&+

8&9 G J < 6  H : @ 8 > ? 6

'#H:@8>?6

KaVhi^iVjbVc_ZcV^jkZÎVcVha^`V

6a^hVjOZba_^ÚjYZhV
OgXVad_Zh^bWdaigV²Zc_V^egZedocVkVc_VhZWZ#Jbcd\^bogXVa^bVd\aZYVbdhkd_a^`#¼Zhid
cVbdcc^_ZcVa^`!^a^c^_ZdcV`Vk`V`k^bW^hbd\V²Za_Za^k^Y_Zi^#Dk^hcddidbZ­idigV²^bd/
^o\aZY! ^ciZa^\ZcX^_j! Yj­j! a_jWVk! Wd\Vihikd! j\aZY! ogXVacZ ha^`Z Ú^cZ cVb hZ jbVc_ZcZ ^a^
jkZØVcZ# DhdW^id hZ j gVoYdWa_j dYgVhiVc_V ÚZhid k^Y^bd jbVc_Zcd ^a^ jkZØVcd! edeji 6a^hZ!
`d_V ajiV_jØ^ j hcdk^bV oZba_db ÚjYZhV egdcVaVo^ `g^kZ cVÚ^cZ YV dhiVcZ bVaV ^a^ YV dYgVhiZ
­id_Z^beZgVi^khikVgcdhi^#CZhcVaV²Zc_ZjdcdbZ­idigZcjiVÚcd_ZhiY_Zaj_Z_d_oWjc_j_jØZ^
oV\dcZicd#
 Õ6a^hV_ZedY^\aVaZeZoj^
gj`Vk^XZ!^`V`d_ZjYkdgVc^
W^adkgadkgjØZ!cZegZhiVcdhZ
]aVY^aVaZeZodbYd`_Z\dkd"
g^aV YVa_Z/ ± 7d²Z bd_! 7d²Z
@V`d _Z YVcVh hkZ ÚjYcd 6
_d­ _jÚZg hikVg^ hj iZ`aZ `Vd
dW^Úcd 9V hZ bd²YV c^hVb
cdØj _V egdb^_Zc^aV4 ¼Z`V_
YV egdb^ha^b/ _ZhVb a^ W^aV
^hiV `VY hVb _jigdh jhiVaV4
6`d egVkd gVob^ha^b! bVad
hZh_ZØVbYVb^_ZW^adcZ`V"
`d Ygj`Ú^_Z# 6a^ V`d c^hVb
^hiV! ha_ZYZØZ _Z e^iVc_Z/ I`d
hVb oVWd\V dcYV4 :id! id i^
_ZoV\dcZi`VÆ
 8&9 G J < 6  H : @ 8 > ? 6 &,

O696I6@/Ed\aZYV_hZjogXVaj^jdÚ^egdb_ZcZ
HkV`^ jÚZc^` cZ`V j ­`daj YdcZhZ bVc_Z ogXVad! cZ`V hZ
oV\aZYVjhkd_a^`^de^­Z\VW^adg^_ZÚ^bV!W^adXgiZ²db#
iddh_ZØV­`VYVegdbVigV­hkd_a^`4
?Za^oVÚjYcd­idh^i^WV­i^!VcZcZi`dYgj\^4
id _Z oV\dcZi`V! id ­id _Zhbd! ­id edhid_^bd! ^a^ ­id hbd
Ygj\VÚ^_^4
EdhiVk^cZ`da^`de^iVc_VcV`d_VØZdY\dkdgW^i^_V#
EdhiVk^cZ`da^`de^iVc_VcV`d_VØZdY\dkdgW^i^Údk_Z`#
:YjVgYBdcZiCVcVYZiVa_ id_ZcV_kV²c^_Zjikd_d_ha^X^hZWZ^Ygj\^]4DWgVoad²^#

Egdb_ZcZ
¼Zhid _Z kgad iZ­`d jdÚ^i^ ^ egZedocVi^ egdb_ZcZ# CZ bd²Zbd dYajÚ^i^ `d_Zb hk^_Zij ²Za^bd
eg^eVYVi^! h^\jgcdhi^ Y_Zi^c_hikV `d_V hZ ^h`Voj_Z j Wg^²cdhi^ gdY^iZa_V! gVYdhi^bV ^\gZ! hk^b
kghiVbVedbdØ^­idcVbdbd\jØj_ZYVgVhiZbd^dh_ZØVbdhZhgZic^!^a^^oVodk^bVdYgVhiVc_V
`d_ZegZYcVhedhiVka_VcdkVdÚZ`^kVc_VdYhZWZhVb^]^dYYgj\^]!jh^ijVX^_VbVoV`d_ZhVb^
edhiV_ZbddY\dkdgc^#6a^hV_Z_d­hVbdbd\aVbdig^i^ÕgV_h`^kgiY_Zi^c_hikVÆ!Va^jhkZbjW^aV_Z
egZkZa^`VYVjc_Z\VjâZ!bV`da^`doVc_^bÚZocjaV#GVhX_Ze^obZâjedigZWZYVdhiVcZbdbVa^
^oV­i^ØZc^!^edigZWZYVgVhiZbd^WjYZbdhVbdhiVac^!cV_ÚZ­ØZcVhoWjc_j_Z^Ú^c^cZh^\jgc^bV#
CZh^\jgcdhi!eV`!bd²ZocVÚ^i^\jW^iV`hVbded­idkVc_V#6hVbded­idkVc_Z_Z_ZYcVdYkV²c^]
dYgZYc^XVeg^jhedhiVka_Vc_jdhdWcd\^YZci^iZiV#
>eV`! j YdW^ dY &* \dY^cV cV_kV²c^_^ cVb hZ Ú^c^ ^o\aZY# A^_Ze ^ Ygj­ikZc^b hiVcYVgY^bV eg^"
b_ZgZc!^o\aZYedikgâj_ZcV­ZhVbdedjoYVc_Z!Va^^hidiV`d^YdWVgYd_Vb­id\VYgj\^hi_ZÚjd
cVbV#CV_hgZic^_^hbd`VYV_Z
ogXVacV ha^`V dcV`kV `V`kdb
_j ²Za^bd k^Y_Zi^! edeji oaZ
`gVa_^XZ j WV_X^ WgVØZ <g^bb
Hc_Z\ja_^XV`d_d_ÚjYZhcdogXV"
ad cZegZhiVcd bdgV edikgâ^"
kVi^ YV _Z cV_a_Ze­V dY hk^]
²ZcV# Cd! _Z a^ d]daV `gVa_^XV
j^hi^cja^_ZeV4OWd\deh_ZYcj"
idhi^ kaVhi^idb a_Zedidb! dcV
edhiV_Z oaV ^ cZhgZicV! V i^bZ
^ gj²cV# A_Zedidb _j cVYgVhiV
Hc_Z\ja_^XV `d_j! dh^b ­id _Z
a^_ZeV^o\aZYdb!`gVhZ^bcd\Z
kga^cZ! kV²c^_Z dY ^o\aZYV# D
idbZ _Z kZØ \gÚ`^ bjYgVX
&-
8&9 G J < 6  H : @ 8 > ? 6

7^_VciEg^_Zc_Vc^cgZ`Vd/
ÕEdigZWcd_Z!gZÚZ!YVhZed\aZYV­jd\aZYVaj/V`dhZed_Vk^­a^_Ze!gVY^a^_ZeZhikVg^0V`dhZ
ed_Vk^­gj²Vc!hkd_^bed­iZc_Zb^hegVk^cZYdhiVi`Zeg^gdYZ#Æ

¢ZcV `d_V _Z oWd\ hkd\V ^o\aZYV egdjogdÚ^aV

bcd\V oaV W^aV _Z ^ =ZaZcV! ²ZcV heVgiVch`d\
`gVa_V BZcZaV_V# C_j _Z Wd\^c_V a_ZediZ ^ a_jWVk^
6[gdY^iV dWZØVaV igd_Vch`dbj `gVa_Zk^Øj EVg^hj!
V`d edikgY^ YV _Z dcV cV_a_Ze­V bZâj Wd\^c_V"
bV#CV`dc ­id _Z EVg^h id edikgY^d! 6[gdY^iV_Z
^hejc^aVdWZØVc_Z^edbd\aVbjYVdibZ=ZaZcj#
=ZaZcV_ZiV`dedhiVaVjogd`dbIgd_Vch`d\gViV#
B^i =ZaZcj eVbi^ hVbd ed a_Zedi^! hkV Ygj\V
dW^a_Z²_Vc_Zo^cVW^ØV^o\jWa_ZcVhjoWd\a_ZediZ#
C_Zo^cV dhdWcdhi! c_Zo^c ^YZci^iZi ^o\jWa_Zc
_Z j ^o\aZYj# Bd\a^ W^hbd hedbZcji^ ^ bcd\Z
Õ^`dcZÆ '%# hida_ZØV `d_Z hj W^aZ edocViZ hVbd
ed^o\aZYj#CV_edocVi^_VbZâjc_^bV_Z\ajb^XV
BVg^anc BdcgdZ! `d_V _Z edeji cZ`d\ Õ^cYj"
hig^_h`d\ egd^okdYVÆ kaVYVaV hk^_Zidb oVWVkZ!
V `Vd Údk_Z`! `Vd dhdWV! W^aV kgad cZhgZicV ^
igV\^ÚcdoVkg­^aVhkd_²^kdi#
6`d eg^YV_Zbd egZkZa^`d ocVÚZc_Z ^o\aZYj! V
cZ Ú^c^bd \V a_Zedidb Ygj\^] dW^a_Z²_V ^YZc"
i^iZiV egZedocVia_^k^b! ha^`j `d_j ^bVbd d hZW^
bd²ZbdjbVc_^kVi^^a^jkZØVkVi^!­idcVhjkaVh"
i^i^b ^a^ j dÚ^bV Ygj\^] bd²Z jÚ^c^i^ WZocVÚV_"
c^bV ^a^ bdØc^bV! Va^ c^`V`d! c^ j _ZYcdb
hajÚV_j!hgZic^bV#
6[gdY^iVB^ah`VWd²Vch`VVci^Ú`Va_ZediV

C^i`d^cZi`d
Ha_ZYZØjeg^Újbd²ZbdcVokVi^C^i`d^cZi`d#Id_Z^hVYg²V_e_ZhbZedocViZVbZg^Ú`Ze_Zhc^"
`^c_Z:b^an9^X`^chdc#C^i`d^cZi`deg^hjic^hjjhkV`d_dhdW^!cVYdejc_j_jhZ^edegVka_V_j
_ZYcdYgj\d#GVoa^Ú^i^bd\jW^i^gVoado^oWd\`d_^]hZdh_ZØVbdWZokg^_ZYcd/cZh^\jgcdhi!\jW^iV`
hVbded­idkVc_V! cZbdØ! a^_Zcdhi! eg^\dkdg^ Ygj\^]! h^gdbV­ikd! cZj\aZYc^ gdY^iZa_^# >hid iV`d
bcd\^hjgVoado^YVhZdh_ZØVbdcZi`d/gVYdhieg^]kVØVc_VhZWZ!^ciZa^\ZcX^_V!`gZVi^kcdhi!jhe_Z]
j ­`da^! j Ygj­ikj! oVa_jWa_Zcdhi! eg^_ViZa_^ `d_^ cVb egj²V_j ediedgj! Ú^c_Zc_Z YdWg^] Y_ZaV!
bViZg^_VacdWd\VihikdgdY^iZa_V!h`jeVdY_ZØV!Ygj­ikZc^j\aZYgdY^iZa_V#OcVbdYVdh^bdhdW"
c^]iZ­`dØVjcVhid_Vc_^bVYVedhiVcZbdcZi`d!edhid_Z^dcZYgj­ikZcZ!Vid_ZÚZhid^od`gZcjiV
 8&9 G J < 6  H : @ 8 > ? 6 &.

kg^_ZYcdhcVha^`Vj`d_d_hjhikVg^kV²c^_ZdYa_jY^!^j`d_d_hZkg^_ZYcdhi^b_ZgZeddcdbZ­id
i`d edh_ZYj_Z! V cZ ed dcdbZ ­id i`d _Zhi# >hid iV`d edhid_Z a_jY^ `d_^ b^haZ YV hj _ZY^cd dc^
hedhdWc^YVWjYjcZi`d!Vhk^dhiVa^igZWVa^W^hZedYgZY^i^c_^]dkjcVÚ^cjb^­a_Zc_V^Y_ZadkVc_V#
IV`kdb^­a_Zc_ZjbVc_j_Zkg^_ZYcdhi
Ygj\^] ^ jkZØVkV kaVhi^ij! ÚZhid WZo
dhdWc^]oVhaj\VoVdcd­idhZ_Zhi^a^
oVYgj­ikZc^edad²V_`d_^hZoVjo^bV#
JegVkdoWd\id\Ve_Zhc^`^c_V:b^an
9^X`^chdcjhkd_d_e_Zhb^²Za^ed`V"
oVi^ YV _Z c^i`d kV²c^_^ cZ\d cZi`d#
CZi`d i`d c^_Z ^ogVhiVd cV iZbZa_j
kaVhi^i^]`kVa^iZiV^cVedgV!kZØhVbd
cViZbZa_jYgj­ikZc^]edkaVhi^XV!cZ
oVhaj²j_ZW^i^cZi`d#Dc_Zedeji²VWZ
jdkd_e_Zhb^!cZhk_ZhiVchkd\VegV"
kd\ edhid_Vc_V `Vd W^ØV! `Vd dhdWZ
`d_VbdgV^o\gVY^i^hkd_a_jYh`^a^`#

 Õ?VhVbc^i`dI`dh^i^4
?Zh^aÈc^i`d^i^4
OcVÚ^!YkVhbd±cZbd_gZØ^
>odeØZc^ØZbdW^i^

<ajedi^_ZW^i^cZi`d!
>egdhidedeji²VWZ!
<dkdg^i^bZX^_Za^YVc
HgZYoVY^ka_ZcZ\gVWZÆ

 BdcVA^hjAZdcVgYVYVK^cX^_VjWgV_VbdbZâjcV_edocVi^_Z²ZcZ 
hk^_ZiV#>eV`!cZbd²ZbdhVh^\jgcd­ØjgZØ^i`d_ZdcVj^hi^cjW^aV# 
CZi`d^a^c^i`d4

:b^an9^X`^chdc_Ze_Zhc^`^c_V`d_V_ZX^_Za^²^kdiegdkZaVh`gdbcd^hVbdoViV_cd#<didkd`Vd
c^i`d#>okVchk^]Ygj­ikZcdoVYVc^]d`k^gVdcV_ZdhikVg^aVhkd_egVk^a^`#C_Zo^cc^i`dedhiVd_Z
kZa^ÚVchikZc^cZi`d#

Kg]jcVXedhiV_Vc_Vdcd\`d_^_ZcZi`dcVo^kVhZhVbddhikVgZc_Z#IdocVÚ^YVhbdegZedocVa^
cV_Wda_ZdhdW^cZjhZW^!YVhbd^]cVegVk^aVccVÚ^c^ogjÚ^a^hk^_Zij!YVhbd^hegVkcdegdX^_Z"
c^a^hZWZjdYcdhjcVb_Zg^aV`d_VhjcVbedhiVk^a^Ygj\^^Ygj­ikd!YVcV­ZhVbded­idkVc_Z
c^_ZegZ­ad\gVc^XZj`d_^bVhbdoVWdgVk^a^ed­idkVi^Ygj\Z!bV`V`dhZWZokg^_ZYc^bVÚ^c^a^!
'%
8&9 G J < 6  H : @ 8 > ? 6

YVhbdjhkV`dbÚdk_Z`jegZedocVa^a_jYh`dW^ØZ!jhkV`dbÕc^i`dÆc_Z\dkdÕcZi`dÆ#CViV_
cVÚ^ccZbVkZa^`^]^bVa^]a_jY^!edhid_ZhVbda_jY^#C^_ZYVcÚdk_Z`cZkg^_ZY^k^­ZdYYgj\d\V#
HkVi`d^bVhkd_ja_jYh`jkg^_ZYcdhi#C^i`d_ZedÚZiV`^i^­^cV!Ú^hidØVYj­Z^eaZbZc^idhihgXV!
hikVgVaVÚ`^cZb^g!hcV\V^ciZa^\ZcX^_Z#C^i`digV²^hkd\VcZi`d^YV_ZbjcV_Wda_ZdYhZWZ#CZi`d
^ogVhiV^oc^`d\V#CZi`degZkaVYVkVdhVba_Zcdhic^`d\V^hijeVjdYcdhZhYgj\^bV#

E^iVc_VoVgVob^­a_Vc_Z^gVo\dkdg
J`d_^bhZh^ijVX^_VbVdh_ZØV­`Vdc^i`d4?Za^idjk^_Z`cj²cdYZeg^b^gV_jØZ4J`d_^bhZh^ijVX^_VbV
dh_ZØV­`VdcZi`d4?Zh^a^jk^_Z`oVYdkda_Vci^bcZi`d4CV`d_ZhkZcVÚ^cZbd²Z­edhiVi^cZi`d4@V`dhZ
YVcVhjYgj­ikjedhiV_ZcZi`d4@VYVhZdh_ZØV­k^­Zhkd_/`Vdc^i`d ^a^`VdcZi`d4@V`VkYj]^ogV²VkV
e_ZhbV:#9^X`^chdc4DWgVoad²^#:kd!`V`ddiZb^dkZe_ZhbZgVob^­a_V_ZYcVkV­Vkg­c_V`^c_V/

 Bcd\d hZ ejiV hVb^ dh_ZØVbd `Vd c^i`d ^ cZi`d! V oVegVkd

hbdhk^b^cZi`d!_Zg^V`dhZgVoa^`j_j!a_jY^hj_ZYcV`^#9gj­ikd
k^­Zeg^]kVØVÚdk_Z`V`d_^_ZcZi`d#IV_cZi`d!jdkdbhajÚV_j!_Z
dcV_ `d_^ ^bV k^­Z cdkXV! `d_^ _Z Wd\Vi ^a^ `dY cVh baVY^]! dcV_
`d_^ cdh^ Wda_j bVg`j dY_ZØZ# CV iV_ cVÚ^c cVhiV_j gVoa^`Z bZâj
a_jY^bV# CZ ed­ij_Zbd _ZYc^ Ygj\Z ed Ygj\^b dhdW^cVbV! dh^b
ed^o\aZYj#@V`dW^hbdW^a^eg^]kVØZc^jYgj­ikj!bcd\dejiVeg^"
]kVØVbddcd­idcVbhZcZhk^âV!hVbdYVW^hbdhZdh_ZØVa^`Vd
cZi`d#9gj­ikdcViV_cVÚ^cbVc^eja^gVcVbV!Vb^cZh]kVØVbd
YVhbd^b^cZi`d!_Zg_ZhkVi`dedhZWVccVhkd_cVÚ^c^igZWVdW^
k_ZgdkVi^jhZWZ#EdcZ`VYhZdh_ZØVb`Vdc^i`d!`VYj­`da^YdW^"
_ZbhaVW^_jdX_Zcj#Id_Z\ajedh_ZØV_#A_jY^k^­ZX^_ZcZbViZg^_VacZ
hikVg^^i^bZYdeg^cdhZYVhZdc^`d_^^]cZbV_jdh_ZØV_j`Vdja_Zo^!
`Vdc^i`djYgj­ikj`d_Z^]d`gj²j_Z#

 I`d_ZdcV4?Za^W^aVc^i`d^a^
 cZi`d46g]Zdado^cZocV_ji`d
 _ZW^aVHda^c_Vc`V^o(#hida_ZØV#

Eg^b^i^bcd\dV^eV`cZedgVhi^!eg^b^i^bVadV^eV`hZcZhbVc_^i^
GVob^­a_Vc_VdÕkZa^Ú^c^ÆedigZWcd_YVW^hZdhikVg^da_jYh`^a^`oVkg­^iØZbdYgZkcdbeg^Údb
`^cZh`d\VbjYgVXV8]jVc\VIhZV#9gZkcZeg^ÚZ^okdghjbcd\^]²^kdic^]bjYgdhi^#7^i^bjYVg
ocVÚ^ad _Z edocVkVi^ oV`dc^idhi^ `d_Z kaVYV_j j eg^gdY^ ^ hk^_Zij ^ j h`aVYj h c_^bV ²^k_Zi^# CV
idbocVc_j\gVâZcZhjkga^cZ^jb^_ZØV!`d_Zhja_jY^bVdbd\jØ^aZb^gc^_^^hgZic^_^²^kdi#A_jY^
hj! eg^]kVØV_jØ^ Wd²Vch`Z ^ eg^gdYcZ oV`dc^idhi^! dYgZâ^kVa^ cVÚ^cZ Y_ZadkVc_V! eVoZØ^ YV hkd"
_^bY_ZadkVc_ZbcZedgZbZiZhkZj`jeVch`aVYedhid_Vc_V#Jha_ZYZØd_eg^Ú^bd²Zbdedcdkcd
egVi^i^dYcdhkZa^Ú^cV/dcd\V­id_ZbVad!VcZedocV_jØ^Ygj\djb^­a_VYV_ZkZa^`d!^dcd\V­id
`Vd^hi^ch`VkZa^Ú^cVc^_ZdeiZgZØZcddYcdh^bVkZa^Ú^cV#
 8&9 G J < 6  H : @ 8 > ? 6 '&

 ¢VWV^ocVej­iZcd\WjcVgVgZÚZY^kdkh`d_`dgc_VÚ^^o
>hidÚcd\dXZVcV/
±@V`da^hVbhgZicV!`V`dj²^kVb@VYb^hZhk^Y^^o^âZb
^ edh`V`j_Zb cVd`dad ed o^Yj WjcVgV0 dcYV hZ kgVi^b j
_Vbj^dYbdg^bjgje^gVoW^iZX^\aZ#@VYjâZbjkdYj!dcV
bZYg²^edYeVoj]db^edYg²VkVb^WgVYj0`VYh`dÚ^bj
bja_! hV`g^_Z b^ eghiZ ^ \aZ²c_ZkZ# C^_ZYVc b^ dY gVÚ^ØV ^
ejcd\aVkVXV d`d bZcZ c^_Z gVkVc# >bVi^ cV gVhedaV\Vc_j
hkj kdYj Ú^iVkd\ id\ _Vg`V! kaVYVi^ hk^b gVYdhi^bV _ZY"
cd\cVej­iZcd\WjcVgV!h^\jgcd_ZcV_k^­Z­id²^kdibd²Z
egj²^i^#OV­idcZW^hiZYd­a^!\dhedâd!YVhVb^k^Y^iZ4
9^kdkh`V`dgc_VÚV>hidÚcd\dXZVcVed`j­VjØ^jWjcVg0cd
eg^_ZcZ\da^_Za^_Zkdbcd\dbj­aV!YZhcV_d_hZoV\aVk^aV#@VYhZdhadWdY^aV^^okj`aV!edkjÚZ
hZ^gZÚZdkdddXZVcj/
§C^i^i^hjØjb^a_VcZbd²Zbj^ob_Zg^i^­^g^cZ0c^i^i^hjØj]kVi^cZbd²Zbj^ob_Zg^i^YjW^cZ#
Jkg^_ZbZkZa^`d\VNjVW^ad_ZYZkZiedeaVkVjYZhZi\dY^cV0Va^dXZVcc^_ZedhiVdYjWa_^b#
Jkg^_ZbZIÈVc\VW^ad_ZjdhVb\dY^cVhZYVbhj­c^]0Va^hZdXZVcc^_Zedkj`VdhVhkd_^]
dWVaV#CZW^i^bjÚZcigZcjX^bV`d_^Wa_Zhcj^cZhiVcjc^i^egdb^_Zc_Zck_Z`dk^bV`d_^egd"
aVoZ0eg^b^i^bcd\dV^eV`cZedgVhi^!eg^b^i^bVadV^eV`hZcZhbVc_^i^ ±id_ZkZa^`^j²^iV`
>hidÚcd\dXZVcV#

>je_Zhb^:#9^X`^chdc^jdkd_eg^Ú^gVY^hZd²VW^#¢VWV_Z!cVgVkcd!bZiV[dgVdc^]`d_^hedo^X^"
_V kaVhi^iZ hVbdYdkda_cdhi^ ^ hVbdYdeVYcdhi^! WZo egdb^­a_Vc_V dcd\V ­id _Zhj! \gVYZ kaVhi^ij
aV²cjkZa^Ú^cj#Hk^_ZiiV`k^]a_jY^cVo^kVhZÕ²VWd`gZÚ^cV!^a^oVY^ka_ZcV\gVWVÆ#9gj\VkZa^Ú^cV
_Zhi kZa^Ú^cV dXZVcV# CZb_Zga_^kV _Z ^ cZegdb_Zca_^kV# @dgc_VÚV `d_V ²^k^ j dXZVcj hedocVaV _Z
c_Z\dkj^hi^ch`jkZa^Ú^cj^YjW^cj!iZcVhid_^²^k_Zi^jh`aVYjhc_db#DXZVccZedgVhiV!c^i^hZ
hbVc_j_Z!VÚdk_Z``d_^gVojb^_Z²^kdihedo^X^_VdXZVcVcVhid_^²^k_Zi^b^gcd!cZYdej­iV_jØ^YV
\VoVWa_ZhcjaV²cZkZa^Ú^cZ!\gVY^edhid_Vcdhihkd_ZdhdWZ#CV_ZYcV`cVÚ^cdchZWdg^^hYdWgdb
^oadb­idbjhZj²^kdijYd\VâV_j#Oad\VcZbd²ZdWZh]gVWg^i^!VYdWgdjod]da^i^#HkVYdWgV
eg^bVhgVYd­Øj!hkVoaVhb^gdb0`VYeg^bVbcd\ddccZedgVhiV!`VYeg^bVbVadcZhbVc_j_Z
hZ#DcocVYVhjc^i`d^cZi`dj_ZYcdbZ!jhkV`dbÚdk_Z`j#

E^iVc_VoVgVob^­a_Vc_Z^gVo\dkdg
Ed`j­VkV­a^hZ`Vi`VYedikgY^i^hikVg^bV^Y_Za^bVoV`d_Vc^h^oVhaj²Vc^`d_VhjcZW^icVoVikd_jdhdW"
cdhi4HbVigV­a^`Vi`VYYVi^Ygj\^jcZÚZbjc^hjgVkc^4JÚZbj4
@d_ZhjdhdW^cZdXZVcV4idocVÚ^gZÚZc^XV/Eg^b^i^bcd\dV^eV`cZedgVhi^!eg^b^i^bVadV^eV`hZcZ
hbVc_^i^4DWgVoad²^#?Za^edhid_VcdhikV²cVdhdW^cVoVÚdk_Z`V4
?ZYVcjÚZc^`hkd_jjbVc_Zcj^jkZØVcjha^`jdkV`dde^hj_Z/
''
8&9 G J < 6  H : @ 8 > ? 6

Dhkgi
Bd_VjbVc_ZcV^a^jkZØVcVha^`VcZdY\dkVgVdcdbZ­id_Vj^hi^cj_ZhVb!bdbZ^YZci^iZij!kZØ
dcdbZ­id_Zjbd_d_dhdWcdhi^gVoa^Ú^iddYbZcZ!cZ_ZYcV`dbZc^#>h`g^ka_ZcZogXVacZha^`ZYgj\^]!
^cViZbZa_jc_^]bd_VkaVhi^iVed\gZ­cVha^`V!jbVc_j_j^jkZØVkV_jbd_a^`#6`d\jW^b^YZci^iZi
`VdÚdk_Z`!iVYVhZhbVc_j_Zb^a^jkZØVkVb!Vj_ZYcdb^jYgj\db\jW^bhkd_Z_V^Údk_ZÚcdhi#
Hk^_Zi_Zejc^h`g^ka_Zc^]ogXVac^]ha^`VbZâj`d_^bV_ZiZ­`degZedocVi^a_jYh`^a^`#

?Vckdc:nX`<^dkVcc^6gcda[^o^hV²ZcdbYZiVa_
JbVadbogXVajhb_Z­iZcdb^obZâjhjegj²c^`Vk^Y^hZdYgVojb_Zic^`V#

(#H:@8>?6

Bd_a^`jdYcdhjcVYgj\Z

Hk^_Zij`d_Zb²^k^bdedhgZYdkVc_ZiZ]cdad\^_db#IZ]cdad\^_V_Zhed_a_jYh`^]hedocV_V^jb^"
_ZØVcVb^_Zc_ZcÚdk_Z`joVegd^okdYc_j^jedgVWjhgZYhiVkVedigZWc^]oV²^kdi#Jedha_ZYc_V
YkV hida_ZØV gVokd_ iZ]cdad\^_Z jWgoVd hZ! eV _Z dcV! edkZoVcV hV ocVcdhi^bV! dh^b cVÚ^cV oV
­idWg²j^jhe_Z­c^_jegd^okdYc_jbViZg^_Vac^]YdWVgV!edhiVaV^cVÚ^cdb²^kdiV!­idocVÚ^YV_Z
j kZa^`d_ b_Zg^ dYgZY^aV cV­ hkV`dYcZkc^ ²^kdi# IV_ kZa^`^ ji_ZXV_ dbd\jØj_j hgZYhikV bVhdk"
cZ`dbjc^`VX^_Z/gVY^d!iZaZk^o^_V!cdk^cZ![^abiZgVÚjcVaV^c_^]dkVeg^b_ZcVjegd^okdYc^b
egdXZh^bV! Ygj­ikZc^b dYcdh^bV ^ hkV`dYcZkcd_ `dbjc^`VX^_^# 9dWV j `d_Zb ²^k^bd cVo^"
kVbd ^c[dgbVX^_h`^b# Dh^b Wgod\ ^ hk^bV Ydhijecd\ eg^_ZcdhV ^c[dgbVX^_V! dcd dbd\jØj_Z
hjY_ZadkVc_Z j jb_Zicd hikdgZc^b! k^gijVac^b hk_Zidk^bV# K^gijVacj hikVgcdhi Ú^c^ gVÚjcVacd