'![#*8'6!='*'!.(2
&%+%!$1*$+(&!9#%!p%-C-!?-$!*%!G%&*(*!9#%!%I$-5$P?!1'!.&%5%1*%!B#1*(&!
#1(!&%3$)$P1<!-$1'!9#%!%-!#1!&(;$1'!,4-!%15&%!3'-!,#+0'-!9#%!.&%*$2
+(1!.'&!p#*%(6!73!1#%G'!+#35'!-%!'&$)$1(!%1!5'&1'!(!-#!B$)#&(<!.%&'!>3!
1#1+(!(B$&,(!5%1%&!#1(!B%!9#%!1'!-%(!3(![#*8(6!W'!9#%!1'-!.#%*%!33(2
,(&!3(!(5%1+$P1!%-!3(!,#35$5#*!*%!+'&&$%15%-!*$-5$15(-! *%15&'! *%3![#2
*(8-,'!'&5'*'I'!'!+(1P1$+'r!3(-!*$B%&%1+$(-!%15&%!-(*#+%'-<!B(&$-%'-!
'!1(d(&%1'-!-'1!+'1-$*%&(;3%-<!.%&'!1'!.'&!%33'!*%[(1!*%!.&(+5$+(&!3(!
,$-,(!&%3$)$P16!7-'!,$-,'!%-!3'!9#%!.(-(!+'1!p%-C-6!W(!1'G%*(*!*%!
-#! .3(15%(,$%15'! ?(#19#%! 3'! 0%&%*(! *%! -#! ,(%-5&'<! p#(1! K(#5$-5(?!
%-5&$;(!%1!3(!.&>*$+(!*%!3(!$1,$1%15%!G%1$*(!*%3!&%$1'!*%!H$'-<!.%&'!
%-5'!1'!&',.%!+'1!3(!*'+5&$1(!'&5'*'I(6!7-!-'3'!5&(-!-#!,#%&5%!/!&%2
-#&&%++$P1!+#(1*'!3'-!*%,4-![#*8'-!%,.$%d(1!(!G%&!(!3'-!1(d(&%1'-!
-%)#$*'&%-! *%! p%-C-! +','! 0%5%&'*'I'-! /! .%3$)&'-'-6! 71! 3(! -%)#1*(!
,$5(*!*%3!-$)3'! O<!(!3'-!1(d(&%1'-!*%!F15$'9#8(!%,.$%d(!(!33(,4&-%3%-!
+&$-5$(1'-6!

RSY!!
D%&'<!#1(!G%d!,4-<!3(!,#35$5#*!*%!*$-+8.#3'-!*%!p%-C-!*(!'&$)%1!(!#1(!
,$&8(*(!*%!+&$-5$(1$-,'-6! 7-5'! -%! *%;%! (!*'-! 0%+0'-!;4-$+'-r!9#%!%3!
,(%-5&'!1'!*%[(!1$1)C1!5%I5'!.'&!%-+&$5'!/!9#%!%3!1#%G'!+#35'!-%!B#12
*(! %1! 3(! $15%&.&%5(+$P1! *%! -#-! .(3(;&(-! /! -#-! (+5'-6! W(! 1(5#&(3%d(!
0%&,%1>#5$+(!*%!3(!B%!%1!E&$-5'!%I.3$+(!3(!B(35(!*%!(+#%&*'-!,4-!(334!
*%! 3'-! .#15'-! ;4-$+'-<! +','! -'1! 3(! +&%%1+$(! %1! 9#%! 3(! &%-#&&%++$P1!
*%,#%-5&(!9#%!%-!%3!h%-8(-<!/!9#%!%-(!,$-,(!&%-#&&%++$P1!3%!'5'&)(!
#1! +(&4+5%&! *$G$1'<! #1! 3#)(&! (! 3(! *$%-5&(! *%3! D(*&%6! =(,;$>1! -%! %I2
5$%1*%!3(!+&%%1+$(!%1!-#!-%)#1*(!G%1$*(<!.#%-5'!9#%!-#!5(&%(!,%-$42
1$+(! 0(! 9#%*(*'! $15%&&#,.$*(! .'&! 3(! ,#%&5%! %1! 3(! +&#d6! H#&(15%! 3(!
%-.%&(<!3'-!*%G'5'-!*%;%1!)#(&*(&!3(!W%/!?[#*8(?!/!%-5(&!.&%.(&(*'-!
.(&(!%3![#$+$'!*$G$1'6!F0'&(!;$%1<!%3!,%-$(1$-,'!/! 3(!*$G$1$d(+$P1! *%!
p%-C-!-'1!*'-!0%+0'-!9#%!-8!-#.'1%1!#1!-(35'!&%-.%+5'!(!3(!'&5'*'I$(!
[#*8(<! /! 3(-! *$B%&%15%-! $15%&.&%5(+$'1%-! *%! %-'-! 0%+0'-! -'1! 3(-! 9#%!
G(1!-%.(&(1*'!#1(!B%!*%!3(!'5&(6!:$1!%15&(&!%1!,4-!*%5(33%-<!(.#15(&>!
9#%!3(!33%)(*(!*%!3'-!33(,(*'-!0%3%1$-5(-<![#*8'-!.&'G%1$%15%-!*%!B#%2
&(!*%!p%&#-(3>1!/!9#%!#5$3$d(1!%3!)&$%)'!+','! 3%1)#(!G%0$+#3(&<!5(,2
;$>1!+'15&$;#/%!(!3(!*$G%&-$B$+(+$P1!,%5(B8-$+(!*%3!+&$-5$(1$-,'!.&$,$2
5$G'6!
W'!9#%!.(&%+%!%G$*%15%!%-!9#%<!(#19#%!p%-C-!%-![#*8'<!3'-!+#35'-!9#%!
-%!'&$)$1(1!%1!-#!%15'&1'!-'1!*$B%&%15%-!*%-*%!#1!.#15'!*%!G$-5'!5%2
'3P)$+'6!D%&'!5(,;$>1!%-!+$%&5'!9#%!3(!'&5'*'I$(![#*8(!(+%.5(!%1!+$%&2
5(!,%*$*(!-#-!B(++$'1%-!,4-!5&(*$+$'1(3$-5(-<!,$%15&(-!9#%!.%&-$)#%!
(9#%33(-!,4-!&(*$+(3%-!/!(!3(-!9#%!+'1-$*%&(!+','!.%3$)&'-(-6!7-%!%-!
%3!+(-'!*%!3'-!0%3%1$-5(-<!+','!*%,#%-5&(!3(!%[%+#+$P1!*%!7-5%;(1<!-#!
+(;%d(!G$-$;3%<!/!3(!%I.#3-$P1!*%! -#-! +'&&%3$)$'1(&$'-! *%! p%&#-(3>1<! (!
*'1*%! 0(;8(1! (+#*$*'! +'1! 3(! %-.%&(1d(! *%! G$G$&! 3(! -%)#1*(! G%1$*(!
*%3! h%-8(-6! "#%! )&#.'-! *%! )%15%! 1#,%&'-'-! -%! *$&$[(1! (! 3(! E$#*(*!
:(15(!.(&(!.&%-%1+$(&!%3!B$1!*%3!,#1*'!1'-!&%G%3(!*'-!&(-)'-!$,.'&2
5(15%-!-';&%!%3!+&$-5$(1$-,'r!9#%!%3!&%$1'!*%!H$'-!1'!%-!*%!%-5%!,#12
*'!/!9#%!-#!33%)(*(!%-!$1,$1%15%6!N'!*%;%!-'&.&%1*%&1'-<!%15'1+%-<!
%3! +(&4+5%&! (15$B8-$+'! 9#%! (*'.5(! 3(! 1#%G(! &%3$)$P16! D%&'<! *%! 1#%G'<!
%-5(!%-.$&$5#(3$d(+$P1!'!1%)(+$P1!*%!3(!1(5#&(3%d(!+'&.'&(3!1'!(B%+5(!
(! 5'*'-! 3'-! +&$-5$(1'-6! W'-! .&$,%&'-! D(*&%-! *%! 3(! O)3%-$(! +'1-$*%&(1!
9#%! -'3'! (3)#1'-! -'1! +(.(+%-! *%! &%1#1+$(&! /! 5&(-+%1*%&! %3! +#%&.'<!
-$1! 3'! +#(3! 1'! %-! .'-$;3%! 3(! -(3G(+$P16! D'&! 5(15'<! (! 3(! >3$5%! +(-5(! 9#%!
B'&,(!.(&5%!*%!3(!O)3%-$(!-%!'.'1%!#1(!.3%;%!.&'.%1-(!(3!.%+(*'<!+#2

! RSQ!
/(!C1$+(!%-.%&(1d(!%-.$&$5#(3!-%!%1+#%15&(!%1!%3!,(5&$,'1$'<!(!5&(G>-!
*%3!+#(3!.'*&41!*',(&!3(!+(&1%6!7-!%1!%-%!-%15$*'!%1!%3!9#%!%3!,'1(-2
5%&$'! &%+#.%&(! %3! .(.%3! *%! 3(! %-+#%3(! B$3'-PB$+(<! .#%-5'! 9#%! %-! (338!
*'1*%!#1'!-%!(3%[(!*%3!,#1*'!/!*'1*%!-%!3%!5&(1-,$5%!%3!+'1'+$,$%12
5'!9#%!.%&,$5%!3(!+'1G%&-$P1!*%3!.%+(*'&!%1!*$)1'!*%!3(!@&(+$(!*$G$2
1(6!
73!.(.%3!9#%!&%.&%-%15(1!3(-!,#[%&%-!%-!(,;$)#'6!D'&!#1!3(*'!-%!3(-!
+'1-$*%&(! +','! %3! '&$)%1! *%3! *%-%'<! 3(! -%I#(3$*(*<! %3! .%+(*'! /<! .'&!
5(15'<!*%!3(!+'1*%1(6!D'&!%3!'5&'<!5(,;$>1!(3)#1(-!*%!%33(-!.&(+5$+(1!
%3! (-+%5$-,'! /! 3(! &%1#1+$(! +'1! 3(! ,$-,(! $15%1-$*(*! +'1! 3(! 9#%! 3'!
0(+%1!3'-!0',;&%-6!W'-!+'1G%15'-!%1!3'-!9#%!$1)&%-(1!3(-!0$[(-!*%!3(-!
B(,$3$(-!1';3%-!-%!+'1G$%&5%1!,#/!.&'15'!%1!3#)(&%-!%1!3'-!9#%!3$;%2
&(&-%!*%!3(-!';3$)(+$'1%-!,(&$5(3%-!/!-'+$(3%-<!3'!9#%!.&'G'+(!3(!.(&(2
*'[(! *%! 3(! 3$;%&5(*! &%+3#$*(! /! *%3! .'*%&! ?%-.$&$5#(3! /! .'385$+'?! %1! 3(!
-#,$-$P16!F!.%-(&!*%!3(!$,.'&5(1+$(!9#%!5%1*&4!3(!B$)#&(!*%!3(!G$&)%1!
h(&8(<!3'!+$%&5'!%-!9#%!%3!+&$-5$(1$-,'!0%&%*(!;#%1(!.(&5%!*%!3(!,$-'2
)$1$(! [#*8(6! N'! %1! G(1'! 3(! *%! p%-C-! %-! #1(! +'1+%.+$P1! $1,(+#3(*(<!
';&(!*%3!7-.8&$5#!:(15'!-$1!$15%&G%1+$P1!*%!3(!+(&1%6!71!%33(!-%!&%-#2
,%!3(!G$-$P1!*%3!+#%&.'!/!*%!-#-!B#1+$'1%-!(!3(!9#%!-%!(-.$&(r!,(15%2
1%&!3(!)%1%&(+$P1!-$1!+(%&!%1!3(!5&(,.(!*%3!*%-%'<!%1!3(!+'1*%1(!+(#2
-(*(!.'&!%3!.%+(*'6!^1(!&%.&'*#++$P1!-$1!+'$5'!-%&8(!$*%(36!
7-5'!-%!-#,(!(!3(!5&(*$+$P1!*%!(#-5%&$*(*!-%I#(3!/!,'*%&(+$P1!*%!3(!
$19#$%5#*!*%!-8!B$3'-PB$+(<!9#%!/(!0(!%[%&+$*'!#1!$,.(+5'!+'1-$*%&(;3%!
%1!%3!O,.%&$'<!.(&(!$&! *(1*'!B'&,(!(3!+'&.#-! 5%'3P)$+'! /!>5$+'! *%!3(!
1#%G(!B%6!W(!O)3%-$(!B',%15(!%3!,(5&$,'1$'!.%&'!(3!,$-,'!5$%,.'!3'!
*%-.&%+$(<!.#%-5'!9#%!1'!*%[(!*%!-%&!#1(!+'1+%-$P1!(3!.%+(*'!/<!%1!%3!
.%'&!*%!3'-!+(-'-<!(!3(!+'1+#.$-+%1+$(6!"#$%1%-!*%!G%&*(*!-$%15%1!3(!
33(,(*(!*%!H$'-!-%!,(15$%1%1!+>3$;%-6!F0'&(!;$%1<!3(!.&','+$P1!*%3!
,(5&$,'1$'! /! 3(! B$*%3$*(*! +'1/#)(3! .&%+%*%! (3! .&'.$'! +&$-5$(1$-,'<!
+','! /(! 0%,'-! G$-5'6! F3)#1'-! 0$-5'&$(*'&%-<! +','! p'01! K'-Å%33<!
,(15$%1%1! 9#%!%-%! ,'G$,$%15'! -%! *%;%! (! 3(! +(8*(! %1! 3'-!81*$+%-! *%!
1(5(3$*(*!9#%!-%!G$G%1!*#&(15%!%3!O,.%&$'!/!9#%!.(&%+%1!*%;%&-%!(!3'!
3$;%&5$1(-!9#%!-'1!3(-!>3$5%-!&',(1(-6!D'&!%-'!-%!0(+%!1%+%-(&$(!#1(!
1#%G(!3%)$-3(+$P1!9#%!*$B$+#35%!%3!*$G'&+$'<!/!#1!+(,;$'!%1!3(!B'&,(!*%!
G%&!%3!,(5&$,'1$'<!9#%!.(-(!(!-%&!%3!C1$+'<!'!(3!,%1'-!%3!.&$G$3%)$(*'<!
3#)(&!%1!%3!9#%!,(15%1%&!&%3(+$'1%-!-%I#(3%-6!7-5%!%-!%3!(,;$%15%!*%3!
%-5'$+$-,'<!9#%!%[%&+%!#1(!$1B3#%1+$(!1'5(;3%!-';&%!3(!*'+5&$1(!+&$-2

RZU!!
5$(1(<!(3!,%1'-!%1!3'!9#%!-%!&%B$%&%! (3! +#%&.'6! W(!&%+',%1*(+$P1!%-!
9#%<!-$!1'!.#%*%-!%3$,$1(&!5#-!(5(*#&(-!B8-$+(-<!(3!,%1'-!3(-!-',%5(-!
(!3(!$1-5$5#+$P1!+'1/#)(36!

mOO!

F0'&(!;$%1<!*%15&'!*%3!+&$-5$(1$-,'!-%!*(1!3'-!5&%-!&%$1'-!*%3!%&'5$-2
,'!9#%!$*%15$B$+(!K(5($33%r!%3!*%!3'-!+#%&.'-<!%3!*%!3'-!+'&(d'1%-!/!%3!
*%!3'!-()&(*'6!W(!(+5$G$*(*!-%I#(3! 0#,(1(!1'! -$%,.&%!?/'!,%!(5&%2
G%&8(! (! *%+$&! 9#%! 1#1+(?! -%! &%*#+%! (! 3(! ,%&(! (1$,(3$*(*6! 7-(! %-! 3(!
*$B%&%1+$(! %15&%! -%I'! /! %&'5$-,'<! %1! 9#%! (9#>3! %-! .#&(! 1%+%-$*(*! /!
%-5%!%-54!.&%g(*'!*%!-$)1$B$+(*'<!%1!>3!-%!*(!#1(!;C-9#%*(!.-$+'3P)$2
+(!*%!-%15$*'!/!*%!-#.%&(+$P16!K(5($33%!G$1+#3(!*%!B'&,(!815$,(!3(!%I2
.%&$%1+$(!%&P5$+(!+'1!3(!,8-5$+(<!%1!5(15'!%1!+#(15'!(,;(-!-#.'1%1!3(!
(B$&,(+$P1!*%!3(!G$*(!,4-!(334!*%!3(!%I$-5%1+$(!.&'.$(6!W(!&(dP1!%-!9#%!
%1!%3!,',%15'!*%3!>I5(-$-!?&%3$)$'-'!#!'&)4-,$+'?!3(!+'1+$%1+$(!*%-2
(.(&%+%6!7-5'!1'!5$%1%!1(*(!9#%!G%&!+'1!3(!+'15$1#$*(*!*%!3(!%-.%+$%<!
9#%! .(&%+%! -%&! %3! B$1! C35$,'! *%! 3(! (+5$G$*(*! -%I#(36! :%! 5&(5(! *%! #1(!
+'15$1#$*(*! *%! '5&'! 5$.'6! W'-! -%&%-! 0#,(1'-<! +','! +&$(5#&(-! G$G(-<!
-','-!*$-+'15$1#'-<!1#%-5&(!%I$-5%1+$(!5$%1%!#1!.&$1+$.$'!/!#1!B$1(36!
73! >I5(-$-! .&'.'&+$'1(! #1(! G8(! .(&(! 3(! -#.%&(+$P1<! (#19#%! -%(! ,'2
,%1541%(<! *%! %-(! *$-+'15$1#$*(*r! %3! +0$-.(d'! 9#%! (.()(! 3(! +'1+$%12
+$(6!7-!3(! .%5$5%!,'&5<!3(!.%9#%g(!,#%&5%!*%!3(!9#%!0(;3(1!3'-!B&(1+%2
-%-k!3(!$1,%&-$P1!%1!3(!+'15$1#$*(*!9#%!1'-!.&%+%*%!/!.%&,(1%+%&4!
+#(1*'!0(/(,'-!*%-(.(&%+$*'6!D(&(!(3)#1'-<!%-(!+'15$1#$*(*!-%&4!3(!
1(*(6!D(&(!'5&'-<!H$'-6!
F! *$B%&%1+$(! *%3! ,$-5$+$-,'<! 9#%! -%! '+#.(! *%3! ,4-! (334<! %3! %&'5$-,'!
(;&%!%3!,4-!(+4<!#1(!+'15$1#$*(*!,4-!.&PI$,(!/!,4-!815$,(6!W(!%I$-2
5%1+$(! .%&-'1(3<! 3(! +'1+$%1+$(<! 3'-! 38,$5%-! B8-$+'-! *%! 1#%-5&'! +#%&.'<!
1'-! (8-3(1! *%3! &%-5'! *%! -%&%-! 0#,(1'-6! 73! %&'5$-,'! -#;G$%&5%! %-(!
1'&,(3$*(*!/!.'-$;$3$5(!(!-#!G%d!#1(!-#;G%&-$P1!5&(1-$5'&$(!*%!3(!*$-2
+'15$1#$*(*!*%3!-%&6!71!.&$,%&!3#)(&!.'&9#%!&%-.'1*%!(!3(!1%+%-$*(*!
*%! +',#1$+(+$P1! &%(3<! *%! $*%15$B$+(+$P1! .3%1(! +'1! '5&'! -%&! 0#,(1'6!
W(-!(-.$&(+$P1!%&P5$+(!%-!3(! *%! 3(!+'1B#-$P1<!3(! $,.'-$;$3$*(*!*%!*$-2
5$1)#$&!%15&%!*'-!?'!,4-?!-%&%-!+#/'-!38,$5%-!-'1!%G$*%15%-!%1!+#(32
9#$%&! '5&'! ,',%15'6! W(! B&#-5&(+$P1! -#&)%! (3! &%+'1'+%&! 9#%! -%! 5&(5(!
*%!#1(!9#$,%&(6!71!-%)#1*'!3#)(&<!3(!*%-1#*%d!%&P5$+(!(;&%!#1(!+'12

! RZR!
5$1#$*(*!*%!'5&'!5$.'6!D'&!#1! 3(*'<! 0(+%! %G$*%15%! 3(!G'3#15(*! *%! +'2
,#1$+(+$P1<! *%! +'1B$(1d(<! %-! *%+$&<! *%! +'15$1#$*(*6! D'&! '5&'<! %-! #1!
$1*$+(*'&! *%! 3(! B&()$3$*(*<! .'1%! %1! %-+%1(! 3'! 9#%! *%! '&*$1(&$'! .%&2
,(1%+%! '+#35'<! $,.3$+(! #1(! *%-.'-%-$P1<! #1(! G'3#15(*! *%! %15&%)(!
9#%!%9#$G(3%<!*%!1#%G'<!(!#1(!.%9#%g(!,#%&5%6!:$!%3!%&'5$-,'!.%&,$2
5%! 3(! *$-'3#+$P1! *%! 3(-! +'1+$%1+$(-<! b1'! -$)1$B$+(! %-5'! 9#%<! *%! (3)C1!
,'*'<!%-(-!+'1+$%1+$(-<!%-!*%+$&<!3'-!/'%-<!-%!*%-5&#/%1c!F9#8!-%!0(+%!
%G$*%15%! %3! .%3$)&'! *%3! %&'5$-,'r! 1'! -%! .#%*%! -%&! #1'! /! G(&$'-! (! 3(!
G%d6!D'&!-#%&5%<!'!.'&!*%-)&(+$(<!%-(!*%-(.(&$+$P1!1'!%-!,4-!9#%!5%,2
.'&(36!
71! C35$,(! $1-5(1+$(<! %1! 3(! +(&(+5%&$d(+$P1! 9#%! 0(+%! K(5($33%! *%3! %&'2
5$-,'<!3(!;C-9#%*(!%-!3(!,$-,(!9#%!%1!%3!+&$-5$(1$-,'<!'!9#%!%1!+#(32
9#$%&!'5&(!&%3$)$P1r!3(!5&(-+%1*%1+$(6!73!%&'5$-,'<!/(!-%(!-%I#(3<!(,'2
&'-'!'!%-.$&$5#(3<!+',.(&5%!%3!5%&&$5'&$'!*%!3(!&%3$)$P16!W'!9#%!&%-#35(!
.(&(*P[$+'!%-!9#%!%3!+&$-5$(1$-,'<!.&%+$-(,%15%!(3!1%)(&!%3!+#%&.'!/!
%3!%&'5$-,'<!&%1$%)(!*%!#1(!.(&5%!%-%1+$(3!*%!3(!%I.%&$%1+$(!&%3$)$'-(6!
N'!-'&.&%1*%<!%15'1+%-<!3(!&%3(+$P1! .&';3%,45$+(!9#%! ,(15$%1%!+'1!
3'-! ,8-5$+'-6! =(15'! %1!#1! +(-'! +','! %1! %3! '5&'<! %3!$1*$G$*#'! %I.%&$2
,%15(!%3!B%1P,%1'!*%!3(!5&(1-)&%-$P1<!%-!*%+$&<!3(!&#.5#&(!+'1!%3!'&2
*%1!*%!3(!3%/!/!*%3!5&(;(['6!
W(! $*%(! B#1*(,%15(3! *%! K(5($33%! %-! 9#%! `%3! %&'5$-,'! %-! 3(! (+5$G$*(*!
-%I#(3! *%! #1! -%&! +'1-+$%15%a! uVUUVr! VUUv6! 7-! *%+$&<! .%&5%1%+%! (! #1!
,#1*'!9#%!1'!%-!%3!*%!3(!*%5%&,$1(+$P1!;$'3P)$+(<!9#%!1'!%-!%3!*%!3(!
1%+%-$*(*!&%.&'*#+5$G(6!W(!.(-$P1!%&P5$+(!%-!3(!*%!#1(!+'1+$%1+$(!%1!
;#-+(! *%! 5&(-+%1*%1+$(6! D%&'! %-5'! 1'! .#%*%! '+#&&$&! %1! #1! %-5(*'!
1'&,(3<!1'!*#&(15%!3(!(+5$G$*(*!*$(&$(6!W'!9#%!-%.(&(!(!3(!0#,(1$*(*!
*%3!&%-5'!*%!(1$,(3%-!%-<!.&%+$-(,%15%<!3(!*$G$-$P1!*%!3(!&%(3$*(*!%1!
*'-!,#1*'-!+'15&(.#%-5'-r!%3!*%3!5&(;(['!/!%3!*%!3(!5&(1-)&%-$P16!K(2
5($33%! -$5C(! .'&! #1! 3(*'! 3(! 1(5#&(3%d(! /! 3(! G$'3%1+$(<! /! .'&! '5&'<! 3(!
&(dP1!/!%3!5&(;(['k!%-!*%+$&<!3(!-(5$-B(++$P1!$1,%*$(5(!B&%15%!(!#1(!&%2
5&$;#+$P1! B#5#&(6! F3! ,$-,'! 5$%,.'<! %3! 5&(;(['! %15&(g(! #1! ;%1%B$+$'!
+'3%+5$G'!/<!.'&!5(15'<!%3!(;(1*'1'!*%!3'-!$,.#3-'-!$1*$G$*#(3%-!0(+$(!
3'-!%I+%-'-!*%3!*%-%'6!73!5&(;(['!%-!3(!.&'0$;$+$P1!*%!3(!G$'3%1+$(<!5(12
5'!*%!3(!,#%&5%!+','!*%!3(!&%.&'*#++$P1!-%I#(36!F!.%-(&!*%!9#%!3'-!
*'-!(-.%+5'-!B#1*(,%15(3%-!*%!3(!.&'0$;$+$P1!.#%*%1!.(&%+%&!%1!#1!
.&$1+$.$'!+'15&(*$+5'&$'-<!%1!&%(3$*(*!-'1!+',.3%,%15(&$'-r!1'!.#%2

RZV!!
*%!,'&$&!1(*(!9#%!1'!%-5#G$%&(!G$G'!(15%-<!/!3(!*%-+',.'-$+$P1!9#%!
+'133%G(!3(!,#%&5%!%-!+'1*$+$P1!$1*$-.%1-(;3%!.(&(!3(!G$*(6!
D(&%+%! 9#%! 3(! ,%15%! .&$,$5$G(! &%3(+$'1(! (,;'-! (-.%+5'-! *%! B'&,(!
+(-$! $1-5$15$G(6! D'&! #1! 3(*'<! %3! 0%+0'! *%! %15%&&(&! (! 3'-! ,#%&5'-! ?
+'-5#,;&%!9#%!(*'.5(!%3! 0','!-(.$%1-!(! B$1(3%-! *%3!.(3%'385$+'! ,%2
*$'?<!%15%1*$*'!%3!+(*4G%&!+','!G$'3%1+$(!%1+(&1(*(<!&%-.'1*%!(!#1!
,'G$,$%15'!*';3%6!D'&!#1!3(*'<!(!3(!B(-+$1(+$P1!/!%3!&%-.%5'!9#%!33%2
G(1!(!.&'5%)%&3'!*%!3'-!(1$,(3%-k!.'&!%3!'5&'<!(3!0'&&'&!9#%!33%G(!(!3'-!
G$G'-!(!.&'5%)%&-%!*%!>3!/!*%!#1!.'-$;3%!+'15()$'<!*%3!5$.'!9#%!B#%&(<!
+(#-(*'! .'&! -#! *%-+',.'-$+$P16! 73! (-+'<! 3(! 14#-%(! 9#%! .&'G'+(! #1!
+(*4G%&!0#,(1'<!5$%1%!-#!'&$)%1!%1!%-%!0'&&'&!(!3(!*%-+',.'-$+$P1!/!
%1!%3!5%&&'&!9#%!.&'G'+(!%1!9#$%1%-!3%!-';&%G$G%1!%-%!-#[%5'!&%*#+$2
*'! (! ';[%5'6! W(! +%&5%d(! *%! 9#%<! 33%)(*'! %3! ,',%15'<! 5'*'-! 1'-'5&'-!
-%&%,'-!%-%!+(*4G%&<!1'-!%-.(15(6!73!+'15()$'!5%&&'&8B$+'!9#%!%1+(&2
1(! %3! +#%&.'! ,#%&5'! 1'! %-! 5(15'! %3! *%! 3(! %1B%&,%*(*! +','! %3! *%! 3(!
.>&*$*(! *%B$1$5$G(! *%! 3(! +'1+$%1+$(<! 3(! &%*#++$P1! (! 3(! 1(*(6! F*%,4-<!
%-54!%3!'3'&6!W(!.#5&%B(++$P1!%13(d(!%3!+(*4G%&!+'1!3'-!%I+&%,%15'-!/!
%-5'-<!(!-#!G%d<!+'1!3(!&%.&'*#++$P16!K(5($33%!1'-!&%+#%&*(!3(!$1-$-5%12
+$(!+'1!3(!9#%!:(1!F)#-581!(B$&,(!9#%!1(+%,'-!%15&%!0%+%-!/!'&$1(<!%3!
G81+#3'!815$,'!9#%!%I$-5%!%15&%!3(!$1,#1*$+$(!/!3(!-%I#(3$*(*6!7-!*%2
+$&<! %15&%! 3(! ,#%&5%! /! 3(! G$*(6! W(! ,#%&5%! /! 3(! *%-+',.'-$+$P1! *%! 3(!
,(5%&$(!-'1!3(!)(&(158(!*%!3(!+'15$1#$*(*!*%!3(!G$*(<!-$1!3(!#1(!%-!$,2
.'-$;3%!3(!'5&(6!
D%&'!3(!.&'0$;$+$P1!1'!-'3'!';3$)(!(!1'!,(5(&!/!(!%15%&&(&!(!3'-!,#%&2
5'-<!-$1'!9#%!(B%+5(!5(,;$>1!(3!-%I'6!7I$-5%!#1!1C+3%'<!,4-!'! ,%1'-!
+'1-5(15%! %1! 5'*(-! 3(-! -'+$%*(*%-! 0#,(1(-<! 9#%! $1+3#/%! *%! B'&,(!
$1*%B$1$*(! %3! $1+%-5'<! 3(! -(1)&%! ,%1-5&#(3! /! 3(! -(1)&%! *%3! .(&5'<! %1!
5'&1'! (3! +#(3! -%! '&)(1$d(! #1(! .%&$B%&$(! *%! 5(;C-! G(&$(;3%-! -%)C1! 3(!
+#35#&(6!73!.(.%3!*%!3(!.&'0$;$+$P1!'!%3!5(;C!%-!%3!*%!.&'.'&+$'1(&!#1!
%15'&1'!&(+$'1(3!/!-%)#&'!%1!%3!9#%!-%(!.'-$;3%!'&)(1$d(&!3(!G$*(!+'2
5$*$(1(<!/!9#%!(3%[%!*%!3(!G$'3%1+$(!.&'.$(!*%!3(!%I$-5%1+$(!(1$,(36!7-!
%3!,#1*'!.&'B(1'<!%3!,#1*'!*%3! 5&(;(['! %1!%3!9#%!-%!.&'*#+%1! /!-%!
(+#,#3(1!3'-!&%+#&-'-6!E','!+'15&(.'-$+$P1!(!%-5%!+'5$*$(1%$*(*!-%!
-$5C(1!3'!-()&(*'<!3(!5&(1-)&%-$P1!/!%3!*'1<!%3!)(-5'!.&'.$'!*%!3(!B$%-5(6!
71!*%B$1$5$G(<!%3!.(.%3!*%!3(!&%3$)$P1!?%1!-%15$*'!3(I'?!1'!%-!'5&'!9#%!
%3!*%!&%)#3(&!3(!5&(1-)&%-$P1<!%-5'!%-<!*$+5(,$1(&!%1!9#>!+'1*$+$'1%-!
/!;(['!9#>!.(&4,%5&'-!.#%*%!&',.%&-%!3(!3%/6!:$!3(!.&'0$;$+$P1!%-!3'!

! RZS!
9#%!.%&,$5%!(3!-%&!0#,(1'!-%.(&(&-%!*%<!'!*',$1(&<!-#!(1$,(3$*(*<!
3(!5&(1-)&%-$P1!9#%!.'-$;$3$5(!%3!,#1*'!-()&(*'!3%!*%G#%3G%<!%1!+$%&5(!
,%*$*(<! (! %33(6! 73! 5(;C! -%! +'1-5$5#/%! +','! #1(! %-.%+$%! *%! B&'15%&(!
9#%!-$&G%!(!3(!0#,(1$*(*!.&$,$5$G(!.(&(!*%-,(&+(&-%!*%3!%I+%-'!/!*%!
3(!G$'3%1+$(!-$1!&%-%&G(-!.&'.$(-!*%3!+$+3'!*%!&%.&'*#++$P1!/!,#%&5%!
*%! 3(! (1$,(3$*(*! /<! (3! ,$-,'! 5$%,.'<! .(&5$+$.(&! *%! %-%! ,$-,'! +$+3'!
;(['!#1(-!&%)3(-!*%5%&,$1(*(-6!W(!-%)#&$*(*!*%!%-(!*$G$-$P1!%-!3(!9#%!
.%&,$5%!%I.%&$,%15(&!/!-#.%&(&!3(!(1)#-5$(!*%3!%1B&%15(,$%15'!%15&%!
3(! +'1+$%1+$(! /! %3! $,.#3-'<! %15&%! 3(! .(&5%! 0#,(1(! ?(! B(35(! *%! #1!
5>&,$1'!,%['&?!/!3(!(1$,(36!7-<!#1(!G%d!,4-<!3(!3#+0(!%15&%!3(!&(dP1!/!
%3! $1-5$15'<! 3(! +'15%1+$P1! /! %3! %I+%-'<! 3(! +#35#&(! /! 3(! 1(5#&(3%d(<! 3'!
.&'.$'!/!3'!([%1'6!
73!;(19#%5%<!%3!-(+&$B$+$'!&$5#(3<!3(!'&)8(<!3(!)#%&&(<!5'*'!%33'!+'1%+5(!3(!
%I$-5%1+$(!0#,(1(!+'1!-#!%I5%&$'&$*(*!'<!,%['&!*$+0'<!+'1!-#!$15%&$'2
&$*(*<!.#%-5'!9#%!(.#15(1!(3!.(-(*'!.&%+$G$3$d(5'&$'!9#%!-%!()(d(.(!
%1!1#%-5&'!$15%&$'&6!W'!.&'.$'!*%!3(!-%I#(3$*(*!0#,(1(<!(-%)#&(!K(2
5($33%<!%-!9#%!%-54!G$1+#3(*(!(!3(!G$'3%1+$(!*%!3(!,#%&5%<!$1+3#-'!+#(12
*'!%-5(!1'!-%!.%&+$;%!*%!B'&,(!%G$*%15%6!7-(!%-!3(!&(dP1!.'&!3(!9#%!3(!
%I.%&$%1+$(! %&P5$+(! .&'G'+(! (1)#-5$(6! W(! .3>5'&(<! %3! (;(1*'1'<! 3(!
(.%&5#&(<!%3! B#%&(!*%!-8!9#%!-%!G$G%!%1!%3!(+5'!-%I#(3!-'1!+'&&%3(5$G'-!
(3!(;$-,'!*%!+'15$1#$*(*!9#%!-%!*$-+$%&1%!%1!3(!,#%&5%6!7-(!$*%15$B$2
+(+$P1! %-! 3(! 9#%! $,.#3-(! (3! .3(+%&6! F08! &%-$*%! 3(! -%1-(+$P1! 815$,(<!
.&'.$(! *%3! %&'5$-,'<! *%! &',.%&! #1(! .&'0$;$+$P16! 7-! 3'! ,$-,'! 9#%!
'+#&&%! %1! 3(! B$%-5(! '! %3! +(&1(G(3<! 3'-! ,',%15'-! %1! 3'-! 9#%! -%! *(! 3(!
G#%35(!(!3(-!1'&,(-!+'&&$%15%-!/!-%!G$G%!.'&!#1!5$%,.'!*%!B'&,(!*$-2
5$15(6! W(! .&%-$P1! -%! (B3'[(! /! .#%*%! (+5#(&-%! +'1! +$%&5(! 3$;%&5(*6! W(-!
&%3$)$'1%-!(15$)#(-!/!(&+($+(-!&%+'1'+%1!%-5%!0%+0'<!/!-#!B#1+$P1!%-!
5(15'!3(!*%!,(15%1%&!3'-!5(;C-!+','!)#$(&!-#!&#.5#&(6!
73!+&$-5$(1$-,'!-%!'.'1%!.'&!.&$1+$.$'!(3!%-.8&$5#!*%!3(!5&(1-)&%-$P1<!
/!&%(3$d(!#1!,'G$,$%15'!*';3%!.(&(*P[$+'!(!B$1!*%!,(15%1%&!3'!%-%12
+$(3!*%!3(!&%3$)$'-$*(*r!3(!+'15$1#$*(*6!D'&!#1!3(*'<!5&(5(!*%!-#-5$5#$&!3(!
G$'3%1+$(! .'&! -#! +'15&(&$'<! (B$&,(1*'! 3(! +'15$1#$*(*! %1! %3! (,'&! *%!
H$'-6!D'&!%3!'5&'<!.(&(!.'*%&!33%G(&!(!+(;'!%-(!5(&%(<!0(!*%!-#,%&)$&!%3!
,#1*'!-()&(*'!%1!%3!,#1*'!*%!3(-!+'-(-6!W(!+'15$1#$*(*!/!3(!*$-+'12
5$1#$*(*!+',.(&5%1!%3!,$-,'!.3(1'6!W'!9#%!*$B%&%1+$(!(3!+&$-5$(1$-,'!
*%!3(-!&%3$)$'1%-!.&$,$5$G(-!/!(&+($+(-!%-!9#%!%-5%!.&%5%1*%!3$,$5(&!%3!
+(&4+5%&!-()&(*'!(!3(!.#&%d(!*%!H$'-6!F3!$15%15(&!%I.#3-(&!(3!,#1*'!

RZZ!!
.&'B(1'! 3'! -()&(*'! $,.#&'! ?9#%! -%&4! %3! .%+(*'<! +','! %1! %3! %&'5$-2
,'?!-%!%1+#%15&(!+'1!9#%!3(!B$)#&(!*%3!*$(;3'!,(15$%1%<!(!-#!.%-(&<!
+#(3$*(*%-!&%3$)$'-(-6!N'!$,.'&5(!-$!-%!3%!+'1-$*%&(!#1!41)%3!+(8*'!'!
%3!%[%+#5'&!*%!3'-!.3(1%-!,4-!5#&;$'-!*%!H$'-r!-#!.(.%3!5%&,$1(!-$%12
*'!%3!*%!+'&&%3(5'!1%)(5$G'!*%!3(!*$G$1$*(*6!
71!%3!(9#%3(&&%<!5(15'!-$!%I$-5%!*%!0%+0'!+','!-$!%-!%3!.&'*#+5'!*%!3(!
.(&(1'$(!%+3%-$4-5$+(<!-%!#1%!%3!+#35'!(!%-%!*$'-!'-+#&'!+'1!3(!-#;G%&2
-$P1! .&'.$(! *%! 3(! B$%-5(6! H#&(15%! 3(! 7*(*! h%*$(<! %3! \%1(+$,$%15'! %<!
$1+3#-'<!0(-5(!3(!.&$,%&(!,'*%&1$*(*<! %3! )&(1! .%3$)&'! 9#%!%1+(&1(1!
3(-!;&#[(-!/!-#-!&%#1$'1%-!%-!9#%!%1!%33(-!.%&G$G%!3'!-()&(*'!1%)(5$2
G'<!3(!G8(!*%!+'1'+$,$%15'!*%!3(!+'15$1#$*(*!(!5&(G>-!*%!3'!.&'0$;$*'<!
9#%!5(15'!%,.%g'!.'1%!%3!+&$-5$(1$-,'!%1!%3$,$1(&6!F3!$*%15$B$+(&!3'!
.&'B(1'!+'1!%3!h(3<!%3!+&$-5$(1$-,'!+'1G$%&5%!3(!+'&&#.+$P1<!3(!G'3#.2
5#'-$*(*! /! (! :(5(14-! %1! ';[%5'-! *%! (*'&(+$P1! .(&(! 3'-! 3$+%1+$'-'-6!
F0'&(! ;$%1<! ,$%15&(-! %1! %3! .()(1$-,'! 3(! 5&(1-)&%-$P1! %-54! -#[%5(! (!
#1(-!&%)3(-!.&%+$-(-<!3(!.&'B(1(+$P1<!9#%!%-!-#!+'&&%3(5'!%1!%3!4,;$5'!
+&$-5$(1'<!&%-#35(!,#+0'!,4-!$1*%B$1$*(!/!1'!-$%,.&%!3')&(!%3!,$-,'!
';[%5$G'6!W(!O)3%-$(<!(3!&%*#+$&!3(!%I.%&$%1+$(!-()&(*(!(3!4,;$5'!*%!3(!
3#d!/!%3!K$%1<!33%G(!5'*'!3'!*%,4-!(!#1(!%-.%+$%!*%!&%G'35$['!%1!%3!9#%!
-%!+'1B#1*%!3'!%&P5$+'!+'1!3'!$,.#&'!/!+'1!3'!*$(;P3$+'6!:#!)&(1!+'12
5&(*$++$P1!%-!9#%!+'1!#1(!,(1'!1$%)(!3(!%I$-5%1+$(!*%!3'!-()&(*'!1%2
)(5$G'<! ,$%15&(-! 9#%! +'1! 3(! '5&(! 3#+0(! +'15&(! %33'6! N'! 9#%*(! 1(*(!
,(3*$5'<!.%&'!+(-$!5'*'!3'!%-6!

mOOO!

i(/! 9#%! &%+'1'+%&! 9#%! 1'! 5'*'! %3! +&$-5$(1$-,'! -%! (.&'I$,(! *%! 3(!
,$-,(!,(1%&(!(3!+#%&.'<!1$!%15$%1*%!*%3!,$-,'!,'*'!3(!1(5#&(3%d(!
*%3!-%I'!/!*%3!.%+(*'6!7-!+$%&5'!9#%!-%!5&(5(!*%!+'&&$%15%-!0%&>5$+(-<!
.%&'!5(,;$>1!3'!%-!9#%!-#!$1B3#%1+$(!%1!%3!.%1-(,$%15'!,%*$%G(3!%-!
$,.'&5(15%6!N'!0(+%!B(35(!5(,.'+'!-(3$&-%!(3!5%&&%1'!*%!3(-!;&#[(-!/!
3(-!&%,(1%1+$(-!.()(1(-!9#%!-%!'+#35(1!%1!3(-!#,;&8(-!.(&(!%1+'12
5&(&!*'+5&$1(-!'.#%-5(-!(3!+(1'1! (15$B8-$+'6!H#&(15%! +$1+'!-$)3'-<! 3'-!
,$%,;&'-!*%!3(!0%&%[8(!*%3!7-.8&$5#!W$;&%!;#-+(1!3(!-(3G(+$P1!.%&-'2
1(3<!.%&'!-#!)1'-$-!3%-! (+%&+(! (3!(1(&9#$-,'! ,8-5$+'6!E','! 3'-!+81$2
+'-<!(-.$&(1!(!(3+(1d(&!3(!%,(1+$.(+$P1!5'5(3<!/!.(&(!%33'!&%1$%)(1!*%!
+#(39#$%&!+3(-%!*%!-',%5$,$%15'6!^1'!*%!3'-!.'+'-!5%I5'-!9#%!-%!+'12

! RZT!
-%&G(1!%-! W%!,$&'%#&!*%-!-$,.3%-!(,%-!u73!%-.%['!*%!3(-!(3,(-!-$,2
.3%-v<! %-+&$5'! .'&! h(&)(&$5%! D'5%5%<! 9#$%1! ,#%&%! %1! 3(! 0')#%&(! %1!
RSRU!(+#-(*(!*%!0%&%[8(6!
73!7-.8&$5#!W$;&%!(.(&%+%!%1!3'-!.&$,%&'-!(g'-!*%3!-$)3'!AOOO!+','!#1(!
*'+5&$1(!%3(;'&(*(!.'&!+#(&%15(!+3>&$)'-!?+(-$!5'*'-!%33'-!*%!D(&8-!/!
B'&,(*'-! %1! -#! #1$G%&-$*(*<! (#19#%! 5(,;$>1! 3'-! 0(/! *%! D'$5$%&-! '!
=&'/%-?6!F3!*%-+#;&$&-%!3(!%I$-5%1+$(!*%!%-5%!)&#.'<!-%!(&&%-5(!(!-#-!
,$%,;&'-<!-%!3%-!$15%&&')(!/!5&%-!*%!%33'-!&%1#1+$(1!(!-#-!+&%%1+$(-6!
:%!3%-!%1+$%&&(!*%!.'&!G$*(<!,$%15&(-!9#%!3'-!*%,4-<!9#%!-%!,(15$%2
1%1!B$&,%-<!-'1!+'1*%1(*'-!(!,'&$&!(;&(-(*'-6!:%!3%-!G$1+#3(!+'1!%3!
3P)$+'! /! 5%P3')'! F,(#&/! *%! Kx1%! 9#$%1<! 5&(-! 0(;%&! )'d(*'! *%! )&(1!
.&%-5$)$'! %1! 3(! +'&5%<! 5#G'! 5(,;$>1! 9#%! &%5&(+5(&-%! *%! -#-! %1-%g(12
d(-6!:#-!.&%+%.5'-!-%!+'1-$*%&(1!%&&P1%'-<!+','!%G$*%1+$(!3(!+'1*%2
1(!.(.(36!=&(-!%-(!+'1*%1(<!F,(#&/!+(%!%1B%&,'!/!,#%&%!.'+'!*%-2
.#>-6! 73! *%-+#;&$,$%15'! *%3! )&#.'! 0%&>5$+'! -%! .&'*#+%! -'3'! *'-! '!
5&%-!(g'-!*%-.#>-!*%!3(!,#%&5%!*%!Kx1%<!.'&!3'!9#%!-%!3%!33(,(!`(3,(2
&$(1'-a!'!`(,(#&$(1'-a6!
71!&%(3$*(*<!,4-!(334!*%!%-5(!+'$1+$*%1+$(!5%,.'&(3<!1'!%-54!+3(&(!3(!
$1B3#%1+$(!9#%!.#%*%!5%1%&!3(!*'+5&$1(!*%!F,(#&/!-';&%!3'-!(,(#&$(2
1'-<!-$!%-!9#%!5$%1%!(3)#1(6!F9#%3!%-!#1!B$3P-'B'!+'1!$15%&%-%-!$15%3%+2
5#(3%-<!,$%15&(-!9#%!%-5'-!-'1!.&'B%5(-!+#/(!,$-$P1!%-!5&(1-B'&,(&!3(!
G$*(!*%!3(!)%15%<!%1!%-.%+$(3!3(!*%3!3($+(*'6!:8!9#%!%-!+$%&5'!9#%!+',2
.(&5%1! #1(! G$-$P1! .(15%8-5(! /! ,8-5$+(! *%! &(8d! 1%'.3(5P1$+(<! .%&'! 1'!
+'$1+$*%1!%1!,#+0'!,4-6!73!(-.%+5'!%-%1+$(3!*%!3(!0%&%[8(!*%3!7-.8&$2
5#!W$;&%!%-54!%1!3(!+&%%1+$(!*%3!(*%.5'!%1!9#%!1'!.#%*%!.%+(&6!E'1-$2
*%&(! 9#%! -#! 5&(/%+5'! %-.$&$5#(3! 3%! 0(! 33%G(*'! (! #1! %-5(*'! *%! .%&B%+2
+$P1!5(3!9#%!3(!$*%(!,$-,(!*%!.%+(*'!3%!%-!([%1(6!F!.%-(&!*%!9#%!-#-!
*$'-%-!-'1!*$B%&%15%-<!%-!3'!,$-,'!9#%!'+#&&%!+'1!3'-!-#B$5(-!-%G$33(2
1'-! *%3! -$)3'! AOO6! W'-! 1'G$+$'-! *%! %-5(! +'&&$%15%! ,8-5$+(! ,#-#3,(1(!
.(-(1!5'*(!+3(-%!*%!.%1(3$*(*%-!/!.&$G(+$'1%-<!33%G(1*'!#1!%-5$3'!*%!
G$*(! ,%1*$+(15%6! =&(-! %-%! .%&$'*'! *%! B'&,(+$P1<! -$! %-! +(.(d! *%! -#2
.%&(&3'<! %3! B$%3! (3+(1d(! #1(! +',#1$P1! +'1! 3(! *$G$1$*(*! )&(+$(-! (! 3(!
+#(3!&%+'1'+%!(!H$'-!%1!+#(39#$%&(!9#%!-%(1!-#-!*%-%'-6!H%!%-5%!,'2
*'<!1(*(!*%!3'!9#%!0()(!.#%*%!+'1-$*%&(&-%!+'15&(&$'! (! 3(! G'3#15(*!
*$G$1(<! 3'! 9#%! 0(+%! 9#%! 3(! 1'+$P1! *%! .%+(*'! +(&%d+(! *%! -%15$*'6! :$!
9#$%&%!(;(1*'1(&-%!(!3(!G'3#.5#'-$*(*!'!(!3(!*%+(*%1+$(!*%!3(!&$9#%2

RZX!!
d(!1'!5$%1%!&(d'1%-!9#%!-%!3'!.&'08;(1<!.'&9#%!%-(!%-!3(!G'3#15(*!*%!
F346!
W(! $1+(.(+$*(*! *%! .%+(&! -%! %1+#%15&(! #1! -$)3'! *%-.#>-! %15&%! 3'-!
(*%.5'-!*%3!7-.8&$5#!W$;&%6!N'!%-!*%!%I5&(g(&<!.'&!5(15'<!9#%!3(-!1'&2
,(-!,'&(3%-!-$)1$B$9#%1!.'+'!.(&(!%33'-6!73!.(15%8-,'!*%!3'-!(,(#2
&$(1'-!3%-!.%&,$5%!(B$&,(&!9#%<!+','! H$'-! 3'! %-!5'*'<!5(,;$>1! %33'-!
-'1!*%!1(5#&(3%d(!*$G$1(6!E&%%1!9#%!3(!0$-5'&$(!-%!*$G$*%!%1!5&%-!%5(2
.(-<!(!+(*(!#1(!*%!3(-!+#(3%-!3%!+'&&%-.'1*%!#1(!.(&5%!*%!3(!=&$1$*(*!
/!#1(!%1+(&1(+$P1!*%!H$'-6!:$!%1!3(!.&$,%&(!-%!%1+(&1(!%1!h'$->-!/!
'5&'-!.&'B%5(-<!%1!3(!-%)#1*(!3'!0(+%!%1!p%-#+&$-5'6!733'-!G$G%1!%3!$1$2
+$'!*%!3(!5%&+%&(!/!C35$,(!B(-%!*%!3(!0$-5'&$(<!3(!*%3!7-.8&$5#!:(15'<!9#%!
-%! %1+(&1(! %1! %33'-6! 7-5(! +#(3$*(*! ,%-$41$+(! 3%-! *(! 3(! .'5%-5(*! *%!
)#$(&!(!3(!0#,(1$*(*!%1!-#!+(,$1'!0(+$(!3(!.%&B%++$P1!0(-5(!%3!B$1!*%!
3'-!*8(-6!F3!,%1'-<!(!(9#%33(!.%9#%g(!.(&5%!9#%!-';&%G$G(!(!3(-!+(54-2
5&'B%-!.'&! G%1$&6!71!%-5%!(,;$%15%<!3(-! (+#-(+$'1%-!9#%!-%! 0(+%1! *%!
(15$1',$-,'!?%-!*%+$&<!*%!.%1-(&!9#%!3(!B%!%-!3'!C1$+'!1%+%-(&$'!.(&(!
3(!-(3G(+$P1<!(#19#%!%3!5>&,$1'!1'!(.(&%+%!0(-5(!5$%,.'-!*%!W#5%&'?!
-'1!+&%8;3%-6!:#-!.&'.$'-!5%I5'-!(.#15(1!%1!%-(!*$&%++$P16!71!3(!.&'2
,$-+#$*(*!-%I#(3!9#%!.&(+5$+(1!&%-#%1(1!3(-!$*%(-!-';&%!%3!%&'5$-,'!
,8-5$+'!9#%!,#+0'!*%-.#>-!%I.&%-(&4!K(5($33%6!
=(,.'+'!.'*%,'-!';G$(&!9#%! 3(-!0%&%[8(-! (35',%*$%G(3%-<!%15&%!3(-!
9#%!-%!$1+3#/%!%3!7-.8&$5#!W$;&%<!(.(&%+%1!-$%,.&%!%1!&%3(+$P1!+'1!3(-!
+'&&$%15%-!*%!.';&%d(!G'3#15(&$(6!F#19#%!%-5(!0%&%[8(!+(&%+%!*%!';2
[%5$G'-!.'385$+'-<!%-'!1'!$,.$*%!9#%!%[%&d(!#1(!$1B3#%1+$(!B#1*(,%12
5(3!-';&%!,'G$,$%15'-!*%!%-5%!5$.'!*#&(15%!-$)3'-6!:#!'.'-$+$P1!&(*$2
+(3! (! +#(39#$%&! 5$.'! *%! -#,$-$P1! %-.$&$5#(3! '! ,(5%&$(3! 1'! .#%*%!
%15%1*%&-%! *%! '5&(! ,(1%&(6! F! .(&5$&! *%3! -$)3'! AOO<! 7#&'.(! '++$*%15(3!
G$G%!#1(!>.'+(!*%!;'1(1d(!9#%!3%!.&'.'&+$'1(!#1(-!&$9#%d(-!$,.%12
-(;3%-! #1'-! .'+'-! (g'-! (15%-6! W(-! +'1-%+#%1+$(-! *%! %-5%! %1&$9#%+$2
,$%15'!-C;$5'!-'1!*'-!/!G(1!%1!*$&%++$'1%-!'.#%-5(-6!D'&!#1!3(*'<!3'-!
9#%! .#%*%1<! 5(15'! %+3%-$4-5$+'-! +','! -%)3(&%-<! 3(-! (.&'G%+0(1! /! -%!
(;(1*'1(1! (! 3(! ,#1*(1$*(*! /! 3'-! 3#['-6! D'&! %3! '5&'<! %1! G$-5(! *%! %-(!
.',.(!9#%!(5%15(!+'15&(!3(!(#-5%&$*(*!*%B%1*$*(!.'&!%3!0$['!*%!H$'-<!
*%-*%! 5'*'-! 3'-! %-5&(5'-! -'+$(3%-! 0(/! 9#$%1%-! .&'.'1%1! (;(1*'1(&!
5'*(!.'-%-$P1!,(5%&$(3<!/! 3'!0(+%1!*(1*'! %[%,.3'6!7-5'-!.';&%-!G'2
3#15(&$'-!B'&,(1!)&#.'-!1P,(*(-!9#%!G$([(1!.'&!5'*'!%3!+'15$1%15%!
5&(1-,$5$%1*'!-#!,%1-([%6!^1!5(3!J$33%,!E'&1%3$#-!0(+%!%G$*%15%<!%1!

! RZL!
5'&1'!(!RVSU<!3(!(B$1$*(*!%15&%!(15$1',$-,'!/!.';&%d(!(3!(B$&,(&!9#%!
3(!$1*$)%1+$(!%3$,$1(!5'*'!.%+(*'6!W'-!.';&%-<!.'&!5(15'<!.#%*%1!B'&2
1$+(&!5(15'!+','!3%-!.3(d+(<!9#%!1'!+'&&%1!.%3$)&'!*%!+'1*%1(&-%!.'&!
%33'6! W'-! &$+'-! -'1! '5&(! +'-(<! .'&9#%! .%+(1! *%! (G(&$+$(! /! /(! %-541!
+'1*%1(*'-6!F!3(-!(#5'&$*(*%-!%+3%-$4-5$+(-!*%!F,;%&%-<!*'1*%!.&%2
*$+(!E'&1%3$#-<!3%-!33%G(&4!*>+(*(-!%3$,$1(&!*%3!.%1-(,$%15'!.'.#3(&!
3(!+&%%1+$(!*%!9#%!9#$%1!%-!.';&%!)'d(!*%!3(!)&(+$(!*%!H$'-<!,$%15&(-!
9#%!(3!&$+'!%-5(!3%!%-54!G%5(*(6!D(&(!3'-!.';&%-<!3(!$*%(!*%!9#%!1'!5%2
1%&!-(3G(!/!9#%!5%1%&!+'1*%1(!3%-!.(&%+%!,#/!+'1G$1+%15%6!
W(-! P&*%1%-! B&(1+$-+(1(! /! *',$1$+(<! B#1*(*(-! %1! RVUQ! /! RVRX! &%-2
.%+5$G(,%15%<!;#-+(1!3(!&%+'1G%&-$P1!*%!3(!O)3%-$(6!D&%*$+(1!5(,;$>1!
3(!.';&%d(<!%-5(!G%d!+'1!%3!G$-5'!;#%1'!*%!\',(<!+','!#1!$15%15'!.'&!
+'15&'3(&! (! 3(-! ,(-(-! (B$1%-! (! 3(-! 0%5%&'*'I$(-! ,%1*$+(15%-! 9#%!
(,%1(d(1! +'1! %+0(&! .'&! 5$%&&(! %3! $,.%&$'! %+'1P,$+'! %! $*%'3P)$+'!
3%G(15(*'!*#&(15%!+(-$!#1!,$3%1$'6!D%&'!%-5(!%-5&(5%)$(!&%-#35(!%B%+2
5$G(!*#&(15%!.'+'!5$%,.'6!F!B$1(3%-!*%3!-$)3'!AOOO!&%(.(&%+%!%3!7-.8&$5#!
W$;&%!*%!,(1'!*%!3'-!;%)(&*'-<!#1'-!,%1*$)'-!-(15'-!9#%!G()(1!*%!
+$#*(*!%1!+$#*(*!&%d(1*'!(!G'd!%1!)&$5'<!+#;$%&5'-!+'1!0(&(.'-!.(&%2
+$*'-!(!3'-!04;$5'-!*%!3'-!,'1[%-<!.%&'!33%1'-!*%!.(&+0%-!/!*%!,#)&%6!
:#!'&(+$P1!,4-!&%.%5$*(!%-!`ÖD(1<!.'&!%3!(,'&!*%!H$'-Üa!uE'01!RQQLr!
RTYv<! .%&'! 5(,;$>1! -'1! %3'+#%15%-! /! %I.&%-(1! +'1! B(+$3$*(*! $1+3#-'!
3(-!1'+$'1%-!5%'3P)$+(-!,4-!+',.3%[(-6!
W'!-'&.&%1*%15%!*%!%-5'-!.&%*$+(*'&%-!-%+#3(&%-!%-!%3!.C;3$+'!,(/'2
&$5(&$'!(3!9#%!-%!*$&$)%1r!3(-!-'35%&(-!/!3(-!G$#*(-6!F9#%33(-!9#%<!3%['-!
*%3!+(,.'<!1'!-%!*%*$+(1!(!3(!()&$+#35#&(!/!9#%<!(3!1'!-%&!1';3%-<!1'!
.#%*%1!$1)&%-(&!%1!+'1G%15'-<!3(!C1$+(!'.+$P1!*%!G$*(!9#%!5$%1%1!%-!
(! 5&(G>-! *%3! ,(5&$,'1$'6! :$1! %,;(&)'<! 1'! 5'*(-! .#%*%1! +(-(&-%6! :#!
1C,%&'!%-!,#/!-#.%&$'&!(3!*%!3'-!0',;&%-<!)&(1!.(&5%!*%!3'-!+#(3%-!
$1)&%-(!%1!P&*%1%-!%+3%-$4-5$+(-!'!,#%&%!%1!3(-!+'15$1#(-!)#%&&(-6!F!
%33(-!%-!(!9#$%1%-!.&',%5%1!3(!-(3G(+$P1<!(!9#$%1%-!1'!5$%1%1!1%+%-$2
*(*!*%!5&(;([(&!.%&'!5(,.'+'!)'d(1!*%!1$1)#1(!(35%&1(5$G(6!F3)#1(-!
*%!%-5(-!,#[%&%-<!33(,(*(-!;%)#$1(-<!33%G(1!#1(!G$*(!'&*$1(&$(<!,$%12
5&(-!'5&(-!G$G%1!%1!+',#1$*(*%-!&%3$)$'-(-!1'!&%+'1'+$*(-!/!(3)#1(-<!
$1+3#-'<!(*'.5(1!%3!,'*'!*%!G$*(!,%1*$+(15%!*%!3'-!;%)(&*'-6!73!C1$2
+'! G81+#3'! %15&%! 5'*(-! %33(-! %-! 3(! *%*$+(+$P1! &%3$)$'-(6! =(15'! #1'-!
+','! '5&(-! &%.&%-%15(1! #1! .%3$)&'! %G$*%15%! .(&(! 3(! O)3%-$(<! 9#%! 3'-!
%I+',#3)(&4! %1! *$G%&-'-! +'1+$3$'-! (! 3'! 3(&)'! *%! 3'-! -$)3'-! AOOO! /! AOm6!

RZY!!
W(-! ;%)#$1(-<! $1+3#-'! +#(1*'! 1'! -'-5$%1%1! +&%%1+$(-! 0%&>5$+(-<! -'1!
-'-.%+0'-(-!.'&!-#-!(-.$&(+$'1%-!,8-5$+(-6!71!*%B$1$5$G(<!3(!(,%1(d(!
%-54!%1!9#%!-'1!()%15%-!3$;&%-!9#%!1'!-%!-',%5%1!(!3(-!&%)#3(+$'1%-!
%+3%-$4-5$+(-6! F9#%33(-! 9#%! 1'! $1)&%-(1! %1! 3(-! P&*%1%-! *',$1$+(! '!
B&(1+$-+(1(!;#-+(1!-#-!)#8(-!%-.$&$5#(3%-!%15&%!3'-!(*%.5'-!*%3!7-.82
&$5#!W$;&%<!9#%!*%[(1!*%!,%1*$)(&!(!.&$1+$.$'-!*%3!-$)3'! AOm!/!-%!&%B#2
)$(1!%1!%-5(-!+',#1$*(*%-!*%! ,#[%&%-<! 9#%! 3'-! (3'[(1! /!-%!&$1*%1! (!
-#-!.(3(;&(-!/<!(!,%1#*'<!(!-#!+(&1%6!

OA!

7-5(!0%&%[8(!-%!.&'.()(!*%!B'&,(!$1G$-$;3%!.'&!5'*(!7#&'.(!*#&(15%!
3'-!+$1+'!-$)3'-!-$)#$%15%-<!.%&'! (B3'&(!*%!1#%G'! %1!3(! O1)3(5%&&(! *%3!
-$)3'! AmOO!+','!#1!%-5(33$*'!.&'G'+(*'!.'&!3'-!33(,(*'-! &(15%&-!uG'2
+$B%&(15%-<! %1%&)C,%1'-v6! F3)#1'-! -#)$%&%1! 9#%! 1'! %I$-5%! #1! )&#.'!
+','!5(3!9#%!&%-.'1*(!(!%-%!1',;&%<!/!9#%!%-!%3!(.%3(5$G'!%,.3%(*'!
.'&! +#49#%&'-! /! ;(.5$-5(-! .(&(! *%-$)1(&! (! *%5%&,$1(*(-! .%&-'1(-!
+#/(-! (+5$5#*%-! 'B%1*%1! 5(15'! 3(-! +'1G%1+$'1%-! -'+$(3%-! +','! 3'-!
*'),(-!*%!3(!B%!+&$-5$(1(6!71!%-%!-%15$*'<!3'-!&(15%&-!-%&8(1!%3!&%G%&-'!
*%!%-(-!'5&(-!-%+5(-<!(9#%33'-!9#%!(,%1(d(1!+'1!5&(%&!%3!(5%8-,'!/!3(!
.&',$-+#$*(*6!:%(!+','!-%(<! (3)'! %I$-5%6! O1+3#-'! (#19#%!-%! 5&(5%! *%!
#1! )&#.'! %1! %3! -%15$*'! ,4-! 3(I'! .'-$;3%<! /! -#! (.%3(5$G'! G%1)(! $,2
.#%-5'!*%-*%!B#%&(!+','!#1(!$1[#&$(!*%!#1!5$.'!-$,$3(&!(3!*%!3(!;&#[(<!
%-!*%+$&<!#1(!(+#-(+$P1!*%!%1+(&1(&!5'*'!3'!,(3'<!+(;%1!.'+(-!*#*(-!
*%!-#!%I$-5%1+$(6!N'!-%!5&(5(!*%!#1(!'&)(1$d(+$P1!*%!1$1)C1!5$.'<!.%2
&'<!+','!'+#&&%!+'1!3'-!(,(#&$(1'-!'!3'-!;%)(&*'-<!3(-!(+#-(+$'1%-!
9#%!&%+$;%1!-'1!+'1-$-5%15%-<!/!%15&%!%33'-!0(/!5(15'!(B$1$*(*%-!+','!
&%+'1'+$,$%15'6!
:$!3(!\%B'&,(!B(+$3$5(!3(!(.(&$+$P1!*%!-%+5(-!*%!5'*'!5$.'<!+'1!3(!O1)3(2
5%&&(!*%!E&',Å%33!.(-(!3'!,$-,'6!F!3'-!/(!,%1+$'1(*'-!+#49#%&'-!/!
;(.5$-5(-!0(;&8(!9#%!-#,(&! 3%G%33%&-!u1$G%3(*'&%-v<! *$))%&-!u+(G(*'2
&%-v<!(*(,$5(-<!(1(;(.5$-5(-<!,#))3%5'1$(1'-<!9#$15','1(&9#$-5(-!/!
,4-! (C16! W'-! &(15%&-! (.(&%+%1! %15&%! 3(-! B$3(-! *%! 3'-! ;(.5$-5(-! /! 3'-!
-%%o%&-!u;#-+(*'&%-v6!7-5'-!C35$,'-!(+#-(1!(!5'*(-!3(-!$)3%-$(-!*%!1'!
&%.&%-%15(&!(!E&$-5'<!*%!0(;%&! .%&*$*'! 3(! )&(+$(! *%! H$'-6!D'&! %-'! -%!
1$%)(1!(!(+#*$&!(!3'-!-%&G$+$'-!'!(!&%+$;$&!3'-!-(+&(,%15'-6!7-!*$B8+$3!
-(;%&! +#43%-! -'1! -#-! +&%%1+$(-<! 5(15'! *%! -%%o%&-! +','! *%! &(15%&-<!

! RZQ!
,4-!(334!*%!3(-!(+#-(+$'1%-!B'&,#3(*(-!.'&!-#-!%1%,$)'-!/!*%3!+(&4+2
5%&!+'1B#-'!*%!-#-!5%I5'-6!W'*'Å$+o%!h#))3%5'1<!+(;%d(!*%!3'-!,#)2
)3%5'1$(1'-<!(+#-(!(!3'-! &(15%&-!*%!9#%!-#!*$'-!%-54!%1!5'*(-!.(&5%-<!
*%! 9#%! 5'*(-! 3(-! (3,(-! 0#,(1(-! -'1! %3! (3,(! *%! H$'-6! 7-! *%+$&<! 3%-!
(+#-(!*%!-%&!.(15%8-5(-6!@%'&)%!j'I<!38*%&!*%!3'-!+#49#%&'-<!3%-!5$3*(!
*%!,(3%*#+(*'-!9#%!$15%&&#,.%1!-#-!-%&,'1%-!+(15(1*'!/!;($3(1*'<!
(*%,4-! *%! -%&! B'&1$+(*'&%-6! 71! %3! ,$-,'! -%15$*'! G(! %3! *$))%&! @%2
&&(&*!J$1-5(13%/<!9#%!-%g(3(!-#!3'+#&(<!-#!+'1B#-$P1!/!-#!(B$+$P1!.'&!
%3!-%I'<!3(!+',$*(!/!+#(39#$%&!'5&'!.3(+%&!-%1-#(36!
h#+0'-!*%!%-5'-!)&#.'-!0%&>5$+'-!-'1!(15$1',$-5(-!9#%!+&%%1!%1!%3!
%G(1)%3$'!+','!#1(!&%+',%1*(+$P1!*$G$1(<!/!1'!5(15'!+','!#1(!3%/!
*%! +#,.3$,$%15'! ';3$)(5'&$'6! D%&'! 3'-! &(15%&-! 33%G(1! %-(! +&%%1+$(!
0(-5(!%3!38,$5%!/!(B$&,(1!9#%!%3!.%+(*'!1'!%I$-5%<! (3! ,%1'-!.(&(! 3'-!
G%&*(*%&'-!+&%/%15%-6!7-!*%+$&<!.(&(!%33'-6!W(!;(-%!*%!%-%!.%1-(,$%12
5'!%-!9#%<!-$!H$'-!%-54!%1!,$<!1'!.#%*'!.%+(&6!7-5(!$*%(!-%!(.'/(<!+'2
,'!(.#15(!h#))3%5'1<!%1!9#%!H$'-!%-54!?/!-'3'!%-54?!%1!5'*'!3'!9#%!
G$G%6!W(Å&%1+%!E3(&o-'1<!#1'!*%!3'-!-%g(3(*'-!+','! &(15%&<!(-%)#&(!
9#%<!.'&!,#+0'!9#%!*$)(1!3(-!%-+&$5#&(-<!3'-!.(*&%-!*%!3(!O)3%-$(<!3'-!
-(15'-!'!3'-!';$-.'-<!-$!H$'-!5%!(,(!?/!3'!0(+%<!.'&9#%!%-!3#d!/!(,'&?!
1'! 5%! +'1*%1(&46! 71! +(-'! *%! 9#%! %3! .%+(*'! %I$-5$%&(<! %-5%! B'&,(&8(!
.(&5%!*%3!.3(1!*$G$1'k!.%&'<!-$!1'!%15&(g(!+(-5$)'<!%15'1+%-!%-!9#%!1'!
%-! .%+(*'6! :$! #1! $1*$G$*#'! %-! .#&'<! 3'! 9#%! 0()(! -%&4! .'&! 1%+%-$*(*!
5(,;$>1!.#&'6!f!-$!-#!(3,(!.(&5$+$.(!*%!3(!*%3!+&%(*'&<!9#%!%-!.#&'<!3(!
,%&(!$*%(!*%3!.%+(*'!.$%&*%!+#(39#$%&!-%15$*'6!H%!%-5(!3P)$+(!-%!*%2
*#+%! 9#%! %3! .%+(*'! /! 3(! +#3.(! -'1! $1G%15'-! 0#,(1'-! /! 1(*(! 5$%1%1!
9#%!G%&!+'1!H$'-6!
F0'&(!;$%1<!-$!3'-! &(15%&-!&%-#35(1!%-+(1*(3'-'-!/(!1'!%-!-'3'!.'&!3(!
1%+%-$*(*! *%! '5&(-! -%+5(-! *%! -%g(3(&! (! #1! )&#.'! +'15&(! %3! 9#%! (B$&2
,(&-%<!1$!.'&!#1(-!+&%%1+$(-!9#%<!+'1!G(&$(+$'1%-!/!*%!B'&,(-!,4-!'!
,%1'-!(;$%&5(-<!-%!G$%1%1!&%.$5$%1*'!*#&(15%!-$)3'-6!W'!9#%!+0'+(!%-!
3(!815$,(!+'&&%-.'1*%1+$(!%15&%!-#-!+&%%1+$(-!/!-#-!(+5'-<!3(!0'1%-5$2
*(*!+'1!3(!9#%!33%G(1!(!3(!.&4+5$+(!3'-!*$+5(*'-!*%!-#!B%6!7-!*%+$&<!-#!
.(&&%-8(6!^1(!G%d!,4-<!%1!#1!+'15%I5'!9#%!.'+'!5$%1%!9#%!G%&!+'1!%3!
*%3!+$1$-,'<!%3!'&*%1!-'+$(3!-%!G%!(,%1(d(*'!.'&!#1!.%9#%g'!)&#.'!
*%!.%&-'1(-!9#%!(+5C(1!+','!+&%%1!9#%!*%;%1!0(+%&3'<!-$1!5%1%&!%1!
+#%15(!9#>!-%!+'1-$*%&(!+'&&%+5'6!7-(!%-!3(!&(dP1!.'&!3(!9#%!-#-!+'12
5%,.'&41%'-! 3%-! +'1-$*%&%1! %I5&%,'-! %! $,.C*$+'-r! ;3(-B%,$(<! %,2

RTU!!
;&$()#%d!%!$1,'&(3$*(*!-%I#(3!-'1!3'-!&(-)'-!;4-$+'-!9#%!(*'.5(!-#!
(15$1',$-,'!&(*$+(36!D'&!%[%,.3'<!,(3*$+%1!/!#5$3$d(1!3%1)#([%!,(32
-'1(15%<!$1+3#-'!%1!%3!.C3.$5'<!+','!#1(! B'&,(! *%!%I.&%-$P1!.&'.$(!
+'1! 3(! $15%1+$P1! *%! *%,'-5&(&! 9#%! 5'*(-! 3(-! +'1G%1+$'1%-! .#%*%-!
&',.%&-%6! W'! ,$-,'! '+#&&%! +'1! 3'-! +(15'-! /! 3'-! ;($3%-! +'1! 3'-! 9#%!
*$B$+#35(1!3'-!-%&,'1%-!*%!'5&'-!+#35'-6!
71![#1$'!*%!RXTU<!%3!.(&3(,%15'!$1)3>-!%1+(&)(!#1'-!$1B'&,%-!-';&%!
3'-! &(15%&-! /! %1+#%15&(! 9#%! -#-! +&%%1+$(-! /! -#-! (+5$G$*(*%-! 1'! -'1!
-'3'!'B%1-$G(-<!-$1'!9#%!.#%*%1!&%-#35(&!.%3$)&'-(-!.(&(!%3!+'1[#15'!
*%!3(!-'+$%*(*6!E','!&%-.#%-5(!(!%-5(!(,%1(d(<!&%*(+5(!%3!F+5!B'&!50%!
D#1$-0,%15!'B!F50%$-5$+(3<!K3(-.0%,'#-!(1*!7I%+&(;3%!].$1$'1-!uF+2
5(!.(&(!%3!+(-5$)'!*%!3(-!'.$1$'1%-!(5%(-<!;3(-B%,(-!/!%I%+&(;3%-v!9#%!
1'!+&$,$1(3$d(!*$&%+5(,%15%!(3!)&#.'<!-$1'!3(-!(+5$G$*(*%-!9#%!-%!3%-!
(5&$;#/%1r!%,;&$()#%d<!+'1*#+5(!3$+%1+$'-(<!-#+$%*(*<!#-'!*%!3%1)#(2
[%!';-+%1'<!(*#35%&$'<!-'*',8(<!$1+%-5'<!%5+>5%&(6!O1+3#-'!33%)(!(!+(-5$2
)(&!3(!-#.#%-5(!+&%%1+$(! &(15%&!*%!9#%!+(*(!#1'!*%!3'-!+&%/%15%-!%-!
H$'-<!+#(1*'!-#!.(15%8-,'!1#1+(!33%)(!5(1!3%['-6!W(-!(#5'&$*(*%-!-%!
G%1!(,%1(d(*(-!.'&!3(!.'-$;$3$*(*!*%!9#%!3(!$*%(!*%!9#%!%3!.%+(*'!1'!
%I$-5%!-%!%I.(1*(!%15&%!3(-!,(-(-!*%-B(G'&%+$*(-!.%&'<!,4-!(C1<!.'&!
3(!*%!3(-!*'+5&$1(-!$)#(3$5(&$-5(-6!^1!(g'!(15%-<!E&',Å%33!0(;8(!(.3(-2
5(*'! #1(! B(++$P1! *%3! %[>&+$5'! 9#%! (.'/(;(! 3'-! $15%&%-%-! *%! 3'-! 3%G%2
33%&-<!9#%!$1+3#8(1!3(!+&%%1+$(!%1!3(!$)#(3*(*!*%!5'*'!0',;&%!(15%!3(!
[#-5$+$(!/!3(!1%+%-$*(*!*%!#1(!&%B'&,(!+',.3%5(!*%3!-$-5%,(!.'385$+'!
$1)3>-! .(&(! '5'&)(&! 3(! -';%&(18(! (3! .#%;3'! (! 5&(G>-! *%3! -#B&()$'6! W(!
+'$1+$*%1+$(!5%,.'&(3!*%!3(!*%-(.(&$+$P1!*%!%-5%!)&#.'!/!3(!(.(&$+$P1!
*%!3'-!&(15%&-!0(+%!9#%!%3!)';$%&1'!-'-.%+0%!*%!9#%!%I$-5%!#1!G81+#3'!
%15&%!%33'-6!W'!+$%&5'!%-!9#%!3'-!&(15%&-!-'1!,4-!&(*$+(3%-!/!%I5$%1*%1!
%3!$)#(3$5(&$-,'!5(15'!(3! .3(1'! .'385$+'! +','!(3!%+'1P,$+'<!/!5',(1!
*%3!N#%G'!=%-5(,%15'!-#-!(&)#,%15'-! .(&(!(5(+(&!(! 3'-! &$+'-! /! *%2
B%1*%&! 3(! +',#1$*(*! *%! ;$%1%-6! E','! ,#+0(-! *%! 3(-! '5&(-! 0%&%[8(-!
(15$1P,$+(-<! &%+#.%&(1! %3! +',#1$5(&$-,'! (.'-5P3$+'! .&$,$5$G'<! (,2
.3$(*'!,4-!(334!*%3!-$,.3%!*$1%&'6!=(,;$>1!3(-!,#[%&%-!-'1!+',#1(2
3%-6!
W(!()&%-$G$*(*!*%3!*$-+#&-'!&(15%&!.'*&8(!.(&%+%&!#1!-$)1'!,4-!*%!-#!
3'+#&(<! +','! G%1! 3'-! +#49#%&'-<! .%&'! '5&'-! ,#+0'-! *%! -#-! +'15%,2
.'&41%'-! &%+'1'+%1! 9#%! *%5&4-! *%! -#-! )&'-%&8(-! 0(/! (3)'! ,4-6! 73!
.(1B3%5'! j$%&/!j3/$1)!\'33!u7I(35(*'!.%&)(,$1'!G'3(*'&v<!%-+&$5'!.'&!

! RTR!
F;$%d%&! E'..%! /! .#;3$+(*'! %1! RXZQ<! %[%,.3$B$+(! %3! %-5$3'! .%+#3$(&! /!
*%3$&(15%!.&'.$'!*%!%-5(!-%+5(6!F!-#!+'15%1$*'!0%&>5$+'!0(/!9#%!(g(2
*$&!#1(!.(&5$+#3(&!B#%&d(!%I.&%-$G(!/!#1!%,.3%'!'&$)$1(3!*%!3(-!&%B%2
&%1+$(-!;8;3$+(-!.(&(!*%-.&%+$(&! /! (,%1(d(&!(! (9#%33'-!&$+'-! 9#%!-%!
33(,(1!+&$-5$(1'-!.%&'!-%!1$%)(1!(!(/#*(&!(!3'-!.';&%-6!:#!+&85$+(!(!3(!
*%-$)#(3*(*!/!3(!0$.'+&%-8(!.(&%+%!-%&!B%&'d6!F!.%-(&!*%!3(!B(35(!*%!#1!
.&')&(,(! .'385$+'<! %3! 5%I5'! *%! E'..%! &%G%3(! 3(! +&%%1+$(! (.'+(38.5$+(!
+',.(&5$*(! .'&! *$))%&-! /! &(15%&-r! 9#%! 3(! -%)#1*(! G%1$*(! *%! E&$-5'!
5&(%&4!+'1-$)'!3(!+',#1$*(*!*%!;$%1%-6!=&(-!%3!F+5(!*%!RXTU!3(-!+'2
.$(-!*%3!.(1B3%5'!-%!9#%,(1<![#15'!(!'5&'-!5%I5'-!;3(-B%,'-!'!0%&>5$2
+'-<!/!-%!%1G8(!(!E'..%!(!3(!.&$-$P1!*%!N%Å)(5%6!h#+0'-!&(15%&-!/!(B$2
1%-! (! -#-! $*%(-! -'1! %1+(&+%3(*'-k! 3'-! ,$%,;&'-! *%3! %[>&+$5'!
*%)&(*(*'-!'!%I.#3-(*'-6!]5&'-!5(15'-!-%!&%5&(+5(1!*%!-#-!+&%%1+$(-!
5&(-!3(!*%5%1+$P1<!.%&'!-'3'!*%!+(&(!(3!.C;3$+'6!H%!0%+0'<!%-(!&%5&(+5(2
+$P1!.(&%+%!-%&!%3!.&$1+$.(3!';[%5$G'!*%3!F+5(<!(#19#%!B(33(!(3!+'1-$*%2
&(&!9#%!#1(!1%)(+$P1!.C;3$+(!$,.3$+(!#1!(;(1*'1'!&%(3!*%!3(!B%<!9#%!
-%! ,(15$%1%! %1! .&$G(*'6! 73! ,'G$,$%15'<! 9#%! 1'! *#&(! ,4-! *%! 5&%-!
(g'-<! -%! G#%3G%! $1G$-$;3%6! W'! -'&.&%1*%15%! %-! %3! $,.(+5'! 9#%! %[%&+%!
-';&%!%3!+'1[#15'!*%!3(!-'+$%*(*!/!%3!.%1-(,$%15'!.'385$+'<!(!.%-(&!*%!
-#!&%*#+$*'!5(,(g'!/!-#!;&%G%*(*6!

RTV!!
Z6!K]HF:!ONj7\NFW7:!

O!

D#%*%!9#%!3'-! &(15%&-!.&'.'1)(1!%3!,'*%3'!,4-!%I5&%,'!*%!(15$1'2
,$-,'!%1!3(!O1)3(5%&&(!*%3!-$)3'!AmOO<!(3!,%1'-!%1!3'!5'+(15%!(!3(!3$;%&2
5(*! -%I#(3! /! (! 3'-! ,'*'-! *%! .&'.()(1*(! *%! -#-! +&%%1+$(-<! .%&'! 1'!
%-541!-'3'-6!f(!0%,'-!G$-5'!9#%!3(!\%B'&,(!.&'.$+$(!3(!(.(&$+$P1!*%!
-%+5(-!&(*$+(3%-<!/!9#%!%1!3(!O1)3(5%&&(!&%G'3#+$'1(&$(!'+#&&%!3'!,$-2
,'6!7I$-5%!*%!0%+0'!5'*(!#1(!5&(*$+$P1!*%!,$-5$+$-,'!(1(&9#$-5(!9#%!
-%!%1+(&1(!%1!)&#.C-+#3'-!*$-.%&-'-!.'&!5'*(!7#&'.(!/!9#%!(.(&%+%1!
*%!B'&,(!%-.'&4*$+(6!i%,'-!*%!5%1%&!%1!+#%15(!9#%!-%!5&(5(!*%!#1(!
5&(*$+$P1!%1!%3!,$-,'!-%15$*'!9#%!3'!%-!3(!*%3!+$1$-,'!)&$%)'<!/!9#%!
1'!%I$-5%1!G81+#3'-!1$!B$3$(+$'1%-!%B%+5$G(-!%15&%!%33'-<!-$1'!#1!($&%!*%!
B(,$3$(! /! #1(! +'$1+$*%1+$(! %1! -#-! +&%%1+$(-! 9#%! .%&,$5%1! #1$&! 3'-!
.#15'-!/!B'&,(&!#1!*$;#['!9#%<!*%!-%&!.&%+$-'-<!1'!%I$-5$&8(!+','!5(36!
D%&'! 3'! +$%&5'! %-! 9#%! 3(-! -$,$3$5#*%-! -'1! *%,(-$(*(-! +','! .(&(! 1'!
$15%&.&%5(&!3(!5%1*%1+$(!%1!-#!+'1[#15'6!
:$! (3)'! 33(,(! 3(! (5%1+$P1! %-! 3(! $1-$-5%1+$(! *%! 5'*'-! %-5'-! )&#.'-<! /(!
*%-*%!%3!-$)3'! AOO!'! AOOO<!*%!&%+#.%&(&!%3!%-.8&$5#!(.'-5P3$+'<!*%!&%)&%2
-(&!(!3'-!G(3'&%-!9#%!*%B$%1*%!%3!+&$-5$(1$-,'!.&$,$5$G'!/!9#%!3(!O)3%2
-$(!'B$+$(3!0(!$*'!(;(1*'1(1*'!+'1!%3! .(-'! *%3! 5$%,.'6!N'!%-! *%! %I2
5&(g(&<! /(! 9#%! 3'-! -$)3'-! 5&(1-B'&,(1! 3(! O)3%-$(! %1! 7-5(*'<! %3! .'*%&!
&%G'3#+$'1(&$'! %1! .'*%&! (! -%+(-6! :3'5%&*$[o! uVUULr! YQv! +(%! %1! 3(!
5&(,.(!*%!+&%%&!%1!p%-C-!+','!#1!&%G'3#+$'1(&$'!?+#(1*'!1#1+(!33%2
)(! (! &',.%&! 3(! 3%/! [#*8(?<! .%&'! 0(+%! ;$%1! (3! &%+'&*(&1'-! 9#%! 3(!
.&4+5$+(! 9#%! .&%*$+(! %-! 3(! *%! 3(! &%B3%I$P1! -';&%! #1'! ,$-,'! .(&(<! (!
.(&5$&! *%! (08<! .&%*$+(&! +'1! %3! %[%,.3'6! 7-! #1(! G%d! ,4-! 3(! .(&&%-8(<!
,4-! '! ,%1'-6! 73! .#15'! 9#%! ,%! $15%&%-(! &%-(35(&! (9#8! %-! +P,'! 3(-!
0%&%[8(-!3$;%&5(&$(-!%15&'1+(1!+'1!3(!9#%!.'*&8(,'-!33(,(&!+'&&$%15%!
.&$,$)%1$(! *%3! .%1-(,$%15'! +&$-5$(1'<! 9#%! -#.'1%! 3(! -#;G%&-$P1! *%!
3(-!1'&,(-!/!3(!;C-9#%*(!*%!1#%G(-!B'&,(-!*%!G$*(!+',#1$5(&$(!;(2
-(*(-!%1!3(!$)#(3*(*!/!1'!%1!3(![%&(&9#8(6!W(!O)3%-$(<!.'&!-#!.(&5%<!(3!
5',(&!3(!B'&,(!$1-5$5#+$'1(3!*%!.$&4,$*%!%-5&#+5#&(*(<!%1!+#/(!+#,2
;&%!-%!-$5C(!%3!D(.(<!5&($+$'1(!-#-!.&'.$'-!'&8)%1%-!/!-%!+'1G$%&5%!%1!

! RTS!
#1(!,49#$1(!*%!+'(++$P1!9#%!&%)#3(!1'!-'3'!3'-!5$%,.'-!*%!5&(;(['!/!
'+$'<!-$1'!5(,;$>1!3(-!+'1+$%1+$(-6!
D%&'!%3!.'*%&!%+3%-$4-5$+'!1'!-%!3$,$5(!(!3(!,'&(3!1$!-#-!$,.3$+(+$'1%-!
%-+(5'3P)$+(-<!5(,;$>1!%-!,'1%5(&$'6!H#&(15%!3(!7*(*!h%*$(<!3(!O)3%2
-$(!+';&(!$,.#%-5'-!$)#(3!9#%!3'!0(+%!3(!1';3%d(6!E'15&(!-#-!(;#-'-!
-%!3%G(15(1!3'-!+(,.%-$1'-!%1!,4-!*%!#1(!'+(-$P1<!.%&'! %3!7-.8&$5#!
W$;&%!/(!*%,#%-5&(!-#-!+(.(+$*(*%-!&%G'3#+$'1(&$(-!%1!3(-!&%G#%35(-!
+(,.%-$1(-! *%! j3(1*%-! %1! RSVS<! %1! 3(! @&(1! [(+9#%&$%! *%3! 1'&5%! *%!
D(&8-! %1! RSTY! /! %1! O1)3(5%&&(! %1! RSYR6! 7-5(-! &%G#%35(-! .(&5%1! (3!
,$-,'!5$%,.'!*%!3(-!1%+%-$*(*%-!,(5%&$(3%-!*%!3'-!*%-.'-%8*'-!/!*%!
3(!+&85$+(!&%3$)$'-(!*%!3(!0$.'+&%-8(!%+3%-$4-5$+(<!9#%!+'1!#1(!,(1'!&%2
+0(d(! 3(! -%1-#(3$*(*! +','! +(#-(! *%3! .%+(*'<! ,$%15&(-! +'1! 3(! '5&(!
(;&(d(!5'*'-!3'-!.3(+%&%-!*%3!3#['!9#%!5$%1%!(!-#!(3+(1+%6!E','!$1-5$2
5#+$P1!.(&(%-5(5(3<!3(!O)3%-$(!.&'5%)%!%3!.'*%&!*%!3'-!-%g'&%-!/!%3!'&2
*%1!9#%!+'3'+(!(!#1'-!.'&!%1+$,(!*%!'5&'-6!73!.(.%3!*%!%-5(-!0%&%[8(-!
3$;%&5(&$(-!?/!*%!(3)#1(-!P&*%1%-!,'1(+(3%-?!%-!%3!,$-,'!9#%!$15%&2
.&%5(1!3'-!+81$+'-!(15%-!/!3'-!$3#-5&(*'-!*%-.#>-r!*%1#1+$(&!3'-!.&%2
[#$+$'-!/!3(!*';3%!,'&(3!9#%!(;&(d(!3'!,$-,'!9#%!*$+%!+'1*%1(&6!
N'! %-! 3(! C1$+(! +'15&(*$++$P1! -';&%! 3(! 9#%! -%! 3%G(15(! 3(! 7#&'.(! ,%2
*$%G(36! 73! +&$-5$(1$-,'! -%! .&%-%15(! +','! #1(! &%3$)$P1! B#1*(*(! %1! %3!
(,'&!*%!H$'-!/<!-$1!%,;(&)'<!-$&G%!+','![#-5$B$+(+$P1!.%&.%5#(!*%!3(-!
)#%&&(-! &%3$)$'-(-<! +#/'! %[%,.3'! ,4-! +>3%;&%!-'1! 3(-! E&#d(*(-! .(&(!
&%+#.%&(&!=$%&&(!:(15(!*%!,(1'-!*%!3'-!,#-#3,(1%-6!W(!&%3$)$P1!*%3!
(,'&!/!3(!>5$+(!*%3!0>&'%!,%*$%G(3!G(1!*%!3(!,(1'<!.%&'!1'!-$1!,(12
5%1%&!5$&(15%+%-!%15&%!%33(-6!W'!,$-,'!'+#&&%!+'1!%3!0%*'1$-,'!*%!3(-!
+3(-%-!(35(-!?3($+(-!'!-%+#3(&%-?!/!3(!>5$+(!*%!3(!(#-5%&$*(*!9#%!-%!.&%2
)'1(!*%-*%!3'-!.C3.$5'-6!D(&5%!*%!%-(-!5%1-$'1%-!-%!*%;%!(!3(!1%+%-$2
*(*!%-9#$d'$*%!*%!3(!O)3%-$(!*%!,(15%1%&!%3!%-.8&$5#!+&85$+'!+$1$d(15%!
*%!-#-!'&8)%1%-!,$%15&(-!-%!-'3$*$B$+(!+','!%-5(*'!%-.$&$5#(3!/!.'385$2
+'<! *%-*%! 3'-! 5$%,.'-! *%! E'1-5(15$1'! 0(-5(! 3(! (.(&$+$P1! *%3! %-5(*'2
1(+$P1!;#&)#>-6!
^1'! *%! 3'-! 0%&%*%&'-! *%! %-%! (,;$%15%! 0%&>5$+'! /! *$-$*%15%! %-! %3!
$1)3>-!J$33$(,!K3(o%6!D$15'&<!.'%5(!/!)&(;(*'&<!*#&(15%!-$)3'-!-%!3%!0(!
G$-5'!+','!#1(! &(&(!(G$-<!#1!(&5$-5(!*$B8+$3!/!%I5%&1'!(!5'*(!5&(*$+$P16!
71!3'-!C35$,'-!+$1+#%15(!'!-%-%15(!(g'-<!-$1!%,;(&)'<!-%!0(!&%+'1'2
+$*'! 1'! -'3'! 3(-! &(8+%-! *%! -#! .%1-(,$%15'! .'385$+'<! -$1'! 5(,;$>1! 3(!

RTZ!!
+'1+%15&(+$P1! *%! *'+5&$1(-! *$-.%&-(-! /! 3(! .&%+$-$P1! *%! -#-! .3(15%(2
,$%15'-6!D%&'!%-!%-(!,$-,(!+'1+%15&(+$P1!3(!9#%!*$B$+#35(!-#!3%+5#&(<!
+#/(! '-+#&$*(*! 1'! -%! %1+#%15&(! %1! 3(! *%B%1-(! *%! #1(! .'-5#&(! .%-$2
,$-5(! '! %1! 3(! 'B#-+(+$P1! 0%&,>5$+(! *%! -#! ,%1-([%<! -$1'! %1! 3(! *%1-$2
*(*!&%B%&%1+$(3!%!$15%3%+5#(3!*%!-#-!5%I5'-6!
J$33$(,!%-!%3!5%&+%&'!*%!-$%5%!0%&,(1'-<!/!1(+%!%3!VY!*%!1'G$%,;&%!
*%!RLTL!%1!W'1*&%-<!%1!3(!+(-(!.(5%&1(6!:$5#(*(!%1!K&'(*!:5&%%5<!%1!%3!
:'0'<!%1!3(!.3(15(!;([(!*%!3(!G$G$%1*(!%-!*'1*%!p(,%-<!-#!.(*&%<!%[%&2
+%!+','!+(3+%5%&'!'!,%&+%&'!-%)C1!3'-!*$-5$15'-!5%-5$,'1$'-6!73!*%5(2
33%!%I(+5'!+(&%+%!*%!$,.'&5(1+$(<!(#19#%!.'*&8(!-%&!#1!$1*$+$'!*%!3(!
(1$,(*G%&-$P1! 9#%! -%15$&4! -#! 0$['! 0(+$(! %3! 5%3(&<! 0(;$>1*'-%! +&$(*'!
)&(+$(-!(3!+',%&+$'!5%I5$36!71!+'15&(!*%!3'!9#%!-'-5$%1%1!f%(5-!/!E0%-2
5%&5'1!?+#/(!;$')&(B8(!*%!K3(o%!1'!%-!5(1!B$(;3%!+','!*%;%&8(?<!3(!B(2
,$3$(!1'!.&'G$%1%!*%!H#;381<!1$!*%!1$1)#1(!'5&(!.(&5%!*%!O&3(1*(6!:#!
$1B(1+$(!/!(*'3%-+%1+$(!-'1!B%3$+%-<!%3!1%)'+$'!B(,$3$(&!3%!.&'.'&+$'1(!
#1(!+','*$*(*!9#%!-'&.&%1*%!-$!5%1%,'-!%1!+#%15(!3'!5#&;#3%15'!*%!
3'-! 5$%,.'-6! F3)#1'-! 0$-5'&$(*'&%-! +'1-$*%&(1! 9#%! 3'-! -%5%15(! (g'-!
*%!-#!G$*(!-'1!3'-!,4-!+'1B3$+5$G'-!*%!5'*(!3(!0$-5'&$(!$1)3%-(!,'*%&2
1(6! D%&'! %3! ['G%1! J$33$(,! 1'! .%&+$;%! 1(*(! *%! %-'6! O1+3#-'! -$%1*'!
(*#35'!+'1-$*%&(&4!%3!W'1*&%-!*%!-#!$1B(1+$(!+','!#1(!F&+(*$(!$*%(3<!
+','!#1(!5$%&&(!,85$+(6!=(,.'+'!.'*%,'-!-'&.&%1*%&1'-!*%!%33'6!f(!
*%!1$g'!5$%1%!G$-$'1%-!*%!41)%3%-!9#%!+(,$1(1!%15&%!3'-!+(,.%-$1'-!
'!9#%!(;(&&'5(1!#1!4&;'3!+%&+(!*%!H#3Å$+06!=(,;$>1!%1!#1!4&;'3!%12
+#%15&(!(3!.&'B%5(!7d%9#$%3<!(#19#%!%-5(!G%d!%-54!-%15(*'!(!-#!-',2
;&(<! /! (,;'-! ,(15$%1%1! #1(! +'1G%&-(+$P16! K3(o%! 5$%1%! '+0'! (g'-! /!
.'*%,'-! $,()$1(&! 3(! &%(++$P1! *%! (-',;&'! /! .&%'+#.(+$P1! *%! -#-!
.(*&%-<!9#%!%-+#+0(1!3(!1(5#&(3$*(*!+'1!3(!9#%!-#!0$['!3%-!+#%15(!-#-!
&%3(+$'1%-! +'1! %3! ,#1*'! -';&%1(5#&(36! D%&'! 3'-! .&'B%-'&%-! &%-.'12
*%1!.%'&<!/!3'-!+(-5$)'-!+'&.'&(3%-!-'1!3(!1'&,(6!
W'-!(;#-'-!B8-$+'-!-'1!#1!B(+5'&!$,.'&5(15%!%1!3(!*%+$-$P1!*%!-#-!.(2
*&%-!*%!-(+(&!(3!1$g'!*%!3(!%-+#%3(6!73!'5&'!B(+5'&!*%5%&,$1(15%!%-!9#%!
J$33$(,!1'!,(15$%1%!;#%1(-!&%3(+$'1%-!+'1!3(-!B$)#&(-!*%!(#5'&$*(*6!
N'!%-!*%-+(;%33(*'!.%1-(&!9#%!(,;'-!0%+0'-!5%1)(1!-#!'&$)%1!%1!3(!
.&'.$(!B(,$3$(6!W'-!+(-5$)'-!1'<!+3(&'<!-$1'!%3!0%+0'!*%!9#%!3'-!K3(o%!
1'!3'-!5'3%&%16!F,;'-!.&'G$%1%1!*%!%15'&1'-!*$-$*%15%-!.#&$5(1'-!?
p(,%-!.(&%+%!-%&!;(.5$-5(!'!,'&(G'<!/!E(50%&$1%!%-!,#))3%5'1$(1(?<!
%15&%! 3'-! +#(3%-! -%! G%! 3(! %*#+(+$P1! 'B$+$(3! +','! #1! $1-5&#,%15'! *%!

! RTT!
*',$1(+$P1<!+','!%3!3#)(&!%1!%3!9#%<!*%-*%!(&&$;(<!-%!5&(1-,$5%1!3'-!
G(3'&%-!9#%!$,.$*%1!9#%!3'-!*%!(;(['!(;(1*'1%1!-#!3#)(&6!E','!+'12
-%+#%1+$(!*%!5'*'!%33'<! %3!,$-,'!(g'! *%! -#! %1+#%15&'!+'1!7d%9#$%3<!
-(;$%1*'!/(!3%%&!/!%-+&$;$&<!K3(o%!%15&(!%1!3(!%-+#%3(!*%!i%1&/!D(&&-!
*'1*%!(.&%1*%!(!*$;#[(&6!F!3'-!+(5'&+%!$1)&%-(!%1!%3!5(33%&!*%!)&(;(*'!
*%!p(,%-!K(-$&%6!E#(1*'<!*'-!(g'-!*%-.#>-<!%-5%!3%!%1G8(!(!3(!(;(*8(!
*%! J%-5,$1-5%&! .(&(! 9#%! +'.$%! $,4)%1%-! )P5$+(-<! 5$%1%! G$-$'1%-! *%!
E&$-5'!/!-#-!(.P-5'3%-!/<!%1!'5&(-!'+(-$'1%-<!*%!,'1[%-!/!.4&&'+'-!(!
3'-!9#%!5(,;$>1!'/%!+(15(&6!
F!.%-(&!*%!-#!+(&4+5%&!+&85$+'!%!$1-#,$-'<!-%!%-B#%&d(!%1!(.&%1*%&!%3!
'B$+$'! /! *%,#%-5&(! -%&! #1! 5&(;([(*'&! (.3$+(*'6! D%&'! .(&%+%! -%&! 9#%!
3(-!5>+1$+(-!*%!)&(;(*'!*%!K(-$&%!%-541!#1!.'+'!(15$+#(*(-!/!+#(1*'!
K3(o%!$1)&%-(!%1!3(!\'/(3!F+(*%,/!'B!F&5-!uF+(*%,$(!&%(3!*%!3(-!(&2
5%-v!%1!RLLQ!.(&(!+'15$1#(&! -#! B'&,(+$P1<! /(! %,.$%d(1! -#-! .&';3%2
,(-!+'1!3(!,'*(!(&58-5$+(!*%3!,',%15'6!73!*$&%+5'&<!p'-0#(!\%/1'3*-<!
+'1-$*%&(!(!\#;%1-!+','!%3!%[%,.3'!(!-%)#$&6!l3<!-$1!%,;(&)'<!%-!.(&2
5$*(&$'!*%!3(!381%(!+3(&(!*%!5&(*$+$P1!1%'+34-$+(!-%)#$*(!.'&!\(B(%3!'!
h$)#%3!q1)%3<!%1!3(!9#%!+(*(!.%&-'1([%<!';[%5'!'!%3%,%15'!.($-([8-5$2
+'! (.(&%+%! *%3$,$5(*'! *%! B'&,(! .&%+$-(6! 73! 5&(;(['! *%! \#;%1-! -%! 3%!
(15'[(! $1+',.3%5'6! F;'&&%+%! 3(! .%&-.%+5$G(! /<! +','! -%g(3(! E0%-5%&2
5'1<!3(!-#)%&%1+$(6!D#%*%!(+%&5(&!'!%&&(&!%1!3(!&%.&%-%15(+$P1!*%!-#-!
B$)#&(-<! .%&'! %-5(-! 1'! -%&41! 1#1+(! +'1B#-(-6! 71! +#(39#$%&! +(-'<! 1'!
5(&*(! %1! +'1G%&5$&-%! %1! #1! ,(%-5&'! )&(;(*'&<! /! -#-! *$B%&%1+$(-! %1!
+#(15'!(!3(!+'1+%.+$P1!*%3!'B$+$'!(&58-5$+'!'!+#43!%-!%3!,%['&!%-5$3'!1'!
3%!$,.$*%1!%I.'1%&!(3)#1(-!*%!-#-!';&(-!%1!3(!.&'.$(!(+(*%,$(6!
F!,%1#*'!-%!*$+%!*%!(3)#$%1!9#%!5$%1%!#1!+(&4+5%&!B#%&5%<!/!-#%3%!#5$2
3$d(&-%! %-(! %I.&%-$P1! +','! #1! %#B%,$-,'! .(&(! &%B%&$&-%! (! (3)#$%1!
9#%! %-! $15&(5(;3%6! D'&! 3'! 9#%! -(;%,'-<! K3(o%! .(&%+%! -%&! %-%! 5$.'! *%!
.%&-'1([%<! *%! 3'-! 9#%! -#B&%! (5(9#%-! *%! ,(3! 0#,'&! /! ,(3(! ;(;(6! 7-!
+(.(d! *%! 'B%1*%&! (! -#-! (,$)'-! +'1! #1'-! G%&-'-! -(58&$+'-<! .'&! +#(32
9#$%&!%-5#.$*%d<!/!'3G$*(&-%! .'&!+',.3%5'! *%! %33'6!D(&%+%!+&%%&! 9#%<!
#1(! G%d! $,.&%-'-<! 3'-! $1-#35'-! +(&%+%1! *%! $,.'&5(1+$(<! .%&'! 1'! %-!
-$%,.&%! (-86! 71! 3(! (+(*%,$(! %15(;3(! (,$-5(*! +'1! %3! %-+#35'&! p'01!
j3(I,(1<!+'1!9#$%1!+',.(&5%!$*%(3%-!(&58-5$+'-!/!.'385$+'-<!/!9#%!,4-!
5(&*%! 3%! $15&'*#+$&4! %1! %3! (,;$%15%! 3$5%&(&$'! &%)%15(*'! .'&! #1(! 5(3!
-%g'&(!h(550%Å-6!]5&'-!*%!-#-!(,$)'-!*%!3(!>.'+(!%-5#*$(15$3!-'1!%3!
.$15'&! =0',(-! :5'50(&*! /! %3! .'%5(! %! $,.&%-'&! @%'&)%! E#,;%&3(1*<!

RTX!!
9#%!-%&4!#1(!*%!3(-!.'+(-!(,$-5(*%-!9#%!+'1-%&G(&4!*#&(15%!5'*(!-#!
G$*(<!/!9#%!3%!(.'/(&4!%1!3'!%+'1P,$+'!,4-!*%!#1(!G%d6!
:5'50(&*!/!E#,;%&3(1*!B'&,(1!.(&5%!*%!3(!:'+$%5/!B'&!E'1-5$5#5$'1(3!
O1B'&,(5$'1!u:'+$%*(*!.(&(!3(!$1B'&,(+$P1!+'1-5$5#+$'1(3v<!#1!)&#.'!
9#%! %15&%! RLYU! /! RLYS! .&',#%G%! 3(! &%1'G(+$P1! .(&3(,%15(&$(! /!
(.'/(!*%!B'&,(!(+5$G(!3(-!$*%(-!&(*$+(3%-!*%!=0',(-!D($1%6!H#&(15%!
#1!5$%,.'<!K3(o%!5(,;$>1!-%!+'1-$*%&(!.(&5$*(&$'!*%!D($1%<!0(-5(!%3!
.#15'! *%! 9#%! -%! *$+%! 9#%! %-! %3! .&'.$'! K3(o%! 9#$%1! 3%! (+'1-%[(! 0#$&!
+#(1*'!3%!.%&-$)#%1!.'&!*%B%1*%&!3'-!$*%(3%-!*%!3(!\%G'3#+$P1!j&(12
+%-(6!D%&'!(g'-!(15%-!*%!%-'<!%1!RLYU<!K3(o%!.(&5$+$.(!%1!3'-!*$-5#&2
;$'-!*%!@'&*'16!W'!9#%!-%!'&$)$1(!+','!#1(-!.&'5%-5(-!(15$+(5P3$+(-!
(+(;(!+'1!3(!5',(!/!%3!$1+%1*$'!*%!3(!.&$-$P1!*%!N%Å)(5%!/<!%1!+'1-%2
+#%1+$(<!3(!(.(&$+$P1!*%3!.&$,%&!+#%&.'!.'3$+$(3!$1)3>-6!7-!3(!.&$,%&(!
'+(-$P1!%1!3(!9#%!K3(o%!G%!?*%-*%!*%15&'<!%1!.&$,%&(!381%(?!(3!.#%2
;3'!$1)3>-!(+5#(&!*%!B'&,(!G$'3%15(!'&)(1$d(*(!+'1!B$1%-!.'385$+'-<!/!
.#%*%!9#%!-%(!%15'1+%-! +#(1*'! -%!)%-5(!%1! -#!,%15%! %3! )$)(15%! F32
;$P16! H%! 3'! 9#%! 1'! 0(/! *#*(! %-! *%! 3(! $,.'&5(1+$(! 9#%! 5$%1%1! %-5'-!
(+'15%+$,$%15'-!%1!3(!B'&,(+$P1!*%!-#!.%1-(,$%15'!.'-5%&$'&6!
H'-! (g'-! *%-.#>-<! 5&(-! 0(;%&! +'1+3#$*'! -#! B'&,(+$P1<! -%! +(-(! +'1!
E(50%&$1%!K'#+0%&<!#1(!['G%1!*%!G%$15%!(g'-!(!3(!9#%!+'1'+%!*%-.#>-!
*%! 9#%! '5&(! ,#+0(+0(! +'1! 3(! 9#%! 5%18(! #1(! &%3(+$P1! &%+0(d(&(! -#!
.&'.#%-5(! *%! ,(5&$,'1$'6! 733(! %-! +$1+'! (g'-! ,4-! ['G%1! /! +(&%+%! *%!
5'*(!%*#+(+$P1<!+','!*%,#%-5&(!%3!0%+0'!*%!9#%!B$&,%!%3!(+5(!1#.2
+$(3!+'1!#1(!%9#$-6!:#!,(&$*'!3%!%1-%g(&4!(!3%%&<!(!%-+&$;$&!/!(!)&(;(&<!
/!%33(!3%!(/#*(&4!(!+'3'&%(&!-#-!';&(-6!73!0%+0'!*%!9#%!K3(o%!(;(1*'2
1%! 3(! %-+#%3(! -$%1*'! ,#/! ['G%1! 1'! -$)1$B$+(! %1! 1$1)C1! +(-'! 9#%! 1'!
5%1)(!$15%&%-%-!$15%3%+5#(3%-6!F*%,4-!*%!-#!B'&,(+$P1!(&58-5$+(!%-!#1!
3%+5'&!(.(-$'1(*'!9#%!3%%!+#(39#$%&!+'-(!9#%!+($)(!%1!-#-!,(1'-6!:$!
;$%1!%-!+$%&5'!9#%!3(!K$;3$(!%-!#1(!*%!-#-!.&$,%&(-!3%+5#&(-!?+','!1'!
.'*8(!-%&!*%!'5&'!,'*'<!+'1-$*%&(1*'!9#%!-#!B(,$3$(!.&'G$%1%!*%!#1!
%15'&1'!.#&$5(1'?<!*%!1$g'!/(!3%%!.'%-8(!/!.&'15'!-%!$15%&%-(!.'&!3(!
B$3'-'B8(!/!3(!+$%1+$(6!
71!RLYZ!(;&%!#1(!.%9#%g(!$,.&%15(![#15'!(!p(,%-!D(&o%&<!+'1!9#$%1!
0(;8(!+',.(&5$*'!-#-!(g'-!*%!(.&%1*$d([%!%1! %3!5(33%&!*%! K(-$&%6!^1!
(g'!(15%-!0(;8(!.#;3$+(*'!-#!.&$,%&!.'%,(&$'<!5$5#3(*'!7-;'d'-!.'>2
5$+'-<!)&(+$(-!(!j3(I,(1!/!F6!:6!h(550%Å<!.%&'!1'!33%)(!(!*$-5&$;#$&-%6!

! RTL!
:#!$,.&%15(!%,.$%d(!(!5&(;([(&!+'1!p'-%.0!p'01-'1<!#1!%*$5'&!*%!5%I2
5'-!&(*$+(3%-6!71!%3!%15'&1'!*%!p'01-'1!-%!%1+#%15&(1!D($1%<!p'-%.0!
D&$%-53/!/!h(&/!J'33-5'1%+&(B5<!%15&%!,#+0'-!'5&'-6!H%!0%+0'<!K3(o%!
$3#-5&(!%1!RLQR!3(!-%)#1*(!%*$+$P1!*%!-#-! \%3(5'-!'&$)$1(3%-!*%!3(!G$2
*(! &%(3<! -#! C1$+(! ';&(! $1B(15$36! F#19#%! 1'! %-! -%)#&'! 9#%! 33%)(&(1! (!
+'1'+%&-%!%1!.%&-'1(<!%-!,4-!9#%!.&';(;3%!9#%!B#%&(!(-86!H%!0%+0'<!(!
.%-(&! *%! 3(-! (+#-(+$'1%-! *%! ,$-')$1$(! B'&,#3(*(-! .'&! B%,$1$-5(-!
.'-5%&$'&%-<!K3(o%!/!J'33-5'1%+&(B5!+',.(&5%1!(3)#1(-!$*%(-!&%-.%+2
5'!(!3'!(;-#&*'!*%3!,(5&$,'1$'!+'1+%&5(*'!/!3(!+(-5$*(*!%I$)$*(!(!3(-!
,#[%&%-6!
:$! *%! 1$g'! 0(;8(! )'d(*'! *%! #1(! -$5#(+$P1! %+'1P,$+(! +P,'*(<! %1! -#!
G$*(!(*#35(!3(!-$5#(+$P1!%-!,4-!+',.3$+(*(6!71!;#%1(!,%*$*(!*%.%12
*%!*%!3'-!%1+(&)'-!9#%!&%+$;%! )&(+$(-!(! j3(I,(1! /!'5&'-!(,$)'-6! W'!
+$%&5'!%-!9#%!1#1+(!33%)(!(!5%1%&!*%,(-$(*(!-#%&5%!%1!%3!5%&&%1'!.&'2
B%-$'1(36! 71! RLYT! -%! &',.%! 3(! -'+$%*(*! 9#%! 0(;8(! B'&,(*'! -'3'! #1!
(g'! (15%-! +'1! D(&o%&<! /! 5&(-3(*(! -#! 5(33%&! *%! K&'(*! :5&%%5! (! D'3(1*!
:5&%%56!D'+'!(!.'+'!G(!%-+&$;$%1*'!/!)&(;(1*'!-#-!5&(;(['-r!='*(-!3(-!
&%3$)$'1%-!-'1!#1(!/! N'!0(/!&%3$)$P1!1(5#&(3!%1!RLYYk! =$&$%3<! E(1+$'2
1%-!*%!$1'+%1+$(!/! =0%3!(3! (g'!-$)#$%15%6!7-! %3!(g'! *%! 3(!\%G'3#+$P1!
j&(1+%-(<!/!%3!,$-,'!%1!%3!9#%!3'-!K3(o%!(.(&%+%1!%1!#1(!&%#1$P1!*%!
3(!O)3%-$(!:Å%*%1;'&)$(1(!.'&!.&$,%&(!G%d<!-$)#$%1*'!3(!&%+',%1*(2
+$P1!*%!j3(I,(16!D(&%+%!9#%!%1!RLQU!%,.$%d(!3(!+',.'-$+$P1!*%! 73!
,(5&$,'1$'! *%3! +$%3'! /! *%3! $1B$%&1'<! (3! (g'! -$)#$%15%! W(! &%G'3#+$P1!
B&(1+%-(!/!W(-!G$-$'1%-!*%!3(-!0$[(-!*%!F3;$P16!71!RLQZ!-%!.#;3$+(1!%1!
#1!,$-,'!5','!3(-! E(1+$'1%-!*%!$1'+%1+$(!/!3(-! E(1+$'1%-!*%!%I.%2
&$%1+$(6! F! .%-(&! *%! 3(-! .%1#&$(-<! 1'! *%[(! *%! 5&(;([(&! %1! 1$1)C1! ,'2
,%15'! /! -%! -#+%*%! 3(! %-+&$5#&(! '! %3! )&(;(*'! *%! 7#&'.(<! 73! 3$;&'! *%!
^&$d%1<!W(!+(1+$P1!*%!W'-<!m(3(!'!3'-!+#(5&'!Ñ'(-t!i(-5(!9#%!%1!RYUU!
3(! -$5#(+$P1! %-! $1-'-5%1$;3%6! 73! ,(5&$,'1$'! (;(1*'1(! W'1*&%-<! /! -%!
,#*(!(!#1(!.%9#%g(!+(-(!%1! j%3.0(,<!:#--%I<! 9#%!.%&5%1%+%!(! J$2
33$(,! i(/3%/6! :%! 5&(5(! *%! #1! 5%&&(5%1$%15%! (*$1%&(*'! 9#%! *$+%! -%&!
.'%5(<! (#19#%!.(&%+%! 9#%! -#! 5(3%15'! %-! ,4-! ;$%1! 3$,$5(*'6! j3(I,(1!
3%-! .'1%! %1! +'15(+5'! /! K3(o%! -%! %1+(&)(! *#&(15%! 3'-! 5&%-! (g'-! -$2
)#$%15%-! *%! $3#-5&(&! 3'-! 5&(;(['-! *%! -#! .(5&P1! /! (1B$5&$P16! =(,;$>1!
%15'1+%-! +'1'+%! (! =0',(-! K#55-<! 9#%! 3%! +',.&(! +#(39#$%&! ';&(! %1!
+#(15'!3(!5$%1%<!/!.()(!;$%1!-%(!3'!9#%!-%(6!:%&4!#1(!*%!3(-!.'+(-!&%3(2
+$'1%-!9#%!,(15%1)(!*#&(15%!%3!&%-5'!*%!-#!G$*(6!

RTY!!
73! RV! *%! ()'-5'! *%! RYUS! K3(o%! 5$%1%! -#! ,(/'&! %1+'15&'1(d'! +'1! 3(!
[#-5$+$(6!^1!['G%1!-'3*(*'<!.%&5%1%+$%15%!(3!&%)$,$%15'!*%!3'-!H&()'2
1%-!/!*%!1',;&%!p'01!:+0'B$%*<!%15&(!%1!%3![(&*81!*%!j%3.0(,6!K3(o%!
3%!$1-5(!(!9#%!-(3)(!*%!(338<!.%&'!%3!$15&#-'!-%!1$%)(!/<!-%)C1!%3!5%-5$2
,'1$'!*%3!.'%5(<!3%!$1-#35(!/!(,%1(d(6!F15%!%-5(!$1G(-$P1!*%!-#!.&$2
G(+$*(*<!K3(o%!-(35(!-';&%!%3!-'3*(*'<!3%!()(&&(!.'&!3'-!+'*'-!9#%!3%!
[#15(!%1!3(!%-.(3*(!/!3'!-(+(!(!%,.#['1%-!*%!-#!+(-(6!i(/!)&$5'-<!+3(2
&'<!.%&'!1(*(!B#%&(!*%!3'!9#%!+(;&8(!%-.%&(&!*%!#1(!-$5#(+$P1!(-86!D(2
&(! -#! -'&.&%-(<! .'+'! *%-.#>-! &%+$;%! #1(! *%1#1+$(! .'&! -%*$+$P16! 73!
-'3*(*'!3%!(+#-(!*%!,(3*%+$&!(3!&%/!/!(!5'*'-!-#-!-C;*$5'-<!/!*%!.&'2
+3(,(&! 9#%! 3'-! -'3*(*'-! -'1! 3'-! %-+3(G'-! *%3! ,'1(&+(6! 7-.(15(*'-<!
3'-!K3(o%!G#%3G%1!(!W'1*&%-6!73!-#-5'!1'!%-!.(&(!,%1'-r!3(!+'1*%1(<!
%1!+(-'!*%!9#%!-%!3%!*%+3(&%!+#3.(;3%<!%-!*%!,#%&5%!%1!3(!0'&+(6!73!*8(!
RU!*%!%1%&'!(+#*%!(3!5&$;#1(3!/!-%!3%!+'1-$*%&(!$1'+%15%6!F!.%-(&!*%!
9#%!3(-!*$B%&%1+$(-!%15&%!(,;'-!0(1!(#,%15(*'!*8(!(!*8(<!i($3%/!.(2
)(!(3!(;')(*'!/!%-5(;3%+%1!#1(!5&%)#(6!
71!RYUT<!K3(o%!+(%!G8+5$,(!*%!3'!9#%!.(&%+%!-%&!#1(!%-5(B(6!E#(1*'!%3!
%*$5'&! \';%&5! E&',%o! 3%! %1+(&)(! $3#-5&(&! %3! .'%,(! *%! \';%&5! K3$(&!
=0%!)&(G%!uW(!5#,;(v<!K3(o%!&%(3$d(!G%$15%!*$;#['-!%-.%&(1*'!)&(;(&!
5(,;$>1!3(-!.3(1+0(-6!D%&'!%3!%*$5'&!1'!.$%1-(!3'!,$-,'6!71!3#)(&!*%!
.()(&3%!.'&!5'*'!%3!5&(;(['!(+'&*(*'<! 3%!*(! G%$15%! )#$1%(-! .'&! *'+%!
*%!3(-!$3#-5&(+$'1%-<!/!3%!%1+(&)(!3(-!.3(1+0(-!(!'5&'!)&(;(*'&6!F!%-5'!
0(/! 9#%! -#,(&! 9#%! E&',%o! 5(,;$>1! 3%! &';(! 3(! $*%(! *%! $3#-5&(&! 3'-!
E#%15'-!*%!E(15%&;#&/<!*%!E0(#+%&6!73!)'3.%!%-!$,.'&5(15%<!.%&'!1'!
B&%1(! (! K3(o%6! 71! RYUQ! &%*(+5(! %3! E(543')'! *%-+&$.5$G'! *%! 5'*(! -#!
';&(!0(-5(!%3!,',%15'!+','!(+',.(g(,$%15'!.(&(!3(!%I.'-$+$P1!*%!
(+#(&%3(-! /! 5>,.%&(-! 9#%! &%(3$d(! %1! %3! 3'+(3! ?#1(! ,%&+%&8(?! *%! -#!
0%&,(1'!p(,%-6!F3!$)#(3!9#%!+'1!3(-!$3#-5&(+$'1%-!*%3!.'%,(!*%!K3$(&<!
3(! &%+%.+$P1! %-! *%-B(G'&(;3%! /! 3(-! +&85$+(-! -'1! (5&'+%-6! N'! +'1-$)#%!
G%1*%&!1$!#1(!.$%d(<!/!3%!+'1-$*%&(1!#1!3'+'6!7-(!.(&%+%!-%&!5(,;$>1!
3(!.&$1+$.(3!&(dP1!.'&!3(!9#%!E&',%o!3%!%1+(&)(!%3!E0(#+%&!(!=0',(-!
:5'50(&*6!K3(o%!%-!*%,(-$(*'!%I5&(g'!.(&(!#1(!';&(!5(1!.'.#3(&6!W'!
$&P1$+'!%-!9#%!3'-!+',%15(&$'-! 9#%! 0(+%! -';&%!E0(#+%&<! -#-! $3#-5&(2
+$'1%-!/!3(-!*%!:5'50(&*<! (0'&(! -%! +'1-$*%&(1! +','! #1! +34-$+'! *%!3(!
+&85$+(!3$5%&(&$(6!
W'-! (g'-! .'-5%&$'&%-! -%! *%*$+(! (! 5&(;(['-! -$1! $,.'&5(1+$(! /! 3(! %+'2
1',8(! B(,$3$(&! %-<! +','! ,81$,'<! .&%+(&$(6! j3(I,(1! -$)#%! .&'.'&2

! RTQ!
+$'141*'3%!3(!,(/'&!.(&5%!*%!3'-!%1+(&)'-6!E','!+'15&(.(&5$*(!(!3(!
B(35(!*%!5&(;(['-!&%,#1%&(*'-<!K3(o%!-%!*%*$+(!(!-#!.&'.$(!';&(6!:'1!
3'-!(g'-!*%! p%&#-(3>1<!3(!%,(1+$.(+$P1!*%3!)$)(15%!F3;$P1<! 73!%G(1)%2
3$'!.%&,(1%15%!'! 73!B(15(-,(!*%!F;%36!71!RYRY!.$15(!#1(-!(+#(&%3(-!
.(&(! 73!3$;&'!*%!p';!9#%!3%!%1+(&)(!K#55-!/!%15(;3(!(,$-5(*!+'1!p'01!
W$11%33<!#1!['G%1!.$15'&!,$%,;&'!*%!#1!)&#.'!33(,(*'!W'-!F15$)#'-6!
7-5%!)&#.'!3%!.&'B%-(!#1(!)&(1!(*,$&(+$P1!/!+',.(&5%1!-#!G$-$P1!.%2
-$,$-5(!&%-.%+5'!(!3(-!,'*(-! ,'*%&1(-! *%3! (&5%! /!3(! G$*(! %-.$&$5#(36!
@&(+$(-! (3! (.'/'! *%! %-5'-! (&5$-5(-! +'1-$)#%! -';&%G$G$&! 3'-! C35$,'-!
(g'-! *%! -#! G$*(6! h#%&%! %1! 3(! +(,(<! %1! -#! +(-(! *%! W'1*&%-<! %3! RV! *%!
()'-5'! *%! RYVL6! N'! *%[(! *%! 5&(;([(&! ?%1! #1(! -%&$%! -';&%! W(! *$G$1(!
+',%*$(!*%!H(15%?!0(-5(!%3!C35$,'!,',%15'<!(!.%-(&!*%!3(-!*$(&&%(-<!
3(-! $1B%++$'1%-! *%! .%+0'! /! 3(! *%;$3$*(*! 9#%! -#B&%6! F+o&'/*! uRQQTr!
SXLv!(-%)#&(!9#%!-#!C35$,(!';&(!%-!#1!&%5&(5'!*%!-#!,#[%&<!0%+0'!(!
34.$d6! F3! G%&3(! 33'&(&! 3%! *$+%r! `Ö7-5(5%! 9#$%5(<! w(5%Ü! Ö"#>*(5%! +','!
%-54-Ü!m'/!(!.$15(&5%!#1!&%5&(5'<!.'&9#%!.(&(!,8!-$%,.&%!0(-!-$*'!#1!
41)%3a!uà:5(/<!w(5%Üz!0%!-($*<!ào%%.![#-5!(-!/'#!(&%!?!O!Å$33!*&(Å!/'#&!
.'&5&($5!?!B'&!/'#!0(G%!%G%&!;%%1!(1!(1)%3!5'!,%v6!F3!(+(;(&!%3!*$;#['!
-%!.'1%!(!+(15(&!0$,1'-!/!G%&-'-!9#%!*$+%!1'!-'1!-#/'-6!F-%)#&(!(!-#!
,#[%&!9#%!1#1+(!%-5(&4!3%['-!*%!%33(!/!,#%&%!+'1!(3%)&8(6!
W%! %15$%&&(1! %1! 3'-! 5%&&%1'-! (-$)1(*'-! (! 3'-! *$-$*%15%-! %1! K#10$33!
j$%3*-<!*'1*%!5(,;$>1!%-541! -#-!.(*&%-<! /!E(50%&$1%! .#%*%!.()(&!3(!
+%&%,'1$(!)&(+$(-!(!#1!.&>-5(,'!*%!W$11%336! F-$-5%1! %33'-! *'-<! /! 3'-!
5(,;$>1! F15$)#'-! 7*Å(&*! E(3G%&5<! @%'&)%! \$+0,'1*! /! j&%*%&$+o!
=(50(,6!F!+(-(!*%!%-5%!C35$,'!-%!,#*(!3(!G$#*(!.(&(!0(+%&3%!*%!(,(!
*%!33(G%-6!m$G%!(338!0(-5(!-#!,#%&5%<!%1!'+5#;&%!*%!RYSR<!+'15%15(!*%!
&%#1$&-%!(3!B$1!+'1!-#!,(&$*'6!F#19#%<!-%)C1!(-%G%&(<!-#-!G$-$5(-!-'1!
+'1-5(15%-!*#&(15%!%-'-!+#(5&'!(g'-6!

OO!

D#%*%!9#%!K3(o%!.%1-(&(!-#!W'1*&%-!1(5(3!+','!#1!.%9#%g'!.(&(8-'<!
.%&'!3(!&%(3$*(*!%-!,#/!*$-5$15(6!71!+#(39#$%&!+(-'<!>3!%-!+'1-+$%15%!
*%! 9#%! %-(! F&+(*$(! -'3'! %-! 3(! $*%(3$d(+$P1! *%! #1(! $1B(1+$(! B%3$d6! W(!
5&(*$+$P1!*$-$*%15%!*%!3(!9#%!.&'G$%1%!-#!%15'&1'!B(,$3$(&!%-!0%&%*%2
&(!*%!3(-!0%&%[8(-!$)#(3$5(&$-5(-!9#%! %-5(33(&'1!.'+'!,4-!*%! #1! -$)3'!
(15%-<!/!3(!-$5#(+$P1!*%3!.(8-!%-!$1+3#-'!.%'&!*#&(15%!3(!G$*(!*%3!.'%5(6!

RXU!!
W'!9#%!%-!%G$*%15%!%-!9#%!-#!+(&4+5%&!.&'+3$G%!(!3(!&%;%3*8(!-%!*%-(2
&&'33(!%1!#1!(,;$%15%!+3(1*%-5$1'!5(,;$>1!%1%,$)'!*%!3(-!'&5'*'I$(-!
/!%1!%3!9#%!3(-!(#5'&$*(*%-!-%!';-%&G(1!*%-*%!3(!*$-5(1+$(!9#%!.&'G'2
+(!3(!-'-.%+0(!*%!9#%!1'!-'1!*%!B$(&6!F*%,4-<!-'1!5$%,.'-!+'1G#3-'-<!
%1!3'-!9#%!3(!;#&)#%-8(!3#+0(!.(&(!3')&(&!#1!.'*%&!.'385$+'!(+'&*%!(!
-#!1$G%3!%+'1P,$+'6!H#&(15%!3(!G$*(!*%!K3(o%<!O1)3(5%&&(!-%!+'1G$%&5%!
%1!#1!)&(1!$,.%&$'!,(&85$,'<!%3!5%&&$5'&$'!(,%&$+(1'!-%!$1*%.%1*$d(<!
j&(1+$(! G$G%! -#! &%G'3#+$P1! /! %3! +(.$5(3$-,'! $1*#-5&$(3! -%! +'1-()&(!
+','!%3!1#%G'!,'*%3'!%+'1P,$+'6!
7-!3(!%&(!*%!3(-!3#+%-<!%1!3(!9#%!3(!&(dP1!3$;%&(&4!(!3(!0#,(1$*(*!*%!
5'*(-!-#-!5&(;(-6!E','!;#%1(!.(&5%!*%!3'-!&(*$+(3%-<!K3(o%!5$%1%!*%2
.'-$5(*(!-#!B%!%1!3(-!&%G'3#+$'1%-!(,%&$+(1(!?9#%!%15'1+%-!+'1'+%1!
+','!`)#%&&(!+$G$3a<!.'&9#%!(#19#%!%-5>!(3!'5&'!3(*'!*%3!F53415$+'<!1'!
*%[(!*%!-%&!5$%&&(!$1)3%-(?!/!B&(1+%-(6!H#&(15%!3'-!.&$,%&'-!5$%,.'-!
*%!3(!\%G'3#+$P1!B&(1+%-(<!$1+3#-'!-%!.(-%(!.'&!3(-!+(33%-!+'1!%3!)'&&'!
B&$)$'!9#%!-$,;'3$d(!3'-!G(3'&%-!*%!3(!\%.C;3$+(6!:#!(,$-5(*!+'1!D($1%!
5(,;$>1! %-! +'1'+$*(<! /! %-5%! .(&5$+$.(&4! %1! (,;'-! .&'+%-'-! &%G'3#2
+$'1(&$'-6!:$1!%,;(&)'<!(!.%-(&!*%!3(-!+'$1+$*%1+$(-!%1!3'!&%B%&%15%!(!
3'-!)';$%&1'-!(#5'&$5(&$'-!/!(!3(!1%+%-$*(*!*%!&%B'&d(&!3(!3$;%&5(*!$12
*$G$*#(3<! D($1%! &%.&%-%15(! *'-! *%! 3'-! ,(/'&%-! 5%,'&%-! *%! K3(o%r! %3!
&(+$'1(3$-,'!/!%3!*%8-,'6! F,;'-!0(1!33%G(*'<! -%)C1!+&%%<! (!O1)3(5%2
&&(!(!3(!&#$1(!%1!3(!9#%!%-54!-#,$*(<!/!.&'15'!0(&41!3'!,$-,'!+'1!%3!
&%-5'!*%!'++$*%15%6!:'3'!%-!#1(!+#%-5$P1!*%!5$%,.'!9#%!3(!&(dP1!$,2
.'1)(! -#! B&$(3*(*! *%! +'15(;3%! %1! 5'*'-! 3'-! .3(1'-! *%! 3(! %I$-5%1+$(!
0#,(1(6!
73!*%8-,'!'!&%3$)$P1!1(5#&(3<! 5(1!*%3!()&(*'! *%!3'-!$3#-5&(*'-<!/! 9#%!
1'! %-! ,4-! 9#%! #1(! &(+$'1(3$d(+$P1! *%3! %-.8&$5#! &%3$)$'-'<! %3$,$1(! 3(!
&%G%3(+$P1! /! 3(! %I.%&$%1+$(! ,8-5$+(6! ]<! +','! 3'! *$&8(! K3(o%<! 1$%)(! %3!
@%1$'! D'>5$+'! /! 3'! -#-5$5#/%! .'&! #1! '&*%1! ,(9#$1(3! %1! %3! 9#%! +(*(!
%1)&(1([%!,#%G%!%3!-$)#$%15%6!7-%!'&*%1!%-!*$(;P3$+'!/!-#-!(.P-5'3%-!
-'1!N%Å5'1<!K(+'1!/!W'+o%6!FC1!-$%1*'!(#5'*$*(+5(<!K3(o%!%-54!B(,$2
3$(&$d(*'!+'1!-#-!';&(-!/!3%-!+'1-$*%&(!#1(!5&$1$*(*!$,.8(!9#%!5&(%&4!
3(!%-+3(G$5#*!*%!3(!0#,(1$*(*6!73!1#%G'!.%1-(,$%15'!$3#-5&(*'!-',%2
5%!3(-!.'-$;$3$*(*%-!+&%(*'&(-! *%! 3(!%I.%&$%1+$(! ,8-5$+(!(3! '&*%1! &(2
+$'1(3<!3'!9#%!&%-#35(!#1(!'B%1-(!.(&(!9#$%1!0(+%!*%!W'-!#1(!%-.%+$%!
*%!D&',%5%'<!%3!0>&'%!9#%!3#+0(!+'15&(!3'-!-$-5%,(-!9#%!'.&$,%1!(!3(!
0#,(1$*(*6!W(!+'-,'3')8(!;3(o%(1(<!(!.%-(&!*%!3(-!(.(&$%1+$(-!/!*%!

! RXR!
-#! 1(5#&(3%d(! (-$-5%,45$+(<! %-! +'0%&%15%! /<! -$! *%-5(+(! %1! (3)'<!%-! %1!
-#! +(&4+5%&! .%&-'1(36! E(*(! .%&-'1([%! &%.&%-%15(! #1(! B#1+$P1! *%5%&2
,$1(*(r!W'-!%-!%3!.'%5(<!%3!&%;%3*%k!^&$d%1!%-!3(!&(dP1!u/'#&!&%(-'1<!
5#! &(dP1v! +'1G%1+$'1(3<! 3(! 3%/<! %3! *%,$#&)'k! F3;$P1! %-! %3! .#%;3'! *%!
O1)3(5%&&(! /<! .'&! %I5%1-$P1<! 5'*'-! 3'-! .#%;3'-k! \$15&(0! %-! 3(! +P3%&(!
&%G'3#+$'1(&$(!*%!3'-!'.&$,$*'-k!3'-!41)%3%-!-'1!3'-!&$+'-<!3'-!,$%,2
;&'-!*%!3(!+3(-%!*$&$)%15%t!71!#1!.&$1+$.$'<!W'-!/!^&$d%1!&%.&%-%15(1!
3'-! +'15&(&$'-! *%! #1! -$-5%,(! *#(3$-5(! 9#%! '.'1%! (3! $1*$G$*#'! /! 3(!
+'1G%1+$P16!7-!3(!,$-,(!'.'-$+$P1!9#%!-%!&%.$5%!#1(!/!'5&(!G%d!/!9#%!
-%!&%,'15(!(3!+$1$-,'r!3'!.&'.$'!/!3'!([%1'<!3(! .0/-$-!/!%3! 1','-6!71!
%3!*%8-,'!1'!+(;%!1(*(!*%!%-5'<!%-!3(!&%3$)$P1!.&'.$(!*%!3(-!,49#$1(-!
/!*%3!$1+$.$%15%!%-5(*'!;#&)#>-6!F!K3(o%!3%!&%-#35(!(5&'d6!
7-'! 1'! -$)1$B$+(! %1! 1$1)C1! +(-'! 9#%! *%B$%1*(! #1(! .'-5#&(! &%3$)$'-(!
'&5'*'I(<!-%(!%-5(!+(5P3$+(<! (1)3$+(1(!'! +(3G$1$-5(6!l3! B'&,(!.(&5%! *%!
%-(!5&(*$+$P1!)1P-5$+(!/!.#&$5(1(!+#/'!&(*$+(3$-,'!&%3$)$'-'!%-54!%,2
.(&%15(*'!*%!B'&,(!815$,(!+'1!$*%(&$'-!&%G'3#+$'1(&$'-6!:'-.%+0(!*%!
5'*(! $1-5$5#+$P1! +','! $1-5&#,%15'! *%! *',$1(+$P1<! /! 3(-! $)3%-$(-! 1'!
%-+(.(1! 5(,.'+'! (! -#! *%-+'1B$(1d(6! :#-! .'%,(-! .&'B>5$+'-! 5$%1%1!
.'&!';[%5$G'!*%-,(15%3(&!%-(!5&(,(!*%!$,.'-$+$'1%-!9#%!$*$'5$d(1!(!
3(! 0#,(1$*(*<! /! *%G'3G%&3%! 3(! .'5%1+$(! +&%(*'&(! *%3! @%1$'! D'>5$+'6!
71! 73!,(5&$,'1$'!*%3!+$%3'!/!*%3!$1B$%&1'!-%!0(+%!.(5%15%!%-5(!G'3#12
5(*!5&(1-)&%-'&(!/!&%G'3#+$'1(&$(!*%!3(-!0%&%[8(-!$1)3%-(-!9#%<!-%)C1!
+&%%<! +#3,$1(1! %1! 3(! $1*%.%1*%1+$(! *%3! 5%&&$5'&$'! (,%&$+(1'6! 73!
+(&4+5%&!0%&>5$+'!*%3!.'%,(!*%-5(+(!/(!%1!%3!,$-,'!585#3'6!O1-.$&(*'!
-$1! *#*(! %1! %3! 5%I5'! *%3! B$3P-'B'<! ,8-5$+'! /! +$%158B$+'! -#%+'! 7,(1#%3!
:Å%*%1;'&)! H%!+(%3'!%5!%[#-!,$&(;$3$;#-!%5!*%!$1B%&1'<!%I!(#*$5$-!%5!
G$-$-!u73!+$%3'!/!-#-!,(&(G$33(-!/!%3!$1B$%&1'<!*%!3'!%-+#+0(*'!/!G$-5'v<!
-$&G%!(3!,$-,'!5$%,.'!+','!0',%1([%!/!+','!.(&'*$(!*%!3(-!*'+5&$2
1(-!*%!3(!C1$+(!$)3%-$(!(!3(!9#%!K3(o%!33%)(!(!G$1+#3(&-%!?(#19#%!.'&!
.'+'!5$%,.'?!%1!5'*(!-#!G$*(6!73!585#3'<!+','!*%+8(<!,#%-5&(!/(!%3!%-2
5$3'!%-+(1*(3'-'!'!%13'9#%+$*'!9#%!-%!(5&$;#8(!(!3'-!&(15%&-<!(3!0(;3(&!
*%! ,(5&$,'1$'! %15&%! +$%3'! %! $1B$%&1'<! %15&%! ;$%1! /! ,(36! :#)$%&%! #1(!
$15$,$*(*!%15&%!3'-!*'-<!9#%!%1!3(!,$-,(!*$G$1$*(*!-%!%-+'1*%1!(,2
;'-!.&$1+$.$'-<!+','!*%B%1*8(1!%1!3(!K'0%,$(!*%3!-$)3'! Am!3'-!(*(,$2
5(-!*%!h(&581!iC-o(<!+#/(!%#+(&$-58(!+'1-$-58(!%1!#1!`B%-581!*%!(,'&a!
9#%!(15$+$.(!%3!B%-581!,%-$41$+'!9#%!5&(%&4!3(!-%)#1*(!G%1$*(!*%!E&$-2
5'!uD(3',(&%-!VUURr!RRVv6!

RXV!!
73!F&)#,%15'!*%!3(!.3(1+0(!V!u7&*,(1!RQYYr!SSv!,(&+(!%3!$1$+$'!*%3!
.'%,(&$'!+'1!%-5'-!G%&-'-r!`\$15&(0!&#)%!/!()$5(!-#-!33(,(-!%1!%3!($2
&%! +(&)(*'k! |! N#;%-! 0(,;&$%15(-! G()(1! .'&! %3! (;$-,' RVa! u\$15&(0!
&'(&-! â! -0(o%-! 0$-! B$&%-! $1! 50%! ;#&*%1%*! ($&k!|! i#1)&/! +3'#*-! -Å(.!
B&',!50%!*%%.v6!W(!%-+%1(!$1*$+(!#1!(,;$%15%!.&%&&%G'3#+$'1(&$'!'<!
(3!,%1'-<!%3!%-5(*'!*%!41$,'!%1!9#%!3(!\%G'3#+$P1!B&(1+%-(!0(!*%[(*'!
(!3'-!,$%,;&'-!,4-!&(*$+(3%-!*%!3(!-'+$%*(*!$1)3%-(<!%15&%!3'-!9#%!-%!
+#%15(! K3(o%6! D'&! #1! 3(*'<! %-54! %3! &#)$*'! /! 3(-! 33(,(-! *%! \$15&(0<!
-8,;'3'!*%!3(!-#;3%G(+$P1<!/!%3!($&%!+(&)(*'<!.'*%,'-!.%1-(&!9#%!*%3!
0#,'! 9#%! *%-.&%1*%1! 3(-! 5%(-! 9#%! ()$5(6! D'&! '5&'! 3(*'<! 5%1%,'-! %3!
(;$-,'!*'1*%!%-541!0#1*$*'-! 3'-!*%-.'-%8*'-! /! %3!0(,;&%! (!3(! 9#%!
%-541! +'1*%1(*'-6! =%1)(,'-! %1! +#%15(! 9#%! 3(! -$5#(+$P1! %1! O1)3(5%2
&&(!%-!,#/!.&%'+#.(15%!.(&(!)&(1!.(&5%!*%!3(!.';3(+$P1r!(!.(&5$&!*%!
3(!-%)#1*(!,$5(*!*%3!-$)3'! AmOOO<!%3!5%3(&!/!3(!,49#$1(!*%!G(.'&!(+%3%2
&(1!3(!$1*#-5&$(3$d(+$P1!*%3!.(8-6!W(!.';3(+$P1!-%!*';3(!%1!1C,%&'!/<!
+'1!%33(<!%3!.&%+$'!*%!3(!G$*(6!E'1!3'-!-(3(&$'-!1'!'+#&&%!3'!,$-,'6!W(-!
.(&+%3(-!+',#1(3%-!*'1*%!.(-5(;(!%3!)(1(*'!/!9#%!.&'.'&+$'1(;(1!
3%g(! (! 3'-! +(,.%-$1'-! -%! G(1! .&$G(5$d(1*'! /! (+#,#3(1*'! %1! ,(1'-!
*%!3'-!)&(1*%-!5%&&(5%1$%15%-<!3'!9#%!%,.#[(!(!3'-!1'!.&'.$%5(&$'-!(!
%,$)&(&!(!3(-!+$#*(*%-!.(&(!$15%15(&!-';&%G$G$&!+','!.&'3%5(&$'-!B(2
;&$3%-<!%1!+'1*$+$'1%-!,$-%&(;3%-<!'!(!%3%)$&!9#%*(&-%!%1!%3!+(,.'!/!
5&(;([(&!%1!3(-!)&(1[(-!+','!(-(3(&$(*'-<!3'!9#%!1'!)(&(15$d(!5(,.'2
+'!1(*(6!
W(-!+'1-%+#%1+$(-!.&$1+$.(3%-!*%!3(!&%G'3#+$P1!$1*#-5&$(3!-'1!%3!%,2
.';&%+$,$%15'! )%1%&(3! *%! 3(! .';3(+$P1! /! 3(! (.(&$+$P1! *%! 3(-! ,(-(-<!
(-8!+','!%3!+(,;$'!%1!%3!.($-([%!*%;$*'!(3!1#%G'!&%.(&5'!*%!3(-!5$%2
&&(-6!D(&(!%,.%'&(&!3(!-$5#(+$P1<!B&%15%!(!3'-!.&'.$%5(&$'-<!9#%!+(*(!
G%d!-'1!,4-!&$+'-<!3'-!.';&%-!.$%&*%1!3'-!.'+'-!*%&%+0'-!9#%!5$%1%1!
/!9#%!1'!%-541!&%)#3(*'-!,4-!9#%!.'&!3(!5&(*$+$P16!W(-!3%/%-!9#%!3%-!
+&$,$1(3$d(1<!-$1!%,;(&)'<!-%!%1*#&%+%16!:$!K3(o%!%,.$%d(!3(!+',.'2
-$+$P1!*%! 73!,(5&$,'1$'! %1!RLQU!?+','!.(&%+%<!(#19#%!1'!3'!)&(;(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RV!F#19#%!5'*(-!3(-!&%B%&%1+$(-!;$;3$')&4B$+(-!*%!3'-!.'%,(-!*%!K3(o%!-'1!3(-!*%!3(!

%*$+$P1!$15%)&(3!*%!H(G$*!m6!7&*,(1<!3(-!5&(*#++$'1%-!*%! 73!,(5&$,'1$'!*%3!+$%3'!/!
*%3!$1B$%&1'!-'1!3(-!*%!p'->!W#$-!D(3',(&%-<!%1!3(!%*$+$P1!;$3$1)n%!/!B(+-$,$3(&!9#%!
(+',.(g(!(3!%-5#*$'!+$5(*'!%1!3(!;$;3$')&(B8(k!3(-!*%!3'-!*%,4-!.'%,(-!-'1!,8(-6!
! RXS!
0(-5(!RLQS?!3(-!1'5$+$(-!9#%!33%)(1!*%!j&(1+$(!$1G$5(1!3(!%-.%&(1d(<!(!
.%1-(&!9#%!3(!-$5#(+$P1!.#%*%!,%['&(&!*%!B'&,(!$1,$1%15%6!
F!B$1(3%-!*%3!-$)3'! AmOOO<!,4-!*%3!'+0%15(!.'&!+$%15'!*%!3'-!5&(;([(*'2
&%-! 5%I5$3%-! -'1! ,#[%&%-! /! 1$g'-! 9#%! 5&(;([(1! ['&1(*(-! *%! 9#$1+%!
0'&(-6!:'3'!-%!&%*#+%!3(!['&1(*(!$1B(15$3!(!#1!,4I$,'!*%!*'+%!0'&(-!
+'1! 3(-! (+5(-! *%! D%%3! *%! RYUV! /! RYRQ6! F0'&(! ;$%1<! %-5(-! (+5(-! -'3'!
(B%+5(1! (! 3'-! 1$g'-! 9#%! 5&(;([(1! %1! B4;&$+(-<! .%&'! 1'! (! 3'-! 9#%! 3'!
0(+%1!%1!3(-!,$1(-6!71!RLLX!-%!.#;3$+(!3(!';&(!-%,$1(3!*%3!3$;%&(3$-2
,'!%+'1P,$+'<! ^1(!$1G%-5$)(+$P1!-';&%!3(!1(5#&(3%d(!/!+(#-(-!*%!3(!
&$9#%d(!*%!3(-!1(+$'1%-<!%-+&$5(!.'&!F*(,!:,$50<!*'1*%!*%B$%1*%!9#%!
3(! ,(1'! $1G$-$;3%! *%3! ,%&+(*'! (+(;(&4! &%)#3(1*'! 3(-! +'1*$+$'1%-!
%+'1P,$+(-!(!5&(G>-!*%!3'-!$15%&%-%-!$1*$G$*#(3%-6!W(!5%'&8(!-'-5$%1%!
9#%! 1'! %-! 1%+%-(&$(! 3(! $15%&G%1+$P1! *%3! 7-5(*'! .(&(! )(&(15$d(&!
1$1)C1!5$.'!*%!*%&%+0'!?(C1!B(35(1!,4-!*%!*$%d!(g'-!.(&(!9#%!-%!&%2
*(+5%! %1! j&(1+$(! 3(! H%+3(&(+$P1! *%! 3'-! H%&%+0'-! *%3! i',;&%! /! *%3!
E$#*(*(1'?<!-$1'!9#%!-%&41!3'-!.&'.$'-!$1*$G$*#'-!9#$%1%-<!;#-+(1*'!
-'3'! -#! .&'.$'! $15%&>-<! 3')&(&41! #1(! %-.%+$%! *%! %9#$3$;&$'! %1! %3! 9#%!
5'*'-!-(3*&41!)(1(1*'6!
i(;&8(!9#%!.&%)#15(&!(!3'-!';&%&'-!9#%!.(-(1!-#-!G$*(-!%1!3'-!5%3(&%-!
9#>!5$.'!*%!%9#$3$;&$'!%1+#%15&(16!N'-!%-+(1*(3$d(&8(!3(!;&%+0(!%I$-2
5%15%!%15&%!%3!*$-+#&-'!'.5$,$-5(!3$;%&(3!/!3(!,$-%&$(!%1!3(!9#%!,(3G$2
G%1! 3'-! 5&(;([(*'&%-<! -$! 1'! &%+'1'+$>&(,'-! .(&(3%3$-,'-! (! 3'! 3(&)'!
*%3! 5$%,.'6! O1+3#-'! 0'/! *8(<! -(3G(1*'! 3(-! *$-5(1+$(-<! 3(-! +'1*$+$'1%-!
*%! 5&(;(['! /! 3'-! -(3(&$'-! %,.%'&(1! /! (#,%15(! %3! +'-5%! *%! 3(! G$*(<!
,$%15&(-!9#%!3'-!;%1%B$+$'-!*%!3'-!.&'.$%5(&$'-!*%!3'-!,%*$'-!*%!.&'2
*#++$P1!(#,%15(16!73!7-5(*'!1'!$15%&G$%1%!.(&(!(-%)#&(&!3(!*$)1$*(*!
*%! 3'-! 5&(;([(*'&%-<! -$1'! .(&(! &%B'&d(&! 3(! -$5#(+$P1! *%3! .&'.$%5(&$'!
9#%<!%1!#1(!,#%-5&(!*%!.(5%&1(3$-,'!.%&G%&-'<!1'!(#,%15(!3'-!-(3(2
&$'-! .'&9#%! +&%%! 9#%! #1(! ,%['&(! 33%G(&8(! (! 3'-! ';&%&'-! (! G'3G%&-%!
+P,'*'-!/!.%&%d'-'-6!71!%3!B'1*'!3'!0(+%!.'&!-#!.&'.$'!;$%16!
F!.%-(&!*%!5&(5(&-%!*%!#1!.'%,(!,8-5$+'<!3(!+(&)(!B$3'-PB$+(!/!3(!5%'&8(!
%+'1P,$+(!/!.'385$+(!9#%!%-+'1*%!73!,(5&$,'1$'!%-!+(.$5(36!=',%,'-!
.'&!%[%,.3'!3'-!G%&-'-!*%!3(!.3(1+0(!5&%-r!

:$1!+'15&(&$'-!1'!0(/!.&')&%-'6!F5&(++$P1!/!&%.#3-$P1<!&(dP1!/!%1%&)2
8(<!(,'&!/!'*$'<!-'1!1%+%-(&$'-!.(&(!3(!%I$-5%1+$(!0#,(1(6!
H%!%-5'-!+'15&(&$'-!1(+%!3'!9#%!3'-!&%3$)$'-'-!33(,(1!%3!;$%1!/!%3!,(36!

RXZ!!
73! ;$%1! %-! 3'! .(-$G'! 9#%! ';%*%+%! (! 3(! &(dP16! 73! ,(3! %-! 3'! (+5$G'! 9#%!
-#&)%!*%!3(!%1%&)8(6!
73!;$%1!%-!%3!+$%3'6!73!,(3!%-!%3!$1B$%&1'6!
!
J$50'#5!+'15&(&$%-!$-!1'!.&')&%--$'16!F55&(+5$'1!(1*!\%.#3-$'1<!\%(2
-'1!(1*!71%&)/<!|!W'G%!(1*!i(5%<!(&%!1%+%--(&/!5'!i#,(1!%I$-5%1+%6!|!
j&',!50%-%!+'15&(&$%-!-.&$1)-!Å0(5!&%3$)$'1-!+(33!@''*!â!7G$36!|!@''*!
$-!50%!.(--$G%!50(5!';%/-!\%(-'16!7G$3!$-!50%!(+5$G%!-.&$1)$1)!B&',!712
%&)/6!|!@''*!$-!i%(G%16!7G$3!$-!i%336Ä!u7&*,(1!RQYYr!SZv!

71!%-5'-!.'+'-!G%&-'-!(.(&%+%!+'1+%15&(*(!)&(1!.(&5%!*%!3(!(15$1'2
,$(!'<!-$!3'!.&%B%&$,'-<!%3!+'15%1$*'!0%&>5$+'!*%!3(!';&(!*%!K3(o%6!71!
.&$,%&!3#)(&<!.3(15%(!%3!.&$1+$.$'!*$(3>+5$+'!*%!3'-!+'15&(&$'-!-$1!3'-!
9#%! 1'! %-! .'-$;3%! (G(1d(&6! 71! +$%&5'! -%15$*'<! %3! *#(3$-,'! *%! &(8d!
)1P-5$+(! *%! K3(o%! B#1+$'1(! +','! %3! .>1*#3'! *%3! &%3(5'! *%! D'%r! -%!
,#%G%! *%! #1! 3(*'! (3! '5&'! /<! %1! -#! G($G>1<! G(! -'35(1*'! +#%&*(6! E(*(!
#1'!*%!-#-!,'G$,$%15'-!.%&,$5%!-#!(G(1+%<!9#%!1'!.#%*%!-%&!&%+5$382
1%'!%1!1$1)C1!+(-'!.'&9#%<!*%!.(&(&!%1!%3!+%15&'<!-$!#1'!*%!3'-!3(*'-!
*%-(.(&%+$%&(<!%3!.>1*#3'! -%!.(&(&8(6!F3! %3$,$1(&!#1'! *%! 3'-! 3(*'-! ?
+','! 0(+%! %3! +&$-5$(1$-,'! '&5'*'I'<! (3! 1%)(&! 3(! *$,%1-$P1! -()&(*(!
*%3! ,(3?! /(! 1'! +(;%! ,'G$,$%15'6! W(! 1(5#&(3%d(! 0#,(1(! -%! ,#%G%!
%15&%! 3(! (5&(++$P1! /! 3(! &%.#3-$P1<! %15&%! %3! (,'&! /! %3! '*$'<! %15&%! 3(!
&(dP1!/!3(!%1%&)8(6!=%1)(,'-!%1!+#%15(!9#%!3(!&(dP1!%-!3(!-(3G()#(&2
*(! *%! 3(! O3#-5&(+$P1<! /! 9#%! K3(o%! +'3'+(! B&%15%! (! %33(! 3(! %1%&)8(<! 9#%!
+'&&%-.'1*%!(!3(!3$;$*'!'!(3! $1+'1-+$%15%! B&%#*$(1'<!*'1*%!&%-$*%!%3!
.'*%&!+&%(*'&!/!+&%(5$G'6!j&%15%!(!%33(!-%!-$5C(!3(!&(dP1<!3(!W%/<!%3!-#2
.%&%)'6!]<!-$)#$%1*'!(!K(5($33%r!+'15&(!3(!B$%-5(<!%3!5&(;(['6!73!;$%1!%-!
3(!(+%.5(+$P1!3(!3%/<!/!%3!,(3!%-!-#!-#;G%&-$P16!K$%1!/!,(3<!.'&!5(15'<!
1'!-%!&%B$%&%1!-'3'!(!3(!,'&(3!'!(!#1'-!G(3'&%-!9#%!*%5%&,$1(&41!%3!
*%-5$1'!*%3!(3,(!%1!%3!#35&(,#1*'<!-$1'!9#%!5(,;$>1!(.#15(1!(!1#%-2
5&'-! ,%+(1$-,'-! .-$+'3P)$+'-! ;4-$+'-6! f<! -$! 3'-! .&$1+$.$'-! (+5$G'! ?
;$%1?! /! .(-$G'! ?,(3?! B'&,(1! .(&5%! $1*$-'+$(;3%! *%! 3(! %I$-5%1+$(!
0#,(1(<!+'1!3(!*$G$1$*(*!'+#&&%!3'!,$-,'6!
D'*%,'-! +'1-$*%&(&! 9#%! (9#8! K3(o%! '.%&(! -#! .&$,%&(! $1G%&-$P1<! (3!
&%*#+$&! %3! ;$%1! /! %3! ,(3<! %3! +$%3'! /! %3! $1B$%&1'<! (! -$,.3%-! 5>&,$1'-!
5>+1$+'-!+'1!3'-!9#%!&%B%&$&-%!(!3(!'&5'*'I$(!/!3(!0%5%&'*'I$(6!W(!-%2
)#1*(!$1G%&-$P1!(.(&%+%!%1!3(!.3(1+0(!+#(5&'<!9#%!G$%1%!+'1!%3!%1+(2
;%d(*'!W(!G'd!*%3!*$(;3'r!

! RXT!
='*(-!3(-!;$;3$(-!'!+P*$)'-!-()&(*'-!-'1!&%-.'1-(;3%-!*%!3'-!-$)#$%12
5%-!%&&'&%-r!
R6! "#%! %3! 0',;&%! .'-%%! *'-! .&$1+$.$'-! &%(3%-! *%! %I$-5%1+$(<! (! -(;%&<!
+#%&.'!/!(3,(6!
V6! "#%! 3(! %1%&)8(<! 33(,(*(! %3! ,(3<! -'3'! .%&5%1%+%! (3! +#%&.'<! /! 9#%! 3(!
&(dP1<!33(,(*(!%3!;$%1<!-'3'!%-!*%3!(3,(6!
S6!"#%!H$'-!(5'&,%15(&4!(3!0',;&%!%1!3(!%5%&1$*(*!.'&!';&(&!(3!*$+2
5(,%1!*%!-#!.&'.$(!%1%&)8(6!
D%&'!3'-!-$)#$%15%-!+'15&(&$'-!*%!%-5'-!-'1!G%&*(*r!
R6!73!0',;&%!1'!.'-%%!#1!+#%&.'!*$-5$15'!*%!-#!(3,(k!.#%-!3'!9#%!33(2
,(,'-!+#%&.'!%-!#1(!.(&5%!*%3!(3,(!.%&+$;$*(!.'&!3'-!+$1+'!-%15$*'-<!
.&$1+$.(3%-!%15&(*(-!(3!(3,(!*%!%-5(6!
V6! W(! %1%&)8(! %-! 3(! C1$+(! G$*(! /! .&'+%*%! *%3! +#%&.'<! /! 3(! &(dP1! %-! %3!
38,$5%!/!+$&+#1B%&%1+$(!%I5%&$'&!*%!3(!%1%&)8(6!
S6!W(!%1%&)8(!%-!)'d'!%5%&1'6!
!
F33! K$;3%-! '&! -(+&%*! +'*%-! 0(G%! ;%%1! 50%! +(#-%! 'B! 50%! B'33'Å$1)! %&2
&'&-r!?!|!R6!=0(5!,(1!0(-!5Å'!&%(3!%I$-5$1)!.&$1+$.3%-<!G$d6<!(!K'*/!â!(!
:'#36!|!V6!=0(5!71%&)/<!+(33%*!7G$3<!$-!(3'1%!B&',!50%!K'*/k!â!50(5!\%(2
-'1<! +(33%*! @''*<! $-! (3'1%! B&',! 50%! :'#36! |! S6! =0(5! @'*! Å$33! 5'&,%15!
,(1!$1!75%&1$5/!B'&!B'33'Å$1)!0$-!71%&)$%-6!|!K#5!50%!B'33'Å$1)!+'15&(2
&$%-!5'!50%-%!(&%!5&#%r!?!|!R6!h(1!0(-!1'!K'*/!*$-5$1+5!B&',!0$-!:'#36!
j'&!50(5!+(33%*!K'*/!$-!(!.'&5$'1!'B!:'#3!*$-+%&1%*!;/!50%!B$G%!-%1-%-<!
50%!+0$%B!$13%5-!'B!:'#3!$1!50$-!()%6!|!V6!71%&)/!$-!50%!'13/!3$B%<!(1*!$-!
B&',!50%!K'*/k!(1*!\%(-'1!$-!50%!;'#1*!'&!'#5Å(&*!+$&+#,B%&%1+%!'B!
71%&)/6!|!S6!71%&)/!$-!75%&1(3!H%3$)056Ä!u7&*,(1!RQYYr!SZv!

73!*#(3$-,'!*%!K3(o%!1'!%-!%3!9#%!*%B$%1*%!%3!+&$-5$(1$-,'<!1$!%3!*%3!
.3(5'1$-,'6!D'&!%3!+'15&(&$'<!-'-5$%1%!9#%!%3!+#%&.'!/!%3!(3,(!-'1!3'!
,$-,'6!73!+#%&.'!%-!%3!,%*$'!9#%!1'-!.%&,$5%!%I.%&$,%15(&!%3!(3,(!
%1!%3!.3(1'!B8-$+'6!71!-#!,'G$,$%15'!+'15&(!K(+'1!/!W'+o%<!%3!.%1-(2
,$%15'!;3(o%(1'!-%!(+%&+(!(3!$*%(3$-,'!*%!K%&o%3%/6!W(!G8(!.'&!3(!9#%!
(++%*%,'-!(3!,#1*'!1'!%-!3(!&(dP1<!-$1'!3(!$,()$1(+$P16!D%&+$;$,'-!
3'!9#%!%I$-5%!)&(+$(-!(!3'-!-%15$*'-<!.%&'!1'!-','-!+(.(+%-!*%!-(;%&!
9#>! %-! %-'! 9#%! %I$-5%6! N#%-5&'! +'1'+$,$%15'! %-54! 3$,$5(*'! (! 3'! 9#%!
$,()$1(,'-! *%! 3(! &%(3$*(*<! %-! *%+$&<! (! 3(! $15%&.&%5(+$P1! ,%15(3! 9#%!
0(+%,'-! *%! (9#%33'! 9#%! .%&+$;%1! 1#%-5&'-! -%15$*'-6! W(! %1%&)8(<! %3!
.&$1+$.$'!(+5$G'!9#%!,#%G%!(!3(!+&%(+$P1<!%-54!3$,$5(*(!.'&!3(!&(dP1<!
.'&! 3(! 3%/! 9#%! %-5(;3%+%! -#-! +'1B$1%-6! W(! %1%&)8(<! +','! +(.(+$*(*!
.'>5$+(<!1'!-'3'!.&'.'&+$'1(!%3!.3(+%&!$15&81-%+'!(!3(!+(.(+$*(*!)%1%2
&(*'&(<! -$1'! 9#%! %-! $1()'5(;3%! .'&9#%<! +','! 3%%,'-! %1! 3(! .3(1+0(!
+(5'&+%<!`:$!3(-!.#%&5(-!*%!3(!.%&+%.+$P1!-%!3$,.$(&(1<!5'*'!(.(&%+%&2

RXX!!
8(!(!3'-!0',;&%-!+','!&%(3,%15%!%-r!$1B$1$5'a!uOB!50%!*''&-!'B!.%&+%.2
5$'1!Å%&%!+3%(1-%*!%G%&/50$1)!Å'#3*!(..%(&!5'!,(1!(-!$5!$-r!$1B$1$5%v!
u$;8*6r!SQv6!F!*$B%&%1+$(!*%!3'!9#%!'+#&&%!+'1!3(!*'+5&$1(!+&$-5$(1(!5&(2
*$+$'1(3<! 1'! %-! %3! (3,(! $1,'&5(3! 3'! 9#%! -';&%G$G%! (! 3(! %I$-5%1+$(!
+'&.P&%(<! -$1'! 9#%<! -$! 1#%-5&'-! -%15$*'-! 1'! %-5#G$%&(1! 3$,$5(*'-<!
+',.&%1*%&8(,'-!9#%!%3!+#%&.'<!%1!&%(3$*(*<!5(,.'+'!,#%&%6!
h%*$(15%! %-5(! &%$15%&.&%5(+$P1! *%3! *#(3$-,'! (3,(2+#%&.'<! K3(o%!
0(+%!%G$*%15%!-#!-%1-#(3$-,'!/!&%$G$1*$+(!3(!(+%.5(+$P1!*%!3'-!*%-%'-!
+'&.'&(3%-!+','!.(&5%!.'-$5$G(!*%!3(!%I$-5%1+$(<!%1!3#)(&!*%!-%&!#1(!
B(+%5(!(!*',$1(&6!H%!0%+0'<!%1!3(!.3(1+0(!+$1+'!(&)#,%15(!9#%!9#$%1!
%-!+(.(d!*%!-',%5%&!-#!*%-%'!(!3(!&(dP1!%-!.'&9#%!-#!*%-%'!1'!%-!3'!
;(-5(15%! B#%&5%6! F3! ,$-,'! 5$%,.'<! #1(! G%d! +'15&'3(*'! *%15&'! *%3!
,(&+'!*%!3(!3%/<!%-%!*%-%'!-%!*%;$3$5(!+(*(!G%d!,4-<!0(-5(!-%&!#1!B(12
5(-,(! *%! -8! ,$-,'6! F9#8! (15$+$.(! *%! B'&,(! %G$*%15%! 3(! 5%'&8(! B&%#2
*$(1(!*%!3(!&%.&%-$P1!*%3!%)'!.'&!%3!-C.%&2%)'<!.%&'!5(,;$>1<!(3!,$-2
,'!5$%,.'<!.3(15%(!3(!5&(1-G(3'&(+$P1!*%!3'-!G(3'&%-!,#+0'!(15%-!*%!
9#%! 3'! 0()(! N$%5d-+0%6! W(! 5%&+%&(! $1G%&-$P1! +'1-$-5%! %1! &%+'1'+%&!
9#%!3(!3%/!'!&(dP1!9#%!*%;%&8(!(+5#(&!+','!+'15&(&$'!*$(3>+5$+'!*%!3(!
%1%&)8(!-%!+'1G$%&5%!%1!#1!+'15&'3!5$&41$+'!+#/(!B#1+$P1!+'1-$-5%!%1!
-',%5%&3(!/!&%*#+$&3(!(3!,81$,'6!7-(!3%/!%-!%3!H$'-!*%3!F15$)#'!=%-2
5(,%15'!+'15&(!%3!9#%!-%!(3d(!:(5416!W(!G%&*(*%&(!$1G%&-$P1!*%!%-5(-!
.3(1+0(-!%-!%-(r!H$'-!%-!9#$%1!0(;$5(!3(-!33(,(-!*%3!$1B$%&1'<!,$%15&(-!
9#%!:(541!%-!9#$%1!&',.%!3(-!+(*%1(-6!W(!$&'18(!*%!%1+'15&(&!%3!,(3!
*$G$1'!/!%3!;$%1!*$(;P3$+'!1'!%-!.'+(6!
=%1)(,'-!%1!+#%15(!9#%!%1!K3(o%!0(/!*'-!G$-$'1%-!*%3!$1B$%&1'!9#%!
-'1<!%1!(.(&$%1+$(<!+'15&(&$(-!%15&%!-86!D'&!#1!3(*'!5%1%,'-!3(!$,()%1!
*%3! 5&$*%15%! $1B%&1(3! B'&,(*'! .'&! N%Å5'1<! K(+'1! /! W'+o%<! 9#%! .&'2
.'&+$'1(1!3(!B8-$+(!/!3(!-'+$%*(*!,%+41$+(-!*%3!+(.$5(3$-,'!$1*#-5&$(3!
/! %3! 7-5(*'! ;#&)#>-6! \%.&%-%15(1! %3! $1B$%&1'! .(&(! %3! -#[%5'! (3! 9#%!
*',$1(1!/!&%*#+%1!(!#1!%3%,%15'!-#-5$5#$;3%!*%15&'!*%!3(!,(9#$1(2
&$(6! 71! %3! 3(*'! +'15&(&$'! %-54! 3(! -(;$*#&8(<! 3(! ;$;3$(! /! 3'-! .&'G%&;$'-!
*%3! $1B$%&1'! 9#%! (.(&%+%1! %1! 73! ,(5&$,'1$'! /! 9#%! 5&(%1! +'1-$)'! %3!
.'*%&!-#;G%&-$G'!*%!3(!%1%&)8(6!73!$1B$%&1'!%-!%-5%!+(-'!3'!%-!.(&(!3(!
3%/<!9#%!-%!G%!(,%1(d(*(!.'&!9#$%1%-!1'!+'1-$%15%1!%1!-',%5%&-%!(!
%33(6!71!&%(3$*(*<!+','!-%!G%<!K3(o%!1'!.$%1-(!*'-!$1B$%&1'-!+'15&(*$+2
5'&$'-<!-$1'!9#%!+(,;$(!3(!.%&-.%+5$G(!/!+'1!%33(!3(!.%&+%.+$P16!E(*(!
+#(3!G%&4!-#!$1B$%&1'6!N'!*%;%,'-!.%&*%&!'3G$*(&!9#%<!.'&!,#/!0%5%2

! RXL!
&'*'I(-!9#%!-%(1!-#-!+&%%1+$(-<!K3(o%!%-!#1!+&$-5$(1'!+'1G%1+$*'6!W(!
*$B%&%1+$(!&%-.%+5'!(!3(!5&(*$+$P1!'B$+$(3!%-!9#%!>3<!+','!3'-!(*%.5'-!
*%3!7-.8&$5#!W$;&%<!(+%.5(!3(!*#(3$*(*!*%!H$'-!/!9#%!%3!.%+(*'!%-!#1(!
$1G%1+$P1! 0#,(1(6! :$! H$'-! 1'-! 0(! +'1+%*$*'! #1(! %1%&)8(<! #1'-! $1-2
5$15'-!'<!%1!5>&,$1'-!*%!:(*%<!#1(-! .(-$'1%-<!b9#$>1%-!-','-! 1'-'2
5&'-!.(&(!&%+0(d(&3(-c!='*(-!3(-! &%3$)$'1%-!?'!+#(39#$%&!*'),(!,'2
&(3<!.'&!%I5%1-$P1?!B(33(1!%1!-#!$15%15'!*%!*',$1(&3(-!/!5%&,$1(1!.'&!
&%5'&+%&3(-<! +','! #1(! 5(;3(! 9#%! $,.$*$%&(! +&%+%&! #1! ,$%,;&'! *%!
B'&,(!1(5#&(36!
H%!0%+0'<!K3(o%!G%!%1!3(-!&%3$)$'1%-!%3!'&$)%1!*%3!7-5(*'6!71!3(!.3(12
+0(!'+0'!u7&*,(1!RQYYr!SXv!3%%,'-r!`W(-!.&$-$'1%-!%-541!+'1-5&#$2
*(-! +'1! .$%*&(-! *%! 3(! 3%/<! 3'-! ;#&*%3%-! +'1! 3(*&$33'-! *%! 3(! &%3$)$P1a!
uD&$-'1-! (&%! ;#$35! Å$50! -5'1%-! 'B! W(Å<! K&'50%3-! Å$50! ;&$+o-! 'B! \%3$2
)$'1v6!71!3(!.3(1+0(!'1+%!*%-+&$;%!%3!.&'+%-'!*%!)%-5(+$P1!*%!3(-!&%3$2
)$'1%-r!

W'-!(15$)#'-!.'%5(-!(1$,(;(1!5'*'-!3'-!';[%5'-!-%1-$;3%-!+'1!*$'-%-!
/!)%1$'-<! .&%-541*'3%-! 1',;&%-!/!(*'&141*'3'-!+'1!.&'.$%*(*%-!*%!
;'-9#%-<! ,'15(g(-<! 3()'-<! +$#*(*%-<! 1(+$'1%-! /! +#(39#$%&! +'-(! 9#%!
-#-!*$3(5(*'-!/!1#,%&'-'-!-%15$*'-!.'*8(1!.%&+$;$&6!
f!%1!.(&5$+#3(&!%-5#*$(&'1!(3!)%1$'!*%!+(*(!+$#*(*!/!.(8-<!+'3'+41*'3'!
;(['!%3!.(5&'+$1$'!*%!-#!*%$*(*!,%15(36!
i(-5(!9#%!-%!B'&,P!#1!-$-5%,(<!*%3!+#(3!(3)#1'-!-(+(&'1!.(&5$*'!/!%-2
+3(G$d(&'1! (3! G#3)'! (3! $15%15(&! *(&! &%(3$*(*! (! 3(-! *%$*(*%-! ,%15(3%-<!
(;-5&(/>1*'3(-!*%!-#-!';[%5'-r!(-8!+',%1dP!%3!-(+%&*'+$'6!
:(+(1*'!-#-!B'&,(-!*%!+#35'!*%!%15&%!3'-!&%3(5'-!.'>5$+'-6!
i(-5(!9#%!(3!B$1(3!*%+3(&(&'1!9#%!3'-!*$'-%-!0(;8(1!'&*%1(*'!5(3%-!+'2
-(-6!
F-8! 3'-! 0',;&%-! '3G$*(&'1! 9#%! 5'*(-! 3(-! *%$*(*%-! &%-$*%1! %1! %3! +'2
&(dP1!0#,(1'6!
!
=0%!(1+$%15!D'%5-!(1$,(5%*!(33!-%1-$;3%!';[%+5-!Å$50!@'*-!'&!@%1$#-2
%-<!+(33$1)!50%,!;/!50%!1(,%-!(1*!(*'&1$1)!50%,!Å$50!50%!.&'.%&5$%-!
'B! J''*-<! &$G%&-<! ,'#15($1-,! 3(o%-<! +$5$%-<! 1(5$'1-<! (1*! Å0(5%G%&!
50%$&!%13(&)%*!â!1#,%&'#-!-%1-%-!+'#3*!.%&+%$G%6!|!F1*!.(&5$+#3(&3/!
50%/! -5#*$%*! 50%! )%1$#-! 'B! %(+0! +$5/! â! +'#15&/6! .3(+$1)! $5! #1*%&! $5-!
,%15(3!*%$5/6!|!=$33!(!-/-5%,!Å(-!B'&,%*<!Å$+0!-',%!5''o!(*G(15()%!
'B!â!%1-3(Gz*!50%!G#3)(&!;/!(55%,.5$1)!5'!&%(3$+%!'&!(;-5&(+5!50%!,%12
5(3! *%$5$%-! B&',! 50%$&! ';[%+5-r! 50#-! ;%)(1! D&$%-50''*6! |! E0''-$1)!
B'&,-!'B!Å'&-0$.!B&',!.'%5$+!5(3%-6!|!F1*!(5!3%1)05!50%/!.&'1'#1+%*!
50(5!50%!@'*-!0(*!'&*%&%*!-#+0!50$1)-6!|!=0#-!,%1!B'&)'5!50(5!F33!*%$2
5$%-!&%-$*%!$1!50%!0#,(1!;&%(-56Ä!u7&*,(1!RQYYr!SYv!

RXY!!
W'!9#%!%1+'15&(,'-!(9#8!%-!%3!.(-'!*%3!(1$,$-,'!(3!.'3$5%8-,'!/!3(-!
&(8+%-! .'385$+(-! *%! %-%! .(-'r! #1'-! $1*$G$*#'-! 5',(1! 3'-! &%3(5'-! 9#%!
0(1!+&%(*'!'5&'-!/!3'-!-$-5%,(5$d(1<!3'-!(;-5&(%1!.(&(!-#!.&'.$'!;%2
1%B$+$'6!h%*$(15%!%-(-!(;-5&(++$'1%-!+'1G%1+%1!(3!&%-5'!*%!3(!+',#2
1$*(*!*%!9#%!-#-!1#%G'-! &%3(5'-!1'!-'1! ,4-! 9#%! 3(! G'3#15(*! *%!3'-!
*$'-%-<!/!9#%!-'1!3(-!P&*%1%-!*$G$1(-!3(-!9#%!%33'-!5&(1-,$5%16!73!-(2
+%&*'+$'<!+'1G%&5$*'!%1!+(-5(!-(+%&*'5(3<!5&(%!+'1-$)'!3(!&(+$'1(3$d(2
+$P1!*%!3(-!+&%(+$'1%-!.'>5$+(-<!%-!*%+$&<!3(-!%I.&%-$'1%-!*%!3(!%1%&)2
8(<! (! 3(-! 9#%! G(+8(! *%! -#! .'*%&! +&%(*'&<! 9#%! -#-5$5#/%! .'&! %3!
B'&,(3$-,'!*%3!&$5#(36!7-%!,'G$,$%15'!0(+$(!3(!(;-5&(++$P1!3%!.%&,$2
5%! -%.(&(&-%! *%3! &%-5'! *%! 3(! +',#1$*(*! /! +'15&'3(&3(! (! 5&(G>-! *%! 3(!
$15%&.&%5(+$P1! *%! 3'-! 1#%G'-! &%3(5'-! &%3$)$'-'-6! F3! +'3'+(&-%! +','!
$15%&,%*$(&$(! %15&%! 3'-! *$'-%-! /! 3(! -'+$%*(*<! )%1%&(! 3(! *%-$)#(3*(*!
9#%!.'-$;$3$5(!?/!%-!$10%&%15%!(?!3(!(.(&$+$P1!*%3!7-5(*'6!73!)&(1!.%3$2
)&'! 9#%! %15&(g(! 3(! -$-5%,(5$d(+$P1! %-5(5(3! '! &%3$)$'-(! %-! 3(! %3$,$1(2
+$P1!*%!3(!$1*$G$*#(3$*(*<!3(!&%*#++$P1!*%!3'-!)%1$'-!.(&5$+#3(&%-!;(['!
%3!)%1$'!)%1%&(36!73!-',%5$,$%15'!*%!5'*'!$1*$G$*#'!(!5'*'!7-5(*'!%-!
-$%,.&%! 5%P&$+'<! (;-5&(+5'<! %1! *%B$1$5$G(<! $*%'3P)$+'6! W(-! )%1%&(3$d(2
+$'1%-! .&'G'+(*(-! .'&!%3! .'*%&! *%! (;-5&(++$P1! *%! 3(! &(dP1! 5(,;$>1!
-%!*%[(1!-%15$&!%1!%3!,',%15'!*%!&%*(++$P1!*%! 73!,(5&$,'1$'<!5(15'!
%1!3(!1#%G(!+$%1+$(!+','!%1!%3!*%8-,'6!F,;(-!*'+5&$1(-!%3$,$1(1!3(!
-$1)#3(&$*(*! 9#%! (.(&%+%! %1! 3'-! *%5(33%-6! 73! *%8-,'<! +'1-$*%&(*'! /!
*%B%1*$*'!.'&!3'-!3$;%&(3%-!+','!&%3$)$P1!1(5#&(3<!5$%1%!.'&!C1$+'!';2
[%5$G'!&%+&%(&!/!&%B'&d(&!%3!7-5(*'!/!-#!*',$1(+$P16!E'15&(!>3<!+'15&(!
3(!1#%G(!$*%(!*%!1(+$P1!/!+'15&(!%3!+(.$5(3$-,'!9#%!+'1*#+%1!(!3(!$12
*%B$1$+$P1!*%!3(-!,(-(-<!K3(o%!*%B$%1*%!3(!3$;%&5(*!/!3(!%1%&)8(!$1*$2
G$*#(3%-6!H%B$%1*%!3(!*$B%&%1+$(6!
7-5(;3%+%!(-8!3(!5%-$-!9#%!&%-.(3*(&4!*%-.#>-!%3!,(&I$-,'!*%!9#%!%3!
7-5(*'! -#&)%! +','! %3! $1-5&#,%15'! 9#%! .%&,$5%! (! #1(! +3(-%! -'+$(3!
*',$1(&! (! 3(-! *%,4-6! W(! .'-$+$P1! +'15&(&$(! %-! 3(! 9#%! .&'.'1%1! 3'-!
3$;%&(3%-!-$)#$%1*'!(!W'+o%r!9#%!-#!'&$)%1!%-54!%1!3(!1%+%-$*(*!*%!3'2
)&(&!';[%5$G'-!+',#1%-6!W'!9#%!#1%!(,;(-!.'-5#&(-!/!3(-!-%.(&(!*%!
3(!5%'&8(!;3(o%(1(!%-!9#%!5(15'!3$;%&(3%-!+','!,(&I$-5(-!+'1-$*%&(1!
%3!7-5(*'!*%-*%!#1(!.%&-.%+5$G(!%G'3#+$'1$-5(!/!5%3%'3P)$+(6!:%(!+#(3!
-%(!-#!B#1+$P1<!3'!9#%!3%-!.(&%+%!$1*#*(;3%!%-!3(!1%+%-$*(*!*%!-#!(.(2
&$+$P16!71!%3!.'%,(!1'!G%,'-!%-(!1%+%-$*(*6!]+#&&%!+','!%-5&(5%)$(!
.'385$+(<!.%&'!1'!+','!#1(!+'1*$+$P1! -$1%!9#(!1'1!*%3!*%-(&&'33'!-'2

! RXQ!
+$(36! :'&.&%1*%! 3'! (+%&5(*'! *%! 3(! 0$.P5%-$-! *%! K3(o%! '<! (3! ,%1'-<! 3'!
.&PI$,(!9#%!%-54!(!3(-!$1G%-5$)(+$'1%-!*%!0$-5'&$(*'&%-!+','!D(5&$2
+$(!E&'1%6!71!-#!(&58+#3'!`=0%!5&$;%!(1*!50%!-5(5%a!uW(!5&$;#!/!%3!%-5(2
*'v!(B$&,(!9#%!3'-!*%-+#;&$,$%15'-!0%+0'-!%1!h%-'.'5(,$(!(.#15(1!
(!%-(!#1$P1!.&$,$)%1$(!%15&%!%3!7-5(*'!/!3'-!-%15$,$%15'-!&%3$)$'-'-6!
W'-!G81+#3'-!5&$;(3%-!$)#(3$5(&$'-!-%!.$%&*%1!*%;$*'!(!+(#-(-!-';&%1(2
5#&(3%-<!/!3(-!&%3(+$'1%-!B(,$3$(&%-!-%!&%$15%&.&%5(1!*%-*%!3'-!+%15&'-!
&%3$)$'-'-<!9#%!&%+0(d(1!3(!5&(*$+$P1!/!3(!-#-5$5#/%1!.'&!3(!%+'1',8(!
*%3!5%,.3'6!F-8!%-!+','!%3!-#&)$,$%15'!*%!3(!+(-5(!-(+%&*'5(3!+'133%G(!
3(!(.(&$+$P1!*%!3(!-'+$%*(*!*%!+3(-%-!/!*%3!7-5(*'6!F#19#%!3'-!$1*$+$'-!
.(&%+%1!(.'/(&!%-5(!0$.P5%-$-!5(,;$>1!*%,#%-5&(1!9#%!%3!7-5(*'!%-!
#1(!%-5&#+5#&(!+'15$1)%15%6!F#19#%!%1!3#)(&%-!+','!h%-'.'5(,$(!'!
(9#%33'-!9#%!+'1B'&,(1!3(!(+5#(3!E0$1(!%-5(!(.(&$+$P1!+'$1+$*%!+'1!3(!
5&(1-$+$P1! *%3! .%&$'*'! *%! +(d(*'&%-2&%+'3%+5'&%-! (3! *%! ()&$+#35'&%-<!
3(!()&$+#35#&(!1'!.&%+$-(!*%! #1! 7-5(*'! .(&(! *%-(&&'33(&-%6! i(/! ()&$2
+#35'&%-!.&$,$5$G'-<!.%&'!1'!%-5(*'-!.&$,$5$G'-6!
W(!%3%++$P1!*%3!,'*%3'!*$(;P3$+'!9#%!0(+%!K3(o%!G(!%1!%-5%!-%15$*'<!/!
%-!3(!,$-,(!9#%!0(+%1!3(!5&(*$+$P1!.#&$5(1(!$1)3%-(!'!3(-!0%&%[8(-!*%3!
7-.8&$5#!W$;&%6!W'-!(.P-5'3%-!(.(&%+%1!+','!%3!%[%,.3'!*%!-'+$%*(*!
+(&%15%!*%!$1-5$5#+$'1%-!+'%&+$5$G(-!/!9#%!G$G%!%1!+',#1$*(*!*%!;$%2
1%-6!j&%15%!(3!H$'-!$,.'-$5$G'!9#%!&%.&%-%15(!3(!W%/!/!3(!&%.&%-$P1<!-%!
(3d(!3(!B$)#&(!*%3!p%-C-!(,$)'!*%!,%1*$)'-!/!.&'-5$5#5(-6!j&%15%!(3!p%2
0'G4! *%! 3'-! [#*8'-<! (3! ^&$d%1! +'15(;3%<! -$%,.&%! %15&%5%1$*'! %1! %3!
+P,.#5'!*%!;$%1%-!/!,(3%-!*%!+(*(!(3,(!.(&(!*%5%&,$1(&!-#!3#)(&!%1!
3(!%5%&1$*(*<!E&$-5'!%1+(&1(!%3!&%;%3*%!9#%!*%-(B8(!3(-!+'1G%1+$'1%-6!
D'&!%-'!-#!G'd!%-!$1B%&1(3<!.'&9#%!`.(&(!%3!%-5(5$-5(!5'*'!3$;%&5(&$'!%-!
#1!*%,'1$'a!uD(3',(&%-<!VUURr!LSv6!
K3(o%!(-$,$3(!/!5&(1-B'&,(!3(!0%&%1+$(!*%!3(!*$-$*%1+$(!&%3$)$'-(!.(&(!
3%G(15(&! -#! -$-5%,(! -$,;P3$+'<! .'&! .'+'! -$-5%,45$+'! 9#%! -%(6! 71! >3<!
^&$d%1! &%.&%-%15(! 5(15'! %3! .'*%&! &(d'1(*'&! (;-5&(+5'! +','! %3!
%)'8-,'!;#&)#>-6!7-!%3!+'15(;3%<!%3!#-#&%&'!9#%![#-5$B$+(!3(!>5$+(!+(32
G$1$-5(!*%3!1#%G'!+(.$5(3$-,'!$1*#-5&$(36!W'-!.&'G%&;$'-!*%3!$1B$%&1'!
9#%!3%%,'-!%1!3(-!.3(1+0(-!-$%5%!(!*$%d!G(1!%1!-%15$*'!+'15&(&$'6!:$&2
G(1<!*%!%15&%!5'*'-<!%-5'-!+#(5&'!+','!%[%,.3'r!!

W'-!+(,$1'-!*%3!%I+%-'!+'1*#+%1!(3!.(3(+$'!*%!3(!-(;$*#&8(6!
73!(+5'!,4-!-#;3$,%!%-!.'1%&!(!'5&'!(15%!5$6!
W(!+$-5%&1(!+'15$%1%r!%3!,(1(15$(3!*%-;'&*(6!

RLU!!
W(!%I#;%&(1+$(!%-!;%33%d(6!
!
=0%!&'(*!'B!%I+%--!3%(*-!5'!50%!.(3(+%!'B!Å$-*',6!|!=0%!,'-5!-#;3$,%!
(+5!$-!5'!-%5!(1'50%&!;%B'&%!/'#6!|!=0%!+$-5%&1!+'15($1-r!50%!B'#15($1!
'G%&B3'Å-6!|!7I0#;%&(1+%!$-!;%(#5/6Ä!u7&*,(1!RQYYr!ST2SYv!

:$!;$%1!%-!+$%&5'!9#%!%3!.&$,%&'! /!%3!+#(&5'! *%!%-5'-!.&'G%&;$'-!-'1!


+$5(*'-!+'1!B&%+#%1+$(!.'&!-#!.'*%&!%G'+(*'&<!1'!-$%,.&%!-%!5$%1%!%1!
+#%15(!9#%!%1+$%&&(1!5'*(!#1(!5%'&8(!%+'1P,$+(!'.#%-5(!(3!.&$1+$.$'!
*%!#5$3$*(*6!71!+'15&(!*%!3(!(+#,#3(+$P1<!%3!*'1<!%3!';-%9#$'6!73!+(&4+2
5%&!B%-5$G'!*%!3(!*$3(.$*(+$P1!.&'.$+$(!3(!+&%(5$G$*(*!/!%3!+'1'+$,$%12
5'! *%! #1'! ,$-,'6! 71! 3#)(&! *%! #1(! %+'1',8(! *%! 3(! +'1+%15&(+$P1! ?
(#5$-5(!%1!5(15'!%1!+#(15'!&%$1G$%&5%!%3!%I+%*%15%!%1!-8!,$-,(?<!K3(2
o%!.&'.'1%!#1(!*%!3(!$1+'15$1%1+$(6!W(!.&$,%&(<!+','!>3!-'-.%+0(!/!
%3!5$%,.'!3'!0(!+'1B$&,(*'<!33%G(<!-$!1'!(!#1!(#,%15'<!+','!,81$,'!(!
#1(! .%&.%5#(+$P1! *%! 3(! *%-$)#(3*(*6! W(! -%)#1*(<! .'&! %3! +'15&(&$'<!
B#1*(&8(!#1!&>)$,%1!*%!)%1%&'-$*(*6!71!#1!-%15$*'!.(&5$+#3(&<!3(!.'2
-$+$P1!*%!K3(o%!%-!&%(++$'1(&$(6!W(!%+'1',8(!9#%!.3(15%(!%-54!%,.(2
&%15(*(!+'1!3'-!,'*'-!.&'.$'-!*%!3(!7*(*!h%*$(<!*#&(15%!3(!+#(3!3'-!
%I+%*%15%-!-%!3$;%&(1!(!5&(G>-!*%3!)(-5'!$1C5$3!*%!3(-!B$%-5(-<!*%3!5&(;(2
['!$1C5$3!*%!3(-!)&(1*%-!+'1-5&#++$'1%-!'!%1!%3!B(-5'!&%3$)$'-'6!H%!%-5%!
,'*'! -%! (-%)#&(! %3! )(-5'! )'d'-'! /! -%! %G$5(! #1(! (+#,#3(+$P1! 9#%!
5%&,$1(&8(! %+3'-$'1(1*'! %1! B'&,(! *%! )#%&&(6! 7-5(! %+'1',8(! ,%*$%2
G(3!5(,;$>1!&%)#3(!3(!';5%1+$P1!*%!;%1%B$+$'-!$3%)85$,'-!,%*$(15%!%3!
+',%&+$'! '! %1! 3(! +',.&(! *%! 5&(;(['<! (3! ,$-,'! 5$%,.'! 9#%! 3$,$5(! 3(!
#-#&(! /! +'1*%1(! (! ;(19#%&'-! /! .&%-5(,$-5(-6! 71! +#(39#$%&! +(-'<! %3!
0%+0'!*%!9#%!%I$-5(1!%I+%*%15%-!1'!-$)1$B$+(!9#%!3(!.';3(+$P1!)%1%2
&(3! *$-B&#5%! *%! %33'-<! 3(! *$-5&$;#+$P1! *%! 3(! &$9#%d(! G(! -$%,.&%! 0(+$(!
(&&$;(6!73!C1$+'!)'d'!.(&(!3'-!.3%;%/'-!%-54!%1!3(!B$%-5(6!
W(!\%B'&,(!&',.%!%-%!%9#$3$;&$'!.&%+(&$'!*%!3(!%+'1',8(!,%*$%G(36!
E(3G$1'! (.'&5(! 3(! [#-5$B$+(+$P1! ,'&(3! *%3! ;%1%B$+$'! /! 3(! %I.3'5(+$P1!
+'1!3(!B$)#&(!*%3!%3%)$*'!.'&!H$'-<!/!.&$G$3%)$(!#1(!>5$+(!*%!3(!#5$3$*(*6!
7-!(9#8!/!1'!%1!'5&'!3#)(&!*'1*%!-%!.&'*#+%!3(!*$G$-$P1!B#1*(,%15(3!
*%3!'++$*%15%!,'*%&1'6!D'&!#1!3(*'!-%!%1+#%15&(1!3'-!+(5P3$+'-!*$-2
.%1*$'-'-<! .'&! %3! '5&'! 3'-! .&'5%-5(15%-! (0'&&(*'&%-6! :'3'! 0(+%! B(35(!
,$&(&! #1! ,(.(! .(&(! +',.&';(&3'6! 73! 1'&5%! +(3G$1$-5(! %1+(&1(! 3(!
(#5>15$+(!,'*%&1$*(*<!3(!+#1(!/!%3!B#%&5%!*%!3(!;#&)#%-8(!+',%&+$(3!/!
;(1+(&$(<!,$%15&(-!9#%!%3!-#&!+(5P3$+'!?(!.%-(&!*%!3(-!;(1+(-!$5(3$(1(-!

! RLR!
&%1(+%15$-5(-?! %-! #1! &%,(1%15%! *%! 3(! -#;[%5$G$*(*! ,%*$%G(36! :';&%!
3(-!;(-%-!*%!3(!,'&(3!+(3G$1$-5(!/!3(-!$*%(-!3$;%&(3%-!*%!F*(,!:,$50!-%!
3%G(15(!%3!-$-5%,(!+(.$5(3$-5(!*%3!%)'8-,'<!%1!%3!9#%!+(*(!+#(3!;#-+(!
-#!.&'.$'!;%1%B$+$'!$1+3#-'!+#(1*'<!+','!-#%3%!'+#&&$&<!%-5%!-%(!.%&2
[#*$+$(3!.(&(!3'-!*%,4-6!F#19#%!%3!%-.8&$5#!*%3!+(.$5(3$-,'<! +','!3'!
33(,(!J%;%&<!-%!)%-5(!%1!3(!\%B'&,(<!1'!(3+(1d(!-#!.3%1'!*%-(&&'33'!
0(-5(!B$1(3%-!*%3!-$)3'! AmOOO<!+#(1*'<!-'-5%1$*'!.'&!%3!*%8-,'!/!%3!%,2
.$&$-,'! /! .&'.$+$(*'! .'&! %3! *%-(&&'33'! 5>+1$+'! /! +$%158B$+'<! -%! 3$;%&(!
*%!3'-!38,$5%-!9#%!3(!,'&(3!&%3$)$'-(!5&(*$+$'1(3!3%!$,.'18(6!
K3(o%! -'-.%+0(! 9#%! %I$-5%! #1(! &%3(+$P1! *$&%+5(! %15&%! 3'-! ,'*'-! *%!
.&'*#++$P1<!3(-!%I.&%-$'1%-!+#35#&(3%-!/!3(!-#;[%5$G$*(*6!F!%-%!1#%G'!
$1*$G$*#'! 9#%! -'-5$%1%! -';&%! -#-! %-.(3*(-! %3! *%-(&&'33'! *%! 3(! -'+$%2
*(*!$1*#-5&$(3!3%!33(,(!*%G'&(*'&<!.#%-5'!9#%!(+#,#3(!3'!9#%!.'*&8(!
&%.(&5$&-%<!,$%15&(-!9#%!%3!-#[%5'!.&'38B$+'!+&%(!/!&%.(&5%6!73!.&$,%&'!
%-! -'3$.-$-5(<! %3! -%)#1*'! &%+'1'+%! 9#%! %3! /'! %-! #1(! B$++$P16! :'1! 3'-!
&%-.%+5$G'-!0$['-!*%!^&$d%1!/!*%!W'-<!*%!3(!&(dP1!/!*%!3(!$,()$1(+$P1<!
*%3!38,$5%!/!*%!3'!$1B$1$5'<!*%!3(!3%/!/!*%!3(!5&(1-)&%-$P16!71!3(-!.3(12
+0(-!*$%+$->$-!/!*$%+$-$%5%!3%%,'-r!

F-8!9#%!#1(!.(&5%!*%3!-%&!%-!%3!.&'38B$+'<!/!'5&(!%-!%3!*%G'&(*'&r!(3!*%2
G'&(*'&!3%!.(&%+%!5%1%&!(3!.&'*#+5'&!%15&%!-#-!+(*%1(-<!.%&'!%-5'!1'!
%-!(-8!-$1'!9#%!-%!%1)(g(!(3!5',(&!3(!.(&5%!.'&!%3!5'*'6!
D%&'!%3!.&'38B$+'!*%[(&8(!*%!-%&3'!-$!%3!*%G'&(*'&<!+','!#1!,(&<!1'!&%2
+$;$%&(!%3!%I+%-'!*%!-#-!*%3$+$(-6!
F3)#1'-!.&%)#15(&41r!bN'!%-!-'3'!H$'-!%3!.&'38B$+'c!f'!&%-.'1*'r!H$'-!
-'3'!(+5C(!/!%-!%1!3'-!-%&%-!%I$-5%15%-!'!%1!3'-!0',;&%-6!
H%!%-5(-!*'-!+3(-%-!*%!0',;&%-!-$%,.&%!0(/!%1!3(!5$%&&(<!/!*%;$%&(1!
-%&! %1%,$)'-r! 9#$%19#$%&(! 9#%! $15%15%! &%+'1+$3$(&3'-! ;#-+(! *%-5&#$&!
3(!%I$-5%1+$(6!
W(!&%3$)$P1!%-!#1!%-B#%&d'!.'&!&%+'1+$3$(&!(!(,;'-6!
!
=0#-!'1%!.'&5$'1!'B!;%$1)!$-!50%!D&'3$B$+<!50%!'50%&!50%!H%G'#&$1)6!='!
50%!*%G'#&%&!$5!-%%,-!(-!$B!50%!.&'*#+%&!Å(-!$1!0$-!+0($1-k!;#5!$5!$-!1'5!
-'<!0%!'13/!5(o%-!.'&5$'1-!'B!%I$-5%1+%<!(1*!B(1+$%-!50(5!50%!Å0'3%6!|!
K#5! 50%! D&'3$B$+! Å'#3*! +%(-%! 5'! ;%! .&'3$B$+! #13%--! 50%! H%G'#&%&! (-! (!
-%(! &%+%$G%*! 50%! %I+%--! 'B! 0$-! *%3$)05-6! |! :',%! Å$33! -(/<! `O-! 1'5! @'*!
(3'1%!50%!D&'3$B$+ca!O!(1-Å%&r!`@'*!'13/!(+5-!(1*!$-!$1!%I$-5$1)!;%$1)-!
'&!,%16a!|!=0%-%!5Å'!+3(--%-!'B!,%1!(&%!(3Å(/-!#.'1!%(&50<!(1*!50%/!
-0'#3*!;%!%1%,$%-r!Å0'%G%&!5&$%-!5'!&%+'1+$3%!50%,!-%%o-!5'!*%-5&'/!
%I$-5%1+%6!|!\%3$)$'1!$-!(1!%1*%(G'#&!5'!&%+'1+$3%!50%!5Å'6Ä!u7&*,(1<!
RQYYr!ZUv!

RLV!!
7-5(! *$G$-$P1! %15&%! $1*$G$*#'-! .&'38B$+'-! /! *%G'&(*'&%-! (15$+$.(! 3'-!
*'-!,'*'-!*%!'&)(1$d(+$P1!0#,(1(!9#%! D$'5&! w&'.'5o$1!%I.'1%!%1!
-#! E$%1+$(! ,'*%&1(! /! (1(&9#$-,'<! *%! RQUR6! D'&! #1! 3(*'! %-5(&8(! 3(!
+'&&$%15%! 3$;%&5(&$(! B#1*(*(! -';&%! %3! (.'/'! ,#5#'! 9#%<! (#19#%! 1'!
-%(! #1(! 3%/<! 5$%1%! 3(! B#%&d(! *%! 3(! +'-5#,;&%6! D'&! %3! '5&'! 3(*'! -%! %12
+'15&(&8(! 3(! +'&&$%15%! %-5(5$-5(! '&)(1$d(*(! ;(['! 3(! B$)#&(! *%! #1! [%B%<!
#1!+0(,41!'!3(!(#5'&$*(*!9#%!B#%&(6!K3(o%!*%-+&$;%!5(,;$>1!3(!3#+0(!
*%!+3(-%-!+','!B#1*(,%15(3!%1!3(!%I$-5%1+$(!0#,(1(<!%1!5'*(!+$G$3$2
d(+$P1<! +','! 3'-! +'15&(&$'-! +#/(! '.'-$+$P1! *$(3>+5$+(! &%.&%-%15(! %1!
%3! 5%&&%1'! +#35#&(3! %3! ,$-,'! .(.%3! 9#%! 3(! 3#+0(! %15&%! 3(! &(dP1! /!
%1%&)8(!%1!%3!.3(1'!.-$+'3P)$+'6!"#%!&%$G$1*$9#%!%3!.(.%3!*%!3'-!-#[%2
5'-! .&'38B$+'-! 1'! -$)1$B$+(! 9#%! +'1*%1%! (! 3'-! *%G'&(*'&%-<! .'&9#%!
H$'-!5(,;$>1!%-54!%1!%33'-6!
73!.&';3%,(!-#&)%!+#(1*'!%-5'-!C35$,'-!-%!$,.'1%1!*%!B'&,(!G$'3%12
5(<!/(!-%(!.'&!,%*$'-!B8-$+'-!'!$*%'3P)$+'-<!-';&%!3'-!'5&'-6!7-!3'!9#%!
'+#&&%!+'1!3(!&%3$)$P1<!9#%!(.(&%+%!.(&(!,(15%1%&!%3!%9#$3$;&$'!%15&%!
(,;'-<!0(-5(!9#%!%3!-(+%&*'+$'!+&%(!3(!-'+$%*(*!*%!+3(-%-!/!.%&.%5C(!
3(!*%-$)#(3*(*!;(-(*(!%1!%3!.%1-(,$%15'!(;-5&(+5'!/!3(!&%.&%-$P1!*%!
3'-!$1-5$15'-!-%1-#(3%-6!F-8<!*%3!,$-,'!,'*'!%1!9#%!*%-*%!#1!3(*'!-%!
$,.'1%!%3!W')'-<!*%-*%!%3!'5&'!-%!.&',#%G%!%3!7&'-!/!%1+'15&(,'-!3(!
$*%(!;3(o%(1(!*%!3(!-(15(!$1-#&&%++$P1<!0%&%*%&(!*%!3(!$*%15$B$+(+$P1!
9#%! 0(+%1! 3'-! (*(,$5(-! ;'0%,$'-! *%3! -$)3'! Am! %15&%! +'1+#.$-+%1+$(!
,%15(3!/!B8-$+(<!/!9#%!%3%G(!(3!-%&!0#,(1'!+','!#1(!%-.%+$%!*%!*$G$2
1$*(*!,%1'&6!W(!+(-5$*(*!%-!#1!-$)1'!*%!0$.'+&%-8(<!.%&'!(*%,4-!*%!
-%&!$1,'&(3<!&%-#35(!.%3$)&'-(r!3(!+'15%1+$P1!*%!3(!-%1-#(3$*(*!.#%*%!
5%1%&!+'1-%+#%1+$(-!+(5(-5&PB$+(-<!-#;3$,(*(! %1! B'&,(!*%! +'1B3$+5'-!
'!$1+3#-'!)#%&&(-6!
K3(o%<!+','!:(*%<!(15$+$.(!3(-!5%-$-!B&%#*$(1(-6!:(*%!%I(35(!3(-!.(-$'2
1%-!/!3(!B'&,(!%1!3(!9#%! $*%15$B$+(! (! H$'-! /!3(!1(5#&(3%d(!+'1!%3!h(3!
&%+#%&*(!(!3'-!*$-+#&-'-!*%!3'-!&(15%&-6!=(,;$>1!K3(o%!0(;3(!*%3!H$'-!
.(*&%!+','!#1!-%&!+&#%3!/!,(3G(*'<!(3!+'15&(&$'!9#%!-#!0$['<!9#%!%-!3(!
%1+(&1(+$P1! *%3! (,'&6! =(15'! 3'-! &(15%&-<! :(*%! /! K3(o%! .3(15%(1! #1!
-$-5%,(!*#(3$-5(!%1!%3!9#%!-%!%1B&%15(1!3(-!.(-$'1%-!/!3(!,'&(3!'<!+'2
,'! *$+%1! 3'-! +81$+'-! ,#+0'! (15%-<! %15&%! 3'! .&'.$'! /! 3'! ([%1'<! %15&%!
.0/-$-!/!1','-6!71!3'-!5&%-!+(-'-!%-%!%1B&%15(,$%15'!+#3,$1(!%1!#1(!
.'-5#&(!0%&>5$+(<!%1!#1(!*%B%1-(!*%!3(!-%1-#(3$*(*!/!*%!3(!-#;G%&-$P1!

! RLS!
*%! 3(! 3%/6! :%I'<! &%3$)$P1<! %+'1',8(! /! .'385$+(! %-541! %15&%3(d(*'-! *%!
B'&,(!815$,(6!

OOO!

D'*%,'-! +'1-$*%&(&! 73! ,(5&$,'1$'! +','! 3(! -#,(! 5%P&$+(! *%! K3(o%<!
+','!#1!.&')&(,(!9#%!$&4!*%-(&&'33(1*'!+'1!+(*(!1#%G'!.'%,(<!.%2
&'!3(!,(/'&8(!*%!3'-!5%,(-!/(!(.(&%+%1!%1!3(-!E(1+$'1%-!*%!$1'+%1+$(!
/!*%!%I.%&$%1+$(6!7-5'-!.'%,(-!*%!RLYQ!/!RLQZ!5$%1%1!#1!%-5$3'!,#2
+0'!,4-!-%1+$33'!9#%!%3!9#%!%1+'15&(,'-!%1!3'-!3$;&'-!.&'B>5$+'-<!/(!
9#%!%1!%33'-!1'!%-54!.&%-%15%!3(!,$5'3')8(!.%&-'1(3!*%3!.'%5(6!D'&!%-2
5(! &(dP1<! #1$*(! (! -#! ;&%G%*(*<! -#%3%1! $1+3#$&-%! %1! 3(-! (15'3')8(-! *%!
3'-!.'%5(-!&',415$+'-!$1)3%-%-<!(!.%-(&!*%!3'!.&';3%,45$+'!9#%!&%-#32
5(! +'1-$*%&(&! (! K3(o%! +','! #1'! *%! %33'-6! FC1! (-8<! .'%,(-! +','! 73!
1%)&$5'<! p#%G%-!-(15'!'! 73!*%-0'33$1(*'&!-'1!$1*$+(5$G'-!*%!3'!.&%+'d!
*%!-#!.&%'+#.(+$P1!-'+$(36!W(!.&$,%&(!%-5&'B(!*%!73!1%)&$5'!u=0%!3$553%!
;3(+o!;'/v!*$+%r!!
h$!,(*&%!,%!.(&$P!%1!%3!-#&!-(3G([%!
/!-'/!1%)&'<!.%&'!Ö'0Ü!,$!(3,(!%-!;3(1+(6!
K3(1+'!+','!#1!41)%3!%-!%3!1$g'!$1)3>-<!
.%&'!/'!-'/!1%)&'!+','!*%-.'[(*'!*%!3#d6!
!
h/!,'50%&!;'&%!,%!$1!50%!-'#50%&1!Å$3*<!|!F1*!O!(,!;3(+o<!;#5!]Ü!,/!
-'#3!$-!J0$5%k!|!J0$5%!(-!(1!(1)%3!$-!50%!71)3$-0!+0$3*r!|!K#5!O!(,!;3(+o!
(-!$B!;%&%(Gz*!'B!3$)056Ä!u7&*,(1!RQYYr!Qv!

7-5'-!+#(5&'!G%&-'-!&%-#,%1!#1!(3%)(5'!(15$&&(+$-5(<!(3!$)#(3(&!%3!(32
,(!*%!#1!1$g'!1%)&'!(!3(!*%!#1!1$g'!;3(1+'6!N'!'3G$*%,'-!9#%!3(!$12
*#-5&$(! ,4-! $,.'&5(15%! %1! 5$%,.'-! *%3! $1+$.$%15%! +(.$5(3$-,'! %-! 3(!
5%I5$3<!+#/(!.&$1+$.(3!,(5%&$(!.&$,(!%-!%3!(3)'*P16!"#$%1%-!3'!.3(15(1!
/!&%+')%1!-'1!%-+3(G'-!1%)&'-6!N'!%I5&(g(!%15'1+%-!9#%<!(3!&%B%&$&-%!
(!3(!'-+#&$*(*!*%!-#!.$%3<!K3(o%!%,.3%%!#1!5>&,$1'!+','!`;%&%(G%*a<!
9#%!0(+%!&%B%&%1+$(!5(15'!(!3(!.&$G(+$P1!+','!(3!3#5'6!h$%15&(-!%3!1$2
g'!$1)3>-!*$-B&#5(!*%!-#!3$;%&5(*<!%3!1%)&'!%-54!+'1*%1(*'!(!G$G$&!+'2
,'!%-+3(G'!.'&!%3!-$,.3%!0%+0'!*%!5%1%&!'5&'!+'3'&!*%!.$%36!h4-!(*%2
3(15%!%1!%3!.'%,(!-%!(3#*%!(!9#%!3(!.$%3!'-+#&(!%-54!.&%.(&(*(!.(&(!
()#(15(&!3'-!`&(/'-!*%!(,'&a!u;%(,-!'B!3'G%v!/!%3!+(3'&!*%3!(,'&!*$2

RLZ!!
G$1'6! 7-'! .%&,$5%! (3! 1$g'! 1%)&'! &%-)#(&*(&! (3! $1)3>-<! +','! 0(+%! (3!
B$1(3!*%3!.'%,(r!

W%!.&'5%)%&>!*%3!+(3'&!0(-5(!9#%!.#%*(!-'.'&5(&3'<!
/!-%!$1+3$1%!*$+0'-'!-';&%!3(!&'*$33(!*%!1#%-5&'!.(*&%6!
f!%15'1+%-!,%!3%G(15(&>!/!3%!(+(&$+$(&>!%3!.%3'!.3(5%(*'<!
/!-%&>!+','!>3!/!>3!,%!(,(&46!
!
O33!-$+Ä!-0(*%!0$,!B&',!50%!0%(5!5$33!0%!+(1!;%(&<!|!='!3%(1!$1!['/!#.'1!
'#&!B(50%&-!o1%%6!|!F1*!50%1!Oz33!-5(1*!(1*!-5&'o%!0$-!-$3G%&!0($&<!|!F1*!
;%!3$o%!0$,!(1*!0%!Å$33!50%1!3'G%!,%6Ä!u$;8*6v!

"#$d4! 3(-! (3#-$'1%-! (3! +(&4+5%&! .&'5%+5'&! /! (! 3(! %1-%g(1d(! *%3! 1$g'!
1%)&'!(3!$1)3>-!%-5>!$1B3#%1+$(*(!.'&!3(!5%'&8(!-Å%*%1;'&)$(1(!*%!9#%!
3(!1#%G(!$)3%-$(!G%1*&4!*%!qB&$+(<!.%&'!3'!9#%!-8!%-!%G$*%15%!%-!9#%!3(-!
*$B%&%1+$(-!%15&%!(,;(-!+&$(5#&(-!-'1!-'3'-!%-5>5$+(-<!/!9#%!-#-!(3,(-!
-'1!$*>15$+(-6!73!.'%,(!%-!#1(!*%-3%)$5$,(+$P1!*%3!&(+$-,'!;$'3P)$+'!
9#%!-#-5%15(!3(-!;(-%-!*%3!1#%G'!+(.$5(3$-,'6!
^1! (5(9#%! -$,$3(&! +'15&(! 3(! %I.3'5(+$P1! +(.$5(3$-5(! %-! %3! 9#%! %1+'12
5&(,'-!%1!3'-!*'-!.'%,(-!5$5#3(*'-!p#%G%-!-(15'6!^1(!G%d!,4-<!3(!,$2
-%&$(!(.(&%+%!%1+(&1(*(!%1!3'-!1$g'-<!9#%!-';&%G$G%1!(!*#&(-!.%1(-!(!
3(! G$*(! $1*#-5&$(36! =%1)(,'-! %1! +#%15(! #1! *%5(33%! $,.'&5(15%r! %3!
+(,;$'! %1! 3(! .%&+%.+$P1! *%3! 5$%,.'! (-'+$(*'! (3! 1#%G'! -$-5%,(! *%!
.&'*#++$P16!:$!(15%-!%&(!3(!&%3$)$P1!3(!9#%!,(&+(;(!3'-!5$%,.'-!/!&%2
)#3(;(! 3'-! +$+3'-! *%! 5&(;(['! /! '+$'! (! 5&(G>-! *%! 3(-! B$%-5(-<! (0'&(! 3'!
0(+%!%3!0'&(&$'!*%!3(!B4;&$+(6!F!5(15(-!0'&(-!*%!5&(;(['!+'&&%-.'1*%1!
5(15(-!*%!*%-+(1-'6!73!5&(;(['!-%!+'1G$%&5%!%1!#1(!1#%G(!&%3$)$P1!&(2
+$'1(3$-5(!*%3!5$%,.'!.&'*#+5$G'!/!%3!.&')&%-'!5%+1'3P)$+'!&%-#,$*(<!
%1!3(!+>3%;&%!B&(-%!*%!K%1[(,$1!j&(1o3$1!`%3!5$%,.'!%-!'&'a6!
73!5&(;(['!$1B(15$3!%-!#1(!+'1-5(15%<! .%&'!5(,;$>1! -#!.';&%d(6! 71! %3!
p#%G%-!-(15'!*%!3(-!E(1+$'1%-!*%!O1'+%1+$(!G%,'-!(!,$33(&%-!*%!1$g'-!
9#%!-%!*$&$)%1!(!3(!+(5%*&(3!*%!:(1!D(;3'!(!+(15(&<!)#$(*'-!.'&!#1'-!
-(+&$-5(1%-!*%!+(;%33'-!)&$-%-!9#%!3%-!,(&+(1!%3!+(,$1'!+'1!#1(-!G(2
&(-! ;3(1+(-! %1! 3(-! 9#%! D()3$(! uRQQRr! VLRv! G%! #1! 3(G(*'! *%! +%&%;&'!
-%I#(3<!3(!$15&'*#++$P1!*%3!,#1*'!*%!3'-!(*#35'-!%1!%3!*%!3(!$1B(1+$(6!
7-!*%+$&<!-#!*%-G$5(3$d(+$P16!F#19#%!.'*%,'-!*#*(&!*%!%-(!$15%&.&%2
5(+$P1!-%I#(3<!3'!9#%!%-!%G$*%15%!%-!9#%!-%!5&(5(!*%!#1(!$,.'-$+$P1!*%!

! RLT!
3(!&%(3$*(*!(*#35(!-';&%!3(!$1B(15$3<!+','!*%,#%-5&(!%3!0%+0'!*%!9#%!
#1'-!-(+&$-5(1%- RS!3'-!33%G%1!(!#1(!+(5%*&(3<!9#%!%-!#1!-8,;'3'!*%!3(!
W%/6! 73! .'%,(! *%3! ,$-,'! 585#3'! *%! 3(-! E(1+$'1%-! *%! %I.%&$%1+$(! %-!
,#+0'!,4-!%I.38+$5'!%1!-#!*%-+&$.+$P1!*%!3(-!.%1#&$(-!$1B(15$3%-r!

b7-!(3)'!-(15'!*%!G%&!
%1!#1(!5$%&&(!&$+(!/!.&'*#+5$G(<!
(!3(-!+&$(5#&(-!&%*#+$*(-!(!3(!,$-%&$(<!
(3$,%15(*(-!.'&!,(1'-!B&8(-!/!#-#&%&(-c!
!
utv!
!
f!-#-!+(,$1'-!%-541!33%1'-!*%!%-.$1(-6!
F338!-$%,.&%!%-!$1G$%&1'6!
!
O-!50$-!(!0'3/!50$1)!5'!-%%<!|!O1!(!&$+0!(1*!B&#$5B#3!3(1*<!|!K(;%-!&%*#+*!
-$+Ä! 5'! ,$-%&/<! |! j%*! Å$50! +'3*! (1*! #-#&'#-! 0(1*c! |! utv! F1*! 50%$&!
Å(/-! (&%! B$33z*! Å$50! 50'&1-6! |! O5! $-! %5%&1(3! J$15%&! 50%&%6Ä! u7&*,(1!
RQYYr!RQv!

73!+'15%I5'!-'+$(3!%,.#[(!(3!0(,;&%!(!,$3%-!*%!1$g'-<!$1+3#-'!+#(1*'!
3(!1(+$P1!5$%1%!&%+#&-'-!-#B$+$%15%-!.(&(!%G$5(&3(6!\%+'&*%,'-!9#%!%3!
O,.%&$'!K&$541$+'!-%!%1+#%15&(!%1!#1'!*%!-#-!.#15'-!43)$*'-!)&(+$(-!
(3!+',%&+$'!*%!%-+3(G'-!/!3(!&4.$*(!$1*#-5&$(3$d(+$P16!FC1!(-8<!3(!)%15%!
,#%&%! *%! 0(,;&%! /! *%! B&8'! (! +(#-(! *%! 3(-! +'1*$+$'1%-! 3%'1$1(-! *%!
5&(;(['!/!3(!>5$+(!*%3!%)'8-,'!)%1%&(3$d(*(6!71!3(!-%)#1*(!G%&-$P1!*%!
73!*%-0'33$1(*'&!3(!$,()%1!%-!/(!.&'.$(!*%!#1(!1'G%3(!*%!H$+o%1-r!
Ö^1(!+'-$5(!1%)&(!%15&%!3(!1$%G%!
9#%!33'&(!#1!33(15'<!33(15'!*%!+'1)'[(Ü!
bHP1*%!%-541!5#!.(*&%!/!5#!,(*&%c!H$,%6!
W'-!*'-!0(1!$*'!(!&%d(&!(!3(!$)3%-$(6!
D'&9#%!/'!%&(!B%3$d!%15&%!3'-!;&%d'-<!
/!-'1&%8(!%1!3(!1$%G%!*%3!$1G$%&1'<!
,%!G$-5$%&'1!+'1!3(-!&'.(-!*%!3(!,#%&5%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RS!F#19#%!5(15'! D(;3'!h(g>! %1!3(! %*$+$P1!;$3$1)n%!*%!3(! D'%-8(!+',.3%5(!*%!7*$2
+$'1%-!VQ!+','!p'->!W#8-!E(&(,>-!/!:(15$()'!@'1d43%d!%1!E(1+$'1%-!*%!O1'+%1+$(!/!
*%!%I.%&$%1+$(!*%!E45%*&(!5&(*#+%1!`;%(*3%-a!.'&!`;%*%3%-a<!+&%'!9#%!%3!+'15%I5'!
&%3$)$'-'!0(+%!.&%B%&$;3%!%3!5>&,$1'!`-(+&$-541a<!/(!9#%!0(+%!&%B%&%1+$(!(!#1!.#%-5'!
%-.%+8B$+'!*%15&'!*%!3(!$)3%-$(!(1)3$+(1(<!/!%-(!%-!3(!*%B$1$+$P1!9#%!&%+')%!%3!*$++$'2
1(&$'!E'33$1-6!
RLX!!
/!,%!%1-%g(&'1!(!+(15(&!3(-!1'5(-!*%3!*'3'&6!
f!.'&9#%!-'/!B%3$d!/!;($3'!/!+(15'<!
.$%1-(1!9#%!1'!,%!0(1!0%+0'!1$1)C1!*(g'k!
/!0(1!$*'!(!&%d(&3%!(!H$'-!/!(!-#!-(+%&*'5%!/!(!-#!&%/!
9#%!0(1!0%+0'!#1!+$%3'!*%!1#%-5&(!,$-%&$(6!
!
F!3$553%!;3(+o!50$1)!(,'1)!50%!-1'År!|!E&/$1)!Å%%.<!Å%%.<!$1!1'5%-!'B!
Å'%Ü!|!J0%&%!(&%!50/!B(50%&!â!,'50%&c!-(/c!|!=0%/!(&%!;'50!)'1%!#.!
5'!50%!+0#&+0!5'!.&(/6!|!K%+(#-%!O!Å(-!0(../!#.'1!50%!0%(50<!|!F1*!
-,$3z*! (,'1)! 50%! J$15%&! -1'År! |=0%/! +3'50%*! ,%! $1! 50%! +3'50%-! 'B!
*%(50<!|F1*!5'#)05!,%!5'!-$1)!50%!1'5%-!'B!Å'%6!|!F1*!;%+(#-%!O!(,!
0(../<!â!*(1+%!â!-$1)<!|! =0%/!50$1o!50%!0(G%! ,(*%!,%! 1'! $1[#&/r!|!
F1*! (&%! )'1%! 5'! .&($-%! @'*! â! 0$-! D&$%-5! â! w$1)! |! J0'! ,(o%! #.! (!
0%(G%1!'B!'#&!,$-%&/6Ä!u$;8*6r!VSv!

^1(!+&$(5#&(!-%!3(,%15(!-'3(<!G%-5$*(!*%!0(&(.'-!/!+#;$%&5(!*%!0'3381!
,$%15&(-!-#-!.(*&%-!&%d(1!%1!3(!$)3%-$(6!i(1!+(,;$(*'!%3!+(,.'!.'&!
3(!+$#*(*!%1!;#-+(!*%!#1(!G$*(!,%['&!.%&'!1'!3(!0(1!%1+'15&(*'6!:$1!
%,;(&)'<!%3!0%+0'!*%!9#%!%3!+0$9#$33'!?'!+0$9#$33(?!1'!*%[%!+(15(&!/!
;($3(&!3%-!0(+%!+&%%&!9#%!%3!+(,;$'!1'!0(!-$*'!.%&[#*$+$(36!W(!G'd!.'>2
5$+(!(.#15(!%1!%3!-%15$*'!+'15&(&$'r!1'!0(!.%&*$*'!*%3!5'*'!3(!$1'+%12
+$(!*%!3(!$1B(1+$(<!.%&'!-(;%!9#%!H$'-<!3(!$)3%-$(!/!%3!&%/!-'1!3'-!+#3.(2
;3%-!*%!-#!*%-*$+0(6!:'1!3(!3%/!/!%3!'&*%1!-'+$(3!9#$%1%-!.&'G'+(1!9#%!
#1'-!*$-B&#5%1!5'*(-!3(-!&$9#%d(-!/!-#15#'-$*(*%-!*%3!$,.%&$'!,$%12
5&(-!'5&'-!1'!5$%1%1!9#>!33%G(&-%!(!3(!;'+(6!=(,;$>1!-'1!+#3.(;3%-!*%!
9#%!3'-!1$g'-!%-5>1!';3$)(*'-!(!;#-+(&!5&(;(['-!9#%!.'1%1!%1!.%3$)&'!
-#!-(3#*<!+','!*%-0'33$1(*'&%-<!,$1%&'-!'!5&(;([(*'&%-!B(;&$3%-<!.(2
&(!.'*%&!-';&%G$G$&6!W(!$1'+%1+$(!$1B(15$3!-%!G%!'.&$,$*(!.'&!3(!%I.%2
&$%1+$(!*%!3'-!(*#35'-<!9#%!3%-!$1+#3+(1!#1(-!+&%%1+$(-!9#%!';-5(+#3$2
d(1!-#!%1%&)8(6!
7-(!5&(1-$+$P1!%15&%!3(!$1'+%1+$(!/!3(!%I.%&$%1+$(!%-!%3!5%,(!.&$1+$.(3!
*%! 73! 3$;&'! *%! =0%3! u7&*,(1! RQYYr! S2Xv<! *%! RLYQ<! 9#%! 3'-! %I.%&5'-!
+','!H(,'1!+'1-$*%&(1!#1(!&%-.#%-5(!(3! E',#-!*%!h$35'16!=0%3!%-!
3(!,4-!['G%1!0$[(!*%!3(!-%g'&(!:%&(.0$,<!/!G$G%!%1!%3!G(33%!*%!i(&6!p#12
5'!(3!&8'!F*'1(!-%!3(,%15(!*%!9#%!3(!,(g(1(!*%[(&4!.(-'!(3!*8(!/!%-%!
*8(!(+(;(&46!H%!B'&,(!-$,;P3$+(<!%I.&%-(!%3!5%,'&!9#%!3%!.&'G'+(1!%3!
+(,;$'<!3(!,(*#&(+$P1!/!3(!,#%&5%6!D'&!%-'!$15%&&')(!(!9#$%1%-!0(;$2
5(1!%1!%3!G(33%6!D&$,%&'!.&%)#15(!(3!3$&$'!*%3!G(33%<!*%-.#>-!(!3(!1#;%!/!
.'&! C35$,'! (3! 5%&&P1! *%! (&+$33(! +'1! -#! )#-(1'6! 733(! %-54! *$-.#%-5(! (!
5#,;(&-%!`/!*'&,$&!%3!*#3+%!-#%g'! *%!3(! ,#%&5%a! u(1*!)%153%!-3%%.!

! RLL!
50%! -3%%.! 'B! *%(50v<! .%&'! 3(! B3'&%+$33(! 3%! *$+%! 9#%! 1'! 5$%1%! ,'5$G'-<!
.#%-!$1+3#-'!%33(<!9#%!%-!5(1!.%9#%g(!9#%!-%!+'1B#1*%!+'1!3'-!0$%&;(2
['-<!&%+$;%!3'-!*'1%-!*%3!+$%3'!/!3(!3#d!*%3!-'36!F!3'!9#%!=0%3!+'15%-5(!
9#%! 3(! B3'&! .%&B#,(! /! .#&$B$+(! 3(! ,$%3! /! (3%)&(! (3! +'&*%&'! /! 3(! G(+(!
,$%15&(-!.(+%1<!.%&'!9#%!%33(!1'!-(;%!+#43!%-!-#!3#)(&6!73!3$&$'!33(,(!(!
3(!1#;%!.(&(!9#%!0(;3%!+'1!3(! ,#+0(+0(<!9#$%1!3%!.&%)#15(!-$!1'!-%!
9#%[(!(3!1'!.'*%&!,(15%1%&!-#!B'&,(!*#&(15%!,#+0'!5$%,.'6!W(!1#2
;%!3%!&%-.'1*%!9#%!-#!0#,%*(*!-(+$(!(!3'-!+'&+%3%-!*%!W#G(0!+'1G%&2
5$*(!%1!(&&'/'<!/!9#%!&%G$G%!+','!&'+8'!(!3(-!B3'&%-!*%!3'-!G(33%-6!`N(2
*(!.%&,(1%+%a!uN'50$1)!&%,($1-v6!=0%3!1'!(3$,%15(!1(*(<!-%!3$,$5(!(!
';-%&G(&!/!*$-B&#5(&!*%3!(&',(!B3'&(36!D(-(!.'&!%3!,#1*'!-$1!.&'*#+$&!
/!%-'!3%!.&%'+#.(k!5%,%!(3$,%15(&!-'3'!(!3'-!)#-(1'-6!W(!1#;%!3%!&%2
.3$+(!9#%!%-%!%-!#1!)&(1!0'1'&<!9#%!`1(*(!*%!3'!9#%!G$G%!3'!0(+%!-'3'<!
1$!.'&!-8!,$-,'a!u%G%&/!50$1)!50(5!3$G%-<!|!3$G%-!1'5!(3'1%<!1'5!B'&!$52
-%3Bv6!715'1+%-!33(,(!(3!)#-(1'<!9#%!-%!(.'/(!%1!%3!3$&$'6!E','!33'&(<!
#1!5%&&P1!*%!(&+$33(!3%!.&'5%)%6!7-!3(!(&+$33(!9#$%1!-%!*$&$)%!(!3(!['G%1!/!
3%!*$+%!9#%!$1+3#-'!%33(<!+#/'!-%1'!%-!B&8'!/!B&4)$3<!G$G%!/!(,(!/!&%+$;%!
%3!(,'&!*%!9#$%1!(,(!3(-!+'-(-!0#,$3*%-6!715'1+%-!3(!$1G$5(!(!%15&(&!
%1!-#!+(-(<!/!=0%3!(++%*%!;(['!5$%&&(!(!5&(G>-!*%!3(-!.#%&5(-!*%3!1'&5%6!
F338!'/%!3(-!G'+%-!*%!3(!5$%&&(!/!*%!3'-!,#%&5'-!9#%!-%!(;&%1!.(-'!%12
5&%!3(-!&(8+%-<!0(-5(!33%)(&!(!-#!.&'.$(!5#,;(!/!(338!-%!-$%15(6!]/%!#1(!
G'd! 9#%! -#&)%! *%3! -%.#3+&'! /! 3(-! .&%)#15(-! +(&)(*(-! *%! *'3'&! 9#%!
B'&,#3(6!715'1+%-<!%-.(15(*(<!-%!3%G(15(!/!+'&&%!*%!G#%35(!(!3'-!G(33%-!
*%!i(&6!
W(! 3%+5#&(! ,4-! ';G$(! *%3! .'%,(! ?9#%! %-! %3! .&$,%&'! *%! 3'-! 5%I5'-!
.&'B>5$+'-!*%!K3(o%?!$,.3$+(!$15%&.&%5(&3'!+','!%3!.(-'!(!3(!,(*#&%d!
/!%3!5%,'&!9#%!%-5'!.&'G'+(!%1!3(!['G%1!=0%3<!+#/'!1',;&%!-$)1$B$+(!
`*%-%'a!%1!)&$%)'6!73!G(33%!*%!i(&!&%.&%-%15(&8(!%3!%-5(*$'!*%3!(,'&!
0(+$(!-8!,$-,(!.&'.$'!*%!3(!$1B(1+$(<!9#%!%-!$1+(.(d!*%!G%&!,4-!(334!
*%!-#!.&'.$(!%I$-5%1+$(6!73!3$&$'!&%.&%-%15(!-#!$1'+%1+$(!/<!+'1!%33(<!3(!
%-+(-(! $,.'&5(1+$(! *%! #1(! G$*(! +%15&(*(! %1! #1'! ,$-,'6! W(! 1#;%!
-$,;'3$d(!%3!.'*%&!B%+#1*(*'&!,(-+#3$1'!9#%!3%!%1-%g(!(!,$&(&!0(+$(!
-#!%I5%&$'&!/!9#%!3(!G$*(!-'3'! %-!B>&5$3!-$! -%!G$G%! 0(+$(! 3'-! *%,4-6!W(!
(&+$33(!+'1!%3!)#-(1'!%1+(&1(1!(!3(!,(*&%!/!-#!0$['<!/!%3!+'1'+$,$%15'!
*%! 9#%! 3(! G$*(! 1'! (+(;(! %1! 3(! ,#%&5%<! -$1'! 9#%! .%&*#&(! %1! 1#%-5&(!
*%-+%1*%1+$(6! W'-! 5&%-![#15'-! -$,;'3$d(1! %3! *%-.%&5(&! *%! 3(! -%I#(3$2
*(*!/!*%!3(!,(5%&1$*(*6!i(-5(!(9#8!%3!.'%,(!%-!;(-5(15%!+3(&'6!!

RLY!!
73!.&';3%,(!-#&)%!%1!3(!+#(&5(!/!C35$,(!.(&5%<!+'1!%3!*%-+%1-'!(3!$12
B&(,#1*'! /! 3(! 0#$*(! *%! =0%3! 0(+$(! -#! 3#)(&! *%! '&$)%16! D'&! #1! 3(*'!
.#%*%!&%.&%-%15(&!%3!,$5'! ()&(&$'!*%!D%&->B'1%6!E'1'+$*(!(15%-!+'2
,'!E'&%<!0$[(!*%!H%,>5%&! /!Ñ%#-<! -%! +'1G$%&5%! %1!3(! &%$1(! *%3!$1B&(2
,#1*'!+#(1*'!i(*%-!3(!-%+#%-5&(!/!3(!G$'3(6!E'&%<!D%&->B'1%!/!i>+(5%!
B'&,(1!#1(!*$'-(!5&$.3%!*%!3(!()&$+#35#&(<!/!&%.&%-%15(1!%3!)&(1'!G%&2
*%<! 3(! %-.$)(! ,(*#&(! /! %3! )&(1'! +'-%+0(*'<! &%-.%+5$G(,%15%6! F0'&(!
;$%1<!%-!-(;$*'!%3!*%-.&%+$'!,(1$B$%-5'!9#%!-$%15%!K3(o%!0(+$(!3(!+#32
5#&(!+34-$+(6!F!%-'!*%;%,'-!-#,(&!%3!0%+0'!*%!9#%!$*%15$B$+(&!(!=0%3!
+'1!E'&%!/!9#$d4!+'1!D%&->B'1%!&',.%!3(!5&8(*(<!(3!G'3G%&!(3!$1$+$'!%1!
3#)(&! *%! +'1G%&5$&-%! %1! i>+(5%6! D'&! '5&'! 3(*'<! H(,'1! uRQYYr! ZURv!
.&'.'1%!*'-!-'3#+$'1%-6!W(!.&$,%&(!%-!9#%!%-5(!&%)&%-$P1!.#%*%!-%2
g(3(&!3(!&%.#3-(!*%!3(! ,#+0(+0(!0(+$(! 3(!+(&1%<! .%&'!%3!-%1-#(3$-,'!
3$;%&5(&$'!*%!K3(o%!0(+%!%-(!3%+5#&(!.'+'!.&';(;3%6!W(!-%)#1*(!+'12
-$-5%!%1!$15%&.&%5(&!%3!.'%,(!1'!+','!#1(!.(&4;'3(!-';&%!%3!*%-.%&2
5(&!-%I#(3<!-$1'!+','!3(!%1+(&1(+$P1!*%!#1!(3,(!%1!%3!+#%&.'6!71!%-%!
-%15$*'<!%3!.'%,(!-%&8(!#1!0',%1([%! (!3(!0$[(!.%&*$*(! *%3! ,(5&$,'2
1$'6!D&'.'1%!9#%!E(50%&$1%!0(;&8(!*(*'!(!3#d! (!#1(!1$g(!,#%&5(6!73!
.%&-'1([%!*%!=0%3!1'!G#%3G%!(!(.(&%+%&!%1!1$1)C1!'5&'!5%I5'<!3'!9#%!
.(&%+%!(.'/(&!%-(!5%'&8(6!F!%-5%!0%+0'!0(/!9#%!-#,(&!3(!*%-+&$.+$P1!
*%!#1!(;'&5'!9#%!%1+'15&(,'-!%1!p%&#-(3>1r!

^1!G%-5$*'!/!#1(!+#1(!5%[$*'-!.(&(!%3!5%&&'&!$1B(15$3k!
.'&!,$%*'!(!5&(-.(-(&!3(!.#%&5(!*%!1#%-5&'!,#1*'!*%!+&#%3%-!
3(,%15'-<!G'3P!*%!G#%35(!/!-%!%-+'1*$P!%1!3(!-(3G([%!'-+#&$*(*!*%!3(-!
1'2%15$*(*%-!
*'1*%!0(;$5(!%3!%-.%+5&'!*%!F3;$P1<!*%-5&#+5'&!*%!3(!B'&,(!*%B$1$*(6!
!
F!@(&,%15!(1*!E&(*3%!Å%(G$1)!B'&!50%!$1B(15$1%!=%&&'&r!|!j'&!B%(&k!(5!
%15%&$1)!50%!)(5%!$15'!50%!J'&3*!'B!+&#%3!|!W(,%15(5$'1r!$5!B3%%!;(+o!â!
0$*%!$1!N'12715$5/-! -$+Ä!*(&o!Å$3*!|!J0%&%!*Å%33-!50%!:.%+5&%!'B!F32
;$'1r!*%-5&'/%&!'B!H%B$1$5%!j'&,6Ä!u7&*,(1!RQYYr!VUXv!

7-5%!.(-([%!&%-#35(!&%G%3(*'&!/!.#%*%!.&'.'&+$'1(&!3(!+3(G%!*%3!B$1(3!
*%! 73!3$;&'!*%!=0%3r!(3!&%+'1'+%&!3'-!.%3$)&'-!/!3'-!*'3'&%-!*%!3(!%I$-2
5%1+$(!B8-$+(<!%3!(3,(!*%!3(!1$g(!0(;&8(!*%+$*$*'!G'3G%&!(!3(!1'!%I$-5%12
+$(6! H%-*%! 3#%)'<! %-5(! $15%&.&%5(+$P1! &%-#35(! ,4-! +'0%&%15%! +'1! %3!
.%1-(,$%15'!;3(o%(1'!9#%!3(!*%!#1(!+0$9#$33(!9#%!-%!%-.(15(!*%!-#-!
*%-%'-!-%I#(3%-6!

! RLQ!
=(,;$>1! (.'/(! %-5(! 0$.P5%-$-! -#! +'15$1#(+$P1! 5%P&$+(<! m$-$'1%-! *%!
3(-!0$[(-!*%!F3;$P1<!%3!'['!G%!,4-!*%!3'!9#%!%3!+'&(dP1!-(;%<!*%!RLQS6!
73!.'%,(!+#%15(!+P,'!3(!['G%1!]'50''1!&%+')%!B3'&%-!.(&(!.(3$(&!%3!
*'3'&! 9#%! -#B&%! [#15'! (! -#-! 0%&,(1(-! %-+3(G$d(*(-<! ,$%15&(-! ,$&(!
(10%3(15%!0(+$(!F,>&$+( RZ6!:%! *$&$)%!(! G%&!(! -#!(,(*'!=0%'5'&,'1<!
.%&'! %1! %3! +(,$1'! 3(! G$'3(! K&',$'16! E','! +'1-%+#%1+$(<! ]'50''1!
9#%*(! %,;(&(d(*(! /! K&',$'1! 3(! (.(&5(! *%! -#! 3(*'<! (#19#%! 9#%*(1!
G$1+#3(*'-6! E#(1*'! =0%'5'&,'1! &%+$;%! 3(! 1'5$+$(<! *%+$*%! 9#%! 1'! -%!
+(-(&4!+'1!%33(<!/!G(!(!-%15(&-%!B&%15%!(!3(!+#%G(!*%3!G$'3(*'&6!F,;'-!
-%!3(,%15(1!*%!-#!*%-5$1'!0(-5(!9#%!5%&,$1(!%3!.'%,(6!F!5&(G>-!*%3!
&%3(5'!,85$+'<!K3(o%!%-5(;3%+%!#1(!+&85$+(!(!3(!,'&(3!-%I#(3!*%!-#!>.'2
+(!/!(3!-',%5$,$%15'!*%!3(!,#[%&!;(['!#1!0',;&%!(3!9#%!1'!(,(6!W(!
#1$P1! 9#%! -%! %-5(;3%+%! %15&%! ]'50''1! /! K&',$'1! %-! %3! ,(5&$,'1$'<!
.&'G'+(*'! .'&! #1! %,;(&(d'! 1'! *%-%(*'! 9#%<! (! -#! G%d<! $,.$*%! 9#%!
%33(!-%!+(-%!+'1!%3!0',;&%!(3!9#%!-8!9#$%&%6!W(!3%/!/!3(!&%3$)$P1!?9#%!
-'1!9#$%1%-!B#%&d(1!%3!,(5&$,'1$'!.(&(!.&'5%)%&!(!3(!+&$(5#&(!9#%!0(!
*%! 1(+%&?! -'1! 3(! +(#-(! *%! 3(! *%-)&(+$(! *%! 3'-! 5&%-! .%&-'1([%-r! K&'2
,$'1! 0(! *%! %1+(&)(&-%! *%! #1! ;%;>! .&'*#+5'! *%! #1(! G$'3(+$P1! /! 3'-!
(,(15%-!9#%*(1!-%.(&(*'-!.(&(!-$%,.&%6!D%&'!%3!*%-5$1'!,4-!5&4)$+'!
%-!%3!*%!]'50''1<!G$'3(*(<!%,;(&(d(*(<! 3%['-! *%! -#!(,(*'! /!%-+3(G$2
d(*(!.'&!-#!()&%-'&r!!

i(-5(!9#%!(9#%33(!9#%!(&*%!*%![#G%15#*!/!1'!-(;%!*%,(-$(*'!9#%*(!
(5(*(!
+'1!+'1[#&'-!*%!3(!3%/!(!(9#>3!9#%!'*$(<!Ö/!*%;%!(&&(-5&(&!3(!+(*%1(!
*%!3(!G$*(!+'1!-#!*%-%'!+(1-(*'Ü!t!
!
=$33!-0%!Å0'!;#&1-!Å$50!/'#506!(1*!o1'Å-!1'!B$I%*!3'5k!$-!;'#1*!|!O1!
-.%33-!'B!3(Å!5'!'1%!-0%!3'(50-r!(1*!,#-5!-0%!*&()!50%!+0($1!|!]B!3$B%<!
$1!Å%(&/!3#-5Ü!tÄ!u7&*,(1!RQYYr!ZQv!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RZ!K3(o%! +'1-$*%&(! 9#%! 3(! $1*%.%1*%1+$(! (,%&$+(1(! %-! 3(! +#3,$1(+$P1! *%! 3'-! %-2
B#%&d'-!.'385$+'-!/!&%3$)$'-'-!*%!3(-!*$-$*%1+$(-!.#&$5(1(-!$1)3%-(-6!71!+$%&5'!-%15$2
*'!5$%1%!&(dP16!D'&!#1!3(*'<!)&(1!.(&5%!*%!3'-!%,$)&(15%-!$1)3%-%-!3'!0(!0%+0'!.'&!
,'5$G'-!&%3$)$'-'-6!D'&!3(!'5&(<!*%-*%!-#-!'&8)%1%-<!7-5(*'-!^1$*'-!(*'.5(!3(!,%542
B'&(! *%! 3(! N#%G(! p%&#-(3>1! +','! $,()%1! $*%15$5(&$(<! (-8! +','! 3(! *%! -%&! %3! .#%;3'!
%3%)$*'6!73!%I5%&,$1$'!*%!3'-!1(5$G'-!/!3(-!.'385$+(-!9#%!33%G(&41!(!+(;'!-%![#-5$B$+(1!
%1!%-5(!$*%(<!/!-%!*%,#%-5&(<!*%-*%!-#!.%&-.%+5$G(<!%1!%3!>I$5'!9#%!';5$%1%16!H%!1'!
-%&!%3!.#%;3'!*%!H$'-<!B&(+(-(&8(16!W'-!.#&$5(1'-!/!3'-!.$'1%&'-!%1+(&1(1!3(!1#%G(!/!
G%&*(*%&(!O-&(%36!
RYU!!
W(! *%-+&$.+$P1! *%! K&',$'1! +','! #1! `%-9#%3%5'! (&5%&'a! u+&%%.$1)!
-o%3%5'1v<!*%3!`1(+$,$%15'!*%5%-5(;3%a!u(;0'&&%*!;$&50v!$1+&%,%15(1!
3(! +(&(+5%&$d(+$P1! *%3! ,(5&$,'1$'! +','! #1(! .&$-$P1! 9#%! (,%1(d(!
+'1!(+(;(&!+'1!3(!+'&*#&(!*%!3(!,#+0(+0(<!(-8!+','!+'1!-#!3#[#&$(!?
%-!*%+$&<!-#!%1%&)8(?![#G%1$36!=&(-!(;#-(&!*%!%33(<!K&',$'1!3(!*%-.&%2
+$(!+','!#1(! B#3(1(!u0(&3'5v!/! -%! *%-+#;&%! +','!#1!1%)&%&'<!+','!
#1! %-+3(G$-5(r! `,(&+(*'-! +'1! ,$! -%33'! %-541! 3'-! ,'&%1'-! 0$['-! *%3!
-'3a!u:5(,.5!Å$50!,/!-$)1%5!(&%!50%!-Å(&50/!+0$31*&%1!'B!50%!-#1v6!7-!
%3! &%.&%-%15(15%! *%3! +',%&+$'<! 3(! &(dP1! /! 3(! 3%/! 9#%! -',%5%1! (! 3'-!
*>;$3%-! ;(['! 3'-! .'*%&'-'-6! ]'50''1<! .'&! 5(15'<! %-! G8+5$,(! *%! %-'-!
(;#-'-<!.%&'!1'!+'1-$%15%!%1!.%&*%&!3(!G'd<!1'!-%!0#,$33(!(15%!%3!5%2
&&'&!/!3(!G$'3%1+$(!*%!9#$%1!(+5C(!+','!-#!*#%g'6!F!.%-(&!*%!3(-!+(2
3(,$*(*%-!/!*%!3(!+'&&#.+$P1!?(-8!3(!G%!=0%'5'&,'1!/!.'&!%-'!&%1$%2
)(! *%! %33(?<! -$)#%! -$%1*'! .#&(! .'&9#%! 1'! %-! +#3.(;3%! *%! -#-!
*%-*$+0(-6!:%!(3d(!+'15&(!3'-!*'-!0',;&%-<!%1!9#$%1%-!G%!(!^&$d%1!%12
+(&1(*'<!+','!#1(!&%;%3*%!%-.$&$5#(36!N$1)#1'!*%!3'-!*'-!.%&-'1$B$2
+(1!,4-!9#%!3(!(#5'&$*(*!,(-+#3$1(!-';&%!3(-!,#[%&%-<!9#%!-'1!.'+'!
,4-!9#%!3'-!1%)&'-!.(&(!%3!%-+3(G$-5(<!/!3'!0(+%!&%$G$1*$+(1*'!%3!(,'&!
3$;&%!/!3(!`+P.#3(!B%3$da!u0(../!+'.#3(5$'1v<!(3!,$-,'!5$%,.'!9#%!3(2
,%15(!9#%!3'-![PG%1%-!-'3$5(&$'-!5%1)(1!9#%!&%+#&&$&!(!3(!,(-5#&;(2
+$P1r!

Ö73!,',%15'!*%3!*%-%'Ü!Ö73!,',%15'!*%3!*%-%'Ü!W(!G$&)%1!
9#%!(10%3(!#1!0',;&%!*%-.%&5(&4!-#!,(5&$d!(!%1'&,%-!)'+%-!
%1!3(!-',;&(!-%+&%5(!*%!-#!*'&,$5'&$'k!%3!['G%1!(.(&5(*'!*%!
-#!)'+%!3#[#&$'-'!'3G$*(&4!%1)%1*&(&!/!+&%(&!#1(!$,()%1!(,'&'-(!
(!3(!-',;&(!*%!-#-!+'&5$1(-!/!%1!3'-!.3$%)#%-!*%!-#!(3,'0(*(!-$3%1+$'2
-(6!
!
=0%!,',%15!'B!*%-$&%Ü!50%!,',%15!'B!*%-$&%Ü!=0%!G$&)$1!|!=0(5!.$1%-!
B'&! ,(1k! -0(33! (Å(o%1! 0%&! Å',;! 5'! %1'&,'#-! ['/-! |! O1! 50%! -%+&%5!
-0(*'Å! 'B! 0%&! +0(,;%&k! 50%! /'#50! -0#5! #.! B&',! |! =0%! 3#-5B#3! ['/6!
-0(33!B'&)%5!5'!)%1%&(5%6!â!+&%(5%!(1!(,'&'#-!$,()%!|!O1!50%!-0(*'Å-!
'B!0$-!+#&5($1-!(1*!$1!50%!B'3*-!'B!0$-!-$3%15!.$33'Å6Ä!u$;8*6r!RQYYr!TUv!

W(!+(-5$*(*!/!%3!,(5&$,'1$'!';3$)(5'&$'-!-'1! +'15&(&$'-! (3!.&$1+$.$'!


G$5(3! /! +&%(*'&<! -'1! 5&(;(-! $,.#%-5(-! *%-*%! 3(! &(dP1! (! 3(! %1%&)8(6!
]'50''1<!(#1!-$%1*'!-#!G8+5$,(<!-%!&%;%3(!+'15&(!%33'-6!7-!+$%&5'!9#%!
1'! 33%)(! (! (3+(1d(&! 3(! B#&$(! &%G'3#+$'1(&$(! *%! ]&+! '! *%! W'-<! .%&'! 3'!
-#;G%&-$G'!*%!-#!,%1-([%!%-!';G$'r!3(-!,#[%&%-!*%;%1!&',.%&!3(-!+(2

! RYR!
*%1(-!9#%!3(-!-',%5%1!(!3'-!0',;&%-<!/!0(1!*%!0(+%&3'!-(5$-B(+$%1*'!
-#-!.&'.$'-!*%-%'-!/!-#!.&'.$(!-%1-#(3$*(*6!^1(!G%d!,4-!1'-!%1+'12
5&(,'-! (15%! 3(! '.'-$+$P1! *$(3>+5$+(! %15&%! *%-%'! /! +'1G%1+$P1<! %15&%!
.0/-$-!/!1','-<!%15&%!3'-!.&'.$'!/!3'!([%1'6!

Om!

W(!$1B3#%1+$(!*%!3(!m$1*$+(+$P1!*%!3'-!*%&%+0'-!*%!3(-!,#[%&%-!*%!h(2
&/!J'33-5'1%+&(B5!%-!%G$*%15%! %1! 3(-! m$-$'1%-!*%!3(-!0$[(-!*%!F3;$P16!
7-'! 1'! 0(! %G$5(*'! 9#%! K3(o%! -%! 0(/(! +'1G%&5$*'! %1! #1(! %-.%+$%! *%!
;%-5$(!1%)&(!.(&(!%3!B%,$1$-,'<!9#%!G%!%1!>3!#1(!&#%*(!,4-!*%!3(!,(2
9#$1(&$(!*%3!.(5&$(&+(*'6!:%!3%!+'1-$*%&(!#1!,$-P)$1'!9#%!+(&(+5%&$d(!
(! 3(! ,#[%&! +','! #1! (1+3(! 9#%! +'(&5(! 3(! 3$;%&5(*! /! %3! .'*%&8'! -%I#(3!
*%3!0',;&%6!F3)'!*%!%-'!0(/6!F!.%-(&!*%!3'!9#%!(+(;(,'-!*%!G%&!*%!
3(-! m$-$'1%-!?9#%!.'*&8(,'-!+'1-$*%&(&!+','!#1!5%I5'!B%,$1$-5(!-$1!
,#+0'-! .&';3%,(-?<! 1'! *%;%,'-! '3G$*(&! 9#%! %3! .%1-(,$%15'! ;3(2
o%(1'!-%!B#1*(,%15(!%1!3(!'.'-$+$P1!*%!+'15&(&$'-<!9#%!+'1-$*%&(!3(!
%I$-5%1+$(!0#,(1(!+','!#1!+'1B3$+5'!+'1-5(15%!%15&%!.&$1+$.$'-!(12
5()P1$+'-6!F0'&(!;$%1<!%-'!*$-5(!,#+0'!*%!+&%%&!9#%!3(-!,#[%&%-!,%2
&%+%1!#1!3#)(&!.'&!*%;(['!*%!3'-!0',;&%-6!
71!,4-!*%!#1(!'+(-$P1!-%!0(1!%,.3%(*'!3'-!+#(&%15(!(g'-!*%!,(5&$2
,'1$'!%15&%!J$33$(,!/!E(50%&$1%!K3(o%!+','!3(!.&#%;(!*%!9#%!%3!.'%2
5(!%-!#1!-45$&'!.(5&$(&+(36!73!(&)#,%15'!%-!*';3%6!D'&!#1!3(*'<!%-!-(2
;$*'!9#%!+#(1*'!-%!+(-(1!E(50%&$1%!+(&%+%!*%!%*#+(+$P1!/!9#%!%-!-#!
,(&$*'! 9#$%1! 3%! %1-%g(! .(&(! 9#%! .#%*(! 0(+%&3%! *%! (-$-5%15%6! =(,2
;$>1!%-!-(;$*'!9#%!%33(!-%!%1+(&)(!*%!+'3'&%(&!,#+0'-!*%!3'-!)&(;(2
*'-!*%!-#!,(&$*'6!F,;'-!0%+0'-!$1G$5(1!(!&%5&(5(&<!.'&!5(15'<!(!3(!%-2
.'-(!+','!#1(!.';&%!$3%5&(*(!(!3(!9#%!-#!,(&$*'!3%!*(!#1(-!.$15#&(-!
.(&(!9#%!&%33%1%!-#-!*$;#['-<!+','!-%!0(+%!+'1!3'-!1$g'-!/!3'-!3$;&'-!
*%!+'3'&%(&6!W(!&%(3$*(*!%-!,4-!+',.3%[(6!D'&!3'!9#%!-(;%,'-<!K3(o%!
.'1%!#1!$15%&>-!(#5>15$+'!%1!9#%!-#!,#[%&!(.&%1*(!%3!'B$+$'<!/!1'!-'2
3'! 3%! %1-%g(! %3! #-'! *%! 3(! (+#(&%3(! -$1'! 5(,;$>1! (3)#1(-! 5>+1$+(-! *%!
$,.&%-$P1<!(!3%%&!/!(!%-+&$;$&6!
N'!.'*%,'-!%-5(&!-%)#&'-!*%!9#>!1$G%3!*%!$,.3$+(+$P1!5$%1%!E(50%&$2
1%!%1!3(!+&%(+$P1!*%!3(-!';&(-!*%!-#!,(&$*'<!.%&'!.(&%+%!-%1-(5'!.%12
-(&!9#%!,4-!*%3!9#%!-%!-'38(!.%1-(&6!71!3(!(+5#(3$*(*<!3'-!+&85$+'-!+'2

RYV!!
$1+$*%1!%1!&%+'1'+%&!%3!.(.%3!(+5$G'!9#%!&%.&%-%15(!*#&(15%!%3!.&'2
+%-'!+&%(5$G'!/!%1!%-.%+$(3!%1!-#!$,.&%-$P1<!(*%,4-!*%!-%&!3(!%1+(&2
)(*(! *%! 3(-! B$1(1d(-! B(,$3$(&%-6! 7-! +$%&5'! 9#%! %-! 3(! (-$-5%15(! *%! -#!
,(&$*'<!.%&'!5(,;$>1!%-!,#+0'!,4-6!H%15!/!J0$55(o%&!uVUUVr!RVZv!
-%g(3(1!9#%!3(!=(5%!K&$5($1!%I0$;$P!5&(;(['-!*%!K3(o%!%1!VUUR6!715&%!
%33'-! -%! +'15(;(! (3)#1(! *%! 3(-! $3#-5&(+$'1%-! *%! E(50%&$1%<! 9#%! *%2
,#%-5&(1!9#%!%&(!#1(!(&5$-5(!.'&!,>&$5'!.&'.$'6!D'&!%3!'5&'!3(*'<!-%!
-'-5$%1%!3(!0$.P5%-$-!*%!9#%<! %1! (3)C1!,',%15'!*%!-#! G$*(<! J$33$(,!
.&'.'1%!33%G(&!(!+(-(!#1(!+'1+#;$1(6!W(!&(dP1!*%3!+'1+#;$1(5'!-%!%12
+'15&(&8(!%1!3(-!*$B$+#35(*%-!*%!3(!.(&%[(!(!3(!0'&(!*%!%1)%1*&(&!*%-2
+%1*%1+$(6! :%! 5&(5(&8(! ,4-! *%! #1! G$%15&%! *%! (39#$3%&! 9#%! *%! #1(!
(#5>15$+(! (,(15%<! /! -#! .(.%3! %-5(&8(! &%-.(3*(*'! .'&! 3(-! +&%%1+$(-!
-Å%*%1;'&)$(1(-!9#%!$1B3#/%1!(3!.'%5(6!F!.%-(&!*%!3(!$1-$-5%1+$(!+'1!
3(! 9#%! -%! ,%1+$'1(! %-5(! $*%(<! -'3'! %-! #1(! %-.%+#3(+$P16! N'! -%! 5&(5(!
5(15'!*%!9#%!-%(!G%&*(*%&(!'!B(3-(<!%-!9#%!1'!5%1%,'-!*(5'-!-#B$+$%12
5%-!9#%!1'-!$1+3$1%1!0(+$(!#1!3(*'!'!0(+$(!%3!'5&'6!W'!C1$+'!+$%&5'!%-!
9#%!1#1+(!33%)(1!(!5%1%&!0$['-6!
]5&'! ,'5$G'! 9#%! *%-,'15(&8(! 3(! $,()%1! *%3! K3(o%! ,$-P)$1'! %-! %3!
0%+0'! *%! 9#%! #1(! *%! -#-! .&$,%&(-! /! ,%['&%-! +'3%++$'1$-5(-! %-! #1(!
,#[%&r!\%;%o(0!K3$--6!F!*$B%&%1+$(!*%!3'!9#%!'+#&&%!+'1!-#!%-.'-(<!3(!
-%g'&(! K3$--! 1'! -'3'! 5$%1%! %*#+(+$P1<! -$1'! 5(,;$>1! *$1%&'6! N'! -%! 3(!
.#%*%!(+#-(&!*%!-%&!#1(!G8+5$,(!*%!3'-!%1+(15'-!*%3!(&5$-5(<!(3!,%1'-!
*%!3'-!B8-$+'-6!71!3'-!.'+'-!5%I5'-!9#%!-%!+'1-%&G(1!*%!%33(!-#!1',;&%!
(.(&%+%!.&%+%*$*'!5(15'!*%! h&6!+','!*%! h&-6<!%-!*%+$&<!-%g'&!/!-%g'2
&(6!K3$--!1#1+(!-%!+(-(<!.%&'!,(15$%1%!#1(!&%3(+$P1!*#&(*%&(!+'1!#1(!
5(3! F11! J0$5(o%&! 9#%! .(&%+%! ;(-5(15%! 815$,(6! H#&(15%! 5'*(! -#! G$*(!
-%!,(15$%1%!(3%[(*(!*%3!*',$1$'!,(-+#3$1'<!-#!;$;3$'5%+(!%-!%I+%3%12
5%!/!5$%1%!3'!9#%!m$&)$1$(!J''3B!33(,(!#1(!0(;$5(+$P1!.&'.$(6!N'!.'2
*%,'-!-(;%&!-$!%[%&+%!(3)#1(! $1B3#%1+$(!-';&%!3(! ';&(! *%! K3(o%! .'&2
9#%! 1'! -%! 0(1! +'1-%&G(*'! *'+#,%15'-! /! .(&%+%! 9#%! 1#1+(!
(G%&$)#(&%,'-!-$!-'3'!B#%!+'3%++$'1$-5(!'!5(,;$>1!,%+%1(-6!
\%-#35(!$&P1$+'!&%+'1'+%&!9#%!.(&5%!*%!3(!&%+%.+$P1!,(+0$-5(!*%!K3(2
o%!.#%*(!%-5(&!.&'G'+(*(! .'&! '5&(!,#[%&6! \%+'&*%,'-! 9#%!*#&(15%!
-#!G$*(!-%!3%!+'1-$*%&(!#1!3'+'!/!9#%!)&(1!.(&5%!*%!-#-!.'%,(-!.%&2
,(1%+%1!$1>*$5'-6!H#&(15%!3'-!(g'-!-$)#$%15%-!(!-#!,#%&5%!+(-$!1(*$%!
-%!(+#%&*(!*%!>36!D%&'!(!,%*$(*'-!*%3!-$)3'! AOA<!3(!G$#*(!*%3!5(,;$>1!
.'%5(!F3%I(1*%&!@$3+0&$-5<!*%!1',;&%!F11%<!*%+$*%!&%+#.%&(&!-#!';&(!

! RYS!
/!.'1%!5'*'!-#!%,.%g'!%1!*%B%1*%&3(<![#15'!(!3(!*%!-#!,(&$*'!/!(!3(!
*%3!%-5(*'#1$*%1-%!J(35!J0$5,(16!:#!%*$+$P1!*%! W(!G$*(!*%!J$33$(,!
K3(o%!?%1!3(!9#%!5&(;([(!-#!,(&$*'!+#(1*'!,#%&%!%1!RYXR?!-%&4!B#12
*(,%15(3<! .%&'! 5(,;$>1! %-54! .&%g(*(! *%! *$B$+#35(*%-6! H'-! *%! %33(-!
(5(g%1!(3!.&'.$'!(#5'&6!F3!-%&!(#5'*$*(+5(!-#!%,.3%'!*%!3(!'&5')&(B8(!
/!3'-!-$)1'-!*%!.#15#(+$P1!%-!.%+#3$(&6!73!9#%!9#$d4!-%(!%3!,4-!+>3%2
;&%! *%! -#-! .'%,(-<! 73! 5$)&%! *%! 3(-! E(1+$'1%-! *%! %I.%&$%1+$(! %-! #1(!
;#%1(!,#%-5&(!*%!%33'r!%1!3#)(&!*%!3(!B'&,(!5&(*$+$'1(3!`5$)%&a!%-+&$2
;%!`5/)%&a6!F*%,4-<!3'-!.#15'-!%1!,$5(*!*%!3(-!'&(+$'1%-<!%3!#-'!$12
*$-+&$,$1(*'!*%!3'-!*'-!.#15'-!'!%3!.#15'!/!&(/(!0(+%1!9#%<!%1!'+(2
-$'1%-<!-%(!+',.3$+(*'!*%5%&,$1(&!*P1*%!%,.$%d(1!/!*P1*%!(+(;(1!
%-5(-6!:$!(!%-'!3%!-#,(,'-!3(!$*%(<!.&'.$+$(*(!.'&!-#-!G$-$'1%-!-';&%2
1(5#&(3%-<!*%!9#%!%3!(#5'&!%-54!3'+'<!#1(!%*$+$P1!()&%-$G(!.#%*%!.(&%2
+%&! (.&'.$(*(6! F11%! +&%%! -(;%&! ,%['&! 9#%! K3(o%! 9#>! %-! 3'! 9#%! %-5%!
9#$%&%!*%+$&<!/!%3!3$;&'!&%-#35(15%!%-!5(15'!*%!%33(!+','!3'!%-!*%!>36!H%!
0%+0'<!-#!5&(;(['!-';&%!%3!5%I5'!%-!,4-!#1(!,'*$B$+(+$P1!9#%!#1(!+'2
&&%++$P1<!%1!3(!9#%!5&(;([(!%33(<!.%&'!+'1!3(!+'3(;'&(+$P1!*%!3'-!.'%5(-!
H(15%!@(;&$%3!\'--%55$<!J$33$(,!h$+0(%3!\'--%55$!/!F3)%&1'1!E0(&3%-!
:Å$1;#&1%6!73!&%-#35(*'!%-!,4-!+&%(5$G'!9#%!B$%3!(!3'-!'&$)$1(3%-6!
FC1!(-8<!.'*%,'-!+'1-$*%&(&!(!@$3+0&$-5!+','!3(!%*$5'&(!,4-!$,.'&2
5(15%!*%!3(!';&(!*%!K3(o%<!.#%-5'!9#%!)&(+$(-!(!%33(!-%!0(!+'1-%&G(*'!
0(-5(! 3(! (+5#(3$*(*! /! 0(! 0%+0'! .'-$;3%! 5(15'! 3(-! %*$+$'1%-! +&85$+(-!
+','!3(!*%!H(G$*!m6!7&*,(1<!+','!%3!&%+'1'+$,$%15'!/!3(!.'.#3(&$2
*(*!*%! 3(-!9#%!*$-B&#5(!%3!1',;&%! *%! K3(o%! 0'/! *8(6! F0'&(!;$%1<!3(-!
*$B$+#35(*%-!(!3(-!9#%!-%!%1B&%15(!1'!-'3'!-'1!B'&,(3%-6!O1+3#-'!.'*&2
8(,'-!+'1-$*%&(&!9#%!%-(-!-'1! 3(-!,%1'&%-6!73!G%&*(*%&'! .&';3%,(!
%-54!%1!3(!(*%+#(+$P1!*%!3(!';&(!(!3(!>.'+(6!@$3+0&$-5!*%;%!%1+'15&(&!
%3!%9#$3$;&$'!%15&%!%3!+'15%1$*'!-%I#(3!/!0%&>5$+'!*%!3'-!5%I5'-!*%!K3(2
o%!/!3'-!%-541*(&%-!.#;3$+(;3%-!*%!3(!O1)3(5%&&(!G$+5'&$(1(6!H%!0(;%&2
-%!,(15%1$*'!B$%3!(!3'-!'&$)$1(3%-<!%3!&%-#35(*'!0(;&8(!-$*'!&%+0(d(*'!
.'&!+#(39#$%&!%*$5'&<!(-8!9#%!3(!-'3#+$P1!-'3'!.#%*%!.(-(&!.'&!-#(G$2
d(&3'-<! .'&! 0(+%&3'-! ,4-! (B$1%-! (3! %-.8&$5#! *%! 3(! >.'+(6! "#$d4! .'*(2
,'-!%1+'15&(&!(08!#1(!*%!3(-!+(#-(-! *%! 3(! &%+%.+$P1! ,(+0$-5(! *%! 3(!
';&(6!
W'!+$%&5'!%-!9#%!3(-!B%,$1$-5(-!?'!+#(39#$%&(!9#%!-%(!-%1-$;3%!0(+$(!3(!
*',$1(+$P1! *%! 3(-! ,#[%&%-?! 5$%1%1! ,'5$G'-! &(d'1(;3%-! .(&(! -'-.%2
+0(&6!F#19#%!.'*&8(!*$-+#5$&-%!0(-5(!9#>!.#15'!%3!.%&-'1([%!*%!]'52

RYZ!!
0'1! %1+(&1(! 3(! 3#+0(! .'&! 3(! $)#(3*(*! B%,%1$1(! '! -$! -'3'! -%! 3$,$5(! (!
&',.%&!3(![(#3(!9#%!-#.'1%!.(&(!%33(!3(!%-5&#+5#&(!-'+$(3<!0(/!3#)(&%-!
%1!3'-!9#%!.(&%+%!9#%!K3(o%!*%B$%1*%!3(!*$B%&%1+$(!-%I#(36!71! 73!,(2
5&$,'1$'! u7&*,(1! RQYYr! SXv<! .'&! %[%,.3'<! 3%%,'-r! `"#%! %3! 0',;&%!
33%G%! 3(! ,%3%1(! *%3! 3%P1! /! 3(! ,#[%&! %3! G%33P1! *%! 3(! 'G%[(a! uW%5! ,(1!
Å%(&!50%!B%33!'B!50%!3$'16!Å',(1!50%!B3%%+%!'B!50%!-0%%.v6!73!3%P1!/!3(!
'G%[(!-'1!-8,;'3'-!5&(*$+$'1(3%-!*%!B#%&d(!/!-#,$-$P1!/!3(!(-'+$(+$P1!
&%-.%+5$G(!+'1!%3!0',;&%!/!3(!,#[%&!3'-!G$1+#3(!+'1!%-'-!G(3'&%-6!K3(2
o%! 5',(! .'&! G%&*(*%&(! 3(! (B$&,(+$P1! *%! :(1! h(5%'! VVrSU! uRQXZr!
RRLXvr! `D'&9#%! %1! 3(! &%-#&&%++$P1! 1'! 0(/! %-.'-'-! 1$! %-.'-(-<! -$1'!
9#%! -'1! +','! 41)%3%-! *%3! +$%3'a<! /! *%! %33(! %I5&(%! 3(! $*%(! *%! 9#%! 3(-!
(3,(-!1'!-'1!,(-+#3$1(-!1$!B%,%1$1(-<!-$1'!9#%!%1!%33(-!-%!*(1!(,2
;'-!.&$1+$.$'-!(!3(!G%d6!7-5'!&%+#%&*(!3(!5%'&8(!*%3!(,'&!9#%!%I.'1%!
F&$-5PB(1%-!%1!73!K(19#%5%r!

71! .&$,%&! 3#)(&<! 5&%-! %&(1! 3'-! -%I'-! *%! 3(-! .%&-'1(-<! 1'! *'-<! +','!
(0'&(<!,(-+#3$1'!/!B%,%1$1'<!-$1'!9#%!0(;8(!(*%,4-<!#1!5%&+%&'!9#%!
.(&5$+$.(;(! *%! %-5'-! *'-<! +#/'! 1',;&%! -';&%G$G%! 5'*(G8(<! (#19#%! >3!
,$-,'!0(!*%-(.(&%+$*'6!73!(1*&P)$1'<!%1!%B%+5'<!%&(!%15'1+%-!#1(!+'2
-(!-'3(!%1!+#(15'!(!B'&,(!/!1',;&%<!9#%!.(&5$+$.(;(!*%!#1'!/!*%!'5&'<!
*%!3'!,(-+#3$1'!/!*%!3'!B%,%1$1'<!.%&'!9#%!(0'&(!1'!%-!-$1'!#1!1',2
;&%!9#%!/(+%!%1!3(!$)1',$1$(6!71!-%)#1*'!3#)(&<!3(!B'&,(!*%!+(*(!.%&2
-'1(! %&(! &%*'1*(! %1! -#! 5'5(3$*(*<! +'1! 3(! %-.(3*(! /! 3'-! +'-5(*'-! %1!
B'&,(!*%!+8&+#3'6!=%18(!+#(5&'!,(1'-<!,$-,'!1C,%&'!*%!.$%-!9#%!*%!
,(1'-!/!*'-!&'-5&'-!.%&B%+5(,%15%!$)#(3%-!-';&%!#1!+#%33'!+$&+#3(&6!f!
-';&%! %-5'-! *'-! &'-5&'-<! -$5#(*'-! %1! *$&%++$'1%-! '.#%-5(-<! #1(! -'3(!
+(;%d(<! /! (*%,4-! +#(5&'! '&%[(-<! *'-! P&)(1'-! -%I#(3%-<! /! 5'*'! 3'! *%2
,4-!+','!#1'!.#%*%!$,()$1(&-%!(!5%1'&!*%!3'!*$+0'6!E(,$1(;(!5(,2
;$>1!&%+5'!+','!(0'&(<!%1!+#(39#$%&(!*%!3(-!*'-!*$&%++$'1%-!9#%!9#$2
-$%&(k!.%&'!+(*(!G%d!9#%!-%!3(1d(;(!(!+'&&%&!G%3'd,%15%<!(3!$)#(3!9#%!
(0'&(!3'-!(+&P;(5(-!*(1!G'35%&%5(-!+$&+#3(&%-!0(+$%1*'!)$&(&!3(-!.$%&2
1(-! 0(-5(! 3(! .'-$+$P1! G%&5$+(3<! -%! ,'G8(! %1! +8&+#3'! &4.$*(,%15%!
(.'/41*'-%! %1! -#-! ,$%,;&'-! 9#%! %15'1+%-! %&(1! '+0'6! 7&(1! 5&%-! 3'-!
-%I'-! /! *%! %-5(-! +(&(+5%&8-5$+(-<! .'&9#%! 3'! ,(-+#3$1'! %&(! '&$)$1(&$(2
,%15%!*%-+%1*$%15%!*%3!-'3<!3'!B%,%1$1'<!*%!3(!B$%&&(!/!3'!9#%!.(&5$+$2
.(;(!*%!(,;'-<!*%!3(!3#1(<!.#%-!5(,;$>1!3(!3#1(!.(&5$+$.(!*%!#1'!/!*%!
'5&'6!uD3(5P1!RQQTr!VVV2VVSv!

73!.'*%&!*%!%-5'-!-%&%-!0#,(1'-!%-!5(3!9#%!*%+$*%1!&%;%3(&-%!+'15&(!
3'-!*$'-%-6!F15%!-#!$1-'3%1+$(!?/!1'!.#*$%1*'!%3$,$1(&3'-!.'&9#%!+'1!
%33'-!*%-(.(&%+%&8(1!3'-!-(+&$B$+$'-!9#%!3%-!'B&%1*(1?!Ñ%#-!/!3'-!*%2
,4-!*%+$*%1!.(&5$&3'-!.'&! 3(! ,$5(*<!3'! 9#%! 3'-! *%;$3$5(&8(! 0(-5(!+'12
! RYT!
G%&5$&3'-!%1!3'!9#%!-','-!0'/6!D%&'!3(!+'1-%+#%1+$(!,4-!&%3%G(15%!%-!
9#%!+(*(!-%&!0#,(1'!(g'&(&4!3(!,$5(*! 9#%! 0(!.%&*$*'6! F9#%33'-!%1!
3'-!9#%!3(-!*'-!,$5(*%-!B#%&(1!$)#(3%-!;#-+(&41!%3!(,'&!0','-%I#(3<!
/!9#$%1%-!B#%&(1!*$-5$15'-<!%3!0%5%&'-%I#(36!
71!%3!$1*$G$*#'!;3(o%(1'!&%-#%1(!#1!.'+'!%-5'6!73!)%1$'!$1,'&5(3!*%!
+(*(!-%&!0#,(1'!%1!3(!%5%&1$*(*!%-!#1!0',;&%!;$-%I#(36!71!3(!%I$-2
5%1+$(!B8-$+(<!-$1!%,;(&)'<!%-(!#1$P1!-%!*%-5&#/%!/!-%!*$G$*%!%1!3(!G'2
3#15(*!,(-+#3$1(!/!3(!%,(1(+$P1!B%,%1$1(6!71!W'-!+#(5&'!Ñ'(-<!K3(o%!
*%-+&$;%!%3!7*>1!/!(338!%3!0',;&%!/!3(!,#[%&!%-541!&%+'1+$3$(*'-!/!+'2
3(;'&(1r!>3!3(;&(!3(!5$%&&(!/!%33(!5&(;([(!%3!5%3(&6!W'-!%-.(+$'-!/!3'-!5&(2
;(['-!9#%*(1<!.'&!5(15'<!*$G$*$*'-!$)#(3!9#%!3'!%-54!%3!(3,(!$1,'&5(36!
j#%&(!*%3!7*>1!3(!&%3(+$P1!%15&%!3'-!-%I'-!-%!.&%-%15(!,4-!+'1B3$+5$2
G(6!
F15%-! *%! (.&%-#&(&1'-! %1! (-%)#&(&! 9#%! K3(o%! *%B$%1*%! %3! ,$-,'!
,'*%3'!*%!*'-!-%I'-!9#%!3'-!(15&'.P3')'-!,'&(3%-<!%-!1%+%-(&$'!&%2
+'&*(&!9#%!%-(!*$G$-$P1!%15&%!0',;&%-!/!,#[%&%-!1'!%-<!%1!&%(3$*(*<!
-$1'!#1!-$)1'!,4-!*%!3(!+(8*(<!(3!$)#(3!9#%!3'!%-!3(!,(5%&$(3$*(*!/!3(!
3$,$5(+$P1!*%!3'-!-%15$*'-6!='*'!%-!%5%&1'6!W(!$,()%1!*%3!@>1%-$-!%1!
3(!9#%!H$'-!%I5&(%!3(!+'-5$33(!*%!F*41!/!*%!%33(!B'&,(!(!7G(!%-!-$)1$B$2
+(5$G(<!/(!9#%!*%!#1!,$-,'!+#%&.'! -%! ';5$%1%1! *'-!(3,(-6!H%-*%!3(!
.%&-.%+5$G(!;3(o%(1(!'+#&&%!(!3(!$1G%&-(r!#1(!-'3(!(3,(!.&'*#+%!*'-!
+#%&.'-6!7-(!B&(+5#&(!-%!%1+(&1(<!%1!W'-!+#(5&'!Ñ'(-<!%1!3(-!B$)#&(-!*%!
W'-! /! 71$50(&,'16! F! W'-! 3%! +'&&%-.'1*%! %3! .&$1+$.$'! ,(-+#3$1'! /!
9#%*(!&%*#+$*'!(!-#!%-.%+5&'<!%-!*%+$&<!-#!&(+$'1(3$*(*6!71$50(&,'1<!
.'&!-#!.(&5%!B%,%1$1(<!%1+(&1(!3(!%,(1(+$P1<!%-!*%+$&<!%3!*%-%'6!D%&'!
-#-!%I$-5%1+$(-!%-541!%-+$1*$*(-! /!3'-! .&$1+$.$'-!9#%!3(-!&$)%1! %-541!
,(3!*$&$)$*'-6!E(*(!#1'!$15%15(! $,.'1%&-%!(3! '5&'!/!5&($+$'1(&3%6!W(!
%,(1(+$P1! *%! 71$50(&,'1! 3(! G#%3G%! '&)#33'-(<! 3%! 0(+%! &%+0(d(&! %3!
+'15(+5'!*%!W'-!/!)%1%&(!%3!-%15$,$%15'!*%!+#3.(!9#%!'&$)$1(!3(!+(-5$2
*(*6!D'&!-#!.(&5%<!3(!&(dP1!*',$1(! (! W'-<! 9#%!';-%&G(!%3! *%-%'! /! 3'!
+'1-$*%&(! .%+(,$1'-'6! D%&'! (,;'-<! #1$*'-! %1! ,(5&$,'1$'<! &%1#12
+$(1!(!(9#%33'!9#%!0(+%!3(!+'1G$G%1+$(!$,.'-$;3%r!%33(!&%1$%)(!*%!-#-!
$15%15'-!*%!*',$1(+$P1!*%!-#!,(&$*'<!/!>3!&%1#1+$(!(!-#!%)'3(5&8(6!F!
.(&5$&!*%!%-%!,',%15'!5&(;([(1![#15'-6!
7-5%!&%3(5'!,85$+'!&%G%3(!#1(!$,()%1!.'+'!B(G'&%+%*'&(!*%!3(-!,#[%2
&%-!9#%<!.'&!#1(!.(&5%!.&'G'+(1!#1!*%-%'!$&&%B&%1(;3%!%1!%3!0',;&%!

RYX!!
,$%15&(-<!.'&!3(!'5&(<!3%!';3$)(1!(!,(15%1%&-%!+(-5'6!W'-!0',;&%-!1'!
-(3%1!,%['&!.(&(*'-<!&%*#+$*'-!+','!%-541!(!#1(!G$*(!&(+$'1(3!%1!3(!
9#%!5'*'!*%3%$5%!-%1-#(3!-%!G%!+','!#1!.%+(*'6!D%&'!3(!%,(1(+$P1!%-!
%3!C1$+'!,%+(1$-,'!9#%!.%&,$5%!3(!(,$-5(*!/!%3!(,'&!%15&%!3'-!-%&%-!
0#,(1'-6! =(,;$>1! %15&%! 3(! 0#,(1$*(*! /! H$'-6! 7,(1(+$P1! /! G'3#12
5(*<!*%-%'!/!&(dP1<!3'!B%,%1$1'! /! 3'!,(-+#3$1'! -'1! $)#(3! *%! 1%+%-(2
&$'-!.(&(!1'!33%G(&!#1(!G$*(!-%-)(*(6!:$1!+'15&(&$'-!1'!0(/!.&')&%-'6!
7-!,#/!.&';(;3%!9#%!3(!G$-$P1!9#%!K3(o%!5$%1%!*%3!+'1B3$+5'!%15&%!,#2
[%&%-! /! 0',;&%-! 0()(! *%! >3! #1(! %-.%+$%! *%! )#%&&(! %5%&1(! %1! 3(! 9#%!
+(*(!+#43!5&(5(!*%!$,.'1%&! -';&%! %3!&%-5'!#1'-!.&$1+$.$'-!(15()P1$2
+'-<!.%&'!1'!*%[(!*%!-%&! +'0%&%15%! +'1! 3(!$,()%1!9#%!5$%1%! *%3!#1$2
G%&-'<!&%)$*'!+','!%-54!.'&!3(!'.'-$+$P1!*%!+'15&(&$'-6!
W3(,(! 3(! (5%1+$P1! 9#%!+&%(<! -$1! %,;(&)'<! 9#%! 3'-! -%I'-! -'1! -'3'! #1!
(-.%+5'! ,4-! *%! 3(! $,.%&B%++$P1! 0#,(1(! /! 9#%<! %1! C35$,(! $1-5(1+$(<!
%-5'-! 1'! %I$-5%1! -$1'! %1! %3! .3(1'! ,(5%&$(36! 7-! $1*#*(;3%! 9#%! 3(-! +(2
&(+5%&$d(+$'1%-!9#%!0(+%!*%!0',;&%-!/!,#[%&%-!+(%1!%1!3'-!,$-,'-!
%&&'&%-!9#%!3(-! *%! \'#--%3<!K%(#+0~1%! '!E(;(1$-<! .%&'! 1'!.'*%,'-!
.%1-(&!9#%!-#!.&')&(,(!-%(!%3!,$-,'6!N'!0(/!5&(d(-!*%!,'&(3$-,'!1$!
*%!';%*$%1+$(!;$'3P)$+(!%1!-#-!.'%,(-<!-$1'!3(!*%B%1-(!*%!#1!-%1-#(2
3$-,'!3$;%&5(&$'<!(15$1',$-5(<!/!*%!+(&4+5%&!,8-5$+'6!E'1-$*%&(!9#%!3(-!
+'1G%1+$'1%-!-'1!#1(!.&$-$P1!5(15'!.(&(!3'-!0',;&%-!+','!.(&(!3(-!
,#[%&%-<!/(!9#%!3%-!33%G(!(!'3G$*(&!#1(!.(&5%!*%!-#!.&'.$(!(3,(6!H(2
,'1!uRQYYr!ZZLv!(-%)#&(!9#%!.(&(!K3(o%!3(!*',$1(+$P1!*%!3(!,#[%&!
%-!#1(!*%!3(-!B#%&d(-!,4-!+'&&#.5'&(-!*%!3(!-'+$%*(*6!"#$d4!*%;(,'-!
%15%1*%&! 3'-! -%I'-! ;3(o%(1'-! +','! ,%54B'&(-<! +','! .%&-'1([%-! (&2
9#%58.$+'-!9#%!&%.&%-%15(1!,4-!3(-!+#(3$*(*%-!(-'+$(*(-!(!%33'-!*%-2
*%!3(!-'+$%*(*!9#%!+(&(+5%&8-5$+(-!$15&81-%+(-!(!-#-!*$B%&%1+$(-6!F0'&(!
9#%!+(*(!+#43!*%+$*(!-$!-%!+#%15(!%15&%!3'-!*%B%1-'&%-!*%3!.(5&$(&+(2
*'!'!%15&%!-#-!+&85$+'-6!

m!

D()3$(!%,.$%d(!%3!+(.85#3'!9#%!3%!*%*$+(!(!K3(o%!%1! :%I#(3!.%&-'1(%!
uRQQRr!VLUv!(B$&,(1*'!9#%!%-!%3!:(*%!;&$541$+'!/<!(#19#%!%-!$1*#*(2
;3%! 9#%! %I$-5%1! (3)#1'-! .(&(3%3$-,'-! %15&%! %33'-<! 5(,;$>1! 3'! %-! 9#%!
%15&%!(,;'-!0(/!#1!(;$-,'!$1-(3G(;3%6!E',.(&5%1!3(!G$-$P1!*%!9#%!3(!
-'+$%*(*!%-!%3!'&$)%1!*%!3(-!&%.&%-$'1%-!-%I#(3%-!/!*%!3'-!+'1-%+#%12

! RYL!
5%-!+'1B3$+5'-!9#%!)%1%&(1!%1!3'-! $1*$G$*#'-!9#%! 1'!-%!(*%+#(1! (!3(!
1'&,(3$*(*6! D&%B$)#&(1! %3! +'1B3$+5'! %15&%! +'1-+$%15%! %! $1+'1-+$%15%<!
%15&%!W')'-!/!7&'-!9#%!*%-(&&'33(&4!j&%#*!#1!-$)3'!,4-!5(&*%6!E',2
.(&5%1! 5(,;$>1! #1(! (+5$5#*! 5&(1-)&%-'&(! %1! 3(! 9#%! %3! -%1-#(3$-,'!
(+5C(! +','! B#3+&'! .(&(! 3')&(&! 3(! -#;G%&-$P1! *%! 3(-! 3%/%-! /! %3! '&*%1!
-'+$(3<!(-8!+','!#1!*$-+#&-'!0%&>5$+'!/!;3(-B%,'!%1!%3!9#%!H$'-!%-!#1!
5$&(1'!/!3(!&%3$)$P1!-#!,%+(1$-,'!*%!'.&%-$P16!D%&'!%3!,(5%&$(3$-,'!
&(+$'1(3$-5(! *%! :(*%! &%-#35(&8(! $1B%&1(3! (! '['-!*%! K3(o%<! #1(! G8+5$,(!
,4-! ?'! .%'&! (C1<! #1! +P,.3$+%?! *%3! ,%+(1$+$-,'! #&$d>1$+'! *%! N%Å2
5'1!/!W'+o%6!=(,.'+'!5$%1%!+(;$*(!%1!-#!3P)$+(!*%!3(!%I#;%&(1+$(!/!3(!
)%1%&'-$*(*!%3!%)'8-,'!&(*$+(3!/!-'3$.-$-5(!*%3!,(&9#>-6!D(&%+%!*$B82
+$3! %1+'15&(&! *'-! .%1-(,$%15'-! ,4-! '.#%-5'-! 9#%! 3(! >5$+(! *%! 3(!
+&#%3*(*!*%!:(*%!/!%3!(1(&9#$-,'!,8-5$+'!*%!K3(o%6!
:$1!%,;(&)'<!'5&'!.#15'!%1!%3!9#%!+'$1+$*%1!%-!%1!%3!5%,'&!9#%!(,2
;'-!,#%-5&(1!(15%!3(!1(5#&(3%d(6!:$!.(&(!%3!,(&9#>-!%-!#1!,'1-5&#'!
+&#%3! 9#%! -%! &8%! *%! 3(-! *%-)&(+$(-! *%! 3(! 0#,(1$*(*! /! 3(-! .(5&'+$1(<!
.(&(!K3(o%!%-!%3!$1B$%&1'6!F-8!3'!(1'5(!%1!3'-!,4&)%1%-!*%!W(!-(;$*#&2
8(! *%! 3'-! 41)%3%-! -';&%! %3! *$G$1'! (,'&! /! 3(! *$G$1(! .&'G$*%1+$(! *%!
:Å%*%1;'&)<!*'1*%!*%-+(&5(!3(!$*%(!*%!9#%!%3!0',;&%!1(+%!.&$,%&'!
%1!%3!)&(*'!1(5#&(3!.(&(<!(!5&(G>-!*%3!+'1'+$,$%15'!9#%!.&'.'&+$'1(1!
3(-!+$%1+$(-<!(3+(1d(&!3'-!)&(*'-!%-.$&$5#(3!/!+%3%-5$(36!73!(&)#,%15'!3%!
.(&%+%! (;-#&*'! .'&9#%! 3(-! +$%1+$(-! (.'&5(1! *(5'-! -';&%! %3! ,#1*'!
,(5%&$(3<!.%&'!1'!+'1'+$,$%15'<!.#%-5'!9#%!%-'-!*(5'-!-%!(*9#$%&%1!
(! 5&(G>-! *%! 3'-! -%15$*'-! /! 3(! &(dP16! \%+'&*%,'-! 9#%! K3(o%! (.'/(! %3!
.%1-(,$%15'!*%!K%&o%3%/!/!+'1-$*%&(!9#%!3(!$,()%1!,%15(3!9#%!1'-!
B'&,(,'-!(!.(&5$&!*%!3(-!.%&+%.+$'1%-!-%1-'&$(3%-!1'!%-!&%(36!W'!&%(3!
-%!.%&+$;%!(!5&(G>-!*%!3(!$,()$1(+$P1<!9#%!.%&,$5%!G%&!3(-!+'-(-!+','!
-'1!*%!G%&*(*r!$1B$1$5(-6!W(!1(5#&(3%d(!%-!#1(!$3#-$P1!B$1$5(!+'1-5&#$2
*(! +'1! ,%*$'-! B$1$5'-6! \%*#+$&! (3! 0',;&%! (! -#! %I$-5%1+$(! B8-$+(! %-!
0(+%&3%!*%-+%1*%&!`(!3(!,%&(!1(5#&(3%d(!'!%3!$1B$%&1'a!u*%-+%1*-!'#5!
'B!$5!$15'!,%%&!-$+Ä!N(5#&%!'&!i%33v!u7&*,(1!RQYYr!XUTv6!
D%&'!+#(1*'!D()3$(!0(;3(!*%3!5%&&'&!*%!K3(o%!0(+$(!3(!N(5#&(3%d(!1'!
%-54! .%1-(1*'! %1! %-'-! 5>&,$1'-6! D(&(! %33(! 3(! 1(5#&(3%d(! %-! 3(! @&(1!
h(*&%!/!5'*'!%3!-$-5%,(!;3(o%(1'!-%!3%G(15(!-';&%!%3!%1B&%15(,$%15'!
;4-$+'!%15&%!0#,(1$*(*!/!1(5#&(3%d(<!%-!*%+$&<!%15&%!3'!,(-+#3$1'!/!
3'! B%,%1$1'6! E'1-$*%&(<! .'&! 5(15'<! 9#%! 3'-! %-B#%&d'-! *%3! .'%5(! .'&!
3$;&(&-%! *%! 3(-! 5&(;(-! -'+$(3%-! 3%! (&&'[(1! (! 3(-! B#%&d(-! .&$,'&*$(3%-!

RYY!!
B%,%1$1(-!*%!3(-!9#%!5(,;$>1!.&%5%1*%!3$;&(&-%6!D'1%!+','!%[%,.3'!
*%3! +'1B3$+5'! %15&%! 3'-! -%I'-! %3! .'%,(! 73! G$([%&'! ,%15(3! u$;8*6r! ZYS2
ZYXv6!71!>3!5%1%,'-!%3!&%3(5'!*%! #1! ;%;>!9#%!1(+%! %1!#1(!5$%&&(! *%!
0',;&%-!/!,#[%&%-!%1!3(!9#%!'+#&&%1!+'-(-!5%&&$;3%-6!E','!-%!5&(5(!
*%!#1!1$g'<!-%!3'!%15&%)(1!(!#1(!G$%[(!u(!J',(1!]3*v!9#%!3'!+3(G(!(!
#1(! &'+(<! 3%! (&&(1+(! %3! +'&(dP1<! 3%! +'3'+(! #1(! +'&'1(! *%! %-.$1(-! *%!
0$%&&'!/!3%!5'&5#&(<!)#(&*(1*'!`-#-!+0$33$*'-!%1!+'.(-!*'&(*(-a!uE(52
+0%-!0$-!:0&$%o-!$1!E#.-!'B!@'3*v!0(-5(!9#%!-%!+'1G$%&5%!%1!#1!['G%1!
-(1)&(15%! /! %33(! #1(! G$&)%1! &(*$(15%! u=$33! 0%! ;%+',%-! (! ;3%%*$1)!
/'#50!|!F1*!-0%!;%+',%-!(!m$&)$1!;&$)05v6!
71!%B%+5'<!.(&%+%!9#%!3(!%,(-+#3(+$P1!(!,(1'-!*%!#1(!,#[%&!%-!#1(!
$15%&.&%5(+$P1!;(-5(15%!';G$(6!W(-!+'.(-!*'&(*(-!%1!3(-!9#%!-%!&%+'2
)%1!3'-!3(,%15'-!*%3!1$g'!-'1!#1!-8,;'3'!+34-$+'!*%!3(!G()$1(!/!3(!B%2
,$1$*(*6!F3!-%&!(,;'-![PG%1%-!-%!*%-.$%&5(!%3!$15%&>-!-%I#(3!*%3!,#2
+0(+0'! /! %33(! `-%! +'1G$%&5%! %1! %3! 3#)(&! *%! -#! ,'&(*(a! uF1*! -0%!
;%+',%-!0$-!*Å%33$1)!.3(+%v6!715'1+%-!%33(!*%-(.(&%+%!/!>3!%1G%[%+%<!
/!*%(,;#3(!(3$,%15(1*'!(!3'-!.';&%-!/!(!3'-!,%1*$)'-<!0(-5(!9#%!1(2
+%!#1(!1$g(!*%3!B#%)'!*%3!0')(&!u=$33!B&',!50%!B$&%!'1!50%!0%(&50!|!F!
3$553%!j%,(3%!K(;%!*'%-!:.&$1)v6!F1*(1!.'&!%3!*%-$%&5'!-$1!1(*(!9#%!
+',%&!1$!;%;%&!/!>3!+'15$1#(!%1G%[%+$%1*'6!i(-5(!9#%!%,.$%d(!(!(3$2
,%15(&-%!*%!`3(!,$%3!*%!-#-!3(;$'-!$1B(15$3%-a!/!*%3!`.(1!/!%3!G$1'!*%!
-#!*#3+%!-'1&$-(a!u=0%!0'1%/!'B!0%&!O1B(15!3$.-!|!=0%!;&%(*!â!Å$1%!'B!
0%&! -Å%%5! -,$3%v! /! %15'1+%-! &%[#G%1%+%6! 73! +$+3'! -%! 0(! $1G%&5$*'6! l3!
G#%3G%!(!+'1G%&5$&-%!%1!#1!;%;>!/!%33(!%1!#1(!G$%[(<!+'1!3'!9#%!3(!0$-2
5'&$(!G#%3G%!(!%,.%d(&6!
W(!3%+5#&(!9#%!0(+%!D()3$(!%-!3(!*%!#1!0',;&%!?5'*'-!3'-!0',;&%-?!
,(&5$&$d(*'!.'&!3(!B#%&d(!*%!#1(!,#[%&!?5'*(-!3(-!,#[%&%-?!,$%15&(-<!
(3!,$-,'!5$%,.'<!-%!-$%15%!(5&(8*'!.'&!%33(6!D&'.'1%!9#%!-%!5&(5(!*%!
#1!*&(,(!-%I#(3<!*%!#1![#%)'!-(*',(-'9#$-5(!%1!%3!9#%!3'-!.%&-'1(2
[%-!+(,;$(1!*%!.(.%3!*%! B'&,(!.%&$P*$+(6! 73!.%&-'1([%!B%,%1$1'! $12
5%&.&%5(&8(!%3!.(.%3!*%!3(!1(5#&(3%d(!/!%3!0',;&%!%3!*%!3(!0#,(1$*(*<!
3(! +#35#&(<! +'1! 3'! +#(3! %3! *%-%'! .&'G'+(*'! .'&! (9#%33(! %1! %-5%! -%&8(!
#1(! G#%35(! *%! 3'! &%.&$,$*'6! D'*&8(,'-! 0(+%&! #1(! $15%&.&%5(+$P1!
+',.3%,%15(&$(<!%1!3(!9#%!3(!5'&5#&(!%[%&+$*(!-';&%!&%+$>1!1(+$*'!%-!
%3! .&'+%-'! *%! (*(.5(+$P1! -'+$(36! 73! 0%+0'! *%! 9#%! 3%! (&&(19#%! %3! +'2
&(dP1! %-! -$)1$B$+(5$G'<! %1! 5(15'! 9#%! -$,;'3$d(! 3(! %3$,$1(+$P1! *%! 3'-!
-%15$,$%15'-<!*%!3(!%1%&)8(<!(!B(G'&!*%!3(!&(dP16!71!%-%!-%15$*'<!3(!G$%2

! RYQ!
[(!&%.&%-%15(&8(!3(!+#35#&(<! /! 1'! 3(!1(5#&(3%d(<!(3! ,%1'-! (3!.&$1+$.$'!
*%3! .'%,(6! 7-5'! 1'! *%-,'15(! 3(! 0$.P5%-$-! *%! D()3$(! *%3! *%-.%&5(&!
-%I#(3!+','!G#%35(!(!3(!1(5#&(3%d(<!.%&'!-8!,(5$d(!3(!$*%15$B$+(+$P1!*%!
%-5(!+'1!3(!,#[%&!9#%<!.'&!'5&(!.(&5%<!%-!#1'!*%!3'-!)&(1*%-!,$5'-!*%3!
B%,$1$-,'!9#%!0(1!*%-,(15%3(*'!*%-*%!*%15&'!*%3!,$-,'6!71!3(!-%2
)#1*(! .(&5%! *%3! .'%,(! 3%%,'-r! `/! .'&! %3! *%-$%&5'! -(3G([%! 3'-! *'-! |!
G()(1!(5%&&(*'-!/!+'1-5%&1(*'-a!uF1*!'1!50%!*%-(&5! -$+Ä!Å$3*!50%/!
;'50! |! J(1*%&! $1! 5%&&'&! â! *$-,(/v6! E#(1*'! >3! +',$%1d(! (! +',%&! /!
;%;%&!*%!%33(<!%33(!0#/%!+','!#1!G%1(*'!uW$o%!50%!Å$3*!:5()!-0%!B3%%-!
(Å(/v!/!>3!3(!.%&-$)#%6!7-5'!(.'/(!5(,;$>1!3(!0$.P5%-$-!*%!9#%!%33(<!(3!
(3+(1d(&!3(!.#;%&5(*<!%1+(&1(!3(!+#35#&(6!:$!B#%&(!-$%,.&%!3(!1(5#&(3%2
d(!'!3'!&%.&$,$*'<!%15'1+%-!1'!0#$&8(!*%!-#!(,(15%6!71!%-5(!,(-+(&(2
*(!-$,;P3$+(<!3(!%1%&)8(!/!3(!&(dP1<!3'-!$1-5$15'-!/!3(-!1'&,(-<!3'!.&'2
.$'! /! 3'! ([%1'! 3#+0(1! *%! B'&,(! +'1-5(15%! .'&! $,.'1%&-%! %3! #1'! (3!
'5&'<!(&&%;(541*'-%!%3!+'15&'3!#1(!/!'5&(!G%d6!
73!+(-'!*%!W(!G$5&$1(!*%!+&$-5(3!%-!*$B%&%15%6!i(/!.'+(-!*#*(-!%1!3(!$12
5%&.&%5(+$P1!*%!#1!.'%,(!9#%!%,.$%d(r!

W(!*'1+%33(!,%!(5&(.P!%1!3(!-%3G( RT!
*'1*%!*(1d(;(!+'1!(3%)&8(6!
h%!,%5$P!%1!-#!G$5&$1(!
/!,%!%1+%&&P!+'1!#1(!33(G%!*'&(*(6!
!
=0%!h($*%1!+(#)05!,%!$1!50%!J$3*!|!J0%&%!O!Å(-!*(1+$1)!,%&&$3/!|!
:0%!.#5!,%!$15'!0%&!E(;$1%5!|!F1*!W'+o*!,%!#.!Å$50!(!@'3*%1!w%/6Ä!
u7&*,(1!RQYYr!ZYYv!

7-!B4+$3!3%%&!%-(!&%+3#-$P1!+','! %3! -',%5$,$%15'!*%!3(!G'3#15(*!/! 3(!


3$;%&5(*! ,(-+#3$1(-! ;(['! %3! .'*%&! B%,%1$1'! *%! 3(! *'1+%33(6! 7-<! #1(!
G%d!,4-<!#1(!.(&4;'3(!*%3!*%-.%&5(&!-%I#(3<!$*%15$B$+(*'!(9#8!%1!%-(!
[(#3(!*'&(*(!5(1!-'+'&&$*(6!W(!G$5&$1(!%-54!0%+0(!*%!'&'<!.%&3(-!/!+&$-2
5(3!;&$33(15%!u=0$-!E(;$1%5!$-!B'&,*!'B!@'3*!|!F1!D%(&3!â!E&/-5(3!-0$2
1$1)!;&$)05v!/!(!5&(G>-!*%!%33(!-%!G%!'5&'!W'1*&%-!/!'5&'!=4,%-$-<!%-!
*%+$&<!'5&'!,#1*'6!73!%1+$%&&'!%1!%-%!,#%;3%!(+&$-5(3(*'!-$,;'3$d(!%3!
+'$5'k!/!%3!.&'.$'!,#%;3%<!3(!G()$1(6!73!-%I'!5&(1-B'&,(!3(!.%&-.%+5$G(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RT!=&(*#d+'!` 50%!Å$3*a!.'&!`3(!-%3G(a<!(#19#%!%-5(!0(!*%!%15%1*%&-%!,4-!+','!#1!
%-5(*'!'!04;$5(5!1(5#&(3!9#%!+','!-%3G(!%1!-%15$*'!%-5&$+5'6!7-!#1!5%&&$5'&$'!-(3G(2
[%<!-$1!+$G$3$d(&6!71!%-5%!+(-'!&%.&%-%15(!3(!$1B(1+$(6!
RQU!!
*%!3(!G'd!.'>5$+(<!3%!0(+%!.(-(&!*%!3(!$1'+%1+$(!(!3(!%I.%&$%1+$(!+'1!%3!
,$-,'! *&(,(5$-,'! 9#%! ]'50''1! %1! 3(-! m$-$'1%-! *%! 3(-! 0$[(-! *%! F32
;$P16! 71! -#! &%+3#-$P1! %3! 1(&&(*'&! G%! (! '5&(! ['G%1! 5&$.3%! ?9#%! D()3$(!
$*%15$B$+(!+'1!i>+(5%?!9#%!3%!$1B3(,(<!(!3(!9#%!;%-(!/!9#$%1!3%!*%G#%32
G%!%3!;%-'!.'&!5&$.3$+(*'6!F3!1'!.'*%&!+(.5(&!-#!B'&,(!,4-!815$,(!/!(3!
&',.%&-%!3(!G$5&$1(!(!+(#-(!*%!-#!(&*'&<!33'&(!+','!#1!;%;>6!73!.'%2
,(!5%&,$1(r!

^1!;%;>!9#%!33'&(;(!%1!3(!-%3G(!
/!#1(!,#[%&!9#%!33'&(;(!/!.43$*(!-%!&%+3$1P6!
f!*%!1#%G'!%1!%3!($&%!%I5%&$'&!
33%1>!*%!3(,%15'-!%3!G$%15'!9#%!.(-(;(6!
!
F!Å%%.$1)!K(;%!#.'1!50%!Å$3*!|!F1*!Å%%.$1)!Å',(1!.(3%!&%+3$1*!|!
F1*! $1! 50%! '#5Å(&*! F$&! ()($1! |! O! B$33*! Å$50! Å'%-! 50%! .(--$1)! J$1*6Ä!
u$;8*6r!ZYQv!

D()3$(! $15%&.&%5(! %-%! B$1(3! 5&4)$+'! +','! #1(! $*%15$B$+(+$P1! %15&%! 3(!
(,(*(!/!3(!,(*&%6!F3!G%&!%3!3#)(&!*%!*'1*%!G$%1%<!%3!0',;&%!-%!(-#-5(!
/!-#!*%-%'!*%-(.(&%+%k!(3!&%+'1'+%&!3(!1(5#&(3%d(!/!3(!$,.'-$;$3$*(*!
*%! %15%1*%&3(<! -%! &%5$&(! 0(+$(! 3(! +#35#&(6! :$1! %,;(&)'<! .(&%+%! ,4-!
3P)$+'! .%1-(&! 9#%! 3(! .>&*$*(! *%! 3(! $1'+%1+$(! .&'G'+(! #1(! ;C-9#%*(!
*%!-%15$*'!(!5&(G>-!*%!3(!-%I#(3$*(*6! F3! 1'!%1+'15&(&3(<! (3!*%-+#;&$&!
9#%! 3(! %I.%&$%1+$(! /! 3(! G$*(! (*#35(! %-541! 33%1(-! *%! *%+%.+$'1%-! ?(!
+(#-(!*%!3(!B$1$5#*!*%!3(!%I$-5%1+$(!,(5%&$(3?<!(.(&%+%!%3!*%-(-'-$%)'!
B$1(3! *%! 3(! G'd! .'>5$+(! /! *%! -#! +',.(g%&(6! W(! 0#,(1$*(*! (*#35(! 1'!
.#%*%!%-+(.(&!*%3!+'1B3$+5'!%15&%!%3!*%-%'!/!3(!&(dP1<!/!%3!*',$1$'!*%!
+#(39#$%&(! *%! 3'-! *'-! %1)%1*&(! -#B&$,$%15'6! 7-%! *%-+#;&$,$%15'!
.&'G'+(!3(!5&()%*$(6!
W(!G$5&$1(<!%15'1+%-<!1'!-$,;'3$d(&8(!5(15'!%3!-%I'!B%,%1$1'!/!3(!1(2
5#&(3%d(<!+','!.&'.'1%!D()3$(<!+#(15'!3(!-%I#(3$*(*!%1!-8!+','!&$5'!
*%!.(-'6!:$!3%%,'-!%3!.'%,(!-$1!(5%1*%&!(3!&%-5'!*%!3(!';&(!*%!K3(o%<!
3(!$15%&.&%5(+$P1!-%I$-5(!*%!D()3$(!1'!%-!-'3'!-%1-(5(<!-$1'!%G$*%15%6!F!
3(!3#d! *%3!*#(3$-,'!()P1$+'! *%!3(!'.'-$+$P1! *%!+'15&(&$'-<! /!-$! 5%1%2
,'-!%1!+#%15(!3(-! m$-$'1%-!'!$1+3#-'![#15'!(3! W$;&'!*%!=0%3<!%3!-%I$-2
,'!/(!1'!%-!5(1!';G$'6!D#%*%!9#%!%-5>!(08<!.%&'!5(,;$>1!.#%*%!9#%!
1'6!\%+'&*%,'-!%3!.&P3')'!*%! D(&(!3'-!-%I'-<!3(-!.#%&5(-!*%3!.(&(8-'r!
`73! .%&*P1! ,#5#'! *%! +(*(! G$+$'<! %-(-! -'1! 3(-! .#%&5(-! *%3! .(&(8-'a!

! RQR!
uh#5#(3! j'&)$G%1%--! 'B! %(+0! m$+%! |! :#+0! (&%! 50%! @(5%-! 'B! D(&(*$-%v!
u7&*,(1!RQYYr!VTQv6!

RQV!!
T6!F\7NF!7N!W]:!]p]:!

O!

^1(!1#%G(!+'$1+$*%1+$(!%15&%!K3(o%!/! :(*%!%-! 9#%<! +(*(! #1'! .'&!-#!


.(&5%!/!*%!B'&,(-!,#/!*$-5$15(-<!.&%+$.$5(1!%3!B$1(3!*%!3(!O3#-5&(+$P16!
73!,(&9#>-!.'&9#%!33%G(!-#!.%1-(,$%15'!&(+$'1(3!/!,(5%&$(3$-5(!0(-2
5(!%3!.(&'I$-,'<!+'1G$&5$%1*'!%3!.&'/%+5'!*%!3(-!3#+%-!%1!#1(!.(&'*$(6!
7-!3(!+#3,$1(+$P1!&$*8+#3(!*%!-8!,$-,'6!73!G$-$'1(&$'!.'&9#%!.&%G>!3(-!
,$-%&$(-!/!3(-!3P)$+(-!*%3! %)'8-,'!.&'.$(-! *%3! +(.$5(3$-,'! /!3%G(15(!
+'15&(!%3!1#%G'!7-5(*'!/!3(!1#%G(!+$%1+$(!#1!.&')&(,(!.'>5$+'!B#12
*(*'! %1! %3! -%1-#(3$-,'! 3$;%&5(&$'6! F,;'-! *$;#[(1! #1(! &%(3$*(*! .3(2
)(*(!*%!+'1B3$+5'-<!#1(!1(5#&(3%d(!$1B%&1(3!/!#1(!-'+$%*(*!+#/(!,'2
&(3$*(*!%1+(*%1(!(!3'-!-%&%-!0#,(1'-! /!3'-! &%*#+%! (!-',;&(-!*%!3'!
9#%!.'*&8(1!-%&6!73!-%I'!5$%1%<!.'&!%3!+'15&(&$'<!#1(!B#1+$P1!5&(1-)&%2
-'&(! /! 3$;%&(*'&(6! E'1! -#-! .(-$'1%-<! -#! %1%&)8(! /! -#-! %,(1(+$'1%-<!
.&%.(&(1! %3! +(,$1'! .(&(! j&%#*! /! -#! 5%'&8(! *%! 3(-! .#3-$'1%-<! .%&'!
5(,;$>1! .(&(! N$%5d-+0%! /! h(&I6! W'-! 5&%-! B'&,(1! #1! 5&$*%15%! +#/'-!
.%1-(,$%15'-!-%!%1)3';(1!%1!3(-!+'1'+$*(-!+','!B$3'-'B8(-!*%!3(!-'-2
.%+0(6!F15$+$.(1!%3!(*G%1$,$%15'!*%3!$1+'1-+$%15%!/!3(-!9#%!+'1-$*%2
&'!3(-!-%1-$;$3$*(*%-!*%B$1$5'&$(-!*%!3(!,'*%&1$*(*r!%3!&',(15$+$-,'!
/!3(-!G(1)#(&*$(-6!
W(!*$G$-$P1!%15&%!+34-$+'!/!&',415$+'!%-!)&'-%&(!/!%&&P1%(<!+','!3'!%-!
3(! 1$%5d-+0%(1(! %15&%! (.'381%'! /! *$'1$-8(+'<! .%&'! (! .%-(&! *%! %33'! %-!
C5$3!.(&(!,(&+(&!*'-!381%(-!*%!(.&'I$,(+$P1!(!3(!&%(3$*(*!/!(!3(-!(&2
5%-6!71!)%1%&(3!-%!&%3(+$'1(!3'!+34-$+'!+'1!%3!'&*%1!/!3'!&',415$+'!+'1!
%3! *%-'&*%1<! /! -%! $,()$1(! (3! -%)#1*'! +','! #1(! &%(++$P1! +'15&(! %3!
.&$,%&'6!7-(!-#.'-$+$P1!5$%1%!+$%&5'!-%15$*'<!(3!,%1'-!*%-*%!#1!.#12
5'! *%! G$-5(! 0$-5P&$+'6! W'! 9#%! 33(,(,'-! \',(15$+$-,'! -#+%*%! (3! &(2
+$'1(3$-,'!,%+(1$+$-5(!*%3!:$)3'!*%!3(-!W#+%-6!K3(o%!-#+%*%!(!:(*%6!
D&(d! -%g(3(! 9#%! %3! 5>&,$1'! `&',(15$+a! (.(&%+%! %1! 3%1)#(! $1)3%-(! (!
,%*$(*'-!*%3! AmOO<!%,.3%(*'!.(&(!&%B%&$&-%!(!#1!%-5$3'!9#%!&%+#%&*(!(!
3'-!G$%['-!&',(1+%-<!%-5'!%-<!(!3(-!`+(&(+5%&8-5$+(-!*%!3(-!1'G%3(-!+(2
;(33%&%-+(-!/!.(-5'&$3%-a!uRQQQr!ZQv!/!9#%!-%!(-'+$(!(!3(!B(15(-8(!/!(!
3(!B(3-%*(*6!7-5(!*%-$)1(+$P1!%-54!.&%g(*(!*%!+'11'5(+$'1%-!.%/'&(2
5$G(-<!%1!5(15'!9#%!*%-*%!3(!1#%G(!.%&-.%+5$G(!&(+$'1(3$-5(<!3'!B(154-2
! RQS!
5$+'!-%!+'1-$*%&(!$1B(15$3!/!G#3)(&<!B(35'!*%!-%1-(5%d6!71!#1(!.(3(;&(<!
*%3$&(15%6! 71! %3! -$)3'! -$)#$%15%! 3(! .%&-.%+5$G(! G(&8(! .'+'! (! .'+'! /<!
(#19#%!,(15$%1%!%-%!G$1+#3(+$P1!(15%&$'&!+'1!3'!$&&(+$'1(3<!+(*(!G%d!
,4-!-%!%15$%1*%!+','!(3)'!9#%! %-5$,#3(! /! ()&(*(! (!3(!$,()$1(+$P1k!
.$%&*%!*%!B'&,(!)&(*#(3!%3!+(&4+5%&!*%-.%+5$G'!/!-#!#-'!-%!(,.38(!*%!
3(!3$5%&(5#&(!(!3(!.$15#&(6!73!.($-([%!&',415$+'!*%-5(+(!.'&!3'!-(3G([%!/!
.'&! 3(! ,%3(1+'38(! 9#%! *%-.&%1*%6! 715&%! 3'-! B&(1+%-%-! -%! %,.3%(<! %1!
#1!.&$1+$.$'<!.(&(!-%g(3(&!3'!.$15'&%-+'<!.%&'!.&'15'!(*9#$%&%!%3!-$)2
1$B$+(*'!$1)3>-!/!-%!(*(.5(!+','!`&',(15$9#%a6!7-!\'#--%(#!9#$%1!3'!
#5$3$d(*(! .(&(! *%-$)1(&! (9#%33'! 9#%! %-+(.(! (! 3(-! +(5%)'&8(-! B$[(-<!
(9#%33'! 9#%! .%&,(1%+%! ,$5(*! '+#35'! /! ,$5(*! ,$-5%&$'! /<! .'&! 5(15'<!
.&'G'+(! %1! %3! 3%+5'&! '! %3! %-.%+5(*'&! #1(! %,'+$P1! $1*%B$1$*(6! W'!
&',415$+'!-%!*%-.3(d(!*%3!';[%5'!(3!-#[%5'<!/(!1'!%-!#1(!+#(3$*(*!';2
[%5$G(!-$1'!#1(!&%(++$P1!.%&-'1(36!7-!%3![%!1%!-($-!9#'$<!%3!1'!->!9#>6!73!
';[%5$G'!*%3!(&5$-5(!&',415$+'!%-!.&'G'+(&!%1!%3!&%+%.5'&!*%!-#!';&(!
#1(! %,'+$P1! %I(+%&;(*(<! -%(! 3(! 9#%! -%(<! 5&(-3(*(&! 3(! ';&(! *%-*%! %3!
,#1*'! %I5%&$'&! (3! $15%&$'&! .(&(! )%1%&(&! #1(! &%-.#%-5(! %,'+$'1(3!
33%G(*(!(3!.(&'I$-,'<!.(&(!9#%!-%!'3G$*%!*%!3(-!1'&,(-!-'+$(3%-!/!*%3!
.#*'&6! 71! C35$,(! $1-5(1+$(<! 3'! &',415$+'! %G'+(! ,4-! 9#%! *$+%6! 7-! 3'!
$1%B(;3%6! 71! 3'-! +(-'-!,4-! %I5&%,'-! %9#$G(3%! (! 3'! 9#%! -#-! .&$,%&'-!
+&85$+'-!(+#-(;(1r!3'!,8-5$+'!/!3(!,()$(6!
i%,'-!*%!.%1-(&!#1!,',%15'!%1!3(!5&(*$+$P1!%-5>5$+(!.(&(!%15%1*%&!
3(! G%&*(*%&(! &#.5#&(! 9#%! -$)1$B$+(! 3'! &',415$+'! &%-.%+5'! (! %33(! %1!
5(15'!9#%!(.%3(+$P1!(!3(!-#;[%5$G$*(*6!=(5(&o$%Å$+d!33(,(!@&(1!=%'&8(!
(! 3(! +'1+%.+$P1! *%! 3(! ;%33%d(! %-5(;3%+$*(! %1! 3(! @&%+$(! (15$)#(! /! 9#%!
`(B$&,(;(!9#%!3(!;%33%d(!+'1-$-5%!%1! 3(-! .&'.'&+$'1%-!*%! 3(-! .(&5%-<!
.(&(!-%&!,4-!.&%+$-'-<!%1!3(-!.&'.'&+$'1%-!/!%1!%3!'&*%1(,$%15'!*%!
3(-! .(&5%-! /! %1! -#-! $15%&&%3(+$'1%-a! uRQYYr! RTLv6! F! .(&5$&! *%! 3(! (&2
,'18(!*%!3'-!-'1$*'-!';5%1$*(!.'&!+#%&*(-!+#/(-!3'1)$5#*%-!,(15$%2
1%1!3(!&%3(+$P1!*%!3'-!1C,%&'-! -$,.3%-!?%-! *%+$&<!#1'! (! *'-! +'&&%-2
.'1*%!(!3(!'+5(G(<!5&%-!(!+#(5&'!(!3(!+#(&5(<!*'-!(!5&%-!(!3(!9#$15(?<!3'-!
.$5()P&$+'-! *%*#+%1! 9#%! 3(! ;%33%d(! .&'+%*%! *%! 3(! .&'.'&+$P16! F! 3(!
(&,'18(!%1!3'!(#*$5$G'!+'&&%-.'1*%! 3(!-$,%5&8(!%1! 3'! G$-#(3<! /!%-5'-!
*'-!.&$1+$.$'-!-'1!3'-!9#%!&$)%1!3(!$*%(!*%!3'!;%33'!*%-*%!3(!F15$)n%2
*(*!0(-5(!%3!-$)3'! AmOOO<!(#19#%!1'!-$1!G(&$(+$'1%-!1$<!$1+3#-'<!(3)#1(!
+&85$+(6! W(! 5%'&8(! .$5()P&$+(<! -$1! %,;(&)'<! 1'! %-! ,4-! 9#%! #1! %-;'d'!
.&$,$5$G'!*%!3(!@&(1!=%'&8(<!9#%!-%!*%-(&&'33(!*%-*%!5'*'-!3'-!*$-+#&2

RQZ!!
-'-!5%P&$+'-6!71! j%*&'<!D3(5P1!.&'.'1%!9#%!`3'!*$G$1'!%-!;%33'<!-(;$'<!
;#%1'!/!'5&(-!+'-(-!.'&!%3!%-5$3'a!uRQYY;r!SZLv6!W(!;%33%d(!.3(5P1$+(<!
.'&!5(15'<!%-54!G$1+#3(*(!+'1!%3!;$%1!/!3(!G%&*(*!*%!3(!*$G$1$*(*6!7-5(!
*$G$-$P1!+'&&%-.'1*%!(!3(!(&$-5'5>3$+(!%15&%!5%'&8(<!(++$P1!/!+&%(5$G$2
*(*<!9#%!*(&4!3#)(&!(!3(-!5&%-!+&85$+(-!o(15$(1(-!?*%!3(!&(dP1!.#&(<!*%!
3(! &(dP1! .&4+5$+(! /! *%3! [#$+$'?! +'&&%-.'1*$%15%-! (! 3(-! 5&%-! )&(1*%-!
*$-+$.3$1(-!B$3'-PB$+(-r!3P)$+(<!>5$+(!/!%-5>5$+(6!
W(! ;%33%d(! B'&,(! .(&5%! *%! 3(! &%B3%I$P1! B$3'-PB$+(! *%-*%! %3! .&$1+$.$'6!
F0'&(!;$%1<!3(!;%33%d(!)&$%)(!5$%1%!#1!-%15$*'!,#+0'!,4-!(,.3$'!*%3!
9#%! (-'+$(,'-! 1'-'5&'-! (! %-%! 5>&,$1'6! D'&! 3'! 9#%! -%! *%*#+%! *%! 3(!
(B$&,(+$P1!.3(5P1$+(<!%I$-5%!#1!+'15$1#'!%15&%!3'!;%33'<!3'!;#%1'!/!3'!
G%&*(*%&'<! %-! *%+$&<! 9#%! `;%33'a! 1'! %-! -'3'! (.3$+(;3%! (! 3'-! ';[%5'-!
.%&+$;$*'-<!-$1'!9#%!5(,;$>1!-'1!;%33(-!3(-!+'1*#+5(-!'!3(-!3%/%-6!H%3!
,$-,'!,'*'!9#%!3(!.&'.'&+$P1!%15&%!3(-!.(&5%-!*%3!+#%&.'!%9#$G(3%!
(!-#!;%33%d(<!3(-!.(&5%-!*%3!(3,(!3(!0(&41!;%33(!'!1'6!W'-!)&$%)'-!+&%%1!
0(;%&! *%-+#;$%&5'! 3(-! .&'.'&+$'1%-! .%&B%+5(-! /! -#! +'1+%.+$P1! *%! 3(!
;%33%d(!*%.%1*%!*%!%33(-6!H%!0%+0'<!.$%1-(1!9#%!3(!;%33%d(!%-!#1(!+#(2
3$*(*!';[%5$G(<!9#%!1'!*%.%1*%!*%3!';-%&G(*'&6!F!3(!5%'&8(!+'-,>5$+(!
9#%!(B$&,(!9#%!3(!;%33%d(!-%!%1+#%15&(!%1!3(!1(5#&(3%d(!?%3!+'-,'-?!
-%!'.'1%!3(!.3(5P1$+(<!9#%!.$%1-(!9#%!3(!;%33%d(!-'3'!-%!%1+#%15&(!%1!
%3!,#1*'!*%!3(-!$*%(-<!/!9#%!3(-!+'-(-!;%33(-!*%3!,#1*'!,(5%&$(3!-'3'!
-'1! #1(! -',;&(! 9#%! .(&5$+$.(! *%! %-(! ;%33%d(6! H%! (08! -%! %15$%1*%! %3!
*%-.&%+$'!9#%!-$%15%!0(+$(!3'-!(&5$-5(-<!.#%-5'!9#%!-#-!';&(-!-'3'!-'1!
#1(!+'.$(!*%!#1(!+'.$(!*%!#1(!+'.$(!?%3!(&5%!+'.$(!%3!,#1*'!9#%!+'2
.$(!3(-!$*%(-?6!!
D%&'! (! .%-(&! *%! 3(-! *$B%&%1+$(-! ,%5(B8-$+(-! %15&%! (,;(-! +'1+%.+$'2
1%-<!+',.(&5%1!%-(!G$-$P1!';[%5$G$-5(!*%!3(!;%33%d(!9#%!-%!,(15%1*&4!
*#&(15%!,4-!*%!*'-!,$3%1$'-6!F0'&(!;$%1<!*#&(15%!3(!7*(*!h%*$(!-%!
*%B$%1*%!9#%!(#19#%!%-!+$%&5'!9#%!3(!;%33%d(!-%!%1+#%15&(!%1!3(!.&'2
.'&+$P1<!%-5(!-'3(!1'!%-!-#B$+$%15%6!:%!1%+%-$5(!#1!(3,(!9#%!3(-!0()(!
;&$33(&6!73!,#1*'!%-!0%&,'-'!.'&9#%!%-!';&(!*%!H$'-6!73!.&$,%&'!%1!
0(+%&!%-(!+&85$+(!(!3(!5%'&8(!+34-$+(!%-!D3'5$1'<!/!-#!$1B3#%1+$(!0(-5(!%3!
-$)3'! AmO!%-!B#1*(,%15(36!7-5'!1'!-$)1$B$+(!9#%!3(!@&(1!=%'&8(!*%-(.(2
&%d+(<!-$1'!9#%!-%!(,.38(!/!-%!,(5$d(6!F3! o(3P-!*%!3'-!)&$%)'-!3%!-#+%2
*%! %3! .#3+0&#,! &',(1'<! /! 3#%)'! %3! ;%33#,! ?9#%! .&'+%*%! *%! ;'1#,<!
;#%1'?!/!3'-!,%*$%G(3%-!*%+#-<!%3%)(15$(!'!-#(G$5(-<!%15&%!'5&'-6!

! RQT!
7-!*#&(15%!%3!\%1(+$,$%15'!+#(1*'!-%!%-5(;3%+%!3(!$*%(!*%!3'!+34-$+'!
/!-%!&%+#.%&(1!-#-!G(3'&%-6!W'!+34-$+'!(3#*%!%1!%-.%+$(3!(!3(-!>.'+(-!
*%!D%&$+3%-!/!*%!F#)#-5'<!.%&'<!.'&!%5$,'3')8(<!5(,;$>1!(!(9#%33'!9#%!
%-!*%!3(!+3(-%!-'+$(3!,4-!(35(!u+3(--$+#-v6!7-!*%+$&<!(9#%33'!9#%!%-!%I2
+%3%15%!/!-#-+%.5$;3%!*%!-%&!$,$5(*'6!71!%-%!-%15$*'<!3(!;%33%d(!-%!%12
5$%1*%! +','! .&'.'&+$'1(3<! (&,P1$+(<! 1(5#&(3! /! ';[%5$G(<! +','! (3)'!
9#%!-%!%I.%&$,%15(!.%&'!1'!-%!$1G%15(6!71!%3!(&5%!0#,(1'<!-%!;(-(!%1!
3(! %-+(3(! 0#,(1(! /! *%.%1*%! *%! 3(! &%)#3(&$*(*! *%! -#! B'&,(! /! *%! -#!
*$-.'-$+$P16!7-!5(,;$>1!%1!%-5%!,',%15'!+#(1*'!3'-!(&5$-5(-!%,.$%2
d(1!(!-%.(&(&-%!*%3!&%-5'!*%!3'-!(&5%-(1'-!/!(!3$;%&(&-%!*%!3(-!1'&,(-!
%-5&$+5(-!9#%!3%-!$,.'1%!%3!-(+%&*'+$'!9#%!B$1(1+$(!-#!5&(;(['6!H%-*%!
@&%+$(!%3!(&5$-5(!0(!-$*'!*%-.&%+$(*'!+','!#1!-$,.3%!5&(;([(*'&!,(2
1#(3!+#/(-!';&(-<!%-'!-8<!-'1!(*,$&(;3%-6!71!%3!-$)3'!AmO!-%!%9#$.(&(!(3!
B$1!+'1!%3!.'%5(<!(!9#$%1!-$%,.&%!-%!0(!+'1-$*%&(*'!#1!$15%3%+5#(36!W'!
9#%!(15%-!%&(!#1!)&%,$'!%15&%!'5&'-!-%!+'1G$%&5%!%1!5(33%&!*'1*%!3'-!
(3#,1'-! (.&%1*%1! 3(-! 5>+1$+(-! *%! 5&(;(['!.%&'<! -';&%! 5'*'<! (*9#$%2
&%1!3'-!+'1'+$,$%15'-!5%P&$+'-!9#%!3%-!.%&,$5%1!*%-(&&'33(&!-#!5(3%12
5'6! 73! (&5$-5(! +'1-$)#%! 3(! 3$;%&5(*! 1%+%-(&$(! .(&(! .&'*#+$&! ';&(-! -$1!
%1+(&)'!/!.(&(!%3%)$&!3'-!5&(;(['-!9#%!,4-!3%!$15%&%-(16!7-5(!.&$,%&(!
(#5'1',8(! -#.'1%! %3! $1$+$'! *%3! .(-'! 0(+$(! %3! F&5%<! %1! ,(/C-+#3(-! %!
$1*%.%1*$%15%<!+','!3'!%15%1*%,'-!0'/!*8(6!i(-5(!%-%!,',%15'<!%3!
3#)(&!*%3!';[%5'!(&58-5$+'!%-! %3!5%,.3'!/!-#! B#1+$P1! %-! $*%'3P)$+(6!W(!
.$15#&(! /! 3(! %-+#35#&(! %-541! -',%5$*(-! (3! %-.(+$'! (&9#$5%+5P1$+'6! 73!
\%1(+$,$%15'! -#.'1%! 3(! 3$;%&(+$P1! .(&+$(3! *%! 3(! ';&(! &%-.%+5'! (! -#!
-'.'&5%<!.%&'!5(,;$>1!&%-.%+5'!(3!5%,(6!F.(&%+%1!%3!.&$,$5$G'!,%&2
+(*'!*%3!(&5%<!3(!%-+#35#&(!$1*%.%1*$%15%!/!3(!.$15#&(!*%!+(;(33%5%!/<!
+'1!5'*'!%33'<!3'-!.&$,%&'-!+'3%++$'1$-5(-6!
D%&'!%-5(!$1+$.$%15%!3$;%&(+$P1!1'!-$)1$B$+(!9#%!-%!'3G$*%!3(!@&(1!=%2
'&8(6!W(!;%33%d(!-$)#%!%-5(1*'!%1!3(!.&'.'&+$P1!/!%3!%9#$3$;&$'<!.'&!%-'!
%-!5(1!$,.'&5(15%!.(&(!3'-!(&5$-5(-!&%1(+%15$-5(-!%3!+'1'+$,$%15'!*%!
3(!1(5#&(3%d(<!*'1*%!-%!%1+#%15&(1!*$+0(-!+(&(+5%&8-5$+(-6!W%'1(&*'!
H(!m$1+$!%-!#1!%[%,.3'!+3(&'!*%3!%15&%3(d(,$%15'!%15&%!+$%1+$(!/!(&5%!
%1! %-5(! >.'+(6! j#1*(,%15(! 3(! .&4+5$+(! .$+5P&$+(! %1! %3! %3%,%15'! &(2
+$'1(3!9#%!.%&,$5%!-#!'&)(1$d(+$P1<!/!(-%)#&(!9#%!3(!.$15#&(!%-!#1(!
B'&,(! *%! +'1'+$,$%15'! *%! .&$,%&! '&*%1<! $1+3#-'! .'&! %1+$,(! *%! 3(!
.'%-8(6! 7-5(! *%.%1*%! *%! 3(! (#*$+$P1<! ,$%15&(-! 9#%! 3(! .$15#&(! %-! #1!
(&5%!G$-#(36!:%)C1!%3!'&*%1!5&(*$+$'1(3<!3(!G$-5(!%-!%3!-%15$*'!,4-!1'2

RQX!!
;3%<!3'!9#%!+'3'+(!(!3(! .$15#&(!#1!)&(*'! .'&!%1+$,(! *%! 3(! 3$5%&(5#&(6!
j&(1+$-+'! *%! i'3(1*(! *%B$%1*%! 9#%! .'%-8(! /! .$15#&(! -'1! +$%1+$(-!
0%&,(1(-!/!9#%!1$1)#1(!*%!3(-!*'-!%-!.%&B%+5(!.'&!-%.(&(*'6!=(15'!
%3!.$15'&!+','!%3!%-+&$5'&!-'1!+(.(+%-!*%!.$15(&!#1(!%-+%1(<!+(*(!+#(3!
+'1! -#-! 0%&&(,$%15(-6! :$1! %,;(&)'<! 3(! 1(&&(+$P1! 1%+%-$5(! #1(! -#+%2
-$P1! 5%,.'&(3! .(&(! 0(+%&3'<! ,$%15&(-! 9#%! 3(! .$15#&(! .%&,$5%! ';-%&2
G(&3(!*%!B'&,(!-$,#3541%(6!:%(!+','!-%(<!3(!5(&%(!*%3!(&5$-5(!%-!$,$5(&!
3(!1(5#&(3%d(<!/!3(!;%33%d(!-$)#%!-$%1*'!%3!.&$1+$.$'!+3(G%!*%!-#!';&(6!
N'! ';-5(15%<! %-5(! ;%33%d(! -%! 0(! *%-.&%1*$*'! %1! )&(1! ,%*$*(! ?-(3G'!
%15&%!3'-!1%'.3(5P1$+'-?!*%!3'-!G(3'&%-!,%5(B8-$+'-!'!,'&(3%-!9#%!-%!
3%!(-'+$(1!%1!3(!F15$)n%*(*6!:%!0(!+'1G%&5$*'!%1!#1!+'1+%.5'!%-5>5$+'!
.#&'<!,4-!.&PI$,'!(!3(!5&(*$+$P1!*%!-'B$-5(-!/!%-5'$+'-<!(#19#%!';[%2
5$G'!/!#1$G%&-(36!
W(!3$;%&(+$P1!*%3!(&5%!&%-.%+5'!(!-#-!B#1+$'1%-!$*%'3P)$+(-!/!-#-!3#)(2
&%-! 5&(*$+$'1(3%-! 1'! 5%1*&8(! -%15$*'! *%! 1'! G%1$&! (+',.(g(*(! *%!
'5&(-! 5&(1-B'&,(+$'1%-! *%! 5$.'! -'+$(3! 9#%! .%&,$5%1! 3(! (.(&$+$P1! *%!
#1! ,%&+(*'! %1! %3! 9#%! G%1*%&! 3(-! ';&(-<! /! 9#%! (-%)#&(1! 3(! -#.%&G$2
G%1+$(!*%!3'-!(&5$-5(-6!:%!5&(5(!*%!3(!(.(&$+$P1!*%!3(!1'+$P1!*%!)#-5'!/<!
-';&%!5'*'<!*%3!$1*$G$*#'!*%!)#-5'<!.&$,%&'!%1!3(-!+'&5%-!$5(3$(1(-!&%2
1(+%15$-5(-!/!*%-.#>-!%1!3(!j&(1+$(!*%3! AmOOO6!H#&(15%!3(!7*(*!h%*$(<!
3(!$1*$G$*#(3$*(*!-%!*$-#%3G%!;(['!3(!+(.(!*%3!+&$-5$(1$-,'!/!*%!3(!&(2
d(<! 9#%! 33%G(! (! ,#+0'-! $5(3$(1'-! ?%15&%! 3'-! 9#%! -%! %1+#%15&(! H(15%<!
9#%!$*%15$B$+(!3(!.(5&$(!+'1!3(!3%1)#(!$5(3$(1(!/!-#!+#35#&(?!(!&%+3(,(&!
#1(! 1(+$P1! #1$*(! 9#%! &%-#%3G(! 3(! $1%-5(;$3$*(*! .'385$+(! 9#%! -#B&%! 3(!
.%181-#3(!%1!3'-!-$)3'-! AOm!/! Amr!.'&!*%;(['!*%!H$'-<!3'!*%,4-6!D%&'!%3!
\%1(+$,$%15'!$5(3$(1'!-#.'1%!3(!(.(&$+$P1!*%3!7-5(*'!,'*%&1'<!%I%12
5'!*%!3(-!5&(;(-!9#%!-#.'1*&4!3(!,'1(&9#8(!(;-'3#5(!.(&(!%3!&%-5'!*%!
7#&'.(6! =(15'! %1! -#-! &%.C;3$+(-! +','! %1! -#-! 5$&(18(-<! %-! *'1*%! -%!
*%-(&&'33(! 3(! $1*$G$*#(3$*(*! +','! 3(! %15%1*%,'-! 0'/6! f(! (3! B$1(3%-!
*%3!-$)3'! AOOO<!-%)C1!$1*$+(!K#&+o0(&*5<!O5(3$(!%-54!`.3%5P&$+(!*%!.%&-'2
1(3$*(*%-a!uRQQXr!RUXv6!73!+#35'!(!3(!.%&-'1(3$*(*!*%!3'-!5$&(1'-!%,2
.#[(!(!-#-!(+P3$5'-!*%!,(/'&!&(1)'<!-%(1!B#1+$'1(&$'-!'!.'%5(-<!(!*$-2
5$1)#$&-%! *%3! &%-5'! *%! +$#*(*(1'-6! W(! *$B%&%1+$(! .(-(! *%! -%&! #1!
*%B%+5'!(!#1(!G$&5#*<!-%!$1G$%&5%!%3!(1(5%,(!*%!3(!$1*$G$*#(3$*(*!/!-%!
'3G$*(!3(!,'*%-5$(!9#%!&$)%!3'-!-$)3'-!(15%&$'&%-6!:%!&%+'1'+%!3(!%I$-2
5%1+$(!';[%5$G(!*%3!7-5(*'!/<!B&%15%!(!>3<!3(!-#;[%5$G(!*%!-#-!-C;*$5'-6!
W(! .%&-'1(!-#&)%!+','!&%(++$P1!(15%!3(!$1*%B%1-$P1!.&'.$(!*%!3(!5$2

! RQL!
&(18(<!.%&'!5(,;$>1!(15%!3'-!+(,;$'-!*%!.'*%&<!;&#-+'-!/!*&(,45$+'-<!
*%! 3(! &%.C;3$+(6! W(! $1-%)#&$*(*! %1! 3(! G$*(! .C;3$+(! B(G'&%+%! 3(! G$*(!
.&$G(*(6!
F3!33%)(&!%3!-$)3'!Am!O5(3$(!%-!#1!,#1*'!*$B%&%15%<!%-+$1*$*'!*%!#1!+'12
5$1%15%! 9#%! ,(15$%1%! %1! )&(1! ,%*$*(! 3'-! ,'*'-! ,%*$%G(3%-6! F9#8!
(.(&%+%!3(!1'+$P1!*%3! #','!#1$G%&-(3%<!%3!0',;&%!#1$G%&-(3!9#%!%-54!
B'&,(*'!%1!5'*(-!3(-!,(5%&$(-!0#,(1(-6!:%!5&(5(!*%3!-#[%5'!+#35$G(*'!
9#%!-(;%!*%!5'*'!/!%-!+(.(d!*%!5'*'<!/!+#/(!.%&-'1(3$*(*!-%!%[%&+$5(!
.(&(!(*,$&(+$P1!*%!-#-!+'1)>1%&%-6!H',$1(!3(-!3%1)#(-!+34-$+(-!/!3(-!
+$%1+$(-!,'*%&1(-<!3(!0$-5'&$(! /! 3(! *$.3',(+$(6!7-!)%15%! +','!%3!)%2
1'G>-!W%'1!K(55$-5(!F3;%&5$<!)$,1(-5(!*%-5(+(*'<!,C-$+'!(#5'*$*(+5'<!
,(%-5&'!%1!*%&%+0'!&',(1'!/!%+3%-$4-5$+'<!-(+%&*'5%<!(&9#$5%+5'<!5&(2
5(*$-5(<! .'%5(<! +&$.5P)&(B't! $1+3#-'! *$+%1! 9#%! 5$%1%! 3'-! *'1%-! *%! 3(!
+3(&$G$*%1+$(!/!3(!.(&()1'-$(6!:$%1*'!-(+%&*'5%!*%+3(&(!-#!(15$.3(5'2
1$-,'!(3!(B$&,(&!9#%!1'!0(/!1(*(!%1!3(!1(5#&(3%d(!9#%!3(!.$15#&(!1'!
3'!0()(!,4-!;%33'6!E3(&'<!9#%!5(,;$>1!%-!.$15'&6!F3;%&5$!%-!#1'!*%!3'-!
0#,(1$-5(-! ,4-! *%-5(+(*'-! *%3! \%1(+$,$%15'<! .%&'! 0(/! '5&'-! ,#2
+0'-!+','!>3k!-'3'!%-!#1(!,#%-5&(!*%!3(!5%1*%1+$(!)%1%&(3<!3(!(-.$&(2
+$P1!(!(3+(1d(&!%3!+'1'+$,$%15'!#1$G%&-(36!W%'1(&*'!H(!m$1+$!.(&%+%!
,#/!+%&+(!*%!0(;%&3'!3')&(*'6!
7-5(!1#%G(!+#35#&(!*%3! $1*$G$*#'!%-! %1! %-%1+$(! %-.%+5(+#3(&<!%I0$;$2
+$'1$-5(6! :#! .&$1+$.$'! &%+5'&! %-! 3(! )3'&$(<! /! %-5(! -'3'! -%! (3+(1d(! (!
5&(G>-!*%!3(!,$&(*(!*%!3'-!'5&'-<!*%!-#!&%+'1'+$,$%15'6!7-5%!%-!#1'!*%!
3'-!G(3'&%-!*%!3(!(15$)#(!\',(!9#%!&%1(+%1!%1!3(!O5(3$(!.'-,%*$%G(36!
D'385$+'-<!0#,(1$-5(-!/!.'%5(-!(-.$&(1!(!3')&(&!3(!$1,'&5(3$*(*!*%!-#!
1',;&%6!7-5'-!C35$,'-<!(*%,4-<!-%!-(;%1!)#(&*$(1%-!*%!3(!*%!3'-!*%2
,4-6!7-!%G$*%15%!9#%!%-5%!)$&'!B(G'&%+%!3'-!%-.8&$5#-!G(1$*'-'-<!.%&'!
5(,;$>1!3'!%-!9#%!1$1)#1(!'5&(!.(&5%!*%!7#&'.(!+'1'+%!(C1!%3!+#35'!
(3!$1*$G$*#'!9#%!/(!-%!G$G%!%1!3(-!5$%&&(-!$5(3$(1(-6!:$!(15%-!3(-!+$#*(2
*%-!)#(&*(;(1!&%3$9#$(-!/<!+','!,#+0'<!3(-!0(;$5(+$'1%-!*%!(3)#1'-!
-(15'-!+','!';[%5'-!9#%!(5&(%1!(!3'-!.%&%)&$1'-<!(0'&(!-'1!3(-!+(-(-!
1(5(3%-! /! 3(-! 5#,;(-! *%! .'%5(-! /! (&5$-5(-! 3(-! 9#%! G%1! *%-B$3(&! (15%!
%33(-!,#35$5#*%-!*%!+#&$'-'-!/! (*'&(*'&%-6! W(! +(5%*&(3! *%! j3'&%1+$(<!
/(!%1!%3!-$)3'! AOm<!)#(&*(!3'-!&%-5'-!*%!H(15%<!D%5&(&+(!?+#/(!B(,(!%1!
G$*(!5&(-.(-(!B&'15%&(-?!/!K'++(++$'6!=(,;$>1!-%!&%+#.%&(!3(!,%,'2
&$(!*%!3'-!0(;$5(15%-!9#%!B#%&'1!+>3%;&%-!%1!3(!F15$)n%*(*<!+','!m$&2
)$3$'!%1!N4.'3%-!#!]G$*$'!%1!D(&,(6!F3+(1d(&!3(!)3'&$(<!+','!0$+$%&'1!

RQY!!
%33'-<!%-!%3!';[%5$G'!C35$,'!*%!9#$%1!1'!-%(!#1!*'1!1(*$%k!3')&(&!&%#2
1$&!%1!-#!.%&-'1(!3(-!+(&(+5%&8-5$+(-<!3'-!(+'15%+$,$%15'-!'!3(-!';&(-!
9#%! 3%! G(3)(1! #1(! 1'5'&$%*(*! 9#%! .%&*#&(! ,4-! (334! *%! -#! .&'.$'!
5$%,.'!0$-5P&$+'6!

OO!

73!3#)(&!%1!%3!9#%!-%!*%-(&&'33(!%-5%!1#%G'!5$.'!*%!.%&-'1(3$*(*!9#%!
%1B(5$d(!-#!-$1)#3(&$*(*!%-!3(!+'&5%<!/!-#-!+'1*$+$'1%-!*%!.'-$;$3$*(*!
-%!*(1!.&$,%&'!%1!O5(3$(6!715&%!%33(-!-%!%1+#%15&(!%3!*%+3$G%!*%!3(!+(2
;(33%&8(!/!3(!+'1+%15&(+$P1!*%!3(!1';3%d(!%1!3(-!+$#*(*%-!+','!+'1-%2
+#%1+$(! *%3! 0#1*$,$%15'! *%! 3(-! %-5&#+5#&(-! ,%*$%G(3%-! (! B(G'&! *%3!
.'*%&! (;-'3#5'! *%3! 7-5(*'<! .%&'! 5(,;$>1! %3! $15%&>-! +&%+$%15%! .'&! 3(!
+#35#&(! +34-$+(<! 3(-! (&5%-! /! 3(-! +$%1+$(-<! .&'.$+$(*'! 5'*'! %33'! .'&! #1!
(#,%15'!*%!3(!&$9#%d(6!W(!+'&5%!-%!+'1G$%&5%<!%15'1+%-<!%1!%3!+'&(dP1!
-'+$(3!*%3!5%&&$5'&$'<!%1!#1!,$+&'+'-,'-!+'1!3P)$+(-!.&'.$(-!/!&%)3(-!
.&%+$-(-6!
73!+'&5%-(1'!*%!K(35(-(&!*%!E(-5$)3$'1%!%-!(3!,$-,'!5$%,.'!#1(!*%-2
+&$.+$P1! /! #1(! .&%-+&$.+$P1! *%! %-%! (,;$%15%<! %1! 5(15'! 9#%! *%-+&$;%!
-#-!+(&(+5%&8-5$+(-!.&$1+$.(3%-!/!.&%-+&$;%!+P,'!0(;&8(!*%!-%&6!73!5%I2
5'! ?&%*(+5(*'! %15&%! RTRZ! /! RTRY<! ,$%15&(-! E(-5$)3$'1%! G$([(! %15&%!
\',(! /! h(15#(! +','! *$.3',45$+'<! /! .#;3$+(*'! %1! RTVY?! .&%5%1*%!
&%B'&,(&! *$+0(! -'+$%*(*6! =$%1%! +(&(+5%&8-5$+(-! -%,$B(;#3'-(-! /! #5P2
.$+(-<! -#-! .%&-'1([%-! -'1! $*%(3%-! /! -#! .&'.P-$5'! %-! ,'&(3$d(15%! /!
.'385$+'6! E#%15(! +'1! 9#%<! (! 5&(G>-! *%! -#-! %1-%g(1d(-<! 3(-! &%3(+$'1%-!
%15&%!+'&5%-!-%&41!,4-!B4+$3%-!/!.&'G%+0'-(-!.(&(!5'*'-6!W'-!+#(5&'!
3$;&'-!9#%!+',.'1%1!-#! +'1[#15'!-%! *%*$+(1! (!3(-!G$&5#*%-<! (3! +',2
.'&5(,$%15'!/!3(!+'1G%&-(+$P1<!(!3(!*(,(!/!(3!(,'&6!7-5%!C35$,'!1'!%-!
-$1'!#1(!G#3)(&$d(+$P1!*%!3(-!*'+5&$1(-!.3(5P1$+(-!9#%!-%!%1+#%15&(1!
%1!73!;(19#%5%!/!%3!j%*&'6!
W(!$*%(!.&$1+$.(3!*%! 73!+'&5%-(1'! %-! 9#%! 3(!1';3%d(!*%! -(1)&%!1'! %-!
&(dP1! -#B$+$%15%! .(&(! -%&! *$-5$1)#$*'<! -$1'! 9#%! %3! )#-5'! -%! (*9#$%&%!
,%*$(15%!3(!%*#+(+$P1!/!%3!&%B$1(,$%15'6!W(-!G$&5#*%-!0(1!*%!%[%&+%&2
-%<!1'!-%!0%&%*(16!:%!5&(5(!*%!#1!,(1#(3!*%!+',.'&5(,$%15'!*%3!/'!
(15%!3'-!*%,4-6!N'!-%!5&(5(!*%!+&%(&!%,;#-5%&'-<!-$1'!(+5'&%-!-'+$(2
3%-!9#%!-%.(1!,'G%&-%!+'1!B(+$3$*(*!%1!-#!%15'&1'<!9#%!.#%*(1!3%%&!(!

! RQQ!
-#-! +'1)>1%&%-! /! &%-.'1*%&! (15%! %33'-! +','! -%! %-.%&(6! D'&9#%! %3!
)#-5'!/!3(!*$-5$1+$P1!-%!%[%&+%1!%1!-'+$%*(*!/!1'!5'*(-!3(-!-'+$%*(*%-!
&%-.'1*%1! $)#(3! (15%! 3'-! ,$-,'-! %-58,#3'-6! 7-! %1! %-5%! ,',%15'!
+#(1*'! (.(&%+%1! 3'-! .&$,%&'-! *$.3',45$+'-! ?/! E(-5$)3$'1%! %[%&+%!
+','!5(3?!(!9#$%1%-!-%!%I$)%!5%1%&!#1'-!,'*(3%-!#1$G%&-(3%-!9#%!3%-!
.%&,$5(1! -%&! ()&(*(;3%-! (3! 5&(5'! /! &%3(+$'1(&-%! +'1! +'&&%++$P1! %1!
+#(39#$%&!+'&5%<!%1!%3!3#)(&!9#%!-%(6!W(!.3(-5$+$*(*!%-!3(!,%['&!*%!3(-!
+#(3$*(*%-!*%!#1!;#%1!+'&5%-(1'!/!*%!#1(!;#%1(!*(,(<!+#/'!&%B$1(2
,$%15'!/!-(;%&!0(+%&!*(&41!#1(!$,()%1!%3%G(*(!*%!#1(!+'&5%!(15%!3'-!
'['-!*%!'5&(-6!
W(-! +'&5%-! -'1! +%15&'-! *%! +'1+%15&(+$P1! *%! .'*%&! .'385$+'! /! %+'1P2
,$+'<!.';3(*(-!.'&!(&$-5P+&(5(-!.%&'!5(,;$>1!.'&!0#,(1$-5(-<!(&5$-2
5(-!/!.'%5(-<!9#%!;#-+(1!%1!%33(-!%3!+(.$5(3!9#%!B$1(1+$%!-#-!';&(-<!%1!
3(-!9#%!3(!.&'.$(!+'&5%!%1+#%15&(!#1(!B'&,(!*%!%I.&%-$P1!/!*%!.#;3$2
+$*(*6! 73! \%1(+$,$%15'! $5(3$(1'! *%-+#;&%! %1! 3(! +#35#&(! -#! ,%['&! G8(!
*%!%I.(1-$P1r!3(!)3'&$(!*%!-#-!(&5$-5(-!%-!3(!.&'.$(!*%!3(!+'&5%6!73!.#12
5'!B#1*(,%15(3!*%3!5%I5'!*%!E(-5$)3$'1%!%-!9#%!*%B$1%!(3!+'&5%-(1'<!(3!
-#[%5'!*%!)#-5'<!+','!#1!-%&!+$G$3$d(*'!9#%!1'!*%.%1*%!%1!%I+3#-$G(!
*%! -#-! '&8)%1%-! B(,$3$(&%-<! -$1'! 9#%! -%! 0(+%! +$G$3$d(*'! (! 5&(G>-! *%3!
)#-5'6!:#!+'&5%-(1'!/(!%-!;#&)#>-6!73!)#-5'!1'!%-!5(15'!#1(!+#%-5$P1!
*%!%3%++$'1%-!*%!5$.'!%-5>5$+'!'!,'&(3!+#(15'<!+','!-%g(3(!K'#&*$%#<!
#1!+'1[#15'!*%!.&4+5$+(-!-'+$(3%-!9#%!(B%+5(1!/!+'1*$+$'1(1!%3!+#%&2
.'<!%3!3%1)#([%!/!3'-!;$%1%-!-$,;P3$+'-6!W(!+'1G%&-(+$P1!(*%+#(*(<!3'-!
[#%)'-!/!;($3%-<!3'-!,'*(3%-!%1!3(!,%-(<!%3!G%-5$&!(!3(!,'*(<!3(-!G$-$5(-<!
%3! *',$1$'! *%! 5'*'! %33'! &%-#35(! %-%1+$(3! .(&(! +#(39#$%&(! 9#%! 9#$%&(!
-%&!(3)#$%1!%1!-'+$%*(*6!D(&(!%3!+'&5%-(1'<!%3!)#-5'!%-!+'1*$+$P1!*%!-#!
&%+'1'+$,$%15'!%1!3(!+'&5%<!*%!-#!B(,(!/!-#!)3'&$(6!
W(-!+'&5%-!.(.(3%-!*%!3'-!-$)3'-!Am!/!AmO!-'1!3(-!9#%!,4-!-%!.(&%+%1!(3!
,'*%3'!9#%!.&'.'1%!E(-5$)3$'1%6!71!%33(-!5'*'!%-!B(-5'!/!%-.3%1*'&<!/!
%3! 5&(5'! %-! 5'*'! 3'! 3$;&%! 9#%! +(;&8(! $,()$1(&6! :$1! %,;(&)'<! -%&4! %1!
j&(1+$(!*'1*%!-%!*(&4!B'&,(! (!3(-! +'&5%-!,'*%&1(-! /!*'1*%!3(! G$*(!
+'&5%-(1(!(3+(1d(&4!1#%G(-!+#,;&%-!*%!%I9#$-$5%d!/!,#1*(1$*(*!%1!
3'-! -$)3'-! AmOO! /! AmOOO6! 7-5'! (#1! +#(1*'! j&(1+$-+'! O! /(! B#1*(! 3(! +'&5%!
B&(1+%-(!%1!%3!-$)3'! AmO!/!&%C1%!%1!%33(!5'*(!+3(-%!*%!*$-5&(++$'1%-!/!
%15&%5%1$,$%15'-<! .%&'! 5(,;$>1! *%! &%3(+$'1%-! *%! .'*%&! %! $15&$)(-6!
W3(,(!3(!(5%1+$P1!%3!.(.%3!9#%!&%.&%-%15(1!3(-!*(,(-!%1!%-5%![#%)'6!
\%+'&*%,'-!9#%!(!%33(-!3%-!*%*$+(!E(-5$)3$'1%!#1(!+#(&5(!.(&5%!*%!-#!

VUU!!
3$;&'<!/!)&(1!.(&5%!*%3!+',.'&5(,$%15'!/!3(!+&%+$%15%!*%3$+(*%d(!*%3!
)#-5'!*%!3'-!+'&5%-(1'-!-%!*%;%!(!-#!.&%-%1+$(6!D(&(!3')&(&!-#-!(5%12
+$'1%-!/!-#-!B(G'&%-!+(*(!#1'!*%!3'-!(-.$&(15%-!-%!%-B#%&d(!%1!*%-5(2
+(&! -#! $1*$G$*#(3$*(*6! H$-5$1)#$&-%<! -%&! 1'5(*'<! 33(,(&! 3(! (5%1+$P1<!
$,.'1%&-%!-';&%!3'-!*%,4-!-$1!,$&(,$%15'-!.%&'!+'1!-#5$3%d(<!(+%12
5#(&!3(!#1$+$*(*!.&'.$(<!5'*'-!%-5'-! -'1!&(-)'-! 9#%!B'&,(1! %3!)#-5'!
+'&5%-(1'<! 9#%! %1! j&(1+$(! -%! %1+(&1(1! %1! %3! 0',;&%! *%! )#-5'<!
3z0',,%!*%!)'ä56!
H%+8(!(15%-!9#%!%3!+'&5%-(1'!9#%!.&%-+&$;%!E(-5$)3$'1%!/(!%-!;#&)#>-<!
'!+','!,81$,'!.&%;#&)#>-<!/!%-5'!%-!.'&!*'-!&(d'1%-!$,.'&5(15%-6!
W(!.&$,%&(!%-!9#%!-#!(B41!*%!*$-5$1+$P1!.&%B$)#&(!%3! &(-)'!.&$1+$.(3!
*%3! $1*$G$*#'! ,'*%&1'! 9#%! -%! *%-(&&'33(! *%15&'! *%! 3(-! -'+$%*(*%-!
;#&)#%-(-6!73!-%)#1*'<!,#+0'!,4-!,(5%&$(3<!%-!9#%!-#!&$9#%d(!%-<!%1!
,#+0(-! '+(-$'1%-<! *%! #1! 5$.'! *$B%&%15%! (3! ,%*$%G(36! :$! *#&(15%! 3(!
7*(*!h%*$(!3(!&$9#%d(!.&'G$%1%!-';&%!5'*'!*%!3(!5$%&&(<!(!.(&5$&!*%!3'-!
-$)3'-! AOOO!/! AOm!3(!-$5#(+$P1!G(&8(!/!(3)#1'-!.(5&$,'1$'-!-%!*%-G$1+#2
3(1!*%!3(-!(5(*#&(-!B%#*(3%-6!W(!%I.3'&(+$P1!/!%3!+',%&+$'!+'1!]&$%12
5%<!3(!%I.3'5(+$P1!*%!,$1(-!/<!*%-.#>-!*%!RZQV<!%3!-(9#%'!*%!F,>&$+(!
)%1%&(1!)&(1*%-!B'&5#1(-6!=(1!)&(1*%-!9#%!(15%-!%&(1!$1+'1+%;$;3%-6!
"#$%1%-!-%!*%*$+(1!(!3(!3')8-5$+(!%1!3(!%&(!*%!3'-!%I.3'&(*'&%-!-%!(-%2
)#&(1!#1'-!;%1%B$+$'-!*%!%-+41*(3'<!+','!9#$%1%-!B$1(1+$(1!3'-!.&'2
.$'-!G$([%-!'!3(-!)#%&&(-!.'&!3'-!1#%G'-!5%&&$5'&$'-6!W(!+'1-%+#%1+$(!
%-! 9#%! -%! )%1%&(1! #1'-! +(.$5(3%-! $1,%1-'-! 9#%! 1'! 5$%1%1! 1$1)#1(!
*%.%1*%1+$(!*%!3(!.&'.$%*(*!1$!3'-!B&#5'-!*%!3(!5$%&&(6!71!%3!-$)3'! AmOO!
3(-! )&(1*%-! B'&5#1(-! $1)3%-(-! /! B&(1+%-(-! -'1! %1! -#! ,(/'&8(! *%! '&$2
)%1!B$1(1+$%&'6!73!*%+3$G%!*%!3(!(&$-5'+&(+$(!/!%3!(#)%!*%!%-5(-!1#%G(-!
B'&5#1(-!B(G'&%+%!3'-!,(5&$,'1$'-!%15&%!B(,$3$(-!G$%[(-!9#%!(.'&5(1!
%3!;#%1!1',;&%!/!3(-!1#%G(-!9#%!(.'&5(1<!(!5&(G>-!*%!3(!*'5%<!%3!+(.$2
5(36!7-!3'!9#%!G%8(,'-!%1!%3!,(5&$,'1$'!*%!:(*%6!:',;(&5!uRQLQr!RTv!
&%+')%!3(-!*'5%-!9#%!-%33(1!3'-!,(5&$,'1$'-!*%!3(!B(,$3$(!*%!#1!0$*(32
)'! +(,.%-$1'! B&(1+>-! *#&(15%! 5&%-! -$)3'-6! W(-! +(15$*(*%-! .(-(1! *%!
5&%-+$%15'-!B3'&$1%-!%1!RZSS!(!+$%15'!+$1+#%15(!,$3!3$;&(-!%1!RLXT6!
E#(1*'!1'!.#%*%1!%-5(;3%+%&-%!&%3(+$'1%-!,(5&$,'1$(3%-!+'1!3(!1'2
;3%d(<! %-5(-! B(,$3$(-! ;#&)#%-(-! +',.&(1! 585#3'-! 1';$3$(&$'-<! 5$%&&(-!
(-'+$(*(-!(!(3)C1!+'1*(*'!'!,(&9#%-(*'!'!&%+$;%1!%-(-!*$-5$1+$'1%-!
.'&! -#-! ,>&$5'-6! 71&$9#%! mOOO<! .'&! %[%,.3'<! (3! G%&! 9#%! -'3'! 9#%*(1!
G%$15$1#%G%!B(,$3$(-!1';3%-!5&(-!3(!)#%&&(!*%!3(-!H'-!\'-(-!?9#%!%12

! VUR!
B&%15(!(!3(-!+(-(-!*%!3'-!f'&o!/!3'-!W(1+(-5%&!*#&(15%!5&%$15(!(g'-?!/!
9#%! %-(-! B(,$3$(-!%-541! %,.';&%+$*(-<! *%+$*%! *%-.'-%%&! (! 3(! O)3%-$(!
*%! -#-! 5$%&&(-! /! %15&%)4&-%3(-! (! %33(-6! K(['! %3! .'*%&! *%! 3(! +'&'1(<! 3(!
(15$)#(!(&$-5'+&(+$(!&%+#.%&(!-#!%-5(5#-!.%&*$*'<!/!%3!&%/!'5'&)(!585#2
3'-!?G$%['-!'!1#%G'-?!(!3'-!;#&)#%-%-!&$+'-!*%!-#!%3%++$P16!71!RXRR!3(!
(*9#$-$+$P1!*%!#1!585#3'!*%!;(&'1%5!+#%-5(!,$3!1'G%15(!/!+$1+'!3$;&(-<!
/!(-%)#&(!#1!3#)(&!%1!3(!)%15&/<!%-!*%+$&<!.'&!%1+$,(!*%!3'-!+(;(33%&'-!
(15$)#'-!/![#-5'!.'&!*%;(['!*%!3(!1';3%d(6!71!,%1'-!*%!+$%1!(g'-!%-!
.'-$;3%! .%1-(&! 9#%! 3(! B'&5#1(! *%! #1! +',%&+$(15%! .#%*(! +'1+%*%&! (!
-#-!0$['-!'!-#-!1$%5'-!3(!+'1*$+$P1!*%! )%153%,%1!-$1!9#%!-%(!1%+%-(2
&$'!1(*(!,4-!9#%!-#!.&'.$'!>I$5'6!7-!*%+$&<!9#%!%3!*$1%&'!%-!+(.(d!.'&!
-8! -'3'! *%! (;&$&-%! 0#%+'! %15&%! 3(-! +(.(-! ,4-! (35(-! *%! 3(! -'+$%*(*<! /!
%-(!.(&%+%!-%&!3(!(-.$&(+$P1!C35$,(!*%!3(!;#&)#%-8(6!
F0'&(!;$%1<!-$!#1!;#&)#>-!*%-%(!9#%!-%!3%!+'1-$*%&%!#1!$)#(3!(15%!3(!
1';3%d(!,4-!(15$)#(<!%3!.&$,%&!.(-'!%-!(;(1*'1(&!-#!5&(;(['6!715&%!
3'-! &$+'-! %-54! ;$%1! G$-5'! )(-5(&! *$1%&'<! .%&'! 1'! )(1(&3'6! =&(;([(&! %-!
*%! .';&%-! /! )%15%-! -$1!*$-5$1+$P16! =&(;([(&! %-! *%! ,(3! )#-5'6! D%&'! 3(!
1#%G(! ;#&)#%-8(! 1'! %-! +','! 3'-! (15$)#'-! 5%&&(5%1$%15%-<! 9#%! -%! *$2
-'3G8(1!%15&%!3(!1';3%d(!+#(1*'!%15&(;(1!(!B'&,(!.(&5%!*%!%33(6!71!3(!
7*(*!h%*$(!3(!(&$-5'+&(+$(!(;-'&;%! (3! &$+'!&%+$>1! 33%)(*'<! 3'! (-$,$3(!
*%15&'!*%!-#!&%*!/!1'!*%[(!1(*(!%1!>3!+(.(d!*%!*$B%&%1+$(&3'!*%3!&%-5'6!
W(-! &$9#%d(-! $1,%1-(-! 9#%! (.'&5(! 3(! ;#&)#%-8(! *%! 3'-! -$)3'-! AmOO! /!
AmOOO! 3(! +(.(+$5(1!.(&(!%[%&+%&! +','! +'15&(.#15'<! .(&(! (.'&5(&! #1(-!
3P)$+(-! .&'.$(-! 9#%! 5&(1-B'&,(1! .(&(! -$%,.&%! 3(! %-5&#+5#&(! ,$-,(!
*%!3(!1';3%d(<!9#%!(15%-!%[%&+8(!+','!B#%&d(!()3#5$1(*'&(!*%!+3(-%!/!
(0'&(!%-!%3!3#)(&!%1!%3!9#%!-%!*%-(&&'33(!3(!$1*$G$*#(3$*(*<!%3! 0',,%!
*%!)'ä5!*%!%-.8&$5#!%3%G(*'!/!+(&4+5%&!-#;3$,%!9#%!-%!.%&B$3(;(!/(!%1!
3(!O5(3$(!&%1(+%15$-5(6!

OOO!

i(-5(!(0'&(!0%!0%+0'!&%B%&%1+$(!(3!)#-5'!+','!+(&(+5%&8-5$+(!,'*(3<!
+','!%-5&(5%)$(!*%!(+5#(+$P1!*%!3'-!-#[%5'-!*$-5$1)#$*'-!9#%!%I.&%2
-(1!+'1!-#-!;#%1(-!,(1%&(-!3(!#1$+$*(*!9#%!3'-!$*%15$B$+(!/!3'-!-%.(2
&(!*%3!&%-5'<!.%&'!%-(!1'!%-!-#!C1$+(!(+%.+$P16!W(!,4-!%G$*%15%!%-!3(!
9#%!(3#*%!(3!.(3(*(&<!(3!-%15$*'!B$-$'3P)$+'!3'+(3$d(*'!%1!3(!3%1)#(!/!%3!
,4-!-%1-#(3!*%!5'*'-<!-(3G'!%3!5(+5'6!:';&%!%-5%!-$)1$B$+(*'!%G$*%15%!

VUV!!
-%!+'1-5&#/%!3(!,%54B'&(!$3#-5&(*(!*%3!)#-5'!+','!+(.(+$*(*!*%!*$-2
+%&1$,$%15'<! +','! 0(;$3$*(*! %-5>5$+(6! W3(,(! 3(! (5%1+$P1! 9#%! 3(! &%2
B3%I$P1!B$3'-PB$+(!-';&%!%3![#$+$'!-%!B#1*%!%1!#1'!*%!3'-!-%15$*'-!.%'&!
.(&(*'-! %1! +#(39#$%&! ,(&+'! %.$-5%,'3P)$+'! 0(-5(! 3(! B%+0(6! 73! )#-5'!
%-!-'-.%+0'-'!*%-*%!#1(!.%&-.%+5$G(!,'&(3!.'&9#%!-%!(-'+$(!+'1!%3!
.3(+%&!$1,%*$(5'!/!#&)%15%!.&'G'+(*'!.'&!3(!1%+%-$*(*!';G$(!*%!+'2
,%&<!.%&'!5(,;$>1!-%!G$1+#3(!+'1!%3!.3(+%&!';5%1$*'!(3!&',.%&!3(!;(2
&&%&(!*%!3(!1%+%-$*(*<!(3!+',%&!.'&!+',%&!*%!3(!)3'5'1%&8(!/!3(!)#3(6!
H%!%-5%!,'*'<!%3!)#-5'!(.#15(!(3!*%-%'!/<!.'&!5(15'<!(!3(!-%I#(3$*(*6!
D%&'!%-'-!.&%[#$+$'-<!*%-*%!#1!.#15'!*%!G$-5(!%.$-5%,'3P)$+'<![#-5$B$2
+(1!-#!.(.%3!-%+#1*(&$'!%1!3(!%-+(3(!*%!3'-!-%15$*'-<!.'&9#%!1'!(.'&2
5(!$1B'&,(+$P1!$15%3%+5#(3<!-#-!%I.%&$%1+$(-!-'1!$,.&%+$-(-!/!*$&$)%!3(!
,$&(*(!0(+$(!%3!.&'.$'!+#%&.'6!\%-#35(!*%,(-$(*'!*$&%+5'!%!$1,%*$(2
5'!.(&(!-%&!+',.(&5$*'6!73!)#-5'!%-!*%,(-$(*'!-#;[%5$G'6!
71!%-%!.#15'!.&%+$-'!-%!%1+#%15&(!3(![#-5$B$+(+$P1!9#%!0(+%!*%3!)#-5'!
%3! 5>&,$1'! $1*$+(*'! .(&(! B#1*(&! 3(! %-5>5$+(! ,'*%&1(6! 71! 5(15'! 9#%!
-%15$*'!$1B%&$'&<!B8-$+'!/!.&$,$5$G'<!(.%3(!(!3(!-#;[%5$G$*(*<!(!3(!-%1-$2
;$3$*(*! *%! +(*(! +#(36! F.%3(! (! 3(! %I.%&$%1+$(6! :$1! %,;(&)'<! +','!
'+#&&8(!+'1!%3!)#-5'!,'*(3!*%!+'&5%-(1'-!/!*(,(-<!%3!)#-5'!$3#-5&(*'!
%-!#1!-%15$*'!-'+$(36!=$%1%!%3!+#&$'-'!.'*%&!*%!*$&$)$&!3(!,$&(*(!0(+$(!
*%15&'! /! 0(+$(! B#%&(! (3! ,$-,'! 5$%,.'6! 73! )#-5'! 3$5%&(3! -$&G%! +','!
,%54B'&(! -';&%! 3(! 9#%! 3%G(15(&! #1(! &%B3%I$P1! %-5>5$+(! B$3'-PB$+(! 9#%!
.(&5%!*%!3(!$*%15$*(*!0$-5P&$+(!*%!+(*(!-#[%5'!/!*%!3(!($-50%-$-<!3(!-%12
-$;$3$*(*! %15%1*$*(! 5(15'! +','! &%+%.5$G$*(*! (15%! 3(-! ';&(-! *%3! (&5%!
+#(15'! -#-+%.5$;$3$*(*! *%! -%&! (B%+5(*'! .'&! %33(-6! 73! #-'! ,%5(BP&$+'!
*%3!)#-5'!0(;$3$5(!%3!(.(&(5([%!*%!3(-!5%'&8(-!+&85$+(-!'!3(-!+$%1+$(-!*%!
3(! '.$1$P1! (15%! 3(! %I.%&$%1+$(! %-5>5$+(6! F! *$B%&%1+$(! *%3! (&5%! +34-$+'!
+#/'! )'+%! -%! %1+#%15&(! %1! #1(-! +(&(+5%&8-5$+(-! ';[%5$G(-<! 3(! ,'*%&2
1$*(*!.'1%!%1![#%)'!3(-!5%1-$'1%-!%I$-5%15%-!%15&%!%3!-#[%5'!/!%3!';[%2
5'<!%15&%!%3!%-.%+5(*'&!?/!%3!(&5$-5(<!+3(&'?!/!3(!';&(6!7-5%!,%+(1$-,'!
*%! -#;[%5$G(+$P1! +&%(! 3(! B$)#&(! *%3! %I.%&5'<! +#/(-! '.$1$'1%-! &%-#32
5(&41! %-%1+$(3%-! %1! 3'-! -$)3'-! .'&! G%1$&6! ^1(! G%d! ,4-<! +','! '+#&&8(!
+'1!3(-!;#%1(-!,(1%&(-!+'&5%-(1(-<!%3!;#%1!)#-5'!-%!*%,#%-5&(!,%2
*$(15%!%3!&%B$1(,$%15'!/!3(!%I9#$-$5%d!*%!3(-!'.$1$'1%-6!
W(!&%3(+$P1!(3$,%15(&$(!*%!3(!,%54B'&(!*%3!)#-5'!$3#-5&(*'!1'!-%!3$,$2
5(!(!%-(!33(,(*(!(!3(-!.(.$3(-!)#-5(5$G(-<!-$1'!9#%!-%!%1+#%15&(!5(,2
;$>1! %1! %3! 3%1)#([%! )(-5&'1P,$+'! 9#%! B3'&%+%! %15&%! B$1(3%-! *%3! -$)3'!

! VUS!
AmOOO! /! .&$1+$.$'-! *%3!AOA<! /! 9#%! 5&(1-B'&,(! 3(! )#3(! %1! #1(! `+$%1+$(a!
&%-.%5(;3%6! 71! 3(! 5&(1-$+$P1! *%3! F15$)#'! \>)$,%1! (! 3(-! -'+$%*(*%-!
;#&)#%-(-<! %3! 0%*'1$-,'! (3$,%15(&$'! -%! +'1-()&(! )&(+$(-! (! )%15%!
+','! p%(1! F150%3,%! K&$33(52:(G(&$1! '! F3%I(1*&%! @&$,'*! *%! 3(!
\%/1x&$%6!K&$33(52:(G(&$1!%-!(;')(*'!/!(#5'&!*%!3(!+>3%;&%! j$-$'3')8(!
*%3!)#-5'<!*'1*%!$15%15(!+',.$3(&!5'*'!%3!+'1'+$,$%15'!&%B%&%15%!(!3(!
;'+(<!-%(!%-5%!B8-$+'<!9#8,$+'<!)%')&4B$+'<!0$-5P&$+'<!.'385$+'<!%+'1P,$2
+'t!D#;3$+(!%-5(!';&(!%1!RYVT<!(!3'-!-%5%15(!(g'-!/!*%-.#>-!*%!0(;%&!
-$*'!*%-5%&&(*'!*%!j&(1+$(!*#&(15%!3'-!(g'-!,4-!+&#*'-!*%!3(!\%G'2
3#+$P16!:%!5&(5(!*%3!.&$,%&!5%I5'!%1+$+3'.>*$+'!*%*$+(*'!(3!)#-5'<!/!%-!
%3!B#1*(,%15'!*%!3(!)(-5&'1',8(!,'*%&1(6!@&$,'*!*%!3(!\%/1x&$%!%-!
5(,;$>1! (;')(*'! /! %3! .&$,%&! +&85$+'! )(-5&'1P,$+'! +'1'+$*'6! =(,2
;$>1!.#;3$+(!3(!.&$,%&(!&%G$-5(!)(-5&'1P,$+(!%15&%!RYUS!/!RYRV<!33(2
,(*(! F3,(1(+0! *%-! )'#&,(1*-! uF3,(1(9#%! *%! 3'-! )(-5&P1','-v<!
*'1*%!#1!)&#.'!*%!(,$)'-!.#;3$+(!-#-!+'1+3#-$'1%-!5&(-!$&!(!3'-!*$-2
5$15'-!&%-5(#&(15%-!*%!D(&8-!(!+',%&6!E','!&%-#35(*'<!%15&%!3'-!&%-2
5(#&(15%-!*%!3(!+$#*(*!-%!.&'*#+%!#1(!+',.%5%1+$(!B%&'d6!F3!,$-,'!
5$%,.'<!D(&8-!-%!+'1G$%&5%!%1!3(!,%+(!*%!3(!(35(!+'+$1(6!F!.(&5$&!*%!%-2
5%!,',%15'!3(!+'+$1(!B&(1+%-(!-%!+'1-$*%&(!-$1P1$,'!*%!%I+%3%1+$(<!
-%!,$5$B$+(!3(!B$)#&(!*%3!+0%B!/!j&(1+$(!-%!$1-5(#&(!+','!4&;$5&'!,#12
*$(3!*%3!;#%1!)#-5'6!
^1(-!*>+(*(-!(15%-<!3'-!B$3P-'B'-!/(!&%B3%I$'1(1!-';&%!%3!)#-5'!+','!
+(.(+$*(*! -#;[%5$G(! *%! *$-+%&1$,$%15'! %-5>5$+'6! m'35($&%<! h'15%-2
9#$%#!'!i#,%!-%!0(1!%1B&%15(*'!(3!.&';3%,(!/!w(15!3'!0(&4!*%-.#>-6!
73!-$)3'! AmOOO!5&(%!+'1-$)'!3(!&#.5#&(!*%B$1$5$G(!*%!3(!@&(1!=%'&8(!*%!3(!
;%33%d(6!71!RLTL<!h'15%-9#$%#!.#;3$+(!%3!71-(/'!-';&%!%3!)#-5'<!*'12
*%!(.%3(!(!3(!-#!+#(3$*(*!&%+%.5$G(6!W'-!.3(+%&%-!9#%!)'d(,'-!+','!
-%&%-!0#,(1'-!-%!&%*#+%1!(!*'-!5$.'-r!3'-!*%3!(3,(!/!3'-!*%3!%-.8&$5#6!
W'-!.&$,%&'-!-%!%1+#%15&(1!%1!3(!.&'.$(!(3,(!-$1!1%+%-$*(*!*%!9#%!
$15%&G%1)(!1$1)C1!()%15%!%I5%&1'! ?+','! 3(!%*#+(+$P1?6!:#! +(&4+5%&!
%-! #1$G%&-(3! /! .#%*%1! +',.(&5$&-%! +'1! +#(39#$%&! '5&'! -%&! &(+$'1(36!
W'-! -%)#1*'-<! .'&! %3! +'15&(&$'<! .&'+%*%1! *%! 3(! $15%&(++$P1! %15&%! %3!
+#%&.'!/!%3!(3,(!/!5$%1%1!#1!+(&4+5%&!.(&5$+#3(&6!7-5(!-%.(&(+$P1!+'2
&&%-.'1*%!(3!)#-5'!1(5#&(3!/!%3!)#-5'!(*9#$&$*'<!/!-'3'!*%!%-5%!C35$,'!
+(;&8(! *%+$&! 9#%! .#%*(! &%+5$B$+(&-%! /! ,%['&(&-%! -%)C1! 3'-! +&$5%&$'-!
.(&5$+#3(&%-! *%! +(*(! >.'+(<! -%)C1! -#-! 04;$5'-! /! -#-! .&%[#$+$'-6! :'3'!
%15'1+%-!.'*&8(!0(;3(&-%!*%!&%)3(-!*%3!)#-5'<!/!1#1+(!%1!-#!G%&5$%15%!

VUZ!!
1(5#&(3!+',.(&5$*(!.'&!5'*'-6!73!)#-5'!%-!#1(!%I.%&$%1+$(<!#1!G81+#3'!
%,'+$'1(3! %! $15%3%+5#(3! %-5(;3%+$*'! %15&%! %3! -#[%5'! /! %3! ';[%5'k! %-! 3(!
(.3$+(+$P1!&%.%15$1(!*%!#1(-!1'&,(-!9#%!1'-!-'1!*%-+'1'+$*(-6!
73!(3,(!';5$%1%!)'+%!5(15'!*%3!'&*%1!/!3(!-$,%5&8(!9#%!-%!%1+#%15&(!
%1!3(!1(5#&(3%d(!+','!%1!3'!1'G%*'-'<!%3!%1+(15'!'!3(!G(&$%*(*!%1!3(-!
';&(-!(&58-5$+(-6!W(!;%33%d(!+34-$+(!%-!.3(+%15%&(<!.%&'!1'!%-!3(!C1$+(6!
71!+#(39#$%&!+(-'<!h'15%-9#$%#! 1'!&%*#+%! 3(!%I.%&$%1+$(! %-5>5$+(! (3!
-%1-#(3$-,'<!-$1'!9#%!'5'&)(! #1(! $,.'&5(1+$(! %-%1+$(3! (!-#! +',.'2
1%15%! &(+$'1(3<! *%3! ,$-,'! ,'*'! 9#%! 3(! 1(5#&(3$*(*! *%! 3(! 9#%! 0(;3(!
1'!%-!d(B$(!'!.&$,$5$G(<!-$1'!9#%!-%!5&(5(!*%!(9#%33'!+',C1!9#%!-%!%12
+#%15&(!%1!5'*'!-%&!0#,(1'6!F3!,$-,'!5$%,.'!9#%!*%B$%1*%!%3!)#-5'!
1(5#&(3<! h'15%-9#$%#! (3(;(! %3! )#-5'! +',.3%['! '! &%B$1(*'! B&%15%! (3!
-$,.3%!'!)&'-%&'6!73!(3,(!';5$%1%!)&(1!.3(+%&!(3!-%&!+(.(d!*%!.'1%&!
%1!&%3(+$P1!-#-!(.(&%15%-!+'15&(*$++$'1%-!/<!(!5&(G>-!*%3!$15%3%+5'!'!
3(!$,()$1(+$P1<!+'1-$)#%!(g(*$&!#1!G(3'&!9#%!3'-!`5&()'1%-!G#3)(&%-a!
1'!.#%*%1!-'-.%+0(&6!F9#8!%15&(1!%1![#%)'!3(!%*#+(+$P1!/!3(!-'B$-5$2
+(+$P16!:'3'!3(-!)%15%-!+#35(-!.#%*%1!(.'&5(&!1';3%d(!(!-#-![#$+$'-<!/!
%-5'-!-%&41!+(-$!$1,%*$(5'-!/!;(-(*'-!%1!#1!)#-5'!&(d'1(;3%!1'!-#[%2
5'!(!3(-!1'&,(-!+(.&$+0'-(-!*%!3(!,'*(6!
71!%3!%1-(/'!*%!h'15%-9#$%#!/(!-%!%1+#%15&(1!(3)#1'-!*%!3'-!(-.%+2
5'-!9#%!-%!&%.%5$&41!%1!'5&'-!,#+0'-!5%I5'-!*%3!-$)3'! AmOOO!/!9#%!*%B$2
1$&41!%3!)#-5'!$3#-5&(*'r!-#!G81+#3'!%15&%!3(!&(dP1!/!%3!-%15$,$%15'<!3(!
-#.%&$'&$*(*!*%3![#$+$'!B&%15%!(!3(!'.$1$P1<!-#!$1,%*$(5%d!/!*%3$+(*%2
d(<!%3!+(&4+5%&!815$,'!*%!3(!%I.%&$%1+$(!%-5>5$+(k!.%&'!5(,;$>1!3(!1%2
+%-$*(*!*%!-%.(&(&!*$+0(!%I.%&$%1+$(!*%!3'!;(['!/!*%!(+%15#(&!3'!#1$2
G%&-(3!9#%!0(/!%1!%33(6!W(!.'-5#&(!*%!H$*%&'5!G(!%1!3(!'5&(!*$&%++$P1<!/!
%1!-#!%15&(*(!`@#-5'-a!*%!3(! 71+$+3'.%*$(!+'1+3#/%<!;(-41*'-%!%1!3(!
&%+%.+$P1!*$-.(&!*%!#1(! ';&(! *%! 5%(5&'!%1! j&(1+$(!%! O1)3(5%&&(<!9#%!
1'!.#%*%!0(+%&-%!#1(!5%'&8(!)%1%&(3!*%3!)#-5'<!.#%-5'!9#%!%-5%!G(&8(!
-%)C1! 3(-! 5&(*$+$'1%-! /! 3'-! .&%[#$+$'-! .(&5$+#3(&%-! *%! +(*(! 1(+$P16!
i#,%<! %1! -#! %1-(/'! ;&%G%! `:';&%! 3(! *%3$+(*%d(! *%3! )#-5'! /! 3(! .(2
-$P1a<!-%!(+%&+(!,4-!(!3(!.'-5#&(!*%!h'15%-9#$%#!/!+(&(+5%&$d(!%-5(!
C35$,(!?3(!.(-$P1?!+','! %I(35(+$P1! '!$,.&#*%1+$(! (15%! 3(!G$*(!.&'2
.$(! *%3! -%&! 0#,(1'<! +','! 3(! +'1-%+#%1+$(! *%! 3(! %-.'15(1%$*(*! /! %3!
(;(1*'1'!(!3'-!-%15$,$%15'-6!W(!*%3$+(*%d(!*%3!)#-5'<!.'&!%3!+'15&(2
&$'<!%-!%3!;#%1!-%15$*'!.&'.$'!*%!#1!+(&4+5%&!B&8'!/!%1!+(3,(<!+(.(d!*%!
*$-5$1)#$&! *%! B'&,(! &(+$'1(3! /! -$1! *%[(&-%! 33%G(&! .'&! %3! -%15$,%15(2

! VUT!
3$-,'6!7-<!.'&!5(15'<!3(!-#.%&(+$P1!*%!3(!.(-$P1<!-#!+'&&%++$P1!'!&%B$2
1(,$%15'6!W'!1(5#&(3!%-!9#%!3(!.(-$P1!1'-!*',$1%<!/!+'1!%33(!3(!$1,%2
*$(5%d<!%3!+(.&$+0'!/!%3!-%15$,$%15'6!73!)#-5'!5$%1%!3(!0(;$3$*(*!*%!+#2
&(&1'-<! *%! (3%[(&1'-! *%! 3'! G#3)(&! /! 5#&;#3%15'<! /! *%! *$&$)$&! 1#%-5&(!
-%1-$;$3$*(*!0(+$(!3'!*%3$+(*'!/!()&(*(;3%6!:#!*$,%1-$P1!%-!&(+$'1(3<!
,'&(3!/!%-.$&$5#(3<!.%&'!5(,;$>1!+'3%+5$G(6!73!)#-5'!-%!B#1*(!%1!%3!$12
5%&+(,;$'!*%!$1B'&,(+$P1!+#35#&(3!/!3'-![#$+$'-!+',.(&5$*'-!.'&!#1(!
+',#1$*(*!#1$*(!.'&!3(d'-!*%!(,$-5(*6!F!*$B%&%1+$(!*%!3'!9#%!'+#&&8(!
%1!3(!-'+$%*(*!+'&5%-(1(<!(9#8!3'-!-#[%5'-!-'1!3$;&%-!*%!#1$&-%!'!-%.(2
&(&-%!*%3!+'1[#15'<!.%&'!5(,;$>1!-%!%-.%&(!*%!%33'-!9#%!-%(1!+(.(+%-!
*%!%,$5$&![#$+$'-!+&85$+'-!&(d'1(*'-6!
71!`:';&%!3(!-$,.3$+$*(*!/!%3!&%B$1(,$%15'!%1!3(!%-+&$5#&(a!*$-5$1)#%!
%15&%!3(!-$,.3%!1(5#&(3%d(!/!3(!;%33(!1(5#&(3%d(!9#%!%-!*%3!()&(*'!*%3!
)#-5'!*%3$+(*'!*%!3(-!.%&-'1(-!*%!;#%1!)#-5'6!:%!5&(5(!*%!#1(!1(5#&(2
3%d(!(*'&1(*(!-$1!+(%&!%1!3'!(&5$B$+$'-'<!+(.(d!*%!1'!(;#&&$&!.%&'!1'!
*',$1(*(! .'&! 3(! 1'G%*(*! '! 3(! (B%+5(+$P1! %1! 3(-! 9#%! 0(1! +(8*'! 3'-!
.C;3$+'-!B&(1+>-!/!;&$541$+'6!W(!';&(!(&58-5$+(!0(!*%!5%1%&!)&(+$(!%!$12
)%1$'! .%&'! 1'! -%&! )&(+$'-(! 1$! $1)%1$'-(6! 73! ;#%1! )#-5'! %-! -';&$'! /!
%3%)(15%6!71!RLTL<!(3)'!,4-!*%!9#$1+%!(g'-!*%-.#>-!*%!9#%!(.(&%d2
+(1! %-5'-! *'-! 5%I5'-<! i#,%! .#;3$+(! 3(-! E#(5&'! *$-%&5(+$'1%-<! +#/'!
C35$,'!%1-(/'!%-! W(!1'&,(!*%3!)#-5'6! F9#8! -%! ()#*$d(! 3(!+&85$+(!(! 3(!
1'+$P1!*%!;%33%d(<!9#%!1'!-%!%1+#%15&(!%1!3(-!+'-(-!-$1'!%1!3(!,$&(*(6!
71!3(!.&$,%&(!.(&5%<!i#,%!*%B$%1*%!3(!*$,%1-$P1!.-$+'3P)$+(!*%3![#$2
+$'!%-5>5$+'<!3'!9#%!(.&'I$,(!-#!.'-$+$P1!(!3(!*%!H$*%&'5!%1!5(15'!9#%!
1'! +'15%,.3(! 3(! .'-$;$3$*(*! *%! %3(;'&(&! #1(! *%B$1$+$P1! ';[%5$G(! *%!
9#>!%-!;%33'!/!9#>!1'!3'!%-6!W(!;%33%d(!-%!%I.%&$,%15(!*%!B'&,(!-#;[%2
5$G(!/<!.'&!5(15'<!G(&$(;3%6!
7-%!)$&'!$15&'-.%+5$G'!%-!#1'!*%!3'-!,'G$,$%15'-!B#1*(+$'1(3%-!*%!3(!
+'1-5&#++$P1!*%!3(!,'*%&1$*(*6!W(!;%33%d(!/(!%-54!B#%&(<!-$1'!*%15&'6!
N$!-$9#$%&(!%-!/(!3(!;%33%d(!3'!9#%!-%!;#-+(!.(&(!-(5$-B(+%&!3(-!1%+%-$2
*(*%-!*%3!(3,(6!N'!.#%*%!';-%&G(&-%!%3!,#1*'!1$!3(-!';&(-!*%3!(&5%!
%-.%&(1*'!%1+'15&(&!%1!%33(-!#1(!+(3$*(*!';[%5$G(<!-$1'!9#%!*%.%1*%!
*%!+(*(!+#43<!*%!#1(!,%d+3(!*%!$15#$+$P1!/!+#35#&(<!*%5%&,$1(&!9#>!%-!
(*,$&(;3%!/!9#>!1'!3'!%-6!73!;#%1!)#-5'!/!3(!*$-5$1+$P1<!.'&!5(15'<!5$%2
1%1!#1!+(&4+5%&!*';3%6!:%!*$G$*%!%1!#1(!B#1+$P1!%I5%&$'&!9#%!.%&,$5%!
(3! $1*$G$*#'! *$-5$1)#$&-%! *%3! &%-5'! /! %1! #1(! $15%&$'&! 9#%! 3%! +(.(+$5(!
.(&(!&%(3$d(&![#$+$'-!&4.$*'-!/!%3%++$'1%-!*%!+(&4+5%&!%-5>5$+'6!F15%-!

VUX!!
,%1+$'1(;(!%3!+',.'1%15%!5&$.(&5$5'!*%!3(!;%33%d(!.3(5P1$+(!/!+P,'!
%-(! *$G$-$P1! 33%)(! 0(-5(! 3(-! +&85$+(-! o(15$(1(-6! W(! E&85$+(! *%3! [#$+$'<!
.#;3$+(*(!%1!RLQU<!+#3,$1(! /! +(1+%3(! 3(!&%B3%I$P1! $3#-5&(*(! -';&%!%3!
)#-5'<!/!(;&%!%3!.(-'!(! 3(! 1#%G(!-%1-$;$3$*(*!&',415$+(6!F0'&(! -8<! 3(!
@&(1!=%'&8(!*%!3(!;%33%d(!-%!*%-,'&'1(<!.%&'!1'!.'&!3'-!,'5$G'-!9#%!
-#%3%1! ;(&([(&-%6! N'! 3'! 0(+%! .'&9#%! %3! \',(15$+$-,'! -%(! #1! ,'G$2
,$%15'!+#/(!$&&(+$'1(3$*(*!&%(++$'1%!*%!B'&,(!G$'3%15(!%!$,()$1(5$2
G(! +'15&(! 3'! +34-$+'<! 1$! -$9#$%&(! .'&9#%! $1G'9#%! (! 3(! $1*$G$*#(3$*(*!
+','![#-5$B$+(+$P1!C1$+(!*%3!.3(+%&!*%!3(!%I.%&$%1+$(!%-5>5$+(6!W(!G%&2
*(*%&(!B&(+5#&(!-%!%1+#%15&(!%1!9#%!.'-$;$3$5(<!.'&!.&$,%&(!G%d<!%12
5&%G%&!%3!$1B$1$5'6!
w(15! *%-5(.(! %3! (;$-,'! (! 5&(G>-! *%! 3'! -#;3$,%6! :$! 3(! ;%33%d(! +34-$+(!
&%+#&&%!(3!'&*%1!/!3(!.&'.'&+$P1!.(&(!&%-#35(&!()&(*(;3%<!-$!5&(1-,$5%!
-%1-(+$'1%-!*%!-%&%1$*(*!/!%-54!%1!.&'.'&+$P1!+'1!3(!%-+(3(!0#,(1(<!
3'! -#;3$,%! &%;(-(! 5'*(! +'1+%.+$P1! B'&,(3<! 5'*(! +(3,(6! 7-+(.(! (!
1#%-5&(!+',.&%1-$P1!/<!-$1!%,;(&)'<!%-!+(.(d!*%!.&'G'+(&!#1(!%I.%2
&$%1+$(!%-5>5$+(6!j&%15%!(!3(!+'15%1+$P1!-%!%1+#%15&(!3'!$1(-#,$;3%6!F!
.(&5$&! *%! %-5%! ,',%15'! .#%*%! )'d(&-%! *%! (9#%33'! 9#%! (,%1(d(<! 3'!
*%-.&'.'&+$'1(*'<!3'!$1+'1+%;$;3%6!D#%*%!-%&!#1(!5'&,%15(!%3>+5&$+(!
'!3(!B#&$(!*%!#1!G'3+41!%1!%&#.+$P1<!3(-!'3(-!9#%!&%G$%15(1!+'15&(!#1!
(+(15$3(*'<!%3!*%-$%&5'!'!3(-!.(&%*%-!$1(+(;(;3%-!*%3!N(1)(!D(&;(56!W'!
9#%! *#&(15%! ,$3%1$'-! -%! 0(! +'1-$*%&(*'! $,.&'.$'! *%! (*,$&(+$P1! /<!
.'&!5(15'<!*%!-%&!&%.&%-%15(*'<!(0'&(!-%!$,.'1%!+','!3(![#-5(!-#.%2
&(+$P1!*%!#1(!+'1+%.+$P1!3$,$5(*(!*%!3(!%-5>5$+(6!
W(! 1(5#&(3%d(! +','! .($-([%! B%&'d! *%G#%3G%! (3! -%&! 0#,(1'! (3! 3#)(&!
,$1C-+#3'!%!$1-$)1$B$+(15%!9#%! 3%!+'&&%-.'1*%6! 71!%33(! 1'!0(/! .3(+$2
*%d!-$1'!G>&5$)'<!.%&'!3(!1(#-%(!9#%!.&'G'+(!1'!-%!3$,$5(!(3!+#%&.'<!
-$1'!9#%!33%)(!0(-5(!3(!&(dP16!F,%1(d(!+'1!*%-5&#$&1'-<!+'1!&%*#+$&2
1'-! (! 1(*(<! 1'-! *%,#%-5&(! -#! )&(1*%d(! /! 1'-! ';3$)(! (! .%1-(&! %1!
1#%-5&(-!3$,$5(+$'1%-6!F!5&(G>-!*%!3(!-%1-$;$3$*(*!-%!.&'*#+%!%1!1'-'2
5&'-<!';-%&G(*'&%-<!#1!+(,;$'<!-%!*%-(5(!#1!.&'+%-'!,%15(3!9#%!*(!(!
3#d<!%15&%!%3!*'3'&!/!%3!.3(+%&<!3(!$*%(!*%!$1B$1$5'6!:%15$,'-!*'3'&!.'&2
9#%!&%+'1'+%,'-!%3!.%3$)&'!%1!(9#%33'!9#%<!*%!,(1%&(!%G$*%15%<!1'-!
-#.%&(<! 9#%! .(&%+%! $1B$1$5'! /! .#%*%! -$)1$B$+(&! 1#%-5&'! B$16! 73! .3(+%&!
G$%1%! *%! 3(! +',.&%1-$P1! $15%3%+5#(3! *%! 3(! $*%(! *%! $1B$1$5'<! /(! -%(! (!
5&(G>-!*%!3(!B$)#&(!*%!H$'-<!*%3!#1$G%&-'!'!*%3!(3,(!$1,'&5(36!7I.%&$2
,%15(&!3'!-#;3$,%!$,.3$+(!#1!+'&5'+$&+#$5'<!#1(!-#-.%1-$P1!5%,.'&(3!

! VUL!
*%3! &(+$'+$1$'! /! 3(!(-$,$3(+$P1! &(+$'1(3! *%! 3(!.&'.$(! .%9#%g%d! +','!
'.#%-5(!(!3(!$1,%1-$*(*6!W'!9#%!+',$%1d(!%1!3'-!-%15$*'-!-'3'!.#%*%!
+#3,$1(&!%1!#1!.&'+%-'!$15%3%+5#(36!
D%&'! .(&(! 9#%! 3(! (1)#-5$(! 1'! -%(! $1-#.%&(;3%<! .(&(! 1'! -#+#,;$&! (3!
.%3$)&'<!%15&%!%3!-#[%5'!/!%3!';[%5'!0(!*%!%I$-5$&!#1(!*$-5(1+$(!*%!-%)#2
&$*(*6! E#(1*'! %3! 5%&&'&! 5%! $1G(*%! 1'! 5$%1%! +(;$*(! %3! .%1-(,$%15'<!
,4-!(334!*%!(-%)#&(&!3(!.&'.$(!-#.%&G$G%1+$(6!D(&(!w(15<!3(!%I.%&$%12
+$(! *%! 3'! -#;3$,%! .&%.(&(! 3(! \(dP1! .(&(! (+',%5%&! 3(! $*%(! 9#%! 3%! %-!
.&'.$(!/!9#%!&%;(-(!+#(39#$%&!38,$5%<!9#%!-#.%&(!+#(39#$%&!'5&(!.&%2
)#15(!9#%!.#%*(!.3(15%(&-%r!%3!$1B$1$5'6!71!#1!)$&'!$&P1$+'<!3(!\(dP1!
o(15$(1(!/!3(!O,()$1(+$P1!;3(o%(1(!+',.(&5%1!-#!';[%5'6!F!5&(G>-!*%!
%-%!,'G$,$%15'!+'1[#15'!*%3!%15%1*$,$%15'!/! 3(!-%1-$;$3$*(*<!%3!-%&!
0#,(1'!%-!+(.(d!*%!-%15$&!-#!.&'.$(!B#5$3$*(*!/<!(3!,$-,'!5$%,.'<!%3!
*%-.%&5(&! ,'&(3! 9#%! 3(! 0(&4! .3(15%(&-%! -#! *%-5$1'6! l5$+(! /! %-5>5$+(!
(.(&%+%1!(!3(!G%d6!
F!*$B%&%1+$(!*%!3'!9#%!'+#&&%!+'1!3(!5&(1-)&%-$P1!%1!K(5($33%<!*'1*%!3(!
+'1+$%1+$(!-%!$1-%&5(!%1!3(!$1B$1$5#*<!%1!3(!%I.%&$%1+$(!o(15$(1(!*%!3'!
-#;3$,%! 3(! +'1+$%1+$(! 1'! .(&5$+$.(! *%! %33(<! -$1'! 9#%! 3(! (.&%0%1*%!
.&$,%&'! .'&! 3(! G8(! (B%+5$G(! /! *%-.#>-! .'&! 3(! $15%3%+5#(36! N'! B'&,(!
.(&5%!*%!%33(<!-$1'!9#%!3(!';-%&G(!*%-*%!B#%&(! /!-%!&%+'1+$3$(!+'1!-#!
$*%(! 5&(-! %3! 5&(#,(! $1$+$(36! :$! K(5($33%! (-#,%! 3(! $1+'1-+$%1+$(<! w(15!
%1B(5$d(! 3(! +'1+$%1+$(6! E&%%&! 9#%! %3! O*%(3$-,'! (3%,41! ?%1! %-.%+$(3!
:+03%)%3!/!:+0$33%&?!9#%!.(&5%!*%!3(!&%B3%I$P1!o(15$(1(!-';&%!3'!-#;3$2
,%!.&%.(&(!3(!,%15(3$*(*!,'*%&1(!.(&(!3(!+',.&%1-$P1!*%!3'!$3$,$2
5(*'!%15&(g(!(3)#1'-!.&';3%,(-6!73!.&$,%&'!*%!%33'-!%-!9#%!3(!0$-5'2
&$(!*%3!+&$-5$(1$-,'!%1!7#&'.(!%-!#1(!3#+0(!.'&!5&(1-,$5$&!%-(!,$-,(!
1'+$P1<!%1+(&1(*(!%1!3(!B$)#&(!*%!H$'-6!W(!&%3$)$P1!.&$,$5$G(<!'!3(!%-2
.$&$5#(3$*(*!-$!-%!.&%B$%&%<!0(+%!3'!.&'.$'!(!5&(G>-!*%!3(!W%/!/!3(!5&(1-2
)&%-$P16!=(,;$>1!K3(o%!+'1-$*%&(!9#%!5'*'!%-!$1B$1$5'<!/!9#%!-'1!3(-!
3$,$5(+$'1%-!*%3!+#%&.'!3(-!9#%!1'-!$,.$*%1!G%&3'!%1!5'*'!,',%15'6!
K$%1!.'*&8(!.(&%+%&!9#%<!*%!#1!,'*'!#!'5&'<!3(!0$-5'&$(!*%!'++$*%15%!
%-!#1!$15%15'!*%!+'1[#&(&!3(!5%1-$P1!%15&%!3'-!38,$5%-!/!3'!9#%!-%!%12
5&%G>! 5&(-! %33'-6! 715&%! %3! -%&! /! 3(! 1(*(6! 7-%! G(+$3(&! %15&%! %3! #1'! /! 3(!
'5&(<!%3!.(-'!*%!3(!1(*(!(3!-%&!/!*%3!-%&!(!3(!1(*(<!(,;'-!+(-$!-$%,.&%!
(+',.(g(*'-!.'&!3(-!34)&$,(-<!%-!3'!9#%!+'1-5$5#/%!%3!G%&*(*%&'!$12
B$1$5'<!%3!*%G%1$&!9#%!%-54!.&%-%15%!%1!3'-!'&8)%1%-!,$-,'-!*%!3(!j$3'2
-'B8(6!7-!-#!$1+%&5$*#,;&%!3(!9#%!%,.#[(!(!3(!&(dP1!(!5&(5(&!*%!.'1%&!

VUY!!
'&*%1!%1!%3!#1$G%&-'6!73!5%&&'&! (15%!%3! *%G%1$&!.&'.$+$(!3(!(.(&$+$P1!
*%!3(!j$3'-'B8(<!.%&'!5(,;$>1!.&%*$-.'1%!%3!*%-(&&'33'!*%!#1!(&5%!%1!
%3!9#%!3(!.&'.'&+$P1!/!3(!(&,'18(<!%-!*%+$&<!3'-!38,$5%-<!-'1!3'-!C1$+'-!
&(-)'-! *$)1'-! *%! &%.&%-%15(&-%6! W(! @&(1! =%'&8(! %-! 3(! &%-.#%-5(! &(2
+$'1(3!(15%!3(!(,%1(d(!$,.&%G$-$;3%!*%!3(!1(*(6!

Om!

:#!+'3(.-'!-$)1$B$+(!3(!B'&,(+$P1<! (!.(&5$&!*%3![#$+$'! o(15$(1'<! *%! #1!


3#)(&! %1! %3! 9#%! .#%*%! )'d(&-%! *%3! *'3'&! /! *%3! 0'&&'&! *%15&'! *%! #1!
4,;$5'!%-5>5$+'6!:%!0(;$3$5(!3'! B%'<!3'!(;-#&*'<!3'!,(3'! '!3'!*%B'&,%6!
i(/!9#%!&%+'1'+%&!9#%!5(,.'+'!%-5'!%-!1#%G'!.'&!+',.3%5'6!D'&!#1!
3(*'<! /(! %1! -#! D'>5$+(!&%3(+$'1(;(! F&$-5P5%3%-! uRQQQr! RLZv! %3! .3(+%&!
+'1! %3! (*G%1$,$%15'! *%3! 5%,'&! /! 3(! +',.(-$P1! %1! 3(! 5&()%*$(! 45$+(6!
D'&!%3!'5&'<!%3!.&'.$'!+&$-5$(1$-,'!B#1*(!-#!5%'3')8(!/!-#!+#35'!%1!%3!
%-.%+54+#3'! *%3! H$'-! 0#,$33(*'! /! 5'&5#&(*'! *%15&'! *%! 3(! 5&(*$+$P1!
&',(1(! *%3! 3#*$;&$#,6! 71! 3(! $+'1')&(B8(! ;(&&'+(! 3(-! %I.&%-$'1%-! *%!
*'3'&!(3+(1d(1!+'5(-!$1$)#(3(;3%-6!D%&'!3(!B#1+$P1!*%!*$+0(-!$,4)%1%-!
5$%1%! #1! +(&4+5%&! .%*()P)$+'! /! %-.$&$5#(3r! ,'-5&(&! 3(! B%(3*(*! *%! 3(!
%I$-5%1+$(! ,(5%&$(3! -$&G%! +','! +'15&(.#15'! /! &%B#%&d'! *%! 3(! )&(+$(!
*$G$1(!/!%3!(3,(!$1,'&5(36!F3!,$-,'!5$%,.'!9#%!1$%)(!%3!+#%&.'!*%-2
*%!#1!.#15'!*%!G$-5(!,%5(B8-$+'<!%1B(5$d(!-#!*'3'&!5(15'!%1!-#-!&%.&%2
-%15(+$'1%-! )&4B$+(-! +','! %1! 3'-! ,(&5$&'3')$'-6! W(! *$B%&%1+$(! (0'&(!
%-5&$;(!%1!3(!-%1-$;$3$*(*!&',415$+(!/!%1!-#!33(,(*(!&(*$+(3!(!3(!$1*$2
G$*#(3$*(*6! f(! 1'! -%! &%+'1'+%1! ,'5$G'-! #1$G%&-(3%-<! -$1'! 9#%! 3(! %I2
.%&$%1+$(! %-5>5$+(! *%.%1*%! %1! %I+3#-$G(! *%! 3(! .&%*$-.'-$+$P1! -%15$2
,%15(3!%!$15%3%+5#(3!*%!+(*(!-#[%5'6!7-%!%-!%3!,'5$G'!9#%!.'-$;$3$5(!3(!
-#.%&(+$P1!*%!3(!;%33%d(!?+34-$+(!%!$,.%&-'1(3?!%1!*$+0(!%I.%&$%1+$(6!
=$%1%!+$%&5(!)&(+$(!9#%<!(!.%-(&!*%!%33'<!3(!;%33%d(!G#%3G(!(!-%&!#1!,'2
5$G'! +%15&(3! %1! %3! (&5%! &',415$+'6! D%&'! 1'! -%! 5&(5(<! %-! ';G$'<! *%! 3(!
,$-,(! ;%33%d(! +34-$+(! $*'3(5&(*(! *#&(15%! %3! \%1(+$,$%15'<! -$1'! #1(!
;%33%d(!,(1+$33(*(<!,%*#-%(<!+#;$%&5(!.'&!%3!G%&*'&!*%!3(!,#%&5%6!71!
RYVZ<!D%&+%/!K$--0%!:0%33%/!%-+&$;%!#1!.'%,(!$1-.$&(*'!.'&!#1!+#(2
*&'!9#%!0(;8(!G$-5'!%1!RYRQ!%1!%3!.(3(+$'!*%!3'-!^BB$d$6!W(!.$15#&(!?
(5&$;#$*(!%15'1+%-!(!W%'1(&*'! /!*%-.#>-!(!#1!.$15'&!B3(,%1+'! *%-2
+'1'+$*'<!9#%!3(!0(;&8(!&%(3$d(*'!%1!5'&1'!(!RXUU?!&%.&%-%15(!3(!+(2
;%d(!+%&+%1(*(!*%!h%*#-(<!+'1!3(!,$&(*(!G#%35(!0(+$(!%3!+$%3'<!3(!;'2

! VUQ!
+(! %15&%(;$%&5(! /! 3(-! -%&.$%15%-! 9#%! 3%! -$&G%1! *%! +(;%33'-! (;&%1! 3(-!
;'+(-! /! -%! &%5#%&+%1! %1! -#! ()'18(6! 73! $,.(+5'! 9#%! %[%&+%! -';&%! %3!
.'%5(!%-!$1*#*(;3%<!9#%!-%!*%;(5%!%15&%!3(!(5&(++$P1!/!%3!5%&&'&6!71!3(!
.&$,%&(!%-5&'B(!3%%,'-r!

f(+%<!,$&(1*'!%3!+$%3'!*%!,%*$(!1'+0%<!
:';&%!3(!+#,;&%!1#;'-(<!-#.$1(k!
F;(['<!3(-!3%[(1(-!5$%&&(-!-%!G%1!5%,;3'&'-(-k!
:#!0'&&'&!/!-#!;%33%d(!-'1!*$G$1'-6!
:';&%!-#-!3(;$'-!/!.4&.(*'-!.(&%+%!/(+%&!
^1!(5&(+5$G'!+','!#1(!-',;&(<!*%3!9#%!$&&(*$(1<!
j%&'+%-!/!%-.%3#d1(15%-<!3#+0(1*'!.'&!*%;(['<!
W(-!()'18(-!/!3(!(1)#-5$(!*%!3(!,#%&5%6!
!
O5! 3$%50<! )(d$1)! '1! 50%! ,$*1$)05! -o/<! |! ^.'1! 50%! +3'#*/! ,'#15($12
.%(o!-#.$1%k!|!K%3'Å<!B(&!3(1*-!(&%!-%%1!5&%,;3$1)3/k!|!O5-!0'&&'&!(1*!
$5-!;%(#5/!(&%!*$G$1%6!|!^.'1!$5-!3$.-!(1*!%/%3$*-!-%%,-!5'!3$%!|!W'G%3$2
1%--! 3$o%! (! -0(*'Å<! B&',! Å0$+0! -0$1%<! |! j$%&/! (1*! 3#&$*<! -5&#))3$1)!
#1*%&1%(50<!|!=0%!()'1$%-!'B!(1)#$-0!(1*!'B!*%(506Ä!u:0%33%/r!RQRZv!

D%&'!1'-!(*G$%&5%!(!+'15$1#(+$P1!*%!9#%<!`-$1!%,;(&)'<!%-!,%1'-!%3!
0'&&'&!9#%!3(!)&(+$(!3'!9#%!+'1G$%&5%!%1!.$%*&(!%3!%-.8&$5#!*%3!9#%!,$2
&(a!uf%5!$5!$-!3%--!50%!0'&&'&!50(1!50%!)&(+%!|!Å$+0!5#&1-!50%!)(d%&z-!
-.$&$5! $15'! -5'1%v6! W(! ,#%&5%! '5'&)(! (3! &'-5&'! #1! `5'1'! ,%3'*$'-'a!
u,%3'*$'#-! 0#%v! 9#%<! %1! `3(! '-+#&$*(*! /! %3! ;&$33'! *%3! *'3'&a! u50%!
*(&o1%--!(1*!50%!)3(&%!'B!.($1v!`0#,(1$d(1!/!(&,'1$d(1!3(!5%1-$P1a!
u0#,(1$d%! (1*! 0(&,'1$d%! 50%! -5&($1v6! 73! .'%,(! -$)#%! ;(-+#3(1*'!
%15&%! 3'-! -%15$,$%15'-! .'-$5$G'-! /! 1%)(5$G'-<! %I5&(/%1*'! 3'-! .&$,%2
&'-!*%!3'-!-%)#1*'-6!W(!G'd! 38&$+(! ?9#%! .'*%,'-! $*%15$B$+(&! -$1!,#2
+0'!&$%-)'!+'1!%3!.&'.$'!:0%33%/?!%-54!*',$1(*(!.'&!`%3!5%,.%-5#'-'!
(5&(+5$G'!*%3!5%&&'&a!uà=$-!50%!5%,.%-5#'#-!3'G%3$1%--!'B!5%&&'&v6!
"#%!,%1+$'1%!3(!.%5&$B$+(+$P1!%-!-$)1$B$+(5$G'6!F#19#%!-#-!'['-!-%!*$2
&$)%1!(!'5&'!3#)(&<!B#%&(!*%3!.3(1'<!-$!(3)'!+(&(+5%&$d(!(!h%*#-(!,4-!
(334! *%! -#! ,%3%1(! *$-5$15$G(! %-! -#! +(.(+$*(*! *%! +'1G%&5$&! %1! .$%*&(!
+'1!3(!,$&(*(6!H%!%-(!0(;$3$*(*!0(&4!#-'!D%&-%'!5&(-!*%+(.$5(&3(<!0(-2
5(!9#%!%15&%)(!3(!+(;%d(!(!F5%1%(<!9#$%1!3(!+'3'+(!%1!-#!%-+#*'6!W(-!
@'&)'1(-<! h%*#-(! /! -#-! *'-! 0%&,(1(-<! -'1! *$G$1$*(*%-! +5P1$+(-<!
,'1-5&#'-(-!/!.&%'38,.$+(-6! E','!5(3%-<! .(&(! 3'-! )&$%)'-!&%.&%-%12
5(1! 3'! ]5&'! &(*$+(36! E',.(&5%1! -#! (35%&$*(*<! +','! -%g(3(! m%&1(15<!
+'1!F&5%,$-(!/!+'1!H$'1$-'6!F&5%,$-(<!*$'-(!+(d(*'&(!/!G$&)%1!%5%&2

VRU!!
1(<!%[%&+%!+','!1'*&$d(!*%!3'-![PG%1%-!/!3%-!(/#*(!(!.(-(&!*%!3(!$12
B(1+$(!(!3(!%*(*!(*#35(6!:#/'-!-'1!3'-!#,;&(3%-<!3'-!3#)(&%-!%1!3'-!9#%!
3'!-(3G([%!/!3(!+$G$3$d(+$P1!-%!,%d+3(1!/!-%!5&(-.(-(1<!(#1!(!-(;$%1*(-!
*%! 9#%! 3(-! B&'15%&(-! %15&%! (,;'-! %I$-5%1! +'1! 5'5(3! 1$5$*%d6! W(! +(d(!
5$%1%!#1!.(.%3!;4-$+'!%1!3(!%*#+(+$P1!*%!3'-!,#+0(+0'-<!9#%!3(!.&(+2
5$+(1!%1!)&#.'!;(['!#1(!%-5&$+5(!*$-+$.3$1(!;(['!3(!,$&(*(!*%!3(!*$'-(6!
=(,;$>1! %33(! %-! 9#$%1!(/#*(! (! 3(-! ,#+0(+0(-! (! (+%.5(&! -#! B%+#1*$2
*(*<!-#!B%,$1$*(*!(*#35(!/!-#!B#5#&(!B#1+$P1!,(5%&1(36!H%!%-5%!,'*'<!
*%-*%! 3(-! #,;&8(-! 9#%! 3$,$5(1! +'1! 3(! +$#*(*<! F&5%,$-(! B(+$3$5(! %3!
5&41-$5'!*%!3(!$1*%B$1$+$P1!$1B(15$3!(!3(-!B#1+$'1%-!(*#35(-<!%-!*%+$&<!%3!
.(-'!*%!3(!1(5#&(3%d(!(!3(!+#35#&(<!*%!3'!]5&'!(!3'!h$-,'6!
D'*&8(! *%+$&-%! 9#%! 3(! *$'-(! 1'*&$d(! /! +(d(*'&(! '.%&(! %1! #1! .3(1'!
0'&$d'15(3!9#%!$1+3#/%!3'!;4&;(&'!/!3'!)&$%)'<!/!9#%!-#!B#1+$P1!1'!%-!
'5&(! 9#%! 3(! *',%-5$+(+$P1! *%! 3'-! $1*$G$*#'-! 9#%! .'-$;$3$5(! 3(! G$*(!
+8G$+(6! F0'&(! ;$%1<! h%*#-(<! +','! H$'1$-'! ?*%! 9#$%1! -'3'! *$&>! 9#%!
5&(%! %3! >I5(-$-?! B#1+$'1(! %1! #1! .3(1'! G%&5$+(36! :$! F&5%,$-(! $1-%&5(! (!
3'-!$1*$G$*#'-!%1!3(!+$#*(*<!3'!0(+%!.'&9#%!5&(;([(!-$%,.&%!+'1!,(2
5%&$(3!0#,(1'<!.'&!-(3G([%!'!.&$,$5$G'!9#%!%-5%!.#*$%&(!-%&6!h%*#-(!
%-!3'!]5&'!&(*$+(3<!%15%1*$*'!1'!+','!1'!)&$%)'<!-$1'!+','!1'!0#,(2
1'6!73!'5&'!*%!F&5%,$-(!%-!%I5&(1[%&'<!%-+3(G'<!,#[%&<!1$g'k!+#(39#$%2
&(! 9#%! 1'! -%(! #1! +$#*(*(1'! (*#35'6! h%*#-(! %1+(&1(! %3! 0'&&'&! 9#%!
.(&(3$d(<!9#%!+'1G$%&5%!%1!%-5(5#(!(!9#$%1!3(!,$&(6!H%-*%!5$%,.'-!(&2
+($+'-!-%!3(!&%.&%-%15(!%1!3'-! )'&)P1%$'1<!%1!B'&,(!*%!,4-+(&(!9#%!
,$&(! *%! B&%15%! (! 9#$%1! 3(! ,$&(6! 7-! #1! (,#3%5'! 9#%! (.(&%+%! %1! 3'-!
5%,.3'-<!%1!41B'&(-<!/!9#%!(3%[(!%3!,(3!+'1!-#!.&%-%1+$(!5%&&'&8B$+(6!:#!
B&'15(3$*(*!%-!#1!*%-(B8'6!73!,'1-5&#'!9#%!1'-!,$&(!*%!B&%15%r!%-(!%-!
3(!%-.%+$B$+$*(*!*%!3(!@'&)'1(6!71!3(-!$,4)%1%-!9#%!G%,'-!%1!3(-!G(2
-$[(-!'!%1!3'-!,'-($+'-<!%3!&%-5'!*%!*$G$1$*(*%-!(.(&%+%1<!.'&!3'!)%1%2
&(3<! *%! .%&B$36! H$'1$-'<!h%*#-(! /! E(38'.%! 3'! 0(+%1! *%! B&%15%6! W'-! *'-!
.&$,%&'-!%1+(&1(1!%3!%[%!G%&5$+(3!*%!3'!-()&(*'k!#1'!%3%G(!(3!>I5(-$-!/!
3(!'5&(!0#1*%!%1!%3!5%&&'&6!E(38'.%<!3(!,#-(<!-'.3(!3(!-$&$1)(!'!B3(#5(!
*%!.(1<!3'!9#%!%9#$G(3%<!*%!(3)C1!,'*'<!(!$,$5(&!(!3(!@'&)'1(6!W(!;'+(!
33%1(!*%!($&%!0$1+0(!3(!+(&(<!3(!*%B'&,(<!3(!(3%[(!*%!3(!-$,%5&8(!/!*%!3(!
;%33%d(!.(&(!%,.(&%15(&3(!+'1!3'-!,'1-5&#'-!/!3(-!;%-5$(-6!
h%*#-(! %-! #1(! *%! 3'-! *'-! )#(&*$(1%-! *%3! i(*%-6! h$%15&(-! E%&;%&'!
$,.$*%!3(!-(3$*(!*%!3'-!,#%&5'-<!%33(!$,.$*%!3(!%15&(*(!(!3'-!G$G'-6!H%3!
,$-,'!,'*'!9#%!3(-!@&(/(-!?+'1!9#$%1%-!5(,;$>1!-%!%1+#%15&(!D%&2

! VRR!
-%'!%1!-#!;C-9#%*(!*%!-#!0%&,(1(!h%*#-(?!%1+(&1(1!3(!#1$P1!*%!3'!
['G%1! /! 3'! G$%['! (3! 0(;%&! 1(+$*'! /(! (1+$(1(-! *%! +(;%33'-! )&$-%-<! 3(-!
@'&)'1(-!+',;$1(1!3'! ,'&5(3!/!3'!$1,'&5(36! i(;$5(1! %3!$1B&(,#1*'<!
-#!(-.%+5'!%-!,'1-5&#'-'!/!(1$,(3%-+'<!%,.(&%15(*'!(!3(-!-%&.$%12
5%-<!.%&'!5(,;$>1!(!3'-!+(;(33'-!?D%)(-'!1(+%!*%3!+#%33'!*%!h%*#-(?!
/!(!3'-!.%&&'-!9#%<!+','!F&5%,$-(<!&%+'&&%1!3(-!+$#*(*%-!-$1!.%&5%1%2
+%&! *%3! 5'*'! (! %33(-6! D%&'! 1'! %-! -'3'! -#! (-.%+5'! %3! 9#%! 0(+%! *%! %33(-!
-%&%-!$1B%&1(3%-<!5(,;$>1!%,$5%1!-'1$*'-!9#%!&%+#%&*(1!(3!+&#[$&!*%!
*$%15%-!'!(3!;(5$&!*%!3(-!,(1*8;#3(-!.&'.$'-!*%3!)#%&&%&'!.'-%8*'!.'&!
3(!B#&$(6!73!-$3;$*'!*%!3(-!B3(#5(-!/!3'-! &#$*'-!*%!3(!)#%&&(! &%,$5%1!(3!
*%3$&$'! /! 3(! ,#%&5%<! (! 3(! .>&*$*(! *%3! 3%1)#([%! ?9#$%1! 5'+(! 1'! .#%*%!
0(;3(&<!+','!5(,.'+'!9#$%1!%-54!$1G(*$*'!.'&!3(!B$%;&%!0',$+$*(?!/!
5'*'! %33'! %-54! %1! h%*#-(r! %-! %3! B&%1%-8<! %3! .%3$)&'<! 3(! .'5%1+$(! *%!
,#%&5%6! h$&(&3(! (! %33(<! 9#%! %-! 3'! ]5&'! (;-'3#5'<! -$)1$B$+(! B(-+$1(&-%<!
+'1G%&5$&-%!%1!.$%*&(<!,'&$&<!+'1G%&5$&-%!%1!3'!'5&'6!
:0%33%/!1'!0(+%!3(!.&$,%&(!*%-+&$.+$P1!*%!3(!;%33%d(!,%*#-%(!&',412
5$+(<! .%&'! -$&G%! +','! +',.%1*$'! *%! -#-! ,'5$G'-<! .'&! 3'! 9#%! .'*&8(!
*%+$&-%!9#%!&%.&%-%15(!-#!+(1'16!W(!;%33%d(!/(!1'!%-!#1!-$)1'!*%3!'&2
*%1! 1(5#&(3! ?/! ,'&(3?<! -$1'! #1(! .&'B%+8(! *';3%r! *%! -#! .&'.$(! *%+(2
*%1+$(! /! *%3! %-.(15'6! N'! -%! G%1<! $)#(3! 9#%! 1'! -%! G%1! 3'-! '['-! *%! 3(!
@'&)'1(<!.%&'!(,;'-!%-541!/(!(08<!()(d(.(*'-<!%-.%&(1*'!%3!,',%12
5'!.(&(!0(+%&-%!.&%-%15%-6!D'&!#1!3(*'<!%-!3(!G$*(!9#%!0#%3%!(!,#%&5%<!
3'!(+5$G'!9#%!.'*&8(!-%&!$1%&5%6!D'&!%3!'5&'<!%-!3'!0%&,'-'!+','!`+'2
,$%1d'! *%! 3'! 5%&&$;3%<! %-%! )&(*'! 9#%! 5'*(G8(! -'.'&5(,'-a<! ut*%11!
*(-! :+0ã1%! $-5! 1$+05-! |! (3-! *%-! :+0&%+o3$+0%1! F1B(1)<! *%1! Å$&! 1'+0!
)&(*%! %&5&()%1v! 9#%! %-+&$;$&4! \$3o%! uVUUUr! QSv<! +(-$! +$%1! (g'-! *%-2
.#>-!9#%!:0%33%/<!%1!-#-! 73%)8(-!*%!H#$1'!/!9#%!1'-!&%+'&*(&4!=&8(-6!
71! (,;'-! +(-'-! -%! 5&(5(! *%! #1(! .%&+%.+$P1! ()&(*(;3%! %1! 3(! 9#%! -%!
.%&+$;%!/(!#1!.%3$)&'<!9#$d4!1'!$1,$1%15%<!.%&'!-8!-%)#&'6!73!.&';3%2
,(! 9#%! -#&)%! %1! %-5%! $1-5(15%! %-! -#! +',#1$+(;$3$*(*<! +P,'! .#%*%!
+',.(&5$&-%!3(!G$G%1+$(!*%!(3)'!9#%!%-<!%1!C35$,(!$1-5(1+$(<!$1%B(;3%!/!
9#%!(,%1(d(!3(!G$*(6!
7-!33(,(5$G(!%-5(!%1+(&1(+$P1!%1!#1!+#%&.'!9#%!%-<!%1!C35$,(!$1-5(12
+$(!/!(!.%-(&!*%!-#!$10#,(1$*(*<!B%,%1$1'6!h%*#-(!/!-#-!*'-!0%&,(2
1(-<!+','!3(-!@&(/(-<!3(-!h'$&(-!'!3(-!7&$1$(-!?(#19#%!%3!1C,%&'!*%!
3(-!C35$,(-!%-!*$-5$15'!-%)C1!3'-!(#5'&%-?!B'&,(!.(&5%!*%!#1(!*%!%-(-!
5&8(*(-!B%,%1$1(-!-';&%1(5#&(3%-!5(1!.&'.$(-!*%3!.%1-(,$%15'!)&$%2

VRV!!
)'6!D%&'!3'!9#%!(9#8!,%!$15%&%-(!%-!%3!(5&(+5$G'!9#%!.'-%%!3(!B(5(3$*(*!
.(&(! 3(! -%1-$;$3$*(*! &',415$+(6! :$! %1! %3! .'%,(! *%! :0%33%/! %3! 5%&&'&!
(.(&%+%!+(#-(*'!.'&!#1(!+&$(5#&(!,85$+(!%1!3(!9#%!-%!,%d+3(1!&(-)'-!
0#,(1'-!/!(1$,(3%-<!.(&(!i'BB,(11!3'!0(+%!+'1!3(!+'1B#-$P1!%15&%!3'!
G$G'!/!3'!$1(1$,(*'6!71!-#!&%3(5'!73!0',;&%!*%!3(!(&%1(<!.#;3$+(*'!%1!
RYRL<!1'-!+#%15(!%3!&%-#35(*'! B(5(3!*%3! %1(,'&(,$%15'! *%! -#!.&'5(2
)'1$-5(!+'1!3(!;%33(!]3$,.$(6!
:$%1*'!#1'-!1$g'-<!N(5(1(%3!/!-#-!0%&,(1'-!G%1!.'+'!(!-#!.(*&%<!+(2
-$!-$%,.&%!(!3(-!0'&(-!*%!3(-!+',$*(-6!h#+0(-!1'+0%-<!(!3(-!1#%G%!%1!
.#15'<!-#!,(*&%!3%-!*$+%!9#%!-%!(+#%-5%1<!9#%!G$%1%!%3!i',;&%!*%!3(!
(&%1(6!l3!'/%!.(-'-!/!9#$%&%!-(;%&!9#$>1!%-<!(-8!9#%!3%!.&%)#15(!(!-#!
,(*&%6!733(!3%!&%-.'1*%!9#%!%-%!.%&-'1([%!1'!%I$-5%<!9#%!%-!#1(!%I2
.&%-$P1!9#%!%,.3%(!.(&(!*%-+&$;$&!%3!.$+'&!9#%!-%!-$%15%!%1!3'-!'['-!
+#(1*'!-%!5$%1%!-#%g'<!+','!3%-!0#;$%&(!%15&(*'!(&%1(6!D%&'!%3!(/(!
*%! -#! 0%&,(1$5(! 3%! *$+%! 9#%! -8! %I$-5%<! /! 9#%! G(! (! ;#-+(&! (! 3'-! 1$g'-!
9#%!1'!*#%&,%1!.(&(!(&&'[(&3%-!(&%1(!%1!3'-!'['-!/!-(354&-%3'-!*%!3(-!
P&;$5(-6!^1(!G%d!B#%&(<!3'-!&%+')%<!3'-!)#(&*(!%1!#1!-(+'!/!-%!3'-!33%G(!
(!-#-!0$['-<!9#$%1%-!3'-!*%G'&(1!+'1!-#-!.$+'-!+#&G'-6!N(5(1(%3!%-!3'!
;(-5(15%!,(/'&!?5$%1%!1#%G%!'!*$%d!(g'-?!.(&(!-(;%&!9#%!1'!%-!,4-!
9#%!#1!+#%15'<!.%&'!(C1!(-8!9#$%&%!-(;%&!9#$>1!G(!(!-#!+(-(!.'&!3(-!
1'+0%-!/!3%-!.&$G(!*%!3(!+',.(g8(!*%!-#!.(*&%6!^1(!1'+0%<!*$+%!9#%!
%-54!,#/!+(1-(*'!/!-%!G(!(!(+'-5(&!(15%-!*%!3(!0'&(<!.%&'<!%1!G%d!*%!
,%5%&-%!%1!3(!+(,(<!-%!%-+'1*%!%1!#1!(&,(&$'!9#%!0(/!%1!%3!+#(&5'!
*%!-#!.(*&%!(!%-.%&(&!(3!i',;&%!*%!3(!(&%1(6!E#(1*'!33%)(<!%15&%(;&%!
3(! .#%&5(! /! G%! 9#%! %-! %3! (;')(*'! E'..%3$#-<! (! 9#$%1! 3'-! 1$g'-! /! -#!
,(*&%!*%5%-5(16!]+#35'!*%15&'!*%3!(&,(&$'<!G%!+P,'!3'-!*'-!0',;&%-!
5&(;([(1! %1! #1(! %-.%+$%! *%! 0'&1'! 9#%! %-5(;(! '+#35'<! +'1! 5%1(d(-! (3!
&'['!G$G'!/!#1(-!33(,(-!9#%! 0(+%1! 9#%!-#! .(*&%! -%! .(&%d+(! (!-#! &%2
.#)1(15%! +',.$1+0%6! W%! .(&%+%! G%&! #1'-! &'-5&'-! 0#,(1'-! +'1! 3(-!
+#%1+(-!G(+8(-<!/!'/%!9#%!E'..%3$#-!*$+%r!`Ö]['-Ü!Ö]['-Üa!73!1$g'!)&$5(!
*%! ,$%*'<! 3'! 9#%! 3%! 0(+%! *%-+#;&$&! -#! %-+'1*&$['6! E'..%3$#-! -%! 3%!
(+%&+(!%1B(*(*'<!+'1!(3)'!9#%!0(!+')$*'!*%!3(-!33(,(-!/!3%!(,%1(d(!
+'1!-(+(&3%!3'-!'['-6!73!.(*&%!-%!$15%&.'1%<!.%&'!3(!$,.&%-$P1!%-!5(15(!
.(&(!%3!.%9#%g'!9#%!.$%&*%!%3!+'1'+$,$%15'6!E#(1*'!*%-.$%&5(!/(!0(!
.(-(*'!5'*'<!%-54!%1!.%&B%+5'!%-5(*'!/!%3!(;')(*'!0(!(;(1*'1(*'!3(!
+$#*(*6!^1!(g'!,4-!5(&*%<! E'..%3$#-! G#%3G%! (!3(!+(-(<! /!3(! ,(*&%! -%!

! VRS!
33%G(! (! 3'-! 1$g'-! (! 3(! +(,(6! i(/! #1(! %I.3'-$P1<! %3! .(*&%! ,#%&%! /! %3!
(;')(*'!*%-(.(&%+%6!
Fg'-! *%-.#>-<! ,$%15&(-! %-5#*$(! %1! 3(! #1$G%&-$*(*! 3%['-! *%! -#! +(-(<!
N(5(1(%3!G$G%!*'-!(+'15%+$,$%15'-! 9#%! 3%!.%&5#&;(&416! D'&!#1!3(*'<!
+&%%! &%+'1'+%&! (3! G$%['! E'..%3$#-! %1! #1! G%1*%*'&! *%! ;(&P,%5&'-! /!
3%15%-!.$(,'15>-!33(,(*'!E'..'3(6!D'&!%3!'5&'<!-%!%1(,'&(!*%!]3$,2
.$(<!3(!0$[(!*%!-#!.&'B%-'&!:.(3(1d(1$6!73!.&$,%&'!3%!+(#-(!.%-(*$33(-!/!
#1(!)&(1!$19#$%5#*k!3(!-%)#1*(!3%!(3%[(!*%!-#!1'G$(!E3(&(<!9#%!3%!%-.%2
&(!%1!-#!+$#*(*!1(5(36!71!#1(!+(&5(!(!W'5(&$'<!%3!0%&,(1'!*%!E3(&(<!3%!
*%-+&$;%! (! ]3$,.$(<! +#/(-! .&'.'&+$'1%-! /! ;%33%d(! 3(! 0(+%1! *%-5(+(&!
(15%! %3! &%-5'! *%! ,#[%&%-6! W'! -(;%! .'&9#%! 3(! 0(! %15&%G$-5'! .'&! #1(!
&%1*$[(!*%!3(!+'&5$1(<!-%15(*(!,#/!&8)$*(<!+'1!3(!,$&(*(!B$[(!/!3(-!,(2
1'-! +&#d(*(-! -';&%! 3(! ,%-(6! :#! .(*&%! 3(! 5$%1%! %1+%&&(*(! .'&! (3)C1!
,'5$G'<!/!N(5(1(%3!&%+'1'+%!9#%!`(3)'!&(&'!.(-(!+'1!%33(6!"#$d4!-%(!
5'15(!'!(3)'!(-8a!ui'BB,(11!VURRr!VYv6!73!(-.%+5'!(1)%3$+(3!*%!]3$,2
.$(!+'15&(-5%!+'1!%3!*%!E3(&(<!9#%!1#1+(!0(!*%-5(+(*'!.'&!-#!;%33%d(6!
F3!G'3G%&!(!3(!+$#*(*!(!.(-(&!#1!5$%,.'!%1!+(-(!*%!-#!,(*&%<!-%!0(+%!
%G$*%15%!9#%!%3!+(&4+5%&!*%!3'-!1'G$'-!%-!*$-.(&6!l3!-%!0(!$*'!G'3+(1*'!
0(+$(!%3!,$-5$+$-,'!/!-%!0(!G#%35'!-',;&8'<!,$%15&(-!9#%!%33(!-%!,(12
5$%1%!-%&%1(!/!&(+$'1(36!733'!3%-!33%G(!(!*$-+#5$&<!33%)(1*'!(!.&'G'+(&!
9#%!N(5(1(%3!$1-#35%!(!E3(&(!33(,41*'3(!`(#5P,(5(!-$1!G$*(a!/!-%!;(2
5(! %1! *#%3'! +'15&(! W'5(&$'6! :$1! %,;(&)'<! 3'-! 5&%-! -%! &%+'1+$3$(1! -$1!
9#%!3'-!,#+0(+0'-!33%)#%1!(!%,.#g(&!3(-!(&,(-<![#-5'!(15%-!*%!9#%!
%3!%-5#*$(15%!G#%3G(!(!3(!#1$G%&-$*(*6!
E#(1*'!33%)(!(338!*%-+#;&%!9#%!-#!0(;$5(+$P1!0(!(&*$*'!/!-#-!+',.(2
g%&'-!0(1!(39#$3(*'!'5&(<!(!3(!9#%!0(1!33%G(*'!5'*(-!-#-!.%&5%1%1+$(-6!
:#!1#%G(!&%-$*%1+$(!%-54![#-5'!%1B&%15%!*%!3(!*%3!.&'B%-'&6!H%-*%!(338<!
)&(+$(-! (! #1'-! .&$-,45$+'-! 9#%! +',.&(! (! E'..'3(! ?9#$%1! 3'-! 33(,(!
'['-?<!-%!.(-(!3(-!0'&(-!';-%&G(1*'!(!]3$,.$(<!5(1!9#$%5(!/!5(1!0%&2
,'-(6!:#!%1(,'&(,$%15'!0(+$(!%33(!33%)(!(!-%&!#1(!';-%-$P16!:.(3(12
d(1$!*(!#1(!B$%-5(!%1!-#!+(-(!.(&(!.&%-%15(&!(!-#!0$[(<!/!N(5(1(%3!+'12
-$)#%!#1(!$1G$5(+$P1!.(&(!1'!.%&*>&-%3(6!]3$,.$(!5'+(!%3!.$(1'!/!+(15(!
+'1! .&%+$-$P1<! (#19#%! -%! 3(! G%! *%,(-$(*'! &8)$*(6! :#! %1(,'&(*'! 3'!
(+0(+(!(!#1!+'&->!*%,(-$(*'!(.&%5(*'6!E#(1*'!5%&,$1(!*%!5'+(&<!>3!
-%!3%!(+%&+(!.(&(!.%*$&3%!#1!;($3%6!7-!(3!C1$+'!(!9#$%1!-%!3'!+'1+%*%<!/!
;($3(1!5'*(!3(!1'+0%6!F#19#%!1'!0(;3(<!%3!['G%1!%1+#%15&(!%1!%33(!#1(!
+',.(g8(!%-.3>1*$*(!/!#1(!,#5#(!+',.&%1-$P1!+','!1'!0(!-%15$*'!

VRZ!!
1#1+(6!F3!-%.(&(&-%<!3(!;%-(!%1!3(!;'+(!/!%1+#%15&(!#1'-!3(;$'-!0%3(2
*'-!9#%!3%!.&'G'+(1!#1!`815$,'!5%&&'&a!9#%!33%G(!(!-#!,%15%!3(!`3%2
/%1*(! *%! 3(! 1'G$(! ,#%&5(a6! F3! .&%)#15(&3%! -$! 3%! (,(<! %33(! &%-.'1*%!
+'1!#1!-#-.$&'r!`ÖF0tÜ!ÖF0tÜa!u$;8*6r!TUv6!
D(-(1!3'-!*8(-!/!>3!(+#*%! (!-#!+(-(! (!+'&5%[(&3(6!:.(3(1d(1$!1'! .'1%!
$,.%*$,%15'-<! .%&'! :%)$-,#1*'! .&%)#15(! (! N(5(1(%3! +P,'! .#%*%!
#1!['G%1!*$-+&%5'!+','!>3! %1(,'&(&-%!*%! %-(! `,(&$'1%5(<!%-(!+(&(2
*%2+%&(a!u$;8*6r!TVv6!N(5(1(%3!%1B#&%+%<!/!(+#-(!(!:%)$-,#1*'!*%!B&8'!
/!.&'-($+'<!*%!-%&!$1+(.(d!*%!&%+'1'+%&!3(!)&(+$(!$11(5(!*%!-#!]3$,2
.$(6!71!3#)(&!*%!)&(+$(<!>3!.%&+$;%!&$)'&!/!B(35(!*%!G$*(<!.%&'!1'!9#$%&%!
*$-+#5$&! +'1! -#! (,$)'! /! 3'! *%[(! %-5(&6! 71! -#-! G$-$5(-<! ]3$,.$(! -$)#%!
$1,PG$3! /! ,#*(<! 3(-! C1$+(-! .(3(;&(-! 9#%! *$+%! -'1! `;#%1(-! 1'+0%-<!
(,(*'! ,8'a<! +#(1*'! -%! *%-.$*%16! N(5(1(%3! -'3'! -%! &%+'1'+%! (! -8!
,$-,'!+#(1*'!%-54!+'1!%33(<!/!-%!'3G$*(!.'&!+',.3%5'!*%!E3(&(6!^1(!
5(&*%<!(3!-#;$&!.'&!3(-!%-+(3%&(-<!'/%!)'3.%-!/!)&$5'-!/!G%!(3!.&'B%-'&!/!
(!E'..'3(!5$&(&!+(*(!#1'!*%!#1!%I5&%,'!*%3!+#%&.'!*%!]3$,.$(<!$1%&5%!
/! -$1! '['-6! 73! $5(3$(1'! &%-#35(! -%&<! +','! -'-.%+0(;(! (3! .&$1+$.$'<! %3!
(;')(*'!E'..%3$#-<!9#%!-%! 0(+%! +'1! 3(! ,#g%+(! /!0#/%! *%! 3(! 0(;$5(2
+$P1!&$%1*'6!:.(3(1d(1$!&%+')%!3'-!'['-!*%3!-#%3'!/!-%!3'-!3(1d(!(3!['2
G%16!71!%-%!,',%15'<!N(5(1(%3!.$%&*%!3(!+'&*#&(6!:%!(;(3(1d(!+'15&(!
%3!.&'B%-'&!%!$15%15(!%-5&(1)#3(&3%6!@&$5(r!`ÖE8&+#3'!*%!B#%)'Üa<!/!`@$2
&(<!,#g%9#$5(!*%!,(*%&(a!ui'BB,(11! VURRr! TYv6!i(+%1! B(35(! G(&$'-!
0',;&%-!.(&(!&%*#+$&3%!/!33%G(&3%!(3!,(1$+',$'6!
W'-! *'-! (&58B$+%-! *%-(.(&%+%16! E'..%3$#-! 0(;8(! .&'.'&+$'1(*'! 3'-!
+&$-5(3%-! *%! 3'-! '['-<! /! :.(3(1d(1$! %3! ,%+(1$-,'! *%! 3(! (#5P,(5(6!
i(+%&3(!.(-(&!.'&!-#!0$[(!/!.&%-%15(&3(!%1!-'+$%*(*!%-!3'!9#%!3%!33%G(!
(!3(!%I.#3-$P1!*%!3(!#1$G%&-$*(*!/<!%1!+'1-%+#%1+$(<!*%!3(!+$#*(*6!^1!
5$%,.'!*%-.#>-<!N(5(1(%3!*%-.$%&5(!%1!-#!.&'.$(!+(,(<!&'*%(*'!.'&!
-#!,(*&%<!W'5(&$'!/!E3(&(<!-$1!&(-5&'!*%!3'+#&(6!D'+'!(!.'+'!-%!&%+#2
.%&(!/<!(3!,'&$&!#1!58'!-#/'!/!0%&%*(&!#1(!B$1+(!.&PI$,(!(!3(!+$#*(*<!
*%+$*%1!,#*(&-%!(338!3'-!+#(5&'6!7-(!,$-,(!,(g(1(!*(1!#1!.(-%'<!/!
E3(&(!+'1G%1+%!(!-#!.&',%5$*'!.(&(!9#%!-#;(1!(3!+(,.(1(&$'!(!G%&!
3(-!,'15(g(-!.'&!C35$,(!G%d6!F&&$;(<!%33(!3%!-%g(3(!#1!(&;#-5'!9#%!.(2
&%+%!,'G%&-%6!l3!&%+#%&*(!3'-!.&$-,45$+'-!9#%!33%G(!%1!%3!;'3-$33'!/<!(3!
,$&(&! (! 5&(G>-! *%! %33'-<! %,.$%d(! (! -(35(&! /! (! )&$5(&! G8+5$,(! #1(! G%d!
,4-!*%!3(!3'+#&(6!F)(&&(!(!E3(&(!/!3(!%,.#[(!.'&!3(!;(&(1*$33(6!W'5(&$'!
+'1-$)#%!(5&(.(&3(!(15%-!*%!9#%!+($)(<!.%&'!1'!3')&(!$,.%*$&!9#%!N(2

! VRT!
5(1(%3! -(35%! (3! G(+8'! ,$%15&(-! )&$5(r! `]33'-! ;#1$5'-t! '33'-! ;#1$5'-a!
ui'BB,(11!VURRr!XXv<!+','!3%!*$['!E'..%3$#-!?9#%!';-%&G(!3(!%-+%1(!
*%-*%!(;(['?!(3!'B&%+%&3%!3'-!.&$-,45$+'-6!
j&%#*<!%1!#1!%1-(/'!*%!RQRQ<!%,.3%(!%-5%!+#%15'!*%!i'BB,(11!.(&(!
(1(3$d(&!%3!+'1+%.5'!*%!3'!-$1$%-5&'6!D%&'!(15%-! *%! (1(3$d(&! %3! &%3(5'!
%I(,$1(!%3!.&'.$'!5>&,$1'!`#,0%$,3$+0a<!/!3(!%-.%+$B$+$*(*!9#%!5$%1%!
%1!3%1)#(!(3%,(1(6!`^,0%$,3$+0a!%-!%3!(15P1$,'!*%!`0%$,3$+0a<!9#%!
$1+3#/%!*'-!G(&$(+$'1%-!-%,415$+(-<!-$!1'!+'15&(&$(-<!(3!,%1'-!*$-5(12
5%-r!`-%!5&(5(!*%!3'!9#%!%-!B(,$3$(&<!+'1B'&5(;3%<!.'&! #1! 3(*'k! /! *%! 3'!
'+#35'<!*$-$,#3(*'<!.'&!%3!'5&'6a!73!+&#+%!%15&%!(,;(-!&(,(-!*%!-$)1$2
B$+(*'!3(!%1+#%15&(!:+0%33$1)r!`^,0%$,3$+0! -%&8(!5'*'!3'!9#%!*%;%&8(!
0(;%&! 9#%*(*'! '+#35'<! -%+&%5'<! .%&'! -%! 0(! ,(1$B%-5(*'a! uj&%#*!
RQLZr!VZYLk!%3!>1B(-$-!%-!-#/'v6!W'!-$1$%-5&'<!.'&!5(15'<!%-!3(!1%)(+$P1!
*%!3(!B(,$3$(&$*(*<!.%&'!1'!*%3!-%+&%5'6!F#1!(-8<!%3!-%15$*'!*%!3'!815$2
,'! .%&,(1%+%<! -$)#%! +'15%1$*'! %1! -#! +'15&(&$'6! W'! -$1$%-5&'! %-! 5%2
&&'&8B$+'!.'&!+'1'+$*'!/!%I5&(g'!(3!,$-,'!5$%,.'k!%-!#1!-%15$,$%15'!
.&'G'+(*'!(3!&%+'1'+%&!#1(!*$-5(1+$(!(15%-!$1(*G%&5$*(<!(3!';-%&G(&!
#1(!;&%+0(!%15&%!(9#%33'!9#%!-%!-(;%!/!3'!9#%!-%!*%-+'1'+%!'<!,%['&!
(C1<!3'!9#%!*%;%&8(!*%-+'1'+%&-%6!
73!(143$-$-!.-$+'(1(385$+'!3'!$*%15$B$+(!+'1!%3!&%5'&1'!*%3!$1+'1-+$%15%<!
+'1!3(!(.(&$+$P1!%1!%3!5%&&%1'!+'1-+$%15%!*%!3(-!.#3-$'1%-!&%.&$,$*(-6!
7-!.'&!%-(!&(dP1!.'&!3(!9#%<!(3!3%%&! 73!0',;&%!*%!3(!(&%1(<!$15%&.&%5(!
%3!.%&-'1([%!9#%!3%!*(!585#3'!+','!%3!1C+3%'!5%,45$+'!*%3!&%3(5'<!(!*$2
B%&%1+$(!*%!p%15-+0!9#%!3'!$*%15$B$+(!%1!3(!,#g%+(6!j&%#*!-%!(.'/(!%1!
-#!%I.%&$%1+$(!+381$+(!.(&(!(-%)#&(&!9#%!%3!5%&&'&!9#%!-$%15%!N(5(1(2
%3!(15%!3(!.'-$;$3$*(*!*%!.%&*%&!3'-!'['-!1'!%-!-$1'!`#1!-#-5$5#5'!B&%2
+#%15%! *%! 3(! (1)#-5$(! *%! +(-5&(+$P1a! uj&%#*! RQLZr! VZQRv6! :#! %I.%2
&$%1+$(! 5&(#,45$+(! /! 3(! ,#%&5%! *%! -#! .(*&%<! (,;(-! *#&(15%! 3(!
$1B(1+$(<! .&'G'+(1! %1! %3! .&'5()'1$-5(! *%3! +#%15'! #1(! 5%1-$P1! *%!
+(&4+5%&!-%I#(3!9#%!-%!,(1$B$%-5(!+(*(!G%d!9#%!-%!(.&'I$,(!(3!(,'&6!
E'..%3$#-<! %3! (&%1%&'<! .&'G'+(! 3(! *$-+#-$P1! 9#%! 3%! -%.(&(! *%! E3(&(<!
*%-5&#/%!(!]3$,.$(!/<!.'&!C35$,'<!3%!%,.#[(!(3!-#$+$*$'!+#(1*'!%-54!(!
.#15'! *%! +(-(&-%6! f! -#! 3'+#&(! -%! .&%-%15(! +#(1*'! 3%! (,%1(d(1! 3'-!
'['-r! (3! *%-+#;&$&! 3'-! 5&(;(['-! 1'+5#&1'-! *%! -#! .(*&%! /! %3! (;')(*'<!
+#(1*'!%3!-#.#%-5'!$5(3$(1'!3%!'B&%+%!'['-!9#%!&%-#35(1!-%&!)(B(-!/!+(2
5(3%['-<!/!+#(1*'!:.(3(1d(1$!3%!(&&'[(!3'-!'['-!(&&(1+(*'-!*%!3(!(#5P2
,(5(!(!3(!9#%!0(!*%*$+(*'!G%$15%!(g'-!*%!%-5#*$'6!

VRX!!
D%&'!3'-!,'5$G'-!*%!3'!-$1$%-5&'!1'!-%!3$,$5(1!(!3(-!.#3-$'1%-!3$;$*$1(2
3%-6!"#$%1%-!5&(%1!+'1-$)'!%3! ,(3! '! 3(!*%-)&(+$(<! %3! *'..%3)å1)%&<!3(!
&%.%5$+$P1! *%! -$5#(+$'1%-<! 3(! &%(3$d(+$P1! *%! 3'-! *%-%'-! '+#35'-! '! 3(-!
$,4)%1%-! *%! *%-+#(&5$d(,$%15'! 9#%! (,%1(d(1! 3(! $15%)&$*(*! B8-$+(<!
-'1!'5&(-!*%!-#-!B#%15%-6!='*'-!%-5'-!%3%,%15'-!-%!-#,(1!%1!%3!&%3(2
5'!(3!9#%!9#$d4!-%(!%3!,4-!$,.'&5(15%!*%!5'*'-r!3(!*#*(6!]3$,.$(!+'12
*%1-(!%3!-%15$*'!*%3!&%3(5'<!/!(#1!$1+3#-'!3'-!,'5$G'-!*%!3(!+'&&$%15%!
,4-!'-+#&(!*%3!\',(15$+$-,'!/!*%!3(!3$5%&(5#&(!?/!%3!+$1%?!*%!5%&&'&6!
D'&!#1!3(*'<!%-!#1(!(#5P,(5(k!.'&!%3!'5&'<!%-!#1(!,#[%&6!p%15-+0!$*%12
5$B$+(!%1!3(!$1+%&5$*#,;&%!$15%3%+5#(3!3(!+(#-(!.&$1+$.(3!*%!3'!-$1$%-5&'!
/! j&%#*<! (#19#%! %1! #1! .&$1+$.$'! *%-%+0(! -#! $15%&.&%5(+$P1<! (*,$5%!
9#%! 3(! G$*(! (.(&%15%! *%! 3(! ,#g%+(! &%-#35(! $19#$%5(15%! /! 9#%! i'BB2
,(11! -%! -$&G%! *%! %33(! .(&(! +'1-5&#$&! %3! (,;$%15%! *%! *%-(dP1! *%! -#!
&%3(5'6!E#(1*'!:.(3(1d(1$!3(!.&%-%15(!%1!-'+$%*(*!/!3(!0(+%!.(-(&!.'&!
-#! 0$[(<! 3')&(! %1)(g(&! (! 5'*'! %3! ,#1*'<! 1'! -'3'! (! N(5(1(%3<! 9#%! /(!
%-54!.&%1*(*'!.'&!%33(6!
F#1! (-8<! 5(,;$>1! 5'*'-! (*G$%&5%1! #1(! &$)$*%d! 9#%! 3(! 0(+%! %I5&(g(<!
9#%!.&'G'+(!+$%&5(!$1+','*$*(*!%15&%!9#$%1%-!3(!&'*%(16!:#!,'*'!*%!
5'+(&!%3!.$(1'<!%3!&$5,'!*%!-#-!.(-'-!(3!;($3(&!'!$1+3#-'!(3!+(,$1(&<!-#-!
&(-)'-!B(+$(3%-<!5'*'!%1!%33(!%-!*%,(-$(*'!&%)#3(&<!+','!-$!3(!,'G$%&(!
#1! ,%+(1$-,'6! N(5(1(%3! %-! %3! C1$+'! 9#%! .(&%+%! $1+(.(d! *%! *(&-%!
+#%15(!*%!-#!.&%+$-$P16!D%&'!-(;%,'-!.'&!3(!+(&5(!9#%!3%!*$&$)%!(!W'2
5(&$'!9#%!-(;%!9#%!0(/!%1!]3$,.$(!(3)'!(1'&,(3<!/!9#%!3'!-(;%!*%-*%!
%3!.&$,%&!$1-5(15%6!:$1!%,;(&)'<!3(-!0'&(-!%1!-$3%1+$'!/!9#$%5#*!-'1!3'!
9#%!3%!)#-5(!*%!%33(6!W'!9#%!3%!&%-#35(!$&&%-$-5$;3%!%-!9#%<!(3!+'15&(&$'!
9#%!E3(&(<!(!%33(!1'!.(&%+%1!$,.'&5(&3%!-#-!*$G()(+$'1%-!/!3%!%-+#+0(!
-$1! $15%&&#,.$&3%<! -$1! %15&%5%1%&-%! +'1! '5&(! +'-(<! -$1! .%-5(g%(&6! W(!
(,(!.'&9#%!G%!%1!%33(!#1!%-.%['!*%!-8!,$-,'<!#1(!B$)#&(!9#%!3%!+',2
.3%,%15(6!l3!0(;3(!/!%33(!%-+#+0(6!
F! .%-(&! *%! -#! (,'&! 3'+'! /! +$%)'<! N(5(1(%3! &%+'1'+%! 3(-! -%g(3%-r! 3(!
B&$(3*(*! +(*(G>&$+(! *%! -#! 5(+5'<! -#! -%&%1$*(*! .(&'I$-5(<! -#! ,#5$-,'!
-'3'!&'5'!(3!*%-.%*$&-%<!-$%,.&%!+'1!%3!,$-,'!`;#%1(-!1'+0%-<!(,(2
*'! ,8'a6! W'-! ,',%15'-! %1! 3'-! 9#%! 5',(! +'1+$%1+$(! *%3! +(&4+5%&! *%!
]3$,.$(!-$%15%!B')'1(d'-!*%!.41$+'!9#%!&(+$'1(3$d(!/!';G$(!*%!$1,%2
*$(5'6! D%&'! %-541! (086! H#*(6! W(! (#5P,(5(! &%.&%-%15(! %-%! 5%&&%1'! $12
5%&,%*$'!%15&%!3'!G$G'!/!3'!,#%&5'<!%15&%!3'-!-%&%-!/!3'-!';[%5'-!9#%!
+'1-5$5#/%!#1'!*%!3'-!,'5$G'-!.&$1+$.(3%-!*%!3'!-$1$%-5&'<!/!9#%!.&'2

! VRL!
G'+(!%1!9#$%1%-!-%!%1B&%15(1!(!%33(!#1(!-%1-(+$P1!*%!$1-%)#&$*(*<!*%!
(,%1(d(!815$,(6!D'&9#%!(3!*#*(&!*%!9#$%1!%1!(.(&$%1+$(!%-!$)#(3!9#%!
1'-'5&'-<! .'&! (1(3')8(! /! +(-$! -$1! %-B#%&d'<! *#*(,'-! *%! 1'-'5&'-!
,$-,'-6! W(! $1+%&5%d(! -%! +'15()$(! +'1! B(+$3$*(*! %I5&%,(<! /! #1(! G%d!
(;$%&5(!3(!;&%+0(!%-!$,.'-$;3%!+%&&(&3(6!

m!

W(!5%1*%1+$(!*%!N(5(1(%3!(3!*%3$&$'!.&'G'+(!*#*(-!&%-.%+5'!(!3(!G%&(2
+$*(*!*%!-#!&%3(5'<!.%&'!1'!&%-.%+5'!(!-#!%I.%&$%1+$(6!D#%*%!9#%!3'-!
0%+0'-!1'!0(/(1!'+#&&$*'<!.%&'!>3!3'-!0(!G$G$*'6!"#%!3(!(#5P,(5(!5'2
9#%!%3!.$(1'!%15&(!%1!%3!&(1)'! *%! 3'! .'-$;3%6!7-! -(;$*(!3(!(B$+$P1! *%!
i'BB,(11!0(+$(!%-'-!$1)%1$'-!/!%-!,#/!.&';(;3%!9#%!-#!,'*%3'!B#%2
&(! 3(! .$(1$-5(! 9#%! 3'-! -#$d'-! p(9#%52H&'d! +'1-5&#/%1! %15&%! RLXY! /!
RLLZ<![#15'!(!#1!*$;#[(15%!/!#1!%-+&$5'&6!7-5(!$1)%1$'-(!B$)#&(!5'+(!*%!
G%&*(*!%3!$1-5&#,%15'<!-#-!*%*'-!.&%-$'1(1!3(-!5%+3(-!/!(-8!.&'*#+%!
%3!-'1$*'6!E#(1*'!%-5(!B(,$3$(!*%!&%3'[%&'-!%I.'1%!.'&!.&$,%&(!G%d!%3!
+'1[#15'!.&'G'+(!%1!3'-!%-.%+5(*'&%-!5(15(!(*,$&(+$P1!+','!%-.(12
5'6!]3$,.$(<!.'&!5(15'<!.'*&8(! 5'+(&! %3!.$(1'<! .%&'!9#%! .#%*(! +(15(&!
%-!,4-!+',.3$+(*'6!7*$-'1!1'!$1G%15(!%3!B'1P)&(B'!0(-5(!RYLX<!(#12
9#%!%3!$,.&%-'&!l*'#(&*2W>'1!:+'55!*%!h(&5$1G$33%!/(!+&%(!-#! B'1'2
(#5P)&(B'! %1! RYTL6! E#(39#$%&! '5&'! ,>5'*'! *%! .&'*#++$P1! *%! +(15'!
.'&!.(&5%!*%!#1!(#5P,(5(!*%!3(!>.'+(!%-!$,.%1-(;3%6!71!+'1-%+#%12
+$(<!]3$,.$(!1'!.'*&8(!%,$5$&!-'1$*'6!"#%!N(5(1(%3!'$)(!-#!G'd!+3(&(!
+','!#1(!+(,.(1(!(;&%!*'-!.'-$;$3$*(*%-r!'!;$%1!-%!5&(5(!*%!#1!&%2
+#&-'!*%3!&%3(5'!/<!%1!%B%+5'<!+(15(<!'!;$%1!-#!%1(,'&(*'!3'!$,()$1(6!
71!%3!.&$,%&!-#.#%-5'<!-%!,(15%1*&8(!%3!(&,(dP1!&(+$'1(3!*%!3(!&%(2
3$*(*<!,$%15&(-!9#%!%3!-%)#1*'!-%&8(!#1!$1*$+(5$G'!,4-!*%!3(!*%,%12
+$(!*%3!.&'5()'1$-5(6!W'!9#%!%-!%G$*%15%<!-%(!+','!-%(<!%-!9#%!-#!%12
+#%15&'! +'1! ]3$,.$(! -#.'1%! 3(! $1G(-$P1! *%! 3'! %I5&('&*$1(&$'! %1! 3'!
'&*$1(&$'6!
H%[%,'-!*%!3(*'!.'&!#1!,',%15'!3(!$15%&.&%5(+$P1!-%I#(3!*%3!&%3(5'!
/!.%1-%,'-!%1!%-5(!(35%&1(5$G(r!3'!9#%!33%G(!(3!-#$+$*$'!(!N(5(1(%3!%-!
3(!1%+%-$*(*!*%!+'1'+$,$%15'!/!3(!&%G%3(+$P1!*%!9#%!%-5%!%-!$,.'-$2
;3%6!:#!.&$,%&(!+&$-$-!3(!.&'G'+(!%3!$15%&>-!.'&!-(;%&!9#$>1!%-!%3!$12
B(,%!i',;&%!*%!3(!(&%1(!9#%!3%!.&$G(!*%!3(!+',.(g8(!*%!-#!.(*&%6!73!
*%-+#;&$,$%15'!*%3!(;')(*'! /! *%! -#!.&'.$'!.(*&%<!$1+3$1(*'-!-';&%!

VRY!!
%3!B#%)'!?9#%!*(!(!-#!.(*&%!#1!(-.%+5'!*%,'18(+'<!5(1!.(&%+$*'!(3!*%!
E'..%3$#-! +','! *%-+'1'+$*'! 0(-5(! %-%! ,',%15'! .'&! -#! 0$['?! /! 3(!
(.(&$+$P1!*%!&'-5&'-!9#%!.(&%+%1!B3'5(&!.'&!3(!%-+%1(<!&%-#35(1!*%,(2
-$(*'!.(&(!%3!1$g'6!:(;%&!9#$>1!%-!3(!B$)#&(!,$-5%&$'-(!1'!&%-#%3G%!-#-!
*#*(-<!-$1'!9#%!(.'&5(!#1(-!1#%G(-!%!$1%-.%&(*(-r!%1!9#>!%-541!5&(2
;([(1*'! 9#%! 1%+%-$5(! 0(+%&-%! %1! -%+&%5'! /<! -';&%! 5'*'<! 9#$>1! %-! &%2
(3,%15%!-#!.(*&%6!7-5'-!,$-5%&$'-!.%&,(1%+%1!-$1!&%-.#%-5(!(3!,'&$&!
-#!.(*&%!/!*%-(.(&%+%&!%3!(;')(*'6!W(!(,%1(d(!*%!%-5%!C35$,'!*%!-(2
+(&3%!3'-!'['-!-%!0(;&8(!+#,.3$*'<!(-8<!%1!#1!-%15$*'!-$,;P3$+'6!
:#!&%(.(&$+$P1!+','!G%1*%*'&!*%!;(&P,%5&'-!/!C5$3%-!P.5$+'-!+(#-(!
#1(!1#%G(!*$-3'+(+$P1!,%15(3!%1!%3!N(5(1(%3!#1$G%&-$5(&$'r!-'-.%+0(!
9#%!%-!%3!G$%['!E'..%3$#-<!.%&'!1'!5$%1%!B'&,(!*%!+'1B$&,(&3'<!/!5(15'!
-#-! (,$)'-! +','! -#! .&'B%-'&! 1$%)(1! 9#%! -%! 5&(5%! *%3! ,$-,'! $1*$G$2
*#'6! :.(3(1d(1$! 3%! (-%)#&(! 9#%! %-! #1! P.5$+'! $5(3$(1'! (3! 9#%! +'1'+%!
*%-*%!0(+%!(g'-6!H%-.#>-!-(;&%,'-!9#%! ,$%15%6!73! *$-5(1+$(,$%15'!
%15&%!E3(&(!/!-#!%1(,'&(*'!-%!.&'*#+%!.'&!-#!B(35(!*%!%15%1*$,$%12
5'r!%33(!3%!%1+#%15&(!(;#&&$*'!/!*(*'!(!3'-!*%-G(&8'-!,8-5$+'-<!,$%12
5&(-!9#%!>3!3(!%1+#%15&(!.&'-($+(!/!-$1!(3,(6!W(!)&(1!$&'18(!%-!9#%!3(!
(+#-(! *%! -%&! +','! #1(! (#5P,(5(6! E#(1*'! -%! 5&'.$%d(! (15%! #1(!
,49#$1(! *%! G%&*(*! 1'! -(;%! &%+'1'+%&3(6! ='*(-! -#-! (#-%1+$(-! ?*%!
,'G$,$%15'<!*%!0(;3(<!*%! +(3'&! G$5(3?! 1'!;(-5(1!.(&(! %33'! /<! (#1! (-8<!
1'5(!+(#-(-!-#B$+$%15%-!.(&(!$19#$%5(&-%6!]3$,.$(!3%!&%-#35(!$1*$-+&%5(!
%1!%3!-%15$*'!*%!9#%!3%!&%-#35(!$,.'-$;3%!*$-5$1)#$&!-$!%1!%B%+5'!%-54!
G$G(!'!1'!%-!,4-!9#%!#1(!,#g%+(6!W(!*$B%&%1+$(!%15&%!3'-!3%+5'&%-!/!>3!
%-5&$;(! %1! 9#%! 1'-'5&'-! 1'! .'*%,'-! ';G$(&! %-(-! *#*(-6! l3! 0(+%! #1!
(+5'!*%!B%6!E&%%!%1!%33(6!
D'&!%-'!(3!G%&3(!-(+#*$*(!.'&!-#-!*'-!+&%(*'&%-<!+'1!3'-!'['-!(&&(12
+(*'-<!/!*(&-%!+#%15(!*%!9#%!-#-!+&%%1+$(-!%-5(;(1!$1B#1*(*(-!3%!-'2
;&%G$%1%!*%!1#%G'!3(!3'+#&(6!F3!G%&!(!E3(&(!(!5&(G>-!*%!3(!3%15%<!+','!
0(;8(!G$-5'!(!]3$,.$(!.'&!.&$,%&(!G%d<!/!(*G%&5$&!(!E'..%3$#-!%15&%!3(!
,#35$5#*! ;(['! 3(! 5'&&%<! -#! +'1B#-$P1! %-! (;-'3#5(6! O*%15$B$+(! (! 3(-! *'-!
,#[%&%-<!+&%%!9#%!E3(&(!%-!'5&(!(#5P,(5(!%!$15%15(!*%-5&#$&3(6!m%1+$2
*'! .'&! -#! 0%&,(1'<! -%! %1+#%15&(! $1+(.(d! *%! -%.(&(&! 3'! G$G'! *%! 3'!
$1%&5%6! W'! -$1$%-5&'<! 3(! $1+%&5$*#,;&%<! +#;&%! 5'*(! 3(! &%(3$*(*6! E','!
'+#&&8(!+'1!0%$,3$+0!/! #10%$,3$+0<!33%)(!#1!,',%15'!%1!%3!9#%!3'!'&2
*$1(&$'!?3'-!G$G'-?!/!3'!%I5&('&*$1(&$'!?3'-!';[%5'-!9#%!-%!,#%G%1?!
-%!0(+%1!+'$1+$*%15%-6!F15%!3(!B(35(!*%!)(&(158(-!*%!9#%!3'-!'5&'-!%I$-2

! VRQ!
5(1! %B%+5$G(,%15%<! .'*&8(! '+#&&$&! 9#%! 5'*'-! 3'-! 9#%! &'*%(1! (! N(5(2
1(%3!B#%-%1!(#5P,(5(-6!D'&!%-'! -(35(! 3(! ;(3(#-5&(*(!/!-%!*%-5&'d(! %3!
+&41%'!+'15&(!%3!-#%3'6!
W(!$,.'&5(1+$(!*%!3'-!'['-!&(*$+(!%1!9#%!-'1!%3! $1-5&#,%15'!*%3! &%2
+'1'+$,$%15'<!-'1!3(!G8(!.&$1+$.(3!?-%)C1!3(!%-+(3(!+34-$+(!*%!3'-!-%12
5$*'-?!*%!+',#1$+(+$P1!%15&%!1#%-5&(!,%15%!/!%3!,#1*'6!E'1!%33'-!-%!
(*G$%&5%! 3(! &$)$*%d! *%! ]3$,.$(<! .%&'! %-! )&(+$(-! (! 3(! ,%['&(! *%! 3(! G$2
-$P1<!+'1!3'-!.&$-,45$+'-<!+','!N(5(1(%3!';-%&G(!3(-!0'&(-!9#%!.(-(!
$1,PG$3<!+'1!3(-!,(1'-!%1+$,(!*%!3(!,%-(<!-$1!1(*(!9#%!3(!*$-5&($)(!
*%! -#! $1(+5$G$*(*6! D%&'! 5(,;$>1! +'1! %33'-! G%! 3(! ;%33%d(! (1)%3$+(3! *%!
-#-!&(-)'-<!9#%!3(!(3%[(!*%!E3(&(6!f!5(,;$>1!+'1!%33'-!3(!G%!,'G%&-%<!
1'! 3'! '3G$*%,'-6! E#(1*'! N(5(1(%3! G%<! -(;%6! ]! +&%%! -(;%&<! .'&9#%!
$)#(3!9#%!-#!%I.%&$%1+$(!$1B(15$3!3%!+&%(!1#%G'-!5%,'&%-!/!1#%G(-!*#2
*(-<! ]3$,.$(! 3%! .&'G'+(! -%15$,$%15'-! %1+'15&(*'-6! W(-! -%g(3%-<! 3'-!
-$)1'-! 9#%! .%&+$;%! -'1! +'15&(*$+5'&$'-<! /! %-'! %-! 3'! 9#%! .&'G'+(! 3(!
.%&.3%[$*(*!/!%3!(*G%1$,$%15'!*%!3'!-$1$%-5&'!9#%!.&'G'+(!3(!5&()%*$(!
B$1(36!
"#$d4!-%(!,4-!&%3%G(15%!%3!-$3%1+$'!*%!3(!,#g%+(<!(#19#%!i'BB,(11!
1'!.(&%+%!.&%-5(&3%!*%,(-$(*(!(5%1+$P1<!/!-#!.&'5()'1$-5(!5(,.'+'6!
H%!0%+0'<!%-5%!C35$,'!3'!+'1-$*%&(!#1!&(-)'!(5&(+5$G'!9#%<!'5&(!G%d<!3(!
'.'1%! (! E3(&(6! :$! (+%.5(,'-! %-5(! 3%+5#&(! %.$-5%,'3P)$+(! *%3! &%3(5'<!
%15'1+%-! 0%,'-! *%! .%1-(&! 9#%! %3! *%-5$1'! *%! N(5(1(%3! -%! )%-5(! %1!
(9#%33'! 9#%! E(G%33<! -$)#$%1*'! (! J$55)%1-5%$1<! 33(,(! *%+%.+$P1! (15%!
3'-!+&$5%&$'-6!W'-!+&$5%&$'-!-'1!(9#%33'-!&(-)'-!9#%!.%&+$;$,'-!/!9#%!
1'-!.%&,$5%1!(-$)1(&!#1!G(3'&!?'!-#!(#-%1+$(?!(!(3)'6!71!%3!+(-'!*%!
3'-! 0#,(1'-<! 3'-! +&$5%&$'-! 9#%! 3'-! *$-5$1)#%1! -'1! -#-! (++$'1%-! /! %3!
3%1)#([%6! 73! .&';3%,(! (15%! 3'-! +&$5%&$'-! &(*$+(! %1! 3(! *$B$+#35(*! *%! $&!
,4-!(334!*%!1#%-5&(!$15#$+$P1! *%! 9#%<!%1! %B%+5'<!9#$%1%-! 1'-! &'*%(1!
-'1!0#,(1'-6!71!+$%&5'!,'*'<!'+#&&%!3'!,$-,'!9#%!w(15!(*G$%&5%!*%3!
B%1P,%1'!/!%3!1'C,%1'<!/!%-!9#%!1'!.'*%,'-!$&!,4-!(334!*%3!.&$,%2
&'6!7-5%!`$&!,4-!(334a!9#%!0%!#-(*'!%1!*'-!'&(+$'1%-!+'1-%+#5$G(-!%-!
%-%1+$(3<!.'&9#%!&%-#,%!3(!$*%(!*%!-(;%&!+','!5&(1-)&%-$P1!/!*%!3'-!
38,$5%-! (! 3'-! 9#%! 1'-! %1B&%15(,'-! %1! 1#%-5&(! 1%+%-$*(*! *%! +'1'+$2
,$%15'!/<!%1!%-.%+$(3<!&%+'1'+$,$%15'6!E#(1*'!N(5(1(%3!G%!(!-#-!-%2
,%[(15%-!3'!9#%!';-%&G(!-'1!#1'-!+#%&.'-!9#%!-%!.(&%+%1<!%1!,(/'&!
'!,%1'&!,%*$*(<!(3!-#/'6!7-!3P)$+'!9#%!-%!.&'/%+5%!%1!%33'-!/!(-#,(!
9#%<!-$!>3!,$-,'!.$%1-(!/!%I$-5%!%1!>3!(3)'!9#%!.%&,(1%+%!'+#35'!(!3(!

VVU!!
G$-5(<!+'1!%3!&%-5'!'+#&&$&4!3'!,$-,'6!F9#8!%-!*'1*%!%15&(!%1![#%)'!%3!
3%1)#([%!+','!%3!C1$+'!,'*'!*%!%I.&%-$P1!/!*%!+(.5(+$P1!*%!(9#%33'!
9#%!1'!-%!G%6!
7I.%&$%1+$(-<! -%15$,$%15'-<! -%1-(+$'1%-<! +'1'+$,$%15'-! '! +#(39#$%&!
'5&'! +'15%1$*'! ,%15(3! 9#%! .'*(,'-! $,()$1(&! .(-(! .'&! %3! B$35&'! *%3!
3%1)#([%<!*%!#1!3%1)#([%!'&*$1(&$'!-%)C1!3'!+(&(+5%&$d(!J$55)%1-5%$1!
%1! -#-! O1G%-5$)(+$'1%-! B$3'-PB$+(-6! 7-5'! %-<! #1! 3%1)#([%! $1B'&,(3! ?
'.#%-5'!(3!*%!3(!3P)$+(!'!3(-!,(5%,45$+(-?!9#%!.'-$;$3$5(!3(!+',#1$+(2
+$P1!%15&%!-#-!*$-5$15'-!0(;3(15%-6!7-%!3%1)#([%!%-54!&%)$*'!.'&!#1(-!
&%)3(-!.&%+$-(-!-$1!3(-!+#(3%-!3(!+',.&%1-$P1!%15&%!-#-!#-#(&$'-!-%&8(!
$,.'-$;3%6! :$1! %,;(&)'<! %-(-! &%)3(-! 1'! -'1! ,4-! 9#%! +'1G%1+$'1%-!
9#%!.#%*%1!+(,;$(&!-%)C1!%3!5$%,.'!/!%3!3#)(&<!+','!G(&$(15%-!*%!#1!
,$-,'![#%)'6!J$55)%1-5%$1!33(,(![#%)'-!*%!3%1)#([%!5(15'!(3!,'*'!%1!
%3!9#%!3'-!1$g'-!(.&%1*%1!(!0(;3(&!$,$5(1*'!(!-#-!,(/'&%-!+','!(3!
`5'*'!B'&,(*'!.'&!%3!3%1)#([%!/!3(-!(++$'1%-!+'1!3(-!9#%!%-54!%15&%5%2
[$*'a!uRQYYr!VTv6!D%&'!#1'!*%!3'-!(-.%+5'-!,4-!&%3%G(15%-!*%3!3%1)#(2
[%!+','![#%)'!%-!9#%!1'!-%!.&%+$-(!-(;%&!-#-!&%)3(-!.(&(!.'*%&![#)(&2
3'<! 1$! 5(,.'+'! .(&(! 0(+%&3'! ;$%16! F#19#%! %-5(! $*%(! .#%*%! .(&%+%&!
+'15&($15#$5$G(! %-<! %1! &%(3$*(*<! ;(-5(15%! ';G$(6! E#(1*'! #1(! +&$(5#&(!
(.&%1*%!(!0(;3(&!3'!0(+%!.'&!$,$5(+$P1<!(!.(&5$&!*%3!+'1-(;$*'!,>5'2
*'!*%!.&#%;(2%&&'&6!71!1$1)C1!,',%15'!*%!-#!(.&%1*$d([%!-%!3%!0(+%!
%-5#*$(&!)&(,45$+(!/<!-$1!%,;(&)'<!+#(1*'!33%)(!%3!,',%15'!*%!9#%!
3'!0()(<!/(!%1!3(!%-+#%3(<!%-!#1(!0(;3(15%!+#(3$B$+(*(6!N'! -(;%!3(-!&%2
)3(-<!.%&'!3(-!(.3$+(!*%!B'&,(!+'&&%+5(6!73!3%1)#([%!'&*$1(&$'<!.'&!5(12
5'<!%-!#1(!.&4+5$+(!-'+$(3!+#/'!>I$5'!*%.%1*%!*%!3(!(+%.5(+$P1!*%!-#-!
#-'-!.'&!#1(!.(&5%!-$)1$B$+(5$G(!*%!-#-!#-#(&$'-6!
73!#-'!*%3!3%1)#([%!%-!#1'!*%!3'-!+&$5%&$'-!,%*$(15%!3'-!+#(3%-!&%+'2
1'+%,'-!(3!&%-5'!*%!-%&%-! 0#,(1'-6! ]5&'-! +&$5%&$'-!-'1!-#! (.(&$%12
+$(<!-#-!,'G$,$%15'-t!7-5'-!C35$,'-!B'&,(1!.(&5%!*%!3(-!+(&(+5%&8-2
5$+(-! %I5%&1(-! *%! 3(! 0#,(1$*(*k! %3! 3%1)#([%! .%&,$5%! $&! ,4-! (334<!
(3+(1d(&! &%5(d'-! *%! $15%&$'&$*(*6! F0'&(! ;$%1<! *%3! ,$-,'! ,'*'! 9#%!
H%-+(&5%-!*#*(!*%!3(!&%(3$*(*!*%3!,#1*'!B8-$+'!%1!-#-! h%*$5(+$'1%-<!
%3!(++%-'!(!3(-!+'1+$%1+$(-!([%1(-!(!5&(G>-!*%3!3%1)#([%!%15&(g(!*$B$2
+#35(*%-! .&'.$(-6! :#! .&'.$(! 1(5#&(3%d(! (3;%&)(! 1%)(5$G$*(*%-! *%! 3(-!
9#%! 0(+%,'-! #-'! (! *$(&$'! /! 9#%<! %1!.&$1+$.$'<! *%;%&8(1! +(1+%3(&! 3(-!
.'-$;$3$*(*%-!+',#1$+(5$G(-6!:%!5&(5(!*%!3(-!,%54B'&(-<!3(-!,%15$&(-!/!
5'*(-!(9#%33(-!9#$%;&(-!3$1)n8-5$+(-!%1!3(-!9#%!3'!9#%!-%!*$+%!/!3'!9#%!

! VVR!
-%!0(+%!1'!-%!+'&&%-.'1*%16!7-!3'!9#%!'+#&&%!+#(1*'!0()'!#1(!.&'2
,%-(!/<!33%)(*'!%3!,',%15'<!1'!3(!+#,.3'6!D#%*%!9#%!3(-!+'1*$+$'1%-!
.(&(! +#,.3$&3(! 0(/(1! G(&$(*'! %1! %3! 5$%,.'! 5&(1-+#&&$*'! %15&%! 3(!
.&',%-(!/!%3!(+5'<!'!.#%*%!9#%!1#1+(!0(/(!.&%5%1*$*'!+#,.3$&3(6!
F3)'!-$,$3(&!'+#&&%!(15%!%3!*'3'&6!:$!G%,'-!9#%!(3)#$%1!-%!)'3.%(!*(2
&%,'-! .'&! 0%+0'! 9#%! -#B&$&4! (3)C1! *(g'6! :$! 0(/! -(1)&%<! ,$%,;&'-!
(.3(-5(*'-!'!0#%-'-!&'5'-<!5',(&%,'-!%-'-!+&$5%&$'-!B8-$+'-!+','!$12
*$+(*'&%-! *%! 9#%<! %1! %B%+5'<! 0(/! *'3'&6! :'1! -$)1'-! $1%9#8G'+'-6! W'!
-(;%,'-!.'&9#%<!%1!,(/'&!'!,%1'&!,%*$*(<!5'*'-!0%,'-!.(*%+$*'!
(3)'!-$,$3(&!%1!(3)#1(! '+(-$P16! H(,'-! .'&! -#.#%-5'! 9#%! 3'!9#%!1'-!
'+#&&%!(!1'-'5&'-!3%-!'+#&&$&4!(!1#%-5&'-!-%,%[(15%-6!H%3!,$-,'!,'2
*'<!-$!3(!+'-(!1'!%-!5(1!)&(G%!/!1'!0(/!-%g(3%-!%I5%&1(-<!&%+#&&$&%,'-!
(!3'-!+&$5%&$'-!3$1)n8-5$+'-!.(&(!-(;%&!-$!-%!0(!0%+0'!*(g'!'!1'6!E#(12
*'!)&$5(!`ÖF0Üa!'!*$+%!`h%!*#%3%a!-%!1'-!0(+%!%G$*%15%!9#%!%-!(-86!F!
1'! -%&! 9#%! %-5>! B$1)$%1*'<! +3(&'6! D#%*%! 9#%! 1'! -$%15(! *'3'&! ?;$%1!
.'&9#%!1'!0(!-$*'!.(&(!5(15'<!;$%1!.'&9#%!1'!%-!+(.(d!*%!-%15$&!*'2
3'&<!;$%1!.'&9#%!-%!0(!)'3.%(*'!%1!#1!,$%,;&'!.&'5>-$+'!9#%!*%-+'2
1'+%,'-?!/!%-5>!(+5#(*'!+','!-$!3'!-$15$%&(6!
D'*&8(,'-!*%+$&!9#%!N(5(1(%3!(.#%-5(!.'&!]3$,.$(!/!*(!.'&!;#%1'-!
3'-! +&$5%&$'-! *%! -#! 0#,(1$*(*! (! .%-(&! *%! 5'*'! 3'! 9#%! %,.#[(! %1! 3(!
*$&%++$P1! +'15&(&$(6! E#(1*'! 3%! .&%)#15(! -$! 3%! (,(<! %33(! 3%! &%-.'1*%!
+'1! #1! `(0<! (0a! 9#%! ;$%1! .'*&8(! -%&! %3! -'1$*'! *%! (3)C1! B#%33%! 9#%!
B'&,(! .(&5%! *%! -#! ,%+(1$-,'! $15%&$'&6! W(! B$3'-'B8(! ,'*%&1(<! %,.%2
d(1*'! .'&! 3(! *#*(! ,%5P*$+(! *%3! ,$-,'! H%-+(&5%-<! /! -$)#$%1*'! .'&!
i#,%!/!w(15<!-$%15(!3(-!;(-%-!*%!#1!%-+%.5$+$-,'!9#%!9#$d4!-%(!$,2
.'-$;3%!*%!-#.%&(&6!7-!+$%&5'!9#%!3'-!.&';3%,(-!9#%!.3(15%(1!%33'-!1'!
0(+%1!&%B%&%1+$(!(!3'-!'5&'-<!(!3(-!'5&(-!,%15%-<!-$1'!(3!,#1*'<!.%&'!
3(!+#%-5$P1!%-!3(!,$-,(r!b.#%*'!+'1'+%&!(9#%33'!+'1!3'!9#%!,%!&%3(2
+$'1'c!b:'1!B$(;3%-!,$-!-%15$*'-!/!,$-!+(.(+$*(*%-!*%!%15%1*$,$%12
5'c! W(! &%-.#%-5(! %-! 1%)(5$G(6! :(;%,'-! 9#%<! +','! -%&%-! 0#,(1'-<!
-','-!3$,$5(*'-!/!B(3$;3%-6!E#(1*'!N(5(1(%3!5',(!+'1+$%1+$(!*%!%-(!
$1+%&5$*#,;&%<! %3! ,#1*'! 9#%! 3%! %&(! B(,$3$(&! 3%! &%-#35(! %I5&(g'<! -$2
1$%-5&'6! E#(1*'! 3'-! +&$5%&$'-! 3%! *%+%.+$'1(1<! 1'! G%! '5&(! -(3$*(! ,4-!
(334!*%3!-(35'6!
:$%1*'!+','!%-!#1!0$5'!*%!3(!3$5%&(5#&(!&',415$+(!/!*%!5%&&'&<!+(;&8(!
%-.%&(&!9#%!%3!%-.(15'!G$1$%&(!+(#-(*'!.'&!(3)C1!%3%,%15'!-';&%1(2

VVV!!
5#&(3<!%3!9#%!*(!585#3'!(3!&%3(5'<!-$1!$&!,4-!3%['-6!W'!9#%!1'-!%1+'15&(2
,'-<!-$1!%,;(&)'<!%-!9#%!.&'+%*%!*%!$1-5&#,%15'-!5>+1$+'-!.&'.$'-!
*%3!.%1-(,$%15'!$3#-5&(*'6!D'&!#1!3(*'<!3'-!.&$-,45$+'-!/<!.'&!%I5%12
-$P1<! 3'-! '['-! *%! ]3$,.$(k! .'&! %3! '5&'<! %3! $1)%1$'! ,%+41$+'! 9#%! %-! 3(!
(#5P,(5(<! +#/'! $15%&>-! /(! 0%,'-! G$-5'! (3! &%-.%+5'! *%3! .(5'! *%! m(#2
+(1-'16! F,;'-! (&5$3#)$'-! .&%5%1*%1! (,.3$(&! %3! 0'&$d'15%! *%3! -(;%&<!
B'&d(&!-#-!B&'15%&(-6!W(-!3%15%-!*%!(#,%15'!?5%3%-+'.$'-!/!,$+&'-+'2
.$'-?!(/#*(1!(!G%&!(9#%33'!9#%!%-54!*%,(-$(*'!3%['-!'!%-!*%,(-$(*'!
.%9#%g'!.(&(!G%&3'!(!-$,.3%!G$-5(<!,$%15&(-!9#%!%3!.(5'!.'1%!(15%!3(!
,$&(*(!3'-!.&'+%-'-!B$-$'3P)$+'-!?3(!*$)%-5$P1?!9#%!5$%1%1!3#)(&!%1!%3!
$15%&$'&!*%!3'-!+#%&.'-!G$G'-6!]3$,.$(<!%1!%-%!-%15$*'<!&%.&%-%15(!3(-!
B#1+$'1%-! ,'5&$+%-! *%3! +#%&.'r! 5'+(! %3! .$(1'<! (1*(<! ;($3(6! D%&'! 5'*'!
%-5'!-%!3$,$5(!(!3(!1(5#&(3%d(!B8-$+(!9#%!.#%*%!,%*$&-%!/!&%.3$+(&-%6!73!
$15%&>-! 9#%! -%15$,'-! 0(+$(! 3'-! *%,4-! -%&%-! 0#,(1'-! 1'! -%! 3$,$5(! (!
%-(-!+(&(+5%&8-5$+(-<!1$!,#+0'!,%1'-6!E#(1*'<!%1!3(!-%I5(!*%!-#-! h%2
*$5(+$'1%-<! H%-+(&5%-! (B$&,(! 3(! %I$-5%1+$(! *%3! +')$5'<! 9#%! 1'! %-! '5&(!
+'-(!9#%!-#!/'!(#5>15$+'<!-#!)%-5'!%-!*';3%6!D'&!#1!3(*'<!&%B'&,#3(!3(!
*$G$-$P1!+&$-5$(1(!%15&%!%3!(3,(!/!3(!+(&1%<!%1!3(!9#%!.&$,(!3(!.&$,%&(!
-';&%!3(!-%)#1*(k!.'&!%3!'5&'<!+'3'+(!3(-!;(-%-!*%3!/'!+','!%I.%&$%12
+$(!$15%&$'&!9#%!-%!*%-(&&'33(&4!%1!3'-!-$)3'-!-$)#$%15%-6!
73! +'1'+$,$%15'! *%! 3'-! '5&'-<! %15'1+%-<! .(-(! (! %15%1*%&-%! +','! #1!
(++%-'! (! (3)'! .&%+$'-'! 9#%! %-54! %-+'1*$*'<! (3)'! 9#%! '+#&&%! .%&'! %-!
$1G$-$;3%6! N#%-5&(! +(.(+$*(*! .(&(! B(;#3(&<! B$1)$&<! -$,#3(&! /! ,%15$&<!
.(&(! -#;G%&5$&! 3(! ,$-,(! 0%&&(,$%15(! 9#%! %,.3%(,'-! .(&(! +',#1$2
+(&!3'!9#%!-%15$,'-<!1'-!+'1G$%&5%!%1!-%&%-!.'+'!B$(;3%-6!N#%-5&(!&%2
3(+$P1! +'1! 3'-! '5&'-! -%! ,#%-5&(! .(&(*P[$+(r! 9#%&%,'-! (3+(1d(&! %-(!
$15%&$'&$*(*!9#%!.%&,(1%+%!'+#35(<!.%&'!5(,;$>1!9#%&%,'-!.&'5%)%&!
3(!1#%-5&(6!F1-$(,'-!*%-+#;&$&!-#-!-%+&%5'-!?0%$,3$+0<!#1(!G%d!,4-?!
/!)#(&*(&!3'-!1#%-5&'-6!H%;%&8(,'-!.3(15%(&1'-!-$!%-!.'-$;3%!9#%<!%1!
%-(!,%15%!9#%!-%!1'-!&%-$-5%<!'+#&&(!(3)'!9#%!1'!.'*%,'-!+',.&%12
*%&<! -$! %-%! /'! 9#%! %-! '5&'! #5$3$d(! %I.&%-$'1%-! .&$G(*(-<! (-'+$(*(-! (!
-#-!G$G%1+$(-<!9#%!3'-!*%,4-!1'!.'*%,'-!%15%1*%&6!W(!&%-.#%-5(!*%!
J$55)%1-5%$1! %-! 9#%! 1'<! 9#%! %-%! 3%1)#([%! .&$G(*'! %-! $,.'-$;3%6! W(!
&(dP1!%-!9#%!.#%*%!%,.3%(&!3'-!5>&,$1'-!9#%!-%!3%!(15'[%1!%1!3#)(&!
*%!3'-!+',#1%-<!.%&'!%3!,'*'!%1!%3!9#%!-%!&%B$%&(!(3!*'3'&!*%!,#%3(-!
-%)#$&4! -$%1*'! %9#$G(3%15%! (3! 1#%-5&'6! D#%*%! .%1-(&! `-+0,%&da! %1!
3#)(&!*%!`*'3'&a<!.%&'!3(!-%1-(+$P1!/!-#!&%B%&%15%!-'1!0',P3')'-6!:%!

! VVS!
5&(5(&8(!*%!#1!3%1)#([%!-%+&%5'<!+#/(!%I+3#-$G$*(*!1'!G(!,4-!(334!*%!3'!
3$1)n8-5$+'6!W(!%I+3#-$G$*(*!*%!#1!3%1)#([%!.&$G(*'<!.'&!%3!+'15&(&$'<!
-$)1$B$+(&8(!9#%!%-%!3%1)#([%! 1'! %-! 5&(*#+$;3%!/<!.'&! 5(15'<!1'! %-! +'2
,#1$+(;3%6!:#!#1$+$*(*!-%&8(!,%5(B8-$+(<!/!%-'!1'!%-!.'-$;3%6!N'!0(/!
%I.%&$%1+$(<! -%1-(+$P1! '! $*%(! 0#,(1(! 9#%! 1'! .#%*(! %I.&%-(&-%6!
D#%*%!9#%!0()(!B(35(!*(&!#1!&'*%'<!$1G%15(&!5>&,$1'-!1#%G'-!'!G$'3(&!
*%!(3)C1!,'*'!3(-!&%)3(-!)&(,(5$+(3%-!'!-%,415$+(-<!.%&'!1'!0(/!1(2
*(!0#,(1'!9#%!9#%*%!B#%&(!*%3!3%1)#([%6!N$1)#1'!*%!1#%-5&'-!%15&%2
-$['-!%-!1'!0(;3(;3%6!
D'&!%-'!(.#15(;(!(15%-!9#%!%3!,#5$-,'!*%!]3$,.$(!%-<!9#$d4<!-#!&(-)'!
,4-!&%3%G(15%6!D'*&8(!-%&!,#*(!'!5'15(<!+','!-'-.%+0(!%1!#1!.&$1+$2
.$'!N(5(1(%3<!.%&'!%3!0%+0'!*%!9#%!1'!-%!+',#1$9#%!*%!1$1)C1!,'*'!
*%;%&8(!0(;%&3%!*%[(*'!+3(&'!9#%!(3)'!1'!%-54!*%3!5'*'!;$%1<!%-!#1!$12
*$+(5$G'!*%!9#%!.#%*%!1'!-%&!*%3!5'*'!0#,(1(6!F!3(!$1+%&5$*#,;&%!3%!
-$)#%!#1!(+5'!*%!B%!9#%!-%!&%-#%3G%!%1!3(!*%+%.+$P1!/!3(!5&()%*$(!9#%!
3%!.&%+$.$5(!5'&&%!(;(['6!

mO!

N#%-5&(!+'1*$+$P1!+','!-%&%-!-'+$(3%-!1'-!$,.#3-(!(3!&%+'1'+$,$%12
5'! (! 5&(G>-! *%3! 3%1)#([%6! N%+%-$5(,'-! 9#%! -%! -%.(! 9#%! 0(/! (-.%+5'-!
*%!1#%-5&(!G$*(!9#%!1'!-%!G%1!/!9#%!%-!1%+%-(&$'!%I.3$+(&6!H%!(08!3(!
$,.'&5(1+$(!*%!3(!G%&;(3$d(+$P1!*%!1#%-5&(-!%I.%&$%1+$(-!$15%&$'&%-<!
3(-!$1*$+(+$'1%-!+'1-5(15%-!0(+$(!(9#%33'!9#%!*%-%(,'-!9#%!-%!-%.(6!
F1-$(,'-! 9#%! -%! 1'-! G%(! +','! -%&%-! 0#,(1'-! &%(3%-k! 'B&%+%,'-!
1#%-5&(-!(++$'1%-!/!1#%-5&'!3%1)#([%!+','!+&$5%&$'-!.(&(!%-(!$*%15$2
B$+(+$P16!D%&'!%-'!1'!-$)1$B$+(!9#%!5'*'!*%;(!-(;%&-%6!@#(&*(,'-!.%2
*(+$5'-!9#%!9#%&%,'-!'+#35(&!(!5'*(!+'-5(<!/(!-%(!.'&9#%!1'-!.&'G'2
9#%1! G%&)n%1d(! '! *'3'&<! .'&9#%! 'B&%d+(1! *%! 1'-'5&'-! #1(! $,()%1!
$1-%1-$;3%!'!.#-$341$,%t!7I$-5%!#1(!5%1-$P1!%15&%!1#%-5&(!$1*$G$*#(2
3$*(*! /!1#%-5&(!%I$-5%1+$(!+',#1$5(&$(6! W(! $*%(!*%!+'1'+$,$%15'!+'2
,'! 5&(1-)&%-$P1! (3#*%! (! %-%! -%15$,$%15'! *%! G#31%&(;$3$*(*! 9#%! 1'-!
(5%1(d(!+#(1*'!.%1-(,'-!9#%!.#%*%1!-(;%&-%!1#%-5&'-!-%+&%5'-6!!
7-!3'!9#%!3%!'+#&&%!(3!.&'5()'1$-5(!*%! 73!*%,'1$'!*%!3(!.%&G%&-$*(*<!
&%3(5'! 9#%! 7*)(&! F33(1! D'%! .#;3$+(! %1! RYZT6! 71! -%15$*'! %-5&$+5'<! %3!
+#%15'!-%!&%*#+%!(!3(!-%)#1*(!.(&5%!*%3!5%I5'<!,$%15&(-!9#%!3(!.&$,%2

VVZ!!
&(!5$%1%!3(-!+(&(+5%&8-5$+(-!*%!#1!%1-(/'6!W(!0$-5'&$(!%-!-%1+$33(r!%3!1(2
&&(*'&! ,(5(! (! '5&'! 0',;&%! +'1! %3! .&'.P-$5'! *%! 9#%*(&-%! +'1! -#!
0%&%1+$(6! D(&(! 3')&(&! -#! ';[%5$G'! -#-5$5#/%! 3(! G%3(! 9#%! %,.3%(! -#!
G8+5$,(!%1!-#-!0'&(-!*%!3%+5#&(!1'+5#&1(!.'&!'5&(!+(&)(*(!+'1!(3)C1!
5$.'! *%! G%1%1'6! E#(1*'! (,(1%+%! %3! *8(! -$)#$%15%<! %3! 0',;&%! %-54!
,#%&5'!-$1!-$)1'-!*%!G$'3%1+$(!1$!1$1)#1(!'5&(!-%g(3!-'-.%+0'-(<!.'&!
3'!9#%!%3!B'&%1-%!*%5%&,$1(!9#%!0(!-$*'!#1(!`,#%&5%!.'&!3(!G'3#15(*!
*%! H$'-a! uH%(50! ;/! 50%! G$-$5(5$'1! 'B! @'*v! uD'%! VUUZr! VXZv6! H%! %-%!
,'*'<! %3! 1(&&(*'&! &%+$;%! -#-! ;$%1%-! /! %3! +&$,%1! 9#%*(! -$1! +(-5$)'6!
D(-(1!3'-!(g'-!-$1!$1*$+(+$'1%-!*%!9#%!-%!*%-+#;&(!%3!(-%-$1(5'<!/!%3!
1(&&(*'&! )'d(! *%! -#! &$9#%d(! +'1! 5&(19#$3$*(*! *%! 41$,'! /! 3(! -%)#&$2
*(*!*%!0(;%&!-(3$*'!$,.#1%6!E'1!%3!5$%,.'<!-%!(.'*%&(!*%!>3!#1!.%12
-(,$%15'! .%&-$-5%15%! /! -%! *%-+#;&%! ,#&,#&(1*'! .(&(! -8r! `%-5'/! (!
-(3G'a6! ^1! *8(<! ,$%15&(-! +(,$1(! .'&! 3(! +(33%<! 3%! G$%1%! (! 3(! ;'+(! %-(!
,$-,(!B&(-%<!.%&'!3(!&%B'&,#3(! `7-5'/!(! -(3G'!?%-5'/!(! -(3G'<! -8?!Ö-$!
1'!-'/!3'!;(-5(15%!5'15'!+','!.(&(!+'1B%-(&!*%!B'&,(!(;$%&5(Üa!uO!(,!
-(B%! ?O! (,! -(B%?! /%-?! $B! O! ;%! 1'5! B''3! %1'#)0! 5'! ,(o%! '.%1! +'1B%-2
-$'1Ük! $;8*6r!VXTv6!71!%3!,$-,'!,',%15'!%1!9#%!.&'1#1+$(!%-(-!.(3(2
;&(-<!(!#1!G'3#,%1!3'!;(-5(15%!(35'!.(&(!9#%!3'!0(/(!.'*$*'!%-+#+0(&!
%3!&%-5'!*%!5&(1-%C15%-<!(+%3%&(!%3!.(-'!0(-5(!9#%!%+0(!(!+'&&%&6!:$%12
5%!*%-%'-!*%!)&$5(&!/!-%!*(!+#%15(!*%!9#%!.%1-(&!%1!-#!+&$,%1!0(!-$*'!
3(!+(#-(!*%!-#!';-%-$P1<!.&$,%&'<!/!*%!-#!*%-3$d<!*%-.#>-6!:#!-%+&%5'!
3#+0(!.'&!-(3$&!(!3(!3#d<!.'&!0(+%&-%!.C;3$+'<!0(-5(!9#%!3%!*%5$%1%1!/!3%!
+'1*%1(1!(!,#%&5%6!
73!1(&&(*'&!-%!5&($+$'1(!(!-8!,$-,'!.'&9#%!3%!$1G(*%!%3!*%,'1$'!*%!3(!
.%&G%&-$*(*!9#%!*(!585#3'!(3!&%3(5'<!/!-';&%!%3!9#%!*$-%&5(!(3!.&$1+$.$'!
*%3! ,$-,'6! H%! 0%+0'<! -#! 0$-5'&$(! 1'! %-! ,4-! 9#%! #1(! (1>+*'5(! 9#%!
$3#-5&(!3(!%I$-5%1+$(!*%!%-%!*%,'1$'!9#%!1'-!%,.#[(<!%1!'+(-$'1%-<!(!
-%&!.%&G%&-'-<!(!0(+%&!(9#%33'!9#%!1'!*%;%,'-!0(+%&<!.&%+$-(,%15%!
.'&9#%! 1'! *%;%,'-! 0(+%&3'6! W'! +#&$'-'! %-! 9#%! 3(! .%&G%&-$*(*! 1'!
(.#15(! (3! (-%-$1(5'<! -$1'! (! -#! +'1B%-$P16! ^1'! *%! 3'-! ,'5$G'-! 9#%!
.'*&8(1!%I.3$+(&!%-5%!0%+0'!%-!9#%!3'-!,'5$G'-!*%3!+&$,%1!-'1!&(+$'2
1(3%-!?-%!,%!'+#&&%1!.'+'-!,'5$G'-!,4-!&(+$'1(3%-! 9#%!%3! *$1%&'?<!
,$%15&(-!9#%!1'!0(/!1(*(!&(+$'1(3!1$!&(d'1(;3%!%1!+'1B%-(&!#1!*%3$5'!
*%3!9#%!1'!0(/!$1*$+$'-<!#1!*%3$5'!9#%!1'!%I$-5%6!b"#>!%-!3'!9#%!3%!33%2
G(! (! *%+$&! %1! G'd! (35(! /! %1! .C;3$+'! 9#%! 0(! ,(5(*'c! D'&! #1! 3(*'<! 3(!
,$-,(!.%&G%&-$*(*!9#%!%,.#[(!(!0(+%&!(9#%33'!9#%!1'!-'3'!1'!-%!*%2

! VVT!
;%<!-$1'!9#%!1'!-%!9#$%&%!0(+%&6!D'&!%3!'5&'<!3(!1%+%-$*(*!0#,(1(!*%!
+',#1$+(&<! *%! .'1%&! %1! .(3(;&(-! (9#%33'! 9#%! 1'! -%! -(;%! /! 9#%<! *%!
'5&'!,'*'<!.'*&8(!1'!0(;%&!.(-(*'6!F3!0(+%&!.C;3$+'!-#!-%+&%5'!.(&%2
+%! (B$&,(&! %3! (+5'! /<! (! 5&(G>-! *%! >3<! (! -8! ,$-,'6! O1+3#-'! +#(1*'! %-(!
(B$&,(+$P1! 33%G(! %1! -8! ,$-,(! 3(! +'1*%1(! *%! -#! 1%)(+$P1r! 3(! 0'&+(6!
E#(1*'!*$+%!`0%!0%+0'a<!%1!&%(3$*(*!%-54!(B$&,(1*'!`/'!-'/a6!
73!.&';3%,(!/(!%-54!%1!3(-! h%*$5(+$'1%-!+(&5%-$(1(-<!(#19#%!1'!33%)(!
(!B'&,#3(&-%6!73!)$&'!$15&'-.%+5$G'!*%3! +')$5'!/!3(!*#*(!,%5P*$+(!.&'2
*#+%1!%3!-#[%5'!+(&(+5%&8-5$+'!*%!3(!h'*%&1$*(*r!-'3$.-$-5(!/!B'&d(*'!
(!+#%-5$'1(&!3(!%I$-5%1+$(!*%!'5&(-!,%15%-!,$%15&(-!(B$&,(!+'1!$1-$-2
5%1+$(!3(!-#/(!.&'.$(6!W(-!*'-!'.+$'1%-!9#%!(;&%!%3!%-+%.5$+$-,'!-'1!
(5%&&(*'&(-r!9#%!0(/(!'5&'-<!'!9#%!1'!0(/(!1(*$%6!D%&'!(*%,4-<!.(&(!
,(/'&!)3'&$(!*%3!@%1$'!h(3$)1'<!3'-!(&)#,%15'-!%-+>.5$+'-!-'1!$&&%2
B#5(;3%-6!F15%!+#(39#$%&!$15%15'!.'&!+'1B$&,(&!3(!%I$-5%1+$(!*%3!,#12
*'!/!*%!3'-!'5&'-!+(;%!.&%)#15(&-%r!b-%)#&'c!N'6!\%-#35(!9#%!1'!0(/!
1(*(! -%)#&'6! D'&! %-'<! (! .%-(&! *%! -#-! +'1-%+#%1+$(-! B(5(3%-<! 3(! C1$+(!
-(3$*(! *%3! %-+%.5$+$-,'! %-! 3(! *%! N(5(1(%3! (15%! ]3$,.$(6! F.'-5(&! .'&!
-#!%I$-5%1+$(<!3(!*%3!,#1*'!/!*%3! &%-5'! *%! 3(! 0#,(1$*(*! %-!%3!C1$+'!
,'G$,$%15'!B(+5$;3%!(15%!3(!$1+%&5$*#,;&%6!:$!3(!+&$-$-!%-+>.5$+(!.'1%!
%1!-#-.%1-'!%3!,#1*'<!3(!-'3#+$P1!*%!%-(!+&$-$-!.(-(!.'&!-#-.%1*%&!3(!
*#*(6!W'!0(+%,'-!(!*$(&$'6!
E&%'! 9#%! 3(! +&#%3*(*! *%! :(*%<! %3! -%1-#(3$-,'! *%! K3(o%! /! 3(! 5&(-)&%2
-$P1!%&P5$+(!*%!K(5($33%!1'!-'1!-$1'!$15%15'-!.'&!&%-'3G%&!%-5(!5%1-$P1!
%15&%!#1!/'!B$1$5'<!B&4)$3!/!B(3$;3%<!/!#1!#1$G%&-'!9#%!-%!3%!(15'[(!5(1!
$1%B(;3%!+','!.%3$)&'-'6!W'!,$-,'!'+#&&%!%1!%3!&%3(5'!*%!i'BB,(116!
73! *%,'1$'! *%! 3(! .%&G%&-$*(*! 1'! %-! %3! C1$+'! +#%15'! %1! %3! 9#%! D'%!
(;')(! .'&! 3'-! $,.#3-'-! *%-5&#+5$G'-! (15%! 3(-! *$B$+#35(*%-! /! 3'-! .%3$2
)&'-!*%3!+'1'+$,$%15'6!71! 73!)(5'!1%)&'<!.#;3$+(*'!%1!RYZS<!(.(&%+%!
3(! ,$-,(! $*%(! *%! .%&G%&-$*(*6! 71! %-5(! '+(-$P1<! #1! 0',;&%! ;#%1'! /!
(,(15%!*%!3'-!(1$,(3%-!G%! 5&(1-B'&,(*'!-#! +(&4+5%&! (!+(#-(! *%3! (32
+'0'36! :#! *%)&(*(+$P1! (3+'0P3$+(! 3%! G#%3G%! ,%3(1+P3$+'! /! G$'3%15'<!/!
*%-+(&)(!-#-!(&&%;(5'-!+'15&(!%3!.%&&'<!3'-!+'1%['-!/!-#!,#[%&6!73!+(2
&$g'!&%+8.&'+'!9#%!-$%15%!0(+$(!D3#5P1<!%3!)(5'!*%!3(!+(-(<!3%!3$;&(!*%!
3'-! +(-5$)'-! *%! -#! (,'<! .%&'! -'3'! %-! +#%-5$P1! *%! 5$%,.'! 9#%! &%+$;(!
-#-!)'3.%-!/!-#-!,(3'-!,'*'-6!

VVX!!
^1(!1'+0%!9#%!33%)(!;'&&(+0'<!%3!1(&&(*'&!';-%&G(!9#%!3(!;%-5%d#%3(!
3%! &%0C/%<! (-8! 9#%! *%+$*%! ()(&&(&3'6! F5%&&'&$d(*(<! %-5(! 3%! ,#%&*%! 3(!
,(1'!.(&(!3$;%&(&-%<!(!3'!9#%!%3!1(&&(*'&!&%-.'1*%!-(+(1*'!#1(!1(2
G([(!*%3!;'3-$33'!/!0(+$>1*'3%!-(35(&!#1!'['6!F!3(!,(g(1(!-$)#$%15%<!3%!
$1G(*%1!3(!+#3.(!/!%3!0'&&'&6!W(!0%&$*(!-(1(<!.%&'!*%[(!(3!(1$,(3<!9#%!
%&(!)&(1*%!/!0%&,'-'<!*%-B$)#&(*'6!7-5'!.&'G'+(!%1!-#!(,'!#1!-%12
5$,$%15'!+&%+$%15%!*%!$&&$5(+$P1!9#%!33%)(!(!&%-#35(&!$1-'.'&5(;3%6!W'!
(0'&+(!%1!#1!4&;'3!%1!%3![(&*81!5&(-%&'6!7-(!,$-,(!1'+0%!-%!.&'*#+%!
#1! $1+%1*$'! 9#%! *%-5&#/%! 3(! +(-(! .'&! +',.3%5'6! W(! C1$+(!.(&%*! 9#%!
9#%*(!%1!.$%!%-!3(!*%!-#!*'&,$5'&$'!/!+'15&(!3(!9#%!-%!(.'/(;(!%3!+(2
;%+%&'!*%!3(!+(,(6!W(!,#35$5#*!-%!+'1)&%)(!%1!5'&1'!(!%33(<!(*,$&(*(!
(15%! #1! ,#&'! +(-$! $15(+5'! %1! ,%*$'! *%! #1(! +(-(! *%G'&(*(! .'&! 3(-!
33(,(-6! D%&'! 3'! $1-P3$5'! 1'! %-54! %1! 3(! .(&%*<! -$1'! %1! 3(! $,()%1! 9#%!
.#%*%! G%&-%! %1! %33(! +'1! 5'5(3! +3(&$*(*r! 3(! -',;&(! )$)(15%-+(! *%! #1!
)(5'!+'1!#1(!-')(!(3!+#%33'6!
73!1(&&(*'&!$15%15(!&(+$'1(3$d(&!%-5%!0%+0'!$19#$%5(15%<!.%&'!1'!.'&!
%33'!*%[(!*%!-(3$&!(!%,;'&&(+0(&-%6!^1(!1'+0%<!%1!#1(!5(;%&1(<!-%!3%!
(+%&+(!#1!)(5'!1%)&'!,#/!-$,$3(&!(!D3#5P16!:%!%1+(&$g(1!/<!(3!*%-+#2
;&$&!9#%!1'!%-!*%!1(*$%<!-%!3'!33%G(!(!+(-(6!D%&'!%3!.(&%+$*'!%15&%!(,2
;'-!)(5'-!%-!%I+%-$G'<!/!.&'G'+(!5(15'!%3!(,'&!*%!-#!*#%g(!+','!3(!
$19#$%5#*!*%3!1(&&(*'&6!73!1#%G'!(1$,(3!1'!-'3'!%-!*%3!,$-,'!5(,(2
g'!/!+'3'&!9#%!%3!(15%&$'&<!-$1'!9#%!5(,;$>1!%-!5#%&5'6!W(!*$B%&%1+$(!
%-! 9#%! %-5%! 5$%1%! #1(! ,(&+(! ;3(1+(! %1! %3! .%+0'<! 9#%! +'1! %3! 5$%,.'!
5',(!3(!B'&,(!*%!#1!.(58;#3'6!E','!(15%-!+'1!D3#5P1<!%3!1(&&(*'&!-%!
0(+%!(.&%1-$G'6!^1!*8(!;([(!+'1!-#!,#[%&!(3!-P5(1'!/!%3!(1$,(3!-%!3%!
+&#d(! .'&! 3(-! %-+(3%&(-! /! +(-$! 3%! 3(1d(! +(;%d(! (;(['6! E')%! #1! 0(+0(!
*$-.#%-5'!(!)'3.%(&!+'1!%33(! (3! )(5'<! .%&'!-#! ,#[%&! -%! 3'! $,.$*%6!71!
#1!(5(9#%!*%!B#&$(<!3(!,(5(!(!%33(6!E','!1'!.#%*%!-(+(&!%3!+(*4G%&!*%!
(338!-$1!9#%!3%!*%-+#;&(1!3'-!G%+$1'-<!*%+$*%!%,.(&%*(&3(6!73!)(5'!-%!
%-B#,(6!W(!.'3$+8(!$1G%-5$)(!3(!*%-(.(&$+$P1<!.%&'!1'!%1+#%15&(!.&#%2
;(-!*%!1$1)C1!5$.'6!71!#1'!*%!3'-!&%)$-5&'-<!3'-!()%15%-!;([(1!(3!-P5(2
1'!+'1!%3!1(&&(*'&<!9#%!%-54!5&(19#$3'6!^1(!G%d!,4-<!1'!(.(&%+%!1(*(6!
=(1!+'1B$(*'!+','!%-54<!(3(&*%(!*%!3(!B$&,%d(!*%!3'-!,#&'-!/!)'3.%(!
3'-!3(*&$33'-!9#%!'+#35(1!%3!+#%&.'6!715'1+%-!-%!'/%!#1!-'1$*'!()#*'<!
+','!%3!33(15'!*%!#1!;%;>6!D&'G$%1%!*%!%-%!.#15'!.&%+$-'6!W'-!()%12
5%-! &%5$&(1! 3'-! 3(*&$33'-! /! (338! *%-+#;&%1! %3! +(*4G%&! *%-+',.#%-5'! /!
+#;$%&5'!*%!-(1)&%6!:';&%!-#!+(;%d(!%-54! %3! )(5'<! +0$33(1*'! +','!#1!

! VVL!
*%,'1$'!+'1!%3!0'+$+'!,(1+0(*'!+'1!3'-!&%-5'-!?9#%!3%!0(1!-%&G$*'!
*%!(3$,%15'?!*%!-#!*#%g(6!
:$!;$%1!.'*%,'-!%1+'15&(&!#1(!%I.3$+(+$P1!.3(#-$;3%<!%!$1+3#-'!&(d'2
1(;3%<!*%!3'-!%-5(33$*'-!G$'3%15'-!*%3!1(&&(*'&!*%! 73!)(5'!1%)&'!%1!-#!
(3+'0'3$-,'<!5(,;$>1!0%,'-!*%!&%+'1'+%&!9#%!-#-!,'5$G'-!/(!%-541!
(08!(15%-!-$9#$%&(!*%!-#!-(3$*(!(!3(!3#d6!W'-!+(-5$)'-!9#%!&%+$;%1!-#-!
,(-+'5(-! /! -#! ,#[%&! %-541! .&'G'+(*'-! .'&! #1(! +(#-(! .&'B#1*(r! %3!
(,'&6!:(;%,'-!9#%!D3#5P1! /! -#!(,'! 5$%1%1! #1(! &%3(+$P1!%-5&%+0(! /!
+(&$g'-(<!#1!5$.'!*%!&%3(+$P1!9#%!-'3'!.#%*%!-#&)$&!*%3!+'1'+$,$%15'!
,#5#'6!:$1!%,;(&)'<!%-%!-(;%&!(3!9#%!-%!%I.'1%!%3!1(&&(*'&!3%!(1)#-2
5$(! %1! 3(! ,%*$*(! %1! 9#%! 3%! 0(+%! G#31%&(;3%6! FC1! (-8<! 1'! %-! 0(-5(! %3!
,',%15'!%1!%3!9#%!%3!(1$,(3!3%!&%0C/%!+#(1*'!3(!.%&G%&-$*(*!%-5(33(6!
W%!(&&(1+(!#1!'['!-$1!1$1)C1!,'5$G'<!%1!#1!$,.#3-'6!E#(1*'!3'!(0'&2
+(<!*%-+&$;%!3(!%-+%1(!(-8r!

W'! +'3)#>! +'1! 34)&$,(-! 9#%! +'&&8(1! *%! ,$-! '['-<! /! +'1! %3! &%,'&*$2
,$%15'! ,4-! (,(&)'! %1! ,$! +'&(dP1k! 3'! +'3)#>! .'&9#%! -(;8(! 9#%! ,%!
0(;8(!(,(*'<!/! .'&9#%!-%158!9#%!1'!,%!0(;8(!*(*'!1$1)C1!,'5$G'!*%!
'B%1-(k! 3'! +'3)#>! .'&9#%! -(;8(! 9#%! (3! 0(+%&3'! %-5(;(! +',%5$%1*'! #1!
.%+(*'t!
!
0#1)!$5!Å$50!50%!5%(&-!-5&%(,$1)!B&',!,/!%/%-<!(1*!Å$50!50%!;$55%&%-5!
&%,'&-%!(5!,/!0%(&5k!?0#1)!$5!;%+(#-%!O!o1%Å!50(5!$5!0(*!3'G%*! ,%<!
(1*! ;%+(#-%!O!B%35!$5!0(*!)$G%1!,%!1'!&%(-'1!'B!'BB%1+%k!?0#1)!$5! ;%2
+(#-%!O!o1%Å!50(5!$1!*'$1)!-'!O!Å(-!+',,$155$1)!(!-$1tÄ!uD'%!VUUZr!
XSv!

N'-!%1+'15&(,'-!%15'1+%-!+'1!9#%!3(!.%&G%&-$*(*!*%!D'%!5$%1%!*'-!
B(+%5(-!%-%1+$(3%-6!D'&!#1!3(*'! -%! 5&(5(!*%!3(!G'3#15(*! *%! -%&! ,'1-2
5&#'-'<!*%!1%)(&!3(-!+'1*$+$'1%-!?3'-!+&$5%&$'-?!*%!0#,(1$*(*6!D'&!%3!
'5&'<!%3!3#)(&!.&$,$5$G'!%!$&&(+$'1(3!%1!%3!9#%!-%!'&$)$1(<!/!9#%!*%B$1%!
%1! 73!*%,'1$'!*%!3(!.%&G%&-$*(*!+','!#1! .&$,#,!,';$3%<!+','!#1!
,PG$3! .&$,(&$'6! H%! %-5%! ,'*'<! -%! +'1B$)#&(! #1(! .%&G%&-$*(*! +','!
1C+3%'! $10#,(1'<! +','! $,.#3-'! &%.&$,$*'! (15%&$'&! (! 3(! W%/! /! 3(!
&(dP16!7-!3(!.%&G%&-$*(*!+','!5&(1-)&%-$P1<!+','!3(!B#%&d(!.&$,'&2
*$(3! 9#%! 1'-! *%G#%3G%<! (3! ,%1'-! .'&! #1! ,',%15'<! (3! %-5(*'! .&%2
0#,(1'6!D'&9#%!1'!1'-!%9#$G'9#%,'-<!3'-!.%&-'1([%-!*%!D'%!1'!-'1!
+(-'-!%I5&%,'-6!F!.%-(&!*%!-#!%-+(-(!B$(;$3$*(*!+','!1(&&(*'&%-<!*%!
3'! 9#%! 1'! +(;%! *#*(! %-! *%! -#! 1'&,(3$*(*<! *%! -#! B(,$3$(&$*(*! +'1! %3!

VVY!!
&%-5'!*%!-%&%-!0#,(1'-6!E#(1*'!%3!.&'5()'1$-5(!*%! 73!)(5'!1%)&'!3%!
*(!#1!0(+0(d'!(!-#!%-.'-(!3'!0(+%!-$1!.%1-(&<!%1!#1!(+5'!&%B3%['!%1!%3!
9#%!3(-!B#1+$'1%-!.#3-$'1(3%-!*',$1(1!(!3(-!&(+$'1(3%-6!7-!%3!$1-5$15'!
(15%&$'&!(!3(!,'&(3!%3!9#%!,#%G%!-#!,(1'6!
D%&'!%3!+(&4+5%&!.%&G%&-'!*%!%-5'-!&%3(5'-!1'!-%!3$,$5(!(!%-5'6!F,;'-!
1(&&(*'&%-!5&(5(1!*%![#-5$B$+(&!&(+$'1(3,%15%!-#-!(+5'-!$1-5$15$G'-6!]<!
-$!/(!1'![#-5$B$+(&3'-<!(3!,%1'-!%I.'1%&3'-!*%!B'&,(!'&*%1(*(6!7-!*%2
+$&<! *%-.#>-! *%! +'1G%&5$&-%! %1! ,'1-5&#'-! %,.&%1*%1! %3! +(,$1'! *%!
G#%35(!(!3(!0#,(1$*(*!(15%-!*%!%1B&%15(&-%!(!3(!,#%&5%6!i(;3(&!/!%-2
+&$;$&!-%!+'1G$%&5%1!%1!,>5'*'-!*%!(#5'(B$&,(+$P1!,%*$(15%!3'-!+#(2
3%-!-%!+&%(1!+','!-#[%5'-!/!0(+%1!.C;3$+(-!3(-!+(#-(-!815$,(-!9#%!3%-!
,#%G%1<!/!9#%!1'!.'*&8(1!-(;%&-%!*%!'5&'!,'*'6!W(!.%&G%&-$*(*<!.'&!
%3! +'15&(&$'<! -%&8(! #1(! +3(#-#&(! +',#1$+(5$G(<! #1(! -#.%&(+$P1! *%! 3(!
0#,(1$*(*!.'&!(&&$;(!'<!%1!%-5'-!+(-'-<!.'&!(;(['6!F,;'-!1(&&(*'&%-!
-%g(3(1!9#%!.'*&8(1!.(-(&!.'&!3'+'-!-$!1'!-%!+'1'+$%&(1!-#-!,'5$G(2
+$'1%-<!.%&'!(-%)#&(1!9#%!1'! 3'! %-5416!E(G%33!(.#15(! 3(-! -$,$3$5#*%-!
%15&%!%3!5'1'!$1$+$(3!*%! 73!)(5'!1%)&'!/!%3!*%!3(-! h%*$5(+$'1%-!+(&5%2
-$(1(-6!W(-!&%B%&%1+$(-!%1!(,;'-!(!3(!3'+#&(!/!%3!-#%g'!1'!-'3'!-$&G%1!
.(&(!%3%G(&!%3!+(&4+5%&!*%3!&%3(5'<!-$1'!9#%!0(+%1!%G$*%15%!`3(!+(3,(!
%-+(3'B&$(15%<! .%&G%&-(<! *%! H%-+(&5%-! u0(;$*(! +#%15(! *%! 3'-! 5%,(-!
9#%!3(!3#d!*%!-#!&(dP1!%I(,$1(v<!%3!($&%!*%!#1!*%,%15%!%-+&$;$%1*'!
%1!-#!*$(&$'a!uVUUV(r!VUUv6!D'&9#%!1'!.'*%,'-!';G$(&!#1!0%+0'!9#%!
(.(&%+%!%1!3(-!h%*$5(+$'1%-!/!-%!.&'/%+5(!%1!3(!j$3'-'B8(!/!)&(1!.(&5%!
*%! 3(-! (&5%-! .'-5%&$'&%-r! %3! %-+%.5$+$-,'! +','! 5&(,.(! $&P1$+(! 9#%!
+&%(! -#-! .&'.$'-! ,(3%-6! N%)(&! 3'! %G$*%15%! ?9#%! %I$-5%! %3! ,#1*'! /<!
.'&!%I5%1-$P1<!'5&'-!-%&%-!0#,(1'-!9#%!0(;$5(1!%1!>3?!%-!3(!.%&G%&2
-$*(*!*%!H%-+(&5%-6!

mOO!

D3#5P1!/!-#!*';3%<!]3$,.$(!/!3(!@'&)'1(!&%.&%-%15(1!B$)#&(-!*%3!'5&'!
9#%!,$&(!%3!-#[%5'!/!9#%!.&'+#&(1!#1(!5%1-$P1!%15&%!%3!&%+'1'+$,$%12
5'! /! 3(! *$B%&%1+$(r! %3! (1$,(3<! %3! (#5P,(5(! /! %3! ,'1-5&#'6! H%! 3(-! *'-!
C35$,(-!+(;%!*%-5(+(&!#1!&(-)'!';G$'<!/!%-!9#%!-%!5&(5(!*%!B$)#&(-!B%2
,%1$1(-6!:$!;$%1!3(!h%*#-(!*%!:0%33%/!%1+(&1(!3(!$*%(!&',415$+(!*%!3(!
;%33%d(!?9#$d4!(!B(35(!*%!#1!1',;&%!,%['&?!5(,;$>1!'B&%+%!#1!(15$+$2
.'!*%3!9#%!-%&4!#1'!*%!3'-!)&(1*%-!,'5$G'-!*%3!-$)3'! AOAr!3(!;%33(!*$2

! VVQ!
B#15(6! 7-5(! ['G%1! 0%&,'-(! 9#%! %1! &%(3$*(*! %-54! ,#%&5(! B'&,(! .(&5%!
*%!3(!5&(*$+$P1!.'.#3(&!%1!B'&,(!*%!3(!1'G$(!+(*4G%&<!+','!&%+#%&*(!
N(5(1(%3!(3!;($3(&!+'1!]3$,.$(6!E','!5%,(!&',415$+'<!(.(&%+%!%1!%3!
.'%,(! G(,.8&$+'! %-+&$5'! .'&! @'%50%! %1! RLQL<! W(! 1'G$(! *%! E'&$15'6!
71!%-5%!.'%,(<!#1!['G%1!(5%1$%1-%!G$([(!(!E'&$15'!.(&(!+'15&(%&!,(2
5&$,'1$'!+'1!#1(!,#+0(+0(!(!3(!9#%!-#-!.(*&%-!.&',%5$%&'1!-$%1*'!
#1!1$g'<!/!(!3(!9#%!1'!+'1'+%6!W3%)(!(!3(!+(-(!*%!1'+0%<!/!3(!,(*&%<!3(!
C1$+(!9#%!%-54!*%-.$%&5(<!3%!33%G(!(!-#!0(;$5(+$P1<!3%!-$&G%!3(!+%1(!/!3%!
*(!3(-!;#%1(-!1'+0%-6!l3!-%!(+#%-5(!-$1!+',%&!.%&'<!(3!&(5'<!(.(&%+%!
#1(!['G%1!.43$*(!/!5%,;3'&'-(<!9#%!*$+%!1'!-(;%&!9#%!0(;8(!#1!G$-$2
5(15%6!l3!3%!.&%)#15(!-$!%-!%33(!-#!.&',%5$*(<!.%&'!3%!&%-.'1*%!9#%!1'<!
9#%! 3(! .&',%5$*(! %-! -#! 0%&,(1(! .%9#%g(! /! 9#%! %33(! .&'15'! %-5(&4!
;(['!5$%&&(6!l3!3%!*%+3(&(!-#! (,'&!/! 3%!(-%)#&(! 9#%!3(! -(3G(&46! K%;%1!
G$1'<!%33(!3%!&%)(3(!#1(!+(*%1(!*%!'&'!/!3%!.$*%!#1!&$d'!*%!-#!.%3'6!733(!
&%+0(d(!%3!+'15(+5'!?.'&9#%!%-54!B&8(!+','!3(!1$%G%?<!.%&'!>3!33'&(!/!
(3!B$1(3!(++%*%!(!5#,;(&-%![#15'!(!>36!:%!;%-(1!/!-%!0(+%1![#&(,%15'-6!
W(! ,(*&%<! 9#%! (C1! 1'! -%! 0(! (+'-5(*'<! '/%! 3'-! &#$*'-! /! %15&(! %1! 3(!
0(;$5(+$P1!*$-.#%-5(!(!+(-5$)(&!(!(9#%33(!*%!-#-!0$[(-!9#%!%-!+(.(d!*%!
(+'-5(&-%!+'1!#1!*%-+'1'+$*'!%1!-#!.&'.$(!+(-(6!715'1+%-!*%-+#;&%<!
/!%3!['G%1!+'1!%33(<!9#%!%-!-#!0$[(!,#%&5(<!9#%!0(!G#%35'!*%!3(!5#,;(!
.(&(! %15&%)(&-%! (! -#! .&',%5$*'! /! (&&%;(5(&3%! 3(! -(1)&%! /! 3(! G$*(6!
H%-.#>-!*%!>3!G%1*&41!,#+0'-!,4-6!
7-!+$%&5'!9#%!:0%33%/<!'!-#!G'd!38&$+(<!1'!33%)(!(3!%I5&%,'!*%!*%+3(&(&!
-#!(,'&!.'&!h%*#-(<!.%&'!-8!9#%!+',.(&5%!+'1!i'BB,(11!/!@'%50%!3(!
$*%(!*%!9#%!3(!-#/(!%-!#1(!;%33%d(!.%3$)&'-(!9#%!+'1*#+%!(!3(!.%&*$2
+$P16!7-5(-!,#[%&%-!B(5(3%-!%I$-5%1!*%-*%!3(!F15$)n%*(*!?/(!D(1*'&(<!
3(!.&$,%&(!,#[%&!+&%(*(!.'&!Ñ%#-<!5&(%!3'-!,(3%-!(!3'-!0',;&%-k!5(,2
;$>1!3(!0$-5'&$(!*%!j3$1$'1!/!h(+(5%-<!%-+&$5(!.'&!j3%)P1!%1!%3!-$)3'! OO<!
-$&G%!*%!$1-.$&(+$P1!(3!.'%,(!*%!@'%50%?!.%&'!%1!%3!\',(15$+$-,'!3'!
*%-(&&'33(&4!+','!5%,(!3(!.&4+5$+(!5'5(3$*(*!*%!%-+&$5'&%-6!7-54!%1!W(!
1'G$(!%1(,'&(*(!*%!@(#5$%&<!%1!j3(#;%&5!'!%1!HzF11#1d$'6!=(,;$>1!
%-! #1! 5$.'! &%+#&&%15%! %1! D'%<! +#/(-! %-.'-(-! ,#%&5(-! '! ,'&$;#1*(-!
.&'5()'1$d(1!-#-!&%3(5'-! K%&%1$+%<! h'&%33(<! W$)%$(! '! 73%'1'&(<!*'1*%!
.&'G'+(1!3(!3'+#&(!'!3(!,#%&5%!*%!-#-!1(&&(*'&%-6!=(,;$>1<!.'&!-#2
.#%-5'<!%1! E(&,$33(<!*%!W%!j(1#6!:Å$1;#&1%!%-!9#$d4!9#$%1!+'1B$)#&(!
%3!(&9#%5$.'!*%+(*%15%!*%!3(!,#[%&!B(5(3<!/!3(!&%5&(5(!+','!%3!(,(!9#%!

VSU!!
(d'5(!(!#1!-$%&G'!B%3$d6!:(+0%&2h(-'+0!1'!B'&,(!.(&5%!*%!%-5(!5&(*$2
+$P1<!.%&'!+',.(&5%!%-5(!$,()%1!%1!-#!m%1#-!*%!3(-!.$%3%-6!
7-!+#&$'-'!*(&-%!+#%15%!*%!+P,'!(!3'!3(&)'!*%3!-$)3'! AOA!%3!,'*%3'!-%!
*(!3(!G#%35(6!71!3'-!.&$,%&'-!5$%,.'-!*%3!\',(15$+$-,'<!3(!B$)#&(!9#%!
.&%*',$1(!%-!3(!*%3!0>&'%!,(3*$5'<!9#%!*%!3'-!.&'5()'1$-5(-!*%!K/&'1!
.#%*%!&%,'15(&-%!0(-5(!%3!:(541!*%!h$35'16!W(!-%1-$;$3$*(*!*%!K/&'1!
%-54!+'1*$+$'1(*(!.'&!%3!,(&+'!,'&(3<!.%&'!1'!+'15%1$*(!*%15&'!*%!
-#-! 38,$5%-<! -$1'! .&%+%*$*(! .'&! %-5'-6! :#-! .&'5()'1$-5(-! ?/! 0(/! %1!
%33'-!,#+0'! *%!>3!,$-,'?! -'3'!.#%*%1! -%15$&! (!.(&5$&!*%3!,',%15'!
*%!3(!5&(1-)&%-$P1<!+','!.&'-+&$5'-6!73!(,'&!&%-#35(!$15%&%-(15%!-'3'!
(!5&(G>-!*%3!$1+%-5'<!,'5$G'!9#%!1'!-'3'!%-!+(.$5(3!.(&(!:(*%<!-$1'!9#%!
-%!%1+#%15&(!5(,;$>1!%1!E0(5%(#;&$(1*!'!%1!%3!:5#&,!#1!H&(1)6!D%&'!
5%1)(,'-!%1!+#%15(!9#%<!%1!K/&'1<!%3!(-#15'!G(!,4-!(334!*%!#1!-$,2
.3%!%3%,%15'!3$5%&(&$'6!E#(1*'!-#!,(5&$,'1$'!+'1!F11%!O-(;%33(!h$32
;(1o%!-%!0#1*%!(!+(#-(!*%3!*%-.&%+$'!9#%!-$%15%!.'&!%33(<!0(/!,'5$2
G'-!.(&(!.%1-(&!9#%!;#-+(!&%B#)$'!%1!;&(d'-!*%!F#)#-5(!h(&$(!W%$)0<!
+'1! 9#$%1! +',.(&5%! .(*&%6! 7-! +$%&5'! 9#%! 1'! -%! +&8(1! [#15'-<! .%&'!
,(15$%1%1!#1(!&%3(+$P1!.'&!+'&&%-.'1*%1+$(!*#&(15%!(g'-<!/!-%!-'-2
.%+0(!9#%!%3!.'%5(!%-!%3!.(*&%!*%!3(!5%&+%&(!0$[(!*%!F#)#-5(6!71!+#(32
9#$%&!+(-'<!#1!&',(1+%!+'1!%-%!+',.'1%15%!*%3$+5$G'!/!.%+(,$1'-'!
%1+([(! ,#/! ;$%1! +'1! 3'-! $*%(3%-! /! 3(! -%1-$;$3$*(*! ;/&'1$(1(<! .#%-5'!
9#%! 33%G(! %1! -8! 5(15'! 3'-! )'+%-! *%3! (,'&! +','! 3(! -%,$33(! *%! 3(! *%-2
5&#++$P16!
71! (,;(-! &%3(+$'1%-<! K/&'1! -%! +',.'&5(! +','! #1! .%9#%g'! :(*%<! /!
;#-+(!*%!B'&,(!(+5$G(!.&'G'+(&!%3!,(36!D'&! #1! 3(*'<! '*$(! (!3(! ,#[%&!
+'1!3(!9#%!-%!+(-(<!/!9#%!3%!0(;8(!&%+0(d(*'!%1!#1(!'+(-$P16!D'&!%-'!
-%!%1+(&)(&4!*%!0(+%&3%!3(!G$*(!$,.'-$;3%!/!3%!0(+%!-(;%&!%1!3(!,$-,(!
1'+0%!*%!;'*(-!9#%!0(;&8(!-$*'!*%!'5&'!,'*'!-$!3%!0#;$%&(!(+%.5(*'!
%1!3(!.&$,%&(!'+(-$P16!D%&'!(0'&(! -%! ,#%G%!.'&!*%-.%+0'<! /! %3!,(2
5&$,'1$'!-%!*%;%!(!#1(!(.#%-5(!+'1!3(*/!h%3;'#&1%6!D'&!%3!'5&'!3(*'<!
.&%5%1*%!.&'G'+(&!%1!F#)#-5(!3'-!&%,'&*$,$%15'-!9#%!+(;&8(!%-.%2
&(&!*%!#1!(,'&!$1+%-5#'-'<!.%&'!1'!3%!&%-#35(!5(1!B4+$3!+','!+(-5$)(&!
(! F11(;%33(6! E#(1*'! -%! +'1'+%1<! >3! 5$%1%! 5&%+%! (g'-<! /! -#! 0%&,(1(!
*$%+$'+0'6!7-5%!0%+0'<!#1$*'!(!3(!3(-$5#*!,'&(3!*%!F#)#-5(<!%3$,$1(!3(!
(1)#-5$(!(!3(!9#%!(-.$&(! %3!.'%5(6! =(,.'+'!-#! ,#[%&!3%! 5',(! *%,(2
-$(*'!%1!-%&$'<!.%&'!1'!.'*%,'-!.(-(&! .'&!(35'! -#-! (-.$&(+$'1%-!*%!
H'1! p#(1<! *%! -%*#+5'&! 9#%! 5&(%! +'1-$)'! 3(! +'1*%1(+$P16! \%-.%+5'! (!

! VSR!
%-5%!G81+#3'!815$,'!%15&%!.(-$P1!/!B(5(3$*(*<!D&(d!-%g(3(!9#%!`&',412
5$+'-!/!*%+(*%15%-!1'!-#.$%&'1!.%*$&!.(&(!-8!1(*(!,%['&!9#%!0(+%&-%!
%1G%1%1(&a!uRQQQr!VTUv6!7-5(! +'&&$%15%! '-+#&(<! .3()(*(! *%!5'&,%12
5'-<!$1(#)#&(*(!.'&!:(*%<!F11!\(*+3$BB%!/!h6!@6!W%Å$-<!,(&+(!%3!+3$,(!
3$5%&(&$'!*%3!-$)3'6!
D%&'!%3!\',(15$+$-,'!1'!-%!3$,$5(!(!&%.%5$&!3(-!+&#%3*(*%-!*%!:(*%!1$!
(!G$1+#3(&!%3!.3(+%&!+'1!%3!*'3'&6!73!0%+0'!*%!9#%!3(!;%33%d(!/(!1'!-%(!
5(3<!(3!,%1'-!%1!-%15$*'!+34-$+'<!-$1'!#1(!+#(3$*(*!,%*#-%(!/!5#&;$(<!
$,.&%)1(! 3'-! 5%I5'-! /! 3(-! $,4)%1%-! +'1! #1! -%15$,$%15'! *%! 5&$-5%d(6!
=%1)(,'-! %1! +#%15(! 3(! *$B%&%1+$(! %15&%! 3(! ,$&(*(! &%1(+%15$-5(! /! 3(!
&',415$+(!+#(1*'!-%!*$&$)%1!(3!.(-(*'6!W(!.&$,%&(!,$&(!0(+$(!3(!)3'2
&$(!(15$)#(!/!.&%5%1*%!&%%1+(&1(&3(!%1!-#!.&'.$(!>.'+(<!,$%15&(-!9#%!
3(!-%)#1*(!.&%B$%&%!3(!'-+#&$*(*!*%3!)P5$+'!,%*$%G(36!D%&'!%3!$15%&>-!
1'!-%!%1+#%15&(!%1!3(!+'1-5&#++$P1<!-$1'!%1!-#!&#$1(6!71!3#)(&!*%!&%2
G$G$&!3(!>.'+(!'!-#-!G(3'&%-<!-%!,(15$%1%!3(!*$-5(1+$(!/!-%!(0'1*(!%1!
3(! ,%3(1+'38(! *%! 3(! .>&*$*(! /! %3! 5$%,.'! .(-(*'6! j&%15%! (3! G$5(3$-,'!
'.5$,$-5(! *%3! \%1(+$,$%15'<! (0'&(! %3! 0$1+(.$>! .(&%+%! %-5(&! -$%,.&%!
%1!%3!*#%3'6!D'&!%-'!5'*(!;%33%d(!&',415$+(!%-54!%1B%&,(!'!,(&+0$5(6!
7-(!G$-$P1!*%3!.(-(*'!%-!3(!9#%! %1+'15&(,'-!%1! W(!;%33%!*(,%!-(1-!
,%&+$! uW(! ;%33(! *(,(! -$1! .$%*(*v<! 9#%! w%(5-! +',.'1%! %1! RYRQ6! 73!
.'%,(!5',(!%3!585#3'!*%!'5&'<!%-+&$5'!.'&!F3($1!E0(&5$%&!%1!RZVZ<!%1!
%3!9#%!#1!+(;(33%&'!';-%&G(!*%!3%['-!(!#1!)&#.'!9#%!+(15(!/!+',%!%1!
%3!;'-9#%6!715&%!%33'-!0(/!#1!['G%1!G%-5$*'!*%!1%)&'!/!#1(!*(,(<!(!3(!
9#%!%3!.&$,%&'!-%!(+%&+(!.%&'!9#%!3%!&%+0(d(!-$1!+',.(-$P16!73!,#2
+0(+0'!&%-#35(!-%&!#1!(3,(!%1!.%1(!9#%!5&(5(!*%!+'1G%1+%&!(!3(-!*(2
,(-!9#%!(5&(G$%-(1!%3!;'-9#%!*%!9#%!1'!-%(1!+&#%3%-!+'1!9#$%1%-!3(-!
(,(1<!.#%-5'!9#%!3%-!.#%*%1!+(#-(&!3(!,#%&5%<!+','!3%!'+#&&$P!(!>36!
w%(5-! &%+#.%&(! %3!585#3'! /! (3)#1'-! %3%,%15'-!*%3! .'%,(! ?%3! %-+%1(2
&$'<!3(!>.'+(<!%3!+(;(33%&'<!3(!*(,(?!.%&'!-#!(&)#,%15'!%-!*$-5$15'6!71!
3'-! 5&%-! .&$,%&'-! +#(&5%5'-! #1(! G'd! 38&$+(! -%! *$&$)%! (3! +(;(33%&'! 9#%!
0(;3(! %1! 3(-! 1#%G%! &%-5(15%-6! F,;'-! .%&-'1([%-! -%! %1+#%15&(1! %1!
#1(!+'3$1(<![#15'!(!#1!3()'!*'1*%!3(!G%)%5(+$P1!%-54!-%+(!`/!1'!+(15(!
1$1)C1!.4[(&'a!u(1*!1'!;$&*-!-$1)v!uw%(5-!RQQRr!ZLv6!W(!.&$,%&(!G'd!
.&%)#15(! (3! +(;(33%&'! +#43%-! -'1! 3'-! ,'5$G'-! *%! -#! 5&$-5%d(<! -$! /(! -%!
0(1! &%+')$*'! 3(-! +'-%+0(-! /! 3(-! (&*$33(-! 5$%1%1! 3(! *%-.%1-(! 33%1(<! 3'!
9#%!(-%)#&(!3(!-#.%&G$G%1+$(!*#&(15%!%3! $1G$%&1'6! 715'1+%-! %3!+(;(2
33%&'!3%!+#%15(!-#!0$-5'&$(r!#1!*8(!+'1'+$P!%1!3'-!.&(*'-!(!#1(!['G%1!

VSV!!
.&%+$'-(<!*%!.%3'!3(&)'<!.$%!3$)%&'!/!'['-!-(3G([%-!ui%&!0($&!Å(-!3'1)<!
0%&!B''5!Å(-!3$)05<!|!F1*!0%&!%/%-!Å%&%!Å$3*v6!W%!0$d'!#1(!)#$&1(3*(!/!
#1'-!;&(d(3%5%-<!3(!-#;$P!(!-#!+(;(33'!/!3(!33%GP!+'1!>3!5'*'!%3!*8(6!733(!
&%-.'1*$P!+'1!#1!*#3+%!)%,$*'!u-Å%%5!,'(1v!/!#1(!,$&(*(!(,'&'-(6!
\%+')8(!3(-!&(8+%-<!3(!,$%3!/!%3!&'+8'!*%!,(14!.(&(!(3$,%15(&3%6!73!+(2
;(33%&'!$15%&.&%5(!9#%!3%!*$+%<!%1!-#!3%1)#(!*%!0$[(!*%!3(-!0(*(-r!`%1!
G%&*(*!5%!(,'a!uO!3'G%!50%%!5&#%v6!733(!3%!+'1*#+%!(!#1(!+#%G(!*%!%32
B'-!/!(338!%,.$%d(!(!33'&(&6!l3!3%!;%-(!3'-!'['-6!733(!3%!(&&#33(!.(&(!9#%!
*#%&,(6!73!+(;(33%&'!-#%g(!+'1!&%/%-<!.&81+$.%-!/!)#%&&%&'-!.43$*'-!
9#%!3%!)&$5(1r!`3(!K%33%!*(,%!-(1-!,%&+$!5%!0(!0%+0'!-#!%-+3(G'a!u?àW(!
K%33%! H(,%! -(1-! h%&+$! |! i(50! 50%%! $1! 50&(33Üzv6! F3! *%-.%&5(&<! -%! %12
+#%15&(!.43$*'!/!-'3'<!G()(1*'!.'&!3(!+'3$1(!B&8(!*'1*%!-%!%1+'15&(&4!
+'1!3(!G'd!*%3!.&$1+$.$'!*%3!.'%,(6!
F!.%-(&!*%!3(-!*$B%&%1+$(-!%-%1+$(3%-!%15&%!%3!.'%,(!*%!w%(5-!/!%3!*%!
E0(&5$%&<!3'-!%+'-!*%3!(,'&!+'&5>-!*%!%-5%!-'1!%G$*%15%-!%1!(9#>36!73!
+(;(33%&'!+',.(&5%!+'1!%3!['G%1!*%!1%)&'!%3!*%-5$1'!(+$()'!*%!G()(&!
%5%&1(,%15%!(!+(#-(!*%!#1!(,'&!1'!+'&&%-.'1*$*'6!71!%3!,$-,'!-%12
5$*'!$&8(!3(!$15%&.&%5(+$P1!9#%!0(+%!\';%&5!@&(G%-!*%3!.'%5(!*%-5&#$2
*'!.'&!-#!,#-(6!73!+(;(33%&'!-%!.&%-%15(!(15%!3(!'5&(!G'd!.'>5$+(!-$1!
+'3'&!/!5(1!-%+'!+','!3(-![#1+$(-!9#%!&'*%(1!%3!3()'6!:#!(-.%+5'!/!3(-!
&%B%&%1+$(-!(!3'-!(3$,%15'-!)#(&*(*'-!.'&!3'-!(1$,(3%-!/!.'&!3'-!3(2
;&$%)'-! .(&%+%1! -%g(3(&<! .'&! +',.(&(+$P1<! 9#%! %-54! 0(,;&$%15'6! F3!
&%3(5(&!-#!0$-5'&$(!-(;%,'-!9#%!3(!['G%1!3%!(3$,%15P!*%!,$%3!-$3G%-5&%!
/!*%!,(146!K3'',!(.#15(!9#%!`%3!%-5$),(!*%!-#!%-+3(G$5#*!%-!-#!$1(2
1$+$P1<!-#!&%+0(d'!*%3!(3$,%15'!5%&&%-5&%a!uRQLZr!ZSSv6!E(;%!.&%)#12
5(&-%!%15'1+%-!.'&!3(!1(5#&(3%d(!*%!%-(-!&(8+%-!/!,$%3%-<!/!%-%!,(14!
9#%! 0(! +',$*'! /! 9#%! 1'! %1+#%15&(! *%-.#>-! *%3! -#%g'<! +#(1*'! -'3'!
0(/!0$%&;(-!-%+(-6!73!,(14!%-!%3!-#-5%15'!9#%!.%&,$5%!(3!.#%;3'![#*8'!
-';&%G$G$&!%1!-#!>I'*'!*%!+#(&%15(!(g'-!.'&!%3!*%-$%&5'<!/!-#!'&$)%1!
%-!*$G$1'6!W(-!&(8+%-!/!3(!,$%3!-$3G%-5&%!-'1!.&'*#+5'-!1(5#&(3%-!9#%!
1'! 1%+%-$5(1! 3(! $15%&G%1+$P1! 0#,(1(6! D'*&8(,'-! .%1-(&! 9#%! 3(!
+&#%3*(*!*%!3(!*(,(!3%!0(!($-3(*'<!.'&!5(15'<!*%3!&%-5'!*%!3(!0#,(1$2
*(*r! 3%! 0(! *(*'! (! .&';(&! (3)'! 9#%! 1'! +',.(&5%1! 3'-! *%,4-! /! 3'! 0(!
33%G(*'!(!#1(!)&#5(!*'1*%!0(;$5(1!3'-!%3B'-!u%3B$1!)&'5v6!
D#%*%!9#%!3(!+3(G%!%-5>!(9#86!W(-!+#%G(-!-$,;'3$d(1!%3!$1B&(,#1*'!%1!
5'*(!3(!5&(*$+$P1!'++$*%15(36!71!%-%!-%15$*'<!%3! .'%,(!-%&8(! #1(! (3%2
)'&8(!*%3!*%-+%1-'!(!3'-!$1B$%&1'-<!5%,(!&%+#&&%15%!*%-*%!3'-!5$%,.'-!

! VSS!
)&$%)'-6! 73! +(;(33%&'! 0(;&8(! .%&*$*'! %3! +'3'&! *%! .$%3! .'&9#%! %-5(&8(!
,#%&5'6! F0'&(! ;$%1<! 5(,.'+'! &%-#35(! *%-+(;%33(*(! #1(! $15%&.&%5(2
+$P1!-%I#(3!*%!3(!;(3(*(6!W(!.&$,%&(!.(&5%!*%3!&%3(5'<!*%!+(&4+5%&!.(-2
5'&(3!/!;#+P3$+'<!%-54!.3()(*(!*%!$1-$1#(+$'1%-!*%!%-5%!5$.'6!W(-!B3'&%-!
-'1! -8,;'3'-! -%I#(3%-! +34-$+'-<! /! %3! +(;(33%&'! 0(+%! #1(! )#$&1(3*(<!
;&(d(3%5%-<! /! #1! `+$15#&P1! B&()(15%a6! 7-%! `B&()&(15! d'1%a! 5(,;$>1!
.#%*%!3%%&-%!+','!`d'1(!B&()(15%a<!%1!(3#-$P1!?(3)'!)&'-%&(?!(3!-%I'!
B%,%1$1'6! "#%! %33(! )$,(! -#(G%,%15%! u(1*! ,(*%! -Å%%5! ,'(1v! (.'2
/(&8(!%-5(!3%+5#&(6!73!-$)#$%15%!G%&-'<!`W(!-#;8!(!,$!+'&+%3!(1*(15%a!uO!
-%5!0%&!'1!,/!.(+$1)!-5%%*v<!%-!#1!+3(&'!%#B%,$-,'!-%I#(36!l3!.(&%+%!
.&%5%1*%&!.'-%%&3(<!'!(3!,%1'-!+'19#$-5(&3(!+'1!-#-!&%)(3'-<!.%&'!%-!
%33(!9#$%1!3%!+'1*#+%!(!3(!+#%G(!/!9#$%1!3%!(5&(.(6!!
W(!+#%G(!&%.&%-%15(&8(!%3!+'$5'!/!%3!(5&(.(,$%15'!?+','!%1!W(!G$5&$1(!
*%! +&$-5(3! *%! K3(o%?! %1! %3! ,#1*'! (*#35'6! :(;%,'-! 9#%! w%(5-! -#B&%!
.'&! (,'&<! /! 9#%! %1! %3! ,',%15'! *%! +',.'1%&! W(! K%33%! H(,%! %-54!
%1(,'&(*'!*%!-#!G%+$1(!j(11/!K&(Å1%6!D%&'!-#!(,'&!1'!33%)(!(!+'12
-#,(&-%<!%1!.&$,%&!3#)(&<!.'&9#%!%3!.'%5(!0(!*%!+#$*(&!(!-#!0%&,(1'!
=',<!9#%!.(*%+%!*%!5#;%&+#3'-$-k!%1!-%)#1*'!3#)(&<!.'&9#%!%33(!%-!*%!
#1(! B(,$3$(! (+','*(*(! /! >3! 1'! 5$%1%! 1(*(! 9#%! 'B&%+%&3%6! F*%,4-<!
5(,;$>1! >3! ,#%-5&(! -815',(-! *%! 3(! ,$-,(! %1B%&,%*(*! 9#%! (B%+5(! (!
-#! 0%&,(1'! /! 9#%! +(#-P! 3(! ,#%&5%! *%! -#! ,(*&%! -'3'! #1! (g'! (15%-6!
W(-!&%B%&%1+$(-!+'1-5(15%-!(!3(!.(3$*%d!%1!%3!.'%,(!?%3!+(;(33%&'!%-54!
*%-+'3'&$*'<!+','!3'-!.%&-'1([%-!9#%!(.(&%+%1!%1!-#!-#%g'?!.'*&8(1!
.&'G%1$&!*%!3'-!-815',(-!*%!3(!33(,(*(!.%-5%!;3(1+(6!
W'-!-8,;'3'-!-%I#(3%-!/!*%! ,#%&5%!(.(&%+%1!%15&%3(d(*'-6! H%-*%!%3!
,$-,'!,',%15'!%1!9#%!%3!+(;(33%&'!%1+#%15&(!(!3(!*(,(!&%+'1'+%<!
,4-! (334! *%! -#! ;%33%d(<! 9#%! 0(/! %1! %33(! (3)'! -(3G([%6! F#19#%! %-! >3!
9#$%1!3(!33%G(<!%-!%33(!9#$%1!5$%1%!%3!+'15&'3<!9#$%1!3%!(3$,%15(!/!3%!33%2
G(! (! -#! 5%&&%1'6! E#(1*'! %33(! 0(;3(<! >3! $15%&.&%5(! -#-! .(3(;&(-! +','!
#1(! *%+3(&(+$P1! *%! (,'&<! .%&'! -#! 3%1)#([%! 3%! %-! %I5&(g'! u3(1)#()%!
-5&(1)%v6! N'! %I$-5%! #1(! +',#1$+(+$P1! &%(3! %15&%! 3'-! *'-6! 73! +(-'! %-!
-$,$3(&!(3!*%!N(5(1(%3!/!]3$,.$(r!>3!3(!(,(<!.%&'!1'!-(;%!-$!-#-!-%15$2
,$%15'-!-'1!&%+8.&'+'-6!"#$%&%!+&%%&!9#%!-86!F#19#%!5(,;$%1!.'*&8(!
3%%&-%! %3! .'%,(! +','! #1! &(.5'<! G%1)(*'! (! 5&(G>-! *%! #1! %1G%1%1(2
,$%15'!/!9#%!*%[(!(3!+(;(33%&'!.%1(1*'!%5%&1(,%15%!.'&!%3!3#)(&!*%!
-#!+&$,%16!E#(1*'!-%!%1+#%15&(1!%3!+(;(33%&'!/!3(!*(,(!%3!(,;$%15%!
%-!.&$,(G%&(3<!.%&'!%-!+(-$!$1G%&1(3!+#(1*'!%3!.&$,%&'!*%-.$%&5(!*%!

VSZ!!
-#! -#%g'<! $)#(3! 9#%! +#(1*'! 3%! %1+#%15&(! 3(! G'd! 38&$+(! 9#%! (;&%! %3!
.'%,(6!7-(!%-5&#+5#&(!+$&+#3(&!'5'g'2.&$,(G%&(2'5'g'!$1*$+(&8(!9#%!
-#!(3,(!%-54!+'1*%1(*(!(!&'1*(&!.'&!3(!+'3$1(!/!%3!3()'!.(&(!-$%,.&%6!
:%)C1! 3(! 5&(*$+$P1! .'.#3(&<! 5'*'! &',(1+%! %15&%! 0(*(-! /! 0#,(1'-!
+'1*%1(!(!%-5'-!C35$,'-!(!#1!*%-5$1'!5&4)$+'<!/!%-5(!G%&-$P1!-';&%1(2
5#&(3!?%1!3(!9#%!%3!+(;(33%&'!0(;&8(!-$*'!-%*#+$*'!/!(;(1*'1(*'!.'&!
#1! 0(*(?! 5(,;$>1! %-! +'0%&%15%! +'1! %3! 5%I5'6! 73! +(;(33%&'! &%.&%-%12
5(&8(!%3!(,'&!+'&5>-!/!%-.$&$5#(3<!,$%15&(-!9#%!%3!0(*(!%1+(&1(&8(!3(!
-%1-#(3$*(*! B8-$+(6! :%&8(1! 3(! +#35#&(! /! 3(! 1(5#&(3%d(! '<! %1! 5>&,$1'-!
;3(o%(1'-<!3(!&(dP1!/!3(!%1%&)8(6!:%(!+#(3!-%(!3(!$15%&.&%5(+$P1<!*%!3'!
9#%! 1'! +(;%! *#*(! %-! *%! 3(! $*%15$B$+(+$P1! %1! >3! %15&%! %3! (,'&! /! 3(!
,#%&5%6!73!C35$,'!G%&-'<!9#%!+$%&&(!5(,;$>1!%3!.&$,%&!+#(&5%5'<!+'12
+%15&(! %3! 5'1'! *%-'3(*'! 9#%! $,.&%)1(! 5'*(! 3(! ;(3(*(r! `/! 1'! +(15(1!
3'-!.4[(&'-a!u(1*!1'!;$&*-!-$1)v6!
F#19#%!3(!3P)$+(!*%! W(!K%33%!H(,%!%-!3(!*%!3(!+(d(<!1'!%-!B4+$3!*%+$*$&!
9#$>1!.'1%!3(!5&(,.(!/!9#$>1!%-!3(!.&%-(6!W'!9#%!-8!%-!%G$*%15%!%-!9#%!
%3!+(;(33%&'!%-!%3!9#%!-(3%!.%'&!.(&(*'!*%!-#!%1+#%15&'!/!9#%!3(!*(,(!
?-%(!9#$%1!-%(k!-%(!3'!9#%!-%(?!+(#-(!-#!.%&*$+$P1!-$1!,'-5&(&!.$%*(*!
(3)#1(6!E','!3(!1'G$(!*%!E'&$15'6!73!5%,(!%-!&%+#&&%15%6!]-+(&!J$3*%!
%-+&$;%<! %1! RYQR<! :(3',><! #1(! ';&(! *%! 5%(5&'! %1! B&(1+>-! %1! #1! -'3'!
(+5'<!%1!3(!9#%!1(&&(!%3!%.$-'*$'!;8;3$+'!*%!3(!*%+(.$5(+$P1!*%!p#(1!%3!
K(#5$-5(6! 73! 5%I5'! -%! .#;3$+(! %1! RYQS! /! 3(! 5&(*#++$P1! $1)3%-(! (3! (g'!
-$)#$%15%<! .%&'! /(! %1! RYQV! -%! %1-(/(! %1! W'1*&%-6! :$1! %,;(&)'<! 1'!
33%)(! (! %-5&%1(&-%! (! +(#-(! *%! 3(! .&'0$;$+$P1! *%3! W'&*! E0(,;%341<!
9#$%1!(&)#,%15(!9#%!1'!.#%*%1!$15%&.&%5(&-%!%1!#1!%-+%1(&$'!.%&2
-'1([%-!%G(1)>3$+'-6!7-!%1!RYQX!+#(1*'!(3!B$1!-%!&%.&%-%15(!.'&!.&$2
,%&(!G%d<!%1!%3!=0>ç5&%!*%!3zF50>1>%!*%!D(&8-<!33(,(*'!.'&!%15'1+%-!
E',>*$%2D(&$-$%11%6!
J$3*%!-%!$1-.$&(!%1!%3!C35$,'!*%!3'-! =&%-!+#%15'-!*%!j3(#;%&5<!i%&'*2
8(-<!.#;3$+(*'!%1!RYLL6!D&(d!+'1-$*%&(!3(! :(3',>!*%!J$3*%!+','!#1(!
.(&'*$(! *%+(*%15%<! +(&)(*(! *%! `#1! 0#,'&$-,'! 9#%! +'-5(&8(! +&%%&!
$1G'3#15(&$'a!uVUUVr!TZSv<!#1!&(-)'!9#%!5(,;$>1!G%!%1!-#!.'%,(! W(!
%-B$1)%6! :#! '.$1$P1! &%-.%+5'! (! J$3*%! &%+#%&*(! (! 3(! *%! J$55)%1-5%$1!
-';&%!h%1*%3--'01<!(!9#$%1!5(+0(!*%!(&5$-5(!`&%.&'*#+5$G'a<!%-!*%+$&<!
*%! $,$5(*'&! (3! 9#%! 3%! B(35(! 3(! B#%&d(! *%3! )%1$'6! W(! +&85$+(! 9#%! 0(+%! (!
J$3*%! +'1-$-5%! %1! 5',(&3'! .'&! #1! .(&'I$-5(<! 9#%! -%! (.&'.$(! *%! 3'-!

! VST!
,'5$G'-! 3$5%&(&$'-! ([%1'-! /! 3'-! %I()%&(! 0(-5(! 33%G(&3'-! (3! &$*8+#3'6!
E&%'!9#%!-%!%9#$G'+(6!W(!:(3',>!*%!j3(#;%&5!1'!%-!,4-!9#%!#1!585%&%!
*$&$)$*'!.'&!-#!,(*&%<!i%&'*8(-<!.(&(!33%G(&!(!+(;'!-#!G%1)(1d(!+'12
5&(!O'o(1(416!:$1!%,;(&)'<!3(!*%!J$3*%!(+5C(!.'&!-#!.&'.$'!$15%&>-<!%-!
-#!*%-%'!%3!9#%!+#3,$1(!+'1!3(!+(;%d(!*%3!K(#5$-5(!%1!#1(!;(1*%[(!*%!
.3(5(6!
W(! %-+%1(! 5&(1-+#&&%! *%! 1'+0%<! %1! #1(! 5%&&(d(! *%3! .(3(+$'! *%! i%&'2
*%-6!H%15&'!-%!'B&%+%!#1!;(19#%5%6!71!3(!5%&&(d(!0(/!#1'-!-'3*(*'-<!
#1!['G%1!+(.$541!-$&$'!/!#1'!*%!3'-!.([%-!*%!i%&'*8(-6!73!.&$,%&'!';2
-%&G(! (! 3(! .&$1+%-(! :(3',><! /! %3! -%)#1*'<! 3(! 3#1(6! 71! %3! .(3(+$'<! 3'-!
[#*8'-!*$-+#5%1!-';&%!&%3$)$P16!H%15&'!*%!#1(!+$-5%&1(!%-54!%1+%&&(*'!
%3!.&'B%5(!O'o(1(41<!/!-#!G'd!-%!'/%!&%5#,;(&!*%-*%!B#%&(<!,$%15&(-!
3'-! -'3*(*'-! 0(;3(1! *%! 3(! .&$1+%-(<! *%! 3(! 3#1(<! *%3! 5%5&(&+(! /! *%! -#-!
5$%&&(-6!73!-$&$'!%-54!(5%15'!(!5'*'-!3'-!,'G$,$%15'-!*%!:(3',><!(+5$2
5#*!9#%!3%!&%.&'+0(!%3!.([%<!9#%!5%,%!9#%!'+#&&(!(3)#1(!*%-)&(+$(6!W(!
.&$1+%-(! %-54! ()$5(*(! /! (;(1*'1(! %3! +'1G$5%! .(&(! -(3$&! (! 3(! 5%&&(d(!
*'1*%!-%!%1+#%15&(1!3'-!'5&'-6!715'1+%-!'/%!3(!G'd!*%3!.&%-'!/!-%!$12
5%&%-(!.'&!>36!D$*%!G%&3%<!.%&'!3%!*$+%1!9#%!i%&'*%-!3'!0(!.&'0$;$*'<!
$1+3#-'!(3!-#,'!-(+%&*'5%6!733(!$1-$-5%!%1!+'1'+%&!(!(9#>3!(!9#$%1!5%2
,%!%3!&%/!/!9#%!$1-#35(!(!-#!,(*&%6!73!-$&$'<!9#%!(0'&(!5(,;$>1!5%,%!
(3)#1(!(*G%&-$*(*<!3%!'B&%+%!(-$%15'<!-#!3$5%&(!/!*%,4-!+','*$*(*%-!(!
-#!(3+(1+%!.(&(!*$-#(*$&3(<!.%&'!%33(!-'3'!9#$%&%!G%&!(!O'o(1(416!D&'2
,%5%! (5%1+$'1%-! (3! -$&$'<! %-5%! (3! B$1(3! (++%*%6!:(+(1! (3! .&'B%5(! *%! -#!
%1+$%&&'6!F3!-(3$&<!.&%)#15(!.'&!(9#%33(!9#%!-%!0(!*%[(*'!33%G(&!.'&!3(!
+'1+#.$-+%1+$(!+'1!+(3*%'-<!%)$.+$'-!/!(-$&$'-6!:(3',>!&%+'1'+%!9#%!
-%!5&(5(!*%!-#!,(*&%6!7-54!0'&&'&$d(*(!/!B(-+$1(*(!(3!,$-,'!5$%,.'<!
/!-%!(+%&+(!(!>36!:%!3%!.&%-%15(!/!>3!3(!%G$5(!/!3(!33(,(!`0$[(!*%!K(;$3'2
1$(a! uJ$3*%! VUUTr! SSv6! 733(! 3%! (*#3(<! .%&'! 3%! *%-.&%+$(! +#(1*'! >3! 3(!
&%+0(d(6!F3(;(!3(!;3(1+#&(!*%!-#!+#%&.'<!3(!&'[%d!*%!-#!;'+(!/!3(!1%2
)&#&(! *%! -#! ,%3%1(6! `K%-(&>! 5#! ;'+(<! O'o(1141a! u$;8*6r! SYv6! 73! -$&$'!
1'!3'!-'.'&5(!,4-!/!-%!*(!,#%&5%6!73!.&'B%5(!-'3'!,#%-5&(!$15%&>-!?
%-+(-'?!.'&!-(3G(&!%3!(3,(!*%!3(!.&$1+%-(<!.%&'<!G$%1*'!9#%!1'!%-!.'2
-$;3%<!G#%3G%!(!3(!+$-5%&1(6!
7I5&(g(*'-!.'&!3(!(#-%1+$(!*%!:(3',><!i%&'*%-!/!%3!&%-5'!*%!$1G$5(2
*'-!-(3%1!(!3(!5%&&(d(6!=(,;$>1!%3!&%/<!+','!(15%-!%3!.([%<!G%!%I5&(g(!
3(!3#1(6!D&%)#15(!.'&!%3!+(*4G%&!/!,(1*(!9#%!3'!&%5$&%16!:%!$1+','*(!
(3!-%15$&!#1!G$%15'!B&8'<!+','!#1!;(5$&!*%!(3(-6!h(1*(!5&(%&!G$1'!/!B&#2

VSX!!
5(<!/!.$*%!(!:(3',>!9#%!-%!,'[%!+'1!>3!3'-!3(;$'-!/!9#%!.&#%;%!3(!B&#5(<!
9#%!>3!3'-!(+(;(&46!733(!1'!3%!0(+%!+(-'6!73!&%/!&%+&$,$1(!(!-#!,(*&%!
0(;%&!%*#+(*'!(!#1(!+&$(5#&(!&%;%3*%6!:%!'/%!*%!1#%G'!3(!G'd!*%3!.&'2
B%5(<! /! i%&'*8(-! %I$)%! 9#%! +%-%1! 3(-! $1[#&$(-! +'15&(! %33(<! (#19#%! %1!
1$1)C1! ,',%15'! -%! .&'1#1+$%! -#! 1',;&%6! 7+0(! %1! +(&(! (! i%&'*%-!
9#%!1'!3'!,(5(!.'&9#%!3%!5%,%6!:%!*$-+#5%!-';&%!3(!.'-$;$3$*(*!*%!9#%!
O'o(1(41!-%(!#1!.&'B%5(<!$1+3#-'!%3!,$-,'!738(-k!5(,;$>1!*%3!*$B#15'!
0%&,(1'! *%3! &%/<! .&$,%&! ,(&$*'! *%! i%&'*8(-k! *%! 3'-! ,$3()&'-! 9#%!
';&(!'5&'!.&'B%5(!9#%!(1*(!.'&!:(,(&$(!'!p%&#-(3>16!73!5%5&(&+(!.$*%!
(!:(3',>!9#%!;($3%!.(&(!>36!E','!%33(!&%0C-(<!3%!'B&%+%!3'!9#%!(!%33(!-%!
3%!(15'[%<!$1+3#-'!3(!,$5(*!*%!-#!&%$1'6!:#!,(*&%!5(,.'+'!9#$%&%!9#%!
;($3%<!.%&'!>3!$1-$-5%6!=&(-!#1!5$&(!/!(B3'[(<!(3!B$1(3!(++%*%6!=&(-!-#!*(12
d(<!.$*%!3(!+(;%d(!*%!O'o(1(41!%1!#1(!;(1*%[(! *%! .3(5(6!l3!3%!'B&%+%!
['/(-<!-#-!.(G'-!&%(3%-!;3(1+'-<!+#(39#$%&!+'-(!,%1'-!%-(6!733(!1'!+%2
*%6!H%-%-.%&(*'!/!-';&%+')$*'<!5%&,$1(!.'&!+%*%&6!73!G%&*#)'!%15&(!
(! 3(! +$-5%&1(! /<! #1! &(5'! *%-.#>-<! -(3%6! N'! -%! 0(! '8*'! 1$1)C1! &#$*'<!
1$1)C1!)&$5'<!.%&'!5&(%!3(!+(;%d(!%1!3(!,(1'6!W(!+'3'+(!%1!#1(!;(1*%2
[( RX!/!-%!3(!%15&%)(!(!3(!.&$1+%-(6!733(!3%!0(;3(<!3%!*$+%!9#%!3%!0(!G%1+$2
*'! /! 3%! ;%-(! 3'-! 3(;$'-6! D%&'! -#-! '['-! %-541! +%&&(*'-<! %-54! +(33(*'<! /!
-#-!3(;$'-!5$%1%1!#1!-(;'&!(,(&)'6!`:'3'!5%!(,'!(!5$6!7-5'/!-%*$%15(!
*%!5#!;%33%d(a!uJ$3*%!VUUTr!QVv6!i%&'*%-!%-54!%-.(15(*'!.'&!3(!3'+#2
&(! *%! -#! 0$[(-5&(<! 9#%! (0'&(! 3%! .(&%+%! #1! ,'1-5&#'6! :#! %-.'-(! %-54!
%1+(15(*(!*%!9#%!3(!G'd!9#%!3(!+&$5$+(;(!-%!0(/(!+(33(*'6!73!&%/!'&*%2

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RX!W(! ;(1*%[(! %-! #1! %3%,%15'! %-%1+$(3<! /! -#! .&%-%1+$(! %-54! [#-5$B$+(*(! .'&! %3! ;(12
9#%5%!*#&(15%!%3!9#%!'+#&&%!3(!';&(6!7-!+#&$'-'<!-$1!%,;(&)'<!+P,'!%1!3(!G%&-$P1!*%!
3(! P.%&(! ?+',.#%-5(! %1! RQRU! .'&! \$+0(&*! :5&(#--! +'1! 3$;&%5'! *%! i%*Å$)! W(+02
,(11?!*$&$)$*(!.'&!H(G$*!h+m$+(&!%1!VUUY!.(&(!3(!\'/(3!].%&(!i'#-%!*%!W'1*&%-<!
:(3',><!$15%&.&%5(*(!.'&!3(!-'.&(1'!N(*[(!h$+0(%3-<!(&&(1+(!3(!+(;%d(!*%!3(-!,(2
1'-!*%3!G%&*#)'6!W(!.$*%!%1!#1(!;(1*%[(<!9#%!+')%!/!3(1d(!(3!-#%3'<!.%&'!+#(1*'!%3!
G%&*#)'!-(3%<!*%-1#*'!/!+#;$%&5'!*%!-(1)&%<!*%3!.'d'!%1!%3!9#%!-%!%1+#%15&(!O'o(2
1(41<!(3d(!%3!;&(d'!.(&(!,'-5&(&3(!+','!#1!5&'B%'<!,$%15&(-!%1!3(!'5&(!-'-5$%1%!3(!
%-.(*(6! W(! .&$1+%-(! -%! 3(1d(! 0(+$(! >3! /! 3%! (;&(d(<! +#;&$>1*'-%! *%! -(1)&%6! N'! 0(/!
&(-5&'!*%!3(!;(1*%[(6!:$!%3!5%I5'!'&$)$1(3!*%!J$3*%!/(!5$%1*%!(3!%I+%-'<!%-5(!(*(.5(2
+$P1! (,;$%15(*(! %1! %3! .%&$'*'! *%! %15&%)#%&&(-! &'d(! 3'! +P,$+'6! W(! (+5#(+$P1! *%!
h$+0(%3-!%-!$,.%+(;3%!%1!-#!.(.%3!*%!,#[%&!%13'9#%+$*(!.'&!%3!*%-%'!/!3(!G%1)(12
d(<!.%&'!5(15'!%3!+(&4+5%&!-(1)&$%15'!*%!%-5(!%-+%1(!+','!3(!$15%&.&%5(+$P1!.-$+'3P2
)$+(!*%!3(!%-+%1(!*%!3(!*(1d(!*%[(1!(3!%-.%+5(*'&!+'1!3(!-%1-(+$P1!*%!9#%!%-541!$12
5%15(1*'!%-+(1*(3$d(&3%!.'&!5'*'-!3'-!,%*$'-<!-$1!3')&(&3'6!
! VSL!
1(! 9#%! -%! (.()#%1! 3(-! 3#+%-<! $1+3#-'! 3(-! *%! 3(! 3#1(! /! 3(-! %-5&%33(-<! /!
9#%! 5'*'! %3! ,#1*'! %15&%! %1! .(3(+$'6! F! .#15'! *%! %15&(&<! -%! )$&(! /!
,(1*(!,(5(&!(!:(3',>6!W'-!-'3*(*'-!3(!(.3(-5(1!+'1!-#-!%-+#*'-6!
H%-*%!3(-!$15%&G%1+$'1%-!$1$+$(3%-!*%3!['G%1!-$&$'!/!*%3!.([%!*%!i%&'*2
8(-! -%! %-5(;3%+%! #1(! B(,$3$(&$*(*! %15&%! 3(! .&$1+%-(! /! 3(! 3#1(6! F,;(-!
*%-5(+(1!.'&!-#!;3(1+#&(!/!-%!-'-.%+0(1!.'&5(*'&(-!*%!3(!,#%&5%6!W(!
3#1(! -%! ,#%-5&(! %I5&(g(! /! 3(! .&$1+%-(<! -$! 0(+%,'-! +(-'! (3! +(.$541<!
%-54! ,4-! 0%&,'-(! 9#%! 1#1+(6! W(! ,$&(*(! 5$%1%! #1! .(.%3! %-%1+$(3! %1!
3(-!*%-)&(+$(-!9#%!'+#&&$&41!(!3'!3(&)'!*%!3(!1'+0%6!73!-$&$'!/!i%&'*%-!
,$&(1!(!:(3',><!9#%!,$&(!(3!.&'B%5(!/!(!3(!3#1(<!(!3(!9#%!5(,;$>1!,$&(!
%3!.([%6!W(!$1B3#%1+$(!3#1(&!%1!3(-!B(5(3$*(*%-!%-!#1!5%,(!&%+#&&%15%<!
+','!-%!+',.&#%;(!%1!%3!0%+0'!*%!9#%!3'-!3'+'-!-%(1!`3#145$+'-a6!:#!
$*%15$B$+(+$P1!+'1!3(!.&$1+%-(!%-!,(1$B$%-5(<!/!%33(!%-!3(!+(#-(15%!*%!3(!
.%&*$+$P1!*%!5&%-!0',;&%-6!73!['G%1!-$&$'<!9#%!-%!-#$+$*(!.'&!-#!(,'&!
1'!+'&&%-.'1*$*'<!(3!'8&!+P,'!%33(!&%+3(,(!(!O'o(1(41!9#%!3(!;%-%!/!
3%! *$+%! 9#%! %-54! %1(,'&(*(! *%! -#! +#%&.'6! i%&'*%-<! 9#%! 5(,;$>1! 3(!
*%-%(<!-#+#,;%!(!-#!(15'['!/!3%!%15&%)(!3'!C1$+'!9#%!1'!%-54!*$-.#%-2
5'!(!%15&%)(&6!O'o(1(41!,#%&%!.'&!&%+0(d(&3(<!.'&!-%&!%3!C1$+'!9#%!3(!
+'15&(&8(! +#(1*'! %33(! 3%! ,#%-5&(! -#! $15%&>-6! ='*'-! %33'-<! %1! #1! ,'2
,%15'!#!'5&'<!5&(5(1!*%!&%-$-5$&!?1'!-(+(&!(3!.&%-'<!1'!%15&%)(&3%!-#!
+(;%d(<!1'!;%-(&3(?!.%&'!%33(!5&$#1B(!-$%,.&%6!i(-5(!9#%!3(!,(5(16!
:(3',>!/!O'o(1(41!-'1!3'-!*'-!+%15&'-!%1!5'&1'!(!3'-!+#(3%-!)&(G$5(!
5'*(!3(!5%1-$P1!*%!3(!';&(6!l3!%-!3(!G$&5#*!9#%!&%-$-5%!(15%!:(3',><!9#%!
*%-.&%+$(!(!i%&'*8(-!/!.&'G'+(!-#!'*$'<!.%&'!5(,;$>1!%-!%3!.'*%&!*$2
G$1'! 9#%! 0(+%! 5%,%&! (! i%&'*%-<! 9#$%1! -'-.%+0(! 9#%! (3! +(-5$)(&3%!
.'*&8(!&%+$;$&!(3)C1!,(36!733(!%-!3(!-%1-#(3$*(*!$,.3(+(;3%!9#%!(5&(%!
5'*(-!3(-!,$&(*(-<!3'!9#$%&(!'!1'6!H%!0%+0'<!1'!3'!9#$%&%<!(!1'!-%&!9#%!
.#%*(!;%1%B$+$(&3(!*%!(3)C1!,'*'6!E#(1*'!%3!+(.$541!-$&$'!-%!1$%)(!(!
3$;%&(&! (3! .&'B%5(<! %33(! 3%! .&',%5%! 9#%<! *#&(15%! -#! .(-%'! (3! *8(! -$2
)#$%15%<!*%[(&4!+(%&!#1(!B3'&!.(&(!>3<!3%!,$&(&4!(!5&(G>-!*%!3'-!G%3'-<!/!
9#$d4!$1+3#-'!33%)#%!(!-'1&%8&3%6!F++%*%!(!;($3(&!.(&(!i%&'*%-!.'&9#%!
3%!0(!.&',%5$*'!%15&%)(&3%!3'!9#%!%33(!9#$%&(<!/!3'!0(!.&',%5$*'!*%2
3(15%!*%!5'*'-!-#-!$1G$5(*'-<!.'&!3'!9#%!1'!.'*&4!.'1%&!1$1)#1(!%I2
+#-(!.(&(!1'!+#,.3$&!-#!.(3(;&(6!N$!-$9#$%&(!(#19#%!-#!.%5$+$P1!-%(!
#1(! ,'1-5&#'-$*(*6! W(! (5&(++$P1! 9#%! -$%15%! i%&'*%-! 0(+$(! %33(! %-!
5(15(!9#%!;#-+(!%3!+'15(+5'!$1+3#-'!,%*$(*'<!%1!3(!+'.(!*%!G$1'!9#%!
&'+%!+'1!-#-!3(;$'-!'!%1!3(!B&#5(!9#%!,#%&*(6!E','!%3!-$&$'<!3(!,$&(<!3(!

VSY!!
,$&(!*%,(-$(*'<!*%!#1!,'*'!%1!9#%!1'!*%;%!,$&(&-%!(!3(-!.%&-'1(-6!
7-(!%-!3(!+(54-5&'B%!*%!O'o(1(416!l3<!*%!%15&%!5'*'-!3'-!0',;&%-<!%-!%3!
9#%!1'!3(!,$&(6!:(3',>!-%!3%!'B&%+%!.'&9#%!-#!,(*&%!3%!'*$(!/!-#!.(2
*&(-5&'!3%!5%,%<!.'&9#%!-%!-$%15%!(5&(8*(!.'&!-#!;3(1+#&(!*%!3$&$'!'!*%!
3%.&'-'<!.'&!-#!*%3)(*%d!*%!-(15'6!l3!&%-$-5%!3(!-%*#++$P1!$&&%-$-5$;3%6!
733(!%13'9#%+%!/!%[%+#5(!-#!G%1)(1d(!*%!1$g(!+(.&$+0'-(<!+&#%3!/!*%-2
.%+0(*(6!:$!>3!1'!-%!&$1*%!.'&!3(-!;#%1(-<!0(;&4!*%!-%&!.'&!3(-!,(3(-6!
:$! 1'! 3(! ;%-(! .'&! -#! .&'.$(! G'3#15(*<! 3'! 0(&4! *%-.#>-! *%! ,#%&5'<!
+#(1*'!%33(!.#%*(!0(+%&!+'1!>3!3'!9#%!*%-%%6!D%&'!5'*'!(9#%33'!9#%!3(!
(5&(%! *%! >3! ?-#-! ,(3*$+$'1%-<! 3(! B#&$(! *%! -#-! '['-?! 0(! *%-(.(&%+$*'6!
`:$!,%!0#;$%&(-!,$&(*'<!,%!0(;&8(-!(,(*'a!uJ$3*%!VUUTr!QVv<!3%!*$2
+%! (! 3(! +(;%d(! *%! 9#$%1! 3(! 0(! 0%+0'! ,#[%&<! 9#$%1! 0(! *%-.%&5(*'! %1!
%33(! 3'! 9#%! %33(! *%-.$%&5(! %1! 3'-! *%,4-6! 7-! ,#/! .&';(;3%! 9#%! 5%1)(!
&(dP16!i%&'*%-!/!%3!+(.$541!3(!,$&(1!/!3(!(,(16!i%&'*8(-!-'3'!-%!,$&(!
(!-8!,$-,(<!-#!.([%!,$&(!(!3(!3#1(!?9#%!-%!$*%15$B$+(!+'1!3(!.&$1+%-(!
+','! .'&5(*'&(! *%! ,#%&5%<! .%&'! 1'! +','! ';[%5'! -%I#(3?! /! (3! -$&$'<!
O'o(1(41! ,$&(! (3! i$['! *%3! i',;&%6! N$1)#1'! *%! %33'-! 3(! (,(6! 71! %3!
,',%15'!%1!9#%!:(3',>!,$&(!(3!.&'B%5(<!(3!';[%5'!.&'0$;$*'<!*%[(!*%!
-%&! #1(! 1$g(! G$&)%1! .(&(! -%&! #1(! ,#[%&! -%I#(*(6! W(-! +'1-%+#%1+$(-!
-'1!B(5(3%-!.(&(!(,;'-6!

! VSQ!
X6!WF!N]Ei7!:7\q!N7@\F!f!KWFNEF!

O!

:(3',>!1'!%-!%3!5&(;(['!,4-!+>3%;&%!*%!J$3*%6!7-54!,#/!3%['-!*%3!,$5'!
+'15%,.'&41%'!%1!%3!9#%!-%!+'1G%&5$&4!-#!H'&$(1!@&(/<!9#%!+',.(&2
5%! +'1! %3! ,'1-5&#'! -$1! 1',;&%! *%! h(&/! :0%33%/<! %3! ,8-5%&! i/*%! *%!
:5%G%1-'1!/!%3!+'1*%!H&4+#3(!*%!K&(,!:5'o%&!#1!.#%-5'!+(.$5(3!%1!%3!
5%&&'&! ?/! %1! %3! $,()$1(&$'! )%1%&(3?! ,'*%&1'6! 73! &%5&(5'! *%! H'&$(1!
@&(/!%-!3(!C1$+(!1'G%3(!9#%!%-+&$;%!J$3*%<!/!(.(&%+%!.'&!.&$,%&(!%1!
RYQU<! %1! 3(! &%G$-5(! %-5(*'#1$*%1-%! W$..$1+'55z-! h'1503/! \%G$%Å6! F3!
,%1'-!3'-!5&%+%!+(.85#3'-!$1$+$(3%-<!(!3'-!9#%!(g(*$&4!-$%5%!,4-!%1!3(!
%*$+$P1! $1)3%-(<! &%G$-(*(! /! +'&&%)$*(6! D%&'! 1$1)#1(! *%! 3(-! %*$+$'1%-!
-%!3$;&(!*%!3(!$15&',$-$P1!*%!,(1'-!([%1(-!(!3(-!*%3!(#5'&6!73!%*$5'&!*%!
3(! W$..$1+'55z-!5%,%!9#%!%3!&%3(5'!-%(!*%,(-$(*'!$1*%+'&'-'<!/!%3$,$2
1(!(3)#1'-!.(-([%-!-$1!+',#1$+4&-%3'!(!J$3*%6!W(!&%+%.+$P1!%1!7-5(2
*'-!^1$*'-!%-!;#%1(<!.%&'!3(!+&85$+(!$1)3%-(!%-!,4-!%-5&$+5(!/!+'1-$*%2
&(!9#%!%3!5%I5'!%-!$1,'&(36!J$3*%! %-+&$;%!(! 3'-! .%&$P*$+'-!/! 0(+%! #1!
(3%)(5'!(.(-$'1(*'!(!B(G'&!*%!3(!$1*%.%1*%1+$(!*%3!F&5%6!^1'!*%!3'-!
.'+'-!9#%!*%B$%1*%1!3(!';&(!%-!J(35%&!D(5%&<!,%15'&!/!(,$)'!*%!J$32
*%6!F#1!(-8<!3%!&%+',$%1*(!9#%!0()(!(3)#1'-!+(,;$'-!%1!(9#%33(-!%-2
+%1(-! /! *$43')'-! 9#%! .#%*%1! $15%&.&%5(&-%! +','! #1(! *%B%1-(! *%! 3(!
-'*',8(6!W%!0(+%!+(-'<!/! .(&(!3(!%*$+$P1! *%! RYQR! %3$,$1(! 3(-!.(&5%-!
,4-! -#-+%.5$;3%-! *%! (+(&&%(&3%! .&';3%,(-<! %! $1+3#/%! #1(! 1#%G(! 5&(2
,(!(!B$1!*%!*$3#$&!%3!0','%&'5$-,'!*%!3(!1'G%3(6!
73!['G%1!H'&$(1!33%)(!(!W'1*&%-!5&(-!3(!,#%&5%!*%!-#!(;#%3'<!/!+'1'+%!
(3!.$15'&!K(-$3!i(33Å(&*!%1!#1(!*%!3(-!.&$,%&(-!B$%-5(-!(!3(-!9#%!(-$-2
5%6! 73! (&5$-5(! 9#%*(! $,.&%-$'1(*'! .'&! 3(! ;%33%d(! *%3! ,#+0(+0'<! (-8!
9#%!*%+$*%!0(+%&3%!#1!&%5&(5'6!7-!%1!-#!5(33%&!*'1*%!H'&$(1!+'1'+%!(!
3'&*!i%1&/!J'55'1<!#1!(,$)'!*%!K(-$3!B(,'-'!.'&!-#-!'.$1$'1%-!5%12
*%1+$'-(-<!-#!0%*'1$-,'!/!-#!*%-+&%$,$%15'6!h$%15&(-!K(-$3!5%&,$1(!
%3!B'1*'!*%3!+#(*&'<!i%1&/!-(+(!(!H'&$(1!(3![(&*81<!/!(338!+',$%1d(!(!
%[%&+%&!-#!$1B3#%1+$(!-';&%!>3<!(3!'B&%+%&3%!#1!;'-9#%['!*%!-#!G$-$P1!*%!
3(!G$*(!/!3'-!.3(+%&%-6!K(-$3!-(3%!(!;#-+(&3%-!/!%1!#1'-!,$1#5'-!5%&,$2

! VZR!
1(!%3!+#(*&'6!W'-!5&%-!9#%*(1!,(&(G$33(*'-!(15%!3(!;%33%d(!5(15'!*%!3(!
.$15#&(!+','!*%3!,'*%3'6!H'&$(1!3%-!*$+%!9#%!%-!,#/!5&$-5%!%3!0%+0'!
*%!9#%!>3!G(/(!(!%1G%[%+%&!/!(B%(&-%!,$%15&(-!-#!$,()%1!%1!%3!+#(*&'!
-%!,(15%1*&4!5(1!0%&,'-(!+','!%1!%-%!,$-,'!$1-5(15%6!H(&8(!-#!(32
,(! .'&9#%! .#*$%&(! -%&! (3! &%G>-6! W'&*! i%1&/! .&'.'1%! +',.&(&! %3!
+#(*&'<!.%&'!K(-$3!3%!*$+%!9#%!1'!.#%*%!-%&!*%!1(*$%!,4-!9#%!*%!H'2
&$(16!
73!,#+0(+0'!G(!%-(!1'+0%!(3!5%(5&'<!*'1*%!-%!%1(,'&(!*%!:$;/3!m(1%<!
#1(!(+5&$d!*%!*$%+$-$%5%!(g'-!9#%!3%!(-',;&(!+'1!-#!5(3%15'6!F3!(+(;(&!
3(!B#1+$P1!G(!(!G%&3(!(3!+(,%&$1'!/!(338!3%!*%+3(&(!-#!(,'&6!:#!(-.%+5'!
*%!+(;(33%&'!/!%3!%-,%&'!+'1!9#%! G(!G%-5$*'! 0(+%1!9#%! *%-5(9#%! %1!
#1! 5%(5&'! *%! ,(3(! ,#%&5%! +','! (9#>36! 733(! 3%! 33(,(! D&81+$.%! Fd#3! /!
*$+%!(,(&3%!5(,;$>1<!.%&'!-#!,(*&%!%-!%-+>.5$+(!/!-#!0%&,(1'!p$,!?
9#%! (3! *8(! -$)#$%15%! %,;(&+(! +','! ,(&$1'! ,%&+(15%?! 3%! '*$(! 1(*(!
,4-!G%&3%<!/!(,%1(d(!+'1!,(5(&3%!-$!3%!0(+%!*(g'!(!:$;/36!H'&$(1!+'2
,#1$+(! %3! +',.&',$-'! (! -#-! (,$)'-<! /! 3'&*! i%1&/! /! K(-$3! *%+$*%1!
(+',.(g(&3%!.(&(!G%&!(!-#!B#5#&(!%-.'-(<!*%!3(!9#%!H'&$(1!-'3'!+#%12
5(!,(&(G$33(-6!7-(!1'+0%!-#!(+5#(+$P1!%-!;'+0'&1'-(6!W'-!(,$)'-!*%2
[(1!%3!5%(5&'!(15%-!*%!9#%!(+(;%!3(!B#1+$P16!E#(1*'!H'&$(1!G(!(3!+(2
,%&$1'!.(&(!.&%)#15(&3%!9#>!0(!'+#&&$*'<!%33(!3%!*$+%!9#%!(0'&(!9#%!
%-54!%1(,'&(*(!/!G(1!(!+(-(&-%!/(!1'!1%+%-$5(!B$1)$&!-%&!'5&(<!/!9#%!
0(!(+5#(*'!,(3!(!.&'.P-$5'6!D%&'!.(&(!H'&$(1!-#!%1+(15'!%-5(;(!%1!3'!
+&%8;3%! 9#%! &%-#35(;(! %1! +#(39#$%&! .(.%3! 9#%! $15%&.&%5(&(<! /! (0'&(!
9#%!%-(!,()$(!-%!0(!%-B#,(*'!&',.%!3(!&%3(+$P16!F3!33%)(&!(!+(-(!%!$&!
(!*%-G%-5$&-%!';-%&G(!9#%!3(!%I.&%-$P1!*%!-#!&%5&(5'!0(!+(,;$(*'6!f(!
1'!,#%-5&(!3(!$1'+%1+$(!*%3!(*'3%-+%15%<!-$1'!#1!)%-5'!+&#%3<!+','!-#!
5&(5'!+'1!:$;/36!
F!3(!,(g(1(!-$)#$%15%!*%+$*%!&%.(&(&!%3!*(g'<!.%&'!3'&*!i%1&/!3%!$12
B'&,(! *%! 9#%! 3(! ['G%1! ,#&$P! %-(! ,$-,(! 1'+0%<! (3! $1)%&$&! 4+$*'!
+$(108*&$+'6! W(! .'3$+8(! (;&$&4! #1(! $1G%-5$)(+$P1! .(&(! *$3#+$*(&! -$! -%!
5&(5(!*%!#1(!,#%&5%!(++$*%15(3<!.'&!3'!9#%!i%1&/!.&%)#15(!-$!0(/!(3)'!
9#%! 3(! &%3(+$'1%! +'1! H'&$(16! N'! %-! (-86!71! #1!.&$,%&! ,',%15'<! H'2
&$(1!(-%)#&(!9#%!0(!-$*'!>3!9#$%1!3(!0(!,(5(*'6!F3!(;(1*'1(&3(!3(!0(!
%,.#[(*'!(3!-#$+$*$'6!D%&'!%1!-%)#$*(!+(,;$(!/!-%!G#%3G%!B&8'6!73!*'2
3'&!-'3'!*#&(!#1!$1-5(15%!/!3(-!-%1-(+$'1%-!.(-(*(-!1'!*%;%1!$,.'2
1%&-%!-';&%!%3!.&%-%15%6!E#(1*'!-%!9#%*(!-'3'!-%!*(!+#%15(!*%!9#%!%3!

VZV!!
+#(*&'!+(,;$P!%1!%3!.&%+$-'!,',%15'!%1!%3!9#%!%33(!5&()(;(!%3!G%1%2
1'<!/!9#%!,'-5&P!3(!+&#%3*(*!+'1!3(!9#%!3(!0(;8(!5&(5(*'6!
F3! *8(! -$)#$%15%! K(-$3! 3%! .$*%! G%&! %3! +#(*&'<! 9#%! .&%5%1*%! 33%G(&-%! (!
D(&8-!+','!3(!.$%d(!+%15&(3!*%!#1(!%I.'-$+$P1!9#%!5$%1%!.&')&(,(*(6!
H'&$(1!-%!1$%)(6!=%,%!9#%!%3!.$15'&!*%-+#;&(!-#!-%+&%5'<!.%&'!1'!-'3'!
+'1-$)#%!'+#35(&3'<!-$1'!9#%!3')&(!9#%!K(-$3!3%!+'1B$%-%!%3!-#/'r!>3!%-!
-#!$*%(3<!-#!,#-(<!/!.#-'!5'*'!-#!%,.%g'!/!-#!(3,(!%1!3(!+'1B%++$P1!
*%!3(!';&(6!i(/!%1!%33(!,4-!*%!-8!,$-,'!9#%!*%3!.&'.$'!&%5&(5(*'k!3'!
9#%!-%!.#%*%!';-%&G(&!(338!%-!-#!(*,$&(+$P1!.&'B#1*(!0(+$(!%3!,'*%2
3'6!K(-$3!-%!G(<!/!H'&$(1!*%+$*%!%-+'1*%&!%3!+#(*&'!%1!%3!45$+'<!%1!-#!
(15$)#'!+#(&5'!*%!%-5#*$'6!D$*%!(!-#!+&$(*'!9#%!5&($)(!(3!%1,(&+(*'&<!
9#%!33%G%!#1(!+(&5(!(!3'&*!i%1&/!/!9#%!%-.%&%!3(!&%-.#%-5(!(15%-!*%!
G'3G%&6! D&%5%1*%! 9#%! 1'! G%(! +P,'! ,#%G%1! %3! +#(*&'<! (#1! +#(1*'!
%-5>!5(.(*'!/!1'!.#%*(!G%&-%6!F!-#!G#%35(<!%3!+&$(*'!5&(%!*%!.(&5%!*%!
3'&*!i%1&/!#1!3$;&'<!#1!1'G%3(!*%!#1!(#5'&!B&(1+>-!%1!3(!9#%!H'&$(1!
*%-+#;&%!+'1!(-',;&'!5'*'!3'!9#%!.'*&8(!-%&!3(!G$*(6!
H#&(15%!3'-!-$)#$%15%-!*$%+$'+0'!(g'-!-%!(;(1*'1(!(3!-%1-#(3$-,'<!(!
#1!5$.'!*%!0%*'1$-,'!,4-!$15%&%-(*'!%1!3(!%I.%&$%1+$(!*%3!$1-5(15%!
9#%!%1!-#-!%B%+5'-!(!3(&)'!.3(d'6!:%!(+%&+(!(3!+(5'3$+$-,'<!(!3(!.%&B#2
,%&8(!'!(!3(!,C-$+(6!=(,;$>1!(3!+'3%++$'1$-,'!*%!['/(-!/!-%!,(15$%1%!
['G%1<!0%&,'-'!/!;$%1!G%-5$*'6!D%&'!1'!5'*'!%-!*%+(*%1+$(6!]B&%+%!%1!
-#!+(-(!;($3%-!/!B$%-5(-!B(-5#'-(-!(!3(-!9#%!(+#*%!3'!,%['&!*%!3(!;#%1(!
-'+$%*(*! 3'1*$1%1-%6! F3)#1'-! [PG%1%-! 3%! 5',(1! +','! ,'*%3'! *%!
+'1*#+5(<! -%*#+$*'-! .'&! -#! ;#%1! )#-5'! /! .'&! %3! 0%+0'! *%! 9#%! 0(/(!
+'1G%&5$*'!-#!G$*(!%1!#1(!';&(!*%!(&5%6!
H'&$(1! *%-(.(&%+%!(! 5%,.'&(*(-6! H#&(15%! #1!5$%,.'! +',.(&5%! #1(!
G$33(! %1! j&(1+$(! +'1! 3'&*! i%1&/<! .%&'! -#! ;#%1(! B(,(! ,%1)#(! *8(! (!
*8(6! F3)#1'-! 9#%! (15%-! ;#-+(;(1! -#! +',.(g8(! (0'&(! 3%! &%0C/%1<! /!
'5&'-!(;(1*'1(1!%3!+3#;!'!%3!-(3P1!%1!%3!,',%15'!%1!9#%!3%!G%1!%12
5&(&6! W(!1'+0%! (15%-! *%! +#,.3$&! 3'-! 5&%$15(! /! '+0'! (g'-<! K(-$3! 3%! %12
+#%15&(!.'&!3(!+(33%6!m$%1%!*%!-#!+(-(<!/(!9#%!9#%&8(!0(;3(&!+'1!>3!(12
5%-!*%!$&-%!(!D(&8-6!m(1!3'-!*'-!0(-5(!3(!+(-(!/!(338!K(-$3!3%!$1B'&,(!*%!
3'-!5%&&$;3%-!&#,'&%-!9#%!-%!+#%15(1!-';&%!>3<!+P,'!3(!)%15%!3%!5$%1%!
(0'&(!.'&!#1!+'&&#.5'&!/!#1!G$+$'-'6!H'&$(1!3%!%,;(#+(!/!3%!33%G(!(3!
45$+'!.(&(!9#%!G%(!%3!+#(*&'6!73!.$15'&!5(&*(!%1!&%+'1'+%&!-#!';&(!/!
-%!0'&&'&$d(!+#(1*'!(3!B$1(3!3'!0(+%6!715'1+%-!H'&$(1!+')%!%3!+#+0$33'!

! VZS!
9#%! 0(;8(! #-(*'! (g'-! (5&4-! .(&(! +'&5(&! %3! %1G'35'&$'! 9#%! 3'! +#;&8(!
*#&(15%!%3!5&(-3(*'<!/!(.#g(3(!(!K(-$3!%1!%3!+#%33'6!f(!%-54!,#%&5'<!.%2
&'!.(&%+%!.'-%8*'!.'&!#1!B&%1%-8!0',$+$*(!/!3%!(-%-5(!G(&$(-!.#g(3(2
*(-!,4-6!
F3!*8(!-$)#$%15%!0(+%!33(,(&!(!F3(1!E(,.;%33<!#1!(15$)#'!(,$)'!,>*$2
+'<! /! 3%! +0(15([%(! .(&(! 9#%! -%! *%-0()(! *%3! +#%&.'<! 9#%! *$-#%3G%! %1!
4+$*'!185&$+'6!7-(!,$-,(!1'+0%!(+#*%!(!#1(!+%1(!/!.(&%+%!(#-%15%!/!
-',;&8'6!:%!G(!.&'15'!(!+(-(<!.%&'!*%!,(*&#)(*(!5',(!#1!+(&&'!/!G(!
(3!.#%&5'<!(!#1!B#,(*%&'!*%!'.$'6!F338!-%!%1+#%15&(!+'1!F*&$(1!:$1)3%2
5'1<!#1!['G%1!(3!9#%!+'1G$&5$P!%1!(*$+5'<!/!(!#1(!.&'-5$5#5(!9#%!3%!33(2
,(!D(+5'!*%3!H$(;3'!/!D&81+$.%!Fd#36!:(3%!*%!(338!/!-%!*$&$)%!(!'5&'!B#2
,(*%&'!*'1*%!%-5(&!-'3'6!H%!+(,$1'<!(3)#$%1!3%!()(&&(!.'&!3(!%-.(3*(<!
3%!%,.#[(!+'15&(!3(!.(&%*!/!3%!.'1%!#1(!.$-5'3(!%1!3(!+(;%d(6!7-!p$,<!%3!
0%&,(1'!*%!:$;/3!m(1%<!9#%!33%G(!(g'-!;#-+41*'3%6!H'&$(1!3%!*$+%!9#%!
3%! ,$&%<! 9#%! %-! *%,(-$(*'! ['G%1! .(&(! 5%1%&! 1(*(! 9#%! G%&! +'1! 3(!
,#%&5%!*%!#1(!(+5&$d!+(-$!G%$15%!(g'-!(15%-6!p$,!3%!+&%%!/!3%!*%[(!%-2
+(.(&6!W(!B#3(1(!*%3!B#,(*%&'!3%!.&%)#15(!(3!,(&$1'!.'&!9#>!1'!3%!0(!
,(5(*'<!-$!%-!%3!,$-,'!D&81+$.%!Fd#3!(3!9#%!;#-+(<!9#%!1'!0(!+(,;$(2
*'!*%!(-.%+5'!%1!5'*'!%-%!5$%,.'6!
^1(! -%,(1(! ,4-! 5(&*%<! H'&$(1! %-54! +'9#%5%(1*'! +'1! #1(! .&$,(! *%!
3'&*!i%1&/<!3(!*#9#%-(!*%!h'1,'#50<!%1!%3!$1G%&1(*%&'!*%!:%3;/!\'2
/(36!E#(1*'!%33(!G(!(!%15&(&!(!G%-5$&-%!.(&(!3(!+%1(<!H'&$(1!G(!(!;#-2
+(&3%!#1(-!'&9#8*%(-<!.%&'!-%!*%-,(/(!(3!G%&!(!p$,6!D(-(!5&%-!*8(-!%12
+%&&(*'! %1! +(-(<! 0(-5(! 9#%! +'1-$)#%! -';&%.'1%&-%! (3! 5%&&'&! /! -%!
+'1G%1+%!*%!9#%!%3!0%&,(1'!*%!:$;/3! 1'!.#%*%!-(;%&! 9#$>1! %-! >3!/<!
.'&! 5(15'<! 1'! .#%*%! (+'-(&3%<! 9#%! -#! (.(&$+$P1! *%;$P! -%&! #1(! ,(3(!
[#)(*(! *%! -#! $,()$1(+$P16! D(-%(! +'1! 3(! *#9#%-(! /! G(! *%! +(d(<! .%&'!
#1'!*%!3'-!'[%(*'&%-!,#%&%!.'&!#1!*$-.(&'!/!>3!3'!5',(!+','!#1!,(3!
(#)#&$'6! m#%3G%! (! $1G(*$&3%! %3! .41$+'! /! *%+$*%! G'3G%&! (! W'1*&%-! *%!
$1,%*$(5'6!E#(1*'!-%!.&%.(&(!.(&(!.(&5$&<!#1'!*%!3'-!+&$(*'-!3%!*$+%!
9#%!1(*$%!+'1'+8(!(3!,#%&5'6!@(3'.(!0(-5(!3(!)&(1[(!(!3(!9#%!0(1!33%2
G(*'!%3!+(*4G%&!/!*%-+#;&%! +'1!(3%)&8(!9#%! -%!5&(5(! *%! -#!.%&-%)#$2
*'&6!
f(!%1!3(!+$#*(*<!H'&$(1!G$-$5(!(!3'&*!i%1&/!/!3%!+#%15(!-#-!*%-%'-!*%!
+(,;$(&<!/!9#%!0(!0%+0'!-#!.&$,%&(!;#%1(!(++$P16!i(!%-5(*'!G$%1*'<!
*'-!'!5&%-!G%+%-!.'&!-%,(1(!*#&(15%!%3!C35$,'!,%-<!(!#1(!['G%1!+(,2

VZZ!!
.%-$1(!33(,(*(!i%55/<!.%&'!0(!*%[(*'!*%!0(+%&3'!-$1!33%)(&!(!+'&&',2
.%&3(6!:#!(,$)'!-%!;#&3(!*%!>3!/!3%!0(;3(!*%!-#!*$G'&+$'<!*%3!-#$+$*$'!*%!
F3(1!E(,.;%33!/!*%!3(!*%-(.(&$+$P1!*%!K(-$36!H'&$(1!3%!.&%)#15(!.'&!
3'!9#%!.%1-(&8(!-$!3%!*$[%&(!9#%!0(!-$*'!>3!9#$%1!0(!(-%-$1(*'!(3!.$12
5'&<!(!3'!9#%!3%!+'15%-5(!9#%!%3!(-%-$1(5'!%-!#1!+&$,%1!*%,(-$(*'!G#32
)(&!.(&(!>36!i(;3(1!-';&%!3(-!+'-5#,;&%-<!-';&%!3(!%I$-5%1+$(!*%3!(3,(!
/! i%1&/! 3%! .&%)#15(! .'&! -#! -%+&%5'! .(&(! ,(15%1%&! -#! (-.%+5'! +(-$!
$1B(15$3!*#&(15%!5(15'-!(g'-6!=(,;$>1!(3(;(!-#!%I$-5%1+$(<!-#!+(.(+$2
*(*!.(&(!0(+%&!*%!3(!G$*(!#1(!';&(!(&58-5$+(6!
H'&$(1! G#%3G%! (! +(-(! (-9#%(*'! .'&! -#! .&'.$(! ;%33%d(! /! .'&! 3(! ';-%2
-$P1!9#%!3%!0(!#1$*'!(!-#!&%5&(5'!5'*'!%-%!5$%,.'6!\%B3%I$'1(!-';&%!3(!
$1B3#%1+$(!9#%!0(!%[%&+$*'!%1!3'-!*%,4-<!.%&'!1'!%1+#%15&(!,'5$G'-!
.(&(! -%15$&-%! +#3.(;3%!.'&! 3(! ,#%&5%! *%!p$,! m(1%<! 1$!.'&! %3! -#$+$*$'!
*%!-#!(,$)'!F3(1<!1$!-$9#$%&(!.'&!%3!(-%-$1(5'!*%!K(-$36!7-!.'&!-#!+#(2
*&'! 9#%! >3! %-! 3'! 9#%! %-6! D$%1-(! 9#%! -#! ;#%1(! ';&(! +'1! i%55/! .#%*%!
0(;%&!;'&&(*'!(3)C1!,(3!*%3!&%5&(5'6!:#;%!(!G%&3'!/!*%-+#;&%!9#%!%-!
(C1!.%'&6!715'1+%-!&%+'1'+%!9#%!0(!(+5#(*'!+'1!%33(!.'&!G(1$*(*!/!
.'&!+#&$'-$*(*6!7-!#1!0$.P+&$5(6! 73! +#(*&'!%-!-#! +'1+$%1+$(! /! *%+$*%!
(+(;(&!+'1!%33(6!F.#g(3(!%3!+#(*&'!+'1!%3!,$-,'!+#+0$33'!9#%!#-P!+'1!
%3! .$15'&! /! -%! '/%! #1! (3(&$*'! 9#%! (5&(G$%-(! %3! -$3%1+$'! 1'+5#&1'6!
E#(1*'!3'-!+&$(*'-!+'1-$)#%1!%15&(&!(!3(!0(;$5(+$P1!*%-*%!%3!5%[(*'<!
*%-+#;&%1! %3! &%5&(5'! %1! -#! %-5(*'! '&$)$1(3<! /! (! #1! (1+$(1'! 0'&&$;3%<!
G%-5$*'!*%!%5$9#%5(<!%1!%3!-#%3'<!+'1!#1!+#+0$33'!+3(G(*'!%1!%3!+'&(dP16!
F3!G%&!3(-!['/(-!9#%!33%G(!&%+'1'+%1!(!-#!(,'6!
N'-!%1+'15&(,'-<!#1(!G%d!,4-<!(15%!3(!5&(1-B'&,(+$P1!9#%!-#.'1%!%3!
.(-'!*%3!,#1*'!$1B(15$3!(3!*%!3'-!(*#35'-6!H'&$(1!33%)(!(!3(!)&(1!+$#2
*(*!*%-*%!%3!+(,.'!+#(1*'!%-!5'*(G8(!.'+'!,4-!9#%!#1!+0$9#$33'6!N'!
-(;%,'-!+'1!%I(+5$5#*!9#>!%*(*! 5$%1%<!.%&'! .'&! 3(-! &%B%&%1+$(-! 9#%!
-%!0(+%1!%1!%3!5%I5'!?/!.'&!3(-!.&%B%&%1+$(-!*%!J$3*%?!.'*%,'-!*%2
*#+$&! 9#%! %-54! %15&%! 3'-! *$%+$'+0'! /! 3'-! G%$15%! (g'-6! H%-*%! 3(! .%&-2
.%+5$G(! *%! 3'-! (15&'.P3')'-! ,'&(3%-<! *%[(&! %3! +(,.'! .(&(! G$G$&! %1!
W'1*&%-!-$)1$B$+(!(;(1*'1(&!3(!$1'+%1+$(!.(&(!+(%&!%1!3(-!)(&&(-!*%3!
G$+$'6! 71! %B%+5'<! %-'! %-! 3'! 9#%! 3%! '+#&&%! (! H'&$(16! 73! %1+#%15&'! +'1!
3'&*!i%1&/!%1!%3!5(33%&!*%!K(-$3!%-!#1!,',%15'!%.$B41$+'!%1!%3!9#%!%3!
['G%1! 5$%1%! *'-! &%G%3(+$'1%-6! D'&! #1! 3(*'<! i%1&/! 3%! $1-5(! (! G$G$&! -#!
G$*(<!(!%I.%&$,%15(&!5'*(! +3(-%! *%! -%1-(+$'1%-<! (!9#%! +#,.3(!5'*'-!
-#-! *%-%'-! +','! G8(! .(&(! (3+(1d(&! 3(! B%3$+$*(*6! D'&! %3! '5&'<! (3! +'12

! VZT!
5%,.3(&!.'&!.&$,%&(!G%d!%3!+#(*&'!5%&,$1(*'<!&%+'1'+%!3(!$,.&%-$P1!
9#%!.&'G'+(!-#!.&%-%1+$(!%1! 3'-! *%,4-6! H%-+#;&%! (3!B$1!%3! .'*%&! *%!
-#! ;%33%d(! /! 3(! )3'&$(! *%! -#! [#G%15#*6! D%&'<! (3! &%G%34&-%3%! -#! .&'.$(!
)&(+$(<!3(!.$%&*%6!]B&%+%!-#!(3,(!.(&(!+'1-%&G(&!-#!(-.%+5'<!/!%3!.(+5'!
-%!-%33(6!
W'-!*'-!(,$)'-!-'1!3'-!.(*&%-!%-.$&$5#(3%-!*%!H'&$(1r!3'&*!i%1&/!3%!
%1-%g(!(!-%&!1(&+$-$-5(<!,$%15&(-!9#%!K(-$3!3%!%1-%g(!(!-%&!G(1$*'-'6!
W(!*$B%&%1+$(!%15&%!(,;'-!%-5&$;(!%1!9#%!%3!.&$,%&'!(+5C(!(!+'1+$%12
+$(<! ,$%15&(-! 9#%! %3! -%)#1*'! 3'! 0(+%! .'&! $,.#3-'<! %,.#[(*'! .'&! 3(!
B(-+$1(+$P1!9#%!-$%15%!(15%!3(!;%33%d(!$*%(3!*%3!,#+0(+0'6!71!-#!.&$2
,%&!%1+#%15&'<!(15%-!$1+3#-'!*%!G%&3%<!-$%15%!-#!,$&(*(!%15&%!3(!,#32
5$5#*! &%#1$*(! %1! 3(! B$%-5(6! :$%15%! -#! (5&(++$P1! G(,.8&$+(<! +','! *$&8(!
D()3$(<!/!-(;%!9#%!0(1!*%!+'1'+%&-%6!73!%1+(15'!*%!H'&$(1!%-!1(5#&(3<!
B3#/%!(15%-!*%!9#%!>3!,$-,'!-%.(!9#%!%I$-5%6!73!&%5&(5'!-'3'!0(+%!,(2
1$B$%-5'!3'!9#%!%-5(;(!3(5%15%6!H%!$)#(3!,(1%&(<!3(!*%B%1-(!*%3!0%*'2
1$-,'!.'&!.(&5%!*%!i%1&/!&%-#%1(!%1!-#!,%15%!+','!#1!%+'6!D#%*%!
9#%! 3(-! .(3(;&(-! -%(1! 1#%G(-<! .%&'! 3(-! $*%(-! %-5(;(1! (08! (15%-6! W'!
,$-,'!'+#&&%!+'1!3(!1'G%3(!$1B(,%!9#%!3%!.&%-5(6!7-!+$%&5'!9#%!(,2
;'-!.%&-'1([%-!$1B3#/%1!%1!%3!*%-(&&'33'!$1,'&(3<!%1!3(!+(8*(!*%!H'2
&$(1<! .%&'! 1'! 3%! *%-+#;&%1! 1(*(! 1#%G'6! W'! C1$+'! 9#%! 0(+%1! %-! *%-2
.%&5(&!#1(-!.(&5%-!*%!-#!+'1+$%1+$(!9#%!*'&,8(1<!/!9#%!;$%1!.'*&8(1!
0(;%&!*%-.%&5(*'!-'3(-!'!.'&!+#(39#$%&!'5&'!,'5$G'6!
:#! $1)%1#$*(*! 1'! %-! 5(15(<! 1$! -$9#$%&(! %1! '&$)%16! H'&$(1! @&(/! %-! 3(!
.'-%<!3(!(.(&$%1+$(!.#&(6!71!%-%!-%15$*'<!%-!3(!%1+(&1(+$P1!*%!3(!,'&(3!
G$+5'&$(1(<!*%-*';3(*(!%1!3(!*#(3$*(*!0$.P+&$5(!*%3!&%5&(5'!/!%3!&%5&(2
5(*'6!F15%!3(!$*%(!*%!9#%!+#(39#$%&!(+5'!$,.C*$+'<!+#(39#$%&!.%+(*'!'!
G$+$'!0(!*%!*%[(&!#1(!,(&+(!G$-$;3%!%1!9#$%1!3'!+',%5%<!%3!&%5&(5'!(+52
C(!+','!B$35&'!'!+','!%-.%['<!+','!#1!*';3%!-$,;P3$+'!9#%!(;-'&;%!
3(!B%(3*(*!*%!-#!,'*%3'6!:$!H'&$(1!%-!%3!.%&-'1([%!.C;3$+'<!%3!&%5&(5'!
%-!%3!.&$G(*'<!3(!.(&5%!9#%!9#%*(!'+#35(!/!%1+%&&(*(!%1!3(!$15$,$*(*!
*%3!0')(&<!%1!#1!+#(&5$5'!;(['!33(G%6!71!%-%!-%15$*'<!H'&$(1!%-!3'!([%2
1'<!,$%15&(-!%3!&%5&(5'!%-!3'!.&'.$'6!:'1!%3!.%&-'1([%!/!3(!.%&-'1(<!3'-!
'.#%-5'-!+',.3%,%15(&$'-!*%!3(!*';3%!,'&(3!5(1!58.$+(!*%!3(!O1)3(5%2
&&(!G$+5'&$(1(<!.%&'!9#%!/(!G%8(,'-!%1!3(!h%&5%#$3!*%! W(-!(,$-5(*%-!
.%3$)&'-(-6!W'-!(g'-!*%!$1*#3)%1+$(!/!*%!-%1-#(3$-,'!1'!.(-(1!B(+5#2
&(! %1! H'&$(1<! 0(-5(! 9#%! 3'-! &#,'&%-! -';&%! -#! +'1*#+5(! %,.$%d(1! (!
%I5%1*%&-%6! H%! 0%+0'<! .(&5%! *%3! )'d'! 9#%! -$%15%! %-54! %1! ,(15%1%&!

VZX!!
#1(!$,()%1!.C;3$+(!$,.'3#5(!,$%15&(-!1'!-%!&%.&$,%!(15%!1(*(6!7-'!
%-!3'!9#%!3%!&%+&$,$1(&4!K(-$3<!(#19#%!1'!9#$%&%!+&%%&!9#%!-%(!+$%&5'6!
F!.%-(&!*%!-#!(*'&(+$P1!0(+$(!>3<!-$)#%!-$%1*'!#1!$1*$G$*#'!+'1!B#%&2
5%-! +&%%1+$(-! ,'&(3%-<! /! 1'! -#+#,;%! (15%! 3'! 9#%! %-<! -$1! *#*(<! #1!
%1(,'&(,$%15'!0','-%I#(36!E#(1*'!3%!.$*%!G%&!-#!';&(!.'&!.&$,%&(!
G%d!3%!+'1B$%-(!-#!';-%-$P1!.'&!>3!/!3'-!+%3'-!9#%!-%158(!+(*(!G%d!9#%!
3%!G%8(!0(;3(&!+'1!'5&'-6!D%&'!%1!3(!G%&-$P1!*%!RYQU!3(!*%+3(&(+$P1!G(!
,4-!(334r!

7-! 5'5(3,%15%! +$%&5'! 9#%! 5%! 0%! (*'&(*'! +'1! #1! -%15$,$%15'! $1B$1$5(2
,%15%! ,4-! B#%&5%! *%3! 9#%! #1! 0',;&%! 5$%1%! .'&! -#! (,$)'6! N'! ->! .'&!
9#><! .%&'! 1#1+(! 0%! (,(*'! (! 1$1)#1(! ,#[%&6! utv! E'1B$%-'! *%! ;#%1!
)&(*'!9#%!5%!0%!(*'&(*'!+','!#1!3'+'<!-$1!38,$5%-<!*%!B'&,(!(;-#&*(6!
uJ$3*%!VURUr!RTT<!1'5(!ZQv!

K(-$3!1'!%-!%3!C1$+'!9#%!+(%!0%+0$d(*'6!H'&$(1!%1+(15(!%1!*'-!-%15$2
*'-! *%! 3(! .(3(;&(6! @#-5(! ,#+0'<! .%&'! 5(,;$>1! -#;/#)(! /! 33%G(! (! 3(!
)%15%!(!0(+%&!+'-(-!9#%<!%1!.&$1+$.$'<!1'!0(&8(16!F3!,%1'-!*%!B'&,(!
G'3#15(&$(! /! +'1-+$%15%6! =$%1%! #1! .'*%&! +(-$!,4)$+'! 9#%! -%*#+%! -$1!
&%,%*$'! 5(15'! (! 0',;&%-! +','! (! ,#[%&%-6! 7-%! %1+(15'! %-! %3! 9#%!
%1(,'&(!(!:$;/3<!9#%!%1!3(!G%&-$P1!$1)3%-(!3%!33(,(! D&$1+%!E0(&,$1)<!
%-! *%+$&<! D&81+$.%! 71+(15(*'&6! 73! -%15$*'! %-! %3! ,$-,'! 9#%! %3! *%!
D&81+$.%!Fd#3<!/!(,;(-!-'1!3(-!B'&,(-!5&(*$+$'1(3%-!9#%!%1+'15&(,'-!
%1!3'-!+#%15'-!*%!0(*(-<!.%&'!%3!1',;&%!$1)3>-!0(+%!&%B%&%1+$(!%I.382
+$5(! (! %-(! +#(3$*(*! B(-+$1(15%! 9#%! %1! +(-5%33(1'! -%! .$%&*%6! W(! 5&(,(!
*%! :$;/3! %-! .(&5%! *%! 3'-! -$%5%! +(.85#3'-! (g(*$*'-! %1! 3(! G%&-$P1! *%!
RYQR! *%! 3(! 1'G%3(6! W(! $15%1+$P1! *%! J$3*%! %-! &%;([(&! %3! 5'1'! 0','2
-%I#(3!*%3!&%3(5'<!+','!'+#&&%!+'1!%3!B&(),%15'!%3$,$1(*'!*%!3(!*%2
+3(&(+$P1!*%!(,'&! *%!K(-$36! :$1! %,;(&)'<!3(!5%1-$P1!0','%&P5$+(! -$2
)#%!.&%-%15%<!/!%3!%.$-'*$'!*%!3(!(+5&$d!1'!0(+%!-$1'!(g(*$&!#1(!1#%G(!
+(.(!*%!$1,'&(3$*(*6!71!3#)(&!*%!,'-5&(&!(!#1!['G%1!-'*',$5(<!3'!9#%!
G%,'-!%-!(!#1'!;$-%I#(3!/<!.'&!%1+$,(!*%!5'*'<!+&#%36!
H'&$(1! (.(&%15(! -%&! #1! 0',;&%! *%! ;$%1! +#(1*'! %-<! %1! &%(3$*(*<! #1!
0',;&%!*%!,(36!H$-B&#5(!5(15'!*%!3(!G$*(!*%!3(!(35(!-'+$%*(*!+','!+'1!
3'-!G$+$'-!9#%!%1+#%15&(!%1!%3!7(-5!71*<!3(!.(&5%!,4-!.';&%!*%!3(!+$#2
*(*<!*'1*%!(+#*%1!3(-!*(,(-!&%-.%5(;3%-!(!&%.(&5$&!-#!+(&$*(*6!D%&'!
H'&$(1!-%!5$%1%!(!-8!,$-,'<!1'!1%+%-$5(!*%!3'-!*%,4-!.(&(!-(5$-B(+%&2
-%6!F3!,%1'-!1'!%1!%3!-%15$*'!%1!9#%!B#1+$'1(!?'!*%;%&8(!B#1+$'1(&?!

! VZL!
3(!+(&$*(*6!7-!+','!%3!3$;%&5$1'!-(*$(1'<!#1(!B$)#&(!+%&&(*(<!#1!+$&+#$2
5'!%-5(1+'!$1+(.(d!*%!%,.(5$d(&!+'1!1(*$%<!1'!*$)(,'-!/(!*%!(,(&6!
W'-!'5&'-!-'1!#1!-$,.3%!,%*$'!.(&(!(3+(1d(&!-#!';[%5'!*%!(*'&(+$P1r!
>36!:$!%3!,'1-5&#'!*%!j&(1o%1-5%$1!%-!%3! D&',%5%'! ,'*%&1'<!H'&$(1!
@&(/!%-!%3!1#%G'!N(&+$-'<!0%+0$d(*'! (15%!-#!.&'.$(! $,()%16!O1+3#-'!
33%)(! (! ;%-(&! 3'-! 3(;$'-! *%! -#! &%5&(5'6! 7-! %-(! $,()%1! 3(! 9#%! &%-#35(!
B(-+$1(15%<! 3(! 9#%! -%*#+%! *%! B'&,(! $&&%,%*$(;3%6! D%&'! 1'! .'*%,'-!
'3G$*(&!9#%!J$3*%!%-!#1!%-5%5$+$-5(<!/!%-(!$,()%1<!(!.%-(&!*%!5'*'<!1'!
%-!-$,.3%!(.(&$%1+$(6!F!5&(G>-!*%!K(-$3!-(;%,'-!9#%!%33(!5&(1-,$5%!3(!
.%&-'1(3$*(*<! $1+3#-'! (15%-! *%! 9#%! %-5(! -%! *%-(&&'33%! .'&! +',.3%5'6!
@&(+$(-!(!3'&*!i%1&/<!H'&$(1!(.&%1*%!%3!.&$1+$.$'!*%+(*%15$-5(!*%!3(!
.%&-'1(!+','!';&(!*%!(&5%6!H%!(08!%3!+#$*(*'!*%!-#!(-.%+5'<!%3!%-,%2
&'!9#%!.'1%!%1!%3!G%-5$&!/!3(!%3%++$P1!*%!3(-!['/(-6!W(![#G%15#*!/!3(!;%2
33%d(! -'1! 3'-! *'-! C1$+'-! .&$1+$.$'-! 9#%! *%;%1! %I(35(&-%<! /! %3! .&'.$'!
.3(+%&!%-!3(!C1$+(!+(#-(!.'&!3(!9#%!G(3%!3(!.%1(!0(+%&!(3)'6!
73!,#+0(+0'!-%!+'1G$%&5%!%1!#1(!G%&-$P1!,%['&(*(!*%!3'&*!i%1&/<!/!
.'+'!(!.'+'!(*'.5(!-#!G$-$P1!+81$+(!?%1!%3!-%15$*'!G#3)(&!*%!3(!.(3(2
;&(?!/!-#!B'&,(!*%!0(;3(&!%1!%.$)&(,(-6!D#%*%!9#%!-#!*%-+%1-'!(!3'-!
$1B$%&1'-!*%3!G$+$'!1'!-%!5&(*#d+(!%1!#1(!*%)&(*(+$P1!B8-$+(<!.%&'!-8!3'!
0(+%!%1!-#!+(&4+5%&<!9#%!-%!G#%3G%!+(*(!*8(!,4-!.%-$,$-5(6!=(,;$>1!
3%! $1G(*%! 3(! .(&(1'$(6!73! -$,.3%! .%1-(,$%15'!%1! 9#%! %-! .'-$;3%! 9#%!
(3)#$%1! .#%*(! *%-+#;&$&! -#! -%+&%5'! /! G%&! %3! &%5&(5'! 3%! 0(+%! 0#$&! *%!
B$%-5(-<!*%3!+(,.'<!'!*%!*'1*%! 9#$%&(! 9#%!%-5><! .(&(! G'3G%&! (!+(-(! /!
+',.&';(&!9#%!%3!+#(&5'!-$)#%!+%&&(*'6!7-5'!1'!3%!$,.$*%!+'15$1#(&!
-#!;%33(!5(&%(!*%!*%-5&#$&!3(-!G$*(-!/! 3(-!&%.#5(+$'1%-!*%!9#$%1%-!-%!
(+%&+(1!(!>36!:(;%,'-!9#%!+(#-(!3(!,#%&5%<!.'&!-#!,(1'!'!*%!B'&,(!
$1*$&%+5(<! *%! :$;/3<! K(-$3<! p$,! /! F3(1k! 9#%! +0(15([%(<! 9#%! B#,(! '.$'<!
9#%! -%*#+%! (! ,#[%&%-! +(-(*(-! +','! 3(! *#9#%-(! *%! h'1,'#50! /! (!
,#+0(+0(-! $1'+%15%-! +','! :$;/3! '! i%55/6! =(,;$>1! 9#%! *%-.$%&5(! %3!
*%-%'! 0','-%I#(3! *%! K(-$3! /! 9#%! +',.(&5%! #1(! G$33(! +'1! i%1&/! %1!
j&(1+$(! ?3'! 9#%! .'*&8(! $1*$+(&! 5(,;$>1! #1(! &%3(+$P1! *%! %-5%! 5$.'<! '!
1'?<! 5'*'! %33'! ,$%15&(-! ,(15$%1%! #1(! G$*(! -'+$(3! (+5$G(! /! +'1-%&G(!
#1(! $,()%1! *%! &%-.%5(;$3$*(*! *#&(15%! +(-$! G%$15%! (g'-6! 7-(! %-! -#!
)&(1!';&(6!
W(!*%!3'&*!i%1&/!%-!+',.'&5(&-%!+'1!>3!+','!#1!:P+&(5%-!$1G%&5$*'<!
9#%!%,.#[(&(!(!F3+$;8(*%-!(!.%1-(&!%1!-8!,$-,'!/!%1!-#!.&'.$'!.3(2
+%&6!E'1!-#!*%-+(&'!/!-#!$,.%&5$1%1+$(<!+'1!%3!$1)%1$'!+','!,>5'*'<!

VZY!!
$1'+#3(!%1!H'&$(1!3'-!.&$1+$.$'-!*%+(*%15%-!*%3!0%*'1$-,'!/!3%!$1$+$(!
%1!3(!-%1*(!*%!@(#5$%&!'!*%!D(5%&6!:$1!%,;(&)'<!%-!+'1-+$%15%!*%!3'-!
38,$5%-!9#%!1'!*%;%!+&#d(&6!D'&!%-'!3%!(*G$%&5%!9#%!1'!*%;%!*%[(&-%!
%1&%*(&!%1!3(!$1G%-5$)(+$P1!*%!3(!,#%&5%!*%!:$;/36!W%!*$+%r!`71!D(&8-<!
%-5%! 5$.'! *%! +'-(-! 5%! 0(&8(! +>3%;&%6! D%&'! %1! W'1*&%-! 3(! )%15%! 5$%1%!
*%,(-$(*'-!.&%[#$+$'-a!uJ$3*%!VURUr!RSLv6!W(!+3(G%!*%!3(!1'G%3(!%-54!
(9#86! W(! 3%++$P1! 9#%! .(&%+%! %I5&(%&-%! %-! 9#%! #1'! .#%*%! 33%G(&! #1(!
*';3%!G$*(!-$%,.&%!/!+#(1*'!%-5(!1'!-%!*%-+#;&(6!W(!-'+$%*(*!%-!#1!
5%(5&'<!#1![#%)'!*%!(.(&$%1+$(-6!E(*(!#1'!(!-#!,(1%&(<!i%1&/!/!H'2
&$(1! 5%1-(1! 3'-! +'1G%1+$'1(3$-,'-6! 73! .&$,%&'! -%! ,(15$%1%! *%15&'!
*%3!+8&+#3'<!.%&'!%3!-%)#1*'!33%)(!(!&',.%&3'<!/!%-'!3%!+(#-(!3(!,#%&2
5%6!N'!%-!%3!(&&%.%15$,$%15'!1$!3(!+#3.(<!.'&9#%!1#1+(!33%)(!(!-%15$&2
3'-6!7-!%3!+'1B3$+5'!%15&%!3(!+'1+$%1+$(!$1*$G$*#(3!/!3(!,'&(3<!%15&%!3'!
.&'.$'!/!3'!([%1'<!3'!9#%!3%!%,.#[(!(!(+(;(&!+'1!%3!+#(*&'<!%3!%-.%['!
9#%!,#%-5&(!-#!+'&&#.+$P16!H'&$(1!%1+(&1(!3(!B$)#&(!*%!3(!&%-.%5(;$2
3$*(*!9#%!%-+'1*%!#1!-%+&%5'!5#&;$'!/!G%&)'1d'-'6!N'!0(/!1(*(!,4-!
G$+5'&$(1'!9#%!%-'<!1$!,4-!$1)3>-!-$!+'1-$*%&(,'-<!+','!0(+%!J$3*%<!
3(! 0$.'+&%-8(! +','! -#! *%.'&5%! 1(+$'1(36! W'-! +(,;$'-! %1! %3! &%5&(5'!
.(&5%1!*%!3(!,$-,(!$*%(!9#%!)%&,$1(!%1!3(!$1+$.$%15%!1'G%3(!*%5%+5$2
G%-+(!/!%1!3(!.&$,%&(!+$%1+$(!.'3$+$(3r!9#%!5'*'!+&$,%1!*%[(!0#%33(6!
W'!9#%!.(&%+%!,4-!$,.'&5(15%!%-!9#%!%3!+&$,%1!*%!H'&$(1!%-!-%&!#1!
0%*'1$-5(<!/!.(&(!3(!-%1-$;$3$*(*!G$+5'&$(1(<!5'*'!.3(+%&!&%,$5%!-$%,2
.&%!(3!-%I'6!H%!%-5%!,'*'<!.'*%,'-!3%%&!3(!0$-5'&$(!+','!%3!*%-.%&5(&!
-%I#(3!*%!#1!['G%1!.&'G$1+$(1'<!9#%!(+5C(!%1!.C;3$+'!+','!-$!1'!'+#2
&&$%&(! 1(*(<! ,$%15&(-! -#! +'1+$%1+$(! -%! .#*&%<! %1+%&&(*(! ;(['! 33(G%<!
.'&! %3! *%-%1B&%1'6! 71! -#! -%1*(! *%! *%.&(G(+$P1! (&&(-5&(! (! 9#$%1! -%!
+&#d(! +'1! >36! W'! +$%&5'! %-! 9#%! #1(! -%1-(+$P1! *%! B(5(3$*(*! $,.&%)1(!
5'*(!3(!1'G%3(<!+','!-$!3(!5&()%*$(!B#%-%!$1%I'&(;3%<!/!H'&$(1!(.(&%+%!
(3!,$-,'!5$%,.'!+','!G8+5$,(!/!+','!G%&*#)'6!7-!3(!G8+5$,(!*%!K(-$3!
/!*%!3'&*!i%1&/!.%&'<!-';&%!5'*'<!*%!-8!,$-,'<!.#%-5'!9#%!3'!9#%!+&%2
+%!%1!-#!(3,(!%-5(;(!(338!(15%-!*%! 9#%! %33'-!$15%&G$1$%&(16!7-!%3! G%&2
*#)'! *%! 5'*'-! (9#%33'-! 9#%! 1'! .#%*%1! &%-$-5$&! -#! .'*%&! *%! -%*#+2
+$P1<! %-! *%+$&<! *%! +(-$! 5'*'-6! D'&9#%! 0(/! ,#+0'! *%! %3$5$-,'! %1! 3(!
1'G%3(6!
D()3$(!0(;3(!*%3!+(&$-,(!*%!H'&$(1!+','!#1(!+#(3$*(*!9#%!3%!+'3'+(!
%1!3(!+#,;&%!*%!3(![%&(&9#8(!.()(1(6!:#!(-.%+5'<!%-!*%+$&<!-#!;%33%d(<!
3%!+'1B$%&%!(#5'&$*(*!-';&%! 3'-! '5&'-<!9#%!-%! -',%5%1! (!-#! G'3#15(*!

! VZQ!
*',$1(*'-! 5(15'! .'&! 3(! B(-+$1(+$P1! 9#%! $&&(*$(! +','! .'&! %3! *%-%'!
-%I#(3! 9#%! *%-.$%&5(! %1! %33'-6! 71! -#! .&%-%1+$(! 3(! ,'&(3! *%-(.(&%+%6!
W(! +'1-%+#%1+$(! *%! %-5(! *',$1(+$P1! ?9#%! -$%15%! $1+3#-'! %3! .&'.$'!
H'&$(1!(15%!-8!,$-,'<!1'!3'!'3G$*%,'-?!%-!3(!(.(&$+$P1!*%!#1(!3P)$+(!
,(-'9#$-5(!$1-(3G(;3%6!:#!.3(+%&!%-!3'!C1$+'!(!5%1%&!%1!+#%15(<!$1+3#2
-'! .'&! %1+$,(! *%3! .&'.$'! *'3'&<! *%! 3(! .&'.$(! *%-)&(+$(! '! $1+3#-'! 3(!
.&'.$(!,#%&5%6!H'1*%!%-54!>3!1'!0(/!W%/<!1'!0(/!-'+$%*(*6!:$!:(3',>!
%-!3(!,#[%&!B(5(3<!H'&$(1!@&(/!%-!%3!0>&'%!,(3*$5'!%1!3(!381%(! *%!K/2
&'1<!.%&'!5(,;$>1!%1!3(!*%!h$35'16!7-!%3!0>&'%!-(541$+'!9#%!5&(%!+'12
-$)'!3(!*%-5&#++$P16!71+(&1(!(3!,$-,'!5$%,.'!3(!0$.'+&%-8(!G$+5'&$(2
1(<! %3! +#35'! (! -8! ,$-,'! &',415$+'! ?9#%! *(&4! 3#)(&! (3! 1(&+$-$-,'!
+'15%,.'&41%'?! /! 3(! #1$P1! %15&%! 3(! .#3-$P1! *%! G$*(! /! 3(! .#3-$P1! *%!
,#%&5%!*%3!.-$+'(143$-$-!B&%#*$(1'6!

OO!

N'! %-! *%! %I5&(g(&! 9#%! 3(! +&85$+(! &%+$;$%&(! +'1! &%-%&G(-! 3(! 1'G%3(6! F!
.%-(&! *%! -#! *%-%13(+%! B(5(3<! -#! *%-(&&'33'! %-54!.3()(*'! *%! $1,'&(3$2
*(*<!%-!#1(!%-.%+$%!*%!'*(!(3!-%1-#(3$-,'!/!1$!-$9#$%&(!3(-!,'*$B$+(2
+$'1%-!*%!RYQR!0(+%1!*%-(.(&%+%&!-#!($&%! *%+(*%15%!/!0','-%I#(36!
7-!#1!(5(9#%!*$&%+5'!(!3(!%-5&$+5(!,'&(3!G$+5'&$(1(6!71!.(&5%<!%-(!%-!3(!
G'3#15(*!*%!J$3*%<!9#%!-$%,.&%!5#G'!(B$+$P1!.'&!%3!%-+41*(3'6!71!.(&2
5%<!%-!#1!%-.%['!9#%!.'1%!%1!%G$*%1+$(!3(!0$.'+&%-8(!*%!%-(!,'&(3<!(!
5&(G>-!*%!#1!.%&-'1([%!9#%!+(&%+%!*%!.&'B%-$P1!,4-!(334!*%!%3!+#$*(2
*'!*%!-8!?(#19#%!,#/!3%['-!*%3!-%15$*'!+81$+'<!%-5'!%-!';G$'?<!9#%!%-!
.#&(!$,()%1k!+#/(-!G$&5#*%-!.#%*%1!G%&-%!%1!-#!.%&-'1(<!.%&'!+#/'-!
G$+$'-!-'1!5(,;$>1!G$-$;3%-!(!5&(G>-!*%!3(!.'*&%*#,;&%!*%!-#!&%5&(5'6!
H%;%,'-! &%+'&*(&! 9#%! J$3*%! %-! $&3(1*>-! /! 9#%<! .'&! ,#/! $15%)&(*'!
9#%!%-54!%1!3(!G$*(!3'1*$1%1-%<!1'!*%[(!*%!-%&!#1!%I5&(1[%&'6!N(+%!%1!
H#;381!%1!RYTZ<!0$['!*%!#1(!B(,$3$(!;#&)#%-(!9#%!B'&,(!3'!9#%!.'*&2
8(!33(,(&-%!(35(!-'+$%*(*!*%!3(!>.'+(6!:#!.(*&%!%-!J$33$(,!J$3*%<!#1!
$,.'&5(15%! +$&#[(1'! /! '5'&&$1'<! 9#%! .#;3$+(! G(&$'-! 5&(;(['-! -';&%!
,%*$+$1(<!(&9#%'3')8(!/!5&(*$+$'1%-!$&3(1*%-(-6!:#!,(*&%!%-!3(!.'%5(!
:.%&(1d(<!*%!1',;&%!p(1%<!#1(!B%&G$%15%!1(+$'1(3$-5(!/!G'd!38&$+(!*%3!
,'G$,$%15'!-%+%-$'1$-5(6!W(!+(-(!*%3!['G%1!]-+(&!/!-#-!*'-!0%&,(1'-!
%-!#1!&%B%&%15%!+#35#&(36!7-5#*$(!(!3'-!+34-$+'-!+'1!#1(!;%+(!%1!%3!=&$2
1$5/!E'33%)%!*%!H#;381!/!+',.3%5(!-#-!%-5#*$'-!%1!%3!h()*(3%1!E'33%2

VTU!!
)%!*%!]IB'&*6!H#&(15%!-#-!(g'-!#1$G%&-$5(&$'-!+'9#%5%(!+'1!%3!+(5'3$2
+$-,'!/!%,.$%d(!(!*%-(&&'33(&!-#!B(+%5(!%-5%5$+$-5(!/!*%+(*%15%!%1!3(!
381%(! *%! 3'-! (#5'&%-! B&(1+%-%-6! 71! RYLY! )(1(! %3! .&%,$'! N%Å*$)(5%!
.'&! -#! .'%,(! \4G%1(6! ];5$%1%! %3! 585#3'! %-%! ,$-,'! (g'! /! &%)&%-(! (!
H#;3816!O15%15(!+'1-%)#$&!#1!.#%-5'!*'+%15%!/!+'15$1C(!%-+&$;$%1*'!/!
.#;3$+(1*'! .'%,(-<! 9#%! &%C1%! %1! #1! G'3#,%1! %1! RYYR6! 73! (g'! -$2
)#$%15%! 3'! .(-(! &%+'&&$%1*'! 7-5(*'-! ^1$*'-<! $,.(&5$%1*'! +'1B%&%12
+$(-! -';&%! F&5%! /! %-5%5$+$-,'<! /! -#! .(.%3! *%! *(1*$<! (B%+5(*'! /! *%+(2
*%15%<! /(! %-54! +',.3%5'6! :#! %-5$3'! /! -#! $1)%1$'! 3%! +'1G$%&5%1! %1! #1!
.%&-'1([%!.'.#3(&<!/!3%!)&(1[%(1!5(15(-! +&85$+(-!+','! >I$5'-6!m$([(!(!
D(&8-! /! W'1*&%-<! +'15$1C(! .#;3$+(1*'! .'%,(-! /! %,.$%d(! -#! +(&&%&(!
5%(5&(3<! %1! RYYS<! +'1! %3! ,%3'*&(,(! m%&(! '! 3'-! 1$0$3$-5(-<! %-+&$5'! %1!
RYYU6! 71! RYYZ! -%! +(-(! +'1! E'1-5(1+%! W3'/*<! +'1! 9#$%1! 5%1*&4! *'-!
0$['-<! E/&$3! /! m/G/(16! 7-+&$;%! %1! &%G$-5(-<! .#;3$+(! %1-(/'-! /! &%3(5'-!
;&%G%-<!/!-#!1'5'&$%*(*!G(!(#,%15(1*'6!E#(1*'!.#;3$+(!73!&%5&(5'!*%!
H'&$(1!@&(/!/(!%-!#1!(#5'&! *%! >I$5'6!715&%! RYQV!/! RYQT!%-5&%1(! 3(-!
+',%*$(-!*%!-'+$%*(*! 73!(;(1$+'!*%!3(*/!J$1*%&,%&%<! ^1(!,#[%&!-$1!
$,.'&5(1+$(<!^1!,(&$*'!$*%(3!/!W(!$,.'&5(1+$(!*%!33(,(&-%!7&1%-5'6!
71!%-5(-!+',%*$(-<!9#%!)'d(1!*%!>I$5'<!J$3*%!&%5',(!3(!+&85$+(!-'+$(3!
9#%!3'!0(;8(!+'1G%&5$*'!%1!+(#-(!*%!$&&$5(+$P16!H%!0%+0'<!(!.%-(&!*%!
3(!%1'&,%!*$-5(1+$(!%-5$38-5$+(<!%3!.&$1+$.$'!&%+5'&!*%! W(!$,.'&5(1+$(!
*%! 33(,(&-%! 7&1%-5'! %-! %3! ,$-,'! 9#%! %3! *%! H'&$(1! @&(/r! 9#%! .#%*%!
G$G$&-%!%1!3(!0$.'+&%-8(!-$%,.&%!9#%!,(15%1)(,'-!3(-!(.(&$%1+$(-6!]!
+#(1*'! 3'-! *%,4-! 9#$%&(1! +&%%&1'-6! 71! 3(! ';&(<! %-5&%1(*(! %1! RYQT<!
3'-!*'-!.&'5()'1$-5(-!,(-+#3$1'-!+&%(1!#1'-!.%&-'1([%-!.(&(!9#%!3%-!
3$;&%1!*%!-#-!';3$)(+$'1%-!-'+$(3%-!+#(1*'!3%-!G%1)(!%1!)(1(6!73!-%&$'!
p'01! J'&50$1! -%! $1G%15(! (! #1! 0%&,(1'<! 7&1%-5'<! 9#%! %-! #1! +&4.#3(!
9#%! G$G%! %1! 3(! +$#*(*6! E(*(! G%d! 9#%! -%! ,%5%! %1! #1! 38'<! %3! ;#%1'! *%!
p'01!0(!*%!$&!(!-(+(&3'6!W(!&%(3$*(*!%-!9#%!%-!>3!,$-,'!9#$%1!-%!0(+%!
33(,(&!7&1%-5'!%1!3(!+$#*(*6!:#!(,$)'!F3)%&1'1!h'1+&$%BB!3%!+'1B$%-(!
9#%!-#!9#%&$*'!K#1;#&/<!9#%!-$%,.&%!%-54!%1B%&,'<!5(,;$>1!%-!#1(!
B$++$P1!9#%!3%!-$&G%!*%!%I+#-(!.(&(!$&!(3!+(,.'!+#(1*'!3'!*%-%(6!73!38'!
-%!*%-(5(!+#(1*'!p'01!-%!*%+3(&(!(!3(!.&$,(!*%!F3)/<!@Å%1*'3%1<!9#%!
3%! +'1'+%! .'&! 7&1%-5'6! D'&! -#! .(&5%<! F3)%&1'1! G(! (! +(-(! *%! p'01!
0(+$>1*'-%!.(-(&!.'&!-#!0%&,(1'!7&1%-5'<!/!(338!-%!+',.&',%5%!+'1!
3(!0#>&B(1(!9#%!G$G%!;(['!3(!.&'5%++$P1!*%!-#!(,$)'<!E%+$3/6!F3![#15(&2
-%!5'*'-!3'-!.%&-'1([%-<!-%!*%-+#;&%!9#%<!*%!3'-!*'-!7&1%-5'-<!1$1)#2

! VTR!
1'!3'!%-6!D%&'!3'-!.&';3%,(-!*%!$*%15$*(*!-%!&%-#%3G%1!/!.#%*%1!+(2
-(&-%!+'1!-#-!&%-.%+5$G(-!.&',%5$*(-6!
F#19#%!%3!5'1'!%-!3$)%&'!/!%3!+'1B3$+5'!%-!5&$G$(3<!%3!B'1*'!%-!$*>15$+'!
(3!*%! H'&$(1!@&(/6!W(!*$B%&%1+$(!%-!9#%!%1!3(!1'G%3(!%3!+#(*&'<!%-!*%2
+$&<!3(!+'&&#.+$P1!*%!3(!+'1+$%1+$(<!.#%*%!G%&-%!/!&%G%3(&!3(!*%.&(G(2
+$P1!*%!H'&$(1<!,$%15&(-!9#%!%1!3(!+',%*$(!%3!38'!-%!&%-#%3G%!,%*$(12
5%! 3(! +'1B$(1d(6! W(-! [PG%1%-! 9#$%&%1! +&%%&! 3(-! %I+#-(-! *%! -#-!
.&',%5$*'-!.(&(!0(;%&3%-!,%15$*'!%1!%3!(-#15'!*%!-#-!1',;&%-6!D(&(!
%33(-! %-! *%! $,.'&5(1+$(! +(.$5(3! 9#%! -#-! ,(&$*'-! -%(1! 7&1%-5'-6! 71!
+(-5%33(1'! -%! .$%&*%! %3! *';3%! -%15$*'! *%3! $1)3>-<! 9#%! [#%)(! +'1! 3(!
0','B'18(!%15&%!%3!1',;&%!.&'.$'!`7&1%-5a!/!%3!(*[%5$G'!`%(&1%-5a<!
%-! *%+$&<! `-%&$'a6! F! 3(-! *'-! ,#+0(+0(-! 3%-! G(3%! 3'! .%&%)&$1'! *%! 3'-!
.&%5%I5'-!9#%!3%-!*(1!+#(1*'!$15%&&')(1!(!3'-!,%15$&'-'-6!H%!0%+0'<!
-'1!%33(-!,$-,(-!9#$%1%-!(&)#,%15(1!9#%!3'!0(1!0%+0'!.(&(!G%&3(-!
,4-6!!
W(!58(!*%!F3)%&1'1!/!,(*&%!*%!@Å%1*'3%1<!3(*/!K&(+o1%33<!-%!'.'1%!(!
(,;'-!,(5&$,'1$'-6!733(!&%.&%-%15(!3(!&$)$*%d!*%!3(!;#%1(!-'+$%*(*!
G$+5'&$(1(6! W(! B(35(! *%! #1(! ;#%1(! B(,$3$(! 0(+%! 9#%! p'01! /! E%+$3/! 1'!
-%(1! +(1*$*(5'-! (! %15&(&! %1! 3(! -#/(6! F3)%&1'1! *$+%! 9#%! 3%! *(! $)#(3<!
9#%!+'1!-%&!-#!,(&$*'!3%!;(-5(!/!1'!1%+%-$5(!(!3(!-'+$%*(*6!:#!58(!3%!
+'15%-5(r! `N#1+(! 0(;3%-! ,(3! *%! 3(! -'+$%*(*<! F3)%&1'16! :'3'! 3(-! .%&2
-'1(-!9#%!1'!.#%*%1!%15&(&!%1!%33(!3'!0(+%1a!uJ$3*%!VUUVr!TTRv6!E3(2
&'<!9#%!-#!%-1';$-,'!0(+$(!3(!.';&%!0#>&B(1(!-$1!B(,$3$(!0(!*%-(.(2
&%+$*'!(3!-(;%&!9#%!5$%1%!#1(!B'&5#1(!*%!+$%15'!5&%$15(!,$3!3$;&(-6!H%3!
,$-,'!,'*'<!+#(1*'!-%!*%-+#;&%!9#%!p'01!%-!%3!0%&,(1'!.%&*$*'!*%!
F3)%&1'1<! /! 9#%! -#! .(5&$,'1$'! %-! (C1! ,(/'&! 9#%! %3! *%! E%+$3/<! 1(*(!
$,.$*%!9#%!-%!+(-%!+'1!-#!(,(*(6!:'3'!9#%*(!3(!+#%-5$P1!*%3!1',;&%<!
9#%!@Å%1*'3%1!1'!.#%*%!*%[(&!.(-(&6!:%!-(;%!9#%!%3!1$g'!.%&*$*'!-%!
33(,(;(! +','! -#! .(*&%<! .%&'! 1(*$%! 3'! &%+#%&*(! 5(,.'+'6! E','! %&(!
)%1%&(3<!p'01!+'1-#35(!%3!K3#%!K''o<!%3!&%)$-5&'!*'1*%!(.(&%+%!5'*(!3(!
-'+$%*(*<!/!*%-+#;&%!9#%!-%!33(,(!7&1%-5'6!E#(1*'!3(*/!K&(+o1%33!3%!
(+#-(!*%!;(1(3$*(*<!>3!&%-.'1*%r!`F3!+'15&(&$'<!58(!F#)#-5(<!(0'&(!,%!
*'/!+#%15(<!.'&!.&$,%&(!G%d!%1!,$!G$*(<!*%!3(!B'&,(3!$,.'&5(1+$(!*%!
33(,(&-%!7&1%-5'a!uJ$3*%!VUUVr!TXSv6!
7-5(!B&(-%!9#%!+$%&&(!3(!';&(<!%-%!`;%$1)!7(&1%-5a!9#%!-%!3%%!%1!%3!'&$2
)$1(3<![#%)(!'5&(!G%d!+'1!%3!*';3%!-%15$*'6!i(+%!%G$*%15%!3(!$,.'&5(12

VTV!!
+$(! *%! -%&! 7&1%-5'<! .'&9#%! *%! '5&'! ,'*'! 1'! 0(;&8(! ;'*(6! F3! ,$-,'!
5$%,.'<!3(!*%!-%&!-%&$'!.(&(!B'&,(&!.(&5%!*%!3(!(35(!-'+$%*(*6!7-!*%+$&<!
-%&! &%+5'<! 0'1%-5'! /! &%-.%5(&! 3(-! 1'&,(-6! :(3G'! 9#%! /(! 0%,'-! G$-5'!
+P,'!*%!-%&$(!/!*%!0'1%-5(!%-!%-(!(35(!-'+$%*(*6!:$!0(/!*$1%&'!.#%*%!
+',.&(&-%! #1! -$5$'<! /! -$! 3(-! ,%15$&(-! -'1! 3'! ;(-5(15%! +'1G$1+%15%-!
.#%*%!0(+%&-%!3'!9#%!-%!9#$%&(6!J$3*%!3'!-(;%!.'&!%I.%&$%1+$(6!\%-#32
5(!$&P1$+'!+P,'!(+#-(!(!3(!-'+$%*(*!G$+5'&$(1(!*%!0$.'+&%-8(!+#(1*'!
>3!,$-,'!33%G(!#1(!*';3%!G$*(!,#+0'!,4-!.%3$)&'-(!*%!3'!9#%!.(&%+%!
-%&!+'1-+$%15%6!D&$,%&'!-#-!3')&'-! (+(*>,$+'-! /! ,4-! 5(&*%! -#!>I$5'!
3$5%&(&$'!3%!0(1!(.'&5(*'!#1!3#)(&!%1!3(!;#%1(!-'+$%*(*<!.%&'!-$%,.&%!
0(!-$*'!#1!%3%,%15'!%I5&(g'!-$5#(*'!%1!-#-!38,$5%-6!:#!%-5$3'!(3!G%-5$&<!
%3! $1)%1$'! *%! -#-! (B$&,(+$'1%-<! -#! )#-5'! .'&! 3(-! .(&(*'[(-! /! .'&! %3!
%-+41*(3'<!0(+%1!9#%!,#+0'-!3%!(*,$&%1!/!G%(1!%1!>3!#1!(&5$-5(!9#%!
*$-B&#5(! ,'-5&(1*'! 3'! (&;$5&(&$'! *%! 3(-! +'1G%1+$'1%-<! .%&'! 5(,;$>1!
*%-.$%&5(!%3!*%-.&%+$'!*%!3'-!-%+5'&%-!,4-!+'1-%&G(*'&%-<!9#%!3%!G%1!
+','!#1(!(,%1(d(!(!3(!,'&(36!
73!.&';3%,(!1'!-%!3$,$5(!(!%-'6!J$3*%!.'*&8(!0(;%&!G$G$*'!%15&%!(.&%2
+$'-!/!*%-.&%+$'-!-$1!,#+0'!.&';3%,(<!-$%,.&%!/!+#(1*'!.#*$%&(!-%2
)#$&! %-+&$;$%1*'6! W'! 9#%! +(#-(&4! -#! *%-)&(+$(! %-! 9#%! >3! 5(,;$>1!
)#(&*(!#1!-%+&%5'!9#%!-%!0(&4!.C;3$+'r!%-!-'*',$5(6!7-'!1'!-$)1$B$+(!
9#%! -#! ,(5&$,'1$'! B#%&(! .'&! +'1G%1$%1+$(! '! 3'! #5$3$d(&(! +','! #1(!
+'&5$1(! *%! 0#,'! .(&(! *%-0(+%&! 3'-! &#,'&%-! 9#%! +'&&8(1<! *%-*%! -#!
[#G%15#*<! -';&%! -#! -%I#(3$*(*6! W(-! +(&5(-! 9#%! 3%! *$&$)%! (! -#! ,#[%&!
*%,#%-5&(1!#1!(,'&!.&'B#1*'!/!-$1+%&'!/<!(!.%-(&!*%!-#-!(#-%1+$(-<!
-$%,.&%! B#%! #1! ;#%1! .(*&%! .(&(! -#-! 0$['-6! D%&'! 3(! (5&(++$P1! .'&! -#!
,$-,'! -%I'! %-54! -$%,.&%! .&%-%15%6! 7-! ,#/! .&';(;3%! 9#%! -#! (,$)'!
\';%&5! \'--! -%(! -#! .&$,%&! (,(15%! G(&P1<! %1! 5'&1'! (! RYYX6! D%&'! %-!
3'&*!F3B&%*!H'#)3(-<!K'-$%<!9#$%1!5%&,$1(!.'&! *%-%1+(*%1(&!-#-!*%2
-%'-6!
:%!+'1'+%1!(!,%*$(*'-!*%!RYQR<!.'&!,%*$(+$P1!*%!#1!(,$)'!+',C1<!
W$'1%3! p'01-'1<! .%&'! 1'! %-! 0(-5(! ,(/'! *%3! (g'! -$)#$%15%! +#(1*'! -%!
%1+(.&$+0(1!%3!#1'!+'1!%3!'5&'6!K'-$%!%-!#1!%-5#*$(15%!*%!]IB'&*!+'1!
(-.$&(+$'1%-! +','! .'%5(<! ['G%1<! )#(.'! /! (&$-5'+&45$+'6! =$%1%! 5'*(-!
3(-! +(&(+5%&8-5$+(-! .(&(! $,.&%-$'1(&! (! J$3*%<! 9#%! 9#%*(! .&%1*(*'!
+'1!>36!D'&!-#!.(&5%<!K'-$%!0(!3%8*'! 73!&%5&(5'!*%!H'&$(1!@&(/<!/!G%!%1!
%3!(#5'&!*%!5&%$15(!/!'+0'!(g'-!5(15'!#1!&%B%&%15%!(&58-5$+'!+','!#1(!
B$)#&(!.(5%&1(6!:#!0%&,(1'!,(/'&<!j&(1+$-<!3%-!.'1%!%1!+'15(+5'!.(&(!

! VTS!
9#%!J$3*%!(/#*%!(!K'-$%!+'1!+$%&5(-!.%&-'1(-!9#%!3%!%-541!0(+$%1*'!
+0(15([%6!73!&',(1+%!%15&%!(,;'-! %-! (&*$%15%6! F#19#%!%3! -%I'! *#&(!
.'+'!5$%,.'<!,(15$%1%1!#1!(,'&!5'&,%15'-'! 9#%!*#&(&4!+(-$!%3!&%2
-5'!*%!3(!G$*(!*%!J$3*%6!71!RYQS<!3(-!';&(-!*%!5%(5&'!3%!&%.'&5(1!(3&%2
*%*'&!*%!#1(-!+$%1!3$;&(-!-%,(1(3%-<!/!*$3(.$*(!%-(!.%9#%g(!B'&5#1(!
%1!,(3+&$(&!(3!+(.&$+0'-'!K'-$%6!:%!*%[(1!G%&!%1!3'-!&%-5(#&(15%-!/!%1!
3'-!+3#;-!+'1!+$%&5'!*%-+(&'<!%1!%-.%+$(3!.'&!.(&5%!*%3!,#+0(+0'<!9#%!
5$%1%!5%1*%1+$(!(!,'15(&!%-+%1(-!%1!.C;3$+'6!
"#%! -#! &%3(+$P1! *%[%! *%! 3(*'! %3! -%I'! %15&%! %33'-! 1'! -$)1$B$+(! 9#%! 1'!
0(/(!-%I'!*%!1$1)C1!5$.'6!K'-$%!$15&'*#+%!(!J$3*%!%1!3'-!+8&+#3'-!*%!
+0(.%&'-! *%! +3(-%! ;([(<! (! 9#$%1%-! +'1'+%&8(<! 0(&8(! (3)C1! &%)(3'! ?
+','!#1(!.$5$33%&(<!9#%!.(&%+%!-%&!%3!,4-!0(;$5#(3?!33%G(&8(!(!+%1(&!/!
*%-.#>-!(!#1(!0(;$5(+$P1!*%!0'5%36!71!,#+0(-!'+(-$'1%-!%3!%1+#%15&'!
$1$+$(3!-%!0(&8(!%1!+(-(!*%!F3B&%*!=(/3'&<!%1!j$5d&'/!:9#(&%6!F!*$B%&%12
+$(!*%!3'!9#%!'+#&&%!+'1!K'-$%!'!+'1!\'--<!3(!+',.(g8(!*%!%-5'-!0',2
;&%-!-'3'!5$%1%!#1!+(&4+5%&!-%I#(36!W(!&%3(+$P1!+'1!K'-$%<!.'&!%3!+'12
5&(&$'<! 5$%1%! (3)'! *%! -'+&45$+'6! ]-+(&! 3%! (,(! .'&! -#! B8-$+'<! .%&'!
5(,;$>1!%[%&+%!+','!.(*&%<!,(%-5&'!/!.&'5%+5'&6!F*%,4-<!K'-$%!%12
+(&1(! #1(! B$)#&(! .&'.$(! *%! -#-! 5%I5'-! 9#%! %-! %G$*%15%! %1! H'&$(1!
@&(/r!%3!5&($*'&!.'-$;3%6!D(&5%!*%!-#!(5&(+5$G'!&%-$*%!%1!3(!.'-$;$3$*(*!
*%!9#%!3%!5&($+$'1%<!*%!9#%!3%!*%-5&#/(6!N'!-'.'&5(!-#-!(&&%;(5'-<!G%&2
3%! 5(1! )&$%)'! ?(#19#%! 3(! 0á;&$-! %-<! %1! +$%&5'! -%15$*'<! .'+'! )&$%)(?<!
.%&'!%-(!B(+%5(!*%-,%-#&(*(! %-!5(1! -%*#+5'&(!+','!5%&&$;3%6! 71! H%!
.&'B#1*$-!.'*%,'-!3%%&r!!
7&(!+','!*(&-%!#1!;(19#%5%!+'1!.(15%&(-6!73!.%3$)&'!%&(!3(!,$5(*!*%!
3(!%,'+$P16!:'38(!-%15$&,%!+','!*%;%!-%15$&-%!%3!%1+(15(*'&!*%!-%&2
.$%15%-!+#(1*'!5$%15(!(!3(!+';&(!(!(3d(&-%!*%!3(!5%3(!.$15(*(!'!%3!+%-5'!
*%![#15'!9#%!3(!+'15$%1%<!/!3%!0(+%!*%-.3%)(&!3(!+(.#+0(!(!-#!,(1*(5'<!
/!,%+%&-%!0(+$(!*%3(15%!/!0(+$(!(5&4-!%1!%3!($&%!+','!-%!,%+%!&%.'-(2
*(,%15%!#1(!.3(15(!%1!#1!(&&'33'6!!
!
O5! Å(-! 3$o%! B%(-5$1)! Å$50! .(150%&-6! =0%! *(1)%&! Å(-! 0(3B! 50%! %I+$5%2
,%156!O!#-%*!5'!B%%3!(-!50%!-1(o%2+0(&,%&!,#-5!B%%3!Å0%1!0%!3#&%-!50%!
+';&(!5'!-5$&!B&',!50%!.($15%*!+3'50!'&!&%%*2;(-o%5!50(5!0'3*-!$5<!(1*!
,(o%-!$5!-.&%(*!$5-!0''*!(5!0$-!;$**$1)<!(1*!-Å(/!5'!(1*!B&'!$1!50%!($&!
(-!(!.3(15!-Å(/-!&%-5B#33/!$1!(!-5&%(,.]!uJ$3*%!VURUr!RRYUv

E'1!%-(-!.(15%&(-!-%!&%B$%&%!(! 3'-! ,#+0(+0'-!(! 9#$%1%-!.()(;(!.'&!


-#!-%I'<!9#%!B'&,(1!.(&5%!*%3!-#;,#1*'!0','-%I#(3!G$+5'&$(1'<!33%2
VTZ!!
1'!*%!%-5(B(*'&%-!/!*%3$1+#%15%-6!D%&'!3(!.%3$)&'-$*(*!9#%!,%1+$'1(!
5(,;$>1! %-54! %1! %3! .&'.$'! K'-$%<! 5(1! 5%,.%&(,%15(3! /! 9#%! %1! +#(32
9#$%&!,',%15'!.#%*%!33%G(&3%!(!3(!&#$1(6!73!,#+0(+0'!5$%1%!0(+$(!>3!
-%15$,$%15'-! %1+'15&(*'-6! D'&! #1! 3(*'! %-54! 3(! (*,$&(+$P1! 0(+$(! %3!
(#5'&!+'1-()&(*'!9#%<!(3!,$-,'!5$%,.'<!.(-(!.'&!%1+$,(!*%!3(-!+'12
G%1+$'1%-! +','! -$! 1'! B#%&(1! +'1! >36! D'&! %3! '5&'<! %3! *%-.&%+$'! 0(+$(!
(3)#$%1!9#%!%-!(!5'*(-!3#+%-!-#.%&$'&!(!>3<!(3!,%1'-!%1!3'!(&58-5$+'!%!
$15%3%+5#(3<!/!9#%!3%!0(+%!G%&!-#-!.&'.$(-!3$,$5(+$'1%-6!"#%&&8(!33%)(&!
(!-%&!+','!>3<!.%&'!%-!+'1-+$%15%!*%!9#%!1#1+(!3')&(&4!-#!.&'.P-$5'6!
D'&!%-'!3%!'*$(6!F*%,4-<!%1!-#-!,',%15'-!*%!*%-.%+0'<!-%!*%-.$%&5(!
%1! K'-$%! %3! (#5>15$+'! %-.8&$5#! (&$-5'+&45$+'<! %3! -%15$,$%15'! *%! >3$5%!
9#%!1'!&%+'1'+%!(!J$3*%!%15&%!3'-!-#/'-<!.'&!,#+0'!>I$5'!9#%!.#*$%2
&(!%-5%!3')&(&6!:#!B(,$3$(!%-!$&3(1*%-(!/!.&'B%-$'1(3<!%-54!(!#1!,#1*'!
*%!3(!1';3%d(!$1)3%-(6!D#%*%!*%-5&#$&3%!-$!3'!*%-%(<!(08!&(*$+(!-#!.(&%2
+$*'!+'1!H'&$(1!@&(/6!
7-!+$%&5'!9#%!3(!B(,$3$(!H'#)3(-!5$%1%!.&';3%,(-<!.%&'!5(,;$>1!3'!%-!
9#%!K'-$%!%-!#1!1$g'!,(3+&$(*'!9#%!1'!-(;%!(.&%+$(&!%3!G(3'&!*%3!*$2
1%&'6!D'&!%-'!3'!9#%,(1!-$1!.%1-(&6!71!%-%!-%15$*'<!J$3*%!(+5C(!+'2
,'!#1!.(*&%!+'1-%15$*'&<!5'*'!3'!+'15&(&$'!9#%!-#!G%&*(*%&'!.(*&%<!
%3!,(&9#>-!*%!"#%%1-;%&&/6!:%!5&(5(!*%!#1!0',;&%!-%&$'!%!$&(-+$;3%<!
*$B8+$3!*%!5&(5(&!.'&!-#!B&(19#%d(!/!3(!B#%&d(!*%!-#!+(&4+5%&6!N'!%-!*%!
%I5&(g(&!9#%!3(-!.%3%(-!+'1!K'-$%!-%(1!5(1!+'15$1#(-!+','!;&#5(3%-6!
]-+(&!-%!G%!%1&%*(*'!%1!#1(-!*$-.#5(-!9#%!G$%1%1!*%!3%['-!/!9#%!1(2
*(! 5$%1%1! 9#%! G%&! +'1! >3<! -(3G'! 9#%! 3'&*! "#%%1-;%&&/! G%! %1! >3! (! 3(!
-%&.$%15%!9#%!+'&&',.%!(!-#!0$['<!/!*%;%!*%5%1%&3'6!K'-$%!%-!%3!+(#2
-(15%!$1*$&%+5'!*%!-#!+(8*(6!
F0'&(! ;$%1<! 1'! -%&8(! [#-5'! .%1-(&! %1! 3'&*! "#%%1-;%&&/! +','! #1!
*>-.'5(! %,.%+$1(*'! %1! &',.%&! #1! $*$3$'<! /! %1! J$3*%! /! K'-$%! +','!
-#-! G8+5$,(-! $1'+%15%-6! W'! +$%&5'! %-! 9#%! 3(! (+5$5#*! .C;3$+(! *%! 3'-!
(,(15%-!G(!*%!3'!*%-+(&(*'!(!3'!*$&%+5(,%15%!$1-%1-(5'<!,4-!(C1!-$!
5%1%,'-!%1!+#%15(!3'-!.&$1+$.$'-!*%!*%+%1+$(!9#%!$,.%&(1!%1!3(!-'2
+$%*(*! G$+5'&$(1(6! W'-! &#,'&%-! -'1! +'1-5(15%-! /! 33%)(1! (! '8*'-! *%3!
,(&9#>-<! 9#%! $15%15(! .(&(&3'-! (! 5'*(! +'-5(6! O1-5(! (! -#! 0$['! (! 9#%!
(;(1*'1%!*%!$1,%*$(5'!%3!5&(5'!+'1!J$3*%<!3%!(,%1(d(!+'1!*%-0%&%2
*(&3'! /!%1![#1$'!*%!RYQZ! -%! .&%-%15(!%1! +(-(!*%3! %-+&$5'&<!-$1!+$5(! /!
(+',.(g(*'!.'&!#1!,(5P1<!.(&(!.&%-$'1(&3%!%1!3(!,$-,(!*$&%++$P16!
D%&'!.'&!&%-.#%-5(!&%+$;%1!#1!+',%15(&$'!$1)%1$'-'<!3(!(,%1(d(!*%!

! VTT!
&%+$;$&!#1!;(3(d'!/!3(!.&'0$;$+$P1!*%!G'3G%&!(!%15&(&!%1!(9#%33(!+(-(6!
F!.(&5$&!*%!%-%!,',%15'<!%3!,(&9#>-!.'1%!5'*'-!3'-!,%*$'-!(!-#!(32
+(1+%!.(&(!-%.(&(&3%-<!(#19#%!%-'!$,.3$9#%!0(+%&!(+#-(+$'1%-!.C;3$2
+(-6!"#%%1-;%&&/!%-!#1!.%&-'1([%!G$3<!.%&'!9#$%&%!-(3G(&!(!-#!0$['<!%1!
%3!,%['&!*%!3'-!+(-'-<!*%!3(!*%-0'1&(!/<!%1!%3!.%'&<!*%!3(!+4&+%36!
W(!,#%&5%!*%!-#!0$['!,(/'&<!j&(1+$-<!G$d+'1*%!*%!H&#,3(1&$)<!(g(*%!
#1(!1#%G(!+(.(!*%!.&%'+#.(+$P1!/!,(3(! ;(;(!(3! (-#15'6!71! '+5#;&%!
*%!%-%!,$-,'!(g'<!+(%!%1!3'!9#%!-%!+'1-$*%&(!#1!(++$*%15%!*%!+(d(6!
:$1! %,;(&)'<! %I$-5%1! *#*(-! &(d'1(;3%-<! /! -%! -'-.%+0(! 9#%! .#%*(!
0(;%&! -$*'! #1! -#$+$*$'! '<! (#19#%! %-! ,%1'-! .&';(;3%<! #1! (-%-$1(5'6!
W(-!+(#-(-!*%!3(!5&()%*$(!%-5(&8(1!%1!%3!&',(1+%!9#%!0(;&8(!,(15%2
1$*'!+'1!%3!%15'1+%-!.&$,%&!,$1$-5&'<!F&+0$;(3*!D&$,&'-%<!+'1*%!*%!
\'-%;%&/<!*%!9#$%1!-%!&#,'&%(!9#%!%-!0','-%I#(3!'!;$-%I#(36!D(&%+%!
-%1-(5'! 9#%! 3'&*! "#%%1-;%&&/! 1'! 9#$%&(! .%&*%&! (! '5&'! 0$['! .'&! 3(!
,$-,(!+(#-(6!W(!1'+0%!*%3!RZ!*%!B%;&%&'!*%!RYQT!-%!%-5&%1(! W(!$,2
.'&5(1+$(!*%!33(,(&-%!7&1%-5'! %1! %3!:56!p(,%-z-! =0%(5&%!*%!W'1*&%-6!
F338!(+#*%!%3!,(&9#>-!+'1!%3!B$1!*%!3(1d(&3%!(!J$3*%!#1!&(,'!*%!G%&2
*#&(-!.'*&$*(-!+#(1*'!-(3)(!(3!%-+%1(&$'<!.%&'!(3)#$%1!(G$-(!(3!(#5'&!
/!3(!.'3$+8(!3%!$,.$*%!3(!%15&(*(6!73!5&$#1B'!*%!3(!';&(!%-!(&&'33(*'&6!
:'3'!#1'-!*8(-!,4-!5(&*%<!"#%%1-;%&&/!(+#*%!(3!+3#;!F3;%,(&3%<!*%3!
9#%!J$3*%!%-!-'+$'<!/!%1!&%+%.+$P1!3%!*%[(!#1(!5(&[%5(!*%!G$-$5(!%1!3(!
9#%! %-+&$;%! (! ,(1'r! `D(&(! ]-+(&! J$3*%<! 9#%! (3(&*%(! *%! -'*',$5(a!
uj'&! ]-+(&! J$3*%<! .'-$1)! -',*',$5%! -$+Äv6! 7-%! `.'-$1)a! %-! $,.'&2
5(15%<!.'&9#%! 3(! (+#-(+$P1! 1'! %-! *%! -'*',8(<! -$1'! *%! -#! (.(&$%1+$(6!
W'&*!"#%%1-;%&&/!1'!-%!(5&%G%!?'!1'!3%!0(+%!B(35(?!(!(+#-(&!(!J$3*%!
*%!-%&!#1!-'*',$5(<!-$1'!9#%!3(!;(-5(!+'1!9#%!(+5C%!+','!5(36!71!#1(!
-'+$%*(*!%1!3(!9#%!%3!*%+'&'<!3(!&%-.%5(;$3$*(*!/!3(-!;#%1(-!(.(&$%12
+$(-! -'1! 3'-! .$3(&%-! *%! +(&)(<! 0(+%&-%! .(-(&! .'&! 0','-%I#(3! %-! 5(1!
,(3'!+','!-%&3'<!'!9#$d4!,4-6!7-!3'!9#%!'+#&&%!+#(1*'!3'-!-%+&%5'-!
5#&;$'-!1'!-'1!5(1!-%+&%5'-6!J$3*%!5(&*(!,4-!*%!#1(!-%,(1(!%1!G$-$2
5(&!%3!+3#;!/!&%+')%&!3(!5(&[%5(<!9#%!%3!&%+%.+$'1$-5(!0(!,%5$*'!%1!#1!
-';&%!(3!+',.&';(&!3'! %-+(1*(3'-'! *%3! 5%I5'6! D'*%,'-! $,()$1(&1'-!
3(!&%(++$P1!*%3!*&(,(5#&)'!(3!.%&+(5(&-%!*%!9#%!%3!+'1B3$+5'!%15&%!K'2
-$%!/!-#!.(*&%!3(!0(!%-5(33(*'!%1!3(!+(&(6!f(!1'!%-!#1!(-#15'!.&$G(*'<!
-$1'!9#%!.#%*%!*%-5&#$&!-#!1',;&%<!-#!B(,$3$(!/!-#!+(&&%&(!+','!(#2
5'&6!D$%1-(!%1!0#$&!(!j&(1+$(!-$)#$%1*'!%3!+'1-%['!*%!\';;$%!\'--<!.%2
&'! K'-$%! $1-$-5%! %1! 9#%! 3(! C1$+(! -(3$*(! %-! $&! (! [#$+$'6! 73! *(g'! %-54!

VTX!!
0%+0'<!-%(!+#(3!-%(!3(!*%+$-$P1!9#%!5',%6!:$!*%[(!.(-(&!%3!(-#15'<!-#!
&%.#5(+$P1!9#%*(&4!&%*#+$*(!(!3(!1(*(<!.#%-5'!9#%!3(!(+#-(+$P1!-%&4!
1'5'&$(! ,#/! .&'15'6! :$! (+#*%! (! 3'-! 5&$;#1(3%-<! %3! ,(&9#>-! .'*&4!
(.'&5(&!.&#%;(-!*%!9#%!-#!(B$&,(+$P1!%-!G%&*(*%&(<!3'!9#%!3%!%I$,$&2
8(! *%! +#3.(6! F3! B$1(3<! 3(! '.$1$P1! *%! \'--! 5$%1%! ,%1'-! .%-'! 9#%! 3(! *%!
K'-$%<!/!J$3*%!*%1#1+$(!(!"#%%1-;%&&/!.'&!*$B(,(+$P16!73!(&&%-5'!-%!
.&'*#+%!%3!V!*%!,(&d'6!
73!*8(!S!*%!(;&$3!*%!RYQT!%,.$%d(!%3!9#%!.#%*%!-%&!%3!.&'+%-'![#*$+$(3!
,4-!,%*$45$+'!*%3!-$)3'! AOA6!=(15'!%3!.C;3$+'!)%1%&(3!+','!3'-!.%&$'2
*$-5(-!%-541!(1-$'-'-!.'&!+'1'+%&!%3!&%-#35(*'!*%!#1!3$5$)$'!%1!%3!9#%!
%-541!$1G'3#+&(*'-!#1'!*%!3'-!*&(,(5#&)'-!,4-!+>3%;&%-!*%3!,',%12
5'!/!5'*'!#1!3'&*6!H%-*%!%3!.&$,%&!,',%15'!-%!0(+%!.(5%15%!9#%!3'-!
+',%15(&$'-!$1)%1$'-'-!*%!J$3*%!1'!-'1!;$%1!&%+$;$*'-!.'&!.(&5%!*%3!
[#%d<!(#19#%!(3!.C;3$+'!-8!3%!0(+%1!)&(+$(6!73!.&$,%&'!%1!$15%&&')(&3%!
%-!%3!(;')(*'!*%!3(!(+#-(+$P1<!-$&!7*Å(&*!E3(&o%<!#1!(;')(*'!815%)&'!
9#%! -'3'! (+%.5(! &%.&%-%15(&! 3'-! $15%&%-%-! *%! J$3*%! *%-.#>-! *%! 9#%!
%-5%! 3%! (-%)#&%! 9#%! 1'! %I$-5%! 1$1)#1(! ;(-%! %1! 3(! (B$&,(+$P1! *%! 9#%!
(3(&*%(!*%!-'*',$5(6!D&%5%1*%!*(&!*%!>3!#1(!$,()%1!*%!#1!+(;(33%&'!
B'&,(3! %! $1-5&#$*'<! ,(&$*'! %[%,.3(&! /! .(*&%! (,(158-$,'6! H(! )&(1!
$,.'&5(1+$(! (3! 0%+0'! *%! 9#%! 3(-! $1-$1#(+$'1%-! *%! 3'&*! "#%%1-;%&&/!
1'!-'1!%1!5'&1'!(3!*%3$5'!%1!-8<! -$1'!-#!(.(&$%1+$(6!H%-5(+(!3(! ;#%1(!
&%3(+$P1!9#%!,(15$%1%!J$3*%!+'1!5'*(!3(!B(,$3$(!H'#)3(-!-(3G'!%3!.(2
*&%<!(#19#%!3'-!*'-!0(;8(1!+',.(&5$*'!,%-(!%1!(3)#1(!'+(-$P16!
=(,;$>1!-(+(!(!&%3#+$&!#1!%.$-'*$'!'+#&&$*'!%1!RYQS<!+#(1*'!F3B&%*!
J''*!(+#*%!(!>3!.(&(!$1B'&,(&3%!*%!9#%!5$%1%!#1(-!+(&5(-!-#/(-!*$&$2
)$*(-!(!K'-$%<!.(&(!G%&!-$!3%!*(&8(!(!+(,;$'!*%!%33(-!(3)'!*%!*$1%&'!+'1!
%3!9#%!.'*%&!%,$)&(&!(!7-5(*'-!^1$*'-6!J''*!3%!%15&%)(!5&%-!+(&5(-<!
J$3*%! -%! (.$(*(! *%! >3! /! 3%! *(! 9#$1+%! 3$;&(-! .(&(! %3! .(-([%! *%! ;(&+'6!
=$%,.'!*%-.#>-<!K%%&;'0,!=&%%!3%!0(+%!33%)(&!#1(!+'.$(!*%!'5&(!+(&2
5(<!+#/'!'&$)$1(3!3%!33%G(&4!J$33$(,!F33%1!(!-#!+(-(6!J$3*%!3%!*$+%!9#%!
%-!#1(!`0%&,'-(!+(&5(a<!.%&'!9#%!/(!5$%1%!#1(!+'.$(<!.'&!3'!9#%!1'!3%!
*(&4!1(*(6!F33%1!-%!G(!+'1!%33(<!.%&'!J$3*%!3%!*(!#1!-';%&(1'!.'&!3(-!
,'3%-5$(-6!71!-%)#$*(!(.(&%+%!\';%&5!E3$;#&1!.(&(!*%+$&3%!9#%!F33%1!
3%!%1G8(!3(!+(&5(!.'&!-#!(,(;$3$*(*!/<!(#19#%!1'!3%!.$*%!1(*(<!&%+$;%!
5(,;$>1! #1! -';%&(1'6!7-(! +(&5(<! +#/(! 1(5#&(3%d(! .'*&8(! .(&%+%&! $12
+&$,$1(5'&$(<!%&(!%1!&%(3$*(*!#1(!G%&-$P1!%1!.&'-(!*%!#1!-'1%5'!9#%!
(.(&%+%&8(!,4-!5(&*%<!5&(*#+$*'! (3!B&(1+>-<!%1! =0%!:.$&$5!W(,;<!#1(!

! VTL!
&%G$-5(! *$&$)$*(! .'&! K'-$%6! E3(&o%! -%! %-B#%&d(! %1! 0(+%&! G%&! 9#%! 3(-!
B'&,(-!*%!%-(!+(&5(!1'!*%-%15'1(1!+'1! 3'! 9#%!+(;&8(!%-.%&(&! *%! #1!
.'%5(!*%!B#%&5%-!$1+3$1(+$'1%-!%-5>5$+(-<!(#19#%!.'*&8(!.(&%+%&!'5&(!
+'-(!-$!%-5'!1'!-%!5#G$%&(!%1!+#%15(6!W%!.&%)#15(!.'&!-#!';&(!3$5%&(&$(!
/!.'&!'5&'-!(+'15%+$,$%15'-!*%!-#!G$*(6!
71! +#(15'! %,.$%d(! (! 0(;3(&! 7*Å(&*! E(&-'1<! %3! (;')(*'! *%B%1-'&<!
9#%*(!+3(&'!9#%!(+#*$&!(!3'-!5&$;#1(3%-!0(!-$*'!#1!%&&'&6!:#!%-5&(5%2
)$(!%-!,'-5&(&!(!J$3*%!+','!#1!+'&&#.5'<!(#5'&!*%!';&(-!$1,'&(3%-<!
9#%!.%&G$%&5%!(3!['G%1!%!$1'+%15%!3'&*! F3B&%*! H'#)3(-!/! B'&,(!.(&5%!
*%!#1!+8&+#3'!*%!+'&&#.+$P1!%1!%3!9#%<!,%*$(15%!3(!,%*$(+$P1!*%!F32
B&%*!=(/3'&<!-%!(;#-(!*%!,#+0(+0'-!.';&%-! /!-$1!B'&,(+$P16! W'!.&$2
,%&'!9#%!0(+%!1'5(&!%-!9#%!J$3*%!0(!(B$&,(*'!5%1%&!5&%$15(!/!1#%G%!
(g'-<!+#(1*'!0(!.(-(*'!3'-!+#(&%15(6!:$!0(!,%15$*'!%1!(3)'!5(1!5&$G$(3!
+','!-#!%*(*<!1'!+(;%!*#*(!*%!9#%!.#%*%!0(;%&!,%15$*'!%1!(-#15'-!
,4-!-%&$'-6!73!.&$,%&!*8(!3'!*%*$+(!(!$15%&&')(&3%!-';&%!-#!';&(!/!-#-!
'.$1$'1%-! (&58-5$+(-6! W%! .&%)#15(! .'&! -#! &%3(+$P1! +'1! 3(! &%G$-5(! =0%!
E0(,%3%'1!u73!+(,(3%P1v<!%1!3(!9#%!.#;3$+(!#1(-!`j&(-%-!/!B$3'-'B8(-!
.(&(!#-'!*%!3'-![PG%1%-a<!.%&'!%1!3(!9#%!5(,;$>1!(.(&%+%!%3!&%3(5'! 73!
-(+%&*'5%!/!%3!(+P3$5'<!*%!p'01!j&(1+$-!K3'I(,6!71!%-%!+#%15'!-%!*%-2
+&$;%!%3!(,'&!B(5(3!%15&%!3'-!*'-!.%&-'1([%-!9#%!3%!*(1!585#3'<!/!E(&2
-'1!1'!*#*(!%1!*%B$1$&3'!+','!$1,'&(36!
J$3*%!*%B$%1*%!9#%!%3!F&5%!1'!%-!,'&(3!'!$1,'&(3<!-$1'!;#%1'!'!,(3'<!
/!9#%!-#!+(3$*(*!-'3'!*%.%1*%!*%!-#-!+(&(+5%&8-5$+(-!%-5$38-5$+(-<!1'!*%!
9#%!5&(1-,$5(!#1!,%1-([%!*%!1$1)C1!5$.'6!7-%!&%3(5'!%1!.(&5$+#3(&!3%!
.(&%+%!,(3'<!/!-#!%[%+#+$P1<!.';&%6!=(,;$>1!*$+%!0(;%&-%!.#%-5'!%1!
+'15(+5'!+'1!%3!%*$5'&!(3!G%&!9#%!-#-!(B'&$-,'-!(.(&%+8(1!%1!%3!,$-2
,'!G'3#,%1!9#%!%-%!&%3(5'<!.(&(!$1B'&,(&3%!*%!9#%!3%!.(&%+%!&%.#)2
1(15%6!W(!*%B%1-(!*%3!F&5%!.'&!%3!F&5%!%-!3(!,$-,(!9#%!(.(&%+%!%1!3(!
$15&'*#++$P1! (! H'&$(1! @&(/<! /! E(&-'1! -%g(3(! 3(-! -$,$3$5#*%-! %15&%!
(,;(-!';&(-6!F-%)#&(!9#%!#1!($&%!-'*',85$+'!$,.&%)1(!5'*(!3(!1'G%2
3(!/!9#%!3(!&%3(+$P1!%15&%!3'&*!i%1&/!J'55'1!/!H'&$(1!@&(/!%-!#1!&%2
B3%['!*%3!G81+#3'!&%(3!%15&%!J$3*%!/!K'-$%r!#1(!$1$+$(+$P1!(3!,#1*'!*%3!
G$+$'!.'&!.(&5%!*%!#1!0',;&%!,(/'&!(!#1!['G%1!$1'+%15%6!7-5%!(&)#2
,%15'! 1'! -'3'! -$&G%! .(&(! .&%-%15(&! (! J$3*%! +','! #1(! %-.%+$%! *%!
-45$&'! *%3! 9#%! 3'&*! "#%%1-;%&&/! 0(! *%! .&'5%)%&! (! -#! 0$['<! -$1'! 9#%<!
(*%,4-<! %I+#3.(! (3! ['G%1! *%! 5'*(! B(35(6! :$1! %,;(&)'<! .'&! 3'! 9#%! -%!

VTY!!
*%-.&%1*%! *%! 3(! +'&&%-.'1*%1+$(! %15&%! 3'-! (,(15%-<! .(&%+%! 9#%! %3!
.(.%3!*%!+'&&#.5'&!3'!&%.&%-%15(!%3!,#+0(+0'!/!J$3*%!%-!3(!G8+5$,(6!
73!(3%)(5'!*%!E(&-'1!%-!*%,'3%*'&!1'!-'3'!.'&!3'!(+%&5(*'!*%!-#!(142
3$-$-!3$5%&(&$'<!1$!-$9#$%&(!.'&9#%!.'1)(!%1!%G$*%1+$(!3'!.%&%)&$1(!*%!
3(!%I.3$+(+$P1!9#%!*(!J$3*%!*%3!-#.#%-5'!.'%,(!%1!.&'-(!/!3(!B'&,(!
%1!3(!9#%!5&(5(!*%!0(+%&!.(-(&!#1!+0(15([%!?E3$;#&1!%-!#1!+0(15([$-5(!
1'5'&$'!/!+'1G$+5'?!.'&!'5&(!+'-(<!-$1'!9#%!*%,#%-5&(!9#%!3(-!(,$-2
5(*%-!9#%!,(15$%1%!+'1! [PG%1%-! %3!(#5'&!1'! 3'! -'1! 5(15'6! M15$,(-! -8!
-'1<!.%&'!1'!(,$-5(*%-6!W(!.&#%;(!*%!%33'!%-!3(!&%(++$P1!*%!J''*!(3!
%1+'15&(&!3(-!+(&5(-!*%!K'-$%!%1!#1(!+0(9#%5(!9#%!%-5%!3%!0(;8(!&%)(2
3(*'6!71!3#)(&!*%!*%G'3G>&-%3(-! (!-#! (,$)'! ]-+(&<! 3%! 0(+%!-(;%&!9#%!
3(-!5$%1%!/!J$3*%!(+#*%!(!#1!(;')(*'!.(&(!&%+#.%&(&3(-6!='*(!-#!%-2
5&(5%)$(!*%!3(!;'1*(*!/!3(!+(&$*(*!0(+$(!,#+0(+0'-!*%-B(G'&%+$*'-!-%!
G$%1%!(;(['6!D'&!1'!0(;3(&!*%!3'!$&P1$+'!9#%!&%-#35(!&'*%(&-%!*%!+0$2
+'-!-$1!B'&,(+$P1!/!(+#-(&!*%!%-1';$-,'!(!9#$%1%-!0(+%1!*$-5$1+$'2
1%-!%15&%!+3(-%-!-'+$(3%-<!+#(1*'!>3!,$-,'!%-!#1!%-1';6!
E#(1*'! E(&-'1! %,.$%d(! (! &%+$5(&! 3'-! 1',;&%-! *%! 3'-! +0(.%&'-! *$-2
.#%-5'-!(!*%+3(&(&!?+'(++$'1(*'-<!+3(&'?!+'15&(!J$3*%<!%-5%!&%5$&(!3'-!
+(&)'-!/!(+%.5(!#1!G%&%*$+5'!*%!1'!+#3.(;$3$*(*6!:#!%&&'&!.&$1+$.(3!0(!
-$*'!.%1-(&!9#%!3'&*!"#%%1-;%&&/! -%! 3$,$5(&8(! (! $15%15(&!*%,'-5&(&!
3(!1(5#&(3%d(!-'*',$5(!*%!-#!&%3(+$P1!+'1!K'-$%<!/!9#%!1'!%,.3%(&8(!
-#! B'&5#1(! /! (! 3'-! ,%['&%-! *%5%+5$G%-! .&$G(*'-! .(&(! -(+(&! (! &%3#+$&!
5'*(-!/!+(*(!#1(!*%!3(-!9#%!0(!,(15%1$*'!(!3'!3(&)'!*%!-#!G$*(6!F+%.2
5(&!-#!1'!+#3.(;$3$*(*!-$)1$B$+(!*'-!+'-(-r!&%+'1'+%&!9#%!3(!(+#-(+$P1!
*%!9#%!J$3*%!(+5C(!+','!#1!-'*',$5(!%-!G%&*(*%&(<!/!9#%!%-5(!(+#2
-(+$P1!-%!0(!0%+0'!.'&!%3!;$%1!.C;3$+'6!W(-!+'1-%+#%1+$(-!-'1!9#%!%3!
*%,(1*(15%! 0(! *%! .()(&! 3(-! +'-5(-! [#*$+$(3%-! /! 9#%! %3! 7-5(*'! (+5C(!
.'&!'B$+$'!+'15&(!>36!F3![#$+$'!.'&!$1[#&$(-!3%!-$)#%!#1'!.'&!-'*',8(!/!
+'1*#+5(!';-+%1(!%1!%3!9#%!%3![#&(*'!1'!(3+(1d(!1$1)#1(!&%-'3#+$P16!
:$1!%,;(&)'<!-%!3%!G#%3G%!(![#d)(&!/!%-5(!G%d!-%!3%!*%+3(&(!+#3.(;3%6!73!
[#%d!3%!(.3$+(!3(!-%15%1+$(!,4-!-%G%&(r!*'-!(g'-!*%!5&(;(['-!B'&d(*'-!
%1!3(!.&$-$P1!*%!\%(*$1)6!
W'-![#$+$'-!/!%3!%1+(&+%3(,$%15'!*%!J$3*%!-#.'1%1<!*%!(3)C1!,'*'<!3(!
+'1B$&,(+$P1! *%! -#! 5%'&8(! %-5>5$+(<! %I.#%-5(! %1! W(! *%+(*%1+$(! *%! 3(!
,%15$&(<! 9#%! *%B$%1*%! 9#%! 3(! N(5#&(3%d(! $,$5(! (3! F&5%6! 71! -#! (&)#2
,%15'!+'15&(!%3!1(5#&(3$-,'<!m$G$(1!3%!*$+%!(!E/&$3r!

! VTQ!
73! F&5%! +',$%1d(! +'1! 3(! *%+'&(+$P1! (;-5&(+5(<! +'1! #1! 5&(;(['! .#&(2
,%15%! $,()$1(5$G'! /! .3(+%15%&'! 9#%! ,(1%[(! 3'! $&&%(3! %! $1%I$-5%15%6!
7-%! %-! %3! .&$,%&! %-5(*$'6! 715'1+%-! 3(! m$*(! 9#%*(! B(-+$1(*(! .'&! %-5(!
1#%G(!,(&(G$33(!/!.$*%!%15&(*(!%1!%3!+8&+#3'!%1+(15(*'6!73!F&5%!5',(!
(!3(!m$*(!+','!.(&5%!*%!-#!,(5%&$(!;&#5(<!3(!&%+&%(!/!3(!&%,'*%3(!%1!
B'&,(-! $1>*$5(-<! %-! (;-'3#5(,%15%! $1*$B%&%15%! (! 3'-! 0%+0'-<! $1G%15(<!
$,()$1(<!-#%g(<!/!,(15$%1%! %15&%!-8!/!3(! &%(3$*(*!3(!;(&&%&(!$,.%1%2
5&(;3%!*%3!%-5$3'!;%33'<!*%3!5&(5(,$%15'!*%+'&(5$G'!%!$*%(36!73!5%&+%&!%-2
5(*$'! %-!+#(1*'!3(!m$*(!-%!(3d(!+'1! %3!.'*%&!/! %I.#3-(!(3!F&5%!(3!*%2
-$%&5'6! 7-(! %-! 3(! G%&*(*%&(! *%+(*%1+$(<! /! %-5'! %-! 3'! 9#%! (0'&(! 1'-!
(9#%[(6!uJ$3*%!VUUQr!SYv!

"#$%1%-<! +','! E(&-'1<! G%1! %1! H'&$(1! @&(/! #1! &%B3%['! *%! 3(! &%3(+$P1!
%15&%!J$3*%!/!K'-$%!-%!%9#$G'+(1!-'3'!%1!3(!*$&%++$P1!*%!-#!,$&(*(6!
7-!3(!&%(3$*(*!3(!9#%!*%G#%3G%!3(!$,()%1!*%!3(!B$++$P1<!/!K'-$%!9#$%1!
-#.3(15(!(!H'&$(1!+','!()%15%!*%!3(!*%-5&#++$P1<!(#19#%!3'!0()(!*%!
B'&,(!,%*$(*(<!$1*$&%+5(!/<!-';&%!5'*'<!$1G'3#15(&$(6!^1(!+(*%1(!*%!
%&&'&%-!/!,(3(-!*%+$-$'1%-!33%G(!(!J$3*%!(!.(-(&!*%!-%&!#1!*&(,(5#&2
)'!*%!>I$5'!(!%-+&$;$&!#1(!';&(!5&4)$+(!*%!3$5%&(5#&(!+(&+%3(&$(<!3(!+(&2
5(!*$&$)$*(!(!K'-$%!9#%!\';;$%!\'--!5$5#3(&4! H%!.&'B#1*$-6!f!*%-.#>-<!
1(*(6!:#!-%15%1+$(!3%!$,.'1%!%3!+(-5$)'!,4-!-%G%&'!9#%!+'15%,.3(!3(!
3%)$-3(+$P1!$1)3%-(!*%;$*'<!+'1!,#+0(-!.&';(;$3$*(*%-<!(!3'-!&%-#35(2
*'-!*%!3(!$1G%-5$)(+$P1!*%!3'&*!"#%%1-;%&&/6!F3!*%-+#;&$&!#1!+8&+#3'!
*%!0','-%I#(3$*(*!9#%!$,.3$+(!1'!-'3'!(3!(#5'&<!-$1'!(!)&(1!.(&5%!*%!
3(!(35(!-'+$%*(*!/!*%3!)';$%&1'<!%3!,(&9#>-!5$%1%!%1!-#-!,(1'-!%3!.'2
*%&!.(&(!.&'+#&(&!#1!+(-5$)'!%[%,.3(&6!
H%!0%+0'<!E'1-5(1+%!J$3*%!/(!-#B&%!3(-!+'1-%+#%1+$(-!*#&(15%!%3![#$2
+$'6!W(!%I.#3-(1!*%3!0'5%3!%1!%3!9#%!-%!(3'[(!/!0(!*%!%1G$(&!(!3'-!1$g'-!
+'1!-#!0%&,(1'<!(!:#$d(<!.(&(!%G$5(&3%-!3(!*%-0'1&(!*%!G%&!(!-#!.(*&%!
.(-(&! %-%! 5&(1+%6! H#&(15%! -#! %1+(&+%3(,$%15'<! 3(! ,(*&%! *%! J$3*%!
,#%&%6!E#(1*'!-(3%! *%!\%(*$1)!@('3<! -#!-(3#*!%-54!*%-5&#$*(6! E'1-2
5(1+%!,#%&%!(!+'1-%+#%1+$(!*%!#1(!'.%&(+$P1<!3'!9#%!%3$,$1(!3(!C1$+(!
.'-$;$3$*(*! *%! 9#%! G#%3G(! (! G%&! (! -#-! 0$['-6! 7-! $1*$+(5$G'! *%! 3(! G%&2
)n%1d(!*%3!(-#15'!/!3(!5&()%*$(!9#%!-#.'1%!%3!0%+0'!*%!9#%!3(!B(,$3$(!
1'!0(/(!G#%35'!(!%,.3%(&!%3!(.%33$*'!J$3*%<!1$!-$9#$%&(!-#!C1$+'!1$%5'<!
h%&3$1!i'33(1*<!9#%!&%+')%!3(-!(+5(-!*%3!.&$,%&![#$+$'!(!-#!(;#%3'!%1!
73!,(&9#>-!/!%3!-'*',$5(! uO&$-0!.%(+'+o!(1*!-+(&3%5!,(&9#%--<!%1!-#!
,#+0'!,4-!-#)%&%15%!585#3'!'&$)$1(3v<!0(!%*$5(*'!-#-!+(&5(-!+',.3%2
5(-!/!0(!%-+&$5'!#1(!';&(!*%!5%(5&'!-';&%!-#![#$+$'6!73!VU!*%!,(/'!*%!

VXU!!
RYQL<! #1! *8(! *%-.#>-! *%! -#! 3$;%&(+$P1<! J$3*%! %,$)&(! (! 7#&'.(6! :#!
C1$+(! ';&(! 1#%G(! %-! W(! ;(3(*(! *%! \%(*$1)! @('36! m$G%! *#&(15%! ,#/!
.'+'! 5$%,.'! +'1! K'-$%<! .%&'! 3(! &%3(+$P1! %-! $,.'-$;3%6!:';&%G$G%! 3'-!
5&%-! C35$,'-! (g'-! *%! -#! G$*(! )&(+$(-! (! 3(! ;%1%B$+%1+$(6! 73! SU! *%! 1'2
G$%,;&%!*%!RQUU<!]-+(&!J$3*%!,#%&%!%1!D(&8-!(!+(#-(!*%!#1(!,%1$12
)$5$-6!

OOO!

J$3*%!1'!.(&%+%!-%&!+'1-+$%15%!*%!9#%<!(3!(+#*$&!(!3'-!5&$;#1(3%-<!0(!
.#%-5'!%1!,(&+0(!3'-!,%+(1$-,'-!9#%!.%&,$5%1!(!3(!-'+$%*(*!*%B%12
*%&-%! *%! $1*$G$*#'-! +','! >36! E','! (&5$-5(! /! +','! %I+>15&$+'<! %-54!
.'&!%1+$,(!*%!3(-!+'1G%1+$'1%-<! .%&'!3'! 9#%! 3%!&%G%3(!%3! .&'+%-'!%-!
9#%!%-(!*%-G$1+#3(+$P1!B#1+$'1(!%1!(,;'-!-%15$*'-6!:$!>3!-%!(.(&5(!/!
G$G%! *%! #1(! B'&,(! 9#%! 3(! W%/! +'15%,.3(! +','! .%3$)&'-(<! %3! +(-5$)'!
.#%*%!-%&!5%,$;3%6!D(-(!5'*(!-#!G$*(![#)(1*'!+'1!3(!$*%(!*%3!%-+41*(2
3'<! .%&'! +#(1*'! %-5%! %-! &%(3<! 3(-! +'1-%+#%1+$(-! -'1! *%-(-5&'-(-6! W%!
0#,$33(1! /! 3%! +'1*%1(1! (! #1(! .%1(! (5&'d6! N'! .#%*%1! +'1*%1(&3%! (!
,#%&5%<! .%&'! 5(,.'+'! $,.'&5(! *%,(-$(*'<! .'&9#%! 3'-! .&%-'-! *%!
\%(*$1)!@('3!1'!-#%3%1!-';&%G$G$&!,4-!*%!#1!(g'!*%;$*'!(!3(-!*#&82
-$,(-! +'1*$+$'1%-! (! 3(-! 9#%! -%! %1B&%15(16! W'! -'&.&%1*%15%! %-! 9#%!
J$3*%! +#,.3(! 5'*(! -#! .%1(! /! 3')&%! -(3$&<! (#19#%! 9#$%1! -(3%! %-! '5&'!
0',;&%!*$-5$15'!(3!9#%!0(!%15&(*'6!i(!.%&*$*'!3(!-(3#*<!3(-!)(1(-!*%!
%-+&$;$&!/!%3!5&(5'!+'1!K'-$%!1#1+(!.'*&4!-%&!%3!,$-,'6!
71!%3!$15%&&')(5'&$'!*%3!.&$,%&!*8(! *%3![#$+$'!+'15&(! 3'&*! "#%%1-;%2
&&/<!E(&-'1!3%!.&%)#15(!.'&!#1!.'%,(!*%!K'-$%!9#%!5(,;$>1!(.(&%+%!
%1!%3!,$-,'!1C,%&'!9#%!-#-!+'1-%['-!.(&(!3'-![PG%1%-!/!%3!&%3(5'!*%!
K3'I(,6!:%!5&(5(!*%! =Å'!3'G%-!uH'-!(,'&%-v<!#1!.'%,(!9#%!H'#)3(-!
%-+&$;$P! %1! RYQR<! +#(1*'! (C1! 1'! 0(;8(! (;(1*'1(*'! ]IB'&*6! 73! $12
5%&>-!*%!E(&-'1!-%!+%15&(!%1!3'-!C35$,'-!5&%-!G%&-'-!/!,%*$'<!%1!%-2
.%+$(3!%3!C35$,'r!

utv!:'/!%3!G%&*(*%&'!F,'&<!33%1'!
3'-!+'&(d'1%-!*%3!['G%1!/!3(!,#+0(+0(!+'1!#1(!33(,(!,#5#(6!
715'1+%-<!-#-.$&(1*'<!*$['!%3!'5&'r!`9#%!-%(!5#!G'3#15(*<!

! VXR!
:'/!%3!(,'&!9#%!1'!-%!(5&%G%!(!.&'1#1+$(&!-#!1',;&%6a RL!
!
t!O!(,!5&#%!W'G%<!O!B$33!|!=0%!0%(&5-!'B!;'/!(1*!)$&3!Å$50!,#5#(3!B3(,%6!
|!=0%1!-$)0$1)<!-($*!50%!'50%&<!ài(G%!50/!Å$33<!|!O!(,!50%!3'G%!50(5!*(&%!
1'5!-.%(o!$5-!1(,%6zÄ!

73! (;')(*'! .&%)#15(! (! J$3*%! +#43! %-! %-%! (,'&! 9#%! 1'! -%! (5&%G%! (!
.&'1#1+$(&!-#!1',;&%6!:$!%3!F,'&!G%&*(*%&'!%-!%3!9#%!-%!*(!%15&%!#1!
['G%1! /! #1(! ['G%1<! %15'1+%-! %-%! -%&4! %15&%! *'-! ,#+0(+0'-6! W(! &%-2
.#%-5(! %-! 9#%! -8<! .%&'! 9#%! 1'! +&%%! 9#%! %3! .'%,(! -%(! $1*%+'&'-'6!
E#(1*'!E0(&3%-!@$33!3%!.&%)#15%!%1!%3!-%)#1*'![#$+$'!-';&%!3(!,$-,(!
+#%-5$P1<!3(!&>.3$+(!-%&4!,4-!%3'+#%15%6!:%!5&(5(!*%!#1!(,'&!,#/!;%2
33'<!.%&'!$1+',.&%1*$*'!%1! -#! 5$%,.'<! #1! (B%+5'!%-.$&$5#(3! %15&%! #1!
0',;&%!/!#1!,#+0(+0'<!+','!%3!9#%!$1-.$&P!(3)#1'-!-'1%5'-!*%!:0(2
o%-.%(&%!'!(!h$)#%3!q1)%3<!/!9#%!%&(!+',C1!%15&%!3'-!)&$%)'-6!i(!+(82
*'!%1!3(!5&(,.(6!W'!9#%!.(&(!>3!%-!#1!(,'&!0%&,'-'!%1!#1!0%&,'-'!
.'%,(!1'!3'!%-!5(15'!.(&(! 3(!'.$1$P1! )%1%&(36! 7-!%G$*%15%!9#%! 0(+%!
&%B%&%1+$(!(3!(,'&!0','-%I#(3!'<!.(&(!-%&!,4-!.&%+$-'-<!(!3(!+'&&$%12
5%! #&(1$-5(! 9#%! *%B$%1*%! 3(! .%*%&(-5$(! (3! ,'*'! )&$%)'! /! *%! 3(! 9#%!
B'&,(1!.(&5%!5(15'!K'-$%!+','!K3'I(,6!
73!(+%15'!%1!%-5%!5$.'!*%!&%3(+$'1%-!%15&%!#1!0',;&%!/!#1!,#+0(+0'!
%-54! %1! -#! +(&4+5%&! %-.$&$5#(3<! ,4-! 9#%! %1! -#! 1(5#&(3%d(! B8-$+(6! H%!
0%+0'<! .(&%+%! 9#%! %3! (,'&! %15&%! J$3*%! /! K'-$%! %-! *%! %-5(! +3(-%<! (3!
,%1'-!*%-.#>-!*%!3'-!,',%15'-!$1$+$(3%-6!D%&'<!%1!+#(39#$%&!+(-'<!%-!
%3!5$.'!*%!+'1B$&,(+$P1!9#%!;#-+(!E(&-'16!h$%15&(-!J$3*%!-%!G%!(!-8!
,$-,'! +','! #1! %&(-5>-<! 3'-! *%,4-! 3%! +'1-$*%&(1! #1! .%&G%&5$*'&6!
H'1*%!#1'!-%!+&%%!:P+&(5%-!(15%!F3+$;8(*%-<!3'-!'5&'-!.$%1-(1!%1!3'&*!
i%1&/!J'55'1!/!%1!H'&$(1!@&(/6!
W'!+$%&5'!%-!9#%!3(!$,()%1!*%!3(!@&%+$(!+34-$+(!+','!#1!.(&(8-'!*%!3(!
0','-%I#(3$*(*!*$-5(!,#+0'!*%!-%&!G%&*(*%&(<!/!3(-!1'&,(-!/!5&(*$2
+$'1%-! 9#%! &%)#3(1! %-%! 5$.'! *%! &%3(+$'1%-! -'1! ,#/! %-5&$+5(-6! H'G%&!
*%B$%1*%!9#%!3(!0','-%I#(3$*(*!,(-+#3$1(!+(3(!*#&(15%!3(!>.'+(!(&2
+($+(!+'1!5(15(!.&'B#1*$*(*!%1!3(!-'+$%*(*!)&$%)(!.'&!3(!1%+%-$*(*!*%!
%-5(;3%+%&!G81+#3'-!$15%1-'-<!/(!9#%! %-5'-!1'!-%!*(1!*%15&'!*%3! ,(2

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RL !73! .'%,(! .#%*%! 3%%&-%! 815%)&'! (9#8r!
055.r||ÅÅÅ6.'%5-6'&)|.'%5-'&)|.'%,|5Å'23'G%-!E'1-#35(r!VU!*%![#3$'!*%!VURTÄ!
VXV!!
5&$,'1$'!1$!%1!3(!G$*(!B(,$3$(&6!W(-!+'1*$+$'1%-!9#%!.3(15%(!#1!%-5(*'!
*%!)#%&&(!.%&,(1%15%!?$1+3#-'!+#(1*'!%-5(!1'!%-54!*%+3(&(*(?!B(+$3$2
5(1!3(!(.(&$+$P1!*%3!%&'-!0','-%I#(36!F#19#%!-'3'!-'1!E&%5(!/!7-.(&2
5(!3(-!+$#*(*%-!9#%!-#;'&*$1(1!3(-!&%3(+$'1%-!B(,$3$(&%-!(!#1(!%-5&#+2
5#&(!,$3$5(&<!%1!%3!&%-5'!*%!@&%+$(!3'-!0',;&%-!/!3(-!,#[%&%-!B'&,(1!
.(&5%!*%!%-.(+$'-!-%.(&(*'-<!3'!9#%!$10$;%!%3!.3%1'!*%-(&&'33'!*%!#1(!
$15$,$*(*!%15&%!,(&$*'!/!,#[%&<!'!%15&%!%3!.(*&%!/!%3!0$['<!9#%!-%!+&8(!
%1! %3! )$1%+%'! '! (,;$%15%! B%,%1$1'6! W(! 0','-%I#(3$*(*<! .'&! 5(15'<!
5%1*&8(! #1! +(&4+5%&! %*#+(5$G'! /! (B%+5$G'! 9#%! 1'! (.(&%+%! %1! '5&'! 3#2
)(&6!
73! 5$.'! *%! &%3(+$P1! (+%.5(;3%! -%! .&'*#+%! %15&%! #1! %&(-5>-! u(,(15%v!
(*#35'!/!#1! %&P,%1'-!u(,(*'v!,4-!['G%1<!(#19#%!%I$-5%1!G(&$(+$'2
1%-! %1! %3! 5$%,.'! /! -%)C1! 3(-! +$#*(*%-6! 71! 7-.(&5(<! .'&! %[%,.3'<! -%!
B',%15(! %3! %&'-! 0','-%I#(36! F3! +#,.3$&! 3(! ,(/'&8(! *%! %*(*<! %3! %&P2
,%1'-!.#%*%!%1+'15&(&-%!%1!%3!%[>&+$5'!3#+0(1*'![#15'!(!-#! %&(-5>-6!
=(15'!%1!l3$*%!+','!%1!K%'+$(!-%!%I.3'5(!%-5(!.'-$;$3$*(*!+','!(3$2
+$%15%! 9#%! %,.#[(! (! (,;'-! (! 3#+$&-%! (15%! -#! (,(15%<! /! 3%-! 33%G(! (!
(+',%5%&! (++$'1%-! 0%&'$+(-6! 73! 33(,(*'! K(5(33P1! -()&(*'! *%! =%;(-!
%-54!$15%)&(*'!.'&!.(&%[(-!*%!%-5%!5$.'6!F#19#%!%1!7-.(&5(!1'!-%!#5$2
3$d(!*%!B'&,(!*%3$;%&(*(!%-5(!'&)(1$d(+$P1!,$3$5(&<!3'!+$%&5'!%-!9#%!-%!
[#%)(! +'1! %-(! .'-$;$3$*(*6! W(! -'+$%*(*! %-.(&5(1(! (-#,%! 3(-! B'&,(-!
+(-5&%1-%-!%1!5'*'!,',%15'<!/!3(!%*#+(+$P1!*%!-#-![PG%1%-!-%!3$,$5(!
(! 3(! $1-5&#++$P1! ,$3$5(&r! 3'-! +$#*(*(1'-! G(&'1%-! .%&,(1%+%1! -%)&%2
)(*'-! *%! 3(-! ,#[%&%-<! 3'-! .(*&%-! .$%&*%1! 3(! (#5'&$*(*! *%! -#-! 0$['-!
(15%! 3'-! (1+$(1'-! /! -%! %I$)%! *%! 5'*'! +$#*(*(1'! 9#%! +'15&$;#/(! (!
,(15%1%&!%3!.'*%&!*%3!7-5(*'<!-%(!+#(3!-%(!-#!-%I'6!7-5%!0%+0'!'5'&)(!
(! 3(-! ,#[%&%-! %-.(&5(1(-! #1(! (#5'1',8(! $,.%1-(;3%! %1! %3! &%-5'! *%!
5%&&$5'&$'!)&$%)'<!/!.&'G'+(!9#%!%1!F5%1(-<!-#!%1%,$)'!5&(*$+$'1(3<!-%!
3(-!+'1-$*%&%!,(-+#3$1(-!/!*%-G%&)'1d(*(-6!
^1!['G%1!%-.(&5(1'!.#%*%!5%1%&!&%3(+$'1%-!*%!0(-5(!+#(5&'!5$.'-!*$-2
5$15'-r!3%(35(*!0(+$(!3'-!G(&'1%-!*%!-#! %*(*<!+'1! .'-$;3%-!&%3(+$'1%-!
-%I#(3%-k!3(!9#%!,(15$%1%!+'1!-#! %&(-5>-k!%3!,(5&$,'1$'k!/!#1(!&%3(2
+$P1! %1! 3(! 9#%!>3! %[%&+%&8(! +','! %&(-5>-! *%! #1(! ,#+0(+0(! -'35%&(! /!
9#%!$1+3#$&8(!%3!+'$5'!(1(36!:$1!%,;(&)'<!3(!0$.P5%-$-!*%!9#%!%3!'&$)%1!
*%! 3(! 0','-%I#(3$*(*! )&$%)(! -%! %1+#%15&(! %1! 3(-! 5&(*$+$'1%-! *'&$(-!
-'3'!-%!;(-(!%1!3(!'&)(1$d(+$P1!,$3$5(&!*%!-#-!+$#*(*%-<!+','!7-.(&2
5(6!F!%-5'!-%!-#,(1!3(-!+&85$+(-!9#%!-%!0(+%1!(!3(!.%&,$-$G$*(*!*%!-#-!

! VXS!
+'1*#+5(-<!/!9#%!.&'G$%1%1!*%!5%&&$5'&$'-!-$!1'!%1%,$)'-<!(3!,%1'-<!
%1! +$%&5(! ,%*$*(! 0'-5$3%-6! N$! %1! i',%&'! ?9#%! ';G$(! %3! +',.'1%15%!
.%*%&4-5$+'!*%!3(! &%3(+$P1!%15&%!Ñ%#-!/!@(1$,%*%-<! /! %3! ,#+0'!,4-!
%G$*%15%!%15&%!F9#$3%-!/!D(5&'+3'?!1$!%1!3(!.'%-8(!/4,;$+(!(&+($+(!-%!
%1+#%15&(!+'1B$&,(+$P1!*%3!1(+$,$%15'! *'&$'! /! .'-5%&$'&! %I.(1-$P1!
*%3!%&'-!0','-%I#(3!,(-+#3$1'<!.'&!3'!9#%!1'!%I$-5%![#-5$B$+(+$P1!.(2
&(!%-5(!0$.P5%-$-6!D(&%+%!,4-!-%1-(5'!.%1-(&!9#%!-%!5&(5(!*%3!.&'*#+2
5'!*%!#1(!+#35#&(!/!#1(!-'+$%*(*!-%)&%)(*(!+','!%-!3(!)&$%)(<!/!9#%!
-#! *%-(&&'33'! -%! .&'*#+%! ,4-! '! ,%1'-! (3! ,$-,'! 5$%,.'! %1! 5'*'! %3!
5%&&$5'&$'!0%3%1'<!+'1!3(-!*$B%&%1+$(-!.&'.$(-!*%!+(*(!.'3$-6!
:+(13'1!-'-5$%1%!?/!-#!(143$-$-!%-!;(-5(15%!+'1G$1+%15%?!9#%!3(!(.(2
&$+$P1! *%! 3(! .%*%&(-5$(! )&$%)(! 5$%1%! 3#)(&! %1! 5'&1'! (3! -$)3'! mOO! (6! E6<!
+','!#1(!B'&,(!*%!+'15&'3!*%!3(!1(5(3$*(*!*%;$*'!(3!(#,%15'!.';3(2
+$'1(3!*%3!-$)3'!(15%&$'&6!D%&'!%-!%1!%3!-$)3'!mO!+#(1*'!-%!%I.(1*%!/!-%!
+'1G$%&5%! %1! #1(! $1-5$5#+$P1! %*#+(5$G(! G$1+#3(*(! (3! *%-(&&'33'! *%3!
(53%5$-,'<! (! 3(! *%-1#*%d! *%! -#! .&4+5$+(! /! (! 3'-! p#%)'-! D(10%3>1$+'-!
u]38,.$+'-<! D85$+'-<! N%,%'-! %! M-5,$+'-v6! W'-! B#5#&'-! +$#*(*(1'-! $12
)&%-(1!%1!3(!.(3%-5&(!(!3'-!*'+%!(g'-<!*'1*%!0(+%1!%[%&+$+$'!/!(.&%12
*%1! (! 3#+0(&6! E'1! %3! 5$%,.'<! 3(-! .(3%-5&(-! -%! +'1G$%&5%1! %1! %3! 3#)(&!
-'+$(3! .'&! %I+%3%1+$(<! (3! 9#%! (+#*%1! 3'-! (*#35'-! .(&(! ';-%&G(&! (! 3'-!
,#+0(+0'-<! (*,$&(&! -#! ;%33%d(! /<! 33%)(*'! %3! ,',%15'<! +'&5%[(&3'-6!
D(&(!%33'!%-!1%+%-(&$'!%3!+'1-%15$,$%15'!.(5%&1'!.%&'<!#1(!G%d!+'12
-%)#$*'! %-5%<! /! (+%.5(*(! 3(! &%3(+$P1! .'&! .(&5%! *%3! %&P,%1'-<! %3!
%&(-5>-! -%! +'1G$%&5%! %1! #1(! %-.%+$%! *%! ,%15'&! 3%)(36! D(&(! (3+(1d(&!
%-5%!%-5(*'<!%3! %&(-5>-!0(!*%!*%,'-5&(&!-#!G(38(!+','!+$#*(*(1'!G$&2
5#'-'6!73!*%;%&!*%3! %&P,%1'-! %-!'B&%+%&!&%-$-5%1+$(<!.%&'!(++%*%&!%1!
%3!,',%15'!'.'&5#1'6!H%3!,$-,'!,'*'<!%3!.(*&%!*%;%!,'-5&(&-%!&%2
5$+%15%!(!9#%!-#!0$['!(*'.5%!%3!.(.%3!*%!(,(*'<!.%&'!-$!1'!3')&(!5%1%&!
(*,$&(*'&%-!-%!+'1-$*%&(!#1!B&(+(-'<!/(!9#%!-$)1$B$+(!9#%!%3!+0$9#$33'!
1'!%-! o(3P-!o($!()(50P-<!%-!*%+$&<!;%33'!/!;#%1'6!F*%,4-!*%3!;#%1!(-2
.%+5'<!3'!9#%!3%!0(+%!(5&(+5$G'!%-!-%&!G(3$%15%<![#-5'!/!,'*%-5'6!
=%1)(,'-!%1!+#%15(!9#%!3(!-'+$%*(*!)&$%)(!%-54!';-%-$'1(*(!.'&!3(!
$*%(! *%! >I$5'<! +'1! 3'! 9#%! 0(+%! #1(! +',.%5$+$P1! *%! +(-$! 5'*'6! W(! -%2
*#++$P1!*%!,#+0(+0'-!1'!3'!%-!,%1'-<!/!#1!0',;&%!%-5(&4!*$-.#%-5'!
(!+'19#$-5(&!(!3'-!,4-!0%&,'-'-<!,$%15&(-!9#%! 3'-![PG%1%-!9#%&&41!
3')&(&! %3! ,(/'&! 1C,%&'! *%! (*,$&(*'&%-! .'-$;3%-6! 73! G81+#3'! %15&%!
%&(-5>-! /! %&P,%1'-! 1'! -%! 3$,$5(! (3! .%&$'*'! %1! %3! 9#%! -'1! (,(15%-<!

VXZ!!
-$1'!9#%<!%1!5%'&8(<!-%!,(15$%1%!5'*(!3(!G$*(!+','!#1(!(,$-5(*!,4-!
(334!*%!3'!'&*$1(&$'6!71!(3)#1(-!+$#*(*%-!-%!&%+',$%1*(!5%1%&!#1!-'3'!
%&(-5>-<! .%&'! %1! p'1$(! /! 7'3$(! -%! $1-5(! (! +'1-%)#$&! 3'-! ,4-! 9#%! -%!
.#%*(<! .#%-5'! 9#%! *%! %-%! ,'*'! -%! ,#35$.3$+(1! 3'-! G81+#3'-! -'+$(3%-!
9#%!,(15%1*&4!%3! %&P,%1'-!+','!+$#*(*(1'!(*#35'6!F*%,4-!*%!-%&2
G$&3%!*%!.#%15%!.(&(!+'1'+%&!(!'5&'-!(*#35'-<!%3!%&(-5>-!-#%3%!(*'.5(&!
%3!.(.%3!*%!$1-5&#+5'&!,$3$5(&6!W(-!.'3$-!+(&%+%1!*%!%[>&+$5'-!&%)#3(&%-!
/! .&'B%-$'1(3%-<! .'&! 3'! 9#%! 5'*'! +$#*(*(1'! ,(/'&! *%! %*(*! *%;%!
+',;(5$&!%1!+(-'!*%!+'1B3$+5'!;>3$+'6!71!@&%+$(!%-!,#/!(!,%1#*'6!7-2
5'!';3$)(!(!%-5(&!%1!;#%1(!B'&,(!B8-$+(<!3'!9#%!*(!,(/'&!$,.'&5(1+$(<!
-$!+(;%<!(!3(-!.(3%-5&(-<!*'1*%!-%!.(-(!)&(1!.(&5%!*%3!5$%,.'!3$;&%!3#2
+0(1*'!*%-1#*'-6!
7-!%G$*%15%!9#%!3(!.%*%&(-5$(!%-!#1(!(+5$G$*(*!*%!3(-!+3(-%-!'+$'-(-<!
.#%-5'! 9#%! +#(39#$%&(! 9#%! 5&(;([%! +(&%+%! *%3! 5$%,.'! /! 3'-! &%+#&-'-!
.(&(! +'19#$-5(&! (! 3'-! ,#+0(+0'-! *%! 3(-! B(,$3$(-! $,.'&5(15%-6! W'-!
.&$1+$.$'-! *%! ,'*%&(+$P1! /! *%! +'15%1+$P1! 0(+%1! 9#%<! $1+3#-'! (338!
*'1*%!-%!(1$,(!-#!.&4+5$+(!*%!B'&,(!,4-!%I.38+$5(<!+','!%1!K%'+$(!'!
l3$*%<! -$%,.&%! -%! [#-5$B$9#%! 3(! $1-5$5#+$P1! +','! #1(! &%3(+$P1! %-.$&$2
5#(36!H'G%&!(B$&,(!9#%<!(#19#%!%3! %&(-5>-!-8!-$%15%!#1(!(5&(++$P1!B8-$2
+(!0(+$(!%3! %&P,%1'-<!%-5%!1'!3(!-$%15%!0(+$(!(9#>36!W'-!-%15$,$%15'-!
9#%! 3(-! (5%1+$'1%-! *%3! (*#35'! *%-.$%&5(1! %1! %3! ['G%1! 1'! -'1! 3'-! *%!
%&'-<!-$1'!3'-!*%! .0$38(<!%-5'!%-<!1'!-'1!+(&1(3%-<!-$1'!%-.$&$5#(3%-<!$12
5%3%+5#(3%-<! '! +','! -%! 9#$%&(6! 7-(! %-! 3(! &(dP1! .'&! 3(! 9#%! +'1-$%15%<!
+#(1*'!1'!0(/!,4-!&%,%*$'<!%1!*%[(&-%!0(+%&!/!-%!-',%5%!(!3(-!+(&$2
+$(-<!3'-!;%-'-!/!%3!-%I'!$15%&+&#&(3<!9#%!+'1-$-5%!%1!(.&%5(&!3'-!,#-2
3'-!.(&(!9#%!%3!(,(15%!B&'5%!-#!.%1%!%15&%!%33'-6!
7-(!%-!3(!5%'&8(<!.%&'!3(!.&4+5$+(!1'!5$%1%!.'&!9#>!+'$1+$*$&!+'1!%33(6!
H%3! ,$-,'! ,'*'! 9#%! %3! %&P,%1'-! -%! -#.'1%! 9#%! 1'! -$%15%! *%-%'!
B8-$+'!0(+$(!-#! %&(-5>-<!-%!-#.'1%!9#%!1'!-%!*%[(!.%1%5&(&!.'&!%3!(1'<!
/!-%!-#.'1%!9#%!1'!-%15$&8(!.3(+%&!%1!%3!+(-'!*%!9#%!%-5'!'+#&&$%&(6!F3!
,%1'-!%-!3'!9#%!-%!*%-.&%1*%!*%!3'-!5%I5'-!.3(5P1$+'-!'!*%!p%1'B'15%6!
:$1!%,;(&)'<!0(/!*'-!.&#%;(-!%1!+'15&(!9#%!*%-,'15(1!%-5(!$,()%1!
$*%(3$-5(!*%!3(!.%*%&(-5$(!%1!3(!9#%!.(&%+%!+(%&!H'G%&6!W(!.&$,%&(!*%!
%33(-! -'1! 3(-! &%.&%-%15(+$'1%-! 9#%! (.(&%+%1! %1! 3(! +%&4,$+(! 9#%! %I2
(,$1(6!71!3(-!%-+%1(-!*%!+'&5%['!9#%!-%!G%1!%1!3(-!G(-$[(-<!%3! %&(-5>-!
(3(&)(! %3! ;&(d'! .(&(! (3+(1d(&! 3'-! )%1$5(3%-! *%3! %&P,%1'-6! 7-! *$B8+$3!
.%1-(&!9#>!';[%5$G'!.#%*%!5%1%&!%-5%!)%-5'!-$!1'!%-!.(&(!%-5$,#3(&3'-!

! VXT!
/!.&'G'+(&!%I+$5(+$P16!71!3(!G(-$[(! KTQY<!.'&! %[%,.3'<!-%!G%!+P,'!%3!
0',;&%! 5$%1*%! #1! ;&(d'! 0(+$(! 3'-! )%1$5(3%-! *%3! ,#+0(+0'! ,$%15&(-!
+'1!%3!'5&'!3%!+')%!%3!0',;&'!%1!#1!)%-5'!+(&$g'-'6!73!,#+0(+0'<!.'&!
-#! .(&5%<! 3%! (+(&$+$(! 3(! ;(&;$33(! +','! -%g(3! *%! (.&';(+$P16! 7-5'! -%!
0(+%!,4-!%G$*%15%!(C1!(3!*(&3%!3(!G#%35(!(!3(!G(-$[(<!*'1*%!%3!,#+0(2
+0'!(.(&%+%!-(35(1*'!,$%15&(-!()(&&(!(3!0',;&%!.'&!*%5&4-!*%3!+#%2
33'!+'1!3(!$15%1+$P1!*%!;%-(&3%6!]!%1!\VQT<!*'1*%!-%!G%!9#%!%3!.%1%!*%3!
,#+0(+0'!%-54!%&%+5'6!:%(!+','!-%(<!5(15'!-$!0(/!#1!$15%&>-!B8-$+'!.'&!
.(&5%! *%3! ['G%1! +','! -$! 1'<! 3'! 9#%! 9#%*(! +3(&'! %-! 9#%! `3(-! 1'&,(-!
*%-+&$5(-! .'&! H'G%&! 1'! *%[(1! 3#)(&! .(&(! 9#%! %3! .%1%! *%3! +0$+'! %-5>!
$1G'3#+&(*'! %1! 3(! 0','-%I#(3$*(*! )&$%)(a! u50'#)0! 50%! 1'&,-! *%-2
+&$;%*!;/!H'G%&!.&'G$*%!1'!&'',!B'&!50%!;'/s-!.%1$-!5'!;%!$1G'3G%*!
$1!@&%%o!0','-%I#(3$5/v!uh#&&(/!VUUUr!RUR2RUVv<!.%&'!-8!3'!%-546!
W(!-%)#1*(!.&#%;(!3(!%1+'15&(,'-!%1!3(-!C35$,(-!.4)$1(-!*%! 73!;(12
9#%5%! *%! D3(5P16! H%-.#>-! *%! 9#%! 3'-! .(&5$+$.(15%-! 0(/(1! %I.#%-5'!
-#-!5%'&8(-!-';&%!%3!%&'-<!(.(&%+%! F3+$;8(*%-!;'&&(+0'<! (+',.(g(*'!
.'&!#1(!B3(#5$-5(!/!'5&'-!+',.(g%&'-6!:%!-$%15(!%15&%!F)(5P1<!9#%!%-!
%3!(1B$5&$P1!/!(!9#$%1!%-54!;#-+(1*'<!/!:P+&(5%-<!(!9#$%1!1'!0(!G$-5'6!
E#(1*'!%3!&%+$>1!33%)(*'!-%!*(!+#%15(!*%!9#%!%-54!5#,;(*'![#15'!(!-#!
(15$)#'!(,(15%!3%!&%+&$,$1(!9#%!-$%,.&%!%-54!*'1*%!1'!%-.%&(!G%&3%!
/!9#%<!%1!3#)(&!*%!+'3'+(&-%![#15'!(!(3)#$%1!*$G%&5$*'<!0(!$*'!(!.'1%&2
-%! [#15'! (3! ,4-! ;%33'! *%! 3'-! .&%-%15%-6! 73! %1+#%15&'! '+#&&%! 5$%,.'!
*%-.#>-!*%!3'!1(&&(*'!%1!%3! F3+$;8(*%-! /!*%-.#>-!*%3!&',(1+%!%15&%!
(,;'-6!:%!1'5(!3(!5%1-$P1!%15&%!%33'-<!(3!,%1'-!.'&!.(&5%!*%3!,4-!['2
G%16! F#1! (-8<! *%+$*%! %3')$(&! (! -#! (15$)#'! %&(-5>-6! D%&'! 3(! B'&,(! 9#%!
5$%1%!*%!0(+%&3'!%-!+#&$'-(r!3%!+',.(&(!+'1!3(-!%-+#35#&(-!*%!3'-!-$3%2
1'-! 9#%! %-+'1*%1! B$)#&(-! *%! *$'-%-! %1! -#! $15%&$'&<! /! +'1! %3! -45$&'!
h(&-$(-<!9#%!%1+(15(;(!(!3(-!)%15%-!+'1!%3!-'1!*%!-#!B3(#5(6!F!+(#-(!
*%3!%1+(15(,$%15'!9#%!.&'G'+(1!3(-!.(3(;&(-!*%!:P+&(5%-<!F3+$;8(*%-!
-%!%1+'15&(;(!+'1!B&%+#%1+$(!(!*$-)#-5'!+'1-$)'!,$-,'!?+','!G%8(2
,'-!%1!%3!F3+$;8(*%-?6!W(!&(dP1!*%!%-%!*$-)#-5'!%-!9#%!3%!0(+%!-%15$&2
-%!$1+',.3%5'<!3%!0(+%!*#*(&!/!*(&-%!+#%15(!*%!3(-!B(35(-!9#%!+',%5%6!
E#(1*'!-%!(3%[(!*%!>3<!.'&!%3!+'15&(&$'<!9#$%1%-!3%!&'*%(1!3%!+#;&%1!*%!
0(3()'-6!W%!(+#-(<!%1!*%B$1$5$G(<!*%!+&$5$+P1!/!*%!(;#-(&!*%!3(!$&'18(!%1!
%3!5&(5'!+'5$*$(1'6!
D%&'!3'!9#%!3%!,'3%-5(!%1!&%(3$*(*!1'!%-!%-'6!F3+$;8(*%-!%-54!*%-.%2
+0(*'6!=&(-!-#!.&$,%&!%1+#%15&'!(+%.5P!3(!+',.(g8(!*%!:P+&(5%-<!(3!

VXX!!
.&$1+$.$'! (+',.(g(*'-<! 0(-5(! 9#%! (3! B$1! +'1-$)#$P! 9#%*(&-%! (! -'3(-!
+'1! >36! D%1-(;(! 9#%! (.&'G%+0(&8(! %3! ,',%15'! /! 3(! -'3%*(*! .(&(!
0(;3(&3%!+','!-%!0(;3(1!3'-!(,(15%-<!.%&'!>3!-$)#$P<!.'&!%3!+'15&(&$'<!
$)#(3!9#%!(15%-6!H%-.#>-!3%!$1G$5P!(!0(+%&! )$,1(-$(![#15'-!/!+#(1*'!
+'1-$%15%<! 3#+0(&'16! p#15'-6! H%-1#*'-6! :'3'-6! f! -'3'! 3#+0(&'16! H%-2
.#>-!3%!$1G$5P!(!+%1(&<!.%&'!%1!+#(15'!(+(;P!3(!+%1(!-%!B#%6!W(!-%)#12
*(!G%d!0(;3(&'1!0(-5(!3(!,(*&#)(*(!/<!+','!%&(!,#/!5(&*%<!3%!$1-$-2
5$P! %1! 9#%! -%! 9#%*(&(! (! *'&,$&6! :%! 9#%*P! (! *'&,$&6! W%-! *$+%! (! 3'-!
.&%-%15%-r!`F-8<!.#%-<!-(;%*!;$%1<!.'&!3'-!*$'-%-!/!.'&!3(-!*$'-(-<!9#%!
,%!3%G(15>!*%-.#>-!*%!0(;%&!*'&,$*'!+'1!:P+&(5%-!1'!*%!'5&(!,(1%2
&(! 9#%! -$! ,%! 0#;$%&(! (+'-5(*'! +'1! ,$! .(*&%! '! ,$! 0%&,(1'! ,(/'&a!
uD3(5P1!RQYY(r!VLYv6!7-54!*'3$*'!.'&9#%!-%!-$15$P!*%-.&%+$(*'!+#(12
*'! +',.(&5$%&'1! +(,(! /! -%! +#;&$%&'1! +'1! 3(! ,$-,(! ,(15(6! D'&! %-'!
1'! .#%*%1! &%+'1+$3$(&-%6! l3<! 9#%! 0(;8(! &$*$+#3$d(*'! (! 5'*'-! -#-! .&%2
5%1*$%15%-<!(3!B$1!(+%.5(!(!:P+&(5%-!+','! %&(-5>-!.(&(!*%-+#;&$&!9#%!
-#!(,'&!%-! .0$38(!/!1'! %&'-6!7-5%!0%+0'!&',.%!3(!5%'&8(!*%!H'G%&!%1!
G(&$'-! -%15$*'-r! %3! %&P,%1'-! ;#-+(! *%! B'&,(! (+5$G(! (3! %&(-5>-<! /! 3%!
;#-+(!%1!#1!-%15$*'!B8-$+'<!3'!9#%!.(&%+%!$1*$+(&!9#%!1'!%1!5'*'-!3'-!
+(-'-!%3!,#+0(+0'!%-!&%5$+%15%!(15%!%3!-%I'!/!9#%<!9#$d4<!5(,;$>1!>3!
3'!%1+#%15&%!.3(+%15%&'6!
73!.&';3%,(!*%!F3+$;8(*%-!%-!9#%!1'!%15$%1*%!(!:P+&(5%-<!1$!%15$%1*%!
9#%! %3! %,.3%'! 9#%! 0(+%! *%3! 3%1)#([%! %&P5$+'! 1'! 5$%1%! 5(15'! 9#%! G%&!
+'1!%3!+#%&.'!+','!+'1!%3!(3,(6!71!%-5%!-%15$*'<!3(!.%*%&(-5$(!-'+&42
5$+(!%-!%[%,.3(&r!-#!(,'&!%-!+(-5'<!$15%3%+5#(3!/!5$%1%!+','!';[%5$G'!
3(!,%['&(!*%!-#!(,(*'6!7-! 3(! .($*%$(<!3(! %*#+(+$P1!9#%!33%G(!(3! 1$g'!
u.(É-v!(!-%&!#1!+$#*(*(1'!G$&5#'-'6!E&%'!9#%!-$!3'-!+81$+'-!&%+0(d(1!
3(! .%*%&(-5$(! 1'! %-! .'&! 3'! 9#%! 5$%1%! *%! 0','-%I#(3<! 1$! -$9#$%&(! *%!
-%I#(3<!-$1'!.'&!-#!B#1+$P1!+','!,%+(1$-,'!*%!5&(1-,$-$P1!*%!#1(!
-%&$%!*%!+P*$)'-!,'&(3%-!9#%!33%G(1!(3!,#+0(+0'!(!+'1G%&5$&-%!%1!#1!
0',;&%6! W'! +%1-#&(;3%! 1'! %-! 3(! ;C-9#%*(! *%! .3(+%&<! (3! ,%1'-! %1!%3!
%&(-5>-!(+5$G'<!-$1'!3(!+#35#&(<!3(!%1-%g(1d(!9#%!.%&.%5C(!#1!,'*%3'!
*%!-'+$%*(*!B#1*(*'!%1!3(-!*%-$)#(3*(*%-!/!%1!3(!;C-9#%*(!*%3!>I$5'6!
D'&!1'!0(;3(&!*%!3(!3P)$+(!*%!.'*%&!9#%!&$)%!%3!5&(5'!%15&%! %&(-5>-!/!
%&P,%1'-6! W(! +&85$+(! +81$+(! -%! #1%! (! 3'-! *$-+#&-'-! .3%;%/'-! 9#%! G%1!
%1!%3!%&'5$-,'!(&$-5'+&45$+'!-$)1'-!*%!*%;$3$*(*!/!*%+(*%1+$(6!
7-!%1!%-%!-%15$*'!+','!+(;%!%15%1*%&!3(-!;#&3(-!%1!5'&1'!(3!-%I'!(1(3!
*%!3(!+',%*$(!45$+(6!F#1!+#(1*'!%1!.&$1+$.$'!%-5(&8(!+'1-$*%&(*'!#1!

! VXL!
(+5'!$38+$5'<!+','!9#$%&%!G%&!H'G%&<!.(&%+%!-%&!3(!.&4+5$+(!,4-!0(;$2
5#(3! %1! 3(-! &%3(+$'1%-! 0','-%I#(3%-6! H%;%,'-! .%1-(&! 9#%! %3! +#,2
.3$,$%15'! *%! 3(-! &%)3(-! 1'! %-! 5(1! %-5&$+5'! +','! %-5(-! -#)$%&%16! 71!
F5%1(-!-%!%,.3%(!%3!5>&,$1'!`3(+'1$d(&a!.(&(!&%B%&$&-%!(3!+'$5'!(1(3<!
-#)$&$%1*'! 9#%! B#%&'1! =%-%'! /! i%3%1(! 9#$%1%-! 3'! $1G%15(&'1<! /!
0(+$%1*'!&%B%&%1+$(!(3!'&$)%1!%-.(&5(1'!*%!%33(6!D%&'<!(#19#%!.#%*%!
5%1%&!#1!+(&4+5%&!'B%1-$G'!%!$1[#&$'-'!?1'!,#/!(3%[(*'!*%3!#-'!(+5#(3!
*%3!`5',(&!.'&!+#3'a?!+#(1*'!(.#15(!(!#1(!&%3(+$P1!0','-%I#(3<!%-!
#1(! (+5$G$*(*! +',C1! %15&%! 0',;&%-! /! ,#[%&%-! /! 1'! -#.'1%! 1$1)C1!
.&';3%,(6!
:8!&%-#35(!+'1B3$+5$G'!%3!&%+$;$&!.()'-!.'&!3(!&%3(+$P16!7-!%G$*%15%!9#%<!
+','!%1!+#(39#$%&!'5&(!&%3(+$P1!&',415$+(<!-%!0(+%1!&%)(3'-6!71!E&%2
5(!-%!33%G(!(!+(;'!#1!&$5'!(&+($+'!*%!.&';(;3%-!&(8+%-!1%'385$+(-<!%1!%3!
9#%! %3! %&(-5>-<! +'1! %3! +'1-%15$,$%15'! .(5%&1'<! &(.5(! (3! %&P,%1'-! /!
G$G%1![#15'-!#1(!5%,.'&(*(!%1!%3!;'-9#%6!H%-.#>-!(+#*%1!(!#1!5%,2
.3'!*%!i%&,%-!'!*%!FB&'*$5(<! *'1*%! *%.'-$5(1! #1(! 5(;3$33(! /!-(+&$B$2
+(1!(!#1!(1$,(36!F!-#!&%)&%-'!(!3(!+$#*(*<!%3!0',;&%!0(+%!5&%-!&%)(3'-!
(3! ,#+0(+0'r! #1(! (&,(*#&(<! #1! ;#%/! /! #1! +43$d6! ='*'! %-5%! .&'+%-'!
&%+#%&*(!(3!-%+#%-5&'! *%!3(! 1'G$(! 9#%! &%(3$d(1! 3'-! %-.(&5(1'-<! 9#$%2
1%-!*%-.#>-!+'&5(1!%3!.%3'!(!-#-!%-.'-(-!+','!-8,;'3'!*%!*',%-5$2
+(+$P1!*%!3(!(1$,(3$*(*!/!%3!-(3G([$-,'!B%,%1$1'6!71!3(-!.$15#&(-!*%!
3(-!+%&4,$+(-!9#%!(1(3$d(!H'G%&!-%!G%!+'1!B&%+#%1+$(!(3!.&%5%1*$%15%!
'B&%+$%1*'!#1!)(33'<!#1(!3$%;&%!'!$1+3#-'!#1!.%&&'!+','!';-%9#$'6!D%2
&'!%15%1*%&!%-5'!+','!.()'-!.'&!#1'-!-%&G$+$'-!-%I#(3%-!.(&%+%!.'2
+'!-%1-(5'6!
N'!-$%,.&%!'+#&&%!3'!,$-,'6!71!SZX!(6!E6<!&%)&%-(1!3'-!%,;([(*'&%-!
(5%1$%1-%-!9#%!0(1!B$&,(*'!3(!.(d!+'1!j$3$.'! OO!*%!h(+%*'1$(6!=$,(&2
+'!/!H%,P-5%1%-!?9#$%1!0(;8(!B'&,(*'!.(&5%!*%!3'-!%,;([(*'&%-!%1!
#1!.&$1+$.$'?!+'1-$*%&(1!9#%!3(-!+'1*$+$'1%-!*%!3(!.(d!-'1!(;#-$G(-!
/!9#%!j$3$.'!3%-!0(!*%-.&%+$(*'<!.'&!3'!9#%!3%-!(,%1(d(1!+'1!#1!.&'2
+%-'!.'&!1'!*%B%1*%&!3'-!$15%&%-%-!*%!F5%1(-6!D%&'!-%!%1+#%15&(1!#1(!
-'&.&%-(r!

W'-! %,;([(*'&%-! 3')&(&'1! 0(+%&! B&%15%! (! %-5(! (,%1(d(! ,%*$(15%! %3!


&%+#&-'! (! #1(! 3%/! 9#%! $,.%*8(! *$&$)$&-%! (! 3(! F-(,;3%(! /! .&$G(;(! *%!
'5&'-!,#+0'-!*%&%+0'-!+8G$+'-!(!5'*'!+$#*(*(1'!9#%!0#;$%-%!,(35&(2
5(*'!(!-#-!.(*&%-<!%3#*$*'!%3!-%&G$+$'!,$3$5(&<!0#$*'!*%!#1(!;(5(33(<!*$2

VXY!!
3(.$*(*'!-#!.(5&$,'1$'!'!.&'-5$5#$*'!-#!+#%&.'!+'1!'5&'!G(&P16!uH'2
G%&!VUUYr!TUv!

7-9#$1%-! (+#-(! (! =$,(&+'! *%! 0(;%&-%! .&'-5$5#$*'! %1! -#! [#G%15#*<! /!


)(1(6!W%!+#3.(!*%!0(;%&!+%*$*'!(!3(!0á;&$-<!(!3(!*%-,%-#&(<!/!*%!0(;%&!
%,.3%(*'!-#!+#%&.'!.(&(!';5%1%&!;%1%B$+$'-6!W(!+$#*(*!1'!.#%*%!*%2
[(&!-#!B#5#&'!%1!,(1'-!*%!(3)#$%1!(-86!F*%,4-<!-#!+'1*#+5(!1'!-%!3$2
,$5P! (! -%&! %3! 9#%&$*'! u0Ɲ5($&ƝoP-v<! -$1'! 9#%! 0(! (+5#P! +','! 3'! 0(&8(!
#1! .&'-5$5#5'!u.%.'&1%#,>1'-v6! :$! 0#;$%&(! ,(15%1$*'! #1(! &%3(+$P1!
B#%&(!*%!3(-!&%)3(-!*%!3(!.%*%&(-5$(!-'3'!+'1!h$-)'3('<!(C1!.'*&8(!%I2
+#-4&-%3%<!.%&'!*%-.#>-!*%!>3!G$1'!E%*'1$*%-<!/!*%-.#>-!F#5'+3$*%-!/!
=%&-(1*&'<! .%&'! 5(,;$>1! F15$+3%-<! D$543(+'! /! i%)%-(1*&'6! =$,(&+'!
G$G$P! %1! +(-(! *%! 5'*'-! %33'-<! /! *%! 5'*'-! %33'-<! *$+%! 7-9#$1%-<! &%+$;$P!
*$1%&'6!
W(! %-5&(5%)$(! *%! 7-9#$1%-! -%! B#1*(! %1! *'-! .#15'-r! 3'-! &#,'&%-! /! 3(!
B(35(!*%!+'1'+$,$%15'!*%!3(!3%/!%-.%+8B$+(!(!3(!9#%!-%!&%B$%&%!.'&!.(&5%!
*%3! [#&(*'6! H$+0(! 3%/! .&'08;%! (! (9#%33'-! +$#*(*(1'-! 9#%! -%! 0(/(1!
.&'-5$5#$*'! %[%&+%&! 1$1)C1! +(&)'! .C;3$+'! 1$! *$&$)$&-%! (! 3(! (-(,;3%(6!
D'&!&(d'1%-!';G$(-<!%-5(-!3$,$5(+$'1%-!1'!(B%+5(1!(!3'-!%-+3(G'-!1$!(!
3'-! %I5&(1[%&'-! 9#%! G$-$5%1! F5%1(-<! 9#%! .#%*%1! .&'-5$5#$&-%! +#(15'!
3%-!G%1)(!%1!)(1(6!W(!+'15&(5(+$P1!*%!-%&G$+$'-!-%I#(3%-!0','-%I#(2
3%-!1'!%-!-$%,.&%!$3%)(3<!1$!-$9#$%&(!&%+$;%!+(-5$)'!-$!%3!+$#*(*(1'!-%!
(;-5$%1%!*%!%[%&+%&!-#-!*%&%+0'-!*%!+$#*(*(1'6!:$!=$,(&+'!1'!0#;$%2
&(! 3%G(15(*'! 3(! G'd! +'15&(! 3'-! %,;([(*'&%-! /! 1'! 0#;$%&(! B'&,(*'!
.(&5%!*%!3(!G$*(!.'385$+(<!7-9#$1%-!1'!3%!0(;&8(!*%1#1+$(*'6!H$+0'!*%!
'5&'! ,'*'<! -$! %3! (-#15'! 0#;$%&(! 9#%*(*'! %1! %3! .3(1'! .&$G(*'<! -%)#2
&(,%15%!1'!0(;&8(!-#-+$5(*'!1$1)C1!.&';3%,(6!
7-!%G$*%15%!9#%!%3!B'1*'!*%!%-5%!+'1B3$+5'!1'!%-54!%1!3(!0','-%I#(3$2
*(*<!1$!%-!%3!C1$+'!+(-'!*%3!9#%!1'-!0(!33%)(*'!1'5$+$(!%1!9#%!-%!0(+%!
#1!#-'!.'385$+'!*%!3(-!3%/%-!/!-%!%,.3%(!3(!G$*(!.&$G(*(!+','!.&%5%I2
5'! .(&(! *%-5&#$&! #1(! &%.#5(+$P16! 71! %-5(! '+(-$P1<! 3'-! %,;([(*'&%-!
)(1(1<!-%!,(15$%1%!3(!.(d!+'1!h(+%*'1$(!/!-%!+'1*%1(!(!=$,(&+'!(!3(!
(5$,8(<! %-5'! %-<! 3%! .>&*$*(! *%! 5'*'-! -#-! *%&%+0'-! +$G$3%-6! W(! +'1-%2
+#%1+$(!%-!9#%!-#!+(&&%&(!.'385$+(!-%!%-B#,(<!.'&9#%!9#$%1!G%1*%!-#!
+#%&.'! ;$%1! .#%*%! G%1*%&! 3(! +$#*(*6! N'! -%! 5&(5(! *%! *%,'-5&(&! +'1!
0%+0'-! 3(! +#3.(;$3$*(*! *%! =$,(&+'<! -$1'! *%! +'1-5&#$&! #1! (&)#,%15'!
,'&(3! +&%8;3%6! F3! .'1%&! %1! *#*(! 3(! 3%)$5$,$*(*! *%! -#-! (++$'1%-! ?

! VXQ!
.#%-5'!9#%!0(!+',%5$*'! 0á;&$-<!'!.'*&8(!0(;%&3'!0%+0'?!1'!+(;%!3#2
)(&!.(&(!3(!(;-'3#+$P16!
W(! +$#*(*(18(! %1! F5%1(-! %-! #1! (-#15'! ,#/! -%&$'<! +','! -%! *%*#+%!
5(,;$>1!*%3![#$+$'!(!N%%&(<!9#%!5$%1%!3#)(&!%15&%!%3!SZS!/!%3!SZU!(6!E66!
=(,;$>1! %1! %-5(! '+(-$P1! -%! %,.3%(! 3(! 5>+1$+(! *%! (.#15(&! (! 3(! G$*(!
.&$G(*(! .(&(! &%+(3+(&! %3! .%3$)&'! -'+$(3! 9#%! $,.3$+(! 3(! $1,'&(3$*(*6!
N%%&(<!%-.'-(!*%!7-5>B(1'<!+',.(&%+%!(+#-(*(!*%!#-#&.(&!3'-!*%&%2
+0'-!+$G$3%-<!*%!G$G$&!+','!#1(!(5%1$%1-%!+#(1*'!%1!&%(3$*(*!%-!#1(!
.&'-5$5#5(! %I5&(1[%&(6!:#! *%3$5'! %-! 9#%! 9#$%&%! G$G$&! +','! #1(! +$#*(2
*(1(!3$;&%!+#(1*'!1'!%-!,4-!9#%!#1(!B#3(1(!+'&$15$(6!F3!(.#15(&!(!-#!
.%3$)&'-$*(*! ,'&(3<! 3(! (+#-(+$P1! *%! =%',1%-5'! /(! 0(! )(1(*'! %3! [#$2
+$'<! .#%-5'! 9#%! %3! .#%;3'! (5%1$%1-%! 1'! .#%*%! (+%.5(&! #1(! (,%1(d(!
(-86!F+(;(,'-!*%!G%&3'!+'1!=$,(&+'6!D%&'<!#1(!G%d!,4-<!3(!(+#-(+$P1!
1'! %-! ,4-! 9#%! #1(! %I+#-(! .(&(! %3$,$1(&! (! #1! %1%,$)'6! 73! .&'.$'!
=%',%-5'!%,.$%d(!-#!$15%&G%1+$P1!,%1+$'1(1*'!3'-!.&';3%,(-!9#%!
7-5>B(1'!/!N%%&(!3%-!0(1!+(#-(*'!(!>3!/!(!-#!B(,$3$(6!:%!.&%-%15(!+'2
,'!#1!G%1)(*'&!/!#1!-(3G(*'&!*%!3(!.(5&$(<!.%&'!-#!+(#-(!%-!.%&-'1(36!
N%%&(!1'!%-!,4-!9#%!%3!,%*$'!.(&(!*(g(&!(! -#!,(&$*'6! D%&'!=%',2
1(-5'!%-!#1!'&(*'&!3$,$5(*'<!.'&!3'!9#%!+%*%!3(!(+#-(+$P1!(!-#!+#g(2
*'<!F.'3'*'&'<!(!9#$%1!7-5>B(1'!0(!33%G(*'!(![#$+$'!*'-!G%+%-6!
W(!.&$,%&(!5(&%(!*%!F.'3'*'&'!%-!*%,'-5&(&!9#%!3(!(+#-(*(!G$G%!+'2
,'! %-.'-(! *%! 7-5>B(1'<! (3)'! 9#%! 3(! 3%/! (5%1$%1-%! .&'08;%! *%! B'&,(!
%I.38+$5(6!W(!-%)#1*(!%-!(.'&5(&!5%-5$,'1$'-!*%!9#%!3(!,#[%&!G$G8(!%1!
E'&$15'!+','!%-+3(G(!*%!N$+(&%5(!/!9#%!G$G8(!*%3!+',%&+$'!+(&1(36!F338!
B#%!G%1*$*(!(!=$,(1P&$*(-!/!(!l#+&(5%-<!9#%!3(!G%1*$%&'1!*%-.#>-!(!
j&$1$P1<!9#$%1!(.'&5P!*$1%&'!*%!-#!;'3-$33'<!*%3!*%!3(!.&'.$(!N%%&(!/!
*%! -#-! (,(15%-! +'&$15$'-6! =&(-! +',.&(&3(<! (,;'-! G$([(&'1! [#15'-! (!
F5%1(-6!E','!-#!1#%G'!*#%g'!3(!,(35&(5(;(<!%33(!%,.(9#%5P!-#-!+'2
-(-! /! -%! B#%! (! h%)(&(! +'1! *'-! *'1+%33(-6! F.'3'*'&'! *$+%! 9#%! (338! 3(!
+'1'+$P!7-5>B(1'<!9#$%1!-%!(3'[P!%1!-#!+(-(!+','!3'!0(;&8(!0%+0'!%1!
3(!*%!#1(!0%5%&(6!E','!3'-!,%)(&%1-%-!%&(1!5(+(g'-!/!%33(!5%18(!)#-2
5'-!+(&'-<!(+%.5P!G'3G%&!(!F5%1(-!+'1!7-5>B(1'<!9#$%1!3%!(-%)#&P!9#%!
G$G$&8(!+','!-#!%-.'-(<!3(!.&'5%)%&8(!/!5',(&8(!(!-#-!0$['-!+','!.&'2
.$'-6!
:%)C1! F.'3'*'&'<! 7-5>B(1'! `G$1'! +'1! %33(! .'&! *'-! &(d'1%-r! .'&9#%!
$;(!(!*$-.'1%&!*%!#1(!0%&,'-(!B#&+$(!*%!,(1%&(!)&(5#$5(!/!.'&9#%<!-$!

VLU!!
3(!.'18(!(!5&(;([(&<!+'1!-#!-#%3*'!.'*&8(!,(15%1%&!3(!+(-(a!uH%,P-2
5%1%-!VURRr!LVv6!^1(!G%d! $1-5(3(*'-!%1! F5%1(-<! ,'15(1!#1(!%-.%+$%!
*%!%-5(B(!.(&(!-(+(&!*$1%&'!(!%I5&(1[%&'-!&$+'-!%!$1)%1#'-<!(+#-41*'2
3%-!*%!(*#35%&$'<!(3!,$-,'!5$%,.'!9#%!N%%&(!-#;%!-#!5(&$B(<!(&)#,%12
5(1*'!9#%!(0'&(!%-!#1(!0'1&(*(!,#[%&!+(-(*(6!7-!-#!C1$+(!B#%15%!*%!
$1)&%-'-<!/!3(!B'&,(!9#%!5$%1%1!*%!,(15%1%&-%!3'-!*'-<!(!3'-!5&%-!0$['-!
*%! N%%&(<! (! 3(-! *'-! *'1*%33(-! /! (3! +&$(*'! *%! 3(! +(-(6! D%&'! %15'1+%-!
(+#*%!(!;#-+(&3(!j&$1$P16!71!3#)(&!*%!33%G4&-%3(!*%!G#%35(<!33%)(!(!#1!
(+#%&*'!+'1!7-5>B(1'r!N%%&(!%-!3$;&%<!.%&'!*%;%!*%G'3G%&3%!3'!9#%!3%!
0(! &';(*'! ?(#19#%! .#%*%! 9#%*(&-%! 3(! &'.(! /! 3(-! *'1+%33(-?! /! G$G$&!
+'1!#1'!5(15'-!*8(-!(3!,%-!+','!3'!0(&4!+'1!%3!'5&'6!
D%&'!1'!-'3'!%-'6!7-5>B(1'!*(!(!j&4-5'&!+','!%-.'-(!(!j(1'<!3(!0$[(!*%!
N%%&(<!0(+$>1*'3(!.(-(&! ?+','!0(;8(!.&',%5$*'?! .'&! -#/(6!E#(1*'!
%3!,(&$*'!*%-+#;&%!%3!%1)(g'!/!-%!*(!+#%15(!*%!9#%!3(!0$[(!-$)#%!3'-!
.(-'-!*%!3(!,(*&%<!3(!&%.#*$(!/!*%1#1+$(!(!7-5>B(1'<!9#%!3%!*%1#1+$(!
(!-#!G%d<!(#19#%!33%)(1!(!#1!(+#%&*'!/!1'!33%)(1!(!%,.&%1*%&!(++$'2
1%-!3%)(3%-6!E#(1*'!%1B%&,(!*%!)&(G%*(*<! j&4-5'&! &%+'1'+%! (3!1$%5'!
*%!N%%&(!+','!-#!0$['<!(!B$1!*%!9#%!-#!0%&%1+$(!1'!+($)(!%1!,(1'-!*%!
-#!B(,$3$(6!D%&'!-%!&%+#.%&(<!-%!+(-(!+'1!#1(!(5%1$%1-%!/<!+#(1*'!.&%2
-%15(!3(!1$g'!(15%!3(!5&$;#!/!%-5(!3'!&%+0(d(!.'&!-%&!0$['!*%!#1(!%I5&(2
1[%&(<!>3!1'!0(+%!1(*(!,4-6!F!%-5'!&%+#&&%!F.'3'*'&'r!1$!>3!1$!%3!.&'2
.$'!7-5>B(1'!0(1!33%G(*'!(!+(;'!1$1)#1(!(++$P1!.(&(!*%,'-5&(&!9#%!
3'-!0$['-!*%!N%%&(!0(1!1(+$*'!*%!#1(!,#[%&!(5%1$%1-%<!.'&!3'!9#%<!*%!
B'&,(!$,.38+$5(<!%-541!(+%.5(1*'!9#%!%-!%I5&(1[%&(6!
F#19#%!3(!(+#-(+$P1!,4-!)&(G%!%-!9#%!j(1'<!0$[(!*%!N%%&(!/<!.'&!5(12
5'<!%I5&(1[%&(<!0(!G$-5'<![#&(*'!/!'8*'!+'-(-!9#%!-'3'!#1'-!.'+'-!(5%2
1$%1-%-!%3%)$*'-!.#%*%1!'8&<!G%&!/![#&(&6!7-5'!0(!'+#&&$*'!(3!+(-(&-%!
+'1! =%P)%1%-! E%&P1$*(<! 9#$%1! (3+(1d(! %3! .#%-5'! *%! &%/6! 7-5%! 0%+0'!
.'1%!%1!.%3$)&'!3(!$15%)&$*(*!*%!F5%1(-<!.#%-5'!9#%!*%[(!%1!,(1'-!*%!
#1(!%I5&(g(!5(15'!3'-!-%+&%5'-!*%!3(! .'3$-!+','!%3!B(G'&!*%!3'-!*$'-%-6!
7-5>B(1'!%-!%3!&%-.'1-(;3%!3%)(3!*%!-#-!,#[%&%-<!/!0(!,(1+$33(*'!3(-!
3%/%-! *%! +$#*(*(18(! (! *$-5$15'-! 1$G%3%-6! 71! .&$,%&! 3#)(&<! N%%&(! G$G%!
+'1!>3!+','!-$!B#%&(!(5%1$%1-%<!+#(1*'!1'!3'!%-6!j(1'!%-!(*C35%&(<!%I2
5&(1[%&(!/!1'!,%&%+%!3(!+$#*(*(18(<!(!.%-(&!*%!3'!+#(3!0(!.(&5$+$.(*'!
%1!&$5#(3%-!.&$G(*'-!%-%1+$(3%-!.(&(!3(!+$#*(*6!F*%,4-<!3(-!*'-!%[%&2
+%1!'!0(1!%[%&+$*'!3(!.&'-5$5#+$P1<!.'&!3'!9#%!0(1!33%G(*'!3(!G%&)n%12
d(!(!F5%1(-!/!0(1!*%-0'1&(*'!(!3'-!*$'-%-6!

! VLR!
E#(1*'!F.'3'*'&'!$1-5(!(3![#&(*'!(!9#%!*%+3(&%!+#3.(;3%!(!N%%&(!1'!
0(+%!&%B%&%1+$(!(!3(-!.&#%;(-!9#%!0(!(.'&5(*'!?9#%!-'1!-#B$+$%15%-?<!
-$1'!(!&(d'1%-!,'&(3%-r!-$!3(!(;-#%3G%1!-%!*%*#+$&4!9#%!3'-!+$#*(*(2
1'-!*%!;$%1!/!3(-!B#3(1(-!-'1!$)#(3%-6!"#%!.#5(-!/!+$#*(*(1(-!3$;&%-!
-%(1!3'!,$-,'!%-!$1(*,$-$;3%<!(#1!+#(1*'!%3![#$+$'!-(+(!(!&%3#+$&!#1(!
.(&(*'[(r!9#%!3(-!,#[%&%-!3$;&%-!%-541!&%+3#$*(-!%1!-#-!+(-(-<!,$%12
5&(-! 3(-! .&'-5$5#5(-! -%! ,#%G%1! +'1! 3$;%&5(*! .'&! 3(! +$#*(*<! (+#*%1! (!
;(19#%5%-!/!-%!,%d+3(1!+'1!3'-!0',;&%-6!N'!-%!0(!+'1-%&G(*'!%3!(3%2
)(5'! *%! 7-5>B(1'! 1$! %3! G%&%*$+5'! *%3! .&'+%-'<! .%&'! G$%1*'! 3'! 9#%! 3%!
'+#&&%!(!=$,(&+'!5&%-!'!+#(5&'!(g'-!(15%-<!%-!B4+$3!-#.'1%&!9#%!3(!%12
+'15&(&8(1!+#3.(;3%6!

Om!

"#%!%3!.(-'!*%!*'-!,$3%1$'-!1'!5%&,$1(!+'1!%3!%,.3%'!*%!3(!G$*(!.&$2
G(*(!+','!(&,(!.'385$+(!%-!(3)'!9#%!J$3*%!*%-+#;&%!(15%!3'-!5&$;#2
1(3%-!*%!B'&,(!G$'3%15(6!71!-#!*%B%1-(!*%3!.'%,(! =Å'!W'G%-! *%!K'2
-$%!(B$&,(!9#%!%3!(,'&!9#%!1'!-%!(5&%G%!(!.&'1#1+$(&!-#!1',;&%!%-!
+','!%3!*%!3'-!)&$%)'-<!3'!9#%!1'-!0(+%!G%&3%!+','!%3!%&(-5>-!*%!H'#2
)3(-6!71!%B%+5'<!(+5C(!+','!5(3<!3%!*(!%3!+(&$g'!9#%!1'!%1+#%15&(!%1!-#!
.(*&%!/!%[%&+%!+','!-#!,%15'&! /! .&'5%+5'&6!F0'&(!;$%1<!5(,;$>1! %-!
+$%&5'!9#%!K'-$%<!+','!F3+$;8(*%-<!%-!,(/'&!.(&(!%3!.(.%3!*%! %&P,%2
1'-6!W'-!)&$%)'-!3'!&%-%&G(1!.(&(!,#+0(+0'-!*%!%15&%!9#$1+%!/!*$%2
+$'+0'! (g'-<! 9#%! 5(,;$>1! %-! 3(! %*(*! %1! 3(! 9#%! +(-(1! (! 3(-! ,#[%&%-6!
D%&'!-$!J$3*%!-%!G%!(!-8!,$-,'!+','!#1(!%-.%+$%!*%!:P+&(5%-<!.(&%+%!
'3G$*(&! 3(!-#%&5%!9#%!+'&&%! %-5%<!/!+P,'! 3%!+'1*%1(1!(! ;%;%&!+$+#5(!
.'&!+'&&',.%&!(!3'-![PG%1%-6!]!9#$d4!3'!5%1)(!%1!+#%15(<!/!-%!(.'*%&%!
*%!>3!%3!*%,'1$'!*%!3(!.%&G%&-$*(*!*%3!9#%!0(;3(!D'%<!9#%!3%!33%G(&8(!(!
(+%.5(&!?-$!1'!;#-+(&?!-#!.&'.$(!*%-5&#++$P16!
W'! +$%&5'! %-! 9#%! 1'! 5$%1%! ,#+0(-! ,4-! '.+$'1%-6! E#(1*'! 3'&*! "#%2
%1-;%&&/!%15&%)(!-#!5(&[%5(!%1!%3!F3;%,(&3%<!-%33(!-#!*%-5$1'6!:$!0#/%!
(!j&(1+$(<!+','!3%!-#)$%&%!\';;$%<! '!-$! 1'!(+5C(<! -#!&%.#5(+$P1!/!-#!
+(&&%&(!0(;&41!5%&,$1(*'6!W(!'.+$P1![#*$+$(3!.#%*%!-%&!,4-!0'1&'-(<!
'!$1+3#-'!,4-!0%&'$+(!%1!-#!(-.%+5'!5&4)$+'6!D%&'!+','!3%-!'+#&&%!(!
=$,(&+'!/!(!N%%&(<!%3!.&'+%-'!%-54!.%&*$*'!$1+3#-'!(15%-!*%!%,.%d(&6!
h4-!9#%!3(-!.&#%;(-!?9#%!-'1!$&&%B#5(;3%-?!3(!+'1*%1(!3(!.&'G'+(!3(!
'.$1$P1! .C;3$+(<! %3! .#%;3'! *%! O1)3(5%&&(! 9#%! 1'! .#%*%! .%&,$5$&! 9#%!

VLV!!
#1!$&3(1*>-!0()(!-(35(&!.'&!3'-!($&%-!-#-!$*%(3%-!*%!*%+%1+$(!/!&%-.%2
5(;$3$*(*6! "#%! ,%&%d+(! '! 1'! .()(&! +'1! 5&(;(['-! B'&d'-'-! .'&! 33%G(&!
#1(!B'&,(!*%!G$*(!#!'5&(<!-$1!0(;%&!0%+0'!,(3!(!1(*$%<!%-!'5&(!+'-(<!
.%&'!*%!3'!9#%!1'!+(;%!1$1)#1(!*#*(!%-!*%!9#%!%-!+#3.(;3%!*%!3'-!*%2
3$5'-! 9#%! -%! 3%! $,.#5(16! W%)(3$*(*! /! [#-5$+$(! 1'! -$%,.&%! -'1! -$1P1$2
,'-6!
F!.%-(&!*%!3(-!-#.#%-5(-!&%5$+%1+$(-!'!3(-!(,;$)n%*(*%-!9#%!-%!*(1!
%1!+$#*(*%-!+','!F5%1(-!'!7-.(&5(<!3(!.%*%&(-5$(!)&$%)(!%-!#1(!$1-5$2
5#+$P1!(+%.5(*(!/!&%)#3(*(!9#%!%[%&+%!#1(!B#1+$P1!-'+$(3!/!%*#+(5$G(6!
73!%&(-5>-!5',(!%3!.(.%3!*%!F&5%,$-(!/!(/#*(!(3!%&P,%1'-!(!,(*#&(&<!
(!(;(1*'1(&!3(!$1B(1+$(!.(&(!+'1G%&5$&-%!%1!#1!0',;&%6!W%!5&(1-,$5%!
3'-! G(3'&%-! /! 3%! 0(+%! %15%1*%&! 3'-! .$3(&%-! -';&%! 3'-! 9#%! -%! B#1*(! 3(!
-'+$%*(*!)&$%)(6!71!+(-'!*%!9#%!(+%.5%,'-!9#%!3(!&%3(+$P1!%15&%!J$32
*%! /! K'-$%! %-! *%! #1! 5$.'! -$,$3(&<! 3(! 9#%! ,(15$%1%! +'1! F3B&%*! J''*<!
7*Å(&*! :0%33%/<! j&%*%&$+o! F5o$1-<! E0(&3%-! D(&o%&<! 7&1%-5! :+(&B%! /!
'5&'-!5(15'-<!1'!3'!%-6!73!,',%15'!%1!%3!9#%!5'*'!%-5'!-%!0(+%!%G$*%12
5%! %-! +#(1*'! E(&-'1! 3%! .&%)#15(! .'&! J(35%&! @&($1)%&<! %3! +&$(*'! *%!
K'-$%!%1!]IB'&*6!:'&.&%1*%!3(!&%-.#%-5(!9#%!*(!(!-$!(3)#1(!G%d!3%!0(!
;%-(*'r!1'<!.'&9#%!%-!,#/!B%'6!:$!0(;8(!*#*(-!&%-.%+5'!(!3(!+#3.(;$2
3$*(*! *%! J$3*%<! (9#8! *%-(.(&%+%16! H%! 0(;%&! -$*'! )#(.'<! 3'! 0(;&8(!
0%+0'6!]!.'*&8(!0(;%&3'!.%1-(*'<!(3!,%1'-6!E(;%!*%15&'!*%!3(-!.'-$2
;$3$*(*%-6!:$!%3!(,'&!9#%!-$%15%!.'&!H'#)3(-!%-!%-.$&$5#(3!/!+(-5'!+'2
,'!%3!*%!:P+&(5%-!.'&!F3+$;8(*%-<!%1!%-5'-!'5&'-!+(-'-!3'!9#%!;#-+(!%-!
#1(!)&(5$B$+(+$P1!B8-$+(6!N'!0(/!*#*(6!7-!0','-%I#(36!
D'&!%,.3%(&!3(!5%&,$1'3')8(!B'#+(#35$(1(<! 3(! 0','-%I#(3$*(*! )&$%)(!
B'&,(!.(&5%!*%3!+'1[#15'!*%! .&4+5$+(-! *%! #1(! (&-!%&'5$+(! 9#%! -%!%12
+#%15&(!%1!%3!.'3'!'.#%-5'!*%!3(!9#%!%15$%1*%!3(! -+$%15$(!-%I#(3$-!*%3!
-$)3'!AOA6!71!3(!.&$,%&(<!%3!+'1'+$,$%15'<!3(!G%&*(*<!-%!%I5&(%!*%!3(!%I2
.%&$%1+$(! -#;[%5$G(<! *%3! .&'.$'! .3(+%&<! /! 1'! %-54! -',%5$*'! (! #1(! 3%/!
,'&(3!-$1'!(3!-#[%5'!,$-,'6!:(;%&!/!.3(+%&!-%!(3$,%15(1!,#5#(,%15%!
.(&(!+&%+%&6!:$!%-%!-(;%&!%-!-%+&%5'!3'!%-!1'!.'&!3(!+&%%1+$(!*%!9#%!%-!
$1,'&(3! /! *%;%! '+#35(&-%<! -$1'! .'&9#%<! +','! +#(39#$%&! '5&'! &$5'! *%!
.(-'<!*%!-%&!.C;3$+'!-%!*%;$3$5(&8(6!W(!-%)#1*(<!-$1!%,;(&)'<!+'1B$)#2
&(!%3!,'*'!%1!%3!9#%!3(!-'+$%*(*!'++$*%15(3!,'*%&1(!-%!&%3(+$'1(!+'1!
%3!-%I'<!*%&$G(*(!*%!3(!+'1B%-$P1!+&$-5$(1(!(!.(&5$&!*%!3(!\%B'&,(6!W(!
G%&*(*!*%3!$1*$G$*#'!/(!1'!-%!%1+#%15&(!%1!3(-!&%3(+$'1%-!9#%!,(12
5$%1%!+'1!-#!%15'&1'<!1'!%-54!%1!-#!+3(-%!-'+$(3!'!%1!-#!B$3$(+$P1<!-$1'!

! VLS!
%1! -#-! (++$'1%-! /! -#! .%1-(,$%15'6! W(! +(&1%! /! %3! -%I'! %1+$%&&(1! %3!
1C+3%'! %-%1+$(3! *%3! -#[%5'<! %-%! 1C+3%'! 9#%! %-! 1%+%-(&$'! +'15%1%&! /!
9#%!%1!'+(-$'1%-!-%!%-+(.(!.&'G'+(1*'!#1(!*%-)&(+$(6!
D'&!,#+0'!9#%!J$3*%!-%!+&%(!%1!3(!.&$,%&(<! 3'!+$%&5'!%-! 9#%! G$G%! 3(!
-%)#1*(6! :#! 5$%,.'<! +','! >3! ,$-,'! &%+'1'+%<! 1'! %15$%1*%! %3! (,'&!
9#%!-$%15%!#1!0',;&%!.'&!#1!,#+0(+0'<!.%&'!1'!*$+%!.'&!9#><!+#43!
%-!3(!+(#-(!9#%!33%G(!(!%-(!$1+',.&%1-$P16!73!,#1*'!)&$%)'<!+','!G%2
8(,'-! ,4-! (5&4-<! -'-5$%1%! 3(! 5%'&8(! *%3! +#%&.'! C1$+'<! %1! %3! 9#%! 3(-!
,#[%&%-!1'!-'1!-$1'!0',;&%-!$,.%&B%+5'-6!71!-#!';-%-$P1!.'&!3(!.%&2
B%++$P1<!3(!0(&,'18(!/!3(![#G%15#*<!1'!%-!*%!%I5&(g(&!9#%!3'-!G(&'1%-!
(*#35'-! .$%&*(1! 3(! +(;%d(! .'&! 3'-! [PG%1%-! 9#%! G%1! %1! 3(-! .(3%-5&(-<!
+'1!3'-!,C-+#3'-!5%1-'-!.'&!%3!%-B#%&d'!/!;&$33(15%-!.'&!%3!(+%5$5%!#12
5(*'6!W(!1'+$P1!*%!.%+(*'!9#%!5&(%!+'1-$)'!3(!+(&1%!+&$-5$(1(<!%3!+(,2
;$'!(3!,'*%3'!*%!*'-!+#%&.'-!/!3(!1(5#&(3$d(+$P1!*%!3'-!%-.(+$'-!-%2
)&%)(*'-! .(&(! 0',;&%-! /! ,#[%&%-! 9#%! .&'.'1%1! \'#--%3! /! %3! &%-5'!
*%!(15&'.P3')'-!,'&(3%-<!0(+%!9#%!%-(!G$-$P1!-%(!$,.'-$;3%!%1!%3!-$2
)3'! AOA6!:(3G'!.(&(!(3)#1'-!#&(1$-5(-!9#%!$*%(3$d(1!3(!*'+5&$1(!)&$%)(<!
+','!K3'I(,<!3'&*!F3B&%*!H'#)3(-!'<!9#$d4<!%3!.&'.$'!J$3*%6!
W(!(.&'I$,(+$P1!(3!-%I'!/(! 1'!.#%*%!-%&! 3(! ,$-,(6! W'! 9#%!(15%-! -%!
G$G8(!/!-%!-(;8(!.'&!3(!%I.%&$%1+$(<!(0'&(!%-54!-',%5$*'!(!3'-!*$-+#&2
-'-! ,>*$+'-<! 3%)(3%-! /! .-$9#$45&$+'-<! 9#%! 5&(5(1! *%! -',%5%&3'! (! 3'-!
+P*$)'-!.&'.$'-!*%3!,',%15'6!D%&'!3(!,$-,(!+(&)(!%.$-5%,'3P)$+(!/!
,%5(B8-$+(! 9#%! *',$1(!'++$*%15%! *#&(15%! ,4-! *%! #1! ,$3%1$'! +'1*$2
+$'1(!%-(-!5>+1$+(-!9#%!-%!.&%5%1*%1!1#%G(-<!+$%158B$+(-!/<!.'&!5(15'<!
1%#5&(3%-6!7-(!%-!3(!&(dP1!.'&!3(!9#%<!(#1!+&%/%1*'!9#%!3(!G%&*(*!*%3!
-%I'!%9#$G(3%!(!3(!G%&*(*!*%3!$1*$G$*#'<!3(!+#%-5$P1!-%!(;'&*%!*%!B'&2
,(! ';3$+#(6! E','! %3! -%I'! ,$-,'! %-! .&';3%,45$+'! ?/! 3(! -%1-$;$3$*(*!
&',415$+(!%-!5(,;$>1!#1(! ,#%-5&(! *%! %33'?<! 3(! +$%1+$(!-%!%1&%*(!%1!
(9#%33(-!(++$'1%-!9#%!-%!+'1-$*%&(1!.%3$)&'-(-6!:$!0(-5(!%3!-$)3'! AmOOO!
-'1! 3(-! &%3(+$'1%-! ,(&$5(3%-! 3(-! 9#%! %-541! &%)#3(*(-! .'&! 3(! .(-5'&(3!
+&$-5$(1(<! %3! *%&%+0'! +(1P1$+'! /! 3(! 3%/! +$G$3<! /! 3(-! *%,4-! ?
.&%,(&$5(3%-<! %I5&(,(&$5(3%-?! 9#%*(1! %1! #1(! 1%;#3'-(! 9#%! 3(-! +'12
*%1(! .%&'! 1'! 3%-! .&%-5(! #1(! (5%1+$P1! %-.%+$(3<! (! .(&5$&! *%! %-%! ,'2
,%15'! -%! .%&,$5%! #1(! +$%&5(! 3$;%&5(*! '<! ,%['&! *$+0'<! .&$G(+$*(*<! %1!
3(-! .&4+5$+(-! 9#%! 5%1)(1! 3#)(&! *%15&'! *%! 3'-! ,#&'-! *%3! 0')(&! /! *%3!
,(5&$,'1$'6! h$%15&(-! -%! .%&.%5C%! 3(! ,'1')(,$(! 0%5%&'-%I#(3! /! -%!
,(15%1)(!%1!-%+&%5'<!.#%*%!0(+%&-%!,4-!'!,%1'-!3'!9#%!(.%5%d+(6!

VLZ!!
H%-*%!B$1(3%-!*%3! AmOOO!-'1!3(-!-%I#(3$*(*%-!.%&$B>&$+(-!3(-!9#%!-%!-'2
,%5%1!(!#1!(143$-$-!.'&,%1'&$d(*'!.'&!.(&5%!*%!3(!,%*$+$1(!/!3(![#2
*$+(5#&(6!"#$%1%-!1'!&%-.%5(1!3(-!1'&,(-!-%!+'1-$*%&(1!.%&G%&-'-<!/!
B'&,(1!.(&5%!*%3!,$-,'!)&#.'!.%3$)&'-'!9#%!3'-!3'+'-<!3'-!%1B%&,'-!
'!3'-!*%3$1+#%15%-6!f(!1'!-%!5&(5(!5(15'!*%!9#%!+',%5(1!B(35(-!+'15&(!
3(!,'&(3<!5(,.'+'!$,.'&5(!9#%!-%(1!1$g'-!.&%+'+%-<!'1(1$-5(-<!+'3%2
)$(3%-! (,;$)#'-! '! ,(&$*'-! -4*$+'-<! -$1'! *%! 9#%! -#-! (+5$G$*(*%-<! $12
+3#-'!3(-!,%15(3%-<!.(-(1!(!-%&!,(5%&$(!*%!%-5#*$'!/!+'1*%1(!,>*$+(!
/![#&8*$+(6!=&(-!3(!-%)#1*(!,$5(*!*%3!-$)3'!AOA<!%3!-'*',$5(!*%[(!*%!-%&!
(9#%3! $1*$G$*#'! 9#%! &%(3$d(! *%5%&,$1(*'-! (+5'-! .&'0$;$*'-<! .(&(!
5&(1-B'&,(&-%<! ;(['! 3(! 1#%G(! ,$&(*(<! %1! %3! 0','-%I#(3<! #1(! B$)#&(!
+#/(!B'&,(!*%!G$*(!*%.%1*%!%1!%I+3#-$G(!*%!*$+0'-!(+5'-6!
7-5%!G#%3+'!'15'3P)$+'!9#%!.(-(!*%!3(-!(++$'1%-!(!3(-!$*%15$*(*%-!%-!
#1'!*%!3'-!.#15'-!+3(G%!*%3!(143$-$-!B'#+(#35$(1'6!j'#+(#35!+'1-$*%&(!
9#%! %-! -'3'! (! .(&5$&! *%! 3(! .%&-.%+5$G(! ,'*%&1(! *%-*%! *'1*%! .#%*%!
%-5(;3%+%&-%! 3(! B$)#&(! *%3! 0','-%I#(3! +','! %3! &%B3%['! .%&G%&-'! *%3!
.(*&%!*%!B(,$3$(!.&'.$'!*%!3(-!-'+$%*(*%-!;#&)#%-(-6!W(!-'*',8(!(12
5%&$'&!9#%*(!&%*#+$*(!(!#1!*%3$5'!'!#1!.%+(*'<!.%&'!1'!+'1-5$5#/%!3(!
G%&*(*! *%3! -#[%5'! +','! 3'! 0(+%! *%-*%! 3(! ,%*$+$1(! (! .(&5$&! *%3! -$)3'!
AmOOO6!:$1!%,;(&)'<!0(/!$1*$+$'-!*%!9#%!%-5(!$*%15$B$+(+$P1!-%!0(+%!,#2
+0'!(15%-!*%!3(!(.(&$+$P1!*%!3(!,%*$+$1(!+$%158B$+(<!*%3!)$&'!$15&'-.%+2
5$G'!+(&5%-$(1'!/!3'-!,'*'-!*%!-#;[%5$G(+$P1!,'*%&1'-6!h$33-!-%g(3(!
3(!.&%'+#.(+$P1!9#%!-#.'1%!3(!B&%+#%1+$(!*%!3(!-'*',8(!.(&(!3(-!(#2
5'&$*(*%-!%+3%-$4-5$+(-!$5(3$(1(-!*%3!-$)3'! Am<!+','!$1*$+(1!3'-!-%&,'2
1%-! 9#%! K%&1(&*$1'! *%! :$%1(! 'B&%+%! (! 3'-! B3'&%15$1'-! %1! (;&$3! *%!
RZVZ6! E'1! &%B%&%1+$(-! (! 3(! *%-5&#++$P1! *%! :'*',(<! (*G$%&5%! *%! 9#%!
5'*'-! 3'-! ,(3%-! *%! 3(! 0#,(1$*(*! -%! '&$)$1(1! %1! %-%! (+5'! $,.8'6! 71!
RZSV<!j3'&%1+$(!%-5(;3%+%!%3!33(,(*'!]B$+$'!*%!3(!N'+0%<!9#%!.%&-$)#%!
*%!B'&,(!-$-5%,45$+(!*$+0'!+&$,%1!(15$1(5#&(3<!/!9#%!+'1*%1(!(!5&%-!
,$3!.%&-'1(-!%1!3'-!-%5%15(!(g'-!9#%!.%&,(1%+%!(+5$G'6!D%&'!3(-!+$2
B&(-!-'1!(#1!,(/'&%-r!*%!#1(!.';3(+$P1!*%!+#(&%15(!,$3!0(;$5(15%-<!
,4-!*%!*$%+$-$%5%!,$3!-'1!%1+(#-(*'-!(3!,%1'-!#1!G%d6!7-'!-$)1$B$+(!
9#%! ,4-! *%3! +#(&%15(! .'&! +$%15'! *%! 3'-! B3'&%15$1'-! -'1! %I(,$1(*'-!
.'&!%3!]B$+$'6!
E$#*(*%-! +','! K'3'g(! '! m%1%+$(! +&%(1! $1-5$5#+$'1%-! -$,$3(&%-<! +'1!
.%1(-!9#%!$1+3#/%1!3(!,#%&5%!%1!3(!0')#%&(<!%1!3'!9#%!h$33-!33(,(!#1(!
G$&#3%15(!`-'*','B';$(a!uVUUTr!YZv6!D%&'!3'!$15%&%-(15%!*%!-#!(143$2

! VLT!
-$-!1'!%-54!%1!3(-!+$B&(-<!9#%!$1*$+(1!#1(!(#5>15$+(!';-%-$P1!+'15&(!3(!
-'*',8(!%1!3(!O5(3$(!5(&*',%*$%G(3<!-$1'!%1!3(-!.$15#&(-!*%!3'-!-$)3'-!
AOm!/! Am!9#%!.#%*%1!G%&-%!%1!(3)#1(-!$)3%-$(-<!/!9#%!&%.&%-%15(1!3'-!
+(-5$)'-!9#%!&%+$;%1!3'-!-'*',$5(-!%1!%3!$1B$%&1'6!73!B&%-+'!*%3!,#&'!
-#&! *%3! E(,.'-(15'! ,'1#,%15(3! *%! D$-(<! ';&(! *%! K#'1(,$+'! K#B2
B(3,(++'<!%-!3(!.&$,%&(!.$15#&(!9#%!-#-5$5#/%!%3!%-.(+$'!$1B%&1(3!(;-2
5&(+5'<! +','! -%! %15%1*8(! 0(-5(! %3! ,',%15'<! .'&! #1(! %-.%+$%! *%! %-2
5&#+5#&(![#&8*$+(!%1!3(!9#%!+(*(! .%+(*'!&%+$;%!-#! +(-5$)'! %-.%+8B$+'6!
W(!';&(!%-54!B%+0(*(!%15&%!RSSV!/!RSZV<! /!(*'.5(<!'!(3!,%1'-!+',2
.(&5%<!#1(!*$G$-$P1!%-.(+$(3!+','!3(!9#%!.3(15%(!H(15%!%1!-#! H$G$1(!
+',%*$(6!
73! B&%-+'! *%! K#BB(3,(++'! .&%-%15(! *%! B'&,(! %-5&#+5#&(*(! 3'-! -$%5%!
.%+(*'-! +(.$5(3%-! /<! -';&%! %33'-<! (! 3'-! %1%,$)'-! *%! 3(! O)3%-$(6! E(*(!
5'&,%15'!$1B3$)$*'!&%B3%[(!%3!.%+(*'!*%3!9#%!%3!+'1*%1(*'!%-!+#3.(;3%<!
+','!%3!(G(&'!B'&d(*'!(!5&()(&!,'1%*(-6!W'-!-'*',$5(-!(.(&%+%1!%1!
.(&%[(<! %15&%! 3'-! 3#[#&$'-'-r! #1'! %-54! %1-(&5(*'! +','! #1(! ;&'+0%5(!
-';&%! 3(-! 33(,(-<! +'1! %3! %-.%5P1! (5&(G%-41*'3%! *%3! (1'! (! 3(! ;'+(<! /!
+#/(!.#15(!%15&(!%1!3(!;'+(!*%!-#!+',.(g%&'6!F,;(-!B$)#&(-!-%!,$2
&(1!(!3'-!'['-<!/!-%!*$-5$1)#%1!*%!'5&'-!%,.(3(*'-!(15%&$'&%-!.'&9#%!
33%G(1!.#%-5(-!#1(-!,$5&(-!9#%!-%g(3(1!-#!.%+(*'6!W(!%-+%1(!&%B3%[(!
+'1!+3(&$*(*!3'-!&%+$.$%15%-!-'*',$5(-r!3(!;'+(!/!%3!(1'6!D'&9#%<!1'!3'!
'3G$*%,'-<!3(!-'*',8(! ,%*$%G(3! %-! #1(! +(5%)'&8(!+'1B#-(! 9#%!1'! -%!
3$,$5(!(3!+#3'<!-$1'!9#%!$1+3#/%!5'*(!(9#%33(!.&4+5$+(!-%I#(3!9#%!5$%1%!
3#)(&!B#%&(!*%!3(!G()$1(<!'!9#%!1'!-%!(*(.5(!(!3'!9#%!%1!#1!*%5%&,$2
1(*'!,',%15'!-%!+'1-$*%&(!1(5#&(36!E','!.#%*%!-%&!3(!&%3(+$P1!%12
5&%!#1!+&$-5$(1'!/!#1(![#*8(6!
:$1! %,;(&)'<! 3(! .$15#&(! &%,(&+(! %3! +(&4+5%&! (1(3! /! 0','%&P5$+'! *%3!
.%+(*'<!-$)#$%1*'!3(!+(&(+5%&$d(+$P1!,4-!%-5&$+5(!9#%!0(+%!=',4-!*%!
F9#$1'6!]5&'-!B&%-+'-!*%3!-$)3'! Am!&%.$5%1!%-5(!&%.&%-%15(+$P1<!%1!K'2
3'1$(!'!%1!:(1!@$,$)1(1'6!H%3!,$-,'!,'*'<!3'-!'B$+$'-!+'15&(!3(!-'2
*',8(!.%&-$)#%1!+'1!%-.%+$(3!B$%&%d(!%3!-%I'!(1(3!%15&%!0',;&%-<!-%2
)#$*'! .'&! -#! -$,#3(+&'! $15%&+&#&(3! /! 3(! B%3(+$P16! W'! 9#%! *%-5(+(! *%!
%-5(-!$,4)%1%-!&%3$)$'-(-!%-!9#%!0(+%1!+'1!.&%+$-$P1!3'!9#%!j'#+(#35!
(5&$;#/%!(!3(!+'1B%-$P1!/!3(! -+$%15$(!-%I#(3$-!,'*%&1(r!B$[(&!#1(!$*%12
5$*(*!(!5&(G>-!*%!3(!&%.&%-%15(+$P1!*%!#1!(+5'6!73!-'*',$5(!-%!$*%15$2
B$+(!.'&!-#!.%+(*'<!9#%!9#%*(!+'1)%3(*'!%1!%3!5$%,.'!/!0(+%!G$-$;3%!
3(!G%&*(*! *%!-#!(3,(!(!5&(G>-!*%3! +(-5$)'! *%! -#!+#%&.'6! D%&'!1'! %-(!

VLX!!
(1$,(+$P1!-#-.%1*$*(!*%!3(!9#%!0(;3(!h$33-!G(!,4-!(334!*%!3(!-$,.3%!
9#$%5#*!.&'.$(!*%!3(-!B'5')&(B8(-<!%-!3(!G$-$P1!*%!3'!9#%!3%!'+#&&%!%1!
&%(3$*(*!%1!%3!,4-!(334r!`\%.&%-%15(*'-!%1!-'*',8(!(3!,$-,'!5$%,.'!
9#%!%-541!,#&$%1*'!%5%&1(,%15%!.'&!-#!+(#-(<!3'-!.%+(*'&%-!%[%,2
.3$B$+(1! %B$+$%15%,%15%! %3! +'1+%.5'! ()#-5$1$(1'! *%3! $1B$%&1'! +','!
-#-.%1-$P1!%1!3(!,#%&5%!u\%.&%-%15%*!à$1!-'*',/z!(5!50%!-(,%!5$,%!
(-!50%/!(&%!%5%&1(33/!*/$1)!B&',!$5<!50%!-$11%&-!1%(53/!%I%,.3$B/!F#2
)#-5$1%z-!+'1+%.5!'B!0%33!(-!(!-#-.%1-$'1!$1!*%(50v!uh$33-!VUUTr!QSv6!
^1!*(5'!+#&$'-'!%-!9#%!%1!3'-!&%)$-5&'-![#*$+$(3%-!%-!&(&'!9#%!(.(&%d2
+(! %3! .(&5$+$.(15%! .(-$G'! %1! 3'-! (+5'-! *%! -'*',8(<! ,$%15&(-! 9#%! -%!
.%&-$)#%! (3! (+5$G'<! +#(1*'! %1! 3(-! &%.&%-%15(+$'1%-! G$-#(3%-! *%! 3'-!
B&%-+'-!&%3$)$'-'-!-#%3%!'+#&&$&!(3!&%G>-<!/!9#$%1!&%+$;%!%3!+(-5$)'!,4-!
-%G%&'!%-!9#$%1!-%!*%[(!.%1%5&(&6!71!%3!+(-'!*%!K#BB(3,(++'<!,$%15&(-!
#1'!%-54!%1-(&5(*'!%1!#1!.$1+0'!/!#1!*%,'1$'!3%!0(+%!)$&(&!-';&%!3(-!
;&(-(-<!%3!'5&'!-%!3$,$5(!(!&%+$;$&!%1!3(!;'+(!%3!%I5&%,'!*%!3(!;&'+0%5(6!
H%!%-5%!,'*'!-%!$*%15$B$+(! 3(! 1(5#&(3%d(! *%!+(*(! #1'! *%!3'-!.(&5$+$2
.(15%-!-%)C1!*>!'!&%+$;(6!D'*%,'-!*%*#+$&<!.'&!5(15'<!9#%!%1!3(!O5(3$(!
*%! 3'-! -$)3'-! AOm! /! Am! -%! %15$%1*%! 3(! -'*',8(! +','! #1! +'1[#15'! *%!
.&4+5$+(-! %1! %3! 9#%! %I$-5%1! *'-! &'3%-! +',.3%,%15(&$'-<! +#/(-! .'-$2
+$'1%-!*%5%&,$1(1!%3!+(-5$)'!9#%!&%+$;%1<!5(15'!*%!,(1'!*%!3(![#-5$+$(!
5%&&%-5&%!+','!*%!3(!*$G$1(6!F-8<!%3!.%1%5&(*'&!.'*8(!-%&!+'1*%1(*'!(!
.%1(-!,'1%5(&$(-<!(3!*%-5$%&&'!'!(!(&*%&!%1!3(!0')#%&(<!,$%15&(-!9#%!
%3!.%1%5&(*'!.'*8(!-%&!+(-5&(*'!/!,(&+(*'!(!0$%&&'!%1!%3!&%+5'6!
D%&'!3(-!$,4)%1%-!*%!3'-!-'*',$5(-!%1-(&5(*'-!-';&%!3(-!33(,(-!5(,2
;$>1!0(+%1!&%B%&%1+$(!(!3(!(1$,(3$*(*!/!3(!+',$*(6!71!.(&5$+#3(&!(!3'-!
+%&*'-<!(!3'-!9#%!-%!3%-!+',.(&(!*#&(15%!%3!,$-,'!.%&$'*'!*%!5$%,2
.'6!W'-!+%&*'-!G$G%1![#15'!(!3'-!0#,(1'-!/!*%!%33'-!-%!%I5&(%!$1B$1$2
*(*!*%!.&'*#+5'-!.%&'<!(3!,$-,'!5$%,.'<!.&'G'+(1!$19#$%5#*6!:%!3%-!
+'1-$*%&(!;%-5$(-!$1,#1*(-!9#%<!%1!-#!*%-1#*%d!&'-(*(!9#%!&%+#%&2
*(!(!3'-!1$g'-<!%1+(&1(1!3'-!.%+(*'-!*%!3(!(G(&$+$(<!3(!)#3(!/!3(!3#[#&$(6!
H%-*%!#1!.#15'!*%!G$-5(!-$,;P3$+'<!(3!.&%-%15(&!(!3'-!-'*',$5(-!+'2
,'!;&'+0%5(-<!-%!%-54!,(&+(1*'!%1!%33'-!*'-!5&(1-)&%-$'1%-6!D'&!#1!
3(*'<!3(!G$-#(3$d(+$P1!*%3!(3,(!(!5&(G>-!*%3!+#%&.'6!F3!&%.&%-%15(&!-#!
.%+(*'! *%! B'&,(! )&4B$+(! 3(! 0#,(1$*(*! .#%*%! G%&! (9#%33'! 9#%<! %1!
.&$1+$.$'<! %-54! &%-%&G(*'! (! H$'-6! D'&! %3! '5&'<! (3! %9#$.(&(&3'-! (! 3'-!
+%&*'-<! -%! 5&(1-)&%*%1! 3'-! 38,$5%-! %15&%! 3'! 0#,(1'! /! 3'! (1$,(36! :%!
+&%(!(-8!#1!+'15$1#'!9#%!$1+3#/%!%1!3(!,$-,(!B$)#&(!%3!.%+(*'<!%3!(+5'!

! VLL!
+'15&(!1(5#&(!/!%3!+#%&.'!*%)%1%&(*'6!^1!-$,.3%!(+5'!-%I#(3!-%!G$12
+#3(!(!3(!%1B%&,%*(*!/!3(!,#%&5%<!(,%1(d(!(!3(!B(,$3$(!/!.&'G'+(!3(!
$&(!*%!H$'-6!
7-5'!1'!-$)1$B$+(!9#%!%-5%!-'*',$5(!%9#$G(3)(!(3!0','-%I#(3!,'*%&2
1'<! .%&'! .&%-%15(! $1*$+$'-! *%! 9#%<! *%! (3)C1! ,'*'<! .#%*%1! %I$-5$&!
$*%15$*(*%-!-%I#(3%-!.&%,'*%&1(-6!i(/!.'+(-! B'&,(-!,4-!%B%+5$G(-!
*%!(-$,$3(&!3(!.%&-'1(!(!#1(!(+5$G$*(*!9#%!+'3'+(&3(!%1!#1!,#&'!.(&(!
9#%!%3!.C;3$+'!3(!G%(!33%G(&3(!(!+(;'!?%1!%-5%!+(-'<!-#!.(&'*$(!+&#%3?!
*#&(15%!-$)3'-6!E','!(3!(G(&'!(!9#$%1!:(541!3%!+()(!*$1%&'!%1!3(!;'+(6!
D%&'!3(!$*%15$B$+(+$P1!,'*%&1(!1'!%-!-'3'!,'&(3<!1$!5$%1%!9#%!G%&!+'1!
%3!*%-5$1'!#35&(5%&&%1'!*%!-#!(3,(6!F*%,4-!*%!-%&!#1!(-#15'![#&8*$+'<!
%-!#1!.&';3%,(!,>*$+'6!D(&(!%1+'15&(&!3(!G%&*(*!*%!#1!+(-'!/!(+5#(&!
%1!+'1-%+#%1+$(<!3(![#-5$+$(<!(!.(&5$&!*%!B$1(3%-!*%3!-$)3'!AmOOO<!&%+#&&%!(!
3'-! 5%-5$,'1$'-! .'3$+$(3%-! /! (! 3'-! $1B'&,%-! *%! %I.%&5'-<! (! 9#$%1%-!
+'1-$*%&(!B#%15%-!B$(;3%-!%1!3(-!9#%!+'1B$(&!.(&(!';5%1%&!#1!G%&%*$+2
5'6!H%!%-%!+#%&.'!*%!%I.%&5'-!B'&,(1!.(&5%!3'-!.-$9#$(5&(-<!9#$%1%-!
1'!$1G%-5$)(1!%3!+&$,%1<!-$1'!(3!+&$,$1(3<!9#$%1%-!.(-(1!`*%3!(+5'!(!3(!
+'1*#+5(<!*%3!*%3$5'!(!3(!,(1%&(!*%!-%&a!uj'#+(#35!VUULr!VQv6!71!%-%!
-%15$*'<!,'&(3!/!*%3$5'!-%!+'1G$%&5%1!%1!3'!,$-,'6!W(!.-$9#$(5&8(!3%)$2
5$,(!%3!.'*%&!*%-*%!#1!.#15'!*%!G$-5(!.-$+'3P)$+'!/!,'&(3<!+&%(1*'!3(!
B$)#&(! *%3! *%3$1+#%15%r! 5'*'! %1! %33(! (.#15(! (3! +&$,%1<! +','! #1(! %12
B%&,%*(*!,'&(36!
7-! %3! .-$9#$(5&(! %3! 9#%! [#d)(<! 9#$%1! *%5%&,$1(! -$! %3! *%3$1+#%15%! %-!
&%-.'1-(;3%! /<! %1! +'1-%+#%1+$(<! .#1$;3%<! -$! %-! #1! *%,%15%! /! 1'! %-!
&%-.'1-(;3%!*%!-#-!(+5'-<!-$!%-!.%3$)&'-'<!-$!.#%*%!+#&(&-%6!7-!%3!%I2
.%&5'! 9#$%1! (.'&5(! 3'-! *(5'-! 9#%! .%&,$5%1! *%+$*$&! -$! -%! 3%! %1G8(! (3!
(-$3'<!(!3(!.&$-$P1!'!(3!+(*(3-'6! W(!.%&$+$(<! 3(!%G(3#(+$P1! .-$9#$45&$+(<!
0(+%!9#%!%3!+&$,$1(3!33%)#%!(15%!%3![#%d!+','!/(!$15%&.&%5(*'<!(1(3$2
d(*'!/!+(&(+5%&$d(*'!+','!*>;$3!,%15(3<!,(3G(*'<!.%&G%&-'!'!$1,'2
&(36!7-5%!5$.'!*%!3%1)#([%!1'!%15&(&8(!*%15&'!*%!#1!*$-+#&-'!.-$9#$42
5&$+'! '&*$1(&$'<! .%&'! 3'! 0(+%! +#(1*'! -%! *$&$)%! (! #1! 5&$;#1(36! 7-5'!
.&'*#+%!#1!&%;([(,$%15'!*';3%r!.'&!#1!3(*'<!&%;([(!%3!.&'.$'!*$-+#&2
-'!.-$9#$45&$+'!(!#1!5'1'!$1B(15$3k!.'&!%3!'5&'<!,#%-5&(!#1!.(5%&1(3$-2
,'!&$*8+#3'!9#%!&%*#+%!(3!+&$,$1(3!(!.'+'!,4-!9#%!#1!+0$9#$33'6!D%&'!
3(!$,.'&5(1+$(!*%!3(!.%&$+$(!%-!9#%!G$1+#3(!*%!B'&,(!$1%I'&(;3%!%3!*%2
3$5'!(!3(!G$*(!,$-,(!*%3!*%3$1+#%15%6!7-5(;3%+%!#1(!#1$P1!+'1!3(![#-5$2
+$(!9#%!5&(1-B'&,(!(3!,$-,'!5$%,.'!3(!$1-5$5#+$P1!,>*$+(!/!3(!.%1(3<!

VLY!!
9#%!(+#*%!(!3(!.&$,%&(!.(&(!5&(5(&!+'1!(9#%33'-!.%&-'1([%-!9#%!+'12
-$*%&(!(1'&,(3%-6!
W(!.-$9#$(5&8(!-%!$1-5$5#/%!+','!#1(!*$-+$.3$1(!1'&,(3$d(*'&(!*%!3(-!
(1',(38(-6!:#!$15%&G%1+$P1!%1!3(![#-5$+$(!-#.'1%!#1!+(,;$'!-$,$3(&!(3!
5&(5'!9#%!&%+$;%1!3'-!3%.&'-'-!/!3'-!(.%-5(*'-6!F3!3%.&'-'!-%!3%!%I.#32
-(!*%!3(!+$#*(*<!-%!3%!%3$,$1(!/<!+'1!>3<!3(!(,%1(d(!*%!+'15()$'6!W(!%-2
5&(5%)$(!+'15&(!3(!.%-5%!%-!3(!+'15&(&$(6!F!.(&5$&!*%3!-$)3'!AmOOO<!+#(1*'!
3(!+$#*(*!-%!%1B&%15(!(!#1!;&'5%<!-%!3(!*$G$*%!%1!+#(*&(15%-!/!-%!.'2
1%1!%1!+#(&%15%1(!3(-!.(&5%-!*%!.';3(+$P1!(B%+5(*(-6!73!&%-5'!-%!-'2
,%5%1! (! #1(! G$)$3(1+$(! %I5%1-$G(<! -%! .'1%! (! .&#%;(! -#! 1'&,(3$*(*6!
7-%! %-! %3! ,'*%3'! *$-+$.3$1(&$'! *%! %[%&+$+$'! .'-$5$G'! *%3! .'*%&<! 9#%!
+&%(! -#-! .&'.$'-! ,%+(1$-,'-! /! -%! B#1*(! %1! %3! +'1'+$,$%15'<! 9#%!
B&(),%15(<!+&%(![%&(&9#8(-!/!5'.')&(B8(-!%1!3(-!9#%!(.3$+(&!3(!1'&,(6!
7-5%!.'*%&!1'!&%.&$,%<!-$1'!9#%!$1G%15(6!7-%!%-!%3!,'*%3'!9#%!(.'&5(!
3(!.-$9#$(5&8(!(3!%[%&+$+$'!*%3!.'*%&6!
71!#1!.&$,%&!,',%15'<!3(!B$)#&(!9#%!&%.&%-%15(!3(!(1',(38(!%-!3(!*%3!
,'1-5&#'!0#,(1'6!71!%33(!-%!,%d+3(1!*'-!&%$1'-!*$-5$15'-<!.'&!3'!9#%!
3(! [#-5$+$(! 1'! -(;%! 9#>! 0(+%&6! 71! 3(! 7*(*! h%*$(! %3! ,'1-5&#'! %-! %3!
0',;&%!;%-5$(k!%1!%3!\%1(+$,$%15'!-'1!3'-!-$(,%-%-<!9#%!1'!-'1!*'-!
1$!-'1!#1'6!71!3(!O3#-5&(+$P1<!%-%!.(.%3!3'!&%.&%-%15(!%3!0%&,(B&'*$5(<!
(!9#$%1!1'!-%!,(5(!+','!(15%-<!-$1'!9#%!-%!3%!0(+%!%3%)$&!#1!-%I'<!G$2
G$&!+'1!(+#%&*'!(!>3!/<!*%!%-%!,'*'<!%15&(&!%1!%3!'&*%1![#&8*$+'!/!-'2
+$(36! i(! *%! 33%G(&! 3(! &'.(! 9#%! 3%! +'&&%-.'1*%! /! +(-(&-%! +'1! %3! -%I'!
+'15&(&$'6!D%&'!%1!%3!-$)3'!AmOOO!/(!1'!-%!3%!+'1-$*%&(!+','!#1(!,%d+3(!
-%I#(3<! -$1'! #1(! (1',(38(<! #1(! %I+%.+$P1! ;$'3P)$+(! %1! 3(! 9#%! .#%*%!
&%-$*$&!%3!'&$)%1!*%!3(!+&$,$1(3$*(*6!W'!+'1*%1(;3%!1'!%-!-#!#1$+$*(*!
B8-$+(<!-$1'!-#!,'1-5&#'-$*(*!,'&(36!73!)&(1!,'1-5&#'!*%!B$1(3%-!*%3!
-$)3'!AmOOO!/!.&$1+$.$'-!*%3!AOA!%-!:(*%6!:$1!%,;(&)'<!(!3'!3(&)'!*%3!-$)3'!
AmOOO! -%! .&'*#+%! 5(,;$>1! #1! ,'G$,$%15'! *%! )%1%&(3$d(+$P1! *%! 3(!
(1',(38(<!9#%!-%!G(!*$-'3G$%1*'!%1!%3!$1*$G$*#'!(!+'&&%)$&!/!%1!%3!1$2
g'! ,(-5#&;(*'&6! 71! ,%1'-! *%! +$%1! (g'-<! 3(! (1'&,(3$*(*! .(-(! *%! 3(!
1(5#&(3%d(!(!3(!B(,$3$(!/<!.'&!C35$,'<!(3!+#%&.'6!:%!#1$G%&-(3$d(6!
W(!&%G'3#+$P1!;#&)#%-(!5&(%!+'1-$)'!#1!%[%&+$+$'!+'1-5(15%!*%3!.'*%&<!
'.#%-5'! (! 3(! %I+%.+$'1(3$*(*! *%3! .'*%&! ,%*$%G(3! /! (;-'3#5$-5(<! 9#%!
-$%,.&%!;#-+(;(!#1!%I+%*%15%!%1!%3!+(-5$)'!+','!3#)(&!/!-8,;'3'!*%!
3(!G%1)(1d(!*%3!-%g'&!0(+$(!3'-!-C;*$5'-!9#%!3%!(5(+(;(16!F0'&(!0(/!

! VLQ!
#1(! G$)$3(1+$(! +'1-5(15%! /! (! +(*(! *%3$5'! 3%! +'&&%-.'1*%! #1(! .%1(!
.C;3$+(!/!-$,>5&$+(!(!-#!)&(G%*(*6!7-'!1'!-$)1$B$+(!9#%!1'!-%!;#-9#%!
%1! +(*(! +&$,%1! %3! -$)1'! *%3! ,'1-5&#'6! 73! +&$,$1(3! -%! -$5C(! [#15'! (3!
-(3G([%<!(15%-!*%!3(!-'+$%*(*!/!3(!3%/6!7-!#1!-%&!1(5#&(3!.%&'!.(5'3P)$2
+'6! 7-! 9#$%1! (15%.'1%! -#! G'3#15(*! /! -#! *%-%'! (3! ;$%1! +',C16! 7-! %3!
*>-.'5(6!7-!W#$-! AmO6!7-!:(*%6!7-!%3!(1(&9#$-5(!9#%!1'!(+%.5(!%3!.(+5'!
-'+$(36!7I$-5%!#1!+'15$1#'!%1!%3! 9#%! %3! ,'1-5&#'!;$'3P)$+'! -%! *$3#/%!
%1! %3! &%G'3#+$'1(&$'! /! %3! *%3$1+#%15%! +'5$*$(1'6! K$'3')8(<! ,%*$+$1(<!
.-$9#$(5&8(<![#&$-.&#*%1+$(<!.'385$+(t!5'*(-!(.#15(1!(3!,$-,'!3#)(&6!
D%1-%,'-!9#%!*#&(15%!3(!\%G'3#+$P1!B&(1+%-(!-%!+(&(+5%&$d(!(!h(&8(!
F15'1$%5(!+','!#1!,'1-5&#'!.'385$+'!/!-%I#(36!71!%3!.&$,%&!-%15$*'<!
%-!#1(!+(18;(3!9#%<!-$%1*'!+','!%-!(#-5&8(+(!/<!.'&!5(15'<!%I5&(1[%&(<!
-%!(3$,%15(!*%!3(!-(1)&%!*%!3'-!B&(1+%-%-6!71!%3!-%)#1*'<!%-!$1+%-5#'2
-(!.'&9#%!3(!*%-G$&)(!-#!0%&,(1'<! %-!(*C35%&(! .'&9#%! %-!3(!(,(15%!
*%!-#!+#g(*'<!%-!0','-%I#(3!.'&9#%!-%!(;(1*'1(!(!3(!3#[#&$(!+'1!-#-!
0%&,(1(-!/!-#-!.&$,(-6!D%&'!%3!=%&&'&![(+';$1'!5(,;$>1!%-!#1!,'1-2
5&#'! +(18;(36! 73! +&$,%1! (3$,%15(&$'! /! %3! +&$,%1! -%I#(3! -'1! 3'-! *'-!
)&(1*%-!.&';3%,(-!*%!3(!%51')&(B8(!/!3(!.-$9#$(5&8(!*%3!AOA6!
W(! .-$9#$(5&8(! +&$,$1(3! -%! B#1*(! -';&%! +(-'-! %I5&('&*$1(&$'-! %1! 3'-!
9#%!%3!*%3$5'!+(&%+%!*%!&(dP16!73!+&$,%1!%-!.#1$;3%!+#(1*'!0(/!#1!$12
5%&>-!/!#1(!&(+$'1(3$*(*<!%-!*%+$&<!+#(1*'!%I$-5%1!#1'-!,'5$G'-!9#%<!
(#19#%!-%(1!$1[#-5$B$+(;3%-<!-'1!+',.&%1-$;3%-6!h(5(&!.'&!(,'&<!&'2
;(&! .'&! 1%+%-$*(*! '! (,;$+$P1<! +',%&5%! (! 5#! 0$[(! .'&! 0(,;&%<! +','!
+$%&5(!,#[%&!*%!:>3%-5(5<!F3-(+$(<!%1!RYRL6!D%&'!+#(1*'!1'!-%!%1+#%12
5&(1!%-(-!&(d'1%-<!3'!9#%!0(/!%-!3'+#&(<!#1(!3'+#&(!9#%!-%!+'1-$*%&(!
5(15'!%1B%&,%*(*!+','!.%3$)&'6!W(!B#1+$P1!*%!3(!.-$9#$(5&8(<!.'&!5(12
5'<!%-!0$)$>1$+(<!%-!3(!*%!.&'5%)%&!(!3(!.';3(+$P1!)%1%&(3!*%!%-%!+$&+#$2
5'! +%&&(*'! 9#%! B'&,(1! +&$,$1(3$*(*! /! 3'+#&(6! W(! $*%(! *%! *%)%1%&(2
+$P1!+#,.3%!+'1!%-%!.&'.P-$5'!(!.(&5$&!*%!3(!-%)#1*(!,$5(*!*%3!-$)3'!
AOA6!F3!(*G%&5$&!*%!#1!.%3$)&'!9#%!(#1!1'!-%!.%&+$;%<!%-!+','!3(!+$%12
+$(!,>*$+(!3')&(!-#!%-5(5#-!.&$G$3%)$(*'<!*%!,(1'!*%!#1!(.(&(5'!.%2
1(3!9#%!&%+#&&%!(!%33(!.(&(![#-5$B$+(&!3'-!+(-5$)'-!9#%!*$+5(,$1(6!
F9#%33(!(#-%1+$(!*%!&(dP1!9#%!%3!-$-5%,(!.%1(3!*%3! AmOOO!1'!3')&(!%12
5%1*%&<!.'&9#%!$,.3$+(!B(35(!*%!$15%&>-!.'&!9#$%1!3'!+',%5%<!%1!%3! AOA!
%1+#%15&(! -#! [#-5$B$+(+$P1! %1! %3! $1-5$15'<! %1! (9#%33'-! $,.#3-'-! (#5'2
,45$+'-!9#%!1'!.#%*%1!%G$5(&-%6!j'#+(#35!-%g(3(r!!

VYU!!
E'1!3(!1'+$P1!*%!$1-5$15'!1'!-'3'!G(!(!(B3'&(&!5'*'!%-%!+(,.'!*%!1#%2
G'-!.&';3%,(-<!-$1'!3(!.'-$;$3$*(*!*%!&%$1-+&$;$&!3(!.-$9#$(5&8(!1'!-'3'!
%1! #1! ,'*%3'! ,>*$+'! 9#%! 0(;8(! #5$3$d(*'! *%-*%! 0(+8(! 5$%,.'<! -$1'!
5(,;$>1!%1!#1(!.&';3%,45$+(!;$'3P)$+(6!uVUULr!RVQv!

W(-! +'1-%+#%1+$(-! *%! %-5%! ,'G$,$%15'! -'1! 3(! [#-5$B$+(+$P1! *%! 3(! %#2
)%1%-$(!/!3(!(.(&$+$P1!*%3!.-$+'(143$-$-6!73!$1-5$15'!%-!.%3$)&'-'!.'&2
9#%!%1+$%&&(!%1!-8!3(!(,%1(d(!*%!,#%&5%6!73!.-$9#$(5&(!%15&(!%1!+(-(!
.(&(!&%)#3(&!3(-!&%3(+$'1%-!%15&%!%3!%1B%&,'!?';-%-'!'!.%&G%&-'<!.%2
&'!+'1-+$%15%!*%!-#!+'1*$+$P1?! /! 3(! B(,$3$(<! /! %15&(! (!.%5$+$P1!*%<! (3!
,%1'-<! #1'! *%! 3'-! *'-6! D'+'! (! .'+'! -%! 0(! .(-(*'! *%! 3(! )&(1! 3'+#&(!
0',$+$*(! (! 3(-! .%9#%g(-! 1%#&'-$-! +'5$*$(1(-<! (! 3'-! 5&(-5'&1'-! +(-$!
#1$G%&-(3%-6!W(!B(,$3$(<!3(!%-+#%3(!/!+#(39#$%&!'5&(!$1-5$5#+$P1<!(*'.2
5(1!3(!B#1+$P1!*$-+$.3$1(&$(!*%!+'&&%)$&!3(!.(5'3')8(<!*%!1'&,(3$d(&!(3!
(1'&,(36!
7-(! 3P)$+(! .-$9#$45&$+(<! ,>*$+(! /! ;$'3P)$+(! 9#%! %1+#%15&(! (1'&,(3$2
*(*%-!%1!+(-$!+#(39#$%&!0$['!*%!B(,$3$(!;#&)#%-(<!-%!(.3$+(!5(,;$>1!(!
3(!.'385$+(<!/!5&(5(!*%!*%-.&%-5$)$(&! (3!(1(&9#$-,'! *%,'-5&(1*'!9#%!
-#-!.(&5$*(&$'-!,#%-5&(1! &(-)'-! B8-$+'-! /! ,%15(3%-! *%! *%-G$(+$P16! F!
.(&5$&!*%!3(!-%)#1*(!,$5(*!*%3! AOA<!+'1! K($33(&)%&!%1!j&(1+$(!/! @&$%2
-$1)%&!%1!F3%,(1$(<!%3!$1-5$15'!-%!+'3'+(!%1!%3!+%15&'!*%!3(!%1B%&,%2
*(*!,%15(36!73!$1-5$15'<!+','!(15%&$'&$*(*!(!3(!W%/<!%-!.(5'3P)$+'<!*%!
3'!9#%!-%!%I5&(%!#1(!+'1+3#-$P1r!9#%!5'*(!&%;%3$P1!%-!3'+#&(6!73!.(.%3!
*%!3(!.-$9#$(5&8(!%-<!%1!+'1-%+#%1+$(<!1'&,(3$d(&!%1!*'-!-%15$*'-6!71!
.&$,%&!3#)(&<!*$+5(!/!.&'5%)%!3(-!1'&,(-<!3(-!3%/%-!54+$5(-6!71!-%)#12
*'! 3#)(&<! (3d(! -#! %*$B$+$'! -';&%! 3(! &%)#3(&$*(*! B#1+$'1(3! ;$'3P)$+(<!
'.#%-5(!(!`3'!.(5'3P)$+'<!3'!,P&;$*'<!3'!*%-'&)(1$d(*'<!%3!*$-B#1+$'2
1(,$%15'a!u$;8*6r!RTTv6!
W(!(1',(38(!%15&(!%1!%3!.3(1'!-%I#(3! *%-*%!*'-!.#15'-! *$-5$15'-6!73!
.&$,%&'! %-! (! 5&(G>-! *%! 3(! 0%&%1+$(! /! 3(! *%)%1%&(+$P1<! 9#%! [#-5$B$+(1!
*%-*%! #1(! .%&-.%+5$G(! ,>*$+(! /! ;$'3P)$+(! %3! +3(-$-,'! /! %3! &(+$-,'6!
W(-!;#%1(-!B(,$3$(-!-%!,(15$%1%1!-(1(-<!,$%15&(-!9#%!3(-!,(3(-!*%2
)%1%&(1<! -#-! *%-+%1*$%15%-! %1B%&,(1<! %13'9#%+%1! '! -%! *%-G8(16! 73!
-%)#1*'!%-!3(!.%&$B%&$(!-%I#(3<!9#%!.&'15'!-%!%I5$%1*%!(!+(-$!5'*(-!3(-!
+'1*#+5(-6!:$!*%-*%!3(!\%B'&,(!3(!+'1B%-$P1!*%!3(!3#[#&$(!0(;8(!'5'&2
)(*'! (! 3(! O)3%-$(! %3! .(.%3! *%! (143$-$-! /! *$&%++$P1! *%! 3(! +'1+$%1+$(<! 3(!
.-$9#$(5&8(!&%5',(!*$+0(!.&4+5$+(!/!3(!(*(.5(!%1!-#!%I(,%1!*%3!*%-%'!
/!*%3!.3(+%&<!%-!*%+$&<!*%3!$1-5$15'6!D%&'!%3!.%3$)&'!9#%!%15&(g(!3(!$1-2
! VYR!
.%++$P1!*%3!+#%&.'!%-<!.'&!.(&(*P[$+'!9#%!-#%1%<!9#%!.'1%!%3!+#%&.'!
(3!*%-+#;$%&5'6!\%G%3(!(!3(!+'1+$%1+$(!#1(!+'&.'&%$*(*!9#%!(15%-!-%!3%!
1%)(;(6!
7-5'!.&'G'+(!9#%<!(3!1'!-(;%&! 9#>! %-!3'!9#%! 3%!'+#&&%!1$! +P,'!*%;%!
$15%&.&%5(&3'<!-%!*%1!3'-!+(-'-!*%!.'-%-$P1!%1!3'-!9#%!3(!+(&1%!-%!&%2
;%3(! /! +'1G#3-$'1(6! W(! .'-%-$P1! %-! 3(! )&(1! .&%'+#.(+$P1! 5%'3P)$+(!
*%-*%! %3! -$)3'! AmOO6! W(! +&$-5$(1(! ?.'&9#%! %3! +#%&.'! +'1G#3-'! %-! +(-$!
-$%,.&%! B%,%1$1'?<! (3! (B&'15(&! (9#%33'! %1! +#/(! %I$-5%1+$(! 1'! +&%%<!
(9#%33'! 9#%! 1'! %-! ,4-! 9#%! #1(! +4-+(&(! ,'&5(3! /! .%+(,$1'-(<! &%(+2
+$'1(!+'1!G$'3%1+$(!.'&9#%!%-5(!%-+(.(!(!-#!%15%1*$,$%15'6!W(!5(&%(!
*%3!+'1B%-'&!%-!%G$5(&!%-(!&%(++$P1!(!5&(G>-!*%!3(!*$&%++$P1!*%!3(!+'12
+$%1+$(<! (! 5&(G>-! *%3! ,%+(1$-,'! *%! 3(! +'1B%-$P16! W(! .#%-5(! %1! .(3(2
;&(-!B#1+$'1(!+','!#1!%I'&+$-,'<!$)#(3!9#%!'+#&&$&4!*%-.#>-!+'1!%3!
.-$+'(143$-$-6!W(!&(+$'1(3$*(*!$3#-5&(*(!5&(*#+%!3(!+(&1%!+'1+#.$-+%12
5%! (3! 3%1)#([%! ,>*$+'6! 7-%! +#%&.'! &%;%3*%! (;(1*'1(! 3(! O)3%-$(! .(&(!
%15&(&!%1!3(!+381$+(6!W(!+'1G#3-$P1!/(!1'!%-!%3!-$)1'!*%3!H$(;3'<!-$1'!*%!
3(!3'+#&(k!%-!3(!3$;%&(+$P1!(#5',45$+(!*%3!$1-5$15'6!W(!.'-%8*(!*%3!-$)3'!
AOA!%-!3(!0$-5%&'%.$3>.5$+(6!D%&'!3(!+(#-(!*%!-#-!,(3%-!-$)#%!-$%1*'!3(!
,$-,(r!%3!*%-%'6!
F0'&(! ;$%1<! 3(! +'1G#3-$P1! %-! #1(! &%-.#%-5(! %I+%.+$'1(3! *%3! +#%&.'6!
H'1*%! .#%*%! ';-%&G(&-%! /! +',.&%1*%&-%! -#! *%-(&&'33'! /! 3(! (.(&$2
+$P1!*%!3(!-%I#(3$*(*!%-!%1!%3!+'3%)$'<!%1!%3!(*'3%-+%15%6!73!+'3%)$'!-%!
+'1G$%&5%! %1! %-%! 3#)(&! %1! %3! 9#%! %3! +#%&.'! (*'3%-+%15%! -%! -',%5%! (!
#1(!G$)$3(1+$(!+'15$1#(<!*'1*%!3'-!0'&(&$'-<!3(!,$-,(!%-5&#+5#&(!*%3!
%*$B$+$'<! 3(-! *#+0(-<! 3'-! *'&,$5'&$'-! +',#1%-<! %3! .&')&(,(! %*#+(5$2
G't!5'*'!%-54!.%1-(*'!.(&(!%G$5(&!3(!,(-5#&;(+$P16!h$%15&(-!.(&(!3(!
*'+5&$1(!+&$-5$(1(!%-!#1(!+#%-5$P1!-%+#1*(&$(!/!,%1'&<!%1!%3!-$)3'! AOA!
3(!,(1'!%&&(15%!-%!+'3'+(!%1!%3!+%15&'!*%!3(!&%B3%I$P1!-';&%!%3!-%I'6!
D%&'!(15%-!*%!-%&!#1!.&';3%,(!,'&(3!-%!5&(5(!*%!#1(!+#%-5$P1!,>*$2
+(6!W(!,(-5#&;(+$P1!-%!%15$%1*%!+','!+(#-(<!'!(3!,%1'-!+','!#1(!*%!
%33(-<!*%!5'*(-!3(-!%1B%&,%*(*%-<!(-8!+','!*%!3(!.>&*$*(!*%!+(.(+$*(2
*%-! $15%3%+5#(3%-<! ,'&(3%-! /! &%.&'*#+5$G(-6! D'&! 5(15'<! %3! %,.%g'! %1!
%G$5(&!9#%!3'-!1$g'-!-%!5'9#%1!1'!,#%-5&(!5(15'!#1!$15%&>-!%1!-(3G(&!
-#-!(3,(-!+','!#1(!';-%-$P1!.'&!.&'5%)%&!-#-!+#%&.'-6!73!*%-%'!$12
B(15$3<! 9#%! (15%-! -%! G%8(! +','! (#5'%&P5$+'<! %1! %3! -$)3'! AOA! -%! G#%3G%!
&%3(+$'1(36!

VYV!!
F!B$1(3%-!*%!-$)3'!/!.&$1+$.$'-!*%3! AA<!(15%-!*%!3(!%+3'-$P1!*%3!#-'!*%!
,(5%&$(3! .'&1')&4B$+'<! -%! G$1+#3(! (3! *%-%'! $1+%-5#'-'! 9#%! %3! 1$g'!
-$%15%!0(+$(!-#-!.(*&%-<!%1!%-.%+$(3!-#!,(*&%6!W(!(.(&$+$P1!*%!7*$.'!
%-!#1(!*%!3(-!+'1-%+#%1+$(-!*%!3(!1#%G(!%-5&#+5#&(!B(,$3$(&!;#&)#%-(<!
1#+3%(&!/!+%&&(*(6!D%&'!(15%-!*%3!*%-%'!%*8.$+'!-%!%1+#%15&(!3(!5%12
5(+$P1<!3(!-%*#++$P1!*%!3'-!1$g'-!.'&!.(&5%!*%!3'-!(*#35'-!*%3!%15'&1'!
$1,%*$(5'6!7-!%3!*%-%'!*%!3'-!58'-<!*%!3(-!.&$,(-<!*%3!-%&G$+$'<!%3!9#%!
.&'G'+(!3(!,(-5#&;(+$P16!W(!.(&(1'$(!9#%!G$G%!%3!-$)3'! AOA!&%-.%+5'!(!
3(! ,(1'! %&&(15%! &%-.'1*%! (! #1(! $15%1+$'1(3$*(*! .'385$+(<! (! #1(! G'2
3#15(*!*%!5&(1-B'&,(&!3(!-'+$%*(*!/!'&)(1$d(&3(!(!.(&5$&!*%!3'-!%-.(2
+$'-! -%)&%)(*'-! 9#%! .&'.'18(! 3(! (15&'.'3')8(! ,'&(3! #1(-! *>+(*(-!
(15%-6!i(!*%!-%&!3(!,(*&%!9#$%1!+&8%!(!-#-!0$['-!%1!.%&-'1(<!/!1'!*%3%2
)(&!#1(!5(&%(!5(1!$,.'&5(15%!%1!)';%&1(15(-!'!$1-5$5#5&$+%-6!F3!&%*#2
+$&! (3! ,81$,'! %3! .%&-'1(3! 9#%! &'*%(! (! 3'-! 1$g'-! %! $,.3%,%15(&! #1(!
G$)$3(1+$(! .%&,(1%15%! -';&%! %33'-<! -%! %3$,$1(! 3(! .'-$;$3$*(*! *%! 9#%!
-%(1! +'&&',.$*'-6! i(-5(! 9#%! 33%)(! j&%#*<! +3(&'6! 715'1+%-! /(! 1'! -%!
+#3.(;$3$d(1!3(-!$1B3#%1+$(-!%I5%&1(-<!-$1'!9#%!-%!&%$1-%&5(!3(!(1',(32
8(!%1!%3!.&'.$'!+#%&.'!$1B(15$3<!%1!-#!$1-5$15'!/!-#!G'3#15(*!*%!.3(+%&6!
D'&9#%! 3'! 9#%! (5%&&'&$d(! (! j&%#*<! +','! (! i%$1&$+0! w((1<! %-! 9#%! %3!
*%-%'!-%I#(3!1'!-%!3$,$5(!(!3(!G$*(!&%.&'*#+5$G(<!-$1'!9#%!+#;&%!5'*(!
3(!%I$-5%1+$(!0#,(1(!'<!,%['&<!9#%!-%!'+#35(!;(['!%33(!+','!-#!+(#-(!
$1-5$15$G(6!7-!%3!-%I'!G$-5'!+','!(1$,(3$*(*<!+','!3'+#&(<!+','!1(5#2
&(3%d(!(!*',$1(&6!7-!%3!.3(+%&!+','!(;%&&(+$P16!
D%&'!3(!9#%!9#$d4!-%(!3(!(,%1(d(!,4-!$,.%&$'-(!*%3!'1(1$-,' RY<!,4-!
(334!*%!9#%!*%[%!+$%)'!'!58-$+'<!%-!9#%!.#%*%!0(+%&!*%!9#$%1!3'!.&(+5$2
9#%! #1! *%-G$(*'<! #1! (*#35'! .%&G%&-'6! :$! %1! -#! D-/+'.(50$(! -%I#(3$-!
uD-$+'.(58(! -%I#(3v<! .#;3$+(*'! %1! RYZZ<! w((1! ,'15(! 5'*'! #1! %15&(2
,(*'! 5%P&$+'! .(&(! %G$5(&! /! +#&(&! 3(! ,(-5#&;(+$P1<! +#(1*'! %1! RYYX!
\$+0(&*!G'1!w&(BB527;$1)! .#;3$+(! -#! 5&(5(*'! 0',P1$,'<! 5(+0(! +','!
.%&G%&-(! 5'*(! (+5$G$*(*! -%I#(3! 9#%! 1'! 5%1)(! .'&! ';[%5$G'! 3(! &%.&'2
*#++$P16! 73! B%5$+0$-5(<! %3! -4*$+'! '! %3! d'PB$3'! (.(&%+%1! %1! -#-! .4)$1(-!
+','!*%.&(G(*'-6!D%&'!3(!)&(1!B$)#&(!9#%!-%!+$%&1%!-';&%!3(!B(,$3$(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RY!=$%1%!)&(+$(!9#%!-%!33(,%!'1(1$-,'!(!3(!,(-5#&;(+$P1<!.'&9#%!]141!1'!-%!,(-2
5#&;(6!71!@>1%-$-!SYr!Q!3%%,'-r!`:(;8(!]141!9#%!3'-!0$['-!1'!-%&8(1!-#/'-<!/!+(*(!
G%d!9#%!%15&(;(!(!3(!,#[%&!*%!-#!0%&,(1'!-%!*%&&(,(;(!%1!5$%&&(!.(&(!1'!*(&!0$['-!
(!-#!0%&,(1'6a!uW(!-(15(!K$;3$(!RQXZr!TZv!
! VYS!
*%!;$%1!%-!%3!0','-%I#(3<!9#%!(.(&%+%!%1!RYLU!%1!%3! F&+0$G!Bn&!N%#2
&'3')$%! uF&+0$G'-! *%! 1%#&'3')8(v! *%! ,(1'! *%! E(&3! j&$%*&$+0! ]55'!
J%-5.0(36! 71! %3! 1#%G'! ,'*%3'! *%! *'-! -%I'-! +',.3%,%15(&$'-<! %3!
0','-%I#(3! &%.&%-%15(! #1(! $1G%&-$P1<! 3(! (.(&$+$P1! *%! #1! *%-%'! B%2
,%1$1'! %1! #1! +#%&.'! ,(-+#3$1'! /! *%! #1! *%-%'! ,(-+#3$1'! %1! #1!
+#%&.'!B%,%1$1'6!w&(BB527;$1)!+&%%!9#%!-%!5&(5(!*%!#1(!$1G%&-$P1!*%3!
(3,(6! 73! 0','-%I#(3! -%! +(&(+5%&$d(<! .'&! 5(15'<! -%)C1! #1(! -%&$%! *%!
&(-)'-! (-'+$(*'-! (! 3(! B%,$1$*(*r! ;3(1*#&(<! -%15$,%15(3$*(*<! *%;$3$2
*(*!B8-$+(!%!$15%3%+5#(3t!7-!5'*'!3'!9#%!1'!%-!#1!0',;&%!*%!G%&*(*6!
H%! 0%+0'<! %-!(! .(&5$&! *%! 5&%-! .%&-'1([%-! ?3(! ,#[%&! 0$-5>&$+(<!%3! 1$g'!
,(-5#&;(*'&!/!%3!(*#35'!.%&G%&-'?!+','!-%!+'1-5&#/%1<!*%!,'*'!(12
5()P1$+'<!3(!B(,$3$(!/!3(!-%I#(3$*(*!;#&)#%-(-6!7-!.'&!'.'-$+$P1!(!%-2
5'-!%3%,%15'-!(1'&,(3%-!+','!-%!-#;[%5$G(1!3'-!$1*$G$*#'-!*%!;$%1<!
+','!3(!.-$9#$(5&8(!(*'.5(!%3!.(.%3!*%!'&)(1$d(*'&(!*%!3(-!B'&,(-!*%!
G$*(<! %-5'! %-<! +','! -%! $1-5$5#/%! +','! *$-+$.3$1(! ;$'.'385$+(6! W(! ;#&2
)#%-8(<!(3!G'3G%&!3(!,$&(*(!0(+$(!%3!+#%&.'<!*%-+#;&%!-#!-%I'!`+','!
#1!+(,.'!*%!(35(!B&()$3$*(*!.(5'3P)$+(a!uj'#+(#35!VUUX(r!LRv!*'1*%!
-%!'+#35(!3(!G%&*(*!*%!3(!.%&-'1(6!7I$-5%!#1(!1%+%-$*(*!*%!-(;%&<!/!*%!
-(;%&3'! 5'*'<! *%! '&*%1(&! %-%! -(;%&! /<! (3! ,$-,'! 5$%,.'<! #1! 5%,'&! /!
#1'-!.&%[#$+$'-!9#%!$,.$*%1<!'!(3!,%1'-!*$B$+#35(1<!%-%!+'1'+$,$%15'6!
73! .(.%3! *%3! .-$9#$(5&(!%-! &%G%3(&! (9#%33'! 9#%! .%&,(1%+%! '+#35'! $12
+3#-'!(!#1'!,$-,'!(!5&(G>-!*%!#1!&%3(5'<!*%!#1(!.#%-5(!%1!.(3(;&(-<!
*%! #1! $15%&&')(5'&$'! /! #1(! )#8(<! 9#%! 0(+%1! 9#%! 3(! G%&*(*! -(3)(! (! 3(!
3#d6!:%!B'&,(!#1!+$&+#$5'!*%!.3(+%&!/!-(;%&!%1!%3!9#%!(,;'-!-%!(3$,%12
5(1!%3!#1'!*%3!'5&'<!%1!%3!9#%!%3!*$-+#&-'<!3(!1(&&(+$P1!/!3(!$15%&.&%5(2
+$P1!)%1%&(1!#1!.3(+%&!0%&,%1>#5$+'!-';&%!%3!.3(+%&6!71!3#)(&!*%!&%2
.&$,$&!%3!-%I'<!%-5%!*$-.'-$5$G'!*%!-%I#(3$*(*!9#%!&%)#3(!3'-!3#)(&%-!/!
3'-!,',%15'-!%1!3'-!9#%!.#%*%!/!*%;%!0(;3(&-%!*%!>3<!$1-5(!(!0(+%&3'!
/!(1(3$d(&3'!*%-*%!5'*(-!3(-!.%&-.%+5$G(-!.'-$;3%-6!
F!5&(G>-!*%!%-%!(143$-$-!+'1-5(15%!-%!*',$1(1!%!$15%&.&%5(1!3'-!+#%&2
.'-<!(!3'-!9#%!-%!3%-!(-$)1(!#1(!$*%15$*(*6!='*'!%3!$15%&>-!%1!%3!(143$2
-$-! *%! +'1+$%1+$(! /! %3! +#%-5$'1(,$%15'! .%&,(1%15%! -';&%! 3(! G%&*(*!
*%3!-%I'!&%-.'1*%!(!#1(!%-5&(5%)$(!*'+5&$1(3<!(!#1'-!,'*'-!*%!-#;[%2
5$G(+$P1!.&'.$'-!*%!3(!;#&)#%-8(6!D%&'!5(,;$>1!&%-.'1*%!(!#1(!1%+%2
-$*(*!*%!(B$&,(&!3(!$*%15$*(*!*%!+3(-%6!h%*$(15%!%3!%I(,%1!/!%3!+'12
5&'3! *%3! -%I'<! 3(! ;#&)#%-8(! -%! *$-5(1+$(! 5(15'! *%! 3(! (&$-5'+&(+$(!
3$;%&5$1(! ?9#%<! .'&! '5&'! 3(*'<! (+%.5(! ,#/! .&'15'! %-5'-! .&$1+$.$'-?!

VYZ!!
+','!*%!3(!(1$,(3$*(*!.&'3%5(&$(6!:#!1';3%d(!1'!%-54!5(15'!%1!3(!-(12
)&%!+','!%1!-#-!+'-5#,;&%-<!%1!-#!+(.(+$*(*!-';%&(1(!*%!$,.'1%&!
3(!&(dP1!/!%3!*%+'&'!(3!*%-%'!9#%!-%!%-+'1*%!%1!-#!$15%&$'&6!D'&!%-'!3(!
,$&(*(!$19#$-$5$G(!-%!*$&$)%!%1!.&$,%&!3#)(&!0(+$(!-#-!%-.'-(-!/!-#-!
0$['-6!W'-!.&$,%&'-!+#%&.'-!9#%!-%!-%I#(3$d(1!-'1!3'-!*%!-#-!,#[%&%-!
'+$'-(-!/!-#-!1$g'-!,(-5#&;(*'&%-6!
W(!$15%&(++$P1!%15&%!%3!&%)$-5&'!B(,$3$(&!/!%3!+'1-%['!,>*$+'!%-!3'!9#%!
+'1B'&,(!3(!B(,$3$(!,'*%3'!9#%!+'1'+%,'-!*#&(15%!%3!-$)3'! AA!/!9#%!
%1!3(-!C35$,(-!*>+(*(-!-%!G(!G$1$%1*'!(;(['<!#1(!B(,$3$(!.-$9#$(5&$d(2
*(!+#/'-!';[%5$G'-!-'1!,(15%1%&!(!3'-!1$g'-!+'1!G$*(!/!1'&,(3$d(&3'-!
(!5&(G>-!*%!3(!%*#+(+$P1!.(5%&1(36!7I$-5%!#1!5%,'&!+'1-5(15%!(!9#%!3(!
*%-+%1*%1+$(! -%! %+0%! (! .%&*%&<! (! 9#%! %1B%&,%! /! ,#%&(6! D'&! %-'! -%!
G$)$3(!-#!*%-(&&'33'!-%I#(3!9#%<!+','!%I.&%-$P1!*%!3'-!$1-5$15'-<!%12
+$%&&(!3(!&%-.#%-5(!*%!3(!.(5'3')8(6!D%&'!%-(!,$&(*(!.%&,(1%15%!*$&$2
)$*(!(3!+#%&.'!$1B(15$3<!%-(!&%3(+$P1!%15&%!(*#35'-!/!1$g'-!.#%*%!*(&!
3#)(&!(3!$1+%-5'<!%15%1*$*'!*%-*%! *'-!3#)(&%-! *$-5$15'-6!D'&!#1!3(*'<!
%3! 9#%! -%! '&$)$1(!%1! 3'-! 0$['-! /! 5$%1%! .'&! ';[%5'! (! 3'-! .(*&%-6! D'&!%3!
'5&'<! %3! 9#%! 1(+%! %1! 3'-! '['-! *%3! (*#35'6! 73! .&$,%&'! -%! %G$5(! +'1! 3(!
(-$-5%1+$(!,>*$+(<!,$%15&(-!9#%!%3!-%)#1*'!&%9#$%&%!3(!$15%&G%1+$P1!
3%)(36!
W(!&%.&%-$P1!G$+5'&$(1(!(.(&%+%!+','!#1(!&%-.#%-5(!.(&'I$-5(!*%!3(!
;#&)#%-8(!(15%!3(!%I.(1-$P1!1%+%-(&$(! *%3!*$-.'-$5$G'! *%! -%I#(3$*(*!
0(+$(!3(-!+3(-%-!.&'3%5(&$(-6!71!#1!.&$,%&!,',%15'<!-#!-%I#(3$*(*!1'!
-%!*',$1(<!1'!%-54!-#[%5(! (! 3(!*$-+$.3$1(!9#%!'5'&)(! (3!-%I'! ;#&)#>-!
-#!+(&4+5%&!.&%+$'-'!/!3(![#-5$B$+(+$P1!;$'3P)$+(!*%!-#!;#%1(!-(3#*6!:#!
#1$G%&-(3$d(+$P1! &%-.'1*%! (! #1! $,.%&(5$G'! *%! +'15&'3! *%,')&4B$+'6!
:%! $1-5(! (3! .&'3%5(&$(*'! (! 9#%! #5$3$+%1! ,>5'*'-! (15$+'1+%.5$G'-<! (!
&%-.%5(&!3(!$1-5$5#+$P1!*%3!,(5&$,'1$'!/!(!9#%!B'&,(3$+%1!+'1!%33(!-#-!
&%3(+$'1%-!(B%+5$G(-!;(['!%3!1#%G'!,'*%3'!+(1P1$+'6!W(![#-5$+$(!.%&-$2
)#%!3(-!.%&G%&-$'1%-!9#%!.#%*(1!+',%5%&6!H%!%-5%!,'*'!-%!.&%5%1*%!
&%)#3(&!3(!5(-(!*%!1(5(3$*(*!/!,(15%1%&!(!3(!.';3(+$P1!.';&%!3'!,4-!
-(1(!.'-$;3%6!:%!+&%(1!5>+1$+(-!.(&(!&%)#3(&!3(!G$*(!*%!3(-!,(-(-6!71!
+'1-%+#%1+$(<! 3(! ;#&)#%-8(! &%5',(! (9#%3! *$-.'-$5$G'! *%! -%I#(3$*(*!
9#%! 0(;8(! 0%+0'! *%! -#! -%I'! #1! -%+&%5'! G(3$'-8-$,'! ?/! 5%&&$;3%! (3!
,$-,'! 5$%,.'?! /! 3'! $15%1-$B$+(! +','! %-5&(5%)$(! $*%15$5(&$(6! D%&'! 3'!
9#%!-%!'+#35(!5&(-!3(!$,()%1!.C;3$+(!*%+%15%!*%!3(-!B(,$3$(-!*%!;$%1!%-!
3(!+'1G$++$P1!9#%!%3!\',(15$+$-,'!G$%1%!%I.3'5(1*'!*#&(15%!5'*'!%3!

! VYT!
-$)3'<! +#/(-! &(8+%-! .(&5%1! *%3! ,(&9#>-! *%! :(*%! /! 9#%! +#3,$1(! +'1!
j&%#*!/!%3!*%-+#;&$,$%15'!*%3!$1+'1-+$%15%r!9#%!%I$-5%!#1!B'1*'!-(32
G([%!/!.&$,'&*$(3!;(['!3(!+'&5%-8(!/!3'-!;#%1'-!,'*(3%-6!W(!';-%-$P1!
.'&!&%)#3(&!%3!-%I'!.(&5%!*%!3(!+%&5%d(!*%!9#%!3(!(1$,(3$*(*!/(+%15%!
%1!5'*(!+'1+$%1+$(!.#%*%!(+(;(&!.'&!*%-5&#$&!3(!-'+$%*(*!%1!+(-'!*%!
,(5%&$(3$d(&-%6! ='*'! $,.#3-'! ;#&)#>-! 0(+$(! 3(! +3(-$B$+(+$P1! *%! 3(-!
+'1*#+5(-!.%&G%&-(-!%-54!*$&$)$*'!(! $,.%*$&! 3(!5&(1-)&%-$P1<!(! ,(12
5%1%&!3(!W%/6!7-!3(!\(dP1!9#%!3$,$5(!3(!71%&)8(6!i(/!#1(!B&(-%!*%!D&%2
+$(*'!9#%!.#%*%!-%&G$&1'-!+','!&%-#,%1!$*%'3P)$+'r!`N'!0(/!3$;$*'!
-$1!5'I$+$*(*a!uVUUYr!VTUv6!
73!%1+'&-%5(,$%15'!*%!3(!-%I#(3$*(*!G$+5'&$(1(!*%15&'!*%3!0')(&!;#&2
)#>-!5$%1%!.'&!'&$)%1!3(!1%+%-$*(*!*%!*$-5(1+$(&!%3!+#%&.'!-(3#*(;3%!
*%!3(-!+3(-%-!(35(-!*%!3'-!+#%&.'-!-#+$'-!/!,(35&(5(*'-!*%!3'-!';&%&'-6!
H%! #1! ,'*'! -$,$3(&! (! 3'! 9#%! '+#&&%! +'1! 3(! (*'.+$P1! *%3! %-5'$+$-,'!
%15&%!3'-!.(5&$+$'-!*%!3(!\',(!.&%+&$-5$(1(<!3(!+'15%1+$P1<!3(!*%+%1+$(!
/!3(!(#-5%&$*(*!-%I#(3!-$&G%1!.(&(!*$-5$1)#$&!(!9#$%1%-!-'1!+(.(+%-!*%!
*',$1(&!-#!.&'.$'!*%-%'!*%!9#$%1%-!1'!3'!-'16!W(-!5>+1$+(-!;$'.'385$2
+(-! $1G%15(1! /! &%B#%&d(1! #1(! [%&(&9#8(! 1%+%-(&$(! .(&(! %3! *%-(&&'33'!
+(.$5(3$-5(! /! 3(-! 1#%G(-! %-5&#+5#&(-! *%3! 7-5(*'<! $,.&%)1(1*'! 5'*(-!
3(-!B(+%5(-!*%!3(!G$*(!*%!B'&,(!$1G$-$;3%!%!$,.3(+(;3%6!
N'!*%;%,'-!.%1-(&!%1!%-5'-!+(,;$'-!$*%'3P)$+'-!+','!%1!#1!$15%&2
&#.5'&<!9#%!B#1+$'1(!*%!B'&,(!3$,.$(!%!$1,%*$(5(6!:%!.(&%+%1!,4-!(!
#1(!.#%&5(!(+&$-5(3(*(<!9#%!5(&*(!#1!5$%,.'!%1!+%&&(&-%!/!9#%<!$1+3#2
-'!+%&&(*(<!*%[(!G%&!(3)'!*%!3'!9#%!0(/!(3!'5&'!3(*'6!D%&'!(!#1(!-'+$%2
*(*! 1#%G(! 3%! +'&&%-.'1*%1! #1! +#%&.'! 1#%G'! /! #1! -%I'! 1#%G'6! ^1!
-%I'!9#%!%1+$%&&(!3(!G%&*(*!/!3(!$*%15$*(*!*%! #1!-#[%5'!9#%!-%!*%B$2
1$&4! +','! 1'&,(3! '! (1'&,(3! -%)C1! 3(! 1(5#&(3%d(! *%! -#! *%-%'<! (3!
,$-,'! 5$%,.'!9#%! (*,$1$-5&(&4! 3(! &%.&'*#++$P1! *%! 3(! %-.%+$%6! D%&2
G%&-$*(*!/!3'+#&(<!*%+%1+$(!/!-(3#*!*%.%1*%1!*%!#1!*$-+#&-'!,>*$+'!
/!.-$9#$45&$+'!9#%!5',(!*%!3(!;$'3')8(!3(!$*%(! /!%3!3%1)#([%!*%!3(!&%2
.&'*#++$P1!/!9#%!&%*#+%!3(!-(3#*!-%I#(3!(!(9#%33(-!+'1*#+5(-!9#%!-%!
(*%+C%1!(!%33(6!7-'!1'!-$)1$B$+(!9#%!-%!0(/(1!'3G$*(*'!3'-!.&%[#$+$'-!
*%3!.(-(*'<!-$1'!9#%!-%!-#.%&.'1%1!+(.(-!*%!.'*%&!/!*%!-(;%&!9#%!%1!
'+(-$'1%-! -%! +',.3%,%15(1! /! %1! '+(-$'1%-! -%! +'15&(*$+%16! D'&! %-(!
&(dP1<!(#19#%!J$3*%!-%(![#d)(*'!(C1!.'&!-'*',8(!/!+'1*#+5(!';-+%2
1(<!-#!+'1*%1(!G$%1%!*$+5(*(!.'&!%3!-%15$,$%15'!*%!.%3$)&'-$*(*!-'2
+$(3!9#%!&%.&%-%15(!%3!0','-%I#(36!

VYX!!
71!+$%&5(!'+(-$P1<!J$3*%!(B$&,(!-#!.&'.$(!%I+%.+$'1(3$*(*<!+P,'!3(-!
3%/%-! 1'! %-541! *$+5(*(-! .(&(! 9#%! >3! 3(-! +#,.3(6! \%(*$1)! @('3! 3%! *%2
,'-5&(&4!9#%!-%!%9#$G'+(<!9#%!(9#%33'-!$1*$G$*#'-!9#%!B#%&d(1!%3!5%2
[$*'!-'+$(3!+'1!5(15'!%,.%g'!+','!0(!0%+0'!>3!*#&(15%!5'*(!-#!G$*(<!
(!,%1#*'!5$%1%1!9#%!.()(&!+'1!-#!0'1&(<!-#!3$;%&5(*!'!-#!-(3#*6!71!
-#!+(-'<!+'1!5'*'-!%33'-6!p#)(&!+'1!3'-!38,$5%-!5$%1%!-#-!+'1-%+#%1+$(-r!
#1'!1'!.#%*%!-%&!1'&,(3!/!(1'&,(3!(3!,$-,'!5$%,.'6!]!-%!%-54!*%2
15&'! *%! 3(! -'+$%*(*<! '! -%! %-54! B#%&(6! :'1! 3(-! .(3(;&(-! *%! -#! 3(*/!
K&(+o1%336!

! VYL!
L6!ON=7\j7\7NEOF:!

O!

F15%-!*%!9#%!%-5(33%!%3!(-#15'!*%!-#!0','-%I#(3$*(*<!J$3*%!/(!0(![#2
)(*'!+'1!B&%+#%1+$(!+'1!3(!$*%(!*%3!%-+41*(3'6!H#&(15%!-#!%5(.(!#1$2
G%&-$5(&$(! *%-(&&'33(! %3! .%&-'1([%! 9#%! 3#%)'! 3%! 0(&8(! +>3%;&%6! ='*(!
(+#-(+$P1!9#%!-%!3%!0()(!*%!,(1$%&$-5(<!(B%+5(*'!'!%-5%5$+$-5(!%-!+$%&2
5(6! E#(39#$%&! '5&(! +'-(!-%&8(! *%-.&%+$(&! %3! 5&(;(['! *%! 5'*(! #1(! G$*(6!
=$%1%!3(!;#%1(!B'&5#1(!*%!9#%!-#!+(&&%&(!3$5%&(&$(!&%-#35(!%I$5'-(<!.%2
&'!-#!B(,(!%-!$1+3#-'!(15%&$'&!(!%33(6!H%!1'!-%&!.'&!@%'&)%!K&#,,%33<!
J$3*%!-%&8(!%3!.&$,%&!B(,'-'!.'&!-%&!B(,'-'6!K&#,,%3<!K/&'1!/!J$32
*%! B'&,(1! .(&5%! *%! 3(! ,$-,(! B(,$3$(! 9#%! HzF11#1d$'<! @(#5$%&! /!
i#/-,(1-<!/!*%!3(!9#%!K(#*%3($&%!%-!#1!,$%,;&'!*%-5(+(*'r!3(!B(,$2
3$(!*%!3'-!*(1*$-6!73!*(1*$-,'!(.(&%+%!%1!3(!*>+(*(!*%!RLQU!5(15'!%1!
D(&8-! +','! %1! W'1*&%-<! %15&%! +(;(33%&'-! 9#%! *(1! #1(! $,.'&5(1+$(!
G$5(3!(!-#!(-.%+5'!B8-$+'!/!(3!&%B$1(,$%15'!*%!-#!3%1)#([%6!D%&'!-'1!*'-!
(-.%+5'-!3'-!9#%!33%G(1!(3!*(1*$!(!-%&!3'!9#%!%-<!/!3'!-%.(&(1!*%3!-$,2
.3%!,(1$9#8!*%3!9#%!(3)#1'-!3%!(+#-(16!:%!5&(5(!*%3!+#35'!(3!/'!/!*%3!
%-+%.5$+$-,'6!7-+%.5$+$-,'!&%-.%+5'!(!3'-!*%,4-<!(3!)&#.'<!(!3(!-'+$%2
*(*!+(*(!G%d!,4-!1'&,(3$d(*(!/!0',')>1%(!*%!3(!;#&)#%-8(k!+#35'!(3!
/'!9#%!.'1%!-#!$1*$G$*#(3$*(*!/!-#!+'1*$+$P1!*%!(1P,(3'!.'&!%1+$,(!
*%!%-(!%-.%+$%!*%!$)#(3$5(&$-,'6!:#!G%-5$*'!5$%1%!%3!G(3'&!*%!3(!.&'5%-2
5(!.'385$+(6!
K&#,,%33!%-<!-$!1'!%3!.&$,%&'<!(3!,%1'-!%3!,4-!+>3%;&%!%15&%!3'-!*(12
*$-!.&$,$)%1$'-6!N(+$*'!%1!RLLY<!1'!+',.3%5(!-#-!%-5#*$'-!#1$G%&-$2
5(&$'-<!1$!*%-5(+(!%1!1$1)#1(! (+5$G$*(*! '!5&(;(['! %I+%.5'! %3!+#$*(*'!
+'1!9#%!,$,(!-#!(.(&$%1+$(<!-$%,.&%!.#3+&'!/!-'B$-5$+(*'6!:%!(*%3(12
5(!(!3(!,'*(!*%!1'!33%G(&!.%3#+(!1$!%,.'3G(&-%!%3!.%3'<!/!%1!-#!3#)(&!
33%G(!#1!+'&5%!*%!%-5$3'!&',(1'6!=(,;$>1!G$-5%!;',;(+0'-<!9#%!*(&41!
3#)(&!(!3'-!.(15(3'1%-!,'*%&1'-6!F!3'-!G%$15$C1!(g'-!0%&%*(!#1(!B'&2
5#1(!*%!5&%$15(!,$3!3$;&(-<!9#%!B#1*%!%1!.'+'!,4-!*%!9#$1+%!(g'-6!:$!
H$P)%1%-! %-! %3! ,'*%3'! +81$+'<! 5'*'! *(1*$! 9#%! -%! .&%+$%! *%! -%&3'! ?
(#19#%! 1'! -%! (5&%G(! (! .&'1#1+$(&! %3! 5>&,$1'?! -%! ,$&(&4! %1! K%(#!

! VYQ!
K&#,,%33r!-%&4!0%&,'-'!/!-$1!'+#.(+$P1!,4-!(334!*%!-8!,$-,'6!D%&'!
1'!%-!%3!C1$+'6!71!3(!j&(1+$(!&%G'3#+$'1(&$(<!(3)#1'-![PG%1%-!(*$1%&(2
*'-! *%+$*%1! $,$5(&! 3'-! ,'*'-! /! 3(-! ,'*(-! *%! 3(! (&$-5'+&(+$(! +','!
B'&,(!*%!*$-5$1)#$&-%!*%!3'-!-(1-2+#3'55%<!(!.%-(&!*%3!.%3$)&'!9#%!+'12
33%G(!#1(!*%+$-$P1!(-86!71!7-.(g(<!.'&!%3!+'15&(&$'<!3'-!1';3%-!(*'.5(1!
%3!(-.%+5'!*%!,(['-<!,(1'3'-!'!+0#3(.'-!%1!'.'-$+$P1!*%!3'-!.%5$,%2
5&%-!(B&(1+%-(*'-6!7-(!%-!3(! &(dP1! .'&! 3(! 9#%!3(!H#9#%-(! *%! F3;(! -%!
0(+%!&%5&(5(&!.'&!@'/(!G%-5$*(!?/!*%-1#*(?!+','!,([(6!
D%&'!-%&4!K(#*%3($&%!9#$%1!0()(! *%3!*(1*$! 3(! B$)#&(!+3(G%! *%!3(!h'2
*%&1$*(*6!E#(1*'!j>3$I!*%!FdC(!(B$&,(!9#%!`%1!3(!+$#*(*<!%3!*(1*$ RQ!
-#B&%!#1!$,.'-$;3%!%-.381a! uRQQRr! TZv<! %-54!+'1*%1-(1*'! 5&%-!)&(12
*%-! %3%,%15'-! *%! 3'! 9#%! .(&(! K(#*%3(&$%! &%.&%-%15(! 3(! +'1*$+$P1!
,'*%&1(6!73!.&$,%&'!*%!%33'-!%-!3(!+$#*(*<!%3!1#%G'!04;$5(5!9#%!+'3'2
+(!(3!$1*$G$*#'!(3!38,$5%!*%3!(;$-,'6!7-!%3!5%&&%1'!*%!3'!-#;3$,%6!W'-!
1#%G'-!;#3%G(&%-!9#%!-%++$'1(1!D(&8-!3%!$,.&$,%1!#1(!G%3'+$*(*!(12
5%-!$,.%1-(;3%<!(*%,4-!*%!+#,.3$&!#1!.&'.P-$5'!.'385$+'!,#+0'!,4-!
.&4+5$+'<! (#19#%! (! K(#*%3($&%! %-5%! 1'! 3%! $15%&%-%r! 3(! (1+0#&(! *%! 3(-!
(G%1$*(-!%G$5(!9#%!-%!3%G(15%1!;(&&$+(*(-<!(3)'!(!3'!9#%!3'-!.(&$-$1'-!
.(&%+%1!0(;%&!+')$*'!+$%&5'!)#-5'6!F#19#%!3(!$,.'&5(1+$(!9#%!5$%1%1!
.(&(!%3!$*%(&$'!,'*%&1'!%-!9#%<!.'&!%33'-<!3'-!+(&&'-!.(-(1!(!5'*(!G%2
3'+$*(*!/!9#%!-#-!.(-%'-!5&(%1!(!3(!3#d!(!3'-!,%1*$)'-<!3'-!G()(;#12
*'-!'!3(-!.&'-5$5#5(-!9#%!(15%-!-%!'+#35(;(1!%1!3(-!+(33%[#%3(-!)P5$+(-6!
='*'-<!5(15'!3(-!)%15%-!*%!;$%1!+','!3(-!)%15%-!*%!,(3<!'+#.(1!(0'&(!
%3!,$-,'!-$5$'<!+',.(&5%1!3(!,$-,(!%-+%1(6!
73!%-.(+$'!&%)#3(&<!&(+$'1(3!%!$3#,$1(*'!*%3!1#%G'!#&;(1$-,'!0(+%!*%!
3(-!+(33%-!#1(!%-.%+$%!*%!$15%&$'&<!+P,'*'!/!5&(19#$3'<!9#%!-(+(!(!&%2
3#+$&!(3)#1(-!,#%-5&(-!*%!(B%+5'!&%-%&G(*(-!(15%-!.(&(!3(!$15$,$*(*6!
W(!+(33%!%-<!*%!(3)C1!,'*'<!%3!1#%G'!0')(&6!D%&'<!(3!,$-,'!5$%,.'<!3'-!
+(,;$'-! $1+%-(15%-! /! B&%1>5$+'-! 9#%! -%! .&'*#+%1! %1! %33(! ;(['! 3(! 3#d!
*%!)(-<!%,.#[(1!(3!+$#*(*(1'!(!#1(!-%1-(+$P1!*%!%I5&(g(,$%15'6!D(2
&(!%-+(.(&<!(3!,%1'-!.'&!#1!,',%15'<!*%!%-%!.&%+$.$5(&-%!+'15$1#'<!
%3!B3(1~#&<!%3!.(-%(15%<!-%!.%&*%&4!.'&!3(-!+(33%[(-!/!3'-!.(-([%-!.%(5'2

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
RQ!F#19#%! FdC(! %,.3%(! 3(! )&(B8(! $1)3%-(! u*(1*/v<! 0%! .&%B%&$*'! -#-5$5#$&3(! .'&! 3(!
%-.(g'3(!(!B$1!*%!9#%!1'!(.(&%d+(1!*$-+&%.(1+$(-!+'1!%3!&%-5'!*%3!5%I5'6!W'!,$-,'!
'+#&&%!+'1!`%-.381a!u-.3%%1v6!

VQU!!
1(3%-!$15%15(1*'!%1+'15&(&!%-%!5$%,.'!'5&'<!,4-!.(#-(*'!/!,%3(1+P2
3$+'<!9#%!3%!(3%[%!*%3!(;$-,'!/! *%! 3(! B&(),%15(&$%*(*6!:$! %3!\',(15$2
+$-,'! %1+'15&(;(! 3(-! B#%15%-! *%! 3'! -#;3$,%! %1! 3'-! (+(15$3(*'-! '! 3(-!
5%,.%-5(*%-<! (0'&(! -%! %1+#%15&(! %1! %3! .&'.$'! &$5,'! #&;(1'<! %1! -#-!
,#5(+$'1%-! .&%+$.$5(*(-6! W(! 1(5#&(3%d(<! 3'! +'1B$&,(&4! J$3*%! ,4-!
5(&*%<!%-!(;#&&$*(<!1'!5$%1%!$,()$1(+$P16!71!3(!+$#*(*!-%!3(!%1+#%15&(!
(!&(#*(3%-<!.%&'!.#%*%!.()(&-%!+'1!%3!.&%+$'!*%!3(!%1([%1(+$P16!
73!-%)#1*'!%3%,%15'!%-!%3!*(1*$<!9#%!%1!K(#*%3($&%!+#,.3%!#1(!B#12
+$P1!*';3%6!71!.&$,%&!3#)(&<!+&%(!3(!$,()%1!*%3!(&5$-5(!*$-5$1)#$*'!*%!
3(-!,(-(-!9#%!33%)(!0(-5(!1#%-5&'-!*8(-6!D'&!%3!'5&'<!(3!0(+%&!.C;3$+(!
-#! *$-5$1+$P1<! 3'! C1$+'! 9#%! .#%*%! G%&-%! %1! >3! %-! %3! .%&-'1([%<! ,$%12
5&(-!9#%!3(!.%&-'1(!.%&,(1%+%!'+#35(6!7-%!,'G$,$%15'!9#%!3%!-%.(&(!
*%! 3(! ,(-(! (1P1$,(! ?5(15'! *%! 3(! ,(-(! .&'3%5(&$(! +','! *%! 3(! ,(-(!
+#35#&(3! ;#&)#%-(?! 0(+%! 0$1+(.$>! %1! 3(! (1'&,(3$*(*! /! 3(! $1#5$3$*(*!
*%3! *(1*$! /<! .'&! %I5%1-$P1<! *%3! (&5$-5(6! :#! *%-.&%+$'! .'&! 3(! 1'&,(3$2
*(*<!.'&!%3!)&#%-'!-'+$(3<!.'&!3'!+',C1<!-%g(3(!-#!(1',(38(!/!-#!%I2
+%.+$'1(3$*(*!.%&'<!(3!,$-,'!5$%,.'<!&%B#%&d(!.'&!'.'-$+$P1!(9#%33'!
9#%!*%-.&%+$(6!:#!.%&%d(!/!-#!%-.381!1'!.#%*%1!-%&!,4-!+'15&(&$(-!(!
3(!3P)$+(!;#&)#%-(!*%3!5&(;(['!/!3(!,'&(3!*%!3(!#5$3$*(*6!:#!C1$+(!'+#2
.(+$P1!%-!>3!,$-,'<!0(+%&!*%!-#!G$*(!#1(!';&(!*%!(&5%!'<!+','!,81$2
,'<!0(+%&!*%!-8!,$-,'!#1!';[%5'!*$)1'!*%!(*,$&(+$P16!
W(!&%3(+$P1!%15&%!%3!*(1*$!/!3(!,(-(!%-!()P1$+(<!*$(3>+5$+(6!73!.&$,%&'!
1'!.#%*%!%I$-5$&!-$1!3(!-%)#1*(<!-$1!'.'1>&-%3%6!W(!(.(&$+$P1!*%3!*(12
*$!-%!*%;%!(!`3(!1%+%-$*(*!(&*$%15%!*%!0(+%&-%!#1(!'&$)$1(3$*(*<!*%2
15&'!*%!3'-!38,$5%-!%I5%&$'&%-!*%!3(-!+'1G%1+$'1%-a!uK(#*%3($&%!RQQTr!
RRZv6!N%+%-$5(!+'1'+%&!(!3(!.%&B%++$P1!3(-!+'-5#,;&%-!*%!-#!5$%,.'!/!
*%!-#!%15'&1'!.(&(!.'*%&!B'&d(&3(-!/!.&'G'+(&!%3!(-',;&'!*%!9#$%1%-!
3%!&'*%(16!W(!-#/(!%-!#1(!5(&%(!*%!'&B%;&%<!#1!5&(;(['!*%!.&%+$-$P16!:$!
-%!.(-(!*%!3(!&(/(!.%&*%&4!-#!%-5(5#-!/!-#!&%.#5(+$P1<!,$%15&(-!9#%!-$!
.%&,(1%+%!*%15&'!*%!3'!(+%.5(;3%!1'!0(;&4!%-+41*(3'6!73!*(1*$-,'<!
.'&!5(15'<!G(!,#+0'!,4-!(334!*%!3(!%3%)(1+$(!'!*%3!G%-5$&6!W(!&'.(!1'!
%-!,4-!9#%!#1!-$)1'!*%!(3)'!,4-!.&'B#1*'<!*%!#1(!G'3#15(*!*%!-'&2
.&%1*%&6! 7-! 3(! &%-.#%-5(! (! #1(! 1%+%-$*(*! %3$5$-5(! *%! &',.%&! +'1! 3'!
G#3)(&<! 3'! 1'&,(3<! 3'! 5&$G$(36! D%&'! %-(! -#.%&(+$P1! *%! 3'! +',C1! *%;%!
0(+%&-%!-$1!5&(;(['6!

! VQR!
7I$-5%!#1!G81+#3'!%I5&(g'!%15&%!%3!*(1*$-,'!/!%3!%-5'$+$-,'6!F,;'-!
&%9#$%&%1! )&(1*%-! %-B#%&d'-! ;(['! 3(! (.(&$%1+$(! $,.(-$;3%! *%! 9#$%1!
3'-!(+',%5%<!-'1!*'+5&$1(-!(&$-5'+&45$+(-!*%!3(!B&$(3*(*!/!%3!*%-(.%)'6!
D%&'! 5(,;$>1! 0(/! &(-)'-! *%! +$1$-,'! %1! %3! *(1*$<! %1! -#! $1*$G$*#(3$2
*(*<!%1!-#!(B$+$P1!.'&!%3!%-+41*(3'<!%1!-#!$,.%&5$1%1+$(<!%1!-#!;#&3(!(!
3(! ';%*$%1+$(! +$%)(! *%! 9#$%1%-! -$)#%1! 3(-! &%)3(-6! E','! %3! +81$+'<! %3!
*(1*$!%-!#1!%I5&(1[%&'<!%-54!.&%-%15%!%1!3(!-'+$%*(*!.%&'!3(!';-%&G(!
*%-*%!B#%&(6!F0'&(!;$%1<!-$!%3!.&$,%&'!-%!%I+3#/%!*%-*%!(;(['<!%3!-%2
)#1*'! 3'! 0(+%! .'&! (&&$;(<! -$1! .&$G(&-%! *%! 1$1)C1! .3(+%&! *%3! 9#%! 1'!
%-5>!/(!0(-5$(*'6!73!*(1*$!%-!#1!+81$+'!(15$1(5#&(3<!$1G%&5$*'6!7-!3(!%12
+(&1(+$P1!*%!3'!9#%!:3'5%&*$[o!33(,(!+$1$-,'!G#3)(&6!
73! 5%&+%&! %3%,%15'!9#%! ,%1+$'1(! FdC(! %-! %3!%-.381<! #1! 5>&,$1'! 9#%!
0(+%! &%B%&%1+$(! (! 3(! 5%'&8(! 0$.'+&45$+(! *%! 3'-! +#(5&'! 0#,'&%-6! 71!
$1)3>-<!%3! -.3%%1!%-!%3!;(d'<!9#%!+'&&%-.'1*%!(!3(!5$%&&(<!%3!'5'g'!/!3(!
;$3$-! 1%)&(6! 73! %-.381! %-! 3(! ,%3(1+'38(<! %3! 5%*$'!G$5(3<! %3!(;#&&$,$%15'!
9#%!$,.&%)1(!3(!G$*(!*%3!*(1*$6!7-!3(!(1)#-5$(!(15%!3(!%I$-5%1+$(!9#%!
%,.#[(! (! ;#-+(&! 3(! 1'G%*(*<! (! 5&(1-)&%*$&! 3(-! 1'&,(-! *%! 3(! )%15%!
1'&,(36!D%&'!%-!5(,;$>1!%3!%-.381!%3!9#%!3%!0(+%!3#+$&!-#!*%-)(1(<!-%!
*%-(.%)'<!%3!*%-%1+(15'!9#%!3%!.&'*#+%!3(!;(1(3$*(*!*%!3(!G$*(6!=$%1%!
5(15'!*%!,'5'&!+','!*%!.'-%<!*%!.&$1+$.$'!,'&(3!+','!*%!%-.%+54+#2
3'6!7-!*%!%-5(!,%3(1+'38(!9#%!3'!+#;&%!5'*'!*%!*'1*%!3'&*!i%1&/!-(+(!
-#-!%.$)&(,(-!+'1!3'-!9#%!(3%++$'1(!(!H'&$(1!@&(/!%1!%3!+$1$-,'!G#32
)(&<!%3!%-+%.5$+$-,'!/!3(!;C-9#%*(!*%!-%1-(+$'1%-6!!
K(#*%3($&%! %1+#%15&(! -#! $*%(! *%! ,'*%&1$*(*! %1! *'-! 3#)(&%-! *$-5$12
5'-6!73!.&$,%&'!%-!3(!B$++$P1!*%!D'%6!71!-#!&%3(5'!*%!RYZU! 73!0',;&%!
*%!3(!,#35$5#*!u=0%!,(1!'B!50%!+&'Å*v<!%3!1(&&(*'&!-%!%1+#%15&(!%1!
#1! +(B>! *%-.#>-! *%! #1(! 3(&)(! %1B%&,%*(*<! /! %1! -#! +'1G(3%+%1+$(! -%!
$15%&%-(!.'&!3(-!)%15%-!9#%!.#%;3(1!W'1*&%-6!W(-!';-%&G(!+'1!$15%&>-!
%15','3P)$+'<!*$-5$1)#%!3'-!5$.'-!/!%-5(;3%+%!#1(![%&(&9#8(!9#%!(;(&2
+(!5'*'!%3!%-.%+5&'!-'+$(36!h$%15&(-<! &%B3%I$'1(! -';&%!%3! -%15$,$%15'!
*%!-'3%*(*!9#%!%1!'+(-$'1%-!1'-!(B%+5(<!(#19#%!%-5%,'-!%1!#1(!+(33%!
&%.3%5(! *%! )%15%6! 71! #1! *%5%&,$1(*'! ,',%15'! 3%! 33(,(! 3(! (5%1+$P1!
#1! G$%['! *%+&>.$5'! +#/(! %I.&%-$P1! %-+(.(! (! 5'*(-! +#(15(-! 0(! G$-5'!
0(-5(! %15'1+%-<! #1(! %I.&%-$P1! 9#%! 5&(1-,$5%! (3! ,$-,'! 5$%,.'! .&%2
+(#+$P1!/!B&$(3*(*<!,(3$+$(!/!5%&&'&6!H%+$*%!-%)#$&3%6!73!G$%['! %15&(! /!
-(3%!*%!5'*(!+3(-%!*%!+',%&+$'-<!-$1!+',.&(&!1(*(!1$!0(;3(&!+'1!1(2
*$%<! /! 3%! 33%G(! .'&! 3(-! +(33%-! *%! 3(! +$#*(*! *%-*%! %3! +%15&'! 0(-5(! 3'-!

VQV!!
(&&(;(3%-<! /! *%! 1#%G'! (3! +%15&'6! W%! -$)#%! 5'*(! 3(! 1'+0%! /! %3! *8(! -$2
)#$%15%! 0(-5(! 9#%<! +#(1*'! G#%3G%! (! (1'+0%+%&<! %3! 1(&&(*'&! *%+$*%!
.'1%&-%! *%3(15%! *%3! %I5&(g'<! 9#%! 1'! -%! *(! +#%15(! *%! 9#%! 0(! $*'!
*%5&4-!*%!>3!*#&(15%!0'&(-<!/!.&'-$)#%!-#!+(,$1'6!W(!+'1+3#-$P1!(!3(!
9#%!33%)(!%3!1(&&(*'&!%-!9#%!%-%!0',;&%!*%!&'.(-!;#%1(-!.%&'!)(-5(2
*(-!%-! `*%3!5$.'!/!%3!)%1$'! *%3! +&$,%1!.&'B#1*'6!\%+0(d(!%-5(&!-'3'6!
7-!%3!0',;&%!*%! 3(!,#35$5#*a! ut! $-!50%!5/.%!(1*!50%!)%1$#-!'B!*%%.!
+&$,%6!i%!&%B#-%-!5'!;%!(3'1%6!i%!$-!50%!,(1!'B!50%!+&'Å*v!uD'%!VUUZr!
VRSv6!
71!-%15$*'!%-5&$+5'<!%1!%3!+#%15'!1'!.(-(!1(*(6!^1!0',;&%!*%-.$%&5(!
3(! +#&$'-$*(*! *%! '5&'! 9#%! *%+$*%! -%)#$&3%<! .%&'! 1'! *%-+#;&%! 1(*(! /!
(;(1*'1(6!:$1! %,;(&)'<! %1! >3! &%-$*%1! 3'-! %3%,%15'-! *%! 3(! ,'*%&1$2
*(*! 9#%! 5',(&4! K(#*%3($&%! #1'! (! #1'6! W(! +$#*(*! /! 3(! ,(-(! -$&G%1!
+','!%-+%1(&$'<!+','!%3!B'1*'!0',')>1%'!-';&%!%3!9#%!-%!*%-5(+(1!
%3! G$%['! /! %3! 1(&&(*'&<! /! (,;(-! .&'*#+%1! #1(! -%1-(+$P1! ',$1'-(! %!
$19#$%5(15%6! E','! #1! +(#*(3! *%! ()#(<! 3(! ,(-(! .#%*%! (&&(-5&(&5%! /!
0(+%&5%! *%-(.(&%+%&! %1! -#! 0',')%1%$*(*6! F0'&(! ;$%1<! 0(/! %1! %33(!
';[%5'-!%!$1*$G$*#'-!9#%!*%-5(+(1!/!33%G(1!(3!B3(1~#&!%1!-#!;C-9#%*(6!
:'1!3'-!&(-)'-!*%!3(!1'G%*(*<!9#%!&',.%1!3(!,'1'5'18(6!
73! '5&'! %3%,%15'! 9#%! $1-.$&(! (! K(#*%3($&%! %-! %3! .$15'&! E'1-5(15$1!
@#/-<! (! 9#$%1! 33(,(! %1! 73! .$15'&! *%! 3(! G$*(! ,'*%&1(<! .#;3$+(*'! %1!
RYXS<!:&6!@6!W(-!*'-!+(&(+5%&8-5$+(-!9#%!3%!G$1+#3(1!(3!5%I5'!*%!D'%!-'1!
-#!+#&$'-$*(*!/!-#!+'1G(3%+%1+$(6!F,;'-!5>&,$1'-!&%,$5%1!(!%-(!%-2
.%+$%!*%!&%)&%-$P1!$1B(15$3!$19#$%5(!/!)'d'-(!9#%!33%G(1!(!-#!.&'5()'2
1$-5(!(!%,.&%1*%&!-#!.%&-%+#+$P16!73!:&6!@6!%-!(#5'*$*(+5(<!G$([%&'!/!
+'-,'.'3$5(k!,4-!9#%!#1!(&5$-5(!%-!#1!0',;&%!*%!,#1*'!9#%!-%!$12
5%&%-(!.'&!5'*'!3'!9#%!%1!>3!'+#&&%!/!1'!-%!3$,$5(<!+','!0(+%1!3(!,(2
/'&!.(&5%!*%!3'-!(&5$-5(-<!(!*%5%&,$1(*(-!B'&,(-!'!*%5%&,$1(*'-!5%2
,(-6!D'*&8(!*%+$&-%!9#%!%-!#1!*(1*$!-$!1'!B#%&(!.'&!#1!*%5(33%!9#%!3%!
+'3'+(!(3!'5&'!3(*'!*%!-#!%-.%+5&'r!%-!(.(-$'1(*'6!
7-!#1!0',;&%!1$g'!9#%!';-%&G(!3'!9#%!3%!&'*%(!+','!-$!3'!G$%&(!.'&!
.&$,%&(!G%d6!W(!,#35$5#*!%15&%!3(!9#%!-%!,%d+3(!3%!-$&G%!+','!#1!%-2
.%['<!%-!%3!1'2/'!%1!%3!9#%!-%!&%B3%[(!-#!/'6!:#!-#;[%5$G$*(*!-%!1#5&%!*%!
3(!,(-(!/!*%3!+'15&(-5%!9#%!%I$-5%!%15&%!(,;'-6!`73!';-%&G(*'&!%-!#1!
.&81+$.%!9#%!)'d(!%1!5'*(-!.(&5%-!*%!-#!$1+P)1$5'a!uK(#*%3($&%!RQQRr!
YLv!/!9#%<!+','!%3!+81$+'<!%-!#1!%I5&(1[%&'!%1!5'*(-!.(&5%-!9#%<!(C1!

! VQS!
(-8<!-%!-$%15%!-$%,.&%!%1!+(-(6!=$%1%!3(!,$&(*(!1#%G(!*%!#1!1$g'<!.%&'!
5&(;([(!+'1!3(-!0%&&(,$%15(-!*%!#1!(*#35'6!H%!(08!G$%1%!-#!)%1$'<!*%!
%-(! %,;&$()#%d! +'1-5(15%! *%! 3(! `$1B(1+$(! &%+';&(*(! (! G'3#15(*a!
u$;8*6r!YTv6!73!:&6!@6!1'!-%!3$,$5(!(!.(-%(&<!+','!0(&8(!#1! B3(1~#&<!-$1'!
9#%!;#-+(!(3)'!*%!B'&,(!(+5$G(r!3(!,'*%&1$*(*6!^1(!,'*%&1$*(*!9#%!
1'!%-!-$1'!3(!.(&5%!%B8,%&(!*%3!(&5%<!+#/(!'5&(!,$5(*!%-!%5%&1(!%!$1,#2
5(;3%6! F,;'-! %3%,%15'-! +'1B'&,(1! 3(! 5'5(3$*(*! (&58-5$+(<! +','! -#!
+#%&.'!/!-#!(3,(6!
W'-! *'-! C1$+'-! %3%,%15'-! 9#%! -%.(&(1! (3! :&6! @6! *%! #1! *(1*$! -'1! -#!
';&(!/!-#!.(-$P16!73!.&'.$'!K(#*%3($&%!%-!#1!*(1*$!9#%!&%+0(d(!#1(!
+(&&%&(!+','!*$.3',45$+'!.(&(!*%*$+(&-%!(!3(!.'%-8(!/!(!3(!+&85$+(!*%!
(&5%<!3'!9#%!;$%1!%9#$G(3%!(!1'!5&(;([(&!%1!(;-'3#5'6!m$-5%!-$%,.&%!*%!
1%)&'!&$)#&'-'!/!-#-!,'*(3%-!-'1!&8)$*'-!/!-%G%&'-<!.%&'!%-!+(.(d!*%!
5%g$&-%!%3!.%3'!*%!G%&*%6!F+',.(g(!3(!+&%(+$P1!3$5%&(&$(!+'1!3(!.'>5$+(!
*%3!/'k!)%1%&(!#1(!-$1)#3(&$*(*!-'&.&%1*%15%!/!1'G%*'-(6!71! h$!+'2
&(dP1!(3!*%-1#*'!0(+%!-#!+>3%;&%!(B$&,(+$P1!*%!9#%!`%3!H(1*$!*%;%!
(-.$&(&!(!-%&!-#;3$,%!-$1!$15%&&#.+$P1k!*%;%!G$G$&!/!*'&,$&!*%3(15%!*%!
#1!%-.%['a!uRQQQr!LRv6!=(,;$>1!9#%!`+#(1*'!0(/(!$1-.$&(*'!%3!*$-2
)#-5'!/!%3!0'&&'&!#1$G%&-(3%-!0(;&>!+'19#$-5(*'!3(!-'3%*(*a6!D'&9#%!
%3!*(1*$<!%3!(&5$-5(<!%3!0',;&%!*%!,#1*'!'!%3!0',;&%21$g'!%I$-5%1!.'&!
'.'-$+$P1<!-'1!-#;G%&-$G'-!.'&!1(5#&(3%d(6!:'1!%33'-!9#$%1%-!&%5#%&2
+%1! 3(-! +'1G%1+$'1%-! *%-*%! -#! 38,$5%<! 9#$%1%-<! +','! 3'-! .%&&'-<! 1'!
%-541!1$!*%15&'!1$!B#%&(!*%3!5'*'!*%!3(!-'+$%*(*6!K(#*%3($&%!(-.$&(!(!
-%&!#1!5'&;%33$1'<!#1(!5'&,%15(!5(1!5%&&$;3%!+','!0%&,'-(6!D'&9#%!(!
+(*(!>.'+(!3%!+'&&%-.'1*%!#1(!$*%(!*%!;%33%d(!(+'&*%!+'1!-#-!+&%%12
+$(-!/!-#-!*%-%'-<!-#!,$-$P1!%-!%1+'15&(&!%3!%9#$3$;&$'!%15&%!%3!*%+'&'!
/!3(!$,.%&5$1%1+$(6!F)&(*(&!*%-()&(*(1*'!%-!3(!';&(!*%3!-#;3$,%!,'2
*%&1'6!
73! *(1*$<! /! .'&! %I5%1-$P1! %3! (&5$-5(<! %-! &%(++$'1(&$'r! 1%+%-$5(! *%! #1!
,(&+'!&%B%&%1+$(3!+'15&(!%3! 9#%! -#;[%5$G(&-%6!N'!.#%*%! *%-5(+(&! %-2
5(1*'! -'3'6! :$! 1'! 0(/! #1(! ;#&)#%-8(! *%+%15%! 9#%! -%! %-+(1*(3$+%<! -#!
5(&%(! +(&%+%! *%! .&'.P-$5'6! :#! '&$)$1(3$*(*! %-! #1! .&'*#+5'! *%&$G(*'!
*%!-#!>.'+(!/!*%!-#!%15'&1'6!K(5($33%!(.#15(!9#%!`3(!-'+$%*(*!-%!B#12
*(!%1!3(!*%;$3$*(*!*%!3'-!$1*$G$*#'-!9#%!%33(<!+'1!-#!B#%&d(<!+',.%12
-(r!%-<!%1!#1!-%15$*'<!3'!9#%!%3!$1*$G$*#'!1'!%-a!uVURUr!TUv6!D%&'!%-!
5(,;$>1! %33(! 3(! 9#%<! (3! ,$-,'! 5$%,.'<! .3(15%(! 3'-! 5>&,$1'-! %1! 9#%!
.#%*%! -#&)$&! #1(! '&$)$1(3$*(*<! 3(! 9#%! %15&%)(! 3(-! 0%&&(,$%15(-! 9#%!

VQZ!!
.#%*%1!0(+%&3(!5(,;(3%(&6!W(!-'+$%*(*!*%3!AOA<!%1!%-.%+$(3!(!.(&5$&!*%!
-#!-%)#1*(!,$5(*<!%-54!&%)$*(!.'&!3(!3P)$+(!%+'1P,$+(!*%!3(!.&'*#+2
+$P1!/!3(!(+#,#3(+$P1!*%!+(.$5(3<!.'&!%3!+$+3'!(#5$-5(!*%!3(!&%$1G%&-$P1!
/! %3! +&%+$,$%15'6! D'&! #1! 3(*'! &%)#3(&$d(! 3(-! +'1*#+5(-! /! )%1%&(! #1(!
,(-(! 1'&,(3! /! +'0%&%15%! %1! %3! .3(1'! ,'&(3k! .'&! %3! '5&'<! %1! 3'!
%+'1P,$+'<! (1$,(! (! 3(! ;C-9#%*(! *%3! $15%&>-! .&$G(*'6! E'15&(! 3(! -%2
)#1*(! -#&)%1! 3(-! 3#+0(-! .&'3%5(&$(-! /! %3! ,'G$,$%15'! ';&%&'<! ,$%12
5&(-!9#%!%3!%-.8&$5#!&',415$+'!-%!&%;%3(!+'15&(!3(!.&$,%&(6!F,;'-!&%2
.&%-%15(1! 3(! %1%&)8(! ;3(o%(1(<! 5&(1-)&%-'&(! /! )%1%&'-(<! *%3! )(-5'!
-#.%&B3#'6!
:$1! %,;(&)'<! K(#*%3($&%! /(! 1'! %-! &',415$+'<!%1! >3! /(! 1'! -%! (.&%+$(!
#1(!$1*$G$*#(3$*(*!0%&'$+(6!:#!+&%(*'&!%-54!.'&!%1+$,(!*%3!&%-5'<!-8<!
.%&'! -#! $,()%1! (0'&(! %-! ,%3(1+P3$+(<! %-54! $,.&%)1(*(! *%! B&#-5&(2
+$P16!7-!+','!#1!41)%3!+(8*'!9#%!G()(!%15&%!#1(!0#,(1$*(*!G#3)(&6!
W(!$1(++$P1<!3(!.%&%d(!/!3(!.'%-8(<!5(&%(!$,.&'*#+5$G(!.'&!%I+%3%1+$(<!
-'1!3(-!+(&(+5%&8-5$+(-!*%3!(&5$-5(!;'0%,$'!9#%!1'!5$%1%!9#>!33%G(&-%!(!
3(!;'+(!/!9#%<!+'1!B&%+#%1+$(<!.(*%+%&4!(3)#1(!%1B%&,%*(*!G%1>&%(6!
F!K(#*%3($&%!3%!,(5(!3(!-8B$3$-!%1!RYXL<!.(&%+%!9#%!+'15&(8*(!,#+0'-!
(g'-!(15%-<!*#&(15%!-#!&',(1+%!+'1!:(&(0<!#1(!.&'-5$5#5(![#*8(!/!;$d2
+(6!

OO!

F!.%-(&!*%!9#%!5'*'!*(1*$!+'1-$*%&(!-#!(5#%1*'!+','!(3)'!-%+#1*(2
&$'<!,4-!#1(!+'1-%+#%1+$(!*%!-#!+(&4+5%&!9#%!-#!+(#-(<!3(!%I9#$-$5%d!/!
%3!+#$*(*'!815$,'!9#%!.'1%!%1!>3!-%!+'1-$*%&(!#1(!+#(3$*(*!B%,%1$1(6!
W'! ,$-,'! '+#&&%! +'1! 3(! .%&%d(! /! %3! &%+0(d'! (3! 5&(;(['6! F#19#%! %3!
.&'.$'!K(#*%3($&%!.(&%+%! %-5(&! -$%,.&%! *$-.#%-5'! (!(+%.5(&! #1! %,2
.3%'!9#%!3%!-(9#%!*%!3(!,$-%&$(<!3'!+$%&5'!%-!9#%!1#1+(!33%)(!(!0(+%&!
1$1)#1(! *%! 3(-! *'-! +'-(-<! 1$! 5&(;([(&! 1$! *%[(&! *%! -%&! .';&%6! D%&'! %3!
*(1*$-,'<!5(15'!%3!-#/'!+','!%3!*%!3'-!*%,4-<!%-!%1!%-%1+$(!(15$;#&2
)#>-6! 7-! %3! (&5$-5(! *%! 3(! G$*(<! $,.&'*#+5$G'<! &%;%3*%! %! $,.%&5$1%15%<!
9#%!&%-#35(!5(1!$1-#35(15%!+','!(*'&(;3%6!73!*%-*>1<!3(!$&'18(!/!%3!$12
)%1$'!-'1!-#-!(&,(-6!:$!(3)'!*%-5(+(!*%!%33(-!%-!-#!1(5#&(3%d(!%-.%+2
5(+#3(&<!5%(5&(3<!+P,'!1%+%-$5(1!#1!.C;3$+'!.(&(!)%1%&(&!-#-!%B%+5'-6!
=(,;$>1! -#! (,;$)n%*(*<! +3(&'6! D(&5%! *%! -#! %1+(15'! -%! *%;%! (! 9#%!

! VQT!
9#$%1%-!3%!&'*%(1!1'!.#%*%1!*$-+%&1$&!+#41*'!0(;3(!%1!-%&$'!/!+#412
*'!;&',%(6!
7-%!&(-)'!-%!0(+%!%G$*%15%!+#(1*'!'8,'-!(!J$3*%<!5(15'!%1!-#!.%&-'2
1([%!-'+$(3!+','!(!5&(G>-!*%!3'-!3$5%&(&$'-6!W'&*!i%1&/!%-!#1!%[%,.3'!
+3(&'!*%!*(1*$!$1)%1$'-'!/!-'+(&&P1<!*%-+&%8*'!/!0%*'1$-5(<!+'1!#1(!
;#%1(!B'&5#1(!9#%!,(3)(-5(&6!:#-!B(,$3$(&%-!/!(,$)'-!%1+#%15&(1!-#-!
'.$1$'1%-!*%-.&%+$(;3%-!/<!(C1!(-8<!%-54!%1!5'*(-!3(-!&%#1$'1%-!-'+$(2
3%-<!()#$['1%(1*'!+','!#1!54;(1'!3(-!;#%1(-!+'-5#,;&%-6!D%&'!1'!%-!
%3!C1$+'!9#%<!%1!3(!,$-,(!1'G%3(<!%[%&+%!+','!*(1*$!(,;$)#'6!H'&$(1!
@&(/! (C1(! -#! $1)%1$'<! (#19#%! ,%1'&! 9#%! %3! *%! 3'&*! i%1&/<! +'1! #1!
,(/'&!%9#8G'+'!-%I#(36!D'&!#1!3(*'<!%3!%.$-'*$'!*%!:$;/3!$15&'*#+%!#1!
B(+5'&!;$-%I#(3k!.'&!'5&'<!3(-!*%-+&$.+$'1%-!9#%!-%!0(+%1!*%!>3!&%,$2
5%1!(!-#!B%,$1$*(*r!-#-!3(;$'-!*%!&'-(<!3(!*%3$+(*%d(!*%!-#-!&(-)'-<!3(!
%I9#$-$5%d!*%!-#-!,'*(3%-!/!-#!)#-5'<!-#!-%*#++$P1t!
@3'&$(!H#&41!-%g(3(!%3!.(.%3!+'1B3$+5$G'!9#%!&%.&%-%15(!%3!*(1*$!(15%!
-#!-'+$%*(*<!-%(!%-5(!3(!9#%!-%(<!.'&9#%r!

E#%-5$'1(&4! 3(-! +#(5&'! )&(1*%-! .'3(&$*(*%-! -';&%! 3(-! 9#%! -%! 0(! %-2
5&#+5#&(*'! 3(! 1'&,(3$*(*! ;#&)#%-(r! 3(! .'3(&$*(*! ,(-+#3$1'2
B%,%1$1'<! 9#%! +'1+$;%! #1! )>1%&'! %-5(1+(*'! /! +3(#-#&(*'! ;$'3P)$+(2
,%15%k!3(!.'3(&$*(*!-#[%5'2';[%5'<!9#%!)%1%&(!#1!-%&!.&$G$3%)$(*'!+'1!
#1! /'! C1$+'! %! $*>15$+'k! 3(! .'3(&$*(*! 9#%! *$B%&%1+$(! 5([(15%,%15%! 3'!
*$)1'!*%!3'!$1*$)1'!*%!-%&!+'1-$*%&(*'!(&5%k!/!B$1(3,%15%<!3(!9#%!-%2
.(&(! (3! `(&5$-5(a! *%! (9#%3! 9#%<! -#.#%-5(,%15%<! 1'! 3'! %-! '! 1'! .'*&4!
-%&3'6!uVURUr!VQv!

F+(;(,'-!*%!G%&!3(!.&$,%&(!*%!%33(-6!h#+0'!(15%-!*%!9#%!%1!RQTT!%3!
,>*$+'! /! .-$+P3')'! p'01! h'1%/! $1G%15%! 3(! 1'+$P1! *%! )>1%&'! +','!
(9#%33'-!&(-)'-!+#35#&(3%-!9#%!(5&$;#$,'-!(!3'-!-%I'-!;$'3P)$+'-<!3'-!
*(1*$-!.'1%1!%1!5%3(!*%![#$+$'!3(!+'1-5&#++$P1!-'+$(3!*%!3(!,(-+#3$1$2
*(*6! D'&9#%! -'1! 0',;&%-<! *%! %-'! 1'! 0(/! *#*(<! .%&'! 3'-! &(-)'-! 9#%!
3%-!*%B$1%1!/!9#%!3%-!+'3'+(1!#1(!+(;%d(!.'&!%1+$,(!*%!3'-!*%,4-!-'1!
(9#%33'-!9#%!-%!(-'+$(1!+'1!3(-!,#[%&%-6!F0'&(!;$%1<!1'!+($)(,'-!%1!
%3!%&&'&!*%!0(+%&!*%!%33'-!#1'-!0>&'%-!*%3!B%,$1$-,'!1$!#1!B%1P,%1'!
9#%%&!(15%-!*%!5$%,.'6!W'&*!i%1&/!$1-5&#/%!(!H'&$(1r!`"#%&$*'!,#2
+0(+0'<!1$1)#1(!,#[%&!%-!#1!)%1$'6!W(-!,#[%&%-!-'1!#1!-%I'!*%+'&(2
5$G'6!N#1+(!5$%1%1!1(*(!9#%!*%+$&<!.%&'!3'! *$+%1!*%!#1(!,(1%&(!%12
+(15(*'&(a!uJ$3*%!VURUr!YUvk!/!K(#*%3($&%!%-+&$;%!9#%!`3(!,#[%&!1'!
-(;%!-%.(&(&!%3!(3,(!*%3!+#%&.'6!7-!-$,.3$-5(<!+','!3'-!(1$,(3%-6!^1!
VQX!!
-(58&$+'!*$&8(!9#%!%-!.'&9#%! 1'!5$%1%1! ,4-! 9#%! +#%&.'a!uRQQQr! RQv6!
73!*%-.&%+$'!%1!%-5(-!(B$&,(+$'1%-!%-!.(3.(;3%<!-$!1'!%-!-$,.3%!,$-'2
)$1$(6!W'!9#%!0(/!9#%!&%+'1'+%&!%-!%3!G(3'&!*%3!*(1*$!+','!+&$(5#&(!
3$,85&'B%<!9#%!(3!(*'.5(&!3'-!&(-)'-!.&'.$'-!*%!3(-!,#[%&%-!?1'!'3G$2
*%,'-!9#%!%-5'-!.&'+%*%1!*%!-#!.&'.$'!+#%&.'?!,#%-5&(!9#%!9#$d4!
(3! (-#,$&3'-! +','! .&'.$'-! *%! #1! -%I'! /! 1'! *%! '5&'! -%! +',%5%! #1!
%&&'&6!7-54!.'1$%1*'!%1!%G$*%1+$(<!5(3!G%d!*%!B'&,(!$1+'1-+$%15%<!9#%!
%3!)>1%&'!%-!#1(!+'1G%1+$P1<!/!9#%!3(-!+'1G%1+$'1%-!-'1!(&;$5&(&$(-6!
l3!9#$d4!1'!3'!.#%*(!G%&!(C1<!.%&'!1'-'5&'-!-86!
7-!+$%&5'!9#%<!(3!+'1G%&5$&!-#!+#%&.'!%1!#1!';[%5'!(*,$&(;3%<!%3!*(1*$!
*$-#%3G%!3(-!*$-5$1+$'1%-!%15&%!';[%5'!/!-#[%5'!?.'&9#%!3'!9#%!-%!(*2
,$&(!1'!%-!#1(!-$,.3%!+'-(<!-$1'!#1(!.%&-'1(?<!/!.'1%!%1!*#*(!9#>!
.#%*%!-%&!#1(!';&(!*%!(&5%!/!9#$>1!#1!(&5$-5(<!.'&9#%!>3!%-!(,;(-!+'2
-(-!/!1'!%-!1$1)#1(!%1!#1!-%15$*'!5&(*$+$'1(36!N'!+&%(!#1(!';&(!B8-$+(<!
,4-!(334!*%!-#!.&%-%1+$(! /!*%! 3(-! -$5#(+$'1%-! %1!3(-!9#%!(.(&%+%6! 7-!
#1!(+5'&!-'+$(3<!#1!,(%-5&'!*%!3(!$,.&'G$-(+$P1<!/!G%&3%!(+5#(&!%-!+'2
,'!%-5(&!*%15&'!*%!#1!5%(5&'6!W'!9#%!&%-#35(!,4-!*$B8+$3!*%!(+%.5(&!%-!
9#%!.#%*(!0(;3(&-%!+'1!.&'.$%*(*!*%!>3!+','!#1!*%-(B8'!(!3(!.'3(&$2
*(*!*%!)>1%&'6!N'!1$%)'!9#%!-#!.(.%3!5$%1%!(3)'!*%!-#;G%&-$G'!%1!%3!
(-.%+5'!-%I#(3<!.%&'!0(;3(&!*%!)>1%&'!+'1!(15%&$'&$*(*!(!3(!:%)#1*(!
@#%&&(! h#1*$(3! -#.'1%! %1B&%15(&-%! (! #1! .&';3%,(! -%&$'r! 9#%! %3!
)>1%&'!1'!%I$-5%6!!
i(+%1!B(35(<!.'&!#1!3(*'<!(g'-!*%!3#+0(!/!5%'&8(!B%,$1$-5(-!.(&(!9#%!
:$,'1%!*%!K%(#G'$&!33%)#%!(!3(!+'1+3#-$P1<!%1!-#!-%,$1(3! 73!-%)#1*'!
-%I'<!*%!RQZQ<!*%!9#%!`1'!-%!1(+%!,#[%&r!-%!33%)(!(!-%&3'a!uVUUV<!G'36!
Vr!RSvk!/!(G(1+%-!*%!3(!+$%1+$(!,>*$+(<!.'&!%3!'5&'<!.(&(!9#%!%3!*'+5'&!
h'1%/!(-%)#&%!9#%!%3!)>1%&'!%-!.34-5$+'!/!G(&$(;3%!%1!3'-!;%;>-!0(-2
5(!9#%!+#,.3%1!3'-!*$%+$'+0'!,%-%-6!71!5$%,.'-!*%!K&#,,%33<!K(#2
*%3($&%!'!J$3*%<!3'-!&(-)'-!+(&(+5%&8-5$+'-!*%!0',;&%-!/!,#[%&%-!*%2
.%1*%1! *%! -#-! -%1-$;$3$*(*%-<! -#-! B$;&(-! /! -#-! P&)(1'-6! 73! -%I'! %-!
.#&(! ;$'3')8(! *%! 3(! &%.&'*#++$P16! D%&'! +#(1*'! -%! ';-%&G(! %3! (1*(2
,$([%!5%P&$+'<!5'*(-!(9#%33(-!+(&(+5%&8-5$+(-!.%&$B>&$+(-!9#%!&'*%(1!3(!
&%.&'*#++$P1! /! *%B$1%1! (! #1(! ,#[%&! +','! ,#[%&<! 3(-! +'1+3#-$'1%-!
-'1!%G$*%15%-r!%3!-%I'!-$%,.&%! 0(! -$*'! )>1%&'6! 73! +(,;$'! (3!,'*%3'!
*%!*'-!-%I'-!+'&&%-.'1*%!(!#1!.&')&(,(!$*%'3P)$+'<!(!#1(!G'3#15(*!
.'385$+(!/!(!#1(!1%+%-$*(*![%&4&9#$+(!*%!*%3$,$5(&!3'-!%-.(+$'-!%1!3'-!
9#%! -%! ,'G%&41! #1'-! /! '5&(-6! W(! $*%(! *%! 9#%! %3! )>1%&'! +#35#&(3! *%2

! VQL!
.%1*%!*%3!-%I'!;$'3P)$+'!-%!*%,#%-5&(!+'15&(&$(!(!3(!&%(3$*(*!*%!3'-!
0%+0'-6! 71! #1! )$&'! $1%-.%&(*'<! 3(! ,$&(*(! 9#%! -%! .&'/%+5(! -';&%! 3'-!
+#%&.'-!*%.%1*%!*%!3(! $15%1+$P1! *%3!';-%&G(*'&6!W'!9#%! -%! G%! %-! 3'!
9#%!-%!9#$%&%!G%&6!
7-%!%-!%3!,'*'!*%!(+5#(&!*%!3'!9#%!H%&&$*(!33(,(!-#.3%,%15'r!

73!-#.3%,%15'!-%!(g(*%<!%-!#1!%I+%*%15%<!#1(!.3%1$5#*!9#%!%1&$9#%+%!
'5&(!.3%1$5#*<!%3! +'3,(! *%!3(!.&%-%1+$(6!E'3,(!/!(+#,#3(!3(!.&%-%1+$(6!
F-8!%-!+','!%3!(&5%<!3(!5%+01%<!3(!$,()%1<!3(!&%.&%-%15(+$P1<!3(!+'1G%12
+$P1<! %5+6<! -%! .&'*#+%1! (! ,'*'! *%! -#.3%,%15'! *%! 3(! 1(5#&(3%d(! /! -%!
%1&$9#%+%1! +'1! 5'*(! %-(! B#1+$P1! *%! (+#,#3(+$P16! 7-5(! %-.%+$%! *%! 3(!
-#.3%,%15(&$*(*! *%5%&,$1(! %1! +$%&5(! ,(1%&(! 5'*(-! 3(-! '.'-$+$'1%-!
+'1+%.5#(3%-!%1!3(-!9#%!$1-+&$;%!\'#--%(#!3(!1'+$P1!*%!1(5#&(3%d(!%1!
5(15'!9#%!%33(!*%;%&8(!;(-5(&-%!(!-8!,$-,(6!!
D%&'!%3!-#.3%,%15'!-#.3%6!N'!-%!(g(*%!,4-!9#%!.(&(!&%%,.3(d(&6!O12
5%&G$%1%!'!-%!$1-$1C(! %123#)(&2*%k! -$!+'3,(<!%-!+','!-%!+'3,(!#1!G(+2
8'6!:$!&%.&%-%15(!/!*(!#1(!$,()%1<!%-!.'&!3(!B(35(!(15%&$'&!*%!#1(!.&%2
-%1+$(6!:#.3%15%!/!G$+(&$'<!%3!-#.3%,%15'!%-!#1!(*[#15'<!#1(!$1-5(1+$(!
-#;(35%&1(! 9#%! 5$%1%23#)(&6! 71! 5(15'! -#-5$5#5'<! 1'! -%! (g(*%! -$,.3%2
,%15%! (! 3(! .'-$5$G$*(*! *%! #1(! .&%-%1+$(<! 1'! .&'*#+%! 1$1)C1! &%3$%G%<!
-#!-$5$'!%-54!(-%)#&(*'!%1!3(!%-5&#+5#&(!.'&!3(!,(&+(!*%!#1!G(+8'6!71!
(3)C1!3#)(&!(3)'!1'!.#%*%!33%1(&-%!+'1-$)'!,$-,'<!1'!.#%*%!&%(3$d(&2
-%!-$1'!*%[41*'-%!+'3,(&!.'&!-$)1'!/!.&'+#&(+$P16!73!-$)1'!%-!-$%,.&%!
%3!-#.3%,%15'!*%!3(!+'-(!,$-,(6!uRQYXr!RYTv!

F-8!%-!+','!%3!0','-%I#(3! .&%+%*%!(3! 0%5%&'-%I#(3<! 3(!.%&G%&-$P1!(!


3(! 1'&,(3$*(*<! %3! )>1%&'! (3! -%I'<! 3(! ';&(! (3! (#5'&<! 3(! %I$-5%1+$(! (! 3(!
%-%1+$(!'!3(!+#35#&(!(!3(!1(5#&(3%d(6!F9#%33(!$*%(!9#%!-%!+'1+$;%!+','!
(*$+$P1!.%&$B>&$+(<!+','!+'15&(.#15'!(!3(!.&$1+$.(3<!*(!#1!G#%3+'!/!-%!
+'3'+(! (15%-! '! .'&! %1+$,(! *%! %-5(6! 7-! %3! 3#)(&! (3! 9#%! -%! ,$&(! .(&(!
+',.(&(&<!-$1!(338!1'!0(/!(9#86!:$1!,(3!1'!0(/!;$%16!:$1!,(-(!1'!0(/!
*(1*$6! :$1! B%,$1$*(*! 1'! 0(/! ,(-+#3$1$*(*6! D%&'! %3! *(1*$! -%! &%G%3(!
.'&'-'<!(,;$)#'<!#1!$1*$G$*#'!9#%!%I0$;%!-$)1'-!B%,%1$1'-!/!,(-+#2
3$1'-<!9#%!+&%(!#1(!(.(&$%1+$(!*%!(1*&P)$1'!%1!3(!9#%!-%!*$-#%3G%!3(!
*$-5$1+$P1!%15&%!%3!-#[%5'!+&%(*'&!/!%3!';[%5'!+&%(*'6!7-!#1!.'%5(!?%1!
%3!-%15$*'!,4-!%-5&$+5'!*%! .'$%-$-?!*%!3(!.%&-'1(3$*(*<!#1![#)(*'&!*%!
3(!+'1B#-$P1!9#%!0(!*%!*',$1(&!%3!(&5%!*%!3(!5&(1-B'&,(+$P1!-$!9#$%&%!
5&$#1B(&!%1!-#!.&'.P-$5'!*%!-'&.&%1*%&6!D'&9#%!-$!(3)'!0(!(.&%1*$*'!
*%!3'-!$1+$.$%15%-!,%&+(*'-!*%3!(&5%!/!*%!3(!,'*(!%-!9#%!3(!1'G%*(*!
%-!%B8,%&(!/!+(*(!5%,.'&(*(!%I$)%!#1(!1#%G(!,#5(+$P16!

VQY!!
i(-5(!(0'&(!0%!0(;3(*'!*%3!*(1*$!+','!G(&P1!.'&9#%!3(!,(/'&!.(&5%!
*%!3'-!(+5'&%-!9#%!&%.&%-%15(1!%3!.%&-'1([%!-'1!*%!%-%!-%I'<!.%&'!1'!
3'!-'1!5'*'-6!H#&41!-%!.&%)#15(! .'&!9#>! -%! +'1-$*%&(!#1! B%1P,%1'!
,(-+#3$1'! +#(1*'! #1'! *%! -#-! B#1*(,%15'-! %-! 3(! `5%&)$G%&-(+$P1! /!
.#%-5(! %1! +#%-5$P1<! .&%+$-(,%15%<! *%! 3'! ,(-+#3$1'! 1'&,(3$d(*'a!
uVURUr! ZYv6! D'&9#%! 1'! 0(/! 1(*(! ,%1'-! ,(-+#3$1'! .(&(! 3(! -'+$%*(*!
;#&)#%-(!0(-5(!,%*$(*'-!*%3!-$)3'!AA!9#%!%3!(*'&1'<!%3!'+$'!/!3(!.%&%2
d(6! D%&'! 3(! -#;G%&-$P1! *%3! *(1*$! (B%+5(! 5(,;$>1! (! 3(! 1'&,(3$*(*! B%2
,%1$1(! (3! &';(&3%! -#! 1(5#&(3$*(*6! W(! (15$1(5#&(3$*(*! *%3! *(1*$! -#;2
&(/(<!5',(!/!&%B#%&d(!%-(!B%,$1$*(*!*%+'&(*(6!7-<!.'&!5(15'<!%1%,$)'!
*%!3(!,(-+#3$1$*(*!1'&,(3$d(*(!/<!(3!,$-,'!5$%,.'<!*%!3(!B%,$1$*(*!
(+%.5(*(!;#&)#%-(6!H#&41!(.#15(!9#%!%3!*(1*$!.%&B%+5'!`-%&4!.(&(!%3!
.'%5(!K(#*%3($&%Ä!3(!h(&9#%-(!*%!h%&5%#$3a!u$;8*6r!ZQv<!%3!.%&-'1([%!
,4-!-(*$(1'!*%!W(+3'-<!9#%!$1G%15(!-#-!.&'.$(-!&%)3(-!/!-#-!.&'.$'-!
.&$1+$.$'-!'.#%-5'-!(!3'-!+'1G%1+$'1(3%-6!
D%&'!3(!B$+5$+$(!,(&9#%-(!1'!%-!3(!C1$+(!9#%!*%-(+(5(!%3!.(.%3!9#%!-%!
%-.%&(! 9#%! +#,.3(! #1(! ,#[%&6! F11%! W$-5%&! %-!#1! %[%,.3'! &%(3<! (#12
9#%!3%['-!*%!3'-!;($3%-!*%!,4-+(&(-!*%3!*(1*$-,'!G$+5'&$(1'6!N(+$*(!
%1!i(3$B(I!%3!S!*%!(;&$3!*%!RLQR<!%-!3(!0$[(!,(/'&!*%!p%&%,/!W$-5%&<!#1!
+(.$541! *%3! %[>&+$5'! $1)3>-! 9#%! 3#+0(! %1! 3(! @#%&&(! *%! $1*%.%1*%1+$(!
*%!7-5(*'-!^1$*'-6!H%!1$g(!G$G%!%1!:0$;*%1!i(33<!3(!(15$)#(!+(-(!B(2
,$3$(&<!*'1*%!3(!%*#+(!#1!5#5'&!.&$G(*'6!71!RYUZ!3(!%1G8(1!+','!$12
5%&1(! (! 3(! h(1'&! i'#-%! :+0''3! *%! f'&o<! #1(! %-+#%3(! .(&(! -%g'&$5(-!
*'1*%!-%!%*#+(!)&(1!.(&5%!*%!3(!;#%1(!-'+$%*(*!*%!3(!&%)$P16!D#%*%!
9#%!3(!$15%1+$P1!*%!3(!B(,$3$(!-%(!9#%!%3!+(&4+5%&!&%;%3*%!*%!F11%!-%!
*',%-5$9#%!%1!#1!(,;$%15%!&%)3(*'!/!B%,%1$1'<!.%&'!%-%!.&'.P-$5'!
B(33(!*%!B'&,(!%-5&%.$5'-(6! H%! 0%+0'<! 3(! 1$g(!%-!5(1! &%G'35'-(!9#%! 3(!
-%.(&(1! *%! -#-! +',.(g%&(-! /! 3%! .&%.(&(1! #1! *'&,$5'&$'! .(&(! %33(!
-'3(<!%1!%3!45$+'6!
:%$-!,%-%-!*%-.#>-<!$1)&%-(!%1!3(!%-+#%3(!73$d(!\($1%<!#1(!1$g(!*%!3(!
,$-,(! %*(*! 9#%! F11%<! ,%-5$d(<! $3%)85$,(! /! &%+$>1! %1G$(*(! (! f'&o-2
0$&%!*%-*%!h(*&4-!5&(-!3(!,#%&5%!*%!-#! ,(*&%6! W(-! (3'[(1![#15(-<!3'!
9#%!&%-#35(!-$)1$B$+(5$G'!*%!3(!.'-$+$P1!%1!3(!9#%!-%!%1+#%15&(!F11%6!
F#1! G$1$%1*'! *%! #1(! &%-.%5(*(! /! (15$)#(! B(,$3$(! *%! 5%&&(5%1$%15%-<!
-#! +(&4+5%&! /! 3(-! ,'3%-5$(-! 9#%! .&'G'+(! %1! +3(-%! 3(! $)#(3(1! (! 3(! 0$[(!
9#%!#1!+$&#[(1'!*%!3(-!O1*$(-!'&$%15(3%-!0(!5%1$*'!+'1!#1(!1(5$G(6!W(-!
*'-!1$g(-<!9#%!5$%1%1!5&%+%!(g'-<!%,.$%d(1!,#/!.&'15'!#1(!&%3(+$P1!

! VQQ!
(,'&'-(! %1! 3(! $15$,$*(*! *%! -#! *'&,$5'&$'! -%)&%)(*'6! O15%&+(,;$(1!
G'5'-<! (1$33'-! /! *%+$*%1! G$G$&! +','! ,(&$*'! /! ,#[%&6! =%1)(,'-! %1!
+#%15(!9#%!%1!3(!O1)3(5%&&(!*%!3(!\%)%1+$(!3(-!(,$-5(*%-!&',415$+(-!
%15&%!,#+0(+0(-!1'!%-541!,(3!G$-5(-<!-$%,.&%!/!+#(1*'!-%!%15$%1*(1!
+','! #1(! B(-%! 5&(1-$5'&$(! 9#%! -$&G(! +','! .&%.(&(+$P1! .(&(! %3! ,(2
5&$,'1$'6!7-5(-!(,$-5(*%-!-'1!(.(-$'1(*(-!/!5$%1%1!+(-$!5'*(-!3(-!+(2
&(+5%&8-5$+(-!.&'.$(-!*%!#1!&',(1+%r!+(&5(-!*%!(,'&<!&%)(3'-!815$,'-!
+','!,%+0'1%-!*%!.%3'<!;%-'-!/!+(&$+$(-<!%5+>5%&(6!i(-5(!*P1*%!33%)(!
3(!$15$,$*(*!%15&%!%33(-!/!0(-5(!*P1*%!%-!(+%.5(*'!.'&!3(!-'+$%*(*!%-!
*$B8+$3! *%! -(;%&<! (#19#%! %15&%! F11%! /! 73$d(! 3(! &%3(+$P1! %-! ,(*#&(! /!
-%I#(3!-$1!1$1)#1(!*#*(6!H%!0%+0'<!%3!$15%&+(,;$'!*%!+(&5(-!*#&(15%!
3(-! +3(-%-! /! %3! .(.%3! *%,(-$(*'! (+5$G'! *%! F11%! .&'G'+(1! 9#%! 3(! %I2
.#3-%1!*'-!(g'-!,4-!5(&*%6!
73$d(!+'15$1C(!-#-!%-5#*$'-! %1! h(1'&! i'#-%! /! ,(15$%1%! +'&&%-.'12
*%1+$(! +'1! F11%! *#&(15%! #1! 5$%,.'<! .%&'! %-5(! &',.%! 3(! &%3(+$P1! /!
%33(!+(%!%1!#1(!%-5(*'!.&'B#1*'!*%!,%3(1+'38(!9#%!33%G(!(!-#!$1)&%-'!
%1!%3!-(1(5'&$'!,%15(3!*%!E3$B5'1!%1!RYRX<!*'1*%!.%&,(1%+%&4!0(-5(!
-#!,#%&5%!%1!RYXQ6!D#%*%!9#%!3(!.&%-$P1!B(,$3$(&!5%1)(!(3)'!9#%!G%&!
%1!%3!B$1!*%!3(!(,$-5(*!%15&%!3(-!*'-!,#+0(+0(-<!.%&'!5(,;$>1!%-!%G$2
*%15%! 9#%! F11%! 5$%1%! #1(! +3(&(! G$-$P1! *%! 9#>! %-! (.&'.$(*'! .(&(! 3(!
(35(!-'+$%*(*!/!9#>!1'!3'!%-6!\%3(+$'1(&-%!+'1!#1(!,%-5$d(!*%!.$%3!'-2
+#&(!1'!3'!%-<!.'&!&$+(!9#%!-%(<!/!,#/!.&'15'!-%!'3G$*(!*%!%33(6!!
D%&'!3(!G#%35(!(!i(3$B(I!*$B$+#35(!3(!%I.3'&(+$P1!-%I#(3!9#%!0(!33%G(*'!
(!+(;'!%1!%3!$15%&1(*'6!:#!1#%G'!.#15'!*%!';-%&G(+$P1!-%&4!3(!$)3%-$(6!
F338!*%-+#;&%!(!73$-(;%50!K&'Å1!%1!RYRL<!#1(!['G%1!)#(.(<!0$[(!*%!#1!
+',%&+$(15%<!/!-%!3(-!(&&%)3(!.(&(!+'1'+%&3(6!7,.$%d(!(!B&%+#%15(&!-#!
+',.(g8(! /! 3(! $1G$5(! (! 5',(&! 5>! %1! (3)#1(! '+(-$P16! W(! *$B%&%1+$(! *%!
+3(-%! 0(+%! 9#%! K&'Å1! -%! -$%15(! (3()(*(<! /! .$%1-(! 9#%! F11%! .#%*%!
5',(&3(!+','!*(,(!*%!+',.(g8(<!#1(!(-$-5%15%!.%&-'1(3!9#%!-$&G%!(!
(3)#1(-! *(,(-6! D%&'! 3(-! $15%1+$'1%-! *%! F11%! -'1! '5&(-6! =(&*(! *'-!
(g'-!%1!;%-(&3(<!.%&'!-#-!(G(1+%-!-%I#(3%-!1'!0(+%1!-$1'!,(1$B%-5(&!
3(!*$-5(1+$(!9#%!%I$-5%!%15&%!(,;(-<!(-8!+','!%3!%-1';$-,'!/!%3!B#%&5%!
-%15$,$%15'!*%!+3(-%!*%!F11%<!9#%!G%!*%-$1B3(&-%!-#!%1+(.&$+0(,$%12
5'!/!*%+$*%!1'!G'3G%&3(!(!G%&6!
73! %.$-'*$'! K&'Å1! %-! #1! .(&>15%-$-! %1! 3(! 9#%! -%&4! 3(! &%3(+$P1! ,4-!
$,.'&5(15%! ?(3! ,%1'-! %1! 3'! (B%+5$G'?! *%! -#! G$*(6! 71! #1(! B$%-5(! %1!

SUU!!
RYRS<!F11%!-%!%,;'&&(+0(!/!-%!*%-+#;&%!1'!+','!*%.&%*(*'&(!-$1'!
+','!.&%-(<!+#(1*'!#1(!['G%1!3%!,%5%!3(!,(1'!;(['!3(!B(3*(6!:%!33(,(!
h(&$(11(!K%3+',;%!/!%-!3(!0$[(!*%3!*'+5'&!9#%!*$&$)$&4!E3$B5'1!+#(1*'!
73$d(! $1)&%-%6! h(15$%1%1! #1(! &%3(+$P1! $15%1-(! 0(-5(! 9#%<! %1! RYRX<!
h(&$(11(! 0(+%! #1! ,'G$,$%15'! 9#%! F11%! 5',(&4! +','! 3(! .%'&! 5&($2
+$P1!.'-$;3%r!-%!+(-(!.'&!*$1%&'!+'1!E0(&3%-!W(Å5'1!/!-%!,#*(!+'1!>3!
(! E0%-0$&%6! D(-(1! *'-! (g'-! -$1! 1'5$+$(-! 3(! #1(! *%! 3(! '5&(<! .%&'! *%-2
.#>-!&%5',(1!-#!&%3(+$P16!
H#&(15%! +$1+'! (g'-! &%(3$d(1! %-+(.(*(-! (! *$-5$15'-! 0'5%3%-! *%3! .(8-!
.(&(! ,(15%1%&! &%3(+$'1%-! -%I#(3%-<! %1! 3'! 9#%! F11%! +'1-$*%&(! #1(!
(G%15#&(! (*C35%&(<! (#19#%! 3(! 3%/! $1)3%-(! 1'! 3'! +'1-$*%&(&(! (-8! ?
.'&9#%! %15&%! ,#[%&%-! 1'! 0(/! (*#35%&$'?<! .%&'! 3(! &%3(+$P1! -%! &',.%!
.'&!+',.3%5'!%1!:+(&;'&'#)0!%1!RYVS6!F338!.(-(1!#1(!1'+0%!-(3G([%<!
$3#,$1(*(! .'&! #1(! 5'&,%15(! %3>+5&$+(! /! .(&%+%! 9#%! 3(-! 5%1-$'1%-!
(+#,#3(*(-!*#&(15%!3'-!(g'-!/!3(-!3(&)(-!(#-%1+$(-!%-541!-#.%&(*(-6!
D%&'!(!3(!,(g(1(!-$)#$%15%!h(&$(11(!*%+$*%!.'1%&3%!B$16!E'1!%3!.(-'!
*%3!5$%,.'<!F11%!-%!G#%3G%!+(*(!G%d!,4-!,(-+#3$1(!/!,4-!5%,%&(&$(6!
h(&$(11(!3%!&%+#%&*(!9#%!%1!#1(!'+(-$P1!(15%&$'&<!(;(1*'1(!3(!.%12
-$P1!%1!3(!9#%!3(!%-.%&(!.(&(!-(3$&! %1!;#-+(!*%!-#! +(&&#([%6!\%+'&&%!
G(&$(-! ,$33(-! 0(-5(! (3+(1d(&3'<! 3'! .(&(! /! -#;%! +'1! 3(-! &'.(! -#+$(! *%!
+(,$1(&!.'&!3(!5$%&&(<!+'1!%3!.%3'!(3;'&'5(*'!/!+#;$%&5(!*%!-#*'&6!7-5%!
5$.'! *%! (+5#(+$'1%-! .#%*%! (+(;(&! +'1! 3(! ;#%1(! &%.#5(+$P1! *%! #1(!
,#[%&!+(-(*(!+','!h(&$(11(<!9#%!-%!(G%&)n%1d(!*%!F11%6!
H%-.#>-!*%3!*&(,(!G$G$*'! %1! :+(&;'&'#)0<!F11%!-%!G#%3+(!%1! %3!%-2
5#*$'<!%1!%-.%+$(3!*%!3'-!(#5'&%-!+34-$+'-6!71!RYVX<!5&(-!3(!,#%&5%!*%!
-#!58'<!-%!0(+%!+(&)'!*%!:0$;*%1!i(33!/!-%!*%*$+(!(!%I5&(%&3%!%3!,4I$2
,'! ;%1%B$+$'! (! -#-! +#(5&'+$%15'-! (+&%-! *%! 5$%&&(6! i(! (3+(1d(*'! #1(!
;#%1(!.'-$+$P1!%1!3(!9#%!)'d(!*%!$1*%.%1*%1+$(!/!*%!.'*%&<!.%&'!%33(!
.%&+$;%!+$%&5'!.%3$)&'!%1!3'-!1#%G'-!&$+'-!$1*#-5&$(3%-!/!%1!%3!(#)%!*%!
3(!;#&)#%-8(6!733(!.&'G$%1%!*%!#1(!B(,$3$(!*%!(15$)#'-!5%&&(5%1$%15%-<!
.%&'! .(&(! (-%)#&(&! -#! .&%-5$)$'! /! 3')&(&! %3! >I$5'! +',.3%5'! 1%+%-$5(!
*'-! +'-(-! 9#%! (C1! 1'! 5$%1%r! +(.$5(3! /! #1(! %-.'-(6! 71+#%15&(! (,;'-!
%1! RYSV! (! .'+(-! ,$33(-! *%! -#! .&'.$(! +(-(<! %1! 3(! &$+(! 0%&%*%&(! F11!
J(3o%&6!F!*$B%&%1+$(!*%!-#!&%3(+$P1!+'1!h(&$(11(<!%3!+'&5%['!*%!F11!
-%!*%;%!(!1%+%-$*(*%-!,(5%&$(3%-6!73!*$1%&'!/!3(-!5$%&&(-!-'1!#1!)&(1!
%&P)%1'6!F0'&(!;$%1<!%-5(!-$5#(+$P1!5(,.'+'!%-!&(&(!%1!#1(!>.'+(!%1!
3(!9#%!3'-!,(5&$,'1$'-!.'&!+'1G%1$%1+$(!%-541! (!3(!'&*%1!*%3! *8(<! /!

! SUR!
%1!3(!9#%!0(-5(!%3!(,'&!&',415$+'!-%!G%!;%1%B$+$(*'!-$!0(/!#1(!B'&5#2
1(!9#%!3'!&%-.(3*%6!N'!'3G$*%,'-!9#%!%-!%3!5$%,.'!*%!p(1%!F#-5%1!/!
-#-!]&)#33'!/!.&%[#$+$'!'!:%15$*'!/!-%1-$;$3$*(*6!
F11%! %-! #1(! )&(1! -%*#+5'&(<! 9#%! (+5C(! +','! #1(! (,$)(! 0(-5(! 9#%!
+'1-$)#%!;([(&!3(-!*%B%1-(-!*%!-#!.&%5%1*$*(!/!%,.$%d(!%3!G%&*(*%&'!
+'&5%['6!71!RYSZ!(+#*%1![#15(-!(!#1(!,$-(!%1!#1(!$)3%-$(!*%!f'&o<!/!
(338<!*%-.#>-!*%!3(!+%&%,'1$(<!&%+$;%1!3'-!-(+&(,%15'-!%1!3'!9#%!+(;&2
8(!+(3$B$+(&!+','!3(!.&$,%&(!;'*(! 9#%%&!*%!3(!0$-5'&$(6!N'!%-54!+3(&'!
9#>! 3%! 0(1! *$+0'! (3! -(+%&*'5%<! /! *%-*%! 3#%)'! 3(! +%&%,'1$(! 1'! 5$%1%!
1$1)#1(!G(3$*%d!3%)(3!1$!%+3%-$4-5$+(<!.%&'!%33(-!3(!%15$%1*%1!+','!3(!
3%)$5$,(+$P1!*%!-#!G81+#3'!(15%! H$'-6! F11!-%!,#*(!(! :0$;*%1! i(33!/!
(.'&5(! %3! +(.$5(3! 1%+%-(&$'! .(&(! 9#%! W$-5%&! (;&(! #1! .'d'! ,$1%&'! /!
%,.$%+%! (! %I5&(%&! +(&;P16! 7-5(! (+5$G$*(*! $1*#-5&$(3<! (*%,4-! *%! -%&!
,#/!3#+&(5$G(<!,(15$%1%!3(-!$*%(-!5&(*$+$'1(3%-!*%!F11%!*%!9#%!#1(!
5%&&(5%1$%15%!-'3'!*%;%!';5%1%&!-#-!;%1%B$+$'-!*%!3(!.&'.$(!5$%&&(6!
W(!#1$P1!*%!3(-!*'-!B'&5#1(-!/!3(!)%-5$P1!C1$+(!*%!-#-!.(5&$,'1$'-!(!
,(1'-!*%!F11%!W$-5%&!3(!+'1G$%&5%1!%1!#1(!(1',(38(!%1!3(!O1)3(5%&&(!
*%!.&$1+$.$'-!*%3!AOA6!D'&!#1!3(*'<!-'1!,#/!.'+(-!3(-!,#[%&%-!5%&&(5%2
1$%15%-k!.'&!%3!'5&'<!%15&%!3(-!*'-!+'15&'3(1!#1(!.(&5%!$,.'&5(15%!*%!
3(-! 5$%&&(-! *%! i(3$B(I<! 3'! 9#%! 3(-! .&'5%)%! *%! 3'-! .'-$;3%-! +'5$33%'-! /!
&#,'&%-!-';&%!-#!G$*(!.&$G(*(6!i(-5(!9#%!E0(&3%-!\(Å-'1<!#1!B(,$2
3$(&!*%!F11!J(3o%&<!G%!-#!.'-$+$P1!*%!,$1%&'!(,%1(d(*(!.'&!%3!.&'2
/%+5'!*%!W$-5%&6!7-!,()$-5&(*'!/! *#%g'! *%!#1! ;(1+'<! (*%,4-!*%! %I2
5&(+5'&! *%! +(&;P16! D(&(! .&'5%)%&! -#-! 1%)'+$'-! %,.&%1*%! #1(!
+(,.(g(!*%!*%-.&%-5$)$'!+'15&(!3(-!*'-!,#[%&%-<!9#%!-%!-(3*(!+'1!3(!
9#%,(!%1!%B$)$%!*%!(,;(-<!(*%,4-!*%!+0$-,%-!-';&%!3'!9#%!'+#&&%!%1!
:0$;*%1!i(336!W(!&%-.#%-5(!*%!F11%!%-!3(!+'15&(&$(!(!3(!9#%!\(Å-'1!
%-.%&(6!71!3#)(&!*%!(;(1*'1(&!%3!1%)'+$'<!*%+$*%!(,.3$(&3'6!F;&%!#1!
.'d'!,4-!)&(1*%!/!;([(!3'-!.&%+$'-6!@(1(!3(!.(&5$*(6!
^1(!G%d!3')&(*'!%3!>I$5'<!+'1!-#!5$%&&(<!-#!*$1%&'<!-#!.'-$+$P1!/!-#!%-2
.'-(<!F11%!*%+$*%!33%G(&!(!+(;'!3'!9#%!3'-![PG%1%-!(*$1%&(*'-!33(,(1!
%3! )&(1*!5'#&<!%-!*%+$&<!#1!G$([%!*%!,%-%-!'!(g'-!&%+'&&$%1*'!7#&'.(6!
W(-! *'-! F11%-! .(&5%1! %1! RYSQ! 0(+$(! 3(! (G%15#&(6! :'3'! #1'-! ,%-%-!
,4-!5(&*%<!F11%!W$-5%&!,#%&%!(5&(G%-(1*'!%3!E4#+(-'!+(,$1'!(!\#2
-$(<!%1!3(!+$#*(*!)%'&)$(1(!*%!w#5($-$<!(!+(#-(!*%!#1(!.$+(*#&(!*%!)(2
&&(.(5(6!F11!J(3o%&!,(1*(!%,;(3-(,(&!-#!+#%&.'!/!3'!33%G(!*%!G#%32

SUV!!
5(!(!i(3$B(I!.(-(1*'!.'&!E'1-5(15$1'.3(6!:%$-!,%-%-!,4-!5(&*%!3(!%12
5$%&&(!%1!3(!$)3%-$(!*%!:(15(!F1(!%1!:'#50'Å&(,<!(3!%-5%!*%!i(3$B(I6!
='*'!%-5'!(&&'[(!#1(!$,()%1!*%!3(!>.'+(!,#/!*$-5$15(!(!3(!9#%!%-5(2
,'-!(+'-5#,;&(*'-<!*%!3(-!G$-$5(-!(!5',(&!5>!/!3'-!;($3%-!*%!-'+$%*(*<!
*%!3'-!-%g'&%-!9#%!*$&$)%1!3(!-'+$%*(*!,$%15&(-!-#-!0$[(-!/!%-.'-(-!-%!
%15&%5$%1%1!+'1!,%3$1*&%-!/!%-+%1(-!815$,(-!*%!,'*(3%-!%I9#$-$5'-!/!
&$)$*%+%-!*%!+'&->6!:$1!%,;(&)'!%I$-5%!%-%!,$-,'!%9#$3$;&$'!%15&%!%3!
$15%&>-!/!3(!-%15$,%15(3$*(*!9#%!G%,'-!%1!F#-5%16!W'-!*%5(33%-!*%!3(!
G$*(!*%!F11%!W$-5%&!0(1!33%)(*'! 0(-5(!1#%-5&'-!*8(-!(! 5&(G>-! *%! -#-!
*$(&$'-<! (#19#%! 0(1! 0%+0'! B(35(! +(-$! +$%15'! +$1+#%15(! (g'-! .(&(! -#!
.#;3$+(+$P16!
W'-!*$(&$'-!%-541!%-+&$5'-!%1!$1)3>-!-$,.3%<!-(3G'!3'-!B&(),%15'-!+'*$2
B$+(*'-! %1! 3'-! 9#%! F11%! 1(&&(! *%! B'&,(! %I.38+$5(! /! 0'1%-5(! -#! G$*(!
-%I#(36! 71! 3(! *>+(*(! *%! RYQU<! p'01! W$-5%&<! 0%&%*%&'! *%! 3(! +(-(<! %12
+#%15&(! 3'-! *$(&$'-! /! (+#*%! (! -#! (,$)'! K#&&%33! .(&(! 9#%! 3%! (/#*%! (!
*%-+$B&(&3'-6! E#(1*'! *%-+#;&%1! -#! +'15%1$*'<! K#&&%33! &%+',$%1*(!
9#%!3'-!*%-5&#/(6!W$-5%&!1'!3'!0(+%<!.%&'!3'-!%-+'1*%!%1!3'-!(&+0$G'-!
*%!:0$;*%1!i(336!F3!5%,'&!*%!3(!$,()%1!9#%!.#%*%1!(&&'[(&!-';&%!-#!
B(,$3$(! -%! #1%! #1'! ,4-! (+#+$(15%r! %3! 3%-;$(1$-,'! *%! -#! (15%.(-(*(!
.'*&8(! (.#15(&! 0(+$(! -#! .&'.$(! 0','-%I#(3$*(*<! -%)C1! 3(-! 5%'&8(-!
G$+5'&$(1(-! *%! 3(! )%1>5$+(! /! 3(! *%)%1%&(+$P16! h#&$%3! @&%%1! &%*%-+#2
;&%! 3'-! *$(&$'-! %1! RQSS<! .%&'! 3'-! G#%3G%! (! %-+'1*%&! %1! G$-5(! *%! 3(!
.&'0$;$+$P1! *%! 3(! 1'G%3(! *%! h(&)#%&$5%! \(*+3/BB%! i(33! 73! .'d'! *%! 3(!
-'3%*(*!#1'-!(g'-!(15%-<!+'1!3(!9#%!+',.(&5%1!3(!5%,45$+(!3%-;$(1(6!
D0/33$-!\(,-*%1!$15%15(!.#;3$+(&3'-!%1!3(!*>+(*(!*%!3'-!-%-%15(<!.%&'!
3(-!(#5'&$*(*%-!*%!i(3$B(I!*%+$*%1!9#%!*(&8(1!#1(!,(3(!$,()%1!*%!3(!
&%)$P1<! /! 1'! 3'! .%&,$5%16! N'! %-! 0(-5(! RQYY! /! RQQV<! +#(1*'! i%3%1(!
J0$5;&%(*! .#;3$+(! *'-! G'3C,%1%-! 5$5#3(*'-! N'! .&$%-5! ;#5! 3'G%!
uN$1)C1!-(+%&*'5%!-(3G'!%3!(,'&v!/! O!o1'Å!,/!'Å1!0%(&5!uE'1'd+'!
,$! .&'.$'! +'&(dP1v<! &%#1$*'-! *%-.#>-! +','! =0%! -%+&%5! *$(&$%-! 'B!
h$--!F11%!W$-5%&!uW'-!*$(&$'-!-%+&%5'-!*%!3(!-%g'&$5(!F11%!W$-5%&v6!

OOO!

D'*%,'-!$,()$1(&!3(!$1+&%*#3$*(*!+'1!3(!9#%!-%!&%+$;%!3(!.#;3$+(+$P1!
*%!3'-!*$(&$'-<!-$,$3(&!(!3(!9#%!-%!3%G(15P!+'15&(!%3!-#.#%-5'!*$(&$'!*%!

! SUS!
p(+o!%3!H%-5&$.(*'&!%1!RQQV6!D%&'!(!*$B%&%1+$(!*%!%-5%<!9#%!5'*'!.(&%2
+%!$1*$+(&!9#%!%-!B(3-'<!3'-!*$(&$'-!*%!F11%!W$-5%&!-'1!(#5>15$+'-6!N'!
%-! *%! %I5&(g(&! 9#%! -#&[(1! *#*(-! &%-.%+5'! (! %33'-6! 71! .&$,%&! 3#)(&<!
.'&!#1(!1(5#&(3%d(!-%I#(3!9#%!.(&%+%!$,.%1-(;3%!%1!3(!.&$,%&(!,$2
5(*! *%3! -$)3'! AOA6! 71! -%)#1*'! 3#)(&<! .'&9#%! 1(&&(1! 3(! G$*(! *%! 3'! 9#%!
.(&%+%!-%&!#1(!3%-;$(1(!,'*%&1(!(15%-!*%!RYXQ<!3'!9#%!-%&8(!$,.'-$2
;3%!-$!(+%.5(,'-!3(-!5%-$-!B'#+(#35$(1(-!-';&%!3(-!$*%15$*(*%-!-%I#(2
3%-6!F11%!%-!+'1-+$%15%!*%!-#!*%-%'!/!-(;%!&%+'1'+%&!3'-!-$)1'-!9#%!
3%! .%&,$5%1! -(5$-B(+%&3'6! ^1(! *%! 3(-! 5>+1$+(-! 9#%! %,.3%(! ?.'*%,'-!
0(;3(&!*%!5>+1$+(-!*%!-%*#++$P1<!.'&9#%!-#-!,'G$,$%15'-!%-541!,#/!
+(3+#3(*'-?! %-! ,%1+$'1(&! ';&(-! 3$5%&(&$(-! 9#%! (.#15%1! (3! (,'&!
0','-%I#(3<!/(!-%(!*%!B'&,(!.'-$5$G(!+','!K/&'1<!'!1%)(5$G(!+','!
:#%5'1$'6!71!#1(!'+(-$P1<!*#&(15%!#1(!*%!-#-!G$-$5(-!(!D(&8-<!#1(!5(3!
h$--!h+w%1d$%!3%!%-+&$;%!#1(!1'5(!%1!3(!9#%!3%!.&%)#15(r!`é5%-2G'#-!
F+0$33%-ca!ub7-!#-5%*!F9#$3%-cv!uN'&5'1!VUUSv6!73!0$['!*%!=%5$-!%-!#1(!
B$)#&(!-#)%-5$G(!.'&!*'-!,'5$G'-6!73!.&$,%&'!%-!9#%!-#!,(*&%!3%!%12
G8(!(!3(!+'&5%!*%3!&%/!W$+',%*%-!%1!7-+$&'!.(&(!%G$5(&!9#%!3#+0%!%1!3(!
)#%&&(!*%!=&'/(6!73!*%5(33%!$,.'&5(15%!%-!9#%<!.(&(!1'!3%G(15(&!-'-2
.%+0(-<! 3'! 0(+%! G%-5$*'! *%! ,#[%&6! 73! -%)#1*'!%-! -#! &%3(+$P1! +'1! D(2
5&'+3'<! 9#%! .(&%+%! $&! ,4-! (334! *%! 3(! -$,.3%! (,$-5(*! /! -%&! *%3! 5$.'!
%&(-5>-2%&P,%1'-6!
W'!.&$,%&'!9#%!33(,(!3(!(5%1+$P1!*%3!+(-'!W$-5%&!%-!+P,'!0(+%!-(35(&!
.'&!3'-!($&%-!5'*(-!3(-!.&%-#1+$'1%-!-';&%!%3!(,'&!%15&%!,#[%&%-!*%!
3'-! -$)3'-! AmOOO! /! AOA6! W(! G$-$P1! 5&(*$+$'1(3! (+%.5(! %-5(-! (,$-5(*%-!
&',415$+(-!.'&9#%<!(#19#%!-%(1! (.(-$'1(*(-! %!815$,(-<! 1'!33%)(1! (!
-%&! -%I#(3%-6! 7-! ';G$'! 9#%<! (3! ,%1'-! %1! '+(-$'1%-<! -8! 3'! -'16! F11%!
(.&'G%+0(!#1(!$1-5$5#+$P1!(+%.5(*(!.(&(!3')&(&!+','!;%1%B$+$'!.%&2
-'1(3! #1(! )&(5$B$+(+$P1! %&P5$+(<! /! 3'! 0(+%! *%-*%! ,#/! 1$g(<! +','! *%2
,#%-5&(!-#! ,(5&$,'1$'! +'1!73$d(! \($1%! +#(1*'! 5$%1%1! (.%1(-! 5&%+%!
(g'-6! W'! 9#%! +(;%! .&%)#15(&-%! %-! +P,'! -%! B'&,(! -#! -#;[%5$G$*(*!
0','%&P5$+(!(15%-!*%!9#%!%-5(!.(-%!.'&!%3!*$-+#&-'!,>*$+'!'!.-$9#$42
5&$+'6!E3(&o!5',(!(!F11%!W$-5%&!!

+','! %[%,.3'! *%! +P,'! (3)#1'-! $1*$G$*#'-! +'1-5&#/%1! *%3$;%&(*(2


,%15%!-#-!.&'.$(-!$*%15$*(*%-!+'1!5&%-!%3%,%15'-r!-#-!.&'.$'-!5%,2
.%&(,%15'-!/!*%-%'-!$10%&%15%-k!-#-!+$&+#1-5(1+$(-!,(5%&$(3%-k!/!3(-!
&%.&%-%15(+$'1%-!+#35#&(3%-!9#%!5$%1%1!*$-.'1$;3%-!
!

SUZ!!
(-!(1!%I(,.3%!'B!0'Å!-',%!$1*$G$*#(3-!*%3$;%&(5%3/!+'1-5&#+5!50%$&!
'Å1!$*%15$5$%-!Å$50!50&%%!%3%,%15-r!50%$&!'Å1!5%,.%&(,%15-!(1*!$12
0%&%15!*%-$&%-k!50%$&!,(5%&$(3!+$&+#,-5(1+%-k!(1*!50%!+#35#&(3!&%.&%2
-%15(5$'1-!(G($3(;3%!5'!50%,6Ä!uRQQXr!VLv6!

H%-*%!3#%)'<!F11%!1'!-%!.(&%+%!*%,(-$(*'!(!3(!$,()%1!B%,%1$1(!*%!
3(!\%)%1+$(6!7-!*%+$*$*(<!%1>&)$+(<!5%-5(&#*(<!$15%3$)%15%!%!$+'1'+3(-2
5(6!7-!-#!+(&4+5%&!%3!9#%!3(!%1G8(!(3!$15%&1(*'<!/!%3!,$-,'!%3!9#%!3(!-(2
+(!*%!>36!:#!&%3(+$P1!+'1!73$d(!*%[(!+3(&'!9#%!-(;%!*%-*%!,#/!.&'15'!
9#>!%-!/!9#>!9#$%&%!*%!3(!G$*(r!#1(!%-.'-(!/!3'-!,%*$'-!.(&(!,(15%2
1%&3(! /! .&'5%)%&3(6! :(;%! 9#%! -#! (-+%1*%1+$(! +','! 5%&&(5%1$%15%! 3%!
%G$5(&4! (3)#1(-! +&85$+(-<! /! .'&! -#! )&(1! +#35#&(! -(;%! 5(,;$>1! 9#%! 3(!
(&$-5'+&(+$(!5$%1*%!(!-%&!3$;%&5$1(<!.'&!3'!9#%!&%+'1'+%!9#%!-#-!.'-$2
;$3$*(*%-!-'1!,4-!*%!3(-!9#%!5%1*&8(!%1!+(-'!*%!-%&!.';&%6!:#!*',$2
1$'!*%!3(-!3%1)#(-!+34-$+(-<!(*%,4-<!3%!.&'.'&+$'1(!&%B%&%1+$(-!-%I#(2
3%-!9#%!1'!(.(&%+%1!%1!3(-!5&(*#++$'1%-!*%!3(!>.'+(<!.'&!3'!9#%!-'3'!
-'1!(++%-$;3%-<!%1!.&$1+$.$'<!(!3'-!0',;&%-!+#35'-!9#%!1'!-%!+'&&',2
.%&41! +'1! B(+$3$*(*6!71+#%15&(! .'+(-! (3#-$'1%-! (3! (,'&! %15&%! ,#[%2
&%-<!/!3(-!9#%!0(/!-'1!%1!-#!,(/'&!.(&5%!1%)(5$G(-<!.%&'!(3!3%%&!(!:(B'!
'!(!p#G%1(3!.'&!3'!,%1'-!(.&%1*%!9#%!-#-!-%15$,$%15'-!1'!-'1!%I+3#2
-$G'-<!/!9#%!%I$-5%1!(,$-5(*%-!9#%!1'!-'1!3(-!*%!-#!5$%,.'6!W(!3%+5#&(!
*%!h(&+$(3!3(!%I+$5(<!(#1!+#(1*'!%-5%!%1+#%15&(!%3!0','%&'5$-,'!B%2
,%1$1'!+%1-#&(;3%6!
F11%!$15%)&(!%-(-!3%+5#&(-!%1!%3!.&'+%-'!*%!+&%(+$P1!*%!-#!$*%15$*(*!
-%I#(36! E3(&o! .&'.'1%! 9#%! %-5%! 0%+0'<! #1$*'! (! 3(! (#-%1+$(! *%! #1(!
-#;+#35#&(!3%-;$(1(!%1!3(!9#%!-'+$(3$d(&!?+','!3(!9#%!.(&%+%!%I$-5$&!
%15&%! 3(-! ;($3(&$1(-! /! 3(-! .&'-5$5#5(-! %1! %3! D(&8-! *%3! AmOOO! /! %3! AOA?! 3(!
';3$)(!(!%,.&%1*%&!#1!+(,$1'!,4-!3$;&%!/!,4-!+&%(5$G'!%1!+#(15'!(!
3(!B'&,(+$P1!*%!#1(!$1*$G$*#(3$*(*!3%-;$(1(6!@&(+$(-!(!\'#--%(#!/!(!
3'-!.'%5(-!&',415$+'-!%1+#%15&(! 3(![#-5$B$+(+$P1!*%!-#! &%;%3*8(! (15%!
3(-!1'&,(-6!7-!%3!/'!$15%&$'&!/!1(5#&(3!9#$%1!3(!+(#-(<!/!(3!9#%!1'!*%;%!
'.'1%&-%!.'&9#%!%-!>3!9#$%1!5$%1%!&(dP1<!/!1'!3'-!(&5$B$+$'-!*%!3(!-'2
+$%*(*! 9#%! +'&&',.%1! 3(-! G%&*(*%-! 1(5#&(3%-6! \'#--%(#! %-! %3! )&(1!
.&','5'&!*%!%-(!$*%(<!(#19#%!5(,;$>1!:(*%!*%B$%1*%!3(!-%1-$;$3$*(*!
.&'.$(!+','!1(5#&(3!/!(+%.5(;3%6!
D%&'!F11%!%-!,#/!+'1-+$%15%!*%!9#%!+(&%+%!*%!#1(!%-5&#+5#&(!-'+$(3!
9#%! ,(15%1)(! /! .'-$;$3$5%! 3(! )&(5$B$+(+$P1! *%! -#-! *%-%'-<! 3'! 9#%! 3(!
%,.#[(!(!(+5#(&!*%!B'&,(!';3$+#(<!+'1!$1-$1#(+$'1%-6!W(!,%1+$P1!*%!
! SUT!
5%I5'-! +34-$+'-! '! &',415$+'-! B'&,(! .(&5%! *%! -#! (&-%1(3! /! %-! #1(! *%!
-#-!%-5&(5%)$(-!.&%*$3%+5(-6!E#(1*'!0(;3(!*%!*%5%&,$1(*'-!%.$-'*$'-!
.'1%!%3!>1B(-$-!%1!-#!+(&4+5%&!$1*%+'&'-'<!%1!-#!B(35(!*%!(*%+#(+$P1!
,'&(36! H%! %-5%! ,'*'<! (3! ,$-,'! 5$%,.'! 9#%! ,$*%! (! -#! .'-$;3%! +'12
9#$-5(!-%)C1!3(!&%-.#%-5(!9#%!3%!*><!&%(B$&,(!-#!$,()%1!*%!,#[%&!*%2
+%15%6!:#-!$15%1+$'1%-!1'!G(1!,4-!(334!*%!3(!(,$-5(*<!0(-5(!9#%!3')&(!
9#%!3(!'5&(!,#[%&!-%!$1+&$,$1%6!715'1+%-!*%[(!*%!1%)(&!-#-!*%-%'-!/!
.(-(! (! [#-5$B$+(&3'-! +','! 1(5#&(3%-6! 7,.3%(! 3(! 0$.'+&%-8(! +','!
,>5'*'!*%!+'19#$-5(!/!+','!*%B%1-(6!
D'&!,#+0'!%-B#%&d'!9#%!.'1)(!%1!,(15%1%&!#1(!$,()%1!$15(+0(;3%!
*%!,#[%&!0'1&(*(<!3'!+$%&5'!%-!9#%!-#!,(-+#3$1$*(*!3(!*%3(5(6!F!.(&5$&!
*%!-#!&#.5#&(!+'1!h(&$(11(!%1!RYSV<!3(!(+%15C(!+','!B'&,(!*%!(B$&2
,(&!-#!.'*%&!/!*%!-%*#+$&!(!'5&(-!,#[%&%-6!h%d+3(!%3!*%-+(&'!+'1!3(!
&%-%&G(<! /! +#(1*'! B3$&5%(! (*'.5(! 3(-! ,(1%&(-! /! 3'-! ,'*(3%-! 9#%! %I2
0$;$&8(! #1! +(;(33%&'<! 3'! 9#%! .&'G'+(! 9#%! -#! .'-$;3%! (,(15%! -%! .&%2
)#15%!-$!1'!-%!5&(5(&4!%1!&%(3$*(*!*%!#1!0',;&%!*$-B&(d(*'6!:#!+(&4+2
5%&! 5&(1-,$5%! #1(! -%1-(+$P1! *%! .%3$)&'-$*(*! 5(1! (5&(+5$G(! +','!
.&%'+#.(15%!.(&(!3(-!*(,(-!(;#&&$*(-!*%!3(!1'&,(3$*(*!%1+'&-%5(*(!
*%!-#!,#1*'!B%,%1$1'6!71!3#)(&!*%!-#,$-(<!F11%!-%!,#%-5&(!-#(G%!
.%&'!B$&,%<!+','!#1!)&(1!B%3$1'6!F!-#!G#%35(!*%!#1!G$([%!(!j&(1+$(!-%!
*%*$+(!(!+'&5%[(&!(!i(&&$%5!h$31%<!3(!0%&,(1(!.%9#%g(!*%!h(&$(11(6!
i(&&$%5! %-! #1(! 3$;%&5$1(! +>3%;&%! .'&! -#-! 1#,%&'-(-! (G%15#&(-<! .%&'!
-$%,.&%! +'1! 0',;&%-6! FC1! (-8<! 33%)(! (! .3(15%(&-%! 3(! .'-$;$3$*(*! *%!
,(15%1%&!#1(!&%3(+$P1!+'1!F11%<!(#19#%!;(['!3'-!.(&4,%5&'-!3$;%&2
5$1'-6!F11%!3'!9#%!;#-+(!%-!#1(!%-.'-(<!1'!#1(!(,(15%6!
7-%!%-!%3!.&$1+$.(3!.&';3%,(!(3!9#%!-%!%1B&%15(!F11%!W$-5%&r!3(!$,.'2
-$;$3$*(*! *%! G$G$&! +'1! '5&(! ,#[%&! *%! B'&,(! (;$%&5(6! E#(1*'! B(15(-%(!
+'1!5%1%&!.%1%!3'!0(+%!1'!.'&9#%!*%-%%!-%&!#1!0',;&%<!-$1'!+','!#1!
,%*$'!(!5&(G>-!*%3!+#(3!&%3(+$'1(&-%!+'1!,#[%&%-<!5(15'!%1!3'!-%I#(3!
+','!%1!3'!-'+$(36!:$!9#$%&%!5%1%&!.%1%!'!33%G(&!.(15(3'1%-!1'!%-!.'&2
9#%!-$%15(!9#%!-#!+#%&.'!*%;%&8(!-%&!*%!G(&P1<!1'!-%!-$%15%!(5&(.(*(!
%1!#1!+#%&.'!*%!,#[%&<!-$1'!.'&9#%!B#1+$'1(1!+','!-8,;'3'-!*%3!*%2
-%'!3%)85$,'!0(+$(!'5&(-!,#[%&%-6!"#$%&%!%[%&+%&!*%!,(&$*'<!*%!+',2
.(g%&'!-%I#(3!/!-%15$,%15(3!.(&(!-$%,.&%<!.%&'!9#$%&%!0(+%&3'!+','!
,#[%&6!W'!9#%!%1G$*$(!1'!%-!%3!.%1%<!-$1'!3'!9#%!5%1%&!#1'!+'133%G(r!
.'*%&! +(-(&-%! +'1! #1(! ,#[%&<! /! 9#%! %-(! ,#[%&! -%(! h(&$(11(6! H%!
0(;%&! .'*$*'<! 3'! 0(;&8(1! 0%+0'6! F11%! .#%*%! .%&,$5$&-%! -#! *%-+(&'!

SUX!!
.'&!-#!(.%33$*'!/!.'&!#1(!B'&5#1(!9#%<!(#19#%!1'!%-!,#+0(<!%-!-#B$2
+$%15%!+','!.(&(!1'!G%&-%!';3$)(*(!(!%1+'15&(&!,(&$*'6!h(&$(11(!%-!
#1(!*%!3(-!,#+0(-!0$[(-!*%!#1!,>*$+'<!/!1'!*$-B&#5(!*%3!,$-,'!.&$G$2
3%)$'!9#%!F11%6!:#!C1$+(!-(3$*(!%-!#1!;#%1!,(5&$,'1$'!+','!%3!9#%!
3%!.&'.'&+$'1(!E0(&3%-!W(Å5'16!F3!B$1(3<!%3!,(5&$,'1$'!*%!F11%!-%&4!
.'-$;3%!+'1!F11!J(3o%&!.'&9#%!3(-!*'-!5$%1%1!#1(!.'-$+$P1!/!#1!+(2
.$5(3! $1*#*(;3%-! *%15&'! *%! 3(! -'+$%*(*! *%! 3(! &%)$P1<! (#19#%! J(3o%&!
1'!-%&4!5(15'!#1(!%-.'-(!-#,$-(!+','!#1(!+',.(g%&(!(!3(!9#%!5&(5(&!
*%!$)#(3!(!$)#(36!
F11%!.&'G'+(!+'1B#-$P1!(334!.'&!*'1*%!G(!.'&9#%!%-!#1(!,#[%&!9#%!
G$-5%! +','! ,#[%&! .%&'! +(,$1(! /! -%! +',.'&5(! +','! #1! 0',;&%6! :#!
(,;$)n%*(*! 1'! .&'+%*%! *%! #1(! $*%15$B$+(+$P1! $1G%&-(<! 1'! %-! +','!
'5&'-! ,(&$*'-2,#[%&! ?+','! 3'-! +(-'-! *%! 3(-! 0%&,(B&'*$5(-! h(&$%!
W%,(&+$-<!9#%,(*(!%1!\'#%1!%1!RXUR<!'!*%!F11%!@&(1*[%(1<!+'1*%2
1(*(! %1! RLXT! (! 3(! .$+'5(<! (,;(-! .'&! .&'B(1(&! %3! ,(5&$,'1$'! uj'#2
+(#35!VUULr!LZ2YVv?!9#%!-%!G%1!';3$)(*'-!(!G%-5$&!/!G$G$&!+','!0',2
;&%-! .(&(! .'*%&! +#,.3$&! +'1! -#-! *%-%'-<! -$1'! *%! -#! %,.3%'! *%! 3'-!
,'*'-! ,(-+#3$1'-! +','! B'&,(! *%! (B$&,(&! -#! .'*%&6! D(&(! %,.'*%2
&(&-%<!9#%!*$&8(1!0'/!(3)#1(-6!:#!+',.'&5(,$%15'!%-54!+'1*$+$'1(*'!
.'&!-#!+3(-%!-'+$(3!5(15'!+','!.'&!-#!-%I#(3$*(*6!W(-!3$;%&5(*%-!9#%!
-%!5',(!%-541!)(&(15$d(*(-!.'&!-#-!.&$G$3%)$'-!*%!-%g'&(!5%&&(5%1$%12
5%6!=%1%&!.%1%!3%!0(&8(!3(-!+'-(-!,4-!B4+$3%-!.'&9#%!1'!5%1*&8(!$,.%2
*$,%15'-!(!3(!0'&(!*%!%1+'15&(&!%-.'-(<!.%&'!-%!3(-!0(&8(!,4-!*$B8+$2
3%-!(3!$,.%*$&3%!*$-B&#5(&!*%!3(!B&%+#%15%!+',.(g8(!*%!,#[%&%-!%1!3'-!
%-.(+$'-!-%)&%)(*'-!*%!3(!O1)3(5%&&(!*%!3(!\%)%1+$(6!:#!,(-+#3$1$*(*!
B#1+$'1(!+','!-8,;'3'!*%!.'*%&!-%I#(3!/!%+'1P,$+'<!&%.&%-%15(!#1!
*%-(B8'!(!3(!1'&,(3$*(*!+','!3'!0(&4!*%-.#>-!3(!-%I#(3$*(*!(+5$G(!*%!
3(-!.&'-5$5#5(-!G$+5'&$(1(-6!:#!,%d+3(!*%!-$)1'-!B%,%1$1'-!/!,(-+#3$2
1'-!$1*$)1(!/!%1B(*(!(!9#$%1%-!-%!+&#d(1!+'1!%33(!.'&!3(!+(33%<!.'&9#%!
1'!-'1!+(.(+%-!*%!(-$)1(&3%!#1!-%I'!*%!B'&,(!+3(&(6!
D#%*%!9#%!3(!+'1B#1*(1!+'1!#1!0%&,(B&'*$5(!'!+'1!#1!$,.'-5'&<!.%2
&'!%33(!1'!5$%1%!*#*(-!-';&%!9#$>1!/!9#>!%-6!:#!,'*%3'!$*%(3!*%!&%3(2
+$P1!%-!%3!*%!3(!(,$-5(*!&',415$+(<!.%&'!+'1!-%I'6!=(,;$>1!-(;%!9#%!
.&%B$%&%!5',(&!3(!.(&5%!(+5$G(!+#(1*'!+'1%+5(!+'1!'5&(-!,#[%&%-<!9#%!
3%! (5&(%1! B%,%1$1(-! /! )#(.(-! /! 9#%! 1'! 3%! )#-5(! 9#%! 3%! 5'9#%1! -#!
`9#%%&a! ?3(! G()$1(?! .'&9#%! 3%! 0(+%! -%15$&! *%,(-$(*'! B%,%1$1(6! W%!
)#-5(!0(+%&<!.%&'!1'!9#%!3%!0()(16!D(&%+%!9#%!-#!.&%B%&%1+$(!%-54!%1!

! SUL!
%3!5&$;(*$-,'<!%1!B&'5(&!-#-!)%1$5(3%-!+'15&(!3'-!*%!-#!(,(15%<!/!9#%!
%-5(! .&4+5$+(! 3%! .&'.'&+$'1(! `;%-'-a! ?'&)(-,'-?! -#B$+$%15%-6! =(,2
;$>1!.(&%+%!&%+0(d(&!%3!#-'!*%!+'1-'3(*'&%-!/!*%,4-!(&5$3#)$'-6!
E3(&o!/!N'&5'1!+'1-$*%&(1!9#%!F11%!W$-5%&!%-!#1(!3%-;$(1(!%1!%3!-%12
5$*'! ,'*%&1'! *%! 3(! .(3(;&(<! .%&'! p#*$50! i(3;%&-5(,! .'1%! %1! *#*(!
%-5(-! +'1+3#-$'1%-6! 71! .&$,%&! 3#)(&<! .'&9#%! W$-5%&! .'1%! #1! >1B(-$-!
%-.%+$(3! %1! 3(! (-$,%5&8(! *%! -#-! &%3(+$'1%-6! E','! '5&'-! ,(&$*'-2
,#[%&<!-#.3(15(!%3!.'*%&!,(-+#3$1'!(!5&(G>-!*%!-#!.&'.$(!,(-+#3$1$2
*(*<!.%&'!(!*$B%&%1+$(!*%!%33'-!3'!0(+%!*%15&'!*%3!%-.(+$'!&%-%&G(*'!
.(&(!3(-!,#[%&%-6!N'!1%+%-$5(!5&(G%-5$&-%!.(&(!(++%*%&!(!-#-!';[%5'-!
*%! *%-%'<! -$1'! 9#%! %I.3'5(! 3(-! G#31%&(;$3$*(*%-! 9#%! *%[(1! (3! *%-+#2
;$%&5'!3(!-%)&%)(+$P1<!%3!(;#&&$,$%15'!/!3(!$1-(5$-B(++$P1!*%!3(-!,#[%2
&%-!+(-(*(-6!D%&'<!(3!,$-,'!5$%,.'<!-%!*$-5(1+$(!*%!(9#%33'!9#%!+'12
-$*%&(!3(!(&5$B$+$(3$*(*! *%!3(!,$&(*(! -4B$+(! %1!3(!9#%! 1'!-%!&%+'1'+%<!
.#%-5'! 9#%! -#! *%-%'! 0(+$(! '5&(-! ,#[%&%-! %-! (#5>15$+'6! 71! -%)#1*'!
3#)(&<! .'&! -#! ,(&+(*(! ,(-+#3$1$*(*6! 733(! 1'! +'1+$;%! #1! (+5'! -%I#(3!
&%+8.&'+'<! +','! 3%! *%[(! +3(&'! (! 3(! -%g'&(! K(&3'År! `/'! 0()'! 3'! 9#%!
9#$%&'<!.%&'!1#1+(!*%['!9#%!%33(-!3'!0()(1a!ui(3;%&-5(,!VUUYr!YSv6!
E#(1*'! *%-G$&)(! (! h(&$(11(! ?9#%! /(! %-54! +(-(*(! +'1! E0(&3%-! W(Å2
5'1<! .%&'! 1'! .(&%+%! 0(;%&! +'1-#,(*'! %3! ,(5&$,'1$'?! +'1! #1! *%*'!
(++%*%! (! #1(! 1#%G(! B(+%5(! *%! -#! ,(-+#3$1$*(*! /<! (3! ,$-,'! 5$%,.'<!
-%g(3(!3(!*$-5(1+$(!9#%!%I$-5%!%15&%!3'!9#%!0(+%1!3(-!*'-!%1!3(!+(,(!/!
3'! 9#%! 0(+%! h(&$(11(! +'1! -#! 0',;&%6! N'! 1%+%-$5(1! 1$1)C1! 5$.'! *%!
-#-5$5#5'! B43$+'<! 1$! -#! (B%+5'! $,$5(! 3(-! &%3(+$'1%-! 0%5%&'-%I#(3%-6! :$1!
%,;(&)'<!3(!5%1-$P1!%15&%!3(!,(-+#3$1$*(*!*%!F11%!/!3(!B%,%1$*(*!*%!
h(&$(11(!%-!#1(!+'1-5(15%!%1!5'*(-!3(-!&%3(+$'1%-!*%!W$-5%&6!i(3;%&-2
5(,!(B$&,(!9#%r!

W(-!.&4+5$+(-!5&$;4*$+(-!*%!W$-5%&<!3(-!&%-5&$++$'1%-!9#%!$,.'1%!(3!(+2
+%-'!-%I#(3!*%!-#-!(,(15%-!(!-#!+#%&.'!/!-#!(#5'$*%15$B$+(+$P1!+'1!3(-!
,(-+#3$1$*(*! *%;%1! $15%&.&%5(&-%! +','! 3'! 9#%! -'1r! -$)1'-! *%! #1(!
,(-+#3$1$*(*!B%,%1$1(!(+5$G(!/!B#1+$'1(3!.%&'!.&%$*%15$5(&$(<!(&5$+#2
3(*(!+'1!#1(!+#35#&(!*%3!,(5&$,'1$'!(35(,%15%! &$5#(3$d(*(!/! 9#%!3#2
+0(!+'15&(!3'-!.&%[#$+$'-!+#35#&(3%-!9#%!%I$-5%1!-';&%!3(-!%I.&%-$'1%-!
*%!3(!,(-+#3$1$*(*!B%,%1$1(6!u$;8*6r!QTv!

7-(!,(-+#3$1$*(*!B%,%1$1(!*%!3(! 9#%! 0(;3(!i(3;%&-5(,!%-!3(! &%.&%2


-%15(+$P1!*%!-$)1'-!+#35#&(3%-!(-'+$(*'-!(!+#%&.'-!*%!G(&P1!.'&!.(&2
5%! *%! +#%&.'-! B%,%1$1'-6! 73! +(-'! *%! F11%! W$-5%&! %-! .(&(*$),45$+'<!

SUY!!
.'&9#%!1(*(!%1!-#!+#%&.'!$1*$+(!9#%!-%(!#1!0',;&%!/<!-$1!%,;(&)'<!
+'1! B&%+#%1+$(! 3(! +'1B#1*%1! +'1! #1'6! 7-5'! -%! *%;%! (! 3(! #-#&.(+$P1!
9#%!0(+%!*%!3'-!-$)1'-!*%!.'*%&<!(!+P,'!-%!-#;[%5$G(!+','!$1*$G$*#'!
.&$G$3%)$(*'6!:#!%*#+(+$P1<!-#!$1*%.%1*%1+$(<!-#!*%-+(&'<!-#!;C-9#%2
*(!(+5$G(!*%!)&(5$B$+(+$P1!-%I#(3<!-#!*$-B&#5%!%1!3'-!B3$&5%'-!/!3(-!3(&)(-!
+'19#$-5(-<! -#! (5&(++$P1! .'&! 3(-! +0$+(-! )#(.(-! /! B%,%1$1(-<! 5'*'-!
%33'-! -'1! &(-)'-! 9#%! +(;&8(! %-.%&(&! *%! #1! 0',;&%<! .%&'! 3'-! %1+'12
5&(,'-!%1!#1(!-%g'&(!*%!+3(-%!(35(!*%!.&$1+$.$'-!*%3!AOA6!7-!(,;$+$'-(!
/!*%.&%*(*'&(<!*#&(!/!(G%15#&%&(<!/!%-54!';-%-$'1(*(!.'&!3(!.'-$+$P1!
/!3(!(-+%1-$P1!-'+$(36!
:#!-%I#(3$*(*<!*%!0%+0'<!%-!$1*$-'+$(;3%!*%!-#!+3(-%!71!5'*(-!-#-!&%3(2
+$'1%-!0(/!#1!B#%&5%!+',.'1%15%!*%!.'*%&6!733(!.#%*%!0(+%&<!.%&'!1'!
*%[(!9#%!3%!0()(16!D'&!%-'!*$+%!i(3;%&-5(,!9#%!-#-!.&4+5$+(-!1'!-'1!
(-$,$3(;3%-! (! 3(-! 3%-;$(1(-<! (3! ,%1'-! +'1! B(+$3$*(*6! 71! .&$,%&! 3#)(&!
.'&!-#!.&%B%&%1+$(!.'&! %3! 5&$;(*$-,'<! 9#%!.(&%+%!0(;%&!9#%*(*'!%1!
#1! 3#)(&! -%+#1*(&$'! %15&%! 3(-! 3%-;$(1(-! (+5#(3%-<! 9#%! .&%B$%&%1! %3!
-%I'!'&(3!/!%3!#-'!*%!3'-!*%*'-6!71!-%)#1*'!3#)(&<!.'&!3(!(-$,%5&8(!%1!
%3!(++%-'!(3!+#%&.'!*%!-#!(,(15%<!.&'*#+5'!*%!#1(!$*%(!*%!&%+$.&'+$2
*(*!$1%I$-5%15%!/!*%!#1(!,(&+(*(!3P)$+(!*%3!*',$1$'6!71!5%&+%&!3#)(&<!
.'&!-#!B(-+$1(+$P1!+'1!%3!,(5&$,'1$'<!*%;$*(!(!#1(!&%3$)$'-$*(*!.&'2
B#1*(!9#%!%1!'+(-$'1%-!3%!.&'G'+(!+'1B3$+5'-!+'1!-#!-%I#(3$*(*<!(#12
9#%!%1!)%1%&(3!3%!-$&G%!+','!&%B#)$'6!='*'!%33'!+'1B'&,(!#1(!.%&-'2
1(3$*(*! B%,%1$1(! '&$)$1(3<! +#/'! %.$+%15&'! %-! #1(! ,(-+#3$1$*(*!
';3$+#(<!%15%1*$*(!,4-!%1!-#!&%3(+$P1!+'1!%3!.'*%&!3%)85$,'!9#%!+'1!
3(!.'-%-$P1!*%!#1'-!)%1$5(3%-!*%5%&,$1(*'-6!D%&'!%-5(!#-#&.(+$P1!*%!
3(!,(-+#3$1$*(*!9#%!0(+%!F11%!W$-5%&!5$%1%!#1!+(&4+5%&!.&';3%,45$+'6!
7-!-#;G%&-$G(!.'&9#%!%-!#1(!,#[%&!9#$%1!3(!33%G(!(!+(;'<!.%&'!-#!(-2
.$&(+$P1!%-!5&(*$+$'1(3$-5(6!F11%!9#$%&%!-%&!#1!)&(1!-%g'&<!.%&'!-$%12
*'!#1(!-%g'&(6!
F11%! -%! -%.(&(! *%! 3'-! +41'1%-! B%,%1$1'-! 9#%! (0'&(! %15%1*%,'-!
+','!)>1%&'<!/!9#%!%15'1+%-!-%!%15%1*8(1!+','!+'1-%+#%1+$(-!;$'2
3P)$+(-! *%! *%5%&,$1(*(-! B$;&(-<! P&)(1'-! '! -%1-$;$3$*(*%-<! .%&'! 9#%!
-$%,.&%!0(1!-$*'!3'!,$-,'!/!0(1!&%-.'1*$*'!(!#1!,$-,'!.&')&(,(!
.'385$+'!9#%!%I$)%!3(!*$G$-$P1!*%!%-.(+$'-!/!5(&%(-!-%)C1!%3!-%I'!/!%3!
,(15%1$,$%15'! *%! 3(! 0%5%&'-%I#(3$*(*6! D%&'! 9#>! %15%1*%,'-! .'&!
0',;&%!/!,#[%&!%-54!*%5%&,$1(*'!.'&!#1(!-%&$%!*%!+P*$)'-!+#35#&(2
3%-!9#%!0(+%1!9#%!9#$%1%-!-%!(*(.5%1!(!%33'-!-%!+'1-$*%&%1!(.&'.$(2

! SUQ!
*'-<!/!'B%1-$G'-!9#$%1%-!1'!3'!0(+%16!]B%1-$G'-!%1!*'-!-%15$*'-!+',2
.3%,%15(&$'-6!73!.&$,%&'!%-!9#%!'B%1*%1<!9#%!$1-#35(1!(!3(!+'&&%++$P1!
(3! -(35(&-%! 3(-! &%)3(-6! 73! -%)#1*'! %-! 9#%! (5(+(1<! +'1! -#! -$,.3%! *%-2
';%*$%1+$(<!%3!,$-,'!%15&(,(*'!-'+$(3<!B#1*(*'!%1!3(-!&%.%5$+$'1%-<!
%1!3(-!+'-5#,;&%-6!
73!B%,$1$-,'!0(!.#%-5'!)&(1!$15%&>-!%1!+',.&%1*%&!/!*%-5&(;(&!%-(!
+'1-5&#++$P1! -'+$(3! *%3! )>1%&'<! +P,'! -%! (-'+$(1! *%5%&,$1(*(-! +'12
*#+5(-! (! 3'-! 0',;&%-! ,$%15&(-! '5&(-! -%! G$1+#3(1! (! 3(-! ,#[%&%-<! /!
+P,'!(!.(&5$&!*%!%33(-!-%!.&'*#+%!3(!*$B%&%1+$(!-%I#(36!7-!*%-*%!%-'-!
&(-)'-!,(-+#3$1'-!/!B%,%1$1'-!+','!&%-#35(,'-!3%)$;3%-!+','!-#[%2
5'-6!F3!$*%15$B$+(&!#1!+#%&.'!+','!*%!0',;&%!'!*%!,#[%&!-%!3%!(5&$;#2
/%! 5'*(! #1(! +(&)(! -$,;P3$+(! 9#%! $1+3#/%! 5(15'! #1(-! +(&(+5%&8-5$+(-!
B8-$+(-! /! -%15$,%15(3%-! +','! '5&(-! -'+$(3%-! /! .'385$+(-6! 7-! *%+$&<! (3!
.%1-(&! #1! +#%&.'! B%,%1$1'! -%! 3%! (-$)1(1! *%! ,(1%&(! (#5',45$+(! %!
$1+'1-+$%15%! 3'-! &(-)'-! 9#%! 0(+%1! ,#[%&! (! #1(! ,#[%&6! 73! .&';3%,(!
-#&)%!(3!+#%-5$'1(&-%!3(!3%)$5$,$*(*!*%!%-(!$*%15$B$+(+$P1<!+','!0(+%!
F11%!W$-5%&6!F!5&(G>-!*%!-#!,(-+#3$1$*(*!.'1%!%1!%G$*%1+$(!3(!B&()$3$2
*(*!*%!%-(-!-#.'-$+$'1%-6!733(<!+','!-#[%5'<!&%-#35(!'B%1-$G(!.'&9#%!
*%-5&'d(!%3!.(.%3!9#%!*%;%!$15%&.&%5(&!+','!,#[%&6!7-5(!$*%(!%-!+3(2
G%r!%3!)>1%&'!1'!%-!,4-!9#%!5%(5&'6!
i(-5(!(0'&(!,%!0%!1%)(*'!(!0(;3(&!*%!)>1%&'!(15%-!*%!,%*$(*'-!*%3!
-$)3'! AA<!.%&'!+&%'!9#%!(!%-5(-!(35#&(-!%-!%G$*%15%!9#%!-%I'!/!)>1%&'!
-'1! 5>&,$1'-! $15%&+(,;$(;3%-6! 73! -%I'! 1'! %-! ,4-! 9#%! 3(! 1(5#&(3$d(2
+$P1!*%!#1!+',.'&5(,$%15'<!/!3(! *$G$-$P1! '&$)$1(3!*%!3'-! -%I'-! %B%+2
5#(*(!%1!%3!-$)3'!AmOOO!*%.%1*%!*%!3(!,$&(*(!,>*$+(<!+'1*$+$'1(*(!.'&!
3(! +&%%1+$(! *%! 9#%! %I$-5%1! *'-! 5$.'-! *$B%&%15%-! *%! -%&%-! 0#,(1'-! (!
3'-!9#%!3%-!+'&&%-.'1*%1!3#)(&%-!*$-5$15'-!/!B#1+$'1%-!*$-5$15(-!.(&(!
%3!;#%1!B#1+$'1(,$%15'!*%!3(!-'+$%*(*6!71!3(!*$G$-$P1!-%I#(3!*%!3(!-'2
+$%*(*<!.'&!5(15'<!3(!+#35#&(!.&%+%*%!(!3(!1(5#&(3%d(<!%3!*$-+#&-'!+'12
*$+$'1(!9#>!-%!G%!/!9#>!1'!-%!G%6!H%3!,$-,'!,'*'<!%3!)>1%&'!.&%+%*%!
(!3'-!+#%&.'-<!9#%!-%!(,'3*(1!?%1!%3!-%15$*'!%-5&$+5'!*%!,%5%&-%!%1!
-#!,'3*%?!(!>3!3'!,%['&!9#%!.#%*%1!,%*$(15%!+'1G%1+$'1%-6!W(!&%.%2
5$+$P1! *%! 3(-! +'1*#+5(-<! (+5$5#*%-! '! B'&,(-! *%! G%-5$&! +'1-$*%&(*(-!
1'&,(3%-!%-!3'!9#%!*(!B#%&d(!/!-%15$*'!(3!)>1%&'<!%-!3'!9#%!.'-$;$3$5(!
3(!$*%(!,$-,(!*%!0(+%&!(3)'!`+','!#1!0',;&%a!'!`+','!#1(!,#[%&a6!

SRU!!
H%!(3)C1!,'*'<!+'1!%3!)>1%&'!'+#&&%!+','!+'1!%3!:%!0%$*%))%&$(1'r!
%-54!(08!(15%-!/!-#[%5(!(3!-#[%5'6!F+5C(!+','!.(&(*$),(<!.&%G$'!/!(+&82
5$+'6!7-!$,.%&-'1(36!:3'5%&*$[o!*$+%!9#%!`%3!:%!%-!%3!1%#5&'!*%!1#%-5&'!
f'<!%3!f'!*%!3(!+'5$*$(1$*(*<!%1!(;-'3#5'!#1!`/'!,$-,'a6!l3!+'1-5$5#/%!
%1! +$%&5'! ,'*'! ,$! .(&5%! .C;3$+(<! ,$! ,%*$'+&$*(*a! uVUULr! SULv6! F3!
,%1'-! %1! %3! -%15$*'! %1! 9#%! B#1+$'1(! +','! $,$5(+$P1! *%! #1! ,'*%3'!
9#%!-$&G%!(3!,$-,'!5$%,.'!.(&(!+'1G%&5$&1'-!%1!$1*$G$*#'-!3%)$;3%-<!
.(&(! +'1B$)#&(&! 3(! &%3(+$P1! 9#%! 5%1%,'-! +'1! 1#%-5&(! .&'.$(! $1*$G$2
*#(3$*(*!/!.(&(!0(+%&!*%!1'-'5&'-!-#[%5'-!1'&,(3%-6!j#1+$'1(!+','!
#1!,%+(1$-,'!*%!1(5#&(3$d(+$P1!9#%!.&'/%+5(!-#!,'*%3'!5(15'!0(+$(!
B#%&(!+','!0(+$(!*%15&'!*%3!-#[%5'<!*(!B'&,(!(!3(!-'+$%*(*!/!(!3(!+'12
+$%1+$(6!D%&'!%-%!,'*%3'!9#%!-%!$,$5(!/!9#%!$1G(*%!1#%-5&(!+',.&%12
-$P1!*%!3(!0#,(1$*(*!1'!%I$-5%<!1'!%-!,4-!9#%!#1!B(15(-,(<!#1!$*%(3!
*%! 3(! *$G$-$P1! -%I#(3! /! 5'*'! 3'! 9#%! +'133%G(! *%-*%! 3'-! (15&'.P3')'-!
-'+$(3%-! *%3! AmOOO<! 9#%! &%+'1*#+%1! 3(! -%I#(3$*(*! (! -#-! B#1+$'1%-! &%2
.&'*#+5$G(-6! H%! %-5%! ,'*'! -%! %-5(;3%+%! #1! -$-5%,(! .3(5P1$+'! *%!
'.#%-5'-!+',.3%,%15(&$'-!9#%!-%!&%+&%(1!*%!B'&,(!+'15$1#(!;(['!3(!
(,%1(d(!*%!3(!%I.#3-$P1!-'+$(36!
F! %-5(! &%.%5$+$P1! *%! #1! $*%(3! B(15(-,45$+'<! %-%! `33%)(&! (! -%&! ,#[%&a!
9#%!*$+%!K%(#G'$&<!%-!(!3'!9#%!p#*$50!K#53%&!33(,(!.%&B'&,(5$G$*(*!*%!
)>1%&'<!-$)#$%1*'!3'-!+&$5%&$'-!*%!p'01!W6!F#-5$16!^1(!%,$-$P1!&%(3$d(2
5$G(! '! .%&B'&,(5$G(! %-! #1! (+5'! *%! 0(;3(! 9#%! +&%(! #1(! &%(3$*(*! ,%2
*$(15%!-#!-$,.3%!%I.&%-$P16!N'!*%-+&$;%!%3!,#1*'<!-$1'!9#%!3'!.&%-2
+&$;%r!

71!5'*'-!%-5'-!+(-'-!-%&8(!(;-#&*'!+'1-$*%&(&!3(!+'-(!9#%!*$)'!+','!
#1!&%)$-5&'!*%!3(!&%(3$d(+$P1!*%!3(!(++$P1!9#%!$1*#*(;3%,%15%!-%!0(+%!
?3(! (++$P1! *%! (.'-5(&<! '! ;(#5$d(&<! '! *$-+#3.(&-%?! *$&8(,'-! ,4-! ;$%1!
9#%<!(3!*%+$&!3'!9#%!*$)'<!&%(3$d'!%B%+5$G(,%15%!3(!(++$P16!E#(1*'!*$)'!
`K(#5$d'!%-5%!;(&+'!%3!"#%%1!73$d(;%50a!1'!*%-+&$;'!3(!+%&%,'1$(!*%!
;(#5$d'<! &%(3$d'! %B%+5$G(,%15%! %3! ;(#5$d'k! f!+#(1*'!*$)'!`:8<! 9#$%&'a!
u-+6<!5',(&!%-5(!,#[%&!+','!,$!%-.'-(!3%)(3,%15%!*%-.'-(*(v<!1'!%-2
5'/! $1B'&,(1*'! *%! #1! ,(5&$,'1$'<! %-5'/! -(5$-B(+$>1*'3'6! uF#-5$1!
RQQQr!ZVRv

E#(1*'! 3(! ,(5&'1(! '! %3! ,>*$+'! ,$&(! (3! &%+$>1! 1(+$*'! /! *$+%! `%-! #1!
1$g'a! '! `%-! #1(! 1$g(a! 1'! %-54! *%-+&$;$%1*'! 3'! 9#%! G%<! (3! ,%1'-! 1'!
-'3'<!-$1'!9#%!%-54!$1-+&$;$%1*'!(!%-(!+&$(5#&(!%1!#1!B3#['!*%!&%B%&%12
+$(-!+'1-5(15%-!(!#1!$*%(3!*%!0',;&%!'!*%!,#[%&<!9#%!(.&%1*%&4!*%!

! SRR!
3'-!+#%&.'-!(-$)1(*'-!(3!,$-,'!-%I'!9#%!%33(!3(-!+(&(+5%&8-5$+(-!9#%!
+'&&%-.'1*%1! (3! $*%(3!9#%! *%;%! $,$5(&6! D%&'! %-(! ,$-,(! +&$(5#&(<!%1!
+(*(!1#%G(!+'.$(<!%-5(&4!&%(3$d(1*'!%3!)>1%&'6!7-!#1!+',.'&5(,$%15'!
0%&%*(*'!9#%!-%!&%B#%&d(!%1!+(*(!1#%G(!+$5(<!%1!+(*(!1#%G(!&%.%5$2
+$P1! D%&'! (08! &(*$+(! -#! .&'.$(! B&()$3$*(*6! E#(1*'! F11%! W$-5%&! (+5C(!
+','! 3'! 0(&8(! #1! 0',;&%! /! 1'! +','! +(;&8(! %-.%&(&! *%! #1(! ,#[%&<!
%-54!&%(3$d(1*'!'! .%&B'&,(1*'!u.%&B'&,$1)v!#1(!*$-5'&-$P1!*%!)>1%2
&'<!%-54!.'1$%1*'!%1!%G$*%1+$(!-#!+(&4+5%&!.34-5$+'!/!,#5(;3%6!71!*%2
B$1$5$G(<! -#! 1(5#&(3%d(! +'1G%1+$'1(36! D'*%,'-! +$5(&! ;$%1<! .%&'! 5(,2
;$>1! .'*%,'-! +$5(&! ,(3<! .'&! %&&'&! '! (! +'1+$%1+$(6! 7-%! %-! %3! )&(1!
.%3$)&'! *%! 3(! 0%5%&'1'&,(5$G$*(*! ?%3! &>)$,%1! .'385$+'! *%! 3(! 0%5%&'2
-%I#(3$*(*!';3$)(5'&$(?r!9#%!3(!)%15%!%,.$%+%!(!0(+%&!3'!9#%!3%!G%1)(!
%1!)(1(6!
W'! 9#%! (5%,'&$d(! (! 3'-! +'%541%'-! *%! F11%! W$-5%&! %-! [#-5'! %-'<! -#!
(.&'.$(+$P1!*%!3(-!+(&(+5%&8-5$+(-!,(-+#3$1(-<!%3!#-'!*%!-#!,(-+#3$1$2
*(*!+','!B'&,(!*%!0(+%&-%!+'1!%3!.'*%&k!+P,'!%1!3#)(&!*%!$,$5(&!3'!
9#%!*%;%<!+&%(!#1(!,%d+3(!'&$)$1(3!%1!3(!9#%!-#!B'&,(!*%!%15%1*%&!-#!
-%I'!/!(!-8!,$-,(!G$%1%!*%5%&,$1(*(!.'&!-#!.%&+%.+$P1!*%!+3(-%!/!3(!
3P)$+(!*%!*',$1$'6!:#!-#;G%&-$P1<!-#!&%;%3*8(<!*%.%1*%1!*%!9#$>1!%12
+(&1(!%3!.(.%36!N'!.'1%!%1!*#*(!%3! -5(5#!9#'<!3'!9#%!9#$%&%!-(;%&!%-!
.'&! 9#>! %33(! 1'! .#%*%! 5%1%&! #1(! .'-$+$P1! *%! .'*%&! +#(1*'! %-54! 3'!
;(-5(15%! +#(3$B$+(*(! .(&(! %33'6! 7-! +#35(<! $15%3$)%15%<! 5$%1%! 5$%&&(-<!
+#,.3%!5'*'-!3'-!&%9#$-$5'-!.(&(!.'*%&!G'5(&<!-(3G'!9#%!1'!5$%1%!.%2
1%6!D%&'!1'!%-!+','!3(-!'5&(-!*(,(-<!$1-#3-(-!/!;';(3$+'1(-<!9#%!-'3'!
-%!.&%'+#.(1!*%!+#415'!5$%,.'!*%;%1!*#&(&!3(-!G$-$5(-!'!9#>!0(1!*%!
-%&G$&![#15'!(3!5>6!H%!-%&!#1!0',;&%<!F11%!W$-5%&!1'!5%1*&8(!1(*(!*%!
%I5&('&*$1(&$'6! "#$d4! .'&! %-'! h(&$(11(! 3(! 33(,(! j&%*6! m$-5(-! +'1! 3(!
,$&(*(!*%!0'/<!.'*&8(,'-!*%+$&!9#%!3(-!*'-!B'&,(-!#1(!.(&%[(!;#5+02
B%,,%<!%1!3(!9#%!F11%!&%.&%-%15(!%3!.(.%3!*%!,(&$,(+0'!/!h(&$(11(!
%3!*%!-#!(,(15%!B%,%1$1(<!.%&'!-#!5$%,.'!1'!%-!%3!1#%-5&'6!j(35(!5'*(!
#1(! -#;+#35#&(! *%-(&&'33(*(! (! .(&5$&! *%! ,%*$(*'-! *%3! -$)3'! AA<! +'1!
-#-!$*%15$*(*%-!/!-#-!+P*$)'-!.&'.$'-<!.(&(!.'*%&!0(;3(&!*%! ;#5+0%-!
/!*%!B%,,%-6!733(-!-'1!'5&(!+'-(6!
F11%! 1'! $,$5(! (! 3'-! 0',;&%-<! (#19#%! &%+'1'+%! 9#%! (+5C(! *%! B'&,(!
.(&%+$*(!(!+','!3'!0(+%1!%33'-6!D%&'!(+5C(!+','!3'!0(+%!*%!B'&,(!1(2
5#&(3<!-#!,(-+#3$1$*(*!%-!.&'.$(6!71!%33(!1'!0(!B#1+$'1(*'!%3!.&'+%-'!
.'&! %3! 9#%! -%! $15%&$'&$d(! /! -%! 1(5#&(3$d(! 3(! $*%15$*(*! *%! )>1%&'! 9#%!

SRV!!
.%&,$5%! 3(! '&)(1$d(+$P1! -'+$(3! *%! 3(! 0%5%&'-%I#(3$*(*6! :$! (+%.5(,'-!
9#%!%3!)>1%&'!%-!#1!.(.%3!(-$)1(*'!/!(-#,$*'<!+','!-$!3(!G$*(!B#%&(!
#1!5%(5&'!/!5#G$>&(,'-!9#%!$15%&G%1$&!+','!3'!0(&8(!D(15(3%P1!'!E'2
3',;$1(!%1!#1(!-$5#(+$P1!*%5%&,$1(*(<!%15'1+%-!F11%!1'!-%!-(;%!%3!
5%I5'6! D(&(! 9#$%1%-! 3(! ';-%&G(1! /! 5&(5(1! *%! $15%&.&%5(&3(<! *%! 3%%&3(<!
&%-#35(!;'&&'-(6!=$%1%!3(!-#%&5%!*%!-%&!9#$%1!%-<!*%!33%G(&!%3!(.%33$*'!
9#%!33%G(<!.'&9#%!3(-!+'1-%+#%1+$(-!%1!'5&'!+(-'!.'*&8(1!-%&!,#+0'!
.%'&%-!9#%!3'-!+0$-,%-!/!%3!*%-.&%+$'<!(!G%+%-!%I.38+$5'!/!+(-$!-$%,2
.&%!,#&,#&(*'6!73!)>1%&'<!3(!+3(-%!/!3(!&(d(!B'&,(1!%3!)&(1!+',.3%['!
*%! -#;[%5$G(+$P1! ,'*%&1(<! /! (+5C(1! +','! *$-.'-$5$G'-! $15%&*%.%12
*$%15%-6!N'!0(/!,4-!9#%!G%&!+P,'!(+(;(1!F11%!W$-5%&!/!73$d(!\($1%!
.(&(!*(&-%!+#%15(!*%!%33'6!

Om!

W(! B&(+5#&(! +'1! 3(! 9#%! (,%1(d(! %3! +(-'! W$-5%&! %-! *%! 5$.'! .'385$+'2
-%I#(3<! ,$%15&(-! 9#%! %3! *(1*$! .3(15%(! -#! (5(9#%! *%-*%! 3(! %-5>5$+(<!
0(+$%1*'! 0$1+(.$>! %1! -#! (1*&')$1$(6! D%&'! 1'! 5'*'-! 3'-! *(1*$-! -'1!
0',;&%-6!71!%-(!'+#.(+$P1!%1-$,$-,(*(!*%3!/'!+','!(&5%!*%-5(+(!3(!
K(&'1%-(<!9#%<!%,.%g(*(!%1!.'1%&!%1!&$*8+#3'!3(-!+'1G%1+$'1%-!;#&2
)#%-(-!9#%!0(1!33%G(*'!(!-#!,(*&%!(!3(!5#,;(<!-%!+'1G$%&5%!%1!H(*4!
%1+(&1(*'6!73-(!i$3*%)(&*!D3ã5d!1(+%!%3!V!*%![#3$'!*%!RYLZ!%1!:Å$1%2
,n1*%<!F3%,(1$(<!0$[(!*%! F*'3B!%! O*(2h(&$%6!^1! (g'!,4-!5(&*%!1(+%!
-#!0%&,(1(<!E0(&3'55%!W'#$-%6!E#(1*'!-#!,(*&%!,#%&%!%1!RYQV<!73-(!
5$%1%!*$%+$'+0'!(g'-!/!0#/%!(!K%&381!.(&(!G$G$&!+'1!-#!58(6!E#3.(!(!-#!
.(*&%! *%3! *%-5$1'! *%! -#! ,(*&%<! 9#%! B(33%+%! (! +(#-(! *%! #1! +41+%&! *%!
C5%&'!9#%!%33(!+&%%!.&'G'+(*'!.'&!3(!-8B$3$-!9#%!>3!3%!0(!+'15()$(*'6!:#!
,(*&%<! +','! ;#%1(! ;#&)#%-(<! .'&! %G$5(&! 3(-! 0(;3(*#&8(-! 1'! 0(;&8(!
(+#*$*'!(3!,>*$+'!(!5&(5(&-%!#1(!%1B%&,%*(*!*%!5&(1-,$-$P1!-%I#(3<!
3'!9#%!0(;&8(!*%&$G(*'!%1!%3!+41+%&!/!3(!,#%&5%6!"#%!-#!.(*&%!G#%3G(!
(!+(-(&-%!5&%-!,%-%-!*%-.#>-!*%3!%15$%&&'!1'!0(+%!-$1'!%,.#[(&!(!732
-(!%1!-#!0#$*(6!
m$G%! -%$-! (g'-! %1! K%&381<! *'1*%! B&%+#%15(! 3'-! +8&+#3'-! 5%(5&(3%-! ;'2
0%,$'-! /! %,.$%d(! (! B'&,(&-%! +','! (+5&$d<! .%&'! 5$%1%! 9#%! *%[(&! 3'-!
%-5#*$'-!(3!1'!.'*%&!.()(&3'-6!=$%1%!&%3(+$'1%-!+'1!h%3+0$'&!W%+05%&!
.&$,%&'<! /! +'1! 7&1-5! i(&*5! *%-.#>-6! E'1! \$+0(&*! :+0,$5d! G$([(! .'&!
O5(3$(! %15&%! RYQY! /! RQUU<! +#(1*'! &%+$;%! #1(! .%9#%g(! 0%&%1+$(! /! -%!

! SRS!
$1-5(3(! %1! H(+0(#6! F338! +'1'+%! (! F#)#-5! 71*%33<! #1! (&9#$5%+5'! +'1!
9#$%1!-%!+(-(&4!%1!RQUR!/!9#%!3(!$15&'*#+%!%1!%3!(,;$%15%!G(1)#(&2
*$-5(! *%! h#1$+06! h(&+(*'! .'&! 3(! &%1'G(+$P1! 3$1)n8-5$+(! /! %-.$&$5#(3!
9#%! .&'.'1%! :5%B(1! @%'&)%<! *$-+8.#3'! *%! h(33(&,>! /! +'1'+$*'! *%!
i'B,(11-50(3<! %3! w'-,$o%&! :.%+5&#,! uE8&+#3'! +P-,$+'v! *%! h#1$+0!
.&%5%1*%! 3(! +&%(+$P1! *%! #1(! 1#%G(! (&$-5'+&(+$(! (! 5&(G>-! *%3! +#35'! (3!
/'<!#1!+',.'&5(,$%15'!1'!+'1G%1+$'1(3!'!3(!*$-'3#+$P1!*%!3'!,(-+#2
3$1'!/!3'!B%,%1$1'6!7-5%!E8&+#3'!%-54!%,.(&%15(*'!+'1!%3!-$,;'3$-,'!
B&(1+>-<! /! +'1! %3! 3$;&'! G%1%1'-'! 9#%! $1-.$&(! (! J$3*%! /! +'&&',.%! (!
H'&$(1! @&(/r! è! &%;'#&-! uF! +'15&(.%3'v<! *%! i#/-,(1-6! F-.$&(1! (!
+'1-5&#$&!#1!1#%G'!0%*'1$-,'!%1!%3!9#%!3'!-%I#(3!/!3'!$15%3%+5#(3!-%2
(1! $1*$-5$1)#$;3%-<! #1(! 1#%G(! +'1+$%1+$(! %1! 3(! 9#%! 3(! &(dP1! 1'! )'2
;$%&1%!3(-!%,'+$'1%-!/!3'-!$1-5$15'-6!73-(!%1+#%15&(!%1!%3!E8&+#3'!#1!
0')(&!%-.$&$5#(3<!/!%33'-!-%!&$1*%1!(15%!%33(6!i(-5(!9#%!-%!*(1!+#%15(!
*%! 9#%! %-! *%,(-$(*'! B%&'d<! *%,(-$(*'! &%(3! .(&(! #1'-! (10%3'-! 9#%!
&%-#35(1! $1,(5%&$(3%-! %1! +',.(&(+$P16! 71*%33! %-! %3! C1$+'! +'1! 9#$%1!
73-(!,(15$%1%!%3!+'15(+5'<!.'&9#%!-#!%-+(-(!,(-+#3$1$*(*!&%.&%-%15(!
%3!+',.3%,%15'!$*%(3!*%!-#!B%,$1$*(*!*#&(!/!.&%*(*'&(6!H%-.#>-!*%!
+(-(&-%! %1! (;&$3! *%! RQUR! -%! ,#*(1! (! K%&381<! *'1*%! +'1B'&,(1! #1(!
.(&%[(!*%!(-.%+5'!;&$33(15%<!1'G%*'-'!/!%-.%+5(+#3(&6!
71! %1%&'! *%! RQUS! G$([(1! (! O5(3$(! [#15'! (! j%3$I! D(#3! @&%G%<! #1! ['G%1!
*(1*$! /! 0','-%I#(3<! (3! 9#%! 73-(! 0(! +'1'+$*'! #1! (g'! (15%-! /! .'&! %3!
9#%!-$%15%!#1(!(5&(++$P1!.&'B#1*(6!F;(1*'1(1!(!F#)#-5!%1!N4.'3%-!/!
-%!G(1!3'-!*'-!(!D(3%&,'6!71!,(/'<!j%3$I!%-!*%5%1$*'!.'&!B&(#*%6!W(!
$1(++%-$;$3$*(*!*';3%!*%3!9#%!73-(!33(,(!-#!-'32-%I#(3!3(!%,.#[(!(!%-2
+&$;$&!.'%-8(!.'&!.&$,%&(!G%d6!:#!3$;%&(+$P1!33%)(!%1![#1$'!*%!RQUZ!/!
*%+$*%1!G$G$&![#15'-!%1!J'33%&(#<!:#$d(<!.%&'!5(,;$>1!%1!O5(3$(<!j&(12
+$(!'!O1)3(5%&&(<!.(&(!5%&,$1(&!*%!G#%35(!%1!K%&3816!j%3$I!5&(;([(!+','!
5&(*#+5'&!*#&(15%!5'*'!%-5%!5$%,.'<!.%&'!5(,;$>1!%,.$%d(!(!%-+&$;$&!
B$++$P16!71!&%(3$*(*<!-#-!*'-!.&$,%&(-!1'G%3(-!1'!0(+%1!'5&(!+'-(!9#%!
&%,%*(&!3(!G$*(!*%!73-(6!71!RQUQ!j%3$I!-%!-#$+$*(<!/!73-(!-%!9#%*(!-'3(!
/!*%-5&'d(*(6!
F3!(g'!-$)#$%15%<!+'1-$)#%!%3!*$1%&'!-#B$+$%15%!/!-%!G(!(!D$55-;#&)6!F338!
-%!&%C1%!+'1!#1!5(3!j&%*%&$+o!D0$3$.!@&'G%<!9#%!1'!%-!'5&'!9#%!-#!*$2
B#15'! -%)#1*'! ,(&$*'<! j%3$I! D(#3! @&%G%<! 9#%! 0(! B$1)$*'! -#! .&'.$(!
,#%&5%!.(&(!%-+(.(&!*%!3(-!*%#*(-!9#%!3%!(+'-(16!:%!,#*(1![#15'-!(!
#1(!)&(1[(!%1!:.(&5(<!w%15#+o/6!l3!-%!1$%)(!(!&%%,.&%1*%&!-#-!(+5$2

SRZ!!
G$*(*%-! -%I#(3%-! /! 5%&,$1(! (;(1*'1(1*'! (! 73-(<! 9#%! (.%1(-! -(;%!
$1)3>-<!%1!+#%-5$P1!*%!,%-%-6!733(!G$([(!(!E$1+$1(55$<!*'1*%!-%!)(1(!3(!
G$*(!+','!,'*%3'!.(&(!'5&'-!(&5$-5(-6!D(&%+%!9#%!.(-(!.'&!j$3(*%3B$(!
/!E3%G%3(1*!(15%-!*%!33%)(&!(!N#%G(!f'&o6!F338<!%1!1'G$%,;&%!*%!RQRS<!
+'15&(%!,(5&$,'1$'!+'1!%3!;(&P1!W%'.'3*!G'1!j&%/5()2W'&$1)0'G%1<!
*%!9#$%1!5',(&4!%3!585#3'!/!%3!(.%33$*'6!W(!(&$-5'+&(+$(!*%3!%-.8&$5#!.'&!
B$1!-%!5&(*#+%!%1!585#3'!1';$3$(&$'6!D%&'! -#!,(&$*'<! (3!%-5(33(&! 3(!D&$2
,%&(!)#%&&(!,#1*$(3<!G#%3G%!(!F3%,(1$(!/!-%!G#%3(!3(!+(;%d(6!
73-(<!&%5',(!%3!5&(;(['!+','!,'*%3'!/!+'1'+%!(!)&(1!.(&5%!*%!3(!G(12
)#(&*$(!(&58-5$+(!1%'/'&o$1(6!F!.(&5$&!*%!RQRL!.#;3$+(!.'%,(-!%1!(32
)#1(-! &%G$-5(-! +','! K&'',<! W$;%&(5'&! /<! -';&%! 5'*'<! W$553%! \%G$%Å6!
=(,;$>1!+'1B%++$'1(! +'33()%-!/!';&(-!*%!(&5%!%1+'15&(*'!(!.(&5$&!*%!
*%-0%+0'-6!D%&'!-#!,(/'&!';&(<!3(!9#%!3(!+'1G$%&5%!%1!#1(!+%3%;&$*(*!
%15&%! 3(! ;'0%,$(! *%3! @&%%1Å$+0! m$33()%! %-! %33(! ,$-,(<! 3(! K(&'1%-(6!
:#-!)%-5'-!/!-#!G%-5$,%15(!3(!+'1G$%&5%1!%1!#1!%-.%+54+#3'!(,;#3(12
5%k!-#!(+5$5#*!%-+(1*(3'-(!/!-#-!1#,%&'-'-!(&&%-5'-!.&'G'+(1!3(!(*2
,$&(+$P1! *%! 3(! $1+$.$%15%! %-+%1(! *(*(8-5(<! %15&%! 3(! 9#%! -%! +#%15(1!
h(1!\(/!/!h(&+%3!H#+0(,.<!.'&!9#$%1!*%-(&&'33(!#1(!%-.%+$%!*%!';2
-%-$P16! D%&'<! +(*(! G%d! ,4-<! 3%! (,%1(d(! 3(! .';&%d(6! 71! RQVS! G$([(! (!
D(&8-<!*'1*%!&%-$*%!(0'&(!)&(1!.(&5%!*%!-#!+8&+#3'!*%!(,$-5(*%-<!/!*%!
(338!(!K%&381<!*'1*%!-%!G%!';3$)(*(!(!&%.(&5$&!.%&$P*$+'-!.(&(!%G$5(&!3(!
$1*$)%1+$(!(!3(!9#%!-%!G%1!(&&(-5&(*(-!,$3%-!*%!.%&-'1(-!(!+(#-(!*%!3(!
0$.%&$1B3(+$P1!*%!3(!\%.C;3$+(!*%!J%$,(&6!:#!(,$)(!/!(3;(+%(!3$5%&(2
&$(<! H[#1(! K(&1%-<! %-! 9#$%1! 3%! (&&%)3(! %3! G$([%! /! 3%! +'1-$)#%! #1(! G$2
G$%1*(!%1!D(&8-!%1!RQVX6!73!RT!*%!*$+$%,;&%!*%!RQVL!%1+'15&(&41!-#!
+(*4G%&! %1! 3(! 0(;$5(+$P1! *%! #1! 0'5%3! *%! ,(3(! ,#%&5%<! +'1! %3! )(-!
(;$%&5'6!=$%1%!+$1+#%15(!/!5&%-!(g'-<!/!-#-!C35$,'-!$15%15'-!.'&!G%12
*%&!-#-!.'%,(-!/!(;&$&!#1(!%-+#%3(!*%!,'*%3'-!0(1!B&(+(-(*'6!
W(! K(&'1%-(! %-! #1! 5'&;%33$1'! *%! %I+%15&$+$*(*! ?%1! -%15$*'! 3$5%&(3<!
.'&9#%!%-54!B#%&(!*%3!+%15&'?!9#%!+(%!-';&%!3(!1'&,(3$*(*!;#&)#%-(!
5&(/%1*'!+'1-$)'!3(!+'1B#-$P1!/!%3!-';&%-(35'!.&'.$'-!*%!#1(!5'&,%12
5(!%3>+5&$+(k!/!+'1'+%!;$%1!3'!9#%!-#.'1%!-%&!;#&)#>-<!.'&9#%!-#-!.(2
*&%-! .(&%+%1! +3$+0>-! *%3! B$1! *%! -$)3'6! :#! .(*&%! %-! #1! +',%&+$(15%!
(+','*(*'!/!-%G%&'!9#%!.#%*%!.%&,$5$&-%!%1G$(&!(!-#!0$[(!(!#1(!%-2
+#%3(!*%!.&%-5$)$'<!,$%15&(-!9#%! -#! ,(*&%! %-! -%&%1(!/!%-54! -$%,.&%!
.&%'+#.(*(! .'&! %3! 9#>! *$&416! 73-(! -%! &%;%3(! +'15&(! (9#%33'! 9#%! 1'!
-'3'!3$,$5(!%3!*%-(&&'33'!$1*$G$*#(3<!-$1'!9#%!,(5(!(!-#!,(*&%6!H%!(08!

! SRT!
9#%!%3!E8&+#3'!*%!@%'&)%!%1!h#1$+0!(+(;%!%-.(15(*'!.'&!-#!-%I#(3$2
*(*!B&(1+(!/!(+5$G(<!/(!9#%!3(!3$;%&(+$P1!9#%!.&%5%1*%1!5$%1%!,4-!*%!
%-5>5$+(!9#%!*%!.&'/%+5'!.'385$+'6!D#%*%!9#%!3%-!B(-+$1%1!3(-!0%5%&(-!
)&$%)(-<!+'1!-#!B#-$P1!*%!-%I'! /!+#35#&(<! .%&'! +#(1*'!-%!-(35(!3(!;(2
&&%&(! 5%,.'&(3! /! 5$%1%1! *%3(15%! (! #1(! ,#[%&!(-8<! -#! &%(++$P1! %-! *(&!
#1! .(-'! (5&4-6! \%-#35(!9#%! -#! $*%(3! *%! B%,$1$*(*! -%! 3%-! (.(&%+%! *%2
,(-$(*'!,(-+#3$1'<!5$%1%!,%1'-!*%!)$1(1*&(!9#%!*%!G$&()'6!
f(!%15'1+%-!-%!.%&B$3(!%3!)>1%&'!%9#8G'+'!*%!3(!K(&'1%-(<!9#%!-%!+(-(!
.&$,%&'!+'1!#1!$,.'5%15%!/!*%-.#>-!+'1!#1!0','-%I#(3<! %1!3'!9#%!
-%&4!#1!+'15$1#'!+(,;$'!*%!,4-+(&(-!/!*%!.(.%3%-6!m$-5'-!3'-!&%-#32
5(*'-!*%!-#-!5&%-!,(5&$,'1$'-<!.(&%+%!9#%!5$%1%!.&%B%&%1+$(!.'&!3'-!
0',;&%-! 9#%! ,#%-5&(1! #1(! ,(-+#3$1$*(*! *%! .%&B$3! ;(['6! W%! )#-5(1!
.'+'!0',;&%-<!9#%!+',.3%,%15%1!-#!-%I#(3$*(*!(+5$G(!/!G'&(d6!m$&$3<!
%1!'5&(-!.(3(;&(-6!:#!C35$,'!,(&$*'!3%!%15&%)(!-#!585#3'!/!-#!(.%33$*'!
)&(1*$3'+#%15%<!j&%/5()2W'&$1)0'G%1<! (!+(,;$'!*%3! .'+'! *$1%&'!9#%!
%33(!5$%1%6!l3<!9#%!%-!#1!1';3%<!-%!1$%)(!(!5&(;([(&<!/!%33(<!9#%!%-!#1(!
,#[%&<!-%!%1+#%15&(!%1!%3!.(.%3!*%!.&'G%%*'&(!&%-%&G(*'!(!3'-!0',2
;&%-6!D%&'!%3!0%+0'!*%!+'1G%&5$&-%!%1!3(!K(&'1%-(<!+','!3(!+'1'+%&41!
-#-!(*,$&(*'&%-!%1!%3!@&%%1Å$+0!m$33()%<!%-!-#B$+$%15%!.(&(!%33(<!.'&2
9#%!*%!(3)C1!,'*'<!(#19#%!-'3'!-%(!1',$1(3<!3%)$5$,(!-#!-%15$,$%15'!
*%!>3$5%<!3(!+'1+$%1+$(!*%!-%&!#1(!+&$(5#&(!(1P,(3(!9#%!3(!(+',.(g(!
5'*(! -#! G$*(6! 71! C35$,(! $1-5(1+$(<! ,4-! (334! *%! 3(! $,.'&5(1+$(! 9#%!
.#%*(1!5%1%&!-#-!.'%,(-!'!-#-! &%(*/2,(*%-<!-#!%I+%.+$'1(3$*(*!-%!
*%;%!(!-#!.'>5$+(!*%3!/'<!(!3(!+'1-5&#++$P1!+'1-+$%15%!/!G'3#15(&$(!*%!
#1(!.%&-'1([%!9#%!-%!'.'1%!+'1!B$%&%d(!(!5'*(!$*%(!*%!3'!1'&,(36!:#!
1(5#&(3%d(!%I5&(g(!%-!#1!%[%&+$+$'!(+5$G'!*%!*$-'3#+$P1!*%!3(!G$*(!%1!
%3!F&5%!/!(!3(!$1G%&-(6!
W(! K(&'1%-(! %-! #1! *(1*$! 33%G(*'! (3! .(&'I$-,'6! D(&(! %33(! 3'-! ,(5&$2
,'1$'-! 1'! -'1! -$1'! [#%)'-! 9#%! 3%! .&'.'&+$'1(1! #1'-! +',.(g%&'-!
+'1!3'-!9#%!+'15$1#(&!-#!%I.%&$,%15(+$P1!%1!5'&1'!(3!/'<!(3!-%I'<!3'-!
38,$5%-!-'+$(3%-!/!3(!.&4+5$+(!(&58-5$+(6!E'1!%3!.(-'!*%!3'-!(g'-!G(!.#2
3$%1*'!/!.%&B%++$'1(1*'!%3!)%-5'!9#%!,(&+(!%3!$1$+$'!*%!-#!%I$-5%1+$(r!
3(!0#$*(6!"#$d4!*%;%&8(!*%+$&!%3!(;(1*'1'<!.%&'!3(!$*%(!%-!3(!,$-,(6!
E#(1*'!(!3'-!*$%+$'+0'!(g'-!*%[(!(!-#!.(*&%!/!(!-#!,(*&(-5&(!%1!+(-(!
.(&(!$&-%!(!K%&381!+'1!-#!58(!%-54!.3(15%(1*'<!.#%*%!9#%!-$1!-(;%&3'!
5'*(G8(<!%3!.&')&(,(!*%!-#!%I$-5%1+$(6!H%[(!(5&4-!3(!1'&,(3$*(*!*%!3(!
G$*(! ;#&)#%-(! .(&(! (;&(d(&! 3(! .&%+(&$%*(*<! 3(! .';&%d(! /! %3! 5%(5&'6!

SRX!!
H#&(15%!%3!&%-5'!*%!-#-!*8(-!1'!0(+%!,4-!9#%!&%.%5$&!%-%!,'G$,$%15'6!
j&%15%! (! 3(! +'0%&%1+$(! (#-5%&(! /! *%+%15%! *%! 3(-! +3(-%-! ,%*$(-<! %33(!
.&%B$%&%!3(!B&(),%15(&$%*(*!%B8,%&(<!%3!*$-B&(d!/!3(!$1-'3%1+$(!-%I#(36!
:#!.&',$-+#$*(*!3(!$1B%+5(!*%!)'1'&&%(!/!*%!-8B$3$-!+#(1*'!(.%1(-!0(!
%-5&%1(*'!3(!G%$15%1(<!.%&'<!(!*$B%&%1+$(!*%!-#!,(*&%<!3(-!5&(5(!/!-#2
.%&(! (,;(-! %1B%&,%*(*%-6! F! 3'-! G%$15$+#(5&'! (g'-! G$-$5(! N4.'3%-! /!
+'1G%1+%!(3!)#(&*(!*%3!,#-%'!(&9#%'3P)$+'!.(&(!9#%!3(!*%[%!.(-(&!(3!
)(;$1%5%! -%+&%5'! %1! %3! 9#%! -%! %I0$;%1! 3(-! .$%d(-! &%+#.%&(*(-! %1!
D',.%/(!/!9#%!3'-!(&9#%P3')'-!G$+5'&$(1'-!+'1-$*%&(1!*(g$1(-!.(&(!
3(-!,%15%-!B&4)$3%-!*%!1$g'-!/!,#[%&%-6!E3(&'<!9#%!%33(!*%!B&4)$3!5$%1%!
.'+'6! :'3'! 3'-! 0',;&%-! +'1! +$%&5(! %*#+(+$P1! .#%*%1! %I.'1%&-%! (!
%-'-! B&%-+'-<! 34,.(&(-! '! %-+#35#&(-! &',(1(-! -$1! +'&&',.%&-%k! -'3'!
%33'-! .#%*%1! -'.'&5(&! 3(-! $,4)%1%-! -%I#(3%-! 9#%! (338! -%! %1+#%15&(1!
-%)#&(-!;(['!33(G%6!E','!D(1!B'33(1*'!+'1!#1(!+(;&(6!N'!0(/!*#*(!*%!
9#%! 3'-! +(;(33%&'-! .&%-%15%-! +#(1*'! 73-(! %15&(! %1! %-%! %-.(+$'! &%-2
5&$1)$*'! -%15$&41! #1! %-+(3'B&8'! '! +P,'! -%! 3%-! B'&,(! #1! 1#*'! %1! %3!
%-5P,()'<!(3!G%&-%!-'&.&%1*$*'-!0(+$%1*'!(3)'!9#%!1'!*%;%1<!+#(1*'!
%-!%33(!3(!9#%!-%!0(!+'3(*'<!3(!9#%!0(!$1G(*$*'!-#!%-.(+$'!.&$G(*'6!D&$2
G(*'! .'&9#%! 3%-! .%&5%1%+%! -$,;P3$+(,%15%! (! %33'-<! .%&'! 5(,;$>1!
.'&9#%!-%!.&$G(!*%3!(++%-'!(!3(-!*%,4-6!
7-(!(+5$5#*!,'G$*(!.'&!3(!+#&$'-$*(*!-%I#(3<!3(!*%-G%&)n%1d(!/!3(!-#2
.&%-$P1!*%!3(-!B&'15%&(-!*%!)>1%&'!%-!#1(!+'1-5(15%!%1!3(!K(&'1%-(<!
9#%! 1'! *#*(&4! %1! $1+3#$&! %1! -#-! 5%I5'-! &%B%&%1+$(-! ,4-! '! ,%1'-!
%I.38+$5(-!(!+'1*'1%-<!G$;&(*'&%-!'!B%3(+$'1%-<!+','!%1!-#!.'%,(! F!
H'd%1!E'+o5($3-?D3%(-% VU!u^1(!*'+%1(!*%!+P+5%3%-<!.'&!B(G'&v6!73!5%I2
5'!%-!#1(!%-.%+$%!*%!,'1P3')'!%1!%3!9#%!3(!K(&'1%-(<!;'&&(+0(!%1!#1!
-.%(o%(-/!?#1'!*%!%-'-!3'+(3%-!+3(1*%-5$1'-!%1!3'-!9#%!-%!-$&G%1!;%2
;$*(-!(3+'0P3$+(-!(!.%-(&!*%!3(!.&'0$;$+$P1!*%!3'-!(g'-!G%$15%?<!.&%2
-%15(! -#! *$-.'-$+$P1! .(&(! ,(15%1%&! &%3(+$'1%-! -%I#(3%-6! F.#15(! *%!
B'&,(!+'15$1#(!(3!-%I'!'&(3<!0(;3(!*%!.$&#3%5(-!.(&(!-'35%&(-!u-.$1-2
5%&3'33/.'.v! '! *%! .345(1'-! +'1! +'1*'1%-! .(&(! -#! .(3(*(&! 3#[#&$'-'!
uN'!;(1(1(-!O!)'5!3#-5$1)!.(3(5%êO!|!F3Å(/-!%(5!50%,22!22!22!22!|!=0%/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VU!H#&41!uVURSr!ZUv!'B&%+%!#1(!5&(*#++$P1!B&(),%15(&$(6!73!'&$)$1(3!%1!$1)3>-!.#%2
*%!3%%&-%!(9#8r!055.r||ÅÅÅ6Å&$5$1)6#.%116%*#|ë(B$3&%$-|YYG|*'d%1605,3!E'1-#32
5(r!X!*%!-%.5$%,;&%!*%!VURTÄ!
! SRL!
0(G%! *(1*/! +%33#3'$*! 5#;%-tv6! =(,;$>1! %,.3%(! $,4)%1%-! B43$+(-<!
+','!%3!';%3$-+'!;%;>23P1$+'!*%3!:(;;(5<!uÅ$5+0-(;;(50!'B!'#&!;(;/2!
|! W'1$(1!';%3$-ov<!*'1*%![#15(!(3!-8,;'3'!%G$*%15%!*%!3(!%&%++$P1!3(!
-%I#(3$*(*!'&)$4-5$+(!*%!3'-!(9#%3(&&%-!/!3(!.%&G%&-$P1!;8;3$+(!*%!K(2
;$3'1$(k! .%&'<! (*%,4-<! (.(&%+%! 3(! .(3(;&(! `.'33(a! +#(1*'! 0(;3(! *%3!
%1)&%$,$%15'! u+'+o$1%--v! *%! 3'-! .'%5(-! ,(&$+(-! u(1/! -$--/! .'%5v<! '!
%1!%3!G%&-'!*'1*%!,%1+$'1(!(!#1!)(33'!/!(!#1!+#%&G'<!/!33(,(!5'15'!(!
-#!'/%15%!u+'+o!+&'Å!-$33/v6!F#19#%!%3!$1)3>-!%-!%3!-%)#1*'!$*$',(!*%!
3(!K(&'1%-(<!-$!5%1%,'-!%1!+#%15(!%3!+'15%1$*'!-%I#(3!*%3!.'%,(<!.'2
*%,'-!(-#,$&!9#%!3(!(3#-$P1!B43$+(!%-!$15%1+$'1(*(6!7-!,4-!+3(&'!(C1!
-$!3%%,'-!%3!B&(),%15'!+',.3%5'r!

ÖD-0Ü!E#(39#$%&!.'%5(!,(&$+(!5$%1%!-#B$+$%15%-!9#8,$+'-!
+'1)%3(15%-!%1!-#!)>3$*'!.%+0'!B&%#*$(1'!.(&(!(.()(&!5'*'!
%1)&%$,$%15'6!E'15&(5(&%,'-!(!#1'6!
!
D-0Ü!F1/!-$--/!.'%5!0(-!-#BB$+$%15!B&%%d$1)!|!E0%,$+(3-!$1!0$-!j&%#*$2
(1!$+%+0%-5!5'!-1#BB!(33!|!E'+o$1%--6!J%z33!0$&%!'1%6Ä!

H#*'!*%!9#%!3(!,%1+$P1!*%!j&%#*<!+#/(!5%'&8(!.-$+'(1(385$+(!0(+%!*%2
&$G(&!5'*(!3(!+'1*#+5(!0#,(1(!*%!3(!-%I#(3$*(*<!%1!#1!G%&-'!/!%3!#-'!
*%! `+'+oa! %1! %3! -$)#$%15%! -%(! +(-#(36! ^1'-! G%&-'-! ,4-! (*%3(15%! 3%%2
,'-r!

Öi0000.---------Ü!W(!.(3(;&(!,$-,(!.%1%5&(!
Öh%!-$%15'!,(&%(*(Ü!
h%!)#-5(6!utv!
!
i0000.---------Ü!=0%!G%&/!Å'&*!.%1%5&(5%-!|!O!B%%3!Å0''d/Ü!|!O!3$o%!
50(56!utvÄ!

W(!*$-.'-$+$P1!*%!3(!G'd!38&$+(! .(&(! 5%1%&!-%I'!%-! ,4-! 9#%! %G$*%15%6!


:#! ,'1P3')'! %-54! .3()(*'! *%! &(/(-! /! *%! +'&5%-<! *%! .(&4B&(-$-! /! *%!
%3$.-$-!9#%!&%.&%-%15(1!%3!*$-+#&-'!%15&%+'&5(*'!*%!3(-!;'&&(+0%&(-<!
.%&'! 5(,;$>1! *%3! *(*(8-,'<! %1! %3! 9#%! (*%,4-! *%! 3(-! $1-$1#(+$'1%-!
-%I#(3%-! 0(/! (.&'.$(+$'1%-! *%3! 3%1)#([%! .#;3$+$5(&$'! /! '5&'-! &(-)'-!
*%!3(!,'*%&1$*(*6!7-!$15%&%-(15%!(!%-%!&%-.%+5'!+P,'!-%!'.'1%!(!3(-!
B3(..%&-<! 3(-! ,'*%&1(-! 9#%! 33%G(1! B(3*(-! +'&5(-<! .%3'! (! 3'! ;';<! 9#%!
B#,(1<!;%;%1!/!%-+#+0(1![(dd6!733(!%-!#1(!+$#*(*(1(!(*#35(!+'1!*%&%2
+0'!(!G'5'!uO!(,!(1!(*#35!+$5$d%1!Å$50!|! m'5%v<!3'!9#%!$,.3$+(!9#%<!*%!

SRY!!
(3)C1! ,'*'<! 3(-! B3(..%&-! +'15$1C(1! -$%1*'! #1(-! 1$g(-! (! 3(-! 9#%! 3%-!
9#%*(!,#+0'!.(&(!.'*>&-%3%!$)#(3(&6!
W(!B&(19#%d(!+'1!3(!9#%!%I.&%-(!-#!*%-%'<!-#!G'3#15(*!%I0$;$+$'1$-5(<!
*(!#1!)$&'!(!3(!$,()%1!*%!3(!-%g'&(!*%!;$%1!/!+'3'+(!(!3(!G'd!38&$+(!?
9#%!%-!3(!*%!3(!.&'.$(!K(&'1%-(?!%1!%3!3#)(&!&%-%&G(*'!.(&(!3'-!0',2
;&%-6!71!3#)(&!*%!-%&!%3!';[%5'!%-!%3!()%15%!(+5$G'!9#%!1$!-$9#$%&(!-%!
$1-$1C(<! -$1'! 9#%! -%! 'B&%+%! -$1! &'*%'-6! 7-5(! +'1*#+5(! %-+(1*(3'-(!
%-54! +(&)(*(! *%! $&'18(<! /! 1'! %-54! 3%['-! *%! 3(! 9#%! 3(! 9#%! %I0$;%! 73-(<!
9#%! %1+(15(! /! (5%,'&$d(! (! -#-! (,$)'-! *%-*%! h#1$+0! 0(-5(! N#%G(!
f'&o6!7-!%1!%-5(!C35$,(!+$#*(*!*'1*%!(3+(1d(!-#!(.')%'!(3!.(-%(&!.'&!
3(-! +(33%-! *%! h(10(55(1! +','! #1(! (#5>15$+'! +'33()%! (1*(15%6! 73! ;(2
&&$'!%-!%3!%.$+%15&'!*%!3(!;'0%,$(!*%!3(!+$#*(*<!%,.%g(*(!%1!$&!+'12
5&(!3(-!1'&,(-<!,'-5&(&-%!$1*%+'&'-(!/!+'1B#1*$&!3'-!38,$5%-!%15&%!3(!
G$*(! '&*$1(&$(! /! %3! (&5%! %I5&('&*$1(&$'6! F338! G$G%1! 7,,(! @'3*,(1<!
O-(*'&(! H#1+(1<! H[#1(! K(&1%-<! 7d&(! D'#1*<! h(1! \(/<! h(&+%3! H#2
+0(,.<! J$33$(,! E(&3'-! J$33$(,-t! .%&'! 3(! K(&'1%-(! *%-5(+(! %15&%!
%33'-!.'&!3(!&(*$+(3$*(*!*%!-#!(.(&$%1+$(!/!*%!-#-!)%-5'-<!9#%!.&'G'2
+(1! 5(15'! (! 3(! ;#&)#%-8(! +','! *%15&'! *%! 3(! .&'.$(! G(1)#(&*$(6! 7-!
+>3%;&%! .'&! %,.3%(&! +#(39#$%&! +'-(! +','! -',;&%&'<! .'&! +'3'+(&-%!
+'1'-!*%!0%3(*'!+','!.%1*$%15%-<!.'&!33%G(&!;'3(-!*%!5>!%1!3'-!.%d'2
1%-<!.'&!(B%$5(&-%!3(!+(;%d(6!71!#1(!'+(-$P1!&';(!#1(!+'&'1(!BC1%;&%!
/!+'1!%33(!-%!0(+%!#1!G%-5$*'6!:#!(B$+$P1!.'&!3'-!G%-5$*'-!$1*%+%15%-!/!
.'&!3(!+3%.5',(18(!3(!33%G(1!+'1!B&%+#%1+$(!(!3'-!+(3(;'d'-6!
71!-#-!%-+&$5'-!(*'.5(!%3!G%&-'!3$;&%!/!3'-!*'5(!*%!#1!-%15$*'!*%3!&$52
,'!/!#1(!-'1'&$*(*!%I5&(g(!/!-%1-#(36!715&%!5'*(-!3(-!&%G$-5(-!*'1*%!
.#;3$+(! -#! ';&(<! W$553%! \%G$%Å! %-! +'1! 3(! 9#%! ,(15$%1%! #1(! &%3(+$P1!
,4-!%-.%+$(36!i(-5(!9#%!%1!RQVR!3(!&%G$-5(!G(/(!(![#$+$'!.'&!';-+%1$2
*(*!(!+(#-(!*%!3(!.#;3$+(+$P1!.'&!+(.85#3'-!*%3!^3$-%-!*%!p(,%-!p'/+%6!
F!.(&5$&!*%!%-%!,',%15'<!3'-!.'%,(-!*%!3(!K(&'1%-(!-%&41!*%,(-$(2
*'! .%3$)&'-'-<! /! 3(-! %*$5'&(-! h(&)(&%5! F1*%&-'1! /! p(1%! i%(.! 1'!
9#%&&41! (&&$%-)(&-%! (! .(-(&! *%! 1#%G'! .'&! 3'-! 5&$;#1(3%-<! $1+3#-'! (!
.%-(&!*%!9#%!i%(.!/!73-(!+',.(&5%1!$*%(-!B%,$1$-5(-6!
7-%!%-!#1'!*%!3'-!*%5(33%-!9#%!+'3'+(1!(!3(!K(&'1%-(!%1!#1!3#)(&!$12
+P,'*'! &%-.%+5'! (3! &%-5'! *%! 3(! G(1)#(&*$(! 1%'/'&o$1(6! H%3! ,$-,'!
,'*'! %1! 9#%! +&$5$+(! 3(! (#5'&$*(*! 5%(5&(3! *%3! 5%I5'! .'&! %1+$,(! *%! 3(!
(+5#(+$P1!/!-%!-$%15%!,4-!.&PI$,(!(!3(!*%-5&%d(<!3(!%-.'15(1%$*(*!/!

! SRQ!
3(!$,.&'G$-(+$P1!+$&+%1-%-<!+&$5$+(!3(!$*%(!*%!9#%!3(!,(-+#3$1$*(*!/!3(!
B%,$1$*(*!-%(1!+(5%)'&8(-!B$[(-!/!1(5#&(3%-<!+#(1*'!%33(!3(-!+'1-$*%&(!
(&5$B$+$'-! +#35#&(3%-<! '.#%-5'-! +',.3%,%15(&$'-! 9#%! 3$,$5(1! 3'-! ,'2
G$,$%15'-!*%!3(-!.%&-'1(-6!W(!G$*(!/!%3!5%(5&'!%-541!)';%&1(*(-!.'&!%3!
,$-,'!.&$1+$.$'r!3(!(+5#(+$P16!71!3#)(&!*%!+&%%&!%1!%-%1+$(-<!+&%%!%1!
3(-!&%.&%-%15(+$'1%-<!/!(15$+$.(!%1!*>+(*(-!%3!(&5%!B%,$1$-5(!*%3!C35$2
,'!5%&+$'!*%3!-$)3'!AA6!
71! %-%! -%15$*'<! J$33$(,! E(&3'-! J$33$(,-! -%! +'1G$%&5%! %1! #1'! *%! -#-!
%1%,$)'-! $15%3%+5#(3%-6! 73-(! 3%! (+#-(<! /! +'1! >3! (! 5'*(! 3(! G(1)#(&*$(<!
*%! +(%&! %1! #1(! .(&(*'[(! (3! %,.3%(&! ,>5'*'-! %I.%&$,%15(3%-! %1! 3(!
%3(;'&(+$P1! *%! -#! ';&(! (&58-5$+(<! ,$%15&(-! ,(15$%1%1! #1(! .'-5#&(!
5&(*$+$'1(3! &%-.%+5'! (! 3(! -%I#(3$*(*! /! %3! )>1%&'6! F#19#%! J$33$(,-!
(*'.5(!?+','!%33(!/!+','!D'#1*?!%3!G%&-'!3$;&%!/!%3!3%1)#([%!'&(3<!-#!
G$-$P1! *%! 3(-! &%3(+$'1%-! %15&%! 0',;&%-! /! ,#[%&%-! 1'! 5$%1%! 1(*(! *%!
1'G%*'-'6!71!RQVU!.#;3$+(!-#!3$;&'!,4-!%I.%&$,%15(3! w'&(!%1!%3!$12
B$%&1'<! #1! +'1[#15'! *%! $,.&'G$-(+$'1%-! %1! .&'-(6! F3! (g'! -$)#$%15%<!
73-(! .#;3$+(! -#! &%-.#%-5(! %1! W$553%! \%G$%Å<! =0%%! O! +(33! ài(,3%5! 'B!
J%**$1)! \$1)z! u=%! 33(,'! `i(,3%5! *%3! (1$33'! *%! ;'*(av<! *'1*%! #1%!
+&85$+(!3$5%&(&$(<!+&%(+$P1!/!0#,'&6!
D%&'!3(!&%3(+$P1!.%&-'1(3!%15&%!(,;'-!%-!+',.3$+(*(<!%-54!.3()(*(!*%!
+'1B#-$P1! /! *%! 5%1-$P1! -%I#(36! l3! %-54! $,.&%-$'1(*'! .'&! \%5&(5'! *%!
h(&+%3!H#+0(,.<!#1'!*%!3'-!&%(*/2,(*%-!9#%!%33(!0(!.&%.(&(*'<!/!-%!
(.&%-#&(! (! +'1'+%&3(! +#(1*'! -%! %15%&(! *%! 9#%! G(! (! -(3$&! *%! =0%!
=',;-<!%-!*%+$&<!*%!3'-!+(3(;'d'-!*%3!;(['!h(10(55(16!W(!33%G(!(!*%-2
(/#1(&<!.(-(1!0'&(-!0(;3(1*'!/!>3!3%!&%)(3(!#1(!+([(!*%!,%3'+'5'1%-!
,(*#&'-6!733(!3'!$15%&.&%5(!+','!#1(!$1-$1#(+$P1!%&P5$+(6!W(!-%)#1*(!
G%d!9#%!-%!%1+#%15&(1<!3(!K(&'1%-(!0%+0(!%1!+(&(!3(!-%&$%*(*!%I+%-$2
G(! *%! J$33$(,-<! /! 3%! (+'1-%[(! 9#%! +'15&($)(! 3(! -8B$3$-! .(&(! 3$;%&(&! -#!
,%15%! /<! (-8<! (3+(1d(&! 3(! +#,;&%! (&58-5$+(6! 733(! -%! 3%! 'B&%+%! +','!
(,(15%!$1B%++$'-(6!71!'5&(!'+(-$P1<!>3!G(!(!G$-$5(&3(!(!-#!(.(&5(,%15'!
*%! 3(! E(33%! RY! '%-5%<! /! -%! (-',;&(! *%! 3(! +(15$*(*! *%! .'&9#%&8(! 9#%!
(+#,#3(!/!*%!9#%!(3)#$%1<!-';&%! 5'*'!#1(!,#[%&<! -%(! +(.(d!*%! G$G$&!
%1!%-(-!+'1*$+$'1%-6!73-(!0(+%! 1#%G'-! (G(1+%-<! .%&'! >3!3'-! -$)#%! &%2
-$-5$%1*'6!
F#19#%!3(!)'5(!9#%!+'3,(!%3!G(-'!%-!+#(1*'<!#1(!1'+0%<!(3)#$%1!33(2
,(!(!+(-(!*%!J$33$(,-!.(&(!.%*$&!-#-!-%&G$+$'-!+','!,>*$+'!%1!#1(!

SVU!!
G$-$5(!*%!#&)%1+$(6!E#(1*'!33%)(!(!3(!G$G$%1*(!-%!%1+#%15&(!+'1!3(!K(2
&'1%-(!/!*%-+#;&%!9#%!5'*'!0(!-$*'!#1(!5&%5(!.(&(!3$;&(&3%!.'&!#1(-!
0'&(-!*%!-#!,#[%&!/!-#-!0$['-!/!&%)(3(&3%!#1(!;#%1(!-%-$P1!*%!-%I'6!l3!
%-54!-'&.&%1*$*'<!1'!5(15'!.'&!3(!.&'.#%-5(!+','!.'&!%3!.3(1!*%!73-(<!
.%&'!-%!'.'1%!/!0(/!#1!B'&+%[%'6!733(!3%!()(&&(!/!(+(;(!.'&!.&'.$1(&3%!
#1!)'3.%!%1!%3!+#%33'6!l3! -(3%!0#/%1*'<!/!(3! *8(! -$)#$%15%!+',.&(!#1!
-(+'!*%!;'I%'!+'1!%3!9#%!%,.$%d(!(!%15&%1(&6!71!-#!-$)#$%15%!%1+#%12
5&'! 3%! (&&%(! #1! .#g%5(d'! 9#%! 3(! 5$&(! (3! -#%3'! /! +(-$! 3%! .(&5%! 3(! ;'+(6!
F+#*%! 3(! .'3$+8(! /<! (15%! 3(-! %I.3$+(+$'1%-! *%! J$33$(,-<! 3(! (&&%-5(1! (!
%33(6!:#.'1)'!9#%!.'&!+'-5#,;&%6!
i(/! 5&%-! *%5(33%-! 9#%! +',.3$+(1! 3(! 0$-5'&$(6! 73! .&$,%&'! %-! 9#%! -'3'!
+'15(,'-!+'1!%3!5%-5$,'1$'!*%!J$33$(,-!.(&(!+'1'+%&3(<!9#%!-$1!*#*(!
%-!.(&+$(3!/!%-!,#/!.&';(;3%!9#%!-%!+'3'9#%!+','!G8+5$,(!$1'+%15%!
*%! B'&,(! $15%1+$'1(*(6! 73! -%)#1*'! %-! 9#%<! %1! (3)C1! ,',%15'<! >3! 3%!
0(;8(!%-+&$5'!#1(!+(&5(!*%!(,'&!(!%33(6!73!5%&+%&'!%-!9#%!3(!(,%1(d(!
*%!3(!-8B$3$-!1'!%-!,4-!9#%!#1!B(&'3<!/(!9#%!-%!+#&P!+#(1*'!3(!.(*%+$P!
*%!['G%1!/!1$1)C1!$1B'&,%!,>*$+'!1$!1$1)C1!5%-5$,'1$'!*%!-#-!+'1'2
+$*'-!$1*$+(!9#%!3(!-#B&$%&(!'5&(!G%d!+'1!.'-5%&$'&$*(*6!
F0'&(! ;$%1<! 3(! -8B$3$-! 5$%1%! +'11'5(+$'1%-! $,.'&5(15%-! 5(15'! .(&(! 3(!
.&'.$(! 73-(! +','! .(&(! 3(! -'+$%*(*6! \%+'&*%,'-! 9#%! %33(! (+0(+(! 3(!
,#%&5%!*%!-#!,(*&%!(!%-(!%1B%&,%*(*<!9#%!3%! 0(;&8(! +'15()$(*'!-#!
.(*&%! /<! (3! 1'! 5&(5(&3(<! 0(;&8(! *%&$G(*'! %1! #1! +41+%&! *%! C5%&'6! :#!
,#%&5%!.&%+$.$5(!3(!0#$*(!*%!73-(<!9#%!-%!G%!.&$G(*(!*%3!(.'/'!*%!-#!
.(*&%! *#&(15%! %3! &%-5'! *%! -#! G$*(6! D%&'! (*%,4-<! 3(! -8B$3$-! 5$%1%! 3(!
,$-,(!+(&)(!*%!.%3$)&'-$*(*!9#%!3'-!(15&'.P3')'-!,'&(3%-!(5&$;#/%1!
(3!5%(5&'r!$,.3$+(!%3!(;(1*'1'!*%3!%-.(+$'!*',>-5$+'!/!3(!$1B%++$P1<!/(!
-%(! *%! 3(! %1B%&,%*(*! %1! -8! '! *%! $*%(-! -#;G%&-$G(-<! +','! -%! .$%1-(!
9#%!0(+%!%3!5%(5&'6!H#&(15%!5'*'!%3!-$)3'! AOA!/!0(-5(!B$1(3%-!*%!3(!D&$2
,%&(!)#%&&(!,#1*$(3<!3(!-8B$3$-!%-!#1(!(#5>15$+(!.3()(!9#%!.&'G'+(!3(!
,#%&5%!*%!,$3%-!*%!.%&-'1(-!(3!(g'6!
W'-!(G(1+%-!*%!3(!K(&'1%-(<! 9#%!&'1*(!/(!3(! +$1+#%15%1(<! 0(+$(! J$2
33$(,! E(&3'-! J$33$(,-! -%! G$1+#3(1! (! 3(! -$B$385$+(! +','! ,#[%&! -%I#(32
,%15%! (+5$G(<! %-! *%+$&<! (15$;#&)#%-(6! D%&'! (*%,4-! (5(+(! 3(! B'&,(3$2
*(*!/!3(!&%+5$5#*!+'1!3(!9#%!J$33$(,-!-%!%1B&%15%!(3!F&5%<!/!*%!3(-!9#%!
%33(! .&',%5%! 3$;%&(&3%6! 71! *%B$1$5$G(<! .#%*%! 9#%! 5'*'! -%(! #1! [#%)'<!
#1(!5',(*#&(!*%!.%3'! 9#%! .(&5%! *%! 3(! .'385$+(! -%I#(3!-#;G%&-$G(! *%!

! SVR!
73-(!B&%15%!(!3(!,4-!5&(*$+$'1(3!*%!J$33$(,-<!5(15'!%1!-#!G$*(!.&$G(*(!
+','!,>*$+'!+(-(*'<!+','!%1!-#!';&(6!h$%15&(-!>3!,(15$%1%!3(!%I.%2
&$,%15(+$P1! *%15&'! *%! #1'-! 38,$5%-! -'+$(3%-! (+%.5(;3%-<! %33(! -%! %,2
.%g(! %1! &',.%&! +'1! +#(39#$%&! 5$.'! *%! 1'&,(3$*(*6! H%! (08! 9#%! -%!
$*%15$B$9#%! +','! -$B$385$+(<! +','! .'&5(*'&(! *%! #1(! %1B%&,%*(*! 9#%!
&%G%3(! 3(! 0$.'+&%-8(! *%! 3(! -'+$%*(*! *%! .&$1+$.$'-! *%! -$)3'<! 9#%! *%!
+#,.3$&!+'1!-#-!.&'.P-$5'-!*%!3$,$5(&!%3!-%I'!(3!*'&,$5'&$'!,(5&$,'2
1$(3!1'!-%!%1B&%15(&8(!(!#1!.&';3%,(!*%!-(3#*! .C;3$+(!*%!5(3!,()1$2
5#*k! .%&'! 5(,;$>1! 3(! $1[#-5$+$(! *%! 3(! -%.(&(+$P1! *%! %-.(+$'-! .(&(!
0',;&%-!/!,#[%&%-!/!3(!1%)(+$P1!*%!3(!-%I#(3$*(*!*%!%-5(-6!
F3!'B&%+%&-%!+','!.(&%[(!-%I#(3<!3(!K(&'1%-(!$1G$%&5%!3'-!.(.%3%-!/!-%!
+'3'+(!+','!3(!.(&5%!(+5$G(!/!,(-+#3$1(<!,$%15&(-!9#%!J$33$(,-!-%!G%!
&%*#+$*'!(!3(!.(&5%!.(-$G(!/!B%,%1$1(6!D%&'! 3(! 'B%&5(!*%! +'15()$(&3%!
G(! ,4-! (334! 5'*(G8(<! (3! .&'.'1%&3%! -$! *%! G%&*(*! %-54! *$-.#%-5'! (!
(;(1*'1(&!%3!+'1B'&,$-,'!G$5(3!.(&(!(;&(d(&!3(-!B'&,(-!$11'G(*'&(-!
9#%!%,.3%(!%1!-#-!';&(-6!7-(!*$-5(1+$(!%15&%!3(!';&(!/!3(!G$*(<!%15&%!
3(! &#.5#&(! /! %3! +'1B'&,$-,'! %-! 3'! 9#%! (5(+(! 3(! K(&'1%-(r! +P,'! -#-!
+',.(g%&'-!-%!+'15%15(1!%1!&%*#+$&!3'-!%-+41*(3'-!(3!.3(1'!(&58-5$+'!
/!1'!-'1!+(.(+%-!*%!(-#,$&3'-!%1!3(!G$*(!&%(36!W(!-8B$3$-<!+','!3(!.&'-2
5$5#5(<!&%.&%-%15(!3(!(15$B(,$3$(<!3(!%1B%&,%*(*!B8-$+(!/!,'&(3<!3(!*%-2
5&#++$P1!*%!3(!-'+$%*(*6!7-!%3!%9#$G(3%15%!*',>-5$+'!*%3!(1(&9#$-,'<!
9#%!&%(3$d(!-(;'5([%-<!.%)(!5$&'-!/!.'1%!;',;(-6!E#(1*'!3(!K(&'1%-(!
-%! .&%-%15(! +','! ()%15%! $1B%++$'-'! -%! %-54! -$5#(1*'! %1! %3! %I5&%,'!
'.#%-5'! *%! 3(! ,#[%&! *%+%15%! ;#&)#%-(<! .%&'! 5(,;$>1! %-54! *%1#12
+$(1*'! 3(! +'1G%1+$'1(3$*(*! 3(5%15%! *%! 3(! G(1)#(&*$(<! 9#%! .%&.%5C(!
5&(*$+$'1%-!9#%!*$+%!*%-5&#$&6!
W(!-#+$%*(*!*%!-#!(.(&5(,%15'!G(!%1!3(!,$-,(!*$&%++$P1<!$)#(3!9#%!-#!
B#%&5%!'3'&!+'&.'&(36!\',.%1!+'1!(9#%33'!9#%!-%!%-.%&(!*%!#1(!,#[%&!
*%!;$%16!:$!%3!(3#,;&(*'!/!%3!1#%G'!#&;(1$-,'!&(+$'1(3$-5(!*%!B$1(3%-!
*%3!AOA!*',%-5$+(1!%3!%-.(+$'!.C;3$+'<!3(!(+#,#3(+$P1!*%!*%-.%&*$+$'-!
%1!%3!.$-'!*%!3(!K(&'1%-(!-#.'1%!%3!)%-5'!+'15&(&$'6!:$!%33(<!+','!-$2
B$385$+(! -$,;P3$+(<! %-! 3(! ,#[%&! (15$;#&)#%-(<! $1+3#-'! 3(! (15$,#[%&<! -#!
(.(&5(,%15'! %-! #1! %-.(+$'! (15$*',>-5$+'<! %3! (15$0')(&6! F*%,4-<! 3%!
.&'.'&+$'1(! 3'-! ,(5%&$(3%-! 1%+%-(&$'-! .(&(! %3(;'&(&! -#-! &%(*/2
,(*%-! /! -#-! +'33()%-<! $1+3#$*'-! 3'-! 9#%! G$-5%6! h4-! 9#%! -%&G$&! +','!
5(33%&!'!(3,(+>1<!%3!3#)(&!-%!+'1G$%&5%!%1!';[%5'!(&58-5$+'!/!+'5$*$(1'!
(3!,$-,'!5$%,.'<!.';3(*'!.'&!';[%5'-!9#%!)'d(1!*%!#1!-%15$*'!%-5>2

SVV!!
5$+'!*%3!9#%!+(&%+%1!%1!#1!,',%15'!(15%&$'&!/!%1!-#!+'1+%.+$P1!'&$2
)$1(36!W(!;(-#&(!%-!3'!9#%!-%!5$&(<!1'!3'!9#%!-%!,%5%!%1!+(-(6!F3!$1G%&2
5$&! %3! ,'G$,$%15'<! 73-(! .'1%! %1! *#*(! 3(! -(+&(3$*(*! *%3! %-.(+$'!
*',>-5$+'<! /! .'&! 5(15'! B%,%1$1'<! ,#+0'! (15%-! *%! j3#I#-<! *%! f'o'!
]1'! '! F3$-'1! w1'Å3%-6! "#$%1%-! &'*%(1! (! 3(! K(&'1%-(! /! 5&(5(1! +'1!
%33(<! %-541!(5&(.(*'-! %1! #1(! %-.%+$%! *%! ';&(! *%! 5%(5&'! .%&,(1%15%<!
%1!#1(!$,.&'G$-(+$P1!+'15$1#(!%1!3(!9#%!5'*'!'+#.(!#1!3#)(&!+'1+&%2
5'<!5'*'!&%.&%-%15(!#1!.(.%3!-#;G%&-$G'6!W(!,$%&*(!+'1!3(!9#%!+'1G$2
G%<!+'1!3(!9#%!-%!G$-5%<!%3!'3'&!(+&%!9#%!*%-.&%1*%!-#!+#%&.'<!5'*'!%33'!
-#.'1%! #1! .#15'! $15%&,%*$'! %15&%! 3(! $1*$)%1+$(! G'3#15(&$(! *%3! +$2
1$-,'!/!%3!:81*&',%!*%!H$P)%1%-!+'15%,.'&41%'<!+(&)(*'!*%!#1!-$)2
1$B$+(*'!(&58-5$+'!%1!%3!9#%!1'!0(/!*$-5(1+$(!%15&%!%3!';[%5'!/!%3!-#[%2
5'<!%15&%!3(!G$*(!/!3(!';&(6!71!%-'!+'1-$-5%!%3!(15$(&5%6!
J$33$(,-!%-!$1+(.(d!*%!G%&3'<!/!-%!%-+(1*(3$d(!*%!9#%!#1(!,#[%&!G$G(!
+','! 3'! 0(+%! %33(6!:%! 3%! %-+(.(! 3(! +&85$+(! *%! )>1%&'! /! (! 3(! $1+$.$%15%!
-'+$%*(*! *%! +'1-#,'! 9#%! G$G%! 73-(6! 7-! %3! &%+'1'+$,$%15'! *%! %-(!
+&85$+(!*%!)>1%&'!%3!9#%!0(!33%G(*'!(3!&%+'1'+$,$%15'!*%!3(!.$%d(!H$'-!
+','! ';&(! -#/(<! +#(1*'! (15%-! -%! (5&$;#8(! (! h'&5'1! :0(,;%&)<! 9#%!
-'3'!3(!0(;&8(!B'5')&(B$(*'6!W(!.$%d(!+'1-$-5%!%1!*'-!5&(,'-!*%!5#;%&2
8(!#1$*'-!.'&!#1!+'*'!?*%!,'*'!9#%!-%!&%5#%&+%1!#1'!-';&%!%3!'5&'!
.(&(!(+(;(&!(.#15(1*'!*%!B'&,(!';3$+#(!0(+$(!%3!+$%3'?!/!,'15(*'-!
-';&%!#1(!+([(!$1)3%5(*'&(6!7-54!B%+0(*(!%1!RQRL!/!%-54!+'1-$*%&(*(!
#1(! *%! 3(-! .&$,%&(-! ';&(-! *(*(8-5(-! *%! 7-5(*'-! ^1$*'-6! 7-%! ,$-,'!
(g'<!H#+0(,.!B$&,(!-#!B(,'-(! j#%15%<!+'1!3(!9#%!+',.(&5%!-$,$3$5#2
*%-!$,.'&5(15%-6!71!.&$,%&!3#)(&<!*%-5(+(!3(!B(,$3$(&$*(*!*%!-#-!,(2
5%&$(3%-<!.'&9#%!3(-!5#;%&8(-!*%!.3','!-'1!*%3!,$-,'!5$.'!9#%!3(-!9#%!
#1$&8(1!%3!#&$1(&$'!(3!(3+(15(&$33(*'6! 71! -%)#1*'! 3#)(&<! (,;(-!';&(-!
+',.(&5%1! #1(! -$,;'3')8(! -%I#(3<! (#19#%! 5&(1-,$5%1! ,%1-([%-!
'.#%-5'-6!:$!3(! j#%15%!%9#$.(&(!3(!B%,$1$*(*!(!#1!#&$1(&$'!(3!+'3'+(&!
%-5%! %1! 0'&$d'15(3<! +'1! %3! *%-()n%! 0(+$(! *%3(15%<! *%! ,'*'! 9#%! &%2
+#%&*(!(!#1(!,(5&$d!%1!%3!,',%15'!*%3!.(&5'<! H$'-!%9#$.(&(!3(!,(-2
+#3$1$*(*!(!#1(!5&(,.(!(3!&%.&%-%15(&!#1(!%&%++$P1!*%B'&,%!/!.3%)(2
*(!-';&%!-8!,$-,(6!D'&!#1! 3(*'<!%1+'15&(,'-!3(!,(-+#3$1$*(*! +','!
.'5%1+$(!/!B#%&d(! *$G$1(! .%&'<! .'&! %3! '5&'<! 3(!(,%1(d(!*%!%,(-+#3(2
+$P1!9#%!%1+(&1(1!3(-!,#[%&%-!.(&(!3'-!0',;&%-6!H%!%-5%!,'*'<! H$'-!
1'!-%&4!#1!0',%1([%!(! j#%15%<!-$1'!#1(!G%1)(1d(!+'15&(!-#!,$-')$2
1$(<!9#%!.%&,%(!5'*(!3(!G(1)#(&*$(!1%'/'&o$1(6!

! SVS!
F0'&(!;$%1<! j#%15%!%-54!B$&,(*(!.'&!\6!h#55<!#1!-%#*P1$,'!9#%!%,2
.3%(! H#+0(,.<! .%&'! 9#%! +',.(&5%! +'1! 3(! K(&'1%-(<! 9#$%1! %-54! (C1!
,4-!$15%&%-(*(!9#%!-#!(,$)'!%1!3(-!B#1+$'1%-!+'&.'&(3%-!/!%3!%B%+5'!
9#%!5$%1%1!3'-!.&'+%-'-!*%!-(1%(,$%15'!-';&%!3(!+'1+$%1+$(!0#,(1(<!
+(*(! G%d! ,4-! (.(&5(*(! *%! -#! .&'.$(! 1(5#&(3$*(*6! 71! #1(! +(&5(! *%!
(;&$3!*%!RQRL<!H#+0(,.!$1B'&,(!(!-#!0%&,(1(!*%!9#%!#1(!(,$)(!3%!
0(! %1G$(*'! #1! #&$1(&$'! *%! .'&+%3(1(! +'1+%;$*'! +','! %-+#35#&(6! W(!
G$1+#3(+$P1! %15&%! (,;(-! ';&(-! %-! %G$*%15%<! /! 3(! +'1B%-$P1! *%! H#2
+0(,.!*%!9#%!3(!$*%(!.(&5%!*%!#1(!(,$)(!(.#15(!(!9#%!(,;(-!.'*&2
8(1!-%&!';&(-!*%!3(!K(&'1%-( VR6!:$!(3!33(,(&! H$'-!(!#1(-!+(g%&8(-!&$*$2
+#3$d(!(!3(!*$G$1$*(*!/!3(!,(-+#3$1$*(*!&%*#+$>1*'3(-!(!*%-.%&*$+$'-<!
/!-$! j#%15%! 5(,;$>1!%-!-#/(<!%15'1+%-!3(!$15%&.&%5(+$P1!+&85$+(!+'15&(!
3(!,$-')$1$(!9#%*(!%1!%15&%*$+0'6!]!5(3!G%d!1'<!-$!H#+0(,.!1'!-'3'!-%!
3(!(5&$;#/%<!-$1'!9#%!3%!&';(!3(!$*%(!(!73-(6!
W'!9#%!+'1G$%&5%!3(!.$%d(!%1!(&58-5$+(!%-!%3!)%-5'!*%3!(&5$-5(<!#1!)%-5'!
.%&B'&,(5$G'!9#%<!(3!B$&,(&!#1!';[%5'!%1+'15&(*'!/!.&%-%15(&3'!(15%!
%3!.C;3$+'!'!(!#1(!%I.'-$+$P1<!(B$&,(!`%-5'!%-!(&5%a6!73!0%+0'!*%!9#%!
9#$%1!B$&,(!3(!j#%15%!1'!-%(!H#+0(,.!%-!&%G%3(*'&6!\$+0(&*!h#55!1'!
%-!,4-!9#%!#1!.%&-'1([%!$1G%15(*'<!+#/'!)%1$'!1'!+&%(!#1(!';&(!'&$2
)$1(3!+','!*%B%1*8(!%3!\',(15$+$-,'<!-$1'!9#%!&%+#.%&(!#1!.&'*#+5'!
.&'*#+$*'!%1!,(-(!/!3'!*'5(! *%! -%15$*'!%-5>5$+'6!7-%!)%-5'! 5$%1%! #1!
-$)1$B$+(*'! *';3%6! D'&! #1! 3(*'<! 3%)$5$,(! #1! ';[%5'! +'5$*$(1'! +','!
*$)1'! *%! (*,$&(+$P16! D'&! %3! '5&'<! *$3#/%! 3(! B$)#&(! *%3! (&5$-5(! +','!
+&%(*'&6! D%&'! (9#8! 1'-! %1+'15&(,'-! (15%! #1(! 1#%G(! $&'18(<! .#%-5'!
9#%!H#+0(,.!%-!,#+0'!,4-!+#$*(*'-'!(!3(!0'&(!*%!`1'!(5&$;#$&-%a!
';&(-!*%!3'!9#%!3'!%-!3(!K(&'1%-(<!9#%!33%G(!+','!,81$,'!*%-*%!RQRS!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VR!:'.0$%! i'Å(&50! /! p%11$B%&! h#1*/<! %1! 3(! B$+0(! *%! 3(! ';&(! %1! 3(! =(5%! @(33%&/! *%!
W'1*&%-<!1$%)(1!3(!.'-$;3%!(#5'&8(!*%! j#%15%!.'&!.(&5%!*%!3(!K(&'1%-(<!*%;$*'!(!3(!
B(35(!*%!+'1-$-5%1+$(!+'1!-#!*$-+#&-'6!F.#15(1<!.'&!%3!+'15&(&$'<!3(!(/#*(!+'1-5(15%!
/!*%-$15%&%-(*(!9#%!H#+0(,.!'B&%+%!(!(&5$-5(-!,%1'-!+'1'+$*'-<!+'1!3'!9#%!3(!(B$2
1$*(*!*%!j#%15%!/!H$'-!-%!%I.3$+(&8(!%1!%-%!-%15$*'6!=(,;$>1!(.'&5(1!+','!.&#%;(!
9#%!%1!1$1)C1!+(-'!3(!K(&'1%-(!&%+3(,(!3(!';&(!+','!-#/(<!1$!3'!0(+%!1$1)#1'!*%!
-#-!+',.(g%&'-<!(#1!+#(1*'!0(!.&'G'+(*'!#1!%-+41*(3'!,'1#,%15(36!W(-!'.$1$'2
1%-<!.'&!5(15'<!-'1!%1+'15&(*(-<!/!*#*'!9#%!33%)#%1!(!&%-'3G%&-%!3(-!*#*(-!%1!(3)C1!
,',%15'6! 73! 5%I5'! *%! i'Å(&50! /! h#1*/! .#%*%! 3%%&-%! (9#8r!
055.r||ÅÅÅ65(5%6'&)6#o|(&5|(&5Å'&o-|*#+0(,.2B'#15($125ULTLS|5%I52-#,,(&/!
E'1-#35(r!Q!*%!-%.5$%,;&%!*%!VURTÄ!
SVZ!!
+'1B%++$'1(1*'! &%(*/2,(*%-<! +','! F*'&1'! *#&(*%&'6! H%3! ,$-,'!
,'*'!9#%!-%!(5&$;#/%! H$'-!(3!B'5P)&(B'!9#%!1'!0(+%!,4-!9#%!&%5&(5(&!
3(! ';&(<! /! 1(*$%! +'&&$)%! %-%! %&&'&! *#&(15%! 1'G%15(! (g'-<! .'*&8(! -%&!
9#%!H#+0(,.!.&%-%15(&(!(!3(!:'+$%5/!'B!O1*%.%1*%15!F&5$-5-!u:'+$%2
*(*!*%!(&5$-5(-!$1*%.%1*$%15%-v! #1(! ';&(! B$&,(*(!.'&!#1!(#5'&! 9#%!
.'*&8(!-%&!>3!'!.'*&8(!-%&!73-(<!/!1'!5#G$%&(!1$1)C1!$15%&>-!%1!(+3(&(&!
*%!9#$>1!B#%!3(!+'1+%.+$P1!'&$)$1(36!
=(,.'+'!-%&8(!3(!C1$+(!'+(-$P1!%1!3(!9#%!'+#&&%!#1!%9#8G'+'!9#%!3%-!
$,.3$9#%! (! 3'-! *'-6! W(! *%-.&%'+#.(+$P1! *%! 3(! K(&'1%-(! .'&! -#! ';&(!
0(+%! 9#%! %-5(! -%! (5&$;#/(! (! '5&'-<! +','! '+#&&%! +'1! H$'-! '! +'1! %3!
.'%,(! 9#%! +$%&&(! %3! C1$+'! 1C,%&'! *%! 3(! &%G$-5(! N%Å! f'&o! H(*(!
uH(*4!*%!N#%G(!f'&ov<!5$5#3(*'! m#%-5&(!+'1!*%G'+$P1!|!=&',.%5(-!/!
5(,;'&%-! uf'#&-! Å$50! H%G'5$'1! |! 5&#,.%5-! (1*! *&#,-v! /! 9#%! 3(!
+&85$+(!0(!-#.#%-5'!%-+&$5'!.'&!h(&-*%1!i(&53%/6!71!&%(3$*(*<!%3!5%I5'!
G$%1%!-$1!B$&,(&<!.%&'!%1!3(!,$-,(!.4)$1(!%1!3(!9#%!(.(&%+%1!*'-!&%2
5&(5'-!*%!3(!K(&'1%-(!/!-#!1',;&%6!7-5'!0(+%!.%1-(&!9#%!3(!(#5'&8(!3%!
+'&&%-.'1*%!(!%33(<!+'-(!9#%!.(&%+%!+'1B$&,(&!%3!%-5$3'!*%3!.'%,(!-$!
-%!+',.(&(!+'1!'5&'-!*%!-#-!5%I5'-6!D%&'!(*%,4-<!%3!0%+0'!*%!9#%!%3!
.'%,(!(.(&%d+(!$1G%&5$*'!/!3(!&%G$-5(!*%;(!.'1%&-%!+(;%d(!(;(['!.(2
&(!3%%&3'<!)%1%&(!'5&'![#%)'!*%!$1G%&-$'1%-!%1!%3!9#%!.(&5$+$.(1!73-(!/!
H#+0(,.6! l3! (.(&%+%! %1! .'&5(*(! +(&(+5%&$d(*'! +','! \&'-%! :>3(G/<!
%1!3(!%5$9#%5(!*%!#1!B&(-+'!*%!.%&B#,%6!E','!B'1*'!*%!3(!.4)$1(!(.(2
&%+%!&%.%5$*'!`1%Å!/'&o!*(*(!(.&$3!RQVRa!#1(!/!'5&(!G%d6!W(!.&$,%&(!
$1G%&-$P1! +'1-$-5%! %1! 9#%! 3(! K(&'1%-(! (.(&%+%! *%-1#*(! %1! 3'-! *'-!
&%5&(5'-<!%1!#1'!1'!33%G(!,4-!9#%!#1!-',;&%&'!/!%1!%3!'5&'!#1!+'33(&6!
F!\&'-%!-'3'!-%!3%!G%!3(!+(&(<!.%&'!%1!-#-!'5&'-!&%5&(5'-!(.(&%+%!+','!
#1(! -%g'&(! +'1! -',;&%&'! /! (;&$)'<! +','! 5'*(! #1(! ;#&)#%-(6! h$%12
5&(-!3(!K(&'1%-(!%I.'1%!#1(!B%,$1$*(*!-%1-#(3!/!.&'G'+(*'&(<!\&'-%!
-%!3$,$5(!(!&%.%5$&!%3!+(1'1!(+%.5(*'<!1'!%-!-$1'!3(!*',%-5$+(+$P1!*%!
3(! K(&'1%-(6! W(! -%)#1*(! $1G%&-$P1! .&'G$%1%! *%! 3(! *$-.'-$+$P1! *%3!
.'%,(! 9#%<! (3! %-5(&! +(;%d(! (;(['<! 0(+%! 9#%! 3(! &%G$-5(! .#%*(! 3%%&-%!
*%-*%! (5&4-! 0(+$(! *%3(15%<! $1G$&5$%1*'! -#! '&*%1! /! *(1*'! #1! -%15$*'!
1#%G'!(3!&%-5'!*%!5%I5'-6!
73!0%+0'!*%!9#%!H#+0(,.!$,$5%!/!*%-.3(+%!3(!(+5#(+$P1!*%!3(!K(&'1%2
-(!5(,.'+'!%-!3(!C1$+(!G%d!%1!3(!9#%!-%!(.&'.$(!*%!-#!5&(;(['6!71!+$%&2
5(!'+(-$P1<!h(1!\(/!/!>3!B$3,(1!(!73-(!(B%$541*'-%!%3!.#;$-6!H#&(15%!%3!
.&'+%-'!*%!&%G%3(*'<!3(!+$15(!-%!*%-5&#/%<!-(3G'!#1!C1$+'!B'5')&(,(6!

! SVT!
71!>3!(.(&%+%!73-(!/(!(B%$5(*(<!*%!.$%<!#1!.'+'!$1+3$1(*(!0(+$(!*%3(15%!
+'1!#1(!&'*$33(!B3%I$'1(*(<!*%!,'*'!9#%!.#%*%!G%&-%!3(!(#-%1+$(!5'5(3!
*%!.%3'6!\(/!#5$3$d(!%-(!$,()%1!%1!#1(!.'-5(3!9#%!%1G8(!(!=&$-5(1!=d(2
&(<!%1!3(!9#%!3%!$1B'&,(!*%!3(!,#%&5%!*%!H(*4!%1!N#%G(!f'&o6!E','!
'+#&&%!+'1!H$'-<!3(!';&(!-%!(5&$;#/%!(!\(/<!+#(1*'!3'!,4-!.&';(;3%!%-!
9#%!>3!-%!3$,$5%!(!B$3,(&!3(! .%&B'&,(1+%!*%!3(!K(&'1%-(6!H%!0%+0'<!3(!
%I.'-$+$P1! *%! -#-! )%1$5(3%-! +','! B'&,(! *%! &%$G$1*$+(&! 3(! (#5'&$*(*!
-';&%!-#!.&'.$'!+#%&.'!33%G(!%3! -%33'! *%! 73-(6! :$1! %,;(&)'<! %1! 3#)(&!
*%!+'1-$*%&(&!3(!.%38+#3(!.%&*$*(!+','! %3! *'+#,%15'! *%! #1(! (+5#(2
+$P1<! -%! 0(! .%1-(*'! %1! %33(! +','! %3! 5&(;(['! *%! *'-! (&5$-5(-! G(&'1%-!
$15%&.&%5(*'!.'&!#1(!,#[%&6!H%!%-5%!,'*'<!3(!(&5$-5(!9#%*(!&%*#+$*(!
(!,'*%3'6!O1+3#-'!3(!(+#-(+$P1!*%!3(!,#%&5%!*%!H(*4!.#%*%!$*%15$B$2
+(&-%! +'1! 3(! G$-$P1! *%! 3(! K(&'1%-(<! 9#%! (-$-5%! (! 3(! (+','*(+$P1! *%!
H#+0(,.!%1!3(!-'+$%*(*!%-5(*'#1$*%1-%! /! G%! (!=d(&(!+','! (3)#$%1!
$1+(.(d! *%! *(&! %3! )'3.%<! *%! (+',%5%&! %3! )%-5'!&(*$+(3! 9#%! .%&,$5(! (!
H(*4!-%)#$&!G$G$%1*'!/!.'1$%1*'!.(5(-!(&&$;(!3(!1'&,(3$*(*6!
W'!+$%&5'!%-!9#%!3(!33%)(*(!*%3!H(*4!'B$+$(3!(!N#%G(!f'&o!/!%3!(143$-$-!
.'-5%&$'&! *%-*%! 3(! i$-5'&$(! *%3! F&5%! *%[(1! (! 73-(! B#%&(! *%3! *$-+#&-'!
&%+'1'+$*'! *#&(15%! *>+(*(-<! +#(1*'! %1! %3! @&%%1Å$+0! m$33()%! -%! 3(!
+'1'+%! +','! 3(! K(&'1%-(! H(*4<! +','! 3(! ,(*&$1(! *%3! ,'G$,$%15'6!
D#%*%!9#%!%3!0%+0'!*%!9#%!-%(!,#[%&!/!*%1#1+$%!%3!.&$G$3%)$'!,(-+#2
3$1'! *%15&'! *%! 3(! .&'.$(! G(1)#(&*$(! 5%1)(! &%3(+$P1! +'1! %-5%! 0%+0'6!
=(,;$>1!3(!B(35(!*%!*$1%&'<!9#%!3(!*%[(!-'3(!%1!3(!+$#*(*!+#(1*'!%3!&%2
-5'!G$([(!(!D(&8-6!F#19#%!%33(!/(!%-!+>3%;&%!(15%-!*%!9#%!-%!%,.$%+%!(!
0(;3(&!*%!*(*(8-,'!%1!3(!+$#*(*<!/!(#19#%!-#!.%&-'1([%!/!-#!G$-$P1!
*%3!F&5%!%-5>1!*%-(&&'33(*(-!.'&!+',.3%5'<!3(!(.(&$+$P1!%1!3(!&%G$-5(!
-#.'1%! 3(! $15%)&(+$P1! %1! %3! ,'G$,$%15'! 'B$+$(3<! +#(1*'! %-5%! ,'G$2
,$%15'! 1'! 0(! 0%+0'! ,#+0'! ,4-! 9#%! -%)#$&3%! %3! .(-'! %! $,$5(&! -#-!
+'1*#+5(-<! -#-! ';&(-! /! -#! (B$+$P1! .'&! 3(! 5%(5&(3$*(*! /! %3! %-+41*(3'6!
D#%*%!*%+$&-%!9#%!%33(!%-!*(*(8-5(!(15%-!9#%!3'-!*(*(8-5(-<!(3!,%1'-!
%1!7-5(*'-!^1$*'-6!
F0'&(!;$%1<!,$%15&(-!%-5%!)%-5'!3(! 3%)$5$,(! +','!.%&5%1%+$%15%! (!3(!
)&(1!G(1)#(&*$(!*%3!(15$(&5%<! (3! ,$-,'!5$%,.'<! 3(!*%-3%)$5$,(! +','!
+&%(*'&(! $1*%.%1*$%15%6! 7-! *%+$&<! H(*4! -%! $1-5(#&(! +','! (#5'&$*(*!
;(['!+#/'!-$)1'!5$%1%!-%15$*'!3(!';&(!*%!3(!K(&'1%-(<!+#(1*'!%-!%33(!3(!
9#%!0(!,(&+(*'!%3!.(-'!(!H(*4!%1!N#%G(!f'&o6!7-!3(!(#5'&$*(*!,(-2
+#3$1(!*%!H#+0(,.!/!*%!\(/!3(!9#%!*$+%!`%-!*%!3'-!1#%-5&'-a<!+#(1*'!

SVX!!
%33(! ,(15$%1%! #1! *$-+#&-'! B%,$1$-5(! /! *%! -#;G%&-$P1! *%! )>1%&'! $12
%I$-5%15%!%15&%!-#-!+',.(g%&'-6!N$!-$9#$%&(!+#(1*'!H#+0(,.!+&%(!(!
\&'-%!:>3(G/6!73!0%+0'!*%!5&(G%-5$&-%!/!0(+%&-%!#1!.(&!*%!&%5&(5'-!%1!
%3!%-5#*$'!*%!-#!(,$)'!+(&%+%!*%!3(!+(&)(!-$,;P3$+(!/!*%!3(!B#%&d(!*%-2
5&#+5$G(!9#%!5$%1%!3(!.&%-%1+$(!*%!3(!K(&'1%-(!.'&!3(-!+(33%-!*%!3(!+$#2
*(*<! #1(! .&%-%1+$(! 9#%! 1'! -'3'! .(&%+%<! -$1'! 9#%! %1! %B%+5'! G$%1%! *%!
'5&'! ,#1*'<! #1! ,#1*'! 9#%! %33(! 0(! $1G%15(*'! /! *%3! 9#%! %-! 3(! C1$+(!
0(;$5(15%6!
F15%-!+',.(&(;(!(!73-(!+'1!#1!+81$+'<!/!+&%'!9#%!3(!+',.(&(+$P1!%-!
.%&5$1%15%!.'&9#%!3(-!-$,$3$5#*%-!-'1!,#+0(-6!E','!H$P)%1%-<!*(!%3!
5'1'!,4-!(35'!/!-#-!+',.(g%&'-!3(!(+',.(g(1<!3%!0(+%1!*%!+'&'6!\$2
*$+#3$d(!3(-!1'&,(-!-'+$(3%-!/!-%!&8%!*%!3(-!+'1G%1+$'1%-!/!*%!3(!)%15%!
1'&,(3<!9#%!(+%.5(!3'!9#%!3%!*$+5(1!-$1!*(&-%!+#%15(!*%!-#!1(5#&(3%d(!
(&;$5&(&$(6!O15%)&(!3'!;(['!%1!%3!(&5%! /!0(+%!&%B%&%1+$(-! +'1-5(15%-!(!
3(-!B#1+$'1%-!+'&.'&(3%-!,4-!G%&)'1d'-(-6!\'d(!3(!$1*$)%1+$(<!&';(!/!
.$*%!.&%-5(*'<!G$G%!)&(+$(-!(!3(!)%1%&'-$*(*!*%!-#-!(,$)'-6!:#!B'&,(!
*%!G%-5$&!3(!0(+%!&%+'1'+$;3%!(3!$1-5(15%<!(#19#%!1'!-%(!#1!,(15'<!#1!
+(/(*'! /! #1! d#&&P16! D'1%! -#! +#%&.'! %1! %3! .&$,%&! .3(1'! *%! 3(! +&%(2
+$P1<!%-!$,.C*$+(<!G$G%!%15&%!3(!;(-#&(<!0#%3%!,(3<!%-!#1(!%I5&(1[%&(!
+'1!3(!-#B$+$%15%!.%&-.%+5$G(!+','!.(&(!G%&!3'!(;-#&*'!*%!3(!$1+$.$%12
5%!-'+$%*(*!*%!+'1-#,'<!*%3!+#35'!(!3'-!';[%5'-!/!*%!3'-!&'3%-!*%!)>1%2
&'6!^1%!#1!%-.8&$5#!(&$-5'+&45$+'!(!#1!*$-+#&-'!*%,'+&45$+'<!%1!%3!9#%!
+#(39#$%&(! .#%*%! -%&! (&5$-5(! /! +#(39#$%&! +'-(! .#%*%! -%&! (&5%6! :#-!
';&(-!%-541!+(&)(*(-!*%!$&'18(!/!*$+%1!+'-(-!-%&$(-!*%!B'&,(!*$G%&5$2
*(6!E','!%3!*%!H$P)%1%-!'!%3!*%!N$%5d-+0%<!-#!*$-+#&-'!%-!.(&(!5'*'-!
/!.(&(!1(*$%6!='*(!-#!G$*(!%-!#1![#%)'<!#1(!$,.&'G$-(+$P1!5%(5&(3!%1!
3(!9#%!+(,;$(!*%!.(.%3!+#(1*'!9#$%&%<!.&'G'+(1*'!%3!*%-+'1+$%&5'!/!
%3!5%&&'&<!%1!%-.%+$(3!%1!3'-!+(;(33%&'-<!9#%!G%1!+P,'!-%!3%-!(.&'I$,(!
/!3%-!(+'-(<!+'1G$&5$>1*'3'-!%1!';[%5'-!*%!*%-%'!%1!3#)(&!*%!-#[%5'-6!
N'!3%!$,.'&5(!3(!.'385$+(<!/<!-$1!%,;(&)'<!-%!.&%-%15(!+','!#1(!B$)#&(!
3$;%&5(&$(!9#%!(-.$&(!(!3(!3$;%&(+$P1!-%I#(3!/!(!3(!$)#(3*(*!*%!3(-!,#2
[%&%-6!7-!#1!,'1-5&#'!;#&3P1<!+81$+'!/!B%,$1$-5(6!

m!

7-5(!+',.(&(+$P1!1'!%-!*%-+(;%33(*(<!(3!,%1'-!1'!-'/!%3!.&$,%&'!(3!
9#%!-%!3%!'+#&&%6!:3'5%&*$[o!*$+%!*%3!H(*4!9#%! %-!`%3!.&$,%&!1%'9#$2

! SVL!
1$-,' VV!*%3!-$)3'! AA6!:#-!)'3.%-!-%!*$&$)%1!+'15&(!5'*'!3'!9#%!-%!5',(!
%1!-%&$'!utv!73!*(*4!1'!%-<!%1!-#! 1C+3%'<!1$!,'G$,$%15'!(&58-5$+'! 1$!
(15$(&5%<!-$1'!&(*$+(3!(++$P1!B$3'-PB$+(a!uVUULr!TXSv6!F08!&(*$+(!3(!$,2
.'&5(1+$(! *%3! )%-5'! /! *%! 3(! (++$P1! .'&! %1+$,(! *%! 3(-! .(3(;&(-<! 9#%!
.$%&*%1!-#!-%15$*'!(!5&(G>-!*%!3(!.'%-8(!B'1>5$+(<!'!%3!&%+$5(*'!?(!G'd!
%1!)&$5'?!-$,#3541%'!*%3!,$-,'!.'%,(!%1!*'-!$*$',(-!*$B%&%15%-6!W(!
%3%G(+$P1!*%!3(!;(-#&(!/!3'-!';[%5'-!+'5$*$(1'-!.&'*#+$*'-!%1!,(-(<!
3(! &%;([(! *%3! %-5(5#5'! *%3! +&%(*'&<! %3! &%+'1'+$,$%15'! /! 3(! $1,%&-$P1!
%1!3(!B#5$3$*(*!/!3(!B&(),%15(&$%*(*! %B8,%&(! *%! 3(!G$*(!#&;(1(<!5'*'!
%33'! B'&,(! .(&5%! *%3! ,$-,'! .&'+%-'! *$%5>5$+'! 9#%! ';-%&G(! 3'! 9#%! 3%!
'B&%+%! -#! %15'&1'! /! -%! 1$%)(! (! +',%&6! H(*4! %-! #1(! %-.%+$%! *%! (1'2
&%I$(!%I$-5%1+$(3<!%1!3(!9#%!%3! -#[%5'!-%!*%-+#;&%!-#[%5'<!(,(&&(*'! /!
+'1*$+$'1(*'!.'&!3(!-'+$%*(*!/!*%+$*%!0(+%&3%!B&%15%<!1%)(&3(6!!
W(!$,.'&5(1+$(!*%!%-%!;(3;#+%'!B%&'d!9#%!%-!H(*4!G(!,#+0'!,4-!(334!
*%3!$,.(+5'!9#%!%[%&+%!+'15&(!%3!(&5%<!/!9#%!3'!0(!33%G(*'!(3!;'&*%!*%!
3(!,#%&5%<!-$!1'!3'!0(!(+(;(*'!+'1!>3k!-#!5(&%(!%-!5$&(&3%!,$%&*(!(!3(!
+(&(!(!3(!1'&,(3$*(*<!1'!-$%,.&%!*%!B'&,(!B$)#&(*(6!W(!K(&'1%-(<!(3!
,%1'-<!-%!(.3$+(!%1!,%5%&3%!(!3(!B#%&d(!-#!'3'&!.'&!3(-!1(&$+%-6!W(!G$'2
3%1+$(!*%!-#-!.3(15%(,$%15'-!%-!3(!&%-.#%-5(!(!#1(!G$'3%1+$(!-$-5>,$2
+(<!9#%!,#%-5&(!-#-!*'-!+(&(-!%1!(,;(-!.(&5%-!*%3!F53415$+'6!71!7-2
5(*'-! ^1$*'-<! %1! 3(! (.(&$+$P1! *%! 3(! -'+$%*(*! *%! +'1-#,'<! %1! %3!
*',$1$'!*%!3(!+'1+$%1+$(!(!5&(G>-!*%!3(!.#;3$+$*(*6!71!3(!G$%[(!7#&'.(<!
%1!B'&,(!*%!)#%&&(<!*%!,'G$3$d(+$P1!5'5(3!/! +#%&.'-!*%-,%,;&(*'-!
%1!%3!;(&&'!*%!3(-!5&$1+0%&(-6!H%!B'&,(!%-.'1541%(<!-$,#3541%(!%!$12
+'1%I(<!%1!Ñ#&$+0<!%1!K%&381!/!N#%G(!f'&o!-%!33%)(!(!3(!,$-,(!+'1+3#2
-$P1r!-$!%3!.&')&%-'!5&(%!%-5'<!%-!.&%B%&$;3%!+#(39#$%&!'5&(!+'-(6!N'!-%!
-(;%! 9#><! /! %-'! .&'G'+(&4! 3(-! +'15&(*$++$'1%-! $15%&1(-! 9#%! (+(;(1!
+'1!%3!,'G$,$%15'6!7-'!-$1!+'15(&!+'1!3'-!%)'-<!+3(&'6!H#+0(,.!5$&(&4!
0(+$(!#1!3(*'<!=d(&(!0(+$(!'5&'6!71!D(&8-!-%!+$%&&(!%1!3(!$*%(!*%3!F&5%!
.'&! %3! F&5%<! ,$%15&(-!9#%! %1! K%&381! -%!.'3$5$d(! %1! #1(! (,(3)(,(! *%!
+'&&$%15%-!&%G'3#+$'1(&$(-6!F&50#&!E&(G(1<!-';&$1'!*%!J$3*%<!/!3(!K(2
&'1%-(! ,'&$&41! +(*(! +#(3! *%! B'&,(! ,4-! (;-#&*(<! 1'! -%! -(;%! -$! .'&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VV!:3'5%&*$[o! %,.3%(! 3(! )&(B8(! `9#$1$-,'a! .(&(! -%.(&(&! 3(! 5&(*$+$P1! B$3'-PB$+(! *%3!
-%15$*'!+'15%,.'&41%'!*%3!5>&,$1'<!(3!9#%!-%!&%B$%&%!+','!+$1$-,'!G#3)(&6!F#19#%!
/'!1'!0()(!3(!,$-,(!*$-5$1+$P1!)&4B$+(<!-8!9#%!#5$3$d'!3(!%I.&%-$P1!`+$1$-,'!G#3)(&a!
%1!%3!-%15$*'!9#%!>3!3'!0(+%6!
SVY!!
(++$*%15%!'!.'&!G'3#15(*!.&'.$(6!i#%3-%1;%+o!*%[(&4!%3!F&5%!.(&(!*%2
*$+(&-%!(!3(!.-$9#$(5&8(!/<!+#(1*'!,$&(!0(+$(!3(-!%I.%&$%1+$(-!G$G$*(-!
*%-*%!%3! E(;(&%5!m'35($&%!0(-5(!-#! &%5$&'<! -%! *(!+#%15(! *%! 9#%! H(*4!
%&(! (3)'! 9#%! -%! 3%-! %-+(.(! *%-*%! %3! .&$1+$.$'<! #1(! 5&$5#&(*'&(! (#5P2
1',(!+#/'!.&'.P-$5'!1#1+(!+',.&%1*%1!1$!-$9#$%&(!9#$%1%-!B'&,(1!
.(&5%!*%!%33(6!='*(-!3(-!3%+5#&(-!/!3(-!$15%&.&%5(+$'1%-!G%1*&41!*%-2
.#>-<!+#(1*'!3(!,49#$1(!/(!0(!.(&(*'!/!-'3'!9#%*(!%3!&%+#%&*'!*%!-#!
&#$*'6!
F! .%-(&! *%! 3(-! *$B%&%1+$(-! /! *%! 3(-! *$-5$15(-! (.&'.$(+$'1%-! 9#%! -%!
0(&41! *%-.#>-! *%3! *$-+#&-'! *(*(8-5(<! 0(/! #1(! 0%+0'! %G$*%15%<! /! %-!
9#%! H(*4! %-! #1! 3(*&$*'! +'15&(! 5'*(! B'&,(! *%! (3$%1(+$P1<! %-! *%+$&<!
+'15&(!5'*(!-'+$%*(*6!D%&'!3'!9#%!3%!-%.(&(!*%3!\',(15$+$-,'<!3'!9#%!
,(&+(!-#!*$B%&%1+$(!%-%1+$(3!/!3'!$1-%&5(!%1!3(!381%(!*%!3(!,'*%&1$*(*!
(;$%&5(! .'&! D'%! /! K(#*%3($&%<! %-! %3! &%+'1'+$,$%15'! *%! 9#%! %-! %-(!
,$-,(! -'+$%*(*! (! 3(! 9#%! (,%1(d(! 3(! 9#%! +'1B$)#&(! (3! -#[%5'<! 3(!9#%!
*%5%&,$1(! 3'-! ,'*'-! *%! -#;[%5$G(+$P16! N'! %I$-5%! %-'! 9#%! 33(,(,'-!
`/'a!,4-!(334!*%!1#%-5&(-!$15%&(++$'1%-!+'1!3'-!'5&'-6!W(!(++$P1<!+'2
,'!-%g(3(!N$%5d-+0%<!.&%+%*%!(3!-#[%5'6!H%!+(*(!+#43!*%.%1*%!*%+$*$&!
-$!%-!#1!%-+3(G'!'!#1(!;%-5$(!&#;$(<!#1!G%1*(G(3!*%! &$-(!*%-5&#+5$G(6!
H(*4<!,4-!$1+3#-'!9#%!3'-!.&'.$'-!*(*(8-5(-<!3'!5$%1%!+3(&'<!/!%[%&+%&4!
*%!-%*$+$P1!%-5>5$+(!B&%15%!3(!(1%-5%-$(!*%!3(!-'+$%*(*!*%!,(-(-!/!%3!
(;-#&*'!*%!3(!)#%&&(6!
H%-*%! 3#%)'<! 3(! K(&'1%-(! 0(+%! 5'*'! 3'! .'-$;3%! .'&! $15%&B%&$&! %1! 3(!
1'&,(3$*(*!1%'/'&o$1(6!D(&%+%&4<!+','!*$+%!H#&41<!#1(!%,.%&(5&$d!
%I5&(5%&&%-5&%<!%1G#%35(!%1!-#-!*$-B&(+%-!%-+(1*(3'-'-!/!(5%&&(*'&%-6!
D%&'!3'!9#%!*%!G%&*(*!.&'G'+(!G>&5$)'!%1!-#!+(&1(G(3!.%&,(1%15%!%-!
9#%!*%-0(+%!3(!$3#-$P1!$*%15$5(&$(<!+'1!+(*(!1#%G(!,#5(+$P1!*%-+#;&%!
9#%!;(['!3(-!,4-+(&(-!1'!0(/!1(*(6!:#!&%G%3(+$P1!%-!9#%!;(['!%3!G%3'!
0(/!'5&'!G%3'<!9#%!1'!#5$3$d(,'-!3(-!,4-+(&(-!.(&(!'+#35(&<!-$1'!.(&(!
-$)1$B$+(&6!h$%15&(-!H#+0(,.!&%.$5%!+'1!-#!5&(G%-5$-,'!3'-!.&%[#$+$'-!
+#35#&(3%-<! %33(! 3'-! *%-5&#/%! (3! ,'-5&(&-%! )&'5%-+(<! (1P,(3(! /<! .(&(!
3'-! '['-! %-+(1*(3$d(*'-! *%! 9#$%1%-! 1'! +',.(&5%1! %3! %-.8&$5#! G(12
)#(&*$-5(<!*%,%15%6!
W(!K(&'1%-(!#5$3$d(!-#!%I5&(G()(1+$(<!-#!%I+%15&$+$*(*!?9#%!&%;(-(!%3!
-%15$*'!3$,85&'B%!9#%!5$%1%!.(&(!%3!*(1*$?!+','!%-5&(5%)$(!*%!-#;[%2
5$G(+$P1<!+','!(B$&,(+$P1!.'-$5$G(!*%!#1(!+'1+$%1+$(!C1$+(6!7-(!,$-2

! SVQ!
,(!381%(!*%!$1G%-5$)(+$P1!%1!5'&1'!(!3(!$*%15$*(*!/!-#!&%.&%-%15(+$P1!
%-!3(!9#%!-$)#%!E3(#*%!E(0#1<!1(+$*(!%1!N(15%-!%1!RYQZ!/!;(#5$d(*(!
+','!W#+/!\%1>%!h(50$3*%!:+0Å';6!:#!.(*&%!%-!%3!.&'.$%5(&$'!/!*$2
&%+5'&!*%3!.%&$P*$+'!W%!D0(&%!*%!3(!W'$&%<!*%!.%&B$3!&%.#;3$+(1'6!F!.%2
-(&!*%!9#%!3(!B(,$3$(!*$-B&#5(!*%!#1(!.'-$+$P1!+P,'*(<!-#!$1B(1+$(!1'!
%-!5(1!B%3$d!+','!+(;&8(!%-.%&(&6! 71! .&$,%&!3#)(&<!.'&9#%! -#!,(*&%!
%-!%1B%&,$d(!/!3(!(,%1(d(!3(!*%,%1+$(6!71!-%)#1*'!3#)(&<!.'&9#%!-#-!
+',.(g%&(-!(;#-(1!*%!%33(!.'&!-%&![#*8(<!.'&! 3'!9#%!*%[(!3(!%-+#%3(!
*%!N(15%-!/!.(-(!#1!(g'!%1!w%15!(15%-!*%!G'3G%&!(!N(15%-6!
F!-#!G#%35(!-%!%1(,'&(!*%!#1(!+',.(g%&(<!:#d(11%!h(30%&;%!?9#%!
-%!+'1G%&5$&4!%1!-#!0%&,(1(-5&(!+#(1*'!%3!.(*&%!*%!W#+/!-%!*$G'&+$%!
*%!-#!,(*&%!/!-%!+(-%!+'1!3(!*%!:#d(11%?<!+'1!9#$%1!,(15%1*&4!#1(!
&%3(+$P1!*#&(15%!5'*(!-#!G$*(6!:#d(11%!%-5#*$(!K%33(-!F&5%-!%1!N(12
5%-!*%-*%!RQRT<!,$%15&(-!9#%!W#+/! G$([(!(!D(&8-! %1!RQRY!.(&(!%-5#2
*$(&! W%5&(-<! (#19#%! /(! %1! RQRZ! 3(! .&%-5$)$'-(! &%G$-5(! h%&+#&%! *%!
j&(1+%!0(!.#;3$+(*'!-#-!.&$,%&'-! 5%I5'-<!;(['! %3!1',;&%!*%! E3(#*%!
E'#&3$-6! E#(1*'! :#d(11%! -%! 3%! #1%! %1! D(&8-! B$&,(! -#-! +'33()%-<! -#-!
)&(;(*'-! /!-#-!.$15#&(-!+','! h(&+%3!h''&%6!71! RQRY<!W#+/!(*'.5(!
*%!B'&,(!*%B$1$5$G(!%3!-%#*P1$,'!*%!E3(#*%!E(0#1<!%1!0'1'&!(!-#!58'!
(;#%3'<! %3! '&$%15(3$-5(! /! %-+&$5'&! *%! 1'G%3(-! *%! (G%15#&(-<! W>'1!
E(0#16! H#&(15%! 3'-! (g'-! G%$15%! -$)#%! .#;3$+(1*'! %1! %3! h%&+#&%! *%!
j&(1+%!/!-%!$1G'3#+&(!%1!%3!5%(5&'<!&%(3$d(!*%+'&(*'-<!(+5C(!/!%,.$%d(!
(! &%3(+$'1(&-%! +'1! 3'-! +8&+#3'-! +',#1$-5(-! /! -#&&%(3$-5(-<! *'1*%! +'2
1'+%!(!i%1&$!h$+0(#I!/!(!\';%&5!H%-1'-<!%15&%!'5&'-6!71!RQSU!.#;3$2
+(!#1!G'3#,%1!(#5';$')&4B$+'!33(,(*'! FG%#I!1'1!(G%1#-!uE'1B%-$'2
1%-! ,(3! (G%1$*(-v<! /! 3'! $3#-5&(! +'1! -#-! .&'.$'-! B'5','15([%-6! H'-!
(g'-!,4-!5(&*%!-%!#1%!(!3(!F-'+$(+$P1!*%!7-+&$5'&%-!/!F&5$-5(-!\%G'2
3#+$'1(&$'-<!*'1*%!+'1'+%!(!K&%5'16!E'1!>3!/!+'1!K(5($33%!B#1*(!3(!&%2
G$-5(! E'15&%2F55(9#%!%1!RQST!/<!(#1!-$%1*'!+',#1$-5(-<!-%!,#%-5&(1!
+&85$+'-!*%!%3!%-5(3$1$-,'6!71!RQSX!%I.'1%!%1!3(-!,#%-5&(-!-#&&%(3$-2
5(-!*%!D(&8-!/!*%!W'1*&%-6!
H'-! (g'-! ,4-! 5(&*%<! %33(! /! h(30%&;%! -%! ,#*(1! (! 3(! $-3(! *%!p%&-%/<!(!
#1(! B$1+(! 9#%! E(0#1! 0(! +',.&(*'6! H#&(15%! 3(! '+#.(+$P1! 1(d$! *%! 3(!
$-3(!B'&,(1!#1!)&#.'!*%!&%-$-5%1+$(!/!-%!*%*$+(1!(!$,.&$,$&!/!&%.(&2
5$&!.(-9#$1%-!*%!.&'.()(1*(!(15$(3%,(1(<!+','!B'&,(!*%!)#%&&(!.-$2
+'3P)$+(6!W'-!B$&,(1!+','!73!-'3*(*'!-$1!1',;&%6!71!,(&d'!*%!RQZS!
3'-!-'3*(*'-!&%)$-5&(1!3(!+(-(!/!3(-!$*%15$B$+(1!+','!3(-!(#5'&(-!*%!3(!

SSU!!
.&'.()(1*(<! (#19#%! 1'! %-! 0(-5(! [#3$'! *%3! (g'! -$)#$%15%! +#(1*'! 3(-!
*%5$%1%16!71!%3!+(3(;'d'<!5&(5(1!*%!-#$+$*(&-%!5',(1*'!@(&*%1(3<!#1!
(15$%.$3>.5$+'! ;(&;$5C&$+'<! .%&'! 3(-! *%-+#;&%1! /! 3(-! $1)&%-(1! %1! %3!
0'-.$5(36!71!1'G$%,;&%!3(-![#d)(1!.'&!0(+%&!.&'.()(1*(!(15$(3%,(1(!
/!.'&!$1+$5(&!(!3(!&%;%3$P16!W(-!%1+#%15&(1!+#3.(;3%-!/!3(-!+'1*%1(1!(!
,#%&5%6! :$1! %,;(&)'<! %1! B%;&%&'! *%! RQZT! 3(! j&(1+$(! +'15$1%15(3! -%!
3$;%&(<!/!%3!G%$15%!*%!%-%!,%-!3%-!+'1,#5(1!3(!.%1(!/!3(-!&%C1%1!%1!3(!
,$-,(!+%3*(<!0(-5(!%3!'+0'!*%!,(/'<!+#(1*'!3(-!5&'.(-!(3$(*(-!33%)(1!
(!3(!$-3(6!F3!G'3G%&!(!+(-(!3(!%1+#%15&(1!-(9#%(*(6!W(!)#%&&(!/!%3!%12
+$%&&'! -#.'1%1! .(&(! E(0#1! #1(! %I.%&$%1+$(! (5&'d! /! -#! -(3#*! -%! &%2
-$%15%6!E(*(!*8(!,4-!*>;$3<!$15%15(!&%+#.%&(&!%3!+'15(+5'!+'1!K&%5'1<!
]..%10%$,!/!%3!&%-5'!*%!-#-!(15$)#'-!(,$)'-6!71!RQTS!G$([(1!(!D(&8-<!
*'1*%!$15%15(1!%-5(;3%+%&-%<!.%&'!(3!(g'!-$)#$%15%!G#%3G%1!(!p%&-%/<!
*'1*%!E(0#1!,#%&%6!:#d(11%!3(!-';&%G$G%!0(-5(!RQLV6!
H%!B'&,(!-$,$3(&!(!3'!9#%!'+#&&%!+'1!3(!K(&'1%-(<!3(!,#%&5%!*%!E(0#1!
.&'G'+(! -#! *%-(.(&$+$P1! *#&(15%! *>+(*(-! *%! 3'-! *$-+#&-'-! 'B$+$(3%-!
*%!3(!i$-5'&$(!*%3!F&5%6!E','!%33(<!+'1G$G%!+'1!3'-!+8&+#3'-!G(1)#(&2
*$-5(-!.%&'!.%&,(1%+%!%1!#1(!.'-$+$P1!+&85$+(!9#%!1'!3%!.%&,$5%!$12
5%)&(&-%! .'&! +',.3%5'6! F,;(-! 5',(1! +','! $1B3#%1+$(! 3(-! %-5>5$+(-!
*%3! B$1! *%! -$)3'! ?E(0#1! 5&(*#+%! (! J$3*%?! /! &%$15%&.&%5(1! -#! %-5%5$2
+$-,'! *41*'3%! #1! -%15$*'! 1#%G'6! E(0#1! 5$%1%! ,%['&! B'&5#1(! %1! 3'!
,(5%&$(3<!/(!9#%!%3!*$1%&'!B(,$3$(&!3(!33%G(!(!%-5#*$(&!%1!D(&8-!/!%1!]I2
B'&*!/!3%!.%&,$5%!*%-%,.%g(&!-#!3(;'&!+','!(&5$-5(!-$1!1%+%-$*(*!*%!
5&(;([(&6!:$!3(!K(&'1%-(!(+#-(!(!3'-!*(*(8-5(-!/!(3!&%-5'!*%!(&5$-5(-!*%!
-#! %15'&1'! *%! .%&.%5#(&! 3'! 9#%! (0'&(! 33(,(&8(,'-! %3! *#(3$-,'! *%!
)>1%&'<!E(0#1!-%!,#%G%!%15&%!3(!'5&(!)&(1!G(1)#(&*$(!*%!.&$1+$.$'-!
*%3!-$)3'!AA6!73!-#&&%(3$-,'!%-!+'1-$-5%15%!%1!-#!,$-')$1$(<!(3!(*'.5(&!
+','!#1!*'),(!3(-!5%'&8(-!*%3!$1+'1-+$%15%!/<!-';&%!5'*'<!*%3!7*$.'!
B&%#*$(1' VS6! 71! %33'-! %-5(33(! 3'! 9#%! (15$+$.(1! :(*%<! K3(o%! /! .(&5%! *%!
3'-! &',415$+'-r! 9#%! %1! %3! $1-5$15'<! %1! %3! -%I'!+','! $,.#3-'! $1+'1-2
+$%15%!/!.&$,$5$G'!-%!%-+'1*%!3(!(#5>15$+(!.%&-'1(<!/!9#%!%-5(!-%!'+#32
5(! $1+3#-'! (! 3(! .&'.$(! +'1+$%1+$(6! H%! (08! *%&$G(! 3(! ';-%-$P1! .'&! 3'-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VS!:$&G(!%-5'!+','!G%&-$P1!,81$,(!*%3!,$5'r!-$1!-(;%&3'<!7*$.'!,(5(!(!-#!.(*&%!/!
-%!(+#%-5(!+'1!-#!,(*&%6!E#(1*'!3'!*%-+#;&%!-%!-(+(!3'-!'['-6!j&%#*<!/(!3'!0%,'-!
G$-5'<!%15$%1*%!%-5%!)%-5'!#1(!+','!.(&4;'3(!*%!3(!+(-5&(+$P16!73!,$5'!%[%,.3$B$+(!%3!
*%-(&&'33'!*%!3(!-%I#(3$*(*!$1B(15$3!,(-+#3$1(<!9#%!B%5$+0$d(!(!3(!,(*&%6!
! SSR!
-#%g'-<!.'&!3(-!3$;&%-!(-'+$(+$'1%-<!3(!%-+&$5#&(!(#5',45$+(<!.'&!3(!(+2
+$P1! $,.#3-$G(! $&&(+$'1(36! D%&'! %1! -#! 3P)$+(! *%3! *%-%'! &%B#%&d(1! 3(!
%-5&#+5#&(!0%5%&'-%I#(3!/!%3%G(1!3(!B$)#&(!B%,%1$1(<!(!3(!h#[%&<!+','!
3(!%1+(&1(+$P1!-$,#3541%(!*%3!%&'5$-,'!/! *%!3(!*%-5&#++$P16!D'&!%-'!
3(-!,#[%&%-!-'1!',1$.&%-%15%-!%1!3(-!';&(-!-#&&%(3$-5(-<!.%&'!%1!5'2
*'!-#!,$-5%&$'!/!-#!B#%&d(<!B(-+$1(1!/!(5%&&'&$d(1!(3!,$-,'!5$%,.'6!
7-%!%-!%3!B'1*'!$*%'3P)$+'!+'15&(!%3!9#%!-%!,#%G%!E3(#*%!E(0#1<!+'12
5&(! 3(! (,%1(d(! B%,%1$1(<! .'&! #1! 3(*'<! /! 3(! ,$-')$1$(<! .'&! %3! '5&'6!
F#19#%!(!3'!3(&)'!*%!-#!G$*(!*%-5(+(!+','!%-+&$5'&(!?-$1!&%-5(&3%!G(2
3'&!(!-#!';&(<!%-!)&(+$(-!(!3(! $1B3#%1+$(!*%! -#!B(,$3$(!+','! +'1-$)#%!
.#;3$+(&!%1!%3!h%&+#&%!*%!j&(1+%!-$%1*'!,#[%&!/!-$%1*'!5(1!['G%1?!3(!
&%+#.%&(+$P1!*%!-#!B$)#&(!.'&!3'-!*$-+#&-'-!B%,$1$-5(-!/! 9#%%&!*%!3(!
C35$,(!*>+(*(!*%3!-$)3'! AA!-%!*%;%!-';&%!5'*'!(!-#-!B'5')&(B8(-6!F!3'!
3(&)'!*%!-#!G$*(!-'3'!.#;3$+(!*'-!*%!%-(-!B'5')&(B8(-<!^1(!%-!#1!B'5'2
,'15([%! #5$3$d(*'! +','! .'&5(*(! *%! 3(! 1'G%3(! *%! RQVQ! j&'15$x&%-!
0#,($1%! uj&'15%&(-! 0#,(1(-v<! %-+&$5(! .'&! @%'&)%-! \$;%,%152
H%--($)1%-<!*'1*%!-%!3(!G%!+'1! 3(!+(;%d(!(B%$5(*(<! 3'-! 0',;&'-!*%-2
1#*'-!/!3'-!3(;$'-!.$15(*'-<!,$&(1*'!*%!B'&,(!';3$+#(!0(+$(!*%3(15%<!
,$%15&(-!#1(!-%)#1*(!%I.'-$+$P1!,$&(!*%!.%&B$3!(!3(!.&$,%&(<!+','!-$!
3%! -#-#&&(&(! (3)'! (3! '8*'6! W(! '5&(! %-! #1! (#5'&&%5&(5'! .#;3$+(*'! %1!
RQSU!%1!3(!&%G$-5(!K$B#&<!%1!%3!9#%!-%!3(!G%!5(,;$>1!+'1!3(!+(;%d(!(B%$2
5(*(<! .%&'! %-5(! G%d! *$-5'&-$'1(*(! *%! ,'*'! 9#%! -%! 3%! (3(&)(! /! 3%! *(!
B'&,(!*%!0#%G'6!73!&%-5'!*%!-#-!B'5')&(B8(-!B'&,(1!.(&5%!*%!-#!+'3%+2
+$P1!.&$G(*(6!
W'!9#%!3(!0(+%!5(1!(5&(+5$G(!/! .&'G'+(!%15#-$(-,'! %15&%! 3(-!+&85$+(-!
%-!9#%!-#!(.&'I$,(+$P1!(3!(#5'&&%5&(5'!/!-#!&%B3%I$P1!-';&%!3(!$*%15$2
*(*<! #1$*(-! (3! %,.3%'! *%3! 5&(G%-5$-,'! /! 3(! (1*&')$1$(! /! (3! +(&4+5%&!
&#.5#&$-5(!*%!-#!';&(!(15$+$.(1!3(-!.'-5#&(-!9#%!*%-(&&'33(&41!,#[%2
&%-!(&5$-5(-!,4-!*%!,%*$'!-$)3'!*%-.#>-6!F#19#%!-#!.&$,%&!(#5'&&%2
5&(5'!?%1!%3!9#%!%-54!+(&(+5%&$d(*(! +','!'*(3$-+(?!%-! *%!RQRV<! %-! (!
.(&5$&! *%! RQRQ! +#(1*'! (*'.5(! 3(! $,()%1! (1*&P)$1(! /! 5%(5&(3! 9#%!
,(15%1*&4!*#&(15%!%3!&%-5'!*%!-#!$1G%-5$)(+$P16!^1(!*%!3(-!+3(G%-!*%!
-#! ';&(! %-! +P,'<! (! 5&(G>-! *%! +(,;$'-! %1! -#-! )%-5'-! /! %1! -#! &'.(<!
,#%-5&(!3(!B&()$3$*(*!*%3!)>1%&'<!+P,'!-$,.3%-!*%5(33%-!%-5>5$+'-!+'2
,'! %3! +'&5%! *%! .%3'! .#%*%1! +(,;$(&! 3(! .%&+%.+$P1! 9#%! 5%1%,'-! *%!
#1(!,$-,(!.%&-'1(6!h#%-5&(<!%1!*%B$1$5$G(<!3(!5%(5&(3$*(*!*%3!)>1%&'6!
D'&! %-(! &(dP1! .&'+#&(! %G$5(&! 3'-! &(-)'-! 9#%! 3(! $*%15$B$9#%1! +','!

SSV!!
0',;&%!'!+','!,#[%&<!,$%15&(-!9#%!(+%15C(!(9#%33'-!9#%!33%G(1!(!3(!
+'1B#-$P16!W(!*#&%d(!*%!-#-!&(-)'-<!-#!1(&$d!)&(1*%!/!()#$3%g(![#%)(1!
(!-#!B(G'&<!(3%[(*'-!+','!%-541!*%!3(!*%3$+(*%d(!9#%!-%!%-.%&(!%1!#1(!
+(&(!*%!,#[%&6!
W(!%3%++$P1!*%!-#!1',;&%!G(!%1!3(!,$-,(!*$&%++$P16!E3(#*%!%-!#1'!*%!
3'-!.'+'-!1',;&%-!%1!B&(1+>-!9#%!-%!%-+&$;%1!/!-%!.&'1#1+$(1!$)#(3<!
5(15'! -$! -%! #5$3$d(! .(&(! 33(,(&! (! #1! 0',;&%! +','! '! (! #1(! ,#[%&6!
E(0#1!/!h(30%&;%!B&%+#%15(1!3'-!+8&+#3'-!3%-;$(1'-!.(&$-$1'-!*%!3'-!
(g'-! G%$15%<! *'1*%! -%! %-54! *%-(&&'33(1*'! #1(! -#;+#35#&(! $,;&$+(*(!
+'1!%3!,#1*'!(&58-5$+'<!+'1!)%15%!+','!H[#1(!K(&1%-!'!@%&5&#*!:5%$1<!
p(1%! i%(.! '! K%&%1$+%! F;;'56! 7-5(! %-+%1(<! .(&(3%3(! (! 3(! *%! W'1*&%-<!
$1+3#/%!%3!5&(G%-5$-,'!%15&%!'5&'-!5$.'-!*%!-#;G%&-$P1!*%!3(!1'&,(3$2
*(*!B%,%1$1(6!D%&'!%3!$15%&>-!*%!E(0#1!&%-.%+5'!(!3(!-%I#(3$*(*!1'!-%!
3$,$5(! (! 3(-! .&4+5$+(-<! -$1'! 9#%! $1+3#/%! %3! +'1'+$,$%15'! B'&,(36! 71!
RQRY!.#;3$+(!#1!(&58+#3'!%1!%3! h%&+#&%!*%!j&(1+%!%1!5'&1'!(3![#$+$'!(!
]-+(&! J$3*%<! .%&'<! %-! ,4-! $,.'&5(15%! %3! 0%+0'! *%! 9#%! 5&(*#d+(! (3!
B&(1+>-!(3!-%IP3')'!i(G%3'+o!733$-6!7-54!(3!+'&&$%15%!-';&%!3(-!5%'&8(-!
*%! 3(! $1G%&-$P1! .(&(! %I.3$+(&! %3! *%-%'! 0','-%I#(3<! .%&'! %33(! .(&%+%!
.&%B%&$&! 3'-! 5>&,$1'-! `#&(1$-,'a! '! `5%&+%&! -%I'a<! 9#%! 5$%1%1! #1!
+(&4+5%&! ,#+0'! ,4-! .'-$5$G'! /! *%-.(5'3')$d(*'! 9#%! `0','-%I#(3a6!
73!.&';3%,(!9#%!-#&)%!(!3(!0'&(!*%!*%B$1$&3(!+','!3%-;$(1(!%-!3(!(,2
;$)n%*(*!9#%!,#%-5&(!(3!$*%15$B$+(&-%!+','!,#[%&<!%1!+P,'!*$+%!'-2
+$3(&!%15&%!3(!B%,$1$*(*!/!3(!,(-+#3$1$*(*6!D%&'!.3(15%(!-#!.&%B%&%12
+$(! .'&! 3'! 1%#5&'<! /! 3(! (1*&')$1$(! +','! -#! $*%(36! F08! &(*$+(! 3(!
$*'1%$*(*!*%!-#!1',;&%6!
7-(!(,;$)n%*(*!-%!G%!%1!-#-!(#5'&&%5&(5'-<!%1!3'-!9#%![#%)(!+'1!3'-!
&'3%-<!3(-!,4-+(&(-!/!3'-!%-.%['-6!7-5(-!B'5')&(B8(-!-'1!,4-!'!,%1'-!
+'%541%(-!*%3!(&58+#3'!*%!p'(1!\$G$x&%! W(!B%,$1$*(*!+','!,(-+(&(*(!
?-%!.#;3$+(!%1!RQVQ?<!#1!5%I5'!B#1*(+$'1(3!*%3!B%,$1$-,'!%1!%3!9#%!
-%!-%g(3(!%3!+(&4+5%&!(&5$B$+$(3!%!$,.'-5(*'!*%!3(!B%,$1$*(*6!N'!-%!5&(2
5(!5(15'!*%!9#%!E(0#1!+'1'd+(!%-5(!';&(<!-$1'!*%!9#%!3(-!+'1*$+$'1%-!
*%! .&'*#++$P1! *%! (,;(-! -'1! ,#/! -$,$3(&%-6! D'&! #1! 3(*'<! %-54! 3(!
%,%&)%1+$(!*%!3(-!-#;+#35#&(-!3%-;$(1(-<!.'&!%3!'5&'!%3!B%,$1$-,'!-#2
B&()$-5(6!D%&'!3'!9#%!,4-!33(,(!3(!(5%1+$P1!%-!+P,'!%,.3%(!3'-!,$-2
,'-! &%+#&-'-! 9#%! 3'-! -#&&%(3$-5(-<! 3'-! ,$-,'-! [#%)'-! *%! B$++$'1%-! /!
&%(3$*(*%-<! .(&(! *%,'-5&(&! 3(! 5%(5&(3$*(*! *%! 3(! .%&-'1(! /<! (3! ,$-,'!
5$%,.'<!.(&(!*%-%&'5$d(&!%3!+#%&.'6!

! SSS!
:$! %1! %3! :#&&%(3$-,'! %3! +#%&.'! B%,%1$1'! %-54! +(&)(*'! *%! +'15%1$*'!
-%I#(3<!%1!3(-!B'5')&(B8(-!*%!E(0#1!%-%!,$-,'!+#%&.'!B%,%1$1'<!9#%!
%-! %3! -#/'<! +(&%+%! *%! 3'-! (5&$;#5'-! 9#%! 3'! 0(+%1! (5&(+5$G'6! H$3#/%! 3(!
*$-5$1+$P1!%15&%!#1'!/!'5&'!-%I'6!7-%!+#%&.'!9#%!-%!G%!1'!%-!#1!+#%&2
.'! *%! ,#[%&<! %-! '5&(! +'-(6! N'! -'3'! +#(1*'! (.(&%+%! G%-5$*'! *%! 0',2
;&%<! *'1*%! 1$! %3! #1$B'&,%! ,(-+#3$1'! 9#%! B'&,(1! 3(-! (,%&$+(1(! /! 3(!
+'&;(5(! 3')&(1! '+#35(&! +$%&5(! (,;$)n%*(*k! 5(,;$>1! +#(1*'! (.(&%+%!
+','! ,#[%&! 5&(1-,$5%! #1(! -%1-(+$P1! -$1$%-5&(! *%! B%,$1$*(*! B(3-(<!
.'-5$d(6!W(!$15%1-$*(*!*%3!+'3'&!*%!3(;$'-<!3'-!+'&(d'1%-!.$15(*'-!%1!
3(-! ,%[$33(-<! 3'-! .%d'1%-! *%! B$%35&'! .%)(*'-! -';&%! 3(! +(,$-%5(<! 5'*'!
%33'! (.#15(! (! #1(! +'1-5&#++$P1! %-5>5$+(! *%! 3'! 9#%! -%! +'1-$*%&(! #1(!
,#[%&6! H#&(15%! 3'-! (g'-! 5&%$15(<! -#! (1*&P)$1'! %,.$%d(! (! (;&$&-%! (3!
,#1*'<! -%! 3$;%&(! *%3! ($-3(,$%15'! (3! 9#%! %-54! -',%5$*'! %1! 3(! *>+(*(!
(15%&$'&<! .%&'! %3! 3'-! +#(&%15(! G#%3G%! (! ,$&(&! 0(+$(! -8! ,$-,'<! -%! &%2
.3$%)(!%1!3(!;C-9#%*(!*%!#1(!$*%15$*(*!%15%1*$*(!+','!#1(!-#+%-$P1!
*%!,4-+(&(-!-$1!#1!/'!'&$)$1(36!
73! *%-+#;&$,$%15'! *%! %-5'-! &%5&(5'-! 815$,'-! %1! 3(! *>+(*(! *%! RQQU!
+(#-(! #1! (#5>15$+'! &%G#%3'! %15&%! 3(! +&85$+(! B%,$1$-5(! /! 3(-! 5%'&8(-!
9#%%&!.'&!3(-!-$,$3$5#*%-!9#%!5$%1%!+'1!-#-!.&'.$'-!*$-+#&-'-6!71!%-2
.%+$(3!+'1!3(-!$*%(-!*%!h'1$9#%!J$55$)!/!*%!p#*$50!K#53%&6!W(!.&$,%&(!
(B$&,(!9#%!`3(!+(5%)'&8(!*%!-%I'!%-!#1(!+(5%)'&8(!9#%!B#1*(!3(!-'+$%2
*(*! %1! +#(15'! 0%5%&'-%I#(3a! uVUUXr! VXv<! %-! *%+$&<! 9#%! 3(! *$-5$1+$P1!
%15&%!0',;&%-!/!,#[%&%-!*%.%1*%!*%!#1!.3(1!.'385$+'!*%!*',$1(+$P1!
*%! #1(! +3(-%! .'&! '5&(! (! 5&(G>-! *%! 3(! &%.&'*#++$P1! *%! 3(! %-.%+$%<! 3(!
+&$(1d(! /! %3! +#$*(*'! *%! 3(! *%-+%1*%1+$(6! W(! ,#[%&<! G$-5(! +','! +3(-%!
*',$1(*(<! *%.%1*%! *%! -#! $15%&(++$P1! +'1! %3! 0',;&%<! %15%1*$*'! +'2
,'!+3(-%!'.&%-'&(<!.(&(!+'1-$*%&(&-%!+','!5(36!D%&'!%-(!+(5%)'&8(!*%!
,#[%&!1'!%-!,4-!9#%!#1!,$5'!9#%!%3$,$1(!3(-!%-.%+$B$+$*(*%-!*%!5'*(-!
/!+(*(!#1(!*%!3(-!,#[%&%-!&%(3%-6!W(!3$;%&(+$P1!*%!3(-!,#[%&%-!.(-(<!
.'&!5(15'<!.'&!3(!%3$,$1(+$P1!*%!3(!+3(-%!,#[%&!/!*%!3(!+3(-%!0',;&%6!
D(&(!%33'!0(+%!B(35(!+(,;$(&!3(!B'&,(!%1!3(!9#%!1'-!-#;[%5$G(,'-<!+'2
,'!%15%1*%,'-!1#%-5&(!&%3(+$P1!+'1!%3!-%I'!/!%3!)>1%&'6!W(-!3%-;$(2
1(-<! (3! $)#(3! 9#%! 3(-! ,'1[(-<! (3! 1'! -',%5%&-%! (! 3(! (#5'&$*(*! -%I#(3!
,(-+#3$1(<!B'&,(1!#1(!+3(-%!.'385$+(!(#5P1',(!/!-#;G%&-$G(!9#%!1'!
.#%*%!$*%15$B$+(&-%!+'1!3(!*%!,#[%&6!W(!(B$1$*(*!*%!E(0#1!+'1!%3!5%&2
+%&! -%I'! 9#%! .3(15%(! 733$-! %1! 3#)(&! *%! +'1! %3! B%,%1$1'! $,.3$+(! #1(!
B(,$3$(&$*(*! ?1'! %1! %3! -%15$*'! *%! 9#%! 3'! +'1'd+(<! +3(&'<! -$1'! %1! %3!

SSZ!!
Å$55)%1-5%$1$(1'! *%! 9#%! +',.(&5%1! #1! ($&%! *%! B(,$3$(?! +'1! %3! .%12
-(,$%15'!*%!J$55$)<!(3!,%1'-!%1!3'!9#%!-%!&%B$%&%!(3!-%I'!.'385$+'!/!(!
3(!$*%(!*%!5&(-+%1*%&!3'-!&'3%-!*%!)>1%&'!+'1!%3!B$1!*%!3')&(&!#1(!-'2
+$%*(*!,4-!$)#(3$5(&$(6!
D'&! -#! .(&5%<! p#*$50! K#53%&! -$)#%! (! W(+(1! %1! -#! $*%15$B$+(+$P1! *%3!
)>1%&'<!*%!3(-!+(5%)'&8(-!*%!0',;&%! /! ,#[%&<! +','!$*%(3%-! -$,;P3$2
+'-! *%! 3(! *$B%&%1+$(! -%I#(3<! (! 3'-! 9#%! 3'-! +#%&.'-! &%(3%-! 5$%1*%1! *%!
B'&,(! $,$5(5$G(! .%&'! 9#%! -%! 3%-! %-+(.(1! .'&! -#! .&'.$(! 1(5#&(3%d(!
$*%(36!7-!*%+$&<!9#%!%3!(&)#,%15'!*%!K%(#G'$&!*%!9#%!3(-!,#[%&%-!-%!
0(+%1! $1+3#/%! 5(,;$>1! (! 3'-! 0',;&%-<! .%&'! %-! #1! .&')&(,(! 9#%! -%!
+(1+%3(! (! -8! ,$-,'! .'&9#%! &%-#35(! $&&%(3$d(;3%6! H%! %-5%! ,'*'<! %3!
)>1%&'!$,$5(!*%!B'&,(!+'1-5(15%!#1!,'*%3'!$1%I$-5%15%<!%-!#1(!&%.%2
5$+$P1!.%&.%5#(!*%!-8!,$-,'6!:#!B#1+$P1!%-<!.'&!5(15'<!3(!*%!.&P5%-$-!
-%,415$+(<! 3(! *%! ,'3*%(&! (! 3(! .%&-'1(! 5(15'! %1! 3(! B'&,(! %1! 9#%! -%!
+'1+$;%!(!-8!,$-,(!+','!%1!3(-!B'&,(-!%1!9#%!3(!3%%1!3(-!*%,4-6!D%&'!
.(&(!9#%!3(!3%+5#&(!-%(!+'&&%+5(<!.(&(!9#%!-%(!#1!+#%&.'!,(-+#3$1'!'!
B%,%1$1'!+'&&%+5'<!*%;%!G$)$3(&-%!/!+'&&%)$&-%!(!+(*(!,',%15'<!.(&(!
1'!*%-G$(&-%!*%!(9#%33'!9#%!*%;%!-%&6!73!)>1%&'!+','!,'*#3(+$P1!*%3!
/'!-';&%!#1!B'1*'!G(+8'!%-<!5(,;$>1<!3'!9#%!-%!*%-.&%1*%!*%!3'-!5%I2
5'-!/!3'-!(#5'&&%5&(5'-!*%!E(0#16!
:$!.%1-(,'-!%1!3(!(15$+$.(+$P1!*%!,4-!*%!+$1+#%15(!(g'-!+'1!3(!9#%!
E3(#*%!E(0#1!0(+%!-#-!.3(15%(,$%15'-<!%1!-#!#5$3$d(+$P1!*%3!(#5'&&%2
5&(5'!+','!,>5'*'!*%!%I.%&$,%15(+$P1!%!$1G%-5$)(+$P1!-';&%!%3!/'!/!
3(!&%.&%-%15(+$P1!*%!%-5%!?9#%!-%!+'1G%&5$&4!%1!#1(!*%!3(-!%-5&(5%)$(-!
.&%B%&$*(-!*%!3(-!(&5$-5(-!B%,$1$-5(-!(!.(&5$&!*%!3(!*>+(*(!*%!RQLU?<!%3!
(5&(+5$G'!/!%3!)&(1!G(3'&!%-5>5$+'!*%!-#!';&(<!/!-#!%I+3#-$P1!*%!3(!5&(2
*$+$P1!-#&&%(3$-5(<!1'!%-! *%! %I5&(g(&! 9#%!3(!=%'&8(! 9#%%&!-%!(.&'.$%!
*%!-#!B$)#&(!+','!#1(!*%!-#-!)&(1*%-!.&%*%+%-'&(-6!D%&'<!.'&!-$!%-5'!
B#%&(!.'+'<!(*%,4-!0(/!9#%!-#,(&!-#!(+5$G$-,'!.'385$+'!+','!3#+0(2
*'&(! (15$B(-+$-5(! %1! %-(! %15$*(*! ,85$+(! 9#%! -#.'1%! 3(! \%-$-5%1+$(!
B&%15%!(!3'-!1(d$-6!:$!;$%1!%-!+$%&5'! 9#%!3(! &%+%.+$P1! *%! -#!';&(!%-54!
+'1*$+$'1(*(!.'&!%3!+'15%I5'!.&%-%15%!/!9#%<!+','!F11%!W$-5%&<!-#-!
.&$G$3%)$'-! 3%! *(1! +$%&5(! 3$;%&5(*! *%! ,'G$,$%15'<! 5(,;$>1! 3'! %-! 9#%!
.'*&8(!0(;%&!0%+0'!.'+'!,4-!.(&(! +'1G%&5$&-%! %1!#1(!B$)#&(! 3%)%12
*(&$(6!

! SST!
mO!

W(!+#%-5$P1!9#%!.3(15%(!%-5(!5&$1$*(*!B'&,(*(!.'&!F11%!W$-5%&<!73-(!
G'1!j&%/5()2W'&$1)0'G%1!/!E3(#*%!E(0#1!?.%&'!5(,;$>1!J$3*%!/!:(2
*%?!%-!3(!*%!+P,'!.#%*%!G$G$&-%!3(!(1',(38(<!+#(1*'!3(!.&'.$(!-%I#(2
3$*(*<! -';&%! 3(! 9#%! -%! 3%G(15(! 3(! -'+$%*(*! +'15%,.'&41%(<! %-! $1(*%2
+#(*(!'!.%&G%&-(6!7,.3%'!(9#8!%3!5>&,$1'!`-%I#(3$*(*a!%1!#1!-%15$*'!
(,.3$'<!9#%!$1+3#/%!(3)#1(!*%!3(-!+(5%)'&8(-!%1!3(-!9#%!-%!*$G$*%!(0'2
&(!3(!G$G%1+$(!-%I#(3r!$*%15$*(*!*%!)>1%&'<!$*%15$*(*!-%I#(3<!'&$%15(2
+$P1!-%I#(3t!W(!.&$,%&(!-%&8(!#1(!+(5%)'&8(! .-$+'3P)$+(! ?+','! 9#>!
5%! $*%15$B$+(-?<! 3(! -%)#1*(! -%&8(! +381$+(! ?9#>! *$+%1! 3'-! ,>*$+'-! /! 3(!
;$'3')8(! 9#%! %-! 5#! +#%&.'?! /! 3(! 5%&+%&(! -%&8(! (B%+5$G(! ?9#>! 5$.'! *%!
+#%&.'!5%!.&'G'+(! *%-%'!-%I#(3?6!h$%15&(-!W$-5%&! &%.&%-%15(&8(! #1(!
'.+$P1!&%(3$-5(<!3(!K(&'1%-(!'.5(&8(!.'&!%3!$&&%(3$-,'!/!E(0#1!%-5(&8(!
%1! #1! 3#)(&! $15%&,%*$'6! D%&'<! (! .%-(&! *%! -#! $15%&>-! 0$-5P&$+'<! -'1!
%[%,.3'-!*%3!.(-(*'6!
F#1!(-8<!.#%*%1!+'1-$*%&(&-%!+','!.&'5'5$.'-!*%!3'!9#%!-%!*%-(&&'2
33(&4!+'1!3(-!3#+0(-!B%,$1$-5(-!/!9#%%&<!%1!-#!*%,'-5&(+$P1!*%!3(!.3(-2
5$+$*(*!.&'-5>5$+(!*%3!)>1%&'<!-#!B(35(!*%!(1+3([%!+'1!%3!-%I'!;$'3P)$+'<!
-#!3#+0(!.'&!3(!3$;%&(+$P1!-%I#(3!/<!%1!*%B$1$5$G(<!3(!$,.#)1(+$P1!*%3!
,'*%3'!*#(3$-5(!9#%!-'-5$%1%!3(!+#35#&(!'++$*%15(3<!+','!5(,;$>1<!*%!
(3)C1!,'*'<!(15$+$.(!K3(o%6!W(!';-%-$P1!*%!F11%!W$-5%&!+'1!%3!,(5&$2
,'1$'!/!3(-!*#*(-!*%!E3(#*%!E(0#1!-';&%!-#!$*%15$B$+(+$P1!+','!,#2
[%&!(.#15(1!(!3(-!5%'&8(-!*%!3(!5&(1-%I#(3$*(*6!H%!0%+0'<!3(-!+'1+%.2
+$'1%-!-';&%!3(!0','-%I#(3$*(*!*%!.&$1+$.$'-!*%3!-$)3'!AA<!%1!%-.%+$(3!
3(!5%'&8(!*%!3(!$1G%&-$P1<!(0'&(!1'-!.(&%+%1!,4-!.&PI$,(-!(!%-5(!1'2
+$P1!9#%!(!3(!*%!)(/!'!3%-;$(1(6!i(3;%&-5(,!(.#15(!3(!%I$-5%1+$(!*%!#1!
+'15$1#'! %15&%! `5&(1-%I#(3$*(*<! 5&(1-)>1%&'! /! ,(-+#3$1$*(*%-! 3%-2
;$(1(-a!uVUUYr!RXXv!%1!%3!9#%!%-5(;3%+%&!38,$5%-!%15&%!#1(!+(5%)'&8(!
/!'5&(!&%-#35(!+',.3$+(*'6!
73! &%+'1'+$,$%15'! .'&! .(&5%! *%! 3(! *$-+$.3$1(! ,>*$+(! *%! 3'-! +#%&.'-!
$15%&-%I#(3%-! /! *%! 3(-! .%&-'1(-! 5&(1-%I#(3%-! 'B&%+%! .'-$;$3$*(*%-!
'.#%-5(-6! D'&! #1! 3(*'<! .%&,$5%! (! 9#$%1%-! -$%15%1! #1(! $*%15$B$+(+$P1!
B#%&5%!/!&%(3!+'1!3'-!,'*%3'-!B%,%1$1'!'!,(-+#3$1'!%,.&%1*%&!#1(!
5&(1-$+$P1!9#%!3%-!.%&,$5(!&%(-$)1(&!-#-!+#%&.'-!/!([#-5(&3'-!(3!-%I'!
(1-$(*'! (! .(&5$&! *%! #1(! -%&$%! *%! 5&(1-B'&,(+$'1%-! 0'&,'1(3%-! /!
9#$&C&)$+(-6! ^1(! G%d! 5%&,$1(*'! %3! .&'+%-'<! 9#%! %-! 3(&)'<! $1G(-$G'! /!

SSX!!
*'3'&'-'<! -#-! -%I'-! B8-$+'! /! ,%15(3! %-5(&41! (3$1%(*'-6! 7-5(! .'-$;$3$2
*(*!%-!(-',;&'-(<!.#%-5'!9#%!.%&,$5%!&%.(&(&!#1!%-5(*'!*%!*$-3'+(2
+$P1! ?+'1'+$*'! +','! *$-B'&$(! *%! )>1%&'?! 9#%! 0(+%! $1G$G$;3%! 3(! G$*(!
*%! 9#$%1%-! 3'! .(*%+%16! O1+3#-'! +#(1*'! )&(1! .(&5%! *%! 3'-! +#%&.'-!
5&(1-!1'!0(+%1!,4-!9#%!&%(B$&,(&!%3!*#(3$-,'!*%!)>1%&'<!%-!*%!()&(2
*%+%&! %3! 0%+0'! *%! 9#%! 3(-! 5>+1$+(-! &%+'1-5&#+5$G(-! /! .34-5$+(-! -%(1!
+(.(+%-!*%!33%G(&3%-!(!3'!9#%!+'1-$*%&(1!-#!+(-(6!D%&'!.'&!%3!'5&'!3(2
*'<!5(,;$>1!(;&%!+(,$1'-!1#%G'-!*%!%I.%&$,%15(+$P1<!9#%!33%G(1!(3!
1$G%3!*%!3(!+(&1%!3'!9#%!%3!*(1*$<!E(0#1!'!3(!K(&'1%-(!,(15$%1%1!%1!
3(!&'.(6!
71!VUUQ<!%3!+$1%(-5(!%I.%&$,%15(3!p'!:'3!B$3,(!3(!%-5(1+$(!%1!K(&+%3'2
1(!*%3!(&5$-5(!%-5(*'#1$*%1-%!W(d3'!D%(&3,(16!W(!.%38+#3(!*'+#,%12
5(3! &%-#35(15%<! j(o%! ]&)(-,! u]&)(-,'! B(3-'v<! +',$%1d(! +'1! #1! +'12
+#&-'! *%! '&)(-,'-! B$1)$*'-! 9#%! D%(&3,(1! '&)(1$d(! %1! #1! +3#;!
1'+5#&1'!*%!3(!+$#*(*6!W(-!.&$,%&(-!%1!(.(&%+%&!%1!%3!%-+%1(&$'!-'1!
3(-!,#[%&%-<!9#%!'B&%+%1!-#-!,%['&%-!(+5#(+$'1%-<! 5(1! 1%&G$'-(-! +'2
,'!*$G%&5$*(-6!E#(1*'!-%!3%-!.&%)#15(!.'&!9#>!.(&5$+$.(1!%1!%3!+'12
+#&-'<!.'&!9#>!B$1)%1!/!-$!3'!0(+%1!+'1!B&%+#%1+$(!%1!-#!G$*(!.&$G(*(<!
+(-$!5'*(-!&%-.'1*%1!*%!B'&,(!-$,$3(&r!%3!B$1)$,$%15'!*%3!'&)(-,'!%-!
#1(!.&4+5$+(!+',C1<!/!-%!0(+%!.(&(!%G$5(&!9#%!-#-!(,(15%-!G(&'1%-!
-%!-$%15(1!0%&$*'-!%1!%3!'&)#33'<!'!$1+3#-'!.(&(!(+(;(&!+'1!#1(!(+5$G$2
*(*!9#%!1'!3(-!33%G(!(!1$1)#1(!.(&5%6!D'1%1!%3!>1B(-$-!%1!3(!*$-5(1+$(!
9#%!%I$-5%!%15&%!,#[%&%-!/!0',;&%-!(!3(!0'&(!*%!%15%1*%&!%3!-%I'<!3(!
.&%-$P1!9#%!-#.'1%!.(&(!%33'-!.&'G'+(&!'&)(-,'-!/!3(-!*$B$+#35(*%-!(!
3(-!9#%!-%!%1B&%15(16!H%-.#>-<!(+5C(1!%33'-6!='*'!%3!,#1*'!-%!3'!.(-(!
;$%1<! ;%;%<! (+5C(<! G%! (+5#(&! (3! &%-5'! *%! .(&5$+$.(15%-<! /! W(d3'! $15%&2
.&%5(! (! 3(! .%&B%++$P1! %3! .(.%3! *%! .&%-%15(*'&! *%! +(;(&%5! '! G(&$%*(2
*%-<!*%!#1!%-.%+54+#3'!%1!%3!9#%!%3!-%I'!1'!%I.38+$5'!'+#.(!#1!3#)(&!
$,.'&5(15%6!E#(1*'!5%&,$1(1!3'-!0',;&%-<!%,.$%d(!(!-'1(&!3(!,C-$2
+(!/!W(d3'!-%!+'15'1%(!+'1!%3!&$5,'6!:%!9#$5(!%3!-',;&%&'<!3(!+0(9#%5(!
/!9#%*(!+3(&'!9#%!%-54!0(+$%1*'!#1!-5&$.5%(-%6!N'!5$%1%!%3!+#%&.'!9#%!
+(;&8(!%-.%&(&!*%!#1!0',;&%!9#%!-%!*%-1#*(!%1!.C;3$+'<!1'!.'&!3'-!
5(5#([%-!9#%!3%!+#;&%1!3(!.$%3<!-$1'!.'&9#%!%-54!#1!.'+'!B'B'<!1'!5$%1%!
3'-!.%+5'&(3%-!*%-(&&'33(*'-!1$!3'-!(;*',$1(3%-!,(&+(*'-<!.%&'!-$)#%!
-$%1*'!*$G%&5$*'6!:%!9#$5(!3'-!.(15(3'1%-!/!-%!9#%*(!%1!+(3d'1+$33'-6!
H%!%-.(3*(-<!-%!3'-!9#$5(6!D(&(!3(!,C-$+(!/!-%!*(!3(!G#%35(6!

! SSL!
71!%3!-$3%1+$'<!*(!#1!.(&!*%!.(-'-!0(+$(!(5&4-6!F;&%!#1!.'+'!3(-!.$%&2
1(-! .(&(! 9#%! -%! G%(! ;$%1! /! -(3%! *%3! %-+%1(&$'! -$1! *%[(&! *%! ,$&(&! (3!
.C;3$+'6! N'! 0(/! (.3(#-'-<! 1(*$%! %-! +(.(d! *%! *%+$&! 1(*(6! D'&9#%! %-%!
0',;&%!1'!5$%1%!.'33(!/<!%1!%-%!$1-5(15%<!1'!-(;%1!(-$,$3(&!9#>!%-!3'!
9#%!0(!'+#&&$*'6!i(-5(!%-%!,',%15'<!5'*'!%&(!#1![#%)'<!%1!%3!9#%!5'2
*'!%3!,#1*'!-%!.'18(!#1!.'+'!%1!%G$*%1+$(!/!0(+8(!.%9#%g(-!+'1B%2
-$'1%-!1'!(*,$-$;3%-!%1!.C;3$+'6!73!.&%-%15(*'&<!#1!+(;(33%&'!+'1!.%2
&$33(<!0(!-$*'!-#!+P,.3$+%6!E'1!-#-!;&',(-!/!-#-!+',%15(&$'-!['+'-'-<!
(3! +'1B%-(&! -#! %I+$5(+$P1<! 0(! %-5(;3%+$*'! #1! G81+#3'! %,'+$'1(3<! .'&!
%B8,%&'!9#%!B#%&(<!/!%15'1+%-!3%-!0(!0%+0'! %-'6!F3!,'-5&(&!-#!*%-1#2
*%d<!-#!B(35(<!-#!$1+',.3%5#*<!3%-!0(!5&($+$'1(*'6!D'&!#1!$1-5(15%<!0(!
*%-5&#$*'! %3! ,#1*'6! W%-! 0(! .&'G'+(*'! #1(! %I.%&$%1+$(! %-5>5$+(!
(#5>15$+(<!#1(!+(5(&-$-!+','!1#1+(!0(1!G$G$*'<!/!1'!-(;%1!+P,'!&%2
(++$'1(&6!F3!G%&!(!#1!0',;&%!*%-1#*'!*%3(15%!*%!%33'-<!(!#1'-!.'+'-!
,%5&'-!*%!*$-5(1+$(<!9#%!%1!3#)(&!*%!.%1%!5$%1%!G()$1(<!5'*'-!3'-!.&%2
-#.#%-5'-!;$1(&$'-!%1!3'-!9#%!-%!0(1!+&$(*'!9#%*(1!-#-.%1*$*'-6!
W(d3'!D%(&3,(1!-%!'B&%+%!+','!#1!$15%&&#.5'&<!+','!(3)#$%1!9#%!$12
5%&&#,.%!%3!+$&+#$5'!*%!.%1-(,$%15'!'&*$1(&$'<! +','!#1!+#%&.'! +(2
.(d!*%!0(+%&!-(35(&!5'*(-!3(-!+&%%1+$(-6!H%-.#>-!*%!&%5$&(&-%!*%3!%-2
+%1(&$'<!3'-!%-.%+5(*'&%-!?!(15%-!.(&5$+$.(15%-!%1!%3!+'1+#&-'?!.(-(1!
(! #1(! 0(;$5(+$P1! (.(&5%<! *'1*%! 0(/! #1(! +(,(! %1! 3(! 9#%! W(d3'! %-54!
5#,;(*'<!*%-1#*'!/!.$15(*'!*%!;3(1+'6!\'*%(1!3(!+(,(!%!$1-.%++$'2
1(1!-#!+#%&.'<!.#%*%1!,$&(&3'!5(15'!+','!)#-5%1!/!.#%*%1!.&%)#12
5(&! 3'! 9#%! 3%-! .3(d+(6! i(1! .(-(*'! #1'-! ,$1#5'-! *%-*%! %3! ,',%15'!
+(54&5$+'<!/!0(1!5%1$*'!(3)'! *%!5$%,.'!.(&(! .'1%&!%1!.%&-.%+5$G(! 3'!
9#%!0(1!.&%-%1+$(*'6!H%3!,$-,'!,'*'!9#%!-%!3%-!.&%-%15(!#1!+#%&.'!
*%-1#*'<! B(-+$1(15%<! *$-.#%-5'! (15%! %-(-! ,$&(*(-! $19#$-$5$G(-! 9#%!
%-541!.&'0$;$*(-!%1!-$5#(+$'1%-!'&*$1(&$(-!/!9#%!&%+#%&*(1!(!3(-!9#%!
&%+$;%!3(!:(3',>!*%!J$3*%<!-%!3%-!.&%-%15(!3(!.'-$;$3$*(*!*%!$15%&&'2
)(&! (! 3(! +'1+$%1+$(! 9#%! '+#.(! %-%! +#%&.'! %I5&(g'6! i(1! -(35(*'! 3'-!
,%+(1$-,'-!*%!3(!+#&$'-$*(*!/!*%!3(!*#*(<!%-'-!9#%!-%!.&%)#15(1<!%1!
C35$,(!$1-5(1+$(<!9#>!%-!&%(3!/!9#>!1'!3'!%-6!H%!.%9#%g'<!b5%!-%158(-!
*$B%&%15%!(!3'-!*%,4-!1$g'-c!b7&%-!B%3$dc!bEP,'!.#%*%-!G$G$&!#1(!G$2
*(!(-8<!-$1!*%+$*$&!-$!%&%-!0',;&%!'!,#[%&c!bm(-!(!'.%&(&5%!.(&(!5%1%&!
.%1%c! b:(3%-! +'1! 0',;&%-! '! +','! ,#[%&%-c! W(d3'! +'15%-5(! 3'! 9#%!
9#$%&%<!+3(&'6!7-541!%I(,$1(1*'!-#!G$*(<!-#!%I.%&$%1+$(<!/!>3!5$%1%!*%2
&%+0'!(!*%+$*$&!9#>!+#%15(!/!9#>!1'6!bEP,'!.'*&8(!-(;%&!9#>!-%158(1!

SSY!!
'5&'-!1$g'-!+#(1*'!%&(!.%9#%g'c!bO,.'&5(!-$!5$%1%!.(&%[(<!-$!.&%B$%&%!
3'-! 0',;&%-! (! 3(-! ,#[%&%-c! b7-! #1(! .&'.'-$+$P1c! W'! 9#%! 3%! &%-#35(!
B&#-5&(15%!%-!3(!&(.$*%d!+'1!3(!9#%!-%!&%+#.%&(1!3(-!1'+$'1%-!;$1(&$(-!
(! 3(! 0'&(! *%! +3(-$B$+(&3%! +','! -%&! 0#,(1'6! i',;&%! '! ,#[%&<! 0','2
-%I#(3!'!0%5%&'-%I#(3<!.%1%!'!G()$1(t!F!.%-(&!*%!5'*'!-#!%,.%g'!%1!
*%-,'15(&!3(-!+(5%)'&8(-!(-#,$*(-<!%-5(-!-%!$,.'1%1!-$1!+%-(&6!^1(!
G%d!/!'5&(6!
71!+$%&5'!,'*'<!+#(1*'!h(&8(!W3'.$-!?(&5$-5(!/!%-+&$5'&(!B%,$1$-5(!/!
9#%%&<! %I,$%,;&'! *%3! )&#.'! *%! .'-.'&1'! @$&3-! Å0'! 3$o%! .'&1'?! 3%!
$1-$1C(!9#%!3(!$*%(!,$-,(!*%3!+'1+#&-'!*%!'&)(-,'-!B$1)$*'-!3%!.(2
&%+%!-'-.%+0'-(<!/!9#%!3%!G%!+','!#1!0',;&%!;3(1+'!9#%!-%!&8%!*%!3(-!
,#[%&%-<!%-54!+(/%1*'!%1!3(!,$-,(!5&(,.(6!W(d3'!3%!+'15%-5(!9#%!1'!
%-!>3!9#$%1!-%!&8%!*%!%33(-<!-$1'!%33(-!,$-,(-<!9#%!+'1G$%&5%1!%1!#1(!
;&',(! (3)'! 9#%! .(&%+%! ,#/! -%&$'<! +','! %-! %3! -%I'6! W3'.$-! 1'! 0(+%!
,4-! 9#%! &%.%5$&! 3'-! ,$-,'-! (&)#,%15'-! 9#%! (+'-(1! (! 3(-! 3%-;$(1(-!
,(-+#3$1(-!/!(!3'-!0',;&%-!5&(1-%I#(3%-!*%-*%!9#%!%1!RQLU<!3(-!\(2
*$+(3%-;$(1-!*%B$1%1!%3!3%-;$(1$-,'!+','!%3!(,'&!9#%!-$%15%!#1(!,#2
[%&! .'&! '5&(! ,#[%&! %1! -#! ,(1$B$%-5'! =0%! J',(1! O*%15$B$%*! J',(1!
uW(!,#[%&!$*%15$B$+(*(!+','!,#[%&v6!7-5%!5%I5'!%-!B#1*(+$'1(3!.(&(!%3!
B%,$1$-,'!3%-;$(1'!/!%3!B%,$1$-,'!&(*$+(3<!/!(!.(&5$&!*%!-#-!.&%,$-(-!
-%!-'-5$%1%!3(!$*%(!*%!9#%!3'-![#%)'-!*%!&'3! ?+','! %1! 3(-!&%3(+$'1%-!
%15&%!;#5+0!/!B%,,%?!%3!#-'!*%!*$3*'-!%15&%!,#[%&%-!/!+#(39#$%&!'5&'!
&(-)'! *%! ,(-+#3$1$*(*! -'1! #1(! 'B%1-(! /! #1(! (,%1(d(! *%! *',$1$'!
,(-+#3$1$-5(6!71!%3!+(-'!*%!D%(&3,(1<!%-5(!-#.'-$+$P1!+(&%+%!*%!B#12
*(,%15'6!73!+'1+#&-'!3'!9#%!-(+(!(!3(!3#d!%-!%3!(;-#&*'!*%!3'-!B$1)$2
,$%15'-!+'15$1#'-<!1'!-'3'!3'-!-%I#(3%-<!/!3(!+',.3%[$*(*!*%!3(-!&%3(2
+$'1%-!(B%+5$G(-6!
H%! 0%+0'<! %3! +'1+#&-'! %-! -'3'! #1(! .(&5%! *%! 3(! .%&B'&,(1+%<! %-! #1(!
B'&,(! *%! 9#%! 3'-! %-.%+5(*'&%-! .(&5$+$.%1! /<! (3! ,$-,'! 5$%,.'<! +%12
5&%1!-#!(5%1+$P1!%1!%3!3#)(&!%9#$G'+(*'6!7-!#1!,'G$,$%15'!*%!,()'!
9#%!*$-5&(%!/!;([(!3(-!*%B%1-(-6!71!3(!$15$,$*(*!B'&[(*(!%1!%-'-!,$1#2
5'-! &%-$*%! )&(1! .(&5%! *%! 3(! B#%&d(! *%! -#! (+5#(+$P16! h(1$B$%-5(! #1!
0%+0'!%-%1+$(3!*%!3(!G$*(!+'5$*$(1(r!+P,'!0(+%,'-!5'*(!+3(-%!*%!-#2
.'-$+$'1%-!+#(1*'!G%,'-!(!#1(!.%&-'1(6!N(*(!,4-!G%&3(!(-#,$,'-!
-#!-%I'<!-#!'&$%15(+$P1!-%I#(3<!-#!&(d(<!-#!+3(-%!-'+$(3<!/!5'*'!%33'!G(!
(+',.(g(*'! *%! #1(! +'1-5%3(+$P1! *%! .&%[#$+$'-6! E#(1*'! 3%! G%1! *%-2
1#*'<!$15%15(1!.'&!5'*'-!3'-!,%*$'-!&%$1-%&5(&3%!%1!3(-!1'+$'1%-!;$2

! SSQ!
1(&$(-!%1!3(-!9#%!1'-!0(1!%*#+(*'!*%-*%!9#%!1(+%,'-6!73!)>1%&'!/!3(!
*$B%&%1+$(!-%I#(3!-'1!%3!.&$,%&!1$G%3!*%!3%+5#&(!9#%!1'-!$1+#3+(1!/!(3!
9#%!&%+#&&$,'-!+'1!,4-!5%1(+$*(*6!
7-!-$)1$B$+(5$G(!3(!$15%&G%1+$P1!*%!#1(!,#[%&<!9#%!1'!.#%*%!+&%%&!9#%!
(3)#$%1! G$G(! +','! 3'! 0(+%! >36! W%! %-! $1+'1+%;$;3%6! i(-5(! %-%! 1$G%3! *%!
+'1G%1+$,$%15'! 0%,'-! 33%)(*'6! W'! 9#%! *%,#%-5&(! %-(! ,#[%&! %-! B%!
(#5>15$+(! %1! %3! ;$1(&$-,'! *%! )>1%&'6! N$! -$9#$%&(! +#(1*'! 5$%1%! (15%!
%33(!#1!+#%&.'!9#%!3'!*%-(B8(!+'15%,.3(!3(!.'-$;$3$*(*!*%!9#%!%I$-5(!
(3)'! B#%&(! *%! %-(-! +''&*%1(*(-6! 73! ';[%5$G'! ;4-$+'! 9#%! -%! .3(15%(!
W(d3'!+','!(&5$-5(!%-!3(!%3$,$1(+$P1!*%!*$-/#15$G(-<!%1-%g(&!(!3(!)%12
5%!9#%!3(-!+(5%)'&8(-!B$[(-!1'!%I$-5%1<!9#%!3(-!+'-(-!1'!-'1!;3(1+(-!'!
1%)&(-6!O15$,(!+'15$)'!/!%15'1+%-!*%-5&#/%!5#!,#1*'6!=%!%1-%g(!9#%!
5'*'! 3'! 9#%! +&%8(-! %-! B(3-'6! H%-5(+(! -#! B&(19#%d(<! -#! .(&&%-8(<! +P,'!
.'1%!*%3(15%!*%!5$!5'*'!(9#%33'!9#%!1%+%-$5(-!-(;%&6!:$!-%!1$%)(!(!&%-2
.'1*%&!-';&%!+'1!9#$>1!-%!(+#%-5(!1'!%-!.'&!)#(&*(&!#1!-%+&%5'<!-$1'!
.'&9#%!1'!%-!$,.'&5(15%6!7-(!$1B'&,(+$P1!.#%*%!%,.3%(&-%!.(&(!&%2
+'3'+(&3'!%1!%3!3#)(&!9#%!3%!+'&&%-.'1*%!-%)C1!%3!-$-5%,(!*#(3<!3'!9#%!
-%&8(!G'3G%&!(3!$1$+$'6!W(!%I.%&$%1+$(!1'!0(;&8(!-%&G$*'!.(&(!1(*( VZ6!
73!>1B(-$-!*%!D%(&3,(1!%-54!%1!3(!0#,(1$*(*<!%1!0(+%&!%G$*%15%!9#%!
%-!,4-!3'!9#%!1'-!#1%!9#%!3'!9#%!1'-!*$B%&%1+$(6!D%&'!+'1G%1+%&!(!3(!
)%15%!%-!#1(!5(&%(!*$B8+$36!H%-.#>-!*%!-#! B&(+(-'! +'1! %3!+'1+#&-'!*%!
'&)(-,'-<!.&%.(&(!'5&'!%-.%+54+#3'!.(&(!%3!K()*(*<!#1!+>3%;&%!3'+(3!
*%!K(&+%3'1(!*'1*%!-%!'B&%+%1!%-.%+54+#3'-!*%!-%I'!%1!G$G'6!:%!&%5$&(!
%3!5%3P1!/!(.(&%+%<!5#,;(*'!/!*%-1#*'<!%1!3(!.3(5(B'&,(!&'5(5'&$(6!^1!
-%g'&!*%3!.C;3$+'!3%!.'1%!-#!-',;&%&'<!W(d3'!-%!$1+'&.'&(!/!3%!0(+%!
-#;$&!(3!%-+%1(&$'6!h$%15&(-!%3!-%g'&!-%!*%-1#*(<!>3!-%!G(!.'1$%1*'!-#!
&'.(6! D%&'! 1'! %-! #1! -%g'&<! +','! -%! +',.&#%;(! +#(1*'! -%! 9#$5(! 3(!
+(,$-(6!7-!#1(!,#[%&6!E#(1*'!5%&,$1(1!*%!*%-G%-5$&-%!%33(!/!G%-5$&-%!
>3<! -%! *%-+#;&%! 9#%! 3(! ,#[%&! 5$%1%! .%1%6! W(d3'! -%! &%5$&(<! /! m%&'! -%!
9#%*(! 5#,;(*(! %1! 3(! .3(5(B'&,(! ,$%15&(-! -%! %+0(! %3! 5%3P16! 73! %-2
.%+54+#3'! *#&(! -'3'! #1'-! ,$1#5'-<! .%&'! %-! #1! [#%)'! +'15$1#'! *%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VZ!7-5'! .(-(6! 71! VURS! .&'/%+5>! %-5%! *'+#,%15(3<! *%15&'! *%! #1! +#&-'! *%! G%$15%!
0'&(-!9#%!$,.(&58!%1!3(!^1$G%&-$5(5!*%!m(3x1+$(<!33(,(*'!:%I'-!%I5&(g'-r!%-5>5$+(-!/!
+#35#&(! 9#%%&6! H%-.#>-! *%! G%&3'! /! +',%15(&3'<! -%! ,%! (+%&+(&'1! *'-! +0$+(-! /! ,%!
.&%)#15(&'1r! `715'1+%-<! b(3! B$1(3! 9#>! %&(c! b7&(! #1(! ,#[%&! -$1! 5%5(-! '! #1! 0',;&%!
-$1!.'33(ca!
SZU!!
,4-+(&(-<! 9#%! .&'G'+(! 9#%! 3(! ,%15%! *%3! %-.%+5(*'&! G(+$3%! %1! 5'*'!
,',%15'!%15&%!3(-!+(5%)'&8(-!*%!0',;&%!/!,#[%&!-$1!3')&(&!0(+%&!#1!
+'15(+5'!%B%+5$G'6!^1'!*%!3'-!%-.%+5(*'&%-!(-%)#&(!9#%!0(!33%)(*'!(!
-%15$&-%! ,(3! .'&! 3(! *#&%d(! 9#%! -#.'1%! 1'! -(;%&! 9#>! %-! 3'! 9#%! %-54!
.(-(1*'<!.%&'!3(!&%+%.+$P1!%-!,#/!.'-$5$G(6!=(15'<!9#%!3%!'B&%+%1!#1!
5&(;(['<! #1! %-.%+54+#3'! 9#%! (1#1+$(1! +','! `W(d3'! D%(&3,(1<! %3! $3#2
-$'1$-5(!*%3!)>1%&'a6!
m%&3%!%-!5%1%&!#1(!%.$B(18(<!%-!+'15%,.3(&!#1!.%9#%g'!,$3()&'6!D%&'!
3(!%B%+5$G$*(*!*%!-#-!(+5#(+$'1%-!*%.%1*%!*%!-#!+(&4+5%&!$1%-.%&(*'6!
E#(1*'! (.(&%+%! *%-1#*'! %-! #1! ,',%15'! ,4)$+'<! 1'! .'&9#%! 5%1)(!
1(*(! *%! -';&%1(5#&(3<! .%&'! -8! .'&9#%! (;&%! 3(! ,%15%! (! 3(! ,(&(G$33(6!
F0'&(!;$%1<!%-(!1%+%-$*(*!*%!(-',;&'!$,.3$+(!9#%!3(!)%15%!*%;%!%12
B&%15(&-%!(!-#-!(+5#(+$'1%-!-$1!-(;%&!3'!9#%!G(1!(!G%&6!71!%3!K()*(*!
1'!'+#&&%6!F3!(1#1+$(&3%!+','!%3!$3#-$'1$-5(!*%3!)>1%&'!-%!(.#15(!(!3(!
1(5#&(3%d(!$3#-'&$(!*%3!)>1%&'<!.%&'!5(,;$>1!-%!$1-$1C(!9#%!3'!9#%!-%!
G%!%1!%3!%-+%1(&$'!1'!%-!,4-!9#%!#1(!$3#-$P1<!3'!9#%!%3$,$1(!-#!B#12
+$P1!+(54&5$+(!/!-#!-#;G%&-$P1!.'385$+(6!:%!*',%-5$+(!/!-%!+'1G$%&5%!%1!
#1(!%I.%&$%1+$(!*%!+'1-#,'!,4-6!F-8!9#%!3'!*%[(6!
D'&9#%! -#! 5&(;(['! 5$%1%! #1(! B#1+$P1! .'385$+(6! :%! *%B$1%! +','! (1(&2
9#$-5(!+'&.'&(3!u;'*/!(1(&+0$-5v!.'&9#%!%-54!%,.%g(*'!%1!(;&$&!.'2
-$;$3$*(*%-<!%1!&',.%&!3(-!;(&&%&(-!$*%'3P)$+(-!9#%!3$,$5(1!3(!B'&,(!
9#%! 5%1%,'-! *%! %15%1*%&! 1#%-5&(! 1(5#&(3%d(! B8-$+(6! "#$%&%! 9#%! -%2
.(,'-!9#%!-$%,.&%!0(/!%3%++$P1<!9#%!1'!5%1%,'-!9#%!(+%.5(&!3'!9#%!
-%!1'-!$,.'1%!?/!9#%!1'-!$,.'1%,'-!5'*'-<!.'&9#%!5'*'-!B'&,(,'-!
.(&5%!*%!3(!,$-,(!+#35#&(?!-$!-%15$,'-!9#%!1'!G(!+'1!1'-'5&'-6!:$!1'!
+&%%,'-!%1!3(-!B$++$'1%-!9#%!-%!1'-!5&(1-,$5%1<!.'*%,'-!+&%(&!#1(-!
.&'.$(-<!.'&9#%!5'*'!%-!B$++$P1!/!3'-!&%3(5'-!+(,;$(1!(!+(*(!,',%12
5'6! 7-'! 1'! -$)1$B$+(! 9#%! .#%*(! &',.%&-%! +'1! %3! -$-5%,(! *%! .%1-(2
,$%15'<! -$)1$B$+(!9#%! -$%,.&%! 5%1*&%,'-! 3(! '.+$P1! *%! '.'1%&1'-! (3!
-$-5%,(! 9#%! 5'9#%6! l3! %-! #1! (;-#&*$-5(! 9#%! #5$3$d(! -#! +#%&.'! +','!
*$-.'-$5$G'! *%! %I5&(g(,$%15'6! F15%-! *%! *%[(&! K(&+%3'1(! .(&(! $&! (!
W'1*&%-!.&%.(&(!#1(!C35$,(!(++$P1r!#1!.(-%'<!*%-1#*'!.'&!3(-!+(33%-!
*%! 3(! +$#*(*<! (! .3%1(! 3#d! *%3! *8(6! W'-! .(-%(15%-! &%-.'1*%1! *%! 5'*(-!
3(-!,(1%&(-!$,()$1(;3%-<!0(/!-#-5'-<!-'&.&%-(-<!+(;%d(-!9#%!-%!)$&(1<!
-'1&$-$5(-! (G%&)'1d(*(-6! i(/! 9#$%1! -%! .(&(! /! 9#$%1! 0(+%! B'5'-<! 0(/!
9#$%1!&%+#3(!.(&(!+',.&';(&!9#%!3'!9#%!0(! G$-5'!%-!&%(36!W(! .%&B'&2

! SZR!
,(1+%!5%&,$1(!+#(1*'!W(d3'!33%)(!(!#1(!+(,(!*'&(*(!+'1!-4;(1(-!*%!
-(5>1!;3(1+'!/!-%!(+#%-5(!*%3(15%!*%!5'*'!%3!,#1*'6!
7-5(! +&%(+$P1! *%! -$5#(+$'1%-! *%-%-5(;$3$d(*'&(-! &%-#35(! %B%+5$G(! .'&!
-#! +(&4+5%&! -%&$';#&3%-+'6! E','! '+#&&8(! +'1! 3(-! +0&8(-! '! (1>+*'5(-!
+81$+(-<! -%! 5&(1-,$5%! #1! B'1*'! -%&$'! (! 5&(G>-! *%! #1(! B'&,(! +P,$+(<!
$&P1$+(!'!;#&3'1(6!7-5%!.(-%'!.'&!K(&+%3'1(!&%+#%&*(!%1!+$%&5'!,'*'!
(!H$P)%1%-!%15&(1*'!%1!%3!5%(5&'!+#(1*'!5'*'-!-(3%16!W'-!.(-%(15%-!/!
5#&$-5(-!+'1!3'-!9#%!-%!+&#d(!W(d3'!G(1!G%-5$*'-!%!$15%&.&%5(1!-#-!.(2
.%3%-! *%! )>1%&'! 1'&,(3%-<! ,$%15&(-! >3! G(! *%-1#*'! /! ,#%-5&(! -#!
(1'&,(3$*(*6! 7-! $1*%+%15%! /! *%-G%&)'1d(*'6! E#(1*'! .&%)#15(1! (!
H$P)%1%-!.'&!9#>!3'!0(+%<!>3!&%-.'1*%r!`%-'!%-!3'!9#%!5&(5'!*%!0(+%&!
*#&(15%!5'*(!,$!G$*(a!u@(&+8(!@#(3!RQQXr!RVQv6!O&!(!+'15&(.%3'<!$1G(2
3$*(&!3(!,'1%*(<!*%,'-5&(&!+'1!#1!)%-5'!9#%!3(-!+'-(-!-'1!+','!-'1<!
.%&'!.'*&8(1!-%&!*%!'5&(!,(1%&(6!7-(!%-! 3(!,$-$P1! *%!(,;'-6!D%(&32
,(1! *$+%! %1! %3! *'+#,%15(3! 9#%! %-! $,.'&5(15%! 3'! 9#%! 0(+%<! .%&'! 1'!
.(&(!>3<!-$1'!.(&%!3'-!*%,4-6!N%+%-$5(,'-!-(;%&!9#%!%I$-5%!.'&9#%<!(!
5&(G>-! *%! -#! %I$-5%1+$(<! &%B3%I$'1(,'-! /! .'1%,'-! %1! .%&-.%+5$G(! 3(!
1#%-5&(6!
F0'&(!;$%1<!%3!$,.(+5'!-%!.&'*#+%!%1!(,;(-!*$&%++$'1%-<!1'!-'3'!%1!
3(!*%!9#$%1!';-%&G(6!D'&9#%!3(!B(35(!*%!*$-5(1+$(<!3(!$1,%*$(5%d!1%+%2
-(&$(! .(&(! 9#%! -%! .&'*#d+(! 3(! +(5(&-$-! 0(+%! G#31%&(;3%! (3! (&5$-5(6!7-!
-#!+#%&.'!/!-#!G$*(!3(!9#%!-%!.'1%1!(!%I(,%1<!/!3(!%I.'-$+$P1!*%-1#2
*(!?%1!5'*'-!3'-!-%15$*'-?!&%9#$%&%!#1!%-B#%&d'!%,'+$'1(36!D%(&3,(1!
(*G$%&5%!*%!9#%!1'!-'3'!-#!';&(<!-$1'!3(!$1,%1-(!,(/'&8(!*%!3(-!+&%(2
+$'1%-! /! 5%I5'-! 9#%%&! 5$%1%1! #1(! 1(5#&(3%d(! +'1B%-$'1(36! f(! 0%,'-!
G$-5'!3(!$,.'&5(1+$(!*%!3(!+'1B%-$P1! %1!3(! B'&,(+$P1! *%! 3(!-#;[%5$G$2
*(*!,'*%&1(<!.%&'!%1!%-5%!+(-'<!.(&(!3'-!(&5$-5(-!W@K=""OF VT<!5$%1%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VT!W(-!-$)3(-!&%-.'1*%1!(!W%-;$(1(-<!)(/-<!;$-%I#(3%-<!5&(1-%I#(3%-!'!5&(1-)>1%&'<!
9#%%&<!+#&$'-'-!u9#%-5$'1$1)v<!$15%&-%I#(3%-!/!(-%I#(3%-6!h$%15&(-!9#%!3(!$1+3#-$P1!
*%!+(*(!+',#1$*(*!'!-#;+#35#&(!%1!%3!+'3%+5$G'!3%!*(!G$-$;$3$*(*!/!3%)$5$,(!-#!3#+0(!
+','!+',C1<!-%!.&'*#+%!#1!%B%+5'!.%&G%&-'!-$,#3541%'6!W(!G$-$;$3$*(*!-%!.()(!+'1!
%3!.&%+$'!*%!3(!+'&&%++$P1!.'385$+(<!9#%!1'!%-!,4-!9#%!3(!5&(*#++$P1!(!3'!9#%!(3)#1'-!
33(,(1!3(!1%'3%1)#(!*%!3'-!G$%['-!.&%[#$+$'-<!(*%,4-!*%!+(%&!*%!1#%G'!%1!3(!5&(,.(!
*%! 3(-! $*%15$*(*%-! B$[(-6! 7-! #1! .&';3%,(! *%! *$B8+$3! -'3#+$P1<! 9#%! &%B3%[(! 3(! 5%1-$P1!
.%&,(1%15%!%15&%!3(!$15%)&(+$P1!/!3(!&%G#%35(<!%15&%!3(-!*'-!B'&,(-!5&(*$+$'1(3%-!/!
'.#%-5(-!*%!%15%1*%&!3(!.'385$+(!-%I#(3!.'&!.(&5%!*%!3(!+#35#&(!)(/!/!%3!,'G$,$%15'!
9#%%&6!
SZV!!
#1(! -$)1$B$+(+$P1! (3)'! *$-5$15(<! .'&9#%! -$&G%! (3! ,$-,'! 5$%,.'! .(&(!
0(+%&!G$-$;3%!-#!+'1*$+$P1!'!-#-!.&4+5$+(-!*%!B'&,(!.'-$5$G(6!7-!*%+$&<!
(3!0(+%&!.C;3$+(!-#!B'&,(!*%!G$*(!0(+%!.(5%15%!9#%!%-!#1(!G$*(!G$G$2
;3%<!&%+#.%&(!%3!%-.(+$'!9#%!3%!0(!-$*'!.&$G(*'!+','!$1*$G$*#'!,(&2
)$1(36!
7-5%!0%+0'!0(!33%G(*'!(!D%(&3,(1!(!.3(15%(&!3(!+#%-5$P1!*%!3(!G%&$*$+2
+$P1!+','!#1!,%+(1$-,'!9#%!-%!(-#,%!/!-%!%-.%&(!%1!%3!5%(5&'!;(-(2
*'!%1!3(!$*%15$*(*!uVURTr!YYv6!^1'!*%!3'-!*%5(33%-!9#%!3%!0(1!33%G(*'!
(!5',(&!+'1+$%1+$(!*%!%-5%!B%1P,%1'!%-!%3!+'1[#15'!*%!.&%-#.#%-5'-!
9#%! 0(+%1! -#-! %-.%+5(*'&%-! (3! $*%15$B$+(&3%! +','! j=h! uj%,(3%! 5'!
,(3%v<!+','!0',;&%!5&(1-%I#(36! D(&%+%! 9#%! %-!#1(!%I$)%1+$(! %1!3(-!
(+5#(+$'1%-!*%!(&5$-5(-!+'1!$*%15$*(*%-!-%I#(3%-!,(&)$1(3%-!3(!%I.3$2
+(+$P1!*%!%-(-!$*%15$*(*%-!.(&(!9#%!3'-!%-.%+5(*'&%-!+',.&%1*(1!-#!
G$*(!/<!.'&!5(15'<!-#!(&5%6!:$1!%,;(&)'<!W(d3'!.'1%!%1!*#*(!%-(!1%+%2
-$*(*!/!%-(!.&4+5$+(!+'1B%-$'1(3!(!5&(G>-!*%!3'!9#%!33(,(!*$--%,;3()%!
50%'&/<!9#%!&%5',(!3(!(--%,;3()%!50%'&/!u5%'&8(!*%3!%1-(,;3([%v!9#%!
h(1#%3! H%3(1*(! *%-(&&'33(! (! .(&5$&! *%3! +'1+%.5'! *%! ,#35$.3$+$*(*!
9#%!%I.'1%1!H%3%#d%!/!@#(55(&$!%1!h$3!,%-%5(-6!:$!3(!,#35$.3$+$*(*!*(!
#1! 1#%G'! -%15$*'! (! 3(-! #1$*(*%-! 9#%! 3(! +'1B'&,(1! /! 9#%! 5$%1%1! #1!
-$)1$B$+(*'! .'&! -8! -'3(-! ?+','! #1(! %-.%+$%! *%! +'33()%! -%,415$+'?! (!
5&(G>-! *%3! %1-(,;3(*'<! %3! *%-%1-(,;3(*'! 9#%! .&'.'1%! D%(&3,(1!
+'1-$-5%!%1!3(!-#.%&.'-$+$P1!'!%3!&%3(5'!+'15$1#'!*%!B(3-(-!G%&*(*%-!'!
5&(,.(-! *%! G%&*(*! u5&#50! 5&(.-v6! F-8<! %3! 5%(5&'! 9#%! (.(&%15(! -%&! 3(!
+'1B%-$P1!*%!#1(!$*%15$*(*!1'!%-!,4-!9#%!#1(!-#+%-$P1!*%!,%15$&(-!
9#%! -#-.%1*%1! 3(! +&%*$;$3$*(*! /! 3(! $*%(! *%! G%&$*$++$P16! E(*(! 1#%G(!
B$++$P1!.'1%!%1!-#-.%1-'!%3!&%3(5'!%1!-#!+'1[#15'!/!3(!+%&5%d(!*%!9#%!
%1!3(!+'1B%-$P1!-%!+#%15(!3(!G%&*(*6!!
D%&'! .(&(! %33'! %-! 1%+%-(&$'! %-5(;3%+%&! 9#%! +(*(! +'1B%-$P1! 9#%! 0(+%!
%-!(#5>15$+(6!7-'!-'1!3(-!5&(,.(-!*%!G%&*(*<!9#%!'+#35(1!u*$--%,;3%v!
3'!&%(36!E#(1*'!(.(&%+%!G%-5$*'!%1!%3!%-.%+54+#3'!*%!VURZ!:5&$1)-!F52
5(+0%*!uE#%&*(-!(5(*(-v<!.(-(! ?%1!%3! -%15$*'! %-.%+8B$+'! 9#%! 5$%1%! %3!
G%&;'!*%15&'!*%!3(!+',#1$*(*!5&(1-<!*%!-%&!$15%&.&%5(*'!+','?!.'&!
#1!0',;&%<!/!%-%!0%+0'!-%!.&%-%15(!+','!G%&*(*%&'6!F3!*%-1#*(&-%!
/!&%G%3(&-%!9#%!1'!5$%1%!.%1%!-%!.&'*#+%!#1(!-'&.&%-(<!.%&'!*%-.#>-!
-%!&%$15%&.&%5(!-#!+#%&.'!+','!%3!*%!#1!0',;&%!5&(1-%I#(36!7-!3(!-%2
)#1*(! 5&(,.(6! 715'1+%-! (B$&,(! 9#%<! %1! &%(3$*(*<! 1'! %-! #1! 0',;&%!
5&(1-%I#(3<! -$1'! #1! 0',;&%! ;$'3P)$+'! 9#%! 5$%1%! #1! ,$+&'.%1%6! 7-5%!

! SZS!
[#%)'! +'15$1#'! *%! &%(3$*(*%-! /! B$++$'1%-! $,.'-$;$3$5(! 9#%! 3'-! %-.%+2
5(*'&%-! -'3$*$B$9#%1! (3! $15>&.&%5%! %1! #1(! $*%15$*(*<! 9#%! 3%! $1-%&5%1!
*%15&'!*%!#1(!+(5%)'&8(6!E#(39#$%&!$15%15'!*%!+'1%I$P1!-%)#&(!9#%*(!
%1!%15&%*$+0'<!.%&'!1'!-'3'!%-'<!-$1'!9#%!+(*(!1#%G(!5&(,.(!,'*$B$2
+(! 3(! (15%&$'&<! 3(! *'5(! *%! #1! 1#%G'! -$)1$B$+(*'6! 73! .(-'! *%! 0',;&%!
;$'3P)$+'<! (! 0',;&%! 5&(1-%I#(3<! (! 0',;&%! +'1! ,$+&'.%1%! .'1%! %1!
[#%)'!3(-!G(&$(15%-!*%!)>1%&'!/!-%I#(3%-!9#%!-%! %-.%&(1! *%!>3!+','!
$15>&.&%5%! 9#%%&! *%15&'! *%3! 5%(5&'! (#5';$')&4B$+'6! H%! %-5%! ,'*'<!
+#,.3%! -#! ';[%5$G'! +','! *$-.'-$5$G'! *%! %I5&(g(,$%15'! /<! (3! ,$-,'!
5$%,.'<!%G$5(!3(!%I.'-$+$P1!%,'+$'1(3!9#%!%15&(g(!.'1%&!-#!%I$-5%12
+$(!(!%I(,%16!E','!#1!,()'<!3(1d(!#1(!,'1%*(!(3!($&%!5&(-!'5&(<!.%2
&'!5'*(-!%33(-!-'1!$)#(3!*%!B(3-(-6!

SZZ!!
Y6!H7:@F\\]:!f!\7m7WFEO]N7:!

O!

W(!)&(1!.(&(*'[(!*%!3(!-'+$%*(*!+'15%,.'&41%(!%-!9#%!+'1!#1(!,(2
1'!$1+$5(!(!3(!'&$)$1(3$*(*!,$%15&(-!+'1!3(!'5&(!+(-5$)(!(!9#$%1!-%!-(3%!
*%!3'-!38,$5%-!*%!3'!(+%.5(;3%6!7-5%!,'G$,$%15'!*';3%!(B%+5(!(!5'*(-!
3(-! B(+%5(-! *%! 3(! G$*(<! -%(1! .'385$+(-<! $15%3%+5#(3%-! '! -%I#(3%-<! /! 3'-!
()%15%-! *%! %-(! G$)$3(1+$(! 1'! -','-! ,4-! 9#%! 1'-'5&'-! ,$-,'-6! W'-!
(15$)#'-!,%+(1$-,'-!+'%&+$5$G'-!*%3!7-5(*'!-%!0(1!*%,'+&(5$d(*'<!/!
/(!1'!0(+%!B(35(!&%+#&&$&!+'1!5(15(!B&%+#%1+$(!(!3(!B#%&d(!+'1!%3!B$1!*%!
,(15%1%&!%3!'&*%1<!.'&!3(!-%1+$33(!&(dP1!*%!9#%!%1!%3!.&'+%-'!*%!-'2
+$(3$d(+$P1!0%,'-!(-$,$3(*'!/!1(5#&(3$d(*'!%-'-!,%+(1$-,'-6!73!-$)3'!
AA!0(!G$-5'!%3!.(-'!*%!3(-! -'+$%*(*%-! *$-+$.3$1(&$(-! 9#%!(1(3$d(!j'#2
+(#35! (! 3(-! -'+$%*(*%-! *%! +'15&'3! *%! 3(-! 9#%! 0(;3(! H%3%#d%<! ,#+0'!
,4-! -#5$3%-! /! %B$+(+%-! %1! -#! B'&,(! *%! $,.'1%&! -#-! $15%&%-%-<! .&%+$2
-(,%15%<!.'&9#%!1'!1%+%-$5(1!$,.'1%&-%6!
i(+%! .'+'! 5$%,.'<! G%8(! #1! (1#1+$'! .'&! 5%3%G$-$P1! %1! %3! 9#%<! 1'! &%2
+#%&*'!%3!,'5$G'<!-%!$1-5(;(!(!3'-!+$#*(*(1'-!(!9#%!33(,(&(1!(!3(!.'2
3$+8(!%1!+(-'!*%!9#%!';-%&G(&(1!+'1*#+5(-!-'-.%+0'-(-6!7-5(!33(,(*(!
(! 3(! +'3(;'&(+$P1! +$#*(*(1(<! %-5(! (.(&%15%! (.%3(+$P1! (3! ;#%1! 0(+%&!
*%! 3(-! .%&-'1(-! +'&&$%15%-! %1+$%&&(! #1(! 3P)$+(! .%&G%&-(<! /! ,#%-5&(!
0(-5(! 9#>! .#15'! 0%,'-! (-$,$3(*'! 3(! *$-+$.3$1(<! .'&9#%! 1'! -$)1$B$+(!
'5&(!+'-(!9#%!`+'1G$>&5%5%!%1!5#!.&'.$'!.'3$+8(a6!=C!G$)$3(<!,(15%15%!
(3%&5(!.'&!-$!(3)#1'! *%!5#-!G%+$1'-! .#*$%&(!-%&!#1!$-3(,$-5(! &(*$+(3<!
#1!,(35&(5(*'&!'!#1!G%1*%*'&!*%!B(3-$B$+(+$'1%-6!715'1+%-!33(,(!(!3(-!
B#%&d(-!*%3!'&*%1<!9#%!5',(&41!1'5(!*%!9#$>1!%&%-<!9#>!-'-.%+0(-!/!
*%!9#$>1!/<!*%.%1*$%1*'!*%!3(!+'1+3#-$P1!(!3(!9#%!33%)#%1<!3'!5',(&41!
%1!-%&$'!'!3'!*%[(&41!+'&&%&6!E'1!%-5'!1'!9#$%&'!+',.(&(&!3(!-$5#(+$P1!
9#%!G$G$,'-!(0'&(!,$-,'!+'1!3(!.(&(1'$(!9#%!.&'G'+(;(!3(!:5(-$!%1!
3(! (15$)#(! F3%,(1$(! '&$%15(3<! 9#%! 0(+8(! 5%,%&! 9#%! 5#-! B(,$3$(&%-! '!
(,$)'-!.#*$%&(1!-%&!$1B'&,(*'&%-!9#%!5%!*%1#1+$(&8(1!.'&!+#(39#$%&!
$&&%)#3(&$*(*<!.%&'!1'!*%[(!*%!-%&!#1!%+'!*%!(9#%33'6!7-!-$)1$B$+(5$G'!

! SZT!
9#%! %3! 7-5(*'! $1+$5%! (+5$5#*%-! *%! %-(! 1(5#&(3%d(! %1! -#-! +$#*(*(1'-6!
7-!(-8!+','!B#1+$'1(1!3(-!*%,'+&(+$(-!(#5'&$5(&$(-!+(.$5(3$-5(-6!
W(! .%&.%5#(+$P1! *%! #1(! -%I#(3$*(*! *%5%&,$1(*(! /! *%! 3'-! &'3%-! *%!
)>1%&'! 9#%! 33%G(! (-'+$(*'-! *%.%1*%! *%! #1! B#1+$'1(,$%15'! -$,$3(&6!
F-8!+','!(-#,$,'-!+','!1(5#&(3!3(! %I+3#-$G$*(*! *%3! %[%&+$+$'! *%! 3(!
G$'3%1+$(!.'&!.(&5%!*%3!7-5(*'!?(!5&(G>-!*%!3(-!B#%&d(-!*%!-%)#&$*(*!
%1!%3!$15%&$'&!*%!-#-!B&'15%&(-!/!*%3!%[>&+$5'!%1!-#!%I5%&$'&?<!5(,;$>1!
(-#,$,'-! 3(! $,.'-$+$P1! *%! #1'-! .(.%3%-! %-.%+8B$+'-! 9#%! *%.%1*%1!
*%!3'-!)%1$5(3%-!9#%!5$%1%!#1!+#%&.'6!i(;3'!*%!$,.'-$+$P1!.'&9#%!%1!
,#+0(-! '+(-$'1%-! %-5%! .&'+%-'! *%! $1-%&+$P1! -'+$(3! &%9#$%&%! *%! 3(!
B#%&d(<! *%! (5%1+$'1%-! /! +'&&%++$'1%-! +'1-5(15%-! 9#%! %G$5%1<! .'&!
%[%,.3'<! 9#%! #1(! 1$g(! ,(&$,(+0'! -%! +'1G$%&5(! %1! #1(! ,#[%&! ,(&$2
,(+0'6!7-(!,(-+#3$1$*(*!9#%!.#%*%!';-%&G(&-%!%1!3(!.&%B%&%1+$(!.'&!
[#%)'-!B8-$+'-!%1!G%d!*%![#)(&!(!3(-!+(-$5(-<!-%!(+%.5(!,4-!'!,%1'-!*#2
&(15%! 3(! $1B(1+$(<! .%&'! (3! 33%)(&! 3(! (*'3%-+%1+$(! -%! +'1G$%&5%! %1! #1!
.&';3%,(!.'&9#%!1'!%1+([(!%1!3'-!3#)(&%-!9#%!-%!5$%1%1!&%-%&G(*'-!
.(&(!%-%!+#%&.'6!7-!%G$*%15%!9#%!3(!-$5#(+$P1!(+5#(3!1'!%-!+',.(&(2
;3%!(!3(!*%!0(+%!*>+(*(-<!/!9#%!3(!$1B3#%1+$(!9#%!0(1!%[%&+$*'!3'-!,'2
G$,$%15'-! B%,$1$-5(-<! 0','-%I#(3%-! /! 9#%%&! 0(1! (,.3$(*'! %3! 0'&$2
d'15%! *%! %-(-! %I.%+5(5$G(-<! (#,%15(1*'! +'1! %33(-! 3(! .%&,$-$G$*(*!
0(+$(! +'1*#+5(-! 9#%! (15%-! -%! +'1-$*%&(;(1! $1(.&'.$(*(-<! (;/%+5(-<!
.%&G%&-(-!'!(1'&,(3%-6!
@%15%! +','! E3(#*%! E(0#1<! 3(! K(&'1%-(! '! W(d3'! D%(&3,(1! .'1%1! %1!
-#-.%1-'! 3(-! 1'+$'1%-! (-#,$*(-! *%! 9#%! 5%1%,'-! #1! )>1%&'! '! #1(!
$*%15$*(*!-%I#(3!B$[(-!(1+3(*'-!-';&%!#1(!+'1+$%1+$(!B$[(6!h%*$(15%!3(!
%I.%&$,%15(+$P1!G$5(3!/!%-5>5$+(!*%,#%-5&(1!9#%!$*%15$*(*!/!-%I#(2
3$*(*! -'1! #1(! +#%-5$P1! *%! .&4+5$+(6! O1+3#-'! (9#%33(-! .%&-'1(-! 9#%!
-$%15%1! 9#%! -#! )>1%&'! '! -#! '&$%15(+$P1! -%I#(3! -'1! -P3$*'-! +','! #1!
,#&'<! 3'! 0(+%1! (! 5&(G>-! *%! 3(! &%.%5$+$P1<! 9#%! +','! -%g(3(! H%3%#d%<!
`1'!%-!()&%)(&!#1(!-%)#1*(!/!#1(!5%&+%&(!G%d!(!3(!.&$,%&(<!-$1'!%3%2
G(&! 3(! .&$,%&(! G%d! (! 3(! `%1>-$,(a! .'5%1+$(a! uVUUQr! VVv6! ='*(-! 3(-!
&%.%5$+$'1%-!(.#15(1!(!3(!+'-5#,;&%<!(!3(!+'1G%1+$P1!/<!.'&!5(15'<!(3!
G(+8'6!:$!3(1d'!3(!,$-,(!.%3'5(!#1(!/!'5&(!G%d!+'15&(!%3!-#%3'<!*%!,'2
*'!9#%!&%;'5%!+'15&(!>3<!*%-.#>-! +'15&(! 3(!.(&%*!/!G#%3G(!0(+$(! ,8<!
5%1*&>! 9#%! ,'G%&! 3(! ,(1'! .(&(! ()(&&(&3(! /! %,.%d(&! *%! 1#%G'6! D'&!
,#+0'! 9#%! &%.$5(! %3! )%-5'<! -$%,.&%! -%&4! %3! .&$,%&'<! /! .'&! 5(15'!
.'*&4!0(;%&!G(&$(+$'1%-6!W'!,$-,'!'+#&&%!+'1!3(-!&%.&%-%15(+$'1%-!

SZX!!
5%(5&(3%-<!9#%!&%.$5%1!%3!,$-,'!5%I5'<!3'-!,$-,'-!.(-'-<!3'-!,$-,'-!
)%-5'-!+(*(!G%d!9#%!3'-!(+5'&%-!-#;%1!(3!5%(5&'6!
W(!1'+$P1!*%!/'!+','!%15$*(*!+'0%&%15%!*%.%1*%!*%!%-(!,$-,(!&%2
.%5$+$P16!W(!*$B%&%1+$(!%15&%!D%(&3,(1<!E(0#1!'!3(!K(&'1%-(!/!3'-!-#2
[%5'-!1'&,(3%-!?%1!%3!-%15$*'!*%!1'&,(5$G'-?!&(*$+(!%1!9#%!%-5'-!&%2
.$5%1! 3(-! (+5$5#*%-! $,.#%-5(-! /! (9#%33(-! 1'6! H$+0'! *%! '5&'! ,'*'<! %3!
&%3(5'! 9#%! 0(+%! +'0%&%15%-! (! 3'-! -#[%5'-! 1'&,(3%-! %-!%3! &%3(5'! *%! 3(!
1'&,(<!,$%15&(-!9#%!%1!3'-!'5&'-!&$)%!%3!.&$1+$.$'!*%!%I5&(g(,$%15'6!
F#1!(-8<!%1!5'*'-!3'-!+(-'-!-%!+',.(&5%!%3!*$-.'-$5$G'!*%!-%I#(3$*(*<!
3(!1%+%-$*(*!*%!%I(,$1(&!/!*%!+'1+%;$&!3(!.&'.$(!-#;[%5$G$*(*!(!.(&2
5$&! *%! -#! -%I#(3$*(*! ?%15%1*$*(! %1! %3! -%15$*'! (,.3$'! 9#%! $1+3#/%! 3(!
$*%15$*(*!*%!)>1%&'!/!3(!'&$%15(+$P1!-%I#(3?6!73!&%+#&-'!(!3'-!&%3(5'-!
(#5';$')&4B$+'-! 9#%! D%(&3,(1! *%1#1+$(! %1! 3'-! (&5$-5(-! 9#%%&! %-! #1!
+'&&%3(5'!*%!3'!9#%!-%!%I$)%!*%!5'*'-!/!+(*(!#1'!*%!1'-'5&'-6!W'!9#%!
0(+%!1%+%-(&$(!3(!.#;3$+(+$P1<!-%(!.'&!%3!,%*$'!9#%!-%(<!*%!%-(-!%I$-2
5%1+$(-!(1'&,(3%-!%-!9#%!*(&3%-!G$-$;$3$*(*!+'15&$;#/%!(!-#!*%-.(5'2
3')$d(+$P1!%!$&P1$+(,%15%<! (! -#!1'&,(3$d(+$P16!]+#&&%! +'1!3'-! )>1%2
&'-!-#;G%&-$G'-<!.%&'!5(,;$>1!+'1!3(-!-%I#(3$*(*%-!*$-$*%15%-<!+','!
.#%*%!-%&!%3!KH:h6!W(-!-$)3(-!+'&&%-.'1*%1!(! K'1*()%!/!H$-+$.3$1(<!
H',$1(+$P1!/!:#,$1$-$P1<!:(*$-,'!/!h(-'9#$-,'<!%!$1+3#/%1!#1!+'12
[#15'! *%! .&4+5$+(-! /! B(15(-8(-! %&P5$+(-! %1! 3(-! 9#%! 3(-! &%3(+$'1%-! *%!
.'*%&!/!%3!G81+#3'!%15&%!*'3'&!/!.3(+%&!&%.&%-%15(1!#1!.(.%3!B#1*(2
,%15(36!D%&'<!.'&!%1+$,(!*%!5'*'!%33'<!-%!-$5C(!3(!$*%(!*%!+'1-%1-'6!
73! .'%5(<! ,C-$+'! /! .%&B'&,%&! K';! j3(1()(1! $1-%&5(! %-5%! 5$.'! *%!
.&4+5$+(-! %1! -#! (+5$G$*(*! (&58-5$+(6! N(+%! %1! RQTV<! /! *%-*%! ,#/! .%2
9#%g'! .(*%+%! *%! .&';3%,(-! $15%-5$1(3%-! /! *'3'&%-! %-5',(+(3%-<! .'&!
3'! 9#%! -#-! .(*&%-! 3%! 33%G(1! +'1! B&%+#%1+$(! (3! 0'-.$5(36! N'! %-! 0(-5(!
#1'-! (g'-! ,4-! 5(&*%<! +#(1*'! #1! ,>*$+'! *$()1'-5$+(! (! -#! 0%&,(1(!
.%9#%g(!*%!B$;&'-$-!9#8-5$+(<!9#%!-%!&%G$-(!-#!0$-5'&$(3!+381$+'!/!-%!3%!
*$()1'-5$+(! 5(,;$>1! (! >36! W(! B$;&'-$-! 9#8-5$+(! %-! #1(! %1B%&,%*(*!
)%1>5$+(!9#%!.&'G'+(!3(!-%)&%)(+$P1!%I+%-$G(!*%!,#+'-(!/!-#!(+#,#2
3(+$P1!%1!.#3,'1%-<!08)(*'<! .41+&%(-! %! $15%-5$1'<!(+',.(g(*'!+$+(2
5&$d(+$P1!*%!3'-!5%[$*'-<!*%!.&';3%,(-! &%-.$&(5'&$'-! /!*'3'&%-! $15%12
-'-6! F#19#%! (0'&(! .#%*%! 0(+%&-%! #1(! .&#%;(! -%1+$33(! .(&(!
+',.&';(&!-$!3'-!1$G%3%-!*%!-(3!%1!%3!-#*'&!-'1!(35'-!?3'!9#%!$1*$+(&8(!
9#%!%3!.(+$%15%!.(*%+%!3(!%1B%&,%*(*?<!%1!3'-!(g'-!+$1+#%15(!%3!*$(2
)1P-5$+'!*%!%-5(!*'3%1+$(!%-!,#/!&(&'6!K';!%-!%3!,(/'&! *%!-%$-!0%&2

! SZL!
,(1'-<!-#!0%&,(1(!,#%&%!-$%1*'!,#/!.%9#%g(<!'5&(!-$%1*'!5'*(G8(!
#1!;%;>!?(#19#%!1'!%-54!*$()1'-5$+(*(<!%-!3(!+(#-(!,4-!.&';(;3%?!/!
'5&(!(!3'-!G%$15$C1!(g'-6!:'3'!-#-!*'-!0%&,(1'-!-%!3$;&(1!*%!%33(<!9#%!
5$%1%!#1!.'&+%15([%!(358-$,'!*%!,'&5(3$*(*!$1B(15$3!/!%1!(*#35'-![PG%2
1%-6!F!K';<!.'&!5(15'<!1'!3%!*(1!,4-!9#%!#1'-!(g'-!*%!G$*(6!
F!+(#-(!*%!-#!%1B%&,%*(*<!.(-(!,#+0'!5$%,.'!%1!3'-!0'-.$5(3%-6!71!
#1'!*%!-#-!$1)&%-'-<!3'-!*'+5'&%-!5$%1%1!9#%!0(+%&3%!#1(!.#1+$P1!.(2
&(!%I5&(%&!389#$*'!*%!-#-!.#3,'1%-<!.%&'!>3!-%!&%5#%&+%!*%!*'3'&!%1!3(!
+(,$33(<!$,.$*$>1*'3%-!9#%!0()(1!-#!5&(;(['6!H%+$*%1!(5(&3%6!7-5(!%-!
#1(! *%! 3(-! .&$,%&(-! -$5#(+$'1%-! %1! 3(-! 9#%! -%! #1%1! 3(-! -%1-(+$'1%-!
*'3'&'-(-! /! 3(-! .'-$5$G(-6! F5(*'! *%! .$%-! /! ,(1'-<! %1! 3'! 9#%! .(&%+%!
#1(!%I.%&$%1+$(!5&(#,45$+(<!-#-!.(*&%-!-%!G#%3+(1!(!0(+%&3%!,$,'-6!
71! #1(! %15&%G$-5(! +'1! F1*&%(! p#1'<! (.#15(! (! 9#%! %-! ,#/! .&';(;3%!
9#%! %-5(! #1$P1! %15&%! 3'-! +#$*(*'-! .(5%&1'-! /! 3'-! .&'+%-'-! +381$+'-!
$1G(-$G'-!,(&+(&(1!*%!B'&,(!*%B$1$5$G(!-#!-%I#(3$*(*6!W%!+#%15(!-#-!
[#%)'-!$1B(15$3%-<!+P,'!+#(1*'!5$%1%!-$%5%!(g'-!-#!.&$,'!/!>3![#%)(1!(!
-%&! (,'! /! %-+3(G'<! +P,'! 3%! $1G(*%! 3(! %I+$5(+$P1! (15%! 3(! $*%(! *%! -%&!
+(-5$)(*'6!=(,;$>1!(!3(!,$-,(!%*(*!%,.$%d(!(!-%15$&!*%-%'-!*%!-%&!
#1(!,',$(<!.'&!3'!9#%!-%!%1&'33(!%1!3(!,(15(!*%!-#!+(,(!0(-5(!9#%!
1'!.#%*%!&%-.$&(&<!/!%15'1+%-!-%!*%-%1&'33(6!71!9#$15'!+#&-'<!%1!#1(!
%-+#%3(!*%!G%&(1'<!&%.&%-%15(1!#1(!';&(!*%!5%(5&'!-';&%!D'+(0'15(-6!
l3!$15%&.&%5(!(3!+(.$541!p'01!:,$50<!(!9#$%1!3'-!$1*$'-!G(1!(!*%+(.$5(&<!
/!&%+#%&*(!3(!(3%)&%!()$5(+$P1!9#%!-$%15%!+#(1*'!3%!+'3'+(1!3(!+(;%d(!
-';&%!#1(!-$33(6!
H%! (*'3%-+%15%! %,.$%d(! (! +'3)(&-%! *%! 3(-! ,#g%+(-<! -%! %1+$%&&(! %1!
3#)(&%-!.%9#%g'-!?+','!%3!;',;'!*%!-#!;(5%&8(<!'!%3!(3,(+>1!*%!3(!
3%g(?!/!-%!$1,'G$3$d(!*%!*$-5$15(-!,(1%&(-6!71!%3!$1-5$5#5'<!)#(&*(!3(!
+',$*(!%1!3(!5(9#$33(!/!-%!B#%&d(!(!1'!+',%&!*#&(15%!5'*'!%3!*8(<!'!(!
+',%&! +'-(-! 9#%! 3%! (-9#%(16! 71! +(-(<! -%! (d'5(! .&$,%&'! +'1! %3! +$12
5#&P1<!*%-.#>-!+'1!3(!0%;$33(<!+'1!.(3(-!*%!5%1$-!*%!,%-(<!%,.$%d(!(!
[#)(&!+'1!-(1)&%<!(d'541*'-%!*%!B'&,(!9#%!3(!.#15(!*%!#1(!()#[(!3%!
(&(g%!3(!%-.(3*(t!5'*'!%-5'!,$%15&(-!+#$*(!*%!-#-!0%&,(1'-!.%9#%2
g'-!/!33%G(!(*%3(15%!3(!+(-(!.'&9#%!-#-!*'-!.(*&%-!5&(;([(16!D'&!3(-!
1'+0%-<!,$%15&(-!5'*'-!*#%&,%1<!-(3%!(3![(&*81!/!-%!*%-1#*(6!F338!-%!
,(-5#&;(!'!*%B%+(!*%5&4-!*%!(3)C1!(&;#-5'<!+'1!3(!-%1-(+$P1!+'1-5(12
5%!*%!.%3$)&'6!:$!#1'!*%!-#-!.(*&%-!-%!(-',(!(!3(!G%15(1(!*%3!*'&,$2
5'&$'<!3%!G%&46!]5&(-!1'+0%-<!-%!+#;&%!%3!+#%&.'!*%!.%)(,%15'!/!.(-(!

SZY!!
3(!1'+0%!*%-1#*'!%1!-#!+#(&5'!+'1!3(!G%15(1(!(;$%&5(6!D'&!3(!,(g(1(<!
%3!.%)(,%15'!%-!+','!#1(!-%)#1*(!.$%3!9#%!-%!(&&(1+(!.'+'!(!.'+'6!
H#&(15%!,#+0'!5$%,.'!%-5(-!(+5$G$*(*%-!-%+&%5(-!-'1![#%)'-!815$,'-!
*%! 3'-! 9#%! ';5$%1%! .3(+%&<! .%&'! 1'! 3'-! &%3(+$'1(! +'1! (+5$G$*(*%-!
-%I#(3%-6!7-!#1!;#%1!%-5#*$(15%!/!1'!-%!,%5%!%1!.&';3%,(-!%1!%3!$1-2
5$5#5'<!/!*%;$*'!(!-#-!$1+3$1(+$'1%-!(&58-5$+(-<!&%+$;%!B'&,(+$P1!.34-5$2
+(6!:$%,.&%!%-54!*$;#[(1*'!'!.$15(1*'6!73!0%+0'!*%!-%&!#1!`(&5$-5(a<!
#1$*'!(!-#!%1B%&,%*(*<!3%!33%G(!(!(+%.5(&!-#!&(&%d(6!F3!,$-,'!5$%,.'<!
%-+&$;%! +(1+$'1%-! /! .'%,(-6! D%&'! %1! 3(-! *'-! *$-+$.3$1(-! %-! #1! .'+'!
(15$+#(*'<!-#-!.$15#&(-!-'1!B$)#&(5$G(-!+#(1*'!3'!9#%!-%!33%G(!(!B$1(2
3%-! *%! 3'-! -%-%15(! %-! 3(! (;-5&(++$P1! /! %3! ,$1$,(3$-,'<! /! 3'-! .'%,(-!
-'1!#1!.'+'!g'g'-6!7-'!1'!%G$5(!9#%!G%1*(!5'*'-!-#-!+#(*&'-!/!9#%!
(3+(1+%!+$%&5'!1',;&%!+','!.'%5(6!i(-5(!9#%!#1'!*%!-#-!.&'B%-'&%-!
3%! 0(+%! G%&! -#-! B(35(-<! /! 3%! *%-+#;&%! .&$,%&'! (! \$+0(&*! K&(#5$)(1! /!
*%-.#>-!(!E0(&3%-!K#o'Å-o$6!@&(+$(-!(!%-%!.&'B%-'&!9#%!1'!-%!3$,$5(!
(!&%8&3%!3(-!)&(+$(-!-$1'!9#%!3%!%,.#[(!(!$11'G(&<!(3!-%15$*'!*%3!0#,'&!
1%)&'! /! -(58&$+'! *%! K&(#5$)(1! /! (3! &%(3$-,'! -#+$'! *%! K#o'Å-o$<! K';!
%1+#%15&(!#1(!G'd!.'>5$+(!.&'.$(!/!+'15%,.'&41%(6!
E#(1*'!5%&,$1(!%3!$1-5$5#5'<!-'3$+$5(!%3!(++%-'!(3!O1-5$5#5'!*%!3(-!F&5%-!
*%!E(3$B'&1$(<!.%&'!3%!&%+0(d(16!@&(+$(-!(!3(!.%1-$P1!9#%!&%+$;%!+','!
%1B%&,'!*%!B$;&'-$-!9#8-5$+(<!-%!,#*(!+'1!-#! 1'G$(! K%+o/!(! #1(! .%2
9#%g(!+(-(6!7-!3(!.&$,%&(!+',.(g%&(!-%I#(3! (! 3(!9#%! 3%! %I.3$+(! 9#>!
0(+%!%1!-'3$5(&$'<!/!(*'.5(!#1!.(.%3!(+5$G'!%1!-#-![#%)'-6!733(!%-!(+2
5&$d<!>3!%-!(&5$-5(<!3'!9#%!3%-!33%G(!(!G%&-%!+','!$1*$G$*#'-!%-.%+$(3%-!/!
B#%&(! *%! 3(! -'+$%*(*6! W'-! .&';3%,(-! (.(&%+%1! .'&9#%! %33(! -%!%,;'2
&&(+0(!/! B#,(!,(&$0#(1(<!,$%15&(-! 9#%! >3!1'6!F! .%-(&! *%! 3(! %I.%&$2
,%15(+$P1!-%I#(3<!K';!-$)#%!-$%1*'!+(#5'<!,%3$1*&'-'!/!#1!.'+'!$12
%1#'6!733(!%-!,#+0'!,4-!(#*(d<!/!5%&,$1(1!.'&!*%[(&!3(!&%3(+$P16!
K';!G#%3G%!(!+(-(!*%!-#-!.(*&%-6!71!RQLX!%,.$%d(!(!(-$-5$&!(3!+%15&'!
(&58-5$+'!/!3$5%&(&$'!K%/'1*!K(&'9#%<!*'1*%!B&%+#%15(!(!)&(1!.(&5%!*%!
3'-!.'%5(-!*%!W'-!q1)%3%-6! D%&'!(338! 5(,;$>1!-%!0(+%1! +'1+$%&5'-!*%!
.#1o!&'+o6!71!#1(!B$%-5(<!+'1'+%!(!:0%&%%!\'-%<!9#$%1!-%&4!-#!(,(!%3!
&%-5'!*%!-#!G$*(6!D'+'!(15%-!%-%!,$-,'!(g'<!K';!0(!%,.%d(*'!(!5&(2
;([(&! %1! #1(! 3$;&%&8(! *%! 3(! +$#*(*<! /! -%! 0(! ,#*(*'! (! #1! .%9#%g'!
(.(&5(,%15'!%1!W'-!q1)%3%-<!*'1*%!%,.$%d(!(![#)(&!+'1!3(-!.%&B'&(2
+$'1%-! &%+&%(5$G(-<! %1! %-.%+$(3! 3(-! *%! 3'-! .%d'1%-6! :%! %-B#%&d(! .'&!

! SZQ!
(5&(G%-(&-%!%3!.%dP1!+'1!#1(!()#[(<!.%&'!*%-.#>-!3(!-(+(!/!%3!()#[%&'!
.#%*%!+%&&(&!-$1!.&';3%,(-6! H%-.#>-<!*%!3(! &%G$-5(! j%5$-0!=$,%-!5'2
,(!3(!$*%(!*%!+3(G(&-%!%3!%-+&'5'!(!#1(!5(;3(<!%I5%1*$%1*'!3(!.$%3!+'2
,'!3(-!(3(-!*%!#1(!,(&$.'-(6!
E#(1*'! +'1'+%! (! :0%&%%<! ,#+0(! )%15%! -(;%! /(! *%! -#-! .&%B%&%1+$(-!
-%I#(3%-6!715&%!3'-!.'%5(-!*%!K%/'1*! K(&'9#%!$1+3#-'!-%!+'1-$*%&(2
(3)'!9#%!3%!0(+%!C1$+'<!3'!9#%!3%!*(!#1!+(&4+5%&!$1-P3$5'!/!(*,$&(;3%6!
733(! %-! ,(/'&! 9#%! >3<! %-54! *$G'&+$(*(! /! 5$%1%! *'-! 0$['-6! E#(1*'! %,2
.$%d(1!(!$15$,(&<!K';!3%!*$+%r!`K#%1'<!9#$%&'!.%&5%1%+%&!(!#1(!,#[%&<!
/!0(+%&3'!5'*'!.'&!%33(6!:'3'!3%!-%&>!B$%3!(!%33(a!uJ%33<!O!Å(15!5'!;%3'1)!
5'!(!Å',(1<!(1*!*'!%G%&/50$1)!B'&!0%&6!O!Å$33!;%!B($50B#3!'13/!5'!0%&v!
up#1'!/!m(3%!RQYQr!RUQv6!7-(!,#[%&!%-!%33(6!F!.(&5$&!*%!%-%!,',%15'!
>3!-%!+'1G$%&5%!%1!-#!%-+3(G'<!/!%33(!%1!-#!(,(6!D'&!%[%,.3'<!:0%&%%!3%!
.&'08;%! 5%1%&! -%I'! (! 1'! -%&! 9#%! -%(! +'1! %33(<! +#(1*'! /! +','! %33(!
9#$%&(6!7-'!$,.3$+(!9#%!1'!.#%*%!,(-5#&;(&-%!/<!.(&(!%G$5(&3'<!(!,%2
1#*'! 5$%1%! 9#%! (5(&3%6!D%&'! >3! +(-$! -$%,.&%! %1+#%15&(! 3(! ,(1%&(! *%!
-'35(&-%6!733(!-%&4!-#!+',.(g%&(!/!-#!*#%g(<!-#!+'3(;'&(*'&(!(&58-5$2
+(!/!-#!+#$*(*'&(!0(-5(!9#%!K';!,#%&(!%3!Z!*%!%1%&'!*%!RQQX<!(!3'-!
+#(&%15(! /! 5&%-! (g'-6! :'3'! #1'-! ,%-%-! (15%-! 3%! 0(;8(1! -(+(*'! *%! 3(!
3$-5(!*%!%-.%&(!.(&(!&%+$;$&!#1!5&(-.3(15%!*%!.#3,'1%-<!*%;$*'!(!9#%!
3(!+(15$*(*!*%!5%[$*'!+$+(5&$d(3!/!,#+'-(!9#%!0(;8(!%1!%33'-!0(+8(!$,2
.'-$;3%!#1(!%I5&(++$P1!3$,.$(6!
H%-*%! ,#/! .%9#%g'<! K';! -(;%! 9#%! G(! (! ,'&$&6! F3! *'3'&! 9#%! -$%15%!
*%;%!-#,(&!3(!+%&5%d(!*%!9#%!1'!*#&(&4!,#+0'!5$%,.'6!D(&(!-'&.&%2
-(!*%!5'*'-<!G$G%!,4-!*%!+#(&%15(!(g'-<!/!>3!1'!*#*(!%1!(5&$;#$&3%!%3!
,$3()&'!(3!KH:h6!7-!(!5&(G>-!*%! -#!.&4+5$+(!+','!5&(1-B'&,(!%3! -#2
B&$,$%15'!%1!.3(+%&<!+','!%I5&(%!B#%&d(!*%!(9#%33'!9#%!3%!*%;$3$5(6!71!
-#-!.'%,(-<!%1!-#-!$1-5(3(+$'1%-!/!.%&B'&,(1+%-<!.'1%!%1![#%)'!5'*(!
#1(! &%*! *%! -$)1$B$+(*'-! 9#%! -#%3%1! .%&,(1%+%&! '+#35'-6! 71! .&$,%&!
3#)(&<!*%-5(+(!3(!+'1+$%1+$(!*%!-#!.&'.$'!+#%&.'!/!*%!-#!.&'.$(!B$1$2
5#*6!"#%!3%!*%-(0#+$%1!(!3'-!-%$-!(g'-!0(+%!9#%!-%!%1B&%15%!(!3(!G$*(!
+','!-$!%3!5$%,.'!1'!3%!.%&5%1%+$%&(<!+','!-$!3'!%-5#G$%&(!&';(1*'!*%!
(3)C1!3#)(&<!3'!9#%!3%!*(!#1!+(&4+5%&!.&%+$'-'6!D%&'!5(,;$>1!*%-5(+(!
3(!$15$,$*(*!9#%!*%-(&&'33(!%15&%!%3!*'3'&!/!%3!.3(+%&6!H$+%!9#%!+#(12
*'!3%!(+'-(;(1!3'-!*'3'&%-!%-5',(+(3%-<!-%!.'18(!+(&(!(;(['!/!-%!B&'2
5(;(!+'15&(!%3!+'3+0P1<!.(&(!9#%!3%!.&%-$P1!%[%&+$*(!3%!&%3([(&(!#1!.'2
+'6!7-!+','!+#(1*'!-%!,(-([%(!(!3'-!;%;>-!.(&(!(3$G$(&3%-<!-(3G'!9#%!

STU!!
+'1!3'-!,'G$,$%15'-<!K';!*%-+#;&%!9#%!B&'5(&!%3!.%1%!+'15&(!3(!+(,(!
5(,;$>1!3%!&%3([(6!F-8!%-!+','!%,.$%d(!(!,(-5#&;(&-%6!E#(1*'!%3!*'2
3'&!-%!G#%3G%!$1-'.'&5(;3%<!-%!5'+(<!/!%15'1+%-!/(!1'!.(&%+%!5(1!,(3'6!
H%!%-5%!,'*'<!-#!*%-(&&'33'!-%I#(3! %-54! G$1+#3(*'!%1! 3'!,4-!815$,'!
+'1!-#!%I.%&$%1+$(!*%3!*'3'&6!73!,(3!5&(-+$%1*%!%1!;$%1<!%3!-#B&$,$%12
5'!%1!-(5$-B(++$P16!
='*'!%3!5$%,.'!9#%!.(-(!(!-'3(-!%1!0(;$5(+$'1%-!*%!0'-.$5(3!-%!5&(-2
3(*(! (! -#! $1-5(3(+$P1! m$-$5$1)! i'#&-! ui'&(-! *%! G$-$5(v<! %I.#%-5(! %1!
:(15(!hP1$+(!%1!RQQV!/!RQQS<!%1!N#%G(!f'&o!%1!RQQZ!/!%1!K'-5'1!%1!
RQQT6! 71! %-(! $1-5(3(+$P1<! K';! /! :0%&%%! (*(.5(1! 3(-! $1-5(3(+$'1%-!
(&58-5$+(-!(!3(-!B'&,(-!0'-.$5(3(&$(-<!/!&%+&%(1!#1(!(3(!.%*$45&$+(6!K';!
%-54!%1!+(,(<!%1!#1(!0(;$5(+$P1!+'1-5&#$*(!%1!,$5(*! *%!3(!-(3(<!+'1!
-#!+(,$-P1!*%!$1)&%-(*'<!&'*%(*'!*%!,(9#$1(&$(!/!+'1!%3!&%-.$&(*'&!
.#%-5'6!W'-!%-.%+5(*'&%-!.#%*%1!%15&(&!/!0(+%&3%!.&%)#15(-6!j#%&(<!
0(/!#1(!-(3(!*%!%-.%&(6!F3!'5&'!3(*'!*%!3(!)(3%&8(!0(/!#1(!,%-(!$1B(12
5$3!+'1!0%&&(,$%15(-!*%![#)#%5%!/!#1!.#d3%!(!,%*$'!0(+%&<!.%&'!3(!.$%2
d(!+%15&(3!%-!%3!m$-$;3%!h(1!ui',;&%!G$-$;3%v<!#1!,'*%3'!(1(5P,$+'!(!
%-+(3(!/!5&(1-.(&%15%!%1!%3!9#%!.#%*%1!G%&-%!3'-!P&)(1'-<!%3!%-9#%3%2
5'<! %3! -$-5%,(! +$&+#3(5'&$'! /! *%,4-6! W(! *$B%&%1+$(! %15&%! >3! /! 3'-! 9#%!
.'*%,'-!(*9#$&$&!%1!(3)#1(-![#)#%5%&8(-!%-!9#%!%-5%!.&'*#+%!#1!B3#2
['!+'1-5(15%!*%!,'+'-<!*%!%-.%&,(!/!*%!,$%&*(<!9#%!G(1!(+#,#3412
*'-%!%1!3(!,%-(6!
71!'5&'!3#)(&!*%!3(!)(3%&8(<! 0(/!#1!;(C3!*%!,(*%&(!33%1'!*%!'-'-! *%!
.%3#+0%<! [#%)'-! /! [#)#%5%-<! .%&'! 5(,;$>1! *%! ,(5%&$(3! *%! ;'1*()%!
u(5(*#&(-!%&P5$+(-v!/!B%5$+0$-5(6!=(,;$>1!0(/!#1(!+(,(!*%!+3(G'-<!3(!
D'55/!E0($&!u:$33(!*%!+(+(v<!#1(!-$33(!+'1!%3!(.'/'!(;$%&5'!.(&(!+'3'+(&!
*%;(['! #1! '&$1(3<! /! %3! m$*%'! E(-o%5! um8*%'2(5(C*v<! #1! (5(C*! (;$%&5'!
+'1!#1!5%3%G$-'&!%1!%3!9#%!-%!G%!3(!+(&(!*%!K';!+'3'+(*(!*'1*%!*%;%&2
8(!%-5(&!-#!+(;%d(!-$!%-5#G$%&(!5#,;(*'!*%15&'6!71!%3!3#)(&!*%3!.%+0'!
0(/!#1(!+'&'1(!*%!B3'&%-6!E#(1*'!%3!%-.%+5(*'&!-%!(+%&+(<!3(!$,()%1!
*%!K';!-%!*$B#,$1(!/!(.(&%+%!-#!.&'.$(!+(&(!%1!3(!.(15(33(<!(3$,%15(2
*(!.'&!#1(!+4,(&(!*%!G$)$3(1+$(!9#%!0(/!'+#35(!%1!3(!5(.(!*%3!(5(C*6!
H%!%-5%!,'*'<!3(!,#%&5%!-%)#&(!*%3!(&5$-5(!-%!G$1+#3(!+'1!3(!,#%&5%<!
5(,;$>1!$&&%,%*$(;3%<!*%3!%-.%+5(*'&6!
='*'! %1! 3(! $1-5(3(+$P1! (.#15(! (3! ,#1*'! $1B(15$3! /! (3! ,#1*'! *%3! -(2
*',(-'9#$-,'6!H%!0%+0'<!3(!#1$P1!%15&%!%3!*'3'&!*%!3(!B$;&'-$-!9#8-2

! STR!
5$+(!/!%3!*%!-#-![#%)'-!-%I#(3%-!-%!0(+%!%I.38+$5'!%1!#1!,#&'!B'&,(*'!
.'&!,$3!+#(5&'+$%15'-!+#;'-!*%!3'-!9#%!-%!#5$3$d(1!.(&(!B'&,(&!.(3(2
;&(-6!:(3G'!9#%!%1!%33'-!-'3'!(.(&%+%1!+#(5&'!3%5&(-<!&%.%5$*(-!#1(!/!
'5&(! G%dr! Ej:h6! E/-5$+! j$;&'-$-! :(*'! h(-'+0$-,! uj$;&'-$-! "#8-5$+(!
:(*'! h(-'9#$-,'v6! F-8<! 0(+%! ,(1$B$%-5(! 3(! &%3(+$P1! $15&81-%+(! %15&%!
%3!*%-%'!-%I#(3!$1B(15$3<!3(-! 1%+%-$*(*%-! (B%+5$G(-<!/! 3(! -%I#(3$d(+$P1!
*%!3(!%1B%&,%*(*6!7-5(!5&(,(!+',.3%[(!*%!-$)1$B$+(*'-!&',.%!(3!,%2
1'-!+'1!*'-!5(;C%-<!%3!*%!3(!-%I#(3$*(*!$1B(15$3!/!%3!*%!3(!-%I#(3$*(*!
*%!3'-!+#%&.'-!%1B%&,'-6!W'!9#%!&%-#35(!%-+(1*(3'-'<!,4-!(334!*%3!-(2
*',(-'9#$-,'<! %-! %-%! +'15$1#'! %15&%! $1B(1+$(! /! -%I'! 9#%! j3(1()(1!
-(+(!(!3(!3#d6!71!-#!%I0$;$+$'1$-,'<!0(+%!)(3(!*%!%-%!+(&4+5%&!$1B(15$3<!
*%!%-(!%I$)%1+$(!*%!+#$*(*'-!/<!(3!,$-,'!5$%,.'<!*%!+(-5$)'-6!F,;'-!
%-541! +'1%+5(*'-<! -'1! $15%&*%.%1*$%15%-6! E#(15'! ,4-! 3%! *#%3%<! ,4-!
(5%1+$'1%-! &%+$;%<! /! ,(/'&! %-! %3! (3$G$'! 9#%! -$%15%! +#(1*'! %3! *'3'&!
*%-(.(&%+%6!F#19#%!*%!.%9#%g'!1'! .'*8(!-(;%&3'<! -%I'! /! *'3'&! -'1!
.(&(!>3!3'!,$-,'6!
"#%!K';!-%(!%3!%-+3(G'!*%!:0%&%%!1'!-$)1$B$+(!9#%!-%!-',%5(!*%!B'&,(!
(;-'3#5(!(!-#! G'3#15(*6!K#%1'<!-8<! .%&'!1'! .'&9#%! (;(1*'1%!3(!$*%(!
*%3! /'! +','! -#[%5'! *%-%(15%6! E#(1*'! %1! =0%! F-+%1-$'1! uW(! (-+%12
-$P1v!3%!(5(!3'-!5';$33'-!/!%-5$&(!*%!3(!+#%&*(<!*%!,'*'!9#%!9#%*(!-#-2
.%1*$*'!*%-1#*'!/!+(;%d(!(;(['<!%-!%3!+#%&.'!*%!>3!%3!9#%!(-+$%1*%<!
%-!%3!+#%&.'!*%!>3!%3!9#%!-%!%I0$;%<!%-!%3!+#%&.'!*%!>3!%3!9#%!-#B&%6!N'!
%-!%33(<!%-!>36!W(!.&$,%&(!)&(1!$&'18(!*%!3(-!&%3(+$'1%-!KH:h!%-!9#%!3(!
G'3#15(*!*%3!-#,$-'!-%!+'3'+(!.'&!%1+$,(!*%!3(!*%!-#!(,(6!7-5(!*#(2
3$*(*!%-!%G$*%15%!%1!3(!1'G%3(!*%!W%'.'3*!G'1!:(+0%&2h(-'+0!.#;3$2
+(*(!%1!RYLU<! W(!m%1#-!*%!3(-!.$%3%-6!71!%33(<!:%G%&$1'!.$*%!(!J(1*(!
9#%!-%!+'1G$%&5(!%1!-#!-%g'&(<!/!-%!'B&%+%!(!-%&!-#!%-+3(G'6!733(!%-!&%2
5$+%15%<!-%!G%!$1+(.(d!*%!+(-5$)(&3%!+','!>3! *%-%(6!N'!0(+%!,4-!9#%!
+#%-5$'1(&! -#-! $15%1+$'1%-<! $15%15(! (-%)#&(&-%! *%! 9#%<! %1! %B%+5'<!
9#$%&%!&%1#1+$(&!(!-#!3$;%&5(*!.'&!%33(6!=%&,$1(!+%*$%1*'6!7-!3(!$1-$-2
5%1+$(!*%!:%G%&$1'!3(!9#%!*%-.$%&5(!%1!%33(!3'-!$1-5$15'-!.%3$)&'-'-<!%3!
*%-%'! *%! $,.'1%&-%! -';&%! >36! m$([(1! [#15'-! (! j3'&%1+$(6! F338! %33(! 3%!
;(#5$d(!+','!@&%)'&$'!/!3%!';3$)(!(!%[%&+%&!*%!+&$(*'6!W%!(*G$%&5%r!

t!-'3'!%&%-!.&'G$-$'1(3,%15%!,$!+&$(*'!.(&(!3(!)%15%k!(C1!1'!%&%-!,$!
%-+3(G'<! (C1! 1'! 0(-! B$&,(*'! %3! *'+#,%15'k! %&%-! 3$;&%<! .#%*%-! $&5%!
+#(1*'!9#$%&(-k!*%-%,.%g(-!5#!.(.%3!*%!,(1%&(!,()$-5&(36!7-5'/!%12

STV!!
+(15(*(<! .%&'! /(! %-! ;(-5(15%6! bN'! 5%! .(&%d+'! (;',$1(;3%c! u:(+0%&2
h(-'+0!RQLTr!RZTv!

73!*'+#,%15'!(3!9#%!-%!&%B$%&%!%-!#1!+'15&(5'!*%!%-+3(G$5#*6!l3!3'!B$&2
,(6! i(! $15%15(*'! /(! &%1#1+$(&! %1! #1(! '+(-$P1<! %33(! 3%! ,(35&(5(! /! 3%!
(*G$%&5%!*%!9#%!%-54!(+5#(1*'!%1!+'15&(!*%!-#!+(&4+5%&!/!*%!-#!*$-.'2
-$+$P1!1(5#&(3<!.%&'!>3!B$&,(!%3!+'15&(5'6!F!.(&5$&!*%!%-%!,',%15'<!.(2
-(!(!33(,(&-%!@&%)'&$'<!/!%33(!3%!(d'5(<!3%!0#,$33(6!@&%)'&$'!-%!9#%[(!*%!
-#! .%1'-(! -$5#(+$P1<! *%! +P,'! 3%! ,(35&(5(! /! +'9#%5%(! +'1! %3! @&$%)'<!
9#%! -%! .'-5#3(! +','! -#! .'-$;3%! (,'6! 71! #1! *%5%&,$1(*'! ,',%15'<!
@&%)'&$'! %+0(! %1! +(&(! %3! 5&(5'! 9#%! &%+$;%! .'&! -#! .(&5%<! /! J(1*(! 3%!
&%-.'1*%r!

D'*&8(!+(-5$)(&5%!(!3(5$)(d'-<!.%&'!.&%B$%&'!&%-.'1*%&5%6!N'!5$%1%-!*%2
&%+0'!(!9#%[(&5%6!bN'!0%!-$*'!-$%,.&%!0'1&(*(!+'15$)'c!bN'!5%!3'!(*2
G%&58!G(&$(-!G%+%-c!bN'!5%!0%!(,(*'!+'&*$(3,%15%<!(.(-$'1(*(,%15%<!
*41*'5%! (! %15%1*%&! *%! 5'*'-! ,'*'-! 9#%! %&(! .%3$)&'-'! %15&%)(&-%! (!
,8<!&%;([(&5%!(15%!,8c!bN'!5%!*$[%!9#%!9#%&8(!-%&!*',$1(*(c!Öf!5C!9#$2
-$-5%! -%&! ,$! %-+3(G'<! ,$! [#)#%5%Ü! Öf! 0(;&4-! %I.%&$,%15(*'! %3! ,(/'&!
.3(+%&!(3!-%&3'<!;(['!%3!345$)'!/!%3!.$%!*%!#1(!,#[%&!+&#%3!/!'&)#33'-(Ü!
utv!W'!-'/!-$1+%&(Ä!+#(1*'!5%!*$)'!9#%!5%!0%!(,(*'!(!5$<!(!5$!-'3'<!/!
5C<!Ö3'+'Ü<!1'!0(-!1'5(*'!9#%!5'*'!%&(![#%)'!/!;&',(<!1$!3'!.%1'-'!9#%!
,%!%&(!*(&5%!#1!3(5$)(d'!%1!%3!$1-5(15%!,$-,'!9#%!*%-%(;(!(;&(d(&5%6!
u:(+0%&2h(-'+0!RQLTr!RYV2RYZv!

H%-.#>-! *%! %-5'<! %33(! 3%! (;(1*'1(<! /! >3! 9#%*(! +#&(*'! *%! -#! ,(36!
E#(1*'!%33(!3%!*(![#-5'!3'!9#%!>3!%-54!.$*$%1*'<!+#(1*'!5',(!%3!+'12
5&'3!(;-'3#5'!*%!-#!G$*(<!>3!-%!3(,%15(!/!9#$%&%!&%+#.%&(&!%3!+'15&'36!
H%!3'!9#%!1'!-%!*(!+#%15(!%-!*%!9#%!-$%,.&%!0(1!-$*'!-#!G'3#15(*!/!
-#-!*%-%'-!3'-!9#%!0(1!,'5$G(*'!3(-!(++$'1%-!*%!J(1*(6!:$%,.&%!0(!
%-5(*'! %1! -#! ,(1'! &',.%&! %3! 0%+0$d'<! 5%&,$1(&! 3(! %-+%1(6! 733(<! 9#%!
0(!0%+0'!+'1!>3!3'!9#%!3%!.3(+8(<!-'3'!-%)#8(!-#!*$+5(*'6!7&(!3(!$15%&2
,%*$(&$(!%15&%!%3!*%-%'!*%!:%G%&$1'!/!-#!&%(3$d(+$P16!73!(,(!&%-#35(!
-%&!3(!-#,$-(6!
H%!1$g'<!:%G%&$1'!-%!+#%3(!%1!3%!*'&,$5'&$'!*%!-#!58(<!9#%!3%!*%-+#;&%!
/!3%!(d'5(6!E#;$%&5(!+','!%-54!+'1!#1(!+0(9#%5$33(!*%!.$%3%-<!(3!.'1%&!
%1!+'15(+5'!3(!G(&(!+'1!-#!+#%&.'!3%!0(+%!+'1-+$%15%!.'&!.&$,%&(!G%d!
*%!3(!-%1-$;$3$*(*!B8-$+(!/!*%3!.'*%&!9#%!.'-%%!#1(!,#[%&!0%&,'-(6!:#!
58(<!%1!#1!(5(9#%!*%!+P3%&(<!*%-.$%&5(!-#!-%I#(3$*(*!(!)'3.%-6!W'!9#%!
;#-+(!%1!-#!&%3(+$P1!+'1!J(1*(!%-!%-(!,$-,(!%I+$5(+$P1<!%-%!,$-,'!

! STS!
.3(+%&! 5'&+$*'! 9#%! -'3'! .#%*%! .&'G'+(&! #1(! ,#[%&! B(5(36! W(! 5&(,.(!
9#%!*%-+#;&%!J(1*(!/!9#%!-%!3%!%-+(.(!(!:%G%&$1'!%-!9#%!%33(!B'&,(!
.(&5%!*%3!.&')&(,(<!%-!#1(!(+5&$d!,4-!*%3!.3(1!9#%!>3!0(!5&(d(*'6!N'!
%-!-4*$+(!(3!,'*'!*%!:(*%<!+','!>3! .'*&8(!%-.%&(&<!-$1'!9#%!%-! #1(!
.&'/%++$P1!/!#1!&%B3%['!*%!-#!.&'.$'!*%-%'6!H%3%#d%!-%g(3(!9#%!!

-$!3(!,#[%&2G%&*#)'!1'!.#%*%!-%&!-4*$+(!%1!%3!,(-'9#$-,'<!%-!.&%+$2
-(,%15%!.'&9#%!%-54! %1!%3!,(-'9#$-,'<!.'&9#%!B'&,(!.(&5%!*%!3(!-$2
5#(+$P1!,(-'9#$-5(<!%1!-#!+(&4+5%&!*%!%3%,%15'!&%(3$d(*'!*%3!B(15(-2
,(!,(-'9#$-5(r!%33(!.%&5%1%+%!(3!,(-'9#$-,'6!uVUURr!ZTv!

H%!%-5%!,'*'<!-#!B#1+$P1!*%.%1*%!*%3!-#,$-'<!/!1'!.(&5%!*%!-8!,$-2
,(6!:$!%3!3$;%&5$1'!-(*$(1'!%-54!%1+%&&(*'!%1!-#!.&'.$(!+'1+$%1+$(!/!3(!
&%(B$&,(! (! 5&(G>-! *%3! *'3'&! *%! 3'-! *%,4-<! %3! ,(-'9#$-5(! 1'! 3'! %-54!
,%1'-<!.%&'!-#!&%(B$&,(+$P1!*%.%1*%!*%!3(!$1B3#%1+$(!.(-$G(!()&%-$2
G(!9#%!%[%&+%!%1!-#!*',$1(5&$d6!j'&,(1!;#+3%-!*$-5$15'-!%!$1+',#1$2
+(;3%-6! D'&! %-'! 0(;3(&! *%! -(*',(-'9#$-,'! %-<! %1! -%15$*'! %-5&$+5'<!
$,.'-$;3%6!
F!3'!9#%![#%)(!%3!,(-'9#$-5(!%-!(!*%-.&%1*%&-%!*%!-#!+#(3$*(*!*%!-#2
[%5'! (*#35'6! F! 5&(G>-! *%! 3(! $1B(15$3$d(+$P1! -%! &%-$5C(! %1! %3! +%15&'! *%3!
,#1*'<! /! .#%*%! %I$)$&! 5'*(! +3(-%! *%! (5%1+$'1%-6! 71! &%(3$*(*<! 1#1+(!
&%1#1+$(!*%3!5'*'!(!-#!*%-%'<!1$!(3!+'15&'3!*%!3(!-$5#(+$P1<!3'!9#%!0(+%!
%-!*%3%)(&6!D'1%!%1!,(1'-!*%!-#!(,(!3'-!38,$5%-!*%!-#!+(.(+$*(*!*%!
&%-$-5%1+$(6! E#(1*'! F1*&%(! p#1'! 3%! .&%)#15(! (! K';! .'&! 9#>! 1'! %&(!
+(.(d<! -$%1*'! (*'3%-+%15%<! *%! +'3)(&-%! *%! 3(-!,#g%+(-! ,4-! *%! #1'-!
,$1#5'-<! >3! 3%! &%-.'1*%! +'1! -$1+%&$*(*r! .'&9#%! *#%3%k! 0(+%! B(35(! (32
)#$%1! 9#%! 5%! ';3$)#%6! l3! 9#%&&8(! .'*%&! 0(+%&3'<! .%&'! -#! G'3#15(*! %-!
$1-#B$+$%15%6!:0%&%%!(*'.5(!%-%!.(.%3<!%-!%33(!9#$%1!3%!+'1'+%!/!9#$%1!
-(;%! 0(-5(! *P1*%! .#%*%1! 5%1-(&! 3(! -$5#(+$P16! 7-! %3! 4&;$5&'! %15&%! 3'!
9#%!K';!*%-%(!/!3'!9#%!%-54!*$-.#%-5'!(!&%+'1'+%&6!
W(!-%)#1*(!)&(1!$&'18(!*%3!KH:h!%-!9#%!+'15&(*$+%!3'-!.&%[#$+$'-!%1!
5'&1'!(!3(-!3P)$+(-!*%!.'*%&!%1!3(-!&%3(+$'1%-!-%I#(3%-6!:$!3(-!B%,$1$-2
5(-!&(*$+(3%-!?F1*&%(!HÅ'&o$1!'!:0%$3(!p%BB&%/-<!.'&!%[%,.3'?!.$%12
-(1! %1! 3'-! 0',;&%-! +','! B#%&d(! $1G(-'&(! 9#%! -%! $,.'1%! (! 3(! $1*%2
B%1-$P1! B%,%1$1(<! +','! #1'-! -4*$+'-! 9#%! ,#%G%1! 5'*(! -#! -'&*$*%d!
.(&(! ;#-+(&! (3)#1(! -#,$-(! $1+(#5(<! -%! %9#$G'+(16! 71! .&$,%&! 3#)(&<!
.'&9#%! 5'*(! &%3(+$P1! KH:h! %-! +'1-%1-#(*(! /! %I$-5%1! .(3(;&(-! ?'!
)%-5'-<!+#(1*'!3(!;'+(!%-54!'+#.(*(?!*%!+'15&'3!9#%!.(&(1!3(!-$5#(2

STZ!!
+$P1! *%! $1,%*$(5'! +#(1*'! %3! -#,$-'! -$%15%! 9#%! %-54! 33%)(1*'! (! -#!
38,$5%6!71! -%)#1*'! 3#)(&<! .'&9#%<! +','! *%,#%-5&(1! 3'-! 5%-5$,'1$'-!
*%! F11$+o! j'#+(#35! '! :0(Å1(! w%11%/<! -#%3%1! -%&! 0',;&%-! 3'-! 9#%!
;#-+(1!#1!(,(!9#%!3'-!5&(5%1!+','!(!#1(!.%&&(6!=(,;$>1!3(!(3)'B$3$(!
*%!:(+0%&2h(-'+0<!:Å$1;#&1%!'!HzF11#1d$'!(.'/(1!%-5%!0%+0'6!]!%3!
.&'.$'!j3(1()(16!
W(! .(&(*'[(! %-! 9#%! %-5(-! (+5$5#*%-! B%,$1$d(1! %3! +#%&.'! ,(-+#3$1'<!
9#%!%-!-',%5$*'<!.%1%5&(*'<!0#,$33(*'<!-#-.%1*$*'<!B'&d(*'!(!0(+%&!
3'!9#%!1'!9#$%&%<!+'&&%)$*'<!)#$(*'<!33%G(*'!(!3(!%I5%1#(+$P1<!';3$)(2
*'!(!%-.%&(&6!73!-#,$-'!*%;%!-(;%&!9#%!%-!-#!(,(!9#$%1!,(1*(<!*%;%!
-%15$&!3(!(1)#-5$(<!3(!(1-$%*(*!*%!%-5(&!.'&!+',.3%5'!B#%&(!*%!-86!7&'2
5$d(!-#!G$+5$,$-,'<!&%+'1'+%!-#!.(.%3!-%+#1*(&$'!%1!%3![#%)'!-%I#(36!
:$!-#!(,(!3%!*$+%r!`()#(15(a<!';%*%+%6!:$!3%!*$+%!`+P&&%5%a<!-%!+'&&%6!:$!
3(! ';%*$%1+$(! %-! #1(! *%! 3(-! +(&(+5%&8-5$+(-! 9#%! *%B$1%! 3(! B%,$1$*(*<!
%15'1+%-!1'!0(/!+#%&.'!,4-!B%,%1$1'!9#%!%3!*%3!-#,$-'6!71!>3!-%!#1%!
3'!B%,%1$1'!/!3'!$1B(15$3<!%-!*P+$3!/!&%;%3*%!(3!,$-,'!5$%,.'<!(1-8(!-%&!
;#%1'!/!1'!-%&3'<!.(&(!&%+$;$&!%3!+(-5$)'!9#%!,%&%+%6!F!5&(G>-!*%3![#%2
)'! *%! ,4-+(&(-! 9#%! -#.'1%! 3(! %-+%1(! KH:h<! %3! 0',;&%! .'1%! -#!
0',;&8(!%1!,(1'-!*%!-#!(,(<!9#%!*%[(!(!-#!G%d!*%!-%&!#1(!,#[%&!.(2
&(!-%&!'5&(!+'-(6!W(!,(-+#3$1$*(*!/!3(!B%,$1$*(*!+(,;$(1!*%!,(1'-<!
3'-! )>1%&'-! -%! -#;G$%&5%1! /! '-+$3(1! *%! #1! +#%&.'! (! '5&'6! :$! %3! )%-5'!
B#1+$'1(!%-!.'&9#%!(,;'-!-(;%1!9#%<!%1!%3!B'1*'<!5'*'!%-!5%(5&'6!H%!
3(! +'1B$(1d(! (;-'3#5(! *%.%1*%! 9#%! %3! -#,$-'! -%! %15&%)#%! -$1! &%-%&2
G(-<!-%!+'1G$%&5(!.'&!#1(!$1-5(15%!%1!';[%5'!/!.#%*(!)'d(&!*%!-#!.&'2
.$(!(#-%1+$(6!73!*'3'&!/!3(!0#,$33(+$P1!&%.&%-%15(*'-!%1!3(!,(d,'&&(!
?%-%!3#)(&!-%)#&'!*'1*%!(+5C(1!(,'!/!%-+3(G'?<!-$&G%1!+','!+(5(&-$-!
.(&(!3'-!+'1B3$+5'-!*%!3(!G$*(!&%(36!D%&*%&!'!)(1(&!.'*%&!%1!3(!,(d,'2
&&(!(/#*(!1'!-'3'!(!&%+'1'+%&!3(!+'1-5&#++$P1!-'+$(3!*%!3'-!)>1%&'-!'!
*%!3(-!+3(-%-!-'+$(3%-<!-$1'!(!.'1%&3'-!%1!*#*(6!
71! m$-$5$1)! i'#&-<! (3! ,'-5&(&-%! +','! 1$g'! %1! #1! 0'-.$5(3! $1B(15$3! /!
+','! -#,$-'! +'3)(*'! +(;%d(! (;(['<! K';! *%[(! *%! -%&! #1! 0',;&%6! W(!
B#%&d(<!3(!*#&%d(<!3(!-%)#&$*(*<!5'*'!3'!9#%!+(;%!%-.%&(&!%1!#1!0',2
;&%! B(35(! %1! -#! +#%&.'! *%3)(*'<! *%-1#*'! /! %1B%&,'6! 73! ,';$3$(&$'!
0'-.$5(3(&$'<! 3(-! B3'&%-! %1! 3(! 0(;$5(+$P1<! -#! G#31%&(;$3$*(*! %G$*%15%<!
5'*'!%33'!B%,$1$d(!(3!(&5$-5(<!.%&'!5(,;$>1!+'3'+(!(!3'-!%-.%+5(*'&%-!
B&%15%! (! -#! .&'.$(! B&()$3$*(*6! ='*'! %-5'! -#%1(! ,#/! *&(,45$+'<! .%&'!
j3(1()(1! 0#/%! *%3! -%15$,%15(3$-,'6! 71! &%(3$*(*<! 5'*(! -#! ';&(! %-54!

! STT!
+(&)(*(!*%!0#,'&6!7-!+(.(d!*%!(5&(G%-(&-%!%3!)3(1*%!/!+3(G(&3'!(!#1(!
5(;3(!*%!,(*%&(!(!,(&5$33(d'-!,$%15&(-!)(-5(!;&',(-6!W(!/#I5(.'-$2
+$P1!%1!%3!;(C3!*%! m$-$5$1)!i'#&-!*%![#)#%5%-<!*%!#1!%[%,.3(&!*%3![#%2
)'!].%&(+$P1<!/!*%!345$)'-!'!*$3(5(*'&%-!(1(3%-!1'!-'3'!-(+(!(!3(!3#d!%3!
0%+0'! ';G$(*'! *%! 9#%! 3'-! 1$g'-! 5(,;$>1! 5$%1%1! $,.#3-'-! -%I#(3%-<!
-$1'! 9#%! &%-#35(! %-+(1*(3'-'! /! *$G%&5$*'6! ]+#&&%! 3'! ,$-,'! +#(1*'!
+(15(! E/-5$+! j$;&'-$-! :'1)! uW(! +(1+$P1! *%! 3(! B$;&'-$-! 9#8-5$+(v<! %1! 3(!
9#%!.(&'*$(!3(!+>3%;&%!+(1+$P1!*%!h(&/!D'..$1-!/!3%!0(+%!*%+$&r!

K';!%3!:#.%&,(-'9#$-5(!5$%1%!B$;&'-$-!9#8-5$+(<!
*%;%&8(!0(;%&!,#%&5'!+#(1*'!%&(!['G%1<!.%&'!%&(!*%,(-$(*'!.&%+(G$2
*'6!!
E#415'!,4-!G$G$&4!%-!3(!.&')1'-$-!9#%!-%!0(+%1!5'*'-<!
K';!%3!:#.%&,(-'9#$-5(!5$%1%!B$;&'-$-!9#8-5$+(6!!
^,!*$**3%!*$**3%!*$**3%<!G'/!(!,'&$&6!
!
:#.%&,(-'+0$-5$+! K';! 0(-! +/-5$+! B$;&'-$-<! |! 0%! -0'#3*! 0(G%! *$%*!
Å0%1!0%!Å(-!/'#1)!;#5!0%!Å(-!5''!.&%+(#+$'#-6!|!i'Å!,#+0!3'1)%&!
0%!Å'#3*!3$G%!$-!(1/'1%z-!.&')1'-$-<!|!:#.%&,(-'+0$-5$+!K';!0(-!+/-52
$+!B$;&'-$-6!|!^,!*$**3%!*$**3%!*$**3%!Oz,!)'11(!*$% VX6Ä!

W(!0'1%-5$*(*!+'1!3(!9#%!-%!%1B&%15(!(!-#!%1B%&,%*(*!/!(!-#-!.&4+5$2
+(-! ,(-'9#$-5(-<! 3(! *%-G%&)n%1d(! +'1! 3(! 9#%! +'3'+(! -#! %I.%&$%1+$(!
G$5(3!%1!%3!+%15&'!*%!-#!.&4+5$+(!(&58-5$+(!/!3(!$&'18(!+'1!3(!9#%!-%!,$&(!
(!-8!,$-,'<!&$*$+#3$d(!(3!,$-,'!5$%,.'!3(!-%&$%*(*!9#%!$,.%&(!%1!%3!
,#1*'!*%3!F&5%!/!3(!-%&$%*(*!+'1!3(!9#%!1'-!5',(,'-!3(!G$*(6!7-!,#/!
.&';(;3%!9#%!*%!1'!0(;%&!.(*%+$*'!B$;&'-$-!9#8-5$+(!1'!0#;$%&(!*%-2
(&&'33(*'!-#!-%I#(3$*(*!/<!.'&!5(15'<!1'!0(;&8(!-$*'!%3!(&5$-5(!9#%!33%2
)(! (! -%&6! H%! 1'! 0(;%&-%! -',%5$*'! (! ,#35$5#*! *%! .&#%;(-<! (143$-$-! /!
5&(5(,$%15'-<!1'!0(;&8(!-$*'<! 9#$d4<!5(1! %I0$;$+$'1$-5(<! 1$! 0(;&8(! 1(2
5#&(3$d(*'!%3!G81+#3'!%15&%!*'3'&!/!.3(+%&!9#%!.#%*%!.(&%+%&!%I5&(g'!
%1! #1! .&$1+$.$'<! 1$! 0(;&8(! (B&'15(*'! -#! -%I#(3$*(*! -$1! +#3.(! /! -$1!
+',.3%['-6! H$B#,$1(! 3'-! 38,$5%-! %15%! ,%*$+$1(! /! .'&1')&(B8(<! %15&%!
G$*(!/!F&5%<!%15&%!3'-!)>1%&'-<!/<!(3!.&%-%15(&-%!+','!';[%5'!(&58-5$+'<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VX!73! %I5&(+5'! *%3! *'+#,%15(3! *%! RQQL! :$+or!=0%!W$B%!(1*!H%(50! 'B!K';!j3(1()(1<!
:#.%&,(-'+0$-5!u71B%&,'r!G$*(!/!,#%&5%!*%!K';!j3(1()(1<!:#.%&,(-'9#$-5(v!%1!%3!
9#%! +(15(! %-5(! +(1+$P1! .#%*%! G%&-%! (9#8r!
055.-r||ÅÅÅ6/'#5#;%6+',|Å(5+0cGíÅÑYG,Sw]KL'! E'1-#35(r! RQ! *%! ()'-5'! *%!
VURTÄ!
STX!!
%15&%!+&%(*'&!/!+&%(+$P16!7-!+','!%-<!/!1'!5$%1%!1(*(!*%!,(3'6!71!%-(!
(+%.5(+$P1!0(/!,#+0(!G(3%158(6!

OO!

K';! j3(1()(1! %I.%&$,%15(! +'1! -#! +#%&.'! /! +'1! -#! -%I#(3$*(*<! /! *%!
%33'-!';5$%1%!%3!,(5%&$(3!1%+%-(&$'!.(&(!-#!5&(;(['!(&58-5$+'6!E&%(!#1!
+'15$1#'! %15&%! ,%*$+$1(<! .%&G%&-$P1! -%I#(3<! %1B%&,%*(*! %! $1B(1+$(!
9#%!.'1%!%1![#%)'!,#+0'-!*%!3'-!.&%[#$+$'-!9#%!,(15%1%,'-!-';&%!
3(! -'+$%*(*<! -';&%! 3'-! )>1%&'-! /! -';&%! %3! *%-%'<! (-8! +','! *%! 3(-! +'2
,#1$*(*%-!KH:h!'!*%!,'*$B$+(+$P1!+'&.'&(36!@&(1!.(&5%!*%!3(!B#%&d(!
*%!-#!';&(!&%-$*%!%1!9#%!&%.&%-%15(!(+5$G$*(*%-!'!(+5$5#*%-!9#%!+'12
-$*%&(,'-!%I5&%,(-<!.%&'!1'!%-!%3!C1$+'!(&5$-5(!9#%!%,.3%(!%-5%!5$.'!
*%! ,(5%&$(36! K';! 5$%1%! #1(! :0%&%%! 9#%! +'3(;'&(! +'1! >3<! 5(15'! +','!
+&%(*'&! +','! %1! -#-! (+5$G$*(*%-! -%I#(3%-6! F! .%-(&! *%! 3(! (.(&%15%!
;&#5(3$*(*!*%!-#-!(+5'-!/!-#-!';&(-<!%3!,'5'&!.&$1+$.(3!*%!-#!&%3(+$P1!
%-! %3! (B%+5'6! i(/! -%I'<! .%&'! 5(,;$>1! 0(/! (,'&6! 73! .&';3%,(! -#&)%!
+#(1*'!%3!*%-%'!%-54!(;'+(*'!(!3(!B&#-5&(+$P1!*%!B'&,(!$&&%G'+(;3%6!
:#.%&G%&5!%-!#1!(&5$-5(!G$-#(3<!%-+&$5'&!/!+&85$+'!9#%!-(35(!(!#1(!B(,(!
&%3(5$G(!%1!VURV<!+#(1*'!-%!.'.#3(&$d(!#1!G8*%'!&'*(*'!.'&!%3!B'5P2
)&(B'! E3(/5'1!E#;;$56!7-!%3! .&$,%&'! *%! #1(! -%&$%!33(,(*(! i/-5%&$+(3!
W$5%&(5#&%!uW$5%&(5#&(!0$-5>&$+(v<!/!%1!>3!(.(&%+%!3(!(+5&$d!.'&1'!:5'/(!
3%/%1*'! %3! B&(),%15'! E'1B%--$'1-! 'B! (! :o#33! h(-o! uE'1B%-$'1%-! *%!
#1(!,4-+(&(!*%!+(3(G%&(<!%1!&%B%&%1+$(!-(58&$+(!(!3(!1'G%3(!*%!f#o$'!
h$-0$,(v!*%!3(!-%)#1*(!1'G%3(!*%!:#.%&G%&5<! N%+&'.0$3$(!m(&$(5$'1-!
um(&(+$'1%-! %1! 1%+&'B$3$(v6! :5'/(! %-54! -%15(*(! B&%15%! (! #1(! ,%-(<!
$3#,$1(*(!B&%15%!(!#1!B'1*'!1%)&'6!F!,%*$*(! 9#%!(G(1d(! 3(! 3%+5#&(<!
-#!&%-.$&(+$P1!-%!0(+%!,4-!.&'B#1*(!/!3(-!.(#-(-!-'1!,4-!.&'3'1)(2
*(-6! F.(&%+%1! -'1&$-(-! %B8,%&(-<! 3(! G'd! -%! G#%3G%! 5%,;3'&'-(6! H%-2
.#>-<!5'*'!%3!+#%&.'6!:5'/(!.(&(6!@$,%6!:%!%9#$G'+(<!-%!&8%<!.$%&*%!3(!
+'1+%15&(+$P1<!.%&'! 3#+0(! .'&! -%)#$&! 3%/%1*'6!`E#(1*'! 0(-! .%&*$*'!
3'-!-%-'-<!b9#>!-#-5$5#5'!.#%*%!0(;%&!,4-!1';3%!9#%!%3!G$1'ca!uJ0%1!
/'#&! ;&($1-! (&%! )'1%<! Å0(5! 1';3%&! -#;-5$5#5%! +'#3*! 50%&%! ;%! 50(1!
Å$1%cv!u:#.%&G%&5!VUUTr!RQZv6!E$1+'!,$1#5'-!/!5&%$15(!/!'+0'!-%)#12
*'-!*%-.#>-!*%!%,.%d(&!(!3%%&<!/(!1'!.#%*%!-%)#$&6!F.%1(-!3%!9#%*(1!
1#%G%!381%(-!*%!5%I5'<!.%&'!%-!$1+(.(d6!W(!+#3.(!3(!5$%1%!#1!G$;&(*'&!
i$5(+0$!9#%!%-54!%-5$,#3(1*'!-#!+385'&$-!*%-*%!%3!.&$1+$.$'!*%!3(!)&(2

! STL!
;(+$P1 VL6! E','! +'1-%+#%1+$(! *%! 3(! *$B#-$P1! ,(-$G(! *%3! G8*%'<! N%2
+&'.0$3$(!m(&$(5$'1-!/! D%&G%&-$5/!=0$1o!=(1o!uO1-5$5#5'!*%!$1G%-5$)(2
+$P1!*%!.%&G%&-$*(*v!-%!()'5(16!
D%&'! :#.%&G%&5! 33%G(! (g'-! 5&(;([(1*'6! 71! RQQV! +'B#1*(! 3(! %15$*(*!
(&58-5$+(!N%+&'!71%,(!F,(3)(,(5%*<!9#%!.#;3$+(!G(&$'-!1C,%&'-!*%!
3(!&%G$-5(! K3(,Ü!%1!EH2\',6!73!';[%5$G'!*%!%-5'-!5&(;(['-!*$)$5(3%-!%-!
-#;G%&5$&!3(!$*%(!,$-,(!*%!&%G$-5(<!';3$)(1*'!(3!3%+5'&!(!-',%5%&-%!(!
-#!&$5,'<!(!3(!,C-$+(! 1'$-%!%1-'&*%+%*'&(<!(!-#-!$,4)%1%-!G$'3%15(-<!
-%I#(3%-<!*%!$15%&G%1+$'1%-!9#$&C&)$+(-<!%5+>5%&(6!71!3#)(&!*%!'B&%+%&!
#1(! %I.%&$%1+$(! ()&(*(;3%<! K3(,Ü! %-! #1(! .(5(*(! %1! 3(! +(&(6! :$! *%! 3(!
$1B'&,45$+(!-%!%I$)%!9#%!-%(!+(*(!G%d!,4-!(,$)(;3%!.(&(!%3!#-#(&$'<!
N%+&'! 71%,(! F,(3)(,(5%*! &%(3$d(! #1! %[%&+$+$'! *%! 0'-5$3$*(*! 0(+$(!
>36!7-!#1(!%-.%+$%!*%!5&(*#++$P1! $1B'&,45$+(! *%3! F++$'1$-,'!m$%1>-<!
%1!3(!9#%!%3!+#%&.'!G$'3%15(*'!%-!%3!*%3!%-.%+5(*'&6!
71!RQQQ!:#.%&G%&5!-%!$1-5$5#/%! +','! $*%15$*(*!(#5P1',(6!71!VUUR!
.#;3$+(! 7I5&(5%&&%-5&$(3! :%I! j%5$-0! uj%5$+0%! -%I#(3! %I5&(5%&&%-5&%v<!
*'1*%!%,.$%d(!-#!%I.3'&(+$P1!3$5%&(&$(!-';&%!3'-!38,$5%-!*%3!%&'5$-,'!
/! *%3! *%-%'! ,$-,'<! 9#%! +'15$1#(&4! +'1! N%+&'.0$3$(! m(&$(5$'1-! %1!
VUUT<! D%&G%&-$5/! =0$1o! =(1o! %1! VURU! /! D'-52H%.&(G$5/! uD'-2
H%.&(G(+$P1v! %1! VURT6! 71! -#-! ';&(-! 3$5%&(&$(-! ,(15$%1%! %3! %-.8&$5#!
.%&5#&;(*'&!/!3(!%-5>5$+(!G(1)#(&*$-5(!*%!-#-!5&(;(['-!+'1!N%+&'!712
%,(!F,(3)(,(5%*k!B#-$'1(!3(!B$++$P1!+'1!%3!%1-(/'<!3(!.(5'3')8(!+'1!
-%1-#(3$*(*6!=(,;$>1!%-+&$;%! +&85$+(!(&58-5$+(! /!3$5%&(&$(<!3(! %*$5'&$(3!
K''o(o%! .#;3$+(! W(! m%1#-! *%! 3(-! .$%3%-! *%! :(+0%&2h(-'+0! +'1! #1(!
$15&'*#++$P1! -#/(<! /! (*%,4-! ,(15$%1%! .'&5(3%-! *%! O15%&1%5! -';&%!
K(#*%3($&%!/!K#&&'#)0-6!
7I5&(5%&&%-5&$(3!:%I!j%5$-0!&%+')%!3(!&%3(+$P1!%15&%!#1!$1B'&,45$+'!*%!
5&%$15(!(g'-!9#%!-%!0(+%!33(,(&!h%&+#&/!*%!:(*%<!/!#1(!['G%1!*%!*$%2
+$->$-! 33(,(*(! E0(&3'55%! @'**(&*<! .%&'! (! 3(! 9#%! h%&+#&/! $1-$-5%! %1!
33(,(&!N$1B(!AOA6!W(!G%!.'&!.&$,%&(!G%d!%1!#1(!5$%1*(!*%!.&'*#+5'-!
%3%+5&P1$+'-! /! -%! *(! +#%15(! *%! 9#%! $15%15(! 33%G(&-%! #1! ,%1-4B'1'<!
.'&! 3'! 9#%! *$-5&(%! (3! )#(&*(! *%! -%)#&$*(*! .(&(! 9#%! .#%*(! 0(+%&3'6!
D%&'!%33(!1'!3'!-(;%<!1$!-(;%!9#%!3(!0(!-%)#$*'!0(-5(!3(!.(&(*(!*%!,%2

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VL!73! G8*%'! .#%*%! G%&-%! (9#8r! 055.-r||ÅÅÅ6/'#5#;%6+',|Å(5+0cGíD"#=2AB/oS'6!
E'1-#35(r!RS!*%!()'-5'!*%!VURTÄ!
STY!!
5&'!+#(1*'!-#%1(!3(!(3(&,(!*%3!+(+0(&&'6!F-#-5(*(<!3'!3(1d(!(!3(-!G8(-6!
^1!,#+0(+0'!-(35(!.(&(!&%+#.%&(&3'<!.%&'!%33(!1'!3%!0(+%!+(-'!/!1'!3'!
+')%6!W(!(3(&,(!*%[(!*%! -'1(&<!/! %15'1+%-!-%! 3%!(+%&+(!h%&+#&/! /!3%!
%I.3$+(!3'!9#%!0(!0%+0'!.'&!%33(<! +P,'!0(!-$*'!)&(+$(-!(! >3!+','! 0(!
.'*$*'!33%G4&-%3'6!7-!-#!+P,.3$+%6! F#19#%!%33(!-%!,#%-5&(! &%(+$(! %1!
#1! .&$1+$.$'<! >3! 5$%1%! ;#%1! (-.%+5'! /! .(&%+%! -$,.45$+'6! D'*&8(! %1(2
,'&(&-%!*%!>3<!(-8!9#%!*%+$*%!(+',.(g(&3%6!
i(/!(3)'!$19#$%5(15%!%1!9#%!#1!5&%$15(g%&'!-%*#d+(!#1(!1$g(!*%!$1-2
5$5#5'<!.%&'!%-'!1'!%-!5'*'6!l3!.(*%+%!3'!9#%!33(,(!%I'B$3$(<!#1!B%5$+0%!
.'&!3'-!%I5&(5%&&%-5&%-<!/!3'!.(*%+%!.'&9#%<!(!*$B%&%1+$(!*%!'5&'-!B%5$2
+0%-<! %3! -#/'! 1'! .#%*%! -(5$-B(+%&-%6! D'&! %-(! &(dP1! 1%+%-$5(! ;#-+(&!
-#-5$5#5'-! 0#,(1'-! +'1! 3'-! 9#%! %1-(/(&! ,'*'-! *%! .(3$(&! -#! *%-%'6!
E','! -#-! %-B#%&d'-! &%-#35(1! $1B&#+5#'-'-<! 3(! B&#-5&(+$P1! -%! 5&(*#+%!
%1! +&#%3*(*! /! G$'3%1+$(6! E0(&3'55%<! .'&! -#! .(&5%<! %-! G$'3(*(! +'1! B&%2
+#%1+$(! .'&! -#! .(*&%6! 7-5%! 0%+0'! .&'G'+(! 9#%! *$-'+$%! %3! -%I'! *%!
+#(39#$%&!-%1-(+$P1!.'-$5$G(<!.%&'!1'!%G$5(!9#%!-%!-$%15(!(5&(8*(!(15%!
3(!$*%(!*%!,(15%1%&!#1!&',(1+%6!:$!(+',.(g(!(!h%&+#&/!1'!%-!.'&2
9#%! 9#$%&(! (+'-5(&-%! +'1! >3<! -$1'! .'&9#%! .'*&8(1! -%&! (,(15%-<! .'&2
9#%! +&%%! 9#%! .'*&8(1! (,(&-%6! :$! >3! 3(! ;#-+(! %1! .&$,%&! 3#)(&! 1'! %-!
.'&9#%!-%(!#1!.%*%&(-5(!(3!9#%!G#%3G%1!3'+'!3(-!['G%1+$5(-<!-$1'!.'&2
9#%!G%&3(!&';(&!?#1!(&5$3#)$'!9#%<!.'&!%3!#1$B'&,%!%-+'3(&!9#%!33%G(<!
.'*&8(!.()(&!-$1!.&';3%,(-?!3%!$1*$+(!9#%!%-!G#31%&(;3%!/<!.'&!5(15'<!
,(1$.#3(;3%6!"#$d4!+'1!%33(!.#%*(<!(3!B$1<!3')&(&!-#!.&'.P-$5'6!
73!.(*&%!*%!E0(&3'55%!%-!%3!*#%g'!*%!#1(!)&(1!%,.&%-(!*%!5%3%+',#2
1$+(+$'1%-!/!#1!(#5>15$+'!5$&(1'6!N'!-'3'!G$'3(!(!-#!0$[(!(*'3%-+%15%<!
-$1'!9#%!#5$3$d(!(!G(&$'-!*%!-#-!%,.3%(*'-<!*%!(,;'-!-%I'-<!+','!&%2
+$.$%15%-!*%!-#-!(.%5$5'-!-%I#(3%-6!h%&+#&/!/!%33(!3'!*%-+#;&%1!+#(12
*'!-%!+#%3(1!*%!1'+0%!%1!-#!'B$+$1(<!/!%3!-%g'&!@'**(&*!%15&(!+'1!#1!
%,.3%(*'<!(3!9#%!,(35&(5(! G%&;(3,%15%! /! (3!9#%! -'*',$d(!+'15&(!3(!
,%-(6! =(,;$>1! &$*$+#3$d(! (3! -%&G$+$'! ,$%15&(-!+%1(! +'1! -#-! %,.3%(2
*'-!%1!#1!&%-5(#&(15%6!h%&+#&/!';-%&G(!3(!%-+%1(!*%-*%!'5&(!,%-(6!
E','!#1!)%-5'!+(&$g'-'<!h%&+#&/!&%)(3(!(!N$1B(!AOA!#1!'-$5'!*%!.%3#2
+0%!&'-(6!733(!1'!-(;%!+P,'!&%(++$'1(&6!W%!)#-5(<!.%&'!-$!-%!,#%-5&(!
,#/!%B#-$G(!h%&+#&/!.'*&8(!.%1-(&!9#%!%-!5'*(G8(!#1(!1$g(k!(#19#%!
-$!1'!-%!3'!()&(*%+%!.'*&8(!*%[(&!*%!G%&3(6!W'!9#%!1'!-(;%!%-!9#%!3'-!
'['-!*%3!.%3#+0%!-'1!+4,(&(-!*%!G8*%'<!/!9#%!%-!#1!,#g%+'!%,.3%(*'!

! STQ!
.(&(!G$)$3(&!(!3(-!1$g%&(-!+#(1*'!-%!-'-.%+0(!9#%!(;#-(1!*%!3'-!1$g'-!
(!-#!+(&)'6!@&(+$(-!(3!,#g%+'<!h%&+#&/!%-!+(.(d!*%!G%&!#1(!.%3%(!%12
5&%!%33(!/!-#!.(*&%6!N'!3'-!'/%<!.%&'!3'-!)%-5'-!-'1!+(*(!G%d!,4-!()&%2
-$G'-!.'&!.(&5%!*%!(,;'-<!0(-5(!9#%!%33(!3%!&'+8(!3'-!'['-!+'1!%-.&(/!
.$,$%15(!/<!%1!%3!B'&+%[%'<!%3!'-'!+(%!*%3!,#%;3%!/!9#%*(!,$&(1*'!%3!
G(+8'! 9#%! 0(/! ;(['! 3(! +(,(6! 715'1+%-! -#%1(! %3! 5%3>B'1'! %1! E(-(! *%!
:(*%!?%1!%-.(g'3!%1!%3!'&$)$1(3?6!7-!E0(&3'55%<!9#%!3%!.$*%!9#%!G(/(6!
E&%%!9#%!0(!,(5(*'!(!-#!.(*&%6!
E#(1*'!33%)(!(338<!h%&+#&/!-%! (-%)#&(! *%! 9#%! 1(*$%!3%! G%! %15&(&! (!3(!
+(-(<!.%&'!5$%1%!9#%!#-(&!%3!,PG$3!.(&(!9#%!E0(&3'55%!3%!*>!%3!+P*$)'!
*%! 3(! (3(&,(6! 7-54!%1+%&&(*(! %1! %3! ;(g'! *%! -#! 0(;$5(+$P1<! /! >3! 5$%1%!
9#%! .(-(&! .'&! %1+$,(! *%3! .(*&%! .(&(! 33%)(&! 0(-5(! %33(6! :%! (+%&+(! (3!
+#%&.'!/!+',.&#%;(!9#%!1'!%-54!,#%&5'<! (#19#%! %-54! $1+'1-+$%15%6!
E')%! %3! 5%3%G$-'&! .'&545$3! /! -%! 3'! (&&'[(! +'15&(! 3(! +(;%d(6! =$%1%! 9#%!
B'&d(&! 3(!.#%&5(!*%3!;(g'<!.%&'! +'1-$)#%! %15&(&! /! %1+#%15&(!(! E0(&2
3'55%!%1!%-5(*'!*%!-0'+o6!W(!33%G(!(!-#!+(-(6!F.&'G%+0(!9#%!1'!&%(+2
+$'1(! (! 1$1)C1! %-58,#3'! .(&(! *%[(&3(! (338! ,$%15&(-! >3! G$-$5(! #1! .%%.!
-0'Å!.(&(!.(3$(&!-#!%I+$5(+$P1<!.%&'!1'!B#1+$'1(6!H%+$*%!%15'1+%-!$&!
(! =$,%-! :9#(&%<! %1!;#-+(! *%! (3)#$%1! 9#%! -%! .&'-5$5#/(! /! 9#%! -%(! 3'!
;(-5(15%! $10#,(1'! +','! .(&(! -(5$-B(+%&3%6! 715&(! %1! #1! ;(&! *%! (,2
;$%15%!)P5$+'!/!3$)(!+'1!#1(!+0$+(!*%!.%3'!&'['6!m(1!(!-#!0(;$5(+$P1!*%!
0'5%3!/!,(15$%1%1!&%3(+$'1%-!%1!%3!;(g'6!E#(1*'!5%&,$1(1<!>3!3%!)'32
.%(!3(!+(&(!+'1!-#!.'&545$36!73!)'3.%!3%!&',.%!3'-!*$%15%-<!/!9#%*(!5$2
&(*(! %1! 3(! ;(g%&(<! -%,$*%-1#*(6! E'1! 5&(19#$3$*(*<! h%&+#&/! +')%!
#1(-!5%+3(-!*%3!'&*%1(*'&!/!-%!3(-!+3(G(!%1!3(!B&%15%6!7-+&$;%!`(3$%1a<!
%-!*%+$&<!%I5&(5%&&%-5&%6!
F!-#!G#%35(!(!+(-(<!N$1B(!AOA!3%!&%+&$,$1(!9#%!1'!3(!0(!33(,(*'<!.%&'!
-$)#%!#1!.'+'!$*(6!l3!(.&'G%+0(!3(!-$5#(+$P1!.(&(!%,.%d(&!(!0#,$33(&2
3(!/!3%!0(+%!3(,%&!#1'-!+(;3%-!*%!'&*%1(*'&6!i(!5$&(*'!3(!+',$*(<!3(!
33(,(!.'&!#1!1',;&%!9#%!1'!%-!%3!-#/'<!3(!(8-3(t!%-54!%,.3%(1*'!3(-!
5>+1$+(-!*%!.&$G(+$P1!/!,'*$B$+(+$P1!*%!+'1*#+5(!.&'.$(-!*%!3(-!-%+2
5(-6! W(! +'1G$%&5%! %1! #1! +#%&.'! ,(3%(;3%! /! *P+$3<! 9#%! 9#$d4! .#%*(!
`(3$%1$d(&a! *%! (3)C1! ,'*'! +'1G$1+%15%6! D'&! 3'! .&'15'<! .'1%!%3! HmH!
*%!F3$%1<!3(!.%38+#3(!*%!\$*3%/!:+'55<!G$-5%!(!N$1B(!AOA!+','!\$.3%/!/!3%!
.&'.'1%!$15%&.&%5(&!#1(!*%!-#-!%-+%1(-6!\$.3%/!%-54!-#*'&'-(!/!-'3'!
33%G(!.#%-5(!#1(!+(,$-%5(!*%!5$&(15%-!/!#1(-!;&()(-!9#%!*%[(1!G%&!%3!
.&$1+$.$'!*%!3(!&([(!*%3!+#3'6!:%!$1+3$1(!-';&%!%3!+#(*&'!*%!,(1*'-!*%!

SXU!!
3(!+4.-#3(!*%!%-+(.%<!/!N$1B(!AOA<!9#%!5$%1%!3(!+(,$-%5(!,'[(*(!/!.%2
)(*(!(3!+#%&.'<!3(!$,$5(!$1+3$141*'-%!-';&%!#1'!*%!3'-!'&*%1(*'&%-6!
h%&+#&/!-%!3%!(+%&+(!.'&!*%5&4-!/!%,.$%d(!(!3(,%&3%!3(!&'.(!$15%&$'&6!
715'1+%-!33(,(1!(!3(!.#%&5(6!D'&!%3!G$*%'.'&5%&'!G%!9#%!-'1!*'-!*%2
5%+5$G%-!*%!3(!.'3$+8(6!W%-!*$+%!9#%!%-.%&%1!(!9#%!-%!G$-5(!/!3%-!(;&$&4!
3(! .#%&5(6! F! .%-(&! *%! 9#%! %3! (.(&5(,%15'! %-54! 33%1'! *%! %9#$.'! $12
B'&,45$+'<!(3!-%&!#1! 3'B5!%-!*$B8+$3!%-+'1*%&!(!1(*$%6!h%5%!(!E0(&3'55%!
%1!%3!;(g'!/!5(.(!3(!.#%&5(!+'1!,'1$5'&%-!(.$3(*'-6!
\')%&!:,$50!/!\')%&!J%--'1!B'&,(1!%3!58.$+'!*C'!*%3!.'3$+8(!;#%1'!/!
%3!.'3$+8(!,(3'<!.%&'!-#-!(.%33$*'-!0(+%1!&%B%&%1+$(!(!#1!B(;&$+(15%!*%!
(&,(-!9#%!*'5(!*%!&%GP3G%&%-!/!.$-5'3(-!(!,#+0'-!*%!3'-!+#%&.'-!.'2
3$+$(3%-! %-5(*'#1$*%1-%-6! O1B'&,(1! (! h%&+#&/! *%! 9#%! 0(! 0(;$*'! #1!
(-%-$1(5'!/!*%!9#%!3(!0$[(!*%!3(!G8+5$,(!0(!*%-(.(&%+$*'6!:(;%1!9#%!>3!
3(!0(!33(,(*'!.'&!5%3>B'1'!,$1#5'-!(15%-!*%3!+&$,%16!l3!-%!3'!+'1B$&2
,(<!/!3%-!$1B'&,(!*%!9#%!-#!.(*&%!(;#-(;(!*%!%33(!/!9#%!%-5(;(!,#/!
%1B(*(*(!+#(1*'!0(;3(&'16!E','! 1'!%1+#%15&(1!1(*(!%1! %3! .$-'<! -%!
,(&+0(16! h%&+#&/! 3%-! G%! %15&(&! %1! #1! +'+0%! 1%)&'! /! )&(1*%<! %1! %3!
9#%!0(/!#1(!B$)#&(!+'1!3(!+(;%d(!G%1*(*(6!\%+'1'+%!%3!+'+0%!+','!%3!
*%3!-%g'&!@'**(&*<!/!*%*#+%!9#%!>3!%-!3(!,',$(!9#%!%-.%&(!(!3(!.'3$+2
8(6!
W'-!*%5%+5$G%-!0(1!.#%-5'!#1(!,$+&'+4,(&(!%1!%3!(.(&5(,%15'<!';%2
*%+$%1*'!(3!.(*&%!*%!E0(&3'55%<!9#%!3%-!.()(!#1!-';&%-#%3*'6!@&(+$(-!
(!%33'-!-%!3$;&P!*%3!(-%-$1(5'!*%!-#!,#[%&6!71!#1!.'&545$3!G%!3(!%,$-$P1!
*%3!*$-.'-$5$G'!*%!-%)#&$*(*<!/!G%!(!-#!0$[(!%1!%3!(.(&5(,%15'<!-%,$2
*%-1#*(<!/!+'1!#1!,'1$5'&!%1+$,(! *%! 3(!+(;%d(6! h%&+#&/!3'! +(,;$(!
.'&!'5&'<!9#%!3%!.'1%!+','!-$!B#%&(!#1!+(-+'<!+'1!%3!5#;'!$15(+5'6!7-54!
+'1%+5(*'!(!#1!.'&545$3!9#%!,%5%!%1!3(!,'+0$3(!9#%!33%G(!N$1B(!AOA!/!
9#%!B'&,(!#1!+$&+#$5'!*%!G8*%'!+'1!%3!'-'!*%!.%3#+0%!9#%!33%G(!%1!3(-!
,(1'-6!H%!%-5%!,'*'<!%1!%3!,'1$5'&!9#%!3%!5(.(!3(!+(&(!-%!.&'/%+5(!3'!
9#%!G%!%3!'-'<!%1!#1(!$,()%1!.$I%3(*(!%1!;3(1+'!/!1%)&'6!N$1B(!AOA!3%!
*(!3(!G#%35(!(3!'-'<!*%!,'*'!9#%!,$&(!0(+$(!%33(<!/!%1!%3!,'1$5'&<!%1!
3#)(&!*%!'['-<!-%!G%1!-#-!.%+0'-6!73!-%g'&!@'**(&*!%15$%1*%!9#%!h%&2
+#&/!+(-5$)(&4!(!-#!0$[(!/!9#%!3%!(0'&&(&4!(!>3!%3!%-B#%&d'6!
N$1B(!AOA!/!h%&+#&/!*%!:(*%!+')%1!#1!(G$P16!H%[(1!N#%G(!f'&o!/!-%!
G(1!(!j3()-5(BB<!F&$d'1(6!:%!(3'[(1!%1!#1!,'5%36!N$1B(!AOA!-%!9#%*(!%1!
3(! 0(;$5(+$P1! ,$%15&(-! h%&+#&/! -%! G(! (! G%&! %3! ';-%&G(5'&$'! W'Å%33<!

! SXR!
*%-*%! *'1*%! %3! (-5&P1','! E3/*%! =',;(#)0! *%-+#;&$P! D3#5P1! %3! RY!
*%! B%;&%&'! *%! RQSU6! W'-! '5&'-! 5&%-! .%&-'1([%-! 3%-! 0(1! .%&-%)#$*'! /!
%15&(1!%1!3(!0(;$5(+$P1!*'1*%!%-54!E0(&3'55%!(.&'G%+0(1*'!3(!(#-%12
+$(!*%!h%&+#&/6!W(!%1+#%15&(1!5#,;(*(!%1!3(!+(,(<!+'1!3(!,$&(*(!B$[(!
%1!%3!5%3%G$-'&!9#%!%-54!-$15'1$d(*'!%1!#1!+(1(3!,#%&5'6!N'!&%(++$'1(!
(!1(*(6!:#!.(*&%!3%!$15&'*#+%!#1!+0$.!*%!-%)#$,$%15'!%1!3(!G()$1(!/!
-(3%1!*%!3(!0(;$5(+$P16!
W'-!5&%-!-%!0'-.%*(1!%1!#1(!0(;$5(+$P1!*%!#1!0'5%3!*%!3#['<!/!%3!-%g'&!
@'**(&*!*(!3(-!$1*$+(+$'1%-!.'&! 5%3>B'1'!(! -#-!%,.3%(*'-!.(&(!9#%!
3%! +'1-$)(1! $,4)%1%-! .'&! -(5>3$5%! *%3! ';[%5'! +'1! %3! +0$.! *%! -%)#$2
,$%15'6!H%!%-%!,'*'!G$)$3(!%3!+'+0%!*%!(39#$3%&!*%!h%&+#&/<!,$%15&(-!
3'-!.'3$+8(-!G%1!#1!.(&5$*'!.'&!5%3%G$-$P16!73!+'+0%!-%!*$&$)%!(3!+&45%&!
K(&&$1)%&<!#1!()#[%&'!*%!,4-!*%!#1!o$3P,%5&'!*%!+$&+#1B%&%1+$(!/!+(2
-$!*'-+$%15'-!,%5&'-!*%!.&'B#1*$*(*<!B'&,(*'!.'&!%3!$,.(+5'!*%!#1!
,%5%'&$5'! 0(+%! #1'-! +$1+#%15(! ,$3! (g'-6! 73! -%g'&! @'**(&*! -(35(! *%!
%I+$5(+$P1<! /! 3%! )&$5(! (! 3(! .(15(33(! *%3! .'&545$3r! `ÖE(-58)(3(Üa! uD#1$-0!
0%&Üv6!m%!(!3(!.(&%[(!%1!%3!B'1*'!*%3! +&45%&<!+P,'!h%&+#&/!3%!-(+#*%!
#1(-!)'5(-!*%!%-.%&,(!(!-#!0$[(!-';&%!3(!+(&(<!+P,'!3%!.'1%!%3!d(.(5'!
%1+$,(!/!(.&$%5(!0(-5(!(.3(-5(&3%!%3!+&41%'6!W'-!.'3$+8(-!G%1!%3!BC5;'3<!
.%&'!%1!%3!&%B3%['!*%3!5%3%G$-'&!G%1!#1'-!,'G$,$%15'-!$1+'1B#1*$;3%-6!
:%!%-54!,(-5#&;(1*'6!71!3(!'5&(!.(15(33(<!h%&+#&/!-%!()(+0(!-';&%!%3!
+(*4G%&!*%!N$1B(!AOA!/!3%!.$15(!+'1!-(1)&%!/!%-.%&,(!3'!9#%!>3!+&%%!
9#%!-%!.(&%+%!(!3(!+(&(!*%!#1(!(3$%18)%1(6!F3!)#(&*(!9#%!*%-+#;&%!%3!
+#%&.'!(3!*8(!-$)#$%15%!1'!-%!3'!.(&%+%6!
E0(&3'55%!%-!3(!G8+5$,(!$1'+%15%!*%!*'-!0',;&%-!+&#%3%-!/!.%&G%&-'-6!
71!.&$,%&!3#)(&!-#!.(*&%<!9#%!,(5(!(!-#!%-.'-(!/!B#%&d(!(!-#!0$[(!(!
'+#.(&!-#!3#)(&!1'+0%!5&(-!1'+0%<!3'!9#%!3(!%,.#[(!(!3(!+3%.5',(18(!
+'1!3(!$15%1+$P1!*%!9#%!3(!.$33%1!/!(-8!(G%&)'1d(&3%6!71!-%)#1*'!3#)(&!
h%&+#&/<! 9#%! %I.3'5(! -#! G#31%&(;$3$*(*! /! 3(! $15&'*#+%! %1! -#! .&'.$'!
+$+3'! *%! B&#-5&(+$P1<! (3! 1'! .'*%&! (3+(1d(&! %3! ';[%5'! *%! -#! *%-%'6! 71!
&%(3$*(*<!N$1B(!AOA!1'!%-!,4-!9#%!#1(!%I+#-(6!F15%-!0#;'!#1(!N$1B(!
AmOOO!/!%-!,#/!.&';(;3%!9#%!0(/(!#1(!N$1B(!AA6!H%!0%+0'<!%3!.&'5(2
)'1$-5(!*%!3(!1'G%3(!1$!-$9#$%&(!%-!h%&+#&/!*%!:(*%<!-$1'!-#!.%&G%&2
-$P16!W(!0$-5'&$(!%15&%!>3!/!-#!G8+5$,(!%-!-'3'!3(!+#(&5(!.(&5%!*%3!3$;&'<!
3(! 9#%! +'1B'&,(! 3(! -%++$P1! h]H<! '! h%50'*-! ]B! H%5%&&%-5&$(3$d(5$'1!
uh>5'*'-! *%! *%5%&&%-5&$(3$d(+$P1v6! 7-! 3'! 9#%! h%&+#&/! 0(+%6! W(! -%+2
+$P1! F::! '! F3$%1! :%I! :+%1%-! u7-+%1(-! -%I#(3%-! (3$%18)%1(-v! -'1! -#-!

SXV!!
B(15(-8(-! %IPB$3(-<! %1! 3(-! 9#%! $,()$1(! -#-! &%3(+$'1%-! -%I#(3%-! +'1!
+&$(5#&(-!*%!*$-5$15'-!.3(1%5(-6!W(!-%++$P1!WO7!'!W%--'1-!O1!7I'.0$3'2
-'.0/!uW%++$'1%-!*%!%I'B$3'-'B8(v!%-!#1!&%+'&&$*'!.'&!%3!.%1-(,$%15'!
B$3'-PB$+'!'++$*%15(3!%1!5'&1'!(!3(!%I$-5%1+$(!*%!G$*(!'!$15%3$)%1+$(!%1!
'5&'-!.3(1%5(-<!*%-*%!3(!.3#&(3$*(*!*%!,#1*'-!*%B%1*$*(!.'&!F1(I42
)'&(-!0(-5(!%3!(143$-$-!*%3!B%1P,%1'!'G1$!9#%!(1(3$d(!\'3(1*!K(&50%-!
%1!3(!*>+(*(!*%!RQTU<!/!3(-!C35$,(-!&%B3%I$'1%-!+$%158B$+(-!-';&%!%I'2
;$'3')8(6!W(!-%++$P1!HF=!'! H$)&%--$'1-!F1*!=(1)%15-!uH$)&%-$'1%-!/!
5(1)%15%-v!-'1!%15&(*(-!*%!*$(&$'!*%!h%&+#&/!*%!:(*%<!'!&%B3%I$'1%-!
*%!5$.'!G(&$(*'6!W(-!+#(5&'!-%++$'1%-!%-541!'&*%1(*(-!*%!B'&,(!9#%!
.#%*%1!3%%&-%!%1!-%+#%1+$(!'!%1!-%&$%6!W(!.&$,%&(!'.+$P1!%-!3$1%(3<!/!
33%G(&8(!(!3%%&!F::!R<!h]H!R<!WO7!R<!HF=!R<!F::!Vt!W(!-%)#1*(!%-!(32
5%&1(!/!-%!3%%&8(!F::!R<!F::!Vt!h]H!R<!h]H!Vt!!
73!.#15'!*%!.(&5$*(!*%3!3$;&'!%-!+P,'!.#%*%!&%-'3G%&-%!#1(!-%I#(3$2
*(*!9#%!1'!.#%*%!-(5$-B(+%&-%!*%!1$1)C1!,'*'6!73!B%5$+0$-5(!%-!+','!
%3! ,'1',(18(+'! 9#%! *%-+&$;8(! 3(! .-$9#$(5&8(! *%! .&$1+$.$'-! *%3! -$)3'!
AOAr!%-54!';-%-$'1(*'!.'&!#1!';[%5'!/!-'3'!.'&!#1!';[%5'6!h%['&!*$+0'<!
.'&!#1(!-%&$%!*%!';[%5'-!*%!3(-!,$-,(-!+(&(+5%&8-5$+(-6!D'&!%[%,.3'<!
#1!B%5$+0$-5(!*%!3'-!d(.(5'-!1'!-%!+'1B'&,(&4!+'1!5%1%&!#1!.(&!*%!d(2
.(5'-<!3(!-(5$-B(++$P1!*%!-#!*%-%'!.(-(!.'&!+'1-%)#$&!%3!,(/'&!1C,%2
&'! *%! d(.(5'-! .'-$;3%-6! 7-! %G$*%15%! 9#%! .(&(! 3')&(&! -#! ';[%5$G'! +'2
&&%&4!(3)#1'-!&$%-)'-<! .'&9#%!1'! 3%!G(3%!+'1! +',.&(&! #1'-! d(.(5'-<!
-$1'!9#%!5$%1%1!9#%!%-5(&!#-(*'-<!3'!9#%!3%!33%G(&4!(!&';(&3'-!*%!(3)C1!
3#)(&6! D#%*%! 9#%! -%! &%3(+$'1%! +'1! (3)#1(! ,#[%&! -'3'! .(&(! .'*%&!
0(+%&-%!+'1!#1'!*%!-#-!.(&%-6!71!+#(39#$%&!+(-'<!-#!)&(5$B$+(+$P1!1'!
%-54! (-%)#&(*(<! .%&'! %15&(! %1! %3!.3(1'! *%! 3'!.'-$;3%6! H%! #1! ,'*'! #!
'5&'!-%!.#%*%!-'3#+$'1(&6!
71!%3!+(-'!*%3!%IPB$3'<!3(!-$5#(+$P1!%-!'5&(6!71!.&$,%&!3#)(&<!.'&9#%!1'!
0(/!1$1)#1(!%G$*%1+$(!*%!9#%!3'-!(3$%18)%1(-!%I$-5(1!/!G$-$5%1!1#%-2
5&'!.3(1%5(<!/!3(!'5&(!'.+$P1!?9#%!-%(!>3!9#$%1!G$([%!(!'5&'-!,#1*'-?!
%-!5'*(G8(!,%1'-!.3(#-$;3%6!71!-%)#1*'!3#)(&<!.'&9#%!3'!,4-!.'-$;3%!
%-!9#%<!(#19#%!-%!.&'*#[%&(!#1!+'15(+5'<!%-5%!1'!5#G$%&(!#1!+(&4+5%&!
-%I#(36!b"#>!.'*&8(!33%G(&!(!#1!%I5&(5%&&%-5&%!(!9#%&%&!(+'-5(&-%!+'1!
#1!0#,(1'c!:$1!%,;(&)'<!+(-$!5'*'-!3'-!&%3(5'-!*%!(;*#+$*'-!%I.'2
1%1!+P,'!0(1!-$*'!-',%5$*'-!(!%I4,%1%-!$1G(-$G'-!9#%!.#%*%1!*%-2
+&$;$&-%!-$1!.&';3%,(-!+','!G$'3(+$'1%-6!H%!0%+0'<!9#%!5%!$15&'*#d2
+(1!#1(!-'1*(!%1!%3!&%+5'!%-!#1!(+5'!-%I#(36!D%&'!h%&+#&/!*%!:(*%!%-!

! SXS!
#1!-4*$+'<!/!*%-%(&8(!-%&!>3!9#$%1!-%!$15&'*#[%&(!%1!%3!(3$%18)%1(<!(#1!
+#(1*'!1'!3%!*%-()&(*(!3(!$*%(!9#%! %-5%!3%! .%1%5&%6!71! 5%&+%&! 3#)(&<!
.'&! 3(-! *$B$+#35(*%-! ,$-,(-! (! 3(! 0'&(! *%! *%B$1$&! 9#>! %-! (3$%18)%1(! /!
9#>! 1'! 3'! %-6! ^1! 0#,(1'! .'*&8(! 1(+%&! %1! h(&5%! /! -%)#$&8(! -$%1*'!
0#,(1'6! =(,.'+'! %-! #1(! -$,.3%! +#%-5$P1! *%! %-.%+$%<! .'&9#%! %1! 3(!
=$%&&(!0(/!'5&(-!%-.%+$%-!1'!0#,(1(-!/!%-5(-!1'!3%!.&'*#+%1!%I+$5(2
+$P16!W(!$*%(!*%!9#%!*'-!%-.%+$%-!*$-5$15(-!5%1)(1!-%I'!3%!.(&%+%!$15%2
&%-(15%<!.%&'!-'3'!.'&9#%!3%!&%+#%&*(!(!-#!';[%5'!*%!*%-%'<!-'3'!%1!3(!
,%*$*(!%1!9#%!(.#15(!(!-#!B%5$+0%6!715'1+%-<!-$!1'!%-!#1(!+#%-5$P1!*%!
'&$)%1<!.#%*%!9#%!-%!5&(5%!*%!#1!(-#15'!*%!$15%3$)%1+$(6!71!3(!-%++$P1!
HF=! RQ! =(#! &%+')%! %1! B'&,(! *%! -$3')$-,'-! 3(! 381%(! -#-! &%B3%I$'1%-!
-';&%!9#>!*$B%&%1+$(!(!3'-!-%&%-!0#,(1'-!*%!3'-!(3$%18)%1(-6!71!#1(!
+(*%1(! 3P)$+(<! *%&$G(! *%! 3(! .&%,$-(! `7&&(&! %-! 0#,(1'a! u='! %&&! $-!
0#,(1v!3(!+'1+3#-$P1!`W(!%I'B$3'-'B8(!%-!%I'B$3$(a!u7I'.0$3'-'.0/!$-!
%I'.0$3$(v! u:#.%&G%&5! VUURr! RXVv6! H%! %-5(! B'&,(<! *%B$1%! -#! .&'.$(!
.(-$P1!+','!#1!$,.#3-'!$15%3%+5#(3!9#%!3%!(5&(%!0(+$(!3(!G%&*(*!/!3(!
-(;$*#&8(!9#%!%1+(&1(1!3'-!%I5&(5%&&%-5&%-6!
W(!G$'3%1+$(!+'1!3(!9#%!(+5C(!-%!*%;%<!.'&!5(15'!(!,'5$G'-!*$B%&%15%-6!
71!3'-!h]H<!9#%!&%3(5(1!-#!(G%15#&(!+'1!N$1B(!AOA<!-#!+&#%3*(*!&%-2
.'1*%! (! 3(! B&#-5&(+$P1! *%! 5%1%&! 9#%! &%+#&&$&! (! #1! -#-5$5#5'! *%! -#!
(#5>15$+'!*%-%'<!(!+(%&!%1!#1(! .%&G%&-$P1!?.%*%&(-5(?! 9#%!1'! %-! 3(!
-#/(!?%IPB$3(?6!71!3(-!F::<!3(!G$'3%1+$(!-%!'&$)$1(!.'&!3(!.&'.$(!1%+%2
-$*(*!*%!-#.%&G$G%1+$(6!E','!%1!%3!.3(1%5(!@(,,(<!.';3(*'!.'&!&'2
;'5-!9#%!+'.#3(1!*%-,'1541*'-%!#1'!(3! '5&'<!/!9#%! B'&,(1!#1!B%5'!
+'1!3(-!.$%d(-!9#%!-%!&%5$&(1!%15&%!%33'-6!h%&+#&/!G(!+#;$%&5'!+'1!#1(!
5&([%!*%!+$&+#$5'-<!.%&'!5%,%!9#%!3(-!.$1d(-!*%!-#!+',.(g%&(!3'!(5&(2
G$%-%1! /! (3+(1+%1! (3)C1! P&)(1'! G$5(3<! .'&! 3'! 9#%! -%! G%! ';3$)(*'! (!
*%-,'15(&3%!3(!5(.(!5&(-%&(!*%3!+&41%'!,$%15&(-!$15&'*#+%!%3!.%1%!%1!
-#! G()$1(<! B'&,(*(! .'&! #1(! +(.(! *%! G$1$3'! 3#;&$+(*(! /! +#;$%&5(! *%!
-%1-'&%-6! F3! -%15$&! %3! +'15(+5'! *%! 3(-! .$1d(-! %1! 3(! .$%3<! %-5$&(! *%! 3'-!
+(;3%-!9#%!%-54!5'+(1*'<!3'!9#%!.&'G'+(!9#%!-#!(,(15%!,#%&(!+'1!#1!
+'&5'+$&+#$5'!/!#1(-!-(+#*$*(-!(143')(-!(!#1!'&)(-,'!0#,(1'6!
=(,;$>1! &%+#&&%! (! 3(! G$'3%1+$(! %1! %3! .3(1%5(! K%5(<! +#/'-! 0(;$5(15%-!
-'1!$&&%-$-5$;3%-!.(&(!5'*(-!3(-!+&$(5#&(-!*%3!#1$G%&-'<!3'!9#%!.&'G'+(!
9#%! -%(1! G$'3(*'-! %1! #1! 1C,%&'! $,.%1-(;3%6! W(-! .&$,%&(! +'1-%2
+#%1+$(! *%! %-5%! 0%+0'! %-! 9#%<! .(&(! .(-(&! %3! +'15&'3! *%! (*#(1(-<! 3'-!
G$-$5(15%-!5$%1%1!9#%!%-5(&!+(-5&(*'-6!W(!-%)#1*(!%-!9#%!0(1!*%-(&&'2

SXZ!!
33(*'!#1!,%+(1$-,'!*%!*%B%1-(!9#%!+'1-$-5%!%1!3(!(.(&$+$P1!*%!P&)(2
1'-! -%I#(3%-! %B8,%&'-! .'&! 5'*(! 3(! -#.%&B$+$%! *%! -#! +#%&.'6! h%&+#&/!
*%!:(*%!3')&(!.(-(&!%3! +'15&'3! +'1!-#-!)%1$5(3%-! $15(+5'-! ?(3! B$1! /! (3!
+(;'!%-!-#!B(15(-8(?!/!33%G(!(!#1(!0(;$5(+$P1!*%!0'5%3!(!#1(!;%5$(1(6!
F3! ,%1'-! >3! +&%%! 9#%! %-! #1(! 0%,;&(<! (#19#%! 5(,.'+'! 3%! $,.'&5(!
*%,(-$(*'6!7-54!B(-+$1(*'!(15%!%-%!%-.3%1*'&!B3'&(3!*%!G()$1(-!/!.%2
1%-!9#%!(.(&%+%1!.(&(!*%-(.(&%+%&!%1!-%)#1*'-6!W(!-'3#+$P1!9#%!%12
+#%15&(!h%&+#&/!%-!$15'I$+(&3(!+'1!+(B>r!

H%-.#>-!*%!5&%-!*'-$-!)%1%&'-(-<!3(!+(B%81(!1'!-'3'!+(#-P!9#%!3(!+'-(!
-%!()$5(&(!+'1!B&%1>5$+(-!'-+$3(+$'1%-!)%1$5(3%-<!-$1'!9#%!%,$5$%&(!#1!
+0'&&'!G$-+'-'!*%!,(5%&$(!B%+(3!.'&!#1!'&$B$+$'!9#%!1'!.'*8(!'+#35(&!1$!
*$-B&(d(&-%6!`b7-!.$-!'!,$%&*(c!bm$%1%!*%3!+'g'!'!*%3!+#3'c!N'!3'!-><a!
-%!*$['!h%&+#&/!*%!:(*%!(!-8!,$-,'<!`.%&'<!-%(!3'!9#%!-%(<!%-!#1!()#[%2
&'!)%1#$1'!/!.$%1-'!B'334&,%3'6a!
!
FB5%&!50&%%!)%1%&'#-!0%3.$1)-<!+(BB%$1%!1'5!'13/!+(#-%*!50%!50$1)!5'!
9#$G%&!$1!B&(15$+! )%1$5(3!'-+$33(5$'1-<!;#5!5'! %,$5!(!G$-+'#-!-5&%(,!'B!
B%+(3!,(55%&!B&',!(1!'&$B$+%!50(5!+'#3!1%$50%&!+'1+%(3!1'5!*$-)#$-%!$52
-%3B6!ìO-!$5!.$--!'&!-0$5c!H'%-!$5!+',%!B&',!50%!+#15!'&!50%!(--c!O!*'1z5!
o1'Å<î! -($*! h%&+#&/! *%! :(*%! 5'! 0$,-%3B<! ì;#5<! Å0(5%G%&! $5! $-<! $5z-! (!
)%1#$1%!0'3%!(1*!O!$15%1*!5'!B#+o!$56îÄ!u:#.%&G%&5!VUURr!RSv!

71!+$%&5'!-%15$*'<!-#!-(*$-,'!%-!-(*$(1'<!&%-.'1*%!+'1!()&%-$G$*(*!(!
#1(!;(&&%&(!%.$-5%,'3P)$+(6!:%!(;&%!+(,$1'!(!3(!B#%&d(!.(&(!+'1'+%&!
3'-!+#%&.'-!([%1'-!/!+'1!3'-!9#%!%1+#%15&(!*$B8+$3!%-5(;3%+%&!#1(!+'2
,#1$+(+$P16!:$!3(!%I'B$3$(!%-!%I'B$3'-'B8(<!%15'1+%-!3(!G$'3%1+$(!+'1!3(!
9#%!(+5C(!%-!-#!%-5&(5%)$(!.(&(!-#.%&(&!%3!-'3$.-$-,'6!7-5'!%-!(.3$+(2
;3%!(!3(-!F::!/!3'-!h]H6!:$!0#/%!*%!3(-!&%3(+$'1%-!0#,(1(-!/!+&%(!#1(!
B(15(-8(! %&P5$+(! +#/'! ';[%5'! -'1! 3'-! %I5&(5%&&%-5&%-! %-! .'&9#%! 3'-!
0#,(1'-!-','-!B$1$5'-!/!3'-!%I5&(5%&&%-5&%-<!+','!3'!+'15&(&$'!*%!3'-!
0#,(1'-<!1'!3'!-'16!73!.&';3%,(!&%-$*%!%1!9#%!3(!+',#1$+(+$P1!+'1!
%-'-!-%&%-!.%&B%+5'-!&%-#35(!5(1!B&#-5&(15%!+','!+'1!3'-!5%&&8+'3(-6!W(!
+&#%3*(*!+'1!3(!9#%!5&(5(!(!N$1B(!AOA!.&'G$%1%!*%!-#!$,.%&B%++$P1!/!
.'&9#%!1'!&%-#35(!+&%8;3%!+','!-#-5$5#5(!*%!3(!.%&B%++$P1!(3$%18)%1(6!
W(!+&#%3*(*!+'1!3(!9#%!(+5C(!+'15&(!3(!.&$1+%-(!*%!W(,;*(!'!-#!-$&2
G$%15(<!9#%!%1!&%(3$*(*!-'1!+'3'1$(-!*%!'&)(1$-,'-<!9#%!5',(1!%1!-#!
+'1[#15'!#1(!(.(&$%1+$(! 0#,(1(<!-%!*%;%! (!3(!B(35(!*%!+',.&%1-$P1!
815$,(!%15&%!+&$(5#&(-!*%!*$-5$15'-!'&8)%1%-6!

! SXT!
:$1!%,;(&)'<!%3!,$-,'!h%&+#&/!*%!:(*%!&%+'1'+%!%-5(-!3$,$5(+$'1%-6!
:$)#$%1*'!%3!.&$1+$.$'!;%&o%3%$(1'!`%--%!%-5!.%&+$.$a!u-%&!%-!-%&!.%&2
+$;$*'v<!/!-(;$%1*'!9#%!3'!9#%!.%&+$;$,'-!1'!%-!3(!+'-(!-$1'!3'-!.&%2
[#$+$'-!9#%!5%1%,'-!-';&%!%33(<!33%)(!(!3(!+'1+3#-$P1!*%!9#%!

F! %-5%! &%-.%+5'<! %3! .&'.$'! 5>&,$1'! `(3$%18)%1(a! %-! ,%1'-! #1(! *%-2
+&$.+$P1! 9#%! #1! [#$+$'<! ,4-! .&PI$,(! (! `1%)&(5(a! '! `,(&$+P1a! 9#%! (!
`1%#5&$1'a!'!`9#(&oa!utv! %3!C1$+'!(3$%18)%1(!G%&*(*%&'!1'!%-!%3!%I2
5&(5%&&%-5&%<!-$1'!%3!%I5&(2,%15(36!f!.'&!*%B$1$+$P1!-%&8(!$,.'-$;3%!-(2
;%&!1(*(!-';&%!>36!
!
O1! 50$-! &%)(&*! 50%! G%&/! 5%&,! ì(3$%1î! $-! 3%--! (! *%-+&$.5$'1! 50(1! (!
[#*)%,%15<!,'&%!(3'1)!50%!3$1%-!'B!ì1$))%&î!(1*!ì9#%%&î!50(1!ì1%#5&$2
1'î!'&!ì9#(&oî6! utv!50%!'13/!5&#%!(3$%1! $-!1'5!%I5&(5%&&%-5&$(3!;#5!&(2
50%&!%I5&(2,%15(36! F1*!;/!*%B$1$5$'1!$5!Å'#3*!;%!$,.'--$;3%!5'!o1'Å!
(1/50$1)!(;'#5!$56Ä!u:#.%&G%&5!VUURr!XXv!

W(-!-$,$3$5#*%-!+'1!:(*%!G(1!,4-!(334<!%15'1+%-<!*%!3(!.&'.$(!1(5#&(2
3%d(! *%! 3(! 1'G%3(! +','! #1(! %-.%+$%! *%! +(543')'! *%! .%&G%&-$'1%-<! /!
33%)(1!(3!1C+3%'!,$-,'!*%!3(!-#;[%5$G(+$P1!-(*$(1(6!:#!-%I'!%-!#1!(+2
5'!&(+$'1(3<!/!-#!-(*$-,'!.&'G$%1%! *%! 3(!B&#-5&(+$P1! $15%3%+5#(36!"#%!
3(!,#%&5%!*%!N$1B(!AOA!'+#&&(!%1!%3!+&45%&!K(&&$1)%&!5$%1%!#1!-$)1$B$2
+(*'!-$,;P3$+'!%1!%-%!-%15$*'r!%-!#1!3#)(&!%1!%3!9#%!%3!+$%3'<!%1!B'&,(!
*%!,%5%'&$5'<!/!3(!5$%&&(!0(1!5%1$*'!+'15(+5'6!F338!-%!0(!.&'*#+$*'!#1(!
(#5>15$+(! +',#1$+(+$P16! F338<! .'&! 5(15'<! 9#$d4! -%! .&'*#d+(! 5(,;$>1!
#1(!+',.&%1-$P1!(#5>15$+(!%15&%!h%&+#&/!/!N$1B(!AOA6!D%&'!1'!'+#2
&&%<!/!3(!,(5(6!F0'&(!;$%1<!+(3$B$+(&3%!*%!,$-P)$1'!%-!9#%*(&-%!+'&5'6!
E','!%3!,(&9#>-!*%!9#$%1! 5',(! %3!1',;&%<!h%&+#&/! *%!:(*%! %-!#1!
,$-415&'.'6!7-!#1!$10#,(1$-5(6!
71!#1!*%5%&,$1(*'!,',%15'<!-%!.&%)#15(r!`b7-5(,'-!+'1*%1(*'-!(!
1'! G%&1'-! ,4-! 9#%! (! 1'-'5&'-! %1! 3'-! %I5&(5%&&%-5&%-ca! uF&%! Å%!
*'',%*! 5'! -%%! 1'! ,'&%! 50(1! '#&-%3G%-! $1! %I5&(5%&&%-5&$(3-cv! u$;8*6r!
SZv<!/!*%!%-(!,$-,(!(B$&,(+$P1!-%!*%&$G(!5'*(!-#!+'1*#+5(6!N#%-5&'-!
.&%[#$+$'-<! 1#%-5&(-! %-5&#+5#&(-! ,%15(3%-! *%5%&,$1(1! 3'! 9#%! ';-%&2
G(,'-<! /! ;$%1! .'*&8(! *(&-%! %3! +(-'! *%! 9#%! 5#G$>&(,'-! *%3(15%! G$*(!
(3$%18)%1(!/!1'!B#>&(,'-!+(.(+%-!*%!$*%15$B$+(&3(!+','!5(36!73!%IPB$3'!
33%)(!(!3(!+'1+3#-$P1!*%!9#%!3(!*$+'5',8(!(3,(2+#%&.'!%-!B(3-(<!.'&!3'!
9#%! 3(! C1$+(! G8(! *%! +'1'+$,$%15'! (#5>15$+'! *%&$G(&4! .'&! 1%+%-$*(*!
*%3! +#%&.'6! E','! %1! %3! .3(1%5(! Ñ%5(<! +#/'-! 0(;$5(15%-! .%&*$%&'1! 3(!

SXX!!
1%+%-$*(*!*%!5%1%&!'['-!+#(1*'!%I.3'5P!-#!-'36!D'&!%33'!-#-5$5#/%1!%3!
+'1'+$,$%15'!G$-#(3!.'&!%3!54+5$3<!*%!3'!9#%!&%-#35(!#1!+'$5'!9#%!.(&%2
+%!,4-!#1!%I(,%1!+381$+'!9#%!#1!(+5'!%&P5$+'6!:$1!%,;(&)'<!%3!&%-#32
5(*'! .(&(! h%&+#&/! %-! $1-(5$-B(+5'&$'! .'&! 3(! ;(&&%&(! %.$-5%,'3P)$+(!
9#%! %I$-5%! %15&%! >3! /! -#! (,(15%<! %15&%! *'-! +&$(5#&(-! *%! %-.%+$%-! /!
.3(1%5(-!*$-5$15'-!+#/(-!,%15%-!1'!-%!.(&%+%1!%1!1(*(6!
F!.%-(&!*%!3(!%-5&#+5#&(!G(1)#(&*$-5(!*%!3(!1'G%3(<!*%!-#!,%d+3(!*%!
3(-! $,4)%1%-! -%1-#(3%-! /! (3#+$1(5'&$(-! *%! J$33$(,! K#&&'#)0-! ?
(#19#%!%3!,'15([%!%-!,#+0'!,4-!&(+$'1(3<!/(!9#%!1'!%,.3%(!3(!5>+1$2
+(!*%! +'33()%!*%!%-5%<!0(/!$,4)%1%-!9#%!.'*&8(1!B'&,(&!.(&5%!*%! W(!
,49#$1(!;3(1*(!'!73!(3,#%&d'!*%-1#*'<!+','!3(!*%3!+'$5'!%15&%!h%&2
+#&/!/!N$1B(!mOOO!%1!%3!.3(1%5(!H-%*(<!*'1*%!>3!5$%1%!#1(!%-.%+$%!*%!
-%&.$%15%!+%&%;&(3!,%5$*(!%1!%3!+#3'!9#%!3%!0(+%!.%&+$;$&!5'*(!+&$(5#2
&(!G$G(!+','!+',.#%-5(!-'3'!*%!,(5%&$(!)&$-?<!%3!,(1%['!*%!3(!0$-5'2
&$(!*%!3(!j$3'-'B8(!+'1!B$1%-!-#;G%&-$G'-!/!3(!B#-$P1!%15&%!.'&1')&(B8(!
/!5%+1'3')8(!*%!p(,%-!@6!K(33(&*<!-#!.&$1+$.(3!$1B3#%1+$(!-$)#%!-$%1*'!
3(!*%3!,(&9#>-!*%!:(*%6!71!.&$,%&! 3#)(&<! .'&!%3!B'&,(3$-,'!9#%! -#2
.'1%!&%+')%&!#1(!-%&$%!*%!.%&G%&-$'1%-!%1!#1(!%-.%+$%!*%!+(543')'6!
71!-%)#1*'!3#)(&<!.'&!3(!&%3(+$P1!815$,(!%15&%!*%-%'<!&(dP1!/!+&#%32
*(*<!9#%!-$)#%!,(1$B%-5(1*'!3(!B$1$5#*!0#,(1(!/!1#%-5&(!$1+',#1$2
+(+$P1!%-%1+$(36!71!5%&+%&!3#)(&<!.'&!3(!#5$3$d(+$P1!.%&G%&-(!9#%!0(+%!
*%!3(!3P)$+(!/!3'-!.&$1+$.$'-!B$3'-PB$+'-!+'1-()&(*'-6!7-+&$5(!%1!VUUR<!
-$)#%!'B&%+$%1*'!#1(!O3#-5&(+$P1!$1G%&5$*(<!+(&)(*(!*%!0#,'&!1%)&'!/!
+'&&'-$G'6! 73! &%-#35(*'! %-! #1! 3$;&'! *%,%1+$(3<! 5(1! *$G%&5$*'! +','!
'B%1-$G'!/!5(1!%-5$,#3(15%!+','!.&'B#1*'6!

OOO!

W(! &%3(+$P1!%15&%! -%I'<!G$'3%1+$(! /! 5%+1'3')8(! 9#%! (.(&%+%! *%! B'&,(!


,4-!'!,%1'-!G%3(*(!%1! 7I5&(5%&&%-5&$(3!:%I!j%5$-0!%-!%3!5%,(!+%15&(3!
*%! W(!%I0$;$+$P1!*%!(5&'+$*(*%-!u=0%!F5&'+$5/!7I0$;$5$'1v!/!*%! E&(-0!
uE0'9#%v<! *'-! 1'G%3(-! *%3! %-+&$5'&! $1)3>-! p6! @6! K(33(&*6! N(+$*'! %1!
:0(1)04$! %1! 1'G$%,;&%! *%! RQSU<! -#! .(*&%! %-! %3! *$&%+5'&! *%! 3(! *$G$2
-$P1!+0$1(!*%!#1(!)&(1!%,.&%-(!5%I5$36!m$G%1!%1!#1(!+(-(!%1'&,%!%1!
%3!F-%15(,$%15'!O15%&1(+$'1(3!*%!:0(1)04$<!#1(!%-.%+$%!*%!d'1(!3$;&%!
(*(.5(*(! (3! %-5$3'! *%! G$*(! *%! 3(! +3(-%! (35(! %-5(*'#1$*%1-%6! E#(1*'!
%-5(33(!3(!-%)#1*(!)#%&&(!-$1'2[(.'1%-(<!5$%1%1!9#%!(;(1*'1(&!3(!+(2

! SXL!
-(! /! 5&(-3(*(&-%! (3! +%15&'! *%! 3(! +$#*(*6! 73! %[>&+$5'! [(.'1>-! $1G(*%!
i'1)! w'1)<! *%-.#>-! '+#.(! %3! F-%15(,$%15'! O15%&1(+$'1(3! /! %1G8(! (!
3'-!+$G$3%-!(3!+(,.'!*%!W#1)0#(6!7-!RQZS<!/!(338!3(!B(,$3$(!K(33(&*!.(2
-(&4!*'-!(g'-<!0(-5(!%3!B$1(3!*%!3(!:%)#1*(!)#%&&(!,#1*$(36!:#!,(*&%<!
-#!0%&,(1(!/!>3!G$([(1!(!O1)3(5%&&(<!*'1*%!p(,%-!-%)#$&4!%-5#*$(1*'!
+#(1*'!3(-!,#[%&%-!G#%3G(1!(!E0$1(!+'1!-#!.(*&%!%1!RQZL6!
E'1!9#$1+%!(g'-!$1)&%-(!%1!#1!$15%&1(*'!/!-%! %1B&%15(!.'&!.&$,%&(!
G%d!(!3(!-'+$%*(*!;&$541$+(<!*%!3(!9#%!>3<!(#19#%!+',.(&5%!1(+$'1(3$2
*(*<!1'!*%[(!*%!-%&!#1!%I5&(1[%&'6!7-5#*$(!.&$,%&'!%1!3(!W%/-!:+0''3<!
/! *%-.#>-! %1! %3! w$1)z-! E'33%)%! *%! E(,;&$*)%<! *'1*%! +#&-(! %-5#*$'-!
*%! ,%*$+$1(! +'1! %3! .&'.P-$5'! *%! +'1G%&5$&-%! %1! .-$9#$(5&(6! D%&'! %1!
RQTR!*%-+#;&%!(!3'-!-#&&%(3$-5(-<!3(!3$5%&(5#&(!*%!G(1)#(&*$(<!)(1(!#1!
+'1+#&-'! 3$5%&(&$'! /! *%+$*%! %-5#*$(&! 3$5%&(5#&(! $1)3%-(<! .'&! 3'! 9#%!
+(,;$(!(3!"#%%1!h(&/!E'33%)%!*%!W'1*&%-6!F!B$1(3!*%!+#&-'<!3%!.$*%1!
9#%! -%! G(/(6! :$)#%! %-+&$;$%1*'! &%3(5'-<! G%1*%! %1+$+3'.%*$(-! /! %1!
RQTZ!$1)&%-(!%1!3(!\Fj<!3(!\%(3!j#%&d(!F>&%(<!9#%!3%!%1G8(!(!E(1(*46!
F338!*%-+#;&%!3(!+$%1+$(!B$++$P1! 1'&5%(,%&$+(1(!/! %,.$%d(! (!%-+&$;$&!
&%3(5'-!+'1!%-(!(,;$%15(+$P16!=&%+%!,%-%-!*%-.#>-!*%!-#!(3$-5(,$%12
5'!*%[(!%3!%[>&+$5'<!G#%3G%!(!O1)3(5%&&(!/!-%!+(-(!+'1!i%3%1!h(&/!h(552
0%Å-6!
N(+%! -#! .&$,%&! 0$['! /! K(33(&*! .#;3$+(! -#-! *'-! .&$,%&'-! &%3(5'-! *%!
+$%1+$(!B$++$P1!%1!RQTX<!%1!3(-!&%G$-5(-! N%Å!J'&3*-!/! :+$%1+%!j(15(2
-/6! 71! #1! .&$,%&! ,',%15'! -%! 3%! G$1+#3(! +'1! 3(! N%Å! J(G%! uN#%G(!
'3(v<!#1!,'G$,$%15'!;&$541$+'!9#%!.&%5%1*%!%,#3(&!3'-!.&$1+$.$'-!*%!
&%1'G(+$P1!$15%3%+5#(3!*%!3(!N'#G%33%!m()#%!B&(1+%-(!/!(*(.5(&3'-!(!
3(! 3$5%&(5#&(! %-.%+#3(5$G(6! 71! RQTY! +'3(;'&(! +'1! #1(! &%G$-5(! *%! 9#82
,$+(<!%I0$;%!(3)#1'-! +'33()%-!/!%1!3'-!-%-%15(!-%!&%3(+$'1(!+'1!%3!$12
+$.$%15%!,'G$,$%15'!.'.6!71!RQXU!-%!,#*(!+'1!-#!,#[%&!/!-#-!5&%-!
0$['-!(!:0%..%&5'1<!(!3(-!(B#%&(-!*%!W'1*&%-<!*'1*%!G$G$&4!%3!&%-5'!*%!
-#!G$*(6!:%!5',(!#1(!%I+%*%1+$(!*%3!5&(;(['!/!-%!+'1G$%&5%!%1!%-+&$5'&!
(!5$%,.'!+',.3%5'6!E#(1*'!%1!RQXV!.#;3$+(!-#!.&$,%&(!1'G%3(!?*%!3(!
9#%! &%1%)(&4! *%-.#>-?<! 73! G$%15'! *%! 1$1)#1(! .(&5%<! *%[(! %3! 5&(;(['!
*%B$1$5$G(,%15%6!71!RQXZ!,#%&%! -#! %-.'-(! (!+(#-(!*%!#1!1%#,'18(!
+'15&(8*(! *#&(15%! #1(-! G(+(+$'1%-! %1! 3(-! +'-5(-! (3$+(15$1(-<! .'&! 3'!
9#%!5$%1%!9#%!+',;$1(&!3(-!5(&%(-!*',>-5$+(-!/!%3!+#$*(*'!*%!3'-!1$2
g'-!+'1!3(!%-+&$5#&(6!H#&(15%!%3!*#%3'!.'&!3(!,#%&5%!*%!i%3%1!%,.$%2

SXY!!
d(!(!%-+&$;$&!3'-!B&(),%15'-!9#%!*%-.#>-!+',.'1*&41! W(!%I0$;$+$P1!
*%!(5&'+$*(*%-6!
71! 3'-! -%5%15(! -$)#%! %-+&$;$%1*'<! .%&'! +(*(! G%d! .(&%+%! ,4-! (3%[(*'!
*%!3(!+$%1+$(!B$++$P1<!(3!,%1'-!%1!%3!-%15$*'!5&(*$+$'1(36!71!RQYZ!-(35(!
(!3(!B(,(!+'1!-#!(#5';$')&(B8(!B$+5$+$(! 73!$,.%&$'!*%3!-'3<!%1!3(!9#%!&%2
3(5(!-#!%I.%&$%1+$(!%1!%3! +(,.'!*%!.&$-$'1%&'-!*%!W#1)0#(6! 73! 3$;&'!
-%!+'3'+(!.&'15'!%15&%!3'-!,4-!G%1*$*'-<!3')&(!#1!.(&!*%!.&%,$'-!3$2
5%&(&$'-!/!(3)#1(!'5&(!1',$1(+$P16!71!RQYL<!:5%G%1!:.$%3;%&)!(*(.5(!
3(!1'G%3(!%1!-#!.%38+#3(!0',P1$,(<!.&'5()'1$d(*(!.'&!E0&$-5$(1!K(3%!
/!+'1!p'01!h(3o'G$+0!+','!-%+#1*(&$'6!=(,;$>1!H(G$*!E&'1%1;%&)!
(*(.5(!#1(!1'G%3(!-#/(!%1!RQQX<! E&(-0<!9#%!-%!+'1G%&5$&4!%1!#1(!*%!
3(-!.%38+#3(-!,4-!+'15&'G%&5$*(-!*%3!(g'6!F!.%-(&!*%3!>I$5'!';5%1$*'!
+'1! 73!$,.%&$'!*%3!-'3<!%3!&%-5'!*%!-#-!1'G%3(-!1'!5$%1%1!%3!,$-,'!&%2
+$;$,$%15'6! 7-'! 1'! $,.$*%! 9#%! 3(! +&85$+(! 3%! $*%15$B$9#%! +','! #1'! *%!
3'-! (#5'&%-! %1! 3%1)#(! $1)3%-(! ,4-! $,.'&5(15%-! *%3! -$)3'6! E#(1*'! %1!
VUUS<!%1!&%+'1'+$,$%15'!(!-#!+(&&%&(!3$5%&(&$(<!-%!3%!+'1+%*%!3(!]&*%1!
*%3! O,.%&$'! K&$541$+'! %1! )&(*'! *%! +',%1*(*'&<! &%+0(d(! %3! 585#3'! /<!
+'1!>3<!(!3(!,'1(&9#8(6!71!VUUX!-%!3%!*$()1'-5$+(!#1!+41+%&!*%!.&P-5(2
5(!5%&,$1(3<!+'1!,%54-5(-$-!%1!3(!+'3#,1(!/!3(-!+'-5$33(-6!h#%&%!%3!RQ!
*%!(;&$3!*%!VUUQ!%1!+(-(!*%!E3($&%!J(3-0<!-#!+',.(g%&(!-%15$,%15(3!
*#&(15%!*>+(*(-6!
K(33(&*!-%!-$5C(!%1!3#)(&%-!$15%&,%*$'-!5'*(! -#! G$*(6!F3! 1(+%&! %-!#1!
1$g'! &$+'! $1)3>-! 9#%! G$G%! %1! E0$1(<! .%&'! *%-.#>-! -%&4! #1! +0$1'! 9#%!
G$G%!%1!O1)3(5%&&(6!7-!#1!%-5#*$(15%!*%!,%*$+$1(!9#%!9#$%&%!-%&!%-+&$2
5'&<! /! #1! %-+&$5'&! 9#%! %-+&$;%! +','! 3'! 0(&8(! #1! .-$9#$(5&(6! E#(1*'!
%-+&$;%! +$%1+$(! B$++$P1<! -%! 3%! +'1-$*%&(! .%*(15%! /! (;#&&$*'<! .%&'!
+#(1*'!%-+&$;%!3$5%&(5#&(!+'1G%1+$'1(3!?%-5'!%-<!3$5%&(5#&(!9#%!1'!%-!
*%!)>1%&'<!-$!%-!9#%!%-'!%I$-5%?!-%!3%!,$&(!+'1!-'-.%+0(<!.'&9#%!%-54!
.$-(1*'!#1!5%&&%1'!9#%!1'!%-!%3!-#/'6!O1+3#-'!+#(1*'!%-+&$;%!3(-!1'2
G%3(-! (#5';$')&4B$+(-! [#%)(! (! 3(! +'1B#-$P16! :'1! ,#+0'-! 9#$%1%-! 0(1!
G$-5'!%1! 73!$,.%&$'!*%3!-'3!3(![#-5$B$+(+$P1!.-$+'3P)$+(!*%!3'-!(,;$%12
5%-!-#&&%(3%-!/!+&#%3%-!9#%!%I.3'5(&4!%1!-#-!'5&(-!1'G%3(-<!.%&'!.(&%2
+%1! '3G$*(&! #1(! +'-(! %-%1+$(36! 71! RQYZ<! K(33(&*! 33%G(! ,4-! *%! G%$15%!
(g'-!*%*$+41*'-%!%1!%I+3#-$G(!(!3(!3$5%&(5#&(<!/!-#!$,()$1(&$'<!(!.%-(&!
*%3!.(-'!*%!3(-!5%,45$+(-!(.'+(38.5$+(-!*%!3'-!-%-%15(!(!3(-!.%-(*$33(-!
#&;(1(-!*%!3'-!-%5%15(<!%-!-P3$*'!/!+'0%&%15%6!

! SXQ!
:#%3%! ,%1+$'1(&-%! 3(! $,()%1! *%! 3(! .$-+$1(! G(+8(! 9#%! p$,! ';-%&G(! (3!
G'3G%&!(!+(-(<!+#(1*'!-#-!.(*&%-!/(!0(1!(;(1*'1(*'!3(!+$#*(*!/!>3!-%!
0(! .%&*$*'6! 7-(! ,$-,(! $,()%1! (.(&%+%! %1! '5&'-! &%3(5'-! /! 1'G%3(-<!
+','! #1! -8,;'3'! *%! 3(! .>&*$*(! /! *%3! &%5'&1'! *%! 3'! &%.&$,$*'! 9#%!
+(#-(! '! (+',.(g(! (3! B$1! *%! 3(! +$G$3$d(+$P16! :%! *(! .'&! 0%+0'! 9#%<! %1!
%B%+5'<! %3! ['G%1! K(33(&*! 33%)(! (! -#! +(-(! /! 3(! %1+#%15&(! (;(1*'1(*(<!
.'&! 3'! 9#%! %-(! .$-+$1(! &%.&%-%15(&8(! %3! B$1(3! *%! -#! $1B(1+$(! /! 3(!
5&(#,45$+(!%15&(*(!(3!,#1*'!(*#35'!(!+(#-(!*%!3(!)#%&&(6!:$1!%,;(&2
)'<!-(;%,'-!9#%!3(!0$-5'&$(!%-!*$B%&%15%6!N'!.'*%,'-!-(;%&!-$!%I$-5%!
#1!%.$-'*$'!+','!%3!*%!3(!.$-+$1(<!.%&'!-8!-(;%,'-!9#%!73!$,.%&$'!*%3!
-'3! 1'! %-! #1! &%3(5'! (#5';$')&4B$+'6! K(33(&*! %-+&$;%! #1(! 1'G%3(! %1! 3(!
9#%!%3!.&'5()'1$-5(!-%!33(,(!+','!>3<!G$G%!*'1*%!G$G8(!>3!+#(1*'!5%12
8(!-#!%*(*!/!.(-(!.'&!#1!+(,.'!*%!+'1+%15&(+$P1!+','!3'!0$d'!>3<!.%2
&'!3(!0$-5'&$(!*%!p$,!1'!%-!3(!0$-5'&$(!*%!K(33(&*6!D(&(!%,.%d(&<!p$,!0(!
*%!-';&%G$G$&!-'3'!%1!W#1)0#(<!,$%15&(-!9#%!K(33(&*!%-54!(+',.(g(2
*'!.'&!-#-!.(*&%-!/!.'&!-#!0%&,(1(6!:$!5%1%,'-!%-5'!%1!+#%15(<!.'2
*%,'-!33%)(&!(!#1(!+'1+3#-$P1!*$-5$15(!*%!3(!9#%!+(;8(!%-.%&(&r!3(!.$-2
+$1(!(.(&%+%!%1! 73!$,.%&$'!*%3!-'3!.'&9#%!%-!#1!%3%,%15'!-$,;P3$+'!
$,.'&5(15%!.(&(!%3!(#5'&<!1'!.'&9#%!B#%&(!#1!%.$-'*$'!*%+$-$G'!*%!-#!
$1B(1+$(6!W'!,$-,'!'+#&&%!+'1!3'-!(%&P*&','-!(;(1*'1(*'-6!
"#$%1%-!.$%1-(1!9#%!73!$,.%&$'!%-!&%(3!.'&9#%!+'$1+$*%1!(3)#1'-!*(2
5'-! %15&%! %3! (#5'&! /! %3! .&'5()'1$-5(! .(&%+%1! '3G$*(&! (3! ,%1'-! '5&'-!
*'-!*%5(33%-6!73!.&$,%&'!%-!9#%!p$,!&%3(5(!+P,'<!(3!3$;%&(&-%!*%3!+(,2
.'<!';-%&G(1!%3!;&$33'!-';&%1(5#&(3!*%!3(!%I.3'-$P1!*%!i$&'-0$,(<!#1!
0%+0'! -';&%! %3! 9#%! -%! 0(! %-.%+#3(*'! .%&'! 9#%! .(&%+%! ;(-5(15%! $,2
.&';(;3%6!73!-%)#1*'!%-!9#%!%3!.&'5()'1$-5(!*%! E&(-0!5(,;$>1!-%!33(2
,(! p(,%-! K(33(&*6! 7-5(! $*%(! *%! 0(+%&! B$++$P1! -';&%! (+'15%+$,$%15'-!
&%(3%-<!*%!+'1B#1*$&!(!.&'.P-$5'!%3!+'15%1$*'!*%3!&%3(5'!+'1!3(!0$-5'2
&$(! G$G$*(<! 1'! &%-.'1*%! (! *%3! 5'*'! (3! +'1+%.5'! *%! (#5'B$++$P1! .&'2
.#%-5'!.'&!%3!B&(1+>-!:%&)%!H'#;&'G-o/!.'&9#%!+(&%+%!*%!%-(!$15%12
+$P1! %I.3'&(5'&$(<! *%! ;C-9#%*(! *%! 3(! .&'.$(! $*%15$*(*<! -$1'! 9#%!
(*%3(15(!3(!$*%(!*%!W(d3'!D%(&3,(1!*%!3(!5%'&8(!*%3!*%-%1-(,;3([%!'!
*%!3(!'+#35(+$P1!u*$--%,;3%!50%'&/v6!73!.%-'!&%+(%!%1!3(!B$++$P1!/!1'!
%1!%3!(#5'6!
E'1!%-5'!1'!9#$%&'!*%+$&!9#%!3(-!G$G%1+$(-!*%3!:0(1)04$!1'!%[%&+$%&(1!
#1!.%-'!*%+$-$G'!%1!%3!*%-(&&'33'!$15%3%+5#(3!/!-%15$,%15(3!*%3!['G%1!
K(33(&*<!.'&9#%!-%&8(!#1(!%-5#.$*%d6!h$!$15%1+$P1!%-!&%+(3+(&!9#%!%-5(!

SLU!!
1'G%3(!1'!%-!#1(!(#5';$')&(B8(!(3!#-'<!-$1'!9#%!.&%5%1*%!*$3#$&!3(!-%2
.(&(+$P1!5&(*$+$'1(3!%15&%!(#5'&!/!';&(6!E'1! W(!;'1*(*!*%!3(-!,#[%2
&%-! /! h$3()&'-! *%! G$*(! '+#&&%! 3'! ,$-,'6! W(! #5$3$d(+$P1! *%! 3(! 5%&+%&(!
.%&-'1(!/!%3!5'1'!+381$+'!/!*$-5(15%!+'1!%3!9#%!*%-+&$;%!3(!+(8*(!`*%!
%-(!B$%-5(!*%!+$1+#%15(!(g'-!9#%!0(;8(!-$*'!:0(1)04$a!uK(33(&*!VUUQr!
YSv<! *'1*%! ;&$541$+'-<! B&(1+%-%-! /! %-5(*'#1$*%1-%-! -$)#%1! *(1*'!
B$%-5(-! %1! -#-! ,(1-$'1%-! ,$%15&(-! 3'-! +0$1'-! ,#%&%1! *%! 0(,;&%! '!
(+&$;$33(*'-!.'&!3'-![(.'1%-%-<!$1-%&5(1!3(!1'G%3(!%1!%3!+'1[#15'!*%!3(!
';&(! ;(33(&*$(1(<! %1! 3#)(&! *%! 0(+%&! *%! %33(! %3! '(-$-! *%! &%(3$-,'! 9#%!
.'*&8(!.(&%+%&!%1!#1!.&$1+$.$'6!H%!$)#(3!,(1%&(<!-$!G%,'-!3(!.%38+#3(!
*%!:.$%3;%&)<!%1+'15&(&%,'-!#1(!%,'+$P1!/!#1!-%15$*'!*%!3(!(G%15#2
&(!9#%!1'!%-541!%1!3(!1'G%3(6!71!%-%!-%15$*'<!(,;(-!';&(-!-'1!'.#%-2
5(-<!(!.%-(&!*%!3(!B$*%3$*(*!*%!3(!(*(.5(+$P16!
i(/!9#%!&%+'1'+%&<!-$1!%,;(&)'<!9#%!%-!3P)$+'!+'1-$*%&(&3(!#1(!%15$2
*(*! (.(&5%! -$! 5%1%,'-! %1! +#%15(! 3$;&'-! +','! 73! ,#1*'! -#,%&)$*'<!
*%!RQXV<!W(!-%9#8(!*%!RQXT!'!73!,#1*'!*%!+&$-5(3!*%!RQXX6!h4-!(C1!-$!
1'-! B$[(,'-! %1! W(! %I0$;$+$P1! *%! (5&'+$*(*%-<! *'1*%! -%! +'1+%15&(1!
5'*(-!3(-!*#.3$+$*(*%-!*%3!$,()$1(&$'!;(33(&*$(1'!%1!B'&,(!*%!1'G%3(!
%I.%&$,%15(36!73!3$;&'!+'1-5(!*%!9#$1+%!+(.85#3'-<!+(*(!#1'!+',.#%-2
5'! .'&! .4&&(B'-! +'1! 585#3'-! $1*%.%1*$%15%-6! 71! +$%&5'! -%15$*'<! 3(! %-2
5&#+5#&(! -%,$(#5P1',(! *%! 7I5&(5%&&%-5&$(3! :%I! j%5$-0! &%+#%&*(! (! 3(!
*%! W(!%I0$;$+$P1!*%!(5&'+$*(*%-<!9#%!-%!3%!(*%3(15(!%1!,4-!*%!5&%$15(!
(g'-6!F,;(-!+',.(&5%1!$,4)%1%-!.%&5#&;(*'&(-!*%!-%I'!%I.38+$5'!/!
#1!+(&4+5%&!B&(),%15(&$'!9#%!3(-!+'3'+(!%15&%!3(-!G(1)#(&*$(-!0$-5P2
&$+(-!/!%3!.'-,'*%&1$-,'6!H%!0%+0'<! W(!%I0$;$+$P1!*%!(5&'+$*(*%-!-%!
-$5C(<!(!B$1(3%-!*%!3'-!-%-%15(<!%1!%-(!%1+&#+$[(*(6!D'&!#1!3(*'<!.#%*%!
+'1-$*%&(&-%! #1(! ';&(! -#&&%(3$-5(<! +'1! -#-! (-'+$(+$'1%-! 3$;&%-<! -#!
B'&,(! *%! +(*4G%&! %I9#$-$5'<! -#! (,;$%15%! '18&$+'! /! -#-! &%B%&%1+$(-!
+'1-5(15%-!(!H%!E0$&$+'<!7&1-5!'!H(386!D'&!'5&'!3(*'<!%-(!,$-,(!&%B%2
&%1+$(3$*(*!3(!(+%&+(!(!3(-!.'-$+$'1%-!.'-,'*%&1(-<!$)#(3!9#%!%3!.(2
.%3!B#1*(,%15(3!9#%!&%.&%-%15(!3(!+#35#&(!*%!,(-(-<!3(!$,.'&5(1+$(!
*%!3(!$,()%1!/!3(!.#;3$+$*(*! %1!3(! +'1B$)#&(+$P1!*%! 3(!+'1+$%1+$(<!3(!
$1*%B$1$+$P1!*%!3'-!.%&-'1([%-!'!3(!+'1B#-$P1!5%,.'&(36!:#!(.(&$%1+$(!
*%! +'33()%!/!3(!(.&'.$(+$P1!9#%!0(+%!*%!3'-!*$-+#&-'-!,>*$+'-!'!.#2
;3$+$5(&$'-!+'1G$%&5%1!W(!%I0$;$+$P1!*%!(5&'+$*(*%-!%1!#1(!%-.%+$%!*%!
;$-()&(!%15&%!%3!.'-,'*%&1$-,'<!%3!-#&&%(3$-,'!/!H(*4<!*$B#,$1(1*'!
(-8!#1(!1#%G(!*$B%&%1+$(!9#%!-%!-#.'18(!+3(&(6!

! SLR!
73!3$;&'!?,4-!#1!+'1[#15'!*%!3'!9#%!%3!.&'.$'!K(33(&*!33(,(!`1'G%3(-!
+'1*%1-(*(-a! 9#%! #1(! 1'G%3(! %1! -%15$*'! %-5&$+5'?! 5&(5(! *%! #1! .-$2
9#$(5&(! 9#%! 0(! .%&*$*'! %3! [#$+$'! /! 9#%! +(,;$(! *%! 1',;&%! %1! +(*(!
1#%G'! +(.85#3'6! 7-! =&(G$-<! =(3;'5<! =&(G%1<! =(33$-<! =&(;%&5<! =(3;%&5! /!
=&(G%&-6!73!3$;&'!+(&%+%!*%!#1!0$3'!+'1*#+5'&<!/!-#-!*$-5$15'-!+(.85#3'-!
(.(&%+%1!.#;3$+(*'-!.'&!-%.(&(*'!(15%-!*%!-%&!&%#1$*'-!%1!#1!-'3'!
G'3#,%16! 7-5%! 0%+0'! 0(! .&'G'+(*'! *#*(-! %15&%! 3'-! +&85$+'-<! 9#%! 1'!
-(;%1! -$! +'1-$*%&(&3'! #1(! 1'G%3(! %I.%&$,%15(3! '! #1(! +'3%++$P1! *%!
&%3(5'-6!D&';(;3%,%15%<!5%1$%1*'!%1!+#%15(!%3!+(&4+5%&!B&'15%&$d'!*%3!
(#5'&<! 1'! -%(! 1$! #1(! +'-(! 1$! 3(! '5&(6! H%! 0%+0'<! (! .%-(&! *%! -#! *%-+'2
1%I$P1!(.(&%15%<!*%!3'-!+(,;$'-!%1!%3!1',;&%!*%!=!/!%1!3(-!B3#+5#(2
+$'1%-!%15&%!-#!.(.%3!*%!,>*$+'!(!.(+$%15%<!%I$-5%!(3)'!9#%!()3#5$1(!
%3! 5%I5'6! :%! 5&(5(! *%! #1! ($&%<! #1! (,;$%15%! 9#%! (.#15(! (! 9#%<! ;(['! %3!
0%&,%5$-,'!/!3(!()&%-$G$*(*!*%3!5%I5'<!-%!%-+'1*%!#1(!3P)$+(!,%*$(12
5%!3(!+#(3!.#%*%!*%-5&(,(&-%!-#!,$-5%&$'6!
73!5%I5'!%-!'-+#&'!/!';-%-$G'<!%-54!.3()(*'!*%!&%B%&%1+$(-!(3!(&5%!*%!
G(1)#(&*$(!/!(!3(!+#35#&(!.'.#3(&!*%!3'-!(g'-!-%-%15(6!F!5&(G>-!*%!%-2
5(-!&%.%5$+$'1%-!+',.#3-$G(-<!K(33(&*!%I.3'&(!%3!.(.%3!9#%!&%.&%-%12
5(1!3'-!,%*$'-!*%!+',#1$+(+$P1!*%!,(-(-!%1!3(!B'&,(+$P1!*%!3(!.-$2
+'-$-!,'*%&1(<!+P,'!,'*#3(1!3(-!.%&+%.+$'1%-!0#,(1(-!/!0(-5(!9#>!
.#15'!*$B$+#35(1!3(-!&%3(+$'1%-!$15%&.%&-'1(3%-6!=%1)(,'-!%1!+#%15(!
9#%! *#&(15%! 3'-! (g'-! *%! &%*(++$P1! *%3! 5%I5'<! 3(! 5%3%G$-$P1! -%! G#%3G%!
G$'3%15(! %1! %I5&%,'r! (;(1*'1(! %3! -$-5%,(! *%! .&')&(,(-! *%! %-5#*$'!
.(&(!.(-(&!(!&%(3$d(&!&%.'&5([%-!%1!*$&%+5'!*%-*%!+#(39#$%&!.(&5%!*%3!
,#1*'6!H%!%-5%!,'*'<!3(-!(5&'+$*(*%-!.%&.%5&(*(-!%1!m$%51(,!'!%1!
%3!E'1)'!'+#.(1!1'!-'3'!3(-!.4)$1(-!*%!3'-!.%&$P*$+'-!/!3(-!&%G$-5(-<!
-$1'!9#%!-%!$15&'*#+%!%1!3(-!-(3(-!*%!%-5(&6!W(!5%3%G$-$P1!+&%(!#1(!%-2
.%+$%!*%!,'G$,$%15'!%-.%+$(3$d(*'!%1!';-+%1$*(*%-!1(5#&(3$-5(-!9#%!
+&%(!$,4)%1%-!#;$+#(-!9#%!3'!$1#1*(1!5'*'6!
D%&'!3(!+&#*%d(!*%!3'-!,%*$'-!*%!+',#1$+(+$P1!1'!-%!3$,$5(!(!3'-!%12
5'&1'-!;>3$+'-6!H#&(15%!%3!&'*([%!%1!RQXU!*%!^1(!,#[%&!,(&+(*(<!73$2
-(;%50! =(/3'&! -#B&%! #1(! 1%#,'18(! +(-$! ,'&5(3<! 9#%! ';3$)(! (! .&(+5$2
+(&3%! #1(! 5&(9#%'5',8(! *%! #&)%1+$(6! 73! (+'-'! 9#%! .(*%+%! .'&! .(&5%!
*%!3'-!.%&$'*$-5(-!9#%!%-.%&(1!3(!1'5$+$(!*%!-#!,#%&5%!%-!'5&'!-$)1'!
*%! 3(! 1#%G(! ()&%-$G$*(*! +',#1$+(5$G(<! /! #1! (*%3(15'! *%! 3'! 9#%! %-54!
.'&!G%1$&!%1!3(-!*>+(*(-!-$)#$%15%-6!F#19#%!3(-!$,.3$+(+$'1%-!.'385$2
+(-!-'1!'5&(-!/!,#/!*$-5$15(-<!5(,;$>1!%-!1%+%-(&$'!-%g(3(&!3(!',1$2

SLV!!
.&%-%1+$(!*%!3(!+$15(!*%3!,()1$+$*$'!*%!p'01!j6!w%11%*/<!B$3,(*(!.'&!
F;&(0(,! Ñ(.&#*%&<! %1! 3(-! 5%3%G$-$'1%-! ,#1*$(3%-6! "#$d4! 1'! -%(1!
+',.(&(;3%-!#1!.&%-$*%15%!*%!7-5(*'-!^1$*'-!/!#1(!(+5&$d!*%!i'33/2
Å''*<! .%&'! =(/3'&! /! w%11%*/! +',.(&5%1! %-%! )3(,'#&<! %-%! %-5(5#-!
B(-+$1(15%!9#%!0(+%!*%!-#-!G$*(-!(3)'!,4-!&%(3!9#%!3(-!*%!3'-!*%,4-6!
=(/3'&!%-!3(!C35$,(!)&(1!%-5&%33(!*%!3(!>.'+(!*'&(*(!*%3!+$1%k!w%11%*/!
%-!%3!.&$,%&!.'385$+'!9#%!#5$3$d(!-#!.&%-%1+$(!%1!5%3%G$-$P1!.(&(!)(1(&!
.'.#3(&$*(*!/!3')&(&!%3!5&$#1B'!%1!3(-!%3%++$'1%-6!7-!%3!.&$,%&!.'385$+'!
,%*$45$+'!/!-#!3%/%1*(!*#&(!0(-5(!0'/6!
=!%-!#1!.-$9#$(5&(!9#%!5&(;([(!%1!#1!-(1(5'&$'!,%15(3!/!9#%<!%1!(3)C1!
,',%15'! $1*%5%&,$1(*'<! -#B&%! #1(! +&$-$-! .-$+P5$+(! (! +(#-(! *%! %-5%!
1#%G'! .($-([%! #&;(1'! $,.&%)1(*'! *%! $,4)%1%-6! W(-! G$'3%1+$(! *%! 3(!
5%3%G$-$P1<!3(-!$,4)%1%-!.#;3$+$5(&$(-<!5'*'!%33'!$1G(*%!-#!,%15%!/!-%!
%1+#%15&(! $1+(.(d! *%! -%.(&(&! 3(! &%(3$*(*! *%! 3(! B(15(-8(6! 7,.$%d(! (!
&%+'3%+5(&! B'5')&(B8(-<! ';[%5'-! /! +'33()%-! (! B$1! *%! *$-5$1)#$&3(-! /! *%!
*'5(&!*%!-$)1$B$+(*'!(!#1(!&%(3$*(*<!-%(!3(!9#%!-%(<!9#%!1'!.(&%+%!5%2
1%&3'6!71!%-%!-%15$*'<! W(!%I0$;$+$P1! .'*&8(! 3%%&-%!+','! #1(! %-.%+$%!
*%!$1B'&,%!+381$+'<!+','!#1(! $1G%-5$)(+$P1! .-$+'3P)$+(<!,4-!9#%! +'2
,'!#1(!1'G%3(6!:#-!*$-5$15(-!-%++$'1%-!,'-5&(&8(1<!.'&!5(15'<!3(-!&%2
.&%-%15(+$'1%-!*%!3'-!.-$+'*&(,(-!(!3'-!9#%!&%+#&&%!=!%1!-#!;C-9#%2
*(! *%! 3(! +'&*#&(6! :#! %-5(*'! ,%15(3! (35%&(*'! 3%! *(! 3(! +(.(+$*(*! *%!
%1+'15&(&! +'1%I$'1%-! %15&%! .%&-'1(-! /! ';[%5'-! 9#%! (3! &%-5'! *%! .%&2
-'1([%-!-%!3%-!%-+(.(16!N$!3(!-$3%1+$'-(!E',(!9#%,(*(!.'&!3(!&(*$(2
+$P1<!1$!%3!.$3'5'!*%!;',;(&*%&'!A%&'<!1$!%3!*'+5'&!N(50(1<!1$!w(&%1!
N'G'51/<!1$!3(!*'+5'&(!E(50%&$1%!F#-5$1<!(3+(1d(1!(!+',.&%1*%&!9#>!
'+#&&%!%1!&%(3$*(*!*%15&'!*%!-#!,%15%6!
73!*'+5'&!N(50(1!.(-(!*%!-%&!#1!+',.(g%&'!(!5&(5(&!3(!.-$+'-$-!*%!=<!
/!&%+'1'+%!%1!3(!B(35(!*%!+'0%&%1+$(!*%!-#!%15'&1'!#1(!*%!3(-!&(d'1%-!
*%! -#! 3'+#&(6! F3! -%&! $1+(.(d! *%! +',.&%1*%&! %3! .($-([%! *%! $,4)%1%-!
#;$+#(-<!3(!,%15%!*%!=!-%!*$-'+$(<!-%!G#%3G%!';-%-$G(<!1%#&P5$+(!/!.(2
&(1'$*%6! H%! 3'! 9#%! %-+(.(! 1'! %-! *%! 3(! G$'3%1+$(! *%! 3(! )#%&&(! 9#%!
5&(1-,$5%!(!5'*(-!0'&(-!3(!5%3%G$-$P1<!-$1'!*%!-#!B(35(!*%!+'15%I5'6!W(!
$1,%&-$P1! %1! %3! ,#1*'! *%! 3(! $,()%1! /! -#-! &%.%5$+$'1%-! +'1-5(15%-!
0(+%1!$,.'-$;3%!-%.(&(&!3'!.&'.$'!*%!3'!([%1'<!3'-!+'15%1$*'-!,%15(2
3%-!'&$)$1(3%-!*%!3'-!(*9#$&$*'-6!7-5(!$1*%B$1$+$P1!%15&%!&%(3$*(*!/!B$+2
+$P1!%-!#1'!*%!3'-!%3%,%15'-!+3(G%!*%!5'*(!3(!';&(!;(33(&*$(1(<!/!=!3(!
%I5$%1*%!(!9#$%1%-!3%!&'*%(16!E','!%3!*%3!N(5(1(%3!*%!i'BB,(11<!-#!

! SLS!
,#1*'!-%!0(!G#%35'!-$1$%-5&'!/!/(!1'!3%!%-!.'-$;3%!(-%)#&(&!9#%!(9#%2
33(-!B$)#&(-!9#%!-%!,#%G%1!(!-#!(3&%*%*'&!-'1!-%&%-!0#,(1'-!'!-$!-'2
3'! -'1! -$,.3%-! ,#g%+'-6! 71! %3! B&(),%15'! `h(1$9#8! ';-+%1'a! u];-2
+%1%! h(11%9#$1v<! 3(! *'+5'&(! F#-5$1! 3%! .&%)#15(! -$! 9#$%&%! 9#%! -%!
(+#%-5%!+'1!>36!l3!1'!3%!&%-.'1*%<!-'3'!3(!$1-.%++$'1(!;#-+(1*'!-$)1'-!
*%! 0#,(1$*(*6! 71! 3#)(&! *%! %33'-<! -%! %1+#%15&(! +'1! 9#%! `/(! 5%18(! 3(!
5%I5#&(!*%!#1!,(1$9#8!*%!)',(!.&%.(&(*'!+'1!0%1*$*#&(-!%I.38+$5(-<!
#1!';-+%1'!(.(&(5'!,(-5#&;(5'&$'a!uF3&%(*/!-0%!0(*!50%!5%I5#&%!'B!(!
&#;;%&!,(11%9#$1!B$55%*!Å$50!%I.3$+$5!G%15-<!(1!';-+%1%!,(-5#&;(5'2
&/!(..3$(1+%v!uK(33(&*!VUUXr!VUv6!H%3!,$-,'!,'*'<!%1!-#!.&$,%&!%12
+#%15&'!+'1!%3!.$3'5'!*%3!;',;(&*%&'!+(*(!#1'!(!#1!3(*'!*%!3(!,%-(<!
/!=!-%!*(!+#%15(!*%!9#%!3'-!.3(1'-!*%!-#!+(&(!1'!%1+([(1!+','!*%;%&2
8(16!h$%15&(-!5(15'<!%-!+(.(d!*%!&%+'1'+%&!3(!(3%5(!1(-(3!*%!73$-(;%50!
=(/3'&! 9#%! 33%1(! #1(! G(33(! .#;3$+$5(&$(<! +','! -$! B#%&(! #1(! *#1(! *%!
(3)C1!*%-$%&5'!%I5&(g'6!
71!3(!,%15%!*%!=<!3(!B$++$'1%-!,%*$45$+(-!-'1!,4-!&%(3%-!9#%!3'-!';[%2
5'-!+'1!3'-!9#%!$15%&(+5C(6!7-5'!-%!*%;%<!#1(!G%d!,4-<!(!3(!*%+%.+$P1!
+'1!3'-!+&$5%&$'-!*%!3(!9#%!0(;3(!E(G%336!7-!#1(!+#%-5$P1!%.$-5%,'3P)$2
+(6!W(!,#%&5%!*%!pjw!&%.%5$*(!#1(!/!'5&(!G%d<!'!3(-!,(-(+&%-!*%!m$%52
1(,!-'1!G%&*(*%-!$1+#%-5$'1(;3%-<!,$%15&(-!9#%!N(50(1<!E(50%&$1%!'!
w(&%1!;$%1!.'*&8(1!-%&!B(15(-,(-<!,49#$1(-!+#/(!(.(&$%1+$(!0#,(2
1(!'+#35(-%!#1!+'1[#15'!*%!,%+(1$-,'-!'!,$+&'+0$.-6!N'!0(/!B'&,(!
(3)#1(!*%!-(3G()#(&*(&!3(!$*%15$*(*! 0#,(1(! 9#%! 1'!.(-%!.'&! %3! &%2
+'1'+$,$%15'6!W(!C1$+(!-(3$*(!9#%!%1+#%15&(!=!(15%!%-(!*#*(!B#1*(2
,%15(3!%-!1%)(&!3(!,$-,(!0#,(1$*(*6!7-!%1!%-%!-%15$*'!%1!%3!9#%!3'-!
B(,'-'-!-'1!,4-!&%(3%-!9#%!3'-!0#,(1'-<!.'&9#%!1'!5$%1%1!1(*(!9#%!
%-+'1*%&6!:'1!$+'1'-<!$,()%1!.#&(6!D'&!%3!+'15&(&$'<!9#$%1%-!3%!&'*%2
(1! -%! G%1! (-$,$3(*'-! (!3(! (&9#$5%+5#&(<! &%*#+$*'-! (! 3(-! 3P)$+(-! *%! 3(!
)%',%5&8(6!
O)#(3!9#%!(!#1!.$15'&!+#;$-5(<!3'-!+#%&.'-!-%!3%!(.(&%+%1!+','!+',2
.#%-5'-! (1(3$d(;3%-! /! *%-,'15(;3%-6! W(! B&(),%15(+$P1! *%3! .&'.$'!
5%I5'!1'!%-!-$1'!3(!.&'/%++$P1!*%!3(!,%15%!*%!=<!*%!-#-!%-B#%&d'-!.'&!
(3+(1d(&!3(!G%&*(*!*%!3(!%I$-5%1+$(!*$G$*$>1*'3(!%1!.$%d(-!.%9#%g(-!/!
+',.&%1-$;3%-6!H%!%-5%!,'*'!-%!+$%&&(!%3!+$&+#$5'r!3(!B&(),%15(&$%*(*!
$1+'0%&%15%!*%3!,#1*'!.&'G'+(!-#!.-$+'-$-<!9#%!*%-.%*(d(!,4-!(C1!
3(!&%(3$*(*!+'1!%3!B$1!*%!+',.&%1*%&3(6!D%&'!%3!.&%+$'!(!.()(&!%-!%3!*%!
3(!*%-0#,(1$d(+$P1<!%3!*%!3(!.-$+'.(5'3')8(6!F3!$15%15(&!(+%&+(&-%!(!3(!

SLZ!!
&%(3$*(*<!-%!(3%[(!,4-!*%! %33(6! 7-%!*%-.3(d(,$%15'!9#%!B#1*%! 3'-! %-2
.(+$'-! ,%15(3%-! +'1! 3'-! %-.(+$'-! B8-$+'-! )%1%&(! 3(! (.(&$+$P1! *%! #1(!
-%I#(3$*(*! 1#%G(<! (+'&*%! (! %-(! *$-3'+(+$P16! W(-! 5%1-$'1%-! ,#-+#3(2
&%-<!3(-!.'-5#&(-!*%!3'-!+#%&.'-!/!3'-!41)#3'-!*%!3(-!.(&%*%-!B'&,(1!
#1! $,()$1(&$'! (;-5&(+5'! %1! %3! 9#%! %3! (B%+5'! 1'! 5$%1%! +(;$*(6! K(33(&*!
*%-+&$;%!#1!(+5'!-%I#(3!;(['!%-5'-!.(&4,%5&'-r!

73%,%15'-!*%!#1!'&)(-,'6!uRv!:#!.(-'!5'&.%!-';&%!%3!(-$%15'!*%3!+'.$2
3'5'!/!(!5&(G>-!*%!3(!.#%&5(k!uVv!3(!+'1[#1+$P1!*%!3(!+(1(3%5(!*%!(3#,$2
1$'!+'1!3'-!G'3C,%1%-!*%!-#-!,#-3'-k!uSv!-#!.%+0'!$d9#$%&*'!9#%!-%!
(.3(-5(;(!+'15&(!%3!.$3(&!*%!3(!.#%&5(!/!G'3G8(!(!%I5%1*%&-%!+#(1*'!;(2
3(1+%P!3(-!.$%&1(-!-';&%!%3!-#%3'!(&%1'-'k!uZv!%3!&%G%-5$,$%15'!*%!-#-!
&'*$33(-!/!*%3!B3(1+'!,%543$+'!*%!3(!.#%&5(k!uTv!%3!;'&&(*'!%3$.-'$*(3!*%!
.'3G'! +#(1*'! -#! +(*%&(! &'dP! %3! )#(&*(;(&&'-! +%&+(1'k! uXv! %3! *#&'!
5&(1-%.5'!*%3!,%+(1$-,'!*%!3(!.#%&5(!%1!3(!+',.3%5(!%&'-$P1!*%3!.($2
-([%k!uLv!-#-!,'G$,$%15'-!*$-5'&-$'1(*'-!%1!%3!.&',$1%15%!+(.(&(dP1!
*%3!&(*$(*'&k!uYv!3(!+'1[#1+$P1!*%!-#-!+(*%&(-!+'1!%3!(&+'!*%3!.#%15%!
*%3!,'5'&<!%3!+'15&(-5%!*%3!%.$5%3$'!-#(G%!/!%3!+%,%15'!'1*#3(*'k!uQv!
-#-! *>;$3%-! 5';$33'-! %1! 3(! +%1$d(! ;3(1*(k! uRUv! 3(! .&%-$P1! *%! -#! ,(1'!
*%&%+0(!+'15&(! %3! ;'&*%!+&',(*'! *%!3(!34,.(&(!$15%&$'&k! uRRv!%3!-#2
*'&!9#%!B'&,(;(!#1!*'-%3!0C,%*'!%1!%3!%-+'5%!*%!-#!;3#-(<!%3!.($-([%!
%15%&'! %I.$&P! %1! %-(! d(1[(! $&&$)(*(k! uRVv! 3(! .&'/%++$P1! /! 3(! $1+3$1(2
+$P1! *%! -#! .#;$-! (3! .(-(&! (3! (-$%15'! *%3! +'1*#+5'&k! uRSv! 3(! #1$P1! *%!
-#-!,#-3'-!/!%3!+'1[#15'!*%3!G'3(15%k!uRZv!3'-!,'G$,$%15'-!*%!-#-!*%2
*'-!-';&%!3(-!+(;%d(-!+&',(*(-!*%!3'-!$1-5&#,%15'-6!
!
73%,%15-!'B!(1!'&)(-,6!uRv!i%&!#1)($13/!5&(1-$5!(+&'--!50%!.(--%1)%&!
-%(5! 50&'#)0! 50%! 1%(&-$*%! *''&k! uVv! 50%! +'1[#1+5$'1! 'B! (3#,$1$d%*!
)#55%&!5&$,!Å$50!50%!G'3#,%-!'B!0%&!50$)0-k!uSv!50%!+&#-0$1)!'B!0%&!3%B5!
;&%(-5!;/!50%!*''&!.$33(&<!$5-!-%3B2%I5%1-$'1!(-!-0%!-Å#1)!0%&!3%)-!'1!
5'! 50%! -(1*/! B3''&k! uZv! 50%! 'G%&3(/! 'B! 0%&! o1%%-! (1*! 50%! ,%5(3! *''&!
B3(1ok!uTv!50%!%33$.-'$*! %&(-#&%!'B!*#-5!(-!0%&!0$.! ;&#-0%*! 50%!1%(&2
-$*%!B%1*%&k!uXv!50%!0(&*!5&(1-%.5!'B!50%!*''&!,%+0(1$-,!Å$50$1!50%!
(;-'3#5%!%&'-$'1!'B!50%!3(1*-+(.%k!uLv!0%&!,'G%,%15-!$1!50%!.&'[%+52
$1)! +(&(.(+%! 'B! 50%! &(*$(5'&! (--%,;3/k! uYv! 50%! +'1[#1+5$'1! 'B! 0%&!
50$)0-! Å$50! 50%! (&+0! 'B! 50%! ,'5'&! ;&$*)%<! 50%! +'15&(-5! 'B! -,''50!
(.$50%3$#,!(1*!+'&&#)(5%*!+'1+&%5%k!uQv!0%&!Å%(o!(1o3%-!$1!50%!-'B5!
(-0k!uRUv!50%!.&%(--#&%!'B!0%&!&$)05!0(1*!'1!50%!+0&',$#,!5&$,!'B!50%!
$1;'(&*! 0%(*3(,.k! uRRv! 50%! -Å%(5! B'&,$1)! (! *(,.! +(1'./! $1! 50%!
+3%(G()%!'B!0%&!;3'#-%!?!50%!%15$&%!3(1*-+(.%!%I.$&%*!Å$50$1!50$-!$&&$2
)(5%*!5&%1+0k!uRVv!50%![#5!(1*!&(o%!'B!0%&!.#;$-!(-!-0%!,'G%*!$15'!50%!
*&$G$1)!-%(5k!uRSv!50%![#1+5$'1!'B!0%&!50$)0-!(1*!50%!-5%%&$1)!(--%,2
;3/k!uRZv!50%!,'G%,%15-!'B!0%&! B$1)%&-!(+&'--!50%!+0&',$#,25$..%*!
$1-5&#,%15!0%(*-6Ä!uK(33(&*!VUUXr!QX2QLv!

! SLT!
i(/!.'+(-!B'&,(-!,%1'-!%&P5$+(-!*%!*%-+&$;$&!#1!(+5'!-%I#(36!:(;%2
,'-!9#%!-%!5&(5(!*%!#1'!.'&9#%!%3!585#3'!3'!$1*$+(<!.%&'<!*%!1'!-%&!.'&!
>3<!.'*&8(,'-!.%1-(&!9#%!-%!5&(5(!*%!+#(39#$%&!'5&(!+'-(6!i(/!,'G$2
,$%15'-<!-#*'&<!#1!.%+0'!/!#1!.#;$-!9#%!-%!$1+3$1(!0(+$(!*%3(15%<!.%2
&'!1'!0(/!1$1)C1!&(-5&'!*%!%,'+$P16!7-!%3!5$.'!*%!3%1)#([%!9#%!+(;%!
%-.%&(&!*%!#1!$1B'&,(!+381$+'!'!*%!#1!,(1#(3!*%!$1-5&#++$'1%-6!7-!%3!
*%-,'15([%!*%!#1!+'$5'!%1!#1!+'+0%<!%1!%3!9#%!=!/!w(&%1!N'G'51/!-'1!
.'+'!,4-!9#%!,49#$1(-6!71!3(!1'5(!9#%!%-+&$;%!.(&(!%-5(!-%++$P1<!K(2
33(&*!-%g(3(!%3!-%I'!+','!3(!%I.%&$%1+$(!%,'+$'1(3!,4-!%1&$9#%+%*'2
&(!*%!1#%-5&(-!G$*(-<!/!5(,;$>1!+','!3(!,4-!$,()$1(5$G(<!.%&'!=!%-54!
(3$%1(*'!.'&!+',.3%5'6!7-54!%1!%3!,#1*'!+','!#1!%I5&(1[%&'<!+','!
#1!(3$%18)%1(6!
:$!.(&(!>3!3(-!C1$+(-!.%&-'1(-!9#%! )'d(1!*%!#1!%-5(5#5'!*%!&%(3$*(*!
-'1!h(&$3/1!h'1&'%<!pjw!'!\'1(3*!\%()(1!%-!.'&9#%!1'!.#%*%!$15%&2
(+5#(&!+'1!%33(-6!:'1!0$.%&&%(3%-!%1!%3!-%15$*'!9#%!3%!*(!K(#*&$33(&*<!
-'1!-$,#3(+&'-!*%!-8!,$-,'-6!W(!';-%-$P1!%.$-5%,'3P)$+(!.'&!-#.%&2
(&!3(!$1+%&5%d(!%,.#[(!(!=!(!($-3(&!3'-!B%1P,%1'-!+'1!3(!%-.%&(1d(!*%!
+',.&%1*%&!-#!,%+41$+(6!73!*'+5'&!N(50(1!3%!*$+%!(!J%;-5%&r!

71!+#(39#$%&!+(-'<!#-5%*!*%;%!%15%1*%&!9#%!.(&(!=&(G%1!3(!+$%1+$(!%-!
3(!C35$,(!.'&1')&(B8(r!#1(!(+5$G$*(*!(1(385$+(!+#/'!B$1!C35$,'!%-!($-3(&!
*%!-#-!+'15%I5'-!%1!%3!5$%,.'!/!%3!%-.(+$'!';[%5'-!'!%G%15'-6!7-5(!';2
-%-$P1!+'1!3(!(+5$G$*(*!%-.%+8B$+(!*%!B#1+$'1%-!*%5%&,$1(*(-!%-!3'!9#%!
3(!+$%1+$(!+',.(&5%!+'1!3(!.'&1')&(B8(6!
!
i'Å%G%&<! /'#! ,#-5! #1*%&-5(1*! 50(5! B'&! =&(G%1! -+$%1+%! $-! 50%! #35$2
,(5%!.'&1')&(.0/<!(1(3/5$+!(+5$G$5/!Å0'-%!,($1!($,!$-!5'!$-'3(5%!';2
[%+5-!'&!%G%15-!B&',!50%$&!+'15%I5-!$1!5$,%!(1*!-.(+%6!=0$-!';-%--$'1!
Å$50! 50%! -.%+$B$+! (+5$G$5/! 'B! 9#(15$B$%*! B#1+5$'1-! $-! Å0(5! -+$%1+%!
-0(&%-!Å$50!.'&1')&(.0/6Ä!u$;8*6r!ZQv!

7-5(!%-!#1(!*%!3(-!+3(G%-!*%3!5%I5'6!W(!5(&%(!*%!=!%-!.'&1')&4B$+(!+'2
,'! 3'! %-! 3(! *%3! +$%158B$+'<! 9#%! &%*#+%! 3'-! B%1P,%1'-! (! #1(! -%&$%! *%!
+(&(+5%&8-5$+(-!+#(15$B$+(;3%-!/!&%.&'*#+$;3%-6!=!%3$,$1(!5'*'!(9#%33'!
9#%!%-+(.(!(!-#!+',.&%1-$P1!?%-!*%+$&<!3(!(+5$G$*(*!$15%&1(!*%3!&%-5'!
*%! ,%15%-! 0#,(1(-?! /! 3'! -#-5$5#/%! .'&! 3(! B&$(3*(*! 1#,>&$+(! *%! 3(!
)%',%5&8(!/!%3!43)%;&(6!W3%)(!0(-5(!%3!.#15'!*%!+'1G%&5$&!(!w(&%1!N'2
G'51/!%1!#1(!%-.%+$%!*%!.#d3%r!

SLX!!
73! %9#$.'! -%I#(36! `71! #1! -%15$*'<a! *$['! %3! *'+5'&! N(50(1! (! w'%-5%&<!
`#1'! .'*&8(! +'1-$*%&(&! %-5'! +','! #1! %9#$.'<! 9#%! =(3;%&5! 0(! +'1+%2
;$*'<!33(,(*'!ìw(&%1!N'G'51/îk!.'*&8(!-%&!B(+5$;3%!$1+3#-'!+',%&+$(2
3$d(&3'6!E'15$%1%!3'-!-$)#$%15%-!%3%,%15'-r!uRv!h%+0P1!*%!.%3'!.C;$+'<!
uVv!#1(! ,4-+(&(!B(+$(3!*%!345%I<!uSv!-%$-! ;'+(-!*%-,'15(;3%-<!uZv!#1!
+'1[#15'!*%!-'1&$-(-<!uTv!#1!.(&!*%! .%+0'-<! %3!.%dP1!$d9#$%&*'! ,(&2
+(*'!+'1!#1(!.%9#%g(!C3+%&(<!uXv!#1!+'1[#15'!*%!'&$B$+$'-!1'!(;&(-$2
G'-<!uLv!&%+'&5%-!B'5')&4B$+'-!*%!#1!1C,%&'!*%!-$5#(+$'1%-!1(&&(5$G(-<!
3(! +0$+(! 0(+$%1*'! %-5'! /! (9#%33'<! uYv! #1(! 3$-5(! *%! ,#%-5&(-! *%! *$43'2
)'-<! *%! .(&3'5%'! $1(1%<! uQv! #1! +'1[#15'! *%! 1$G%3%-! *%! &#$*'<! uRUv!
5>+1$+(-! *%-+&$.5$G(-! .(&(! #1(! G(&$%*(*! *%! (+5'-! -%I#(3%-<! uRRv! #1!
,C-+#3'! *%5&#-'&! (1(3! *%-)(&&(*'<! uRVv! #1! )3'-(&$'! *%! ,'*$-,'-! /!
,#3%5$33(-<! uRSv! #1! (143$-$-! *%! &(-5&'-! *%! '3'&! u*%! G(&$(-! (;%&5#&(-v<!
.&$1+$.(3,%15%!.#&$1(-<!%5+6<!uRZv!#1!+#(*&'!*%!5%,.%&(5#&(-!+'&.'2
&(3%-!u(I$3(&<!;#+(3<!&%+5(3v<! uRTv! .'&5(';[%5'-!*%!B&'5$-! G()$1(3%-<!-'2
;&%!5'*'!)%3(5$1(!]&50'2@/1'3<!uRXv!#1!+'1[#15'!*%!5%1-$'1%-!-(1)#82
1%(-<! RVU! -$-5P3$+(<! LU! *$(-5P3$+(<! 9#%! -#;%1! (! VUU|RTU! (3! (&&(19#%!
*%3!'&)(-,'ta! H41*'3%!#1! &%-.$&'!(!w'%-5%&<! %3!*'+5'&! N(50(1!*%[P!
%3!,%+(1'-+&$5'6!`i(/!(C1!#1(!'!*'-!.(&5%-!'!.$%d(-!,4-<!.%&'!%1!-#!
+'1[#15'! %3! $1G%15(&$'! %-! #1(! $,()%1! (*%+#(*(! *%! #1(! ,#[%&<! 9#%!
.'*&8(!&%+'1-5$5#$&-%!B4+$3,%15%!(!.(&5$&!*%!>36!H%!0%+0'<!#1(!3$-5(!(-8!
;$%1!.'*&8(!-%&!,4-!%-5$,#3(15%!9#%!3(!+'-(!%1!-86!F0'&(!9#%!%3!-%I'!
-%! %-54! G'3G$%1*'! #1! (+5'! ,4-! /! ,4-! +'1+%.5#(3<! #1(! $15%3%+5#(3$d(2
+$P1!*$G'&+$(*(!5(15'!*%3!(B%+5'!+','!*%!3(!.-$+'3')8(<!#1'!*%;%!+'12
-$*%&(&!3(-!G$&5#*%-!.'-$5$G(-!*%!3(-!.%&G%&-$'1%-!-%I#(3%-6!W(!;$;3$'2
5%+(! *%! .'&1')&(B8(! B'5')&4B$+(! ;(&(5(! *%! =(3;%&5! %-! *%! 0%+0'!
3$5%&(5#&(!G$5(3<!/%-+(!.(&(!3(-!.'+(-!.(.$3(-!)#-5(5$G(-!9#%!9#%*(1!%1!
3'-!.(3(*(&%-!0(-5$(*'-!*%!1#%-5&(!33(,(*(!-%I#(3$*(*a6!
!
=0%! :%I! w$56! àO1! (! -%1-%<z! H&! N(50(1! %I.3($1%*! 5'! w'%-5%&<! à'1%! ,(/!
&%)(&*! 50$-! (-! (! o$5<! Å$+0! =(3;%&5! 0(-! *%G$-%*<! %15$53%*! ìw(&%1! N'2
G'51/î!?!$5!,$)05!%G%1!;%!B%(-$;3%!5'!,(&o%5!$5!+',,%&+$(33/6!O5!+'12
5($1-!50%!B'33'Å$1)!$5%,-r!uRv!D(*!'B!.#;3$+!0($&<!uVv!(!3(5%d!B(+%!,(-o<!
uSv! -$I! *%5(+0(;3%! ,'#50-<! uZv! (! -%5! 'B! -,$3%-<! uTv! (! .($&! 'B! ;&%(-5-<!
3%B5!1$..3%!,(&o%*!;/!(!-,(33!#3+%&<!uXv!(!-%5!'1!1'12+0(B%!'&$B$+%-<!uLv!
.0'5'! +#52'#5-! 'B! (! 1#,;%&! 'B! 1(&&(5$G%! -$5#(+5$'1-! ?! 50%! )$&3! *'$1)!
50$-!(1*!50(5<!uYv!(!3$-5!'B!*$(3')#%!-(,.%-<!'B!$1(1%!+0(55%&<!uQv!(!-%5!
'B! 1'$-%! 3%G%3-<! uRUv! *%-+&$.5$G%! 5%+01$9#%-! B'&! (! G(&$%5/! 'B! -%I#(3!
(+5-<!uRRv!(!5'&1!(1(3!*%5&#-'&!,#-+3%<!uRVv!(!)3'--(&/!'B!$*$',-!(1*!
+(5+0!.0&(-%-<!uRSv!(1!(1(3/-$-!'B!'*'#&!5&(+%-!uB&',!G(&$'#-!G%15-v<!
,'-53/! .#&$1%-<! %5+6<! uRZv! (! +0(&5! 'B! ;'*/! 5%,.%&(5#&%-! u(I$3(&/<!
;#++(3<!&%+5(3v<!uRTv!-3$*%-!'B!G()$1(3!-,%(&-<!+0$%B3/!]&50'2@/1'3![%33/<!
uRXv! (! -%5! 'B! ;3''*! .&%--#&%-<! -/-5'3$+! RVU<! *$(-5'3$+! LU! &$-$1)! 5'!
VUU|RTU!(5!'1-%5!'B!'&)(-,tz!H%B%&&&$1)!5'!w'%-5%&<!H&!N(50(1!.#5!
*'Å1! 50%! 5/.%-+&$.56! à=0%&%! (&%! '1%! '&! 5Å'! ;$5-! (1*! .$%+%-<! ;#5! 5'2

! SLL!
)%50%&! 50%! $1G%15'&/! $-! (1! (*%9#(5%! .$+5#&%! 'B! (! Å',(1<! Å0'! +'#3*!
%(-$3/!;%! &%+'1-5$5#5%*! B&',!$56!O1! B(+5<!-#+0!(!3$-5!,(/!Å%33!;%!,'&%!
-5$,#3(5$1)! 50(1! 50%! &%(3! 50$1)6! N'Å! 50(! -%I! $-! ;%+',$1)! ,'&%! (1*!
,'&%!(!+'1+%.5#(3!(+5<!(1!$15%33%+5#(3$d(5$'1!*$G'&+%*!B&',!(BB%+5!(1*!
.-/+0'3')/!(3$o%<! '1%!0(-!5'!;%(&!$1! ,$1*!50%!.'-$5$G%!,%&$5-!'B!50%!
-%I#(3!.%&G%&-$'1%-6!=(3;%&5z-!3$;&(&/!'B!+0%(.!.0'5'2.'&1')&(.0/!$-!
$1!B(+5!(!G$5(3!3$5%&(5#&%<!(!o$1*3$1)!'B!50%!B%Å!5(-5%!;#*-!3%B5!$1!50%![(*2
%*!.(3(5%-!'B!'#&!-'2+(33%*!-%I#(3$5/6zÄ!uK(33(&*!VUUXr!YZ2YTv!

w'%-5%&<!*%-.#>-!*%!$1-.%++$'1(&!%3!%9#$.'!-%I#(3!?9#%!%1!3(!.%38+#2
3(<!*$&$)$*(!%1!VUUU!.'&!p'1(50(1!J%$--<!%-54!,%5$*'!%1!#1(!,(3%5(<!
3'!9#%!(#,%15(!%3!-%15$*'!-#&&%(3$-5(! *%3! 5%I5'! %1! #1'! *%! 3'-! .'+'-!
(+$%&5'-!*%!3(!(*(.5(+$P1?!.&%)#15(!(3!*'+5'&!N(50(1!0(-5(!9#>!.#12
5'! %-! ,4-! $15%&%-(15%! %3! -%I'! G()$1(3! 9#%! +'1! #1! +%1$+%&'<! '! +'1! %3!
41)#3'!%15&%!*'-!,#&'-6!W(!&%-.#%-5(!*%3!*'+5'&!%-!9#%<!-$!%3!-%I'!%-!
#1!(+5'!+'1+%.5#(3!/<!.'&!5(15'<!$15%3%+5#(3<!9#$d4!-'3'!(!5&(G>-!*%!3(-!
.%&G%&-$'1%-! .'*(,'-! %-5(;3%+%&! #1! G%&*(*%&'! +'15(+5'! +'1! 3'-!
*%,4-6! W(! 3P)$+(! .%&G%&-(! *%! =! &%-#35(! -%&! 3(! C1$+(! &%-.#%-5(! +'2
0%&%15%!(!#1!04;$5(5!B&(),%15(&$'!%!$1$15%3$)$;3%6!:'3'!3(!5&(1-)&%-$P1!
%-! +(.(d! *%! &',.%&! +'1! 3(! ;(1(3$*(*! *%! 3(! -#.%&B$+$%! /! (3+(1d(&! 3(-!
+(.(-! $15%&$'&%-6! :$! 3'-! $+'1'-! -'1! .%&B%+5'-! .'&! -#! $1(++%-$;$3$*(*<!
%15'1+%-!(++%*%&!.'&!+',.3%5'!(!3'-!+#%&.'-!9#%!1'-!&'*%(1!-%&4!3(!
G8(!(;$%&5(!(3!+'1'+$,$%15'6!W(!-#.%&B$+$%!.'&!#1!3(*'<!/!3(!.&'B#1*$2
*(*!.'&!%3!'5&'6!
w(&%1! N'G'51/! 9#%*(! +'1*%1-(*(! %1! -#-! .(&5%-! %3%,%15(3%-! .(&(!
.'*%&!-%&!,(1$.#3(*(!*%!B'&,(!-$-5%,45$+(6!D%&'!(3!*%-0#,(1$d(&3'<!
%3!+#%&.'!-%!-',%5%!/!-%!(-$,$3(!(3!%-.(+$'!(&9#$5%+5P1$+'!'!-%!.&'2
/%+5(!%1!3'-!$+'1'-!5%3%G$-$G'-!+'1!%3!B$1!*%!*'5(&3'!*%!1#%G'-!-$)1$B$2
+(*'-! /! 1#%G(-! B#1+$'1%-6! W(! (-%.-$(! *%3! 3%1)#([%! +$%158B$+'! +'1! %3!
9#%! -%! *%-+&$;%! -%! -#,(! (! 3(! ';-%-$G(! .%1%5&(+$P1! ,>*$+(! /! +'1! 3(!
$*%(!*%!*%-(&5$+#3(+$P1!*%3!+#%&.'!.(&(!5%&,$1(&!5&(1-B'&,(1*'!(!3(!
.%&-'1(!%1!#1!,(1$9#8<!%1!#1!,'*%3'!&%.3$+(;3%6!W(!&%3(+$P1!%15&%!3(!
$,()%1!*%3!%9#$.'!N'G'51/!/!3(-!,#g%+(-!*%!K%33,%&!%-!%G$*%15%<!%1!
5(15'!9#%!%-5%!(.(&%+%!,%1+$'1(*'!G(&$(-!G%+%-!(!3'!3(&)'!*%3!5%I5'6!
:'3'! #1(-! .4)$1(-! (15%-<! %1! 3(! -%++$P1! `h#g%+'-! *%! ;%;>a! uK(;/!
*'33-v<!E(50%&$1%!F#-5$1!,$&(!3'-!';[%5'-!9#%!-%!(,'15'1(1!%1!%3!%-2
+&$5'&$'!*%!=<!/!#1'-!)3';'-!B34+$*'-!3%!&%+#%&*(1<!`+','!3(-!%-+#35#2
&(-! ';-+%1(-! *%! K%33,%&a! u3$o%! 50%! ';-+%1%! -+#3.5#&%-! 'B! K%33,%&v!
u$;8*6r!YVv!(!-#!.&'.$'!+#%&.'<! .%&'!5(,;$>1! #1'-!P&)(1'-!-%I#(3%-!

SLY!!
%I5&(g'-6!D(&(!=<!w(&%1!%1+(&1(! 3(!.'-$;$3$*(*!*%!&%-'3G%&!3(-! ';-%2
-$'1%-! $1*#+$*(-! .'&! %3! .($-([%! ,%*$45$+'<! .%&'! .(&(! %33'! *%;%! -%&!
*%-,'15(*(<! &%%-5&#+5#&(*(! /! &%+'1-5&#$*(6! D(&(! &%G%3(&! 3(! G%&*(*!
*%;%!-%&!*%-5&#$*(6!
73!+(&4+5%&!,'*#3(&!*%!w(&%1!1'!-'3'!(.#15(!(!K%33,%&<!-$1'!(!3(!B(-2
+$1(+$P1!9#%!-$%15%1!5'*'-!3'-!-#&&%(3$-5(-!.'&!3(-!,#g%+(-!/!3'-!,(2
1$9#8%-<! %G$*%15%! %1! 3(! 7I.'-$+$P1! :#&&%(3$-5(! *%! RQSX<! .&'G'+(*(!
.'&!%3!G$-$'1(*'!*%!3'-! E#%15'-!*%!i'BB,(11!*%!]BB%1;(+06!K%33,%&!
9#%*(!B(-+$1(*'!.'&!%-5(!P.%&(!B(154-5$+(<!/!+&%(!-#!.&$,%&(! D'#..>!
%1!RQSS6!W(!9#%!-%)#$&41!,4-6!=(,;$>1!%1!3(!&%3(+$P1!%15&%!=!/!w(2
&%1!&%-#%1(!3(!*%!N(5(1(%3! /!]3$,.$(6! =! %-! #1(!%-.%+$%!*%! N(5(1(%3!
.&'*#+5'!*%!3(!+#35#&(!*%!,(-(-!*%!3(!-%)#1*(!,$5(*!*%3!-$)3'! AA6!:$!
%-5%! 0#,(1$d(! (! #1(! ,#g%+(! .'&! 3(! $1+%&5%d(! *%! *$-5$1)#$&3(! *%! 3'-!
0#,(1'-<!(9#>3!*%-0#,(1$d(!(!3'-!0#,(1'-!.'&!1'!*$B%&%1+$(&3'-!*%!
3'-!,#g%+'-6!
:(;%,'-! 9#%! 3'-! -#&&%(3$-5(-! 5',(1! 3(-! *'+5&$1(-! .-$+'(1(385$+(-! /!
3(-!33%G(1!(!3(!.&4+5$+(6!7-5'!%-<!(;')(1!.'&!3(!&%G%3(+$P1!*%3!$1+'1-2
+$%15%! /! .'&! 3(! &%;%3$P1! +'15&(! 3(! 3%/! *%3! .(*&%<! %-5'! %-<! +'15&(! %3!
+',.3%['!*%!7*$.'6!73!(++%-'!(3!+#%&.'!*%!3(!,(*&%<!/!.'&!%I5%1-$P1!(!
+#(39#$%&! +#%&.'! B%,%1$1'<! %-! 3(! .&$,%&(! $,.'-$+$P1! .(5%&1(6! D'&!
%-'! 3'-! 0$['-! 5&(-)&%-'&%-! (+5C(1! +'1! G$'3%1+$(! +'15&(! >36! D%&'! %-(!
5&(1-)&%-$P1! -$)#%! (1+3(*(! %1! %3! 5(;C! $,.#%-5'<! /! .'&! %33'! %3! *%-%'!
0(+$(! 3(! ,#[%&! (*'.5(! #1! +(&4+5%&! ()&%-$G'! /! -%! G$1+#3(! *%! B'&,(!
$&&%,%*$(;3%!+'1!3(!.#3-$P1!*%!,#%&5%6!
F-8<!3(!,#[%&!%-54!3$)(*(!(!3(!G%&*(*!%1!5(15'!9#%!-#.%&(+$P1!*%!3(!3%/!
.(5%&1(6!D%&'!3(!G$'3%1+$(!9#%!)%1%&(!%3!(+%&+(,$%15'!(!%33(!1'!-%!3$2
,$5(!(!-#!.&'.$'!+#%&.'<!-$1'!9#%!G#%3G%!5(,;$>1!0(+$(!%3!*%3!0',2
;&%6! W(! ,#g%+(! ?3(! *%! K%33,%&<! 3(! *%! =?<! *%! (3)C1! ,'*'<! (5&(G$%-(!
5(15'!%3!-(*$-,'!+','!%3!,(-'9#$-,'<!3(!+'-$B$+(+$P1!/!3(!$*%15$B$+(2
+$P1<!3'!B%,%1$1'!/!3'!,(-+#3$1'6!71! W(!%I0$;$+$P1!*%!(5&'+$*(*%-<!3(!
'-+$3(+$P1!%15&%!%3!&%+0(d'! /! 3(!(;-'&+$P1!-%! ,(5%&$(3$d(! %1!3(! +'1-2
5(15%!&%-$)1$B$+(+$P1!*%!w(&%1!N'G'51/<!9#%!`+','!(+5'!-4*$+'!&%+(2
.$5#3(!-';&%!3(!B(3-(!$3#-$P1!*%!3(!,#[%&!+','!m%&*(*k!+','!$*%15$B$2
+(+$P1!,(-'9#$-5(<!-'3'!.#%*%!.&%B$)#&(&!-#!.&'.$(!*%-(.(&$+$P1!%1!
3(-!5(;#3(+$'1%-!*%!3(-!+(5%)'&8(-!+$%158B$+(-a!u(-!-(*$-5$+!(+5!$5!&%+(2
.$5#3(5%-!50%!*%3#-$'1!'B!Å',(1!(-!=&#50k!(-!,(-'+0$-5$+!$*%15$B$+(2

! SLQ!
5$'1<! $5! +(1! '13/! .&%2B$)#&%! 0$-! 'Å1! *$--(.%(&(1+%! $15'! 50%! 5(;#3(2
5$'1-!'B!-+$%15$B$+!5(I'1',$%-v!uW#+o0&#-5!RQQLr!RRUv6!
73!*%-.$%+%!*%!w(&%1!&%-.'1*%!(!#1!.&'.P-$5'!+$%158B$+'<!+','!%3!*%3!
B'&%1-%!9#%!(;&%!#1!+(*4G%&!.(&(!+',.&';(&!3(!+(#-(!*%!3(!,#%&5%!'!
+','!%3! *%3!$1)%1$%&'! 9#%!*%-5&$.(!#1!+(+0(&&'! .(&(! G%&! +P,'! B#12
+$'1(6!F9#8!%-!3(!G'd!*%!H%-+(&5%-!/!-#! =&(5(*'!*%3!0',;&%!3(!9#%!&%2
-#%1(6!73!.&';3%,(!%-!9#%<!(3!*$G$*$&3(!%1!-#-!%3%,%15'-!;4-$+'-<!=!-%!
%1+#%15&(! +'1! 9#%! 1'! +'1'+%! ,4-! 9#%! -#! +#%&.'<! .'&9#%! *%! B'&,(!
';[%5$G(!1'!0(/!1(*(!,4-!9#%!+'1'+%&6!:#!.&'.P-$5'<!.'&!5(15'<!B(33(6!
D'&9#%! %3! +#%&.'! B%,%1$1'! 1'! .#%*%! +'1'+%&-%! +',.3%5(,%15%<! /(!
9#%!3'!9#%!;#-+(<!%1!&%(3$*(*<!%-!#1!+#%&.'!-$1!B(35(-6!F-8!.#%-<!.(&(!
(++%*%&!(!#1!1$G%3!+',.3%5'!*%!-(;%&<!%3!+#%&.'!*%;%!,'&$&6!H$+0'!*%!
'5&'!,'*'r!%3!+#%&.'!-'3'!.#%*%!&%.&%-%15(&-%!+#(1*'!0(!+%-(*'!5'2
*(!(+5$G$*(*!$15%&1(<!%-5'!%-<!+#(1*'!0(!.(-(*'!*%!-%&!#1!-#[%5'!(!-%&!
#1!';[%5'6!D'&!5(15'<!3(!3$;$*'!*%!=!%-54!B#1*(,%15(*(!-';&%!3(! .#32
-$P1!*%!,#%&5%6!
H(!3(!$,.&%-$P1!*%!9#%! W(!%I0$;$+$P1!*%!(5&'+$*(*%-!%-!#1(!';&(!'-2
+#&(! /<! G$-5'! 3'! G$-5'<! ,$-P)$1(6! i(/! *'-! *%5(33%-<! -$1! %,;(&)'<! 9#%!
.'*&8(1!*(&!3(!+3(G%!.(&(!$15%&.&%5(&3(!*%!B'&,(!*$-5$15(6!73!.&$,%&'!
*%!%33'-!%-!9#%<!.'&!3(!1(5#&(3%d(!,$-,(!*%3!3$;&'<!1'!.'*%,'-!(-%)#2
&(&!9#%!1(*(!*%!3'!9#%!-%!1(&&(!'+#&&(!&%(3,%15%6!N'!,%!&%B$%&'!(!3(!
&%(3$*(*!%I5&(3$5%&(&$(<!+3(&'<!-$1'!(!3(!&%(3$*(*!B#%&(!*%!3(!,%15%!*%!
=6!w(&%1!,#%&%!'+0'!G%+%-!(!3'!3(&)'!*%!-#-!.4)$1(-!/!-$%,.&%!G#%3G%!
(!(.(&%+%&<!.'&!3'!9#%!.'*&8(!*%+$&-%!9#%!5'*'!B'&,(!.(&5%!*%!3(!B(12
5(-8(! *%! =<! '! *%! 3'-! .-$+'*&(,(-! 9#%! $15%&.&%5(! ;(['! %3! +#$*(*'! *%3!
*'+5'&!N(50(16!=!-#B&%!#1(!B&(+5#&(!,%15(3!(3!1'!.'*%&!*$-5$1)#$&!3'!
&%(3! *%! 3(! B$++$P1! /! %3! +(&4+5%&! 0%&,>5$+'! *%3! 5%I5'! -'3'! 5&(*#+%! %-(!
*$-3'+(+$P1!/!1'!*(!+3(G%-!.(&(!(3+(1d(&!#1(!+'1+3#-$P1!+'1G$1+%15%6!
73!-%)#1*'!%-!9#%!K(33(&*!%-+&$;%!%3!3$;&'!(!3'!3(&)'!*%!3(!*>+(*(!*%!
RQXU<!3'-!(g'-!*%3!(#)%!*%!3(!-%I'3')8(6!7-5(!*$-+$.3$1(!,>*$+(!(-%)#2
&(! 0(;%&! *%5%&,$1(*'! 3(! B$-$'3')8(! %I(+5(! *%3! '&)(-,'! B%,%1$1'<!
0(;%&!*%-+#;$%&5'!3'-!,%+(1$-,'-!B8-$+'-!9#%!3'!.&'*#+%1<!)&(+$(-!(!
3(! ';-%&G(+$P1! +$%158B$+(! *%3! +#%&.'! /! 3(! +'1*#+5(! -%I#(3! 0#,(1(6!
F0'&(! ;$%1<! K(33(&*! +'1-$*%&(! 9#%! 3(! -%I#(3$*(*! /! 3(! $,()$1(+$P1!
%-541! 5&(;(*(-! *%! B'&,(! $1*$-'3#;3%<! /! %-(! 1(5#&(3%d(! B8-$+(! *%3! '&2
)(-,'! 1'! %I.3$+(&8(<! .'&! 5(15'<! 1(*(6! :%&8(! #1! *%-,'15([%! +','! %3!

SYU!!
9#%! 0(+%! =6! 73! 5'1'! (->.5$+'! /! *%-(.%)(*'! *%3! 5%I5'<! %3! 3%1)#([%!
+$%158B$+'!9#%!%,.3%(!/!-#!(-.%+5'!B&(),%15(&$'!(.#15(1!(!9#%!.'*&2
8(!5&(5(&-%!*%!3(-!1'5(-!.(&(!3(!&%*(++$P1!*%!#1!$1B'&,%!+381$+'k!+'1!3'!
9#%!.'*&8(!3%%&-%! W(!%I0$;$+$P1!+','!#1(!)&(1!.(&'*$(!,(3$15%1+$'2
1(*(!*%!%-%!5$.'!*%!*$-+#&-'-!&%*#++$'1$-5(-6!

Om!

F!.%-(&!*%!3'!9#%!-%!$15#/%!%1!%-5(-!.4)$1(-<! W(!%I0$;$+$P1!*%!(5&'+$2
*(*%-!%-54!.3()(*(!*%!0#,'&6!i#,'&!1%)&'!/!-'+(&&P1<!.%&'!0#,'&!
(3!B$1!/!(3!+(;'6!:#!(,;$)n%*(*!/!3(!*$B$+#35(*!*%!-#-!$15%&.&%5(+$'1%-!
1'!%-!&(&(!%1!3(!';&(!;(33(&*$(1(6!:#!1'G%3(!*%!RQLT! \(-+(+$%3'-<!.'&!
%[%,.3'<!.#%*%!3%%&-%!+','!#1!*$-+#&-'!B&%#*$(1'!%1!%3!9#%!-%!,(1$2
B$%-5(! %3! $1+'1-+$%15%! (! 5&(G>-! *%! #1(! &%)&%-$P1! .&$,$5$G$-5(6! D%&'!
5(,;$>1!+','!#1(!+&85$+(!(!3(!(15$.-$9#$(5&8(!?%3!*#%g'!*%3!&(-+(+$%2
3'-!-%!(.%33$*(!W($1)<!+','!%3!B(,'-'!(15$.-$9#$(5&(!\'1(3*!H(G$*?k!'!
(!3(-!#5'.8(-!(&9#$5%+5P1$+(-! *%! 3'-!(g'-! -%-%15(! /!-%5%15(k!'! (3!-$-2
5%,(!*%!+3(-%-<!'&*%1(*'!.'&!(35#&(-!*%15&'!*%3!%*$B$+$'!/!+'1!W($1)!
%1!%3!45$+'6!
D%&'!3(!.'-$+$P1!*%!K(33(&*!&%-.%+5'!(!3(!1#%G(!-%I#(3$*(*!9#%!*%-(2
&&'33(!=!%1! W(!%I0$;$+$P1!%-!$,.&%+$-(!.'&9#%!&%+'1'+%!3(!1(5#&(3%d(!
(,;$G(3%15%!*%!3(!5%+1'3')8(6!71!.&$,%&!3#)(&<!3'-!,%*$'-!*%!+',#1$2
+(+$P1!*%!,(-(-!$1G(*%1!3(!+'1+$%1+$(!/!3(!*%-+'1%+5(1!*%!-#!%15'&2
1'<!B#1*$%1*'!&%(3$*(*!/!B$++$P1!%1!#1!,#1*'!*%!$,4)%1%-!#;$+#(-!/!
;(1(3%-!9#%!(15$+$.(1!3(!-'+$%*(*!*%!+'1-#,'!*%!3(-!*>+(*(-!.'-5%2
&$'&%-!(!3(!&%*(++$P1!*%3!5%I5'6!W(!.&'B%+8(!*%!K(33(&*!-%!+#,.3%!0(-5(!
3(!%I.(1-$P1!*%!O15%&1%5!/!%3!(#)%!*%!3(-!&%*%-!-'+$(3%-<!)&(+$(-!(!3(-!
+#(3%-!3'-!%-.%+5(*'&%-!-%!5&(1-B'&,(1!%1!+&%(*'&%-!*%!+'15%1$*'-6!
H%!0%+0'<!.'*&8(,'-!+'1-$*%&(&!3(-!&%*%-!-'+$(3%-!+','!#1(!%-.%+$%!
*%!%I.'-$+$P1<!%1!3(!9#%!%3!5$5#3(&!*%!3(!+#%15(!%-!(3!,$-,'!5$%,.'!%3!
';[%5'!(&58-5$+'!/!%3!+',$-(&$'6!7-5'!33%G(!(3!-%)#1*'!3#)(&<!%1!%3!9#%!
3(!$1G(-$P1!,%*$45$+(!.'-$;$3$5(!1#%G(-!B'&,(-!*%!%I.&%-$P1!/!*%!$12
5%&&%3(+$'1%-<!9#%!%1!=!-%!5&(*#+%1!%1!G$'3%1+$(<!.%&'!.'*&8(1!(*'.2
5(&!B'&,(-!.'-$5$G(-6!
7-!3'!9#%!'+#&&%!%1!-#!1'G%3(!*%!RQLS<! E&(-0<!*'1*%!$1G%-5$)(!%3!$,2
.(+5'!9#%!5$%1%!'5&(!5%+1'3')8(!-';&%!3(!+'1+$%1+$(!0#,(1(r!%3!+'+0%6!

! SYR!
F!,%*$(*'-!*%!3'-!(g'-!+$1+#%15(<!\'3(1*!K(&50%-!(-%)#&(!9#%!%3!(#2
5',PG$3!.#%*%!+'1-$*%&(&-%!%3!%9#$G(3%15%!,'*%&1'!*%!3(-!+(5%*&(3%-!
)P5$+(-6!H%-5(+(!%3!+(&4+5%&!,4)$+'!/!%-.$&$5#(3!*%3!E$5&ã%1!H6:6<!+#/'!
1',;&%!?9#%!-%!.&'1#1+$(!`*>%--%a<!%-!*%+$&<!`*$'-(a?!(3#*%!(!3(!*$2
G$1$*(*6! H%! %-5%! ,'*'<! %3! H6:6! -%! 5&(1-B'&,(! %1! #1! 5%,.3'! (! 3(! .&'2
.$%*(*!.&$G(*(!+'1-5&#$*'!%1!G$*&$'!/!,%5(3<!%1!%3!9#%!-%!#1%!%3!%-5(2
5#-! *%! .'-%%&! #1! +'+0%! *%! )(,(! (35(! (3! +3(-$+$-,'! *%! -#! .#&%d(!
B'&,(36! 71! >3! -%! #1%! 3(! +','*$*(*! *%! 3(! +'1*#++$P1! +'1! 3(! &(.$*%d<!
.%&'!-#!(.(&$%1+$(!1'!%-!()&%-$G(!+','!3(!*%!#1!*%.'&5$G'<!-$1'!9#%!
-#!(%&'*$1(,$-,'!5&(1-,$5%!#1(!%-.%+$%!*%!-#;3$,(+$P1!*%!3(!G%3'2
+$*(*6!71!3#)(&!*%!G$1+#3(&3(!(3!&#$*'!*%!#1!,'5'&!*%!(35'!+$3$1*&([%<!
3(!(-$,$3(!(3!-$3%1+$'!/!(!3(!,'*%-5$(!*%!3(!.%9#%g(!;#&)#%-8(6!
:$1!%,;(&)'<!K(&50%-!'3G$*(!9#%!%3!(#5',PG$3!%-<!+(-$!+'1!-%)#&$*(*<!
%3!(&5%B(+5'!9#%!0(!+(,;$(*'!*%!B'&,(!,4-!&(*$+(3!%3!,'*'!%1!%3!9#%!
3'-!-%&%-!0#,(1'-!1'-!&%3(+$'1(,'-!+'1!%3!,#1*'6!N'!-'3'!0(!,'*$2
B$+(*'!3(!B'&,(!%1!3(!9#%!.%&+$;$,'-!3(-!1'+$'1%-!*%!5$%,.'!/!%-.(2
+$'<!-$1'!9#%!0(!5&(1-B'&,(*'!3(!%-%1+$(!,$-,(!*%!1#%-5&'!%15'&1'6!
73! #&;(1$-,'! 0(! (*'.5(*'! #1(! %-+(3(! 1#%G(<! /! 3(! +$#*(*! -%! 0(! +'12
G%&5$*'!%1!#1!%15'&1'!0'-5$3!%1!%3!9#%!3(-!*$-5(1+$(-<!3'-!(++%-'-!%!$12
+3#-'!%3!.&'.$'!.($-([%!*%.%1*%1!*%3!5&(1-.'&5%!,'5'&$d(*'6!71!#1(!
-$5#(+$P1!(-8<!%3!-%&!0#,(1'!.%&+$;%!*%!,(1%&(!-#;3$,$1(3!%3!.%3$)&'!
+'1-5(15%<!3(!(15$1(5#&(3$*(*!*%!-#!04;$5(5!/!*%-(&&'33(!*$-5$15'-!,%2
+(1$-,'-!*%B%1-$G'-6!
E#(1*'!K(33(&*!.#;3$+(!%1!%3! @#(&*$(1!%3!(&58+#3'!`F#5'.$(!'&!F#5'2
)%**'1ca!ubF#5'.8(!'!(#5')%*P1cv<!%1!+'1,%,'&(+$P1!*%3!+%15%1(2
&$'!*%3!1(+$,$%15'!*%3!(#5',PG$3<!-%!.&%)#15(!9#>!%-!3'!9#%!33%G(!(!3(!
)%15%!(!%,.3%(&!#1!#5%1-$3$'!5(1!.%3$)&'-'<!9#>!3%!$1*#+%!(!.()(&3%!#1!
5&$;#5'!*%!,$33'1%-!*%!G$*(-!(3!(g'6!W(!+$G$3$d(+$P1!'++$*%15(3!0(!;(2
-(*'!)&(1!.(&5%!*%!-#!*%-(&&'33'!%1!%-%!,%*$'!*%!5&(1-.'&5%<!33%)(12
*'! (! 5&(1-B'&,(&! +(-$! .'&! +',.3%5'! 3(! -#.%&B$+$%! *%3! .3(1%5(! .(&(!
0(+%&3(!,4-!5&(1-$5(;3%6!:$1!%,;(&)'<!%-!$1*#*(;3%!3(!B(-+$1(+$P1!9#%!
%[%&+%!%3!+'+0%<!#1!.'*%&!9#%!1'!.#%*%1!%3$,$1(&!1$!3(-!%-5(*8-5$+(-!
,4-!5%&&'&8B$+(-6!7-5(!B(-+$1(+$P1!-%!G%!5(,;$>1!%1!3(!.&'.$(!';&(!;(2
33(&*$(1(<!/!%1!1'G%3(-!+','!73!$,.%&$'!*%3!-'3<!i'3(<!F,>&$+(!'!73!*8(!
*%!3(!+&%(+$P1!3'-!+'+0%-!-%!+(&(+5%&$d(1!*%!B'&,(!;%1>G'3(6!

SYV!!
]++$*%15%! 0(! (-$)1(*'! #1(! -%&$%! *%! G(3'&%-! -$,;P3$+'-! (3! +'+0%<!
0(+$%1*'!*%!>3!#1!-$)1'!*%!3(!+','*$*(*<!*%!3(!G%3'+$*(*!/!3(!3$;%&5(*<!
(! G%+%-! *%3! 3#['<! *%! 3(! .&%+$-$P1! /! -$%,.&%! *%3! (5&(+5$G'! -%I#(36! W(-!
+'1-%+#%1+$(-! *%! %-5%! .&$G$3%)$'! -';&%! %3! &%-5'! *%! ,%*$'-! *%! 5&(1-2
.'&5%!5$%1%!#1(-!+'1-%+#%1+$(-!+3(&(-r!%3!+'1-#,'!*%!)&(1*%-!+(15$2
*(*%-! *%! +',;#-5$;3%-! BP-$3%-<! *%! %1'&,%-! +(15$*(*%-! *%! 5%&&%1'!
5(15'!*%15&'!*%!3(!+$#*(*!+','!B#%&(!*%!%33(<!/!3(!.#%-5(!%1!.%3$)&'!*%!
3(-!G$*(-!*%!.%(5'1%-<!+'1*#+5'&%-!/!G$([%&'-6!D(&%+%,'-!'3G$*(&<!/!3(!
.#;3$+$*(*!-%!%1+(&)(!*%!%33'<!9#%!3'-!+'+0%-!-'1!,'&5(3%-!%1!.'5%12
+$(6!K(33(&*!&%(3$d(!#1(!%I.'-$+$P1!%1!%3!N%Å!F&5-!W(;'&(5'&/!uW(;'2
&(5'&$'!*%!1#%G(-!(&5%-v!*%!W'1*&%-!%15&%!3(!.#;3$+(+$P1!*%3!+(.85#3'!
`ÖE&(-0Üa! *%! W(! %I0$;$+$P1! /! 3(! 1'G%3(! +(-$! 0',P1$,(! *%! RQLS6! 71!
%33(!-%!%I0$;%1!+'+0%-!*%-5&'d(*'-!%1!(++$*%15%-!*%!5&4B$+'!%1!#1!%12
5'&1'!,#-%8-5$+'6!W(-!.$%d(-!(.(&%+%1!-$1!+(&5%3%-!%I.3$+(5$G'-!1$!1(2
*(! 9#%! .%&,$5(! &%3(+$'1(&3'-! +'1! %3! 4,;$5'! (&58-5$+'<! 1$! +'1! 3(! .&%2
G%1+$P1!*%!&$%-)'-!(3!G'3(15%6!N(*(!,4-!(334!*%3!)%-5'!(&58-5$+'!/!+(-$!
*(*(8-5(!*%!,'-5&(&!3(-!+'1-%+#%1+$(-!B(5(3%-!*%3!,(3!#-'<!3'-!%&&'&%-!
'!3(-!B(5(3$*(*%-!$,.38+$5(-!%1!%3!#-'!*%!(#5',PG$3%-6!
W(-!&%(++$'1%-!*%3!.C;3$+'!-'1!3(-!$,()$1(*(-<!/!3(!0'-5$3$*(*!+'1!3(!
9#%! -%! &%+$;%1! 3(! %I.'-$+$P1! -'3'! .#%*%1! +(3$B$+(&-%! +','! #1! >I$5'6!
W(!G$'3%1+$(!,'5'&$d(*(!5&(1-)&%*%!3'-!38,$5%-!*%!3'!&%.&%-%15(;3%<!(3!
,%1'-!*%!3'!%I0$;$;3%!%1!#1(!)(3%&8(!*%!(&5%6!W(!%I.'-$+$P1!0(+%!,(2
1$B$%-5(!3(!G$'3%1+$(!3(5%15%!9#%!1'-!&'*%(!/!9#%!1'!-','-!+(.(+%-<!'!
1'!*%-%(,'-<!G%&6!73!&%+0(d'!*%!3'-!G$-$5(15%-!(15%!3'-!&%-5'-!-$1$%-2
5&(*'-!0(+%!9#%!K(33(&*!-%!*%!+#%15(!*%!(3)'!%-%1+$(3!%1!-#!';&(r!9#%!
%I$-5%! %1! 3(! 5%+1'3')8(! ,'*%&1(! #1! $,.#3-'! *%! ,#%&5%! /<! (3! ,$-,'!
5$%,.'<!#1(!B(-+$1(+$P1!%&P5$+(6!
:$! W(! %I0$;$+$P1! &%B3%I$'1(! -';&%! 3'-! ,%*$'-! *%! +',#1$+(+$P1! /! 3(!
+#35#&(!*%!3(-!%-5&%33(-!+$1%,(5')&4B$+(-<! E&(-0!*%-G%3(!0(-5(!9#>!%I2
5&%,'!3(!5%+1'3')8(!(#5','G$38-5$+(!$1G(*%!3(!,%15%!0#,(1(6!73!.&'2
5()'1$-5(! /! 1(&&(*'&! *%! 3(! 1'G%3(<! #1! .#;3$+$-5(! 33(,(*'! p(,%-! K(2
33(&*!u(!.(&5$&!*%!(0'&(!K(33(&*z<!.(&(!*$B%&%1+$(&3'!*%3! (#5'&v<!5$%1%!
#1! (++$*%15%! ,$%15&(-! +'1*#+%! .'&! #1(! +$&+#1G(3(+$P1! .&PI$,(! (3!
(%&'.#%&5'! *%! i%(50&'Å<! %1! W'1*&%-6! E0'+(! *%! B&%15%! +'15&(! '5&'!
+'+0%<!%1!%3!9#%!G$([(1!3(!*'+5'&(!i%3%1!\%,$1)5'1!/!-#!,(&$*'<!9#%!
-(3%! *%-.%*$*'! *%3! (-$%15'! *%3! +'1*#+5'&! /! ,#%&%! -';&%! %3! +(.P! *%!
K(33(&*z6!O1+3#-'!+'1!%3!+(*4G%&!%1+$,(!*%!-#!+'+0%!/!+#;$%&5'!+'1!-#!

! SYS!
-(1)&%<!&%+'1'+%!%3!(5&(+5$G'!*%!(9#%33(!,#[%&!['G%1<!9#%!.(&%+%!#1(!
,(*'11(! &%1(+%15$-5(<! (5&(.(*(! .'&! %3! +$15#&P1! *%! -%)#&$*(*6! N$12
)#1'! *%! 3'-! *'-! .(&%+%! 0(;%&! -#B&$*'! *(g'-! )&(G%-<! ,4-! 9#%! +'&5%-!
%1!3(!+(&(!/!(3)#1'-!*$%15%-!B3'['-6!H#&(15%!#1'-!,$1#5'-<!5'*'!%-!-$2
3%1+$'6!K(33(&*z!';-%&G(!(!3(!*'+5'&(<!9#%!,$&(!-$1!G%&!1(*(6!715'1+%-!
33%)(1! %3! &#$*'! /! 3(! )%15%6! E#(1*'! -(+(1! (! K(33(&*z! *%! 3(! +(;$1(! *%2
B'&,(*(!*%!-#!+'+0%<!G%!(!3(!*'+5'&(!-%15(*(!%1!#1(!(,;#3(1+$(6!:#!
+(&(!-%!$3#,$1(!(!$15%&G(3'-<!.%&'!3(!3#d!&%G%3(!3(!0$1+0(dP1!*%!3(!+(&(!
/!3(!-(1)&%!9#%!-%!(+#,#3(!;(['!3(!.$%3!/!-%!*%-;'&*(!.'&!3(!0%&$*(6!
:$)#%!*(1*'!3(!$,.&%-$P1!*%!%-5(&!(#-%15%<!B#%&(!*%!%-+%1(6!K(33(&*!
,$&(!3'-!&%-5'-!*%3!(++$*%15%<!/!*$+%r!!

f(!%15'1+%-!,%!*$!+#%15(!*%!9#%!3(-!&%[$33(-!%15&%3(d(*(-!*%!1#%-5&'-!
+'+0%-!B'&,(;(1!%3!,'*%3'!*%!#1(!#1$P1!$1%-+(.(;3%!/!.%&G%&-(!%12
5&%!1'-'5&'-6!h$&>!3'-!+'15'&1'-!*%!-#-!,#-3'-6!:';&%!%33'-!3(!,(15(!
)&$-! B'&,(;(! #1(! *#1(! %3%)(15%6! 71! (3)C1! 3#)(&! ;(['! %-%! ,'158+#3'!
/(+8(! %3! 5%-'&'! *%! -#! .#;$-6! :#! .&%+$-(! .&'/%++$P1! %! $1+3$1(+$P1<! 3(!
-%I#(3$*(*! $15(+5(! *%! %-5(! ,#[%&! $15%3$)%15%<! .&%-$*8(! 3'-! (+'15%+$2
,$%15'-!5&4)$+'-!*%!(9#%33(!1'+0%6!
!
F3&%(*/! O! o1%Å! 50(5! 50%! $15%&3'+o%*! &(*$(5'&! )&$33%-! 'B! '#&! +(&-!
B'&,%*!50%!,'*%3!'B!(1!$1%-+(.(;3%!(1*!.%&G%&-%!#1$'1!;%5Å%%1!#-6!O!
-5(&%*! (5! 50%! +'15'#&-! 'B! 0%&! 50$)0-6! F+&'--! 50%,! 50%! )&%/! ;3(1o%5!
B'&,%*! (! )&(5%B#3! *#1%6! :',%Å0%&%! ;%1%(50! 50$-! ,'#1*! 3(/! 50%!
5&%(-#&%!'B!0%&!.#;$-6!O5-!.&%+$-%![#5!(1*!&(o%<!50%!#15'#+0%*!-%I#(3$5/!
'B!50$-!$15%33$)%15!Å',(1<!.&%-$*%*!'G%&!50%!5&()$+!%G%15-!'B!50%!%G%12
$1)6Ä!uK(33(&*!VUURr!VZ2VTv!

F,;'-!-'1!$1)&%-(*'-!%1!%3!0'-.$5(3!*%3!(%&'.#%&5'<!&%-%&G(*'!.(&(!
3(-! G8+5$,(-! *%! +(54-5&'B%-! (>&%(-6! F338! K(33(&*z! *%-+#;&%! 9#%! -%! 0(!
B&(+5#&(*'! 3(-!*'-!&'*$33(-!+'15&(! %3!-(3.$+(*%&'!*%3!+'+0%<!/!3(-!%12
B%&,%&(-!*%;%1!*&%1(&3%!%3!.#-!9#%!-#.#&(!.'&!3(-!(;%&5#&(-!*%!3(-!
.&P5%-$-! +'&&%+5'&(-! 9#%! 3%! 0(1! $1-5(3(*'6! :$1! %,;(&)'<! (! .%-(&! *%!
%-'!/!*%!3'-!GP,$5'-<!.$%1-(!%1!-#-!-%I'-<!%1!3(-!.'-$;$3$*(*%-!%&P5$2
+(-!*%!%-(!&%*#++$P1!$1B(15$3!(!3(!9#%!33%G(!#1(!%-5(1+$(!%1!%3!0'-.$5(3r!
3'-!+#$*(*'-!9#%!3%!(.3$+(1!+'1!,$,'<!3(!3$,.$%d(!*%!-#!'&$1(3<!3'-!%12
%,(-!9#%!3%!.'1%1!.(&(!%-5$,#3(&!-#-!$15%-5$1'-<!%5+>5%&(6!E(50%&$1%<!
-#! %-.'-(<! G(! (! G$-$5(&3%! /! ';-%&G(! 3(-! (5%1+$'1%-! *%! 3(-! %1B%&,%&(-!
%G(3#(1*'! (3! ,$-,'! 5$%,.'! -#! G'3#.5#'-$*(*6! =(15'! %33(! +','! K(2
33(&*z! *$-B&#5(1! *%! 3(! +',.(g8(! *%! *$-5$15'-! (,(15%-6! E#(1*'! -%!
(+#%-5(1![#15'-<!%33(!3%!.$*%!9#%!3(!$,()$1%!+'1!-#!-%+&%5(&$(<!#1(!['2
SYZ!!
G%1!*$-5(15%!/!)3(+$(3<!9#%!3%!*%-+&$;(!+P,'!w(&%1!3%!3(,%!%3!+385'&$-!/!
3%!(+(&$+$(!%3!(1'6!:$1!%-%!&%3(5'!/(!1'!%-!+(.(d!*%!33%)(&!(3!'&)(-,'6!
E#(1*'! #1(! *%! 3(-! %1B%&,%&(-! 3%! +(,;$(! 3'-! G%1*([%-<! 3%! ()(&&(! %3!
.%1%!/!3%!.&%)#15(!0(+$(!9#>!3(*'!.&%B$%&%!9#%!-%!3'!+'3'9#%6!71!%-%!
,',%15'!5$%1%!#1(!%&%++$P1!+(-$!+',.3%5(<!3(!.&$,%&(!*%-*%!%3!(++$2
*%15%6!F3!*%-+#;&$&!3(!&%+#.%&(+$P1!*%!-#!(+5$G$*(*!-%I#(3!*%+$*%!9#%!
%-!%3!,',%15'!*%!%,.%d(&!(!(1*(&<!*%!&%+#.%&(&!-#!G$*(6!71!-#-!G$-$2
5(-<!E(50%&$1%!-%!#15(!3(-!,(1'-!+'1![(;P1!/!3%!,(-5#&;(!.'&!*%;(['!
*%! 3(-! -4;(1(-6! H#&(15%! #1'! *%! -#-! .(-%'-<! ,$%15&(-! -%! *$&$)%! (! &%2
0(;$3$5(+$P1<! -%! +&#d(! %1! %3! .(-$33'! +'1! 3(! *'+5'&(! \%,$1)5'1! /! #1!
0',;&%! 9#%! 3(! (+',.(g(6! F! >3! /(! 3%! 0(! G$-5'! &'1*(&! .'&! %3! %*$B$+$'<!
+(&)(*'!+'1!#1!,(3%581!33%1'!*%!B'5')&(B8(-!*%!5&(#,(5$-,'-!/!3(+%2
&(+$'1%-!.&'G'+(*(-!%1!(++$*%15%-!*%!5&4B$+'<!.'&!3'!9#%!*%*#+%!9#%!
-%!5&(5(!*%!#1!,>*$+'!9#%!-%!%-54!%-.%+$(3$d(1*'!%1!+$&#)8(!*%!#&)%12
+$(6!:%!*$&$)%!(!3(!*'+5'&(<!9#%!3%!,$&(!/!-$)#%!-#!+(,$1'6!73!0',;&%<!
.'&!%3!+'15&(&$'<!-%!*%5$%1%!%!$1-.%++$'1(!-#-!0%&$*(-!+'1!(5%1+$P16!
K(33(&*z!-$%15%!9#%!%15&%!>3!/!3(!*'+5'&(!-%!0(!%-5(;3%+$*'!#1!G81+#3'!
-%I#(36!F3!-(3$&!*%3!0'-.$5(3!-%!+',.&(!#1!+'+0%!*%3!,$-,'!,'*%3'!/!
+'3'&!9#%!%3!9#%!0(!%-5&%33(*'6!m#%3G%!(3!5&(;(['<!/!-%!33%G(!(!-#!-%+&%2
5(&$(!(!*(&!#1(!G#%35(!%1!+'+0%6!D(&(1!%1!#1(!+(&&%5%&(!+(-$!*%-$%&5(<!
3%! *%-(;&'+0(! %3! $,.%&,%(;3%! /! 3%! 0#1*%! 3(! ,(1'! ;(['! 3(-! ;&()(-!
0C,%*(-! ,$%15&(-! 3%! ;%-(! %3! +#%33'6! H%-*%! 3(! .'&5(*(! *%! #1(! D(&$-2
h(5+0! 9#%! 0(/! %1! %3! -#%3'! *%3! +'+0%<! 3%-! ,$&(1! #1'-! B$3$.$1'-! 0(,2
;&$%15'-6!F!#1'-!+$%1!,%5&'-!0(/!'5&'!+'+0%!.(&(*'<!#1!%1'&,%!W$12
+'31!E'15$1%15(3!*%3!XV!'!%3!XS<!*%!+'3'&!1%)&'6!H%15&'!%-54!%3!['G%1!
9#%!(+',.(g(;(!(!3(!*'+5'&(!\%,$1)5'16!71!'5&(!'+(-$P1<!+'1!#1!+'2
+0%!*%!(39#$3%&!*%3!%-5#*$'!.#;3$+$5(&$'<!K(33(&*z!&%+')%!(!#1(!.&'-5$2
5#5(! 9#%<! +'1-$*%&(*(! [#15'! (! -#-! *'-! +',.(g%&(-<! `.(&%+8(! B'&,(&!
#1(!#1$*(*!-%I#(3!;4-$+(<!+(.(d!*%!-(5$-B(+%&!(!5'*'-!3'-!+3$%15%-!*%!
#1!,'*'!#!'5&'a!u-%%,%*!5'!B'&,!(!;(-$+!-%I#(3!#1$5<!(;3%!$1!(!Å(/!
'&!(1'50%&!5'!-(5$-B/!(33!+',%&-v!uK(33(&*!VUURr!XRv6!m(1!(!3(!5%&&(d(!
*%! #1! (.(&+(,$%15'! /!,$%15&(-! %33(! 3%! 0(+%! #1(! B%3(+$P1! K(33(&*z! G%!
#1!*%-5%33'6!F!#1'-!,%5&'-! %-54!%3! ,$-,'!0',;&%<!-%15(*'! -';&%!%3!
+(.P!*%!#1!+'+0%<!/!(+(;(!*%!0(+%&3%-!#1(!B'5'!+'1!#1(!+4,(&(!D'3(2
&'$*6!715'1+%-!K(33(&*z!3'!&%+#%&*(6!H#&(15%!#1!5$%,.'<!%-%!%-.%+$(2
3$-5(! $1B'&,45$+'! 33(,(*'! m(#)0(1! 0(;8(! .&%-%15(*'! #1! .&')&(,(!
+$%158B$+'! .'&! 5%3%G$-$P1<! .%&'! -#! +(&&%&(! -%! 0(;8(! $15%&&#,.$*'! .'&!

! SYT!
#1!)&(G%!(++$*%15%!*%!,'5'<!9#%!3%!0(;8(!*%[(*'!+#;$%&5'!*%!+$+(5&$2
+%-6!
F!.(&5$&!*%!%-%!,',%15'<!3(!.&%-%1+$(!*%!m(#)0(1!-%!0(+%!',1$.&%2
-%15%! /! -%! B'&,(! #1! +8&+#3'! *%! -#.%&G$G$%15%-! %1! 5'&1'! (! -#! B$)#&(<!
9#%!-%!(3d(!+','!#1(!%-.%+$%!*%!.&'B%5(!*%3!*%-(-5&%!5%+1'3P)$+'6!K(2
33(&*z!G(!(3!*%.P-$5'!(!G%&!-#!+'+0%!*%-5&'d(*'6!F338!-%!%1+#%15&(!+'1!
3(!*'+5'&(!\%,$1)5'1!/!3(!33%G(!(!-#!5&(;(['!%1!3(!'B$+$1(!*%!$1,$)&(2
+$P1!*%3!(%&'.#%&5'6!H%!+(,$1'<!33%)(1!(3!3#)(&!*%!-#!%1+#%15&'!/!K(2
33(&*z!-%!-(3%!*%!3(!+(&&%5%&(6!71!%-%!$1-5(15%<!%/(+#3(6!m#%3G%!(!%15&(&!
%1! %3! +(&&$3! /! .(-(1! #1(! 0'&(! *(1*'! G#%35(-<! ,$%15&(-! 3(! *'+5'&(! 3%!
()(&&(!%3!0',;&'!/!3%!0(;3(!*%!-#!5&(;(['6!H%-.#>-!*%!%-5%!%.$-'*$'!
,(15$%1%1!#1(!;&%G%!(G%15#&(!-%I#(36!K(33(&*z!3(!33%G(!(3!+$&+#$5'!*%!
N'&50'35!(!G%&!3(!&%+&%(+$P1!*%!#1!(++$*%15%!,C35$.3%!'+#&&$*'!%3!(g'!
(15%&$'&<! %1! %3! 9#%! B(33%+$%&'1! -$%5%! .%&-'1(-6! 73! '&)(1$d(*'&! *%3!
%G%15'!%-!m(#)0(16!^1'!*%!3'-!.(&5$+$.(15%-!-#B&%!#1(!+'1,'+$P1!/!
3%!33%G(1!(3!0'-.$5(36!:%!5&(5(!*%!:%()&(G%<!%3!+'1*#+5'&!9#%!$15%&.&%5(!
3'-! .(.%3%-! B%,%1$1'-! %1! 3(-! &%+&%(+$'1%-! *%! m(#)0(1<! 9#%! -%! +%12
5&(1!%1!3(-!,#%&5%-!*%!B(,'-'-!+','! p(1%!h(1-B$%3*<!p(,%-! H%(1!'!
F3;%&5!E(,#-6!71!+(-(!*%!:%()&(G%!%-!*'1*%!K(33(&*z!+'1'+%!(3!&%-5'!
*%3!`+#35'a!*%!m(#)0(1r!m%&(!:%()&(G%!/!@(;&$%33%<!#1(!['G%1!9#%!33%2
G(!.&P5%-$-!%1!3(-!.$%&1(-<!+'&->!/!+(,$1(!+'1!3(!(/#*(!*%!#1!;(-5P16!
7-5%! +8&+#3'! -%! *%*$+(! (! .%&-%)#$&! (++$*%15%-! *%! +'+0%<! (! *'+#,%12
5(&3'-! /! &%+&%(&3'-! +'1! B$1%-! -%I#(3%-6! ='*'-! %33'-! 0(1! .(-(*'! .'&!
#1(!%I.%&$%1+$(!*%!%-(!1(5#&(3%d(!/!0(1!%-5(;3%+$*'!#1!G81+#3'!%15&%!
%33'-<!+','!%3!9#%!K(33(&*!&%+'1'+%!%15&%!>3!/!3(!*'+5'&(!\%,$1)5'16!
@(;&$%33%<!3(!$1G43$*(<!%-!3(!%-5&%33(!*%!#1'!*%!3'-!&%.'&5([%-!B'5')&4B$2
+'-! *%! m(#)0(16! :%! %-5&%33P! +'1! -#! *%.'&5$G'! +'15&(! #1! (#5';C-! *%!
#1(!381%(!(>&%(6!

73!+#%&.'!(.3(-5(*'!*%3!*%.'&5$G'!3(!0(;8(!+'1G%&5$*'!%1!#1(!+&$(5#&(!
*%!#1(!-%I#(3$*(*!3$;&%!/!.%&G%&-(<!3$;%&(1*'!%15&%!3'-!,(,.(&'-!&%2
5'&+$*'-!/!3'-!+0'&&'-!*%!389#$*'!&%B&$)%&(15%!5'*(-!3(-!.'-$;$3$*(*%-!
*%-G$(*(-!*%!-#!-%I'6!:#-!,#-3'-!3$-$(*'-!/!-#-!.(15'&&$33(-!(5&'B$(*(-!
%&(1!,'*%3'-!.(&(!.%&G%&-$*(*%-!B(-+$1(15%-6!
!
=0%!+&#-0%*!;'*/!'B!50%!-.'&5-!+(&!0(*!5#&1%*!0%&!$15'!(!+&%(5#&%!'B!
B&%%! (1*! .%&G%&-%! -%I#(3$5/<! &%(3$-$1)! Å$50$1! $5-! 5Å$-5%*! ;#3o0%(*-!
(1*!3%(o$1)!%1)$1%!+''3(15!(33!50%!*%G$(15!.'--$;$3$5$%-!'B!0%&!-%I6!i%&!

SYX!!
+&$..3%*!50$)0-!(1*!Å(-5%*!+(3B!,#-+3%-!Å%&%!,'*%3-!B'&!B(-+$1(5$1)!
.%&G%&-$5$%-6Ä!uK(33(&*r!VUUR<!QQ2RUUv!

E#(1*'!m(#)0(1!3%!%1-%g(!%3!43;#,!*%!-#!.&'.$'!(++$*%15%<!K(33(&*z!
&%*%-+#;&%!3(!%I.%&$%1+$(!/!3(!&%$15%&.&%5(<!-(+41*'3(!*%!-#!'1$&$-,'!
/!*%G'3G$>1*'3(!(3!.3(1'!*%!3'!&%(36!F3!,$-,'!5$%,.'<!m(#)0(1!)%1%2
&(!#1(!+'&&$%15%!-%I#(3!9#%! +&%(!5'*(! +3(-%!*%!+',;$1(+$'1%-! %15&%!
3'-! $15%)&(15%-! *%! -#! +8&+#3'<! .(&(! 9#$%1%-! 3'-! (#5',PG$3%-! 5$%1%1!
(0'&(! #1! +'15%1$*'! %&P5$+'! ,(1$B$%-5'6! l3! B(15(-%(! +'1! #1(! +'3$-$P1!
)3';(3! 9#%! 3$;%&%! 5'*(! 3(! %1%&)8(! -%I#(3! *%! 3(! 0#,(1$*(*<! .%&'! -#!
)&(1!';-%-$P1!%-!,'&$&!%1!#1!+0'9#%!B&'15(3!+'15&(!%3!+'+0%!*%!73$2
-(;%50!=(/3'&<!9#%!&#%*(!%1!%-'-!,',%15'-!#1(!.%38+#3(!%1!W'1*&%-6!
H%!%-%!,'*'<!(3!,'&$&![#15'!(!%33(!/!%1!%3!,$-,'!,',%15'<!-#-!1',2
;&%-!9#%*(&8(1!5&(;(*'-!.(&(!-$%,.&%6!H%!0%+0'<!3(!1'G%3(!%-!#1!&%2
3(5'!&%5&'-.%+5$G'6!7,.$%d(!5&(-!3(!,#%&5%!*%!m(#)0(1!%1!-#!$15%15'!
*%!(-%-$1(&!(!3(!(+5&$d6!71!G%d!*%!(+(;(&!+'1!%33(<!-#!+'+0%!-%!-(3%!*%!
3(!G8(!%3%G(*(!/!+(%!%1+$,(!*%!#1!(#5';C-!9#%!-%!*$&$)%!(3!(%&'.#%&5'!
33%1'! *%! 5#&$-5(-<! +#/'-! +#%&.'-! *%-,%,;&(*'-! -(3%1! (&&'[(*'-! -'2
;&%!3(!+(3d(*(6!:$1!+'15(&!%3!-#-5'<!=(/3'&!-(3%!$3%-(6!
E&(-0!%-!#1!%[%&+$+$'!*%!*%-G%3(,$%15'!*%!0(-5(!9#>!.#15'!3(!5%+1'2
3')8(!33%)(!(!$1G(*$&!3(!,%15%!0#,(1(!/!(!,'*$B$+(&!1#%-5&(!+'1*#+5(6!
71!%-%!-%15$*'<!3'-!.%&-'1([%-!1'!0(+%1!,4-!9#%!-(+(&!(!&%3#+$&!#1(!
+(&(+5%&8-5$+(! B#1*(,%15(3! *%! -#! %15'&1'6! D'&! #1! 3(*'<! %3! 0%+0'! *%!
9#%! 0(/(! (++$*%15%-! B(5(3%-! (! *$(&$'! ?%1! 3'-! -%5%15(! ,4-! 9#%! (0'&(<!
.%&'! 3(! .&%,$-(! -$)#%! -$%1*'! G43$*(?! $1*$+(! 9#%! %I$-5%1! #1'-! .(&42
,%5&'-!+#35#&(3%-<!-'+$(3%-!/!%+'1P,$+'-!9#%!.%&,$5%1!9#%!%-5'!'+#2
&&(6!73!.&$G$3%)$'!*%3!+'+0%!.'&!%1+$,(!*%3!&%-5'!*%!5&(1-.'&5%-!#&;(2
1'-!-%!.()(!+'1!-(1)&%<!+'1!3%-$'1%-!/!+'1!,#%&5%-6!D'&!%3!'5&'!3(*'<!
3(! -%I#(3$*(*! 9#%! *%-(&&'33(1! 3'-! .%&-'1([%-! %I.3$+$5(! 3'-! G(3'&%-!
$,.38+$5'-!%1!3'-!9#%!-%!B#1*(!3(!$1*#-5&$(!(#5','G$38-5$+(6!W'-!+'+0%-!
-'1!-%I/<!-'1!&4.$*'-<!5%!0(+%1!3$;&%6!
m(#)0(1<! K(33(&*z<! i%3%1! \%,$1)5'1! /! @(;&$%33%! 0(+%1! &%(3%-! %-(-!
(B$&,(+$'1%-6! W'! 9#%! *(! %-%! +(&4+5%&! .%&5#&;(*'&! (! 3(! 1'G%3(! %-! %3!
5'1'!+381$+'!+'1!%3!9#%!%-54!1(&&(*(6!F!.%-(&!*%3!+(,;$'!*%!3(!5%&+%&(!
(! 3(! .&$,%&(!.%&-'1(<! %-%! &(-)'! %,.(&%15(! E&(-0! +'1! W(! %I0$;$+$P1!
*%!(5&'+$*(*%-6!F,;(-!+',.(&5%1!%3!,$-,'!5'1'!';-%-$G'!/!(-B$I$(12
5%<! (3#+$1(5'&$'! /! G$'3%15'6! 71! %-%! -%15$*'<! E&(-0! %-! #1(! 1'G%3(! ;&$2

! SYL!
33(15%<!%1!3(!9#%!1'!0(/!%,'+$'1%-!1$!-',;&(-!/!*'1*%!5'*'!'+#&&%!(!
.3%1(! 3#d6! K(33(&*! `*$-%++$'1(! 3'-! 5&(#,(-! /! 3'-! ,#%-5&(! (! +4,(&(!
3%15(<!.%&'!3'-!.&'+%-'-!3(5%15%-!(9#8! -%!0(+%1! (;$%&5'-<!%-5'!%-<! 3'-!
.%&-'1([%-! -(;%1! 9#%! ;#-+(1! 3(! $1,'3(+$P1! /! .3(1%(1! -#-! .&'.$'-!
(++$*%15%-a! u(1(5',$d%-! 50%! 5&(#,(-! (1*! -0'Å-! 50%,! $1! -3'Å! ,'2
5$'1<! ;#5! 50%! #-#(33/! 3(5%15! .&'+%--%-! (&%! 0%&%! ,(*%! 'G%&5<! $6%6<! 50%!
+0(&(+5%&-! o1'Å! 50%/! -%%o! $,,'3(5$'1! (1*! .3(1! 50%$&! +&(-0%-v!
u]&(,#-!VUULr!RSSv6!F-8<!3(!G$'3%1+$(!(3!G'3(15%!1'!%-!.(&(!%33'-!,4-!
9#%!#1(!%I5%&$'&$d(+$P1!*%!#1(!-%I#(3$*(*!&%.&$,$*(<!$1+3#-'!*%!#1(!
&%3$)$'-$*(*!*%-G$(*(6!71!%3!B'1*'!-#!';[%5$G'!%-!3(!+',#1$P1!+'1!%3!
+'+0%<!3(!+'1G%&-$P1!%1!';[%5'!'!%1!$+'1'6!
W(!1#%G(!-%I#(3$*(*!.%&G%&-(!?%1!5(15'!9#%!(1'&,(3?!9#%!*%-(&&'2
33(1! 3'-! -#.%&G$G$%15%-! -%! '&$)$1(! %1! 3(-! -%1-(+$'1%-! *%-+'1'+$*(-!
9#%!3%-!.&'G'+(!-#!G$G%1+$(!5&(#,45$+(6!h$%15&(-!%-54!%1!%3!0'-.$5(3<!
K(33(&*z!.$%1-(r!

73! (++$*%15%! B#%! 3(! C1$+(! %I.%&$%1+$(! &%(3! 9#%! 0(;8(! 5%1$*'! %1! (g'-6!
D'&! .&$,%&(! G%d! ,%! %1B&%15(;(! B8-$+(,%15%! +'1! ,$! .&'.$'! +#%&.'<!
#1(! $1()'5(;3%! %1+$+3'.%*$(! *%! *'3'&%-! /! -%+&%+$'1%-<! (! 3(! ,$&(*(!
0'-5$3!*%!3'-!'5&'-!/!(3!0%+0'!*%!9#%!#1!0',;&%!0(;8(!,#%&5'6!
!
=0%!+&(-0!Å(-!50%!'13/!&%(3!%I.%&$%1+%!O!0(*!;%%1!50&'#)0!B'&!/%(&-6!
j'&!50%!B$&-5!5$,%!O!Å(-!$1!(!.0$-$+(3!+'1B&'15(5$'1!Å$50!,/!'Å1!;'*/<!
(1!$1%I0(#-5$;3%!%1+/+3'.%*$(!'B!.($1-!(1*!*$-+0(&)%-<!Å$50!50%!0'-2
5$3%!)(d%!'B!'50%&!.%'.3%<!(1*!Å$50!50%!B(+5!'B!50%!*%(*!,(16Ä!uK(33(&*!
VUURr!SQv!

73!+0'9#%!3%!.&'G'+(<!(!>3!+','!(!3'-!*%,4-<!1#%G'-!,'*'-!*%!-%15$&k!
B#1+$'1(!+','!#1!*$-.(&(*'&!9#%!.'&!#1!3(*'!3%!(&&'[(!(!3(!,(5%&$(2
3$*(*!*%!-#!.&'.$'!+#%&.'!/<!.'&!%3!'5&'<!(,.38(!-#!0'&$d'15%!*%!.'-$2
;$3$*(*%-6!73!+'+0%!-%!+'1G$%&5%!5(15'!%1!#1(!.&'3'1)(+$P1!-$,;P3$+(!
*%3! +#%&.'! +','! %1! %3! ,(&+'! %1! %3! 9#%! %-%! 1#%G'! -%I'! 5$%1%! 3#)(&6!
='*'-! 3'-! %1+#%15&'-! -%I#(3%-! .'-5%&$'&%-! (3! (++$*%15%! '+#&&%1! %1!
%-'-!0(;$54+#3'-<!%I+%.5'!3'-!*%3! ,(5&$,'1$'! K(33(&*z6! W(! 5%+1'3')8(!
.(-(!(!+'1G%&5$&-%!%1!%3!B%5$+0%!*%!#1!%&'5$-,'!(;/%+5'<!/!3(-!+$+(5&$2
+%-!-%!5&(1-B'&,(1!%1!+%15&'-!*%3!.3(+%&<!+','!-$!*%-(&&'33(&(1!;#32
;'-!5%&,$1(3%-!*%!w&(#-%!(3!-(1(&6!
H%3!,$-,'!,'*'!9#%!+'1*#+$&!-#.'1%!#1!(.&%1*$d([%!*%!%1!9#>!+'12
-$-5%!1#%-5&'!B8-$+'<!(3!9#%!0(/!9#%!(-$)1(&3%!#1(-!*$,%1-$'1%-!/!+'12

SYY!!
5&'3(&! -#! B#1+$'1(,$%15'<! 3'-! .%&-'1([%-! *%! E&(-0! 0(1! *%! +'1+%;$&!
B'&,(-! 1#%G(-! *%! &%3(+$'1(&-%6! i(1! *%-+#;$%&5'! #1(! 0'-5$3$*(*! $12
0%&%15%! (3! .($-([%! 9#%! -'3'! .#%*%! $15%&.&%5(&-%! +','! $1-5$15'! *%!
,#%&5%6! 71! %-%! 5$%,.'! %1! %3! 9#%! 3(! $15%&(++$P1! %15&%! $1*$G$*#'-! %-!
+(*(!G%d!,4-!+',.3$+(*(<!%1!%3!9#%!3'-!-#[%5'-!%-541!(3$%1(*'-!/!-#-!
+(.(+$*(*%-! 1(5#&(3%-! $10$;$*(-<! 3(! C1$+(! G8(! *%! %-+(.%! 9#%! -%! 3%-!
.&%-%15(! %-! )%1%&(&! .%9#%g'-! %-.(+$'-! -#;G%&-$G'-! %1! 3'-! 9#%! *%2
G'3G%&!'!5&(1-B'&,(&!.(&5%!*%!3(!G$'3%1+$(!9#%!&%+$;%16!
m(#)0(1! &%.&%-%15(! %3!.(.%3! *%! *';3%!.%&G%&-'! *%! K(33(&*z! /! %[%&+%!
+','!,%15'&!*%3!)&#.'!9#%!-%!&%C1%!%1!5'&1'!(!>36!l3!%-!9#$%1!&%G%3(!
%3!+(&4+5%&!B%+#1*'!*%3!(++$*%15%!(#5','G$38-5$+'<!9#$%1!*%-+#;&%!3(!
.'5%1+$(! -%I#(3! 9#%! %1+$%&&(! %-%! (+5'! G$'3%15'! (3! 3$;%&(&3%-! *%! #1(!
+'1+%.+$P1! 3$,$5(*(! *%! 3'-! +#%&.'-6! 71! +$%&5'! -%15$*'<! %3! (++$*%15%!
B#1+$'1(!+','!#1!&%1(+$,$%15'!'!+','!#1(!%.$B(18(6!7-(!%I.%&$%1+$(!
(;&%!%3!+(,$1'!*%3!$1+'1-+$%15%!/!*%-(5(!$,.#3-'-!9#%!(!.(&5$&!*%!%-%!
,',%15'! %-541! G$1+#3(*'-! (! 3(! 5%+1'3')8(6! 71! %3! B'1*'<! -%! 5&(5(! *%!
#1(! ;C-9#%*(! *%! -$)1$B$+(*'<! *%! .3%1$5#*! .-89#$+(! 9#%! 0(! *%! +#3,$2
1(&!+'1!%3!B$1!*%3!*%-%'!/<!%1!C35$,(!$1-5(1+$(<!+'1!3(!(;-'&+$P1!*%!3'!
'&)41$+'!%1!3'!$1'&)41$+'6!='*'!(9#%33'!9#%!&%.&%-%15(!%3!+'+0%!%1!%3!
.3(1'!-$,;P3$+'!-%!0(+%!(0'&(!&%(3r!3(!G%3'+$*(*<!3(!.'5%1+$(<!%3!+'12
5&'3!/!%3!(5&(+5$G'!-%I#(3!.(-(1!*%3!.3(1'!3(5%15%!(3!,(1$B$%-5'6!73!(12
0%3'!9#%!-$%15%1!3'-!.%&-'1([%-!.'&!%-'-!G(3'&%-!3%-!%,.#[(!(!$*%15$2
B$+(&!-#-!.&'.$'-!+#%&.'-!+'1!3(-!,49#$1(-6!
D%&'!+#(1*'!K(33(&*!0(+%!%I.38+$5'!3'!$,.38+$5'!%-5'!-%!G#%3G%!G#3)(&!
%!$1+3#-'!+P,$+'6!W(-!*%-+&$.+$'1%-!*%3!+#%&.'!0#,(1'!/!*%3!+#%&.'!
5%+1'3P)$+'!-%!0(+%1!%1!3'-!,$-,'-!5>&,$1'-<!+'1!3(!$15%1+$P1!*%!&$2
*$+#3$d(&! 5(15'! 3'-! *$-+#&-'-! .'&1')&4B$+'-! +','! 3'-! *%3! *$-%g'! /! 3(!
.#;3$+$*(*!(#5','G$38-5$+'-6!715&%!3'-!.%&-'1([%-!1'!0(/!1$1)#1(!.(2
-$P1<!5'*'!%-!B&8'<!&8)$*'!/!B'&,(36!:%!&%B$%&%1!(!3'-!P&)(1'-!-%I#(3%-!
+','! 3'! 0(&8(! #1! ,>*$+'! /! 1'! +','! #1! (,(15%6! 73! .#15'! *%! '&$)%1!
5&(#,45$+'! *%! -#! 1#%G(! -%I#(3$*(*! +'-$B$+(! (! 3'-! .%&-'1([%-! 5(15'!
+','! 0#,(1$d(! 3'-! +'+0%-6! 71! %-5(! +'1B#-$P1<! m(#)0(1! $,()$1(! #1!
`,#1*'! 9#%! ,#%&%! %1! #1! *%-(-5&%! (#5','G$38-5$+'! -$,#3541%'<! +'1!
,$33'1%-!*%!G%08+#3'-!(&&'[(*'-![#15'-!%1!#1(!+P.#3(!5%&,$1(3!*%!%12
5&(g(-!+0'&&%(15%-!/!389#$*'!&%B&$)%&(15%a!u50%!Å0'3%!Å'&3*!*/$1)!$1!
(! -$,#35(1%'#-! (#5',';$3%! *$-(-5%&<! ,$33$'1-! 'B! G%0$+3%-! 0#&3%*! 5'2

! SYQ!
)%50%&! $1! (! 5%&,$1(3! +'1)&%--! 'B! -.#&5$1)! 3'$1-! (1*! %1)$1%! +''3(15v!
uK(33(&*!VUURr!RXv6!
W(! 1#%G(! 3P)$+(! 9#%! *%-%1+(*%1(! %3! (++$*%15%! %-! -$1$%-5&(! %1! 5(15'!
9#%!*%G#%3G%!(!K(33(&*z!(3!%-.(+$'! #&;(1'<! (! -#!%15'&1'! B(,$3$(&<! *%!
#1(!B'&,(!%I5&(g(6!W'!,$-,'!'+#&&%!+'1!-#!.&'.$(!1(5#&(3%d(!'&)42
1$+(<!9#%!0(!-$*'!,'3*%(*(!-%)C1!3(-!*%,(1*(-!*%!3(!5%+1'3')8(<!*'2
,$1(*(! +','! %-54! .'&! #1! %15'&1'! ,%+(1$d(*'6! H%! 0%+0'<! 3(! B'&,(2
+$P1! *%! -#! +'1+$%1+$(! %-54! 5(1! G$1+#3(*(! (! %-%! %15'&1'! ,%+(1$d(*'!
9#%!/(!1'!.#%*%!0(;3(&-%!*%!1(5#&(3%d(6!73!+#%&.'!/!3(!,%15%!%-541!
$,;&$+(*'-!*%!B'&,(!5(1!.&'B#1*(! +'1!3(! ,49#$1(!9#%! /(! %-! $1+'12
+%;$;3%!G'3G%&!(!#1!%-5(*'!.&%5%+1'3P)$+'6!
N'!%-!*%!%I5&(g(&<!.'&!5(15'<!9#%!3(-!+'1*#+5(-!9#%!-%!*%&$G%1!*%!%-%!
04;$5(5! $1+P,'*'! .(&(! 3(! 0#,(1$*(*! -%(1<! (! -#! G%d<! $,.&'.$(-! *%!
%33(6!=&(-!%3!(++$*%15%<!%3!-%I'!-%!G#%3G%! #1! (+5'! %I.%&$,%15(3<! %1! %3!
9#%!#1!$1*$G$*#'!,(1$.#3(!(!'5&'!+','!-$!B#%-%!%9#$.'!5>+1$+'!'!,(2
5%&$(3!,(-5#&;(5'&$'6!H%!(08!9#%!-%!.&'*#d+(1!%1-(,;3([%-!$1%-.%&(2
*'-<!B'&5#$5'-<!&4.$*'-!/!G$'3%15'-!+','!+0'9#%-!%15&%!*'-!+'+0%-6!73!
-%I'!-%!+'1+$;%!+','! #1(!1#%G(! 43)%;&(!.%&G%&-(<! +','!#1!+43+#3'!
&(+$'1(3!G$1+#3(*'!(!#1(!5%+1'3')8(!9#%!%1+(&1(!%3!$,.#3-'!*%!,#%&2
5%6!E(*(!+'$5'!-%!+'1G$%&5%!%1!#1(!&%+&%(+$P1!*%!%-%!.&$,%&! (+'15%2
+$,$%15'!5&(#,45$+'<!%1!#1!$15%15'!+'1-+$%15%!/!G'3#15(&$'!*%!%I.3'2
&(&!-#-!.(&4,%5&'-6!73!5&(#,(<!%1!%-%!-%15$*'<!1'!B#1+$'1(!+','!#1(!
'+#35(+$P1!-$1'!+','!#1!$1+&%,%15'!*%!3(!+'1+$%1+$(!(15%!-#-!-$)1$B$2
+(*'-! .'-$;3%-6! W'-! *%-%'-! *%-G%3(*'-! +'&&%-.'1*%1! (! 3(! G$'3%1+$(!
$,.38+$5(!%1!3(!.&'.$(!5%+1'3')8(6!
W'-! .%&-'1([%-! -%! ,#%-5&(1! *%-*%! #1(! .%&-.%+5$G(! *$-5$15(! +#(1*'!
(-#,%1! 3(-! +(&(+5%&8-5$+(-! *%3! ';[%5'! 5%+1'3P)$+'6! D(&(! m(#)0(1! %3!
+'+0%!%-!5(15'!%3!3#)(&!+','!%3!-$)1'!*%!5'*(!-#!+'1*$+$P1!-%I#(36!:#!
3$;$*'!%-!B&8(!/!()&%-$G(!+','! 3'!%-!-#!W$1+'31!1%)&'6!E(50%&$1%<!.'&!
-#!.(&5%<!(.(&%+%!(!,%1#*'!(-'+$(*(! +'1!#1(!3$,.$%d(!%-+&#.#3'-(<!
+'1! #1(! G'3#15(*! *%! +'15&'3(&! /! 3(G(&! 5'*'! -$)1'! *%! +'&.'&(3$*(*6!
K(33(&*z!*%-+&$;%!-#!.&$,%&!(++$*%15%r!!

\%+#%&*'!,$!.&$,%&(!+'3$-$P1!,%1'&!%1!%3!(.(&+(,$%15'!*%-$%&5'!*%!
#1! 0'5%36! O19#$%5'-! .'&! #1! +'15&'3! *%! .'3$+8(<! 1'-! ';3$)(,'-! (! 5%1%&!
#1!(+5'!-%I#(3!&4.$*'6!F3!-(3$&!*%3!(.(&+(,$%15'<!)'3.%>!#1!4&;'3!.'+'!
G$-$;3%6!E(50%&$1%!G',$5P!-';&%!,$!(-$%15'6!7-%!+0(&+'!*%!GP,$5'!+'1!

SQU!!
-#-! +'4)#3'-! *%! -(1)&%! +','! &#;8%-! 389#$*'-<! 5(1! G$-+'-'! /! -';&$'!
+','!5'*'!3'!9#%!E(50%&$1%!.&'*#+%<!(C1!+'15$%1%!.(&(!,8!3(!%-%1+$(!
*%3!*%3$&$'! %&P5$+'!*%3!(++$*%15%!*%!+'+0%<! ,4-!%I+$5(15%!$1+3#-'! 9#%!
-#-!,#+'-(-!&%+5(3%-!/!G()$1(3%-<!5(1!&%B$1(*(-!+','!3'-!%I+&%,%15'-!
*%!#1(!&%$1(!*%!3(-!0(*(-<!'!3(-!,$1C-+#3(-!)'5(-!*%!389#$*'!9#%!-%!3%!
B'&,(1! [#15'! (! 3(-! 3%15%-! *%! +'15(+5'6! 71! %-%! +0(&+'! ,4)$+'<! 9#%! -%!
*%-3$dP!.'&!-#!)(&)(15(!+','!3(!&(&(!*%-+(&)(!*%!3(!;'+(!*%!#1!-%.#32
+&'! *$-5(15%! /! ,$-5%&$'-'<! G$! ,$! .&'.$'! &%B3%['<! #1! %-.%['! *%! -(1)&%<!
-%,%1! /! GP,$5'! *%-5$3(*'! .'&! #1(! ;'+(! +#/'-! +'15'&1'-<! -'3'! #1'-!
,$1#5'-!(15%-<!-%!0(;8(1!(.&%5(*'!+'15&(!,$!.%1%6!
!
O!&%,%,;%&!,/!B$&-5!,$1'&!+'33$-$'1!$1!(!*%-%&5%*!0'5%3!+(&2.(&o6!H$-2
5#&;%*!;/!(!.'3$+%!.(5&'3<!Å%!0(*!B'&+%*!'#&-%3G%-!50&'#)0!(!0#&&$%*!
-%I2(+56!\%G%&-$1)!'#5!'B!50%!.(&o<!O!-5&#+o!(1!#1&,(&o%*!5&%%6!E(50%2
&$1%!G',$5%*!'G%&!,/!-%(56!=0$-!.''3!'B!G',$5!Å$50!$5-!+3'5-!'B!;3''*!
3$o%!3$9#$*!&#;$%-<!(-!G$-+'#-!(1*!*$-+&%%5!(-!%G%&/50$1)!.&'*#+%*!;/!
E(50%&$1%<! -5$33! +'15($1-! B'&! ,%! 50%! %--%1+%! 'B! 50%! %&'5$+! *%3$&$#,! 'B!
50%!+(&2+&(-0<!,'&%!%I+$5$1)!50(1!0%&!'Å1!&%+5(3!(1*!G()$1(3!,#+#-<!
(-!&%B$1%*!(-!50%!%I+&%,%15!'B!(!B($&/!9#%%1<!'&!50%!,$1#-+#3%!)3';%-!
'B! 3$9#$*! 50(5! B'&,%*! ;%5Å%%1! 50%! ;#;;3%-! 'B! 0%&! +'15(+5! 3%1-%-6! O1!
50$-!,()$+!.''3<!3$B5$1)!B&',!0%&!50&'(5!3$o(!(!&(&%!*$-+0(&)%!'B!B3#$*!
B&',!50%!,'#50!'B!(!&%,'5%!(1*!,/-5%&$'#-!-0&$1%<!O!-(Å!,/!'Å1!&%2
B3%+5$'1<!(!,$&&'&!'B! ;3''*<! -%,%1!(1*!G',$5<!*$-5$33%*!B&',!(!,'#50!
Å0'-%! +'15'#&-! '13/! (! B%Å! ,$1#5%-! ;%B'&%! 0(*! *&(Å1! -5%(*$3/!
()($1-5!,/!.%1$-6Ä!uK(33(&*!VUURr!RX2RLv!

7-5%! (+'15%+$,$%15'! ,#%-5&(! (3! 1(&&(*'&! 3(! 1(5#&(3%d(! B8-$+(! *%! -#!
,#[%&<!3(!-%.(&(!*%!-#!$,()%1!.&8-5$1(!*%!+&$(5#&(!+(-$!,(9#$1(36!:%!
+#%&.'!-%!&%G%3(!+','!.&'*#+5'&!*%!-%+&%+$'1%-!9#%!1'!-'1!,4-!9#%!
*%-.%&*$+$'-6!7-5%!-#+%-'!(.#15(!(3!+(&4+5%&!(;/%+5'!*%!%-(!-%I#(3$2
*(*!5%+1'3P)$+(!3$;%&(*(!.'&!%3!(++$*%15%6!@(;&$%33%!%-!#1!08;&$*'!%12
5&%! ,#[%&! /! +'+0%<! %1! 5(15'! 9#%! -#! +#%&.'! 0(! -$*'! &%,'*%3(*'! (!
5&(G>-!*%!#1!(++$*%15%r!!

h$%15&(-!%33(!';-%&G(;(!%3!+',.3%['!-$-5%,(!*%!B&%1'-!/!+([(!*%!+(,2
;$'-! '.%&(*'-! +'1! .%*(3%-! (*G%&58! %3! (3+(1+%! *%! 3(! 5&(1-B'&,(+$P1!
9#%!%-5(!['G%1!0%&$*(!5&4)$+(,%15%!0(;8(!-#B&$*'!*#&(15%!-#!&%+#.%2
&(+$P1!*%3!(++$*%15%6!W(-!.&$,%&(-!B'5')&(B8(-!-#/(-<!5%1*$*(!%1!%3!+'2
+0%! %-5&%33(*'<!,'-5&(;(1!(!#1(!['G%1!+'1G%1+$'1(3!+#/(!+(&(!-$,>2
5&$+(!/!.$%3!5%&-(!(#)#&(;(1!5'*(!3(!%+'1',8(!*%!#1(!G$*(!(+')%*'&(!/!
.(-$G(<! *%! +'9#%5%'-! -$1! $,.'&5(1+$(! %1! 3'-! (-$%15'-! 5&(-%&'-! *%! +'2
+0%-! ;(&(5'-! *$-B&#5(*'-! -$1! 1$1)C1! -%15$*'! *%! 3(-! .'-$;$3$*(*%-! &%2
(3%-!*%!-#!+#%&.'6!
!

! SQR!
F-! -0%! .'1*%&%*! 50%! +',.3%I<! 5&%(*3%2'.%&(5%*! ;&(o%-! (1*! )%(&!
+0(1)%-! O! &%(3$d%*! 50%! %I5%15! 5'! Å$+0! 50$-! 5&()$+(33/! $1[#&%*! /'#1)!
Å',(1!Å0'-%!-/,,%5&$+(3!B(+%!(1*!#1-5&%5+0%*!-o$1!-.%33%*!'#5!50%!
Å0'3%!%+'1',/!'B!(!+'d/!(1*!.(--$G%!3$B%<!'B!,$1'&!B3$&5(5$'1-!$1!50%!
;(+o-!'B!+0%(.!+(&-!%['/%*! Å$50'#5!(1/!-%1-%!'B!&%(3!.'--$;$3$5$%-!'B!
0%&!;'*/6Ä!u$;8*6r!QQv!

73! 0%+0'! 9#%! .'-$;$3$5(! 3(-! B(15(-8(-! *%! @(;&$%33%<! K(33(&*z! /! %3! &%-5'!
*%3!)&#.'!%-!3(!(.%&5#&(!*%!3(-!0%&$*(-!.&'G'+(*(-!.'&!%3!(++$*%15%6!
W(-!0%&$*(-!-'1!,(&+(*'&%-!*%!#1(!-%I#(3$*(*!B$[(*(!%1!%3!5&(#,(6!W(!
5%+1'3')8(<!9#%!.'&!#1!3(*'!,#%-5&(!#1!+(&4+5%&!5(1!.%3$)&'-'<!&%-#32
5(!5(,;$>1!;%1%B$+$'-(!%1!5(15'!9#%!B(+$3$5(!#1(!+(15$*(*!$1)%15%!*%!
%I.%&$%1+$(-!1#%G(-6!
W(!.%&G%&-$P1!/!%3!+(&4+5%&!-#;G%&-$G'!*%!@(;&$%33%!-%!$15%1-$B$+(1!%1!
#1(!%-+%1(!*%!3(!.%38+#3(!*%!E&'1%1;%&)<!/!9#%!1'!'+#.(!,4-!*%!#1(-!
381%(-!%1!%3!5%I5'!'&$)$1(36!733(!/!K(33(&*z!(+#*%1!(!#1!+'1+%-$'1(&$'!
.(&(!+',.&';(&!-$!%1+([(!%1!#1!+'+0%!*$-%g(*'!.(&(!#1!+#%&.'!+'12
G%1+$'1(36!=&(-!.&%)#15(&3%!(3!G%1*%*'&!-$!-%!5&(5(!*%!#1!+'+0%!-%)#2
&'<!3%!*(!-#!;(-5P1!/!-%!-$%15(!%1!%3!3#)(&!*%3!+'1*#+5'&6!D%&'!1'!.#%2
*%!%15&(&!*%3!5'*'!/!3%!.$*%!(/#*(!.(&(!,%5%&!3(!.$%&1(6!73!G%1*%*'&!
%-! +'1-+$%15%! *%! 3(-! $,.3$+(+$'1%-! -%I#(3%-! *%! 3(! -$5#(+$P1! ?*%;%!
()(+0(&-%<! 5'+(&3%! 3(! .$%&1(! /! +'3'+(&! 3(! +(;%d(! +%&+(! *%! -#! .#;$-?<!
.#%-5'! 9#%! ,$&(! (! -#! (3&%*%*'&! (15%-! *%! (&&'*$33(&-%! /! ()(&&(&! 3(!
.&P5%-$-!.'&!3(!.(&5%!$15%&$'&!*%3!,#-3'k!.&P5%-$-!9#%!.%&B'&(!3(!5(.$2
+%&8(!*%!+#%&'!(3!$15%15(&!$1-%&5(&!3(!.$%&1(!*%15&'!*%!3(!+(;$1(6!H%!3(!
$1+','*$*(*!*%3!G%1*%*'&<!*%!3(!&#.5#&(!*%!3(!+#;$%&5(!*%3!(-$%15'!/!
*%3!0%+0'!*%!9#%!%-!#1!+'1+%-$'1(&$'!*%!+'+0%-!*%!3#['!-%!*%-.&%1*%!
9#%! -%! 5&(5(! *%! #1(! 5&(1-)&%-$P1! +'1-+$%15%! *%! 3'-! G(3'&%-! -%I#(3%-!
1'&,(3%-!/!;#&)#%-%-6!D%&'!%-(!G#31%&(+$P1!*%!3(-!1'&,(-!%-5(;3%+$2
*(-!%-!#1(!+'1-5(15%!*%15&'!*%!(,;'-!5%I5'-6!
@(;&$%33%! &%G%3(! 5(,;$>1! ?(#19#%! *%! B'&,(! .(-$G(?! 9#%! %3! G81+#3'!
%15&%!%3!-%&!0#,(1'!/!3(!5%+1'3')8(!1'!-%!&%*#+%!-'3'!(3!(#5',PG$3<!(3!
0(+%&! .(5%15%! %3! #-'! *%! 3(! $,()%1! +','! 5>+1$+(! &%+'1-5&#+5$G(6!
m(#)0(1! +'1B%++$'1(! #1! $1B'&,%! B'5')&4B$+'! -';&%! %33(! *%-*%! %3!
,$-,'! ,',%15'! %1! 9#%! -#! *%.'&5$G'! +0'+(! +'1! %3! (#5';C-! *%! #1(!
(%&'381%(!(!3(!%15&(*(!*%!#1!5C1%36!73!.&'+%-'!9#%!-$)#%!(3!(++$*%15%!
%-!+(5(3')(*'!*%!B'&,(!%I5%1-$G(<! +','!0(&4!+'1!.'-5%&$'&$*(*!+'1!
K(33(&*z6!W(-!B'5')&(B8(-!*%!3'-!;',;%&'-!-(+(1*'!3'-!+#%&.'-!*%!%12

SQV!!
5&%!%3!,%5(3!&$d(*'<!*%!3(!&%+#.%&(+$P1!%1!%3!0'-.$5(3<!*%!3(-!0%&$*(-<!
5'*'!%-!*'+#,%15(*'!(!B$1!*%!.'*%&!&%+&%(&3'!%1!+#(39#$%&!,',%15'6!
71! E&(-0! 5'*'!%-54!B$35&(*'!.'&!-$-5%,(-!*%!+&%(+$P1!*%!$,4)%1%-<!/(!
-%(! %1! &%B%&%1+$(-! (! B'5')&(B8(-<! B'5'+'.$(-<! .#;3$+$*(*<! 5%3%G$-$P1<!
G8*%'!%!$1+3#-'!3(!G%15(1$33(!*%3!+'+0%!9#%!B#1+$'1(!+','!#1(!.(15(2
33(6!D(&(!m(#)0(1!3'-!(+'15%+$,$%15'-!1'!5$%1%1!-%15$*'<!1$!-$9#$%&(!
.(&%+%1!-%&!B%1P,%1'-!.&%-%15%-!0(-5(!9#%!-'1!+(.5#&(*'-!/!,%*$2
5(*'-! (! 5&(G>-! *%! (3)C1! 5$.'! *%! &%.&'*#++$P1! ,%+41$+(6! 71! +$%&5'!
,'*'<! -#! .&'.$(! $*%15$*(*! .(&%+%! %1+%&&(&-%! %1! 3(-! B'5')&(B8(-! 9#%!
+'1-%&G(!*%!-8!,$-,'6!73!-%I'! 1'!5$%1%!&%3%G(1+$(! -$!1'! -%! )&(;(! %1!
G8*%'<!3(-!0%&$*(-!-'1!%I.&%-$'1%-!B'5')&4B$+(-!9#%!1'!0(+%1!&%B%&%12
+$(!(3!+#%&.'!*'3$%15%<!/!3'-!$1*$G$*#'-!1'!-'1!,4-!9#%!(+5'&%-!%1!&%2
.&%-%15(+$P1! *%! -#! .&'.$(! ';&(6! 7-(! %-! 3(! &(dP1! 9#%! 33%G(! (! K(#*&$2
33(&*<!%1!#1!,'G$,$%15'!#1!.'+'!%I+%-$G'<!(!(-$,$3(&!3(!1'G%3(!+'1!-#!
.&'.$(!5%'&8(!*%!3'-!-$,#3(+&'-6!E'1-$*%&(!9#%!1(*(!*%!3'!9#%!'+#&&%!
%-!&%(3<!-$1'!9#%!B'&,(!.(&5%!*%3!&%$1'!*%!3'-!-$)1'-6!H%-*%!3#%)'<!3'-!
.%&-'1([%-!%I.%&$,%15(1!3(!+(&1%!(;$%&5(!+','!(3)'!,#/!&%(36!
W(! ,%*$(+$P1! 9#%! -%! %-5(;3%+%! (! 5&(G>-! *%! 3(-! $,4)%1%-! &%-.'1*%!
5(15'!(!3(!1%+%-$*(*!*%!5&(-+%1*%1+$(<!1%)(*(!.'&!%3!-%I'!1'!&%.&'2
*#+5$G'!+','!(!3(!.&'.$(!+'1+$%1+$(!1(&+$-$-5(6!F#1!+#(1*'!3'-!'5&'-!
%-541! .&%-%15%-! %1! 5'*'! ,',%15'<! 3(-! &%3(+$'1%-! 9#%! -%! %-5(;3%+%1!
%15&%!%33'-!-'1!-#.%&B$+$(3%-<!1'!33%)(!(!*(&-%!#1(!G%&*(*%&(!+',#1$2
+(+$P16! m(#)0(1! (+5C(! +','! %3! *';3%! .%&G%&-'! *%! K(33(&*z<! %-! 9#$%1!
&%B3%[(!-#-!B(15(-8(-!/!.'-$;$3$5(!-#!%[%+#+$P16!W(!.&%-%1+$(!+'1-5(15%!
*%!+4,(&(-!'!*%!'5&(-!.%&-'1(-!+'&&%-.'1*%!(!3(!1%+%-$*(*!*%!0(+%&!
.C;3$+(!+#(39#$%&!(+5$G$*(*!.'&9#%<!-$!1'!-%!G$%&(<!.'*&8(!1'!-%&!&%(36!
W(!';-%-$P1!*%!m(#)0(1!+'1!3(-!&%.%5$+$'1%-!*%!(++$*%15%-!%1!3'-!9#%!
0(1!,#%&5'!%-5&%33(-!*%!+$1%!5$%1%!+','!';[%5$G'!$1)&%-(&!%1!%3!,#12
*'!*%!3(!$,()%16!h4-!(C1<!3(!`,#%&5%!+'1+%.5#(3a!*%!73$-(;%50!=(/2
3'&<!%1!3(!9#%!,'&$&8(![#15'!(!%33(<!3%!-%&G$&8(!+','!G8(!*%!5&(-+%1*%12
+$(6!
W'-! .%&-'1([%-! %-541! *$-'+$(*'-! *%! -#-! %,'+$'1%-! 5(15'! +','! *%3!
-$)1$B$+(*'!*%!-#-!(+5'-6!D'&!%-'!+'1+$;%1!3(-!&%3(+$'1%-!$15%&.%&-'2
1(3%-! *%-*%! #1! .#15'! *%! G$-5(! $1-5&#,%15(3<! 3(-! .(&5%-! *%3! +#%&.'!
+','! ';[%5'-! $15%&+(,;$(;3%-! /! &%*#+%1! %3! -%I'! (! G(3'&! *%! +(,;$'6!
=(15'!3'-!0#,(1'-!+','! 3(-!,49#$1(-! -'1! ';[%5'-! %,.3%(*'-!.(&(!

! SQS!
%3!.3(+%&<!,4-!9#%!';[%5'-!.(&(!(,(&6!73!(B%+5'!0(!-$*'!-#-5$5#$*'!.'&!
3(-!B(15(-8(-!(;-5&(+5(-!/!3(!$15%3%+5#(3$d(+$P1!*%!3(-!&%3(+$'1%-!*%&$2
G(*(-!*%3!,#1*'!*%!3(!$,()%16!W(-!+'-(-!0(1!*%[(*'!*%!5%1%&!+'15%2
1$*'!(3)#1'<!+(&%+%1!*%!%15$*(*6!`='*'!%-!(3)'!*$-5$15'!*%!-8!,$-,'!
'<!3'!9#%!%-!3'!,$-,'<!3(-!+'-(-!(*9#$%&%1!$*%15$*(*!(!5&(G>-!*%!'5&(-!
+'-(-<!(!-(;%&<!3'-!G(3'&%-!-$,;P3$+'-a!u:G%1*-%1!VUUXr!RRRv6!D'&!%-(!
&(dP1! 3(-! +$+(5&$+%-! /! 3(-! .&P5%-$-! &%.&%-%15(1! #1! .(.%3! %&P5$+'<! %1!
5(15'!9#%!,(1$B$%-5(1!3(!B$1$5#*!*%3!-#[%5'!/!(15$+$.(1!-#!,#%&5%6!71!
%-%!-%15$*'!.'*%,'-!$15%&.&%5(&!%3!B$1(3!*%!3(!.%38+#3(<!%1!%3!9#%!G%2
,'-! 9#%! K(33(&*z<! 9#%! +'1*#+%! %3! +'+0%! *%! m(#)0(1<! 0(+%! 9#%! E(52
0%&$1%!-%!-(3)(!*%!3(!+(&&%5%&(6!W(!-(+(!*%3!+'+0%!G'3+(*'!/<!,$%15&(-!
3(!.%1%5&(!.'&!*%5&4-<!$1,PG$3!+','! #1(!,#g%+(<! 3%!-#-#&&(! (3! '8*'!
`9#$d4!3(!.&PI$,(!G%da6!
F0'&(!;$%1<!3(!$15%3%+5#(3$d(+$P1!%&P5$+(!/!3(!(-$,$3(+$P1!*%!3'-!G(3'2
&%-!$10#,(1'-!*%!3(-!,49#$1(-!/!3(-!$,4)%1%-!5$%1%1!+','!+'15&(2
.(&5$*(! .'-$5$G(! %3! *%-.3(d(,$%15'! *%! 3(! -%I#(3$*(*! (! 5%&&$5'&$'-! $12
%I.3'&(*'-6! H(! 3#)(&! (! 3(! (.(&$+$P1! *%! #1(! +'15&(-%I#(3$*(*! 5(3! /!
+','!3(!+(&(+5%&$d(!D&%+$(*'<!%1!3(!9#%!3'-!)%1$5(3%-!*%[(1!*%!5%1%&!3(!
%15$*(*!.&$G$3%)$(*(!9#%!-%!3%-!-#.'1%!%1!3(!-%I#(3$*(*!1'&,(5$G(6!F!
.(&5$&! *%! 3(-! 0%&$*(-! -%! )%1%&(! #1! %&'5$-,'! *%-%I#(3$d(*'! '<! ,%['&!
*$+0'<! *%-)%1$5(3$d(*'<! 9#%! +','! +'1-%+#%1+$(! %&'5$d(! %3! +#%&.'! %1!
-#!+'1[#15'6!H%!%-5%!,'*'!*$-#%3G%!3'-!)>1%&'-!5&(*$+$'1(3%-!/!.'-$2
;$3$5(! &%3(+$'1%-! .%&G%&-(-<! ,C35$.3%-! /! '&$)$1(3%-6! H%15&'! *%! 3(! +'2
,#1$*(*! *%! -#.%&G$G$%15%-! *%! (++$*%15%-! (#5','G$38-5$+'-! -%! )%-5(!
#1(! -#;+#35#&(! ,$+&'-+P.$+(! +#/(-! &%3(+$'1%-! 1'! %-541! +'1*$+$'1(2
*(-!.'&!#1'-!)%1$5(3%-!*%5%&,$1(*'-<!-$1'!9#%!5'*'-!3'-!+#%&.'-!&%2
-#35(1!%-5$,#3(15%-!%1!%3!,$-,'!)&(*'6!D'&!%-'!K(33(&*z!.#%*%!5%1%&!
-%I'!+'1!i%3%1!'!@(;&$%33%<!.%&'!5(,;$>1!+'1!m(#)0(1<!9#%!(!-#!G%d!
-%!(+#%-5(!+'1!(,;(-<!9#%!(!-#!G%d!-%!(+#%-5(1!%15&%!%33(-6!F!5&(G>-!
*%!3(!1#%G(!+'1+$%1+$(!*%-.%&5(*(!)&(+$(-!(3!5&(#,(!*%-(.(&%+%1!3(-!
*$-5$1+$'1%-!%15&%!0',;&%!/!,#[%&<!%15&%!,49#$1(!/!+(&1%!0#,(1(<!
%15&%!3'!1'&,(3!/!3'!(1'&,(3<!9#%!1'!0(+%!,4-!9#%!-(+(&!(!3(!3#d!3(!
G$'3%1+$(!$,.38+$5(!*%!3(!-'+$%*(*6!73!B'1*'!$*%'3P)$+'!*%! E&(-0!%-!%3!
,$-,'!9#%!%3!*%!W(!%I0$;$+$P1!*%!(5&'+$*(*%-r!9#%!3(!C1$+(!&%-.#%-5(!
3P)$+(!(15%!#1(!-'+$%*(*!.%&G%&-(!%-!3(!.'>5$+(!*%!3(!.%&G%&-$P16!71!
#1(!%15&%G$-5(!&%(3$d(*(!.(&(!%3!,(o$1)!'B!*%!3(!.%38+#3(<!K(33(&*!*(!3(!
+3(G%!*%!-#!1'G%3(!/!*%!3(!(*(.5(+$P1r!

SQZ!!
i(-5(! +$%&5'! .#15'<! (,;(-! -'1! +#%15'-! .&%G%15$G'-6! F*G$%&5%1! *%3!
,(5&$,'1$'! *%! .%-(*$33(! %15&%! -%I'! /! 5%+1'3')8(! 9#%! -%! +%3%;&(! %1!
1#%-5&(-! ,%15%-! +(*(! *8(6! :'1! (*G%&5%1+$(-! .%&'<! (3! ,$-,'! 5$%,.'<!
$1G$5(+$'1%-! (! %I.3'&(&! %-5%! 5%&&%1'! +'1! +#$*(*'! /! +'1-$*%&(+$P1<!
(#19#%! (;$%&5(,%15%! /! +'1! B&(19#%d(<! .'&9#%! %-%! %-! %3! .#15'! ,4-!
$,.'&5(15%r! E&(-0! %-! #1(! 1'G%3(! B&(1+(<! /! H(G$*! E&'1%1;%&)Ä! 0(!
0%+0'!#1(!.%38+#3(!(C1!,4-!B&(1+(6!
!
='! -',%! %I5%15<! 50%/! ;'50! (&%! +(#5$'1(&/! 5(3%-6! =0%/! Å(&1! ()($1-5!
50%! o$1*! 'B! 1$)05,(&%! ,(&&$()%! ;%5Å%%1! -%I! (1*! 5%+01'3')/! 50(5z-!
;%$1)! +%3%;&(5%*! Å$50$1! '#&! ,$1*-! %G%&/! *(/! 'B! 50%! /%(&6! =0%/! (&%!
Å(&1$1)-!;#5<!$1!50%!-(,%!5$,%<!$1G$5(5$'1-!5'!%I.3'&%!50$-!5%&&($1!+(#2
5$'#-3/<!50'#)05B#33/<!;#5!'.%13/!(1*!B&(1o3/<!;%+(#-%!50(5z-!50%!,'-5!
$,.'&5(15!50$1)!'B!(336!E&(-0<!(;'G%!(33<!$-!(!B&(1o!1'G%3<!(1*!H(G$*!0(-!
.&'*#+%*!50$-!%G%1!,'&%!B&(1o!B$3, VY6Ä!

W(!.'-5#&(!*%3!(#5'&!0(!*%!-%&<!%1!%-5%!-%15$*'<!(,;$)#(!.'&!1(5#&(2
3%d(6!D'&!#1!3(*'!*%;%!&%+'1'+%&!3(-!.'-$;$3$*(*%-!;%1%B$+$'-(-!9#%!%3!
*%-(&&'33'! 5>+1$+'! .#%*%! (+(&&%(&6! D'&! %3! '5&'<! 0(! *%! (*G%&5$&! *%3!
+(&4+5%&!.%&[#*$+$(3!*%!3(!-'+$%*(*!*%!+'1-#,'!*%3!+(.$5(3$-,'!5(&*2
8'<!+#/'-!$1*$G$*#'-!-','-!,'*%3(*'-!.'&!B$++$'1%-!*%!5'*(!81*'3%!/!
9#%!1'-!&%3(+$'1(,'-!*%!B'&,(!+(*(!G%d!,4-!(;-5&(+5(6! E&(-0!%-!#1(!
1'G%3(!*%!+$%1+$(!B$++$P1!.'&9#%!%-!B$++$P1!%!$1G%-5$)(!-';&%!3(!$15%&2
*%.%1*%1+$(!%15&%!+$%1+$(!?3'-!+'+0%-!/!3(!.&'*#++$P1!*%!$,4)%1%-?!
/!0#,(1$*(*<!.%&'!1'!%-54!(,;$%15(*(!%1!%3!B#5#&'6!"#$d4<!+','!K(2
33(&*!0(!&%+'1'+$*'!(3)#1(!G%d<!-#!.($-([%!1'-!.&%+%*(!%1!*'-!,$1#2
5'-6!
:#! -%I#(3$*(*! *%-;'&*(*(! /! B%&'d! +'0%-$'1(! (3! )&#.'! %1! 5'&1'! (!
m(#)0(1!.'&9#%!-%!'&$)$1(!%1!-#!%I.%&$%1+$(!.%&-'1(3<!.'&9#%!3%-!%-!
.&'.$(6!7-!1%#&P5$+(!/!.-$+'.45$+(<!-8<!.%&'!%-!3(!-#/(6!E','!=<!+','!
h%&+#&/!*%!:(*%!'!+','! 3'-! 3$;%&5$1'-!*%3!h(&9#>-<! 5&(5(1! *%! %-+(2
.(&! *%3! -'3$.-$-,'! ,%*$(15%! 3(! G$'3%1+$(6! D#%*%! 9#%! 1'! -%(! 3(! G8(! (!
-%)#$&<!.%&'!%-!#1(!-%g(3!*%!9#%!%I$-5%1!+(,$1'-!1'!5&(d(*'-6!:#!%I2
5&%,$-,'!&%+#%&*(!(!3(!G'd!*%3!+81$+'!*(1*'!%3!5'1'!,4-!(35'6!:#!&(2
&%d(! ?-#! 9#%%&1%--?! &%-.'1*%! (! 3(! 1%+%-$*(*! *%! *'5(&! *%! -%15$*'! (!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VY!73!G8*%'!.#%*%!G%&-%!(9#8r!055.r||ÅÅÅ6/'#5#;%6+',|Å(5+0cGíAhQpwShfK^o!
E'1-#35(r!V!*%!-%.5$%,;&%!*%!VURTÄ6!
!
! SQT!
#1! %15'&1'! (3$%1(15%6! ='*'-! 0%,'-! -%15$*'! %-(! 1%+%-$*(*! %1! (3)C1!
,',%15'!%1!%-5(!+#35#&(!*%!3(-!(.(&$%1+$(-!%1!3(!9#%!G$G$,'-!$1,%&2
-'-<!/!9#%!1'!0(!0%+0'!,4-!9#%!$1+&%,%15(&!-#!.'*%&!*%-*%!3(!&%*(+2
+$P1!*%!3(!1'G%3(!0(-5(!(0'&(6!K(33(&*!3'!(*G%&58(!/(!%1!%3!.&P3')'!*%!
3(!%*$+$P1!B&(1+%-(!*%!RQLZ6!71!#1!%-+%1(&$'!(-8<!%1!%3!9#%!3(!.#;3$+$2
*(*!/!3(!.'385$+(<!$1+3#-'!3'-!)>1%&'-!/!3(-!&%3(+$'1%-!*%!+3(-%!1'!-'1!
,4-! 9#%! )&(1*%-! B$++$'1%-<! 3(! 5(&%(! *%3! %-+&$5'&! /<! .'&! %I5%1-$P1! *%!
5'*'!(&5$-5(<!%-!+&%(&!(3)'!1#%G'6!:'1!1%+%-(&$(-!.'>5$+(-!9#%!$1G%12
5%1!'5&(!&%(3$*(*6!

SQX!!
E]NEW^:O_N!
F!3'!3(&)'!*%!%-5(-!.4)$1(-<!#1!(-#15'!0(!%-5(*'!B3'5(1*'!-$1!33%)(&!(!
0(+%&-%! .&%-%15%! *%3! 5'*'6! :%! 5&(5(! *%! 3(! .'&1')&(B8(6! E#(1*'! %1!
RQXL!:#-(1!:'15()!.#;3$+(! W(!$,()$1(+$P1!.'&1')&4B$+(<! #1'! *%! 3'-!
.&$,%&'-!%-5#*$'-!-%&$'-!-';&%!3(!,(5%&$(<!3'-!.&$,%&'-!(#5'&%-!9#%!
(1(3$d(! -'1! :(*%! /! K(5($33%6! O*%15$B$+(! 3'-! (5(9#%-! 9#%! -%! 0(+%1! (3!
)>1%&'! +'1! #1(! (-$,$3(+$P1<! .'&! .(&5%! *%! 3'-! +&85$+'-! (1)3'(,%&$+(2
1'-<!*%!3(!1(&&(5$G(!+'1!3(-!B'&,(-!*%!3(!1'G%3(!&%(3$-5(!*%3!-$)3'!AOA<!/!
+$5(! +','! %[%,.3'-! *%! W$5%&(5#&(! ?(-8<! %1! ,(/C-+#3(-?! 9#%! &',.%!
+'1! %-'-! %-9#%,(-! %3! ^3$-%-! *%! p'/+%<! '! 3'-! 5&(;(['-! *%! N(;'o'G! /!
K#&&'#)0-6! :$1! %,;(&)'<! +&%'! 9#%! -%! %9#$G'+(<! (3! ,%1'-! %1! .(&5%6!
D'&! #1! 3(*'<! .'&9#%! 3(! B$)#&(! *%3! %I.%&5'! +#35#&(3! -%! 5$%1%! .'&! #1!
%-.8&$5#!%3%G(*'<!9#%!1'!*%;%!-#+#,;$&!(!3(!%I+$5(+$P1!9#%!.#%*%!%12
+'15&(&! %1! 3'-! 5%I5'-! .'&1')&4B$+'-6! E','! %-(! &%-.#%-5(! .&$,(&$(!
5$%1*%! (! .&'*#+$&-%<! 3(! +&85$+(! *%-.&%+$(! %3! ,(5%&$(3! 9#%! 3(! .&'G'+(!
.'&9#%!3'!&%*#+%!-'3'!(!*$+0(!+(.(+$*(*6!D'&!'5&'!3(*'<!3(!%I+3#-$P1!
*%!3(!.'&1')&(B8(! *%3!4,;$5'!*%!3(-!(&5%-<! '! $1+3#-'!*%! 3(!+#35#&(!%1!
)%1%&(3<!1'!5$%1%!5(15'!9#%!G%&!+'1!-#-!(-.%+5'-!B'&,(3%-!'!-#-!,'2
*'-!*%!&%.&%-%15(+$P1!+','!+'1!-#!+'15%1$*'!%I.38+$5'6!733(!,$-,(!3'!
0(!&%+'1'+$*'!(15%-r!%3!.'&1'!1'!%-!-%&$'6!E','!5(,.'+'!-'1!-%&$'-!
%3!5%&&'&!'!3(!+$%1+$(!B$++$P16!
71!3'-!(g'-!-%-%15(<!%I$-5%!#1(!*$-5(1+$(!$1-(3G(;3%!%15&%!3'-!)>1%&'-!
,%1'&%-!/!,(/'&%-6!7-!,4-<!3(-!';&(-!`*%!)>1%&'a!%1!3(!,(/'&8(!*%!
+(-'-!-%!5$%1%1!.'&!+(&%15%-!*%!G(3'&!%-5>5$+'! .'&!.(&5%! *%3! .C;3$+'!
)%1%&(3! /! 3(! +&85$+(6! :%! 5&(5(! *%! ,(5%&$(3%-! %-.%+8B$+'-! '&$%15(*'-!
0(+$(!#1!.C;3$+'!.(&5$+#3(&!9#%!1'!*$-B&#5(<!.'&!B(35(!*%!&%B$1(,$%15'!
'! *%! +(.(+$*(*<! *%! '5&'-! 4,;$5'-6! H$+0'! *%! '5&'! ,'*'<! %3! )#-5'! .'&!
3'-! )>1%&'-! $,.'-$;$3$5(! %3! )#-5'! .'&! 3(! 3$5%&(5#&(! *%! G%&*(*6! D'&!
-#%&5%<!%-5'-!.&%[#$+$'-!%-541!*%-(.(&%+$%1*'!+'1!%3!5$%,.'6!F!.%-(&!
*%!9#%!-$)#%!0(;$%1*'!%I.%&5'-!9#%!*%-.&%+$(1!3(!3$5%&(5#&(<!%3!(&5%!'!
%3!+$1%!*%!)>1%&'<!+(*(!G%d!-'1!,%1'-6!E'1!3(!.'&1')&(B8(!'+#&&%!3'!
,$-,'<!(#19#%!5$%1%!-#-!.(&5$+#3(&$*(*%-!.&'.$(-<!/!-#!&%3(+$P1!+'1!
%3!%&'5$-,'!'!3(-!&%.&%-%15(+$'1%-!)&4B$+(-!*%!(+5'-!-%I#(3%-!3(!0(+%!

! SQL!
.&';3%,45$+(!.'&!1(5#&(3%d(6!:'3'!*$&>!9#%<!-$!3(!%I+$5(+$P1!-%I#(3!%-!
%3!';[%5$G'!.&$1+$.(3!*%!3(!.'&1')&(B8(<! -%!0(+%!*$B8+$3! +'1-$*%&(&!3'-!
5%I5'-!9#%!0(1!(.(&%+$*'!0(-5(!(0'&(!+','!.'&1')&4B$+'-<!.'&!,#/!
%I.38+$5'-!9#%!.#*$%&(1!-%&6!
F#1!(-8<!K(33(&*! *%-+&$;%!E&(-0!+','!3(!.&$,%&(!1'G%3(!.'&1')&4B$+(!
;(-(*(!%1!3(!5%+1'3')8(6!73!5&(;(['!*%!K';!j3(1()(1!5(,;$>1!-%!+'12
-$*%&(!.'&1')&4B$+'!(3!,'-5&(&!-#!-%I#(3$*(*!(!5&(G>-!*%!-#!';&(6!:$1!
33%)(&!(!+(3$B$+(&3'-!*%!.'&1')&4B$+'-<!3'-!5%I5'-!*%!K3(o%<!*%!3(!;(&'2
1%-(! G'1! j&%/5()2W'&$1)0'G%1<! *%! F11%! W$-5%&<! *%! ]-+(&! J$3*%<! *%!
K(#*%3($&%t!0(1!-#B&$*'!+'&5%-!/! +%1-#&(-<! -$3%1+$(,$%15'-!'<!+','!
,81$,'<! (,%1(d(-! .'&! ';-+%1$*(*r! W(-! B3'&%-! *%3! ,(3! -'1! %I.#&)(2
*(-k!73!&%5&(5'!*%!H'&$(1!@&(/!-%!+'1G$%&5%!%1!#1(!.&#%;(!B#1*(,%12
5(3!*%!3(!.%&G%&-$P1!*%!J$3*%!%1!-#!.&'+%-'!.'&!-'*',8(k!3(!K(&'1%-(!
*%[(!*%!G%&!.#;3$+(*'-!-#-!.'%,(-!(!+(#-(!*%3![#$+$'!(3! ^3$-%-!*%!p'/2
+%k!3'-!*$(&$'-!*%!F11%!W$-5%&!.%&,(1%+%1!'+#35'-!*#&(15%!,4-!*%!#1!
-$)3'! .'&! -#-! *%-+&$.+$'1%-! )&4B$+(-! *%! -%I'! %15%! ,#[%&%-k! K3(o%! -%!
+'1-$*%&(!*%,(-$(*'!%I.38+$5'!.(&(!3(!,%15(3$*(*!G$+5'&$(1(<!(-8!9#%!
-%! (+','*(1! -#-! .'%,(-! (3! )#-5'! *%! 3(! >.'+(k! 3(-! 1'G%3(-! *%! :(*%!
(.(&%+%1! ;(['! -%#*P1$,'<! -%! .&'08;%1! /! .%&-$)#%1! %1! -#! 5$%,.'! /!
0(-5(!,#+0'!*%-.#>-<!,$%15&(-!>3!.(-(!,4-!*%!5&%$15(!(g'-!%1+(&+%2
3(*'k! 3(! .&$,%&(! %*$+$P1! %-5(*'#1$*%1-%! *%! W(! %I0$;$+$P1! *%! (5&'+$2
*(*%-! -%! *%-5&#/%! (! $1-5(1+$(-! *%3! .&'.$'! N%3-'1! H'#;3%*(/! 0$['<!
.&%-$*%15%! *%! 3(! %*$5'&$(3! H'#;3%*(/<! .'&! 5%,'&! (! 9#%! %3! +'15%1$*'!
-%I#(3! /! 3(-! &%B%&%1+$(-! (! B(,'-'-! G$G'-! .#*$%&(! (+(&&%(&3%! (3)C1!
.&';3%,(!3%)(3k!+','!1'-!&%+#%&*(!:G%1*-%1<!+#(1*'!3(!%*$5'&$(3!p'2
1(50(1!E(.%!%1G8(!3'-!.&$,%&'-!%[%,.3(&%-!*%! E&(-0!(!-#-!%G(3#(*'2
&%-!$15%&1'-<!#1'!*%!%33'-!&%-.'1*%r!`7-5%!(#5'&!%-+(.(!(!5'*(!(/#*(!
.-$9#$45&$+(! .'-$;3%6! ÖN'! 3'! .#;3$9#%1Üa! uVUUXr! RURv<! %1! 3'! 9#%! 5%&2
,$1(!.'&!+'1G%&5$&-%!%1!#1'!*%!3'-!&%+3(,'-!.&$1+$.(3%-!*%!3(!1'G%3(!
/!#1(!*%!3(-!(1>+*'5(-!-';&%!K(33(&*!,4-!&%.%5$*(-k!:#.%&G%&5!-%!0(!
%G$5(*'!%-5'-!.&';3%,(-!(3!5',(&!#1(!*%+$-$P1!(3!,$-,'!5$%,.'!3$;%2
&(*'&(! /! (&&$%-)(*(<! +','! %-! (#5'%*$5(&-%k! K';! j3(1()(1! %-! #1'! *%!
3'-! (&5$-5(-! (! 3'-! 9#%! 3(! %-5(*'#1$*%1-%! E0&$-5$(1! F+5$'1! N%5Å'&o!
uW$)(!*%!(++$P1!+&$-5$(1(v!$1+3#/%!%1!-#!3$-5(!*%!(&5$-5(-!*%)%1%&(*'-!
+','!$1+$5(*'&!*%!3(!0','-%I#(3$*(*<!3(!*&')(*$++$P1<!3(!.%*'B$3$(!'!
3(!;3(-B%,$(t!

SQY!!
='*'!%-5'!-%!*%;%!(3!,'G$,$%15'!*';3%!9#%!(&&(1+(!+'1!3(!h'*%&1$2
*(*6!D'&!#1!3(*'<!.&%5%1*%!-(;%&3'!5'*'<!,'-5&(&3'!5'*'<!+','!G%8(2
,'-!%1!%3!+(-'!*%!m(#+(1-'1!/!-#!(#5P,(5(!*$)%-5$G'<!,$%15&(-!.'&!
%3! '5&'! ,(15$%1%! 9#%! 0(/! +'-(-! 9#%! 1'! *%;%1! 0(+%&-%! .C;3$+(-6! W'!
9#%!-%!*%-.&%1*%!*%!%-5(!(,;$G(3%1+$(!%-!#1!.(5%&1(3$-,'!.&'B#1*'!
9#%!(B%+5(!(!5'*(-!3(-!%-B%&(-!*%!3(!G$*(!0#,(1(<!.%&'!%1!%-.%+$(3!(!3(!
*%3!-%I'6!W(!.'&1')&(B8(!1(+%!%1!D',.%/(<!.%&'!1'!%1!3(!&',(1(<!-$2
1'!%1!3(!G$+5'&$(1(6!73!*%-+#;&$,$%15'!*%!-#-!B&%-+'-<!-#-!%-5(5#(-!'!
-#-!G(-$[(-!(!B$1(3%-!*%3!-$)3'!AOA!.&'G'+(!#1!+'&5'+$&+#$5'!%1!3(-!,%12
5%-!*%!3'-!;#%1'-!-%g'&%-!$1)3%-%-<!9#%!*%+$*%1!%-+'1*%&!3(-!.$%d(-!
,4-! %I.38+$5(-6! W'! 0(+%1! .'&! %3! ;$%1! *%! 3(-! ,#[%&%-<! 3'-! 1$g'-! /! 3'-!
*>;$3%-! ,%15(3%-<! 9#%! .'*&8(1! G%&! (! D(1! B'33(1*'! +'1! #1(! +(;&(! /!
-%15$&! +P,'! 3%-! $1G(*%! 3(! .%&G%&-$*(*6! E3(&'! 9#%! 3(! +'&&#.+$P1! 1'!
(B%+5(! (! 5'*'! %3! ,#1*'! .'&! $)#(36! D'&! %-'! 1'! *%-5&#/%1! %-(-! .$%d(-!
';-+%1(-<!1$!3(-!%1+$%&&(1!%1!#1!&$1+P1!*%3!-P5(1'<!-$1'!9#%!3(-!&%C2
1%1!/!3(-!*$-.'1%1!%1!#1(!-(3(!*%!(++%-'!&%-5&$1)$*'6!:'1!.C;3$+(-!/!
%-541! .&'0$;$*(-! (3! ,$-,'! 5$%,.'6! W'-! 0',;&%-! +#35$G(*'-! .#%*%1!
G%&3(-!5'*(-![#15(-!-$1!.%3$)&'!*%!%I+$5(&-%!1$!*%!-#+#,;$&!(!3'-!$,2
.#3-'-!,4-!.&$,$5$G'-6!:(+$(1!-#!.#&(!/!-(1(!+#&$'-$*(*!$15%3%+5#(36!
E'1!3'-!3$;&'-!.'&1')&4B$+'-<!';-+%1'-!'!.%3$)&'-'-!'+#&&%!3'!,$-,'6!
^1(!>3$5%!-'+$'+#35#&(3!.#%*%!*$-.'1%&!*%!%33'-<!.%&'!1'!%3!&%-5'!*%!3(!
.';3(+$P1<! .(&(! 9#$%1%-! -%! .$%1-(! 9#%! -'1! G%1%1'! .(&(! %3! (3,(6! W(!
.'&1')&(B8(!.',.%/(1(!1'!%-54!%1!3'-!';[%5'-<!,#+0'-!*%!3'-!+#(3%-!
-'1! &$5#(3%-! '! &%3$)$'-'-<! -$1'! %1! 3(! ,$&(*(! *%! 3'-! (&9#%P3')'-6! 73!
*%-.&%+$'! 0(+$(! %3! +#%&.'! 9#%! ,(15$%1%! %3! +&$-5$(1$-,'<! #1$*'! (! 3(!
&(*$+(3$d(+$P1!*%3!*$-.'-$5$G'!*%!-%I#(3$*(*<!+(#-(!9#%!#1'-!';[%5'-!
$1'+%15%-! *%! #1(! +#35#&(! .()(1(! -%! ';-%&G%1! +','! #1! (1#1+$'! *%3!
(.'+(3$.-$-6!W'!,$-,'!'+#&&%!+'1!3'-!.#%;3'-!$1*8)%1(-!'!.&$,$5$G'-<!
(!9#$%1%-!-%!%15&%)(!&'.(!/!3(!K$;3$(!.(&(!9#%!5(.%1!-#-!G%&)n%1d(-!
%I5%&$'&%-!%!$15%&$'&%-6!E&%'!9#%!%-(!%-!#1(!*%!3(-!.(3(;&(-!+3(G%!*%!
%-5%!.&'+%-'r!G%&)n%1d(6!H%!&%;(-(&!3'-!38,$5%-<!*%!0(+%&!(3)'!9#%!1'!
5'+(!/<!-';&%!5'*'<!*%!9#%!-%!1'-!G%(!0(+%&!(3)'!9#%!1'!5'+(6!D'&9#%!
%3!-%I'!%-!(3)'!815$,'<!/!+','!5(3<!0(!*%!.&(+5$+(&-%!+#(1*'!/!*'1*%!
1(*$%!3'!G%(6!=$%1%!9#%!.%&,(1%+%&!B#%&(!*%!3(!%-+%1(<!%-!';-+%1'!?
'BB2-+%1'<!9#%!*$&8(!W$1*(!J$33$(,-?!.'&!1(5#&(3%d(6!
7-(!%-!3(!&(dP1!.'&!3(!9#%!.'&1')&(B8(!/!3%/!%15(;3(1!#1(!3#+0(!.%&2
.%5#(6!71!RYLS<!.'&!%[%,.3'<!-%!%1*#&%+%1!3(-!3%/%-!%1!7-5(*'-!^1$2

! SQQ!
*'-! /! -%! .&'08;%! %3! +',%&+$'! +'1! 3$5%&(5#&(! ';-+%1(! /! (&58+#3'-! *%!
#-'!$1,'&(3<!(!+(#-(!*%!3(!.&'3$B%&(+$P1!*%!B'5')&(B8(-!%&P5$+(-!'!.'&2
1')&4B$+(-! %15&%! 3'-! -'3*(*'-! *%3! B&%15%6! W(-! B%+0(-! G(&8(1<! .%&'! %1!
5'*'-! 3'-! .(8-%-! '++$*%15(3%-! -%! ,(15$%1%1! 3%)$-3(+$'1%-! -$,$3(&%-6!
W(-!.&$,%&(-!G8+5$,(-!-'1!3'-!3$;&'-<!-%)#$*'-!*%!)&(;(*'-<!B'5')&(B2
8(-!/!.%38+#3(-6!i(;3(&!(0'&(!*%!.'&1'!%-!0(;3(&!*%!+$1%6!73!(;(&(5(2
,$%15'!*%!3'-!,%*$'-!*%!.&'*#++$P1!/!*$-5&$;#+$P1!*%!$,4)%1%-!.'2
-$;$3$5(!3(!%+3'-$P1!*%!#1(!$1*#-5&$(!9#%!,#%G%!,$3%-!*%!,$33'1%-!*%!
*P3(&%-!(3!(g'6!71!3(!*>+(*(!*%!RQLU<!%3!.'&1'!%-!+$1%!&'*(*'!%1!.%382
+#3(! *%! 5&%$15(! /! +$1+'! ,$38,%5&'-<! +'1! %9#$.'! .&'B%-$'1(3! /! 9#%! -%!
.&'/%+5(! %1! -(3(-! +',%&+$(3%-<! 3'! 9#%! *(! 3#)(&! (! >I$5'-! +','! %3! *%!
@(&)(15(!.&'B#1*(!%1!RQLV6!73!G8*%'!%1!3(!*>+(*(!-$)#$%15%!%!O15%&2
1%5!*%-.#>-<!+(,;$(1!%3!,'*'!*%!G%&!/!+'1-#,$&!.'&1'!*%G'3G$>1*'2
3'!(!3(!$15$,$*(*!*%3!0')(&6!7-5(!*',%-5$+(+$P1!0(!5%1$*'!*'-!+'1-%2
+#%1+$(-! B#1*(,%15(3%-6! W(! .&$,%&(! %-! %3! (#)%! *%3! .'&1'! (,(5%#&6!
@&(+$(-!(!9#%!3(-!+4,(&(-!/!3'-!%9#$.'-!*%!,'15([%!-'1!,4-!;(&(5'-<!
3'-! +'-5%-! *%! .&'*#++$P1! ;([(1<! +'1! 3'! 9#%! +#(39#$%&(! .#%*%! 0(+%&!
.'&1'!/!-%!'+(-$'1(!#1(!*%-.&'B%-$'1(3$d(+$P1!*%3!)>1%&'6!W(!-%)#12
*(!%-!9#%<!.'&!3'-!,$-,'-!,'5$G'-<!-$!+#(39#$%&(!.#%*%!0(+%&!.'&1'<!
3(!*$-5$1+$P1!%15&%!(+5'&%-!/!%-.%+5(*'&%-!-%!*$-#%3G%6!
7-5%!%-!%3!.&$,%&!.(-'!*%!3'!9#%!:+'55!/!:(&&(+$1'!33(,(1!`.'&1$B$+(2
+$P1a! u.'&1$1)v! *%! 3(! -'+$%*(*6! H%B$%1*%1! 9#%! 3(! +#35#&(! )%1%&(3! -%!
G%!+(*(!*8(!,4-!$1B3#%1+$(*(!.'&!%3!.'&1'<!/!9#%!3(!-%.(&(+$P1!%15&%!
%33(-!*%-(.(&%+%6!7-5'!$,.3$+(!#1(!1'&,(3$d(+$P1!*%!.(&5%!*%3!5&(;(['!
-%I#(3! 9#%! .%&,$5%! (! (+5&$+%-! +','! p%11(! p(,%-'1! +'1G%&5$&-%! %1!
%,.&%-(&$(-! %[%,.3(&%-<! .%&'<! .'&! %3! '5&'! 3(*'<! -#.'1%! #1(! ,(/'&!
-%I#(3$d(+$P1!*%!3(!-'+$%*(*6!7-5'!%-!%G$*%15%!+#(1*'!-%!G%1!G8*%'-!
,#-$+(3%-! *%! (&5$-5(-! *%! +(-$! +#(39#$%&! 5$.'<! *%-*%! &(.%&'-! +','!
:1''.! H'))! ?9#%! *$&$)$P! #1(! ()%1+$(! *%! (+',.(g(15%-! *#&(15%! #1!
5$%,.'! /! 0(! .&'*#+$*'! .%38+#3(-! .'&1'?! (! +(15(15%-! *%! .'.! +','!
h(*'11(<!w(5/!D%&&/<!W(*/!@()(!'!h$3%/!E/&#-6!H#&(15%!,%*$'!-$)3'!
-%!0(!0(;3(*'!*%!3(!+'-$B$+(+$P1!*%!3'-!+#%&.'-!B%,%1$1'-!%1!3(!+#35#2
&(!'++$*%15(3<!.%&'!%1!3(-!*'-!'!5&%-!C35$,(-!*>+(*(-!%-(!+'-$B$+(+$P1!
.&'G$%1%! *%3! +$1%! .'&1'6! W(! .'.#3(&$d(+$P1! *%3! 5(1)(! ?(-'+$(*'! +'1!
%3! (B%$5(*'! )%1$5(3?<!.'&! %[%,.3'<! 5$%1%! -#! '&$)%1! %1! 3'-! ,'5$G'-! *%3!
+$1%! .'&1'! /! %1! 3'-! +3#;%-! *%! -5&$.5%(-%6! =(,;$>1! 3(! 1#%G(! +#35#&(!
*%3! 0''o#.! u%1+#%15&'<! 3$)'5%'v<! 9#%! 1'! %-! ,4-! 9#%! 3(! 5&(*#++$P1!

ZUU!!
0%5%&'-%I#(3! *%3! +&#$-$1)! u+(d(v! 0','-%I#(3<! /! 9#%! +'1-$-5%! %1! B&%2
+#%15(&! 3#)(&%-! *%5%&,$1(*'-! .(&(! ,(15%1%&! &%3(+$'1%-! -%I#(3%-!
(1P1$,(-<! &%+#%&*(! (! 3(-! 5&(,(-! .'&1')&4B$+(-6! W(-! (.3$+(+$'1%-!
,PG$3%-! *%! +$5(-! +'1! )%'3'+(3$d(+$P1<! +','! =$1*%&! '! @&$1*&<! 0(+%1!
%-5%!5$.'!*%!+'15(+5'!,#+0'!,4-!-%1+$33'6!!
F0'&(! ;$%1<! %3! .&';3%,(! *%! %-5(! $1B3#%1+$(! 1'! &%-$*%! %1! 3(! B(35(! *%!
+#3.(! (! 3(! 0'&(! *%! ,(15%1%&! &%3(+$'1%-! -%I#(3%-! +'1! (3)#$%1! .'&! %3!
-$,.3%! 0%+0'! *%! 9#%! (.%5%d+(<! -$1! 1%+%-$*(*! *%! &%+#&&$&! (! %13(+%-!
3%)(3%-!'!(B%+5$G'-!.(&(![#-5$B$+(&!%-5(-!(+5$G$*(*%-6!:$!%I$-5%!#1!.&'2
;3%,(!%1!%-5(!-%I#(3$d(+$P1!*%!3(!-'+$%*(*!%-!9#%!&%.$5%!#1'-!.(5&'2
1%-!*%!)>1%&'!.%&1$+$'-'-<!%1!%-.%+$(3!.(&(!3(-!,#[%&%-<!9#%!G%1!-#-!
+#%&.'-!-',%5$*'-!(!#1'-!+41'1%-!%-5>5$+'-!$,.'-$;3%-<!3'!9#%!)%1%2
&(!#1!.&'+%-'!*%! B&#-5&(+$P1! $15%&,$1(;3%6!H$%5(-<! .&'*#+5'-! *%!;%2
33%d(<!)$,1(-$'-!/!*%,4-<!5$%1%1!-#!>I$5'!)&(+$(-!(!3(!%I$)%1+$(!*%!-%&!
-$%,.&%! ['G%1! /! )#(.(6! 73! )&(1! .%3$)&'! 9#%! -#.'1%! 3(! .'&1$B$+(+$P1!
*%! 3(! -'+$%*(*! %-! 3(! .%&.%5#(+$P1! *%! 3(! G$'3%1+$(! B8-$+(! '! -$,;P3$+(!
-';&%!3'-!+#%&.'-6!N'!0(/!9#%!+'1B#1*$&!%-5%!(&)#,%15'!+'1!%3!9#%!
.&'.'1%!)%15%!+','!:#-(1!K&'Å1,$33%&<!F1*&%(!HÅ'&o$1<!E(50%&$1%!
h+w$11'1<! :0%$3(! p%BB&%/-! '! \';$1! h'&)(1<! 9#$%1! .'&! .&$,%&(! G%d!
%,.3%(!%3!(&)#,%15'!+(1P1$+'!*%3!B%,$1$-,'!.&'0$;$+$'1$-5(!*%!9#%!
3(!.'&1')&(B8(!%-!3(!5%'&8(!/!3(!G$'3(+$P1!%-!3(!.&4+5$+(6!D(&(!%-5(-!B%2
,$1$-5(-<! %3! .'&1'! %-! #1! (+5'! *%! *',$1(+$P1! +'15&(! 3(-! ,#[%&%-<! /!
+'1-$)#%1!*%-.3(d(&!3(!&%B3%I$P1!*%3!.3(1'!*%!3(!*%+%1+$(!/!3(!';-+%2
1$*(*!(3!*%!3'-!*%&%+0'-!+$G$3%-6!W(!(-'+$(+$P1!%-5&(5>)$+(!9#%!#1%!(!
HÅ'&o$1!/!h+w$11'1!+'1!3(!#35&(*%&%+0(!+&$-5$(1(!*%!\'1(3*!\%()(1!
%1! -#! +&#d(*(! +'15&(! 3(! .'&1')&(B8(! *%;%&8(! -%&G$&! +','! $1*$+(5$G'!
*%!-#!%-5&%+0%d!(!3(!0'&(!*%!%15%1*%&!3(-!&%3(+$'1%-!-%I#(3%-!-(3#*(2
;3%-6!D(&(!%33(-<!%3!.'&1'! %-!*',$1(+$P1!.'&9#%!%15$%1*%1!9#%!5'*(!
&%3(+$P1!-%I#(3!%15&%!#1!0',;&%!/!#1(!,#[%&!%-!#1(!&%3(+$P1!*%!.'2
*%&!%1!3(!9#%!%3!.&$,%&'!-',%5%!3(!G'3#15(*!*%!3(!-%)#1*(6!:%!3%-!%-2
+(.(!%3!0%+0'!*%!9#%!5'*(!&%3(+$P1!0#,(1(!%-!*%!.'*%&<!$1+3#-'!3(-!
$)#(3$5(&$(-6!
W(!B%&'+$*(*!+'1!3(!9#%!(+#-(1!(!5'*'-!3'-!0',;&%-!*%!-%&!G$'3(*'&%-!
?-$!1'!*%!0%+0'<!(3!,%1'-!*%!.%1-(,$%15'?!$1B(15$3$d(!(!3'-!*'-!-%I'-!
.'&!$)#(36!F!3'-!0',;&%-<!.'&9#%!3'-!+'1G$%&5%!%1!#1(-!+&$(5#&(-!.&$2
,(&$(-! $1+(.(+%-! *%! +'15%1%&! -#-! $,.#3-'-! ;4-$+'-k! (! 3(-! ,#[%&%-!
.'&9#%!1'!-'3'!1'!&%-$-5%1! (15%! %-(! G$'3%1+$(<!-$1'! 9#%!(*%,4-! -'1!

! ZUR!
+P,.3$+%-! G'3#15(&$(-! *%! -#! .&'.$(! *',$1(+$P16! p%BB&%/-<! .'&! %[%,2
.3'<! -%! 1$%)(! (! +&%%&! 9#%! (3)#$%1<! -';&%! 5'*'! #1(! ,#[%&<! %1! -#! -(1'!
[#$+$'!-%!.3(15%%!-$9#$%&(!%3!0%+0'!*%!.(&5$+$.(&!%1!#1(!.%38+#3(!.'&2
1'<!'!B'&,(&!.(&5%!*%!#1(!&%3(+$P1!KH:h6!7-5'!(.#15(!(!*'-!.&';3%2
,(-! B#1*(,%15(3%-6! 73! .&$,%&'! %-! (-#,$&! 9#%! 5'*(! .'&1')&(B8(! &%2
.&%-%15(! 3'-! ,$-,'-! *%-%'-! /! 3(-! ,$-,(-! .&4+5$+(-<! 9#%! -$%,.&%!
+'3'+(1!(3!0',;&%!.'&!%1+$,(!*%!3(!,#[%&6!
7-! +$%&5'! 9#%! )&(1! .(&5%! *%! 3(! $1*#-5&$(! ,(15$%1%! %-9#%,(-! -$,$3(2
&%-<!.%&'!%1!3(!,$-,(!,%*$*(!%1!9#%!3'!0(+%!%3!&%-5'!*%!,(5%&$(3!+#32
5#&(36! =(,;$>1! %-! +$%&5'! 9#%! 3(! *%,'+&(5$d(+$P1! *%! 3'-! ,%*$'-! *%!
.&'*#++$P1!(#*$'G$-#(3!33%G(!(!,#+0'-!+#%&.'-!/!,#+0'-!*%-%'-!9#%!
1'! -%! G%1! &%.&%-%15(*'-! %1! 3(-! +'&&$%15%-! .&$1+$.(3%-! (! +&%(&! -#-!
.&'.$'-! ,(5%&$(3%-6! H%! $)#(3! ,(1%&(<! 3(! ,$-,(! $1*#-5&$(! %1+#%15&(!
%1!%-(-!.&4+5$+(-!,$1'&$5(&$(-! 1$+0'-! *%! ,%&+(*'!(! %I.3'5(&<!+'1! 3'!
9#%! %3! (;(1$+'! +',%&+$(3! %-! +(*(! *8(! ,4-! (,.3$'6! :$! .%1-(,'-! 9#%!
5'*(! 3(! .'&1')&(B8(! &%.&%-%15(! (! #1! B'&d#*'! G$'3(1*'! (! #1(! ['G%1!
`,'*%3'!E(3$B'&1$(a!?&#;$(<! +'1! 3(!.$%3!5'-5(*(! /!.%+0'!*%!-$3$+'1(?!
%-5(,'-!*%[(1*'!*%!3(*'!;#%1(!.(&5%!*%3!)>1%&'<!9#%!(0'&(!$1+3#/%!
+#%&.'-!*%!5'*'!5$.'!/!*%!5'*(-!3(-!%*(*%-k!/!3'!,$-,'!'+#&&%!+'1!3'!
9#%!0(+%1!%1!.(15(33(6!
73!-%)#1*'!%-!*(&!.'&!-%15(*'!9#%!1(*$%!.#%*%!';5%1%&!.3(+%&!*%!-%&!
*',$1(*'<!'!$1+3#-'!9#%!1'!.#%*%!+',.%1-(&!3(!+(15$*(*!*%!*$1%&'!
9#%! (.'&5(! #1(! (+5$G$*(*! +','! %3! .'&1'6! W(! ,(/'&8(! *%! +0$+(-! 9#%!
%15&(1!%1!3(!$1*#-5&$(!*%3!%15&%5%1$,$%15'!.(&(!(*#35'-!?%-%!%-!%3!%#2
B%,$-,'!9#%!%,.3%(!3(!+#35#&(!*%3!.'&1'!.(&(!0(;3(&!*%!-8!,$-,(!/!
*(&! #1(! $,()%1! #1! .'+'! ,4-! &%-.%5(;3%?! 3'! 0(+%! .'&! *$1%&'6! E','!
%1!+#(39#$%&!'5&'!5&(;(['6!h#+0'-!*%!1'-'5&'-!0%,'-!5%1$*'!5&(;(['-!
%1!3'-!9#%!-%!1'-!%I.3'5(;(!'!0#,$33(;(<!/!0%,'-!;#-+(*'!(&)#,%12
5'-!+'1!3'-!9#%![#-5$B$+(&!1#%-5&(!*%+$-$P1!*%!1'!(;(1*'1(&6!W(!.&$12
+$.(3<!-$%,.&%<!%-!%3!*$1%&'6!71!%3!.'&1'!1'!%-!*%!'5&(!,(1%&(6!E'1!3(!
*$B%&%1+$(!*%!9#%!-%!.()(!;$%1!/!3(!(+5&$d!-$%,.&%!.#%*%!%3%)$&!%1!9#>!
%-+%1(-! .(&5$+$.(! /! %1!+#43%-! 1'6! 73! .'&1'! %-! ,(+0$-5(! %1! 3(! ,$-,(!
,%*$*(!9#%!%3!&%-5'!*%!3(!-'+$%*(*<!+'1!3(!-(3G%*(*!*%!9#%!%-!3(!C1$+(<!
'! #1(! *%! 3(-! .'+(-<! .&'B%-$'1%-! %1! 3(-! 9#%! 3(-! ,#[%&%-! +';&(1! ,4-!
9#%! 3'-! 0',;&%-6! O1+3#-'! %1! %3! .3(1'! -$,;P3$+'! '! $*%'3P)$+'<! )%15%!
+','!E(1*$*(!\'/(33%<!F11$%!:.&$1o3%!'!N$1(!i(&53%/!33%G(!*%-*%!3'-!
(g'-!'+0%15(!0(+$%1*'!.'&1'!*%-*%!.%&-.%+5$G(-!B%,$1$-5(-<!/!%1!-#-!

ZUV!!
.%38+#3(-!-%!.'1%!%3!>1B(-$-!%1!3(!,#5#(3$*(*!-%I#(3!/!%1!3(-!&%3(+$'2
1%-! 1'! +'%&+$5$G(-6! W(-! .&'*#+5'&(-! *%! .'&1'! 3%-;$(1'! '! 5&(1-%I#(3!
&%.&%-%15(1! 5(,;$>1! .&4+5$+(-! (1'&,(3%-<! %1! %3! -%15$*'! *%! 1'! 1'&2
,(5$G(-6! 73! 5&(;(['! *%!K%33(*'11(<! .'&! %[%,.3'<! -#.'1%! 3(! $15&'*#+2
+$P1! *%! %-(-! .&4+5$+(-! /! -#-! .&'.$'-! *%-%'-! .%&G%&-'-! %1! %3! .'&1'!
+',%&+$(36!!
E'1! %3! .'&1'! '+#&&%! +','! +'1! +#(39#$%&! '5&(! .&4+5$+(! +#35#&(3r! %1!
'+(-$'1%-! -%! ,(15$%1%! %3! -5(5#! 9#'<! ,$%15&(-! %1! '5&(-! -%! -#;G$%&5%6!
O1+3#-'!+#(1*'!-%!0(;3(!*%!.'&1'!.(&(!,#[%&%-!-%!%-54!0(+$%1*'!5'*(!
#1(! -%&$%! *%! (-#1+$'1%-! 9#%! 1'! -$%,.&%! &%-#35(1! 5(1! &',.%*'&(-!
+','!-%!.&%5%1*%6!71!.&$,%&!3#)(&<!.'&9#%!0(;3(&!*%!(3)'!+','!`.(2
&(!,#[%&%-a!-#.'1%!#1(!G#%35(!(3!*#(3$-,'!9#%!/(!-%!5$%1%!.'&!';-'2
3%5'!+(-$!$1+3#-'!%1!%3!-%+5'&!,4-!5&(*$+$'1(3!*%!3(!$1*#-5&$(<!9#%!(;'2
)(!.'&!)#-5'-!%-.%+8B$+'-6! 7-%!`.(&(! ,#[%&%-a!$,.3$+(!9#%!5'*(-! 3(-!
,#[%&%-!5$%1%1!3'-!,$-,'-!*%-%'-!/!&%-.'1*%1!(!3(-!,$-,(-!B(15(-2
8(-<!+#(1*'!&%-#35(!';G$'!9#%!1'!%-!(-86!71!-%)#1*'!3#)(&<!.'&9#%!$12
+$*%! %1! %3! +#$*(*'! %-5>5$+'! *%! 3(! B$3,(+$P1<! %1! 3(-! &%.&%-%15(+$'1%-!
(B%+5$G(-!%15&%!3'-!(+5'&%-k!.'&9#%!0(+%!0$1+(.$>!%1!3(!-$,%5&8(!%,'2
+$'1(3<! %1! 3(! -#(G$*(*<! %1! 3(! $15$,$*(*<! %1! %3! $15%&>-! *%! (3+(1d(&! %3!
+38,(I!(3!#18-'1'!/!*%,4-! .&%[#$+$'-!9#%!&%+#.%&(1<! -%!-#.'1%!9#%!
*%!B'&,(!.'-$5$G(<!3(!$*%(!*%!9#%!3(-!,#[%&%-!-'1!,4-!-%1-$;3%-!9#%!
3'-!0',;&%-6!H%!%-5%!,'*'<!-%!-%.(&(1!*%!1#%G'!3'-!)>1%&'-!*%!B'&2
,(! %-%1+$(3<! .'&9#%! -#-! +#%&.'-! *%-%(1! /! -%! %I+$5(1! +'1! %-58,#3'-!
*$B%&%15%-k! 3'-! 0',;&%-! +'1! #1! -%I'! ()&%-$G'! /! 3(-! ,#[%&%-! +'1! #1!
-%I'!(,(;3%6!D'&!%-'!.#%*%! 0(;%&!#1!.'&1'! B%,$1$-5(<!.%&'! 1'! #1'!
.(&(!,#[%&%-6!
='*'!%-5%!&'*%'!*%;%&8(!-%&G$&!.(&(!0(+%&!.&%-%15%!)&(1!.(&5%!*%!3'-!
5%,(-! 5&(5(*'-! 0(-5(! (0'&(6! E#(1*'! .%1-%,'-! %1! %3! .&')&%-'! /! %3!
(#,%15'! %1! 3(! .%&,$-$G$*(*! -%I#(3! *%;%&8(,'-! .3(15%(&1'-! #1! .(&!
*%! *%5(33%-6! 73! .&$,%&'! %-! 9#%! D'%! -%! +(-(! %1! RYST! '! RYSX! +'1! -#!
.&$,(! m$&)$1$(<! #1(! 1$g(! *%! 5&%+%! (g'-<! /! 1'! 0(/! 1$1)C1! .&';3%,(!
>5$+'!1$!3%)(36!73!-%)#1*'!%-!-$!+&%%,'-!9#%!0'/!-%&8(!.'-$;3%!3(!.#;3$2
+(+$P1!*%!#1(!1'G%3(!+','! W'3$5(<! *%! m3(*$,$&!N(;'o'G<!-$! 1'!B#%&(!
#1! +34-$+'! *%! 3(! 3$5%&(5#&(! #1$G%&-(3<! (! +(#-(! *%! 3(! ,(/'&! $19#$%5#*!
9#%!-#-+$5(1!3(-!&%3(+$'1%-!%15&%!1$g'-!/!(*#35'-<!/!3(-!+(-$!',1$.&%2
-%15%-!-'-.%+0(-!*%!.%*%&(-5$(6!W(!%*(*!*%!+'1-%15$,$%15'!-%I#(3!%1!
7-5(*'-!^1$*'-!%-54!%15&%!3'-!*$%+$->$-!/!3'-!*$%+$'+0'!(g'-6!71!7-.(2

! ZUS!
g(<! .'&! %[%,.3'<! 0(-5(! VURT! 1'! 0(! -#;$*'! *%-*%! 3'-! 5&%+%! 0(-5(! 3'-!
*$%+$->$-6! W(-! &%3(+$'1%-! %15&%! %&(-5>-! /! %&P,%1'-! 5(,;$>1! 1'-! &%2
+#%&*(1! 3(-! G(&$(+$'1%-! %15&%! %*(*%-! /! &'3%-! -%I#(3%-! 9#%! &%-#35(1!
(*,$-$;3%-!*%15&'!*%!#1(!+#35#&(!*%5%&,$1(*(!/!9#%!-%&8(1!$1(*,$2
-$;3%-!%1!,#+0(-!'5&(-6!W(!.(&(1'$(!%1!7-5(*'-!^1$*'-!0(!33%G(*'!$12
+3#-'!(!$,.#5(&!+(&)'-!B%*%&(3%-!.'&!.'-%-$P1!*%!.'&1')&(B8(!$1B(15$3!
(!#1!['G%1!*%! *$%+$-$%5%!(g'-! .'&!5%1%&! B'5'-! *%!#1!,%1'&! *%-1#*'!
%1!-#!,PG$36!W(!$&'18(<!.'&!33(,(&3'!*%!(3)C1!,'*'<!%-!9#%!%-%!,%1'&!
%-!>3!,$-,' VQ6!
W(-! $1B3#%1+$(-! ,#5#(-! %15&%! %3! .'&1'! /! 3(! +#35#&(! )%1%&(3! $1*$+(1!
9#%<! 3%['-! *%! %-5(&! -#.%&(*'<! %3! *$-.'-$5$G'! *%! -%I#(3$*(*! %-54! 0'/!
,4-!.&%-%15%!9#%!1#1+(6!E'1!3(!-%I#(3$d(+$P1!$1B(15$3!/!(*'3%-+%15%!
'+#&&%! 3'! ,$-,'<! 9#%! G(! *%-*%! 3(! +',%&+$(3$d(+$P1! *%! ,#g%+(-! +'1!
+(&(+5%&8-5$+(-!-%I#(3%-!*%-(&&'33(*(-!?/(!1'!,%!&%B$%&'!(!K(&;$%<!-$2
1'! (! 3(-! K&(5dk! (3! B$1! /! (3! +(;'<! 3(! .&$,%&(! 'B&%+%! #1! ,'*%3'! (*#35'<!
,$%15&(-!9#%!3(-!-%)#1*(-!%1+(&1(1!(3!,$-,'!5$%,.'!+(&(+5%&8-5$+(-!
$1B(15$3%-!/!-%I#(3%-?!0(-5(!3(!#5$3$d(+$P1!*%!,(9#$33([%!'!5(+'1%-<!.(2
-(1*'!.'&!%3!.&')&(,(!*%!5%3%&&%(3$*(*! ='**3%&-!â!=$(&(-!uK%;>-!/!
5$(&(-v<!%,$5$*'!%1!7-5(*'-!^1$*'-!%15&%!VUUY!/!VURS!/!9#%!&%+')%!3(!
G$*(! *%! (3)#1(-! .(&5$+$.(15%-! *%! +'1+#&-'-! *%! ;%33%d(! $1B(15$3%-6!71!
%-5%! .&')&(,(<! 1$g(-! *%! #1'-! -%$-! (g'-! (.(&%+%1! G%-5$*(-! /! ,(9#$2
33(*(-!+','!(*#35(-<!/!-%!3%-!.$*%!9#%!(+5C%1!+','!5(3%-6!:'1!-#-!,(2
*&%-!3(-!9#%!3(-!$1-+&$;%1!/!9#$%1%-!3%-!%1-%g(1!9#>!0(+%&!.(&(!.(&%2
+%&! ,#[%&%-! *%! G%&*(*<! 9#$%1%-! 3%-! .&%.(&(1! 3(! *$%5(! ?1'! .(&(! 9#%!
%-5>1!-(1(-<!-$1'!*%3)(*(-?!/!3(-!+'&&$)%1!+#(1*'!-%!-(3%1!*%!-#!.(2
.%36!H%!%-5%!,'*'<!-'1!3(-!,(*&%-!9#$%1%-!$,.'1%1!5'*'!%3!.%-'!*%!
#1!)>1%&'!1'&,(5$G'!%1!1$g(-!.%9#%g(-<!9#$%1%-!3%-!%1-%g(1!(!#5$3$2
d(&!#1!(5&(+5$G'!-%I#(3!9#%!.'&!%*(*!1'!3%-!+'&&%-.'1*%6!H%-.#>-!*%!
%-5'! 1'! .'*%,'-! -'&.&%1*%&1'-! *%! 9#%! (.(&%d+(1! 5&(-5'&1'-! (3$2
,%15$+$'-<!.&';3%,(-!*%!(#5'%-5$,(!/!*%,4-<!-$1!+'15(&!%3!+'15%1$*'!
&(+$-5(!/!+3(-$-5(!*%3!.&')&(,(<!1$!%3!0%+0'!*%!9#%!-%!5&(5(!*%!-$,.3%!
/! 33(1(! %I.3'5(+$P1! $1B(15$3<! /(! 9#%! 3'-! .(*&%-! 0(+%1! 5&(;([(&! (! -#-!
0$[(-!.(&(!3')&(&!;%1%B$+$'-!%+'1P,$+'-6!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VQ W(! 1'5$+$(! .#%*%! 3%%&-%! (9#8r!
055.r||ÅÅÅ6VU,$1#5'-6%-|1'5$+$(|VTXRSRR|U|,%1'&2[#d)(*'|.'&1')&(B$(2
$1B(15$3|B'5'-2-#/(-|!E'1-#35(r!VV!*%!-%.5$%,;&%!*%!VURTÄ!
ZUZ!!
D&')&(,(-!+','!%-5%!1'!0(+%1!-$1'!-(+(&!(!3(!3#d!3(-!3P)$+(-!.%&G%&2
-(-! 9#%! -'-5$%1%1! 3(! +#35#&(! '++$*%15(3! +'15%,.'&41%(6! :'1! +','!
E&(-0<!.%&'!-$1!-#!B#1+$P1!+&85$+(6!H%-*%!3(!$,.3(15(+$P1!*%3!,'*%3'!
0'&$d'15(3!$-',>5&$+'!*%!3'-!*'-!-%I'-<!3(-!-'+$%*(*%-!;#&)#%-(-!0(1!
$,.#%-5'!#1(!*$G$-$P1!%1!3(!.';3(+$P1!0#,(1(!%1!*'-!+3(-%-!'.#%-2
5(-!/!+',.3%,%15(&$(-<!(!3(-!9#%!3%-!+'&&%-.'1*%1!%-.(+$'-!/!3#)(&%-!
*$-5$15'-6! D%&'! %-5(! *$G$-$P1! B8-$+(! 1'! -%! *%;%! 5(15'! (! #1'-! &(-)'-!
(1(5P,$+'-! %G$*%15%-! +','! (! #1! +'1[#15'! *%! (5&$;#5'-! *$B#-'-! 9#%!
(B%+5(1!(!3(!-%1-$;$3$*(*<!9#%!5$%1%!#1!'&$)%1!;$'3P)$+'<!-%!*%-(&&'33(!
(!.(&5$&!*%!3(-!B$;&(-!'!3'-!P&)(1'-!/!0(+%!(3!-#[%5'!,4-!'!,%1'-!-#-2
+%.5$;3%!(!3'-!%-58,#3'-!%I5%&1'-6!H$+0'!*%!'5&'!,'*'<!#1(!,#[%&!1'!
3'! %-! .'&! 5%1%&! .%+0'-! /! G()$1(<! -$1'! .'&9#%! %-! ,4-! -%1-$;3%<! ,4-!
(,(;3%! /! ,4-! -%15$,%15(3! 9#%! #1! 0',;&%6! E(*(! +#%&.'! -%! -$%15%!
(5&(8*'!.'&!-#!'.#%-5'!/!9#%!*%-(&&'33%!#1'-!)%1$5(3%-!*%5%&,$1(*'-!
*%.%1*%! *%! -#! -%1-$;$3$*(*6! :$! *%;%! 9#%*(&-%! %1! +(-(! %-! .'&9#%! 3(!
+(33%!%-!.%3$)&'-(!.(&(!%33(<!.'&9#%!.#%*%!$1B3#$&3%!,(3!/!+'&&',.%&2
3(6!H%;%!'+#.(&-%!*%!-#!,(&$*'<!*%!-#-!0$['-!/!*%!1(*(!,4-6!733(!%-!%3!
.$3(&!;4-$+'!-';&%!%3!9#%!-%!(3d(!3(!B(,$3$(!/<!.'&!5(15'<!3(!-'+$%*(*6!W'!
9#%!-%!3%!%-+(.(!(!3(!(15&'.'3')8(!,'&(3!%-!9#%!%-5%!$15%15'!*%!'&*%2
1(+$P1!-'+$(3<!9#%!*%!G%&*(*!+'1-$*%&(!$-',>5&$+'!/!0'&$d'15(3<!%-!%1!
&%(3$*(*!G%&5$+(3r!(3!1%)(&!%3!(++%-'!*%!3(-!,#[%&%-!(3!%-.(+$'!.C;3$+'!
/!(!3(!G$*(!3(;'&(3!/!.'385$+(!3(-!+'1G$%&5%!%1!+&$(5#&(-!*%!-%)#1*(6!
F! .(&5$&! *%! %-5(! -%)&%)(+$P1! *%! %-B%&(-! -%! %-5(;3%+%! 3(!.&$,%&(! B(-%!
*%! -#;[%5$G(+$P1<! *%! 3(! 9#%! *%.%1*%&41! 5'*(-! 3(-! *%,4-6! W3(,(! 3(!
(5%1+$P1! (! %-5%! &%-.%+5'! %3! +(-'! *%! 3(-! 9#$,%&(-! '! 0%&,(B&'*$5(-<! (!
9#$%1%-!%1!%3!-$)3'! AmOOO!-%!0(+%!%3%)$&!#1!-%I'!/!G$G$&!*%!(+#%&*'!+'1!
>36!W(!%I$)%1+$(!.(&(!.'*%&!.(&5$+$.(&!*%3!.3(1'!.C;3$+'<!*%!3(!G$*(!%1!
+',C1<! %-! 0(+%&-%! 3%)$;3%! +','! 0',;&%! '! +','! ,#[%&<! (#1! +#(1*'!
-#! +#%&.'! .#%*(! .&%-%15(&! +(&(+5%&8-5$+(-! (,;$)#(-6! H%;%! ,'-5&(&!
3'-!&(-)'-!9#%!+'1-$*%&(&8(,'-!-%+#1*(&$'-!*%!-#!-%I'!?%-!*%+$&<!-#!
)>1%&'?!-$!1'!9#$%&%!-%&!+'1*%1(*'6!H%;%!G%-5$&<!(+5#(&!/!,'-5&(&-%!
+','!#1!0',;&%!'!+','!#1(!,#[%&<!+(-(&-%!+'1!#1!+#%&.'!*%3!-%I'!
+'15&(&$'!/!%15'1+%-!1'!5%1*&4!.&';3%,(-![#*$+$(3%-6!!
F-8! %-! +','! -%! -'+$(3$d(1! 3'-! +#%&.'-<! *%B$1$*'-! *%-*%! #1! .&$,%&!
,',%15'!+','!,(-+#3$1'-!'!B%,%1$1'-!/!(*'+5&$1(*'-!+'1!#1(!-%2
&$%! *%! +'1*#+5(-! (-'+$(*(-! (! -#! -%I'! 9#%! -%! 1(5#&(3$d(1! +'1! +(*(!
1#%G(! &%.%5$+$P16! W(! *$G$-$P1! -%I#(3! (.#15(! (3! ,$-,'! 5$%,.'! 0(+$(!

! ZUT!
B#%&(!/!0(+$(!*%15&'!*%3!-#[%5'6!i(+$(!B#%&(<!3'!0(+%!3%)$;3%!%1!5(15'!
9#%!&%.&%-%15(!'!%1+(&1(!3'-!G(3'&%-!9#%!-%!3%!-#.'1%1!(!#1!+#%&.'!
$*%15$B$+(*'!+','!*%!#1'!#!'5&'!-%I'k!0(+$(!*%15&'<!3'!0(+%!$*%15$B$2
+(&-%!+'1!#1!,'*%3'!*%5%&,$1(*'<!9#%!3'!33%G(!(!+'&&%)$&-%!/!([#-5(&2
-%!%1!3(!,%*$*(!*%!3'!.'-$;3%!(!%-%!$*%(3!.3(5P1$+'!/<!.'&!5(15'<!$1(32
+(1d(;3%6! D(&(! %33'! -%! &%+#&&%! (! 3(-! .&4+5$+(-! +'1B%-$'1(3%-! *%3!
*$-.'-$5$G'! *%! -%I#(3$*(*<! 9#%! $1+$5(! (! &%B3%I$'1(&! /! *%+$&! 3(! G%&*(*!
*%3!-%I'<!.'&9#%!%1!%33(!-%!%1+$%&&(!3(!G%&*(*!$1*%15$5(&$(6!:%!$1-5(!(!
+&%(&!#1!*$-+#&-'!+'15$1#'!/!+'0%&%15%!%1!%3!9#%!3(!+'1+$%1+$(!-%!(&2
5$+#3(!(!-8!,$-,(!(!.(&5$&!*%!-#!)>1%&'!/!*%!-#!*%-%'6!H%!%-5%!,'*'<!(3!
5',(&! *%! 3(! ;$'3')8(! 3'-! .&$1+$.$'-! *%! 3(! &%.&'*#++$P1<! 3(! ,%*$+$1(!
%-5(;3%+%!#1(![%&(&9#8(!-%I#(3!%1!3(!9#%!*$B%&%1+$(!3(!0%5%&'-%I#(3$2
*(*! 1'&,(5$G(! *%! 3(-! .%&G%&-$'1%-! 1'! &%.&'*#+5$G(-<! +','! .#%*%1!
-%&!3(!,(-5#&;(+$P1<!3(!0','-%I#(3$*(*!'!+#(39#$%&!'5&(!`.(&(B$3$(a<!
9#%!-%!(-'+$(1!+'1!3(!3'+#&(<!3(!%1B%&,%*(*!/!3(!,#%&5%6!W'-!.&%[#$2
+$'-!+&$-5$(1'-!+'15&(!3(!+(&1%! -%!5&(*#+%1! (!3(! 1#%G(! 1',%1+3(5#&(!
+381$+(!/!(-8!-%![#-5$B$+(!3(!*$-+&$,$1(+$P1!*%!.&4+5$+(-!'!*%-%'-!(1'&2
,(3%-<!9#%!-%!(1(3$d(1<!+(5%)'&$d(1!/!(8-3(1!+'1!%3!B$1!*%!+(&(+5%&$d(&!
3(!-%I#(3$*(*!-(3#*(;3%!.'&!'.'-$+$P1!(!%33'-6!
H%+$&3'!5'*'!/!,'-5&(&3'!5'*'!.(&(!-(;%&3'!5'*'6!:$!%-5%!%-!%3!.&$1+$2
.$'!9#%!3(!O3#-5&(+$P1!.3(15%(!+','!,'5'&!*%!3(!-'+$%*(*!,'*%&1(<!%-!
.'&9#%!&%+'1'+%!3(!3$,$5(+$P1!*%!1#%-5&'-!,%*$'-!(!3(!0'&(!*%!+'1'2
+%&!3'!9#%!1'-!&'*%(6!:(;%,'-!9#%!1#%-5&'-!-%15$*'-!1'!-'1!-$%,.&%!
B$(;3%-! /! 9#%! 1#%-5&(-! .%&+%.+$'1%-! .#%*%1! -%&! %&&P1%(-6! D%&'<!
(*%,4-<!9#$%1%-!1'-!&'*%(1!.#%*%1!,%15$&<!'+#35(&!'!5%&)$G%&-(&!3(!
&%(3$*(*<! $)#(3! 9#%! .'*%,'-! 0(+%&3'! 5C! /! /'6! H%! (08! 3(! $,.'&5(1+$(!
%-%1+$(3!*%!3(!+'1B%-$P1!)#$(*(<!*%!3(!$15%&.&%5(+$P1!*%3!(143$-$-k!.%&'!
5(,;$>1!%3!(1-$(!.'&!G%&3'!5'*'<!9#%!G(!*%-*%!3'-!(#5P,(5(-!*%!m(#2
+(1-'1!(!3(!';-%-$P1!*%3!+$1%!.'&1')&4B$+'! .'&!3(!%/(+#3(+$P1! ?/! -#!
+&%+$%15%!$15%&>-!.'&!3(!%/(+#3(+$P1!B%,%1$1(<!9#%!0(+%!.'&!B$1!G$-$2
;3%! %3! ,(/'&! -%+&%5'! *%! 5'*'-r! %3! .3(+%&! B%,%1$1'?! .(-(1*'! .'&! 3(-!
B'5')&(B8(-!*%3!,'G$,$%15'!*%!h#/;&$*)%!'!3(-!*%!3(-!+&$-$-!0$-5>&$+(-!
%1!W(!:(3.~5&$x&%6!W(!G$-$P1!*%3!+#%&.'!+','!,(9#$1(&$(!33%G(!(!($-3(&!
-#-!B%1P,%1'-<!(!*$G$*$&3'-!%1!.(&5%-!+'1!3(!%-.%&(1d(!*%!9#%!(9#%2
33'!9#%!%-54!'+#35'!-(3)(!(!3(!3#d6!W(!*#*(!%,.#[(!(!9#%&%&!-(;%&6!
F-8! -%! $1-5(#&(1! 3'-! *'-! .#15'-! *%! '&$)%1! 9#%! B#1*(1! %3! %I0$;$+$'2
1$-,'!+'15%,.'&41%'6!73!.&$,%&'!%-!%3! .&$1+$.$'!;%&o%3%$(1'! `%--%!

ZUX!!
%-5! .%&+$.$a<! -%&! %-! -%&! .%&+$;$*'6! W'! 9#%! '+#&&%! %1! %3! $15%&$'&! *%3!
+#%&.'!'!*%!3(!+'1+$%1+$(<!3'!9#%! .%&,(1%+%!'+#35'!(! 3(! G$-5(<! 3'! -%2
+&%5'<! .'*&8(! .(-(&! .'&! 1'! %I$-5%15%6! W'-! 0#,(1'-! -','-! +&$(5#&(-!
+',#1$+(5$G(-! /! 1%+%-$5(,'-! 9#%! -%! -%.(! *%! 1#%-5&(! %I$-5%1+$(6! :%!
+',.3%,%15(!3(!1%+%-$*(*!*%!+'1'+%&!+'1!3(!*%!-%&!&%+'1'+$*'<!.%&'!
5(,;$>1! -%!.&'*#+%1! 5%1-$'1%-! %15&%! (,;(-6!73! -%)#1*'! %-! 3(! G(1$2
*(*<! .&'G'+(*(! .'&! 3(! $*%(! &',415$+(! *%3! /'! +','! %15$*(*! )%1$(3<!
C1$+(!/!+&%(5$G(<!*%!3(!9#%!*%&$G(!%-(!$,()%1!&%.%5$*(!0(-5(!3(!14#-%(!
*%3!+'.'!*%!1$%G%<!-%)C1!3(!+#(3!5'*'-!-','-!.(&%+$*'-<!.%&'!5(,;$>1!
%-.%+$(3%-6! ^1(! 1'+$P1! 5(1! -$,.3%! +','! %-(! [#-5$B$+(! .'&! -8! -'3(! 3(!
+&%%1+$(!*%!9#%!5'*'!3'!9#%!0(+%,'-!,%&%+%!-%&!+',.(&5$*'6!h%&%2
+%,'-!9#%!-%!-%.(!9#$>1%-!-','-<!/!-','-<!-';&%!5'*'<!1#%-5&'!-%I'6!
D%&'!3'!9#%!B#1+$'1(!.(&(!3'-!-#[%5'-!1'&,(3%-!5(,;$>1!3'!0(+%!.(&(!
3'-!(1'&,(3%-6!W(-!0%&&(,$%15(-!+'1!3(-!9#%!-%!,(15$%1%!3(!W%/!-'1!
3(-!,$-,(-!9#%!.%&,$5%1!(5(+(&3(6!F-8!%-!+','!:(*%!&%5',(!3(-!*'+2
5&$1(-!,>*$+(-!*%!-#!5$%,.'!/!3(-!-#;G$%&5%!.(&(!+&%(&!#1!'&*%1!1#%2
G'! /! *$-5$15'! *%3! .&'.#%-5'! .'&! 3(! F15&'.'3')8(! ,'&(36! 71! 3#)(&! *%!
*$-5$1)#$&!%15&%!0',;&%-!/!,#[%&%-<!*$G$*%!3(!0#,(1$*(*!%15&%!3$;%&2
5$1'-! /! G8+5$,(-! %,.3%(1*'! 3'-! ,$,'-! .&$1+$.$'-! ,(5%&$(3$-5(-! *%3!
*%5%&,$1$-,'! ;$'3P)$+'6! W(! *$B%&%1+$(! %15&%! 3(! -%1-$;$3$*(*! *%! 3(-!
G8+5$,(-! /! 3(! *%! 3'-! 3$;%&5$1'-! -$5C(! (! 3(-! .&$,%&(-! %15&%! 3(-! ,(-(-!
(1P1$,(-!-$1!G'd<!,$%15&(-!9#%!3'-!-%)#1*'-!&%$G$1*$+(1!3(!-$1)#3(2
&$*(*! +'1! 3(! 9#%! 3%-! 0(! *'5(*'! 3(! 1(5#&(3%d(6! :#-! *%-%'-! /! .(-$'1%-!
1'!.#%*%1!+%1-#&(&-%!-$!-'1!1(5#&(3%-6!:(*%!(*'.5(!%3!*$-+#&-'!$3#-2
5&(*'! .(&(! -#-! ,$-,'-! .&'.P-$5'-r! +&$5$+(&! %3! .'*%&! /! %3$,$1(&! 3'-!
.&%[#$+$'-6!:$1!%,;(&)'<!-#-!&%-#35(*'-!-'1!'.#%-5'-!(!3'-!%-.%&(*'-6!
71!3#)(&!*%!'B&%+%&!#1(!,'&(3!$)#(3$5(&$(<!3(!-#/(!%-!#1(!,'&(3!*%!-%2
g'&%-!+#/(!.(-$P1!+'1*#+%!(3!h(3!(;-'3#5'6!
W(! $,.'&5(1+$(! *%3! .%1-(,$%15'! -(*$(1'! &(*$+(! %1! -#! *%B%1-(! *%3!
$1-5$15'!-%I#(3!+','!.&$1+$.$'!$*%15$5(&$'6!7-5(!$*%(!*%!9#%!%I$-5%!#1!
B'1*'!.&$,$5$G'<!(1$,(3!'!5&(1-)&%-'&!'+#35'!;(['!3(-!+(.(-!+#35#&(3%-!
-%&4!%-%1+$(3!.(&(!3(!h'*%&1$*(*<!9#%!5&(5(&4!*%!+'15&'3(&(3(<!.'&!#1!
3(*'<!%!$1+%15$G(&3(!.'&!%3! '5&'6! K3(o%! +',.(&5%!+'1!:(*%! %-(! G$-$P1!
.'-$5$G(!*%!3'!9#%!>3!33(,(!71%&)8(!+&%(*'&(!/!9#%!*(!3#)(&!5(15'!(!3(!
.%&.%5#(+$P1!*%!3(!%-.%+$%!+','!(!3(-!1#%G(-!';&(-!(&58-5$+(-6!F!.%2
-(&! *%! -#! +'1+%.+$P1! *%3! #1$G%&-'! +','! #1! +',.3%['! *%! +'1B3$+5'-!

! ZUL!
.%&.%5#'-<!-#!.%&-.%+5$G(!%-!,#+0'!,4-!;%1>G'3(!9#%!3(!*%!:(*%!/!3%!
-$&G%!*%!;(-%!.(&(!#1(!>5$+(!3$;%&5(&$(!*%3!%I+%-'6!
W(! -%1-$;$3$*(*! &',415$+(! %-54<! %1! %-%! -%15$*'<! ,4-! .&PI$,(! (! :(*%!
9#%!(!K3(o%<!/(!9#%!(3!)$&(&!3(!,$&(*(!0(+$(!%3!.&'.$'!$1*$G$*#'!.$%&2
*%! 3(! +%&5%d(! %1! 3(! %I$-5%1+$(! *%3! ,#1*'! /! *%! 3(-! '5&(-! ,%15%-6! D'&!
%-(! &(dP1! -%! +(&(+5%&$d(! %3! -%I'! +','! .&';3%,45$+'6! W(! ;%33%d(! /! %3!
(,'&!1'!-'1!,4-!9#%!-$)1'-!*%!3(!B(5(3$*(*!.'&!G%1$&6!H%!%-5%!,'*'<!
%3!*%-%'!-%!+'1G$%&5%!(3!,$-,'!5$%,.'!%1!%3!3#)(&!*%!3(!+'1+$%1+$(!/!
*%!3(!5&()%*$(6!:$!%3!\',(15$+$-,'!%-!(15$;#&)#>-!%-!.'&9#%!-(+(!(!3(!
3#d!%-%!-%+&%5'<!.%&'!1'!.'&9#%!-#-!;(-%-!$*%'3P)$+(-!-%(1!*$-5$15(-6!
7-%!.'-'!.&%+$G$3$d(5'&$'!/!.&%0#,(1'!?.'&!5(15'!.%&G%&-'?!-%&4!%3!
9#%!'5'&)#%!(3!-%I'!-#!+(&4+5%&!B(-+$1(15%!/!5%,$;3%<!%3!9#%!*>!3#)(&!(!
3(-!%-5&(5%)$(-!*%!'&*%1(+$P1!*%3!*$-.'-$5$G'!*%!-%I#(3$*(*!9#%!*$G$2
*$&41!3'-!-#[%5'-!%15&%!1'&,(3%-!/!(1'&,(3%-!/!%3!9#%<!(!5&(G>-!*%!3(!
.-$9#$(5&8(<!&%+#.%&%!3(-!5>+1$+(-!*%!3(! $19#$%5#*!*%!-8! +34-$+(! B$35&(2
*(-! .'&! 3(! +'1B%-$P1! +&$-5$(1(6! h$%15&(-! 3(! -'+$%*(*! *%5%&,$1(! 3(-!
B&'15%&(-!*%!3(!W%/<!3'-!(&5$-5(-!'B&%+%1!3(-!.'-$;$3$*(*%-!.(&(!(5&(G%2
-(&3(-6!
:%I#(3$*(*%-!%I5&%,(-!+','!3(!-$1B'&'B$3$(!?3(!%I+$5(+$P1!-%I#(3!.&'2
G'+(*(! .'&! +(54-5&'B%-?! *%! E&(-0! '! 3(! %I'B$3$(! *%! h%&+#&/! *%! :(*%!
B#%&d(1!*%-*%!3(!B$++$P1!3'-!38,$5%-!*%!3'!(*,$-$;3%<!*(1*'!G8(!3$;&%!(!
3(!$,()$1(+$P1!/!(!B'&,(-!1#%G(-!*%!%15%1*%&!3'-!+#%&.'-<!3(!$15$,$2
*(*<!%3!*%-%'!/!-#!-(5$-B(++$P16!K';!j3(1()(1!.'1%!%1!-#-.%1-'!5'*(-!
3(-!.&%-#1+$'1%-!-';&%!%3!*'3'&!/!3(!%1B%&,%*(*<!-';&%!3(!,%*$+$1(!/!
3(-!&%3(+$'1%-!*%!.'*%&6!D'&! -#! .(&5%<! 3(!;(&'1%-(! 73-(!G'1!j&%/5()2
W'&$10'G%1<!E3(#*%!E(0#1!'! F11%! W$-5%&!*$B#,$1(1! 3(-!;(&&%&(-!*%3!
)>1%&'!(!5&(G>-!*%!3(! .%&B'&,(1+%<!3(!B'5')&(B8(<!3(!3$5%&(5#&(!'!3(!G$2
*(<!+&%(1*'!$*%15$*(*%-!&(*$+(3%-!*$B8+$3%-!*%!+3(-$B$+(&6!]-+(&!J$3*%<!
3'-!*(1*$-<!3'-!.'%5(-!&',415$+'-!/!-$,;'3$-5(-<!K3(o%<!:(*%<!K(5($33%k!
5'*'-!%33'-!+#%-5$'1(1!3(-!5%1-$'1%-!%15&%!3(!W%/!/!3(!5&(1-)&%-$P16!
73!-%I'!%-!%3!)&(1!.&';3%,(!*%!3(!h'*%&1$*(*<!*%-*%!%3!-$)3'!AmOOO!0(-2
5(!0'/6!E(*(!#1'!*%!%-5'-!+&%(*'&%-!.'1%!%1!%G$*%1+$(!3(!B$++$P1!-'2
;&%!3(!9#%!-%!-#-5%15(!3(!+$G$3$d(+$P1!'++$*%15(3<!9#%!1'!%-!'5&(!9#%!3(!
*$G$-$P1! %15&%! ,#[%&%-! /! 0',;&%-6! H%-*%! 3(! +#35#&(! 9#%%&! ?9#%! %12
5$%1*'! *%! B'&,(! (,.3$(<! $1+3#8*(-! 5'*(-! 3(-! -%I#(3$*(*%-! /! )>1%&'-!
-#;G%&-$G'-! 9#%! .'1%1! %1! *#*(! 3(-! $*%15$*(*%-! B$[(-! /! %3! ;$1(&$-,'!

ZUY!!
-%I#(3?<! &%.&%-%15(*(! .'&! %3! .(-%'! *%-1#*'! *%! W(d3'! D%(&3,(1! .'&!
3(-! +(33%-! *%! K(&+%3'1(<! .#%*%! 5&(d(&-%! #1(! 381%(! 9#%! 33%G(&8(! 0(-5(!
H$P)%1%-! ,(-5#&;41*'-%! %1! %3! 4)'&(! *%! F5%1(-6! ^1! )%-5'! (3! ,$-,'!
5$%,.'!(&58-5$+'!/!B$3'-PB$+'<!;#&3P1!/!-%&$'<!%1!%3!9#%!#1!-$,.3%!+#%&2
.'!&$*$+#3$d(!3(!,'&(3!/!3(!1'&,(3$*(*<!,#%-5&(!1#%-5&'-!.&%[#$+$'-!/!
1'-!0(+%!&%.3(15%(&1'-!1#%-5&(-!+&%%1+$(-6!E#(1*'!3'!1'&,(3!%-!&%2
.%5$&!#1'-!.(5&'1%-!9#%!-',%5%1<!(8-3(1<!+'&&$)%1!/!*$-+&$,$1(1!*%2
5%&,$1(*'-!+#%&.'-!/!*%-%'-!.'&9#%!1'!-%!([#-5(1!(!#1!,'*%3'!1(2
5#&(3$d(*'! 9#%! 1'! %-! ,4-! (.&'.$(*'<! 1$! ,4-! [#-5'<! 1$! ,%['&! 9#%! 3(-!
(35%&1(5$G(-! .'-$;3%-<! %15'1+%-! 5&(1-)&%*$&3'-<! -%&! (1'&,(3<! %-! #1(!
1%+%-$*(*6!='*(!+'1+$%1+$(!+&85$+(!%-54!%,.%g(*(!%1!';-%&G(&!-#!%12
5'&1'<! +#%-5$'1(&! -#-! .&%-#.#%-5'-! /! 'B&%+%&! #1(! 1#%G(! .'>5$+(! (!
+(,;$'6!71!'5&(-!.(3(;&(-<!-#!5(&%(!%-!B(3-$B$+(&!3(!,'1%*(!%1!+#&-'6!

! ZUQ!
KOKWO]@\FjMF!
uRQXZvr! W(!-(15(!K$;3$(6!h(*&$*<! K$3;('<! K')'54<!K#%1'-! F$&%-<! E(&(2
+(-<!h>I$+'<!:(15$()'!/!EP&*';(<!7*$+$'1%-!.(#3$1(-6!
uRQLLvr! W(!+&%(+$P1!(;$%&5(!/!-#-!%1%,$)'-6!=%I5'-!-$5#(+$'1$-5(-!-'2
;&%!(&5%!/!#&;(1$-,'6!h(*&$*<!W(!D$9#%5(6!
uVUUZvr! `H(G$*! \%$,%&6! =0%! K'/! J0'! W$G%*! (-! (! @$&3a<! EKE! N%Å-!
]13$1%! 71! 381%(Ä6! RU! *%! ,(/'! *%! VUUZ6!
ï055.r||ÅÅÅ6+;+6+(|1%Å-|;(+o)&'#1*|&%$,%&|ñ! E'1-#35(r! S!
()'-5'!VURRÄ6!
uVUULvr!`F1(5',/!'B!50%!H(1*/a<!H(1*/-,61%5!71!381%(Ä6!RT!*%!(;&$3!
*%! VUUL6! ï055.r||ÅÅÅ6*(1*/$-,61%5|ZVY|ñ! E'1-#35(r! RS! [#3$'! *%!
VURTÄ6!
uVUUYvr!`E#(1*'!(;#-(,'-!*%3!(;#-'!,(+0$-5(t!3'!9#%!-'1!/!3'!9#%!
9#%&%,'-!9#%!-%(1!3(-!&%3(+$'1%-!%15&%!0',;&%-!/!,#[%&%-a<!7o$15d(!
Ñ#d%1(<!1C,6!ST<!..6!QU2QX6!
FEw7\hFN<!H$(1%!uRQQRvr! ^1(!0$-5'&$(!1(5#&(3!*%!3'-!-%15$*'-6!K(&+%2
3'1(<!F1()&(,(6!
FEw\]OH<!D%5%&!uRQQTvr!K3(o%6!N#%G(!f'&o<!K(33(15$1%!K''o-6!
FE]:=F<! 7*#(&*'! uRQQLvr! j$3P-'B'-! +81$+'-! /! +$&%1($+'-6! F15'3')8(!
+',%15(*(6!K(&+%3'1(<!E8&+#3'!*%!W%+5'&%-6!
F@^OWF<!^&-#3(!*%3!uVUUQvr!`W%!.'&1'!3%-;$%1<!#1%!(BB($&%!*%!B%,,%-a<!
=~5#! 71! 381%(Ä6! VZ! *%! *$+$%,;&%! *%! VUUQ6!
ï055.r||ÅÅÅ65%5#6+',|(+5#(3$5%-|+#35#&%|3%2.'&1'23%-;$%12#1%2
(BB($&%2*%2B%,,%-2RZULSñ!E'1-#35(r!T!*%![#1$'!*%!VURSÄ6!
FW7AFNH7\<! p'1(50(1! uRQQQvr! `O15&'*#+5$'1! 5'! 50%! -.%+$(3! $--#%r!
9#%%&!G(3#%-<!;%/'1*!$*%15$5/a6! p'#&1(3!'B!@(/<!W%-;$(1<!(1*!K$-%I#(3!
O*%15$5/<!G'36!Z<!1C,6!Z<!..6!VYL2VQV6!
FWOF@F<! p#(1! m$+%15%! uVUURvr! E3(#*%! E(0#1r! O1-5$5#5! m(3%1+$y! *sF&5!
h'*%&1<!m(3%1+$(Ä<!Y2AO2VUUR!2!VU2O2VUUV6!m(3%1+$(<!OmFh6!

! ZRR!
FWW7JfN<!\$+0(&*!uRQYVvr!D&';3%,(-!/!B$)#&(-6!K(&+%3'1(<!F3B(6!
Fh]\_:<! h$9#%3! uVUULvr! ìH%-*%! (;(['! /! *%-*%! (B#%&(î6! D&'/%+5$3%-6!
h(*&$*<!K&#3'56!
F\7NH=<!i(11(0!uRQLZvr! W'-!'&8)%1%-!*%3!5'5(3$5(&$-,'6!h(*&$*<!=(#2
&#-6!
F\O:=_jFN7:!uVUUYvr! W(-!1#;%-6!71! W(-!1#;%-6!W$-8-5&(5(6!H$1%&'6!h(2
*&$*<!F3$(1d(!7*$5'&$(3<!..6!ST2RRZ6!
F\O:=_=7W7:!uRQQZ(vr!h%5(B8-$+(6!h(*&$*<!@&%*'-6!
ۛ!uRQQZ;vr!\%.&'*#++$P1!*%!3'-!(1$,(3%-6!h(*&$*<!@&%*'-6!
ۛ!uRQQZ+vr!\%5P&$+(6!h(*&$*<!@&%*'-6!
ۛ!uRQQQvr!D'>5$+(6!h(*&$*<!@&%*'-6!
F^:=ON<! p'01! W6! uRQQQvr! `7,$-$'1%-! &%(3$d(5$G(-a6! 71! mFWHl:<! W#8-! h6!
uE',.$3(*'&v6! W(!;C-9#%*(!*%3!-$)1$B$+(*'6!h(*&$*<!=%+1'-<!..6!ZRQ2
ZSZ6!
FÑóF<! j>3$I! *%! uRQQRvr! K(#*%3($&%! /! %3! (&5$-5(! *%! 3(! G$*(! ,'*%&1(6!
D(,.3'1(2O&#g(<!D(,$%3(6!
KFWWF\H<!p(,%-!@6!uVUURvr!E&(-06!N#%G(!f'&o<!D$+(*'&6!
ۛ!uVUUSvr!\(-+(+$%3'-6!h(*&$*<!h$1'5(#&'6!
ۛ!uVUUXvr!=0%!F5&'+$5/!7I0$;$5$'16!W'1*&%-<!i(&.%&!D%&%11$(36!
ۛ!uVUUQvr!73!$,.%&$'!*%3!-'36!K(&+%3'1(<!\(1*',!i'#-%!h'1*(*'&$6!
KFw^NON<! h$[($3! uRQQUvr! 7-+&$5'-! *%! B$3'-'B8(! .'385$+(<! R6! h(*&$*<!
F3$(1d(!7*$5'&$(36!
KF\K7f!HzF^\7mOWWf<!p#3%-!uRYQLvr!]B!H(1*/$-,!(1*!@%'&)%!K&#,,%336!
W'1*&%-<! p6! h6! H%15! â! E',.(1/! 71! 381%(Ä6!
ï055.-r||(&+0$G%6'&)|*%5($3-|'B*(1*/$-,'B)%'&UU;(&;ñ! E'1-#35(!
VZ!()'-5'!*%!VURTÄ!
KF\=i7:<!\'3(1*!uVUUUvr!h$5'3')8(-6!h(*&$*<!:$)3'!AAO6!
ۛ!uVURUvr!:(*%<!j'#&$%&<!W'/'3(6!h(*&$*<!E45%*&(6!
KF\KF<!F1*&>-!/!h]N=7:<!p(G$%&!uVUULvr!W(!+%&%,'1$(!*%3!.'&1'6!K(&2
+%3'1(<!F1()&(,(6!

ZRV!!
KF=FOWW7<!@%'&)%-!uRQLQvr! 73!'['!.$1%(3<!.&%+%*$*'! *%! 73!(1'!-'3(&!/!
:(+&$B$+$'-6!m(3%1+$(<!D&%2=%I5'-6!
ۛ!uRQYLvr! W(!.(&5%!,(3*$5(<!.&%+%*$*(!*%! W(!1'+$P1!*%!)(-5'6!K(&+%2
3'1(<!O+(&$(6!
ۛ!uVUUVvr!73!%&'5$-,'6!K(&+%3'1(<!=#-9#%5-6!
ۛ!uVUUZvr!73!(d#3!*%3!+$%3'6!K(&+%3'1(<!=#-9#%5-6!
ۛ!uVURU(vr!i$-5'&$(!*%3!'['6!K(&+%3'1(<!=#-9#%5-6!
ۛ!uVURU;vr!W(!3$5%&(5#&(!/!%3!,(36!K(&+%3'1(<!N'&5%-#&6!
KF^H7WFO\7<!E0(&3%-!uRQYXvr!D%9#%g'-!.'%,(-!%1!.&'-(6!W'-!.(&(8-'-!
(&5$B$+$(3%-6!h(*&$*<!F3$(1d(!7*$5'&$(36!
ۛ!uRQYQvr!W(!B(1B(&3'6!K(&+%3'1(<!h'15%-$1'-6!
ۛ! uRQQTvr! 73! .$15'&! *%! 3(! G$*(! ,'*%&1(6! h#&+$(<! E'3%)$'! 'B$+$(3! *%!
(.(&%[(*'&%-!/!(&9#$5%+5'-!5>+1$+'-6!
ۛ!uRQQQ(vr!73!%-.381!*%!D(&8-6!h(*&$*<!F3$(1d(!7*$5'&$(36!
ۛ!uRQQQ;vr!h$!+'&(dP1!(3!*%-1#*'!/!'5&'-!%-+&$5'-!.P-5#,'-6!h(*&$*<!
m(3*%,(&6!
ۛ!uVURSvr!W(-!B3'&%-!*%3!,(36!h(*&$*<!E45%*&(6!
KF^H\OWWF\H<!p%(1!uRQYXvr!]3G$*(&!(!j'#+(#356!m(3%1+$(<!D&%2=%I5'-6!
ۛ!uVUUR(vr!73!'5&'!.'&!-8!,$-,'6!K(&+%3'1(<!F1()&(,(6!
ۛ! uVUUR;vr! W(! 5&(1-.(&%1+$(! *%3! ,(36! 71-(/'! -';&%! 3'-! B%1P,%1'-!
%I5&%,'-6!K(&+%3'1(<!F1()&(,(6!
ۛ! uVURUvr! :$,#3(+&(! (1*! :$,#3(5$'16! F11! F&;'&<! =0%! h$+0$)(1! ^1$2
G%&-$5/!D&%--6!
KFA=7\<!p%(11%55%!u%*6v!uVURZvr!p6!@6!K(33(&*6!W'1*&%-<!E'15$1##,6!!
K7F^m]O\<!:$,'1%!*%!uVUUUvr!bi(/!9#%!9#%,(&!(!:(*%c!h(*&$*<!m$-'&6!
ۛ!uVUUVvr!73!-%)#1*'!-%I'!uV!G'3-6v6!h(*&$*<!E45%*&(6!
K7\F\HO<! j&(1+'! uVUUSvr! W(! B4;&$+(! *%! 3(! $1B%3$+$*(*6! N#%G(-! B'&,(-!
*%!5&(;(['!/!,'G$,$%15'!)3';(36!h(*&$*<!=&(B$+(15%-!*%!:#%g'-6!

! ZRS!
KO\w7N<! W(Å&%1+%! uRQQVvr! `h(*(,%! K'G(&/! (1*! 50%! H$--'3#5$'1! 'B!
K'#&)%'$-!:%I#(3$5/6a! p'#&1(3!'B!50%!i$-5'&/!'B!:%I#(3$5/<!G'36!V<!1C,<!
Z<!..6XUQ2XVU6!
KW]]h<! i(&'3*! uRQLZvr! W'-! .'%5(-! G$-$'1(&$'-! *%3! &',(15$+$-,'!
$1)3>-6!K3(o%<!K/&'1<!:0%33%/<!w%(5-6!K(&+%3'1(<!K(&&(36!
K]H7O<!\%,'!uRQQQvr!W(!B'&,(!*%!3'!;%33'6!h(*&$*<!m$-'&6!
K]:J7WW<!p'01!uRQYUvr! E0&$-5$(1$5/<!:'+$(3!='3%&(1+%<!(1*!i','-%I#2
(3$5/6!@(/!D%'.3%!$1!J%-5%&1!7#&'.%!B&',!50%!K%)$11$1)!'B!50%!E0&$-2
5$(1!7&(!5'!50%!j'#&5%%150!E%15#&/6!W'1*&%-!/!E0$+()'6!=0%!^1$G%&-$2
5/!'B!E0$+()'!D&%--6!
K]^\HO7^<!D$%&&%!uRQQYvr! W(!*$-5$1+$P16!E&$5%&$'-!/!;(-%-!-'+$(3%-!*%3!
)#-5'6!h(*&$*<!=(#&#-6!
K]J7\<! @(G$1! p6! uVURSvr! E3(#*%! E(0#1r! =0%! :'3*$%&! Å$50! 1'! N(,%6!
J$1+0%-5%&!/!J(-0$1)5'1<!Ñ%&'!K''o-6!
K\FH:=]Ew<!F1*&%Å!uVURRvr! \(*$+(3!\%3$)$'1!$1!E&',Å%33z-!71)3(1*6!
F!E'1+$-%!i$-5'&/!B&',!50%!71)3$-0!E$G$3!J(&!5'!50%!71*!'B!50%!E',2
,'1Å%(3506!W'1*&%-!/!N#%G(!f'&o<!O6!K6!=(#&$-6!
K\FNiFh<! \6! K&(+05! h(&$%2]*$3%! u%*-6v! W'-! +81$+'-6! K(&+%3'1(<! :%$I!
K(&&(36!
K\7@7\<!E3(#*$(!uVUUTvr!`j%,%1$1%!h(-+#3$1$5$%-r!:+$%15$B$+!(1*!W$52
%&(&/! \%.&%-%15(5$'1-! 'B! ìj%,(3%! O1G%&-$'1î! (5! 50%! =#&1! 'B! 50%!
=Å%15$%50!E%15#&/6a! p'#&1(3!'B!50%!i$-5'&/!'B!:%I#(3$5/<!G'36!RZ<!1ò!R2
V<!..6!LX2RUX6!
K\]N]J:wO<! p(+';! uRQLVvr! J$33$(,! K3(o%! (1*! 50%! F)%! 'B! \%G'3#5$'16!
W'1*&%-<!\'#53%*)%!â!w%)(1!D(#36!
K^\EwiF\H=<!p(+';!uRQQXvr! W(!+#35#&(!*%3!\%1(+$,$%15'!%1!O5(3$(6!h(2
*&$*<!7*(B6!
Kô\@7\<!F#)#-5!@6!/!@]7=i7<!p'0(11!J6!G'1!uVURTvr! W'-!,#%&5'-!+(2
;(3)(1!*%.&$-(r!W%1'&(!/!W(!1'G$(!*%!E'&$15'6!h(*&$*<!]B$+$1(!*%!(&5%!
/!%*$+$'1%-6!
K^=W7\<!p#*$50!uVUUUvr!`O,$5(+$P1!%!$1-#;'&*$1(+$P1!*%!)>1%&'a6! \%2
G$-5(!*%!]++$*%15%<!1C,6!VST<!..6!YT2RUQ6!

ZRZ!!
ۛ! uVUURvr! 73! )>1%&'! %1! *$-.#5(6! 73! B%,$1$-,'! /! 3(! -#;G%&-$P1! *%! 3(!
$*%15$*(*6!h>I$+'<!H6!j6<!D($*P-6!
ۛ!uVUUVvr! E#%&.'-!9#%!$,.'&5(16!:';&%!3'-!38,$5%-!,(5%&$(3%-!/!*$-2
+#&-$G'-!*%3!`-%I'a6!K#%1'-!F$&%-<!D($*P-6!
ۛ!uVUUXvr!H%-0(+%&!%3!)>1%&'6!K(&+%3'1(<!D($*P-6!
EFDFNNF<! D(;3'! uVUUQvr! p6@6! K(33(&*6! 73! 5$%,.'! *%-'3(*'6! h(*&$*<!
F3(,#56!
EF\=7\<!F1)%3(!uRQYRvr!W(!,#[%&!-(*$(1(6!K(&+%3'1(<!7*0(-(6!
EF:=O@WO]N7<!K(3*(--(&%!uRQQZvr!73!+'&5%-(1'6!h(*&$*<!E45%*&(6!
EF:=OWWF<! E(&3'-! uRQLTvr! O15&'*#++$P1! (3! ,(-'9#$-,'6! h(*&$*<!
F3$(1d(!7*$5'&$(36!
EFm7WW<!:5(13%/!uRQYTvr!`h#-5!J%!h%(1!J0(5!J%!:(/ca6!71!h#-5!J%!
h%(1!J0(5!J%!:(/c!N#%G(!f'&o<!E(,;&$*)%!^1$G%&-$5/!D&%--6!
ۛ! uVUUV(vr! 71! ;#-+(! *%! 3'! '&*$1(&$'6! W81%(-! *%3! %-+%.5$+$-,'! /! &'2
,(15$+$-,'6!h(*&$*<!E45%*&(6!
ۛ! uVUUV;vr! ^1! 5'1'! *%! B$3'-'B8(6! 7[%&+$+$'-! (#5';$')&4B$+'-6! h(*&$*<!
F15'1$'!h(+0(*'!W$;&'-6!
ۛ! uVUUSvr! \%$G$1*$+(+$'1%-! *%! 3(! &(dP16! J$55)%1-5%$1<! %-+%.5$+$-,'<!
,'&(3$*(*!/!5&()%*$(6!h(*&$*<!:815%-$-6!
E7KFWW]:<!F3B'1-'!uVURSvr`Öf'!9#$%&'!-%&!#1!,(+0'! ,(1Ü!W(!ì&%.&%2
-%15(+$P1î! +(,.! *%! 3(! ,(-+#3$1$*(*! %1! 3(! $*%15$*(*! )(/23%(50%&a<!
i(&5d(! 71! 381%(Ä6! ï055.r||ÅÅÅ60(&5d(6+',|,(+0',(1605,ñ!
E'1-#35(r!VS!,(/'!*%!VURSÄ6!
EiFhK7\:<! :(,#%3! uVUULvr! `࣮:%I࣭! (1*! 50%! D&';3%,! 'B! 50%! K'*/r! \%2
+'1-5&#+5$1)!p#*$50!K#53%&s-!=0%'&/!'B!:%I!|!@%1*%&a6!K'*/!â!:'+$%5/<!
G'36!RS<!1C,6!Z<!..6!ZL2LT6!
Ei7:=7\=]N<! @$3;%&5! w6!uVUULvr! J$33$(,! K3(o%6! m(3%1+$(1(! *%! 3(! E'12
+%.+$P1<!7-.#%3(!*%!.3(5(6!
Ei^\Ei! @$;-'1<! D(,%3(! /! @OK:]N<! \',(! u%*-6v! uRQQSvr! H$&5/! W''o-6!
J',%1<!D'&1')&(.0/<!D'Å%&6!W'1*&%-<!K&$5$-0!B$3,!$1-5$5#5%6!

! ZRT!
EOA]^:<!i>3x1%!uVUURvr! W(!&$-(!*%!3(!,%*#-(6!71-(/'-!-';&%!3(!%-+&$2
5#&(6!K(&+%3'1(<!F150&'.'-6!
EWF\w<! F11(! uRQQXvr! `F11%! W$-5%&z-! E'1-5&#+5$'1! 'B! W%-;$(1! O*%15$2
5/6a!p'#&1(3!'B!50%!i$-5'&/!'B!:%I#(3$5/<!G'36!L<!1ò!R<!..6!VS2TU6!
E]WFOÑÑO<! @$#3$(! uVUUXvr! @>1%&'! /! &%.&%-%15(+$P16! D'-5%-5&#+5#&(3$-2
,'!/!+&$-$-!*%!3(!,'*%&1$*(*6!h(*&$*<!K$;3$'5%+(!N#%G(6!
ۛ!uVUULvr!`H&()!/! +(,.r!%-+&$5#&(!*%3!+#%&.'!/!.&'*#++$P1!*%!-%15$2
*'a6!71! W(!.(-$P1!*%3!-$)1$B$+(15%6!h(*&$*<!K$;3$'5%+(!N#%G(<!..6!RVS2
RXT6!
E]N\FH<! \/(1! u%*6v! uVURZvr! F)($1-5! 79#(3$5/6! "#%%&! \%G'3#5$'1<! 1'5!
h%&%!O1+3#-$'16!](o3(1*<!7*$,;#&)'!/!K(35$,'&%<!Fw!D&%--6!
E_\H]KF<! H(G$*! uVUUSvr! `O*%15$*(*! -%I#(3! /! .%&B'&,(5$G$*(*a6! F52
0%1%(!H$)$5(3<!1C,6!Z<!..6!YL2QX6!
E]\N7WW<! D(5&$+$(! u%*6v! uVUUUvr! j%,$1$-,! (1*! D'&1')&(.0/6! N#%G(!
f'&o<!]IB'&*!^1$G%&-$5/!.&%--6!
E]\:h7f7\<! E(&'3/1! uVUUVvr! 73! -%15$*'! *%3! )#-5'6! E',$*(<! %-5>5$+(! /!
B$3'-'B8(6!K(&+%3'1(<!D($*P-6!
E]:=F<! p'&*$! u*$&6v<! DFWè<! h(&$1(! u+''6v<! D^O@<! \'-(! u(--56v<! @FWKFNf<!
D%.$5(!u+''6v<!=]\\7N=:<!H(G$*!u*$--6v<!@_h7Ñ<!7-5%&!u+'&6v!uVUUYvr!p6!@6!
K(33(&*6!F#5Ç.-$(!*%3!1'#!,$3ö3%1$6!K(&+%3'1(<!E%15&%!*%!E#35#&(!E'12
5%,.'&y1$(!*%!K(&+%3'1(!/!H$.#5(+$P!*%!K(&+%3'1(6!
E]==]h<! H(1$%3! uVUURvr! E(11$;(3-! (1*! D0$3'-'.0%&-r! K'*$%-! 'B!
%13$)051,%156! K(35$,'&%! /! W'1*&%-<! =0%! p'01-! i'.o$1-! ^1$G%&-$/!
D&%--6!
E\F\f<!p'1(50(1!uRQYTvr!`p6!@6!K(33(&*!(1*!50%!D&',$-+#$5/!'B!j'&,-a6!
71! j7i7\<! h$+0(%3! /! wJON=7\<! :(1*B'&*! u%*-6vr! =0%! E'15%,.'&(&/!
E$5/6!N#%G(!f'&o<!Ñ'1%!K''o-6!
E\]N7<! D(5&$+$(! uRQQZvr! `=0%! =&$;%! (1*! 50%! :5(5%a6! 71! iFWW<! p'01! F6!
u%*6v<!=0%!-5(5%r!+&$5$+(3!+'1+%.5-!$1!-'+$'3')/6!W'1*&%-<!\'#53%*)%6!
HFiW<!^3&$o(!uVUUTvr!`73!;(C3!*%!3'-!*$-B&(+%-6!^1!,(1$B$%-5'! B%,,%2
$1$-5(a6!71!\]h7\]<!E(&,%1<!@F\EMF<!:$3G$(!/!KF\@^7O\F:<!E(&3'-!u%*-6v<!
73!%[%!*%3!,(3!%-!0%5%&'-%I#(36!h(*&$*<!=&(B$+(15%-!*%!:#%g'-6!

ZRX!!
HFh]N<!:6!j'-5%&!uRQYYvr! F!K3(o%!H$+5$'1(&/6!=0%!$*%(-!(1*!-/,;'3-!
'B! J$33$(,! K3(o%6! i(1'G%&! /! W'1*&%-<! ^1$G%&-$5/! D&%--! 'B! N%Å! 71)2
3(1*6!
HF\ON@<! E6K6<! \]@^7<! \6! :0(11'1<! H7\OE! /! m]WEFN]<! F;;%/! u%*-6v!
uVURVvr! "#%%&$1)! F1(&+0$-,6! F*&%--$1)! (1*! ^1*&%--$1)! D'Å%&! (1*!
H%-$&%6!](o3(1*<!7*$,;#&)'!/!K(35$,'&%<!Fw!D&%--6!
H7K]\H<! @#/! uVUUTvr! W(! -'+$%*(*! *%3! %-.%+54+#3'6! m(3%1+$(<! D&%2
=%I5'-6!
H7W7^Ñ7<!@$33%-!uVUURvr! D&%-%15(+$P1!*%!:(+0%&2h(-+'+06!W'!B&8'!/!3'!
+&#%36!K#%1'-!F$&%-<!F,'&&#&5#6!
ۛ!uVUUQvr!H$B%&%1+$(!/!&%.%5$+$P16!K#%1'-!F$&%-<!F,'&&'&5#!
H7W7^Ñ7<! @$33%-! /! j]^EF^W=<! h$+0%3! uVUUZvr! `^1! *$43')'! -';&%! %3! .'2
*%&a6!71!j]^EF^W=<!h$+0%36! ^1!*$43')'!-';&%!%3!.'*%&!/!'5&(-!+'1G%&2
-(+$'1%-6!h(*&$*<!F3$(1d(!7*$5'&$(36!
H7W7^Ñ7<!@$33%-!/!@^F==F\O<!j>3$I!uVUUZvr! 73!F15$!7*$.'6!E(.$5(3$-,'!/!
%-9#$d'B&%1$(6!K(&+%3'1(<!D($*P-6!
ۛ! uVUUYvr! h$3! ,%-%5(-6! E(.$5(3$-,'! /! %-9#$d'B&%1$(6! m(3%1+$(<! D&%2
=%I5'-6!
H7h_:=7N7:! uVURRvr! p#$+$'! +'15&(! #1(! .&'-5$5#5(6! h(*&$*<! 7&&(5(!
N(5#&(%6!
H7N=<! :0$&3%/! /! JiO==Fw7\<! p(-'1! uVUUVvr! \(*$+(3! K3(o%6! O1B3#%1+%!
(1*!FB5%&3$B%!FB5%&!RYVL6!N#%G(!f'&o<!D(3)&(G%!h(+,$33(16!
H7\\OHF<!p(+9#%-!uRQYXvr!H%!3(!)&(,(5'3')8(6!h>I$+'!H6!j6<!:$)3'!AAO6!
H7:EF\=7:<!\%1>!uRQQUvr! 73!5&(5(*'!*%3!0',;&%6!h(*&$*<!F3$(1d(!7*$2
5'&$(36!
ۛ!uRQQQvr! H$-+#&-'!*%3!,>5'*'6!O1G%-5$)(+$'1%-!,%5(B8-$+(-6!h(*&$*<!
7-.(-(!E(3.%6!
H7:h]NH<!J$33$(,!uVUUYvr!E/1$+-6!:5'+o-B$%3*<!F+#,%16!
H7:D7N=7:<!m$&)$1$%!uVUULvr!=%'&8(!w$1)!w'1)6!K(&+%3'1(<!h%3#-$1(6!
HOHO2i^K7\hFN<!@%'&)%-!uVUULvr! W(!$1G%1+$P1!*%!3(!0$-5%&$(6!E0(&+'5!
/!3(!$+'1')&(B8(!B'5')&4B$+(!*%!3(!:ç3.%5&$x&%6!h(*&$*<!E45%*&(6!

! ZRL!
H]m7\<!w%11%50!uVUUYvr!i','-%I#(3$*(*!)&$%)(6!K(&+%3'1(<!73E';&%6!
H^HW7f<!H'1(3*!uRQSLvr! F!i$-5'&/!'B!E/1$+$-,6!j&',!H$')%1%-!5'!50%!
X50!E%15#&/!F6H6!W'1*&%-<!h%50#%1!â!E'6!
H^@@FN<!W$-(!/!i^N=7\<!N(1!H6!uVUUXvr! :%I!J(&-6!:%I#(3!H$--%15!(1*!
D'3$5$+(3!E#35#&%6!N#%G(!f'&o!/!W'1*&%-<!\'#53%*)%6!
H^\qN<!@3'&$(!@6!uVURUvr!H(1*/-,'!/!+'15&()>1%&'6!h#&+$(<!E%1*%(+6!
ۛ!uVURSvr!K(&'1%-(!*(1*/!&%$1(!*(*46!W(!G$*(2';&(!*%!73-(!G'1!j&%/2
5()2W'&$1)0'G%16!h(*&$*<!H8(d!â!D'1-!
7FwW]\<! m$+o$! W/11! uVUUYvr! "#%%&! F,%&$+(r! (! @WK=! i$-5'&/! 'B! 50%!
VU50!E%15#&/6!J%-5.'&5<!@&%%1Å''*!D&%--6!
7WOFH7<!h$&+%(!uRQQLvr!`7-.8&$5#<!3#d!/!-$,$%15%a6!71! ]+#35$-,'<!;&#2
[%&8(!/!,'*(-!+#35#&(3%-6!K(&+%3'1(<!D($*P-<!..6!RVQ2RXY6!
7WOF:<!N'&;%&5!uVUUVvr! i#,(1(!+'1*$5$'6!E'1-$*%&(+$'1%-!%1!5'&1'!(!
3(!%G'3#+$P1!*%!3(!0#,(1$*(*6!K(&+%3'1(<!D%181-#3(6!
7\HhFN<! H(G$*! m6! u%*6v! uRQYYvr! =0%! E',.3%5%! D'%5&/! (1*! D&'-%! 'B!
J$33$(,!K3(o%6!N#%G(!f'&o<!F1+0'&!K''o-6!
7:E^H7\]<!h($5%!uVUUQvr!`W(!&%5P&$+(!(,;$G(3%15%!*%!3(!.%&B'&,(1+%!
*&()!o$1)r!%-5%&%'5$.'-!/!.(&'*$(!*%!3(!,(-+#3$1$*(*!%1!#1!+'15%I5'!
(1)3'-([P1a6!F&5%!/!.'385$+(-!*%!$*%15$*(*<!1C,6!R<!..6!ZQ2XZ6!
7:"^ON7:!uVUUVvr!H$-+#&-'-6!=%-5$,'1$'-!/!+(&5(-6!h(*&$*<!@&%*'-6!
7:=7mF<!p#(1!uVUULvr!`W(!B(&,(+$(!*%3!-$)3'! AmOOO6!^1(!5%&(.>#5$+(!;(2
&&'+(a6!]BB(&,6!j(&,(+$(!/!-'+$%*(*<!G'36!VX<!1C,6!Z<!..6!RRY2RVV6!
7:"^OW]<! :_j]EW7:! /! 7^\MDOH7:! uVURVvr! ];&(-! +',.3%5(-6! h(*&$*<!
F3$(1d(!7*$5'&$(36!
jF^:=]2:=7\WON@<! F11%! uVUUXvr! E#%&.'-! -%I#(*'-6! W(! .'385$+(! *%!
)>1%&'!/!3(!+'1-5&#++$P1!*%!3(!-%I#(3$*(*6!K(&+%3'1(<!h%3#-$1(6!
j7H7\OEO<!:$3G$(!uVURUvr! E(3$;41!/!3(!;&#[(6!h#[%&%-<!+#%&.'!/!(+#,#2
3(+$P1!.&$,$5$G(6!h(*&$*<!=&(B$+(15%-!*%!:#%g'-6!
jWFNH\ON<! p%(12W'#$-! uRQYQvr! `W(! *$-5$1+$P1! (! 5&(G>-! *%3! )#-5'a6! 71!
F\Oõ:<! D0$3$..%! /! H^Kf<!@%'&)%-! u%*-6vr! i$-5'&$(! *%! 3(! G$*(! +'5$*$(1(<!
G'36!OOO6!h(*&$*<!=(#&#-6!

ZRY!!
jWfNN<!=0',(-!uRQQRvr!`j'#+(#35!(-!D(&&0%-$(-5r!i$-!W(-5!E'#&-%!(5!
50%! E'33x)%! *%! j&(1+%! uRQYZva6! 71! BERNAUER James y RASMUSSEN,
David: j$1(3!j'#+(#35<!E(,;&$*)%<!hO=!D&%--6!
j]N=E^K7\=F<! p'(1! uRQQUvr! 73! ;%-'! *%! p#*(-6! j'5')&(B8(! /! G%&*(*6!
K(&+%3'1(<!@#-5(G'!@$3$6!
ۛ!uVURUvr!`O*%15$*(*%-!B#)$5$G(-a6!71! W(!+4,(&(!*%!D(1*'&(6!K(&+%2
3'1(<!@#-5(G'!@$3$<!..6!YQ2RUV6!
j]^EF^W=<! h$+0%3! uRQYSvr! `H$-+'#&-%! (1*! =&#50r! =0%!
D&';3%,(5$d(5$'1! 'B! D(&&0%-$(a! 71! 381%(Ä6!
ï055.r||B'#+(#356$1B'|*'+#,%15-|.(&&0%-$(|B'#+(#356*$-+'#&-%(1*5
&#506.*B|ñ!E'1-#35(r!VX!()'-5'!VUUTÄ6!
ۛ!uRQYXvr!`D'&!9#>!0(/!9#%!%-5#*$(&!%3!.'*%&r!3(!+#%-5$P1!*%3!-#[%5'a6!
71!mm6!FF6<!h(5%&$(3%-!*%!-'+$'3')8(!+&85$+(6!h(*&$*<!W(!D$9#%5(6!
ۛ!uRQQUvr!=%+1'3')8(-!*%3!/'!/!'5&'-!5%I5'-!(B$1%-6!K(&+%3'1(<!D($*P-6!
ۛ!uVUUUvr!N$%5d-+0%<!3(!)%1%(3')8(<!3(!0$-5'&$(6!m(3%1+$(<!D&%2=%I5'-6!
ۛ!uVUUVvr!W(!0%&,%1>#5$+(!*%3!-#[%5'6!h>I$+'<!H6!j6<!j'1*'!*%!E#35#&(!
7+'1P,$+(6!
ۛ! uVUUZvr! H$-+#&-'! /! G%&*(*! %1! 3(! (15$)#(! @&%+$(6! K#%1'-! F$&%-<!
D($*P-6!
ۛ!uVUUX(vr! i$-5'&$(!*%!3(!-%I#(3$*(*<!O6!W(!G'3#15(*!*%!-(;%&6!h(*&$*<!
:$)3'!AAO6!
ۛ! uVUUX;vr! i$-5'&$(! *%! 3(! -%I#(3$*(*<! OO6! 73! #-'! *%! 3'-! .3(+%&%-6! h(2
*&$*<!:$)3'!AAO6!
ۛ!uVUUX+vr! i$-5'&$(!*%!3(!-%I#(3$*(*<!OOO6!73!+#$*(*'!*%!-86!h(*&$*<!:$2
)3'!AAO6!
ۛ!uVUULvr!W'-!(1'&,(3%-6!E#&-'!%1!%3!E'33x)%!*%!j&(1+%!uRQLZ2RQLTv6!
K#%1'-!F$&%-<!j'1*'!*%!E#35#&(!7+'1P,$+(6!
j\FhD=]N<! w%11%50! uVUUTvr! i$-5'&$(! +&85$+(! *%! 3(! (&9#$5%+5#&(! ,'2
*%&1(6!K(&+%3'1(<!@#-5(G'!@$3$6!
j\7^H<! :$),#1*! uRQLZvr! `W'! -$1$%-5&'a6! 71! ];&(-! +',.3%5(-<! G'36! L6!
h(*&$*<!K$;3$'5%+(!N#%G(6!

! ZRQ!
j\O7\:]N<! D(5&$+o! uVUUXvr! `E0(&(+5%&! (1*! 7G$3! $1! w(15z-! h'&(3! F12
50&'.'3')/a6! p'#&1(3!'B!50%!i$-5'&/!'B!D0$3'-'.0/<!G'36! ZZ<!1'6! Z<! ..6!
XVS?XSZ6!
j\]N=_N!uRQQVvr!7.$-5'3(&$'6!h(*&$*<!@&%*'-6!
j\f7<!N'&50&'.!uRQQUvr! j%(&B#3!:/,,%5&/6!F!:5#*/!'B!J$33$(,!K3(o%6!
D&$1+%5'1<!D&$1+%5'1!^1$G%&-$5/!D&%--6!
@FW=^N@<!p'0(1!uRQQQvr! j#1*(,%15(3$-,'!^:F6!j#1*(,%15'-!5%'3P2
)$+'2.'385$+'-! *%! 3(! .'385$+(! %I5%&$'&! %-5(*'#1$*%1-%6! K(&+%3'1(<! O+(2
&$(6!
@F\EMF!@^FW<!E(&3'-!uRQQXvr!W(!-%+5(!*%3!.%&&'6!h(*&$*<!F3$(1d(!7*$5'2
&$(36!
@F\=]N<! :5%.0%1! uVUUZvr! i$-5'&$%-! 'B! :%I#(3$5/6! F15$9#$5/! 5'! :%I#(3!
\%G'3#5$'16!W'1*&%-<!79#$1'I6!
@F:O]\7w<!F1*&%[!uVUUTvr! p@!K(33(&*6!h(1+0%-5%&!/!N#%G(!f'&o<!h(12
+0%-5%&!^1$G%&-$5/!D&%--6!
@Ff]<!F3;%&5'!uVURVvr! `h%['&! .#5(!9#%!)#*(&$! u;%-'(o!o(3%&(va! 71!
381%(Ä6!
ï055.r||;3')-6$15%&G$#6%-|&%-.'1-(;3%3(%,.&%-((1#1+$(*'&(|VURV|
UZ|RQ|,%['&2.#5(29#%2)#*(&$2;%-'(o2o(3%&(|ñ! E'1-#35(r! X! [#1$'!
VURVÄ6!
@7WH7\W]]:<!D%5%&!uVUULvr! i'Å!N'1G$'3%1+%!D&'5%+5-!50%!:5(5%6!E(,2
;&$*)%<!:'#50!71*!D&%--6!
@OW!EFWm]<!71&$9#%!uVUUXvr!h4-+(&(-!,(-+#3$1(-6!i>&'%-<!.(5&$(&+(-!/!
,'1-5&#'-6!K(&+%3'1(<!F1()&(,(6!
@]NÑqW7Ñ2jO7\\]<!p'->!h(1#%3!uRQQQvr! H(G$*!E&'1%1;%&)6!W(!%-5>5$+(!
*%!3(!+(&1%6!h(*&$*<!N#%&6!
@\Fm7:<! \';%&5! uRQQXvr! W'-! ,$5'-! )&$%)'-6! V! G'3C,%1%-6! h(*&$*<!
F3$(1d(!%*$5'&$(36!
@^F==F\O<! j>3$I! uVUUZvr! D3(1! -';&%! %3! .3(1%5(6! E(.$5(3$-,'! ,#1*$(3!
$15%)&(*'! /! &%G'3#+$'1%-! ,'3%+#3(&%-6! h(*&$*<! =&(B$+(15%-! *%!
:#%g'-6!

ZVU!!
iFWK7\:=Fh<!p#*$50!uVUUTvr! O1!(!"#%%&!=$,%!(1*!:.(+%6!=&(1-)%1*%&!
;'*$%-<!-#;+#35#&(3!3$G%-6!N#%G(!f'&o<!N%Å!f'&o!^1$G%&-$5/!D&%--6!
ۛ!uVUUYvr!h(-+#3$1$*(*!B%,%1$1(6!K(&+%3'1(<!7@FW7:6!
iFWW<! F11! E6! /! KO:i]D<! h(&*$(! p6! uVUULvr! D'.2.'&16! D'&1')&(.0/! $1!
F,%&$+(1!E#35#&%6!J%-5.'&5!/!W'1*&%-<!D&(%)%&6!
iFWW<!p'01!F6!/!Ow7NK7\\f<!@6!p'01!uRQQSvr! 73!%-5(*'6!h(*&$*<!F3$(1d(!
7*$5'&$(36!
iFN:]N<!p#3$%!uVUULvr!`H&()!w$1)$1)r!7,;'*$%*!F+5-!(1*!F+5-!'B!7,2
;'*$,%15a6!K'*/!â!:'+$%5/<!G'36RS<!1C,6R<!..6!XR2RUX6!
iF\FJFf<!H'11(!uRQQTvr! E$%1+$(<! +/;'&)-!/!,#[%&%-6!W(!&%$1G%1+$P1!
*%!3(!1(5#&(3%d(6!h(*&$*<!E45%*&(6!
iF\HON@<! p(,%-! h6! uVURVvr! E#55$1)! D%&B'&,(1+%-6! E'33()%! 7G%15-<!
j%,$1$-5! F&5$-5-<! (1*! 50%! F,%&$+(1! FG(152@(&*%6! F11! F&;'&<! =0%!
^1$G%&-$5/!'B!h$+0$)(1!D&%--6!
iF\H=<!h$+0(%3!/!N7@\O<!F15'1$'!uVUUVvr!O,.%&$'6!K(&+%3'1(<!D($*P-6!
ۛ!uVUUXvr!h#35$5#*6!@#%&&(!/!*%,'+&(+$(!%1!3(!%&(!*%3!$,.%&$'6!K(&+%2
3'1(<!H%;'3-$33'6!
iF\\O:<!h(&G$1!uRQYXvr! E(18;(3%-!/!&%/%-6!W'-!'&8)%1%-!*%!3(-!+#35#2
&(-6!h(*&$*<!F3$(1d(!7*$5'&$(36!
ۛ!uRQQLvr!m(+(-<!+%&*'-<!)#%&&(-!/!;&#[(-6!h(*&$*<!F3$(1d(!7*$5'&$(36!
i7OH7@@7\<!h(&5$1!uRQQQvr! F&5%!/!.'%-8(6!h>I$+'!H6!j6<!j'1*'!*%!E#32
5#&(!7+'1P,$+(6!
ۛ!uVUUR(vr!E'1B%&%1+$(-!/!(&58+#3'-6!K(&+%3'1(<!7*$+$'1%-!*%3!:%&;(36!
ۛ!uVUUR;vr!73!-%&!/!%3!5$%,.'6!h(*&$*<!j'1*'!*%!E#35#&(!7+'1P,$+(6!
ۛ!uVUUR+vr!E(&5(!-';&%!%3!0#,(1$-,'6!h(*&$*<!F3$(1d(!7*$5'&$(36!
ilNFjj<! h(&+%3! uRQQQvr! :(*%6! =0%! O1G%15$'1! 'B! 50%! W$;%&5$1%! K'*/6!
h$11%-'5(!/!W'1*&%-<!^1$G%&-$5/!'B!h$11%-'5(!D&%--6!
i7NH7\:]N<! p%BB&%/! uRQQRvr! =0%! h(-+#3(5%! h#-%6! ];-+%1%! W(1)#()%!
$1!F55$+!E',%*/6!N#%G(!f'&o<!]IB'&*!^1$G%&-$5/!.&%--6!
i]jjhFNN<!7&1-5!=6F6!uVURRvr! 73!0',;&%!*%!3(!(&%1(6! :%G$33(<!h%5&'2
.'3$-$(1(6!
! ZVR!
i]WWFNH<!h%&3$1!uVUUYvr! 73!,(&9#>-!/!%3!-'*',$5(6!]-+(&!J$3*%!(15%!
3(![#-5$+$(6!K(&+%3'1(<!D(.%3!*%!3$(&6!
i]h7\]!uVUUUvr!]*$-%(6!h(*&$*<!@&%*'-6!
i]WW]JEi7Ew<! h6! F1*&%Å! uVUUZvr! i(..$1%--! (1*! @&%%o! 7=0$+(3!
=0'#)056!W'1*&%-<!E'15$1##,6!
i^7W:7NK7Ew<!\$+0(&*!uVUUUvr! 71!FG(15!H(*(6!73!+3#;!H(*4!*%!K%&3816!
K(&+%3'1(<!F3$o'&1$'6!
i^7:]<! :$3G$(! uVUUQvr! `W(;%&$15'-! 5%P&$+'-! *%! 3'! +(,.a! 71! 381%(Ä6!
ïÅÅÅ6+%3(&)6'&)|$15|(&+0ú.#;3$|0#%-'úB$;3(ú(+5(6.*B> [Consulta:
23 marzo 2011].
HUNT, Lynda (ed.) (1993): The Invention of Pornography. Obscenity and
the Origins of Modernity, 1500 – 1800. Nueva York, Zone books.
JAUSS, Hans J. (1995): Las transformaciones de lo moderno. Madrid, Vi-
sor.
JEFFREYS, Sheila (1996): La herejía lesbiana. Una perspectiva feminista
de la revolución sexual lesbiana. Madrid, Cátedra.
p7DD7:7N<! =&(G$-! uVURRvr! `=0%! F&5! 'B! H%+%.5$'1r! W(d3'! D%(&3,(1! â!
j(o%! ]&)(-,a<! H$-'&$%15(5$'1-! 71! 381%(Ä6!
ï055.r||*$-'&$%15(5$'1-6+',|VURR|RU|SU|50%2(&52'B2*%+%.5$'12
3(d3'2.%(&3,(12B(o%2'&)(-,|ñ! E'1-#35(r! RR! *%! -%.5$%,;&%! *%!
VURTÄ6!
JONES, Amelia (2004): O&&(5$'1(3! h'*%&1$-,r! F! N%#&(-50%1$+! i$-5'&/!
'B!N%Å!f'&o!H(*(. Cambridge y Londres, The MIT Press.
JONES, Owen (2012): Chavs. La demonización de la clase obrera. Ma-
drid, Capitán Swing Libros.
p^WOFN]!uRQYVvr!H$-+#&-'-!mO2AOO6!h(*&$*<!@&%*'-6!
pôN@7\<!7&1-5!uRQQTvr!:';&%!%3!*'3'&6!:%)#$*'!*%!W(!,'G$3$d(+$P1!5'5(3!
/!j#%)'!/!,'G$,$%15'6!K(&+%3'1(<!=#-9#%5-6!
ۛ!uVUUSvr!73!(#5'&!/!3(!%-+&$5#&(6!K(&+%3'1(<!@%*$-(6!
p^N]<!F1*&%(!/!mFW7<!m$+5'&!u%*-6v!uRQYQvr! h'*%&1!D&$,$5$G%-6!F1!O12
G%-5$)(5$'1! 'B! E'15%,.'&(&/! F*'&1,%15! â! \$5#(36! N#%G(! f'&o<!
\7|:%(&+06!

ZVV!!
ۛ! uVUUUvr! K';! j3(1()(1r! :#.%&,(-'+0$-56! N#%G(! f'&o<! \7|:%(&+0! /!
p#1'!K''o-6!
wFN=<!O,,(1#%3!uRQQQvr!E&85$+(!*%3![#$+$'6!h(*&$*<!7-.(-(!E(3.%6!
ۛ!uVUUZvr! j$3'-'B8(!*%!3(!0$-5'&$(6!"#>!%-!O3#-5&(+$P16!W(!D3(5(<!=%&&(2
,(&6!
wF^jjhFN<!W$1*(!:6!uRQQYvr!h(3(-!/!.%&G%&-'-6!h(*&$*<!E45%*&(6!
w7F=:<!p'01!uRQQRvr!W/&$+!D'%,-6!N#%G(!f'&o<!H'G%&!D#;3$+(5$'1-6!
w7NN7f<! :0(Å1(! uVUUVvr! O! J(-! (! =%%1()%! H',$1(5&$I6! F! ,%,'$&6!
W'1*&%-<!E'&)$6!
wOEw<! \#--!u%*6v! uVUUXvr! 7G%&/50$1)! f'#! w1'Å! F;'#5! :%I! O-! J&'1)6!
=0%!H$-$1B'&,(5$'1!@#$*%!5'!50%!7I5&%,%-!'B!i#,(1!:%I#(3$5/!u(1*!
7G%&/50$1)!$1!K%5Å%%1v6!N#%G(!f'&o<!=0%!H$-$1B'&,(5$'1!E',.(1/6!
wW]::]J:wO<!D$%&&%!uRQLUvr! :(*%!,$!.&P[$,'!.&%+%*$*'!.'&!73!B$3P-'B'!
,(3G(*'6!K#%1'-!F$&%-<!7*$5'&$(3!:#*(,%&$+(1(6!
ۛ!uVURVv!W(!,'1%*(!G$G(6!m(3%1+$(<!D&%2=%I5'-6!
w\O:=7mF<!p#3$(!uRQYYvr!D'*%&%-!*%!3(!.%&G%&-$P16!71-(/'!-';&%!W'#$-2
j%&*$1(1*!E>3$1%6!K#%1'-!F$&%-<!:$)3'!AAO6!
WFEW]:<! E0'*%&3'-! *%! uVUUYvr! W(-! (,$-5(*%-! .%3$)&'-(-6! K(&+%3'1(<!
h'1*(*'&$6!
WFNH]\<!J(35%&!:6!uVUULvr! E'1G%&-(+$'1%-!$,()$1(&$(-6!h(*&$*<!E45%2
*&(6!
WF"^7^\<!=0',(-!uRQQZvr! W(!+'1-5&#++$P1!*%3!-%I'6!E#%&.'!/!)>1%&'!
*%-*%!3'-!)&$%)'-!0(-5(!j&%#*6!h(*&$*<!F3$(1d(!7*$5'&$(3!/!^1$G%&-$5(5!
*%!m(3x1+$(6!
WF\HMN<!\#;>1!uRQQXvr!W(-!*$%d!+(&(-!*%3!,$%*'6!m(3%1+$(<!h$*'1-6!
WOD]m7=:wf<!@$33%-!uVURUvr!W(!B%3$+$*(*!.(&(*P[$+(6!71-(/'!-';&%!3(!-'2
+$%*(*!*%!0$.%&+'1-#,'6!K(&+%3'1(<!F1()&(,(6!
WW]DO:<!h(&8(!uVURUvr!73!.'-5.'&1'!%&(!%-'6!K(&+%3'1(<!h%3#-$1(6!
W]Ew7<! p'01! uRQQLvr! H'-! %1-(/'-! -';&%! %3! )';$%&1'! +$G$36! h(*&$*<!
7-.(-(!E(3.%6!

! ZVS!
W]OÑOH]^<! 73%1(! uVUUZvr! `=0%! W'G%! K#)! (1*! 50%! h%3(1+0'3$+! H&()!
"#%%1!'&!(!\%B3%+5$'1!'1!50%!E#35#&(3!|!D'3$5$+(3!࣮@&'#1*-࣭!'B!:#;[%+5-!
(-!:%I#(3a6!p'#&1(3!B'&!+#35#&(3!&%-%(&+0<!G'36!Y<!1C,6!Z<!..6!ZZL2ZXT6!
W_D7Ñ<!:#-(1(!uVUUYvr!73!3(;%&$15'!9#%%&6!K(&+%3'1(<!7@FW7:6!
W]f]WF<! :(1! O)1(+$'! *%! uRQLLvr! ];&(-! +',.3%5(-6! h(*&$*<! 7*$5'&$(3!
+(5P3$+(6!
W^EF:<!h$&$(,!/!W]ÑFN]<!E&$-5$1(!uVURZvr!`H%!j&(1+'!(! :#.%&.'.<!%12
-%g(1*'! (! -%&! ,#[%&! .'&! 3'-! -$)3'-! *%! 3'-! -$)3'-a<! D8o(&(! ,()(d$1%!
71! 381%(Ä6! T! *%! 1'G$%,;&%! *%! VURZ6!
ï055.r||ÅÅÅ6.$o(&(,()(d$1%6+',|VURZ|RR|*%2B&(1+'2(2
-#.%&.'.2%1-%1(1*'2(2-%&2,#[%&2.'&23'-2-$)3'-2*%23'-2-$)3'-|ñ!
E'1-#35(r!T!*%!1'G$%,;&%!*%!VURZÄ6!
W^EOFN]! *%! :(,P-(5(! uVURUvr! H$43')'-! +81$+'-6! h(*&$*<! F3$(1d(! 7*$2
5'&$(36!
W^Ewi^\:=<! \')%&! uRQQLv! r! à=0%! F1)3%! K%5Å%%1! =Å'! J(33-z6! W$G%&2
.''3<!W$G%&.''3!^1$G%&-$5/!D&%--6!
Wf]=F\H<!p%(12j&(1}'$-!uRQQYvr! W'!$10#,(1'6!E0(&3(-!-';&%!%3!5$%,2
.'6!K#%1'-!F$&%-<!h(1(15$(36!
hFHHO:]N<!:5%.0%1!uVUUUvr!j()-<!i()-!(1*!"#%%&!:$-5%&-6!@%1*%&!H$-2
-%15! (1*! i%5%&'-'+$(3! K'1*-! $1! @(/! E#35#&%6! i'#1*,$33-<! K(-$1)2
-5'o%<!i(,.-0$&%!/!W'1*&%-<!D(3)&(G%!h(+,$33(16!
hFON7:<! \(+0%3! uRQQQvr! =0%! =%+01'3')/! 'B! ]&)(-,6! ìi/-5%&$(î<! 50%!
m$;&(5'&<!(1*!J',%1z-!:%I#(3!:(5$-B(+5$'16!K(35$,'&%<!=0%!p'01!i'.2
o$1-!^1$G%&-$5/!D&%--6!
hF\E^:<!@&%$3!uVURRvr! \(-5&'-!*%!+(&,816!^1(!0$-5'&$(!-%+&%5(!*%3!-$2
)3'!AA6!K(&+%3'1(<!F1()&(,(6!
hF\=MN<!p'->!uRQQZv!u%*6vr!D'%-8(!0%3%18-5$+(!,%1'&!u.'%-8(!B&(),%12
5(&$(v6!h(*&$*<!@&%*'-6!
ۛ!uVUUYvr! W'-!B$3P-'B'-!+81$+'-!/!3(!3$5%&(5#&(!,'&(3!-%&$';#&3%-+(!uV!
G'3-6v6!h(*&$*<!Fo(36!
hF\=MN7Ñ! K(&&%$&'<! F1(! uRQQYvr! W(! ,'*(! %1! 3(-! -'+$%*(*%-! ,'*%&2
1(-6!h(*&$*<!=%+1'-6!

ZVZ!!
hF\A<!w(&3!uVURSvr!F&58+#3'-!.%&$'*8-5$+'-6!K(&+%3'1(<!F3;(6!
h7\Ew<!h(1*/!uVUUUvr! O1!f'#&!j(+%r!Q!:%I#(3!:5#*$%-6!N#%G(!f'&o!/!
W'1*&%-6!N%Å!f'&o!^1$G%&-$5/!D&%--6!
hOWW:<!\';%&5!uVUUTvr!:#-.%1*%*!F1$,(5$'16!D($1<!D3%(-#&%!(1*!D#12
$-0,%15!$1!h%*$%G(3!E#35#&%6!W'1*&%-<!\%(o5$'1!K''o-6!
hO\OÑO]<! F11(3$-(! uVUUUvr! `H%3! +(&1(G(3! (3! *&()r! 3(! %I5&(g(! &%3(+$P1!
%15&%!,(-+#3$1$*(*!/!5&(G%-5$-,'a6!71!EF\FKM<!è1)%3-!/!:7@F\\F<!h(&2
5(!u%*-6v6!N#%G(-!,(-+#3$1$*(*%-6!K(&+%3'1(<!O+(&$(<!..6!RSS2RTU6!
h^hj]\H<! W%Å$-! uVURUvr! =%+01$+-! (1*! E$G$3$d(5$'16! E0$+()'! /!
W'1*&%-<!=0%!^1$G%&-$5/!'B!E0$+()'!D&%--6!
h^\\Ff<!:5%.0%1!]6!uVUUUvr!i','-%I#(3$5$%-6!E0$+()'!/!W'1*&%-<!=0%!
^1$G%&-$5/!'B!E0$+()'!D&%--6!
NFmF\\]<! F15'1$'! p'->! u%*6v! uVUUVvr! W(! 1#%G(! +(&1%6! ^1(! %-5>5$+(!
.%&G%&-(!*%3!+#%&.'6!h(*&$*<!m(3*%,(&6!
NFmF\\]<!\'-(!uVURUvr!`:(3',>!'!3(!5%15(+$P1!$&&%-$-5$;3%a6! F1()1P2
&$-$-<!1C,6!R<!..6!RVQ2RZS6!
N7:=W7<! p'(1<! i]J7WW<! E3(&%! /! JOWEiON:<! \$o$! u%*-6v! uVUUVvr! @%1*%&2
"#%%&6!W'-!q1)%3%-!/!N#%G(!f'&o<!F3/-'1!K''o-6!
NO7=Ñ:Ei7<!j&$%*&$+0!uRQQXvr! @%1%(3')8(!*%!3(!,'&(36!h(*&$*<!F3$(1d(!
7*$5'&$(36!
ۛ! uRQQYvr! :';&%! G%&*(*! /! ,%15$&(! %1! -%15$*'! %I5&(,'&(36! h(*&$*<!
=%+1'-6!
ۛ! uRQQQvr! :+0'.%10(#%&! +','! %*#+(*'&6! =%&+%&(! +'1-$*%&(+$P1! $12
5%,.%-5$G(6!h(*&$*<!m(3*%,(&6!
ۛ!uVUUSvr!h4-!(334!*%3!;$%1!/!*%3!,(36!h(*&$*<!F3$(1d(!7*$5'&$(36!
ۛ!uVUUTvr!F-8!0(;3P!Ñ(&(5#-5&(6!h(*&$*<!m(3*%,(&6!
N]\=]N<! \$+5'&! uVUUSvr! `F11%! W$-5%&<! =0%! j$&-5! h'*%&1! W%-;$(1a6!
W%-;$(1! i$-5'&/6! 71! 381%(Ä! R! *%! ()'-5'! *%! VUUS<! (+5#(3$d(*'! RS! *%!
[#1$'!*%!VUUY!ï055.r||ÅÅÅ6&$+5'&1'&5'16+'6#o|3$-5%&605,ñ!E'1-#32
5(r!RL!()'-5'!*%!VURTÄ6!

! ZVT!
N]f:<! K%1[(,$1! uVUULvr! `E&$,%-! 'B! 50%! N%(&! j#5#&%r! K(#*&$33(&*! |!
K(33(&*a<! K(33(&*$(16! 71! 381%(Ä! VR! *%! ,(&d'! *%! VUUL!
ï055.r||ÅÅÅ6;(33(&*$(16+',|+&$,%-2'B250%21%(&2B#5#&%2
;(#*&$33(&*2;(33(&*ñ!E'1-#35(r!RQ!*%!%1%&'!*%!VUUQÄ6!
]EFhD]<! 7-5%3(! uRQYTvr! F.'3'! /! 3(! ,4-+(&(6! W(! %-5>5$+(! '++$*%15(3!
B&%15%!(!3(-!.&4+5$+(-!(&58-5$+(-!*%!'5&(-!+#35#&(-6!K(&+%3'1(<!O+(&$(6!
]@O7N<!\#Å%1!uVUUTvr!D%1-(&!3(!.'&1')&(B8(6!K(&+%3'1(<!D($*P-6!
]Nj\Ff<!h$+0%3!uRQQXvr! 73!G$%15&%!*%!3'-!B$3P-'B'-6!E&85$+(!*%!3(!&(dP1!
*$%5>5$+(6!Ñ(&(#d<!\âK6!
ۛ!uVUULvr! E$1$-,'-6!\%5&(5'!*%!3'-!B$3P-'B'-!33(,(*'-!.%&&'-6!K#%1'-!
F$&%-<!D($*P-6!
ۛ!uVUUYvr! W(-!-(;$*#&8(-!*%!3(!F15$)n%*(*6!E'15&(0$-5'&$(!*%!3(!j$3'2
-'B8(<!O6!K(&+%3'1(<!F1()&(,(6!
ۛ!uVUUQvr! W(!%-+#35#&(! *%!-86!D'&!#1(!,'&(3!%-5>5$+(6!h(*&$*<! 7&&(5(!
N(5#&(%6!
ۛ! uVURUvr! W'-! #35&(-! *%! 3(-! 3#+%-6! E'15&(0$-5'&$(! *%! 3(! j$3'-'B8(<! Om6!
K(&+%3'1(<!F1()&(,(6!
]\Fh^:<! H',$1$o(! uVUULvr! @&(G%! N%Å! J'&3*6! =0%! H%+3$1%! 'B! 50%!
J%-5!$1!50%!j$+5$'1!'B!p6@6!K(33(&*6!m(&-'G$(<!J(&-(Å!^1$G%&-$5/!D&%--6!
]fF\Ñ^N<!D(;3'!uRQQXvr!73!*%*'!*%!H$P)%1%-6!W(!(1>+*'5(!%1!B$3'-'B8(6!
:(15$()'!*%!E0$3%<!H'3,%16!
DF@WOF<! E(,$33%! uRQQRvr! :%I#(3! D%&-'1(%r! F&5! (1*! H%+(*%1+%! B&',!
N%B%&5$5$!5'!7,$3/!H$+o$1-'16!N#%G(!f'&o<!m$15()%!K''o-6!
uRQQTvr!m(,.-!â!=&(,.-6!N%Å!%--(/-6!W'1*&%-<!D%1)#$1!K''o-6!
DFWFEO]:<!p%-C-!uRQQQvr!`:(15(!-(1)&%r!$+'1')&(B8(!+(5P3$+(!/!+$1%!)'2
&%a<!%1!@'&%,(18(!V6!h(*&$*<!F3;%&5'!:(15'-6!
DFW7NEOF<!W%(1*&'!uVUUYvr!i'33/Å''*!9#%%&6!h(*&$*<!=âK!%*$5'&%-6!
DFW]hF\7:<!p'->!W#$-!uVUURvr!`W(!)>1%-$-!*%3!.%1-(,$%15'!&(*$+(3!%1!
J$33$(,! K3(o%a6! 71! KWFw7<! J$33$(,6! 73! ,(5&$,'1$'! *%3! +$%3'! /! %3! $12
B$%&1'6!h(*&$*<!i$.%&$P16!
DF\l<!F,;&'$-%!uRQYLvr!h'1-5&#'-!/!.&'*$)$'-6!h(*&$*<!:$&#%3(6!

ZVX!!
DF^WF<!\%)$1(!*%!uVUUVvr! i(;3(1!3(-!.#5(-6!:';&%!.&4+5$+(-!-%I#(3%-<!
.&%-%&G(5$G'-!/!-$*(!%1!%3!,#1*'!*%!3(!.&'-5$5#+$P16!K(&+%3'1(<!m$&#-6!
DFÑ<! ]+5(G$'! uRQLSvr! F.(&$%1+$(! *%-1#*(6! W(! ';&(! *%! h(&+%3! H#2
+0(,.6!h>I$+'<!H6!j6<!7*$+$'1%-!7&(6!
D7F\WhFN<! W(d3'! uVURTvr! `àH$--%,;3()%z! (1*! à=&#50! =&(.-zr! E&%(5$1)!
h%50'*'3')$%-! 'B! \%-$-5(1+%! $1! "#%%&! F#5';$')&(.0$+(3! =0%(5&%a<!
=0%(5&%!\%-%(&+0!O15%&1(5$'1(3<!G'36!ZU<!1ò!R<!..6!YY2QR6!
D7H\FÑF<!D$3(&!uRQQYvr! h49#$1(-!*%!(,(&<!-%+&%5'-!*%3!+#%&.'!(&5$B$2
+$(36!h(*&$*<!m(3*%,(&6!
D7\\]==7=<! ='1/! uVURTvr! `J0'! J(-! 50%! h(&9#$-! *%! :(*%ca6! :,$502
-'1$(1! h()(d$1%! 71! 381%(Ä6! j%;&%&'! *%! VURT6!
ï055.r||ÅÅÅ6-,$50-'1$(1,()6+',|0$-5'&/|Å0'2Å(-2,(&9#$-2*%2
-(*%2RYUQTSQYU|c(33â1'2$-5ñ!E'1-#35(r!V!*%!B%;&%&'!*%!VURTÄ6!
Di7=7\:]N<!@($3!uVUUUvr!73!.&$-,(!*%!3(!.&'-5$5#+$P16!h(*&$*<!=(3(-(6!
DiOWOD:<! p'01! uVUUTvr! =0%! h(&9#$-! *%! :(*%6! F! m%&/! :0'&5! O15&'*#+2
5$'16!N#%G(!f'&o<!]IB'&*!^1$G%&-$5/!D&%--6!
DOù7\]<! F15'1$'! uVUULvr! W'-! +&$-5$(1$-,'-! *%&&'5(*'-6! bE#43! B#%! %3!
.%1-(,$%15'! *%! 3'-! .&$,%&'-! +&$-5$(1'-! 0%&>5$+'-! /! 0%5%&'*'I'-c!
h(*&$*<!h>I$+'<!K#%1'-!F$&%-<!:(1!p#(1<!:(15$()'<!h$(,$<!7*(B6!
DO==:<! m$+5'&$(! uVUUSvr! O1! 50%! j3%-06! =0%! E#35#&(3! D'3$5$+-! 'B! K'*/!
h'*$B$+(5$'16!N#%G(!f'&o<!D(3)&(G%!h(+,$33(16!
DWF=_N!uRQYT(vr!F.'3')8(!*%!:P+&(5%-6!71!H$43')'-!O6!h(*&$*<!@&%*'-6!
ۛ!uRQYT;vr!D&'54)'&(-6!71!H$43')'-!O6!h(*&$*<!@&%*'-6!
ۛ!uRQYY(vr!73!;(19#%5%6!71!H$43')'-!OOO6!h(*&$*<!@&%*'-6!
ۛ!uRQYY;vr!j%*&'6!71!H$43')'-!OOO6!h(*&$*<!@&%*'-6!
ۛ!uRQQVvr! F3+$;8(*%-6!71! H$43')'-!mOO6!H#*'-'-<!(.P+&$B'-<!+(&5(-6!h(2
*&$*<!@&%*'-6!
ۛ!uRQQTvr!W(!&%.C;3$+(6!h(*&$*<!F3$(1d(!%*$5'&$(36!
DW7::OA!@\Ff<!j&(1+$1%!*#!uVUUVvr! 73!h(&9#>-!*%!:(*%6!^1(!G$*(6!h(2
*&$*<!:#,(!*%!W%5&(-6!

! ZVL!
DW^hh7\<!w%1!uVUUSvr! `"#%%&-<! K'*$%-!(1*!D'-5,'*%&1!:%I#(3$5$%-r!
F!N'5%!'1!\%G$-$5$1)!50%!࣮:%I#(3࣭!$1!:/,;'3$+!O15%&(+5$'1$-,a6! "#(3$2
5(5$G%!:'+$'3')/<!G'36!VX<!1C,6!Z<!..6!TRT2TSU6!
D]7<!7*)(&!F6!uVUUZvr! =0%!E'33%+5%*!=(3%-!(1*!D'%,-!'B!7*)(&!F33(1!
D'%6!i%&5B'&*-0$&%<!J'&*-Å'&50!7*$5$'1-6!
D]WOw]jj<!N(1+/!H6!uVUUYvr! K%/'1*!u:5&($)05!(1*!@(/v!h(&&$()%6!m(32
#$1)!F33!j(,$3$%-!#1*%&!50%!W(Å6!K'-5'1<!K%(+'1!D&%--6!
D\FÑ<! h(&$'! uRQQQvr! W(! +(&1%<! 3(! ,#%&5%! /! %3! *$(;3'! %1! 3(! 3$5%&(5#&(!
&',415$+(6!K(&+%3'1(<!73!F+(15$3(*'6!
D\7EOFH]<! K%(5&$d! uVUUVvr! h(1$B$%-5'! +'15&(2-%I#(36! h(*&$*<! ].%&(!
D&$,(6!
ۛ!uVUUYvr!=%-5'!/'1o$6!h(*&$*<!7-.(-(!E(3.%6!
ۛ!uVUUQvr!`i$-5'&$(!*%!#1(!.(3(;&(r! 9#%%&a6! D(&'3%!*%!9#%%&<!1C,6!R<!
..6!RZ2RL6!
ۛ!uVURSvr!`"#$!*%B%1*! 3z%1B(15! 9#%%&ca<! W$;>&(5$'1! 71!381%(Ä6! RZ!*%!
%1%&'! *%! VURS6!
ï055.r||(&+0$G%-63$;%&(5$'16B&|-'+$%5%|VURS|UR|RZ|9#$2*%B%1*232
%1B(|ñ!E'1-#35(r!VZ!*%!%1%&'!*%!VURSÄ6!
D:7^H]!W]N@ON]!uVUULvr! H%!3'!-#;3$,%6!:(15$()'!*%!E0$3%<!h%5(3%-!D%2
-(*'-6!
"^O@NF\H<!D(-+(3!uVUUTvr!73!-%I'!/!%3!%-.(15'6!K(&+%3'1(<!h$1C-+#3(6!
"^ONN7f<! W(#&(! uVUUQvr! J$33$(,! K3(o%! '1! :%3B! â! :'#36! E(,;&$*)%! /!
W'1*&%-<!i(&G(&*!^1$G%&-$5/!D&%--6!
\FHOEFW7:KOFN:! uRQLUvr! `=0%! J',(1! O*%15$B$%*! J',(1a! 71! 381%(Ä6!
ï055.r||3$;&(&/6*#o%6%*#|*$)$5(3+'33%+5$'1-|Å3,.+úÅ3,,-URURR|ñ!
E'1-#35(r!S!*%!-%.5$%,;&%!*%!VURTÄ6!
\OE7<! :0%33%/! u%*6v! uRQQQvr! O1G%&5%*! ]*/--%/-6! E3(#*%! E(0#1<! h(/(!
H%&%1<!E$1*/!:0%&,(16!E(,;&$*)%!/!W'1*&%-<!hO=!D&%--6!
\OEi=7\<! i(1-! uRQLSvr! i$-5'&$(! *%3! *(*(8-,'6! K#%1'-! F$&%-<! N#%G(!
m$-$P16!
\OK7:<!H$%)'!uVUUUvr!W'!0#,(1'!%15&%!4&%(-6!F&5%<!+$%1+$(<!5%+1'3')8(<!
B$3'-'B8(6!m(3%1+$(<!O1-5$5#+$P!F3B'1-!%3!h()1y1$,6!
ZVY!!
\OWw7<!\($1%&!h(&8(!uVUUUvr! \%9#$%,!/!W(-!%3%)8(-!*%!H#$1'6!m(3%12
+$(<!hEF6!
\O:=<! p'01! h6! uRQXQvr! :5'$+! .0$3'-'.0/6! E(,;&$*)%<! W'1*&%-<! N#%G(!
f'&o!/!h%3;'#&1%<!E(,;&$*)%!^1$G%&-$5/!D&%--6!
\]H@7\:<! N$)%3! /! =i]hD:]N<! h%3! uVUUTvr! W'+#&(! B$3'-'B(36! K(&+%3'1(<!
h%3#-$1(6!
\]HW7f<! E0&$-! u%*6v! uRQQLvr! E&'1%1;%&)! '1! E&'1%1;%&)6! W'1*&%-! /!
K'-5'1<!j(;%&!(1*!j(;%&6!
\]7N<!w(5&$1(!uVUUYvr!`àK#5!J%!i(G%!5'!H'!:',%50$1)zr!:#&)$+(3!à+'&2
&%+5$'1z!'B!F5/.$+(3!@%1$5(3$(a6!K'*/!â!:'+$%5/<!G'36!RZ<!1C,6!R<!..6!ZL2
XX6!
\]^::7F^<! p%(12p(+9#%-! uRQQZvr! H%3! +'15&(5'! -'+$(36! H$-+#&-'-6! h(2
*&$*<!F3$(1d(!7*$5'&$(36!
ۛ!uRQQYvr!7,$3$'<!'!*%!3(!%*#+(+$P16!h(*&$*<!F3$(1d(!7*$5'&$(36!
:FEi7\2hF:]Ei<!W%'.'3*!G'1!uRQLTvr! W(!m%1#-!*%!3(-!.$%3%-6!h(*&$*<!
F3$(1d(!%*$5'&$(36!
:FH7<!h(&9#>-!*%!uRQQTvr!W(!G%&*(*!|!W(!G>&$5>6!K#%1'-!F$&%-<!F5#%36!
ۛ!uVUUSvr! W(!1#%G(!p#-5$1%!'!3(-!*%-)&(+$(-!*%!3(!G$&5#*6!h(*&$*<!m(32
*%,(&6!
ۛ!uVUUYvr!W(!B$3'-'B8(!%1!%3!5'+(*'&6!h(*&$*<!m(3*%,(&6!
ۛ! uVURRvr! W(-! RVU! ['&1(*(-! *%! :'*',(! '! 3(! %-+#%3(! *%3! 3$;%&5$1([%6!
h(*&$*<!Fo(36!
:q7Ñ<!p(G$%&!uVUUQvr!`7I+%-'-!*%!3(!,(-+#3$1$*(*r!3(!+#35#&(! 3%(50%&!/!
3(!+#35#&(!*%!3'-!'-'-a6!71!\]h7\]<!E(&,%1<!@F\EMF<!:$3G$(!/!KF\@^7O2
\F:<!E(&3'-!u%*-6v<! 73!%[%!*%3!,(3!%-!0%5%&'-%I#(36!h(*&$*<!=&(B$+(15%-!
*%!:#%g'-6!!
:Fj\FN:wO<!\n*$)%&!uVUUVvr! 73!,(3!'!%3!*&(,(!*%!3(!3$;%&5(*6!K(&+%3'2
1(<!=#-9#%5-6!
:FiWON:<!h(&-0(33!H(G$*!uRQLXvr! :5'1%!F)%!7+'1',$+-6!E0$+()'<!F3*$2
1%2F50%&5'16!

! ZVQ!
:FWHFùF<!H$(1(!uVUUVvr!`E3(#*%! E(0#1r! %3! 5%&+%&! )>1%&'!'!3(! $*%15$2
*(*!.'3$,'&B(a6!F&5%<!$1*$G$*#'!/!-'+$%*(*<!G'36!RZ<!..6!RQL2VRT6!
:FNH]mFW<!E0%3(!uVUUZvr!`N#%G(-!+$%1+$(-6! j%,$1$-,'! +/;'&)! /! ,%2
5'*'3')8(! *%! 3'-! '.&$,$*'-a<! %1! mm6! FF6! ]5&(-! $1(.&'.$(;3%-6! j%,$2
1$-,'-! *%-*%! 3(-! B&'15%&(-6! h(*&$*<! =&(B$+(15%-! *%! :#%g'-<! ..6! YR2
RUX6!
:F\\FEON]<!E(&,$1%!/!:E]==<!w%G$1!h6!uVUUYvr! =0%!D'&1$1)!'B!F,%&$2
+(6!=0%!\$-%!'B!D'&1!E#35#&%<!J0(5!O5!h%(1-<!(1*!J0%&%!J%!@'!B&',!
i%&%6!K'-5'1<!K%(+'1!D&%--6!
:7H@JOEw<!7G%!w'-'B-o/!uRQQYvr! 7.$-5%,'3')8(!*%3!(&,(&$'6!K(&+%3'2
1(<!7*$+$'1%-!*%!3(!5%,.%-5(*6!
:7m7\ON]<!7,(1#%3%!uRQQRvr!73!.(&&$+$*$'!B(33$*'6!K(&+%3'1(<!H%-5$1'6!
:i7WW7f<! D%&+%/! K/--0%! uRQRZvr! =0%! E',.3%5%! .'%5$+(3! J'&o-! 'B!
D%&+%/!K/--0%!:0%33%/<!G'36!R6!]IB'&*!J'&*-Å'&506!71!381%(Ä!H$+$%,2
;&%! *%! VUUS6!
ï055.-r||ÅÅÅ6)#5%1;%&)6'&)|+(+0%|%.#;|ZYUU|.)ZYUU605,3ñ!
E'1-#35(r!Y!*%![#1$'!*%!VURTÄ6!
:O@7W<! W$-(! Ñ6! u%*6v! uVUUTvr! O15%&1(5$'1(3! 7I.'-#&%r! D%&-.%+5$G%-! '1!
h'*%&1!7#&'.%(1!D'&1')&(.0/<!RYUU2VUUU6!N%Å!K&#1-Å$+o<!N#%G(!
p%&-%/<!/!W'1*&%-<!\#5)%&-!^1$G%&-$5/!.&%--6!
:Ohh7W<! @%'&)uRQYXvr! 73! $1*$G$*#'! /! 3(! -'+$%*(*6! 71-(/'-! *%! +&85$+(!
*%!3(!+#35#&(6!K(&+%3'1(<!D%181-#3(6!
:EFNW]N<!=0',(-!j6!uVUUVvr! 7&'-!â!@&%%o!F503%5$+-6!N#%G(!f'&o<!]I2
B'&*!^1$G%&-$5/!D&%--6!
:W]=7\HOpw<!D%5%&!uVUUL(vr!E&85$+(!*%!3(!&(dP1!+81$+(6!h(*&$*<!:$&#%3(6!
ۛ!uVUUL;vr!71!%3!,#1*'!$15%&$'&!*%3!+(.$5(36!D(&(!#1(!5%'&8(!B$3'-PB$+(!
*%!3(!)3';(3$d(+$P16!h(*&$*<!:$&#%3(6!
:hFWW<!]&$(1(!uVURRvr! @$&3G%&5r!F!D'&1'!h%,'$&6!W'-!q1)%3%-!/!N#%2
G(!f'&o<!F;(&1(+3%;''o6!
:N]J<!F#&'&(!uVURSvr!`F!D'&1!:5(&z-!W%55%&!5'!i%&!^1;'&1!:'1a<! =0%!
H($3/! K%(-5! 71! 381%(Ä6! SU! *%! -%.5$%,;&%! *%! VURS6!
ï055.r||ÅÅÅ650%*($3/;%(-56+',|(&5$+3%-|VURS|UQ|SU|(2.'&12-5(&2
-23%55%&25'20%&2#1;'&12-'1605,3ñ!E'1-#35(r!V!*%!'+5#;&%!*%!VURSÄ6!
ZSU!!
:]Wq<! h$&$(,! /! ^\w]<! 73%1(! uE',.$3(*'&(-v! uVURSvr! =&(1-B%,$1$-2
,'-6!7.$-5%,%-<!B&$++$'1%-!/!B3#['-6!=(B(33(<!=I(3(.(&5(6!
:]hKF\=<!J%&1%&!uRQLQvr! W#['!/!+(.$5(3$-,'6!h(*&$*<!F3$(1d(!7*$5'2
&$(36!
:]N=F@<!:#-(1!uVUUVvr!`W(!$,()$1(+$P1!.'&1')&4B$+(a6!71! 7-5$3'-!&(2
*$+(3%-6!h(*&$*<!:#,(!*%!W%5&(-<!..6!XR2RRQ6!
:DF\@]<!=(,-$1!uVUUZvr!j'#+(#35!/!3(!5%'&8(!9#%%&6!K(&+%3'1(<!@%*$-(6!
:D7N@W7\<! ]-Å(3*! uRQXLvr! 73! 0',;&%! /! 3(! 5>+1$+(! /! '5&'-! %1-(/'-6!
h(*&$*<!7-.(-(2E(3.%6!
:D\ONwW7<! F11$%! uVUURvr! i(&*+'&%! B&',! 50%! i%(&56! =0%! D3%(-#&%-<!
D&'B$5-!(1*!D'3$5$+-!'B!:%I!$1!D%&B'&,(1+%6!W'1*&%-<!E'15$1##,6!
:"^OEEOF\ON]<!N$+'3(!uRQQUvr! 73!G%-5$*'!0(;3(6!E'1-$*%&(+$'1%-!.-$+'2
-'+$'3P)$+(-!-';&%!3(!$1*#,%15(&$(6!h(*&$*<!E45%*&(6!
:=7ON<!7*Å(&*!uVUURvr! =0%!h$-,%(-#&%!'B!H%-$&%r!=0%!:+$%1+%<!=0%'2
&/! (1*! 750$+-! 'B! :%I#(3! ]&$%15(5$'16! N#%G(! f'&o<! ]IB'&*! ^1$G%&-$5/!
D&%--6!
:=7ON7\<!@%'&)%!uVUURvr!@&(,45$+(-!*%!3(!+&%(+$P16!h(*&$*<!:$&#%3(6!
:=7ONK7\@<! h$+0(%3! uVURZvr! 713$1)05%1,%15! O15%&&#.5%*6! =0%! W'-5!
h',%15!'B!@%&,(1!O*%(3$-,!(1*!50%!\%(+5$'1(&/!D&%-%156!J$1+0%-2
5%&!/!J(-0$1)5'1<!Ñ%&'!K''o-6!
:=O\N7\<!h(I!uVUUZvr!73!C1$+'!/!-#!.&'.$%*(*6!h(*&$*<!m(3*%,(&6!
:=]fF!uVURSvr!`:'! f'#!J(15! 5'!D%&B'&,! $1!D'&1a<! m$+%! 71! 381%(Ä6! L!
*%! [#1$'! *%! VURS! ï055.r||ÅÅÅ6G$+%6+',|&%(*|-'2/'#2Å(1525'2
.%&B'&,2$12.'&1ñ!E'1-#35(r!L!*%![#1$'!*%!VURSÄ6!
:^q\7Ñ<! K%(5&$d! u%*6v! uVURZvr! j%,$1$-,'-! 3%-;$(1'-! /! 9#%%&6! \%.&%2
-%15(+$P1<! G$-$;$3$*(*! /! .'385$+(-6! D'd#%3'! *%! F3(&+P1! /! h>I$+'! H6! j6<!
D3(d(!/!m(3*>-6!
:^KO\F=:<! 7*#(&*'! uRQYTvr! W(! +&$-$-! *%! 3(-! G(1)#(&*$(-! /! 3(! +#35#&(!
,'*%&1(6!h(*&$*<!7*$+$'1%-!W$;%&5(&$(-6!
:^D7\m7\=!uVUURvr! 7I5&(5%&&%-5&$(3!:%I!j%5$-06!h(5%&$(3-!B'&!50%!E(-%!
'B!(1!7=!:âh!j&%(o6!F!W$5%&(&/!D(50'3')/!;/!:#.%&G%&5!SVE!O1+6!N#%2
G(!f'&o<!:#.%&G%&5!SVE!O1+6!

! ZSR!
ۛ! uVUUTvr! N%+&'.0$3$(! m(&$(5$'1-6! F! W$5%&(&/! h'1')&(.0! ;/!
:#.%&G%&5!SVE!O1+6!N#%G(!f'&o<!:#.%&G%&5!SVE!O1+6!
ۛ! uVURUvr! D%&G%&-$5/! =0$1o! =(1o6! F! :%,$1(&!'1! 50%! E'1+%.5! 'B! D%&2
G%&-$5/!;/!:#.%&G%&5!SVE!O1+6!N#%G(!f'&o<!:#.%&G%&5!SVE!O1+6!
ۛ!uVURZvr!D'-52H%.&(G$5/6!N#%G(!f'&o<!:#.%&G%&5!SVE!O1+6!
:m7NH:7N<!W(&-!uVUUXvr!j$3'-'B8(!*%3!5%*$'6!K(&+%3'1(<!=#-9#%5-6!
:J7H7NK]\@<! 7,(1#%3! uVUUUvr! 73! 0(;$5(15%! *%! *'-! ,#1*'-6! ];&(!
+$%158B$+(<!&%3$)$'-(!/!G$-$'1(&$(6!h(*&$*<!=&'55(6!
=F]\hON]<! =&$-5(1! uVUUVvr! `H#1)%'1-! (1*! H',-a<! =0%! G$33()%! G'$+%!
71! 381%(Ä6! VQ! *%! %1%&'! *%! VUUV!
ï055.r||ÅÅÅ6G$33()%G'$+%6+',|VUUV2UR2VQ|+'3#,1-|*#1)%'1-2
(1*2*',-|ñ!E'1-#35(r!T!*%![#1$'!VURSÄ6!
=F=F\wO7JO=Ñ<! J3(*$-3(Å! uRQYYvr! i$-5'&$(! *%! -%$-! $*%(-6! h(*&$*<!
=%+1'-6!
=FfW]\<! H(&&%33! uRQQYvr! `=$,! h$33%&z-! h/! "#%%&! K'*/r! D%&B'&,(1+%!
'B!H%-$&%a6!p'#&1(3!'B!h%*$+(3!i#,(1$5$%-<!G'36!RQ<!1C,6!V|S<!..6!VVX2
VSZ6!
=i]hD:]N<! 7*Å(&*! D6! uRQQZvr! J$51%--! F)($1-5! 50%! K%(-56! J$33$(,!
K3(o%!(1*!50%!h'&(3!W(Å6!E(,;&$*)%<!E(,;&$*)%!^1$G%&-$5/!D&%--6!
=]\\<!H$(1%!f!K]==]h:<!:5%.0%1!uVURUvr!:%I<!H&()!(1*!h(3%!\'3%-6!O12
G%-5$)(5$1)!@%1*%&!(-!D%&B'&,(1+%6!h$+0$)(1<!^1$G%&-$5/!'B!h$+0$)(1!
D&%--6!
=]\\7:<!H$(1(!p6!uVURRvr!D'&1'5%&&'&$-,'6!=(B(33(<!=I(3(.(&5(6!
=\MF:<!7#)%1$'!uVUURvr!W'!;%33'!/!3'!-$1$%-5&'6!K(&+%3'1(<!F&$%36!
=\^pOWW]<!D%*&'!uVURUvr!`W'-!-(;$'-!+81$+'-6!W(*&$*'-!*%!$1-'3%1+$(a<!
\%.3$+(15%6! 71! 381%(Ä6! p#1$'! *%! VURU6!
ï055.r||&%G$-5(&%.3$+(15%6+',|3'-2-(;$'-2+$1$+'-|ñ! E'1-#35(r! T! *%!
,(&d'!*%!VURTÄ6!
mFW7<!m6!/!p^N]<!F1*&%(!u%*-6v!uRQYQvr! h'*%&1!D&$,$5$G%-6!F1!O1G%-5$2
)(5$'1! 'B! E'15%,.'&(&/! F*'&1,%15! â! \$5#(36! :(1! j&(1+$-+'<!
\%|:%(&+06!

ZSV!!
ۛ! uVUUUvr! K';! j3(1()(1r! :#.%&,(-'+0$-56! N#%G(! f'&o<! \%|:%(&+0! /!
p#1'!K''o-6!
mFW7NEOF<!:(/(o!uVURUvr!E(.$5(3$-,'!)'&%6!K(&+%3'1(<!h%3#-$1(6!
ۛ!uVURVvr!F*&$B5z-!;''o!uM1*$)'v6!K(*(['d<!F&$-5(-!h(&581%d6!
mFN7O@7h<!\('#3!uVUUYvr! =&(5(*'!*%3!-(;%&!G$G$&!.(&(!#-'!*%!3(-![PG%2
1%-!)%1%&(+$'1%-6!h(*&$*<!F1()&(,(6!
mFA<! W'#$-! uRQLSvr! F&5%! /! 3$5%&(5#&(! B(154-5$+(-6! K#%1'-! F$&%-<! ^1$2
G%&-$*(*!*%!K#%1'-!F$&%-6!
m7\NFN=<!p%(12D$%&&%!uRQYXvr! W(!,#%&5%!%1!3'-!'['-6!j$)#&(-!*%3!]5&'!
%1!3(!(15$)#(!@&%+$(6!K(&+%3'1(<!@%*$-(6!
mOHF\=7<! D(+'! uVURUvr! l5$+(! ,(&$+(6! D&'+3(,(-! 3$;%&5(&$(-! .(&(! #1(!
,$3$5(1+$(!W@=K"6!K(&+%3'1(!/!h(*&$*<!7@FW7:6!
mOWF<!F11%!E6!uRQQYvr!713$)05%1,%15!(1*!D(50'3')/6!:%1-$;$3$5/!$1!50%!
W$5%&(5#&%! (1*! h%*$+$1%! 'B! 7$)05%%1502E%15#&/! j&(1+%6! K(35$,'&%! /!
W'1*&%-<!=0%!p'01-!i'.o$1-!^1$G%&-$5/!D&%--6!
mO\N]<!D('3'!uVUUSvr!@&(,45$+(!*%!3(!,#35$5#*6!D(&(!#1!(143$-$-!*%!3(-!
B'&,(-!*%!G$*(!+'15%,.'&41%(-6!h(*&$*<!=&(B$+(15%-!*%!:#%g'-6!
m]WEFN]<! H%3! W(@&(+%! /! HFiW<! ^3&$o(! uVUUYvr! j%,,%-! 'B! D'Å%&6! 7I2
.3'*$1)!"#%%&!j%,$1$1$5$%-6!W'1*&%-<!:%&.%15s-!=($36!
m]WEFN]<!H%3!W(@&(+%!/!iFWK7\:=Fh<!p#*$50!`p(+oa!uRQQQvr! =0%!H&()!
w$1)!K''o6!W'1*&%-<!:%&.%15s-!=($36!
m]WEFN]<!H%3!W(@&(+%!/!ÑO@F<!O5d$(&!uVURUvr! @3(,#&!$!&%-$-5x1+$(6!K(&2
+%3'1(<!%3=(1)&(,6!
JFWW7N:=7ON<! :G%12]3'G! uVUUYvrK$'.'3$5$+-! (1*! 50%! 7,%&)%1+%! 'B!
h'*%&1! F&+0$5%+5#&%6! N#%G(! f'&o<! K#%33! E%15%&! |! j]\#h! D&'[%+5! /!
D&$1+%5'1!F&+0$5%+5#&(3!D&%--!
JOWH7<!]-+(&!uVUUVvr!];&(-6!=%(5&'!+',.3%5'6!K#%1'-!F$&%-<!W'-(*(6!
ۛ! uVUUTvr! :(3',>6! K(&+%3'1(<! @(3(I$(! @#5%1;%&)! /! E8&+#3'! *%! W%+5'2
&%-6!
ۛ!uVUUQvr!W(!*%+(*%1+$(!*%!3(!,%15$&(6!h(*&$*<!:$&#%3(6!
ۛ!uVURUvr!73!&%5&(5'!*%!H'&$(1!@&(/6!h(*&$*<!7-.(-(6!

! ZSS!
JOWWOFh:<!W$1*(!uRQQRvr!i(&*!E'&%r!D'Å%&<!D3%(-#&%<!(1*!50%!ìj&%1d/!
'B!50%!m$-$;3%î6!W'1*&%-<!D(1*'&(6!
JO==O@<!h'1$9#%!uVUUXvr! 73!.%1-(,$%15'!0%5%&'-%I#(3!/!'5&'-!%1-(2
/'-6!K(&+%3'1(<!7@FW7:6!
JO==@7N:=7ON<! W#*Å$)! uRQYYvr! O1G%-5$)(+$'1%-! B$3'-PB$+(-6! K(&+%3'1(!
/!h>I$+'<!E&85$+(!%!O1-5$5#5'!*%!O1G%-5$)(+$'1%-!j$3'-PB$+(-!^NFh6!
ۛ!uVUUSvr!FB'&$-,'-6!E#35#&(!/!G(3'&6!h(*&$*<!7-.(-(!E(3.%6!
J]Wj<!N(',$!uRQQRvr!73!,$5'!*%!3(!;%33%d(6!K(&+%3'1(<!7,%+>6!
J]\H:J]\=i<! J$33$(,! /! E]W7\OH@7<! :(,#%3! =(/3'&! uVUURvr! K(3(*(-!
38&$+(-6!h(*&$*<!E45%*&(6!
f]^N@<! h(*$-'1! uVURZvr! H(**/r! F! h%,'$&6! W'-! q1)%3%-<! F;(&1(+3%2
;''o!/!\(&%!K$&*6!
f]^N@7\<! p'01! @6! uVUUTvr! :%I! O1! =0%! F1+$%15! J'&3*! j&',! F! 5'! Ñ6!
W'1*&%-!/!N#%G(!f'&o<!\'#53%*)%6!
Ñ7\ÑFN<! p'01! uVUURvr! h(3%-5(&! %1! %3! 5$%,.'6! @3';(3$d(+$P1! /! *%;(5%6!
m$5'&$(2@(-5%$d<!Oo#-()%&6!
ۛ!uVUUYvr!=Å$3$)05!'B!50%!h(+0$1%-6!D'&5!='Å1-%1*<!j%&(3!i'#-%6!
ÑO@F<!O5d$(&!uVUUQ(vr!H%G%1$&!.%&&(6!K(&+%3'1(<!h%3#-$1(6!
ۛ!uVUUQ;vr!^1!d#3'!.&'.$'6!K(&+%3'1(<!h%3#-$1(6!
ۛ!uVURZvr!h(3*$5(-6!^1(!%-5$&.%!5&(1-B%,$1$-5(6!=(B(33(<!=I(3(.(&5(6!
~OÑ7w<!:3(G'[!uVUUQvr!71!*%B%1-(!*%!3(!$15'3%&(1+$(6!h(*&$*<!:%9#$5#&6!
!

ZSZ!!

You might also like