You are on page 1of 240

!

"#$%&
'()*+,+&+-"(#
.+/ '%$/+0 1"+/-"+ %2, 34,"%
!"#$%&
'()*+,+&+-"(#
52 62)/+,$7)"+2 )+ )*(
62)(/8/()%)"+2 +9 !"#$%& '%)(/"%&#

1 "&&"% 2 :+# (

;51< =$>&"7%)"+2#
3+2,+2 ? @*+$#%2, A%B# ? C(D E(&*"
F 1"&&"%2 :+#( GHHI

."/#) 8$>&"#*(, GHHIJK:(8/"2)(,KGHHI0KGHHG

58%/) 9/+L %24 9%"/ ,(%&"2- 9+/ )*( 8$/8+#(# +9 /(#(%/7* +/ 8/"M%)( #)$,40
+/ 7/")"7"#L +/ /(M"(D0 %# 8(/L"))(, $2,(/ )*( N+84/"-*)0 E(#"-2# %2,
=%)(2)# 57) IOPP0 )*"# 8$>&"7%)"+2 L%4 >( /(8/+,$7(,0 #)+/(, +/
)/%2#L"))(, "2 %24 9+/L0 +/ >4 %24 L(%2#0 +2&4 D")* )*( 8/"+/ 8(/L"##"+2
"2 D/")"2- +9 )*( 8$>&"#*(/# +/0 "2 )*( 7%#( +9 /(8/+-/%8*"7 /(8/+,$7)"+20
"2 %77+/,%27( D")* )*( )(/L# +9 &"7(27(# "##$(, >4 )*( N+84/"-*)
3"7(2#"2- 5-(274J 62Q$"/"(# 7+27(/2"2- /(8/+,$7)"+2 +$)#",( )*+#( )(/L#
#*+$&, >( #(2) )+ )*( 8$>&"#*(/#J

;51< =$>&"7%)"+2# 3),


R S+2*"&& ;)/(()
3+2,+2 <NG5 T=U

;51< =$>&"7%)"+2# 627


GTVV @(&&(/ :+%,
@*+$#%2, A%B#0 N%&"9+/2"% OIWGH

;51< =$>&"7%)"+2# 62,"% =M) 3),


WG0 'XS&+7B '%/B()
1/(%)(/ Y%"&%#* Z 6
C(D E(&*" IIH HTP

!"#$#%& '#(")"* +)$),-./#0. #0 1/(,#2)$#-0 3)$)


5 7%)%&+-$( /(7+/, 9+/ )*"# >++B "# %M%"&%>&(
9/+L )*( S/")"#* 3">/%/4

6;SC H [RIO RRRT I


6;SC H [RIO RRRV \ ]8>B^

'#(")"* -4 +-0."5%% 2)$),-. "52-"3 )6)#,)(,5

@48(#() >4 '%4*(D @48(#())"2-0 :*%4%,(/0 =+D4#


=/"2)(, "2 1/(%) S/")%"2 >4 @*( N/+LD(&& =/(## 3),0
@/+D>/",-(0 _"&)#*"/(
!"#$%#$&

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

-./0%1!+2(+3+0$# "4

"0$*%2)."0( $5"# 6%%/ 7

7 *+#+-*.5"0( ,"#)-! 3-$+*"-!#8 $%1-*2# - .*"$".-! ,"#)-!


3+$5%2%!%(9 :

; <$5+ (%%2 +9+=8 !%%/"0( -$ >".$)*+# )#"0( .%3>%#"$"%0-!


"0$+*>*+$-$"%0 ??

? .%0$+0$ -0-!9#"#8 .%)0$"0( 15-$ 9%) @$5"0/ 9%)A #++ :B

B #+3"%!%(98 !-9"0( 6-*+ $5+ >*+C)2".+# 6+0+-$5 $5+ #3%%$5


#)*&-.+ %& $5+ 6+-)$"&)! DE

: >#9.5%-0-!9#"#8 ,"#)-! .)!$)*+F ,"#)-! >!+-#)*+F ,"#)-! 2"#*)>$"%0 7GG

D 2"#.%)*#+ -0-!9#"# H8 $+4$F "0$+*$+4$)-!"$9F .%0$+4$ 7?:

I 2"#.%)*#+ -0-!9#"# HH8 "0#$"$)$"%0# -02 1-9# %& #++"0( 7DB

J %$5+* 3+$5%2#F 3"4"0( 3+$5%2# 7JI

)#+&)! *+-2"0( %0 ,-*"%)# ,"#)-! 3+2"- ;G:

*+&+*+0.+# ;GI

!"#$ %& /+9 $+*3# ;7D

"02+4 ;7E
'(&$ ") *+,-%&

K"()*+ 7L7 M%0#+*,-$",+ N-*$9 +!+.$"%0 >%#$+* 77


K"()*+ 7L; O%)6!+P>-(+ #>*+-2 &*%3 Q%50 R+*(+*=# !"#$
%& '(()*+ 7?
K"()*+ 7L? S%6+*$ O%"#0+-)F ,* -./)01( 2%%3 7J
K"()*+ 7LB T"$+#F 3%2-!"$"+# -02 3+$5%2# &%* "0$+*>*+$"0(
,"#)-! 3-$+*"-!# ?G
K"()*+ ;L7 S+36*-02$ ,-0 S"C0F '(/&45%676")7F 7D;E ?D
K"()*+ ;L; S+36*-02$ ,-0 S"C0F '(/&45%676")7F 7D:I ?D
K"()*+ ;L? U+%3+$*".-! >+*#>+.$",+ B7
K"()*+ ;LB U+%3+$*".-! >+*#>+.$",+ B;
K"()*+ ;L: U+%3+$*".-! >+*#>+.$",+ B;
K"()*+ ;LD V-*9 M-##-$$F 2)77/( 8)6/ )* " 9/1( ,6:;<")6F
7JIJ B?
K"()*+ ?L7 ,=)%136%1 !%:"*F -0 "3-(+ &*%3 >"7)%*"/
8(%+6"5<); 3-(-W"0+ :J
K"()*+ ?L; X,+*-(+ 0)36+* >+* -*$".!+ %& >"7)%*"/
8(%+6"5<); >5%$%(*->5# 1"$5 Y+#$+*0+*# "0
0%0PY+#$+*0 #+$$"0(#F 7E:GZJD DB
K"()*+ ?L? S+("%0-! >%>)!-$"%0 .%3>-*+2 $% >"7)%*"/
8(%+6"5<); -*$".!+# >)6!"#5+2 "0 [-$"0 X3+*".-F
X&*".- -02 $5+ V"22!+ \-#$F -# >+*.+0$-(+ %&
$%$-!F 7E:GZJD D:
K"()*+ BL7 X2,+*$"#+3+0$ ID
K"()*+ BL; X2,+*$"#+3+0$ &%* $5+ H$-!"-0 0+1#>->+*
?/ @"*)&($7% IE
K"()*+ BL? T"!,+* M*%## -2,+*$"#+3+0$F 7EEJ JG
K"()*+ BLB O+0$"0%4 $++$5"0( (+! -2,+*$"#+3+0$F 7EEJ J7
K"()*+ BL: R-#". #>-$"-! %*(-0"W-$"%0 %& -0 -2,+*$"#+3+0$ J:
K"()*+ BLD M5-0+! -02 R-6+ -2,+*$"#+3+0$#F 7EIJ JD
.((( bHTcX[ V\d_eOe[eUH\T

K"()*+ BLI X0-!9#"# %& M5-0+! -02 R-6+ -2,+*$"#+3+0$# JI


K"()*+ :L7 @-A ]"0+$++0$5P.+0$)*9 #%&$ >%*0 >%#$.-*2
@6A ]%.5!"0=# .%0#$*).$"%0 %& +^)",-!+0$ 3-!+
"3-(+ 7GE
K"()*+ :L; T$"!! &*%3 _"$.5.%./=# A("6 !)*=%B 777
K"()*+ :L? T$"!! &*%3 _"$.5.%./=# A(.(;;" 7;7
K"()*+ :LB T$"!! &*%3 _"$.5.%./=# C(67)+% 7;;
K"()*+ :L: _-0# _%!6+"0F D<( ,:."$$"=%6$F 7:?? 7;B
K"()*+ DL7 Q-0 ,-0 \9./F ,6*%/E*) !(==)*+ F%676")7F 7B?B 7BD
K"()*+ DL; U)#$-,+ O%*+̀F "!!)#$*-$"%0 $% D<( 96)=+( %&
')+<$F 7JIJ 7:;
K"()*+ DL? YL U*-9F 2%$7 7:;
K"()*+ DLB YL U*-9F G%1*= 7:;
K"()*+ DL: _-6!%$ aL R*%10+ @N5"WAF D<( A)H(6 7:?
K"()*+ DLD U+%*(+ K*+2+*"./ Y-$$#F G%1*= I6%B*(=F
7JBJZ:G 7:?
K"()*+ DLI V-> &*%3 M5-*!+# R%%$5=# 2+#.*">$",+ 3-> %&
[%02%0 >%,+*$9F 7JJE 7::
K"()*+ DLJ F%/);( ?//1$76"7(= >(B$F 7I ]%,+36+* 7JJJ 7:D
/!0#"1'%2+%3%#$&

d5"# 6%%/ "# 6-#+2 %0 - .%)*#+ H $-)(5$ -$ $5+


U*-2)-$+ T.5%%! &%* $5+ T%."-! T."+0.+#F \2"06)*(5
c0",+*#"$9F "0 7EEDF 7EEI -02 7EEJL V%#$ $5-0/#
3)#$ (% $% $5+ #$)2+0$# 15% $%%/ $5-$ .%)*#+F &%*
$5+"* +0$5)#"-#$". +0(-(+3+0$ 1"$5 $5+ "3-(+#
H #5%1+2 $5+3 -02 &%* $5+"* 5+-!$59 #.+>$"."#3
$%1-*2# 3+$5%2# $+4$6%%/#L d5+ _)3-0 U+%(*->59
S+-2"0( U*%)> -$ \2"06)*(5 (-,+ $5+ '*#$ .5->$+* -
$5%*%)(5 -02 ,+*9 5+!>&)! (%"0(P%,+* -$ -0 +-*!9
#$-(+f V"/+ M*-0( -02 O%0 T!-$+* 1+*+ .%0#$*).$",+
*+-2+*# &%* T-(+L S%6+*$ S%C+/ 5-# 6++0 - ,+*9
#)>>%*$",+ +2"$%*L X02 $5+*+ 1+*+ )#+&)! -02F 3%*+
"3>%*$-0$!9F >!+-#)*-6!+ .%0,+*#-$"%0# -6%)$
3-$$+*# ,"#)-! -02 "0$+*>*+$",+ 1"$5 T)+ T3"$5F
M5-*!"+ Y"$5+*# -02F +#>+."-!!9F V-*/ O%**"-0L
V9 $5-0/# $% $5+3 $%%L K"0-!!9F 3-09 $5-0/# $%
X00+!"+#+ \33-0# &%* .%3>"!"0( $5+ "02+4L
4 bHTcX[ V\d_eOe[eUH\T

d5+ -)$5%* -02 >)6!"#5+*# 1"#5 $% $5-0/ $5+ &%!!%1"0( &%* >+*3"##"%0 $% )#+
.%>9*"(5$ 3-$+*"-!8

K"()*+
7L; !"#$ %& '(()*+ 69 Q%50 R+*(+*F 7EI;F N+0()"0 R%%/#L
S+>*%2).+2 69 >+*3"##"%0 %& N+0()"0 R%%/#L
7L? S%6+*$ O%"#0+-)F <X0 e6!"^)+ [%%/=F S->5% N-*"#L
;L7 '(/& F%676")7F 7D;E 69 S+36*-02$ _-*3+0#W ,-0 S"C0 @7DGDZDEAF
H#-6+!!- T$+1-*$ U-*20+* V)#+)3F R%#$%0F V-##-.5)#+$$#F
cTXgR*"2(+3-0 X*$ ["6*-*9L e"! %0 >-0+!L
;L; '(/& F%676")7F 7D:I 69 S+36*-02$ ,-0 S"C0 @7DGDZDEAF d5+
M%!!+.$"%0 %& $5+ O)/+ %& T)$5+*!-02F %0 !%-0 $% $5+ ]-$"%0-!
U-!!+*9 %& T.%$!-02L
;LD 2)77/( 8)6/ )* " 9/1( ,6:;<")6F 7JIJF V-*9 M-##-$F M%!!+.$"%0 %&
V* -02 V*# N-)! V+!!%0 h ;GGG R%-*2 %& d*)#$++#F ]-$"%0-!
U-!!+*9 %& X*$F Y-#5"0($%0L e"! %0 .-0,-#L
?L7 ,=)%136%1 !%:"* h M-*%! R+./1"$5gX(+!- K"#5+*L
?L; A("=)*+ >"7)%*"/ 8(%+6"5<); 69 MLXL [)$W -02 QL[L M%!!"0#F 7EE?L
R9 >+*3"##"%0 %& M5".-(% c0",+*#"$9 N*+##L
?L? A("=)*+ >"7)%*"/ 8(%+6"5<); 69 MLXL [)$W -02 QL[ M%!!"0#F 7EE?L
R9 >+*3"##"%0 %& M5".-(% c0",+*#"$9 N*+##L
BL7F BLD I(;%=)*+ ,=H(67)$(:(*7$J ?=(%/%+# "*= @("*)*+ )* ,=H(67)$)*+ 69
BLI Q)2"$5 Y"!!"-3#%0F7EIJL S+>*%2).+2 1"$5 >+*3"##"%0 %& V-*"%0
R%9-*#L
BL: A("=)*+ ,=$ '%;)"//# 69 SL U%!23-0F 7EE;L S+>*%2).+2 69
>+*3"##"%0 %& S%)$!+2(+L
:L; M%>9*"(5$ h ;GG7 69 c0",+*#-! T$)2"%#F H0.L M%)*$+#9 %& c0",+*#-!
T$)2"%# N)6!"#5"0( S"(5$#L X!! S"(5$# S+#+*,+2L d5+ T$+1-*$
K-3"!9 [[M -02 $5+ N*"0.+## U*-.+ K%)02-$"%0F cTXL
:L? M%)*$+#9 %& XRM O"#$*"6)$"%0# -02 Q%-0 K%0$-"0+L
:LB M%>9*"(5$ h ;GG7 69 c0",+*#-! T$)2"%#F H0.L M%)*$+#9 %& c0",+*#-!
T$)2"%# N)6!"#5"0( S"(5$#L X!! S"(5$# S+#+*,+2L d5+ T$+1-*$
K-3"!9 [[ML
:L: D<( ,:."$$"=%6$F 7:??F _-0# _%!6+"0 $5+ 9%)0(+*F Q+-0 2+
O"0$+,"!!+ -02 U+%*(+# 2+ T+!,+ h ]-$"%0-! U-!!+*9 [%02%0L
DL7 Q-0 ,-0 \9./F D<( ,6*%/E*) !(==)*+ F%676")7 h ]-$"%0-! U-!!+*9F
[%02%0L
DL; U)#$-,+ O%*+̀F "!!)#$*-$"%0 $% D<( 96)=+( %& ')+<$L R9 >+*3"##"%0 %&
$5+ R*"$"#5 ["6*-*9L
DL?F DLB YL U*-9F 2%$7 -02 G%1*=L R9 >+*3"##"%0 %& $5+ R*"$"#5 ["6*-*9L
DL: _-6!%$ aL R*%10+F D<( A)H(6L R9 >+*3"##"%0 %& $5+ R*"$"#5 ["6*-*9L
DLD G%1*= I6%B*(= @%"! %0 .-0,-#A 69 U+%*(+ K*+2+*"./ Y-$$#
@7J7IZ7EGBA d*)#$++# %& $5+ Y-$$# U-!!+*9F M%3>$%0F T)**+9F
cagR*"2(+3-0 X*$ ["6*-*9L
DLI K<"6/($ 9%%7<L$ =($;6)57)H( :"5 %& 2%*=%* F%H(67#F 7JJEL R9
>+*3"##"%0 %& $5+ [%02%0 d%>%(*->5".-! T%."+$9L
DLJ F%/);( ?//1$76"7(= >(B$L R9 >+*3"##"%0 %& $5+ R*"$"#5 ["6*-*9L

\,+*9 +&&%*$ 5-# 6++0 3-2+ $% $*-.+ -!! $5+ .%>9*"(5$ 5%!2+*#F 6)$ "& -09 5-,+
6++0 %,+*!%%/+2F %* "& -09 -22"$"%0-! "0&%*3-$"%0 .-0 6+ (",+0F $5+ >)6!"#5+*#
1"!! 3-/+ $5+ 0+.+##-*9 -3+023+0$# -$ $5+ '*#$ %>>%*$)0"$9L
!"#$%&'(!") #*!+ ,%%-

.*/$/0+ 1" 123'4 4%# %3 *56/ 1$%'"& 7#*/ 8!+'140


#*/+/ &15+9 :/0$/ %3#/" #%4& #*1# 2/ "%2 4!8/ !" 1
2%$4& 2*/$/ -"%24/&)/ 1+ 2/44 1+ ;1"5 3%$;+ %3
/"#/$#1!";/"# 1$/ 8!+'1445 (%"+#$'(#/&< 1"&
2*/$/ 2*1# 2/ +// !+ 1+ !;6%$#1"#< !3 "%# ;%$/
+%< #*1" 2*1# 2/ */1$ %$ $/1&9 =%>(144/& 78!+'14
!44!#/$1(50 !+ ,/$1#/&< 1"& #*/$/ 1$/ (144+ #%
$/+#$'(#'$/ +(*%%4 1"& (%44/)/ ('$$!('41 +% #*1#
8!+'14 )$1;;1$ (1" ,/ 4/1$"# 14%")+!&/
'"&/$+#1"&!")+ %3 #/?#+< "';,/$+ 1"& ;%4/('4/+9
@/# #*/$/0+ 14+% 1 4%# %3 (%"3'+!%" 1,%'# 2*1#
/?1(#45 144 #*!+ ;!)*# /"#1!49 A"&//&< #*/$/0+ 1 4%#
%3 (%"3'+!%" 1,%'# #*/ 8!+'14 !#+/439 A+ !# 4!-/ 1
41")'1)/ %$ "%#B C%2 &% 8!+'14 !;1)/+ 2%$-B D+
:9E9.9 F!#(*/44 GHIIJK HLM +15+ 1# #*/ ,/)!""!")
%3 *!+ ,%%- %" !"#$%&' ()'*&+< 72/ +#!44 &% "%#
-"%2 /?1(#45 2*1# 6!(#'$/+ 1$/< 2*1# #*/!$
$/41#!%" #% 41")'1)/ !+< *%2 #*/5 %6/$1#/ %"
%,+/$8/$+ 1"& %" #*/ 2%$4&< *%2 #*/!$ *!+#%$5 !+
N QB2RDS TU@EV>VSVWBU2

!" #$ %&'$()!""'* +&' ,-+! .) !" #$ '"&$ ,.!- "( +#"%! !-$/01 2"
$3$& .4 .! ,+) 5$(!+.& !-+! !-$ ,"(6'* "( +! 6$+)! )"/$ 7+(!) "4 .!* .)
.&5($+).&869 $&5"%&!$($' 3.)%+669 :+&' !-.) .) .!)$64 + '$#+!+#6$ 56+./;*
.! .)&0! 56$+( $<+5!69 ,-+! !-+! /.8-! /$+& 4"( ,-+! .) )$$& +&' 4"(
,-+!* -", +&' ,-" )$$) +&' '"$)&0!1 ="( .) .! 56$+( ,-+!* 7(+5!.5+669*
/.8-! #$ %)$4%6 ,+9) "4 $<+/.&.&8 !-$)$ .))%$) !-("%8- $/7.(.5+6
)!%'.$)1 >$)7.!$ !-$ -%8$ +/"%&! "4 +5+'$/.5 ,"(? 5%(($&!69 #$.&8
7%#6.)-$' "& !-.&8) 3.)%+6* !-$($ +($ ($/+(?+#69 4$, 8%.'$) !"
7")).#6$ /$!-"') "4 .&!$(7($!+!."& +&' $3$& 4$,$( $<76+&+!."&) "4
-", !" '" !-")$ /$!-"')1 @-.) #""? +./) !" A66 !-+! 8+71 B! .)
+''($))$' !" !-$ %&'$(8(+'%+!$ )!%'$&! ,-" -+) 4"%&' )"/$
.&!(.8%.&8 3.)%+6 /+!$(.+6) !" ,"(? ,.!-* ?&",) !-+! !-$9 (+.)$ )"/$
.&!$($)!.&8 .))%$)* #%! .)&0! C%.!$ )%($ -", !" 7("5$$' 4("/ !-$($1
@-.) #""? "44$() + /$!-"'"6"8.5+6 8%.'$ !" !-$ 7("'%5!."& "4
$/7.(.5+669 8("%&'$' ($)7"&)$) !" 7+(!.5%6+( 3.)%+6 /+!$(.+6)1 D)
2!%+(! E+66 )+9)F

B! .) ,"(!- $/7-+).).&8 !-+! !-$($ .) &" ).&86$ "( G5"(($5!0 +&),$( !"
!-$ C%$)!."&* GH-+! '"$) !-.) ./+8$ /$+&I0 "( GH-+! .) !-.) +'
)+9.&8I0 2.&5$ !-$($ .) &" 6+, ,-.5- 5+& 8%+(+&!$$ !-+! !-.&8) ,.66
-+3$ G"&$* !(%$ /$+&.&80* "( !-+! /$+&.&8) ,"&0! 5-+&8$ "3$( !./$*
,"(? .& !-.) +($+ .) #"%&' !" #$ .&!$(7($!+!.3$ J + '$#+!$ #$!,$$&*
&"! ,-" .) G(.8-!0 +&' ,-" .) G,("&80* #%! #$!,$$& $C%+669 76+%).#6$*
!-"%8- )"/$!./$) 5"/7$!.&8 +&' 5"&!$)!.&8* /$+&.&8) +&'
.&!$(7($!+!."&)1 @-$ #$)! ,+9 !" G)$!!6$0 )%5- 5"&!$)!$' ($+'.&8) .)
!" 6""? +8+.& +! !-$ 5"&5($!$ $<+/76$ +&' !(9 !" K%)!.49 "&$0)
G($+'.&80 .& '$!+.6 .& ($6+!."& !" !-$ +5!%+6 7(+5!.5$) +&' 4"(/) "4
).8&.A5+!."& %)$'* +&' ,-+! /$+&.&8) !-$9 )$$/ !" 9"% !" #$
7("'%5.&81 :E+66* LMMN+F M;

B&!$(7($!.&8 ./+8$) .) K%)! !-+!* .&!$(7($!+!."&* &"! !-$ '.)5"3$(9 "4


!-$.( G!(%!-0 :+6!-"%8- ,$ ,.66 $&5"%&!$( !-$ 6+!!$( 56+./ .& )"/$ "4 !-$
$+(69 5-+7!$() "4 !-.) #""?;1 D) E+66 )%88$)!)* .! .) !-$($4"($
./7"(!+&! !" K%)!.49 9"%( .&!$(7($!+!."&1 @" '" !-+! 9"% ,.66 &$$' !"
-+3$ +& $<76.5.! /$!-"'"6"89* +&' !-.) #""? ,.66 -$67 9"% '$3$6"7 "&$1
B! 7("3.'$) + #+).5 .&!("'%5!."& !" + (+&8$ "4 /$!-"') !-+! 5+& #$
%)$' !" .&!$(7($! 3.)%+6 ./+8$)* +&' .! 7("3.'$) $&"%8- ($4$($&5$) 4"(
9"% !" '$3$6"7 /"($ '$!+.6$' /$!-"') .4 9"% &$$' !"1 B! '"$) &"! "44$(
+ &$%!(+6 +55"%&! "4 !-$)$ '.44$($&! /$!-"')* !-"%8-1 @-")$ '$#+!$)
"& !-$ 3.)%+6* ,-.6$ "4!$& $<+88$(+!$'* "3$(O8$&$(+6.P$'* 7"6+(.P$' +&'
%&'$(O($)$+(5-$'* +6)" (+.)$ )"/$ ?$9 .&!$(7($!+!.3$ .))%$) ,.!-
,-.5- +&9 ($)$+(5- .&!" 3.)%+6 /+!$(.+6) /%)! $&8+8$1 2" !-$ A()!
5-+7!$( "4 !-.) #""? +''($))$) )"/$ +)7$5!) "4 5%(($&!* /"($
!-$"($!.5+6* '$#+!$) +#"%! !-$ 3.)%+61 B& !-+! A()! 5-+7!$(* B +8($$ ,.!-
!-$ 7+(!.5.7+&!) .& !-")$ '$#+!$) ,-" +(8%$ !-+! !-$ .&!$(7($!+!."& "4
B=@`V>RY@BV= L

3.)%+6 ./+8$) /%)! +''($)) C%$)!."&) "4 5%6!%(+6 /$+&.&8 +&' 7",$(*
+&' !-+! 7").!."& -+) 5$(!+.& ./76.5+!."&) 4"( !-$ ,+9 .& ,-.5-
B )%#)$C%$&!69 +))$)) !-$ 3+(."%) /$!-"') B '.)5%))1 X"( $<+/76$*
,-.6$ C%+&!.!+!.3$ /$!-"') 5+& #$ '$76"9$' .& ($6+!."& !" !-$)$ )"(!)
"4 .))%$) :+) Y-+7!$( Z ,.66 )%88$)!;* &"&$!-$6$)) !-.) $/7-+).) "&
/$+&.&8 +&' ).8&.A5+&5$ )%88$)!) !-+! C%+6.!+!.3$ /$!-"') +($ /"($
+77("7(.+!$1 B&'$$'* $3$(9 5-+7!$( -$($ $<5$7! !-$ !-.(' $<76"($)
C%+6.!+!.3$ /$!-"'"6"8.$)1 T"($ #("+'69* !-$ A()! 5-+7!$( +6)" /+?$)
)"/$ )7$5.A5 )%88$)!."&) +#"%! ,-9 .! .) ./7"(!+&! !" 5"&).'$( 3.)%+6
./+8$)* ,-9 .! .) ./7"(!+&! !" #$ 5(.!.5+6 +#"%! 3.)%+6 ./+8$)* +&' ,-9
.! .) ./7"(!+&! !" ($[$5! "& !-+! 5(.!.C%$1 D&),$() !" !-$)$ !-($$
C%$)!."&) +($ '$3$6"7$' .& Y-+7!$( L .&!" !-($$ 5(.!$(.+ 4"( ,-+!
B !$(/ + G5(.!.5+6 3.)%+6 /$!-"'"6"8901 \9 G5(.!.5+60 B /$+& +& +77("+5-
!-+! !-.&?) +#"%! !-$ 3.)%+6 .& !$(/) "4 !-$ 5%6!%(+6 ).8&.A5+&5$* )"5.+6
7(+5!.5$) +&' 7",$( ($6+!."&) .& ,-.5- .! .) $/#$''$'] +&' !-+!
/$+&) !-.&?.&8 +#"%! !-$ 7",$( ($6+!."&) !-+! 7("'%5$* +($
+(!.5%6+!$' !-("%8-* +&' 5+& #$ 5-+66$&8$' #9* ,+9) "4 )$$.&8 +&'
./+8.&81 @-")$ 5(.!$(.+ !-$& 7("3.'$ !-$ /$+&) #9 ,-.5- !-$ 3+(."%)
/$!-"') .& !-.) #""? +($ $3+6%+!$'1 X"( $+5- /$!-"' B +)?F E",
%)$4%6 .) .! .& +5-.$3.&8 + 5(.!.5+6 /$!-"'"6"89 4"( 3.)%+6 ./+8$)I
U+5- 5-+7!$( "4 !-.) #""? 4"5%)$) "& "&$ /$!-"'* +&' /")!
5-+7!$() +6)" 4"5%) "& K%)! "&$ ?.&' "4 3.)%+6 ./+8$(91 B&'.3.'%+6
5-+7!$() 6""? +! 7+.&!.&8)* 7-"!"8(+7-)* A6/)* !$6$3.)$' )"+7) +&'
+'3$(!)1 Y6$+(69* !-.) .) + &+((", )$6$5!."& "4 3.)%+6 !-.&8)] !-$($0)
&"!-.&8 "& 3.'$"* "( !-$ ,$#* "( /$'.5+6 ./+8.&8* "( /+7)* 4"(
$<+/76$1 D&' ,-+! +#"%! #%.6'.&8)* #%.6! 6+&')5+7$)* )5%67!%($I
@-$($ .) &"!-.&8 !" 7($3$&! !-$ /$!-"') '.)5%))$' -$($ #$.&8 +776.$'
!" "!-$( )"(!) "4 3.)%+6 ./+8$) +&' "#K$5!)* -",$3$(1 U+5- 5-+7!$(
4"5%)$) "& "&$ ?.&' "4 3.)%+6 !-.&8 +&' "&$ /$!-"' .& "('$( !" "44$( +
)%)!+.&$' +&' 4+.(69 '$!+.6$' '.)5%))."& "4 !-$ .))%$) $+5- (+.)$)1 B&
"('$( !" '$3$6"7 !-+! '$!+.6* $+5- 5-+7!$( +6)" -+) #"<$) ,-.5- +)?
9"% !" !"#$% "& )7$5.A5 7+(!) "4 !-$ /$!-"'1 E",$3$(* !-$($ +($
&'&('")*+,-'.% +! !-$ $&' "4 !-$ #""? ,-.5- ,.66 -$67 9"% !" A&' 9"%(
,+9 +("%&' "!-$( 3.)%+6 /$'.+ +&' 8$&($)* .4 9"% 76+& !" %)$ "&$ "4
!-$ /$!-"') '.)5%))$' -$($ "& + '.44$($&! )"(! "4 ./+8$(91 @-$ #""?
+6)" -.8-6.8-!) + &%/#$( "4 /.0 1.*2%1 3'%$+( 4.1-"5"(")'.% $<76"($)
#"!- !-$"($!.5+6 +&' /$!-"'"6"8.5+6 .))%$)* $+5- "4 ,-.5- -+) !-$.(
",&* )"/$!./$) (+!-$( "#)5%($* 3"5+#%6+(.$)1 @" -$67 9"% ($5"8&.P$
!-$ ?$9 !$(/) "4 !-$)$ 3"5+#%6+(.$)* !-$ A()! !./$ !-$9 +($ '.)5%))$'
.& !-$ !$<! !-$9 +($ *!)*4!)*#/& !" ,%4& 1"& "%#/& !" #*/ ;1$)!"1 @"
5-$5? 9"%( %&'$()!+&'.&8 "4 !-$/* !-$ 6.)! "4 ?$9 !$(/) "& 7+8$)
^L_JLN !$66) 9"% ,-$($ !-$)$ !$(/) +($ $<76"($' .& !-$ #""?1
X.&+669* B0' 6.?$ !" 5"//$&! "& !-$ 6./.!) "4 + #""? 6.?$ !-.)1 @-$
#""? "44$() )"/$ 8%.'$6.&$) 4"( .&3$)!.8+!.&8 !-$ /$+&.&8) +&'
J QB2RDS TU@EV>VSVWBU2

$44$5!) "4 3.)%+6 ./+8$)1 \%! !-$ /")! $<5.!.&8* )!+(!6.&8 +&'
7$(5$7!.3$ 5(.!.5) "4 3.)%+6 ./+8$) '"&0! .& !-$ $&' '$7$&' $&!.($69 "&
+ )"%&' /$!-"'"6"89* B !-.&?1 @-$9 +6)" '$7$&' "& !-$ 76$+)%($*
!-(.66)* 4+)5.&+!."&* ,"&'$(* 4$+( "( ($3%6)."& "4 !-$ 7$()"& 6""?.&8 +!
!-$ ./+8$) +&' !-$& ,(.!.&8 +#"%! !-$/1 2%55$))4%6 .&!$(7($!+!."&
'$7$&') "& + 7+))."&+!$ $&8+8$/$&! ,.!- ,-+! 9"% )$$1 R)$ 9"%(
/$!-"'"6"89 !" '.)5.76.&$ 9"%( 7+))."&* &"! !" '$+'$& .!1
H
$/+/1$(*!") 8!+'14 ;1#/$!14+
!",+(') + 5(.!.5+6 3.)%+6 /$!-"'"6"89

!"##$%&' ( )(*+%,-.(* */$/(*," 0/+"#1 1/)/&1$ #& (.. $#*+$ #2 2(,+#*$3 4"%$
,"()+/* /5(0%&/$ +"/ 2(,+#*$ */.(+/1 +# +"/ 6($%, (&(.7+%,(. ())*#(," 7#-
(1#)+ %& */.(+%#& +# 8%$-(. %0('/$9

: ;+ 1%$,-$$/$ $#0/ 1/6(+/$ (6#-+ +"/ %0)#*+(&,/ #2 +"/ 8%$-(. +# ,#&<


+/0)#*(*7 =/$+/*& $#,%/+%/$3
: ;+ #22/*$ ( 6*#(1 (&(.7+%,(. 2*(0/>#*? 2#* -&1/*$+(&1%&' "#> %0('/$
6/,#0/ 0/(&%&'2-.3
: ;+ $-''/$+$ $#0/ ,*%+/*%( 2#* ( ,*%+%,(. ())*#(," +# 8%$-(. 0(+/*%(.$3
: ;+ ).(,/$ 1%22/*/&+ 0/+"#1#.#'%/$ %& +"(+ 2*(0/>#*?@ +# 6/'%& +# $-''/$+
>"%," 0/+"#1$ 0%'"+ 6/ 6/$+ $-%+/1 2#* >"%," ?%&1$ #2 (&(.7$%$3
: ;+ #22/*$ $#0/ )*(,+%,(. $-''/$+%#&$ 2#* */2/*/&,%&' (&1 */)*#1-,%&'
%0('/$ %& 7#-* A&(. >#*?3

H 1" !"#$%&'(#%$5 +'$8/5 %3 7#*/ 8!+'140

B8/* +"/ .($+ +># #* +"*// 1/,(1/$@ +"/ >(7 %& >"%," 0(&7 $#,%(.
$,%/&+%$+$ -&1/*$+(&1 $#,%(. .%2/ "($ $"%2+/13 4"%$ $"%2+ %$ #2+/& 1/$,*%6/1 ($
+"/ C,-.+-*(. +-*&D3 4"(+ %$@ C,-.+-*/D "($ 6/,#0/ ( ,*-,%(. 0/(&$ 67 >"%,"
0(&7 $#,%(. $,%/&+%$+$ -&1/*$+(&1 $#,%(. )*#,/$$/$@ $#,%(. %1/&+%+%/$@ (&1
O'4#'$/ $#,%(. ,"(&'/ (&1 ,#&E%,+3 !"#$"%& %$ ( ,#0)./5 ,#&,/)+@ 6-+@ %& 8/*7
6*#(1 +/*0$@ +"/ */$-.+ #2 %+$ 1/).#70/&+ "($ 6//& +"(+ $#,%(. $,%/&+%$+$ (*/
&#> 8/*7 #2+/& %&+/*/$+/1 %& +"/ >(7$ %& >"%," $#,%(. .%2/ %$ ,#&$+*-,+/1
+"*#-'" +"/ %1/($ +"(+ )/#)./ "(8/ (6#-+ %+@ (&1 +"/ )*(,+%,/$ +"(+ E#>
2*#0 +"#$/ %1/($3 4# F-#+/ #&/ #2 +"/ 0(G#* ,#&+*%6-+#*$ +# +"%$ $"%2+@
H+-(*+ I(..9
Q QB2RDS TU@EV>VSVWBU2

!-.+-*/@ %+ %$ (*'-/1@ %$ &#+ $# 0-," ( $/+ #2 +"%&'$ J &#8/.$ (&1 )(%&+%&'$


#* 4K )*#'*(00/$ #* ,#0%,$ J ($ ( )*#,/$$@ ( $/+ #2 )*(,+%,/$3 L*%0(*%.7@
,-.+-*/ %$ ,#&,/*&/1 >%+" +"/ )*#1-,+%#& (&1 /5,"(&'/ #2 0/(&%&'$ J +"/
C'%8%&' (&1 +(?%&' #2 0/(&%&'D J 6/+>//& +"/ 0/06/*$ #2 ( $#,%/+7 #*
'*#-) 3 3 3 4"-$ ,-.+-*/ 1/)/&1$ #& %+$ )(*+%,%)(&+$ %&+/*)*/+%&' 0/(&<
%&'2-..7 >"(+ %$ (*#-&1 +"/0@ (&1 C0(?%&' $/&$/D #2 +"/ >#*.1@ %&
6*#(1.7 $%0%.(* >(7$3 MI(..@ NOOP(9 QR

4"#$/ 0/(&%&'$ 0(7 6/ /5).%,%+ #* %0).%,%+@ ,#&$,%#-$ #* -&,#&$,%#-$3


4"/7 0(7 6/ 2/.+ ($ +*-+" #* ($ 2(&+($7@ $,%/&,/ #* ,#00#& $/&$/S (&1 +"/7
0(7 6/ ,#&8/7/1 +"*#-'" /8/*71(7 $)//,"@ /.(6#*(+/ *"/+#*%,@ "%'" (*+@ +8
$#() #)/*($@ 1*/(0$@ 0#8%/$ #* 0-T(?S (&1 1%22/*/&+ '*#-)$ %& ( $#,%/+7
>%.. 0(?/ $/&$/ #2 +"/ >#*.1 %& 1%22/*/&+ >(7$3 ="(+/8/* 2#*0 +"/7 +(?/@
+"/$/ 0(1/ 0/(&%&'$ $+*-,+-*/ +"/7 >(7 )/#)./ 6/"(8/ J +"/ >(7 7#- (&1
; 6/"(8/ J %& #-* /8/*71(7 .%8/$3
4"%$ $#*+ #2 (*'-0/&+ ,(& +(?/ 8/*7 1%8/*$/ 2#*0$3 U-+ */,/&+.7@ 0(&7
>*%+/*$ (11*/$$%&' +"/$/ %$$-/$ "(8/ (*'-/1 +"(+ +"/ 8%$-(. %$ ,/&+*(. +# +"/
,-.+-*(. ,#&$+*-,+%#& #2 $#,%(. .%2/ %& ,#&+/0)#*(*7 =/$+/*& $#,%/+%/$3 ;+ %$
&#> #2+/& $-''/$+/1 +"(+ 0-," 0/(&%&' %$ ,#&8/7/1 67 8%$-(. %0('/$3 =/
(*/@ #2 ,#-*$/@ $-**#-&1/1 67 1%22/*/&+ $#*+$ #2 8%$-(. +/,"&#.#'%/$ J
)"#+#'*()"7@ A.0@ 8%1/#@ 1%'%+(. '*()"%,$@ +/./8%$%#&@ (,*7.%,$@ 2#* /5(0)./
J (&1 +"/ %0('/$ +"/7 $"#> -$ J +8 )*#'*(00/$@ (18/*+%$/0/&+$@ $&()<
$"#+$@ )-6.%, $,-.)+-*/@ 0#8%/$@ $-*8/%..(&,/ 8%1/# 2##+('/@ &/>$)()/*
)%,+-*/$@ )(%&+%&'$3 V.. +"/$/ 1%22/*/&+ $#*+$ #2 +/,"&#.#'%/$ (&1 %0('/$
#22/* 8%/>$ #2 +"/ >#*.1S +"/7 */&1/* +"/ >#*.1 %& 8%$-(. +/*0$3 U-+ +"%$
*/&1/*%&'@ /8/& 67 )"#+#'*()"$@ %$ &/8/* %&&#,/&+3 4"/$/ %0('/$ (*/ &/8/*
+*(&$)(*/&+ >%&1#>$ #& +# +"/ >#*.13 4"/7 %&+/*)*/+ +"/ >#*.1S +"/7
1%$).(7 %+ %& 8/*7 )(*+%,-.(* >(7$3 4"-$ ( 1%$+%&,+%#& %$ $#0/+%0/$ 0(1/
P!+!%" 6/+>//& '()(*+ (&1 '()",#($-3 .()(*+ %$ >"(+ +"/ "-0(& /7/ %$ )"7$%#<
P!+'14!#5 .#'%,(..7 ,()(6./ #2 $//%&' M(.+"#-'" %+ 0-$+ 6/ &#+/1 +"(+ %1/($ (6#-+ +"(+
,()(6%.%+7 "(8/ ,"(&'/1 "%$+#*%,(..7 (&1 >%.. 0#$+ .%?/.7 ,#&+%&-/ +#
,"(&'/9 $// !*(*7@ NOOQR3 .()",#($-@ #& +"/ #+"/* "(&1@ */2/*$ +# >(7 %&
>"%," 8%$%#& %$ ,#&$+*-,+/1 %& 8(*%#-$ >(7$9 C"#> >/ $//@ "#> >/ (*/ (6./@
(..#>/1@ #* 0(1/ +# $//@ (&1 "#> >/ $// +"%$ $//%&' (&1 +"/ -&$//%&'
+"/*/%&D MW#$+/*@ NOXX(9 %5R3 V&#+"/* )"*($/ >%+" 8/*7 $%0%.(* ,#&&#+(+%#&$
=(%6!( $/)!;/ +# 8%$-(.%+7 %$ )/*0(/ %&1(2&3 U#+" +/*0$ */2/* +# +"/ >(7$ %& >"%," 6#+"
>"(+ %$ $//& (&1 "#> %+ %$ $//& (*/ ,-.+-*(..7 ,#&$+*-,+/13
W#* $#0/ >*%+/*$@ +"/ 8%$-(. %$ +"/ 0#$+ 2-&1(0/&+(. #2 (.. $/&$/$3
Y#*1#& W72/ (&1 Z#"& [(> MNOXX9 QR@ 2#* /5(0)./@ ,.(%0 +"(+ C1/)%,+%#&@
)%,+-*%&' (&1 $//%&' (*/ -6%F-%+#-$ 2/(+-*/$ #2 +"/ )*#,/$$ 67 >"%," 0#$+
"-0(& 6/%&'$ ,#0/ +# ?&#> +"/ >#*.1 ($ %+ */(..7 !" 2#* +"/0D@ (&1 Z#"&
U/*'/* MNOPQ9 PR $-''/$+$ +"(+ +"%$ %$ 6/,(-$/ C$//%&' ,#0/$ 6/2#*/ >#*1$3
4"/ ,"%.1 .##?$ (&1 */,#'&%T/$ 6/2#*/ %+ ,(& $)/(?D3 M!./(*.7 +"/$/ >*%+/*$
)(7 .%++./ (++/&+%#& +# +"#$/ >"# (*/ 6#*& 6.%&13R B+"/* >*%+/*$@ "#>/8/*@
)*/2/* +# "%$+#*%,%$/ +"/ %0)#*+(&,/ #2 +"/ 8%$-(.@ +*(,%&' >"(+ +"/7 $// ($
+"/ %&,*/($%&' $(+-*(+%#& #2 =/$+/*& $#,%/+%/$ 67 8%$-(. %0('/$3 \(&7 ,.(%0
+"(+ +"%$ )*#,/$$ "($ */(,"/1 -&)*/,/1/&+/1 ./8/.$@ $# +"(+ =/$+/*&/*$ &#>
`U2UD`YEB=W QB2RDS TD@U`BDS2 S

%&+/*(,+ >%+" +"/ >#*.1 0(%&.7 +"*#-'" "#> >/ $// %+3 \(*+%& Z(7 MNOO]R
R('41$(/"#$!+; "($ -$/1 +"/ +/*0 */"#,%/&+$%()2 +# 1/$,*%6/ +"/ ())(*/&+ ,/&+*(.%+7 #2 +"/
8%$-(. +# ,#&+/0)#*(*7 =/$+/*& .%2/3
4"%$ &(**(+%8/ #2 +"/ %&,*/($%&' %0)#*+(&,/ #2 +"/ 8%$-(. +# ,#&<
+/0)#*(*7 =/$+/*& $#,%/+%/$ %$ )(*+ #2 ( >%1/* (&(.7$%$ #2 +"/ $"%2+ 2*#0
)*/0#1/*&%+7 +# 0#1/*&%+7@ (&1 2*#0 0#1/*&%+7 +# )#$+0#1/*&%+7 M2#*
/5(0)./@ $// \%*T#/22@ NOOO9 NJ]]R3 ;+ %$ #2+/& $-''/$+/1 J #* ($$-0/1 J
+"(+ %& )*/0#1/*& $#,%/+%/$@ 8%$-(. %0('/$ >/*/ &#+ /$)/,%(..7 %0)#*+(&+@
)(*+.7 6/,(-$/ +"/*/ >/*/ $# 2/> #2 +"/0 %& ,%*,-.(+%#&3 4"%$ 6/'(& +#
,"(&'/ >%+" +"/ #&$/+ #2 0#1/*&%+73 ;& )(*+%,-.(*@ %+ %$ $-''/$+/1 +"(+
0#1/*& 2#*0$ #2 ?&#>./1'/ 1/)/&1 #& ( $,#)%, */'%0/ +"(+ /F-(+/$ $//%&'
>%+" ?&#>./1'/3 !"*%$ Z/&?$ MNOO^R@ 2#* /5(0)./@ 0(?/$ +"%$ ,($/ %& (&
/$$(7 /&+%+./1 C4"/ ,/&+*(.%+7 #2 +"/ /7/ %& >/$+/*& ,-.+-*/D@ (*'-%&' +"(+
C.##?%&'@ $//%&' (&1 ?&#>%&' "(8/ 6/,#0/ )/*%.#-$.7 %&+/*+>%&/1D $# +"(+
C+"/ 0#1/*& >#*.1 %$ 8/*7 0-," ( CC$//&DD )"/&#0/&#&D MZ/&?$@ NOO^9 N@ QR3

=/ 1(%.7 /5)/*%/&,/ (&1 )/*)/+-(+/ +"/ ,#&E(+%#& #2 +"/ C$//&D >%+" +"/
C?&#>&D %& ,#&8/*$(+%#& +"*#-'" +"/ ,#00#&).(,/ .%&'-%$+%, ())/&1('/
#2 C1# 7#- $//_D #* C$// >"(+ ; 0/(&_D +# -++/*(&,/$ +"(+ $//0 +# */F-%*/
,#&A*0(+%#&@ #*@ >"/& $//?%&' #)%&%#&@ 67 %&F-%*%&' (2+/* )/#)./D$
C8%/>$D3 MZ/&?$@ NOO^9 ]R

U(*6(*( \(*%( H+(22#*1 MNOONR@ (& "%$+#*%(& #2 %0('/$ -$/1 %& +"/ $,%/&,/$@
"($ (*'-/1 +"(+@ %& ( )*#,/$$ 6/'%&&%&' %& +"/ /%'"+//&+" ,/&+-*7@ +"/
,#&$+*-,+%#& #2 $,%/&+%A, ?&#>./1'/$ (6#-+ +"/ >#*.1 "($ 6/,#0/ 0#*/
(&1 0#*/ 6($/1 #& %0('/$ *(+"/* +"(& #& >*%++/& +/5+$S Z/&?$ MNOO^R
$-''/$+$ +"(+ %+ %$ +"/ 8(.#*%T(+%#& #2 $,%/&,/ %& =/$+/*& ,-.+-*/$ >"%," "($
(..#>/1 /8/*71(7 -&1/*$+(&1%&'$ +# 0(?/ +"/ $(0/ ,#&&/,+%#& 6/+>//&
$//%&' (&1 ?&#>%&'3 I#>/8/*@ +"(+ ,#&&/,+%#& >($ (.$# 0(1/ %& #+"/*
A/.1$ #2 0#1/*& )*(,+%,/3 `%,"(*1 `#*+7 MNOXaR@ 2#* /5(0)./@ +*(,/$ +"/
1/8/.#)0/&+ #2 +"%$ ,#&E(+%#& #2 $//%&' >%+" ?&#>%&' +# +"/ %&+/*$/,+%#& #2
$/8/*(. %1/($ ,/&+*(. +# /%'"+//&+"<,/&+-*7 )"%.#$#)"73 Z-1%+" V1./* MNOXOR
/5(0%&/$ +#-*%$0 (&1 (*'-/$ +"(+ 6/+>//& Nbaa (&1 NXaa +"/ +*(8/. #2
c-*#)/(& /.%+/$ >($ 1/A&/1 %&,*/($%&'.7 ($ ( 8%$-(. )*(,+%,/@ 6($/1 A*$+ #&
C(& #8/*(*,"%&' $,%/&+%A, %1/#.#'7 +"(+ ,($+ /8/& +"/ 0#$+ "-06./ +#-*%$+$
($ )(*+ #2 3 3 3 +"/ %0)(*+%(. $-*8/7 #2 (.. ,*/(+%#&D MV1./*@ NOXO9 QdR@ (&1
.(+/* #& ( )(*+%,-.(* ())*/,%(+%#& #2 $)/,+(,-.(* 8%$-(. (&1 (*+%$+%, 6/(-+73
Z#"& e**7 MNOOaR "($ $?/+,"/1 +"/ #-+.%&/ #2 ( *(+"/* 1%22/*/&+ C+#-*%$+ '(T/D
>"%," "/ (*'-/$ %$ +7)%,(. #2 +"/ 0($$ +#-*%$0 #2 +"/ &%&/+//&+" (&1
+>/&+%/+" ,/&+-*%/$ M$// (.$# L*(++@ NOOQR3 B+"/* >*%+/*$ "(8/ 0(1/ #+"/*
(*'-0/&+$ 2#* +"/ %0)#*+(&,/ #2 +"/ 8%$-(. +# 0#1/*& $#,%/+%/$3 4"/ >#*?
#2 \%,"/. W#-,(-.+ MNOPPR /5).#*/$ +"/ >(7 %& >"%," 0(&7 &%&/+//&+"<
,/&+-*7 %&$+%+-+%#&$ 1/)/&1/1 #& 8(*%#-$ 2#*0$ #2 $-*8/%..(&,/ M!"()+/*$ b
(&1 P "/*/ /5(0%&/ +"/ 0/+"#1#.#'%,(. %0).%,(+%#&$ #2 "%$ >#*?RS (&1 %&
"%$ $+-17 #2 &%&/+//&+"<,/&+-*7 >#*.1 2(%*$ (&1 /5"%6%+%#&$@ 4%0#+"7
\%+,"/.. MNOXXR $"#>$ "#> c-*#)/(& $#,%/+%/$ */)*/$/&+/1 +"/ >"#./
T QB2RDS TU@EV>VSVWBU2

>#*.1 ($ (& /5"%6%+%#&3 ;& +"/ +>/&+%/+" ,/&+-*7@ Y-7 f/6#*1 MNOX]R ,.(%0$
+"(+ +"/ >#*.1 "($ +-*&/1 %&+# ( C$#,%/+7 #2 +"/ $)/,+(,./D@ (&1 L(-. K%*%.%#
MNOOdR (*'-/$ +"(+ &/> 8%$-(.%T%&' +/,"&#.#'%/$ "(8/ ,*/(+/1 C+"/ 8%$%#&
0(,"%&/D %& >"%," >/ (*/ (.. ,(-'"+3
4"-$ %+ "($ 6//& (*'-/1 +"(+ 0#1/*&%+7 %$ #,-.(*,/&+*%,3 ;+ %$ (*'-/1
+## +"(+ +"/ 8%$-(. %$ /F-(..7 ,/&+*(. +# )#$+0#1/*&%+7S g%,"#.($ \%*T#/22
MNOOX9 dR@ 2#* /5(0)./@ "($ )*#,.(%0/1 +"(+ C+"/ )#$+0#1/*& %$ ( 8%$-(.
,-.+-*/D3 I#>/8/*@ %& )#$+0#1/*&%+7@ %+ %$ #2+/& (*'-/1@ +"/ 0#1/*& */.(<
+%#& 6/+>//& $//%&' (&1 +*-/ ?&#>%&' "($ 6//& 6*#?/&3 4"-$ \%*T#/22
MNOOXR $-''/$+$ +"(+ )#$+0#1/*&%+7 %$ #,-.(*,/&+*%, &#+ $%0).7 6/,(-$/
8%$-(. %0('/$ (*/ 0#*/ (&1 0#*/ ,#00#&@ &#* 6/,(-$/ ?&#>./1'/$ (6#-+
+"/ >#*.1 (*/ %&,*/($%&'.7 (*+%,-.(+/1 8%$-(..7@ 6-+ 6/,(-$/ >/ %&+/*(,+
0#*/ (&1 0#*/ >%+" +#+(..7 ,#&$+*-,+/1 8%$-(. /5)/*%/&,/$3 4"-$ +"/
0#1/*& ,#&&/,+%#& 6/+>//& $//%&' (&1 ?&#>./1'/ %$ $+*/+,"/1 +# 6*/(?%&'
)#%&+ %& )#$+0#1/*&%+79

H//%&' %$ ( '*/(+ 1/(. 0#*/ +"(& 6/.%/8%&' +"/$/ 1(7$3 h#- ,(& 6-7 (&
%0('/ #2 7#-* "#-$/ +(?/& 2*#0 (& #*6%+%&' $(+/..%+/ #* "(8/ 7#-*
%&+/*&(. #*'(&$ 0('&/+%,(..7 %0('/13 ;2 +"(+ $)/,%(. 0#0/&+ 1%1&D+ ,#0/
#-+ F-%+/ *%'"+ %& 7#-* )"#+#'*()"7@ 7#- ,(& 1%'%+(..7 0(&%)-.(+/ %+ #&
7#-* ,#0)-+/*3 V+ g/> h#*?D$ c0)%*/ H+(+/ U-%.1%&'@ +"/ F-/-/$ (*/
.#&'/* 2#* +"/ 8%*+-(. */(.%+7 g/> h#*? `%1/ +"(& 2#* +"/ .%2+$ +# +"/
#6$/*8(+%#& ).(+2#*0$3 V.+/*&(+%8/.7@ 7#- ,#-.1 $(8/ 7#-*$/.2 +"/ +*#-6./
67 ,(+,"%&' +"/ /&+%*/ g/> h#*? $?7.%&/@ */&1/*/1 %& (++*(,+%8/ )($+/.
,#.#-*$@ (+ +"/ g/> h#*?@ g/> h#*? */$#*+ %& [($ K/'($3 4"%$ 8%*+-(.
,%+7 >%.. $"#*+.7 6/ G#%&/1 67 L(*%$ [($ K/'($@ %0%+(+%&' +"/ (.*/(17
,(*/2-..7 0(&%)-.(+/1 %0('/ #2 +"/ ,%+7 #2 .%'"+3 M\%*T#/22@ NOOX9 NR

=!;'41($'; 4"%$ %$ >"(+ Z/(& U(-1*%..(*1 MNOXXR $#0/ +%0/ ('# 1-66/1 +"/ )(2"3
#,/%"23 U(-1*%..(*1 (*'-/1 +"(+ %& )#$+0#1/*&%+7 %+ >($ &# .#&'/* )#$$%6./
+# 0(?/ ( 1%$+%&,+%#& 6/+>//& +"/ */(. (&1 +"/ -&*/(.S %0('/$ "(1 6/,#0/
1/+(,"/1 2*#0 (&7 ,/*+(%& */.(+%#& +# ( */(. >#*.1 >%+" +"/ */$-.+ +"(+ >/
&#> .%8/ %& ( $,#)%, */'%0/ 1#0%&(+/1 67 $%0-.(+%#&$@ #* $%0-.(,*(3
4"%$ $+#*7 (6#-+ +"/ %&,*/($%&' /5+/&+ (&1 ,"(&'%&' &(+-*/ #2 +"/
#,-.(*,/&+*%$0 %& 0#1/*&%+7 (&1 )#$+0#1/*&%+7 %$ &#+ >%+"#-+ %+$ ,*%+%,$@
"#>/8/*3 4># )#%&+$ #2 1/6(+/@ 2#* /5(0)./@ (*/ +"/ "%$+#*7 (&1 '/#'*()"7
#2 +"%$ (,,#-&+9 )/*"()$ 8%$-(. %0('/$ #2 8(*%#-$ ?%&1$ "(8/ (.>(7$ 6//&
%0)#*+(&+@ (&1 +# (.. $#*+$ #2 $#,%/+%/$3 Z/22*/7 I(06-*'/* MNOOPR@ 2#*
/5(0)./@ (*'-/$ +"(+ 8%$-(. %0('/$ >/*/ ,/&+*(. +# ,/*+(%& ?%&1$ #2
)*/0#1/*&@ 0/1%/8(. $)%*%+-(.%+7@ (&1 c..( H"#"(+ (&1 `#6/*+ H+(0 MNOOXR
"(8/ (*'-/1 2#*,/2-..7 ('(%&$+ +"/ c-*#,/&+*%$0 +"(+ )/*8(1/$ 0(&7
1%$,-$$%#&$ #2 C+"/ 8%$-(.D3 4"/ >#*? #2 I(06-*'/* MNOOPR (&1 H"#"(+ (&1
H+(0 MNOOXR@ (0#&' #+"/*$@ 0(?/$ %+ ,./(* +"(+ %2 ( &(**(+%8/ #2 %&,*/($%&'
#,-.(*,/&+*%$0 %& +"/ =/$+ ,(& 6/ +#.1@ %+ 0-$+ 6/ 0-," 0#*/ &-(&,/1@
"%$+#*%,(..7 (&1 '/#'*()"%,(..7@ +"(& "($ $# 2(* 6//& +"/ ,($/ M$// (.$#
U*/&&(& (&1 Z(7@ NOObR3 \#*/#8/*@ +"/*/ (*/ (.$# 1/6(+/$ (6#-+ +"/ $#,%(.
*/.(+%#&$ >%+"%& >"%," +"/$/ 8%$-(.%+%/$ (*/ /06/11/1@ (&1 )(*+%,-.(*.7
`U2UD`YEB=W QB2RDS TD@U`BDS2 I

(6#-+ +"/ /22/,+$ #2 $%0-.(,*(3 U(-1*%..(*1@ 2#* /5(0)./@ "($ #2+/& 6//&
(,,-$/1 #2 -&,*%+%,(..7 ,/./6*(+%&' +"/ $%0-.(,*-0 >%+"#-+ */'(*1 2#* +"/
#2+/& 8/*7 -&/F-(. $#,%(. */.(+%#&$ +"(+ ,(& 6/ (*+%,-.(+/1 +"*#-'" %+@ (&1 +"/
>#*? #2 f#&&( I(*(>(7 MNOONR %$ ( $(.-+(*7 */0%&1/* #2 >"(+ %$ (+ $+(?/ %&
,#&+/0)#*(*7 #,-.(*,/&+*%$03 [%?/ 0(&7 #+"/*$@ I(*(>(7 MNOONR &#+/$ +"/
,#&+/0)#*(*7 )*#.%2/*(+%#& #2 8%$-(.%T%&' +/,"&#.#'%/$ %& $,%/&+%A, (&1
/8/*71(7 -$/@ (&1 $"/ ,"(*(,+/*%T/$ +"/ $,#)%, */'%0/ ($$#,%(+/1 >%+" +"/$/
+/,"&#.#'%/$ +"-$9 CK%$%#& %& +"%$ +/,"&#.#'%,(. 2/($+ 6/,#0/$ -&*/'-.(+/1
'.-++#&7S (.. )/*$)/,+%8/ '%8/$ >(7 +# %&A&%+/.7 0#6%./ 8%$%#&@ >"%," &#
.#&'/* $//0$ G-$+ 07+"%,(..7 (6#-+ +"/ '#1<+*%,? #2 $//%&' /8/*7+"%&' 2*#0
&#>"/*/@ 6-+ +# "(8/ )-+ +"/ 07+" %&+# #*1%&(*7 )*(,+%,/D MI(*(>(7@ NOON9
NXOR3 I(*(>(7 %$ ,#&,/*&/1 +# $)/,%27 +"/ $#,%(. )#>/* */.(+%#&$ +"(+ (*/
(*+%,-.(+/1 +"*#-'" +"%$ )(*+%,-.(* 2#*0 #2 8%$-(.%+7@ "#>/8/*3 H"/ (*'-/$
+"(+ ,#&+/0)#*(*7@ -&*/'-.(+/1 8%$-(. '.-++#&7 %$ (8(%.(6./ +# #&.7 ( 2/>
)/#)./ (&1 %&$+%+-+%#&$@ %& )(*+%,-.(* +"#$/ +"(+ (*/ )(*+ #2 +"/ C"%$+#*7 #2
$,%/&,/ +%/1 +# 0%.%+(*%$0@ ,()%+(.%$0@ ,#.#&%(.%$0@ (&1 0(./ $-)*/0(,7D
MI(*(>(7@ NOON9 NXXR3 H"/ (*'-/$ +"(+ >"(+ +"%$ 8%$-(.%+7 1#/$ %$ +# )*#1-,/
$)/,%A, 8%$%#&$ #2 $#,%(. 1%22/*/&,/ J #2 "%/*(*,"%/$ #2 ,.($$@ C*(,/D@ '/&1/*@
$/5-(.%+7@ (&1 $# #& J >"%./ %+$/.2 ,.(%0%&' &#+ +# 6/ )(*+ #2 +"(+ "%/*(*,"7
(&1 +"-$ +# 6/ -&%8/*$(.3 ;+ %$ 6/,(-$/ +"%$ #*1/*%&' #2 1%22/*/&,/ 1/)/&1$ #&
( 1%$+%&,+%#& 6/+>//& +"#$/ >"# ,.(%0 +# $// >%+" -&%8/*$(. */./8(&,/@ (&1
+"#$/ >"# (*/ $//& (&1 ,(+/'#*%T/1 %& )(*+%,-.(* >(7$@ +"(+ I(*(>(7 ,.(%0$
%+ %$ %&+%0(+/.7 */.(+/1 +# +"/ #))*/$$%#&$ (&1 +7*(&&%/$ #2 ,()%+(.%$0@
,#.#&%(.%$0@ )(+*%(*,"7 (&1 $# #&3 L(*+ #2 I(*(>(7D$ ,*%+%,(. )*#G/,+@ +"/&@ %$
+# /5(0%&/ %& 1/+(%. "#> ,/*+(%& %&$+%+-+%#&$ 0#6%.%T/ ,/*+(%& 2#*0$ #2
8%$-(.%+7 +# $//@ (&1 +# #*1/*@ +"/ >#*.13 4"%$ 1#0%&(&+ 8%$-(.%+7 1/&%/$ +"/
8(.%1%+7 #2 #+"/* >(7$ #2 8%$-(.%T%&' $#,%(. 1%22/*/&,/@ 6-+ I(*(>(7 %&$%$+$
+"(+ +"/*/ (*/ %&1//1 #+"/* >(7$ #2 $//%&' +"/ >#*.1@ (&1 $"/ %$ /$)/,%(..7
%&+/*/$+/1 %& /22#*+$ +# $// $#,%(. 1%22/*/&,/ %& &#&<"%/*(*,"%,(. >(7$3 W#*
I(*(>(7@ ($ 2#* 0(&7 #+"/* >*%+/*$@ +"/&@ +"/ 1#0%&(&+ $,#)%, */'%0/ #2
M)#$+R0#1/*&%+7 %$ &/%+"/* (& "%$+#*%,(. %&/8%+(6%.%+7@ &#* %$ %+ -&,#&+/$+/13
4"/*/ (*/ 1%22/*/&+ >(7$ #2 $//%&' +"/ >#*.1@ (&1 +"/ ,*%+%,(. +($? %$ +#
1%22/*/&+%(+/ 6/+>//& +"/ $#,%(. /22/,+$ #2 +"#$/ 1%22/*/&+ 8%$%#&$3
4"/ )(*+%,-.(* 2#*0$ #2 */)*/$/&+(+%#& )*#1-,/1 67 $)/,%A, $,#)%,
*/'%0/$ (*/ %0)#*+(&+ +# -&1/*$+(&1@ +"/&@ 6/,(-$/ +"/7 (*/ %&+%0(+/.7
6#-&1 %&+# $#,%(. )#>/* */.(+%#&$3 I(*(>(7D$ MNOONR (*'-0/&+ 0(?/$
,./(* +"/ &/,/$$%+7 #2 -&1/*$+(&1%&' >"(+ $#,%(. */.(+%#&$ )*#1-,/@ (&1 (*/
*/)*#1-,/1 67@ >"(+ 2#*0$ #2 8%$-(.%+7@ (&1 +"/ &/5+ $/,+%#& /5).#*/$ +"%$
(*'-0/&+ 0#*/ 2-..73

N 78!+'14 ('4#'$/0K #*/ +%(!14 (%"&!#!%"+ 1"& /33/(#+ %3 8!+'14


%,U/(#+

L(7%&' (++/&+%#& +# +"/ /22/,+$ #2 %0('/$ %$ 2-&1(0/&+(. +# ( &/> A/.1 #2


$+-17 +"(+ "($ 6//& /0/*'%&' #8/* +"/ )($+ 2/> 7/(*$@ )/*"()$ %+$/.2
HV QB2RDS TU@EV>VSVWBU2

(&#+"/* $70)+#0 #2 +"/ %0)#*+(&,/ #2 %0('/$ %& +"/ ,#&+/0)#*(*7 )/*%#13


P!+'14 ('4#'$/ 4"/ 2#,-$ #2 +"%$ A/.1 %$ $#0/+"%&' ,(../1 '()",# /"#$"%&@ (.+"#-'" $#0/
>*%+/*$ >"#$/ >#*? /&'('/$ >%+" +"/ 8%$-(. (*/ "%'".7 $,/)+%,(. +"(+ +"%$ %$
( -$/2-. +/*0 M$// +"/ 1/6(+/ %& +"/ G#-*&(. #$%&'() %& NOObR3 K%$-(.
,-.+-*/ %$ &#+ +"/& ( +/*0 +# 6/ -$/1 ,(*/./$$.73 4"/*/ (*/@ "#>/8/*@ A8/
($)/,+$ #2 +"/ */,/&+ .%+/*(+-*/ +"(+ /&'('/$ >%+" 8%$-(. ,-.+-*/ >"%," ;
+"%&? (*/ 8(.-(6./ 2#* +"%&?%&' (6#-+ +"/ $#,%(. /22/,+$ #2 %0('/$3
W%*$+@ +"/*/ %$ (& %&$%$+/&,/ +"(+ %0('/$ +"/0$/.8/$ 1# $#0/+"%&'3 ;&
+"/ >#*1$ #2 !(*#. V*0$+*#&' MNOOb9 QXR@ 2#* /5(0)./@ (& %0('/ %$ C(+
./($+ )#+/&+%(..7 ( $%+/ #2 */$%$+(&,/ (&1 */,(.,%+*(&,/@ #2 +"/ %**/1-,%6.7
)(*+%,-.(*@ (&1 #2 +"/ $-68/*$%8/.7 $+*(&'/ (&1 )./($-*(6./D MV*0$+*#&'@
NOOb9 QXS $// (.$# H+(22#*1@ NOObR3 4"%$ ?%&1 #2 8%$-(. */$%$+(&,/@ */,(.,%<
+*(&,/@ )(*+%,-.(*%+7@ $+*(&'/&/$$ #* )./($-*/ 0(7 6/ 1%2A,-.+ +# (*+%,-.(+/S
%&1//1@ ,/*+(%& ($)/,+$ #2 8%$-(. %0('/$ J +"/ ,#.#-*$ #2 (& #%. )(%&+%&'@ 2#*
/5(0)./@ #* >"(+ U(*+"/$ MNOXQR ,(../1 +"/ *+,$%+- #2 ( )"#+#'*()" M$//
!"()+/* d@ $/,+%#& ]3]R J 0(7 "(8/ +# -&1/*'# ( $#*+ #2 +*(&$.(+%#& >"/&
+"/7 (*/ >*%++/& (6#-+3 4"%$ "($ ./1 $#0/ >*%+/*$ +# (*'-/ +"(+ +"/ 8%$-(. %$
&#+ +"/ $(0/ ($ .(&'-('/3 4"%$ %$ ( ,.(%0 >"%," ,#-.1 "(8/ %0)#*+(&+
%0).%,(+%#&$ 2#* $#0/ #2 +"/ 0/+"#1$ +"%$ 6##? >%.. 1%$,-$$S $/0%#.#'7@
/5(0%&/1 %& !"()+/* d@ (&1 +"/ $#*+ #2 1%$,#-*$/ (&(.7$%$ /5(0%&/1 %&
!"()+/* b@ (*/ 6#+" 0/+"#1$ 6($/1 #& +"/ (&(.7$%$ #2 .(&'-('/ *(+"/* +"(&
%0('/*73 I#>/8/*@ %+ %$ %0)#*+(&+ &#+ +# 2#*'/+ +"(+ ?&#>./1'/$ (*/
,#&8/7/1 +"*#-'" (.. $#*+$ #2 1%22/*/&+ 0/1%(@ %&,.-1%&' $/&$/$ #+"/* +"(&
+"/ 8%$-(.@ (&1 +"(+ 8%$-(. %0('/$ 8/*7 #2+/& >#*? %& ,#&G-&,+%#& >%+"
#+"/* ?%&1$ #2 */)*/$/&+(+%#&$3 ;+ %$ 8/*7 -&-$-(.@ 2#* /5(0)./@ +# /&,#-&+/*
( 8%$-(. %0('/ -&(,,#0)(&%/1 67 (&7 +/5+ (+ (..@ >"/+"/* $)#?/& #*
>*%++/& MV*0$+*#&'@ NOOXS =#../&@ NOPa9 NNXR3 c8/& +"/ 0#$+ (6$+*(,+
)(%&+%&' %& ( '(../*7 >%.. "(8/ ( >*%++/& .(6/. #& +"/ >(.. '%8%&' ,/*+(%&
%&2#*0(+%#& (6#-+ %+$ 0(?%&'@ (&1 %& ,/*+(%& $#*+$ #2 '(../*%/$ +"/*/D.. 6/ (
$"//+ #2 )()/* '%8%&' ( )*%,/ +##@ (&1 +"/$/ 0(?/ ( 1%22/*/&,/ +# "#>
$)/,+(+#*$ >%.. $// +"(+ )(%&+%&'3 H# %+D$ ,/*+(%&.7 ,#**/,+@ ; +"%&?@ +"(+
8%$-(. 0#1/$ #2 ,#&8/7%&' 0/(&%&' (*/ &#+ +"/ $(0/ ($ >*%++/& 0#1/$S (&1
+"-$ +"(+@ ($ =3Z343 \%+,"/.. MNOOd9 NbR $(7$@ C8%$-(. /5)/*%/&,/ #* CC8%$-(.
.%+/*(,7DD 0%'"+ &#+ 6/ 2-..7 /5).%,(6./ #& +"/ 0#1/. #2 +/5+-(.%+7D3 I#><
/8/*@ 6/,(-$/ 8%$-(. #6G/,+$ (*/ (.>(7$ /06/11/1 %&+# ( *(&'/ #2 #+"/*
+/5+$@ $#0/ #2 >"%," >%.. 6/ 8%$-(. (&1 $#0/ #2 >"%," >%.. 6/ >*%++/& (&1
(.. #2 >"%," %&+/*$/,+ >%+" /(," #+"/*@ ; A&1 1/6(+/$ (6#-+ +"/ )*/,%$/
1%22/*/&,/ 6/+>//& >#*1$ (&1 %0('/$ *(+"/* $+/*%./3 ="(+ %$ 0-," 0#*/
%0)#*+(&+@ ; +"%&?@ %$ $%0).7 +# (,?&#>./1'/ +"(+ 8%$-(. %0('/$ ,(& 6/
)#>/*2-. (&1 $/1-,+%8/ %& +"/%* #>& *%'"+3
4"/ $/,#&1 )#%&+ ; +(?/ 2*#0 +"/ .%+/*(+-*/ #& M#* ('(%&$+R C8%$-(.
,-.+-*/D %$ %+$ ,#&,/*& 2#* +"/ >(7 %& >"%," %0('/$ 8%$-(.%T/ M#* */&1/*
%&8%$%6./R $#,%(. 1%22/*/&,/3 V$ W72/ (&1 [(> MNOXX9 NR $(7@ C( 1/)%,+%#& %$
&/8/* G-$+ (& %..-$+*(+%#& 3 3 3 %+ %$ +"/ $%+/ 2#* +"/ ,#&$+*-,+%#& (&1 1/)%,+%#&
#2 $#,%(. 1%22/*/&,/D3 B&/ #2 +"/ ,/&+*(. (%0$ #2 C+"/ ,-.+-*(. +-*&D %& +"/
$#,%(. $,%/&,/$ %$ +# (*'-/ +"(+ $#,%(. ,(+/'#*%/$ (*/ &#+ &(+-*(. 6-+ %&$+/(1
`U2UD`YEB=W QB2RDS TD@U`BDS2 HH

(*/ ,#&$+*-,+/13 4"/$/ ,#&$+*-,+%#&$


,(& +(?/ 8%$-(. 2#*03 4"%$ )#%&+ "($
6//& 0(1/ 0#$+ 2#*,/2-..7 67 2/0%&%$+
(&1 )#$+,#.#&%(. >*%+/*$ >"# "(8/
$+-1%/1 +"/ >(7$ 2/0%&%&%+7 (&1
6.(,?&/$$ "(8/ 6//& 8%$-(.%T/13 V&
/5(0)./ >#-.1 6/ L(-. Y%.*#7D$
MNOXP9 ^PJOR 1%$,-$$%#& #2 ( )#$+/*
-$/1 67 +"/ !#&$/*8(+%8/ L(*+7 %&
U*%+(%&D$ NOX] Y/&/*(. c./,+%#&@
*/)*#1-,/1 %& W%'-*/ N3N3
4"/ )#$+/* $"#>$ ( 7#-&' 6.(,?
0(& %& ( $-%+@ >%+" C[VUBe` HVhH
IcDH U[V!i3 4B`;cH HVh IcDH
U`;4;HID ($ %+$ "/(1.%&/ +/5+3 Y%.<
*#7D$ 1%$,-$$%#& %$ 1/+(%./1 6-+ "%$
0(%& )#%&+ %$ +"(+ +"/ )#$+/* #22/*$ (
,"#%,/ 6/+>//& 6/%&' 6.(,? (&1 6/%&'
U*%+%$"@ &#+ #&.7 %& %+$ +/5+ 6-+ (.$# %&
%+$ %0('/3 4"/ 2(,+ +"(+ +"/ 6.(,? 0(&
%$ )%,+-*/1 >/(*%&' ( $-%+ $-''/$+$ +#
Y%.*#7 +"(+ C6.(,?$ (*/ 6/%&' %&8%+/1
+# 2#*$(?/ (.. +"(+ 0(*?$ +"/0 #-+ ($
,-.+-*(..7 1%$+%&,+ 6/2#*/ */(. U*%+%$"<
&/$$ ,(& 6/ '-(*(&+//1D MY%.*#7@
W!)'$/ H9H NOXP9 ^OR3 Y%.*#7 %$ +"-$ $-''/$+%&' +"(+ +"%$ )#$+/* ($?$ %+$ 8%/>/*$ &#+
6"7%.*8+1'8. 9+*10 +# $// 6.(,?&/$$3 I#>/8/*@ "/ (.$# )#%&+$ #-+ +"(+ +"/ )#$+/* 1/)/&1$ #&
.(.#1'"7 ,"%1.* #+"/* $+/*/#+7)/1 %0('/$ M>"%," %+ 1#/$ &#+ $"#>R #2 7#-&' 6.(,? 0/&@
:W.6("9* LMaNF ba; )(*+%,-.(*.7 ($ 0-''/*$@ +# 0(?/ %+$ )#%&+ (6#-+ +"/ (,,/)+(6%.%+7 #2 +"%$
6/$-%+/1 0(&3 4"%$ )#$+/* +"-$ ).(7$ %& ,#0)./5 >(7$ >%+" 6#+" 8%$%6./
(&1 %&8%$%6./ $%'&$ #2 *(,%(. 1%22/*/&,/3 I/&,/ W72/ (&1 [(>D$ '/&/*(.
)*/$,*%)+%#& 2#* ( ,*%+%,(. ())*#(," +# +"/ >(7$ %0('/$ ,(& )%,+-*/ $#,%(.
)#>/* */.(+%#&$9

4# -&1/*$+(&1 ( 8%$-(.%$(+%#& %$ +"-$ +# /&F-%*/ %&+# %+$ )*#8/&(&,/ (&1


%&+# +"/ $#,%(. >#*? +"(+ %+ 1#/$3 ;+ %$ +# &#+/ %+$ )*%&,%)./$ #2 %&,.-$%#&
(&1 /5,.-$%#&@ +# 1/+/,+ +"/ *#./$ +"(+ %+ 0(?/$ (8(%.(6./@ +# -&1/*$+(&1
+"/ >(7 %& >"%," +"/7 (*/ 1%$+*%6-+/1@ (&1 +# 1/,#1/ +"/ "%/*(*,"%/$ (&1
1%22/*/&,/$ +"(+ %+ &(+-*(.%$/$3 MW72/ (&1 [(>@ NOXX9 NR

[##?%&' ,(*/2-..7 (+ %0('/$@ +"/&@ /&+(%.$@ (0#&' #+"/* +"%&'$@ +"%&?%&'


(6#-+ "#> +"/7 #22/* 8/*7 )(*+%,-.(* 8%$%#&$ #2 $#,%(. ,(+/'#*%/$ $-," ($
,.($$@ '/&1/*@ *(,/@ $/5-(.%+7@ (6./<6#1%/1&/$$@ (&1 $# #&3
4"%*1@ >*%+/*$ #& 8%$-(. ,-.+-*/@ (0#&' #+"/*$@ (*/ ,#&,/*&/1 &#+ #&.7
>%+" "#> %0('/$ .##?@ 6-+ "#> +"/7 (*/ .##?/1 (+3 4"(+ %$@ +"/7 (*'-/ +"(+
>"(+ %$ %0)#*+(&+ (6#-+ %0('/$ %$ &#+ $%0).7 +"/ %0('/ %+$/.2@ 6-+ "#> %+ %$
HN QB2RDS TU@EV>VSVWBU2

$//& 67 )(*+%,-.(* $)/,+(+#*$ >"# .##? %& )(*+%,-.(* >(7$3 ;& NOPQ@ Z#"&
U/*'/* >*#+/ (&1 %..-$+*(+/1 ( 6##? +# (,,#0)(&7 ( +/./8%$%#& $/*%/$ ,(../1
:15+ %3 +//!") ./0" &1 2((!,3@ (&1 "/ /.(6#*(+/1 +"(+ )"*($/ 4,-) *5 )&&(+1 %& ( 0(&&/*
8/*7 $%0%.(* +# +"/ ,#&,/*&$ #2 0#*/ */,/&+ >*%+/*$3 I%$ (*'-0/&+ %$
%0)#*+(&+ 6/,(-$/ "/ 0(?/$ ,./(* +"(+ %0('/$ #2 $#,%(. 1%22/*/&,/ >#*? &#+
$%0).7 67 >"(+ +"/7 $"#> 6-+ (.$# 67 +"/ ?%&1 #2 $//%&' +"(+ +"/7 %&8%+/3
I/ -$/$ +"/ /5)*/$$%#& C>(7$ #2 $//%&'D +# */2/* +# +"/ 2(,+ +"(+ C>/ &/8/*
.##? G-$+ (+ #&/ +"%&'S >/ (*/ (.>(7$ .##?%&' (+ +"/ */.(+%#& 6/+>//& +"%&'$
(&1 #-*$/.8/$D MU/*'/*@ NOPQ9 OR3 I%$ 6/$+ ?&#>& /5(0)./ %$ +"(+ #2 +"/
'/&*/ #2 2/0(./ &-1/ )(%&+%&' %& =/$+/*& (*+3 I/ */)*#1-,/$ 0(&7
/5(0)./$ #2 +"(+ '/&*/ M$// W%'-*/ N3QR@ )#%&+%&' #-+ ($ "/ 1#/$ $# +"/
)(*+%,-.(* >(7$ +"/7 */)*/$/&+ >#0/&9 ($ -&,.#+"/1@ ($ 8(%&@ ($ )($$%8/@ ($
$/5-(..7 (..-*%&'@ ($ ( $)/,+(,./ +# 6/ ($$/$$/13
U/*'/* %&$%$+$ +"#-'" #& >"# %+ %$ +"(+ 1#/$ +"/ ($$/$$%&'@ >"# +"%$
?%&1 #2 %0('/ #2 >#0(& >($ 0/(&+ +# (..-*/9

;& +"/ (8/*('/ c-*#)/(& #%. )(%&+%&' #2 +"/ &-1/@ +"/ )*%&,%)(. )*#<
+('#&%$+ %$ &/8/* )(%&+/13 I/ %$ +"/ $)/,+(+#* %& 2*#&+ #2 +"/ )(%&+%&' (&1
"/ %$ )*/$-0/1 +# 6/ ( 0(&3 c8/*7+"%&' %$ (11*/$$/1 +# "%03 c8/*7+"%&'
0-$+ ())/(* +# 6/ +"/ */$-.+ #2 "%$ 6/%&' +"/*/3 ;+ %$ 2#* "%0 +"(+ +"/
A'-*/$ "(8/ ($$-0/1 +"/%* &-1%+73 MU/*'/*@ NOPQ9 ^dR

4"-$ 2#* U/*'/*@ -&1/*$+(&1%&' +"%$ )(*+%,-.(* '/&*/ #2 )(%&+%&' 0/(&$


-&1/*$+(&1%&' &#+ #&.7 %+$ */)*/$/&+(+%#& #2 2/0%&%&%+7@ 6-+ %+$ ,#&$+*-,+%#&
#2 0($,-.%&%+7 +##3 V&1 +"/$/ */)*/$/&+(+%#&$ (*/ %& +"/%* +-*& -&1/*$+##1
($ )(*+ #2 ( >%1/* ,-.+-*(. ,#&$+*-,+%#& #2 '/&1/*/1 1%22/*/&,/3 4# F-#+/
U/*'/* ('(%&9

B&/ 0%'"+ $%0).%27 +"%$ 67 $(7%&'9 -(, /$% (&1 4&-(, /**(/)3 \/& .##?
(+ >#0/&3 =#0/& >(+," +"/0$/.8/$ 6/%&' .##?/1 (+3 4"%$ 1/+/*0%&/$
&#+ #&.7 0#$+ */.(+%#&$ 6/+>//& >#0/& (&1 0/& 6-+ (.$# +"/ */.(+%#& #2
>#0/& +# +"/0$/.8/$3 4"/ $-*8/7#* #2 >#0(& %& "/*$/.2 %$ 0(./9 +"/
$-*8/7/1 2/0(./3 4"-$ $"/ +-*&$ "/*$/.2 %&+# (& #6G/,+ J (&1 0#$+
)(*+%,-.(*.7 (& #6G/,+ #2 8%$%#&9 ( $%'"+3 MU/*'/*@ NOPQ9 dPR

="%./ .(+/* ,*%+%,$ >#-.1 >(&+ +# 0#1%27 ($)/,+$ #2 U/*'/*D$ (*'-0/&+ J


0#$+ #68%#-$.7 67 &#+%&' +"(+ "/ ($$-0/$ "/+/*#$/5-(.%+7 %& "%$ 1%$,-$$%#&
#2 0($,-.%&%+7 (&1 2/0%&%&%+7 J 0(&7 ,*%+%,$ >#-.1 ,#&,-* >%+" "%$ '/&/*(.
-&1/*$+(&1%&' #2 +"/ ,#&&/,+%#& 6/+>//& %0('/ (&1 $)/,+(+#*3 ;0('/$
>#*? 67 )*#1-,%&' /22/,+$ /8/*7 +%0/ +"/7 (*/ .##?/1 (+3 4(?%&' (& %0('/
$/*%#-$.7@ +"/&@ (.$# %&8#.8/$ +"%&?%&' (6#-+ "#> %+ )#$%+%#&$ 7#-@ %+$
8%/>/*@ %& */.(+%#& +# %+3
W#-*+"@ +"/*/ %$ +"/ /0)"($%$ %& +"/ 8/*7 +/*0 C8%$-(. ,-.+-*/D #& +"/
/06/11/1&/$$ #2 8%$-(. %0('/$ %& ( >%1/* ,-.+-*/ M\%*T#/22@ NOOO9 QQJbR3
g#>@ C,-.+-*/D@ ($ `(70#&1 =%..%(0$ MNOPbR 2(0#-$.7 &#+/1@ %$ #&/ #2 +"/
+># #* +"*// 0#$+ ,#0).%,(+/1 >#*1$ %& +"/ c&'.%$" .(&'-('/3 ;+ "($ 0(&7
`U2UD`YEB=W QB2RDS TD@U`BDS2 HL

W!)'$/ H9N ,#&&#+(+%#&$3 \#$+ )/*+%&/&+ +# +"%$ 1%$,-$$%#& %$ +"/ 0/(&%&' %+ 6/'(& +#
:"$&(.;,+). 6/ '%8/& %& 8(*%#-$ (&+"*#)#.#'%,(. 6##?$ >*%++/& +#>(*1$ +"/ /&1 #2 +"/
%,*.+5 !*"2 <"-7 &%&/+//&+" ,/&+-*73 ;& +"%$ -$('/@ ,-.+-*/ 0/(&+ $#0/+"%&' .%?/ C( >"#./
=.*).*>% H+9) "4 >(7 #2 .%2/D@ (&1 /8/& 2*#0 +"/ 6*%/2 1%$,-$$%#& %& +"%$ ,"()+/* $# 2(* 7#-
2$$.&8 :\$(8$(* ,(& $// +"(+ $#0/ ,-**/&+ >*%+/*$ (*/ -$%&' +"/ +/*0 8%$-(. ,-.+-*/ %& G-$+
LMN^F bcJL; +"%$ 6*#(1 $/&$/3 ;&1//1@ +"/ +/*0 C8%$-(. ,-.+-*/D >($ A*$+ -$/1 67 H8/+.(&(
V.)/*$ MNOX]9 558R )*/,%$/.7 +# /0)"($%T/ +"/ %0)#*+(&,/ #2 8%$-(. %0('/$
#2 (.. ?%&1$ +# $/8/&+//&+" ,/&+-*7 f-+," $#,%/+7@ (&1 "/* /5(0)./ "($
6//& 2#..#>/1 67@ (0#&' #+"/*$@ H+(22#*1 MNOOb9 dR %& "/* (*'-0/&+ +"(+
&/> 8%$-(.%T%&' +/,"&#.#'%/$ "(8/ $-)/*$/1/1 >*%++/& +/5+$ ($ C+"/ *%,"/$+@
0#$+ 2($,%&(+%&' 0#1(.%+7 2#* ,#&8/7%&' %1/($D@ (&1 67 i(*(. V&& \(*.%&'
MNOOdR %& "/* 6##? #& +"/ %&E-/&,/ #2 +/./8%$%#& (&1 %+$ ($$#,%(+/1 >(7 #2
$//%&' %& NO^a$ g#*+" V0/*%,(3 ;& +"%$ $#*+ #2 >#*?@ %+ %$ (*'-/1 +"(+ (
)(*+%,-.(*@ "%$+#*%,(..7 $)/,%A, 8%$-(.%+7 >($ ,/&+*(. +# ( )(*+%,-.(*@ #,-.(*<
,/&+*%, ,-.+-*/3 ;& -$%&' +"/ &#+%#& #2 ,-.+-*/ %& +"%$ 6*#(1 $/&$/@ "#>/8/*@
,/*+(%& (&(.7+%,(. F-/$+%#&$ 6/,#0/ 1%2A,-.+ +# ($?3 ;& )(*+%,-.(*@ ,-.+-*/ ($
>"#./ >(7 #2 .%2/ ,(& $.%) *(+"/* /($%.7 %&+# ( &#+%#& #2 ,-.+-*/ ($ $%0).7 (
>"#./@ (&1 +"/ %$$-/ #2 1%22/*/&,/ 6/,#0/$ #6$,-*/13 H+(22#*1D$ MNOObR
,/./6*(+%#& #2 +"/ 8%$-(. %& C#-*D $#,%/+7 "($ 6//& ,*%+%,%T/1 67 I(. W#$+/*
MNOObR %& G-$+ +"/$/ +/*0$3 H+(22#*1 &/8/* $)/,%A/$ >"# +"/ C>/D +# >"%,"
$"/ */2/*$ (,+-(..7 %$@ (&1 $"/ +"-$ %'&#*/$ +"%$ 8%$-(.%+7D$ )#$$%6./ /5,.-<
$%#&$ ($ >/.. ($ +"/ )(*+%,-.(*%+%/$ #2 %+$ %&,.-$%#&$3
HJ QB2RDS TU@EV>VSVWBU2

;& #*1/* +# 6/ (6./ +# 1/(. >%+" F-/$+%#&$ #2 $#,%(. 1%22/*/&,/ (&1 +"/
)#>/* */.(+%#&$ +"(+ $-$+(%& +"/0@ +"/&@ ( 0#*/ &-(&,/1 &#+%#& #2 ,-.+-*/
%$ */F-%*/13 U-+ +# -&1/*$+(&1 ,-.+-*/ +"*#-'" (&#+"/* #&/ #2 %+$ 1/A&%<
+%#&$@ ,-.+-*/ ($ (*+/2(,+$@ >%.. &#+ /&+%*/.7 1# /%+"/*3 H#0/ 1/A&%+%#&$ #2
8%$-(. ,-.+-*/ 1# ,.(%0 +"(+ 8%$-(. ,-.+-*/ $%0).7 0/(&$ 8%$-(. #6G/,+$9
C8%$-(. ,-.+-*/ ,(& 6/ *#-'".7 1/A&/1 ($ +"#$/ 0(+/*%(. (*+/2(,+$@ 6-%.1%&'$
(&1 %0('/$@ ).-$ +%0/<6($/1 0/1%( (&1 )/*2#*0(&,/$@ )*#1-,/1 67 "-0(&
.(6#-* (&1 %0('%&(+%#&@ >"%," $/*8/ (/$+"/+%,@ $706#.%,@ *%+-(.%$+%, #*
%1/#.#'%,(.<)#.%+%,(. /&1$@ (&1j#* )*(,+%,(. 2-&,+%#&$@ (&1 >"%," (11*/$$
+"/ $/&$/ #2 $%'"+ +# ( $%'&%A,(&+ /5+/&+D M=(.?/* (&1 !"().%&@ NOOP9 NJQR3
4"/ 1%2A,-.+7 >%+" +"%$ 1/A&%+%#& %$ +"(+ %+ ,(& &/'./,+ +"/ %0)#*+(&+ &#+%#&
#2 >(7$ #2 $//%&'3 ;2 g(&,7 !#&1//D$ MNOO^9 5R 1/A&%+%#& J +"(+ C8%$-(.
,-.+-*/ %$ ( )*#,/$$ (&1 &#+ ( +"%&'@ ( )(*+%,-.(* >(7 #2 )/*,/%8%&' +"/
#6G/,+ (&1 &#+ +"/ )(*+%,-.(* #6G/,+ )/*,/%8/1D J '#/$ +# +"/ #+"/* /5+*/0/
(&1 1%$0%$$/$ +"/ 2(,+%,%+7 #2 8%$-(. +"%&'$ /&+%*/.7@ "/* /0)"($%$ #& 8%$-(.
,-.+-*/ ($ ( 8%$-(. */.(+%#& 6/+>//& (& #6G/,+ (&1 ( $)/,+(+#* %$ ,*-,%(.3
K%$-(. #6G/,+$ 0#6%.%T/ ,/*+(%& >(7$ #2 $//%&'3
O'4#'$/ ;2 /"#$"%& ,(&&#+ 6/ +"#-'"+ #2 ($ ( $%&'-.(* >"#./@ &#* ($ ,#&<
$+%+-+/1 $%0).7 67 #6G/,+$@ +"/&@ %+ %$ 0#*/ "/.)2-. +# +"%&? #2 %+ ($ +"/
*(&'/ #2 0/(&%&'2-. $#,%(. )*(,+%,/$ %& >"%," 8%$-(. %0('/$D /22/,+$ (*/
/06/11/1@ G-$+ ($ 0(&7 $#,%(. $,%/&+%$+$ (*/ &#> 1#%&' M2#* (& /(*.7
/5(0)./ #2 +"%$ $#*+ #2 ())*#(,"@ $// U/,?/*@ NOXQR3 ; "(8/ (.*/(17
F-#+/1 H+-(*+ I(.. MNOOP(9 QR $(7%&' +"(+ ,-.+-*/ %$ C( )*#,/$$@ ( $/+ #2
)*(,+%,/$D@ (&1 ;(& I/7>##1 (&1 U(**7 H(&17>/.. MNOOO9 5%R 0(?/ (
$%0%.(* ,.(%0 %& +"/%* (,,#-&+ #2 8%$-(. ,-.+-*/ ($ ( C$#,%#<"%$+#*%,(. */(.0
#2 %&+/*)*/+(+%8/ )*(,+%,/$D3 K%$-(. %0('/$ (*/ 0(1/@ (&1 0(7 6/ 0#8/1@
1%$).(7/1@ $#.1@ ,/&$#*/1@ 8/&/*(+/1@ 1%$,(*1/1@ $+(*/1 (+@ "%11/&@
*/,7,./1@ '.(&,/1 (+@ 1(0('/1@ 1/$+*#7/1@ +#-,"/1@ */>#*?/13 ;0('/$
(*/ 0(1/ (&1 -$/1 %& (.. $#*+$ #2 >(7$ 67 1%22/*/&+ )/#)./ 2#* 1%22/*/&+
*/($#&$@ (&1 +"/$/ 0(?%&'$ (&1 -$/$ (*/ ,*-,%(. +# +"/ 0/(&%&'$ (& %0('/
,(**%/$3 V& %0('/ 0(7 "(8/ %+$ #>& /22/,+$@ 6-+ +"/$/ (*/ (.>(7$ 0/1%(+/1
67 +"/ 0(&7 (&1 8(*%#-$ -$/$ +# >"%," %+ %$ )-+3 V& %0('/ >%.. 1/)/&1 2#*
%+$ /22/,+$ #& ( ,/*+(%& >(7 #2 $//%&'@ ($ U/*'/* ($$-0/1 %& */.(+%#& +#
2/0(./ &-1/ )(%&+%&'3 U-+ +"%$ /22/,+ %$ (.>(7$ /06/11/1 %& )(*+%,-.(*
,-.+-*(. )*(,+%,/$ +"(+ (*/ 2(* 0#*/ $)/,%A, +"(& C( >(7 #2 .%2/D3 U/*'/*@
2#* /5(0)./@ +(.?$ (6#-+ +"/ >(7$ %& >"%," &-1/ )(%&+%&'$ >/*/ ,#0<
0%$$%#&/1 (&1 +"/& 1%$).(7/1 67 +"/%* #>&/*$ %& "%$ 1%$,-$$%#& #2 +"/ >(7
#2 $//%&' >"%," +"/7 /5)*/$$3 f/$,*%6%&' ( $/8/&+//&+"<,/&+-*7 c&'.%$"
/5(0)./ #2 +"/ '/&*/@ "/ >*%+/$9

g#0%&(..7 %+ 0%'"+ 6/ ( 5(,+" /,6 7+*!63 ;& 2(,+ %+ %$ ( )#*+*(%+ #2 #&/ #2


+"/ ?%&'D$ 0%$+*/$$/$@ g/.. Y>7&&/ 3 3 3 kI/*l &(?/1&/$$ %$ &#+@ "#>/8/*@
(& /5)*/$$%#& #2 "/* #>& 2//.%&'$S %+ %$ ( $%'& #2 "/* $-60%$$%#& +# +"/
#>&/*D$ 2//.%&'$ #* 1/0(&1$3 M4"/ #>&/* #2 6#+" +"/ >#0(& (&1 +"/
)(%&+%&'3R 4"/ )(%&+%&'@ >"/& +"/ ?%&' $"#>/1 %+ +# #+"/*$@ 1/0#&$+*(+/1
+"%$ $-60%$$%#& (&1 "%$ '-/$+$ /&8%/1 "%03 MU/*'/*@ NOPQ9 ^QR
`U2UD`YEB=W QB2RDS TD@U`BDS2 HX

;+ >($ +"*#-'" +"%$ ?%&1 #2 -$/@ 67 +"#$/ )(*+%,-.(* $#*+$ #2 )/#)./


%&+/*)*/+%&' %+ %& +"(+ ?%&1 #2 >(7@ +"(+ +"%$ ?%&1 #2 )(%&+%&' (,"%/8/1 %+$
/22/,+$3 4"/ $//%&' #2 (& %0('/ +"-$ (.>(7$ +(?/$ ).(,/ %& ( )(*+%,-.(*
$#,%(. ,#&+/5+ +"(+ 0/1%(+/$ %+$ %0)(,+3 ;+ (.$# (.>(7$ +(?/$ ).(,/ %& (
$)/,%A, .#,(+%#& >%+" %+$ #>& )(*+%,-.(* )*(,+%,/$3 4"(+ .#,(+%#& 0(7 6/
( ?%&'D$ ,"(06/*@ ( I#..7>##1 ,%&/0( $+-1%#@ (& (8(&+<'(*1/ (*+ '(../*7@
(& (*,"%8/@ ( $%++%&'<*##0@ ( $+*//+3 4"/$/ 1%22/*/&+ .#,(+%#&$ (.. "(8/
+"/%* #>& /,#&#0%/$@ +"/%* #>& 1%$,%).%&/$@ +"/%* #>& *-./$ 2#* "#> +"/%*
)(*+%,-.(* $#*+ #2 $)/,+(+#* $"#-.1 6/"(8/@ (&1 (.. +"/$/ (22/,+ "#> (
)(*+%,-.(* %0('/ %$ $//& +##3
W%&(..7@ 0-," #2 +"%$ >#*? %& 8%$-(. ,-.+-*/ (*'-/$ +"(+ %+ %$ %0)#*+(&+
+# */0/06/* +"(+@ G-$+ ($ (& %0('/ 0(7 6/ C( $%+/ #2 */$%$+(&,/ (&1 */,(.<
,%+*(&,/D@ $# +## 0%'"+ ( )(*+%,-.(* (-1%/&,/3 g#+ (.. (-1%/&,/$ >%.. 6/ (6./
#* >%..%&' +# */$)#&1 +# +"/ >(7 #2 $//%&' %&8%+/1 67 ( )(*+%,-.(* %0('/$
(&1 %+$ )(*+%,-.(* )*(,+%,/$ #2 1%$).(7 M!"()+/* X >%.. 1%$,-$$ +"%$ %& 0#*/
1/+(%.R3
4"-$ ; +(?/ A8/ 0(G#* )#%&+$ 2*#0 ,-**/&+ 1/6(+/$ (6#-+ 8%$-(. ,-.+-*/
($ %0)#*+(&+ 2#* -&1/*$+(&1%&' "#> %0('/$ >#*?9 (& %0('/ 0(7 "(8/ %+$
&4, 8!"+/9 (11($%" M$# %+ %$ %0)#*+(&+ +# .##? 8/*7 ,(*/2-..7 (+ %0('/$RS +"/$/
/22/,+$@ +"*#-'" +"/ 4/0" &1 "((!,3 0#6%.%T/1 67 +"/ %0('/@ (*/ ,*-,%(. %&
+"/ )*#1-,+%#& (&1 */)*#1-,+%#& #2 8%$%#&$ #2 "&$!/9 6!11()(,$(S 6-+ +"/$/
/22/,+$ (.>(7$ %&+/*$/,+ >%+" +"/ "&$!/9 $&,%(:% &1 !%" 8!(4!,3 (&1 %;(
8!"+/9!%!(" !%" "*($%/%&)" ')!,3 +# +"/%* 8%/>%&'3

L #%21$&+ 1 ($!#!(14 8!+'14 ;/#*%&%4%)5

Y%8/& +"%$ '/&/*(. ())*#(," +# -&1/*$+(&1%&' +"/ %0)#*+(&,/ #2 8%$-(.


%0('/$@ ; ,(& &#> /.(6#*(+/ #& >"(+ ; +"%&? %$ &/,/$$(*7 2#* ( C,*%+%,(.
())*#(,"D +# %&+/*)*/+%&' 8%$-(. %0('/$3 V ,*%+%,(. ())*#(,"9

N %/<(" !-/3(" "()!&+"903 ="%./ +"%$ 0%'"+ $//0 *(+"/* ( )(*(1#5%,(.


)#%&+ +# %&$%$+ #&@ '%8/& (.. +"/ >#*? ;D8/ G-$+ 0/&+%#&/1 +"(+ (11*/$$/$
8%$-(.%+%/$ (&1 8%$-(. #6G/,+$@ (*+ "%$+#*%(&$ #2 (.. $#*+$ #2 %&+/*)*/+%8/
"-/$ ,#&+%&-/ +# ,#0).(%&@ #2+/& *%'"+.7@ +"(+ $#,%(. $,%/&+%$+$ 1#&D+
.##? (+ %0('/$ ,(*/2-..7 /&#-'"3 V&1 #2+/& +##@ $#,%(. $,%/&+%$+$ +/&1 +#
($$-0/ +"(+ %0('/$ (*/ $%0).7 */E/,+%#&$ #2 +"/%* $#,%(. C,#&+/5+$D M2#* (
,*%+%F-/ #2 +"%$ ())*#(,"@ $// L#..#,?@ NOXX9 Q^J]aR3 ;& ,#&+*($+@ ; (*'-/
+"(+ %+ %$ &/,/$$(*7 +# .##? 8/*7 ,(*/2-..7 (+ 8%$-(. %0('/$@ (&1 %+ %$
&/,/$$(*7 +# 1# $# 6/,(-$/ +"/7 (*/ &#+ /&+%*/.7 */1-,%6./ +# +"/%*
,#&+/5+3 K%$-(. */)*/$/&+(+%#&$ "(8/ +"/%* #>& /22/,+$3
Q %;!,<" /'&+% %;( "&$!/9 $&,6!%!&," /,6 (11($%" &1 8!"+/9 &'=($%"3 V$
Y*%$/.1( L#..#,? MNOXX9 PR $(7$@ C,-.+-*(. )*(,+%,/$ 1# ( G#6 >"%," "($
0(G#* $#,%(. $%'&%A,(&,/ %& +"/ (*+%,-.(+%#& #2 0/(&%&'$ (6#-+ +"/
>#*.1@ %& +"/ &/'#+%(+%#& #2 $#,%(. ,#&E%,+$@ %& +"/ )*#1-,+%#& #2 $#,%(.
$-6G/,+$D3 I(*(>(7D$ >#*? %$ /5/0).(*7 "/*/3 !-.+-*(. )*(,+%,/$ .%?/
HQ QB2RDS TU@EV>VSVWBU2

8%$-(. */)*/$/&+(+%#&$ 6#+" 1/)/&1 #& (&1 )*#1-,/ $#,%(. %&,.-$%#&$


(&1 /5,.-$%#&$@ (&1 ( ,*%+%,(. (,,#-&+ &//1$ +# (11*/$$ 6#+" +"#$/
)*(,+%,/$ (&1 +"/%* ,-.+-*(. 0/(&%&'$3
] $&,"!6()" 0&+) &4, 4/0 &1 9&&<!,3 /% !-/3("3 ;2 >(7$ #2 $//%&' (*/
"%$+#*%,(..7@ '/#'*()"%,(..7@ ,-.+-*(..7 (&1 $#,%(..7 $)/,%A,@ +"/& "#>
7#- #* ; .##? %$ &#+ &(+-*(. #* %&&#,/&+3 H# %+ %$ &/,/$$(*7 +# */E/,+ #&
"#> 7#- ($ ( ,*%+%, #2 8%$-(. %0('/$ (*/ .##?%&'3 V$ I(*(>(7 MNOON9
NOaR $(7$@ 67 +"%&?%&' ,(*/2-..7 (6#-+ >"/*/ >/ $// 2*#0@ C>/ 0%'"+
6/,#0/ (&$>/*(6./ 2#* >"(+ >/ ./(*& "#> +# $//D3 I(*(>(7 (.$#
,#00/&+$ +"(+ +"%$ %$ &#+ ( $+*(%'"+2#*>(*1 +($?@ "#>/8/* M$// (.$#
`#'#22@ NOOXS `#$/@ NOOPR@ (&1 $/8/*(. #2 +"/ ,"()+/*$ >%.. */+-*& +#
+"%$ %$$-/ #2 */E/5%8%+7 %& #*1/* +# /5(0%&/ %+$ ,"(../&'/$ 2-*+"/*3

4"/ (%0 #2 +"%$ 6##? %$ +# '%8/ 7#- $#0/ )*(,+%,(. '-%1(&,/ #& "#> +# 1#
+"/$/ +"%&'$S 6-+ ; "#)/ %+ %$ (.*/(17 ,./(* 2*#0 +"%$ %&+*#1-,+%#& +"(+ +"%$ %$
&#+ $%0).7 ( +/,"&%,(. F-/$+%#& #2 0/+"#13 4"/*/ (*/ (.$# %0)#*+(&+
(&(.7+%,(. 1/6(+/$ '#%&' #& (6#-+ 8%$-(.%+%/$3 ;& +"%$ 6##?@ ; -$/ +"/$/
)(*+%,-.(* ,*%+/*%( 2#* ( ,*%+%,(. 8%$-(. 0/+"#1#.#'7 +# /8(.-(+/ 6#+" +"/#*<
/+%,(. (*'-0/&+$ (&1 0/+"#1$3
I(8%&' 8/*7 6*%/E7 $?/+,"/1 ( ,*%+%,(. ())*#(," +# %0('/$ +"(+ ; A&1
-$/2-. +# >#*? >%+" (&1 >"%," >%.. $+*-,+-*/ +"%$ 6##?D$ (,,#-&+$ #2
8(*%#-$ 0/+"#1$@ +"/ &/5+ $/,+%#& >%.. ,#&+%&-/ +# /5).#*/ ( &-06/* #2
1%22/*/&+ %&+/*)*/+(+%#&$ #2 8%$-(. #6G/,+$@ &#+ (.. #2 >"%," (*/ ,#0)(+%6./
>%+" /(," #+"/*3 4"/ &/5+ $/,+%#& (.$# "($ (&#+"/* (%0@ +"#-'"3 ;+ >%..
6/'%& +# #22/* $#0/ 0#*/ )*(,+%,(. (&(.7+%,(. +##.$3

J #%21$&+ +%;/ ;/#*%&%4%)!(14 #%%4+K +!#/+ 1"& ;%&14!#!/+

V$ +"/ /1%+#*$ #2 >;( ?@#7A B(/6() &, 5!"+/9 7+9%+)( MU%*1 /+ (.3@ NOObR
0(?/ ,./(*@ +"/ +"/#*/+%,(. $#-*,/$ >"%," "(8/ )*#1-,/1 +"/ */,/&+ %&+/*/$+
%& 8%$-(. ,-.+-*/ (*/ 1%8/*$/3 4"%$ $/,+%#& >%.. +*7 +# (,?&#>./1'/ $#0/ #2
+"(+ 1%8/*$%+7@ >"%./ (.$# 6/'%&&%&' +# 1/8/.#) ( 0/+"#1#.#'%,(. 2*(0/<
>#*? 2#* %&+/*)*/+%&' 8%$-(. %0('/$ ,*%+%,(..73
;&+/*)*/+(+%#&$ #2 8%$-(. %0('/$ 6*#(1.7 ,#&,-* +"(+ +"/*/ (*/ +"*//
=!#/+ )($&) (+ >"%," +"/ 0/(&%&'$ #2 (& %0('/ (*/ 0(1/9 +"/ $%+/M$R #2 +"/
Y$%&'(#!%" 0%*6"/$(*+ #2 (& %0('/@ +"/ $%+/ #2 +"/ (2,1& %+$/.2@ (&1 +"/ $%+/M$R >"/*/ %+
A;1)/ %$ $//& 67 8(*%#-$ ,"6(&+/&)3 \(&7 #2 +"/ +"/#*/+%,(. 1%$('*//0/&+$ (6#-+
D'&!/"(/+ 8%$-(. ,-.+-*/@ 8%$-(.%+%/$ (&1 8%$-(. #6G/,+$ ,(& 6/ -&1/*$+##1 ($ 1%$)-+/$
#8/* >"%," #2 +"/$/ %$ 0#$+ %0)#*+(&+ (&1 >"7@ (&1 +"/ 2#..#>%&' $-6<
$/,+%#&$ >%.. +#-," #& $#0/ #2 +"/$/ 1%$('*//0/&+$3 ; (.$# >(&+ +# $-''/$+
+"(+ +"/$/ $%+/$ (*/ ,#0).%,(+/1 6/,(-$/ +"/*/ (*/ 1%22/*/&+ ($)/,+$ +# /(,"
F%&14!#!/+ #2 +"/%* )*#,/$$/$3 4"/$/ 1%22/*/&+ ($)/,+$ ; >%.. ,(.. 2*6,#($(&)@ (&1 ;D..
$-''/$+ +"(+ +"/*/ (*/ +"*// #2 +"/$/ +"(+ ,(& ,#&+*%6-+/ +# ( ,*%+%,(.
-&1/*$+(&1%&' #2 %0('/$9
`U2UD`YEB=W QB2RDS TD@U`BDS2 HS

./(*"%4%)!(14 N $&/7+*#*1(/,#3 \%*T#/22 MNOOX9 NR 1/A&/$ ( 8%$-(. +/,"&#.#'7 ($ C(&7


2#*0 #2 ())(*(+-$ 1/$%'&/1 /%+"/* +# 6/ .##?/1 (+ #* +# /&"(&,/ &(+-*(.
8%$%#&@ 2*#0 #%. )(%&+%&'$ +# +/./8%$%#& (&1 +"/ ;&+/*&/+D3
O%;6%+!#!%"14 Q /*20*)($(*+,#3 ="/& (& %0('/ %$ 0(1/@ %+ 1*(>$ #& ( &-06/* #2
2#*0(. $+*(+/'%/$9 ,#&+/&+@ ,#.#-* (&1 $)(+%(. #*'(&%T(+%#&@ 2#*
/5(0)./3 B2+/&@ )(*+%,-.(* 2#*0$ #2 +"/$/ $+*(+/'%/$ +/&1 +# #,,-*
+#'/+"/*@ $# +"(+@ 2#* /5(0)./@ U/*'/* MNOPQR ,(& 1/A&/ +"/ =/$+/*& (*+
+*(1%+%#& )(%&+%&' #2 +"/ &-1/ %& +/*0$ #2 %+$ $)/,%A, ,#0)#$%+%#&(.
F-(.%+%/$3 !"()+/* Q >%.. /.(6#*(+/ +"/ &#+%#& #2 ,#0)#$%+%#&3
=%(!14 ] )*/(,#3 4"%$ %$ 8/*7 0-," ( $"#*+"(&1 +/*03 ="(+ ; 0/(& %+ +# */2/* +#
(*/ +"/ *(&'/ #2 /,#&#0%,@ $#,%(. (&1 )#.%+%,(. */.(+%#&$@ %&$+%+-+%#&$
(&1 )*(,+%,/$ +"(+ $-**#-&1 (& %0('/ (&1 +"*#-'" >"%," %+ %$ $//& (&1
-$/13

4"/$/ 0#1(.%+%/$@ $%&,/ +"/7 (*/ 2#-&1 (+ (.. +"*// $%+/$@ (.$# $-''/$+ +"(+
+"/ 1%$+%&,+%#&$ 6/+>//& $%+/$ (*/ ./$$ ,./(* +"(& 07 $-6$/,+%#&$ "/*/ 0%'"+
%0).73
4# 2#,-$ +"/ 1%$,-$$%#&@ (&1 +# '%8/ 7#- ( ,"(&,/ +# /5).#*/ "#> +"/$/
$%+/$ (&1 0#1(.%+%/$ %&+/*$/,+@ ;D.. #2+/& */2/* +# +"/ )"#+#'*()" */)*#1-,/1
%& W%'-*/ N3]3 4(?/ ( '##1 .##? (+ %+ &#> (&1 &#+/ 1#>& 7#-* %00/1%(+/
*/(,+%#&$3 4"/& $// "#> 7#-* 8%/>$ #2 %+ (.+/* ($ +"/ 2#..#>%&' $-6$/,+%#&$
1%$,-$$ %+$ $%+/$ (&1 0#1(.%+%/$3

d1L ).!$ .F 7("'%5!."&

V.. 8%$-(. */)*/$/&+(+%#&$ (*/ 0(1/ %& #&/ >(7 #* (&#+"/*@ (&1 +"/
,%*,-0$+(&,/$ #2 +"/%* )*#1-,+%#& 0(7 ,#&+*%6-+/ +#>(*1$ +"/ /22/,+ +"/7
"(8/3
H#0/ >*%+/*$ (*'-/ +"%$ ,($/ 8/*7 $+*#&'.73 H#0/@ 2#* /5(0)./@ >#-.1
(*'-/ +"(+ +"/ %($;,&9&3!(" -$/1 %& +"/ 0(?%&' #2 (& %0('/ 1/+/*0%&/ %+$
2#*0@ 0/(&%&' (&1 /22/,+3 !./(*.7@ 8%$-(. +/,"&#.#'%/$ 1# 0(++/* +# "#> (&
%0('/ .##?$ (&1 +"/*/2#*/ +# >"(+ %+ 0%'"+ 1# (&1 >"(+ 0%'"+ 6/ 1#&/ +#
%+3 I/*/ %$ U/*'/* 1/$,*%6%&' +"/ -&%F-/&/$$ #2 #%. )(%&+%&'9

="(+ 1%$+%&'-%$"/$ #%. )(%&+%&' 2*#0 (&7 #+"/* 2#*0 #2 )(%&+%&' %$ %+$
$)/,%(. (6%.%+7 +# */&1/* +"/ +(&'%6%.%+7@ +"/ +/5+-*/@ +"/ .-$+*/@ +"/ $#.%1%+7
#2 >"(+ %+ 1/)%,+$3 ;+ 1/A&/$ +"/ */(. ($ +"(+ >"%," 7#- ,(& )-+ 7#-*
"(&1$ #&3 MU/*'/*@ NOPQ9 XXR

W#* ( )(*+%,-.(* $+-17 %+ 0(7 6/ %0)#*+(&+ +# -&1/*$+(&1 +"/ +/,"&#.#'%/$


-$/1 %& +"/ 0(?%&' #2 )(*+%,-.(* %0('/$@ (&1 (+ +"/ /&1 #2 +"/ 6##? 7#-
>%.. A&1 $#0/ */2/*/&,/$ >"%," >%.. "/.) 7#- 1# +"(+3
;& +"/ ,($/ #2 +"/ )"#+#'*()" "/*/@ %+ %$ )/*"()$ %0)#*+(&+ +# -&1/*<
$+(&1 >"(+ ?%&1 #2 ,(0/*(@ A.0 (&1 1/8/.#)%&' )*#,/$$ +"/ )"#+#'*()"/*
>($ -$%&'@ (&1 >"(+ +"(+ 0(1/ 8%$-(..7 )#$$%6./ (&1 >"(+ %0)#$$%6./3 4"/
HT QB2RDS TU@EV>VSVWBU2

W!)'$/ H9L
`U2UD`YEB=W QB2RDS TD@U`BDS2 HI

)"#+#'*()" >($ 0(1/ %& NOdX@ 67 >"%," +%0/ ,(0/*($ >/*/ */.(+%8/.7
.%'"+>/%'"+ (&1 A.0 >($ "%'".7 $/&$%+%8/ +# .%'"+3 4"%$ 0/(&+ +"(+@ -&.%?/
%& /(*.%/* )/*%#1$@ ( )"#+#'*()"/* 1%1 &#+ "(8/ +# A&1 $-6G/,+$ >"%,"
>#-.1 $+(7 $+%.. 2#* $/,#&1$ #* /8/& 0%&-+/$ %& #*1/* +# 6/ )%,+-*/13 U7
NOdX@ +"/ )"#+#'*()"/* ,#-.1 "(8/ $+-06./1 #& +"%$ $,/&/ (&1 C$&())/1D %+
(.0#$+ %00/1%(+/.73 4"-$ )(*+ #2 +"/ /22/,+ #2 +"/ )"#+#'*()" J %+$
())(*/&+ $)#&+(&/%+7@ ( $&()$"#+ J %$ /&(6./1 67 +"/ +/,"&#.#'7 -$/13
I#>/8/*@ (&#+"/* ($)/,+ #2 +"/ )"#+#'*()" >"%," >/ 0%'"+ 6/
+/0)+/1 +# ($,*%6/ +# %+$ +/,"&#.#'7 J %+$ ())(*/&+ +*-+"2-.&/$$ J "($ ./$$ +#
1# >%+" +"/ +/,"&%,(. ,()(6%.%+%/$ #2 +"/ ,(0/*( (&1 A.0 (&1 0#*/ +# 1#
>%+" "#> )"#+#'*()"$ (*/ -&1/*$+##13 W*#0 %+$ 8/*7 %&8/&+%#&@ )"#+#<
'*()"7 "($ 6//& -&1/*$+##1 67 $#0/ #2 %+$ )*(,+%+%#&/*$ ($ ( +/,"&#.#'7
+"(+ $%0).7 */,#*1$ +"/ >(7 +"%&'$ */(..7 .##?3 U-+ (.$# 2*#0 +"/ 6/'%&&%&'@
)"#+#'*()"$ "(8/ 6//& $//& ($ 0('%,(. (&1 $+*(&'/ MH.(+/*@ NOO^R3 4"%$
1/6(+/ $"#-.1 (./*+ +# -$ +# +"/ 2(,+ +"(+ &#+%#&$ #2 C+*-+"2-.D )"#+#'*()"%,
*/)*/$/&+(+%#& "(8/ 6//& ,#&$+*-,+/13 \(76/ >/ $// +"%$ )"#+#'*()" ($ (
$&()$"#+ #2 */(. .%2/ 6/,(-$/ >/ /5)/,+ )"#+#$ +# $"#> -$ $&%))/+$ #2 +*-+"3
U-+ +"%$ )"#+# 0%'"+ "(8/ 6//& )#$/19 +"/ )"#+#'*()"/* >"# +##? +"%$ #&/
,/*+(%&.7 )#$/1 #+"/*$ >"%," &/8/*+"/./$$ "(8/ +"/ $(0/ C*/(.D .##?
Mf#%$&/(-@ NOONR3 V.$#@ ($ Y*%$/.1( L#..#,? MNOXX9 X^JPR )#%&+$ #-+ %& "/*
1%$,-$$%#& #2 +"%$ )"#+#'*()"@ %+$ $+(+-$ ($ ( $&()$"#+ #2 */(. .%2/ %$ (.$#
/$+(6.%$"/1 %& )(*+ 67 %+$ ,#&+/&+@ /$)/,%(..7 +"/ 6#7$ ).(7%&' %& +"/ $+*//+@
G-$+ #-+ #2 2#,-$S $-*/.7 %2 %+ "(1 6//& )#$/1 +"#$/ 6#7$ >#-.1 "(8/ 6//&
%& 2#,-$_ 4"-$ +"/ ())(*/&+.7 +/,"&#.#'%,(. /22/,+$ #& +"/ )*#1-,+%#& #2
( 8%$-(. %0('/ &//1 ,(*/2-. ,#&$%1/*(+%#&@ 6/,(-$/ $#0/ 0(7 &#+ 6/
$+*(%'"+2#*>(*1.7 +/,"&#.#'%,(. (+ (..3
4"/ $/,#&1 0#1(.%+7 #2 (& %0('/D$ )*#1-,+%#& %$ +# 1# >%+" %+$
$&-*&"!%!&,/9!%03 H#0/ >*%+/*$ (*'-/ +"(+ %+ %$ +"/ ,#&1%+%#&$ #2 (& %0('/D$
)*#1-,+%#& +"(+ '#8/*& %+$ ,#0)#$%+%#&(.%+73 4"%$ (*'-0/&+ %$ )/*"()$
Z/"$/ 0#$+ /22/,+%8/.7 0(1/ %& */.(+%#& +# +"/ 1&+%& #2 %0('/$ %&+# >"%," (
)(*+%,-.(* %0('/ A+$ M)/*"()$ *(+"/* -&/($%.7R3 Y/&*/ %$ ( >(7 #2 ,.($$%27%&'
8%$-(. %0('/$ %&+# ,/*+(%& '*#-)$3 ;0('/$ +"(+ 6/.#&' +# +"/ $(0/ '/&*/
$"(*/ ,/*+(%& 2/(+-*/$3 V )(*+%,-.(* '/&*/ >%.. $"(*/ ( $)/,%A, $/+ #2
0/(&%&'2-. #6G/,+$ (&1 .#,(+%#&$ (&1@ %& +"/ ,($/ #2 0#8%/$ 2#* /5(0)./@
"(8/ ( .%0%+/1 $/+ #2 &(**(+%8/ )*#6./0(+%,$3 4"-$ Z#"& U/*'/* ,(& 1/A&/
C2/0(./ &-1/ )(%&+%&'D ($ ( )(*+%,-.(* '/&*/ #2 =/$+/*& )(%&+%&' 6/,(-$/
+"/$/ (*/ )%,+-*/$ >"%," */)*/$/&+ &(?/1 >#0/& ($ )($$%8/@ (8(%.(6./ (&1
1/$%*(6./ +"*#-'" 8(*%#-$ ,#0)#$%+%#&(. 1/8%,/$3 V ,/*+(%& ?%&1 #2
+*(1%+%#&(. (*+ "%$+#*7 >#-.1 $// +"/ >(7 +"(+ ( )(*+%,-.(* (*+%$+ 0(?/$
*/2/*/&,/ +# #+"/* )(%&+%&'$ %& +"/ $(0/ '/&*/ M(&1 )/*"()$ %& #+"/* '/&*/$R
($ "/ #* $"/ >#*?$ (+ ( ,(&8($ ($ ( ,*-,%(. ($)/,+ #2 -&1/*$+(&1%&' +"/ A&(.
)(%&+%&'3 ;+ "/.)$ +# 0(?/ $/&$/ #2 +"/ $%'&%A,(&,/ #2 /./0/&+$ #2 (&
%&1%8%1-(. %0('/ %2 7#- ?&#> +"(+ $#0/ #2 +"/0 */,-* */)/(+/1.7 %& #+"/*
%0('/$3 h#- 0(7 &//1 +# */2/* +# #+"/* %0('/$ #2 +"/ $(0/ '/&*/ %& #*1/*
+# /5).%,(+/ ($)/,+$ #2 +"/ #&/ 7#-D*/ %&+/*/$+/1 %&3 \(&7 6##?$ #& 8%$-(.
%0('/$ 2#,-$ #& #&/ )(*+%,-.(* '/&*/3
NV QB2RDS TU@EV>VSVWBU2

4"/ )"#+#'*()" -&1/* ,#&$%1/*(+%#& "/*/ A+$ %&+# #&/ '/&*/ 6-+ "($
,#&&/,+%#&$ +# $#0/ #+"/*$@ (&1 ?&#>%&' +"%$ (..#>$ -$ +# 0(?/ $/&$/ #2
8(*%#-$ ($)/,+$ #2 +"%$ *%," 8%$-(. 1#,-0/&+3 4"/ '/&*/ %&+# >"%," +"/
)"#+# A+$ 0#$+ #68%#-$.7@ ; +"%&?@ %$ +"(+ #2 C$+*//+ )"#+#'*()"7D3 4"%$ %$ (
6#17 #2 >#*? >%+" ,#&&/,+%#&$ +# (&#+"/* )"#+#'*()"7 '/&*/@ +"(+ #2 +"/
1#,-0/&+(*7 MI(0%.+#&@ NOOPS $// (.$# L*7,/@ NOOP 2#* ( 1%$,-$$%#& #2
1#,-0/&+(*7 )"#+#'*()"7R3 f#,-0/&+(*7 )"#+#'*()"7 #*%'%&(..7 +/&1/1
+# )%,+-*/ )##*@ #))*/$$/1 #* 0(*'%&(.%T/1 %&1%8%1-(.$@ #2+/& ($ )(*+ #2
*/2#*0%$+ )*#G/,+$ +# $"#> +"/ "#**#* #2 +"/%* .%8/$ (&1 +"-$ %&$)%*/ ,"(&'/3
4"/ (%0 >($ +# 6/ ($ #6G/,+%8/ (&1 (,,-*(+/ ($ )#$$%6./ %& +"/$/ 1/)%,+%#&$3
I#>/8/*@ $%&,/ +"/ ())(*/&+ "#**#* >($ 6/%&' $"#>& +# (-1%/&,/$ >"#
"(1 +"/ )#>/* +# )*/$$-*/ 2#* ,"(&'/@ 1#,-0/&+(*7 )"#+#'*()"7 -$-(..7
)%,+-*/$ +"/ */.(+%8/.7 )#>/*./$$ +# +"/ */.(+%8/.7 )#>/*2-.3 ;+ "($ +"-$ 6//&
(,,-$/1 #2 8#7/-*%$0 (&1 >#*$/3 H+*//+ )"#+#'*()"7 $"(*/$ >%+" 1#,-<
0/&+(*7 )"#+#'*()"7 +"/ 1/$%*/ +# )%,+-*/ .%2/ ($ %+ ())(*/&+.7 %$3 U-+ $+*//+
)"#+#'*()"7 1#/$ &#+ >(&+ %+$ 8%/>/*$ +# $(7 C#" "#> +/**%6./D (&1 0(76/
C>/ 0-$+ 1# $#0/+"%&' (6#-+ +"(+D3 `(+"/*@ %+$ >(7 #2 $//%&' %&8%+/$ (
*/$)#&$/ +"(+ %$ 0#*/ .%?/@ C#" "#> /5+*(#*1%&(*7@ %$&D+ .%2/ *%,".7 0(*<
8/..#-$D3 4"%$ $//0$ +# 0/ +# 6/ +"/ */$)#&$/ +"(+ +"%$ )"#+#'*()"@ (&1
0(&7 #+"/*$ +(?/& 67 +"/ $(0/ )"#+#'*()"/*@ ($?$ 2#*3 =/ (*/ 0/(&+ +#
$0%./ >*7.7 (+ ( '.%0)$/ #2 ( */.(+%#&$"%)@ /5)#$/1 +# -$ 2#* G-$+ ( $/,#&13
4"%$ )"#+#'*()" >($ (.0#$+ ,/*+(%&.7 0(1/ +# $/.. +# ( )"#+#<0('(T%&/
.%?/ 5+@ @!1( #* C!$%+)( C&"% 2#* )-6.%,(+%#& ($ ( 8%$-(. G#?/@ 2-&&7 (&1 &#+
+## 1%$+-*6%&' 2#* +"/ */(1/*$ #2 +"/$/ 0('(T%&/$3 4"%$ ,#&$+*(%&+ #& %+$
)*#1-,+%#& +"-$ (22/,+/1 %+$ '/&*/3
4"/ +"%*1 0#1(.%+7 #2 )*#1-,+%#& %$ >"(+ ; "(8/ ,(../1 +"/ "&$!/93 I/*/
('(%&@ +"/*/ %$ ( 6#17 #2 >#*? >"%," (*'-/$ +"(+ +"/$/ (*/ +"/ 0#$+
%0)#*+(&+ 2(,+#*$ %& -&1/*$+(&1%&' 8%$-(. %0('/$3 H#0/ (*'-/ +"(+ %+ %$ +"/
/,#&#0%, )*#,/$$/$ %& >"%," ,-.+-*(. )*#1-,+%#& %$ /06/11/1 +"(+ $"()/
8%$-(. %0('/*73 B&/ #2 +"/ 0#$+ /.#F-/&+ /5)#&/&+$ #2 +"%$ (*'-0/&+ %$
f(8%1 I(*8/73 !/*+(%& )"#+#'*()"$ (&1 A.0$ ).(7 ( ?/7 *#./ %& "%$ NOXO
6##? >;( 7&,6!%!&, &1 C&"%-&6(),!%03 I/ (*'-/$ +"(+ +"/$/ 8%$-(.
*/)*/$/&+(+%#&$ /5/0).%27 )#$+0#1/*&%+73 [%?/ 0(&7 #+"/* ,#00/&+(+#*$@
I(*8/7 1/A&/$ )#$+0#1/*&%+7 %& )(*+ +"*#-'" +"/ %0)#*+(&,/ #2 8%$-(.
%0('/$ +# )#$+0#1/*& ,-.+-*/@ ,#00/&+%&' #& C+"/ 0#6%.%T(+%#& #2
2($"%#&@ )#) (*+@ +/./8%$%#& (&1 #+"/* 2#*0$ #2 0/1%( %0('/@ (&1 +"/
8(*%/+7 #2 -*6(& .%2/ $+7./$ +"(+ "(8/ 6/,#0/ )(*+ (&1 )(*,/. #2 1(%.7 .%2/
-&1/* ,()%+(.%$0D MI(*8/7@ NOXO9 b]R3 I/ $//$ +"/ F-(.%+%/$ #2 +"%$ 0#6%.<
%T(+%#& ($ /)"/0/*(.@ E-%1@ E//+%&' (&1 $-)/*A,%(.9 C+"/*/ "($ /0/*'/1 (&
(++(,"0/&+ +# $-*2(,/ *(+"/* +"(& *##+$@ +# ,#..('/ *(+"/* +"(& %&<1/)+"
>#*?@ +# $-)/*%0)#$/1 F-#+/1 %0('/$ *(+"/* +"(& >#*?/1 $-*2(,/$@ +# (
,#..()$/1 $/&$/ #2 +%0/ (&1 $)(,/ *(+"/* +"(& $#.%1.7 (,"%/8/1 ,-.+-*(.
(*+/2(,+D MI(*8/7@ NOXO9 bNR3 V&1 I(*8/7 "($ (& /5).(&(+%#& 2#* +"%$
>"%," 2#,-$/$ #& +"/ .(++/* ,"(*(,+/*%$+%,$3 I/ $-''/$+$ +"(+ ,#&+/0)#*(*7
,()%+(.%$0 %$ #*'(&%T%&' %+$/.2 %& >(7$ +"(+ (*/ %&1//1 ,#0)*/$$%&' +%0/ (&1
,#..()$%&' $)(,/3 I/ (*'-/$ +"(+ ,()%+(.%$0 %$ 0#*/ (&1 0#*/ CE/5%6./D %&
`U2UD`YEB=W QB2RDS TD@U`BDS2 NH

%+$ #*'(&%T(+%#& #2 )*#1-,+%#& +/,"&%F-/$@ .(6#-* 0(*?/+$ (&1 ,#&$-0)<


+%#& &%,"/$@ (&1 +"(+ +"%$ "($ 1/)/&1/1 #& +"/ %&,*/($/1 0#6%.%+7 #2 ,()%+(.
(&1 %&2#*0(+%#&3 \#*/#8/*@ +"/ %0)#*+(&,/ #2 ,#&$-0)+%#& &%,"/$ "($
'/&/*(+/1 +"/ %&,*/($%&' %0)#*+(&,/ #2 (18/*+%$%&'@ $+7./ (&1 $)/,+(,./ %&
+"/ $/..%&' #2 '##1$3 ;& "%$ \(*5%$+ (,,#-&+@ 6#+" +"/$/ ,"(*(,+/*%$+%,$ (*/
*/E/,+/1 %& ,-.+-*(. #6G/,+$ J %& +"/%* $-)/*A,%(.%+7@ +"/%* /)"/0/*(.%+7 J
$# +"(+ +"/ .(++/* (*/ &#+"%&' 6-+ C+"/ ,-.+-*(. .#'%, #2 .(+/ ,()%+(.%$0D
MI(*8/7@ NOXO9 b]S Z(0/$#&@ NOXdR3
4# (&(.7$/ %0('/$ +"*#-'" +"%$ ./&$ 7#- >%.. &//1 +# -&1/*$+(&1
,#&+/0)#*(*7 /,#&#0%, )*#,/$$/$ %& ( $7&+"/+%, 0(&&/*3 I#>/8/*@ +"#$/
>*%+/*$ >"# /0)"($%T/ +"/ %0)#*+(&,/ #2 6*#(1 $7$+/0$ #2 )*#1-,+%#& +#
+"/ 0/(&%&' #2 %0('/$ $#0/+%0/$ 1/).#7 0/+"#1#.#'%/$ +"(+ )(7 *(+"/*
.%++./ (++/&+%#& +# +"/ 1/+(%.$ #2 )(*+%,-.(* %0('/$3 I(*8/7 MNOXOR@ 2#*
/5(0)./@ "($ 6//& (,,-$/1 #2 0%$-&1/*$+(&1%&' +"/ )"#+#'*()"$ (&1 A.0$
"/ %&+/*)*/+$ %& "%$ 6##? J (&1 #2 /,#&#0%, 1/+/*0%&%$0 Mf/-+$,"/@ NOONR3
B+"/* (,,#-&+$ #2 +"/ ,/&+*(.%+7 #2 >"(+ ; (0 ,(..%&' +"/ $#,%(. +# +"/
)*#1-,+%#& #2 %0('/$ 1/)/&1 #& *(+"/* 0#*/ 1/+(%./1 (&(.7$/$ #2 )(*+%,-.(*
%&1-$+*%/$ >"%," )*#1-,/ 8%$-(. %0('/$3 f(8%1 \#*./7 (&1 i/8%& `#6%&$
MNOO^R@ 2#* /5(0)./@ 2#,-$ #& +"/ (-1%#8%$-(. %&1-$+*%/$ #2 c-*#)/ %& +"/%*
$+-17 #2 "#> +"#$/ %&1-$+*%/$ (*/ %0).%,(+/1 %& ,#&+/0)#*(*7 ,#&$+*-,+%#&$
#2 Cc-*#)/(&&/$$D3 4"/7 )#%&+ #-+ +"(+ +"/ c-*#)/(& e&%#& %$ ?//& +#
/&,#-*('/ ( c-*#)/<>%1/ (-1%#8%$-(. %&1-$+*7 )(*+.7 #& /,#&#0%, '*#-&1$@
+# ,#0)/+/ >%+" eH (&1 Z()(&/$/ ,#&'.#0/*(+/$3 U-+ +"/7 (.$# (*'-/ +"(+
+"/ ce "($ ( ,-.+-*(. ('/&1( +##@ >"%," >#*?$ (+ C%0)*#8%&' 0-+-(.
?&#>./1'/ (0#&' c-*#)/(& )/#)./$ (&1 %&,*/($%&' +"/%* ,#&$,%#-$&/$$ #2
+"/ .%2/ (&1 1/$+%&7 +"/7 "(8/ %& ,#00#&D M\#*./7 (&1 `#6%&$@ NOO^9 ]R@
(&1 +"-$ /.%1/$ 1%22/*/&,/$ >%+"%& c-*#)/ >"%./ )*#1-,%&' ,/*+(%& ?%&1$ #2
1%22/*/&,/$ 6/+>//& c-*#)/ (&1 +"/ */$+ #2 +"/ >#*.13 [%?/ I(*8/7@ +"/&@
\#*./7 (&1 `#6%&$ )(7 (++/&+%#& +# 6#+" +"/ /,#&#0%, (&1 +"/ ,-.+-*(.
($)/,+$ #2 ,#&+/0)#*(*7 ,-.+-*(. )*(,+%,/$3 e&.%?/ I(*8/7@ "#>/8/*@
\#*./7 (&1 `#6%&$ 1# &#+ */1-,/ +"/ .(++/* +# +"/ 2#*0/*3 V&1 +"%$ %$ %&
)(*+ 6/,(-$/ +"/7 */.7 #& ( 0#*/ A&/<'*(%&/1 (&(.7+%,(. 0/+"#1 +"(&
I(*8/7@ )(7%&' ,(*/2-. (++/&+%#& +# )(*+%,-.(* ,#0)(&%/$ (&1 )*#1-,+$@ ($
>/.. ($ -&1/*$+(&1%&' "#> +"/ %&1-$+*7 ($ ( >"#./ >#*?$3
V&#+"/* ($)/,+ #2 +"/ $#,%(. )*#1-,+%#& #2 (& %0('/ %$ +"/ $#,%(. (&1j
#* )#.%+%,(. %1/&+%+%/$ +"(+ (*/ 0#6%.%T/1 %& %+$ 0(?%&'3 L/+/* I(0%.+#&D$
MNOOPR 1%$,-$$%#& #2 +"/ $#*+ #2 )"#+#'*()"7 #2 >"%," W%'-*/ N3] %$ ( )(*+
/5).#*/$ %+$ 1/)/&1/&,/ #& ,/*+(%& )#$+>(* %1/($ (6#-+ +"/ W*/&," >#*?%&'
,.($$@ 2#* /5(0)./3 I/*/ +"#-'" ; >%.. 2#,-$ #& (&#+"/* $#,%(. %1/&+%+7
(*+%,-.(+/1 +"*#-'" +"%$ )(*+%,-.(* )"#+#'*()"3 I/*/ %$ ( )($$('/ 2*#0 (&
%&+*#1-,+%#& +# ( 6##? #& $+*//+ )"#+#'*()"7 +"(+ /8#?/$ +"/ C,*(T7@
,#,?/7/1D 8%/>)#%&+ #2 +"/ $+*//+ )"#+#'*()"/*9

;+D$ .%?/ '#%&' %&+# +"/ $/( (&1 ./++%&' +"/ >(8/$ 6*/(? #8/* 7#-3 h#- 2//.
+"/ )#>/* #2 +"/ $/(3 B& +"/ $+*//+ /(," $-,,/$$%8/ >(8/ 6*%&'$ ( >"#./
&/> ,($+ #2 ,"(*(,+/*$3 h#- +(?/ >(8/ (2+/* >(8/@ 7#- 6(+"/ %& %+3 4"/*/
NN QB2RDS TU@EV>VSVWBU2

%$ $#0/+"%&' /5,%+%&' (6#-+ 6/%&' %& +"/ ,*#>1@ %& (.. +"(+ ,"(&,/ (&1
,"(&'/3 ;+D$ +#-'" #-+ +"/*/@ 6-+ %2 7#- ,(& ?//) )(7%&' (++/&+%#&
$#0/+"%&' >%.. */8/(. %+$/.2@ G-$+ ( $).%+ $/,#&1@ (&1 +"/& +"/*/D$ ( ,*(T7
,#,?/7/1 )%,+-*/m 3 3 3 C4#-'"D 0/(&+ %+ >($ (& -&,#0)*#0%$%&' %0('/@
$#0/+"%&' +"(+ ,(0/ 2*#0 7#-* '-+@ #-+ #2 %&$+%&,+@ *(>@ #2 +"/ 0#0/&+@
$#0/+"%&' +"(+ ,#-.1&D+ 6/ 1/$,*%6/1 %& (&7 #+"/* >(73 H# %+ >($
4BeYI3 4#-'" +# .%?/@ +#-'" +# $//@ +#-'" +# 0(?/@ +#-'" +# -&1/*<
$+(&13 4"/ +#-'"/* +"/7 >/*/ +"/ 0#*/ 6/(-+%2-. +"/7 6/,(0/3 ;+ >($ #-*
.(&'-('/3 M=/$+/*6/,? (&1 \/7/*#>%+T@ NOOd9 QJ]R

4"%$ )($$('/ (..#>$ -$ +# $(7 ( 6%+ 0#*/ (6#-+ +"/ %0)#*+(&,/ #2 ( ,/*+(%&
?%&1 #2 %1/&+%+7 +# +"/ )*#1-,+%#& #2 +"/ )"#+#'*()" -&1/* 1%$,-$$%#& "/*/3
4# 1# $+*//+ )"#+#'*()"7@ %+ $(7$@ +"/ )"#+#'*()"/* "($ +# 6/ +"/*/@ %& +"/
$+*//+@ +#-'" /&#-'" +# $-*8%8/@ +#-'" /&#-'" +# #8/*,#0/ +"/ +"*/(+$
)#$/1 67 +"/ $+*//+3 4"/*/ %$ ( ?%&1 #2 0(,"# )#>/* 6/%&' ,/./6*(+/1 %&
+"(+ (,,#-&+ #2 $+*//+ )"#+#'*()"7@ %& %+$ */%+/*(+%#& #2 C+#-'"&/$$D3 4"%$
$#*+ #2 )"#+#'*()"7 (.$# /&1#>$ %+$ 8%/>/* >%+" ( ?%&1 #2 +#-'"&/$$ #8/*
+"/ %0('/ 6/,(-$/ %+ (..#>$ +"/ 8%/>/* +# */0(%& %& ,#&+*#.@ )#$%+%#&/1 ($
$#0/>"(+ 1%$+(&+ 2*#0 (&1 $-)/*%#* +# >"(+ +"/ %0('/ $"#>$ -$3 =/ "(8/
0#*/ %&2#*0(+%#& +"(& +"/ )/#)./ )%,+-*/1@ (&1 >/ ,(& +"/*/2#*/ $0%./ (+
+"/03 4"%$ )(*+%,-.(* )"#+#'*()" /8/& ).(,/$ ( >%&1#> 6/+>//& -$ (&1 %+$
$-6G/,+$S >/ )//* (+ +"/0 2*#0 +"/ $(0/ "%11/& 8(&+('/ )#%&+ G-$+ .%?/ +"/
)"#+#'*()"/* 1%13 4"/*/ %$ ( ?%&1 #2 1%$+(&,/ /$+(6.%$"/1 6/+>//& +"/
)"#+#'*()"/*j(-1%/&,/ (&1 +"/ )/#)./ )"#+#'*()"/1@ +"/&@ */0%&%$,/&+ #2
+"/ )(+*%(*,"(. >(7 #2 $//%&' +"(+ "($ 6//& ,*%+%F-/1 67 I(*(>(7 MNOONR@
(0#&' #+"/*$ M$// $/,+%#& N #2 +"%$ ,"()+/*R3 U-+ $%&,/ +"%$ +#-'"&/$$ %$
*/F-%*/1 #&.7 %& #*1/* +# */,#*1 $#0/+"%&' +"(+ >%.. */8/(. %+$/.2@ +"%$
)($$('/ %$ (.$# (& /5(0)./ #2 +"/ )"#+#'*()" 6/%&' $//& ($ ( +*-+"2-.
%&$+*-0/&+ #2 $%0)./ #6$/*8(+%#&@ (&1 #2 +"/ /*($-*/ #2 +"/ $)/,%A,%+7 #2
+"/ )"#+#'*()"/* "%0$/.2S +"/ )"#+#'*()"/* %$ +"/*/ 6-+ #&.7 +# ,(**7 "%$
,(0/*( (&1 */(,+ F-%,?.7 >"/& +"/ 0#0/&+ ,#0/$@ G-$+ .%?/ #-* )"#+#<
'*()"/* $&())%&' "%$ $-6G/,+3 V'(%&@ +"%$ /*($-*/ #2 +"/ )(*+%,-.(*%+7 #2 (
8%$-(.%+7 %$ >"(+ I(*(>(7 MNOONR ,*%+%F-/$ ($@ (0#&' #+"/* +"%&'$@
)(+*%(*,"(.3 ;+ %$ +"/*/2#*/ $%'&%A,(&+ +"(+ #2 +"/ 0(&7 )"#+#'*()"/*$
>"#$/ >#*? %$ */)*#1-,/1 %& +"(+ 6##? #& $+*//+ )"#+#'*()"7@ 8/*7 2/>
(*/ >#0/&3 h#- &//1 +# 6/ ( 0(&@ #* (+ ./($+ 0($,-.%&/@ +# 1# $+*//+
)"#+#'*()"7@ ())(*/&+.73 I#>/8/*@ +"%$ )($$('/D$ /8#,(+%#& #2 C'-+D (&1
C%&$+%&,+D %$ %&+/*/$+%&' %& +"%$ */$)/,+@ $%&,/ +"/$/ (*/ F-(.%+%/$ #2 /06#1%<
0/&+ (&1 &#&<*(+%#&(.%+7 +"(+ (*/ #2+/& ($$#,%(+/1 >%+" 2/0%&%&%+73 4"-$@ %2
0($,-.%&%+7 0%'"+ 6/ $(%1 +# 6/ ,/&+*(. +# +"/ )*#1-,+%#& #2 $+*//+
)"#+#'*()"7@ %+ %$ ( )(*+%,-.(*@ *(+"/* ,#0).%,(+/1@ ?%&1 #2 0($,-.%&%+73
W%&(..7@ %+ $"#-.1 6/ &#+/1 +"(+ +"/*/ %$ #&/ /./0/&+ (,+%8/ (+ +"/ $%+/
#2 )*#1-,+%#& +# >"%," 0(&7 $#,%(. $,%/&+%$+$ %&+/*/$+/1 %& +"/ 8%$-(.
>#-.1 )(7 8/*7 .%++./ (++/&+%#&9 +"/ %&1%8%1-(. #2+/& 1/$,*%6/1 ($ +"/ (-+"#*
M#* (*+%$+ #* 1%*/,+#* #* $,-.)+#* #* $# #&R #2 +"/ 8%$-(. %0('/ -&1/*
,#&$%1/*(+%#&3 4"/ &#+%#& +"(+ +"/ 0#$+ %0)#*+(&+ ($)/,+ %& -&1/*$+(&1%&'
( 8%$-(. %0('/ %$ >"(+ %+$ 0(?/* %&+/&1/1 +# $"#> %$ $#0/+%0/$ ,(../1
`U2UD`YEB=W QB2RDS TD@U`BDS2 NL

D'#/'$ #*/%$5 ,"$&"% $7&*%-3 I#>/8/*@ 0#$+ #2 +"/ */,/&+ >#*? #& 8%$-(. 0(++/*$ %$
-&%&+/*/$+/1 %& +"/ %&+/&+%#&(.%+7 #2 (& %0('/D$ 0(?/*3 4"/*/ (*/ ( &-06/*
#2 */($#&$ 2#* +"%$ MI(..@ NOOP69 Q^S $// (.$# +"/ 2#,-$ %& !"()+/* Q@ $/,+%#&
]R3 W%*$+@ ($ >/ "(8/ $//&@ +"/*/ (*/ +"#$/ >"# (*'-/ +"(+ #+"/* 0#1(.%+%/$
#2 (& %0('/D$ )*#1-,+%#& (,,#-&+ 2#* %+$ /22/,+$3 H/,#&1@ +"/*/ (*/ +"#$/
>"# (*'-/ +"(+@ $%&,/ +"/ %0('/ %$ (.>(7$ 0(1/ (&1 $//& %& */.(+%#& +#
#+"/* %0('/$@ +"%$ >%1/* 8%$-(. ,#&+/5+ %$ 0#*/ $%'&%A,(&+ 2#* >"(+ +"/
%0('/ 0/(&$ +"(& >"(+ +"/ (*+%$+ +"#-'"+ +"/7 >/*/ 1#%&'3 `#.(&1 U(*+"/$
MNOPP9 Nd^JbR 0(1/ +"%$ (*'-0/&+ >"/& "/ )*#,.(%0/1 C+"/ 1/(+" #2 +"/
(-+"#*D3 V&1 +"%*1@ +"/*/ (*/ +"#$/ >"# %&$%$+ +"(+ +"/ 0#$+ %0)#*+(&+ $%+/
(+ >"%," +"/ 0/(&%&' #2 (& %0('/ %$ 0(1/ %$ &#+ %+$ (-+"#*@ #* %&1//1 %+$
)*#1-,+%#& #* %+$/.2@ 6-+ %+$ (-1%/&,/$@ >"# 6*%&' +"/%* #>& >(7$ #2 $//%&'
(&1 #+"/* ?&#>./1'/$ +# 6/(* #& (& %0('/ (&1 %& +"/ )*#,/$$ 0(?/ +"/%*
#>& 0/(&%&'$ 2*#0 %+3 H# ; ,(& +/.. 7#- +"(+ +"/ 0(& >"# +##? +"%$
)"#+#'*()" %& NOdX >($ `#6/*+ f#%$&/(-@ (&1 +"(+ %&2#*0(+%#& >%.. (..#>
7#-@ ($ %+ (..#>/1 0/@ +# A&1 #-+ 0#*/ %&2#*0(+%#& (6#-+ "%$ .%2/ (&1
>#*?3 U-+ +"/ .%+/*(+-*/ ; (0 1*(>%&' #& "/*/ >#-.1 &#+ $-''/$+ +"(+ (&
%&+%0(+/@ )/*$#&(. 6%#'*()"7 #2 f#%$&/(- %$ &/,/$$(*7 %& #*1/* +# %&+/*)*/+
"%$ )"#+#'*()"$3 ;&$+/(1@ %+ >#-.1 */(1 "%$ .%2/@ ($ ; 1%1@ %& #*1/* +#
-&1/*$+(&1 +"/ 0#1(.%+/$ +"(+ $"()/1 +"/ )*#1-,+%#& #2 "%$ )"#+#'*()"$3

d1^ ).!$ ..F !-$ ./+8$

4"/ $/,#&1 $%+/ (+ >"%," (& %0('/D$ 0/(&%&'$ (*/ 0(1/ %$ +"/ %0('/ %+$/.23
c8/*7 %0('/ "($ ( &-06/* #2 2#*0(. ,#0)#&/&+$3 V$ +"/ )*/8%#-$ $/,+%#&
$-''/$+/1@ $#0/ #2 +"/$/ ,#0)#&/&+$ >%.. 6/ ,(-$/1 67 +"/ %($;,&9&3!("
-$/1 +# 0(?/@ */)*#1-,/ #* 1%$).(7 +"/ %0('/3 W#* /5(0)./@ +"/ 6.(,? (&1
>"%+/ +#&(.%+%/$ #2 +"/ f#%$&/(- )"#+# (*/ ( */$-.+ #2 "%$ ,"#%,/ #2 A.0 (&1
)*#,/$$%&' +/,"&%F-/$3 B+"/* ,#0)#&/&+$ #2 (& %0('/ >%.. 1/)/&1 #&
"&$!/9 )*(,+%,/$3 4"/ )*/8%#-$ $/,+%#& (.$# &#+/1 "#> +"/ )"#+#'*()" -&1/*
1%$,-$$%#& 0%'"+ .##? +"/ >(7 %+ 1#/$ %& )(*+ 6/,(-$/ %+ >($ 0(1/ +# 6/
$#.1 +# )(*+%,-.(* 0('(T%&/$3 \#*/ '/&/*(..7@ +"/ /,#&#0%, ,%*,-0$+(&,/$
-&1/* >"%," f#%$&/(- >#*?/1 >/*/ $-," +"(+ (.. "%$ )"#+#'*()"$ >/*/
(22/,+/1 67 +"/03 I/ 6/'(& >#*?%&' ($ ( )"#+#'*()"/* %& +"/ )-6.%,%+7
1/)(*+0/&+ #2 ( )"(*0(,7@ (&1 +"/& >#*?/1 2#* +"/ ,(* 0(&-2(,+-*/*
`/&(-.+ %& +"/ NO]a$ Mf#%$&/(-@ NOOaR3 [(+/* "/ >#*?/1 2#* 5&3+( (&1 2#*
+"/ V..%(&,/ )*/$$ ('/&,73 4"(+ %$@ "/ 8/*7 #2+/& )%,+-*/1 +"%&'$ %& #*1/*
+# '/+ +"/0 $#.19 ,(*$@ 2($"%#&$3 V&1 (.. "%$ .%2/ "/ "(1 +# 0(?/ %0('/$ +#
$/..S "/ >($ ( 2*//.(&,/ )"#+#'*()"/* &//1%&' +# 0(?/ ( .%8%&' 2*#0 "%$
)"#+#'*()"$3 4"-$ "%$ )"#+#'*()"7 $"#>/1 ,#00#1%+%/$ (&1 >($ %+$/.2 (
,#00#1%+7 M$// `(0(0-*+"7@ NOOP 2#* ( 1%$,-$$%#& #2 )"#+#'*()"7 (&1
,#00#1%+7 ,-.+-*/R3 L/*"()$ +"%$ (,,#-&+$ 2#* "%$ 2($,%&(+%#& >%+" #6G/,+$@
>%+" /0#+%#&@ (&1 >%+" +"/ /0#+%#&$ #6G/,+$ ,(& (*#-$/3 Z-$+ .%?/ (&
(18/*+%$/*@ "/ >($ %&8/$+%&' #6G/,+$ >%+" 2//.%&'$ +"*#-'" "%$ %0('/$@ (&1@
('(%& .%?/ (& (18/*+%$/*@ ,#-.1 &#+ (22#*1 +# #22/&1 "%$ )#+/&+%(. 6-7/*$3
NJ QB2RDS TU@EV>VSVWBU2

I#>/8/*@ ($ $/,+%#& Q "/*/ &#+/1@ 0(&7 >*%+/*$ (*'-/ +"(+ (& %0('/
0(7 "(8/ %+$ #>& /22/,+$ >"%," /5,//1 +"/ ,#&$+*(%&+$ #2 %+$ )*#1-,+%#&
M(&1 */,/)+%#&R3 H#0/ >#-.1 (*'-/@ 2#* /5(0)./@ +"(+ %+ %$ +"/ )(*+%,-.(*
F-(.%+%/$ #2 +"/ )"#+#'*()"%, %0('/ +"(+ 0(?/ -$ -&1/*$+(&1 %+$ +/,"&#.#'7
%& )(*+%,-.(* >(7$@ *(+"/* +"(& +"/ */8/*$/S #* +"(+ %+ %$ +"#$/ F-(.%+%/$ +"(+
$"()/ +"/ $#,%(. 0#1(.%+7 %& >"%," %+ %$ /06/11/1 *(+"/* +"(& +"/ #+"/*
>(7 *#-&13 4"/ 0#1(.%+7 0#$+ %0)#*+(&+ +# (& %0('/D$ #>& /22/,+$@
+"/*/2#*/@ %$ #2+/& (*'-/1 +# 6/ %+$ $&-*&"!%!&,/9!%03 L#..#,?D$ MNOXX9 X^R
1%$,-$$%#& #2 +"/ f#%$&/(- )"#+#'*()" %$ 8/*7 ,./(* (6#-+ +"/ >(7 %&
>"%," ($)/,+$ #2 %+$ ,#0)#$%+%#&(.%+7 ,#&+*%6-+/ +#>(*1$ %+$ >(7 #2 $//%&'
M$"/ 1*(>$ #& (& /(*.%/* /$$(7 67 \(*7 V&& f#(&/ MNOXQRR3 H"/ $+*/$$/$
+"/ $)(+%(. #*'(&%T(+%#& #2 .##?$ %& +"/ )"#+#'*()"@ (&1 (*'-/$ +"(+ C+"/
)"#+#'*()" (.0#$+ -&,(&&%.7 1/.%&/(+/$ +"/ $/5-(. )#.%+%,$ #2 .##?%&'D3
4"/$/ (*/ +"/ )#.%+%,$ #2 .##?%&' +"(+ U/*'/* /5).#*/1 %& "%$ 1%$,-$$%#& #2
+"/ =/$+/*& +*(1%+%#& #2 2/0(./ &-1/ )(%&+%&'3 CB&/ 0%'"+ $%0).%27 +"%$ 67
$(7%&'9 -(, /$% (&1 4&-(, /**(/)D@ $(7$ U/*'/* MNOPQ9 dPR3 ;& +"%$
)"#+#'*()"@ +"/ 0(& .##?$ (+ (& %0('/ #2 ( >#0(&@ >"%./ (&#+"/* >#0(&
.##?$ 6-+ (+ &#+"%&'@ ())(*/&+.73 \#*/#8/*@ ($ L#..#,? %&$%$+$@ +"/ 8%/>/*
#2 +"%$ )"#+#'*()" %$ )-../1 %&+# ,#0).%,%+7 >%+" +"/$/ .##?$9
;+ %$ k+"/ 0(&D$l '(T/ >"%," 1/A&/$ +"/ )*#6./0(+%, #2 +"/ )"#+#'*()"
(&1 %+ /*($/$ +"(+ #2 +"/ >#0(&3 H"/ .##?$ (+ &#+"%&' +"(+ "($ (&7
0/(&%&' 2#* +"/ $)/,+(+#*3 H)(+%(..7 ,/&+*(.@ $"/ %$ &/'(+/1 %& +"/
+*%(&'-.(+%#& #2 .##?$ 6/+>//& +"/ 0(&@ +"/ )%,+-*/ #2 +"/ 2/+%$"%T/1
>#0(& (&1 +"/ $)/,+(+#*@ >"# %$ +"-$ /&+"*(../1 +# ( 0($,-.%&/ 8%/>%&'
)#$%+%#&3 4# '/+ +"/ G#?/@ >/ 0-$+ 6/ ,#0).%,%+ >%+" "%$ $/,*/+ 1%$,#8/*7
#2 $#0/+"%&' 6/++/* +# .##? (+3 4"/ G#?/@ .%?/ (.. 1%*+7 G#?/$@ %$ (+ +"/
>#0(&D$ /5)/&$/3 ML#..#,?@ NOXX9 dPR

L#..#,? %$ 1%$,-$$%&' +"/ #*'(&%T(+%#& #2 .##?$ %& +"/ )"#+#'*()" (&1


6/+>//& +"/ )"#+#'*()" (&1 -$@ %+$ 8%/>/*$3 H"/ (*'-/$ +"(+ +"%$ ($)/,+ #2
%+$ 2#*0(. F-(.%+%/$ %$ +"/ 0#$+ %0)#*+(&+ 2#* %+$ /22/,+ M(.+"#-'" $"/ "($
(.$# 0/&+%#&/1 +"/ /22/,+ #2 $)#&+(&/%+7 ,*/(+/1 67 +"/ #-+<#2<2#,-$ 6#7$
).(7%&' %& +"/ $+*//+ 6/"%&1 +"/ ,#-)./@ */0/06/*R3
H-," 1%$,-$$%#&$ #2 +"/ ,#0)#$%+%#&(. 0#1(.%+7 #2 +"/ $%+/ #2 +"/ %0('/
,(& )*#1-,/ )/*$-($%8/ (,,#-&+$ #2 ( )"#+#'*()"D$ >(7 #2 $//%&'3 V&1
$-," (,,#-&+$ >#-.1 */2-$/ +# /5).(%& +"(+ >(7 #2 $//%&' 67 */2/**%&' +# %+$
,#&1%+%#&$ #2 )*#1-,+%#&3 4"-$ L#..#,? MNOXXR 1#/$ &#+ 1%$,-$$ +"/
'/&1/*/1 )*#1-,+%#& #2 $+*//+ )"#+#'*()"7 (&1 %+$ ,/./6*(+%#& #2 +#-'"<
&/$$3 4"%$ %$ 6/,(-$/ $"/ */2-$/$ +# */1-,/ +"/ /22/,+ #2 +"/ )"#+#'*()" +# (
0/*/ */E/,+%#& #2 $#,%(. )*(,+%,/$ /.$/>"/*/3

d1Z ).!$ ...F +%'.$&5.&8

h#- 0%'"+ >/.. &#+ ('*// >%+" L#..#,?D$ %&+/*)*/+(+%#& #2 +"/ f#%$&/(-
)"#+#'*()"@ (&1 ;D.. 1%$,-$$ $#0/ #2 +"/ #+"/* %&+/*)*/+(+%#&$ #2 +"/ %0('/
0(1/ 67 $+-1/&+$ %& $#0/ #2 07 ,.($$/$ %& +"%$ $/,+%#&3 h#-* 1%$('*//0/&+@
`U2UD`YEB=W QB2RDS TD@U`BDS2 NX

+"#-'"@ %$ +"/ A&(. $%+/ (+ >"%," +"/ 0/(&%&'$ (&1 /22/,+$ #2 (& %0('/ (*/
0(1/@ 2#* 7#- (*/ (& (-1%/&,/ #2 +"(+ )"#+#'*()" (&1@ .%?/ (.. (-1%/&,/$@
7#- 6*%&' +# %+ 7#-* #>& >(7$ #2 $//%&' (&1 #+"/* ?%&1$ #2 ?&#>./1'/$3
Z#"& W%$?/ MNOOdR 2#* #&/ $-''/$+$ +"(+ +"%$ %$ +"/ 0#$+ %0)#*+(&+ $%+/ (+
D'&!/"(!") >"%," (& %0('/D$ 0/(&%&'$ (*/ 0(1/@ (&1 -$/$ +"/ +/*0 ,"6(&+/(+1 +# */2/*
+# +"/ )*#,/$$ 67 >"%," ( 8%$-(. %0('/ "($ %+$ 0/(&%&'$ */&/'#+%(+/1@ #*
/8/& */G/,+/1@ 67 )(*+%,-.(* (-1%/&,/$ >(+,"%&' %& $)/,%A, ,%*,-0$+(&,/$3
B&,/ ('(%&@ ; >#-.1 $-''/$+ +"(+ +"/*/ (*/ +"*// ($)/,+$ +# +"(+ )*#,/$$3
4"/ A*$+ %$ +"/ $&-*&"!%!&,/9!%0 #2 +"/ %0('/3 H/8/*(. #2 +"/ 0/+"#1$
+"(+ >/ >%.. /&,#-&+/* %& +"%$ 6##? ($$-0/ +"(+ +"/ 2#*0(. (**(&'/0/&+ #2
+"/ /./0/&+$ #2 ( )%,+-*/ >%.. 1%,+(+/ "#> (& %0('/ %$ $//& 67 %+$ (-1%/&,/$3
L#..#,? ($$-0/$ G-$+ +"%$ >"/& $"/ ,.(%0$ +"(+ +"/ f#%$&/(- %0('/ %$
(.>(7$ $//& ($ ( G#?/ ('(%&$+ +"/ >#0(&@ 6/,(-$/ +"/ #*'(&%T(+%#& #2 .##?$
67 +"/ )"#+#'*()" ,#%&,%1/$ >%+"@ (&1 */%+/*(+/$@ ( $,#)%, */'%0/ +"(+
(..#>$ #&.7 0/& +# .##?3 ;+ %$ %0)#*+(&+@ ; +"%&?@ +# ,#&$%1/* 8/*7 ,(*/2-..7
+"/ #*'(&%T(+%#& #2 +"/ %0('/@ 6/,(-$/ +"(+ 1#/$ "(8/ (& /22/,+ #& +"/
$)/,+(+#* >"# $//$ %+3 4"/*/ %$ &# 1#-6+@ ; +"%&?@ +"(+ +"/ f#%$&/(-
)"#+#'*()" )-..$ +"/ 8%/>/* %&+# ( ,#0).%,%+7 >%+" +"/ 0(& (&1 "%$ 2-*+%8/
.##?3 U-+ +"(+ 1#/$ &#+ &/,/$$(*%.7 0/(& +"/ $)/,+(+#* $70)(+"%T/$ >%+"
+"(+ .##?3 ;&1//1@ 0(&7 #2 07 $+-1/&+$ #2+/& ,#00/&+ +"(+ +"/ )"#+#<
'*()" $"#>$ +"/ 0(& M('*//%&' >%+" L#..#,?@ +"/&@ +"(+ +"/ )"#+#'*()" %$
,/&+*/1 #& +"/ 0(&R ($ ( C./,"D@ ( C1%*+7 #.1 0(&D@ ( C8#7/-*D3 4"(+ %$@ +"/7
$// "%0 ($ +"/ )#%&+ #2 +"/ )"#+#'*()"@ 6-+ +"(+ 1#/$ &#+ 0(?/ +"/
)"#+#'*()" (& /5)*/$$%#& #2 ( >(7 #2 $//%&' +"(+ +"/7 ())*#8/ #23 \#*/<
#8/*@ +"(+ 0(& (&1 "%$ .##? 0%'"+ &#+ 6/ +"/ #&.7 +"%&' +"(+ ( )(*+%,-.(*
8%/>/* $//$ %& +"(+ )"#+#'*()"@ ($ ;D.. $-''/$+ %& ( 0#0/&+3 4"-$ (-1%/&,/$
0(?/ +"/%* #>& %&+/*)*/+(+%#&$ #2 (& %0('/3
4"#$/ +"/#*%/$ +"(+ )*%8%./'/ +"/ %($;,&9&3!$/9 $%+/ (+ >"%," (& %0('/D$
0/(&%&'$ (*/ 0(1/ $%0%.(*.7 #2+/& %0).7 +"(+ +"/ +/,"&#.#'7 -$/1 +# 0(?/
(&1 1%$).(7 (& %0('/ >%.. ,#&+*#. (& (-1%/&,/D$ */(,+%#&3 V'(%&@ +"%$ 0%'"+
6/ (& %0)#*+(&+ )#%&+ +# ,#&$%1/*3 I#> 1#/$ $//%&' ( )(*+%,-.(* 0#8%/ #& (
+/./8%$%#& $,*//& 1%22/* 2*#0 $//%&' %+ #& ( .(*'/ ,%&/0( $,*//& >%+" ]f
'.($$/$_ I#> 1%22/*/&+ %$ ( */)*#1-,+%#& %& ( 6##? #2 (& (.+(*)%/,/ 2*#0
$//%&' +"/ #*%'%&(. %& ( ,"-*,"_ !./(*.7 (+ #&/ ./8/. +"/$/ (*/ +/,"&#.#'%,(.
F-/$+%#&$ ,#&,/*&%&' +"/ $%T/@ ,#.#-* (&1 +/5+-*/@ 2#* /5(0)./@ #2 +"/ %0('/3
V+ (&#+"/* ./8/. +"#-'" +"/7 *(%$/ ( &-06/* #2 #+"/*@ 0#*/ %0)#*+(&+
F-/$+%#&$ (6#-+ "#> (& %0('/ %$ .##?/1 (+ 1%22/*/&+.7 %& 1%22/*/&+ ,#&+/5+$3
h#- 1#&D+ 1# +"/ $(0/ +"%&'$ >"%./ 7#-D*/ E%,?%&' +"*#-'" ( 6##? #2
*/&(%$$(&,/ (.+(*)%/,/$ ($ 7#- 1# >"/& 7#-D*/ %& ( ,"-*," .##?%&' (+ #&/3
="%./ 7#-D*/ .##?%&' (+ ( 6##? 7#- ,(& 6/ .%$+/&%&' +# 0-$%,@ /(+%&'@
,#0)(*%&' #&/ ).(+/ +# (&#+"/*S %& ( ,"-*," 7#- 0(7 "(8/ +# 1*/$$ ( ,/*+(%&
>(7 +# '/+ %&@ */0(%& F-%/+@ &#+ '/+ 8/*7 ,.#$/@ &#+ (,+-(..7 6/ (6./ +# $// %+
(+ (.. >/..@ ./+ (.#&/ +#-," +"/ %0('/3 V'(%&@ +"/ (-1%/&,%&' #2 (& %0('/ +"-$
())/(*$ 8/*7 %0)#*+(&+ +# %+$ 0/(&%&'$ (&1 /22/,+$3
4"/ "&$!/9 %$ +"-$ )/*"()$ +"/ 0#$+ %0)#*+(&+ 0#1(.%+7 2#* -&1/*<
$+(&1%&' +"/ (-1%/&,%&' #2 %0('/$3 ;& )(*+ +"%$ %$ ( F-/$+%#& #2 +"/ 1%22/*/&+
NQ QB2RDS TU@EV>VSVWBU2

$#,%(. )*(,+%,/$ >"%," $+*-,+-*/ +"/ 8%/>%&' #2 )(*+%,-.(* %0('/$ %& )(*<
+%,-.(* ).(,/$3 K%$-(. %0('/$ (*/ (.>(7$ )*(,+%$/1 %& )(*+%,-.(* >(7$@ (&1
1%22/*/&+ )*(,+%,/$ (*/ #2+/& ($$#,%(+/1 >%+" 1%22/*/&+ ?%&1$ #2 %0('/$ %&
1%22/*/&+ ?%&1$ #2 $)(,/$3 V ,%&/0(@ ( +/./8%$%#& %& ( .%8%&'<*##0 (&1 (
,(&8($ %& ( 0#1/*& (*+ '(../*7 1# &#+ %&8%+/ +"/ $(0/ >(7$ #2 $//%&'3 4"%$
%$ 6#+" 6/,(-$/@ ./+D$ $(7@ ( I#..7>##1 0#8%/@ ( +8 $#() (&1 (& (6$+*(,+
/5)*/$$%#&%$+ ,(&8($ 1# &#+ "(8/ +"/ $(0/ ,#0)#$%+%#&(.%+7 #* 1/)/&1 #&
+"/ $(0/ +/,"&#.#'%/$@ 6-+ (.$# 6/,(-$/ +"/7 (*/ &#+ 1#&/ %& +"/ $(0/ >(73
L#),#*& %$ &#+ $#.1 67 #* +(?/& %&+# '(../*%/$@ '/&/*(..7@ (&1 -$-(..7 $#()$
(*/ &#+ >(+,"/1 %& ,#&+/0).(+%8/@ */8/*/&+%(. %$#.(+%#&3 f%22/*/&+ >(7$ #2
*/.(+%&' +# 8%$-(. %0('/$ 1/A&/ +"/ ,%&/0( (&1 +"/ '(../*7@ 2#* /5(0)./@ ($
1%22/*/&+ ?%&1$ #2 $)(,/$3 h#- 1#&D+ ()).(-1 ( $,-.)+-*/ +"/ >(7 7#- 0%'"+
1# ( A.0@ 6-+ ()).(-1%&' 0%'"+ 1/)/&1 #& +"/ $#*+ #2 A.0 (&1 +"/ $#*+ #2
,%&/0( 7#- $// %+ %&3 4"%$ )#%&+ (6#-+ +"/ $)(,/$ (&1 )*(,+%,/$ #2 1%$).(7 %$
/$)/,%(..7 %0)#*+(&+ +# 6/(* %& 0%&1 '%8/& +"/ %&,*/($%&' 0#6%.%+7 #2
%0('/$ &#>S %0('/$ ())/(* (&1 */())/(* %& (.. $#*+$ #2 ).(,/$@ (&1 +"#$/
).(,/$@ >%+" +"/%* )(*+%,-.(* >(7$ #2 $)/,+(+%&'@ 0/1%(+/ +"/ 8%$-(. /22/,+$
#2 +"#$/ %0('/$3
4"-$@ +# */+-*& +# #-* /5(0)./@ 7#- (*/ .##?%&' (+ +"/ f#%$&/(-
)"#+#'*()" %& ( )(*+%,-.(* >(7 6/,(-$/ %+ %$ */)*#1-,/1 %& +"%$ 6##? (&1 %$
6/%&' -$/1 "/*/ ($ ( )/1('#'%, 1/8%,/S 7#-D*/ .##?%&' (+ %+ #2+/& M; "#)/ J
(.+"#-'" +"%$ >#*? #& (-1%/&,/$ $-''/$+$ 7#- 0(7 >/.. &#+ 6/ 6#+"/*%&' +#
1# +"(+R (&1 .##?%&' (+ %& 1%22/*/&+ >(7$ 1/)/&1%&' #& +"/ %$$-/$ ;D0
*(%$%&'3 h#-D1 6/ 1#%&' +"%$ )"#+#'*()" 8/*7 1%22/*/&+.7 %2 7#-D1 6//& $/&+
%+ %& +"/ 2#*0(+ #2 ( )#$+,(*1 M(&1 0(&7 #2 f#%$&/(-D$ )"#+#'*()"$ "(8/
6//& */)*#1-,/1 ($ '*//+%&'$ ,(*1$@ )#$+,(*1$ (&1 )#$+/*$R3 \(76/ 7#-
>#-.1 0/*/.7 "(8/ '.(&,/1 (+ %+ 6/2#*/ */(1%&' +"/ 0/$$('/ #& %+$ */8/*$/
2(* 0#*/ (8%1.7S %2 +"/ ,(*1 "(1 6//& $/&+ 67 ( .#8/*@ 0(76/ 7#-D1 $// %+ ($
$#0/ $#*+ #2 ,#00/&+ #& 7#-* */.(+%#&$"%) 3 3 3 (&1 $# #&3
4"/*/ %$ (,+-(..7 8/*7 .%++./ 1%$,-$$%#& #2 +"/$/ $#*+$ #2 +#)%,$ %& +"/
.%+/*(+-*/ #& 8%$-(. ,-.+-*/S (&1 0#$+ #2 +"/ 1%$,-$$%#& +"(+ "($ +(?/& ).(,/
"($ /5).#*/1 +"/ )(*+%,-.(* >(7$ )/#)./ >(+," +/./8%$%#& (&1 8%1/#$ %&
+"/%* "#0/$3 !"()+/* X >%.. /5).#*/ +"#$/ $+-1%/$3 V$ >/ >%.. $//@ +"/7
#2+/& */.7 #& */$/(*," 0/+"#1$ +"(+ )(7 .%++./ (++/&+%#& +# +"/ %0('/$
+"/0$/.8/$ (&1 0-," 0#*/ +# +"/ */(,+%#&$ (&1 1#%&'$ #2 +"/%* 8%/>/*$3
4"%$ %$ 6/,(-$/ 0(&7 #2 +"#$/ ,#&,/*&/1 >%+" (-1%/&,/$ (*'-/ +"(+ (-1%<
/&,/$ (*/ +"/ 0#$+ %0)#*+(&+ ($)/,+ #2 (& %0('/D$ 0/(&%&'3 4"/7 +"-$
+/&1@ .%?/ +"#$/ $+-1%/$ >"%," )*%8%./'/ +"/ $#,%(. 0#1(.%+7 #2 +"/ $%+/ #2
)*#1-,+%#& #2 %0('/*7@ +# -$/ 0/+"#1$ +"(+ 1#&D+ (11*/$$ 8%$-(. %0('/*7
1%*/,+.73
4"/ $/,#&1 (&1 */.(+/1 ($)/,+ #2 +"/ $#,%(. 0#1(.%+7 #2 (-1%/&,%&'
%0('/$ ,#&,/*&$ +"/ $#,%(. %1/&+%+%/$ #2 +"#$/ 1#%&' +"/ >(+,"%&'3 V$
!"()+/* X >%.. 1%$,-$$ %& 0#*/ 1/+(%.@ +"/*/ "(8/ 6//& 0(&7 $+-1%/$ >"%,"
"(8/ /5).#*/1 "#> 1%22/*/&+ (-1%/&,/$ %&+/*)*/+ +"/ $(0/ 8%$-(. %0('/$ %&
8/*7 1%22/*/&+ >(7$@ (&1 +"/$/ 1%22/*/&,/$ "(8/ 6//& (++*%6-+/1 +# +"/
1%22/*/&+ $#,%(. %1/&+%+%/$ #2 +"/ 8%/>/*$ ,#&,/*&/13
`U2UD`YEB=W QB2RDS TD@U`BDS2 NS

;& +/*0$ #2 +"/ f#%$&/(- )"#+#'*()"@ %+D$ $//0/1 +# 0/ +"(+ ($ ;D8/


$"#>& %+ +# $+-1/&+$ #8/* ( &-06/* #2 7/(*$@ +"/%* */$)#&$/$ "(8/ ,"(&'/1
%& */.(+%#& +# $#0/ ,"(&'/$ %& >(7$ #2 */)*/$/&+%&' '/&1/* (&1 $/5-(.%+7 %&
+"/ >%1/* 8%$-(. ,-.+-*/ #2 U*%+(%& 2*#0 +"/ .(+/ NOXa$ +# +"/ .(+/ NOOa$3
="/& ; A*$+ $"#>/1 %+@ $+-1/&+$ >#-.1 #2+/& ('*// >%+" L#..#,?D$ %&+/*<
)*/+(+%#&@ (.+"#-'" $#0/+%0/$ %+ >#-.1 6/ $-''/$+/1 +"(+ +"/ 0(& .##?/1
*(+"/* "/&)/,?/1 (&1 +"(+ +"%$ $#0/"#> G-$+%A/1 "%$ "(*0./$$ 2-&3 ;+
>#-.1 "(8/ 6//& %&+/*/$+%&' +# $// %2 +"%$ #)%&%#& ,(0/ $%'&%A,(&+.7 0#*/
#2+/& 2*#0 0(./ $+-1/&+$ +"(& 2/0(./@ $%&,/ +"/ >#*? ,%+/1 (6#8/ >#-.1
($$-0/ +"(+ +"/ '/&1/* #2 %+$ (-1%/&,/$ %& )(*+%,-.(* >#-.1 0(?/ (
1%22/*/&,/ +# "#> +"%$ )"#+# >($ $//&3 \#*/ */,/&+.7@ +"#-'"@ (&#+"/*
*/$)#&$/ "($ 6//& 0(1/ 0#*/ #2+/&3 V&1 +"(+ %$ +# >#&1/* >"(+ +"/
>#0(& %$ .##?%&' (+3 W#* %& ( >(7@ L#..#,?D$ (*'-0/&+ */).%,(+/$ >"(+ $"/
,*%+%,%T/$9 +"/ 1/&%(. #2 8%$%#& +# +"/ >#0(&3 ;&$+/(1@ 0#*/ (&1 0#*/ #2 07
$+-1/&+$ "(8/ $+(*+/1 +# $)/,-.(+/ #& >"(+ +"/ >#0(& %& +"/ )"#+# %$
(10%*%&'3 =#0/& $+-1/&+$ &#> F-%+/ #2+/& $-''/$+ +"(+ #2 ,#-*$/ >"(+ $"/
%$ ())*/,%(+%&' %$ ( '#*'/#-$ $/0%<&(?/1 0(&@ (&1 $#0/+%0/$ +"/7 $(7@
0(76/ %+D$ ( '#*'/#-$ >#0(&3 4"/$/ */$)#&$/$ 1/)/&1 #& +"*// +"%&'$@ ;
+"%&?3 B&/ %$ +"/ %&,*/($%&' */)*/$/&+(+%#& %& +"/ .($+ 2/> 7/(*$ #2 0(./
6#1%/$ ($ #6G/,+$ #2 1/$%*/ %& (18/*+%$%&' M/$)/,%(..7@ %+ $//0$ +# 0/@ %&
)/*2-0/ (18/*+$RS >/ (*/ 0#*/ -$/1 &#> +# $//%&' 0/& #& 1%$).(7 ($ >/..
($ >#0/&3 V&#+"/* 1/8/.#)0/&+ %$ >"(+ ; >#-.1 8/*7 ,(-+%#-$.7 1/$,*%6/
($ C'%*.)#>/*DS +"/ ())(*/&+.7 %&,*/($%&' (6%.%+7 #2 7#-&' >#0/& +# $(7
>"(+ +"/7 >(&+@ >"(+ +"/7 */(..7 */(..7 >(&+3 V&1 ( +"%*1 1/8/.#)0/&+
0%'"+ 6/ +"/ */,/&+ 2($"%#&(6%.%+7 %& U*%+(%& #2 >"(+ "($ 6//& ,(../1
C./$6%(& ,"%,D3 g#> #2 ,#-*$/@ %+ >#-.1 +(?/ ( $/*%#-$ $+-17 M-$%&' $#0/ #2
+"/ 0/+"#1$ ; >%.. /5).#*/ %& +"%$ 6##?R +# $-$+(%& (&7 #2 +"/$/ $-''/$+%#&$@
6-+ ; #22/* +"/0 "/*/@ +/&+(+%8/.7@ ($ (& /5(0)./ #2 "#> (& %0('/ ,(& 6/
*/(1 1%22/*/&+.7 67 1%22/*/&+ (-1%/&,/$9 %& +"%$ ,($/@ 67 1%22/*/&+ '/&1/*$
(&1 (+ 1%22/*/&+ "%$+#*%,(. 0#0/&+$3
4"/*/ (*/@ +"/&@ +># ($)/,+$ #2 +"/ $#,%(. 0#1(.%+7 #2 (-1%/&,%&'9 +"/
$#,%(. )*(,+%,/$ #2 $)/,+(+%&' (&1 +"/ $#,%(. %1/&+%+%/$ #2 +"/ $)/,+(+#*$3 H#0/
>#*?@ "#>/8/*@ "($ 1*(>& +"/$/ +># ($)/,+$ #2 (-1%/&,%&' +#'/+"/* +#
(*'-/ +"(+ #&.7 ,/*+(%& $#*+$ #2 )/#)./ 1# ,/*+(%& $#*+$ #2 %0('/$ %&
)(*+%,-.(* >(7$3 H#,%#.#'%$+$ L%/**/ U#-*1%/- (&1 V.(%& f(*6/. MNOONR@ 2#*
/5(0)./@ "(8/ -&1/*+(?/& .(*'/<$,(./ $-*8/7$ #2 +"/ 8%$%+#*$ +# (*+ '(../*%/$@
(&1 "(8/ (*'-/1 +"(+ +"/ 1#0%&(&+ >(7 #2 8%$%+%&' (*+ '(../*%/$ J >(.?%&'
(*#-&1 F-%/+.7 2*#0 )(%&+%&' +# )(%&+%&'@ ())*/,%(+%&' +"/ )(*+%,-.(*
F-(.%+%/$ #2 /(," #&/@ ,#&+/0).(+%&' +"/0 %& F-%/+ (>/ J %$ ( )*(,+%,/
($$#,%(+/1 >%+" 0%11./<,.($$ 8%$%+#*$ +# '(../*%/$3 V$ +"/7 $(7@ C0-$/-0
8%$%+%&' %&,*/($/$ 8/*7 $+*#&'.7 >%+" %&,*/($%&' ./8/. #2 /1-,(+%#&@ (&1 %$
(.0#$+ /5,.-$%8/.7 +"/ 1#0(%& #2 +"/ ,-.+%8(+/1 ,.($$/$D MU#-*1%/- (&1
f(*6/.@ NOON9 NdR3 4"/7 (*/ F-%+/ ,./(* +"(+ +"%$ %$ &#+ 6/,(-$/ +"#$/ >"#
(*/ &#+ 0%11./ ,.($$ (*/ %&,()(6./ #2 ())*/,%(+%&' (*+3 U#-*1%/- (&1 f(*6/.
MNOON9 ]OR $(7 +"(+@ C,#&$%1/*/1 ($ $706#.%, '##1$@ >#*?$ #2 (*+ #&.7 /5%$+
2#* +"#$/ >"# "(8/ +"/ 0/(&$ #2 ())*#)*%(+%&' +"/0@ +"(+ %$@ #2 1/,%)"/*%&'
NT QB2RDS TU@EV>VSVWBU2

+"/0D3 4# ())*/,%(+/ >#*?$ #2 (*+ 7#- &//1 +# 6/ (6./ +# -&1/*$+(&1@ #* +#


1/,%)"/*@ +"/%* $+7./ J #+"/*>%$/ +"/7 >%.. 0/(& .%++./ +# 7#-3 V&1 %+ %$ #&.7
+"/ 0%11./ ,.($$/$ >"# "(8/ 6//& /1-,(+/1 +# 6/ ,#0)/+/&+ %& +"(+
1/,%)"/*%&'3 4"-$ +"/7 $-''/$+@ *(+"/*@ +"(+ +"#$/ >"# (*/ &#+ 0%11./ ,.($$
(*/ &#+ +(-'"+ +# ())*/,%(+/ (*+S +"(+ (.+"#-'" +"/ ,-*(+#*$ #2 '(../*%/$ (&1
+"/ C,-.+%8(+/1 ,.($$/$D >#-.1 1/&7 %+@ +"/7 "(8/ ./(*&+ >"(+ +# 1# %& '(../*%/$
(&1 +"/7 (*/ &#+ $"(*%&' +"/%* ./$$#&$ >%+" (&7#&/ /.$/3 V*+ '(../*%/$
+"/*/2#*/ /5,.-1/ ,/*+(%& '*#-)$ #2 )/#)./3 ;&1//1@ %& #+"/* >#*? U#-*1%/-
MNOXdR '#/$ 2-*+"/* (&1 $-''/$+$ +"(+ ,#0)/+/&,/ %& $-," +/,"&%F-/$ #2
())*/,%(+%#& (,+-(..7 1/A&/$ (& %&1%8%1-(. ($ 0%11./ ,.($$3 ;& #*1/* +# 6/
)*#)/*.7 0%11./ ,.($$@ #&/ 0-$+ ?&#> "#> +# ())*/,%(+/ (*+@ (&1 "#> +#
)/*2#*0 +"(+ ())*/,%(+%#& ())*#)*%(+/.7 M&# )#),#*& )./($/R3
4"/ f#%$&/(- )"#+#'*()" %$ (& %&+/*/$+%&' /5(0)./ "/*/ ('(%&3 \(&7
*/)*#1-,+%#&$ #2 "%$ )"#+#'*()"$ >/*/ )*#1-,/1 (&1 ,#-.1 6/ 6#-'"+ %&
U*%+(%& 2*#0 ( ,"(%& #2 $"#)$ ,(../1 V+"/&( M>"%," >/&+ #-+ #2 6-$%&/$$
$#0/ +%0/ ('#R3 V+"/&( (.$# $#.1 )#$+/*$ #2 )#) $+(*$@ ,-+/ (&%0(.$@
0-$,./<6#-&1 0/& "#.1%&' 6(6%/$@ (&1 $# #&3 H+-1/&+$ %& 07 ,.($$/$ >#-.1
6/ *(+"/* 1%8%1/1 #8/* >"/+"/* 6-7%&' $-," %0('/$ 2*#0 V+"/&( >($
$#0/+"%&' +"/7 >#-.1 1# #* &#+ J >"/+"/* %+ $"#>/1 7#- "(1 M( ,/*+(%&
?%&1 #2 R +($+/ #* &#+3 ; A&1 f#%$&/(-D$ )"#+#'*()"$ *(+"/* $/&+%0/&+(. (&1
+*%,?$7@ *(+"/* $+/*/#+7)/1 J (&1 ; *(*/.7 6#-'"+ (&7+"%&' 2*#0 V+"/&( +#
$+%,? #& +"/ >(..$ #2 +"/ *##0$ ; .%8/1 %& >"/& ; >($ ( $+-1/&+3 ;&$+/(1@ ;
)*/2/**/1 )#$+,(*1$ #2 0#1/*&%$+ )(%&+%&'$ )%,?/1 -) #& 07 $-00/* +*%)$
+# c-*#)/(& (*+ '(../*%/$3 4"%$ >($ ( '/&-%&/ )*/2/*/&,/ 6-+ ; (.$# ?&#>
+"(+ ; >(&+/1 +"/ )/#)./ >"# 8%$%+/1 07 *##0 +# $// +"(+ ; >($ 3 3 3 >/..@
,-.+-*/13 V&1 $+-1/&+$ ; &#> +/(," +/.. 0/ +"(+ +"/7 #2+/& +"%&? (6#-+ +"/
%0('/$ >%+" >"%," +"/7 1/,#*(+/ +"/%* *##0$ %& +"/ $(0/ 0(&&/* J +"/7
,/*+(%&.7 .##? (+ +"/ )#$+/*$ (&1 )#$+,(*1$ $+-,? -) #& +"/%* 2*%/&1$D >(..$
%& +"/ $(0/ >(73 B-* -$/ #2 %0('/$@ #-* ())*/,%(+%#& #2 ,/*+(%& ?%&1$ #2
%0('/*7@ )/*2#*0$ ( $#,%(. 2-&,+%#& ($ >/.. ($ (& (/$+"/+%, #&/3 ;+ $(7$
$#0/+"%&' (6#-+ >"# >/ (*/ (&1 "#> >/ >(&+ +# 6/ $//&3
4"/$/ %$$-/$ $-**#-&1%&' +"/ (-1%/&,%&' #2 %0('/$ (*/ #2+/& */$/(*,"/1
-$%&' 0/+"#1$ +"(+ (*/ F-%+/ ,#00#& %& F-(.%+(+%8/ $#,%(. $,%/&,/ */$/(*,"9
%&+/*8%/>$@ /+"&#'*()"7@ (&1 $# #&3 4"%$ >%.. 6/ /5).#*/1 %& !"()+/* X3
I#>/8/*@ ($ ; "(8/ &#+/1 (6#8/@ %+ %$ )#$$%6./ (&1 &/,/$$(*7 +# ,#&$%1/* +"/
8%/>%&' )*(,+%,/$ #2 #&/ $)/,+(+#* >%+"#-+ -$%&' $-," +/,"&%F-/$ 6/,(-$/
+"(+ $)/,+(+#* %$ 7#-3 ;+ %$ %0)#*+(&+ +# ,#&$%1/* "#> 7#- (*/ .##?%&' (+ (
)(*+%,-.(* %0('/ (&1 +# >*%+/ J #* )/*"()$ /5)*/$$ 8%$-(..7 J +"(+ %&+# 7#-*
%&+/*)*/+(+%#&3 c5(,+.7 >"(+ +"%$ ,(.. +# */E/5%8%+7 0/(&$ %$ ( F-/$+%#& +"(+
>%.. */,-* +"*#-'"#-+ +"%$ 6##?3

X (*%%+!") 1 ;/#*%&

4"/ )*/8%#-$ $/,+%#& +*%/1 +# +*(&$.(+/ +"/ '/&/*(. ,#&,/*&$ #2 +"/ ,*%+%,(.
8%$-(. 0/+"#1#.#'7 #-+.%&/1 %& $/,+%#&$ ] (&1 d %&+# $#0/ 0#*/ /0)%*%,(..7
`U2UD`YEB=W QB2RDS TD@U`BDS2 NI

#*%/&+/1 (*/($ #2 %&+/*/$+3 4"%$ %$ (& %0)#*+(&+ $+/)@ 6/,(-$/ %+ (..#>$


$-6$/F-/&+ ,"()+/*$ +# /8(.-(+/ +"/ $+*/&'+"$ (&1 >/(?&/$$/$ #2 )(*+%,-.(*
0/+"#1$ #& +"/ 6($%$ #2 +"/%* (6%.%+7 +# (,,/$$ +"#$/ (*/($ #2 %&+/*/$+3 c(," #2
+"/ 2#..#>%&' ,"()+/*$ 1%$,-$$/$ #&/ 0/+"#1 2#* (&(.7$%&' 8%$-(. %0('/$ %&
$#0/ 1/+(%.3 4"/ 0/+"#1 >%.. 6/ $-00(*%T/1 (&1 /5).#*/1 +"*#-'" ( ,($/
$+-17@ (&1 +"/& %+$ $+*/&'+"$ (&1 >/(?&/$$/$ >%.. 6/ 1%$,-$$/13
U/2#*/ ,"##$%&' 7#-* 0/+"#1 (&1 ,#00/&,%&' 7#-* (&(.7$%$@ "#><
/8/*@ 7#- &//1 +# 1# +># $#*+$ #2 )*/)(*(+#*7 */(1%&'3 W%*$+@ (.. #2 +"/$/
0/+"#1$ */F-%*/ $#0/ $#*+$ #2 ,#&+/5+-(. ?&#>./1'/ (6#-+ +"/ %0('/*7
7#- (*/ %&+/*/$+/1 %&3 ;+ %$ (.>(7$ %0)#*+(&+ +# ?&#> $#0/+"%&' (6#-+ (..
($)/,+$ #2 +"/ %0('/ 7#- >(&+ +# */$/(*,"S /8/& %2 +"/ (-1%/&,/ %$ 7#-*
0(%& (&(.7+%,(. 2#,-$@ %+ %$ #2+/& -$/2-. +# ?&#> $#0/+"%&' (6#-+ +"/
)*#1-,+%#& #2 +"/ %0('/ +##3 H# 6/2#*/ 7#- -+%.%T/ (&7 #2 +"/ 0/+"#1$
>"%," +"/ 2#..#>%&' ,"()+/*$ 1%$,-$$@ .##? (+ +"/ 6%6.%#'*()"%/$ (+ +"/ /&1
#2 +"/ 6##? +# "/.) 7#- A&1 $#0/ 6(,?'*#-&1 0(+/*%(.@ (&1 -$/ +"/ #+"/*
*/$#-*,/$ (+ 7#-* 1%$)#$(. +##9 .%6*(*%/$@ 1(+(6($/$@ */(1%&' .%$+$ (&1 $# #&3
H/(*," 2#* >"(+ #+"/*$ "(8/ >*%++/& #& +"/ 0/1%-0 %& >"%," 7#-D*/
%&+/*/$+/1 J $(7@ )"#+#'*()"7@ %& +"/ f#%$&/(- ,($/ J (&1 #& +"/ '/&*/$
>"%," 7#- +"%&? (*/ */./8(&+ +# +"/ %0('/$ 7#-D*/ ,#&,/*&/1 >%+" J %& +"%$
,($/@ $+*//+ )"#+#'*()"73 ;2 7#- "(8/ (& C(*+%$+D #2 $#0/ ?%&1 ($ +"/
)*#1-,/* #2 7#-* %0('/$@ .##? 2#* >"(+ "($ 6//& >*%++/& #& "%0 #* "/*3
I(8%&' $(%1 +"(+ 7#- &//1 $#0/ 6*#(1 ,#&+/5+-(. ?&#>./1'/@ "#><
/8/*@ %+ %$ ,*-,%(. +# &#+/ +"(+ +"/*/ (*/ 8/*7 2/> $+-1%/$ #2 8%$-(. ,-.+-*/
>"%," (++/0)+ +# /5(0%&/ (.. +"/ (*/($ #-+.%&/1 %& +"/ )*/8%#-$ $/,+%#&@ (&1
+"#$/ +"(+ 1# $-22/* M; +"%&?R 2*#0 ( ,/*+(%& (&(.7+%,(. %&,#"/*/&,/3 V$ ; "#)/
%$ ,./(*@ /&'('%&' >%+" +"/ 1/6(+/$ %& 8%$-(. ,-.+-*/ 0/(&$ 1/,%1%&' >"%,"
$%+/ (&1 >"%," 0#1(.%+%/$ 7#- +"%&? (*/ 0#$+ %0)#*+(&+ %& /5).(%&%&' +"/
/22/,+ #2 (& %0('/3 \#*/#8/*@ &#&/ #2 +"/ 0/+"#1$ 1%$,-$$/1 %& +"%$ 6##?
,.(%0 +# (11*/$$ (.. +"#$/ (*/($ /%+"/*3 W%'-*/ N3d %$ (& (++/0)+ +# $-''/$+
"#> +"/ 8(*%#-$ 0/+"#1$ +"%$ 6##? >%.. 1%$,-$$ J ,#0)#$%+%#&(. %&+/*<
)*/+(+%#&@ ,#&+/&+ (&(.7$%$@ $/0%#.#'7@ )$7,"#(&(.7$%$@ 1%$,#-*$/ (&(.7$%$
(&1 (-1%/&,/ $+-1%/$ J /(," "(8/ +"/%* #>& (&(.7+%,(. ($$-0)+%#&$ (&1 +"-$
+"/%* #>& /0)%*%,(. 2#,-$3
U#+" +"/#*/+%,(..7 (&1 0/+"#1#.#'%,(..7@ +"/&@ (&7 %&+/*)*/+(+%#& #2
%0('/$ 0-$+ 2#,-$ #& G-$+ $#0/ #2 +"/ %$$-/$ *(%$/1 %& +"/ )*/8%#-$ $/,+%#&3
V$ ; "#)/ +"%$ ,"()+/* "($ 0(1/ ,./(*@ +"/*/ (*/ 0(&7 >(7$ #2 -&1/*<
$+(&1%&' 8%$-(. %0('/*7 (&1 1%22/*/&+ +"/#*/+%,(. $+(&1)#%&+$ "(8/ F-%+/
1%22/*/&+ 0/+"#1#.#'%,(. %0).%,(+%#&$3 4"%$ 0/(&$ +"(+ 7#- &//1 +# (11*/$$
$#0/ #2 +"/ +"/#*/+%,(. %$$-/$ *(%$/1 %& +"%$ ,"()+/* 6/2#*/ ).-&'%&' %&+# +"/
(&(.7$%$ #2 8%$-(. 0(+/*%(.@ (&1 +"%$ %$ +"/ $/,#&1 $#*+ #2 )*/)(*(+#*7 */(1%&'
7#- &//1 +# 1#3 ;2@ "(8%&' 1#&/ +"(+@ 7#- +"%&? +"(+ +"/ (-1%/&,/ %$ +"/ 0#$+
%0)#*+(&+ $%+/ (+ >"%," +"/ 0/(&%&' #2 (& %0('/ %$ 0(1/@ (&1 +"(+ +"/ $#,%(.
%$ +"(+ $%+/D$ 0#$+ %0)#*+(&+ 0#1(.%+7 M+"/$/ (*/ +"/#*/+%,(. ,"#%,/$R@ +"/&
+"/*/ %$ &# )#%&+ 1#%&' "-'/ (0#-&+$ #2 */$/(*," #& +"/ )*#1-,+%#& )*#<
,/$$/$ #* +"/ +/,"&#.#'%/$ #2 +"/ %0('/ 7#-D*/ ,#&,/*&/1 >%+"3 4"/#*/+%,(.
1/,%$%#&$ >%.. /&(6./ 7#- +# 2#,-$ 7#-* 0/+"#1#.#'%,(. $+*(+/'%/$3
LV QB2RDS TU@EV>VSVWBU2

0$-1
)%(
)" %# +1
7 $&
E:56< 4,
>8< 7 * 0
=:56< &3 H-
"

/)!
!/1
7<D69?9F ,1 !"G

1
"2

,
@ "2" &!$

"!"
&33 !&
%/

2.2
89>E<>E = B7 )& &%
>=?@767 @8 /)! *!)

"
.& 2"'

!
C9

)%
)%(

8
=> 0

0
-1 %1 A)"
9
= .'* %1

$&
DB ?@ &
76 ,)/ 4'*!) )//)&
7 #
976E

#)2 *%/+
/)!" &3 )+*(" )!/"'3

!2
A)/4*' +"*%)%(/

69>=? 6>E<;B;

#&+.&/)!)&%1

"33"#!/1
A)/4*'
!"#$%&'&()#*' #&+.&/)!)&%*' /&#)*'
+&,*')!- +&,*')!- +&,*')!-
56789:;7< =>=?@767 6

1
,"
+*
<E=

$ &0 66
E69

767
=?@
>

=>
; 7<
8 9:
2"1 567
("%
W!)'$/ H9J ?'1.%@ 1
$-
2"5+('1'.% +75 0
2.1-"5% !"*
&21
&3
'71.*,*.1'7) 8'%$+( 0$ !)&
%
4#
2+1.*'+(%
0$&1 0$"%1 2&,
&3 .
/)!"

Q ["&!")< $/3/$/"(!") 1"& $/6$%&'(!") 5%'$ !;1)/+

4"%$ 6##? ($$-0/$ +"(+ 7#- "(8/ (.*/(17 2#-&1 +"/ %0('/$ >%+" >"%," 7#-
>(&+ +# */$/(*,"3 ;2 7#- "(8/&D+@ +"/ )#$$%6./ $#-*,/$ 7#- 0%'"+ -$/ (*/
/&1./$$3 4"/*/ (*/ ,#&+/0)#*(*7 /5"%6%+%#&$@ '(../*%/$@ 0('(T%&/$@ ,%&/0($@
+8 $"#>$@ 8%1/#$ (&1 >/6 )('/$S +"/*/ (*/ "%$+#*%,(. (*,"%8/$ (&1 0-$/-0$3
[#%$ H>(&<Z#&/$ MNOOOR #22/*$ ( -$/2-. '-%1/ +# D)% E,1&)-/%!&, &, %;(
E,%(),(%@ (&1 +"/*/ %$ (.$# +"/ C!$%+)( B("(/)$;()F" G/,6'&&< Mc8(&$ (&1
c8(&$@ NOObS $// (.$# c(?%&$ (&1 [#8%&'@ NOX^R3 4"/ ?/7 +/5+$ .%$+/1 %& +"/
6%6.%#'*()"%/$ (+ +"/ /&1 #2 +"%$ 6##? 0(7 (.$# )*#8%1/ $#0/ %1/($3 ;2 7#-
A&1 G-$+ #&/ %0('/ +"(+ %&+*%'-/$ 7#-@ +"(+D$ ( '##1 $+(*+3 h#- ,(& A&1
0#*/ */.(+/1 %0('/$ 67 $/(*,"%&' 2#* )-6.%$"/1 >#*? #& +"/ (*+%$+ >"#
0(1/ +"(+ A*$+ %0('/@ #* #& +"/ '/&*/ +# >"%," %+ 6/.#&'$3 ;2 %+D$ (&
"%$+#*%,(. %0('/@ ,#&+(,+ %+$ #>&/*$@ (&1 0(?/ -$/ #2 (*,"%8%$+$S +"/7 (*/
(.0#$+ (.>(7$ /5+*/0/.7 "/.)2-. (&1 ?&#>./1'/(6./3
B&,/ 7#- "(8/ 2#-&1 7#-* %0('/$@ +"/*/ (*/ ( &-06/* #2 ,#&$%1/*(<
+%#&$ +# 6/(* %& 0%&1 %& */.(+%#& +# +"/%* /8/&+-(. -$/ %& 7#-* /$$(7 #*
`U2UD`YEB=W QB2RDS TD@U`BDS2 LH

1%$$/*+(+%#&3 W%*$+@ 7#- &//1 +# 6/ (6./ +# )(1()(,$( +"/0 %& ($ ,./(* (


0(&&/* ($ 7#- >#-.1 */2/*/&,/ (&7 #+"/* $#-*,/ 0(+/*%(.3 4"(+ %$@ 7#-
&//1 +# */,#*1 ($ 0-," #2 +"/ 2#..#>%&' $#*+ #2 %&2#*0(+%#& ($ )#$$%6./3
W#* ( )(%&+%&'@ 2#* /5(0)./@ 7#-D.. &//1 +"/ &(0/ (&1 1(+/ #2 +"/ (*+%$+
>"# 0(1/ +"/ %0('/@ +"/ +%+./ #2 +"/ )%/,/@ +"/ 1(+/ #2 %+$ ,*/(+%#&@ +"/
0(+/*%(.$ 2*#0 >"%," %+ %$ 0(1/@ %+$ 1%0/&$%#&$@ %+$ ,#&1%+%#&@ %+$ ,-**/&+
.#,(+%#& (&1 %+$ (,,/$$%#& &-06/* M%2 %+ %$ &#> %& ( ,#../,+%#&R3 W#* (&
(18/*+%$/0/&+ %& ( 0('(T%&/@ )/*"()$ 7#-D1 &//1 +"/ &(0/@ 1(+/@ 8#.-0/
&-06/* (&1 ).(,/ #2 )-6.%,(+%#& #2 +"/ 0('(T%&/@ ).-$ +"/ &-06/* #2 +"/
)('/ #& >"%," +"/ (18/*+ ())/(*/1 (&1 %+$ $%T/S #*@ %2 7#- ?&#> (6#-+ +"/
>"#./ ,(0)(%'& #2 >"%," +"%$ (18/*+ %$ ( )(*+@ 7#- &//1 +# 0(?/ $7$+/0<
(+%, */2/*/&,/ +# +"/ 1%22/*/&+ )(*+$ #2 +"(+ ,(0)(%'&3
H/,#&1@ 7#- &//1 +# ,#&$%1/* +"/ )*/,%$/ 1&)-/% %& >"%," 7#- >%..
%&+/*)*/+ 7#-* %0('/$3 ;& )(*+%,-.(*@ "#> 0-," 0(+/*%(. 6/7#&1 +"/ %0('/
%+$/.2 >%.. 7#- &//1_ H-**#-&1%&' +/5+ ,(& 0(?/ ( 6%' 1%22/*/&,/ +# (
)%,+-*/D$ %&+/*)*/+(+%#&3 4"/ f#%$&/(- )"#+#'*()"@ 2#* /5(0)./@ "($ 6//&
'%8/ +"*// 1%22/*/&+ +%+./$ 67 +"/ 8(*%#-$ 6##?$ %+ "($ 6//& */)*#1-,/1 %&9 CV
H%1/.#&' Y.(&,/D@ CL(%&+%&' 67 =('&/* %& +"/ >%&1#> #2 +"/ Y(./*%/ `#0%@
`-/ 1/ H/%&/@ L(*%$ b/@ NOdXD@ CV& B6.%F-/ [##?D3 c(," /&,#-*('/$ ( *(+"/*
1%22/*/&+ %&+/*)*/+(+%#&3 B+"/* ($)/,+$ #2 (& %0('/D$ 2#*0(+ (*/ %0)#*+(&+
+##3 ;2 7#- (*/ $+-17%&' ( )(%&+%&'@ %$ %+ %0)#*+(&+ +"(+ 7#- $// +"/ #*%'%&(.@
#* %$ ( */)*#1-,+%#& '##1 /&#-'"_ H"#-.1 7#- 6/ ,#&,/*&/1 >%+" %+$
#*%'%&(. $%+/ #2 1%$).(7@ #* %$ $//%&' %+ %& ( '(../*7 (1/F-(+/_ ;2 %+D$ (&
(18/*+%$/0/&+@ "#> %0)#*+(&+ %$ %+ +# ?&#> >"(+ >($ )*%&+/1 &/5+ +# %+ %& (
0('(T%&/_ H#0/ #2 +"/$/ ,#&,/*&$ 1/)/&1@ ('(%&@ #& >"(+ +"/#*/+%,(.
)#$%+%#& 7#- (*/ (1#)+%&'3 i&#>%&' >"/*/ (& (18/*+ ())/(*/1 %& ( 0('(<
T%&/ >#-.1 6/ 0#*/ %0)#*+(&+ %2 7#- >/*/ -$%&' 1%$,#-*$/ (&(.7$%$ M!"()+/*
bR@ 2#* /5(0)./@ +"(& %2 7#- >/*/ -$%&' ,#0)#$%+%#&(. %&+/*)*/+(+%#&
M!"()+/* QR #* ,#&+/&+ (&(.7$%$ M!"()+/* ]R3 I#>/8/*@ +"/7 ,(& 6/ ,*-,%(.
*/'(*1./$$ #2 7#-* )(*+%,-.(* 0/+"#13 !(*+##&$@ 2#* /5(0)./@ (*/ 0/(&%&'<
./$$ >%+"#-+ +"/%* (,,#0)(&7%&' +/5+3
W%&(..7@ %+D$ (.>(7$ -$/2-. +# 6/(* %& 0%&1 "#> 7#- 0%'"+ )(*)&6+$(
+"/ %0('/$ 7#- (*/ */$/(*,"%&'3 ;2 7#- (*/ >*%+%&' $#0/+"%&' #& 8%$-(.
%0('/$@ %+ %$ %0)#*+(&+ +# $"#> +"/ */(1/* >"(+ 7#- (*/ 1%$,-$$%&'3 f#&D+
,*#) #* #+"/*>%$/ +(0)/* >%+" +"/ */)*#1-,+%#& >%+"#-+ 0(?%&' 7#-*
%&+/*8/&+%#& ,./(* +# 7#-* */(1/* M%2 7#-D8/ ,-+ (& %0('/ 1#>& +# $"#> (
$0(.. )(*+ #2 %+@ $(7 %+D$ ( C1/+(%.D #2 +"/ >#*?R3 ;& ./0" &1 2((!,3@ Z#"&
U/*'/* MNOPQR '#/$ /8/& 2-*+"/* (&1 #22/*$ /$$(7$ ,#&$%$+%&' /&+%*/.7 #2
%0('/$S 7#- 0%'"+ 2//. +"(+ $#0/ #2 +"/ +"%&'$ 7#- >(&+ +# $(7 (6#-+ 7#-*
%0('/$ (*/ 6/++/* $"#>& 8%$-(..7@ ($ ( )"#+#</$$(7 )/*"()$@ #* 67 (&&#<
+(+%&' 7#-* %0('/$ >%+" +/5+ (&1 #+"/* %0('/$ ($ U/*'/* (.$# 1#/$ M$//
W%'-*/ N3QR3 !#.#-* )"#+#,#)7%&' %$ (& /5,/../&+ >(7 +# */)*#1-,/ )-6<
.%$"/1 %0('/$ 2#* /$$(7$ M/8/& 6.(,? (&1 >"%+/ )"#+#'*()"$ (*/ 6/++/*
,#)%/1 +"%$ >(7 6/,(-$/ +"/ 8(*%#-$ $"(1/$ #2 '*/7 (*/ 0-," 6/++/*
)*/$/*8/1R3 h#- ,(& (.$# 1#>&.#(1 %0('/$ 2*#0 +"/ >/63 ;2 +"/$/ $#*+$ #2
*/)*#1-,+%#&$ (*/ 2#* )*%8(+/ */$/(*," )-*)#$/$ #&.7@ +"/*/ %$ -$-(..7 &#
LN QB2RDS TU@EV>VSVWBU2

)*#6./0 >%+" ,#)7*%'"+3 I#>/8/*@ %2 7#- +"%&? 7#- 0%'"+ )-6.%$" 7#-*
>#*?@ +"/& 7#- >%.. #2+/& 6/ ./'(..7 #6.%'/1 +# #6+(%& )/*0%$$%#& 2*#0 +"/
,#)7*%'"+ "#.1/*$ +# */)*#1-,/ %+S `#$/0(*7 c(?%&$ (&1 c.%T(6/+" [#8%&'
MNOX^9 XJN^R "(8/ ( '-%1/ +# )%,+-*/$ (&1 +"/ .(>3 `/)*#1-,+%#& 2#*
)-6.%,(+%#& #2+/& /&+(%.$ )(7%&' ( 2// +# +"/ ,#)7*%'"+ "#.1/*$ +##@ (&1 7#-
>%.. &//1 7#-* $#-*,/$ ,./(*.7 */,#*1/1 +# 1# +"%$3

S +';;1$5

: 8%$-(. %0('/*7 %$ &/8/* %&&#,/&+S %+ %$ (.>(7$ ,#&$+*-,+/1 +"*#-'"


8(*%#-$ )*(,+%,/$@ +/,"&#.#'%/$ (&1 ?&#>./1'/$3
: ( ,*%+%,(. ())*#(," +# 8%$-(. %0('/$ %$ +"/*/2#*/ &//1/19 #&/ +"(+ +"%&?$
(6#-+ +"/ ('/&,7 #2 +"/ %0('/@ ,#&$%1/*$ +"/ $#,%(. )*(,+%,/$ (&1 /22/,+$
#2 %+$ 8%/>%&'@ (&1 */E/,+$ #& +"/ $)/,%A,%+7 #2 +"(+ 8%/>%&' 67 8(*%#-$
(-1%/&,/$ %&,.-1%&' +"/ (,(1/0%, ,*%+%,3
: +"/ 0/(&%&'$ #2 (& %0('/ #* $/+ #2 %0('/$ (*/ 0(1/ (+ +"*// $%+/$9 +"/
$%+/$ #2 )*#1-,+%#&@ +"/ %0('/ %+$/.2@ (&1 %+$ (-1%/&,%&'3
: +"/*/ (*/ +"*// 0#1(.%+%/$ +# /(," #2 +"/$/ $%+/$9 +/,"&#.#'%,(.@ ,#0<
)#$%+%#&(.@ (&1 $#,%(.3
: +"/#*/+%,(. 1/6(+/$ (6#-+ "#> +# %&+/*)*/+ %0('/$ ,(& 6/ -&1/*$+##1 ($
1/6(+/$ #8/* >"%," #2 +"/$/ $%+/$ (&1 0#1(.%+%/$ %$ 0#$+ %0)#*+(&+ 2#*
-&1/*$+(&1%&' (& %0('/3
: +"/$/ 1/6(+/$ (22/,+ +"/ 0/+"#1#.#'7 +"(+ %$ 0#$+ ())*#)*%(+/.7
6*#-'"+ +# 6/(* #& )(*+%,-.(* %0('/$3
: ,#&$%1/* 7#-* */F-%*/0/&+$ 2#* */)*#1-,%&' %0('/$ ($ 7#- ,"##$/
>"%," #&/$ +# 1%$,-$$3

3'$#*/$ $/1&!")

H+-(*+ I(.. %& "%$ /$$(7 C4"/ >#*? #2 */)*/$/&+(+%#&D MNOOP6R #22/*$ ( 8/*7
,./(* 1%$,-$$%#& #2 */,/&+ 1/6(+/$ (6#-+ ,-.+-*/@ */)*/$/&+(+%#& (&1 )#>/*3
V -$/2-. ,#../,+%#& #2 $#0/ #2 +"/ ?/7 +/5+$ +"(+ "(8/ ,#&+*%6-+/1 +#>(*1$
+"/ A/.1 #2 8%$-(. ,-.+-*/ "($ 6//& )-+ +#'/+"/* 67 Z/$$%,( c8(&$ (&1 H+-(*+
I(.. ($ 5!"+/9 7+9%+)(H >;( B(/6() MNOOOR3 I(. W#$+/*D$ ,#../,+%#& 5!"!&,
/,6 5!"+/9!%0 MNOXX6R ,#&+(%&$ /$$(7$ 67 $#0/ ./(1%&' +"/#*%$+$ +"(+ &%,/.7
$-00(*%$/ +"/%* )#$%+%#&$3
N
7.*/ )%%& /5/0
6""?.&8 +! 7.5!%($) %).&8 5"/7").!."&+6 .&!$(7($!+!."&

H 1" !"#$%&'(#!%" #% (%;6%+!#!%"14 !"#/$6$/#1#!%"

4"/ A*$+ ,*%+/*%#& 2#* ( ,*%+%,(. ())*#(," +# 8%$-(. %0('/*7 +"(+ +"/ )*/<
8%#-$ ,"()+/* #-+.%&/1 M%& $/,+%#& ]R >($ +"/ &//1 +# +(?/ %0('/$ $/*%#-$.73
4"(+ %$@ %+ %$ ,*-,%(. +# .##? 8/*7 ,(*/2-..7 (+ +"/ %0('/ #* %0('/$ %& >"%,"
7#- (*/ %&+/*/$+/1@ 6/,(-$/ +"/ %0('/ %+$/.2 "($ %+$ #>& /22/,+$3 4"/$/
/22/,+$ (*/ (.>(7$ /06/11/1 %& $#,%(. )*(,+%,/$@ #2 ,#-*$/@ (&1 0(7 >/.. 6/
&/'#+%(+/1 67 +"/ %0('/D$ (-1%/&,/$S &/8/*+"/./$$@ %+ $//0$ +# 0/ +"(+ +"/*/
%$ &# )#%&+ %& */$/(*,"%&' (&7 ($)/,+ #2 +"/ 8%$-(. -&./$$ +"/ )#>/* #2 +"/
8%$-(. %$ (,?&#>./1'/13 V$ g#*0(& U*7$#& MNOON9 PNR $(7$ #2 )(%&+%&'$@
C+"/ )#>/* #2 +"/ )(%&+%&' %$ +"/*/@ %& +"/ +"#-$(&1$ #2 '(T/$ ,(-'"+ 67 %+$
$-*2(,/@ (&1 +"/ */$-.+(&+ +-*&%&'@ (&1 +"/ $"%2+%&'@ +"/ */1%*/,+%&' #2 +"/
1%$,-*$%8/ E#>D3 L(%&+%&'$@ .%?/ #+"/* 8%$-(. %0('/$@ ,(+," +"/ '(T/$ #2
$)/,+(+#*$ (&1 (22/,+ +"/0 %& $#0/ >(7@ (&1 +"/7 1# $# +"*#-'" "#> +"/7
.##?3
U-+ "#> ,(& 7#- 1/$,*%6/ "#> (& %0('/ .##?$_ 4"%$ ,"()+/* /5).#*/$
#&/ ())*#(," >"%," #22/*$ ( 1/+(%./1 8#,(6-.(*7 2#* /5)*/$$%&' +"/
())/(*(&,/ #2 (& %0('/3 ; "(8/ ,"#$/& +# ,(.. +"%$ ())*#(," C,#0)#$%+%#&(.
%&+/*)*/+(+%#&D3 4"%$ %$ ( +/*0 ; "(8/ %&8/&+/1 2#* 1/$,*%6%&' (& ())*#(," +#
%0('/*7 >"%," "($ 1/8/.#)/1 +"*#-'" ,/*+(%& ?%&1$ #2 (*+ "%$+#*73 ; &//1 +#
%&8/&+ ( +/*0 6/,(-$/ +"/ 0/+"#1 "($ +/&1/1 +# 6/ ,#&8/7/1 67 /5(0)./
*(+"/* +"(& 67 /5).%,(+%#& M$#0/ /5,/)+%#&$ +# +"%$ '/&/*(.%T(+%#& %&,.-1/
V,+#&@ NOOPS Y%.6/*+@ NOO^S BD4##./@ NOOdS 4(7.#*@ NO^PR3 4"%$ 0/+"#1
1/)/&1$ #& >"(+ ;*%+ `#'#22 MNOOX9 NPR ,(..$ C+"/ '##1 /7/DS +"(+ %$@ ( >(7
#2 .##?%&' (+ )(%&+%&'$ +"(+ %$ &#+ 0/+"#1#.#'%,(..7 /5).%,%+ 6-+ >"%,"
&/8/*+"/./$$ )*#1-,/$ ( $)/,%A, >(7 #2 1/$,*%6%&' )(%&+%&'$3 4"/ C'##1 /7/D
)(7$ (++/&+%#& +# >"(+ %+ $//$ ($ "%'" V*+@ (&1 */2-$/$ +# 6/ /%+"/*
0/+"#1#.#'%,(..7 #* +"/#*/+%,(..7 /5).%,%+3 ;+ +"-$ 2-&,+%#&$ ($ ( ?%&1 #2
O%""%!++/'$+*!6 8%$-(. /*++*())&"%)7(03
LJ QB2RDS TU@EV>VSVWBU2

!#&&#%$$/-*$"%) %&8#.8/$ +"/ (,F-%$%+%#& #2 /5+/&$%8/ A*$+<"(&1


/5)/*%/&,/ #2 >#*?$ #2 (*+ >%+" +"/ (%0@ A*$+@ #2 (++*%6-+%&' >#*?$ +#
(*+%$+$ (&1 $,"##.$@ %1/&+%27%&' $+7./$ (&1 /$+(6.%$"%&' $#-*,/$ (&1
%&E-/&,/$@ (&1 $/,#&1@ #2 G-1'%&' +"/%* F-(.%+7 (&1 "/&,/ +"/%* ).(,/ %& (
,(&#&3 MW/*&%/@ NOO^9 ]]aR

f/8/.#)%&' ( C'##1 /7/D */F-%*/$ ( .#+ #2 ( ,/*+(%& ?%&1 #2 >"(+ +"/


)*/8%#-$ ,"()+/* 1/$,*%6/1 ($ C,#&+/5+-(. %&2#*0(+%#&D3 H)/,%A,(..7@ 7#-
&//1 ( .#+ #2 ?&#>./1'/ (6#-+ )(*+%,-.(* )(%&+/*$@ (6#-+ +"/ ?%&1$ #2
)(%&+%&' +"/7 1%1@ (6#-+ +"/ $#*+$ #2 8%$-(. %0('/*7 +"/7 >/*/ .##?%&' (+
(&1 6/%&' %&$)%*/1 673 V.. +"%$ %$ +"/& -$/1 67 +"/ C'##1 /7/D +# ($$/$$
)(%&+%&'$ 2#* +"/%* CF-(.%+7D3 4"-$ ,#0)#$%+%#&(. %&+/*)*/+(+%#& ,.(%0$ +#
.##? (+ %0('/$ 2#* C>"(+ +"/7 (*/D@ *(+"/* +"(& 2#*@ $(7@ >"(+ +"/7 1# #*
"#> +"/7 >/*/ #* (*/ -$/13 4"/ C'##1 /7/D +"/*/2#*/ .##?$ 0#$+.7 (+ +"/
$%+/ #2 (& !-/3( !%"(91 %& #*1/* +# -&1/*$+(&1 %+$ $%'&%A,(&,/@ (&1 )(7$ 0#$+
M(.+"#-'" &#+ /5,.-$%8/R (++/&+%#& +# %+$ $&-*&"!%!&,/9 0#1(.%+73
V$ +"%$ %$ (& ())*#(," .#&' /$+(6.%$"/1 %& (*+ "%$+#*7@ %+ %$ -$-(..7 -$/1
%& */.(+%#& +# #&/ #2 +"/ $#*+$ #2 #6G/,+$ +"(+ (*+ "%$+#*%(&$ "(8/ +*(1%+%#&(..7
$+-1%/19 )(%&+%&'$3 4"%$ ,"()+/* >%.. 0#$+.7 2#..#> +"(+ )*(,+%,/@ (.+"#-'"
$/,+%#& d >%.. %&+*#1-,/ $#0/ +/*0$ 2#* 1/$,*%6%&' +"/ ,#0)#$%+%#&(.
0#1(.%+7 #2 0#8%&' %0('/$3 ;+$ ,($/ $+-17 #2 ,#0)#$%+%#&(. %&+/*)*/+(+%#& %$
( */8%/> >*%++/& 67 V1*%(& H/(*./ %& NOOO 2#* >;( I+/)6!/, &/>$)()/* #2
(& /5"%6%+%#& #2 $/.2<)#*+*(%+$ 67 `/06*(&1+ 8(& `%G&@ ( f-+," )(%&+/* >"#
>($ 6#*& %& Nbab (&1 1%/1 %& NbbO3 \#$+ #2 +"%$ */8%/> %$ */)*%&+/1@ >%+"
+># #2 %+$ A8/ %..-$+*(+%#&$@ 6/.#>3

7A (1" #*!"- %3 "% $%%; %3 61!"#!")+ !" #*/ 2%$4& +% ;%8!")09

D&$!1" =/1$4/ !+ 1+#%'"&/& ,5 \/;,$1"&#0+ +/43>6%$#$1!#+9

B! .) &.8-! .& !-$ =+!."&+6 W+66$(91 @-$ 6.8-!) +($ "441 @-$ /+5-.&$) !-+!
)&.44 !-$ -%/.'.!9 +&' 5-$5? !-$ !$/7$(+!%($ +($ C%.$!69 !.5?.&8 "3$(* !-$
+6+(/ )9)!$/ .) 7(./$'1 @-$ 8%+(') /+?$ !-$.( ("%&')* +&' "%!).'$
.& @(+4+68+( 2C%+($ !-$ 56%##$() +($ ,+.!.&8 4"( !-$ &.8-! #%) -"/$1
X("/ !"/"((", /"(&.&8 !-$ C%$%$) ,.66 #$ 4"(/.&8 4"( !-$ $<-.#.!."&
G`$/#(+&'! \9 E./)$640* ,-.5- #(.&8) !"8$!-$( +6/")! +66 "4 `$/#(+&'!0)
)$64O7"(!(+.!)* !-$ 7+.&!.&8)* $!5-.&8) +&' '(+,.&8) -$ /+'$ "4 -./)$64
"3$( !-$ $&!.($!9 "4 -.) +(!.)!.5 5+($$(1 \%! 4"( &", B ./+8.&$ `$/#(+&'!0)
)$64O7"(!(+.!)* 6""?.&8 "%! .&!" !-$ !,.6.! $/7!9 (""/) .& !-$ 2+.&)#%(9
H.&81 B ?&", !-$90($ !-$($1
B !-.&? "4 -.) 8-")!* ,.!- ,-+! e.5+))" 5+66$' G!-+! $6$7-+&!0) $9$ "4
-.)0* !-+! #%6#"%) &")$ +&' !-$ -$+' ,.!- .!) 5%(6) )7.66.&8 4("/ %&'$(
+ /"# 5+7* + !%(#+&* + 76%/$' #$($!* + -$6/$!1 `$/#(+&'! 9"%&8*
7"(5.&$ +&' +'$&".'+6] `$/#(+&'! "6' +) !-$ 7+.&!$(O?.&81 `$/#(+&'!
8(./+5.&8 "7$&O/"%!-$' .&!" + /.(("( +) -$ '(+,) "& +& $!5-.&8O76+!$1
G@EU WVV> UfU0 LX

`$/#(+&'! '($))$' +) +& V(.$&!+6 e"!$&!+!$* `$/#(+&'! .& + 56"+? +&'


`$/#(+&'! +) + #$88+(1 B !-.&? "4 -.) /%6!.76$ )$63$) 6""?.&8 "%! .&!" !-$
'+(?* 7+.&!.&8 -./)$64 +) !-"%8- -$ ,$($ +6($+'9 + A8%($ 4("/ -.)!"(9
111
S""?.&8 +! 6+!$ `$/#(+&'!* ,$ !-.&? ,$ 5+& !$66 -", .! .) !" #$ "6'*
!" -+3$ #$$& "6' !-$&* .& L__M* 7($/+!%($69 +8$' +! _Z1 H-+! ,$ +($
6""?.&8 +! .) +& "6' /+& ,.!- "6' )?.& .& +& "6' 7+.&!.&8 ,.!- + 5(+5?$'
+&' )+66", )%(4+5$* `$/#(+&'! .& !-$ )"4! 9$66",.&8 6.8-!* !-$ 6+)! #(.8-!
-.8-6.8-!) .& -.) $9$)1 B! .) +6/")! ./7")).#6$ !" 6""? +! `$/#(+&'!0)
7+.&!.&8) "4 -./)$64 ,.!-"%! ($8+('.&8 !-$/ +) !-$ +(!.)!0) /$'.!+!."&)
"& /"(!+6.!9* +) + '.+6"8%$ ,.!- -./)$64 5"&'%5!$' ,.!- + -$+(!O#($+?.&8
!(%!-4%6&$)) +&' 5+&'"%(1 @-+! .) -", ,$ +($ +55%)!"/$' !" ($+'
!-$)$ )$64O7"(!(+.!)* ,$ 6""? .&!" !-$.( 7+.&!$' )7+5$* &", !-($$O+&'O+O
-+64 5$&!%(.$) "6'1 H$ !-.&? ,$ +($ 6""?.&8 +! !-$ 7+.&!$( +) /%5- +)
!-$ 7+.&!.&8)* )$$.&8 !-$ /+& -./)$64 .& -.) ",& )$64O./+8$* +&' .& !-$
#(%)-,"(? !-+! 5($+!$' .!1 @-$ 7+.&! /"6!$&* '.)!($))$'* 4(+&?* 5"&O
5$&!(+!$'* 5%()"(9* '+(?$&$'* 9$66",$'* !(+&)6%5$&! +&' 7+7$(91 @-$
7+.&!$' )%(4+5$ +! !./$) +) ,"(& +&' )6"3$&69 +) +& "6' /+&0) !+#6$*
+) !-"%8- !-$ 7+.&!.&8 .!)$64 ,$($ $3.'$&5$ "4 -%/+& 4"(!.!%'$ +&'
$&'%(+&5$1 @-$ 5+!+6"8%$ $))+9) 5+&0! '.)7$6 !-.) 3.$,* #%! !-$9 )$!
`$/#(+&'!0) )$64O7"(!(+.!%($ ,.!-.& + 5"&!$<! !-+! !$/7$() "%(
7("K$5!$' $<.)!$&!.+6 4$$6.&8) +#"%! .!1 B! .) "''* .)&0! .!* !-+! `$/#(+&'!
7+.&!$' -./)$64 )" "4!$& .& 56"!-.&8 4("/ !-$ '($)).&8O%7 #"< "4 !-$
7($3."%) 5$&!%(9 J + (+8O#+8 7("7$(!9O#"< "4 5")!%/$)* "%!6+&'.)-
-$+'8$+(* #("5+'$) +&' 56"+?) J +&' 9$! !-+! -$ )-"%6' +6)" #$ +
7+.&!$( ,-")$ !./$6$))&$)) +&' 5"&!$/7"(+&$.!9 5"&!.&%$) !" )!(.?$
%) )" 4"(5.#69 1 1 1
\%! ,-+! )5-"6+()-.7 5+&&"! '"* A&+669* .) !" '.)7$6 !-$ '.)C%.$!
`$/#(+&'!0) 7+.&!.&8) +("%)$* !-$ )$&)$ !-+! `$/#(+&'! ,+) #"!-
%&($7$+!+#6$ +&' .&$)5+7+#6$ +) + 7+.&!$( "4 -./)$641 E$ 7+.&!$' +&'
'($, ,.!- + 5+&'"%( J +! 6$+)!* ,$ )%77")$ .! ,+) 5+&'"%( J +#"%!
,-+! ,+) -+77$&.&8 !" -.) +77$+(+&5$ +) -$ 8"! "6'$(1 e$(-+7) -$ )+,
-./)$64 +) + G!97$0* &" 6$)) !-+& -.) 7+.&!.&8) ,$($ G!97$)0* +&' )+, -.)
",& 4+5$ +) + 3$))$6 "4 %&.3$()+6 5-+(+5!$(.)!.5) J /$6+&5-"6.+ +&'
#6+5? #.6$ /+(?.&8 -.) 6.?$ + /+7 1 1 1
S+!$(* -$ !(.$) "& +66 /+&&$( "4 5")!%/$)* +&' 8(",) .& )!+!%($
+&' )"6.'.!9 ,.!- $3$(9 "&$1 E$ 7+.&!) !-$ )7"!) "& !-.) 5-$$? +&' !-+!
.&$)5+7+#6$ 8($+! &")$1 E$ 8"$) "& !" 7+.&! -./)$64 .& +66 -.) 8%.)$)*
#%! -$ $&') %7 7+.&!.&8 -./)$64* #"!- ,.!- + )"(! "4 8(+&'$%(* +&' ,.!-
,-+! ,$ 5+& "&69 )$$ +) -%/.6.!91
G`$/#(+&'! \9 E./)$640 .) %&'"%#!$'69 8".&8 !" #$ + #6"5?O#%)!$(*
+6!-"%8- .! .) + /%5- )/+66$( )-", !-+& T"&$! +! !-$ `"9+6 D5+'$/9*
,.!- "&69 Zc 7+.&!$' )$64O7"(!(+.!) #9 !-$ +(!.)! J "3$( )"/$ "4 ,-.5-*
!-$ C%$)!."& "4 +!!(.#%!."& )!.66 -+&8) J +) ,$66 +) -.) &%/$("%)
$!5-.&8) "4 -./)$64* .& &%/$("%) )!+!$)* +&' ,"(?) #9 `$/#(+&'!0)
7%7.6)* +&' 7+.&!.&8) ,-.5- /.8-! #$ )$$& +) 7($5%()"() !" !-$ +(!.)!0)
LQ QB2RDS TU@EV>VSVWBU2

,"(?)* )%5- +) !-$ =+!."&+60) 9"*1*+'1 "! + 4+7* #9 @.!.+&* +))%/$' #9


)"/$ !" #$ @.!.+& -./)$641
D7+(! 4("/ !-$ !," )$64O7"(!(+.!) #9 Y+($6 X+#(.!.%)* `$/#(+&'!0)
/")! !+6$&!$' 7%7.6 :,-" ,+) +55.'$&!+669 #6",& %7 ,-$& + 8%&7",'$(
4+5!"(9 $<76"'$' .& >$64!;* /")! "4 !-$)$ ,"(?) +($ %&&$5$))+(9 !" !-$
)-",1 @-$9 +($ /+?$,$.8-!)1 \%! !-$($0) &"!-.&8 !" !(%69 +(8%$ ,.!-
-$($1 B 5+& !-.&? "4 &" "!-$( (""/ "4 7+.&!.&8) .& !-$ ,"(6' +! !-.)
/"/$&! :+7+(! 4("/ !-$ (""/ "4 W"9+0) #6+5? 7+.&!.&8) .& !-$ e(+'"; )"
/"3.&8 +&' '.)C%.$!.&8 +) !-$ 5$&!(+6 8+66$(9 "4 !-$ `$/#(+&'! )-",*
5"&!+.&.&8 !-$ )$64O7"(!(+.!) "4 !-$ 6+)! -+64 "4 -.) 5+($$(1 2!+&'.&8 .& !-.)
(""/ B ($+6.)$' !-+! 9"% 5+&0! ($3.$, `$/#(+&'!1 `$/#(+&'! ($3.$,)
9"%1

$<!(+5!$' 4("/ A-. B$+*5'+7* a g%&$ LMMM*


7+8$ L^ "4 +(!) )%776$/$&!

W!)'$/ N9H
C.2&*+751 8+7 C'D7*
2$64O7"(!(+.!* EFGH
:B)+#$66+ 2!$,+(!
W+('&$( T%)$%/*
\")!"&;

W!)'$/ N9N
C.2&*+751 8+7 C'D7*
2$64O7"(!(+.!* EFIJ
:>%?$ "4 2%!-$(6+&'
5"66$5!."&* "& 6"+& !"
!-$ =+!."&+6 W+66$(9
"4 25"!6+&';
G@EU WVV> UfU0 LS

; >%.. */+-*& +# +"%$ */8%/> %& $/,+%#&$ Q (&1 ] #2 +"%$ ,"()+/*3


V$ ( 0/+"#1 2#* 1/8/.#)%&' ( ,*%+%,(. 8%$-(. 0/+"#1#.#'7 (.#&' +"/
.%&/$ $?/+,"/1 %& +"/ )*/8%#-$ ,"()+/*@ ,#0)#$%+%#&(. %&+/*)*/+(+%#& "($ %+$
.%0%+(+%#&$3 K%$-(. %0('/$ 1# &#+ /5%$+ %& ( 8(,--0@ (&1 .##?%&' (+ +"/0
2#* C>"(+ +"/7 (*/D &/'./,+$ +"/ >(7$ %& >"%," +"/7 (*/ )*#1-,/1 (&1
%&+/*)*/+/1 +"*#-'" )(*+%,-.(* $#,%(. )*(,+%,/$3 U*7$#& 0(?/$ +"%$ ,./(*
>"/& "/ (11$ +># F-(.%A,(+%#&$ +# "%$ ,#00/&+$ F-#+/1 (6#8/ (6#-+ +"/
)#>/* #2 +"/ )(%&+%&'3 W%*$+@ "/ $(7$@ C07 (6%.%+7 +# */,#'&%$/ (& %0('/ 3 3 3
%$ 3 3 3 (& (6%.%+7 >"%," )*/$-))#$/$ ,#0)/+/&,/ >%+"%& +"/ $#,%(.@ +"(+ %$
$#,%(..7 ,#&$+*-,+/1@ ,#1/$ #2 */,#'&%+%#&D MU*7$#&@ NOON9 b^R3 H/,#&1@ C+"/
$#,%(. 2#*0(+%#& %$&D+ 3 3 3 $#0/+"%&' >"%," $-)/*8/&/$ #* ())*#)*%(+/$ #*
-+%.%T/$ +"/ %0('/ $# +# $)/(? /1%() %+ "($ 6//& 0(1/S *(+"/*@ )(%&+%&' 3 3 3
-&2#.1$ 2*#0 >%+"%& +"/ $#,%(. 2#*0(+%#& 2*#0 +"/ 6/'%&&%&'D MU*7$#&@
NOON9 bbR3 \#*/#8/*@ ,#0)#$%+%#&(. %&+/*)*/+(+%#& 1#/$ &#+ */E/,+ #& %+$
#>& )*(,+%,/$3 4"%$ ,"()+/* >%.. +"/*/2#*/ 6/ (6./ +# )(7 .%++./ (++/&+%#& +#
+"/$/ +># ($)/,+$ #2 ( ,*%+%,(. 8%$-(. 0/+"#1#.#'73
f/$)%+/ +"/$/ (6$/&,/$@ ,#0)#$%+%#&(. %&+/*)*/+(+%#& */0(%&$ ( -$/2-.
0/+"#1 6/,(-$/ %+ 1#/$ #22/* ( >(7 #2 .##?%&' 8/*7 ,(*/2-..7 (+ +"/ ,#&+/&+
(&1 2#*0 #2 %0('/$3 4"/ $-,,/$$2-. 1/).#70/&+ #2 0(&7 #2 +"/ #+"/*
0/+"#1$ 1%$,-$$/1 %& +"%$ 6##? J 0/+"#1$ >"%," ; +"%&? (*/ 0#*/ ())*#<
)*%(+/ 2#* ( ,*%+%,(. 8%$-(. 0/+"#1#.#'7 J &#&/+"/./$$ */.7@ %&%+%(..7@ #& +"/
1/+(%./1 $,*-+%&7 #2 +"/ %0('/ %+$/.23 g%'/. ="%+/.7 MNOOOR ,#0).(%&$ +"(+
+## #2+/& %& +"/ $#,%(. $,%/&,/$@ +"%$ %&%+%(. $+('/ %$ &/'./,+/1 (&1 +"/ )#>/*
#2 +"/ %0('/ %$ $-6#*1%&(+/1 +# +"/ +"/#*/+%,(. 1/6(+/$ %& >"%," %+$
%&+/*)*/+(+%#& %$ /06/11/13 ="%+/.7 MNOOO9 NaPR %&$%$+$ +"(+ ,#0)#$%+%#&(.
%&+/*)*/+(+%#& $"#-.1 6/ -&1/*+(?/& $/*%#-$.7@ (&1 +"(+ %+ $"#-.1 +"/& 6/
C,#&G#%&/1 +# #+"/* +7)/$ #2 (&(.7$%$ $# +"(+ +"/ 8%$-(. $,*-+%&7 #2 >"(+ ,(&
.%+/*(..7 6/ $//& ,(& 6/ $+-1%/1 %& */.(+%#& +# */,/)+%#&@ 0/(&%&' (&1
,#&+/&+D3 4"%$ ,"()+/* >%.. #22/* $#0/ $-''/$+%#&$ (6#-+ "#> +# (,"%/8/
+"(+ C8%$-(. $,*-+%&7D (1/F-(+/.7S (&1 %& #*1/* +# 6/ "/.)2-..7 /5).%,%+@ ; >%..
#,,($%#&(..7 1*(> #& >*%+/*$ >"#$/ >#*? "($ %& 0(&7 >(7$ 1%$+(&,/1
%+$/.2 2*#0 0#*/ +*(1%+%#&(. (*+ "%$+#*7 ())*#(,"/$@ 6-+ >"# $+%.. #22/*
-$/2-. 0/+"#1#.#'%,(. )#%&+/*$3 H# +"%$ ,"()+/* >%..9

: /5).#*/ +"/ ?/7 +/*0$ -$/1 67 ,#0)#$%+%#&(. %&+/*)*/+(+%#& +# 1/$,*%6/


+"/ ,#0)#$%+%#&(. 0#1(.%+7 #2 (& %0('/ %+$/.2S
: 1%$,-$$ +"/ 0/+"#1D$ */.%(&,/ #& ,/*+(%& %0).%,%+ %1/($ (6#-+ "%'" V*+S
: ($$/$$ +"/ -$/2-.&/$$ #2 ,#0)#$%+%#&(. %&+/*)*/+(+%#& 2#* ( ,*%+%,(. 8%$-(.
0/+"#1#.#'73

N #*/ 6$%&'(#!%" %3 #*/ !;1)/K #/(*"%4%)!/+

f/$)%+/ %+$ .(,? #2 0/+"#1#.#'%,(. /5).%,%+&/$$@ +"/&@ ,#0)#$%+%#&(. %&+/*<


)*/+(+%#& %$ ( 8/*7 )(*+%,-.(* >(7 #2 .##?%&' (+ %0('/$3 ;+ 2#,-$/$ 0#$+
$+*#&'.7 #& +"/ %0('/ %+$/.2@ (&1 (.+"#-'" %+ )(7$ 0#$+ (++/&+%#& +# %+$
LT QB2RDS TU@EV>VSVWBU2

,#0)#$%+%#&(.%+7@ %+ (.$# )(7$ $#0/ (++/&+%#& +# %+$ *)&6+$%!&,3 e$-(..7 (


&#+/ %$ 0(1/ #2 ($)/,+$ #2 +"/ "&$!/9 0#1(.%+7 #2 %+$ )*#1-,+%#&9 >"#
,#00%$$%#&/1 %+@ >"7@ >"# )(%&+/1 %+@ (&1 >"(+ +"/& "())/&/1 +# %+ 6/2#*/
%+ /&1/1 -) %& %+$ ,-**/&+ .#,(+%#& M+"/ 8(*%#-$ #>&/*$ (&1 .#,(+%#&$ #2 (
Y$%8/"1"(/ )(%&+%&' (*/ ?&#>& ($ %+$ 0%*'&+,+/&R3 V&1 ,#&&#%$$/-*$"%) (.$# %&8#.8/$
/5).#*%&' +"/ $&-*&"!%!&,/9 0#1(.%+7 #2 %+$ )*#1-,+%#&3
U-+ (++/&+%#& %$ -$-(..7 2#,-$/1 0#$+.7 #& +"/ %($;,&9&3!$/9 0#1(.%+7
#2 +"/ 0(?%&' #2 (& %0('/3 V$ +"/ 1%$,-$$%#& #2 +/,"&#.#'%/$ %& +"/
)*/8%#-$ ,"()+/* &#+/1@ %+ ,(& 6/ %0)#*+(&+ +# ?&#> >%+" >"(+ 0(+/*%(.
(&1 +/,"&%F-/ (& %0('/ %$ 0(1/ 6/,(-$/ +"(+ ,(& (22/,+ +"/ %0)(,+ (&
%0('/ "($3 Z#$"-( 4(7.#* MNO^PR )*#8%1/$ $#0/ 8/*7 -$/2-. 1%$,-$$%#&$ #2
+"/ 8(*%#-$ +/,"&#.#'%/$ +"(+ "(8/ 6//& -$/1 +# )*#1-,/ )%,+#*%(. %0('/$3
I/ /5).#*/$ +"/ )(*+%,-.(* F-(.%+%/$ #2 6#+" ,/*+(%& 0/1%( J 1*(>%&'@
)(%&+%&'@ '*()"%, (*+$@ $,-.)+-*/ (&1 (*,"%+/,+-*/ J (&1 +"/ 8(*%#-$ >(7$ %&
>"%," +"/$/ ,(& 6/ 1/).#7/13 I%$ 1%$,-$$%#& #2 )(%&+%&'@ 2#* /5(0)./@
/5(0%&/$ +"/ 1%22/*/&+ +/,"&%F-/$ #2 2*/$,#@ >(+/*,#.#-*@ +/0)/*(@ #%.@
/&,(-$+%, (&1 ,#..('/3 Z(0/$ \#&(,# MQaaaR /5(0%&/$ +"/ +/,"&#.#'%/$ #2
0#8%&' %0('/$ %& $%0%.(* 1/+(%.3 I#>/8/*@ ($ 4(7.#* MNO^P9 PaR &#+/$@ +"/
#&.7 */($#& 2#* )(7%&' 0-," (++/&+%#& +# +"/ +/,"&#.#'%/$ #2 (& %0('/D$
)*#1-,+%#& %$ C>"/& ( ?&#>./1'/ #2 +"/ +/,"&%F-/ "/.)$ %& 1/$,*%6%&' +"/
)(*+%,-.(* ,"(*(,+/*%$+%,$ #2 +"/ >#*?D3

4"5%)

="/*/ 1#/$ H/(*./D$ /$$(7 */2/* +# +"/ /22/,+ #2 +"/%* -$/ #2 #%. )(%&+$ #&
`/06*(&1+D$ )#*+*(%+$_ ="(+ /22/,+$ 1#/$ "%$ 1/$,*%)+%#& #2 +"/ #%.$ "(8/_

L #*/ !;1)/ !#+/43K !#+ (%;6%+!#!%"14!#5

!#0)#$%+%#&(. %&+/*)*/+(+%#& )(7$ 0#$+ (++/&+%#& +# +"/ ,#0)#$%+%#&(.%+7


#2 +"/ %0('/ %+$/.23 4"%$ $/,+%#& 6*/(?$ 1#>& +"/ ,#0)#$%+%#&(.%+7 $//& 67
+"/ C'##1 /7/D %&+# ( &-06/* #2 ,#0)#&/&+$3 4"%$ %$ ( $,"/0(+%, 1/8%,/@
"#>/8/*@ $%&,/ %& )*(,+%,/ 2/> #2 +"/$/ ,#0)#&/&+$ (*/ ,#0)./+/.7 1%$+%&,+
O%;6%+!#!%" 2*#0 /(," #+"/*3 ;&1//1@ +"/ &#+%#& #2 /*20*)($(*+ */2/*$ +# (.. +"/$/
/./0/&+$ %& ,#06%&(+%#&3

Z1L 5"&!$&!

="/& .##?%&' (+ (& %0('/ 2#* %+$/.2@ ( $+(*+%&' )#%&+ ,#-.1 6/ %+$ ,#&+/&+3
="(+ 1#/$ +"/ %0('/ (,+-(..7 $"#>_ 4"%$ 0%'"+ $//0 ( 8/*7 #68%#-$
F-/$+%#& &#+ >#*+" $)/&1%&' 0-," +%0/ #&3 V&1 2#* $#0/ %0('/$ %+ >%..
%&1//1 6/ ( 8/*7 $%0)./ F-/$+%#&3 W#* #+"/*$@ +"#-'"@ %+ >%.. &#+3 W#*
G@EU WVV> UfU0 LI

/5(0)./@ $#0/ 8%/>/*$ #2 +"/ f#%$&/(- )"#+#'*()" */)*#1-,/1 ($ W%'-*/


N3] &//1 ( 6%+ #2 +%0/ +# >#*? #-+ +"(+ +"/ )"#+#'*()"/* %$ %&$%1/ +"/
'(../*7 .##?%&' #-+ %&+# +"/ $+*//+3 \#*/#8/*@ $#0/ %0('/$ )%,+-*/ )(*+%<
,-.(* */.%'%#-$@ "%$+#*%,(.@ 07+"#.#'%,(.@ 0#*(. #* .%+/*(*7 +"/0/$ #* /8/&+$@
($ V,+#& MNOOPR 1%$,-$$/$ M(&1 $/,+%#& ]3Q %& !"()+/* b >%.. /5).#*/ (
0/+"#1 >"#$/ (%0 %$ +# 1/,#1/ +"/ ,#&8/&+%#&(.%T/1 8%$-(. $706#.$ -$/1
+# */2/* +# $-," +"/0/$ (&1 /8/&+$9 %,#&#'*()"7R3 4(?/ $#0/ +%0/ +# 6/
$-*/ 7#- (*/ $-*/ (6#-+ >"(+ 7#- +"%&? (& %0('/ %$ $"#>%&'3

Z1^ 5"6"%(

!#.#-* %$ (&#+"/* ,*-,%(. ,#0)#&/&+ #2 (& %0('/D$ ,#0)#$%+%#&(.%+73


4(7.#* MNO^PR #22/*$ +"*// >(7$ #2 1/$,*%6%&' +"/ ,#.#-*$ #2 ( )(%&+%&'9

C'/ N 7"&3 4"%$ */2/*$ +# +"/ (,+-(. ,#.#-*$ %& ( )(%&+%&'3 4"-$ +"/ 1#0%&(&+
"-/$ -$/1 %& +"/ `/06*(&1+ )#*+*(%+$ */)*#1-,/1 2#* H/(*./D$ */8%/> (*/
6*#>&$@ 6.-/$ (&1 E/$"3
=1#'$1#!%" Q ),$"%,$(*+3 H(+-*(+%#& */2/*$ +# +"/ )-*%+7 #2 ( ,#.#-* %& */.(+%#& +# %+$
())/(*(&,/ %& +"/ ,#.#-* $)/,+*-03 4"-$ $(+-*(+%#& %$ "%'" %2 ( ,#.#-*
%$ -$/1 %& ( 8%8%1 2#*0 #2 %+$ "-/@ (&1 .#> %2 %+ %$ &/(*.7 &/-+*(.3 4"/
6.-/$ (&1 E/$" ,#.#-*$ %& +"/ */8%/>D$ %..-$+*(+%#&$ (*/ .#>@ 6-+ +"/
6*#>&$ (*/ "%'"9 *%," (&1 %&+/&$/3
P14'/ ] ',#"&3 4"%$ */2/*$ +# +"/ .%'"+&/$$ #* 1(*?&/$$ #2 ( ,#.#-*3 ;2 ( ,#.#-* %$
%& %+$ &/(*<>"%+/ 2#*0@ +"/& %+$ 8(.-/ %$ "%'"S %2 %& %+$ &/(*<6.(,? 2#*0@
%+$ 8(.-/ %$ .#>3 4"/ 6*#>&$@ 6.(,?$ (&1 $#0/ #2 +"/ 6.-/$ %& +"/
%..-$+*(+%#&$ "(8/ .#> 8(.-/9 +"/7 (*/ (.. 1(*?3 U-+ #+"/* 6.-/$@ (&1 E/$"
,#.#-*$@ $//0 +# "(8/ F-%+/ "%'" 8(.-/3

4"/$/ +/*0$ ,(& 1/$,*%6/ +"/ ,#.#-*$ -$/1 %& ( )(%&+%&'3 U-+ %+ %$ (.$#
&/,/$$(*7 +# 1/$,*%6/ +"/ /22/,+$ #2 +"/ ,#.#-*$ %& (& %0('/3 !#.#-* ,(& 6/
-$/1 +# "%)("" ,/*+(%& /./0/&+$ #2 (& %0('/@ 2#* /5(0)./3 4"/ E/$" ,#.#-*$
%& )(*+%,-.(* %& +"/ %..-$+*(+%#&$ +# H/(*./D$ /$$(7 $//0 +# "(8/ F-%+/ "%'"
8(.-/@ 6/,(-$/ +"/7 (*/ #2+/& >"/*/ +"/ .%'"+ 2(..$ %& +"/ )(%&+%&'S 6-+ #2
,#-*$/ $%&,/ +"/$/ (*/ )#*+*(%+$@ +"/ "%'" 8(.-/ #2 +"/ 2(,/ ,#.#-*$ $/*8/$ +#
1*(> #-* (++/&+%#& +# +"/ )#%&+ #2 )#*+*(%+ )(%&+%&'$@ +"/ 2(,/3
4"/*/ %$ (.$# +"/ F-/$+%#& #2 "#> ;/)-&,!&+" +"/ ,#.#-* ,#06%&(+%#&
#2 ( )(%&+%&' %$3 4"/*/ "(8/ 6//& 0(&7 +"/#*%/$ (6#-+ >"(+ ,#.#-*$
,#06%&/ 0#$+ "(*0#&%#-$.7 >%+" /(," #+"/*@ (&1 Z#"& Y('/ MNOO]R #22/*$
( 8/*7 2-.. (,,#-&+ #2 +"/ 1%22/*/&+ >(7$ %& >"%," ,#.#-* "($ 6//& -&1/*<
$+##1 C2*#0 (&+%F-%+7 +# (6$+*(,+%#&D@ ($ +"/ $-6+%+./ #2 +"%$ 6##? $(7$3 W#*
#-* )-*)#$/$ "/*/@ "#>/8/*@ %+ %$ $-2A,%/&+ +# ,#&$%1/* >"/+"/* +"/ ,#.#-*$
#2 ( )(%&+%&' */.7 #& ,#&+*($+$ #* #& +"/ 6./&1%&' #2 $%0%.(* 8(.-/ #*
$(+-*(+%#& "-/$3 4"/ `/06*(&1+ %..-$+*(+%#&$ ())/(* 8/*7 "(*0#&%#-$
$%&,/ +"/7 "(8/ ( .%0%+/1 *(&'/ #2 ,#.#-*$ >"%," 6./&1 %&+# /(," #+"/*S
/8/& +"/ 6.-/ %$ ( 0-+/1 ,#&+*($+ +# +"/ 6*#>& $%&,/@ .%?/ +"/ 6*#>&$@ %+ %$
JV QB2RDS TU@EV>VSVWBU2

0#$+.7 #2 .#> $(+-*(+%#&3 Y-&+"/* i*/$$ (&1 4"/# 8(& [//->/& MNOOb9
Nb]J^R (.$# $-''/$+ +"(+ +"/ ,#06%&(+%#& #2 "-/$@ 8(.-/$ (&1 $(+-*(+%#&$ #2
(& %0('/ (22/,+ "#> */(.%$+%, (-1%/&,/$ >%.. %0('%&/ +"(+ %0('/ +# 6/3 ;2 +"/
,#.#-*$ .##? +"/ $(0/ ($ ( ,#.#-* )"#+#'*()" #2 +"/ $(0/ $-6G/,+ >#-.1@
+"/& #-* $/&$/ #2 %+$ */(.%$0 %$ "/%'"+/&/1@ +"/7 $-''/$+3
!#.#-* ,(& (.$# >#*? +# $-''/$+ (& /22/,+ #2 1%$+(&,/ %& ( )(%&+%&'@
/$)/,%(..7 %& .(&1$,()/ )(%&+%&'$3 ;& +"(+ '/&*/@ +"/ "-/$ -$/1 #2+/& 6/,#0/
D#;%+6*/$!( 0#*/ 6.-%$" ($ ( 0/(&$ #2 $-''/$+%&' +"/ >(7 ( .(&1$,()/ */,/1/$3 4"%$ %$
6/$+6/(#!8/ ?&#>& ($ ,$2*)07&%(/ 0&%)0&/$('&3

Z1Z )7+!.+6 "(8+&.P+!."&

V.. %0('/$ "(8/ +"/%* $)(,/ #*'(&%T/1 %& $#0/ >(7@ (&1 +"/*/ (*/ +>#
*/.(+/1 ($)/,+$ #2 +"%$ #*'(&%T(+%#& +# ,#&$%1/*9 +"/ #*'(&%T(+%#& #2 $)(,/
C>%+"%&D (& %0('/@ (&1 +"/ >(7 +"/ $)(+%(. #*'(&%T(+%#& #2 (& %0('/ #22/*$
( )(*+%,-.(* 8%/>%&' )#$%+%#& +# %+$ $)/,+(+#*3 4"%$ #22/* %$ )(*+ #2 (&
%0('/D$ >(7 #2 $//%&'3
W%*$+@ +"/ $)(+%(. #*'(&%T(+%#& >%+"%& +"/ %0('/ MV,+#&@ NOOP9 NJQd "($
( -$/2-. 1%$,-$$%#& #2 +"%$R3 4(?/ ( .##? (+ +"/ 8&9+-(" #2 (& %0('/3 I#>
(*/ +"/$/ (**(&'/1 %& */.(+%#& +# /(," #+"/*_ V*/ $#0/ 8#.-0/$ ,#&&/,+/1
%& $#0/ >(7 +# #+"/*$@ >"%./ #+"/*$ (*/ ./2+ %$#.(+/1_ I#>_ ="(+ (6#-+ +"/
9!,(" #2 +"/ 8#.-0/$ (&1 +"/%* ,#&&/,+%#&$_ ="%," 1%*/,+%#&$ 1# +"/7
2#..#>_ V*/ +"/7 E-%1 ,-*8/$ #* G(''/1 2*('0/&+$_ ="(+ $#*+ #2 );0%;- 1#
+"/7 "(8/9 $+(+%, #* 17&(0%,_ ="(+ (*/ +"/ /22/,+$ #2 +"/$/ +"%&'$_ i*/$$
(&1 8(& [//->/& MNOOb9 POJNNXR "(8/ (& %&+/*/$+%&' 1%$,-$$%#& #2 %0('/$
$-," ($ 1%('*(0$@ E#> ,"(*+$ (&1 0()$ +"(+ /5).#*/$ "#> +"/%* /./0/&+$
(*/ ,#&8/&+%#&(..7 $+*-,+-*/1 %& */.(+%#& +# /(," #+"/*3
4"/& ,#&$%1/* +"/ $)(,/ %& >"%," +"/$/ 8#.-0/$ (*/ ).(,/13 V,+#&
MNOOP9 Q^J^aR $-''/$+$ +"%&?%&' (6#-+ >%1+"@ 1/)+"@ %&+/*8(. (&1 1%$+(&,/3
;$ +"%$ $)(,/ $%0)./@ #* ,#0).%,(+/1_ ;& (&$>/*%&' +"%$ F-/$+%#&@ %+ %$
%0)#*+(&+ +# -&1/*$+(&1 $#0/+"%&' (6#-+ )/*$)/,+%8/@ >"%," %$ +"/ 0/+"#1
-$/1 %& =/$+/*& (*+ +# 0(?/ ( +>#<1%0/&$%#&(. %0('/ .##? ($ %2 %+ $"#>$
+"*//<1%0/&$%#&(. $)(,/3 L/*$)/,+%8/@ .%?/ ,#.#-*@ "($ ( .#&' "%$+#*7 %&
=/$+/*& 1%$,#-*$/@ (&1 +"/*/ %$ 0#*/ +"(& #&/ ?%&1 #2 $7$+/0 #2 )/*$)/,<
+%8/ MV&1*/>$@ NOO^S c1'/*+#&@ NOP^S c.?%&$@ NOOdS i*/$$ (&1 8(&
[//->/&@ NOObR3 H/,+%#& ]3Q "($ (.*/(17 0/&+%#&/1 +"(+ ,#.#-* ,(& 6/
Z/%;/#$!(14 -$/1 +# ,#&8/7 1%$+(&,/ %& .(&1$,()/ )(%&+%&'3 4"%$ $/,+%#& ,#&$%1/*$ 1&*3
6/$+6/(#!8/ 2&$%(/,# 0&%)0&/$('&@ (&1 /8/& +"%$ "($ %+$ 8(*%(+%#&$3 I#>/8/*@ +"/*/ (*/
$#0/ 6($%, )*%&,%)./$ >"%," )*#8%1/ $+(*+%&' )#%&+$ 2#* +"%&?%&' (6#-+ +"/
$)(,/ */)*/$/&+/1 67 (& %0('/3 L/*$)/,+%8/ 1/)/&1$ #& ( '/#0/+*7 #2 *(7$
#2 8%$%#&@ (&1 7#-* /7/ %$ ,/&+*(. +# +"%$ '/#0/+*7 M$/8/*(. )/*$)/,+%8/
$7$+/0$ ($$-0/ +"(+ +"/ 8%/>/* #2 ( $,/&/ %$ ( $%&'./ )#%&+ (&1 +"-$ +"(+
7#- "(8/ #&.7 #&/ /7/R3 4"/ ./8/. #2 7#-* /7/ %$ (.>(7$ +"/ $(0/ ($ +"/
"#*%T#& #2 ( )(%&+%&'3 ;+ %$ (.$# +"/ ./8/. (+ >"%," +"/ *(7$ #2 8%$%#&
,#&8/*'/ (+ >"(+ %$ ,(../1 +"/ 8(&%$"%&' )#%&+3 W%'-*/ Q3] $"#>$ >"(+
G@EU WVV> UfU0 JH

W!)'$/ N9L

1%22/*/&,/ 7#-* /7/ ./8/. 0(?/$ +# +"/ */)*/$/&+(+%#& #2 ( )(8/1 (*/(@ %2 7#-
>/*/ $%++%&' A*$+ #& +"/ '*#-&1 (&1 +"/& #& ( "%'" >(..@ (,,#*1%&' +# +"%$
?%&1 #2 )/*$)/,+%8/3
g#> ./+D$ $// >"(+ "())/&$ %2 $#0/ 6($%, 6-%.1%&' 6.#,?$ ())/(* %&
+"%$ $,/&/@ #&/ ,.#$/ +# -$ (&1 #&/ 2-*+"/* ()(*+ MW%'-*/ Q3dR3
W%&(..7@ W%'-*/ Q3^ $"#>$ >"(+ "())/&$ %2 +"/*/ (*/ +># 1%22/*/&+ /7/
./8/.$ (&1 +># 1%22/*/&+ 8(&%$"%&' )#%&+$ %& (& %0('/ #2 6.#,?$3
L(%&+%&'$ ,(& "(8/ 1%22/*/&+ /22/,+$ 1/)/&1%&' #& +"/%* 0(&%)-.(+%#&
#2 +"%$ ?%&1 #2 )/*$)/,+%8/3 ;& */.(+%#& +# W%'-*/ Q3^@ 2#* /5(0)./@ $%&,/ #&/
/7/ %$ ($$-0/1 +# 6/ &#*0(. %& +"%$ '/#0/+*%,(. $7$+/0@ +"/ $)(,/ ,#&<
$+*-,+/1 >%+" +># /7/ ./8/.$ $//0$ $+*(&'/ (&1 %&,#"/*/&+3 B+"/* )(%&+%&'$
+*7 +# $"%2+ +"/ $)/,+(+#*D$ )#%&+ #2 8%/> +"*#-'" +"/%* -$/ #2 )/*$)/,+%8/3
W#* /5(0)./@ -$%&' ( 8/*7 .#> /7/ ./8/. 0%'"+ */)*/$/&+ +"/ >(7 ( ,"%.1
JN QB2RDS TU@EV>VSVWBU2

W!)'$/ N9J

W!)'$/ N9X

$//$ +"/ >#*.1@ (&1 L#..#,? MNOXX9 b^R $-''/$+$ +"(+ \(*7 !($$(++ )(%&+/1
$#0/ #2 "/* ,(&8($/$ >%+" +"%$ /22/,+ %& 0%&1 M$// W%'-*/ Q3bR3
B* ( .#> /7/ ./8/. 0%'"+ $-''/$+ +"(+ +"/ )(%&+%&' >($ 0(1/ +# 6/ $//&
2*#0 6/.#>@ (&1 +"%$ %$ +"/ ,($/ >%+"@ 2#* /5(0)./@ \($(,,%#D$ ,*-,%A5%#&@
)(%&+/1 %& (6#-+ NdQP ($ ( 2*/$,# #& +"/ >(.. #2 +"/ ,"-*," #2 H(&+( \(*%(
g#8/..( %& W%*/&T/@ >"/*/ +"/ ,#&'*/'(+%#& >#-.1 $%+ 6/&/(+" %+ Mc1'/*+#&@
NOP^R3 L/*$)/,+%8/ +"-$ )*#8%1/$ ( 0/(&$ #2 */)*/$/&+%&' +"*//<1%0/&$%#&(.
$)(,/ #& ( +>#<1%0/&$%#&(. $-*2(,/3 ;+ 1#0%&(+/1 =/$+/*& )(%&+%&' 2#*
,/&+-*%/$@ 2*#0 %+$ A*$+ /5).%,(+%#& %& +"/ A2+//&+" ,/&+-*7 +# %+$ */G/,+%#&
67 $#0/ )(%&+/*$ %& +"/ /(*.7 +>/&+%/+"3 V.+"#-'" &#> %+ %$ #&.7 #&/ 0/(&$
(0#&' 0(&7 #2 #*'(&%T%&' %+$ $)(,/@ %+ ,(& )*#8%1/ ( 6/&,"0(*? 2#*
+"%&?%&' (6#-+ +"/ */)*/$/&+(+%#& #2 $)(,/ %& (&7 )(*+%,-.(* %0('/3
G@EU WVV> UfU0 JL

W!)'$/ N9Q 4+*0


6+%%+11* S.!!6$ W.(6 4"5%)
.& + \6%$
D(/5-+.(* EKJK I#> 1# +"/ `/06*(&1+ )#*+*(%+$ -$/ '/#0/+*%,(. )/*$)/,+%8/_ f# >/ .##? 1#>& #&
:=+!."&+6 W+66$(9
+"/ )(%&+/1 A'-*/@ #* -) +# "%0_
"4 D(!*
V -$/2-. >(7 +# /5).#*/ +"/$/ ($)/,+$ #2 +"/ $)(+%(. #*'(&%T(+%#& >%+"%& (& %0('/ %$
H+)-.&8!"&*
+# +*7 +# 1*(> ( $-00(*7 1%('*(0 #2 +"/ %0('/ 7#-D*/ .##?%&' (+ M$// 4(7.#*@ NO^P
T$66"& 5"66$5!."&;
(&1 i*/$$ (&1 8(& [//->/&@ NOOb9 dP 2#* $#0/ /5(0)./$R3 [##? 2#* .%&/$ +"(+
$"#> +"/ /1'/$ #2 +"%&'$S /5+/&1 +"/0@ (&1 $// >"/*/ (&1 "#> +"/7 %&+/*$/,+3 4"/
`/06*(&1+ %..-$+*(+%#&$ */)*#1-,/1 "/*/ (*/ )/*"()$ +## $%0)./ %& +/*0$ #2 +"/%*
$)(+%(. #*'(&%T(+%#& +# 0(?/ +"%$ ( >#*+">"%./ /5/*,%$/S 6-+ 7#- 0%'"+ +*7 0(?%&'
( $%0).%A/1 8/*$%#& #2 +"/ )(%&+%&' */)*#1-,/1 ($ W%'-*/ b3N >"%," %$ ( 0(**%('/
)#*+*(%+ #2 Y%#8(&&% V*&#.A&% (&1 Y%#8(&&( !/&(0% (&1 >($ )(%&+/1 %& Nd]d 67
Z(& 8(& c7,?3 4*7 /5+/&1%&' +"/ .%&/$ #2 +"/ E##*6#(*1$@ +"/ >%&1#>$%.. (&1 +"/
6/1$+/(1@ 2#* /5(0)./3 Z(0/$ c.?%&$ MNOONR "($ /5).#*/1 +"/ -$/ #2 )/*$)/,+%8/ %&
+"%$ )(%&+%&' +"*#-'" G-$+ $-," ( 1%('*(0 #2 %+$ ,#&8/*'%&' (&1 1%8/*'%&' .%&/$3
!#0)(*/ "%$ +# 7#-*$3

4"%$ 1%$,-$$%#& #2 )/*$)/,+%8/ 6*%&'$ -$ +# +"/ $/,#&1 ($)/,+ #2 +"/


$)(+%(. #*'(&%T(+%#& #2 (& %0('/ >"%," %$ &/,/$$(*7 +# ,#&$%1/*3 4"%$ %$ +"/
>(7 %& >"%," +"/ )%,+-*/ (.$# #22/*$ ( )(*+%,-.(* )#$%+%#& +# %+$ 8%/>/*$3 =/
"(8/ (.*/(17 $//& +"%$ )*#,/$$ (+ >#*? %& #-* 1%$,-$$%#& #2 +"/ f#%$&/(-
JJ QB2RDS TU@EV>VSVWBU2

)"#+#'*()" %& !"()+/* N3 4"/ /./0/&+$ C%&$%1/D +"(+ )"#+# (*/ (**(&'/1 %&
$-," ( >(7 +"(+ +"/7 ,#&$+*-,+ ( )(*+%,-.(* 8%/>%&' )#$%+%#& C#-+$%1/D +"/
)"#+# M(&1 +"%$ 0(?/$ +"/ 1%$+%&,+%#& 6/+>//& C%&$%1/D (&1 C#-+$%1/D 1%2A<
,-.+ +# $-$+(%&R3 4"/ f#%$&/(- )"#+#'*()" (.%'&$ +"/ $)/,+(+#* >%+" +"/
.##? #2 +"/ 0(&3 \%,"(/. V&& I#..7 MNOObR "($ (*'-/1 +"(+ %+ %$ +"%$
)#$%+%#&%&' #2 +"/ 8%/>/* +"(+ %$ 0#$+ %0)#*+(&+ >"/& +"%&?%&' (6#-+ "#>
8%$-(. %0('/$ "(8/ +"/%* #>& /22/,+$3 M4"%$ %$ &#+ (& -&,#&+*#8/*$%(. ,.(%0S
!"()+/* X %& )(*+%,-.(* >%.. /0)"($%T/ +"(+ )(*+%,-.(* $)/,+(+#*$ 0(7 &#+
+(?/ -) +"/ )#$%+%#& #22/*/1 +# +"/0 67 (& %0('/3R ;& ($?%&' C>"(+ +"/
>#*? #2 (*+ 1#/$ 2#* -$D MI#..7@ NOOb9 5%8R@ I#..7 (*'-/$ +"(+ %+ %$ +"/
$)(+%(. (&1 +/0)#*(. #*'(&%T(+%#& #2 ( )(%&+%&' >"%," $+*-,+-*/$ %+$ /22/,+$
]%)!( %3 [)'$1#!%" 0#$+ )*#2#-&1.73 4"%$ #*'(&%T(+%#& $"/ ,(..$ +"/ #*1(/ *5 81"%,$(*+ #2 (&
%0('/3 H"/ $(7$@ C./'%$.(+/1 (&1 )*/1%,+/1 67 +"/ $)(+%(. (&1 +/0)#*(.
#*'(&%$(+%#& #2 +"/ 8%$-(. A/.19 >/ $+(&1 >"/*/ +"/ >#*?$ +/.. -$ +# $+(&1
(&1 >/ $// >"(+ +"/7 ,"##$/ +# */8/(.D MI#..7@ NOOb9 OR3 i*/$$ (&1 8(&
[//->/& MNOOb9 NNOR +(.? %& $%0%.(* +/*0$ (6#-+ +"/ >(7$ %0('/$ ,(& 6/
$//& ($ C1/$%'&%&' +"/ )#$%+%#& #2 +"/ 8%/>/*D +"*#-'"@ %& )(*+ (+ ./($+@ +"/%*
$)(+%(. #*'(&%T(+%#&3 I#..7 /5(0%&/$ +"%$ /22/,+ +"*#-'" ( 1%$,-$$%#& #2
/(*.7 */&(%$$(&,/ )(%&+%&'$ (&1 C( 2/> ,.($$%, ,-.+-*(. "%$+#*%/$ 2*#0 +"/
&%&/+//&+" (&1 +>/&+%/+" ,/&+-*%/$D MI#..7@ NOOb9 5%%%R@ $-''/$+%&' +"(+ +"/
"%$+#*%/$@ %& +"/%* )(&#*(0%, $>//)@ */E/,+ +"/ *-./$ #2 )/*$)/,+%8/ +"*#-'"
>"%," +"/ )(%&+%&'$ >/*/ ,#&$+*-,+/13
i*/$$ (&1 8(& [//->/& MNOOb9 NNOJ^XR (.$# /5).#*/ +"/ /22/,+$ #2 +"/
$)(+%(. #*'(&%T(+%#& #2 8%$-(. %0('/$ #& +"/ )#$%+%#& #2 +"/ 8%/>/*3 [%?/
I#..7@ +"/7 /5(0%&/ +"/ /22/,+$ #2 '/#0/+*%,(. )/*$)/,+%8/ %& $#0/ 1/+(%.3
4"/7 $-''/$+@ 2#* /5(0)./@ +"(+ +"/ /,39( 6/+>//& +"/ $)/,+(+#* (&1 >"(+
%$ )%,+-*/1 )*#1-,/$ )(*+%,-.(* /22/,+$@ >%+" 2*#&+(. (&'./$ /&'('%&' +"/
8%/>/* 0#*/ >%+" >"(+ %$ )%,+-*/1 +"(& #6.%F-/ (&'./$ Mi*/$$ (&1 8(&
[//->/&@ NOOb9 NdaJbR3 4"/7 (.$# /5).#*/ +"/ /22/,+$ #2 ())(*/&+ 1%22/*<
/&,/$ %& ;(!3;% 6/+>//& +"/ $)/,+(+#* #2 (& %0('/ (&1 >"(+ %$ )%,+-*/19 %2
+"/ 8%/>/* %$ )#$%+%#&/1 67 +"/ %0('/D$ )/*$)/,+%8/ +# .##? 1#>& #& %+@
i*/$$ (&1 8(& [//->/& MNOOb9 NdbJXR (*'-/@ +"/7 (*/ '%8/& $#0/ $#*+ #2
)#>/* #8/* %+$ $-6G/,+ 0(++/*S %2 +"/7 .##? -) +# %+@ +"/& +"/7 (*/
)#$%+%#&/1 ($ %& $#0/ >(7 %&2/*%#* +# %+S (&1 %2 +"/7 .##? (+ %+ #& +"/ $(0/
./8/.@ +"/& ( */.(+%#&$"%) #2 /F-(.%+7 6/+>//& $)/,+(+#* (&1 )%,+-*/1 %$
$-''/$+/13 4"/7 (.$# .##? (+ #+"/* ($)/,+$ #2 +"/ $)(+%(. #*'(&%T(+%#& #2
%0('/$9 6!"%/,$(@ 2#* /5(0)./@ $-''/$+%&' +"(+ )%,+-*/$ #2 )/#)./ %& ,.#$/<
-) -$-(..7 #22/* ( */.(+%#& #2 %&+%0(,7 6/+>//& +"/ )/*$#& )%,+-*/1 (&1 +"/
$)/,+(+#* Mi*/$$ (&1 8(& [//->/&@ NOOb9 N]aJ^R3 H/(*./ ($$-0/$ +"%$ %&
"%$ 1%$,-$$%#& #2 +"/ `/06*(&1+ )#*+*(%+$3 I#>/8/*@ (& /5,/)+%#& +# +"%$
.(++/* ,.(%0 $-''/$+$ +"(+ +"/$/ $#*+$ #2 '/&/*(.%T(+%#& 0-$+ (.>(7$ 6/
,(*/2-..7 /5(0%&/1 %& */.(+%#& +# $)/,%A, %0('/$9 +"%&?@ 2#* /5(0)./@ #2 +"/
-$/ #2 )#.%,/ 0-'$"#+$ %& &/>$)()/* */)#*+$ #2 ,*%0/$@ >"/*/ +"/ ,.#$/<-)
2#*0(+ #2 +"/ 0-'$"#+ $-''/$+$ )*/,%$/.7 ( 6%' 1%22/*/&,/ 6/+>//& +"/
)/*$#& )%,+-*/1 J +"/ ,*%0%&(. J (&1 +"/ )/*$#& .##?%&' J +"/ %&&#,/&+
&/>$)()/* */(1/*3 ;& +"%$ ,($/@ +##@ +"#-'"@ +"/ $)(+%(. #*'(&%T(+%#& #2 +"/
G@EU WVV> UfU0 JX

,#0)#$%+%#& %$ ( ,*-,%(. /./0/&+ #2 +"/ */.(+%#&$"%) 6/+>//& (& %0('/ (&1


%+$ (-1%/&,/$3
\%/?/ U(. MNOON9 N^XJbaR@ #& +"/ #+"/* "(&1@ (18#,(+/$ ,#&,/&+*(+<
%&' #& +"/ 8%$-(. #*'(&%T(+%#& #2 .##?$ (&1 '(T/$ %& "/* &#+%#& #2 +"/
W%(14!^/$+ 5*/,#(9&%) #2 (& %0('/3 H"/ )#%&+$ #-+ +"(+ (.. )(%&+%&'$ "(8/ ( *(&'/ #2
8%/>/*$9 (11*/$$/1@ %0).%/1 (&1 */)*/$/&+/13 c(," 2#,(.%T/$ %& +"/%* #>&
>(7 M$// (.$# i*/$$ (&1 8(& [//->/&@ NOOb9 NQNJ]^R3 4"/ */.(+%#&$ #2
.##?$ 6/+>//& +"/0 J >"# ,(& $// >"(+ (&1 "#> J ,(& +/.. -$ 0-," (6#-+
"#> +"/ %0('/ >#*?$ +# ,(+," #-* .##?$3 W#* %2 (& /5+/*&(. 2#,(.%T/* J (
$)/,+(+#* J ,(& .##? %& +"/ $(0/ >(7 (+ +"/ $(0/ +"%&'$ ($ ( 2#,(.%T/* %&
+"/ )%,+-*/@ +"/& +"/ $)/,+(+#*D$ %1/&+%A,(+%#& >%+" +"/ %0('/ >%.. 6/
$+*#&'@ $(7$ U(.3 V& /5(0)./ #2 +"%$ $#*+ #2 (&(.7$%$ %$ L#..#,?D$ MNOXXR
(,,#-&+ #2 +"/ f#%$&/(- )"#+#'*()" +"(+ >($ 1%$,-$$/1 %& +"/ )*/8%#-$
,"()+/*3 L#..#,? /5(0%&/1 +"/ $+*-,+-*/ #2 +"/ .##?$ %& +"/ )"#+#'*()" (&1
+"/ >(7 %& >"%," +"/ .##? #2 +"/ $)/,+(+#* >($ %&,#*)#*(+/1 %&+# +"/$/3
4"-$ +"/ $)(+%(. #*'(&%T(+%#& #2 (& %0('/ %$ &#+ %&&#,/&+3 ;+ "($
/22/,+$3 ;+ )*#1-,/$ ( $)/,%A, */.(+%#& 6/+>//& %0('/ (&1 $)/,+(+#*3

4"5%)

="(+ )#$%+%#& (*/ >/ #22/*/1 67 +"/ .#'%, #2 A'-*(+%#& (&1 +"/ 2#,(.%T/*$ #2 +"/
`/06*(&1+ )#*+*(%+$_ ="(+ (,,#-&+ 1#/$ H/(*./ '%8/ #2 +"%$ )#$%+%#&_

4"*#-'" +"/%* -$/ #2 '/#0/+*%,(. )/*$)/,+%8/@ +"/ `/06*(&1+ )#*+*(%+$ )#$%+%#& -$


($ .##?%&' (+ +"/ $(0/ ./8/. ($ +"/ )(%&+/*S >/ &/%+"/* .##? 1#>& #& +# "%$ %0('/
&#* -) (+ %+3 ;& +"(+ $)(+%(. $/&$/ >/ (*/ (+ +"/ $(0/ ./8/. ($ "%03 V&1 >/ .##? (+
"%0 %& +"/ >(7 +"(+ "/ $//0$ +# 6/ .##?%&' (+ -$9 1%*/,+.73

H/(*./ 1/8/.#)$ +"%$ $/&$/ #2 1%*/,+&/$$ (&1 /F-(.%+7 6/+>//& +"/ (*+%$+D$ $/.2<%0('/
(&1 #-* 8%/> #2 %+ %& )(*+%,-.(* >(7$3 H/(*./ $(7$ +"(+ +"/$/ (*/ )(%&+%&'$ 1#&/ 67 (
0(& %& 1%(.#'-/ >%+" "%0$/.2S >/ ($ $)/,+(+#*$ (*/ &#> %& +"/ ).(,/ #2 +"/ 0%**#*
+"(+ `/06*(&1+ 0-$+ "(8/ -$/1 +# 0(?/ +"/$/ )%,+-*/$ #2 "%0$/.23 U-+ "/ (.$#
$-''/$+$ +"(+ `/06*(&1+D$ 2(,/ %$ C( 8/$$/. #2 -&%8/*$(. ,"(*(,+/*%$+%,$D +"(+ "/
)(%&+/1 >%+" C,(&1#-*DS +"/ (*+%$+D$ "#&/$+7@ "%$ 1%*/,+&/$$ %& ,#&2*#&+%&' "%$ #>&
%0('/ (&1 &#> -$@ 0/(& +"(+ "%$ )#*+*(%+$ +#-," -$ &#> %& C0#8%&' (&1
1%$F-%/+%&'D >(7$3 ;&1//1@ $-," %$ +"/ $+*/&'+" #2 `/06*(&1+D$ '(T/@ H/(*./
/8/&+-(..7 ,.(%0$ +"(+ "/ %$ */8%/>%&' -$@ &#+ +"/ #+"/* >(7 *#-&13 4"-$ H/(*./
'.#$$/$ ($)/,+$ #2 +"/ $)(+%(. #*'(&%T(+%#& (&1 2#,(.%T(+%#& #2 +"/$/ )#*+*(%+$ %&
$)/,%A, >(7$3 I/ '%8/$ ( )(*+%,-.(* 0/(&%&' +# +"/03

Z1d 6.8-!

4"/ .%'"+ $"#>& %& (& %0('/ %$ ,./(*.7 */.(+/1 +# 6#+" %+$ ,#.#-*$ (&1 %+$
$)(,/$3 ="(+ %0*( #2 .%'"+ ( )(%&+%&' */)*/$/&+$ J ,(&1./.%'"+@ 1(7.%'"+@
/./,+*%, .%'"+ J >%.. ,./(*.7 (22/,+ +"/ $(+-*(+%#& (&1 8(.-/ #2 %+$ "-/$3 V&1
JQ QB2RDS TU@EV>VSVWBU2

+"/ %..-$%#& +"(+ '/#0/+*%,(. )/*$)/,+%8/ */(.%$+%,(..7 */)*/$/&+$ +"*//<


1%0/&$%#&(. $)(,/ ,(& 6/ /&"(&,/1 #* ,(../1 %&+# F-/$+%#& 67 +"/ -$/ #2
.%'"+ "&+)$("3 4"/ ())(*/&+ */(.%$0 #2 +"/ V*&#.A&% )#*+*(%+ MW%'-*/ b3NR %$
%&,*/($/1@ 2#* /5(0)./@ 67 +"/ 1#0%&(&+ $#-*,/ #2 .%'"+ ,#0%&' 2*#0 +"/
>%&1#> (&1 +"/ >(7 (.. +"/ $"(1#>$ %& +"/ )(%&+%&' (*/ ,#&$%$+/&+ >%+"
+"%$3 [%'"+ ,(& (.$# 6/ -$/1 +# ;!3;9!3;% ,/*+(%& /./0/&+$ #2 ( )(%&+%&'@ ($
>/ "(8/ $//& %& +"/ ,($/ #2 +"/ `/06*(&1+ )#*+*(%+$3

Z1b $<7($)).3$ 5"&!$&!

W%&(..7 %& +"%$ $/,+%#&@ ; >(&+ +# 0/&+%#& ( 0#*/ /.-$%8/ ($)/,+ #2 +"%$
())*#(," +# %0('/$ 6/,(-$/@ 1/$)%+/ %+$ *(+"/* -&,/*+(%& 0/+"#1#.#'%,(.
$+(+-$@ %+ %$ ,*-,%(. +# +"%$ 0#1/ #2 %&+/*)*/+(+%#& (&1 +# 0(&7 #+"/*$3 4"(+
%$ +"/ /8#,(+%#& %& >*%+%&' #2 +"/ C2//.D #2 (& %0('/@ #* >"(+@ (2+/* 4(7.#*@
_?6$/++!8/ (%"#/"# ; >%.. ,(.. %+$ &:0%&))('& /*+$&+$3 4(7.#* MNO^P9 d]JdR 1/$,*%6/$ (& %0('/D$
/5)*/$$%8/ ,#&+/&+ ($ C+"/ ,#06%&/1 /22/,+ #2 $-6G/,+ 0(++/* (&1 8%$-(.
2#*0D3 H/)(*(+/ ,#&$%1/*(+%#& #2 /5)*/$$%8/ ,#&+/&+ %$ &/,/$$(*7 6/,(-$/
6*/(?%&' (& %0('/ %&+# %+$ ,#0)#&/&+ )(*+$ J $)(+%(. #*'(&%T(+%#&@ ,#.#-*@
,#&+/&+@ .%'"+ J 1#/$ &#+ &/,/$$(*%.7 ,()+-*/ +"/ .##? #2 (& %0('/3 ;&$+/(1@
>"(+ 0(7 6/ &//1/1 %$ $#0/ %0('%&(+%8/ >*%+%&' +"(+ +*%/$ +# /8#?/ %+$
(22/,+%8/ ,"(*(,+/*%$+%,$3 V$ (& /5(0)./@ "/*/ %$ +"/ (*+ "%$+#*%(& c*>%&
L(&#2$?7 >*%+%&' (6#-+ +"/ V*&#.A&% )#*+*(%+ */)*#1-,/1 ($ W%'-*/ b3N9

;& ( ,#02#*+(6.7 2-*&%$"/1 %&+/*%#*@ $-22-$/1 >%+" ( >(*0@ 1%0 .%'"+@


Y%#8(&&% V*&#.A&% (&1 "%$ >%2/ (*/ $+(&1%&' */)*/$/&+/1 %& 2-..<./&'+" 3 3 3
4"/ "-$6(&1 '%&'/*.7 "#.1$ +"/ .(17D$ *%'"+ "(&1 %& "%$ ./2+ >"%./ *(%$%&'
"%$ *%'"+ %& ( '/$+-*/ #2 $#./0& (2A*0(+%#&3 `(+"/* $+%2E7 )#$/1 (&1
$+(&1%&' ($ 2(* ()(*+ ($ +"/ (,+%#& )/*0%+$@ +"/7 1# &#+ .##? (+ /(," #+"/*
7/+ $//0 +# 6/ -&%+/1 67 ( 07$+/*%#-$ 6#&13 ML(&#2$?7@ NO^]9 QaNJQR

L(&#2$?7 -$/$ +/*0$ .%?/ C,#02#*+(6.7D@ C'%&'/*.7D (&1 C$#./0&D >"%,"


>#-.1 6/ 1%2A,-.+ +# )*#1-,/ */.7%&' $#./.7 #& +"/ .%$+ #2 ,#&,/*&$ +"%$
,"()+/* "($ #22/*/1@ 7/+ +"/7 $//0 &/,/$$(*7 /./0/&+$ %& (&7 (,,#-&+ #2 +"%$
)(%&+%&'3
4"/ /5)*/$$%8/ ,#&+/&+ #2 (& %0('/ %$ (.>(7$ ,*-,%(. +# ,#&$%1/*3
I#>/8/*@ %+ %$ %0)#*+(&+ +"(+ 7#-* */(,+%#& +# %+ 1#/$ &#+ #6$,-*/ #+"/*
%$$-/$ ,#&,/*&%&' +"/ 0/(&%&' #2 +"/ %0('/3

4"5%)

`/+-*& +# H/(*./D$ */8%/> #&/ 0#*/ +%0/3 4"/ /5)*/$$%8/ ,#&+/&+ #2 +"/ `/06*(&1+
)#*+*(%+$ %$ ,/&+*(. +# "%$ 1%$,-$$%#& #2 +"/03 L%,? #-+ +"/ 0#0/&+$ %& "%$ +/5+ >"/&
"/ /8#?/$ %+3

H/(*./D$ /22#*+$ +# (*+%,-.(+/ +"/ /5)*/$$%8/ ,#&+/&+ #2 +"/ `/06*(&1+ $/.2<)#*+*(%+$


(*/ )(*+%,-.(*.7 %&+/*/$+%&' 6/,(-$/ +"/7 /5).%,%+.7 */G/,+ M#* 0(*'%&(.%T/R #+"/* >(7$
G@EU WVV> UfU0 JS

#2 */.(+%&' +# +"/ )(%&+%&'$3 ="(+ 1#/$ H/(*./ %0).7 (*/ -&%0)#*+(&+ %&
-&1/*$+(&1%&' +"/ )#*+*(%+$@ ,#0)(*/1 +# +"/ %0)(,+ #2 +"/%* /5)*/$$%8/ ,#&+/&+_
H/(*./ $-''/$+$ +"(+ 6#+" +"/ '(../*7 (&1 +"/ ,(+(.#'-/ 6/,#0/ $#0/>"(+ %**/./8(&+
&/5+ +# +"/ /5+*(#*1%&(*7 /22/,+$ #2 +"/ )#*+*(%+$3 4"%$ +(,+%, %$ +7)%,(. #2 +"/
,#&&#%$$/-*$"%) ,/&+*(. +# +"/ C'##1 /7/D3 B&.7 +"/ CF-(.%+7D #2 +"/ )(%&+%&'$ 0(++/*S
/8/*7+"%&' /.$/ J (.. +"/ #+"/* $#*+$ #2 %&+/*)*/+%8/ ())(*(+-$ 6*#-'"+ +# 6/(* #&
+"/0 J %$ %&$%'&%A,(&+3
U-+ #2 ,#-*$/ H/(*./ +## %$ 6*%&'%&' (& %&+/*)*/+%8/ ())(*(+-$ +# 6/(* #& +"/
)#*+*(%+$S +"/ C'##1 /7/D %$ %+$/.2 (& %&+/*)*/+%8/ +/,"&%F-/3 4"%$ ())(*(+-$ ($$-0/$
+"(+ #&.7 +"/ )(%&+%&'$ (*/ %0)#*+(&+@ +# 6/'%& >%+"3 U-+ "%$ 1%$,-$$%#& #2 +"/0 (.$#
1*(>$ #& (+ ./($+ +># #+"/* ($$-0)+%#&$ */'(*1%&' '*/(+ (*+3 B&/ %$ +"(+ %+ %$
Z/"!'+ )*#1-,/1 67 $#0/+"%&' ,(../1 1&+(")9 ( 0(*8/..#-$.7 '%2+/1 %&1%8%1-(. >"# ,(& *%$/
(6#8/ +"/ $)/,%A,%+%/$ #2 "%$ ,%*,-0$+(&,/$ +# +#-," >"(+ (*/ ())(*/&+.7 +"/
2-&1(0/&+(. ,#&,/*&$ #2 "-0(& .%2/ M$// U(++/*$67@ NOOd 2#* ( ,*%+%F-/ #2 +"/
&#+%#& #2 '/&%-$@ )(*+%,-.(*.7 +"/ >(7 %+ %$ ( 0($,-.%&%T/1 ,(+/'#*7R3 V&1 +"/ #+"/*
D$# %$ +"(+ (*+ J ;%$ J ,(& $)/(? 1%*/,+.7 +# +"%$ "-0(&%+7 %& /8/*7#&/3
K%,+#* U-*'%& $-00(*%T/$ +"/$/ 1/A&%+%#&$ #2 V*+ (&1 '/&%-$ +"-$9
D)% %$ (& (,+%8%+7 ,"(*(,+/*%$+%, #2 "-0(&%+7 $%&,/ +"/ 1(>& #2 ,%8%.%$(+%#&3 ;+ (&7 /)#,"
+"/ D)%!"%@ 67 8%*+-/ #2 $)/,%(. '%2+$@ /5)*/$$/$ +"(+ >"%," %$ A&/$+ %& "-0(&%+7 3 3 3 +"/
8%$-(. (*+%$+ (,"%/8/$ +"%$ +"*#-'" 0#1/$ #2 -&1/*$+(&1%&' (&1 /5)*/$$%#& >"%," (*/
C)-*/.7 8%$-(.D 3 3 3 4"%$ $)/,%(. ,"(*(,+/*%$+%, #2 (*+ &/,/$$(*%.7 0(?/$ %+ (& (-+#&#0#-$
$)"/*/ #2 (,+%8%+7@ ,#0)./+/.7 $/)(*(+/ 2*#0 +"/ /8/*71(7 >#*.1 #2 $#,%(. (&1 )#.%+%,(.
.%2/3 4"/ (-+#&#0#-$ &(+-*/ #2 8%$-(. (*+ 0/(&$ +"(+ F-/$+%#&$ ($?/1 #2 %+ 0(7 #&.7 6/
)*#)/*.7 )-+@ (&1 (&$>/*/1@ %& %+$ #>& +/*0$ J (.. #+"/* 2#*0$ #2 %&+/**#'(+%#& (*/
%**/./8(&+3 MU-*'%&@ NOXb9 ]aR

I/&,/ H/(*./D$ ($$/*+%#& +"(+ '(../*%/$ (&1 ,(+(.#'-/$ (*/ %**/./8(&+ %& */.(+%#& +#
+"/ `/06*(&1+ )#*+*(%+$S 6/,(-$/ +"/$/ )#*+*(%+$ (*/ V*+@ #&.7 "%$@ (&1 #-*@
"-0(&%+7 0(++/*$3 ;& +"%$ 8%/>@ (*+ %$ $//& ($ ,*#$$<,-.+-*(.@ >%+" -&%8/*$(. ())/(.3
;& +"/ %&+*#1-,+%#& +# +"/%* 6##? #& 5!"+/9 7+9%+)(@ g#*0(& U*7$#&@ \%,"(/. V&&
I#..7 (&1 i/%+" \#5/7 0(?/ ,./(* +"/ 1%22/*/&,/ 6/+>//& ())*#(,"/$ +# 8%$-(.
%0('/$ +"(+ 1/)/&1 #& +"%$ &#+%#& #2 V*+@ (&1 +"/ ())*#(," +# 8%$-(. %0('/$ +"(+
+"/ ,#&+*%6-+#*$ +# +"/%* 6##? (1#)+9
;&$+/(1 #2 $//?%&' +# )*#0#+/ (&1 $-$+(%& +"/ 8(.-/ #2 C'*/(+D (*+ 67 .%0%+%&' 1%$,-$$%#&
+# +"/ ,%*,-0$+(&,/$ #2 +"/ >#*?D$ )*#1-,+%#& (&1 +# $)/,-.(+%#& (6#-+ +"/ /5+*(<
#*1%&(*7 %0)-.$/$ +"(+ 0(7 "(8/ ,"(*(,+/*%T/1 +"/ %&+/&+%#&$ #2 %+$ 0(?/*$@ +"/$/
,#&+*%6-+#*$ /5(0%&/ +"/ >#*? )/*2#*0/1 67 +"/ %0('/ %& +"/ .%2/ #2 ,-.+-*/ 3 3 3 ;&$+/(1
#2 ()).7%&' ( i(&+%(& (/$+"/+%,@ (,,#*1%&' +# >"%," 8(.-/ %$ (& %&+*%&$%, ,"(*(,+/*%$+%, #2
+"/ >#*? #2 (*+@ #&/ ,()(6./ #2 6/%&' )/*,/%8/1 67 (.. "-0(& 6/%&'$ */'(*1./$$ #2 +"/%*
.#,(+%#& %& +%0/ (&1 ).(,/ J ( */,#'&%+%#& +"(+ 1/)/&1$ #&.7 #& #&/D$ $+(+-$ ($ ( "-0(&
6/%&' J +"/$/ >*%+/*$ 6/+*(7 (& (>(*/&/$$ +"(+ +"/ (/$+"/+%, 8(.-/ #2 ( >#*? 1/)/&1$ #&
+"/ )*/8(%.%&' ,-.+-*(. ,#&1%+%#&$3 4"/7 %&8/$+ +"/ >#*? >%+" 8(.-/ 67 0/(& #2 +"/%*
())*/,%(+%#& #2 %+$ 0/(&%&' 6#+" %& +"/ ,-.+-*(. "#*%T#& #2 %+$ )*#1-,+%#& (&1 %+$
*/,/)+%#&3 MU*7$#&@ I#..7 (&1 \#5/7@ NOOd9 58%R

4"-$@ >"%./ +"/ ,#&&#%$$/-*$"%) -$-(..7 (,,#0)(&7%&' +"/ /5/*,%$/ #2 C+"/ '##1
/7/D 1/&%/$ +"/ ,-.+-*(. $)/,%A,%+7 #2 V*+@ +"/ &#+%#& #2 8%$-(. ,-.+-*/ (11*/$$/$ +"(+
$)/,%A,%+7 1%*/,+.73
JT QB2RDS TU@EV>VSVWBU2

V F-/$+%#& */0(%&$@ +"#-'"3 ;$ %+ )#$$%6./ +# */+(%& ( $/&$/ #2 +"/ )#>/* #2 M$#0/R


%0('/$@ #2 +"/%* #2+/& 8%$,/*(. %0)(,+@ %2 %+ %$ ($$-0/1 +"(+ C+"/ (/$+"/+%, 8(.-/ #2 (
>#*? 1/)/&1$ #& +"/ )*/8(%.%&' ,-.+-*(. ,#&1%+%#&$D_

J #*/ (%;6%+!#!%"14 !"#/$6$/#1#!%" %3 ;%8!") !;1)/+

4"-$ 2(*@ ,#0)#$%+%#&(. %&+/*)*/+(+%#& "($ 6//& 1/$,*%6/1 ($ ( 0/+"#1 2#*


1/$,*%6%&' )(%&+%&'$@ 6-+ +"/ $(0/ +/*0$ ,#-.1 6/ -$/1 +# 1/$,*%6/ #+"/*
$#*+$ #2 $+%.. %0('/$ +##9 )"#+#'*()"$@ 2#* /5(0)./3 H#0/ ($)/,+$ #2
0#8%&' %0('/$ J A.0@ +/./8%$%#& (&1 8%1/#@ 2#* /5(0)./ J ,(& (.$# 6/
1/$,*%6/1 -$%&' +"/ +/*0%&#.#'7 #2 ,#0)#$%+%#&(. %&+/*)*/+(+%#&3 H#0/ #2
+"/ +/*0$ -$/1 %& +"/ )*/8%#-$ $/,+%#&$ (*/ ,#&8/&+%#&(..7 '%8/& #+"/*
&(0/$ >"/& -$/1 %& */.(+%#& +# 0#8%&' %0('/$@ "#>/8/*@ (&1 0#8%&'
%0('/$ (.$# */F-%*/ ( 2-*+"/* $/+ #2 +/*0$ +# 1/$,*%6/ +"/%* 17&(0%, F-(.%<
+%/$3 \#&(,# #22/*$ ( 1/+(%./1 8#,(6-.(*7 2#* 1/$,*%6%&' +"/ $)(+%(. (&1
+/0)#*(. #*'(&%T(+%#& #2 0#8%&' %0('/$@ (&1 +"%$ $/,+%#& >%.. 1*(> #& "%$
8/*7 -$/2-. 1%$,-$$%#& M\#&(,#@ Qaaa9 N^QJQQ^R3
\#&(,#D$ 1%$,-$$%#& 6/'%&$ >%+" ( 6($%, 1%$+%&,+%#& 6/+>//& +"/
F!+/>/">+(/̀"/ $)(+%(. #*'(&%T(+%#& #2 ( A.0@ >"%," %$ ,(../1 %+$ 2()&3&+3)/&<+&@ (&1 %+$
F%"#1)/ +/0)#*(. #*'(&%T(+%#&@ #* %+$ 2*+$,1&3 \#&(,# MQaaa9 NPOR $-''/$+$ +"(+
0%$/</&<$,/n&/ %$ ( */$-.+ #2 1/,%$%#&$ (6#-+ >"(+ +# $"##+ (&1 "#> +# $"##+
%+@ >"%./ 0#&+('/ %$ "#> +"/ $"#+$ (*/ )*/$/&+/13 I%$ 1/$,*%)+%8/ 8#,(6-<
.(*7 %$ 1%8%1/1 6/+>//& /(," #2 +"/$/3 4># 2-*+"/* ,#&$%1/*(+%#&$ %& %&+/*<
)*/+%&' 0(&7 0#8%&' %0('/$ %$ +"/ $#-&1 +"(+ (,,#0)(&%/$ +"/0@ (&1@ %&
+"/ ,($/ #2 A.0$ +"(+ +/.. ( $+#*7@ +"/%* &(**(+%8/ $+*-,+-*/3

d1L /.)$O$&O)5$h&$

\#&(,# MQaaaR $-''/$+$ +"(+ >"(+ %$ $"#+ %&8#.8/$ .##?%&' (+ "#> +"/ A.0
2*(0/ %$ -$/1@ (&1 +"(+ "#> %+ %$ $"#+ ,#&,/*&$ +"/ $+*-,+-*/ #2 +"/ $"#+$
+"/0$/.8/$3
4"/*/ (*/ +"*// ($)/,+$ #2 +"/ 2*(0%&' #2 $,/&/$ +# >"%," \#&(,#
=($//" $1#!% MQaaaR ,(..$ (++/&+%#&3 4"/ A*$+ #2 +"/$/ %$ +"/ )/%&&+ %,$(*3 4"/ $,*//& *(+%#
%$ +"/ *(+%# 6/+>//& +"/ "/%'"+ #2 +"/ )*#G/,+/1 %0('/ (&1 %+$ >%1+"9 +"(+ %$@
+"/ $,*//& *(+%# 1/$,*%6/$ +"/ $"()/ #2 +"/ $,*//&3 ;& ,.($$%, I#..7>##1
0#8%/$ J +"#$/ 0(1/ %& +"/ I#..7>##1 $+-1%# $7$+/0 #2 +"/ NO]a$@ NOda$
(&1 NO^a$ J +"/ $,*//& *(+%# >($ N3]]3 \#&(,# MQaaa9 NXdR $-''/$+$ +"(+
+"%$ )*#)#*+%#& 2(,%.%+(+/1 1%*/,+#*$ (&1 (-1%/&,/$ 2#,-$%&' #& 2(,/$ (&1
1%(.#'-/3 ;& +"/ NO^a$@ +"/ (**%8(. #2 >%1/$,*//& >%+" $,*//& *(+%#$ Q3]] #*
0#*/ >($ )(*(../../1 67 0#*/ .(&1$,()/ $"#+$@ .#,(+%#& $"##+%&' (&1 (,+%#&
0#8%/$3 4"/ $/,#&1 ($)/,+ #2 2*(0%&'@ (,,#*1%&' +# \#&(,# MQaaaR %$ "#>
=($//" 3$1;/ +"/ )/%&&+ 5%,2& >#*?$3 ;2 +"/ (,+%#& %$ A.0/1 %& $-," ( >(7 +"(+ +"/ $)(,/
G@EU WVV> UfU0 JI

6/7#&1 +"/ $,*//& 2*(0/ %$ %0)#*+(&+@ +"/& +"/ $,*//& 2*(0/ %$ &*(,3 ;2@ #&
+"/ #+"/* "(&1@ +"/ $,/&/ 0(?/$ &# */2/*/&,/ +# +"/ $)(,/ 6/7#&1 %+$ #>&
2*(0/@ +"/ $,*//& 2*(0/ %$ $9&"(63 W%&(..7@ \#&(,# MQaaa9 NXbJP@ NOQR
=($//" 641"/+ 1%$,-$$/$ +"/ )/%&&+ 0#,+&)3 4"/*/ (*/ +"*// #2 +"/$/@ (&1 +"/7 %&+/*$/,+3 4"/
1)/-( *9/,( %$ "#> 2#*0$ (*/ 1%$+*%6-+/1 (,*#$$ +"/ $,*//&S +"/ 3(&J
3)/*;!$/9 *9/,( %$ "#> 2#*0$ (*/ 1%$+*%6-+/1 %& +"*//<1%0/&$%#&(. $)(,/S
(&1 +"/ 6(*%; *9/,( %$ "#> +"/ ())(*/&+ 1/)+" #2 +"/ %0('/$ %$ )/*,/%8/13
V.$# %& */.(+%#& +# +"/ 2*(0/@ \#&(,# MQaaaR )#%&+$ #-+ +"(+ ( 2*(0/
F'4#!64/ !;1)/+ ,(& ,#&+(%& 2"#$(0#& (2,1&) %2 %+ %$ $).%+@ #* %0('/$ ,(& $"#>& ($
='6/$!;6%+!#!%"+ )"0&%(20*)($(*+)@ +"*#-'" +/,"&%F-/$ $-," ($ 1#-6./ /5)#$-*/3
=*%# &!+#1"(/ 4"/ $/,#&1 ($)/,+ #2 0#8%&' %0('/$D 0%$/</&<$,/n&/ %$ +"/%* $"#+$3 =7*$
6()$,+/& */2/*$ +# "#> 0-," #2 ( A'-*/ %$ $"#>& 67 ( )(*+%,-.(* $"#+@ (&1 (
$"#+ ,(& 6/ (& (:%)(-( 9&,3 ";&% M>"/*/ +"/ A'-*/ %$ %& +"/ 2(* 1%$+(&,/R@
( 9&,3 ";&%@ #* ( 1+99@ %;)((JK+/)%()"@ -(6!+-@ ;(/6 /,6 ";&+96()" #* $9&"(J
+* $"#+3 \#&(,# MQaaaR +/&+(+%8/.7 $-''/$+$ $#0/ #2 +"/ /22/,+$ +"(+ +"/
2*/F-/&+ -$/ #2 #&/ #* #+"/* #2 +"/$/ $#*+$ #2 $"#+$ 0%'"+ )*#1-,/ %& (
)(*+%,-.(* A.03 4"/ */)/(+/1 -$/ #2 ,.#$/<-)$@ 2#* /5(0)./@ 0(7 )*#1-,/ (
$/&$/ #2 ,.(-$+*#)"#6%, %&+/&$%+7@ >"%./ .#&' $"#+$ 0(7 %0).7 (.%/&(+%#&
(&1 /0)+%&/$$3 I#>/8/*@ ($ >($ &#+/1 %& $/,+%#& ]3] #2 +"%$ ,"()+/* (&1 ($
\#&(,# ,#00/&+$@ +"/$/ $#*+$ #2 '/&/*(.%T(+%#&$ (6#-+ +"/ /22/,+$ #2 +"/
$)(+%(. #*'(&%T(+%#& #2 %0('/$ (.>(7$ &//1 +# 6/ ($$/$$/1 ,(*/2-..7 %&
*/.(+%#& +# $)/,%A, %0('/$3
W%('+ 4"/ 5*/") #2 $"#+$ %$ (.$# %0)#*+(&+3 L((* 1&$+" %$ >"/& +"/ 2#*/<
'*#-&1@ 0%11./ '*#-&1 (&1 6(,?'*#-&1 #2 ( $"#+ J (.. #2 +"/ 2*(0/D$
'/#'*()"%,(. ).(&/ J (*/ %& 2#,-$3 2;/99&4 1&$+" %$ >"/& #&/ #2 +"/$/
'*#-&1$ %$ 0#*/ %& 2#,-$ +"(& #+"/*$3 W#,-$ ,(& (.$# 6/ ";/)* #* "&1%3
V'(%&@ \#&(,# ,#00/&+$ +"(+ ,/*+(%& ?%&1$ #2 2#,-$%&' 0(7 "(8/
)(*+%,-.(* /22/,+$3 H#2+ 2#,-$ 0(7 6/ -$/1 +# ,*/(+/ ( *#0(&+%, #* &#$+(.'%,
2//. +# ( $,/&/@ 2#* /5(0)./3 U-+ ('(%&@ +"/ )*/,%$/ /22/,+$ #2 ( )(*+%,-.(*
?%&1 #2 2#,-$ 0(7 &#+ ,#**/$)#&1 +# +"/$/ $#*+$ #2 '/&/*(.%T(+%#&$3
D")4/ 4"/ ,+1#& #2 $"#+$ (.$# &//1$ +# 6/ ,#&$%1/*/13 4"/ (&'./ #2 /**)&/$;@
2#* /5(0)./9 %$ %+ $F-(*/ #* #6.%F-/_ 4"/ (&'./ #2 (9(8/%!&, 0(++/*$ +##9 %+
,(& 6/ #8/*"/(1 M.##?%&' *%'"+ 1#>& #& +# +"/ $,/&/R@ "%'"<(&'./@ /7/<./8/.
#* .#><(&'./ M.##?%&' -) (+ +"/ $,/&/R3 4"/ $"#+ 0(7 (.$# )&99@ >"%," %$
>"/& +"/ "#*%T#& #2 +"/ %0('/ +%.+$@ (.+"#-'" \#&(,# &#+/$ +"(+ +"%$ %$
*(*/ $%&,/ %+ 1%$*-)+$ +"/ -&%#& 6/+>//& ,(0/*( (&1 (-1%/&,/ +"(+ ,%&/0(
/$)/,%(..7 8/*7 #2+/& +*%/$ +# 0(%&+(%&3
Y%!"# %3 8!/2 4"/ 0*(+$ *5 '(&4 (1#)+/1 67 $"#+$ %$ (.$# ,*-,%(. +# ( A.0D$ /22/,+$3
4"/ ,(0/*( 0(7 (1#)+ +"/ )#%&+ #2 8%/> #2 ( )(*+%,-.(* ,"(*(,+/*@ 2#*
/5(0)./@ (&1 %& !"()+/* b >/ >%.. $// >"(+ -$/ I%+,",#,? 0(1/ #2 +"%$
1/8%,/ %& "%$ A.0 5()%!3&3 4"/ )(8()"(J/,39( $"#+ %$ ( )(*+%,-.(* ,($/ #2 +"/
,(0/*( (1#)+%&' ,"(*(,+/*$D )#%&+$ #2 8%/>3 ;+ %$ 8/*7 #2+/& -$/1 +# $"#> (
,#&8/*$(+%#& 6/+>//& +># )/#)./9 #&/ %$ $//& +(.?%&' #* .%$+/&%&' 2*#0
())*#5%0(+/.7 +"/ #+"/*D$ 8%/>)#%&+ ($ +"/ #+"/* .%$+/&$ #* +(.?$3 V */,/&+
,/./6*(+/1 /5(0)./ #2 +"%$ +/,"&%F-/ >($ +"/ ,#&8/*$(+%#& 6/+>//& 8%..(%&
`#6/*+ 1/ g%*# (&1 ,#) V. L(,%&# %& \%,"(/. \(&&D$ G(/%9 +"/%*
XV QB2RDS TU@EV>VSVWBU2

,#&8/*$(+%#&(. ,#&2*#&+(+%#& %& +"/ 0#8%/ >($ $"#+ /&+%*/.7 >%+" */8/*$/
(&'./$ $# +"/ 8%/>/* &/8/* $(> +"/ +># 0/& %& +"/ $(0/ 2*(0/ +#'/+"/*@ (&
%&1%,(+%#& #2 +"/ 1%8%$%#&$ 6/+>//& +"/0 )/*"()$3 4"/ ,(0/*( 0(7 (.$#
(1#)+ >"(+ \#&(,# MQaaa9 QNNR ,(..$ +"/ C%;!)6 *()"&,D $"#+@ %& >"%," C+"/
,(0/*( #2+/& $//0$ +# +(?/ #& ( ,"(*(,+/* #2 %+$ #>&@ $/)(*(+/ 2*#0 +"#$/
#2 +"/ ,"(*(,+/*$D3 ;& ,.($$%, I#..7>##1 0#8%/$@ +"/ #)/&%&' )#%&+ #2 8%/>
%$ 8/*7 #2+/& ( )(*+%,-.(* $#*+ #2 +"%$ +"%*1<)/*$#& $"#+3 ;+ %$ (& ("%/'9!";!,3
$"#+@ >"%," >#*?$ +# '%8/ +"/ (-1%/&,/ +"/ %&2#*0(+%#& +"/7 &//1 (6#-+
).(,/@ +%0/ (&1 ,"(*(,+/* 6/2#*/ +"/ &(**(+%8/ 6/'%&$3
W%&(..7@ \#&(,# #22/*$ ( &-06/* #2 +/*0$ +"(+ */2/* +# +"/ >(7 +"(+
+"/ ,(0/*( %+$/.2 0#8/$ %& A.0 %0('/$3 4"/ ,(0/*( ,(& */8#.8/ >"%./
*/0(%&%&' $+(+%#&(*7@ #* %+ ,(& )"7$%,(..7 0#8/3 4"/*/ (*/ +"*// ?%&1$ #2
Y1" $"#+$ )#$$%6./ >"/& +"/ ,(0/*( */8#.8/$ M\#&(,#@ Qaaa9 OPR9 +"/ 0,+@
>"/& +"/ ,(0/*( 0#8/$ (.#&' ( "#*%T#&+(. (5%$@ )/*"()$ (.#&' +"/ "#*%T#&
.!4# #2 ( .(&1$,()/S +"/ $(#$@ >"/& %+ 0#8/$ (.#&' ( 8/*+%,(. (5%$@ )/*"()$
\%44 0#8%&' 2*#0 +"/ "/(1 +# +"/ 2//+ #2 ( ,"(*(,+/*S (&1 +"/ %*##@ >"%," "($
.$1(-!") (.*/(17 6//& &#+/13 ="/& +"/ ,(0/*( %+$/.2 0#8/$@ +"/ $"#+ %$ ( $%,/>(+1
O$1"/ $"#+ %2 +"/ .%&/ %+ 2#..#>$ %$ "#*%T#&+(.@ (&1 ( /%,+& $"#+ %2 +"/ .%&/ %+ 2#..#>$
%$ 8/*+%,(.3 V& /5(0)./ #2 ( +*(,?%&' $"#+ 0/&+%#&/1 67 \#&(,# MQaaa9
QNOR %$ +"/ #)/&%&' $"#+ #2 `#6/*+ V.+0(&D$ A.0 >;( C9/0()3 4"%$ %$ ( 8/*7
.#&' +*(,?%&' $"#+ >"%," %$ (.$# (& /$+(6.%$"%&' $"#+@ ($ %+ 0#8/$ +"*#-'"
+"/ .#+ #2 ( I#..7>##1 $+-1%# %&+*#1-,%&' .#,(+%#& (&1 ,"(*(,+/*$ +# +"/
a%%; (-1%/&,/3 W%&(..7@ +"/*/ %$ +"/ 9**2 $"#+@ >"%," %$ $%0%.(* +# ( +*(,?%&' $"#+
6-+ %$ 0(1/ 67 ( $+(+%#&(*7 ,(0/*(3 ;& ( T##0 $"#+@ +"/ A'-*/ %& ( $,/&/
*/0(%&$ +"/ $(0/ $%T/ >"%./ +"/ $-**#-&1%&'$ +"/7 (*/ 0#8%&' +"*#-'"
,"(&'/$ %& $%T/3

d1^ /"&!+8$

\#&+('/ */2/*$ +# "#> +"/ $"#+$ #2 ( A.0 (*/ )-+ +#'/+"/*S +"(+ %$@ "#>
_&!#!") +"/7 (*/ )*/$/&+/13 V&#+"/* +/*0 2#* 0#&+('/ %$ &6($(+13 V$ \#&(,#
MQaaaR ,#00/&+$@ +"/ 8#,(6-.(*7 2#* 1/$,*%6%&' 1%22/*/&+ 0#&+('/ +/,"<
&%F-/$ %$ 0-," ./$$ >/.. 1/8/.#)/1 +"(& +"(+ >"%," ,(& 6/ -$/1 +# 1/$,*%6/
2*(0/$ (&1 $"#+$3
;& ,.($$%, I#..7>##1 ,%&/0(@ (&1 %& 0(&7 #2 %+$ ,#00/*,%(. )*#1-,+$
+#1(7@ +"/ )*%&,%)./ 6/"%&1 0#&+('/ %$ +"/ 0(%&+/&(&,/ #2 (& %0)*/$$%#& #2
6#+" &(**(+%8/ E#> (&1 $)(+%(. ,#"/*/&,/3 4"/ ?%&1 #2 /1%+%&' -$/1 +#
O%"#!"'!#5 ('##!") (,"%/8/ +"%$ %$ ?&#>& ($ /*+$(+"($- /"$$(+13 H"#+$ (*/ /1%+/1 %& #*1/* +# (..#>
+"/ ,./(* 1/8/.#)0/&+ #2 +"/ $+#*7 (&1 +# 0(%&+(%& ( */(.%$+%, */)*/$/&+(+%#&
#2 +"/ $)(,/$ >"%," +"/ &(**(+%8/ #,,-)%/$3 4"/*/ (*/ 0(&7 >(7$ %& >"%,"
+"%$ %$ 1#&/@ (&1 ($ (-1%/&,/$ #2 A.0$ >/ +(?/ 0(&7 #2 +"/0 2#* '*(&+/13
c$+(6.%$"%&' $"#+$ (&1 */8/*$/ (&'./$@ 2#* /5(0)./@ (*/ $//& ($ */(.%$+%, >(7$
#2 $"#>%&' ).(,/ (&1 ,"(*(,+/*$3 c1%+%&' +/,"%F-/$ .%?/ =+-* $+%"@ 2#*
/5(0)./@ >"/& +># ,#0)./+/.7 -&*/.(+/1 %0('/$ (*/ $).%,/1 +#'/+"/*@ >/*/
*(*/ %& ,.($$%, I#..7>##1 ,%&/0(@ 6/,(-$/ >/ 1# &#+ )/*,/%8/ +"/ >#*.1 .%?/
G@EU WVV> UfU0 XH

+"(+ M(.+"#-'" ($ \#&(,#@ Qaaa ,#00/&+$@ 0(&7 #2 +"/ +/,"&%F-/$ >/ $//
($ */)*/$/&+%&' */(.%$+%,(..7 "#> >/ $// +"/ >#*.1 6/(* .%++./ */$/06.(&,/ +#
"#> >/ 1# (,+-(..7 .##?R3
O'# 4"/ G-0) ,-+ %$ #&/ $#*+ #2 ,#&&/,+%#&@ #* /"$@ +"(+ ,(& 6/ 0(1/
6/+>//& $"#+$3 ;+ %$ (& /5(0)./ #2 (& +,-/)<(6 $+%@ >"/*/ #&/ %0('/ /&1$
(&1 (&#+"/* $+(*+$3 B+"/* $#*+$ #2 ,#&&/,+%#&$ (*/ +"/ 1/6(@ >"/*/ (& %0('/
2(1/$ +# 6.(,?@ +"/ 6!""&98(@ >"%," $-)/*%0)#$/$ ( 2(1/ %& #8/* ( 2(1/ #-+@
+"/ !)!"@ %& >"%," +"/ %0('/ %$ */1-,/1 %& $%T/ 67 (& /&,*#(,"%&' 6#*1/*
,%*,./@ (&1 +"/ 4!*(@ >"/*/ #&/ %0('/ */0#8/$ (&#+"/*3 4"/ );0%;- #2
,-+$@ 1/+/*0%&/1 67 "#> .#&' /(," $"#+ %$ "/.1@ 0(7 (.$# 6/ %0)#*+(&+ %&
,#&$%1/*%&' ( A.0D$ /22/,+$3 W#* /5(0)./@ ( $/*%/$ #2 )*#'*/$$%8/.7 $"#*+/*
$,/&/$ 0(7 ,#&+*%6-+/ +# +"/ (,,-0-.(+%#& #2 +/&$%#& ($ ( &(**(+%8/ ,.%0(5
1/8/.#)$3 \#&(,# MQaaa9 QQaJdR (.$# $)/&1$ $#0/ +%0/ #& +"/ ,#0).%<
,(+/1 $,"/0( 2#* 1/$,*%6%&' 0#&+('/ 1/8/.#)/1 67 !"*%$+%(& \/+T@ ( *(*/
/5(0)./ #2 (& (++/0)+ +# 2#*0-.(+/ ( +7)#.#'7 2#* (.. 0#&+('/ )#$$%6%.%+%/$
(&1 *(+"/* /.(6#*(+/ ($ ( */$-.+3

d1Z )"%&'

H#-&1 %$ ,*-,%(. +# 0(&7 0#8%&' %0('/$@ /$)/,%(..7 0#8%/$3 \#&(,#


MQaaaR $-''/$+$ +"(+ +"/*/ (*/ +"*// +7)/$ #2 $#-&19 (,8!)&,-(,%/9@ "*(($;
(&1 -+"!$3 c&8%*#&0/&+(. $#-&1$ (*/ &#%$/ /22/,+$@ >"/+"/* C*/(.D #*
(*+%A,%(.@ (&1 \#&(,# MQaaa9 QN]R ,#00/&+$ +"(+ +"/7 ,(& 6/ ,*-,%(. +# (
0#8%/D$ /5)*/$$%8/ ,#&+/&+3 4"/ 0-$%, $#-&1+*(,? #2 ( 0#8%/ %$ (.$#
2-&1(0/&+(. +# %+$ /22/,+3 \#&(,# MQaaa9 QNdJN^R (.$# $-''/$+$ +"*//
#8/*.())%&' >(7$ %& >"%," +"/ */.(+%#& 6/+>//& +"/ $#-&1 (&1 +"/ %0('/
#2 ( A.0 ,(& 6/ ,#&$%1/*/13 4"/ "&+)$( #2 +"/ $#-&1 ,(& 6/ %& #* #-+ #2 +"/
2*(0/3 C/)/99(99 $#-&1 %$ $#-&1 >"%," %$ (,+-(.@ $7&,"*#&#-$ >%+" (&1
*/.(+/1 +# +"/ %0('/3 ;& ,#&+*($+@ $&,%)/*+,%/9 $#-&1 %$ ,#00/&+(+%8/@
($7&,"*#&#-$ (&1 #))#$/$ +"/ %0('/3

d1d + )%//+(9 "4 T"&+5"0) )5-$/+

4# $-00(*%T/ \#&(,#D$ 1/$,*%)+%8/ 8#,(6-.(*7@ +"/ 0%$/</&<$,/n&/ ,(& 6/


-&1/*$+##1 %& +/*0$ #29

N 1)/-(9
: "$)((, )/%!&S
: "$)((, 1)/-(9 #)/& #* ,.#$/1S
: "$)((, *9/,("9 2*(0/ ).(&/@ '/#'*()"%,(. ).(&/ (&1 1/)+" ).(&/S
: -+9%!*9( !-/3("S
: "+*()!-*&"!%!&,"3
Q ";&%"9
: ";&% 6!"%/,$(9 /5+*/0/ .#&' $"#+@ .#&' $"#+@ 2-..@ +"*//<F-(*+/*$@
0/1%-0@ "/(1 (&1 $"#-.1/*$@ ,.#$/<-) $"#+S
XN QB2RDS TU@EV>VSVWBU2

: ";&% 1&$+"9 1//) #* $"(..#>@ $"(*) #* $#2+S


: ";&% /,39(9 (&'./ #2 ())*#(,"@ (&'./ #2 /./8(+%#&@ (&'./ #2 *#..S
: *&!,% &1 8!(49 ,"(*(,+/*@ +"%*1 )/*$#&@ /$+(6.%$"%&'@ */8/*$/ (&'./S
: */,"@ %!9%"@ M&&-" (&1 )&99"@ >"/& +"/ ,(0/*( */0(%&$ %& #&/
)#$%+%#&S
: %)/$<!,3 (&1 $)/,( $"#+$@ >"/& +"/ ,(0/*( %+$/.2 0#8/$3

4"/ 0#&+('/ #2 ( 0#8%&' %0('/ ,(& 6/ 1/$,*%6/1 >%+" */2/*/&,/ +#9

] $+%"9
: %0*( &1 $+%9 -&0(*?/1@ 2(1/@ 1%$$#.8/@ %*%$@ G-0)S
: );0%;-3

4"/ $#-&1$ #2 0#8%&' %0('/$ ,(& 6/ 1/$,*%6/1 67 ,#&$%1/*%&'9

d %0*(9 0-$%,@ /&8%*#&0/&+(. $#-&1@ $)//,"S


^ )(9/%!&, %& %;( !-/3(9 $#-*,/@ )(*(../.@ ,#&+*()-&+(.3

W%&(..7@ #&/ +"%&' +# >"%," \#&(,# MQaaaR )(7$ .%++./ (++/&+%#& 6-+ >"%,"
b1$$1#!8/ +#$'(#'$/ %$ ,/&+*(. +# $#0/ ?%&1$ #2 A.0 (&1 +# ,*%+%,%$0 #2 +"#$/ A.0$9 +,%%,$('&
)$%"/$"%&3 ="(+ %$ +"/ $+#*7 +"(+ ( 0#8%/ +/..$_ ="(+ "())/&$ +# %+$
,"(*(,+/*$_ H/,+%#& b %& !"()+/* ^ >%.. 1%$,-$$ (& %&+/*)*/+(+%#& #2 ( A.0
+"(+ )(7$ ,.#$/ (++/&+%#& +# +"/ $+*-,+-*/ #2 %+$ $+#*7 ($ >/.. ($ +# %+$ 8%$-(.
*/)*/$/&+(+%#&3

X (%;6%+!#!%"14 !"#/$6$/#1#!%"K 1" 1++/++;/"#

!#0)#$%+%#&(. %&+/*)*/+(+%#& +"-$ #22/*$ >(7$ #2 1/$,*%6%&' +"/ ,#&+/&+@


,#.#-*@ $)(+%(. #*'(&%T(+%#&@ .%'"+ (&1 /5)*/$$%8/ ,#&+/&+ #2 ( $+%.. %0('/@
(&1 +"/ 0%$/</&<$,/n&/@ 0#&+('/@ $#-&1 (&1 &(**(+%8/ $+*-,+-*/ #2 ( 0#8%&'
%0('/3 4"%$ %$ 8/*7 -$/2-. ($ ( A*$+ $+('/ #2 '/++%&' +# '*%)$ >%+" (& %0('/
+"(+ %$ &/> +# 7#-@ (&1 %+ */0(%&$ -$/2-. ($ ( >(7 #2 1/$,*%6%&' +"/ 8%$-(.
%0)(,+ #2 (& %0('/3 ;& %+$ ,#&,/*& 2#* +"/ $)(+%(. #*'(&%T(+%#& #2 (& %0('/@
0#*/#8/*@ ,#0)#$%+%#&(. %&+/*)*/+(+%#& 0(7 (.$# 6/'%& +# $(7 $#0/+"%&'
(6#-+ (& %0('/D$ )#$$%6./ /22/,+$ #& ( $)/,+(+#*3
I#>/8/*@ %& */.(+%#& +# +"/ ,*%+/*%( 2#* ( ,*%+%,(. 8%$-(. 0/+"#1#.#'7
$)/../1 #-+ %& !"()+/* N@ ,#0)#$%+%#&(. %&+/*)*/+(+%#& "($ 0(&7 $"#*+<
,#0%&'$3 ;+ 1#/$ &#+ /&,#-*('/ 1%$,-$$%#& #2 +"/ )*#1-,+%#& #2 (& %0('/
M#+"/* +"(& #2 %+$ +/,"&#.#'%,(. #* ,#0)#$%+%#&(. 0#1(.%+%/$R@ &#* #2 "#> %+
0%'"+ 6/ -$/1 (&1 %&+/*)*/+/1 67 8(*%#-$ 8%/>/*$3 V&1 >%+" %+$ -&)*#6<
./0(+%T/1 ,#&,/*& 2#* 8%$-(. %0('/$ C($ +"/7 (*/D@ %+ 1#/$ &#+ (..#> 2#* (
*/E/5%8%+7 +"(+ ,#&$%1/*$ +"/ )(*+%,-.(*%+7 #2 (&7 %&+/)*/+(+%#&3 4"-$
,#0)#$%+%#&(. %&+/*)*/+(+%#& ,(& /&1 -) */.7%&' #& &#+%#&$ #2 ,#&&#%$$/-*<
$"%)@ #* '/&%-$@ #* V*+@ 2#* /5(0)./@ ($ H/(*./D$ /$$(7 1#/$@ >"%," $%0).7
,(&&#+ '/+ +# '*%)$ >%+" +"/ ,#&,/*&$ #2 +"/ )*/8%#-$ ,"()+/* (6#-+ +"/
$)/,%A,%+%/$ #2 )(*+%,-.(* 8%$-(.%+%/$3 ;+ +"-$ &//1$ +# 6/ ,#06%&/1 >%+"
G@EU WVV> UfU0 XL

#+"/* 0/+"#1#.#'%/$ %& #*1/* +# (11*/$$ +"/$/ .(++/* $#*+$ #2 %$$-/$3 ;& "%$
1%$,-$$%#& #2 A.0@ 2#* /5(0)./@ \#&(,# MQaaaR -$/$ +/*0$ 1*(>& 2*#0
$/0%#.#'7 M$// !"()+/* dR +# /5).#*/ "#> A.0$ ,(**7 0/(&%&'$3

Q +';;1$5

: ,#0)#$%+%#&(. %&+/*)*/+(+%#& )(7$ $#0/ (++/&+%#& +# +"/ )*#1-,+%#& #2


%0('/$@ /$)/,%(..7 +"/%* +/,"&#.#'%/$@ 6-+ %$ 0#$+.7 ,#&,/*&/1 >%+" +"/
%0('/ %+$/.2 %& %+$ ,#0)#$%+%#&(. 0#1(.%+73
: (,,#*1%&' +# ,#0)#$%+%#&(. (&(.7$%$@ $#0/ #2 +"/ ?/7 ,#0)#&/&+$ #2 (
$+%.. %0('/ (*/ %+$ ,#&+/&+@ ,#.#-*@ $)(+%(. #*'(&%T(+%#&@ .%'"+ (&1
/5)*/$$%8/ ,#&+/&+3 \#8%&' %0('/$ ,(& 6/ 1/$,*%6/1 %& +/*0$ #2 +"/%*
0%$/</&<$,/n&/@ 0#&+('/@ $#-&1 (&1 &(**(+%8/ $+*-,+-*/3
: +"%$ 0/+"#1 1/0(&1$ ,(*/2-. (++/&+%#& +# +"/ %0('/3
: ( 1%$(18(&+('/ #2 +"%$ 0/+"#1 %$ %+$ -&%&+/*/$+ %& +"/ $#,%(. )*(,+%,/$ #2
8%$-(. %0('/*73

3'$#*/$ $/1&!")

Z#$"-( 4(7.#*D$ @(/),!,3 %& @&&< MNO^PR %$ 8/*7 -$/2-. 2#* $+%.. (*+ %0('/$@
>"%./ Z(0/$ \#&(,#D$ G&4 %& B(/6 / N!9- MQaaaR %$ /5,/../&+ 2#*
())*#(,"%&' A.0@ +/./8%$%#& (&1 8%1/# %0('/$ M(&1 (.$# ,#8/*$ 2(* 0#*/
'*#-&1 +"(& G-$+ ,#0)#$%+%#&(. %&+/*)*/+(+%#&R3 W#* (& (,,#-&+ #2 +"/
%&(1/F-(,%/$ #2 +"%$ ())*#(,"@ (&1 2#* (& /.(6#*(+%#& 67 (& (*+ "%$+#*%(& #2
$#0/ #2 +"/ %$$-/$ *(%$/1 %& +"/ )*/8%#-$ ,"()+/*@ $// \%,"(/. U(5(&1(..D$
C/!,%!,3 /,6 O:*()!(,$( !, N!1%((,%; 7(,%+)0 E%/90 MNOPQR3 4"%$ 6##? >($
#&/ #2 +"/ /(*.%/$+ /22#*+$ +# $"#> +"(+ C$#,%(. "%$+#*7 (&1 (*+ "%$+#*7 (*/
,#&+%&-#-$@ /(," #22/*%&' &/,/$$(*7 %&$%'"+$ %&+# +"/ #+"/*D MU(5(&1(..@
NOPQ9 8R3
L
(%"#/"# 1"145+!+
5"%&!.&8 ,-+! 9"% :!-.&? 9"%; )$$

H 1" !"#$%&'(#!%" #% (%"#/"# 1"145+!+

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


#*%'%&(..7 1/8/.#)/1 +# %&+/*)*/+ >*%++/& (&1 $)#?/& +/5+$9 ,#&+/&+ (&(<
.7$%$3 ;& #&/ >(7@ ,#&+/&+ (&(.7$%$ $+(&1$ %& $"(*) ,#&+*($+ +# +"/ 0/+"#1
/5(0%&/1 %& +"/ )*/8%#-$ ,"()+/*3 ="/*/($ ,#0)#$%+%#&(. %&+/*)*/+(+%#& %$
0/+"#1#.#'%,(..7 $%./&+@ */.7%&' %&$+/(1 #& +"(+ /.-$%8/ +"%&' ,(../1 C+"/
'##1 /7/D@ ,#&+/&+ (&(.7$%$ %$ 0/+"#1#.#'%,(..7 /5).%,%+3 ;&1//1@ %+ %$ 6($/1
#& ( &-06/* #2 *-./$ (&1 )*#,/1-*/$ +"(+ 0-$+ 6/ *%'#*#-$.7 2#..#>/1 2#*
+"/ (&(.7$%$ #2 %0('/$ #* +/5+$ +# 6/ */.%(6./ M#& %+$ +/*0$R3 f#& H.(+/* )-+$
+"/ ,#&+*($+ 6/+>//& +"/$/ +># 0/+"#1$ %&+# +"/ 6*#(1/* ,#&+/5+ #2 $#,%(.
$,%/&,/ (&1 "-0(&%+%/$ */$/(*," 0#*/ '/&/*(..73 H)/(?%&' #2 +"/ )#$+<
=#*.1 =(* ;; )/*%#1@ "/ $(7$9

4"/ 0(%& .%&/ #2 1/8/.#)0/&+ #2 M)(*+%,-.(*.7 V&'.#<H(5#&R $#,%(. $,%/&,/


>($ $+*-,+-*/1 67 +"/ %1/(.$ #2 F-(&+%A,(+%#& (&1 &(+-*(. $,%/&,/
0/+"#1#.#'73 ;& +"%$ ,#&+/5+@ $#,%(. */$/(*," >"%," */.%/1 #& ,-.+-*(.
0/(&%&'$ ($ 1(+( >($ $//& ($ $"(?7 (&1 $-6G/,+%8/@ %&,()(6./ #2 *%'#*#-$
,#&+*#.3 \#*/#8/*@ >"/*/($ %&+/*)*/+%8/@ F-(.%+(+%8/ ())*#(,"/$ +# $#,%(.
/$%!&, $/,-*/1 2##+"#.1$ %& $#,%(. $,%/&,/@ ,-.+-*(. %(:%" $//0/1 +# 6/.#&'
%& +"/ 1#0(%& #2 .%+/*(*7 #* (*+ ,*%+%,%$0@ >"%," >/*/ %**/1//0(6.7 >##..7
(&1 "(1 0#*/ +# 1# >%+" */A&/1 C,-.+-*(. ())*/,%(+%#&D +"(& >%+" (&7
+*(1%+%#& #2 $-$+(%&/1 (&(.7$%$ (&1 %&8/$+%'(+%#&3 MH.(+/*@ NOOX9 Q]]JdR

!#&+/&+ (&(.7$%$ >($ ,#&,/*&/1 +# (&(.7$/ ,-.+-*(. +/5+$ %& (,,#*1(&,/ >%+"
C+"/ %1/(.$ #2 F-(&+%A,(+%#& (&1 &(+-*(. $,%/&,/ 0/+"#1#.#'7D3 ;+ >($ A*$+
1/8/.#)/1 %& +"/ %&+/*>(* )/*%#1 67 $#,%(. $,%/&+%$+$ >(&+%&' +# 0/($-*/ +"/
C(,,-*(,7D #2 +"/ &/> 0($$ 0/1%(@ (&1 >($ '%8/& ( 2-*+"/* 6##$+ 1-*%&'
=#*.1 =(* ;;@ >"/& %+$ 0/+"#1$ >/*/ /.(6#*(+/1 %& #*1/* +# 1/+/,+ %0).%,%+
0/$$('/$ 2*#0 Y/*0(& 1#0/$+%, *(1%# 6*#(1,($+$ Mi*%))/&1#*2@ NOXaR3
YV=@U=@ D=DSf2B2 XX

I/&,/ %+$ /5).%,%+ 0/+"#1#.#'7@ +"*#-'" >"%,"@ %+ >($ ,.(%0/1@ (&(.7$%$


>#-.1 &#+ 6/ >##..7 6-+ *%'#*#-$@ */.%(6./ (&1 #6G/,+%8/3
H#0/ ,*%+%,$ #2 ,#&+/&+ (&(.7$%$ (*'-/ +"(+ %+$ 1/A&%+%#& #2 C*/.%(6./D
/F-(+/$ */.%(6%.%+7 >%+" F-(&+%+(+%8/ 0/+"#1$ #2 (&(.7$%$ MU(.. (&1 H0%+"@
NOOQS H.(+/*@ NOOXR3 I#>/8/*@ ($ i*%))/&1#*2 MNOXaR 0(?/$ ,./(* %& "%$
"/.)2-. 1%$,-$$%#& #2 ,#&+/&+ (&(.7$%$@ %+ (.$# %&8#.8/$ 8(*%#-$ F-(.%+(+%8/
)*#,/1-*/$ M$// (.$# =/6/*@ NOOaR3 ;&$+/(1 #2 2#,-$%&' #& +"/ F-/$+%#& #2
F-(&+%A,(+%#&@ i*%))/&1#*2D$ 1/A&%+%#& #2 ,#&+/&+ (&(.7$%$ /0)"($%T/$ +>#
1%22/*/&+ ($)/,+$ #2 >"(+ 0%'"+ 6/ ,(../1 C&(+-*(. $,%/&,/ 0/+"#1#.#'7D9
*/).%,(6%.%+7 (&1 8(.%1%+7 M+"/$/ +/*0$ >%.. 6/ 1/A&/1 %& $/,+%#&$ Q3Q (&1 Q3]
#2 +"%$ ,"()+/* */$)/,+%8/.7R3 C!#&+/&+ (&(.7$%$D@ "/ $(7$@ C%$ ( */$/(*,"
+/,"&%F-/ 2#* 0(?%&' */).%,(6./ (&1 8(.%1 %&2/*/&,/$ 2*#0 1(+( +# +"/%*
,#&+/5+D Mi*%))/&1#*2@ NOXa9 QNR3 ;& .%&/ >%+" +"/ 6*#(1 ())*#(," +# 8%$-(.
%0('/$ #-+.%&/1 %& !"()+/* N@ "/ %&$%$+$ +"(+ ,#&+/&+ (&(.7$%$ %$ ( >(7 #2
-&1/*$+(&1%&' +"/ $706#.%, F-(.%+%/$ #2 +/5+$@ 67 >"%," "/ 0/(&$ +"/ >(7
+"(+ /./0/&+$ #2 ( +/5+ (.>(7$ */2/* +# +"/ >%1/* ,-.+-*(. ,#&+/5+ #2 >"%,"
+"/7 (*/ ( )(*+3 !#&+/&+ (&(.7$%$ (%0$ +# (&(.7$/ +"#$/ */2/*/&,/$ %& (&7
#&/ '*#-) #2 +/5+$ %& ( */).%,(6./ (&1 8(.%1 0(&&/*3
g#&/+"/./$$@ $+-1%/$ -$%&' ,#&+/&+ (&(.7$%$ 1# +/&1 +# -$/ .#+$ #2
&-06/*$ +# 0(?/ +"/%* )#%&+$3 4"%$ %$ 6/,(-$/@ %& %+$ ,#&,/*& 2#* */).%,<
(6%.%+7 (&1 8(.%1%+7@ ,#&+/&+ (&(.7$%$ #22/*$ ( &-06/* #2 +/,"&%F-/$ 2#*
"(&1.%&' .(*'/ &-06/*$ #2 %0('/$ >%+" $#0/ 1/'*// #2 ,#&$%$+/&,73 ;& +"/%*
$+-17 #2 &/(*.7 baa #2 +"/ )"#+#'*()"$ -$/1 %& +"/ 0('(T%&/ P/%!&,/9
I(&3)/*;!$ #8/* &/(*.7 +"*// 1/,(1/$@ 2#* /5(0)./@ !(+"/*%&/ [-+T (&1
Z(&/ !#..%&$ 1/,%1/1 +# -$/ ,#&+/&+ (&(.7$%$ 2#* G-$+ +"%$ */($#&3 4"/%*
1/2/&,/ #2 ,#&+/&+ (&(.7$%$ $-''/$+$ +"(+ %+ ,(& 6/ -$/2-. 2#* +"/ 8%$-(.
,*%+%,(. 0/+"#1#.#'7 #-+.%&/1 %& !"()+/* N #2 +"%$ 6##?9

V.+"#-'" (+ A*$+ 6.-$" %+ 0%'"+ ())/(* ,#-&+/*)*#1-,+%8/ +# */1-,/ +"/


*%," 0(+/*%(. %& (&7 )"#+#'*()" +# ( $0(.. &-06/* #2 ,#1/$@ F-(&+%A<
,(+%#& 1#/$ &#+ )*/,.-1/ #* $-6$+%+-+/ 2#* F-(.%+(+%8/ (&(.7$%$ #2 +"/
)%,+-*/$3 ;+ 1#/$ (..#>@ "#>/8/*@ 1%$,#8/*7 #2 )(++/*&$ +"(+ (*/ +## $-6+./
+# 6/ 8%$%6./ #& ,($-(. %&$)/,+%#& (&1 )*#+/,+%#& ('(%&$+ (& -&,#&$,%#-$
$/(*," +"*#-'" +"/ 0('(T%&/ 2#* #&.7 +"#$/ >"%," ,#&A*0 #&/D$ %&%+%(.
$/&$/ #2 >"(+ +"/ )"#+#$ $(7 #* 1#3 M[-+T (&1 !#..%&$@ NOO]9 XOR

4"%$ )($$('/ %$ >#*+" /5)(&1%&' #&3 W%*$+@ .%?/ i*%))/&1#*2@ +"/$/ (-+"#*$
(*/ %&$%$+%&' +"(+ ,#&+/&+ (&(.7$%$ ,(& %&,.-1/ F-(.%+(+%8/ %&+/*)*/+(+%#&3
!#&+/&+ (&(.7$%$ (&1 F-(.%+(+%8/ 0/+"#1$ (*/ &#+ 0-+-(..7 /5,.-$%8/3
H/,#&1@ [-+T (&1 !#..%&$ (*/ $-''/$+%&' +"(+ ,#&+/&+ (&(.7$%$ ,(& */8/(.
/0)%*%,(. */$-.+$ +"(+ 0%'"+ #+"/*>%$/ 6/ #8/*>"/.0/1 67 +"/ $"//* 6-.? #2
0(+/*%(. -&1/* (&(.7$%$@ (&1 +"/%* #>& $+-17 $//0$ +# )*#8%1/ /8%1/&,/ 2#*
+"%$3 W%&(..7@ +"/7 $-''/$+ +"(+ ,#&+/&+ (&(.7$%$ )*/8/&+$ ( ,/*+(%& $#*+ #2
C6%($D3 !./(*.7 +"/7 (*/ &#+ */2/**%&' +# +"/ $#*+ #2 6%($ +"(+ >#**%/1 $#0/ #2
+"/ /(*.7 )*#)#&/&+$ #2 ,#&+/&+ (&(.7$%$S +"/7 (*/ &#+ ,#&,/*&/1 +"(+ +"/%*
>#*? %$ $-6G/,+%8/@ C>##..7D #* +"/#*7 1*%8/&@ 2#* /5(0)./3 `(+"/*@ +"/7 (*/
XQ QB2RDS TU@EV>VSVWBU2

*/2/**%&' +# ( $#*+ #2 6%($ )*#1-,/1 67 ( */2-$(. +# 6/ */E/5%8/ (6#-+ 7#-*


*/$/(*," )*#,/1-*/$3 4"/7 (*/ $-''/$+%&' +"(+ -$%&' +"/ *-./$ #2 ,#&+/&+
(&(.7$%$ 2#*,/$ ( */$/(*,"/* +# 6/ 0/+"#1#.#'%,(..7 /5).%,%+ M*(+"/* +"(&
*/.7%&' #& C-&,#&$,%#-$D $+*(+/'%/$R3 4"%$ ,#%&,%1/$ >%+" +"/ +"%*1 ,*%+/*%#&
2#* ( ,*%+%,(. 8%$-(. 0/+"#1#.#'7 +"(+ !"()+/* N #-+.%&/19 +"/ &//1 +# 6/ ($
0/+"#1#.#'%,(..7 /5).%,%+ ($ )#$$%6./ %& #*1/* +# 0(?/ 7#-* #>& >(7 #2
$//%&' ($ /8%1/&+ ($ )#$$%6./3 4"%$ ,"()+/* >%.. ($$/$$ +"/$/ ,.(%0$ 67 -$%&'
[-+T (&1 !#..%&$D$ MNOO]R 6##? ($ %+$ ,($/ $+-17 #2 ( ,#&+/&+ (&(.7$%$3
!#&+/&+ (&(.7$%$ >#-.1 ())/(* +# "(8/ $#0/ #+"/* 1%$(18(&+('/$ %&
*/.(+%#& +# 8%$-(. %0('/$@ "#>/8/*3 4"/*/ (*/ ($)/,+$ #2 8%$-(. %0('/*7
>"%," %+ %$ &#+ >/.. /F-%))/1 +# (11*/$$3 ;+ 2#,-$/$ (.0#$+ /5,.-$%8/.7 #&
+"/ $&-*&"!%!&,/9 0#1(.%+7 #2 +"/ $%+/ #2 +"/ !-/3( %+$/.23 ;+ +"/*/2#*/ "($
8/*7 .%++./ +# $(7 (6#-+ +"/ )*#1-,+%#& #* +"/ (-1%/&,%&' #2 %0('/$3 ;& +"%$
$/&$/@ %+ %$ )(*(1#5%,(..7 8/*7 0-," .%?/ ,#0)#$%+%#&(. %&+/*)*/+(+%#&@
>"%," (.$# "($ .%++./ +# $(7 (6#-+ +"#$/ +># $%+/$ #2 0/(&%&'<0(?%&'3 ;+$
-&%&+/*/$+ %& (-1%/&,%&' 2//1$ %&+# %+$ )*#)#&/&+$D 2(%+" %& +"/ */).%,(6%.%+7
#2 ,#&+/&+ (&(.7$%$@ ($ >/ >%.. $// %& $/,+%#& Q3]3 !*%+%,$ .%?/ \%,"(/. U(..
(&1 Y*/'#*7 H0%+" MNOOQR (&1 f#& H.(+/* MNOOXR $-''/$+ +"(+ +"/ 1%22/*/&+
>(7$ 1%22/*/&+ )/#)./ %&+/*)*/+ +"/ $(0/ +/5+ "($ +# 6/ %'&#*/1 %2 */).%,<
(6%.%+7 %$ +# 6/ (,"%/8/13 W%&(..7@ $#0/ #2 %+$ ,*%+%,$ (.$# (*'-/ +"(+ ,#&+/&+
(&(.7$%$ ,(&&#+ $(+%$2(,+#*%.7 1/(. >%+" +"/ ,-.+-*(. $%'&%A,(&,/ #2 %0('/$
/%+"/*3 4"%$ .(++/* ,*%+%,%$0@ %+ $//0$ +# 0/@ 1/)/&1$ #& "#> $-,,/$$2-..7
+"/ .%&?$ 6/+>//& +"/ ,#&+/&+ #2 +"/ %0('/$ -&1/*'#%&' ,#&+/&+ (&(.7$%$
(&1 +"/%* 6*#(1/* ,-.+-*(. ,#&+/5+ (*/ 0(1/3 ;2 +"#$/ .%&?$ (*/ +/&-#-$@
+"/& +"%$ A&(. ,*%+%,%$0 %$ 8(.%13
4"%$ ,"()+/* /5(0%&/$ ,#&+/&+ (&(.7$%$ 679

: /5).#*%&' %+$ ,.(%0$ +# */).%,(6%.%+7 (&1 8(.%1%+7S


: 1/$,*%6%&' %+$ )*#,/1-*(. *-./$S
: ($$/$$%&' +"/ -$/2-.&/$$ #2 +"/ ?%&1$ #2 /8%1/&,/ %+ )*#1-,/$@ -$%&' +"/
,*%+/*%( 2#* ( ,*%+%,(. 8%$-(. 0/+"#1#.#'7 #-+.%&/1 %& !"()+/* N3

N 3%'$ +#/6+ #% (%"#/"# 1"145+!+

4"/ 0/+"#1 #2 ,#&+/&+ (&(.7$%$ %$ 6($/1 #& ,#-&+%&' +"/ 2*/F-/&,7 #2


,/*+(%& 8%$-(. /./0/&+$ %& ( ,./(*.7 1/A&/1 $(0)./ #2 %0('/$@ (&1 +"/&
(&(.7$%&' +"#$/ 2*/F-/&,%/$3 c(," ($)/,+ #2 +"%$ )*#,/$$ "($ ,/*+(%&
*/F-%*/0/&+$ %& #*1/* +# (,"%/8/ */).%,(6./ (&1 8(.%1 */$-.+$3

^1L A&'.&8 9"%( ./+8$)

V$ >%+" (&7 #+"/* 0/+"#1@ +"/ %0('/$ ,"#$/& 2#* ( ,#&+/&+ (&(.7$%$ 0-$+
6/ ())*#)*%(+/ +# +"/ F-/$+%#& 6/%&' ($?/13 [-+T (&1 !#..%&$ 1/$,*%6/ +"/%*
*/$/(*," F-/$+%#& +"-$9
YV=@U=@ D=DSf2B2 XS

B-* %&+/*/$+ >($@ (&1 %$@ %& +"/ 0(?%&' (&1 ,#&$-0%&' #2 %0('/$ #2 +"/
&#&<=/$+/*& >#*.1@ ( +#)%, *(%$%&' 8#.(+%./ %$$-/$ #2 )#>/*@ *(,/@ (&1
"%$+#*73 =/ >(&+/1 +# ?&#> >"(+ )#)-.(* /1-,(+%#& +/..$ V0/*%,(&$
(6#-+ >"# C&#&<=/$+/*&/*$D (*/@ >"(+ +"/7 >(&+@ (&1 >"(+ #-* */.(<
+%#&$"%) %$ +# +"/03 M[-+T (&1 !#..%&$@ NOO]9 5%%R

Y%8/& +"(+ */$/(*," F-/$+%#&@ +"/7 +"/& /5).(%& >"7 +"/7 ,"#$/ P/%!&,/9
I(&3)/*;!$ ($ (& ())*#)*%(+/ $#-*,/ #2 %0('/$9

V2+/* 0-," ,#&$%1/*(+%#&@ >/ +-*&/1 +# +"/ /5(0%&(+%#& #2 P/%!&,/9


I(&3)/*;!$ )"#+#'*()"$ ($ #&/ #2 +"/ 0#$+ ,-.+-*(..7 8(.-/1 (&1 )#+/&+
0/1%( 8/"%,./$ $"()%&' V0/*%,(& -&1/*$+(&1%&'$ #2@ (&1 */$)#&$/$ +#@
+"/ >#*.1 #-+$%1/ +"/ e&%+/1 H+(+/$3 M[-+T (&1 !#..%&$@ NOO]9 5%%R

4"/7 )#%&+ #-+ +"(+ P/%!&,/9 I(&3)/*;!$ %$ +"/ +"%*1 0#$+ )#)-.(* 0('(<
T%&/ $-6$,*%6/1 +# %& +"/ eHV@ +"(+ /(," %$$-/ %$ */(1 67 (& /$+%0(+/1
]P 0%..%#& )/#)./ >#*.1>%1/@ (&1 +"(+ %& %+$ */.%(&,/ #& )"#+#'*()"7 %+
*/E/,+$ +"/ %0)#*+(&,/ #2 +"/ 8%$-(. ,#&$+*-,+%#& #2 $#,%(. 1%22/*/&,/ %&
,#&+/0)#*(*7 =/$+/*& $#,%/+%/$ M$// W%'-*/ ]3NR3
e&.%?/ 0(&7 #+"/* #2 +"/ 0/+"#1$ +"%$ 6##? >%.. 1%$,-$$@ "#>/8/*@
,#&+/&+ (&(.7$%$ ).(,/$ 2-*+"/* $+*%,+-*/$ #& +"/ -$/ #2 %0('/$3 4# 6/'%&
>%+"@ ,#&+/&+ (&(.7$%$ 0-$+ (11*/$$ (.. +"/ %0('/$ */./8(&+ +# +"/ */$/(*,"
F-/$+%#&3 4"%$ *(%$/$ F-/$+%#&$ 2#* ,#&+/&+ (&(.7$+$ (6#-+ +"/ )(*)("(,%/J
%!8(,("" #2 +"/ (8(%.(6./ 1(+(3 ;2@ 2#* /5(0)./@ 7#- (*/ %&+/*/$+/1 %& +*(,%&'
+"/ %&,*/($%&' (,,/)+(6%.%+7 #2 2(,%(. "(%* #& 6#-*'/#%$ 0/& %& +"/ &%&/<
+//&+" ,/&+-*7@ 7#- 0(7 1/,%1/ +"(+ +"/ 0#$+ ())*#)*%(+/ $#-*,/ #2 %0('/$
2#* ($$/$$%&' +"%$ (,,/)+(6%.%+7 (*/ +"/ )#)-.(* 0('(T%&/$ +"(+ +"#$/ 0/&
>#-.1 "(8/ 6//& */(1%&'3 ;2 "#>/8/* 7#- A&1 +"(+ ( +>/&+7<7/(* *-& #2 +"/
6/$+<$/..%&' #2 +"#$/ 0('(T%&/$ %$ 0%$$%&' 2*#0 +"/ (*,"%8/ +# >"%," 7#-
"(8/ (,,/$$@ 7#- 2(,/ ( $/*%#-$ )*#6./0 %& -$%&' ,#&+/&+ (&(.7$%$9 7#-*
(&(.7$%$ ,(&&#+ 6/ */)*/$/&+(+%8/ $%&,/ 7#-* $/+ #2 */./8(&+ %0('/$ %$
%&,#0)./+/3
c&$-*%&' +"(+ +"/ %0('/$ 7#- -$/ (*/ */)*/$/&+(+%8/ 1#/$ &#+ &/,/$<
$(*%.7 /&+(%. /5(0%&%&' /8/*7 $%&'./ */./8(&+ %0('/ "#>/8/*3 V.0#$+ (..
,#&+/&+ (&(.7$/$ */.7 #& $#0/ $#*+ #2 $(0).%&' )*#,/1-*/3 4"%$ %$ 6/,(-$/
0#$+ ,#&+/&+ (&(.7$/$ >#*? >%+" .(*'/ 1(+( $/+$S +"%$ ,"()+/* "($ (.*/(17
&#+/1 +"(+ +"%$ %$ #&/ #2 +"/ $+*/&'+"$ #2 ,#&+/&+ (&(.7$%$3 H(0).%&' %&
,#&+/&+ (&(.7$%$ %$ $-6G/,+ +# +"/ $(0/ ,#&,/*&$ %+ >#-.1 6/ %& (&7
F-(&+%+(+%8/ $+-173 ;+ $"#-.1 6/ 6#+" )(*)("(,%/%!8( (&1 "!3,!Q$/,%3 4"/*/
(*/ ( &-06/* #2 $(0).%&' $+*(+/'%/$ 1/$,*%6/1 %& i*%))/&1#*2 MNOXaR (&1
=/6/* MNOOaR3 4"/7 %&,.-1/9

N )/,6&-3 g-06/* /(," %0('/ 2*#0 N #&>(*1$@ (&1 -$/ ( *(&1#0


&-06/* +(6./ +# )%,? #-+ ( $%'&%A,(&+ &-06/* #2 %0('/$ +# (&(.7$/3
Q "%)/%!Q(63 H(0)./ 2*#0 $-6'*#-)$ +"(+ (.*/(17 /5%$+ %& +"/ 1(+( $/+@
,"##$%&' 7#-* %0('/ 2*#0 >%+"%& /(," $-6'*#-) (&1 ('(%& -$%&' (
,./(* $(0).%&' $+*(+/'73
XT QB2RDS TU@EV>VSVWBU2

W!)'$/ L9H
L5'"$/*"$
M"2+7@ +7 '2+).
!*"2 =+!."&+6
W$"8(+7-.5
2+)+N'7. :i Y+("6
\$5?,.!-jD&8$6+
X.)-$(;

] "0"%(-/%!$3 H/./,+ /8/*7 +"%*1 #* +/&+" #* &+" %0('/3 U/ ,(*/2-. +"(+ +"/
%&+/*8(. 7#- (*/ -$%&' 6/+>//& %0('/$ 1#/$ &#+ ,#%&,%1/ >%+" ( ,7,.%,(.
)(++/*& %& 7#-* $#-*,/ 0(+/*%(.@ #+"/*>%$/ 7#-* $(0)./ >%.. &#+ 6/
*/)*/$/&+(+%8/3 W#* /5(0)./@ %& ( $+-17 #2 >//?1(7 &/>$)()/* (18/*<
+%$/0/&+$@ ,"##$%&' /8/*7 $%5+" )()/* 0%'"+ 0/(& +"(+ /8/*7 )()/* %&
7#-* $(0)./ ,#&+(%&$ +"/ >//?.7 0#+#*%&' )('/@ >"%," 0%'"+ 0/(&
+"(+ 7#-* $(0)./ >%.. ,#&+(%& ( 1%$)*#)#*+%#&(+/ &-06/* #2 (18/*+$ 2#*
,(*$3
d $9+"%()3 !"##$/ '*#-)$ (+ *(&1#0 (&1 $(0)./ 2*#0 +"/0 #&.73

="%," $(0).%&' 0/+"#1 7#- ,"##$/ J #* >"%," ,#06%&(+%#& #2 0/+"#1$ J


>%.. 1/)/&1 #& +"/ %0).%,(+%#&$ #2 7#-* */$/(*," F-/$+%#&3 ;2 7#- >(&+/1 +#
$(0)./ +"/ 2-.. *(&'/ #2 +/./8%$%#& )*#'*(00/$ %& #*1/* +# /5).#*/ "#>
#2+/& )/#)./ >%+" 1%$(6%.%+%/$ >/*/ '%8/& (%*+%0/@ 7#- 0%'"+ -$/ ( $+*(+%A/1
$(0).%&' )*#,/1-*/ ($ 1/$,*%6/1 67 i*%))/&1#*2 MNOXa9 bPR9 +"%$ %&8#.8/$
C$+*(+%27%&' ( >"#./ 7/(*D$ )*#'*(00%&' %&+# >//?1(7$ (&1 +%0/ $.#+$ (&1
+"/& *(&1#0.7 $/./,+%&' 2#* /(," +%0/ $.#+ N #-+ #2 +"/ ^Q )#$$%6%.%+%/$D3

4"5%)

;2 7#- >/*/ %&+/*/$+/1 %& +"/ */)*/$/&+(+%#& #2 c1%&6-*'" %& ,#&+/0)#*(*7 )%,+-*/
)#$+,(*1$@ ( *(&1#0 $(0)./ >#-.1 6/ (& ())*#)*%(+/ $(0).%&' $+*(+/'73 U-+ +"%$
YV=@U=@ D=DSf2B2 XI

*(%$/$ $#0/ %&+/*/$+%&' F-/$+%#&$ (6#-+ "#> 7#- (,,/$$ ( */)*/$/&+(+%8/ *(&1#0
$(0)./ #2 +"(+ $#*+ #2 %0('/*73 I#> >#-.1 7#- 1# +"(+_

=#-.1 7#- '# %&+# /8/*7 $"#) %& c1%&6-*'"D$ 0(%& +#-*%$+ $+*//+ J +"/ `#7(. \%./ J
(&1 6-7 A8/ ,(*1$ (+ *(&1#0_ =#-.1 7#- ,#&+(,+ (.. +"/ )#$+,(*1 0(&-2(,+-*/*$
(&1 ($? +"/0 +# $/&1 7#- ,#)%/$ #* ,(+(.#'-/$ #2 +"/%* ,-**/&+ )#$+,(*1$@ (&1 $/./,+
2*#0 +"/*/_

4"%&? (6#-+ >"(+ 7#- >(&+ 7#-* )#$+,(*1$ +# 6/ */)*/$/&+(+%8/ #23 ="%./ +"/ .(++/*
0/+"#1 >#-.1 6/ 0#*/ */)*/$/&+(+%8/ #2 ,-**/&+ )#$+,(*1 )*#1-,+%#&@ +"/ 2#*0/*
>#-.1 6/ 0#*/ */)*/$/&+(+%8/ #2 +"/ ,(*1$ 0#$+ #2+/& #& $(./3

4"/*/ (*/ &# "(*1 (&1 2($+ *-./$ 2#* 1/,%1%&' >"(+ $%T/ 7#-* $(0)./
$"#-.1 6/3 H(0)./ $%T/ 1/)/&1$ #& +"/ (0#-&+ #2 8(*%(+%#& (0#&' (.. +"/
*/./8(&+ %0('/$3 ;2 +"/*/ %$ (6$#.-+/.7 &# 8(*%(+%#&@ ( $(0)./ #2 #&/ >%.. 6/
*/)*/$/&+(+%8/3 I#>/8/*@ %2 +"/*/ %$ ( >"#./ *(&'/ #2 /5+*/0/ 8(*%(+%#&$@
+"/ $(0)./ $%T/ 0-$+ 6/ .(*'/ /&#-'" +# ,#&+(%& /5(0)./$ #2 +"#$/
/5+*/0/$3 4"/*/ (*/ (.$# )*(,+%,(. ,#&$%1/*(+%#&$@ +"#-'"@ %& ,#&$%1/*%&'
$(0)./ $%T/3 4"/ $(0)./ $"#-.1 &#+ 6/ $# .(*'/ +"(+ %+ #8/*>"/.0$ +"/
*/$#-*,/$ 7#- "(8/ (8(%.(6./ 2#* (&(.7$%&' %+3 ;& +"/%* $+-17 #2 P/%!&,/9
I(&3)/*;!$@ [-+T (&1 !#..%&$ ,"#$/ #&/ )"#+# (+ *(&1#0 2*#0 /(," #2 +"/
^Od (*+%,./$ #& &#&<=/$+/*& )/#)./ )-6.%$"/1 6/+>//& NO^a (&1 NOXb
M[-+T (&1 !#..%&$@ NOO]9 XXR3 4"%$ >($ ( $+*(+%A/1 $(0).%&' )*#,/1-*/@
$%&,/ +"/7 >/*/ ,"##$%&' (& %0('/ 2*#0 $-6'*#-)$@ %& +"%$ ,($/ +"/ '*#-)$
#2 )"#+#$ ,#&+(%&/1 %& /(," (*+%,./S (&1 +"/7 "(1 +># */$/(*," ($$%$+(&+$ +#
"/.) +"/0 (&(.7$/ +"/ .(*'/ &-06/* #2 %0('/$ +"(+ */$-.+/1 2*#0 +"%$
)*#,/1-*/3

^1^ '$3.).&8 9"%( 5+!$8"(.$) 4"( 5"'.&8

I(8%&' $/./,+/1 ( $(0)./ #2 %0('/$ +# >#*? >%+"@ +"/ &/5+ $+('/ %$ +#


1/8%$/ ( $/+ #2 ,(+/'#*%/$ 2#* ,#1%&' +"/ %0('/$3 C!#1%&'D 0/(&$ (++(,"%&' (
$/+ #2 1/$,*%)+%8/ .(6/.$ M#* C,(+/'#*%/$DR +# +"/ %0('/$3 4"%$ %$ ( ,*-,%(.
$+('/3 V$ H.(+/* MNOOX9 Q]bR &#+/$@ 0-," #2 +"/ *%'#-* #2 ,.($$%, ,#&+/&+
(&(.7$%$ */.%/$ #& +"/ $+*-,+-*/ #2 ,(+/'#*%/$ -$/1 %& +"/ ,#1%&' )*#,/$$@
6/,(-$/ +"/ ,(+/'#*%/$ $"#-.1 6/ ())(*/&+.7 #6G/,+%8/ %& ( &-06/* #2 >(7$
(&1 +"/*/2#*/ 1/$,*%6/ #&.7 >"(+ %$ C*/(..7D +"/*/ %& +"/ +/5+ #* %0('/3 \#*/
*/,/&+ -$/*$ #2 ,#&+/&+ (&(.7$%$ .%?/ [-+T (&1 !#..%&$ MNOO]R 1/8/.#) +"/%*
,(+/'#*%/$ %& */.(+%#& +# +"/%* +"/#*/+%,(. ,#&,/*&$ $# +"(+ +"/%* ,(+/'#*%/$
(*/ %00/1%(+/.7 0#*/ #68%#-$.7 %&+/*)*/+%8/3 4"%$ %$ #&/ #2 +"/%* +(,+%,$
+"(+ (..#>$ +"/0 +# 0(?/ +"/%* ,.(%0 +"(+ ,#&+/&+ (&(.7$%$ (&1 F-(.%+(+%8/
(&(.7$%$ (*/ &#+ 0-+-(..7 /5,.-$%8/3
4"/ ,#1%&' ,(+/'#*%/$ -$/1 0-$+ "(8/ ( &-06/* #2 ,"(*(,+/*%$+%,$
*/'(*1./$$ #2 +"/%* )-+(+%8/ $+(+-$ ($ 1/$,*%)+%8/ #* %&+/*)*/+%8/@ "#>/8/*3
4"/7 0-$+ 6/9
QV QB2RDS TU@EV>VSVWBU2

N (:;/+"%!8(3 c8/*7 ($)/,+ #2 +"/ %0('/$ >%+" >"%," +"/ */$/(*," %$


,#&,/*&/1 0-$+ 6/ ,#8/*/1 67 #&/ ,(+/'#*73
Q (:$9+"!8(3 !(+/'#*%/$ 0-$+ &#+ #8/*.()3
] (,9!3;%(,!,33 V$ H.(+/* MNOOX9 Q]bR $(7$@ +"/ ,(+/'#*%/$ 0-$+ )*#1-,/ C(
6*/(?1#>& #2 %0('/*7 +"(+ >%.. 6/ (&(.7+%,(..7 %&+/*/$+%&' (&1 ,#"/*/&+D3

V,"%/8%&' ( .%$+ #2 ,#1%&' ,(+/'#*%/$ +"(+ $(+%$A/$ +"/$/ ,*%+/*%( %$ /5+*/0/.7


1%2A,-.+3 ="/& 2(,/1 >%+" ( .(*'/ &-06/* #2 %0('/$@ +"/%* $"//* *%,"&/$$ %$
.%?/.7 +# 6/ #8/*>"/.0%&'3 W#* (18/*+%$/0/&+$ #* +8 )*#'*(00/$@ +"/
>*%++/& #* $)#?/& +/5+ >%.. (.$# &//1 ,#1%&'@ (&1 $# +## 0(7 6(,?'*#-&1
0-$%,3 V$ [-+T (&1 !#..%&$ MNOO]9 XOR $(7@ +"/ )*#,/$$ #2 */1-,%&' +"/ *%,"
0(+/*%(. %& (&7 )"#+#'*()" +# ( $/*%/$ #2 ,#1/$ %$ G-$+ +"(+9 ( */1-,+%#& %&
>"%," 0-," >%.. 6/ .#$+3 4"/ ?/7 )#%&+ +# */0/06/*@ +"#-'"@ %$ +"(+ +"/
%0('/$ 0-$+ 6/ */1-,/1 +# ( &-06/* #2 ,#0)#&/&+ )(*+$ >"%," ,(& 6/
.(6/../1 %& ( >(7 +"(+ "($ $#0/ (&(.7+%,(. $%'&%A,(&,/3 4"(+ %$@ +"/ ,#1/$
-$/1 0-$+ 1/)/&1 #& ( +"/#*%T/1 ,#&&/,+%#& 6/+>//& +"/ %0('/ (&1 +"/
6*#(1/* ,-.+-*(. ,#&+/5+ %& >"%," %+$ 0/(&%&' %$ 0(1/S C+"/#*%T/1D@ 6/,(-$/
0(?%&' +"%$ ,#&&/,+%#& /&+(%.$ 1*(>%&' #& ( +"/#*/+%,(. (&1 /0)%*%,(.
-&1/*$+(&1%&' #2 +"/ %0('/$ -&1/* ,#&$%1/*(+%#&3 4"-$ +"/ ,#&&/,+%#&
6/+>//& +/5+@ ,#&+/5+ (&1 ,#1/ */F-%*/$ ,(*/2-. +"#-'"+@ (&1 %+ %$ #& +"/
P14!& %&+/'*%+7 #2 +"%$ .%&? +"(+ +"/ ,#1/$ ,(& 6/ G-1'/1 ',#(6 Mi*%))/&1#*2@ NOXa9
NQOR3 V $+(*+%&' )#%&+ %$ +"/ */$/(*," F-/$+%#& 1*%8%&' +"/ ,#&+/&+ (&(.7$%$3
="(+ ,#1%&' ,(+/'#*%/$ 1#/$ +"(+ $-''/$+_ H#0/ 0(7 6/ #68%#-$3 W#*
0#*/@ +"#-'"@ %+ %$ &/,/$$(*7 +# */+-*& +# +"/ >%1/* +"/#*/+%,(. (&1
/0)%*%,(. .%+/*(+-*/ 2*#0 >"%," +"/ */$/(*," F-/$+%#& "($ 6//& 2#*0-.(+/13
V*/ +"/*/ (*'-0/&+$ +"/*/ +"(+ $-''/$+ #+"/* ,#1/$_ 4"%$ */+-*& +# +"/
6*#(1/* ,#&+/5+ #2 +"/ */$/(*," F-/$+%#& >%.. "#)/2-..7 /&$-*/ +"(+ +"/
,(+/'#*%/$ /8/&+-(..7 1/,%1/1 -)#& (*/ C/&.%'"+/&%&'D3 W-*+"/* ,#1/$ 0%'"+
$-''/$+ +"/0$/.8/$ 2*#0 +"/ 2(0%.%(*%+7 7#- (.*/(17 "(8/ >%+" +"%$
)(*+%,-.(* $/+ #2 %0('/$3 f#/$ (&7+"%&' $+*%?/ 7#- ($ %&+/*/$+%&'@ -&-$-(. #*
-&/5)/,+/1 (6#-+ +"/0 +"(+ 0%'"+ 6/(* 2-*+"/* (&(.7$%$_
4"/ ,#1%&' ,(+/'#*%/$ 1/8/.#)/1 67 [-+T (&1 !#..%&$ MNOO]9 QX^R
1/)/&1 #& ( )(*+%,-.(* +"/#*/+%,(. .%+/*(+-*/ (6#-+ C)#>/*@ *(,/@ (&1
"%$+#*7D3 c(," #2 +"/ ^OX )"#+#'*()"$ %& +"/%* $(0)./ >($ ,#1/1 2#*9

N >#*.1 .#,(+%#&
Q -&%+ #2 (*+%,./ #*'(&%T(+%#& M*/'%#&@ &(+%#&<$+(+/@ /+"&%, '*#-)@ #+"/*R
] &-06/* #2 )"#+#'*()"$ %&,.-1%&' =/$+/*&/*$ %& (& (*+%,./
d $0%.%&' %& ( )"#+#'*()"
^ '/&1/* #2 (1-.+$ 1/)%,+/1
b ('/ #2 +"#$/ 1/)%,+/1
P (''*/$$%8/ (,+%8%+7 #* 0%.%+(*7 )/*$#&&/. #* >/()#&$ $"#>&
X (,+%8%+7 ./8/. #2 0(%& 2#*/'*#-&1 A'-*/$
O (,+%8%+7 +7)/ #2 0(%& 2#*/'*#-&1 A'-*/$
Na ,(0/*( '(T/ #2 0(%& )/*$#& )"#+#'*()"/1
NN $-**#-&1%&'$ #2 )/#)./ )"#+#'*()"/1
YV=@U=@ D=DSf2B2 QH

NQ *%+-(. 2#,-$
N] '*#-) $%T/
Nd =/$+/*&/*$ %& )"#+#'*()"
N^ -*6(& 8/*$-$ *-*(. $/++%&'
Nb >/(.+" %&1%,(+#*$ %& )"#+#'*()"
NP $?%& ,#.#-*
NX 1*/$$ $+7./ MC=/$+/*&D #* .#,(.R
NO 0(./ &-1%+7
Qa 2/0(./ &-1%+7
QN +/,"&#.#'%,(. +7)/ )*/$/&+ M$%0)./ "(&10(1/ +##.$@ 0(,"%&/*7R
QQ 8(&+('/ M)#%&+ 2*#0 >"%," ,(0/*( )/*,/%8/$ 0(%& A'-*/$R

4"5%)

4"%&? (6#-+ +"/$/ ,(+/'#*%/$3 V*/ +"/7 /5"(-$+%8/_ V*/ +"/7 /5,.-$%8/_

[-+T (&1 !#..%&$ MNOO]R (*/ 2(%*.7 ,./(* (6#-+ +"/ ,#&&/,+%#& 6/+>//&
+"/$/ ,#1%&' ,(+/'#*%/$ (&1 +"/%* %&%+%(. */$/(*," F-/$+%#&3 4"/%* F-/$+%#& %$
2#*0-.(+/1 67 1*(>%&' #& ( .(*'/ 6#17 #2 >#*? +"(+ /5(0%&/$ "#> +"/
=/$+ "($ $//& (&1 )%,+-*/1 )/#)./ %& +"/ &#&<=/$+/*& >#*.13 H#0/ #2
+"/ ?/7 +/5+$ +"/7 ,%+/ %&,.-1/ H(*(" Y*("(0<U*#>&D$ MNOXXR 6##? #&
)"#+#'*()"$ #2 >#0/& +(?/& 67 c-*#)/(& +*(8/../*$ %& +"/ g/(* c($+@
H(&1/* Y%.0(&D$ MNOX^R $+-17 #2 *(,%(. $+/*/#+7)/$@ c.%T(6/+" c1>(*1D$
MNOOQR /1%+/1 ,#../,+%#& #& (&+"*#)#.#'%$+$D -$/$ #2 )"#+#'*()"7 %& +"/
&%&/+//&+" ,/&+-*7 (&1 !"*%$+#)"/* [70(&D$ MNOXQR >#*? #& )"#+#'*()"$
#2 &(+%8/ V0/*%,(& )/#)./$3 f*(>%&' #& +"%$ 6#17 #2 >#*?@ +"/7 (*'-/ +"(+
%& 8/*7 6*#(1 +/*0$@ =/$+/*&/*$ "(8/ */)*/$/&+/1 &#&<=/$+/*& )/#)./$ ($
/8/*7+"%&' +"(+ +"/ =/$+ %$ &#+ M"/&,/ +"/%* -$/ #2 +"/ +/*0 C&#&<=/$+/*&DR3
4"%$ $+*-,+-*/ #2 */)*/$/&+(+%#& %$ ,#0)./5S %+ 1*(>$ #& ( >%1/ *(&'/ #2
1%$,#-*$/$ (&1 8(*%/$ 6#+" "%$+#*%,(..7 (&1 '/#'*()"%,(..7@ (&1 [-+T (&1
!#..%&$ (11*/$$ 8(*%#-$ ($)/,+$ #2 +"%$ ,#0)./5%+7 %& +"/%* 6##?3
I#>/8/*@ +# +(?/ #&/ /5(0)./ #2 "#> +"/%* ,#1/$ ,#&&/,+ +# +"%$
-&1/*$+(&1%&' #2 ,/*+(%& )(*+$ (&1 )/#)./$ #2 +"/ >#*.1 ($ +"/ #))#$%+/ #2
+"/ =/$+@ 0-," #2 +"/ .%+/*(+-*/ +"/7 1*(> #& $-''/$+$ +"(+@ "%$+#*%,(..7@
&#&<=/$+/*& )/#)./$ "(8/ 6//& */)*/$/&+/1 67 =/$+/*&/*$ ($ C&(+-*(.D3 4"/
=/$+ $//$ %+$/.2 ($ +/,"&#.#'%,(..7 (18(&,/1 6-+ +"/*/2#*/ (.$# (.%/&(+/1
2*#0 &(+-*/S +"-$ &#&<=/$+/*&/*$ (*/ */)*/$/&+/1 ($ +/,"&#.#'%,(..7 ./$$
(18(&,/1 (&1 ($ ,.#$/* +# &(+-*/3 g#&<=/$+/*&/*$ (*/ +"-$ #2+/& )%,+-*/1
($ -$%&' .%++./ #* $#<,(../1 )*%0%+%8/ +/,"&#.#'%/$@ 2#* /5(0)./@ 6/%&' 0#*/
$)%*%+-(.@ 0#*/ %& +-&/ >%+" +"/ /&8%*#&0/&+ (&1 +"/%* 6#1%/$@ >/(*%&'
2/>/* ,.#+"/$3 4"/$/ (&(.7$/$ %&2#*0 ( &-06/* #2 [-+T (&1 !#..%&$D$ ,#1/$9
NQ M*%+-(. 2#,-$R@ N^ M-*6(& 8/*$-$ *-*(. $/++%&'R@ NO (&1 Qa M0(./ (&1
2/0(./ &-1%+7R (&1 QN M+/,"&#.#'%,(. +7)/ )*/$/&+R3 Y%8/& +"/ >(7 +"/%*
,#1/$ E#> 2*#0 ( >%1/* $/+ #2 %1/($ (6#-+ )#>/* (&1 */)*/$/&+(+%#&@ %+ %$
QN QB2RDS TU@EV>VSVWBU2

,./(* +"(+ 0(&7 #2 +"/%* ,#1/$ (*/ .%?/.7 +# 6/ /&.%'"+/&%&'@ (&1 $# %+ )*#8/$3
W#* /5(0)./@ +"/7 )#%&+ #-+ +"(+ P/%!&,/9 I(&3)/*;!$ */)*/$/&+$ &#&<
=/$+/*& )/#)./ ($ /%+"/* &(+-*(. #* ($ 0#1/*&@ 6-+ 8/*7 *(*/.7 ($ 6#+"3 ;+ %$
($ %2 &#&<=/$+/*&/*$ ,(& #&.7 6/ +"/ #))#$%+/ #2@ #* +"/ $(0/ ($@ +"/ =/$+3
V$ >/.. ($ 6/%&' /&.%'"+/&%&'@ +"#-'"@ /5"(-$+%8/&/$$ (&1 /5,.-$%8%+7
0-$+ (.$# 6/ ,#&$%1/*/1 >"/& ,#1%&' ,(+/'#*%/$ (*/ 6/%&' 2#*0-.(+/13 4"/
#&.7 >(7 +# /&$-*/ +"(+ +"/ ,(+/'#*%/$ 2-.A. +"/$/ .(++/* +># */F-%*/0/&+$ %$
+# +*7 +"/0 #-+ #& +"/ %0('/$3 L-++%&' +"/ %&%+%(. ,(+/'#*%/$ +# -$/ %& ( +*%(.
*-& #& ( 2/> #2 7#-* $(0)./ %0('/$ >%.. (.0#$+ ,/*+(%&.7 */8/(. #8/*.()$
6/+>//& ,(+/'#*%/$ (&1 */./8(&+ /./0/&+$ #2 %0('/$ &#+ ,#8/*/1 67
,(+/'#*%/$3 4"/ ,(+/'#*%/$ 0-$+ 6/ */8%$/1 (&1 +*%/1 ('(%& -&+%. +"/7 (*/
/5"(-$+%8/ (&1 /5,.-$%8/3 B11.7@ +"/ .%$+ #2 ,#1/$ -$/1 67 [-+T (&1 !#..%&$
MNOO]R@ (+ ./($+ ($ %+ %$ */)*#1-,/1 %& +"/%* 6##?@ 1#/$ &#+ $//0 +# 2-.A.
+"/$/ #+"/* */F-%*/0/&+$ #2 ,#&+/&+ (&(.7$%$ ,#1%&'3 4"/*/ $//0 +# 0/ +#
6/ $#0/ /5(0)./$ #2 #8/*.()@ 2#* /5(0)./3 4"-$ C$-**#-&1%&'$ #2 )/#)./
)"#+#'*()"/1D $//0$ +# #8/*.() >%+" C-*6(& 8/*$-$ *-*(. $/++%&'DS (&1
)/*"()$ C*%+-(. 2#,-$D #8/*.()$ >%+" C1*/$$ $+7./D@ $%&,/ *%+-(. >#-.1 6/ $//&
($ $-," M#& +"/ +"/#*/+%,(. (*'-0/&+$ +"(+ [-+T (&1 !#..%&$ 1*(> #&R #&.7
%2 %+ >($ %& .#,(. 1*/$$3

^1Z 5"'.&8 !-$ ./+8$)

g#>@ [-+T (&1 !#..%&$ #22/* #&.7 +"/ .%$+ #2 ,(+/'#*%/$ ($ ; "(8/ */)*#1-,/1
%+3 L*/$-0(6.7 +"/ .%$+ +"/7 (,+-(..7 >#*?/1 >%+" "(1 %+$ ,(+/'#*%/$ 1/A&/1
0-," 0#*/ 2-..73 B&/ >#-.1 "#)/ $#@ #+"/*>%$/ +"/*/ (*/ 0#*/ (06%'-%<
+%/$ %& +"/%* .%$+S %2 C>#*.1 .#,(+%#&D %$ +(?/& +# %0).7 >"%," ,#-&+*7 +"/
(*+%,./ >($ )%,+-*%&'@ +"/& +"/*/ %$ ( )#+/&+%(. #8/*.() >%+" C-&%+ #2 (*+%,./
#*'(&%T(+%#&D3 \7 F-/*%/$ (6#-+ +"/ [-+T (&1 !#..%&$ ,(+/'#*%/$ *(%$/ +"/
%$$-/ +"(+ ,#&+/&+ (&(.7$%$ +*%/$ +# #68%(+/@ >"%," %$ +"(+ 1%22/*/&+ ,#1/*$
0%'"+ %&+/*)*/+ >"(+ $//0 +# 6/ +"/ $(0/ ,#1/$ %& 1%22/*/&+ >(7$3
;& #*1/* +# (8#%1 +"%$ )#$$%6%.%+7@ (,,#*1%&' +# ,#&+/&+ (&(.7$%$@ +"/
,#1%&' ,(+/'#*%/$ 0-$+ 6/ ,#0)./+/.7 -&(06%'-#-$3 4"/7 0-$+ 6/ $#
,./(*.7 1/A&/1 +"(+ 1%22/*/&+ */$/(*,"/*$ (+ 1%22/*/&+ +%0/$ -$%&' +"/ $(0/
,(+/'#*%/$ >#-.1 ,#1/ +"/ %0('/$ %& /5(,+.7 +"/ $(0/ >(73 4"%$@ %+ %$
\/64!(1,4/ ,.(%0/1@ 0(?/$ +"/ ,#1%&' )*#,/$$ %&0#(/,?#&3 V ,#&+/&+ (&(.7$%$ $"#-.1
+(?/ 8(*%#-$ $+/)$ +# /&$-*/ +"%$ */).%,(6%.%+73 !#1/$ 0-$+ 6/ 1/A&/1 ($
2-..7 ($ )#$$%6./ (&1 ( )%.#+ $+-17 $"#-.1 /&$-*/ +"(+ +># 1%22/*/&+ ,#1/*$
-$%&' +"/ $(0/ ,#1/$ )*#1-,/ +"/ $(0/ */$-.+$ 2*#0 +"/ $(0/ $/+ #2 %0('/$3
;2 +"/7 1# &#+@ +"/ ,#1/$ 0-$+ 6/ */A&/1 $# +"(+ +"/7 1#3 W-*+"/* +/$+$ #2
,#1/* */.%(6%.%+7 0(7 (.$# +(?/ ).(,/ 1-*%&' +"/ */$/(*," )*#,/$$3 [-+T (&1
!#..%&$ MNOO]9 XXR $(7 +"(+ +"/ )"#+#'*()"$ %& +"/%* $+-17 >/*/ ,#1/1
%&1/)/&1/&+.7 67 +># ,#1/*$@ >%+" Xb )/* ,/&+ ('*//0/&+ 6/+>//& +"/0
(2+/* +"/ A&(. ,#1/$ "(1 6//& ('*//13 4"/ 1%$('*//0/&+$ >/*/ */$#.8/1 67
1%$,-$$%#&@ +"/7 $(73 4"/%* ,(+/'#*%/$ 0-$+ +"/*/2#*/ "(8/ 6//& 1/A&/1
0-," 0#*/ 2-..7 +"(& +"/ .%$+ +"/7 */)*#1-,/ %& +"/%* 6##?3
YV=@U=@ D=DSf2B2 QL

4"/& +"/ ,#1%&' )*#)/* 6/'%&$3 4"/ ()).%,(+%#& #2 (&7 $/+ #2 ,#1%&'
,(+/'#*%/$ 0-$+ 6/ ,(*/2-. (&1 $7$+/0(+%,3 c(," %0('/ 0-$+ 6/ ,(*/2-..7
/5(0%&/1 (&1 (.. +"/ */./8(&+ ,#1/$ (++(,"/1 +# %+3 4"%$ )*#,/$$ %$ 6#+"
+/1%#-$ (&1 /5+*/0/.7 %0)#*+(&+3 ;+ &//1$ ( '*/(+ 1/(. #2 (++/&+%#&@
#+"/*>%$/ +"/ 1(&'/* #2 C-&,#&$,%#-$D .()$/$ .##0$@ 6-+ %+ ,(& (.$# 6/
*(+"/* 6#*%&'3
L*(,+%,(..7@ +"/*/ (*/ 1%22/*/&+ >(7$ +# */,#*1 7#-* ,#1%&'3 h#- 0%'"+
1# %+ 0(&-(..7@ >%+" (& %&1/5 ,(*1 2#* /(," %0('/ #& >"%," 7#- &#+/ +"/
,#1/$ 7#- +"%&? (*/ */./8(&+ +# %+ M)/*"()$ %& $#0/ (66*/8%(+/1 2#*0R3 B*
7#- 0%'"+ 6/ (6./ +# $/+ -) ( ,#0)-+/* $)*/(1$"//+ +# */,#*1 +"%$
%&2#*0(+%#&3 4"/ (18(&+('/ #2 +"/ .(++/* %$ +"(+ %+ 0%'"+ 0(?/ $-6$/F-/&+
F-(&+%+(+%8/ (&(.7$%$ /($%/*@ /$)/,%(..7 %2 7#- >(&+ +# 1# 0#*/ +"(& G-$+
,#-&+ -) +#+(.$ M$// $/,+%#& Q3dR3

^1d +&+69).&8 !-$ ($)%6!)

4"/ $(0)./ #2 %0('/$ %$ &#> ,#1/13 c(," %0('/ "($ ( &-06/* #2 ,#1/$
(++(,"/1 +# %+3 4"/ &/5+ $+('/ %$ +# ,#-&+ +"/0@ %& #*1/* +# )*#1-,/ (
F-(&+%+(+%8/ (,,#-&+ #2 +"/%* ,#&+/&+3
4"/ $%0)./$+ >(7 +# ,#-&+ +"/ ,#1/$ %$ +# )*#1-,/ 2*/F-/&,7 ,#-&+$@
>"%," ,(& 6/ (6$#.-+/ #* */.(+%8/ M+"/ .(++/* /5)*/$$/1 ($ ( )/*,/&+('/ #2
+"/ +#+(. &-06/* #2 %0('/$@ 2#* /5(0)./R3 ;2 7#- (*/ -$%&' ( $)*/(1$"//+@
)*#1-,%&' 2*/F-/&,7 ,#-&+$ %$ 8/*7 /($7S 0(?/ $-*/ +"(+ 7#- 1#&D+ ,#-&+
/8/*7+"%&' $%0).7 2#* +"/ $(?/ #2 %+@ +"#-'"3 !"##$/ +"/ %0)#*+(&+ 2*/<
F-/&,%/$ #&.7@ 1/,%1%&' >"%," (*/ %0)#*+(&+ 67 */2/**%&' +# +"/ 6*#(1/*
+"/#*/+%,(. (&1 /0)%*%,(. 2*(0/>#*? >%+" >"%," 7#- (*/ >#*?%&'3
V ,#00#& -$/ #2 2*/F-/&,%/$ %$ +# ,#0)(*/ +"/0 >%+" $#0/ #+"/*
8(.-/3 V ,#0)(*%$#& ,(& 6/ 0(1/ (,*#$$ +%0/@ 2#* /5(0)./3 [-+T (&1
!#..%&$ MNOO]9 daR 1# +"%$ 2#* +"/%* ,#1/ ] M&-06/* #2 )"#+#'*()"$
%&,.-1%&' =/$+/*&/*$ %& (& (*+%,./R3 M4"%$ ,#1/ +## $//0$ *(+"/* #119 +"/%*
,#1/$ >/*/ ())(*/&+.7 ()).%/1 +# #&/ )"#+#'*()" *(&1#0.7 ,"#$/& )/*
(*+%,./@ 6-+ +"%$ ,#1/ */2/*$ &#+ +# ( )"#+#'*()" 6-+ +# +"/ (*+%,./3R 4"%$
$"#>$ ( $+*%?%&' 1/,*/($/ %& +"/ &-06/* #2 +%0/$ =/$+/*&/*$ >/*/ $"#>& %&
P/%!&,/9 I(&3)/*;!$ )"#+#'*()"$ (2+/* +"/ 0%1<NOba$ M$// W%'-*/ ]3QR3
;& 0(?%&' $/&$/ #2 +"%$ 1*#)@ [-+T (&1 !#..%&$ ('(%& +-*& +# +"/%*
,#&+/5+-(. -&1/*$+(&1%&' #2 +"/ P/%!&,/9 I(&3)/*;!$3 4"/7 $-''/$+ +"(+@
-&.%?/ $#0/ #+"/* )"#+#<0('(T%&/$@ P/%!&,/9 I(&3)/*;!$ ,#&$%$+/&+.7
(8#%1$ )*/$/&+%&' %0('/$ #2 ,#&E%,+3 h/+ +"/ NOba$ >/*/ ( )/*%#1 #2 ,#&E%,+
6#+" %& +"/ eHV (&1 /.$/>"/*/@ (&1 #2 ,#&E%,+ 0#*/#8/* 2#,-$%&' #&
)*/,%$/.7 +"/ %$$-/$ #2 C*(,/@ )#>/*@ (&1 "%$+#*7D3 U#+" +"/ ,%8%. *%'"+$
0#8/0/&+ %& +"/ eHV (&1 (&+%<,#.#&%(. $+*-''./$ /.$/>"/*/ %& +"/ >#*.1@
)(*+%,-.(*.7 %& K%/+&(0@ 0(1/ +"/ */.(+%#&$ 6/+>//& =/$+ (&1 &#&<=/$+@
6.(,? (&1 >"%+/@ /$)/,%(..7 +*#-6./13 4"/ P/%!&,/9 I(&3)/*;!$ */$)#&1/1
67 */0#8%&' )%,+-*/$ >"%," $"#>/1 =/$+ (&1 &#&<=/$+@ 6.(,? (&1 >"%+/@
%& ,#&+(,+3 4"-$ +"/ %..-$%#& #2 $#,%(. "(*0#&7 ,#-.1 6/ )*/$/*8/13 [-+T (&1
QJ QB2RDS TU@EV>VSVWBU2

average number of photos w/Westerners


5

W!)'$/ L9N 4
L8.*+). 7$2&.*
,.* +*1'#(. "! 3
=+!."&+6
W$"8(+7-.5
2
,-"1")*+,-% M'1-
O.%1.*7.*% '7
1
7"7;O.%1.*7
%.11'7)%@ EHIPQ
KF :S%!P +&' 0
1950 1955 1960 1965 1970 1975 1980 1985
Y"66.&)* LMMZF dc;
year

!#..%&$ MNOO]9 NQaR (.$# ,#0)(*/ 2*/F-/&,7 ,#-&+$ (,*#$$ $)(,/@ )#%&+%&'
#-+ +"(+ +"/ 1%$+*%6-+%#& #2 P/%!&,/9 I(&3)/*;!$ (*+%,./$ 1#/$ &#+ 2#..#> +"/
1%$+*%6-+%#& #2 >#*.1 )#)-.(+%#&@ 6-+ *(+"/* +"/ '/#)#.%+%,(. %&+/*/$+$ #2 +"/
eHV M$// W%'-*/ ]3]R3

4"5%)

W%'-*/$ ]3Q (&1 ]3] */)*#1-,/ $#0/ #2 [-+T (&1 !#..%&$D$ MNOO]R */$-.+$3
`/)*/$/&+%&' +"/$/ 2#*0$ #2 (&(.7$%$ 8%$-(..7@ ($ +"/7 1#@ %$ #2+/& 0#*/ $+*%?%&' 2#* (
*/(1/* +"(& ( .%$+ #2 &-06/*$3 U-+ +"/*/ (*/ $+(&1(*1 >(7$ #2 1/$%'&%&' '*()"$ (&1
,"(*+$ %& #*1/* +# $"#> F-(&+%+(+%8/ */$-.+$ Mc1>(*1 4-2+/@ NOX] )*#8%1/$ ( -$/2-.
1%$,-$$%#& (&1 ($$/$$0/&+ #2 +"/$/R3 4"/$/ 8%$-(. >(7$ #2 )*/$/&+%&' F-(&+%+(+%8/
1(+( +"/0$/.8/$ "(8/ ( ,/*+(%& /22/,+3

I#> 1# W%'-*/$ ]3Q (&1 ]3] $+*%?/ 7#-_ V*/ +"/7 )(*+%,-.(*.7 )/*$-($%8/ 6/,(-$/
+"/7 $//0 +# 6/ C$,%/&+%A,D_

V 0#*/ $#)"%$+%,(+/1 (&(.7$%$ ,(& 6/ 1/8/.#)/1 67 /5).#*%&' +"/ */.(<


+%#&$ 6/+>//& 1%22/*/&+ ,#1%&' ,(+/'#*%/$3 4"%$ ,(& 6/ 1#&/ F-(.%+(+%8/.7
(&1 F-(&+%+(+%8/.73 o-(&+%+(+%8/ 0/($-*/$ #2 )#$$%6./ */.(+%#&$"%)$ 6/+>//&
,(+/'#*%/$ %&,.-1/ ($$#,%(+%#&$@ ,*#$$<+(6-.(+%#&$ (&1 ,#**/.(+%#&$ 6/+>//&
+># 8(*%(6./$@ (&1 0-.+%8(*%(+/ (&(.7$/$ 6/+>//& 0#*/3 i*%))/&1#*2 MNOXaR
#22/*$ '-%1(&,/ "/*/3 [-+T (&1 !#..%&$ -$/ F-(&+%+(+%8/ ,#**/.(+%#&$ (+
,/*+(%& )#%&+$ %& +"/%* 6##?3 4"/7 &#+/@ 2#* /5(0)./@ +"(+ C*%+-(. +/&1$ +# 6/
1/)%,+/1 %& ,#.#* M5Q p ]3aaX@ 12 p N@ ) p 3aX]RD M[-+T (&1 !#..%&$@ NOO]9 OdR3
4"/ ,#**/.(+%#& 6/+>//& ,#.#-* (&1 *%+-(. $-''/$+$ +"(+ +"/$/ (*/ /5#+%,
)/#)./ .%8%&' $)/,+(,-.(* .%8/$S ($ +"/7 $(7@ C,#.#* %$ +"/ 8/"%,./ #2 $)/,+(,./D
M[-+T (&1 !#..%&$@ NOO]9 OdR3
YV=@U=@ D=DSf2B2 QX

70

60

W!)'$/ L9L 50
C.)'"7+( Average population
,",$(+1'"7 Number of articles
40
per cent

#"2,+*.5 1"
=+!."&+6
W$"8(+7-.5 30
+*1'#(.% ,$&('%-.5
'7 R+1'7 L2.*'#+@
20
L!*'#+ +75 1-.
4'55(. S+%1@ +%
,.*#.71+). "! 10
1"1+(@ EHIPQKF
:S%!P +&' Y"66.&)*
0
LMMZF L^L; Latin America Africa Middle East

U-+ [-+T (&1 !#..%&$ MNOO]R 0#$+.7 $//0 +# */.7 #& F-(.%+(+%8/
%&+/*)*/+(+%#&$ #2 +"/ */.(+%#&$ 6/+>//& +"/%* ,(+/'#*%/$3 4"/7 $(7 +"(+
2*#0 +"/%* ,#&+/&+ (&(.7$%$ #2 P/%!&,/9 I(&3)/*;!$@ 2#-* #8/*(*,"%&'
+"/0/$ /0/*'/13 4"/$/ >/*/ +"/ 1/)%,+%#& #2 +"%*1 >#*.1 )/#)./ ($ /5#+%,@
%1/(.%T/1@ &(+-*(.%T/1@ (&1 $/5-(.%T/13 g#>@ &#&/ #2 +"/$/ +"/0/$ ())/(*
1%*/,+.7 %& +"/ .%$+ #2 ,#1%&' ,(+/'#*%/$ 1/).#7/1 67 [-+T (&1 !#..%&$3
;&$+/(1@ +"/7 >/*/ */(,"/1 67 (0(.'(0(+%&' $#0/ #2 +"#$/ ,#1/$ #& +"/
6($%$ #2 +"/ +"/#*/+%,(. (&1 /0)%*%,(. .%+/*(+-*/ -)#& >"%," +"/%* $+-17
>($ 1*(>%&'3 4"-$ C%1/(.%T/1D >($ 2#*0/1 2*#0 ( &-06/* #2 ,#1/$9
C$0%.%&' %& ( )"#+#D@ C'*#-) $%T/D@ C(''*/$$%8/ (,+%8%+7D (&1 C>/(.+" %&1%<
,(+#*$D3 Y%8/& +"/ &-06/* #2 $0%.%&' )#*+*(%+$@ +"/ )*/8(./&,/ #2 )%,+-*/$
#2 $0(.. '*#-)$@ +"/ *(*%+7 #2 )%,+-*/$ #2 (''*/$$%#&@ (&1 +"/ 1#0%&(&,/ #2
)%,+-*/$ #2 >#*? (&1 0%11./<,.($$ $#,%(. '*#-)$@ [-+T (&1 !#..%&$ ,#&<
,.-1/ +"(+ +"%*1 >#*.1 )/#)./ (*/ )*/$/&+/1 ($ C%1/(.%T/1D9 C'/&+./ &(+%8/$
(&1 >(*$ >%+"#-+ 6*-+(.%T/1 6#1%/$D M[-+T (&1 !#..%&$@ NOO]9 OXR3 g#&<
=/$+/*&/*$ (*/ &#+ $"#>& ($ %.. #* 8/*7 )##* #* "-&'*7 #* 1/2#*0/19
%&$+/(1 +"/7 (*/ '%8/& +"/ F-(.%+%/$ +"(+ +"/ g#*+" V0/*%,(& P/%!&,/9
I(&3)/*;!$ >#-.1 .%?/ +# $//9 "())7@ &#+ +## 6(1.7 #22@ "(*1<>#*?%&'@
,#&+/&+3 ;& +"%$ >(7@ [-+T (&1 !#..%&$ /.(6#*(+/ +"/ $706#.%, 0/(&%&'$
,(**%/1 67 P/%!&,/9 I(&3)/*;!$3
4"-$ ,#&+/&+ (&(.7$%$ %$ ( +/,"&%F-/ +"/ */$-.+$ #2 >"%," &//1 %&+/*<
)*/+%&' +"*#-'" (& -&1/*$+(&1%&' #2 "#> +"/ ,#1/$ %& (& %0('/ ,#&&/,+ +#
+"/ >%1/* ,#&+/5+ >%+"%& >"%," +"(+ %0('/ 0(?/$ $/&$/3 4# 1# +"(+
*/F-%*/$ &#+ G-$+ F-(&+%+(+%8/ $?%..$ 6-+ (.$# F-(.%+(+%8/ #&/$3 c8/& (&
(18#,(+/ #2 F-(&+%+(+%8/@ ,#0)-+/*%T/1 ,#&+/&+ (&(.7$%$ .%?/ `#6/*+ =/6/*
MNOOa9 bOR "($ +# (,?&#>./1'/ +"(+ C+%0/@ /22#*+@ $?%..@ (&1 (*+ (*/ */F-%*/1
QQ QB2RDS TU@EV>VSVWBU2

+# )*#1-,/ */$-.+$@ %&+/*)*/+(+%#&$@ (&1 /5).(&(+%#&$ +"(+ (*/ 8(.%1 (&1


+"/#*/+%,(..7 %&+/*/$+%&'D3

L !+ (%"#/"# 1"145+!+ 1 ($!#!(14 8!+'14 ;/#*%&%4%)5B

!./(*.7@ /8/*7 $+('/ #2 ,#&+/&+ (&(.7$%$@ 2*#0 2#*0-.(+%&' +"/ */$/(*,"


F-/$+%#&@ +# 1/8/.#)%&' ,#1%&' ,(+/'#*%/$@ +# %&+/*)*/+%&' +"/ */$-.+$@ /&+(%.$
1/,%$%#&$ (6#-+ 0/(&%&' (&1 $%'&%A,(&,/3 ="%./ U(.. (&1 H0%+" MNOOQR
$-''/$+ +"(+ ,#&+/&+ (&(.7$%$ %$ )*/++7 0-," -$/./$$ 2#* -&1/*$+(&1%&' +"/
,-.+-*(. 0/(&%&' #2 +"/ 8%$-(. ,#0)#&/&+$ %+ (&(.7$/$@ +"/ ,($/ $+-17
/5).#*/1 %& +"%$ ,"()+/* $//0$ +# 1%$)-+/ +"%$ ,.(%03 [-+T (&1 !#..%&$ MNOO]R
$-''/$+ +"(+@ /$)/,%(..7 %2 +"/ ,#1%&' #2 %0('/$ %$ ,(*/2-..7 2#*0-.(+/1@
,#&+/&+ (&(.7$%$ ,(& 6/ -$/1 +# %&+/*)*/+ +"/ ,-.+-*(. 0/(&%&' #2 %0('/$3
4"-$ [-+T (&1 !#..%&$ MNOO]R (*/ ,./(* +"(+ ,#&+/&+ (&(.7$%$ %$ #& +"/
6#*1/*.%&/ 6/+>//& F-(&+%+(+%8/ (&1 F-(.%+(+%8/ 0/+"#1$3 U-+ [-+T (&1
!#..%&$ MNOO]R (.$# (18#,(+/ ,#&+/&+ (&(.7$%$ ($ ( 0/+"#1 +"(+ ,(& ./&1
*%'#-* (&1 ,#&$%$+/&,7 +# .(*'/<$,(./ F-(.%+(+%8/ )*#G/,+$ .%?/ +"/%*$3 I/*/
)/*"()$ +"/*/ (*/ $#0/ 0#*/ 1%2A,-.+ F-/$+%#&$ (6#-+ +"/ */./8(&,/ #2
,#&+/&+ (&(.7$%$ +# ( ,*%+%,(. 8%$-(. 0/+"#1#.#'73
W%*$+@ &-06/*$ 1# &#+ +*(&$.(+/ /($%.7 %&+# $%'&%A,(&,/3 4"/*/ %$ (
+/&1/&,7 %& ,#&+/&+ (&(.7$%$ +# ($$-0/ +"(+ %2 $#0/+"%&' #,,-*$ 8/*7 #2+/&@
%+ %$ 0#*/ %0)#*+(&+ +"(& $#0/+"%&' +"(+ #,,-*$ *(*/.73 V$ =/6/* MNOOa9
PQR (&1 U(.. (&1 H0%+" MNOOQR &#+/@ +"%$ %$ &#+ &/,/$$(*%.7 +"/ ,($/3
H#0/+"%&' +"(+ %$ ?/)+ #-+ #2 +"/ )%,+-*/ 0(7 &#&/+"/./$$ 6/ /5+*/0/.7
$%'&%A,(&+ +# %+$ 0/(&%&'3 V& /5(0)./ "/*/ >#-.1 6/ +"/ /./,+%#& )#$+/*
(&(.7$/1 67 Y%.*#7 MNOXP9 ^PJOR M$// $/,+%#& Q %& !"()+/* NR3 ; (0 &#+
0(?%&' +"/ )#%&+ "/*/ +"(+ +"/*/ %$ ( $%&'./ */(.%+7 >"%," 8%$-(. %0('/$ #&.7
$/./,+%8/.7 */)*/$/&+3 `(+"/*@ ; 0/(& +# $-''/$+ +"(+ ,/*+(%& */)*/$/&+(+%#&$
#2 >"(+ %$ 8%$%6./ 1/)/&1 #& #+"/* +"%&'$ 6/%&' ,#&$+*-,+/1 ($ +"/%*
%&8%$%6./ #))#$%+/S (&1 ,#&+/&+ (&(.7$%$ %$ %&,()(6./ #2 (11*/$$%&' +"/$/
%&8%$%6%.%T/1 #+"/*$3
\#*/#8/*@ ,#&+/&+ (&(.7$%$ 1#/$ &#+ 1%$,*%0%&(+/ 6/+>//& #,,-**/&,/$
#2 ( ,#1/9 +"(+ %$@ %+ ,(&&#+ 1%$,*%0%&(+/ 6/+>//& (& ($)/,+ #2 (& %0('/ +"(+
/5/0).%A/$ ( ,#1/ )/*2/,+.7@ (&1 #&/ +"(+ %$ #&.7 ( >/(? /5(0)./ #2 %+3
4"-$ $%0)./ 2*/F-/&,%/$ 0(7 6/ )*#6./0(+%, +# %&+/*)*/+3 V 2-*+"/*
)*#6./0 (*%$/$ >"/& +"/ 1%2A,-.+7 ,#&+/&+ (&(.7$%$ "($ %& "(&1.%&' +"/
,#&+/5+ #2 %+$ ,#1/1 %0('/ ,#0)#&/&+$ %$ ,#&$%1/*/13 !#&+/&+ (&(.7$%$
6*/(?$ (& %0('/ %&+# )(*+$ (&1 "($ &# >(7 #2 "(&1.%&' (&7 %&+/*,#&&/,<
+%#&$ +"(+ 0(7 /5%$+ 6/+>//& %+$ )(*+$@ #+"/* +"(& 67 $+(+%$+%,(. ,#**/.(+%#&3
4"%$ %$ )*#6(6.7 &#+ +"/ 6/$+ >(7 +# -&1/*$+(&1 "#> (& %0('/ >#*?$3 [-+T
(&1 !#..%&$ MNOO]R 1/0#&$+*(+/ +"%$ >"/& +"/7 +-*&@ &#+ +# $+(+%$+%,(. +/$+$@
6-+ +# +"/#*/+%,(. (,,#-&+$@ +# )-.. +#'/+"/* $#0/ #2 +"/%* ,#1/$ %&+#
#8/*(*,"%&' +"/0/$ +"(+ 2#*0 +"/ 6($%$ #2 +"/%* (&(.7$%$ #2 +"/ P/%!&,/9
I(&3)/*;!$ )"#+#'*()"$3
YV=@U=@ D=DSf2B2 QS

4"/*/ %$ (.$# (&#+"/* )*#6./0 )*#1-,/1 67 +"/ 2*('0/&+(+%#& #2 (&


%0('/ >"/& %+ -&1/*'#/$ ,#&+/&+ (&(.7$%$@ >"%," %$ +"/ %&(6%.%+7 #2 ,#&+/&+
(&(.7$%$ +# (*+%,-.(+/ >"(+ ,#0)#$%+%#&(. %&+/*)*/+(+%#& >#-.1 ,(.. +"/
/5)*/$$%8/ ,#&+/&+ #2 (& %0('/3 ;+ %$ 8/*7 "(*1 +# /8#?/ +"/ 0##1 #2 (&
%0('/ +"*#-'" ,#1/$3
W%&(..7@ +"/*/ (*/ +"/ 6*#(1/* %$$-/$ %& (&(.7$%&' 8%$-(. %0('/$ +"(+
,#&+/&+ (&(.7$%$ ,(&&#+ (11*/$$3 !#&+/&+ (&(.7$%$ 2#,-$/$ #& +"/ %0('/
%+$/.23 U-+ +"/*/ (*/ +"/ +># #+"/* $%+/$ (+ >"%," (& %0('/D$ 0/(&%&'$ (*/
0(1/9 +"/ $%+/ #2 %+$ )*#1-,+%#&@ (&1 +"/ $%+/ #2 %+$ (-1%/&,%&'3 !#&+/&+
(&(.7$%$ $%0).7 %'&#*/$ 6#+" #2 +"/$/3 ;&1//1@ ($ $/,+%#& ]3N )#%&+/1 #-+@ %&
%+$ ,#&,/*& 2#* ,#1/* */).%,(6%.%+7@ ,#&+/&+ (&(.7$%$ ($$-0/$ +"(+ 1%22/*/&+
8%/>/*$ ,(& $// +"/ $(0/ %0('/ %& +"/ $(0/ >(7@ (&1 ($ ( 0/+"#1 %+
+"/*/2#*/ "($ &# %&+/*/$+ %& (-1%/&,/ ,*/(+%8%+73 [-+T (&1 !#..%&$ MNOO]R +*7
+# #8/*,#0/ +"/$/ (6$/&,/$ 67 -$%&' #+"/* */$/(*," 0/+"#1$ +# (,,/$$ +"/
>(7 0/(&%&' %$ 0(1/ (+ +"/$/ #+"/* $%+/$3 V+ +"/ $%+/ #2 P/%!&,/9 I(&3)/*;!$
)*#1-,+%#&@ +"/7 ,#&1-,+/1 %&+/*8%/>$ >%+" +"/ 0('(T%&/D$ )"#+#'*()"/*$
(&1 /1%+#*$@ +# '(%& (& -&1/*$+(&1%&' #2 +"/ $#,%(. (&1 ,#0)#$%+%#&(.
0#1(.%+%/$ #2 )*#1-,+%#&3 V&1 (+ +"/ $%+/ #2 P/%!&,/9 I(&3)/*;!$ (-1%/&<
,%&'@ +"/7 ,#&1-,+/1 '*#-) %&+/*8%/>$ >%+" P/%!&,/9 I(&3)/*;!$ */(1/*$ %&
>"%," +"/7 1%$,-$$/1 )(*+%,-.(* )"#+#'*()"$3 ="(+ +"/7 2#-&1 >($ +"(+ (+
/(," $%+/ +"/ 0/(&%&'$ '%8/& +# +"/ )"#+#'*()"$ 8(*%/13 I#>/8/*@ >"(+ +"/7
1# &#+ 1%$,-$$ %$ +"/ */.(+%#&$"%) 6/+>//& +"/$/ +"*// $%+/$3 \#*/#8/*@
2-*+"/* %$$-/$ (*/ *(%$/1 %2 >/ */,(.. +"/%* 1/$,*%)+%#& #2 +"/%* #>& ,#&+/&+
(&(.7$%$3 4"/7 '(8/ %+ +"/ $+(+-$ #2 +"/ C1%$,#8/*7 #2 )(++/*&$ +"(+ (*/ +##
$-6+./ +# 6/ 8%$%6./ #& ,($-(. %&$)/,+%#&D (&1 $-''/$+/1 +"(+ %+ '(8/
C)*#+/,+%#& ('(%&$+ (& -&,#&$,%#-$ $/(*," +"*#-'" +"/ 0('(T%&/ 2#* #&.7
+"#$/ >"%," ,#&A*0 #&/D$ %&%+%(. $/&$/ #2 >"(+ +"/ )"#+#$ $(7 #* 1#D
M[-+T (&1 !#..%&$@ NOO]9 XOR3 [-+T (&1 !#..%&$ "(8/ ())(*/&+.7 C1%$,#8/*/1D
)(++/*&$ M>"%," %0).%/$ +"(+ +"/7 "(8/ -&,#8/*/1 ( )*/</5%$+%&' (&1
+"/*/2#*/@ )/*"()$@ 0#*/ */(. P/%!&,/9 I(&3)/*;!$ >(7 #2 $//%&'R (&1 "(8/
*/0#8/1 (&7 -&,#&$,%#-$ %&+/*)*/+%8/ )*/1%./,+%#&$3 4"%$ */0#8/$ (&7 &//1
#& +"/%* )(*+ +# 6/ */E/5%8/3 `/E/5%8%+7 %$ &#+ )(*+ #2 ,#&+/&+ (&(.7$%$
6/,(-$/ ,#&+/&+ (&(.7$%$ ($$-0/$ %+ %$ (& #6G/,+%8/ 0/+"#13 U-+ >"(+ 1#/$
+"(+ $-''/$+ (6#-+ +"/ #+"/* 0/(&%&' 0(?/*$ >"#0 [-+T (&1 !#..%&$
%&+/*8%/>/1_ 4"(+ +"/%* %&+/*)*/+(+%#&$ (*/ 0#*/ -&,#&$,%#-$_ [/$$ 8(.%1_
\#*/ C>##..7D@ )/*"()$_ [-+T (&1 !#..%&$ MNOO]R 1/&7 +"(+ +"/7 (*/ %0).7<
%&' +"%$3 U-+ +"/%* 1/2/&,/ #2 ,#&+/&+ (&(.7$%$ ./(8/$ +"(+ .%&'/*%&'
%0)*/$$%#& &#&/+"/./$$3 \(76/ +"/ &(+-*(. $,%/&,/ ./'(,7 #2 ,#&+/&+
(&(.7$%$ %$ "(*1/* +# ./(8/ 6/"%&1 +"(& [-+T (&1 !#..%&$ "#)/3

J +';;1$5

: ,#&+/&+ (&(.7$%$ >($ 1/8/.#)/1 ($ ( $#,%(. $,%/&,/ */$/(*," 0/+"#1 +"(+


>#-.1 6/ $,%/&+%A, 67 6/%&' */).%,(6./ (&1 8(.%13
: %+ #22/*$ ,./(* 0/+"#1#.#'%,(. '-%1/.%&/$ 2#* (,"%/8%&' +"#$/ F-(.%+%/$3
QT QB2RDS TU@EV>VSVWBU2

: +"/$/ '-%1/.%&/$ ,(& 6/ -$/2-. %& ())*#(,"%&' ( .(*'/ &-06/* #2 %0('/$


%& ( ,#&$%$+/&+ 0(&&/*3
: +"/*/ (*/ ( &-06/* #2 )*#6./0$ %& ())*#(,"%&' +"/ %$$-/ #2 8%$-(.
0/(&%&' +"*#-'" F-(&+%+(+%8/ +/,"&%F-/$3 K(*%#-$ %$$-/$ #2 */.(+%8/
$%'&%A,(&,/ (&1 ,#&+/5+ (*/ 1%2A,-.+ +# (11*/$$3
: ,#&+/&+ (&(.7$%$ "($ &# >(7 #2 1/(.%&' >%+" +"#$/ $%+/$ (+ >"%," +"/
0/(&%&'$ #2 %0('/$ (*/ 0(1/ #+"/* +"(& +"(+ #2 +"/ %0('/ %+$/.23
: ,#&+/&+ (&(.7$%$ 1#/$ &#+ 1/0(&1 */E/5%8%+7 #& +"/ )(*+ #2 +"/
*/$/(*,"/*3

3'$#*/$ $/1&!")

W#* ( ,./(* 1%$,-$$%#& #2 ,#&+/&+ (&(.7$%$ ($ %+ ,(& 6/ ()).%/1 +# >*%++/&


+/5+$@ ,#&$-.+ i*%))/&1#*2D$ 7&,%(,% D,/90"!"H D, E,%)&6+$%!&, %& !%"
R(%;&6&9&3!(" MNOXaR3
J
+/;!%4%)5
6+9.&8 #+($ !-$ 7($K%'.5$) #$&$+!- !-$ )/""!-
)%(4+5$ "4 !-$ #$+%!.4%6

H 1" !"#$%&'(#!%" #% #*/ +/;!%4%)!(14 1"145+!+ %3 8!+'14 !;1)/+

4"%$ ,"()+/* /5(0%&/$ (& ())*#(," +# 8%$-(. %0('/$ >"%," "($ 6//& 0-,"
0#*/ )*#0%&/&+ +"(& /%+"/* ,#0)#$%+%#&(. %&+/*)*/+(+%#& #* ,#&+/&+
(&(.7$%$ %& +"/ 1/8/.#)0/&+ #2 +"/ 1/6(+/$ (6#-+ +"/ 8%$-(. +"(+ >/*/
6*%/E7 */8%/>/1 %& !"()+/* N3 4"%$ 0/+"#1 %$ $/0%#.#'7 M$#0/+%0/$ (.$#
,(../1 $/0%#+%,$R3 ;+$ )*#0%&/&,/ %$ 1-/ %& )(*+ +# +"/ 2(,+ +"(+ $/0%#.#'7
,#&2*#&+$ +"/ F-/$+%#& #2 "#> %0('/$ 0(?/ 0/(&%&'$ "/(1 #&3 ;+ %$ &#+
$%0).7 1/$,*%)+%8/@ ($ ,#0)#$%+%#&(. %&+/*)*/+(+%#& ())/(*$ +# 6/S &#* 1#/$
%+ */.7 #& F-(&+%+(+%8/ /$+%0(+%#&$ #2 $%'&%A,(&,/@ ($ ,#&+/&+ (&(.7$%$ (+
$#0/ ./8/. "($ +#3 ;&$+/(1@ $/0%#.#'7 #22/*$ ( 8/*7 2-.. 6#5 #2 (&(.7+%,(.
+##.$ 2#* +(?%&' (& %0('/ ()(*+ (&1 +*(,%&' "#> %+ >#*?$ %& */.(+%#& +#
6*#(1/* $7$+/0$ #2 0/(&%&'3 V$ ( 0/+"#1@ $/0%#.#'7 1*(>$ -)#& +"/ >#*?
#2 $/8/*(. 0(G#* $#,%(. +"/#*%$+$3 Z-1%+" =%..%(0$#& MNOPXR@ 2#* /5(0)./@ %&
"/* ,.($$%, $/0%#.#'%,(. $+-17 L($&6!,3 D68()%!"(-(,%"@ ,%+/$ #&.7
V.+"-$$/*@ U(*+"/$@ U/&G(0%&@ U/*'/*@ U*/,"+@ W#-,(-.+@ W*/-1@ Y*(0$,%@
[(,(&@ [/q8%<H+*(-$$@ \(*5 (&1 H($$-*/ (+ +"/ /&1 #2 "/* 6##?@ 6-+ +"%$ %$ (
*#..<,(.. #2 0(&7 #2 +"/ +>/&+%/+" ,/&+-*7D$ 0#$+ %0)#*+(&+ ,*%+%,(. >*%+/*$3
H/0%#.#'7 %$ +"-$ /06/11/1 %& ( *%," (&1 ,#0)./5 $/*%/$ #2 %1/($ >"#$/
%0).%,(+%#&$ (*/ $+%.. (,+%8/.7 1/6(+/1S "/&,/ +"/*/ (*/ 1%22/*/&+ (&(.7+%,(.
/0)"($/$ >%+"%& $/0%#.#'7@ >"%," +"%$ ,"()+/* >%.. 6*%/E7 +#-," #&3 4"/
0#$+ %0)#*+(&+ +##. %& +"/ $/0%#.#'%,(. 6#5@ +"#-'"@ %$ +"/ C$%'&D9
$/0%#.#'7 0/(&$ C+"/ $+-17 #2 $%'&$D3 V$ \%/?/ U(. (&1 g#*0(& U*7$#&
MNOON9 NPdR $(7 %& +"/%* 1/2/&,/ #2 $/0%#.#'7@ C"-0(& ,-.+-*/ %$ 0(1/ -)
#2 $%'&$@ /(," #2 >"%," $+(&1$ 2#* $#0/+"%&' #+"/* +"(& %+$/.2@ (&1 +"/
)/#)./ %&"(6%+%&' ,-.+-*/ 6-$7 +"/0$/.8/$ 0(?%&' $/&$/ #2 +"#$/ $%'&$D3
H/0%#.#'7 "($ (& /.(6#*(+/ (&(.7+%,(. 8#,(6-.(*7 2#* 1/$,*%6%&' "#> $%'&$
SV QB2RDS TU@EV>VSVWBU2

0(?/ $/&$/@ (&1 +"%$ %$ #&/ #2 %+$ 0(G#* $+*/&'+"$3 V $/0%#.#'%,(. (&(.7$%$
/&+(%.$ +"/ 1/).#70/&+ #2 ( "%'".7 */A&/1 $/+ #2 ,#&,/)+$ >"%," )*#1-,/
1/+(%./1 (,,#-&+$ #2 +"/ /5(,+ >(7$ +"/ 0/(&%&'$ #2 (& %0('/ (*/ )*#1-,/1
+"*#-'" +"(+ %0('/3
H/0%#.#'7 #22/*$ ( ,/*+(%& ?%&1 #2 (&(.7+%,(. )*/,%$%#&@ +"/&3 V$ >($
&#+/1 %& +"/ )*/8%#-$ ,"()+/*@ $# +## 1#/$ ,#&+/&+ (&(.7$%$3 V&1@ ('(%& .%?/
,#&+/&+ (&(.7$%$@ ( ,/*+(%& $#*+ #2 $/0%#.#'7 ,.(%0$ +# 6/ ( $,%/&+%A,
())*#(," +# +"/ (&(.7$%$ #2 0/(&%&'3 !#&+/&+ (&(.7$%$ %$ $(%1 +# 6/ (
$,%/&,/ 6/,(-$/ %+ %$ F-(&+%+(+%8/@ */).%,(6./ (&1 8(.%13 4"/$/ (*/ &#+ +"/
'*#-&1$ #& >"%," +"/ (18#,(+/$ #2 $/0%#.#'7 ($ ( $,%/&,/ ,.(%0 $/0%#.#'7
($ ( $,%/&,/@ "#>/8/*3 H/0%#.#'%$+$ 1/)/&1 #& ( 1/A&%+%#& #2 $,%/&,/ +"(+
A&/%4%)5 ,#&+*($+$ $,%/&+%A, ?&#>./1'/ >%+" (6&*#*1- M+"%$ 1%$+%&,+%#& %$ -$-(..7
/.(6#*(+/1 >%+" */2/*/&,/ +# +"/ \(*5%$+ +"/#*%$+ [#-%$ V.+"-$$/*R3 ;1/#<
.#'7 %$ ?&#>./1'/ +"(+ %$ ,#&$+*-,+/1 %& $-," ( >(7 ($ +# ./'%+%0(+/
-&/F-(. $#,%(. )#>/* */.(+%#&$S $,%/&,/@ %&$+/(1@ %$ ?&#>./1'/ +"(+ */8/(.$
+"#$/ %&/F-(.%+%/$3 4"%$ -$/ #2 +"/ +/*0 %1/#.#'7 %$ /8%1/&,/ #2 +"/ 2#*0(<
+%8/ %&E-/&,/ #2 \(*5%$0 #& $/0%#.#'73 \(*5 (&1 c&'/.$ 2(0#-$.7
,.(%0/1 %& >;( I()-/, E6(&9&30 +"(+ C+"/ %1/($ #2 +"/ *-.%&' ,.($$ (*/ %&
/8/*7 ('/ +"/ *-.%&' %1/($D@ (&1 "/*/ (*/ `#6/*+ I#1'/ (&1 Y-&+"/* i*/$$
1/A&%&' %1/#.#'7 %& +"/ %&+*#1-,+%#& +# +"/%* 6##? 2&$!/9 2(-!&%!$"9

;& ,#&+/0)#*(*7 ,()%+(.%$+ $#,%/+%/$ ($ %& 0#$+ #+"/* $#,%(. 2#*0(+%#&$


+"/*/ (*/ %&/F-(.%+%/$ %& +"/ 1%$+*%6-+%#& #2 )#>/* (&1 #+"/* '##1$3 V$ (
*/$-.+ +"/*/ (*/ 1%8%$%#&$ %& +"/ $#,%(. 2(6*%, 6/+>//& *-./*$ (&1 *-./1@
/5).#%+/*$ (&1 /5).#%+/19 $-," $#,%/+%/$ /5"%6%+ ,"(*(,+/*%$+%, $+*-,+-*/$
#2 1#0%&(+%#&3 ;& #*1/* +# $-$+(%& +"/$/ $+*-,+-*/$ #2 1#0%&(+%#& +"/
1#0%&(&+ '*#-)$ (++/0)+ +# */)*/$/&+ +"/ >#*.1 %& 2#*0$ +"(+ */E/,+ +"/%*
#>& %&+/*/$+$@ +"/ %&+/*/$+$ #2 +"/%* )#>/*3 MI#1'/ (&1 i*/$$@ NOXX9 ]R

;1/#.#'7 %$ +"#$/ */)*/$/&+(+%#&$ +"(+ */E/,+ +"/ %&+/*/$+$ #2 )#>/*3 ;&


)(*+%,-.(*@ %1/#.#'7 >#*?$ +# ./'%+%0(+/ $#,%(. %&/F-(.%+%/$@ (&1 %+ >#*?$ (+
+"/ ./8/. #2 #-* $-6G/,+%8%+79

;1/#.#'7 %$ +"/ 0/(&%&' 0(1/ &/,/$$(*7 67 +"/ ,#&1%+%#&$ #2 $#,%/+7


>"%./ "/.)%&' +# )/*)/+-(+/ +"#$/ ,#&1%+%#&$3 =/ 2//. ( &//1 +# 6/.#&'@ +#
"(8/ ( $#,%(. C).(,/DS %+ ,(& 6/ "(*1 +# A&13 ;&$+/(1 >/ 0(7 6/ '%8/& (&
%0('%&(*7 #&/3 M=%..%(0$#&@ NOPX9 N]R

=%..%(0$#&D$ -$/ #2 +"/ +/*0 C%0('%&(*7D %$ ,#0)./5@ 6-+ 2#* +"/ 0#0/&+
>/ ,(& -&1/*$+(&1 %+ ($ ,#&+*($+%&' +"/ %0('%&(*7 >%+" +"/ */(.9 $"/ %$
,#&+*($+%&' +"/ %0('%&(*7 $#,%(. )#$%+%#&$ )*#1-,/1 67 %1/#.#'7 >%+" +"/
(,+-(. $#,%(. */.(+%#&$ )*#1-,/1 67 ,()%+(.%$0 ($ */8/(./1 67 $,%/&+%A,
?&#>./1'/3 H/0%#.#'7@ +"/&@ %$ ,/&+*(..7 ,#&,/*&/1 >%+" +"/ $#,%(. /22/,+$
#2 0/(&%&'3
=%..%(0$#& MNOPXR (*'-/$ +"(+ #&/ #2 +"/ 0#$+ %&E-/&+%(. %1/#.#'%,(.
2#*0$ %& ,#&+/0)#*(*7 ,()%+(.%$+ $#,%/+%/$ %$ (18/*+%$%&'3 H"/ ,.(%0$ +"(+
2UTBVSVWf SH

(18/*+%$/0/&+$ (*/ -6%F-%+#-$ (&1 +"-$ ())/(* (-+#&#0#-$@ $# +"(+ +"/7


"(8/ C( $#*+ #2 %&1/)/&1/&+ */(.%+7 +"(+ .%&?$ +"/0 +# #-* #>& .%8/$D
M=%..%(0$#&@ NOPX9 NNR3 `#6/*+ Y#.10(& ('*//$3 CV1$ $(+-*(+/ #-* .%8/$@D
"/ $(7$@ (&1 '#/$ #&@ C7/+@ 6/,(-$/ (1$ (*/ $# )/*8($%8/ (&1 #-* */(1%&' #2
+"/0 $# *#-+%&/@ >/ +/&1 +# +(?/ 2#* '*(&+/1 +"/ 1//) $#,%(. ($$-0)+%#&$
/06/11/1 %& (18/*+%$/0/&+$9 >/ 1# &#+ #*1%&(*%.7 */,#'&%$/ +"/0 ($ (
$)"/*/ #2 %1/#.#'7D MY#.10(&@ NOOQ9 NR3 U#+" =%..%(0$#& (&1 Y#.10(&
,"##$/ +# -$/ $/0%#.#'7 ($ ( 0/+"#1 +"(+ ,(& "/.) +"/0 )/&/+*(+/ +"/
())(*/&+ (-+#&#07 (&1 */(.%+7 #2 (18/*+$@ %& #*1/* +# */8/(. +"/%* %1/#<
.#'%,(. $+(+-$3 =%..%(0$#& 1/$,*%6/$ "/* -&1/*$+(&1%&' #2 (18/*+$ +"-$9

;& #-* $#,%/+7@ >"%./ +"/ */(. 1%$+%&,+%#&$ 6/+>//& )/#)./ (*/ ,*/(+/1 67
+"/%* *#./ %& +"/ *)&$("" #2 )*#1-,+%#&@ ($ >#*?/*$@ %+ %$ +"/ *)&6+$%" #2
+"/%* #>& >#*? +"(+ (*/ -$/1@ %& +"/ 2(.$/ ,(+/'#*%/$ %&8#?/1 67
(18/*+%$%&'@ +# #6$,-*/ +"/ */(. $+*-,+-*/ #2 $#,%/+7 67 */).(,%&' ,.($$
>%+" +"/ 1%$+%&,+%#&$ 0(1/ 67 +"/ ,#&$-0)+%#& #2 )(*+%,-.(* '##1$3 4"-$
%&$+/(1 #2 6/%&' %1/&+%A/1 67 >"(+ +"/7 )*#1-,/@ )/#)./ (*/ 0(1/ +#
%1/&+%27 +"/0$/.8/$ >%+" >"(+ +"/7 ,#&$-0/ 3 3 3 >/ (*/ 0(1/ +# 2//. +"(+
>/ ,(& *%$/ #* 2(.. %& $#,%/+7 +"*#-'" >"(+ >/ (*/ (6./ +# 6-7@ (&1 +"%$
#6$,-*/$ +"/ (,+-(. ,.($$ 6($%$ +"(+ $+%.. -&1/*.%/$ $#,%(. )#$%+%#&3 4"/
2-&1(0/&+(. 1%22/*/&,/$ %& $#,%/+7 (*/ $+%.. ,.($$ 1%22/*/&,/$@ 6-+ -$/ #2
0(&-2(,+-*/1 '##1$ ($ ( 0/(&$ #2 $)(/%!,3 ,.($$/$ #* '*#-)$ 2#*0 (&
#8/*.(7 #& +"/03 4"%$ #8/*.(7 %$ %1/#.#'73 M=%..%(0$#&@ NOPX9 N]R

;+ %$ /8%1/&+ %& +"%$ )($$('/ +"(+ =%..%(0$#& %$ "())7 +# 0(?/ ( ,./(*


1%$+%&,+%#& 6/+>//& +"/ C*/(.D $+*-,+-*/$ #2 $#,%/+7 J ,.($$ */.(+%#&$ J (&1
+"/ C2(.$/D ?&#>./1'/ #2 $#,%(. 1%22/*/&,/$ #22/*/1 67 (18/*+$3 V&1 +"(+ 2(.$/
?&#>./1'/ %$@ 2#* =%..%(0$#&@ %1/#.#'%,(.3 H"/ -$/$ $/0%#.#'7@ 1/$,*%6/1 ($
( $,%/&,/ M=%..%(0$#&@ NOPX9 OR@ +# 1%$$/,+ +"/ >#*?%&'$ #2 %1/#.#'73 I/&,/
\(*'(*/+ ;8/*$/&D$ MNOXb9 XdR 1/$,*%)+%#& #2 $/0%#.#'7 ($ C.(7%&' 6(*/ +"/
)*/G-1%,/$ 6/&/(+" +"/ $0##+" $-*2(,/ #2 +"/ 6/(-+%2-.D3 =%..%(0$#&D$ 6##?
>%.. 6/ +"%$ ,"()+/*D$ ,($/ $+-173
H#0/ $/0%#.#'%$+$ >*%+%&' 0#*/ */,/&+.7@ "#>/8/*@ (*/ 0-," 0#*/
,%*,-0$)/,+ +"(& =%..%(0$#& %& ,.(%0%&' +"(+ +"/%* ?&#>./1'/$ (*/
$,%/&+%A,(..7 +*-/3 I#1'/ (&1 i*/$$ MNOXXR $-''/$+ +"(+ (&7 ?&#>./1'/
>"%," $(&,+%#&$ ( )(*+%,-.(* 2#*0 #2 $#,%(. #*'(&%T(+%#& 0-$+ 6/ 1/$,*%6/1
($ %1/#.#'%,(.3 4"-$ ?&#>./1'/ +"(+ ./'%+%0(+/$ +"/ $#,%(. )#$%+%#& #2
1#0%&(&+ '*#-)$ %$ %1/#.#'%,(.S 6-+ $# +## (*/ +"#$/ ?&#>./1'/$ #2 #+"/*
)#$$%6%.%+%/$ 2#* $#,%(. #*'(&%T(+%#& +"(+ (*/ "/.1 67 1#0%&(+/1 '*#-)$3 4#
,()+-*/ +"%$ C1#-6./ (&1 ,#&+*(1%,+#*7D &#+%#& #2 %1/#.#'7@ +"/7 )*/2/* +#
-$/ +"/ +/*0 C%1/#.#'%,(. ,#0)./5D9 C( 2-&,+%#&(..7 */.(+/1 $/+ #2 ,#&+*(<
1%,+#*7 8/*$%#&$ #2 +"/ >#*.1@ ,#/*,%8/.7 %0)#$/1 67 #&/ $#,%(. '*#-) #&
(&#+"/* #& 6/"(.2 #2 %+$ #>& 1%$+%&,+%8/ %&+/*/$+$ #* $-68/*$%8/.7 #22/*/1 67
(&#+"/* $#,%(. '*#-) %& (++/0)+$ (+ */$%$+(&,/ %& %+$ #>& %&+/*/$+$D MI#1'/
(&1 i*/$$@ NOXX9 ]R3 4"/ %0).%,(+%#& #2 +"%$ (*'-0/&+ %$ +"(+ +"/ ,*%+%,(.
'#(.$ #2 $/0%#.#'7 (*/ G-$+ ($ %1/#.#'%,(. ($ +"/ (18/*+$ #* >"(+/8/* +"(+
SN QB2RDS TU@EV>VSVWBU2

(*/ 6/%&' ,*%+%F-/1S +"/ 1%22/*/&,/ 6/+>//& +"/0 %$ %& +"/ $#,%(. /22/,+$ #2
+"/ ?&#>./1'/$ /(," 1/)/&1$ #&@ &#+ %+$ +*-+" $+(+-$3
U(. (&1 U*7$#& MNOONR #22/* (&#+"/* 8/*$%#& #2 +"%$ (*'-0/&+@ $%0).7
)#%&+%&' #-+ +"(+ $%&,/ (.. ?&#>./1'/ 1/)/&1$ #& $%'&$@ (.. ?&#>./1'/ %$
8-.&/*(6./ +# $/0%#.#'%,(. */%&+/*)*/+(+%#&@ %&,.-1%&' +"(+ #2 +"/ $/0%<
#.#'%$+$ +"/0$/.8/$3 c.$/>"/*/ U(. MNOObR "($ 1/$,*%6/1 +"%$ ($ ( )*#,/$$ #2
C1#-6./ /5)#$-*/D3 ="/& ( ,*%+%, >*%+/$ (6#-+@ ./+D$ $(7@ ( 8%1/#@ &#+ #&.7 %$
+"/ 8%1/# %&+/*)*/+/1 (&1 /5)#$/1 +# %&+/*)*/+(+%#&S +"/ %&+/*)*/+(+%#& %$
(.$# #& 1%$).(7@ /5)#$%&' +"/ ,*%+%,D$ %1/($ +# %&+/*)*/+(+%#& 67 #+"/*$3 V$
$"/ $(7$@ +"/*/ (*/ C%&+*%,(,%/$ 6/+>//& 3 3 3 (,(1/0%, $-6G/,+%8%+7 (&1
+"/ $-6G/,+ 0(++/* %+ )-*)#*+$ +# (&(.7$/D MU(.@ NOOb9 PR3 U(. +"/*/2#*/
(,?&#>./1'/$ +"/ %0)#*+(&,/ #2 +"/ +"%*1 ,*%+/*%#& #-+.%&/1 %& !"()+/* N
2#* ( ,*%+%,(. 8%$-(. 0/+"#1#.#'7@ (&1 +*%/$ +# 6/ */E/5%8/ (6#-+ "/* #>&
8%/>%&' )*(,+%,/$3
=%..%(0$#&D$ MNOPXR (,,#-&+ #2 %1/#.#'7 2#,-$/$ #& ,.($$ */.(+%#&$ %&
6#+" +"/%* C*/(.D (&1 C2(.$/D 2#*0$3 ;& "/* 6##? +"#-'" $"/ (.$# */,#'&%T/$
+"/ ,/&+*(.%+7 #2 '/&1/* +# "#> (18/*+$ (*/ ,#&$+*-,+/1@ (&1 (&#+"/*
1/8/.#)0/&+ %& 0#*/ */,/&+ $/0%#.#'%,(. $+-1%/$ %$ +"/ >(7 %& >"%," +"/
$%'&$ #2 0(&7 2#*0$ #2 $#,%(. 1%22/*/&,/ (*/ /5).#*/19 ,.($$@ '/&1/*@ *(,/@
(6./<6#1%/1&/$$ (&1 $# #&3 H/0%#.#'7 ($$-0/$ +"(+ +"/$/ ,#&$+*-,+%#&$ #2
$#,%(. 1%22/*/&,/ (*/ (*+%,-.(+/1 +"*#-'" %0('/$ +"/0$/.8/$3 H/,+%#& N #2
!"()+/* Q "($ (.*/(17 F-#+/1 g#*0(& U*7$#& 0(?%&' +"%$ )#%&+@ (&1 %+D$
&#> )#$$%6./ +# $// +"/ +"/#*/+%,(. %&$)%*(+%#& 2#* "%$ */0(*?$9

4"/ $#,%(. 2#*0(+%#& %$&D+@ +"/&@ $#0/+"%&' >"%," $-)/*8/&/$ #* ())*#<


)*%(+/$ #* -+%.%T/$ +"/ %0('/ $# +# $)/(? /1%() %+ "($ 6//& 0(1/S *(+"/*
)(%&+%&'@ ($ (& (,+%8%+7 #2 +"/ $%'&@ -&2#.1$ >%+"%& +"/ $#,%(. 2#*0(+%#&
2*#0 +"/ 6/'%&&%&'3 V&1 2*#0 +"/ %&$%1/ J +"/ $#,%(. 2#*0(+%#& %$ %&"/*<
/&+.7 (&1 %00(&/&+.7 )*/$/&+ %& +"/ %0('/ (&1 &#+ ( 2(+/ #* (& /5+/*&(.
>"%," ,.(0)$ 1#>& #& (& %0('/ +"(+ 0%'"+ )*/2/* +# 6/ ./2+ (.#&/3
MU*7$#&@ NOON9 bbR

\(&7 $/0%#.#'%,(. $+-1%/$ +"/*/2#*/ +/&1 +# ,#&,/&+*(+/ #& +"/ !-/3( !%"(91
($ +"/ 0#$+ %0)#*+(&+ $%+/ #2 %+$ 0/(&%&'3 ;+$ 2#,-$ #& $%'&$ 0/(&$ +"(+
$/0%#.#'7 (.>(7$ )(7$ 8/*7 ,(*/2-. (++/&+%#& +# +"/ $&-*&"!%!&,/9
0#1(.%+7 #2 +"(+ $%+/S 6-+ %+$ ,#&,/*& 2#* +"/ $#,%(. /22/,+$ #2 (& %0('/D$
0/(&%&' 0/(& +"(+ $#0/ (++/&+%#& %$ (.$# )(%1 +# +"/ "&$!/9 0#1(.%+7 #2
+"(+ $%+/3 I#>/8/*@ (&1 ('(%& 0#*/ */,/&+.7@ +"/*/ "(8/ 6//& $#0/ /22#*+$
+# /0)"($%T/ >"(+ +"%$ 6##? %$ ,(..%&' +"/ $#,%(. 0#1(.%+7 (+ #+"/* $%+/$3
U(. (&1 U*7$#& MNOON9 NXdR@ 2#* /5(0)./@ /0)"($%T/ (6#8/ (.. +"/ $%+/ #2
(& %0('/D$ /+6!(,$!,3@ (*'-%&' +"(+ $/0%#.#'7 C%$ ,/&+*(..7 ,#&,/*&/1 >%+"
*/,/)+%#&D@ (&1 I#1'/ (&1 i*/$$ MNOXXR "(8/ 1/8/.#)/1 >"(+ +"/7 ,(..
C$#,%(. $/0%#+%,$D ($ ( >(7 #2 /0)"($%T%&' >"(+ +"%$ 6##? %$ ,(..%&' +"/
$#,%(. 0#1(.%+7 (+ (.. $%+/$ #2 0/(&%&' 0(?%&'3 4"%$ ,"()+/* >%.. ,#&$%1/*
+"/%* (*'-0/&+$ %& $/,+%#& d3
4"%$ %&+*#1-,+%#& %$ $-''/$+%&'@ +"/&@ +"(+ $/0%#.#'7 ,(& 2-.A. +"/
,*%+/*%( 2#* ( ,*%+%,(. 8%$-(. 0/+"#1#.#'7 +"(+ >/*/ #-+.%&/1 %& +"/ A*$+
2UTBVSVWf SL

,"()+/* #2 +"%$ 6##?3 ;+ #22/*$ ( *(&'/ #2 +##.$ 2#* .##?%&' (+ %0('/$


,(*/2-..7S %+ %$ ,/&+*(..7 ,#&,/*&/1 >%+" +"/ >(7$ %& >"%," $#,%(. 1%22/*/&,/
%$ ,*/(+/1S (&1 (+ ./($+ $#0/ #2 %+$ )*(,+%+%#&/*$ (18#,(+/ ( */E/5%8%+7 %& %+$
1/).#70/&+3 I#>/8/*@ ($ ( 0/+"#1 %+ (.$# "($ %+$ 1*(>6(,?$3 H/0%#.#'7 %$
,#&,/)+-(..7 /.(6#*(+/3 c(," $/0%#.#'%,(. +/*0 ,(**%/$ $-6$+(&+%(. +"/#*<
/+%,(. 6(''('/ >%+" %+@ (&1 +"/*/ %$ ( +/&1/&,7 2#* /(," $/0%#.#'%,(. $+-17
+# %&8/&+ %+$ #>& (&(.7+%,(. +/*0$3 4"%$ +/*0%&#.#'%,(. )*/,%$%#& (,,#-&+$
2#* +"/ (&(.7+%,(. )*/,%$%#& #2 $/0%#.#'73 ;+ (.$# (,,#-&+$@ "#>/8/*@ 2#* (
,/*+(%& 1/&$%+7 #2 +/*0%&#.#'7 >"%," %$ &#+ (.>(7$ /($7 2#* +"/ &#8%,/ +#
'*($)S \%,"(/. U(.. (&1 Y*/'#*7 H0%+" MNOOQR (*/ &#+ +"/ #&.7 #&/$ +# $//
+"%$ ($ #&/ #2 +"/ 1%$(18(&+('/$ #2 +"%$ 0/+"#13 f#& H.(+/* MNOOXR #22/*$
(&#+"/* ,*%+%,%$09 +"(+ 2#* (.. %+$ (&(.7+%,(. *%,"&/$$@ $/0%#.#'7 1#/$ &#+
#22/* ( ,./(* 0/+"#1 2#* %+$ ()).%,(+%#&3 4"%$ ,"()+/* +"/*/2#*/ 2#,-$/$
0#*/ #& $-''/$+%&' $#0/ >(7$ +# 1# $/0%#.#'7 +"(& #& /.(6#*(+%&' %+$
+"/#*/+%,(. %0).%,(+%#&$3 4"%$ ,"()+/* >%..9

: /5(0%&/ +"/ ,/&+*(. %0)#*+(&,/ #2 C+"/ $%'&D +# $/0%#.#'7S


: /5).#*/ +"/ ,#&&/,+%#&$ 0(1/ 67 $/0%#.#'7 6/+>//& $%'&$ (&1 6*#(1/*
$+*-,+-*/$ #2 0/(&%&'S
: .##? (+ $#0/ >#*? >"%," (++/0)+$ +# ,#&$%1/* +"/ $#,%(. 0#1(.%+%/$ #2
+"/ )*#1-,+%#& (&1 (-1%/&,%&' #2 %0('/$S
: #22/* (& ($$/$$0/&+ #2 +"/ $+*/&'+"$ (&1 >/(?&/$$/$ #2 $/0%#.#'7 ($ (
0/+"#1 2#* ( ,*%+%,(. 8%$-(. 0/+"#1#.#'73

N (*%%+!") !;1)/+ 3%$ 1 +/;!%4%)!(14 +#'&5

H/0%#.#'%,(. $+-1%/$ */F-%*/ /5+/&$%8/ ?&#>./1'/ #2 +"/ +7)/ #2 %0('/


>"%," +"/ ,($/ $+-1%/$ >%.. /5(0%&/3 Z-1%+" =%..%(0$#& MNOPX9 OR +/..$ "/*
*/(1/*$ +"(+ $"/ (**%8/1 (+ +"/ e&%8/*$%+7 #2 !(.%2#*&%( (+ U/*?/./7 +# +(?/ (
,#-*$/ #& )#)-.(* ,-.+-*/ %& +"/ 0%1<NOPa$ >%+" C( 6-.'%&' A./ #2
(18/*+%$/0/&+$ ,#../,+/1 #8/* 0(&7 7/(*$D +"(+ /8/&+-(..7 )*#8%1/1 +"/
%..-$+*(+%#&$ 2#* "/* 6##?@ (&1 Y#.10(& MNOOQ9 QR $(7$ "/ >($ C>(+,"%&'
(1$ 2#* #8/* 1/,(1/D 6/2#*/ >*%+%&' "%$ 6##?3 I#>/8/*@ &/%+"/* $-''/$+
+"/7 "(1 ( *%'#*#-$ $(0).%&' )*#,/1-*/@ ($ ( ,#&+/&+ (&(.7$+ >#-.1S &#*
1# /%+"/* $(7 "#> +"/7 ,"#$/ >"%," #2 +"/$/ 0(&7 (18/*+$ +# 1%$,-$$ %&
1/+(%. ($ /5(0)./$ %& +"/%* 6##?$3 4"%$ %$ 6/,(-$/ $/0%#.#'%$+$ ,"##$/ +"/%*
%0('/$ #& +"/ 6($%$ #2 "#> ,#&,/)+-(..7 %&+/*/$+%&' +"/7 (*/@ %+ $//0$3
4"/*/ %$ &# ,#&,/*& (0#&' $/0%#.#'%$+$ +# A&1 %0('/$ +"(+ (*/ $+(+%$+%,(..7
*/)*/$/&+(+%8/ #2 ( >%1/* $/+ #2 %0('/$@ 2#* /5(0)./@ ($ +"/*/ %$ %& ,#&+/&+
(&(.7$%$3 ;0('/$ (*/ %&+/*)*/+/1 %& ,.#$/ */.(+%#& +# $/0%#.#'%,(. +"/#*7@
(&1 +"/ 1%$,-$$%#& #2 )(*+%,-.(* %0('/$ %$ #2+/& 1%*/,+/1 (+ /5/0).%27%&'
(&(.7+%,(. )#%&+$3 4"-$ $/0%#.#'7 8/*7 #2+/& +(?/$ +"/ 2#*0 #2 1/+(%./1 ,($/
$+-1%/$ #2 */.(+%8/.7 2/> %0('/$@ (&1 +"/ ,($/ $+-17 $+(&1$ #* 2(..$ #& %+$
(&(.7+%,(. %&+/'*%+7 (&1 %&+/*/$+ *(+"/* +"(& #& %+$ ()).%,(6%.%+7 +# ( >%1/
*(&'/ #2 0(+/*%(.3
SJ QB2RDS TU@EV>VSVWBU2

L #*/ +!)" 1"& !#+ ;/1"!")>;1-!") 6$%(/++/+

4"/ C$%'&D %$ +"/ 0#$+ 2-&1(0/&+(. -&%+ #2 $/0%#.#'73 4"/ $%'& %$ ( -&%+ #2
0/(&%&'@ (&1 $/0%#.#'%$+$ (*'-/ +"(+ (&7+"%&' >"%," "($ 0/(&%&' J (&
(18/*+@ ( )(%&+%&'@ ( ,#&8/*$(+%#&@ ( )#/0 J ,(& 6/ -&1/*$+##1 %& +/*0$ #2
%+$ $%'&$ (&1 +"/ >#*? +"/7 1#3 H%'&$ 0(?/ 0/(&%&' %& ,#0)./5 >(7$@ (&1
0-," #2 +"/ +/,"&%,(. 8#,(6-.(*7 #2 $/0%#.#'7 1/$,*%6/$ +"/ )*/,%$/ >(7$
%& >"%," $%'&$ 0(?/ $/&$/3

Z1L ,-+! .) + ).8&I

H/0%#.#'%,(. -&1/*$+(&1%&' #2 +"/ $%'& 1/)/&1$ %& )(*+ #& +"/ >#*? #2
W/*1%&(&1 1/ H(-$$-*/@ (&1 %& )(*+%,-.(* #& "%$ 7&+)"( &, I(,()/9 @!,J
3+!"%!$"3 H(-$$-*/ >(&+/1 +# 1/8/.#) ( $7$+/0(+%, -&1/*$+(&1%&' #2 "#>
=!)" .(&'-('/ >#*?$@ (&1 "/ (*'-/1 +"(+ +"/ )(1+ >($ +"/ 6($%, -&%+ #2 .(&<
'-('/3 4"/ $%'& ,#&$%$+$ #2 +># )(*+$@ >"%," (*/ #&.7 1%$+%&'-%$"(6./ (+ +"/
(&(.7+%,(. ./8/.S %& )*(,+%,/ +"/7 (*/ (.>(7$ %&+/'*(+/1 %&+# /(," #+"/*3 4"/
=!)"![/& A*$+ )(*+ #2 +"/ $%'& %$ +"/ )(1+(8&63 4"/ $%'&%A/1 %$ ( ,#&,/)+ #* (& #6G/,+@
./+D$ $(7 C( 8/*7 7#-&' "-0(& -&(6./ +# >(.? #* +(.?D3 4"/ $/,#&1 )(*+ #2
=!)"![/$ +"/ $%'& %$ +"/ )(1+(8&%3 4"/ $%'&%A/* %$ ( $#-&1 #* (& %0('/ +"(+ %$ (++(,"/1
+# ( $%'&%A/1S %& +"%$ ,($/@ +"/ >#*1 C6(67D3 4"/ )#%&+ +"(+ H(-$$-*/ 0(1/
>%+" +"%$ 1%$+%&,+%#& 6/+>//& $%'&%A/* (&1 $%'&%A/1@ (&1 >"%," $/0%#.#'%,(.
(&(.7$%$ 1/)/&1$ -)#&@ %$ +"(+ +"/*/ %$ &# &/,/$$(*7 */.(+%#&$"%) 6/+>//& (
)(*+%,-.(* $%'&%A/* (&1 %+$ $%'&%A/13 =/ ,(& $// +"%$ %2 >/ +"%&? #2 +"/ >(7
%& >"%," 1%22/*/&+ .(&'-('/$ -$/ 1%22/*/&+ >#*1$ 2#* +"/ $(0/ $%'&%A/19
C6(67D %& c&'.%$" %$ C6%06#D #* C6%06(D %& ;+(.%(&@ 2#* /5(0)./3 \#*/#8/*@
+"/ $(0/ $%'&%A/* ,(& "(8/ 1%22/*/&+ 0/(&%&'$S C6(67D ,(& (.$# 6/ ( +/*0 #2
/&1/(*0/&+ 6/+>//& (1-.+$@ 2#* /5(0)./@ (&1 %& c&'.%$" C6%06#D 1#/$ &#+
*/2/* +# 6(6%/$ (+ (.. 6-+ %$ *(+"/* ( +/*0 +"(+ $+/*/#+7)/$ ,/*+(%& ?%&1$ #2
(1-.+ >#0/&3 ="(+/8/* $+(6%.%+7 (++(,"/$ +# ( )(*+%,-.(* */.(+%#&$"%)
6/+>//& ( $%'&%A/* (&1 $%'&%A/1 1#/$ &#+ 1/)/&1 #& (& %&"/*/&+ ,#&<
&/,+%#& 6/+>//& +"/0@ +"/&3 ;&$+/(1@ H(-$$-*/ (*'-/1 +"(+ %+ 1/)/&1$ -)#&
+"/ 1%22/*/&,/ 6/+>//& +"(+ )(*+%,-.(* $%'& (&1 0(&7 #+"/*$3 4"-$ #&/
0/(&%&' #2 C6(67D %& c&'.%$" 1/)/&1$ 2#* %+$ $%'&%A,(&,/ &#+ #& ( &/,/$$(*7
*/.(+%#& 6/+>//& +"/ >#*1 C6(67D (&1 C8/*7 7#-&' "-0(&$ -&(6./ +# >(.?
#* +(.?D@ 6-+ *(+"/* #& +"/ 1%22/*/&,/ 6/+>//& +"/ $%'& C6(67D (&1 #+"/*
$%'&$ $-," ($ C+#11./*D@ C,"%.1D@ C?%1D@ C+//&('/*D@ C(1#./$,/&+D@ C(1-.+D (&1 $#
#&3 4"/ (,+-(. #6G/,+ %& +"/ >#*.1 +# >"%," +"/ $%'& %$ */.(+/1 %$ ,(../1 +"/
\/3/$/"# $%'&D$ %&5&%&+$3
4"/ 1%$+%&,+%#& 6/+>//& $%'&%A/* (&1 $%'&%A/1 %$ ,*-,%(. +# $/0%#.#'7@
6/,(-$/ %+ 0/(&$ +"(+ +"/ */.(+%#& 6/+>//& 0/(&%&'$ M$%'&%A/1$R (&1
$%'&%A/*$ %$ &#+ %&"/*/&+@ 6-+ *(+"/* %$ ,#&8/&+%#&(. (&1 ,(& +"/*/2#*/ 6/
)*#6./0(+%T/13 ="%./ C( $%'& %$ (.>(7$ +"%&'<).-$<0/(&%&'D M=%..%(0$#&@
NOPX9 NPR@ +"/ ,#&&/,+%#& 6/+>//& ( ,/*+(%& $%'&%A/* (&1 ( ,/*+(%& $%'&%A/1
,(& 6/ F-/$+%#&/1S (&1 +"/ */.(+%#&$ 6/+>//& $%'&$ ,(& (.$# 6/ /5).#*/13
2UTBVSVWf SX

4"/ /.(6#*(+/ 8#,(6-.(*7 #2 $/0%#.#'7 %$ (%0/1 (+ ,.(*%27%&' +"/ 1%22/*/&+


>(7$ %& >"%," $%'&%A/*$ (&1 $%'&%A/1$ (*/ (++(,"/1 +# M(&1 1/+(,"/1
2*#0R /(," #+"/*3 4"/ A*$+ $+('/ #2 ( $/0%#.#'%,(. (&(.7$%$@ +"#-'"@ %$ +#
%1/&+%27 +"/ 6($%, 6-%.1%&' 6.#,?$ #2 (& %0('/9 %+$ $%'&$3 U(. (&1 U*7$#&
MNOON9 NO]JdR )#%&+ #-+ +"(+ %+ %$ #2+/& F-%+/ 1%2A,-.+ +# 1%22/*/&+%(+/
6/+>//& 8%$-(. $%'&$@ 6/,(-$/ #2+/& +"/*/ (*/ &# ,./(* 6#-&1(*%/$ 6/+>//&
1%22/*/&+ )(*+$ #2 (& %0('/3 I#>/8/*@ #&,/ ,/*+(%& /./0/&+$ #2 (& %0('/
"(8/ 6//& (+ ./($+ +/&+(+%8/.7 %1/&+%A/1 ($ %+$ $%'&$@ +"/%* 0/(&%&'$ ,(& 6/
/5).#*/13
Y%..%(& f7/*D$ D68()%!"!,3 /" 7&--+,!$/%!&, MNOXQR )#%&+$ #-+ +"(+
+"/ )"#+#'*()"$ #2 0(&7 (18/*+$ 1/)/&1 #& $%'&$ #2 "-0(&$ >"%,"
$706#.%T/ )(*+%,-.(* F-(.%+%/$ +# +"/%* (-1%/&,/3 4"/$/ F-(.%+%/$ J +"/$/
$%'&%A/1$ J (*/ $"%2+/1 %& +"/ (1 2*#0 +"/ "-0(& $%'&%A/*$ (&1 #& +# +"/
)*#1-,+ +"/ (1 %$ +*7%&' +# $/..3 I/*/ %$ Z-1%+" =%..%(0$#& (&(.7$%&' (&
(18/*+ 2#* +"/ I(.%2(5 U-%.1%&' H#,%/+7 M$// W%'-*/ d3NR@ >"%," #22/*$
0#*+'('/$ 2#* "#-$/ )-*,"($/3 I/* 2#,-$ %$ +"/ >(7 "(&1$ (*/ $%'&$3

4"/ *%&' 3 3 3 $+(&1k$l 2#* 0(**%('/@ (&1 %& k+"/l )%,+-*/ +"/ $+*#&' 0(./
"(&1 $+(&1$ 2#* CL*#0%$/@ !#&A1/&,/@ (&1 H/,-*%+7D3 4"/ )%,+-*/$ (*/
,.%,"/q1 %..-$+*(+%#&$ #2 +"*// >#*1$3 U-+ +"/ )#%&+ #2 +"/ (1 %$ +#
-&1/*0%&/ +"/ C!#&A1/&,/ (&1 H/,-*%+7D #22/*/1 67 +"/ 0(& 3 3 3 4"/
,.%,"/q #2 0($,-.%&/ $/,-*%+7 (&1 )*#0%$/ %$ /5)#$/1@ +# $"#> +"/ &//1 2#*
+"/ I(.%2(53 h/+ $%0-.+(&/#-$.7@ +"/ %0('/ #2 +"/ (1@ +"/ "(&1 (&1 +"/
*%&'@ /+,3@ -&1/*0%&/1 %& %+$ .%+/*(. $/&$/ #2 0(**%('/<($<$/,-*%+7@ %$ -$/1
%& (.. %+$ ,.%,"/q1&/$$ +# */)*/$/&+ +"/ )*#0%$/@ $/,-*%+7 (&1 ,#&A1/&,/
#22/*/1 %& */)(*(+%#& 67 +"/ I(.%2(5 3 3 3 ;& #+"/* >#*1$@ H/,-*%+7@
$%'&%A/1 67 +"/ "(&1@ 6/,#0/$ ( $%'&%A/*@ %& %+$ )#$$%6./ (6$/&,/@ #2 +"/
&//1 2#* I(.%2(5S %+ %$ +"/& */+-*&/1 +# %+$ #*%'%&(. $+(+-$ #2 $%'&%A/1
+"*#-'" +"/ ,#&1-%+ #2 +"/ )*#1-,+3 M=%..%(0$#&@ NOPX9 ]dR

f7/* MNOXQ9 ObJNadR "($ ( -$/2-. ,"/,?.%$+ 2#* /5).#*%&' >"(+ $%'&$ #2
"-0(&$ 0%'"+ $706#.%T/9

N )(*)("(,%/%!&," &1 '&6!("9


: /3(3 ="(+ %$ +"/ ('/ #2 +"/ A'-*/$ %& +"/ )"#+#'*()" 0/(&+ +#
,#&8/7_ ;&&#,/&,/_ =%$1#0_ H/&%.%+7_
: 3(,6()3 V18/*+$ 8/*7 #2+/& */.7 #& $+/*/#+7)/1 %0('/$ #2 0($,-<
.%&%+7 (&1 2/0%&%&%+73 \/& (*/ (,+%8/ (&1 *(+%#&(.@ >#0/& (*/
)($$%8/ (&1 /0#+%#&(.S 0/& '# #-+ %&+# +"/ >#*.1@ >#0/& (*/ 0#*/
($$#,%(+/1 >%+" +"/ 1#0/$+%,3
: )/$(3 V'(%&@ (18/*+$ #2+/& 1/)/&1 #& $+/*/#+7)/$3 4# >"(+ /5+/&+
1#/$ (& (18/*+ 1# +"%$_ B* 1#/$ %+ &#*0(.%T/ >"%+/&/$$ 67 0(?%&' %+
%&8%$%6./ M$// f7/*@ NOOPR_
: ;/!)3 =#0/&D$ "(%* %$ #2+/& -$/1 +# $%'&%27 $/1-,+%8/ 6/(-+7 #*
&(*,%$$%$03
SQ QB2RDS TU@EV>VSVWBU2

W!)'$/ J9H
L58.*1'%.2.71
:H.66.+/)"&*
LMNaF Zd;

: '&603 ="%," 6#1%/$ (*/ 2(+ M(&1 +"/*/2#*/ #2+/& */)*/$/&+/1 ($


-&1/$%*(6./ (&1 -&(++*(,+%8/R (&1 >"%," (*/ +"%&_ V*/ >/ $"#>&
>"#./ 6#1%/$@ #* 1#/$ +"/ )"#+# $"#> #&.7 )(*+$ #2 6#1%/$ M>#0/&D$
6#1%/$ (*/ #2+/& +*/(+/1 %& +"%$ >(7 %& ,#$0/+%, (1$R_
: "!M(3 V18/*+$ #2+/& %&1%,(+/ >"(+ %$ 0#*/ %0)#*+(&+ 67 0(?%&' %+
6%'3
: 9&&<"3 V'(%&@ (18/*+$ #2+/& +*(1/ #& ,#&8/&+%#&(. &#+%#&$ #2 0(./
(&1 2/0(./ 6/(-+73 H-$(& U#*1#D$ 6##? S,'(/)/'9( .(!3;% MNOO]R
%$ (& /5,/../&+ 1%$,-$$%#& #2@ (0#&' #+"/* +"%&'$@ "#> (18/*+$
)%,+-*/ 6#1%/$ %& >(7$ +"(+ 1/)/&1 #& ,-.+-*(. ,#&$+*-,+%#&$ #2
*(,/@ '/&1/* (&1 6/(-+73
Q )(*)("(,%/%!&," &1 -/,,()
: (:*)(""!&,3 ="# %$ $"#>& ($ "())7@ "(-'"+7@ $(1 (&1 $# #&_ ="(+
2(,%(. (&1 #+"/* /5)*/$$%#&$ (*/ -$/1 +# ,#&8/7 +"%$_
: (0( $&,%/$%3 ="# %$ .##?%&' (+ >"#0 M%&,.-1%&' 7#-R (&1 "#>_ V*/
+"#$/ .##?$ $-60%$$%8/@ ,#7@ ,#&2*#&+(+%#&(._
: *&"(3 ="# %$ $+(&1%&' (&1 >"# %$ )*#&/_
2UTBVSVWf SS

] )(*)("(,%/%!&," &1 /$%!8!%0


: %&+$;3 ="# %$ +#-,"%&' >"(+@ >%+" >"(+ /22/,+$_
: '&60 -&8(-(,%3 ="# %$ (,+%8/ (&1 >"# %$ )($$%8/_
: *&"!%!&,/9 $&--+,!$/%!&,3 ="(+ %$ +"/ $)(+%(. (**(&'/0/&+ #2 +"/
A'-*/$_ ="# %$ )#$%+%#&/1 ($ $-)/*%#* (&1 >"# %&2/*%#*_ ="# %$
%&+%0(+/ >%+" >"#0 (&1 "#>_ I#1'/ (&1 i*/$$ MNOXX9 ^QJb]R
"(8/ ( -$/2-. 1%$,-$$%#& #2 )#$%+%#&(. ,#00-&%,(+%#&3
d *)&*" /,6 "(%%!,3"
: *)&*"3 B6G/,+$ %& (18/*+$ ,(& 6/ -$/1 %& ( >(7 -&%F-/ +# ( )(*<
+%,-.(* (18/*+@ 6-+ 0(&7 (1$ */.7 #& #6G/,+$ +"(+ "(8/ )(*+%,-.(*
,-.+-*(. $%'&%A,(&,/3 W#* /5(0)./@ $)/,+(,./$ #2+/& ,#&&#+/ %&+/..%<
'/&,/@ '#.1/& .%'"+ %&1%,(+/$ +*(&F-%..%+7@ (&1 $# #&3
: "(%%!,3"3 H/++%&'$ *(&'/ 2*#0 +"/ ())(*/&+.7 C&#*0(.D +# +"/ $-)<
)#$/1.7 C/5#+%,D@ (&1 ,(& (.$# $//0 +# 6/ 2(&+($%/$3 ="(+ /22/,+$
1#/$ %+$ $/++%&' "(8/ #& (& (18/*+_

f7/*D$ .%$+ )*#8%1/$ ( '##1 >(7 #2 $)/,%A7%&' %& $#0/ 1/+(%. "#> ( 8%$-(.
%0('/ #2 "-0(&$ )*#1-,/$ ,/*+(%& $%'&%A/1$3 I#>/8/*@ +"%$ ?%&1 #2
%&+/*)*/+(+%#& ,./(*.7 */F-%*/$ +"/ ?%&1 #2 /5+/&$%8/ ?&#>./1'/ #2 %0('/$ #2
,-.+-*(..7 $)/,%A, $#,%(. 1%22/*/&,/ (&1 $#,%(. */.(+%#&$3

4"5%)

[##? (+ +"/ (18/*+$ */)*#1-,/1 %& W%'-*/$ d3Q@ d3] (&1 d3d3 ="(+ 1# +"/ 8(*%#-$
"-0(& A'-*/$ $%'&%27_

Z1^ ,+9) "4 '$)5(.#.&8 ).8&)

4"/*/ %$ $#0/ 1/6(+/ (6#-+ "#> -$/2-. H(-$$-*/D$ ./'(,7 %$ +# $/0%#.#'7


6/7#&1 +"%$ 2-&1(0/&+(. -&1/*$+(&1%&' #2 +"/ $+*-,+-*/ #2 $%'&$3 U(. (&1
U*7$#& MNOONR (&1 I#1'/ (&1 i*/$$ MNOXXR 6#+" (*'-/ +"(+ H(-$$-*/ "(1
*(+"/* ( $+(+%, &#+%#& #2 "#> $%'&$ >#*? (&1 >($ -&%&+/*/$+/1 %& "#>
0/(&%&'$ ,"(&'/ (&1 (*/ ,"(&'/1 %& -$/3 B+"/* >*%+/*$ >#&1/* >"/+"/* (
+"/#*7 6($/1 #& .(&'-('/ ,(& 1/(. >%+" +"/ )(*+%,-.(*%+%/$ #2 +"/ 8%$-(.3
;8/*$/&@ 2#* /5(0)./@ $-''/$+$ +"(+ +"/ */.(+%#& 6/+>//& $%'&%A/* (&1
$%'&%A/1 %$ 1%22/*/&+ %& 0(&7 8%$-(. %0('/$ 2*#0 +"(+ %& >*%++/& #* $)#?/&
$%'&$9

[%&'-%$+%, $%'&$ (*/ (*6%+*(*7 %& +"/ $/&$/ +"(+ +"/*/ %$ &# */.(+%#& 6/+>//&
+"/ $#-&1 #2 ( >#*1 (&1 %+$ 0/(&%&' #+"/* +"(& ,#&8/&+%#&@ ( C,#&+*(,+D
#* *-./3 ;+ %$ ,./(* +"(+ 8%$-(. $%'&$ (*/ &#+ (*6%+*(*7@ 6-+ C0#+%8(+/1D J
+"/*/ %$ $#0/ *(+%#&(./ 2#* +"/ ,"#%,/ #2 $%'&%A/*3 4"/ >#*1 C1#'D (&1 (
ST QB2RDS TU@EV>VSVWBU2

)%,+-*/ #2 #&/ 1# &#+ $%'&%27 %& +"/ $(0/ >(7@ $# %+ %$ $(2/ +# ($$-0/1 +"(+
( +"/#*7 #2 $/0%#+%,$ 6($/1 #& .%&'-%$+%,$ >%.. 2(.. 2(* $"#*+ #2 #22/*%&' (
,#0)./+/ (,,#-&+ #2 8%$-(. $%'&%A,(+%#&3 M;8/*$/&@ NOXb9 X^S $// (.$#
V*0$+*#&'@ NOObS I(..@ NOXa9 N]QR

U#+" U(. (&1 U*7$#& MNOONR (&1 ;8/*$/& MNOXbR@ +"/*/2#*/@ >"%./ (,?&#><
./1'%&' +"/ %0)#*+(&,/ #2 H(-$$-*/D$ 1%$,-$$%#& #2 +"/ $%'&@ )*/2/* +# +-*& +#
+"/ >#*? #2 +"/ V0/*%,(& )"%.#$#)"/* !"(*./$ H(&1/*$ L%/*,/ M$// (.$#
=#../&@ NOPa9 NQaR3 4"%$ %$ 6/,(-$/ CL%/*,/D$ *%,"/* +7)#.#'7 #2 $%'&$ /&(6./$
-$ +# ,#&$%1/* "#> 1%22/*/&+ 0#1/$ #2 $%'&%A,(+%#& >#*?@ >"%./ H(-$$-*/D$
0#1/. ,(& #&.7 +/.. -$ "#> $7$+/0$ #2 (*6%+*(*7 $%'&$ #)/*(+/D M;8/*$/&@
NOXb9 X^R3
L%/*,/ $-''/$+/1 +"(+ +"/*/ >/*/ +"*// ?%&1$ #2 $%'&$@ 1%22/*/&+%(+/1 67
+"/ >(7 %& >"%," +"/ */.(+%#& 6/+>//& +"/ $%'&%A/* (&1 $%'&%A/1 %$ -&1/*<
$+##19

A(%" N (/*+3 ;& %,#&%, $%'&$@ +"/ $%'&%A/* */)*/$/&+$ +"/ $%'&%A/1 67 ())(*/&+.7
"(8%&' ( .%?/&/$$ +# %+3 4"%$ +7)/ #2 $%'& %$ #2+/& 8/*7 %0)#*+(&+ %&
8%$-(. %0('/$@ /$)/,%(..7 )"#+#'*()"%, #&/$3 4"-$ ( )"#+#'*()" #2 (
6(67 %$ (& %,#&%, $%'& #2 +"(+ 6(673 f%('*(0$ (*/ (.$# %,#&%, $%'&$@ $%&,/
+"/7 $"#> +"/ */.(+%#&$ 6/+>//& +"/ )(*+$ #2 +"/%* #6G/,+3
A"&/? Q (+6&:3 ;& %&1/5%,(. $%'&$@ +"/*/ %$ (& %&"/*/&+ */.(+%#&$"%) 6/+>//& +"/
$%'&%A/1 (&1 $%'&%A/*3 C;&"/*/&+D %$ #2+/& ,-.+-*(..7 $)/,%A,@ $# ( ,-**/&+
/5(0)./ 2(0%.%(* +# =/$+/*& */(1/*$ 0%'"+ 6/ +"/ >(7 +"(+ ( $,"/0(+%,
)%,+-*/ #2 ( 6(67 $##+"/* %$ #2+/& -$/1 +# 1/&#+/ ( *##0 %& )-6.%,
).(,/$ >"/*/ +"/*/ (*/ 6(67<,"(&'%&' 2(,%.%+%/$3
=5;,%4 ] )-2?*#3 H706#.%, $%'&$ "(8/ ( ,#&8/&+%#&(.%T/1 6-+ ,./(*.7 (*6%+*(*7
*/.(+%#& 6/+>//& $%'&%A/* (&1 $%'&%A/13 4"-$ )%,+-*/$ #2 6(6%/$ (*/
#2+/& -$/1 +# */)*/$/&+ &#+%#&$ #2 C+"/ 2-+-*/D@ ($ %& ( )#$+,(*1 )*#<
1-,/1 67 +"/ ;+(.%(& ,#00-&%$+ &/>$)()/* E9 R/,!1("%& M$// W%'-*/
d3QR3 4"%$ $"#>$ ( $.//)%&' 6(67 >%+" ( *(%$/1 A$+@ (&1 +"/ +/5+ C.(
*%8#.-T%#&/ &#& *-$$(D MC+"/ */8#.-+%#& %$&D+ $&#*%&'j$.//)%&'D 6-+ (.$#
C&#+ +"/ `-$$%(& */8#.-+%#&DR3

H%&,/ $%'&$ >#*? %& */.(+%#& +# #+"/* $%'&$@ %+ 0%'"+ (.$# 6/ -$/2-. +#
Y1$1&!);1#!( 1%$+%&'-%$" 6/+>//& +># 2-*+"/* ?%&1$ #2 $%'&$@ 0,%,6(12,$(/ (&1 )-+$,13
=5"#1);1#!( 2,$(/3 =-+$,12,$(/ $%'&$ '(%& +"/%* 0/(&%&' 2*#0 +"/ $%'&$ +"(+ $-**#-&1
+"/0 %& ( $+%.. %0('/@ #* ,#0/ 6/2#*/ #* (2+/* +"/0 %& $/F-/&,/ %& ( 0#8%&'
%0('/3 H7&+('0(+%, $%'&$ (*/ #2+/& 8/*7 %0)#*+(&+ 2#* $/0%#.#'%/$ #2 A.0@
$%&,/ A.0 %$ ( $/F-/&,/ #2 $%'&$3 4"-$ ,/*+(%& $%'&$ %& ( A.0 0(7 '(%& /5+*(
0/(&%&' 6/,(-$/ +"/7 "(8/ #,,-**/1 %& ( )*/8%#-$ $,/&/ M2#* ( 1%$,-$$%#& #2
$/0%#.#'7 %& */.(+%#& +# A.0 $)/,%A,(..7@ $// \#&(,#@ Qaaa9 N^NJQQ^R3
L(*(1%'0(+%, $%'&$ '(%& +"/%* 0/(&%&' 2*#0 ( ,#&+*($+ >%+" (.. #+"/*
)#$$%6./ $%'&$S +"-$ +"/ 6(67 %& +"/ )#$+,(*1 %$ ( )(*(1%'0(+%, $%'& 6/,(-$/
>/ -&1/*$+(&1 +"(+ $%'& ($ ( 6(67 67 1/,%1%&' +"(+ %+ %$ &#+ ( +#11./*@ (&
(1#./$,/&+ #* (& (1-.+3
2UTBVSVWf SI

W!)'$/ J9N H%'&$ (*/ ,#0)./5 (&1 ,(& 6/ 1#%&' $/8/*(. +"%&'$ (+ #&,/S $# 7#- 0(7
L58.*1'%.2.71 !"* "(8/ +# 1/$,*%6/ +"/ $(0/ $%'& -$%&' $/8/*(. #2 +"/ +/*0$ 1%$,-$$/1 %& +"%$
1-. T1+('+7 $/,+%#&3
7.M%,+,.*
B6 T+&.4$)!"@
4"5%)
#'*#+ EHHU

H+-17 +"/ (18/*+$ */)*#1-,/1 %& W%'-*/$ d3] (&1 d3d@ -$%&' +"/ +/*0$ %&+*#1-,/1 $#
2(* %& +"%$ $/,+%#&3

="(+ (*/ +"/ )"#+#'*()"$D $%'&$_ ="(+ 1# /(," #2 +"/ )"#+#'*()"D$ $%'&$ $%'&%27_
;& 1#%&' +"%$@ (*/ +"/7 %&1/5%,(.@ %,#&%,@ #* $706#.%,_ V*/ +"/*/ $7&+('0(+%, $%'&$_
="(+ (6#-+ +"/ +/5+_ ="(+ $%'&%A/1$ 1#/$ %+ /8#?/_ Y%8/& +"/ $%'&%A/1$ (++(,"/1 +#
+"/ 8%$-(. $%'&%A/*$@ >"(+ F-(.%+%/$ (*/ 8%/>/*$ #2 +"/$/ (1$ 0/(&+ +# ($$#,%(+/ >%+"
+"/ )*#1-,+_

4"/*/ (*/ #+"/* >(7$ #2 1/$,*%6%&' $%'&$3 H%'&$ ,(& 6/ 1%$+%&'-%$"/1


c/"%#!8/ 1/)/&1%&' #& "#> $706#.%, +"/7 (*/3 H%'&$ ,(& 6/ 6&+*$('&@ +"(+ %$@
1/$,*%6%&' $#0/+"%&'9 ( 6(67@ ( $##+"/*3 `#.(&1 U(*+"/$ MNOPPR $-''/$+$
+"(+ $%'&$ >"%," >#*? (+ +"/ 1/&#+%8/ ./8/. (*/ 2(%*.7 /($7 +# 1/,#1/3 =/
,(& .##? (+ ( )%,+-*/ #2 ( 6(67 (&1 $// +"(+ %+ %$ ( 6(67 (&1 &#+ ( +#11./* #*
c!/)/+!+ (& (1-.+@ 2#* /5(0)./3 V */.(+/1 +/*0 %$ 6(&1&)()3 f%/'/$%$ %$ +"/ $-0 #2 +"/
1/&#+%8/ 0/(&%&'$ #2 (& %0('/3 \7 1/$,*%)+%#& #2 +"/ )#$+,(*1 */)*#1-,/1
TV QB2RDS TU@EV>VSVWBU2

($ W%'-*/ d3Q ($ $"#>%&' C( $.//)%&' 6(67 >%+" ( *(%$/1 A$+@ (&1 +"/ +/5+ C.(
*%8#.-T%#&/ &#& *-$$(DD %$ ( 1%/'/$%$ #2 +"(+ %0('/3 4"/ +/*0 %$ #2+/& -$/1 %&
A.0 $+-1%/$ +# #22/* ( */.(+%8/.7 $+*(%'"+2#*>(*1 (,,#-&+ #2 ( A.0@ 6/2#*/ (
0#*/ ,#0)./5 (&(.7$%$ 6/'%&$3 I#>/8/*@ (.+"#-'" 1/&#+%8/ $%'&$ (+ #&/
./8/. 0(7 6/ /($7 +# -&1/*$+(&1@ (+ (&#+"/* +"/7 0(7 "(8/ $# 0(&7
)#+/&+%(. 0/(&%&'$ +"(+ ( 8%/>/* 0(7 6/ ,#&2-$/13 V )#$+,(*1 $"#>%&' (
6(67@ 2#* /5(0)./@ ,#-.1 6/ ( 6%*+" (&&#-&,/0/&+@ #* (& (18/*+ 2#* 6(67

W!)'$/ J9L
?'(8.* 6*"%%
+58.*1'%.2.71@
EHHK
2UTBVSVWf TH

W!)'$/ J9J
:.71'7"V 1..1-'7)
).(
+58.*1'%.2.71@
EHHK

,*/(0 #* ,#+ 6.(&?/+$@ #* ( ,-+/ ,(*13 ;& +"/ ,($/ #2 +"/ )#$+,(*1 1%$,-$$/1
D"(*%$1)/ "/*/@ +"/ +/5+ )*#8%1/$ >"(+ U(*+"/$ MNOPP9 ]XJdNR ,(../1 ,+/7*%,1&3 ;+
(..#>$ +"/ */(1/* +# ,"##$/ 6/+>//& >"(+ ,#-.1 6/ ( ,#&2-$%&' &-06/* #2
)#$$%6./ 1/&#+%8/ 0/(&%&'$ #2 ( )#$+,(*1 $"#>%&' ( 6(673 4/5+ %& (18/*+$
#2+/& >#*?$ ($ (&,"#*('/3 ;& #+"/* 0/1%(@ "#>/8/* M+/./8%$%#& %$ (&
/5(0)./R@ +"/ +/5+ %$ 0-," 0#*/ %0)#*+(&+ %& */.(+%#& +# +"/ %0('/S +"/7
(*/ ,#0)./0/&+(*7@ (&1 %& +"%$ ,($/ U(*+"/$ MNOPP9 ]XJdNR 1/$,*%6/1 +"/
\/415>3'"(#!%" >*%++/& #* $)#?/& +/5+ ($ "(8%&' ( %&#,-35"+/$(*+3
TN QB2RDS TU@EV>VSVWBU2

O%""%#!8/ U-+ $%'&$ ,(& (.$# 6/ /*++*$('&3 !#&&#+%8/ $%'&$ ,(**7 ( *(&'/ #2
"%'"/*<./8/. 0/(&%&'$3 W#* /5(0)./@ +"(+ )#$+,(*1 -$/$ ( )%,+-*/ #2 ( 6(67
($ ( ,#&&#+%8/ $%'&@ 6/,(-$/ +"(+ 6(67 ,#&&#+/$ +"/ 2-+-*/ >"/& +"/
*/8#.-+%#& >%.. "())/&3 !#&&#+%8/ $%'&$ +"/0$/.8/$ ,(& 6/ 1%8%1/1 %&+#
+># ?%&1$9

F/#%"5;!( N 2&$*+-2(/3 4"%$ ?%&1 #2 $%'& %$ $#0/+"%&' ($$#,%(+/1 >%+" $#0/+"%&'


/.$/@ >"%," +"/& */)*/$/&+$ +"(+ $#0/+"%&' /.$/3 4"-$ %& +"/ )#$+,(*1
/5(0)./@ 6(6%/$ (*/ ($$#,%(+/1 >%+" &#+%#&$ #2 +"/ 2-+-*/@ (&1 +"/ 6(67
%$ +"-$ ( 0/+#&70%, $%'&3
=5"/(&%(*14 Q )-+&/6*/7,#3 4"%$ $%'& %$ /%+"/* ( )(*+ #2 $#0/+"%&' $+(&1%&' %& 2#* (
>"#./@ #* ( >"#./ */)*/$/&+%&' ( )(*+3 4"-$ +"/ ,%+7 #2 L(*%$ %$ #2+/&
*/)*/$/&+/1 67 ( )%,+-*/ #2 #&/ )(*+ #2 %+@ +"/ c%22/. 4#>/*9 +"/ %0('/ #2
+"/ +#>/* %$ ( $7&/,1#,"(. $%'& #2 L(*%$ ($ ( >"#./3

V'(%&@ %+ %$ %0)#*+(&+ +# $+*/$$ +"(+ (&7 #&/ $%'& 0(7 6/ >#*?%&' %& #&/ #*
0#*/ #2 +"/$/ >(7$3
4"-$ $/0%#.#'7 #22/*$ ( 1/+(%./1 8#,(6-.(*7 2#* $)/,%27%&' >"(+
)(*+%,-.(* $%'&$ (*/ 1#%&'3

4"5%)

V+ +"%$ )#%&+@ %+ %$ ())*#)*%(+/ +# 0/&+%#& (& %&+/*)*/+%8/ 1/6(+/ (0#&'


$/0%#.#'%$+$ #8/* +"/ $+(+-$ #2 $%'&$ %& )"#+#'*()"%, %0('/$3 ;+ %$ */./8(&+ A*$+
6/,(-$/ %+ "($ %0).%,(+%#&$ 2#* %&+/*)*/+%&' M$#0/ $#*+$ #2 R )"#+#'*()"%, %0('/$S %+
$-''/$+$ +"(+ +"/ 8#,(6-.(*7 1/8/.#)/1 %& +"%$ $/,+%#& 0(7 &#+ 2-..7 (11*/$$ +"/
%0)(,+ #2 )"#+#'*()"%, %0('/*7 #& %+$ 8%/>/*$3 H/,#&1@ %+ %$ */./8(&+ 6/,(-$/
$/0%#.#'%$+$ $#0/+%0/$ '/+ #8/*>"/.0/1 67 +"/%* 2#*0%1(6./ (&(.7+%,(. (*$/&(. (&1
2#*'/+ +"(+ +"/*/ 0(7 6/ #+"/* >(7$ +# */$)#&1 +# 8%$-(. %0('/$ >"%," (*/ &# ./$$
%0)#*+(&+3

L"#+#'*()"7 %$ #2+/& +"#-'"+ #2 ($ )%,+-*%&' */(.%+73 e&.%?/ (&7 #+"/* 8%$-(.


+/,"&#.#'7@ +"/*/ %$ ( $/&$/ %& >"%," +"/ ,(0/*( %$ (& %&$+*-0/&+ +"(+ */,#*1$ >"(+
>($ %& 2*#&+ #2 %+$ ./&$ >"/& +"/ $"-++/* $&())/1S (&1 (.+"#-'" )"#+#'*()"%,
%0('/$ ,(& 6/ 2*(0/1 (&1 A.+/*/1 (&1 ,*#))/1@ (&1 ,(& $-6$/F-/&+.7 6/
0(&%)-.(+/1 %& (.. $#*+$ #2 >(7$ (&1 )-+ +# (.. $#*+$ #2 -$/$@ +"/7 &/8/*+"/./$$
(.>(7$ */+(%& ( 8%$-(. +*(,/ #2 >"(+ >($ +"/*/ >"/& +"/ )%,+-*/ >($ 0(1/3
L(*(1#5%,(..7@ +"/ >*%+/* >"# "($ 0(1/ +"%$ ,.(%0 0#$+ )/*$-($%8/.7 J (&1 0#$+
0#8%&'.7 J %$ `#.(&1 U(*+"/$@ >"# "($ (.$# ,#&+*%6-+/1 "-'/.7 +# $/0%#.#'%,(.
$+-1%/$3 ;& "%$ 6##? 7/-()/ @+$!6/@ >"%," %$ )*#0)+/1 67 U(*+"/$D$ $/(*," 2#* (
)"#+#'*()" #2 "%$ 0#+"/*@ U(*+"/$ $-''/$+$ +"(+9

;+ %$ ($ %2 +"/ L"#+#'*()" (.>(7$ ,(**%/$ %+$ */2/*/&+ >%+" %+$/.2@ 6#+" (22/,+/1 67 +"/ $(0/
(0#*#-$ #* 2-&/*/(. %00#6%.%+7@ (+ +"/ 8/*7 "/(*+ #2 +"/ 0#8%&' >#*.1S +"/7 (*/ '.-/1
2UTBVSVWf TL

+#'/+"/*@ .%06 67 .%06@ .%?/ +"/ ,#&1/0&/1 0(& (&1 +"/ ,#*)$/ %& ,/*+(%& +#*+-*/$3
MU(*+"/$@ NOXQ9 ^JbR

4"/ */2/*/&+ %$ +"/*/ %& )"#+#'*()"%, %0('/$ %& >(7$ +"(+ %+ %$ &#+ %& #+"/* $#*+$ #2
8%$-(. %0('/*7@ U(*+"/$ (*'-/$3 V$ ( */$-.+@ "/ $-''/$+$ +"(+ )"#+#'*()"$ ,(& 6/
=#'&!'; %&+/*)*/+/1 %& +># >(7$3 W%*$+@ +"/*/ %$ +"/ ./8/. #2 +"/ )$"6("2@ >"%," %$ ( ,-.+-*(..7
%&2#*0/1 */(1%&' #2 +"/ %0('/@ #&/ +"(+ %&+/*)*/+$ +"/ $%'&$ #2 +"/ )"#+#'*()"$3 U-+
"/ $(7$ +"(+ $#0/ )"#+#'*()"$ )*#1-,/ ( 1%22/*/&+ */$)#&$/@ >"%," %$ ( $/,#&1 ?%&1
Y'"(#'; #2 */(1%&'@ 67 ,#&+(%&%&' >"(+ "/ ,(../1 ( 0"+/$"23 V )-&,+-0 %$ -&%&+/&+%#&(.
(&1 -&'/&/*(.%T(6./S %+ %$ ( $/&$%+%8/ )#%&+ %& (& %0('/ >"%," )*%,?$@ 6*-%$/$@
1%$+-*6$ ( )(*+%,-.(* 8%/>/* #-+ #2 +"/%* -$-(. 8%/>%&' "(6%+$3 I/ >/&+ $# 2(* ($ +#
$-''/$+ +"(+ C>"%./ +"/ "%+6!+- %$ -.+%0(+/.7 (.>(7$ ,#1/1@ +"/ *+,$%+- %$ &#+D
MU(*+"/$@ NOXQ9 ^NR3 4"(+ %$@ +"/*/ (*/ )#%&+$ %& $#0/ )"#+#'*()"$ +"(+ /$,()/
$%'&%A/*$ (&1 $"#,? +"/ 8%/>/* >%+" +"/%* C%&+*(,+(6./ */(.%+7D MU(*+"/$@ NOXQ9 NNOR3
B+"/* $/0%#.#'%$+$ 1%$('*// >%+" U(*+"/$D$ ,.(%0 +"(+ )(*+$ #2 $#0/ )"#+#'*()"$
(*/ 6/7#&1 $%'&%A,(+%#& M$// 2#* /5(0)./ I(..@ NOXa9 N]NJQR3 4"/7 (*'-/ +"(+
)"#+#'*()"$ (*/ (.>(7$ -&1/*$+##1 +"*#-'" +"/ 0/(&%&'$ >"%," (*/ (*+%,-.(+/1
+"*#-'" +"/0 (&1 &# )"#+#'*()" ,(& /$,()/ +"(+ )*#,/$$ /8/& )(*+%(..73 Z#"& 4(''
MNOXXR@ 2#* /5(0)./@ %&$%$+$ +"(+ +"/ $%'&%A/1$ #2 )"#+#'*()"%, $%'&$ (.>(7$ "(8/
$%'&%A/*$@ (&1 $/,+%#& N #2 !"()+/* P >%.. */+-*& +# "%$ (*'-0/&+3 c8/& %& %,#&%,
$%'&$@ >"/*/ +"/ $%'&%A/* */)*/$/&+$ +"/ $%'&%A/1 67 "(8%&' ( .%?/&/$$ +# %+@ +"/$/
$/0%#.#'%$+$ %&$%$+ +"(+ +"(+ .%?/&/$$ %$ ,-.+-*(..7 /$+(6.%$"/1@ &#+ %&"/*/&+3 V$
;8/*$/& MNOXb9 OQR $(7$@ %,#&%, $%'&$ "(8/ C( */,/)+%#& ($ ( */E/,+%#& #2 +"/ */(.D3
4"(+ %$@ +"/7 (*/ $//& .%?/ +"(+S +"/7 (*/ &#+ (,+-(..7 .%?/ +"(+3

L"#+#'*()"7 +"-$ *(%$/$ $#0/ $)/,%A, F-/$+%#&$ %& */.(+%#& +# $/0%#.#'7@ (&1 +"/$/
"(8/ 0/+"#1#.#'%,(. %0).%,(+%#&$3 ;$ +"/ (&(.7+%,(. .(&'-('/ #2 $%'&$ (1/F-(+/ +#
+"/ +($? #2 /.-,%1(+%&' +"/ %0)(,+ #2 )"#+#'*()"$_ B* %$ $#0/ &#+%#&@ .%?/ +"/
*+,$%+-@ #2 1%$*-)+%8/ )#$$%6%.%+%/$ 6/7#&1 +"/ A/.1 #2 0/(&%&' &/,/$$(*7_

Z1Z ).8&) .& ($6+!."& !" $+5- "!-$(

4# */%+/*(+/ ( )#%&+ (.*/(17 0(1/ %& )($$%&'@ +"/ 1%$+%&,+%#& 6/+>//&


$%'&%A/* (&1 $%'&%A/1 ,(& "/.) -$ -&1/*$+(&1 +"/ $+*-,+-*/ #2 (18/*+%$/<
0/&+$3 Y#.10(& MNOOQR (&1 =%..%(0$#& MNOPXR (*'-/ +"(+ (18/*+$ >#*? 67
+*(&$2/**%&' M#* +*7%&' +# +*(&$2/*R 8%$-(. (&1 +/5+-(. $%'&%A/1$ #& +# +"/%*
)*#1-,+3 4"-$ +"/ $%'&$ %& (& (1D$ %0('/ (&1 >*%+%&' -$-(..7 $%'&%27
&#+%#&$ #2 +($+/@ .-5-*7@ "/(.+"@ "())%&/$$ (&1 $# #&@ (&1 (18/*+$ (++/0)+
+# $"%2+ +"/ $%'&%A/*$ 2*#0 +"/ $%'&$ %& +"/ %0('/ (&1 +/5+ +# +"/%* #>&
)*#1-,+3 4"%$ $/,+%#& /5).#*/$ +"%$ )*#,/$$ #2 0/(&%&' +*(&$2/*/&,/ %&
(18/*+%$%&' %0('/$ 0#*/ 2-..73
B&/ #2 +"/ 0#$+ )*#1-,+%8/ ($)/,+$ #2 =%..%(0$#&D$ MNOPXR (&(.7$%$ #2
%0('/$ %$ )*/,%$/.7 +"/ >(7 $"/ $"#>$ "#> (18/*+$ >#*? 67 $"%2+%&'
$%'&%A/1$ 2*#0 #&/ $%'&%A/* +# (&#+"/*3 ;&1//1@ $"/ $-''/$+$ +"(+ +"%$ %$
TJ QB2RDS TU@EV>VSVWBU2

,*-,%(. +# "#> (18/*+$ >#*?3 4"/ $%'&%A/1$ (++(,"/1 +# ,/*+(%& $%'&$ %& (1$
'/+ +*(&$2/**/1 +# #+"/* $%'&%A/*$3 4"%$ )*#,/$$ %$ (+ >#*? %& 6#+" (18/*+$ %&
W%'-*/$ d3] (&1 d3d3 =%..%(0$#& $-''/$+$ +"(+ +"/ +*(&$2/*$ (*/ #2+/& 0(1/
R,U/(#!8/ (%$$/41#/+ $# )/*$-($%8/.7 +"(+ ,/*+(%& #6G/,+$ 6/,#0/ +"/ *?@&/$('& /*%%&#,$&) #2
,/*+(%& F-(.%+%/$9 ,/*+(%& #6G/,+$ 6/,#0/ +(?/& 2#* '*(&+/1 ($ "(8%&' ,/*+(%&
F-(.%+%/$3 4"-$ 67 +"/ NOOa$ %+ $//0$ F-%+/ ,#0)*/"/&$%6./ +# "(8/ (
0-$,./1@ &(?/1@ 7#-&'%$" 0(& */)*/$/&+/1 ($ C$+*#&'@ 1/)/&1(6./@
%**/$%$+%6./D3 4"(+ %0('/ ,(& 6/ +"/ #6G/,+%8/ ,#**/.(+/ #2 $+*/&'+"@
1/)/&1(6%.%+7 (&1 %**/$%$+%6%.%+7@ (&1 (1$ ,(& +*(&$2/* +"#$/ F-(.%+%/$ 2*#0 (
$%'& #2 ( 0(& +#@ %& +"%$ ,($/@ +"/ 6*(&1 &(0/ #2 ( )*(0 (&1 )-$","(%*
,#0)(&73
=%..%(0$#& MNOPX9 QaJdR 1%$,-$$/$ $#0/ #2 +"/ 2#*0(. 0/,"(&%$0$
-$/1 67 (18/*+$ +"(+ 2(,%.%+(+/ +"%$ +*(&$2/* #2 0/(&%&' 6/+>//& #6G/,+$@
"-0(&$ (&1 F-(.%+%/$ %& (& %0('/3 H"/ $-''/$+$ +"(+ +"/ $)(+%(. ,#0<
)#$%+%#& #2 +"/ (18/*+ %$ %0)#*+(&+9 >"(+ %$ )-+ &/5+ +# >"(+@ "#> ,/*+(%&
/./0/&+$ (*/ 2*(0/13 Y#.10(& MNOOQR ,#&,-*$@ (&1 "/ &#+/$ +"(+ 0#$+
(18/*+$ "(8/ +"/ $(0/ 6($%, 8%$-(. $+*-,+-*/ MNOOQ9 ]OJdaR3 W%*$+@ +"/7 "(8/
( )"#+#'*()"%, %0('/S $/,#&1@ +"/7 "(8/ >"(+ Y#.10(& MNOOQ9 bNJXdR
F%$#!+/ ,(..$ ( 2*%$()&@ >"%," %$ (& %0('/ #2 +"/ )*#1-,+ 2*(0/1 %& $#0/ >(7S
+"%*1@ +"/7 "(8/ +/5+ %& +"/ 2#*0 #2 "/(1.%&/$@ ,()+%#&$ (&1 ,#)7S (&1
A&(..7@ +"/7 -$/ '*()"%, 2*(0%&' 1/8%,/$ +# 0(?/ ,/*+(%& 8%$-(. .%&?$
6/+>//& +"/$/ ,#0)#&/&+$3 MI#>/8/*@ ($ Y#.10(&@ NOOQ9 Pa &#+/$@ +"/
0#*+%$/ 6#5 0(7 &#+ .%+/*(..7 ())/(* %& +"/ (18/*+S (&1 %&1//1@ %& W%'-*/
d3] +"/ )*#1-,+ %$ &#+ )%,+-*/1 (+ (..3R =%..%(0$#& MNOPXR $-''/$+$ +"(+ #&/
#2 +"/ 0#$+ $-6+./ >(7$ %& >"%," $%'&%A/1$ (*/ +*(&$2/**/1 67 %0('/$ %$ %&
+"/%* -$/ #2 ,#.#-*3 4"/ -$/ #2 $%0%.(* ,#.#-*$ %& 1%22/*/&+ $%'&$ %& (& (18/*+
>#*? +# ,#&&/,+ +"#$/ $%'&$ (&1 +# /22/,+ ( +*(&$2/* #2 +"/%* $%'&%A/1$3
4"/$/ +*(&$2/*$ ,(& 6/ 6/+>//& +"/ )*#1-,+ (&1 (& #6G/,+@ +"/ )*#1-,+ (&1
+"/ >#*.1@ +"/ )*#1-,+ (&1 ( )/*$#&@ #* +"/ >"#./ >#*.1 0%'"+ 6/ */+%&+/1
%& +"/ )*#1-,+D$ ,#.#-*$ M($ %& +"/ (18/*+$ 2#* +"/ N!,/,$!/9 >!-(" &/>$<
)()/*3 4"/ )()/* %$ )*%&+/1 #& )%&? )()/*@ (&1 %+$ (18/*+$ -$/ 6.(,? (&1
+"/ $(0/ )%&? )"#+#'*()"73 =%+" +"/%* $.#'(& Cg# N>@ &# ,#00/&+D@ +"/$/
(1$ $-''/$+ +"/ >#*.1 %$ -&?&#>(6./@ #* ,/*+(%&.7 -&$(7(6./@ >%+"#-+
.##?%&' +"*#-'" +"/ )%&? A.+/* #2 +"/ N> D$ G#-*&(.%$0R3
4"/ +*(&$2/*$ #2 0/(&%&' >%+"%& (& %0('/ J >"%," #)/*(+/ 6/+>//&
(&1 >%+"%& 6#+" +/5+ (&1 %0('/ J ,(& 6/ 8/*7 ,#0)./53 Y#.10(& MNOOQ9
PPR $-''/$+$ +"(+ #&/ >(7 +# 6/'%& +# -&*(8/. +"(+ ,#0)./5%+7 %$ +# 0() +"/
+*(&$2/*$3 I/ #22/*$ (& /5(0)./ #2 +"%$ +/,"&%F-/ %& >"%," "/ */1-,/$ (&
(18/*+ +# %+$ 6($%, $)(+%(. #*'(&%T(+%#& 67 $?/+,"%&' %+$ ,#0)#$%+%#&(.
$+*-,+-*/ M$// $/,+%#& ]3] #2 !"()+/* Q 2#* (&#+"/* /5(0)./ #2 +"%$
+/,"&%F-/R3 V$ W%'-*/ d3^ $"#>$@ "/ +"/& .(6/.$ +"/ $%'&$ %& +"/ (1 (&1
1*(>$ (**#>$ 6/+>//& +"/0 +# $"#> ( +*(&$2/**/1 $%'&%A/13
Y#.10(& $-''/$+$ +"%$ %$ *(+"/* ( $,"/0(+%, (&1 ,*-1/ >(7 +# */)<
*/$/&+ ( )*#,/$$ ($ ,#0)./5 (&1 E-%1 ($ +"/ (18/*+D$ 0/(&%&'<0(?%&'@ (&1
%& +"%$ "/ %$ ,#**/,+3 U-+ %+ %$ (.$# ( -$/2-. >(7 +# 6/'%& +# +"%&? ,(*/2-..7
(6#-+ +"/ */.(+%#&$"%)$ 6/+>//& $%'&$ %& (& (18/*+3
2UTBVSVWf TX

W!)'$/ J9X
=+%'# %,+1'+(
"*)+7'N+1'"7 "! +7
+58.*1'%.2.71
:W"6'/+&* LMM^F NN;

4"5%)

I#> 1# +"/ (18/*+$ %& W%'-*/$ d3] (&1 d3d >#*? +# +*(&$2/* $%'&%A/1$ 6/+>//&
$%'&%A/*$_ 4*7 0())%&' +"/$/ /5,"(&'/$ #2 0/(&%&' -$%&' Y#.10(&D$ $-''/$+%#&$9
$?/+," +"/ $+*-,+-*/ #2 +"/ (18/*+$@ .(6/. /(," $%'& (&1 1*(> .%&?$ +# $"#> +"/
+*(&$2/*$ #2 0/(&%&' 6/+>//& $%'&$3

=%..%(0$#& MNOPXR (.$# $"#>$ "#> +"/ */.(+%#&$"%) 6/+>//& +"/ $%'&$
%& 1%22/*/&+ (18/*+$ "(8/ 0/(&%&'2-. /22/,+$3 I/* /5(0)./ %$ +># )/*2-0/
(1$@ #&/ 2#* !"(&/. (&1 #&/ 2#* U(6/ M=%..%(0$#& NOPX9 Q^JbR3 W%'-*/ d3b
*/)*#1-,/$ +"/03
=%..%(0$#& F-%,?.7 &#+/$ "#> +"/ $%'&%A/1$ (++(,"/1 +# +"/ +># >#0/&
(*/ +*(&$2/**/1 >%+"%& +"/ (18/*+$ 2*#0 +"/ >#0/& +# +"/ )/*2-0/$ +"/7 (*/
(18/*+%$%&'3 4"-$ !"(&/. %$ '%8/& ,#&&#+(+%#&$ #2 W*/&," ,"%, (&1 $#)"%$<
+%,(+%#& 67 +"/ G-5+()#$%+%#& #2 !(+"/*%&/ f/&/-8/D$ 2(,/ (&1 +"/ 6#++./@
>"%./ U(6/ %$ 0(1/ /&/*'/+%, (&1 7#-&' 67 +"/ ./()%&' A'-*/ #2 \(*'(-5
I/0%&'>(73 U-+ =%..%(0$#& (.$# (*'-/$ +"(+ +"/ 0/(&%&'$ '/&/*(+/1 67 +"/
(18/*+$ 1/)/&1 &#+ #&.7 #& +"/$/ $.%))('/$ >%+"%& /(," (18/*+3 4"/7 (.$#
TQ QB2RDS TU@EV>VSVWBU2

W!)'$/ J9Q
6-+7.( +75 =+&.
+58.*1'%.2.71%@
EHJK
:H.66.+/)"&*
LMNaF ^b* ^_;
2UTBVSVWf TS

1/)/&1 #& +"/ ,#&+*($+ 6/+>//& +"/ +># (18/*+$3 4"-$ +"/ F-%/+ $#)"%$<
+%,(+%#& #2 !"(&/. %$ ,#&$+*-,+/1 +"*#-'" f/&/-8/ (&1 %& #))#$%+%#& +#
U(6/jI/0%&'>(7@ >"/*/($ U(6/D$ 7#-+" %$ ,#&$+*-,+/1 +"*#-'" I/0%&'>(7
(&1 %& #))#$%+%#& +# !"(&/.jf/&/-8/3 V$ =%..%(0$#& &#+/$@ +"%$ 0-$+ 6/ +"/
,($/@ &#+ #&.7 6/,(-$/ $%'&$ >#*? %& */.(+%#& +# /(," #+"/*@ 6-+ (.$# 6/,(-$/
#2 +"/ %1/#.#'%,(. )-*)#$/ #2 (18/*+%$%&'3 V$ $"/ )#%&+$ #-+@ (,+-(..7 M$,%/&<
+%A,(..7R +"/*/D$ 8/*7 .%++./ 1%22/*/&,/ 6/+>//& +"/ )*#1-,+$ +"(+ (18/*+%$/*$
(%0 +# $/..@ $# (18/*+%$/*$ "(8/ +# ,*/(+/ 1%22/*/&,/3 4"-$ +># 6#++./$ #2
)/*2-0/ (*/ $#.1 &#+ #&.7 %& +/*0$ #2 >"(+ +"/7 ())(*/&+.7 (*/ M$#)"%$+%,(+/1
#* 7#-+"2-.R 6-+ (.$# %& +/*0$ #2 >"(+ +"/7 ())(*/&+.7 (*/ &#+ M7#-+"2-. #*
$#)"%$+%,(+/1R3

4"5%)

=%..%(0$#& MNOPX9 QOR -$/$ +"%$ 1%('*(0 +# */)*/$/&+ "/* (&(.7$%$ #2 +"/ !"(&/. (&1
U(6/ (18/*+$ MW%'-*/ d3PR3

W!)'$/ J9S L7+(0%'%


"! 6-+7.( +75 =+&.
+58.*1'%.2.71%*
:H.66.+/)"&* LMNaF ^M;

H/0%#.#'%,(. $+-1%/$ #2+/& -$/ 1%('*(0$ +# */)*/$/&+ $+*-,+-*/$ #2 0/(&%&'


$)(+%(..79 1%('*(0$ .%?/ =%..%(0$#&D$ "/*/@ #* Y#.10(&D$ 0())%&' +/,"&%F-/3
U(*+"/$ MNOP]R &#+/$ +"(+ +"%$ $)(+%(.%T(+%#& %$ #&.7 ( 0/+()"#*9 %& #+"/* >#*1$@ (
0/+#&70%, $%'&3 !#0)(*/ +"%$ +# L%/*,/D$ 1/A&%+%#& #2 1%('*(0$ ($ %,#&%,3

;& */.(+%#& +# +"/ ,#&&/,+%#&$ 6/+>//& (18/*+$@ =%..%(0$#&D$ (*'-0/&+


"($ $#0/ 0/+"#1#.#'%,(. %0).%,(+%#&$ >"%," $"/ 1#/$ &#+ $)/.. #-+3 ;+
$-''/$+$ +"(+ %& #*1/* +# (&(.7$/ #&/ %0('/@ #* ( 2/>@ %+ %$ &/,/$$(*7 +# .##?
(+ +"/ %0('/$ +"/7 (*/ ,#&$+*-,+/1 %& ,#&+*($+ +#@ #* %& */.(+%#& +#3 U-+ "#>
(*/ +"/$/ #+"/* %0('/$ +# 6/ %1/&+%A/1_ =%..%(0$#& #22/*$ &# '-%1(&,/ #&
+"%$ )#%&+@ #+"/* +"(& %0).7%&' +"(+@ $%&,/ (18/*+$ "(8/ +# ,*/(+/ 1%22/*/&,/
6/+>//& 6($%,(..7 +"/ $(0/ )*#1-,+$@ %+ %$ +# #+"/* (1$ 2#* +"/ $(0/ $#*+ #2
)*#1-,+ +"(+ +"/ $/0%#.#'%$+ $"#-.1 .##?3 I/&,/ "/* /5(0)./ ,#0)(*%&'
+># )/*2-0/ (18/*+$3 I#>/8/*@ +"/*/ (*/ ( &-06/* #2 #+"/* %$$-/$ +# 6/(*
%& 0%&13 W%*$+@ Y#.10(& MNOOQ9 ddR@ >"#$/ 6##? -$/$ #&.7 )/*2-0/ (1$ %&
#*1/* +# 0(?/ %+$ (*'-0/&+$@ )#%&+$ #-+ +"(+ +"/ NOPa$ >($ (& /*( #2
C,/./6*%+7 (1$D@ %& >"%," 2(0#-$ )/#)./ >/*/ 2*/F-/&+.7 -$/1 +# )*#0#+/
)*#1-,+$3 ;& +"%$ $/&$/@ +"/ !"(&/. (&1 U(6/ (1$ (*/ (,+-(..7 F-%+/ $%0%.(*3
H# +"/ ,*%+/*%( #2 C$%0%.(*%+7D (&1 C1%22/*/&,/D %& +"/ */.(+%#&$ 6/+>//&
%0('/$ 0(7 &//1 +# 6/ ,(*/2-..7 ,#&$%1/*/13 H/,#&1@ +"/ $/.2<*/2/*/&+%(.%+7
#2 0-," ,#&+/0)#*(*7 (18/*+%$%&' 0%'"+ 0/(& +"(+ ,#0)(*%&' (18/*+$
$/..%&' $%0%.(* )*#1-,+$ 0(7 6/ +## */$+*%,+%8/ +# )%,? -) #& (& (1D$
*/$#&(&,/$3 4"%*1@ +"/ 0/(&%&'$ #2 (18/*+$ 0(7 (.$# 6/ /$+(6.%$"/1 ./$$ %&
TT QB2RDS TU@EV>VSVWBU2

*/.(+%#& +# #+"/* M1%$R$%0%.(* (1$ (&1 0#*/ %& */.(+%#& +# >"(+/8/* #+"/*
+/5+$ (&1 %0('/$ $-**#-&1 +"/0 %& +"/%* ).(,/ #2 1%$).(73 4"%$ %$ (
,#&$%1/*(+%#& %'&#*/1 67 (.. +"/ $/0%#.#'%$+$ #2 (18/*+%$%&' >"#$/ >#*?
+"%$ ,"()+/* "($ $# 2(* ,%+/13 U-+ \%/?/ U(. MNOOb9 NNPJQXR #22/*$ (&
%&+/*/$+%&' %&+/*)*/+(+%#& #2 ( 8%$-(. %0('/ >"%," (*'-/$ +"(+ +"/ ,#&+/5+ #2
%+$ 1%$).(7 %$ ,*-,%(. +# +"/ 0/(&%&'$ %+ (,,*-/$ +# %+$ 8%/>/*$ M(&1 0#*/
)(*+%,-.(*.7 +# "/* ($ %+$ 8%/>/*9 (& /5(0)./ #2 "/* */E/5%8%+7R3 I/*
/5(0)./ %$ ( )(%&+%&' 67 !(*(8(''%# "(&'%&' %& +"/ U/*.%&<f("./0 (*+
'(../*7@ (&1 $"/ $-''/$+$ +"(+ 6#+" +"/ $-**#-&1%&' )(%&+%&'$ (&1 +"/
,()+%#&$ #& +"/ >(.. #2 +"/ '(../*7@ ($ >/.. ($ +"/ ?&#>./1'/ (&1 2//.%&'$
$"/ 6*%&'$ +# +"/ )(%&+%&'@ (22/,+ >"(+ %+ 0/(&$ +# "/*3
;2 %0('/$ '(%& 0/(&%&'$ &#+ #&.7 2*#0 +"/%* #>& $%'&$ +"/&@ 6-+ (.$#
2*#0 +"/%* */.(+%#& >%+" +"/ $%'&$ #2 #+"/* %0('/$@ %+ %$ &/,/$$(*7 +#
,#&$%1/* >"(+ $#*+ #2 */.(+%#& +# #+"/* %0('/$ %$ 0#$+ %0)#*+(&+ 2#* +"/
%0('/$ 7#- (*/ ,#&$%1/*%&'3 ;$ %+ ( */.(+%#& 6($/1 #& C,#&+/&+D_ B* #& (
$"(*/1 .#,(+%#& #2 1%$).(7_ B* #& /5).%,%+ ,*#$$<*/2/*/&,%&'_ `/(,"%&' +"%$
1/,%$%#& >%.. "/.) +# ,.(*%27 >"(+ #+"/* %0('/$ 7#- &//1 +# /5(0%&/ %&
*/.(+%#& +# +"/ #&/$ #2 7#-* ,($/ $+-173 c8/& $#@ 7#- >%.. &//1 +# 1/8/.#) (
6*#(1 ?&#>./1'/ #2 #+"/* %0('/$ %& #*1/* +# 6/ (6./ +# %1/&+%27 +"#$/
>"%," (*/ %& ( */./8(&+ */.(+%#& +# +"/ #&/$ +"(+ ,#&$+%+-+/ 7#-* ,($/ $+-173

Z1d ).8&) +&' 5"'$)* ($4$($&! )9)!$/) +&' /9!-"6"8.$)

H/,+%#& ]3Q &#+/1 +"(+ ,/*+(%& $#*+$ #2 $%'&$ J %&1/5%,(.@ $706#.%, (&1 ,#&<
&#+%8/ /$)/,%(..7 J */2/* +# >%1/* $7$+/0$ #2 0/(&%&'3 4"/$/ C>%1/* $7$+/0$D
,(& 6/ ,"(*(,+/*%T/1 %& ( &-06/* #2 >(7$3 4"/7 "(8/ 6//& ,(../1 C,#1/$D 67
H+-(*+ I(.. MNOXaR@ C*/2/*/&+ $7$+/0$D 67 =%..%(0$#& MNOPXR (&1 C07+"#<
.#'%/$D 67 U(*+"/$ MNOP]R3 c(," #2 +"/$/ +/*0$ 0/(&$ $#0/+"%&' *(+"/*
1%22/*/&+@ (&1 /(," "($ $#0/>"(+ 1%22/*/&+ 0/+"#1#.#'%,(. %0).%,(+%#&$3
O%&/ V /*6& %$ ( $/+ #2 ,#&8/&+%#&(.%T/1 >(7$ #2 0(?%&' 0/(&%&' +"(+ (*/
$)/,%A, +# )(*+%,-.(* '*#-)$ #2 )/#)./3 ;& +"/ ,#&+/5+ #2 0(?%&' +/./8%$%#&
&/>$ )*#'*(00/$@ 2#* /5(0)./@ H+-(*+ I(.. MNOXa9 N]bR ,#00/&+$ #& >"(+
"/ ,(..$ +"/ C)*#2/$$%#&(. ,#1/D +"(+ %$ 0#6%.%T/1 %& +"/ >#*? #2 )*#1-,/*$@
/1%+#*$@ .%'"+%&' (&1 ,(0/*( +/,"&%,%(&$@ &/>$,($+/*$ (&1 $# #&3 4"%$ )*#<
2/$$%#&(. ,#1/ '-%1/$ $-," +"%&'$ ($ C+"/ )(*+%,-.(* ,"#%,/ #2 )*/$/&+(+%#&(.
#,,($%#&$ (&1 2#*0(+$@ +"/ $/./,+%#& #2 )/*$#&&/.@ +"/ ,"#%,/ #2 %0('/$@ +"/
$+('%&' #2 1/6(+/$D3 ;+ "($ ( C+/,"&#<)*(,+%,(. &(+-*/D (,,#*1%&' +# I(..
6/,(-$/ %+ #)/*(+/$ >%+" C$-," ())(*/&+.7 &/-+*(.<+/,"&%,(. F-/$+%#&$ ($
8%$-(. F-(.%+7@ &/>$ (&1 )*/$/&+(+%#&(. 8(.-/$@ +/./8%$-(. F-(.%+7@ )*#<
2/$$%#&(.%$0 (&1 $# #&D MI(..@ NOXa9 N]bR3 4"/ 0(?/*$ #2 (18/*+$ "(8/ +"/%*
)*#2/$$%#&(. ,#1/$ +##@ >"%," */$-.+ %& +"/ 2*/F-/&+ #,,-**/&,/ 8%$-(.
$+*-,+-*/ 1/$,*%6/1 67 Y#.10(& MNOOQR ($ )"#+#'*()"%, %0('/@ +/5+@ 0#*+%$/
(&1 '*()"%,$ M$// (.$# f7/*@ NOXQ9 N]^S \7/*$@ NOX]R3 V18/*+$ 1/)/&1 #&
#+"/* $#*+$ #2 ,#1/$ +##3 !*-,%(..7@ +"/7 1/)/&1 #& +"/ ,#1/$ "/.1 67 +"/
)(*+%,-.(* '*#-) #2 ,#&$-0/*$ +# >"#0 +"/%* 0(?/*$ >(&+ +# $/.. +"/
2UTBVSVWf TI

)*#1-,+ M"/&,/ +"/ -$/ #2 2#,-$ '*#-)$ 67 (18/*+%$%&' ('/&,%/$ +# A&1 #-+
>"(+ +"#$/ ,#1/$ (*/R3 4"-$ +"/ !"(&/. (1 (&(.7$/1 67 =%..%(0$#& MNOPXR
1/)/&1$ 2#* %+$ /22/,+%8/&/$$ #& %+$ (-1%/&,/ C?&#>%&'D +"(+ !(+"/*%&/
_"(%&/& f/&/-8/ %$ 6/(-+%2-.@ $+7.%$" (&1 ,"%,S $"/ "($ +# 6/ (.*/(17 &+/*6&6 ($
$-," 2#* +"/ (18/*+ +# 6/ (6./ +# +*(&$2/* +"#$/ $%'&%A/*$ 2*#0 "/* +# +"/
)/*2-0/3 V& (-1%/&,/ -&2(0%.%(* >%+" f/&/-8/ >#-.1 &#+ 6/ (6./ +# 0(?/
$/&$/ #2 +"%$ (18/*+3
!#1/$ ,(& 6/ */$/(*,"/1 %& ( &-06/* #2 >(7$3 Y#.10(& MNOOQR@ 2#*
/5(0)./@ $//0$ +# -$/ ( 8/*7 %&2#*0(. M(&1 %0).%,%+R ?%&1 #2 ,#&+/&+
(&(.7$%$ #2 +"/ (18/*+$ +# */(," "%$ 2#-*2#.1 ,"(*(,+/*%T(+%#& #2 (18/*<
+%$%&'D$ 8%$-(. ,#1/3 [/%$$@ i.%&/ (&1 Z"(..7 MNOXbR@ #& +"/ #+"/* "(&1@ -$/
,#&+/&+ (&(.7$%$ /5).%,%+.7 +# /5(0%&/ +"/ 8%$-(. $+*-,+-*/ #2 (18/*+$3 4"/7
(.$# %&+/*8%/> +"/ )*#1-,/*$ #2 (18/*+$ +# /5).#*/ >"(+ ,#1/$ +"/7 1/).#7
%& +"/ )*#1-,+%#& )*#,/$$3 H%0%.(*.7@ !(+"/*%&/ [-+T (&1 Z(&/ !#..%&$
MNOO]R@ %& +"/%* $+-17 #2 +"/ )"#+#'*()"$ -$/1 %& P/%!&,/9 I(&3)/*;!$
>"%," >($ /5(0%&/1 %& +"/ )*/8%#-$ ,"()+/*@ $-))./0/&+/1 +"/%* ,#&+/&+
(&(.7$%$ >%+" %&+/*8%/>$ >%+" +"/ /1%+#*$@ >*%+/*$ (&1 )"#+#'*()"/*$ (+ +"/
0('(T%&/@ %& #*1/* +# /5).#*/ +"/ ,#1/$ +"/7 0#6%.%T/1 +# 0(?/ +"/
)-6.%,(+%#& .##? +"/ >(7 %+ 1#/$3
V$ I(.. MNOXaR 0(?/$ ,./(*@ ,#1/$ (..#> +"/ $/0%#.#'%$+ (,,/$$ +# +"/
>%1/* %1/#.#'%/$ (+ >#*? %& ( $#,%/+73 CV+ +"/ ,#&&#+%8/ ./8/.@ >/ 0-$+ */2/*@
%;)&+3; +"/ ,#1/$@ +# +"/ #*1/*$ #2 $#,%(. .%2/@ #2 /,#&#0%, (&1 )#.%+%,(.
)#>/* (&1 #2 %1/#.#'7D@ 6/,(-$/ ,#1/$ C,#&+*(,+ */.(+%#&$ 2#* +"/ $%'& >%+"
+"/ >%1/* -&%8/*$/ #2 %1/#.#'%/$ %& ( $#,%/+7D MI(..@ NOXa9 N]dR3 4"-$
f/&/-8/j!"(&/. (*/ /&,#1/1 ($ 6/(-+%2-. (&1 '.(0#*#-$@ (&1 +"(+ ,#1/ %$ (
)(*+%,-.(* /5)*/$$%#& #2 +"/ %1/#.#'7 +"(+ (.. >#0/& $"#-.1 6/ 6/(-+%2-. (&1
'.(0#*#-$ 2#* 0/&3 I(.. MNOXaR 1/$,*%6/$ $-," %1/#.#'%/$ ($ C0/+(,#1/$D #*
7c%;!"1"# (%&/+0 C6*2(+,+$ /*6&)D3 =%..%(0$#& MNOPXR@ #& +"/ #+"/* "(&1@ 1/$,*%6/$ $#0/<
\/3/$/"# +5+#/;+ +"%&' $%0%.(* ($ %&5&%&+$ )-)$&2)3 =%..%(0$#& MNOPXR $(7$ +"(+ +"/*/ (*/ +"*//
0(G#* */2/*/&+ $7$+/0$ #& >"%," +"/ $%'&$ #2 (18/*+$ 1/)/&19 g(+-*/@ \('%,
(&1 4%0/3 `/2/*/&+ $7$+/0$@ .%?/ 1#0%&(&+ ,#1/$@ (*/ ?&#>./1'/$ >"%,"
)*/</5%$+ (18/*+%$%&' (&1 $+*-,+-*/ &#+ #&.7 (18/*+$ 6-+ 0(&7 #+"/* ,-.+-*(.
(&1 $#,%(. 2#*0$3 4"-$ #2 +"/ */2/*/&+ $7$+/0 #2 g(+-*/ $"/ $(7$@ Cg(+-*/ %$
+"/ )*%0(*7 */2/*/&+ #2 ( ,-.+-*/D M=%..%(0$#&@ NOPX9 Na]R3 I#>/8/*@
=%..%(0$#& ,"(*(,+/*%T/$ */2/*/&+ $7$+/0$ %& ( 0#*/ *%'%1 >(7 +"(& I(..
1#/$ 1#0%&(&+ ,#1/$3 W#..#>%&' +"/ >#*? #2 +"/ $+*-,+-*(.%$+ (&+"*#)#.#'%$+
!.(-1/ [/q8%<H+*(-$$@ =%..%(0$#& (*'-/$ +"(+ */2/*/&+ $7$+/0$ (*/ #*'(&%T/1
%& 6%&(*7 +/*0$3 I#1'/ (&1 i*/$$ MNOXX9 ]aR */2/* +# +"%$ $+*-,+-*/ ($ C(&
(6$+*(,+ /./0/&+(. 6%&(*7 )*%&,%)./@ >%+" %&A&%+/ )(*+%,-.(* 2#*0$ )*#1-,/1
67 +"%$ )*%&,%)./ ()).%/1 */)/(+/1.7 +# +"/ 0(+/*%(. 6($%$ #2 +"/ ,#1/D3 4"-$
g(+-*/@ $(7$ =%..%(0$#& MNOPX9 Na]J]PR %$ %& (18/*+$ */)*/$/&+/1 %& #&.7
+># >(7$9 %+ %$ /%+"/* C*(>D #* C,##?/1D M+"(+ %$@ +*(&$2#*0/1 67 ,-.+-*/R3
\(&7 (18/*+$ $-''/$+ +"(+ +"/%* )*#1-,+$ %0)*#8/ &(+-*/ (&1 )%,+-*/ +"%$
>%+" %0('/$ #2 C,##?/1D &(+-*/3 \(&7 (1$ -$/ %0('/$ #2 C$,%/&,/D +# $-''/$+
+"(+ +"/%* )*#1-,+$ ,(& #*1/*@ %&8/$+%'(+/ #* #8/*,#0/ &(+-*/ M('(%&@ %&
=%..%(0$#&D$ +/*0$ ,##?%&' %+R3 \(&7 (1$ -$/ %0('/$ #2 C*(>D &(+-*/ +#
IV QB2RDS TU@EV>VSVWBU2

,#&2/* ())(*/&+.7 &(+-*(. F-(.%+%/$ #& +# +"/%* )*#1-,+$@ $-," ($ )/*2/,+%<


6%.%+7@ 1(&'/* (&1 #68%#-$&/$$3 4"-$ g(+-*/ %$ 2#* =%..%(0$#& ( */2/*/&+
$7$+/0 +"(+ -&1/*.%/$ 0(&7 #2 +"/ )(*+%,-.(* $%'&$ (&1 ,#1/$ #2 (18/*+$3
e$%&' =%..(0$#&D$ &#+%#& #2 */2/*/&+ $7$+/0$ 1/)/&1$ #& ( 6*#(1/*
-&1/*$+(&1%&' #2 ,-.+-*(. 0#*/ '/&/*(..7 +"(+ %$ 0#*/ .%?/.7 +# ,#0/ 2*#0
$#,%(. +"/#*7 +"(& 2*#0 /0)%*%,(. %&8/$+%'(+%#&3 ;&1//1@ [/%$$@ i.%&/ (&1
Z"(..7 MNOXb9 Nb^R A&1 =%..%(0$#&D$ */2/*/&+ $7$+/0$ G-$+ +## "-'/ +# $"/1
0-," .%'"+ #& (18/*+$ $)/,%A,(..73 4"/7 %0).7 +"(+ (&(.7$/$ #2 (1$ >#-.1 6/
6/++/* 6($/1 #& $#0/ $#*+ #2 C0%11.%&' ./8/.D $+*-,+-*/$ #2 0/(&%&'@ .%?/
C2($"%#&D #* C1#0/$+%,%+7D3 ; $-''/$+ +"(+ +"%$ %$ >"(+ +"/ &#+%#& #2 ,#1/$ %$
-$/2-. 2#*9 */2/*/&+ $7$+/0$ ,(& 6/ (,,/$$/1 +"*#-'" ,#1/$@ >"%," +"/0$/.8/$
%&2#*0 $%'&$3
F5#*%4%)5 U(*+"/$D$ &#+%#& #2 2-$7*#*1- %$ 1%22/*/&+ ('(%&3 U(*+"/$ MNOP]9 NNPR
$(7$ +"(+ C07+" %$ &#+ 1/A&/1 67 +"/ #6G/,+ #2 %+$ 0/$$('/@ 6-+ 67 +"/ >(7 %&
>"%," %+ -++/*$ +"%$ 0/$$('/9 +"/*/ (*/ 2#*0(. .%0%+$ +# 07+"@ +"/*/ (*/ &#
C$-6$+(&+%(.D #&/$D3 4"(+ %$@ >"/*/($ =%..%(0$#&D$ */2/*/&+ $7$+/0$ (*/
$-6$+(&+%8/ J "/* 1%$,-$$%#& #2 g(+-*/@ 2#* /5(0)./@ %$ (6#-+ "#> g(+-*/ %$
)%,+-*/1 %& (18/*+$ J U(*+"/$ %&$+/(1 (*'-/$ +"(+ 07+"#.#'7 %$ 1/A&/1 67 %+$
2#*0@ &#+ %+$ ,#&+/&+3 \7+"@ "/ $-''/$+/1@ %$ ( C$/,#&1<#*1/* $/0%#.#'%,(.
$7$+/0D MNOP]9 NQ]R3 U7 +"%$ "/ 0/(&+ +"(+ 07+" 6-%.1$ -)#& 1/&#+%8/ $%'&$3
f/&#+%8/ $%'&$ ,#&$%$+ #2 ( $%'&%A/* (&1 ( $%'&%A/1 6-+ +"/7 (*/ 2(%*.7 /($7 +#
-&1/*$+(&1@ (&1 U(*+"/$ $-''/$+$ +"%$ %$ +"/ A*$+<#*1/* $/0%#.#'%,(. $7$+/03
4"/ 1/&#+%8/ $%'&@ "#>/8/*@ 6/,#0/$ ( $%'&%A/* (+ +"/ $/,#&1@ #* 07+"#<
.#'%,(.@ ./8/. #2 0/(&%&'3 V+ +"%$ $/,#&1 ./8/. #2 0/(&%&'@ +"%$ $%'&%A/* %$
+"/& (,,#0)(&%/1 67 %+$ #>& $%'&%A/13 4"/$/ $/,#&1<./8/. $%'&%A/1$ (&1
$%'&%A/*$ +"/& 2#*0 $/,#&1<./8/. $%'&$3 ;& #*1/* +# (8#%1 ,#&2-$%#&@ U(*+"/$
(1#)+/1 ( ,./(* +/*0%&#.#'7 2#* +"/$/ 1%22/*/&+ /./0/&+$ #2 $%'&$3 I/ ,(../1
+"/ $%'& (+ +"/ A*$+ ./8/.@ 0/(&%&'S >"/& %+ %$ */2/**/1 +# ($ +"/ $%'&%A/* #2 (
07+"%,(. $%'&@ "/ ,(../1 %+ 2#*03 4"/ $%'&%A/1 %$ +"/ ,#&,/)+3 4"/ $/,#&1
./8/. #2 $%'& J (+ +"/ ./8/. #2 07+" J "/ ,(../1 $%'&%A,(+%#&3
C;& 0/(&%&'D@ U(*+"/$ MNOP]9 NQPR >*%+/$@ C+"/ 0/(&%&' %$ (.*/(17
,#0)./+/@ %+ )#$+-.(+/$ ( ?%&1 #2 ?&#>./1'/@ ( )($+@ ( 0/0#*7@ ( ,#0<
)(*(+%8/ #*1/* #2 2(,+$@ %1/($@ 1/,%$%#&$3D U(*+"/$ /.(6#*(+/$ >"(+ "/ 0/(&$
67 +"%$ +"*#-'" (& /5(0)./3 C; (0 (+ +"/ 6(*6/*D$@ (&1 ( ,#)7 #2 C/)!"J
R/%$; %$ #22/*/1 +# 0/3 B& +"/ ,#8/*@ ( 7#-&' g/'*# %& ( W*/&," -&%2#*0
%$ $(.-+%&'@ >%+" "%$ /7/$ -).%2+/1@ )*#6(6.7 A5/1 #& +"/ 2#.1 #2 +"/
+*%,#.#-*D MU(*+"/$@ NOP]9 NQ^R3 4"%$ %$ +"/ 0/(&%&' #2 +"/ %0('/ M(+ +"/
1/&#+%8/ ./8/.R3 I/ $-''/$+$ +"(+ +"/ %0('/ ,#&+(%&$ ( ?%&1 #2 *%,"&/$$ (+
+"%$ ./8/. M*/0/06/* U(*+"/$D$ ,.(%0 +"(+ +"/ )"#+#'*()" ,(**%/$ %+$ */2/*/&+
>%+" %+ %& >(7$ +"(+ #+"/* 2#*0$ #2 8%$-(. %0('/*7 1# &#+RS +"/ 6.(,? 6#7
C())/(*$ ($ ( *%,"@ 2-..7 /5)/*%/&,/1@ $)#&+(&/#-$@ !,6!"*+%/'9( %0('/D
MU(*+"/$@ NOP]9 NQXR3 ="/& +"%$ 0/(&%&' 6/,#0/$ 2#*0@ "#>/8/*@ +"%$
*%,"&/$$ %$ (.0#$+ .#$+3 C="/& %+ 6/,#0/$ 2#*0@ +"/ 0/(&%&' ./(8/$ ,#&<
+%&'/&,7 6/"%&1S %+ /0)+%/$ %+$/.2@ %+ 6/,#0/$ %0)#8/*%$"/1@ "%$+#*7 /8()#*<
(+/$D MU(*+"/$@ NOP]9 NQPR3 4"/ 0/(&%&' %$ )-+ (+ ( 1%$+(&,/@ (&1 >"(+ A..$
+"/ '() %$ $%'&%A,(+%#&3 ;& +"%$ ,($/@ $%'&%A,(+%#& )*#1-,/$ +"/ &#+%#& +"(+
2UTBVSVWf IH

CW*(&,/ %$ ( '*/(+ c0)%*/@ +"(+ (.. "/* $#&$@ >%+"#-+ (&7 ,#.#-* 1%$,*%0%<
&(+%#&@ 2(%+"2-..7 $/*8/ -&1/* "/* E('@ (&1 +"(+ +"/*/ %$ &# 6/++/* (&$>/* +#
+"/ 1/+*(,+#*$ #2 (& (../'/1 ,#.#&%(.%$0 +"(& +"/ T/(. $"#>& 67 +"%$ g/'*#
%& $/*8%&' "%$ $#<,(../1 #))*/$$#*$D MU(*+"/$@ NOP]9 NQ^R3 4"/ ,#&+%&'/&,7
(&1 +"/ "%$+#*7 #2 +"/ 0/(&%&' 6/,#0/ */0#+/@ (&1 %&$+/(1 ( 07+" %&$/*+$
%+$/.2 ($ ( &#&<"%$+#*%,(. +*-+"3 \7+" 0(?/$ -$ 2#*'/+ +"(+ +"%&'$ >/*/ (&1
(*/ 0(1/S %&$+/(1@ %+ &(+-*(.%T/$ +"/ >(7 +"%&'$ (*/3 \7+" %$ +"-$ ( 2#*0 #2
%1/#.#'73 W*/&," %0)/*%(.%$0 %$ +"/ 1*%8/ 6/"%&1 +"%$ 07+"@ $(7$ U(*+"/$@
(&1 +"%$ %0('/ )*/$/&+$ %+ ($ &(+-*(.3 U-+ +"/ 07+" %$ 6/.%/8(6./ )*/,%$/.7
6/,(-$/ 2#*0 1#/$ &#+ /&+%*/.7 */).(,/ 0/(&%&'3 C4"/ 0/(&%&' >%.. 6/ 2#*
+"/ 2#*0 .%?/ (& %&$+(&+(&/#-$ */$/*8/ #2 "%$+#*7@ ( +(0/1 *%,"&/$$@ >"%,"
%+ %$ )#$$%6./ +# ,(.. (&1 1%$0%$$ %& ( $#*+ #2 *()%1 (.+/*&(+%#&D MU(*+"/$@
NOP]9 NQPRS +"/ 0/(&%&' 6#+" "%1/$ (&1 $-$+(%&$ +"/ 2#*03
V$ >%+" 1#0%&(&+ ,#1/$ (&1 */2/*/&+ $7$+/0$@ +"/&@ +"/ %&+/*)*/+(+%#&
#2 07+"#.#'%/$ */F-%*/$ ( 6*#(1 -&1/*$+(&1%&' #2 ( ,-.+-*/D$ 17&(0%,$3

Z1b )6.77$(9 ).8&)

4"%$ $/,+%#& "($ /5).#*/1 8(*%#-$ >(7$ #2 -&1/*$+(&1%&' "#> $%'&$ 0(?/
>"(+ ?%&1$ #2 0/(&%&'$3 g#+ (.. +"/$/ ())*#(,"/$ (*/ ,#0)./+/.7 ,#0<
)(+%6./ >%+" /(," #+"/*3 I#>/8/*@ +"/7 1# $"(*/ ,/*+(%& ,"(*(,+/*%$+%,$3
V6#8/ (..@ +"/7 /0)"($%T/ +"/ */.(+%#&(.%+7 #2 $%'&$9 >"(+ #&/ $%'& 0/(&$
1/)/&1$ #& %+$ */.(+%#&$ >%+" #+"/*$3 V$ U(. (&1 U*7$#& MNOON9 NPPR &#+/@
+"%$ 0(?/$ +"/ (&(.7$%$ #2 $%'&$ 1%2A,-.+ 6/,(-$/ %+ %$ "(*1 +# ?&#> >"/*/
+# 6*/(? %&+# +"(+ */.(+%#&(.%+79 C\/(&%&' k(*%$/$l /5(,+.7 2*#0 +"/ 0#8/<
0/&+ 2*#0 #&/ $%'& #* $%'&%A/* +# +"/ &/5+@ %& ( *()*(%++- -&'!9( >"/*/
+"/*/ ,#-.1 6/ 2#-&1 &/%+"/* ( $+(*+%&' )#%&+ 2#* $/0%#$%$@ &#* ( ,#&,.-1%&'
0#0/&+ %& >"%," $/0%#$%$ +/*0%&(+/1 (&1 +"/ 0/(&%&' #2 $%'&$ 2-..7
CC(**%8/1DD3D ;& $/0%#.#'7 +"/*/ %$ &# $+(6./ )#%&+ +"(+ ,(& )*#8%1/ (&
/&+*(&,/ %&+# +"/ 0/(&%&'<0(?%&' )*#,/$$S (.. 0/(&%&'$ (*/ */.(+%#&(. &#+
#&.7 >%+"%& +"/ %0('/ 6-+ (.$# %& */.(+%#& +# #+"/* %0('/$ (&1 +# 6*#(1/*
1#0%&(&+ ,#1/$@ */2/*/&+ $7$+/0$ (&1 07+"#.#'%/$3 V&7 )#%&+ #2 /&+*7 >%..
6/ (*+%A,%(. (&1 (*6%+*(*7@ +"/&3 U-+@ )*#8%1%&' +"%$ %$ 6#*&/ %& 0%&1@ +"%$
$/,+%#& "($ $-''/$+/1 ( &-06/* #2 $+/)$ +"*#-'" >"%,"@ 2(,/1 >%+" (&
%0('/@ ( $/0%#.#'%,(. (&(.7$%$ 0%'"+ 6/ %&%+%(+/13 ;& $-00(*7@ +"/$/ (*/9

N 1/,%1/ >"(+ +"/ $%'&$ (*/3


Q 1/,%1/ >"(+ +"/7 $%'&%27 C%& +"/0$/.8/$D3
] +"%&? (6#-+ "#> +"/7 */.(+/ +# #+"/* $%'&$ 6#+" >%+"%& +"/ %0('/ M"/*/
+"/ 8#,(6-.(*7 #2 $/,+%#& ]3Q %$ -$/2-.@ (&1 0(?%&' ( 1%('*(0 #2 +"/
0#8/0/&+ #2 $%'&%A/1$ 6/+>//& +"/ $%'&%A/*$ #2 (& %0('/ 0(7 (.$#
"/.)R (&1 %& #+"/* %0('/$3
d +"/& /5).#*/ +"/%* ,#&&/,+%#&$ M(&1 +"/ ,#&&/,+%#&$ #2 +"/ ,#&&/,+%#&$R
+# >%1/* $7$+/0$ #2 0/(&%&'@ 2*#0 ,#1/$ +# 1#0%&(&+ ,#1/$@ */2/*/&+
$7$+/0$ #* 07+"#.#'%/$3
IN QB2RDS TU@EV>VSVWBU2

^ (&1 +"/& */+-*& +# +"/ $%'&$ 8%( +"/%* ,#1/$ +# /5).#*/ +"/ )*/,%$/
(*+%,-.(+%#& #2 %1/#.#'7 (&1 07+"#.#'73

J %" 1'&!/"(/+ 1"& !"#/$6$/#1#!%"+

4"/ 0/(&%&'$ #2 $%'&$ (*/@ +"/*/2#*/@ /5+*(#*1%&(*%.7 ,#0)./53 4"%$ ,#0<


)./5%+7 0/(&$ +"(+ +"/%* 0/(&%&'$ (*/ 0-.+%)./@ (&1 +"%$ 0-.+%).%,%+7 %$
Y%45+/;5 */2/**/1 +# ($ 0*#-)&2-3 V $%'& %$ )#.7$/0%, >"/& %+ "($ 0#*/ +"(& #&/
0/(&%&'3 I#> %$ %+ +"/& +"(+ =%..%(0$#& MNOPXR@ 2#* /5(0)./@ ,(& $)/(? #2
(& (18/*+ ($ "(8%&' ( )#>/*2-. 0/(&%&' +"(+ )#$%+%#&$ %+$ 8%/>/*$ %& (
$)/,%A, %0('%&(*7 $#,%(. ).(,/_ ;$ )#.7$/07 .%0%+/1 %& $#0/ >(7_
=%..%(0$#& (*'-/$ %+ %$3 4"%$ $/,+%#& /5).#*/$ "#> $/0%#.#'7 (*'-/$ +"(+
Y$/3/$$/& ;/1"!") 0#$+ %0('/$ 0#$+ #2 +"/ +%0/ )*#1-,/ >"(+ I(.. ,(..$ +"/ 0%&5&%%&6
2&,+(+13

V&7 3 3 3 $%'& %$ )#+/&+%(..7 +*(&$2#*0(6./ %&+# 0#*/ +"(& #&/ ,#&&#+%8/


,#&A'-*(+%#&3 L#.7$/07@ "#>/8/*@ 0-$+ &#+ 6/ ,#&2-$/1 >%+" ).-*(.%$0
3 3 3 V&7 $#,%/+7j,-.+-*/ +/&1$@ >%+" 8(*7%&' 1/'*//$ #2 ,.#$-*/@ +# %0)#$/
%+$ ,.($$%A,(+%#&$ #2 +"/ $#,%(. (&1 ,-.+-*(. (&1 )#.%+%,(. >#*.13 4"/$/
,#&$+%+-+/ ( 6&-!,/,% $+9%+)/9 &)6()@ +"#-'" %+ %$ &/%+"/* -&%8#,(. &#*
-&,#&+/$+/1 3 3 3 4"/ 1%22/*/&+ (*/($ #2 $#,%(. .%2/ ())/(*/1 +# 6/ 0())/1
#-+ %&+# 1%$,-*$%8/ 1#0(%&$@ "%/*(*,"%,(..7 #*'(&%T/1 %&+# 1#0%&(&+ #*
)*/2/**/1 0/(&%&'$3 MI(..@ NOXa9 N]dR

Y$/3/$$/& $/1&!")+ 4"/$/ )*/2/**/1 0/(&%&'$ M#* %1/#.#'%/$R 6/,#0/ 0%&5&%%&6 %&,6(+1) >"/&
+"/7 (*/ %&+/*)*/+/1 67 (-1%/&,/$ %& >(7$ +"(+ */+(%& C+"/ %&$+%+-+%#&(.j
)#.%+%,(.j%1/#.#'%,(. #*1/* %0)*%&+/1 #& +"/0D MI(..@ NOXa9 N]dR3
4"/*/ (*/ +># >(7$ %& >"%," $/0%#.#'%$+$ /5).(%& +"/ )*#1-,+%#& #2
)*/2/**/1 */(1%&'$3 4"/ A*$+ #2 +"/$/ 2#,-$/$ #& +"/ 8%$-(. (&1 +/5+-(.
*/.(+%#& 6/+>//& (& %0('/ (&1 %+$ 8%/>/*@ (&1 +"/ $/,#&1 /0)"($%T/$ +"/
$#,%(. 0#1(.%+%/$ #2 +"/ */,/)+%#& #2 (& %0('/3

d1L !-$ '$5"'$( "4 +'3$(!.)$/$&!)

;& %+$ 1%$,-$$%#& #2 (18/*+%$%&'@ +"%$ ,"()+/* "($ $# 2(* (*'-/1 +"(+ +"/
2-&1(0/&+(. )*#,/$$ +"*#-'" >"%," (18/*+$ 0(?/ 0/(&%&' %$ 67 +*(&$<
2/**%&' $%'&%A/1$ 6/+>//& $%'&$3 U-+ +"%$ /.%1/$ ( ,*-,%(. )(*+ #2 =%..%(0$#&D$
MNOPXR (*'-0/&+$3 V18/*+$ 1# &#+ /22/,+ +"%$ +*(&$2/* 67 +"/0$/.8/$3 4"/
$#-*,/ #2 +"/ 0#8/0/&+ #2 $%'&%A/1$ %$ &#+ +"/ (1 %+$/.2@ $(7$ =%..%(0$#&@
6-+ +"/ 8%/>/* #2 +"/ (13 ;+ %$ +"/ 8%/>/* >"# 0(?/$ $/&$/ #2 +"/ (18/*+@ &#+
+"/ (18/*+ %+$/.23 ;&1//1@ >%+"#-+ ( 8%/>/* +# 1/,#1/ +"/ (18/*+@ +"/ (1
>#-.1 6/@ .%+/*(..7@ 0/(&%&'./$$3 CV.. $%'&$ 1/)/&1 2#* +"/%* $%'&%27%&'
)*#,/$$ #& +"/ /5%$+/&,/ #2 $)/,%A,@ ,#&,*/+/ */,/%8/*$@ )/#)./ 1&) >"#0 (&1
%& >"#$/ $7$+/0$ #2 6/.%/2@ +"/7 "(8/ ( 0/(&%&'D M=%..%(0$#&@ NOPX9 daR3 ;+
%$ %& +"%$ $/&$/ +"(+ U(. (&1 U*7$#& (*'-/ +"(+ $/0%#.#'7 %$ ,/&+*(..7
2UTBVSVWf IL

,#&,/*&/1 >%+" +"/ */,/)+%#& #2 %0('/$ 67 (-1%/&,/$9 C$/0%#+%, (&(.7$%$ #2


8%$-(. (*+ 1#/$ &#+ $/+ #-+ %& +"/ A*$+ ).(,/ +# )*#1-,/ %&+/*)*/+(+%#&$ #2
>#*?$ #2 (*+@ 6-+ *(+"/* +# %&8/$+%'(+/ "#> >#*?$ #2 (*+ (*/ %&+/..%'%6./ +#
+"#$/ >"# 8%/> +"/0@ +"/ )*#,/$$/$ 67 >"%," 8%/>/*$ 0(?/ $/&$/ #2 >"(+
+"/7 $//D MU(. (&1 U*7$#&@ NOON9 NXdR3
=%..%(0$#& MNOPXR /.(6#*(+/$ +"%$ (*'-0/&+ %& ( >(7 +"(+ "($ )(*+%<
,-.(* 0/+"#1#.#'%,(. %0).%,(+%#&$3 e&.%?/ $#0/ #+"/* $/0%#.#'%$+$@ $"/
)(7$ .%++./ (++/&+%#& +# )#$$%6./ 1%$G-&,+-*/$ 6/+>//& +"/ $7$+/0$ #2 6/.%/2$
+"(+ 8%/>/*$ 6*%&' +# (18/*+$ (&1 >"(+ %$ /&,#1/1 %& +"/ (18/*+$3 ML/*"()$
"/* /$+%0(+%#& #2 +"/ 2-&1(0/&+(. %0)#*+(&,/ #2 */2/*/&+ $7$+/0$ +# (..
2#*0$ #2 ,-.+-*(. /5)*/$$%#& %$ */$)#&$%6./ 2#* +"%$ -&%&+/*/$+ %& ,#&E%,+$ #2
0/(&%&'3R ;&$+/(1@ $"/ 1/8/.#)$ (& (&(.7$%$ #2 "#> (18/*+$ /&,#-*('/ +"/%*
8%/>/*$ +# )*#1-,/ )*/2/**/1 */(1%&'$3 4"(+ %$@ L($&6!,3 D68()%!"(-(,%"
(&(.7$/$ +"/ $-,,/$$ #2 %1/#.#'73 =%..%(0$#& MNOPXR (*'-/$ +"(+ (1$ %&8%+/
+"/%* 8%/>/*$ +# ,*/(+/ 0/(&%&'3 U-+ %& +"(+ )*#,/$$ #2 0(?%&' 0/(&%&'@ +"/
8%/>/* %$ (.$# 0(1/ %& $)/,%A,@ %1/#.#'%,(. >(7$3

=/ k+"/ (18/*+%$/* 8%/>/*l 0-$+ /&+/* +"/ $)(,/ 6/+>//& +"/ $%'&%A/* (&1
$%'&%A/1@ 6/+>//& >"(+ 0/(&$ (&1 >"(+ %+ 0/(&$3 4"%$ $)(,/ %$ +"(+ #2
+"/ %&1%8%1-(. ($ $-6G/,+9 "/ #* $"/ %$ &#+ ( $%0)./ */,/%8/* 6-+ ( ,*/(+#*
#2 0/(&%&'3 U-+ +"/ */,/%8/* %$ #&.7 ( ,*/(+#* #2 0/(&%&' 6/,(-$/ "/j$"/
;/" '((, $/99(6 +*&, %& '( "&3 V$ (& (18/*+%$/0/&+ $)/(?$ +# -$@ >/
$%0-.+(&/#-$.7 ,*/(+/ +"(+ $)//," M%+ 0/(&$ +# +"R@ (&1 (*/ ,*/(+/1 67 %+
/" !%" $)(/%&)" M%+ ($$-0/$ +"(+ %+ 0/(&$ +# -$R3 M=%..%(0$#&@ NOPX9 dNR

4"-$@ $"/ ,#&+%&-/$@ (18/*+$ C%&8%+/ -$ CC2*//.7DD +# ,*/(+/ #-*$/.8/$ %&


(,,#*1(&,/ >%+" +"/ >(7 %& >"%," +"/7 "(8/ (.*/(17 ,*/(+/1 -$D
M=%..%(0$#&@ NOPX9 dQR3 4"%$ $/&$/ #2 ,*/(+%8/ 2*//1#0 %$ +"/ 0#$+ $-6+./
2#*0 #2 (18/*+$D %1/#.#'7@ $(7$ =%..%(0$#&@ 6/,(-$/ %+ 1/,/%8/$ -$ %&+#
+"%&?%&' +"(+ >/ ,(& ,"##$/ #-* $#,%(. )#$%+%#& +"*#-'" >"(+ >/ ,#&$-0/3
4"(+ ())(*/&+ ,"#%,/ %$ 1/,/)+%8/@ $(7$ =%..%(0$#&@ &#+ #&.7 6/,(-$/
(,+-(. $#,%(. )#$%+%#& %$ 1/+/*0%&/1 67 +"/ ,.($$ $+*-,+-*/ #2 ,()%+(.%$+
$#,%/+%/$ (&1 &#+ 67 ,#&$-0)+%#&@ 6-+ (.$# 6/,(-$/ (18/*+$ 1/)/&1 #&
,#1/$ (&1 */2/*/&+ $7$+/0$ >"%," )*/,%$/.7 1/.%0%+ #-* %&+/*)*/+%8/ )#>/*$3
=%..%(0$#& MNOPXR /.(6#*(+/$ +"%$ (*'-0/&+ 67 /5).#*%&' +"/ $+('/$ #2
( 8%/>/*D$ /&,#-&+/* >%+" (& (13 W%*$+@ $"/ $(7$@ +"/ 8%/>/* ,*/(+/$ +"/
0/(&%&' #2 ( )*#1-,+ 67 0(?%&' .%&?$ 6/+>//& $%'&$3 4"/&@ +"/ 8%/>/*
'%8/$ 0/(&%&' +# "%0 #* "/*$/.2 2*#0 +"/ )*#1-,+S >/ 6/.%/8/ >/ >%..
6/,#0/ $+*#&' (&1 1/)/&1(6./ M+"#-'" )/*"()$ &#+ %**/$%$+%6./ J )*(0$ (*/
&#+ -$-(..7 /&,#1/1 ($ $/1-,+%#& 1/8%,/$R 67 6-7%&' ( H%.8/* !*#$$ )*#1-,+3
4"%*1@ >/ 6/,#0/ ,*/(+/1 67 +"/ (1@ %& ( )*#,/$$ =%..%(0$#& ,(..$@ (2+/*
D66/441#!%" V.+"-$$/*@ ,00&##,$(*+3 4"/ (18/*+ "(%.$ -$@ C"/7 7#-D@ #2+/& F-%+/ 1%*/,+.7@
(&1 +"-$ %&,#*)#*(+/$ -$ %&+# %+$ $%'&%27%&' >#*.19

c8/*7 (1 ($$-0/$ ( )(*+%,-.(* $)/,+(+#*S %+ )*#G/,+$ #-+ %&+# +"/ $)(,/ %&
2*#&+ #2 %+ (& %0('%&(*7 )/*$#& ,#0)#$/1 %& +/*0$ #2 +"/ */.(+%#&$"%)
IJ QB2RDS TU@EV>VSVWBU2

6/+>//& +"/ /./0/&+$ %& +"/ (13 h#- 0#8/ %&+# +"%$ $)(,/ ($ 7#- .##? (+
+"/ (1@ (&1 %& 1#%&' $# C6/,#0/D +"/ $)/,+(+#*@ 7#- 2//. +"(+ +"/ C"/7 7#-D
C)(/990 6!6 D ()).7 +# 7#- %& )(*+%,-.(*3 M=%..%(0$#&@ NOPX9 ^aJNR

=%..%(0$#& $-''/$+$ ( &-06/* #2 >(7$ %& >"%," (18/*+$ )-.. ( $)/,+(+#*


%&+# +"/%* $%'&%27%&' /22/,+$9

N +"/ "*/%!/9 &)3/,!M/%!&, #2 (& %0('/ #22/*$ ( )(*+%,-.(* )#$%+%#& +# %+$


$)/,+(+#*$3 W#* /5(0)./@ !"()+/* N /5).#*/1 "#> ( )"#+#'*()" 67
`#6/*+ f#%$&/(- )*#G/,+$ #-+ %&+# +"/ $)(,/ %& 2*#&+ #2 %+ ( $)/,+(+#*
,#0)#$/1 %& +/*0$ #2 +"/ */.(+%#&$"%) 6/+>//& +"/ /./0/&+$ #2 +"/
)"#+#'*()"3
Q (1$ ,#&+(%& #* %0).7 8!"+/9 /'"(,$(" +"(+ +"/ 8%/>/* %$ %&8%+/1 +# A..3
W#* /5(0)./@ +"/ (1 %& W%'-*/ d3] 1#/$&D+ $"#> +"/ )*#1-,+$ H%.8/*
!*#$$ 0(?/$S %+ %&8#.8/$ -$ 67 0(?%&' -$ A.. %+ %&3
] +"/ 4)!%%(, %(:% 1*(>$ -$ %&3
d 0(&7 (18/*+$ */.7 #& +/5+-(. (&1 8%$-(. *+," #* )-TT./$@ +"(+ 0(?/ -$
$+#) (&1 .##? (+ +"/0 %& #*1/* +# >#*? #-+ C>"(+D$ '#%&' #&D3 W%'-*/
d3Q@ 2#* /5(0)./@ "($ ( )-&&%&' +/5+3 V1$ ,(& $"#> %&,#&'*-%+7@ #* -$/
&# >#*1$ (+ (..@ ('(%& +# (++*(,+ #-* (++/&+%#& (&1 %&8#.8/0/&+3
^ $/99!3)/*;03 4"%$ %$ >"/& +"/ )*#1-,+ %$ +*(&$2#*0/1 %&+# ( >#*13 4"/
>#*1 +"/& 6/,#0/$ ( */2/*/&+ #2 ( */(. #6G/,+@ +"/ )*#1-,+3

4"-$ =%..%(0$#& 2#,-$/$ #& +"/ ,#0)#$%+%#&(. 0#1(.%+7 #2 +"/ (18/*+$


+"/0$/.8/$ %& "/* -&1/*$+(&1%&' #2 "#> +"/7 )*#1-,/ )*/2/**/1 0/(&%&'$3
W%&(..7@ $"/ $-''/$+$ +"(+ >/ ,*/(+/ #-*$/.8/$ %& +"/ (18/*+%$/0/&+
%+$/.23 V+ +"%$ )#%&+ %& "/* (*'-0/&+ $"/ +-*&$ +# ,/*+(%& %1/($ 2*#0 )$7<
,"#(&(.7$%$ J %&,.-1%&' +"/ %0('%&(*7 J %& #*1/* +# /5).#*/ +"/ 17&(0%,$
#2 )*/,%$/.7 "#> >/ %0('%&/ (18/*+$ 0%**#* #-* $/.23 4"/$/ (*'-0/&+$ >%..
6/ /5).#*/1 %& +"/ 2#..#>%&' ,"()+/*3

d1^ !-$ )"5.+6 /"'+6.!9 "4 /+?.&8 /$+&.&8

V$ +"/ )*/8%#-$ $/,+%#& &#+/1@ Z-1%+" =%..%(0$#& MNOPXR /5).#*/$ +"/


0/(&$ 67 >"%," (18/*+$ )*#1-,/ +"/%* 8%/>/*$ %& )(*+%,-.(* >(7$3 c8/&
+"#-'" $"/ $(7$ %+ %$ +"/ 8%/>/*$ 1#%&' +"/ >#*?@ &#&/+"/./$$ "/* (*'-0/&+
%0).%/$ +"(+ (18/*+$ (*/ +"/0$/.8/$ )#>/*2-. %& +"/ $/&$/ +"(+ +"/7 )*#1-,/
,/*+(%& ?%&1$ #2 >(7$ #2 $//%&' +"*#-'" +"/%* 8%$-(. (&1 8/*6(. #*'(&%T(+%#&
(&1 ,#&&#+(+%#&$3 B+"/* $/0%#.#'%$+$ "(8/ )(%1 0#*/ (++/&+%#& +# #+"/*
>(7$ %& >"%," +"/ )#.7$/07 #2 $%'&$ %$ .%0%+/1@ "#>/8/*3 ;& )(*+%,-.(*@
$#0/ )*/2/* C+# %&+/**#'(+/ >"%," $#,%(. (&1 )#.%+%,(. )*/$$-*/$ 1# ,"/,?
+"/ (,+-(. 1%$$/0%&(+%#&D #2 0/(&%&'$ MU(. (&1 U*7$#&@ NOON9 NO]R3
L/*"()$ +"/ 0#$+ $-$+(%&/1 (++/0)+ +# 1# +"%$ J #* (+ ./($+ +# ($$/*+ %+$
%0)#*+(&,/ J %$ +"/ 6##? 67 `#6/*+ I#1'/ (&1 Y-&+"/* i*/$$ MNOXXR
,(../1 2&$!/9 2(-!&%!$"3 4"/7 $-''/$+ +"(+ >"(+ +"/7 ,(.. C0(%&$+*/(0
2UTBVSVWf IX

$/0%#+%,$D $+*/$$/$ C$7$+/0 (&1 )*#1-,+D M>"%," %$ ,/*+(%&.7 +*-/ #2


=%..%(0$#&D$ >#*?@ 2#* /5(0)./R@ >"/*/($ +"/7 )*/2/* +# /0)"($%T/
C$)/(?/*$ (&1 >*%+/*$ #* #+"/* )(*+%,%)(&+$ %& $/0%#+%, (,+%8%+7 ($ ,#&<
&/,+%&' (&1 %&+/*/$%!,3 %& ( 8(*%/+7 #2 >(7$ %& ,#&,*/+/ $#,%(. ,#&+/5+$D
MI#1'/ (&1 i*/$$@ NOXX9 NR3 4# 1# +"(+@ +"/7 */2/* +# C( $/,#&1 ./8/. #2
0/$$('/$ >"%," */'-.(+/$ +"/ 2-&,+%#&%&' #2 %1/#.#'%,(. ,#0)./5/$D >"%,"
]%)%"%;!( +5+#/; +"/7 +/*0 +"/ #*1*+*2(/ )-)$&2 MI#1'/ (&1 i*/$$@ NOXX9 dR3

V .#'#&#0%, $7$+/0 %$ ( $/+ #2 *-./$ )*/$,*%6%&' +"/ ,#&1%+%#&$ 2#*


)*#1-,+%#& (&1 */,/)+%#& #2 0/(&%&'$S >"%," $)/,%27 >"# ,(& ,.(%0 +#
%&%+%(+/ M)*#1-,/@ ,#00-&%,(+/R #* ?&#> M*/,/%8/@ -&1/*$+(&1R 0/(&%&'$
(6#-+ >"(+ +#)%,$ -&1/* >"(+ ,%*,-0$+(&,/$ (&1 >%+" >"(+ 0#1(.%+%/$
M"#>@ >"/&@ >"7R3 [#'#&#0%, $7$+/0$ )*/$,*%6/ $#,%(. $/0%#+%, 6/"(<
8%#-*$ (+ )#%&+$ #2 )*#1-,+%#& (&1 */,/)+%#&@ $# +"(+ >/ ,(& 1%$+%&'-%$"
Y$%&'(#!%" $/)!;/+ 6/+>//& 0%*6"/$(*+ %&1(2&) M*-./$ ,#&$+*(%&%&' )*#1-,+%#&R (&1
\/(/6#!%" $/)!;/+ %&/&0$(*+ %&1(2&) M*-./$ ,#&$+*(%&%&' */,/)+%#&R3 V .#'#&#0%, $7$+/0 %$
%+$/.2 ( $/+ #2 0/$$('/$@ )(*+ #2 (& %1/#.#'%,(. ,#0)./5 6-+ $/*8%&' +#
0(?/ %+ -&(06%'-#-$ %& )*(,+%,/ 3 3 3 4"/ .#'#&#0%, *-./$ (*/ $)/,%A,(..7
+(-'"+ (&1 )#.%,/1 67 ,#&,*/+/ $#,%(. ('/&+$ M)(*/&+$@ +/(,"/*$@
/0).#7/*$R ,#/*,%&' ,#&,*/+/ %&1%8%1-(.$ %& $)/,%A, $%+-(+%#&$ 67 )*#<
,/$$/$ >"%," (*/ %& )*%&,%)./ #)/& +# $+-17 (&1 (&(.7$%$ 3 3 3 [#'#&#0%,
$7$+/0$ ,(&&#+ 6/ %&8%$%6./ #* #6$,-*/@ #* +"/7 >#-.1 &#+ >#*?3 MI#1'/
(&1 i*/$$@ NOXX9 dR

4"%$ $//0$ +# 0/ +# 6/ ( ,*-,%(. (11%+%#& +# +"/ (&(.7+%,(. ./5%,#& #2


$/0%#.#'7@ $%&,/@ ($ !"()+/* N %&$%$+/1@ +"/$/ $#*+$ #2 $#,%(. 0#1(.%+%/$ (*/
2-&1(0/&+(. +# +"/ %&+/*)*/+(+%#& #2 8%$-(. %0('/$3
[/+ -$ 6*%/E7 ,#&$%1/* %+$ %0).%,(+%#&$ 2#* +"%&?%&' (6#-+ "#> (18/*+$
(*/ %&+/*)*/+/1 M+"/%* */,/)+%#& */'%0/S +"/ 1%$,-$$%#& #2 )*#2/$$%#&(. ,#1/$
%& $/,+%#& Q3] 8/*7 6*%/E7 +#-,"/1 #& +"/%* )*#1-,+%#& */'%0/R3 L/*"()$
#&/ #2 +"/ 0#$+ %0)#*+(&+ *-./$ ,#&$+*(%&%&' +"/ */,/)+%#& #2 (18/*+$ %&
+"/%* #*%'%&(. ).(,/$ #2 1%$).(7 M+"(+ %$@ %& 0('(T%&/$@ #& +8@ %& ( ,%&/0( #*
#& ( 6%..6#(*1@ 2#* /5(0)./@ &#+ %& ( '(../*7 #* %& (& (,(1/0%, +/5+ >"/*/
1%22/*/&+ */,/)+%#& */'%0/$ ()).7S $// I#1'/ (&1 i*/$$@ NOXX9 bX 2#* (
-$/2-. 1%$,-$$%#& #& +"/ %0)#*+(&,/ #2 +"/ $/++%&' #2 ( 8%$-(. %0('/ +# %+$
%&+/*)*/+(+%#&R %$ +"(+ +"/7 (*/ &#+ +# 6/ +(?/& +## $/*%#-$.73 4"/7 (*/ 2-&@
/&+/*+(%&0/&+@ +"/7D*/ +"/ '()$ %& +"/ +8 )*#'*(00/ >"/& 7#- &%) +# +"/
?%+,"/& +# 0(?/ ( 1*%&?3 U-+ +"/7 (*/ &#+ 0/(&+ +# 1/(. >%+" $/*%#-$ %$$-/$3
g#> #2 ,#-*$/ $/0%#.#'%$+$ >#-.1 (*'-/ +"(+ (18/*+$ 1# %&1//1 1/(. >%+"
$/*%#-$ %$$-/$9 +"/7 /&'('/ >%+" $#0/ #2 +"/ 0#$+ %0)#*+(&+ %$$-/$@ %&1//1@
>%+" F-/$+%#&$ #2 $#,%(. 1%22/*/&,/ (&1 $#,%(. "%/*(*,"73 U-+ )(*+ #2 +"/%*
)#>/* %$ )*/,%$/.7 +"(+ +"/7 (*/ &#+ $//& .%?/ +"(+3 4"/%* */,/)+%#& */'%0/
$-''/$+$ +"(+ +"/7 (*/ )*/++7 $-)/*A,%(. +"%&'$3 4"%$ /5).(%&$ 0-," #2 +"/
,#&+*#8/*$7 $-**#-&1%&' +"/ (18/*+%$%&' ,(0)(%'&$ )*#1-,/1 %& +"/ /(*.7
NOOa$ 67 +"/ ,.#+"%&' ,#0)(&7 U/&/++#& MU(,? (&1 o-((1/@ NOO]S
`(0(0-*+"7@ NOOP9 NXXJObR3 4"/%* (1$ $"#>%&' ( 0(& 17%&' 2*#0 V;fH<
*/.(+/1 %..&/$$ #* #2 ( 6#06/1 ,(* %& (& ;+(.%(& $+*//+ ,(-$/1 #-+*('/
IQ QB2RDS TU@EV>VSVWBU2

6/,(-$/ +"/$/ %0('/$ ,"(../&'/1 +"/ */,/)+%#& */'%0/ #2 (18/*+%$%&'3 4"/7


>/*/ ,./(*.7 ($?%&' +"/%* 8%/>/*$ +# /&'('/ >%+" C6%'D %$$-/$ J 1/(+"@
8%#./&,/ J (&1 +"%$ 8%#.(+/1 +"/ */'%0/D$ *-./ +"(+ (18/*+$ 1# &#+ 1# +"(+3
4"/ /&$-%&' /22#*+$ 67 #+"/* (18/*+%$%&' ('/&,%/$@ 67 0('(T%&/$ (&1 +"/
*/$+ #2 +"/ 0/1%( M+"(+ */.%/$ #& (18/*+%$%&' %&,#0/R +# */</$+(6.%$" +"/
*/,/)+%#& */'%0/ 67 6*(&1%&' +"/$/ %0('/$ %00#*(. #* #6$,/&/ */($$/*+/1
#&,/ 0#*/ +"/ ())(*/&+ "(*0./$$&/$$ #2 &#&<,#&+*#8/*$%(. (18/*+%$%&'3
I#1'/ (&1 i*/$$ MNOXXR (.$# /5).#*/ +"/ >(7 $%'&$ (*/ 0#6%.%T/1 67
$#,%(. '*#-)$ ($ 0(*?/*$ #2 +"/%* 1%22/*/&,/ 2*#0 #+"/*$S +"/7 ,(.. +"/$/
F/#1+!)"+ 2&$,)(1+)3 4"/$/ (*/ +"/ ?%&1 #2 $%'&$ +"(+ +"/ (18/*+%$/*$ #2 )*#1-,+$
>"%," (*/ (%0/1 (+ 8/*7 $)/,%A, (-1%/&,/$ 0%'"+ +*7 +# /&,#1/ %&+# +"/%*
(18/*+$@ >%+" +"/ (%0 #2 ())/..(+%&' +"(+ '*#-) +"*#-'" +"/ (18/*+ (&1 +"-$
/&,#-*('%&' +"/0 +# 6-7 %+3
W%&(..7 I#1'/ (&1 i*/$$ MNOXXR )/*$%$+/&+.7 0(?/ +"/ )#%&+ +"(+ (..
$#,%(. %1/&+%+7 %$ ,#&$+*-,+/1 +"*#-'" %1/#.#'%/$ #2 $#,%(. 1%22/*/&,/3 4"-$
+"/7 %&$%$+ +"(+ 1%22/*/&+ $#,%(. '*#-)$ M"#>/8/* 1/A&/1R /&,#1/ +"/ >#*.1
%& 8/*7 1%22/*/&+ >(7$ (&1 0(7 +"-$ %&+/*)*/+ 8%$-(. %0('/$ %& 8/*7
1%22/*/&+ >(7$3 4"/%* /5(0)./ %$ (& (18/*+ 2#* ,%'(*/++/$ +"(+ "($ 6//&
,#8/*/1 >%+" '*(A++% 67 (& (&+%<$0#?%&' #*'(&%T(+%#&3 U(. (&1 U*7$#&
MNOONR 0(?/ +"/ $(0/ )#%&+ %& +"/%* 1%$,-$$%#& #2 8%$-(. (*+3 4"/7 $-''/$+
+"(+ +"/*/ %$ )*#6(6.7 (.>(7$ */$%$+(&,/ +# 1#0%&(&+ $,#)%, */'%0/$@
>"%," 0%'"+ C*(&'/ 2*#0 )#.%+/ )(*#17 +# #-+*%'"+ 1/2(,/0/&+@ 2*#0 +"/
,.(&1/$+%&/ %&8/*$%#& #2 /5%$+%&' *-./$ #2 8%/>%&' +# +"/ %&8/&+%#& #2
>"#..7 &/> $/+$ #2 *-./$@ 2*#0 $-6+./ 8%#.(+%#&$ #2 )*#)*%/+7 +# 6.(&?
*/2-$(. +# ).(7 +"/ '(0/D J F-%+/ ()(*+ 2*#0 +"/ )*%8(+/ .(&'-('/$ #2
.##?%&' +"(+ (*/ /8#?/1@ 2#* /5(0)./@ 67 U(*+"/$D$ &#+%#& #2 +"/ *+,$%+-
MU(. (&1 U*7$#&@ NOON9 NXPR3 I#>/8/*@ +"/*/ (*/ 8/*7 2/> $/0%#.#'%,(.
$+-1%/$ +"(+ )-*$-/ +"/ 1%8/*$%+7 #2 %&+/*)*/+%8/ )*(,+%,/$@ (&1 +"/ &/5+
$/,+%#& /5).#*/$ +"%$ (&1 $#0/ #+"/* .%0%+(+%#&$ #2 $/0%#.#'%,(.
())*#(,"/$ +# 8%$-(. %0('/$3 !"()+/* X >%.. */+-*& +# +"/ F-/$+%#& #2
*/$/(*,"%&' (-1%/&,/$D %&+/*)*/+(+%#&$3

X +/;!%4%)5K /;6*1+/+ 1"& "/)4/(#+

f/$)%+/ +"/ 1#-6+$ 8#%,/1 67 $#0/ (6#-+ +"/ ())*#)*%(+/&/$$ #2 -$%&'


$/0%#.#'7 +# %&+/*)*/+ 8%$-(. %0('/$@ %+ $//0$ +"(+ $/0%#.#'7 ,(& &#&/<
+"/./$$ 6/ ( 8/*7 )*#1-,+%8/ >(7 #2 +"%&?%&' (6#-+ 8%$-(. 0/(&%&'3
H/0%#.#'7 1/0(&1$ 1/+(%./1 (&(.7$%$ #2 %0('/$@ (&1 %+$ */.%(&,/ #& ,($/
$+-1%/$ (&1 /.(6#*(+/ (&(.7+%,(. +/*0%&#.#'7 ,*/(+/ ,(*/2-. (&1 )*/,%$/
(,,#-&+$ #2 "#> +"/ 0/(&%&'$ #2 )(*+%,-.(* %0('/$ (*/ 0(1/3 \#*/#8/*@
$/0%#.#'7 %$ ,/&+*(..7 ,#&,/*&/1 >%+" +"/ ,#&$+*-,+%#& #2 $#,%(. 1%22/*/&,/
+"*#-'" $%'&$3 ;+$ 2#,-$ #& %1/#.#'7@ %1/#.#'%,(. ,#0)./5/$ (&1 1#0%&(&+
,#1/$@ (&1 %+$ */,#'&%+%#& #2 */$%$+(&,/ +# +"#$/@ 0/(&$ +"(+ %+ ,(&&#+ (8#%1
,#&$%1/*%&' +"/ $#,%(. /22/,+$ #2 0/(&%&'9
2UTBVSVWf IS

H%'&</8/&+$ #,,-* %& $)/,%A, ,%*,-0$+(&,/$ (&1 (,,#*1%&' +# ( A&%+/


&-06/* #2 ,-.+-*(..7 8(.%1@ ,#&8/&+%#&(.@ 7/+ &#+ -&(.+/*(6./ *-./$ 3 3 3
4"/ $/./,+%#& #2 +"#$/ *-./$ (&1 +"/%* ,#06%&(+%#& ./(1$ +# $)/,%A,
%&+/*)*/+%8/ 6/"(8%#-*3 4"(+ 6/"(8%#-* %$ $#,%(..7 2*(0/1@ (&1 (&7
$/0%#+%, 8%/> +"(+ %$ +# 6/ $#,%(..7 */./8(&+ >%.. "(8/ +# 1/(. >%+" +"%$
2*(0%&'@ )*/,%$/.7 #& +"/ '*#-&1$ #2 +"/ 2-&1(0/&+(. )#.7$/07 #2
0/(&%&' (&1 +"/ $-6$/F-/&+ )#$$%6%.%+7 #2 1%$$/0%&(+%#&3 ;& +"/ /&1@
+"/*/ %$ &# >(7 (*#-&1 ,#&$%1/*(+%#&$ #2 )#>/*@ %&$%1/ (&1 #-+$%1/ +"/
(,(1/073 MU(. (&1 U*7$#&@ NOON9 QaXR

V$ U(. (&1 U*7$#&D$ .($+ $/&+/&,/ %&1%,(+/$@ $/0%#.#'7 ,(& (.$# %0).7 +"/
&//1 2#* (,(1/0%, (,,#-&+$ #2 $%'&$ +# */E/,+ #& +"/%* #>& 0/(&%&'<
0(?%&' +(,+%,$3 ="(+ ?%&1$ #2 +*-+" 1#/$ (& %&+/*)*/+(+%#& #2 ( 8%$-(.
%0('/ ,.(%0_ ="#$/ 8%/>$ (*/ &#+ 6/%&' (,?&#>./1'/1 %& +"(+ %&+/*<
)*/+(+%#&_ ;$ +"/ )*#,/$$ #2 1#-6./ /5)#$-*/ (10%++/1 #* 1/&%/1_
4"-$ %+ >#-.1 $//0 +"(+ $/0%#.#'7 2-.A.$ (.. +"/ ,*%+/*%( 2#* ( ,*%+%,(.
8%$-(. 0/+"#1#.#'7 #-+.%&/1 %& !"()+/* N3 ;+ +(?/$ %0('/$ $/*%#-$.7@ )*#<
8%1%&' ( &-06/* #2 +##.$ 2#* -&1/*$+(&1%&' /5(,+.7 "#> ( )(*+%,-.(* %0('/
%$ $+*-,+-*/13 ;+ ,#&$%1/*$ +"/ $#,%(. ,#&1%+%#&$ (&1 /22/,+$ #2 %0('/$@ 6#+"
%& +/*0$ #2 "#> (& %0('/ 0(7 "(8/ %+$ #>& /22/,+$ (&1 "#> +"/ .#'#&#0%,
$7$+/0 $"()/$ %+$ )*#1-,+%#& (&1 */,/)+%#&3 V&1 %+ %$ (6./ +# (,?&#>./1'/
+"(+ $/0%#.#'%$+$ (*/ +"/0$/.8/$ >#*?%&' >%+" $%'&$@ ,#1/$ (&1 */2/*/&+
$7$+/0$ (&1 (*/ +"-$ %06*%,(+/1 %& &#+"%&' 0#*/@ +"#-'" ,/*+(%&.7 &#+"%&'
./$$@ +"(& (&#+"/* $/*%/$ #2 +*(&$2/*$ #2 0/(&%&' %& >"%," ( )(*+%,-.(*
%0('/ )(*+%,%)(+/$3 4"%$ (..#>$ ( ,/*+(%& */E/5%8%+73
I#>/8/*@ $/0%#.#'7 (.$# "($ $#0/ 0/+"#1#.#'%,(. 1*(>6(,?$3 W%*$+@
%+$ )*/2/*/&,/ 2#* 1/+(%./1 */(1%&'$ #2 %&1%8%1-(. %0('/$ *(%$/$ F-/$+%#&$
(6#-+ +"/ */)*/$/&+(+%8/&/$$ (&1 */).%,(6%.%+7 #2 %+$ (&(.7$/$3 4"%$ %$ ( 1#-6+
+"(+ [/%$$@ i.%&/ (&1 Z"(..7 MNOXb9 Nb^R "(8/ (6#-+ =%..%(0$#&D$ >#*?3
4"/7 (*/ -&,./(* (6#-+ "#> #* >"7 =%..%(0$#& ,"#$/ +"/ (18/*+$ $"/
>#*?$ >%+"S (*/ +"/7 */)*/$/&+(+%8/ #2 (18/*+$ %& '/&/*(._ =#-.1 $#0/#&/
/.$/ -$%&' +"#$/ $(0/ (18/*+$ "(8/ ,#0/ +# +"/ $(0/ ,#&,.-$%#&$ (6#-+
+"/0_ =%..%(0$#& >#-.1 )*/$-0(6.7 */$)#&1 +"(+ +"/$/ F-/$+%#&$ (*/ &#+
%0)#*+(&+ $%&,/ $"/ >($ -$%&' +"/ (1$ +# ,#&$+*-,+ ( '/&/*(. +"/#*7 +"(+
,#-.1 ,*%+%F-/ "#> (18/*+$ >#*?S $"/ >($ &#+ +*7%&' +# #22/* /0)%*%,(.
'/&/*(.%T(+%#&$ (6#-+ >"(+ +"/7 (*/3 !/*+(%&.7 "/* 6##?D$ %..-$+*(+%#&$ (*/
+"/*/ +# 2#*>(*1 "/* (*'-0/&+ (6#-+ )(*+%,-.(* )*#,/$$/$ #2 0/(&%&'<
0(?%&'@ &#+ +# /5/0).%27 )(*+%,-.(* +7)/$ #2 (18/*+$3
V&#+"/* ,*%+%,%$0 #2+/& 2(,/1 67 $/0%#.#'7 %$ %+$ /.(6#*(+/ +"/#*/+%,(.
+/*0%&#.#'73 U(.. (&1 H0%+" MNOOQR@ [/%$$@ i.%&/ (&1 Z"(..7 MNOXb9 Nb^R
(&1 =/..$ MNOOQR (.. 8#%,/ ,#&,/*& +"(+ $/0%#.#'7 +/&1$ +# %&8/&+ &/>
+/*0%&#.#'7 2#* %+$ #>& $(?/@ (&1 2*#0 07 /5)/*%/&,/ #2 >*%+%&' +"%$
,"()+/* ; +/&1 +# ('*//3 B2+/& +"/$/ +/*0$ (*/ -$/2-.S +"/7 "(8/ )(*+%,-.(*
0/(&%&'$ +"(+ (*/ ,./(*.7 1/A&/1@ (&1 */2/* +# )*#,/$$/$ +"(+ (*/ &#+ /($%.7
1/$,*%6/1 #+"/*>%$/ M+"%$ .(++/* )#%&+ %$ ,*-,%(.R3 4"/$/ $#*+$ #2 &/#.#'%$0$
(*/ +"-$ >#*+" )/*$/8/*%&' >%+"@ &# 0(++/* "#> ,.-0$7 +"/%* -$/ 0%'"+ 2//.
IT QB2RDS TU@EV>VSVWBU2

%&%+%(..73 I#>/8/*@ $#0/+%0/$ &/> +/*0$ (*/ ,#&2-$%&' #* -&&/,/$$(*7@ (&1


$#0/+%0/$ +"/7 (*/ -$/1 +# '%8/ ( 8/&//* #2 $#)"%$+%,(+%#& +# $#0/+"%&'
+"(+ %$ (,+-(..7 &#+ )(*+%,-.(*.7 %&+/*/$+%&'3 V$ [/%$$@ i.%&/ (&1 Z"(..7
MNOXb9 Nb^R */0(*?@ +"%$ ,(& ./(1 +# (& #6$,-*(&+%$+ +/5+ +"(+ 1#/$ C.%++./
0#*/ +"(& $+(+/ +"/ #68%#-$ %& ( ,#0)./5 (&1 #2+/& )*/+/&+%#-$ 0(&&/*D3
4"%$ $#*+ #2 -$/ #2 G(*'#& $"#-.1 6/ (8#%1/13 ;2 ( $%0)./* +/*0 >%.. 1#@ -$/
+"/ $%0)./* +/*03
4"/ -$/ #2 ( $#0/>"(+ /.(6#*(+/ +/*0%&#.#'7 ./(1$ +# (&#+"/* %$$-/
+"(+ &//1$ $#0/ +"#-'"+ >"/& $/0%#.#'7 %$ 1/).#7/1 ($ ( 0/+"#19
*/E/5%8%+73 ; "(8/ ,#00/&+/1@ 0#$+.7 %& */.(+%#& +# +"/ >#*? #2 \%/?/ U(.@
+"(+ $/0%#.#'7 %$ ,()(6./ #2 (,?&#>./1'%&' %+$ #>& %&+/*)*/+%8/ )*(,+%,/$3
; >#-.1 +/*0 $-," (& (,?&#>./1'/0/&+ */E/5%8/3 I#>/8/*@ +"/*/ %$ (.$# (
$+*#&' (&+%<*/E/5%8/ $+*(%& %& ,/*+(%& $#*+$ #2 $/0%#.#'7@ )(*+%,-.(*.7 +"#$/
+"(+ ,.(%0 +# 1/.8/ 6/&/(+" $-*2(,/ ())/(*(&,/$ +# */8/(. +"/ +*-/ 0/(&%&'
#2 %0('/$3 4"-$ Y#.10(& MNOOQ9 ]bR@ (+ +"/ /&1 #2 "%$ A*$+ ,"()+/* >"%,"
(*'-/$ +"(+ (18/*+$ /&8/"%,./ +"*// ?/7 ($)/,+$ #2 ,#00#1%+7 2#*0@ $(7$
+"(+ C+"/ +*%-0)" #2 +"/ ,#00#1%+7 2#*0 %$ +"(+ >/ 1# &#+ */,#'&%T/ %+$
)*/$/&,/ (+ (..D3 4"%$ $+(+/0/&+ %00/1%(+/.7 %&8%+/$ +"/ F-/$+%#&@ C>"# %$
+"%$ CC>/DD_D ;+ ,./(*.7 /5,.-1/$ Y#.10(&@ $%&,/ "/ "($ G-$+ $)/&+ ]b )('/$
1/$,*%6%&' +"/ ,#00#1%+7 2#*0 %& 1/+(%.3 H# 1#/$ C>/D */2/* +# +"/ */$+ #2 -$
)##* 1-)/$ >"# 1#&D+ ?&#> #-* \(*5 M(&1 Y#.10(&R >/.. /&#-'"_ ="(+
0(?/$ Y#.10(& $# %&$%'"+2-._ I#> ,#0/ "/ ,(& $// +"/$/ (1$ 1%22/*/&+.7
+# */,#'&%T/ +"/%* ,#00#1%A,(+%#& #2 )*#1-,+ (&1 8%/>/*_ Y#.10(& )#$%<
+%#&$ "%0$/.2 "/*/ ($ $%0).7 +"/ #&/ >"# $//$ (&1 ?&#>$3 I/ 1#/$&D+ /8/&
,.(*%27 "%$ 0/+"#1#.#'7 ($ ( >(7 #2 '*#-&1%&' "%$ ,.(%0$3 4"%$ ?%&1 #2
&#&<*/E/5%8%+7@ ; +"%&?@ ,(&&#+ 6/ )(*+ #2 ( ,*%+%,(. 8%$-(. 0/+"#1#.#'73
W%&(..7@ +"/*/ %$ (&#+"/* #0%$$%#& %& 0-," $/0%#.#'%,(. >#*?@ >"%," %$
+"/ /0)%*%,(. /5).#*(+%#& #2 )#.7$/07 (&1 .#'#&#0%, $7$+/0$3 H/0%#.#'7
%$ 8/*7 */(17 +# (10%+ +# )#.7$/07 (&1 +# +"/ ,#&+/$+(+%#& ($ >/.. ($ +"/
+*(&$2/* (&1 ,%*,-.(+%#& #2 0/(&%&' %& +"/#*7@ 6-+ +"/*/ (*/ 8/*7 2/>
$/0%#.#'%,(. $+-1%/$ +"(+ */(..7 '/+ +# '*%)$ >%+" 1%8/*$/ >(7$ #2 $//%&'3
f#& H.(+/* MNOX]R "($ (11*/$$/1 +"%$ (6$/&,/ (&1 $-''/$+$ +"(+ %+ %$ &#+ (
,#%&,%1/&,/9 $/0%#.#'7 %$ $%0).7 &#+ ,#&,/*&/1 >%+" +"/ $#,%(. )*(,+%,/$@
%&$+%+-+%#&$ (&1 */.(+%#&$ >%+"%& >"%," 8%$-(. %0('/$ (*/ )*#1-,/1 (&1
%&+/*)*/+/13 I/ 6.(0/$ +"%$ #& +"/ $+*-,+-*(.%$+ +*(1%+%#& >%+"%& >"%,"
0-," $/0%#.#'7 >($ $%+-(+/1 >"/& "/ >($ >*%+%&'@ >"%,"@ "/ $(7$ C+(?/$ ($
($$-0/1@ ($ '%8/&@ )*/,%$/.7 >"(+ &//1$ +# 6/ /5).(%&/19 +"/ */.(+%#&$ (&1
)*(,+%,/$ >%+"%& >"%," 1%$,#-*$/$ (*/ 2#*0/1 (&1 #)/*(+/1D MH.(+/*@ NOX]9
Q^XR3 4"%$ %$ ,/*+(%&.7 +"/ ,($/ >%+" =%..%(0$#&D$ >#*?3 H"/ 1#/$ &#+
/5).(%& "#> $"/ 1/,%1/1 +"(+ +"/*/ >/*/ #&.7 +"*// */2/*/&+ $7$+/0$
-&1/*)%&&%&' (18/*+$@ 2#* /5(0)./@ &#* "#> $"/ 1/,%1/1 +"(+ g(+-*/@
\('%, (&1 4%0/ >/*/ +"/ +"*//3 ;+ $//0$ +"(+ +"%$ >($ ( +"/#*/+%,(.
1/,%$%#& +"(+ +"/& %&2#*0/1 "/* */(1%&' #2 +"/ (18/*+$3 g/%+"/* 1#/$ $"/
)(7 (&7 (++/&+%#& +# +"/ $#,%(. %&$+%+-+%#&$ )*#1-,%&' (18/*+$@ &#* ,#&$%1/*
"#> 1%22/*/&+ (-1%/&,/$ 0%'"+ */(,+ +# (18/*+$ 1%22/*/&+.7 #* /8/& $%0).7
&#+ C'/+D +"/0 M\7/*$@ NOX]S =/..$@ NOOQR3 W#* +"/ (18/*+ */)*#1-,/1 ($
2UTBVSVWf II

W%'-*/ d3] +# >#*?@ 2#* /5(0)./@ 7#- &//1 +# ?&#> +"(+ H%.8/* !*#$$ %$ (
,#0)(&7 +"(+ 0(?/$ )*(0$ (&1 )-$","(%*$3 ;2 7#- 1#&D+ J (&1 ; %0('%&/
.#+$ #2 */(1/*$ #2 +"%$ 6##? 0%'"+ &#+@ (.+"#-'" 0#$+ */(1/*$ #2 +"/
0('(T%&/ >"/*/ %+ #*%'%&(..7 ())/(*/1 )*#6(6.7 >#-.1 J +"/ (1 $%0).7
1#/$ &#+ 0(?/ %+$ %&+/&1/1 ,#&&/,+%#&$3 =%..%(0$#& MNOPXR 1#/$ &#+ +(.?
(6#-+ (1$ +"(+ 2(%. .%?/ +"(+S "/* 2#,-$ #& C+"/ %0('/ %+$/.2D )*#1-,/$ >"(+
H.(+/* MNOX]9 Q^XR ,(..$ ( C*(1%,(..7 %&+/*&(. (&(.7$%$ #2 $%'&%A,(+%#&D >"%,"
,(&&#+ (11*/$$ +"/$/ $#*+$ #2 %$$-/$3 4"%$ %$ )/*"()$ +"/ 0#$+ +/..%&'
,*%+%,%$0 #2 $/0%#.#'7 M(&1 #&/ +"(+ U(. (&1 U*7$#&@ NOON@ 2#* /5(0)./@
>*%+%&' A2+//& 7/(*$ (2+/* =%..%(0$#&@ (*/ ?//& +# 1%$)/.R3

Q +';;1$5

: $/0%#.#'7 1/)/&1$ #& +"/ 1%$+%&,+%#& 6/+>//& +"/ $%'&%A/* (&1 +"/
$%'&%A/1 #2 +"/ $%'&3 4"%$ 1%$+%&,+%#& /&(6./$ $/0%#.#'7 +# 2#,-$ #& +"/
+*(&$2/*$ #2 $%'&%A/1$ 6/+>//& $%'&$3
: +"/ +*(&$2/* #2 $%'&%A/1$ %$ -&1/*$+##1 ($ $+*-,+-*/1 +"*#-'" ,#1/$@ (&1
,#1/$ %& +-*& '%8/ #& +# >%1/* $+*-,+-*/$ #2 0/(&%&'3 4"/$/ >%1/*
$+*-,+-*/$ ,(& 6/ 1/$,*%6/1 ($ 1#0%&(&+ ,#1/$@ %1/#.#'%/$@ 07+"#.#'%/$
#* */2/*/&+ $7$+/0$3 4"/$/ $+*-,+-*/$ .%0%+ )#.7$/073
: $%'&$@ ,#1/$@ 1#0%&(&+ ,#1/$@ %1/#.#'%/$@ 07+"#.#'%/$ (&1 */2/*/&+
$7$+/0$ ,(& (.. 6/ ,"(../&'/1 67 +"/ 1%8/*$%+7 #2 >(7$ #2 $//%&'3
: 8%$-(. %0('/$ "(8/ $#,%(. ,#&1%+%#&$ (&1 $#,%(. /22/,+$@ >"%," (*/
(*+%,-.(+/1 6#+" +"*#-'" +"/ %0('/ %+$/.2 (&1 +"*#-'" +"/ $#,%(.
0#1(.%+7 #2 +"/ .#'#&#0%, $7$+/03
: $/0%#.#'%,(. $+-1%/$ 2#,-$ #& +"/ %0('/ %+$/.2 (&1 +"/*/ %$ +"-$ .%++./
(++/&+%#& )(%1 +# (-1%/&,%&' (&1 .%++./ ,#&,/*& 2#* */E/5%8%+73

3'$#*/$ $/1&!")

`#.(&1 U(*+"/$D$ R0%;&9&3!(" MNOP]R */0(%&$ #&/ #2 +"/ 6/$+ /5/0).%A,(<


+%#&$ #2 $/0%#.#'7S %+ ,#&$%$+$ 0#$+.7 #2 $"#*+ /$$(7$ /(," .##?%&' (+
/./0/&+$ #2 )#$+<>(* W*/&," ,-.+-*/@ 6-+ +"/ .($+ $/,+%#& #& C\7+" 4#1(7D
%$ ( 0#*/ (&(.7+%,(. (,,#-&+ #2 "%$ ())*#(,"3 \%/?/ U(. (&1 g#*0(&
U*7$#&D$ /$$(7 %& D)% ?+99(%!, MNOONR %$ ( '##1 %&+*#1-,+%#& +# $/0%#.#'7D$
0#*/ */,/&+ +"/0/$3
X
6+5(*%1"145+!+
3.)%+6 5%6!%($* 3.)%+6 76$+)%($* 3.)%+6 '.)(%7!."&

H 1 8/$5 ,$!/3 !"#$%&'(#!%" #% 6+5(*%1"145+!+ 1"& 8!+'14!#5

L$7,"#(&(.7$%$ ,#&$%$+$ #2 ( *(&'/ #2 +"/#*%/$ +"(+ 1/(. 0#$+ ,/&+*(..7 >%+"


"-0(& $-6G/,+%8%+7@ $/5-(.%+7 (&1 +"/ -&,#&$,%#-$3 \(&7 #2 %+$ ?/7 ,#&<
,/)+$ >/*/ 1/8/.#)/1@ (&1 #2+/& +"/& */8%$/1@ 67 H%'0-&1 W*/-1 MNX^bJ
NO]OR3 [(+/* >*%+/*$ "(8/ +"/& +(?/& "%$ %1/($ (&1 */>#*?/1 +"/0 ('(%&@ $#
)$7,"#(&(.7$%$ %$ &#> ( 8/*7 .(*'/ (&1 1%8/*$/ 6#17 #2 >#*?3 4"%$ ,"()+/*
,(&&#+ "#)/ +# ,#8/* (.. ($)/,+$ #2 )$7,"#(&(.7$%$S /8/& 0#*/ +"(& #+"/*
,"()+/*$ %& +"%$ 6##?@ +"%$ >%.. 6/ ( 8/*7 $/./,+%8/ (,,#-&+3 B&/ /./0/&+ #2
%+$ $/./,+%8%+7 %$ +"(+ %+ >%.. 2#,-$ #& +"#$/ )(*+$ #2 )$7,"#(&(.7$%$ +"(+
(11*/$$ +"/ 8%$-(.3 I#>/8/*@ +"/ 8%$-(. %$ (,+-(..7 8/*7 %0)#*+(&+ +#
=(%6%6*!4!1 )$7,"#(&(.7$%$3 W*/-1 $-''/$+/1 +"(+ )/*0*07(#(, J )./($-*/ %& .##?%&' J
>($ #&/ #2 +"/ 6($%, 1*%8/$ >%+" >"%," (.. M$%'"+/1R ,"%.1*/& (*/ 6#*&@ (&1
+"/ 8%$-(. %$ /$)/,%(..7 %0)#*+(&+ %& +"/ >#*? #2 +"/ )$7,"#(&(.7$+ Z(,F-/$
[(,(&3 [(,(&@ 6-%.1%&' #& 8(*%#-$ ,.(%0$ #2 W*/-1@ (*'-/$ +"(+ ,/*+(%&
0#0/&+$ #2 $//%&'@ (&1 )(*+%,-.(* 8%$-(.%+%/$@ (*/ ,/&+*(. +# "#> $-6G/,<
+%8%+%/$ (&1 $/5-(.%+%/$ (*/ 2#*0/13 W#* +"%$ */($#&@ "%$ >#*? "($ 6/,#0/
F-%+/ )*#0%&/&+ %& $#0/ ())*#(,"/$ +# 8%$-(. ,-.+-*/3
V&#+"/* ($)/,+ #2 +"%$ ,"()+/*D$ $/./,+%8/ ())*#(," +# )$7,"#(&(.7$%$
%$ %+$ 2#,-$ #& ( &-06/* #2 2/0%&%$+ (-+"#*$ >"# (*/ -$%&' )$7,"#(&(.7$%$@
#2+/& %& %+$ [(,(&%(& '-%$/@ +# -&1/*$+(&1 "#> +"/ 8%$-(. %$ %06*%,(+/1 %&
+"/ )*#1-,+%#& #2 $/5-(. 1%22/*/&,/3 4"/$/ >*%+/*$ >#*? >%+" 8(*%#-$ ?%&1$
#2 )$7,"#(&(.7$%$ +# )*#1-,/ */(1%&'$ #2 )(%&+%&'$ (&1 )"#+#'*()"$@ 6-+
0#$+ #2+/& #2 A.0$3 4"/7 )(7 ,.#$/ (++/&+%#& +# +"/$/ 8%$-(. %0('/$ (&1 (*/
,/&+*(..7 ,#&,/*&/1 >%+" +"/%* $#,%(. /22/,+$9 +"/ >(7$ +"/7 )*#1-,/ )(*+%<
,-.(* $)/,+(+%&' )#$%+%#&$ +"(+ (*/ 1%22/*/&+%(..7 $/5-(.%T/1 (&1 /0)#><
/*/13 ;& +"%$ >(7 +"/%* -$/ #2 )$7,"#(&(.7$%$ ,#&2#*0$ +# +"/ A*$+ +>#
,*%+/*%( 2#* ( ,*%+%,(. 8%$-(. 0/+"#1#.#'7 +"(+ +"/ A*$+ ,"()+/* #2 +"%$ 6##?
e2fYEVD=DSf2B2 HVH

#-+.%&/13 V$ 2#* +"/ +"%*1 ,*%+/*%#& J */E/5%8%+7 J +"/ ($$-0)+%#&$ 0(1/ 67


)$7,"#(&(.7$%$ (6#-+ $-6G/,+%8%+7 *(%$/ $#0/ %&+/*/$+%&' F-/$+%#&$ %& */.(<
+%#& +# */E/5%8%+7@ (&1 +"%$ ,"()+/* >%.. /5).#*/ +"/$/ %& $/,+%#& X3
L$7,"#(&(.7$%$ #2+/& +(?/$ +"/ 2#*0 #2 ( +"/*()/-+%, )*(,+%,/@ >%+" (&
%&1%8%1-(. +(.?%&' +# +"/%* (&(.7$+ #8/* ( .#&' )/*%#1 #2 +%0/@ "#)%&' +# A&1
*/$+ 2*#0 $#0/ $#*+ #2 )$7,"%, )(%& #* 6.#,?('/3 I#>/8/*@ +"/ )$7,"#<
(&(.7+%, $?%..$ 6*#-'"+ +# 6/(* #& +"/ (&(.7$%$ #2 (& %&1%8%1-(. (*/ &#+ +"#$/
-$/1 %& */.(+%#& +# 8%$-(. ,-.+-*/3 L$7,"#(&(.7$%$ %$ &#+ -$/1 +# (&(.7$/ +"/
)/*$#&(.%+7 #2 +"/ )/*$#& )*#1-,%&' ( )(*+%,-.(* %0('/@ (.+"#-'" +"%$ ,(&
6/ 1#&/S W*/-1 "%0$/.2 >*#+/ (& /$$(7 #& [/#&(*1# 1( K%&,%@ 2#* /5(0)./3
4"#$/ >*%+/*$ -$%&' )$7,"#(&(.7$%$@ .%?/ $# 0(&7 #+"/*$ ,-**/&+.7
(11*/$$%&' %$$-/$ #2 8%$-(. ,-.+-*/@ (*/ &#+ %&+/*/$+/1 %& +"/ )*#1-,/* #2
%0('/$ ($ (& %&1%8%1-(.3 ;&$+/(1@ )$7,"#(&(.7+%, ,#&,/)+$ (*/ -$/1 +#
%&+/*)*/+ ($)/,+$ #2 8%$-(. %0('/$ (&1 %& )(*+%,-.(* +"/%* /22/,+$ #&
$)/,+(+#*$3 L$7,"#(&(.7$%$ 1#/$ &#+ "(8/ ( $+*%,+ ,#1/ #2 0/+"#1#.#'%,(.
,#&1-,+ .%?/ ,#&+/&+ (&(.7$%$@ &#* 1#/$ %+ #)/*(+/ #& ( C+##.<6#5D 0#1/. ($
+"/ )*/8%#-$ ,"()+/* $-''/$+/1 $/0%#.#'7 1#/$3 `(+"/*@ )$7,"#(&(.7+%,
,*%+%,$ #2+/& >#*? >%+" G-$+ #&/ #* +># )$7,"#(&(.7+%, ,#&,/)+$@ /5).#*%&'
+"/%* (*+%,-.(+%#& J #* */(*+%,-.(+%#& J +"*#-'" ( )(*+%,-.(* %0('/3
4"%$ ,.#$/ +"/#*/+%,(. (&1 /0)%*%,(. 2#,-$ "($ ,#&$/F-/&,/$ %& */.(+%#&
+# (& %0)#*+(&+ )#%&+ *(%$/1 %& +"/ %&+*#1-,+#*7 ,#00/&+$ +# +"%$ 6##?
(&1 *(+"/* -&1/*).(7/1 67 +"/ 0/+"#1$ 1%$,-$$/1 %& )*/8%#-$ ,"()+/*$9 +"(+
+"/*/ %$ &# (6$#.-+/ *%'"+ #* >*#&' >(7 +# %&+/*)*/+ ( 8%$-(. %0('/3
f%22/*/&+ )$7,"#(&(.7+%, ,#&,/)+$ 6*#-'"+ +# 6/(* #& +"/ $(0/ %0('/ ,(&
)*#1-,/ 8/*7 1%22/*/&+ %&+/*)*/+(+%#&$ #2 +"(+ %0('/3 4"/ ,($/ $+-17 1%$<
,-$$/1 67 +"%$ ,"()+/* 0(?/$ +"/ )#$$%6%.%+7 #2 1%22/*/&+ %&+/*)*/+(+%#&$ #2
+"/ $(0/ %0('/ ,./(*9 %+ %$ (& /5(0%&(+%#& #2 1%8/*$/ 2/0%&%$+ 8%/>%&'$ #2
$#0/ #2 +"/ A.0$ #2 V.2*/1 I%+,",#,?3 V2+/* 6/'%&&%&' "%$ A.0 0(?%&' %&
U*%+(%&@ I%+,",#,? 0#8/1 +# I#..7>##1 %& +"/ .(+/ NO]a$ (&1 +"/&
1%*/,+/1 0(&7 A.0$ >"%,"@ ($ 4(&%( \#1./$?% MNOXXR #6$/*8/$@ ,#&+%&-/ +#
2($,%&(+/ +"/%* (-1%/&,/$ J (-1%/&,/$ >"%," %&,.-1/ 2/0%&%$+ ,*%+%,$@ $#0/
#2 >"#0 "(8/ ,.(%0/1 +"/ A.0$ 2#* 2/0%&%$0 >"%./ #+"/*$ "(8/ */G/,+/1
+"/0 ($ %**/1//0(6.7 0%$#'7&%$+3 4"*// A.0$ %& )(*+%,-.(* "(8/ 6//& +"/
2#,-$ #2 2/0%&%$+ 1/6(+/9 B('($$/ MNOdaR@ B(/) .!,6&4 MNO^dR (&1
5()%!3& MNO^XR@ (&1 +"%$ ,"()+/* >%.. 2#,-$ #& +"/0 +##3
W%.0 "($ )*#8/1 )(*+%,-.(*.7 (0/&(6./ +# )$7,"#(&(.7+%, %&+/*)*/+(<
+%#&@ (&1 2*#0 +"/ 0%1<NOPa$ +"*#-'" +"/ NOXa$ +"/ G#-*&(. 2$)((, ,(**%/1
0(&7 /$$(7$ /5).#*%&' )(*+%,-.(* A.0$ %& */.(+%#& +# )$7,"#(&(.7+%, %1/($3
!%&/0( %$ (& /$)/,%(..7 )#>/*2-. 8%$-(. 0/1%-0 6/,(-$/ ( A.0 ,(& ,*/(+/ (
+#+(. >#*.1 2#* %+$ (-1%/&,/3 W%.0$ 0(&%)-.(+/ +"/ 8%$-(.@ +"/ $)(+%(. (&1
+"/ +/0)#*(. (&1@ ($ [(-*( \-.8/7 MNOXO9 Q^R $(7$@ 67 C).(7%&' #& +"/
+/&$%#& 6/+>//& A.0 ($ ,#&+*#..%&' +"/ 1%0/&$%#& #2 +%0/ M/1%+%&'@ &(**(<
+%8/R (&1 A.0 ($ ,#&+*#..%&' +"/ 1%0/&$%#& #2 $)(,/ M,"(&'/$ %& 1%$+(&,/@
/1%+%&'R@ ,%&/0(+%, ,#1/$ ,*/(+/ ( '(T/@ ( >#*.1 (&1 (& #6G/,+D3 ;& )(*+%<
,-.(*@ A.0 %$ ( )#>/*2-. 0/(&$ #2 $+*-,+-*%&' .##?%&'@ &#+ #&.7 +"/ .##?$
6/+>//& +"/ A.0D$ )*#+('#&%$+$ 6-+ (.$# +"/ .##?$ 6/+>//& %+$ )*#+('#&%$+$
HVN QB2RDS TU@EV>VSVWBU2

(&1 %+$ $)/,+(+#*$3 H%&,/ )$7,"#(&(.7$%$ %& %+$ W*/-1%(& (&1 [(,(&%(& 2#*0$
(*'-/$ +"(+ 8%$-(.%+7 %$ ,/&+*(. +# $-6G/,+%8%+7@ %+ 2#..#>$ +"(+ A.0 ,(&
(11*/$$ #-* $/&$/ #2 $/.2 8/*7 )#>/*2-..7 J (&1 +"(+ )$7,"#(&(.7$%$ ,(&
#22/* $#0/ )#>/*2-. */(1%&'$ #2 A.0$3
W/0%&%$+ )$7,"#(&(.7+%, A.0 ,*%+%,$ "(8/ #2 ,#-*$/ 6//& )(*+%,-.(*.7
,#&,/*&/1 +# $// "#> A.0$ 8%$-(.%T/ 0($,-.%&%+7 (&1 2/0%&%&%+7 %& >(7$
+"(+ 1%$/0)#>/* >#0/&@ (&1 "#> +"(+ 8%$-(.%T(+%#& +"/& )#$%+%#&$ +"/
(-1%/&,/ %& '/&1/*/1 +/*0$3 I#>/8/*@ 2#* */($#&$ +"/ &/5+ $/,+%#& >%..
/5).(%&@ +"/ */.(+%#&$"%) 6/+>//& 2/0%&%$0 (&1 )$7,"#(&(.7$%$ %$ (&
-&/($7 #&/3 4"%$ "($ 0/(&+ +"(+ )$7,"#(&(.7+%, +/*0$ "(8/ &#+ (.>(7$
6//& -$/1 67 2/0%&%$+ A.0 ,*%+%,$ %& $+*%,+ (,,#*1(&,/ >%+" +"/%* 1/A&%+%#&$
67 W*/-1 #* [(,(&3 \#*/#8/*@ ($ \%/?/ U(. (&1 g#*0(& U*7$#& MNOON9
QNaR $-''/$+@ %2 .##?/1 (+ (++/&+%8/.7@ %0('/$ 0(7 >/.. $-''/$+ 0#1%<
A,(+%#&$ #* */$%$+(&,/$ +# $#0/ #2 +"/ ($$-0)+%#&$ #2 )$7,"#(&(.7$%$3 4"/7
($$-0/ +"(+ C+"/ */.(+%#&$"%) 6/+>//& +"/ k8%$-(.l >#*? (&1 )$7,"#(&(.7$%$
%$ (& %&+/*(,+%#& 3 3 3 ,#&1-,+/1 (0#&' +"*// $-6G/,+$9 +"/ )$7,"#(&(.7+%,
+"/#*%$+@ +"/ >#*?@ (&1 +"/ ,*%+%,D MU(. (&1 U*7$#&@ NOON9 NObR3 4"-$
2/0%&%$+ >*%+/*$@ (0#&' #+"/*$@ "(8/ (.$# 0#1%A/1 $#0/ )$7,"#(&(.7+%,
+/*0$ %& #*1/* +# $// $//%&' 1%22/*/&+.73 W#* +"/*/ (*/ %$$-/$ +"(+ )$7,"#<
(&(.7$%$ %$ &#+ ,#&,/*&/1 +# (11*/$$ 6-+ +"(+ ,/*+(%& %0('/$ 0(7 %&$%$+
-)#&@ (&1 +"%$ ,"()+/* >%.. ,#&,.-1/ 67 /5).#*%&' +"/$/ (6$/&,/$ %&
)$7,"#(&(.7+%, +"/#*73 4# /5)(&1 #& +"/$/ ,#00/&+$@ +"%$ ,"()+/* >%..9

: /5(0%&/ $#0/ #2 +"/ 2#-&1%&' ($$-0)+%#&$ #2 )$7,"#(&(.7$%$D$ -&1/*<


$+(&1%&' #2 $-6G/,+%8%+7@ $/5-(.%+7 (&1 +"/ -&,#&$,%#-$S
: 2#,-$ #& )$7,"#(&(.7+%, (*'-0/&+$ (6#-+ "#> $/5-(. 1%22/*/&,/ %$
(*+%,-.(+/1 8%$-(..7S
: /5).#*/ ( &-06/* #2 1%22/*/&+ 2/0%&%$+ )$7,"#(&(.7+%, 0/+"#1$ #2
%&+/*)*/+%&' 8%$-(. */)*/$/&+(+%#&$ #2 $/5-(. 1%22/*/&,/S
: (11*/$$ +"/ %$$-/$ )$7,"#(&(.7$%$ *(%$/$ 2#* 0/+"#1#.#'%,(. */E/5%8%+7S
: ($$/$$ +"/ $+*/&'+"$ (&1 >/(?&/$$/$ #2 )$7,"#(&(.7+%, ())*#(,"/$ +#
8%$-(. %0('/$3

N 1 4%")/$ !"#$%&'(#!%" #% 6+5(*%1"145+!+ 1"& 8!+'14!#5K


+',U/(#!8!#5< +/?'14!#5 1"& #*/ '"(%"+(!%'+

4# $(7 +"(+ )$7,"#(&(.7$%$ 1/(.$ >%+" $-6G/,+%8%+7@ $/5-(.%+7 (&1 +"/


-&,#&$,%#-$ )*#8%1/$ ( $+(*+%&' )#%&+ 2#* %&+*#1-,%&' +"/ >(7$ +"(+
)$7,"#(&(.7$%$ ,#&+*%6-+/$ +# 1%$,-$$%#&$ (6#-+ +"/ 8%$-(.3 4"/$/ +"*//
+/*0$ "(8/ %0).%,(+%#&$ 2#* "#> )$7,"#(&(.7$%$ ,#&,/)+-(.%T/$ 6#+" +"/
8%/>/* #2 (& %0('/ (&1 +"/ %0('/ %+$/.2@ (&1 +"/$/ +># $%+/$ J +"(+ #2 +"/
!-/3( !%"(91 (&1 %+$ /+6!(,$!,3 J (*/ +"/ +># $%+/$ #2 0/(&%&' )*#1-,+%#&
+"(+ )$7,"#(&(.7$%$ /5(0%&/$3 f%$,-$$%#& "/*/ >%.. 6/'%& >%+" +"/%*
%0).%,(+%#&$ 2#* -&1/*$+(&1%&' +"/ (-1%/&,/ #2 (& %0('/3
e2fYEVD=DSf2B2 HVL

=',U/(#!8!#5 4# 6/'%& >%+"@ +"/ -$/ #2 +"/ +/*0 )"?@&/$('($- +# */2/* +# ( 8%/>/*D$
,"(*(,+/*%$+%,$ J *(+"/* +"(&@ $(7@ %1/&+%+7 J "($ ( &-06/* #2 ,#&$/F-/&,/$
2#* )$7,"#(&(.7+%, ())*#(,"/$3 W%*$+@ C$-6G/,+%8%+7D /&+(%.$ +"/ (,?&#><
./1'/0/&+ +"(+ %&1%8%1-(.$ (*/ %&1//1 "+'=($%!8(9 +"(+ >/ 0(?/ $/&$/ #2 #-*
$/.8/$ (&1 #-* >#*.1$ +"*#-'" ( >"#./ *(&'/ #2 ,#0)./5 (&1 #2+/& &#&<
*(+%#&(. >(7$ #2 -&1/*$+(&1%&'3 =/ 2//.@ >/ 1*/(0@ >/ 2(&+($%T/@ >/ +(?/
)./($-*/ (&1 (*/ */)-.$/1@ >/ ,(& 6/ (06%8(./&+ (&1 ,#&+*(1%,+#*7@ )(&%,<
$+*%,?/& (&1 %& .#8/S (&1 >/ ,(& */(,+ +# +"%&'$ %& >(7$ +"(+ 2//. 6/7#&1
>#*1$3 L$7,"#(&(.7$%$ (11*/$$/$ +"/$/ $#*+$ #2 /0#+%#&(. $+(+/$ M(&1 %&1//1
>#-.1 (*'-/ +"(+ *(+%#&(.%+7 +## %$ ( ?%&1 #2 /0#+%#& #2+/& $/,*/+.7
1/)/&1/&+ #& +"/$/ #+"/* &#&<*(+%#&(. $+(+/$ #2 0%&1R3 ;& */.(+%#& +# +"/
8%$-(.@ +"%$ 0/(&$ )$7,"#(&(.7$%$ #2+/& 2#,-$/$ #& +"/ /0#+%#&(. /22/,+$ #2
8%$-(. %0('/$@ #& +"/ >(7 +"(+ +"/ %0)(,+ #2 (& %0('/ 0(7 6/ C%00/1%(+/
(&1 )#>/*2-. /8/& >"/& %+$ )*/,%$/ 0/(&%&' */0(%&$@ ($ %+ >/*/@ 8('-/@
$-$)/&1/1 J &-0%&#-$D MI(..@ NOOO9 ]NNR3
U-+ +"/ &#+%#& #2 $-6G/,+%8%+7 %& +"%$ ,#&+/5+ "($ 2-*+"/* %0).%,(+%#&$3 ;&
)(*+%,-.(* J (&1 +"%$ %$ >"(+ 1%$+%&'-%$"/$ )$7,"#(&(.7+%, ())*#(,"/$ 2*#0
#+"/*$ +"(+ /&'('/ >%+" +"/ /0#+%#&(. J )$7,"#(&(.7$%$ (*'-/$ +"(+ -&1/*<
$+(&1%&' /0#+%#&(. */(,+%#&$ +#@ ./+D$ $(7@ 8%$-(. %0('/$ */F-%*/$ +"/ */,#'<
&%+%#& +"(+ &#+ (.. #2 +"#$/ */(,+%#&$ (*/ >#*?%&' (+ ( >"#..7 ,#&$,%#-$ ./8/.3
d"(%"+(!%'+ H#0/ */(,+%#&$ 0(7 6/ ,#0%&' 2*#0 +"/ "+/*+)/(*")3 W*/-1D$ /.(6#*(+%#&
#2 +"/ -&,#&$,%#-$ %$ $#0/+%0/$ $//& ($ +"/ 2#-&1%&' 0#0/&+ #2 )$7,"#<
(&(.7$%$3 L-+ $%0).7@ +"/ -&,#&$,%#-$ %$ ,*/(+/1 >"/& ( 8/*7 7#-&' ,"%.1D$
1*%8/$ (&1 %&$+%&,+$ $+(*+ +# 6/ 1%$,%).%&/1 67 ,-.+-*(. *-./$ (&1 8(.-/$3 4"/
,"%.1 %$ 2#*,/1 +# */)*/$$ +"/ ,-.+-*(..7 2#*6%11/& ($)/,+$ #2 +"#$/ 1*%8/$ (&1
%&$+%&,+$@ (&1 +"/%* */)*/$$%#& )*#1-,/$ +"/ -&,#&$,%#-$3 4"/ -&,#&$,%#-$ %$
+"-$ ( 2#*6%11/& T#&/ %& +># $/&$/$3 ;+ %$ 2#*6%11/& 6/,(-$/ +"/ ,#&$,%#-$
0%&1 ,(&&#+ (,,/$$ %+3 V&1 %+ %$ 2#*6%11/& 6/,(-$/ %+ %$ 2-.. #2 #-+.(>/1
1*%8/$ (&1 /&/*'%/$ (&1 .#'%,$3 U-+ W*/-1 %&$%$+/1 +"(+ %+ &/8/*+"/./$$ "($ %+$
/22/,+$ #& #-* ,#&$,%#-$ $/.8/$3 H#0/+%0/$ +"/ 6#-&1(*7 6/+>//& +"/
,#&$,%#-$ (&1 +"/ -&,#&$,%#-$ ./(?$ (&1 +"/ -&,#&$,%#-$ A&1$ %&1%*/,+
/5)*/$$%#& %& +"%&'$ .%?/ '/$+-*/$@ $.%)$ #2 +"/ +#&'-/ M>"%," +"/ $)/(?/*
1#/$ &#+ &#+%,/R@ 1*/(0$@ (&1 $# #&3 4"-$ 6/,(-$/ #2 +"/ -&,#&$,%#-$@
$-6G/,+%8%+7@ %& )$7,"#(&(.7+%, +/*0$@ %$ &/8/* 2-..7 ,#&$,%#-$@ ,#"/*/&+ #*
,#0)./+/3 =/ ,(& &/8/* 2-..7 ?&#> #-*$/.8/$@ (,,#*1%&' +# )$7,"#(&(.7$%$@
6/,(-$/ +"/ -&,#&$,%#-$ */0(%&$ 6/7#&1 $/.2<,#&$,%#-$&/$$S (&1 #-*
,#&$,%#-$ $/.8/$ (*/ (.>(7$ .%?/.7 +# 6/ %&A.+*(+/1 67 /5,-*$%#&$ 2*#0 +"/
-&,#&$,%#-$3 V$ Z(,F-/.%&/ `#$/ MNOXb9 ]R $(7$9 C+"/ -&,#&$,%#-$ %$ +"/ #&.7
1/2/&,/ ('(%&$+ ( .(&'-('/ 2*#T/& %&+# )-*/@ A5/1 #* %&$+%+-+%#&(.%T/1
0/(&%&'@ (&1 3 3 3 %& %+$ ,()(,%+7 +# -&$/++./ +"/ $-6G/,+@ %$ ( 6*/(? ('(%&$+ +"/
%&+#./*(6./ .%0%+$ #2 ,#00#& $/&$/3D L$7,"#(&(.7$%$ 1#/$ &#+ +"/*/2#*/
,#&,-* >%+" +"/ 0#1/*&%$+ &#+%#& +"(+ +# $// %$ +# ?&#>S %&1//1@ [(,(&
MNOPP9 O]R "($ ,#00/&+/1 +"(+ C%& +"%$ 0(++/* #2 +"/ 8%$%6./@ /8/*7+"%&' %$ (
+*()D3 ;&$+/(1@ +"/ &#+%#& #2 +"/ -&,#&$,%#-$ 2#,-$/$ (++/&+%#& #& +"/
-&,/*+(%&+%/$ #2 $-6G/,+%8%+7 (&1 #& +"/ -&,/*+(%&+%/$ #2 $//%&'S )$7,"#(&(<
.7$%$ %$ /$)/,%(..7 %&+/*/$+/1 %& 8%$-(. ,#&2-$%#&$@ 6.%&1$)#+$ (&1 0%$+(?/$3
HVJ QB2RDS TU@EV>VSVWBU2

4"/*/ (*/ +># 0#*/ %0).%,(+%#&$ #2 +"%$ )(*+%,-.(* -&1/*$+(&1%&' #2


$-6G/,+%8%+7 +"(+ &//1 +# 6/ (11*/$$/1 6/2#*/ +"%$ ,"()+/* /5).#*/$ $#0/ #2
+"/ 0#*/ 1/+(%./1 0/+"#1#.#'%,(. %0).%,(+%#&$ #2 )$7,"#(&(.7$%$3 V$ >/..
($ 2#,-$%&' #& +"/ $-6G/,+%8/ (&1 +"/ -&,#&$,%#-$@ )$7,"#(&(.7$%$ /0)"(<
$%T/$ +"(+ $-6G/,+%8%+7 %$ (.$# (.>(7$ "+'=($% +# ,/*+(%& 1%$,%).%&/$3 4"%$
$"#-.1 6/ ,./(* 2*#0 +"/ )*/8%#-$ 1%$,-$$%#& #2 +"/ -&,#&$,%#-$9 +"/
-&,#&$,%#-$ %$ 2#*0/1 67 +"/ 1%$,%).%&/$ #2 ( ,-.+-*/@ 67 %+$ )(*+%,-.(*
)(++/*& #2 %&+/*1%,+$ (&1 )/*0%$$%#&$3 H-6G/,+%8%+7 %$ +"-$ ,-.+-*(..7 ($ >/..
($ )$7,"%,(..7 ,#&$+*-,+/1@ (&1 +"%$ )*#,/$$ #2 $-6G/,+%#& ,#&+%&-/$
+"*#-'"#-+ #-* .%8/$3 =/ (*/ 0(1/ ($ $-6G/,+$ +"*#-'" 1%$,%).%&/$@ +(6##$
(&1 )*#"%6%+%#&$3 V&1 %& +"/ $#*+$ #2 )$7,"#(&(.7$%$ %&E-/&,/1 67 [(,(&@
8%$-(.%+7 %$ #&/ #2 +"#$/ 1%$,%).%&/$3 =/ ./(*& +# $// %& )(*+%,-.(* >(7$@ (&1
+"%$ %$ ( )*#,/$$ +"(+ %$ */%+/*(+/1 /8/*7 +%0/ >/ .##?3 4"-$ 8%$-(.%+%/$ (&1
8%$-(. %0('/$ (*/ '%8/& ( ?%&1 #2 ('/&,7 67 )$7,"#(&(.7$%$@ 6/,(-$/ #-*
%00/*$%#& %& ( ,/*+(%& ?%&1 #2 8%$-(.%+7 (&1 #-* /&,#-&+/*$ >%+" ,/*+(%&
?%&1$ #2 8%$-(. %0('/$ +-+#* -$ %&+# )(*+%,-.(* ?%&1$ #2 $-6G/,+%8%+73 4"-$
)$7,"#(&(.7+%, ())*#(,"/$@ >"%./ ,/&+*(..7 ,#&,/*&/1 >%+" +"/ )$7,"%,
)*#,/$$/$ #2 $-6G/,+%8%+7 (&1 8%$-(.%+7@ ,(& (.$# (11*/$$ +"/ "&$!/9 -&6/9!%0
#2 +"/$/ )*#,/$$/$ 67 ,#&$%1/*%&' +"/%* ,-.+-*(. ,#&$+%+-+%#&3 MI#>/8/*@ ($
$/,+%#& X #2 +"%$ ,"()+/* >%.. /5).#*/@ &#+ (.. ,*%+%,$ (*/ "())7 >%+" +"/ >(7
%& >"%," )$7,"#(&(.7$%$ 1/(.$ >%+" ,-.+-*(. )*#,/$$/$3R
L$7,"#(&(.7$%$@ +"/&@ "($ ( 1-(. /0)"($%$9 #& +"/ #&/ "(&1@ %+ /5(0<
%&/$ +"/ ,#&$+(&+ 1%$,%).%&%&' #2 $-6G/,+%8%+7S #& +"/ #+"/*@ %+ $+*/$$/$ +"/
%&$+(6%.%+%/$ #2 +"/ -&,#&$,%#-$ >"%," (.>(7$ +"*/(+/& +"#$/ 1%$,%).%&/$
>%+" 1%$*-)+%#&3 W%&(..7 +"/&@ (&1 ,#&,#0%+(&+ >%+" +"%$@ )$7,"#(&(.7+%,
())*#(,"/$ (.$# /0)"($%T/ +"(+ $-6G/,+%8%+7 %$ (.>(7$ !, *)&$(""3 g/8/*
2-..7 (,"%/8/1@ $-6G/,+%8%+7 0-$+ ,#&$+(&+.7 6/ */%+/*(+/1 +"*#-'" %+$
/&'('/0/&+$ >%+" 8(*%#-$ $+*-,+-*/$ #2 0/(&%&'@ %&,.-1%&' 8%$-(. %0('/$3
V$ Y*%$/.1( L#..#,? MNOOQ9 NaR $(7$@ C8%$-(. */)*/$/&+(+%#& %$ (&(.7$/1 3 3 3
%& +/*0$ #2 %+$ ,#&+%&-%&' &/,/$$%+7 ($ ( $%+/ 2#* +"/ )/*)/+-(. ,-.+-*(.
)*#,/$$ #2 $"()%&' (&1 >#*?%&' +"/ $-6G/,+@ ,#&,/)+-(.%T/1 ($ )*/,(*%#-$
(&1 -&A5/13D
V$ ( ,#&$/F-/&,/ #2 +"%$ )(*+%,-.(* +"/#*%T(+%#& #2 $-6G/,+%8%+7@
)$7,"#(&(.7$%$ -&1/*$+(&1$ +"/ )*#,/$$ #2 (-1%/&,%&' %& ( $)/,%A, >(73
4"/ 8%/>/* #2 (& %0('/ %$ -&1/*$+##1 ($ 6*%&'%&' ( ,/*+(%& $-6G/,+%8%+7 +#
6/(* #& (& %0('/3 U-+@ ($ +"/ )*/8%#-$ +># )(*('*()"$ "(8/ (.$# 6//&
$-''/$+%&'@ +"(+ $-6G/,+%8%+7 %$ %06*%,(+/1 %& +"/ %0('/$ %+ $//$3 ;+ %$ 2#*0/1
+"*#-'" $)/,%A, 8%$-(.%+%/$@ (&1 +"/$/ 8%$-(.%+%/$ (*/ ,#&$+*-,+/1 +"*#-'"
*/)/(+/1 /&,#-&+/*$ >%+" %0('/$ +"(+ %&8%+/ $)/,%A, >(7$ #2 $//%&'3
L$7,"#(&(.7$%$ %$ +"/*/2#*/ (.$# ,#&,/*&/1 >%+" +"/ /22/,+$ #2 8%$-(. %0('/$
#& $)/,+(+#*$ (&1 )(7$ ,(*/2-. (++/&+%#& +# %0('/$ +"/0$/.8/$@ /$)/,%(..7
+"/%* $&-*&"!%!&,/9 -&6/9!%03 H+-(*+ I(.. $-00(*%T/$ +"%$ -&1/*$+(&1%&'
#2 +"/ */.(+%#& 6/+>//& %0('/ (&1 (-1%/&,/ +"-$9

4"/ (*+%,-.(+%#& 6/+>//& 8%/>/* (&1 8%/>/1 %$ 3 3 3 ,#&,/)+-(.%T/1 %& +"%$


6#17 #2 >#*? 3 3 3 ($ (& %&+/*&(. */.(+%#&3 ;&1//1@ +"/ +># )#%&+$ %& +"/
e2fYEVD=DSf2B2 HVX

,%*,-%+ #2 (*+%,-.(+%#& )*%8%./'/1 "/*/ J +"/ 8%/>/* (&1 8%/>/1 J (*/ $//&
($ 0-+-(..7 ,#&$+%+-+%8/3 4"/ $-6G/,+ %$@ %& )(*+@ 2#*0/1 $-6G/,+%8/.7
+"*#-'" >"(+ (&1 "#> %+ C$//$D@ "#> %+$ CA/.1 #2 8%$%#&D %$ ,#&$+*-,+/13 ;&
+"/ $(0/ >(7@ >"(+ %$ $//& J +"/ %0('/ (&1 %+$ 0/(&%&' J %$ -&1/*$+##1
&#+ ($ /+/*&(..7 A5/1@ 6-+ */.(+%8/ +# (&1 %0).%,(+/1 %& +"/ )#$%+%#&$ (&1
$,"/0($ #2 %&+/*)*/+(+%#& >"%," (*/ 6*#-'"+ +# 6/(* -)#& %+3 K%$-(.
1%$,#-*$/$ (.*/(17 "(8/ )#$$%6./ )#$%+%#&$ #2 %&+/*)*/+(+%#& M2*#0 >"%,"
+"/7 C0(?/ $/&$/DR /06/11/1 %& +"/0@ (&1 +"/ $-6G/,+$ 6*%&' +"/%* #>&
$-6G/,+%8/ 1/$%*/$ (&1 ,()(,%+%/$ +# +"/ C+/5+D >"%," /&(6./ +"/0 +# +(?/
-) )#$%+%#&$ #2 %1/&+%A,(+%#& %& */.(+%#& +# %+$ 0/(&%&'3 MI(..@ NOOO9 ]NaR

4"%$ -&1/*$+(&1%&' #2 +"/ 0-+-(. ,#&$+%+-+%#& #2 8%$-(. %0('/$ (&1 $)/,<


+(+#*$ #2+/& /&,#-*('/$ )$7,"#(&(.7+%, (,,#-&+$ +# +(?/ +"/ 2#*0 #2 ,($/
$+-1%/$ #2 )(*+%,-.(* 8%$-(. %0('/$ (&1 +"/ )*/,%$/ >(7$ %& >"%," +"/7
$-6G/,+ +"/ $)/,+(+#*3 c8/& .#&'/* $+-1%/$ #2 ( )(*+%,-.(* '/&*/ #2 A.0$@ 2#*
/5(0)./@ +/&1 +# 1/)/&1 #& ,(*/2-. 8%/>%&'$ #2 %&1%8%1-(. 0#8%/$ %& #*1/*
+# 1/8/.#) (& (*'-0/&+ %& */.(+%#& +# +"/ '/&*/ ($ ( >"#./3
;& +"/%* /0)"($%$ #& +"/ %0('/ %+$/.2 %& %+$ ,#0)#$%+%#&(. 0#1(.%+7 ($ (
$%+/ #2 0/(&%&' )*#1-,+%#&@ )$7,"#(&(.7+%, ())*#(,"/$ (*/ $%0%.(* +# +"/
)*/8%#-$ +"*// 0/+"#1$ (.*/(17 1%$,-$$/1 %& +"%$ 6##?3 4"/ 1%22/*/&,/$
6/+>//& )$7,"#(&(.7$%$@ ,#0)#$%+%#&(. %&+/*)*/+(+%#& (&1 ,#&+/&+ (&(.7$%$@
"#>/8/*@ $"#-.1 (.*/(17 6/ ,./(*3 e&.%?/ ,#0)#$%+%#&(. %&+/*)*/+(+%#&@
)$7,"#(&(.7$%$ "($ (& /5).%,%+ %&+/*)*/+%8/ 2*(0/>#*?3 !#&+/&+ (&(.7$%$@
0/(&>"%./@ ($$-0/$ +"/ *(+%#&(.@ $,%/&+%A, */$/(*,"/* >"# ,(& 6/ 2-..7
/5).%,%+ (6#-+ +"/%* 0/+"#1$S [-+T (&1 !#..%&$ MNOO]9 XOR %& +"/%* $+-17 #2
P/%!&,/9 I(&3)/*;!$ 0('(T%&/@ */0/06/*@ (18#,(+/1 ,#&+/&+ (&(.7$%$
)*/,%$/.7 ($ ( 0/(&$ #2 C)*#+/,+%#& ('(%&$+ (& -&,#&$,%#-$ $/(*," +"*#-'"
+"/ 0('(T%&/ 2#* #&.7 +"#$/ >"%," ,#&A*0 #&/D$ %&%+%(. $/&$/ #2 >"(+ +"/
)"#+#$ $(7 #* 1#D3 L$7,"#(&(.7$%$ $-''/$+$ +"(+ $-," ( 2-..7 *(+%#&(.
)*#,/1-*/ M(&1 */$/(*,"/*R %$ (& %0)#$$%6./ 2(&+($73 H/0%#.#'7@ #& +"/
#+"/* "(&1@ 1#/$ "(8/ $#0/ ,#&&/,+%#& +# )$7,"#(&(.7$%$3 ;&1//1@ U(. (&1
U*7$#& MNOONR@ %& +"/%* 1%$,-$$%#& #2 $/0%#.#'7@ $-''/$+ +"(+ )$7,"#<
(&(.7$%$ %$ $%0).7 ( )(*+%,-.(* +7)/ #2 $/0%#.#'73 4"/7 $-''/$+ +"(+
)$7,"#(&(.7$%$ #22/*$ ( >(7 #2 %&+/*)*/+%&' +"/ $%'&$ #2 (& %0('/ %&
*/.(+%#&@ &#+ +# )(*+%,-.(* */2/*/&+ $7$+/0$@ 1#0%&(&+ ,#1/$ #* 07+"#<
.#'%/$@ 6-+ *(+"/* %& */.(+%#& +# +"/ -&,#&$,%#-$ (&1 %+$ 17&(0%,$3 Z-1%+"
=%..%(0$#& MNOPX9 baJPaR -$/$ [(,(&D$ &#+%#& #2 +"/ %0('%&(*7 +# /5).(%&
"#> $"/ +"%&?$ (18/*+$ 1# )*#1-,/ )*/2/**/1 */(1%&'$@ (&1 %& )(*+%,-.(*
"#> +"/7 #22/* -$ %1/(.%T/1 %0('/$ #2 #-*$/.8/$ M+"/ %0('%&(*7 >%.. 6/
1%$,-$$/1 %& $/,+%#& ]3QR3 B&/ (*/( >"/*/ )$7,"#(&(.7$%$ (&1 $/0%#.#'7 1#
1%22/*@ +"#-'"@ %$ +"/ $)/,%A, +"%&'$ +"(+ ( )$7,"#(&(.7+%, ())*#(," )%,?$
#-+3
V,,#*1%&' +# U(. (&1 U*7$#& MNOON9 NOPR@ )$7,"#(&(.7$%$ %$ C( $/(*,"<
.%'"+ +"/#*7@ (..#>%&' $)/,%A, 2/(+-*/$ k#2 (& %0('/l +# 6/ %..-0%&(+/1@
$#0/+%0/$ /5).(%&/1 6-+ )*%0(*%.7 */(1@ 67 0/(&$ #2 )$7,"#(&(.7+%,
,#&,/)+$D3 V'(%&@ +"/ ?/7 ,#&,/)+$ %& )$7,"#(&(.7+%, (,,#-&+$ #2 +"/
HVQ QB2RDS TU@EV>VSVWBU2

,#0)#$%+%#&(. 0#1(.%+7 #2 (& %0('/ (*/ ,#&,/)+$ >"%," #22/* )(*+%,-.(*


-&1/*$+(&1%&'$ #2 $-6G/,+%8%+7@ $/5-(.%+7 (&1 +"/ -&,#&$,%#-$3 ;0('/$ (*/
%&+/*)*/+/1 %& +/*0$ #2 +"/%* $-6G/,+%8/ /22/,+$S (&1 #&/ #2 +"/ $-6G/,+%#&$
=/?'14!#5 +"(+ )$7,"#(&(.7$%$ "($ 0#$+ +# $(7 (6#-+ %$ +"(+ #2 )&:",#($-3 L$7,"#<
(&(.7$%$ %$ ,/&+*(..7 ,#&,/*&/1 >%+" +"/ )*#,/$$ +"*#-'" >"%," $/5-(.
1%22/*/&,/ %$ /$+(6.%$"/1 (&1 M#2+/& )*/,(*%#-$.7R 0(%&+(%&/13 W*/-1
O1+#$1#!%" (%;64/? /.(6#*(+/1 >"(+ "/ +/*0/1 +"/ /,)$%,$(*+ /*20#&: +# /5).(%& +"/ 1%22/*<
/&+%(+%#& #2 6(6%/$ %&+# 6#7$ (&1 '%*.$3 W*/-1 ($$-0/$ +"(+ (.. "-0(&$
6/'%& .%2/ %& (& -&1%22/*/&+%(+/1 */.(+%#&$"%) >%+" +"/%* 0#+"/*3 I/ .#,(+/$
+"/ 6*/(? 2*#0 +"/ 0#+"/* (&1 +"/ 6/'%&&%&' #2 $-6G/,+%8%+7 >%+" +"/
%&+/*8/&+%#& #2 +"/ 2(+"/*3 MI/+/*#$/5-(.R 0($,-.%&%+7 %$ ,#&$+%+-+/1 67 +"/
6#7<,"%.1 2//.%&' +"*/(+/&/1 67 +"/ 2(+"/* >%+" ,($+*(+%#& %2 "/ 1#/$ &#+
'%8/ -) "%$ ,.#$/&/$$ +# +"/ 0#+"/* M( +"*/(+ 0(1/ /22/,+%8/ 67 +"/ $%'"+ #2
+"/ 0#+"/*D$ '/&%+(.%( ($ ())(*/&+.7 .(,?%&'RS M"/+/*#$/5-(.R 2/0%&%&%+7@ %&
>(7$ ./$$ ,#&8%&,%&'.7 +"/#*%T/1 67 W*/-1@ %$ )*#1-,/1 67 '%*.<,"%.1*/&
$//%&' +"/0$/.8/$ ($ .(,?%&' J ($ (.*/(17 ,($+*(+/1 J (&1 +*(&$2/**%&' +"/%*
(++(,"0/&+ 2*#0 +"/ 0#+"/* +# +"/ 2(+"/*3 M\#*/ >%.. 6/ $(%1 (6#-+ +"/
,($+*(+%#& ,#0)./5 %& $/,+%#& ]3N3R ;+ %$ +"%$ 1%$,%).%&%&' )*#,/$$@ */$#.8/1
67 +"/ B/1%)-$ ,#0)./5@ +"(+ */)*/$$/$ +"/ ,"%.1D$ )*#2#-&1 1*%8/$ (&1
1/$%*/$ (&1 +"-$ )*#1-,/$ +"/ -&,#&$,%#-$3
4"/ )$7,"#(&(.7+%, 1%$,-$$%#& #2 $/5-(.%+7 %$ /5+*/0/.7 ,#0).%,(+/1
(&1 #2+/& "#+.7 1/6(+/13 \(&7 2/0%&%$+$ */G/,+ )$7,"#(&(.7$%$ #-+*%'"+
6/,(-$/ +"/7 $// W*/-1D$ (,,#-&+ ($ &(+-*(.%T%&' +"/ %&2/*%#*%+7 #2 '%*.$ #*
>#0/& 67 (2A*0%&' +"/0 ($ .(,?%&' #& 6%#.#'%,(. '*#-&1$3 \(&7 '(7 (&1
./$6%(& +"/#*%$+$ */G/,+ )$7,"#(&(.7$%$ #& +"/ '*#-&1$ +"(+ %+ ($$-0/$ +"(+
"/+/*#$/5-(.%+7 /$+(6.%$"/1 +"*#-'" +"/ ,($+*(+%#& ,#0)./5 %$ +"/ &#*0 (&1
+"(+ "#0#$/5-(.%+7 %$ ( 1/8%(+%#& 2*#0 %+3 \(&7 6.(,? 2/0%&%$+$ */G/,+
)$7,"#(&(.7$%$ ($ ( ,#.#&%T%&' +"/#*7 +"(+ $%0).7 /*($/$ *(,/ ($ (& (&(<
.7+%,(. (&1 )#.%+%,(. ,(+/'#*7 M$//@ 2#* /5(0)./@ ;'%&.(@ NOOQR3 I#>/8/*@
0(&7 2/0%&%$+$ (&1 +"/#*%$+$ #2 "#0#$/5-(.%+%/$ (&1 C*(,/D ,#&+%&-/ +#
$+*-''./ >%+" )$7,"#(&(.7$%$ 2#* (.. %+$ 1%2A,-.+%/$ 6/,(-$/ +"/7 $// %+ ($ +"/
#&.7 )*#1-,+%8/ +"/#*7 #2 $/5-(.%+7 +"(+ ,(& $)/(? #2 %+$ ,#0)./5%+7@ %+$
1%$,%).%&/$ (&1 %+$ 1%$*-)+%#&$3 ;& #&/ #2 +"/ A*$+ $-$+(%&/1 /5).#*(+%#&$ #2
+"/ -$/2-.&/$$ #2 W*/-1%(& )$7,"#(&(.7$%$ 2#* 2/0%&%$0@ Z-.%/+ \%+,"/..
MNOPd9 58R@ 2#* /5(0)./@ %&$%$+/1 +"(+ C)$7,"#(&(.7$%$ %$ &#+ ( */,#0<
0/&1(+%#& 1&) ( )(+*%(*,"(. $#,%/+7@ 6-+ (& (&(.7$%$ &1 #&/D3 V&1 +"(+ %$ +"/
$)%*%+ %& >"%," +"/ (-+"#* 1%$,-$$/$ +"/ ())*#(," +# )$7,"#(&(.7$%$ "/*/9 ($
#22/*%&' $#0/ "/.)2-. +##.$ 2#* (&(.7$%&' ($)/,+$ #2 +"/ %&+/*$/,+%#& #2
$-6G/,+%8%+7 (&1 8%$-(.%+73

L )%!") #% #*/ ;%8!/+ 2!#* ]1'$1 F'48/5

B&/ #2 +"/ A*$+ J (&1 $+%.. #&/ #2 +"/ 0#$+ %0)#*+(&+ J /$$(7$ #2 )$7,"#<
(&(.7+%, 2/0%&%$+ A.0 ,*%+%,%$0 %$ ,(../1 CK%$-(. )./($-*/ (&1 &(**(+%8/
,%&/0(D@ (&1 >($ )-6.%$"/1 67 [(-*( \-.8/7 %& 2$)((, %& NOP^ M\-.8/7@
e2fYEVD=DSf2B2 HVS

NOXO9 NdJQbR3 U7 C&(**(+%8/ ,%&/0(D@ \-.8/7 0/(&$ 0(%&$+*/(0 I#..7>##1


,%&/0(3 H"/ ,%+/$ ( &-06/* #2 /5(0)./$ (&1 )(7$ $#0/ (++/&+%#& +# +># A.0$
1%*/,+/1 67 V.2*/1 I%+,",#,?@ 5()%!3& MNO^XR (&1 B(/) .!,6&4 MNO^dR3
4"/ -$/ #2 +"/ +/*0 C8%$-(. )./($-*/D %& \-.8/7D$ +%+./ %00/1%(+/.7
$-''/$+$ +"(+ $"/ %$ ,#&,/*&/1 >%+" +"/ $-6G/,+%8/ /22/,+ #2 &(**(+%8/
,%&/0(3 4"%$ %$ ( $-6G/,+%8%+7 ,-.+-*(..7 ,#&$+*-,+/1 +"#-'"9 C+"%$ )()/*
%&+/&1$ +# -$/ )$7,"#(&(.7$%$ +# 1%$,#8/* >"/*/ (&1 "#> +"/ 2($,%&(+%#& #2
A.0 %$ */%&2#*,/1 67 )*/</5%$+%&' )(++/*&$ #2 2($,%&(+%#& (.*/(17 (+ >#*?
>%+"%& +"/ %&1%8%1-(. $-6G/,+ (&1 +"/ $#,%(. 2#*0(+%#&$ +"(+ "(8/ 0#-.1/1
"%0D M\-.8/7@ NOXO9 NdR3 4"-$ \-.8/7 %$ /5).#*%&' +"/ 0-+-(. ,#&$+%<
+-+%#& #2 +"/ )$7,"%, (&1 +"/ $#,%(.3 V$ ( 2/0%&%$+@ +"#-'"@ \-.8/7 ($$-0/$
+"(+ +"/ 0#$+ %0)#*+(&+ #2 +"/ $#,%(. 2#*0(+%#&$ $"()%&' +"/ $-6G/,+ %$
)(+*%(*,"73 H"/ %$ +"-$ ,#&,/*&/1 >%+" +"/ 1%$,%).%&%&' #2 $-6G/,+%8%+7 %&+# (
)(*+%,-.(* 2#*0 #2 $/5-(. 1%22/*/&,/3 \-.8/7 %$ (.$# /5).#*%&' +"/ 0-+-(.
,#&$+%+-+%#& #2 +"/ 0#8%/ (&1 $)/,+(+#*3 H"/ 1#/$ +"(+ 67 /5(0%&%&' +"/
8%$-(.@ $)(+%(. (&1 +/0)#*(. ,#&$+*-,+%#& #2 &(**(+%8/ ,%&/0(@ (&1 $//%&'
"#> +"(+ /22/,+$ 6#+" +"/ */)*/$/&+(+%#& #2 0/& (&1 >#0/& %& +"/ 0#8%/$
(&1 +"/ '/&1/*%&' #2 +"/ $)/,+(+#*3 4"-$ \-.8/7D$ /$$(7 (11*/$$/$ 0(&7 #2
+"/ ?/7 +"/0/$ #2 2/0%&%$+ )$7,"#(&(.7+%, A.0 ,*%+%,%$03 ;+ 1#/$ $# 67
1*(>%&' #& +># )$7,"#(&(.7+%, ,#&,/)+$ J +"/ ,($+*(+%#& ,#0)./5 (&1 +"/
0%**#* $+('/ J %& #*1/* +# -&1/*$+(&1 +"/ 8%$-(. (*+%,-.(+%#& #2 $-6G/,+%8%+7@
$/5-(. 1%22/*/&,/ (&1 +"/ -&,#&$,%#-$ %& )(*+%,-.(* >(7$3

Z1L !-$ 5+)!(+!."& 5"/76$< +&' 3.)%+6 76$+)%($

\-.8/7D$ (,,#-&+ 1/)/&1$ #& +"/ &#+%#& #2 +"/ ,($+*(+%#& ,#0)./5@ $#@
(.+"#-'" $/,+%#& Q 6*%/E7 #-+.%&/1 W*/-1D$ 1%$,-$$%#&@ %+ %$ )/*+%&/&+ +# $(7 (
.%++./ 0#*/ (6#-+ +"(+ ,#0)./5 &#>3 4"/ )*/8%#-$ $/,+%#& &#+/1 +"(+ W*/-1D$
(,,#-&+ #2 +"/ ,($+*(+%#& ,#0)./5 0(?/$ +"/ ($$-0)+%#& +"(+ (.. "-0(&$
6/'%& .%2/ %& (& -&1%22/*/&+%(+/1 */.(+%#&$"%) >%+" +"/%* 0#+"/*3 I#>/8/*@
+"%$ %$ #&.7 +"/ A*$+@ (&1 ./($+ )*#6./0(+%,@ #2 ( &-06/* #2 ($$-0)+%#&$ %&
W*/-1D$ (*'-0/&+3 V&#+"/*@ (&1 0-," 0#*/ )*#6./0(+%,@ %$ +"(+ (.. 6(6%/$
2//. +"(+ +# "(8/ ( )/&%$ %$ &#*0(.3 4"-$ >"/& +"/ 2(+"/* %&+/*8/&/$ +# 6*/(?
-) +"/ ,.#$/&/$$ #2 +"(+ )*%0(*7 */.(+%#&$"%)@ +"/ +"*/(+ #2 ,($+*(+%#& 2//.$
*/(.S +"/ 6(67 %$ +"*/(+/&/1 >%+" +"/ .#$$ #2 $#0/+"%&' %0)#*+(&+3 4"%$
&#+%#& +"(+ +"/ )/&%$ %$ &#+ $%0).7 ( )%/,/ #2 (&(+#07 6-+ (.$# $#0/+"%&'
Y*144'+ 0/(&%&'2-. %$ /0)"($%T/1 67 +"/ ,#&,/)+ #2 +"/ 07,##")3 `/2/*/&,/ +# +"/
)"(..-$ *(+"/* +"(& +"/ )/&%$ %$ 0/(&+ +# %&1%,(+/ C&#+ +"(+ (&(+#0%,(.
1%22/*/&,/ !" $/5-(. 1%22/*/&,/ 3 3 3 6-+ +"(+ (&(+#0%,(. 1%22/*/&,/ ,#0/$ +#
Q3+)( $/5-(. 1%22/*/&,/@ +"(+ %$@ %+ 6/,#0/$ +"/ $#./ */)*/$/&+(+%8/ #2 >"(+
+"(+ 1%22/*/&,/ %$ (..#>/1 +# 6/D M`#$/@ NOXb9 bbR3 ;& +"/ ,($+*(+%#& ,#0)./5@
+"/ 2(+"/* ($$/*+$ +"(+ +"/ 0#+"/* %$ C"%$D (&1 +"/ +"*/(+ +"(+ 2#*,/$ +"/ 6#7 +#
'%8/ -) "%$ ,.#$/&/$$ +# "%$ 0#+"/* M%& /5,"(&'/ 2#* "%0$/.2 6/,#0%&' ( 0(&
(&1 "(8%&' C"%$ #>&D #+"/* >#0(& %& +"/ 2-+-*/R %$ +"(+ "/ $//$ "%$ 0#+"/* ($
&#+ "(8%&' ( )/&%$3 I/*/ ( +"%*1 ($$-0)+%#& %& W*/-1D$ (,,#-&+ ,#0/$ %&+#
HVT QB2RDS TU@EV>VSVWBU2

).(79 +"(+ >"/& +"/ 6#7 $//$ "%$ 0#+"/*D$ '/&%+(.%(@ "/ $//$ +"/0 &#+ $%0).7
($ 1%22/*/&+ 2*#0 "%$@ 6-+ ($ .(,?%&'3 4"%$ ($$-0)+%#& #&.7 >#*?$@ "#>/8/*@
%2 >"(+ W*/-1 %$ +(.?%&' (6#-+ "/*/ %$ &#+ $%0).7 8%$%#&@ 6-+ 8%$-(.%+73 4"/
6#7<,"%.1 0-$+ (.*/(17 6/ $//%&' +"*#-'" ( 8%$-(.%+7 +"(+ ($$/*+$ +"(+ +"/
0($,-.%&/ )#$%+%#& %$ +# .##?@ +"/ 2/0%&%&/ %$ +# 6/ .##?/1 (+@ (&1 +"(+ +"/
2/0%&%&/ %$ +# 6/ $//& ($ .(,?%&'3
\-.8/7 (*'-/$ )*/,%$/.7 +"(+ 8%$-(.%+7 %$ $+*-,+-*/1 %& +"%$ '/&1/*/1
>(73 H"/ ,.(%0$ +"(+ C%& ( >#*.1 #*1/*/1 67 $/5-(. %06(.(&,/@ )./($-*/ %&
.##?%&' "($ 6//& $).%+ 6/+>//& (,+%8/j0(./ (&1 )($$%8/j2/0(./3 4"/ 1/+/*<
0%&%&' 0(./ '(T/ )*#G/,+$ %+$ 2(&+($7 #&+# +"/ 2/0(./ A'-*/@ >"%," %$ $+7./1
(,,#*1%&'.7D M\-.8/7@ NOXO9 NOR3 4"-$ $/5-(. 1%22/*/&,/ %$ -&1/*$+##1
*/.(+%#&(..79 8%$%#&$ #2 2/0%&%&%+7 1/)/&1 #& +"/ 8%$%#& #2 0($,-.%&%+7@ (&1
8%,/ 8/*$(3 V$ >/.. ($ +"%$ (,+%8/j0(./ (&1 )($$%8/j2/0(./ 1%$+%&,+%#&@ \-.8/7
(*'-/$ +"(+ +"/ ,($+*(+%#& ,#0)./5 "($ %0).%,(+%#&$ 2#* %0('/$ #2 >#0/& %&
+"%$ )(+*%(*,"(. 8%$-(.%+73 H"/ $(7$ +"(+ C+"/ */)*/$/&+(+%#& #2 +"/ 2/0(./ 2#*0
3 3 3 %& +"/ .($+ */$#*+ 3 3 3 $)/(?$ ,($+*(+%#& (&1 &#+"%&' /.$/D M\-.8/7@ NOXO9
NdR3 4"-$ \-.8/7 $-''/$+$ +"(+ >#0/& ,(&&#+ 6/ */)*/$/&+/1 %& +"/ 0#8%/$
#& +"/%* #>& +/*0$@ 6-+ #&.7 %& )(+*%(*,"(. +/*0$@ ($ ,($+*(+/1 &#+<0/&3 4"/
(&(.7+%,(. %0)#*+(&,/ '%8/& +# +"/ M0%$$%&'R )"(..-$ %& +"%$ $#*+ #2 (,,#-&+
Y*144%(/"#$!+; #2+/& ./(1$ +# +"/ -$/ #2 +"/ +/*0 07,##*/&+$%()2 *(+"/* +"(& )(+*%(*,"7 +#
1/$,*%6/ +"/ >(7 ,-.+-*(. 0/(&%&' %$ $+*-,+-*/1 (*#-&1 0($,-.%&/ +/*0$3
4"-$ \-.8/7D$ -$/ #2 W*/-1D$ 2#*0-.(+%#& #2 +"/ ,($+*(+%#& ,#0)./5
0#6%.%T/$ &#+ #&.7 ( $/+ #2 %1/($ (6#-+ $/5-(. 1%22/*/&,/ %& */.(+%#& +#
$-6G/,+%8%+7@ 6-+ (.$# %& */.(+%#& +# 8%$-(.%+73

4"5%)

4"/ (*+ "%$+#*%(& [%&1( g#,".%& MNOXO9 N]X@ NdQR #22/*$ (& /5(0)./ #2 +"%$
'/&1/*/1 8%$-(.%+7@ */)*#1-,/1 "/*/ ($ W%'-*/ ^3N3

kV6#8/l %$ ( .(+/ &%&/+//&+"<,/&+-*7 $#2+ )#*& )#$+,(*1 $"#>%&' ( >#0(& #22/*%&'


$#0/ 2*-%+ +# +"/ $)/,+(+#*S $"/ %$ ,./(*.7 #22/*%&' "/*$/.2 2#* C)%,?%&'D +##3 kU/.#>l@
g#,".%& "($ ,#&$+*-,+/1 (& ())(*/&+.7 /F-%8(./&+ %0('/ >%+" ( 0(& #22/*%&' 2*-%+j
"%0$/.23 g#,".%&D$ )#%&+@ +"#-'"@ %$ +"(+ #2 ,#-*$/ +"/$/ (*/ &#+ /F-%8(./&+ %0('/$
6/,(-$/ +"/ 8%$-(.%+7 +"(+ ,#&$+*-,+$ >#0/& ($ #6G/,+$ +# 6/ $//& 1#/$ &#+ (..#> +"/
$)/,+(+#* +# 0(?/ $/&$/ #2 ( 0(& 6/%&' $"#>& %& +"/ $(0/ +/*0$S +"/ )"#+# #2 +"/
0(& %$ +"/*/2#*/ ( G#?/@ .(-'"(6./3 I/&,/ >/ ,(& $// +"(+ +"/ 1#0%&(&+ 2#*0 #2
8%$-(.%+7 +-+#*$ -$ %&+# A&1%&' #&.7 >#0/& $-%+(6./ #6G/,+$ 2#* $/5-(. 1%$).(73

4# >"(+ /5+/&+ 0%'"+ +"%$ ,.(%0 6/ ,"(../&'/1 67 0#*/ */,/&+ >(7$ #2 8%$-(.%T%&'
0($,-.%&%+7_ g#,".%& >*#+/ "/* /$$(7 %& NOPQ3 H%&,/ +"/&@ %+ "($ 6/,#0/ 0-,"
0#*/ ,#00#& +# -$/ 0/& %& (18/*+%$%&' ())(*/&+.7 ($ C$/5 #6G/,+$D3 [##? (+ +"/
(18/*+$ %& $#0/ */,/&+ '.#$$7 0('(T%&/$ (&1 ,#&$%1/* +"/ >(7$ 7#-@ ($ +"/ */(1/*@
(*/ %&8%+/1 +# .##? (+ +"/ 0(./ (&1 2/0(./ 6#1%/$ -$/1 +"/*/3 V*/ 6#+" $/5-(.%T/1_
I#>_ V*/ +"/7 $/5-(.%T/1 %& +"/ $(0/ >(7_
e2fYEVD=DSf2B2 HVI

W!)'$/ X9H
W+X Y'7.1..71-;
#.71$*0 %"!1 ,"*7
,"%1#+*5
W&X Y"#-('7>%
#"7%1*$#1'"7 "!
.Z$'8+(.71 2+(.
'2+). :="5-6.&*
LMaMF LZa* Ld^;

:+;

:#;
HHV QB2RDS TU@EV>VSVWBU2

g#>@ %+ >#-.1 $//0 +"(+ +"/ $%'"+ #2 >#0/& ($ ,($+*(+/1 &#+<0/& %&
+"/ 0#8%/$ >#-.1 &#+ 6/ 8/*7 ())/(.%&' +# +"/ 0#8%/<'#/*@ (&1 \-.8/7 "($
(.*/(17 ($$/*+/1 +"/ )./($-*(6%.%+7 #2 +"/ ,%&/0(3 H"/ */$#.8/$ +"%$ )(*(1#5
67 (*'-%&' +"(+ ,%&/0(+%, 8%$-(. )./($-*/ $+/0$ )*/,%$/.7 2*#0 %+$ ($$-('%&'
#2 +"/ 2/(* #2 ,($+*(+%#& J 2#* 0/& M+"/ *#./ #2 +"/ 2/0(./ $)/,+(+#* %$
$#0/>"(+ )*#6./0(+%, %& "/* (,,#-&+@ ( )#%&+ +# >"%," ; >%.. */+-*&R3 C;&
+"/ "%'".7 1/8/.#)/1 I#..7>##1 ,%&/0( 3 3 3 +"/ (.%/&(+/1 $-6G/,+@ +#*& %&
"%$ %0('%&(*7 0/0#*7 67 ( $/&$/ #2 .#$$@ 67 +"/ +/**#* #2 )#+/&+%(. .(,? %&
2(&+($7@ ,(0/ &/(* +# A&1%&' ( '.%0)$/ #2 $(+%$2(,+%#&9 +"*#-'" %+$ 2#*0(.
6/(-+7 (&1 %+$ ).(7 #& "%$ #>& 2#*0(+%8/ #6$/$$%#&$D M\-.8/7@ NOXO9 NbR3
H"/ (*'-/$ +"(+ +"%$ %$ (,"%/8/1 %& &(**(+%8/ ,%&/0( %& +># >(7$ M\-.8/7@
NOXO9 QNJQR3 U#+" +"/$/ >(7$ %&8#.8/ $+*-,+-*%&' "#> +"/ $)/,+(+#* $//$
%0('/$ #2 >#0/& %& &(**(+%8/ ,%&/0(3
P%5/'$!+; 4"/ A*$+ >(7 $"/ 1/$,*%6/$ ($ '*-&"%()23 K#7/-*%$0 %$ ( >(7 #2 $//%&'
+"(+ %$ (,+%8/S %+ 1%$+(&,/$ (&1 #6G/,+%A/$ >"(+ %$ .##?/1 (+3 ;+ %$ ,#&+*#..%&'
(&1 /8/& $(1%$+%,@ $(7$ \-.8/73 ;+ %$ ( .##? +"(+ %$ #&.7 '%8/& +# 0/& 67
A.0$ M>"/+"/* ($ ,"(*(,+/*$ %& +"/ A.0 #* ($ +"/ A.0D$ (-1%/&,/R3 ;+ 1/(.$
>%+" ,($+*(+%#& (&5%/+7 67 %&8/$+%'(+%&' +"/ >#0(& (&1 +"/& )-&%$"%&' #*
$(8%&' "/*3 \-.8/7 &#+/$ +"%$ %$ +7)%,(. #2 "#> +"/ >#0/& %& +"/ A.0 &#%*
'/&*/ (*/ */)*/$/&+/19 ($ +"*/(+/&%&' 6-+ -.+%0(+/.7 '-%.+7 (&1 >/(?3 4"/
)(*+%,-.(* >(7$ %& >"%," 8#7/-*%$0 %$ )*#1-,/1 67 +"/ $)(+%(. (&1 8%$-(.
#*'(&%T(+%#& #2 ( A.0 (*/ 8(*%#-$@ (&1 $#0/ #2 +"/ +##.$ #2 ,#0)#$%+%#&(.
%&+/*)*/+(+%#& (*/ -$/2-. "/*/ +# 1/$,*%6/ +"/0 M$// !"()+/* QR3 ="(+
\-.8/7 .##?$ 2#* %$ "#> +"(+ */.(+%#&(.%+7 6/+>//& 0($,-.%&%+7 (&1
2/0%&%&%+7 %$ ,#&$+*-,+/13 L(*+%,-.(* A.0%, +/,"&%F-/$ ,(& %&,.-1/9

N *+%%!,3 6!"%/,$( '(%4((, %;( -/9( /,6 1(-/9( *)&%/3&,!"%" &1 / -&8!(3
;& I%+,",#,?D$ A.0 5()%!3&@ 2#* /5(0)./@ +"/ */+%*/1 )#.%,/0(& H,#++%/
6/,#0/$ #6$/$$/1 >%+" +"/ 6/(-+%2-. >#0(& "/ "($ 6//& ($?/1 +#
2#..#>@ (&1 +"/ A*$+ )(*+ #2 +"/ A.0 $"#>$ "%0 +*(%.%&' "/*@ (.>(7$
?//)%&' "%$ 1%$+(&,/ +# */0(%& "%11/& 2*#0 "/*3 ;& B(/) .!,6&4@
)"#+#<G#-*&(.%$+ Z/22*%/$ %$ %00#6%.%T/1 >%+" ( 6*#?/& ./' (&1 6/,#0/$
2($,%&(+/1 >%+" >"(+ "/ $//$ '#%&' #& %& +"/ ()(*+0/&+ #))#$%+/ "%$S
\-.8/7 $(7$ +"(+ "%$ /*#+%, %&+/*/$+ %& "%$ '%*.2*%/&1 %$ */?%&1./1 #&.7
>"/& $"/ /&+/*$ +"(+ #+"/* ()(*+0/&+ (&1 Z/22*%/$ $//$ "/* #8/* +"/*/@
(>(7 2*#0 "%0 MW%'-*/ ^3QR3
Q *+%%!,3 6!"%/,$( '(%4((, %;( 1(-/9( *)&%/3&,!"% &1 / -&8!( /,6 %;(
-&8!( /+6!(,$(3 ;& 6#+" 5()%!3& (&1 B(/) .!,6&4@ +"/ ,(0/*( #2+/&
#,,-)%/$ +"/ )#$%+%#& #2 +"/ "/*#3 4"-$ +"/ (-1%/&,/ $//$ >"(+ "/ $//$@
(&1 +"/ >#0/& %& +"/ A.0 M\(1/./%&/jZ-17 %& 5()%!3& (&1 [%$( %& B(/)
.!,6&4R (*/ 1%$+(&,/1 2*#0 +"/ (-1%/&,/ G-$+ ($ +"/7 (*/ 1%$+(&,/1
2*#0 "%03

4"/ $/,#&1 >(7 +"(+ +"/ %0('/ #2 +"/ ,($+*(+/1 >#0(& %$ 1%$(8#>/1
W/#!+*!+#!( 67 &(**(+%8/ ,%&/0(@ (,,#*1%&' +# \-.8/7@ %$ 5&$()7()$(/ )/*0*07(#(,3 4"%$ %$
+(%6%6*!4!1 >"/& +"/ 2/0(./ A'-*/ %$ */)*/$/&+/1 $%0).7 ($ ( 6/(-+%2-. #6G/,+ #2 1%$).(7
e2fYEVD=DSf2B2 HHH

W!)'$/ X9N ?1'((


!*"2 ['1#-#"#/>%
`$+( H.&'",

M"/* #6G/,+%A,(+%#& $"#>$ "#> 8#7/-*%$0 (&1 +"%$ ?%&1 #2 2/+%$"%$0 ,(&
#8/*.()R3 V'(%&@ +"%$ %$ ( 0#1/ #2 */)*/$/&+(+%#& 1%*/,+/1 6#+" (+ +"/ "/*#
#2 +"/ A.0 (&1 (+ +"/ 0(./ $)/,+(+#*9 $"/ %$ #& 1%$).(7 2#* 6#+" #2 +"/03
I/* 6/(-+7 %$ $# #8/*>"/.0%&'@ #2+/& )%,+-*/1 %& "-'/ ,.#$/<-)$@ $# )/*2/,+
+"(+ +"/ +"*/(+ #2 ,($+*(+%#& %$ ($$-('/1 ($ $"/ %$ +-*&/1 %&+# ( */($$-*%&'
#6G/,+ %& (& %&+%0(+/ */.(+%#& +# +"/ $)/,+(+#*3 f*(>%&' #& \-.8/7D$ >#*?@
\(*7 V&& f#(&/ MNOXQ9 PbR $(7$ +"(+ C+"/ >#0(&D$ 6/(-+7@ "/* 8/*7
1/$%*(6%.%+7@ 6/,#0/$ ( 2-&,+%#& #2 ,/*+(%& )*(,+%,/$ #2 %0('%&' J 2*(0%&'@
.%'"+%&'@ ,(0/*( 0#8/0/&+@ (&'./3 H"/ %$ +"-$ 3 3 3 0#*/ ,.#$/.7 ($$#,%(+/1
>%+" +"/ $-*2(,/ #2 +"/ %0('/ +"(& %+$ %..-$#*7 1/)+"$D3 V'(%&@ +"/ )(*+%,-.(*
HHN QB2RDS TU@EV>VSVWBU2

>(7$ %& >"%," 2/+%$"%$0 %$ )*#1-,/1 67 +"/ $)(+%(. (&1 8%$-(. #*'(&%T(+%#&
#2 ( A.0 (*/ 8(*%#-$3 4"/7 ,(& %&,.-1/9

N 1)/-!,33 4"/ #68%#-$ 2*(0%&' 1/8%,/ %$ +"/ -$/ #2 ,.#$/<-) $"#+$@ +"(+
/5,.-1/ /8/*7+"%&' 2*#0 +"/ 8%/>/*D$ '(T/ /5,/)+ +"/ 6#17@ #* )(*+$ #2
+"/ 6#17 M#2+/& +"/ 2(,/R #2 +"/ 2/0(./ $+(*3
Q 9!3;%!,33 f#(&/ MNOONR 1/$,*%6/$ +"/ >(7 .%'"+%&' >($ -$/1 %& 0(&7 #2
Y*/+( Y(*6#D$ A.0$ +# 0(?/ "/* 2(,/ .-0%&#-$@ (&1 $# +# ,#&8/7 (
$/&$/ #2 "/* (.0#$+ /+"/*/(.@ 2($,%&(+%&' 6/(-+73
] $/-()/ -&8(-(,%3 \#1./$?% +*(,/$ +"/ 8(*%#-$ >(7$ %& >"%," +"/
,(0/*( $"#>$ \(1/./%&/jZ-17 2#* +"/ A*$+ +%0/ %& B(/) .!,6&49

4"/ ,(0/*( %+$/.2 +(?/$ #8/* +"/ /&-&,%(+%#& 3 3 3 %+ A*$+ $"#>$ H,#++%/
$%++%&' (+ ( 6(* (&1 +"/& 1/+(,"/$ %+$/.2 2*#0 "%$ $/(*,"%&' '(T/ +#
,#&1-,+ %+$ #>& $/(*," 2#* +"/ >#0(& +"*#-'" +"/ */$+(-*(&+3 W%&(..7
%+ ,#0/$ +# */$+ %& ( .#&' $"#+ #2 ( >#0(& $/(+/1 3 3 3 (+ ( +(6./@ >%+"
"/* 6(,? +# +"/ ,(0/*(3 `#0(&+%, 0-$%, /0/*'/$ $.#>.7 #& +"/
$#-&1+*(,?@ (&1 +"/ ,(0/*( 0#8/$ $.%'"+.7 2#*>(*13 ;+ ,-+$ 6(,? +#
H,#++%/ .##?%&' (&1 +# ( )#%&+ #2 8%/> $"#+ #2 \(1/./%&/@ >"# '/+$ -)
2*#0 "/* ,"(%* (&1 >(.?$ %&+# ( ,.#$/-) $"#+ #2 "/* )*#A./3 B&.7 0-,"
.(+/* >%.. >/ 6/ (6./ +# $// "/* /&+%*/ 2(,/ (&1 #&.7 (+ +"(+ +%0/ >%.. >/
'/+ +# "/(* "/* $)/(?3 M\#1./$?%@ NOXX9 ONR

4"%$ ,(0/*( 0#8/0/&+ /$+(6.%$"/$ \(1/./%&/@ $(7$ \#1./$?% MNOXX9


OQR ($ +"/ C0-+/@ #&.7 "(.2<$//& #6G/,+ #2 0(&D$ *#0(&+%, F-/$+D3

\-.8/7 (.$# &#+/$ +"(+ +"/ 2/+%$"%$0 (&1 8#7/-*%$0 +"*#-'" >"%," >#0/&
(*/ */)*/$/&+/1 %& &(**(+%8/ ,%&/0( #2+/& >#*?$ +# "(.+ +"/ &(**(+%8/ E#>
#2 +"/ A.0S >#0/& (*/ */)*/$/&+/1 ($ )($$%8/ $)/,+(,./3

4"5%)

;2 7#- ,(&@ >(+," +"/ #)/&%&' "(.2 (& "#-* #2 5()%!3&3 I#> 1#/$ %+ %&8%+/
8#7/-*%$+%, (&1 2/+%$"%$+%, >(7$ #2 $//%&'_ ;2 7#- ,(&D+ '/+ +# $// +"(+ A.0 %& (
,%&/0( #* #& 8%1/#@ +"/& +"%&? (6#-+ +"/ $(0/ F-/$+%#& +"/ &/5+ +%0/ 7#- >(+," (
0(%&$+*/(0 I#..7>##1 A.03 ;2 7#-D*/ &#+ >(+,"%&' %+ %& ( ,%&/0(@ +"%&? (6#-+
>"/+"/* +"/ $/1-,+%8/ )#>/* #2 A.0 %$ */1-,/1 >"/& %+D$ 6/%&' $"#>& #& ( +8
$,*//&3

Z1^ !-$ /.(("( )!+8$ +&' 3.)%+6 76$+)%($

4"/ #+"/* 0(G#* )$7,"#(&(.7+%, ,#&,/)+ -$/1 67 \-.8/7 %& CK%$-(.


)./($-*/ (&1 &(**(+%8/ ,%&/0(D %$ +"/ 0%**#* $+('/3 4"/ %1/( #2 +"/ 0%**#*
e2fYEVD=DSf2B2 HHL

$+('/ >($ 1/8/.#)/1 67 [(,(& (&1 %+ %$ #&/ #2 +"/ >(7$ %& >"%," "%$ >#*?
"($ %0)(,+/1 #& $#0/ (,,#-&+$ #2 8%$-(. ,-.+-*/3
F!$$%$ +#1)/ V,,#*1%&' +# [(,(&@ 6(6%/$ '# +"*#-'" +"/ 2(%%*% )$,1& >"/& +"/7
*/,#'&%T/ (& %0('/ %& ( 0%**#* ($ +"/%* $/.23 I#>/8/*@ ($ >%+" +"/ 6(67D$
C*/,#'&%+%#&D #2 +"/%* 0#+"/*D$ ,($+*(+%#&@ +"%$ #+"/* */,#'&%+%#& "())/&$
+"*#-'" ( )(*+%,-.(* 8%$-(.%+7@ (&1 (.$# +"*#-'" ( )(*+%,-.(* ,#&$+*-,+%#& #2
$)(+%(.%+73 B& +"/ #&/ "(&1@ +"/ 0%**#* %0('/ (&1 +"/ 6#17 %+ ())(*/&+.7
$%0).7 */E/,+$ (*/ $//& 67 +"/ 6(67 ($ ,#0)./+/ (&1 >"#./3 4"%$ %$
2($,%&(+%&' (&1 $/1-,+%8/@ 2#* +"/ 6(67D$ #>& 6#1%.7 ,#<#*1%&(+%#& %$ $+%..
%&,#0)./+/3 V$ \(.,#.0 U#>%/ MNOON9 Q]R $(7$@ C+"/ ,"%.1D$ (++/&+%#& %$
$/%T/1 3 3 3 67 +"/ A*0 $)(+%(. */.(+%#&$"%)$ 6/+>//& %+$ */(. 6#17 (&1 %+$
$)/,-.(* 6#17 (&1 6/+>//& 6#17 (&1 $/++%&' %& +"/ $)/,-.(* %0('/D3 4"-$
+"/ ,"%.1 $//$ ( ,#"/*/&+ 6#17 %& ( ,#"/*/&+@ +"*//<1%0/&$%#&(. $)(,/3 V$
>/.. ($ '%8%&' +"/ 6(67 ( ,/*+(%& )./($%&' $/&$/ #2 "%$ #* "/* #>& 6#1%.7
%0('/ (&1 $)(,/@ +"%$ 8%$%#& (.$# (..#>$ +"/ %1/&+%A,(+%#& #2 #+"/* #6G/,+$ %&
A;1)!"1$5 +"(+ $)(,/3 4"%$ %$ +"/ 2#-&1%&' 0#0/&+ +"/*/2#*/ #2 +"/ A2,1(+,%-@ >"%," %$
+"/ A/.1 #2 %&+/**/.(+%#&$ 6/+>//& $-6G/,+ (&1 #+"/* )/#)./ #* #6G/,+$3 B&
+"/ #+"/* "(&1@ +"/ 0%**#* %0('/ (.$# %&8#.8/$ ( 0%$*/,#'&%+%#&@ $%&,/ +"/
6(67 ?&#>$ +"(+ +"/ %0('/ %$ &#+ (,+-(..7 %+$/.23 4"/ 0%**#* %0('/ %&8#.8/$ (
,/*+(%& (.%/&(+%#& 2*#0 >"(+ %$ $//&9 C%1/&+%A,(+%#& #2 (& #6G/,+ >#*.1 %$ 3 3 3
'*#-&1/1 %& +"/ 0#0/&+ >"/& +"/ ,"%.1D$ %0('/ >($ (.%/&(+/1 2*#0 %+$/.2 ($
(& %0('%&(*7 #6G/,+ (&1 $/&+ 6(,? +# %+ +"/ 0/$$('/ #2 %+$ #>& $-6G/,+"##1D
M`#$/@ NOXb9 NP]R3 4"-$ +"/ 0%**#* $+('/ %&8#.8/$ 6#+" %1/&+%A,(+%#& >%+"
(& %0('/@ (&1 (.%/&(+%#& 2*#0 %+9 6#+" */,#'&%+%#& (&1 0%$*/,#'&%+%#&3
[(,(& $-''/$+$ +"(+ +"/ 17&(0%,$ #2 +"/ 0%**#* $+('/ ,#&+%&-/ +#
$+*-,+-*/ $-6G/,+%8%+7@ (&1 +"(+ +"/7 /5).(%& +"/ %0)#*+(&,/ #2 +"/ 8%$-(. +#
#-* $/&$/ #2 $/.23 MI/&,/ Z-1%+" =%..%(0$#&D$ NOPX -$/ #2 +"/ ;0('%&(*7 %&
"/* (,,#-&+ #2 +"/ )#>/* #2 (18/*+%$/0/&+$ +# )*#1-,/ ( $/&$/ #2 +"/%*
$)/,+(+#*D$ $/.23R U-+ ,./(*.7 +"/$/ 17&(0%,$ (*/ ,#0)./5@ (&1 +"/ ,#&+*(<
1%,+%#& 6/+>//& %1/&+%27%&' >%+" +"/ 0%**#* %0('/ (&1 6/%&' (.%/&(+/1
2*#0 %+ %$ #&/ #2 +"#$/ 0#0/&+$ #2 8%$-(. -&,/*+(%&+7 +"(+ )$7,"#(&(.7+%,
(,,#-&+$ +/&1 +# /0)"($%T/3
\-.8/7 -$/$ +"/ 0%**#* $+('/ +# /5).#*/ +"/ */)*/$/&+(+%#& #2 0(./
A'-*/$ %& &(**(+%8/ ,%&/0(@ (&1 +"/ >(7$ %& >"%," +"/ (-1%/&,/ %$ )#$%<
+%#&/1 67 +"(+ */)*/$/&+(+%#&3 4"/ 0(./ 0#8%/ $+(*@ +"/ "/*# #2 +"/ A.0D$
&(**(+%8/@ #,,-)%/$ +"(+ ,#"/*/&+ $)(,/ $//& 1-*%&' +"/ 0%**#* $+('/3 C4"/
(,+%8/ 0(./ A'-*/ 3 3 3 1/0(&1$ ( +"*//<1%0/&$%#&(. $)(,/ ,#**/$)#&1%&' +#
+"(+ #2 +"/ 0%**#* */,#'&%+%#&@ %& >"%," +"/ (.%/&(+/1 $-6G/,+ %&+/*&(.%T/1
"%$ #>& */)*/$/&+(+%#& #2 "%$ %0('%&(*7 /5%$+/&,/DS "/ %$ C2*// +# ,#00(&1
+"/ $+('/@ ( $+('/ #2 $)(+%(. %..-$%#& %& >"%," "/ (*+%,-.(+/$ +"/ .##? (&1
,*/(+/$ +"/ (,+%#&D M\-.8/7@ NOXO9 QaR3 4"-$ +"/ 0(./ "/*# #2 +"/ 0#8%/
#,,-)%/$ ( $)(,/ #2 1/)+" M,#0)(*/1 +# +"/ $-*A,%(.%+7 #2 */)*/$/&+(+%#&$ #2
>#0/&R@ %& >"%," "/ (,+%8/.7 .##?$3 4"/ 0($,-.%&/ A'-*/ %$ &#+ +"/*/2#*/
"%0$/.2 $-6G/,+ +# .##?%&'@ (,,#*1%&' +# \-.8/73 I/ (.$# )*#)/.$ +"/
&(**(+%8/S "/ %$ (,+%8/@ -&.%?/ +"/ )($$%8/ A'-*/ #2 >#0(&3 =(7$ %& >"%," (
A.0D$ $)(,/ (&1 '(T/$ )*#1-,/ +"%$ /22/,+ %&,.-1/9
HHJ QB2RDS TU@EV>VSVWBU2

N 6((* 1&$+"3 V 1//) 2#,-$ /0)"($%T/$ +"/ ())(*/&+ 1/)+" #2 +"/ $,/&/
6/%&' $"#>& 67 +"/ A.0@ (&1 (..#>$ +"/ "/*# +# 0#8/ +"*#-'" ( $)(,/
+"(+ %$ /5+/&$%8/3 c8/& %& B(/) .!,6&4@ ( A.0 %& >"%," +"/ "/*# %$
%00#6%.%T/1 67 ( 6*#?/& ./'@ \#1./$?% MNOXX9 POR $-''/$+$ +"(+ +"/
1//) 2#,-$ '%8/& +# "%$ 8%/> 2*#0 "%$ ()(*+0/&+ >%&1#> ,#&$+*-,+$
+"(+ 8%/> ($ C(& %0('/ #2 >"#./&/$$ (&1 )./&%+-1/D #8/* >"%," "%$ '(T/
,(& *#(0 2*//.73
Q $/-()/ -&8(-(,%" 6(%()-!,(6 '0 -/9( ;()&3

\-.8/7 (*'-/$ +"(+ +"/ $)/,+(+#* %1/&+%A/$ >%+" +"/ 0#8%/ "/*# 6/,(-$/ "/
/06#1%/$ +"/ $)/,+(+#*j$-6G/,+D$ 0%**#* $+('/ $/.2<%0('/9

V 0(./ 0#8%/ $+(*D$ '.(0#*#-$ ,"(*(,+/*%$+%,$ (*/ 3 3 3 +"#$/ #2 +"/ 0#*/


)/*2/,+@ 0#*/ ,#0)./+/@ 0#*/ )#>/*2-. %1/(. /'# ,#&,/%8/1 %& +"/
#*%'%&(. 0#0/&+ #2 */,#'&%+%#& %& 2*#&+ #2 +"/ 0%**#*3 4"/ ,"(*(,+/* %&
+"/ $+#*7 ,(& 0(?/ +"%&'$ "())/& (&1 ,#&+*#. /8/&+$ 6/++/* +"(& +"/
$-6G/,+j$)/,+(+#*@ G-$+ ($ +"/ %0('/ %& +"/ 0%**#* >($ 0#*/ %& ,#&+*#. #2
0#+#* ,#<#*1%&(+%#&3 M\-.8/7@ NOXO9 QaR

4"%$ %1/&+%A,(+%#& %$ /&,#-*('/1 67 +"/ >(7 +"/ ,(0/*($ ($$-0/ +"/ 0(./
)*#+('#&%$+D$ )#$%+%#& >"/& )%,+-*%&' +"/ A.0D$ &(**(+%8/3 4"%$ ,(& %&8#.8/9

N $/-()/ *&"!%!&,3 4"/ ,(0/*( .%+/*(..7 %$ %& +"/ $(0/ )#$%+%#& ($ +"/
0(./ )*#+('#&%$+ %$ $"#>& +# 6/@ $# +"/ (-1%/&,/ $//$ M())(*/&+.7R
/5(,+.7 >"(+ "/ $//$3 W#* /5(0)./@ %& +"/ A*$+ $,/&/ #2 5()%!3&@ H,#++%/
%$ +*7%&' +# #8/*,#0/ "%$ 8/*+%'# 67 $.#>.7 ,.%06%&' -) ( $0(..
$+/).(11/* &/5+ +# ( >%&1#>S >/ $// "%0 .##? #-+ (&1 1#>& 2*#0 +"/
>%&1#> (&1 +"/ &/5+ $"#+ %$ #2 +"/ 8%/> 1#>&>(*1$@ >"%," *()%1.7
T##0$ 2#*>(*1j1#>& (&1 +"/& 6(,? ('(%& +# $"#> >"(+ H,#++%/D$
8/*+%'# .##?$ .%?/ +# "%03
Q *&!,%" &1 8!(43 `/8/*$/ $"#+$ #2+/& /$+(6.%$" >"%," ,"(*(,+/*D$ 8%/> +"/
,(0/*( %$ $"#>%&'3 ;& 5()%!3&@ +"/ ,(0/*( )/*$%$+/&+.7 $"#>$ +"/
$)/,+(+#* >"(+ H,#++%/ $//$ 1-*%&' "%$ $-*8/%..(&,/ #2 +"/ 07$+/*%#-$
>#0(& "/ %$ 2#..#>%&'3 \#*/#8/*@ +"/ (-1%/&,/ &/8/* $//$ >"(+ $"/
$//$ ($ $"/ $//$ %+9 >/ (*/ '%8/& ( '##1 .##? #&.7 >"/& H,#++%/ '#/$ +#
.##? (+ %+ +##3

\-.8/7 +"-$ -$/$ +># ,/&+*(. )$7,"#(&(.7+%, ,#&,/)+$ J +"/ ,($+*(+%#&


,#0)./5 (&1 +"/ 0%**#* $+('/ J +# /5).#*/ +"/ >(7 %& >"%," &(**(+%8/
,%&/0( )*#1-,/$ C>#0(& ($ %0('/@ 0(& ($ 6/(*/* #2 +"/ .##?D M\-.8/7@
NOXO9 NOR3 I/* -$/ #2 6#+" +"/$/ ,#&,/)+$ ($$-0/$ ( )"(..#,/&+*%, $,#)%,
*/'%0/ %& >"%," >#0(& ,(& #&.7 A'-*/ )($$%8/.7 ($ ( ,($+*(+/1 0(&@ (&1
0/& ())/(* ($ (,+%8/ (&1 )#>/*2-.@ ,#&+*#..%&' +"/ 8%$-(.@ +"/ $)(+%(. (&1
+"/ +/0)#*(.3 4"%$@ $"/ $(7$@ %$ C+"/ >(7 +"/ -&,#&$,%#-$ #2 )(+*%(*,"(.
$#,%/+7 "($ $+*-,+-*/1 A.0 2#*0D M\-.8/7@ NOXO9 NdR3 \-.8/7 $-''/$+$ +"(+
I%+,",#,?D$ 0#8%/$ /5).#*/ +"%$ -&,#&$,%#-$3 ;& "/* 6*%/2 1%$,-$$%#& #2
5()%!3& (&1 B(/) .!,6&4@ $"/ &#+/$ +"(+ +"/%* "/*#/$ (*/ 8#7/-*$ #2 #&/
?%&1 #* (&#+"/*9
e2fYEVD=DSf2B2 HHX

4"/ )#>/* +# $-6G/,+ (&#+"/* )/*$#& +# +"/ >%.. $(1%$+%,(..7 #* +# +"/ '(T/
8#7/-*%$+%,(..7 %$ +-*&/1 #&+# +"/ >#0(& ($ +"/ #6G/,+ #2 6#+"3 L#>/* %$
6(,?/1 67 ( ,/*+(%&+7 #2 ./'(. *%'"+ (&1 +"/ /$+(6.%$"/1 '-%.+ #2 +"/
>#0(& M/8#?%&' ,($+*(+%#&@ )$7,"#(&(.7+%,(..7 $)/(?%&'R3 4*-/ )/*8/*<
$%#& %$ 6(*/.7 ,#&,/(./1 -&1/* ( $"(..#> 0($? #2 %1/#.#'%,(. ,#**/,+&/$$
J +"/ 0(& %$ #& +"/ *%'"+ $%1/ #2 +"/ .(>@ +"/ >#0(& #& +"/ >*#&'3
I%+,",#,?D$ $?%.2-. -$/ #2 %1/&+%A,(+%#& )*#,/$$/$ (&1 .%6/*(. -$/ #2
$-6G/,+%8/ ,(0/*( 2*#0 +"/ )#%&+ #2 8%/> #2 +"/ 0(./ )*#+('#&%$+ 1*(>
+"/ $)/,+(+#*$ 1//).7 %&+# "%$ )#$%+%#&@ 0(?%&' +"/0 $"(*/ "%$ -&/($7
'(T/3 4"/ $)/,+(+#* %$ (6$#*6/1 %&+# ( 8#7/-*%$+%, $%+-(+%#& >%+"%& +"/
$,*//& $,/&/ (&1 1%/'/$%$@ >"%," )(*#1%/$ "%$ #>& %& +"/ ,%&/0(3
M\-.8/7@ NOXO9 Q]R

Z1Z T%63$90) )$+(5-6.8-!

\-.8/7 2#,-$/$ #& ,/*+(%& ($)/,+$ #2 +"/ ,%&/0(+%, %0('/ J %+$ $)(+%(.
#*'(&%T(+%#&@ +"/ $,(./ #2 >"(+ %+ $"#>$@ %+$ #*,"/$+*(+%#& #2 .##?$ 6#+"
6/+>//& +"/ (,+#*$ #& +"/ $,*//& (&1 6/+>//& +"/ (-1%/&,/ (&1 +"/ $,*//&@
(&1 %& )(*+%,-.(* +"/ '/&1/*%&' #2 >"# $//$ (&1 >"# %$ $//& %& ,/*+(%& >(7$
J %& #*1/* +# ,"(*(,+/*%T/ ( >(7 #2 ,%&/0(+%, $//%&' +"(+ %$ 6#+" '/&1/*/1
(&1 '/&1/*%&'3 4"/ )./($-*/ #2 +"/$/ >(7$ #2 $//%&' 2#* +"/ (-1%/&,/ %$
+"/& (.$# -&1/*$+##1 %& ( )(*+%,-.(* >(7@ ($ ( 1/&%(. #2 +"/ +"*/(+ #2
,($+*(+%#&3
\-.8/7D$ /$$(7 "($ 6//& /&#*0#-$.7 %&E-/&+%(. #& 2/0%&%$+ A.0 +"/#*7
F14/ )1^/ (&1 2/0%&%$+ +"/#*7 0#*/ >%1/.73 ;&1//1@ &#+%#&$ #2 ( 8#7/-*%$+%, 2,#&
1,9& */0(%& /5+/&$%8/ %& 2/0%&%$+ >#*?@ (&1 (*/ #2+/& -$/1 >%+"#-+
*/2/*/&,/ +# +"/ $)/,%A,(..7 )$7,"#(&(.7+%, %1/($ +"*#-'" >"%," \-.8/7
2#*0-.(+/1 "/* (*'-0/&+$3 U-+ \-.8/7D$ (*'-0/&+$@ +"#-'" )#./0%,(.@ (*/
&-(&,/13 H"/ $-''/$+$ +"(+ 8#7/-*%$0 (&1 2/+%$"%$0 "(8/ F-%+/ )(*+%,-.(*
8%$-(.@ +/0)#*(. (&1 $)(+%(. (*+%,-.(+%#&$3 4"/$/ ,#&,/)+-(. 1/+(%.$ (*/
%0)#*+(&+ +# */0/06/* >"/& -+%.%T%&' )$7,"#(&(.7+%, (*'-0/&+$3 L$7,"#<
(&(.7$%$ %& 0(&7 >(7$ 1/)/&1$ #& +"/ 1/+(%.$ #2 (& %0('/ 2#* %+$ %&+/*<
)*/+%8/ %&$%'"+S (&1 %+ %$ &/,/$$(*7 +# 6/ $%0%.(*.7 (++/&+%8/ +# +"/ 1/+(%. #2
)$7,"#(&(.7+%, ,#&,/)+$3
\-.8/7D$ (*'-0/&+$ (*/ &#+ >%+"#-+ +"/%* )*#6./0$@ "#>/8/*3 H"/
$//0$ +# ($$-0/ +"(+ &#+ #&.7 ,(& >#0/& 6/ $//& #&.7 ($ ,($+*(+/1@
>#0/& ,(& $// +"/0$/.8/$ #&.7 .%?/ +"(+ +##3 4"%$ %$ 6/,(-$/ $"/ ($$-0/$
+"(+ (.. +"/ 0/06/*$ #2 ( ,%&/0( (-1%/&,/@ >"/+"/* 0(./ #* 2/0(./@ (*/
)#$%+%#&/1 %& +"/ $(0/ >(7 %& */.(+%#& +# +"/ A'-*/$ #& +"/ $,*//& (&1 +"(+
(.. $// +"/0 %& +"/ $(0/ >(7S +"/ %0).%,(+%#& %$ +"(+ (.. #2 ( A.0D$ $)/,<
+(+#*$ (*/ 0(1/ +# 6/ 2/+%$"%$+%, (&1 8#7/-*%$+%, 67 +"/ 8%$-(. (&1 $)(+%(.
$+*-,+-*/ #2 +"/ A.03 ;& +"(+ $/&$/@ \-.8/7D$ (*'-0/&+ )#$%+%#&$ (.. ,%&/0(
$)/,+(+#*$ ($ 0(./3 U-+ %$ $"/ +## F-%,? +# $-''/$+ +"(+ >#0/& */)*/$/&+
,($+*(+%#& (&1 &#+"%&' /.$/_ B* ,(& >#0/& 6/ */)*/$/&+/1 1%22/*/&+.7_ !(&
>#0/& (.$# $// (,+%8/.7_ \#*/#8/*@ (*/ (.. 0/& #&.7 8#7/-*$ (&1 2/+%$"%$+$
>"/& +"/7 .##? (+ >#0/&_ V*/ #+"/* >(7$ #2 $//%&' )#$$%6./@ ./$$
HHQ QB2RDS TU@EV>VSVWBU2

)#>/*2-.@ ./$$ )./($-*(6./ +## )/*"()$_ V&1 >"(+ (6#-+ 0/& >"# >(&+ +#
.##? (+ 0/&@ (&1 >#0/& >"# >(&+ +# .##? (+ >#0/&@ )./($-*(6.7_
g#&/ #2 +"/$/ F-/$+%#&$ ,(& 6/ (11*/$$/1 %& \-.8/7D$ 2*(0/>#*?3 H"/
($$-0/$ ( )#>/*2-.@ )(+*%(*,"(. (&1 "/+/*#$/5-(. &(**(+%8/ ,%&/0(@ (&1
).(,/$ "/* 2(%+" 2#* ,*%+%F-/ (&1 ,"(&'/ %& (8(&+<'(*1/ ,%&/0(+%, )*(,+%,/$
+"(+ */2-$/ +"/ 8%$-(. (&1 $)(+%(. #*'(&%T(+%#& #2 I#..7>##1D$ &(**(+%8/
,%&/0(3 I#>/8/*@ #+"/* 2/0%&%$+ ,*%+%,$ "(8/ 6//& ./$$ >%..%&' +# '%8/ -) #&
>"(+ (*/@ (2+/* (..@ "-'/.7 )#)-.(* ,-.+-*(. )*(,+%,/$ .%?/ 0(%&$+*/(0
I#..7>##1 A.03 4"/7 "(8/ .##?/1 2#* #+"/* )$7,"#(&(.7+%, >(7$ #2 $//%&'
A.0$@ (&1 "(8/ 6*#-'"+ #+"/* +"/#*/+%,(. +/*0$ +# 6/(* #& +"/03

J 3$%; #*/ 3/#!+* #% #*/ ;1+e'/$1&/K %#*/$ $/6$/+/"#1#!%"+ %3


3/;!"!"!#5

4"/*/ (*/ 0(&7 >(7$ %& >"%," )$7,"#(&(.7$%$ ,(& 6/ -$/1 +# /5).#*/ >(7$
#2 $//%&'3 \(&7 2/0%&%$+$@ &#+ $-*)*%$%&'.7@ "(8/ 6//& )(*+%,-.(*.7 ,#&<
,/*&/1 +# $// %0('/$ #2 2/0%&%&%+7 +"(+ 1# &#+ C$)/(? ,($+*(+%#& (&1 &#+"%&'
/.$/D@ 2#* /5(0)./3 ;&1//1@ +"/ &#+%#& +"(+ 2/0%&%&%+7 ,(& 6/ */)*/$/&+/1
#&.7 ($ .(,?%&' J ($ ,($+*(+/1 J "($ 6//& ,#&+/$+/1 67 0(&7 2/0%&%$+$@
>"# "(8/ +-*&/1 +# #+"/* )$7,"#(&(.7+%, &#+%#&$ +# $// 2/0%&%&%+7 %& #+"/*
>(7$3
c.%$(6/+" U*#&2/& MNOOQ9 d]R@ 2#* /5(0)./@ "($ &#+/1 +"(+ C#&/ #2 +"/
+"/#*/+%,(. )*#6./0$ %&"/*/&+ %& W*/-1D$ 1/A&%+%#& %$ "#> +"/ ,($+*(+%#&
,#0)./5 ,(& 6/ ()).%/1 +# 6#+" $/5/$ >"/& 2#* +"/ '%*. +"/*/ ())/(*$ +# 6/
&# +"*/(+ %& .#$%&' $#0/+"%&' $"/ &/8/* )#$$/$$/1D3 4"%$ 1#/$ &#+ ())/(* +#
6/ ( )*#6./0 2#* \-.8/7@ 2#* /5(0)./@ 6-+ #+"/* 2/0%&%$+$ "(8/ +*%/1 +#
*/>#*? +"/ ,($+*(+%#& ,#0)./5 %& #*1/* +# 1%$).(,/ %+$ %0).%,(+%#& +"(+
>#0/& ,(& 6/ */)*/$/&+/1 #&.7 ($ ,($+*(+/13 U*#&2/& MNOOQR@ 2#* /5(0)./@
$-''/$+$ +"(+ >"(+ W*/-1 /5).#*/1 +"*#-'" +"/ ,($+*(+%#& ,#0)./5 >($ +"/
-&%8/*$(. )*#,/$$ #2 ./(8%&' +"/ )*%0(*7 ,(*/*@ (&1 (&(+#0%,(. )(*+$ #+"/*
+"(& +"/ )/&%$j)"(..-$ 0%'"+ $706#.%T/ +"(+ )*#,/$$9 +"/ &(8/.@ 2#*
/5(0)./3 4"*#-'" $-," $+*(+/'%/$@ %0('/$ #2 >#0/& 0(7 &#+ &/,/$$(*%.7
*/)*/$/&+ C,($+*(+%#& (&1 &#+"%&' /.$/D3
B&/ )#$$%6%.%+7 +"(+ "($ 6//& )-*$-/1 %& */.(+%#& +# 8%$-(. %0('/$ %$ +#
$-''/$+ +"(+ %2 >#0/& (*/ %&1//1 #2+/& */)*/$/&+/1 ($ $0##+" $-*2(,/$
#& 1%$).(7 2#* ( 0(./ '(T/@ 2/+%$"%T(+%#& 0%'"+ &#+ 6/ +"/ #&.7 >(7
+# %&+/*)*/+ +"(+ */)*/$/&+(+%#&3 L/*"()$ +"(+ $0##+" $-*2(,/ 1#/$ &#+
"%1/ $#0/+"%&' "#**%6./@ 1#/$ &#+ ,#&,/(. ( ,($+*(+/1 6#173 L/*"()$ %+ "%1/$
$#0/+"%&' /.$/3 B* )/*"()$ %+ %$ $%0).7 +"(+@ ( $-*2(,/@ +"(+ "%1/$ &#+"%&'9 (
F1+e'/$1&/ 2,)B"&%,6&3 4"%$ .(++/* )#$$%6%.%+7 >($ 0#$+ 2(0#-$.7 )*#)#$/1 67 +"/
)$7,"#(&(.7$+ Z#(& `%8%/*/ %& (& /$$(7 A*$+ )-6.%$"/1 %& NOQO M`%8%/*/@
NOXbR3 `%8%/*/D$ /$$(7 +##? #22 2*#0 "/* (&(.7$%$ #2 (& (,(1/0%, >#0(&
>"#@ (2+/* "/* (*+%,-.(+/ (&1 )*#2/$$%#&(. )*/$/&+(+%#&$ #2 "/* >#*? +# "/*
)//*$@ >#-.1 2//. ,#0)/../1 +# E%*+ >%+" +"/ 0/& %& "/* (-1%/&,/3 `%8%/*/
$-''/$+/1 +"(+ +"%$ >#0(& $(> "/* $-,,/$$ %& +/*0$ #2 6/%&' $-,,/$$2-. %& (
e2fYEVD=DSf2B2 HHS

0(&D$ >#*.1 (&1 +"/*/2#*/ %& ( $/&$/@ 2#* +"/ 1-*(+%#& #2 "/* )/*2#*0(&,/$@
6/,#0%&' ( 0(&3 4"%$@ +"#-'"@ $"/ ?&/> "/* 0#$+.7 0(./ (-1%/&,/$ >#-.1
A&1 8/*7 +"*/(+/&%&' M+"/ #&.7 +"%&' 0#*/ +"*/(+/&%&' +"(& ( ,($+*(+/1
>#0(& 6/%&' ( &#&<,($+*(+/1 #&/R@ $# (2+/* "/* ./,+-*/$ $"/ >#-.1 ,#&2#*0
+# +"/%* /5)/,+(+%#&$ #2 2/0(./ 6/"(8%#-*@ (&1 E%*+ (&1 6/ ,"(*0%&' (&1
&#&<,#&2*#&+(+%#&(.3 W*#0 +"%$ `%8%/*/ ,#&,.-1/19

=#0(&.%&/$$ ,#-.1 +"/*/2#*/ 6/ ($$-0/1 (&1 >#*& ($ ( 0($?@ 6#+" +#


"%1/ +"/ )#$$/$$%#& #2 0($,-.%&%+7 (&1 +# (8/*+ +"/ */)*%$(.$ /5)/,+/1 %2
$"/ >($ 2#-&1 +# )#$$/$$ %+ J 0-," ($ ( +"%/2 >%.. +-*& #-+ "%$ )#,?/+$
(&1 ($? +# 6/ $/(*,"/1 +# )*#8/ +"(+ "/ "($ &#+ $+#./& +"/ '##1$3 4"/
*/(1/* 0(7 &#> ($? "#> ; 1/A&/ >#0(&.%&/$$ #* >"/*/ ; 1*(> +"/ .%&/
6/+>//& '/&-%&/ >#0(&.%&/$$ (&1 +"/ C0($F-/*(1/D3 \7 $-''/$+%#& %$
&#+@ "#>/8/*@ +"(+ +"/*/ %$ (&7 $-," 1%22/*/&,/S >"/+"/* *(1%,(. #*
$-)/*A,%(.@ +"/7 (*/ +"/ $(0/ +"%&'3 M`%8%/*/@ NOXb9 ]XR

`%8%/*/ %$ $-''/$+%&' +"(+ $%&,/ 2/0%&%&%+7 %$ &#+ &(+-*(. 6-+ ,#&$+*-,+/1 J


+"*#-'" )*#,/$$/$ $-," ($ +"/ ,($+*(+%#& ,#0)./5 6-+ (.$#@ >/ 0%'"+ (11@
+"*#-'" +"%&'$ .%?/ >(+,"%&' 0#8%/$ J +"/*/ (*/ >(7$ #2 +"%&?%&' (6#-+
2/0%&%&%+7 ($ G-$+ +"(+@ ( ,#&$+*-,+%#&3 W/0%&%&%+7 ,(& 6/ $//& ($ ( 0($?@ (
0($F-/*(1/@ )/*2#*0/1 67 0%0%,?%&' >"(+ 6/%&' ( >#0(& %$ 0/(&+ +# 6/
(6#-+3 W/0%&%&%+7 0%'"+ 6/ +"#-'"+ #2 ($ C( 1/,#*(+%8/ .(7/* >"%," ,#&<
,/(.$ ( &#&<%1/&+%+7D Mf#(&/@ NOXQ9 XNR3 [-,/ ;*%'(*(7 "($ +(?/& +"%$
(*'-0/&+ /8/& 2-*+"/* +# $-''/$+ +"(+ 0($F-/*(1/ J #* >"(+ $"/ ,(..$
0%0/$%$ J 0%'"+ /8/& 6/ (& /8($%#&@ %& )(*+ (+ ./($+@ #2 +"#$/ 1%$,%).%&/$ #2
2/0%&%&%+73 H"/ $-''/$+$ +"(+ C%2 >#0/& (*/ $-," '##1 0%0%,$@ %+ %$ 6/,(-$/
+"/7 (*/ &#+ $%0).7 */$#*6/1 %& +"%$ 2-&,+%#&3 >;(0 /9"& )(-/!, (9"(4;()(D
M;*%'(*(7@ NOX^9 PbR3
="(+ (*/ +"/ 0/+"#1#.#'%,(. %0).%,(+%#&$ #2 +"/$/ (*'-0/&+$ (6#-+
0($F-/*(1/_ f#(&/ MNOXQR *(%$/$ +"/ )#$$%6%.%+7 M(.+"#-'" $"/ %$ &#+
"/*$/.2 )/*$-(1/1 67 %+R +"(+ 0($F-/*(1/ 0%'"+ )*#8%1/ ( >(7 #2 +"%&?%&'
(6#-+ "#> >#0/& $// +"/0$/.8/$ (&1 /(," #+"/* >"%," 1#/$ &#+ 1/)/&1
#& +"/ >(7 #2 $//%&' #-+.%&/1 67 \-.8/73 B+"/* ,*%+%,$ (*/ 0#*/ ,#&A1/&+
+"(+ "/*/ 0(7 6/ +*(,/$ #2 ( 0(&%)-.(+%#& #2 +"/ )#$%+%#& #2 2/0%&%&%+7@ #*
%+$ )(*#17@ %& 8%$-(. %0('/$ .%?/ A.0$@ 0(*?/1 67 $+*(+/'%/$ $-," ($9

N (:$(""3 4"/ A.0 )/*2#*0(&,/$ #2 \(*./&/ f%/+*%," "(8/ 6//& ,"(*(,<


+/*%T/1 ($ $# /5,/$$%8/.7 2/0%&%&/ +"(+ +"/ (-1%/&,/ %$ C>(+,"%&' (
>#0(& 1/0#&$+*(+/ +"/ */)*/$/&+(+%#& #2 ( >#0(&D$ 6#17D
MU#8/&$,"/&@ ,%+/1 %& f#(&/@ NOXQ9 XQR3
Q $&,"%)+$%!&,3 V A.0 0(7 $"#> 0#0/&+$ >"/& +"/ 2/0(./ 6#17 %$ F-%+/
.%+/*(..7 1#&&%&' +"/ 0($? #2 2/0%&%&%+79 0(?/<-)@ "(%*$+7./@ 1*/$$@
,#0)#*+0/&+3 V& /5(0)./ 2*#0 ( I%+,",#,? A.0 ,#-.1 6/ ( $,/&/ %& "%$
NOda 0#8%/ B('($$/3 4"/ "/*#%&/ #2 +"%$ A.0 M>"# %$ &/8/* &(0/1R %$
$"#>& (+ A*$+ ($ ( '(-,"/ (&1 &/*8#-$ 7#-&' >#0(& >"#$/ F-(.%+%/$
(*/ ,"(*(,+/*%T/1 #&.7 67 >"(+ $"/ ,(&&#+ 1#3 4"%&?%&' +"(+ $"/ "($ .#$+
HHT QB2RDS TU@EV>VSVWBU2

+"/ .#8/ #2 "/* "-$6(&1 \(5%0 M>"#$/ A*$+@ 1/(1 >%2/ >($ ,(../1
`/6/,,(R@ $"/ (++/0)+$ +# >%& %+ 6(,? 67 1*/$$%&' 2#* ( 2(&,7 1*/$$ 6(.. %&
+"/ ,#$+-0/ #2 #&/ #2 "%$ (&,/$+#*$ >"#$/ )(%&+%&' "(&'$ %& +"/%* '*(&1
"#-$/@ (&1 $"/ %$ +"-$ $"#>& ($ ,#&$+*-,+%&' "/*$/.2 ($ '.(0#*#-$3
] )(*(%!%!&,3 ;& A.0@ */)/+%+%#& 0(7 +(?/ &(**(+%8/ #* 8%$-(. 2#*03 4"/
"/*#%&/ #2 B('($$/ %$ $"#>& -$%&' 8%$-(. */)/+%+%#& ($ ( 0/(&$ #2
6/,#0%&' '.(0#*#-$.7 (++*(,+%8/ +##@ $%&,/ "/* 0($F-/*(1/ %$ ( ,#)7 #2
(& (.*/(17 /5%$+%&' %0('/ #2 '.(0#-*3

B* +"/*/ 0(7 6/ +*(,/$ #2 +"/ C/.$/>"/*/D 0/&+%#&/1 67 ;*%'(*(79 "%&+$ (+


$)(,/$ #+"/* +"(& +"#$/ ,#&$+*-,+/1 +"*#-'" #6G/,+%27%&' 1%$+(&,/ #*
2/+%$"%T%&' %&+%0(,73

N 6!"%&)%(6 "*/$("3
Q *&!,%" &1 8!(4 !-*&""!'9( !, $&;()(,% "*/$(3
] T!,U8!"!'9( /'"(,$("3 \#1./$?% MNOXXR )/*$-($%8/.7 (*'-/$ +"(+ %&
B('($$/@ (.+"#-'" +"/ ,"(*(,+/* `/6/,,( %$ 1/(1@ "/* )*/$/&,/ ,#&<
+%&-/$ +# "(-&+ +"/ A.0 %& >(7$ +"(+ */2-$/ +"/ -$-(. */)*/$/&+(+%#&$ #2
2/0%&%&%+73 ;& )(*+%,-.(*@ "/* 1%$*-)+%8/ $/5-(.%+7 %$ 0(*?/1 67 +*(,/$ #2
"/* #>& 0($F-/*(1/$9 "/* ,.#+"%&'@ "/* -&2(%+"2-.&/$$ +# "/* "-$6(&1
>"%./ ())/(*%&' +# 6/ +"/ )/*2/,+ >%2/@ +"/ >(7 +"/ "#-$/?//)/* /8#?/$
`/6/,,(D$ +"#-'"+$ (&1 (,+%#&$ %& +"/ A.03 W%&(..7@ %& >"(+ \#1./$?%
MNOXX9 ^]R ,(..$ C#&/ #2 +"/ A.0D$ 0#$+ /5+*(#*1%&(*7 0#0/&+$ +"/
,(0/*( )#%&+/1.7 17&(0%T/$ `/6/,,(D$ (6$/&,/3 ="/& \(5%0 +/..$ +"/
"/*#%&/ (6#-+ >"(+ "())/&/1 #& +"/ &%'"+ #2 `/6/,,(D$ 1/(+" MCCH"/ '#+
-)@ ,(0/ +#>(*1$ 0/DD@ /+,3R@ +"/ ,(0/*( 2#..#>$ `/6/,,(D$ 0#8/0/&+$
%& ( ./&'+"7 +*(,?%&' $"#+D3 4"%$ %$ ( E(-&+%&' #2 .(,?@ &#+ %+$ "%1%&'@ (&1
%+ $-''/$+$ +"(+ +"/ */)*/$/&+(+%#& #2 2/0%&%&%+7 &//1 &#+ */)*/$/&+
(6$/&,/ %& +"/ )"(..#,/&+*%, >(7 +"(+ \-.8/7 $-''/$+$3

4"5%)

H#0/ 2/0%&%$+$ "(8/ ,*%+%,%T/1 +"/ &#+%#& #2 0($F-/*(1/@ $-''/$+%&' +"(+ %+ %$ &(rs8/
+# +"%&? +"(+ ,#&$+*-,+%#&$ #2 2/0%&%&%+7 ,(& /$,()/ +"/ 1%$,%).%&/$ #2 ,-.+-*(.
*/)*/$/&+(+%#&3 Z-1%+" U-+./* MNOOaR@ 2#* /5(0)./@ "($ ,"($+%$/1 ;*%'(*(7 %& +"/$/
+/*0$@ (&1 /8/& \#1./$?% MNOXX9 ^]R %& "/* 1%$,-$$%#& #2 B('($$/ "($ +# (10%+ +"(+
C%& +"/ A.0D$ &(**(+%8/@ `/6/,,( %$ $-6G/,+/1 +# ( 6*-+(. 1/8(.-(+%#& (&1
)-&%$"0/&+D3

=(+," 5()%!3& %2 7#- ,(&3 4"/ ,/&+*(. 2/0(./ A'-*/ J \(1/./%&/jZ-17 J 0%'"+ 6/
$//& ($ /5/0).%27%&' 2/0%&%&%+7 ($ 0($F-/*(1/ $%&,/ \(1/./%&/ %$ ())(*/&+.7
,#)7%&' ( 1/(1 (&,/$+#*@ C\(1/./%&/D %$ 6/%&' %0)/*$#&(+/1 67 Z-17@ (&1 H,#++%/
2#*,/$ CZ-17D +# 1*/$$ -) ($ \(1/./%&/ ('(%&3 4"/ 0#8%/ +"-$ "($ ( &(**(+%8/ (&1
$,/&/$ +"(+ $"#> +"/ ,#&$+*-,+%#& #2 2/0%&%&%+73 U-+ 1#/$ +"/ 0#8%/ $-''/$+ +"(+ %&
6/%&' (6./ +# 0(?/ +"/$/ +*(&$2#*0(+%#&$ \(1/./%&/jZ-17 %$ #,,-)7%&' (&
C/.$/>"/*/D 6/7#&1 )"(..#,/&+*%, 8%$%#&$ #2 2/0%&%&%+7_ V*/ +"/*/ #+"/* 8%$-(. #*
$)(+%(. $-''/$+%#&$ %& +"/ A.0 +"(+ +"%$ %$ +"/ ,($/_ B* (*/ +"#$/ +*(&$2#*0(+%#&
e2fYEVD=DSf2B2 HHI

$,/&/$ /06/11/1 %& ( A.0%, #*'(&%T(+%#& #2 +"/ 8%$-(. (&1 $)(+%(. +"(+ ,()+-*/$
\(1/./%&/jZ-17 %& H,#++%/D$ +/*0$_

\(*7 V&& f#(&/D$ MNOXPR 1%$,-$$%#& #2 B('($$/ *(%$/$ ( $%0%.(* F-/$+%#& %&
*/.(+%#& +# +"/ .%6/*(+%&' )#$$%6%.%+%/$ #2 1%$#*%/&+(+%&' $)(,/$3 H"/ 1/$,*%6/$ +"/
%&,#"/*/&+ 1#0/$+%, $)(,/$ #2 ( ,7,./ #2 )#$+<>(* I#..7>##1 0#8%/$ &#+ ($
/./0/&+$ #2 $-68/*$%8/ 0($F-/*(1/$ #2 2/0%&%&%+7@ 6-+ ($ */)*/$/&+%&' ( )(*(&#%(
1//).7 +"*/(+/&%&' +# +"/ A.0D$ 2/0(./ )*#+('#&%$+$3 4"-$ %& B('($$/@ +"/ 6/1*##0
#2 `/6/,,( "($ 6//& ?/)+ ($ %+ >($ 6/2#*/ "/* 1/(+" 67 +"/ "#-$/?//)/*@ (&1 >"/&
+"/ "/*#%&/ A&(..7 '(+"/*$ +"/ ,#-*('/ +# /&+/* %+@ %+ %$ ( $+*(&'/ (&1 1%$#*%/&+%&'
$)(,/3 c8/*7+"%&' %$ $.%'"+.7 +## .(*'/ 2#* +"/ "/*#%&/ M%0).7%&' $"/ %$ ,"%.1.%?/R@
,-*+(%&$ 6.#> #11.7@ +"/ "#-$/?//)/* ())/(*$ 2*#0 &#>"/*/ (&1 2#*,/$ +"/ "/*#%&/
+# +#-," `/6/,,(D$ ,.#+"/$@ +# $%+ (+ "/* 1*/$$%&' +(6./@ +# ./+ +"/ "#-$/?//)/* 6*-$"
"/* "(%* ($ $"/ 6*-$"/1 `/6/,,(D$ MW%'-*/ ^3]R3

4"/ *##0 1%$#*%/&+(+/$ +"/ "/*#%&/@ (&1 >"(+ '#/$ #& +"/*/ +"*/(+/&$ +# */).(,/ "/*
#>& $-6G/,+%8%+7 >%+" +"(+ #2 `/6/,,(3 4"-$@ ($ f#(&/ MNOXPR &#+/$@ +"%$ )(*+%,-.(*
1%$+#*+/1 $)(,/ %$ "(*1.7 ( $-68/*$%8/ $)(,/ 2#* (*+%,-.(+%&' +"/ "/*#%&/D$
$-6G/,+%8%+73 I#>/8/*@ \#1./$?% MNOXXR )*/2/*$ +# /0)"($%T/ +"(+ %+ %$ ( $)(,/ %&
>"%," `/6/,,( */0(%&$ )#>/*2-.@ /8/& %2 +"/ "/*#%&/ 1#/$ &#+3 H/,+%#& P */+-*&$ +#
+"/ 1%22/*/&+ >(7$ +"/7 %&+/*)*/+ B('($$/3
!./(*.7 +"/ %&+/*)*/+(+%#& #2 0($F-/*(1/ (&1 %&,#"/*/&+ $)(,/$ &//1$ +# +(?/ 0(&7
#+"/* ($)/,+$ #2 ( A.0 %&+# (,,#-&+ 6/2#*/ (& (,,#-&+ #2 +"/%* /22/,+$ ,(& 6/
)/*$-($%8/3

g#+%#&$ #2 0($F-/*(1/ "(8/ 6//& /0).#7/1 +# 1%$*-)+ +"/ ())(*/&+


"/'/0#&7 #2 +"/ 0(./ '(T/ ($ ,"(*(,+/*%T/1 67 \-.8/7@ +"/&3 I#>/8/*@
+"/7 1%$*-)+ 67 #22/*%&' ( $-))./0/&+ +# +"(+ '(T/3 4"(+ %$@ +"/7 1# &#+
2-&1(0/&+(..7 ,"(../&'/ \-.8/7D$ ,"(*(,+/*%T(+%#& #2 +"(+ '(T/S +"/7
$%0).7 $-''/$+ +"(+ +"%$ 0%'"+ &#+ 6/ +"/ 2-.. $+#*73

X 3$%; #*/ 8%5/'$!+#!( )1^/ #% #*/ ]1(1"!1" Z1^/K %#*/$ 215+ %3


+//!")

4"/ C0(./ '(T/D@ +"/&@ "($ 6/,#0/ ( $+()./ #2 ,/*+(%& 2/0%&%$+ ,*%+%F-/$ #2
)(+*%(*,"(. 8%$-(.%+7S /8/& +"#$/ 2/0%&%$+ $+*(+/'%/$ +"(+ (*/ 0#*/ ,*%+%,(. #2
\-.8/7D$ */.%(&,/ #& W*/-1D$ +"/#*%T(+%#& #2 +"/ ,($+*(+%#& ,#0)./5 "(8/
+/&1/1 +# +(?/ +"(+ '(T/ 2#* '*(&+/1@ /8/& ($ +"/7 $/(*," 2#* #+"/* >(7$ #2
$//%&'3 U-+ 1%1 \-.8/7D$ )#./0%, /5(''/*(+/ +"/ )#>/* #2 +"(+ '(T/_ 4"/*/
(*/ "%&+$@ /8/& %& "/* #*%'%&(. /$$(7@ +"(+ +"/ 8#7/-*%$+%, (&1 2/+%$"%$+%, '(T/
)*#1-,/1 %+$ #>& 1%2A,-.+%/$3 V2+/* (..@ +"/ C"/*#D #2 5()%!3& '#/$ &/(*.7
0(1 %& "%$ #6$/$$%#& >%+" +"/ >#0(& "/ 2#..#>$3 f%1 \-.8/7 -&1/*<
/$+%0(+/ +"/ %&"/*/&+ 1%2A,-.+%/$ #2 0($,-.%&/ .##?%&'@ +"/&_ B+"/* 2/0%&<
%$+$ "(8/ ,"#$/& )$7,"#(&(.7+%, 0(+/*%(.$ #+"/* +"(& ,($+*(+%#&@ 8#7/-*%$0
(&1 2/+%$"%$0 +# >#*? >%+"@ )*/,%$/.7 %& #*1/* +# +"/#*%T/ ( 8%$-(.%+7 +"(+@
HNV QB2RDS TU@EV>VSVWBU2

>"%./ 1#0%&(&+@ %$ &#+ (..<)#>/*2-.3 ;2 >#0/& (*/ &#+ &/,/$$(*%.7 ,($+*(+/1


&#+<0/&@ +"/& &/%+"/* (*/ (.. 0/& &/,/$$(*%.7 8#7/-*%$+%, 2/+%$"%$+$ MW%'-*/
^3dR3
4"/ )$7,"#(&(.7+%, +/*0 -$/1 +# 1/8/.#) +"%$ )#$$%6%.%+7 %$ [(,(&D$
Z1^/ 8/*$%#& #2 +"/ C,9&3 V$ Z#(& !#)G/, MNOXOR %&$%$+$@ +"/ [(,(&%(& Y(T/ %$
&#+ +"/ $(0/ ($ +"/ C0(./ '(T/D %&%+%(..7 +"/#*%T/1 67 \-.8/7 (&1 +"/&
)#)-.(*%T/1 %& 0(&7 2/0%&%$+ 1%$,-$$%#&$3 4"/ 0#$+ %0)#*+(&+ 1%22/*/&,/ %$
+"(+ +"/ Y(T/ %$ $+*%(+/1 67 %&"/*/&+ 2(%.-*/3 [(,(& /.(6#*(+/1 "%$ &#+%#& #2
+"/ Y(T/ $#0/ +%0/ (2+/* "%$ /5).#*(+%#& #2 +"/ 0%**#* $+('/ M2#* ( 1/+(%./1
/5/'/$%$@ $// H%.8/*0(&@ NOOQ9 Nd^J^]R3 ;& +"%$ .(+/* >#*?@ "/ %$ ./$$
%&+/*/$+/1 %& "#> +"/ $-6G/,+ $//$ (&1 0#*/ %&+/*/$+/1 %& "#> +"/ $-6G/,+ %$
$//&3 4"/ Y(T/ +"-$ $-))./0/&+$ "%$ /(*.%/* (,,#-&+ #2 +"/ 0%**#* $+('/3
4"/ Y(T/ %$ ( 2#*0 #2 8%$-(.%+7 +"(+ )*/</5%$+$ +"/ %&1%8%1-(. $-6G/,+S %+ %$ (
8%$-(.%+7 %&+# >"%," $-6G/,+$ (*/ 6#*&3 [%?/ +"/ 8%$-(.%+7 +"(+ $-6G/,+$ (1#)+
($ +"/%* #>&@ +"#-'"@ +"/ Y(T/ %$ ,-.+-*(..7 ,#&$+%+-+/19

U/+>//& +"/ $-6G/,+ (&1 +"/ >#*.1 %$ %&$/*+/1 +"/ /&+%*/ $-0 #2 1%$,#-*$/$
+"(+ 0(?/ -) 8%$-(.%+7@ +"(+ ,-.+-*(. ,#&$+*-,+@ (&1 0(?/ 8%$-(.%+7
1%22/*/&+ 2*#0 8%$%#&@ +"/ &#+%#& #2 -&0/1%(+/1 8%$-(. /5)/*%/&,/3 U/+>//&
+"/ */+%&( (&1 +"/ >#*.1 %$ %&$/*+/1 ( "$)((, #2 $%'&$@ ,#&$%$+%&' #2 (.. +"/
0-.+%)./ 1%$,#-*$/$ #2 8%$%#& 6-%.+ %&+# +"/ $#,%(. (*/&( 3 3 3 >"/& ; ./(*& +#
$// $#,%(..7@ +"(+ %$@ >"/& ; 6/'%& +# (*+%,-.(+/ 07 */+%&(. /5)/*%/&,/ >%+"
+"/ ,#1/$ #2 */,#'&%+%#& +"(+ ,#0/ +# 0/ 2*#0 07 $#,%(. 0%.%/-M$R@ ; (0
%&$/*+/1 %&+# $7$+/0$ #2 8%$-(. 1%$,#-*$/ +"(+ $(> +"/ >#*.1 6/2#*/ ; 1%1@
(&1 >%.. '# #& $//%&' (2+/* ; $// &# .#&'/*3 MU*7$#&@ NOXX9 ONJQR

W#..#>%&' +"%$ ($$/*+%#&@ +"/*/ (*/ +"*// >(7$ %& >"%," +"%$ Y(T/ 2(%.$ +#
#22/* 8%$-(. 0($+/*73 4"/ A*$+ %$ $-''/$+/1 67 U*7$#&3 H%&,/ +"/ Y(T/ C>%..
'# #& $//%&' (2+/* ; $// &# .#&'/*D@ U*7$#& $(7$ +"(+ %+ C,($+$ ( $"(1#> #2
6(/%;D MU*7$#&@ NOXX9 OQR3 ;+ */0%&1$ -$ #2 #-* #>& 0#*+(.%+73 H/,#&1@ +"/
Y(T/ ,(&&#+ #22/* 8%$-(. 0($+/*7 6/,(-$/ %+ %$ 1%22-$/@ /8(&/$,/&+ (&1
%**%1/$,/&+@ $(7$ [(,(&3 ;&1//1@ '%8/& +"/ >(7 %+ )*/1(+/$ (&1 >%.. #-+.($+
+"/ $-6G/,+@ %& ( $/&$/ %+ .##?$ (+ +"/ $-6G/,+ *(+"/* +"(& +"/ $-6G/,+ .##?%&'
(+ #* +"*#-'" %+3 C;& +"/ $,#)%, A/.1@ +"/ '(T/ %$ #-+$%1/@ ; (0 .##?/1 (+@ +"(+
%$ +# $(7@ ; (0 ( )%,+-*/ 3 3 3 ="(+ 1/+/*0%&/$ 0/@ (+ +"/ 0#$+ )*#2#-&1
./8/.@ %& +"/ 8%$%6./@ %$ +"/ '(T/ +"(+ %$ #-+$%1/D M[(,(&@ NOPP9 NabR3 4"/
,#&$/F-/&,/ #2 +"/ /5+/*&(.%+7 #2 +"/ Y(T/ %$ +"(+ >"/& C; $#.%,%+ ( .##?@
>"(+ %$ )*#2#-&1.7 -&$(+%$27%&' (&1 (.>(7$ 0%$$%&' %$ +"(+ J V&+ ,(8()
9&&< /% -( 1)&- %;( *9/$( 4;!$; E "(( 0&+D M[(,(&@ NOPP9 Na]R3 W%&(..7@ +"/
Y(T/ 2(%.$ )*/,%$/.7 6/,(-$/ %+ %$ $+*-,+-*/1 +"*#-'" ( $,*//& #2 $%'&$3 H%'&$@
($ $/0%#.#'7 &#+/$@ (*/ $-6$+%+-+/$ 2#* +"/%* */2/*/&+$3 V$ */)*/$/&+(+%#&$@
+"/7 (*/ 1%22/*/&+ 2*#0 +"(+ +# >"%," +"/7 */2/*3 W#* [(,(&@ +"/ ,"%.1D$
/&+*7 %&+# ,-.+-*/ J %&+# +"/ $%'&$ +"(+ ,#&$+%+-+/ .(&'-('/@ 8%$-(.%+7 (&1
=5;,%4!( >"(+ "/ ,(../1 +"/ =-2?*#(/ J %$ ( +*(-0(+%, $/)(*(+%#& 2*#0 %&+%0(,7 >%+"
*/2/*/&+$3 M[(,(&D$ +/*0 2#* ( >#*.1 #2 */2/*/&+$ 6/2#*/ +"/ H706#.%, >($
+"/ `/(.3R ;&1//1@ [(,(& */>#*?/1 W*/-1D$ (,,#-&+ #2 +"/ ,($+*(+%#&
e2fYEVD=DSf2B2 HNH

W!)'$/ X9L ?1'((


!*"2 ['1#-#"#/>%
`$#$55+

,#0)./5 +# $-''/$+ +"(+ >"(+ +"(+ ,#0)./5 1/(.$ >%+" %$ &#+ )/*,/)+%#&$ #2
(&(+#0%,(. 1%22/*/&,/ 6-+ *(+"/* +"/ /&+*7 %&+# +"/ H706#.%, (&1 +"/
$-6$+%+-+%#& #2 $%'&$ 2#* */2/*/&+$ >"%," (.. 6(6%/$@ 6#7$ (&1 '%*.$@ '#
+"*#-'"3 I/&,/ +"/ Y(T/@ ($ )(*+ #2 +"/ H706#.%,@ %$ (.$# 0(*?/1 67 +"/
.(,? %&"/*/&+ %& +"(+ $-6$+%+-+%#&3
[(,(& -$/$ ( )(%&+%&' +# /0)"($%T/ +"/ .(,? +"(+ "(-&+$ +"/ Y(T/9 >;(
D-'/""/6&)"@ )(%&+/1 (+ +"/ ,#-*+ #2 I/&*7 K;;; %& [#&1#& %& N^]] 67
I(&$ I#.6/%& MW%'-*/ ^3^R3
4"/ )(%&+%&' $"#>$ +># 0/& %& .-5-*%#-$ 1*/$$@ $-**#-&1/1 67 +"/
%&$+*-0/&+$ #2 $,%/&+%A, ?&#>./1'/ (&1 (*+%$+%, /5)*/$$%#&9 +"/7 (*/ $"#>&
HNN QB2RDS TU@EV>VSVWBU2

W!)'$/ X9J ?1'((


!*"2 ['1#-#"#/>%
Q$(!.8"

($ )#>/*2-.@ $#,%(..7@ (*+%$+%,(..7 (&1 $,%/&+%A,(..73 U-+ %& 2*#&+ #2 +"/0@ (+


+"/%* 2//+@ %$ ( $+*(&'/ #8(. $"()/@ %&,#0)*/"/&$%6./ %& +/*0$ #2 +"/
,#"/*/&+@ )/*$)/,+%8(..7 */)*/$/&+/1 $)(,/ #2 +"/ */$+ #2 +"/ )(%&+%&'3 4"%$
#8(. #&.7 0(?/$ 8%$-(. $/&$/ %2 +"/ $)/,+(+#* $+(&1$ +# #&/ $%1/ #2 +"/
)(%&+%&'@ >"/& %+ +"/& ())/(*$ ($ ( $?-..3 ;+ %$ ( */0%&1/* #2 1/(+"@ (
)#)-.(* 1/8%,/ %& $/8/&+//&+"<,/&+-*7 )(%&+%&'$ +"(+ #+"/*>%$/ ,/./6*(+/1
+"/ *%,"&/$$ #2 .%2/3 I#>/8/*@ %+$ 1%$*-)+%#& #2 +"/ ,#"/*/&+ $)(,/ #2 +"/
(06($$(1#*$ (&1 +"/ $)/,+(+#* %$ ( */0%&1/* 2#* [(,(& MNOPP9 XXR #2 C+"/
$-6G/,+ ($ (&&%"%.(+/1D@ &#+ #&.7 67 1/(+"@ 6-+ 67 +"/ .(,? +"(+ $+*-,+-*/$
+"/ M8%$-(.R H706#.%,3
e2fYEVD=DSf2B2 HNL

4"%$ 1/A&%+%#& #2 +"/ Y(T/ "($ $#0/ )*#2#-&1 %0).%,(+%#&$ 2#*


\-.8/7D$ (*'-0/&+ (6#-+ $/5-(. 1%22/*/&,/ %& +"/ A/.1 #2 8%$%#&3 V$ i(G(
H%.8/*0(& MNOOQ9 N^NR 2#* #&/ &#+/$@ C$%&,/ +"/ '(T/ (.>(7$ /0/*'/$ 2#* -$
>%+"%& +"/ A/.1 #2 8%$%#&@ (&1 $%&,/ >/ #-*$/.8/$ (*/ (.>(7$ 6/%&'
)"#+#'*()"/1 67 %+ /8/& ($ >/ .##?@ (.. 6%&(*%T(+%#&$ #2 $)/,+(+#* (&1
$)/,+(,./ 07$+%27 +"/ $,#)%, */.(+%#&$ %& >"%," >/ (*/ "/.1D3 I/&,/@ $%&,/
+"/ Y(T/ .##?$ (+ /8/*7#&/@ 0/& ($ >/.. ($ >#0/& (*/ +-*&/1 %&+#
$)/,+(,./$ +"*#-'" %+S (&1 $%&,/ %+$ $+(+-$ ($ ( $,*//& #2 $%'&$ 0/(&$ %+ %$
&/8/* ( ,#0)./+/ 8%$%#&@ &/%+"/* >#0/& &#* 0/& ,(& (++(%& 8%$-(. 0($+/*7
+"*#-'" %+3
W#* 2/0%&%$+$ .%?/ H%.8/*0(&@ +"%$ %$ ( 0-," 0#*/ $(+%$2(,+#*7 2#*0-<
.(+%#& #2 +"/ 1#0%&(&+ $,#)%, */'%0/ +"(& \-.8/7D$ (&(.7$%$ #2 +"/ 0(./
'(T/3 ;+ 6*/(?$ 1#>& +"/ 6%&(*7 1%$+%&,+%#& 6/+>//& C>#0(& ($ %0('/@ 0(&
($ 6/(*/* #2 +"/ .##?D +# $-''/$+ +"(+ 0(& 0(7 6/ %0('/ +##@ (&1 +"(+ 6#+"
0/& (&1 >#0/& 0(7 .##?@ 6-+ &/%+"/* (&1 &/8/* (..<)#>/*2-..73 W#*
H%.8/*0(& MNOOb9 QR@ +"%$ #)/&$ +"/ 1##* +# >"(+ $"/ ,(..$ C(& /+"%,$ #2 +"/
A/.1 #2 8%$%#&D +"(+ 0%'"+ C0(?/ %+ )#$$%6./ 2#* -$ +# %1/(.%T/@ (&1@ $#@ +#
%1/&+%27 >%+" 6#1%/$ >/ >#-.1 #+"/*>%$/ */)-1%(+/D3 ;& #+"/* >#*1$@ +"/
Y(T/ (..#>$ ( '*/(+/* *(&'/ #2 >(7$ #2 $//%&' +# 6/,#0/ )#$$%6./@ $#0/ #2
>"%," 0(7 >#*? ('(%&$+ +"/ ,-.+-*(. ,#&$+*-,+%#& #2 $#0/ 8%$-(.%T/1
%1/&+%+%/$ ($ %&2/*%#*3
H#0/ #2 +"/ 0/+"#1#.#'%,(. %0).%,(+%#&$ #2 >#*?%&' >%+" +"/ Y(T/
(.$# 6/,#0/ /8%1/&+ %& H%.8/*0(&D$ >#*?@ /$)/,%(..7 "/* NOOQ 6##? R/9(
2+'=($%!8!%0 /% %;( R/)3!,"3 I/*/@ $"/ /5).#*/$ >"(+ $"/ ,(..$ C1/8%(&+
0($,-.%&%+%/$D J +"#$/ >"%," 1# &#+ ,#&2#*0 +# +"/ 1#0%&(&+ A,+%#& #2
)"(..%, 0($,-.%&%+7 J C$#0/ #2 >"%," 1# %&1//1 $(7 CC&#DD +# )#>/*D
MH%.8/*0(&@ NOOQ9 QR3 W#* H%.8/*0(&@ +"/$/ (*/ 0($,-.%&%+%/$ >"%," /06*(,/
+"#$/ F-(.%+%/$ +"(+ +"/ 1#0%&(&+ A,+%#& ($,*%6/$ +# 2/0%&%&%+73 H"/ +"-$
)*#8%1/$ $#0/ 0/+"#1#.#'%,(. )#%&+/*$3 H"/ %$ %&+/*/$+/1 %& */)*/$/&+(+%#&$
#2 0($,-.%&%+7 +"(+9

N /$<,&49(63( /,6 (-')/$( $/"%)/%!&,3 H%.8/*0(&D$ MNOOQ9 ^QJNQNR #>&


/5(0)./ #2 ( A.0 >"%," /5).#*/$ C+"/ ,($+*(+%#&$ +"*#-'" >"%," +"/
0(./ $-6G/,+ %$ ,#&$+%+-+/1D MH%.8/*0(& NOOQ9 ^QR %$ ( NOdb A.0 1%*/,+/1
67 =%..%(0 =7./* ,(../1 >;( ?("% V(/)" &1 #+) @!8("3 ;+ +*(,/$ +"/
*/+-*& "#0/ #2 +"*// $#.1%/*$ (+ +"/ /&1 #2 =#*.1 =(* ;; (&1@ (,,#*1%&'
+# H%.8/*0(& MNOOQ9 bPR@ C0(./ .(,? %$ $# 2-..7 1%$).(7/1 %& +"(+ A.0 +"(+
/8/& 2#-* 1/,(1/$ (2+/* %+$ #*%'%&(. */./($/ %+ */0(%&$ )*#2#-&1.7
1%$+-*6%&'@ (&1 (+ +%0/$ (.0#$+ -&>(+,"(6./D3 V$ G-$+ #&/ %&$+(&,/@ $"/
&#+/$ +"/ >(7 %& >"%," +"/ (%*,*(2+0(& >"# "($ .#$+ 6#+" "(&1$
/8/&+-(..7 $"#>$ "%$ (0)-+(+/1 (*0$ +# "%$ '%*.2*%/&1@ -&(6./ +# .##? (+
"/* ($ "/ 1#/$ $#3 I%$ 6#1%.7 .#$$ %$ )(*(.././1 67 "%$ .#$$ #2 8%$%#&@ (&1
%+ %$ +"/ 2/0(./ $-6G/,+ >"# ,(& $// +"%$3 \#1./$?% MNOXXR (*'-/$
$+*#&'.7 +"(+ I%+,",#,?D$ "/*#/$ (*/ (.$# 0-," ./$$ $/,-*/ %& +"/%*
0($,-.%&%+7 +"(& \-.8/7D$ (*'-0/&+ (..#>$3 H"/ )#%&+$ +# ( &-06/* #2
>(7$ %& >"%," +"/ A.0$ ($$/*+ +"/ 2*('%.%+7 #2 0($,-.%&/ $-6G/,+%8%+79 %&
HNJ QB2RDS TU@EV>VSVWBU2

W!)'$/ X9X [+7%


["(&.'7* @-$
D/#+))+'"()*
EI\\ :=+!."&+6
W+66$(9* S"&'"&;

Z/22*%/$D$ 6*#?/& ./'@ %& "%$ )($$%8%+7 ($ #))#$/1 +# "%$ '%*.2*%/&1D$


%&,*/($%&' (,+%8%+7 %& B(/) .!,6&4@ %& H,#++%/D$ 8/*+%'#@ %& H,#++%/D$
#6$/$$%#& >%+" \(1/./%&/ >"%," ,#0/$ ,.#$/ +# 1*%8%&' "%0 0(1@ %& "%$
%&(6%.%+7 +# $// )*#)/*.7 (2+/* "/ +"%&?$ "/ "($ >%+&/$$/1 "/* 1/(+"3
Q /)( "*($+9/)3 H%.8/*0(& MNOOQR #22/*$ (&#+"/* /5(0)./ 2*#0 >;( ?("%
V(/)" &1 #+) @!8("3 V&#+"/* #2 +"/ $#.1%/*$ */+-*&%&' "#0/ %& -&%2#*0
(&1 0/1(.$ %$ '*//+/1 67 "%$ >%2/ C/" "*($%/$9( J ($ ( '.(0#*#-$ (&1
"/*#%, %0('/ 3 3 3 I#>/8/*@ +"/ A*$+ +%0/ $"/ $//$ "%0 %& ,%8%.%(& ,.#+"/$
$"/ 8%$%6.7 */,#%.$@ ())(../1 67 "%$ $"(667 (&1 -&2($"%#&(6./ $-%+D
MH%.8/*0(&@ NOOQ9 PPS 2#* 0#*/ '/&/*(. 1%$,-$$%#&$ #2 $)/,+(,-.(*%T/1
0($,-.%&%+%/$ %& A.0@ $// !#"(& (&1 I(*?@ NOO]S `3 f7/* NOXQS g/(./
NOX]R3

\#6%.%T%&' [(,(&D$ &#+%#& #2 +"/ Y(T/@ +"/&@ )/*0%+$ ( 0#*/ ,#0)./5


8%$-(.%+7 +# 6/ $//& +"(& +"(+ )*#)#$/1 67 \-.8/7 MNOXOR3

Q 3$%; #*/ &!+(!64!"/+ %3 +',U/(#!%" #% #*/ 6%++!,!4!#!/+ %3 31"#1+5

V&#+"/* +(,+%, (1#)+/1 67 $#0/ 2/0%&%$+ A.0 +"/#*%$+$ +# /5).#*/ ( >%1/*


*(&'/ #2 >(7$ #2 $//%&' +"(& +"(+ (..#>/1 67 \-.8/7D$ (,,#-&+ %$ +# 1*(>
e2fYEVD=DSf2B2 HNX

#& +"/ )$7,"#(&(.7+%, -&1/*$+(&1%&' #2 2(&+($73 ;& )$7,"#(&(.7+%, >#*?@


2(&+($7 %$ &#+ -$/1 %& +"/ )#)-.(* $/&$/ #2 $#0/+"%&' +"(+ %$ F-%+/ 1%$+%&,+
2*#0 C*/(.%+7D3 ;&$+/(1@ 2(&+($7 %$ $//& ($ $#0/+"%&' +"(+ )(*+.7 $+*-,+-*/$ (
$-6G/,+D$ */(.%+73
W1"#1+5 D,+$,)- %$ .#,(+/1 6/+>//& +"/ ,#&$,%#-$ (&1 +"/ -&,#&$,%#-$S %+ %$
>"/*/ +"/ +*(&$(,+%#&$ 6/+>//& +"/$/ +># T#&/$ #,,-* MU-*'%&@ NOOQR3 ;&
2(&+($7 J 1(71*/(0$@ 2#* /5(0)./ J +"/ -&,#&$,%#-$ %$ '%8/& $#0/ $#*+ #2
+/0)#*(.@ $)(+%(. (&1 $706#.%, 2#*0 67 +"/ ,#&$,%#-$3 !/*+(%& .#$+ #6G/,+$
(*/ 1*/(0+ (6#-+@ '%8/& ( )(*+%,-.(* $)(+%(. (**(&'/0/&+ (&1 ).(,/1 %& (
)(*+%,-.(* &(**(+%8/3 4"-$ 2(&+($7 %$ #2+/& 1/$,*%6/1 ($ ( ?%&1 #2 $+('%&'3
4"%$ $/&$/ #2 ( 2(&+($7 6/%&' $+('/1 %$ (.$# ())*#)*%(+/ 6/,(-$/ +"/ $-6G/,+
#2+/& 2//.$@ %& )(*+@ +"(+ +"/7 (*/ .##?%&' #& (+ +"/ 2(&+($79 +"/7 (*/ %+$
(-1%/&,/3 V )(*(../. >%+" ,%&/0( %$ %00/1%(+/.7 #68%#-$@ $%&,/ ,%&/0( +##
$+('/$ #6G/,+$@ +%0/$ (&1 $)(,/$ +"*#-'" )(*+%,-.(* ,#1/$ #2 */)*/$/&+(+%#&
2#* (& (-1%/&,/ %& >(7$ +"(+ 1/)/&1@ (,,#*1%&' +# 2/0%&%$+ )$7,"#(&(.7+%,
,*%+%,$@ #& 2(&+($%/$ (6#-+ $/5-(. 1%22/*/&,/ %& )(*+%,-.(*3 c.%T(6/+" !#>%/
MNOOa9 N^aR &#+/$@ "#>/8/*@ +"(+ \-.8/7@ 2#* /5(0)./@ #&.7 (..#>$ 2#* #&/
2(&+($7 %& ,%&/0(9 +"(+ ,#&,/*&%&' +"/ 0($,-.%&/ 2/(* #2 ,($+*(+%#&3
4"/*/ %$ (&#+"/* ,#&&/,+%#& +## 6/+>//& ,%&/0( (&1 2(&+($79 8%$-(.
)./($-*/3 W*/-1 $-''/$+/1 +"(+ 2(&+($7 6/'%&$ >"/& +"/ %&2(&+ 1*/(0$ #2
.#$+ )./($-*(6./ #6G/,+$@ +"/%* 0#+"/*D$ 0%.? #* 6*/($+@ 2#* /5(0)./3 4"/
c/+!$/ )./($-*/ '(%&/1 2*#0 2(&+($%T%&' (6#-+ .#$+ #6G/,+$ %$ ,(../1 6&)(%&3 !#>%/
MNOOa9 NdOR 1/$,*%6/$ 2(&+($7 ($ C+"/ 0%$/</&<$,/n&/ #2 1/$%*/@ +"/ )-++%&'
%&+# ( $,/&/@ ( $+('%&'@ #2 1/$%*/D3 4"/$/ /0)"($/$ #& +"/ $)/,+(+#*D$ 8%$-(.
)./($-*/ $-''/$+ >"7 2(&+($7 "($ +/&1/1 +# 6/ -$/1 +# (11*/$$ F-/$+%#&$ #2
$)/,+(+#*$"%) %& ,%&/0(3 \(*7 V&& f#(&/D$ MNOXPR 6##? (6#-+ +"/ $#<
,(../1 C>#0/&D$ A.0$D 0(1/ 67 I#..7>##1 %& +"/ NO]a$ (&1 NOda$ %$
,(../1 >;( L("!)( %& L("!)(3 [%?/ \-.8/7 +"#-'"@ f#(&/ 1#/$ &#+ $//
&(**(+%8/ ,%&/0( (..#>%&' >#0/& +# $// A.0$@ #* 6/ $//& %& +"/0@ %& +/*0$
#+"/* +"(& +"#$/ $/+ 67 )"(..#,/&+*%, 8%$-(.%+73 4"-$@ %& */.(+%#& +# +"/$/
0#8%/$@ >#0/& ,(& #&.7 1/$%*/ 1/$%*/3
!#>%/ $//$ +"/ */.%(&,/ #2 \-.8/7 (&1 f#(&/ #& +"/ %0).%,(+%#&$ #2
+"/ ,($+*(+%#& ,#0)./5 ($ +## */$+*%,+%8/ %& +"/ >(7 %+ A5/$ +"/ $)/,+(+#*
%&+# ( )(*+%,-.(*@ 0($,-.%&%T/1 8%/>%&' )#$%+%#&3 !#>%/ MNOOaR %&$+/(1
+-*&$ +# +"/ &#+%#& #2 2(&+($7 6/,(-$/ $"/ +"%&?$ %+ )*#8%1/$ ( >(7 #2
.##$/&%&' +"(+ A5%+73 ;& +"(+ $/&$/@ "/* (%0$ (*/ +"/ $(0/ ($ +"#$/ 2/0%&%$+$
>"# "(8/ 1/).#7/1 +"/ 0($F-/*(1/ #* +"/ Y(T/3 V.. >(&+ +# $-''/$+ +"(+
/8/& >%+"%& ( )"(..#,/&+*%, ,-.+-*(. 2#*0 .%?/ 0(%&$+*/(0 I#..7>##1
,%&/0(@ +"/*/ (*/ +*(,/$ #2 &#&<1#0%&(&+ >(7$ #2 $//%&'@ %& 6#+" +"/ A.0
(&1 %& %+$ (-1%/&,/3
!#>%/D$ MNOOaR ?/7 )#%&+ (6#-+ 2(&+($7 %$ +"(+ +"/ $-6G/,+ &//1 &#+
#&.7 6/ +"/ (-1%/&,/ #2 ( 2(&+($73 4"/ $-6G/,+ 0(7 (.$# %0('%&/ +"(+ +"/7
)(*+%,%)(+/ %& +"/ 2(&+($7 ($ >/..@ (&1 %& )/*"()$ 0#*/ +"(& #&/ *#./3 V..
2(&+($%/$@ $"/ $(7$@ C)*/$/&+ ( 8(*7%&' #2 $-6G/,+ )#$%+%#&$ $# +"(+ +"/ $-6G/,+
+(?/$ -) 0#*/ +"(& #&/ )#$%+%#& (&1 +"-$ %$ &#+ A5/1D M!#>%/@ NOOa9 NbaR3
4"%$ %$ 6/,(-$/ +"/ 2(&+($7 ,#&$%$+$@ &#+ #2 #6G/,+$ )/* $/@ 6-+ #2 +"/%*
HNQ QB2RDS TU@EV>VSVWBU2

%&+/**/.(+%#&$@ +"/%* $+('%&'3 4"-$ C+"/ $-6G/,+ %$ )*/$/&+ #* )*/$/&+/1


+"*#-'" +"/ 8/*7 2#*0 #2 #*'(&%T(+%#&@ ,#0)#$%+%#&@ #2 +"/ $,/&/D M!#>%/@
NOOa9 NbaRS +"/ $-6G/,+ %$ )#$%+%#&/1 +"*#-'" +"/ $,/&%, #*'(&%T(+%#& #2 +"/
2(&+($7 (&1 %$ +"/*/2#*/ )(*+ #2 /(," #6G/,+ %& %+3 4"/ %0).%,(+%#&$ 2#*
,%&/0( $)/,+(+#*$"%) (*/ +"(+ (-1%/&,/$ 0(7 */2-$/ +# 6/ )#$%+%#&/1 %& +"/
>(7$ +"(+ \-.8/7 $-''/$+/1 +"/7 >#-.1 6/@ ($ 0/&3 ;&$+/(1@ 0/& (&1
>#0/& %& +"/ (-1%/&,/ 0(7 6/ )#$%+%#&/1 >"%./ >(+,"%&' ( A.0 %& >(7$
+"(+ ,#**/$)#&1 +# +"/ 17&(0%,$ #2 +"/%* #>& 2(&+($%/$3
!#>%/D$ MNOOaR /$$(7 ,#&+(%&$ (& /5+/&1/1 1%$,-$$%#& #2 #&/ #2 +"/
C>#0/&D$ A.0$D #2 +"/ NOda$@ P&4 5&0/3()@ 1%*/,+/1 67 ;*8%&' `())/* (&1
$+(**%&' U/++/ f(8%$3 H"/ 6/'%&$ 67 &#+%&' >"(+ $#*+ #2 2(&+($%/$ +"/ A.0
(11*/$$/$@ (&1 $"/ 1/+/,+$ +"/$/ 2(&+($%/$ 67 .##?%&' (+ +"*// ($)/,+$ #2 +"/
A.09

N ,/))/%!8(3 !#>%/ &#+/$ "#> +"/ $+#*7 #2 +"/ A.0 ,#&+(%&$ ( &-06/* #2
>%$"/$ 2#* *(+"/* ,#&8/&+%#&(. ?%&1$ #2 $-,,/$$9 /*#+%, $-,,/$$ (&1
$#,%(. $-,,/$$ %& )(*+%,-.(*3 U-+ +"/ A.0 (.$# )*/$/&+$ $#0/ 0#*/ )*#<
"%6%+/1 2(&+($%/$3 !#>%/ MNOOaR (*'-/ +"(+ 2(&+($%/$ 8/*7 #2+/& 1# G-$+
+"%$@ 6/,(-$/ #2 +"/%* 6#*1/*.%&/ .#,(+%#& 6/+>//& +"/ ,#&$,%#-$ (&1 +"/
*/)*/$$%#&$ #2 +"/ -&,#&$,%#-$3 4"/ )*#"%6%+/1 1/$%*/$ #2+/& ,/&+*/ #&
+"/ */.(+%#&$ 6/+>//& )(*/&+$ (&1 ,"%.1*/&3 4"-$ %& P&4 5&0/3() +"/
U/++/ f(8%$ ,"(*(,+/* */G/,+$ "/* #>& 1#0%&//*%&' 0#+"/* ($ "/(1 #2
+"/ "#-$/"#.1@ (&1 0#+"/*$ %& "/* +-*& >%+"#-+ ( 0(./ )(*+&/*3
Q (K+!8/9(,$(" '(%4((, $;/)/$%()"3 ;& ( 1%$,-$$%#& #2 (&#+"/* A.0@ !#>%/
MNOOaR $-''/$+$ (&#+"/* >(7 %& >"%," ( A.0 0(7 (..#> 0-.+%)./ /&+*7
)#%&+$ 2#* 2(&+($%/1 %1/&+%A,(+%#&$ >%+" $/8/*(. ,"(*(,+/*$3 H"/ &#+/$
+"(+ 6#+" &(**(+%8/.7 M%& +/*0$ #2 >"(+ +"/7 1#@ /$)/,%(..7 %& */.(+%#& +#
#+"/* ,"(*(,+/*$R (&1 8%$-(..7 M%& +/*0$ #2 "#> +"/7 (*/ $//&R@ ( A.0
0(7 $-''/$+ +"(+ ,/*+(%& ,"(*(,+/*$ (*/ /F-%8(./&+9 +># ,"(*(,+/*$ 0(7
6/ $"#>& ($ C2(+"/*$D %& */.(+%#& +# ( 2(0%.7@ 2#* /5(0)./@ /8/& +"#-'"
#&.7 #&/ C*/(..7D %$3 4"-$ $)/,+(+#*$ 0(7 */$)#&1 +# 6#+" ,"(*(,+/*$ ($
C2(+"/*$D3
] 8!"+/9 "+'"%!%+%!&,"3 ;2 2(&+($%/$ #2+/& (*+%,-.(+/ */)*/$$/1 1/$%*/$@ +"/7
0-$+ 1# $# $/1-,+%8/.7 %& >(7$ +"(+ 1# &#+ %&8%+/ */G/,+%#&@ $(7$ !#>%/3
I#..7>##1 0#8%/$ ,(& (,"%/8/ +"%$ 67 0(?%&' 8%$-(. $-6$+%+-+%#&$9
8%$-(. 0#0/&+$ +"(+ */)/(+ +"/0$/.8/$ 6-+ >%+" ( 1%22/*/&,/3 !#>%/
MNOOa9 NPXJOR /5).(%&$ +"%$ >%+" (& /5(0)./ 2*#0 P&4 5&0/3()3 U/++/
f(8%$D$ +*(&$2#*0(+%#& 2*#0 1#>17 1(-'"+/* +# '.(0#*#-$ %&1/)/&<
1/&+ >#0(& M(& (*+%,-.(+%#& #2 6#+" "/* /*#+%, (&1 $#,%(. $-,,/$$R %$
0(*?/1 67 ( +%.+ $"#+ +"(+ $+(*+$ (+ "/* ./'$ (&1 /&1$ (+ "/* "/(13 4"/
A*$+ +%0/@ %+ $"#>$ E(+ $"#/$@ +"%,? $+#,?%&'$@ '.($$/$9 +"/ $/,#&1 +%0/@
6/(-+%2-. $"#/$@ $%.? +%'"+$@ ( $+-&&%&' "(+ (&1 &# '.($$/$3 H-," 8%$-(.
)-&$ /&+%,/ +"/ (-1%/&,/ %&+# (,,/)+%&' +"/ A.0D$ +/*0$@ $(7$ !#>%/3

!#>%/D$ .($+ /5(0)./ %$@ ($ $"/ &#+/$@ (.$# (& /5(0)./ #2 +"/ 0($F-/*(1/
#2 2/0%&%&%+73 U-+ $"/ (*'-/$ +"(+ +"/ $-68/*$%8/&/$$ #2 +"/ 0($F-/*(1/ ,(&
e2fYEVD=DSf2B2 HNS

6/ -&1/*$+##1 #&.7 %2 +"/ 2(&+($%/$ %& >"%," %+ %$ /06/11/1 (*/ (.$# 0(1/
,./(*3 M\#1./$?%@ NOXb9 NQO (.$# &#+/$ +"(+ +"/ C/.$/>"/*/D ,/&+*(. +#
;*%'(*(7D$ (,,#-&+ #2 0($F-/*(1/ &//1$ +# 6/ $)/,%A/1 %2 %+$ )#+/&+%(. 2#*
,*%+%F-/ %$ +# 6/ 2-.A../13R ;& )(*+%,-.(*@ !#>%/ MNOOa9 NXaR (*'-/$ +"(+ +"/
&(**(+%8/ */$#.-+%#& #2 P&4 5&0/3() J %& >"%," U/++/ f(8%$ ('*//$ +#
0#+"/* +"/ 1(-'"+/* #2 +"/ 0(**%/1 0(& $"/ $)/&+ #&/ &%'"+ >%+" J %$ (
>#0(&D$ 2(&+($7 #2 "(8%&' ( ,"%.1 >%+"#-+ (,,/)+%&' +"/ M*-./ #2 R +"/
2(+"/*3 ;+ +"-$ $%1/$+/)$ +"/ )#$%+%#& #22/*/1 +# >#0/& %& W*/-1D$ (,,#-&+
#2 +"/ ,($+*(+%#& ,#0)./53
!#>%/D$ 1%$,-$$%#& #2 2(&+($7 ,./(*.7 */0(%&$ >%+"%& )$7,"#(&(.7$%$3
W(&+($7@ %+ %$ (*'-/1@ $+%.. 1/(.$ >%+" $-6G/,+%8%+7@ $/5-(.%+7 (&1 +"/
-&,#&$,%#-$@ >%+" +"/ 17&(0%,$ #2 +"/ ,"%.1D$ */.(+%#& +# %+$ /(*.7 ,(*/*$
(&1 #2 $/5-(. 1%22/*/&,/3 4/*/$( 1/ [(-*/+%$ MNOO^9 P^R %&$%$+$ #& +"%$@ (&1
>(*&$ ('(%&$+ C+"/ #)+%0%$+%,(..7 $%..7 &#+%#& #2 (& -&6#-&1/1 0#6%.%+7 #2
%1/&+%+%/$ 2#* +"/ $)/,+(+#*<$-6G/,+ 3 3 3 +"/ A.0D$ $)/,+(+#* k,(&&#+l )%,?
(&1 ,"##$/ (&7 #* (.. #2 +"/ $-6G/,+<)#$%+%#&$ %&$,*%6/1 %& +"/ A.0 */'(*1<
./$$ #2 '/&1/* #* $/5-(. 1%22/*/&,/@ +# $(7 &#+"%&' #2 #+"/* ?%&1$ #2 1%22/*<
/&,/D3 I#>/8/*@ %& %+$ /&'('/0/&+ >%+" +"/ */)*/$$%#&$ #2 +"/ -&,#&$,%#-$@
2(&+($7 (.$# (..#>$ ( '*/(+/* *(&'/ #2 %&+/*)*/+%8/ )#$$%6%.%+%/$ %& */.(+%#& +#
A.0$ (&1 +"/%* (-1%/&,/$3

4"5%)

=(+," B('($$/ %2 7#- ,(&3

="(+ (*/ +"/ 2(&+($%/$ #2 $-,,/$$ M(&1 2(%.-*/R +"(+ $+*-,+-*/ +"/ A.0_

I#> (*/ ,"(*(,+/*$ 0(1/ /F-%8(./&+_ W#* /5(0)./@ %& (& /(*.7 $,/&/ +"/ "/*#%&/
1/$,*%6/$ +# \(5%0 "/* ,.#$/ */.(+%#& +# "/* 2(+"/*@ (&1 %$ $"#>& ($ ,"%.1.%?/ ($ $"/
1#/$ $#9 ,.-0$7@ '(-,"/@ /(+%&' *-&&7 /''$3 f#/$ \(5%0 6/,#0/ /F-(+/1 >%+" "/*
2(+"/*_ V&1 %2 +"(+ %$ +"/ ,($/@ %$ +"/ "/*#%&/D$ $+*-''./ +# 6/,#0/ ( C)*#)/*D >%2/
(.$# ( $+*-''./ +# #8/*,#0/ `/6/,,( ($ $#0/ $#*+ #2 )#>/*2-. 0#+"/*_ \#1./$?%
MNOXXR $-''/$+$ +"%$ %$ +"/ ,($/3

V*/ +"/*/ 8%$-(. $-6$+%+-+%#&$_ ="(+ (*/ +"/ %0).%,(+%#&$ #2 6#+" `/6/,,( (&1 +"/
"/*#%&/ 1*/$$%&' -) %& +"/ $(0/ ,#$+-0/ %& +/*0$ #2 2(&+($7@ (&1 2#* >"#0_

S e'//$ 4%%-+

\-," )$7,"#(&(.7+%, 2/0%&%$+ A.0 +"/#*7 M(&1 ,/*+(%&.7 +"(+ #2 \-.8/7R


($$-0/$ +"(+ +"/ $+*-,+-*/ #2 '/&1/*/1 1%22/*/&,/$ %& 8%$-(.%+7 (&1 */)<
*/$/&+(+%#& %$ "/+/*#$/5-(.9 +"(+ %$@ +"(+ +"/ %0)#*+(&+ $+*-,+-*/ %$ +"(+
(*+%,-.(+/1 6/+>//& 0($,-.%&/ (&1 2/0%&%&/@ #* 0(./ (&1 2/0(./3 4"%$
($$-0)+%#& ,./(*.7 )*#1-,/$ ( &-06/* #2 #0%$$%#&$ %& \-.8/7D$ (,,#-&+@
(&1 +"/$/ "(8/ 6//& ,*%+%,%T/1 67 '(7 (&1 ./$6%(& ,*%+%,$3 =*%+/*$ (1#)+%&'
HNT QB2RDS TU@EV>VSVWBU2

\-.8/7D$ (&(.7$%$ (*/ -&.%?/.7 +# )(7 0-," (++/&+%#& +# "#> '(7 (&1
./$6%(& ,"(*(,+/*$ 0%'"+ 6/ */)*/$/&+/1 %& ( A.0@ (&1 &#* (*/ +"/7 .%?/.7 +#
,#&$%1/* +"/ )#$$%6./ >(7$ +"(+ ./$6%(& (&1 '(7 0#8%/'#/*$ 0%'"+ $//
,/*+(%& $,/&(*%#$ #* &(**(+%8/$ %& )(*+%,-.(* >(7$3
L$7,"#(&(.7$%$ 1#/$ "(8/ $#0/+"%&' +# $(7 (6#-+ "#0#$/5-(.%+7@ 6-+
+"%$ %$ #2+/& +# )#$%+%#& ./$6%(& (&1 '(7 $/5-(.%+7 ($ %& $#0/ >(7 )/*8/*$/
#* 1/8%(&+3 4"%$ 0/(&$ +"(+ +"/ )$7,"#(&(.7+%, ,#&,/)+$ +"(+ 0%'"+ 6/
-$/2-. %& 2#,-$%&' #& +"/ )#$$%6%.%+7 #2 '(7 (&1 ./$6%(& 1/$%*/$ %& +"/ ,%&/0(
-$-(..7 &//1 +# 6/ "/(8%.7 */>#*?/13 V$ L(+*%,%( ="%+/ MNOO^9 XPR $(7$ #2
)$7,"#(&(.7$%$@ C./$6%(&%$0 ,(& &#+ 6/ 2-..7 CC/5).(%&/1DD %& %+$ +/*0$D3
I#>/8/*@ $#0/ #2 +"(+ */>#*?%&' "($ 6//& 1#&/@ (&1 #&/ $+(*+%&' )#%&+
"($ 6//& +"/ 1%2A,-.+ )#$%+%#& #2 .%++./ '%*.$ %& */.(+%#& +# +"/ ,($+*(+%#&
,#0)./5 M( )#%&+ (.*/(17 0(1/ 67 U*#&2/& %& $/,+%#& d #2 +"%$ ,"()+/*R3

e&.%?/ +"/ .%++./ 6#7@ >"# 0-$+ $%0).7 1%$).(,/ "%$ .#8/ 2#* +"/ 0#+"/* +#
#+"/* >#0/& (&1 +"/*/67 ,#&$#.%1(+/ "%$ %1/&+%A,(+%#& >%+" +"/ 2(+"/*
(&1 (.. +"(+ "/ */)*/$/&+$@ +"/ .%++./ '%*. %$ ($?/1 +# ,"(&'/ "/* #6G/,+ 2*#0
0#+"/* +# 2(+"/*@ "/* 1%$)#$%+%#& 2*#0 (,+%8/ +# )($$%8/@ (&1 "/* $/5-(.
T#&/ 2*#0 ,.%+#*%$ +# 8('%&(@ %& #*1/* +# 6/,#0/ >#0(&@ )#$+<B/1%)(.
(&1 "/+/*#$/5-(.3 M="%+/@ NOO^9 XbR

Y%8/& +"/ /.(6#*(+/&/$$ #2 +"%$ ,"(&'/@ %+ %$ &#+ $-*)*%$%&' +"(+ +"/ .%++./ '%*.
0%'"+ &#+ 0(&('/ (.. #2 %+ $-,,/$$2-..7@ (&1 0%'"+ */+(%& "/* 1/$%*/ 2#* "/*
0#+"/*3 W*/-1 ,/*+(%&.7 +"#-'"+ +"%$ ,#-.1 (&1 1%1 #,,-*@ (.+"#-'" "/
+/&1/1 +# $// %+ ($ ( )*#6./0 %& +"/ )(+" +#>(*1$ C&#*0(.D "/+/*#$/5-(.
>#0(&"##13 H%.8/*0(& MNOXXR "($ )%,?/1 -) #& +"%$ "#>/8/* (&1@ 2(*
2*#0 $//%&' %+ ($ ( C)*#6./0D@ "($ $-''/$+/1 +"(+ /.(6#*(+%&' +"%$ 1/$%*/
6/+>//& 0#+"/* (&1 1(-'"+/* ,#-.1 )*#8%1/ ( >(7 #2 %&$/*+%&' 1/$%*/
6/+>//& >#0/& %&+# )$7,"#(&(.7+%, (,,#-&+$ #2 $/5-(.%+73
4"%$ %$ ( ,#&+*#8/*$%(. $-''/$+%#&3 4/*/$( 1/ [(-*/+%$ MNOOdR %& )(*+%<
,-.(* "($ ,*%+%,%T/1 %+ 2#* /8#?%&' ( '/&/*(. 2/0%&%&/ $-6G/,+%8%+7 (&1 +"-$
/*($%&' +"/ $)/,%A,%+7 #2 ./$6%(& 1/$%*/3 W#* "/* #>& )(*+@ 1/ [(-*/+%$
$-''/$+$ +"(+ >"(+ 1/A&/$ ./$6%(& 1/$%*/ %$ ( 1/$%*/ 2#* ( .#$+ 2/0(./ 6#17
>"%," %$ (,+-(..7 +"/ $-6G/,+D$ #>& .#$+ 6#17 %0('/ M1/ [(-*/+%$@ NOOd9
Q]NR3 H-/ 4"#*&"(0 MNOOP9 NQXR */$)#&1$ %& +-*& +"(+ 1/ [(-*/+%$D$
,#&,/*& >%+" +"/ )(*+%,-.(*%+7 #2 ./$6%(& 1/$%*/ /&1$ -) */($$/*+%&' ( A5/1
6#-&1(*7 6/+>//& ./$6%(& (&1 "/+/*#$/5-(. >#0/& >"%," 1/&%/$ +"/
0#6%.%+7 #2 1/$%*/ (&1 2(&+($73
4"/$/ 1/6(+/$ (*/ +"/#*/+%,(..7 ,#0)./5@ (&1 +"%$ %$ &#+ +"/ ).(,/ +#
(++/0)+ +"/%* */$#.-+%#&3 4"/%* %&$%$+/&,/ +"(+ A.0%, $+*-,+-*/$ #2 $/5-(.%+7@
1%22/*/&,/ (&1 1/$%*/ (*/ &#+ (.>(7$ "/+/*#$/5-(. 1#/$@ "#>/8/*@ #22/*
$#0/ 2-*+"/* 0/+"#1#.#'%,(. )#%&+/*$ 2#* +"%&?%&' (6#-+ 8%$-(. ,-.+-*/@
8%$-(. )./($-*/ (&1 8%$-(. 1%$*-)+%#& M(&1 +"/*/ (*/ )(*(../. 1/6(+/$ 0(1/
67 +"/#*%$+$ #2 '(7 0#8%/$ (&1 $)/,+(+#*$S $//@ 2#* /5(0)./@ f7/*@ NOOaR3
4"/7 $-''/$+ +"/ &//1 +# 6/ (./*+ 2#* &(**(+%8/$@ $,/&/$@ .##?$ (&1 $)(,/$
+"(+ 1# &#+ (*+%,-.(+/ "/+/*#$/5-(. 8%$-(.%+%/$ #* $)(+%(.%+%/$3
e2fYEVD=DSf2B2 HNI

\#1./$?% MNOXXR #22/*$ (& /5(0)./ #2 +"%$ &//1 %& "/* 1%$,-$$%#& #2
B('($$/3 H"/ $-''/$+$ +"(+ +"/*/ %$ ( $+*#&' $-''/$+%#& %& +"/ A.0 +"(+ +"/
"#-$/?//)/* J \*$ f(&8/*$ J >($ $/5-(..7 (++*(,+/1 +# `/6/,,(3 H"/ )#%&+$
+# +"/ $,/&/ %& >"%," \*$ f(&8/*$ $"#>$ +"/ "/*#%&/ #2 B('($$/ "/*
)*/1/,/$$#*D$ >(*1*#6/ (&1 (.. %+$ 6/(-+%2-. ,.#+"/$@ >"%," \*$ f(&8/*$
,(*/$$/$ (&1 $+*#?/$3 \#1./$?% $-''/$+$ +"(+ +"%$ %$ 1%$*-)+%8/ #2 \-.8/7D$
(&(.7$%$ #2 &(**(+%8/ ,%&/0(@ &#+ #&.7 6/,(-$/ %+ %$ (&#+"/* /8#,(+%#& #2 +"/
(6$/&+ `/6/,,(D$ )#>/*2-. (&1 $/5-(. )*/$/&,/@ 6-+ (.$# 6/,(-$/ +"(+
$/5-(.%+7 %$ $"#>& +# 6/ (++*(,+%8/ +# >#0/& ($ >/.. ($ +# 0/&3

4"5%)

`/(1 \#1./$?%D$ MNOXX9 d]J^bR (,,#-&+ #2 B('($$/@ +"/& \(*7 V&&/ f#(&/D$
MNOXP9 NQ]JP^R (&1 "/* .(+/* */$)#&$/ +# \#1./$?% Mf#(&/@ NOON9 ]]Jd]R3 U#+"
f#(&/ (&1 \#1./$?% "(8/ >(+,"/1 +"/ A.0 ,(*/2-..7 (&1 6#+" '*#-&1 +"/%*
%&+/*)*/+(+%#&$ %& )$7,"#(&(.7+%, +"/#*73 \#1./$?% (*'-/$ +"(+ I%+,",#,?D$ A.0$ (*/
(06%8(./&+ %& +"/%* */)*/$/&+(+%#& #2 2/0%&%&%+73 ;+ %$ 6/,(-$/ +"/7 $"#> 2/0%&%&%+7
($ +"*/(+/&%&' +"(+ +"/7 )-&%$" +"/%* 2/0(./ ,"(*(,+/*$@ $"/ $(7$S 2/0%&%$+
%&+/*)*/+(+%#&$@ $"/ (*'-/$@ $"#-.1 +"/*/2#*/ 2#,-$ #& +"(+ +"*/(+3 f#(&/ (*'-/$ +"(+
+"%$ %$ (& #8/*.7 #)+%0%$+%, 8%/>%&' #2 I%+,",#,?D$ #/-8*/3 H"/ $//$ +"/ A.0$ ($
2-&1(0/&+(..7 )"(..#,/&+*%,@ (&1 %&$%$+$ +"(+@ &# 0(++/* "#> )#)-.(* +"/7 (*/@ +"(+
$"#-.1 &#+ 6/ (& /5,-$/ 2#* 2/0%&%$+$ +# (*'-/ 2#* 0/(&%&'$ %& +"/0 +"(+ +"/ A.0$
+"/0$/.8/$ ,(&&#+ $-$+(%&3

!./(*.7 +"%$ 1/6(+/ %$ (6#-+ 0#*/ +"(& 0/+"#1#.#'79 %+ %$ (.$# (6#-+ 0#*/ +"(&
(6$+*(,+ +"/#*73 ;+ %$ (6#-+ +"/ ,*%+%,(. /22/,+$ #2 1%22/*/&+ $#*+$ #2 +"/#*73 \#1./$?%
1/0(&1$ ( ?%&1 #2 8%/>%&' #2 I%+,",#,?D$ A.0$ +"(+ ,(& */,#8/* $#0/ 2/0%&%&/
)#>/* 2#* 6#+" +"/%* ,"(*(,+/*$ (&1 +"/%* 2/0(./ (-1%/&,/$S f#(&/ (*'-/$ +"(+ +"/$/
A.0$ 1/&7 $-," )#>/* (&1 +"(+ 2/0%&%$+ /22#*+$ $"#-.1 6/ 1%*/,+/1 (+ A&1%&' &/>
2#*0$ #2 8%$-(.%+7 +"(+ 1# '%8/ 2/0%&%&/ $-6G/,+%8%+%/$ )#>/*3 4"/$/ (*/ %& /22/,+
1%22/*/&+ )#.%+%,$ #2 ,*%+%F-/3

T $/f/?!8!#5

4"%$ ,"()+/* "($ $+*-,+-*/1 %+$ 1%$,-$$%#& (*#-&1 ,/*+(%& 1/8/.#)0/&+$ %&
)$7,"#(&(.7+%, 2/0%&%$+ A.0 ,*%+%,%$0 $%&,/ [(-*( \-.8/7D$ ?/7 /$$(73 ;&
0(&7 >(7$@ \-.8/7D$ /$$(7 "($ 6//& ( )#%&+ #2 1/)(*+-*/ 2#* $-6$/F-/&+
,*%+%,$S +"/7 "(8/ (,,/)+/1 $#0/ #2 "/* )*/0%$/$ 6-+ "(8/ $#-'"+ ( ./$$
*/$+*%,+%8/ %&+/*)*/+(+%#& #2 6#+" A.0 (&1 $)/,+(+#*$"%)3 I#>/8/*@ +"/*/ %$
#&/ +"%&' +"(+ .(+/* >*%+/*$ $"(*/ >%+" \-.8/7@ (&1 +"(+ %$ ( ,/*+(%& $#*+ #2
*/E/5%8%+73
;& +"/ $#,%(. $,%/&,/$@ */E/5%8%+7 %$ ,.(%0/1 +# 6/ -&&/,/$$(*7 2#* >#*?
+"(+ 1/A&/$ %+$/.2 ($ $,%/&+%A,3 4"-$ +"/ )*(,+%+%#&/*$ #2 ,#&+/&+ (&(.7$%$
(&1 $/0%#.#'7 J 1%$,-$$/1 %& !"()+/*$ ] (&1 d "/*/ J 1# &#+ /&'('/ %&
HLV QB2RDS TU@EV>VSVWBU2

*/E/5%8%+7@ $%&,/ 6#+"@ 2#* 1%22/*/&+ */($#&$@ ,.(%0 +"/%* >#*? %$ $,%/&+%A,3
I#>/8/*@ */E/5%8%+7 %$ ( ,*-,%(. ($)/,+ #2 >#*? +"(+ )(*+%,%)(+/$ %& +"/
$#<,(../1 ,-.+-*(. +-*&3 4"/*/@ */E/5%8%+7 %$ (& (++/0)+ +# */$%$+ +"/ -&%<
8/*$(.%T%&' ,.(%0$ #2 (,(1/0%, ?&#>./1'/ (&1 +# %&$%$+ +"(+ (,(1/0%,
?&#>./1'/@ .%?/ (.. #+"/* ?&#>./1'/$@ %$ $%+-(+/1 (&1 )(*+%(.3 `/E/5%8%+7 %$
+"-$ (6#-+ +"/ )#$%+%#& #2 +"/ ,*%+%,@ (6#-+ +"/ /22/,+$ +"(+ )#$%+%#& "($ #&
+"/ ?&#>./1'/ +"(+ +"/ ,*%+%, )*#1-,/$@ (6#-+ +"/ */.(+%#& 6/+>//& +"/
,*%+%, (&1 +"/ )/#)./ #* 0(+/*%(.$ +"/7 1/(. >%+"@ (&1 (6#-+ +"/ $#,%(.
/22/,+$ #2 +"/ ,*%+%,D$ >#*?3 W*/F-/&+.7 &#>@ %+ %$ ($$-0/1 +"(+ 6/2#*/ +"/
*/$-.+$ #2 ( )%/,/ #2 */$/(*," ,(& 6/ )*/$/&+/1@ +"/ (-+"#* 0-$+ /5).(%&
"#> +"/%* $#,%(. )#$%+%#& "($ (22/,+/1 >"(+ +"/7 2#-&1S ( ?%&1 #2 (-+#<
6%#'*()"7 #2+/& )*/,/1/$ +"/ */$/(*," */$-.+$3
4"/*/ (*/ ( &-06/* #2 >(7$ %& >"%," )$7,"#(&(.7+%, ())*#(,"/$ (*/
%&,#0)(+%6./ >%+" +"%$ (-+#6%#'*()"%,(. */E/5%8%+7 M2#* ( 2-../* 1%$,-$$%#&@
$// `#$/@ NOOPR3 4# 6/'%& >%+"@ (-+#6%#'*()"%,(. */E/5%8%+7 %0).%/$ ( 2-..
-&1/*$+(&1%&' #2 +"/ */$/(*,"/*D$ $/.23 ;+ %0).%/$ +"(+ $/.2<?&#>./1'/ %$
)#$$%6./ M/8/& %2 +"/ */$/(*,"/* ,"##$/$ &#+ +# */8/(. (.. +"(+ ?&#>./1'/ %&
+"/%* */E/5%8/ 0#0/&+R3 U-+ #2 ,#-*$/ )$7,"#(&(.7$%$ ,.(%0$ +"(+ +"%$ %$ (&
%0)#$$%6./ ( '#(.3 W-.. $/.2<?&#>./1'/ %$ %0)#$$%6./ 6/,(-$/ ( ,/&+*(. )(*+
#2 #-* $-6G/,+%8%+7 J +"/ -&,#&$,%#-$ J %$ &#+ (,,/$$%6./ +# ,#&$,%#-$&/$$3
H/,#&1@ )$7,"#(&(.7$%$D$ /0)"($%$ #& +"/ */.(+%#&(.%+7 #2 $-6G/,+%8%+7 J +"/
*/.(+%#&$ 6/+>//& ,(*/*$ (&1 6(6%/$@ 6/+>//& 0($,-.%&%+7 (&1 2/0%&%&%+7@
6/+>//& 0#8%/$ (&1 +"/%* (-1%/&,/$@ 2#* /5(0)./ J 0/(&$ +"(+ +# $).%+ (&
(,,#-&+ #2 C>"# ; (0D 2*#0 C>"(+ ; $+-1%/1D %$ (.$# %0)#$$%6./3 ="# 7#-
(*/ 1/)/&1$@ %& )(*+@ #& >"(+ 7#- $+-17@ >"(+ 7#- >(+,"@ >"# 7#- +(.? +#3
4"%$ $).%+ %$ (.$# %0)#$$%6./ +# $-$+(%& 6/,(-$/ #2 +"/ )$7,"#(&(.7+%,
/0)"($%$ #& +"/ $-6G/,+ %& )*#,/$$3 V'(%&@ >"# 7#- (*/ 1/)/&1$ #& >"(+
7#- */.(+/ +#3 ;+D$ ( )*#,/$$ #2 0-+-(. ,#&$+%+-+%#&@ &#+ #&/ #2 ( )*/</5%$+%&'
)/*$#& %0)(,+%&' #& #+"/* )/#)./ #* %0('/$3 \#*/#8/*@ +"/ )$7,"#(&(.7+%,
(,,#-&+ #2 8%$-(. ,-.+-*/ (.$# */,#'&%T/$ +"(+ (-1%/&,/$ 6*%&' +"/%* #>&
>(7$ #2 ?&#>%&' +# +"/ %0('/$ +"/7 /&,#-&+/*@ (&1 +"/ $(0/ %$ +*-/ #2 +"/
(-1%/&,/$ 2#* (,(1/0%, >#*?3 4"-$ (-+#6%#'*()"%,(. */E/5%8%+7 0(7 #8/*<
/0)"($%T/ +"/ >*%+/* (+ +"/ /5)/&$/ #2 +"/ ,*%+%,(. ('/&,7 #2 +"/%*
(-1%/&,/$3
H# &#&/ #2 +"/ ,*%+%,$ >"#$/ >#*? ; "(8/ ,%+/1 #22/* (&7 $#*+ #2
(-+#6%#'*()"%,(. (,,#-&+ 6/2#*/ +"/%* %&+/*)*/+(+%#& #2 ( 0#8%/ M(.+"#-'"
f#(&/@ NOON9 NJNd #22/*$ (& %&+/*/$+%&' 1%$,-$$%#& #2 $#0/ #2 +"/
+"/#*/+%,(. (&1 %&$+%+-+%#&(. */.(+%#&$ >%+"%& >"%," "/* >#*? %$ /06/11/1R3
g#&/ $+(*+ 67 $(7%&' C+"%$ %$ >"# M; +"%&?R ; (0@ (&1 +"%$ %$ "#> +"(+D$
$"()/1 0/ ($ ( $)/,+(+#* #2 +"%$ A.0D3 4"/7 (*/ "#>/8/* +"/#*/+%,(..7
/5).%,%+ (&1@ >"%./ &#&/ #22/* 0/+"#1#.#'%,(. +##.<?%+$@ %+ %$ -$-(..7
)#$$%6./ +# +*(,/ F-%+/ ,./(*.7 +"/ 0/+"#1#.#'%,(. %0).%,(+%#&$ #2 +"/%*
,#&,/)+-(. +##.$ %& +"/%* >#*?3 4"/%* +"/#*/+%,(. $+(*+%&' )#%&+$ 0(?/ ,./(*
+"/ )(*+%,-.(* >(7 #2 $//%&' +"%$ >#*? %&8%+/$3 4"/ */(1/* ,(& +*(,/ +"/
%&+/*)*/+%8/ %0).%,(+%#&$ #2 +"/ +"/#*/+%,(. )#$%+%#& (1#)+/13 4"%$ +"/#*<
/+%,(. /5).%,%+&/$$ "($ +"/ /22/,+ #2 )#$%+%#&%&' +"/%* >#*? %& $#0/ >(73 4"/
e2fYEVD=DSf2B2 HLH

2*/F-/&+ -$/ #2 ,($/ $+-1%/$ (.$# #2+/& /&"(&,/$ +"%$ $/&$/ #2 +"/ )(*<
+%,-.(*%+7 #2 /(," )$7,"#(&(.7+%, $+-173
I#>/8/*@ +"/ )#$%+%#&(.%+7 #2 +"/$/ ,*%+%,$ %$ 0#*/ $+*#&'.7 0(*?/1 %&
(&#+"/* >(73 V.0#$+ (.. #2 +"/0 $(7 F-%+/ ,./(*.7 +"(+ +"/7 (*/ >*%+%&' >%+"
)#.%+%,(. J +"(+ %$@ 2/0%&%$+ J (%0$ %& 0%&13 \-.8/7 MNOXO9 NdR@ 2#*
/5(0)./@ 6/'%&$ 67 $(7%&' +"(+ %& "/* /$$(7@ C)$7,"#(&(.7+%, +"/#*7 %$ 3 3 3
())*#)*%(+/1 "/*/ ($ ( )#.%+%,(. >/()#&@ 1/0#&$+*(+%&' +"/ >(7 %& >"%,"
+"/ -&,#&$,%#-$ #2 )(+*%(*,"(. $#,%/+7 "($ $+*-,+-*/1 A.0 2#*0D3 \#1./$?%
MNOXX9 NQNR $(7$ "/* */(1%&'$ (*/ >%+"#-+ 1#-6+ )(*+%(.@ 6/,(-$/ $"/ >(&+$
+# ).(,/ +"/ /8%1/&,/ %& I%+,",#,?D$ A.0$ #2 0/&D$ '-%.+ %& >#0/&D$ "(&1$3
V&1 +"/*/ %$ i(G( H%.8/*0(&D$ MNOObR )*#G/,+ 2#* (& /+"%,$ #2 +"/ A/.1 #2
8%$%#&3 4"/ */E/5%8%+7 #2 +"%$ >#*?@ +"/&@ */$+$ %& )(*+ #& %+$ +"/#*/+%,(.
/5).%,%+&/$$ (&1 %+$ */.%(&,/ #& 1/+(%./1 ,($/ $+-1%/$@ 6-+ 0#$+.7 #& +"/
(*+%,-.(+%#& #2 %+$ ,*%+%,(. (%0$3 ;+ -$/$ %+$ (>(*/&/$$ #2 %+$ $+(+-$ ($ (
)(*+%,-.(* ?%&1 #2 )#.%+%,$ #2 ,*%+%F-/ +# )#$%+%#& %+$/.2 M($ +"/ )*/8%#-$
$/,+%#&D$ 1%$,-$$%#& #2 +"/ 1%$('*//0/&+ 6/+>//& \#1./$?% MNOXXR (&1
f#(&/ MNOXP@ NOONR %0).%/1R3

I 2*1# #*/ 6+5(*%1"145#!( +/1$(*4!)*# &%/+"0# +//

4"/ +"*// ,*%+/*%( 2#* ( ,*%+%,(. 8%$-(. 0/+"#1#.#'7 #-+.%&/1 %& !"()+/* N #2
+"%$ 6##? >#-.1 $//0 +# 6/ 2-.A../1 67 +"/ )$7,"#(&(.7+%, >#*? 1%$,-$$/1
%& +"%$ ,"()+/*3 4"(+ >#*? )(7$ 1/+(%./1 (++/&+%#& +# +"/ %0('/$ >%+" >"%,"
%+ %$ ,#&,/*&/1@ #2+/& %& +"/ 2#*0 #2 ,($/ $+-1%/$3 ;+ (..#>$ 8%$-(. %0('/$ +#
"(8/ +"/%* #>& /22/,+$@ (&1 +"/$/ /22/,+$ (*/ $//& ($ 6#+" )$7,"%, (&1 $#,%(.3
f%$,-$$%#&$ #2 $/5-(. 1%22/*/&,/@ 2#* /5(0)./@ >#*? (+ 6#+" +"/ .(++/*
./8/.$S +"/7 /&'('/ >%+" F-/$+%#&$ #2 2(&+($7 6-+ (.$# +"/ ,-.+-*(. ,#1%&' #2
0($,-.%&%+7 (&1 2/0%&%&%+73 4"/ /22/,+ #2 8%$-(. %0('/$ #& $)/,+(+#*$ %$ (
,/&+*(. ,#&,/*& #2 )$7,"#(&(.7+%, ())*#(,"/$ +##3 V&1 +"/*/ %$ ( ,/*+(%&
*/E/5%8/ /22/,+ %& +"/%* >#*?@ /8/& %2 +"/ /5).%,%+.7 */E/5%8/ 0#0/&+$ (*/
.%0%+/1 +# ,.(%0$ #2 (../'%(&,/ +# 2/0%&%$+ '#(.$3 I#>/8/*@ (.. #2 +"/$/
,*%+/*%( (*/ 1/(.+ >%+" 67 )$7,"#(&(.7+%, >*%+/*$ %& F-%+/ $)/,%A, >(7$@
>"%," 1# "(8/ $#0/ #0%$$%#&$ 2#* >"%," )$7,"#(&(.7$%$ "($ 6//& ,*%+%<
,%T/13 V&1 +"/*/ (*/ $#0/ %$$-/$ (6#-+ >"%," )$7,"#(&(.7+%, 0/+"#1$ "(8/
(.0#$+ &#+"%&' +# $(73
L$7,"#(&(.7+%, ())*#(,"/$ +# +"/ >(7 8%$-(. %0('/$ )*#1-,/ $#,%(.
1%22/*/&,/ +"*#-'" +"/%* )%,+-*%&' #2 $-6G/,+%8%+7 (*/ 8/*7 0-," 1#0%&(+/1
67 $+-1%/$ #2 $/5-(.%+73 4"%$ %$ "(*1.7 $-*)*%$%&'@ $%&,/ $/5-(.%+7 >($ +"/
0(%& ,#&,/*& #2 6#+" W*/-1 (&1 [(,(&3 I#>/8/*@ $/5-(.%+7 %$ &#+ +"/ #&.7
(5%$ +"*#-'" >"%," $#,%(. 1%22/*/&,/ (&1 $#,%(. )#>/* */.(+%#&$ (*/
(*+%,-.(+/19 2(* 2*#0 %+3 I/&,/ )$7,"#(&(.7+%, A.0 +"/#*7 "($ 6//& ,*%+%,%T/1
2#* &/'./,+%&' %$$-/$ #2 ,.($$ (&1 *(,/3 V$ Z(&/ Y(%&/$ MNOXXR )#%&+$ #-+@ (+ (
,/*+(%& "%$+#*%,(. )/*%#1 %& +"/ eHV@ 0/& >/*/ .7&,"/1 2#* .##?%&' (+
>#0/& J 6.(,? 0/& >/*/ "-&' 2#* .##?%&' (+ >"%+/ >#0/&3 ;&1//1@ Y(%&/$
MNOXXR (*'-/$ +"(+ *(,%(.%T/1 ($)/,+$ #2 $-6G/,+%8%+7 (*/ &#+ G-$+ &/'./,+/1 67
HLN QB2RDS TU@EV>VSVWBU2

)$7,"#(&(.7$%$@ 6-+ (,+%8/.7 /*($/1 2*#0 ,#&$%1/*(+%#&@ )(*+%,-.(*.7 %&


'/&/*(.%T%&' (,,#-&+$ #2 +"/ $#<,(../1 C0(./ '(T/D3 Y(%&/$ $-''/$+$ +"(+ +"/
/*($-*/ #2 C*(,/D 2*#0 )$7,"#(&(.7+%, A.0 +"/#*7 %$ )*#1-,/1 67 +"/ >"%+/
0%11./<,.($$ &#*0$ #2 2(0%.7 */.(+%#&$ +"(+ )$7,"#(&(.7$%$ %0).%,%+.7
($$-0/$S (&1 %& "/* 1%$,-$$%#& #2 +"/ A.0 R/;&3/,0 $+(**%&' f%(&( `#$$@
$"/ $"#>$ +"(+ +"/ #&.7 0/& >"#$/ '(T/ (+ `#$$ %$ $(&,+%#&/1 67 +"/ A.0 (*/
>"%+/3 C`(,/D@ $"/ %&$%$+$@ 0-$+ +"/*/2#*/ %&+/*$/,+ >%+" $/5-(. 1%22/*/&,/ %&
(,,#-&+$ #2 $)/,+(+#*$"%)@ 6-+ Y(%&/$ MNOXXR $//$ )$7,"#(&(.7%$%$ ($
(,+%8/.7 -&"/.)2-. %& +"%$ */'(*13 [#.( h#-&' MNOObR@ (0#&' #+"/*$@ "($
&/8/*+"/./$$ /5).#*/1 +"/ )#$$%6%.%+7 +"(+ )$7,"#(&(.7+%, %1/($ 0(7 (11*/$$
%$$-/$ #2 *(,%(.%T(+%#& ($ >/.. ($ $/5-(.%+73 H"/ 1*(>$ #& +"/ >#*? #2 W*(&+T
W(&#& MNOXbR +# 0(?/ +"%$ ,.(%03 f#(&/ G-$+%A/$ (11*/$$%&' %$$-/$ #2
*(,%(.%T(+%#& +"*#-'" )$7,"#(&(.7+%, ,#&,/)+$ +"-$9

W#* W(&#&@ ( )$7,"#(&(.7+%, -&1/*$+(&1%&' #2 *(,%$0 "%&'/$ #& ( ,.#$/


(&(.7$%$ #2 +"/ */(.0 #2 $/5-(.%+73 4"%$ %$ )(*+%,-.(*.7 +*-/ #2 6.(,?J>"%+/
*/.(+%#&$ $%&,/ 6.(,?$ (*/ )/*$%$+/&+.7 (++*%6-+/1 >%+" ( "7)/*$/5-(.%+73
="7 %$ %+ $/5-(.%+7 2#*0$ ( 0(G#* (*/&( 2#* +"/ (*+%,-.(+%#& #2 *(,%$0_
W*#0 ( )$7,"#(&(.7+%, )#%&+ #2 8%/>@ $/5-(.%+7 %$ +"/ */(.0 >"/*/ 2/(*
(&1 1/$%*/ A&1 +"/%* 0#$+ %&+%0(+/ ,#&&/,+%#&@ >"/*/ &#+%#&$ #2 #+"/*<
&/$$ (&1 +"/ /5#+%,j/*#+%, (*/ #2+/& ,#&E(+/13 Mf#(&/@ NOON9 QNPR

!./(*.7 +"%$ */0(%&$ ( ,#&+/$+/1 ,.(%0@ (&1 +"/#*%T%&' C*(,/D +"*#-'"


)$7,"#(&(.7+%, +/*0$ %$ .%?/.7 +# */0(%& ($ ,#&+*#8/*$%(. ($ +"/#*%T%&'
'/&1/* (&1 $/5-(.%+73 V$ 2#* ,.($$@ +"/*/ %$ &#+"%&' +"(+ ; ?&#> #2 %&
)$7,"#(&(.7+%, 2/0%&%$+ A.0 ,*%+%,%$0 +"(+ (11*/$$/$ +"/ )#$$%6./ ,.($$
$)/,%A,%+7 #2 ,/*+(%& >(7$ #2 $//%&' M6-+ $// L#..#,?@ NOOd 2#* ( )$7,"#<
(&(.7+%, 1%$,-$$%#& #2 +"%$ %& */.(+%#& +# #+"/* 8%$-(. 0/1%(R3 4"/$/ (6$/&,/$
,./(*.7 >/(?/& +"/ ,*%+%,(. )#+/&+%(. #2 )$7,"#(&(.7+%, +"/#*73
\#*/#8/*@ +"/*/ (*/ $#0/ >#**%/$ +"(+@ (.+"#-'" )$7,"#(&(.7$%$
($$/*+$ +"/ %&+/*$/,+%#& #2 +"/ ,-.+-*(. >%+" +"/ )$7,"%,@ %& )*(,+%,/ %+$
/0)"($%$ %$ 8/*7 0-," #& +"/ .(++/*3 c8%1/&,/ #2 +"/ &/'./,+ #2 +"/ $#,%(.
(&1 ,-.+-*(. %& )$7,"#(&(.7+%, A.0 +"/#*7 ,(& 6/ 2#-&1 %& +># ).(,/$3 4"/
A*$+ #2 +"/$/ %$@ )(*(1#5%,(..7@ %& %+$ +*/(+0/&+ #2 +"/ (-1%/&,/3 ="%./
)$7,"#(&(.7+%, A.0 +"/#*7 (*'-/$ +"(+ +"/ (-1%/&,/ %$ ,/&+*(. +# %+$
(,,#-&+$ #2 +"/ /22/,+$ #2 A.0$@ +"/*/ "($ 6//& 8/*7 .%++./ >#*? +"(+ +*%/$ +#
/5).#*/ /0)%*%,(..7 +"/ >#*?%&'$ #2 $)/,%A, 2(&+($%/$@ $(7@ 2#* ,/*+(%&
$)/,+(+#*$ ,#&$+%+-+/1 67 )(*+%,-.(* 0/1%(+%#&$ #2 6#+" ,-.+-*(. (&1
)$7,"%, 17&(0%,$3 f/ [(-*/+%$@ 2#* /5(0)./@ %$ 8/*7 -&-$-(. %& "/*
%&$%$+/&,/ +"(+ &#+ (.. #2 ( 2(&+($7D$ $)/,+(+#*$ >%.. '/+ )./($-*/ 2*#0 %+9

V )(*+%,-.(* 2(&+($7 $,/&(*%#@ */'(*1./$$ #2 %+$ (*+%$+%,@ 2#*0(.@ #* (/$+"/+%,@


/5,/../&,/ ($ A.0 */)*/$/&+(+%#&@ %$ &#+ (-+#0(+%,(..7 (,,/$$%6./ +# /8/*7
$)/,+(+#*S ( A.0 0(7 >#*? ($ 2(&+($7 2#* $#0/ $)/,+(+#*$@ 6-+ &#+ 2#*
#+"/*$ 3 3 3 +"/ $)/,+(+#*D$ #>& $#,%#)#.%+%,(. .#,(+%#& (&1 )$7,"#<$/5-(.
,#&A'-*(+%#& "(8/ 0-," +# 1# >%+" >"/+"/* #* &#+ ( A.0 ,(& >#*? 2#* "/*
($ ( $,/&(*%# #2 1/$%*/@ (&1 ($ >"(+ W*/-1 >#-.1 ,(.. ( C8%$-(.%T(+%#&D #2 +"/
e2fYEVD=DSf2B2 HLL

$-6G/,+ "/*$/.2 ($ $-6G/,+ #2 +"/ 2(&+($79 +"(+ %$ +# $(7@ >"/+"/* +"/ A.0 ,(&
/&'('/ "/* $)/,+(+#*%(. 1/$%*/ #*@ .%+/*(..7@ >"/+"/* $"/ ,(& $// "/*$/.2 %& %+3
M1/ [(-*/+%$@ NOO^9 bdR

U/,(-$/ +"%$ )#$$%6%.%+7 %$ *(*/.7 (,?&#>./1'/1@ ./+ (.#&/ %&8/$+%'(+/1@ +"/


)$7,"#(&(.7+%, ,.(%0 +"(+ +"/ A.0 (&1 %+$ (-1%/&,/ (*/ 0-+-(..7 ,#&$+%<
+-+%8/ */0(%&$ #&/ +"(+ %$ ($$/*+/1 *(+"/* +"(& 1/0#&$+*(+/13 H%&,/ %+ %$ +"/
A.0 +"(+ %$ )(%1 0#$+ (++/&+%#& %& )$7,"#(&(.7+%, (,,#-&+$@ +"/ /22/,+ %$ +#
$-''/$+ +"(+ +"/ A.0 )#$%+%#&$ +"/ (-1%/&,/3
H/,#&1@ +"/ 2#,-$ %& )$7,"#(&(.7+%, A.0 +"/#*7 #& +"/ A.0 %+$/.2
)*#1-,/$ ( 2-*+"/* (6$/&,/@ >"%," %$ (&7 ,#&$%1/*(+%#& #2 +"/ $#,%(. %&$+%<
+-+%#&$ >"%," )*#1-,/ A.0$ (&1 +"/ $#,%(. ,#&+/5+$ %& >"%," 0#8%/$ J #*
(&7 #+"/* 8%$-(. %0('/ J (*/ $"#>&3 V$ +"/ A*$+ ,"()+/* "/*/ $-''/$+/1@ +"/
$)(,/$ %& >"%," 8%$-(. %0('/$ (*/ 1%$).(7/1 -$-(..7 /&+(%. F-%+/ $)/,%A,
8%$-(. )*(,+%,/$3 I#> 0%'"+ +"/ $#,%(. )*(,+%,/$ #2 ,%&/0(<'#%&' %&+/*$/,+
>%+" +"/$/ (*'-0/&+$ (6#-+ ,%&/0(+%, 8%$-(.%+%/$_ I#> 0%'"+ +"/ /22/,+$ #2
( A.0 ,"(&'/ 6/+>//& %+$ $,*//&%&' %& ( ,%&/0( (&1 %+$ $"#>%&' ($ ( 8%1/#
#& ( "#0/ +8 $,*//&_ ;D0 +"%&?%&' "/*/ &#+ G-$+ #2 +"%&'$ .%?/ +"/ $%T/ #2 +"/
$,*//& (&1 $# #& J >"%," \-.8/7 2#* #&/ 1#/$ 0/&+%#& ($ )(*+ #2 +"/
8%$-(. )./($-*/ #2 &(**(+%8/ ,%&/0( J 6-+ #2 +"/ >(7$ +"(+ )/#)./ >(+,"
1%22/*/&+.7 %& 1%22/*/&+ ).(,/$@ (&1 "#> +"/$/ $#,%(. )*(,+%,/$ (*/ 1%$,%)<
.%&/13 L$7,"#(&(.7$%$@ .%?/ +"/ #+"/* 0/+"#1$ 1%$,-$$/1 $# 2(* %& +"%$ 6##?@
"($ &#+"%&' +# $(7 (6#-+ +"/$/ F-/$+%#&$ /%+"/*3 4"-$ %+ %$ &#+ $-*)*%$%&' +#
A&1 +"(+ $#0/ )$7,"#(&(.7+%, (,,#-&+$ #2 A.0 $)/,+(+#*$"%) (*/ +-*&%&'
+# #+"/* +"/#*%$+$ J 0#$+ &#+(6.7 )/*"()$ +# W#-,(-.+ J +# '*#-&1 +"/%*
(,,#-&+$ #2 8%$-(.%+7 %& $#,%(. )*(,+%,/$ (&1 %&$+%+-+%#&$ M\(7&/@ NOO]
1%$,-$$/$ +"%$ $"%2+R3 4"/ &/5+ +># ,"()+/*$ >%.. +-*& +# W#-,(-.+D$ >#*? 2#*
+"/ $(0/ /&13

HV +';;1$5

: +"/ ?/7 ,#&,/*&$ #2 )$7,"#(&(.7+%, A.0 ,*%+%,%$0 (*/ $-6G/,+%8%+7@


$/5-(.%+7 (&1 +"/ -&,#&$,%#-$3
: $/5-(. 1%22/*/&,/ %$ ( ?/7 $-6$+(&+%8/ 2#,-$S #+"/* ?%&1$ #2 1%22/*/&,/
(*/ &/'./,+/13 H/5-(. 1%22/*/&,/ %$ -&1/*$+##1 ($ */.(+%#&(.@ (&1 $+*-,<
+-*/1 6/+>//& 6#+" +"/ 0(./ (&1 2/0(./ ,"(*(,+/*$ %& ( 0#8%/@ (&1 +"/
0/06/*$ #2 +"/ A.0D$ (-1%/&,/3
: +"/$/ */.(+%#&(.%+%/$ (*/ (*+%,-.(+/1 67 1%22/*/&+ ?%&1$ #2 .##?$@ +/0)#*<
(.%+%/$ (&1 $)(,/$3 4"/ 0/+"#1#.#'%,(. )#%&+/*$ #22/*/1 67 )$7,"#<
(&(.7+%, (,,#-&+$ #2 A.0 ,#&$%$+ #2 %&+/*)*/+%&' +"/ $+*-,+-*/$ #2 +"/$/
.##?$@ +/0)#*(.%+%/$ (&1 $)(,/$3
: %&%+%(. 2#*0-.(+%#&$ #2 +"/ 0(./ '(T/ ($ 8#7/-*%$+%, (&1 2/+%$"%$+%,@ (&1
#2 %0('/$ #2 >#0/& ($ */)*/$/&+%&' #&.7 +"/ 1%$(8#>(. #2 ,($+*(+%#&@
"(8/ 6//& $-))./0/&+/1 67 ,#&,/)+$ $-," ($ 0($F-/*(1/@ 2(&+($7 (&1
+"/ Y(T/3
HLJ QB2RDS TU@EV>VSVWBU2

: )$7,"#(&(.7$%$ "($ ( 1/+(%./1 8#,(6-.(*7 2#* /5).#*%&' +"/ )#$$%6./


$-6G/,+%8/ /22/,+$ #2 %0('/$ #& +"/%* (-1%/&,/$@ 6-+ +"/*/ %$ .%++./ >#*?
/5).#*%&' +"/$/ /0)%*%,(..73
: )$7,"#(&(.7$%$ ,(&&#+ (11*/$$ +"/ $#,%(. )*(,+%,/$ #2 +"/ 1%$).(7 (&1
(-1%/&,%&' #2 8%$-(. %0('/$3

3'$#*/$ $/1&!")

H-/ 4"#*&"(0D$ MNOOPR C/""!&,/%( L(%/$;-(,%"H D, E,%)&6+$%!&, %&


N(-!,!"% N!9- >;(&)0 )*#8%1/$ $#0/ 8/*7 -$/2-. $-*8/7$ #2 +"/ 1/6(+/$
>%+"%& )$7,"#(&(.7+%, 2/0%&%$+ A.0 ,*%+%,%$03
Q
&!+(%'$+/ 1"145+!+ A
!$<!* .&!$(!$<!%+6.!9 +&' 5"&!$<!

H &!+(%'$+/ 1"& 8!+'14 ('4#'$/K 1" !"#$%&'(#!%"

4"/ )*/8%#-$ ,"()+/* /5(0%&/1 ,/*+(%& )$7,"#(&(.7+%, ())*#(,"/$ +#


8%$-(. %0('/$@ (&1 /&1/1 >%+" +"/ ,#&,/*&$ /5)*/$$/1 67 $#0/ >*%+/*$ +"(+
)$7,"#(&(.7$%$ 1#/$ &#+ )(7 /&#-'" (++/&+%#& +# +"/ $#,%(. ,#&$+*-,+%#& #2
1%22/*/&,/3 4"%$ ,.(%0 %$ 0(1/ #& +># '*#-&1$9 A*$+@ +"(+ )$7,"#(&(.7$%$
"($ 8/*7 .%++./ +# $(7 (6#-+ $#0/ 2#*0$ #2 $#,%(. 1%22/*/&,/@ $-," ($ C*(,/D
(&1 ,.($$S $/,#&1@ +"(+ %+ ,#&,/&+*(+/$ #& +"/ )$7,"%, (&1 8%$-(. ,#&$+*-,<
+%#& #2 1%22/*/&,/ (+ +"/ /5)/&$/ #2 ,#&$%1/*%&' +"/ $#,%(. ,#&$+*-,+%#& (&1
,#&$/F-/&,/$ #2 1%22/*/&,/3 K/*7 .%++./ (++/&+%#& %$ )(%1 /%+"/* +# +"/ >(7$
#2 $//%&' 6*#-'"+ +# )(*+%,-.(* %0('/$ 67 $)/,%A, (-1%/&,/$@ #* +# +"/ $#,%(.
%&$+%+-+%#&$ (&1 )*(,+%,/$ +"*#-'" >"%," %0('/$ (*/ 0(1/ (&1 1%$).(7/13
B&/ >*%+/* >"#$/ >#*? %$ #2+/& +-*&/1 +# %& #*1/* +# (11*/$$ +"/$/
(6$/&,/$ %& )$7,"#(&(.7+%, +"/#*7 %$ \%,"/. W#-,(-.+3 W#* 8(*%#-$ */($#&$@
W#-,(-.+ >($ F-%+/ "#$+%./ +# )$7,"#(&(.7$%$@ 6-+ W#-,(-.+D$ ())*#(," 1#/$
"(8/ $#0/ ,#0)(+%6%.%+%/$ >%+" +"(+ #2 W*/-13 \#$+ %0)#*+(&+.7@ )/*"()$@
W#-,(-.+D$ -&1/*$+(&1%&' #2 +"/ $-6G/,+ %$ %& $#0/ >(7$ $%0%.(* +# +"(+ #2
)$7,"#(&(.7$%$3 [%?/ )$7,"#(&(.7+%, ())*#(,"/$ +# +"/ $-6G/,+@ W#-,(-.+
+## ,#&$%1/*/1 +"(+ "-0(& $-6G/,+$ (*/ )*#1-,/1 (&1 &#+ $%0).7 6#*&3
I-0(& $-6G/,+%8%+7 %$ ,#&$+*-,+/1 +"*#-'" )(*+%,-.(* )*#,/$$/$@ "/ (*'-/1@
(&1 0-," #2 "%$ >#*? ,#&$%$+$ #2 1/+(%./1 "%$+#*%,(. $+-1%/$ #2 $#0/ #2
+"#$/ )*#,/$$/$ (+ )(*+%,-.(* )/*%#1$ %& =/$+/*& "%$+#*7 M(,+-(..7@ 0#$+.7
W*/&," "%$+#*7R3 I/ >*#+/ 6##?$ #& +"/ /0/*'/&,/ #2 +"/ "-0(& $,%/&,/$
%& 0#1/*& c-*#)/@ #& +"/ 1/8/.#)0/&+ #2 0#1/*& ,.%&%,(. (&1 )$7,"%(+*%,
0/1%,%&/@ #& +"/ 6%*+" #2 +"/ )*%$#&@ (&1 #& (++%+-1/$ +#>(*1$ $/5-(.%+73 ;&
(.. #2 +"/$/ "/ )(%1 ,.#$/ (++/&+%#& +# +"/ >(7$ %& >"%," 8(*%#-$ )*(,+%,/$
(&1 %&$+%+-+%#&$ 1/A&/1 >"(+ %+ >($ +# 6/ "-0(& M(&1 +"/*/2#*/ (.$# >"(+
%+ >($ +# 6/ $-6<"-0(&@ (6&#*0(. #* 1/8%(&+R %& 8/*7 )(*+%,-.(* >(7$3
HLQ QB2RDS TU@EV>VSVWBU2

4"-$ "%$ >#*? "($ ())/(./1 +# +"#$/ >*%+/*$ ,%+/1 %& +"/ )*/8%#-$ ,"()+/*
>"# (*/ ,#&,/*&/1 +"(+ )$7,"#(&(.7$%$@ 2#* (.. %+$ #+"/* (&(.7+%,(. %&$%'"+$@
1#/$ &#+ )(7 /&#-'" (++/&+%#& +# +"/ $#,%(. )*#,/$$/$ +"*#-'" >"%," (
*(&'/ #2 $-6G/,+%8%+%/$ (*/ ,#&$+%+-+/13 H+-(*+ I(.. MNOOb9 PR@ 2#* /5(0)./@
(*'-/$ +"(+ C%2 %1/#.#'7 %$ /22/,+%8/@ %+ %$ 6/,(-$/ %+ >#*?$ (+ '&%; +"/ C+"/
*-1%0/&+(*7 ./8/.$ #2 )$7,"%, %1/&+%+7 (&1 +"/ 1*%8/$D /,6 (+ +"/ ./8/. #2 +"/
1%$,-*$%8/ 2#*0(+%#& (&1 )*(,+%,/$ >"%," ,#&$+%+-+/ +"/ $#,%(. A/.1D3 4/*/$(
1/ [(-*/+%$ MNOOdR@ +##@ ,#&,.-1/$ "/* W*/-1%(& (,,#-&+ #2 C)/*8/*$/ 1/$%*/D
67 /0)"($%T%&' +"/ &//1 +# ,#&&/,+ W#-,(-.+ (&1 W*/-1S W*/-1@ $"/ $(7$@
)*#8%1/$ (& (,,#-&+ #2 "#> +"/ $#,%(. )*#,/$$/$ 1/$,*%6/1 67 W#-,(-.+ (*/
$-6G/,+%8/.7 (*+%,-.(+/13 i(G( H%.8/*0(& MNOOQR@ %& +"/ #)/&%&' )('/$ #2 "/*
$+-17 #2 R/9( 2+'=($%!8!%0 /% %;( R/)3!,"@ (.$# (*'-/$ +"(+ +"/ >#*? #2
W#-,(-.+ (&1 W*/-1 &//1$ +# 6/ 6*#-'"+ +#'/+"/*@ (.+"#-'" $"/ $-''/$+$ (
*(+"/* 0#*/ ,#0).%,(+/1 */.(+%#& 6/+>//& +"/ )$7,"%, (&1 +"/ $#,%(. +"(&
1#/$ 1/ [(-*/+%$3
V.+"#-'" 0(&7 #2 W#-,(-.+D$ %1/($ (*/ &#> 6*#(1.7 1%$$/0%&(+/1@ %+ %$
$+%.. -$/2-. +# 6/'%& ( 1%$,-$$%#& #2 +"/ 0/+"#1#.#'%,(. %0).%,(+%#&$ #2 "%$
c!+(%'$+/ >#*? 67 /5(0%&%&' $#0/ #2 "%$ +"/#*/+%,(. +/*0$3 4"/ &#+%#& #2 6()/*"%)&
%$ ,/&+*(. +# 6#+" W#-,(-.+D$ +"/#*/+%,(. (*'-0/&+$ (&1 +# "%$ 0/+"#1#.#'73
f%$,#-*$/ "($ ( F-%+/ $)/,%A, 0/(&%&'3 ;+ */2/*$ +# '*#-)$ #2 $+(+/0/&+$
>"%," $+*-,+-*/ +"/ >(7 ( +"%&' %$ +"#-'"+@ (&1 +"/ >(7 >/ (,+ #& +"/ 6($%$
#2 +"(+ +"%&?%&'3 ;& #+"/* >#*1$@ 1%$,#-*$/ %$ ( )(*+%,-.(* ?&#>./1'/ (6#-+
+"/ >#*.1 >"%," $"()/$ "#> +"/ >#*.1 %$ -&1/*$+##1 (&1 "#> +"%&'$ (*/
1#&/ %& %+3 [7&1( g/(1 MNOXX9 dR 1/A&/$ 1%$,#-*$/ ($ C( )(*+%,-.(* 2#*0 #2
.(&'-('/ >%+" %+$ #>& *-./$ (&1 ,#&8/&+%#&$ (&1 +"/ %&$+%+-+%#&$ >%+"%&
>"%," +"/ 1%$,#-*$/ %$ )*#1-,/1 (&1 ,%*,-.(+/1D@ (&1 $"/ '%8/$ 0/1%,(.
1%$,#-*$/ ($ (& /5(0)./9 C%& +"%$ >(7@ %+ %$ )#$$%6./ +# $)/(? #2 ( 0/1%,(.
1%$,#-*$/ 3 3 3 >"%," */2/*$ +# +"/ $)/,%(. .(&'-('/ #2 0/1%,%&/@ +"/ 2#*0 #2
?&#>./1'/ %+ )*#1-,/$ (&1 +"/ )*#2/$$%#&(. %&$+%+-+%#&$ (&1 $#,%(. $)(,/$
>"%," %+ #,,-)%/$D3 f%$,#-*$/ (.$# )*#1-,/$ $-6G/,+$9 "/&,/ 0/1%,(.
1%$,#-*$/ )*#1-,/$@ (0#&' #+"/* $-6G/,+ )#$%+%#&$@ 1#,+#*$@ &-*$/$ (&1
)(+%/&+$3 g/(1 $-''/$+$ +"(+ C(*+D ,(& (.$# 6/ -&1/*$+##1 ($ ( 1%$,#-*$/@ ($
( $)/,%(.%T/1 2#*0 #2 ?&#>./1'/3 H"/ $(7$ +"(+ C+"/ 1%$,#-*$/ #2 (*+ %& +"/
&%&/+//&+" ,/&+-*7 k,#&$%$+/1 #2 l +"/ ,#&,(+/&(+%#& #2 8%$-(. %0('/$@ +"/
.(&'-('/ (&1 $+*-,+-*/$ #2 ,*%+%,%$0@ ,-.+-*(. %&$+%+-+%#&$@ )-6.%,$ 2#* (*+
(&1 +"/ 8(.-/$ (&1 ?&#>./1'/$ 0(1/ )#$$%6./ >%+"%& (&1 +"*#-'" "%'"
,-.+-*/D Mg/(1@ NOXX9 dR3 B& +"%$ -&1/*$+(&1%&'@ C(*+D 6/,#0/$ &#+ ,/*+(%&
?%&1$ #2 8%$-(. %0('/$ 6-+ +"/ ?&#>./1'/$@ %&$+%+-+%#&$@ $-6G/,+$ (&1
)*(,+%,/$ >"%," >#*? +# 1/A&/ ,/*+(%& %0('/$ ($ (*+ (&1 #+"/*$ ($ &#+ (*+3
f%$,#-*$/$ (*/ (*+%,-.(+/1 +"*#-'" (.. $#*+$ 8%$-(. (&1 8/*6(. %0('/$ (&1
+/5+$@ $)/,%(.%T/1 #* &#+@ (&1 (.$# +"*#-'" +"/ )*(,+%,/$ +"(+ +"#$/ .(&<
'-('/$ )/*0%+3 4"/ 1%8/*$%+7 #2 2#*0$ +"*#-'" >"%," ( 1%$,#-*$/ ,(& 6/
A"#/$#/?#'14!#5 (*+%,-.(+/1 0/(&$ +"(+ (+$&%$&:$",#($- %$ %0)#*+(&+ +# -&1/*$+(&1%&' 1%$<
,#-*$/3 ;&+/*+/5+-(.%+7 */2/*$ +# +"/ >(7 +"(+ +"/ 0/(&%&'$ #2 (&7 #&/
1%$,-*$%8/ %0('/ #* +/5+ 1/)/&1 &#+ #&.7 #& +"(+ #&/ +/5+ #* %0('/@ 6-+
(.$# #& +"/ 0/(&%&'$ ,(**%/1 67 #+"/* %0('/$ (&1 +/5+$3
>B2YVR`2U D=DSf2B2 B HLS

;+ %$ )#$$%6./ +# +"%&? #2 8%$-(.%+7 ($ ( $#*+ #2 1%$,#-*$/ +##3 V $)/,%A,


8%$-(.%+7 >%.. 0(?/ ,/*+(%& +"%&'$ 8%$%6./ %& )(*+%,-.(* >(7$@ (&1 #+"/*
+"%&'$ -&$//(6./@ 2#* /5(0)./@ (&1 $-6G/,+$ >%.. 6/ )*#1-,/1 (&1 (,+
>%+"%& +"(+ A/.1 #2 8%$%#&3 H#0/ #2 +"/ (*'-0/&+$ 0(1/ 67 )$7,"#(&(.7+%,
2/0%&%$+ A.0 ,*%+%,$ (&1 1%$,-$$/1 %& +"/ )*/8%#-$ ,"()+/* ,(& 6/ */,($+ %&
+"/$/ W#-,(-.1%(& +/*0$3 4"-$ +"/ 8%$-(.%+7 +"(+@ (,,#*1%&' +# [(-*(
\-.8/7 MNOXO9 NOR 0(?/$ C>#0(& ($ %0('/@ 0(& +"/ 6/(*/* #2 +"/ .##?D@
,#-.1 6/ 1/$,*%6/1 ($ ( 8%$-(. 1%$,#-*$/ +"(+ "($ /22/,+$ #& +"/ 0(?%&' #2
0($,-.%&%+7 (&1 2/0%&%&%+7@ 0/& (&1 >#0/&3 Z#"& U/*'/* MNOPQ9 dbR
)#%&+$ #-+ $#0/ #2 +"/ %0).%,(+%#&$ 2#* /8/*71(7 )*(,+%,/ #2 +"(+ 1%$,#-*$/9
C( >#0(& 0-$+ ,#&+%&-(..7 >(+," "/*$/.23 H"/ %$ (.0#$+ ,#&+%&-(..7
(,,#0)(&%/1 67 "/* #>& %0('/ #2 "/*$/.2D3 4"%$ /5(0)./ %$ (.$# */./8(&+ +#
c!+('$+!8/ (&#+"/* W#-,(-.1%(& +/*0@ +"(+ #2 1%$,-*$%8/ 2#*0(+%#&3 V 6()/"%)('&
3%$;1#!%" 5*%2,$(*+ %$ +"/ >(7 0/(&%&'$ (*/ ,#&&/,+/1 +#'/+"/* %& ( )(*+%,-.(*
1%$,#-*$/3 W#-,(-.+ MNOPQ9 ]PR 1/$,*%6/$ 1%$,-*$%8/ 2#*0(+%#&$ ($ C$7$+/0$
#2 1%$)/*$%#&D@ %& +"(+ +"/7 ,#&$%$+ #2 +"/ */.(+%#&$ 6/+>//& )(*+$ #2 (
1%$,#-*$/3 C="/&/8/*@D "/ $(7$@ C#&/ ,(& 1/A&/ ( */'-.(*%+7 M(& #*1/*@
,#**/.(+%#&$@ )#$%+%#&$ (&1 2-&,+%#&%&'$@ +*(&$2#*0(+%#&$R@ >/ >%.. $(7@ 2#*
+"/ $(?/ #2 ,#&8/&%/&,/@ +"(+ >/ (*/ 1/(.%&' >%+" ( 6!"$+)"!8( 1&)-/%!&,D
MW#-,(-.+@ NOPQ9 ]XR3 4"-$@ +# ,#&+%&-/ 2#* ( 0#0/&+ +# +*(&$.(+/ )$7,"#<
(&(.7+%, >#*? %&+# W#-,(-.1%(& +/*0$@ \-.8/7 (*'-/$ +"(+ )"(..#,/&+*%,
8%$-(.%+7 "($ ( $+*-,+-*/ %& >"%," %0('/$ #2 >#0/& 1/)/&1 #& )(*+%,-.(*
2#*0$ #2 0($,-.%&/ $//%&'3 4"%$ %$ ( */.(+%#&(. (*'-0/&+ %& +"(+ 0($,-.%&%+7
(&1 2/0%&%&%+7 1/)/&1 #& /(," #+"/* 2#* +"/%* ,"(*(,+/*%$+%,$9 >#0(&
(.>(7$ $%'&%27%&' ,($+*(+%#&@ (&1 0(& (.>(7$ /&(,+%&' 8#7/-*%$+%, (&1
2/+%$"%$+%, >(7$ #2 $//%&'3 4"(+ */.(+%#& J +"(+ ,#**/.(+%#& (&1 +"#$/
)#$%+%#&$ J ,#-.1 6/ 1/$,*%6/1 ($ ( 1%$,-*$%8/ 2#*0(+%#&3
W#-,(-.+ >($ F-%+/ ,./(* +"(+ 1%$,#-*$/ >($ ( 2#*0 #2 1%$,%).%&/@ (&1
Y%2/$ +"%$ ./(1$ -$ +# "%$ ,#&,/*& >%+" 0*4&%3 f%$,#-*$/@ "/ $(7$@ %$ )#>/*2-.@ 6-+
%+ %$ )#>/*2-. %& ( )(*+%,-.(* >(73 ;+ %$ )#>/*2-.@ $(7$ W#-,(-.+@ 6/,(-$/ %+
%$ )*#1-,+%8/3 f%$,#-*$/ 1%$,%).%&/$ $-6G/,+$ %&+# ,/*+(%& >(7$ #2 +"%&?%&'
(&1 (,+%&'@ 6-+ +"%$ %$ &#+ $%0).7 */)*/$$%8/S %+ 1#/$ &#+ %0)#$/ *-./$ 2#*
+"#-'"+ (&1 6/"(8%#-* #& ( )*/</5%$+%&' "-0(& ('/&+3 ;&$+/(1@ "-0(&
$-6G/,+$ (*/ )*#1-,/1 +"*#-'" 1%$,#-*$/$3 B-* $/&$/ #2 #-* $/.2 %$ 0(1/
+"*#-'" +"/ #)/*(+%#& #2 1%$,#-*$/3 H# +## (*/ #6G/,+$@ */.(+%#&$@ ).(,/$@
$,/&/$9 1%$,#-*$/ )*#1-,/$ +"/ >#*.1 ($ %+ -&1/*$+(&1$ %+3 4"-$@ +# +*(&$.(+/
#&,/ 0#*/ $#0/ #2 +"/ (*'-0/&+$ #2 +"/ )*/8%#-$ ,"()+/*@ %+ 0%'"+ 6/ $(%1
+"(+ ,/*+(%& ?%&1$ #2 0($,-.%&%+7 (*/ )*#1-,/1 +"*#-'" ( 1%$,-*$%8/
8%$-(.%+7 +"(+ %$ 8#7/-*%$+%, (&1 2/+%$"%$+%,3
V& %0)#*+(&+ %0).%,(+%#& #2 W#-,(-.+D$ (,,#-&+ #2 )#>/* %$ +"(+
)#>/* %$ &#+ $#0/+"%&' %0)#$/1 2*#0 +"/ +#) #2 $#,%/+7 1#>& #& +# %+$
#))*/$$/1 6#++#0 .(7/*$3 L#>/* %$ /8/*7>"/*/@ $%&,/ 1%$,#-*$/ +## %$
/8/*7>"/*/3 V&1 +"/*/ (*/ 0(&7 1%$,#-*$/$@ $#0/ #2 >"%," ,./(*.7 ,#&+/$+
+"/ +/*0$ #2 #+"/*$3 W#-,(-.+ MNOPO9 O^R ,.(%0/1 +"(+ C>"/*/ +"/*/ %$
)#>/*@ +"/*/ %$ */$%$+(&,/ 3 3 3 ( 0-.+%).%,%+7 #2 )#%&+$ #2 */$%$+(&,/D@ (&1 67
+"%$ "/ 0/(&+ +"(+ +"/*/ (*/ 0(&7 1%$,#-*$/$ >"%," G#$+./ (&1 ,#0)/+/ %&
HLT QB2RDS TU@EV>VSVWBU2

+"/%* /22/,+$3 =/ 0%'"+ 1/A&/ +"/ /22#*+$ #2 2/0%&%$+ A.0 ,*%+%,$ .%?/
H%.8/*0(& (&1 1/ [(-*/+%$@ 2#* /5(0)./@ ($ /22#*+$ +# 1/8/.#) 8%$-(.
1%$,#-*$/$ +"(+ 1# &#+ 1%$,%).%&/ .##?%&' %& ( )"(..#,/&+*%, 0(&&/*@ 6-+
+"(+ )*#1-,/ #+"/* M>(7$ #2 8%$-(.%T%&'R 0($,-.%&%+%/$ (&1 2/0%&%&%+%/$3 U-+
,/*+(%& 1%$,#-*$/$ (*/ &#&/+"/./$$ 1#0%&(&+@ (&1 W#-,(-.+ >($ )(*+%,-.(*.7
,#&,/*&/1 %& "%$ #>& >#*? >%+" +"/ /0/*'/&,/ #2 %&$+%+-+%#&$ (&1 +/,"<
&#.#'%/$ +"(+ >/*/ $+*-,+-*/1 +"*#-'" $)/,%A,@ /8/& %2 ,#0)./5 (&1
,#&+/$+/1@ 1%$,#-*$/$3 I/ $-''/$+/1 +"(+ +"/ 1#0%&(&,/ #2 ,/*+(%& 1%$<
,#-*$/$ #,,-**/1 &#+ #&.7 6/,(-$/ +"/7 >/*/ .#,(+/1 %& $#,%(..7 )#>/*2-.
%&$+%+-+%#&$ J +"#$/ '%8/& ,#/*,%8/ )#>/*$ 67 +"/ $+(+/@ 2#* /5(0)./@ $-,"
($ +"/ )#.%,/@ )*%$#&$ (&1 >#*?"#-$/$ J 6-+ (.$# 6/,(-$/ +"/%* 1%$,#-*$/$
,.(%0/1 (6$#.-+/ +*-+"3 4"/ ,#&$+*-,+%#& #2 ,.(%0$ +# +*-+" .%/$ (+ +"/ "/(*+
Y%2/$g-"%24/&)/ #2 +"/ %&+/*$/,+%#& #2 0*4&%E>+*4#&61&9

=/ $"#-.1 (10%+ 3 3 3 +"(+ )#>/* )*#1-,/$ ?&#>./1'/ M(&1 &#+ $%0).7 67


/&,#-*('%&' %+ 6/,(-$/ %+ $/*8/$ )#>/* #* 67 ()).7%&' %+ 6/,(-$/ %+ %$
-$/2-.RS +"(+ )#>/* (&1 ?&#>./1'/ 1%*/,+.7 %0).7 #&/ (&#+"/*S +"(+ +"/*/
%$ &# )#>/* */.(+%#& >%+"#-+ +"/ ,#**/.(+%8/ ,#&$+%+-+%#& #2 ( A/.1 #2
?&#>./1'/@ &#* (&7 ?&#>./1'/ +"(+ 1#/$ &#+ )*/$-))#$/ (&1 ,#&$+%+-+/
(+ +"/ $(0/ +%0/ )#>/* */.(+%#&$3 MW#-,(-.+@ NOPP9 QPR

W#-,(-.+ %&$%$+/1 +"(+ ?&#>./1'/ (&1 )#>/* (*/ %06*%,(+/1 #&/ %& +"/
#+"/*@ &#+ #&.7 6/,(-$/ (.. ?&#>./1'/ %$ 1%$,-*$%8/ (&1 (.. 1%$,#-*$/ %$
$(+-*(+/1 >%+" )#>/*@ 6-+ 6/,(-$/ +"/ 0#$+ )#>/*2-. 1%$,#-*$/$@ %& +/*0$
#2 +"/ )*#1-,+%8/&/$$ #2 +"/%* $#,%(. /22/,+$@ 1/)/&1 #& ($$-0)+%#&$ (&1
,.(%0$ +"(+ +"/%* ?&#>./1'/ %$ +*-/3 4"/ )(*+%,-.(* '*#-&1$ #& >"%," +*-+"
%$ ,.(%0/1 J (&1 +"/$/ $"%2+ "%$+#*%,(..7 J ,#&$+%+-+/ >"(+ W#-,(-.+ ,(../1 (
\/)!;/ %3 #$'#* %&1(2& *5 $%"$73 H#0/ "%$+#*%(&$ #2 )"#+#'*()"7 "(8/ (*'-/1@ 2#* /5(0)./@
+"(+ +"/ C*/(.%$0D #2 +"/ )"#+#'*()"%, %0('/ >($ )*#1-,/1@ &#+ 67 &/>
)"#+#'*()"%, +/,"&#.#'7@ 6-+ 67 +"/ -$/ #2 )"#+#'*()"$ %& ( $)/,%A,
*/'%0/ #2 +*-+"@ $# +"(+ )"#+#'*()"$ >/*/ $//& ($ /8%1/&,/ #2 C>"(+ >($
*/(..7 +"/*/D3 4"%$ (*'-0/&+ >%.. 6/ /5(0%&/1 ( .%++./ 0#*/ 2-..7 %& +"/ &/5+
,"()+/*3
W#-,(-.+D$ >#*? %$ *(1%,(. %& 0(&7 >(7$3 ;+ "($ 6//& (1#)+/1 >%+"
/&+"-$%($0 67 0(&7 >#*?%&' %& +"/ $#,%(. $,%/&,/$ (&1 "-0(&%+%/$@ 6-+ "($
(.$# 6//& '*//+/1 >%+" "#$+%.%+7 (&1 /8/& 1/*%$%#& 67 #+"/*$3 I%$ ,#&+*#<
8/*$%(. $+(+-$ %$ %& $0(.. )(*+ /5).(%&/1 67 "%$ 0/+"#1#.#'%,(. )*#'*(00/
M>"%," %$ )/*"()$ $)/../1 #-+ 0#$+ ,./(*.7 %& >;( D)$;(&9&30 &1 A,&49(63(
MNOPQRS $// (.$# i/&1(.. (&1 =%,?"(0@ NOOOR3 W#-,(-.+ */2-$/1 +"/
)*/0%$/ >"%," 2#*0$ +"/ 6($%$ #2 (.. +"/ (&(.7+%,(. 0/+"#1$ +"(+ +"%$ 6##?
"($ /5(0%&/1 $# 2(*3 !#&+/&+ (&(.7$%$@ $/0%#.#'7 (&1 )$7,"#(&(.7$%$ (..
($$-0/ +"(+ (&(.7$%$ &//1$ $#0/"#> +# 1/.8/ 6/"%&1 +"/ $-*2(,/ ())/(*<
(&,/ #2 +"%&'$ %& #*1/* +# 1%$,#8/* +"/%* */(. 0/(&%&'3 !#&+/&+ (&(.7$%$
$//?$ #-+ .(+/&+ 0/(&%&'$ +"(+ %+ ,.(%0$ 6/,#0/ /8%1/&+ #&.7 2*#0 $7$+/0<
(+%, F-(&+%+(+%8/ $+-17S $/0%#.#'7 $/(*,"/$ 2#* +"/ 1#0%&(&+ ,#1/$ #*
07+"$ #* */2/*/&+ $7$+/0$ +"(+ -&1/*.%/ +"/ $-*2(,/ ())/(*(&,/ #2 $%'&$S
>B2YVR`2U D=DSf2B2 B HLI

(&1 )$7,"#(&(.7$%$ .##?$ 2#* $%'&$ #2 +"/ -&,#&$,%#-$ ($ +"/7 1%$*-)+ +"/
,#&$,%#-$ 0(?%&' #2 0/(&%&'3 4"%$ ())*#(," +# +"/ %&+/*)*/+(+%#& #2
0/(&%&' %$ >%1/$)*/(1 %& +"/ "-0(&%+%/$ (&1 $#,%(. $,%/&,/$@ (&1 $-6+/&1$
0(&7 #+"/* 0/+"#1$ ()(*+ 2*#0 +"/$/ +"*//3 W#-,(-.+ */G/,+/1 $-,"
C)/&/+*(+%8/D 0#1/.$ #2 %&+/*)*/+(+%#& (+ +"/ ./8/. #2 0/+"#1@ 6-+ (.$# (+ +"/
./8/. #2 /5).(&(+%#&@ $%&,/ "/ (.$# >(&+/1 +# (8#%1 /5).(&(+#*7 (,,#-&+$ #2
>"7 )#>/* >#*?$ %& +"/ >(7 %+ 1#/$3 I/ /5).%,%+.7 */G/,+/1 +"/ \(*5%$+
,.(%0 +"(+ 0/(&%&' >($ 1/+/*0%&/1 67 +"/ $7$+/0 #2 )*#1-,+%#&@ 2#*
/5(0)./S "/ >($ (.>(7$ 8('-/ (6#-+ "#> 1%$,#-*$/$ ,#&&/,+/1 +# #+"/*@
&#&<1%$,-*$%8/ )*#,/$$/$ $-," ($ /,#&#0%, ,"(&'/S (&1 >"%./ "/ (,?&#><
./1'/1 +"(+ )#>/* "($ (%0$ (&1 /22/,+$@ "/ &/8/* /5).(%&/1 +"/$/ 67 +-*&%&'
+# &#+%#&$ #2 "-0(& #* %&$+%+-+%#&(. ('/&,73 \%,"/./ U(**/++ MNOON9 N]NR
$(7$ +"(+ "%$ &#+%#& #2 ,(-$(.%+7 (&1 1/)/&1/&,7 >($ C)#.70#*)"#-$D3 U#+"
0/+"#1#.#'%,(..7 (&1 +"/#*/+%,(..7@ +"/&@ W#-,(-.+ */G/,+/1 ())*#(,"/$
+"(+ .##? 6/"%&1 #* -&1/*&/(+" +"%&'$ (&1 )*(,+%,/$ 2#* #+"/* )*#,/$$/$
+"(+ >#-.1 /5).(%& +"/03 ;&$+/(1@ ($ U(**/++ MNOONR 0(?/$ ,./(* %& "/*
(,,#-&+ #2 "%$ >#*?@ "/ 2#,-$/1 #& +"/ F-/$+%#& #2 "#> )#>/* >#*?/13
I#> 1#/$ %+ 1# >"(+ %+ 1#/$@ "#> 1%1 %+ 1# >"(+ %+ 1%1_ !/*+(%&.7 "%$
0#$+ $(+%$27%&' >#*?$@ +# 0/@ (*/ "%$ /0)%*%,(. (,,#-&+$ #2 )(*+%,-.(* +/5+$
(&1 %&$+%+-+%#&$@ #2+/& 2#,-$%&' #& +"/%* 1/+(%.$@ +"/%* ,($-(. ($$-0)+%#&$@
+"/%* /8/*71(7 0-&1(&/ *#-+%&/$@ +"/%* +(?/&<2#*<'*(&+/1 (*,"%+/,+-*/@
+"/%* 6(&(.%+%/$3 ;+ %$ +"/$/ 1/+(%./1 1/$,*%)+%#&$ +"(+ )*#1-,/ "%$ 0#$+
$+(*+.%&' (,,#-&+$ #2 "#> $-6G/,+$ (&1 #6G/,+$ >/*/ (&1 (*/ 1%$,-*$%8/.7
)*#1-,/13
c.(6#*(+%&' W#-,(-.+D$ 0/+"#1 %$ &#+ /($7 "#>/8/*3 V$ U(**/++ MNOON9
NQPR &#+/$@ "%$ 0/+"#1#.#'%,(. $+(+/0/&+$ (*/ *(+"/* 8('-/3 g#* (*/ 0#*/
*/,/&+ 1%$,#-*$/ (&(.7$+$ 0-," 0#*/ 2#*+",#0%&' (6#-+ +"/%* 0/+"#1$3
Z#&(+"(& L#++/* MNOOb9 NdaR@ 2#* /5(0)./@ 1/$,*%6/$ 1%$,#-*$/ (&(.7$%$ ($ (
C,*(2+ $?%..D (&1 $-''/$+$ +"(+ +"/ #&.7 >(7 +# ./(*& %+ %$ +# '/+ #& (&1 1# %+
M(.+"#-'" /.$/>"/*/ "/ 1#/$ #22/* $#0/ '-%1/.%&/$S $// L#++/* (&1 =/+"/*/..@
NOXP9 N^XJPbR3 4"%$ 8('-/&/$$@ ,#06%&/1 >%+" +"/ "-'/ (0#-&+ #2
W#-,(-.+D$ >#*? &#> (8(%.(6./ J >"%," %&,.-1/$ 0(&7 %&+/*8%/>$ (&1 )%/,/$
#2 G#-*&(.%$0 F-%+/ ()(*+ 2*#0 "%$ 6##?$ (&1 )()/*$ J (&1 +"/ 2(,+ +"(+@ &#+
$-*)*%$%&'.7@ "%$ %1/($ ,"(&'/1 ($ "%$ )*#G/,+$ $"%2+/1@ 0/(&$ +"(+ "%$
0/+"#1#.#'%,(. ./'(,7 "($ 6//& ,#0)./5 (&1 1%22-$/3 4"%$ ,"()+/* (&1 +"/
&/5+ >%.. 2#,-$ #& +># 0/+"#1#.#'%/$@ 6#+" #2 >"%," #>/ (../'%(&,/ +#
W#-,(-.1%(& (*'-0/&+$ J /$)/,%(..7 +# "%$ &#+%#& #2 1%$,#-*$/ J 6-+ >"%,"
"(8/ *(+"/* 1%22/*/&+ */$-.+$ >"/& -$/13 ; >%.. ,(.. +"/$/ 1%$,#-*$/ (&(.7$%$ ;
(&1 1%$,#-*$/ (&(.7$%$ ;;3

N &!+(%'$+/ 1"145!+ A 1"& &!+(%'$+/ 1"145+!+ AA

; "(8/ $-''/$+/1 +"(+ W#-,(-.+D$ >#*? "($ )*#1-,/1 +># $#0/>"(+


1%22/*/&+ 0/+"#1#.#'%,(. /0)"($/$@ >"%," ; (0 ,(..%&' 1%$,#-*$/ (&(.7$%$ ;
(&1 1%$,#-*$/ (&(.7$%$ ;;3 ; 1%$+%&'-%$" 6/+>//& +"/0 +"-$9
HJV QB2RDS TU@EV>VSVWBU2

: 6!"$&+)"( /,/90"!" E3 4"%$ 2#*0 #2 1%$,#-*$/ (&(.7$%$ +/&1$ +# )(7 *(+"/*


0#*/ (++/&+%#& +# +"/ &#+%#& #2 1%$,#-*$/ ($ (*+%,-.(+/1 +"*#-'" 8(*%#-$
?%&1$ #2 8%$-(. %0('/$ (&1 8/*6(. +/5+$ +"(& %+ 1#/$ +# +"/ )*(,+%,/$
/&+(%./1 67 $)/,%A, 1%$,#-*$/$3 V$ `#$(.%&1 Y%.. MNOOb9 NdNR $(7$@ %+
-$/$ C1%$,#-*$/D +# C*/2/* +# (.. 2#*0$ #2 +(.? (&1 +/5+$D3 ;+ %$ 0#$+
,#&,/*&/1 >%+" 1%$,#-*$/@ 1%$,-*$%8/ 2#*0(+%#&$ (&1 +"/%* )*#1-,+%8%+73
: 6!"$&+)"( /,/90"!" EE3 4"%$ 2#*0 #2 1%$,#-*$/ (&(.7$%$ +/&1$ +# )(7 0#*/
(++/&+%#& +# +"/ )*(,+%,/$ #2 %&$+%+-+%#&$ +"(& %+ 1#/$ +# +"/ 8%$-(.
%0('/$ (&1 8/*6(. +/5+$3 ;+$ 0/+"#1#.#'7 %$ -$-(..7 ./2+ %0).%,%+3 ;+ +/&1$
+# 6/ 0#*/ /5).%,%+.7 ,#&,/*&/1 >%+" %$$-/$ #2 )#>/*@ */'%0/$ #2 +*-+"@
%&$+%+-+%#&$ (&1 +/,"&#.#'%/$3

4"%$ 1%$+%&,+%#& %$ &#+ ,./(*<,-+3 ;+ %$ &#+ 1%2A,-.+ +# A&1 >#*? +"(+


/5(0%&/$ 8%$-(. %0('/$@ 8/*6(. +/5+$@ %&$+%+-+%#&$ (&1 $#,%(. )*(,+%,/$
+#'/+"/* M$// Y*//&@ NOOa 2#* /5(0)./R3 I#>/8/*@ %& +/*0$ #2 ,-**/&+
1%$,-$$%#&$ #2 0/+"#1#.#'%/$ %& +"/ $#,%(. $,%/&,/$@ %+ 1#/$ $//0 +# 0/ +"(+
+"/*/ %$ ( ,($/ +# 6/ 0(1/ 2#* 1%$,-$$%&' +"/$/ +># 0/+"#1#.#'%,(.
/0)"($/$ $/)(*(+/.7@ $%&,/ +"/7 1# )*#1-,/ *(+"/* 1%22/*/&+ ?%&1$ #2
*/$/(*," >#*?3 4"-$ +"%$ ,"()+/* >%.. /5(0%&/ +"/ A*$+ +7)/ #2 1%$,#-*$/
(&(.7$%$@ (&1 +"/ &/5+ ,"()+/* >%.. /5(0%&/ +"/ $/,#&13 W#* ,#&8/&%/&,/@
>"/&/8/* +"%$ ,"()+/* 0/&+%#&$ 1%$,#-*$/ (&(.7$%$@ %+ %$ */2/**%&' +# >"(+
"($ G-$+ 6//& ,"(*(,+/*%T/1 ($ 1%$,#-*$/ (&(.7$%$ ;@ -&./$$ +"/ +/5+ $)/,%A/$
#+"/*>%$/3
4"%$ A*$+ +7)/ #2 1%$,#-*$/ (&(.7$%$ %$ ,/&+*(..7 ,#&,/*&/1 >%+"
.(&'-('/3 U-+@ ($ W*(& 4#&?%$$ /0)"($%T/$9

[(&'-('/ %$ 8%/>/1 ($ +"/ +#)%, #2 */$/(*," 3 3 3 `(+"/* +"(& '(+"/*%&'


(,,#-&+$ #* +/5+$ $# ($ +# '(%& (,,/$$ +# )/#)./D$ 8%/>$ (&1 (++%+-1/$@ #*
+# A&1 #-+ >"(+ "())/&/1 (+ ( )(*+%,-.(* /8/&+@ +"/ 1%$,#-*$/ (&(.7$+ %$
%&+/*/$+/1 %& "#> )/#)./ -$/ .(&'-('/ +# ,#&$+*-,+ +"/%* (,,#-&+$ #2 +"/
$#,%(. >#*.13 M4#&?%$$@ NOOX9 QdPJXR

f%$,#-*$/ (&(.7$%$ ,(& (.$# 6/ -$/1 +# /5).#*/ "#> %0('/$ ,#&$+*-,+


$)/,%A, 8%/>$ #2 +"/ $#,%(. >#*.1@ %& >"%," ,($/@ +# )(*()"*($/ 4#&?%$$@
8%$-(.%+7 %$ 8%/>/1 ($ +"/ +#)%, #2 */$/(*,"@ (&1 +"/ 1%$,#-*$/ (&(.7$+ %$
%&+/*/$+/1 %& "#> %0('/$ ,#&$+*-,+ (,,#-&+$ #2 +"/ $#,%(. >#*.13 4"%$ +7)/
#2 1%$,#-*$/ (&(.7$%$ +"/*/2#*/ )(7$ ,(*/2-. (++/&+%#& +# (& !-/3( !%"(91 M($
>/.. ($ #+"/* $#*+$ #2 /8%1/&,/R3 H%&,/ 1%$,#-*$/$ (*/ $//& ($ $#,%(..7
)*#1-,/1 *(+"/* +"(& ,*/(+/1 67 %&1%8%1-(.$@ +"%$ +7)/ #2 1%$,#-*$/ (&(.7$%$
%$ /$)/,%(..7 ,#&,/*&/1 >%+" +"/ "&$!/9 -&6/9!%0 #2 +"/ %0('/ $%+/3 ;&
)(*+%,-.(*@ 1%$,#-*$/ (&(.7$%$ /5).#*/$ "#> +"#$/ $)/,%A, 8%/>$ #* (,,#-&+$
(*/ ,#&$+*-,+/1 ($ */(. #* +*-+"2-. #* &(+-*(. +"*#-'" )(*+%,-.(* */'%0/$ #2
+*-+"3 V$ Y%.. MNOOb9 Nd]R $(7$@ C(.. 1%$,#-*$/ %$ #*'(&%T/1 +# 0(?/ %+$/.2
)/*$-($%8/D@ (&1 1%$,#-*$/ (&(.7$%$ 2#,-$/$ #& +"#$/ $+*(+/'%/$ #2 )/*<
$-($%#&3 ;+ (.$# )(7$ (++/&+%#& +# +"/ 0#*/ $#,%(..7 ,#&$+%+-+/1 2#*0$ #2
>B2YVR`2U D=DSf2B2 B HJH

1%$,-*$%8/ )#>/*@ .##?%&' (+ +"/ $#,%(. ,#&$+*-,+%#& #2 1%22/*/&,/ (&1


(-+"#*%+7@ 2#* /5(0)./3 f%$,#-*$/ (&(.7$%$ %$ +"-$ ,#&,/*&/1 +## >%+" +"/
$#,%(. )*#1-,+%#& (&1 /22/,+$ #2 1%$,#-*$/$3
4"%$ ,"()+/* >%.. /5).#*/ +"/ -$/2-.&/$$ #2 +"/$/ 0/+"#1#.#'%,(. 2#,%
+"*#-'" ( ,($/ $+-17 #2 +"/ >#*? #2 $/8/*(. "%$+#*%(&$ >"# "(8/ /5(0%&/1
+"/ 1%$,-*$%8/ ,#&$+*-,+%#& #2 +"/ c($+ c&1 #2 [#&1#& %& +"/ NXXa$3 4"/$/
"%$+#*%(&$ >#*? >%+" ( 8(*%/+7 #2 %0('/$ (&1 +/5+$ %& #*1/* +# /5(0%&/ +"/
>(7 6#-*'/#%$ ,#00/&+(+#*$ )*#1-,/1 (& ())(*/&+.7 +*-+"2-. (,,#-&+ #2
+"%$ >#*?%&'<,.($$ (*/(@ (&1 +# /5).#*/ +"/ /22/,+$ +"(+ "(1 #& %+$ */$%1/&+$
%& +/*0$ #2 +"/ 8(*%#-$ %&$+%+-+%#&(. %&+/*8/&+%#&$ ./'%+%0(+/1 67 +"(+
C+*-+"D3 Y(*/+" H+/10(& Z#&/$ MNOPb9 NaJNNR )#%&+$ #-+ +"(+ %& +"/ NXPa$
(&1 NXXa$@ 0#$+ U*%+%$" $#,%(. +"%&?/*$ ($$-0/1 +"(+ /,#&#0%, )*#'*/$$
>#-.1 /.%0%&(+/ )#8/*+73 4"/ 2(,+ +"(+ %+ 1%1 &#+ J 0#$+ 6.(+(&+.7 %&
[#&1#&D$ c($+ c&1@ (& (*/( >%+" ( $/($#&(. (&1 ,($-(. .(6#-* 0(*?/+ (&1
"%'" ./8/.$ #2 )#8/*+7 J >($ 6.(0/1 #& >"(+ >/*/ $//& ($ C+"/ $+%..
-&*/'/&/*(+/ )##*9 +"#$/ >"# "(1 +-*&/1 +"/%* 6(,? #& )*#'*/$$@ #* 6//&
*/G/,+/1 67 %+D3 Z#&/$ ,#&+%&-/$9

4"%$ '*#-) >($ 8(*%#-$.7 */2/**/1 +# ($ C+"/ 1(&'/*#-$ ,.($$D@ +"/ ,($-(.
)##* #*@ 0#$+ ,"(*(,+/*%$+%,(..7@ C+"/ */$%1--0D 3 3 3 ;& +"/ /5).(&(+%#& #2
+"/ /5%$+/&,/ #2 +"/ */$%1--0 +"/ $-6G/,+%8/ )$7,"#.#'%,(. 1/2/,+$ #2
%&1%8%1-(.$ 6-.?/1 /8/& .(*'/* +"(& 6/2#*/ 3 3 3 4"/ )*#6./0 >($ &#+
$+*-,+-*(. 6-+ 0#*(.3 4"/ /8%. +# 6/ ,#06(+/1 >($ &#+ )#8/*+7 6-+
)(-)/*%$0S )(-)/*%$0 >%+" %+$ (++/&1(&+ 8%,/$@ 1*-&?/&&/$$@ %0)*#8%<
1/&,/@ 0/&1%,(&,7@ 6(1 .(&'-('/@ A.+"7 "(6%+$@ '(06.%&'@ .#>
(0-$/0/&+$ (&1 %'&#*(&,/3 MZ#&/$@ NOPb9 NNR

4"%$ )(*+%,-.(* 1/A&%+%#& #2 +"/ )*#6./0 ./1 +# $)/,%A, $+*(+/'%/$ +# ,#06(+


%+9 $+*(+/'%/$ >"%," (%0/1 +# (.+/* +"/ 0#*(.%+7 #2 +"/ )##* *(+"/* +"(& +"/%*
$+(&1(*1 #2 .%8%&'3
f%$,#-*$/ (&(.7$%$ +"-$ (11*/$$/$ F-/$+%#&$ #2 )#>/*j?&#>./1'/3
U/,(-$/ #2 +"%$@ %+ (.$# 2-.A.$ +># #2 +"/ +"*// ,*%+/*%( 2#* ( ,*%+%,(. 8%$-(.
0/+"#1#.#'7 +"(+ >/*/ #-+.%&/1 %& +"/ A*$+ ,"()+/*3 V$ ( 0/+"#1@ 1%$,#-*$/
(&(.7$%$ )(7$ ,(*/2-. (++/&+%#& +# %0('/$@ (&1 +# +"/%* $#,%(. )*#1-,+%#& (&1
/22/,+3 I#>/8/*@ 1%$,#-*$/ (&(.7+%, 0/+"#1$ (*/ &#+ 0-," ,#&,/*&/1 >%+"
F-/$+%#&$ #2 */E/5%8%+73 !/*+(%&.7 %& "%$ /(*.7 >#*?@ W#-,(-.+ $//0/1 +#
$/)(*(+/ "%$ #>& )*(,+%,/$ ($ (& (,(1/0%, 2*#0 +"#$/ #2 +"/ +"%&?/*$ "/ >($
1%$,-$$%&' (&1@ %& (&#+"/* )(*(../. >%+" )$7,"#(&(.7+%, ())*#(,"/$@ %& +"/
%&+*#1-,+%#& +# >;( D)$;(&9&30 &1 A,&49(63( "/ 1/*%1/1 (-+#6%#'*()"%,(.
/22#*+$ (+ */E/5%8%+79 C1# &#+ ($? 0/ >"# ; (0 (&1 1# &#+ ($? 0/ +# */0(%&
+"/ $(0/9 ./(8/ %+ +# #-* 6-*/(-,*(+$ (&1 #-* )#.%,/ +# $// +"(+ #-* )()/*$
(*/ %& #*1/*D MW#-,(-.+@ NOPQ9 NPR3 ;& +"/ $/,+%#& #& */E/5%8%+7 %& +"/%* 6##?
#& W#-,(-.+@ Y(8%& i/&1(.. (&1 Y(*7 =%,?"(0 MNOOO9 NaNJOR /,"# +"%$
*/2-$(. (&1 $(7 8/*7 .%++./ (6#-+ */E/5%8%+7 ($ %+ %$ ,-**/&+.7 1/6(+/1 %& +"/
$#,%(. $,%/&,/$3
HJN QB2RDS TU@EV>VSVWBU2

;& #*1/* +# 1%$,-$$ 0#*/ 2-..7 >"(+ +"%$ +7)/ #2 1%$,#-*$/ (&(.7$%$
/&+(%.$@ (&1 +# ($$/$$ %+ ,*%+%,(..7@ +"%$ ,"()+/* >%..9

: /5).#*/ 0#*/ 2-..7 +"/ &#+%#& #2 1%$,#-*$/ (&1 1%$,-*$%8/ 2#*0(+%#& (&1
%+$ %0).%,(+%#&$ 2#* A&1%&' $#-*,/$ 2#* 1%$,#-*$/ (&(.7$%$S
: /5(0%&/ "#> 1%$,#-*$/ (&(.7$%$ (11*/$$/$ +"/ 1%$,-*$%8/ ,#&$+*-,+%#& #2
+*-+" ,.(%0$@ +"*#-'" 6#+" +"/ $+*-,+-*/ #2 1%$,#-*$/ (&1 %+$ %&$+%+-<
+%#&(. .#,(+%#&S
: /5(0%&/ >"7 1%$,#-*$/ (&(.7$%$ */2-$/$ +# 6/ */E/5%8/3

L ["&!") 5%'$ +%'$(/+

f#%&' ( 1%$,#-*$/ (&(.7$%$ ($$-0/$ +"(+ 7#- (*/ ,#&,/*&/1 >%+" +"/ 1%$<
,-*$%8/ )*#1-,+%#& #2 $#0/ ?%&1 #2 (-+"#*%+(+%8/ (,,#-&+ J (&1 )/*"()$
+## (6#-+ "#> +"(+ (,,#-&+ >($ #* %$ ,#&+/$+/1 J (&1 >%+" +"/ $#,%(.
)*(,+%,/$ 6#+" %& >"%," +"(+ )*#1-,+%#& %$ /06/11/1 (&1 >"%," %+ %+$/.2
)*#1-,/$3 f%$,#-*$/$ (*/ (*+%,-.(+/1 +"*#-'" ( "-'/ *(&'/ #2 %0('/$@ +/5+$
(&1 )*(,+%,/$@ "#>/8/*@ (&1 (&7 (&1 (.. #2 +"/$/ (*/ ./'%+%0(+/ $#-*,/$ 2#*
( 1%$,#-*$/ (&(.7$%$3 ="/& 6/'%&&%&' ( )%/,/ #2 1%$,#-*$/ (&(.7$%$@ +"/&@ %+
%$ &/,/$$(*7 +# +"%&? ,(*/2-..7 (6#-+ >"(+ $#*+$ #2 $#-*,/$ 7#- &//13

Z1L A&'.&8 9"%( )"%(5$)F .& 8$&$(+6

W#* 0#$+ $#*+$ #2 */$/(*," F-/$+%#&$@ $#0/ ?/7 $#-*,/$ >%.. 6/ %00/1%(+/.7
#68%#-$@ /%+"/* 2*#0 7#-* #>& ?&#>./1'/ #* 2*#0 +"/ >#*? #2 #+"/*
*/$/(*,"/*$3 ;& +"/ >#*? #2 "%$+#*%(&$ .##?%&' (+ +"/ 1%$,-*$%8/ ,#&$+*-,+%#&
#2 +"/ c($+ c&1 #2 [#&1#& %& +"/ NXXa$@ 2#* /5(0)./@ ( &-06/* #2 $#-*,/$
*/,-* M!#>.%&'@ NOXOS W%$"0(&@ NOXXS Z#&/$@ NOPb@ NOXOS i/(+%&'@ NOPbS
g/(1@ NOXXS =(.?#>%+T@ NOOQR3 4"/$/ (*/9 ,#&+/0)#*(*7 &/>$)()/*$@
#2+/& [#&1#& #&/$ *(+"/* +"(& &(+%#&(. #&/$S ,#&+/0)#*(*7 (,,#-&+$ #2
8%$%+$ +# +"/ c($+ c&1 67 G#-*&(.%$+$@ ,./*%,$@ )"%.(&+"*#)%$+$ (&1 #+"/*$@
>"%," #2+/& +(?/ +"/ 2#*0 #2 +*(8/. 1%(*%/$ (&1 ,#-.1 6/ )-6.%$"/1 %&
)(0)"./+ #* 6##? 2#*0 ($ >/.. ($ %& &/>$)()/*$S &#8/.$ (&1@ ./$$ #2+/&@
)#/0$S 1#,-0/&+$ )*#1-,/1 67 8(*%#-$ 6*(&,"/$ #2 '#8/*&0/&+ $-," ($
+"/ ,/&$-$@ */)#*+$ 67 .#,(. 0/1%,(. #2A,/*$ #2 "/(.+"@ (&1 #+"/* $#*+$ #2
'#8/*&0/&+ */)#*+$3 \(&7 #2 +"/$/ >*%++/& $#-*,/$ (*/ %..-$+*(+/1 >%+"
A'-*(+%8/ %0('/$ J #2+/& /&'*(8%&'$ J #* >%+" 0()$@ ,(*+##&$ #* #+"/*
8%$-(. %0('/$3 V.0#$+ (.. #2 +"/$/ "%$+#*%(&$ (.$# -$/ )"#+#'*()"$ #2 +"/
(*/(@ $#0/ +(?/& 67 )"%.(&+"*#)%, %&$+%+-+%#&$ (&1 $#0/ 67 G#-*&(.%$+$@ 6-+
+"/ )*#8/&(&,/ #2 0(&7 #2 +"/$/ %$ &#> "(*1 +# +*(,/3 ;+ %$ %0)#*+(&+ +#
&#+/ +"/ $//0%&' /,./,+%,%$0 #2 +"/$/ $#-*,/$3 4"/7 (*/ &#+ ,#&$+*(%&/1 67
&#+%#&$ #2 '/&*/@ 2#* /5(0)./@ #* +/,"&#.#'73 c8/& ( $+-17 ,#&,/*&/1 +#
/5(0%&/ G-$+ #&/ $#*+ #2 8%$-(. ,#&$+*-,+%#& */./8(&+ +# +"/ )*#1-,+%#&
#2 +"/ c($+ c&1@ $-," ($ g/(1D$ MNOXXR $+-17 #2 C(*+D@ -$/$ ( >%1/ *(&'/ #2
>B2YVR`2U D=DSf2B2 B HJL

$#-*,/$@ %&,.-1%&' )(%&+%&'$@ /&'*(8%&'$ (&1 1*(>%&'$@ 6-+ (.$# G#-*&(.%$0@


)(*.%(0/&+(*7 */)#*+$ (&1 A,+%#&(. (&1 &#&<A,+%#&(. >*%+%&'3 4"%$
/,./,+%,%$0 %$ 1/0(&1/1 67 +"/ %&+/*+/5+-(.%+7 #2 1%$,#-*$/3 V$ g%,"#.($
Y*//& MNOOa9 ]R $(7$@ 1%$,#-*$/ %$ C( ,#"/*/&+ )(++/*& #2 $+(+/0/&+$ (,*#$$
( *(&'/ #2 (*,"%8/$ (&1 $%+/$D3
;& +"/ 2(,/ #2 +"/ 6*/(1+" #2 $#-*,/ 0(+/*%(. 1/0(&1/1 67 1%$,#-*$/
(&(.7$%$@ %+ %$ -$/2-. +# 6/'%& 67 +"%&?%&' (6#-+ >"(+ $#-*,/$ $"#-.1 6/
$/./,+/1 ($ +"/ "%/)%!,3 *&!,%" 2#* 7#-* #>& */$/(*,"9 +"/ $#-*,/$ +"(+ (*/
.%?/.7 +# 6/ )(*+%,-.(*.7 )*#1-,+%8/@ #* )(*+%,-.(*.7 %&+/*/$+%&'3 4"%$ 0(7
0/(& 7#- 1*(> #& $#-*,/$ +"(+ #+"/*$ "(8/ #2+/& -$/13 B* %+ 0(7 0/(&
+"(+ 7#- &//1 +# .#,(+/ (&1 (,,/$$ )*/8%#-$.7 -&-$/1 0(+/*%(.$3 B* 7#-*
?/7 $#-*,/$ 0(7 (.*/(17 6/ +# "(&1S )/*"()$ $+-06.%&' (,*#$$ +"/0 >($
>"(+ $+(*+/1 7#- #22 #& +"%$ */$/(*," %& +"/ A*$+ ).(,/3 I#>/8/*@ #&,/ +"/
0#*/ #68%#-$ $+(*+%&' )#%&+$ 2#* ( 1%$,#-*$/ (&(.7$%$ "(8/ 6//& /$+(6.%$"/1@
%+ %$ %0)#*+(&+ +"/& +# 4!6(, 7#-* C*(&'/ #2 (*,"%8/$ (&1 $%+/$D3 =(7$ #2
1#%&' +"%$ (*/ 1%8/*$/3 4"#$/ %&%+%(. %0('/$ (&1 +/5+$ 0(7 >/.. ,#&+(%&
*/2/*/&,/$ +# #+"/* %0('/$ (&1 +/5+$ +"(+ 7#- ,(& +"/& +*(,? 1#>&3
`/(1%&' >"(+ #+"/* */$/(*,"/*$ >#*?%&' #& +"/ $(0/ #* $%0%.(* +#)%,$ "(8/
$(%1 (6#-+ 7#-* (*/( #2 %&+/*/$+ >%.. )*#1-,/ #+"/* ./(1$3 V 1%$,#-*$/
(&(.7$%$ 0(7 (.$# 6/ (6./ +# -$/ 8/*6(. 0(+/*%(.S 7#- 0(7 >(&+ +# ,#&1-,+
%&+/*8%/>$ 7#-*$/.2@ #* +# */,#*1 &(+-*(..7 #,,-**%&' +(.? M$// L#++/*@ NOObS
L#++/* (&1 =/+"/*/..@ NOOdR3 h#- (.$# &//1 +# %&8/$+ +%0/ %& +"/ ?%&1 #2
6*#>$%&' */$/(*," +"(+ ./(1$ +# $/*/&1%)%+#-$ A&1$3 H#0/ #2 +"/ 0#$+
%&+/*/$+%&' 1%$,#-*$/ (&(.7$/$ (*/ %&+/*/$+%&' )*/,%$/.7 6/,(-$/ +"/7 6*%&'
+#'/+"/*@ %& ,#&8%&,%&' >(7$@ 0(+/*%(. +"(+ "(1 )*/8%#-$.7 6//& $//& ($
F-%+/ -&*/.(+/13
;2 +"%$ $#-&1$ )#+/&+%(..7 +%0/ ,#&$-0%&' J %+ ,(& 6/3 ;&1//1@ #&/ #2
+"/ 1%2A,-.+%/$ #2 +"/ 1%$,#-*$/ (&(.7+%, 0/+"#1 %$ ?&#>%&' >"/*/ +# $+#)
+"/ 1(+( ,#../,+%#& )*#,/$$3 I#>/8/*@ ($ 4#&?%$$ )#%&+$ #-+@ 1%$,#-*$/
(&(.7$%$ 1/)/&1$ &#+ #& +"/ F-(&+%+7 #2 0(+/*%(. (&(.7$/1@ 6-+ %+$ F-(.%+73
C="(+ 0(++/*$@D $"/ $(7$@ C%$ +"/ *%,"&/$$ #2 +/5+-(. 1/+(%.@ *(+"/* +"(& +"/
&-06/* #2 +/5+$ (&(.7$/1D M4#&?%$$@ NOOX9 Q^]R3 4"-$ 7#- 0(7 F-%+/
./'%+%0(+/.7 $/./,+ 2*#0 (.. )#$$%6./ $#-*,/$ ( 2/> +"(+ $//0 )(*+%,-.(*.7
%&+/*/$+%&' +# 7#-3 V$ .#&' ($ 7#- "(8/ .#,(+/1 $#0/ %&+*%'-%&'.7 ,#0)./5
+/5+$@ 7#-* 1%$,#-*$/ (&(.7$%$ ,(& 6/'%&3

4"5%)

H-))#$/ 7#- (*/ %&+/*/$+/1 %& /5).#*%&' +"/ >(7$ )*/'&(&+ >#0/& (*/ 8%$-(.%T/1 %&
,#&+/0)#*(*7 =/$+/*& ,-.+-*/3 ="(+ 0%'"+ 7#-* %&%+%(. $#-*,/$ 6/_ ="/*/ /.$/
0%'"+ 7#- .##? 2#* 8%$-(. %0('/$ (&1 +/5+$ +"(+ ,#&$+*-,+ +"/ )*/'&(&+ 2/0(./
6#17_

4"%$ +($? *(%$/$ +"/ F-/$+%#& #2 1%22/*/&+@ )#$$%6.7 ,#0)/+%&' 1%$,#-*$/$ +"(+
)(*+%,%)(+/ %& +"(+ ,#&$+*-,+%#&3 W#* /5(0)./@ 7#- 0(7 &#+ 6/ 2(0%.%(* >%+" +"/
,#&8/&+%#&(. 0/1%,(. 1%$,#-*$/ #2 )*/'&(&,7@ 6-+ +"%$ %$ )/*"()$ +"/ 0#$+ )#>/*2-.
HJJ QB2RDS TU@EV>VSVWBU2

1%$,#-*$/ ( )*/'&(&+ >#0(& /&,#-&+/*$ ($ $"/ (++/&1$ "/* (&+/&(+(. ())#%&+0/&+$3


I#> 0%'"+ 7#- (,,/$$ +"(+ )(*+%,-.(* 1%$,#-*$/_ V&1 >"(+ #+"/*$ 0%'"+ ,"(../&'/
#* ,#&A*0 %+_ I#> 0%'"+ 7#- (,,/$$ "#> $#0/ )*/'&(&+ >#0/& ,#&$+*-,+ +"/%*
$/&$/ #2 6#1%.7 $/.2@ 2#* /5(0)./_ ="(+ (6#-+ (18/*+%$%&'_ V&1 (*/ (18/*+$ $"#>%&'
)*/'&(&+ >#0/& +"/ #&.7 */./8(&+ #&/$_ B* %$ +"/ 2(,+ +"(+ )*/'&(&+ >#0/& (*/
8/*7 *(*/.7 8%$-(.%T/1 %& >"(+ (*/ ,(../1 C>#0/&D$ 0('(T%&/$D (.$# */./8(&+_ 4"(+ %$@
%$ +"/ %&8%$%6%.%+7 #2 )*/'&(&+ >#0/& (.$# (& %&+/*/$+%&' %$$-/ +# %&8/$+%'(+/_

Z1^ A&'.&8 9"%( )"%(5$)F .5"&"8(+7-9

B&/ 0/+"#1 +"(+ 1#/$ #22/* $#0/ ,./(*/* '-%1/.%&/$ (6#-+ >"(+ $#*+$ #2
$#-*,/$ (*/ */./8(&+ +# -&1/*$+(&1%&' $#0/ ?%&1$ #2 8%$-(. %0('/$ %$
%,#&#'*()"73 ;,#&#'*()"7 %$ ( 0/+"#1 1/8/.#)/1 67 +"/ (*+ "%$+#*%(&
c*>%& L(&#2$?73 !"()+/* Q $-''/$+/1 +"(+ 0(&7 (*+ "%$+#*%(&$ */.7 #&
"(8%&' ( C'##1 /7/D >"%," 2#,-$/$ (.0#$+ /&+%*/.7 #& "#> (& %0('/ .##?$3
L(&#2$?7 MNO^P9 QbR 1%$+(&,/1 "%0$/.2 2*#0 +"%$ ?%&1 #2 /7/ 67 %&$%$+%&'
+"(+ C%,#&#'*()"7 %$ +"(+ 6*(&," #2 +"/ "%$+#*7 #2 (*+ >"%," ,#&,/*&$ %+$/.2
>%+" +"/ $-6G/,+ 0(++/* #* 0/(&%&' #2 >#*?$ #2 (*+@ ($ #))#$/1 +# +"/%*
2#*0D3 4"/ $-6G/,+ 0(++/* #* 0/(&%&' >($@ 2#* L(&#2$?7@ +# 6/ /$+(6.%$"/1
67 */2/**%&' +# +"/ -&1/*$+(&1%&'$ #2 +"/ $706#.$ (&1 $%'&$ %& ( )(%&+%&'
+"(+ %+$ ,#&+/0)#*(*7 (-1%/&,/$ >#-.1 "(8/ "(13 ;&+/*)*/+%&' +"#$/
-&1/*$+(&1%&'$ */F-%*/$ ( '*($) #2 +"/ "%$+#*%,(..7 $)/,%A, %&+/*+/5+-(.%+7
#& >"%," 0/(&%&' 1/)/&1$3
L(&#2$?7 +##? ,(*/ +# $)/.. #-+ G-$+ "#> "/ +"#-'"+ +"%$ ,#0)(*%$#&
6/+>//& 1%22/*/&+ 8%$-(. %0('/$ (&1 8/*6(. +/5+$ $"#-.1 >#*?3 L(&#2$?7
MNO^PR 1%8%1/$ 8%$-(. %&+/*)*/+(+%#& %&+# +"*// ?%&1$@ >"%," "/ '%8/$ 8(*%#-$
&(0/$ +#9

N )*%0(*7 &(+-*(. )*/<%,#&#'*()"%,


Q $/,#&1(*7 ,#&8/&+%#&(. %,#&#'*()"%,
] %&+*%&$%, $706#.%, %,#&#.#'%,(.

4"/ /5(0)./ "/ -$/$ +# /5).(%& +"/ 1%22/*/&,/$ 6/+>//& +"/$/ +"*// ?%&1$ #2
%0('/$ %$ C>"/& (& (,F-(%&+(&,/ '*//+$ 0/ #& +"/ $+*//+ 67 .%2+%&' "%$ "(+D
ML(&#2$?7@ NO^P9 QbR3 I/ $-''/$+$ +"(+ */,#'&%T%&' +"(+ "/ "($ /&,#-&+/*/1
( C'/&+./0(&D >%+" ( C"(+D */F-%*/$ $#0/ %&+/*)*/+(+%#&@ 6-+ #2 (& C/./<
0/&+(*7 (&1 /($%.7 -&1/*$+(&1(6./D $#*+ MQbR3 4"%$ %$ +"/*/2#*/ %&+/*)*/+(<
+%#& (+ +"/ )*%0(*7 #* )*/<%,#&#'*()"%, ./8/.3 M;& 0/+"#1#.#'%,(. +/*0$@
+"%$ ./8/. "($ $#0/ )(*(../.$ +# +"/ ,.#$/ #6$/*8(+%#& 1/0(&1/1 67 ,#0<
)#$%+%#&(. %&+/*)*/+(+%#&3R I#>/8/*@ C07 */(.%T(+%#& +"(+ +"/ .%2+%&' #2 +"/
"(+ $+(&1$ 2#* ( '*//+%&' 6/.#&'$ %& (& (.+#'/+"/* 1%22/*/&+ */(.0 #2
%&+/*)*/+(+%#&D MQPR3 4"%$ 1%22/*/&+ */(.0 (11*/$$/$ %0('/$ >"%," "(8/ (
$)/,%A, $706#.%, */$#&(&,/S +"%$ %$ +"/ $/,#&1(*7 ./8/. #2 %&+/*)*/+(+%#&@ #2
( ,#&8/&+%#&(. #* %,#&#'*()"%, %0('/3 4"/ +"%*1 ./8/. #2 %&+/*)*/+(+%#& %$
>B2YVR`2U D=DSf2B2 B HJX

6*#-'"+ +# 6/(* #& 8%$-(. %0('/$ %& #*1/* +# /5).#*/ +"/%* '/&/*(. ,-.+-*(.
$%'&%A,(&,/3 L(&#2$?7 $-''/$+/1 +"(+@ %& +"/ ,($/ #2 "%$ (,F-(%&+(&,/ >%+"
+"/ "(+@ $//%&' +"(+ %0('/ %& $706#.%, #* %,#&#.#'%,(. +/*0$ >#-.1 0/(&
%&+/*)*/+%&' +"/ '/$+-*/ #2 .%2+%&' +"/ "(+ ($ ( $70)+#0 #2 +"(+ 0(&D$ >"#./
)/*$#&(.%+7 (&1 6(,?'*#-&13 4"/ %,#&#.#'%,(. #* %&+*%&$%, 0/(&%&' #2 (&
%0('/ C%$ ())*/"/&1/1 67 ($,/*+(%&%&' +"#$/ -&1/*.7%&' )*%&,%)./$ >"%,"
*/8/(. +"/ 6($%, (++%+-1/ #2 ( &(+%#&@ ( )/*%#1@ ( ,.($$@ ( */.%'%#-$ #*
)"%.#$#)"%,(. )/*$-($%#& J F-(.%A/1 67 #&/ )/*$#&(.%+7 (&1 ,#&1/&$/1 %&+#
#&/ >#*?D M]aR3
V$ (& /5(0)./ #2 L(&#2$?7D$ 0/+"#1 MW%'-*/ b3NR@ >/ ,(& +-*& +# +"/
)#*+*(%+ )(%&+/1 67 Z(& 8(& c7,? %& Nd]d 2#* +"/ 0(**%('/ #2 Y%#8(&&%
V*&#.A&%@ ( 0/*,"(&+ %& U*-'/$@ +# Y%#8(&&( !/&(0% M2#* #+"/* (,,#-&+$
#2 +"%$ )(%&+%&'@ $// U/1(-5@ NOXbS I(..@ NOOdS H/%1/.@ NOO]R3
L(&#2$?7 MNO^]9 QaNJ]R #22/*$ ( 1/+(%./1 %,#&#'*()"%, %&+/*)*/+(+%#&
#2 +"%$ %0('/ >"%," 1/)/&1$ #& "%$ ?&#>./1'/ #2 +"/ %,#&#'*()"7 (+ >#*?
%& /(*.7 g/+"/*.(&1%$" )(%&+%&' 0#*/ '/&/*(..73 4"-$ L(&#2$?7 %&$%$+$ +"(+@
1/$)%+/ %+$ .#,(+%#& %& C( ,#02#*+(6.7 2-*&%$"/1 %&+/*%#*D@ 1/$)%+/ (.. %+$ $%'&$
#2 >#*.1.7 >/(.+" M+"/ .(0)@ 0%**#*@ G/>/../*7@ ,.#+"%&'R@ (&1 1/$)%+/ %+$
-$/ #2 #%. )(%&+ >"%,"@ %& U/*'/*D$ MNOPQR (&(.7$%$@ 0(?/$ +"/ )(%&+%&' ($
0-," #2 ( ,#00#1%+7 ($ +"/ #6G/,+$ %+ 1/)%,+$@ +"%$ %$ ( )(%&+%&' +"(+
'.#*%A/$ +"/ !"*%$+%(& $(,*(0/&+ #2 0(**%('/3 4"-$ +"/ "(&1 '/$+-*/$ (*/
+"#$/ #2 +"/ !(+"#.%, 0(**%('/ ,/*/0#&7@ (&1 +"/ ,(&1./@ ,./(*.7 &#+
&//1/1 2#* .%'"+ $%&,/ +"/ *##0 %$ 6(+"/1 %& $-&.%'"+ 2*#0 +"/ >%&1#>@
*/)*/$/&+$ +"/ (..<$//%&' !"*%$+3 4"/ 2*-%+ #& +"/ >%&1#> ./1'/ (&1 ,"/$+
$706#.%T/ +"/ )-*%+7 #2 "-0(&?%&1 6/2#*/ +"/ W(..3 4"/ $+(+-/ #2
H+ \(*'(*/+ (+ +"/ +#) #2 +"/ +(.. ,"(%*6(,? */)*/$/&+$ ,"%.16%*+"@ (&1 +"/
1#' $706#.%T/$ 0(*%+(. A1/.%+73 \#*/#8/*@ +"/ ,#.#-*$ -$/1 67 8(& c7,?
(.$# "(8/ $706#.%, 0/(&%&'3 Z#"& Y('/ MNOO]9 NdQJ]R &#+/$ +"(+ +"/
,#.#-*$ %& +"/ )#*+*(%+ "(8/ $%'&%A,(&,/ %& */.(+%#& +# +"/ %1/($ #2 ,#&+/0<
)#*(*7 (.,"/0%$+$ (6#-+ ,#.#-*$ (&1 +"/ /$$/&+%(. )*#)/*+%/$ #2 0(++/*3
f//) )-*)./ (&1 '*//& J +"/ ,.#+"/$ >#*& 67 +"/ ,#-)./ J $706#.%T/ A*/
(&1 >(+/*@ ($ 1#/$ +"/ G/>/../*7 "(&'%&' &/5+ +# +"/ 0%**#* %& +"/ )(%&+%&'
J (06/* 6/(1$ (&1 )/(*.$3 4"/ )(%&+%&' +"-$ $-''/$+$ +"(+ +"%$ %$ &#+ #&.7 (
,#-).%&' #2 +># )/#)./@ 6-+ ( ,#0)./0/&+(*7 -&%#& #2 +># /./0/&+(.
)*#)/*+%/$ >"%," >%.. 6/ "(*0#&%#-$ (&1 2/*+%./3 U#+" L(&#2$?7 (&1 Y('/
*/.7 #& +"/ &#+%#& #2 %&+/*+/5+-(.%+7 %& #*1/* +# %&+/*)*/+ +"/ 0/(&%&'$ +"%$
%0('/ >#-.1 "(8/ "(1 2#* %+$ ,#&+/0)#*(*7 (-1%/&,/$@ (.+"#-'" +"/7 */.(+/
+"/ )#*+*(%+ +# 1%22/*/&+ +/5+$9 Y('/ */2/*$ +# (.,"/07 6##?$ >"%./ L(&#2$?7
,#0)(*/$ +"/ )#*+*(%+ +# #+"/* 0(**%('/ )#*+*(%+$3
V$ (& %&+/*+/5+-(. 0/+"#1@ %,#&#'*()"7 %$ 0#$+ #2+/& ()).%/1 +#
=/$+/*& A'-*(+%8/ %0('/$ (&1 +# (*,"%+/,+-*/@ -$-(..7 2*#0 +"/ $%5+//&+" +#
+"/ /%'"+//&+" ,/&+-*%/$3 f-*%&' +"(+ )/*%#1@ ,#0)/&1%( #2 $706#.$ M%& +"/
.##$/ $/&$/ #2 +"/ >#*1R >/*/ >*%++/& 2#* 6#+" (*+%$+$ (&1 )(+*#&$3 4"/$/
/5).(%&/1 +"/ 0/(&%&'$ #2 "-&1*/1$ #2 8%$-(. 0#+%2$@ (../'#*%/$ (&1 )/*<
$#&%A,(+%#&$@ (&1 %+ %$ +"/$/ ,#0)/&1%( +"(+ (*+ "%$+#*%(&$ "(8/ ,#&$-.+/1
+# )*#1-,/ %,#&#'*()"%, %&+/*)*/+(+%#&$ #2 $)/,%A, %0('/$3 ;,#&#'*()"7
HJQ QB2RDS TU@EV>VSVWBU2

W!)'$/ Q9H <+7


8+7 S0#/@ D(&"6A&.
H$''.&8 e"(!(+.!*
EU\U :=+!."&+6
W+66$(9* S"&'"&;
>B2YVR`2U D=DSf2B2 B HJS

&//1$ ( +"#*#-'" '*#-&1%&' %& "%$+#*%,(. ,#&+/5+ +# 6/ $-,,/$$2-.@ +"/*/<


2#*/@ (&1 L(&#2$?7 (*'-/1 +"(+ (,+-(..7@ %& #*1/* +# -&1/*$+(&1 +"/
)#$$%6./ $/,#&1(*7 (&1 %&+*%&$%, 0/(&%&'$ #2 (& %0('/@ +># +"%&'$ >/*/
&/,/$$(*73 B&/ >($ +"(+ 1//) 2(0%.%(*%+7 >%+" +"/ +/5+$@ 6#+" 8%$-(. (&1
>*%++/&@ >%+" >"%," +"/ (*+%$+ )*#1-,%&' ( )(*+%,-.(* )%/,/ #2 >#*? >#-.1
"(8/ 6//& 2(0%.%(*@ (&1 +"%$ 0%'"+ &//1 +# /5+/&1 6/7#&1 +"#$/ )-6.%$"/1
'-%1/$ +# $706#.%$0 G-$+ 0/&+%#&/13 4"/ $/,#&1 +"%&' >($ C$7&+"/+%,
%&+-%+%#&D ML(&#2$?7@ NO^P9 ]XR@ #* >"(+ #+"/* ,#00/&+(+#*$ #& +"%$
0/+"#1 "(8/ ,(../1 ,#00#& $/&$/3 4"%$ $/,#&1 F-(.%+7 >($ %0)#*+(&+
6/,(-$/@ >"%./ 8(*%#-$ +/5+$ ,#-.1 )*#8%1/ %0)#*+(&+ %&2#*0(+%#& (&1
,.-/$ (6#-+ %,#&#'*()"%, (&1 %,#&#.#'%,(. 0/(&%&'@ L(&#2$?7 MNO^PR
(*'-/1 +"(+ +"/7 ,#-.1 &/8/* )*#8%1/ 2-.. /5).(&(+%#&$ 2#* ( )(*+%,-.(*
%0('/@ (&1 +"/%* */./8(&,/ +"-$ "(1 +# 6/ G-1'/1 67 +"/ ,*%+%, #& +"/ 6($%$
#2 "%$ #* "/* %&+-%+%#&3
4"/*/ (*/ $#0/ (%1$ (8(%.(6./ 2#* 1/8/.#)%&' +"%$ */F-%$%+/ $/&$/ #2
"%$+#*%,(. ,#&+/5+3 `#/.#2 8(& H+*(+/& MNOOdR )*#8%1/$ ( '-%1/ +# +"/
,#0)/&1%( #2 $706#.$ +"(+ >/*/ -$/1 67 (*+%$+$ (&1 )(+*#&$3 V&#+"/* 8/*7
"/.)2-. )-6.%,(+%#& %$ +"/ O,$0$9&*(6!/ &1 7&-*/)/%!8( E$&,&3)/*;0
M`#6/*+$@ NOOXR3 4"%$ +>#<8#.-0/ >#*? ,#&$%$+$ #2 ( &-06/* #2 .#&'@
%..-$+*(+/1 /$$(7$ #& +"/0/$ $-," ($ !*-,%A5%#&@ f/(+"@ V*0$ `(%$/1@
\#&/7@ ="%+/&/$$@ L*/'&(&,7 (&1 I(%*jI(%*,-++%&' M+# .%$+ $#0/ (.0#$+ (+
*(&1#0R3 c(," /&+*7 /5).#*/$ +"/ %,#&#'*()"7 #2 %+$ +"/0/ (&1 .%$+$
*/./8(&+ >#*?$ #2 (*+ 2*#0 8(*%#-$ )/*%#1$3 ;+ (.$# $-''/$+$ #+"/* -$/2-.
*/(1%&' >"%," ,(& 1%*/,+ 7#- +# #*%'%&(. $#-*,/$3
V$ 1/A&/1 67 L(&#2$?7@ %,#&#'*()"7 %$ &#+ ( W#-,(-.1%(& 0/+"#13
L(&#2$?7 MNO^P9 dNR $-''/$+/1 +"(+ %,#&#.#'%,(. (&(.7$%$ ,#-.1 $"#> "#>
+"/ C/$$/&+%(. +/&1/&,%/$ #2 +"/ "-0(& 0%&1D >/*/ +*(&$.(+/1 %&+# 8%$-(.
+"/0/$ (&1 ,#&,/)+$@ (&1 +"%$ */2/*/&,/ +# +"/ C/$$/&+%(. +/&1/&,%/$ #2 +"/
"-0(& 0%&1D %$ 1/,%1/1.7 &#&<W#-,(-.1%(&3 V$ >/ "(8/ $//&@ W#-,(-.+
%&$%$+/1 +"(+ +"/*/ ,#-.1 6/ &# C/$$/&+%(. +/&1/&,%/$D 6/,(-$/ "-0(& $-6<
G/,+%8%+7 %$ /&+%*/.7 ,#&$+*-,+/13 ;,#&#'*()"7 "($ (.$# 6//& $//& ($ ,.#$/ +#
0#*/ $+*-,+-*(. ?%&1$ #2 $/0%#.#'7@ >%+" L(&#2$?7D$ )*%0(*7 ./8/. #2
%&+/*)*/+(+%#& /,"#/1 %& +"/ &#+%#& #2 1/&#+%8/ $%'&$@ (&1 "%$ $/,#&1(*7
./8/. %& ,#&&#+%8/ $%'&$3 I#>/8/*@ %& +"/%* $"(*/1 ,#&,/*& >%+" %&+/*<
+/5+-(.%+7@ +"/*/ (*/ $#0/ )(*(../.$ 6/+>//& %,#&#'*()"7 (&1 +"/ $#*+ #2
1%$,#-*$/ (&(.7$%$ -&1/* 1%$,-$$%#& "/*/@ (&1 +"/ +/*0 C%,#&#'*()"7D %$
&#> #2+/& -$/1 %& ( .##$/ $/&$/ +# */2/* +# +"/ ?%&1 #2 ())*#(," +# %0('/$
+"(+ ; (0 ,(..%&' 1%$,#-*$/ (&(.7$%$ ;3
V >#*? +"(+ 0%'"+ 6/ 1/$,*%6/1 ($ (& C%,#&#'*()"7D %& +"%$ .##$/*
$/&$/ %$ \(*7 !#>.%&'D$ MNOXOR $+-17 #2 C+"/ */)*/$/&+(+%#& #2 +7)/ (&1
,"(*(,+/* %& K%,+#*%(& (*+D3 !#>.%&'D$ >#*? ,#&+*%6-+/$ +# (& (,,#-&+ #2
+"/ 1%$,-*$%8/ ,#&$+*-,+%#& #2 +"/ c($+ c&1 #2 [#&1#& %& +"/ NXXa$ +##@
$%&,/ $"/ )#%&+$ #-+ +"(+ +"/ c($+ c&1/* >($ $"#>& 67 K%,+#*%(& (*+%$+$ ($ (
)(*+%,-.(* $#,%(. +7)/3 H"/ (*'-/$ +"(+ K%,+#*%(& (-1%/&,/$ ($$-0/1 +"(+
)(%&+%&'$ &//1/1 +# 6/ */(1 J +"(+ +"/%* 0/(&%&'$ */F-%*/1 1/,#1%&' J (&1
+"(+ +"/*/ >/*/ +># */.(+/1 6#1%/$ #2 ?&#>./1'/@ 6#+" -&1/*$+##1 ($
HJT QB2RDS TU@EV>VSVWBU2

$,%/&+%A,(..7 +*-/@ >"%," >/*/ -$/1 /$)/,%(..7 2*/F-/&+.7 2#* 1/,#1%&'


%0('/$ #2 $#,%(. 1%22/*/&,/9 )"7$%#'&#07 (&1 )"*/&#.#'73

;& +"/ K%,+#*%(& ('/@ )"7$%#'&#07@ #* +"/ %&1%,(+%#& #2 ,"(*(,+/* +"*#-'"


+"/ 2(,%(. 2/(+-*/$ (&1 2#*0$ #2 +"/ "/(1 (&1 6#17@ >($ (.. 6-+
-&%8/*$(..7 6/.%/8/1 %&3 4"/ 0#*/ $)/,%A, %&1%,(+%#& #2 ,"(*(,+/* +"*#-'"
+"/ $"()/ #2 +"/ $?-..@ /5)#-&1/1 ($ ( ,#0)./+/ $7$+/0 %& +"/ 2#*0 #2
)"*/&#.#'7@ >($ (.$# >%1/.7 $-6$,*%6/1 +#3 ="/+"/* +"/ "-0(& 2(,/ >($
.##?/1 (+ >%+" +"/ /7/$ #2 +"/ (*+%$+@ +"/ >*%+/*@ #* /8/& +"/ $,%/&+%$+@
6/.%/2 %& )"7$%#'&#07 ,"(*(,+/*%T/1 ,#&+/0)#*(*7 (++%+-1/$ +#>(*1$ %+3
M!#>.%&'@ NOXO9 OR

!#>.%&' $"#>$ "#> 6##?$ .%?/ C;0"!&3,&-0 R/6( O/"0 M,3NXXaR@ 2(91J
E,"%)+$%&) !, C;)(,&9&30 /,6 C;0"!&9&30 MNXXbR (&1 >;( 2%+60 &1 %;(
G+-/, N/$( MNXbXR@ (0#&' 0(&7 #+"/*$@ $"#>/1 2(,/$ (&1 "/(1$ 1%8%1/1
%&+# +7)/$ +"(+ >/*/ 1%22/*/&+%(+/1 %& +/*0$ #2 +"/%* 0#*(.%+7@ $#,%(. )#$%<
+%#& (&1 &#+%#&$ #2 *(,/3 V$)/,+$ #2 "/(1$ (&1 2(,/$ $-," ($ &#$/ )*#A./@
2#*/"/(1 $.#)/@ ,"%& )*#A./@ $?-.. $%T/ (&1 .%) $"()/ >/*/ (.. )*/$/&+/1 ($
,.-/$ +# +"/ 0#*(. $+(&1%&'@ $#,%(. ,.($$ (&1 *(,/ #2 (& %&1%8%1-(.@ (&1
+"/$/ ,.-/$ >/*/ -$/1 +## %& +"/ >#*? #2 ,(*+##&%$+$@ &#8/.%$+$@ $,%/&+%$+$
(&1 (*+%$+$3 V& /5(0)./ #2 "#> +"/$/ $"(*/1 %&+/*)*/+(+%#&$ #2 "/(1$ (&1
2(,/$ >/*/ ,#00#&).(,/ %$ '%8/& 67 !#>.%&' MNOXO9 bdJ^R@ (&1 %+ %$ (.$# (
&/(+ /5(0)./ #2 "/* #>& 0/+"#13 L.(+/ dd $"#>$ ( )('/ 2*#0 +"/ 2(91J
E,"%)+$%&) !, C;)(,&9&30 /,6 C;0"!&9&303 4"/*/ (*/ +># /&'*(8%&'$ #& +"%$
)('/@ #&/ #2 ( C'##1 "/(1D (&1 #&/ #2 ( C6(1 "/(1D3 !#>.%&' ,#0)(*/$
+"/$/ %& "/* ).(+/ d^ +# ( ,(*%,(+-*/ #2 ( C2#*/%'&/*D +"(+ ())/(*/1 %& +"/
0('(T%&/ C+,$; %& NXbQ@ (&1 %& ).(+/ db +# ( )#*+*(%+ #2 Z3Y3 [#,?"(*+@ +"/
$#&<%&<.(> (&1 6%#'*()"/* #2 H%* =(.+/* H,#++@ 67 =%..%(0 V../& %& NXPb3
4"/ C$#(*%&' 6*#> (&1 1/.%,(+/ 2/(+-*/$D #2 +"/ .(++/* M!#>.%&'@ NOXO9 b^R
(*/ */)/(+/1 /5(,+.7 %& +"/ 2(91JE,"%)+$%&) ($ +"/ C'##1 "/(1D@ (&1 >#-.1
"(8/ %&1%,(+/1 +# K%,+#*%(& (-1%/&,/$ +"(+ +"%$ >($ ( 0(& #2 "%'" 0#*(.
)*#6%+7@ "%'" $#,%(. ,.($$ (&1 c&'.%$" #*%'%&3 ;& ,#&+*($+@ +"/ $>(*+"7 (&1
,#(*$/ 2/(+-*/$ '%8/& +# +"/ C2#*/%'&/*D 67 C+,$; */,-* %& +"/ %0('/ #2 +"/
C6(1 "/(1D3 !#>.%&' (*'-/$ +"(+ K%,+#*%(& (-1%/&,/$ >#-.1 "(8/ 0(1/
+"/$/ $(0/ ,#&&/,+%#&$ (&1 %&+/*)*/+(+%#&$3 V&1 %+ %$ "/* 0/+"#1 +# 0(?/
+"/0 +##9 +# +*(,/ +"/ */.(+%#&$ 6/+>//& 1%22/*/&+ +/5+$ %& #*1/* +# %1/&+%27
+"/ 0/(&%&'$ +"/%* 8%/>/*$ (&1 */(1/*$ $"(*/13
!#>.%&'D$ ,#&,/*& >%+" %&+/*+/5+-(.%+7 2#,-$/$ #& +># )(*+%,-.(*
%0('/$@ "#>/8/*@ #&/ #2 >"%," %$ )(*+%,-.(*.7 */./8(&+ +# +"%$ 1%$,-$$%#&
$%&,/ !#>.%&' (*'-/$ +"(+ %+ ,#&+(%&$ $/8/*(. %0('/$ #2 c($+ c&1/*$3 4"%$
%$ ( )(%&+%&' 67 =%..%(0 L#>/.. W*%+"@ /5"%6%+/1 %& NXbQ (&1 ,(../1 >;(
B/!94/0 2%/%!&, M!#>.%&'@ NOXO9 NX^JQ]NR3 ;+ %$ ( "-'/ ,(&8($ $"#>%&'
+"/ ,*#>1 (,,#0)(&7%&' ( +*(%& (6#-+ +# ./(8/@ (&1 !#>.%&' */0(*?$
+"(+ %+ >($ $//& 67 ,#&+/0)#*(*%/$ ($ (& %0('/ #2@ (&1 ( ,#00/&+(*7 #&@
+"/ 0#1/*& [#&1#& ,*#>13 4"(+ %$@ %+$ +"/0/ >($ $#,%(. */.(+%#&$ (&1
$#,%(. 1%22/*/&,/@ (&1 W*%+" (&1 "%$ (-1%/&,/ 6#+" -$/1 )"7$%#'&#07
>B2YVR`2U D=DSf2B2 B HJI

(&1 )"*/&#.#'7 +# 0(?/ $/&$/ #2 +"%$ )(%&+%&'3 I(8%&' ,#&$-.+/1 6##?$ #2


)"7$%#'&#07 (&1 )"*/&#.#'7 "/*$/.2@ !#>.%&' %$ (6./ +# #22/* "/* #>&
?/7 +# +"/ )(%&+%&' >"%," &#+/$ +"/ ?%&1 #2 $#,%(. +7)/ /(," A'-*/ >#-.1
"(8/ */)*/$/&+/1 +# %+$ K%,+#*%(& (-1%/&,/$ M!#>.%&'@ NOXO9 QdQJ]R3 I/*
?/7 %&,.-1/$ C'/&+./0(& %& */1-,/1 ,%*,-0$+(&,/$D@ C"%$ 1(-'"+/*@ #22 +#
+(?/ -) "/* A*$+ )#$%+%#&D M($ ( '#8/*&/$$R (&1 C8%..%(&#-$ */,*-%+ J 8%,%#-$
+7)/D3 !#>.%&' $-''/$+$ +"(+ +"/$/ .(++/* $#*+$ #2 %0('/$@ #2 +"/ 8(*%#-$
+7)/$ 2*#0 +"/ */$%1--0@ >#-.1 "(8/ 6//& $//& 67 ,#&+/0)#*(*7 (-1%<
/&,/$ ($ c($+ c&1/*$3 4"/ $#,%(. 1%22/*/&,/$ (0#&' [#&1#&/*$ >/*/ (.$#
-&1/*$+##1 ($ '/#'*()"%,(. 1%22/*/&,/$ %& +"%$ )/*%#1 (&1 +"/ */$%1--0@
,/*+(%&.7 67 +"/ /&1 #2 +"/ NXXa$@ >($ (.>(7$ .#,(+/1 %& +"/ c($+ c&1 #2
+"/ ,%+73 4"-$ %0('/$ #2 0/06/*$ #2 +"/ */$%1--0 >/*/ (.$# %0('/$ #2
c($+ c&1/*$3
!#>.%&' MNOXOR -$/$ 0(&7 $#*+$ #2 +/5+$ +# 0(?/ "/* ,($/ 2#* +"/
%0)#*+(&,/ #2 2(,%(. 2/(+-*/$ (&1 "/(1 +7)/$ 2#* -&1/*$+(&1%&' K%,+#*%(&
%0('/$ #2 $#,%(. 1%22/*/&,/@ %&,.-1%&' 0('(T%&/$@ (&+"*#)#.#'7 6##?$@
&#8/.$@ )(%&+%&'$ (&1 /&'*(8%&'$@ ($ >/.. ($ +"#$/ 6##?$ #& )"7$%#'&#07
(&1 )"*/&#.#'73 V$ ; "(8/ &#+/1@ +"%$ *(&'/ #2 $#-*,/$ %$ +7)%,(. #2 +"/ ?%&1
#2 1%$,#-*$/ (&(.7$%$ +# >"%," ; (0 $-''/$+%&' %,#&#'*()"7 %$ */.(+/13
!#>.%&'D$ 0/+"#1 %$ +# .##? 2#* +"/ ,#00#&(.%+%/$@ 6#+" +/5+-(. (&1
8%$-(.@ (0#&' +"/$/ $#-*,/$@ (&1 +# /$+(6.%$" +"/0 67 ,%+%&' +"/ >#*1$ (&1
%0('/$ +"/7 "(8/ %& ,#00#&9 +"-$ $"/ F-#+/$ /5+/&$%8/.7 2*#0 "/* $#-*,/$
(&1 (.$# */)*#1-,/$ +"/%* %0('/$ '/&/*#-$.7 M"/* 6##? "($ ]Pa )('/$ #2
+/5+ (&1 ]da ).(+/$R3 4"%$ $/(*," 2#* */,-**%&' +"/0/$ %$ (.$# +7)%,(. #2
1%$,#-*$/ (&(.7$%$3 I#>/8/*@ ($ +"/ */$+ #2 +"%$ ,"()+/* >%.. $"#>@ +"/
)*#)#&/&+$ #2 1%$,#-*$/ (&(.7$%$ (.$# $-''/$+ $#0/ 2-*+"/* 0/+"#1#.#'%,(.
+(,+%,$ 2#* %&+/*)*/+%&' %&+/*+/5+-(. 0/(&%&'$3

J &!+(%'$+/ 1"145+!+ AK #*/ 6$%&'(#!%" 1"& $*/#%$!(14 %$)1"!^1#!%"


%3 &!+(%'$+/

;,#&#'*()"7@ +"/&@ .%?/ 1%$,#-*$/ (&(.7$%$@ 1/)/&1$ #& %&+/*+/5+-(.%+7 2#*


%+$ %&+/*)*/+%8/ )#>/*3 ;+ (.$# 1/)/&1$@ +"#-'"@ #& >"(+ L(&#2$?7 ,(../1
C,#00#& $/&$/D@ (&1 0(&7 1%$,#-*$/ (&(.7$+$ (.$# $-''/$+ +"(+ $-,,/$$2-.
1%$,#-*$/ (&(.7$%$ 1/)/&1$ ./$$ #& *%'#*#-$ )*#,/1-*/$ (&1 0#*/ #& #+"/*
F-(.%+%/$9 ,*(2+ $?%..@ $(7$ L#++/* MNOOb9 NdaR@ #* $,"#.(*$"%)@ (,,#*1%&' +#
Y%.. MNOOb9 NddR3 g#&/+"/./$$@ +"/*/ "(8/ 6//& $#0/ /22#*+$ +# 0(?/ +"/
)*#,/1-*/$ #2 1%$,#-*$/ (&(.7$%$ 0#*/ /5).%,%+@ /$)/,%(..7 %& +"/ $#,%(.
$,%/&,/$3 4"%$ $/,+%#& /5).#*/$ $#0/ #2 +"#$/ /22#*+$3
;& "/* 1%$,-$$%#& #2 1%$,#-*$/ (&(.7$%$@ 4#&?%$$ MNOOXR $-''/$+$ +"(+
+"#$/ /22#*+$ "(8/ 6//& 1%*/,+/1 %& +># (*/($3 W%*$+@ +"/*/ %$ +"/ (&(.7$%$
#2 +"/ $+*-,+-*/ #2 +"/ 1%$,-*$%8/ $+(+/0/&+$3 H/,#&1@ +"/*/ %$ ( ,#&,/*&
2#* +"/ $#,%(. ,#&+/5+ #2 +"#$/ $+(+/0/&+$9 >"# %$ $(7%&' +"/0@ %& >"(+
,%*,-0$+(&,/$3
HXV QB2RDS TU@EV>VSVWBU2

d1L $<76"(.&8 !-$ (-$!"(.5+6 "(8+&.P+!."& "4 '.)5"%()$

B&/ +"/0/ #2 1%$,#-*$/ (&(.7$%$ %$ +"/ #*'(&%T(+%#& #2 1%$,#-*$/ %+$/.23


I#>@ )*/,%$/.7@ %$ ( )(*+%,-.(* 1%$,#-*$/ $+*-,+-*/1@ (&1 "#> +"/& 1#/$ %+
)*#1-,/ ( )(*+%,-.(* ?%&1 #2 ?&#>./1'/_ ;& */.(+%#& +# >*%++/& #* $)#?/&
1%$,#-*$/$@ 1%$,#-*$/ (&(.7$%$ %$ %&+/*/$+/1 %&@ 2#* /5(0)./@ "#> (
)(*+%,-.(* 1%$,#-*$/ 1/$,*%6/$ +"%&'$ M(.+"#-'" +"/ )#>/* #2 1%$,#-*$/
0/(&$ +"(+ %+ )*#1-,/$ +"#$/ +"%&'$ %+ )-*)#*+$ +# 6/ 1/$,*%6%&'R@ %& "#> %+
,#&$+*-,+$ 6.(0/ (&1 */$)#&$%6%.%+7@ %& "#> %+ ,#&$+*-,+$ $+(?/ (&1
(,,#-&+(6%.%+7@ %& "#> %+ ,(+/'#*%T/$ (&1 )(*+%,-.(*%T/$ ML#++/*@ NOObR3 ;&
*/.(+%#& +# 8%$-(. %0('/$@ 0(&7 $+-1%/$ "(8/ 6//& )(*+%,-.(*.7 %&+/*/$+/1 %&
"#> $#,%(. 1%22/*/&,/ %$ ,#&$+*-,+/1@ (&1 +"/ )*/8%#-$ $/,+%#& 6*%/E7
1%$,-$$/1 #&/ /5(0)./ #2 +"%$ %& */.(+%#& +# +"/ c($+ c&19 !#>.%&'D$ MNOXOR
$+-17 #2 +"/ %&+/*$/,+%#& 6/+>//& (*+@ )"7$%#'&#07 (&1 )"*/&#.#'73
4"/ A*$+ $+/) %& +"%$ %&+/*)*/+%8/ )*#,/$$ %$@ ($ 4#&?%$$ MNOOXR (&1 Y%..
MNOObR 6#+" /0)"($%T/@ +# +*7 +# 2#*'/+ (.. )*/,#&,/)+%#&$ 7#- 0%'"+ "(8/
(6#-+ +"/ 0(+/*%(.$ 7#- (*/ >#*?%&' >%+"3 `/(1 +"/0 (&1 .##? (+ +"/0
>%+" 2*/$" /7/$3 V$ W#-,(-.+ MNOPQ9 Q^R $(7$@ )*/</5%$+%&' ,(+/'#*%/$ C0-$+
6/ "/.1 %& $-$)/&$/3 4"/7 0-$+ &#+ 6/ */G/,+/1 1/A&%+%8/.7@ #2 ,#-*$/@ 6-+
+"/ +*(&F-%..%+7 >%+" >"%," +"/7 (*/ (,,/)+/1 0-$+ 6/ 1%$+-*6/1S >/ 0-$+
$"#> +"(+ +"/7 1# &#+ ,#0/ (6#-+ 67 +"/0$/.8/$@ 6-+ (*/ (.>(7$ +"/ */$-.+
#2 ( ,#&$+*-,+%#& +"/ *-./$ #2 >"%," 0-$+ 6/ ?&#>& (&1 +"/ G-$+%A,(+%#&$
#2 >"%," 0-$+ 6/ $,*-+%&%T/1D3 ;& +"%$ >(7@ +"/ 0(+/*%(. 0(7 #22/* 7#-
%&$%'"+$ (&1 ./(1$ +"(+ 7#- >#-.1 #+"/*>%$/ "(8/ 0%$$/13 W#* 8%$-(.
%0('/$@ %+ 0(7 6/ +"(+ +"/ +##.$ #2 1/+(%./1 1/$,*%)+%#& #22/*/1 67
,#0)#$%+%#&(. %&+/*)*/+(+%#& "(8/ ( *#./ +# ).(7 "/*/@ %& 0(?%&' 7#- .##?
8/*7 ,(*/2-..7 (+ /8/*7 /./0/&+ #2 (& %0('/@ (&1 (+ +"/%* %&+/**/.(+%#&3
V..#> +"%$ )*#,/$$ #2 */(1%&' (&1 .##?%&' +# +(?/ %+$ +%0/3 4*7 +# %00/*$/
7#-*$/.2 %& +"/ 0(+/*%(.$ 7#- (*/ 1/(.%&' >%+"3 `/(1 (&1 */<*/(1 +"/ +/5+$S
.##? (&1 .##? ('(%& (+ +"/ %0('/$3
I(8%&' 2(0%.%(*%T/1 7#-*$/.2 >%+" 7#-* 0(+/*%(.$@ $#0/ $.%'"+.7 0#*/
$7$+/0(+%, 0/+"#1$ 0%'"+ 6/ -$/2-.3 B&/ %$ ( 8/*$%#& #2 +"/ ,#1%&' )*#,/$$
1/$,*%6/1 %& !"()+/* ] %& ,#&&/,+%#& >%+" ,#&+/&+ (&(.7$%$3 W(0%.%(*%+7
>%+" +"/ $#-*,/$ >%.. (..#> 7#- +# %1/&+%27 <(0 %;(-("@ >"%," 0(7 6/ ?/7
>#*1$@ #* */,-**%&' 8%$-(. %0('/$3 M`/0/06/*@ +"#-'"@ +"(+ +"/ 0#$+
%0)#*+(&+ >#*1$ (&1 %0('/$ 0(7 &#+ 6/ +"#$/ +"(+ #,,-* 0#$+ #2+/&3R
\(?/ ( .%$+ #2 +"/$/ >#*1$ #* %0('/$ (&1 +"/& '# +"*#-'" (.. 7#-* $#-*,/$@
,#1%&' +"/ 0(+/*%(. /8/*7 +%0/ +"(+ >#*1 #* %0('/ #,,-*$3 4"/& $+(*+ +#
+"%&? (6#-+ ,#&&/,+%#&$ 6/+>//& (&1 (0#&' ?/7 >#*1$ (&1 ?/7 %0('/$3
V,,#*1%&' +# W#-,(-.+@ +"/ +($? %$ +# /5(0%&/9

*/.(+%#&$ 6/+>//& $+(+/0/&+$ M/8/& %2 +"/ (-+"#* %$ -&(>(*/ #2 +"/0S /8/&


%2 +"/ $+(+/0/&+$ 1# &#+ "(8/ +"/ $(0/ (-+"#*S /8/& %2 +"/ (-+"#*$ >/*/
-&(>(*/ #2 /(," #+"/*D$ /5%$+/&,/RS */.(+%#&$ 6/+>//& '*#-)$ #2 $+(+/<
0/&+$ +"-$ /$+(6.%$"/1 M/8/& %2 +"/$/ '*#-)$ 1# &#+ ,#&,/*& +"/ $(0/@ #*
>B2YVR`2U D=DSf2B2 B HXH

/8/& (1G(,/&+ A/.1$S /8/& %2 +"/7 1# &#+ )#$$/$$ +"/ $(0/ 2#*0(. ./8/.S
/8/& %2 +"/7 (*/ &#+ +"/ .#,-$ #2 ($$%'&(6./ /5,"(&'/$RS */.(+%#&$ 6/+>//&
$+(+/0/&+$ (&1 '*#-)$ #2 $+(+/0/&+$ (&1 /8/&+$ #2 ( F-%+/ 1%22/*/&+ ?%&1
M+/,"&%,(.@ /,#&#0%,@ )#.%+%,(.@ $#,%(.R3 MW#-,(-.+@ NOPQ9 QOR

I#> (*/ )(*+%,-.(* >#*1$ #* %0('/$ '%8/& $)/,%A, 0/(&%&'$_ V*/ +"/*/
0/(&%&'2-. ,.-$+/*$ #2 >#*1$ (&1 %0('/$_ ="(+ ($$#,%(+%#&$ (*/ /$+(6<
.%$"/1 >%+"%& $-," ,.-$+/*$_ ="(+ ,#&&/,+%#&$ (*/ +"/*/ 6/+>//& $-,"
,.-$+/*$_ W#-,(-.+ "/*/ (.$# $-''/$+$ +"/ &//1 +# ,#&$%1/* +"/ 6*#(1/*@ &#&<
1%$,-*$%8/ ,#&+/5+ #2 1%$,#-*$/3 4"/$/ $#*+$ #2 F-/$+%#&$ (11*/$$ +"/
)*#1-,+%8%+7 #2 1%$,#-*$/ %& +"/ $/&$/ +"(+ +"/7 2#,-$ #& %+$ )*#1-,+%#& #2
0/(&%&'$ (&1 +"%&'$3
g/(1D$ MNOXXR 1%$,-$$%#& #2 "#> C+"/ )*#$+%+-+/D >($ 1%$,-*$%8/.7
,#&$+*-,+/1 +"*#-'" */,-**%&' %0('/$ #2 6#1%/$ (&1 ).(,/$ %$ /5/0).(*7
"/*/3 g/(1 (,,-0-.(+/$ ( >%1/ *(&'/ #2 8%$-(. %0('/$ #2 +"%$ A'-*/@ ($ >/..
($ >*%++/& (,,#-&+$@ (&1 $"#>$ "#> $"/ >($ -&1/*$+##1 67 )#%&+%&' +# +"/
.%0%+/1 &-06/* #2 ?/7 8%$-(. +/*0$ -$/1 +# )*#1-,/ "/* M$// (.$# Y%.0(&@
NOOaS =(.?#>%+T@ NOOQR3 4"/ )*#$+%+-+/ >#*?/1 /5,"(&'%&' $/5 2#*
0#&/73 H"/ >($ +"/*/2#*/ ,#&$+*-,+/1 ($ ( )(*+%,-.(* $#*+ #2 0#*(. )*#6<
./0 %& 6#-*'/#%$ 1%$,#-*$/$ #2 2/0%&%&%+7@ (&1 >($ ).(,/1 %& +"/ */$%1--03
H"/ ,#-.1 6/ $//& ($ %**/1//0(6./ #* */1//0(6./S )*#$+%+-+/$ >/*/ )#*<
+*(7/1 ($ 6#+" /8%. >#0/& (&1 ($ 8%,+%0$ #2 (& /8%. $#,%/+73 I#>/8/*@ ($
g/(1 &#+/$@ 6#+" (*'-0/&+$ >#*?/1 +# ).(,/ "/* #-+$%1/ C&#*0(.D
2/0%&%&%+73 4"%$ #-+$%1/* $+(+-$ >($ $%'&%A/1 8%$-(..7 %& +"/ >(7 $"/
1*/$$/1 M)*#8#,(+%8/.7R (&1 +"/ >(7 $"/ .##?/1@ /$)/,%(..7 "#> $"/ .##?/1
6#.1.7 (+ 0/&3 H%&,/ $"/ >($ 0#*(..7 1/8%(&+@ "#>/8/*@ $"/ >($ (.$#
)%,+-*/1 ($ )(7%&' +"/ )*%,/ #2 "/* $%&3 ;& 8%$-(. (&1 >*%++/& &(**(+%8/$ #2
)*#$+%+-+%#&@ $"/ >($ 2*/F-/&+.7 8%$-(.%T/1 ($ .#$%&' "/* .##?$ (&1 "/*
'.(0#*#-$ ,.#+"/$@ (&1 $%0-.+(&/#-$.7 0#8%&' 2*#0 +"/ 6*%'"+ .%'"+$ #2 +"/
0-$%, "(.. +# +"/ 1(*? $+*//+$ #2 +"/ c($+ c&1@ (&1@ /8/&+-(..7@ 1#>& %&+#
+"/ 1(*? (&1 0-*?7 1/)+"$ #2 +"/ *%8/* 4"(0/$3 4"%$ .($+ .#,(+%#& >($
#2+/& )%,+-*/1 ($ "/* A&(. */$+%&' ).(,/9 1%$/($/ #* )*/'&(&,7 >#-.1 +(?/
+"/%* +#..@ (&1 "/* %&/8%+(6./ /&1@ (,,#*1%&' +# +"%$ 1%$,#-*$/@ >($ "/*
$-%,%1/ 67 1*#>&%&'3 4"/ A&(. $+('/ #2 +"%$ 8%$-(. &(**(+%8/ >($ +"/ 8/*1%,+
)($$/1 #& "/* 67 $#,%/+73 4"%$ >($ -$-(..7 )%,+-*/1 67 */)*/$/&+(+%8/$ #2
+"(+ $#,%/+7 .##?%&' (+ +"/ )*#$+%+-+/D$ 1/(1 6#173 4"/$/ */)*/$/&+(+%8/$
0%'"+ 6/ +"/ *%8/*0/& >"# A&1 "/*@ +"/ )#.%,/0(& >"# %&$)/,+$ +"/
,#*)$/@ +"/ )($$/*$<67 >"# $// %+@ #* +"/ 1#,+#* >"# 1%$$/,+$ %+S (&1 +"/$/
(*/ $"#>& /%+"/* ($ )%+7%&' #* ,#&1/0&%&'3 g/(1 +"-$ %1/&+%A/$ $/8/*(. ?/7
8%$-(. +"/0/$ %& %0('/$ #2 )*#$+%+-+%#&9 1*/$$@ 6#1%.7 ,#&1%+%#&@ .#,(+%#&@
.##?$3 H"/ $"#>$ "#> +"/$/ +"/0/$ ,#-.1 6/ '%8/& 1%22/*/&+ 0/(&%&'$ %&
1%22/*/&+ %0('/$ #* +/5+$ J +"/ .##?$ (+ "/* 1/(1 6#17 ,#-.1 6/ ,#0<
)($$%#&(+/ #* '*%0.7 $(+%$A/1@ 2#* /5(0)./@ 1/)/&1%&' #& >"/+"/* +"/
)*#$+%+-+/ >($ 6/%&' ,#&$+*-,+/1 ($ /8%. #* ($ ( 8%,+%0 J 6-+ +"/ 6($%,
/./0/&+$ -$/1 +# */)*/$/&+ "/* >/*/ */)/(+/1 ('(%& (&1 ('(%& %& ( >%1/
8(*%/+7 #2 ,#&+/5+$3
HXN QB2RDS TU@EV>VSVWBU2

4"5%)

[##? (+ W%'-*/$ b3Q@ b3]@ b3d@ b3^


W!)'$/ Q9N B$%1+8. (&1 b3b@ (.. */)*#1-,/1 2*#0
:"*.]@ '(($%1*+1'"7 1" g/(1D$ MNOXXR $+-173
@-$ \(.'8$ "4 2.8-)*
EKJK :@-$ \(.!.)-
S.#(+(9] =$+'* LMaa;

W!)'$/ Q9L O^ B*+0@


S")! WO^ [+0M+*5@
S"&'"& #9 =.8-!*
51 LaNc] =$+'*
LMaa;

W!)'$/ Q9J O^ B*+0@


X"%&' WO^ [+0M+*5@
S"&'"& #9 =.8-!*
51 LaNc] =$+'*
LMaa;
>B2YVR`2U D=DSf2B2 B HXL

W!)'$/ Q9X [+&("1


_^ =*"M7. W9-'NX@ @-$
`.3$( :Y-+(6$)
>.5?$&)* :+8'5
6",,.*`.(5* &"1 L_*
D%8%)! Labc] =$+'*
LMaa;

W!)'$/ Q9Q B."*).


a*.5.*'#/ O+11%@
X"%&' >(",&$'*
EKUKQIP :@(%)!$$)
"4 !-$ H+!!) W+66$(9*
Y"/7!"&* &( W%.6'4"(']
=$+'* LMaa;

!#&$%1/* /(," #&/ %& */.(+%#& +# +"/ ?/7 +"/0/$ %1/&+%A/1 67 g/(19 1*/$$@ 6#1%.7
,#&1%+%#&@ .#,(+%#&@ .##?$3 ;& )(*+%,-.(*@ +"%&? (6#-+ "#> /(," #2 +"#$/ +"/0/$ ,(&
6/ */)*/$/&+/1 %& 1%22/*/&+ >(7$3 !#0)(*/ +"%$ */.(+%8/ E/5%6%.%+7 %& %1/&+%27%&'
+"/0/$ >%+" +"/ ,#1%&' )*#,/$$ 1/0(&1/1 67 ,#&+/&+ (&(.7$%$3 ="%," 1# 7#-
)*/2/*@ (&1 >"7_
V*/ +"/*/ #+"/* +"/0/$ +"(+ $//0 +# 7#- +# 6/ */./8(&+ +# +"/$/ %0('/$_
HXJ QB2RDS TU@EV>VSVWBU2

V$ +"%$ ,#1%&' (&1 %&+/*)*/+(+%#& )*#,/$$ )*#,//1$@ #+"/* %$$-/$ 0(7


$+(*+ +# 6/,#0/ %0)#*+(&+ +# 7#-* %&+/*)*/+(+%#&@ )/*"()$ %$$-/$ +"(+ "(1 &#+
%&%+%(..7 #,,-**/1 +# 7#-3 e&.%?/ ,#&+/&+ (&(.7$%$@ +"%$ 1#/$ &#+ 0/(& +"(+
7#- "(8/ +# "(.+ 7#-* (&(.7+%,(. )*#,/$$ (&1 $+(*+ ('(%& >%+" ( */8%$/1 $/+ #2
,(+/'#*%/$3 f%$,#-*$/ (&(.7$%$ %$ 0-," 0#*/ E/5%6./ +"(& +"(+3 V$ &/>
F-/$+%#&$ #,,-*@ )*#0)+/1 67 #&/ 0#0/&+ #2 ,#1%&'@ 7#- ,(& */+-*& +# 7#-*
0(+/*%(.$ >%+" 1%22/*/&+ ,#1/$ %& ( $/,#&1 J #* +"%*1 #* 2#-*+" #* +>/&+%/+" J
0#0/&+ #2 %&+/*)*/+(+%#&3 ="%./ +"/ W#-,(-.1%(& 2*(0/>#*? #2 1%$,#-*$/
(&(.7$%$ %$ '%8%&' 7#- ( ,/*+(%& ())*#(," +# 7#-* 0(+/*%(.$@ %+ %$ (.$# ,*-,%(.
+"(+ 7#- ./+ +"/ 1/+(%.$ #2 7#-* 0(+/*%(.$ '-%1/ 7#-* %&8/$+%'(+%#&$3
V& %0)#*+(&+ )(*+ #2 +"(+ 2*(0/>#*? %$ "#> ( )(*+%,-.(* 1%$,#-*$/
>#*?$ +# )/*$-(1/3 I#> 1#/$ %+ )*#1-,/ %+$ (11($%" &1 %)+%;_ 4"%$ %$ (&#+"/*
($)/,+ #2 1%$,#-*$/ +"(+ 7#-* (&(.7$%$ 0-$+ (11*/$$3 B2+/& +"%$ /&+(%.$
2#,-$%&' #& ,.(%0$ +# +*-+"@ #* +# $,%/&+%A, ,/*+(%&+7@ #* +# +"/ &(+-*(. >(7
#2 +"%&'$3 V$ >/.. ($ +"/ 8%$-(. (&1 +/5+-(. 1/8%,/$ -$/1 +# ,.(%0 +*-+"@
"#>/8/*@ %+ %$ -$/2-. +# .##? 2#* 0#0/&+$ (+ >"%," 1%$$/&+ 2*#0 ( 1%$,#-*$/
%$ (,?&#>./1'/1 M/8/& %2 %0).%,%+.7R (&1 1/(.+ >%+"3 H/(*," 2#* C+"/ >#*?
+"(+ %$ 6/%&' 1#&/ +# */,#&,%./ ,#&E%,+%&' %1/($@ +# ,#)/ >%+" ,#&+*(1%,+%#&
#* -&,/*+(%&+7@ #* +# ,#-&+/* (.+/*&(+%8/$D M4#&?%$$@ NOOX9 Q^^R@ 6/,(-$/
+"%$ >#*? >%.. "%'".%'"+ )*#,/$$/$ #2 )/*$-($%#& +"(+ 0(7 #+"/*>%$/ 6/
1%2A,-.+ +# 1/+/,+3
V& /5(0)./ #2 (& (,,#-&+ #2 +"/ c($+ c&1 #2 [#&1#& +"(+ ,.(%0/1 +#
6/ +*-/ 6/,(-$/ $,%/&+%A, >($ +"/ 0() #2 )#8/*+7 A*$+ )-6.%$"/1 67 !"(*./$
U##+" %& NXXO MW%'-*/ b3PR3
U##+" -$/1 ]d $,"##. 6#(*1 8%$%+#*$ M+"/ .#,(. #2A,%(.$ */$)#&$%6./ 2#*
/&2#*,%&' (++/&1(&,/ (+ $,"##.R +# $-*8/7 +"/ %&,#0/ #2 /8/*7 "#-$/"#.1 %&
+"/ c($+ c&13 I/ +"/& ,(.,-.(+/1 "#> 0(&7 )/#)./ >/*/ .%8%&' %& )#8/*+7@
(&1 0())/1 +"/%* .#,(+%#&3 4"/ $-*8/7 >($ $//& ($ $,%/&+%A, %& ( &-06/* #2
>(7$3 W%*$+@ %+$ ,#8/*('/ >($ 0#*/ #* ./$$ ,#0)./+/ %& +/*0$ #2 +"/ c($+
c&1D$ )#)-.(+%#& Md^b@XPP )/#)./ >/*/ %&,.-1/1@ (,,#*1%&' +# U##+"D$
A'-*/$R3 H/,#&1@ %+$ ,#8/*('/ >($ $//& ($ ,#0)./+/ %& +/*0$ #2 %+$ -&1/*<
$+(&1%&'@ (&1 "/*/ +"/ 8%$-(. /22/,+ #2 +"/ 0() >($ ,*-,%(.9 +"/ 0() $//0/1
+# .(7 +"/ c($+ c&1 6(*/ +# ( $,%/&+%A, '(T/ +"(+ )/&/+*(+/1 >"(+ #+"/*$
1/$,*%6/1 ($ %+$ 1(*?/$+ */,/$$/$3 4"%*1@ U##+"D$ $-*8/7 (&1 +"/ 0() ,.($$%<
A/1 %+$ $-6G/,+$ %& >(7$ +"(+ >/*/ ,/&+*(. +# ,#&+/0)#*(*7 $,%/&+%A, )*#<
,/1-*/$3 U##+" (*'-/1 +"(+ >"%./ #8/* #&/<+"%*1 #2 +"/ */$%1/&+$ #2 +"/ c($+
c&1 >/*/ .%8%&' %& )#8/*+7@ +"%$ >($ 0#$+.7 1-/ +# 2/,?./$$&/$$ *(+"/* +"(&
0#*(. 1/)*(8%+7S #&.7 Q )/* ,/&+ #2 +"/ */$%1--0@ "/ (*'-/1@ 2/.. %&+# +"(+
.(++/* ,(+/'#*73 4"%$ $#*+ #2 0#*(. ,.($$%A,(+%#& >($ ,/&+*(. +# #+"/*
K%,+#*%(& $,%/&,/$@ )(*+%,-.(*.7 +"#$/ +"(+ ,#&$+*-,+/1 *(,%(. 1%22/*/&,/$
M(&1 %+ %$ &# ,#%&,%1/&,/ +"(+ 0(&7 G#-*&(.%$+$ ,#0)(*/1 '#%&' %&+# +"/
c($+ c&1 #2 [#&1#& >%+" 8%$%+$ +# V2*%,(@ ($ 1%1 Y/&/*(. U##+"D$ E,
L/)<("% O,39/,6@ )-6.%$"/1 %& NXOaS $// i/(+%&'@ NOPbR3 W%&(..7@ U##+"
(.$# */.%/1 #& $+(+%$+%,(. (&(.7$/$ #2 "%$ 1(+( >"%," '(8/ "%$ (*'-0/&+$
$,%/&+%A, (-+"#*%+7 +##S g/(1 MNOXXR &#+/$ "#> $#0/ (*'-0/&+$ (6#-+
)*#$+%+-+%#& >/*/ (.$# ./'%+%0(+/1 67 $+(+%$+%,(. ,.(%0$3 4"*#-'" +"/$/
>B2YVR`2U D=DSf2B2 B HXX

W!)'$/ Q9S 4+, 8(*%#-$ $+*(+/'%/$@ +"/&@ U##+"D$ 0() >($ )/*,/%8/1 67 M0#$+R ,#&+/0)#*<
!*"2 6-+*(.% (*%/$ ($ $,%/&+%A,(..7 +*-/3
=""1->% 5.%#*',1'8.
2+, "! R"75"7 4"5%)
,"8.*10@ EKKH
:S"&'"& [##? (+ +"/ 0() %& W%'-*/ b3X (&1 ,#0)(*/ %+ +# +"/ 0() */)*#1-,/1 %& W%'-*/ b3P3
@"7"8(+7-.5+6
4"/ C&9!$( E99+"%)/%(6 P(4" >($ ( )#)-.(* &/>$)()/* #22/*%&' $/&$(+%#&(. ,*%0/
2"5.$!9; $+#*%/$3 f#/$ +"/ 0() ,(**7 +"/ $(0/ ,.(%0 +# (,,-*(,7 %& 6#+" ,($/$_ ;2 &#+@ >"7
&#+_

V&#+"/* /0)"($%$ %& 1%$,#-*$/ (&(.7$%$ %$ +"/ $&-*9(:!%0 /,6 $&,%)/J


6!$%!&," %&+/*&(. +# 1%$,#-*$/$3 f%$,-*$%8/ 2#*0(+%#&$ "(8/ $+*-,+-*/$ 6-+
+"(+ 1#/$ &#+ &/,/$$(*%.7 %0).7 +"(+ +"/7 (*/ .#'%,(. #* ,#"/*/&+3 ;&1//1@
)(*+ #2 +"/ )#>/* #2 ( $)/,%A, 1%$,-*$%8/ 2#*0(+%#& 0(7 */$+ )*/,%$/.7 #&
HXQ QB2RDS TU@EV>VSVWBU2

W!)'$/ Q9T e"6.5$


B66%)!(+!$' =$,)*
EJ Y"8.2&.*
EKKK :\(.!.)-
=$,)7+7$(
S.#(+(9] H+6?",.!P*
LMM^;

A"#/$6$/#1#!8/ +"/ 0-.+%).%,%+7 #2 1%22/*/&+ (*'-0/&+$ +"(+ ,(& 6/ )*#1-,/1 %& %+$ +/*0$3
$/6/$#%!$/ L#++/* MNOObR -$/$ +"/ +/*0 (+$&%0%&$,$('& %&0&%$*(%& +# (11*/$$ #&/ ($)/,+
#2 +"%$ ,#0)./5%+73

;&+/*)*/+(+%8/ */)/*+#%*/$ (*/ $7$+/0(+%,(..7 */.(+/1 $/+$ #2 +/*0$ +"(+ (*/


#2+/& -$/1 >%+" $+7.%$+%, (&1 '*(00(+%,(. ,#"/*/&,/ (&1 #2+/& #*'(&%T/1
(*#-&1 #&/ #* 0#*/ ,/&+*(. 0/+()"#*$3 4"/7 1/8/.#) "%$+#*%,(..7 (&1
0(?/ -) (& %0)#*+(&+ )(*+ #2 +"/ C,#00#& $/&$/D #2 ( ,-.+-*/@ (.+"#-'"
$#0/ (*/ $)/,%A, +# %&$+%+-+%#&(. 1#0(%&$3 ML#++/*@ NOOb9 N]NR

L#++/* &#+/$ +"(+ %&+/*)*/+(+%8/ */)/*+#%*/$ (*/ $#0/+"%&' .%?/ 0%&%<


1%$,#-*$/$S +"/7 +/&1 +# 6/ F-%+/ $)/,%A, +# )(*+%,-.(* $#,%(. $%+-(+%#&$3 V&
/5(0)./ #2 ( 8%$-(. %&+/*)*/+(+%8/ */)/*+#%*/ %$ #22/*/1 67 g/(1 MNOXX9
>B2YVR`2U D=DSf2B2 B HXS

NQXJ]QR3 H"/ 1%$,-$$/$ ( >(+/*,#.#-* 67 +"/ L*/<`()"(/.%+/ )(%&+/* f(&+/


Y(6*%/. `#$$/++%3 !(../1 >;( I/%( &1 R(-&)0@ %+ >($ )(%&+/1 %& NX^P (&1
$"#>$ ( )*#$+%+-+/ $+(&1%&' -&1/* (& (*,">(7 $+(*%&' (+ ( '*#-) #2
,"%.1*/& ).(7%&'3 ;+ 8%$-(.%T/$ #&/ #2 +"/ A&(. 8/*$/$ #2 ( )#/0 67 =%..%(0
U/.. H,#++ ,(../1 R/)0/,,(3 U-+ >"%./ H,#++D$ )#/0 ,#-.1 1/$,*%6/ +"/
1/'*(1/1 6#17 #2 +"%$ >#0(& %& $#0/ 1/+(%.@ `#$$/++%D$ >(+/*,#.#-*
,(&&#+@ $(7$ g/(1@ (&1 +"%$ %$ 6/,(-$/ C+"/ )*#$+%+-+/ "($ 6/,#0/ +"/
$-6G/,+ #2 CC(*+DD (&1 CC(*+DD 1#/$ &#+ )*#8%1/ $)(,/ 2#* >#0(& ($ )"7$%,(..7
1/8%(&+ #* -&)./($-*(6./D Mg/(1@ NOXX9 N]QR3 4"(+ %$@ +"/ K%,+#*%(&
1%$,#-*$/ #2 2/0%&%&%+7 /&+(%./1 ( &-06/* #2 %&+/*)*/+(+%8/ */)/*+#%*/$ (&1
+"/ */)/*+#%*/ (8(%.(6./ +# (*+%$+$ ,#-.1 )*#1-,/ #&.7 ,/*+(%& ?%&1$ #2
%0('/$S "/&,/@ %& )(*+@ +"/ ,#0)./5%+7 #2 +"(+ 1%$,#-*$/3
V& /5(0)./ #2 +"/ ,#&+*(1%,+%#&$ %&"/*/&+ %& 1%$,-*$%8/ 2#*0(+%#&$
,(& 6/ '%8/& 67 ).(,%&' Z#&/$D$ MNOXOR (,,#-&+ #2 +"/ C,#,?&/7D &/5+ +#
#+"/* 1%$,-$$%#&$ #2 +"/ ,#&$+*-,+%#& #2 c($+ c&1/*$3 V$ >/ "(8/ $//&@ 2*#0
+"/ NXXa$ %2 &#+ 6/2#*/@ +"/ c($+ c&1/* >($ ,#&$+*-,+/1 ($ 0(*?/1@
)"7$%,(..7 (&1 8%$%6.7@ 67 0#*(. 1/'/&/*(,73 V$ Z#&/$ MNOPbR@ W%$"0(&
MNOXXR (&1 =(.?#>%+T MNOOQR /0)"($%T/@ +"%$ >($ ( ,#&$+*-,+%#& +"(+
,#-.1 )*#1-,/ ,#&$%1/*(6./ 2/(* (0#&' +"/ 6#-*'/#%$ */(1/*$ #2 +"/ &/>$<
)()/*$@ &#8/.$@ )(0)"./+$ (&1 )#/0$ +"*#-'" >"%," %+ >($ (*+%,-.(+/13
=(.?#>%+T MNOOQR (&1 g/(1 MNOXXR 6#+" /0)"($%T/ +"/ "#**#* #2 1%$/($/
+"(+ )*#$+%+-+%#& 0%'"+ $)*/(1@ 2#* /5(0)./ M>"%," ,#-.1 %&8#.8/ (,?&#><
./1'%&'@ ($ %+ 1%1 2#* ,(0)(%'&/*$ ('(%&$+ +"/ !#&+('%#-$ f%$/($/$ V,+ #2
NXba$@ +"(+ %+ >($ (,+-(..7 0/& >"# $)*/(1 1%$/($/@ (&1 #2+/& 6#-*'/#%$
0/& 8%$%+%&' >#*?%&'<,.($$ )*#$+%+-+/$ (+ +"(+S ( '##1 /5(0)./ #2 +"/
,#0)./5%+7 #2 1%$,#-*$/$R3 Z#&/$ MNOPbR (&1 W%$"0(& MNOXXR $+*/$$ +"/
0%11./<,.($$ 2/(* #2 $#,%(. -&*/$+ +"(+ ( */$%1--0 >%+" &# $+(?/ %& $#,%/+7
0%'"+ ,*/(+/3 I/&,/@ +"*#-'" +"/ NXXa$ (&1 6/7#&1@ ($ ( ,#-&+/* +# +"/$/
2/(*$@ #+"/* %0('/$ #2 +"/ c($+ c&1/* 1/8/.#)/13 4"/ #*1/*.7 1#,? $+*%?/ #2
NXXO@ 2#* /5(0)./@ >($ $//& ($ /8%1/&,/ +"(+ +"/ 0(G#*%+7 #2 +"/ )##* >/*/
1/,/&+ (+ "/(*+ (&1 &#+ .%?/.7 +# */8#.+@ (&1 Z#&/$ MNOXOR +*(,/$ +"/
/.(6#*(+%#& #2 +"/ C,#,?&/7D ($ +"/ (,,/)+(6./ 2(,/ #2 +"/ c($+ c&13 4"/
,#,?&/7 >($ ,#&$+*-,+/1 ($ '##1<"/(*+/1@ ,"%*)7@ >%+" ( */$%'&/1 $/&$/ #2
"-0#-* (&1 ( )(*+%,-.(* $+7./ #2 1*/$$@ #2+/& ( 6%+ E($"S +"/7 .##? #-+ 2#*
+"/%* &/%'"6#-* (&1@ /$)/,%(..7@ (*/ $+#%,(. -&1/* ,#&1%+%#&$ #2 $#,%(.
"(*1$"%)3 Z#&/$ (*'-/$ +"(+ +"/ /22/,+ #2 +"%$ 1%$,#-*$/ >($ +# ,#-&+/*
%0('%&(+%8/.7 >"(+ >($ )/*,/%8/1 ($ +"/ +"*/(+ +# $#,%/+7 )#$/1 67 +"/
*/$%1--0@ 67 ,#&$+*-,+%&' +"/ ,#,?&/7 ($ 1%22/*/&+ 6-+ .#8(6./3 Z#&/$
MNOXOR $-''/$+$ +"(+ +"%$ 8%$%#& #2 +"/ ,#,?&/7 >($ /5)*/$$/1 0#$+ -&(0<
6%'-#-$.7 %& 0-$%,<"(.. $#&'$ (+ +"/ +-*& #2 +"/ ,/&+-*7@ 6-+ "/ (.$# &#+/$
+"(+ 0-," #2 +"/ .%+/*(+-*/ (+ +"(+ )/*%#1 C8//*/1 %&,#"/*/&+.7D 6/+>//& +"%$
,#,?&/7 (&1 +"/ #+"/* 8%$%#& #2 +"/ */$%1--0 c($+ c&1/*3 4"-$ Z#&/$D$
>#*? $+*/$$/$ +"/ ,#&+*(1%,+%#&$ >%+"%& +"/ 1%$,-*$%8/ ,#&$+*-,+%#& #2 +"/
c($+ c&1@ +"*#-'" ( ,(*/2-. */(1%&' #2 ( >%1/ *(&'/ #2 0(+/*%(.$3
W%&(..7@ 1%$,#-*$/ (&(.7$%$ (.$# %&8#.8/$ */(1%&' 2#* >"(+ %$ &#+ $//& #*
$(%13 V6$/&,/$ ,(& 6/ ($ )*#1-,+%8/ ($ /5).%,%+ &(0%&'S !,8!"!'!9!%0 ,(&
HXT QB2RDS TU@EV>VSVWBU2

"(8/ G-$+ ($ )#>/*2-. /22/,+$ ($ 8%$%6%.%+73 4"-$ Z#&/$ MNOXOR /&1$ "%$ /$$(7
#& +"/ ,#&$+*-,+%#& #2 +"/ C,#,?&/7D 67 &#+%&' +"(+ +"/ ,#,?&/7 >($ (.>(7$
%0('%&/1 ($ >"%+/@ 1/$)%+/ +"/ ,#&$+(&+ )*/$/&,/ #2 .(*'/ 6.(,? ,#0<
0-&%+%/$ %& +"/ c($+ c&13 4"/ C,#,?&/7D +"/*/2#*/ /*($/1 *(,%(.%T/1 1%22/*<
/&,/ 67 0(?%&' >"%+/&/$$ +"/ +(?/&<2#*<'*(&+/1 *(,/ #2 +"/ c($+ c&1/*3 V$
Z#&/$ MNOXOR (.$# &#+/$@ "#>/8/*@ +"%$ /*($-*/ 1%1 &#+ .($+ 6/7#&1 +"/ $#<
,(../1 *(,/ *%#+$ %& g#++%&' I%.. %& +"/ >/$+ /&1 #2 [#&1#& %& NO^X3 V2+/*
+"(+@ *(,/ ,#-.1 &#+ 6/ 0(1/ %&8%$%6./ $# /($%.7@ (&1 +"/ ,#,?&/7 2(1/$ ($ (
0/(&%&'2-. ,-.+-*(. ,(+/'#*73
I/&,/ 1%$,#-*$/ (&(.7$%$ 1/)/&1$ #& */(1%&' >%+" '*/(+ ,(*/ 2#* 1/+(%.3
;+ ($$-0/$ +"(+ +"/ /2A,(,7 #2 1%$,#-*$/ #2+/& */$%1/$ %& +"/ ($$-0)+%#&$ %+
0(?/$ (6#-+ >"(+ %$ +*-/@ */(. #* &(+-*(.@ %& +"/ ,#&+*(1%,+%#&$ +"(+ (..#>
%+ %&+/*)*/+%8/ E/5%6%.%+7@ (&1 %& >"(+ %$ &#+ $(%1@ (&1 &#&/ #2 +"/$/ (*/
(,,/$$%6./ +# $-)/*A,%(. */(1%&' #* 8%/>%&'3 I/&,/ Y%..D$ MNOOb9 NddR
/0)"($%$ #& +"/ $,"#.(*$"%) /&+(%./1 %& 1%$,#-*$/ (&(.7$%$9 C+"/ (&(.7$%$ #2
1%$,#-*$/ (&1 *"/+#*%, */F-%*/$ +"/ ,(*/2-. */(1%&' (&1 %&+/*)*/+(+%#& #2
+/5+$@ *%'#*#-$ $,"#.(*$"%) *(+"/* +"(& (1"/*/&,/ +# 2#*0(. )*#,/1-*/$D3
4# $-00(*%T/ +"/ $+*(+/'%/$ 2#* +"/ %&+/)*/+(+%#& #2 +"/ *"/+#*%,(.
#*'(&%T(+%#& #2 1%$,#-*$/ #-+.%&/1 %& +"%$ $/,+%#&@ +"/&@ +"/7 %&,.-1/9

N .##?%&' (+ 7#-* $#-*,/$ >%+" 2*/$" /7/$3


Q %00/*$%&' 7#-*$/.2 %& 7#-* $#-*,/$3
] %1/&+%27%&' ?/7 +"/0/$ %& 7#-* $#-*,/$3
d /5(0%&%&' +"/%* /22/,+$ #2 +*-+"3
^ )(7%&' (++/&+%#& +# +"/%* ,#0)./5%+7 (&1 ,#&+*(1%,+%#&$3
b .##?%&' 2#* +"/ %&8%$%6./ ($ >/.. ($ +"/ 8%$%6./3
P )(7%&' (++/&+%#& +# 1/+(%.$3

d1^ $<76"(.&8 !-$ )"5.+6 7("'%5!."& "4 '.)5"%()$

V$ Y%.. MNOOb9 NdQR &#+/$@ C(.. 1%$,#-*$/ %$ #,,($%#&/1D3 V.. 1%$,#-*$/ +(?/$
).(,/ %& $)/,%A, $#,%(. ,%*,-0$+(&,/$@ (&1 +"/ (-+"#*$ 1%$,-$$/1 %& +"%$
,"()+/* 1*(> +># 0/+"#1#.#'%,(. %0).%,(+%#&$ 2#* +"/%* $#*+ #2 1%$,#-*$/
(&(.7$%$ 2*#0 +"%$3
4"/ )*/8%#-$ $/,+%#& .##?/1 (+ $#0/ *"/+#*%,(. $+*(+/'%/$ +"(+ ,#-.1
8%$-(..7 #* 8/*6(..7 ($$/*+ +"/ +*-+" #2 ( )(*+%,-.(* 1%$,-*$%8/ ,.(%03 I#><
/8/*@ +"%$ %$ &#+ +"/ #&.7 >(7 +"(+ ,/*+(%& 1%$,#-*$/$ ,(& 6/,#0/ 0#*/
1#0%&(&+ +"(& #+"/*$9 +"/ !,"%!%+%!&,/9 9&$/%!&, #2 ( 1%$,#-*$/ %$ (.$#
,*-,%(.3 W#-,(-.+@ 2#* (.. "%$ */.-,+(&,/ +# ($,*%6/ -&%1%*/,+%#&(. ,(-$(.%+7@
%&$%$+/1 #& +"/ &//1 +# .#,(+/ +"/ $#,%(. $%+/ 2*#0 >"%," )(*+%,-.(*
$+(+/0/&+$ (*/ 0(1/@ (&1 +# )#$%+%#& +"/ $)/(?/* #2 ( $+(+/0/&+ %& +/*0$ #2
+"/%* $#,%(. (-+"#*%+7 MW#-,(-.+@ NOPQ9 ^aJQR3 4"-$ ( $+(+/0/&+ ,#0%&'
2*#0 ( $#-*,/ /&1#>/1 >%+" (-+"#*%+7 M(&1 G-$+ "#> +"(+ (-+"#*%+7 %$
/$+(6.%$"/1 0(7 6/ (& %0)#*+(&+ %$$-/ +# (11*/$$R %$ .%?/.7 +# 6/ 0#*/
)*#1-,+%8/ +"(& #&/ ,#0%&' 2*#0 ( 0(*'%&(.%T/1 $#,%(. )#$%+%#&3 4"/ >#*?
#2 +"/ "%$+#*%(&$ /5(0%&/1 %& +"%$ ,"()+/* 1/0#&$+*(+/$ +"%$ )#%&+ %& ( *(+"/*
>B2YVR`2U D=DSf2B2 B HXI

)(*(1#5%,(. >(73 W#* +"/7 (*/ 2#*,/1 +# */.7 (.0#$+ /&+%*/.7 #& +"/ %0('/$
(&1 >#*1$ #2 +"/ $#,%(..7 (&1 %&$+%+-+%#&(..7 )#>/*2-. %& +"/%* 1%$,-$$%#&$ #2
+"/ 1%$,-*$%8/ ,#&$+*-,+%#& #2 +"/ c($+ c&1@ $%0).7 6/,(-$/ +"/7 (*/ +"/ #&.7
8%$%#&$ (&1 >#*1$ +"(+ (*/ &#> (8(%.(6./3 4"/ )#>/*2-. "(1 +"/ */$#-*,/$ +#
0(?/ +"/%* 1%$,#-*$/$ $-6$+(&+%(. +"*#-'" 6##?$ (&1 )%,+-*/$@ (&1 +"/$/
>/*/ +"/ 0(+/*%(.$ +"/& )-+ %&+# .%6*(*%/$ (&1 (*,"%8/$3 ;+ %$ +"/*/2#*/
/5+*(#*1%&(*%.7 1%2A,-.+ &#> +# )%,? -) +*(,/$ #2 +"/ 1%$,#-*$/$ (6#-+ +"/
c($+ c&1 (*+%,-.(+/1 67 +"#$/ >"# .%8/1 +"/*/ %& +"/ NXXa$@ 2#* /5(0)./@
(.+"#-'" W%$"0(& MNOXXR $-''/$+$ +"(+ $#0/ ,#&+/0)#*(*7 &#8/.%$+$ >/*/
+"/ 2(%+"2-. */,#*1/*$ #2 >"(+ +"/7 "/(*1 +"/*/3 4"-$ +"/ $#,%(. .#,(+%#& #2 (
1%$,#-*$/D$ )*#1-,+%#& %$ %0)#*+(&+ +# ,#&$%1/* %& */.(+%#& +# %+$ /22/,+$3
4"/ $/,#&1 >(7 %& >"%," +"/ $#,%(. ,#&+/5+ #2 1%$,#-*$/ )*#1-,+%#&
0(++/*$ %$ %& +/*0$ #2 +"/ /+6!(,$( ($$-0/1 67 %0('/$ (&1 +/5+$3 4"/
/5).(&(+%#& '%8/& 2#* +"/ $(0/ /8/&+ 0(7 6/ F-%+/ 1%22/*/&+ %2 +"/ (-1%/&,/
2#* +"(+ /5).(&(+%#& %$ 1%22/*/&+3 B* +"/ 8%$-(. %0('/$ #2 +"/ $(0/ $,/&/ #*
/8/&+ 0(7 6/ F-%+/ 1%22/*/&+@ %& +/*0$ #2 +"/%* +/,"&#.#'7 #* '/&*/ #* %&
#+"/* >(7$@ 2#* 1%22/*/&+ (-1%/&,/$3 4"/ 8%$-(. %0('/$ +"(+ $-**#-&1/1 +"/
Z(,? +"/ `%))/* 0-*1/*$ %& +"/ c($+ c&1 %& NXXX (*/ ( ,($/ %& )#%&+3
L#)-.(* &/>$)()/*$@ 2#* /5(0)./@ -$/1 $?/+,"/$ (&1 0()$ +# $"#> */(1/*$
+"/ .#,(+%#& #2 +"/ 0-*1/*$ (&1 +"/ 8%,+%0$D 2(,/$@ ($ W%'-*/ b3X 1/0#&<
$+*(+/$3 4"%$ >($ ( ?%&1 #2 */(.%$0 +"(+ 0%'"+ 6/ $//& ($ +"/ 8%$-(. /F-%<
8(./&+ #2 +"/ $/&$(+%#&(.%$+%, G#-*&(.%$0 )%#&//*/1 %& +"/ $(0/ 1/,(1/
M=(.?#>%+T@ NOOQR3 B+"/* %0('/$ >/*/ -$/1 2#* #+"/* (-1%/&,/$@ +"#-'"3
H(&1/* Y%.0(& MNOOaR@ %& "%$ /$$(7 #& +"/ `%))/* 0-*1/*$@ &#+/$ +"(+
)#.%,/ )"#+#'*()"$ #2 +"/ 8%,+%0$D 0-+%.(+/1 6#1%/$ >/*/ -$/1 67 +"/
,*%0%&#.#'%$+ V./5(&1*/ [(,($$('&/ %& "%$ NXXO 6##? #& $(1%$03 4"/
())(*/&+ 8/*(,%+7 #2 )"#+#'*()"$ >($ +"#-'"+ &/,/$$(*7 2#* ( $,%/&+%A,
+/5+S 6-+ #&.7 (& (-1%/&,/ #2 $,%/&+%$+$@ +##@ >($ ,#&$%1/*/1 ,()(6./ #2
$//%&' $-," %0('/$ %& (& #6G/,+%8/@ $,%/&+%A, >(73 g#+%#&$ (6#-+ (-1%/&,/
,(& +"-$ (22/,+ +"/ +7)/ #2 %0('/ -$/13

4"5%)

!#&$%1/* (.. +"/ A'-*/$ */)*#1-,/1 %& +"%$ ,"()+/*3 I#> 0%'"+ 7#- '# (6#-+
A&1%&' +"/ $#,%(. .#,(+%#&$ #2 +"/%* )*#1-,+%#& (&1 */,/)+%#&_ ="(+ 1#/$ C$#,%(.
.#,(+%#&D 0/(& %& +"%$ $/&$/_ f#/$ %+ 0/(& ,.($$@ '/&1/*@ C*(,/D@ $/5-(.%+7 (&1 $# #&_
I#> 0%'"+ (& %&$+%+-+%#& 6/ ($,*%6/1 +"#$/ ,"(*(,+/*%$+%,$_

4"-$ 1%$,#-*$/ (&(.7$%$ (.$# /&+(%.$ )(7%&' (++/&+%#& +# ,/*+(%& ($)/,+$


#2 +"/ $#,%(. ,#&+/5+ #2 1%$,#-*$/ )*#1-,+%#&3 4"/ (-+"#*$ ,%+/1 %& +"%$
,"()+/* J Y%..@ 4#&?%$$@ L#++/* (&1 =/+"/*/.. J +/&1 +# 2#,-$ #& +"/
*"/+#*%,(. #*'(&%T(+%#& #2 ( 1%$,#-*$/D$ +/5+$ (&1 %0('/$ (&1 #& +"/ %0)(,+
#& +"#$/ +/5+$ (&1 %0('/$ #2 +"/ $#,%(. .#,(+%#& #2 +"/%* )*#1-,+%#&3 4"%$
/0)"($%$ &/'./,+$ +# /5).#*/ +"/ $#,%(. )*(,+%,/$ (&1 /22/,+$ #2 1%$,#-*$/@
HQV QB2RDS TU@EV>VSVWBU2

"#>/8/*@ (&1 %&1%,(+/$ +"/ +/&1/&,7 #2 +"%$ $#*+ #2 1%$,#-*$/ (&(.7$%$ +#


2#,-$ 0#*/ #& +/5+$ (&1 %0('/$ +"(& $#,%(. %&$+%+-+%#&$3

X $/f/(#!") %" &%!") &!+(%'$+/ 1"145+!+ A

B2 ,#-*$/@ 2*#0 ( W#-,(-.1%(& )/*$)/,+%8/ +"/ $#,%(. $,%/&,/$ (*/ G-$+ ($


1%$,-*$%8/ ($ (&7 #+"/* 2#*0 #2 ?&#>./1'/ )*#1-,+%#&@ (&1 %& )*#1-,%&' (
)%/,/ #2 */$/(*," 7#- (*/ )(*+%,%)(+%&' %& +"/%* 1%$,-*$%8/ 2#*0(+%#&3 4"/
$#,%(. $,%/&,/$ (*/ +"/ 1/$,/&1(&+$ #2 +"#$/ "-0(& $,%/&,/$ +"/ +*-+" ,.(%0$
#2 >"%," W#-,(-.+ (&(.7$/1 %& 1/+(%.3 ;2 7#- (*/ >*%+%&' ( 1%$,#-*$/
(&(.7$%$@ +"/&@ +"/ (*'-0/&+$ (6#-+ 1%$,#-*$/@ )#>/* (&1 +*-+"j?&#>./1'/
(*/ G-$+ ($ )/*+%&/&+ +# 7#-* >#*? ($ +# +"/ 0(+/*%(.$ 7#- (*/ (&(.7$%&'3
f#%&' ( 1%$,#-*$/ (&(.7$%$ 1/0(&1$ $#0/ $#*+ #2 ,*%+%,(. */E/,+%#& #& 7#-*
#>& */$/(*," )*(,+%,/@ +"/&3 W#*@ ($ 4#&?%$$ MNOOX9 Q^OR $(7$9 C+"/ 1%$<
,#-*$/ (&(.7$+ $//?$ +# #)/& -) $+(+/0/&+$ +# ,"(../&'/@ %&+/**#'(+/ +(?/&<
2#*<'*(&+/1 0/(&%&'$@ (&1 1%$+-*6 /($7 ,.(%0$ +# #6G/,+%8%+7 %& +"/ +/5+$
+"/7 (*/ */(1%&'3 ;+ >#-.1 +"/*/2#*/ 6/ %&,#&$%$+/&+ +# ,#&+/&1 +"(+ +"/
(&(.7$+D$ #>& 1%$,#-*$/ >($ %+$/.2 >"#..7 #6G/,+%8/@ 2(,+-(. #* '/&/*(..7
+*-/3D f%$,#-*$/ (&(.7$+$ "(8/ ( &-06/* #2 >(7$ #2 (11*/$$%&' +"%$ %$$-/3
4"/ A*$+ %$ +# +"%&? ,(*/2-..7 (6#-+ +"/ *"/+#*%,(. #*'(&%T(+%#& #2 (
1%$,#-*$/ (&(.7$%$3 I#> $"#-.1 %+ 6/ >*%++/&_ H%&,/ 1%$,#-*$/ (&(.7$/$
,(&&#+ (*'-/ +"(+ +"/7 (*/ +"/ #&.7@ +*-/ (&(.7$%$ #2 +"/ 0(+/*%(.$ 1%$<
,-$$/1@ 1%$,#-*$/ (&(.7$%$ (%0$ +# 6/ )/*$-($%8/ *(+"/* +"(& +*-+"2-.@ (&1
+"%$ /&+(%.$ C( ,/*+(%& 0#1/$+7 %& #-* (&(.7+%, ,.(%0$D M4#&?%$$@ NOOX9 QbaR3
4"%$ 0#1/$+7 %$ >"(+ 1%$,#-*$/ (&(.7$%$ $-6$+%+-+/$ 2#* 0#*/ ,#&8/&+%#&(.
&#+%#&$ #2 */E/5%8%+73 !./(*.7@ ,#&8/&+%#&(.@ (-+#6%#'*()"%,(. 8/*$%#&$ #2
*/E/5%8%+7 (*/ 1%2A,-.+ %& W#-,(-.1%(& (,,#-&+$@ 2#* +"/7 1/)/&1 #& (
&#+%#& #2 "-0(& ('/&,7 +"(+ ,#&$+*-,+$ +"/ (-+"#* ($ (& (-+#&#0#-$
%&1%8%1-(. >"# +"/& /&,#-&+/*$ ( )(*+ #2 +"/ >#*.1 %& +"/%* */$/(*,"3 Z-$+
($ +"%$ (-+#6%#'*()"%,(. 2#*0 #2 */E/5%8%+7 %$ %&,#&$%$+/&+ >%+" )$7,"#<
(&(.7+%, ())*#(,"/$ +# 8%$-(. 0/+"#1$@ %+ %$ /F-(..7 %&,#0)(+%6./ >%+" +"/
W#-,(-.1%(& &#+%#& #2 ( $-6G/,+ ,#&$+%+-+/1 +"*#-'" +"/ 1%$,#-*$/$ %&
>"%," +"/7 (*/ $(+-*(+/13 V& /5(0)./ #2 ( 0#*/ 0#1/$+@ W#-,(-.1%(&
())*#(," %$ i/&1(.. (&1 =%,?"(0D$ MNOOO9 NaNJOR 0#8/@ %& +"/%* 1%$<
,-$$%#& #2 */E/5%8%+7 %& */.(+%#& +# W#-,(-.1%(& 0/+"#1$@ +#>(*1$
1%$,-$$%&' >"/+"/* &#&<"-0(& #6G/,+$ #* (&%0(.$ $"#-.1 6/ '%8/& +"/
$(0/ $+(+-$ ($ ?&#>./1'/ )*#1-,/*$ ($ +"/%* "-0(& */$/(*,"/*$3 4"/%*
(&$>/* %$ 7/$3 ;& +"/ 8%$-(. A/.1@ )/*"()$ (& /F-%8(./&+ 0#8/ >#-.1 6/ +#
*/,#'&%T/ +"/ )#>/* #2 8%$-(. %0('/$ >"%," %& $#0/ >(7 .%0%+$ +"(+ #2 +"/
*/$/(*,"/*3 =3Z343 \%+,"/.. MNOObR "($ (11*/$$/1 +"%$ %$$-/ %& (& /$$(7
,(../1 C="(+ 1# )%,+-*/$ )(/990 >(&+_D3 V.+"#-'" */)*%0(&1/1 67 I(.
W#$+/* MNOObR 2#* ( ?%&1 #2 ,#00#1%+7 2/+%$"%$0 J (&1 +"%$ $+*(+/'7 %$ (.$#
8-.&/*(6./ +# +"/ ,"(*'/ #2 "%1%&'@ -&1/* ( ,.#(? #2 */$)/,+%&' )%,+-*/$@
$%0).7 +"/ ,*%+%,D$ #>& 8/*$%#& #2 >"(+ )%,+-*/$ >(&+ J \%+,"/.. %$ )/*"()$
(*+%,-.(+%&' #&/ 2#*0 #2 */E/5%8%+7 +"(+ 0(?/$ $/&$/ 2#* W#-,(-.1%(&
>B2YVR`2U D=DSf2B2 B HQH

1%$,#-*$/ (&(.7$/$3 4"/*/ 0-$+ 6/ #+"/*$@ 6-+ (.. >#-.1 $"(*/ +"(+ 0(*? #2
0#1/$+7 0/&+%#&/1 67 4#&?%$$3
I#>/8/*@ ( ,#0).%,(+%#& +# +"%$ 1%$,-*$%8/ */E/5%8%+7 (*%$/$ >"/& +"/
)*#1-,+%8/ ,#&+/5+ M*(+"/* +"(& +"/ *"/+#*%,(. #*'(&%T(+%#&R #2 +"/ (&(.7$%$
%$ ,#&$%1/*/13 W#* 6/%&' C)/*$-($%8/D #* C0#1/$+D 1/)/&1$ #& +"/ %&+/*<
)*/+(+%8/ ,#&+/5+ %& >"%," +"/ 1%$,#-*$/ (&(.7$%$ %$ )*#1-,/13 V&1 +"(+
,#&+/5+ %$ +"/ $#,%(. $,%/&,/$3 4"-$ 1%$,#-*$/ (&(.7$%$ ,(& /&1 -) >%+" (
*(+"/* ,#&8/&+%#&(. .%$+ #2 +"%&'$ +# ,#&$%1/* >"/& >*%+%&' -) 7#-* >#*?3
I/*/ (*/ +"/ $#*+$ #2 +"%&'$ 0/&+%#&/1 67 L#++/* MNOOb9 N]XJOR@ Y%.. MNOOb9
NdPR (&1 4#&?%$$ MNOOX9 Q^XJbaR9

N -$%&' 1/+(%./1 +/5+-(. #* 8%$-(. /8%1/&,/ +# $-))#*+ 7#-* (&(.7$%$3


Q -$%&' +/5+-(. #* 8%$-(. 1/+(%.$ +# $-))#*+ 7#-* (&(.7$%$3
] +"/ ,#"/*/&,/ +"/ $+-17 '%8/$ +# +"/ 1%$,#-*$/ /5(0%&/13
d +"/ ,#"/*/&,/ #2 +"/ (&(.7$%$ %+$/.23
^ +"/ ,#"/*/&,/ #2 +"/ $+-17 %& */.(+%#& +# )*/8%#-$ */.(+/1 */$/(*,"3
b +"/ /5(0%&(+%#& #2 ,($/$ +"(+ *-& ,#-&+/* +# +"/ 1%$,-*$%8/ &#*0
/$+(6.%$"/1 67 +"/ (&(.7$%$@ %& #*1/* +# (2A*0 +"/ 1%$*-)+%#& ,(-$/1 67
$-," 1/8%(+%#&$3

!./(*.7@ +"/$/ ,*%+/*%( (*/ -&#6G/,+%#&(6./ %& */.(+%#& +# +"/ ,#&8/&+%#&$ #2


+"/ $#,%(. $,%/&,/$3 I#>/8/*@ ./+ -$ ($? ( W#-,(-.1%(& F-/$+%#& #2 +"/09
>"(+ (*/ +"/ /22/,+$ #2 +"/$/ ,*%+/*%(_ ="(+ 1# +"/7 )*#1-,/_ =/..@ +"/7
(%0 +# )*#1-,/ ( ,/*+(%& $#*+ #2 +/5+9 #&/ >"%," .#,(+/$ +"/ ).(-$%6%.%+7 #2
+"/ 1%$,#-*$/ (&(.7$%$ %& +"/ +/5+ (.#&/3 4"/ /22/,+ #2 +"%$ %$ +# /*($/ M('(%&@
>/ 0%'"+ $(7R +"/ %&$+%+-+%#&(. ,#&+/5+ %& >"%," ( 1%$,#-*$/ (&(.7$%$ %$
)*#1-,/13 H# )/*"()$ (&#+"/*@ */E/5%8/ $+*(+/'7 +# 0(*? +"/ 0#1/$+7 #2
1%$,#-*$/ (&(.7$%$ >#-.1 6/ +# &#+/ /5).%,%+.7 +"(+ +"(+ %&$+%+-+%#& (&1 %+$
(-1%/&,/ (*/ +"/ ,#<(-+"#*$ #2 +"/ (&(.7$%$@ (&1 +# */,#'&%T/ +"/ ,.(%0$ +#
%&+/*)*/+(+%8/ (-+"#*%+7 +"(+ $-," ,#<(-+"#*$"%) /&+(%.$3

Q &!+(%'$+/ 1"145+!+ AK 1" 1++/++;/"#

;& +/*0$ #2 +"/ ,*%+%,(. 8%$-(. 0/+"#1#.#'7 1/$,*%6/1 %& !"()+/* N@ +"/ +7)/
#2 1%$,#-*$/ (&(.7$%$ 1%$,-$$/1 %& +"%$ ,"()+/* "($ ,./(* $+*/&'+"$3 ;+ )(7$
,(*/2-. (++/&+%#& +# %0('/$ +"/0$/.8/$@ (&1 +# +"/ >/6 #2 %&+/*+/5+-(.%+7 %&
>"%," (&7 %&1%8%1-(. %0('/ %$ /06/11/13 ;+ %$ ,/&+*(..7 ,#&,/*&/1 >%+" +"/
)*#1-,+%#& #2 $#,%(. 1%22/*/&,/ +"*#-'" 8%$-(. %0('/*73 ;+ (11*/$$/$ F-/$<
+%#&$ #2 )#>/* ($ +"/7 (*/ (*+%,-.(+/1 +"*#-'" 8%$-(. %0('/$ +"/0$/.8/$3
V&1 (.+"#-'" */E/5%8%+7 %$ ( 1%2A,-.+ %$$-/ 2#* 1%$,#-*$/ (&(.7$%$@ +"/*/ (*/
>(7$ %& >"%," +"/ (-+"#*%+7 #2 +"/ 1%$,#-*$/ (&(.7$%$ ,(& 6/ 6#+" 0(*?/1
M67 (,?&#>./1'%&' %+$ ,#&+/5+ #2 )*#1-,+%#&R (&1 )/*"()$ -&1/*0%&/1 M67
*"/+#*%,(. $+*(+/'%/$ #2 0#1/$+7R3
4"/*/ (*/ (.$# $#0/ 1%2A,-.+%/$ %& +"/ 0/+"#1@ "#>/8/*3 B&/ #2 +"/$/ %$
?&#>%&' >"/*/ +# $+#) %& 0(?%&' %&+/*+/5+-(. ,#&&/,+%#&$@ (&1 (&#+"/*
HQN QB2RDS TU@EV>VSVWBU2

*/.(+/1 +# +"%$ %$ %& '*#-&1%&' +"#$/ ,#&&/,+%#&$ /0)%*%,(..73 Y%.0(&D$


MNOOaR /$$(7 #& Z(,? +"/ `%))/* %..-$+*(+/$ +"/ 1(&'/*$ M+# 0/ (+ ./($+R #2
0(?%&' $# 0(&7 ,#&&/,+%#&$ +"(+ $#0/ $+(*+ +# $//0 *(+"/* +/&-#-$3 ;&
#*1/* +# -&1/*$+(&1 >"7 +"/ 0-*1/*/* >($ $//& 67 0(&7 ($ Z/>%$"@ Y%.0(&
,%+/$ ( "-'/ *(&'/ #2 ,#&+/0)#*(*7 $#-*,/$@ %&,.-1%&' [#&1#& &/>$)()/*$@
=/1/?%&1D$ ).(7 (&1 U/*'D$ #)/*( @+9+@ W*/-1 (&1 W.%/$$@ I#'(*+"@ 0/1%,(.
+/5+$@ U*(0 H+#?/*D$ &#8/. L)/$+9/@ I##1D$ )#/+*7@ )(%&+%&'$@ /&'*(8%&'$
(&1 )#$+/*$@ I("&/0(&& M+"/ 2#-&1/* #2 "#0/#)(+"7R@ CZ(,?D$D &#+/$@
,*%0%&#.#'%$+$ [#06*#$# (&1 [(,($$('&/@ ,#&+/0)#*(*7 )#*&#'*()"7@
L/,!(9 L()&,6/@ ,#&+/0)#*(*7 +*(,+$@ (&1 L*#-$+ (&1 t#.(3 4"/ 6*/(1+" #2
$,"#.(*$"%) %$ /5+*(#*1%&(*7@ 6-+ ; 6/'%& +# >#&1/* "#> 0(&7 #2 +"#$/
$#-*,/$ ,#-.1 6/ $(%1 +# "(8/ )*#1-,/1@ /8/& %&1%*/,+.7@ +"/ [#&1#&
&/>$)()/*$D (&1 )#.%,/ 1/$,*%)+%#& #2 +"/ `%))/* ($ Z/>%$"_ H#0/@ #2
,#-*$/@ )/*"()$ 0(&73 \(76/ (..3 U-+ Y%.0(&D$ (&(.7$%$ 1#/$ &#+ (++/0)+ +#
+*(,/ $-," ,#&&/,+%#&$ %& (&7 '*#-&1/1 >(7S %&$+/(1@ +"/7 (*/ */.(+/1 %& "%$
>#*? $%0).7 +"*#-'" +"/ ,(+/'#*7 #2 C1%$,#-*$/D3 f%$,#-*$/ ($ ( */$-.+ $//0$
+# 6/,#0/ ( 2*//<E#(+%&' >/6 #2 0/(&%&'$ -&,#&&/,+/1 +# (&7 $#,%(. )*(,<
+%,/$3 4"/ )*(,+%,(. )*#6./0 )#$/1 67 +"%$ $#*+ #2 1%$,#-*$/ (&(.7$%$@ +"/& J
>"/*/ +# $+#) 0(?%&' %&+/*+/5+-(. ,#&&/,+%#&$ J ,(& (.$# 6/ (& (&(.7+%,(.
#&/ J "#> +# 0(?/ +"/ %&+/*+/5+-(. ,#&&/,+%#&$ ,#&8%&,%&'.7 )*#1-,+%8/3
V&#+"/* )*#6./0 >%+" 1%$,#-*$/ (&(.7$%$@ 2#* $#0/ ,*%+%,$@ %$ %+$ */2-$(.
+# ($,*%6/ ,(-$(.%+73 V$ $/,+%#& N #2 +"%$ ,"()+/* &#+/1@ W#-,(-.+D$ )*#G/,+
>($ %& $#0/ >(7$ 1/$,*%)+%8/S "/ >(&+/1 +# (,,#-&+ 2#* "#> +"%&'$
"())/&/1 0#*/ +"(& >"7 +"/7 "())/&/13 4"%$ 0/(&$ +"(+ 1%$,#-*$/ (&(<
.7$%$ +## %$ &#+ (.>(7$ 8/*7 ,./(* (6#-+ +"/ */.(+%#& 6/+>//& 1%$,#-*$/ (&1
%+$ ,#&+/5+3 W/> '-%1/.%&/$ (*/ #22/*/1 (6#-+ >"(+ +"(+ ,#&+/5+ 0%'"+ 6/@
#+"/* +"(& +"/ &#+%#&$ (11*/$$/1 %& $/,+%#& d3Q "/*/ (6#-+ +"/ $#,%(.
.#,(+%#& #2 +"/ )*#1-,/*$ (&1 (-1%/&,/$ #2 $)/,%A, %0('/$ #* +/5+$3 4"/*/ %$
(.$# .%++./ (++/0)+ +# #-+.%&/ >"(+ +"/ */.(+%#&$ 6/+>//& +"(+ ,#&+/5+ (&1
1%$,#-*$/ 0%'"+ 6/@ $)/,%A,(..73
U#+" +"/$/ )*#6./0$ (*/ ,#&&/,+/1 +# +"/ &/'./,+/1 %$$-/ %& +"%$ 2#*0
#2 1%$,#-*$/ (&(.7$%$9 +"/ $#,%(. )*(,+%,/$ #2 1%$,#-*$/3 V$ +"%$ ,"()+/* "($
&#+/1 (+ $/8/*(. )#%&+$@ +"%$ ?%&1 #2 1%$,#-*$/ (&(.7$%$ %$ ,#&,/*&/1 0#*/
>%+" %0('/$ (&1 +/5+$ +"(& >%+" +"/ $#,%(. %&$+%+-+%#&$ +"(+ )*#1-,/1@
(*,"%8/1@ 1%$).(7/1 #* $#.1 +"/0@ (&1 +"/ /22/,+$ #2 +"#$/ )*(,+%,/$3 4"/
&/5+ ,"()+/*@ "#>/8/*@ +-*&$ +# ( 2#*0 #2 W#-,(-.1%(& 1%$,#-*$/ (&(.7$%$
+"(+ 1#/$ (11*/$$ G-$+ +"/$/ %$$-/$3

S +';;1$5

: +"/ ,#0)./5 +"/#*/+%,(. ./'(,7 #2 W#-,(-.+ "($ ,#&+*%6-+/1 +# 1%8/*$/


0/+"#1#.#'%,(. )*(,+%,/$3
: 1%$,#-*$/ (&(.7$%$ ; -$/$ +"/ &#+%#& #2 1%$,#-*$/ +# (11*/$$ +"/ *"/+#*%<
,(. #*'(&%T(+%#& (&1 $#,%(. )*#1-,+%#& #2 8%$-(.@ >*%++/& (&1 $)#?/&
0(+/*%(.$3
>B2YVR`2U D=DSf2B2 B HQL

: 1%$,#-*$/ (&(.7$%$ ; %$ /$)/,%(..7 ,#&,/*&/1 +# +*(,/ +"/ )*#1-,+%#& #2


$#,%(. 1%22/*/&,/ +"*#-'" 1%$,-*$%8/ ,.(%0$ +# +*-+"3
: 1%$,#-*$/ (&(.7$%$ ; +/&1$ +# &/'./,+ +"/ $#,%(. )*(,+%,/$ (&1 %&$+%+-+%#&$
+"*#-'" >"%," 1%$,#-*$/$ (*/ (*+%,-.(+/13

3'$#*/$ $/1&!")

4#&?%$$D$ MNOOXR ,"()+/* %$ ( '##1 '/&/*(. %&+*#1-,+%#& +# +"%$ 2#*0 #2


1%$,#-*$/ (&(.7$%$@ >"%./ L#++/* (&1 =/+"/*/.. MNOOdR >#*? +"*#-'" (
1/+(%./1 /5(0)./ #2 +"/ 0/+"#1 %& */.(+%#& +# ( +/./8%$%#& )*#'*(00/3 V$
2#* W#-,(-.+@ +"/ $/,#&1(*7 .%+/*(+-*/ #& "%0 %$ &#> "-'/@ 6-+ "/ %$ ( 0-,"
0#*/ (,,/$$%6./ >*%+/* +"(& 0(&7 $+-1/&+$ %0('%&/ (&1 ; $-''/$+ +*7%&'
L!"$!*9!,( /,6 C+,!"; MNOPPR ($ (& %&+*#1-,+%#& +# "%$ >#*?3
S
&!+(%'$+/ 1"145+!+ AA
.&)!.!%!."&) +&' ,+9) "4 )$$.&8

H &!+(%'$+/ 1"& 8!+'14 ('4#'$/K 1 $/6$!+/

4"/ )*/8%#-$ ,"()+/* 6/'(& >%+" ( 6*%/2 %&+*#1-,+%#& +# +"/ >#*? #2


\%,"/. W#-,(-.+@ (&1 $-''/$+/1 +"(+ +"/*/ (*/ +># 0/+"#1#.#'%/$ +"(+ "(8/
1/8/.#)/1 2*#0 "%$ >#*?3 V.+"#-'" +"/$/ +># (*/ */.(+/1 (&1 #8/*.() J
0#$+ )(*+%,-.(*.7 6/,(-$/ 6#+" $"(*/ ( ,#&,/*& >%+" )#>/*j?&#>./1'/ ($ %+
%$ (*+%,-.(+/1 +"*#-'" 1%$,#-*$/ J +"/$/ +># 0/+"#1#.#'%/$ "(8/ +/&1/1 +#
)*#1-,/ *(+"/* 1%22/*/&+ $#*+$ #2 */$/(*,"3 4"/ A*$+ +7)/ #2 1%$,#-*$/
(&(.7$%$@ 1%$,-$$/1 %& !"()+/* b@ >#*?$ >%+" 8%$-(. %0('/$ (&1 >*%++/& #*
$)#?/& +/5+$3 V.+"#-'" %+ %$ ,/*+(%&.7 ,#&,/*&/1 >%+" +"/ $#,%(. )#$%+%#&$ #2
1%22/*/&,/ (&1 (-+"#*%+7 +"(+ (*/ (*+%,-.(+/1 +"*#-'" %0('/$ (&1 +/5+$@ %+
+/&1$ +# 2#,-$ #& +"/ )*#1-,+%#& (&1 *"/+#*%,(. #*'(&%T(+%#& #2 8%$-(. (&1
+/5+-(. 0(+/*%(.$3
;& ,#&+*($+@ +"/ $/,#&1 2#*0 #2 1%$,#-*$/ (&(.7$%$@ >"%," +"%$ ,"()+/*
>%.. /5).#*/@ #2+/& >#*?$ >%+" $%0%.(* $#*+$ #2 0(+/*%(.$@ 6-+ %$ 0-," 0#*/
,#&,/*&/1 >%+" +"/%* )*#1-,+%#& 67@ (&1 +"/%* */%+/*(+%#& #2@ )(*+%,-.(*
%&$+%+-+%#&$ (&1 +"/%* )*(,+%,/$@ (&1 +"/%* )*#1-,+%#& #2 )(*+%,-.(* "-0(&
$-6G/,+$3 4"%$ 1%22/*/&,/ ,(& 6/ ,.(*%A/1 67 .##?%&' (+ "#> +># /5)#&/&+$
#2 +"/$/ +># ?%&1$ #2 1%$,#-*$/ (&(.7$%$ -$/ +"/ +/*0 C(*,"%8/D3 ;& "/*
1%$,-$$%#& #2 +"/ A*$+ +7)/ #2 1%$,#-*$/ (&(.7$%$@ 4#&?%$$ MNOOX9 Q^QR
1/$,*%6/$ +"/ 0(+/*%(. >"%," +"(+ $#*+ #2 (&(.7$%$ >#*?$ >%+" ($ (&
C(*,"%8/D3 ="%./ 4#&?%$$ )-+$ +"/ +/*0 %& %&8/*+/1 ,#00($@ ,./(*.7 (>(*/
+"(+ %+ ,(**%/$ ( ,/*+(%& ,#&,/)+-(. 6(''('/@ $"/ &/8/*+"/./$$ -$/$ %+ +# */2/*
+# "/* ,#../,+%#& #2 1(+(@ (&1 +"/& 0#8/$ #& +# ,#&$%1/* >"(+ +"/ 1(+(
$"#>$ (6#-+ ,/*+(%& 1%$,-*$%8/ 2#*0(+%#&$3 I#>/8/*@ ( 1%22/*/&+ ?%&1 #2
1%$,#-*$/ (&(.7$+@ .%?/ V.(& H/?-.( MNOXb@ NOXOR@ >#-.1 $)/&1 $#0/ +%0/
/5(0%&%&' +"/ (*,"%8/ %+$/.2 ($ (& %&$+%+-+%#&@ (&1 -&)(,?%&' +"/ ,#&$/<
F-/&,/$ #2 %+$ )(*+%,-.(* )*(,+%,/$ #2 ,.($$%A,(+%#& 2#* +"/ 0/(&%&'$ #2 +"/
>B2YVR`2U D=DSf2B2 BB HQX

+"%&'$ ).(,/1 >%+"%& %+3 `/2/**%&' +# (*,"%8/$ #2 )"#+#'*()"$ %& )(*+%,-.(*@


"/ (*'-/$9

V*,"%8/$ (*/ &#+ &/-+*(.S +"/7 /06#17 +"/ )#>/* %&"/*/&+ %& (,,-0-<
.(+%#&@ ,#../,+%#& (&1 "#(*1%&' ($ >/.. ($ +"(+ )#>/* %&"/*/&+ %& +"/
,#00(&1 #2 +"/ ./5%,#& (&1 *-./$ #2 ( .(&'-('/ 3 3 3 (&7 )"#+#'*()"%,
(*,"%8/@ &# 0(++/* "#> $0(..@ ())/(.$ %&1%*/,+.7 +# +"/$/ %&$+%+-+%#&$ 2#*
%+$ (-+"#*%+73 MH/?-.(@ NOXb9 N^^R

g# 1#-6+ 4#&?%$$ >#-.1 ('*// >%+" +"%$ ,#00/&+3 I#>/8/*@ H/?-.( %$ (+


)(%&$ +# /5).#*/ +"/ /22/,+$ #2 C(*,"%8(.%T(+%#&D #& +/5+$ (&1 %0('/$ %& (
>(7 +"(+ 4#&?%$$ %$ &#+3 H/?-.( (&1 >*%+/*$ .%?/ "%0 0(?/ +"(+ (&(.7+%,(.
0#8/ 6/,(-$/ +"/7 ).(,/ +"/%* -&1/*$+(&1%&'$ #2 1%$,#-*$/$ A*0.7 %&
*/.(+%#& +# +"/ (,,#-&+ #2 %&$+%+-+%#&$ '%8/& 67 W#-,(-.+3 V*,"%8/$ (*/ #&/
$#*+ #2 %&$+%+-+%#&@ %& +"/ W#-,(-.1%(& $/&$/@ (&1 +"%$ $/,#&1 $#*+ #2 (&(<
.7$%$ >#-.1 &#+ +*/(+ +"/0 ($ +*(&$)(*/&+ >%&1#>$ #& +# $#-*,/ 0(+/*%(.$
%& +"/ >(7 +"(+ 4#&?%$$ $//0$ +# M$// (.$# `#$/@ QaaaR3
V$ >/ "(8/ $//&@ $/8/*(. #2 W#-,(-.+D$ 6##?$ /5(0%&/ $)/,%A, %&$+%<
+-+%#&$ (&1 +"/%* 1%$,%).%&/$9 )*%$#&$@ "#$)%+(.$@ ($7.-0$3 W#* >*%+/*$ ,#&<
,/*&/1 >%+" 8%$-(. 0(++/*$@ )/*"()$ +"/ ?/7 +/5+ %$ L!"$!*9!,( /,6 C+,!";
MW#-,(-.+@ NOPPR3 H-6+%+./1 >;( ?!)%; &1 %;( C)!"&,@ +"%$ %$ (& (,,#-&+ #2
,"(&'%&' )/&(. #*'(&%T(+%#& %& )#$+<0/1%/8(. c-*#)/@ %& >"%," (.+/*(+%#&$
+# +"/ #*'(&%T(+%#& #2 8%$-(.%+7 M(&1 $)(+%(.%+7R (*/ ,/&+*(.3 4"/ 6##?
6/'%&$ 67 F-#+%&' ( ,#&+/0)#*(*7 (,,#-&+ #2 ( )*#.#&'/1 +#*+-*/ (&1
/5/,-+%#& ,(**%/1 #-+ ($ ( )-6.%, $)/,+(,./ %& NP^P3 W#-,(-.+ +"/& F-#+/$
2*#0 ( )*%$#& *-./6##? >*%++/& Xa 7/(*$ .(+/* >"%," %$@ ($ "/ $(7$@ (
+%0/+(6./3 W#-,(-.+D$ F-/$+%#&$ (*/@ "#> M*(+"/* +"(& >"7R 1%1 +"%$ ,"(&'/
%& )/&(. $+7./@ 2*#0 $)/,+(,-.(* )-&%$"0/&+ +# %&$+%+-+%#&(. *#-+%&/@ +(?/
).(,/_ V&1 >%+" >"(+ /22/,+$_ 4"*#-'" 1/+(%./1 */(1%&'$ #2 ,#&+/0)#*(*7
+/5+$@ L!"$!*9!,( /,6 C+,!"; +*(,/$ +"%$ $"%2+3 U7 +"/ 0%1<&%&/+//&+"
,/&+-*79

4"/ )-&%$"0/&+J6#17 */.(+%#& %$ &#+ +"/ $(0/ ($ %+ >($ %& +"/ +#*+-*/
1-*%&' )-6.%, /5/,-+%#&$3 4"/ 6#17 &#> $/*8/$ ($ (& %&$+*-0/&+ #*
%&+/*0/1%(*79 %2 #&/ %&+/*8/&/$ -)#& %+ +# %0)*%$#& %+@ #* +# 0(?/ %+ >#*?@ %+
%$ %& #*1/* +# 1/)*%8/ +"/ %&1%8%1-(. #2 ( .%6/*+7 +"(+ %$ */'(*1/1 6#+" ($ (
*%'"+ (&1 ($ ( )*#)/*+73 4"/ 6#17@ (,,#*1%&' +# +"%$ )/&(.%+7@ %$ ,(-'"+ -)
%& ( $7$+/0 #2 ,#&$+*(%&+$ (&1 )*%8(+%#&$@ #6.%'(+%#&$ (&1 )*#"%6%+%#&$3
L"7$%,(. )(%&@ +"/ )(%& #2 +"/ 6#17 %+$/.2@ %$ &# .#&'/* +"/ ,#&$+%+-/&+
/./0/&+ #2 +"/ )/&(.+73 W*#0 6/%&' (& (*+ #2 -&6/(*(6./ $/&$(+%#& )-&%$"<
0/&+ "($ 6/,#0/ (& /,#&#07 #2 $-$)/&1/1 *%'"+$ 3 3 3 V$ ( */$-.+ #2 +"%$
&/> */$+*(%&+@ ( >"#./ (*07 #2 +/,"&%,%(&$ +##? #8/* 2*#0 +"/ /5/,-+%#&/*@
+"/ %00/1%(+/ (&(+#0%$+ #2 )(%&9 >(*1/*$@ 1#,+#*$@ ,"().(%&$@ )$7<
,"%(+*%$+$@ )$7,"#.#'%$+$@ /1-,(+%#&(.%$+$3 MW#-,(-.+@ NOPP9 NNR

4"/ )*%$#& >($ 6#*&3 V$ >/.. ($ ( &/> %&$+%+-+%#& (&1 ( &/> -&1/*$+(&1%&'
#2 )-&%$"0/&+@ %& L!"$!*9!,( /,6 C+,!"; W#-,(-.+ 1/$,*%6/$ +"/ /0/*'/&,/
HQQ QB2RDS TU@EV>VSVWBU2

#2 ( &/> $/+ #2 )*#2/$$%#&$ >"# 1/A&/1 >"# &//1/1 )-&%$"0/&+ (&1 >"#
,#-.1 /5/*,%$/ +"(+ )-&%$"0/&+@ (&1 #2 ( &/> $-6G/,+%8%+7 )*#1-,/1 2#*
+"#$/ $# )-&%$"/19 >"(+ "/ ,(../1 +"/ C1#,%./ 6#17D3 4"%$ >($ +"/ 6#17
$-6G/,+/1 +# +"/$/ &/> )/&(. 1%$,%).%&/$@ +"/ 6#17 >"%," "(1 +# ,#&2#*0 +#
%+$ C,#&$+*(%&+$ (&1 )*%8(+%#&$@ #6.%'(+%#&$ (&1 )*#"%6%+%#&$D3
V ?/7 )#%&+ #2 W#-,(-.+D$ (*'-0/&+ %$ +"(+ %& +"%$ &/> */'%0/ #2
)-&%$"0/&+@ +"/$/ 1#,%./ 6#1%/$ %& ( $/&$/ 1%$,%).%&/1 +"/0$/.8/$3 W#-,(-.+
(*'-/$ +"(+ +"%$ >($ (,"%/8/1 +"*#-'" ( ,/*+(%& 8%$-(.%+7 M2#* '/&/*(.
1%$,-$$%#&$ #2 +"/ *#./ #2 8%$-(.%+7 %& +"/ >#*? #2 W#-,(-.+@ $// Z(7@ NOO]
(&1 `(G,"0(&@ NOXXR3 B&,/ 1/A&/1 67 +"/ &/> C/5)/*+D ?&#>./1'/$ ($ %&
$#0/ >(7 1/8%(&+@ +"/$/ 6#1%/$ >/*/ ).(,/1 %& (& %&$+%+-+%#& +"(+ >($ C(
0(,"%&/ 2#* (.+/*%&' 0%&1$D MW#-,(-.+@ NOPP9 NQ^R3 W#-,(-.+ MNOPP9 NO^J
QQXR /5)(&1$ +"%$ )#%&+@ (&1 1/0#&$+*(+/$ +"/ %0)#*+(&,/ #2 ( 8%$-(.%+7 +#
%+@ 67 1%$,-$$%&' ( ).(& 2#* (& %&$+%+-+%#& 1/$%'&/1 67 Z/*/07 U/&+"(0 %&
Y1"%6#!(%" NPON3 U/&+"(0 ,(../1 +"%$ 6-%.1%&' ( 0,+*0$(/*+@ (&1 $-''/$+/1 %+ ,#-.1 6/
-$/1 ($ +"/ ).(& 2#* (.. $#*+$ #2 1%$,%).%&%&' %&$+%+-+%#&$9 )*%$#&$@ 6-+ (.$#
"#$)%+(.$@ >#*?"#-$/$@ $,"##.$@ 0(1"#-$/$3 4"/ )(&#)+%,#& >($ ( +(..
+#>/*@ $-**#-&1/1 67 (& (&&-.(* 6-%.1%&'3 4"/ .(++/* ,#&$%$+/1 #2 ,/..$@ #&/
2#* /(," %&0(+/@ >%+" >%&1#>$ $# (**(&'/1 +"(+ +"/ #,,-)(&+ >($ (.>(7$
8%$%6./ 2*#0 +"/ +#>/*3 4"/ +#>/* >($ +"/ .#,(+%#& #2 +"/ $-)/*8%$#*@ 6-+
6/,(-$/ #2 +"/ (**(&'/0/&+ #2 %+$ >%&1#>$@ 6.%&1$@ 1##*$ (&1 ,#**%1#*$ +"/
%&0(+/$ %& +"/%* ,/..$ ,#-.1 &/8/* 6/ ,/*+(%& +"(+ +"/7 >/*/ -&1/* #6$/*<
8(+%#& 2*#0 +"/ +#>/* (+ (&7 )(*+%,-.(* 0#0/&+3 g/8/* ,/*+(%& #2
%&8%$%6%.%+7@ /(," %&0(+/ +"/*/2#*/ "(1 +# 6/"(8/ C)*#)/*.7D (.. +"/ +%0/9
+"-$ +"/7 1%$,%).%&/1 +"/0$/.8/$ (&1 >/*/ )*#1-,/1 ($ 1#,%./ 6#1%/$3
CI/&,/ +"/ 0(G#* /22/,+ #2 +"/ L(&#)+%,#&9 +# %&1-,/ %& +"/ %&0(+/ ( $+(+/
#2 ,#&$,%#-$ (&1 )/*0(&/&+ 8%$%6%.%+7 +"(+ ($$-*/$ +"/ (-+#0(+%,
2-&,+%#&%&' #2 )#>/*D MW#-,(-.+@ NOPP9 QNaR3 4"%$ $#*+ #2 8%$-(.%+7@ %&
>"%," #&/ $-6G/,+ %$ $//& >%+"#-+ /8/* $//%&'@ (&1 +"/ #+"/* $//$ >%+"#-+
='$8/!441"(/ /8/* 6/%&' $//&@ W#-,(-.+ ,(../1 )"%'&(##,+/&@ (&1 "/ (*'-/1 +"(+@ $%&,/ %+
>($ (& /2A,%/&+ 0/(&$ #2 )*#1-,%&' $#,%(. #*1/*@ %+ 6/,(0/ ( 1#0%&(&+
2#*0 #2 8%$-(.%+7 +"*#-'"#-+ 0#1/*& ,()%+(.%$+ $#,%/+%/$3 4"*#-'" %+$
#)/*(+%#&@ $(7$ W#-,(-.+ MNOPP9 QaaR@ %& (& /,"# #2 [(,(&@ C8%$%6%.%+7 %$ (
+*()D3
W#-,(-.+ $-''/$+$ +"(+ %&$+%+-+%#&$ >#*? %& +># >(7$9 +"*#-'" +"/%*
())(*(+-$ (&1 +"*#-'" +"/%* +/,"&#.#'%/$3 4"%$ %$ ( 1%$+%&,+%#& +"%$ ,"()+/*
>%.. -$/3 I#>/8/*@ W#-,(-.+ >($ *(+"/* %&,#&$%$+/&+ %& "%$ -$/ #2 +"/$/
+/*0$@ (&1 +"/ 1%$+%&,+%#& 0(1/ "/*/ 6/+>//& +"/0 %$ ,./(*/* +"(& +"(+
A"+#!#'#!%"14 2#-&1 %& "%$ >#*?3 V& (+)$($"$(*+,# ,00,%,$") %$ +"/ 2#*0$ #2 )#>/*j
1661$1#'+ ?&#>./1'/ >"%," ,#&$+%+-+/ +"/ %&$+%+-+%#&$9 2#* /5(0)./@ (*,"%+/,+-*/@
*/'-.(+%#&$@ $,%/&+%A, +*/(+%$/$@ )"%.#$#)"%,(. $+(+/0/&+$@ .(>$@ 0#*(.$@ (&1
$# #&@ (&1 +"/ 1%$,#-*$/ (*+%,-.(+/1 +"*#-'" (.. +"/$/ MI(..@ NOOP69 dPR3
I/&,/ W#-,(-.+ 1/$,*%6/1 U/&+"(0D$ )(&#)+%,#& ($ (& ())(*(+-$9 (+ #&,/
A"+#!#'#!%"14 (& (*,"%+/,+-*(. 1/$%'& (&1 ( 0#*(. (&1 )"%.#$#)"%,(. +*/(+%$/3 4"/ (+)$($"3
#/(*"%4%)!/+ $(*+,# $&/7+*#*1(&) M$#0/+%0/$ 1%2A,-.+ +# 1%22/*/&+%(+/ 2*#0 +"/ ())(*(+-$R
(*/ +"/ )*(,+%,(. +/,"&%F-/$ -$/1 +# )*(,+%$/ +"(+ )#>/*j?&#>./1'/3
>B2YVR`2U D=DSf2B2 BB HQS

4/,"&#.#'%/$ (*/ C1%22-$/@ *(*/.7 2#*0-.(+/1 %& ,#&+%&-#-$@ $7$+/0(+%,


1%$,#-*$/ 3 3 3 #2+/& 0(1/ -) #2 6%+$ (&1 )%/,/$ 3 3 3 ( 1%$)(*(+/ $/+ #2 +##.$ (&1
0/+"#1$D MW#-,(-.+@ NOPP9 QbR3 V& /5(0)./ 0%'"+ 6/ +"/ 1/$%'& #2 +"/
>%&1#>$ (&1 6.%&1$ %& +"/ )(&#)+%,#&3
;+ "($ 6//& (*'-/1 67 $#0/ "%$+#*%(&$ #2 )"#+#'*()"7 +"(+ %+ 0-$+ 6/
-&1/*$+##1 ($ ( +/,"&#.#'7 %& +"%$ W#-,(-.1%(& $/&$/3 Z#"& 4(''@ 2#*
/5(0)./@ >*%+/$9

L"#+#'*()"7 ($ $-," "($ &# %1/&+%+73 ;+$ $+(+-$ ($ +/,"&#.#'7 8(*%/$ >%+"
+"/ )#>/* */.(+%#&$ +"(+ %&8/$+ %+3 ;+$ &(+-*/ ($ ( )*(,+%,/ 1/)/&1$ #& +"/
%&$+%+-+%#&$ (&1 ('/&+$ >"%," 1/A&/ %+ (&1 $/+ %+ +# >#*? 3 3 3 ;+$ "%$+#*7
"($ &# -&%+73 ;+ %$ ( E%,?/*%&' (,*#$$ ( A/.1 #2 %&$+%+-+%#&(. $)(,/$3 ;+ %$
+"%$ A/.1 >/ 0-$+ $+-17@ &#+ )"#+#'*()"7 ($ $-,"3 M4(''@ NOXX9 b]R

W#* 4(''@ )"#+#'*()"7 %$ 1%22-$/S %+ %$ '%8/& ,#"/*/&,/ #&.7 67 %+$ -$/ %&
,/*+(%& %&$+%+-+%#&(. ())(*(+-$/$3 I/ /.(6#*(+/$ +"%$ ,.(%0 67 $+-17%&'
)"#+#'*()"$ ($ +"/7 >/*/ -$/1 %& +"/ &%&/+//&+" ,/&+-*7 67 )#.%,/ 2#*,/$@
)*%$#&$@ #*)"(&('/$@ ($7.-0$@ .#,(. '#8/*&0/&+D$ 0/1%,(. #2A,/*$ #2
"/(.+"@ (&1 &/>$)()/* G#-*&(.%$+$ (&1 )-6.%,%$+$3 ;+$ -$/$ %& +"/$/ %&$+%+-<
+%#&$@ 4('' (*'-/$@ '%8/ )"#+#'*()"7 %+$ $+(+-$ ($ ( -&%A/1 $#0/+"%&'
*(+"/* +"(& ( 1%22-$/ &# #&/ +"%&'@ (&1 +"(+ ,#"/*/&+ $#0/+"%&' %$@
(,,#*1%&' +# 4(''@ +"/ 6/.%/2 +"(+ )"#+#'*()"$ )%,+-*/ +"/ */(.3 MI/&,/ "/
%$ 8/*7 ,*%+%,(. #2 U(*+"/$D$ NOXQ ($$/*+%#&@ 1%$,-$$/1 %& $/,+%#& ]3Q #2
!"()+/* d@ +"(+ +"/ *+,$%+- #2 ( )"#+#'*()" %$ ( +*(,/ #2 (& -&,#1/1
*/2/*/&+3R 4"/ ())(*(+-$ #2 +"/$/ 8(*%#-$ %&$+%+-+%#&$ J +"/ )#.%,/@ )*%$#&$@
#*)"(&('/$@ ($7.-0$@ .#,(. '#8/*&0/&+@ +"/ /0/*'/&+ 0($$ 0/1%( J
($$/*+/1 +"/ +*-+" #2 +"/%* ,.(%0$ +# 6/ (6./ +# 1/+/,+@ )-&%$"@ #* ,-*/ +"/
,*%0%&(.@ +"/ %..@ +"/ #*)"(&/1@ +"/ 0(1@ +"/ 1/'/&/*(+/ M%& )(*+ 67 */.7%&'
#& +"/ $,%/&+%A, $+(+-$ #2 +"/ 1%$,#-*$/$ #2 )"7$%#'&#07 (&1 )"*/&#.#'7@
1%$,-$$/1 %& +"/ )*/8%#-$ ,"()+/*R3 L*#1-,%&' ( ,/*+(%& */'%0/ #2 +*-+"@
+"/$/ %&$+%+-+%#&$ -$/1 )"#+#'*()"7 ($ ( ,*-,%(. +/,"&#.#'7 +"*#-'" >"%,"
+"/$/ 1%$+%&,+%#&$ >/*/ 0(1/ 8%$%6./3 4"/ */.(+/1 #))#$%+/ #2 +"%$@ ($ H/?-.(
MNOXOR &#+/$@ >($ +"/ 1/+/,+%#&@ ,/./6*(+%#& (&1 "#&#-*%&' #2 +"/ 0#*(.@
+"/ 2(0%.%(. (&1 +"/ )*#)/* %& 6#-*'/#%$ )"#+#'*()"%, )#*+*(%+-*/3 4"-$ +"/
%&$+%+-+%#&(. -$/$ #2 )"#+#'*()"7 0(?/ -$ +"%&? )"#+#'*()"$ (*/ +*-+"2-.
)%,+-*/$@ &#+ )"#+#'*()"%, +/,"&%F-/$ +"/0$/.8/$3 W#* 4(''@ +"/& M(&1 $//
(.$# [(.8(&%@ NOObS H/?-.(@ NOXOR@ W#-,(-.+D$ /0)"($%$ #& %&$+%+-+%#&$ (&1
)#>/*j?&#>./1'/ %$ ,*-,%(. 2#* -&1/*$+(&1%&' +"/ 6/.%/2 +"(+ )"#+#'*()"7
)%,+-*/$ +"/ */(.3
4"%$ /0)"($%$ #& %&$+%+-+%#&(. ())(*(+-$ (&1 +/,"&#.#'%/$ '%8/$ (
1%22/*/&+ %&E/,+%#& +# +"%$ $/,#&1 ?%&1 #2 1%$,#-*$/ (&(.7$%$3 ;+ $"%2+$
(++/&+%#& (>(7 2*#0 +"/ 1/+(%.$ #2 %&1%8%1-(. %0('/$ J (.+"#-'" 6#+" 4(''
MNOXXR (&1 H/?-.( MNOXOR 1/$,*%6/ +"/ '/&/*(. ,"(*(,+/*%$+%,$ #2 )(*+%,-.(*
+7)/$ #2 )"#+#'*()"$ J (&1 +#>(*1$ +"/ )*#,/$$/$ #2 +"/%* )*#1-,+%#& (&1
-$/3 4"(+ %$@ +"%$ +7)/ #2 1%$,#-*$/ (&(.7$%$ ,#&,/&+*(+/$ 0#$+ #& +"/ $%+/$ #2
*)&6+$%!&, (&1 /+6!(,$!,3@ %& +"/%* "&$!/9 -&6/9!%03 ;& +"/%* 1%$,-$$%#& #2
HQT QB2RDS TU@EV>VSVWBU2

&%&/+//&+"<,/&+-*7 )#.%,/ )"#+#'*()"7@ 2#* /5(0)./@ 6#+" H/?-.( (&1 4(''


)(7 ( '##1 1/(. #2 (++/&+%#& +# +"/ )*#,/$$/$ -$/1 +# ,.($$%27@ A./@ */+*%/8/
(&1 -$/ )"#+#'*()"$ #2 +"#$/ >"# "(1 6//& )%,+-*/1 ($ C,*%0%&(.D3 U#+"
(.$# (*'-/ +"(+ )"#+#'*()"7 >($ #&.7 #&/ )(*+ #2 >"(+ H/?-.( MNOXO9 ]^NR
,(..$ C( 6-*/(-,*(+%,<,./*%,(.<$+(+%$+%,(. $7$+/0 #2 CC%&+/..%'/&,/DDD@ (&1 "/
$-''/$+$ +"(+ +"/ A.%&' ,(6%&/+ >($ (,+-(..7 ( 0#*/ %0)#*+(&+ )%/,/ #2
%&$+%+-+%#&(. +/,"&#.#'7 +"(& +"/ ,(0/*(3 4"/7 1%$,-$$ #+"/* +/,"&#.#'%/$ J
$-," ($ )"*/&#.#'7 (&1 A&'/*)*%&+%&' J +"(+ >/*/ -$/1 (.#&'$%1/ )"#+#<
'*()"7@ (&1 /5).#*/ #+"/* ($)/,+$ #2 %&$+%+-+%#&(. ())(*(+-$/$ %& +"/%*
$+-1%/$ +##3 4"%$ 0/(&$ +"(+ +"/ $#-*,/$ -$/1 %& +"/%* (,,#-&+$ (*/ ($
/,./,+%, ($ +"#$/ #2 +"/ 1%$,#-*$/ (&(.7$+$ 1%$,-$$/1 %& !"()+/* b3 I#>/8/*@
,/*+(%&.7 %& +"/ ,($/ #2 4('' (&1 H/?-.(@ +"/%* >#*? %$ "/.1 +#'/+"/* 67 (&
%&$%$+/&,/ #& +"/ )#>/* */.(+%#&$ (*+%,-.(+/1 +"*#-'" +"/$/ )*(,+%,/$ (&1
%&$+%+-+%#&$3 K%$-(. %0('/$ (&1 8%$-(.%+%/$ (*/ 2#* +"/0 (*+%,-.(+%#&$ #2
%&$+%+-+%#&(. )#>/*3
4"%$ %$ #&/ ($)/,+ #2 +"/%* >#*? +"(+ "($ 6//& ,*%+%,%T/13 W#* (.+"#-'"
6#+" +(?/ ,(*/ +# 1%$+%&'-%$" +"/%* W#-,(-.1%(& -&1/*$+(&1%&' #2 )#>/*
2*#0 +"#$/ >"# $// )#>/* $%0).7 ($ */)*/$$%8/@ &#&/+"/./$$ +"/*/ %$ 8/*7
.%++./ $/&$/ %& /%+"/* #2 +"/%* >#*? #2 +"/ )#$$%6%.%+7 #2 8%$-(.%+%/$ #+"/* +"(&
+"#$/ #2 1#0%&(&+ %&$+%+-+%#&$3 [%&1$(7 H0%+" MNOOXR@ 2#* /5(0)./@ +(?/$
+"/0 +# +($? 2#* &#+ .##?%&' (+ ( >%1/ /&#-'" *(&'/ #2 &%&/+//&+"<,/&+-*7
)"#+#'*()"%, )*(,+%,/$@ (&1 %& )(*+%,-.(* 2#* &/'./,+%&' +"/ ?%&1$ #2
1#0/$+%, )"#+#'*()"7 )*(,+%$/1 67 ( &-06/* #2 >#0/& %& +"/ 0%1<
&%&/+//&+" ,/&+-*73 4"/$/ >#0/& )"#+#'*()"/*$ ,(& 6/ $//& ($ )*#1-,%&'
%0('/$ +"(+ 1# &#+ */).%,(+/ +"/ $-*8/%..(&+ '(T/ #2 +"/ )#.%,/ 0-'<$"#+ #*
+"/ 2(0%.7 $+-1%# )#*+*(%+9 +"/7 +">(*+ +"(+ ,.($$%27%&' '(T/ 67 $+*(+/'%/$
$-," ($ 6.-**/1 2#,-$@ ,#..('/ (&1 #8/*</5)#$-*/3 \#*/#8/*@ .%?/ +"/%*
1%$,#-*$/ (&(.7$+ ,#-$%&$ >"#$/ >#*? >($ 1%$,-$$/1 %& +"/ )*/8%#-$
,"()+/*@ +"/*/ %$ 8/*7 .%++./ */E/5%8%+7 %& +"%$ $/,#&1 +7)/ #2 1%$,#-*$/<
(&(.7+%, >#*?3 ;*#&%,(..7@ ,#&$%1/*%&' +"/%* ,*%+%F-/ #2 +*-+" ,.(%0$@ 4(''
(&1 H/?-.( 6#+" 0(?/ 8/*7 $+*#&' ,.(%0$ +"/0$/.8/$ (6#-+ +"/ 8/*(,%+7 #2
+"/%* (,,#-&+$3 4('' MNOXX9 NJQR %& )(*+%,-.(* %$ F-%+/ $,(+"%&' (6#-+
U(*+"/$@ %0).7%&' +"(+ U(*+"/$D$ %&$%$+/&,/ #& +"/ -&,#1/1 F-(.%+7 #2
,/*+(%& )"#+#'*()"$ >($ 0/*/.7 (& /0#+%#&(. */$)#&$/ +# "%$ $/(*," 2#* (
)"#+#'*()" +"(+ >#-.1 */0%&1 "%0 #2 "%$ 0#+"/* (2+/* $"/ "(1 1%/13 C;
&//1 &#+ )#%&+ #-+@D $(7$ 4('' MNOXX9 QR C+"(+ +"/ /5%$+/&,/ #2 ( )"#+#<
'*()" %$ &# '-(*(&+// #2 ( ,#**/$)#&1%&' )*/<)"#+#'*()"%, /5%$+/&+3D 4(''
"/*/ ,#-&+/*)#$/$ +"/ $/.2</8%1/&+ MC; &//1 &#+ )#%&+ #-+DR@ >"%," "/ .(+/*
/5)(&1$ (+ '*/(+ ./&'+" >%+" +"/ -$/ #2 0-," +"/#*7@ +# +"/ /0#+%#&(. &//1
1*%8%&' U(*+"/$D$ >#*?3 V$ ; */(1 %+@ 4('' %$ 0(?%&' (& #))#$%+%#& 6/+>//&
"%$ 0($,-.%&%T/1 *(+%#&(.%+7 (&1 >"(+ "/ $//$ ($ +"/ /22/0%&(+/ /0#<
+%#&(.%+7 #2 +"/ '*%/8%&' U(*+"/$3 I(*1.7 ( $/.2<*/E/5%8/ $+*(+/'7@ ; +"%&?3
4"%$ ,"()+/* +"#-'" >%.. &#+ 2#,-$ #& +"/ >#*? #2 4('' #* H/?-.( (&1
+"/%* %&+/*/$+ %& )"#+#'*()"%, (*,"%8/$3 `(+"/*@ %+ >%.. +-*& +# >#*? +"(+
,#&$%1/*$ +># #+"/* ?%&1$ #2 %&$+%+-+%#&$ >"%," 1/(. >%+" 8%$-(. #6G/,+$ J
+"/ (*+ '(../*7 (&1 +"/ 0-$/-0 J (&1 >"%," "(8/ (.$# 6//& $-6G/,+ +#
>B2YVR`2U D=DSf2B2 BB HQI

W#-,(-.1%(& ,*%+%F-/ 67 >*%+/*$ $-," ($ 4#&7 U/&&/++ MNOO^R (&1 c%./(&


I##)/*<Y*//&"%.. MNOOQR3 MB+"/* %0)#*+(&+ 1%$,-$$%#&$ %&,.-1/ +"/ /$$(7$
,#../,+/1 67 U(*?/*@ NOOOS Y*//&6/*' /+ (.3@ NOObS H"/*0(& (&1 `#'#22@
NOOdS K/*'#@ NOXO3R 4"/$/ (,,#-&+$ /5).#*/ "#> 8%$-(. %0('/$ (&1 #6G/,+$
(*/ )*#1-,/1 %& )(*+%,-.(* >(7$ 67 %&$+%+-+%#&(. ())(*(+-$/$ (&1 +/,"<
&#.#'%/$ M($ C(*+D@ 2#* /5(0)./R (&1 "#> 8(*%#-$ $-6G/,+%8%+%/$ (*/ (.$#
)*#1-,/1@ $-," ($ +"/ C,-*(+#*D (&1 C+"/ 8%$%+#*D3 I#>/8/*@ +"/$/ (*/
%&$+%+-+%#&$@ >"%," >"%./ #2 ,#-*$/ &#+ 2*// 2*#0 +"/ >#*?%&'$ #2 )#>/*@
(*/ &#+ ($ #68%#-$.7 ,#/*,%8/ ($ +"#$/ /5(0%&/1 67 4('' (&1 H/?-.(3 4"/%*
1%$,%).%&/$ (*/ 0#*/ $-6+./@ (&1 +"-$ +"/7 )*#8%1/ ( 0#*/ 2*-%+2-. '*#-&1
2#* /5).#*%&' +"/ /5+/&+ +# >"%," +"%$ $/,#&1 +7)/ #2 1%$,#-*$/ (&(.7$%$ ,(&
(11*/$$ F-/$+%#&$ #2 ,#&E%,+%&' 1%$,#-*$/$ (&1 ,#&+/$+/1 >(7$ #2 $//%&'3
4"/ )(*+%,-.(* ,($/ $+-17 >%.. 6/ +"/ V0/*%,(& \-$/-0 #2 g(+-*(. I%$+#*7
%& g/> h#*? M"/*/(2+/* */2/**/1 +# ($ +"/ V\gIR@ ($ $//& 67 f#&&(
I(*(>(7 MNOXO9 QbJ^XR@ V&& `/7&#.1$ MNOO^R (&1 \%/?/ U(. MNOOb9 N]J
^bR M(.+"#-'" U(.D$ (,,#-&+ (.$# %&,#*)#*(+/$ ( $/0%#.#'%,(. ())*#(,"R3
4"/%* (,,#-&+$ >%.. (..#> (&#+"/* #))#*+-&%+7 +# ,#&$%1/* +"/ )#$$%6%.%+7 #2
( */E/5%8/ 1%$,#-*$/<(&(.7+%, )*(,+%,/3
4"/ $+(+-$ #2 +"/ (*+ '(../*7 (&1 0-$/-0 ($ %&$+%+-+%#& )*#8%1/$ ( >(7
#2 /5(0%&%&' +"/ 0/+"#1#.#'7 #2 +"%$ $/,#&1 ?%&1 #2 1%$,#-*$/ (&(.7$%$3
H#@ +"%$ ,"()+/* >%..9

: /5(0%&/ >(7$ #2 1/$,*%6%&' +"/ ())(*(+-$ #2 +"/ (*+ '(../*7 (&1 +"/
0-$/-0S
: /5(0%&/ >(7$ #2 1/$,*%6%&' +"/ +/,"&#.#'%/$ #2 +"/ (*+ '(../*7 (&1 +"/
0-$/-0S
: /5(0%&/ "#> +"%$ $/,#&1 ?%&1 #2 1%$,#-*$/ (&(.7$%$ (*'-/$ +"(+ +"/$/
%&$+%+-+%#&$ )*#1-,/ (&1 1%$,%).%&/ +"/%* 8%$%+#*$S
: ($$/$$ +"/ $+*/&'+"$ (&1 >/(?&/$$/$ #2 +"%$ +7)/ #2 1%$,#-*$/ (&(.7$%$ #2
%&$+%+-+%#&$3

N #*/ +%'$(/+ 3%$ &!+(%'$+/ 1"145+!+ AA

4"/ ?%&1$ #2 $#-*,/$ -$/1 2#* +"%$ +7)/ #2 1%$,#-*$/ (&(.7$%$ (*/ ($ 1%8/*$/
($ +"#$/ 1/).#7/1 67 +"/ 1%$,#-*$/ (&(.7$%$ 1%$,-$$/1 %& !"()+/* b3 V ?/7
W#-,(-.1%(& (,,#-&+ #2 +"/ /0/*'/&,/ #2 +"/ (*+ '(../*7 (&1 +"/ 0-$/-0 ($
)(*+%,-.(* ?%&1$ #2 %&$+%+-+%#&$ %$ 4#&7 U/&&/++D$ >;( ?!)%; &1 %;( R+"(+-
MNOO^R@ (&1 "/ %$ +7)%,(. %& "%$ -$/ #2 ( >%1/ *(&'/ #2 $#-*,/$3 I/ -&1/*<
+(?/$ ( ,(*/2-. */(1%&' #2 +"/ 0(&7 4)!%%(, %(:%" +"(+ 1%$,-$$/1 0-$/-0$
(&1 '(../*%/$ %& +"/ $/,#&1 "(.2 #2 +"/ &%&/+//&+" ,/&+-*73 4"/$/ >/*/
)*#1-,/1 67 */2#*0/*$@ )"%.(&+"*#)%$+$@ ,%8%. $/*8(&+$ (&1 ,-*(+#*$ >"#
>/*/ (.. (*'-%&'@ +"#-'" #2+/& %& 1%22/*/&+ >(7$@ 2#* +"/ /$+(6.%$"0/&+ #2
'(../*%/$ (&1 0-$/-0$ +"(+ >/*/ #)/& +# +"/ )-6.%,3 H+-1%/$ #2 ,-**/&+
1%$,-$$%#&$ (6#-+ 0-$/-0$ (&1 +"/%* )*(,+%,/$ $-))./0/&+ +"%$ $#*+ #2
"%$+#*%,(. >*%++/& $#-*,/ >%+" #+"/* +7)/$ #2 1#,-0/&+$ (8(%.(6./ &#>@
HSV QB2RDS TU@EV>VSVWBU2

$-," ($ +"/ (&&-(. */)#*+$ #2 '(../*%/$ (&1 0-$/-0$ (&1 +"/%* 0%$$%#&
$+(+/0/&+$3 E,%()8!(4" >%+" +"/ 1%*/,+#*$@ ,-*(+#*$ (&1 1/$%'&/*$ #2
0-$/-0$ (&1 '(../*%/$ ,(& (.$# 6/ -$/1 %& ,#&+/0)#*(*7 $+-1%/$3 U#+"
"%$+#*%,(. (&1 ,#&+/0)#*(*7 $+-1%/$ #2+/& -$/ )"#+#'*()"$ #* #+"/* 8!"+/9
!-/3(" #2 6-%.1%&'$@ *##0$ (&1 1%$).(7$ +##@ $#0/+%0/$ $%0).7 ($ %..-$<
+*(+%#&$ +# +"/%* >*%++/& (,,#-&+$@ (&1 6#+" (.$# )(7 (++/&+%#& +# +"/
/)$;!%($%+)( #2 +"/ %&$+%+-+%#&9 %+$ 1/$%'&@ 1/,#*(+%#&$@ %&$,*%)+%#&$@ .(7#-+
(&1 $# #&3 H+-1%/$ #2 ,#&+/0)#*(*7 0-$/-0$ (&1 '(../*%/$ (.$# #2+/& */.7
#& 8%$%+$ +# +"/ %&$+%+-+%#& (&1 &'"()8/%!&, #2 +"/ >(7 )/#)./ 8%$%+ (&1
>#*? %& +"/03
;& */.(+%#& +# $+-1%/$ #2 +"/ V\gI@ 6#+" I(*(>(7 MNOXOR (&1
`/7&#.1$ MNOO^R (*/ "%$+#*%,(. (,,#-&+$ #2 )(*+%,-.(* "(..$ #2 +"(+ 0-$/-0@
(&1 $# +"/7 -$/ >*%++/& +/5+$ $-," ($ +"/ (-+#6%#'*()"%/$ #2 ,-*(+#*$@ +"/
0%&-+/$ #2 0-$/-0 ,#00%++// 0//+%&'$@ $,%/&+%A, +/5+$ (&1 +"/ 0-$/-0D$
(&&-(. */)#*+$S I(*(>(7 MNOXOR $-))./0/&+$ +"%$ >%+" (& (,,#-&+ #2 >"(+
+"/ "(.. $"/ %$ %&+/*/$+/1 %& .##?$ .%?/ +# +"/ 8%$%+#* &#>9 #*@ (+ ./($+@ >"(+ %+
.##?$ .%?/ +# I(*(>(73 U#+" %..-$+*(+/ +"/%* (*'-0/&+$ -$%&' )"#+#'*()"$
#2 0-$/-0 1%$).(7$ (&1 #+"/* %0('/$3 U(.D$ MNOObR (,,#-&+ %$ ( */(1%&' #2
( 2/> "(..$ #2 +"/ 0-$/-0 6($/1 /&+%*/.7 #& +"/%* .(7#-+ (&1 +"/ 1%$).(7$
#& $"#> +# +"/ 8%$%+#* %& .(+/ NOON3 MI/* $+-17 %$ (.$# %&+/*/$+%&' %& +"/ >(7
%+ -$/$ %..-$+*(+%#&$ +# 0(?/ "/* )#%&+$@ ($ >/.. ($ >*%++/& +/5+3R

4"5%)

K%$%+ ( '(../*7 #* ( 0-$/-03 ="/& >/ 8%$%+ ( 0-$/-0 #* ( '(../*7@ %+ %$ $#0/"#>


,./(* +"(+ ,/*+(%& +"%&'$ (*/ C+"/ #6G/,+$ +# 6/ .##?/1 (+D9 +"/ )(%&+%&'$@ +"/ #6G/,+$@
+"/ %+/0$ %& +"/ $"#)3 4"%$ +%0/@ $)/&1 +%0/ .##?%&' (+ #+"/* +"%&'$9 +"/ (*,"%+/,+-*/
#2 +"/ 6-%.1%&'@ 2#* /5(0)./@ %+$ E##* ).(&@ %+$ >(*1/*$@ %+$ #+"/* 8%$%+#*$3

L #*/ 1661$1#'+ %3 #*/ )144/$5 1"& #*/ ;'+/';

V$ H+/)"/& U(&& ,#00/&+$@ +"/ "%$+#*7 #2 0-$/-0$ ,(& 6/ %&+/*)*/+/19

3)&""& -&6& %& +/*0$ #2 +># ,#&,/)+-(..7 1%$+%&,+ )"($/$3 4"/ A*$+@
*#-'".7 $)/(?%&' -) +# +"/ /&1 #2 +"/ /%'"+//&+" ,/&+-*7@ F-(.%A/$ ($ (
C)*/"%$+#*7D %& +"/ $/&$/ +"(+ +"/ ,#../,+%#& (&1 1%$).(7 #2 #6G/,+$ ())/(*$
+# (&$>/* &# ,./(* )*%&,%)./$ #2 #*1/*%&' 67 '/&*/@ $,"##.@ (&1 )/*%#13
4"/ $/,#&1@ >"%," */)*/$/&+$ (& (.0#$+ %**/$%$+%6./ 0#8/0/&+ +#>(*1$
,#&2#*0%+7 #8/* +"/ ,#-*$/ #2 +"/ .($+ +># ,/&+-*%/$@ %$ ( "%$+#*7 %& >"%,"
+"/ 0-$/-0 "($ 1/8/.#)/1 (&1 )/*2/,+/1 %+$ #>& )*%&,%)./$ #2 #*1/*%&'
67 '%8%&' $)(+%(. 1%$+*%6-+%#& +# +"/ ,#&,/)+$ #2 $,"##. (&1 )/*%#1@ %&
)(*+%,-.(*3 MU(&&@ NOOX9 Q]NS $// (.$# I##)/*<Y*//&"%..@ NOOQR
>B2YVR`2U D=DSf2B2 BB HSH

U/&&/++D$ MNOO^R 1%$,-$$%#& #2 0-$/-0$ (&1 '(../*%/$ 2#,-$/$ #& +"/ $/,#&1
#2 +"/$/ )"($/$@ (&1 1*(>$ 0-," +"/#*/+%,(. %&$)%*(+%#& 2*#0 W#-,(-.+D$
L!"$!*9!,( /,6 C+,!";H >;( ?!)%; &1 %;( C)!"&, MNOPPR3 U/&&/++ )#%&+$ #-+
+"(+ 6#+" )*%$#&$ (&1 0#1/*& 0-$/-0$ >/*/ 6#*& %& 6*#(1.7 +"/ $(0/
"%$+#*%,(. )/*%#1@ (&1 "/ (*'-/$ +"(+ +"/7 1/).#7/1 ( $%0%.(* 1%$,%).%&%&'
$-*8/%..(&,/3 ;& 0(?%&' +"%$ ,.(%0@ U/&&/++ %&+/*)*/+$ "%$ $#-*,/$ -$%&' +"/
?%&1$ #2 0/+"#1$ 1%$,-$$/1 %& +"/ )*/8%#-$ ,"()+/*3 4"-$ "/ +## .##?$ 2#*
<(0 %;(-("@ 2#* %)+%; $9/!-"@ 2#* $&-*9(:!%0 (&1 2#* /'"(,$(" M$// !"()+/*
b@ $/,+%#& d3NR3 I/ )(7$ (++/&+%#& +# +"/ 1%8/*$%+7 #2 >(7$ %& >"%," )-6.%,
0-$/-0$ (&1 '(../*%/$ >/*/ G-$+%A/1 67 &%&/+//&+"<,/&+-*7 ,#00/&+(+#*$@
&#+%&'@ 2#* /5(0)./@ +"(+ +"/7 >/*/ 1/2/&1/1 ($ (& (&+%1#+/ +# >#*?%&'<
,.($$ 0/&D$ 1*-&?/&&/$$@ ($ (& (.+/*&(+%8/ +# >#*?%&'<,.($$ 1%$(22/,+%#&
(&1 *%#+@ (&1 ($ ( 0/(&$ +# ,%8%.%T/ 0(&&/*$ (&1 0#*(.$3 U-+ "%$ #8/*(..
/0)"($%$ %$ 8/*7 0-," #& +"/ >(7 +"%$ 1%$,-*$%8/ 2#*0(+%#& )*#1-,/1 +"/
0-$/-0 ($ ( 1%$,%).%&%&' 0(,"%&/9

4"/ 0-$/-0@ %& )*#8%1%&' ( &/> $/++%&' 2#* >#*?$ #2 ,-.+-*/@ (.$#
2-&,+%#&/1 ($ ( +/,"&#.#'%,(. /&8%*#&0/&+ >"%," (..#>/1 ,-.+-*(. (*+/<
2(,+$ +# 6/ */2($"%#&/1 %& >(7$ +"(+ >#-.1 2(,%.%+(+/ +"/%* 1/).#70/&+ 2#*
&/> )-*)#$/$ ($ )(*+ #2 '#8/*&0/&+(. )*#'*(00/$ (%0/1 (+ */$"()%&'
'/&/*(. &#*0$ #2 $#,%(. 6/"(8%#-*3 MU/&&/++@ NOO^9 bR

I%$ ,#&,/*&@ +"/&@ %$ >%+" +"/ )#>/* +"(+ $(+-*(+/1 +"/ 0-$/-0 (&1
'(../*7@ (&1 "/ /5).#*/$ +"(+ )#>/* %& +/*0$ #2 +"#$/ %&$+%+-+%#&$D ())(*(<
+-$/$3 ;& )(*+%,-.(*@ "/ 2#,-$/$ #& )(*+%,-.(* 1%$,#-*$/$ #2 ,-.+-*/ (&1
$,%/&,/ +"(+ $"()/1 +"/%* 1/$%'& (&1 )*(,+%,/@ (&1 (.$# )*#1-,/1 ,/*+(%&
$-6G/,+ )#$%+%#&$3 I##)/*<Y*//&"%.. MNOOQ9 NPbR +## %$ %&+/*/$+/1 %& +"/
>(7 C&/> +/,"&#.#'%/$ (&1 &/> $-6G/,+ )#$%+%#&$ >/*/ ,#&$+%+-+/1 +"*#-'"
+"/ (10%&$+*(+%#& #2 k( 0-$/-0D$l &/>.7 (,F-%*/1 0(+/*%(.D3
U/&&/++ (*'-/$ +"(+ +"/*/ >($ ( $)/,%A, 1%$,#-*$/ #2 C,-.+-*/D >"%,"
$(+-*(+/1 +"/ 6%*+"$ #2 +"/ 0-$/-0 (&1 '(../*73 e$%&' +"/ $#-*,/$ 0/&<
+%#&/1 %& $/,+%#& Q@ "/ (*'-/$ +"(+ +"/ )#>/* #2 0-$/-0$ (&1 '(../*%/$ "(1
+"/ $(0/ (%09 6#+" -$/ C,-.+-*/D ($ ( +##. #2 $#,%(. 0(&('/0/&+3 I/ &#+/$
+"(+ +"/ 1/A&%+%#& #2 C,-.+-*/D -$/1 %& +"/ +># $#*+$ #2 %&$+%+-+%#&$ %$
$#0/>"(+ 1%22/*/&+ (&1 +"(+ 1#/$ )*#1-,/ $#0/ 1%22/*/&,/$ 6/+>//& +"/0@
/$)/,%(..7 %& +"/ $#*+$ #2 #6G/,+$ +"/7 1%$).(73 ;& +"/ 0-$/-0@ C,-.+-*/D
+/&1$ +# */2/* +# +"(+ .(+/* &%&/+//&+"<,/&+-*7 -&1/*$+(&1%&' #2 ,-.+-*/ ($ C(
>"#./ >(7 #2 .%2/D@ (&1 0-$/-0$ #2+/& ,#../,+ #6G/,+$ +"(+ (*/ 0/(&+ +#
/5/0).%27 +"/ >(7 #2 .%2/ #2 )(*+%,-.(* $#,%(. '*#-)$3 ;& +"/ &%&/+//&+"
,/&+-*7@ +"%$ 0/(&+ +"(+ 0-$/-0$ ,#../,+/1 (&1 1%$).(7/1 +"/ (*+/2(,+$ #2
,#.#&%T/1 )/#)./$@ 6-+ +"/$/ )/#)./$ >/*/ (.$# $//& ($ ./$$ ,-.+-*/1 (&1
0#*/ &(+-*(. +"(& +"#$/ #2 +"/ =/$+3 MV&&%/ !##06/$@ NOOd 1%$,-$$/$
&%&/+//&+"<,/&+-*7 1%$).(7$ #2 V2*%,(& (*+/2(,+$ %& c-*#)/(& (&1 g#*+"
V0/*%,(& 0-$/-0$ %& "/* 6##? B(!,8(,%!,3 D1)!$/ (&1 !(+"%&/ [-+T (&1
Z(&/ !#..%&$ MNOO]R %& +"/%* $+-17 #2 P/%!&,/9 I(&3)/*;!$ 0('(T%&/
1/0#&$+*(+/ +"/ )/*$%$+/&,/ #2 +"%$ &#+%#&3R U(.D$ MNOObR (,,#-&+ #2 "/*
HSN QB2RDS TU@EV>VSVWBU2

NOON 8%$%+ +# +"/ V\gI /0)"($%T/$ %+$ ,#&+%&-/1 (*+%,-.(+%#& #2 %0)/*%(.<


%$+@ >"%+/ 1%$,#-*$/@ &#+%&' +"(+ "(..$ $"#>%&' +"/ >(7 #2 .%2/ #2 ,/*+(%&
+"%*1 >#*.1 )/#)./$ (*/ /&+/*/1 1%*/,+.7 (2+/* "(..$ 1%$).(7%&' $+-22/1
0(00(.$ (&1 6%*1$@ +"-$ %0).7%&' +"(+ ,/*+(%& ,-.+-*(. '*#-)$ (*/ ,.#$/* +#
&(+-*/ +"(& #+"/*$3 Y(../*%/$@ #& +"/ #+"/* "(&1@ >#*? >%+" (& #.1/*
1/A&%+%#& #2 C,-.+-*/D ($ +"(+ >"%," ,(& /&&#6./ +"/ "-0(& $)%*%+@ (&1 +"/
#6G/,+$ +"/7 1%$).(7 (*/ +"#$/ 1/A&/1 ($ V*+ M$// +"/ 2#,-$ %& !"()+/* Q
$/,+%#& ]3^ 2#* 0#*/ #& +"%$ &#+%#& #2 V*+R3 H-," #6G/,+$ J -$-(..7 )(%&+%&'$
(&1 $,-.)+-*/ 2*#0 =/$+/*& +*(1%+%#&$ J (*/ +"/& (.$# ,#&$+%+-+/1 ($ CV*+D@
(&1 ($ &#6./ (&1 -).%2+%&'@ 67 6/%&' #& 1%$).(73
U/&&/++ (.$# 1%$,-$$/$@ 0#*/ 6*%/E7@ ( $)/,%A, 1%$,#-*$/ #2 $,%/&,/ +"(+
>($ )(*+ #2 +"/ 0-$/-0D$ ())(*(+-$ #2 )#>/*3 ;& 0-$/-0$@ "/ &#+/$@
#6G/,+$ (*/ (.>(7$ ,.($$%A/1 (,,#*1%&' +# >"(+ (*/ ,.(%0/1 +# 6/ C$,%/&+%A,D
#* C#6G/,+%8/D )*%&,%)./$@ >"/+"/* +"/7 6/ 1*(>& 2*#0 &#+%#&$ #2 "%$+#*%,(.
)*#'*/$$@ $,%/&+%A, *(+%#&(.%+7 #* (&+"*#)#.#'%,(. (&(.7$%$3
U(. MNOObR */0(*?$ +"(+ 1%22/*/&+%(+%#&$ 0(1/ 67 +"/ ,#0)./5 1%$<
,#-*$/ #2 ,-.+-*/ (*/ /5)*/$$/1 %& +"/ '(../*7 (&1 0-$/-0 +"(+ E(&? /%+"/*
$%1/ #2 !/&+*(. L(*? %& g/> h#*?S #& +"/ #&/ $%1/@ +"/ V\gI@ #& +"/
#+"/*@ +"/ \/+*#)#.%+(& \-$/-0 #2 V*+9

U7 +"%$ 8/*7 1%8%$%#& #2 +"/ ,%+7 0()@ +"/ -&%8/*$(. ,#&,/)+ #2 C"-0(&%+7D
%$ A../1 >%+" $)/,%A, 0/(&%&'3 4"/ 1%8%$%#& #2 C,-.+-*/D (&1 C&(+-*/D
6/+>//& +"/ c($+ H%1/ (&1 +"/ =/$+ H%1/ #2 \(&"(++(& */./'(+/$ +"/ .(*'/
0(G#*%+7 #2 +"/ >#*.1D$ )#)-.(+%#& +# +"/ $+(+-$ #2 $+(+%, 6/%&'@ ($$%'&%&'
+# ( $0(.. )#*+%#& #&.7 +"/ "%'"/* $+(+-$ #2 (*+ )*#1-,/*$ %& "%$+#*73
="/*/ C&(+-*/D@ %& +"/ kV\gIl 1%#*(0($@ %$ ( 6(,?1*#)@ +*(&$A5/1 %&
$+($%$@ C(*+D@ )*/$/&+/1 %& +"/ \/+ ($ (& %&/.-,+(6./ /8#.-+%#&@ %$ /&1#>/1
>%+" ( $+#*73 MU(.@ NOOb9 N^JNbR

U/&&/++ MNOO^R (.$# )(7$ 0-," (++/&+%#& +# +"/ >(7 +"/ /)$;!%($%+)( #2
0-$/-0$ (&1 '(../*%/$ (*+%,-.(+/1 +"/$/ 8(*%#-$ 1%$,#-*$/$ #2 ,-.+-*/@ (*+
(&1 $,%/&,/3 V$ >/.. ($ +"/ 1%$+%&,+%#& 6/+>//& +># $#*+$ #2 6-%.1%&' J +"/
0-$/-0 (&1 +"/ '(../*7 J +"/*/ (*/ +"/ %0)#$%&' 1/$W/6(" (&1 (,%)/,$(
;/99" #2 0(&7 &%&/+//&+"<,/&+-*7 '(../*%/$ (&1 0-$/-0$@ 2#* /5(0)./@
>"%," >/*/ 1/$%'&/1 +# 6/ ($ %&$)%*%&' (&1 -).%2+%&' ($ +"/ -&1/*$+(&1%&'
#2 ,-.+-*/ (&1 $,%/&,/ (*+%,-.(+/1 >%+"%&3 I(*(>(7 .##?$ (+ +"/ 2(,u(1/ #2
+"/ 4"/#1#*/ `##$/8/.+ \/0#*%(. J +"/ 0(%& 6-%.1%&' #2 +"/ V\gI J
(&1 ,#&$%1/*$ +"/ /22/,+$ #2 %+$ 1/$%'&9

4"/ 2(,(1/ #2 +"/ 0/0#*%(. 3 3 3 %$ ,.($$%,(.@ >%+" 2#-* ;#&%, ,#.-0&$


^d 2//+ "%'" +#))/1 67 $+(+-/$ #2 +"/ '*/(+ /5).#*/*$ U##&/@ V-1-6#&@
[/>%$ (&1 !.(*?3 4"/ ,#%&<.%?/@ 6($<*/.%/2 $/(.$ #2 +"/ e&%+/1 H+(+/$ (&1
#2 +"/ [%6/*+7 U/.. (*/ $+(0)/1 #& +"/ 2*#&+ )(&/.$3 ;&$,*%6/1 (,*#$$ +"/
+#) (*/ +"/ >#*1$ 4`e4I@ igB=[cfYc@ K;H;Bg (&1 +"/ 1/1%,(+%#&
+# `##$/8/.+ ($ C( '*/(+ ./(1/* #2 +"/ 7#-+" #2 V0/*%,(@ %& /&/*'7 (&1
>B2YVR`2U D=DSf2B2 BB HSL

2#*+%+-1/ %& +"/ 2(%+" #2 #-* 2(+"/*$@ %& 1/2/&$/ #2 +"/ *%'"+$ #2 +"/ )/#)./@
%& +"/ .#8/ (&1 ,#&$/*8(+%#& #2 &(+-*/ (&1 #2 +"/ 6/$+ %& .%2/ (&1 %& 0(&D3
h#-+"@ )(+/*&(. $#.%,%+-1/@ 8%*%./ 1/2/&$/ #2 1/0#,*(,7@ (&1 %&+/&$/
/0#+%#&(. ,#&&/,+%#& +# &(+-*/ (*/ +"/ -&0%$+(?(6./ +"/0/$3 MI(*(>(7@
NOXO9 QPR

4"/ !,%(),/9 9/0&+% (.$# /,"#/$ +"/ 1%$,#-*$/$ #2 $,%/&,/ (&1 ,-.+-*/3 ;& +"/
,($/ #2 '(../*%/$@ 2#* /5(0)./@ )(%&+%&'$ (*/ "-&' %& '*#-)$ %& $/)(*(+/
*##0$ (,,#*1%&' +# )/*%#1$ (&1 M#2+/& &(+%#&(.R $,"##.$@ (&1 +"%$ >#*?$ +#
&(+-*(.%T/ +"/$/ )/*%#1$@ $,"##.$ (&1 &(+%#&$@ (&1 (.$# +# )*#1-,/ (
&(**(+%8/ #2 1/8/.#)0/&+ 2*#0 0/1%/8(. )(%&+%&' +# +"/ )*/$/&+ 1(7 MU(.D$
(*+ )*#1-,+%#& %& "%$+#*7S $// (.$# U(&&@ NOOXR3
V$ >/.. ($ +"/$/ (*,"%+/,+-*(. (*+%,-.(+%#&$@ U/&&/++ MNOO^R %$ /$)/,%(..7
,#&,/*&/1 +# /5(0%&/ +"/ "&$!/9 "+'=($%!8!%!(" )*#1-,/1 +"*#-'" +"/$/
1%$,-*$%8/ ())(*(+-$/$3 4"/ $+*#&' /0)"($%$ "/ ).(,/$ #& "#> 1%$,#-*$/
)*#1-,/$ $#,%(. )#$%+%#&$@ (&1 +"/ ,#&$/F-/&,/$ 2#* "#> 0-$/-0$ >/*/
1/$%'&/1 (&1 )#.%,/1@ 1%$+%&'-%$"/$ "%$ $+-17 2*#0 0(&7 #2 +"#$/ +"(+ */.7
#& +"/ +7)/ #2 1%$,#-*$/ (&(.7$%$ /5(0%&/1 %& !"()+/* b3 I/ %1/&+%A/$ +"*//
$-6G/,+ )#$%+%#&$ )*#1-,/1 67 +"/ 0-$/-0 (&1 '(../*73 W%*$+@ +"/*/ >/*/ +"/
)(+*#&$ #2 +"/$/ &/> %&$+%+-+%#&$3 4"-$ "/ %$ ,./(* +"(+ +"/ /0/*'/&+
C/5)/*+$D #& 0-$/-0 (&1 '(../*7 )#.%,7 (&1 )(+*#&('/ >/*/ >"%+/ 0%11./<
,.($$ 0/&@ +"/%* $#,%(. )#$%+%#& )*#1-,/1 +"*#-'" +"/%* ,.(%0$ +# C/5)/*+<
&/$$D ($ >/.. ($ +"*#-'" +"/ .(*'/* 1%$,#-*$/$ #2 ,()%+(.%$0@ )(+*%(*,"7 (&1
*(,%$03 H%0%.(*.7@ I(*(>(7 MNOXO9 ^dJXR@ %& "/* 1%$,-$$%#& #2 +"/ V\gI
($ C%&$+%+-+%#&D %& +"/ /(*.7 +>/&+%/+" ,/&+-*7@ ,(*/2-..7 /5).#*/$ +"/
%&+/*$/,+%&' 1%$,#-*$/$ #2 /-'/&%,$@ /5"%6%+%#& (&1 ,#&$/*8(+%#& +"(+ >/*/
0#6%.%T/1 +# G-$+%27 +"/ 2#-&1%&' #2 +"/ 0-$/-0@ (&1 (.$# &#+/$ +"#$/ +"*//
1%$,-*$%8/ +"/0/$ >/*/ (.. C)*/$,*%)+%#&$ ('(%&$+ 1/,(1/&,/@ +"/ 1*/(1
1%$/($/ #2 %0)/*%(.%$+@ ,()%+(.%$+@ >"%+/ ,-.+-*/D MI(*(>(7@ NOXO9 ^^R3 4"/
0-$/-0D$ 2-&1/*$ >/*/ )*/,%$/.7 */)*/$/&+(+%8/$ #2 C%0)/*%(.%$+@ ,()%+(.%$+@
>"%+/ ,-.+-*/D@ (&1 +"-$ $"/ +## %$ ,./(* #& +"/ ,#%&,%1/&,/ 6/+>//& +"/
1%$,#-*$/$ #2 +"/ 0-$/-0 (&1 +"/ >%1/* )#>/* */.(+%#&$ #2 $#,%/+73 `%,"(*1
U#.+#& MNOXOR #22/*$ ( 0#*/ */,/&+ /5(0)./ #2 +"/ /22/,+$ #2 /5"%6%+%#&
)(+*#&('/ %& "%$ 1%$,-$$%#& #2 +"/ $)#&$#*$"%) #2 (& /5"%6%+%#& #2 `%,"(*1
V8/1#& )"#+#'*()"$ (+ +"/ ;&$+%+-+/ #2 !#&+/0)#*(*7 V*+ %& U#$+#& 67 (
.#,(. 1/)(*+0/&+ $+#*/3
H/,#&1@ +"/*/ >/*/ +"/ $,%/&+%$+$ (&1 ,-*(+#*$9 +"/ +/,"&%,(. /5)/*+$@ %2
7#- .%?/@ >"# #)/*(+%#&(.%T/ +"#$/ 1%$,#-*$/$ #2 ,-.+-*/ (&1 $,%/&,/ %& +"/%*
,.($$%27%&' (&1 1%$).(7%&' )*(,+%,/$ M$/,+%#& d3^ >%.. */+-*& +# +"/$/ .(++/*
)*(,+%,/$S U/&&/++ )(7$ +"/0 .%++./ (++/&+%#&R3 4"%*1@ +"/*/ (*/ +"/ 8%$%+#*$3
4"/ 8%$%+#* >%+" >"#0 +"/ &%&/+//&+"<,/&+-*7 )(+*#&$ #2 0-$/-0$ (&1
'(../*%/$ >/*/ 0#$+ ,#&,/*&/1 >($ )*#1-,/1 ($ +"/ 0#*(..7 >/(?@ )*#6<
(6.7 1*-&?@ >#*?%&'<,.($$ 0(&3 4"/ ,#&+/0).(+%#& #2 (*+ (&1 +"/ ())*/,%<
(+%#& #2 0-$/-0$D ?&#>./1'/ >($ ,#&$+*-,+/1 1%$,-*$%8/.7 67 +"/$/
)(+*#&$ ($ %&8#.8%&' )(*+%,-.(* >(7$ #2 8%$%+%&' 0-$/-0$ (&1 '(../*%/$@ (&1
U/&&/++ MNOO^R (*'-/$ +"(+ +"/$/ >(7$ %&8#.8/1 #*1/*.7 ())*/,%(+%#& *(+"/*
HSJ QB2RDS TU@EV>VSVWBU2

+"(& -&*-.7 /&+/*+(%&0/&+3 ;& >(7$ "/ ./$$ +"(& ,#&8%&,%&'.7 1/0#&$+*(+/$@
"/ (*'-/$ +"(+ 6#+" $#*+$ #2 %&$+%+-+%#&$ 1%$,%).%&/1 +"/%* 8%$%+#*$ %&+# >"(+
>/*/ $//& ($ ,%8%.%T/1 >(7$ #2 6/"(8%&'3 U/&&/++ ('(%& )(7$ $#0/ (++/&+%#&
+# +"/ 8%$-(. (&1 $)(+%(. ($)/,+$ #2 0-$/-0$ (&1 '(../*%/$ >"/& 0(?%&'
+"%$ (*'-0/&+@ /5(0%&%&' (*,"%+/,+-*(. ).(&$ (&1 &#+%&' +"/ >(7 +"(+
$-*8/%..(&,/ #2 #+"/* 8%$%+#*$ >($ #2+/& 6-%.+ %&+# +"/ 1/$%'&$ #2 +"/$/
%&$+%+-+%#&$S "/ (.$# */)*#1-,/$ $#0/ ,#&+/0)#*(*7 )"#+#'*()"$ #2
0-$/-0$ (&1 /5"%6%+%#&$ +(?/& 2*#0 )#$%+%#&$ >"%," "/ ,.(%0$ ('(%&
(*+%,-.(+/ +"/ $-*8/%..(&+ F-(.%+7 #2 +"/$/ $)(,/$3 I/ +"-$ $-''/$+$ +"(+
0-$/-0$ (&1 '(../*%/$ >#*?/1 +# */'-.(+/ $#,%(. 6/"(8%#-* 67 )*#1-,%&'
1#,%./ 6#1%/$3 `/7&#.1$ MNOO^R 1%$,-$$/$ ( "(.. #2 +"/ V\gI %& +"/ NO^a$@
(&1 &#+/$ "#> %+ +## ($$-0/1@ (11*/$$/1 (&1 )*#1-,/1 ( 8/*7 $)/,%A,
(-1%/&,/@ ('(%& #&/ %& ())(*/&+ &//1 #2 /1-,(+%#&9 ,%+7 1>/../*$3
U/&&/++ MNOO^R (.$# 0(?/$ ( 1%$+%&,+%#& 6/+>//& +"/ ,#&$+*-,+%#& #2
+"/ '(../*7 8%$%+#* (&1 +"/ 0-$/-0 8%$%+#*@ +"#-'"3 Y(../*%/$@ "/ (*'-/$@
*/.7 #& ( &#+%#& #2 V*+ +"(+ (.>(7$ */0(%&$ %0).%,%+9

;& (*+ '(../*%/$ kV*+l +"/#*7@ -&1/*$+##1 ($ ( )(*+%,-.(* $/+ #2 /5).(&(+#*7


(&1 /8(.-(+%8/ ,(+/'#*%/$ (&1 )*%&,%)./$ #2 ,.($$%A,(+%#&@ 0/1%(+/$ +"/
*/.(+%#&$ 6/+>//& +"/ 8%$%+#* (&1 +"/ (*+ #& 1%$).(7 %& $-," ( >(7 +"(+@
2#* $#0/ 6-+ &#+ 2#* #+"/*$@ $//%&' +"/ (*+ /5"%6%+/1 $/*8/$ ($ ( 0/(&$ #2
"((!,3 %;)&+3; +"#$/ (*+/2(,+$ +# $// (& %&8%$%6./ #*1/* #2 $%'&%A,(&,/ +"(+
+"/7 "(8/ 6//& (**(&'/1 +# */)*/$/&+3 MU/&&/++@ NOO^9 Nb^R

W#..#>%&' +"/ >#*? #2 U#-*1%/- (&1 f(*6/. MNOONR@ >"# 2#-&1 +"(+ +"/
8%$%+#*$ +# (*+ '(../*%/$ >/*/ #8/*>"/.0%&'.7 6#-*'/#%$@ "/ (*'-/$ +"(+ +"%$
)(*+%,-.(* $#*+ #2 V*+ +"/#*7 %$ -&1/*$+##1 #&.7 67 0%11./<,.($$ '(../*7<
'#/*$ 6/,(-$/ #&.7 +"/7 "(8/ 6//& (..#>/1 (,,/$$ +# +"/ $#*+ #2 /1-,(+%#&
+"(+ ,#&$%1/*$ V*+3 4"%$ %$ ( )*#6./0(+%, ,.(%0 (&1 U/&&/++ "%0$/.2 >#**%/$
+"(+ %+ %$ +## ,*-1/ %& +"/ ,.($$ ,(+/'#*%/$ %+ -$/$S &/8/*+"/./$$@ U/&&/++
,#&,.-1/$ +"(+ (*+ '(../*%/$ */0(%& #6$,-*/ ).(,/$ +# $#0/ $#,%(. '*#-)$@
(&1 +"(+ +"%$ %$ ( ,#&+*(1%,+%#& (+ +"/ "/(*+ #2 +"/%* %&$+%+-+%#&(. ())(*(+-$3
;& ,#&+*($+@ 0-$/-0$ #2+/& 1# 0(?/ +"/%* ,.($$%A,(+%#& $7$+/0$ ($ /5).%,%+S
I/&*%/++( [%1,"% MNOOPR@ 2#* /5(0)./@ %& "/* (,,#-&+ #2 (& /5"%6%+%#& +"(+
#)/&/1 (+ +"/ \-$/-0 #2 \(&?%&1 %& [#&1#& %& NOO] >"%," $#-'"+ +#
)#*+*(7 +"/ >(7 #2 .%2/ #2 +"/ =("'% )/#)./ #& L()-( g/> Y-%&/(@ $"#>$
+"/ >(7 +"/ /5"%6%+%#& (10%++/1 +# %+$ #>& )*(,+%,/$ #2 ,#../,+%#& (&1
*/,#&$+*-,+%#&3 4"%$ (10%$$%#& )*#1-,/1 ( 8%$%+#* ,()(6./ #2 ,*%+%F-/@ (
)#$$%6%.%+7 U/&&/++ $-''/$+$ %$ &#+ (8(%.(6./ %& '(../*%/$3 I#>/8/*@ +"/
F-/$+%#& #2 "#> 8%$%+#*$ (,+-(..7 1# .##? %& 0-$/-0$ (&1 '(../*%/$ %$ #&/
+"(+ &#&/ #2 +"/$/ >*%+/*$ (11*/$$S %&1//1@ U/&&/++ MNOO^9 NNR &#+/$
/5).%,%+.7 +"(+ "/ %$ ./$$ %&+/*/$+/1 %& +"/ 8%$%+#*$ +# 0-$/-0$ (&1 '(../*%/$
+"(& %& +"/%* %&$+%+-+%#&(. ())(*(+-$/$3 g# */($#& %$ '%8/& 2#* +"%$ (6$/&,/@
(&1 %+ %$ (& (6$/&,/ +"(+ #,,-*$ %& (.. +"/ $+-1%/$ #2 +"/ V\gI3 H/,+%#& d
#2 +"%$ ,"()+/* >%.. */+-*& +# %+3
>B2YVR`2U D=DSf2B2 BB HSX

4"%$ $/,+%#&D$ 1%$,-$$%#& #2 +"/ 1%$,#-*$/$ +"(+ >/*/ )(*+ #2 +"/


%&$+%+-+%#&(. ())(*(+-$ #2 +"/ 0-$/-0 (&1 '(../*7 "($ 6//& )(*+%(.3 U/&&/++
MNOO^R *(&'/$ 0#*/ >%1/.7 %& "%$ 6##?S 2#* /5(0)./@ "/ /5).#*/$ +"/ *#./ #2
&(+%#&(. '#8/*&0/&+ %& 2-&1%&' )-6.%, 0-$/-0$ (&1 '(../*%/$@ (&1 &#+/$
+"(+ +"%$ 0(?/$ +"/ 8%$%+#*$ +# 0-$/-0$ (&1 '(../*%/$ ,%+%T/&$ %&$+/(1 #2@
#* )/*"()$ ($ >/.. ($@ 1#,%./ 6#1%/$@ (&1 >($ +"/*/2#*/ ( )#+/&+%(..7
1/0#,*(+%T%&' 0#8/3 H%0%.(*.7@ >*%+/*$ #& +"/ V\gI 1*(> #& ( *(&'/
#2 %&$+%+-+%#&$@ )*(,+%,/$ (&1 $%+/$ %& #*1/* +# 1/$,*%6/ +"/ 0-.+%).%,%+7 #2
0/(&%&'$ */$%1%&' %& +"(+ %&$+%+-+%#&3 I(*(>(7 MNOXOR@ 2#* /5(0)./@
$-''/$+$ +"(+ %& #*1/* +# -&1/*$+(&1 +"/ 1%#*(0($ %& +"/ V?/./7 V2*%,(&
I(..@ %+ %$ &/,/$$(*7 +# -&1/*$+(&1 &#+ #&.7 +"/ )*(,+%,/$ #2 1%#*(0( (&1
+(5%1/*07@ 6-+ #2 /(*.7 +>/&+%/+"<,/&+-*7 $(2(*%$ +##@ +"/ *#./ ).(7/1 %&
+"/0 67 )"#+#'*()"7@ (&1 +"/ >%1/* 1%$,#-*$/$ #2 &(+-*/@ ,-.+-*/@
)(+*%(*,"(. 0($,-.%&%+7@ /-'/&%,$@ ,#&$/*8(+%#& (&1 $# #& +"(+ >/*/ (*+%,-<
.(+/1 +"*#-'" +"/03 I#>/8/*@ +"/ 6*#(1 (%0$ #2 +"/$/ 1%$,-$$%#&$ #2 +"/
%&$+%+-+%#&(. ())(*(+-$ (*/ ; "#)/ ,./(*3 ;& +"/%* /5).#*(+%#&$ #2 %&$+%<
+-+%#&(. ())(*(+-$/$@ +"/$/ 1%$,#-*$/ (&(.7$+$ #2 %&$+%+-+%#&(. )#>/*j
?&#>./1'/ 2#,-$ &#+ #&.7 #& 1%$,#-*$/$ (6#-+ 0-$/-0$ (&1 '(../*%/$@ 6-+
(.$# #& "#> +"#$/ 1%$,#-*$/$ (*/ 0(+/*%(.%T/1 %& +"/ 2#*0$ #2 (*,"%+/,+-*/
(&1 $-6G/,+ )#$%+%#&$3 4"/%* ,#&,/*& %$ (.>(7$ >%+" +"/ %&+/*$/,+%#& #2
)#>/*j?&#>./1'/ (&1 >%+" +"/ )*#1-,+%#& #2 1%22/*/&+%(+/1 $-6G/,+
)#$%+%#&$3

J #*/ #/(*"%4%)!/+ %3 #*/ )144/$5 1"& ;'+/';

H/,+%#& N #2 +"%$ ,"()+/* 1/A&/1 %&$+%+-+%#&(. +/,"&#.#'%/$ ($ +"/ )*(,+%,(.


+/,"&%F-/$ -$/1 +# (*+%,-.(+/ )(*+%,-.(* 2#*0$ #2 )#>/*j?&#>./1'/9 C+"/
+/,"&%F-/$ #2 /22/,+%&' 0/(&%&'$D MI(*(>(7@ NOXO9 ]^R3 W#-,(-.+ 1/$,*%6/1
+"/0 ($ 1%22-$/ (&1 1%$)(*(+/ $/+$ #2 6%+$ (&1 )%/,/$@ (&1 +"%$ $/,+%#& >%..
/&-0/*(+/ $#0/ #2 +"/$/ 6%+$ (&1 )%/,/$ ($ +"/7 >#*? %& 0-$/-0$ (&1
'(../*%/$3 4"/ F-/$+%#& )#$/1 67 +"%$ $/,#&1 +7)/ #2 1%$,#-*$/ (&(.7$%$ %$@
('(%&@ >"(+ +"/ /22/,+$ #2 ,/*+(%& +/,"&#.#'%/$ (*/ %& +/*0$ #2 >"(+ +"/7
)*#1-,/S (&1 U(&& MNOOXR %&$%$+$ +"(+ +"%$ F-/$+%#& 1/0(&1$ ,(*/2-..7
1/+(%./1 (&1 "%$+#*%,(..7 $/&$%+%8/ /0)%*%,(. (&$>/*$3 V.. +"/ $+-1%/$ #2
0-$/-0 (&1 '(../*7 +/,"&#.#'%/$ 1%$,-$$/1 "/*/ 2#,-$ #& +"/ )-6.%, 1%$).(7
(*/($ #2 +"/ %&$+%+-+%#& %& F-/$+%#&3

d1L !$5-&"6"8.$) "4 '.)76+9

H/,+%#& ] "($ (.*/(17 +#-,"/1 #& $#0/ ($)/,+$ #2 "#> %0('/$ (&1 #6G/,+$
(*/ 1%$).(7/1 %& 0-$/-0$ (&1 '(../*%/$@ 6-+ #& +"/ .(*'/ $,(./9 "#>
6-%.1%&'$ (*/ 1%22/*/&+%(+/1 %&+# 0-$/-0$ #* '(../*%/$@ "#> >"#./ *##0$
HSQ QB2RDS TU@EV>VSVWBU2

(*/ .(6/../1 (&1 "#> +"%$ +"/& ,.($$%A/$ #6G/,+$ (&1 )(%&+%&'$ %& )(*+%,-.(*
>(7$3 4"%$ $/,+%#& >%.. 2#,-$ %&$+/(1 #& 0#*/ $0(..<$,(./ +/,"&%F-/$ #2
1%$).(73 4"/$/ (*/ -$-(..7 (,,/$$/1 67 */$/(*,"/*$ +"*#-'" 8%$%+$ +#
0-$/-0$ #* '(../*%/$@ #* +"*#-'" "%$+#*%,(. 1#,-0/&+(+%#&3 ;& 0-$/-0$@
$/8/*(. +/,"&#.#'%/$ #2 1%$).(7 (*/ (8(%.(6./ M[%1,"%@ NOOP9 NPQR9

N 6!"*9/0 $/"("@ 0#-&+/1 /%+"/* #& >(..$ #* #& +(6./$3


Q &*(, 6!"*9/0@ >%+" &# )*#+/,+%8/ ,#8/*3
] )($&,"%)+$%!&,"@ >"%," (*/ $-))#$/1.7 .%2/<.%?/ $,/&/$3 4"/ 1%#*(0($
1%$,-$$/1 67 I(*(>(7 MNOXOR %& +"/ V\gI (*/ ( )(*+%,-.(* $#*+ #2
*/,#&$+*-,+%#&3
d "!-+9/$)/9 #6G/,+$ 0(1/ 67 +"/ 0-$/-0 %& #*1/* +# A.. ( '() %& +"/%*
,#../,+%#&3

c(," #2 +"/$/ 1%22/*/&+ 1%$).(7 +/,"&%F-/$ ,(& "(8/ *(+"/* 1%22/*/&+ /22/,+$@
(&1 +"/%* )*/,%$/ /22/,+$ 8/*7 #2+/& 1/)/&1 #& +"/%* %&+/*$/,+%#& >%+" #+"/*
+/,"&#.#'%/$@ /$)/,%(..7 >*%++/& +/5+3 W#* /5(0)./@ [%1,"% MNOOP9 NP]R
$-''/$+$ +"(+ */,#&$+*-,+%#&$ %& 0-$/-0$ -$-(..7 ,#&$%$+ #2 /8/*71(7 #6G/,+$
)-+ +#'/+"/* >%+" $#0/ ?%&1 #2 */2/*/&,/ +# +"/%* /8/*71(7 -$/3 `/,#&$+*-,<
+%#&$ +"-$ 1/)/&1 #& +"/ )*/$/&,/ #2 C*/(.D (*+/2(,+$ %& (& C(,,-*(+/D
,#06%&(+%#&@ (&1 +"%$ 0(?/$ +"/%* 1%$).(7 $//0 +*-+"2-.S (.+"#-'"@ ($ [%1,"%
(.$# )#%&+$ #-+@ +"%$ /22/,+ (.$# 1/)/&1$ #& +"/ 8%$%+#*D$ )*%#* 2(%+" %& +"/
(,,-*(,7 #2 +"/ (&+"*#)#.#'%,(. ?&#>./1'/ -$/1 +# 0(?/ +"/ 1%$).(73 Y.($$
1%$).(7 ,($/$@ #& +"/ #+"/* "(&1@ )*#1-,/ ( +*-+" &#+ %& */.(+%#& +# +"/
())(*/&+ */)*/$/&+(+%#&(. (,,-*(,7 #2 >"(+ %$ #& 1%$).(7@ 6-+ %& */.(+%#& +#
+"/ ,.($$%A,(+%#& $7$+/0 #2 +"/ 0-$/-03 ="/& ).(,/1 %& ( ,($/@ (& #6G/,+ %$
1%$.#,(+/1 2*#0 +"/ /8/*71(7 ,#&+/5+ +"(+ */,#&$+*-,+%#&$ (++/0)+ +# /8#?/@
(&1 %$ %&$+/(1 ).(,/1 %& +"/ ,.($$%A,(+#*7 $,"/0( #2 +"/ 0-$/-03 V'(%&
+"#-'"@ '%8/& +"/ +*-+" */'%0/ #2 +"/ 0-$/-0 ($ (& %&$+%+-+%#&@ +"/ /22/,+ #&
+"/ 8%$%+#* %$ #2 ( +*-+"9 (& (&(.7+%, #&/ +"%$ +%0/ *(+"/* +"(& ( */)*/$/&<
+(+%#&(. #&/3
V.. +"/ 1%$,-$$%#&$ #2 +"/ V\gI )(7 ( '##1 1/(. #2 (++/&+%#& +# +"/
$#,%(. 0/(&%&'$ )*#1-,/1 +"*#-'" +"/ C+*-+"2-.D 1%$).(7 #2 /5"%6%+$ %& +"/%*
,($/$ #* 1%#*(0($3 4"/$/ 1%$,-$$%#&$ #2+/& 2#,-$ #& +"/ /22/,+$ #2 +"/
"*/%!/9 &)3/,!M/%!&, #2 1%$).(7$9 "#> 1%22/*/&+ #6G/,+$ (*/ ).(,/1 %& */.(+%#&
+# #&/ (&#+"/*3 I(*(>(7 MNOXO9 ]aR@ 2#* /5(0)./@ $(7$ +"(+ %& +"/
1%#*(0($ $"#>%&' $+-22/1 .(*'/ V2*%,(& 0(00(.$ ('(%&$+ )(%&+/1 6(,?<
1*#)$ #2 +"/%* &(+-*(. "(6%+(+@ C0#$+ '*#-)$ (*/ 0(1/ -) #2 #&.7 ( 2/>
(&%0(.$@ -$-(..7 ( .(*'/ (&1 8%'%.(&+ 0(./@ ( 2/0(./ #* +>#@ (&1 #&/ 6(67
3 3 3 4"/ '*#-)$ (*/ )/(,/2-.@ ,#0)#$/1@ %..-0%&(+/1 3 3 3 c(," '*#-) 2#*0$
( ,#00-&%+7 $+*-,+-*/1 67 ( &(+-*(. 1%8%$%#& #2 2-&,+%#& 3 3 3 +"/$/ "(6%+(+
'*#-)$ 3 3 3 +/.. #2 ,#00-&%+%/$ (&1 2(0%.%/$@ )/(,/2-..7 (&1 "%/*(*,"%,(..7
#*1/*/13 H/5-(. $)/,%(.%T(+%#& #2 2-&,+%#& J +"/ #*'(&%, 6#1%.7 (&1 $#,%(.
$/5-(. 1%8%$%#& #2 .(6#-* J %$ -&#6+*-$%8/.7 -6%F-%+#-$@ -&F-/$+%#&(6./@
*%'"+3D 4"-$ )(+*%(*,"7 %$ &(+-*(.%T/1@ $"/ $(7$3 H%0%.(*.7@ U(. MNOOb9 daJQR
.##?$ (+ ( '.($$ 1%$).(7 ,($/ %& +"/ V\gID$ I(.. #2 V2*%,(& L/#)./$ >"%,"@
>B2YVR`2U D=DSf2B2 BB HSS

(,,#*1%&' +# %+$ ,()+%#&@ ,#&+(%&$ #6G/,+$ +"(+ $"#> +"/ "76*%1%T(+%#& #2


!"*%$+%(&%+7 >%+" %&1%'/&#-$ V2*%,(& */.%'%#&$3 I#>/8/*@ U(. &#+/$ +"(+ +"/
1%$).(7 %$ 1#0%&(+/1 67 ( .(*'/ ,(*8%&' %& +"/ ,/&+*/ #2 +"/ ,($/ #2 (
\(1#&&( (&1 ,"%.19 +"-$ C07 #8/*(.. %0)*/$$%#& #2 +"%$ /5"%6%+ %$ %+$
/0)"($%$ #& !"*%$+%(&%+7D MU(.@ NOOb9 dQR3
`/7&#.1$D$ MNOO^R 1%$,-$$%#& #2 +"/ W/.%5 =(*6-*' \(& (&1 g(+-*/
I(.. %& +"/ V\gI@ >"%," #)/&/1 %& NO^N@ %$ (& /$)/,%(..7 1/+(%./1
/5).#*(+%#& #2 +"/ >(7 #2 $//%&' %&8%+/1 67 ( )(*+%,-.(* '*#-) #2 1%$).(7$3
4"/ 1%$).(7$ %& +"%$ "(.. */2-$/ +"/ ())(*/&+ */(.%+7 #2 +"/ 1%#*(0($ +"(+
I(*(>(7 MNOXOR 1%$,-$$/$3 ;&$+/(1@ `/7&#.1$ $"#>$ "#> +"/7 #22/* (
8%$-(..7 (&1 $)(+%(..7 2*('0/&+/1@ (&1 ,./(*.7 %..-$%#&%$+%,@ $/*%/$ #2 8%/>$
#2 ( .(&1$,()/ +"(+ 1*(> +"/ 8%$%+#* ,.#$/* %& 2#* ( 1/+(%./1 .##? (+ /(," #2
+"/ ,#0)#&/&+ )(*+$3 4"/ /22/,+@ C+"*#-'" 2#*/'*#-&1%&' +"/ 8/*7 1/8%,/$
#2 %..-$%#&%$0D@ $(7$ `/7&#.1$ MNOO^9 OOR@ %$ +# +*(&$2#*0 C+"/ 8%$%+#*$D /7/$
%&+# 0('&%27%&' '.($$/$@ 0%,*#$,#)/$@ #* $,(.)/.$@ >"%," ,#-.1 */8/(. +"/
%&8%$%6./ >#*?%&'$ #2 ( )*/8%#-$.7 2(0%.%(* 6-+ $-)/*A,%(..7 -&1/*$+##1
&(+-*(. >#*.1D3 I/&,/ +"/ $)(+%(. #*'(&%T(+%#& #2 +"/$/ 1%$).(7$ $+%..
)*#1-,/$ ( */(.%+7 /22/,+@ 6-+ %+ %$ ( *(+"/* 1%22/*/&+ #&/ 2*#0 +"#$/ +"(+
I(*(>(7 MNOXOR (&1 U(. MNOObR /5).#*/3
;& +"/ ,($/ #2 +"/ '(../*7@ ,#&$%1/* "#> +"/ %0('/$ (*/ 1)/-(6 (&1
;+,33 L(%&+%&'$ (*/ &#> 8/*7 #2+/& "-&' %& ( $%&'./ *#> (*#-&1 +"/ >(..$
#2 ( *##0@ %&8%+%&' 7#- +# 2#..#> +"/0 *#-&1@ .##?%&' (+ /(," #&/ %& +-*&3
4"(+ %$@ +"/7 (*/ "-&' ($ %&1%8%1-(. %0('/$3 4"%$ %$ ( +>/&+%/+"<,/&+-*7
)*(,+%,/ M!/.(&+@ NOObS =(+/*A/.1@ NOONRS %& +"/ &%&/+//&+" ,/&+-*7@ %+ >($
8/*7 ,#00#& %&$+/(1 2#* +"/ >(..$ #2 '(../*%/$ +# 6/ )(,?/1 (.0#$+ 2*#0
E##* +# ,/%.%&' >%+" )(%&+%&'$3 4"%$ ,"(&'/ %$ ($$#,%(+/1 >%+" %&,*/($%&'.7
1/+(%./1 0#1/$ #2 ,.($$%A,(+%#& (&1 ,"(&'%&' &#+%#&$ #2 V*+3 4"/ 1%$,#-*$/
#2 V*+ ($ $#0/+"%&' +# 6/ ,#&+/0).(+/1 2#* -&%8/*$(. +*-+"$@ >"%," $/,+%#&
] #2 +"%$ ,"()+/* 1/$,*%6/1 M$// (.$# $/,+%#& ]3^ #2 !"()+/* QR@ 6/,(0/
>%1/$)*/(1 %& +"/ +>/&+%/+" ,/&+-*7@ (&1 %+ ,"(&'/1 "(&'%&' )*(,+%,/$3 ;2
)(%&+%&'$ (*/ "-&' $%1/ 67 $%1/@ %+ %$ )#$$%6./ +# ,#&+/0).(+/ /(," #2 +"/0
%&1%8%1-(..7 ($ )%/,/$ #2 V*+3 4"%$ (.$# "($ (& /22/,+ #& +"/ 8%/>/*9 +#
/&,#-*('/ +"(+ ,#&+/0).(+%8/ >(7 #2 8%/>%&' Mf-&,(&@ NOO^R3 4"/
,#06%&(+%#& #2 +"%$ ?%&1 #2 "(&'%&' >%+" +"/ .(7#-+ #2 '(../*%/$ #2+/&
"/%'"+/&$ +"%$ /22/,+3 V$ Z/(&<W*(&,u#%$ [7#+(*1 $(7$ #2 +"/ $)/,+(+#* (+ (&
/5"%6%+%#&9

J +"/ 8%$%+#* %$ (& /7/3 4"/ >(7 "/ .##?$@ &#+ #&.7 (+ +"/ >#*?$ /5"%6%+/1
6-+ (.$# (+ +"/ ).(,/ >"/*/ +"/ /5"%6%+%#& +(?/$ ).(,/@ %$ $-))#$/1.7
'#8/*&/1 67 +"/ )*%&,%)./$ #2 C./'%+%0(+/ ,#&$+*-,+%#&D /$+(6.%$"/1 %& +"/
K+/%%)&$(,%&9 +"/ '/#0/+*7 #2 +"/ 1#0%&(+%#& #8/* )/*,/)+-(. $)(,/3
M[7#+(*1@ NOOb9 NbPR

4"-$ %+ ,#-.1 6/ (*'-/1 +"(+ 6#+" +"/ %0('/ (&1 +"/ 8%/>/* (*/ %&1%<
8%1-(.%T/1 +"*#-'" +"%$ +/,"&#.#'7 #2 "(&'%&'@ (&1 +"(+ 8%/>/*$ (*/ )*#<
1-,/1 ($ ,#&+/0).(+%8/ /7/$ (&1 )(%&+%&'$ ($ #6G/,+$ +# 6/ ,#&+/0).(+/13
HST QB2RDS TU@EV>VSVWBU2

4"5%)

="(+ +/,"&#.#'%/$ #2 1%$).(7 (*/ -$/1 %& +"/ '(../*7 #* 0-$/-0 7#- 8%$%+/1_ ;$ +"/
.%$+ #2 )#$$%6%.%+%/$ )*#8%1/1 %& +"%$ $/,+%#& (1/F-(+/ +# +"/%* 1/$,*%)+%#&_ B* (*/
+"/*/ +/,"&#.#'%/$ #2 1%$).(7 +"(+ 7#- >(&+ +# ,#&$%1/*_

d1^ !$<!%+6 +&' 3.)%+6 !$5-&"6"8.$) "4 .&!$(7($!+!."&

4"/$/ $#*+$ #2 1%$).(7 /22/,+$ (.>(7$ >#*? %& ,#&G-&,+%#& >%+" #+"/*
+/,"&#.#'%/$@ /$)/,%(..7 >*%++/& (&1 8%$-(. #&/$3 4"/*/ (*/ ( &-06/* #2
+/5+-(. +/,"&#.#'%/$ +# ,#&$%1/*@ (&1 +"/7 ,(& 6/ %&+/*)*/+/1 -$%&' +"/ +##.$
#2 +"/ A*$+ ?%&1 #2 1%$,#-*$/ (&(.7$%$@ 1/$,*%6/1 %& !"()+/* b3

N 9/'(9" /,6 $/*%!&,"3 4"/$/ (*/ ( ?/7 >(7 %& >"%," #6G/,+$ (&1 %0('/$
(*/ )*#1-,/1 %& )(*+%,-.(* >(7$3 W#* /5(0)./@ %& ( '(../*7@ ( )(%&+%&'
>%.. (.>(7$ "(8/ ( ,()+%#& >%+" +"/ &(0/ #2 +"/ (*+%$+S %+ >%.. (.0#$+
(.>(7$ "(8/ +"/ 1(+/ #2 +"/ )(%&+%&' (&1 %+$ +%+./@ (&1 8/*7 #2+/& +"/
0(+/*%(.$ %+ >($ 0(1/ >%+"3 4"/$/ ())(*/&+.7 %&&#,-#-$ )%/,/$ #2
%&2#*0(+%#& &#&/+"/./$$ >#*? +# )*%#*%+%T/ ,/*+(%& $#*+$ #2 %&2#*0(+%#&
(6#-+ )(%&+%&'$ #8/* #+"/*$3 ;& )(*+%,-.(*@ %+ 0(?/$ +"/ (*+%$+ +"/ 0#$+
%0)#*+(&+ ($)/,+ #2 +"/ )(%&+%&'@ %& (,,#*1(&,/ >%+" +"/ &#+%#&$ #2
V*+ (&1 '/&%-$ /5(0%&/1 %& $/,+%#& ]3^ #2 !"()+/* QS >"/*/($ !"()+/*
N >($ (+ )(%&$ +# $-''/$+ +"(+ +"/*/ (*/ 0(&7 #+"/* ($)/,+$ #2 (&
%0('/ >"%," (*/ 0-," 0#*/ %0)#*+(&+ +"(& >"# 0(1/ %+3 ;& (
0-$/-0@ .(6/.$ "(8/ $%0%.(* /22/,+$S +"/7 0(?/ $#0/ ($)/,+$ #2 +"/
#6G/,+$ #& 1%$).(7 0#*/ %0)#*+(&+ +"(& #+"/*$3 U(. MNOON9 ]QR &#+/$
+"(+ .(6/.$ (&1 ,()+%#&$ (+ +"/ V\gI (.0#$+ (.>(7$ 1/).#7 (
*"/+#*%, #2 */(.%$0 J C*/(.%$0@ +"/ 1/$,*%)+%#& #2 ( >#*.1 $# .%2/.%?/
+"(+ #0%$$%#&$ (*/ -&&#+%,/1@ /.%$%#&$ $-$+(%&/1@ (&1 */)*/$$%#&$
%&8%$%6./D J >"%," 0(?/$ %+ 1%2A,-.+ 2#* 8%$%+#*$ +# F-/$+%#& +"/ ?%&1$ #2
?&#>./1'/ +"/7 #22/*3
Q */,(9"3 U#+" '(../*%/$ (&1 0-$/-0$ #2+/& "(8/ .(*'/ 1%$).(7 )(&/.$ #2
+/5+ %& +"/%* 1%$).(7 *##0$3 4"/$/ #2+/& )*#8%1/ $#0/ $#*+ #2 >%1/*
,#&+/5+ 2#* +"/ #6G/,+$ #* %0('/$ #& 1%$).(73 ;& +"/ ,($/ #2 +"/ /5"%6%<
+%#& 1%$,-$$/1 67 [%1,"% MNOOPR@ +"/ )(&/.$ >/*/ >"/*/ +"/ /5"%6%+%#&D$
)*(,+%,/$ #2 */)*/$/&+(+%#& >/*/ 0(1/ /5).%,%+3 L(&/.$ (*/ #2+/& 0#*/
/5).%,%+.7 %&+/*)*/+%8/ +"(& .(6/.$ (&1 ,()+%#&$3
] $/%/9&3+("3 \#$+ .(*'/* /5"%6%+%#&$@ (&1 0(&7 '(../*%/$ (&1 0-$/-0$@
)*#1-,/ ,(+(.#'-/$ 2#* $(./3 4"/$/ +## (*/ )(*+ #2 +"/%* +/,"&#.#'%/$ #2
%&+/*)*/+(+%#&3 [%?/ .(6/.$@ ,()+%#&$ (&1 1%$).(7 )(&/.$@ +"#-'"@ +"/7
,#&8/7 8/*7 )(*+%,-.(* ?%&1$ #2 ?&#>./1'/3
>B2YVR`2U D=DSf2B2 BB HSI

4"5%)

[##? (+ +"/ .(6/.$ (&1 ,()+%#&$ %& +"/ 0-$/-0 #* '(../*7 7#-D*/ 8%$%+%&'3 ="(+
0%'"+ 6/ +"/ /22/,+ #2 +(?%&' (.. +"/ .(6/.$ (&1 ,()+%#&$ (>(7_ 4(?/ +># #* +"*//
%0('/$ #* #6G/,+$ (&1 %&8/&+ $#0/ &/> .(6/.$ 2#* +"/03 ="(+ ?%&1 #2 /22/,+$ (*/
7#- (%0%&' 2#* %& 7#-* &/> +/5+_ U(. MNOObR (.$# $-''/$+$ $#0/ $+*(+/'%/$ 2#*
-&1/*0%&%&' +"/ */(.%$0 #2 0-$/-0 .(6/.$ (&1 ,()+%#&$3

K%$-(. +/,"&#.#'%/$ ,(& (.$# $"()/ +"/ /22/,+$ #2 ( 0-$/-0 #* '(../*73


\-$/-0$ #2+/& -$/ )"#+#'*()"$ ($ )(*+ #2 1%$).(7 )(&/.$ #* ,(+(.#'-/$ +#
$"#> >"(+ +"/ -$/ #2 (& #6G/,+ C*/(..7D >($@ #* +# ($$/*+ +"/ (-+"/&+%,%+7 #2
(& #6G/,+ #& 1%$).(7 67 $"#>%&' ( )%,+-*/ #2 %+@ #* #&/ .%?/ %+@ %& %+$ #*%'%&(.
,#&+/5+ #2 -$/3 Y(../*%/$ -$/ )"#+#'*()"$ %& 1%$).(7 )(&/.$ 0-," ./$$ #2+/&@
6-+ +"/%* ,(+(.#'-/$ #2+/& "(8/ +"/0@ ('(%& -$-(..7 ($ ())(*/&+.7 1#,-<
0/&+(*7 %0('/$3
V.. #2 +"/$/ 8%$-(. (&1 +/5+-(. +/,"&#.#'%/$ ,(& 6/ /5(0%&/1 -$%&' +"/
0/+"#1 #2 1%$,#-*$/ (&(.7$%$ 1/$,*%6/1 %& !"()+/* b3 `/(1 +"/0 2#* +"/%*
?/7 +"/0/$@ +"/%* ,.(%0$ +# +*-+"@ +"/%* ,#0)./5%+%/$ (&1 +"/%* $%./&,/$3

d1Z !$5-&"6"8.$) "4 6+9"%!

H/,+%#& ] "($ (.*/(17 +#-,"/1 #& ($)/,+$ #2 +"/ #8/*(.. .(7#-+ #2 0-$/-0
(&1 '(../*7 $)(,/3 I/*/ $#0/ #2 %+$ $0(../*<$,(./ $)(+%(. (&1 8%$-(. /22/,+$
>%.. 6/ /5).#*/13
W%*$+@ +"/*/ %$ +"/ 9/0&+% #2 (& %&1%8%1-(. *##03 V$ i/8%& I/+"/*%&'+#&
MNOOP9 QN^R $(7$@ C($ ,.($$%27%&' 0(,"%&/$@ 0-$/-0$ "(8/ +# 1/(. >%+"
"/+/*#'/&/%+7 +"*#-'" +"/ 1%$+*%6-+%#& #2 /22/,+$ %& $)(,/D3 I/&,/ +"/
%0)#*+(&,/ #2 +"/ $)(+%(. #*'(&%T(+%#& #2 1%$).(7$ (&1 6-%.1%&'$@ 6-+ (.$#
#2 *##0$3 I(*(>(7D$ MNOXOR 1%$,-$$%#& #2 +"/ V?/./7 V2*%,(& I(.. %& +"/
V\gI 1/$,*%6/$ +"/ /22/,+ #2 %+$ $)(+%(. #*'(&%T(+%#& 67 0/(&$ #2 (&
(&(.#'79

4"/ I(.. %$ 1(*?/&/1@ .%+ #&.7 2*#0 +"/ 1%$).(7 ,($/$ >"%," .%&/ +"/ $%1/$
#2 +"/ $)(,%#-$ *##03 ;& +"/ ,/&+/* #2 +"/ I(.. %$ ( '*#-) #2 /./)"(&+$ $#
.%2/.%?/ +"(+ ( 0#0/&+D$ 2(&+($7 $-2A,/$ 2#* (>(?/&%&' ( )*/0#&%+%#& #2
+"/%* 0#8/0/&+@ )/*"()$ (& (&'*7 ,"(*'/ (+ #&/D$ )/*$#&(. %&+*-$%#&3
4"/ /./)"(&+$ $+(&1 .%?/ ( "%'" (.+(* %& +"/ &(8/ #2 ( '*/(+ ,(+"/1*(.3 4"/
%0)*/$$%#& %$ $+*/&'+"/&/1 67 #&/D$ '*#>%&' ,#&$,%#-$&/$$ #2 +"/
1%#*(0($ +"(+ .%&/ 6#+" $%1/$ #2 +"/ 0(%& I(.. (&1 +"/ $)(,%#-$ '(../*7
(6#8/3 [%+ 2*#0 >%+"%&@ +"/ 1%#*(0($ ,#&+(%& 1/+(%./1 (&1 .%2/.%?/ '*#-)$
#2 .(*'/ V2*%,(& 0(00(.$ J '(0/ 2#* +"/ >/(.+"7 g/> h#*? "-&+/*$
>"# A&(&,/1 +"%$ /5)/*%/&,/ 3 3 3 /(," 1%#*(0( )*/$/&+$ %+$/.2 ($ ( $%1/
(.+(*@ ( $+('/@ (& -&$)#%./1 '(*1/& %& &(+-*/@ ( "/(*+" 2#* "#0/ (&1
HTV QB2RDS TU@EV>VSVWBU2

2(0%.7 3 3 3 V6#8/ (..@ %&8%+%&' +"/ 8%$%+#* +# $"(*/ %+$ */8/.(+%#&@ /(," +/..$
+"/ +*-+"3 c(," #22/*$ ( 8%$%#&3 c(," %$ ( >%&1#> %&+# ?&#>./1'/3
MI(*(>(7@ NOXO9 QOR

I/*/@ I(*(>(7 ,#&$%1/*$ +"/ */.(+%#& /$+(6.%$"/1 6/+>//& /./0/&+$ %& +"/
*##0@ (&1 >*%+/$ +# ,#&8/7 +"/ /22/,+ #2 +"/%* ,#06%&(+%#&3 H"/ /0)"($%T/$
+"/ ,#"/*/&,/ #2 +"%$ "(..@ 6#+" %& %+$ $)(+%(. #*'(&%T(+%#& (&1 %& %+$ /22/,+$3
I/+"/*%&'+#& MNOOPR@ #& +"/ #+"/* "(&1@ */0%&1$ -$ +"(+ 0-$/-0 (&1
'(../*7 $)(,/$ ,(& (.$# 6/ %&,#"/*/&+3 L(*+%,-.(* #6G/,+$ ,(& 1%$*-)+ +"/
$700/+*7 #* +"/ ,.(*%+7 #2 +"/ 0-$/-0 #* '(../*7 .(7#-+@ 2#* /5(0)./3
`##0$ ,(& (.$# 6/ 6($&)/%(6 %& )(*+%,-.(* >(7$@ >%+" )(*+%,-.(*
/22/,+$3 ;& '(../*%/$ #2 0#1/*& (*+@ (&1 (.$# %& '(../*%/$ $"#>%&' )"#+#<
'*()"7 ($ (*+@ +"/ >(..$ (*/ #2+/& )(%&+/1 >"%+/ (&1 (&7 $/(+%&' %$ 0#1/*&
(&1 0%&%0(.3 4"%$ )*(,+%,/ #2 1%$).(7 6/,(0/ ,#00#& (2+/* =#*.1 =(* ;;@
(&1 f-&,(& MNOO]R (*'-/$ +"(+ %+ >($ /&,#-*('/1 67 +"/ %&$%$+/&,/ #2 +"/
\-$/-0 #2 \#1/*& V*+ %& g/> h#*? +"(+ +"(+ >($ "#> %+$ 6%' +#-*%&'
/5"%6%+%#& #2 )#$+<>(* (6$+*(,+ /5)*/$$%#&%$+ V0/*%,(& (*+ $"#-.1 6/
$"#>&3 f-&,(& ).(,/$ +"%$ /5"%6%+%#& %& +"/ ,#&+/5+ #2 eH (++/0)+$ +#
($$/*+ %+$ ,-.+-*(. 1#0%&(&,/ %& +"/ !#.1 =(*3 4"/ /22/,+$ #2 +"%$ 0#1/ #2
1%$).(7 (*/ $-''/$+/1 67 U*%(& BDf#"/*+7 MNOOb9 ]QNJQR9 C+"/ &/> '#1@
/5+/&$%8/@ "#0#'/&/#-$ $)(,/@ E#>/1 /($%.7 %&+# /8/*7 )(*+ #2 +"/ '(../*73
V.. %0)/1%0/&+$ /5,/)+ CC(*+DD >/*/ */0#8/1 3 3 3 +"/ /0)+7 '(../*7 k%$l &#>
2-.. #2 +"(+ /.($+%, $)(,/ >/ ,(.. \%&13D BDf#"/*+7 %$ $-''/$+%&' +"(+ +"/
0%&%0(.%+7 #2 +"/ >"%+/ '(../*7 $)(,/ ('(%& )*#1-,/$ +"/ V*+ >#*? ($
$#0/+"%&' +# 6/ ,#&+/0).(+/1 $/)(*(+/.7 2*#0 (&7 #+"/* 1%$+*(,+%#&$S (&1
('(%&@ %+ )*#1-,/$ +"/ 8%$%+#* +# $-," '(../*%/$ ($ $%0).7 (& /7/ -&/&,-0<
6/*/1 67 ,#&$%1/*(+%#&$ #+"/* +"(& .##?%&' M$// (.$# Y*-&/&6/*'@ NOOOR3

4"5%)

U7 &# 0/(&$ (.. '(../*%/$ "(8/ >"%+/ >(..$@ (&1 2/> 0-$/-0$ 1#3 ;& +"/ 0-$/-0 #*
'(../*7 7#- 8%$%+/1@ >"(+ #+"/* /./0/&+$ #2 1/,#*(+%#& >/*/ %0)#*+(&+_ ="(+ (6#-+
,#.#-*/1 >(.. ,#8/*%&'$@ .%'"+%&'@ ,(*)/+@ $,*//&$@ #+"/* #6G/,+$_ ="(+ /22/,+$ 1%1
+"/7 )*#1-,/_ ;2 7#- 8%$%+/1 ( '(../*7 +"(+ "(1 >"%+/ >(..$ %& $#0/ #2 %+$ *##0$ (&1
&#+ %& #+"/*$@ >"(+ >($ +"/ 1%22/*/&,/ 6/+>//& +"/ >"%+/ (&1 &#&<>"%+/ *##0$@ %&
+/*0$ #2 +"/%* #6G/,+$ #& 1%$).(7 (&1 +"/ /22/,+$ ,*/(+/1_

d1d !+5!.6$ !$5-&"6"8.$)

B&/ #2 +"/ 0#$+ %0)#*+(&+ 1%$,%).%&/$ #2 0-$/-0 (&1 '(../*7 $)(,/$


2#* 8%$%+#*$ %$ +"/ (.0#$+ -&%8/*$(. *-./ +"(+ 7#- ,(&&#+ +#-," +"/ /5"%6%+$3
4"%$ %$ /&2#*,/1 %& ( &-06/* #2 >(7$9 #6G/,+$ (*/ ).(,/1 %& '.($$ ,($/$@
*#)/$ (*/ ).(,/1 %& 2*#&+ #2 )(%&+%&'$@ >(*1/*$ >(+," 8%$%+#*$3 V'(%&@
+"/ W#-,(-.1%(& F-/$+%#& 0-$+ 6/@ >"(+ ?%&1 #2 $-6G/,+%8%+%/$ 1#/$ +"%$
>B2YVR`2U D=DSf2B2 BB HTH

)*#1-,/_ B68%#-$.7@ %+ )*#1-,/$ ( 8%$%+#* >"# .##?$ *(+"/* +"(& +#-,"/$


M('(%&R3

4"5%)

H# 2(*@ +"%$ $/,+%#& "($ .%$+/1 ( &-06/* #2 C6%+$ (&1 )%/,/$D +"(+ (*/ -$/1 %& 0-$/-0$
(&1 '(../*%/$3 ;+ "($ 2#,-$/1 #& +"/%* )#$$%6./ /22/,+$ %& +/*0$ #2 +"/ )*#1-,+%8%+7 #2
+"/%* )#>/*j?&#>./1'/S +"(+ %$@ #& "#> +"/7 )*#1-,/ ,/*+(%& ?&#>./1'/$ (6#-+
)(%&+%&'$ (&1 #6G/,+$@ (&1 ,/*+(%& $-6G/,+%8%+%/$ #2 8%$%+%&' (&1 ,-*(+%&'3

f#/$ +"/ '(../*7 #* 0-$/-0 7#- "(8/ 8%$%+/1 -$/ (&7 #+"/* +/,"&#.#'%/$ +# )*#1-,/
)(*+%,-.(* %&+/*)*/+(+%#&$ #2 %+$ ,#&+/&+$ #* 8%$%+#*$_

d1b )7+5$) #$-.&' !-$ '.)76+9)

4"/ *##0$ %& >"%," #6G/,+$ (*/ 1%$).(7/1 (*/ #2 ,#-*$/ #&.7 $#0/ #2 +"/
$)(,/$ +"*#-'" >"%," ( 0-$/-0D$ #* ( '(../*7D$ )#>/*j?&#>./1'/ >#*?$3
4"/*/ (*/ (.$# +"/ "%&)(" (&1 +"/ /)$;!8("@ +"/ 9/'&)/%&)!(" (&1 +"/
9!')/)!("@ +"/ &1Q$(" (&1 "()8!$( /)(/"3 V$ I##)/*<Y*//&"%.. MNOOQ9 PR
&#+/$@ +"/$/ $)(,/$ (*/ &#+ #)/& +# +"/ )-6.%, M(.+"#-'" */$/(*,"/*$ ,(&
#2+/& '(%& (,,/$$R 6/,(-$/ +"/7 (*/ +"/ $)(,/$ %& >"%," +"/ 0-$/-0$ (&1
'(../*%/$ )*#1-,/ +"/%* ?&#>./1'/$3 4"/7 (*/ +"/ $)(,/$ %& >"%," +"/
0-$/-0 )*#2/$$%#&(.$ $-," ($ ,-*(+#*$@ */$+#*/*$@ 1/$%'&/*$ (&1 0(&('/*$
>#*?S +"/ $)(,/$ %& >"%," +"/ ,.($$%A,(+%#& $,"/0/$ +"(+ $+*-,+-*/ +"/
)-6.%, 1%$).(7 (*/($ (*/ )-+ %&+# )*(,+%,/9

V 1%8%$%#& k%$l 1*(>& 3 3 3 6/+>//& ?&#>%&' $-6G/,+$@ 6/+>//& +"/ )*#<


1-,/*$ (&1 ,#&$-0/*$ #2 ?&#>./1'/@ 6/+>//& /5)/*+ (&1 .(70(& 3 3 3 ;&
+"/ )-6.%, 0-$/-0@ +"/ )*#1-,%&' $-6G/,+ C>#*?$D %& +"/ "%11/& $)(,/$ #2
+"/ 0-$/-0@ >"%./ +"/ ,#&$-0%&' $-6G/,+ C>#*?$D %& +"/ )-6.%, $)(,/$3
`/.(+%#&$ >%+"%& +"/ %&$+%+-+%#& (*/ $?/>/1 +# )*%8%./'/ +"/ "%11/&@
)*#1-,+%8/ C>#*?D #2 +"/ 0-$/-0@ +"/ )*#1-,+%#& #2 ?&#>./1'/ +"*#-'"
+"/ ,#0)%.(+%#& #2 ,(+(.#'-/$@ %&8/&+#*%/$ (&1 %&$+(..(+%#&$3 MI##)/*<
Y*//&"%..@ NOOQ9 NOaR

h/+ 8/*7 .%++./ (++/&+%#& %$ )(%1 67 W#-,(-.1%(& $+-1%/$ #2 0-$/-0$ (&1


'(../*%/$ +# +"/$/ $)(,/$ (&1 +"/%* )(*+%,-.(* +/,"&#.#'%/$3 ;&1//1 U(.
MNOOb9 NbR (*'-/$ +"(+ +"/ ,-*(+#*$ (&1 #+"/* 0-$/-0 $+(22 >"# >#*? %&
+"/$/ $)(,/$ (*/ C#&.7 ( +%&7 ,#&&/,+%#& %& ( .#&' ,"(%& #2 $-6G/,+$D (&1 (*/
+"/*/2#*/ &#+ >#*+" $+-17%&' %& (&7 1/+(%.3 U(&& MNOOXR "#>/8/* 1/0-*$@
(&1 ; +## A&1 +"%$ *(+"/* (& #11 #0%$$%#&3 ="%./ >*%+/*$ .%?/ U(. MNOObR
(&1 I/+"/*%&'+#& MNOOPR (*/ "())7 +# /5).#*/ +"/ 1%$,-*$%8/ ,#&+*(<
1%,+%#&$ #2 0-$/-0$D (&1 '(../*%/$D 1%$).(7 $)(,/$@ +"/7 $//0 -&%&+/*/$+/1
%& +"/ )#$$%6.7 0#*/ $-68/*$%8/ ,#&+*(1%,+%#&$ (+ >#*? %& +"/ 6/"%&1<+"/<
$,/&/$ )*(,+%,/$ +"(+ #)/*(+%#&(.%T/ +"#$/ %&$+%+-+%#&$D */'%0/$ #2 +*-+"3 ;2@
HTN QB2RDS TU@EV>VSVWBU2

($ U(&& MNOOX9 Q]OR (*'-/$@ +"/*/ (*/ C%&+/*&(. ,#&+*(1%,+%#&$ 6-%.+ %&+# +"/
1/8/.#)0/&+ #2 +"/ 0#1/*& 0-$/-0D@ +"/7 +## */F-%*/ %&8/$+%'(+%#& (&1
0%'"+ )/*"()$ 6/ 6/$+ $//& %& +"/$/ "%11/& $)(,/$3

4"5%)

W/> #2 +"/$/ (,,#-&+$ #2 0-$/-0$ (&1 '(../*%/$ 1/(. %& (&7 1/+(%. >%+" >"(+ (*/
&#> $-*/.7 +># 0#*/ ?/7 $)(,/$ >"%," 8%$%+#*$ +# +"/$/ %&$+%+-+%#&$ /&,#-&+/*9 +"/
";&* (&1 +"/ $/1(X3 K%$%+ +"/ $"#) (&1 ,(2/q #2 7#-* 0-$/-0 #* '(../*73 ="(+ $#*+$ #2
1%$,#-*$/$ (*/ (+ >#*? "/*/_ ="(+ $#*+$ #2 )*(,+%,/$_ V*/ +"/7 ,#&&/,+/1 +# +"#$/
#2 +"/ 1%$).(7 $)(,/$_ ;2 $#@ "#>_ ;2 &#+@ "#> &#+_ !#-.1 7#- -$/ +"/ 0/+"#1$ -$/1
67 +"/ 1%$,#-*$/ (&(.7$+$ %& +"%$ ,"()+/* +# /5(0%&/ +"/ )*#1-,+%8%+%/$ #2 +"/$/
$)(,/$_

X #*/ 8!+!#%$

H/,+%#&$ ] (&1 d "(8/ 6#+" &#+/1 +"(+@ (,,#*1%&' +# +"/$/ W#-,(-.1%(&


(,,#-&+$ #2 0-$/-0$ (&1 '(../*%/$@ ($ >/.. ($ )*#1-,%&' +"/ %0('/$ (&1
#6G/,+$ %& +"/%* )#$$/$$%#& %& )(*+%,-.(* >(7$@ +"/$/ %&$+%+-+%#&$ (.$#
)*#1-,/ ( ,/*+(%& $#*+ #2 8%$%+#*3 4"%$ 8%$%+#* %$ )/*"()$ (6#8/ (.. ,#&<
$+%+-+/1 ($ (& C/7/D9 $#0/#&/ >"# $//$ (&1@ +"*#-'" $//%&'@ -&1/*$+(&1$3
\-$/-0$ 1# +"%$ /5).%,%+.7@ )*/,%$/.7 #22/*%&' +"/%* #6G/,+$ +# +"/%* 8%$%+#*$
($ ( ?%&1 #2 /1-,(+%#&(. $)/,+(,./3 V,,#*1%&' +# U/&&/++ MNOO^R@ +"%&'$ (*/
$.%'"+.7 0#*/ ,#0).%,(+/1 %& +"/ ,($/ #2 '(../*%/$@ >"/*/ +"/ ?&#>./1'/
+"(+ )*#1-,/$ +"/ C'##1 /7/D %$ ?/)+ %&8%$%6./ %& #*1/* +# 0(%&+(%& +"/
'(../*7 ($ ( $)(,/ >"/*/ +"/ 0%11./ ,.($$ ,(& 1%$+%&'-%$" %+$/.2 2*#0 #+"/*
$#,%(. '*#-)$ 67 1%$).(7%&' ())(*/&+.7 %&&(+/ C+($+/D3
4"/*/ (*/ +"#-'" 0#*/ )*#$(%, >(7$ %& >"%," 8%$%+#*$ +# '(../*%/$ (&1
0-$/-0$ (*/ 1%$,%).%&/13 H/,+%#& d3d &#+/1 $#0/ #2 +"/$/ %& */.(+%#& +# +"/
)*#"%6%+%#& #& +#-,"%&' #6G/,+$ (&1 %0('/$3 4"/*/ (*/ 0(&7 #+"/* )+9("
(6#-+ >"(+ 8%$%+#*$ ,(& (&1 ,(&&#+ 1# %& '(../*%/$ (&1 0-$/-0$@ (&1 +"/$/
(*/ /&2#*,/1 67 >(*1/*$3 L%,&%,?%&' (&1 ).(7%&' 0-$%,@ 2#* /5(0)./@ (*/
2#*6%11/&9 +"/ /22/,+ #2 +"%$ )*#"%6%+%#& %$ +# */%+/*(+/ +"/ C"%'"/*D@ ,#&+/0<
).(+%8/ #* )/1('#'%,@ (%0$ #2 +"/ %&$+%+-+%#&3 B+"/* 2#*0$ #2 1%$,%).%&/
%&,.-1/ +"/ "*/%!/9 )&+%(!,3 #2 8%$%+#*$3 B2+/& '(../*%/$ (&1 0-$/-0$ %&8%+/
8%$%+#*$ +# 2#..#> ( )(*+%,-.(* *#-+/@ /%+"/* +"*#-'" +"/ .(7#-+ #2 *##0$ #*
+"*#-'" +"/ )*#8%$%#& #2 E##* ).(&$ 0(*?/1 >%+" $-''/$+/1 >(.?$ M+"%$ %$
,#00#& 2#* 8/*7 .(*'/ '(../*%/$ >"%," /5)/,+ 8%$%+#*$ >%+" .%++./ +%0/9
*#-+/$ (*/ $-''/$+/1 >"%," /&$-*/ +"(+ $#*+ #2 8%$%+#* >%.. $// M>"(+ (*/
,#&$+*-,+/1 ($R +"/ "%'".%'"+$ #2 +"/ ,#../,+%#&R3 H#0/ '(../*%/$ (.$# '%8/
7#- ( ,.-/ ($ +# >"%," )(%&+%&'$ (*/ /$)/,%(..7 1/$/*8%&' #2 +"%$ ?%&1 #2
8%/>%&' 67 )*#8%1%&' "(/%!,3 %& 2*#&+ #2 +"/03 V$ $/,+%#& ] #2 +"%$ ,"()+/*
&#+/1@ U(. MNOObR )(7$ ( .#+ #2 (++/&+%#& +# +"/ /22/,+$ #2 +"%$ $#*+ #2 $)(+%(.
*#-+/%&' #2 8%$%+#*$ (+ +"/ V\gI3
>B2YVR`2U D=DSf2B2 BB HTL

U/&&/++ MNOO^R (*'-/$ +"(+ +"/*/ (*/ #+"/*@ ./$$ #8/*+ 2#*0$ #2 1%$<
,%).%&%&' 6/"(8%#-* %& 0-$/-0$ (&1 '(../*%/$@ +"#-'"3 W*#0 "%$ "%$+#*%,(.
>#*?@ "/ (*'-/$ +"(+ +"/ ,#&+/0).(+%#& #2 (*+ (&1 +"/ ())*/,%(+%#& #2
0-$/-0$D ?&#>./1'/ >/*/ /5)/,+/1 +# %&8#.8/ )(*+%,-.(* >(7$ #2 8%$%+%&'
+"/$/ ).(,/$@ (&1 +"(+ +"/$/ >(7$ >/*/ )#.%,/1 &#+ #&.7 67 *-./$ (&1
>(*1/*$ 6-+ (.$# 67 #+"/* 8%$%+#*$3 4"(+ %$@ "/ */>#*?$ W#-,(-.+D$ 1%$<
,-$$%#& #2 +"/ >(7 $-*8/%..(&,/ 0(?/$ +"/ #)/*(+%#& #2 )#>/* C(-+#0(+%,D
67 $-''/$+%&' +"(+ +"/ */'-.(+%#& #2 $#,%(. 6/"(8%#-* %& +"/$/ 0-$/-0$ %$
,#&1-,+/1 ($ 0-," 67 +"/ 8%$%+#*$D ?&#>./1'/ +"(+ +"/7 (*/ 6/%&' >(+,"/1
67 #+"/* 8%$%+#*$@ ($ %+ %$ 67 0#*/ #68%#-$ 2#*0$ #2 1%$,%).%&/3
4"%$ /0)"($%$ #& +"/ )*#1-,+%8%+7 #2 +"/ 0-$/-0 #* '(../*7 ($
%&$+%+-+%#& %& */.(+%#& +# %+$ 8%$%+#*$ *(%$/$ ( ?/7 F-/$+%#& +"#-'"3 Z-$+ "#>
/22/,+%8/ (*/ +"/$/ 1%$,%).%&%&' +/,"&#.#'%/$_ !"()+/* b &#+/1 +"(+ W#-,(-.+
%&$%$+/1 +"(+ >"/*/8/* +"/*/ >($ )#>/*@ +"/*/ >/*/ ,#-&+/*<$+*-''./$3 U-+ (
,#00#& ,*%+%,%$0 #2 W#-,(-.1%(& 0/+"#1$ %$ +"(+ +"/7 ,#&,/&+*(+/ +##
0-," #& +"/ 1%$,%).%&%&' /22/,+$ #2 %&$+%+-+%#&$ (&1 &#+ /&#-'" #& +"/ >(7
+"/$/ 1%$,%).%&/$ 0(7 2(%. #* 6/ 1%$*-)+/13 4"%$ %$ ( ,*%+%,%$0 >"%," ,(& 6/
0(1/ #2 &/(*.7 (.. +"/ (,,#-&+$ #2 0-$/-0$ (&1 '(../*%/$ ,%+/1 %& +"%$
,"()+/*3 4"/ )*/8%#-$ $/,+%#& */0(*?/1 #& +"/%* 2*/F-/&+ -&%&+/*/$+ %&
/5).#*%&' +"/ >#*?%&' )*(,+%,/$ 6/"%&1 +"/ $,/&/$ %& 0-$/-0$ (&1
'(../*%/$@ 2#* /5(0)./3 ;+ $//0$ +# 6/ ($$-0/1 +"(+ %& +"#$/ $)(,/$@
,.($$%27%&' $7$+/0$ (&1 *"/+#*%,$ #2 */(.%$0 (*/ $-,,/$$2-..7 ,#"/*/&+@ /8/&
67 +"#$/ >*%+/*$ >"# F-/$+%#& %+$ $-,,/$$ %& +"/ 0#*/ )-6.%, $)(,/$ #2 +"/$/
%&$+%+-+%#&$3 H%0%.(*.7@ 2/> #2 +"/$/ $+-1%/$ ,#&$%1/* +"/ )#$$%6%.%+7 +"(+
8%$%+#*$ 0(7 6/ 6*%&'%&' ?&#>./1'/$ (&1 )*(,+%,/$ +# +"/ 0-$/-0 #*
'(../*7 +"(+ (*/ 8/*7 1%22/*/&+ 2*#0 +"#$/ %&$+%+-+%#&$D ?&#>./1'/$ (&1
)*(,+%,/$3 U/&&/++ MNOO^9 NNR %$ F-%+/ ,./(* +"(+ +"%$ %$ &#+ (& %$$-/ "%$ 6##?
%$ ,#&,/*&/1 +# (11*/$$9

\7 ,#&,/*& %& +"%$ 6##? %$ .(*'/.7 >%+" 0-$/-0$@ 2(%*$ (&1 /5"%6%+%#&$ ($
/&8%$('/1 %& +"/ ).(&$ (&1 )*#G/,+%#&$ #2 +"/%* (18#,(+/$@ 1/$%'&/*$@
1%*/,+#*$ (&1 0(&('/*$3 4"/ 1/'*// +# >"%," $-," ).(&$ (&1 )*#G/,+%#&$
>/*/ $-,,/$$2-. %& #*'(&%T%&' (&1 2*(0%&' +"/ /5)/*%/&,/ #2 +"/ 8%$%+#* #*@
+# +"/ ,#&+*(*7@ +"/ 1/'*// +# >"%," $-," ).(&&/1 /22/,+$ (*/ /8(1/1@ $%1/<
$+/))/1 #* $%0).7 &#+ &#+%,/1 *(%$/$ 1%22/*/&+ F-/$+%#&$ >"%,"@ %0)#*+(&+
+"#-'" +"/7 (*/@ ; "(8/ &#+ (11*/$$/1 "/*/3 MU/&&/++@ NOO^9 NNR

I##)/*<Y*//&"%..D$ MNOOdR 6##? #& R+"(+-" /,6 %;(!) 5!"!%&)" 2#,-$/$ #&
*/,/&+ (++/0)+$ 67 0-$/-0$ (&1 '(../*%/$ +# (++*(,+ 0#*/ 8%$%+#*$ 67
%&,*/($%&' +"/ */./8(&,/ #2 +"/%* 1%$).(7$ +# )#+/&+%(. 8%$%+#*$D .%8/$ M(&1
$-''/$+$ %& )($$%&' +"(+ +"%$ %&8#.8/$ +"/ 1/,/&+*%&' #2 ,-*(+#*%(. )#>/*R@
6-+ $(7$ .%++./ (6#-+ "#> 8%$%+#*$ */$)#&1 +# +"/%* /22#*+$3 4"%$ &/'./,+
)(*(../.$ +"/ ,*%+%F-/ 0(1/ 67 H0%+" MNOOXR #2 +"/ W#-,(-.1%(& "%$+#*%/$ #2
)"#+#'*()"7 #22/*/1 67 4('' MNOXXR (&1 H/?-.( MNOXb@ NOXOR3 4"/*/ +##@
+"/ 1%8/*$%+7 #2 /&'('/0/&+$ >%+" )(*+%,-.(* A/.1$ #2 )#>/*j?&#>./1'/ %$
-&1/*/$+%0(+/13
HTJ QB2RDS TU@EV>VSVWBU2

4"/*/ (*/ ( 2/> /5,/)+%#&$ +# +"%$ &/'./,+ #2 8%$%+#*$ ($ $-6G/,+$


,#&$+%+-+/1 +"*#-'" 1%$,#-*$/$ #+"/* +"(& +"#$/ #2 +"/ 0-$/-0 #* '(../*73
4"/*/ (*/ ( &-06/* #2 ,($/ $+-1%/$ +"(+ "(8/ 2#,-$/1 #& /5"%6%+%#&$ >"%,"
"(8/ 6//& /$)/,%(..7 ,#&+*#8/*$%(. M$//@ 2#* /5(0)./@ [%1,"%@ NOOPR3 H/8/*(.
*/,/&+ /5"%6%+%#&$ 1%$).(7%&' +"/ (*+/2(,+$ #2 &(+%8/ )/#)./$@ 2#* /5(0)./@
"(8/ 6//& "/(8%.7 ,*%+%,%T/1 2#* +"/%* ,#&+%&-/1 &(+-*(.%T(+%#& #* /5#+%<
,%T(+%#& #2 +"#$/ )/#)./$@ (&1 c.$6/+" !#-*+ MNOOOR 1%$,-$$/$ 6#+" +"%$
(,,-$(+%#& (&1 $#0/ (*+%$+%, (&1 ,-*(+#*%(. */$)#&$/$ +# %+ %& ( ,($/ $+-17
#2 1%$).(7$ #2 (*+ 67 V2*%,(&$3 I#>/8/*@ 0-," ./$$ (++/&+%#& "($ 6//& )(%1
+# ./$$ #*'(&%T/1 2#*0$ #2 */$%$+(&,/ +# +"/ 0-$/-0 (&1 '(../*7D$ 1%$,%)<
.%&/$3 B&/ /5,/)+%#& +# +"%$ '/&/*(. &/'./,+ %$ +"/ $+-17 67 Y#*1#& W72/
(&1 \(5 `#$$ MNOObRS +"/7 %&+/*8%/>/1 ( *(&'/ #2 )/#)./ >"# 8%$%+/1
0-$/-0$ %& H+#?/<#&<4*/&+@ c&'.(&1@ %& #*1/* +# /5).#*/ +"/ )(*+%,-<
.(*%+%/$ #2 +"/%* >(7$ #2 $//%&'3 4"/%* $+-17 %&8%+/$ 0#*/ '/&/*(. F-/$+%#&$
(6#-+ +"/ 8%$%+#*$ +# 0-$/-0$ (&1 '(../*%/$3 f# +"/7 ,*%+%F-/ +"/
)(*+%,-.(*%+7 #2 +"/ $#*+ #2 ?&#>./1'/ (6#-+ V*+ #22/*/1 67 ( '(../*7@ 2#*
/5(0)./_ ;2 $#@ "#>_ 4"*#-'" +"/%* #>& /5)/*%/&,/_ 4"*#-'" 6#*/1#0_
4"*#-'" 0#*/ 2#*0(.%T/1 ?%&1$ #2 -&1/*$+(&1%&'@ >#&1/*%&' >"7 (.0#$+
(.. +"/ (*+%$+$ )*#1-,/1 67 '(../*%/$ ($ '*/(+ >/*/ 0/&@ #* >"%+/_ f#
8%$%+#*$ +#-," #6G/,+$ #& 1%$).(7 $-**/)+%+%#-$.7_ f# +"/7 A&1 *#-+/$
(*#-&1 0-$/-0$ +"/7 $"#-.1&D+@ #* $&/(? ( $(&1>%," >"%./ ( >(*1/* .##?$
+"/ #+"/* >(7_ V&1 >"(+ (*/ +"/ /22/,+$ #2 +"/$/ )#$$%6./ $+*(+/'%/$ #& +"/
8%$-(.%+7 (&1 $)(+%(.%+7 #2 +"/ 0-$/-0 (&1 '(../*7@ (&1 #& +"/%* )(%&+%&'$
(&1 #6G/,+$_ 4"/$/ $#*+$ #2 F-/$+%#&$ (*/ &#+ 0(1/ %0)#$$%6./ 67 +"%$
$/,#&1 +7)/ #2 1%$,#-*$/ (&(.7$%$@ 6-+ +"/7 "(8/ 6//& )-*$-/1 #&.7 8/*7
*(*/.73 I/&,/ &#&/ #2 +"/$/ $+-1%/$ #22/* (&7 0/+"#1#.#'%,(. ,.-/$ ($ +#
"#> $-," F-/$+%#&$ 0%'"+ 6/ (&$>/*/13

4"5%)

4"%$ $/,+%#& "($ &#+/1 +"/ ,#&$/F-/&,/ #2 +"/ /0)"($%$ %& +"%$ $/,#&1 ?%&1 #2
1%$,#-*$/ (&(.7$%$ #& +"/ %&$+%+-+%#& *(+"/* +"(& +"/ 8%$%+#*$3 ="(+ 1%1 7#-* 8%$%+ +#
( '(../*7 #* 0-$/-0 $-''/$+ (6#-+ +"/ )#>/* #2 +"/ %&$+%+-+%#& #8/* %+$ 8%$%+#*$_ f%1
(.. +"/ 8%$%+#*$ 7#- $(> 6/"(8/ C)*#)/*.7D_ ;2 &#+@ "#> &#+_ =/*/ +"/*/ ,/*+(%&
'*#-)$ (..#>/1 +# 6/"(8/ 1%22/*/&+.7 J ,"%.1*/&@ 2#* /5(0)./_ I#> >/*/ (&7
1/8%(+%#&$ )#.%,/1@ %2 (+ (.._

Q &!+(%'$+/ 1"145+!+ AAK !#+ %2" 6$%&'(#!8!#5

4"%$ $/,#&1 +7)/ #2 1%$,#-*$/ (&(.7$%$ 2#..#>$ W#-,(-.+ %& -&1/*$+(&1%&'


8%$-(. %0('/$ ($ /06/11/1 %& +"/ )*(,+%,/$ #2 %&$+%+-+%#&$ (&1 +"/%* /5/*,%$/
#2 )#>/*3 ;+ +"-$ )(7$ ./$$ (++/&+%#& +# 8%$-(. %0('/$ (&1 #6G/,+$
+"/0$/.8/$ +"(& +# +"/ %&$+%+-+%#&(. ())(*(+-$ (&1 +/,"&#.#'%/$ +"(+
>B2YVR`2U D=DSf2B2 BB HTX

$-**#-&1 +"/0 (&1 >"%,"@ (,,#*1%&' +# +"%$ ())*#(,"@ )*#1-,/ +"/0 ($


)(*+%,-.(* ?%&1$ #2 %0('/$ (&1 #6G/,+$3 4"%$ ())*#(," %$ +"-$ ,/&+*(..7
,#&,/*&/1 >%+" +"/ $#,%(. )*#1-,+%#& (&1 /22/,+$ #2 8%$-(. %0('/$@ (&1 +#
+"(+ /5+/&+ ,#&2#*0$ +# #&/ #2 +"/ ,*%+/*%( $/+ #-+ %& !"()+/* N #2 +"%$ 6##?
2#* ( ,*%+%,(. 8%$-(. 0/+"#1#.#'73 ;+ #22/*$ ( 0/+"#1#.#'7 +"(+ (..#>$
1/+(%./1 ,#&$%1/*(+%#& #2 "#> +"/ /22/,+$ #2 1#0%&(&+ )#>/* */.(+%#&$
>#*? +"*#-'" +"/ 1/+(%.$ #2 (& %&$+%+-+%#&D$ )*(,+%,/3
I#>/8/*@ +"%$ +7)/ #2 1%$,#-*$/ (&(.7$%$ )(7$ .%++./ (++/&+%#& +# +"/
$)/,%A, >(7$ #2 $//%&' %&8%+/1 67 (& %0('/ %+$/.23 g#*@ ($ $/,+%#&$ d3^ (&1 ^
"(8/ &#+/1@ "($ %+ )(%1 0-," (++/&+%#& +# +"/ >(7 +"(+ C)#>/* %$ /5/*,%$/1
2*#0 %&&-0/*(6./ )#%&+$@ %& +"/ %&+/*).(7 #2 &#&/'(.%+(*%(& (&1 0#6%./
*/.(+%#&$D MW#-,(-.+@ NOPO9 OdR3 W#-,(-.+D$ #>& (*'-0/&+$ 1# &#+ *-./ #-+
+"%$ .(++/* ($ ( +#)%, #2 */$/(*,"@ 6-+ %+ "($ &#+ $# 2(* 6//& 1/8/.#)/1 67
+"/$/ W#-,(-.1%(& (&(.7$+$3
W%&(..7@ +"/*/ %$ +"/ F-/$+%#& #2 */E/5%8%+73 4"/ ?%&1 #2 1%$,#-*$/
(&(.7$%$ 1%$,-$$/1 %& +"%$ ,"()+/* 1#/$ &#+ $)/&1 +%0/ #& */E/5%8/
,#&+/0).(+%#&3 4"%$ %$ &# 1#-6+ 2#* +"/ $(0/ */($#&$ ($ $/,+%#& ^ #2 +"/
)*/8%#-$ ,"()+/* #-+.%&/19 0(&7 #2 +"/ ($$-0)+%#&$ -&1/*.7%&' +"/
,#&8/&+%#&(. 2#*0$ #2 */E/5%8%+7 %& +"/ $#,%(. $,%/&,/$ (*/ &#+ +/&(6./
>%+"%& ( W#-,(-.1%(& 2*(0/>#*?3 I#>/8/*@ -&.%?/ +"/ C,/*+(%& 0#1/$+7 %&
#-* (&(.7+%, ,.(%0$D &#&/+"/./$$ (18#,(+/1 67 4#&?%$$ MNOOX9 QbaR %& "/*
1%$,-$$%#& #2 +"/ A*$+ +7)/ #2 1%$,#-*$/ (&(.7$%$@ 1%$,-$$/1 %& $/,+%#& ^ #2
+"/ )*/8%#-$ ,"()+/*@ +"%$ $/,#&1 +7)/ #2 1%$,#-*$/ (&(.7$%$ +/&1$@ %2
(&7+"%&'@ +# +"/ %00#1/$+3 4"/ %&+*#1-,+%#& +# +"%$ ,"()+/* &#+/1 ($ (&
/5(0)./ #2 +"%$ (&(.7+%,(. $/.2<,#&A1/&,/ +"/ $+%&'%&' ,*%+%F-/ #2 U(*+"/$
0(1/ 67 4('' MNOXXR3 U-+ (.. +"/ >*%+/*$ #& 0-$/-0$ (&1 '(../*%/$ ,%+/1 %&
+"%$ ,"()+/* ())/(* /F-(..7 ,#&A1/&+ +"(+ +"/ ,.(%0$ +"/7 0(?/ (6#-+ +"/
/22/,+$ #2 +"/$/ %&$+%+-+%#&$ (*/ ,#**/,+3 I(*(>(7D$ MNOXOR /$$(7@ 2#*
/5(0)./@ 0(?/$ $#0/ "%'".7 ,#.#-*/1 ($$/*+%#&$ (6#-+ +"/ /22/,+$ #2 +"/
V\gID$ V?/./7 I(.. +"(+ '%8/ 0/ )(-$/3 I/*/D$ ( +($+/* #2 "/* $+7./9

H,/&/ (2+/* $,/&/ 1*(>$ +"/ 8%$%+#* %&+# %+$/.2 +"*#-'" +"/ /7/$ #2 +"/
(&%0(.$ %& +"/ +(6./(-53 c(," 1%#*(0( "($ (+ ./($+ #&/ (&%0(. +"(+
,(+,"/$ +"/ 8%/>/*D$ '(T/ (&1 "#.1$ %+ %& ,#00-&%#&3 4"/ (&%0(. %$
8%'%.(&+ 3 3 3 6-+ */(17 (.$# +# "#.1 2#*/8/* +"/ '(T/ #2 0//+%&'@ +"/
0#0/&+ #2 +*-+"@ +"/ #*%'%&(. /&,#-&+/*3 4"/ 0#0/&+ $//0$ 2*('%./@ +"/
(&%0(.$ (6#-+ +# 1%$())/(*@ +"/ ,#00-&%#& (6#-+ +# 6*/(?S +"/ I(..
+"*/(+/&$ +# 1%$$#.8/ %&+# +"/ ,"(#$ #2 +"/ V'/ #2 \(&3 U-+ %+ 1#/$ &#+3
4"/ '(T/ "#.1$@ (&1 +"/ >(*7 (&%0(. "/(.$ +"#$/ >"# >%.. .##?3
MI(*(>(7@ NOXO9 ]aR

="%./ I(*(>(7 "/*/ 0(7 6/ (++/0)+%&'@ %& +"/ W#-,(-.1%(& 0(&&/*


(18#,(+/1 67 i/&1(.. (&1 =%,?"(0 MNOOO9 NaNJOR@ +# '%8/ ,#<(-+"#*$"%)
#2 "/* /&,#-&+/* >%+" +"/ V?/./7 I(.. +# %+$ %&(&%0(+/ #6G/,+$@ $"/ 0%'"+
(.$# 6/ */(1 ($ #22/*%&' (& (,,#-&+ #2 +"/ /22/,+$ #2 +"/ "(.. +"(+ %$
$#0/>"(+ -&'*#-&1/1 %& +"/ 1/+(%.$ #2 %+$ ())(*(+-$ #* +/,"&#.#'%/$3
HTQ QB2RDS TU@EV>VSVWBU2

\#*/#8/*@ ; $-$)/,+ +"(+ +"%$ $#*+ #2 >*%+%&' 0(?/$ +"/ V\gI ( .#+ 0#*/
/5,%+%&' J (&1 )#>/*2-. J +"(& %+ %$ +# +"/ 8($+ 0(G#*%+7 #2 %+$ 8%$%+#*$3
I/&,/@ +"%$ $/,#&1 2#*0 #2 1%$,#-*$/ (&(.7$%$ 2#,-$/$ 8/*7 ,./(*.7 #&
+"/ )#>/* */.(+%#&$ (+ >#*? %& %&$+%+-+%#&$ #2 8%$-(. 1%$).(73 I#>/8/*@ +"%$
2#,-$ )*#1-,/$ $#0/ (6$/&,/$ %& %+$ 0/+"#1#.#'7 +##9 (& -&%&+/*/$+ %&
%0('/$ +"/0$/.8/$@ ( .(,? #2 ,#&,/*& 2#* ,#&E%,+$ (&1 1%$*-)+%#&$ >%+"%&
%&$+%+-+%#&(. )*(,+%,/$@ ( &/'./,+ #2 +"/ )*(,+%,/$ #2 8%/>%&' 6*#-'"+ 67
8%$%+#*$ +# +"#$/ %&$+%+-+%#&$@ (&1 ( .(,? #2 (&7 2#*0 #2 */E/5%8%+73

S +';;1$5

: 1%$,#-*$/ (&(.7$%$ ;; 2#,-$/$ #& +"/ (*+%,-.(+%#& #2 1%$,#-*$/$ +"*#-'"


%&$+%+-+%#&(. ())(*(+-$/$ (&1 %&$+%+-+%#&(. +/,"&#.#'%/$3
: %& 1#%&' +"%$@ %+ -+%.%T/$ $%0%.(* 0/+"#1$ +# 1%$,#-*$/ (&(.7$%$ ;3
: 1%$,#-*$/ (&(.7$%$ ;; )(7$ 0-," (++/&+%#& +# +"/ )#>/*2-. 1%$,#-*$/$
+"(+ $(+-*(+/ %&$+%+-+%#&$ (&1 ())(*(+-$/$ +# )*#1-,/ +"/%* $-6G/,+$3
: 1%$,#-*$/ (&(.7$%$ ;; %$ ./$$ %&+/*/$+/1 %& +"/ $%+/ #2 +"/ %0('/ %+$/.2@ (&1
%& )*(,+%,/ $//0$ -&%&+/*/$+/1 %& +"/ ,#0)./5%+%/$ (&1 ,#&+*(1%,+%#&$ #2
1%$,#-*$/3
: 1%$,#-*$/ (&(.7$%$ ;; %$ &#+ ,#&,/*&/1 >%+" */E/5%8/ $+*(+/'%/$3

3'$#*/$ $/1&!")

I/&*%/++( [%1,"% MNOOPR )*#8%1/$ ( 1/+(%./1 $+-17 #2 ( )(*+%,-.(* 0-$/-0


/5"%6%+%#& +"(+ %$ ,(*/2-..7 '*#-&1/1 %& +"/ 1/+(%.$ #2 +"/ /5"%6%+%#&D$
())(*(+-$ (&1 +/,"&#.#'%/$@ (&1 (.$# 0(?/$ $#0/ ,#&&/,+%#&$ >%+" #+"/*
0/+"#1$ #2 .##?%&' (+ 0-$/-0 (&1 '(../*7 $)(,/$@ >"%./ \(*7 V&&/
H+(&%$T/>$?% MNOOXR 1%$,-$$/$ +"/ /22/,+$ #2 1%22/*/&+ 1%$).(7 )*(,+%,/$ (+
+"/ \-$/-0 #2 \#1/*& V*+ %& g/> h#*? 2*#0 NOQN +# NOPa3
T
%#*/$ ;/#*%&+< ;!?!") ;/#*%&+

H !"#$%&'(#!%"

4"%$ ,"()+/* /&1$ +"/ 6##? 67 6#+" */"/(*$%&' %+$ ,/&+*(. +"/0/$ (&1 67
%&+*#1-,%&' $#0/ &/> ,#&$%1/*(+%#&$3 c(," ,"()+/* "($ /5).#*/1 (
)(*+%,-.(* 0/+"#1 2#* %&+/*)*/+%&' ( )(*+%,-.(* ?%&1 #2 8%$-(. %0('/*7@ (&1
+"/ A*$+ $/,+%#& #2 +"%$ ,"()+/* >%.. ,#0)(*/ +"/ 0/+"#1$ ( .%++./ 0#*/
$7$+/0(+%,(..7 +"(& )*/8%#-$ ,"()+/*$ "(8/ 1#&/3 W#* /(," #2 +"/$/ 0/+"#1$
"($ %+$ $+*/&'+"$ (&1 >/(?&/$$/$ &#+ #&.7 %& */.(+%#& +# +"/ ,*%+/*%( 2#* (
,*%+%,(. 8%$-(. 0/+"#1#.#'7 .(%1 #-+ %& !"()+/* N@ 6-+ (.$# %& +/*0$ #2 >"(+
%+ %$ 0#$+ /22/,+%8/ %& /5).#*%&' /0)%*%,(..73 4"/$/ /0)%*%,(. 2#,-$/$ 1# &#+
,#&,/*& +"/ ?%&1$ #2 8%$-(. %0('/$ #& >"%," /(," 0/+"#1 ,(& 6/ 1/).#7/13
V.+"#-'" 0#$+ ,"()+/*$ "(8/ ,#&,/&+*(+/1 #& #&.7 #&/ $#*+ #2 8%$-(.
%0('/@ /8/*7 0/+"#1 1%$,-$$/1 "/*/ ,(& 6/ ()).%/1 +# %0('/$ #+"/* +"(&
+"/ $#*+ 1%$,-$$/1 %& +"(+ 0/+"#1D$ ,"()+/*3 `(+"/*@ +"/ $)/,%A,%+7 #2 +"/
/0)%*%,(. #*%/&+(+%#&$ #2 +"/$/ 0/+"#1$ ,#&,/*&$ +"/ $%+/$ (&1 0#1(.%+%/$
#2 8%$-(. 0/(&%&'<0(?%&'@ (&1 +"%$ $)/,%A,%+7 ./(1$ +# +"/ +># #+"/*
,#&$%1/*(+%#&$ #2 +"%$ ,"()+/*9 +"/ )#$$%6%.%+7 #2 0%5%&' 0/+"#1$@ %& #*1/*
+# 6*#(1/& +"/ /0)%*%,(. $,#)/ #2 ( $+-17S (&1 #2 -$%&' #+"/* 0/+"#1$ %&
#*1/* +# (,,/$$ %$$-/$ #+"/*>%$/ &/'./,+/1 67 +"/ 0/+"#1$ $# 2(* 1%$,-$$/13
B2 +"/$/ &/'./,+/1 %$$-/$@ )/*"()$ +"/ 0#$+ #68%#-$ %$ +"/ $%+/ #2 (-1%<
/&,%&'3 V.+"#-'" $/8/*(. #2 +"/ 0/+"#1$ 1%$,-$$/1 %& )*/8%#-$ ,"()+/*$
0(?/ ,/*+(%& ($$-0)+%#&$ (&1 ,.(%0$ (6#-+ +"/ /22/,+$ #2 %0('/$ #&
(-1%/&,/$@ &#&/ #2 +"/0 (*/ 1%*/,+/1 /5,.-$%8/.7 (+ +"/ $%+/ #2 (-1%/&,%&'
(&1 &#&/ #2 +"/0 (%0 +# /5).#*/ +"/ >(7$ %& >"%," (-1%/&,/$ 0(?/ $/&$/
#2 %0('/$3 4"%$ A&(. ,"()+/* >%.. +"/*/2#*/ (.$# /5(0%&/ >(7$ #2 /5).#*%&'
+"%$ $%+/3 4"-$ +"%$ ,"()+/* >%..9

: 6*%/E7 */"/(*$/ +"/ (*'-0/&+$ #2 !"()+/* N ,#&,/*&%&' +"/ $%+/$ (&1


0#1(.%+%/$ #2 +"/ 0/(&%&'$ #2 8%$-(. %0('/$@ (&1 ).(,/ +"/ 0/+"#1$ $#
2(* 1%$,-$$/1 %& */.(+%#& +# +"/03
HTT QB2RDS TU@EV>VSVWBU2

: /5(0%&/ #+"/* 0/+"#1$ +"(+ "(8/ 6//& -$/1 %& */.(+%#& +# 8%$-(. %0('/$@
/$)/,%(..7 +"#$/ -$/1 +# /5).#*/ +"/ $%+/ #2 (-1%/&,%&'3
: 1%$,-$$ +"/ 0/*%+$ #2 0%5%&' 0/+"#1$3

N +!#/+< ;%&14!#!/+ 1"& ;/#*%&+

!"()+/* N ,#00/&+/1 +"(+ +"/ .(*'/ 6#17 #2 >#*? /5).#*%&' +"/ 0/(&%&'$
#2 8%$-(. %0('/$ $-''/$+$ +"(+ +"/*/ (*/ +"*// $%+/$ (+ >"%," +"/ 0/(&%&'$ #2
%0('/$ (*/ 0(1/9 +"/ $%+/ #2 *)&6+$%!&,@ +"/ $%+/ #2 +"/ !-/3( !%"(91@ (&1 +"/
$%+/ #2 %+$ /+6!(,$!,33 4"(+ %$@ "#> (& %0('/ %$ 0(1/@ >"(+ %+ .##?$ .%?/@
(&1 "#> %+ %$ $//& (*/ +"/ +"*// ,*-,%(. >(7$ %& >"%," ( 8%$-(. %0('/
6/,#0/$ ,-.+-*(..7 0/(&%&'2-.3 !"()+/* N (.$# $-''/$+/1 +"(+ /(," #2 +"#$/
+"*// $%+/$ ,#-.1 6/ -&1/*$+##1 %& +/*0$ #2 +"*// 0#1(.%+%/$@ >"%," %+
+/*0/1 +"/ %($;,&9&3!$/9@ +"/ $&-*&"!%!&,/9 (&1 +"/ "&$!/93 4"/ +/,"<
&#.#'%,(. ,#&,/*&$ +"/ +##.$ (&1 /F-%)0/&+ -$/1 +# 0(?/@ $+*-,+-*/ (&1
1%$).(7 (& %0('/S +"/ ,#0)#$%+%#&(. ,#&,/*&$ +"/ 8%$-(. ,#&$+*-,+%#&@
F-(.%+%/$ (&1 */,/)+%#& #2 (& %0('/S (&1 +"/ $#,%(. ,#&,/*&$ +"/ $#,%(.@
/,#&#0%,@ )#.%+%,(. (&1 %&$+%+-+%#&(. )*(,+%,/$ (&1 */.(+%#&$ +"(+ )*#1-,/@
$(+-*(+/ (&1 %&+/*)*/+ (& %0('/3
!./(*.7@ +"/$/ +"*// $%+/$ (&1 0#1(.%+%/$ (*/ %& )*(,+%,/ #2+/& 1%2A,-.+
+# 1%$+%&'-%$" &/(+.7 #&/ 2*#0 (&#+"/*3 U/,(-$/ #2 +"(+@ W%'-*/ N3d %$ (
8%$-(. %0('/ +"(+ 1*(>$ 6#-&1(*%/$ 6/+>//& +"%&'$ +"(+ (*/ *(*/.7 $# &/(+.7
1%8%1/1 #&/ 2*#0 (&#+"/*3 ;+$ .%&/$ (*/ 0%$./(1%&' $#.%1S (&1 67 +"%$ )#%&+
%& +"/ 6##? 7#- 0(7 2//. +"(+ ( .%$+ #2 F-/$+%#&$ .%?/ +"/ #&/ +"(+ 2#..#>$ %$
( 0#*/ ())*#)*%(+/ >(7 #2 ())*#(,"%&' +"/ ,#0)./5%+7 (&1 *%,"&/$$ #2
0/(&%&' %& ( 8%$-(. %0('/ +"(& +"/ 1/0(*,(+/1 A/.1$ #22/*/1 %& W%'-*/ N3d3

+%;/ e'/+#!%"+ 1,%'# #*/ 6$%&'(#!%" %3 1" !;1)/

k ,-$& ,+) .! /+'$I


k ,-$($ ,+) .! /+'$I
k ,-" /+'$ .!I
k ,+) .! /+'$ 4"( )"/$"&$ $6)$I
k ,-+! !$5-&"6"8.$) '"$) .!) 7("'%5!."& '$7$&' "&I
k ,-+! ,$($ !-$ )"5.+6 .'$&!.!.$) "4 !-$ /+?$(* !-$ ",&$( +&' !-$
)%#K$5! "4 !-$ ./+8$I
k ,-+! ,$($ !-$ ($6+!."&) #$!,$$& !-$ /+?$(* !-$ ",&$( +&' !-$
)%#K$5!I
k '"$) !-$ 8$&($ "4 !-$ ./+8$ +''($)) !-$)$ .'$&!.!.$) +&' ($6+!."&)
"4 .!) 7("'%5!."&I
k '"$) !-$ 4"(/ "4 !-$ ./+8$ ($5"&)!.!%!$ !-")$ .'$&!.!.$) +&'
($6+!."&)I
V@EU` TU@EV>2* TBlB=W TU@EV>2 HTI

+%;/ e'/+#!%"+ 1,%'# #*/ !;1)/

k ,-+! .) #$.&8 )-",&I ,-+! +($ !-$ 5"/7"&$&!) "4 !-$ ./+8$I -",
+($ !-$9 +((+&8$'I
k .) .! "&$ "4 )$(.$)I
k ,-$($ .) !-$ 3.$,$(0) $9$ '(+,& !" .& !-$ ./+8$* +&' ,-9I
k ,-+! .) !-$ 3+&!+8$ 7".&! "4 !-$ ./+8$I
k ,-+! ($6+!."&)-.7) +($ $)!+#6.)-$' #$!,$$& !-$ 5"/7"&$&!) "4 !-$
./+8$ 3.)%+669I
k ,-+! %)$ .) /+'$ "4 5"6"%(I
k -", -+) .!) !$5-&"6"89 +44$5!$' !-$ !$<!I
k ,-+! .)* "( +($* !-$ 8$&($:); "4 !-$ ./+8$I B) .! '"5%/$&!+(9* )"+7
"7$(+* "( /$6"'(+/+* 4"( $<+/76$I
k !" ,-+! $<!$&! '"$) !-.) ./+8$ '(+, "& !-$ 5-+(+5!$(.)!.5) "4 .!)
8$&($I
k '"$) !-.) ./+8$ 5"//$&! 5(.!.5+669 "& !-$ 5-+(+5!$(.)!.5) "4 .!)
8$&($I
k ,-+! '" !-$ '.44$($&! 5"/7"&$&!) "4 +& ./+8$ ).8&.49I
k ,-+! ?&",6$'8$) +($ #$.&8 '$76"9$'I
k ,-")$ ?&",6$'8$) +($ $<56%'$' 4("/ !-.) ($7($)$&!+!."&I
k '"$) !-.) ./+8$0) 7+(!.5%6+( 6""? +! .!) )%#K$5! '.)$/7",$( .!)
)%#K$5!I
k +($ !-$ ($6+!."&) #$!,$$& !-$ 5"/7"&$&!) "4 !-.) ./+8$ %&)!+#6$I
k .) !-.) + 5"&!(+'.5!"(9 ./+8$I

+%;/ e'/+#!%"+ 1,%'# 1'&!/"(!")

k ,-" ,$($ !-$ "(.8.&+6 +%'.$&5$:); 4"( !-.) ./+8$I


k ,-$($ +&' -", ,"%6' !-$ !$<! -+3$ #$$& '.)76+9$' "(.8.&+669I
k -", .) .! 5.(5%6+!$'I
k -", .) .! )!"($'I
k -", .) .! ($'.)76+9$'I
k ,-" +($ !-$ /"($ ($5$&! +%'.$&5$) 4"( !-.) !$<!I
k ,-$($ .) !-$ )7$5!+!"( 7").!."&$' .& ($6+!."& !" !-$ 5"/7"&$&!) "4
!-$ ./+8$I
k ,-+! ($6+!."& '"$) !-.) 7("'%5$ #$!,$$& !-$ ./+8$ +&' .!) 3.$,$()I
k .) !-$ ./+8$ "&$ "4 + )$(.$)* +&' -", '" !-$ 7($5$'.&8 +&' )%#O
)$C%$&! ./+8$) +44$5! .!) /$+&.&8)I
k ,"%6' !-$ ./+8$ -+3$ -+' + ,(.!!$& !$<! !" 8%.'$ .!) .&!$(7($!+!."& .&
.!) .&.!.+6 /"/$&! "4 '.)76+9* 4"( $<+/76$* + 5+7!."& "( + 5+!+6"8%$
$&!(9I
k .) !-$ ./+8$ ($7($)$&!$' $6)$,-$($ .& + ,+9 ,-.5- .&3.!$) +
7+(!.5%6+( ($6+!."& !" .!* .& 7%#6.5.!9 /+!$(.+6)* 4"( $<+/76$* "( .&
($3.$,)I
k -+3$ !-$ !$5-&"6"8.$) "4 5.(5%6+!."& +&' '.)76+9 +44$5!$' !-$
+%'.$&5$)0 .&!$(7($!+!."& "4 !-.) ./+8$I
HIV QB2RDS TU@EV>VSVWBU2

k ,-+! +($ !-$ 5"&3$&!."&) 4"( 3.$,.&8 !-.) !$5-&"6"89I


k .) /"($ !-+& "&$ .&!$(7($!+!."& "4 !-$ ./+8$ 7")).#6$I
k -", +5!.3$69 '"$) + 7+(!.5%6+( +%'.$&5$ $&8+8$ ,.!- !-$ ./+8$I
k .) !-$($ +&9 $3.'$&5$ !-+! + 7+(!.5%6+( +%'.$&5$ 7("'%5$' + /$+&.&8
4"( +& ./+8$ !-+! '.44$($' 4("/ !-$ /$+&.&8) /+'$ +! !-$ ).!$ "4 .!)
7("'%5!."& "( #9 !-$ ./+8$ .!)$64I
k -", '" '.44$($&! +%'.$&5$) .&!$(7($! !-.) ./+8$I
k -", +($ !-$)$ +%'.$&5$) '.44$($&! 4("/ $+5- "!-$(* .& !$(/) "4
56+))* 8$&'$(* (+5$* )$<%+6.!9 +&' )" "&I
k -", '" !-$)$ +<$) "4 )"5.+6 .'$&!.!9 )!(%5!%($ '.44$($&! .&!$(7($!+O
!."&)I

H-," ( .#&' .%$+ #2 F-/$+%#&$ (11*/$$/1 +# ( )(*+%,-.(* 8%$-(. %0('/


0(7 6/ ( -$/2-. $+(*+%&' )#%&+ 2#* 7#-* $+-173 ;+ 0(7 )*#0)+ &/> %1/($
6/,(-$/ +"/ F-/$+%#&$ ($? (6#-+ $#0/+"%&' 7#- "(8/&D+ +"#-'"+ (6#-+
6/2#*/S #* 7#-* %0('/ 0(7 $-''/$+ #+"/* F-/$+%#&$ +# 7#- +"(+ 6/,#0/
0#*/ %&+/*/$+%&' 67 +"/%* (6$/&,/ 2*#0 +"%$ .%$+3
I#>/8/*@ +"%$ .%$+ #2 F-/$+%#&$ %$ 8/*7 /,./,+%,3 ;+ 1#/$&D+ $-''/$+ +"(+
(&7 #&/ $/*%/$ #2 F-/$+%#&$ %$ (&7 0#*/ %0)#*+(&+ +"(& (&#+"/*3 4"/ -$/<
2-.&/$$ #2 W%'-*/ N3d >($ )*/,%$/.7 +# $-''/$+ +"(+ +"/ +"/#*/+%,(. 1/6(+/$ %&
>"%," 0(&7 #2 +"/ 0/+"#1$ 1%$,-$$/1 %& +"%$ 6##? (*/ /06/11/1 (*/
%0)#*+(&+ 6/,(-$/ +"/7 1# ,.(%0 +"(+ ,/*+(%& $%+/$ #* ,/*+(%& 0#1(.%+%/$ (*/
0#*/ 2-&1(0/&+(. 2#* -&1/*$+(&1%&' +"/ 0/(&%&' #2 (& %0('/ +"(& #+"/*$3
4"(+ %$@ +"/7 $-''/$+ +"(+ $#0/ F-/$+%#&$ %& +"(+ .%$+ (*/ 0#*/ %0)#*+(&+
+"(& #+"/*$3 H#@ ($ !"()+/* N (.$# %&$%$+/1@ 7#- &//1 +# /&'('/ >%+" +"/$/
0#*/ +"/#*/+%,(. 1/6(+/$ (6#-+ "#> +# %&+/*)*/+ %0('/$ 6/2#*/ 1/).#7%&'
(&7 #2 +"/ 0/+"#1$ 1%$,-$$/1 %& +"%$ 6##?3
H%&,/ 0(&7 #2 +"/ 0/+"#1$ /5(0%&/1 "/*/ (*/ */.(+/1 +# $)/,%A,
(*'-0/&+$ (6#-+ "#> %0('/$ 6/,#0/ $%'&%A,(&+@ %+ %$ &#+ $-*)*%$%&' +"(+
0(&7 #2 +"/0 )*#1-,/ F-%+/ $)/,%A, /0)%*%,(. 2#,-$/$ >"/& +"/7 (*/ -$/1@
($ >/.. ($ %0).7%&' +"/%* #>& ,#&,/)+-(. -&1/*$+(&1%&' #2 %0('/*73 W%'-*/
N3d $-''/$+$ >"(+ +"/$/ /0)%*%,(. 2#,-$/$ (*/ J (.+"#-'" %+ $"#-.1 6/ &#+/1
+"(+ %& $#0/ ,($/$@ +"/$/ 2#,-$/$ (*/ 0#*/ ( 0(++/* #2 >"(+ "($ 6//& 1#&/
$# 2(* 67 +"#$/ */$/(*,"/*$ %&+/*/$+/1 %& 8%$-(. 0(++/*$ +"(& >"(+ +"/
0/+"#1 %+$/.2 0%'"+ (..#>3 4"%$ %$ +"/ ,($/@ ; +"%&?@ %& */.(+%#& +# +"/
&/'./,+ #2 (-1%/&,%&' 67 +"/ $/,#&1 +7)/ #2 1%$,#-*$/ (&(.7$%$ 1%$,-$$/1 %&
!"()+/* P3 4"/*/ 1#/$&D+ $//0 +# 6/ (&7+"%&' %& +"/ 2#-&1%&' (*'-0/&+$ #2
+"(+ ?%&1 #2 1%$,#-*$/ (&(.7$%$ +"(+ )*/,.-1/$ /5).#*%&' +"/ $%+/ #2
(-1%/&,%&'@ 6-+ 8/*7 2/> #2 %+$ )*#)#&/&+$ "(8/ ,(**%/1 #-+ +"(+ ?%&1 #2
*/$/(*,"3 ;&$+/(1@ +"#$/ $#*+$ #2 1%$,#-*$/ (&(.7$+$ "(8/ 2#,-$/1 #& +"/
%&$+%+-+%#&(. $%+/$ #2 %0('/ )*#1-,+%#&@ -$/ (&1 1%$).(7@ (&1 #& )(*+%,-.(*
'/&*/$ #2 %0('/$3 B& +"/ #+"/* "(&1@ $/0%#.#'7 M)(*+%,-.(*.7 %+$ /(*.%/*
0(&%2/$+(+%#&$R (&1 0-," )$7,"#(&(.7$%$ (.$# &/'./,+ +# /5).#*/ +"/
)*#,/$$/$ #2 (-1%/&,%&'@ 6-+ +"%$ %$ 6/,(-$/ 6#+" ,.(%0 +"(+ %+ %$ +"/ %0('/
V@EU` TU@EV>2* TBlB=W TU@EV>2 HIH

%+$/.2 +"(+ )*#1-,/$ %+$ (-1%/&,/$D )#$%+%#&$3 H%&,/ 6#+" +"/$/ +"/#*%/$
,#&,/)+-(.%T/ +"/ %0('/ ($ )*#1-,+%8/ #2 $)/,+(+#*$"%)@ 6#+" "(8/ 1/8/.<
#)/1 ,#0)./5 (&1 /.(6#*(+/ >(7$ #2 %&+/*)*/+%&' >"(+ +"/%* )*#)#&/&+$
(*'-/ (*/ +"/ /22/,+$ #2 +"#$/ %0('/$ 67 .##?%&' #&.7 (+ +"/ %0('/$ %&
F-/$+%#&3 4"/ &#+%#& +"(+ 1%22/*/&+ (-1%/&,/$ 0%'"+ */(,+ 1%22/*/&+.7 +# +"/
$(0/ %0('/ %$ $# *(*/.7 (,?&#>./1'/1 ,#&,/)+-(..7@ +"(+ +"/ 0/+"#1#.<
#'%/$ +"(+ E#> 2*#0 +"(+ ,#&,/)+-(.%T(+%#& +"/*/2#*/ (.$# &/'./,+ +"/
)*#,/$$/$ #2 (-1%/&,%&'3 I/&,/ %+ >#-.1 6/ 8/*7 1%2A,-.+@ -$%&' /%+"/* #2
+"#$/ 0/+"#1$@ +# /5).#*/ "#> (-1%/&,/$ 0(?/ $/&$/ #2 %0('/$3
;&1//1@ W%'-*/ N3d $-''/$+$ +"(+ &#&/ #2 +"/ 0/+"#1$ 1%$,-$$/1 $# 2(*
%& +"%$ 6##? #22/* (&7 0/(&$ +# /5(0%&/ +"/ $%+/ #2 (-1%/&,%&'3 !#0<
)#$%+%#&(. %&+/*)*/+(+%#& ,#&,/&+*(+/$ (.0#$+ /&+%*/.7 #& +"/ ,#0)#$%+%#&(.
0#1(.%+7 #2 +"/ %0('/ %+$/.2 (&1@ 6/,(-$/ %+ */.%/$ %0).%,%+.7 #& +"/ %1/( +"(+
V*+ (&1 '/&%-$ (*/ -&%8/*$(..7 */,#'&%T/1@ %+ %$ -&%&+/*/$+/1 %& "#>
1%22/*/&+ 8%/>/*$ 0%'"+ $// +"/ $(0/ %0('/ 1%22/*/&+.73 !#&+/&+ (&(.7$%$@ #&
+"/ #+"/* "(&1@ %& %+$ 2(%+" %& +"/ )#$$%6%.%+7 #2 */).%,(6./ */$/(*," */$-.+$@
($$-0/$ +"(+ (-1%/&,/ 8(*%(6%.%+7 %$ ( )*#6./0 +# 6/ #8/*,#0/ *(+"/* +"(&
(& %$$-/ +# 6/ /5).#*/13 V&1@ ($ ; "(8/ G-$+ &#+/1@ 6#+" $/0%#.#'7 (&1
)$7,"#(&(.7$%$ +/&1 +# ($$-0/ +"(+ +"/ %0('/ )*#1-,/$ +"/ (-1%/&,/ *(+"/*
+"(& 8%,/ 8/*$(3 f%$,#-*$/ (&(.7$%$@ 0/(&>"%./@ +"#-'" %+ 1#/$ &#+ )*/,.-1/
/5).#*%&' +"/ 1%$,#-*$/$ (-1%/&,/$ 6*%&' +# 6/(* #& (& %0('/@ 1#/$ &#+ $#
2(* $//0 +# "(8/ )-*$-/1 +"%$ )#$$%6%.%+73
4"/$/ $#*+$ #2 ,#&$%1/*(+%#&$ $-''/$+ +"/ %$$-/$ +"(+ +"/ &/5+ +>#
$/,+%#&$ #2 +"%$ ,"()+/* (11*/$$3 4"/ A*$+ %$ +"/ F-/$+%#& #2 >"/+"/* +"/*/
(*/ (&7 #+"/* 0/+"#1$ +"(+ "(8/ 6//& 1/8/.#)/1 +# /5).#*/ "#> )(*+%,-.(*
(-1%/&,/$ */(,+ +# $)/,%A, %0('/$3 4"/ $/,#&1 %$ >"/+"/* 0%5%&' #&/
0/+"#1 >%+" (&#+"/* %$ ( -$/2-. $+*(+/'7 2#* >%1/&%&' +"/ /0)%*%,(. 2#,-$
#2 ( */$/(*," )*#G/,+3

L %#*/$ ;/#*%&+K /?64%$!") 1'&!/"(!")

4"%$ 6##? "($ (.*/(17 %0).%/1 +"(+ +"/*/ (*/ >(7$ #2 %&+/*)*/+%&' 8%$-(.
%0('/$ #+"/* +"(& +"#$/ +# >"%," ,"()+/*$ "(8/ 6//& 1/8#+/13 W#*
/5(0)./@ $/,+%#& d3N #2 !"()+/* N $(%1 8/*7 .%++./ (6#-+ +"/ 0/+"#1$ -$/1
67 +"#$/ (-+"#*$ >"# (*'-/ +"(+ /,#&#0%, )*#,/$$/$ (&1 */.(+%#&$ 1/+/*<
0%&/ +"/ 0/(&%&' #2 8%$-(. %0('/$3 V&1 +"/ 1%$,-$$%#&$ #2 +"/ 1%22/*/&+
?%&1$ #2 1%$,#-*$/ (&(.7$%$ %& !"()+/*$ b (&1 P 6#+" $-''/$+/1 +"(+
%&+/*8%/>$ 0%'"+ 6/ -$/2-. >(7$ #2 (,,/$$%&' +"/ 1%$,-*$%8/ )*#1-,+%#& #2
8%$-(.%+%/$3 4"/*/ %$@ #2 ,#-*$/@ ( "-'/ .%+/*(+-*/ #& 1#%&' (&1 %&+/*)*/+%&'
%&+/*8%/>$@ (&1 +"%$ ,"()+/* ,(&&#+ "#)/ +# 1# G-$+%,/ +# +"/ 1/+(%.$ #2 +"(+
)(*+%,-.(* */$/(*," 0/+"#13 g#&/+"/./$$@ +"%$ $/,+%#& >%.. /5(0%&/ #&/
)(*+%,-.(* -$/ #2 %&+/*8%/>$ ($ ( 0/+"#1 2#* /5).#*%&' +"/ 0/(&%&'$ #2
8%$-(. %0('/$@ $%&,/ %+ %$ +"/ 0/+"#1 0#$+ #2+/& -$/1 +# /5).#*/ "#>
(-1%/&,/$ 0(?/ $/&$/ #2 %0('/$3 4"%$ $/,+%#& >%.. (.$# .##? (+ #&/ #+"/*
0/+"#1 -$/1 2#* +"/ $(0/ /&1$9 /+"&#'*()"73
HIN QB2RDS TU@EV>VSVWBU2

Z1L !-$ ).!$ "4 +%'.$&5.&8

U/2#*/ 1%$,-$$%&' +"/ 8(*%#-$ %&+/*8%/>%&' J (&1 #+"/* J $+*(+/'%/$ -$/1 67


*/$/(*,"/*$ %&+/*/$+/1 %& +"/ $%+/ #2 (-1%/&,%&'@ %+ %$ >#*+" $)/&1%&' ( .%++./
+%0/ ,#&$%1/*%&' "#> +"(+ $%+/ %$ -&1/*$+##1 67 +"#$/ */$/(*,"/*$@ (&1
"/&,/ >"(+ +"/%* -$/ #2 %&+/*8%/>$ %$ +*7%&' +# (,"%/8/3
V$ H"(-& \##*/$ MNOO]R &#+/$ %& "%$ -$/2-. 1%$,-$$%#& #2 */$/(*," %&+#
(-1%/&,/$@ +"/ A*$+ $+-1%/$ +# /5).#*/ "#> (-1%/&,/$ */(,+/1 +# $)/,%A,
8%$-(. %0('/$ /0/*'/1 %& +"/ .(+/ NOPa$ (&1 1/)/&1/1 #& ( ,*%+%F-/ #2
+"#$/ ())*#(,"/$ +# 8%$-(. %0('/$ +"(+ "(1 6//& 1#0%&(&+ %& ,*%+%,(. $#,%(.
+"/#*7 +"*#-'" +"/ NOPa$9 $/0%#.#'7 (&1 )$7,"#(&(.7$%$3 ;& ( ?/7 +/5+@
f(8%1 \#*./7 MNOXaR (*'-/1 +"(+ +"/$/ 2#*0$ #2 (&(.7$%$ >/*/ #8/*.7
W%$;14!+# 5*%2,#()$9 +"(+ %$@ +"/7 )(%1 +## 0-," (++/&+%#& +# +"/ 2#*0(. F-(.%+%/$ #2
+"/ 8%$-(. %0('/ (&1 &#+ /&#-'" (++/&+%#& +# +"/ >(7$ (,+-(. (-1%/&,/$
0(1/ $/&$/ #2 %+3 MW#* /5(0)./@ */,(.. "/*/ +"/ >(7 Z-1%+" =%..%(0$#&
MNOPXR $-''/$+$ >/ (*/ ,#&$+%+-+/1 %& $)/,%A, >(7$ 67 (18/*+%$%&'@ #* [(-*(
\-.8/7D$ MNOXOR ,.(%0 +"(+ /8/*7#&/ %$ 0($,-.%&%T/1 >"/& +"/7 8%/>
I#..7>##1 &(**(+%8/ ,%&/0(3R ;& #))#$%+%#& +# +"%$ 2#*0(.%$0@ \#*./7
MNOXaR (*'-/1 +"(+ (-1%/&,/$ (,+%8/.7 */$)#&1/1 +# (& %0('/D$ 0/(&%&'@
6*%&'%&' +"/%* #>& /5)/*%/&,/$ (&1 ?&#>./1'/$ +# 6/(* #& %+3 4# 0(?/ +"%$
(*'-0/&+ "/ 1*/> #& ( &-06/* #2 (-+"#*$@ 6-+ /$)/,%(..7 %0)#*+(&+ >($
H+-(*+ I(..D$ MNOXaR 1%$,-$$%#& #2 +"/ */,/)+%#& #2 )*/2/**/1 0/(&%&'$ M$//
$/,+%#& d #2 !"()+/* dR3 I(.. MNOXaR (*'-/1 +"(+ (.+"#-'" 8%$-(. %0('/$
M(&1 %&1//1 (.. ,-.+-*(. +/5+$R >/*/ /&,#1/1 %& +"/%* )*#1-,+%#& >%+" (
)*/2/**/1 0/(&%&' J 67 >"%," I(.. 0/(&+ +"/ %0)*%&+ #2 +"/ %1/#.#'7 #2
c/(%&/& +"/ 1#0%&(&+ ,-.+-*(. #*1/* J +"%$ 0/(&%&' ,#-.1 6/ 6&/*6&6 %& F-%+/
1%22/*/&+ +/*0$ 67 ( $)/,%A, (-1%/&,/3 V$ \##*/$ MNOO]9 NbR $(7$@ C>"%./
*/,#'&%T%&' +"/ +/5+D$ ,#&$+*-,+%#& #2 $-6G/,+ )#$%+%#&$@ k+"%$ (*'-0/&+l
)#%&+/1 +# */(1/*$ ($ +"/ )#$$/$$#*$ #2 ,-.+-*(. ?&#>./1'/$ (&1 ,#0<
)/+/&,/$ +"(+ "(8/ 6//& (,F-%*/1 %& )*/8%#-$ $#,%(. /5)/*%/&,/$ (&1 >"%,"
(*/ 1*(>& #& %& +"/ (,+ #2 %&+/*)*/+(+%#&D3 4"-$@ ($ +"/ &/5+ $/,+%#& >%..
$"#>@ \#*./7D$ /(*.7 >#*? 1/0#&$+*(+/1 +"/ (,,/)+(&,/ 6-+ (.$# +"/
(06%8(./&,/ (&1 #-+*%'"+ "#$+%.%+7 +"(+ $)/,%A, (-1%/&,/$ $"#>/1 +#>(*1$
+"/ )*/2/**/1 0/(&%&'$ #2 ( )(*+%,-.(* +8 )*#'*(00/3
;+ >($ %& #*1/* +# /5).#*/ +"/$/ C,-.+-*(. ?&#>./1'/$ (&1 ,#0)/<
+/&,/$D +"(+ +"/ /(*.7 $+-1%/$ #2 (-1%/&,%&' +-*&/1 +# %&+/*8%/>$ >%+"
(-1%/&,/ 0/06/*$3 ;&+/*8%/>$ (*/ &#+ -$/1 %& +"%$ 6#17 #2 >#*? +#
1%$,#8/* >"(+ )/#)./ C(,+-(..7 >(+,"DS #+"/* 0/+"#1$ (*/ (8(%.(6./ 2#*
+"(+@ 2#* /5(0)./@ ($?%&' )/#)./ +# ?//) ( 1%(*7 #2 +"/%* 8%/>%&'3 ;&$+/(1@
%&+/*8%/>$ (*/ -$/1 +# /5).#*/ +"/ $/&$/ )/#)./ 0(?/ #2 +/./8%$%#&3 \#*./7
MNOOQ9 NXNR (18#,(+/$ +"/ %&+/*8%/> 0/+"#1@ 2#* /5(0)./@ C&#+ $%0).7 2#*
+"/ (,,/$$ %+ '%8/$ +"/ */$/(*," +# +"/ */$)#&1/&+$D ,#&$,%#-$ #)%&%#&$ (&1
$+(+/0/&+$ 6-+ (.$# 2#* +"/ (,,/$$ +"(+ %+ '%8/$ +# +"/ .%&'-%$+%, +/*0$ (&1
,(+/'#*%/$ 3 3 3 +"*#-'" >"%," */$)#&1/&+$ ,#&$+*-,+ +"/%* >#*1$ (&1 +"/%*
#>& -&1/*$+(&1%&'$ #2 +"/%* (,+%8%+%/$D3 4"%$ $#*+ #2 %&+/*8%/> ,(& +(?/
1%22/*/&+ 2#*0$@ ($ $/,+%#& ]3Q >%.. 1/$,*%6/3 I#>/8/*@ %+ $"#-.1 (.$# 6/
V@EU` TU@EV>2* TBlB=W TU@EV>2 HIL

&#+/1 +"(+ #+"/* */$/(*,"/*$ "(8/ -$/1 #+"/* 0/+"#1$ +# '(%& (,,/$$ +#
(-1%/&,/ %&+/*)*/+(+%#&$3 ;& "/* $+-17 #2 "#> 8%/>/*$ #2 +"/ V0/*%,(& $#()
#)/*( L/99/" -&1/*$+##1 +"/ )*#'*(00/@ 2#* /5(0)./@ ;/& V&' ).(,/1 (
$0(.. (1 %& ( >#0/&D$ 0('(T%&/ ($?%&' )/#)./ +# >*%+/ +# "/* (6#-+ >"7
+"/7 .%?/1 #* 1%$.%?/1 >(+,"%&' %+@ $(7%&' +"(+ $"/ >#-.1 -$/ +"/%* */$)#&$/$
%& "/* 1%$$/*+(+%#&3 H"/ */,/%8/1 dQ */).%/$ (&1 -$/1 +"/$/ %& "/* 6##?
./%$;!,3 L/99/" MV&'@ NOX^R3
\-," #2 +"%$ >#*? #& (-1%/&,%&' "($ ,#&,/&+*(+/1 #& +/./8%$%#&@ (&1 %+
%$ #& +"/$/ $+-1%/$ +"(+ +"%$ $/,+%#& >%.. 2#,-$3 \#*./7D$ /(*.7 $+-17 .##?/1
(+ (-1%/&,/ */(,+%#&$ +# (& /(*.7 /8/&%&' &/>$ 0('(T%&/ 6*#(1,($+ 67 +"/
U*%+%$" U*#(1,($+%&' !#*)#*(+%#& ,(../1 P/%!&,4!6(S +"/*/ %$ V&'D$ MNOX^R
1%$,-$$%#& #2 L/99/"S (&1 f(8%1 U-,?%&'"(0 MNOXPR /5).#*/1 "#> ,"%.1*/&
>(+,"/1 +"/ UU! $#() O/"%O,6()"@ 2#* /5(0)./3 4"-$ +"%$ >#*? >($
.##?%&' (+ )#)-.(* ,-.+-*(. 2#*0$3 g# #&/ %&+/*/$+/1 %& (-1%/&,/$D */(,+%#&$
+# 8%$-(. %0('/$ >/&+ +# (*+ '(../*%/$@ ,%&/0($ #* 0-$/-0$ +# /5).#*/
F-(.%+(+%8/.7 +"/ $#*+$ #2 F-/$+%#&$ *(%$/1 67 U#-*1%/- (&1 f(*6/.D$ MNOONR
.(*'/<$,(./ F-(&+%+(+%8/ $-*8/7 #2 +"/%* 8%$%+#*$ M(.+"#-'" Z#"& c..%$@ NOOQ
*(%$/$ $#0/ %&+/*/$+%&' F-/$+%#&$ (6#-+ "#> >/ >(+," ( 0#8%/ 1%22/*/&+.7
1/)/&1%&' #& >"/+"/* >/ $// %+ (+ ( ,%&/0( #* >(+," %+ #& +/./8%$%#&R3 4"/
/0)"($%$ #& +/./8%$%#& "($ ,#&+%&-/1 %& 0#*/ */,/&+ $+-1%/$ $# +"(+@ ($
\##*/$ MNOO]9 QR ,#00/&+$@ C(-1%/&,/D %& +"%$ ?%&1 #2 >#*? "($ 6/,#0/
/F-%8(./&+ +# C+"/ ,#&$-0/*$ #2 /./,+*#&%,(..7 0/1%(+/1 0/$$('/$D3 4"%$
%&+/*/$+ %& +/./8%$%#& (-1%/&,/$ >($ ,(-$/1 67 ( 1/8/.#)0/&+ %& ,-.+-*(.
$+-1%/$ +"(+ )(*(../../1 %+$ (&+%<2#*0(.%$+ $+(&13 V$ >/.. ($ #6G/,+%&' +# +"/
2#*0(.%$0 #2 $/0%#.#'7 (&1 )$7,"#(&(.7$%$@ >*%+/*$ .%?/ \#*./7 (.$#
#6G/,+/1 +# +"/ ?%&1$ #2 %0('/$ +"/7 +/&1/1 +# $+-17@ >"%," >/*/ +"#$/
($$#,%(+/1 >%+" >"(+ "(8/ 6//& ,#&$+*-,+/1 ($ +"/ C"%'"/*D (*+ 2#*0$3 c8/&
\-.8/7D$ MNOXOR )#./0%, ('(%&$+ I#..7>##1 ,%&/0( >($ 1%*/,+/1 (+ %+$
,.($$%,$ *(+"/* +"(& (+ %+$ 0#*/ )/1/$+*%(& )*#1-,+%#&$ +"(+ "(1 &#+ $+##1
+"/ +/$+ #2 +%0/3 \-," #2 +"%$ >#*? #& (-1%/&,/$ %&$+/(1 >(&+/1 +# */,#8/*
(&1 #2+/& +# ,/./6*(+/ +"/ ,#0)./5 ,-.+-*(. >#*? +"(+ $-**#-&1/1 0#*/
0-&1(&/ ,-.+-*(. )*#1-,+%#&$S (&1 0-," #2 %+ >(&+/1 +# (*'-/ +"(+ %& 2(,+
+"/$/ $#*+$ #2 )*#1-,+%#&$ 1%1 %&1//1 1/(. >%+" ,#0)./5 %$$-/$ (&1 1/6(+/$3
H#0/ >*%+/*$ J V&' MNOX^R 2#* /5(0)./ J /8/& 1/,.(*/1 +"/0$/.8/$ +# 6/
(8%1 2(&$ #2 $-))#$/1.7 +*($"7 ,-.+-*(. 2#*0$ .%?/ L/99/"3 V&' MNOX^R
(,+-(..7 (*'-/1 +"(+ L/99/" >($ ./$$ +*%8%(. +"(& %+ $//0/1 +# 0(&7 ,-.+-*(.
,*%+%,$S #& +"/ 6($%$ #2 +"/ ./++/*$ $"/ */,/%8/1@ $"/ (*'-/1 +"(+ 2(&$ #2 +"/
$/*%/$ .#8/1 %+ 2#* %+$ /0#+%#&(. */(.%$03 4"/7 >/*/ F-%+/ (>(*/ +"(+ %+$
$+#*7.%&/$ >/*/ %0)*#6(6.7 0/.#1*(0(+%, (&1 #& #,,($%#& (6$-*1S 6-+ +"/7
.#8/1 %+ 6/,(-$/ %+ $"#>/1 +"(+ */.(+%#&$"%)$ >/*/ 1%2A,-.+ (&1 +"(+
"())%&/$$ >($ 8/*7 "(*1 +# A&13 W#* (.. %+$ $,".#,?@ +"/&@ V&' $-''/$+/1
L/99/" 1%1 &#&/+"/./$$ (11*/$$ $#0/ %0)#*+(&+ /0#+%#&(. %$$-/$S (&1 +"(+@
0#$+ %0)#*+(&+.7@ %+ >($ &/,/$$(*7 +# .%$+/& +# +"/ 8%/>$ #2 %+$ (-1%/&,/$ +#
-&1/*$+(&1 +"(+3
V-1%/&,%&'@ +"/&@ %$ (& %0)#*+(&+ $%+/ 2#* +># */($#&$3 W%*$+@ "#>
(-1%/&,/$ */(,+ +# ( 8%$-(. %0('/ ,(& 6/ -$/1@ ($ V&' MNOX^R 1%1@ +#
HIJ QB2RDS TU@EV>VSVWBU2

)*#1-,/ ( )(*+%,-.(* -&1/*$+(&1%&' #2 +"(+ %0('/3 H/,#&1@ /5).#*%&' "#>


1%22/*/&+ (-1%/&,/$ */(,+ +# +"/ $(0/ %0('/@ ($ \#*./7 MNOXaR 1%1@ ,(&
1/0#&$+*(+/ +"/ ,#0)./5%+7 #2 +"/ 1/,#1%&' )*#,/$$3 4"/ &/5+ $/,+%#&
/5).#*/$ %&+/*8%/>%&' ($ ( 0/+"#1 2#* .%$+/&%&' +# (-1%/&,/$3

Z1^ .&!$(3.$,.&8 +%'.$&5$)

4"/*/ "(8/ 6//& +"*// $#*+$ #2 %&+/*8%/>$ -$/1 67 */$/(*,"/*$ %&+/*/$+/1 %&
"#> (-1%/&,/$ %&+/*)*/+ +/./8%$%#& )*#'*(00/$3 V.. (*/ -$-(..7 -&$+*-,<
+-*/1 (&1 #)/&</&1/1 1%$,-$$%#&$ #2 >(+,"%&' +/./8%$%#& M(&1@ 0#*/
*/,/&+.7@ %+$ ($$#,%(+/1 +/,"&#.#'%/$ .%?/ 8%1/#$R3
4"/ A*$+ $#*+ #2 %&+/*8%/> %$ +"/ &,(J%&J&,( !,%()8!(4@ ,#&1-,+/1 67
+"/ */$/(*,"/* >%+" #&/ %&+/*8%/>//3 4"%$ %$ +"/ $#*+ #2 %&+/*8%/> -$/1 67
V&& Y*(7 MNOOQR %& "/* $+-17 #2 "#> >#0/& -$/1 8%1/# ,($$/++/ */,#*1/*$
%& +"/%* "#0/$3 4"/ $/,#&1 $#*+ #2 %&+/*8%/> %$ +"/ 3)&+* !,%()8!(43 4"%$
"($ -$-(..7 %&8#.8/1 >#*?%&' >%+" '*#-)$ +"(+ (*/ (.*/(17 ,#&$+%+-+/13
\#*./7 MNOXaR@ 2#* /5(0)./@ 2#-&1 "%$ '*#-)$ 67 '#%&' %&+# ,.($$/$ +"(+
>/*/ (.*/(17 /$+(6.%$"/1 (+ 8(*%#-$ %&$+%+-+%#&$ #2 "%'"/* /1-,(+%#&@ (&1
U-,?%&'"(0 MNOXPR 2#-&1 "%$ 67 >#*?%&' >%+" '*#-)$ #2 2*%/&1$ /$+(6<
.%$"/1 (+ $,"##.$ (&1 7#-+" ,.-6$3 4"/ +"%*1 +7)/ #2 %&+/*8%/> +"(+ "($ 6//&
-$/1 %$ (.$# ( ?%&1 #2 '*#-) %&+/*8%/>9 +"/ 1/-!90 !,%()8!(4@ %& >"%," 0#$+
#* (.. +"/ 0/06/*$ #2 ( 2(0%.7 (*/ %&+/*8%/>/1 +#'/+"/* %& +"/%* "#0/3
!./(*.7 +"/$/ +"*// +7)/$ 1# &#+ /5"(-$+ +"/ )#$$%6%.%+%/$ #2 %&+/*8%/>%&'3
Y*#-) %&+/*8%/>$ ,(& 6/ ,(**%/1 #-+ >%+" '*#-)$ 6*#-'"+ +#'/+"/*
/$)/,%(..7 2#* +"/ */$/(*," )*#G/,+@ 2#* /5(0)./@ +"#-'" +"%$ %$ #2+/& +%0/
,#&$-0%&' +# #*'(&%T/ (&1 %+ ,(& 6/ 1%2A,-.+ +# A&1 (& ())*#)*%(+/ 8/&-/3
V&#+"/* )#$$%6%.%+7@ %0).%/1 67 \#*./7D$ MNOXb9 NPdR ,#00/&+ +"(+ +"/
7#-&' ,"%.1*/& %& ( 2(0%.7 #2+/& '/+ 6#*/1 %& 2(0%.7 %&+/*8%/>$@ %$ +#
%&+/*8%/> +"/ 7#-&'/* (&1 #.1/* 0/06/*$ #2 ( 2(0%.7 $/)(*(+/.73 W%&(..7@ %+
>#-.1 (.$# 6/ 2/($%6./@ '%8/& +"/ */$#-*,/$@ +# ,#06%&/ 1%22/*/&+ %&+/*8%/>
0/+"#1$@ 2#* /5(0)./@ %&+/*8%/>%&' /(," 2(0%.7 0/06/* $/)(*(+/.7 /%+"/*
6/2#*/ #* (2+/* +"/ 2(0%.7 %&+/*8%/>3 V'(%&@ \#*./7 MNOXb9 NPdR %0).%/$ +"%$
0%'"+ 6/ -$/2-. %& "%$ ,#00/&+ #& +"/ %0)(,+ #2 2(0%.7 17&(0%,$ #& >"(+
( */$/(*,"/* %$ +#.1 %& (& %&+/*8%/>3 V 1#0%&(&+ 2(0%.7 0/06/* 0(7
%0)#$/ "%$ #* "/* 8%/>$ %& ( '*#-) %&+/*8%/> %& >(7$ +"(+ #&/<+#<#&/
%&+/*8%/>$ >%+" #+"/* 2(0%.7 0/06/*$ >#-.1 */8/(.3
4"/$/ $#*+$ #2 %&+/*8%/>$ (*/ +()/ */,#*1/1@ +*(&$,*%6/1 (&1 +"/&
(&(.7$/13 `/,#*1%&' ( '*#-) %&+/*8%/> */F-%*/$ ( "%'"<F-(.%+7 +()/ */,#*1/*S
+*(&$,*%6%&' '*#-) %&+/*8%/>$ %$ (.$# &#+#*%#-$.7 /8/& 0#*/ +%0/ ,#&$-0%&'
+"(& +*(&$,*%6%&' #&/<+#<#&/ %&+/*8%/>$3 4"/ (&(.7$%$ #2 +"/ %&+/*8%/>$ %$
(.$# ,#0)./5 (&1 +%0/ ,#&$-0%&'3 ;+ %$ )#$$%6./ +# -$/ +"/ )*#,/1-*/$ #2
1%$,#-*$/ (&(.7$%$ ; 1%$,-$$/1 %& !"()+/* b3 4"/*/ (*/ (.$# 0#*/ 2#*0(.%T/1
0/+"#1$ 2#* %&+/*)*/+%&' %&+/*8%/> +*(&$,*%)+$@ 2#* /5(0)./@ +"/ '*#-&1/1
+"/#*7 ())*#(," #2 H+*(-$$ (&1 !#*6%& MNOOOR@ #* +"/ *%'#*#-$ ,#1%&'
)*#,/1-*/$ (18#,(+/1 67 >*%+/*$ .%?/ \%./$ (&1 I-6/*0(&& MNOOdR #* f/7
V@EU` TU@EV>2* TBlB=W TU@EV>2 HIX

MNOO]R3 4"/*/ %$ &# $)(,/ "/*/ +# 1/+(%. +"/$/ 1%22/*/&+ )#$$%6%.%+%/$@ (&1 +"/7
(*/ 1%$,-$$/1 (+ ./&'+" %& 0(&7 +/5+6##?$ #& F-(.%+(+%8/ 0/+"#1$S %&$+/(1@
+"/ 2#..#>%&' 1%$,-$$%#& >%.. ,#&,/&+*(+/ #& $#0/ #+"/* 0/+"#1#.#'%,(.
%$$-/$3
W%*$+@ 0#*/ &//1$ +# 6/ $(%1 (6#-+ %&+/*8%/> 0/+"#1$ (&1 /$)/,%(..7
(6#-+ +"/ .#'%,$ -&1/*.7%&' +"/ */,*-%+0/&+ #2 %&+/*8%/>//$3 4"/ /(*.7 >#*?
%& ,-.+-*(. $+-1%/$ +"(+ >($ ,#&,/*&/1 >%+" (-1%/&,/$ 0(1/ $#0/ ($$-0)<
+%#&$ J .(+/* +# 6/ )*#6./0(+%T/1 J (6#-+ >"7 %+ >($ +"(+ 1%22/*/&+ (-1%<
/&,/$ 1/,#1/1 +/./8%$%#& )*#'*(00/$ %& 1%22/*/&+ >(7$3 4"/ (*'-0/&+ >($
+"(+ %+ >($ +"/ $#,%#</,#&#0%, )#$%+%#& #2 +"/ (-1%/&,/ 0/06/*$ >"%,"
$"()/1 +"/%* */(,+%#& +# +"/ )*/2/**/1 0/(&%&' #2 ( +8 $"#>3 \#*./7 MNOXaR
>($ ,./(* +"(+ +"%$ )#$%+%#& 1%1 &#+ 1/+/*0%&/ +"/ 1/,#1%&' )*#,/$$@ (&1 "/
$+(+/1 /5).%,%+.7 +"(+ #+"/* +"%&'$ 0%'"+ (22/,+ %+@ %& )(*+%,-.(* +"/ (-1%/&,/
0/06/*$D %&8#.8/0/&+ %& 1%22/*/&+ ,-.+-*(. 2*(0/>#*?$ $-," ($ ( )(*+%,-.(*
7#-+" ,-.+-*/ #* 0/06/*$"%) #2 C*(,%(. 0%&#*%+%/$D M\#*./7@ NOXa9 Q]R3
I#>/8/*@ \#*./7 1%1 (*'-/ +"(+ +"/$/ $#*+$ #2 $#,%(. )#$%+%#&%&'$ ,#-.1
/5).(%& >"7 ,/*+(%& '*#-)$ */(,+/1 %& ,/*+(%& >(7$ +# +"/ $(0/ )*#<
'*(00/3 I/ */,*-%+/1 "%$ '*#-)$ (,,#*1%&'.73 ="%./ "/ >($ "())7 +# 0%5
+"/ '/&1/*/1 (&1 *(,%(.%T/1 ,#0)#$%+%#& #2 "%$ '*#-)$@ "/ &/8/* 0%5/1 +"/
,.($$ ,#0)#$%+%#&@ (&1 +"-$ "/ 2#-&1 "%$ '*#-)$ +"*#-'" 1%22/*/&+ "%'"/*
/1-,(+%#& %&$+%+-+%#&$ >%+" 1%22/*/&+ $+-1/&+ 6#1%/$3 4"/*/ >/*/ '*#-)$ #2
0(%&.7 >"%+/ >#*?%&'<,.($$ 7#-&' 0/& 2#-&1 +"*#-'" (& ())*/&+%,/$"%)
,#-*$/ (+ U%*0%&'"(0 L#.7+/,"&%,@ 2#* /5(0)./@ (&1 '*#-)$ #2 0(%&.7
>"%+/ 0%11./<,.($$ 0/& 2#-&1 (+ ( 6(&?D$ +*(%&%&' ,#../'/S "/ (.$# 2#-&1
0(%&.7 6.(,? '*#-)$ +"*#-'" 2-*+"/* /1-,(+%#& ,.($$/$@ (&1 ( '*#-) #2
$"#) $+/>(*1$ +"*#-'" ( 4*(1/$ e&%#& !#&'*/$$ +*(%&%&' ,#../'/3 I/
$,*//&/1 +># P/%!&,4!6( )*#'*(00/$ 2#* +"/$/ '*#-)$ %& +"/%* /$+(6.%$"/1
'*#-) $/++%&'@ (&1 +"/& "/.1 +"/ '*#-) %&+/*8%/>3 H%0%.(*.7@ %& "/* $+-17 #2
K!` -$/ Y*(7 MNOOQR ($$-0/1 +"(+ '/&1/* >($ (& %0)#*+(&+ (&(.7+%,(.
,(+/'#*7 >"%," 0%'"+ >/.. /5).(%& 8%1/# -$/ (&1 +"/*/2#*/ ,"#$/ #&.7 +#
%&+/*8%/> >#0/&S $"/ 1%1 +"#-'" +*7 (.$# +# %&+/*8%/> 6#+" >#*?%&'<,.($$
(&1 0%11./<,.($$ >#0/&3 4"-$ +"/#*/+%,(. (*'-0/&+$ (6#-+ >"(+ $+*-,<
+-*/$ +"/ 1%8/*$%+7 #2 (-1%/&,/ */(,+%#&$ (*/ -$/1 +# %&2#*0 +"/ ,"#%,/ #2
%&+/*8%/>//$3
B&/ 1%22/*/&,/ 6/+>//& Y*(7 MNOOQR (&1 \#*./7 MNOXaR +"#-'"@ %$ +"(+
Y*(7 ,"#$/ +# -$/ #&/<+#<#&/ %&+/*8%/>$ >"%./ \#*./7 )*/2/**/1 '*#-)
%&+/*8%/>$3 \#*./7 MNOXa9 ]]R /5).(%&$ "%$ )*/2/*/&,/ 2#* '*#-) %&+/*8%/>$
67 $-''/$+%&' +"(+ #&/<+#<#&/ %&+/*8%/>$ %0).7 +"(+ )/#)./ (*/ C$#,%(.
(+#0$D@ >"%./ '*#-) %&+/*8%/>$ (..#> 2#* +"/ 17&(0%,$ #2 $#,%(. %&+/*(,+%#&
+# 6/,#0/ /8%1/&+3 4># )#%&+$ ,#-.1 6/ 0(1/ "/*/3 B&/ %$ +"(+ Y*(7D$
MNOOQR $+-17 %$ 8/*7 2(* 2*#0 ($$-0%&' +"(+ +"/ >#0/& $"/ $)#?/ +# (*/
$#,%(. (+#0$S %&1//1 +"/ >"#./ )#%&+ #2 "/* %&+/*8%/>$ >($ +# -&1/*$+(&1 +"/
>#0/&D$ 8%1/# -$/ ($ ( ,#&$/F-/&,/ #2 +"/%* *#./ %& +"/%* 2(0%.73 V.+"#-'"
$"/ 1#/$ &#+ $+(+/ %+ /5).%,%+.7@ ; %0('%&/ $"/ ,"#$/ +# %&+/*8%/> >#0/& #&
+"/%* #>& %& )(*+ 6/,(-$/ $"/ >(&+/1 +# (,,/$$ +"/ $)/,%A,%+7 #2 %&1%8%1-(.
>#0/&D$ /5)/*%/&,/$3 I#>/8/*@ "/* 1/$%*/ +# /5(0%&/ >#0/&D$ 8%/>$ 0%'"+
HIQ QB2RDS TU@EV>VSVWBU2

(.$# "(8/ ./1 "/* +# ,"##$/ #&/<+#<#&/ %&+/*8%/>$ %&$+/(1 #2 2(0%.7


%&+/*8%/>$ %& #*1/* +# (8#%1 +"/ 1%2A,-.+7 +"(+ \#*./7 1#/$ &#+ 0/&+%#& %&
"%$ NOXa $+-17@ >"%," %$ +"/ %$$-/ #2 2(0%.7 17&(0%,$3 \-," 2/0%&%$+
*/$/(*," #& 1#0/$+%, .(6#-* "($ 2#-&1 +"(+ %& "#-$/"#.1$ >"/*/ 0/& (&1
>#0/& ,#"(6%+@ 0/& +/&1 +# #8/*/$+%0(+/ +"/%* ,#&+*%6-+%#& +# +"(+ .(6#-*
(&1@ 0#*/#8/*@ +"(+ +"/%* 8/*$%#& #2 /8/&+$ #2+/& )*/8(%.$ %& %&+/*8%/>$ %&
>"%," 6#+" +"/ 0(& (&1 +"/ >#0(& (*/ )*/$/&+3 Y*(7D$ #>& >#*? #& K!`$
M,#&A*0/1 67 \#*./7D$ NOXb #>& .(+/* >#*? #& +/./8%$%#& -$/ %& 2(0%.%/$R
$-''/$+$ +"(+@ '/&/*(..7@ %+ %$ +"/ (1-.+ 0(& #2 +"/ "#-$/"#.1 >"# ,#&+*#.$ %+$
-$/ >"/& "/ %$ )*/$/&+3 4"%$ 0(7 "(8/ 6//& ( 1%2A,-.+ %$$-/ +# /5).#*/ %&
1/)+" %& 2(0%.7 %&+/*8%/>$ J 0/& 0(7 "(8/ -&1/*/$+%0(+/1 +"/%* ,#&+*#. %&
#*1/* &#+ +# ())/(* $/.A$" J (&1 +"-$ Y*(7D$ ,"#%,/ #2 #&/<+#<#&/ %&+/*8%/>$
$//0$ G-$+%A/1 ($ ( >(7 #2 (,,/$$%&' >#0/&D$ 8%/>$3 ;&1//1@ (.+"#-'"
\#*./7 (*'-/$ +"(+ #&/ #2 +"/ $+*/&'+"$ #2 '*#-) %&+/*8%/>$ %$ +# 0(?/
+"/ 17&(0%,$ #2 $#,%(. %&+/*(,+%#& /8%1/&+@ "/ 1#/$ &#+ (,?&#>./1'/ >"(+
(& /5+*(#*1%&(*%.7 ,#0)./5 )*#,/$$ 0(?%&' $/&$/ #2 +"#$/ 17&(0%,$ %$3
g#* 1#/$ "/ 0/&+%#& +"/ )#+/&+%(. 1%2A,-.+%/$ (& %&+/*8%/>/* 0%'"+ "(8/
%& 2(,%.%+(+%&' (& #)/& 1%$,-$$%#& %& ( '*#-) >%+" ,#0)./5 17&(0%,$3
U-,?%&'"(0 MNOONR '%8/$ $#0/ /5(0)./$ #2 ,#0).%,(+/1 '*#-) %&+/*(,+%#&$
%& "%$ (,,#-&+ #2 '*#-) %&+/*8%/>%&' ,"%.1*/& (6#-+ +/./8%$%#&3 Y*#-)
%&+/*8%/>$ (*/ 8/*7 ,"(../&'%&'@ 6#+" +# 1# (&1 +# -&1/*$+(&13
B&,/ +"/ %&+/*8%/>$ "(8/ 6//& ,#0)./+/1@ +"/ %&+/*)*/+(+%#& 6/'%&$3
\##*/$ MNOO]9 NXR 1/$,*%6/$ +"%$ )*#,/$$ ($ A&1%&' C$%'&%A,(&+ ,.-$+/*$D #2
0/(&%&' (&1 +"/& C,"(*+%&' +"/ .%&/$ +"(+ G#%& +"/$/ ,.-$+/*$ >%+" +"/ $#,%(.
(&1 1%$,-*$%8/ )#$%+%#&%&'$ #2 */(1/*$D3 W#* \#*./7 MNOXa9 ]dR@ +"/$/
$%'&%A,(&+ ,.-$+/*$ /0/*'/1 2*#0 ( ,.#$/ $+-17 #2 +"/ >#*?%&' 8#,(6-.(*7
(&1 $)//," 2#*0$ #2 "%$ %&+/*8%/>//$3 I/ /$+(6.%$"/1 2*#0 +"/$/ >"(+ "/
,(../1 +"/%* C./5%,(. */)/*+#%*/$D@ +"/& .##?/1 2#* )(++/*&$ #2 (*'-0/&+ (&1
/8%1/&,/@ (&1 A&(..7 +*%/1 +# ($,/*+(%& +"/ %1/#.#'%/$ -&1/*.7%&' (.. #2
+"/03 I%$ ,#&,.-$%#& %1/&+%A/1 +># $#*+$ #2 1/,#1%&'$ #2 +"/ P/%!&,4!6(
)*#'*(00/$@ >"%," "/ 1%1 */.(+/ +# +># $#,%#</,#&#0%, '*#-)$3 4"/ A*$+
>($ ( 1/,#1%&' +"(+ 6*#(1.7 (,,/)+/1 +"/ )*/2/**/1 0/(&%&'$ #2 P/%!&,J
4!6(@ (&1 +"%$ >($ )*#1-,/1 67 +"/ 0%11./<,.($$ 0/06/*$ #2 \#*./7D$
'*#-)$ M($ >/.. ($ 0(&7 #2 +"/ 7#-&' ())*/&+%,/$R3 4"/ $/,#&1 >($ (&
#))#$%+%#&(. */(1%&'@ )*#1-,/1 67 >#*?%&'<,.($$ 0/06/*$ #2 "%$ '*#-)$@
6-+ >%+" %0)#*+(&+ 1%22/*/&,/$ (0#&' +"/03 4"-$ +"/ $"#) $+/>(*1$
)*#1-,/1 ( )#.%+%,(..7 %&2#*0/1 C*(1%,(. *(&?<(&1<A./ )/*$)/,+%8/D >"%./
+"/ 6.(,? 2-*+"/* /1-,(+%#& $+-1/&+$ #22/*/1 (& C(.%/&(+/1 CC,*%+%F-/ #2
$%./&,/DDD M\#*./7@ NOXa9 N]PR3 4"-$ \#*./7 ,#-.1 %&$%$+ +"(+ ,.($$ )#$%+%#&
(.#&/ 1%1 &#+ 1/+/*0%&/ +"/ )*#,/$$/$ #2 1/,#1%&'9 $# +## 1%1 +"/ ,-.+-*(.
,#&$+%+-+%#& #2 *(,%(.%T/1 (&1 )#.%+%,%T/1 %1/&+%+%/$@ 2#* /5(0)./3
;& )*/$/&+%&' "%$ >#*?@ \#*./7 MNOXa@ NOXbR@ .%?/ Y*(7 MNOOQR@ -$/$
.(*'/ (0#-&+$ #2 +*(&$,*%)+ %& #*1/* +# (..#> "%$ */(1/*$ +# 0(?/ +"/%* #>&
($$/$$0/&+$ #2 "%$ %&+/*)*/+(+%#&$3 ;&1//1@ %& "%$ NOXa $+-17 \#*./7 MNOXa9
Nb]R (10%++/1 +"(+ "/ >($ -&"())7 >%+" ($)/,+$ #2 "%$ 0/+"#1#.#'7 (&1
2/.+ +"(+ %+ &//1/1 2-*+"/* 1/8/.#)0/&+3 I%$ .(+/* $+-17 #2 N/-!90
V@EU` TU@EV>2* TBlB=W TU@EV>2 HIS

>(9(8!"!&, MNOXbR 1%1 +(?/ "%$ >#*? %& &/> 1%*/,+%#&$3 ;& +"(+ >#*? "/
,"#$/ +# -$/ 2(0%.7 %&+/*8%/>$3 4"%$ >($ 6/,(-$/ "/ >($ %&,*/($%&'.7
%&+/*/$+/1 %& +># %$$-/$ +"(+ "%$ /(*.%/* */$/(*," 0/+"#1#.#'7 "(1 0(1/
1%2A,-.+ +# (,,/$$3 4"/ A*$+ #2 +"/$/ >($ +"/ >(7$ %& >"%," +"/ (,+-(.
)*(,+%,/$ #2 >(+,"%&' +/./8%$%#& (+ "#0/ >/*/ 1%2A,-.+ +# (,,/$$ +"*#-'"
'*#-)$ +"(+ >/*/ &#+ ,#&$+%+-+/1 +"*#-'" $"(*/1 1#0/$+%, $)(,/$3 4"/
$/,#&1 #2 +"/$/ >($ +"/ F-/$+%#& #2 >"(+ )/#)./ ,"#$/ +# >(+," %& +"/ A*$+
).(,/3 I%$ NOXa $+-17 "(1 ($$-0/1 +"(+ (.. "%$ '*#-)$ >#-.1 6/ 2(0%.%(*
>%+" P/%!&,4!6(S 6-+ >"(+ %2 +"/ 6.(,?$ $+-1/&+$D C(.%/&(+/1 CC,*%+%F-/ #2
$%./&,/DDD >($ ( ,#&$/F-/&,/ #2 +"/%* +#+(. -&%&+/*/$+ %& +"/ )*#'*(00/_
4"-$ %& N/-!90 >(9(8!"!&,@ \#*./7 MNOXbR %&+/*8%/>/1 NX >"%+/ &-,./(*
2(0%.%/$ .%8%&' %& $#-+" [#&1#&3 V.. >/*/ >#*?%&' ,.($$ #* .#>/* 0%11./
,.($$@ ($ 1/A&/1 67 \#*./7 -$%&' &#+%#&$ #2 ,-.+-*(. ,()%+(. *(+"/* +"(&
%&,#0/ M\#*./7@ NOXb9 ^QJ]RS (.. "(1 +># (1-.+$ (&1 (+ ./($+ +># ?%1$ ./$$
+"(& NX 7/(*$ #.1@ (&1 (.. #>&/1 (+ ./($+ #&/ +/./8%$%#& (&1 #&/ K!`3 I/
-$/1 +"/ -&$+*-,+-*/1 %&+/*8%/>$ M>"%," +##? ).(,/ %& +"/ 2(0%.7D$ "#0/
(&1 >"%," .($+/1 #&/ #* +># "#-*$ /(,"R +# /5).#*/ "#> +"/ -$/ #2
+/./8%$%#& >($ /06/11/1 %& +"/ >%1/* 2(0%.7 17&(0%,$3 I#> >/*/ +8$ (&1
8%1/#$ -$/1_ ="(+ >($ >(+,"/1 (&1 >%+" >"(+ */(,+%#&_ I#> >/*/
1/,%$%#&$ (6#-+ >"(+ +# >(+," 0(1/_ \#$+ #2 "%$ */$-.+$ M('(%& >%+" .#+$
#2 +*(&$,*%)+$ */)*#1-,/1R (*/ */,#*1/1 2(0%.7 67 2(0%.7@ 6-+ +"/*/ %$ #&/
+"/0(+%, ,"()+/* #& +/./8%$%#& (&1 '/&1/*/1 */.(+%#&$ >"%," (*'-/$ +"(+@ %&
+"/$/ "#-$/"#.1$@ +"/ (1-.+ 0/& +/&1 +# ).(& +"/ 8%/>%&'@ ,#&+*#. +"/
*/0#+/ ,#&+*#.@ >(+," %& $%./&,/@ >(+," 0#*/ +8 +"(& (&7#&/ /.$/@ )*/2/*
0#*/ 2(,+-(. )*#'*(00/$@ >#*? +"/ 8%1/# (&1 &#+ +# .%?/ (10%++%&' +#
+(.?%&' (6#-+ +83
\#*./7D$ 0#8/ +# ,#&$%1/*%&' +"/ $#,%(. )*(,+%,/$ +"*#-'" >"%,"
>(+,"%&' +8 #,,-*$ %$ ( $"%2+ +"(+ 0(&7 #+"/*$ %&+/*/$+/1 %& (-1%/&,%&' "(8/
(.$# (18#,(+/13 V$ Z#"& W%$?/ MNOOd9 NOXR &#+/$@ C(-1%/&,%&' %$ ( 8(*%/+7 #2
)*(,+%,/$@ (& (,+%8%+7D@ (&1 /5).#*%&' +"(+ (,+%8%+7 %$ #2 %&,*/($%&' %&+/*/$+ +#
0(&7 */$/(*,"/*$3 I#>/8/*@ 0(&7 #2 +"/$/ #+"/* >*%+/*$ "(8/ (.$# (18#<
,(+/1 +"/ -$/ #2 #+"/* 0/+"#1$ +# (,,/$$ +"#$/ )*(,+%,/$3 !"%/2 (0#&' +"/0
%$ /+"&#'*()"73

Z1Z $!-&"8(+7-.$) "4 +%'.$&5.&8

[%?/ %&+/*8%/>%&'@ /+"&#'*()"7 %$ ( 0/+"#1 .#&' /$+(6.%$"/1 (&1 0-,"


1%$,-$$/1 %& +"/ $#,%(. $,%/&,/$ (&1@ ('(%&@ +"/*/ (*/ /5,/../&+ 1%$,-$$%#&$ #2
%+ /.$/>"/*/3 ;+ -$-(..7 /&+(%.$@ A*$+@ /5+/&1/1 )/*%#1$ #2 #6$/*8(+%#& C%& +"/
A/.1D (&1@ $/,#&1@ -&$+*-,+-*/1@ ,#&8/*$(+%#&(. %&+/*8%/>$ >%+" +"#$/
(,+%8/ %& +"(+ A/.1 M"#>/8/*@ 2#* #+"/* )#$$%6./ >(7$ #2 '(%&%&' /+"&#<
'*()"%, 1(+(@ $// H%.8/*$+#&/ /+ (.3@ NOONR3 ;2 +"/ (%0 %$ +# /5).#*/ C+"/
%00/1%(+/ )"7$%,(. (&1 %&+/*)/*$#&(. ,#&+/5+$ #2 1(%.7 0/1%( */,/)+%#&D
M\##*/$@ NOO]9 PR@ +"/& (& /+"&#'*()"%, ())*#(," >#-.1 %&8#.8/ +"/
*/$/(*,"/* #6$/*8%&' (& (-1%/&,/ %& +"/%* "#0/$ #8/* (& /5+/&1/1 )/*%#1 #2
HIT QB2RDS TU@EV>VSVWBU2

+%0/@ (&1 +(.?%&' >%+" +"/0 (6#-+ +"/%* 8%/>%&' 6-+ )*#6(6.7 (.$# (6#-+
0(&7 #+"/* +"%&'$3
g#+ $-*)*%$%&'.7 )/*"()$@ /5(0)./$ #2 +"%$ $#*+ #2 /+"&#'*()"7 (*/
*(*/@ 6/,(-$/ %+ %$ 1%2A,-.+ +# '/+ (,,/$$ +# )/#)./D$ "#-$/$ 2#* +"/ ./&'+" #2
+%0/ +"(+ (& /+"&#'*()"%, $+-17 */F-%*/$3 I#>/8/*@ +"/*/ (*/ #&/ #* +>#
/5(0)./$ #2 /+"&#'*()"%, $+-17 +"(+ #22/* $#0/ )#%&+/*$ +# #+"/*
*/$/(*,"/*$3 4"/ A*$+ %$ */)#*+/1 67 Z(0/$ [-.. MNOOa9 NPd<X^R3 [-..
MNOOa9 NX]R 1/A&/$ /+"&#'*()"%, (-1%/&,%&' */$/(*," ($ C(& %&+/*)*/+%8/
/&+/*)*%$/ >"/*/67 +"/ %&8/$+%'(+#* -$/$ #6$/*8(+%#& (&1 %&<1/)+" %&+/*<
8%/>%&' +# '*($) +"/ 0/(&%&' #2 ,#00-&%,(+%#& 67 (&(.7$%&' +"/ )/*,/)<
+%#&$@ $"(*/1 ($$-0)+%#&$@ (&1 (,+%8%+%/$ #2 +"/ $#,%(. (,+#*$ -&1/*
$,*-+%&7D3 I/ $-''/$+$ +"(+ +"/*/ (*/ 2#-* +"%&'$ +# ,#&$%1/* >"/& ).(&&%&'
(& /+"&#'*()"%, $+-17 #2 (-1%/&,%&'9

N /$$("" %& %;( /+6!(,$(3 [-.. MNOOa9 NP^R &#+/$ +"(+ +"%$ %$ 8/*7 1%2A,-.+3
I/ $-''/$+$ '#%&' +"*#-'" +"/ ,#00%++// #* 6#(*1 +"(+ *-&$ ( .#,(.
%&$+%+-+%#& $-," ($ ( $,"##. #* ( ,"-*,"3 MI/ &#+/$ +"(+ +"%$ 0(7 %&8#.8/
'(%&%&' (,,/$$ #&.7 +# ( $)/,%A, $#,%(. '*#-)3R c5).(%& >"(+ 7#- >(&+
+# 1# +# +"/0 M(&1 [-.. $-''/$+$ ?//)%&' +"%$ ($ 8('-/ ($ )#$$%6./R@ ($?
+"/0 +# '%8/ 7#- (,,/$$ +# +"/%* 0/06/*$"%) .%$+ (&1 +"/& ,#&+(,+ +"/
&(0/$ #& +"(+ .%$+3 I/ $-''/$+$ +"(+ Q^ +# ]a )/* ,/&+ #2 2(0%.%/$ +"-$
,#&+(,+/1 >%.. ('*// +# )(*+%,%)(+/ %& +"/ $+-173
Q &'"()8/%!&, %($;,!K+("3 [-.. MNOOa9 NPPR (18#,(+/$ +"/ -$-(. /+"&#<
'*()"%, 0/(&$ #2 */,#*1%&' >"(+ 7#- $// (&1 "/(*9 -&#6+*-$%8/ &#+/<
+(?%&'3
] 6/%/ $&99($%!&,3 [-.. MNOOa9 NPXJXaR $-''/$+$ +"(+ $)/&1%&' 6/+>//&
+"*// (&1 $/8/& 1(7$ >%+" ( 2(0%.7 %$ /&#-'" +# '%8/ +"/ */$/(*,"/*
(,,/$$ +# +"/%* -$-(. 6/"(8%#-*@ (&1 +"(+ 1-*%&' +"%$ )/*%#1 +"/*/ (*/
1%22/*/&+ $+('/$ #2 1(+( ,#../,+%#&3 4"/ A*$+ #&/ #* +># 1(7$ "/ $-''/$+$
$)/&1%&' %& ,#../,+%&' +"/ 0#*/ #68%#-$ ?%&1$ #2 1(+(9 >"(+ +"/ "#-$/
.##?$ .%?/@ 2(0%.7 "%$+#*7@ 6%#'*()"%,(. $?/+,"/$3 4"/ &/5+ ,#-)./ #2
1(7$ $"#-.1 2#,-$ #& */,#*1%&' +"/ 17&(0%,$ #2 +"/ 2(0%.7@ /$)/,%(..7
67 )(*+%,%)(+%&' %& %+$ %0)#*+(&+ *#-+%&/$3 4"/ A&(. $+('/ %$ +# %&+/*8%/>
/(," 2(0%.7 0/06/* $/)(*(+/.73
d /,/90"!,3 6/%/3 V$ [-.. MNOOa9 NXaR ,#00/&+$@ /+"&#'*()"%, >#*?
'/&/*(+/$ .#+$ #2 1(+(3 I/ *(+"/* 6*%/E7 */,#00/&1$ %&+/*)*/+%&' %+ 67
#*'(&%T%&' %+ %&+# %&+/*&(..7 ,#"/*/&+ +#)%,$ >"%," ,(& 6/ -$/1 +#
%..-$+*(+/ ,#&,/)+-(. )#%&+$3 Z-1%+" B?/.7 MNOOdR %& "/* 1%$,-$$%#& #2
%&+/*)*/+%&' /+"&#'*()"%, 1(+( %$ 0#*/ 1/+(%./1 (6#-+ 1%2A,-.+7 #2
1/(.%&' >%+" #6$/*8(+%#&(. &#+/$ (&1 %&+/*8%/> 0(+/*%(.3

[-.. MNOOaR )-+$ +"/$/ )*/,/)+$ +# >#*? %& .(*'/<$,(./ $+-1%/$@ +"/ (%0 #2
>"%," %$ +"/ #6G/,+%8/ $+-17 #2 2(0%.7 8%/>%&' "(6%+$3 V,,#*1%&' +# "%0@
C+"/ #6$/*8/* 0-$+ ,*/(+/ (&1 $-$+(%& *())#*+ >%+" 2(0%.7 0/06/*$ >"%./
0(%&+(%&%&' +"/ 1%$%&+/*/$+/1 /7/ (&1 /(* #2 +"/ #6G/,+%8/ #6$/*8/*<
*/)#*+/*D M[-..@ NOOa9 NPOR@ (&1 "/ */,#00/&1$ +"(+ +"/ */$/(*,"/* 1#/$
V@EU` TU@EV>2* TBlB=W TU@EV>2 HII

&#+ */8/(. (+ (&7 $+('/ %& +"/ )*#,/$$ >"(+ +"/%* */(. #6G/,+ #2 %&+/*/$+ %$9 +8
8%/>%&'3 4"%$ *(%$/$ (& %$$-/ ,#&,/*&%&' +"/ /+"%,$ #2 */$/(*,"3 V&' MNOXOR
"($ ,#00/&+/1 +"(+ F-(.%+(+%8/ 0/+"#1$ 1# &#+ &/,/$$(*%.7 '-(*(&+// (
,*%+%,(. */$/(*," 0/+"#1#.#'7@ (&1 [-..D$ 1%$,-$$%#& #2 /+"&#'*()"7 $//0$
+# 6/(* +"%$ ,.(%0 #-+3 ;& "%$ (18#,(,7 #2 1/,/%8%&' */$/(*," $-6G/,+$ %& +"/
&(0/ #2 #6G/,+%8/ */$/(*,"@ "/ $"#>$ &# ,#&,/*& 2#* +"/ )#>/* */.(+%#&$
6/+>//& +"/ */$/(*,"/* (&1 */$/(*,"/13 4"-$ +"/*/ %$ &# */E/5%8/ ,#&<
$%1/*(+%#& #2 "#> +"#$/ */.(+%#&$ 0%'"+ (22/,+ "%$ */$/(*," A&1%&'$ /%+"/*3
V&#+"/* /5(0)./ #2 /+"&#'*()"%, */$/(*," J (&1 #&/ +"(+ [-.. MNOOa9
NbJNPR 1%$0%$$/$ 2#* 6/%&' +## )/*$#&(. J %$ K(./*%/ =(.?/*1%&/D$ MNOOaR
(,,#-&+ #2 >(+,"%&' ( 2(0%.7 >(+," ( 8%1/# #2 B&$<0 EE3 =(.?/*1%&/ %$
,/*+(%&.7 8/*7 )/*$#&(. %& +"%$ /$$(7@ 6-+ $"/ %$ $# %& #*1/* +# /5).#*/ G-$+
+"#$/ %$$-/$ +"(+ [-..D$ 0/+"#1#.#'%,(. #*%/&+(+%#& /8(1/$9 "/* #>&
,#0).%,%+7 %& +"/ )#>/* 17&(0%,$ 6/+>//& (& (,(1/0%, */$/(*,"/* (&1@ %&
+"%$ ,($/@ ( >#*?%&'<,.($$ 0(& >"# ,"//*$ ($ "/ >(+,"/$ +"/ 6#5/* `#,?7
$0($"/$ "%$ #))#&/&+ %&+# )-.)3 =(.?/*1%&/ >(+,"/1 "%0 1# +"%$ >"/& $"/
>($ %& +"/ 2(0%.7 .%8%&'<*##0@ /+"&#'*()"%,(..7 #6$/*8%&' +"/%* (,+%8%+%/$@
(&1 $"/ 1/$,*%6/$ "/* #>& */8-.$%#& (+ +"%$ $,/&/ (&1 (.$# "/* */8-.$%#& (+
+"/ 0(&D$ )./($-*/ %& %+3 [(+/* +"#-'"@ $"/ 1/$,*%6/$ "#> $"/ >(+,"/1 +"/
8%1/# "/*$/.2 %& +"/ )*%8(,7 #2 "/* #2A,/ (&1 2#-&1 "/*$/.2 6*/(?%&' 1#>&
%& +/(*$ ($ $"/ >(+,"/1 +"/ $(0/ $,/&/ %& (&#+"/* >(7S +"%$ +%0/ ($ (
>#0(& "/*$/.2 2*#0 ( >#*?%&'<,.($$ 6(,?'*#-&1 (6$#.-+/.7 (+ #&/ >%+"
`#,?7D$ 6*-+(. 1/+/*0%&(+%#& +# $-,,//1@ +# '/+ #-+@ +# A'"+ "%$ >(7 2*//3
="(+ "/* #>& ,"(&'/1 (-1%/&,%&' $-''/$+$ +# =(.?/*1%&/ %$ "/* ,#0<
).%,%+7 >%+" +"/ >(7$ %& >"%," +"/ (,(1/07 $# #2+/& 1/&%'*(+/$ >#*?%&'<
,.($$ -&1/*$+(&1%&'$3 ;& +"(+ .%8%&'<*##0@ $"/ $(7$@ $"/ >($ (,+%&' ($ (
2/0%&%$+ (,(1/0%, "#**%A/1 (+ 0(./ 8%#./&,/@ (&1 %& +"(+ )#$%+%#& $"/ ,#-.1
&#+ $// (&7 #+"/* >(7S %& )(*+%,-.(*@ +"/ ,.($$ 17&(0%,$ #2 +"/ $%+-(+%#&
>/*/ %&8%$%6./ +# "/*3
=(.?/*1%&/ MNOOaR (&1 [-.. MNOOaR #22/* 8/*7 1%22/*/&+ 0#1/.$ 2#*
/+"&#'*()"%, */$/(*," %&+# (-1%/&,%&'3 =(.?/*1%&/D$ (,,#-&+ %$ ,/*+(%&.7
./$$ 0/+"#1#.#'%,(..7 /5).%,%+ +"(& [-..D$@ 6-+ %+$ ,#&+*%6-+%#& +# ( ,*%+%,(.
8%$-(. 0/+"#1#.#'7 0(7 &#&/+"/./$$ 6/ '*/(+/*3 W#* "/* (,,#-&+ %$ #&/ #2
+"/ 8/*7 2/> $-$+(%&/1 */E/5%8/ 1%$,-$$%#&$ #2 8%/>%&' %& +"/ .(*'/ .%+/*(<
+-*/ ,%+/1 %& +"%$ 6##?3

4"5%)

4"/ )*/8%#-$ ,"()+/* $-''/$+/1 +"(+ 8/*7 2/> $+-1%/$ #2 0-$/-0$ (&1 '(../*%/$ "(1
)(%1 (++/&+%#& +# +"/%* 8%$%+#*$3

!#&$%1/* +"/ 0-$/-0 #* '(../*7 7#- 8%$%+/1 2#* +"/ .($+ ,"()+/*@ #* +"%&? (6#-+ (
0-$/-0 #* '(../*7 7#- (*/ 2(0%.%(* >%+"3 ;& +"/ .%'"+ #2 +"/ 1/6(+/$ (6#-+
*/$/(*,"%&' (-1%/&,%&' G-$+ 1%$,-$$/1@ "#> >#-.1 7#- '# (6#-+ /5).#*%&' >"(+
$/&$/ 8(*%#-$ 8%$%+#*$ 0(1/ #2 +"(+ 0-$/-0 #* '(../*7_
NVV QB2RDS TU@EV>VSVWBU2

Z1d +))$)).&8 +&+69).&8 +%'.$&5.&8

4"/ 1%22/*/&,/ 6/+>//& =(.?/*1%&/ MNOOaR (&1 [-.. MNOOaR ./(1$ +# +"%$
$/,+%#&D$ 0#*/ '/&/*(. ($$/$$0/&+ #2 0/+"#1$ 2#* (,,/$$%&' (-1%/&,%&'3
4"/ >#*? ,%+/1 "/*/ /5).#*/$ (& %$$-/ 0/&+%#&/1 2*/F-/&+.7 %& +"/
)*/,/1%&' ,"()+/*$ #2 +"%$ 6##? 6-+ &#+ $# 2(* (11*/$$/1 1%*/,+.73 4"%$
>#*? +(?/$ +"/ $%+/ #2 (-1%/&,%&' ($ %+$ 0(%& 2#,-$@ (&1 #22/*$ ( &-06/* #2
+"/#*/+%,(. (&1 0/+"#1#.#'%,(. */$#-*,/$ 2#* -&1/*$+(&1%&' %+$ 17&(0%,$3
!./(*.7@ C(-1%/&,/D %$ &#+ ( $%0)./ ,(+/'#*79 "#> %+ %$ 1/A&/1 M$// (.$# V&'@
NOONR@ "#> %+$ $#,%(. )#$%+%#& */.(+/$ +# %+$ %&+/*)*/+%8/ )*(,+%,/$ (&1 "#>
6/$+ +# (,,/$$ +"(+ */.(+%#& (*/ (.. 1/6(+/13 \#*/ */,/&+.7 +##@ ( &-06/* #2
F-/$+%#&$ "(8/ 6//& *(%$/1 (6#-+ "#> +"%$ >#*? */.(+/$ +# #+"/* ($)/,+$ #2
+"/ ,*%+%,(. 8%$-(. 0/+"#1#.#'7 +"(+ +"%$ 6##? "($ 6//& (18#,(+%&'3
B&/ #2 +"/$/ F-/$+%#&$ ,#&,/*&$ +"(+ 8/*7 2#,-$ #& +"/ $%+/ #2
(-1%/&,%&' (.#&/@ (&1 +"/ >(7 %& >"%," +"(+ $%+/ %$ ())*#(,"/1 (.0#$+
/5,.-$%8/.7 %& %+$ $#,%(. 0#1(.%+73 \(*? Z(&,#8%," MNOOQR */0(*?$ +"(+ ($ (
,#&$/F-/&,/ #2 +"/ (++/&+%#& %+ )(7$ +# (-1%/&,%&'@ +"%$ 6#17 #2 >#*?
&/'./,+$ +"/ %0('/ %+$/.2 (&1 %+$ )*#1-,+%#&3 4"(+ %$@ C+"/ +/5+-(. )*#,/$$/$
+"*#-'" >"%," +/./8%$%#& /$+(6.%$"/$ $#,%(.@ ,-.+-*(. (&1 )#.%+%,(. ('/&1($D
(*/ %'&#*/1 MZ(&,#8%,"@ NOOQ9 N]bR3 4"%$ %$ +(?/& +# (& /5+*/0/ %& $#0/
>#*? >"%," +(?/$ 2#* '*(&+/1 +"(+ (-1%/&,/$ >%.. )*#1-,/ 8%/>%&'$ $-6<
8/*$%8/ #2 6#+" +"#$/ +/5+-(. )*#,/$$/$ (&1 +"#$/ ('/&1($3 W%$?/ MNOOd9
NOQR@ 2#* /5(0)./@ >(+,"/$ ( '*#-) #2 +//&('/*$ >(+," ( $%+,#0 (&1
1/,%1/$ +"(+ +"/7 C)*#1-,/1 ( ,-.+-*(. /5)/*%/&,/ >%+"%& >"%," +"/ $"#>@
+"/ 6/"(8%#-* #2 >(+,"%&' %+@ (&1 +"/ ).(,/ >"/*/ %+ >($ >(+,"/1 >/*/ (..
0#6%.%T/1 +# )*#1-,/ $#,%(. %1/&+%+%/$ (&1 $#,%(. */.(+%#&$ +"(+ >/*/ >%+"%&
+"/%* ,#&+*#. ($ #))#$/1 +#@ (&1 %& /0(&,%)(+%#& 2*#0@ +"#$/ %&$+%+-<
+%#&(.%T/1 2#* +"/0 %& +"/ #2A,%(..7 ())*#8/1 2(0%.7D3 \(76/ 2#* +"(+
)(*+%,-.(* (-1%/&,/ +"(+ >($ +"/ ,($/S 6-+ +# ($$-0/ %+ >%.. (.>(7$ 6/ +"/
,($/ &/'./,+$ +"/ )#>/* #2 8%$-(. %0('/*7 +# /5/*+ %+$ #>& /22/,+$@ (&1 +"/
/22/,+$ #2 %+$ 0/(&%&'$3 B+"/* 0#1(.%+%/$ (*/ (.$# &/'./,+/1 %& 0-," #2 +"%$
>#*?S %2 +"/*/ %$ .%++./ #& +"/ ,#0)#$%+%#&(. 0#1(.%+7 #2 +/./8%$%#& %+$/.2@ &#*
%$ +"/*/ 0-," #& %+$ +/,"&#.#'%,(. 0#1(.%+7 M(.+"#-'" +"%$ (6$/&,/ %$
6/'%&&%&' +# 6/ */,+%A/1S $// Y*(7@ NOOQS H%.8/*$+#&/ /+ (.3@ NOONR3 ;&1//1@
+"/ /0)"($%$ #& +"/ $#,%(. 0#1(.%+7 #2 +8 >(+,"%&' %$ $# $+*#&' +"(+
\##*/$ MNOO]9 ^dR >#&1/*$ >"/+"/* $+-1%/$ .%?/ \#*./7D$ MNOXbR@ +"(+ (%0
+# /06/1 +8 >(+,"%&' A*0.7 %& +"/ 17&(0%,$ #2 ,.($$/1 (&1 '/&1/*/1
2(0%.7 */.(+%#&$@ /&1 -) 6/%&' 0#*/ (6#-+ 1#0/$+%, %&+/*(,+%#& (&1
"#-$/"#.1 ./%$-*/ (&1 .(6#-* +"(& (6#-+ +/./8%$%#&3 Z(&,#8%," MNOOQ9 N]bR
)-*$-/$ +"%$ >#**7 >"/& "/ $(7$ +"(+ %+ %$ &#+ ,./(* %& \#*./7D$ MNOXbR
$+-17 #2 2(0%.7 +/./8%$%#& )*/,%$/.7 "#> +"#$/ 17&(0%,$ #2 2(0%.7 %&+/*<
(,+%#& (22/,+ +"/ 1/,#1%&' #2 +8 )*#'*(00/$3 !./(*.7 +"/7 1# (22/,+ ,*-,%(.
($)/,+$ #2 +/./8%$%#& -$/@ $-," ($ >"# 1/,%1/$ +# >(+," >"(+ (&1 >"/&S 6-+
+"/%* /22/,+ #& >"# %&+/*)*/+$ >"(+ (&1 "#> %$ 0-," ./$$ ,./(*3
V&#+"/* $/+ #2 ,#&,/*&$ ,.-$+/*$ (*#-&1 +"/ */E/5%8%+7 #2 +"%$ >#*? #&
(-1%/&,%&'3 V&' MNOXOR (*'-/$ +"(+ 0-," #2 +"/ /(*.7 >#*? #& (-1%/&,%&'
V@EU` TU@EV>2* TBlB=W TU@EV>2 NVH

($$-0/1 +"/ (-+"#*%+(+%8/ */$/(*,"/* >"# ?&/> 0#*/@ #* 6/++/*@ (6#-+ +8


)*#'*(00/$ +"(& +"/ )/#)./ +"/7 >/*/ %&+/*8%/>%&'3 \##*/$ MNOO]9 b^R
*/$)#&1$ +"(+ $#0/ #2 "/* ,*%+%F-/ %$ 0%$).(,/1@ $%&,/ (-+"#*$ .%?/ \#*./7
MNOXaR /5).%,%+.7 %&8%+/1 +"/%* */(1/*$ +# 0(?/ +"/%* #>& $/&$/ #2 +"/%*
%&+/*8%/> 0(+/*%(. 67 %&,.-1%&' .(*'/ (0#-&+$ #2 %&+/*8%/> +*(&$,*%)+$ %&
+"/%* (,,#-&+$3 ;& +"%$ >(7@ \#*./7 %$ $#0/>"(+ 0#*/ 0#1/$+ %& "%$
%&+/*)*/+%8/ ,.(%0$ +"(& V&' (..#>$@ $%&,/ "%$ */(1/*$ ,(& */(," +"/%* #>&
,#&,.-$%#&$ #& +"/ 6($%$ #2 +"/ 0(+/*%(.$ )*#8%1/1 67 \#*./73 I#>/8/*@ #&
#&/ )#%&+ V&'D$ MNOXOR ,*%+%F-/ 1#/$ $//0 2(%*3 H"/ $(7$ +"(+ +"/*/ %$ (
+/&1/&,7 2#* */$/(*,"/*$ +# ($$-0/ +"/*/ %$ ( )*/2/**/1 0/(&%&' ,#&+(%&/1
%& ( 8%$-(. %0('/@ +"(+ #&.7 +"/ */$/(*,"/* ,(& (,,/$$ %+@ (&1 +"(+ %+ ,(& (,+
($ ( ?%&1 #2 6($/.%&/ 2*#0 >"%," #+"/* (-1%/&,/ %&+/*)*/+(+%#&$ ,(& 6/
($$/$$/13 \#*./7 MNOXa9 QQR (,+-(..7 1/).#7$ ( &-06/* #2 %1/($ 2*#0
$/0%#.#'7 +# 1/$,*%6/ +"/ )*/2/**/1 0/(&%&'$ #2 P/%!&,4!6( #*@ ($ "/ )-+$
%+@ C+# /$+(6.%$" )*#8%$%#&(. */(1%&'$ #2 +"/%* 0(%& ,#00-&%,(+%8/ (&1
%1/#.#'%,(. $+*-,+-*/$D3 U-+ ($ \##*/$ MNOO]9 QXR ($?$ #2 +"/$/ C,#00-&%<
,(+%8/ (&1 %1/#.#'%,(. $+*-,+-*/$D@ C,(& >/ 6/ $-*/ >/ 1%1&D+ )-+ %+ +"/*/
#-*$/.8/$ >"%./ >/ >/*/ .##?%&'_D 4"-$ +"/ &#+%#& #2 ( )*/2/**/1 0/(&%&'
%$ 8-.&/*(6./ +# +"/ $(0/ ?%&1 #2 F-/$+%#&%&' ($ (.. &#&<*/E/5%8/ $/0%#<
.#'%,(. ,.(%0$ +# (,,/$$ +"/ "%11/& 0/(&%&'$ %& %0('/$ M$// $/,+%#& ^ #2
!"()+/* dR3
V&#+"/* ,#&,/*& (6#-+ +"/ 0/+"#1$ -$/1 +# (,,/$$ (-1%/&,%&'
)*#,/$$/$ (.$# 2#,-$/$ #& +"/ *#./ #2 +"/ */$/(*,"/*3 4"%$ +%0/@ +"/ %$$-/
,#&,/*&$ +"/ %0)(,+ #2 +"/ */$/(*,"/* #& +"/%* */$/(*," $-6G/,+$ >"/& +"/7
(*/ %&+/*8%/>%&' +"/03 V$ U-,?%&'"(0 MNOON9 QQOR &#+/$@ (.. +(.? %$ 1#&/
%& ( $)/,%A, ,#&+/5+@ (&1 +"(+ ,#&+/5+ (22/,+$ >"(+ $#*+ #2 +(.? %$ 1#&/3 4"%$
%$ +*-/ #2 (.. $#,%(. %&+/*(,+%#&$@ ($ +"#$/ 1%$,#-*$/ (&(.7$+$ 1%$,-$$/1 %&
!"()+/* b "/*/ %&$%$+3 I#>/8/*@ U-,?%&'"(0 MNOONR $-''/$+$ +"(+ +"#$/
*/$/(*,"%&' (-1%/&,%&' $"#-.1 )(7 ( .%++./ 0#*/ (++/&+%#& +# +"/ /22/,+$ #2
+"/ %&+/*8%/> ,#&+/5+ #& >"(+ %$ $(%1 %& +"/ %&+/*8%/>3 ; "(8/ (.*/(17
$-''/$+/1 +"(+ Y*(7 MNOOQR 0%'"+ "(8/ ,#&$%1/*/1 +"%$ %$$-/ >"/& 0(?%&'
"/* 1/,%$%#& +# %&+/*8%/> >#0/& K!` -$/*$ #& ( #&/<+#<#&/ 6($%$ *(+"/*
+"(& %& 2(0%.7 '*#-)$3 B68%#-$.7 #&/<+#<#&/ %&+/*8%/>$ "(8/ +"/%* #>&
$)/,%A,%+%/$@ >"%," Y*(7 MNOOQ9 ]dR 1#/$ /5).#*/@ 6-+ %+ %$ *(*/ +# A&1 (&7
,#&$%1/*(+%#& #2 +"/ >(7 +"/ */$/(*,"/* 0%'"+ "(8/ (22/,+/1 '*#-) #*
2(0%.7 %&+/*8%/>$3 4"/ /5(0)./ U-,?%&'"(0 MNOON9 QQOJ]QR -$/$ %$ 2*#0
"%$ #>& >#*? >%+" $,"##.<('/ ,"%.1*/&3 I/ &#+/$ +"(+ "/ %&+/*8%/>/1 +"/$/
,"%.1*/& (+ $,"##. (&1 >($ %&+*#1-,/1 +# +"/0 67 +"/%* +/(,"/*@ $# +"(+ +"/
,"%.1*/& %& +"#$/ '*#-)$ 0#$+ .%?/.7 ($$#,%(+/1 "%0 >%+" +/(,"/*$3 ;& +"/
'*#-) %&+/*8%/>$@ +"/ ?%1$ >/*/ 8/*7 ,*%+%,(. #2 +8 (18/*+%$%&'@ (&1 (.$#
1%$,-$$/1 +"/ *(,%$0 (&1 $/5%$0 #2 $#0/ ?%1$D ,(*+##& $/*%/$S 6-+ +"/
F-/$+%#& U-,?%&'"(0 ($?$ %$@ >/*/ +"/$/ ,"%.1*/& /0).#7%&' (& C%&+/*)*/+(<
+%8/ */)/*+#%*/D +"(+ +"/7 +"#-'"+ >($ ())*#)*%(+/ +# +"/ $%+-(+%#& M$//
!"()+/* b@ $/,+%#& ]3NR@ ( $%+-(+%#& %& >"%," (& (1-.+ >($ .%$+/&%&' +# +"/0
(&1 >"/& +"/7 ?&#> 0(&7 (1-.+$@ /$)/,%(..7 +/(,"/*$@ 1%$())*#8/ #2
+/./8%$%#&_ U-,?%&'"(0 MNOONR %$ &#+ $-''/$+%&' +"(+ +"/ ,"%.1*/& >/*/ &#+
NVN QB2RDS TU@EV>VSVWBU2

$(7%&' >"(+ +"/7 +"#-'"+@ $+%.. ./$$ +"(+ +"/7 >/*/ .7%&'S "/ %$ $%0).7
,#&$%1/*%&' >"(+ /22/,+ +"/ %&+/*8%/> $%+-(+%#& %+$/.2 0%'"+ "(8/ "(1 #& +"/
0(+/*%(. "/ '(+"/*/1 +"/*/3 V'(%&@ +"%$ %$ ( */E/5%8/ $+*(+/'7 *(*/.7
1/).#7/1 %& $+-1%/$ #2 (-1%/&,%&'3
;& $-0@ +"%$ 6#17 #2 >#*? #& (-1%/&,%&' $+*#&'.7 /0)"($%T/$ +"/
%0)#*+(&,/ #2 +"/ $#,%(. 0#1(.%+7 #2 +"/ (-1%/&,%&' $%+/3 I#>/8/*@ %& +/*0$
#2 ( ,*%+%,(. 8%$-(. 0/+"#1#.#'7@ %+ )(7$ .%++./ (++/&+%#& +# +"/ )#>/* #2
%0('/$ +"/0$/.8/$@ (&1 &#* %$ %+ /$)/,%(..7 */E/5%8/ (6#-+ %+$ #>& )*(,+%,/$3

J ;!?!") ;/#*%&+

c(," #2 +"/ 0/+"#1$ 1%$,-$$/1 %& +"%$ 6##?@ +"/&@ "($ 6//& ()).%/1@ /%+"/*
&/,/$$(*%.7 #* ,#&+%&'/&+.7@ #& #&.7 #&/ #2 +"/ $%+/$ (+ >"%," +"/ 0/(&%&'$
#2 %0('/$ (*/ 0(1/ M$// W%'-*/ N3d ('(%&R3 4"%$ *(%$/$ +"/ F-/$+%#& #2
0%5%&' 1%22/*/&+ 0/+"#1$ +# /5).#*/ 0#*/ 2-..7 +"/ *(&'/ #2 0/(&%&'$
%&8/$+/1 %& (& %0('/ (+ %+$ 1%22/*/&+ $%+/$3
4"%$ 6##? "($ (.*/(17 0/&+%#&/1 $#0/ $+-1%/$ >"%," ,"##$/ +# -$/
0#*/ +"(& #&/ 0/+"#1 %& #*1/* )*/,%$/.7 +# /5).#*/ +"/ 1%8/*$/ 0/(&%&'$
+"(+ )(*+%,-.(* %0('/$ ,(**7 (+ +"/%* 8(*%#-$ $%+/$ #2 )*#1-,+%#&@ %0('/ (&1
*/,/)+%#&3 !(+"/*%&/ [-+T (&1 Z(&/ !#..%&$ MNOO]R@ 2#* /5(0)./@ -$/1 $/8/*(.
0/+"#1$ +# (,,/$$ /(," #2 +"/$/ +"*// $%+/$ %& +"/%* $+-17 #2 +"/ )"#+#'*()"$
%& +"/ P/%!&,/9 I(&3)/*;!$ 0('(T%&/3 V+ +"/ $%+/ #2 +"/ )"#+#'*()"$D
)*#1-,+%#&@ +"/7 $+-1%/1 +"/ (*,"%8/$ #2 +"/ 0('(T%&/ (&1 %&+/*8%/>/1
/1%+#*$@ G#-*&(.%$+$ (&1 )"#+#'*()"/*$3 V+ +"/ $%+/ #2 +"/ )"#+#'*()"$
+"/0$/.8/$@ +"/7 -$/1 ,#&+/&+ (&(.7$%$@ ($ !"()+/* ] /5(0%&/13 V+ +"/
(-1%/&,%&' $%+/@ +"/7 >/*/ +7)%,(. %& +"/%* -$/ #2 '*#-) %&+/*8%/>$@ $"#>%&'
1%22/*/&+ '*#-)$ +"/ $(0/ 2/> ?/7 )"#+#'*()"$ (&1 /5(0%&%&' +"/%*
*/(,+%#&$3 H%0%.(*.7@ %& "/* $+-17 #2 (& /5"%6%+%#& %& ( 0-$/-0@ I/&*%/++(
[%1,"% MNOOPR $-''/$+$ -$%&' 1%$,#-*$/ (&(.7$%$ ;; +# %&+/*)*/+ +"/
%&$+%+-+%#&(. )*#,/$$/$ +"(+ )*#1-,/1 +"/ /5"%6%+%#&D$ /22/,+$@ (&1 $/0%#.#'7
2#* %&+/*)*/+%&' +"/ /22/,+$ #2 +"/ +/,"&#.#'%/$ #2 1%$).(73
e$%&' 0#*/ +"(& #&/ 0/+"#1 %& +"%$ 0(&&/* ,./(*.7 "($ 6/&/A+$3 ;+
(..#>$ ( *%,".7 1/+(%./1 )%,+-*/ #2 %0('/$D $%'&%A,(&,/ +# 6/ 1/8/.#)/1@ (&1
%& )(*+%,-.(* %+ ,(& $"/1 %&+/*/$+%&' .%'"+ #& +"/ ,#&+*(1%,+#*7 0/(&%&'$ (&
%0('/ 0(7 (*+%,-.(+/3 4"/ 8%$-(.%+%/$ (*+%,-.(+/1 67 )*#1-,/*$@ %0('/$ (&1
(-1%/&,/$ 0(7 &#+ ,#%&,%1/@ (&1 +"%$ 0(7 %& %+$/.2 6/ (& %0)#*+(&+ %$$-/ +#
(11*/$$3 I#>/8/*@ $%0).7 1%$,#8/*%&' +"(+ 1%22/*/&+ $%+/$ )*#1-,/ 1%22/*/&+
0/(&%&'$ 0(7 (.$# 6/ ( *(+"/* #68%#-$ A&1%&'3 V&1 +"(+ ?%&1 #2 (*'-0/&+
,(& /($%.7 $"%2+ %&+# ( ,.(%0 +"(+ C/8/*7#&/ $//$ +"%&'$ %& +"/%* #>& >(7D@ (
,.(%0 +"(+ #6$,-*/$ +"/ 8/*7 */(. )#>/* */.(+%#&$ %& >"%," 8%$-(. %0('/$ J
(&1 (.. $#,%(. .%2/ J )(*+%,%)(+/3 V$ V&' MNOXO9 NaPR (*'-/$ %& +"/ ,#&+/5+ #2
(-1%/&,/ $+-1%/$@ +"/ ,*%+%,(. +($? %$ +# ($$/$$ >"(+ +"/ $%'&%A,(&,/ #2 1%8/*$/
(-1%/&,/ %&+/*)*/+(+%#&$ 0%'"+ 6/@ &#+ $%0).7 +# 0(*? +"/%* /5%$+/&,/3
\7 ($$/$$0/&+$ #2 0/+"#1$ %& +"%$ 6##? "(8/ 1/)/&1/1 #& +"%$ (*'-<
0/&+ (6#-+ +"/ )#>/* */.(+%#&$ (*+%,-.(+/1 +"*#-'" 8%$-(. %0('/$3 I/&,/
V@EU` TU@EV>2* TBlB=W TU@EV>2 NVL

+"/ ,*%+%F-/ #2 ,#0)#$%+%#&(. %&+/*)*/+(+%#&@ 0/&+%#&/1 %& $/,+%#& ]3^ #2


!"()+/* Q@ >"%," %& %+$ +-*& +# -&%8/*$(.%T/1 &#+%#&$ #2 V*+ (&1 '/&%-$
%'&#*/$ +"/ $#,%(. 0#1(.%+7 #2 (*+ /&+%*/.73 I/&,/ +"/ ,*%+%F-/@ 0/&+%#&/1 %&
$/,+%#& Q3d #2 +"%$ ,"()+/*@ +"(+ $+-1%/$ #2 ,*/(+%8/ (-1%/&,/$ #2+/& &/'./,+
+"/ )#>/*2-. /22/,+$ #2 %0('/$D >(7$ #2 $//%&'3 V&1 "/&,/ +## +"/ )*#6./0$
>%+" [-+T (&1 !#..%&$D$ MNOO]R -$/ #2 ,#&+/&+ (&(.7$%$ M1%$,-$$/1 %& $/,+%#&
] #2 !"()+/* ]R@ >"/*/ +"/%* (18#,(,7 #2 +"(+ 0/+"#1 ($ +"/ 0#$+ C#6G/,<
+%8/D 0/(&$ #2 (8#%1%&' +"/ -&,#&$,%#-$ %&+/*)*/+(+%#& #2 %0('/$ %0).%/$
+"(+ */$/(*,"/*$ (*/ 0#*/ (&(.7+%,(..7 )#>/*2-. +"(& #+"/* $#*+$ #2
(-1%/&,/$3 4"/$/ ,*%+%,%$0$ (.. 1/)/&1 2#* +"/%* 2#*,/ #& (& (6%1%&' ,#&,/*&
2#* +"/ )#>/* */.(+%#&$ >"%," $(+-*(+/ (.. >(7$ #2 $//%&'9 )*#1-,/*$D@
%0('/$D@ (&1 (-1%/&,/$D@ %&,.-1%&' */$/(*,"/*$ .%?/ -$3 4"%$ %$ %0)#*+(&+ +#
6/(* %& 0%&1 >"/& 0%5%&' 0/+"#1$@ +"/&3 U/ 0/+"#1#.#'%,(..7 /,./,+%, #*@
/8/& 6/++/*@ 0/+"#1#.#'%,(..7 %&&#8(+%8/S 6-+ 1# $# 6/(*%&' %& 0%&1 +"/
)#>/* */.(+%#&$ +"(+ $+*-,+-*/ +"/ ,#&&/,+%#&$ 6/+>//& +"/ 1%22/*/&+ $%+/$
(&1 0#1(.%+%/$ 7#- >(&+ +# 6*%&' +#'/+"/*3
W%&(..7 +"/&@ ; >#-.1 .%?/ +# */%+/*(+/ +"/ ,*%+/*%( 2#* ( ,*%+%,(. 8%$-(.
0/+"#1#.#'7 #-+.%&/1 %& !"()+/* N3 L*/,%$/.7 6/,(-$/ %0('/$ 0(++/*@
6/,(-$/ +"/7 (*/ )#>/*2-. (&1 $/1-,+%8/@ %+ %$ &/,/$$(*7 +# ,#&$%1/* +"/0
,*%+%,(..73 ="(+/8/* 0/+"#1 7#- ,"##$/ +# -$/@ 0(?/ $-*/ +"(+ 7#-*
(,,#-&+ (,?&#>./1'/$ +"/ 1%22/*/&+%(+/1 /22/,+$ #2 6#+" (& %0('/D$ >(7 #2
$//%&' (&1 7#-* #>&3

X +';;1$5

: c(," #2 +"/ 0/+"#1$ /5(0%&/1 %& +"%$ 6##? +/&1$ +# 2#,-$ #& ( .%0%+/1
&-06/* #2 $%+/$ (&1 0#1(.%+%/$3
: 4"/$/ $/./,+%8/ 2#,-$/$ (*/ ( ,#&$/F-/&,/ #2 +"/#*/+%,(. (*'-0/&+$@ $#
,(*/ 0-$+ 6/ +(?/& >"/& ,#06%&%&' 1%22/*/&+ 0/+"#1$ +# /&$-*/
+"/#*/+%,(. ,#&$%$+/&,73
: 4"/ +># 0/+"#1$ 0#$+ #2+/& -$/1 +# /5).#*/ (-1%/&,/$D %&+/*)*/+(+%#&$
#2 %0('/$ (*/ %&+/*8%/>$ #2 8(*%#-$ ?%&1$ (&1 /+"&#'*()"73
: H+-1%/$ #2 (-1%/&,/$ +/&1 +# &/'./,+ +"/ $%+/ #2 +"/ %0('/ %+$/.23
: Y%8/& +"(+ +"/ */$/(*,"/* %$ (.$# (& (-1%/&,/@ +"/*/ %$ ( .(,? #2
*/E/5%8%+7 %& 0-," >#*? #& (-1%/&,%&'3

3'$#*/$ $/1&!")

H"(-& \##*/$D$ MNOO]R 6##? #& E,%()*)(%!,3 D+6!(,$(" %$ ( 8/*7 -$/2-.


(,,#-&+ #2 +"/ >"7$ (&1 "#>$ #2 (-1%/&,/ */$/(*,"3
'+/3'4 $/1&!") %" 81$!%'+
8!+'14 ;/&!1

1 '+/3'4 )'!&/ #% 6!(#'$/ 1$(*!8/+ 1"& 4!,$1$!/+

c8(&$@ I3 (&1 \3 MNOObR C!$%+)( B("(/)$;()F" G/,6'&&<H D, E,%(),/%!&,/9 I+!6(


%& C!$%+)( 2&+)$(" /,6 G&4 %& S"( >;(-@ b+" /1%+%#&3 [#&1#&9 `#-+./1'/3

["/ 1$#

!(**@ f3=3 (&1 [/#&(*1@ \3 MNOOQR @&&<!,3 /% C/!,%!,3"H D I+!6( %& >($;,!$/9
>()-"3 [#&1#&9 Z3 L(-. Y/++7 \-$/-0 %& ($$#,%(+%#& >%+" +"/ U*%+%$" \-$/-0
L*/$$3
L#..(*1@ c3U3 MNOXbR 5!"+/9 D)%" B("(/)$;H D G/,6'&&<3 [#&1#&9 Y*//&>##1 L*/$$3
4-*&/*@ Z3 M/13R MNOObR >;( L!$%!&,/)0 &1 D)%3 ]d 8#.$3 [#&1#&9 \(,0%..(&3
`#6/*+$@ I3c3 M/13R MNOOXR O,$0$9&*(6!/ &1 7&-*/)/%!8( E$&,&3)/*;0H >;(-("
L(*!$%(6 !, .&)<" &1 D)%3 Q 8#.$3 [#&1#&9 W%+T*#7 f/(*6#*&3
H+*(+/&@ 8(& `3 MNOOdR D, E,%)&6+$%!&, %& E$&,&3)/*;03 4*(&$.(+/1 67 L3 1/ \(&3
`/(1%&'9 Y#*1#& (&1 U*/(,"3

6*%#%)$16*5

U(*+"/$@ `3 MNOXQR 7/-()/ @+$!6/H B(Y($%!&," &, C;&%&3)/*;03 4*(&$.(+/1 67


`3 I#>(*13 [#&1#&9 Z#&(+"(& !()/3
=/..$@ [3 M/13R C;&%&3)/*;0H D 7)!%!$/9 E,%)&6+$%!&,3 [#&1#&9 `#-+./1'/3
=*%'"+@ 43 MNOOOR >;( C;&%&3)/*;0 G/,6'&&<3 [#&1#&9 `#-+./1'/3

[4;

U#*1>/..@ f3@ H+(%'/*@ Z3 (&1 4"#0)$#&@ i3 MNOXXR >;( 79/""!$/9 G&9904&&6


7!,(-/H N!9- 2%09( /,6 R&6( &1 C)&6+$%!&, %& Z[\]3 [#&1#&9 `#-+./1'/3
NVQ QB2RDS TU@EV>VSVWBU2

c..%$@ Z3 MNOOQR 5!"!'9( N!$%!&,"H 7!,(-/^ >(9(8!"!&,^ 5!6(&3 [#&1#&9 `#-+./1'/3


\#&(,#@ Z3 MQaaaR G&4 %& B(/6 / N!9-H R&8!("^ R(6!/^ R+9%!-(6!/@ ]*1 /1%+%#&3
[#&1#&9 B52#*1 e&%8/*$%+7 L*/$$3
g/(./@ H3 (&1 H0%+"@ \3 M/1$R MNOOXR 7&,%(-*&)/)0 G&9904&&6 7!,(-/3 [#&1#&9
`#-+./1'/3

#/4/8!+!%"

c..%$@ Z3 MNOOQR 5!"!'9( N!$%!&,"H 7!,(-/^ >(9(8!"!&,^ 5!6(&3 [#&1#&9 `#-+./1'/3


H%.8/*$+#&/@ `3 MNOOdR >(9(8!"!&, /,6 O8()06/0 @!1(3 [#&1#&9 `#-+./1'/3
=%..%(0$@ `3 MNOXOR B/0-&,6 .!99!/-" &, >(9(8!"!&,H 2(9($%(6 .)!%!,3"3 c1%+/1 67
V3 BD!#&&#*3 [#&1#&9 `#-+./1'/3

8!&/%

c..%$@ Z3 MNOOQR 5!"!'9( N!$%!&,"H 7!,(-/^ >(9(8!"!&,^ 5!6(&3 [#&1#&9 `#-+./1'/3


\#&(,#@ Z3 MQaaaR G&4 %& B(/6 / N!9-H R&8!("^ R(6!/^ R+9%!-(6!/@ ]*1 /1%+%#&3
[#&1#&9 B52#*1 e&%8/*$%+7 L*/$$3

;16+

!#$'*#8/@ f3 M/13R MNOOXR R/**!,3"3 [#&1#&9 `/(?+%#& U##?$3


f#*.%&'@ f3 (&1 W(%*6(%*&@ f3 MNOOPR R/**!,3H ./0" &1 B(*)("(,%!,3 %;( .&)963
I(*.#>9 [#&'0(&3
I(*./7@ Z3U3 MNOOQR C`/,#&$+*-,+%&' +"/ 0()D@ %& 43Z3 U(*&/$ (&1 Z3H3 f-&,(& M/1$R@
.)!%!,3 .&)96"H L!"$&+)"(^ >(:% /,6 R(%/*;&) !, %;( B(*)("(,%/%!&, &1
@/,6"$/*(3 [#&1#&9 `#-+./1'/@ ))3 Q]NJdP3
$/3/$/"(/+

V,+#&@ \3 MNOOPR @(/),!,3 %& @&&< /% C/!,%!,3"3 [#&1#&9 `#-+./1'/3


V1./*@ Z3 MNOXOR CB*%'%&$ #2 $%'"+$//%&'D@ D,,/9" &1 >&+)!"- B("(/)$; Nb9 PJQO3
V.)/*$@ H3 MNOX]R >;( D)% &1 L("$)!'!,3H L+%$; D)% !, %;( 2(8(,%((,%; 7(,%+)03
[#&1#&9 Z#"& \-**(73
V&1*/>$@ H3 MNOO^R 2%&)0 /,6 2*/$( !, B(,/!""/,$( D)%3 !(06*%1'/9 !(06*%1'/
e&%8/*$%+7 L*/$$3
V&'@ ;3 MNOX^R ./%$;!,3 L/99/"3 [#&1#&9 \/+"-/&3
V&'@ ;3 MNOXOR C=(&+/19 V-1%/&,/$3 B& +"/ )#.%+%,$ #2 /0)%*%,(. (-1%/&,/ $+-1%/$D@ %&
c3 H/%+/*@ I3 U#*,"/*$@ Y3 i*/-+T&/* (&1 c3<\3 =(*+" M/1$R@ B(-&%( 7&,%)&9H
>(9(8!"!&,^ D+6!(,$("^ /,6 7+9%+)/9 C&4()3 [#&1#&9 `#-+./1'/@ ))3 ObJNa^3
V&'@ ;3 MNOONR L("*()/%(90 2((<!,3 %;( D+6!(,$(3 [#&1#&9 `#-+./1'/3
V*0$+*#&'@ !3 MNOObR CK%$-(. ,-.+-*/ F-/$+%#&&(%*/D@ #$%&'() PP9 QbJX3
V*0$+*#&'@ !3 MNOOXR 2$(,(" !, / @!')/)0H B(/6!,3 %;( C;&%&3)/*; !, %;( ?&&<3
[#&1#&9 \;4 L*/$$3
U(,?@ [3 (&1 o-((1/@ K3 MNOO]R Cf*/(0 -+#)%($@ &%'"+0(*/ */(.%+%/$9 %0('%&%&' *(,/
(&1 ,-.+-*/ >%+"%& +"/ >#*.1 #2 U/&/++#&D@ >;!)6 >(:% QQ9 b^JXa3
U(.@ \3 MNOONR B(/6!,3 B(-')/,6%H ?(0&,6 %;( .&)6_E-/3( #**&"!%!&,3
!(06*%1'/9 !(06*%1'/ e&%8/*$%+7 L*/$$3
U(.@ \3 MNOObR L&+'9( O:*&"+)("H >;( 2+'=($% &1 7+9%+)/9 D,/90"!"3 [#&1#&9
`#-+./1'/3
U(.@ \3 (&1 U*7$#&@ g3 MNOONR CH/0%#+%,$ (&1 (*+ "%$+#*7D@ D)% ?+99(%!, P]9 NPdJ
QaX3
U(.. \3H3 (&1 H0%+"@ Y3=3I3 MNOOQR D,/90M!,3 5!"+/9 L/%/3 [#&1#&9 H('/3
U(&&@ H3 MNOOXR CV*+ "%$+#*7 (&1 0-$/-0$D@ %& \3V3 !"//+"(0@ \3V3 I#..7 (&1 i3
\#5/7 M/1$R@ >;( 2+'=($%" &1 D)% G!"%&)0H G!"%&)!$/9 #'=($%" !, 7&,%(-*&)/)0
C()"*($%!8(3 !(06*%1'/9 !(06*%1'/ e&%8/*$%+7 L*/$$@ ))3 Q]aJdO3
U(*?/*@ c3 M/13R MNOOOR 7&,%(-*&)/)0 7+9%+)(" &1 L!"*9/03 [#&1#&9 h(./ e&%8/*$%+7
L*/$$ %& ($$#,%(+%#& >%+" 4"/ B)/& e&%8/*$%+73
U(**/++@ \3 MNOONR >;( C&9!%!$" &1 >)+%;H N)&- R/): %& N&+$/+9%3 !(06*%1'/9
L#.%+7 L*/$$3
U(*+"/$@ `3 MNOP]R R0%;&9&3!("3 4*(&$.(+/1 67 V3 [(8/*$3 [#&1#&9 L(.(1%&3
U(*+"/$@ `3 MNOPPR E-/3(_R+"!$_>(:%3 c1%+/1 (&1 +*(&$.(+/1 67 H3 I/(+"3 [#&1#&9
W#&+(&(3
U(*+"/$@ `3 MNOXQR 7/-()/ @+$!6/H B(Y($%!&," &, C;&%&3)/*;03 4*(&$.(+/1 67
`3 I#>(*13 [#&1#&9 Z#&(+"(& !()/3
NVT QB2RDS TU@EV>VSVWBU2

U(++/*$67@ !3 MNOOdR I(,6() /,6 I(,!+"H >&4/)6" / N(-!,!"% D("%;(%!$"3 [#&1#&9


=#0/&D$ L*/$$3
U(-1*%..(*1@ Z3 MNOXXR 2(9($%(6 .)!%!,3"3 c1%+/1 67 \3 L#$+/*3 !(06*%1'/9 L#.%+7
L*/$$3
U(5(&1(..@ \3 MNOPQR C/!,%!,3 /,6 O:*()!(,$( !, N!1%((,%; 7(,%+)0 E%/90H D C)!-()
!, %;( 2&$!/9 G!"%&)0 &1 C!$%&)!/9 2%09(3 B52#*19 B52#*1 e&%8/*$%+7 L*/$$3
U/,?/*@ I3H3 MNOXQR D)% .&)96"3 U/*?/./79 e&%8/*$%+7 #2 !(.%2#*&%( L*/$$3
U/1(-5@ Z3U3 MNOXbR C4"/ */(.%+7 #2 $706#.$D@ 2(-!&9+" Nb9 ^JQX3
U/&&/++@ 43 MNOO^R >;( ?!)%; &1 %;( R+"(+-H G!"%&)0^ >;(&)0^ C&9!%!$"3 [#&1#&9
`#-+./1'/3
U/*'/*@ Z3 MNOPQR ./0" &1 2((!,33 [#&1#&9 U*%+%$" U*#(1,($+%&' V$$#,%(+%#& (&1
L/&'-%&3
U%*1@ Z3 /+ (.3 M/1$R MNOObR >;( ?@#7A B(/6() !, 5!"+/9 7+9%+)(3 [#&1#&9
`#-+./1'/3
U#.+#&@ `3 MNOXOR C;& +"/ V0/*%,(& =/$+9 `%,"(*1 V8/1#& ;&,#*)#*(+/1D@ %& `3
U#.+#& M/13R@ >;( 7&,%("% &1 R(/,!,3H 7)!%!$/9 G!"%&)!(" &1 C;&%&3)/*;03
[#&1#&9 \;4 L*/$$@ ))3 QbNJXQ3
U#*1#@ H3 MNOO]R S,'(/)/'9( .(!3;%H N(-!,!"-^ .("%(), 7+9%+)(^ /,6 %;( ?&603
U/*?/./79 !(.%2#*&%( e&%8/*$%+7 L*/$$3
U#-*1%/-@ L3 MNOXdR L!"%!,$%!&,H D 2&$!/9 7)!%!K+( &1 %;( `+63(-(,% &1 >/"%(3
4*(&$.(+/1 67 `3 g%,/3 [#&1#&9 `#-+./1'/ (&1 i/'(& L(-.3
U#-*1%/-@ L3 (&1 f(*6/.@ V3 >%+" H,"&())/*@ f3 MNOONR >;( @&8( &1 D)%H O+)&*(/,
D)% R+"(+-" /,6 >;(!) C+'9!$3 !(06*%1'/9 L#.%+7 L*/$$3
U#>%/@ \3 MNOONR @/$/,3 [#&1#&9 W#&+(&(3
U*/&&(&@ 43 (&1 Z(7@ \3 M/1$R MNOObR 5!"!&, !, 7&,%(:%H G!"%&)!$/9 /,6
7&,%(-*&)/)0 C()"*($%!8(" &, 2!3;%3 [#&1#&9 `#-+./1'/3
U*#&2/&@ c3 MNOOQR C!($+*(+%#& ,#0)./5D@ %& c3 =*%'"+ M/13R@ N(-!,!"- /,6
C"0$;&/,/90"!"H D 7)!%!$/9 L!$%!&,/)03 B52#*19 U($%. U.(,?>/..@ ))3 dNJ^3
U*7$#&@ g3 MNOXXR C4"/ '(T/ %& +"/ /5)(&1/1 A/.1D@ %& I3 W#$+/* M/13R@ 5!"!&, /,6
5!"+/9!%03 H/(++./9 U(7 L*/$$@ ))3 XPJNaX3
U*7$#&@ g3 MNOONR CH/0%#.#'7 (&1 8%$-(. %&+/*)*/+(+%#&D@ %& g3 U*7$#&@ \3V3 I#..7
(&1 i3 \#5/7 M/1$R@ 5!"+/9 >;(&)0H C/!,%!,3 /,6 E,%()*)(%/%!&,3 !(06*%1'/9
L#.%+7 L*/$$@ ))3 bNJP]3
U*7$#&@ g3@ I#..7@ \3V3 (&1 \#5/7@ i3 MNOOdR C;&+*#1-,+%#&D@ %& g3 U*7$#&@ \3V3
I#..7 (&1 i3 \#5/7 M/1$R@ 5!"+/9 7+9%+)(H E-/3(" /,6 E,%(*)(%/%!&,"3 [#&1#&9
=/$./7(& e&%8/*$%+7 L*/$$ #2 g/> c&'.(&1@ ))3 58J55%53
U-,?%&'"(0@ f3 MNOXPR C+'9!$ 2($)(%"H O/"%O,6()" /,6 E%" D+6!(,$(3 [#&1#&9
U*%+%$" W%.0 ;&$+%+-+/3
U-,?%&'"(0@ f3 MNOONR C="(+ (*/ >#*1$ >#*+"_ ;&+/*)*/+%&' ,"%.1*/&D$ +(.? (6#-+
+/./8%$%#&D@ 7+9%+)/9 2%+6!(" ^9 QQXJd^3
U-*'%&@ K3 MNOXbR >;( O,6 &1 D)% >;(&)0H 7)!%!$!"- /,6 C&"%-&6(),!%03
U($%&'$+#?/9 \(,0%..(&3
U-*'%&@ K3 MNOOQR CW(&+($7D@ %& c3 =*%'"+ M/13R@ N(-!,!"- /,6 C"0$;&/,/90"!"H D
7)!%!$/9 L!$%!&,/)03 B52#*19 U($%. U.(,?>/..@ ))3 XdJX3
U-+./*@ Z3 MNOOaR I(,6() >)&+'9(H N(-!,!"- /,6 %;( 2+'8()"!&, &1 E6(,%!%03
[#&1#&9 `#-+./1'/3
!/.(&+@ Y3 MNOObR CV 8%$-(. 0(,"%&/9 (*+ %&$+(..(+%#& (&1 %+$ 0#1/*& (*,"/+7)/$D@ %&
`3 Y*//&6/*'@ U3=3 W/*'-$#& (&1 H3 g(%*&/ M/1$R@ >;!,<!,3 D'&+% O:;!'!%!&,"3
[#&1#&9 `#-+./1'/@ ))3 ]PNJXb3
!#"(&@ H3 (&1 I(*?@ ;3`3 M/1$R MNOO]R 2$)((,!,3 %;( R/9(H O:*9&)!,3 R/"$+9!,!%!("
!, G&9904&&6 7!,(-/3 [#&1#&9 `#-+./1'/3
!#&1//@ g3 MNOO^R C;&+*#1-,+%#&D@ %& g3 !#&1// M/13R@ 2&8!(% G!()&390*;!$"H 5!"+/9
`UXU`U=YU2 NVI

7+9%+)( !, @/%( >4(,%!(%;J7(,%+)0 B+""!/3 U.##0%&'+#& (&1 [#&1#&9 ;&1%(&(


e&%8/*$%+7 L*/$$ (&1 U*%+%$" W%.0 ;&$+%+-+/@ ))3 8%%J55%%%3
!##06/$@ V3 MNOOdR B(!,8(,%!,3 D1)!$/H R+"(+-"^ R/%()!/9 7+9%+)( /,6 C&*+9/)
E-/3!,/%!&, !, @/%( 5!$%&)!/, /,6 O64/)6!/, O,39/,63 [#&1#&9 h(./ e&%8/*$%+7
L*/$$3
!#)G/,@ Z3 MNOXOR C4"/ #*+"#)$7,"%, $-6G/,+9 A.0 +"/#*7 (&1 +"/ */,/)+%#& #2 [(,(&D@
#$%&'() dO9 ^]JPQ3
!#-*+@ c3 MNOOOR CV2*%,( #& 1%$).(79 /5"%6%+%&' (*+ 67 V2*%,(&$D@ %& c3 U(*?/* M/13R@
7&,%(-*&)/)0 7+9%+)(" &1 L!"*9/03 [#&1#&9 h(./ e&%8/*$%+7 L*/$$ %& ($$#,%(+%#&
>%+" 4"/ B)/& e&%8/*$%+7@ ))3 NdPJP]3
!#>%/@ c3 MNOOaR CW(&+($%(D@ %& L3 V1(0$ (&1 c3 !#>%/ M/1$R@ >;( .&-/, !,
a+("%!&,H -b13 [#&1#&9 K/*$#@ ))3 NdOJOb3
!#>.%&'@ \3 MNOXOR >;( D)%!"% /" D,%;)&*&9&3!"%H >;( B(*)("(,%/%!&, &1 >0*( /,6
7;/)/$%() !, 5!$%&)!/, D)%3 !(06*%1'/9 !(06*%1'/ e&%8/*$%+7 L*/$$3
!*(*7@ Z3 MNOOQR >($;,!K+(" &1 %;( #'"()8()H 5!"!&, /,6 R&6(),!%0 !, %;(
P!,(%((,%; 7(,%+)03 [#&1#&9 \;4 L*/$$3
f/ [(-*/+%$@ 43 MNOOdR >;( C)/$%!$( &1 @&8(H @("'!/, 2(:+/9!%0 /,6 C()8()"( L("!)(3
U.##0%&'+#&9 ;&1%(&( e&%8/*$%+7 L*/$$3
f/ [(-*/+%$@ 43 MNOO^R CB& +"/ $-6G/,+ #2 2(&+($7D@ %& [3 L%/+*#)(-.# (&1 V3
4/$+(2/**% M/1$R@ N(-!,!"-" !, %;( 7!,(-/3 U.##0%&'+#&9 ;&1%(&( e&%8/*$%+7
L*/$$@ ))3 b]J^3
f/6#*1@ Y3 MNOX]R 2&$!(%0 &1 %;( 2*($%/$9(3 f/+*#%+9 U.(,? (&1 `/13
f/-+$,"/@ `3 MNOONR CU#7$ +#>&D@ O,8!)&,-(,% /,6 C9/,,!,3 LH 2&$!(%0 /,6 2*/$(
O9 ^J]a3
f/7@ ;3 MNOO]R a+/9!%/%!8( L/%/ D,/90"!"H D S"()JN)!(,690 I+!6( 1&) 2&$!/9
2$!(,%!"%"3 [#&1#&9 `#-+./1'/3
f#(&/@ \3V3 MNOXQR CW%.0 (&1 +"/ 0($F-/*(1/9 +"/#*%$%&' +"/ 2/0(./ $)/,+(+#*D@
2$)((, ]9 PdJXP3
f#(&/@ \3V3 MNOXPR >;( L("!)( %& L("!)(H >;( .&-/,F" N!9- &1 %;( Z[c]"3
U.##0%&'+#&9 ;&1%(&( e&%8/*$%+7 L*/$$3
f#(&/@ \3V3 MNOONR N(--(" N/%/9("H N(-!,!"-^ N!9- >;(&)0^ C"0$;&/,/90"!"3
[#&1#&9 `#-+./1'/3
f#%$&/(-@ `3 MNOOaR B(,/+9%H E, %;( >;!)%!("3 c1%+/1 67 \3 i#/+T./3 [#&1#&9 f%*?
g%$"/&3
f#%$&/(-@ `3 MNOONR B&'()% L&!",(/+H E,%()8!(4 4!%; B&'()% L&!",(/+ '0 2098/!,
B&+-(%%(3 [#&1#&9 4"(0/$ (&1 I-1$#&3
f-&,(&@ !3 MNOO]R >;( D("%;(%!$" &1 C&4()H O""/0" !, 7)!%!$/9 D)% G!"%&)03
!(06*%1'/9 !(06*%1'/ e&%8/*$%+7 L*/$$3
f-&,(&@ !3 MNOO^R 7!8!9!"!,3 B!%+/9"H E,"!6( C+'9!$ D)% R+"(+-"3 [#&1#&9
`#-+./1'/3
f7/*@ Y3 MNOXQR D68()%!"!,3 /" 7&--+,!$/%!&,3 [#&1#&9 \/+"-/&3
f7/*@ `3 MNOXQR Cf#&D+ .##? &#>9 +"/ 0(./ )%&<-)D@ 2$)((, Q]9 bNJP]3
f7/*@ `3 MNOOaR P&4 V&+ 2(( E%H G!"%&)!$/9 2%+6!(" &, @("'!/, /,6 I/0 N!9-3
[#&1#&9 `#-+./1'/3
f7/*@ `3 MNOOPR .;!%(3 [#&1#&9 `#-+./1'/3
c(?%&$@ `3 (&1 [#8%&'@ c3 MNOX^R C!$%+)( 2&+)$(" SA3 [#&1#&9 \(,f#&(.13
c1'/*+#&@ H3h3 MNOP^R >;( B(,/!""/,$( B(6!"$&8()0 &1 C()"*($%!8(3 g/> h#*?9
I(*)/* (&1 `#>3
c1>(*1$@ c3 M/13R MNOOQR D,%;)&*&9&30 /,6 C;&%&3)/*;0 Zd\]_Z[e]3 [#&1#&9
h(./ e&%8/*$%+7 L*/$$ (&1 +"/ `#7(. V&+"*#)#.#'%,(. ;&$+%+-+/3
c.?%&$@ Z3 MNOONR CB& +"/ D),&9Q,! C&)%)/!% (&1 +"/ @+$/ R/6&,,/9 1%1 Z(& 8(&
c7,? "(8/ ( )/*$)/,+%8(. $7$+/0_D D)% ?+99(%!, [vv;;;9 ^]JbQ3
NHV QB2RDS TU@EV>VSVWBU2

c.?%&$@ Z3 MNOOdR >;( C&(%!$" &1 C()"*($%!8(3 ;+"(,(9 !#*&/.. e&%8/*$%+7 L*/$$3
c..%$@ Z3 MNOOQR 5!"!'9( N!$%!&,"H 7!,(-/^ >(9(8!"!&,^ 5!6(&3 [#&1#&9 `#-+./1'/3
c8(&$@ I3 (&1 \3 MNOObR C!$%+)( B("(/)$;()F" G/,6'&&<H D, E,%(),/%!&,/9 I+!6(
%& C!$%+)( 2&+)$(" /,6 G&4 %& S"( >;(-@ b+" /1%+%#&3 [#&1#&9 `#-+./1'/3
c8(&$@ Z3 (&1 I(..@ H3 MNOOOR 5!"+/9 7+9%+)(H >;( B(/6()3 [#&1#&9 H('/ %&
($$#,%(+%#& >%+" 4"/ B)/& e&%8/*$%+73
W(&#&@ W3 MNOXbR ?9/$< 2<!,^ .;!%( R/"<"3 g/> h#*?9 Y*#8/ L*/$$3
W/*&%/@ c3 MNOO^R D)% G!"%&)0 /,6 E%" R(%;&6"H D 7)!%!$/9 D,%;&9&303 [#&1#&9
L"(%1#&3
W%$"0(&@ =3Z3 MNOXXR O/"% O,6 Zddd3 [#&1#&9 f-,?>#*+"3
W%$?/@ Z3 MNOOdR CV-1%/&,%&'D@ %& g3i3 f/&T%& (&1 h3H3 [%&,#.& M/1$R@ G/,6'&&< &1
a+/9!%/%!8( R(%;&6"3 [#&1#&9 H('/3
W#$+/*@ I3 MNOXX(R CL*/2(,/D@ %& I3 W#$+/* M/13R@ 5!"!&, /,6 5!"+/9!%03 H/(++./9 U(7
L*/$$@ ))3 %5J5%83
W#$+/*@ I3 M/13R MNOXX6R 5!"!&, /,6 5!"+/9!%03 H/(++./9 U(7 L*/$$3
W#$+/*@ I3 MNOObR C4"/ (*,"%8/ >%+"#-+ 0-$/-0$D@ #$%&'() PP9 OPJNNO3
W#-,(-.+@ \3 MNOPQR >;( D)$;(&9&30 &1 A,&49(63(3 4*(&$.(+/1 67 V3\3 H"/*%1(&
H0%+"3 [#&1#&9 4(8%$+#,? L-6.%,(+%#&$3
W#-,(-.+@ \3 MNOPPR L!"$!*9!,( /,6 C+,!";H >;( ?!)%; &1 %;( C)!"&,3 4*(&$.(+/1 67
V3 H"/*%1(&3 [#&1#&9 V../& [(&/3
W#-,(-.+@ \3 MNOPOR >;( G!"%&)0 &1 2(:+/9!%0^ 5&9+-( EH D, E,%)&6+$%!&,3
4*(&$.(+/1 67 `3 I-*./73 [#&1#&9 V../& [(&/3
W72/@ Y3 (&1 [(>3 Z3 MNOXXR C;&+*#1-,+%#&9 #& +"/ %&8%$%6%.%+7 #2 +"/ 8%$%6./D@ %& Y3
W72/ (&1 Z3 [(> M/1$R@ C!$%+)!,3 C&4()H 5!"+/9 L(*!$%!&, /,6 2&$!/9 B(9/%!&,"3
[#&1#&9 `#-+./1'/@ ))3 NJNd3
W72/@ Y3 (&1 `#$$@ \3 MNOObR Cf/,#1%&' +"/ 8%$%+#*D$ '(T/9 */+"%&?%&' 0-$/-0
8%$%+%&'D@ %& H3 \(,f#&(.1 (&1 Y3 W72/ M/1$R@ >;(&)!M!,3 R+"(+-"3 B52#*19 U($%.
U.(,?>/..@ ))3 NQPJ^a3
Y('/@ Z3 MNOO]R 7&9&+) /,6 7+9%+)(H C)/$%!$( /,6 R(/,!,3 1)&- D,%!K+!%0 %&
D'"%)/$%!&,3 [#&1#&9 4"(0/$ (&1 I-1$#&3
Y(%&/$@ Z3 MNOXXR C="%+/ )*%8%./'/ (&1 .##?%&' */.(+%#&$9 *(,/ (&1 '/&1/* %& 2/0%&%$+
A.0 +"/#*7D@ 2$)((, QO9 NQJQP3
Y%.6/*+@ `3 MNOO^R @!8!,3 .!%; D)%@ d+" /1%+%#&3 [#&1#&9 \,Y*(> I%..3
Y%..@ `3 MNOObR Cf%$,#-*$/ (&(.7$%$9 )*(,+%,(. %0)./0/&+(+%#&D@ %& Z343c3 `%,"(*1$#&
M/13R@ G/,6'&&< &1 a+/9!%/%!8( R(%;&6" 1&) C"0$;&9&30 /,6 %;( 2&$!/9 2$!(,$("3
[/%,/$+/*9 U*%+%$" L$7,"#.#'%,(. H#,%/+7@ ))3 NdNJ^b3
Y%.0(&@ H3 MNOX^R L!11()(,$( /,6 C/%;&9&30H 2%()(&%0*(" &1 2(:+/9!%0^ B/$( /,6
R/6,(""3 ;+"(,(9 !#*&/.. e&%8/*$%+7 L*/$$3
Y%.0(&@ H3 MNOOaR CCC;D0 1#>& #& >"#*/$DD9 *(,/ (&1 '/&1/* %& K%,+#*%(& [#&1#&D@
%& f3 Y#.16/*' M/13R@ >;( D,/%&-0 &1 B/$!"-3 \%&&/()#.%$9 \%&&/$#+(
e&%8/*$%+7 L*/$$@ ))3 NdbJPa3
Y%.*#7@ L3 MNOXPR >;()( D!,F% P& ?9/$< !, %;( S,!&, `/$<H >;( 7+9%+)/9 C&9!%!$" &1
B/$( /,6 P/%!&,3 [#&1#&9 I-+,"%&$#&3
Y#.10(&@ `3 MNOOQR B(/6!,3 D6" 2&$!/9903 [#&1#&9 `#-+./1'/3
Y*("(0<U*#>&@ H3 MNOXXR E-/3(" &1 .&-(,H >;( C&)%)/0/9 &1 .&-(, !,
C;&%&3)/*;0 &1 %;( R!669( O/"%^ Zd\]_Z[f]3 [#&1#&9 o-(*+/+3
Y*(7@ V3 MNOOQR 5!6(& C9/0%!-(H >;( I(,6()!,3 &1 / @(!"+)( >($;,&9&303 [#&1#&9
`#-+./1'/3
Y*//&@ g3 MNOOaR >;( 2*($%/$9( &1 P/%+)(H @/,6"$/*( /,6 ?&+)3(&!" P/%+)( !,
P!,(%((,%;J7(,%+)0 N)/,$(3 \(&,"/$+/*9 \(&,"/$+/* e&%8/*$%+7 L*/$$3
Y*//&6/*'@ `3@ W/*'-$#&@ U3=3 (&1 g(%*&/@ H3 M/1$R MNOObR >;!,<!,3 D'&+%
O:;!'!%!&,"3 [#&1#&9 `#-+./1'/3
`UXU`U=YU2 NHH

Y*-&/&6/*'@ !3 MNOOOR C4"/ 0#1/*& (*+ 0-$/-0D@ %& c3 U(*?/* M/13R@ 7&,%(-*&)/)0
7+9%+)(" &1 L!"*9/03 [#&1#&9 h(./ e&%8/*$%+7 L*/$$ %& ($$#,%(+%#& >%+" 4"/ B)/&
e&%8/*$%+7@ ))3 QbJdO3
I(..@ c3 MNOOdR >;( D),&9Q,! ?(%)&%;/93 U/*?/./79 !(.%2#*&%( e&%8/*$%+7 L*/$$3
I(..@ H3 MNOXaR Cc&,#1%&'j1/,#1%&'D@ %& !/&+*/ 2#* !#&+/0)#*(*7 !-.+-*(. H+-1%/$
!-.+-*/@ R(6!/^ @/,3+/3(H .&)<!,3 C/*()" !, 7+9%+)/9 2%+6!("3 [#&1#&9
I-+,"%&$#&@ ))3 NQXJ]X3
I(..@ H3 MNOObR C;&+*#1-,+%#&9 >"# &//1$ %1/&+%+7_D@ %& H3 I(.. (&1 L3 1- Y(7 M/1$R@
a+("%!&," &1 7+9%+)/9 E6(,%!%03 [#&1#&9 H('/@ ))3 NJNP3
I(..@ H3 MNOOP(R C;&+*#1-,+%#&D@ %& H3 I(.. M/13R@ B(*)("(,%/%!&,H 7+9%+)/9
B(*)("(,%/%!&," /,6 2!3,!10!,3 C)/$%!$("3 [#&1#&9 H('/@ ))3 NJNQ3
I(..@ H3 MNOOP6R C4"/ >#*? #2 */)*/$/&+(+%#&D@ %& H3 I(.. M/13R@ B(*)("(,%/%!&,H
7+9%+)/9 B(*)("(,%/%!&," /,6 2!3,!10!,3 C)/$%!$("3 [#&1#&9 H('/@ ))3 N]JPd3
I(..@ H3 MNOOOR C;&+*#1-,+%#&9 .##?%&' (&1 $-6G/,+%8%+7D@ %& Z3 c8(&$ (&1 H3 I(.. M/1$R@
5!"+/9 7+9%+)(H >;( B(/6()3 [#&1#&9 H('/@ ))3 ]aOJNd3
I(06-*'/*@ Z3W3 MNOOPR P+," /" D)%!"%"H >;( 5!"+/9 7+9%+)( &1 / R(6!(8/9 7&,8(,%3
U/*?/./79 !(.%2#*&%( e&%8/*$%+7 L*/$$3
I(0%.+#&@ L3 MNOOPR C`/)*/$/&+%&' +"/ $#,%(.9 W*(&,/ (&1 W*/&,"&/$$ %& )#$+<>(*
"-0(&%$+ )"#+#'*()"7D@ %& H3 I(.. M/13R@ B(*)("(,%/%!&,H 7+9%+)/9 B(*)("(,%/J
%!&," /,6 2!3,!10!,3 C)/$%!$("3 [#&1#&9 H('/@ ))3 P^JN^a3
I(*(>(7@ f3 MNOXOR C)!-/%( 5!"!&,"H I(,6()^ B/$(^ /,6 P/%+)( !, %;( .&)96 &1
R&6(), 2$!(,$(3 [#&1#&9 `#-+./1'/3
I(*(>(7@ f3 MNOONR 2!-!/,"^ 70'&)3"^ /,6 .&-(,H >;( B(!,8(,%!&, &1 P/%+)(3
[#&1#&9 W*// V$$#,%(+%#& U##?$3
I(*8/7@ f3 MNOXOR >;( 7&,6!%!&, &1 C&"%-&6(),!%03 B52#*19 U($%. U.(,?>/..3
I/+"/*%&'+#&@ i3 MNOOPR C\-$/-0 +#)#.#'7 (&1 +"/ >%.. +# ,#&&/,+D@ `&+),/9 &1
R/%()!/9 7+9%+)( Q9 NOOJQNX3
I/7>##1@ ;3 (&1 H(&17>/..@ U3 MNOOOR C;&+*#1-,+%#&9 /5).#*(+%#&$ %& +"/
"/*0/&/-+%,$ #2 8%$%#&D@ %& ;3 I/7>##1 (&1 U3 H(&17>/.. M/1$R@ E,%()*)(%!,3
5!"+/9 7+9%+)(H O:*9&)/%!&," !, %;( G()-(,(+%!$" &1 %;( 5!"+/93 [#&1#&9
`#-+./1'/@ ))3 %5J58%%%3
I#1'/@ `3 (&1 i*/$$@ Y3 MNOXXR 2&$!/9 2(-!&%!$"3 !(06*%1'/9 L#.%+7 L*/$$3
I#..7@ \3V3 MNOObR C/"% @&&<!,3H G!"%&)!$/9 E-/3!,/%!&, /,6 %;( B;(%&)!$ &1 %;(
E-/3(3 ;+"(,(9 !#*&/.. e&%8/*$%+7 L*/$$3
I##)/*<Y*//&"%..@ c3 MNOOQR R+"(+-" /,6 %;( 2;/*!,3 &1 A,&49(63(3 [#&1#&9
`#-+./1'/3
I##)/*<Y*//&"%..@ c3 MNOOdR R+"(+-" /,6 >;(!) 5!"!%&)"3 [#&1#&9 `#-+./1'/3
;'%&.(@ U3 MNOOQR CU.(,? 2/0%&%$+ ,*%+%F-/ #2 )$7,"#(&(.7$%$D@ %& c3 =*%'"+ M/13R@
N(-!,!"- /,6 C"0$;&/,/90"!"H D 7)!%!$/9 L!$%!&,/)03 B52#*19 U($%. U.(,?>/..@
))3 ]NJ]]3
;*%'(*(7@ [3 MNOX^R >;!" 2(: .;!$; !" P&% #,(3 4*(&$.(+/1 67 !3 L#*+/*3 ;+"(,(9
!#*&/.. e&%8/*$%+7 L*/$$3
;8/*$/&@ \3 MNOXbR CH(-$$-*/ 83 L%/*,/9 0#1/.$ 2#* ( $/0%#+%,$ #2 8%$-(. (*+D@ %&
V3[3 `//$ (&1 W3 U#*T/..# M/1$R@ >;( P(4 D)% G!"%&)03 [#&1#&9 !(01/& L*/$$@
))3 XQJOd3
Z(0/$#&@ W3 MNOXdR CL#$+0#1/*&%$0@ #* +"/ ,-.+-*(. .#'%, #2 .(+/ ,()%+(.%$0D@ P(4
@(1% B(8!(4 Ndb9 ^]JOQ3
Z(&,#8%,"@ \3 MNOOQR Cf(8%1 \#*./7@ 4"/ P/%!&,4!6( $+-1%/$D@ %& \3 U(*?/* (&1 V3
U//T/* M/1$R@ B(/6!,3 !,%& 7+9%+)/9 2%+6!("3 [#&1#&9 `#-+./1'/@ ))3 N]dJdP3
Z(7@ \3 MNOO]R L&4,$/"% O0("H >;( L(,!3)/%!&, &1 5!"!&, !, >4(,%!(%;J7(,%+)0
N)(,$; >;&+3;%3 U/*?/./79 !(.%2#*&%( e&%8/*$%+7 L*/$$3
NHN QB2RDS TU@EV>VSVWBU2

Z/&?$@ !3 MNOO^R C4"/ ,/&+*(.%+7 #2 +"/ /7/ %& =/$+/*& ,-.+-*/D@ %& !3 Z/&?$ M/13R@
5!"+/9 7+9%+)(3 [#&1#&9 `#-+./1'/@ ))3 NJNQ3
Z#&/$@ Y3H3 MNOPbR #+%$/"% @&,6&,H D 2%+60 !, %;( B(9/%!&,";!* '(%4((, 79/""(" !,
5!$%&)!/, 2&$!(%03 [#&1#&9 L/*/'*%&/ U##?$3
Z#&/$@ Y3H3 MNOXOR C4"/ CC,#,?&/7DD (&1 +"/ &(+%#&@ NPXaJNOXXD@ %& f3 W/.10(& (&1
Y3H3 Z#&/$ M/1$R@ R(%)&*&9!" @&,6&,H G!"%&)!(" /,6 B(*)("(,%/%!&," "!,$( Zd]]3
[#&1#&9 `#-+./1'/@ ))3 QPQJ]Qd3
i/(+%&'@ L3 MNOPbR C;&+*#1-,+%#&D@ %& L3 i/(+%&' M/13R@ E,%& S,<,&4, O,39/,6
Zd\\_Z[ZgH 2(9($%!&," 1)&- %;( 2&$!/9 O:*9&)()"3 [#&1#&9 W#&+(&(@ ))3 NNJ]Q3
i/&1(..@ Y3 (&1 =%,?"(0@ Y3 MNOOOR S"!,3 N&+$/+9%F" R(%;&6"3 [#&1#&9 H('/3
i*/$$@ Y3 (&1 8(& [//->/&@ 43 MNOObR B(/6!,3 E-/3("H >;( I)/--/) &1 5!"+/9
L("!3,3 [#&1#&9 `#-+./1'/3
i*%))/&1#*2@ i3 MNOXaR 7&,%(,% D,/90"!"H D, E,%)&6+$%!&, %& !%" R(%;&6&9&3!("3
[#&1#&9 H('/3
[(,(&@ Z3 MNOPPR >;( N&+) N+,6/-(,%/9 7&,$(*%" &1 C"0$;&/,/90"!"3 4*(&$.(+/1 67
V3 H"/*%1(&3 [#&1#&9 I#'(*+" L*/$$3
[(.8(&%@ H3 MNOObR C;&%&3)/*;0^ 5!"!&, /,6 %;( C)&6+$%!&, &1 R&6(), ?&6!("3
V.6(&79 Hegh L*/$$3
[/%$$@ =3@ i.%&/@ H3 (&1 Z"(..7@ H3 MNOXbR 2&$!/9 7&--+,!$/%!&, !, D68()%!"!,3H
C()"&,"^ C)&6+$%" /,6 E-/3(" &1 .(99J?(!,33 [#&1#&9 \/+"-/&3
[%1,"%@ I3 MNOOPR C4"/ )#/+%,$ (&1 +"/ )#.%+%,$ #2 /5"%6%+%&' #+"/* ,-.+-*/$D@ %& H3
I(.. M/13R@ B(*)("(,%/%!&,H 7+9%+)/9 B(*)("(,%/%!&," /,6 2!3,!10!,3 C)/$%!$("3
[#&1#&9 H('/@ ))3 N^NJQQQ3
[-..@ Z3 MNOOaR E,"!6( N/-!90 5!(4!,3H O%;,&3)/*;!$ B("(/)$; &, >(9(8!"!&,F"
D+6!(,$("3 [#&1#&9 `#-+./1'/3
[-+T@ !3V3 (&1 !#..%&$@ Z3[3 MNOO]R B(/6!,3 P/%!&,/9 I(&3)/*;!$3 !"%,('#9
e&%8/*$%+7 #2 !"%,('# L*/$$3
[70(&@ !3\3 MNOXQR >;( 5/,!";!,3 B/$( /,6 #%;() E99+"!&,"H C;&%&3)/*;" &1
E,6!/," '0 O64/)6 2h 7+)%!"3 =($"%&'+#&@ f!9 H0%+"$#&%(& ;&$+%+-+/3
[7#+(*1@ Z3<W3 MNOObR C[/$ %00(+/q*%/-5D@ %& `3 Y*//&6/*'@ U3=3 W/*'-$#& (&1 H3
g(%*&/ M/1$R@ >;!,<!,3 D'&+% O:;!'!%!&,"3 [#&1#&9 `#-+./1'/@ ))3 NN]J]N3
\(*.%&'@ i3V3 MNOOdR D" 2((, &, >5H >;( 5!"+/9 7+9%+)( &1 O8()06/0 @!1( !, %;(
Z[f]"3 !(06*%1'/@ \V9 I(*8(*1 e&%8/*$%+7 L*/$$3
\(7&/@ Z3 MNOO]R 7!,(-/ /,6 2*($%/%&)";!*3 [#&1#&9 `#-+./1'/3
\%./$@ \3U3 (&1 I-6/*0(&& V3\3 MNOOdR a+/9!%/%!8( L/%/ D,/90"!"H D, O:*/,6(6
2&+)$( ?&&<@ Q&1 /1%+%#&3 [#&1#&9 H('/3
\%*T#/22@ g3 MNOOXR C="(+ %$ 8%$-(. ,-.+-*/_D@ %& g3 \%*T#/22 M/13R@ >;( 5!"+/9
7+9%+)( B(/6()3 [#&1#&9 `#-+./1'/@ ))3 ]JN]3
\%*T#/22@ g3 MNOOOR D, E,%)&6+$%!&, %& 5!"+/9 7+9%+)(3 [#&1#&9 `#-+./1'/3
\%+,"/..@ Z3 MNOPdR C"0$;&/,/90"!" /,6 N(-!,!"-3 [#&1#&9 V../& [(&/3
\%+,"/..@ 43 MNOXXR 7&9&,!"!,3 O30*%3 !(06*%1'/9 !(06*%1'/ e&%8/*$%+7 L*/$$3
\%+,"/..@ =3Z343 MNOOdR C!$%+)( >;(&)0H O""/0" &, 5()'/9 /,6 5!"+/9 B(*)("(,%/J
%!&,3 !"%,('#9 !"%,('# e&%8/*$%+7 L*/$$3
\%+,"/..@ =3Z343 MNOObR C="(+ 1# )%,+-*/$ )(/990 >(&+_D #$%&'() PP9 PNJXQ3
\#1./$?%@ 43 MNOXbR CW/0%&%$0 (&1 +"/ )#>/* #2 %&+/*)*/+(+%#&D@ %& 43 1/ [(-*/+%$
M/13R@ N(-!,!"% 2%+6!("b7)!%!$/9 2%+6!("3 U($%&'$+#?/9 \(,0%..(&3
\#1./$?%@ 43 MNOXXR >;( .&-(, .;& A,(4 >&& R+$;H G!%$;$&$< /,6 N(-!,!"%
>;(&)03 [#&1#&9 \/+"-/&3
\#&(,#@ Z3 MQaaaR G&4 %& B(/6 / N!9-H R&8!("^ R(6!/^ R+9%!-(6!/@ ]*1 /1%+%#&3
[#&1#&9 B52#*1 e&%8/*$%+7 L*/$$3
\##*/$@ H3 MNOO]R E,%()*)(%!,3 D+6!(,$("H >;( O%;,&3)/*;0 &1 R(6!/ 7&,"+-*J
%!&,3 [#&1#&9 H('/3
`UXU`U=YU2 NHL

\#*./7@ f3 MNOXaR >;( P/%!&,4!6( D+6!(,$(H 2%)+$%+)( /,6 L($&6!,33 [#&1#&9


U*%+%$" W%.0 ;&$+%+-+/3
\#*./7@ f3 MNOXbR N/-!90 >(9(8!"!&,3 [#&1#&9 `#-+./1'/3
\#*./7@ f3 MNOOQR >(9(8!"!&,^ D+6!(,$(" /,6 7+9%+)/9 2%+6!("3 [#&1#&9 `#-+./1'/3
\#*./7@ f3 (&1 `#6%&$@ i3 MNOO^R 2*/$(" &1 E6(,%!%0H I9&'/9 R(6!/^ O9($%)&,!$
@/,6"$/*(" /,6 7+9%+)/9 ?&+,6/)!("3 [#&1#&9 `#-+./1'/3
\-.8/7@ [3 MNOXOR 5!"+/9 /,6 #%;() C9(/"+)("3 [#&1#&9 \(,0%..(&3
\7/*$@ i3 MNOX]R Ce&1/*$+(&1%&' (18/*+%$/*$D@ %& I3 f(8%$ (&1 L3 =(.+#& M/1$R@
@/,3+/3(^ E-/3(^ R(6!/3 B52#*19 U($%. U.(,?>/..@ ))3 Qa^JQ]3
g/(1@ [3 MNOXXR R0%;" &1 2(:+/9!%0H B(*)("(,%/%!&," &1 .&-(, !, 5!$%&)!/,
?)!%/!,3 B52#*19 U($%. U.(,?>/..3
g/(./@ H3 MNOX]R C\($,-.%&%+7 ($ $)/,+(,./D@ 2$)((, Qd3
g#,".%&@ [3 MNOXOR .&-(,^ D)% /,6 C&4() /,6 #%;() O""/0"3 [#&1#&9 4"(0/$ (&1
I-1$#&3
BDf#"/*+7@ U3 MNOObR C4"/ '(../*7 ($ '/$+-*/D@ %& `3 Y*//&6/*'@ U3=3 W/*'-$#& (&1
H3 g(%*&/ M/1$R@ >;!,<!,3 D'&+% O:;!'!%!&,"3 [#&1#&9 `#-+./1'/@ ))3 ]QNJda3
BD4##./@ \3 MNOOdR >;( @/,3+/3( &1 L!"*9/0(6 D)%3 [/%,/$+/*9 [/%,/$+/* e&%8/*$%+7
L*/$$3
B?/.7@ Z3 MNOOdR C4"%&?%&' +"*#-'" A/.1>#*?D@ %& V3 U*70(& (&1 V3 U-*'/$$ M/1$R@
D,/90M!,3 a+/9!%/%!8( L/%/3 [#&1#&9 `#-+./1'/@ ))3 NXJ]d3
L(&#2$?7@ c3 MNO^]R O/)90 P(%;()9/,6!"; C/!,%!,3H E%" #)!3!, /,6 7;/)/$%()^
5&9+-( E3 !(06*%1'/@ \V9 I(*8(*1 e&%8/*$%+7 L*/$$3
L(&#2$?7@ c3 MNO^PR R(/,!,3 !, %;( 5!"+/9 D)%"3 g/> h#*?9 f#-6./1(7 V&,"#*3
L#..#,?@ Y3 MNOXXR 5!"!&, /,6 L!11()(,$(H N(-!,!,!%0^ N(-!,!"- /,6 %;( G!"%&)!("
&1 D)%3 [#&1#&9 `#-+./1'/3
L#..#,?@ Y3 MNOOQR CV*+D@ %& c3 =*%'"+ M/13R@ N(-!,!"- /,6 C"0$;&/,/90"!"H D
7)!%!$/9 L!$%!&,/)03 B52#*19 U($%. U.(,?>/..@ ))3 OJNb3
L#..#,?@ Y3 MNOOdR CCC=%+" 07 #>& /7/$DD9 2/+%$"%$0@ +"/ .(6#-*%&' 6#17 (&1 +"/
,#.#-* #2 %+$ $/5D@ D)% G!"%&)0 NP9 ]dQJXQ3
L#++/*@ Z3 MNOObR Cf%$,#-*$/ (&(.7$%$ (&1 ,#&$+*-,+%#&%$+ ())*#(,"/$9 +"/#*/+%,(.
6(,?'*#-&1D@ %& Z343c3 `%,"(*1$#& M/13R@ G/,6'&&< &1 a+/9!%/%!8( R(%;&6" 1&)
C"0$;&9&30 /,6 %;( 2&$!/9 2$!(,$("3 [/%,/$+/*9 U*%+%$" L$7,"#.#'%,(. H#,%/+7@
))3 NQ^Jda3
L#++/*@ Z3 (&1 =/+"/*/..@ \3 MNOXPR L!"$&+)"( /,6 2&$!/9 C"0$;&9&303 [#&1#&9 H('/3
L#++/*@ Z3 (&1 =/+"/*/..@ \3 MNOOdR CV&(.7T%&' 1%$,#-*$/D@ %& V3 U*70(& (&1 `3Y3
U-*'/$$ M/1$R@ D,/90M!,3 a+/9!%/%!8( L/%/3 [#&1#&9 `#-+./1'/@ ))3 dPJbb3
L*(++@ \3[3 MNOOQR E-*()!/9 O0("H >)/8(9 .)!%!,3 /,6 >)/,"$+9%+)/%!&,3 [#&1#&9
`#-+./1'/3
L*/T%#$%@ f3 MNOXOR B(%;!,<!,3 D)% G!"%&)0H R(6!%/%!&," &, / 7&0 2$!(,$(3 [#&1#&9
h(./ e&%8/*$%+7 L*/$$3
L*7,/@ f3 MNOOPR CH-*8/7#*$ (&1 $-*8/7/19 )"#+#'*()"7 #-+ (&1 (6#-+D@ %& [3 =/..$
M/13R@ C;&%&3)/*;0H D 7)!%!$/9 E,%)&6+$%!&,3 [#&1#&9 `#-+./1'/@ ))3 ^^JNaQ3
`(G,"0(&@ Z3 MNOXXR CW#-,(-.+D$ (*+ #2 $//%&'D@ #$%&'() dd9 XOJNNP3
`(0(0-*+"7@ V3 MNOOPR C!#&$+*-,+%#&$ #2 %..-$%#&9 )"#+#'*()"7 (&1 ,#00#1%+7
,-.+-*/D@ %& [3 =/..$ M/13R@ C;&%&3)/*;0H D 7)!%!$/9 E,%)&6+$%!&,3 [#&1#&9
`#-+./1'/@ ))3 N^NJOX3
`/7&#.1$@ V3 MNOO^R CK%$-(. $+#*%/$D@ %& [3 !##?/ (&1 L3 =#../& M/1$R@ 5!"+/9
L!"*9/0H 7+9%+)( ?(0&,6 D**(/)/,$("3 H/(++./9 U(7 L*/$$@ ))3 XQJNaX3
`%8%/*/@ Z3 MNOXbR C=#0(&.%&/$$ ($ 0($F-/*(1/D@ %& K3 U-*'%&@ Z3 f#&(.1 (&1 !3
i().(& M/1$R@ N&)-/%!&," &1 N/,%/"03 [#&1#&9 \/+"-/&@ ))3 ]^Jdd3
`#6/*+$@ I3c3 M/13R MNOOXR O,$0$9&*(6!/ &1 7&-*/)/%!8( E$&,&3)/*;0H >;(-("
L(*!$%(6 !, .&)<" &1 D)%3 Q 8#.$3 [#&1#&9 W%+T*#7 f/(*6#*&3
NHJ QB2RDS TU@EV>VSVWBU2

`#'#22@ ;3 MNOOXR CH+-17%&' 8%$-(. ,-.+-*/D@ %& g3 \%*T#/22 M/13R@ >;( 5!"+/9 7+9%+)(
B(/6()3 [#&1#&9 `#-+./1'/@ ))3 NdJQb3
`#*+7@ `3 MNOXaR C;!9&"&*;0 /,6 %;( R!))&) &1 P/%+)(3 B52#*19 U($%. U.(,?>/..3
`#$/@ Y3 MNOOPR CH%+-(+%&' ?&#>./1'/$9 )#$%+%#&(.%+7@ */E/5%8%+%/$ (&1 #+"/* +(,+%,$D@
C)&3)("" !, G+-/, I(&3)/*;0 QN9 ]a^JQa3
`#$/@ Y3 MQaaaR CL*(,+%$%&' )"#+#'*()"79 (& (*,"%8/@ ( $+-17@ $#0/ )"#+#'*()"$
(&1 ( */$/(*,"/*D@ `&+),/9 &1 G!"%&)!$/9 I(&3)/*;0 Qb3
`#$/@ Z3 MNOXbR 2(:+/9!%0 !, %;( N!(96 &1 5!"!&,3 [#&1#&9 K/*$#3
H/%1/.@ [3 MNOO]R `/, 8/, O0$<F" D),&9Q,! C&)%)/!%H 2%&)!(" &1 /, E$&,3 !(06*%1'/9
!(06*%1'/ e&%8/*$%+7 L*/$$3
H/?-.(@ V3 MNOXbR C`/(1%&' (& (*,"%8/9 )"#+#'*()"7 6/+>//& .(6#-* (&1 ,()%+(.D@ %&
L3 I#..(&1@ Z3 H)/&,/ (&1 H3 =(+&/7 M/1$R@ C;&%&3)/*;0bC&9!%!$"H e3 [#&1#&9
!#0/1%(@ ))3 N^]JbN3
H/?-.(@ V3 MNOXOR C4"/ 6#17 (&1 +"/ (*,"%8/D@ %& `3 U#.+#& M/13R@ >;( 7&,%("% &1
R(/,!,3H 7)!%!$/9 G!"%&)!(" &1 C;&%&3)/*;03 [#&1#&9 \;4 L*/$$@ ))3 ]dQJXX3
H"/*0(&@ f3Z3 (&1 `#'#22@ ;3 MNOOdR R+"(+- 7+9%+)(H G!"%&)!("^ L!"$&+)"("^
2*($%/$9("3 [#&1#&9 `#-+./1'/3
H"#"(+@ c3 (&1 H+(0@ `3 MNOOXR Cg(**(+%8%T%&' 8%$-(. ,-.+-*/9 +#>(*1$ ( )#.7,/&+*%,
(/$+"/+%,D@ %& g3 \%*T#/22 M/13R@ >;( 5!"+/9 7+9%+)( B(/6()3 [#&1#&9 `#-+./1'/@
))3 QPJdO3
H%.8/*0(&@ i3 MNOXXR >;( D$&+"%!$ R!))&)H >;( N(-/9( 5&!$( !, C"0$;&/,/90"!" /,6
7!,(-/3 U.##0%&'+#&9 ;&1%(&( e&%8/*$%+7 L*/$$3
H%.8/*0(&@ i3 MNOOQR R/9( 2+'=($%!8!%0 /% %;( R/)3!,"3 [#&1#&9 `#-+./1'/3
H%.8/*0(&@ i3 MNOObR >;( >;)(";&96 &1 %;( 5!"!'9( .&)963 [#&1#&9 `#-+./1'/3
H%.8/*$+#&/@ `3@ I%*$,"@ c3 (&1 \#*./7@ f3 MNOONR C[%$+/&%&' +# ( .#&' ,#8/*$(+%#&9
(& /+"&#'*()"%, ())*#(," +# +"/ $+-17 #2 %&2#*0(+%#& (&1 ,#00-&%,(+%#&
+/,"&#.#'%/$ %& +"/ "#0/D@ 7+9%+)/9 2%+6!(" ^9 QadJQP3
H.(+/*@ f3 MNOX]R C\(*?/+%&' 0($$ )"#+#'*()"7D@ %& I3 f(8%$ (&1 L3 =(.+#& M/1$R@
@/,3+/3(^ E-/3(^ R(6!/3 B52#*19 U($%. U.(,?>/..@ ))3 Qd^Jb]3
H.(+/*@ f3 MNOO^R CL"#+#'*()"7 (&1 0#1/*& 8%$%#&9 +"/ $)/,+(,./ #2 CC&(+-*(.
0('%,DDD@ %& !3 Z/&?$ M/13R@ 5!"+/9 7+9%+)(3 [#&1#&9 `#-+./1'/@ ))3 QNXJ]P3
H.(+/*@ f3 MNOOXR CV&(.7$%&' ,-.+-*(. #6G/,+$9 ,#&+/&+ (&(.7$%$ (&1 $/0%#+%,$D@ %& !3
H/(./ M/13R@ B("(/)$;!,3 2&$!(%0 /,6 7+9%+)(3 [#&1#&9 H('/@ ))3 Q]]Jdd3
H0%+"@ [3 MNOOXR >;( C&9!%!$" &1 N&$+"H .&-(,^ 7;!96)(, /,6 P!,(%((,%;J7(,%+)0
C;&%&3)/*;03 \(&,"/$+/*9 \(&,"/$+/* e&%8/*$%+7 L*/$$3
H+(22#*1@ U3\3 MNOXdR 5&0/3( !,%& 2+'"%/,$(H D)%^ 2$!(,$(^ P/%+)( /,6 %;(
E99+"%)/%(6 >)/8(9 D$$&+,%^ Zi\]_Zdc]3 !(06*%1'/@ \V9 \;4 L*/$$3
H+(22#*1@ U3\3 MNOONR ?&60 7)!%!$!"-H E-/3!,3 %;( S,"((, !, O,9!3;%(,-(,% D)%
/,6 2$!(,$(3 [#&1#&9 \;4 L*/$$3
H+(22#*1@ U3\3 MNOObR I&&6 @&&<!,3H O""/0" &, %;( 5!)%+( &1 E-/3("3 [#&1#&9 \;4
L*/$$3
H+(&%$T/>$?%@ \3V3 MNOOXR >;( C&4() &1 L!"*9/0H D G!"%&)0 &1 O:;!'!%!&,
E,"%/99/%!&, /% %;( R+"(+- &1 R&6(), D)%3 [#&1#&9 \;4 L*/$$3
H+*(-$$@ V3 (&1 !#*6%&@ Z3 MNOOOR ?/"!$" &1 a+/9!%/%!8( B("(/)$;H >($;,!K+(" /,6
C)&$(6+)(" 1&) L(8(9&*!,3 I)&+,6(6 >;(&)0@ Q&1 /1%+%#&3 [#&1#&9 H('/3
H>(&<Z#&/$@ [3 MNOOOR D)% E,1&)-/%!&, /,6 %;( E,%(),(%H G&4 %& N!,6 !%^ G&4 %&
S"( !%3 [#&1#&9 W%+T*#7 f/(*6#*&3
4(''@ Z3 MNOXXR >;( ?+)6(, &1 B(*)("(,%/%!&,H O""/0" &, C;&%&3)/*;!(" /,6
G!"%&)!("3 [#&1#&9 \(,0%..(&3
4(7.#*@ Z3!3 MNO^PR @(/),!,3 %& @&&<H D G/,6'&&< 1&) %;( 5!"+/9 D)%"3 !"%,('#9
!"%,('# e&%8/*$%+7 L*/$$3
`UXU`U=YU2 NHX

4"#*&"(0@ H3 MNOOPR C/""!&,/%( L(%/$;-(,%"H D, E,%)&6+$%!&, %& N(-!,!"% N!9-


>;(&)03 [#&1#&9 V*&#.13
4#&?%$$@ W3 MNOOXR CV&(.7$%&' 1%$,#-*$/D@ %& !3 H/(./ M/13R@ B("(/)$;!,3 2&$!(%0 /,6
7+9%+)(3 [#&1#&9 H('/@ ))3 Qd^Jba3
4-2+/@ c3`3 MNOX]R >;( 5!"+/9 L!"*9/0 &1 a+/,%!%/%!8( E,1&)-/%!&,3 !"/$"%*/@ !49
Y*()"%,$ L*/$$3
4-*&/*@ Z3 M/13R MNOObR >;( L!$%!&,/)0 &1 D)%3 ]d 8#.$3 [#&1#&9 \(,0%..(&3
e**7@ Z3 MNOOaR >;( >&+)!"% I/M(H @(!"+)( /,6 >)/8(9 !, 7&,%(-*&)/)0 2&$!(%!("3
[#&1#&9 H('/3
8(& H+*(+/&@ `3 MNOOdR D, E,%)&6+$%!&, %& E$&,&3)/*;03 4*(&$.(+/1 67 L3 1/ \(&3
`/(1%&'9 Y#*1#& (&1 U*/(,"3
K/*'#@ L3 M/13R MNOXOR >;( P(4 R+"(&9&303 [#&1#&9 `/(?+%#& U##?$3
K%*%.%#@ L3 MNOOdR >;( 5!"!&, R/$;!,(3 [#&1#&9 U*%+%$" W%.0 ;&$+%+-+/3
=(.?/*@ Z3V3 (&1 !"().%&@ H3 MNOOPR 5!"+/9 7+9%+)(H D, E,%)&6+$%!&,3 \(&,"/$+/*9
\(&,"/$+/* e&%8/*$%+7 L*/$$3
=(.?/*1%&/@ K3 MNOOaR 2$;&&93!)9 N!$%!&,"3 [#&1#&9 K/*$#3
=(.?#>%+T@ Z3 MNOOQR 7!%0 &1 L)(/61+9 L(9!3;%H P/))/%!8(" &1 2(:+/9 L/,3() !,
@/%(J5!$%&)!/, @&,6&,3 [#&1#&9 K%*('#3
=(+/*A/.1@ Y3 MNOONR C/9/$(" &1 D)%H D)% I/99()!(" !, ?)!%/!, Zi[]_Z[[]3 [#&1#&9
f-.>%," L%,+-*/ Y(../*73
=/6/*@ `3L3 MNOOaR ?/"!$ 7&,%(,% D,/90"!"3 [#&1#&9 H('/3
=/..$@ [3 MNOOQR CZ-1%+" =%..%(0$#&@ L($&6!,3 D68()%!"(-(,%"D %& \3 U(*?/* (&1 V3
U//T/* M/1$R@ B(/6!,3 !,%& 7+9%+)/9 2%+6!("3 [#&1#&9 `#-+./1'/@ ))3 Nb^JXa3
=/$+/*6/,?@ !3 (&1 \/7/*#>%+T@ Z3 MNOOdR ?0"%/,6()H D G!"%&)0 &1 2%)((%
C;&%&3)/*;03 [#&1#&9 4"(0/$ (&1 I-1$#&3
="%+/@ L3 MNOO^R CY#8/*&%&' ./$6%(& 1/$%*/9 P&$%+),(D$ B/1%)(. 2(&+($7D@ %& [3
L%/+*#)(-.# (&1 V3 4/$+(2/**% M/1$R@ N(-!,!"-" !, %;( 7!,(-/3 U.##0%&'+#&9
;&1%(&( e&%8/*$%+7 L*/$$@ ))3 XbJNa^3
="%+/.7@ g3 MNOOOR C`/(1/*$ #2 +"/ .#$+ (*+9 8%$-(.%+7 (&1 )(*+%,-.(*%+7 %& (*+
,*%+%,%$0D@ %& ;3 I/7>##1 (&1 U3 H(&17>/.. M/1$R@ E,%()*)(%!,3 5!"+/9 7+9%+)(H
O:*9&)/%!&," !, %;( G()-(,(+%!$" &1 %;( 5!"+/93 [#&1#&9 `#-+./1'/@ ))3 OOJ
NQQ3
=%..%(0$@ `3 MNOPbR A(04&)6"H D 5&$/'+9/)0 &1 7+9%+)( /,6 2&$!(%03 [#&1#&9
!*##0 I/.03
=%..%(0$#&@ Z3c3 MNOPXR L($&6!,3 D68()%!"(-(,%"H E6(&9&30 /,6 R(/,!,3 !,
D68()%!"!,33 [#&1#&9 \(*%#& U#7(*$3
=#../&@ L3 MNOPaR 2!3," /,6 R(/,!,3 !, 7!,(-/3 [#&1#&9 U*%+%$" W%.0 ;&$+%+-+/ (&1
4"(0/$ (&1 I-1$#&3
h#-&'@ [3 MNOObR N(/) &1 %;( L/)<H jB/$(F^ I(,6() /,6 2(:+/9!%0 !, %;( 7!,(-/3
[#&1#&9 `#-+./1'/3
4!+# %3 -/5 #/$;+

V&,"#*('/ XN Y/&%-$ dP
V&'./ dO Y/&*/ NO
V))/..(+%#& O] Y/#0/+*%,(. )/*$)/,+%8/ da
V*+ dP I-/ ]O
V+0#$)"/*%, )/*$)/,+%8/ da ;,#& PX
V-1%/&,/$ Nb ;1/#.#'7 Pa
V-1%/&,%&' Q^ ;0('/ Nb
V-+/-* +"/#*7 Q] ;0('%&(*7 NN]
!($+*(+%#& ,#0)./5 Nab ;&1/5 PX
!#1/ XX ;&$+%+-+%#&(. ())(*(+-$ Nbb
!#0)#$%+%#& ]X ;&$+%+-+%#&(. +/,"&#.#'%/$ Nbb
!#0)#$%+%#&(. NP ;&+/*)*/+(+%8/ */)/*+#%*/ N^^
!#&&#%$$/-*$"%) ]] ;&+/*+/5+-(.%+7 N]b
!#&&#+%8/ XQ [#'%, #2 A'-*(+%#& dd
!#&+%&-%+7 ,-++%&' ^a [#'#&#0%, $7$+/0 O^
!*(&/ ^a \(./ '(T/ NN^
!-.+-*/ ^@ Nd \($F-/*(1/ NNb
!-+ ^N \/+($%'&$ Ob
f/,#1/1 NOQ \/+#&70%, XQ
f/&#+%8/ PO \%**#* $+('/ NN]
f/$%*/ NQ^ \%$/</&<$,/n&/ dX
f%/'/$%$ PO \#1(.%+%/$ Nb
f%$,#-*$/ N]b \#&+('/ dX
f%$,-*$%8/ 2#*0(+%#& N]P \#*+%$/ Xd
Cf#0%&(&+ ,#1/$D XO \-.+%)./ %0('/$ dO
c1%+%&' ^a \7+"#.#'7 Oa
c&,#1/1 XO g(**(+%8/ $+*-,+-*/ ^Q
c5)*/$$%8/ ,#&+/&+ db B6G/,+%8/ ,#**/.(+/$ Xd
W(&+($7 NQ^ B,-.(*,/&+*%$0 P
W/+%$"%$+%, $,#)#)"%.%( NNa L(& ^a
W#,(.%T/*$ d^ L(&#)+%,#& Nbb
W#,-$ dO L(*(1%'0(+%, PX
W#*0(.%$+ NOQ L"(..#,/&+*%$0 NaX
Y(T/ NQa L"(..-$ NaP
SB2@ VX mUf @U`T2 NHS

L#%&+ #2 8%/> dO H%'&%A/1 Pd


L#.7$/07 OQ H%'&%A/* Pd
L#>/* N]P H%0-.(,*-0 X
L#>/*j?&#>./1'/ N]X H%+/$ Nb
L*/2/**/1 0/(&%&' OQ H#,%(. NP
L*/2/**/1 */(1%&'$ OQ H+-1%-0 X]
L*#1-,+%#& Nb H-6G/,+%8%+7 Na]
L*#1-,+%#& */'%0/$ O^ H-)/*%0)#$%+%#&$ dO
L*#8/&(&,/ ]X H-*8/%..(&,/ Nbb
L-&,+-0 X] H706#. PX
`/,/)+%#& */'%0/$ O^ H706#.%, NQa
`/2/*/&+ Pd H7&/,1#,"(. XQ
`/2/*/&+ $7$+/0$ XO H7&+('0(+%, PX
`/'%0/ #2 +*-+" N]X 4/,"&#.#'%,(. NP
`/.(7<2-&,+%#& XN 4%.+ ^a
`/).%,(6./ bQ 4*(,?%&' ^a
`#.. ^a e&,#&$,%#-$ Na]
H(+-*(+%#& ]O K(.%1 ba
H,#)%, */'%0/ b K(.-/ ]O
H,#)#)"%.%( Naa K%$%#& b
H,*//& 2*(0/ dX K%$-(. ,-.+-*/ Na
H,*//& ).(&/$ dO K%$-(.%+7 b
H,*//& *(+%# dX K#7/-*%$0 NNa
H/5-(.%+7 Nab =(7$ #2 $//%&' NQ
H"#+ 1%$+(&,/ dO t##0 ^a
H%'& Pd
!"#$%

!"#$ #%&'( #$ &'$#)%'& *+ ,' -$'& #% .+%/-%.*#+% 0#*" *"' &!'( )* +$, ($-.' +% 12)'$ 3456478

9*2:#. %-;,'<$ <'='< *+ >)-<'$8 += ;-$'-;$ 2%& )2::'<#'$@ 47B@ 4736C@


47G@ 47F@ 47A6EB@ 4E463
2&?'<*#$';'%*$@ 44@ !!@ 5A@ 7B6AB@ "#@ "$@ 2<."#?'$@ 45G6F
%&@ %!@ %'@ %#@ %"@ A36A@ 44C M<*@ 100 M<*@ T'$*'<%
2-&#'%.' $*-&#'$@ 4A3 M<*@ %+%JT'$*'<%@ 47463@ 47G@ 47567
D2,'@ EF@ %#@ E7@ EA M<*@ T'$*'<%@ CC@ C7@ G7@ F3@ 473@ 47C@ 47G@
,2,#'$ #%@ 7E6E3@ "$@ %&@ %!@ AG@ AA 477@ 47E@ 4EB@ 4EG
D'%'**+%@ AF65 4A*" .'%*-<I@ 4C5@ 4G36C@ 4G76A@ 4F4@
H"2%':@ EF@ %#@ E7@ EA !'234@ 4F567
=+< ."#:&<'%@ 3B4 .+%%+#$$'-<$"#1@ CC6G@ CE@ G7@ F3
.+:+-< #%@ EG &#$.+-<$' 2%2:I$#$ 9@ 4G36C@ 4GG6A@ 4F567
.+;1+$#*#+%2: #%*'<1<'*2*#+% +=@ EG6F@ AG =';2:' %-&'@ 43@ !4@ 4G@ 4A@ 3G
.+%*'%* 2%2:I$#$ +=@ FE@ 5B@ EA U'%#-$@ G7@ F3@ 47E
&#$.+-<$' 2%2:I$#$ 9@ 4GG *"' )++& 'I'@ CC6G@ G7
#% ()*+*,)+- .)/01@ EG "#$*+<I +=@ CC6G@ FC@ 4GG6A@ 47C
>%&#%) $+-<.'$@ 7C #.+%+)<21"I@ 4GG6A
)'%&'<@ 73@ 7F P'*<+1+:#*2% P-$'-; += M<*@ O'0 V+<K@
#&'+:+)I@ 7B63@ E76A@ AC 473
:2%)-2)' #%@ 5B@ E4@ EG@ AG P-$'-; += P+&'<% M<*@ O'0 V+<K@ 4EB@
;'2%#%) *<2%$='<'%.'@ EC6E 4E5
;'% #%@ 44@ !!@ 7F65@ EG@ AF@ 4BE #% ;-$'-;$ 2%& )2::'<#'$@ 473@ 47G@ 477@
;+&2:#*#'$@ AG65 47E@ 4EB@ 4EG@ 4E5
1<')%2%* 0+;'%@ 4GG 1'<$1'.*#?'@ GB65@ 5!@ 52
<2.'@ 44@ !!@ 7F 100 +-16 12#%*#%)$
<'.'1*#+% <')#;'@ AF65 2-&#'%.' $*-&#'$@ 4&@ 4E763BC
<'='<'%.#%)@ C4 2&?'<*#$';'%*$@ 4A3
<'='<'%* $I$*';$@ EA6AB .:2$$@ 4AF@ 4A567
$';#+:+)I +=@ 5A@ 7B6AB@ A36A &#$.+-<$' 2%2:I$#$ 99@ 4AB@ 4A4
$#*'$ += ;'2%#%)J;2K#%)@ A36G '*"%+)<21"I@ 4A4@ 4A76A@ 3BC
$12*#2: +<)2%#L2*#+% +=@ EG6F@ %'@ AG )'%&'<@ 4AF67
*':'?#$#+%@ 3B4 #%*'<?#'0$@ 4A46E@ 3BB63@ 3BC
0+;'% #%@ 7F65@ %&@ %!@ EF67@ %#@ EA@ AG@ ;2$.-:#%#L2*#+%@ 4A3
AA@ 4BE ;'*"+&+:+)#'$@ 4E763BC
M:*"-$$'<@ N+-#$@ 7B@ 4AC ;+&2:#*#'$@ 4&@ 4EE@ 3BB@ 3BC
M;'<#.2@ 100 O+<*" M;'<#.2 ;-$'-;$ 2%& )2::'<#'$@ 4AA
M;'<#.2% P-$'-; += O2*-<2: Q#$*+<I RMPOQS@ 1"+*+)<21"$@ 3B3
45A@ 47B@ 4746EB@ 4E3@ 4EF65 1$I."+2%2:I$#$@ 4AB64@ 4A3
M%)@ 9'%@ 4AC@ 3BB64@ 3B3 <2.'@ 4AF@ 4A5@ 4A7
2<."#*'.*-<' <'W'(#?#*I@ 3BB63@ 3BC
&#$.+-<$' 2%2:I$#$ 99@ 455@ 47B@ 4736C@ $';#+:+)I@ 4AB64@ 4A3
47G@ 47F@ 47A6EB@ 4E463 $#*'$ += ;'2%#%)J;2K#%)@ 4&@ 4E763BC
//0 \9_`MN Pa!Qb[bNbU9a_

2-&#'%.' $*-&#'$ R,6*78S U'%#-$@ G7@ F3@ 4A4


$+.#2: &#=='<'%.'@ 4AF67 *"' )++& 'I'@ CC6G@ G7
*':'?#$#+%@ 4A363BB #;2)'$ += ;'%@ CG65@ 4#@ CE@ CA6GB@ G3@
2-&#'%.#%)@ $#*' +=@ 45647@ 3G6E@ 4&@ C3@ F5@ GC@ GF@ G567
57@ 73@ 7C@ A36G@ AA@ 4B36F@ 4CC@ 4CG@ #;2)'$ += 0+;'%@ GC@ G5
457@ 4EF@ 4E763BC :#)"*@ GF65@ FC
100 +-16 $#*'$ += ;'2%#%)J;2K#%) :#;#*2*#+%$ +=@ C7@ CE@ F36C@ 4A4@ 3B36C
2-*'-< *"'+<I@ 336C ;#$'J'%J$.']%'@ GE6FB@ F46C
;+&2:#*#'$@ 4&@ CG@ CE6FC
,2,#'$@ #;2)'$ +=@ 7E6E3@ "$@ %&@ %!@ AG@ AA ;+%*2)'@ GE@ FB64@ F36C
D2:@ P#'K'@ GF@ 7B@ 73@ EE@ A4@ AC@ AG@ A5@ += ;+?#%) #;2)'$@ CE@ GE6FC
A7@ 4B3@ 45A@ 47B@ 473@ 47567@ 47E@ %2<<2*#?' $*<-.*-<'@ F3@ FC
4E4 += 12#%*#%)$@ CC6GE@ F3@ FC
D2<*"'$@ X+:2%&@ 4B@ 3C@ E36C@ AB64@ 457 1'<$1'.*#?'@ GB65
D2-&<#::2<&@ Y'2%@ E@ A += 1"+*+)<21"$@ GC6F
D'%%'**@ !+%I@ 45A@ 4746G@ 4EC ?$8 1$I."+2%2:I$#$@ 4BF
D'<)'<@ Y+"%@ 5@ 43@ 4G@ 47@ C4 <'W'(#?#*I@ C7@ F3
D+-<&#'-@ Z#'<<'@ 37 += X';,<2%&*@ CG65@ 4#@ CA6GB@ GC@ GF@
D<I$+%@ O+<;2%@ CC@ C7@ G7@ 7B@ 73@ A4@ AC@ G567
AG@ A5@ A7@ 4B3@ 43B $#*'$ += ;'2%#%)J;2K#%)@ 4&@ CG@ C76GE@
D-.K#%)"2;@ [2?#&@ 4A5@ 3B463 F36C@ 4A4
D-<)#%@ \#.*+<@ G7@ 43F $+-%&@ F4@ F3@ FC
$12*#2: +<)2%#L2*#+%@ GB6F@ GE6FB@ F46C
.21#*2:#$;@ A@ 3B64@ 7B64@ 47C += $*#:: #;2)'$@ CC6GE@ F36C
.2$*<2*#+% .+;1:'(@ 4B5@ 4B76E@ 44B644@ *';1+<2: +<)2%#L2*#+%@ GE@ FB64@ F3@ FC
44G645@ 44A634@ 43C6F@ 43E@ 4CC@ 100 +-16 .+;1+$#*#+%2: ;+&2:#*I
4C7 .+;1+$#*#+%2: ;+&2:#*I@ 45647@ 4A63B@ 3G@
."#:&<'% 3F@ 4&@ C3@ CG@ CE6FB@ F463@ FC@ F5@
2&?'<*#$';'%*$@ 3B4 73@ AG@ 4BG65@ 4EE@ 3BB
#% 12#%*#%)$@ G3@ 54 100 +-16 ;+&2:#*#'$
*':'?#$#+%@ 4AC@ 4A5@ 4A7@ 3B463 .+%%+#$$'-<$"#1@ CC6G@ CE@ G7@ F3
.:2$$@ 3463@ 7463 .+%*'%* 2%2:I$#$@ 4&@ FG65E
2-&#'%.' $*-&#'$@ 4AF@ 4A567 += 2&?'<*#$';'%*$@ FE@ 5B@ EA
&#$.+-<$' 2%2:I$#$ 9@ 4G4@ 4G76A@ 4FG6F@ 2%2:I$#$ += <'$-:*$@ 5C67
4F7@ 4FE6A ,#2$ #%@ FF65@ 57
&#$.+-<$' 2%2:I$#$ 99@ 474@ 47C@ 47G .+&#%) #;2)'$@ FA655
'*"%+)<21"I@ 4AA ?$8 .+;1+$#*#+%2: #%*'<1<'*2*#+%@ FG@ F5@ 57
#%*'<?#'0$@ 4AF@ 4A567 .-:*-<2: ;'2%#%)@ F5@ 55
;-$'-;$ 2%& )2::'<#'$@ 376E@ 474@ 47C@ ?$8 &#$.+-<$' 2%2:I$#$@ 4CE6A
47G 2%& &#$.+-<$' 2%2:I$#$ 9@ 4FB@ 4FC@ 4FG
%#%'*''%*"J.'%*-<I N+%&+%@ 4G4@ 4G76A@ >%&#%) $+-<.'$@ F56A
4FG6F@ 4F7@ 4FE6A =<'^-'%.I .+-%*$@ 5C6G@ #5
#% 1$I."+2%2:I$#$@ 4C4@ 4C3 #;2)'$ += 0+;'%@ 54
*':'?#$#+%@ 4AF65@ 3BB :#;#*2*#+%$ +=@ 53@ 5567@ 5E@ 4A4@ 3BC
?#&'+ -$'@ 4AA += ;2$$ ;'&#2@ FG
100 +-16 $+.#2: &#=='<'%.' ;+&2:#*#'$@ 4&@ F5@ 57
.+&#%) #;2)'$ += 9+7)6*+- :06;<+=>),@ FF@ F567@ FA657
.+%*'%* 2%2:I$#$@ FA655 += 1"+*+)<21"$@ FF@ F567@ '%@ FA657@ 3B3
&#$.+-<$' 2%2:I$#$ 9@ 4FB@ 4FC@ 4FG += 1+$*.2<&$@ FE6A
.+:+-< ?$8 1$I."+2%2:I$#$@ 4BF
#% 2&?'<*#$';'%*$@ EG ^-2:#*2*#?' ;'*"+&$@ FF@ FA@ 5G65
.+;1+$#*#+%2: #%*'<1<'*2*#+%@ CA6GB@ FC ^-2%*#*2*#?' ;'*"+&$@ FG6F@ 5C65@ #5@ #'@
#% 12#%*#%)$@ CA6GB@ FC 5E
.+;1+$#*#+%2: #%*'<1<'*2*#+%@ 4&@ CC6FC += <2&#+@ FG
+= 2&?'<*#$';'%*$@ EG6F@ AG <'W'(#?#*I@ F5@ 57@ 5E@ 43A6CB
M<*@ CC@ C7@ G7@ F3@ 4A4 <':#2,#:#*I@ FG65
.+:+-<@ CA6GB@ FC <'1:#.2,#:#*I@ FF@ F5@ 53@ 57
.+%%+#$$'-<$"#1@ CC6G@ CE@ G7@ F3 $2;1:#%) ;'*"+&$@ F76A
.+%*'%*@ CE6A@ FC 2$ $.#'%.'@ FG6F@ F5@ 5B@ 53@ 5C65@ 57@
?$8 .+%*'%* 2%2:I$#$@ FG@ F5@ 57 5E@ 7B@ 43A6CB
2%& &#$.+-<$' 2%2:I$#$ 9@ 4FB ?$8 $';#+:+)I@ 5A@ 7B
'(1<'$$#?' .+%*'%*@ G567@ FC $#*'$ += ;'2%#%)J;2K#%)@ 4&@ F5@ 57@ 5E@
+= >:;$@ GE6FC 4A4@ 3B3
9O[ae //1

.+%*'%* 2%2:I$#$ R,6*78S %+?':$@ 4FA


+= *':'?#$#+%@ FE@ 5B 12#%*#%)$@ 4GF@ !5#@ 4G76A@ 4F567
+= *'(*$@ FG6F@ 5B@ 5E 1"+*+)<21"$@ 4G3@ 4FA
-%.+%$.#+-$@ #%@ 57 1+0'<@ 4GB64@ 4FE6A@ 45B@ 454@ 45G
?2:#&#*I@ FF@ F5@ 5B@ 57 ?$8 1$I."+2%2:I$#$@ 4G4@ 45B
T+<:& T2< 99@ FG <2.'@ 4FE@ 453
H+0#'@ a:#L2,'*"@ 43F67 <'W'(#?#*I@ 4G4@ 4G3@ 45B64
.-:*-<2: *-<%@ F64F@ 4CB <"'*+<#.2: +<)2%#L2*#+%@ 45G
.-:*-<'@ $#*'$ += ;'2%#%)J;2K#%)@ 4&@ 4GB
&#$.+-<$' 2%2:I$#$ 99 2%&@ 47463@ 47C@ 47F $+.#2: &#=='<'%.'@ 4G4@ 4G76A@ 4FB@ 4FG@
?#$-2:@ A64F@ C3 4F76A@ 454@ 453@ 45C@ 45G
$1+K'% ;2*'<#2:$@ 4GB@ 4GC@ 4FB64@ 453
?+--+1@ 4AC *'."%+:+)#'$ += #%*'<1<'*2*#+%@ 47A
&' N2-<'*#$@ !'<'$2@ 437@ 43E@ 4C36C@ 4C5 *':'?#$#+%@ 45C
&#$.+-<$' 2%2:I$#$ *<-*" .:2#;$@ 4GB@ 4G4@ 4FG6F@ 4FE@ 45B@
?$8 .+%*'%* 2%2:I$#$@ 4CE6A 45C
=';#%#%#*I@ 4C7@ 4CE ?#$-2: ;2*'<#2:$@ 4G36A@ 4FB64@ !'234@
=';#%#$* >:; .<#*#.#$;@ 4C7@ 4CE 4FG653@ !''
>:;$@ 4C7@ 4CE += 0+;'%@ 4GC6G@ 4F4@ !'234@ 4F567
#;2)'$ += 0+;'%@ 4C7 0<#**'% ;2*'<#2:$@ 4GB@ 4G4@ 4G36G@ 4GF@
#%$*#*-*#+%$@ 4CF@ 4C5@ 4CE@ 4CA 4G76A@ 4FB64@ 4FF65@ 4FE6A@ 45463
#%*'<*'(*-2:#*I@ 4C5 100 +-16 &#$.+-<$' 2%2:I$#$c &#$.+-<$'
K%+0:'&)'@ 4CE 2%2:I$#$ 99c d+-.2-:*@ P#."':
?$8 P2<(#$;@ 4CA &#$.+-<$' 2%2:I$#$ 99@ 4&@ 45G6E5
;2$.-:#%#*I@ 4C7@ 4CE M;'<#.2% P-$'-; += O2*-<2: Q#$*+<I
1"+*+)<21"$@ 4CE RMPOQS@ 45A@ 47B@ 4746EB@ 4E3@
1+0'<@ 4C76E@ 4CA 4EF65
?$8 1$I."+2%2:I$#$@ 4CF65@ 4C76A 2<."#*'.*-<'@ 455@ 47B@ 4736C@ 47G@ 47F@
?$8 $';#+:+)I@ 4CE6A 47A6EB@ 4E463
*<-*" .:2#;$@ 4CE 2<."#?'$@ 45G6F
100 +-16 &#$.+-<$' 2%2:I$#$ 9c &#$.+-<$' M<* 473@ 47C@ 47G@ 477@ 47E@ 4EB@ 4EG
2%2:I$#$ 99c d+-.2-:*@ P#."': 2-&#'%.' $*-&#'$@ 4AB@ 4A4
&#$.+-<$' 2%2:I$#$ 9@ 4&@ 4CA65C .21#*2:#$;@ 47C
2<."#?'$@ 45G6F .:2$$@ 474@ 47C@ 47G
2<*@ 4G36C@ 4GG6A@ 4F567 .-:*-<'@ 47463@ 47C@ 47F
.:2$$@ 4G4@ 4G76A@ 4FG6F@ 4F7@ 4FE6A ?$8 &#$.+-<$' 2%2:I$#$ 9@ 4CA6GB@ 45G6F@
.+&#%) #;2)'$@ 4FB@ 4FC@ 4FG 47A@ 4EF@ 4E5
.+;;+% $'%$'@ 4G7@ 4GA@ 4F5 >%&#%) $+-<.'$@ 45E@ 45A67B@ 47G@ 475@
.+;1+$#*#+%2: #%*'<1<'*2*#+% 2%&@ 4FB 4EG
.+%*'%* 2%2:I$#$ 2%&@ 4FB@ 4FC@ 4FG #;2)'$ += %+%JT'$*'<%'<$@ 47463@ 47G@
?$8 &#$.+-<$' 2%2:I$#$ 99@ 4CA6GB@ 45G6F@ 47F@ 47567@ 4EG
47A@ 4EF@ 4E5 #%$*#*-*#+%2: 2112<2*-$'$@ 45567F@ 4EG6F@
=';#%#%#*I@ 4F4@ !'234@ 4F7 4E5
>%&#%) $+-<.'$@ 4G36A #%$*#*-*#+%2: *'."%+:+)#'$@ 45567B@ 47F6EC@
*"' )++& 'I'@ 4GG 4EG6F@ 4E5
"#$*+<#2%$@ 4G4@ 4G36F@ 4G76A@ 4FB@ 4F4@ #%$*#*-*#+%$@ 45G64E5
4F76A #%*'<?#'0$@ 47B@ 4EG
#.+%+)<21"I@ 4GG6A K%+0:'&)'@ 45G@ 455@ 47B6EG
#;2)'$ += ;'%@ 4GF@ !5# :#;#*2*#+%$@ 45E@ 47G@ 4EC6F@ 4E5
#%$*#*-*#+%$@ 4G4@ 4FE65B@ 454@ 453@ 45C ;+&2:#*#'$@ 4&@ 457@ 45A@ 4EF
#%*'<1<'*2*#?' <'1'<*+#<'$@ 4FF67 ;-$'-;$ 2%& )2::'<#'$@ 45E6E5@ 3B3
#%*'<*'(*-2:#*I@ 4G4@ 4G36C@ 4GG6F@ 4G76A@ %2*-<'@ 4746C@ 47F@ 475@ 477@ 47A6EB
4FB64@ !'234@ 4F7@ 45463 1"+*+)<21"$@ 45F@ 4576E@ 47B@ 47C@ 47G@
#%*'<?#'0$@ 4GC 47F@ 4EC
#%?#$#,#:#*I@ 4F76E 1"<'%+:+)I@ 45E
K%+0:'&)'@ 4G4@ 4FB@ 45B@ 45G 1+0'<@ 45G65@ 45E@ 45A@ 4746E5
:#;#*2*#+%$ +=@ 4G4@ 4FA65B@ 4546C@ 4AB64 <'W'(#?#*I@ 45E@ 45A@ 4EF@ 4E5
;21$@ 4G3@ 4FG6F@ !'' 2%& $.#'%.'@ 474@ 473@ 47C
;+&2:#*#'$@ 4&@ 4GB@ 4FE65B@ 453 $';#+:+)I 2%&@ 45A
%'0$121'<$@ 4G36C@ 4FF@ !'# 4FA@ 453 $#*'$ += ;'2%#%)J;2K#%)@ 4&@ 457@ 45A@
%#%'*''%*"J.'%*-<I N+%&+%@ 4G4@ 4G36C@ 47E@ 4EF@ 4E5@ 4AB@ 3B3
4G76A@ 4FB@ 4F4@ !'234@ 4FC6F@ $12*#2: +<)2%#L2*#+%@ 47B@ 47C@ 47G@ 47567@
!''@ !'#@ 4F76A 47A6EB@ 4E463
/// \9_`MN Pa!Qb[bNbU9a_

&#$.+-<$' 2%2:I$#$ 99 R,6*78S ;2$.-:#%#*I@ 4B3@ 4B5@ 4B76E@ 44B@


$1+K'% ;2*'<#2:$@ 47B@ 4EG 44C64G@ 43C6G
*<-*" .:2#;$@ 457@ 45E@ 474@ 475@ 477@ 47A ;2$^-'<2&'@ 44564A@ 43567@ 4CC
?#$-2: ;2*'<#2:$@ 45F@ 4576E@ 47B6A@ 1$I."+2%2:I*#.@ 4BB@ 4B463@ 4B56E@
4EF65 44B645@ 44764A@ 43C63A@ 4CB6G
0<#**'% ;2*'<#2:$@ 45A67B@ 475@ 47E6A ?$8 ^-''< *"'+<I@ 4376A
100 +-16 &#$.+-<$' 2%2:I$#$c &#$.+-<$' ='*#$"#$;@ 44B643@ 44F@ 44A63B@ 4CC@
2%2:I$#$ 9c d+-.2-:*@ P#."': 4C7
[+2%'@ P2<I M%%@ 3G@ 444@ 443@ 447@ 43F@ >:;$@ GE6FC@ 4BB6C@ 4B56E@ 44B6CG@ !!!@
43A@ 4CB@ 4C3 !2!@ !22
[-%.2%@ H2<+:@ 477@ 4EB .2;'<2 ;+?';'%*$@ GA6F3
.+;1+$#*#+%2: #%*'<1<'*2*#+%@ += GE6FC
@+170*A0<1@ 4AC .-**#%)@ GE@ FB64@ F3@ FC
'*"#.$@ 4AA &#$.+-<$' 2%2:I$#$@ 4C7@ 4CE
+= >':& += ?#$#+%@ 4C4 '&#*#%)@ GE@ FB64@ F3@ FC
'*"%+)<21"I@ 4A46A@ 3BC =2;#:I ?#'0#%)@ 4AA
2-&#'%.' $*-&#'$@ 4A4@ 4A76A@ 3BC =';#%#%#*I #%@ 4B3@ 4B5@ 4B76E@ 44B64C@
.:2$$@ 4AA 44564A@ 43C@ 43567@ 43E6A
.+;1:#.#*I@ 4AA =';#%#$* .<#*#.#$; +=@ 4BB@ 4B463@ 4B56E@
&2*2 .+::'.*#+%@ 4AE 44B645@ 44764A@ 43C63A@ 4CB6G
)'%&'<@ 4AA =<2;'@ GE6F4
#%*'<?#'0$@ 4A76E B0+7@ GA6FB
;'*"+&$ += 2%2:I$#$@ 4AE Q#*.".+.K@ M:=<'&@ 4B4@ 4B7@ 44B@ !!!@
;+&2:#*#'$@ 3BB 443@ 44G64F@ 44764A@ !2!@ !22@
+,$'<?2*#+% *'."%#^-'$@ 4AE 437@ 43A@ 4C4
<'W'(#?#*I@ 4AA Q+::I0++&@ GE6FB@ 4B4@ 4B56E@ 44B645@
$#*'$ += ;'2%#%)J;2K#%)@ 4A76A !!!@ 44764A@ !2!@ !22@ 43C6A@ 4C3@
$+.#2: &#=='<'%.'@ 4AE6A 4A3@ 4AC
*':'?#$#+%@ 4A76A #;2)'$ += ;'%@ GA6FB@ 4B3@ 4BE@ !!!@
?#&'+$@ 4AA 44C64G@ !22@ 43C6G
a-<+1'2% `%#+% Ra`S@ 34 #;2)'$ += 0+;'%@ 4B3@ 4BE@ 44B643@ !!!@
'("#,#*#+%$@ 100 ;-$'-;$ 2%& )2::'<#'$ 44C64G@ 44F@ 44564E@ !2!@ 43567@
aI.K@ Y2% ?2%@ GC@ G5@ 4GF@ !5# 4C3
C+>6;+*D@ 4C3
=2;#:I ;2$.-:#%#*I #%@ 4B3@ 4B5@ 4B76E@ 44B@
>:;J02*."#%)@ 4AA 44C64G@ 43C6G
#%*'<?#'0$@ 4AG@ 4A567@ 3B4 ;#$'J'%J$.']%'@ GE6FB@ F46C
*':'?#$#+%J02*."#%)@ 4A563BB ;+&2:#*#'$@ 3B64@ GE6F3
?#&'+ -$'@ 4A7@ 4AA ;+%*2)'@ GE@ FB64@ F3@ FC
=2%*2$I@ 4BE@ 43G67@ 43E@ 4C4@ 4C36C ;-$#. #%@ F4@ F3@ FC
=';#%#%#*I %2<<2*#?' $*<-.*-<'@ F3@ FC
&#$.+-<$' 2%2:I$#$@ 4C7@ 4CE 96E F6D+;0<@ 43567
&#$.+-<$' 2%2:I$#$ 9@ 4F4@ !'234@ 4F7 .>0 G-+D0<@ FB
=';#%#$* 1$I."+2%2:I$#$ +=@ 4B3@ 4B5@ 1$I."+2%2:I*#. .<#*#.#$; +=@ 4BB@ 4B463@
4B764C@ !&$@ 44564A@ 43C@ 43567@ 4BF@ 4B567@ 4BE@ 44B645@ 44764A@
43E6A !2!@ !22@ 43C6A@ 4CB6C
#% >:;$@ 4B3@ 4B5@ 4B76E@ 44B64C@ ^-''< *"'+<#$*$@ 4376A
44564A@ 43C@ 43567@ 43E6A H0+< I)*A6E@ 4B4@ 44B@ !!!@ 443@
#% 12#%*#%)$@ 43 44G
1<+$*#*-*'$@ 4F4@ !'234@ 4F567 H0J0,,+@ 4B4@ 44764A@ !2!@ 437@ 43A
100 +-16 $'(-2: &#=='<'%.'c 0+;'%c 0+;'%@ $';#+:+)I +=@ FC@ 7E@ EB
#;2)'$ += =';#%#$* >:; .<#*#.#$;@ 4BB@ $"+*$@ GA6F3
4B463@ 4B56E@ 44B645@ 44764A@ $#*'$ += ;'2%#%)J;2K#%)@ 3B64@ FC@ 4CC
43C63A@ 4CB6G $+-%& #%@ F4@ F3@ FC
,:2.K@ 4B5@ 4C463 $12*#2: +<)2%#L2*#+%@ GE6FB@ F463@ FC@ 4B4@
&#$.+-<$' 2%2:I$#$@ 4C7@ 4CE 4B7@ 44B@ 443@ 44G64A@ 43A@ 4CC
=';#%#%#*I@ 4B3@ 4B5@ 4B76E@ 44B64C@ +% *':'?#$#+%@ 4AC
44564A@ 43C@ 43567@ 43E6A *';1+<2: +<)2%#L2*#+%@ GE@ FB64@ F3@ FC@
#;2)'$ += ;'%@ 4B3@ 4BE@ !!!@ 44C64G@ 4B4@ 4B7@ 4CC
!22@ 43C6G F0<7);6@ 4B4@ 44B@ 443@ 44G@ 44E@ 44A@
#;2)'$ += 0+;'%@ 4B3@ 4BE@ 44B643@ !!!@ !22
44C64G@ 44F@ 44564E@ !2!@ 43567@ +% ?#&'+@ 4AA
4C3 100 +-16 ;+?#%) #;2)'$
9O[ae //2

>%&#%) $+-<.'$@ CB #;2)'@ $#*' +=@ 45647@ 3C6G@ 4&@ C3@ CG@
2&?'<*#$';'%*$@ 7C CE6GE@ FC@ F5@ 5E@ 73@ 4B3@ 4BG65@
.+%*'%* 2%2:I$#$@ F56A 4GB@ 4EF@ 4E5@ 4EE@ 4EA@ 3BB@ 3BC
&#$.+-<$' 2%2:I$#$ 9@ 4G36A 100 +-16 $#*'$ += ;'2%#%) ;2K#%)
&#$.+-<$' 2%2:I$#$ 99@ 45E@ 45A67B@ 47G@ #;1'<#2:#$;@ 47463@ 47C
475@ 4EG #%$*#*-*#+%$
"#$*+<#.2:@ 4G36C@ 4FF@ !'# 4FA@ 453 2112<2*-$'$@ 45567F@ 4EG6F@ 4E5
;-$'-;$ 2%& )2::'<#'$@ 45A67B@ 47G@ 475@ &#$.+-<$' 2%2:I$#$@ 4CF@ 4C5@ 4CE@ 4CA
4EG &#$.+-<$' 2%2:I$#$ 9@ 4G4@ 4FE65B@ 454@
1"+*+)<21"$@ F56A 453@ 45C
$';#+:+)I@ 7C &#$.+-<$' 2%2:I$#$ 99@ 45G64E5
d#$K'@ Y+"%@ 3F@ 4A7@ 3BB *'."%+:+)#'$@ 45567B@ 47F6EC@ 4EG6F@
d+-.2-:*@ P#."':@ 7@ 4CF6A@ 4G4@ 4FB64@ 4E5
45G67@ 4EF #%*'<?#'0$@ 4A467@ 4AE63BC
d<'%." .-:*-<'@ $';#+:+)I +=@ EF67@ E5@ AB64@ 2-&#'%.' $*-&#'$@ 4A46E@ 3BB63@ 3BC
AA ."#:&<'%@ 4A5@ 3B4
d<'-&@ _#);-%&@ 4BB .:2$$@ 4AF@ 4A567
100 +-16 1$I."+2%2:I$#$ .-:*-<2: K%+0:'&)'$@ 4A36G
&#$.+-<$' 2%2:I$#$ 9@ 4GC
U2#%'$@ Y2%'@ 4C463 &#$.+-<$' 2%2:I$#$ 99@ 47B@ 4EG
)2::'<#'$@ 100 ;-$'-;$ 2%& )2::'<#'$ '*"%+)<21"I@ 4A76E
)2I@ 100 ^-''< *"'+<#$*$ =2;#:I@ 4AG@ 4A567@ 3B4
)'%&'<@ 43 )'%&'<@ 4AF67
#% 2&?'<*#$';'%*$@ 73@ 7F )<+-1@ 4AG@ 4AF65@ 3B4@ 3B3
#%*'<?#'0$@ 4AF67 #;12.* += <'$'2<."'<@ 3B4
$';#+:+)I@ 73 :2%)-2)'@ 4A5
*':'?#$#+%@ 4AF67@ 3BB ;'*"+&$ += 2%2:I$#$@ 4AG6F@ 4A567
?#&'+ -$'@ 4AF67@ 4AA ;+&2:#*#'$@ 3BB
U'%#-$@ G7@ F3@ 47E ;-$'-;$ 2%& )2::'<#'$@ 47B@ 4EG
U#::@ X+$2:#%&@ 4GB@ 4FE +%'J*+J+%'@ 4AG@ 4AF65@ 3B4
U#:<+I@ Z2-:@ 44 1"+*+)<21"$@ 57@ 3B3
)++& 'I'@ *"'@ CC6G@ G7@ 4GG <2.'@ 4AF@ 4A5@ 4A7
$#*'$ += ;'2%#%)J;2K#%)@ 4A467
Q2::@ _*-2<*@ 3@ 5@ 3C@ EC@ EE6A@ A3@ 4C5@ $+.#2: &#=='<'%.'@ 4AF67
4A3 2,+-* *':'?#$#+%@ 4A367@ 4AE6A
Q2<202I@ [+%%2@ A@ 45@ 33@ 47B@ 4736C@ ?#&'+ -$'@ 4AG@ 4AF65
47F@ 475@ 47A6EB@ 4EF 9<#)2<2I@ N-.'@ 447
Q2<?'I@ [2?#&@ 3B64 9?'<$'%@ P2<)2<'*@ 74@ 776E@ EC
B0+7@ GA6FB
"#$*+<I Y2I@ P2<*#%@ 7@ 455
+= M<*@ CC6G@ FC@ 4GG6A@ 47C
&#$.+-<$' 2%2:I$#$ 9@ 4G4@ 4G36F@ 4G76A@ f'%&2::@ U2?#% 2%& T#.K"2;@ U2<I@ 4CE@ 4G4@
4FB@ 4F4@ 4F76A 45B
>%&#%) $+-<.'$@ 4G36C@ 4FF@ !'# 4FA@ K%+0:'&)'@ 7@ E
453 &#$.+-<$' 2%2:I$#$@ 4CE
+= ;-$'-;$ 2%& )2::'<#'$@ 47B@ 4736C@ &#$.+-<$' 2%2:I$#$ 9@ 4G4@ 4FB@ 45B@
477@ 4EC@ 4E5 45G
1"+*+)<21"$@ F7@ 5B64@ 5C@ 4576E &#$.+-<$' 2%2:I$#$ 99@ 45G@ 455@ 47B6EG
Q#*.".+.K@ M:=<'&@ 4B4@ 4B7@ 44B@ !!!@ 443@ 100 +-16 $.#'%.'
44G64F@ 44764A@ !2!@ !22@ 437@ 43A@
4C4 N2.2%@ Y2.^-'$@ 4BB@ 44C@ 43B633
Q+&)'@ X+,'<* 2%& f<'$$@ U-%*"'<@ 7B@ 7463@ 100 +-16 1$I."+2%2:I$#$
EA@ AG65 :2%)-2)'
Q+::I@ P#."2': M%%@ GG@ G7 #% 2&?'<*#$';'%*$@ 5B@ E4@ EG@ AG
Q+::I0++&@ GE6FB@ 4B4@ 4B56E@ 44B645@ 2%& #;2)'$@ 4B@ 4C
!!!@ 44764A@ !2!@ !22@ 43C6A@ #%*'<?#'0$@ 4A5
4C3 $';#+:+)I@ 7G@ 776E@ E4@ AG
100 +-16 >:;$ *':'?#$#+%@ 5B
100 +-16 $1+K'% ;2*'<#2:$c 0<#**'% ;2*'<#2:$
#.+%+)<21"I@ 4GG6A :'$,#2%@ 100 ^-''< *"'+<#$*$
#&'+:+)I :#)"*
2&?'<*#$';'%*$@ 7B63@ E76A@ AC .+;1+$#*#+%2: #%*'<1<'*2*#+%@ GF65@ FC
$';#+:+)I@ 7B63@ E7@ EA@ A365 #% 12#%*#%)$@ GF65@ FC
//3 \9_`MN Pa!Qb[bNbU9a_

N+%&+% 100 +-16 .+;1+$#*#+%2: #%*'<1<'*2*#+%c


.+.K%'I@ 4F76E .+%*'%* 2%2:I$#$c &#$.+-<$' 2%2:I$#$ 9c
;21$ +=@ 4G3@ 4FG6F@ !'' &#$.+-<$' 2%2:I$#$ 99c '*"%+)<21"Ic
P-$'-; += P2%K#%&@ 47G #%*'<?#'0$c 1$I."+2%2:I$#$c $';#+:+)I
O2*#+%2: U2::'<I@ CG65 P'*<+1+:#*2% P-$'-; += M<*@ O'0 V+<K@ 473
%#%'*''%*"J.'%*-<I a2$* a%&@ 4G4@ 4G36C@ P#<L+'==@ O#."+:2$@ 7@ E
4G76A@ 4FB@ 4F4@ !'234@ 4FC6F@ ;#$'J'%J$.']%'@ E@ GE6FB@ F46C
!''@ !'#@ 4F76A P#*."'::@ T8 Y8 !8@ 463@ 45B
?#$-2: #;2)'$ += 4G4@ 4G3@ 4G76A@ 4FB@ ;+&2:#*#'$@ 45647@ 4A63E@ 4&@ C3@ 4EE
4F4@ !'234@ 4FC6F@ !''@ !'#@ 2&?'<*#$';'%*$@ AG65
4F76A 2-&#'%.' $*-&#'$@ 4EE@ 3BB@ 3BC
.+;1+$#*#+%2: #%*'<1<'*2*#+%@ CG@ CE6FC
C+>6;+*D@ 4C3 .+%*'%* 2%2:I$#$@ F5@ 57
;21$@ 4G3@ 4FG6F@ !'' &#$.+-<$' 2%2:I$#$ 9@ 4GB@ 4FE65B@ 453
P2<(#$;@ 3B634 &#$.+-<$' 2%2:I$#$ 99@ 457@ 45A@ 4EF
?$8 &#$.+-<$' 2%2:I$#$@ 4CA '*"%+)<21"I@ 3BB
$';#+:+)I@ 7B >:;$@ 3B64@ GE6F3
;2$.-:#%#*I@ 47F #%*'<?#'0$@ 3BB
&#$.+-<$' 2%2:I$#$@ 4C7@ 4CE ;+?#%) #;2)'$@ CE@ GE6F3
=';#%#$* 1$I."+2%2:I$#$ +=@ 4B3@ 4B5@ ;-$'-;$ 2%& )2::'<#'$@ 376E@ 45A
4B7644B@ !&$@ 44C64G@ 43C6G 12#%*#%)$@ 47@ 4A@ 3G@ CG@ CE6GE
#% >:;$@ 4B3@ 4B5@ 4B76E@ 44B@ 44C64G@ 1"+*+)<21"$@ 47@ !%@ 4A63E@ 57@ 4576E
43C6G@ 4A3 1$I."+2%2:I$#$@ 4BG65
U'%#-$@ G7 $';#+:+)I@ 73@ 7C@ A3@ AG65@ AA
#% 12#%*#%)$@ 43 *':'?#$#+%@ 3BB
#% 1"+*+)<21"$@ 33 100 +-16 .+;1+$#*#+%2: ;+&2:#*Ic $+.#2:
100 +-16 ;'%@ #;2)'$ +=c $'(-2: ;+&2:#*Ic *'."%+:+)#.2: ;+&2:#*I
&#=='<'%.' ;+&'<%#*I@ 7@ E
;'%@ #;2)'$ += P+&:'$K#@ !2%#2@ 4B4@ 443@ 44E@ 43C6G@ 437@
#% 2&?'<*#$';'%*$@ 44@ !!@ 7F65@ EG@ AF@ 43A@ 4C4
4BE ;+%*2)'@ GE@ FB64@ F3@ FC
.+;1+$#*#+%2: #%*'<1<'*2*#+%@ CG65@ 4#@ CE@ P++<'$@ _'2%@ 4A3@ 4A5@ 4A7@ 3B4
CA6GB@ G3@ GC@ GF@ G567 P+<:'I@ [2?#&@ 34@ 4A3@ 4AC@ 4AG67@ 3BB64
&#$.+-<$' 2%2:I$#$ 9@ 4GF@ !5# ;+?#'$@ 100 >:;$
=';#%#$* >:; .<#*#.#$;@ 4B3@ 4BE@ !!!@ ;+?#%) #;2)'$
44C64G@ !22@ 43C6G .+;1+$#*#+%2: #%*'<1<'*2*#+% +=@ CE@ GE6FC
#% >:;$@ GA6FB@ 4B3@ 4BE@ !!!@ 44C64G@ ;+&2:#*#'$@ CE@ GE6F3
!22@ 43C6G $#*'$ += ;'2%#%)J;2K#%)@ CE
#% 12#%*#%)$@ CG65@ 4#@ CE@ CA6GB@ G3@ 100 +-16 >:;$c *':'?#$#+%c ?#&'+ -$'
GC@ GF@ G567@ 43463@ !25@ 4GF@ P-:?'I@ N2-<2@ 4B564F@ 43F@ 4C4@ 4A3@ 4AC
!5# P-$'-; += P2%K#%&@ N+%&+%@ 47G
#% 1"+*+)<21"$@ !%@ 3G@ 3F@ 37@ 7F65@ EG@ P-$'-; += P+&'<% M<*@ O'0 V+<K@ 4EB@ 4E5
AB64@ AF@ 4BE@ !&$ ;-$'-;$ 2%& )2::'<#'$@ 45E6E5
1+<%+)<21"I@ 4BE@ !&$ M;'<#.2% P-$'-; += O2*-<2: Q#$*+<I
1$I."+2%2:I$#$@ 4B3@ 4BE@ !!!@ 44C64G@ RMPOQS@ 45A@ 47B@ 4746EB@ 4E3@
43463@ !22@ 43C6G@ !25 4EF65
$':=J1+<*<2#*$@ CG65@ 4#@ CE@ CA6GB@ GC@ GF@ 2112<2*-$ +=@ 45A67F@ 4EG6F@ 4E5
G567 2<."#*'.*-<' +=@ 47B@ 4736C@ 47G@ 47F@
$';#+:+)I@ 7F65@ EG@ AB64@ AF 47A6EB@ 4E463
100 +-16 ;2$.-:#%#*Ic 1"<'%+:+)Ic M<*@ 473@ 47C@ 47G@ 477@ 47E@ 4EB@ 4EG
1"I$#+)%+;I 2-&#'%.' $*-&#'$@ 4AA
;'*"+&+:+)#'$ .21#*2:#$;@ 47C
2-&#'%.' $*-&#'$@ 4E763BC .:2$$@ 376E@ 474@ 47C@ 47G
."++$#%)@ 3E6A@ C3 .-:*-<'@ 47463@ 47C@ 47F@ 4EG
.+;1:#.#*I@ 4AA .-<2*+<$@ 45A@ 47C@ 4E4
.<#*'<#2 =+<@ 4F645 &#=='<'%.'$ ,'*0''%@ 47463@ 47G@ 4EB@ 4E3
'*"#.$@ 4AA &#$.+-<$' 2%2:I$#$ 99@ 45E6E5@ 3B3
#;12.* += <'$'2<."'<@ 3B4 ,'"#%& &#$1:2I$@ 4E463
#%*'<?#'0$@ 4A463B3 >%&#%) $+-<.'$@ 45A67B@ 47G@ 475@ 4EG
;#(#%)@ 4E76E@ 3B36C "#$*+<I +=@ 47B@ 4736C@ 477@ 4EC@ 4E5
1+0'< <':2*#+%$@ 4AA@ 3B36C #;2)'$ += %+%JT'$*'<%'<$@ 47463@ 47G@
^-2%*#*2*#?'@ FG65E 47F@ 47567@ 4EG
<'W'(#?#*I@ 4AA@ 3BB64 #;1'<#2:#$;@ 47463@ 47C
9O[ae //4

;-$'-;$ 2%& )2::'<#'$ R,6*78S +<2: ;2*'<#2:$@ 100 #%*'<?#'0$c $1+K'% ;2*'<#2:$
9%$*#*-*' += H+%*';1+<2<I M<*@ D+$*+%@ 47C
#%*'<?#'0$@ 47B@ 4EG 12#%*#%)$@ !4@ CC6GE@ 4#@ 54@ F3@ FC@ !25@
:2I+-*@ 473@ 47C@ 47G@ 47A6EB !5#@ !'4
P'*<+1+:#*2% P-$'-; += M<*@ O'0 V+<K@ 473 += ."#:&<'%@ G3@ 54
;+&2:#*#'$@ 376E@ 45A .+:+-< #%@ CA6GB@ FC@ 4GF
P-$'-; += P2%K#%&@ N+%&+%@ 47G .+;1+$#*#+%2: #%*'<1<'*2*#+% +=@ CC6GE@ F3@
P-$'-; += P+&'<% M<*@ O'0 V+<K@ 4EB@ FC
4E5 .+%%+#$$'-<$"#1@ CC6G@ CE@ G7@ F3
O2*#+%2: U2::'<I@ N+%&+%@ CG65 &#$.+-<$' 2%2:I$#$ 9@ 4GF@ !5#@ 4G76A@
%2*-<'@ 4746C@ 47F@ 475@ 477@ 47A6EB 4F567
%#%'*''%*" .'%*-<I@ 4746C@ 477 aI.K@ Y2% ?2%@ GC@ G5@ 4GF@ !5#
12*<#2<."I@ 47C@ 47F@ 475 =';2:' %-&'@ 43@ !4@ 4G@ 4A@ 3G
12*<+%$@ 47C =';#%#%#*I@ 43
1"+*+)<21"$@ 47B@ 47G@ 47F@ 47A@ 4EB >=*''%*" .'%*-<I@ 4C@ !4@ G3@ GC@ G5@ FC@
1+0'<gK%+0:'&)'@ 47B6EG@ 4EF65 4GF@ !5#
?$8 1<#$+%$@ 474 #% )2::'<#'$@ CG65@ 477@ 47E@ 4E3@ 4EG
<2.'@ 47C U'%#-$@ G7@ F3
$.#'%.' #%@ 473@ 47C *"' )++& 'I'@ CC6G@ G7
$';#+:+)I +=@ 3B3 :#)"* #%@ GF65@ FC
$#*'$ += ;'2%#%)J;2K#%)@ 376E@ 45A@ 3B3 ;2$.-:#%#*I@ 43
$12*#2: +<)2%#L2*#+% +=@ 47B@ 47C@ 47G@ += ;'%@ CG65@ 4#@ CE@ CA6GB@ G3@ GC@ GF@
47567@ 47A6EB@ 4E463 G567@ 4346C@ !25@ 4GF@ !5#
*2.*#:' *'."%+:+)#'$@ 4EB64 ;+&2:#*#'$@ 47@ 4A@ 3G@ CG@ CE6GE
*'."%+:+)#'$ += &#$1:2I@ 47F6E@ 4E5 %#%'*''%*" .'%*-<I@ G3@ 54@ 4G76A@ !'4@
*'."%+:+)#'$ += #%*'<1<'*2*#+%@ 47E6A 4F567
?#$#*+<$@ 376E@ 45A@ 47C6G@ 47F@ 47567@ 1'<$1'.*#?'@ GB65@ 5!@ 52
4EB64@ 4E36G@ 4EF65 1"<'%+:+)I@ 4GE6A
;-$#.@ #;2)'$ 2%&@ F4@ F3@ FC@ 5B 1"I$#+)%+;I@ 4GE6A
;I*"+:+)#'$@ EE@ AB64@ AA 1$I."+2%2:I$#$@ 43463@ !25
X';,<2%&*@ CG65@ 4#@ CE@ CA6GB@ GC@ GF@
O2*#+%2: U2::'<I@ N+%&+%@ CG65 G567
9+7)6*+- :06;<+=>),@ FF@ F567@ '%@ FA657@ X+$'**#@ [2%*' U2,<#':@ 4F567
474 $':=J1+<*<2#*$@ CG65@ 4#@ CA6GB@ GC@ GF@
9+7)6*E)A0@ 4AC@ 4AF65@ 3B4 G567
%2*-<'@ &#$.+-<$' 2%2:I$#$ 99@ 4746C@ 47F@ $';#+:+)I +=@ EE
475@ 477@ 47A6EB $'?'%*''%*" .'%*-<I@ 4G@ CG65@ 4#@ CA6GB@
O'2&@ NI%&2@ 4C5@ 4G36C@ 4F4@ 4F567 GC@ GF@ G567
%+%JT'$*'<% M<*@ 100 M<*@ %+%JT'$*'<% $#*'$ += ;'2%#%)J;2K#%)@ 3G@ CG@ CE6GE
%+%JT'$*'<%'<$@ #;2)'$ += $#(*''%*" .'%*-<I@ 4C@ !4@ 43463@ !25
&#$.+-<$' 2%2:I$#$ 99@ 47463@ 47G@ 47F@ $12*#2: +<)2%#L2*#+% +=@ GB65
47567@ 4EG ,I 0+;'%@ G3@ 54
#% ;-$'-;$ 2%& )2::'<#'$@ 47463@ 47G@ 47F@ += 0+;'%@ 43@ !4@ 4G@ 4A@ 3G@ GC@ G5@ 4GF@
47567@ 4EG !5#
1"+*+)<21"$@ F7@ '%@ FA@ 5B63@ 5C6F 100 +-16 M<*@ T'$*'<%c $*#:: #;2)'$
100 +-16 <2.' Z2%+=$KI@ a<0#%@ G5@ 4GG67
O+<*" M;'<#.2 G+<)1KC+7,>@ AB64
4AFB$@ 4C 12*<#2<."I@ A@ 47C@ 47F@ 475
M;'<#.2% P-$'-; += O2*-<2: Q#$*+<I Z'#<.'@ H"2<:'$ _2%&'<$@ 7E
RMPOQS@ 45A@ 47B@ 4746EB@ 4E3@ 1'<$1'.*#?'@ GB65@ 5!@ 52
4EF65 1"+*+)<21"$@ 4763E@ !%@ FF657@ '%@ #5@ !&$
?+--+1@ 4AC 2<."#?'$ +=@ 45F@ 4576E
Q+::I0++&@ 4B4@ 4B56E@ 44B645@ !!!@ 2-&#'%.' $*-&#'$@ 3B3
44764A@ !2!@ !22@ 43C6A@ 4C3 M?'&+%@ X#."2<&@ 47C
9%$*#*-*' += H+%*';1+<2<I M<*@ D+$*+%@ 47C += ,2,#'$@ 7E6E3@ "$@ %&@ %!
P'*<+1+:#*2% P-$'-; += M<*@ O'0 V+<K@ 473 .+;1+$#*#+%2: #%*'<1<'*2*#+% +=@ GC6F
P-$'-; += P+&'<% M<*@ O'0 V+<K@ 4EB@ 4E5 .+%*'%* 2%2:I$#$ +=@ FF@ F567@ '%@ FA657@
9+7)6*+- :06;<+=>),@ FF@ F567@ '%@ FA657@ 3B3
474 &#$.+-<$' 2%2:I$#$@ 4CE
%2*#?' M;'<#.2%$@ 54 &#$.+-<$' 2%2:I$#$ 9@ 4G3@ 4FA
*':'?#$#+%@ 4C &#$.+-<$' 2%2:I$#$ 99@ 45F@ 4576E@ 47B@
%+?':$@ &#$.+-<$' 2%2:I$#$ 9@ 4FA 47C@ 47G@ 47F@ 4EC
96E F6D+;0<@ 43567 [+#$%'2-@ X+,'<*@ !%@ 3C6E@ C4
//5 \9_`MN Pa!Qb[bNbU9a_

1"+*+)<21"$ R,6*78S 1<#$+%$@ 45F65@ 474


>%&#%) $+-<.'$@ F56A 1<+&-.*#+%@ $#*' +=@ 45647@ 4A63C@ 4&@ C3@
>%)'<1<#%*#%) 2%&@ 45E C76E@ F3@ FC@ F5@ 57@ 7C@ A3@ 457@ 45A@
)<+-1 #%*'<?#'0$@ 57 47E@ 4EF@ 4EE@ 3BB@ 3B3
9%$*#*-*' += H+%*';1+<2<I M<*@ D+$*+%@ 47C 100 +-16 $#*'$ += ;'2%#%) ;2K#%)
#%*'<?#'0$@ 3B3 1$I."+2%2:I$#$@ 4&@ 4BB64CG
;2$.-:#%#*I@ 33 2-&#'%.' $*-&#'$@ 4AB64@ 4A3
+= ;'%@ !%@ 3G@ 3F@ 37@ 7F65@ EG@ AB64@ .2$*<2*#+% .+;1:'(@ 4B5@ 4B76E@ 44B644@
AF@ 4BE@ !&$ 44G645@ 44A634@ 43C6F@ 43E@ 4CC
;#(#%) ;'*"+&$@ 3B3 .:2$$@ 4C4@ 4C3
;+&2:#*#'$@ 47@ !%@ 4A63E@ 57@ 4576E ?$8 .+;1+$#*#+%2: #%*'<1<'*2*#+%@ 4BF
;-$'-;$ 2%& )2::'<#'$@ 47B@ 47G@ 47F@ ?$8 .+%*'%* 2%2:I$#$@ 4BF
47A@ 4EB ?$8 &#$.+-<$' 2%2:I$#$@ 4CF65@ 4C76A
#% 9+7)6*+- :06;<+=>),@ FF@ F567@ '%@ ?$8 &#$.+-<$' 2%2:I$#$ 9@ 4G4@ 45B
FA657 '*"#.$ += >':& += ?#$#+%@ 4C4
+= %2*#?' M;'<#.2%$@ 54 =2%*2$I@ 4BE@ 43G67@ 43E@ 4C4@ 4C36C
#% %'0$121'<$@ GG6F@ 457 =';#%#%#*I@ 4B3@ 4B5@ 4B764C@ !&$@
%#%'*''%*" .'%*-<I@ 54@ 4BE@ !&$@ 4576E 44564A@ 43C@ 43567@ 43E6A
+= %+%JT'$*'<%'<$@ F7@ '%@ FA@ 5B63@ =';#%#$* *"'+<I@ 4BB@ 4B463@ 4B563B@ !&$@
5C6F 43C6CG
12*<+%2)'@ 47C ='*#$"#$;@ 44B643@ 44F@ 44A63B@ 4CC
1"<'%+:+)I 2%&@ 45E >:; .<#*#.#$;@ 4BB@ 4B463@ 4BF@ 4B567@
1+:#.'@ GG6F@ 4FA@ 4576E 4BE@ 44B645@ 44764A@ !2!@ !22@
1+<%+)<21"I@ 4BE@ !&$ 43C6A@ 4CB6C
1+0'<@ F7@ 5B64@ 5C d<'-&#2%@ 4BB6C@ 4B5@ 4B76E@ 44B644@
1-%.*-;@ 4B@ EC@ 457 44G64F@ 445@ 44A634@ 43C6G@ 43F@
<2.'@ F7@ 5B64@ 5C@ 5G6F 43E@ 4C46C@ 4CF@ 4C5
$';#+:+)I +=@ 7E@ E36C@ EA #;2)'$ += ;'%@ 4B3@ 4BE@ !!!@ 44C64G@
$#*'$ += ;'2%#%)J;2K#%)@ 47@ !%@ 4A63E@ 57@ 43463@ !22@ 43C6G@ !25
4576E@ 3B3 #;2)'$ += 0+;'%@ 4B3@ 4BE@ !&$@ 44B643@
$*<''*@ !%@ 3B@ 346E !!!@ 44C64G@ 44F@ 44564E@ !2!@
*<-*" .:2#;$@ 4CE@ 457 43567@ 4C3
+= T'$*'<%'<$@ 5B64@ 5C@ #5 N2.2%#2%@ 4BB@ 4B3@ 4BG@ 4BF@ 44C@ 44G@
,I 0+;'%@ 45E 44A63G@ 4C4@ 4CC
+= 0+;'%@ !%@ 3G@ 3F@ 37@ 54@ 7F65@ %&@ N2.2%#2% U2L'@ 43B6G@ 4CC
%!@ EF67@ %#@ EA@ 4BE@ !&$ :#;#*2*#+%$ +=@ 4C46C@ 4CF@ 4C5@ 4AB64@
100 +-16 $*#:: #;2)'$ 4A3
1"<'%+:+)I@ 4GE6A@ 45E ;2:' )2L'@ 44F645@ 44A63B@ 4CC
1"I$#+)%+;I@ 4GE6A ;2$.-:#%#*I@ 4B3@ 4B5@ 4B7644B@ !&$@
.>0 G-+D0<@ FB 44C64G@ 43C6G
1+:#.' ;2$^-'<2&'@ 44564A@ 43567@ 4CC
>%)'<1<#%*#%)@ 45E ;#<<+< $*2)'@ 44364G
1"+*+)<21"$@ GG6F@ 4FA@ 4576E ;+&2:#*#'$@ 4&@ 4BG65
G6-),0 L--M17<+70A 90E1@ 4FF@ !'# 12#%*#%)$@ 43463@ !25
Z+::+.K@ U<#$':&2@ 4F@ 4A@ 3G@ G3@ 4BG@ 4C3 1+<%+)<21"I@ 4BE@ !&$
1+<%+)<21"I@ 4BE@ !&$ ^-''< *"'+<#$*$@ 4B5@ 4376A
1+$*.2<&$@ 35 <2.'@ 4B5@ 4C463
.+%*'%* 2%2:I$#$ +=@ FE6A <'W'(#?#*I@ 4B4@ 43A6C4
1+<%+)<21"#.@ 4BE@ !&$ ?$8 $';#+:+)I@ 4BF
$';#+:+)I +=@ 7E6E3@ "$ $'(-2: &#=='<'%.'@ 4BB@ 4B3@ 4B563B@ !&$@
1+$*;+&'<%#*I@ 7@ E6A@ 3B64 43C6C3@ 4CC
Z+**'<@ Y+%2*"2%@ 4CA@ 4FB@ 4FF $'(-2:#*I@ 4BB@ 4B3@ 4B5644A@ !&$@
1+0'< 43C6CC
&#$.+-<$' 2%2:I$#$@ 4C76E@ 4CA $#*'$ += ;'2%#%)J;2K#%)@ 4&@ 4B365@ 4CC@
&#$.+-<$' 2%2:I$#$ 9@ 4GB64@ 4FE6A@ 45B@ 4CG@ 4AB64@ 4A3
454@ 45G $12*#2: +<)2%#L2*#+%@ 4B4@ 4B7@ 44B@ 443@
&#$.+-<$' 2%2:I$#$ 99@ 45G65@ 45E@ 45A@ 44G64A@ 43A@ 4CC
4746E5 $-,/'.*#?#*I@ 4BB@ 4B367@ 44C@ 43C@ 43G67@
1"+*+)<21"$@ F7@ 5B64@ 5C 4CB6C
1<'='<<'& ;'2%#%)$ *';1+<2: +<)2%#L2*#+%@ 4B4@ 4B7@ 4CC
&'.+&#%)@ 4A3@ 4AG65 *"' -%.+%$.#+-$@ 4BB@ 4B365@ 44G@ 43F67@
$';#+:+)I@ A365@ 3B4 4C4@ 4CC
*':'?#$#+%@ 4AF65@ 3B4 ?#$-2: 1:'2$-<'@ 4B5645
9O[ae //6

1$I."+2%2:I$#$ R,6*78S #&'+:+)I 2%&@ 7B63@ E7@ EA@ A365


?+I'-<#$;@ 44B643@ 44G64F@ 44A63B@ 4CC :2%)-2)'@ 7G@ 776E@ E4@ AG
100 +-16 d<'-&@ _#);-%&c N2.2%@ Y2.^-'$ :#;#*2*#+%$ +=@ A56E@ 4AB64@ 4A3
1-%.*-;@ 4B@ EC@ 457 P2<(#$; 2%&@ 7B
;'2%#%) *<2%$='<'%.'@ EC6E
^-''< *"'+<I ;+&2:#*#'$@ 4&@ 73@ 7C@ A3@ AG65@ AA
?$8 =';#%#$* >:; .<#*#.#$;@ 4376A += ;-$'-;$ 2%& )2::'<#'$@ 3B3
1$I."+2%2:I$#$@ 4B5@ 4376A ;I*"+:+)#'$@ EE@ AB64@ AA
+= 12#%*#%)$@ EE
<2.'@ 44@ !!@ 47C
+= 1"+*+)<21"$@ 7E@ E36C@ EA
%#%'*''%*"J.'%*-<I N+%&+%@ 4FE@ 453
1+$*.2<&$@ 7E6E3@ "$
2&?'<*#$';'%*$@ !!@ 7F
1<'='<<'& ;'2%#%)$@ A365@ 3B4
2-&#'%.' $*-&#'$@ 4AF@ 4A5@ 4A7
?$8 1$I."+2%2:I$#$@ 4BF
&#$.+-<$' 2%2:I$#$ 9@ 4FE@ 453
<'='<'%* $I$*';$@ EE@ EA6AB
=';#%#$* >:; .<#*#.#$;@ 4B5@ 4C463
<'W'(#?#*I@ 73@ EE@ A76E@ 43A6CB
#%*'<?#'0$@ 4AF@ 4A5@ 4A7
2$ $.#'%.'@ 7B64@ 43A6CB
1"+*+)<21"$@ F7@ 5B64@ 5C@ 5G6F
$#*'$ += ;'2%#%)J;2K#%)@ 4&@ 73@ 7C@ A36G@
1$I."+2%2:I$#$@ 4B5@ 4C463
AA@ 4AB64@ 4A3@ 3B3
*':'?#$#+%@ 4AF@ 4A5@ 4A7@ 3B4
$+.#2: &#=='<'%.'@ 7465
100 +-16 %+%JT'$*'<%'<$@ #;2)'$ +=c $+.#2:
$12*#2: +<)2%#L2*#+%@ EG6F@ %'@ AG
&#=='<'%.'
+= *':'?#$#+%@ EE@ 3B4
<2&#+@ .+%*'%* 2%2:I$#$ +=@ FG
$'(-2:#*I@ 4BB@ 4B3@ 4B5644A@ !&$@ 43C6CC
H0+< I)*A6E@ 4B4@ 44B@ !!!@ 443@ 44G
_#:?'<;2%@ f2/2@ 43C6G@ 43E@ 4C4@ 4C5
H0J0,,+@ 4B4@ 44764A@ !2!@ 437@ 43A
$#*.+;$@ 3BB
<'='<'%.#%) #;2)'$@ C4
$#*' += 2-&#'%.#%)@ 100 2-&#'%.#%)@ $#*' +=
<'W'(#?#*I@ 45@ 4AA@ 3BB64
$#*' += #;2)'@ 100 #;2)'@ $#*' +=
2-&#'%.' $*-&#'$@ 3BB63@ 3BC
$#*' += 1<+&-.*#+%@ 100 1<+&-.*#+%@ $#*' +=
2-*+,#+)<21"#.2:@ 4CB
$#*'$ += ;'2%#%)J;2K#%)@ 45647@ 4A63E@ 4&@
.+%*'%* 2%2:I$#$@ F5@ 57@ 5E@ 43A6CB
C3@ 4EE6A4
.-:*-<2: *-<%@ 4CB
2&?'<*#$';'%*$@ A36G
&#$.+-<$' 2%2:I$#$ 9@ 4G4@ 4G3@ 45B64
2-&#'%.' $*-&#'$@ 4E763BC
&#$.+-<$' 2%2:I$#$ 99@ 45E@ 45A@ 4EF@ 4E5
.+;1+$#*#+%2: #%*'<1<'*2*#+%@ CG@ C76GE@
1$I."+2%2:I$#$@ 4B4@ 43A6C4
F36C@ 4A4
$';#+:+)I@ 73@ EE@ A76E@ 43A6CB
X';,<2%&*@ CG65@ 4#@ CA6GB@ GC@ GF@ G567 .+%*'%* 2%2:I$#$@ F5@ 57@ 5E@ 4A4@ 3B3
<'1<+&-.#%) #;2)'$@ C463 &#$.+-<$' 2%2:I$#$ 9@ 4GB
<"'*+<#.2: +<)2%#L2*#+%@ 45G &#$.+-<$' 2%2:I$#$ 99@ 457@ 45A@ 47E@ 4EF@
X#?#'<'@ Y+2%@ 44567 4E5@ 4AB@ 3B3
H6,ND LL@ 4AA '*"%+)<21"I@ 4A76A
X+$$'**#@ [2%*' U2,<#':@ 4F567 >:;$@ 3B64@ FC@ 4CC
#%*'<?#'0$@ 4A467
_2-$$-<'@ d'<&#%2%& &'@ 7G ;+?#%) #;2)'$@ CE
$.#'%.' ;-$'-;$ 2%& )2::'<#'$@ 376E@ 45A@ 3B3
.+%*'%* 2%2:I$#$ 2$@ FG6F@ F5@ 5B@ 53@ 12#%*#%)$@ 3G@ CG@ CE6GE
5C65@ 57@ 5E@ 7B@ 43A6CB 1"+*+)<21"$@ 47@ !%@ 4A63E@ 57@ 4576E@
2%& &#$.+-<$' 2%2:I$#$ 99@ 474@ 473@ 47C 3B3
#;2)'$ #%@ 7@ A 1$I."+2%2:I$#$@ 4B365@ 4CC@ 4CG@ 4AB64@
#% ;-$'-;$ 2%& )2::'<#'$@ 473@ 47C 4A3
$';#+:+)I 2$@ 7B64@ 43A6CB $';#+:+)I@ 73@ 7C@ A36G@ AA@ 4AB64@ 4A3@
2$ *<-*"@ 4FG6F 3B3
$.+1#. <')#;'$@ 56A *':'?#$#+%@ 4AC63BB
_'K-:2@ M:2%@ 45G6F@ 457@ 45E 100 +-16 2-&#'%.#%)@ $#*' +=c #;2)'@ $#*' +=c
$';#+:+)I@ 4&@ 5A6AA 1<+&-.*#+%@ $#*' +=
+= 2&?'<*#$';'%*$@ 5A@ 7B6AB@ A36A _:2*'<@ [+%@ FG@ FF@ F5@ FA@ 5B@ 7C@ AE@ AA
2-&#'%.' $*-&#'$@ 4AB64@ 4A3 $+21$@ 4AC
.+&'$@ EE6AC@ A5 $+.#2: &#=='<'%.'@ A@ 4B64G@ !!@ 4F
?$8 .+%*'%* 2%2:I$#$@ 5A@ 7B 2-&#'%.' $*-&#'$@ 4AF67
&#2)<2;$@ EG6F@ %'@ E7@ %" &#$.+-<$' 2%2:I$#$ 9@ 4G4@ 4G76A@ 4FB@ 4FG@
?$8 &#$.+-<$' 2%2:I$#$@ 4CE6A 4F76A@ 454@ 453@ 45C@ 45G
&#$.+-<$' 2%2:I$#$ 99 2%&@ 45A '*"%+)<21"I@ 4AE6A
+= >:;$@ FC@ 7E@ EB #%*'<?#'0$@ 4AF67
>%&#%) $+-<.'$@ 7C $';#+:+)I@ 7465
d<'%." .-:*-<'@ EF67@ %#@ AB64@ AA *':'?#$#+%@ 4AF67@ 3BB
)'%&'<@ 73@ 7F 100 +-16 .:2$$c )'%&'<c <2.'
//7 \9_`MN Pa!Qb[bNbU9a_

$+.#2: ;+&2:#*I@ 45647@ 3B6E@ 4&@ C3@ 57@ 73@ $#*'$ += ;'2%#%)J;2K#%)@ 4AC63BB
7C@ A3@ AG65@ AA@ 4BG@ 4GB@ 4FE65B@ $+21$@ 4AC
453@ 457@ 45A@ 4EF@ 4EE@ 3BB@ 3BC $+.#2: &#=='<'%.'@ 4AF67@ 3BB@ 3B4
100 +-16 ;+&2:#*#'$ *''%2)'<$@ 3BB
$+-%&@ #% >:;$@ F4@ F3@ FC 100 +-16 ;+?#%) #;2)'$c ?#&'+ -$'
$+-<.'$@ 100 >%&#%) $+-<.'$ *';1+<2: +<)2%#L2*#+%
$12*#2: +<)2%#L2*#+% >:;$@ GE@ FB64@ F3@ FC@ 4B4@ 4B7@ 4CC
2&?'<*#$';'%*$@ EG6F@ %'@ AG 1$I."+2%2:I$#$@ 4B4@ 4B7@ 4CC
.+;1+$#*#+%2: #%*'<1<'*2*#+%@ GB6F@ GE6FB@ *'(*@ 100 :2%)-2)'c 0<#**'% ;2*'<#2:$
F46C *+-<#$;@ 7
&#$.+-<$' 2%2:I$#$ 99@ 47B@ 47C@ 47G@ *<-*" .:2#;$
47567@ 47A6EB@ 4E463 &#$.+-<$' 2%2:I$#$@ 4CE
>:;$@ GE6FB@ F463@ FC@ 4B4@ 4B7@ 44B@ &#$.+-<$' 2%2:I$#$ 9@ 4GB@ 4G4@ 4FG6F@ 4FE@
443@ 44G64A@ 43A@ 4CC 45B@ 45C
;-$'-;$ 2%& )2::'<#'$@ 47B@ 47C@ 47G@ &#$.+-<$' 2%2:I$#$ 99@ 457@ 45E@ 474@ 475@
47567@ 47A6EB@ 4E463 477@ 47A
12#%*#%)$@ GB65 1"+*+)<21"$@ 4CE@ 457
1$I."+2%2:I$#$@ 4B4@ 4B7@ 44B@ 443@
44G64A@ 43A@ 4CC -%.+%$.#+-$@ *"'@ 57@ 4BB@ 4B365@ 44G@
$';#+:+)I@ EG6F@ %'@ AG 43F67@ 4C4@ 4CC
$*#:: #;2)'$@ GB65 `_M@ 100 O+<*" M;'<#.2
$1+K'% ;2*'<#2:$
.+%*'%* 2%2:I$#$ +=@ FG6F@ 5B F0<7);6@ 4B4@ 44B@ 443@ 44G@ 44E@ 44A@
&#$.+-<$' 2%2:I$#$ 9@ 4GB@ 4GC@ 4FB64@ !22
453 ?#&'+ -$'
&#$.+-<$' 2%2:I$#$ 99@ 47B@ 4EG .:2$$@ 4AA
100 +-16 #%*'<?#'0$ '*"%+)<21"I +=@ 4AA
$*#:: #;2)'$ =2;#:I@ 4A7@ 4AA
.+;1+$#*#+%2: #%*'<1<'*2*#+% +=@ CC6GE@ >:;$@ 4AA
F36C )'%&'<@ 4AF67@ 4AA
$12*#2: +<)2%#L2*#+% +=@ GB65 #%*'<?#'0$ 2,+-*@ 4AG@ 4AF65
100 +-16 12#%*#%)$c 1"+*+)<21"$ H6,ND LL@ 4AA
0+;'%@ 4AG
!2))@ Y+"%@ EC@ 457@ 45E 100 +-16 ;+?#%) #;2)'$
*'."%+:+)#.2: ;+&2:#*I@ 45647@ 3C6F@ 4&@ C3@ ?#$-2:@ *"'
C76E@ FB63@ FC@ 4EE@ 3BB 2%& :2%)-2)'@ 4B@ 4C
100 +-16 ;+&2:#*#'$ #% $'?'%*''%*" .'%*-<I@ 4C
*':'?#$#+%@ 4AC63B3 #% T'$*'<% $+.#'*#'$@ F@ 564F@ C3
2&?'<*#$';'%*$@ 3B4 ?+I'-<#$;@ 44B643@ 44G64F@ 44A63B@ 4CC@
M;'<#.2%@ 4C 4C7
2-&#'%.' $*-&#'$@ 4A363BB
.2<*++%$@ 3B4 T2:K'<&#%'@ \2:'<#'@ 4AA
."#:&<'%@ 4AC@ 4A5@ 4A7@ 3B463 T'$*'<% 2<*@ 100 M<*@ T'$*'<%
.:2$$@ 4AF65@ 3BB T#::#2;$+%@ Y-&#*"@ 7B63@ 7G@ EC6G@ EF67@
.+%*'%* 2%2:I$#$ +=@ FE@ 5B EA6AB@ A36G@ 4BF@ 44C
?+--+1@ 4AC 0+;'%
&#$.+-<$' 2%2:I$#$ 9@ 45C 1"+*+)<21"'<$@ 45E
@+17@*A0<1@ 4AC ?#&'+ -$'@ 4AG
'*"%+)<21"I@ 4A76A 100 +-16 =';#%#%#*Ic 0+;'%@ #;2)'$ +=
=2;#:I ?#'0#%)@ 4A563BB 0+;'%@ #;2)'$ +=
>:;$ +%@ 4AC #% 2&?'<*#$';'%*$@ 7F65@ %&@ %!@ EF67@ %#@
)'%&'<@ 4AF67@ 3BB EA@ AG@ AA@ 4BE
#%*'<?#'0$@ 4A367@ 4AE6A .+;1+$#*#+%2: #%*'<1<'*2*#+%@ GC@ G5
:2%)-2)'@ 5B .+%*'%* 2%2:I$#$@ 54
;+&2:#*#'$@ 3BB &#$.+-<$' 2%2:I$#$@ 4C7
;-$#.@ 5B &#$.+-<$' 2%2:I$#$ 9@ 4GC6G@ 4GF@ !5#@ 4F4@
9+7)6*E)A0@ 4AC@ 4AF65@ 3B4 !'234@ 4F567
%'0$@ EE@ 4AC@ 4AF65@ 3B4 =';#%#$* >:; .<#*#.#$;@ 4B3@ 4BE@ 44B643@
1<'='<<'& ;'2%#%)$@ 4AF65@ 3B4 !!!@ 44C64G@ 44F@ 44564E@ !2!@
<2.'@ 4AF@ 4A5@ 4A7@ 3B4 43567@ 4C3
$';#+:+)I +=@ EE@ 3B4 #% >:;$@ 4B3@ 4BE@ 44B643@ !!!@ 44C64G@
$'(#$;@ 3B4 44F@ 44564E@ !2!@ 43567@ 4C3
$#*.+;$@ 3BB %-&'@ 43@ !4@ 4G@ 4A@ 3G
9O[ae //8

0+;'%@ #;2)'$ += R,6*78S $';#+:+)I@ 7F65@ %&@ %!@ EF67@ %#@ EA@ AG@
#% 12#%*#%)$@ 43@ !4@ 4G@ 4A@ 3G@ GC@ G5@ AA
4GF@ !5# 100 +-16 =';#%#%#*Ic 1"<'%+:+)Ic 1"I$#+)%+;Ic
#% 1"+*+)<21"$@ !%@ 3G@ 3F@ 37@ 54@ 7F65@ 0+;'%
%&@ %!@ EF67@ %#@ EA@ 4BE@ !&$ 0<#**'% ;2*'<#2:$
1+<%+)<21"I@ 4BE@ !&$ .+%*'%* 2%2:I$#$ +=@ FG6F@ 5B@ 5E
1<')%2%.I@ 4GC6G &#$.+-<$' 2%2:I$#$ 9@ 4GB@ 4G4@ 4G36G@ 4GF@
2$ 1<+$*#*-*'$@ 4F4@ !'234@ 4F567 4G76A@ 4FB64@ 4FF65@ 4FE6A@
1$I."+2%2:I$#$@ 4B3@ 4BE@ !&$@ 44B643@ 45463
!!!@ 44C64G@ 44F@ 44564E@ !2!@ &#$.+-<$' 2%2:I$#$ 99@ 45A67B@ 475@
43567@ 4C3 47E6A

You might also like