You are on page 1of 214




    

 !"# $%


  
    
&'(()*+ *,*-./0 12 (,).+,.(
   !


 



ACTA
LINGUISTICA
PETROPOLITANA
◦ ◦ ◦
    


  
 
   

 
 

(3456
7+*'8*9
2006


 
  

ACTA
LINGUISTICA
PETROPOLITANA
◦ ◦ ◦
  !
"#$ %& '(
 "&)$!*
+,  -./01 



   


 

:;<=4>?=?@AB@C
7$%9
2006


    

 
 


         ! " #$ %
 &'( ) "'*$! + , -$ ' ..!/!( + 0 1234 .!(!5
667
  
0 667 0 8 9 0 : ;<6<6788;<
'=> &!=  *?! *$ " @A. B*$>C'! B*3"'?!? %
(*+ "'( (*"*#  **3? $ ?! '? ( >/(*$? B*D'!? $ *%
$'?'*+ @*  E!$'F!' *? (!/!'"= !'+ B* '*"*# 


 
   
    
 
  

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

          


  

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



 
     
 !"#$ %&'
$($)! 


   D D

"# # $

 
 
 
 
  


%# &  
!:;;:E F=:=GE HIFJEK?;: IL;IMB NO P@:CM?;=IJ NFFQ?LI4
J:;NER J S?;=@? <I=I@ICI ;:TILN=FE H@IAQ?M: PI;IQICNU?F<ICI
F=:=BF: @BFF<NT VBM;WT FICQ:F;WTR F=IEKNT J FQ:AIX HIONSNNY
Z:L:U: NFFQ?LIJ:;NE O:<Q[U:?=FE J =IMR U=IAW JWX=N O: @:M4
<N =@:LNSNI;;ICI PI@M:QG;ICI HILTIL: < @BFF<IX PI;IQICNN
NR HB=?M IA@:K?;NE < CIJI@EK?MB U?QIJ?<BR < ?CI J;B=@?;;?X
EOW<IJIX FNF=?M?R HIHW=:=GFE HIF=@IN=G P@:CM?;= :;=@IHI4
S?;=@NU?F<ICI IHNF:;NE @BFF<IX PI;IQICNU?F<IX FNF=?MWY
$?IATILNMIF=G PI;IQICNU?F<ICI IHNF:;NER I@N?;=N@IJ:;4
;ICI ;: @?:QG;W? H@IS?FFW @?U?JIX L?E=?QG;IF=NR F=:;IJN=FE
JF? AIQ?? IU?JNL;IXR HI M?@? =ICI <:< J QN;CJNF=N<? ;:<:HQN4
J:[=FE P:<=WR FJNL?=?QGF=JB[KN? I 7;?IL;IO;:U;IF=N I=;I4
V?;NX M?\LB HIF=BQN@B?MIX BHI@ELIU?;;IF=G[ EOW<IJWT ?LN4
;NS N ;:AQ[L:?MIX I@C:;NO:SN?X @?U?JWT ?LN;NS9 ]^I;IQI4
CNE
 _Y >IHW=<N FIOL:;NE HILIA;ICI :;=@IHIS?;=@NU?F<I4
CI PI;IQICNU?F<ICI IHNF:;NE H@?LH@N;NM:[=FE J FIJ@?M?;;WT
@:AI=:T HI @BFF<IX PI;IQICNN `FMYR ;:H@YR FAI@;N< ]^I;IQICNE

_aR J <I=I@WT N;=?@?F < CIJI@EK?MB U?QIJ?<B I=@:\?; J


NFFQ?LIJ:;NN PI;?=NU?F<NT FJIXF=J ?F=?F=J?;;IX FHI;=:;;IX
@?UNY
b ;:F=IEK?X @:AI=? MW IA@:K:?MFE < L:;;WM N;ICI @IL:R
IL;:<I I;N =:<\? NM?[= ;?HIF@?LF=J?;;I? I=;IV?;N? < EOW4
<IJIX <IMH?=?;SNN ;IFN=?Q?X EOW<: N H@IS?FF:M @?U?JIX L?E4
=?QG;IF=NY >Ic=IMB MW HIQ:C:?MR U=I ;:VN L:;;W? =:<\? MIC4
QN AW AW=G JF=@I?;W J :;=@IHIS?;=@NU?F<B[ MIL?QG @BFF<IX
PI;IQICNNY

  
  
   5


    

*&)+ $ !+ # )!"$, ($$!$ -$, ) $.$!"$#

d<FH?@NM?;=WR H@?LV?F=JB[KN? =IMBR I <I=I@IM ABL?= CI4


JI@N=GFE J ;:F=IEK?X @:AI=?R H@IJILNQNFG ;: C@:MI=;WT JO@IF4
QWT ;IFN=?QET @BFF<ICI EOW<: Y ?OBQG=:=W c=NT c<FH?@NM?;4
=IJ O:<Q[U:QNFG J FQ?LB[K?M F@?LN VBM;WT FICQ:F;WTR F=I4
EKNT J FQ:AIX HIONSNNR ?F=G =:<N?R J =@:<=IJ<? <I=I@WT NF4
HW=B?MW? ?LN;ILBV;WY T:@:<=?@NOIJ:=G =:<N? FICQ:F;W? HI
CQBTIF=N OJI;<IF=N LQE NFHW=B?MWT ;? FIF=:JQE?= =@BL:Y L4
;:<I ?F=G N =:<N? FICQ:F;W?R J =@:<=IJ<? <I=I@WT NFHW=B?MW?
FIM;?J:[=FER NFHW=WJ:[= =@BL;IF=NY e@BL;IF=N H@IEJQE[=FE
J =IMR U=I ILN; N =I= \? OJB< J IL;IM N =IM \? FQIJ? MI\?=
=@:<=IJ:=GFE HI4@:O;IMB @:O;WMN NFHW=B?MWMNf I; =:<\? MI4
\?= =@:<=IJ:=GFE HI4@:O;IMB IL;NM N =?M \? NFHW=B?MWMf ;:4
<I;?SR NFHW=B?MWX MI\?= B=J?@\L:=GR U=I I; FQWVN= 7;?U=I
F@?L;??9 M?\LB CQBTNM N OJI;<NMY
A;:@B\NQIFGR U=I J OI;B M?=:QN;CJNF=NU?F<IX
;?IH@?L?Q?;;IF=N HIH:L:[=R J U:F=;IF=NR CQBTN? N
OJI;<N? FICQ:F;W?R <I=I@WM FII=J?=F=JB?= ;?PI;?=NU?F<I? ;:4
HNF:;N? `;:H@NM?@R   
aY d=I= P:<= HIOJIQNQ
;:M CIJI@N=G I =IMR U=I J;B=@?;;EE PI;IQICNU?F<:E FNF=?M:
MI\?= NFHW=WJ:=G JQNE;N? P:<=I@: I@PIC@:PNNR <I=I@WXR IL4
;:<IR ;?JIOMI\;I U?=<I I=C@:;NUN=G I= P:<=I@: MI@PIQICNNR
HIF<IQG<B @BFF<:E I@PIC@:PNE IF;IJ:;: ;: MI@P?M;IM H@N;4
SNH?Y $:NJ;:E =@:<=IJ<: FICQ:F;WT MI\?= I=@:\:=G <:< O:<I4
;IM?@;IF=N HNFGM:R =:< N O:<I;IM?@;IF=N U?@?LIJ:;NE FICQ:F4
;WT J @:M<:T MI@P?MWY
!QE =ICI U=IAW @:OC@:;NUN=G JQNE;N? <:\LICI NO c=NT P:<4
=I@IJR ;?IATILNMI IA@:=N=GFE < NOBU?;N[ J;B=@?;;?X PI;IQI4
CNU?F<IX FNF=?MW ;?C@:MI=;WT ;IFN=?Q?X EOW<:Y QI\;IF=GR
IL;:<IR O:<Q[U:?=FE J =IMR U=I ;:X=N OLI@IJWT JO@IFQWT ;I4
FN=?Q?X ;I@M:=NJ;ICI @BFF<ICI EOW<: `;? LN:Q?<=:aR ;? JQ:4
L?[KNT ;:JW<:MN HNFGM: N U=?;NER H@:<=NU?F<N ;?JIOMI\;IY
M?;;I c=NM IABFQIJQ?;I IA@:K?;N? < EOW<IJIX <IMH?=?;SNN

/ 0$ $1+) $0) )$   &!"$# $ $ $  20)3


$# )$4$ $$)"5 # " 6&$# 7- 89 $ $0
$!"+: 20)$# $ 45 # 67- 89

6


   g g

( -
L?=?X LIV<IQG;ICI JIO@:F=: J @:M<:T c<FH?@NM?;=:R <I=I@IMB
HIFJEK?;: ;:F=IEK:E @:AI=:Y

'# ( 
   )   *
>@?\L? U?M H?@?TILN=G < IHNF:;N[ c<FH?@NM?;=:R ;?IATI4
LNMI HIL@IA;?? IF=:;IJN=GFE ;: JIH@IF:T M?=ILIQICNNY :O4
@:AI=<: M?=ILN<NR HIOJIQE[K?X IS?;N=G M?T:;NOMWR <I=I@W?
L?XF=JB[= ;: PI;IQICNU?F<IM PI;?=NU?F<IM B@IJ;? F:MIM
;NO<IM J N?@:@TNN B@IJ;?X @?U?JIX L?E=?QG;IF=NR I<:OWJ:4
?=FE IU?;G FQI\;IX O:L:U?XY d=I I=U:F=N FJEO:;I F =?MR U=I
L:;;WX B@IJ?;G EJQE?=FE ;:NAIQ?? :J=IM:=NON@IJ:;;WMR ;:N4
M?;?? <I;=@IQN@B?MWM N ;:NM?;?? LIF=BH;WM LQE IFIO;:;NE
]:F?JNU g_Y >IF<IQG<B c<FH?@NM?;= J NL?:Q? LIQ\?; MIL?4
QN@IJ:=G FN=B:SN[R H@NAQN\?;;B[ < ?F=?F=J?;;IXR ;?IATILN4
MIR U=IAW NFHW=B?MWX J H@IS?FF? JWHIQ;?;NE O:L:;NE ;? JWJI4
LNQ PI;IQICNU?F<B[ N;PI@M:SN[ J FJ?=QI? HIQ? FIO;:;NER @:O
I; ;? L?Q:?= c=ICI J ?F=?F=J?;;WT BFQIJNETY :O@:AI=:=G M?=I4
LN<BR I=J?U:[KB[ c=NM =@?AIJ:;NEMR I<:OWJ:?=FE H@:<=NU?F<N
;?JIOMI\;WMY b FJEON F c=NM NFFQ?LIJ:=?QEM H@NTILN=FE IA@:4
K:=GFE < M?=IL:MR <I=I@W? J =IX NQN N;IX F=?H?;N NFHIQGOB[=
FHIFIA;IF=G CIJI@EK?CI IFIO;:J:=G ;?<I=I@W? PI;IQICNU?F<N?
N PI;?=NU?F<N? EJQ?;NER =I ?F=G ?CI M?=:QN;CJNF=NU?F<B[ <IM4
H?=?;SN[ NQN N;=BNSN[Y
:O@:AI=<: M?=ILN<N c<FH?@NM?;=:R <I=I@WX MI\;I AWQI
AW F BFH?TIM H@IJ?F=N ;: ;?C@:MI=;WT L?=ETR I<:OWJ:?=FE O:4
L:U?X ?K? AIQ?? FQI\;IXR HIF<IQG<B NT M?=:QN;CJNF=NU?F<N?
;:JW<NR U?@?O HIF@?LF=JI <I=I@WT MW HIQBU:?M LIF=BH < NT
J;B=@?;;?X PI;IQICNU?F<IX FNF=?M?R ?K? ;?LIF=:=IU;I @:OJN4
=WR NR FQ?LIJ:=?QG;IR JIOMI\;IF=N NFHIQGOIJ:;NE c=NT ;:JW4
<IJ IC@:;NU?;WY
!QE =ICI U=IAW NFHW=B?MWX MIC IS?;N=G =I= NQN N;IX OJB<
<:< CQBTIX NQN <:< OJI;<NXR I; LIQ\?;R H@?\L? JF?CIR c=I= OJB<
JWUQ?;N=GR IFIO;:=G ?CI <:< F:MIF=IE=?QG;B[ ?LN;NSBY L;:4
<I M;ICIUNFQ?;;W? NFFQ?LIJ:;NE M?=:PI;IQICNU?F<NT FHIFIA4
;IF=?X B L?=?X HI<:OWJ:[=R U=I ;:JW<N F?CM?;=:SNN N NL?;4

7


   

*&)+ $ !+ # )!"$, ($$!$ -$, ) $.$!"$#

=NPN<:SNN PI;?M I<I;U:=?QG;I PI@MN@B[=FE B\? HIFQ?


IJQ:L?;NE ;:JW<:MN U=?;NE N H N F G M :R =Y ?Y HI4
FQ? =ICI <:< L?=N HI;NM:[= H@N;SNHR J FII=J?=F=JNN F <I=I4
@WM BF=;:E @?UG I=IA@:\:?=FE ;: HNFGM? H@N HIMIKN :QP:JN4
=: ].h  R /i R j33R khl _Y b F:MIM L?Q?R J
QN=?@:=B@? IHNF:;I LIF=:=IU;I FQBU:?JR <ICL: L?=N LIV<IQG;I4
CI JIO@:F=:R F <I=I@WMN FH?SN:QG;I ;? O:;NM:[=FER HI AIQGV?X
U:F=N ;? FH@:JQE[=FE F O:L:;NEMNR =@?AB[KNMN BF=:;IJQ?;NE
PI;?M;ICI FIF=:J: FQIJ: ]:F?JNU g_ NQN <IQNU?F=J: PI;?M
]k6l3  mY gR nil6 _Y
$: HILIA;WT @?OBQG=:=:T IF;IJWJ:?=FE <@:X;EE =IU<: O@?4
;NER <I=I@:E O:<Q[U:?=FE J =IMR U=I ;:JW<N PI;IQICNU?F<ICI
:;:QNO: EJQE[=FE QNVG F Q ? L F = J N ? M H@NIA@?=?;NE C@:MI=4
;IF=N ;IFN=?QEMN EOW<:R NFHIQGOB[KNMN :QP:JN=;I? HNFGMI
](ohim  _Y
>@NJQ?<:E L:;;W? I =IMR U=I ;:JW<N F?CM?;=:SNN FQIJ ;:
PI;?MW H@NIA@?=:[=FE =IQG<I F IABU?;N?M C@:MI=?R :J=I@W
F=:=GN ](ohimR pmm  _ F=:JE= HIL JIH@IF F:MB HFNTIQN;4
CJNF=NU?F<B[ @?:QG;IF=G PI;?MW LQE ;?C@:MI=;WT ;IFN=?Q?X
EOW<: N JWF<:OWJ:[= =IU<B O@?;NER FICQ:F;I <I=I@IX PI;?4
M: EJQE?=FE QNVG QN;CJNF=NU?F<NM M?=:QN;CJNF=NU?F<NM <I;4
F=@B<=IMR FIOL:;;WM HIL JQNE;N?M :QP:JN=;ICI HNFGM:Y e?M
F:MWM :J=I@W J <:<IM4=I FMWFQ? 7IAJN;E[=9 N F:MNT QN;CJN4
F=IJ J 7FM?V?;NN OJB<: N AB<JW9Y
e:<B[ <@:X;[[ HIONSN[R IL;:<IR ;?QGOE H@NO;:=G J?@;IXR
HIF<IQG<B FBK?F=JB[= P:<=WR ;:TILEKN?FE F ;?X J H@I=NJI@?4
UNNY $?<I=I@W? TI=E N ;?M;ICN? ;:JW<N PI;IQICNU?F<ICI
:;:QNO: JF? \? MICB= AW=G @:OJN=W B ;?C@:MI=;WT Q[L?X N B
Q[L?XR ;?O;:<IMWT F H@N;SNH:MN :QP:JN=;ICI HNFGM: ]j33R
khl R k3q6 R /33 R /33  _Y
FFQ?LIJ:;NE M?=:PI;IQICNU?F<IX <IMH?=?;SNN ;?C@:MI=4
;WT L?=?X HI<:O:QNR U=I J JIO@:F=? Dr Q?= I;N J H@N;SNH?
FHIFIA;W

L?QN=G FQIJ: ;: FQICN N HILFUN=WJ:=G NT <IQNU?F=JI


]k6l3  mY gR nil6 _f

8


    

( -
H@INO;IFN=G I=L?QG;I H?@JWX N HIFQ?L;NX OJB< FQIJ: `M?4
=ILN<: NOIQESNNa ]j33R khl R ,simR jot
_f

;:TILN=G FQIJ:R <I=I@W? ;:UN;:[=FE ;: ILN; N =I= \?


OJB< ]j33R khl R ,simR jot _Y

Q?LB?= I=M?=N=GR IL;:<IR U=I JF? JWV?H?@?UNFQ?;;W? ;:4


JW<N B L?=?X HE=NQ?=;?CI JIO@:F=: @:OJN=W ?K? IU?;G FQ:AI
<IQNU?F=JI H@:JNQG;WT I=J?=IJ J c<FH?@NM?;=:T F FII=J?=F=JB4
[KNMN O:L:;NEMN B ;NT ;? H@?JWV:?= D uY d=N ;:JW<N BQBU4
V:[=FE F JIO@:F=IMR ;I I<I;U:=?QG;I PI@MN@B[=FE B\? H I 4
F Q ? ;:U:Q: IABU?;NE U=?;N[ N HNFGMBY
b =I \? J@?MER NM?[KN?FE ;: ;:F=IEKNX MIM?;= L:;;W?R
IHNF:;;W? J QN=?@:=B@?R FJNL?=?QGF=JB[= I =IMR U=I ;?C@:MI=4
;W? ;IFN=?QN EOW<: N ;IFN=?QNR ;? O;:<IMW? F :QP:JN=;WM
H@N;SNHIM HNFGM:R ;? FHIFIA;W

HILFUN=WJ:=G <IQNU?F=JI OJB<IJ J FQIJ? ]k6l3  mY


gR nil6 _ `c<FH?@NM?;=W H@IJILNQNFG ;: ;?C@:4
MI=;WT :;CQI4 N P@:;<IEOWU;WT L?=ET LIV<IQG;ICI JIO4
@:F=:af

H@INO;IFN=G FQIJ:4F=NMBQW A?O H?@JICI OJB<: NR ;:IAI4


@I=R LIA:JQE=G OJB< J ;:U:Q? F=NMBQG;ICI FQIJ: ]/i
 mY gR &q  mY  _ `c<FH?@NM?;=W H@IJILNQNFG
;: ;?C@:MI=;WT JO@IFQWT HI@=BC:QGS:T N <N=:XS:TaY

 BU?=IM JF?T c=NT H@NJ?L?;;WT L:;;WT MW JWA@:QN J <:U?4


F=J? NFHW=B?MWT L?=?X NO F=:@V?X C@BHHW L?=F<ICI F:L:Y bF?M
NM AWQI ;? M?;?? D N ;? AIQ??  Q?= `NF<Q[U?;N?M F=:Q: IL;:
U?=W@?TQ?=;EE L?JIU<:R <I=I@:E HI JIO@:F=B N IAK?<IC;N=NJ4
;IMB B@IJ;[ @:OJN=NE FII=J?=F=JIJ:Q: F@?L;?X C@BHH? L?=F<I4
CI F:L:R ;I HI ;?NOJ?F=;WM ;:M H@NUN;:M I<:O:Q:FG J F=:@V?X
C@BHH?aY
>@IJILN=G c<FH?@NM?;= ;: L?=ET MQ:LV?CI JIO@:F=: ;? NM?4
QI FMWFQ:R HIF<IQG<BR <:< MW =IQG<I U=I F<:O:QNR L:\? B HE=N4
Q?=;NT L?=?X FII=J?=F=JB[KN? ;:JW<N @:OJN=W ;?LIF=:=IU;IY

9
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 6 0 T6

*&)+ $ !+ # )!"$, ($$!$ -$, ) $.$!"$#

b F:MIM L?Q?R U?=W@?TQ?=;EE L?JIU<:R I<:O:JV:EFE F@?LN ;:4


VNT NFHW=B?MWTR FH@:JNQ:FG QNVG F HIQIJN;IX O:L:;NEf =?M
;? M?;??R MW ;? F=:QN NF<Q[U:=G ?? NO @:FFMI=@?;NER HIF<IQG<B
ILN; NO ?? I=J?=IJ I<:O:QFE IFIA?;;I HI<:O:=?QG;WM `FMY YaY
v=I \? <:F:?=FE L?=?X F=:@V?  Q?= `HILCI=IJN=?QG;:E C@BH4
H:aR =I IA@:K:=GFE < NT EOW<IJIX <IMH?=?;SNNR BUN=WJ:E S?QN
;:V?CI c<FH?@NM?;=:R =:<\? ;? NM?QI FMWFQ:R HIF<IQG<B IAB4
U:=G L?=?X U=?;N[ N HNFGMB J IFFNN ;:UN;:[= F Dr Q?=R N B\?
J F=:@V?X C@BHH? AIQGVN;F=JI L?=?X O;:?= AB<JWY
bF?CI J c<FH?@NM?;=? H@N;EQN BU:F=N?  L?=?XY

+# (   , - ./ 


%UN=WJ:E =I= P:<=R U=I LIV<IQG;N<N FHIFIA;W M:;NHBQN4
@IJ:=G H?@JWM N HIFQ?L;NM OJB<IM FQIJ:R MW @:O@:AI=:QN LJ?
c<FH?@NM?;=:QG;W? M?=ILN<NR IF;IJ:;;W? ;: c=IX FHIFIA;IF=NY
>?@J:E U:F=G c<FH?@NM?;=: AWQ: HIF=@I?;: F NFHIQGOIJ:;N4
?M M?=ILN<N HINF<: ;?LIF=:[K?CI OJB<:R IF;IJ:;;IX ;: M?=I4
LN<? NOIQESNNY !QE =ICI U=IAW O:N;=?@?FIJ:=G @?A?;<:R c<FH?4
@NM?;= H@IJILNQFE J PI@M? NC@WY w?QG[ NC@W AWQI ;:BUN=G
IL;ICI NO c<FH?@NM?;=:=I@IJR <I=I@WX NC@:Q @IQG M:@FN:;N;:R
H@:JNQG;I H@INO;IFN=G @BFF<N? FQIJ:Y >@IS?LB@: AWQ: FQ?LB[4
K:E F;:U:Q: @?A?;<B H@?LxEJQEQ:FG <:@=N;<:R N I; F:M NQN HI4
FQ? HILF<:O<N c<FH?@NM?;=:=I@: LIQ\?; AWQ F<:O:=GR U=I NOIA4
@:\?;I ;: <:@=N;<?Y Z:=?M JIH@IF 7v=I c=I =:<I?y9 O:L:J:QFE
J=I@IMB c<FH?@NM?;=:=I@B M:@FN:;N;BR <I=I@WX H@INO;IFNQ
F=NMBQG;I? FQIJI A?O H?@JICI OJB<:Y ?A?;I< LIQ\?; AWQ I=J?4
=N=GR H@:JNQG;I QN M:@FN:;N; H@INO;?F FQIJIR N ?FQN ;?=R =I
U=I I; 7O:AWQ F<:O:=G9Y $N\? H@NJ?L?; P@:CM?;= A?F?LW c<F4
H?@NM?;=:=I@IJ F IL;NM NO NFHW=B?MWT

U 4 V* /'= ! *$!*W


4 1*"
U4 2!$ "=*5 X* *" 'B'= ? !Y B* ? !>5
&* X*W
;<  ; = 20)$+ = 0+&)+,

10


    

( -
U4 *"
U4 2!$ "=* *! (!/!"!W
4 .'
U4 A &* *! /!3"! (!/!= $ !&!"'W
4 1X
b;:U:Q?R J TIL? IABU?;NER @?A?;<B H@?LxEJQEQNFG ;?F<IQG<I
FQIJ F H?@JWM VBM;WM FICQ:F;WMR O: <I=I@WM FQ?LIJ:Q FI;I@4
;WX `    
aY d=I L?Q:QIFG F S?QG[ BA?LN=GFER U=I @?A?;I<
H@:JNQG;I IH@?L?QE?= CQBTIF=G OJI;<IF=G FICQ:F;ICIR ;:TILE4
K?CIFE J FNQG;IX HIONSNNY "FQN @?A?;I< FH@:JQEQFE F O:L:4
;N?MR ?MB H@?LxEJQEQNFG IF=:QG;W? FQIJ:4F=NMBQWR NM?[KN?
J;:U:Q? FICQ:F;WX J FQ:AIX HIONSNN `H?@?L VBM;WMaY bF?CI
F=NMBQG;WT FQIJ AWQI D LJ: F H@NF=:J<IX  `   aR
LJ: F H@NF=:J<IX 
 `   
    aR N IL;I FQIJI ;: 
A?O H@NF=:J<N `     aY
bI J=I@IX U:F=N c<FH?@NM?;=: NFHIQGOIJ:Q:FG M?=ILN<: LI4
A:JQ?;NE OJB<:Y b @:AI=:TR IAFB\L:JVNTFE J H@?LWLBK?M @:O4
L?Q?R AWQI HI<:O:;IR U=I F O:L:;N?M LIA:JN=G OJB< < FQIJB N
H@INO;?F=N HIQBUNJV??FE FQN=;I FH@:JQE[=FE =IQG<I ;IFN=?4
QN EOW<:R IFJINJVN? H@N;SNH :QP:JN=;ICI HNFGM: ]/i 
mY gR &q  mY  _Y e?M ;? M?;??R FQ?LB?= I=M?=N=GR U=I J
IHNF:;;WT c<FH?@NM?;=:T NFHW=B?MWM ;B\;I AWQI LIA:JQE=G
OJB< J ;:U:Q? FQIJ:Y v=I \? <:F:?=FE M?=ILN<NR I <I=I4
@IX HIXL?= @?UG ;N\?R =I OL?FG O:L:;N?M AWQI LIA:JN=G OJB< <
<I;SB F Q I J :Y $:V: CNHI=?O: O:<Q[U:Q:FG J =IMR U=I LQE
@BFF<NT L?=?X JWHIQ;N=G =:<I? O:L:;N? MI\?= I<:O:=GFE H@I4
K?R U?M LIA:JN=G OJB< J ;:U:Q?R HIF<IQG<B @BFF<NX EOW< c=I
EOW< F AIC:=IX PQ?<=NJ;IX MI@PIQICN?XR N LIA:JQ?;N? OJB<: J
<I;S? J <:<IM4=I FMWFQ? NMN=N@B?= FQIJINOM?;?;N?Y

 +1$ 2$ $ $!"$ >&#$ $? :$5  ($#$ $ #


!$# 6@4 $# <AA9 !$# 1+! $1&!$#! ) -$ ) $1:$ ) 1+!
)&!  0#$, 1  $)  !&:$, $ !+, 0 2$)  0$-3
+) )$()+) .#$)  5+) !5 1 -)
/!$#$ 
8 *
1+!$ $ )  )$ : $#-#.: 2) 1$#5)
+1$ 2$ $3
!5 & -+)  0$ & ) 0-) B)
#+#$ +C

11


   


*&)+ $ !+ # )!"$, ($$!$ -$, ) $.$!"$#

d<FH?@NM?;=:QG;:E H@IS?LB@: AWQ: FQ?LB[K:E c<FH?@N4


M?;=:=I@ HI<:OWJ:Q @?A?;<B <:@=N;<B N H@INO;IFNQ FQIJIY ?4
A?;I< LIQ\?; AWQ LIA:JN=G < FQIJB 4 N H@INO;?F=N HIQBUNJV?4
?FE FQN=;I F BL:@?;N?M ;: J=I@IM FQIC?Y bF? F=NMBQG;W? FQIJ:
AWQN MB\F<ICI @IL: F ;BQ?JWM I<I;U:;N?M J NM?;N=?QG;IM H:4
L?\?Y e?M F:MWMR FICQ:F;WXR ;:TILNJVNXFE ;: <I;S?R H@N LI4
A:JQ?;NN CQ:F;ICI I<:OWJ:QFE J FNQG;IX HIONSNNR CL? I; MI\?=
AW=G H@INO;?F?; N <:< CQBTIXR N <:< OJI;<NXY b =I \? J@?MER
4 ;? EJQE?=FE I<I;U:;N?M FBK?F=JN=?QG;WT MB\F<ICI @IL:R N
=?M F:MWMR H@N LIA:JQ?;NN 4 < <I@;[ ;? HIQBU:?=FE ;N<:<IX
@?:QG;I FBK?F=JB[K?X PI@MW FQIJ: J H@I=NJ;IM FQBU:? NF4
HW=B?MWX MIC AW JM?F=I JWHIQ;?;NE O:L:;NE H@IF=I ;:U:=G
HILAN@:=G 7HILTILEKNX9 I=J?= N IH@?L?QN=GR J <:<IM FQBU:?
I; c=I L?Q:?=R : J <:<IM ;?=R AWQI AW ;?JIOMI\;IY
>@?\L? U?M @?A?;I< H@NF=BH:Q < JWHIQ;?;N[ O:L:;NER c<F4
H?@NM?;=:=I@ H@NJILNQ ?MB ;?F<IQG<I H@NM?@IJR O:=?M H@?L4
Q:C:Q @?A?;<B HIJ=I@N=GR N ?FQN B =ICI ;? HIQBU:QIFGR HIL4
F<:OWJ:QY QIJ:R H@?L;:O;:U?;;W? LQE IABU?;NER I<:;UNJ:QNFG
;: FI;I@;WX c=I NF<Q[U:QI JIOMI\;IF=G J:@N:;=IJ JWHIQ;?4
;NE O:L:;NEY >IFQ? IABU?;NE NFHW=B?MIMB H@?LQ:C:QNFG FQIJ:R
I<:;UNJ:[KN?FE ;: VBM;WX FICQ:F;WXR F;:U:Q: =?R J <I=I@WT
<I;?U;WX CQBTIX ;? U?@?LB?=FE FI OJI;<NM `
   aR O:=?M
=?R J <I=I@WT NM??=FE U?@?LIJ:;N? ` R  R   aY
A? U:F=N c<FH?@NM?;=: AWQN S?QN<IM O:HNF:;W ;: :BLNI4
<:FF?=BR <I=I@:E O:=?M AWQ: @:FVNP@IJ:;:Y
>IFQ? H@IJ?L?;NE LJBT U:F=?X c<FH?@NM?;=: H@IJ?@EQIFG
BM?;N? L?=?X UN=:=G N HNF:=GY FHW=B?MW? LIQ\;W AWQN H@I4
U?F=G N ;:HNF:=G ;?F<IQG<I FQIJR <I=I@W? JTILNQN J F=NMBQG4
;WX M:=?@N:Q c<FH?@NM?;=IJY d=I AWQNR CQ:J;WM IA@:OIMR =?
FQIJ:R J <I=I@WT FICQ:F;WM J FQ:AIX HIONSNN FII=J?=F=JB?=
;?PI;?=NU?F<I? ;:HNF:;N?Y b FQBU:? ?FQN @?A?;I< I=<:OWJ:QFE
UN=:=GR c<FH?@NM?;=:=I@ H@IFNQ ?CI F<:O:=GR <:< ;:OWJ:?=FE =:
NQN N;:E AB<J:Y "FQN \? @?A?;I< CIJI@NQR U=I ;? MI\?= ;:HN4
F:=G =IR U=I I= ;?CI =@?AB?=FER =I c<FH?@NM?;=:=I@ H@IFNQ ?CI
;:OJ:=G H?@JB[ HIFQ?L;[[ AB<JB FQIJ:Y
>IFQ? I<I;U:;NE @:AI=W F NFHW=B?MWMN JIFHN=:=?QG;NS:

12


    

( -
HI H@IFGA? c<FH?@NM?;=:=I@IJ JWF<:O:Q: FJI? M;?;N? I FHIFIA4
;IF=ET <:\LICI NO L?=?XY

0# 1 23)
$?FMI=@E ;: =IR U=I JF? L?=N O:;NM:[=FE J IL;IX N =IX \?
C@BHH? L?=F<ICI F:L:R : O;:UN=R HI IL;IX N =IX \? H@IC@:M4
M?R I;N LIF=:=IU;I FNQG;I @:OQNU:[=FE <:< IAK?<IC;N=NJ;WM
B@IJ;?M @:OJN=NER =:< N B@IJ;?M @:OJN=NE ;:JW<IJ U=?;NE N
HNFGM:Y d=N @:OQNUNE I=@:ONQNFG N ;: =IMR ;:F<IQG<I BFH?V;I
L?=N FH@:JQEQNFG F O:L:;NEMNY
e@I? L?=?X `NO a TI@IVI HI;EQN IA: c<FH?@NM?;=:QG;WT
O:L:;NE N JWHIQ;NQN NT =IU;I =:<R <:< c=I =@?AIJ:QIFGY bF?
c=N L?=N AWQN IT:@:<=?@NOIJ:;W JIFHN=:=?QG;NS?X <:< BM;W?
N FIIA@:ON=?QG;W?Y bF? =@I? B\? MICB= UN=:=G N HNF:=GY
!JI? L?=?X ;? FH@:JNQNFG ;N F IL;NM O:L:;N?MY LN; NO
;NTR V?F=NQ?=;NX M:QGUN<R ;? BM??= ;N UN=:=GR ;N HNF:=GR ;?
O;:?= AB<JY >I FQIJ:M JIFHN=:=?QG;NSWR I; ;?LIF=:=IU;I @:O4
JN= LQE FJI?CI JIO@:F=:R HIF<IQG<B F ;NM FIJF?M ;? O:;NM:[=FE
LIM:Y b=I@WM @?A?;<IM AWQ: U?=W@?TQ?=;EE L?JIU<:R <I=I@:ER
<:< B\? CIJI@NQIFGR AWQ: MQ:LV? IF=:QG;WT N;PI@M:;=IJ ;?
=IQG<I HI JIO@:F=BR ;I N HI IAK?MB @:OJN=N[Y
bF? IF=:QG;W? L?=N =:< NQN N;:U? FH@:JNQNFG TI=E AW F
IL;NM O:L:;N?MR H@N c=IM LQE IL;NT I<:O:QIFG H@IK? H?@JI?
O:L:;N?R LQE L@BCNT J=I@I?Y bF? c=N L?=NR O: NF<Q[U?;N?M
LJINTR B\? NM?[= cQ?M?;=:@;W? ;:JW<N U=?;NE N HNFGM: NQN
TI=E AW O;:[= AB<JWY

      


 O:L:;N?M H?@JIX U:F=N c<FH?@NM?;=: HINF<IM ;?LIF=:4
[K?CI OJB<: FH@:JNQIFG J IAK?X FQI\;IF=N  L?=?XY O ;NT
 JWHIQ;NQN ?CI A?O IFIAWT O:=@BL;?;NXR : LJI? I=J?U:QN M?;??
BJ?@?;;IR MICQN ;:OWJ:=G F@:OB ;?F<IQG<I OJB<IJ HI IU?@?LNR
;I J <I;S? <I;SIJ H@NTILNQN < H@:JNQG;IMB I=J?=BY F=:QG4
;W? LJI? L?=?X QNAI JIIAK? I=<:OWJ:QNFG U=I4QNAI CIJI@N=G N

13


    

*&)+ $ !+ # )!"$, ($$!$ -$, ) $.$!"$#

!3" D!  ' Z (!D > B'?? !&!"=) *#"!%


)  ?"=) "*$
       

 Oc Oc Jc Jc Jc
! Fc Oc Jc Jc Jc
" O O Jc J Jc
 Oc Oc Jc Pc Pc
# Oc LcR Oc Jc JcR Pc Pc
$ Oc Oc Jc Jc Jc
% Oc O LR J P P
& Oc O Jc P P
' Oc Jc Jc Jc
( F=R FcR QcR Oc BBR Oc <cR TcR Jc Pc Pc
 Lc Jc Jc Jc

I=J?U:QN 7;? O;:[9R QNAI HIJ=I@EQN S?QN<IM F=NMBQG;I? FQI4


JIR QNAI H@INO;IFNQN JM?F=I IL;ICI 7;?LIF=:[K?CI9 OJB<: J?FG
H?@JWX FQICY
b TIL? =@?;N@IJ<N FI FQIJ:MNR ;:UN;:[KNMNFE ;: VBM;WXR
O: <I=I@WM FQ?LB?= FI;I@;WXR JF?  L?=?XR FH@:JNJVNTFE F O:4
L:;N?MR H@IL?MI;F=@N@IJ:QN BM?;N? H@:JNQG;I NL?;=NPNSN@I4
J:=G FICQ:F;W? HI CQBTIF=N OJI;<IF=NY e:<R ;:H@NM?@R J FQIJ?
  H?@JWX OJB< AWQ JIFH@INOJ?L?; JF?MN L?=GMN <:< OJI;4
<NXR : J FQIJ?   <:< CQBTIXY
v=I <:F:?=FE FIAF=J?;;I F=NMBQG;WT FQIJR =I OL?FG ?LN;ILB4
VN? J I=J?=:T ;:AQ[L:QIFG L:Q?<I ;? JF?CL:Y =J?=W <:\LICI
NO NFHW=B?MWT HI HIJILB c=NT FQIJ H@NJ?L?;W J =:AQY  `<:\4
LWX F=IQA?S FII=J?=F=JB?= I=J?=:M IL;ICI NFHW=B?MICIaY
:< MI\;I JNL?=GR AIQGVN;F=JI NFHW=B?MWT NL?;=NPNSN4
@IJ:QN H?@JW? FICQ:F;W? FQIJ  
N <:< OJI;<N?Y F4
<Q[U?;N? FIF=:JQE[= NFHW=B?MWX
N NFHW=B?MWX R UGN I=4
J?=WR HI4JNLNMIMBR ;IFE= FQBU:X;WX T:@:<=?@ `N;=?@?F;I I=M?4

14


   D D

( -
=N=GR U=I L:;;WX NFHW=B?MWX J?@;I NL?;=NPNSN@IJ:Q H?@JW?
OJB<N =@?;N@IJIU;WT FQIJaY ICL: @?A?;I< ;:OWJ:Q ;?F<IQG4
<I J:@N:;=IJ `DR  aR c=I H@INFTILNQI HI=IMBR U=I I;R ;:OJ:J
ILN; J:@N:;=R F:M HI;NM:QR U=I ?CI I=J?= ;?J?@?;R N NFH@:J4
QEQFER N;ICL: ;?F<IQG<I @:OR HI<: ;? H@INO;IFNQ I<I;U:=?QG4
;WXR J?@;WXR HI ?CI M;?;N[R I=J?=Y $: c=IM IF;IJ:;NN MI\;I
B=J?@\L:=GR U=I NFHW=B?MWX  =I\? FUN=:?= H?@JWX OJB< FQI4
J:  OJI;<NMR ;?FMI=@E ;: =IR U=I F@?LN ?CI I=J?=IJ AWQI
 N Y
>?@JWX FICQ:F;WX FQIJ:   JF? NFHW=B?MW? IL;IO;:U;I
FUN=:[= OJI;<NMY v=I <:F:?=FE FQIJ     
  
N R
=IR <:< JNL;I HI L:;;WMR H@NJ?L?;;WM J =:AQNS?R HIQIJN;:
NFHW=B?MWT FUN=:?= ;:U:QG;W? OJB<N IAINT FQIJ CQBTNMNR :
HIQIJN;: OJI;<NMNY

!      


 O:L:;N?M LIA:JN=G 4 < <I;SB FQIJ: =:<\? FH@:JNQNFG 
U?QIJ?<R ;I ;? =? \? F:MW?R U=I FH@:JNQNFG F H?@JWM O:L:;N?M
LJI? NO =?TR <=I FMIC JWHIQ;N=G H?@JI? O:L:;N? ` N aR ;?
FH@:JNQNFG FI J=I@WMR N ;:IAI@I=R LJI? L?=?XR ;? FH@:JNJVNTFE
F H?@JWM O:L:;N?MR FMICQN FL?Q:=G J=I@I?Y
 O:L:;N? LIA:JN=G 4 < <I;SB <:\LICI NO HE=N FQIJ A?O
<:<NT4QNAI O:=@BL;?;NX FH@:JNQNFG JF?CI LJI? NFHW=B?MWT `

N aY F=:QG;W? L?=N NFHW=WJ:QN FQI\;IF=N TI=E AW F IL;NM


NO FQIJY d=I H@IEJQEQIFG J =IMR U=I I;N MICQN LIA:JQE=G ;?
4 R : L@BCIX CQ:F;WX `4 NQN 4 aR F=:JN=G BL:@?;N? ;: H?@JWX
FQICR NQN \?R LIA:JNJ CQ:F;WXR H@INO;IFN=G ;: M?F=? <I;?U;ICI
FICQ:F;ICI ;?U=I ;?J;E=;I?Y ;ICL: NFHW=B?MW? H@IF=I HIJ=I4
@EQN F=NMBQG;I? FQIJI `H@N c=IM I;N MICQN H@INO;IFN=G ;:
<I;S? <:< CQBTIXR =:< N OJI;<NXza NQN I=<:OWJ:QNFG L:J:=G I=4
J?= ;: <:<IX4QNAI NO F=NMBQIJY =J?=W <:\LICI NO NFHW=B?MWT
H@NJ?L?;W J =:AQY
J PI;?M;IX =@:;F<@NHSNNY

15


    

*&)+ $ !+ # )!"$, ($$!$ -$, ) $.$!"$#


!3" D!  ' Z (!D > B'?? (*'&) *#"!)
 ?"=) "*$
  )  
 <I={
I FBH{
I LB4{
I
 F:={
I CQIO{
I
LBA
LBH4{
I
LBAL{
I
! <I={
I FBH{
I LBH{
I F:L{
I CQ:O{
I
" <I={
I FBH{
I LBA{
I F:L{
I CQ:O{
I
 <I={
I FBH{
I LB4A F:={
: CQIO{
I
# <I={
I FBH{
: LBA{
: F:={
: CQ:O{
:
$ <I={
I LBA{
I F:L{
I CQ:O{
:
% <I;{
I LBH{
I CQ:F{
I
& <{
I=I F{
:H: LBH{
I F:={
B
F{
BH:
FBH{
I
( <I= FBH{
I LBA{
I CQ:OF
<IQ{
I CQ:F
<I={
I CQ:F{
I
! <I={
: FBH{
I LBH={
B F:L{
I
<I={
I LBH{
B
LBH{
I
" <I={
I FBH{
I LBH{
BH F:= CQ:O{
:
F:={
:

:< MI\;I JNL?=GR H@N JWHIQ;?;NN O:L:;NE F H?@JWMN LJB4


ME FQIJ:MN FQIJ:MN A?O U?@?LIJ:;NE JF? NFHW=B?MW? LI4
A:JQEQN CQ:F;WX < CQBTIMB FICQ:F;IMBY e@BL;IF=NR FJEO:;;W?
F c=NMN FQIJ:MNR O:<Q[U:[=FE ;? J IH@?L?Q?;NN =ICIR < <:<IMB
FICQ:F;IMB OJI;<IMB NQN CQBTIMB FQ?LB?= LIA:JQE=G CQ:F4
;WXR : J F:MIX H@IS?LB@? LIA:JQ?;NE ;B\;ICI CQ:F;ICIY

 7( $1$- 0&&

16


   g g

( -
;:U? IAF=IN= L?QI FI FQIJ:MNR J <I=I@WT <I;?U;WX FICQ:F4
;WX <I@;?JIX MI@P?MW U?@?LB?=FE FI OJI;<NMY b FQIJ?  
=IQG<I D NFHW=B?MWT LIA:JNQN CQ:F;WX < <I;?U;IMB CQBTIMB
FICQ:F;IMBR F=IQG<I \? LIA:JNQN CQ:F;WX < OJI;<IMBY LN; NF4
HW=B?MWX `aR HI4JNLNMIMBR ;? FMIC H@N;E=G I<I;U:=?QG;ICI
@?V?;NE U?=W@? @:O;WT I=J?=: FJNL?=?QGF=JB[= I ?CI <IQ?A:4
;NETY
b FQIJ?   |IF=:JNQN CQBTNM} FICQ:F;WX D U?QIJ?<R OJI;4
<NM R LJI? NFHW=B?MWT ;? FMICQN L:=G I=J?= ;: c=I= F=NMBQY
b FQIJ?   <I;?U;WX FICQ:F;WX IF=:JNQN CQBTNM =IQG<I
LJ: NFHW=B?MWTR H@N c=IM ILN; NO ;NT ` a EJ;I <IQ?A:QFER
H@?\L? U?M H@N;E=G @?V?;N?Y g U?QIJ?< LIA:JNQN CQ:F;WX <
OJI;<IMB FICQ:F;IMB `;? FIJF?M EF;IR IL;:<IR MI\;I QN H@N4
@:J;NJ:=G I=J?= CQ:O{
 < I=J?=B CQ:O{
i aY !JI? L?=?X I=J?U:=G
;: c=I= F=NMBQ I=<:O:QNFGY
>@?\L? U?M <:<4=I IS?;NJ:=G @?OBQG=:=W IA?NT U:F=?X c<F4
H?@NM?;=: N L?Q:=G <:<N?4QNAI JWJILWR ;?IATILNMI @:FFMI=4
@?=GR <:< <:\LWX NO NFHW=B?MWT FH@:JNQFE F O:L:;N?M ;:HN4
F:=G FQIJ:R HIFQB\NJVN? J c<FH?@NM?;=? F=NMBQ:MNY

"      


:\LIMB @?A?;<B HIFQ? H@ITI\L?;NE c<FH?@NM?;=: H@?L4
Q:C:QIFG ;:HNF:=G ;?F<IQG<I FQIJY d=I AWQNR H@?\L? JF?CIR =?
FQIJ:R HI HIJILB <I=I@WT @?A?;I< L:Q I=J?=R ;? IF;IJ:;;WX ;:
PI;?=NU?F<IX @?:QG;IF=N `;:H@NM?@R H@INO;?F I=L?QG;I H?@4
JWX OJB< FQIJ: 7J=I@:E9 <:<  a NQN I=J?=R J <I=I@IM @?A?;I<
@?:QNOIJ:Q FBK?F=JB[K?? J EOW<? U?@?LIJ:;N? `;:H@NM?@R 
 aY IHIF=:JQ?;N? HILIA;WT I=J?=IJ F @?OBQG=:=:MN HNFG4
M?;;ICI =?F=: H@NJILE=FE J =:AQY Y
>IF<IQG<B AIQGVN;F=JI NFFQ?LB?MWT L?=?X B\? O;:?= AB<4
JW N BM?[= HNF:=G ;?<I=I@W? FQIJ:R MI\;I AWQI AW CIJI@N=G I
=IMR U=I c=I BM?;N? MICQI HIJQNE=G ;: I=J?=WY Z:M?=NMR IL;:4
<IR U=I L:;;I? IAxEF;?;N? HILTILN= ;? <I JF?M FQBU:EM @?A?;I<
MIC J H@IS?FF? JWHIQ;?;NE O:L:;NE c<FH?@NM?;=: IA@:K:=GFE
F FICQ:F;WM <:< FI OJI;<NMR : O:HNF:=G ?CI <:< CQBTIX NQN \?

17


    

*&)+ $ !+ # )!"$, ($$!$ -$, ) $.$!"$#

JIIAK? ;? O;:=GR <:< FQIJI HNV?=FER =:<N? FQBU:N I=M?U?;W


J =:AQNS? \N@;WM V@NP=IMY
FIA?;;I N;=?@?F;W J c=IM FMWFQ? NFHW=B?MW? 
N R <I4
=I@W?R J I=QNUN? I= JF?T IF=:QG;WTR L:\? ;? O;:[= AB<J N ;?
BM?[= JWUQ?;E=G I=L?QG;W? OJB<N FQIJ: <:< B\? CIJI@NQIFGR
I;N ;? FH@:JNQNFG F H?@JWM O:L:;N?MR ;I H@N c=IM I;N JWHIQ4
;NQN J=I@I? O:L:;N?Y !:\? ?FQN MW ;? ABL?M BUN=WJ:=G I=J?=
CQ:O{
 R L:;;WX NFHW=B?MWM R =I I=J?= NFHW=B?MICI 
;:
F=NMBQ   ;? IF=:JQE?= FIM;?;NX J =IMR U=I @?A?;I< HI;EQ O:4
L:;N? N FL?Q:Q JWAI@ J HIQGOB OJI;<ICI FICQ:F;ICIY !QE =ICI
U=IAW BA?LN=GFE J =IMR U=I L:;;WX I=J?= ;? ;IFN= FQBU:X;ICI
T:@:<=?@:R F=NMBQ   AWQ L:; c=IMB @?A?;<B HIJ=I@;IR N I=J?=
AWQ HIQBU?; =I= \? F:MWXY
Q?LB?= =:<\? ?K? @:O I=M?=N=G =B @:O;NSBR <I=I@:E ;:4
AQ[L:?=FE J NL?;=NPN<:SNN H?@JWT OJB<IJ FQIJ ;:  N FQIJ
;:  LN; N =I= \? NFHW=B?MWX MI\?= FUN=:=G OJI;<NMN <:<
H?@JWX FICQ:F;WX J FQIJ?  N H@N c=IM O:HNF:=G c=I FQIJI
<:<

Z!~~R

=:< N H?@JWX FICQ:F;WX FQIJ    N 


   

be&R b~v&e"~Y

4# &) )
>IQBU?;;W? L:;;W? HIOJIQE[= CIJI@N=G I =IMR U=I BM?;N?
JWUQ?;E=G N NL?;=NPNSN@IJ:=G H?@JWX OJB< FQIJ: N BM?;N? LI4
A:JQE=G OJB< < <I;SB FQIJ: I<:OWJ:[=FE ;? \?F=<I FJEO:;;WMN
L@BC F L@BCIM @?A?;I< MI\?= FH@:JN=GFE F H?@JWM O:L:;N?M N
;? FH@:JN=GFE FI J=I@WMR N ;:IAI@I=Y
?OBQG=:=W NFFQ?LIJ:;NE I=U:F=N FIJH:L:[= F L:;;WMNR HI4
QBU?;;WMN ;: ;?C@:MI=;WT N ;:UN;:[KNT IABU:=GFE C@:MI=?
;IFN=?QET L@BCNT EOW<IJ `FMY @:OL?Q
a BM?;N? JWUQ?;E=G H?@4
JWX OJB< FQIJ: =?F;I FJEO:;I F ;:JW<:MN U=?;NE N HNFGM:R :

18
e:AQNS: Y IHIF=:JQ?;N? I=J?=IJ NFHW=B?MWT F @?OBQG=:=:MN JWHIQ;?;NE HNFGM?;;ICI =?F=:Y

     


)  

  
  
  
  
     



 
  


 
  


 
  


 
  


 
  


 
  

% Jc b Jc b  
 
  
' Fc  Jc b Jc b F:L{
i !
 
0 
 
4 
 
5 Jc b Jc b LBA{
i € F:L{
i ! CQ:O{



6
7
8  Jc b
%9 LBA{
i € CQ:OF CQ:F CQ:F{
i 
%%  
%'  
%+
 

5 ;$ 0+&)+, 0" $!5 0$2$)& 20)$+ 0.#! &  $ 5 0$! 55 1&# # !$#: (


    

  

6 D$- $- -$ 0+&)+,    ! & 0" $ !$#$

19
( -


  


*&)+ $ !+ # )!"$, ($$!$ -$, ) $.$!"$#

NM?;;I F HI;NM:;N?M H@N;SNH: :QP:JN=;IX I@PIC@:PNNY b F:4


MIM L?Q?R F H?@JWM O:L:;N?M c<FH?@NM?;=: FH@:JNQNFG =IQG<I
=? L?=NR <I=I@W? B\? BM?[= HNF:=G NQN TI=E AW O;:[= AB<JWY
<:O:QIFG =:<\?R U=I FHIFIA;IF=G LIA:JQE=G OJB< < <I;SB
FQIJ: N H@INO;IFN=G HIQBUNJV??FE FQN=;I I<:OWJ:?=FE ;?O:JN4
FNMIX I= C@:MI=;IF=N @?OBQG=:=W c<FH?@NM?;=: HI<:O:QNR U=I F
HILIA;WM O:L:;N?M MI\?= FH@:JN=GFE N ;?C@:MI=;WX @?A?;I<Y
b =I \? J@?MER IHNF:;;W? J QN=?@:=B@? L:;;W?R HIQBU?;;W? I=
;IFN=?Q?X L@BCNT EOW<IJR FJNL?=?QGF=JB[= I =IMR U=I BM?;N?
LIA:JQE=G OJB< J ;:U:Q? FQIJ: FJIXF=J?;;I =IQG<I ;IFN=?QEM
EOW<:R O;:<IMWM F :QP:JN=;WM H@N;SNHIM HNFGM:Y bIOMI\;IR
LQE IAxEF;?;NE c=NT @:OQNUNX FQ?LB?= IA@:=N=GFE < MI@PI4
QICNN JI PQ?<=NJ;WT EOW<:TR =:<NT <:< @BFF<NXR LIA:JQ?;N?
OJB<: J <I;S? FQIJ: J <:<IM4=I FMWFQ? NMN=N@B?= FQIJINOM?4
;?;N?R : HI=IMB MI\?= I<:O:=GFE LQE @?A?;<: AIQ?? H@IF=IX N
HI;E=;IX H@IS?LB@IXY
M?[KN?FE L:;;W? FJNL?=?QGF=JB[= I =IMR U=I J H@IS?FF?
JWHIQ;?;NE c<FH?@NM?;=:QG;WT O:L:;NX NFHW=B?MW? ;? JF?CL:
IHN@:[=FE ;: @?:QG;W? PI;?=NU?F<N? <:U?F=J: @:FFM:=@NJ:?4
MWT FICQ:F;WTY b H?@JIX U:F=N c<FH?@NM?;=: HIQIJN;: NFHW4
=B?MWT FUN=:?= H?@JWX OJB< FQIJ    N 
   OJI;4
<NMY $I H@N c=IM JF? NFHW=B?MW?R <@IM? IL;ICIR <J:QNPNSN4
@IJ:QN H@NF=:J<B J FQIJ:T   N  <:< OJI;<NX OJB<Y
bI J=I@IX \? U:F=NR J FQIJ:TR UG? ;:HNF:;N?R J FII=J?=F=JN? F
MI@PIQICNU?F<NM H@N;SNHIM I@PIC@:PNNR ;? I=@:\:?= H@INO4
;IV?;NER HI <@:X;?X M?@?  NO  NFHW=B?MWT IA@:K:QNFG F
@?:QG;I CQBTNM FICQ:F;WM N;:U?R U?M I;N c=I L?Q:QN J FQIJ:TR
CL? =IU;I =:<IX \? CQBTIX FICQ:F;WX ;? U?@?LB?=FE FI OJI;<NMY
:< MI\;I N;=?@H@?=N@IJ:=G c=N P:<=Wy
bF? NFHW=B?MW?R <@IM? LJINTR BM?[= HNF:=G NQN HI <@:X4
;?X M?@? O;:[= AB<JWY $?<I=I@W? NO ;NT O;:QNR <:< HNVB=FE
F=NMBQG;W? FQIJ:Y #I\;I QN B=J?@\L:=GR U=I O;:;N? I@PI4
C@:PNU?F<ICI IAQN<: FQIJ: MICQI HIJQNE=G ;: ;NT J H@IS?FF?
JWHIQ;?;NE O:L:;NXy >@?LF=:JQE?=FER U=I I=J?= ;: c=I= JIH@IF
LIQ\?; AW=G I=@NS:=?QG;WMR HI LJBM H@NUN;:MY
bI4H?@JWTR <:< B\? B<:OWJ:QIFGR NM?[=FE @:FTI\L?;N?

20


  
 


( -
M?\LB =?MR <:< NFHW=B?MW? IA@:K:[=FE F FICQ:F;WM J c<FH?4
@NM?;=?R N =?MR <:< I;N ?CI O:HNFWJ:[=Y $?<I=I@W? NO c=NT
NFHW=B?MWT JIIAK? ;? O;:QNR <:< HNV?=FE FII=J?=F=JB[K??
FQIJIR : LJI? ;? BM?QN HNF:=G JIJF?Y
bI4J=I@WTR I@PIC@:PNU?F<NX IAQN< FQIJ: MI\?= I<:O:=G
JQNE;N? ;: =IR <:< ;IFN=?QG EOW<: IS?;NJ:?= PI;?M;WX FI4
F=:J FQIJ:R =IQG<I J =IM FQBU:?R ?FQN c=I= IAQN< T@:;N=FE J
H:ME=NY :< NOJ?F=;IR C@:PNU?F<N IAQN< MI\?= O:HIMN;:=G4
FER <:< ;?L?QNMI? S?QI?R FJI?CI @IL: ;?@:OQI\NMWX N?@ICQNPR
<ICL: @?A?;I< H@ITILN= =:< ;:OWJ:?MB[ 7QICIC@:PNU?F<B[9
].h _ F=:LN[ HNFGM: N U=?;NER H@?LV?F=JB[KB[ =IX F=:4
LNNR ;: <I=I@IX BF=:;:JQNJ:?=FE FJEOG M?\LB OJB<IM N AB<4
JIXY Z:=?M FQ?LB?= F=:LNE :;:QN=NU?F<ICI U=?;NE N HNFGM:R <I4
CL: @?A?;I< UQ?;N= OJBU:K?? FQIJI ;: PI;?MW N HI IU?@?LN
H?@?JILN= NT J AB<JW H@N HNFGM? N HIAB<J?;;I :;:QNON@B?=
FQIJI H@N U=?;NNY $: c=IM c=:H? HNFGMI @?A?;<: H@?LF=:JQE?=
FIAIX FJI?CI @IL: PI;?=NU?F<B[ =@:;F<@NHSN[ ];EO?J gR
.h  _Y  QNVG ;: HIOL;NT c=:H:TR <ICL: H@IS?FFW U=?;NE
N HNFGM: I<I;U:=?QG;I :J=IM:=NON@B[=FER @?A?;I< H?@?TILN=
I= HIcQ?M?;=;ICI FB<S?FFNJ;ICI JIFH@NE=NE ;:HNF:;;ICI =?<4
F=: < FNMBQG=:;;IMBR H@N <I=I@IM FQIJI BO;:?=FE F@:OBR S?QN4
<IM ]wJ?=<IJ: g_R N c=I HIOJIQE?= CIJI@N=G I =IMR U=I I@PI4
C@:PNU?F<NX IAQN< FQIJ: T@:;N=FE J H:ME=NY
!?=NR <I=I@W? F=:QN NFHW=B?MWMN J ;:F=IEK?M NFFQ?LIJ:4
;NNR H@ITILE= :;:QN=NU?F<B[ F=:LN[ HNFGM:R ;: <I=I@IX :J4
=IM:=NOMW ?K? ;? JW@:AI=:;WY A c=IM E@<I FJNL?=?QGF=JB4
?= NT HIJ?L?;N? H@N JWHIQ;?;NN HNFGM?;;ICI O:L:;NE IAWU;I
@?A?;I< JWL?QEQ OJB<R H@INO;IFNQ ?CI JFQBTR O:=?M JFHIMN;:Q
;B\;B[ AB<JBR @NFIJ:Q ?? `;: U=I BTILNQI ;?<I=I@I? J@?MEa N
=IQG<I HIFQ? c=ICI H?@?TILNQ < FQ?LB[K?MB OJB<BY d=I O;:UN=R
U=I ?FQN B @?A?;<: J c=I= H?@NIL N T@:;N=FE J H:ME=N I@PIC@:4
PNU?F<NX IAQN< ;?<I=I@WT FQIJR =I =IQG<I =?TR U=I IF=:QNFG I=
7QICIC@:PNU?F<IX9 F=:LNN U=?;NE N HNFGM:Y #I\;IR <I;?U;IR
H@?LHIQI\N=GR U=I c=NMN FQIJ:MN MICQN I<:O:=GFE FQIJ: 
  ;I J@EL QN MI\;I B=J?@\L:=GR U=I @?A?;I< HIM;N= S?QN<IM
I@PIC@:PNU?F<NX IAQN< FQIJ: 
   z @IM? =ICIR ?FQN

21


  

*&)+ $ !+ # )!"$, ($$!$ -$, ) $.$!"$#

AW FQIJI T@:;NQIFG J H:ME=NR <:< ;?L?QNMI? S?QI?R J JNL? <:@4


=N;<NR =I =ICL: @?A?;I< LIQ\?; AWQ AW H@:JNQG;I HNF:=G ;?
=IQG<I JTILEKN? J ;?CI FICQ:F;W?R ;I N CQ:F;W? =I\?Y #?\LB
=?M MW O:PN<FN@IJ:QN =:<N? ;:HNF:;NE <:<

be* Y

bF? c=N P:<=W HIOJIQE[= CIJI@N=G I =IMR U=IR HI4JNLNMIMBR


;:HNF:;NE =:<NT FQIJ <:<     
   FI OJI;<NM FI4
CQ:F;WM EJQE[=FE FQ?LF=JN?M :<=B:QNO:SNN MI@P?M;WT FJE4
O?XY ?A?;I<R <I=I@IMB ?K? ;? IAxEF;EQN ;N<:<NT H@:JNQ @BF4
F<IX I@PIC@:PNNR UBJF=JBE FJEOG M?\LB :QQIMI@P:MN IL;IX
MI@P?MWR I=IA@:\:?= ?? ;: HNFGM? N =?M F:MWM F=NTNX;I IFJ:4
NJ:?= MI@PIQICNU?F<NX H@N;SNHY e:<NM IA@:OIMR MI\;I B=J?@4
\L:=GR U=I B @BFF<ICIJI@EKNT L?=?X MI@P?M;W? FJEON ;:UN4
;:[= :<=B:QNON@IJ:=GFE ?K? LI BFJI?;NE MI@PIQICNU?F<ICI
H@N;SNH: I@PIC@:PNNR TI=ER ;?FIM;?;;IR IJQ:L?;N? C@:MI=IX
LIQ\;I BFNQNJ:=G c=I= H@IS?FFY
>I4JNLNMIMBR @?OBQG=:=WR HIQBU?;;W? J IA?NT U:F=ET c<F4
H?@NM?;=:R IAxEF;E[=FE NM?;;I H@IS?FF:MN :<=B:QNO:SNN MI@4
P?M;WT FJEO?X JI J;B=@?;;?X EOW<IJIX FNF=?M? @?A?;<:Y eI=
P:<=R U=I @?A?;I< H@NHNFWJ:?= H@NF=:J<? 4 OJI;<IF=G J;? O:4
JNFNMIF=N I= PI;?=NU?F<ICI <I;=?<F=: N U=I H@N LIA:JQ?;NN
CQ:F;ICI < <I;SB FQIJ: `NMN=:SNE FQIJINOM?;?;NEa I; @?:QN4
OB?= FBK?F=JB[K?? J EOW<? U?@?LIJ:;N? :QQIMI@PIJR FJNL?4
=?QGF=JB?= I =IMR U=I J JIO@:F=? Dr Q?= @?A?;I< B\? ;:UN;:?=
IFIO;:J:=G MI@P?MB <:< ;?<I? ?LN;I? S?QI?Y
>IQBU?;;W? @?OBQG=:=W =:<\? FJNL?=?QGF=JB[= I =IMR U=I
IL;N MI@P?MW JWL?QE[=FE L?=GMN @:;GV?R L@BCN? HIO\?Y >IL4
=J?@\L?;N?M =IMB MI\?= HIFQB\N=G =: @:O;NS:R <I=I@:E ;:4
AQ[L:?=FE J N;=?@H@?=:SNN <I;?U;WT FICQ:F;WT FQIJ    
  : =:<\? H@NF=:JI<  N  ?OBQG=:=W c<FH?@NM?;=: HIO4
JIQE[= H@?LHIQI\N=GR U=I H@NF=:J<:  IFIO;:?=FE @?A?;<IM
@:;GV?R N I; ?? JWL?QE?= L:\? J =?T FQIJ:TR CL? H@?LF=:JQ?; ??
CQBTIX :QQIMI@PY >@NU?MR IFIO;:J H@NF=:J<B R @?A?;I< J @?4

22


  
 


( -
OBQG=:=? FJ?@TC?;?@:QNO:SNN ;:UN;:?= HIFQ?LIJ:=?QG;I JWL?4
QE=G ?? N J =?T FQIJ:TR CL? ?? ;?=Y A c=IM FJNL?=?QGF=JB?= =I=
P:<=R U=I JF? NFHW=B?MW?R <I=I@W? FUN=:[= H?@JWX OJB< FQI4
J:
   OJI;<NMR FUN=:[= =:<IJWM N H?@JWX OJB< FQIJ:
   v=I <:F:?=FE H@NF=:J<N  =IR HI4JNLNMIMBR NFHW=B?4
MW?R O: IL;NM NF<Q[U?;N?MR ?? ?K? ;? IFIO;:[=R <:< I=L?QG;B[
MI@P?MBY bIOMI\;IR c=I FJEO:;I F =?MR U=I H@NF=:J<:  NM??=
M?;?? <I;<@?=;I? O;:U?;N?R U?M  IL;:<I c=I H@?LHIQI\?;N?
;B\L:?=FE J FH?SN:QG;IX H@IJ?@<?Y

5# : ;

>IF<IQG<B FIA@:;;WX M:=?@N:Q I=;IFN=FE QNVG < IL;IMB
;?AIQGVIMB P@:CM?;=B PI;IQICNU?F<IX FNF=?MW FICQ:F;WMR
H:@;WM HI CQBTIF=N OJI;<IF=NR I;R <I;?U;I \?R ;? HIOJIQE?=
FIOL:=G F=@ICB[ MIL?QGR IHNFWJ:[KB[ PI;IQICNU?F<NX B@I4
J?;G J;B=@?;;?X EOW<IJIX FNF=?MW U?QIJ?<:R CIJI@EK?CI ;:
@BFF<IM EOW<?Y  =?M ;? M?;??R B\? ;: L:;;IM c=:H?R MW MI4
\?M H@?LQI\N=G ;?F<IQG<I H@N;SNHIJR <I=I@W? MICQN AW Q?UG
J IF;IJB :;=@IHIS?;=@NU?F<IX PI;IQICNU?F<IX MIL?QNY
>IQBU?;;W? L:;;W? HIOJIQE[= H@?LHIQI\N=G FBK?F=JI4
J:;N? JI J;B=@?;;?X PI;IQICNU?F<IX FNF=?M? CIJI@EK?CI
;?F<IQG<NT B@IJ;?XY :M: NL?E M;ICIB@IJ;?JIF=N PI;IQICN4
U?F<ICI <IMHI;?;=: JWF<:OWJ:Q:FG ;?IL;I<@:=;IY b U:F=;IF=NR
I;: H@NFB=F=JB?= J LN;:MNU?F<NT MIL?QET PI;IQICNNR @:O@:A:4
=WJ:JVNTFE C?;?@:=NJNF=:MNY L;:<I J @:M<:T C?;?@:=NJ;IX
QN;CJNF=N<N L:;;:E NL?E ;? HIQBUNQ: HFNTIQICNU?F<IX J?@N4
PN<:SNNY >IMNMI c=ICIR H@?LQ:C:Q:FG N CNHI=?O: I =IMR U=I
;?IATILNMI HIF=BQN@IJ:=G ;:QNUN? LJBT ;?O:JNFNMWTR TI=E N
JO:NMIFJEO:;;WTR FNF=?M ?LN;NS LQE T:@:<=?@NF=N<N PI;IQI4
CNU?F<IX <IMH?=?;SNN ;IFN=?QE EOW<: ]&tis  gR €ICIM:4
OIJ
_Y ?OBQG=:=W ;:F=IEK?CI NFFQ?LIJ:;NE H@?LIF=:JQE[=
FJNL?=?QGF=J: J HIQGOB c=IX CNHI=?OWY
M?[=FE M;ICIUNFQ?;;W? P:<=WR HIOJIQE[KN? CIJI@N=G
I =IMR U=I J M?;=:QG;IX PI;IQICNU?F<IX FNF=?M? FBK?F=JB4
?= HILFNF=?M: ?LN;NSR <I=I@W? EJQE[=FE IAIAK?;N?M PI;?=N4

23


  
 


*&)+ $ !+ # )!"$, ($$!$ -$, ) $.$!"$#



U?F<IX @?:QG;IF=N Y JNL?=?QGF=J: J HIQGOB NT HFNTIQN;CJN4
F=NU?F<IX @?:QG;IF=N LIJIQG;I HIL@IA;I NOQI\?;W J ]:F?4
JNU  _Y $:NAIQ?? O;:UNMWM FJNL?=?QGF=JIM EJQE[=FE P:<4
=W L?=F<ICI HNFGM:R ;:TILEK?CIFE ;: H?@JWT c=:H:T F=:;IJQ?4
;NER <ICL: I;I H@ITILN= F=:LN[ PI;?=NU?F<IX =@:;F<@NHSNNY
!:;;W?R HIQBU?;;W? J ;:F=IEK?M NFFQ?LIJ:;NNR =:<\? I=U:4
F=N HIL<@?HQE[= c=N FJNL?=?QGF=J: J <:\LIM NO c<FH?@NM?;4
=IJ O;:UN=?QG;:E U:F=G I=J?=IJ NFHW=B?MWT I=@:\:Q: NM?;;I
PI;?=NU?F<B[ @?:QG;IF=GR ;?O:JNFNMI ;N I= <:<NT P:<=I@IJY
^:<=W L?=F<ICI HNFGM: N @?OBQG=:=W c<FH?@NM?;=: CIJI@E= I
=IMR U=I J I;=IC?;?O? NM?;;I L:;;:E FNF=?M: PI;IQICNU?F<NT
?LN;NS BFJ:NJ:?=FE H?@JIXY
L;:<I F @:OJN=N?M EOW<IJWT FHIFIA;IF=?XR N IFIA?;;I F
;:U:QIM IJQ:L?;NE C@:MI=IXR <I=I@I? JQ?U?= O: FIAIX PI@MN4
@IJ:;N? C@:PNU?F<NT @?H@?O?;=:SNX FQIJ J M?;=:QG;IM Q?<4
FN<I;?R JI J;B=@?;;?X EOW<IJIX FNF=?M? ;:UN;:?=FE :<=B:QN4
O:SNE MI@PIQICNU?F<NT FJEO?X N MI@P?M;ICI F=@I?;NE FQIJ:Y
d=N H@IS?FFWR HI ;:V?MB H@?LHIQI\?;N[R EJQE[=FE A:OIX LQE
PI@MN@IJ:;NE J <IMH?=?;SNN CIJI@EK?CI J=I@IX HILFNF=?MW
PI;IQICNU?F<NT ?LN;NSR <I=I@:E ABL?= IA?FH?UNJ:=G =I\L?F=JI
c<FHI;?;=IJ MI@PIJ IL;IX MI@P?MW Y


!:;;W?R HIQBU?;;W? ;:MN JI JF?T c<FH?@NM?;=:TR H@IJILN4


MWT J @:M<:T NFFQ?LIJ:;NE F=:=BF: VBM;WT FICQ:F;WT J M?;4
=:QG;IX PI;IQICNU?F<IX FNF=?M?R CIJI@E= I O;:UN=?QG;IM JQNE4
;NN MI@PIQICNU?F<ICI N I@PIC@:PNU?F<ICI P:<=I@IJ ;: =@:<4
=IJ<B NFHW=B?MWMN PI;?M;ICI FIF=:J: FQIJ: N =?M F:MWM L:4
[= FJNL?=?QGF=J: J HIQGOB FBK?F=JIJ:;NE J=I@NU;IX FNF=?MW
PI;IQICNU?F<NT ?LN;NSR FPI@MN@IJ:JV?XFE HIL JQNE;N?M c=NT
P:<=I@IJY
=:Q<NJ:EFG F O:L:U?X =@:<=IJ<N ;?<I=I@ICI OJB<:R ;IFN4
=?QG EOW<: JW;B\L?; L?Q:=G JWAI@ M?\LB LJBME ?LN;NS:MN

 D$
#$)& ! #-$)& $ 4E 2  F+ $$$55 
($)) D1& $, ($$!$ -$, .$!+

 G F+ $, 0$ )+ 0$ #$)& ! #-$)& $ 4E


1& & $$$"5  ($)) # 0$) $$#$, ($$!$ -$,
.$!+

24
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ; 0 T;

( -
@:O;WT HILFNF=?MY "FQN c=N ?LN;NSW FIL?@\:=?QG;I FIJH:L:4
[=R OJB< HIH:L:?= J OI;B M?=:QN;CJNF=NU?F<IX IH@?L?Q?;;IF=NR
: ?FQN ;?= J OI;B M?=:QN;CJNF=NU?F<IX ;?IH@?L?Q?;;IF=NY >I4
LIA;I? ;?FIJH:L?;N? IAxEF;E?=R HIU?MB ILN; N =I= \? OJB< MI4
\?= HI4@:O;IMB =@:<=IJ:=GFE @:O;WMN NFHW=B?MWMNR HIU?MB
I; MI\?= =@:<=IJ:=GFE HI4@:O;IMB IL;NM N =?M \? NFHW=B?4
MWMR N ;:<I;?SR HIU?MB B NFHW=B?MICI MI\?= FIOL:J:=GFE NQ4
Q[ONER U=I I; FQWVN= 7;?U=I F@?L;??9 M?\LB LJBME OJB<:MN
M?=:QN;CJNF=NU?F<N? FB\L?;NE N;PI@M:;=IJ MICB= I=@:\:=G
@?H@?O?;=:SN[ OJB<: J @:O;WT FNF=?M:TY >@?LF=:JQE?=FER U=I
=:<I? H@?LHIQI\?;N? FICQ:FB?=FE F ;:QNUN?M ;?F<IQG<NT B@IJ4
;?X PI;?=NU?F<IX N;=@IFH?<SNN ]ILO:FIJ  g_Y
"FQN H@N;E=G CNHI=?OB I FBK?F=JIJ:;NN J PI;IQICNU?F<IM
<IMHI;?;=? LJBT HILFNF=?MR JIO;N<:?= JIH@IF I @:FH@?L?Q?;NN
PB;<SNX M?\LB ;NMNY >I IL;IMB H@?LHIQI\?;N[ ]€ICIM:OIJ

_R FNF=?M:R ?LN;NSW <I=I@IX FII=;IFE=FE F 7MIF<IJF<NMN


PI;?M:MN9R IAFQB\NJ:?= H@IS?FFW JIFH@NE=NE @?UNR =ICL: <:<
FNF=?M: ?LN;NSR FII=;IFEKNTFE F 7H?=?@AB@CF<NMN PI;?M:MN9
IAFQB\NJ:?= H@IS?FFW HI@I\L?;NE @?UNY >I L@BCIMB H@?LHI4
QI\?;N[ ]&tis  g_R ?LN;NSW H?@JIX FNF=?MW EJQE[=FE
F=@I?JWMN cQ?M?;=:MN OJB<IJICI IAQN<: FQIJ:R T@:;EK?CIFE J
Q?<FN<I;?R =ICL: <:< ?LN;NSW J=I@IX IAFQB\NJ:[= HI@I\L?4
;N? N JIFH@NE=N? @?UNY M?[KN?FE L:;;W? ;? HIOJIQE[= I=4
L:=G H@?LHIU=?;N? =IMB NQN L@BCIMB @?V?;N[R =:<\? <:< I;N
;? HIOJIQE[= FL?Q:=G JWJIL: I =IMR MICB= QN PB;<SNN c=NT
FNF=?M M?;E=GFE J I;=IC?;?O?Y

<=.>*
*#*?!/*$ [\ 1C'$*$! ' $) Z**"*# &'( )  '? $ >/%
(' '3'(! ,, ]*B* >/(*/! > 666 ^
 & ._ \'!" #$  &'( ' B'!$"' > * '"'+ (*#*
>/(! * Z**"*# F?) *#"!) ,, ` ?'a$/*$(!> !%
&!> (*Z''D > '*$%Z "*"*#*$ '/  1235 66

!'$ & ] b**"*# &'( ' B*3"'? *3C'#* $**&*#* >/%
(*/! > \5 O


25
“tir˙rus” — 2008/3/21 — 19:46 — page 26 — #26

*&)+ $ !+ # )!"$, ($$!$ -$, ) $.$!"$#

!'$ & ] 'Z''D > Z**"*# 5 ?*Z**"*# 5 *Z*#!%


Z $ '&'$*+ '>'"=* ,, E$(*$*+ *+ >/(! \5 OcO
>/'$ d2 1B*!!> *Z*#!Z > *F(*"= (! (!( Z*' &'%
(!> !( BD > ,, 2*3"'? '(*+ '&  1235 OOc
*/!*$ 1] - Z*' &'(*+ *B'(D ,, U(B' ?'!"='
?'* $ B )*" #$  (' \5 Oc
-a'#*$ 1 -Z*#!Z &'( + "*$!= (*#* >/(! \5 OO;
@!(*$! \]5  & ._ 1*#"!'5 B!' B* B /!( #")*%
 ,/$*(* 5 $ /'(!"' *B'(D ,, 2 =?'!> (*?%
? (!D > Z*' &'( + *+ >/(! 2!?> B*Z'*!
]b$!*$*+ 1235 66

b**"*# > '&'$*+ '>'"=*  , 2* ' _]*!(* 1235
666
e$'(*$! _1 .'+*B )*"*# > B =?!5 &'! &' >4 !F' '
$*!*$"' ' \5 OOc
Bentin S., Leshem H. On the interaction between phonological aware-
ness and reading acquisition: it’s a two-way street // Annals of
dyslexia, 43, 1993.
Caravolas M., Bruck M. The effect of oral and written language input
on children’s phonological awareness: a cross-linguistic study //
Journal of experimental child psychology, 55, 1993.
Ehri L.C. Development of the ability to read words: Update // R.Rud-
dell, M.Ruddell, H.Singer (Eds.). Theoretical models and processes
of reading (4th ed.). Newark, DE: International Reading Associa-
tion. 1994.
Ehri L. How orthography alters spoken language competencies in chil-
dren learning to read and spell // J. Downing, R. Valtin (Eds.).
Language awareness and learning to read. New York: Springer
Verlag, 1984.
Ehri L. Presidential address // J.P.Williams (Ed.). Scientific studies of
ë
reading, Vol.2, 2, Mahwah, NJ: Lawrence Erlbaum, 1998.
Gombert J.-E. What do children do when they fail to count phonemes? //
International journal of behavioral development, 19, 4, 1996.
Liberman I.Y., Shankweiler D., Fischer F.W., Carter B.J. Explicit syl-
lable and phoneme segmentation in the young child // Journal of
experimental child psychology, 18, 1974.

26


  
g 
g

( -
Lundberg I. Phonemic awareness can be developed without reading in-
struction // S.A.Brady, D.P.Shankweiler (Eds). Phonological pro-
cesses in literacy: a tribute to Isabelle Y. Liberman. Hillsdale, NJ:
Lawrence Erlbaum Associates, Inc., 1991.
Mann V.A. Phonological Awareness: The role of reading experience //
Cognition, 24, 1–2, 1986.
Mann V.A. Are we taking too narrow a view of the conditions for devel-
opment of phonological awareness? // S.A.Brady, D.P.Shankweiler
(Eds). Phonological processes in literacy: a tribute to Isabelle Y.
Liberman. Hillsdale, NJ: Lawrence Erlbaum Associates, Inc., 1991.
Morais J. Constraints on the development of phonemic awareness //
S.A.Brady, D.P.Shankweiler (Eds). Phonological processes in lit-
eracy: a tribute to Isabelle Y. Liberman. Hillsdale, NJ: Lawrence
Erlbaum Associates, Inc., 1991.
Morais J., Cary L., Alegria J., Bertelson P. Does awareness of speech as
a sequence of phones arise spontaneously? // Cognition, 7, 1979.
Read C.A., Zhang Y., Nie H., Ding B. The ability to manipulate speech
sounds depends on knowing alphabetic reading // Cognition, 24,
1986.
Rusakova M.V. On the morphemic boundary as a criterion of phonemic
divisibility // Proceedings XIICPhS. The Eleventh international
congress of phonetic science. Tallinn, 1987.
Scholes R.J., Willis B.J. On the orthographic basis of phonemic segments
in linguistic competence and performance // Language Sciences, 12,
4, 1990.
Scholes R.J. The case against phonemic awareness // Journal of Research
in Reading, 21, 3, 1998.

27


  


" # ? # @  /  


 


 
   
 
>I;E=NE :;IM:QNN N :;IM:QG;ICI HIQBU:[= @:OQNU;I? NF4
=IQ<IJ:;N? J =IQ<IJWT FQIJ:@ET J O:JNFNMIF=N I= =ICI FI4
L?@\:;NER <I=I@I? J<Q:LWJ:?=FE J HI;E=N? ;I@MWY I;S?HSNE
\?F=<ICI L?=?@MN;NOM: LN<=B?= AIQ?? BO<I? HI;NM:;N? :;I4
M:QNN <:< I=<QI;?;NE I= ;I@MWR IAK?X O:<I;IM?@;IF=NR <:<
;?H@:JNQG;IF=N `€4
R #R eIQ<IJWX FQIJ:@G Y Y \?4
CIJ: N $Y Y J?LIJIXaY >@?LF=:JQ?;N? I J:@N:=NJ;IF=N ;I@4
MWR J?@IE=;IF=;IMR ;?\?F=<IM T:@:<=?@? O:<I;IM?@;IF=?XR AI4
Q?? FII=J?=F=JB[K?? FIJ@?M?;;IMB F=NQ[ MWVQ?;NER JQ?U?=
O: FIAIX N AIQ?? VN@I<I?R LIHBF<:[K?? LNPP?@?;SN:SN[ HI4
;NM:;N? :;IM:QNNR BFQIJ;IF=N ?? C@:;NS F ;I@MIXf F@Y J c=IM
HQ:;? IH@?L?Q?;N? Q?<FNU?F<NT O;:U?;NX FQIJ J €4 7;I4
M:QNEY %<QI;?;N? I= O:<I;IM?@;IF=N EJQ?;NXR I=F=BHQ?;N? I=
IAWU;IX ; I @ M W NQN IAK?CI H@:JNQ:f ;?H@:JNQG;IF=GY Y Y
;IM:QG;WXY =<QI;E[KNXFE I= ;I@MWR I= I A K ? C I HI@EL4
<:R ; ? I A W U ; W XY Y FIF=IE;N?9Y "K? AIQ?? LNPP?@?;SN@I4
J:;;I? =IQ<IJ:;N? FQIJ:   ;:TILNM J FQIJ:@? bYY!:4
QE 7C@?UY B<QI;?;N? I= IAWU;ICIR ;?FTILF=JI F IAW<;IJ?;;WMR
I=F=BHQ?;N? J <:<IM4QNAI EJQ?;NN H@N@ILWf NOxE=N?R NF<Q[4
U?;N?R B<QI;?;N?R H@NUBL:R ;?IAWU:X;IF=GR F=@:;;IF=G9Y ;I
I=<@WJ:?= HB=G < :;:QNOB ;? =IQG<I <IQNU?F=J?;;WTR ;I N <:4
U?F=J?;;WT T:@:<=?@NF=N< 7B<QI;?;NE9R ;? =IQG<I 7;?H@:JNQG4
;IF=?X9R ;I N H?@FH?<=NJR HI=?;SNX J @:OJN=NN =ICI NQN N;ICI
EJQ?;NER J ?CI H@?ILIQ?;NN `F@Y NOJ?F=;I? NO@?U?;N? CL? IH:F4
;IF=GR =:M N FH:F?;N?aY
IJI<BH;IF=G :;IM:QG;WT EJQ?;NXR I=M?U:E 7H@IAQ?M;W?9
=IU<N M?;=:QG;ICI H@IF=@:;F=J: ;IFN=?Q?X EOW<:R @:F<@WJ:?=

28   
  
  


  
 


. 
IFIA?;;IF=N <:@=N;W MN@: FIJ@?M?;;N<:R I=@:\:?MW? J ;?IQI4
CNU?F<IM FQIJ:@?Y d=I <:F:?=FE ;? =IQG<I 7AIQ?JWT9 =IU?<R ;I
N =?T :==@:<=I@IJR ;: <I=I@W? MI\?= JWX=N FQI\;:E ;?@:J;I4
J?F;:E F:MI@:OJNJ:[K:EFE FNF=?M: ;: HB=N < ;IJIMB FJI?MB
FIF=IE;N[R H@?ILIQ?J:E @:O@BVN=?QG;I? L?XF=JN? PQB<=BN@B4
[K?CI T:IF: J @:O;WT FP?@:T AW=NEY ?:ANQN=:SNE @IQN FQB4
U:X;IF=N J FN;?@C?=N<? H@NOJ:;: HILU?@<;B=G ;? =IQG<I ;?C:4
=NJ;W?R ;I N HION=NJ;W?R =JI@U?F<N? HI=?;SNN T:IF:R IL;NM NO
H@IEJQ?;NX <I=I@ICI N JWF=BH:?= :;IM:QNEY b FQIJ:@? 7$IJW?
FQIJ: N O;:U?;NEY QIJ:@G4FH@:JIU;N< HI M:=?@N:Q:M H@?FFW N
QN=?@:=B@W 4T CILIJ9 `HIL @?LY "YY~?J:VIJ:f >AYR ga I=4
M?U:[=FE FH?SN:QG;W? M:@<?@W :;IM:QG;WT EJQ?;N?XR IAx?LN4
;E[KN? HI c=IMB H@NO;:<B @:O;W? HI;E=NX;W? FP?@W N IAQ:4
F=N AW=NEY  UNFQB =:<NT M:@<?@IJ MICB= AW=G I=;?F?;W MI@4
P?MW  R   R    J FIF=:J? ;IJIIA@:OIJ:;NX NQN
<:< I=L?QG;W? ?LN;NSW J F=:=BF? FQIJ:Y b ;IJIIA@:OIJ:;NET F
H?@JWMN LJBME MI@P?M:MN H@?LF=:JQ?;: H@?\L? JF?CI <IQN4
U?F=J?;;:E c<FH@?FFNER HI@I\L:[K:E ;?U=I ;?IAWU;I?R U:F=I
c=I FQIJ:4N;=?;FNJWY L;:<I ;N NT F?M:;=N<:R ;N FHIFIA Q?<4
FN<IC@:PNU?F<IX HIL:UN ;? I=QNU:[=FE ?LN;IIA@:ON?Mf F@Y

1B' ] /!& (!/ - &f?%" $F'#* (!&'$!g * (*?%


"5 *3"!!YC'? ! $F ? ** $!? h$ !/# '%
& i   0 - B'   $ /!& jB  ' $ *  ) *  > C + B * %
 * 3  * 'k
;:QICNU;I? O;:U?;N? MI@P?MW I=M?U?;I J ;IJIIA@:OIJ:4
;NET 
            
     N L@Y !QE NM?; H@NQ:C:=?QG;WT NFHIQG4
OB[=FE HIM?=W |J IU?;G JWFI<IX F=?H?;N}R |J JWFV?X F=?H?;N}
     
 N L@Y
;ICL: I=<QI;?;N? I= ;I@MW PN<FN@B?=FE =:<NMN cQ?M?;4
=:MN FQIJ:@;ICI =IQ<IJ:;NER <:< IU?;GR JWFVNXR :AFIQ[=;IR
;:NJWFVNXR JWL:[KNXFER O;:UN=?QG;I H@?JWV:[KNX HIFQ?L4
;N? LIF=N\?;NE ;:B<N N =?T;N<NR CNC:;=F<NXR C@IM:L;WXR H@?4
L?QG;WXR F:MWXR IFIAWXR C@:;LNIO;WXR HI@:\:[KNXR C@IM<NXR
;?AWJ:QWXR NO @EL: JI; JWTILEKNXR ;?IAW<;IJ?;;WXR ;:NM?;G4

29


    

$)!"+ 5#!5 # ! $!$ -$ $ !$#5

VNXR ;:M;ICI H@?JWV:[KNX H@NJWU;B[R U@?OM?@;WXR ;:NAI4


Q?? J@:\L?A;I N L@Y C@:;NUNMFE FQ?LB[KNM H@NM?@IM 7B4
H?@SNJNQNO:SNEY ;IHQ:;?=;:E CNHI=?=NU?F<:E SNJNQNO:SNER
;:TILEK:EFE ;: AIQ?? JWFI<IX F=BH?;N @:OJN=NER U?M U?QIJ?U?4
F<:EY Y Y BH?@Y Y Y `H@?JIFTILEKNX HILIA;I?a ‚ SNJNQNO:SNE9Y
7%QG=@:<I;F?@J:=NJ;WXY >@?L?QG;I <I;F?@J:=NJ;WXY Y Y
%QG=@:Y Y Y `F J ? @ T R H@?JWV:[KNX IAWU;B[ M?4
@ Ba ‚ <I;F?@J:=NJ;WX9Y  c=IX \? HIM?=IX L:;I =IQ<IJ:;N?
FQIJ  
   R   
 `F:MIQ?=aR :   
    N;:U? 7%QG=@:Y Y Y `<@:X;?R U@?OJWU:X;Ia ‚
H?@?F=@I?U;WX9Y :< JNLNMR F U:F=?@?U;IX H@N;:LQ?\;IF=G[
FQIJ: FHIFIA NF=IQ<IJ:;NE IAIO;:U:?MICI NM EJQ?;NE B\? ;?
FJEOWJ:?=FEY bF? c=I FJNL?=?QGF=JB?= IA IU?;G =I;<NT ;[:;F:T
J IFMWFQ?;NN N IAIO;:U?;NN ;IJWT @?:QNXR JWTILEKNT O:
H@?L?QW H@NJWU;ICI LQE HIQGOIJ:=?QE EOW<:Y
%FQIJ;I FQBU:N :;IM:QNX MI\;I @:OL?QN=G OL?FG ;: =?R
<I=I@W? I=F=BH:[= I= F@?L;?CI B@IJ;E N LITILE= LI JWF4
V?X NQN ;NOV?X C@:;NSW ;I@MWR N =?R <I=I@W? JOQ:MWJ:[=R
H@?ILIQ?J:[= c=N C@:;NSWY >IFQ?L;?? I=U?=QNJI IA;:@B\N4
J:?= =:<IX M:@<?@ :;IM:QG;WT EJQ?;NX @:O;WT FP?@ AW=NER
<:<     `I U?M4QY M;NMIMR ;?
4 `QI\;WXR M;NMWXa
NF=N;;IMaR    !
          
     "      
     

          
    
     
    
 
 
    
        
           #      $ 
 
         
     
       
   #  #
   # 

   
 
 =M?U:?M:E J c=NT ;IJIIA@:OIJ:;NET
:;IM:QG;IF=G FJEO:;: F IAQ:F=G[ ;? F=IQG<I O;:;NER F<IQG<I
M;?;NE CIJI@EK?CI FBAx?<=:R FI FJI?X =IU<N O@?;NE BF=:;:J4
QNJ:[K?CI F=?H?;G FII=J?=F=JNE =ICI NQN N;ICI EJQ?;NE FBAx4
?<=NJ;I HI;E=IX ;I@M?Y $? FQBU:X;I HIL:JQE[K?? UNFQI ;I4
MN;:SNX I=;IFN=FE OL?FG < <@BCB I=JQ?U?;;WT EJQ?;NX N NT
H@NO;:<IJR <J:QNPN<:SNE <I=I@WT FJEO:;: F IAQ:F=G[ IS?;I<

30


    

. 
`FISN:QG;WTR cMISNI;:QG;WTR c=NU?F<NTR cF=?=NU?F<NTR HIQN4
=NU?F<NTR N;=?QQ?<=B:QG;WTaY d=N FBAx?<=NJ;W? IS?;<N N JW4
L:[=FE O: IAx?<=NJ;W? FJIXF=J: J?K?XR QNV;NX @:O HILU?@<N4
J:E LNF<@?=;I4<I;=N;B:QG;WX T:@:<=?@ HIQE :;IM:QG;IF=N J
?CI I=;IV?;NN < ;I@M?Y
NC;:Q:MN ;I@MW N I=<QI;?;NE I= ;?? FQB\:= IS?;IU4
;W? H@NF=:JIU;W? IA@:OIJ:;NER M?;E[KN? O;:< IS?;<N H@I4
NOJILEK?CI ;: HIQI\N=?QG;WX NQN I=@NS:=?QG;WXY  IL;IX
F=I@I;WR c=I FQIJ:   #           
        
  
   
 

            #   
 R : F L@BCIX  
    
 
           
  #      
    Y
$I@M: PN<FN@IJ:;: FQIJIM  
F HIM?=IX "  N
:AA@?JN:=B@IX %&' `;I@M:=NJ;I4UNF=:E H@ILB<SNEaR NFHIQG4
OB?MIX J @:OCIJI@;IX @?UNY =M?U?;;W? JWV? C@:L:SNN :;I4
M:QG;WT EJQ?;NX L:[= F?AE HIUBJF=JIJ:=G N J Q?<FN<IC@:4
PNU?F<IX @:O@:AI=<? FQI\;WT FQIJ F H?@JIX U:F=G[   N
" R H@NU?M F?M:;=N<: H?@JWT N;ICL: IA;:@B\NJ:?= FN;<@?4
=NOM @:O;WT JNLIJ :;IM:QG;IF=NY @YR ;:H@NM?@R    
7>@NAWQGR ;:M;ICI H@?JWV:[K:E F@?L;[[9R     
  7b JWFV?X F=?H?;N AQ:CIHIQBU;WXY Y Y J?@TY Y Y `J JWF4
V?X F=?H?;NR U@?OJWU:X;Ia ‚ AQ:CIHIQBU;WX9 N    "
  J?@TY Y Y `JWTILEKNX O: H@?L?QWa ‚ JIOMI\;I?Y
b;NM:;N? < <@:X;NM =IU<:M FJEO:;I ;? =IQG<I F =IX IFI4
A?;;IF=G[ @IFFNXF<IX M?;=:QG;IF=NR <I=I@B[ ;:OWJ:[= M:<4
FNM:QNOMIMR ;I N F <@NONF;WM FIF=IE;N?M FIO;:;NE IAK?4
F=J:R IABFQIJQ?;;WM FISN:QG;WMN HI=@EF?;NEMN J;B=@N F=@:4
;WR ?CI H@?L?QG;IX HIQN=NON@IJ:;;IF=G[R IKBK?;N?M C@:;N4
SWR <:;B;: J?<IJ N =WFEU?Q?=NXR B=@:=IX AWQWT S?;;IF=?X N
;?FPI@MN@IJ:;;IF=G[R HINF<IM ;IJWTf =?M J:<BBMIMR <I=I4
@WX F=:Q O:HIQ;E=GFE c<F=@?MNOMIM N <@NMN;:QG;WMN I@N4
?;=N@:MNY "F=?F=J?;;I HIc=IMBR U=I O;:UN=?QG;I? UNFQI ;IJ:4
SNX FJEO:;I F <I;S?H=B:QNO:SN?X IAK?F=J?;;WTR FI4
S N : Q G ; I4H I Q N = N U ? F < N T E J Q ? ; N XR IFB\L?;N?M =?TR

31


   


$)!"+ 5#!5 # ! $!$ -$ $ !$#5

<I=I@W? HI@I\L?;W =I=:QN=:@;WM @?\NMIMR @?:QNEMN <I;4


S: J?<:R N B=J?@\L?;N?M ;IJWTR I=J?U:[KNT H@?LF=:JQ?;N4
EM I FJIAIL?R L?MI<@:=NNR H@:J:T U?QIJ?<:  
  
 `N FJEO:;;W? F ;NM HI <I@;[ FQIJ:aR   "  
  !     `FJEO:;;WX F H@NM?;?;N?M @:F4
F=@?QIJ J H?@NIL M:FFIJWT @?H@?FFNX J  J  4? ;:UY
  
     
R 
  R  
D 4T CCYaR
 $  
 $
  $    $  
   $      !     

      
`N ?CI L?@NJ:=WaR     

`I LQN=?QG;IM T@:;?;NN CI=IJIX N;=?QQ?<=B:QG;IX H@ILB<4
SNNaR     R "
( 
 !
 

  
)R   
  `H@NB<@:4
FN=G L?XF=JN=?QG;IF=GR F<@WJ:E ;?LIF=:=<NaR    

  
  !      
  
       

  $   
 $  $   $   $   $    
 

  

   
 


  "  
 
   "  
 
     

 

  
 "  

  "  "    "     $R "   


 
  " `N@I;YaR  
 $  
!    
 $ "  
 
      
   !          #  
 

     

 
  `FJIAIL: JWF<:4
OWJ:;NXR HIQN=NU?F<NT <I;=:<=IJR IAM?;: N;PI@M:SN?X N =YLYaR
 
      
`I=FWQ<: I= N;F=:;SNN < N;F=:;4
SNNaR   
`J@?M?;;I? H@?AWJ:;N? J LIQ\;IF=N J I\NL:4
;NN <:<NT4QY H?@?M?;aR 
  
    
   !
  #      

`<IQQ?<=NJ;:E JWHNJ<:aR      `I O:<Q[U?;;WTR ;:TI4
LEKNTFE J Q:C?@ET J H?@NIL M:FFIJWT @?H@?FFNXaR  $  
   $  `I M:=?@N4ILN;IU<?aR    
$    R         
   "




       `U?QIJ?< <:< NL?:QaR

$   $  
    
       

32


    

. 
 $     `aR        
   
`N C;?OLI < ;?MBa N L@Y
>IF<IQG<B EOW<IJI? O;:;N? JWF=BH:?= IF;IJIX Q[AICI L@B4
CICI JNL: O;:;NER c=N ;IJIIA@:OIJ:;NE @NFB[= FISN:QG;I4HIQN4
=NU?F<NX HI@=@?= IAK?F=J: H?@?F=@I?U;ICI N HIF=H?@?F=@I?U4
;ICI H?@NIL: J FQIJ:TR ?MB H@NFBKNTY $? M?;?? HI<:O:=?QG;W
N ;IMN;:SNN c<I;IMNU?F<IX N :LMN;NF=@:=NJ4
; I4T I O E X F = J ? ; ; I X F P ? @ WR H@NU?M N OL?FG ;:NAIQ?? L?4
=:QG;B[ Q?<FNU?F<B[ @:O@:AI=<B J @?U?JIX H@:<=N<? N Q?<FN4
<IC@:PNU?F<B[ J FQIJ:@? HIQBU:[= =? NO ;NTR <I=I@W? IA@:K?4
;W < :;IM:QNEMR IFIAI O:;NM:[KNM BMW CIJI@EKNTY "FQN LQE
H@?LWLBK?X C@BHHW c=I C;?OL: =NH:     *   
  *     NQN       *  
     R : =:<\? F?@NN CQ:CIQG;WT IA@:OIJ:;NX
F H@NF=:J<IX  R FIL?@\:K?X J F?M:;=N<? F?MB U@?OM?@;IF=NR
J?LBK?X < B=@:=? LIF=IN;F=JR < H:=IQICNNR BK?@AB `  

                #  
    $     N L@YaR =I :;IM:QNN c<I;IMN<N
N :LMN;NF=@N@IJ:;NE J TIOEXF=J?;;IX L?E=?QG;IF=N H?@?L:[=
  ! 
     
   
;IJIIA@:OIJ:;NE
  $   $#  `F H@EMWM B<:O:;N?M ;:
I=<QI;?;N? I= ;I@MW F HIMIKG[ J=I@IX <I@;?JIX MI@P?MW N
;?C:=NJ;WT <I;;I=:SNXaR         
      
           
   "
`I QNS?R UNFQEK?MFE J IL;IX LIQ\;IF=NR ;I
O:;NM:[K?MFE L@BCIX @:AI=IXaR    "   
 R       `QNV?;;WX FHIFIA;IF=N NQN JIOMI\4
;IF=N PB;<SNI;N@IJ:=G ;I@M:QG;IR J HIQ;B[ FNQBaR   
#     #   $ `@:OCYR H@?;?A@Y NQN N@I;YaR 
 
    
  #     


 
  
    
     $ R   
   
  
`I H@?LH@NE=NNaR   
      
  $       R

     R 

  
     
 
 
           
@:J;N=?QG;I ;?J?QN<I <IQNU?F=JI ;IJIIA@:OIJ:;NXR FJE4

33


    

$)!"+ 5#!5 # ! $!$ -$ $ !$#5

O:;;WT F J I ? ; ; I X F P ? @ I XR MI\?= AW=GR HI=IMBR U=I JIX4


;: F:MI HI F?A? H:=IQICNU;I? FIF=IE;N? U?QIJ?U?F=J:R : MI4
\?= AW=GR JFQ?LF=JN? I=F=BHNJV?X ;: J@?ME BC@IOW =@?=G?X
MN@IJIX JIX;WY e?M ;? M?;?? N OL?FG FQIJ:@G I=M?U:?= ;?
=IQG<I NOIQN@IJ:;;W? ;IMN;:SNN :;IM:QNXR ;I N S?QW? C;?O4
L: N F?M:;=NU?F<N? C@BHHW  
       
$     f   
 `H@NM?;N=?QG;I < J;?V;?X HI4
QN=N<? Y $YYaf     R     R   
   +     ,   

        R    R  

" R    
R    
    

   
!     `\:@CYR <:< FN;I;NM  

aR   `FIQL:= HIFQ?L;?CI CIL: FQB\AWaR       
! `aR  
`  L?La `\:@CYaR # 
   

    
   R        $
 `<:< :;=NHIL :;=N=?@@I@NOMBY $YYaR     $
         " R   !

:< JNLNMR JI?;;WX Q?<FN<I; I=@:\:?= N H:ME=G FIJ@?M?;4
;N<IJ I FIAW=NET J=I@IX MN@IJIX JIX;WR N BC@IOW ;IJICI JI?;4
;ICI H@I=NJIF=IE;NER N @?QN<=W MNQN=:@NOIJ:;;ICI FIO;:;NER
QICN<B J@?M?; JIX;WR N :;IM:QG;W? EJQ?;NE J :@MNNY
OJ?F=;WM I=<QI;?;N?M I= ;I@MW JNLE=FE FIJ@?M?;;IX
EOW<IJIX QNU;IF=N M;ICN? @?:QNNR EJQ?;NE IAK?;:BU4
;IXR PNQIFIPF<IXR H @ I N O J I L F = J ? ; ; I4= ? T ; N 4
U?F<IX FP?@WR ;IJW? = ? T ; I Q I C N NY d=I <:F:?=FE
;? =IQG<I ;?NOJ?F=;WT @:;?? H@?LM?=IJR H@NO;:<IJR H@IS?FFIJR
;I N FM?;W BCQ: O@?;NE ;: B\? NOJ?F=;W? P:<=WR NT H?@?<I;4
S?H=B:QNO:SNN J M?;=:QG;IM H@IF=@:;F=J? FIJ@?M?;;N<:Y  ;I4
J:SNEM H?@JICI =NH: FQ?LIJ:QI AW I=;?F=N      
 
     
   #  
$         $ `<:< :;=NHIL L?CBM:4
;NO:SNNaR 
  

   "  
  
`N FJEO:;;W? F ;NM HI O;:U?;N[ FQIJ:aR   
       `H@IMWVQ?;;WXaR         
     
`;:B<:aR      `N L@Y UQ?;W C;?O4
L:aR 
 
  
       

34


   D D

. 
   
 

 

  
`<I;J?X?@4
`JIX;:aR
;WX FHIFIA CQ:O;WT IH?@:SNXaR        
  R    `J  O;:UYa N L@Y
 ;IJWM IFMWFQ?;N?M B\? NOJ?F=;ICIR I=<@WJ:[K?CI N;W?
JIOMI\;IF=N FMWFQIHI@I\L?;NE N IS?;IU;IX <J:QNPN<:SNNR
;[:;FN@IJ<N FMWFQIJ FJEO:;W ;IMN;:SNN    `JIO4
@:F= U?CI4QYaR       R   $R     
         !        " 
              
 $              
 

   
      `H?@?;Ya N L@Y
>@NJ?L?;;W? ;IJ:SNN IA;:@B\NJ:[=R F IL;IX F=I@I;WR
;?HIQ;B[ :L:H=N@IJ:;;IF=G CIJI@EKNT < LIF=N\?;NEM ;:BU;I4
=?T;NU?F<ICI H@IC@?FF:R : F L@BCIX F=I@I;WR IFIO;:;N? ;?IA4
TILNMIF=N CBM:;NO:SNN ;:B<NR O;:;NER IC@:;NU?;;IF=N =?T4
;I<@:=NU?F<IX SNJNQNO:SNNR UNF=I @:SNI;:QG;ICI O;:;NEY $?
FQBU:X;I HIc=IMB J;NM:;N? ;IFN=?Q?X EOW<: IA@:K:?=FE <
FP?@? N@@:SNI;:QG;ICIR < :@T?=NH:M HIC@:;NU;ICI FIO;:;NER
H@IF=@:;F=JB HIC@:;NU;WT N HI=BF=I@I;;NT MN@IJ 7@T?=N4
HW <BQG=B@W @?:QNOB[=FE J =IHIT@I;:T NF=I@N<I4<BQG=B@;WT
OI;9Y @T?=NH <:< P:<=I@ FN;<@?=NOM: :@T:NU?F<NT <BQG=B@
H@?=?@H?J:?= FJIN MILNPN<:SNN J @:OQNU;WT NF=I@N<I4<BQG4
=B@;WT BFQIJNETY #W ;:AQ[L:?M HINF< ;IJIX FN;<@?=W J MI4
L?QET IAK?<BQG=B@;ICI FN;=?O: FIJ@?M?;;ICI CBM:;N=:@;ICI
O;:;NER J BF=:;IJQ?;NN IAK?U?QIJ?U?F<ICI HQ:;?=:@;ICI F:MI4
FIO;:;NER J FN;<@?=NOM? CQIA:QG;IX <BQG=B@WR J M?\LNFSN4
HQN;:@;IM ;:BU;I4CBM:;N=:@;IM FN;=?O?R J ?LN;F=J? H@IF=@:;4
F=J?;;I4J@?M?;;ICI <BQG=B@;ICI <I;=N;BBM:R J LN:QIC? \NJWT
F M?@=JWMNY >I FQIJ:M ƒYY~?A?L?J:R 7<BQG=B@: c=I M:=?@N4
:QNOIJ:;;:E JIQE M?@=JWTR H@ILIQ\:[K:EFE J HIJ?L?;NN \N4
JWT9R : 7@:SNI;:QG;I? FIO;:;N?R HI <@:X;?X M?@?R J „…))r„„
J?<:TR HIFQ?LIJ:=?QG;I IAIFIAQEQI FJIAILB \NJWT I= c=IX N@4
@:SNI;:QG;IX FP?@WR ;I =?M N IA@?<QI <BQG=B@B ?J@IH?XF<ICI

1 # H
/
I&! # $0$:$ JJ D$ -$ $
/D1
 <AAA

/


35


    

$)!"+ 5#!5 # ! $!$ -$ $ !$#5

IAK?F=J: ;: MBUN=?QG;I? FQ?HI? LJN\?;N? < c<ONF=?;SN:QG;WM


HINF<:M9Y


>@IAQ?M:=N<: <IC;N=NJ;IX QN;CJNF=N<NR IA@:K?;;IX <


EOW<IJIX FHIFIA;IF=N U?QIJ?<:R FHIFIA:M JIO;N<;IJ?;NER IA@:4
AI=<NR T@:;?;NER NOJQ?U?;NE N H?@?L:UN O;:;NER HI;NM:?MICI
<:< IHW=R ;IFN=?QEMN EOW<:R IAIF=@NQ: N;=?@?F ;? =IQG<I < @:4
SNI;:QG;IMBR ;I N J;?@:SNI;:QG;IMB `@?QNCNER J?@:a N N@@:SN4
I;:QG;IMB J FP?@? U?QIJ?U?F<ICI FIO;:;NE `MNF=N<:R A?FFIO;:4
=?QG;I?R N;=BNSNER F;WR @N=B:QWR IA@ELWR H@NM?=WaY >IFQ?L4
;?? H@NJQ?<:?= IFIAI? J;NM:;N? QN;CJI<BQG=B@IQICIJR NOBU:[4
KNT EOW< ;:@IL;IX =@:LNSNI;;IX <BQG=B@WY $?F<IQG<I N;:U?R
FICQ:F;I L:;;WM 7^NQIFIPF<ICI c;SN<QIH?LNU?F<ICI FQIJ:@E9
`#YR  aR N@@:SNI;:QG;I? HI;NM:?=FE J @?QNCNIO;IM MN@IJIO4
O@?;NNR CL? I;I IFMWFQE?=FE <:< LI@:SNI;:QG;I? `F=NTNX;I4T:4
I=NU?F<I?R ;? IPI@MQ?;;I? QICIFIMaR J I=QNUN? I= @:SNI;:QG;I4
CI N FJ?@T@:SNI;:QG;ICI `MNF=NU?F<ICIR L:;;ICI J I=<@IJ?;NNaY
!:Q?? FQIJ:@G I=M?U:?= 7b =?I@NN HIO;:;NE LN:Q?<=NU?F<ICI
M:=?@N:QNOM: N@@:SNI;:QG;I? @:FFM:=@NJ:?=FER <:< ;?U=I ?K?
;?HIO;:;;I?R ;I H@N;SNHN:QG;I HIO;:J:?MI?9Y
KBK?;N? 7HI@IC:9R 7HIC@:;NU;I? FIO;:;N?9 F=:QI H@?LM?4
=IM J;NM:;NE :J=I@IJ IL;ICI NO JWHBF<IJ :QGM:;:T: 7:;B;9
HIL @?L:<SN?X !Y Y ~NT:U?J:Y e:<NM IA@:OIMR =@:LNSNI;;W?
LQE Q?<FN<IQICNN H@IAQ?MW ;IMN;:SNN J<Q[U:[=FE J <I;=?<F=
;? =IQG<I :<=NJ;IX Q?<FN<IQICNNR ;I N J <I;=?<F= <Q:FFNPN<:4
SNN N JO:NMIL?XF=JNE @:O;WT JNLIJ CBM:;N=:@;ICI O;:;NER U=I
I=J?U:?= =@?AIJ:;NEM :;=@IHIS?;=@NU?F<ICI HILTIL:Y
;IM:QNN I=M?U:[=FE EOW<IJWM FIO;:;N?M FIJ@?M?;;N<:
J @ ? Q N C N I O ; I4< B Q G = I J I X F P ? @ ?R J FP?@? =@:;F4
S?;L?;=:QG;ICIR cOI=?@NU?F<ICIR <IFMNU?4
F < I C I   $ `;:FNQGF=J?;;:E J H@I=NJIHIQI\;IF=G ;I@4
M?R FJEO:;;IX F IAK?T@NF=N:;F<NMN S?;;IF=EMNY $YYaR 
       $    
 
  
     
 #    #  
 #  
 
  

  
K
$-
/
 <

36


   g g

. 
            
   
        $  
#      
          
 
    
     
   
       `Q?=:[KNX IAx?<=aR # 
#              `J
H@IF=I@?UNNaR 
   
          


        
     
              !  
  
   `<@BH;I? @?QN<=IJI? \NJI=;I?R E<IAW
IAN=:[K?? J IO?@? e?Q? `I;CIaR # `@?QN<=IJWX CBM:4
;INLaR   `N @ILF=J?;;W? FQIJ:aY
!?=:QG;B[ Q?<FNU?F<I[ H@I@:AI=<B IA;:@B\NJ:?= J EOW4
<IJIX <:@=N;? MN@: FIJ@?M?;;N<: c < I Q I C N U ? F < : E F P ? 4
@: F ?? :;IM:QNEMNR F=NTNX;WMN N =?T;IC?;;WMN A?LF=JNE4
MNR U@?OJWU:X;WMN FN=B:SNEMNR M;ICN? NO <I=I@WT HIQBUN4
QN ;:OJ:;N? H:=IJWTY QIJ:@G L:?= S?QI? C;?OLI FQIJ F <I@4
;?JIX MI@P?MIX 
   R FIOL:[KNT H@?LF=:JQ?;N? IA c<IQI4
CNU?F<IX ;I@M? N H:=IQICNNR U:F=I JWF=BH:[K?? J cQ?M?;4
=:T =IQ<IJ:;NE Q?<FNU?F<NT O;:U?;NX 
 $ 

   `7Y Y Y F@?LF=J:MNR BF=@:;E[KNMN J@?L;I? JIO4
L?XF=JN? ;: I<@B\:[KB[ F@?LB9aR 
 `7FH?SN:4
QNF= HIY Y Y H@IAQ?M:M IT@:;W I<@B\:[K?X F@?LW9aR 

 
 `7PNQGMY Y Y I H@N@IL?R ?? O:KN=? N FIT@:4
; ? ; N N9aR 
 `7A?O J @ ? L :R B K ? @ A : I<@B\:[4
K?X F@?L?9aR 
  `7A ? O J @ ? L ; I F = GR A ? O I H : F 4
;IF=G LQE I<@B\:[K?X F@?LW9aR 
 `7A ? O I H : F 4
;WX LQE I<@B\:[K?X F@?LWR ;? ;:;IFEKNX ?X J@?4
L :9aR 
 `7Y $:B<:R NOBU:[K:EY Y Y H@IAQ?MW ?? `F@?4
LWY $YYa IT@:;WY
Y dY <BQG=B@WY Y dY ;@:JF=J?;;IF=N9aY
L?N ;?IATILNMIF=N O:KN=WR FIT@:;?;NER JIFF=:;IJQ?;NE c<I4
QICNU?F<IX ;I@MW H@IFM:=@NJ:[=FE N J =IQ<IJ:;NN FQI\;I4
FBPPN<F:QG;WT IA@:OIJ:;NX F H?@JIX U:F=G[ 
 Y Y Y  

 
  
  #  
   


  $  
    
 
 
 
 b IHNFWJ:?MB[ Q?<FNU?F<B[ C@BHHB :;IM:QNX JTILE=

37


    

$)!"+ 5#!5 # ! $!$ -$ $ !$#5

;IMN;:SNN      R     ! $  



  R     !   
  
! `<:< :;=I;NMW <      ! aR    "
       R        R     

#      ` N
O;:UYaR  
    $

  "R  !   
   `H?@?;YaR    
     
    
    
   
Y
b;NM:;N? ;IFN=?QE EOW<: H@NJQ?<:[= ;? =IQG<I IAK?HQ:;?4
=:@;W? BC@IOWR ;I N =?R <I=I@W? HI@I\L?;W <I@?;;IX QIM<IX
JI JF?T IAQ:F=ET \NO;N IAK?F=J:R H@:JIJWM J:<BBMIMR ;:@B4
V?;N?M [@NLNU?F<NT ;I@MR =I@\?F=JIM A?OO:<I;NE N A?FH@?4
L?Q:R c=I= ;?IQICNOM =:<\? I=M?U?; FQIJ:@?M 7
Y  H@INOJI4
Q?R A?OO:<I;NN `\:@CYa9Y $?=@BL;I AWQI O:M?=N=GR U=I F?M:;4
=NU?F<N? HIQE FQIJR IA@:K?;;WT < @:O;WM FP?@:M AW=NE N
IAQ:F=EM O;:;NER ;? NOIQN@IJ:;W L@BC I= L@BC:R : ;:TILE=FE
J I=;IV?;NET JO:NMILIHIQ;?;NE N O: FU?= cQ?M?;=IJ H?@?F?4
U?;NER N EL@I IL;ICI HIQE LIHIQ;E?=FE H?@NP?@N?X O: FU?=
cQ?M?;=IJ L@BCICI HIQER CL? I;N JWF=BH:[= J @IQN EL?@;WTf
F@YR ;:H@NM?@R F?M:;=NU?F<NX ;?IQICNOM 
 J FIU?=:;NN

     7 U†M4QYR U@?J:=IMR BC@I\:[K?M IH:F;I4
F=G[ `C:OY4HBAQYa9R            
        N L@Y J NT H?@?;IF;WT O;:U?;NETY
€IQGVN;F=JI c=NT cQ?M?;=IJR NM?[KNT FJEO:;;W? `Q?<FNU?F<N
NQN P@:O?IQICNU?F<Na O;:U?;NER IA;:@B\NJ:?= F?=?JIX H@N;4
SNH T@:;?;NE N;PI@M:SNN J :FFISN:=NJ;I4J?@A:QG;IX F?=N ;I4
FN=?QE EOW<:R N HI;E=N? FJEO:;;IF=N O;:U?;NE MI\?= IFMWF4
QE=GFE N J c=IX <IC;N=NJ;IX N HFNTIQN;CJNF=NU?F<IX H?@FH?<4
=NJ? `<:< FJEO:;;IF=N F IH@?L?Q?;;WMN FN=B:SNEMN N FP?@:MN
U?QIJ?U?F<ICI AW=NE J NT ;?@:F=I@\NMIM ?LN;F=J?R IABFQIJ4
Q?;;IM ?LN;F=JIM B;NJ?@FBM: N I=@:\:[K?CI ?CI FIO;:;NEaY
FIA?;;I I=U?=QNJI FJEOG c=: IA;:@B\NJ:?=FE J ;IMN;:SNETR
IA@:K?;;WT < <@NMN;:QG;IX F P ? @ ?R HIF<IQG<B <@N4
MN;:QN=?= H@I;NOWJ:?= N FP?@B FISN:QG;B[R N c<I;IMNU?F<B[R
N [@NLNU?F<B[R N HIQN=NU?F<B[R N M?LNSN;F<B[R N JF? L@BCN?R
J<Q[U:E M?;=:QG;B[ N EOW<IJB[Y ZL?FG H@?\L? JF?CI FQ?LB4

38


    

. 
?= CIJI@N=G I ;IMN;:SNET FP?@W ;:@<IANO;?F:R O:;NM:[KNT
J FQIJ:@? AIQ?? LJBT F=@:;NS `N c=I I=;IFN=FE =IQG<I < ;I4
JIIA@:OIJ:;NEM F H?@JIX U:F=G[  
   a  
  
 
   
   
 $  
   
  

  
#  
    

  

  " !  
   

  " !  
 

`H?@?;YaR  
   $  
   Y
>?@?F?U?;N? FI FP?@:MN M?LNSN;WR c<I;IMN<NR HIQN=N<NR
=I@CIJQNR H@:J: N =Y LY IA;:@B\NJ:[= ;IMN;:SNN   
  $  

 !
      N ?CI H@INOJIL4
;W?R   
R 

     `\:@CYaR    
   # 
 
   ! 
   ! 
 # `N
C;?OLI IL;I<I@?;;WT FQIJaR  
 `N;IEOWU;W? IAI4
O;:U?;NE M:PNNaR     ` N
O;:UYaR   !
 
$ 
     
  
   
   $
   $ "    $ 
  
  "   
  
  " # $  
  R  
    
R  $   R
 
 
  
`;:OJ:;NE ;:@<I=N<IJaR   R  
        R   
     
 
R 
 
   
   
  
   
       
         

   



  `;?Q?C:QG;WX NCI@;WX LIMa
N L@Y
=@?FFIC?;;WX T:@:<=?@ F@?LW N IAK?F=J?;;WT I=;IV?;NX
HI@I\L:?= M;ICIUNFQ?;;W? H:=IQICNN J PNONU?F<IM N HFNTN4
U?F<IM FIF=IE;NN U?QIJ?<:R N IAQ:F=G :;IM:QG;WT EJQ?;NX I=4
M?U:?=FE 7;:NJ;IX9 M ? L N S N ; I X J EOW<IJIX <:@=N;? MN@:R
:<=NJ;I NFHIQGOB[K?X N FH?SN:QG;W? IAIO;:U?;NER M;ICN? NO
<I=I@WT L?=?@MN;IQICNON@IJ:QNFGY $:OIJ?M =IQG<I ;?<I=I@W?

      
   # 
 -.' 
                   
   #  

  R  
R

#
          `N ?CI H@INO4
JIL;W?aR    !       
        $ $  $ 

39


    

$)!"+ 5#!5 # ! $!$ -$ $ !$#5

      

 

    


        R 

   
$  
   
      
`\:@CYaR
   // 
 
          
$ 
 
  
 
   
 

     
     
    
      
 
           #$ `N @IL4
F=J?;;W? FQIJ:aR      
    
 # 

 #  N L@Y
#?;GV?? J;NM:;N? ;IFN=?Q?X EOW<: H@NJQ?<:[= ;?IAWU4
;W? EJQ?;NE J FP?@? N F < B F F = J : R < B Q G = B @ W `
 
 
 
     #     
#   
  
    
   

"        


    `QNV?;4
;WX FQI\;IF=NR H@NFBKNX @?:QG;IX \NO;NaR 
 
`IC@:;NU?;;WXR BAICNX HI FIL?@\:;N[R HI MWFQNaR   
      
 `HILL?QG;WXR ;?Q?C:QG;WXaR
 
        $
    
    aR F H I @ = : `    I HIJ?L?;NN AIQ?QGKN<IJR
" 
      
     
 
      N  N L@YaR A W = : `  
  
  
`I VN;?aR   

     `IA IABJNaR 
    
#  #    ! 
 !     
N L@YaR
E O W < : `    
 `I<<:ONI;:QG;WXaR   

 "  aY
U?;G @:OJ?=JQ?;;IX I<:O:Q:FG FNF=?M: ;:NM?;IJ:;NX :;I4
M:QG;WT EJQ?;NXR FJEO:;;WT F Q?<FNU?F<IX =?MIX 7U?QIJ?<9Y
M?;;I J ?? @:O@:AI=<? I=@:ONQNFG =:<N? J:\;?XVN? <:=?CI4
@NN c=N<NR <:< LIA@I N OQIY IQNU?F=J?;;I4<:U?F=J?;;:E c<F4
H@?FFNER FJIXF=J?;;:E c=NM ;IMN;:SNEMR FQB\N= I=@:\?;N?M
@?CBQE=NJ;ICIR ;I@MI=JI@U?F<ICI N ;I@MIIT@:;E[K?CI T:@:<4
=?@: <J:QNPN<:=NJ;IX L?E=?QG;IF=N U?QIJ?<:Y :OM?@W F=:=GN
;? HIOJIQE[= AIQ?? HIL@IA;I IF=:;IJN=GFE ;: Q?<FN<IC@:PN4
U?F<IX HIL:U? c=IX =?MW J FQIJ:@? 7$IJW? FQIJ: N O;:U?;NEY

40


    

. 
QIJ:@G4FH@:JIU;N< HI M:=?@N:Q:M H@?FFW N QN=?@:=B@W 4T
CILIJ9R I;: ;B\L:?=FE J IFIAIM IFJ?K?;NNY
b O:<Q[U?;N? FQ?LB?= I=M?=N=G M;ICIIA@:ON? FHIFIAIJ HI4
HIQ;?;NE FIJ@?M?;;ICI @BFF<ICI EOW<:Y b ;IMN;:SNET ;?IAWU4
;WT LQE ;IFN=?QE EOW<: EJQ?;NX N ;IJWT N;=?@H@?=:SNET NO4
J?F=;ICI JWF=BH:[= HI FBK?F=JB JF? H@ILB<=NJ;W? FHIFIAW
FQIJIIA@:OIJ:;NE N M?;?? JF?CI N;IEOWU;W? O:NMF=JIJ:;NER
H@NU?M F@?LN HIFQ?L;NT IA@:K:[= ;: F?AE J;NM:;N? O:NM4
F=JIJ:;NE NO JIF=IU;WT EOW<IJR ;IMN;:SNN c<OI=NU?F<NT @?4
:QNXR J<Q[U:?MWT J HIQ? O@?;NE @BFF<IEOWU;ICI CIJI@EK?CI
`F@Y           
  
N L@YaY @?LN J;B=@?;;NT O:NMF=JIJ:;NX M;ICI JTI\L?;NX NO
\:@CI;;IX FP?@WR IFIA?;;I J H@IS?FF:T F?M:;=NU?F<IX L?@N4
J:SNN `      
   

 
 

        "
  
 


N L@YaR ;I ?F=G JTI\L?;NE N NO LN:Q?<=IJ `     
   =E\?QI O:AIQ?J:=GR O:AIQ?=GaY U?;G :<=NJ;W FQI4
\?;NER FQIJ:R IA@:OIJ:;;W? FQI\;I4FBPPN<F:QG;WM FHIFIAIMR
U=I I=@:\:?= =?;L?;SN[ ;? =IQG<I < LNPP?@?;SN:SNN EJQ?;NXR
HI;E=NXR ;I N < N;=?C@:SNN M?\LNFSNHQN;:@;WT O;:;NXR < HI4
NF<:M S?QIF=;IF=N J IFMWFQ?;NN MN@:Y :O;ICI @IL: :;IM:QNN
H@?LF=:JQ?;W N :AA@?JN:=B@:MN `012 -.' 3'0- 2456
%74 N L@YaY
I;?U;IR ;?IQICNOMR PN<FN@BE ;?IAWU;WX FHIFIA JW@:\?4
;NER F:M HI F?A? FIOL:?= cPP?<= ;IJNO;WR FIJ@?M?;;IF=NR c<F4
H@?FFNJ;IF=NY d=N <:U?F=J: ;IJIIA@:OIJ:;NX M;ICI<@:=;I BFN4
QNJ:[=FER <ICL: I;N F=:;IJE=FE ;IMN;:SNEMN EJQ?;NXR H@?L4
F=:JQE[KNTFE J U?M4=I :;IM:QG;WMN LQE FIJ@?M?;;IX EOW<I4
JIX QNU;IF=NY

41


   


$)!"+ 5#!5 # ! $!$ -$ $ !$#5

@ .A *
A1%4 *"(*$+ "*$!= *$'?'*#* (*#* " '!*#*
>/(!4 ] c   \g _5 O8
A1%4 *"(*$+ "*$!= *$'?'*#* (*#* " '!*#*
>/(!  1235 66

\A14 1"*$!= (*#* >/(!4 ] 8    \5 O

42


    

B# ( # &     3 

 
     
 
    

  
 
  

#IK;IX CQIA:QNF=F<IX =?;L?;SNNR H@?IA@:OB[K?X FIJ@?4


M?;;WX MN@ N IAIF=@E[K?X ;:SNI;:QG;I4<BQG=B@;B[ UBJ4
F=JN=?QG;IF=GR J @ELB H@IUNT @:O;IHI@EL<IJWT EJQ?;NX H@I4
=NJIF=IN= :;=@IHIS?;=@NU?F<:E ;:H@:JQ?;;IF=G PNQIQICNU?4
F<NT NFFQ?LIJ:;NXR IABFQ:JQNJ:[K:E J;NM:;N? < ;:SNI;:QG;I4
<BQG=B@;IX FH?SNPN<? EOW<:Y
~N;CJI<BQG=B@IQICNER <:< F@:J;N=?QG;I MIQIL:E PNQIQI4
CNU?F<:E LNFSNHQN;:R ;:H@:JQ?;;:E H@?\L? JF?CI ;: LBTIJ;I4
;@:JF=J?;;I? H@IF=@:;F=JI <BQG=B@W N ;:SNI;:QG;IX M?;=:QG4
;IF=NR ;:TILEK?? JIHQIK?;N? J EOW<?R H@NIA@?=:?= J FQI\NJ4
V?XFE FN=B:SNN IFIAB[ :<=B:QG;IF=GR FHIFIAF=JBE JIO;N<;IJ?4
;N[ JO:NMIHI;NM:;NE N JO:NMIBJ:\?;NE J H@IS?FF? M?\<BQG4
=B@;ICI IAK?;NE N IFBK?F=JNMIF=N @:J;IH@:J;ICI LN:QIC: FI4
J@?M?;;WT <BQG=B@Y
bJNLB FBK;IF=;ICI I=QNUNE @BFF<IX <BQG=B@W I= <BQG=B@W
O:H:L;IX :<=B:QG;WM H@?LF=:JQE?=FE J<Q[U?;N? J FIHIF=:JN4
=?QG;B[ IAQ:F=G QN;CJI<BQG=B@IQICNU?F<NT NFFQ?LIJ:;NX IFI4
A?;;IF=?X :M?@N<:;F<IX <BQG=B@WR =?M AIQ?? U=I M?@N<:R HI
FQIJ:M YYIQ\?;NSW;:R N EJQE?=FE L:QG;NM4L:QG;NM Z:H:4
LIMY
b<Q[UNJVNFG J IAQ:F=G NFFQ?LIJ:;NX <BQG=B@;I4M:@<N@I4
J:;;ICI H@IF=@:;F=J: EOW<: N ;:SNI;:QG;IX EOW<IJIX <:@=N4
;W MN@:R QN;CJI<BQG=B@IQICNER ;: ;:V JOCQELR NFTILN= H@?\L?
JF?CI NO =ICIR U=I FH?SNPN<B ;:SNI;:QG;IX EOW<IJIX <:@=N;W
MN@: PI@MN@B[= ;? =IQG<I IFIA?;;IF=N ?CI @:SNI;:QG;ICI HI4
O;:;NE N <I;S?H=B:QNO:SNNR ;I H@?\L? JF?CI IFIAI?   
< c=IMB MN@BY

  
  
   43


    

L 0$1!) $ 5 &-1$ $ !$#5

=@?MQ?;N? NFFQ?LIJ:=G MI=NJ I=;IV?;NE < MN@BR JIHQI4


K?;;WX J EOW<?R L?Q:?= ;?IATILNMWM IA@:K?;N? < :<FNIQICNN
;:SNI;:QG;WT <BQG=B@R < MN@B $   R NOBU?;;WT J IF;IJ4
;IM J <BQG=B@IQICNN N PNQIFIPNNY BK?F=J?;;WM LQE NFFQ?LI4
J:;NE FH?SNPN<N ;:SNI;:QG;ICI MN@IJNL?;NE EJQE?=FE =IR U=I
J O:H:L;WT :<FNIQICNU?F<NT =NHIQICNET S?;;IF=NR <:< H@:JN4
QIR H@?LF=:JQE[= FIAIX IL;IB@IJ;?JB[ FNF=?MBR =Y ?Y S?;;IF=N
M:=?@N:QG;ICIR c<I;IMNU?F<ICIR FISN:QG;ICI N ;@:JF=J?;;ICI
HI@EL<: ;? C@:LBN@B[=FE HI F=?H?;N O;:UNMIF=NY b I=?U?F=J?;4
;IX \? PNQIFIPF<IX MWFQN `<:< J <I;S?HSNN BFF<IX NL?NR
=:< N J NFFQ?LIJ:;NET FIJ@?M?;;WT PNQIFIPIJa :<FNIQICNU?4
F<N? =NHIQICNN H@?LF=:JQE[= F<I@?? N?@:@TN[ S?;;IF=?XR CL?
IH@?L?QE[K:E @IQG I=JILN=FE S?;;IF=EM ;@:JF=J?;;ICI HI@EL4
<:Y e?M F:MWM I=?U?F=J?;;:E S?;;IF=;:E <I;S?HSNE J VN@I<IM
IAIAK?;NN H@?LF=:?= <:< ;?<:E Q?F=;NS: JIFTI\L?;NE I= M:=?4
@N:QG;ICI < LBTIJ;IMBR I= H@?TILEK?CI < J?U;IMB N I=@:\:?=
IF;IJ;B[ FH?SNPN<B ;:SNI;:QG;ICI MN@IJNL?;NEY
<FNIFP?@: <BQG=B@W ;: B@IJ;? ;:SNI;:QG;IX M?;=:QG;I4
F=N N MN@IJIOO@?;NE H@IEJQE?=FE J JNL? =:< ;:OWJ:?MWT S?;4
;IF=;WT N;=?;SNX NQN IF;IJ;WT S?;;IF=;WT H@?LHIU=?;NXR
JIFTILEKNTR J H?@JB[ IU?@?LGR < 7AIQGVIX9 =@:LNSNN J ;:4
SNI;:QG;WT <BQG=B@:TR =Y?Y < =@:LNSNNR IH@?L?QE?MIX ?? ;@:J4
F=J?;;I4@?QNCNIO;WMN NF=I<:MNY
F;IJ;W? S?;;IF=;W? N;=?;SNN @BFF<IX <BQG=B@WR FIF=IE4
KN? J              N $ 
     
  R JW@:\:[=FE F?CIL;E F<I@?? B\?
;? J @?QNCNIO;IF=N N FIAI@;IF=NR : J FIJ?F=QNJIF=NR F:MI<@N=N4
SNOM?R L@BCIS?;=@NU;IF=N ;:V?CI FIO;:;NER J ;?IFQ:A;IM OJB4
U:;NN 7L@BCICI CIQIF:9 N =YLY `I U?M FJNL?=?QGF=JB[= M:=?@N4
:QW @:OQNU;WT IH@IFIJ N c<FH?@NM?;=IJaY d=N S?;;IF=;W? N;4
=?;SNN JF=BH:[= J I=U?=QNJWX LN:QIC F    
 N 
  
 BF=:;IJ<:MN :M?@N<:;F<IX <BQG=B@WR JIF4
TILEKNMN < NL?:Q:M N S?;;IF=EM H@I=?F=:;=NOM:Y
@U:XVNM JW@:ON=?Q?M S?;;IF=;WT N;=?;SNX ;:SNI;:QG4
;IX <BQG=B@W EJNQ:FG ;:V: J?QN<:E QN=?@:=B@: ‡)‡ N ;:U:Q:
„„ J?<:Y "? NL?:QW N F=:QN =IQU<IM < NOBU?;N[ @BFF<ICI EOW<:

44


   D D

/* 
LQE M;ICNT H@?LF=:JN=?Q?X O:H:L;IX <BQG=B@WY $@:JF=J?;;WX
M:<FNM:QNOM c=IX QN=?@:=B@W FIOL:Q FII=J?=F=JB[KB[ EOW4
<IJB[ M?;=:QG;IF=GR JIHQIK?;;B[ J =:<NT <Q[U?JWT <I;S?H4
=:T <BQG=B@WR <:< 7\?@=J?;;IF=G9R 7FIF=@:L:;N?9R 7FIJ?F=QN4
JIF=G9R 7;?M?@<:;=NQG;IF=G9 N M;ICNT L@BCNTY L;:<I NFFQ?4
LIJ:;N? <BQG=B@;I4M:@<N@IJ:;;ICI H@IF=@:;F=J: FIJ@?M?;;ICI
EOW<: H@?LHIQ:C:?= IA@:K?;N? N < EOW<IJIX M?;=:QG;IF=N @B4
A?\: „„r„„) J?<IJR I=@:\:[K?X ;:V? F?CIL;EV;?? S?;;IF=4
;I? FIO;:;N?R H@?=?@H?J:[K?? MIK;I? B;NPNSN@B[K?? JIOL?X4
F=JN? CQIA:QNOM:Y  F:MIX FIJ@?M?;;IX U:F=N @BFF<IX Q?<FN<N
I=;IFE=FER ;:H@NM?@R F?M:;=NU?F<N? ;?IQICNOMWR O:<@?HQE[4
KN? J ;IMN;:SNN =I JNL?;N? MN@:R <I=I@I? FII=J?=F=JB?= S?;4
;IF=;IX V<:Q? ;:VNT FIJ@?M?;;N<IJY
IHIF=:JQ?;N? HIU=N D ;IJWT O;:U?;NX NM?; FBK?F=JN4
=?QG;WTR JIO;N<VNT J @BFF<IM EOW<? J <I;S? „„ J?<:R F FII=4
J?=F=JB[KNMN NM ?LN;NS:MN :M?@N<:;F<ICI J:@N:;=: :;CQNX4
F<ICI EOW<: FJNL?=?QGF=JB?= I FBK?F=J?;;WT @:OQNUNET J EOW4
<IJWT <:@=N;:T MN@: @BFF<IX N :M?@N<:;F<IX QN;CJI<BQG=B@4
;WT IAK;IF=?XR <I=I@W? IABFQIJQ?;W <:< FJI?IA@:ON?M <I;S?H4
=B:QNO:SNN L?XF=JN=?QG;IF=NR T:@:<=?@;WM LQE @:O;WT EOW4
<IJR =:< N FH?SNPN<IX ?? $ 
R JIFTILEK?X < S?;;IF=;WM
BF=:;IJ<:M <BQG=B@Y
:< NOJ?F=;IR FQI\;W? H@IS?FFW F?M:;=NU?F<ICI @:OJN=NE
FQIJ: JI M;ICIM IABFQIJQ?;W ?CI <I;;I=:=NJ;WM FIL?@\:;N?MR
JIO;N<:[K?M ;: A:O? @:O;IIA@:O;WT :FFISN:SNXR I=@:\:[KNT
;? HILL:[KN?FE J?@A:QNO:SNN IFIA?;;IF=N ;:SNI;:QG;IX <BQG4
=B@WR HIc=IMB NM?;;I 7H@IU=?;N?9 N c<FHQN<:SNE <BQG=B@;IX
<I;;I=:SNNR H@?LF=:JQE[K?X FIAIX FJI?IA@:O;WX 7<IL <BQG=B4
@W9R EJQE?=FE J:\;IX O:L:U?X QN;CJI<BQG=B@IQICNU?F<ICI NF4
FQ?LIJ:;NEY
?OBQG=:=W @:OQNU;WT c<FH?@NM?;=IJR ;:H@:JQ?;;WT ;:
JWEJQ?;N? FH?SNPN<N ;:SNI;:QG;I4<BQG=B@;WT :FFISN:SNXR
BU:F=JB[KNT J H@IS?FF? IA@:OIJ:;NE ;IJWT M?=:PI@NU?F<N MI4
=NJN@IJ:;;WT O;:U?;NXR HI<:O:QNR U=I ;?FIJH:L?;NE J :FFISN4
:=NJ;IM PI;? F@:J;NJ:?MWT FQIJ NM?[= @:OQNU;W? H@NUN;WY
e:<IX H@NUN;IX U:F=I I<:OWJ:[=FE <I;<@?=;W? 
 

45


    

L 0$1!) $ 5 &-1$ $ !$#5

 IFIA?;;IF=N \NO;N ;:@ILIJR FJEO:;;W? F C?IC@:PN?XR


AW=IMR NF=I@N?X N =YLY e:<R ;:H@NM?@R FQIJI
 R NM?J4
V?? H?@JI;:U:QG;I? O;:U?;N? 7JI?;;IFQB\:KNX <:J:Q?@NN9R
HIQBUNQI J @BFF<IM EOW<? ;IJI? O;:U?;N? 7F=I@I;;N< @?VN4
=?QG;WT L?XF=JNXR F<I@WT H?@?M?; J c<I;IMN<?R HIQN=N<? `J
@:OCY @?UNa9Y
;CQNXF<NX c<JNJ:Q?;= osmˆl3 ;? NM??= FII=J?=F=JB[4
K?CI ;IJICI O;:U?;NE N I=QNU:?=FE O:M?=;IX A?L;IF=G[ :FFISN4
:=NJ;ICI PI;:Y % AIQGVN;F=J: :M?@N<:;S?J FQIJI osmˆl3
;? JWOJ:QI ;N<:<NT :FFISN:SNXR : HIJ=I@E[KNMNFE @?:<SNEMN
AWQN QNVG 7,sm p9 N 7)3q39Y d=I HI;E=;IY b?LG :M?4
@N<:;F<:E NF=I@NE ;? NOIANQB?= JIX;:MNR N L:\? J ;NT @IQG
<:J:Q?@NN AWQ: ;?O;:UN=?QG;IXY
F<Q[UN=?QG;I? AIC:=F=JI :FFISN:=NJ;ICI PI;: ;: FQIJI

  B @BFF<NT BU:F=;N<IJ c<FH?@NM?;=: I=@:\:[= @?4


:<SNN 7<@:F;WX9R 7€BL?;;WX9R 7:=:<:9R 7BFW9R 7ƒ@:\L:;F<:E
JIX;:9R 7H?=G9R 7@IM:;=N<:9R 7F:AQN ;:CIQI9R 7AWF=@I9R 7CB4
F:@9R 7<:J:Q?@C:@L: J?< ;?LIQIC9 N L@Y >@N c=IM @EL @?:<SNX
NM??= T:@:<=?@NOB[KB[ PB;<SN[R U=I IAxEF;E?=FE IFIAIX @I4
QG[ <:J:Q?@NN J NF=I@NN IFFNNR : =:<\? @IM:;=NO:SN?X C@:4
\L:;F<IX JIX;W J QN=?@:=B@? N NF<BFF=J?Y bJNLB c=ICI T:@:<4
=?@NF=N<N <:J:Q?@NF=IJ H@NIA@?QN J FIO;:;NN @BFF<NT Q[L?X
E@<IF=G N BF=IXUNJIF=GR TI=E F:MI FQIJI B\? H?@?TILN= J @:O4
@EL NF=I@NOMIJY
L;:<I ;?<I=I@W? <:U?F=J: 7<:J:Q?@NN9 `H@?\L? JF?CI
F=@?MN=?QG;IF=G N @?VN=?QG;IF=GaR I<:O:JVNFG J <I;=?<F=? ;I4
JIX L?XF=JN=?QG;IF=NR JF=BHNQN J LNFFI;:;F F MN@;WM =?U?4
;N?M \NO;N N F=:QN T:@:<=?@NOIJ:=GFE ;?C:=NJ;WM UBJF=JIM4
I=;IV?;N?MR H@I=NJI@?U:KNM IS?;<?R O:<Q[U?;;IX J NFTIL;IM
O;:U?;NN FQIJ:Y
!@BCNM H@NM?@IM MI\?= FQB\N=G ;IJI? O;:U?;N? FQIJ:



7I \?;KN;?R IF=:JNJV?X @I\L?;;ICI ?[ MQ:L?;S: J
@ILNQG;IM LIM? ;: HIH?U?;N? CIFBL:@F=J:9R JIO;N<V?? ;: IF;I4
J? NFTIL;ICI O;:U?;NE 7~?F;:E H?@?Q?=;:E H=NS:R IAWU;I ;?
JG[K:E C;?OL: N <Q:LBK:E EXS: J UB\I? C;?OLI9Y b c=IM O;:4
U?;NN H@INOIVQ: :<=B:QNO:SNE <IMHI;?;=: 7<Q:LBK:E EXS: J

46


   g g

/* 
UB\I? C;?OLI9Y FFISN:SNN @BFF<NT ;: FQIJI


 7C;?O4
LI9f 7Q?F9f 7\?;KN;:R IF=:JNJV:E L?=?X9f 7F<IQG<I M;? \N=G9f
7ILN;IU?F=JI9f 7JLIJ:9 N L@Y b :;CQNXF<IM EOW<? NFTIL;I4
MB O;:U?;N[ FQIJ:


FII=J?=F=JB?= FQIJI 89::Y FFI4
SN:SNN :M?@N<:;S?J ;: FQIJI 89::  7o‰ˆ9 `FBM:FV?LV:Eaf
7omiot9 `U:FWaY €?L;IF=G :FFISN:=NJ;ICI PI;: < FQIJB



B :M?@N<:;S?J IAxEF;E?=FE =?MR U=I <B<BV<N J M?@N<? ;? \N4
JB= N @?:QG;W? IFIA?;;IF=N \NO;N c=IX H=NSW NM ;? O;:<IMWY
B<BV<: NM NOJ?F=;: QNVG <:< L?=:QG ;:F=?;;WT U:FIJR O:J?4
O?;;WT <ICL:4=I NO "J@IHWY ?:<SNE 7FBM:FV?LV:E9 IABFQIJ4
Q?;: 7HIF=IE;;IX FB?=IX9 N 7<B<IJ:;N?M9 7;?\NJIX H=NU<N9Y
:< JNL;IR c=;I<BQG=B@;W? IFIA?;;IF=NR IABFQIJNJVN? FH?4
SNPN<B :FFISN:=NJ;ICI PI;:R ;?@?L<I Q?C<I JWEJQE[=FER c<F4
HQNSN@B[=FE N HI=IMB A?O =@BL: JIFH@N;NM:[=FE H@?LF=:JN=?4
QEMN N;IX <BQG=B@WY
!@BCI? L?QIR <ICL: H@NUN;IXR JWOJ:JV?X @:OQNUNE J :F4
FISN:=NJ;IM PI;?R I<:OWJ:?=FE FH?SNPN<: MN@IJIOO@?;U?F<NT
BF=:;IJI<R ;@:JF=J?;;WT H@N;SNHIJR JIFTILEKNT < $  
  $ <BQG=B@WY
e:<R ;:H@NM?@R JWFI<:E O;:UNMIF=G LBTIJ;I4;@:JF=J?;;WT
NL?:QIJR EJQEEFG H@?LHIFWQ<IX PI@MN@IJ:;NE IFIAICI PNQI4
FIPF<ICI JOCQEL: ;: MN@ IAIF=@E?= J;NM:;N? < J?U;WM PNQI4
FIPF<NM IHHIONSNEM IHHIONSNN 7J;B=@?;;?CI9 N 7J;?V;?CI9R
7HILQN;;ICI9 N 7M;NMICI9 N =YLY
$: ;:V JOCQELR N;=?@?F;WM H@NM?@IMR FIL?@\:KNM IHHI4
ONSNI;;W? <I;;I=:SNNR MI\?= FQB\N=G ;IJI? O;:U?;N? FQIJ:


 7H:U<: ;:@?O:;;IX ABM:CN F J?@T;NMN N ;N\;NMN ;:4
F=IEKNMN <BH[@:MNR JWL:J:?M:E MIV?;;N<:MN O: H:U<B L?;?C
`\:@CYa9R <I=I@I?R ;: H?@JWX JOCQELR ;? IA;:@B\NJ:?= FJEON F
NFTIL;WM O;:U?;N?M 7PNCB@:R JIFH@INOJILEK:E U?QIJ?U?F<I?
=?QI9R NM?[KNM :;CQNXF<NX c<JNJ:Q?;= ;:<<Y
b @?:<SNETR HIQBU?;;WT B @BFF<NT BU:F=;N<IJ ;:V?CI IH@I4
F: 7#:V:9R 7<I<?=<:9R 7;:@EL;:E9R 7;?M?S<:E9R 7HBF=:E9R
7CQBH:E9R 7<@:FNJ:E9R 7€:@AN9 H@IFQ?\NJ:?=FE IH@?L?Q?;4
;I? H@I=NJI@?UN? 7J;?V;EE <@:FI=:9 `F@Y @?:<SNN 7<@:FNJ:E9R
7;:@EL;:E9aR ;I 7I=FB=F=JN? J;B=@?;;?CI FIL?@\:;NER HBF=I=:9

47


    

L 0$1!) $ 5 &-1$ $ !$#5

`F@Y @?:<SNN 7HBF=:E9R 7CQBH:E9R 7P:QGVNJ:E9aY Q?LB?= I=M?4


=N=GR U=I @?:<SNN ;: c=I FQIJIR H@?LF=:JQ?;;W? J :FFISN:=NJ4
;IM FQIJ:@? HIL @?LY Y $Y :@:BQIJ:R TI=E N @?H@?O?;=N@B[=
L@BCIX FN;T@I;;WX F@?OR I=@:\:[= =B \? IHHIONSNI;;B[ =?;4
L?;SN[Y
d=: IHHIONSNI;:E =?;L?;SNE ;? FIJH:Q: F T:@:<=?@IM :F4
FISN:SNX :M?@N<:;S?JY :MWMN =NHNU;WMN @?:<SNEMN ;: FQI4
JI ;:<< AWQN 73o9R 76ˆ9R 7Š3qmˆ9R 7j6ˆ9R 7q9 `HI4
QI\N=?QG;W? N ;?X=@:QG;W?aY $?C:=NJ;WT IS?;IU;WT @?:<SNX
O:PN<FN@IJ:;I ;? AWQIY
e:<NM IA@:OIMR ;IJI? O;:U?;N? FQIJ:

R J <I=I@IM Q?<4
FN<:QNOIJ:QNFG QNVG ;?C:=NJ;W? <I;;I=:SNNR ;? =IQG<I ;? NM?4
?= FII=J?=F=JB[K?CI c<JNJ:Q?;=: J F?M:;=NU?F<IX F=@B<=B@?
:;CQNXF<ICI ;:<<R ;I N FIL?@\N= ;? FIJH:L:[KB[ F ;NM IAKB[
IS?;IU;B[ T:@:<=?@NF=N<BY
>@NI@N=?= S?;;IF=?X LBTIJ;I4;@:JF=J?;;ICI HI@EL<: ;:L
S?;;IF=EMN L@BCNT B@IJ;?XR IABFQIJQNJ:[KNX ;?JWFI<B[
;@:JF=J?;;B[ IS?;<B =I@CIJQN N <IMM?@SNNR ;?FMI=@E ;: H@I4
=NJIF=IEKN? c=IMB =?;L?;SNN F?CIL;EV;?CI L;ER ;:V?Q I=@:4
\?;N? J F?M:;=N<? N IAK?X IS?;IU;IX T:@:<=?@NF=N<? ;?<I=I4
@WT ;IJWT O;:U?;NXY @YR ;:H@NM?@R ;IJI? O;:U?;N? FQIJ: 
 
 7I =IMR <=I O:;NM:?=FE =I@CIJQ?XR <IMM?@SN?XR <:< I
;?IA@:OIJ:;;IMR ;?J?\?F=J?;;IM U?QIJ?<? `;?ILIA@Ya9 `NFTIL4
;I? O;:U?;N? 7JQ:L?Q?S ;?AIQGVICI M:C:ON;:R Q:J<N9aY FFI4
SN:SNN @BFF<NT BU:F=;N<IJ c<FH?@NM?;=: < NFTIL;IMB O;:U?4
;N[  
 =I@CIJQER \BQN<R FH?<BQE;=R TN=@WXR F=@:F=G <
;:\NJ?R ;?C@:MI=;WX N L@Y FFISN:SNN :M?@N<:;S?J < =>?<<
@8=ABC==>?B  63 `L?QIR O:;E=N?af 3 `JWCIL:af oo
`BFH?Taf li3ˆ `L?;GCNaY QIJIFIU?=:;N? =>?<< @8=ABC==>?BR <I4
=I@I? MI\?= FUN=:=GFE F:MWM AQNO<NM c<JNJ:Q?;=IM `JJNLB
@?L<IX BHI=@?AN=?QG;IF=N FQIJ: =D:EC9CCFCE a < H?@JIMB O;:U?4
;N[ FQIJ:  
 ;? =IQG<I ;? JWOWJ:?= B :M?@N<:;S?J ;N4
<:<NT ;?C:=NJ;WT :FFISN:SNXR ;I NM??= N HION=NJ;W? <I;;I4
=:SNNR FJEO:;;W? F IH@?L?Q?;;IX IHHIONSN?X 7M?Q<NX ANO;?F4
M?;9 7<@BH;WX ANO;?FM?;9R J <I=I@IX ;?C:=NJ;WMN <I;;I=:4
SNEMN MI\?= FIH@IJI\L:=GFE J=I@I? FQIJIFIU?=:;N?R IAIO;:U:4

48


    

/* 
[K?? <@BH;ICI H@?LH@N;NM:=?QER @:OI@E[K?CIR JW=?F;E[K?CI
M?Q<NX ANO;?F NQN H@?LF=:JQE[K?CI LQE ;?CI BC@IOBY
?OBQG=:=W c<FH?@NM?;=:QG;ICI IH@IF:R JWEJNJVN? FH?SN4
PN<B IS?;IU;ICI FIL?@\:;NE F?M:;=NU?F<NT ;?IQICNOMIJR JIO4
;N<VNT J @BFF<IM EOW<? ;: @BA?\? „„r„„) JJY J @?OBQG=:4
=? Q?<FN<:QNO:SNN :FFISN:=NJ;ICI PI;: NFTIL;ICI O;:U?;NER
HIL=J?@LNQN O;:UN=?QG;B[ BF=IXUNJIF=G IS?;I<R JIFTILEKNT
< S?;;IF=;WM N;=?;SNEM @BFF<IX <BQG=B@WY e:<R IS?;IU;I?
FIL?@\:;N? @EL: F?M:;=NU?F<NT ;?IQICNOMIJR J<Q[U?;;WT J
IH@IFR FJNL?=?QGF=JB?= I O;:UN=?QG;IX BF=IXUNJIF=N J FIO;:4
;NN N MN@IJIOO@?;NN @BFF<NT Q[L?X @EL: S?;;IF=;WT BF=:;I4
JI<Y d=I ;?JWFI<:E IS?;<: =I@CIJQN N <IMM?@SNN `  
J
O;:UY 7I =IMR <=I O:;NM:?=FE =I@CIJQ?XR <IMM?@SN?XR <:< I ;?IA4
@:OIJ:;;IMR ;?J?\?F=J?;;IM U?QIJ?<?9R    J O;:UY 7F<BH4
KN< L?V?JICI =IJ:@: O: @BA?\IM J FNF=?M? U?Q;I<IJ9R 

J O;:UY 7U?QIJ?<R O:;NM:[KNXFE FAW=IM =IJ:@: J <IMM?@U?4
F<IXR ;?CIFBL:@F=J?;;IX =I@CIJQ?9R   
J O;:UY 7JQ:4
L?Q?S NQN H@IL:J?S =I@CIJIX H:Q:=<NR Q:@G<:9f "
J O;:UY
7M?Q<NX H?@?<BHKN<R FH?<BQE;=R M:<Q?@f JIIAK? U?QIJ?<R O:4
;NM:[KNXFE =?M;WMN L?Q:MN9af <:< ;?JWFI<:ER =:< N JWFI<:E
IS?;<: AIC:=F=J: `
J O;:UY 7@:OAIC:=?JVNXR H@?BFH?J:[KNXR
LIF=NCVNX BFH?T: J ANO;?F? U?QIJ?<9R   J O;:UY 7I AIC:4
=IM U?QIJ?<? NQN I =IMR <=I @:FHIQ:C:?= L?;GC:MN J L:;;WX MI4
M?;=9 `N@I;YaR
  J O;:UY 7I U?QIJ?<?R LIF=NCV?M JWFV?X
F=?H?;N J <:<IX4QNAI IAQ:F=NR ;?@?L<I IAQ:L:[K?M AIQGVNMN
L?;GC:MN N JQ:F=G[ N EJQE[K?M FIAIX F=:;L:@= F =IU<N O@?;NE
QNSR H@N;:LQ?\:KNT < IH@?L?Q?;;WM FISN:QG;WM C@BHH:M9
`MI\?= AW=G ILIA@N=?QG;WM N ;?ILIA@N=?QG;WMaf ;?JWFI<:E
IS?;<: NOQNV;?X :<=NJ;IF=N `    J O;:UY 7IA N;NSN:=NJ4
;IM `N;ICL: FQNV<IMaR c;?@CNU;IM U?QIJ?<?R QNL?@?9 `N@I;YaR

  J O;:UY 7I FQNV<IM :<=NJ;IM U?QIJ?<?R NLBK?M < FJI4
?X S?QN ;:H@IQIM9R
  J O;:UY 7I F=I@I;;N<? @?VN4
=?QG;WT L?XF=JNXR F<I@WT H?@?M?; J c<I;IMN<? `N@I;Yaf ;?JW4
FI<:E IS?;<: N;LNJNLB:QNF=NU?F<NT ;:U:Q ` J O;:UY
7U?QIJ?<R O:;NM:[KNXFE N;LNJNLB:QG;IX =@BLIJIX L?E=?QG;I4
F=G[9R   J O;:UY 7I U?QIJ?<?R FQBV:[K?M HQ??@ N I F:4

49


   D D

L 0$1!) $ 5 &-1$ $ !$#5

MIM HQ??@?9 `N@I;Yaf JWFI<:E F=?H?;G PNQIFIPNU;IF=N JIFH@N4


E=NE \NO;NR JW@:\:[K:EFE J IFIO;:;NN HIF=IE;;IX IHHIONSNN
7J;B=@?;;?CI9 N 7J;?V;?CI9R 7HIJ?@T;IF=;ICI9R 7FBK;IF=;ICI9
`  J O;:UY 7I U?M4QY J;?V;?MR HIJ?@T;IF=;IM HI F@:J;?;N[ F
J;B=@?;;NMR FBK;IF=;WM9R  
J O;:UY 7I U?M4QY J;?V;?MR
;?FBK?F=J?;;IMR HI F@:J;?;N[ F J;B=@?;;NMR AIQ?? O;:UNMWM9R


J O;:UY 7U=I4QY J;?V;??R ;?FBK?F=J?;;I? HI F@:J;?4
;N[ F J;B=@?;;NMR AIQ?? O;:UNMWM9R   J O;:UY 7=IQG<I
JNLNMI? NFH@:JQ?;N?R BQBUV?;N? U?CI4QY9R
" J O;:UY 7I
=IMR U=I EJQE?=FE F@?LF=JIM H@NB<@:VNJ:;NE L?XF=JN=?QG;I4
F=N9R
 
J O;:UY 7F HIMIKG[ <:<NT4QY F@?LF=J H@NL:4
;N? JNLNMIF=N AQ:CIHIQBUNER M:F<N@IJ<N U?CI4QY ;?H@NCQEL;I4
CIf H@NB<@:VNJ:;N?9R

J O;:UY 7H:U<: ;:@?O:;;IX ABM:CN
F J?@T;NMN N ;N\;NMN ;:F=IEKNMN <BH[@:MNR JWL:J:?M:E MI4
V?;;N<IM O: H:U<B L?;?C9af IH@?L?QE[K:E @IQG FIJ?F=N `
J O;:UY 7LI;IFUN<9R   J O;:UY 7LI;IFR \:QIA:9a N L@Y
?M:;=NU?F<N? ;IJ:SNNR NQQ[F=@N@B[KN? \NJIF=G =@:LN4
SNI;;IX ;:SNI;:QG;I4<BQG=B@;IX <I;;I=:SNNR FJNL?=?QGF=JB4
[= I FBK?F=JIJ:;NN IH@?L?Q?;;IX O:<I;IM?@;IF=N J H@IS?FF?
PI@MN@IJ:;NE EOW<IJIX IA@:O;IF=NR Q?\:K?X J IF;IJ? JIO;N<4
;IJ?;NE ;IJWT M?=:PI@NU?F<N MI=NJN@IJ:;;WT ?LN;NSY FFQ?4
LIJ:;;WX J c=IM :FH?<=? M:=?@N:Q HIOJIQE?= FL?Q:=G H@?LHIQI4
\?;N? I FBK?F=JIJ:;NN J FIJ@?M?;;IM H@IS?FF? M?=:PI@NO:SNN
$      NQN $      $  M?4
=:PI@R FJNL?=?QGF=JB[KNT IA IH@?L?Q?;;IX BF=IXUNJIF=N EOW4
<IJIX M?;=:QG;IF=NR JIFTILEK?X < =@:LNSNI;;I IABFQIJQ?;;WM
S?;;IF=;WM N;=?;SNEM ;:SNI;:QG;IX <BQG=B@WY
b FJEON FI F<:O:;;WM JWV? HIF=:JQ?;: O:L:U: FIOL:;NE
<I;S?HSNN QN;CJI<BQG=B@IQICNU?F<N I@N?;=N@IJ:;;ICI FQIJ:4
@E ;IJWT O;:U?;NX FQIJR HIEJNJVNTFE J @BFF<IM EOW<? ;: @BA?4
\? „„r„„) JJYR : =:<\? M:=?@N:QIJ LQE =:<ICI FQIJ:@EY F;IJ4
;IX S?QG[ FQIJ:@E ABL?= c<FHQN<:SNE S?;;IF=;I IABFQIJQ?;;IX
FH?SNPN<N ;IJIX Q?<FN<N @BFF<ICI EOW<:Y
>ILTIL < @BFF<IMB EOW<B <:< H@?LM?=B 7<BQG=B@II@N?;=N4
@IJ:;;IX9 BU?A;IX Q?<FN<IC@:PNN =@?AB?= JW@:AI=<N M?=ILIJ
c<FHQN<:SNN S?;;IF=;I4IABFQIJQ?;;ICI FIL?@\:;NE EOW<IJWT

50


   D D

/* 
?LN;NSR FHIFIAF=JB[KNT NT :L?<J:=;IMB JIFH@NE=N[ H@?LF=:4
JN=?QEMN N;IX <BQG=B@WY L?<J:=;I? JIFH@NE=N? ;:SNI;:QG4
;I4<BQG=B@;ICI FJI?IA@:ONE @BFF<ICI EOW<: FJNL?=?QGF=JB?= I
FPI@MN@IJ:;;IF=N B NOBU:[KNT @BFF<NX EOW< 
 
  

  $R =Y?Y FHIFIA;IF=N HI;NM:;NE UB\IX
<BQG=B@WR H@I;N<;IJ?;NE J ?? S?;;IF=;W? IF;IJWY
I;S?HSNE BU?A;ICI FQIJ:@E F?M:;=NU?F<NT ;?IQICNOMIJ
ABL?= J<Q[U:=G @EL FH?SNPNU?F<NT H:@:M?=@IJR < <I=I@WM
J H?@JB[ IU?@?LG I=;IFN=FE c<FHQN<:SNE ;:NAIQ?? F<@W=WTR
;?JW@:\?;;WT H@:CM:=NU?F<NT <IMHI;?;=IJY
F;IJB H@:CM:=NU?F<ICI FIL?@\:;NE FQIJ: FIF=:JQE?= MI4
=NJ I=;IV?;NE N IS?;<NR HIc=IMB ?CI JWEJQ?;N? N IHNF:;N?
EJQE[=FE IF;IJ;IX O:L:U?X FIF=:JN=?QE FQIJ:@E LQE H@?LF=:4
JN=?Q?X N;IX <BQG=B@WY
!QE c<FH?@NM?;=:QG;ICI JWEJQ?;NE IAIAK?;;IX IS?;<NR FI4
L?@\:K?XFE J F?M:;=NU?F<NT ;?IQICNOM:TR H@?LHIQ:C:?=FE NF4
HIQGOIJ:=G IS?;IU;B[ V<:QB IAIAK?;;IX H@:CM:=NU?F<IX T:4
@:<=?@NF=N<N `‚aR `−aR `‚ −aR `− ‚aR ` aR <I=I@:E HIOJIQE?=
JWJ?F=N 7BF@?L;?;;B[9 IAIAK?;;B[ IS?;<BY
bJ?L?;N? HIM?= IAIAK?;;IX H@:CM:=NU?F<IX T:@:<=?@NF=N4
<N J BU?A;WX FQIJ:@G MI\?= FBK?F=J?;;I IAQ?CUN=G :L?<J:=4
;I? JIFH@NE=N? ;IJWT F?M:;=NU?F<NT ?LN;NS H@?LF=:JN=?QEMN
N;IX <BQG=B@WR ;I ;? @?VN= JF?T O:L:U Q?<FN<IC@:P: HI c<FHQN4
<:SNN ;:SNI;:QG;I4IABFQIJQ?;;IX IS?;<N J FQIJ:@?Y d=I IAx4
EF;E?=FE ;:QNUN?M J EOW<? O;:UN=?QG;ICI <IQNU?F=J: FQIJ F
;?IL;IO;:U;IX H@:CM:=NU?F<IX IS?;<IXR : =:<\? ;?IATILNMI4
F=G[ IA@:K?;NE <    JWEJQ?;;IX IS?;<NR IABFQIJQ?;4
;IMB S?;;IF=;WMN N;=?;SNEMN <BQG=B@WY
d<FHQN<:SN[ IF;IJ:;NE ;:SNI;:QG;I4IABFQIJQ?;;IX IS?;4
<NR H@?LHIQ:C:[K?X BU?= IF;IJ;WT S?;;IF=;WT N;=?;SNX @BF4
F<IX <BQG=B@WR J @:M<:T H@:CM:=NU?F<ICI HILTIL: JIOMI\;I
IFBK?F=JN=G F HIMIKG[ J;?F?;NE <IMHQ?<F: NOM?;?;NX J =@:4
LNSNI;;B[ F=@B<=B@B FQIJ:@;IX F=:=GNR <I=I@W? H@?LHIQ:C:4
[=

Y %J?QNU?;N? IAx?M: =IQ<IJ:;NE O: FU?= J<Q[U?;NE J ;?CI

51


   D
D

L 0$1!) $ 5 &-1$ $ !$#5

AIQGV?CI UNFQ: =IQ<B?MWT F?M F S?QG[ PI@MN@IJ:;NE


Q?<FNU?F<IX <IMH?=?;SNNR H@NAQN\?;;IX < <IMH?=?;SNN
;IFN=?Q?X EOW<:Y


Y >@?LF=:JQ?;N? ;?IATILNMICI Q?<FNU?F<ICI PI;: F HIMI4
KG[ JJ?L?;NE @:FVN@?;;ICI IAx?M: c;SN<QIH?LNU?F<NT
L:;;WTY

Y FHIQGOIJ:;N? HIM?= 7IAIAK?;;IX H@:CM:=NU?F<IX IS?;4


<N9 ` aR`‚ 4aR `4 ‚aR `−aR `‚aR JWEJQ?;;IX c<FH?@NM?;4
=:QG;WM HB=?M F BU?=IM :;:QNO: <I;=?<F=IJ BHI=@?AQ?4
;NE IHNFWJ:?MWT ?LN;NSY

Y bJ?L?;N? OI;W 7AQNO<IO;:U;IF=N9Y

DY II=;IV?;N? ;:SNI;:QG;I4<BQG=B@;ICI <IMHI;?;=: O;:4


U?;NE IHNFWJ:?MWT ?LN;NS F FIL?@\:;N?M J?LBKNT <I;4
S?H=IJ ;:SNI;:QG;IX <BQG=B@WR =:<NTR <:<    
    
   "    
 
  N L@YR IHNF:;;WT J I=?U?F=J?;;WT NFFQ?LIJ:;NET
<IC;N=NJ;ICI ;:H@:JQ?;NEY

Y bJ?L?;N? J =?<F= FQIJ:@;IX F=:=GN MI=NJN@B[K?CI O;:U?4


;NE FQIJ: LQE H@IEF;?;NE M?T:;NOM: H?@?;IF:Y

gY >IL<Q[U?;N? S?;;IF=;I4N;PI@M:=NJ;WT :FFISN:=NJ;WT


<IMHQ?<FIJ < MI=NJN@B[K?MB N ;IJIMB O;:U?;NEM FQIJ:Y

Y FHIQGOIJ:;N? H@N IHNF:;NN MI=NJN@B[K?CI O;:U?;NE


JF?T H?@?UNFQ?;;WT JWV? H@:CM:=NU?F<N4I@N?;=N@IJ:;4
;WT H:@:M?=@IJR ?FQN FH?SNPN<: ;:SNI;:QG;I4IABFQIJ4
Q?;;IX IS?;<NR FIL?@\:K?XFE J ;IJIM O;:U?;NNR JIFTILN=
< T:@:<=?@NF=N<:M MI=NJN@B[K?X ?LN;NSWY

H?SNPN<: F=@B<=B@W N FIL?@\:;NE FQIJ:@;IX F=:=GN BU?A4


;ICI FQIJ:@ER NM?[K?CI QN;CJI<BQG=B@IQICNU?F<B[ N H@:CM:4
=NU?F<B[ ;:H@:JQ?;;IF=G MI\?= AW=G H@INQQ[F=@N@IJ:;: H@N4
M?@:MN IHNF:;NE F?M:;=NU?F<NT ;?IQICNOMIJR FIL?@\:KNT S?;4
;IF=;I4MI=NJN@IJ:;;WX <IMHI;?;= O;:U?;NEY

52


   D D

/* 
   `−a eI=R <=I N;PI@MN@B?= I HIF=BH<:T N HIJ?4
L?;NN L@BCICI U?QIJ?<: JWV?F=IEKN? NQN H@:JIIT@:;N4
=?QG;W? I@C:;W `J @:OCY @?UNR H@?O@N=Ya

`3oha

IU?=Y       N =YHY

G   @?O<I ;?C:=NJ;:E IS?;<: IABFQIJQ?;: I=@NS:4


=?QG;WM I=;IV?;N?M < Q[AIX PI@M? LI;IFN=?QGF=J:R
IFJ?LIMN=?QGF=J: N L:\? EA?L;NU?F=J:Y e:<I? I=;IV?;N?
IAxEF;E?=FE H@?JIFTILF=JIM    ;:L 
 R T:@:<4
=?@;WM LQE @BFF<IX <BQG=B@;IX =@:LNSNNY

3 IFJ?LIMN=?QGR LI;IFUN<R F=B<:UY

= -HIJ7 J O;:UY 7Q?F;:E H=NS: F FNQG;WM <Q[JIMR


<I=I@:E HN=:?=FE ;:F?<IMWMNR \NJBKNMN HIL <I@IX ;:
F=JIQ? L?@?JG?J9Y

`‹iiqota

G  Y >@N LIQAQ?;NN <I@W <Q[JIM c=: H=NS: NOL:?=


OJI;<NX @N=MNU;WX F=B<Y M?;;I c=I= H@NO;:< HIFQB\NQ
H@NUN;IX IA@:OIJ:;NE ;IJICI O;:U?;NEY 3Y F=BU:=G `−a
Œ LI;IFN=G `−aR F=B<:U `−a Œ LI;IFUN< `−aY

IU?=Y
      
 N =YHY

 !   `−a  =IMR <=I O:;NM:?=FE =I@CIJQ?XR


<IMM?@SN?XR <:< I ;?IA@:OIJ:;;IMR ;?J?\?F=J?;;IM U?4
QIJ?<? `C:OY4HBAQYR H@?O@N=Ya

` i3 ‹h  ˆR mlq ‹iqs‹a

IU?=Y   


 
  
 N =YHY

G   @?O<I ;?C:=NJ;:E IS?;<: IABFQIJQ?;: T:@:<=?@4


;WM LQE @BFF<IX <BQG=B@W I=@NS:=?QG;WM I=;IV?;N?M
< ;:\NJ?R F=E\:=?QGF=JBR FH?<BQESNNR : =:<\? ;?ILIA@N4
=?QG;WM I=;IV?;N?M < =I@C:V?F=JBR ;?@?L<IR HIL:JQE[4
KNM J U?QIJ?<? ?CI LBTIJ;W? N;=?@?FW N F=@?MQ?;NEY e:4
<I? I=;IV?;N? T:@:<=?@;I LQE @BFF<IX <BQG=B@WY

= 7KL4&%0G `−a J O;:UY 7=I@CIJ?SR JQ:L?Q?S Q:J<N9Y

53


   D D

L 0$1!) $ 5 &-1$ $ !$#5

`lmm 63 i‹3R ita

IU?=Y
      
   

N =YHY

" # $ `‚a A NF<BF;IM M:F=?@?R BM?QGS?R FHIFIA4


;IM JWHIQ;N=G =I;<B[ @:AI=B `C:OY4HBAQYR ILIA@Ya

`m3q oŠl3R 3f 3l t3 Šil h i3ˆli


hi iˆ 6ˆ h „)„h o3ˆ ‹ +tim ktisR 3
‹hoh h hi  3 3 3ot3lq 7kŠˆ9a

IU?=Y 
         N =YHY

G  Y O;:U?;N? FII=;IFN=FE F NM?;?M C?@IE H@INOJ?4


L?;NE $Y Y ~?F<IJ: ` r Da 7~?JV:9R <I=I@WX AWQ
;?H@?JOIXL?;;WM M:F=?@IM J JWHIQ;?;NN F:MIX =I;<IXR
[J?QN@;IX @:AI=WY >ION=NJ;:E IS?;<:R FIL?@\:K:EFE J
c=IM O;:U?;NNR IABFQIJQ?;: JWFI<IX S?;;IF=G[ =:Q:;=:R
M:F=?@F=J:R =JI@U?F<ICI N A?F<I@WF=;ICI I=;IV?;NE < L?4
QBR T:@:<=?@;IX LQE =@:LNSNX @BFF<IX <BQG=B@WY =@NS:4
=?QG;W? <I;;I=:SNNR IABFQIJQ?;;W? F<QI;;IF=G[ ~?JVN
< O:HIEMR ;? F;NM:[= IAK?X HIQI\N=?QG;IX IS?;<N c=ICI
C?@IE <:< ;:F=IEK?CI   Y
= 7JL1K J O;:UY 7U?QIJ?<R <I=I@WX JQ:L??= Q?JIX @B4
<IX QBUV?R U?M H@:JIX9

`mŠ4h3qq i3a

IU?=Y           


 N =YHY

>@:CM:=NU?F<NX HILTIL < BU?A;I4Q?<FN<IC@:PNU?F<IMB


IHNF:;N[ EOW<:R IF;IJ;WM IAx?<=IM <I=I@ICI EJQE?=FE MI4
=NJ ;:SNI;:QG;I4IABFQIJQ?;;ICI I=;IV?;NE N IS?;<NR IA?FH?4
UNJ:?= I@C:;NU?F<I? ?LN;F=JI FIAF=J?;;I EOW<IJIX N;PI@M:4
SNNR : =:<\? N;PI@M:SNN QN;CJI<BQG=B@IQICNU?F<ICI T:@:<4
=?@:Y d=I= HILTIL HIOJIQE?= @?:QNOIJ:=G JWJILW N @?OBQG=:4
=W S?;;IF=;I4I@N?;=N@IJ:;;ICI N FIHIF=:JN=?QG;ICI :FH?<=IJ
QN;CJI<BQG=B@IQICNN J ?? H@:<=NU?F<IM BU?A;I4Q?<FN<IC@:PN4
U?F<IM :FH?<=?R =Y ?Y J FIOL:;NN BU?A;ICI FQIJ:@E S?;;IF=;I4

54


   DD DD

/* 
I@N?;=N@IJ:;;IX ;IJIX Q?<FN<NY QIJ:@G c=ICI =NH: FHIFIA4
F=JB?= PI@MN@IJ:;N[ QN;CJI<BQG=B@IQICNU?F<IX <IMH?=?;SNN
BU:KNTFER HIOJIQEE NM J H@IS?FF? NOBU?;NE EOW<: H@I;N<;B=G
J IF;IJW UB\IX <BQG=B@WR A?O U?CI ;? MI\?= JIO;N<;B=G JO:4
NMIHI;NM:;N? N JO:NMIBJ:\?;N? H@N NOBU?;NN N;IF=@:;;ICI
EOW<: N ;? MI\?= FIF=IE=GFE L?XF=JN=?QG;I 7VN@I<NX LN:QIC9
`=?@MN; #Y€:T=N;:a FIJ@?M?;;WT <BQG=B@Y

55


   D D

? # " # B   

 !"# $%!&'"()*+  
 
+ ,+ 
  -..
b @BFF<IM EOW<? < <I;SB  4T CILIJ ‡‡ J?<: FHNFI< ;?I4
QICNOMIJ F8@<A EC<?DA:B=R MNR   
 R 'O F=:;IJN=4
FE LIF=:=IU;I NOJ?F=;WM QIJI   J c=IM @ELB HIU=N ;?
HIEJQEQIFGR ;I J  CILB ;:AQ[L:?=FE F=@?MN=?QG;:E :<=N4
JNO:SNE ?CI BHI=@?AQ?;NE `OL?FG JHIQ;? :L?<J:=;I IH@?L?Q?4
;N? 7ABM9a I;I HIH:L:?= J 7FHNFI< F:MWT HIHBQE@;WT FQIJ
CIL:9R : H@?FF4N;L?<F =?@MN;: F8@<A EC<?DA:B=R ;:H@I=NJR FI4
CQ:F;I FH?SN:QG;WM O:M?@:M J MIF<IJF<IX H?U:=NR F;N\:?=FEY


d=BR L:Q?<I ;? JF?CL: FJIXF=J?;;B[ ;IJIMB Q?<FNU?F<IMB O:4


NMF=JIJ:;N[R JWFI<B[ U:F=I=;IF=G LIHIQ;E[= L@BCN? T:@:<4
=?@NF=N<NR O:M?=;I I=QNU:[KN? FQIJI   I= IF=:QG;WT UQ?4
;IJ FN;I;NMNU?F<ICI @EL: AWF=@:E MI@PIQICNU?F<:E :L:H=:4
SNER FJIAIL: FN;=:<FNU?F<ICI HIJ?L?;NER FQIJIIA@:OIJ:=?QG;:E
H@ILB<=NJ;IF=G N HILJN\;IF=G F?M:;=NU?F<IX F=@B<=B@WY :F4
FMI=@NM NF=I@N[ N IFIA?;;IF=N c=ICI ;?IQICNOM: HIL@IA;??Y
Y '  HI FJI?MB H@INFTI\L?;N[ AB<J?;;I? NMER FIF=:J4
Q?;;I? NO ;:OJ:;NX :;CQNXF<NT AB<J :AA@?JN:=B@W MNR FI<@:4
K?;;ICI IAIO;:U?;NE =?@MN;IQICNU?F<ICI FIU?=:;NE public re-
lations (Public Relations). d=I FQIJIR =:<NM IA@:OIMR HILL?@4
\NJ:?= =@:LNSN[ O:NMF=JIJ:;NE :;CQNXF<NT FBK?F=JN=?QG;WT
=NH: 
 `I= )R FI<@Y )3mm3o i3aR "  `I= n)R
FI<@Y nisl3 )aR "  NQN "  `I= -ŽR FI<@Y qt4
iotˆaR  `I= ,-R FI<@Y oilo4qta N L@Y

D#!$#3/!"#5
/!$# $  J $$# $#$
 

<AAA

/)
$1 2$) &! /
 $-$#
MN3$  03 +
,3
 MN3)2$#  MN3 # JJ 
   


O "  ! 0 #!+ 3)!+ #!-+ # -


<AAA   $ $#

56   
  
  
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ;c 0 T;c

. / 
YY e?@MN; F8@<A EC<?DA:B=  N ?CI =@:;F<@NHSNE H?@JI4
;:U:QG;I HIEJQE[=FE J FH?SN:QG;WT IHNF:;NET O:@BA?\;WT
FQB\A N;PI@M:SNNf IL;NM NO ;NT EJQE?=FE ]ZEAQ[< $YƒY ;LB4
F=@NE BH@:JQE?MIX N;PI@M:SNN `7>:AQN< @NQ?XV;O9 FNF=?4
M: H@IH:C:;LW AIQGVICI ANO;?F: aY #YR g_Y
b 4? CILW ‡‡ J?<: ?LN;NU;W? BHIMN;:;NE =?@MN;: N ?CI
FI<@:K?;;ICI IAIO;:U?;NE JF=@?U:[=FE N ;: F=@:;NS:T FIJ?=4
F<IX H?U:=N

b!D 1??' 0 *$'$'+ /! jB!3" ( '"'+F/k5


* '= /! $>/= * '$!? ?!*$*+ Z*?!D 5
$?'' * $* ? B*?*C (!? B*(!/$!" $ / '!? D'%
) *#*?*#*5 (!(  ! #*$*>5 #*"*$*#* B'B > >
Z ? h2!$! 6 *>3 Oi
l /!#">" $ 1*$'( + XD ("*B' &'( + "*$!=
hO6i5 !( + B*"  &'( + "*$!= hOci5 "*$!=
j.*$' "*$! /!&' > B* ?!' !"!? B' " %
'! c6%) #**$k hO8i5 1"*$!= *!) "*$
hOi5 * !(  #' !F'" !/m>' > '? ! j**%
F' >  *3C'$'*=Yk5 " 5 B*%!#" +( 5 jB!3" (
 @1.5 !& # $$$, $#PE5 $5 - 
(&F 9:;<=> ?@<AB=CDE $ 4 # 5  $ $4  2$ $ )

0$$, 5#!55 $- 5 $ $) -$ #0#+  $ 0$!"$3


#! ), 0  I$) 74(($ # <Q $ & # -$#
#$ $ %/ ")$ $ $1P5  $ &% 6/)
$1 2$) D$!$!$ 5 ;3
F!$0 -, !$#" J @1P

 $
 R

#"5$#

 <AA8S
!$#5
7#, $#$" 0$$, JJ /$#
<AAQ
T<S !

$5 UVWXYZ [\X]^Y_`a 0$0+ :$$!$  JJ /$#


<AA
TAS  
9

/$ !$ & $)& &#4 E %#0#+ (& %01! !,.' 0&3
! # $1$$ E 7$) $ # < $ & 0+#5 #+0&$#
!$ $ &# 0$#5" 15 !&4E $1P#$)& 1! &'
B
b$$# 0   /@ $ +!$,  0$($ D$$ $
&# ; H$!" ) # 6b$$#
-  b,$) JJ /$3
# <AA T<<<9C
$- (+ 4 # !"#&E -$ #
/* ) # -# #5 $#$, 0$( 0$!&- 0$3
 # < $ + cc $!5
: O0 $, G#$0+ 0$(5
  )$# $##E5 0)&P#$ 0$! #$$, )$#$,
#$,+ B)
 # -$ $1 2$) 6 !.

D1! !,. !5
) 4$#  )$#

 <AAQ
/
<<QS !
$5 UVWXYZ
[\X]^Y_`a 0$0+ :$$!$  JJ /$# <AA TA < <<<9C

57


   D D

MVWXYZ [\X]^Y_`a 01! !,. MN ! 0d

 "'+F/k n   o \'a '? B*%!#" +( $' B* ?!Y


!a' $*F'F'' $ *3 )* *(!C' '4 jB %!k h['! %
?*$ [ E!(*?='=4 jB!3" (  "'+F /k ,, 1*$'(!>
("=! ; *>3 Oi
  CIL: ;:UN;:?=FE c=:H JTI\L?;NE =?@MN;: J Q?<FNU?4
F<B[ FNF=?MB @BFF<ICI EOW<:Y >ILIA;I L@BCNM O:NMF=JIJ:;N4
EM c=ICI H?@NIL:R FIH@IJI\L:JVNM FISN:QG;I4c<I;IMNU?F<N?
H?@?M?;W J F=@:;?R ?CI IFJI?;N? H@INFTILN= J PI@MN@B[K?XFE
 : =:<\? J F@?LF=J:T M:FFIJIX N;PI@4
H@IP?FFNI;:QG;IX F@?L?R
M:SNNR H@?NMBK?F=J?;;I J L?QIJIX H@?FF?Y


Y
Y >@IS?FF IFJI?;NE ;IJICI =?@MN;: ;: H@I=E\?;NN  4T
CILIJ T:@:<=?@NOB?=FE S?QWM @ELIM IFIA?;;IF=?XY
Y
YY QIJIFIU?=:;N? H@?LF=:JQ?;I @:O;WMN I@PIC@:PN4
U?F<NMN J:@N:;=:MN   
  `;:NAIQ?? @:FH@IF=@:4
;?;;I? ;:HNF:;N?af '  
O    
   
 
    
  f ;:U?@=:;N? J=I@ICI <IMHI;?;4
=:          Y $:4
@ELB F c=NM NFHIQGOB[=FE NF<I;;:E PI@M: F8@<A EC<?DA:B= N
:AA@?JN:=B@: MN `U:F=I=;W J H@IP?FFNI;:QG;IX @?UNaY
Y
Y
Y ~?<FN<I4F?M:;=NU?F<B[ :L:H=:SN[ =?@MN;IJ FIH@I4
JI\L:?= H@IAQ?M: :L?<J:=;ICI H?@?JIL:Y ;: FJEO:;:R F IL;IX
F=I@I;WR F H@IAQ?MIX =IU;ICIR : =?M AIQ?? Q:<I;NU;ICI N ?M<I4
CIR IH@?L?Q?;NE HI;E=NE F8@<A EC<?DA:B= `F@Y 7eIU;WX c<JNJ:4
Q?;= HI;E=N[ 7H:AQN< @NQ?XV;O9 ;:X=N J @BFF<IM EOW<? =@BL4
;I9Y ];N\;I? IAIO@?;N?R  R  D
_aR U=I I=@:\:?= FN=B:SN[
HINF<: IAK?H@NO;:;;IX L?PN;NSNN =?@MN;: N J MN@IJIX H@:<4
=N<?Y


 <AA $ & # $ 0$5#!5E5 0#+ MN3 # # 2$) 4 $3


& #+:$  &, 0#$   /
b!2 %D1! !,.
e$ 2$
$d'
-! A3: $ $# ##$ 55 &+  0$ ))+ 0$ D # HK
H @ H K )
/
@ 4$  HIK )
b&)

 -$ # : %L$))f3g]YXh' %i$#+ #5'

 /0F!+ -+#E $$!$  $0 !, 9:;<=> ?@<AB=CDE/


<AQ $ & 0F!"+) i$ $) Bj_V`k]^Y_` l_[ MVWXYZ N\X]^Y_`a N\a\][Zm
]`k nkVZ]^Y_`C 1+! 0 05 ! Q !-+: $0 !,  0 3
!$4 $1#+, # %MVWXYZ [\X]^Y_`a = 2$ $$15 (&F5 &0#3
!5 $$5 0$$1#& &$#!E  0$ 4E $1P5 #3
58


   D D

. / 
 L@BCIX F=I@I;WR HIHW=<N ;:X=N O:M?;B :;CQNXF<IMB JW4
@:\?;N[ =@:;FPI@MN@B[=FE J M;ICIUNFQ?;;W? H?@?JILW 
  !   R     !   R 
     
R !   R   !  R
!   

$R   !    R
#  !    R  "    !  
 R

  !    N L@Y `b HBAQNSNF=N4
U?F<IX @?UN JF=@?U:[=FE N AIQ?? FJIAIL;W? HIEF;?;NE 7

      "       ! 


   
  9 ]N^R 
R _R 7   


   9 ]#?C:HIQNF4d<FH@?FFR 
R 
_aY v:F=I
I;N IS?;NJ:[=FE <:< ;?=IU;W?R ;?=I\L?F=J?;;W?

   .' !a' B '?"'?*#* *3C'B /!*#* B''$*!


'? ! B!3" (  "'+F/ ! ( + >/( 1!?+ !%
B*!'+ /  ) 0 j$>/  *3C'$'*=Yk 0
!? B* '3'  &'#* ' *3m>>' n.'/!$  ?!> #!/'! 
!B OOOog 2!3" (  "'+F/   $' 'C' ' !+' '3'
**+*#* B''$*! 1$>/  *3C'$'*=Y ' !(D'%
 Y $!a) B!!?'*$ X*+  D B"  n2*&'B%
D*$ [[ *?? (! $' ')*"*# $!D!*#* $'(!
\5 OOO 1
;o
)$0$)5  $& -# )4 & $ F,   $1P#$3
"ES 0$$1#& .E !-+: 0$1!)   -S 0$)$  &$3
#$ #& $ F 1+" ($)$#+) $1 $1P#$) ) 
#$#)5  $#"   $S $0 !5  ! $$1+, &0$  !#3
$,  - &$#$ # $)0 = !&4" ) $1P#$S
0$)$  &$#$ #& 1+" $$#+)  !E1+) 0))  0$!"$#"
: 0$ #$)$4$ 1$! 2((#$ #+0$!55 $!" %)+ 3
 $ $0$#P5' $1 $0$  0$)$ 5 0#"5  4!!"+)
 F5)S  0$!"& ! $#5  $+$ $$#$  23
-: $): $1P # -# $$#+:  # 5!"$' BF

0$ 6 !
$5 UVWXYZ [\X]^Y_`a 0$0+ :$$!$  JJ /$#
<AAA T <9C
GP $ $ $0 ! 1+!$ #+1$$  0#$, )3
$, )1! $FF, MN # <AQ $ & # :$ %D UVWXYZ
[\X]^Y_`a = 2$ &#$  $F!"5 & 0$#$!5EP !$#"
 F 0 +#" : 0$! #5 $&!"$#" &$#$ #$
$ F,  0#$5" # 4" 0!&)+  0$ ))+ ,3
#, $$+ !&4 )  $ F,   $1P#$'
6) 49

59
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 76 0 T76

MVWXYZ [\X]^Y_`a 01! !,. MN ! 0d

HW= BHI=@?AQ?;NE ;: H@I=E\?;NN L?FE=NQ?=NE O:<@?HNQ


H?@J?;F=JI O: PI@MBQIX   !    M?;;I
?? NFHIQGOB[= 7J AIQGVN;F=J? :J=I@N=?=;WT HBAQN<:SNX N J
H@:<=N<? BH@:JQ?;NE <I@HI@:=NJ;WM HBAQNU;WM LNF<B@FIM
I@C:;NO:SNX9Y
 @IM? =ICIR ?? F=:=BF IAK?H@N;E=IX ;IMN;:4

SNN HIL=J?@\L?; IPNSN:QG;WM ;:OJ:;N?M CQ:J;IX H@IP?FFN4


I;:QG;IX IAK?F=J?;;IX I@C:;NO:SNN IFFNXF<IX :FFISN:SNN
HI FJEOEM F IAK?F=J?;;IF=G[R : =:<\? FII=J?=F=JB[KNM ;:NM?4
;IJ:;N?M FH?SN:QG;IF=N J JWFVNT BU?A;WT O:J?L?;NETY
Y
YY e?@MN; public relations R :AA@?JN:=B@: MN N c<JNJ:Q?;4
=W   
  'O PB;<SNI;N@B[= <:< ;?F<QI;E?MW?
NM?;:Y >@N c=IM NT N;W? C@:MM:=NU?F<N? H@NO;:<N ;?BF=IXUN4
JWY bI4H?@JWTR ;:AQ[L:[=FE <IQ?A:;NE J T:@:<=?@NF=N<? UNF4
Q:     public relations, 

 public re-
lations,  
 MN N    MNR   
 MNY


ZL?FG BFM:=@NJ:?=FE JQNE;N? LJBT @:O;I;:H@:JQ?;;WT P:<4


=I@IJ a :;CQNXF<I? I<I;U:;N? 4= HI<:O:=?QG PI@MW #$f

a I<I;U:;N? ;: =J?@LWX FICQ:F;WX J @BFF<IX MI@PIQICNU?F<IX


FNF=?M? HI<:O:=?QG PI@MW "!Y
bI4J=I@WTR Q?<F?M:M H@NHN4

FWJ:[=FE @:O;W? @ILIJW? H@NO;:<N##


    

R   MNR    
  MNR L:\? J
H@?L?Q:T IL;ICI =?<F=:

j   !3*"Y* $'? *#! /!D >? a' 2@ no 2*a!%


*? 'B* ' a! '("!?!5 * 2@ '? $' !$* '*3)*%
 *.

D1! !,. # ) $F!"$ $ &0#!5

/D1
 <AAA
/
<8

 /
4 %  #!$, 4#+ -&"  0$ ! $ :3$
%01! !,.'' 6L$)
0# 
< (#
<AA9S % &)+ $$3
+) 0$!"&5 01! !,. = 2$  0#!$  # )$#$,
($)F' 6#)5 
 0
<AAA9S % #+, $,,
0$!$!$
L$#! - -$ public relations 5#!5E5 F!$, $3
!"E $F!"$, 0:$!$   $$# $$$, &# !5 0$!-,
) ' 6 !
$5 UVWXYZ [\X]^Y_`a 0$0+ :$$!$  JJ
/$#
<AAA
T<9S %D ($)&E5 # )$$5!"&E (&FE )3
 4)  #.,  #&, $1P#$"E' 6 !.

D3
1! !,. !5 ) 4$#  )$#

 <AAQ
/
<9

 D$ $# R
 b$$# G
MN = 0, $. !5 #!$ $  )$ &3
- $ JJ  

  


60


    

. / 
 ?! no 2@ ' */!' B*!a5 ** */!' !?*Z'5
$ (***+ B*!a (*'' 3 '"!k n2*&'BD*$ [[
*?? (! $' ')*"*# $!D!*#* $'(! \5 OOO
1
O5 8
o
b @?OBQG=:=? CIJI@EKN? 7FIO;:=?QG;I NOA?C:[= NFHIQGOI4
J:=G c=I= =?@MN;   
  J =:<NT FN;=:<FNU?F<NT <I;4
=?<F=:TR J <I=I@WT ;?IATILNMI B<:OWJ:=G ?CI @IL N UNFQI9R N
JWAN@:[= IAI@I=WR J <I=I@WT =?@MN; O:;NM:?= O:JNFNMB[ FN;4
=:<FNU?F<B[ HIONSN[ 
 P  
 Q   
F8@<A EC<?DA:B= #    
  N =YLY
!:\? JF=@?U:4
[=FE H@EMW? @?<IM?;L:SNN ;? BHI=@?AQE=G =?@MN; J =?T <I;4
=?<F=:TR CL? J EJ;IM JNL? ;?IATILNMI IAIO;:UN=G ?CI C@:MM:4
=NU?F<N? T:@:<=?@NF=N<NY !@BCN? :J=I@WR ;:H@I=NJR IAIF;I4
JWJ:[= <I@@?<=;IF=G NFHIQGOIJ:;NE   
  N MN J
IL;IX IH@?L?Q?;;IX PI@M?R ;:H@NM?@R 7J MB\F<IM @IL? N ?LN;4
F=J?;;IM UNFQ?9Y


YY :OQNU;: FQIJIIA@:OIJ:=?QG;:E :<=NJ;IF=G =?@MN;IJY


IU?=:;N?   
  N ?CI H@I=I=NH F8@<A EC<?DA:B=
;? NM?[= H@INOJIL;WTY AA@?JN:=B@WR ;:H@I=NJR HIF=?H?;4
;I IA@:OB[= S?QW? C@BHHW L?@NJ:=IJY b U:F=;IF=NR J S?HIU4
<B I=<@W=ICI =NH: IAx?LN;E[=FE <IMHION=W MN
$ MN

  MN    MN $  MN



 MN
    N L@Y `J =IM UNFQ? 'O   'O
  aY
d=: \? MIL?QG H@IFM:=@NJ:?=FE J IA@:OIJ:;NN MN  `MN
 a N    `F@Y =:<\? 'O  a L;IJ@?M?;;I HIEJQE[=4
FE FQI\;W? FQIJ: =NH:  MN  MN $:<I;?SR ;? A?O
JQNE;NE H@INQQ[F=@N@IJ:;;ICI JWV? H@ILB<=NJ;ICI IA@:OS:
IA@:OB[=FE L?@NJ:=W MN 
R MN!
`MN!
a N  !
R
  
    $  
YY ~?<FN<IC@:PNU?F<:E PN<F:SNE ;IJWT FQIJ:@;WT ?LN4
;NS IFBK?F=JQE?=FE J FH?SN:QNON@IJ:;;WT FQIJ:@ET4FH@:JIU4

 I) 4

I) 4

*.

K $-
/
<A

61


   


MVWXYZ [\X]^Y_`a 01! !,. MN ! 0d

;N<:T N c;SN<QIH?LNETY
 >?@JWMN QN;CJNF=NU?F<NMN NOL:4

;NEMNR J <I=I@WT AWQN H@?LF=:JQ?;W c=N =?@MN;WR EJQE[=FE


]IMQ?J $Y ƒY QIJ:@G ;IJWT N;IF=@:;;WT FQIJ  H?@?JILIMR
c=NMIQICN?X N =IQ<IJ:;N?MY #YR D_
 N ]$IJNU<IJ $Y$Y QI4

J:@G FIJ@?M?;;WT @BFF<NT FI<@:K?;NX N :AA@?JN:=B@Y >:@N\4


#IF<J:R D_Y
 b L@BCNT FQIJ:@;WT HBAQN<:SNET  4T CILIJ

I;N ;? I=@:\?;WY

Y $?IQICNOM   J  4? CILW H@?NMBK?F=J?;;I JF=@?U:4
?=FE J BF=;IX `H@IP?FFNI;:QG;IXa @?UNf J HNFGM?;;WT =?<F=:T
?CI NFHIQGOIJ:;N? J?FGM: IC@:;NU?;;IY b Dr CIL:TR ;:
;:U:QG;IM c=:H? PN<F:SNNR ?CI BHI=@?AQE[= J =?M:=NU?F<NT `I
  
  a F=:=GET NQN P@:CM?;=:TR J <I;=?<F=? =?@MN4
;: F8@<A EC<?DA:B= `  
  aR :AA@?JN:=B@W MN N L?4
@NJ:=IJ MN
$ MN
  f H@N c=IM ?CI U:F=I H?@?L:[=
J JNL?   'K NQN 'K 

2*"( B'D !" *$ jB!3" (% "'+F/k B 3"* n/!#*%


"*$*(o 2'$' 7 $B( (*$ B*Z' *!"=*+ ?!%
'(*+ # "= !3* (*$ j2 %Ak B'%"a3
B*"& "  B"*? ?''a'*$ B* jB!3" (% "'+F/k
nb !*$' /$' >5 OO;5 ^6;o j_a'%B !k4 $ $>%
/>)  *3C'$'*=Y ' /!?'&' n'"*  3'?'%
*5 ?" '#* ' /$'' ,, *??'!m%pQIqr O *>3
OO;o
 /)
6 )1F&)$#

< )$# +$-$, 2$$)

 <AA8S
D$!$!$ 5 ;F!$0 -, !$#" J @1P

 $
 R

#3
"5$#

 <AA8S ;F!$0 5 0 0)!5 J /$
/

/!"3
$# I
H
/$!$)$
b
b4$# 

o$$#
/D1
 <AA9

 %D b L  Gp*O BGGp*OC B !


public relations, public
$1P#+, q [\X]^Y_`a $$.5 #5C = $1P#+ #5 B03
#$-
# /* C = $ F5 $1P#$ $ )5 # F!5: 1$!
&0.$ $ (&F$$#5 0 055 B&-4 5 ()+C  0$#+3
.5  $ 0&F
@&P#!55 +) 0&5) $ 04  # $
-  # )$#$, ($)F
&#$ #)$$$., )4 &
$& #+) B&0#!-)C $1P#+) &&) B

(5   5  


 C  4 ) # : # $
$1P#'

 %D 01!3!,. B!&41 0$ #55)  $1P#$"EC'

62


    

. / 
b =?T \? =?<F=:T NFHIQGOB[=FE N H@INOJIL;W?    $R
 !
R   
  
$ 

]>( + $!a!YC + '3> (! ! $ #3'!*5 ?X


" !+*' *$' ( B*"!#!' '*3)* ??  /!
B*?*C=Y ( jB !C (!?k hB'D !" !? B* $>/>?  *3%
C'$'*=Y5 * 2 %A 0  0 jPLsqI9 JSqQHItuMk5 'C'
*! !33'$ !!5 (**Y $ '#*>F'+ @* !%
F Z*$$!= ' B >* (**!> !' !&!"* "*$*%
*3!/*$! Y4 !B ?'5 B*>$">'> #"!#*" jB ! =ki
n@(!> ?"= < ?!! OOo
>@NM?@W ;?=?M:=NU?F<ICI PB;<SNI;N@IJ:;NE Q?<F?MW `J;?
<I;=?<F=:   
  a ?LN;NU;W

2* /!(*!? 2 A /! !(Y $*/?*a*= $("!$!Y


' * *Y >& *""!*$ n.*$*' $'?> c Y>
OOo
Y =:<R JJ?L?;N[ NM?;N   J VN@I<NX IAI@I= H@?LV?4
F=JIJ:Q c=:H H@NFHIFIAQ?;NE ?CI H@I=I=NH:   
 
< @BFF<IX Q?<FN<I4C@:MM:=NU?F<IX FNF=?M? `N H@NFHIFIAQ?;NE
< ;?MB @?U?JIX H@:<=N<N CIJI@EKNTaR c=:H =?@MN;IQICNO:SNN
H?@?JIL:   !   R : =:<\? c=:H @:FH@IF=@:4
;?;NE BF=;ICI J:@N:;=: :AA@?JN:=B@W MN N ?? L?@NJ:=IJY 
JM?F=? F =?M PB;<SNI;:QG;:E :<=NJNO:SNE ;?IQICNOM: ;:U:4
Q:FG HIL JIOL?XF=JN?M FNQG;ICI J;?V;?CI `c<F=@:QN;CJNF=NU?4
F<ICIa =IQU<:R H@NL:JV?CI FQIJB J AB<J:QG;IM FMWFQ? IFIAB[
I<@:F<BY
YY b F?@?LN;?  4T CILIJ J ;IJIX I=@:FQN IAIO;:UNQNFG H?@4
JW? N=ICN N ;:M?=NQNFG ;?<I=I@W? =?;L?;SNNY :< N HIJF[LB
J MN@?R I;: F=:Q: H@?LF=:JQE=G FIAIX FIF=:J;B[ U:F=G c<I;I4
MNU?F<ICI N HIQN=NU?F<ICI <I;F:Q=N;C: `<I;FBQG=N@IJ:;NEaR N
?? IF;IJ;IX O:L:U?X EJQEQIFG H@ILJN\?;N? N;PI@M:SNI;;WT N
A@?;LIJWT N;=?@?FIJ H@?LF=:JN=?Q?X L?QIJWT N HIQN=NU?F<NT
<@BCIJY b @:O;IIA@:O;IM H?@?U;? BFQBC FH?SN:QNF=IJ4<I;FBQG4
=:;=IJ O;:UNQNFG             


     

           
63


    

MVWXYZ [\X]^Y_`a 01! !,. MN ! 0d

 #  $             $


 
  N L@Y L;:<I J @IFFNXF<NT BFQIJNETR FICQ:F4
;I IS?;<:M J H?U:=NR   !    F=:QN JIFH@N4
;NM:=GFE H@?NMBK?F=J?;;I <:<   

  
 R H@NM?;E?MWT J @?<Q:M? N NOAN@:=?QG;WT <:MH:;NETY
$:UN;:E F  CIL: <IMMB;N<:=NJ;W? =?T;IQICNN   

  J NT @IFFNXF<IM J:@N:;=? HIQBUNQN L:QG;?XV?? @:O4


JN=N?Y b =?<F=:T #R HIFJEK?;;WT JWAI@:M J Z:<I;IL:=?QG4
;I? FIA@:;N? :;<=4>?=?@AB@C: ` a N JWAI@:M J ƒIFBL:@4
F=J?;;B[ !BMB `aR FIIAK:QIFG I  "   
 
 
R I   
         
$ *
    NQNR J N;IX N;=?@H@?=:SNNR I  


 
  >@N c=IM VN@I<:E HBAQN<: =:<\? HIQBUNQ: H@?LF=:JQ?4
;N? I 

  R #  $    R  

$R     $R 7  9
  R 7 
 9R
 

   N L@BCNT H@N?M:TR FIF=:JNJVNT :@F?;:Q 
R NQN  R NOAN@:=?QG;WT =?T;IQICNXY
Y
Y &     N      ;: @IFFNXF<IX
HIQN=NU?F<IX FS?;?Y b FIH@IJI\L?;NN cHN=?=:   U:F=I
HIEJQE?=FE J HBAQNSNF=NU?F<IX @?UN N FBK?F=JN=?QG;I?  
`=:<\? J J:@N:;=? MN aY IU?=:;N?     FWC@:QI LJIX4
F=J?;;B[ @IQG J L:QG;?XV?X FBLGA? ;?IQICNOM:Y  IL;IX F=I@I4
;WR ?CI BHI=@?AQ?;N? J @:M<:T P@:O?IQICNON@IJ:;;ICI IAI@I=:
IAQ?CU:QI IFJI?;N?R H@N;E=N? ;IJICI NM?;Nf F L@BCIX F?M:;4
=N<: FQIJ: HIL JQNE;N?M H@NQ:C:=?QG;ICI IA@?=:Q: BF=IXUNJW?
;?C:=NJ;W? <I;;I=:SNNY
YY #?\LB =?M JW@:\?;N?     (MN) ;? AWQI ;I4
JN;<IX LQE FH?SN:QNF=IJ J FP?@? H:AQN< @NQ?XV;O N \B@;:QN4
F=IJ =:< B\? NM?;IJ:QN
 N H@ILIQ\:QN NM?;IJ:=G O:<:O;W?R

 O "  ! &#$) #+ !+ !)+ 0$!"&)+ # $05:


(+ %01! !,.'
@0+ 0 #!5 !-$, $)!3
&+ $ $ $  1+! 0 05 #$$) # 6H G

/!$#" $ 3
$ $ $1+5 &) #+1$+ # ! 0 JJ $5  (!$!$ 5
0$1!)+ &-$,  $1$#!"$,  F  &14 +5-!,

!+ )4 &$ $, $(F


D$#$  
/
<Q<Q9

 /)
 # -$ $ &  0#+: 0&1!F, 67!$ MN 1)$
)+!  $ # JJ L$))f3g]YXh
A $51
<AA
9

64


   D D

. / 
HQ:=;W? F=:=GN J #R J U:F=;IF=NR ;?C:=NJ;WX M:=?@N:Q I HI4
QN=NU?F<IM <I;<B@?;=? N NQN HION=NJ;WX I ?CI FIH?@;N<? `FN4
;I;NMW " f
  f 
 f   !  f  a

-*$! Z*?!D *) ')*"*# + $ )*' /3 !'"=%


) (!?B! +5 (**' B*"=/Y '+$YC ' #3'%
!* h'"   )5 (*'&*5 ' "*a "> *+& $* B*%
/  $+ ? a $ #"!/!) !'"' > X" i5 0 j&'%
+k " j#3+k jB !k n.*$*' $'?> O *>3 OOco
'+$' $ *" D' 'C' /!#!*&!> %3 #!!5 (**%
!> /! ?!'>  j&'? B !*?k n\*(*$( + (*?%
*?*"'D 
*>3 OOco
$I O:=?M FQIJIFIU?=:;N? F=:QI BHI=@?AQE=GFE N <:< FIJI4
<BH;I? IAIO;:U?;N? NFHIQGOB?MWT J HIQN=NU?F<IX AI@GA? H@N?4
MIJ H@I=NJIO:<I;;WTR :MI@:QG;WT N NQN LNF<@?LN=N@B[KNT
<I;<B@?;=: `FN;I;NMW  R     f   f

  $    $ f MN a

\*!"=+ (" ?! B** '!"=* B*)*  "> #>/%


) B*"  &'( ) ')*"*# + V'+ B ! !)* >
! !"*$) "*$ >) n.*$!> #!/'! 8 Y> OOOog 2*
"*$!? [l$" (*#*5 jl_--k j' B*"=/*$!"* &'%
+ 2A@5 ' B*"=/*$!"* B**3*$ ?'**$5  ('%
  YC ) !F ) *BB*'*$k n.'/!$  ?!> #!/'!
 '( OOOo
YY $: A:O? FQIJIFIU?=:;NE     JIO;N<:[= L?@N4
J:=W    !
`F@Y 7R      !

   '  S 9  aR     
 `    

  
 R     
 

 N =YLYaY
Y e?M:      AWQ:R IL;:<IR I=;[LG ;? ?LN;F=J?;4
;IX J H?@NIL :<=B:QNO:SNN FQIJ:R N ?CI BH@IU?;N? H@INFTILN4

QI J =?<F=:TR ;? =IQG<I ;? FJEO:;;WT F T:@:<=?@NF=N<IX
    R ;I N H@I=NJIHIF=:JQEJVNT NM $ 
     

 Y M?;;I c=N M:=?@N:QWR
  
 !"
#$ 
B
<
<AAA
C
65


    

MVWXYZ [\X]^Y_`a 01! !,. MN ! 0d

ITJ:=WJ:[KN? <I@I=<NX I=@?OI<  N


CILWR HI<:OWJ:4
[=R <:< ;?IQICNOM   `H@N HILL?@\<? MN a IA@?=:?= Q?<FN<I4
C@:MM:=NU?F<B[ F:MIF=IE=?QG;IF=G N PB;<SNI;:QG;B[ FJIAI4
LBY
YY >@N c=IM ;? IF=:[=FE A?O J;NM:;NE CIJI@EKNT PI;?=N4
U?F<N? T:@:<=?@NF=N<N ;IJIIA@:OIJ:;NEY T IS?;NJ:[= N IS?4
;NJ:[= HI4@:O;IMB =I I=<:OWJ:[= J AQ:CIOJBUNN `7
 


            9aR =I H@NO;:[= NT
<@:FI=B N c<FH@?FFNJ;IF=G `7
       9aY


Y
Y >@IS?FF AWF=@IX MI@PIQICNU?F<IX :L:H=:SNN ;?IQICNO4
M: H@ITILN= J ;:H@:JQ?;NN I= ;?F<QI;E?MICI "! N #$  
`       
       
 a < PI@M:M "!   `$   
   
  
 f
     aR   ` $     f   
  aR   `     f

    
  aR   `       
  R
      aY d=IMB H@IS?FFB FIHB=F=JB?= PN<F:SNE
PI@MIIA@:OIJ:;NE H@I=I=NH: MN R MN Y
YY QIJIIA@:OIJ:=?QG;B[ :<=NJ;IF=G ;?IQICNOM: L?MI;4
F=@N@B[= M;ICIUNFQ?;;W? H@INOJIL;W?Y €IQGVB[R HIF=IE;;I
HIHIQ;E[KB[FE C@BHHB H@?LF=:JQE[= U:F=I BHI=@?AQE[KN?4
FE <IMHION=Wf J FHNFI<  CIL:       

   
     "     
 
 LIA:JQE[=FE ;IJIIA@:OIJ:;NE4
    R  
 R       R         f <
;NM H@NFI?LN;E[=FE I<<:ONI;:QNOMW       
 N L@Y L;IJ@?M?;;I H@ILIQ\:?=FE FIOL:;N? MNFQIJ MN
 "  MN
 R MN R MN" R MN

$ $R MN  R MN  "


R MN 
R
 D$# 7
H&1 #+1$+  !$1+, %0' JJ 

 %  
 ,1$# 
JJ

 $ $  
/
4 %@))
$$1&E 20#$" #&$#$ $ $1! !$# -5"  !&:$ $ r0s
$$ #.5 $+) ) rs
BD$5$ 0$-)&  04!5
&-+, #5P, 0#$  r#5  $1P#$"Es = & # ) 2$,
#, $+
C' 6) 49

66
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 7c 0 T7c

. / 
MN R MN !  R MN
N =YLY d=: \? MIL?QG
L?XF=JB?= N J I=;IV?;NN < IH@?L?QE?MIMB S     Y
IF=:J H@INOJIL;WT @:FVN@E?=FE O: FU?= HIEJQ?;NE FQIJ
       $   N L?@NJ:=IJ I=
@:;?? IA@:OIJ:;;WT FQIJ     
    

R           v:F=W4
MN F=:;IJE=FE H@NM?@W @:O;IX HI JNL:M FQIJIIA@:OIJ:=?QG;IX
NC@W'      f '0KO'4-T4I4LGK 'K   
   `: =:<\? MN    f    MN  a N =YHY
YY N;=:<FNU?F<I? HIJ?L?;N? ;IJICI FQIJ: I=QNU:?= VN@I4
<:E FIU?=:?MIF=G F @:O;WMN HI F?M:;=NU?F<NM N C@:MM:=NU?4
F<NM T:@:<=?@NF=N<:M Q?<F?M:MNY d=B IFIA?;;IF=G   R ?F4
QN NM?=G J JNLB FN;=:CM:=NU?F<N? =@BL;IF=N ?CI Q?<FNU?F<NT
H@?LV?F=J?;;N<IJ ;?QGOE ;? I=M?=N=Gf JM?F=? F =?M LQE T:4
@:<=?@NF=N<N ;?IQICNOM: AIQ?? JF?CI O;:UNMI =IR U=I c=: FN;4
=:<FNU?F<:E FJIAIL: FJNL?=?QGF=JB?= N I <IMHQ?<F;IF=N HQ:;:
FIL?@\:;NER I PI@MN@IJ:;NN J F?M:;=NU?F<IX F=@B<=B@? FQIJ:
@:O;WT FMWFQIJWT OI;Y
YDY :< HI<:OWJ:[= BHI=@?AQ?;NE J HBAQNSNF=NU?F<NT =?<4
F=:TR J c=I= H?@NIL ;:AQ[L:[=FE =@N IF;IJ;W? MILNPN<:SNN
F?M:;=N<N ;?IQICNOM:  Y
YDYY   FQB\N= IAIO;:U?;N?M FP?@WR I=@:FQN `L?E4
=?QG;IF=NaR NM?[K?X IH@?L?Q?;;B[ FH?SNPN<:SN[R H@?LBFM:=4
@NJ:[KB[ ?? NOBU?;N?R IFJI?;N?Y b <I;=?<F=:T Q?<F?MB FI4
H@IJI\L:[= HIEF;?;NE  
R   R #  R    
     N =YHYf I;: I=;IFN=FE < @ILIJIMB HI;E=N[

  N JF=@:NJ:?=FE J @EL AQNO<NT JNLIJWT ;:NM?;I4


J:;NX FP?@ `L?E=?QG;IF=Na 
R  " R 

N =YLY $: FH?SNPN<:SN[ I=@:FQN B<:OWJ:[= IH@?L?Q?;NE

      
   
 
 

 
 #     
 I;F=@B<4
SNNR J <I=I@WT Q?<F?M: O:;NM:?= O:JNFNMB[ HIONSN[R =:<\?
c<FHQNSN@B[= ?? F?M:;=N<B         R  
    N L@Y

0 V*  !/$!'F= jB*? B !*?kW 0 U* B*" %


 &'( + X(**? &'( + h(*B*! $+i 5 !3*%
67
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 7 0 T7

MVWXYZ [\X]^Y_`a 01! !,. MN ! 0d

!YC + "> (" '! ' !$>C + B'' *3*+ !?*%


*>'"=) /!!& B* !?*B*$ a' Y5 B* B*'a!%
 Y B**>*+ !B>a'* "> B*'3* $ $*%
) "#!)  $("Y&!' * $ '3> $'= B'( j*3C'%
$') $>/'+k4 $>/  B'*+5 $! $! ' B3" &%
*+ "  B*$'' >5 '("!?!5 !B*!' '5 3*
!!" / Z*?!D 5 B*"!> $ /!"=!> B!(*$(!5 3"!#*%
$* '"=*=5 jB'D !"=' B*'(k n\*' *"'%
*$4 j@( + !/#*$*+ B =?'+ >/(k , 
  og 2 A 0 (*?? (!D *!>  D B" %
!5 !B!$"'!> ! *#! /!D Y (*?? (!D **#*
B*!$!5 3"!#*B >*#* "> *3m'(! 2 A!5 ">
(! !! $ &!*  n2'$3*+ "*$!= !+!
j.*$!> '*"*# >ko
$: IF;IJ? c=IX Q?<F?MW IA@:OIJ:; =?@MN;   R H@?L4
F=:JQE?MWX ?CI FIOL:=?Q?M <:< =IU;I? `N H?@FH?<=NJ;I?a IAI4
O;:U?;N? ; : B < N I H:AQN< @NQ?XV;OY
 L;:<I JF?4=:<N  
LIF=:=IU;I FQI\;I J?F=N AI@GAB 7O: L?;I=:=9 F ;IMN;:SNEMN
H@IP?FFNI;:QG;IX @?UN F8@<A EC<?DA:B= MN N   
 
 c=I I;N ;:NAIQ?? U:F=I=;W J =?<F=:TR IHNFWJ:[KNT 

   
 IAK?F=J?;;WT FJEO?XY
YDY
Y   B<:OWJ:?= ;: FM?\;I? HI;E=N? JNL L?E4
= ? Q G ; I F = N Q[L?XR NT H@IP?FFN[Y b <I;=?<F=:T Q?<F?M: FI4
I=;IFN=FE HI FMWFQB FI FQIJ:MN N JW@:\?;NEMN #    
 
        R  R  R  #   
   
   " #      e:<\? ??
F?M:;=N<B c<FHQNSN@B?= <I;F=@B<SNE HILUN;?;NE  $ 
  R C@BHH: BH@:JQE[KNT CQ:CIQIJ      
                     
       " 
    f  


 
    MN 

v= "Y 5 (**' B F" $ B ! / a!"  (


*!Y> $ B !'5 * *&'= *"#* B*)*> B*D'  %
D !D  n\*' *"'*$ j@( + !/#*$*+ B =%
?'+ >/(k ,   og 2 !*? /! ?!%
/)
 *.

K $-
/


68
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 7O 0 T7O

. / 
Y> "Y 5 ?'YC ' !/" &*' 3!/*$*' *3!/*$! '4 *%
D *"*# 5 B )*"*# 5 B*" *"*# 5 B'!$ '" $*&'%
( ) B*Z' + n1'#*> ; Z'$ 666o
b:\;?XVN? <IMHI;?;=W <I;S?H=: 7H@IP?FFNE9 JIFH@INOJI4
LE=FE J F?M:;=N<? M;ICIUNFQ?;;WT L?@NJ:=IJ  !
R  
  $ `N;ICL: N FBK?F=JN=?QG;I?   NFHIQGOB?=FE LQE IAI4
O;:U?;NE FBAx?<=: c=ICI JNL: L?E=?QG;IF=N FH?SN:QNF=: NQN
C@BHHW FH?SN:QNF=IJR HIL@:OL?Q?;NE J <:<IX4QNAI I@C:;N4
O:SNNaf       
  MN !   MN
 $ R     MN" N L@Y ;N IA;:@B4
\NJ:[= F?AE N J O;:U?;NN FIU?=:[KNTFE F H@NQ:C:=?QG;WM 
 
 FBK?F=JN=?QG;WT  #    
    
N =YLY
YDYY   IAIO;:U:?= H @ I L B < =R @?OBQG=:= c=ICI JNL:
L?E=?QG;IF=N NQN ?CI M ? = I LR FHIFIAf U:F=I c=I J FIJI<BH;I4
F=N =IR U=I N <:< L?Q:[= HN:@KN<NY b <I;=?<F=? Q?<F?4
M? MICB= FII=J?=F=JIJ:=G FQIJ:  R
   
$
     

 #  $  

   
 $: FMWFQIJB[ FII=;?F?;;IF=G ;?IQICNOM: F c=N4
MN Q?<FNU?F<NMN ?LN;NS:MN B<:OWJ:[= L?@NJ:=W =NH:  
   
$  
 R       
 
   Y
?M:;=NU?F<:E FH?SNPN<: Q?<F?MW H@IEF;E?=FE ;: B@IJ;?
FIU?=:?MIF=NY b <I;F=@B<SNET HILUN;?;NE ?[ BH@:JQE[= CQ:CI4
QW =NH:  U              
   
        : =:<\?     
       
   M?;;I c=I=  
U:F=I BHI=@?AQE[= J FJEO<? F H@NQ:C:=?QG;WM  R ;I ;:4
@ELB F ;NM     N   $  f =:<\? JF=@?U:[=FE
IH@?L?Q?;NE  f   f 
 f ;:H@NM?@

*#! $ \*($' /!B'C!" $)* ! ?!F *""'+%


3*$   ?$*" (*+ 121 0 X* 3" !?+ &*  !
'= 'B (+ ( + B !  (*#! $  +%
(' * ?' **#* / (! !*$ a'"!YC ? !/!%
$!" 3'B"!' #*3 0 X* *a' 3" * !?+ B %
! n2'*$5 [3'( ' $3* /"*3+ jB !k ,
69


   g g

MVWXYZ [\X]^Y_`a 01! !,. MN ! 0d


     og - $!%
C " X(**? ( / >a'"'+F'#* (*#* ( / !
c6%) 0 !&!"! 6%) #**$5 ! * ? B !*? X*#* ' '%
"!'F= n.*$*' $'?>5 6665 ^88og .' /!Y5 (!(  B !*?
*3*>"* '"*  (**"'$ ''( $!5 * \!  ! j!%
(& $!'k '3> *&'= #!?** nA b5 6665 ^
co
=:=NF=NU?F<N? L:;;W? I PB;<SNI;N@IJ:;NN ;?IQICNOM:
HN:@ J H?U:=;WT # FJNL?=?QGF=JB[= I HIF=IE;;IM @IF=?
HI<:O:=?QE U:F=I=;IF=NY e:<R FICQ:F;I M:=?@N:Q:M N;PI@M:SN4
I;;ICI :C?;=F=J: 7;=?C@BM9R HN:@ N ?CI H@INOJIL;W? J 
CILB AWQN BHIME;B=W QNVG J  LI<BM?;=:T `HBAQN<:SNET J
S?;=@:QG;IX N @?CNI;:QG;IX H@?FF?af J  CILB c=I= HI<:O:4
=?QG JW@IF AIQ?? U?M J L?FE=G @:O LI   LI<BM?;=:f J

CILB ;?IQICNOMW AWQN NFHIQGOIJ:;W J
D LI<BM?;=:TY II=4
J?=F=JB[KN? L:;;W? T:@:<=?@NOB[= N HIFQ?LB[KNX H?@NIL J

 CILB c=N FQIJ: BHIME;B=W J  g LI<BM?;=:Tf J



CILB
J DgY
$?FMI=@E ;: PB;<SNI;:QG;B[ :<=NJ;IF=GR HN:@B N ?CI H@I4
NOJIL;WM M?\LB =?M ;? BL:J:QIFG H@?JOIX=N HI F=?H?;N BHI4
=@?AN=?QG;IF=N H@INOJILEK?? NME 5& N ?CI L?@NJ:=WY v:F=I=4
;IF=G c=NT FQIJ AWQ: JF?CL: JWV?R TI=E 7@:O@WJ9 M?\LB HI<:4
O:=?QEMN ;?B<QI;;I FI<@:K:QFE J  CILB BHIME;B=W FI4
I=J?=F=J?;;I J  N D LI<BM?;=:Tf J  CILB J   N gf
J
CILB J
D N  DY

 CIL F=:Q 7H?@?QIM;WM9 =?@MN; 5& N ?CI L?@NJ:=W AW4
QN NFHIQGOIJ:;W J   LI<BM?;=:TR =ICL: <:< HI<:O:=?QN ;I4
JIIA@:OIJ:;NE HN:@ F H@INOJIL;WMN I<:O:QNFG ;: B@IJ;? D
LI<BM?;=IJY IQNU?F=J?;;W? L:;;W?
 CIL: FJNL?=?QGF=JB4
[= I FIT@:;?;NN HN:@IM c=ICI PB;<SNI;:QG;ICI H@?NMBK?F=J:Y
b O:<Q[U?;N? I=M?=NM FQ?LB[K??Y b NF=I@NN HN:@: LQE ;:F
H@?LF=:JQE[= N;=?@?F ;? =IQG<I ?? T@I;IQICNU?F<:E <:;J: N O:4
<I;IM?@;IF=N PI@MN@IJ:;NE FNF=?M;IPB;<SNI;:QG;WT FJEO?X
c=ICI FQIJ: J @BFF<IM EOW<?Y >@?LM?=IMR O:FQB\NJ:[KNM H@N4
F=:QG;ICI NFFQ?LIJ:=?QGF<ICIR : =IU;?? Q?<FN<IC@:PNU?F<ICIR
J;NM:;NER JNLE=FE PI@MW N FHIFIAW I=@:\?;NE c=ICI H@IS?FF:
J FH?SN:QNON@IJ:;;IM FQIJ:@? FQIJ:@? ;?IQICNOMIJY U?JNL4

70


   g g

. / 
;IR U=I J ?CI F=:=GET HIQ;:E N FNF=?M:=NON@IJ:;;:E N;PI@M:4
SNE I P:<=:T N P:<=I@:TR T:@:<=?@NOB[KNT :L:H=:SN[ ;IJWT
Q?<FNU?F<NT ?LN;NS J EOW<?R ABL?= NM?=G F:MIF=IE=?QG;B[ S?;4
;IF=GY

71


   g
g

?# "# C 

 
 
0  0
        

#:=?@N:QIM LQE L:;;IX F=:=GN HIFQB\NQN FQI\;W? FBK?4


F=JN=?QG;W? F O:NMF=JIJ:;;IX FBAF=:;=NJ;IX IF;IJIX J @IQN
H?@JICI <IMHI;?;=:R H@NU?MR @:FFM:=@NJ:QNFG =IQG<I IH@?L?4
QN=?QG;W? <IMHION=WR : NM?;;I FQIJ:R M?\LB <IMHI;?;=:MN
<I=I@WT BF=:;IJNQNFG IH@?L?QN=?QG;W? I=;IV?;NEY b Q?<FNU?4
F<NT ?LN;NS:T =:<ICI =NH: NM??= M?F=I :Lx?<=NJ:SNE ;:U:QG4
;ICI cQ?M?;=: J I=QNUN? I= <IMHION=IJR CL? ;:U:QG;WX <IM4
HI;?;= FIT@:;E?= FJI? FBAF=:;=NJ;I? O;:U?;N? `F@Y ;:U:QG;WX
<IMHI;?;= J FBAF=:;=NJ;IM O;:U?;NN
    
  J :Lx?<=NJ;IM O;:U?;NN
   a ]_Y
b FIJ@?M?;;IX QN;CJNF=N<? `J =IM UNFQ? N J <IMHG[=?@4
;IXa JIH@IF I=;IV?;NX M?\LB IAx?<=:MNR NT FJEON JWTILN= ;:
H?@JI? M?F=IY :< B<:OWJ:[= :J=I@W @:AI=W 7;=?C@:SNI;4
;WX HILTIL < :J=IM:=NON@IJ:;;IMB PI@MN@IJ:;N[ QN;CJNF=N4
U?F<NT A:O O;:;NX9 7Y Y Y AIQGVN;F=JI NFFQ?LB?MWT J <IMHG[4
=?@;IX QN;CJNF=N<? =NHIJ IAx?<=IJ EJQE?=FE IAK?H@NO;:;;WM
N LIF=:=IU;I F=:=NU;WMY $IJ:ER LN;:MNU;:E N =@BL;I NOJQ?4
<:?M:E N;PI@M:SNE J IF;IJ;IM IHNFWJ:?= FJEON M?\LB c=NMN
IAx?<=:MN9 ]
_Y U?JNL;WM EJQE?=FE =I= P:<=R U=I ;? JF?CL:
MI\;I ;:H@EMB[ BF=:;IJN=G I=;IV?;NE M?\LB <IMHI;?;=:MN
FQI\;ICI FQIJ:Y $:F N;=?@?FB[= =? FQBU:NR <ICL: =:<I? HIQI4
\?;N? FJEO:;I F QN;?X;IX ;?HIQ;I=IX <IMHION=:R =Y?YR <ICL: LQE
@:F<@W=NE F?M:;=NU?F<ICI I=;IV?;NE M?\LB $ ;?IATILNMI
JJ?L?;N? 7OJ?;:4HIF@?L;N<:9 ]_Y :< I=M?U:?= Y !Y #?V<IJR
7QN;?X;I4;?HIQ;W? <IMHION=W T:@:<=?@NOB[=FE =?MR U=I IHB4
K?;;WX J NT FMWFQIJIX F=@B<=B@? cQ?M?;= Q?C<I JIFF=:;:JQN4
J:?=FE N O:;NM:?= M?F=I J QN;NN cQ?M?;=IJ9 ]_Y :FFMI=@NM

O "  ! / = 0$ #+ $#!5EPS /< = 0#5


0$ #5 $#!5EP5S / = #$5 0$ #5 $#3
!5EP5

72   
  
  


   g g

. 0#
=:<N? cQQNH=N@IJ:;;W? PI@MW N HIHW=:?MFE BF=:;IJN=GR <:4
<N? NM?;;I cQ?M?;=W IHBF<:[=FE N JF?CL: QN MI\;I IL;IO;:U;I
JIFF=:;IJN=G HIQ;B[ PI@MBY
b L:;;IX @:AI=? @:FFM:=@NJ:[=FE IH@?L?QN=?QG;W? <IMHI4
ON=W F ;:U:QG;WMN <IMHI;?;=:MNR IAIO;:U:[KNMN MBOW<:QG4
;W? F=NQN `
 
  aR JNLW FHI@=: ` 
   # 
 #   aR : =:<\? JWFI<I4
H@ILB<=NJ;W? J FIJ@?M?;;IM @BFF<IM EOW<? cQ?M?;=W  
0   
   N ;?<I=I@W? L@BCN?Y >@N :;:QNO? <IM4
HION=IJ F $   JIO;N<:?= @EL H@IAQ?MR FJEO:;;WT F
=?MR U=I H@N O:NMF=JIJ:;NN Q?<F?MW   @BFF<NM EOW<IM
H@INOIVQI FB\?;N? ?? Q?<FNU?F<ICI O;:U?;NER : NM?;;IR L:;4
;I? FQIJI H@I;N<QI J @BFF<NX EOW< J FJI?M BO<I FH?SN:QG;IM
O;:U?;NN |<IMM?@U?F<:E L?E=?QG;IF=Gf H@?LH@N;NM:=?QGF<:E
L?E=?QG;IF=GR H@N;IFEK:E LITIL}Y  L@BCIX F=I@I;WR J FIF=:4
J? O:NMF=JIJ:;;WT NO :;CQNXF<ICI EOW<: <IMHION=IJ cQ?M?;=
  NM??= AIQ?? VN@I<I? O;:U?;N?Y >Ic=IMB <ICL: MW H@N
JIFF=:;IJQ?;NN ;?<I=I@WT cQQNH=N@IJ:;;WT PI@M IA@:K:?M4
FE < FBK?F=JN=?QG;IMB  R MW I=@:\:?M NM?;;I F?M:;=N4
U?F<B[ F=@B<=B@B FQIJ:R : ;? ?CI Q?<FNU?F<I? O;:U?;N?R N FJEOG
M?\LB c=NMN LJBME O;:U?;NEMN ;? JF?CL: IU?JNL;:R : ?FQN N
IU?JNL;:R =I ;? JF?CL: IL;I H@EMI JW=?<:?= NO L@BCICIY
:F<@WJ:ER ;:H@NM?@R F?M:;=NU?F<I? I=;IV?;N? M?\LB $
J <IMHION=?   R IA@:=NMFE < J;?EOW<IJIX @?:QG;IF=N
N H@I:;:QNON@B?M =? I=;IV?;NER <I=I@W? FBK?F=JB[= M?\LB
IAx?<=:MN L?XF=JN=?QG;IF=NR IAIO;:U?;;WMN FQIJ:MN   N
 Y bNO: c=I @:O@?V?;N? ;: JW?OL NO F=@:;WR Jx?OL NQN
H@I?OL U?@?O ;?? `\?CIJR J?LIJ:aY $: H?@NP?@NN Q?<FNU?4
F<ICI O;:U?;NE FQIJ:  Q?\N= F?M: 7QNSI9R NAI JNO: JF?CL:
H@?L;:O;:U?;: LQE ;?<I=I@ICI QNS:R U=I NQN HIL@:OBM?J:?=FE
H@N =IQ<IJ:;NN L:;;IX Q?<F?MW J FQIJ:@? `\?CIJR J?LIJ:a
NQN H@EMI IAIO;:U:?=FE `€eaY M?E ;?<I=I@W? O;:;NE I MN@?R
;?=@BL;I =:<\? H@?LHIQI\N=GR U=I H?@?M?K?;N?R LQE <I=I@I4
CI =@?AB?=FE HILIA;I? @:O@?V?;N?R IFBK?F=JQE?=FE F ;?<I=I@IX
S?QG[Y w?QG JW?OL:R Jx?OL:R H@I?OL: MI\?= AW=G ;? JW@:\?4
;: c<FHQNSN=;IR ?FQN I;: FN=B:=NJ;I NQN <I;=?<F=B:QG;I IU?4

73


   g g

;!!0+ # $0 !!"+: $)0$:

JNL;:Y  L@BCIX F=I@I;WR JIOMI\;I B<:O:;N? S?QN H@N HIMI4


KN Q?<FNU?F<NT F@?LF=J =B@NF=NU?F<:E JNO:R JNO: ;: HIF=IE;4
;I? M?F=I \N=?QGF=J: N ANO;?F4JNO:Y >@N :;:QNO? F?M:;=NU?4
F<IX F=@B<=B@W <IMHION=:   ;:M ;? BL:QIFG BF=:;I4
JN=G H@EMWT F?M:;=NU?F<NT I=;IV?;NX M?\LB <IMHION=;WMN
<IMHI;?;=:MN `;?JIOMI\;I FBK?F=JIJ:;N? FN;=:<FNU?F<IX <I;4
F=@B<SNN |JNO: J S?QET ANO;?F:}aR U=I ;: ;:V JOCQEL IABFQIJQ?4
;I FQ?LB[KNMY :< AWQI HI<:O:;IR ;: <IMHI;?;=   MI\;I

JWX=N U?@?O  7S?QN9Y "FQN AW J F?M:;=NU?F<B[ FJEOG Q?<F?4
M:  JF=BH:Q: JI JF?X HIQ;I=? FJI?CI Q?<FNU?F<ICI O;:U?;NER
=I H@IAQ?MW ;? AWQI AW N H@?LF=:JQ?;;:E JWV? FN;=:<FNU?4
F<:E <I;F=@B<SNE AWQ: AW JIOMI\;:R =Y<Y P@:O: |JNO: J S?QET
ANO;?F:} J FIO;:;NN CIJI@EK?CI O;:UNQ: AW @:O@?V?;N? ;: JW4
?OL <ICI4QY NO F=@:;WR Jx?OL NQN H@I?OL U?@?O ;?? J S?QET ANO;?4
F:Y $: ;:V JOCQELR ;: <IC;N=NJ;IM B@IJ;? H@INFTILN= ;?F<IQG4
<I N;IX H@IS?FF FQIJI  :FFISNN@B?=FE F S?;=@:QG;WM <IM4
HI;?;=IM FJI?CI Q?<FNU?F<ICI O;:U?;NE |@:O@?V?;N?} N ;IFN=?QG
EOW<: H@:<=NU?F<N HW=:?=FE BF=:;IJN=G FJEOG M?\LB FQIJ:MN
    N  Y  =:<B[ FJEOG MI\;I IFBK?F=JN=G =IQG<I
U?@?O 7OJ?;I4HIF@?L;N<9R <I=I@I? ;?F?= J F?A? F{
?MB 7QNSI9 NR
FQ?LIJ:=?QG;IR FMWFQIJB[ F=@B<=B@B L:;;IX cQQNH=N@IJ:;;IX
PI@MW HIFQ? JIFF=:;IJQ?;NE I=@:\:?= FQ?LB[K:E H:@:QQ?QG4
;:E FN;=:<FNU?F<:E <I;F=@B<SNE |JNO:R H@?L;:O;:U?;;:E LQE
QNS:R S?QG <I=I@ICI ANO;?F}Y L;:<IR ?FQN FJEOG L?XF=JN=?QG4
;I BF=:;:JQNJ:?=FE M?\LB FMWFQIJWMN cQ?M?;=:MN    
N  R =IR J?@IE=;IR J c=IM FQBU:? `U=IAW ;? ;:@BVN=G NF4
TIL;B[ FMWFQIJB[ F=@B<=B@Ba FQ?LB?= JJ?F=N ?K? IL;I 7OJ?;I4
HIF@?L;N<9 `IAIO;:UNM ?CI |H?@?M?K?;N?}aR <I=I@I? ABL?= I=@:4
\:=G F?M:;=NU?F<NX <IMHI;?;=R H@?LF=:JQ?;;WX J =IQ<IJ:;NN
FQIJ:MN |JW?OL NO F=@:;WR Jx?OL NQN H@I?OL U?@?O ;??}Y e:<NM
IA@:OIMR J <I;?U;IM N=IC? MW H@NVQN < FQ?LB[K?X H:@:QQ?QG4
;IX FN;=:<FNU?F<IX <I;F=@B<SNN |JNO: LQE QNS:R FIJ?@V:[K?4
CI HI?OL<BR S?QG <I=I@IX ANO;?F} `U=I N I=@:\?;I ;: FT?M?aY

/@ =  "  ! )-$ $$.

74


   gD gD

. 0#

 

J

J

J

J J

J J

J J

J J J

J J J

J J
J J
J
=2  - 2  D 2
>I FB=N \? ANO;?F4JNOIX MI\?= JIFHIQGOIJ:=GFE QNSIR <I=I4
@I? JW?O\:?= O: C@:;NSB HI Q[AIMB L?QB ;: ;?H@ILIQ\N=?QG4
;I? J@?ME `;:H@NM?@R ;: <I;P?@?;SN[ NQN BU?AB N =YLYaY e:<NM
IA@:OIMR ?FQN J :;CQNXF<IM EOW<?R NO <I=I@ICI O:NMF=JIJ:;:
L:;;:E Q?<F?M:R F?M:;=NU?F<:E F=@B<=B@: N Q?<FNU?F<I? O;:4
U?;N? <IMHION=: H@:<=NU?F<N ABLB= FIJH:L:=G `=Y <Y   J
:;CQNXF<IM EOW<? c=I ;? =IQG<I <IMM?@U?F<:E L?E=?QG;IF=GR
;I N Q[AI? L?QIaR =I H@N =IQ<IJ:;NN L:;;IX Q?<F?MW J @BF4
F<IM EOW<? ;?IATILNMI H@N;E=G JI J;NM:;N?R U=I Q?<FNU?F<I?
O;:U?;N? FQIJ:   ;? FIJH:L:?= F ?CI F?M:;=NU?F<IX
F=@B<=B@IXY

# E-A ) , /  F DG   -3 D#


:FFB\L:E HILIA;WM IA@:OIMR MI\;I JIFF=:;IJN=GR ;:H@N4
M?@R =:<N? cQQNH=N@IJ:;;W? PI@MWR <:<  

  

  
  
   
 # 

>@N @:FFMI=@?;NN Q?<F?M L:;;IX C@BHHW ;?IATILNMI IA@:4
K:=GFE < @?P?@?;=B LQE =ICIR U=IAW BF=:;IJN=GR J <:<IM O;:4
U?;NN BHI=@?AQE?=FE IHI@;WX <IMHI;?;=R =Y<Y J O:JNFNMIF=N I=
c=ICI JIOMI\;W @:OQNU;W? N;=?@H@?=:SNN F?M:;=NU?F<NT I=4
;IV?;NX M?\LB U:F=EMN <IMHION=:Y bF? H@?LF=:JQ?;;W? FQI4
J: O:PN<FN@IJ:;W ;:MN J O;:U?;NN |I@C:;NO:SNE} `;?<I=I@W?
NO ;NT BHI=@?AQE[=FE N J L@BCNT O;:U?;NETaY b Q?<FN<IC@:4
PNU?F<NT NF=IU;N<:T L:;;I? O;:U?;N? Q?<F?MW
 IHNFWJ:4
?=FE FQ?LB[KNM IA@:OIM |IAK?F=J?;;:E I@C:;NO:SNER IAx?LN4

75


   g g

;!!0+ # $0 !!"+: $)0$:

;E[K:E Q[L?X ;: IF;IJ? IAK;IF=NR AQNOIF=N N;=?@?FIJR FTIL4


F=J: O:;E=NX} `\?CIJR J?LIJ:aR =Y ?Y  
 c=I <QBA
ANO;?FM?;IJf <QBAR IAx?LN;E[KNX =?TR <=I O:;NM:?=FE ANO;?4
FIM `ANO;?FM?;IJR ANO;?F4Q?LNR H@?LH@N;NM:=?Q?X N =YHYaf  

 <QBAR IAx?LN;E[KNX =?TR <=I O:;NM:?=FE L:XJN;4
CIMY >@?LF=:JQ?;;W? U?@?O H:@:QQ?QG;B[ FN;=:<FNU?F<B[ <I;4
F=@B<SN[ ` 
 <:< <QBA ANO;?FM?;IJR  

 <:<
<QBA A:X<?@IJ N =Y LYaR L:;;W? Q?<FNU?F<N? ?LN;NSW HIHIQ;E4
[= @EL NM HILIA;WT <QBA L?HB=:=IJR <QBA NOAN@:=?Q?XR <QBA
Q[AN=?Q?X A?C: N =YHY e:<NM IA@:OIMR JI JO:NMIL?XF=JN? F ;:4
U:QG;WM <IMHI;?;=IM <IMHION=: IHE=G \? JF=BH:?= NM?;;I
IF;IJ;:E F?M:;=NU?F<:E FIF=:JQE[K:E IHI@;WT <IMHI;?;=IJY
:< JNL;I NO =IQ<IJ:;NER F:MI Q?<FNU?F<I? O;:U?;N? FQIJ:

 HIQ;IF=G[ O:L:?= FMWFQIJB[ F=@B<=B@B <IMHION=: 


 
R NAI <IMHI;?;=   <I;<@?=NON@B?= =B U:F=G Q?<FN4
U?F<ICI O;:U?;NER <I=I@:E JW@:\?;: FQIJ:MN |IAK;IF=GR AQN4
OIF=G N;=?@?FIJR FTILF=JI O:;E=NX}Y IMHI;?;=
 J FIF=:J?
<IMHION=: NM??= O;:U?;N? |IAK?F=J?;;:E I@C:;NO:SNE}R : ;?LI4
F=:[KNX cQ?M?;=R J<Q[U:[KNX F?MB 7QNSI9R EJQE?=FE =?M F:4
MWM 7OJ?;IM4HIF@?L;N<IM9R <I=I@I? ;?IATILNMI JJ?F=NR U=IAW
@:F<@W=G F?M:;=NU?F<B[ F=@B<=B@B <IMHION=:Y @Y =:<\?  
 
 <QBAR IAx?LN;E[KNX F;IBAI@L?@IJf N =YLY b I=QN4
UN? I= H@?LF=:JQ?;;WT JWV? PI@MW  #   $ # 

 $ N ;?<I=I@W? L@BCN? ;? EJQE[=FE cQQNH=N@IJ:;;WMNR


=Y <Y $ L:;;WT <IMHION=IJ FJEO:;W F?M:;=NU?F<NM I=;IV?4
;N?M |J?L:[KNXR @B<IJILEKNX}Y HI@;WX <IMHI;?;= Q?<F?MW
 
  =:<\? IAIO;:U:?= I@C:;NO:SN[Y $I N J c=IM
FQBU:? M?\LB <IMHION=;WMN <IMHI;?;=:MN BF=:;:JQNJ:[=FE
;?IHIF@?LIJ:;;W? F?M:;=NU?F<N? I=;IV?;NER : NM?;;I <I;=I4
@:R O:;NM:[K:EFE ANO;?FIMY

b ;:VNT M:=?@N:Q:T H@?LF=:JQ?; S?QWX @EL cQQNH4


=N@IJ:;;WT PI@MR IHI@;WX <IMHI;?;= <I=I@WT IAIO;:U:4
?= J F = @ ? U BR FIA@:;N?R FHI@=NJ;I? FI@?J;I4
J:;N?  
   
   
 
  
  
     #     
  
  #

76


   gg gg

. 0#
 

  
  #   $

J
J

J
J

J
J

J
J

J J
J

J J
J

J J
J

J J
J

J J
J
"@% D .2D* "@% .2D*
 
     
N =YLY A@:=NMFE < Q?<FN<IC@:PNU?4
F<NM NF=IU;N<:M N HIFMI=@NMR <:< FQIJ:R JWF=BH:[KN? J <:U?4
F=J? IHI@;WT <IMHI;?;=IJ @:FFM:=@NJ:?MWT IH@?L?QN=?QG;WT
<IMHION=IJR IHNF:;W J FQIJ:@ET   
JF=@?U: L@BO?XR
O;:<IMWTR AQNO<NT J J?U?@;?? J@?ME LQE IAK?;NER @:OJQ?U?4
;NER H@:OL;IJ:;NE U?CI4QY `€eaf   FIA@:;N?R BF=@:N4
J:?MI? LQE O;:<IMF=J:R A?F?LWR IAFB\L?;NE <:<NT4QY JIH@IFIJR
FIJM?F=;ICI H@IJ?L?;NE LIFBC: N =Y HY `€eaf  
JF=@?4
U:R FAI@ MIQIL?\N ;: BQNS?R JI LJI@? N =Y HY LQE ;?PI@M:QG4
;ICI IAK?;NE `$Z4 4Taf #  VN@I<I? H@?LF=:JN=?QG;I?
FIA@:;N? `€eaY e:<NM IA@:OIMR J F:MIM IAK?M JNL? F?M:;=N4
U?F<B[ F=@B<=B@B @:FFM:=@NJ:?MWT <IMHION=IJ MI\;I H@?L4
F=:JN=G FQ?LB[KNM IA@:OIM |JF=@?U:R FIA@:;N?R FHI@=NJ;I? FI4
F=EO:;N?R BU:F=;N<:MN <I=I@ICI EJQE[=FE =?R <=I O:;NM:?=FE
$}Y e:<R  
  c=I FQ?= A:X<?@IJR =Y?Y FQ?=R BU:F=;N<:4
MN <I=I@IX EJQE[=FE A:X<?@WR   
J?U?@N;<: @cH4
H?@IJR =Y?Y J?U?@N;<:R BU:F=;N<:MN <I=I@IX EJQE[=FE @cHH?@W
N =YLY

 
 
 # 


J

J

J

J

J J

J J

J J

J J

J J
"@H D .


77


   g g

;!!0+ # $0 !!"+: $)0$:

$? =:< IL;IO;:U;I @?V:?=FE JIH@IF I F?M:;=NU?F<IX F=@B<4


=B@? FQI\;ICI FQIJ: J =?T FQBU:ETR <ICL: J <IMHION=;B[ FJEOG
JF=BH:?= Q?<F?M:

Y d=: ;?IL;IO;:U;IF=G O:QI\?;: J Q?<4
FNU?F<IM O;:U?;NN L:;;IX EOW<IJIX ?LN;NSW

 FMI=@
<ICI4R U?CI4QYR L:[KNX JIOMI\;IF=G JWEJN=G ;:NAIQ?? LIF=IX4
;WT NO UNFQ: ?CI BU:F=;N<IJ `€eaY =@:\?;;:E J =IQ<IJ:;NN
`|<ICI4R U?CI4QY}a JIOMI\;IF=G BU:F=NE J <I;<B@F? Q[L?X NQN
H@?LF=:JQ?;NE ;: <I;<B@F IAx?<=IJ LNPP?@?;SN@B?= LJ: =NH:
F?M:;=NU?F<NT F=@B<=B@ <IMHION=IJ F L:;;WM IHI@;WM <IMHI4
;?;=IMY e:<R O:PN<FN@IJ:;;I? J ;:VNT M:=?@N:Q:T FQIJI  #
#

 @:F<@WJ:?=FE <:< |<I;<B@F C@:PPN=N} `=Y?Y <I;4
FB@F @:AI=R FL?Q:;;WT J L:;;IM \:;@?a N JTILN= J FQ?LB[KNX
@EL

 
 

 


 
  Y
b =I \? J@?ME J @BFF<IM EOW<? JIOMI\;W =:<N? FQIJIFIU?4
=:;NER <:<

   

    N =Y HY
>Ic=IMBR JF=@?U:E FQI\;I? FQIJI F IHI@;WM <IMHI;?;=IM


R ;:M <:\LWX @:O ;:LI @?V:=GR <:<B[ I;I NM??= FMWFQIJB[
F=@B<=B@BY >@I:;:QNON@B?M J L:;;IM <Q[U? Q?<F?MB  



Y :< NOJ?F=;IR  


 A:X<?@W ;:OWJ:[= FJIN MI=ISN<4
QWR : F:MN  
 c=I H@?LF=:JN=?QN ;?PI@M:QG;IX C@BHHN4
@IJ<NR BJQ?<:[KN?FE c<F=@?M:QG;IX ?OLIX ;: MI=ISN<Q:TY !QE
;:F NM??= O;:U?;N?R U=I EJQE?=FE IAx?<=IM <I;<B@F:Y "FQN ;:
<I;<B@F JWF=:JQE[=FE F:MN A:X<N `U=I JIOMI\;IaR =I H:@:Q4
Q?QG;:E FN;=:<FNU?F<:E <I;F=@B<SNER I=@:\:[K:E FMWFQIJI?
JO:NMIL?XF=JN? <IMHION=;WT <IMHI;?;=IJR JWCQELN= FQ?LB[4
KNM IA@:OIM

  
Y "FQN \? @?UG NL?= I <I;<B@F?R
;:H@NM?@R I CI;<:T NQN I L@BCNT FHI@=NJ;WT FIF=EO:;NETR J <I4
=I@WT H@N;NM:[= BU:F=N? A:X<?@WR =I c=I ;:TILN= I=@:\?;N?
J FN;=:<FNU?F<IX F=@B<=B@?

  
 R N =ICL: J <IMHI4
ON=?  


 JIO;N<:?= cQQNHFNFY
Q?LB[KB[ C@BHHB IA@:OB[= FQIJ:R IHI@;WX <IMHI;?;=
<I=I@WT IAIO;:U:?= F I J I < B H ; I F = G Q N S   
 
  
  
"      
 Y b <:U?F=J? H@NM?@: @:FFMI=@NM FQIJI    
  ~?<F?M:   JTILN= J FIF=:J <IMHION=:  
    J =IM \? O;:U?;NNR J <I=I@IM I;:R ;:H@NM?@R

78


   g g

. 0#
 
   
 
  

J
J

J
J

J
J

J
J

J J
J

J J
J

J J
J

J J
J

J J
J
"@% D   -3 "@%ID   -3
D D
BHI=@?AQE?=FE J FQIJIFIU?=:;NN   
  Y b
€e L:;;WX I==?;I< O;:U?;NE FQIJ:   IHNFWJ:?=4
FE FQ?LB[KNM IA@:OIM I <@BC? UN=:=?Q?XR FQBV:=?Q?X N =Y HYR
=Y ?Y      c=I :BLN=I@NE N;=?@;?=4HIQGOIJ:4
=?Q?Xf :BLN=I@NER FIF=IEK:E NO ;=?@;?=4HIQGOIJ:=?Q?X NQN
HIQGOIJ:=?Q?X ;=?@;?=:Y ;:QICNU;I  
 <@BC ANO4
;?FM?;IJR <@BCR FIF=IEKNX NO ANO;?FM?;IJR N =YLY IMHION= 
 
 J L:;;IM FQBU:? JTILN= J @EL FQ?LB[KNT Q?<FNU?F<NT
?LN;NS @:AIUNX <Q:FFR <Q:FF <:HN=:QNF=IJ N =YHY    
 
 `?CY Y
YaY e:<NM IA@:OIMR F?M:;=NU?F<B[
F=@B<=B@B JIFF=:;IJQ?;;IX cQQNH=N@IJ:;;IX PI@MW J IAK?M
JNL? MI\;I H@?LF=:JN=G FQ?LB[KNM IA@:OIM $
FIF=IN= NO
QNSR O:;NM:[KNTFE `HIQGOB[KNTFEa $Y "FQN H?@JWX <IMHI4
;?;= QNSIR M?\LB $ FBK?F=JB[= ;?HIF@?LF=J?;;W? F?M:;4
=NU?F<N? I=;IV?;NE           C@BHH:R
H:@:R F?MGER FIF=IEK:E NO C??JY
HI@;WM <IMHI;?;=IM J cQQNH=N@IJ:;;WT PI@M:T MI\?=
AW=G =:<\? H @ ? L M ? = N Q N F I J I < B H ; I F = G H @ ? L M ? 4
= I J 
 H@N<NLR T:@:<=?@;WX LQE @cHH?@:Y U?4
JNL;IR U=I ;?HIF@?LF=J?;;I FJEO:=G <IMHION=;W? <IMHI;?;=WR
ILN; NO <I=I@WT IAIO;:U:?= MBOW<:QG;WX F=NQGR MBOW<B J L:;4
;IM F=NQ?R : J=I@IX NFHIQGOB[= J @:OCIJI@;IX @?UN LQE IAIO;:4
U?;NE IL?\LWR ;?JIOMI\;IY b L:;;IM FQBU:? J <:U?F=J? 7OJ?;:4
HIF@?L;N<:9 =:<\? JWF=BH:?= 7QNSI9R <I=I@I? FIAF=J?;;I N ;I4
FN= =:<B[ IL?\LB NQN LQE <I=I@ICI I;: H@?L;:O;:U?;:Y I;?U4
;IR <@BC HIQGOIJ:=?Q?X L:;;WMN H@?LM?=:MN MI\?= AW=G AIQ??
VN@I<NMR ;I c=I ;? JQNE?= ;: F?M:;=NU?F<B[ F=@B<=B@B <IM4

79


   

;!!0+ # $0 !!"+: $)0$:

HION=: N J FQBU:? ;?IATILNMIF=N BUN=WJ:?=FE H@N =IQ<IJ:;NN


FQIJ:Y




J

J

J

J

J J

J J

J J

J J

J J
"@% D -. / 
# E-A ) /-  F  J  ) =K #
bI JF?T IHNF:;;WT JWV? <IMHION=:T =:< \?R <:< N J FQIJ:T
 
    
    
   

`J:CI;W ANO;?F4<Q:FF:aR       #   R
       N ;?<I=I@WT L@BCNTR H@I4
HBK?;;WX cQ?M?;= cQQNH=N@IJ:;;IX PI@MW EJQE?=FE QNSIMY
!:Q?? H@?LM?=IM @:FFMI=@?;NE ABLB= IH@?L?QN=?QG;W? <IMHI4
ON=WR F?M:;=NU?F<:E F=@B<=B@: <I=I@WT JIFF=:;:JQNJ:?=FE U?4
@?O 7OJ?;I4HIF@?L;N<9R IAIO;:U:[K?? ; ? I L B V ? J Q ? ; ; W X
I A x ? < =Y  H?@J:E C@BHH:R <I=I@B[ MW @:FFMI=@NMR IA@:OIJ:4
;: FQI\;WMN FQIJ:MNR IHI@;WX <IMHI;?;= <I=I@WT @?:QNOB?=
IAWU;I LJ: O;:U?;NE H @ ? L H @ N E = N ? N M ? F = IY I;<@?=N4
ON@BE O;:U?;N? J=I@IX FIF=:JQE[K?XR @:OL?QNM L:;;B[ C@BH4
HB ;: ;?F<IQG<I HILC@BHHY :FFMI=@NM F;:U:Q: FQIJ:R IHI@;WX
<IMHI;?;= <I=I@WT IAIO;:U:?= H@?LH@NE=NE AW=IJICI IAFQB4
\NJ:;NE N O:QR HIM?K?;N? =:<ICI H@?LH@NE=NE  " 
 "$   " bIIAK?R J =?T FQBU:ETR <ICL:
@?UG NL?= IA |I=;IV?;NN M?F=:} `J I=QNUN? I=  H@?L;:O;:4
U?;NEaR IHI@;WX <IMHI;?;=R IAIO;:U:[KNX M?F=IR MI\?= JF=B4
H:=G J FMWFQIJI? JO:NMIL?XF=JN? =IQG<I F <IMHI;?;=:MN LJBT
=NHIJR : NM?;;I F FBK?F=JN=?QG;WMR IAIO;:U:[KNM IAx?<=R <I4
=I@WX MI\?= CL?4=I ;:TILN=GFE `$ ;:TILN=FE J $
a NQN
L?E=?QG;IF=G `$ H@INFTILN= J $
aY bI JF?T IF=:QG;WT FQB4
U:ET `?FQN =NH H?@JIX FIF=:JQE[K?X I=QNU:?=FE I= LJBT B<:4

80


     

. 0#
O:;;WT NQN ?FQN L:;;WX IAx?<= ;? MI\?= ;:TILN=GFE J L:;;IM
M?F=? NQN L:;;I? HIM?K?;N? ;? EJQE?=FE M?F=IMR CL? H@INFTI4
LN= L:;;:E L?E=?QG;IF=GaR MW NM??M L?QI F cQQNH=N@IJ:;;WMN
PI@M:MNR =Y?Y  "  c=I F:QI;R CL? H@INFTILN= FIOL:4
;N? NMNL\:Y b =I \? J@?MER ?FQN H@?LH@NE=N? IAFQB\NJ:;NE
JWF=BH:?= J @IQN :C?;F:R =I MW NM??M L?QI F HIQ;WM <IMHION4
=IMY
bI J=I@B[ HILC@BHHB IAx?LN;E[=FE <IMHION=WR $
<I4
=I@WT IAIO;:U:?= M : C : O N ; 
   
   #
  
 Y b Q?<FN<IC@:PNU?F<NT NF=IU;N<:T Q?<4
F?M:   =IQ<B?=FE FQ?LB[KNM IA@:OIM =I@CIJI? H@?L4
H@NE=N?R H@IL:[K?? =IJ:@W J @IO;NSBf HIM?K?;N?R H@NFHIFIA4
Q?;;I? LQE =:<IX H@IL:\N `€eaY $:U:QG;WX <IMHI;?;= H@?L4
F=:JQ?;;WT <IMHION=IJ IAIO;:U:?= I=;IV?;NER L?E=?QG;IF=GR
H@IS?FFY e:<R 
 c=I HIQIJ:E AQNOIF=GR HIQIJW? I=;IV?;NE
` aR 
 `F<?X=AI@LN;Ca <:=:;N? F=IE ;: <I@I=<IX @IQN4
<IJIX LIF<? `$Z 4Ta N =YLY U?JNL;IR U=I ;?JIOMI\;I BF=:4
;IJN=G ;?HIF@?LF=J?;;B[ F?M:;=NU?F<B[ FJEOG M?\LB $ L:;4
;WT <IMHION=IJR =Y<Y M:C:ON; ;? EJQE?=FE =?M M?F=IMR CL? IFB4
K?F=JQE?=FE L?E=?QG;IF=GR IAIO;:U?;;:E $Y HBK?;;WX cQ?4
M?;= EJQE?=FE J L:;;IM FQBU:? H@?LM?=IM NQN FIJI<BH;IF=G[
H@?LM?=IJR <I=I@W? H@IL:[=FE L:;;WM =I@CIJWM H@?LH@NE=N4
?M NQN J L:;;IM M:C:ON;? N <I=I@W? H@?L;:O;:U?;W LQE L?E4
=?QG;IF=NR IAIO;:U?;;IX $Y "FQN M:C:ON; @:FFM:=@NJ:?=FE
<:< =I@CIJI? H@?LH@NE=N?R =I IHI@;WX <IMHI;?;= JWF=BH:?=
J @IQN :C?;F:R ?FQN @?UG NL?= I HIM?K?;NNR =I J F?M:;=NU?4
F<IX F=@B<=B@? <IMHION=: ?MB I=JILN=FE @IQG M?F=:Y e:<R 

  M:C:ON;R <I=I@WX H@IL:?= =IJ:@WR H@?L;:O;:U?;;W? LQE
F?<F: NQN CL? H@IL:[=FE =:<N? =IJ:@WY e:<NM IA@:OIMR J O:JN4
FNMIF=N I= O;:U?;NE FQIJ:   J FIF=:J? FQI\;ICI FQIJ:
M?\LB <IMHION=;WMN <IMHI;?;=:MN BF=:;:JQNJ:[=FE @:O;W?
I=;IV?;NER IL;:<I IA? cQQNH=N@IJ:;;W? PI@MW JIFF=:;:JQN4
J:[=FE HIF@?LF=JIM IL;ICI N =ICI \? 7OJ?;:4HIF@?L;N<:9Y
Z;:ER <:< JO:NMIL?XF=JB[= IAx?<=W @?:QG;ICI MN@:R MI\;I
IL;IO;:U;I =@:<=IJ:=G F?M:;=NU?F<N? I=;IV?;NE M?\LB <IM4
HI;?;=:MN <IMHION=IJY >IL c=NM BCQIM O@?;NE H@I:;:QNON@B?M

81


  


;!!0+ # $0 !!"+: $)0$:

FQBU:NR <ICL: IHI@;WX <IMHI;?;= IAIO;:U:?= M?F=I `HI4


M ? K ? ; N ? R O L : ; N ? aY >@NJ?L?M <I;=?<F=WR J <I=I@WT BHI4
=@?AQE?=FE FQIJ  
  L  
     
   
    G     `YH@Y

Y Y aY L   
* 
  
 
   
#  $  P
   Q `OJY
DY YaY
& !     P 
 Q         
 !   "
    '     
" 
  
 P 
 Q  "   
   
   
     
 #    
    

 `?CY Y YaY QBA ;? EJQE?=FE
=?M M?F=IMR CL? IFBK?F=JQE?=FE ANO;?F4L?E=?QG;IF=GY :< FQ?4
LB?= NO <I;=?<F=IJR <IMHION=  
 IHNFWJ:?= LJ? JIO4
MI\;W? FN=B:SNN a <QBAR CL? FIAN@:[=FE ANO;?FM?;W Q[LNR
O:;NM:[KN?FE ANO;?FIMR N
a <QBAR CL? H@ITILE= JF=@?UN `<I;4
P?@?;SNNR F?MN;:@W N =Y HYa HI JIH@IF:M ANO;?F:Y U?JNL;IR
U=I <IMHION=  
 EJQE?=FE ;?HIQ;WMY F=:?=FE =IQG4
<I @?VN=GR FQ?LB?= ?CI JIFF=:;IJN=G U?@?O 7OJ?;I4HIF@?L;N<9R
BFQIJ;I IAIO;:U?;;WX |JF=@?U:} `
4:E FN=B:SNEa NQN FUN=:=G
IHBK?;;WMN LJ: cQ?M?;=:R ILN; NO <I=I@WT IAIO;:U:?= QNSIR
: J=I@IX |JF=@?U:} `4:E FN=B:SNEaY b <:U?F=J? LNPP?@?;SN@B4
[K?CI H@NO;:<: H@?LQ:C:?M JWA@:=G |T:@:<=?@ JF=@?UN}Y "FQN
JF=@?UN ;IFE= ;?IPNSN:QG;WX T:@:<=?@R H@IJILE=FE J ;?PI@4
M:QG;IX IAF=:;IJ<? `FMY 4X <I;=?<F=aR =I F<I@?? JF?CI L:;;B[
FN=B:SN[ MI\;I IHNF:=G <:< |<QBAR CL? FIAN@:[=FE ANO;?FM?4
;WR =Y ?Y CL? H@ITILE= JF=@?UN ANO;?FM?;IJ} `F@Y HIL@IF=<IJWX
<QBAaY b =?T FQBU:ETR <ICL: O: L:;;WM <IMHION=IM H@?LHIQ:4
C:?=FE FH?SN:QG;I IAI@BLIJ:;;I? HIM?K?;N? LQE IPNSN:QG;WT
M?@IH@NE=NXR =I ;:M H@?LF=:JQE?=FER U=I FN=B:SN[ I=@:\:?=
J=I@:E FN;=:<FNU?F<:E <I;F=@B<SNEY
>@?LF=:JQ?;;W? JWV? @:FFB\L?;NE HIOJIQE[= FL?Q:=G
H@?LHIQI\?;N?R U=I <:\LB[ FN=B:SN[ IHNFWJ:?= IL;: F?M:;4
=NU?F<:E F=@B<=B@:Y "FQN \? HIEJQE?=FE JIOMI\;IF=G IL;B FN4
=B:SN[ JIFH@INOJ?F=N U?@?O FN;=:<FNU?F<N? <I;F=@B<SNNR I=@:4
\:[KN? @:O;W? =NHW JO:NMIL?XF=JNE FMWFQIJWT <IMHI;?;=IJR
=IR F<I@?? JF?CIR @?UG NL?= I LJBT FN=B:SNET N FQ?LB?= NF<:=G

82


     

. 0#
LNPP?@?;SN:QG;WX H@NO;:<R <I=I@WX I=C@:;NUN= H?@JB[ I=
J=I@IXY
Z;:UN=?QG;:E U:F=G @:FFM:=@NJ:?MWT Q?<F?M EJQE?=FE O:4
NMF=JIJ:;NEMN NQN HIQB<:QG<:MN ` 




   
 )Y FIA?;;IF=G[ IH@?L?QN=?QG;WT <IM4
HION=IJ L:;;IX C@BHHWR JIO;N<VNT J FNF=?M? @BFF<ICI EOW<:R
EJQE?=FE =IR U=I I;N IA@:OB[=FE ;? ;: A:O? FQIJIFIU?=:;NXR : HI
O:NMF=JIJ:;;IX MIL?QNY €?OBFQIJ;IR I;N ;? JF?CL: ;?FB= ;IJW?
FMWFQWR =Y ?Y LN:T@I;NU?F<N J I=L?QG;WT FQBU:ET NM H@?LV?4
F=JB[= <:<N?4=I EOW<IJW? ?LN;NSWR ;I ;?HIF@?LF=J?;;IX FQI4
JIIA@:OIJ:=?QG;IX FJEON M?\LB =:<NMN <IMHION=:MN N FQIJI4
FIU?=:;NEMNR FII=J?=F=JB[KNMN NM HI FMWFQBR J AIQGVN;F=J?
FQBU:?J ;? IA;:@B\NJ:?=FEY d=NM IABFQIJQNJ:?=FE N M;ICIIA4
@:ON? N;=?@H@?=:SNX cQQNH=N@IJ:;;WT PI@MR N J:@N:=NJ;IF=G
IHBK?;;WT cQ?M?;=IJY e:<R ?FQN QN;?X;I4;?HIQ;WX <IMHION=
JIFF=:;:JQNJ:?=FE U?@?O 7OJ?;I4HIF@?L;N<9R FIL?@\:K?? F?MB
7QNSI9 NQN 7FIJI<BH;IF=G QNS9R =I c=I= ;?LIF=:[KNX cQ?M?;=
MI\?= AW=G JW@:\?; HI4@:O;IMBR <:< F?M:;=NU?F<NR =:< N PI@4
M:QG;IY !QE =ICIR U=IAW @:F<@W=GR ;:H@NM?@R F?M:;=NU?F<I?
I=;IV?;N? M?\LB $ <IMHION=:

R ;?IATILNMI JJ?4
F=N 7OJ?;I4HIF@?L;N<9R J<Q[U:[K?? F?MB 7QNSI9R ;I @?:QNOI4
J:;I c=I MI\?= AW=G HIF@?LF=JIM @:O;WT ?LN;NS :@=NF=R NF4
HIQ;N=?QGR H?J?S N =YLY b L:;;IM FQBU:? PB;<SN[ HIF@?L;N<:
MICB= JWHIQ;N=G N FQIJ:R O;:U?;N? <I=I@WT J<Q[U:?= F?MB 7FI4
JI<BH;IF=G QNS9 C@BHH:R I@<?F=@ N ;?<I=I@W? L@BCN? `<QBAR CL?
JWF=BH:[= <:;=@N4:@=NF=WR <:;=@N4H?JSWR <:;=@N4NFHIQ;N=?4
QNR <:;=@N4C@BHHWR <:;=@N4I@<?F=@WaY b =?T FQBU:ETR <ICL: FB4
K?F=JB?= IL;I<I@?;;:E F $ Q?<F?M:R IAIO;:U:[K:E QNSI HI
@ILB L?E=?QG;IF=NR F?MB 7QNSI9 ;?F?= J F?A? :PPN<F   

 <QBAR IAx?LN;E[KNX F;IBAI@L?@IJY


#;ICIO;:U;IF=G FQIJR IA@:OB[KNT <IMHION=R EJQE?=FE A:4
OIX N LQE HIQNF?MNN F:MNT FQI\;WT Q?<F?MY  L@BCIX F=I@I;WR
JIOMI\;I JIO;N<;IJ?;N? HIQNF?MNN H@N FIT@:;?;NN <IMHION=4
;WMN <IMHI;?;=:MN FJINT A:OIJWT O;:U?;NXR =Y?Y <ICL: =@?AB?=4
FE LNPP?@?;SN:QG;WX H@NO;:< LQE @:OC@:;NU?;NE LJBT AQNO4
<NT FN=B:SNXY b H?@JIM FQBU:? A:OIJW? F?M:;=NU?F<N? F=@B<4

83
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 8 0 T8

;!!0+ # $0 !!"+: $)0$:

=B@W MICB= FIJH:L:=G LQE LJBT Q?<FNU?F<NT O;:U?;NX ` 

 aR : MICB= AW=G @:OQNU;W ` 


  I@C:;NO:SNE M?4
F=IaY bI J=I@IM FQBU:? F=@B<=B@WR I=@:\:[KN? FMWFQIJI? JO:4
NMIL?XF=JN? <IMHI;?;=IJR IAEO:=?QG;I @:OQNU:[=FEY
dQQNH=N@IJ:;;W? PI@MW I=QNU:[=FE @:O;IX F=?H?;G[ <IM4
H@?FFNN FMWFQ:Y =?H?;G <IMH@?FFNN cQQNH=N@IJ:;;IX PI@MW
LIF=IJ?@;I BF=:;:JQNJ:?=FE =IQG<I H@N IA@:K?;NN < @?P?@?;4
=BY b =?T FQBU:ETR <ICL: ;?HIQ;I=: <IMHION=: EJQE?=FE ;?QN4
;?X;IXR F=?H?;G <IMH@?FFNN FMWFQ: BF=:;IJN=G ;?JIOMI\;IR
=Y<Y <IMHION=;W? <IMHI;?;=W JF=BH:[= J FQI\;W? F?M:;=NU?4
F<N? I=;IV?;NER ;? JWJILNMW? U?@?O HIFQ?LIJ:=?QG;I? JIFF=:4
;IJQ?;N? IHBK?;;WT cQ?M?;=IJY

 ..L
 ' '(* db5 D'$! . @!/!3*(! '?! ( !ZZ (* %
*$ $ "*$!>) *$) "*$ ,, \!' !" www ?'a$/*$(*+
!&*%?'* &'(*+ (*Z''D B'B*!$!'"'+ !B !%
*$ 1235 6665 $B
 \!"=(*$( + \[5 133*  A]5 [!D !*$! d '#!%
D *+ B*)* ( !$*?! / *$!*? Z*? *$! Y " %
#$  &'( ) 3!/ /! + ,, -3!3*(! '(! (*#  $'
')*"*#   ?'a!**+ (*Z''D  *#  $*'
?*'" *$! ' V \*($!5 \115 666

 1'B!*$! \ b">+F' ] '*' &'( ' **$ "*$**3!/*%


$! > $ '?'D(*? >/(' \5 O8
8 \'F(*$ -  2*3"'? (*?B*/ *+ '?! ( h! ?!' !"'
3! $*#* "*$*"*a' > !#" +(*#* >/(!i A$ *(
  \5 O
@-  .A *  . L
1 0 /'= !"''4 *"=F*+ *"(*$+ "*$!= (*#* >/(!
2* ' /'D*$! 1A 1235 .* 5 OO
.1E%6%) 0 /'= !"''4 .*$' "*$! /!&' > 1"*$!=%B!%
$*& ( B* ?!' !"!? B' " '! O6%) #**$ 2*
' _'$!F*$! vA 1235 j?  + "! k5 OOc
-a'#*$5 x$'*$! 0 /'= !"''4 -a'#*$ 15 x$'*$! .d *"%
(*$+ "*$!= (*#* >/(! \*($!5 AEy5 OO7
84


   D  D

. 0#
l 0 /'= !"''4 *"(*$+ "*$!= (*#* >/(! (*D! ww $
l/(*$' /?'' > 123 2* ' 1(">'$(*+ [. b*" *%
B'5 OO
@-  .A * - .
  2L
]'& _' 0 ]'&' + _' #!
/$ 0 /$' >
 B 0 *?*?*"=(!> B!$!
1'# 0 1'#*>

85


     

&# @# M.   

    1  2 -


‡I@IVI NOJ?F=;IR U=I @W;I< J =?@MN;IQICNU?F<IM O;:U?;NN
c=ICI FQIJ:R TI=E N J O:U:=IU;IM FIF=IE;NNR HIEJNQFE J IFFNN
J =I= MIM?;=R <ICL: "Y eY ƒ:XL:@R J FII=J?=F=JNN F B<:OIM H@?4
ONL?;=: €Y $Y "QGSN;:R I=HBF=NQ S?;WY €B<J:QG;I J MC;IJ?;G?
I<: <:< HI M:;IJ?;G[ JIQV?A;IX H:QIU<N ?K? JU?@: HBF=W?
HIQ<N M:C:ON;IJ ;:HIQ;NQNFG =IJ:@:MNR : ;: BQNS:T N HQIK:4
LET CI@ILIJ JIO;N<QN F=NTNX;W? A:O:@WR CL? =I@CIJ:QN JF?M
U?M BCIL;IY L;:<I HI<BH:=?Q?X AWQI O;:UN=?QG;I M?;GV?R U?M
H@IL:JSIJY  c=I ;? BLNJN=?QG;IY % Q[L?X H@IF=I ;? AWQI L?4
;?CR U=IAW HI<BH:=G J?KN HI S?;:MR <I=I@W? J L?FE=<NR : =I N
FI=;N @:O F=:QN JWV? =?TR U=I AWQN LI @?PI@MWY
bIO;N<Q: FN=B:SNER <:<B[ J FIJ?=F<I? J@?ME H@IF=I ;?JIO4
MI\;I AWQI H@?LF=:JN=GY >@IL:JS:M ;B\;I AWQI U=I4=I F@IU4
;I H@?LH@N;NM:=G LQE =ICIR U=IAW H@NJQ?UG J;NM:;N? HI<BH:4
=?Q?XY  JI= =B=4=I N HIEJNQ:FG @?<Q:M:R <I=I@IX J IJ?=F<IM
I[O? H@:<=NU?F<N ;? AWQIY $? ABL?M CIJI@N=G I =IMR TI@IVI
c=I NQN HQITIR : H@IF=I H@NM?M <:< P:<=Y $?QGOE \?R <I;?U;IR
FUN=:=G @?<Q:MIX =:<N? JF?M NOJ?F=;W? H@NOWJWR <:< 7‡@:;N4
=? L?;GCN J FA?@<:FF?z9 N 7~?=:X=? F:MIQ?=:MN c@IPQI=:z9Y
d=I ;? @?<Q:M:R : HF?JLI@?<Q:M:R HIF<IQG<B J I=FB=F=JN? <I;4
<B@?;SNN =IJ:@IJ N BFQBCR J I=FB=F=JN? B HI=@?AN=?QE JWAI@:
CIJI@N=G I @?<Q:M? FM?V;IY b?LG CL? AW MW MICQN ?K? T@:;N=G
FJIN L?;GCNR <@IM? <:< J FA?@<:FF?R ;? CIJI@E I UBQ<? `: =?R <=I
=:M NT T@:;NQR O: c=I N HIHQ:=NQNFGaR N ;: <:<NT F:MIQ?=:T MW
MICQN Q?=:=GR <@IM? <:< ;: F:MIQ?=:T c@IPQI=:Y !IA:JQ[ <
c=IMBR U=I J HIFQ?L;N? CILW oIJ?=F<IX JQ:F=N JIIAK? AWQI AW
FM?V;I @?<Q:MN@IJ:=G <:<N?4QNAI =IJ:@W NO4O: H@:<=NU?F<N
HIQ;ICI NT I=FB=F=JNEY >IM;N=FER <ICL: Q[LN JNL?QN IU?@?LGR

86   
  
  


   g  g

' 

I;N F;:U:Q: JF=:J:QN J IU?@?LGR : QNVG HI=IM N;=?@?FIJ:QNFG


=?MR U=I L:[=Y
 F:MICI ;:U:Q: @IFFNXF<:E @?<Q:M: IA@?Q: FJI[ ;?HIJ=I4
@NMB[ FH?SNPN<BY "FQN O: @BA?\IM H@?\L? JF?CI @?<Q:MN@I4
J:QN =IJ:@W N BFQBCNR =I B ;:FR ?FQN FBLN=G HI @?<Q:M;WM C:4
O?=:MR H@?\L? JF?CI ;:U:QN @?<Q:MN@IJ:=G ;? =IJ:@W N BFQBCNR
: S?;Wz >IU?MB \? B ;:F H@?\L? JF?CI ;:U:QN @?<Q:MN@IJ:=G
S?;Wy >I;E=;I HIU?MBY $:VN @IFFNXF<N? =IJ:@WR L: N H@ILB<4
=W H@IF=I ;?QGOE AWQI @?<Q:MN@IJ:=GR HIF<IQG<B MW B\? H@N4
JW<QN < =IMBR U=I ;:VN =IJ:@W HI <:U?F=JB TB\? O:@BA?\;WT
`HIQGF<NTR U?VF<NTR [CIFQ:JF<NTR ;?M?S<NTaR <I=I@W? N J FI4
J?=F<I? J@?ME ;?=4;?= L: N HIH:L:QN J ;:VN M:C:ON;WR : J ;:U:4
Q? @?PI@M O:@BA?\;WT =IJ:@IJ ?K? HIU=N ;? AWQIY  J BFQIJN4
ET L?PNSN=: L?;?C CQ:J;WM F=NMBQIM H@NJQ?U?;NE F=:Q: S?;:R
<I=I@:E MICQ: HI;@:JN=GFE HI=?;SN:QG;IMB HI<BH:=?Q[Y
Z:M?=NMR M?\LB H@IUNMR U=I J FIJ?=F<I? J@?ME @?<Q:MN@I4
J:=G S?;W AWQI AW :AFIQ[=;I ;?Q?HIR NAI S?;: IL;ICI N =ICI \?
=IJ:@: JF?CL: AWQ: HIF=IE;;IXY "FQN ;: <:<IX4;NABLG P:A@N<?
CL?4;NABLG J bIQICL? VNQNR F<:\?MR ONM;?? H:QG=IR =I < H:QG=I
H@N<@?HQEQ:FG c=N<?=<:R CL? B<:OWJ:Q:FG S?;:R N HI c=IX S?;?
H:QG=I H@IL:J:QIFG JI JF?T BCIQ<:T ;:V?X ;?IAxE=;IX @ILN4
;W N J #IF<J?R N J >?=?@AB@C?R N J TIQIL;IM #:C:L:;?R N J
\:@<IM e:V<?;=?Y ‡I=E #IF<J: N >?=?@AB@C FIJF?M @ELIM F
bIQICLIXR : I= #:C:L:;: N e:V<?;=: LI bIQICLW IU?;G L:Q?<IR
TI=E JI JF?T c=NT CI@IL:T @:O;W? <QNM:=NU?F<N? BFQIJNER S?;:
;: ONM;?? H:QG=IR FVN=I? J bIQICL?R IF=:J:Q:FG IL;IX N =IX \?
JI JF?T M:C:ON;:TR CL? =:<I? H:QG=I H@IL:J:QIFGY >@N c=IM ;:M
N J CIQIJB ;? MICQI H@NX=NR U=I <ICL:4;NABLG MW BJNLNM @E4
LIM ;: IL;IX BQNS? ;?F<IQG<I M:C:ON;IJR J <I=I@WT H@IL:[=FE
ONM;N? H:QG=I @:O;WT PN@MY
$:V: @IFFNXF<:E @?<Q:M:R F <I=I@IX MW JF=@?U:?MFE J A?F4
HQ:=;WT @?<Q:M;WT C:O?=:TR F=@IN=FE HI FQ?LB[K?MB H@N;SN4
HB F;:U:Q: ;:OWJ:?=FE @?<Q:MN@B?MWX =IJ:@R : O:=?M B<:OW4
J:?=FE =:<:E S?;:R <:<:E LIQ\;: H@NJQ?UG J;NM:;N? HI=?;SN4
:QG;ICI HI<BH:=?QEY ;:QNO IAxEJQ?;NXR <I=I@W? HBAQN<B[=4
FE J @?<Q:M;WT C:O?=:TR HI<:O:QR U=I J ;NT NFHIQGOB?=FE LI

87


   

L #  $ 5., $ 1+#E F+d

D @:OQNU;WT IH@?L?Q?;NX < FQIJB $  V$ Y L;I NO ;NT



 AWQI ;:M O;:<IMI N J LI@?PI@M?;;I? J@?ME N H@?L4
F=:JQE?=FE JHIQ;? ?F=?F=J?;;WM J FIU?=:;NN FI FQIJIM $ Y
d=I IH@?L?Q?;N? JF=@?U:?=FE U:K? L@BCNTY $I @?<Q:MIL:=?QN
FH@:J?LQNJI HIQ:C:QNR U=I HI=?;SN:QG;W? HI<BH:=?QN J@EL QN
F=:;B= IA@:K:=G IFIAI? J;NM:;N? ;: F=:;L:@=;W? JW@:\?;NE
=NH: 
 $  N ;:U:QN HILAN@:=G < FQIJB $  =:<N? IH@?4
L?Q?;NER <I=I@W?R HI NT M;?;N[R LIQ\;W AWQN O:N;=?@?FIJ:=G
HI=?;SN:QG;ICI HI<BH:=?QEY
L;BR I=;IFN=?QG;I ;?AIQGVB[R C@BHHB FIF=:JNQN FQI4
J:          
    
`$  a O:M?=NMR U=I @:;GV? L?V?JWM AWQ =IQG<I =IJ:@R <I4
=I@W? MI\;I @:FFM:=@NJ:=G <:< I=;IFN=?QG;W? FN;I;NMW FQI4
J: 
   c=IX C@BHH?R BUN=WJ:E @?:QNN ;:V?X \NO;NR H@N4
MW<:[= FQIJ: 
 N
 
  "K? IL;BR FIJF?M
M:Q?;G<B[R C@BHHB FIF=:JNQN FQIJ:       
 
#   <I=I@W? T:@:<=?@NOB[= S?;W <:< F:MW? ;NO<N? NO
LIHBF=NMWT S?;R HIF<IQG<B H@IL:\: =IJ:@: HI AIQ?? ;NO<IX
S?;? ;? =IQG<I AW ;? H@N;IFNQ: H@NAWQGR ;I N ;:;IFNQ: AW
BK?@A H@IL:JSBY
    
e:<\? ;?AIQGVB[ C@BHHB FIF=:JNQN FQIJ:
            $  `$  aR <I=I@W?
B<:OWJ:[= ;: =IR U=I J L:;;WX MIM?;= J FNQB <:<NT4=I IFIAWT
H@NUN; S?;W I<:OWJ:[=FE ;N\? =?TR HI <I=I@WM L:;;WX =I4
J:@ IAWU;I H@IL:?=FE ;: @W;<?R N HIc=IMB H@NJQ?<:=?QG;W LQE
HI<BH:=?QEY "K? IL;B C@BHHB IA@:OB[= FQIJ:     
                  
 `$  aR <I=I@W? T:@:<=?@NOB[= S?;BR <:< NM?;;I =BR HI
<:<IX =IJ:@ N LIQ\?; H@IL:J:=GFEY
:MB[ AIQGVB[ C@BHHB FIF=:JQE[= FQIJ:R <I=I@W?R ?F4
QN BCIL;IR LIQ\;W H@NJQ?<:=G J;NM:;N? HI=?;SN:QG;ICI HI4
<BH:=?QER JIOL?XF=JBE ;: ?CI cMISNI;:QG;B[ FP?@B  
  
                 
      $     
  $   
 

           
 
        " !  
 !    

88


     

' 

 !  ! !        


      
         
      Y
;=?@?F;I IA@:=N=G J;NM:;N? ;: =IR U=I JWFI<IX S?;IX J
@?<Q:M;W? IAxEJQ?;NET J;NM:;N? HI<BH:=?Q?X IAWU;I ;? H@N4
JQ?<:[=R U=I N HI;E=;IY bM?F=? F =?MR TI=E N <@:X;? @?L<IR
JF=@?U:[=FE JW@:\?;NE 
 $  N   $ Y d=N
JW@:\?;NER ?F=?F=J?;;IR @:FFUN=:;W ;: Q[L?X FIF=IE=?QG;WTR
<I=I@W?R TI=E NT N I=;IFN=?QG;I ;?M;ICIR =I\? HIEJNQNFG J
;:V?M IAK?F=J? N <I=I@W? CI=IJW HQ:=N=G LIF=:=IU;I M;ICIR
HIQ:C:ER U=I O: AIQGVN? L?;GCN NM H@IL:LB= A?OBFQIJ;I <:U?4
F=J?;;W? J?KNY
L?Q:;;W? ;:AQ[L?;NE ;? H@?=?;LB[= ;: <:<N?4QNAI F?4
@G?O;W? IAIAK?;NER IL;:<I HI<:OWJ:[=R U=I HIEJQ?;N? @W;<:
J IFFNN H@NJ?QI < JIO;N<;IJ?;N[ LIF=:=IU;I AIQGVICI <I4
QNU?F=J: ;IJWT IH@?L?Q?;NX < FQIJB $  V$  F=:;B=FE QN
c=N ;IJW? IH@?L?Q?;NE J EOW<? NQN BXLB= J ;?AW=N?R HI<:\?=
J@?MEY

89


    

&# $# <*. 

3    





    4 
 0   
:O;W? =NHW J=I@NU;IX ;IMN;:SNN AWQN N IF=:[=FE H@?L4
M?=IM NFFQ?LIJ:;NE QN;CJNF=IJR O:;NM:[KNTFE JIH@IF:MN F?4
M:;=N<NR F=NQNF=N<NR FQIJIIA@:OIJ:;NER Q?<FN<IQICNNR Q?<FN4
<IC@:PNN N =Y HY OJ?F=;IR U=I B M;ICNT CQ:CIQIJR =:<NTR <:<
                  

     


         
J @?OBQG=:=? H?@?IFMWFQ?;NE NM?[K?CIFE O;:U?;NE J H@IS?FF?
;IMN;:SNN IA@:OIJ:;W ;IJW? O;:U?;NEY b =IQ<IJWT FQIJ:@ET
@BFF<ICI EOW<: J=I@NU;W? O;:U?;NE NM?[= H@N F?A? HIM?=B  
 Y b N;F=@B<SNET HI FIF=:JQ?;N[ FQIJ:@?XR J H@?LNFQIJNET
< FQIJ:@EM CIJI@N=FE I =IMR <ICL: BHI=@?AQE?=FE c=: HIM?=:R I
M?F=? H?@?;IF;ICI O;:U?;NE J FQIJ:@;IX F=:=G?Y
b >@I?<=? QIJ:@E FIJ@?M?;;ICI @BFF<ICI QN=?@:=B@;ICI
EOW<: J CQ:J? 7?M:;=NU?F<:E N F=NQNF=NU?F<:E T:@:<=?@NF=N4
<: FQIJ9 UN=:?M 7>@N ;:QNUNN J FQIJ? ;?F<IQG<NT O;:U?;NX J
FIJ@?M?;;IM QN=?@:=B@;IM EOW<? @:FHIQI\?;N? c=NT O;:U?;NX
J F=:=G? IH@?L?QE?=FE ;: IF;IJ? FQ?LB[KNT H@N;SNHIJ Y Y Y Ja ?F4
QN FQIJI NM??= EF;I JW@:\?;;I? H@EMI? N H?@?;IF;I? O;:U?;N?R

I!5

$)F5 JJ  #-, 2F!$0 -, !$3
#"

 <AA
/
8888QS I!5

$-5 $)F5   # + JJ
o+$#5 $)F5 B  + )$#,C

 <AQQS G)$# @
D
$3
-5 $)F5 # )-$, && )$ $-+: 0$#$ 3
+: JJ /0$$1+ $)F # $#)$) &$) 5+

 <A
/
<A
<8S L$!$# 
O
D$ !$#5 $#+: !$# &$ $ 5+

 <AS
G)$# @
D
/)- 0$F+ # ! JJ &, 5+ $3
F tt $!5 B<A<AAC

 <AA
/
8S #.$# G

$-5
$)F5 # (  $#$$30$($!"$, - JJ $#+ !$# 
!$# $#+: !$#
/D1
 <AAQ
/
A<

90   
  
  


    

1  
=I ;: H?@JI? M?F=I FQ?LB?= JWLJNC:=G H@EMI? O;:U?;N?9Y
 bI

J=I@IM NOL:;NN QIJ:@E FIJ@?M?;;ICI @BFF<ICI QN=?@:=B@;ICI


EOW<: `€r
a F<:O:;I 7>IM?=IX    =?H?@G `J I=QNUN? I=
€rY bY€Ya FIH@IJI\L:[=FER <:< H@:JNQIR I=L?QG;W?R F:4
MIF=IE=?QG;W? O;:U?;NE FQIJ:R JIO;N<VN? ;: IF;IJ? IKBK:?4
MICI M?=:PI@NU?F<ICI H?@?;IF: `‘\NJIX M?=:PI@Wa9Y


b FIJ@?M?;;IM @BFF<IM EOW<? J=I@NU;W? O;:U?;NE B CQ:CI4


QIJ IA@:OB[=FE J @:O;WT F=NQNF=NU?F<NT HQ:F=:T @:OCIJI@4
;IX @?UNR H@IF=I@?UNNR \:@CI;? N =Y LY b =IQ<IJWT FQIJ:@ET
c=N F?M:;=NU?F<N? ;IJIIA@:OIJ:;NE I=M?U:[=FE HIF@?LF=JIM
Q?<FN<IC@:PNU?F<NT HIM?= N @?M:@I<Y >I<:O:=?QG;WM H@NM?4
@IM =:<ICI FQIJ:@E EJQE?=FE U?=W@?T=IM;WX QIJ:@G %V:<I4
J:Y :< H@NO;:[= Q?<FN<IC@:PWR J FQIJ:@? H@?LF=:JQ?;: JH?@4
JW? ;:NAIQ?? HIQ;:E FNF=?M: FQIJ:@;WT HIM?=R @:O@:AI=:;;:E
bYbYbN;IC@:LIJWMY


!QE ;IJWT FQIJ N ;IJWT O;:U?;NX FQIJ J QIJ:@? %V:4


<IJ: NFHIQGOB?=FE HIM?=:  Y "Y Y ~?J:VIJ FIF=:JNQ FHNFI<
JF?T ;IJIIA@:OIJ:;NXR HIM?K?;;WT J QIJ:@G %V:<IJ: F HI4
M?=IX  Y 7!:;;WX FHNFI< ;IJIIA@:OIJ:;NXR HNV?= "YY~?4
J:VIJR FIL?@\N= ;IJW? FQIJ:R ;IJW? O;:U?;NE F=:@WT FQIJR
;IJW? BF=IXUNJW? FQIJIFIU?=:;NER ;IJW? FQI\;IFI<@:K?;;W?
IA@:OIJ:;NER ;IJW? BF=IXUNJW? H?@JW? N J=I@W? U:F=N FQI\4
;WT FQIJ `JF?CI I<IQI  ?LN;NSa9Y
 b QIJ:@? %V:<IJ:

I=M?U?;W ;IJW? O;:U?;NE B =:<NT @:;?? NOJ?F=;WT CQ:CIQIJR


<:<         N =YHYf ;:H@NM?@  
  
Y ;?FIJY < O:A@I;N@IJ:=GY FIAWM @:FHI@E\?;N?M
JWL?QN=G `JWL?QE=Ga U=I4;Y `<:<N?4;Y H@?LM?=W IAK?CI HIQGOI4
J:;NEa LQE <:<IX4;Y S?QNR L?Q:E ;?H@N<IF;IJ?;;WM ` Yaf 
D$ /!$#5 $#)$ $ &$ $ !&$ $ 5+

3

<A8
/
Q

 /!$#" $#)$ $ &$ $ !&$ $ 5+


u

v
 <AA<

/
<<

 $5 &$, !$ ( J @#



i
D
/$$$!$#
/D1

<AA
/
8A8

 #.$# G

%I$!$#+, !$#" &$ $ 5+' 0$  F,
7

K.$#
/!$#  0$)$,  $ # $  JJ $#+ !$#  !$# $#+:
!$#

 <AA
/
<

91


   


$-5 $)F5 ! $!"$, !

 Y
Y =IA@:=GR JWLJN;B=GR H@?L;:O;:U:E LQE <:<IX4;Y @:4
AI=W ` Yaf   Y Z:F?QN=G HQI=;??R BJ?QNUN=G CL?4;Y
`J <:<IM4;Y \NQNK?a UNFQI \NQGSIJ ` YaY
$IJW? O;:U?;NE CQ:CIQIJR IA@:OIJ:;;W? J @:OCIJI@;IX @?UNR
H@IF=I@?UNNR :@CIR @:O;WT H@INOJILF=J?;;WT I=@:FQET N FP?4
@:TR J QIJ:@? %V:<IJ: FIH@IJI\L:[=FE B=IU;E[KNMN HIM?4
=:MN      `A@IF:=GR ;:H@:JN=GR JWEJN=GaR     `A@I4
F:=GFER I=<@?HN=GR HIL<IJ:=GR H@N<@?HN=GR H@IPNQG=@IJ:=GaR
    #$ `O:UN=:=GaR     #  `B=@EF=NaR  Y #$Y
`JWJILN=GR O:<@?HN=GaR       `;:<:U:=GR H@I@:AI=:=GR
@:FHNF:=GFEaR       #  `@:OWC@:=GaR    Y N
    `JWHE=N=GaR      `<BF=:@;NU:=GaR    
  `FHIQO=NaR  
" `O:IF=@N=GFEaR     `<IQ?A4
;B=GFEaY
$IJW? O;:U?;NER IA@:OIJ:;;W? J @?OBQG=:=? M?=:PI@NU?F<I4
CI N M?=I;NMNU?F<ICI H?@?;IFIJR J QIJ:@? %V:<IJ: @:FHIQI4
\?;W HIFQ? IF;IJ;WTY b=I@B[ HIONSN[ J FQIJ:@;IX F=:=G? O:4
;NM:[= ;IJW? O;:U?;NE B CQ:CIQIJ       
        
   
       


         
 
    Y
b M;ICIO;:U;WT CQ:CIQ:T ;IJW? O;:U?;NE O:;EQN J N?@:@4
TNN O;:U?;NX FQIJ:@;IX F=:=GN =@?=G?R U?=J?@=I?R HE=I? N HI4
FQ?LB[KN? M?F=:Y $: =@?=G?M M?F=? F HIM?=IX  Y HIF=:JQ?4
;W ;IJW? O;:U?;NE CQ:CIQIJ       
  
      
  
 
  
        
  Y v?=J?@=WMN F=:QN ;IJW? O;:U?;NE B CQ:4
CIQIJ      
  
   
 
       
         Y
F=IU;N<IM IA@:OIJ:;NE ;IJWT O;:U?;NX AWQN N IF=:[=4
FE H@IP?FFNI;:QG;:E Q?<FN<:R \:@CI;NOMWR LN:Q?<=NOMW N H@Y
ƒQ:CIQ      H?@JI;:U:QG;I BHI=@?AQEQFE <:< =?@4
MN; JI?;;ICI L?Q:Y b FQIJ:@ET @BFF<ICI EOW<: UN=:?M AIM4
A:@LN@IJ:=G |IAF=@?QNJ:=G AIMA:MN} ` ‡)r‡…))Y eYR #YR

92


    

1  
gDY Y
r
 af |AIMAW A@IF:=GR M?=:=Gf F=@?QE=G NO MI@=N@ J
IF:\L?;;I? M?F=I} `Y eY )Y Y
af |A@IF:=G AIMAW J ;?H@N4
E=?QGF<NX Q:C?@GR CI@IL NQN <@?HIF=GR IAF=@?QNJ:=G AIMA:MN}
` r DY eY )R F=IQAY
af |IAF=@?QNJ:=G NO :@=NQQ?@NXF<NT
I@BLNXR M?=:=G J <ICI4U=I4;Y AIMAW} `JI?;Ya} `QIJ:@G %V:<IJ:Y
eY)R F=IQAY g
aY `ZL?FG N L:Q?? FQIJ:@;W? F=:=GN H@NJILE=FE J
FI<@:K?;;IM JNL?aY
b FJEON F FIOL:;N?M :JN:SNNR NFHIQGOIJ:;N?M :JN:SNI;;WT
AIMA J JI?;;WT S?QET @:FVN@NQIFG FH?SN:QG;I? `JI?;;I?a O;:4
U?;N? CQ:CIQ:     Y ƒQ:CIQ F=:Q IAIO;:U:=G ;? =IQG4
<I |IAF=@?QNJ:=G NO I@BLNX}R ;I |FA@:FWJ:=G AIMAW F F:MIQ?=:}Y
L;NM NO H?@JWT =IQ<IJWT FQIJ:@?X c=I LIHIQ;?;N? J<Q[U:?=
€4) `eYR  R F=IQAY DaY b L:QG;?XV?M B CQ:CIQ:   
   HIEJNQIFG ;IJI? `H?@?;IF;I?a O;:U?;N?Y b QIJ:@? @BF4
F<ICI EOW<:R FIF=:JQ?;;IM b=I@WM I=L?Q?;N?M MH?@:=I@F<IX
<:L?MNN ;:B<R ;:@ELB FI O;:U?;N?M |A@IF:=G AIMAW J ;?H@N4
E=?QGF<NX Q:C?@GR CI@IL NQN <@?HIF=GR IAF=@?QNJ:=G AIMA:MN}R
O: C@:PNU?F<NM O;:U<IM OJ?OLIU<: `’a H@NJILN=FE H?@?;IF;I?
O;:U?;N? |=@?JI\N=GR ;? L:J:=G HI<IER IF:\L:=GR ;:H@YR H@IFG4
A:MN NQN HNFGM:MN} `eY R  DR F=IQAY
aY b QIJ:@? %V:4
<IJ: F HIM?=:MN   YR  Y N HI<:OIM CQ:CIQG;ICI BH@:JQ?4
;NE ` a H@NJILN=FE J=I@I?R ;IJI?R O;:U?;N? CQ:CIQ:   
   |LI;NM:=GR ;?I=JEO;I H@NF=:J:=G F U?M4;Y} `eY)R DR
F=IQAY g
aY $IJI? O;:U?;N? JIVQI J FIJ@?M?;;WX @BFF<NX EOW<Y
bF? =IQ<IJW? FQIJ:@NR H@NJILE FQIJ:@;B[ F=:=G[    
 R L:[= N ;IJI?R H?@?;IF;I? O;:U?;N?R FIH@IJI\L:E ?CI @:O4
;WMN F=NQNF=NU?F<NMN HIM?=:MNf J #
Y   Yf U?MY O Y
 Y !I;NM:=GR ;? L:J:=G HI<IE `eY R DgR F=@Y
gaf J QI4
J:@? \?CIJ: `a
Y   Y >IFWQ:=GR ;:H@:JQE=G `HNFGM:R
H@IFGAWR \:QIAWaR ;:F=IXUNJI LIANJ:EFG U?CI4;Y ` Y  Yaf
J €r

Y '   O  1  $? L:J:=G HI<IER BHI@;I LI4
ANJ:EFG U?CI4QYf LI;NM:=GY ♦ €IMA:@LN@IJ:=G U?M4QY `eY)R Y
Y g af J QIJ:@? \?CIJ: N J?LIJIX       <ICI
`U=IaY >IFWQ:=GR ;:H@:JQE=G `HNFGM:R H@IFGAWR \:QIAWaR ;:4
F=IXUNJI LIANJ:EFG U?CI4;Y `   a `gY YDaf J e

93


    

$-5 $)F5 ! $!"$, !

Y  

    1 Y >IFWQ:=GR ;:H@:JQE=G
`HNFGM:R H@IFGAW N =YHYaR LIANJ:EFG U?CI4QY `YD
aY
Q?LB?= IA@:=N=G J;NM:;N? ;: BHI=@?AQ?;N? CQ:CIQ:  
    J ;IJIM =?@MN;IQICNU?F<IM O;:U?;NN |;:H@:JQE=G
HI=I<N cQ?M?;=:@;WT U:F=NS ;: MNV?;G NO <:<ICI4QY J?K?F=J:
NQN L@BC ;: L@BC: F S?QG[ NOM?;?;NE FJIXF=J J?K?F=J: NQN HI4
QBU?;NE ;IJWT U:F=NS}Y L;NM NO H?@JWT =IQ<IJWT FQIJ:@?X
@BFF<ICI EOW<: ?CI I=M?U:?= €r
`eYR Y Yg aY d=I O;:4
U?;N? J<Q[U:?=FE J FQIJ:@;B[ F=:=G[      €IQG4
VICI =IQ<IJICI FQIJ:@E @BFF<ICI EOW<: `Y a N IJ@?M?;;ICI
=IQ<IJICI FQIJ:@E @BFF<ICI EOW<: `YD
aY b LJBT HIFQ?L;NT FQI4
J:@ET c=I O;:U?;N? HIF=:JQ?;I ;: J=I@I? M?F=I HIFQ? IF;IJ;ICI
O;:U?;NE CQ:CIQ:      7)Y
   =:<BE F JIO4
LBT:R FA@IFN=G4FA@:FWJ:=G AIMAW9 N F;:A\?;I HIM?=IX  $YR
H@?L;:O;:U?;;IX 7LQE FQIJ4=?@MN;IJ F VN@I<IX FP?@IX BHI4
=@?AN=?QG;IF=N9 `€eY YaY b €r
c=I O;:U?;N? J FQIJ:@4
;IX F=:=G? F=IN= ;: =@?=G?M M?F=? HIFQ? IF;IJ;ICI N H?@?;IF4
;ICI O;:U?;NX N ;? NM??= HIM?=W   Y N  $Y `eYY Yg aY
b FH@:JIU;N<:T HI ;?IQICNN ?\?CIL;N<:TR L?FE=NQ?=;N4
<:T N =@NLS:=NQ?=;N<? O:@?CNF=@N@IJ:;W ;IJW? O;:U?;NE B
=:<NT CQ:CIQIJR <:< 
   `$~rgR $ aR   
  `$Zr R $ aR  
  #
    
   `$Zr aR #   `$Zrg R $ aR   
`$ aR    N L@Y $IJI? O;:U?;N? B CQ:CIQ:   
 }IAIO;:UN=G <:< HILQ?\:K?? NFHIQ;?;N[R @?V?;N[R O:4
EJN=GR I=M?=N=G `     a} AWQI O:@?CNF=@N@IJ:;I J FH@:4
JIU;N<? $Zr Y d=I O;:U?;N? CQ:CIQ:    AWQI HI4
M?K?;I J $ Y b c=IM FQIJ:@? B CQ:CIQ: I=M?U:?=FE ;IJI?
O;:U?;N? |O:<@?HN=G U=I4QY O: <?M4R U?M4QY} N I==?;I< O;:U?;NE
|IA?FH?UN=G H@NI@N=?=R H@:JI H?@J?;F=J:R H@?LxEJNJ <:<N?4Q
FJ?L?;NER N;PI@M:SN[ `          a}Y b FH@:JIU4
;IM I=L?Q? $ ;:OWJ:?=FE NF=IU;N< IA@:OIJ:;NE ;IJICI
O;:U?;NE 7= O:F=IQAN=G J O;:UY |I=M?=N=G F=IQA:MN <:<I?4Q
M?F=IR C@:;NSW <:<ICI4QY BU:F=<:}9Y `DY Y
 aY e:<NM IA4
@:OIMR J FIJ@?M?;;IM @BFF<IM EOW<? CQ:CIQ    NM??=
LJ: O;:U?;NE Y >IF=:JN=G F=IQA LQE IAIO;:U?;NE U?CI4QYf F=IQ4

94


   D D

1  
AIMR F=IQA:MN IAIO;:UN=G H@N;:LQ?\;IF=G <:<ICI4QY BU:F=<:
<IMB4QY
Y '   1  IIAKNJ HBAQNU;I I ;:U:=IX @:AI=?R
O:<@?HN=G O: FIAIX H@:JI ;: H?@J?;F=JI J NFFQ?LIJ:;NNR @:O@:4
AI=<? `€r
R =Y …r…)R Y Y aY IJ@?M?;;WX =IQ<IJWX
FQIJ:@G @BFF<ICI EOW<: B CQ:CIQ:    @?CNF=@N@B?=
?K? IL;IR =@?=G?R O;:U?;N?Y QIJ:@;:E F=:=GE CQ:CIQ:   
 I=QNU:?=FE I= FQIJ:@;IX F=:=GN IA c=IM CQ:CIQ? J €r

Z:F=IQAN=GY O Y Y >IF=:JN=G F=IQA LQE IAIO;:U?;NE U?CI4QY

Y L?Q:=G HBAQNU;B[ O:EJ<B ;: H@?NMBK?F=J?;;I? NFFQ?LIJ:4


;N?R @:O@:AI=<B U?CI4QY Y O Y !IF=NUG H@?LJ:@N=?QG;IX LI4
CIJI@?;;IF=N I U†M4QY `e R
Y Y
gaY b ;:U:Q? „„ J?<:
CQ:CIQ    BHI=@?AQEQFE =IQG<I J LJBT FH?SN:QG;WT
O;:U?;NET Y AIO;:UN=G F=IQAIM NOJ?F=;B[ M?F=;IF=GR O:;E4
=B[ B\? LQE O?MQ?L?QGU?F<IX @:AI=W NQN LQE LIAWUN OIQI=:Y
 >IF=:JNJ F=IQA NQN F=IQAW LQE IAIO;:U?;NE NOJ?F=;WT C@:4
;NSY
Y T Y >IF=:JN=G F=IQA LQE IAIO;:U?;NE BU:F=<: O?MQN
`HQIK:LNaR O:;E=ICI HIL @:OJ?L<B NQN O:EJQ?;;ICI HIL @:O@:4
AI=<B HIQ?O;ICI NF<IH:?MICI `OIQI=:R @:OQNU;WT @BLR NF<IH:4
?MICI BCQE N H@Ya `  Y eY
Y bWHY gR >AY  R F=IQAY

 r
aY
% CQ:CIQIJ MI\?= AW=G ;?F<IQG<I H?@?;IF;WT O;:U?;NXR
FJEO:;;WT F IF;IJ;WMY % c=NT O;:U?;NX J =IQ<IJWT FQIJ:@ET
@BFF<ICI EOW<: =:<\? MI\?= F=IE=G HIM?=:   Y % CQ:CIQ:
   J FQIJ:@ET I=M?U:?=FE ;?F<IQG<I J=I@NU;WT O;:U?;NXR
J =IM UNFQ? N ;IJWTY d=N O;:U?;NE IA@:OIJ:;W J @?OBQG=:=? M?4
=:PI@NU?F<ICI H?@?;IF:Y $IJWMN O;:U?;NEMN CQ:CIQ:    J
FIJ@?M?;;IM @BFF<IM EOW<? EJQE[=FE |=?@H?=G ;?BL:UB} `  
        a `$ aR |AW=G HIL BC@IOIX F@WJ:R H@I4
J:QNJ:=GFE} `IAWU;I JFQ?LF=JN? BHBK?;NE F@I<:a `    
     `QIJ:@G \?CIJ:R g
f #R  f $ aY %
M;ICIO;:U;ICI CQ:CIQ:    J QIJ:@? \?CIJ: `D
a H@N4
JILN=FE JIF?MG O;:U?;NXR U?=W@? NO <I=I@WT EJQE[=FE H?@?4
;IF;WMN Y   Y €W=G J \:@BR J QNTI@:LIU;IM FIF=IE;NNY
Y   Y @:F;?=G I= H@NQNJ: <@IJNY DY   Y J?@<:=GR AQ?4
F=?=GY Y   Y FHW=WJ:=G <:<I?4;Y FNQG;I? UBJF=JI `
YaY
b IL;IM NO HIFQ?L;NT NOL:;NX c=ICI FQIJ:@E ?CI @?L:<=I@IMR

95


    

$-5 $)F5 ! $!"$, !

$YYJ?LIJIXR AWQN J;?F?;W J F=:=G[    ;?<I=I@W? B=IU4


;?;NE N LIHIQ;?;NER FJEO:;;W? F IFIA?;;IF=EMN BHI=@?AQ?;NE
O;:U?;NX CQ:CIQ:f B =@?=G?CIR U?=J?@=ICIR HE=ICI N V?F=ICI O;:4
U?;NX F;E=: HIM?=:   Yf CQ:CIQ J HE=IM O;:U?;NN |FJ?@<:=GR
AQ?F=?=G} J H?@JIM N J=I@IM QNS:T ;? BHI=@?AQE?=FEf JJ?L?4
;I ;IJI? H?@?;IF;I? O;:U?;N? |AW=G HIL BC@IOIX ;?JWHIQ;?;NER
;?NFHIQGOIJ:;NE NO4O: IHIOL:;NER BHBK?;NE F@I<IJ `    
 a}Y Z;:UN=?QG;I AIQGV?? <IQNU?F=JI O;:U?;NX B CQ:CIQ:  
  I=M?U:[= M;ICI=IM;W? FQIJ:@N @BFF<ICI EOW<:R =:<N?R
<:< €r
Y O =@N;:LS:=N O;:U?;NX U?=W@? EJQE[=FE H?@?;IF4
;WMN Y '  Y €W=G JOJIQ;IJ:;;WM U?M4QYf AW=G ITJ:U?;;WM
<:<NM4QY FNQG;WM UBJF=JIMY Y '  Y :MIO:AJ?;;IR FI F=@:4
F=G[ I=L:J:=GFE <:<IMB4QY L?QBR O:;E=N[Y  Y '  Y €W=G J
@:OC:@? `I F@:\?;NNaY Y '   O  €W=G HIL BC@IOIX F@W4
J:R H@IJ:Q: N =YHY `€r
R eY)))R 
Y Y
r
aY
>IEJQ?;N? AIQGVICI <IQNU?F=J: CQ:CIQIJ F?M:;=NU?F<NT
;?IQICNOMIJ J @?OBQG=:=? J=I@NU;IX ;IMN;:SNN HIL=J?@\L:4
?= =IU<B O@?;NE NFFQ?LIJ:=?Q?XR <I=I@W? I=M?U:[=R U=I CQ:CI4
QW FQIJ: F M:<FNM:QG;I JW@:\?;;IX HIQNF?MN?XY FFQ?LB4
?MWX CQ:CIQG;WX M:=?@N:Q H@?LF=:JQE?= @:O;W? =NHW ;:NM?4
;IJ:;NXR JIO;N<VNT J @?OBQG=:=? F?M:;=NU?F<NT H?@?IFMWFQ?4
;NXY %HI=@?AQ?;N? CI=IJIX ;IMN;:=NJ;IX ?LN;NSW CQ:CIQ: J
;IJIX LQE ;?? F?M:;=NU?F<IX PB;<SNN H@?LHIQ:C:?=R <:< H@:4
JNQIR J;B=@?;;[[ FJEOG c=ICI ;IJICI O;:U?;NE F H@?\;NMY b
L:;;IM FQBU:? MI\?M CIJI@N=G IA c<FHQNSN=;IX `EJ;IXa M?4
=:PI@?R A:ON@B[K?XFE ;: FTILF=J? PB;<SNXY b @?OBQG=:=? =:4
<ICI H?@?;IF: ;IJW? O;:U?;NE JIO;N<QN B CQ:CIQIJ 
  
|NM?=G O:L?@\<BR H?@?AIX J @:AI=?}R  
 |;?I\NL:;;I HI4
EJQE=GFE}R    }H@?<@:=N=G L?Q:=G U=I4QYf I=<:O:=GFE I=
H@ILIQ\?;NE U?CI4QY}R  
  |IAx?LN;N=GFER LIF=NUG
FICQ:FNE}Y >@N NMHQNSN=;IX `;?EJ;IXa M?=:PI@? =:<\? HIEJ4
QE?=FE H?@?;IF HI FTILF=JB PB;<SNXR F@Y    |;?@J;N4
U:=G}R   |F=:=G AIQ?? EF;WMR HI;E=;WM}R    
|HIL;NM:=G @B<B F S?QG[ IF=:;IJN=G M:VN;B}R     
|JQNE=GR JIOL?XF=JIJ:=G}R     |H@IJILN=G J@?ME J A?OL?X4
F=JNN}R  |F;:ALN=G M:VN;B <IQ?F:MN}R 
   |;:4

96
GHIJKJLMN 0 66,
, 0 O487 0 PQRS Oc 0 TOc

1  
Q:LN=G FIJM?F=;W? L?XF=JNE}R      |L?XF=JBE J@:\4
L?A;IR HICBAN=GR FI@J:=G U=I4QY}Y
>IEJQ?;N? ;IJWT O;:U?;NX B CQ:CIQIJ MI\?= AW=G FJEO:;I F
<I;;I=:=NJ;IX M?=:PI@IXY b <:U?F=J? <I;;I=:=NJ;WT M?=:PI@
JWF=BH:[= CQ:CIQW    |VBM?=GR F<:;L:QN=G}R   
|BL:@N=G}R   |HIH:F=G J ;?\?Q:=?QG;I? M?F=I}R

 |O;:<IMN=GFE}R     |FIJ?@VN=G IVNA<B}Y @?LN CQ:CI4
QIJ F ;IJWM O;:U?;N?M PN<FN@B?=FE O;:UN=?QG;I? <IQNU?F=JI
FQIJR NM?[KNT NLNIM:=NU?F<B[ J;B=@?;;[[ PI@MB 
|HIM?;E=GFE}R 
 |H@IL:=G}R 
 |BL:@N=G}R  
|?T:=GR NL=N <BL:4QNAI}Y :< H@:JNQIR c=I F=NQNF=NU?F<N F;N4
\?;;W? CQ:CIQWR M;ICN? NO ;NT EJQE[=FE J;B=@?;;NMN O:NM4
F=JIJ:;NEMN QN=?@:=B@;ICI EOW<: NO :@CI NQN \:@CI;NON@I4
J:;;ICI H@IF=I@?UNEY  H@N;:LQ?\;IF=N c=NT N;;IJ:SNX BF=4
;IX @?UN CIJI@N= =IR U=I JF? I;N F;:A\?;W IC@:;NUN=?QG;W4
MN F=NQNF=NU?F<NMN HIM?=:MN N @?CNF=@N@B[=FE J IF;IJ;IM J
$~Y
$: HIEJQ?;N? ;IJICI O;:U?;NE B NOJ?F=;ICI EOW<IJIX FNF=?4
M? CQ:CIQ: JQNE[= IH@?L?Q?;;W? c<F=@:QN;CJNF=NU?F<N? P:<4
=I@W IFJI?;N? <IFMIF:R L:QG;?XV?? @:OJN=N? FHI@=: N =Y HYf

   
F@Y HIEJQ?;N? ;IJWT O;:U?;NX B CQ:CIQIJ

      #   


  Y $I4
JI? O;:U?;N? N;ICL: JQ?U?= O: FIAIX NOM?;?;N? FN;=:<FNU?F<ICI
BH@:JQ?;NEY ƒQ:CIQ    J H@INOJIL;IM O;:U?;NN =@?AB?= I=
FBK?F=JN=?QG;ICI PI@MW L:=?QG;ICI H:L?\: `   <IMBaR
: J NFTIL;IM BH@:JQE?=FE LJBME JN;N=?QG;WMN H:L?\:MN
H@EMICI IAx?<=: N M?F=: `        aY
bF? IFIA?;;IF=N ;IJWT O;:U?;NX CQ:CIQ:R IA@:OIJ:;;WT J
@?OBQG=:=? J=I@NU;IX ;IMN;:SNNR HI<:O:;W J FQIJ:@ET N FH@:4
JIU;N<:T HI ;?IQICNNR =IQ<IJWT FQIJ:@ET FIJ@?M?;;ICI @BFF<I4
CI EOW<:Y

@ .  -. 


 L
A1< 0 1"*$!= *$'?'*#* (*#* " '!*#* >/(! <
c \%_5 O8<O7;

97


    

$-5 $)F5 ! $!"$, !

A1< 0 1"*$!= *$'?'*#* (*#* " '!*#* >/(! <


` \5 OO<OO8
1@l 0 *"=F*+ *"(*$+ "*$!= (*#* >/(! , 2* '
1A/'D*$! 1235 OO
.@_<cO 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%cO , 2*
' .E*'"*$*+ \5 O
.@_<6 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%6 , 2*
' .E*'"*$*+ \5 O8
.1E<76 0 1"*$!=%B!$*& ( j.*$' "*$! /!&' > hB* ?!'%
 !"!? B' " '! 76%) ##ik , 2* ' .E*'"*%
$*+ \5 Oc

.1E<c6 0 1"*$!=%B!$*& ( j.*$' "*$! /!&' > hB* ?!'%
 !"!? B' " '! c6%) ##ik , 2* ' .E*'"*%
$*+ \5 O8
.1E<6 0 1"*$!=%B!$*& ( j.*$' "*$! /!&' > hB* ?!'%
 !"!? B' " '! 6%) ##ik , 2* ' .E*'"*%
$*+ 1235 OOc
1A@ z` 0 1"*$!= (*#* >/(! w` $'(! ]B< _%1235
O8<66
1A@<67 0 1"*$!= A(!'? @* +(*+5 B* !/3&*? B*>(
!B*"*a'+ V<7 1235 67<
1@l 0 1"*$!= (*#* >/(!5 *!$"'+ ]*? *'"' '?
?B'!*(*+ A(!'? !( 1235 <` $ $B(!) /
O<O6
1@l z<z` 0 1"*$!= (*#* >/(! z<z` $$  <7 \5
Oc;<66
11@l 0 1*$'?'+ *"(*$+ "*$!= (*#* >/(! , 2*
' 1A/'D*$! 1235 66
\A1 0 1"*$!= (*#* >/(!4 $ 8%)  , 2* ' A2v$#'='$*+
\5 O<O8
1"*$!= -a'#*$! 0 -a'#*$ 11"*$!= (*#* >/(! / %'
\5 O;g * a'4 O%' / \5Ocg * a'4 
%' / \5 OO
1"*$!= -a'#*$! x$'*$*+ 0 1-a'#*$ .dx$'*$! *"%
(*$+ "*$!= (*#* >/(! \5OOg * a'4 ;%' / \5 OOO
1"*$!= F!(*$! 0 *"(*$+ "*$!= (*#* >/(! , 2* '
. F!(*$! <8 \5 O
;<O86
1@l 0 *"(*$+ "*$!= (*#* >/(! (*D! ww $'(! l/(*%
$' /?'' > , 2* ' [.1(">'$(*+ 1235 OO

98


    

H# " # <  D 

5  
  
4   
b

CY ;?IC@:P:MN ~ $ AWQ: ;:U:=: @:AI=: ;:L
;IJIX F?@N?X JWHBF<IJ 7;;IJ:SNI;;:E Q?<FNU?F<:E FQB\A:Y
QIJ:@;W? M:=?@N:QW9 O:
R

R
 CILWY d=: ;IJ:E F?4
@NE JI M;ICIM H@ILIQ\:?= =@:LNSNN F?@NX;ICI ;?IC@:PNU?F<I4
CI NOL:;NE 7$IJI? J @BFF<IX Q?<FN<?Y QIJ:@;W? M:=?@N:QW9Y


OL:;N? 7$IJI? J @BFF<IX Q?<FN<?Y QIJ:@;W? M:=?@N:QW9


AWQI O:LBM:;I <:< AIQ?? IH?@:=NJ;I? NOL:;N? HI F@:J;?;N[
FI FQIJ:@EMN4FH@:JIU;N<:MN 7$IJW? FQIJ: N O;:U?;NE9R JWTIL
<I=I@WT H@?LHIQ:C:QFE J ;:U:Q? <:\LICI L?FE=NQ?=NER =Y?Y F N;4
=?@J:QIM H@NM?@;I J  Q?=Y  =?U?;N?M J@?M?;N c=I= N;=?@J:Q
F=:Q BJ?QNUNJ:=GFE Y


>@N FIOL:;NN F?@NN 7$IJI? J @BFF<IX Q?<FN<?Y QIJ:@;W?


M:=?@N:QW9 H@?LHIQ:C:QIFGR U=I c=I ABLB= 7<;N\<N4=?=@:L<N9

F JWTILIM NO H?U:=N U?@?O ILN;4LJ: CIL: Y b >@?LNFQIJNN <
H?@JIMB JWHBF<B $YZYI=?QIJ: HNF:Q:R U=I 7JWHBF<N F?@NN ;?
ABLB= ?\?CIL;N<:MN9 `=:M \?R FY aR I;: =:< \? JW@:\:Q: IH:4
F?;N?R U=I c=I NOL:;N?R HILIA;I L?FE=NQ?=;N<BR MI\?= H@?J@:4
=N=GFE J FQIJ:@GR =Y?Y F=:=G M?;?? MIANQG;WM NOL:;N?M `=:M \?R
FY R aY >?@JW? =@N JWHBF<: JWVQN ILN; O: L@BCNM $~rgg

D ($#$, 0$ 4 $,$ $ &)$ $ &-$ $ ($3


 $ !$ 0$& TA

<  : $0&1!$#$ B<AQQ = <AACS 8 $$#55  0-


B<AA8 <AA <AAC

 /O 3: 1+! $0&1!$# # <AQ<


 /O Q3: = # <A
 /O 3: =
# <AAQ
B 4  0&1!F, $ $ 5! $1&!$#! 3
1$$, 0$ 0$ $$# %/!$#5 $#+: !$# &$ $ 5+ 
3: = 

3:
cc #
' $0&1!$#$ $ # <AA
C /O A3: 1&    # 1!3
4,. #)5

 L$!$# 
O
D !$# JJ $#$ # &$, !
/!$#+
)!+<AQQ

 <AA
/


  
  
   99


    

$#F$5 !-5 !&41 &$ $ 5+

J  CYR $~rg J   CYR $~r  J 


CY `O:M?=NMR U=I
@:AIUNX SN<Q ;:L <:\LWM JWHBF<IM FIF=:JQEQ =@N CIL:aY Z:4
=?M JWHBF<N F=:QN NOL:J:=GFE M?;?? @?CBQE@;IR N;=?@J:Q M?\4
LB NT HBAQN<:SNEMN F=:Q JIO@:F=:=G `H@?\L? JF?CI c=I FJEO:;I
F =?MR U=I I;N L?Q:QNFG J;?HQ:;IJIR H:@:QQ?QG;I F @:AI=IX ;:L
HQ:;IJWMN L?FE=NQ?=;N<:MNR =@BLI?M<IF=G[ I=F?J: M:=?@N:Q:
HI FQIJ:@EM N <:@=I=?<:MR FQI\;IF=G[ LQE IHNF:;NE F:MICI
M:=?@N:Q:aY
bWHBF<N 7$IJI? J @BFF<IX Q?<FN<?Y QIJ:@;W? M:=?@N:QW9
NM?[= FQ?LB[KN? IF;IJ;W? IFIA?;;IF=N Y bWHBF<N F?@NN CI4
=IJNQNFG ;: <I@I=<IM J@?M?;;IM F@?O? HI IC@:;NU?;;IMB <@BCB
NF=IU;N<IJY 7e@N M?FES: N  NF=IU;N<IJ c=I =I= H@?L?QG;WX
MN;NMBM J@?M?;N N M:=?@N:Q:R <I=I@WX FMIC AW=G H@?LF=:J4
Q?;;WM J NOL:;NN ;?AIQGVICI IAx?M:Y ; ;? EJQE?=FE LIF=:4
=IU;I H@?LF=:JN=?QG;WMR U=IAW I=@:ON=G HIQ;IF=G[ JF? Q?<4
FN<I4F?M:;=NU?F<N? ;IJIIA@:OIJ:;NE L:\? IL;ICIR gg CY d=I=
JWHBF< N;PI@MN@B?= QNVG I =?T Q?<FNU?F<NT ;IJV?F=J:TR <I4
=I@W? MI\;I AWQI JWEJN=G HI M:=?@N:Q:M L:;;ICI IC@:;NU?;4
;ICI F@?O:Y >@?NMBK?F=JI c=IX M?=ILN<N IAx?<=NJ;IF=G N HI
JIOMI\;IF=N NFU?@HWJ:[K:E HIQ;I=: H@?LF=:JQ?;NE ;:AQ[L:4
?MWT HI L:;;IMB F@?OB EJQ?;NX9Y



Y €IQ?? VN@I<NX LIHBF< J<Q[U:?MICI M:=?@N:Q: HI F@:J4
;?;N[ F =IQ<IJWMN FQIJ:@EMN N FI FQIJ:@?M ;?IQICNOMIJ L?4
FE=NQ?=;?CI =NH: `c=I <:F:?=FE H@INOJIL;WT I= FIAF=J?;;WT
NM?;R :AA@?JN:=B@R NM?; UNFQN=?QG;WTR FQI\?;NX F L?PNF;WM
;:HNF:;N?MR I<<:ONI;:QG;WT N N;LNJNLB:QG;I4:J=I@F<NT Q?<4
FNU?F<NT ;IJIIA@:OIJ:;NX N =YLYaY b<Q[U?;N? J JWHBF<N I<<:4
ONI;:QG;IX Q?<FN<N N N;LNJNLB:QG;I4:J=I@F<NT IA@:OIJ:;NX J
H@?LNFQIJNN < H?@JIMB JWHBF<B IAIF;IJWJ:QIFG =?MR U=I I;N
I=@:\:[= ;:@IL;I? N TBLI\?F=J?;;I? FQIJI=JI@U?F=JIR U:F=I
;?FB= c<FH@?FFNJ;I4F=NQNF=NU?F<B[ ;:C@BO<BR N;=?@?F;W LQE
NOBU?;NE FQIJIIA@:OIJ:;NE N =YLY


 L$!$# 
O
D !$#6


9
/
A

 @1 $1$$# 0$)P5 # !$#$#+: !$# 0$#$ +: !$#


$1$#+: 0$ #+$$0$ &#+) )$ !5) )
 L$!$# 
O
/!$#$3

100


      

2  
Y bIH@IF I ;IJNO;? J<Q[U:?MWT J JWHBF<N ?LN;NS @?V:QFE
;: IF;IJ? 7H@?OBMHSNN ;IJNO;W9R =Y?Y 7?FQN ;?QGOE AWQI LI<:4
O:=GR U=I I=FB=F=JB[K?? J FQIJ:@ET N <:@=I=?<:T FQIJI F=:4
@I? I;I FUN=:QIFG ;IJWM9 Y


Y b JWHBF<:T ;? F=:JNQ:FG O:L:U: =IU;I BF=:;IJN=G J@?ME


HIEJQ?;NE J EOW<? J<Q[U?;;WT J ;NT FQIJ N F=?H?;N NT BHI4
=@?AN=?QG;IF=NR 7=:< <:< c=I ;?NOA?\;I H@NJ?L?= < @:FVN@?4
;N[ T@I;IQICNU?F<NNT @:MI< IAFQ?LB?MICI H?@NIL:R BJ?QNU?4
;N[ FHNF<: NF=IU;N<IJR =Y?Y IHE=G < FIOL:;N[ FQIJ:@E9Y


DY €IQGVN;F=JI FQIJ J JWHBF<:T FQIJ: IL;I<@:=;IX PN<4


F:SNNR U=I JW=?<:?= H@?\L? JF?CI NO I=<:O: BF=:;IJQ?;NE
NT BHI=@?AN=?QG;IF=N `  JWV?aY =F[L: O;:U?;NE FQIJ N
BF=IXUNJWT FQIJIFIU?=:;NX JWJILE=FE ;: IF;IJ:;NN IL;ICI
<I;=?<F=:Y
;;IJ:SNI;;WX HQ:F= @BFF<ICI EOW<: 4T CCY ‡‡ JY AWQ
IHNF:; F HIMIKG[ LJBT =NHIJ ;?IQICNU?F<NT NOL:;NXR FL?Q:;4
;WT HI @:O;WM J@?M?;;WM F@?O:M N NM?[KNT @:O;B[ F=?H?;G
ITJ:=: @:OQNU;WT Q?<FNU?F<NT EJQ?;NXY d=I $Z 4T N 
JWHBF<IJ 7$IJI? J @BFF<IX Q?<FN<?Y QIJ:@;W? M:=?@N:QW9
`$~r $~r aY
bH?U:=QE?= @?OBQG=:= FIHIF=:JQ?;NE <I4

QNU?F=J?;;WT L:;;WT M:=?@N:QIJ L?FE=NQ?=;N<: N I=;IFEKNT4


FE < c=IMB L?FE=NQ?=N[ ?\?CIL;N<IJ ?FQN J $Z 4T IHNFW4
J:?=FE AIQ??  =WFY Q?<FNU?F<NT ?LN;NSR =I ?\?CIL;N<NR PN<4
FN@B[KN? ;: FN;T@I;;IM F@?O? ;IJIIA@:OIJ:;NE L:;;ICI L?FE4
=NQ?=NER FIL?@\:= I<IQI D =WFY ?LN;NS IHNF:;NEz d=I FJNL?4
=?QGF=JB?= H@?\L? JF?CI I =IMR U=I N;;IJ:SNI;;W? Q?<FNU?F<N?
H@IS?FFW NM?[= AIQ?? M:FV=:A;WX N FQI\;WX T:@:<=?@R U?M

$1$# 1 $1$#5 !$#d JJ $#+ !$#  !$# $#+: !$#


 <A8
/
Q<<

 L$!$# 
O
D !$# JJ $#+ !$#  !$# $#+: !$#
/D1

<AAQ
/


 L$!$# 
O
D !$#6


9
/


 @)) -$ 0 $  /O 3: &-+#!" $0&1!$#+


#+0& $F 0 .#&EP $ 5!5 =  <AQQ <AQ <AQA
 #+3
0&  <A <A <AQ
 :$ #.5 # $ #)5 # &$0   &-3
+#!"  0$ $$#!+ P  $)& #) #+0&  <A <AA
<AA

101


   


$#F$5 !-5 !&41 &$ $ 5+

=?R <I=I@W? H@?LF=:JQE[=FE L?FE=NQ?=;N<:MN `TI=E NT IF;IJ4


;W? =?;L?;SNN c=IMB NOL:;N[R A?OBFQIJ;IR BL:QIFG BQIJN=GaR N
F=:JN= JIH@IF I @?:QG;IM <IQNU?F=J?;;IM FII=;IV?;NN J N;;I4
J:SNI;;IM Q?<FNU?F<IM HI=I<? Q?<FN<N ?LN;NU;ICI N ;?IL;I4
<@:=;ICI BHI=@?AQ?;NEY bI M;ICIM =:<I? AIQGVI? UNFQI FQIJ F
?LN;NU;IX =?<F=IJIX PN<F:SN?XR <I=I@I? L:QN ?\?CIL;W? JW4
HBF<NR IABFQIJQ?;I @BU;WMN M?=IL:MN IAFQ?LIJ:;NE =?<F=IJ
HI F@:J;N=?QG;I <I@I=<NM JWAI@IU;WM F@?O:MY b HIQ;IM IAx4
?M? N;;IJ:SNI;;W? Q?<FNU?F<N? H@IS?FFW IHNF:;N[ HILL:[=4
FE F =@BLIM `=:<:E O:L:U:R J IAK?M4=IR ;N<ICL: N ;? F=:JNQ:FGR
IFIA?;;I ?FQN BU?F=G JIOMI\;IF=N ;:BU;ICI <IQQ?<=NJ: NO gr
U?QIJ?<aY
$YZYI=?QIJ: HILU?@<NJ:Q: F:MIF=IE=?QG;B[ ;:BU;B[ @IQG
?\?CIL;N<IJ 7$IJI? J @BFF<IX Q?<FN<?Y QIJ:@;W? M:=?@N:4
QW9Y b FJEON F c=NM J IL;IM NO FJINT HNF?M J NOL:=?QGF=JI
7BFF<NX EOW<9R CL? NO;:U:QG;I NOL:J:QNFG ;?IQICNU?F<N? FQI4
J:@NR I;: HNF:Q:R U=I TI@IVI AW J ;:OJ:;NN BA@:=G 7QIJ:@4
;W? M:=?@N:QW9R <I=I@I? M?V:?= H@:JNQG;IMB JIFH@NE=N[ c=I4
CI IFIAICI ;:BU;ICI NOL:;NEY  =IMR <:< JWFI<I $Y ZY I=?QI4
J: IS?;NJ:Q: c=I= =NH ;?IQICNU?F<NT NOL:;NXR FJNL?=?QGF=JB?=
FQ?LB[KNX I=@WJI< NO ?? :@TNJ;WT M:=?@N:QIJ 7"\?CIL;N<NR
HIMNMI O:L:UN LIC;:=G =?U?;N? J@?M?;NR IH?@:=NJ;I HIO;:<I4
MN=G F ;IJ:SNEMNR F=:JE= S?QG[ `HI O:L:;;IMB F@?OBa I=@:ON=G
JF? \NJW? H@IS?FFW FQIJI=JI@U?F=J:R @?:QNOB?MW? J @BFF<IX
@?UN]Y Y Y _Y #;ICI<@:=;:E @?:QNO:SNE IL;IX N =IX \? Q?<FN<I4
C@:PNU?F<IX H@IC@:MMWR :;:QNO =?<F=IJ HIL MN<@IF<IHIMR
J;NM:;N? < @ELIJWMR ABL;NU;WM P:<=:M HIOJIQNQN FL?Q:=G
M;ICI ;?=@NJN:QG;WT ;:AQ[L?;NX J IAQ:F=N FQIJIIA@:OIJ:;NE
]Y Y Y _Y ;N L:QNR HI\:QBXR AIQGV? M:=?@N:Q:R U?M L@BCN? NO4
L:;NER HIFJEK?;;W? ;?IQICNOM:MR LQE =?I@?=NU?F<NT :FH?<=IJ
EOW<IO;:;NE9Y

b  CY $Y ZY I=?QIJ: HNF:Q: 7b O:JNFNMIF=N I= Q?<FN4


<IC@:PNU?F<IX FN=B:SNN IAK?F=JB ;B\?; =I= NQN N;IX FQIJ:@G
;?IQICNOMIJY $?IATILNMIF=GR ;:H@NM?@R FIOL:;NE FJIL;ICI ;I@4

 L$!$# 
O
6@ 4 $ : %$#$ # &$, !
/!$#+
)!+'9 JJ $#+ !$#  -5
/D1
 <AAQ
/
Q

102


      

2  
M:=NJ;ICI FQIJ:@E ;?IQICNOMIJ O;:UN=?QG;ICI H?@NIL: MI\?=
IKBK:=GFE FQ:A?? J FN=B:SNN AWF=@I H?@?NOL:[KNTFE J IA;IJ4
Q?;;IM JNL? IAKNT =IQ<IJWT FQIJ:@?X9Y $: HI@IC? ‡‡) JY J
BFQIJNET ;:QNUNE ;=?@;?=:R F?=?JWT N;PI@M:SNI;;I4HINF<I4
JWT NF=IU;N<IJR VN@I<ILIF=BH;WT cQ?<=@I;;WT J?@FNX H?@N4
ILNU?F<NT NOL:;NX N =Y HYR <ICL: ;IJNO;: Q?<FNU?F<IX ?LN;N4
SW B\? ;? MI\?= IH@?L?QE=GFE =IQG<I ;: IF;IJ:;NN FIJI<BH4
;IX A:OW FQIJ:@?X @BFF<ICI EOW<: @:O;ICI =NH: N FH?SN:QG;WT
<:@=I=?<R JIO;N<Q: IF=@:E ;?IATILNMIF=G NFHIQGOIJ:;NE F?=?4
JWT @?FB@FIJR @:FVN@E[KNT J FI=;N @:O N;PI@M:SNI;;B[ A:4
OBR ;: <I=I@IX @:;?? @:AI=:QN Q?<FN<IC@:PW4;?IQICNY L;IX
NO :<=B:QG;?XVNT O:L:U ;?IC@:PNN ;: L:;;IM c=:H? F=:;IJN=4
FE JWTIL O: H@?L?QW FQIJ:@?X N @BU;WT FQIJ:@;WT <:@=I=?< <
LIF=BH;WM F?=?JWM N;PI@M:SNI;;WM FNF=?M:MR FIL?@\:KNM
M:=?@N:QR :;:QICNU;WX =IMBR F <I=I@WM @:AI=:[= ;?IC@:PWR
EOW<IJIX M:=?@N:Q H?@NILNU?F<NT NOL:;NXY IJ@?M?;;WX FQI4
J:@G ;?IQICNOMIJ LIQ\?; FII=J?=F=JIJ:=G FIJ@?M?;;IMB B@IJ4
;[ @:OJN=NE N;PI@M:SNI;;WT FNF=?M N =?T;IQICNXR JIO@IFVNM
N;PI@M:SNI;;WM O:H@IF:M IAK?F=J:Y FHIQGOIJ:;N? <IMHG[4
=?@;WT M?=ILIJ N F?=?JWT @?FB@FIJ LIQ\;I H@NL:=G FQIJ:@EM
;IJWT FQIJ AIQGV? =IU;IF=N N IAx?<=NJ;IF=NY ~?<FN<IC@:PN4
U?F<:E \? FN=B:SNE =:<IJ:R U=I FIOL:J:?MW? F  4T CCY J AIQG4
VIM M;I\?F=J? =IQ<IJW? N FH@:JIU;W? FQIJ:@N @BFF<ICI EOW<:
PN<FN@B[= QNVG ;?O;:UN=?QG;B[ U:F=G Q?<FNU?F<NT N;;IJ:4
SNXY
€IQGVI? O;:U?;N? LQE JF?X Q?<FN<IC@:PNN NM?Q: HBAQN<:4
SNE J   CY 7JIL;ICI FQIJ:@E FIJ@?M?;;IX @BFF<IX Q?<FN<N9
HIL @?LY Y>YICI\;N<IJIXY d=I= =@BL ?LN;F=J?;;WX J FJI?M
@IL? IHBAQN<IJ:;;WX FJIL FQIJ;N<IJ IF;IJ;WT FQIJ:@?X @BF4
F<ICI EOW<: =IQ<IJWTR FH@:JIU;WTR c;SN<QIH?LNU?F<NTY ‡I=E
I; N F?XU:F EJQE?=FE LQE ;?IC@:PIJ IL;NM NO CQ:J;WT N;F=@B4
M?;=IJ H@N BF=:;IJQ?;NN ;:QNUNE NQN I=FB=F=JNE Q?<FN<IC@:4
PNU?F<IX PN<F:SNN Q?<FNU?F<NT ?LN;NSR JF=@?U:?MWT NMN H@N
IAFQ?LIJ:;NN =?<F=IJR MI\;I <I;F=:=N@IJ:=G =I= P:<=R U=I HI4

L$!$# 
O
I$- 0+ !$ (-$ $ $05
$#+: !$# JJ /$#)5 !$ (5

 <A
/


103


      

$#F$5 !-5 !&41 &$ $ 5+

U=N
4Q?=;NX c=:H @:OJN=NE @BFF<ICI EOW<: N Q?<FN<IC@:PNN
` r 4W? CCYa IF=:QFE A?O =:<ICI IAIAK?;NEY 7JIL;WX FQIJ:@G
FIJ@?M?;;IX @BFF<IX Q?<FN<N9 IF=:;IJNQFE ;: 7QIJ:@? @BF4
F<ICI EOW<:9 HIL @?LY YY\?CIJ: N $Y Y J?LIJIX g CYR
7@PIC@:PNU?F<IM FQIJ:@? @BFF<ICI EOW<:9 g CYR 7QIJ:@?
@BFF<ICI EOW<:9 J 4T ==Y HIL @?LY Y>Y"JC?;G?JIX  r  CCYR
FQIJ:@?4FH@:JIU;N<? 7$IJW? FQIJ: N O;:U?;NEY Y Y g 4T CCY9 `NO4
L:; J   CYaR 7QIJ:@? N;IF=@:;;WT FQIJ9 g CY
 N =YLY

b  4? CCY AWQ IHBAQN<IJ:; @EL =IQ<IJWT FQIJ:@?X @BFF<I4


CI EOW<: N FQIJ:@?X FH@:JIU;ICI T:@:<=?@:Y $:OIJ?M IF;IJ;W?
NO ;NT 7eIQ<IJWX FQIJ:@G @BFF<ICI EOW<:9 Y Y \?CIJ: N
$YYJ?LIJIX `
CY N g CYaR 7QIJ:@G H?@?F=@IX<N9 HIL
@?LY bYY#:<FNMIJ:R 7QIJ:@G ;IJWT FQIJ @BFF<ICI EOW<: F?@Y
D 4T F?@Y 4T CCY9 HIL @?LY $YZYI=?QIJIXR 7$IJWX FQIJ:@G FI4
<@:K?;NX9 HIL IAK?X @?LY "YƒYIJ:Q?;<IR 7QIJ:@G ;IJWT N;I4
F=@:;;WT FQIJ9 $Y ƒY IMQ?J:R 7$IJW? FQIJ: N O;:U?;NEY QI4
J:@G4FH@:JIU;N< HI M:=?@N:Q:M H@?FFW N QN=?@:=B@W 4T CCY9
HIL @?LY "YY~?J:VIJ:R 7€IQGVIX =IQ<IJWX FQIJ:@G @BFF<ICI
EOW<:9 HIL @?LY Y Y BO;?SIJ:R 7BFF<NX I@PIC@:PNU?F<NX
FQIJ:@G9 HIL @?LY bY bY ~IH:=N;:R 7QN=;I NQN @:OL?QG;Iy9
€YZY€B<UN;IX N ~Y>Y:Q:<BS<IXR 7eIQ<IJWX FQIJ:@G FIJ@?M?;4
;ICI @BFF<ICI EOW<: <I;S: ‡‡ J?<:Y OW<IJW? NOM?;?;NE9 HIL
@?LY ƒY $Y <QE@?JF<IXR 7eIQ<IJWX FQIJ:@G N;IEOWU;WT FQIJ9
~Y>Y@WFN;:R J=I@I? NOL:;N? 7QIJ:@E FIJ@?M?;;ICI @BFF<ICI
QN=?@:=B@;ICI EOW<:9 `==Y raR CQ:J;WX @?LY Y Y ƒI@A:U?JNUR
7€IQGVIX FQIJ:@G \:@CI;:9 HIL @?LY bY #Y #I<N?;<IY $?IATI4
LNMIF=G HILCI=IJ<N J=I@ICI LIHIQ;?;;ICI NOL:;NE 7JIL;ICI
FQIJ:@E FIJ@?M?;;IX @BFF<IX Q?<FN<N9 F J<Q[U?;N?M M:=?@N:4
QIJ H?@?UNFQ?;;WT JWV? N M;ICNT L@BCNT FQIJ:@?X IU?JNL;:Y
"F=?F=J?;;I H@?LHIQI\N=GR U=I FQIJ:@N `;? FIAF=J?;;I ;?I4
QICNU?F<N?aR NOL:;;W? J  4? CCYR TI=E AW I=U:F=N I=@:ONQN ;I4
JIIA@:OIJ:;NE c=ICI L?FE=NQ?=NEY v=IAW HIQBUN=G H@?LF=:JQ?4
;N? I =IMR <:< H@?LF=:JQ?;: J ;NT c=: Q?<FN<:R MW FIHIF=:4

/)
/#$ +, !$#" $#)$, &$, !  
J D$ 


D
$ $4$#$,

 <AA< 
<
/

 b&F# I

D !$# JJ $#$
# &$, !
/!$#+ )!+<AA
/D1
 
/
8

104


    D  D

2  
JNQN FQIJ;N< ;: AB<JB 7C9 HI @B<IHNFN FQIJ:@E4FH@:JIU;N<:
7$IJW? FQIJ: N O;:U?;NEY Y Y  4T CCY9 `
D ;?IQ?<F?Ma F M:=?@N4
:Q:MN ;: c=B AB<JB H?@?UNFQ?;;WT JWV? FQIJ:@?XY >@NJ?L?M
L:;;W? c=NT FQIJ:@?X HI F=?H?;N I=@:\?;NE J ;NT N;;IJ:SNX
 4T CCY % ` FQY   
     !

     
    #       # 
    
    
      
    # $   # $  
 
         
  #
 #   
  
   " !   "    
 
  "  "           
  "               

 
  
 
R    
  
   
  aR  `
 FQY N BF=Y FQI4
JIFIUY      `   aR    
     

     # $   # $ TG4
 
  
  
 R      ’
HIQBU?;;WX ;?O:<I;;WM HB=?M `        
  
        
    (
 !)     
   
  
   
   
  aR  `
FQY  
 
   
  TG4     
  
 
    $  
              
" !    aR & ' ` FQY N BF=Y FQIJIFIUY  # ’
;?H@IHI@SNI;:QG;I JWHB<QW? A?L@:R         
  * MBF<BQNF=WX MIQILIX U?QIJ?< A?O H@NO;:<IJ N;=?QQ?<4
=:R    ’ NM?[KNX I=;IV?;N? < CIMIF?<FB:QNF=:MR  

 
  
’ :C@?FFNJ;I ;:F=@I?;;WX HIL@IF=I<R EJQE[4
KNXFE UQ?;IM ;?PI@M:QG;IX C@BHHWR      R  
L?;GCNR M:=?@N:QG;:E HIMIKG LQE O:<Q[U?;;WTR    
 * L?;GCNR JWHQ:UNJ:?MW? O: ;:;?F?;;WX BK?@A OLI@IJG[R
  ’ <B=N=GR HGE;F=JIJ:=GR CBQE=GR  
R     
$  
   " !    aR %()* ` FQY  
  
   "  # $   
   
          "       
   
  
  #
    

105


      

$#F$5 !-5 !&41 &$ $ 5+

 
 aR & ` FQY N BF=Y FQIJIFIUY    
  
 "    `   aR  $
  ’
Y d<IQICNU?F<N ;?UNF=WXR O:C@EO;?;;WX J@?L;WMN J?K?F=J:4
MNf
Y >IQBU?;;WX ;?O:<I;;WM HB=?M `   aR   ’
<B=N=GR HGE;F=JIJ:=GR CBQE=GR     
 aR
! + `g FQY             # 
 # $    
  aR "(), ` FQY N BF=Y
FQIJIFIUY  # $     ’ ;?IPNSN:QG;I CQ:J:
NFHIQ;N=?QG;IX JQ:F=N <@BH;ICI CI@IL:R      
! aR "()- ` FQY N BF=Y FQIJIFIUY  # $  

     ’ ;?IPNSN:QG;I CQ:J: NFHIQ;N=?QG;IX JQ:4
F=N <@BH;ICI CI@IL:R      ! aR ./# `
FQY     $    !     aR !01#2 `
FQY
     
  aR & (, ` FQY       

 aY >@N @?L:<=N@IJ:;NN JWHBF<: 7$IJI? J @BFF<IX Q?<FN4
<?Y QIJ:@;W? M:=?@N:QW4 9 ?CI FQIJ;N< FIHIF=:JQEQFE FI
FQIJ;N<IM 7eIQ<IJICI FQIJ:@E FIJ@?M?;;ICI @BFF<ICI EOW<:
<I;S: ‡‡ J?<:Y OW<IJW? NOM?;?;NE9Y O AIQ??  =WFY ;IJI4
IA@:OIJ:;NX L:;;ICI CIL:R IHNF:;;WT J JWHBF<?R J  O:PN<4
FN@IJ:;I =IQG<I  ` Y @?L:<=I@F<I? H@?LNFQIJN? < c=IMB JW4
HBF<BaY


bWHBF<N ;IJIX F?@NN 7;;IJ:SNI;;:E Q?<FNU?F<:E FQB\A:


@BFF<ICI EOW<:9 JI M;ICIM H@ILIQ\:[= =@:LNSNN F?@NN 7$I4
JI? J @BFF<IX Q?<FN<?Y QIJ:@;W? M:=?@N:QW9Y ;N =:<\? L?Q:4
[=FE ;: M:=?@N:Q? H@?L?QG;I <I@I=<ICI F@?O: FHQIV;IX M ? 4
F E U ; I X IA@:AI=<N =?<F=IJ  H?@NILNU?F<NT NOL:;NXY $:HI4
M;NMR U=I $YZYI=?QIJ: FUN=:Q: MN;NM:QG;WM F@I<IM = @ ? T 4
M?FEU;WX H?@NIL `  JWV?aY $:LIR IL;:<IR F<:O:=GR U=I
O: HIFQ?L;N? CILW IAx?MW H?@NILNU?F<NT NOL:;NX FNQG;I BJ?4
QNUNQNFGR =Y?Y IAFQ?LB?MWX M:=?@N:Q H@N FI<@:K?;NN H?@NIL:
IAFQ?LIJ:;NE ;: L?Q? BM?;GVNQFE ;? F=IQG O;:UN=?QG;IY  =I4

 I 1!E 5 0$#$!5E &#4 " -$ #$##.)&5


# A3
cc # !$ (-$)& 0$F& #$,#$ -!"3
$ $# # (F !-: $#F, &$ $ 5+  -$
&!"$ 0$ $!4 1$+  0F!$#+) !$ (3
-)  5) 0$ $#$, !

106


    g  g

2  
MB \? ;: H?@JWT JWHBF<:T ;IJIX F?@NN H@?LHIQ:C:QIFG I=@:AI4
=:=G ;IJW? M?=ILN<N @:AI=W N F:M =NH NOL:;NEY b L:QG;?XV?M
F=:;?= EF;IR <:<IJ @?:QG;WX IAx?M M:=?@N:Q:R <I=I@WX LIF=:4
=IU;I IH?@:=NJ;I MI\;I ABL?= IA@:A:=WJ:=GY bWHBF<N ;IJIX
F?@NN FIT@:;NQN VN@I<NX HILTIL < PI@MN@IJ:;N[ FQIJ;N<: N
IF;IJ;W? H@N?MW HIL:UN M:=?@N:Q:Y
$IJWM J @:AI=? ;:L ;IJIX F?@N?X EJQE?=FE @:FVN@?;N? H@I4
J?@IU;IX N NF=IU;N<IJIX A:OW O: FU?= NFHIQGOIJ:;NE N;PI@4
M:SNI;;IX A:OW F?=?JICI N;PI@M:SNI;;ICI :C?;=F=J: 7;=?4
C@BM9R <I=I@:E < ;:F=IEK?MB MIM?;=B FIL?@\N= cQ?<=@I;;W?
J?@FNNR ;:UN;:E F  D CY
 R
 H?@NILNU?F<NT NOL:;NX ;:

@BFF<IM EOW<? `S?;=@:QG;WT C:O?=


g R S?;=@:QG;WT \B@;:4
QIJ DDR @?CNI;:QG;WT NOL:;NX 
ga N <I=I@:E HIF=IE;;I
HIHIQ;E?=FE cQ?<=@I;;WMN J?@FNEMN ;IJWT NOL:;NXY >IQBUNJ
MIK;B[ @?=@IFH?<=NJB H@?LV?F=JB[K?CI L?FE=NQ?=NER ;?IC@:4
PW FMICQN IFBK?F=JN=G J HILCI=IJQ?;;WT JWHBF<:T O:
R


R
 CCY =IR I= U?CI H@NTILNQIFG I=<:O:=GFE J JWHBF<:T
H@?LV?F=JB[K?CI H?@NIL:Y e?H?@G F=:QI JIOMI\;I BF=:;IJQ?4
;N? a F =IU;IF=G[ LI CIL: J@?M?;N HIEJQ?;NE J =?<F=:T H?@N4
ILNU?F<NT NOL:;NX =?T NQN N;WT Q?<FNU?F<NT ?LN;NSR
a F=?H?4
;N NT BHI=@?AN=?QG;IF=NR ;:U:JVNTFE H@IS?FFIJ BOB:QNO:SNNR
a ;:QNUNE L@BCNT O;:U?;NXR =Y ?Y HI JIOMI\;IF=N HIQ;I `;?
P@:CM?;=:@;Ia IHNF:=G JWEJQ?;;W? ;?IQ?<F?MWY d=I HI=@?AI4
J:QI JJ?L?;NE NO L:;;ICI F?=?JICI NF=IU;N<: ;IJICI NQQ[F=@:4
=NJ;ICI M:=?@N:Q:R HIL<@?HQE[K?CI H?@?UNFQ?;;W? HIONSNNR
U=IR ?F=?F=J?;;IR BJ?QNUNQI IAx?M JWHBF<IJ HIU=N J LJ: @:O:R
@:FVN@NQI <@BC SN=N@B?MWT NF=IU;N<IJ AIQ?? U?M J
@:OR J
=IM UNFQ? N O: FU?= @?CNI;:QG;WT NF=IU;N<IJR J <I=I@WT ;I4
JI? FQIJI N;ICL: HIEJQE?=FE @:;GV?R U?M J S?;=@:QG;WT NOL:4
;NET ` 
  
 $  R #  
,   

         $    N M;Y L@YaY e:<:E IA@:4


AI=<: N H@IJ?@<: M:=?@N:Q: EJQE?=FE J ;:V? J@?ME EJQE?=FE

 / <A
$ -! <AA<
# % (' = ($)F$$30$$#$,
) #$ $ ($)F$$ $  # %  &)' = 0 #!+
)!+ $!"$ . 0$ -:  , % )5 v' %/ $ 5'
%$#+, ' %@ $' %&, ($&' %L$)05'

107


    

$#F$5 !-5 !&41 &$ $ 5+

IAEO:=?QG;WM BFQIJN?MR A?O =:<ICI BCQBAQ?;;ICI IAFQ?LIJ:;NE


N;;IJ:SNX ;?IC@:PNU?F<N? NOL:;NE ;? MICB= FII=J?=F=JIJ:=G
FIJ@?M?;;IMB N;PI@M:=NO:SNI;;IMB B@IJ;[ IAK?F=J:Y
Z;:<IMF=JI F F?=?JWM N;PI@M:SNI;;WM :C?;=F=JIM 7;4
=?C@BM9 FIF=IEQIFGR < FI\:Q?;N[R =ICL:R <ICL: HIFQ? =@:4
LNSNI;;ICI I=F?J: AWQ FIF=:JQ?; H?@JWX JWHBF< O:
 CY
>@N H@IJ?@<? ?CI M:=?@N:QIJ HI N;PI@M:SNI;;I4HINF<IJIX
FNF=?M? 7@=?P:<=9 L:;;ICI :C?;=F=J: I<:O:QIFGR U=I M;I4
CN? FQIJ: HIEJNQNFG J =?<F=:T H?@NILN<N ;? J c=I= CILR :
?K? J CILW H@?LV?F=JB[K?CI L?FE=NQ?=NEY $IJIIA@:OIJ:;NE4
MN ,334
 HI M:=?@N:Q:M ;: AB<JB 7:9 `  FQY N BF=Y FQI4
JIFIUYa I<:O:QNFG FQ?LB[KN? Q?<FNU?F<N? ?LN;NSW ` FQY N
BF=Y FQIJIFIUY I<IQI  ua   
     
  $ 
$            
      $ KW

  
!  
     

 <=IR
  
   
  
   
#  $       
#   !    
 "   

  "        
      #   

  $ 
#   # #        N L@Yf ,333

` FQY R ua   
 
  

   f )35

Y ` FQY N BF=Y FQIJIFIUY DRgua 


`  
R AB<J:@Gf aR       `aR   
 `aR     !
`aR  

 `aR
  `DaR  

`gaR      
  `
aR    ` aR
  # `DaR

 $ `  BHI=@?AQ?;N?R
R
 
aR  
     ` aR 
 #  `aR 
 
 
`gaR    ` aR  "
 `gaR 


 `gaR    `gaR   
 $ `aR K4 "
`gaR K'T `:C@:@;I4H@IMWVQ?;;:E
C@BHH:a `gaR   
`gaR 
  `aR 
 "  `aR    `aR   `
aR
#  $ ` aR  `a N =YLY
!QE @:O;WT AB<J FII=;IV?;N? ;IJIIA@:OIJ:;NX ;IJICI =?4

108


      

2  
<BK?CI L?FE=NQ?=NE N H@?LV?F=JB[K?CI <IQ?AQ?=FEY >@NJ?L?M
LQE F@:J;?;NE L:;;W? HI AB<J? 7F9 ` FQY N BF=Y FQIJIFIUYa NO
=ICI \? JWHBF<: O:
 CY $IJIIA@:OIJ:;NE ,333
 ` FQY N
BF=Y FQIJIFIUY R
ua   "     
 
           `L?;?\;:E ?LN;NS:
e:L\N<NF=:;:aR  
       $ 
    
`I €?; ~:L?;?af ;IJIIA@:OIJ:;NE ,334

` FQY N BF=Y FQIJIFIU?=Y I<IQI gua     
      !
  
  
      
"      !  
   
  

   
     $    
 3GK 

              
   
  
 
     !  $
    

       
   N =Y LYf ;IJIIA@:OIJ:4
;NE )35

Y ` FQY N BF=Y FQIJIFIUY R ua  




 `aR  $ `aR    ` aR  
  `aR    
 
   `aR    
`aR        `aR 
 `aR 
 
  ` aR        `aR 
 
`I @?A?;4
<?R @ILNJV?MFE HIL O;:<IM <I@HNI;:R gaR  



 `DaR   
` aR   #  `aR    
`aR 

  ` aR $  `DaR  

 ` a N =YLY
>?@JWX IHW= @:AI=W F MIK;WM F?=?JWM NF=IU;N<IM HI<:4
O:Q O;:UN=?QG;I? I=F=:J:;N? :<:L?MNU?F<IX ;?IC@:PNN J PN<4
F:SNN ;IJICIY d=I IABFQIJQ?;I H@?\L? JF?CI =?MR U=I JWEJQ?4
;N? ;?IQ?<F?M JF?CL: H@IJILNQIFG HI F@:J;N=?QG;I ;?AIQGVI4
MB J@?M?;;IMB F@?OB `?\?CIL;N<N ;: F@?O? I=  M?FES?J LI 
CIL:R L?FE=NQ?=;N<N ;: r4Q?=;?M F@?O?a N ;?HIQ;I=? ITJ:4
=WJ:?MWT NF=IU;N<IJY #I\;I F BJ?@?;;IF=G[ H@?LHIQI\N=GR
U=I J JWHBF<:T H@?LV?F=JB[K?X F?@NN J F<@W=IM JNL? =:<\?
H@NFB=F=JB[= M:=?@N:QW @:O;WT J@?M?;;WT HQ:F=IJY
~?<F?MWR I<:O:JVN?FE ;IJIIA@:OIJ:;NEMN H@?LV?F=JB[K?4
CI H?@NIL:R NO JWHBF<IJ ;IJIX F?@NN ;? NOCI;E[=FER ?FQN I;N
;? I=M?U?;W FQIJ:@EMN N FQIJ:@;WMN <:@=I=?<:MNY b JWHBF<:T

R

R
 CCY H@?LF=:JQ?;W Q?<FNU?F<N? N;;IJ:SNN LJBT

109


    

$#F$5 !-5 !&41 &$ $ 5+

L?FE=NQ?=NX HIFQ?L;?CI L?FE=NQ?=NE ‡‡ JY N H?@JICI L?FE=N4


Q?=NE ‡‡) JYR IA;:@B\?;;W? H@N JF?F=I@I;;?X IA@:AI=<? JW4
AI@<N O: M?FES <I;<@?=;ICI CIL:Y e:< <:< SN=:=;W? NQQ[F=@:4
SNN L:=N@IJ:;WR T@I;IQICNU?F<N? F@?OW J M:=?@N:Q:T NOL:;NE
TI@IVI H@IFM:=@NJ:[=FER L?QN=G FQIJ;N< ;: LJ? U:F=N F F:MI4
F=IE=?QG;WM :QP:JN=IM H@?LF=:JQE?=FE ;?S?Q?FIIA@:O;WMR =Y<Y
H@NVQIFG AW L?QN=G N O;:U?;NE FQIJR @:O@WJ:=G F<Q:LWJ:[KN4
?FE FQIJIIA@:OIJ:=?QG;W? C;?OL: N =YLY b JWHBF<:T ;IJIX F?@NN
ABL?= :<<BMBQN@IJ:=GFE M:=?@N:Q LQE H?@?NOL:;NE LIHIQ;?;4
;ICI FQIJ:@E ;?IQICNOMIJ L?FE=NQ?=;?CI =NH: H@?LV?F=JB[K?4
CI H?@NIL: N M:=?@N:QW LQE L?FE=NQ?=;?CI FQIJ:@E ;?IQICNO4
MIJ =?<BK?CI L?FE=NQ?=NEY
>I<:\?M ;: M:=?@N:Q? ;: AB<JB 7:9 JWHBF<: O:
 CY H@?L4
F=:JQ?;;IF=G N;;IJ:SNI;;WT HQ:F=IJ @:O;ICI J@?M?;N HIEJQ?4
;NE ;?IQ?<F?M J =?<F=:T HBAQNSNF=N<N N NT <IQNU?F=J?;;I?
FII=;IV?;N? ;IIJIIA@:OIJ:;NE ,333
  
`DFQY
RD ua
$     
R 
   
 
 
      f ,334
 `
FQY N BF=Y FQIJIFIUY
DR ua 
 
  `IA IL;IM NO :<=NJ;WT L?E=?Q?X QG :4
NLW LI<=I@? XM:;? Z:J:T:@NaR
        

  $ 
  
 $     
 
TR' 
       $ #

$   K3' `FFISN:SNE FIJM?F=;WT H@?LH@NE=NXaR # 
  $ f ,33,
 ` FQY R ua     "   
       
     
 

  # 
"
 
`;:OJ:;N? F:Q:=: NO BO4
A?<F<IX <BT;Naf ,336
 `D FQY N BF=Y FQIJIFIUY
gRDua 
    !
   
  "
`H?@?LJN\4
;:E NOM?@N=?QG;:E F=:;SNE 7€N ~:X; n(/9 MN<@I:J=IABF
F M;I\?F=JIM :;=?;;aR         $
  #
     
   
 
 
        

 

       
     
    
       $     
  $
 
  $  $        $


 $   
 
   

110


    

2  
N =YLYYf )35 `
D FQY N BF=Y FQIJIFIUY Rua 
 `:J=IM:=
$N<I;IJ:a `F aR K23  `H@?MNE J IAQ:F=N P:;=:F=N4
<N NMY Y N €Y=@BC:S<NTR F  CYaR   #  #

`aR    `H@?H?@:= I= B<:UNJ:;NE H@N HB=?V?F=JNN HI
MI@[ NQN HI JIOLBTBR DaR     `aR    "
`aR   " 
`gaR  `gaR   

   `aR     `aR  #  `gaR
 #   `aR  
  `aR  
`
aR 
 `gaR   
 `aR   

` aR  
 `aR  
 `aR   `gaR
 
 `
aR     ` aR   
 `aR  `a N =YLY
"FQN J JWHBF<:T F=:@IX F?@NN H@?IAQ:L:QN FQIJ: @:OIJIX
PN<F:SNNR =I J JWHBF<:T ;IJIX F?@NN AQ:CIL:@E @:AI=? F F?4
=?JWM NF=IU;N<IM =:<NT FQIJ IF=:?=FE M?;GV?Y $: H@?LM?=
BHI=@?AN=?QG;IF=N HI 7@=?P:<=B9 H@IJ?@<? HILJ?@CFE J?FG
M:=?@N:QY EL ;IJ?XVNT ;IJIIA@:OIJ:;NX F@:OB IA;:@B\NJ:4
?= HIJ=I@;B[ JIFH@INOJILNMIF=G J =?<F=:TY $:H@NM?@R FQ?LB[4
KN? ;IJIIA@:OIJ:;NE
 CY       
            
    
 
#  
 $  
 ##
  $
   
#  $ !
 
  
N L@Y b M:=?@N:Q:T ;: AB<JB
7:9 JWHBF<: O:
 CY F IL;IX NQQ[F=@:SN?X IF=:QIFG H@N4
M?@;I
u Q?<F?MR U:F=G NO ;NT I<:ONI;:QG;W? N N;LNJN4
LB:QG;I4:J=I@F<N? IA@:OIJ:;NE `J ;:VNT H@NM?@:T I;N F=IE=
J QIM:;WT F<IA<:Ta “      ”R 
$ 
     $ “
  
!    ”R “
  

   
 ”R       

 R “      <ICI”R “    ”R
     R      “  ! ”R 

   "    `I TBLI\?F=J?;;IX JW4
F=:J<?aR       R “
 

  ”R “   
      ”R #  
      
>@NJ?L?M H@NM?@W FQIJ N BF=IXUNJWT FQIJIFIU?=:;NXR J@?4
ME HIEJQ?;NE <I=I@WT J =?<F=:T H?@NILN<N N JIOMI\;:E NT

111


   


$#F$5 !-5 !&41 &$ $ 5+

M;ICIO;:U;IF=G JWEJQEQ:FG F HIMIKG[ N;PI@M:SNI;;IX A:4


OW F?=?JICI :C?;=F=J: 7;=?C@BM9Y %F=IXUNJI? FQIJIFIU?=:;N?
 

 AWQI I=M?U?;I J M:=?@N:Q:T LQE JWHBF<:
O:
 CY J O;:U?;NN 7<BT;ER AQ[L: <I=I@IX CI=IJE=FE ;? HI
=@:LNSNI;;WM @?S?H=:MR : HI @?S?H=:MR H@NLBM:;;WM <:<NM4
QY NF<BF;WM HIJ:@IM9 J! $       "  


  W $             
 $    $  G       " 
        
 3     


 L

      
     
    "     OJ?F=NE
gY Y
Y >I M:=?4
@N:Q:M B<:O:;;ICI F?=?JICI NF=IU;N<: AWQI BF=:;IJQ?;IR U=I
c=I FQIJIFIU?=:;N? F=:QI HIEJQE=GFE ;: F=@:;NS:T H@?FFW F
D CY `3P7  Q *      

Y IM4
M?@F:;=x
Y
YDY L       

  
 * P' Q P3 # Q PK  Q *     


Y !?;GCNR R  aY <:O:QIFGR U=I J FQIJIFIU?=:;NN
 

 MICB= @?:QNOIJWJ:=GFE @:O;W? O;:U?;NE <:<
H@NQ:C:=?QG;ICIR =:< N FBK?F=JN=?QG;ICIY Z;:U?;N? H@NQ:C:4
=?QG;ICI  
 7FJEO:;;WX F UGNM4QY :J=I@F=JIM9 O:L?X4
F=JIJ:;I J ;:V?M H?@JIM H@NM?@? `F@Y  
 
R  

  R O:PN<FN@IJ:;;W? J $Z 4TaR <I=I@I? F=:;IJN=4
FE FJIAIL;WMY d=I \? O;:U?;N? H@NQ:C:=?QG;ICI @?:QNOB?=FE
N J FQ?LB[K?M <I;=?<F=? K 

     
     Y IMM?@F:;=x4!IMIJIXR R Y O AIQ?? VN@I4
<ICI <I;=?<F=: EF;IR U=I FBK?F=JN=?QG;I?
 OL?FG JWF=B4
H:?= J O;:U?;NN 7<IMHQ?<= <BTI;;IX M?A?QN9Y >@NJ?L?M =@?4
=NX H@NM?@R J <I=I@IM IA: UQ?;: FQIJIFIU?=:;NE JWF=BH:[= J
N;WT FJINT O;:U?;NET 3        


 O 
    *    
  
            
 #  
<=EA@GR
R  Y b L:;;IM FQBU:? H@NQ:C:=?QG;I?  

JWF=BH:?= J O;:U?;NN 7I=;IFEKNXFE < :J=I@B9R : FBK?F=JN=?QG4
;I? J O;:U?;NN 7F<@W=:E F=I@I;: <:<IX4QY L?E=?QG;IF=N9Y b
HIFQ?L;NT LJBT H@NM?@:T FQIJIFIU?=:;N?  

 ;?
EJQE?=FE BF=IXUNJWMR =Y<Y ?CI <IMHI;?;=W J IAINT FQBU:ET NM?4

112


    

2  
[= F:MIF=IE=?QG;W?R ;?FJEO:;;W? O;:U?;NER BHI=@?AQ?;NE F?4
M:;=NU?F<NT J:@N:;=IJ c=ICI FQIJIFIU?=:;NE NM?[= @:OIJWX
T:@:<=?@Y
% FBK?F=JN=?QG;ICI    IA;:@B\?;;ICI H@N IAFQ?4
LIJ:;NN M:=?@N:Q: < =IMB \? JWHBF<BR AWQI JWL?Q?;I IL4
;I O;:U?;N? 73  A :J=IMIANQET F=:@WT M:@I<R AWJVNT
LQN=?QG;I? J@?ME J BHI=@?AQ?;NN9 `0      
                 
              
$    $          

   $ Y #IF<IJF<N? ;IJIF=NR
R aY ?=?JIX NF=IU4
;N< HI<:O:QR U=I FQIJI J c=IM O;:U?;NN F=:QI BHI=@?AQE=GFE
F D CYR U=I O;:U?;N? c=I BOB:QNOIJ:QIFG `L     
        $      U   !  
               
 
 3    !   $   
 
   
  
              *
      *    
   Y #IF<IJ4
F<:E H@:JL:  Y YDY % $
 
   !   
 
        
    
"
   
     
   " 

 
 
        (
    $ 
         3   3  aY !?QIJW? Q[4
LNR  R  aY  HIMIKG[ 7@=?P:<=:9 AWQI IA;:@B\?;I ;:QN4
UN? B c=ICI FQIJ: L@BCICI BOB:QG;ICI O;:U?;NER =:<\? J?LBK?CI
I=FU?= F  4T CCY 73 Y  O:HU:F=ET LQE :J=IMIANQER N;F=@B4
M?;=:T LQE ?CI @?MI;=: N =YHY9 `5     X

Y   
   P" Q   
    #IF<IJF<:E H@:J4
L:
gY YY '
       " L   
   
     
  
       
:;<=4>?=?@AB@CF<I? dTI Y YaY
BK?F=JN=?QG;I?   AWQI O:PN<FN@IJ:;I H@N IA4
FQ?LIJ:;NN H@?FFW O: F?;=EA@G
 CY J FQ?LB[K?M <I;=?<F=?
L           PK $Q
  
    $            J 
       P0  
Q  P23T Q *

113


    

$#F$5 !-5 !&41 &$ $ 5+

      (PZ    $Q 5  R 



)    PK3IQ  PI  #  
Q *  
  
 ( 
   PR!    " 
T  Q)  Y OJ?F=NE  Y Y
Y $: IF;IJ:;NN =IQG<I c=IX
SN=:=W MI\;I AWQI FL?Q:=G IH@IM?=UNJWX JWJIL I =IMR U=I
L:;;I? FQIJI ;IJIIA@:OIJ:;N?
 CY N U=I B ;?CI NM??=FE
IL;I O;:U?;N? 7VB=IU;:E H@?MNE O: TBLV?? LIF=N\?;N? J IA4
Q:F=N VIB4ANO;?F:R NOL:=?QGF<IX L?E=?QG;IF=N N =Y LYR O: @:AI4
=W ;NO<ICI <:U?F=J: J <:<IX4QY IAQ:F=N L?E=?QG;IF=N9Y L;:<I
F?=?JIX NF=IU;N< HI<:O:QR U=I c=I FQIJI BHI=@?AQE?=FE J =?<4
F=:T H?@NILN<N J L:;;IM O;:U?;NN ?K? F  CY `L 
P3 
   G Q    


    
 
   
   
$
  
   ]Y Y Y _Y K       $ P3 
  - "Q]Y Y Y _    "
   5 

 $ PO 3 
Q PG  
  Q
     PI  QY b?U?@;EE #IF<J: Y DYaR : =:<\?
=IR U=I FI J=I@IX HIQIJN;W  4T CCY I;I BHI=@?AQE?=FE ?K? J
IL;IM O;:U?;NN 7I H@?F=N\;IX H@?MNN O: QN=?@:=B@;W?R ;:4
BU;W? LIF=N\?;NER B=@:=NJV?X FJI? O;:U?;N?9 `G  2 
    W *  P  Q    %  

       P  Q    "   "
   "  Y OJ?F=NE gY YgY L
 PK
 Q
      !         
 
   ]Y Y Y _Y I         

 PK Q    


!       
 Y =ICNR  R aY
;PI@M:SNI;;I4HINF<IJ:E FNF=?M: 7@=?P:<=9 F?=?JICI
N;PI@M:SNI;;ICI :C?;=F=J: 7;=?C@BM9 NFHIQGOB?=FE H@N FI4
OL:;NN JWHBF<IJ Q?<FNU?F<NT N;;IJ:SNX CQ:J;WM IA@:OIM <:<
B=IU;E[K:E H@IJ?@IU;:E A:O:R ;I J @EL? FQBU:?J I;: JWF=B4
H:?= N <:< NF=IU;N< HIHIQ;?;NE JWHBF<IJ ;IJWMN ?LN;NS:MNR
J U:F=;IF=N O: FU?= AQN\:XVNT H@INOJIL;WT NQN H@?LHIQ:C:4
?MWT H@INOJILEKNTR ;? I=M?U?;;WT J FQIJ:@ETY >@N IHNF:;NN
H@NQ:C:=?QG;WTR <:< H@:JNQIR IFBK?F=JQE?=FE H@IJ?@<: ;:QN4
UNE H@INOJIL;WT I= ;NT ;:@?UNXY e:<R J JWHBF< O:
 CY AWQI

114


   D D

2  
J<Q[U?;I ;:@?UN?   
U O
  4'JG  

             


  P   
Q (

   
    
   

      
 
    4'JG K  O   
   

               
Y IF4
FNE 
Y Y
`H@INOJILEK?? H@NQ:C:=?QG;I?   

 AWQI I=IA@:;I LQE JWHBF<: O:
 CYR HI L:;;WM 7@=?4
P:<=:9 J@?ME HIEJQ?;NE ?CI J @BFF<IM EOW<? <I;?S  4T CCY 
%   $  (     
   
 )        
 
  
     *  5 
 2           
   K   


      
G   T    Y $?O:JNFNM:E C:O?=: Y YgY $:@?UN? 
  
 `'      " " 
# &  K  / " G        " 
!     
       

  b@?ME4/+ YYa IA@:OIJ:;I I= H@NQ:C:=?QG;ICI
  
 HIH:JV?CI J JWHBF< O:
 CY F B=IU;?4
;N?M J@?M?;N H?@JIX PN<F:SNN J =?<F=:T H?@NILN<N & 
  
       
    
 
   Y $?O:JNFNM:E C:O?=:
YYgY
!@BCNMN @?CBQE@;WMN IA@:OIJ:;NEMN EJQE[=FE FBK?F=JN4
=?QG;W? MB\F<ICI N \?;F<ICI @IL:R IAIO;:U:[KN? QNSY $:H@N4
M?@R J JWAI@<? LQE JWHBF<: O:
 CY I=M?U?;I FBK?F=JN=?QG4
;I?
# 
 * 7   
S * G # H
# 

 3

   Y OJ?F=NE Y Y
Y >@I4
J?@<: HI 7@=?P:<=B9 BF=:;IJNQ: ;:QNUN? =?<F=IJIX PN<F:SNN
FBK?F=JN=?QG;ICI MB\F<ICI @IL:
#   O 
$ 

   
#        +  
 7   
 
   P 
  Q
 
 +      !        
       "      
 
    #IF<IJF<:E H@:JL:
Y gY
Y
>@NJ?L?M H@NM?@R <ICL:R IHNFWJ:E H@NQ:C:=?QG;I?R MW
F=:Q<NJ:?MFE F ;?IATILNMIF=G[ ;:X=N FII=J?=F=JB[KN? M:=?4

115


    

$#F$5 !-5 !&41 &$ $ 5+

@N:QW N Q?<FN<IC@:PN@IJ:=G H@INOJILEK?? ?CI FBK?F=JN=?QG4


;I?Y e:<R J JWHBF< O:
 CY J<Q[U?;I H@NQ:C:=?QG;I? 
 R B <I=I@ICI ;: IF;IJ:;NN IL;ICI <I;=?<F=: H?@JI;:4
U:QG;I AWQI JWL?Q?;I FQ?LB[K?? O;:U?;N? 7U:F=I HIF?K:[4
KNX :@=T:BFR JIFHN=:;;WX ;: PNQGM:T cQN=:@;ICI <N;?M:=I4
C@:P:9 `%    T  5     


 PQ    #         
  "          
 

            " 
 
        
  Y OJ?F=NE
DY Y
aY  HIMIKG[ 7@=?P:<=:9 BL:QIFG BF=:;IJN=GR U=I
B FQIJI ?F=G L@BCI?R AIQ?? BHI=@?AN=?QG;I? O;:U?;N?R J <I=I4
@IM L:;;I? FQIJI F=:QI BHI=@?AQE=GFE F <I;S:  4T CCY 7I=4
;IFEKNXFE < :@=T:BFBR EJQE[KNXFE NM9 `I
  

P3 Q !   [     P  Q #  


  #               
  $IJW? OJ?F=NE Y YY %      


      
      ! 
                
       
        
 !  
 Y !?QIJ:E #IF<J: F?CIL;ER
R aY
>@N @:AI=? ;:L L:;;IX FQIJ:@;IX F=:=G?X IA;:@B\NQIFGR U=I
H@INOJILEK?? FQIJI   `cQN=:@;I? ;:H@:JQ?;N? J <N;?4
M:=IC@:P?a ;? NM??= ?K? Q?<FN<IC@:PNU?F<IX PN<F:SNNY >@N4
VQIFG JJ?F=N ?CI J <I@HBF JWHBF<: `%  "
   
I 



 "           2  
  G   b?U?@;EE #IF<J:  YYY 3  PT 
  Q        !  \]^_  
IMM?@F:;=x DYY
aY b =?<F=:T H?@NILN<N   JF=@?4
U:?=FE N J PB;<SNN H@NQ:C:=?QG;ICI L     
 \`a     
 
   
 
 U
    
 #     
 
$     

     
 

 
 
 
  
   $IJI? J@?MER

R  Y !?PNF;I? IA@:OIJ:;N?    NOJQ?U?;I NO F?4


=?JICI NF=IU;N<:Y ;I NM??= O;:U?;N? 7;:H@:JQ?;N? <N;?M:=I4

116


   g g

2  
C@:P:R I=;IFEK?CIFE < :@=T:BFB9Y L 
 P'
 bcQ 


       !  #    
PG    $Q '            
     #  U P%         
     "  

 Q H
  

  !   0  "       
  U      * 
       
#     ,     
*     


   "
   "     "   
 
 '           #     
            *       
 +
    
 Y IMM?@F:;=x DYY
Y ZL?FG
  4 BHI=@?AQE?=FE J IH@?L?QN=?QG;IX PB;<SNN `I=;IFE4
KNXFE < :@=T:BFBaY $:@ELB F L:;;WM L?PNF;WM IA@:OIJ:;N4
?M J =?<F=:T H?@NILN<N BHI=@?AQE[=FE FQIJIFIU?=:;NE 
    N    `L       
 
  Pbc Q     #  7
 5  PL 
 Q          "     
PG    $Q * 
       $     
    
    
   
  b@?ME4/+ Y Y
Y J  -"  L *
  
    $   T 
   L  G   *  
      Y €N@\: HQ[F FJIX LIM
`$N\;NX $IJCI@ILa
Y Y
Y .   -  
  #     PG    $Q  " 
- 
5 (W $) PT  * 
  " 
   Q  


     cb G 


 #  d___ !?QIJ:E #IF<J: F?CIL;ER


R  Y
>@N H@IFMI=@? M:=?@N:QIJ ;: L?PNF;W? IA@:OIJ:;NE U:4
F=I HIH:L:[=FE LBAQ?=;W? J:@N:;=W IAIO;:U?;NE F IA@:=4
;WM @:FHIQI\?;N?M <IMHI;?;=IJ      

` 
     af  
# `
# 
  af   
` 
  af    
  $ `    $  af     `  
 af  #   `   # af  #  `#
   af     `    af "  

117


    

$#F$5 !-5 !&41 &$ $ 5+

 `  "  af 
     `  

   af      `     af  $
 
 ` 
 $ aR 


 `



 aR 
$  
` 

$ aR  
$ 
`$   
aR     $ `  $   aR 
  `  a N =Y LY €?OBFQIJ;IR =:<N? IA@:OIJ:;NE N;=?@?F4
;W LQE NOBU?;NE ;IMN;:=NJ;WT H@IS?FFIJ N H@N I=FB=F=JNN NT
Q?<FN<IC@:PNU?F<IX N <:@=I=?U;IX PN<F:SNN LIQ\;W J<Q[4
U:=GFE J JWHBF<N F I=FWQ<:MN < FII=J?=F=JB[KNM J:@N:;=:MY
QIJ;N<N JWHBF<IJ ;IJIX F?@NN HIHIQ;E[=FE NO L:;;ICI
F?=?JICI NF=IU;N<: N FQI\;WMN FQIJ:MN F IAKNM <IMHI;?;4
=IMR <I=I@W? IA@:OB[= FQIJIIA@:OIJ:=?QG;W? @ELWY $:H@NM?@
  `gaR     `aR 
   ` aR 3'0- ` aR $ 
`gaf  

 `aR  
$  `aR   

`aR   
 `aR   
 `aR   
!  `aR  #   `aY >ILIA;W? M:=?@N:QW
HIOJIQE[= O:PN<FN@IJ:=G N IFMWFQN=G ;IJW? EJQ?;NE NO IA4
Q:F=N FQIJIIA@:OIJ:;NE ;IJW? FQIJIIA@:OIJ:=?QG;I :<=NJ;W?
cQ?M?;=W N O;:U?;NER J <I=I@WT I;N BHI=@?AQE[=FE ` 
 Y Y Y H?@J:E U:F=G FQI\;WT FQIJR J;IFEK:E O;:U?;N? 7;:4
H@:JQ?;;WX H@I=NJ bv9f   Y Y Y 4 H?@J:E U:F=G ;IJWT FQIJR
J;IFEK:E O;:U?;N? 7I=;IFEKNXFE < L:A4MBOW<?aY
F=IU;N<IM ;IJICI M:=?@N:Q: MICB= AW=G N ;IJW? SN4
=:=W ;: L@BCN? FQIJ:R O:H@:VNJ:?MW? ;:MN HI 7@=?P:<4
=B9Y $:H@NM?@R  "  R  
  R 

R
 
 R  
 
`I A:MH?@? :J=IMIAN4
QEaR #
R  "R  4   $  #  
       

  "   
 
 #
$ 
          `I =?4
Q?JNOI@?aR
#R
 N
 `I A:MH?@? :J=IMI4
ANQEaR   R    R  $
      
"  `I bYv?@;IMW@LN;?aR  
R     R  
"   R  K G    `IA IA?K:;NET Q?UG
;: @?QGFWR J FQBU:? ;?JWHIQ;?;NE U?CI4QYaR    
    
        
  N =Y LY

118


    

2  
$?IATILNMIR IL;:<IR JIOL?@\NJ:=GFE I= ;?HIM?@;ICI @:FVN@?4
;NE FQIJ;N<: JWHBF<IJR =Y<Y c=I= O:M?LQN= @:AI=B ;:L ;NMNY
b <I;S? JWHBF<IJ J FH?SN:QG;IM @:OL?Q? HIM?K?;W U:4
F=I JF=@?U:?MW? J =?<F=:T H?@NILN<N HIFQ?L;NT Q?= N;IEOWU4
;W? J<@:HQ?;NE N L?PNF;W? IA@:OIJ:;NER ;:U:QG;WX <IM4
HI;?;= <I=I@WT N;IEOWU;I? J<@:HQ?;N? `F H@?IAQ:L:;N?M
FQI\;WT IA@:OIJ:;NXaY >@IJ?L?M H@NM?@W NO JWHBF<: O:
ef R fgf `I= :;CQY

 CY `I<IQI D FQIJ:@;WT F=:=?Xa


-m …m `…qia -taR fgf#  R hig `I= :;CQY
.iˆ / ,q …aR hig   R jki    R
lM # R lm
 R lm
R lm $ R MN

 R MN 
R kik !  R glM  R glM
 !
R noM 
R nnn    R plM  N L@Y 
e:<ICI @IL: IA@:OIJ:;NE LIJIQG;I U:F=I JF=@?U:[=FE J =?<4
F=:T H?@NILNU?F<NT NOL:;NXR <@IM? =ICIR M;ICN? NO ;NT ;:
FQBTB AQ:CIL:@E 7OJBU:KNM9 M:FF4M?LN:R : =:<\? :<=NJ;I
BHI=@?AQE[=FE I=L?QG;WMN C@BHH:MN Q[L?XY $?<I=I@W? <IM4
HI;?;=W IA@:OB[= S?QW? @ELW FQIJY >I M:=?@N:Q:M JWHBF4
<: O:
 CY ;:OIJ?M FQ?LB[KN? FQIJIIA@:OIJ:=?QG;I :<=NJ4
;W? cQ?M?;=W lM Y Y Y `I= :;CQY )33 5iioima `lM  R lM
 
R lM R lM #
aR lm Y Y Y `I= :;CQY )3Šili3
•oh3imiˆa `lm R lm  R lm     R lm
R
lm
R lm $ R ef Y Y Y `I= :;CQY ,ilo -ta `ef
 R ef  aR jki Y Y Y `I= :;CQY nmi6m (ˆl Ši /i6m
,ill3oi3f nmi6m (ˆl /i6m 3a `jki  R jki
  aR MN Y Y Y `I= :;CQY 56mo &mi3a `MN
 R MN
 R MN" R MN  
 R MN# aR kik Y Y Y
`I= :;CQY (hi / (soa `kik !  R kik  R
kik R kik!
aR kMoY Y Y `I= :;CQY  MN;?@:QG;WX
NF=IU;N<R JIL;WX <B@I@=R IOLI@IJN=?QG;WX S?;=@a `kMo R
kMo$  aR glM Y Y Y `I= :;CQY sˆ li3 i3a `glM
 $5+-5 ! (&F$&EP5 # $#)+: : &3
$, 0$  # 0 5+3$ ! 0 #! # #  03
!$45  %I$!$#$)& !$#E &$ $ 5+ $F cc #
o+$#+
)5' B
H

/!5#$,
/D1
 <AAC
@ $ # ) $ $ 3
- & $) $)0"E$, )$!$ 

119


   


$#F$5 !-5 !&41 &$ $ 5+

 
R glM R glM     a N L@Y b
<:U?F=J? H?@JICI <IMHI;?;=: MI\?= JWF=BH:=G N AB<J?;;I4SNP4
@IJI? IA@:OIJ:;N? =NH: bj Y Y Y `bjR bj  aR NM?[K??
J c=NT IA@:OIJ:;NET O;:U?;N? 7I=;IFEKNXFE < =@?=G?MB HI<I4
Q?;N[9 `n I= :;CQY 3i3 7HI<IQ?;N?9aY OJ?F=;IR U=I
N;IEOWU;W? J<@:HQ?;NER JWF=BH:[KN? @?CBQE@;I J @IQN <IM4
HI;?;=: FQI\?;NXR NM?[= =?;L?;SN[ J L:QG;?XV?M @BFNPNSN4
@IJ:=GFE J ;:HNF:;NN `F@Y  Y Y Y R   Y Y Y R 0I Y Y Y aY $IJIIA4
@:OIJ:;NE c=ICI @:OL?Q: JWHBF<IJ =:<\? H@IVQN H@IJ?@<B HI
F?=?JIMB NF=IU;N<B ;: BHI=@?AN=?QG;IF=GR AWQN B=IU;?;W L:4
=W H?@JICI BHI=@?AQ?;NE NT J HNFGM?;;WT NF=IU;N<:TY
7"\?CIL;N<:M ]Y Y Y _ FH@:JIU;IF=G FJIXF=J?;;: J MN;NM:QG4
;IX F=?H?;NR FQNV<IM ;?AIQGVIX I=@?OI< J@?M?;N N ;?O;:UN4
=?QG;I? <IQNU?F=JI =?<F=IJ NT I=@:\:?=9
 R HNF:Q: $YZYI=?4

QIJ: HI HIJILB JWHBF<IJ ?? HI@WR <I=I@W? L?Q:QNFG M?=IL:MNR


LIF=BH;WMN J g r 4? CCY $:M H@?LF=:JQE?=FER U=I N ;: <I@I=4
<IM J@?M?;;IM F@?O? F IAIO@NMWM NFTIL;WM M:=?@N:QIMR HIL4
J?@C;B=IM JF?F=I@I;;?X H@IJ?@<? HI MIK;IX cQ?<=@I;;IX A:O?R
I <I=I@IX OL?FG CIJI@NQIFGR F @?=@IFH?<=NJIX HIU=N J
Q?=R
O;:U?;N? ;?IQICNU?F<NT JWHBF<IJ <:< FH@:JIU;N<IJ O;:UN=?QG4
;I HIJWFN=FE AQ:CIL:@E NT AIQGV?X =IU;IF=NR IAx?<=NJ;IF=N N
N;PI@M:=NJ;IF=NY :FVN@?;N? cQ?<=@I;;IX A:OW O: FU?= QN4
=?@:=B@;WT NF=IU;N<IJ `J N;PI@M:SNI;;I4HINF<IJIX FNF=?M?
F?=?JICI N;PI@M:SNI;;ICI :C?;=F=J: 7;=?C@BM9 I;: F@:J;N4
=?QG;I ;?J?QN<:a MICQI AW M;ICI L:=G LQE B=IU;?;NE L:;;WT
;?IC@:PNNY :< AWQI B\? F<:O:;IR JWHBF<N MICB= HIFQB\N=G
IF;IJIX FQIJ:@E Q?<FNU?F<NT N;;IJ:SNX AIQ?? H@ILIQ\N=?QG4
;ICI `;:H@NM?@R L?FE=NQ?=;?CIa H?@NIL:R : =:<\? LQE H?@?NO4
L:;NE FI O;:UN=?QG;WMN LIHIQ;?;NEMN FQIJ:@E4L?FE=NQ?=;N<:
;IJWT FQIJ H@?LV?F=JB[K?CI H?@NIL:Y L?Q:;;W? J <IMHG[4
=?@;IM JNL?R I;N FMICB= Q?C<I IAx?LN;E=GFER HIHIQ;E=GFE LI4
HIQ;N=?QG;WMN M:=?@N:Q:MN NO F?=?JWT NF=IU;N<IJ N ;?IQICN4
U?F<NT <:@=I=?< `cQ?<=@I;;WT N ABM:\;WTaY bWHBF<N O:
R

 L$!$# 
O
I$- 0+ 6


9
/


120
GHIJKJLMN 0 66,
, 0 O487 0 PQRS  0 T

2  


N
 CCY FIL?@\:= I<IQI =WFY Q?<FNU?F<NT N;;IJ:SNX
@BFF<ICI EOW<:Y

@ .A *  . 


.@_<cc 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%Occ
, 2* ' .E*'"*$*+ \5 O6
.@_<c 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%Oc
, 2* ' .E*'"*$*+ \5 O
.@_<cO 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%OcO
, 2* ' .E*'"*$*+ \5 O
.@_<6 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%O6
, 2* ' .E*'"*$*+ \5 O8
.@_< 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%O
, 2* ' .E*'"*$*+ \5 O7
.@_< 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%O
, 2* ' .E*'"*$*+ \5 O7
.@_<
0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%O

, 2* ' .E*'"*$*+ \5 Oc


.@_<8 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%O8
, 2* ' .E*'"*$*+ \5 OO
.@_<; 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%O;
, 2* ' .E*'"*$*+5 db' '(* 1235 OO7
.@_<7 % .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%O7 , 2*
' .E*'"*$*+5 1A"!*D'$*+5 .D'$*+ 1235 OO7
.@_<c 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%Oc
, 2* ' .E*'"*$*+5 db' '(* 1235 OO7
.@_< 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%O
, 2* ' vA_'$!F*$! 1235 OO7
.@_<O 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%OO
, 2* ' .]1*"*$='$! 1235 66
.@_<O6 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%OO6
, 2* ' .D'$*+ 1235 668
.@_<O 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%OO
, 2* ' db' '(* 1235 66;
.@_<O 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%OO
, 2* ' vA_'$!F*$! 1235 668
.@_<O
0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%OO

, 2* ' .D'$*+ h$ B'&! i

121
GHIJKJLMN 0 66,
, 0 O487 0 PQRS  0 T

$#F$5 !-5 !&41 &$ $ 5+

.@_<O8 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%OO8


, 2* ' db' '(* h$ B'&! i
.@_<O; 0 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%OO;
, 2* ' 1A"!*D'$*+ h$ B'&! i
.1E%76%) 0 .*$' "*$! /!&' > 1"*$!=%B!$*& ( B* ?!'%
 !"!? B' " '! 76%) ## , 2* ' .E*'"*$*+
\5 Oc
.1E%c6%) 0 .*$' "*$! /!&' > 1"*$!=%B!$*& ( B* ?!'%
 !"!? B' " '! c6%) ## , 2* ' .E*'"*$*+
\5 O8
.1E%6%) % .*$' "*$! /!&' > 1"*$!=%B!$*& ( B* ?!' %
!"!? B' " '! 76%) ## , 2* ' vA_'$!F*$!
1235 OOc
.1E%O6%) % .*$' "*$! /!&' > 1"*$!=%B!$*& ( B* ?!' %
!"!? B' " '! O6%) ## , 2* ' vA_'$!F*$! h$
B'&! i
1.1 0 1"*$!= *$) "*$ (*#* >/(! h' ;6%) 0 ' 6%) ##i
, 2* ' .E*'"*$*+ 1235 OO;
A1< 0 1"*$!= *$'?'*#* (*#* " '!*#* >/(!4 ]
6  , [" ' 1[*3!&'$ & <7 1235 OO<OO8
1{ 0 *"=F*+ "*$!= a!#*! , 2* ' ]\\*( '(* 1235
OOO
1 0 *"=F*+ *"(*$+ "*$!= (*#* >/(! , 2* '
1A/'D*$! 1235 OO
*?"'$ 0 *?"'$ .[5 1"*$!= *$) *!) "*$ \5 OO;
  0   _25 *"(*$+ "*$!= *>/&) "*$ \5
OO
\!( ?*$ 0 \!( ?*$ ] 5 1"*$!= B''*+( , 2* '
]\!( ?*$! \5 OO
.11 0 .*$+ "*$!= *(!C' + , 2* *3C'+ ' v[*$!"'(*
\5 OO;

122


   
 


2  
-x<O 0 -a'#*$ 1 x$'*$! .d5 *"(*$+ "*$!= (*#*
>/(! \5 OO
-x<Oc 0 -a'#*$ 1 x$'*$! .d5 *"(*$+ "*$!= (*#*
>/(! \5 OOc
@-1 0 @( + *Z*#!Z &'( + "*$!= , 2* ' ]]_*B! !
\5 OO
1@<O 0 (& ! E5 !"!(D(!> _25 1" * " !/'"=*W
\5 OO
l 0 *"(*$+ "*$!= *$'?'*#* (*#* >/(! (*D! zz $'%
(! l/(*$' /?'' > , 2* ' [.1(">'$(*+ 1235
OO

123


   
 


E# # N*  

6 
   7 
  3
 8   
$:U:QI JIX;W J N[;?  CY €YY~:@N; JF=@?=NQ J ;:H@E4
\?;;IX =JI@U?F<IX @:AI=? HI @:O;WM ;:H@:JQ?;NEM N ;: @:O4
;WT HIF=:TY :< O:J<:P?L@IX @BFF<ICI EOW<: J H?LN;F=N=B=?
NMY YYƒ?@S?;: N <:< H@IP?FFI@4FIJM?F=N=?QG ;: PNQIQICNU?4
F<IM P:<BQG=?=? ~ƒ% `;W;? >Aƒ%aR CL? I; UN=:Q Q?<SNI;;W?
<B@FW HI A:Q=NXF<IMB N @BFF<IMB EOW<IO;:;N[Y
b FQIJ:@;IM I=L?Q?  # €I@NF Q?<F:;L@IJNU @B<IJI4
LN=?QGR <:< NOJ?F=;IR C@BHHW FI=@BL;N<IJ ! `F D CYaR N
c=I AIQGVI? FQIJ:@;I? H@?LH@NE=N? HIQBUNQI JWTIL J FJ?= J
JNL? H@IA;ICI JWHBF<: H?@JICI =IM: FQIJ:@E ;: AB<JW K * L 
  J ;:U:Q?  CY b c=I \? J@?ME H@N<:OIM HI ;F=N=B=B
FIOL:?=FE C@BHH: HI NOBU?;N[ A:Q=NXF<NT EOW<IJ JI CQ:J? FI
F=Y ;Y FI=@Y €YY~:@N;WMR <BL: JIVQN ?CI :FHN@:;=W YYZ:@N;
N Y Y ƒ@BOL?J:Y $I <@IM? c=ICIR I; M;ICI @:AI=:?= J IAQ:F=N
LN:Q?<=IQICNN <:< JNS?4H@?LF?L:=?QG bF?FI[O;IX LN:Q?<=IQI4
CNU?F<IX <IMNFFNN H@N >@?ONLNBM? $ `F  CYa N J FIF=:J?
@?L<IQQ?CNN =Q:F: @BFF<ICI EOW<: < JIF=I<B I= #IF<JW `F
 CYaR L?@\N= FJEOG F LN:Q?<=IQIC:MN %<@:N;WR ~:=JNN N
~N=JWY
#:=?@N:QIJ HI =JI@U?F<IX ANIC@:PNN €YY~:@N;: J H?@NIL
=?U?F=J?;;IX JIX;W FBK?F=JB?= ;?M;ICIY d=I LJ? ?CI :J=I4
ANIC@:PNN `
N  CYaR HNFGM: < BU?;N<:M N FI@:=;N<:MR

/)
  3/ F/ b$ ! $#-  B0$ )!)
:# $ 7/C JJ $0$+ $  $ 5+ /1
, 
<3!E $ 5 $4 5 b


/D1
 <AA8
/
88AS  b

JJ
/!$#" &$ $ 5+ ttw ##
 /0#$-+, #+0&

 <
/
<8Q
<

124   


  
  


   
D 
D

34%1
T:@:<=?@NF=N<: €YY~:@N;: <:< BU?;ICIR ;:HNF:;;:E ~YbY–?@4
AIX J  CY N BJNL?JV:E FJ?= =IQG<I J  CYR N LJ?4=@N F=:=GN
M?MB:@;I4LI<BM?;=:QG;ICI T:@:<=?@: Y


FIA?;;I S?;;WM NF=IU;N<IM EJNQ:FG LQE ;:F H?@?HNF<:


€I@NF: Q?<F:;L@IJNU: F "Y #Y FF?@QN; J r CCYR HI <I4
=I@IX Q?C<I JWL?QE[=FE  T@I;IQICNU?F<NT H?@NIL: \NO;N N
@:AI=W €YY~:@N;: J =@BL;WT BFQIJNET JI?;;ICI J@?M?;NY
>?@JWX V?F=NM?FEU;WX H?@NIL ;:U:Q: JIX;W €I@NF Q?<4
F:;L@IJNU H@IJILN= J ~?;N;C@:L?Y ; AWQ H@NOJ:; F@:OB \? J
V=:A ~?;N;C@:LF<ICI P@I;=:Y b HNFGM? < "Y#YFF?@QN; I= 
:JCBF=:  CY I; HNV?=
7b $ JFE ;:BU;:E @:AI=: IF=:;IJNQ:FGY >IU=N JF? HICIQIJ4
;I B\? M?FES \NJB= O: CI@ILIM ;: O?MQE;WT @:AI=:TY HIU=N
JF? c=I J@?ME MIANQNOIJ:; ;: H?@?JILU?F<B[ @:AI=B HI A:Q4
=NXF<NM EOW<:M `HI  UY J L?;GaY !J:\LW ?OLNQ ;: O?MQE;W?

@:AI=W9 Y
$: U?=J?@=IM M?FES? AQI<:LWR  L?<:A@E  CYR €Y Y ~:4
@N; JM?F=? F AIQGVIX F?MG?X `CL? AWQI U?=J?@I L?=?Xa AWQ cJ:4
<BN@IJ:; J FIF=:J? C@BHHW BU?;WT >BV<N;F<ICI !IM: $ NO
~?;N;C@:L: ;: F:MIQ?=? U?@?O bIQICLB J CY e:V<?;=R J @:FHI4
@E\?;N? B\? ;:TILNJV?CIFE =:M #~ NMY ƒI@G<ICI HI @:F4
HI@E\?;N[ :<:LY Y Y MNL=:Y >?@JW? HNFGM: NO e:V<?;=:
I=@:\:[= ?CI M@:U;I? FIF=IE;N? LBT:R =Y <Y ;? AWQI 7HIF=IE;4
;IX O:@HQ:=WR FQB\AW N H?@FH?<=NJ9 `7<J:@=N@: LIF=I?JKN4
;:R HN=:;N? A:@:U;I?Y Y Y 9aY !:Q?? I; FIIAK:?= 7$:U:Q UN=:=G
Q?<SNN J b?U?@;?M >?LN;F=N=B=?R ;I c=I L:?= C@IVNR : ;B\;I
NO@EL;I L?;?CR U=IAW ;? CIQIL:=G J e:V<?;=?9Y $I c=I= J=I@IXR
=:V<?;=F<NX H?@NILR <I=I@WX LQNQFE =I\? I<IQI HIQBCIL:R AWQ
;:FWK?; N;=?@?F;WMN JF=@?U:MN F L:J;NMN O;:<IMWMN AIQG4
VNMN BU?;WMNY e:< J M:@=? 
CIL: I; FIIAK:?=R U=I @:AI=:?=

/)
 G H I/ 4/ L &-E 1$ (  #$-$ $ ! 5
0$(
b

 B


x1 $ 0$(
b

C JJ b



i!$!$ -$ ! 


/D1HK 8
/
88A

 O "  ! F&E 0") 0$  E J/&// b




# $ + !$, @-#$, #$,+ B0$ 0"))  G

!C JJ
$0$+ $  $ 5+
/D1
 <AA8
/
A8

125


   
 


 #$ #)5 !$, @-#$, #$,+

F !Y$Y%V:<IJWM YƒY€:@TBL:@IJWM N Y€Y:HN@I ;:L IL;I4


=IM;N<IM `za #:QICI =IQ<IJICI FQIJ:@EY d=: FQIJ:@;:E @:AI=:R
J <I=I@IX €I@NF Q?<F:;L@IJNU BU:F=JIJ:Q F 
CIL:R H@I4
LIQ\:Q:FG LI F?@?LN;W 
CIL:R =Y?Y J?FG H?@NIL ?CI \NO;N J
e:V<?;=? 7#?;E OL?FG <@?H<I L?@\:= <:< Q?<FN<IQIC:Y %M?@
%V:<IJR : ;:LI FH?V;I IA@:AI=:=G M:QWX =IQ<IJWX FQIJ:@G9 Y


€IQGVI? M?F=I J HNFGM:T €I@NF: Q?<F:;L@IJNU: c=ICI H?4


@NIL: O:;NM:?= H?U:QG;:E N;PI@M:SNE I FM?@=N @:O;WT NO4
J?F=;WT BU?;WT N ?CI AQN\:XVNT FI=@BL;N<IJ HI !R :
IF=@:E =@?JIC: O: FBLGAB c=ICI FQIJ:@;ICI H@?LH@NE=NE HIF=I4
E;;I OJBUN= J HNFGM:T H?@NIL: cJ:<B:SNNY bM?F=? F =?M JF?
;:F=IXUNJ?? O@??= \?Q:;N? B?T:=G NO e:V<?;=: ;: F?J?@R =Y <Y
7Q?=IM M;? BC@I\:?= :AFIQ[=;I H@I=NJIHI<:O:;;WX F?@L?U;N4
<:M O;IX9Y
 N[;E 
CY €Y Y ~:@N; FI FJI?X F=:=G?X H@N?O\:?= NO
e:V<?;=: J :O:;GR : I==BL: J @:;F<R CL? ;:TILNQFE J =I
J@?ME N@IJF<NX H?LN;F=N=B=Y "MB H@?LQI\NQN AW=G L?<:;IM
N O:J?LIJ:=G <:P?L@IX EOW<IO;:;NE ;: P:<BQG=?=? @BFF<ICI
EOW<: N QN=?@:=B@WR ;: U=I €I@NF Q?<F:;L@IJNU ITI=;I FI4
CQ:FNQFE HIFQ? H@?AWJ:;NE 7;? B L?Q9 J e:V<?;=?Y e:< ;:U:Q4
FE =@?=NX H?@NIL JI?;;WT Q?= J \NO;N €Y Y ~:@N;:R <I=I@WX
H@ILQNQFE  M?FES?JY
I FJIXF=J?;;IX ?MB c;?@CN?X N =:Q:;=IM €I@NF Q?<F:;4
L@IJNU O;:UN=?QG;I BQBUV:?= @:AI=B <:P?L@W N P:<BQG=?=:Y
7Z: CIL FJI?CI H@?AWJ:;NE J @:;F<? I; =:< FBM?Q HIL;E=G
;:BU;WX B@IJ?;G <:P?L@W @BFF<ICI EOW<:R U=I =:M HNV?=4
FE IL;: LI<=I@F<:E N LJ? <:;LNL:=F<N? LNFF?@=:SNN9R HNF:Q
~YbY–?@A: J FJI?M IU?@<? I ~:@N;? <:< BU?;IMY
 @:AI=? J H?L:CICNU?F<IM N;F=N=B=? €I@NF Q?<F:;L@I4
JNU HNV?= FQ?LB[K?? 7Z:;E=NX B M?;E IU?;G M;ICI H@?HIL:[
;:

P:<BQG=?=:T IAK?? EOW<IO;:;N?R <@IM? =ICIR F:;F<@N=R

B<@:N;F<NXR J?LB IAK?N;F=N=B=F<NX <B@F 7<BQG=B@: @?UN9f @B4


<IJI\B LJBME <@B\<:MN `QN;CJNF=NU?F<NM N 7JW@:ON=?QG;ICI

 ;$ %)!+, $!$#+, !$#"' 0#!5 0$


 #$5 # $
# $ $$)+, %/!$#" &$ $ 5+' /

@4 $# B<AA
= 0#$
 C

126


   
g 
g

34%1
U=?;NE9aR BU:F=JB[ HI;?JIQ? J C:O?=<? M?F=;IXR J bIF<@?F;IM
%;NJ?@FN=?=? N =YLY9Y v?@?O ;?L?Q[R  L?<:A@E 
CY FIIAK:4
?= I ;:BU;WT L?Q:T 7$:BU;W? HQ:;W MIN HI<: FIJF?M ;? IFB4
K?F=JQE[=FEY "K? J e:V<?;=? E ;:U:Q FIF=:JQE=G QN=IJF<I4
@BFF<NX FQIJ:@GR <:< IAI@J:Q:FG c=: @:AI=: F I=x?OLIM NO e:V4
<?;=:R =:< N ;? JIOIA;IJNQ:FG LI FNT HI@Y $:L?EQFE LI E;J:@E
H@I@:AI=:=G N HILCI=IJN=G < NOL:;N[ =?<F= FQIJ:@E NU:@L:
!\?MF:R U=IAW < Q?=B H@ILJN;B=G N NFFQ?LIJ:;N? I ;?MY $I N
=B= ;NU?CI ;? JWVQI F;:U:Q: NO4O: ;ICNR AIQG;NSWR HI=IM NO4
O: =?M;I=W N TIQIL:Y Y Y 9
 F ;ICIX FQBUNQ:FG A?L: Q?=IM 
CY 7b Q?FB ;: L@I4
JIO:CI=IJ<:T E CQBAI<I @:O@?O:Q F?A? ;ICBR @:FF?U?;: IF;IJ;:E
:@=?@NE N @EL FIFBLIJR HIJ@?\L?;: <IF=GY Y Y NQG;?XV?? ;:C;I4
?;N?R B\:F;W?R :LF<N? MB<N L?;G N ;IUG B\? 4W? FB=<NR FIJF?M
;? FHQ[Y Y Y F?@LS? ?LJ: JWL?@\N=Y ‚r
◦ B\? 4WX L?;GR AIQNR

FBLI@ICNR FH:OMW9Y `>NFGMI < "Y#Y I= Y…)))Y


Ya >@I =?M;I=B
N TIQIL 7I; HNV?= Y„))Y
 7% ;:F U:F=I FIJF?M ;? AWQI FJ?4
=: `=I<: ;?=R <?@IFN;B ;?=R FJ?U?X ;?=R QBUN;W ;?=a N B;WQ:ER
BANXF=J?;;:E \NO;G J HI=?M<:T QNVNQ: JFE<IX JIOMI\;IF=N
CI=IJN=GFE < Q?<SNEMY !IM: J?FG ;IEA@G AWQI I<IQI
◦ =?MH?4

@:=B@W9Y
b H?@NIL cJ:<B:SNN €Y Y ~:@N; J?Q AIQGVB[ H?@?HNF<B
F BU?;N<:MN N <IQQ?C:MNY b HNFGM:T < "Y #Y FF?@QN; BHIMN4
;:?=FE I<IQI  P:MNQNXY bI= P@:CM?;= HNFGM: I= gY))Y CY
7O F=:@WT L@BO?X <@IM? b:F M?;E @:LB?= FJINMN HNFGM:4
MN €Y~Y€ICI@ILF<NXR bYY#:Q:TIJF<NXR YƒY€:@TBL:@IJR U:F=I
HNV?= ~Y bY –?@A:R IAIL@EE N B=?V:E M?;ER ?K? U:K? N ?K?
AIQ?? O:AI=QNJI YbY~IE NO ƒI@G<ICIR NO@?L<: bYbYbN;IC@:LIJ
`IU?;G M@:U;W? HNFGM:aR L: ?K? M;ICN? BU?;N<NY $?L:J;I F=:Q
H?@?HNFWJ:=GFE F O:LIJF<NMR €:A<N;WM N #IF<:Q?;<IY
$?F<IQG<I HNF?M AWQI I= Y ^Y ƒ?<<?@ N dY Y <BAN;F<IXY
"K? #YY#:=BF?JNU N dYY:@:=:?J:Y Y Y 9
b?F;IX  CIL: J HNFGM? I=
Y))) €I@NF Q?<F:;L@IJNU
AWQ HIQI; LIA@WT ;:L?\L N HQ:;IJ 7>@IU;I ;:Q:\NJ:?=FE ;:4
BU;:E \NO;GR JF? QBUV? NL?= H@?HIL:J:;N?R L@B\;?? \NJ?= N
@:AI=:?= <:P?L@:Y !N:Q?<=IQICNU?F<:E <I;P?@?;SNE IFIA?;;I

127


   


 #$ #)5 !$, @-#$, #$,+

JLIT;IJQE?= M?;EY >@N?LB= LI@ICN? N N;=?@?F;W? Q[LNY bWFI4


<I HILWM?=FE O:=BTV?? AWQI HQ:ME ;:L IU:CIM LN:Q?<=IQICNNR
F;IJ: @:OA@?LB=FE JI JF? <I;SW c<FH?LNSNNR ;:U;B= U?@=N=G
<:@=W :=Q:F:R ;:ANJ:=G EKN<N <:@=IU?< IAQ:F=;WT FQIJ:@?XY
H@IAB[ JWOJ:=G L:\? ^Y>Y^NQN;: F P@I;=: `zaY $:LI ;?H@?4
M?;;I N b:M H@N?T:=G F LI<Q:LIM9Y
$I U?@?O HIQCIL: ;:F=@I?;N? €I@NF: Q?<F:;L@IJNU: @?O4
<I M?;E?=FE NO4O: JIO;N<VNT =@?;NX F M?F=;WM ;:U:QGF=JIMY
e:<R D :JCBF=:  CY I; HNV?= 7$? FIF=IEQ:FG <I;P?@?;SNE
J @:;F<?R MI\?= AW=GR FIA?@?MFE J bIQICL? NQN :O:;N NQN J
#IF<J?Y b @:;F<? I=;IV?;NE MIN FNQG;I NFHI@=NQNFG E ;?
JN\B JIOMI\;IF=N IF=:J:=GFE OL?FG L:QGV?9Y
 L:Q?? B\? FIJF?M @?:QG;I FIO@?J:?= B €I@NF: Q?<F:;L@I4
JNU: HQ:; H?@??OL: J #IF<JBR CL? H@ITILN= U?=J?@=WXR HIFQ?L4
;NX H?@NIL ?CI @:AI=W J@?M?; JIX;W 7bI= =IQG<I U=I IFJI4
AILNQFE I= M;ICNT L?<:;F<NT N O:J<:P?L@IJWT HNF:;NXR FIJ?4
K:;NXR I=U?=IJR HQ:;IJ N @:FHI@E\?;NXY $:LI F<I@?? F:LN=G4
FE O: FJI[ LNFF?@=:SN[Y Y Y ~Y bY –?@A: N Y ƒY €:@TBL:@IJ B\?
J #IF<J?R L:J;I =:M bN;I<B@ N :HN@IR : ;?L:J;I J:;?FIJ
N ~IEY —LB= =BL: N bY bY bN;IC@:LIJ:Y IAN@:[=FE I@C:;NOI4
J:=G ;F=N=B= @BFF<ICI EOW<:R =ICL: B\? N M?;E HIOIJB=9
`DY…)))Y CYaY
b #IF<JB €YY~:@N; H@N?T:Q NO @:;F<:
F?;=EA@E 
CIL: JM?F=? F LJBME LIU?@GMNY ; IPI@MQE?=FE ;: @:AI=B J
ƒIFBL:@F=J?;;WX H?L:CICNU?F<NX N;F=N=B= N;IF=@:;;WT EOW4
<IJ O:J?LIJ:=G <:P?L@IX @BFF<ICI EOW<: N 7HI L@BCNM M?F=:M
@:AI=W9Y IIAK:?= J HNFGM? < "Y #Y IA NOA@:;NN J :<:L?MN<N
~YbY–?@AWR J UQY4<I@@Y !MN=@N?J:R VM:;IJ: N ;L@N:;IJIX4
>?@?=SR !?F;NS<ICI N €BQ:TIJF<ICIR I JF=@?U:T F bY bY bN;I4
C@:LIJWM N €Y bY eIM:V?JF<NM 7~BUVN? Q?;N;C@:LF<N? CILW
I\NJ:[=FE FIH@N<IF;IJ?;N?M FI F=:@WMN L@BOGEMN9Y
ZNMB r CCY N J?FG  CY €I@NF Q?<F:;L@IJNU @:AI4
=:?= J #IF<J?R J LJBT MIF<IJF<NT JBO:T N J LJBT LN:Q?<=IQI4
CNU?F<NT HIL@:OL?Q?;NET $ Y
>IMNMI c=ICI €I@NF Q?<F:;L@IJNU O:J?@V:?= HI ;F=N=B4
=B @BFF<ICI EOW<: J  CY @:AI=B ;:L @B<IHNFG[ 7€NAQNIC@:4

128


   
 


34%1
PNE @BFF<ICI EOW<:9Y bWHY) ` r a  :J=Y QNF=IJY e@BL
H@?LF=:JQE?= FIAIX :;;I=N@IJ:;;WX B<:O:=?QG NFFQ?LIJ:;NXR
F=:=?XR @?S?;ONX HI @BFF<IMB EOW<BR IA;NM:[KNX N @BFF<B[ N
IF;IJ;B[ N;IF=@:;;B[ QN=?@:=B@B O: H?@NIL F  HI  CY

;NC: FIF=IN= NO  @:OL?QIJ9 Y "F=G FJNL?=?QGF=JI Y^Yƒ?<<?@
I =IMR U=I I;: JWHIQ;EQ: =?T;NU?F<B[ @:AI=B HI c=IX @B<IHNFN
N H?@?L:Q: ?? J @B<N €I@NF: Q?<F:;L@IJNU: J #IF<J? J  CY
b ;:F=IEK?? J@?ME FBLGA: c=IX @B<IHNFN ;?NOJ?F=;:Y
>@N?O\:E J <IM:;LN@IJ<N J ~?;N;C@:LR €Y Y ~:@N; JIF4
F=:;:JQNJ:?=FE <:< H@IP?FFI@4FIJM?F=N=?QG J ~ƒ% `F?;=EA@G
 CYa N <:< H@IP?FFI@ O:J<:P?L@IX J ~ƒ> NMY ƒ?@S?;:
`;IEA@G  CYaY b ?CI QNU;IM L?Q? HIL  D @TNJ: >Aƒ%
T@:;N=FE ?CI J=I@:E :J=IANIC@:PNE I= Y)„Y CY
#IF<IJF<NX H?@NIL AWQ ;:NAIQ?? HQILI=JI@;WM J CILW JIX4
;W LQE €I@NF: Q?<F:;L@IJNU: J ;:BU;IM HQ:;?R =:< <:< H@I4
LJN;BQ:FG ?CI @:AI=: ;:L LI<=I@F<IX LNFF?@=:SN?XY e:<R J N[;?
 CY €I@NF Q?<F:;L@IJNU JWF=BH:?= F LI<Q:LIM ;: <:P?L@?
@BFF<ICI EOW<: J #ƒ>Y>I FU:F=QNJIX FQBU:X;IF=N FIT@:;NQFE
H@I=I<IQ c=ICI O:F?L:;NE HIL g J ANAQNI=?<? bYbYbN;IC@:LI4
J:Y <:LY $YYeIQF=IXR IA;:@B\NJ c=I= H@I=I<IQR IHBAQN<IJ:Q
;:XL?;;WX =?<F= J JNL? F=:=GN HIL O;:M?;:=?QG;WM ;:OJ:;N?M
7O NF=I@NN I=?U?F=J?;;ICI EOW<IO;:;NE J@?M?; I=?U?F=J?;4
;IX JIX;W rD CCY `!I<Q:L H@IPY €YY~:@N;: I >:@N\F<IM
FQIJ:@? HI @:OCIJI@;WM LN:Q?<=:M #IF<IJF<IX BFN „…) J?4

<:R H@IUN=:;;WX  N[;E  CY J #IF<J?a Y >@?LF?L:=?QGF=JI4
J:Q =ICL: H@IPY bYbYbN;IC@:LIJR JWF=BH:QN HI LI<Q:LB H@IPY
Y!Y$N<NPI@IJR LISY bYYvNU:CIJR H@IPY >Y Yv?@;WTR H@IPY
bYbYbN;IC@:LIJR LISY "YYb:FNQ?JF<:EY bF? JWF=BH:JVN? I=M?4
=NQN JWFI<B[ ;:BU;B[ S?;;IF=G H@IL?Q:;;ICI NFFQ?LIJ:;NE N
;IJNO;B HIF=:;IJ<N JIH@IF: I @:OCIJI@;IM EOW<? #IF<IJF<IX
BFNY
b AIQGVIM O:<Q[UN=?QG;IM FQIJ? €I@NF Q?<F:;L@IJNU
HILU?@<NJ:QR U=I 7MIF<IJF<IMB LN:Q?<=B AWQI FJIXF=J?;;I

 (+ &-$3! $#!": 1$  <A


@ ! !3
&+  5+

3
 <A
/


 /)
 b


i!$!$ -$ ! 
K

/
QQQ

129


    

 #$ #)5 !$, @-#$, #$,+

IU?;G M;ICI F?J?@;WT U?@=Y Y Y J=I@ H@NV?Q < JWJILBR U=I J


FQIJ:@? I=@:\?; FM?V:;;WX CIJI@ F F?J?@;I@BFF<IX IF;IJIXY
OBU?;N? FQIJ:@E HIMI\?= BO;:=G F=:@WX :@T:;C?QGF<NX CI4
JI@Y >@N;SNHW U=?;NE EF;W N I<I;U:=?QG;I BF=:;IJQ?;WY Y Y b
O:<Q[U?;N? H@IPY ~:@N; AQ:CIL:@N= H@IPY bY bY bN;IC@:LIJ:
O: =IR U=I AQ:CIL:@E ?CI ;:F=IE;NEM :J=I@ J?@;BQFE < @:AI=?R
H@?@J:;;IX Q?= =IMB ;:O:L N =?H?@G H@NAQNONJV?XFE < FJI?MB
O:J?@V?;N[9 Y


—NJE J #IF<J?R €Y Y ~:@N; J c=IM \?  CY CI=IJN=


=@?=G[ JF?@IFFNXF<B[ <I;P?@?;SN[ J bIQICL?R <I=I@:E FI4
F=IEQ:FG JFQ?L O: IF=IJF<IX ` a N #IF<IJF<IX ` a
<:< JNS?4H@?LF?L:=?QG !N:Q?<=IQICNU?F<IX <IMNFFNN H@N $
Y :AI=:E H:@:QQ?QG;I J LJBT MIF<IJF<NT JBO:T N J FN4
F=?M? $R €YY~:@N; J ;IEA@?  CY AWQ H?@?J?L?; NO V=:=:
 #: J V=:= ;F=N=B=: @BFF<ICI EOW<: F;:U:Q: J #IF<J?R :
O:=?M J ~?;N;C@:L?Y ZNMIX rD CILIJ €Y Y ~:@N; JIOJ@:4
K:?=FE ;: @:AI=B J ~?;N;C@:L NO #IF<JW N cJ:<B:SNNY
e:<NM IA@:OIMR JF? U?=W@? H?@NIL: JI?;;WT Q?= J \NO;N
€YY~:@N;: H@I=?<:QN J ;?Q?C<NT BFQIJNET AW=IJWT QNV?;NXR
AIQ?O;?XR U:F=WT H?@??OLIJR =E\?QWT H?@?\NJ:;NXR M;ICNT L?Q
N O:AI=R ;I HI FIL?@\:;N[ @:AI=W I;N I<:O:QNFG JF?4=:<N HQI4
LI=JI@;WMN N AIC:=WMNR HI=IMB U=I JF?CL: AWQN =JI@U?F<NMNR
;:HIQ;?;;WMN \NJIX FJEOG[ F BU?;N<:MN N <IQQ?C:MN N Q[AI4
JG[ < FJI?MB L?QBY
b D CY €I@NF Q?<F:;L@IJNU AWQ ;:C@:\L?; @L?;IM
e@BLIJICI @:F;ICI Z;:M?;N 7Z: ;:BU;W? O:FQBCN9R : J
 CY M?L:QEMN 7Z: LIAQ?F=;WX =@BL J b?QN<IX =?U?F=J?;4
;IX JIX;?9 N 7Z: IAI@I;B ~?;N;C@:L:9Y

 $5P #)5 #  - $$$, F b



3
 PP$, # <AQ
 0 + # $ !"$) $) 0$ $$#!3
$) $& )  &-) # /L )
b

 b


I
$+: $- 0$  $#$$, - $$#$, & twtw
#$#
/D1
 
 

130


    

79 
 
    
 
   
  

  

  
 ! "### $

      

!:;;:E @:AI=: EJQE?=FE H@ILIQ\?;N?M ANAQNIC@:4


PNU?F<NT B<:O:=?Q?XR IHBAQN<IJ:;;WT J H@?LWLB4
KNT FAI@;N<:T 7$IJW? FQIJ: N FQIJ:@N ;IJWT
FQIJ9Y b ;?X BU=?;W HBAQN<:SNNR J <I=I@WT @:F4
FM:=@NJ:[=FE =?I@?=NU?F<N? N H@:<=NU?F<N? H@I4
AQ?MW ;?IQICNN N ;?IC@:PNN `Q?<FNU?F<N?R F?M:;4
=NU?F<N?R P@:O?IQICNU?F<N?R F=NQNF=NU?F<N? ;?IQI4
CNOMWR HI=?;SN:QG;W? FQIJ:R Q?<FNU?F<N? I<<:ONI4
;:QNOMWR ;IJ:E Q?<FN<: <:< IAx?<= FQIJ:@ER FQIJ:4
@N ;IJWT FQIJa F BFQIJN?M `J IF;IJ;IMaR ?FQN c=N
H@IAQ?MW IAIO;:U?;W `F HIMIKG[ FII=J?=F=JB[KNT
IHI@;WT FQIJa J O:CIQIJ<:T HBAQN<:SNXY

#.$# G

$3($!$ - $#$$1$#5
K!"
!&+ $0&1!$#$, # ///  &$) 5+  -! 3:

$ <AQ
JJ $#+ !$#  !$# $#+: !$#

 <AQS -$ 
/

$3($!$ -  )- $!$ )+


K!" !3
&+  $, # ///  &$) 5+  <AQ 0$ <A
JJ $#+
!$#  !$# $#+: !$#

 <A8S -$ 
/
 b!$# /
H

$3($!$ -  )- $!$ )+


K!" !3
&+  $, # ///  &$) 5+  <A< 0$ <A
JJ $#+
!$#  !$# $#+: !$#

 <AAS L$&! 

$3($!$3
-  )- $!$ )+
K!" !&+  $, #
/// J $  &$) 5+  <A 0$ <AA
JJ $#+ !$#  !$#
$#+: !$#
/D1
<AAQ

  
  
   131
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 
 0 T


K!" !&+  <AA 0$ 

,  +  3/ *>/&*' $" > ' ! ( + >/(
(*D! zz $'(! ,, \*"*'a= !(!4 B*3"'? B'B'( $
*?(5 OO 1
<8
   *    1"*#! $ (*??'&'(*+ B'%'("!%
?'4 C*=5 Z(D 5 *B  B*"*# ,, A(!"=' B*%
3"'? " #$  (  #!5 666 1c<O
# %( @(!> '&=  ? (*Z*! ,, @ '&= OO7 ^ 1;<

8

 1 / -*3'* Z(D * *$! > "*$  B''*?
/!&' '? $ >/(' #!/' ,, ]' 1!$*B*" #* B' %!
1*D !"=*%#?!  !(  1!$*B*"=5 OO7 ]B ; 1 8<
O
  4 1"*$!= **#* #*! ,, .*$' "*$! "*$! *%
$) "*$ 1235 OOc 1 <c
  4 @(!> '*"*# > '*#!Z > 1235 OO
  4 1B'D Z (! $*/?*a* (*+ '*#!Z ,,
_'( (*"*# >5 "'( (*#!Z >5 #!??! (! 1235 OO7 16<
c
  3 -*3'* *$'?'*#* **> > !/$  >
" #$  &'(*+ '? *"*# ,, A(!"=' B*3"'? *$'%
?'*+ " #$  ( " #$* !( ( 4 \!' !" ?'a$/
!&*%?'* (*Z h6< Z'$ OOOi \5 OOO 17<O
 * _'( (! (*+ !/$'( 4 h* &'( + *3/*i \5
OO7  
 (* 2*3"'? '? ! '? **3!/*$! '4 &'3 B*%
*3 ' B* B'D( 2'?=5 OO O 
 (* '? **3!/*$! ' (!( ' $!D *+ B*D' ,,
2*3"'? ' $!D $  '?' >/(! '&'$*+ '>'"=* 4
 )**' "*$**3!/*$! ' *? !D > \5 OO; 1<
8
 * 2!#?! (! *? ! $*#* B*D'! jB''*'&*%
#* *$*>/!k ,, HL|IQ JtMMI9Q PtMuQuISMIQ t}uQu5 OO7 ~ c
1O;<6
5   /1   1"*$!= !(*?!*$ ,, @'B % B*%
$F' > ($!" Z (!D !3* (*$ \] @*  *?*'*$*5
OO7 O6 
  1"*$* 'a ( $ ?!' ,, @* > OOc ^ 1
8<

; 0 - =3' (*#* >/(! /! B''"!? @* 
132
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 

0 T

# &
 1 (/ 6    -((!/ *!"=' "*$**&'! > (!(
'$* $!a' > )*a'$'*#* $'?' ,, ]*B* Z %
"*"*# ?'* ( B'B*!$! > *!) >/(*$ -?(5
OO 1<6
A#"*%( + 3 /'%"*$!=  :LMIuSMM |I9HItuQJr4 SuRqIM€%JLMMIQu
%' /5 B *B \5 OOO 


   :LMIuSMM uRqIM€4 B*3"'? B* ?! > *3!C' > ,,
l/( !( 3 /'! Y?'=5 OO7 18<
 78  / 1 ?$*" ( ? !"=*+ ' ,, V'"*$'&'( +
Z!(* $ B!$**)! '"=)  '?!)4 \!' !" \'a%
! !&%B!( (*Z jl/( ?*/#! '"! &'"*$'(!4 B*3"
B!( B*"=/ $ '>'"=* *#!*$ $' ) '"k hO
?!> 0  Y> OO;i -'"5 OO7 176<7
    @(*' "*$* $ X$*"YD **? (*' ,, .!&' %
 \*(*$(*#* B' #* %! ? ]_' ! 1'4 [?! %
!' !(  \5 OO8 V 1
<7
&8   - ! Z (!D X**D ?*$ $/! ?*'+$
) ("= >/(*$ ,, @* > E!B!4  !"*# ("= \5
OO7 1
7c<
c

 1  2 D B  '?*+ "'( (*#!Z *"(*$+ "*%
$!= ,, 2*X (! * > " '! _ #$  (! \5 OOO
17
<7;6
 9   z!"! ,, @ '&= OO; ^ 16O<
 0 2* )*a'%
 ' "*$!
    !( 3 (!/!= X* B*%( W ,, @ "*$'*= \5
OOO ^ 1;<;8 0 E! ?$*$! > $ (*? >/(' '!&%
' B*B( (!"=( *$! > *>/&) "*$
 ,
( @#!+'= B!$ "=*4 *$*"=* *"(*$+ "*$!=
(*+ 3!  \5 OOO c 
 8
 * A#"*%!?' (!( + *$*>/ (*D! zz $'(!4 '*%
"*# >5 Z*?5 Z(D ,, ]' -'3# #* B' %! [%
?!  !(  -'3#5 OOO ^
 1;<6
  * '? *"*# > (*?B=Y'*+ ') ( $ (*?
>/(' ,, 1'?! (! (*#* >/(! $  !)*  !"  #!5
OO7 16<6
5 4 ($'!> *? !D > $ #**(*+ '& ,, [%
?! !' "'*$! > -?(5 OOc ]B 1<7
133
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 
8 0 T
8

K!" !&+  <AA 0$ 

91 2(  $*B* * *' B*"=/*$! > !#" +( )


"*$ $ '?'D(*? >/(' ,, '* > B!( (! '&'$*#* *3C'%
 > ! *!*? >/(' \!# *#*(5 OOO V 1
<;
, / -((!/ *!"=*' $ )*a'$'*? '(' 1(*%
'?! &'( + !!" / &'3 B**3 ' !"  #!5 OOc 6 
, / * "'( (*#!Z &'(*#* *B ! > *((!/ *!%
" /?*$ ,, A(!"=' B*3"'? " #$  &'(*+ '?! (
 B*"*# " '!4 \!' !" ?'a! !& (*Z5 B*%
$>C ;6%"' Y *3!/*$! > !"  # *3"5 7< !B OO7
!"  #!%E'"'*#!( !"  #!5 OOc 1<
$
  . - '(**) >/(*$) /?'' >) $ '?'D(*?
>/(' *3m' '*+ ['?! ,,  {  (*$( ' &' > V'%
">3 (5 OOO V 1;O<78

 ( j2 '+!>k "!(!!> "'( (! Z!/'*"*# > $
!(!/!) ]\x(F ! ,, 2*$ D !"=!> X(/ 'D >4 
c6%"' Y * > *a' > ]\x(F ! !!"5 OOO 1;<

    0 (( !( + "*$!= B*"  &'(*#*
>/(! h( '!" /!D B*'(!i ,, @  (! '#*> \5 OO
^, 17;<c
&  : / * '!!"=*+ '? *"*# ,, b*? %
*$! ' *? (*#* >/(! w` $'(! a'$(5 OO8 186<
8c
&  : 1'?! &'( ' /?'' > $ B''"!) /! ?$*%
$!*+ "'( ( $ (*? >/(' ,, &' /!B !/! #* %!
!/!=5 OO 
; 
6<
O 0 1a' ' !F ' ' /!&'%
 + /! ?$*$!) "*$
  *4 2''$*  Z'? /?*$ (!( &!+ "&!+ B''$*%
! !#* &'(*+ "'( ( ,, @  (! ! *$'?'*? X!B'
\5 OOO 1<O 0 .! ?!' !"' B''$**$  Z !  >/
9 (4 2 D B B '? ""Y *$! > $ *$*?
!(!'? &'(*? "*$!' ,, -&''' /!!& (*+ !(!'? %
&'(*+ "'( (*#!Z  1235 OO; 168<

  1"*$!= 3"!*#* $**$(*#* a!#*!4 ]   \5 OOc
 - A * 2
7c   - @ * l

8 
  3 ]/! ?***F' > B'D !"=*+ h'? *"*# &'(*+i
*3C'" '!*+ "'( ( ,, b "**Z > "=! -3!%
/*$! ' . a'$!*$(5 OO7 1
8<8
134
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 
; 0 T
;

# &
   n@'D'/ >o ,, b "*" !(  OOO ^ 17< 0
@'D ! (4 * > (*+ "'( (*#!Z , -$ '
b21**(*"'*$ 1235 OO
   ?'! C'$ '"='  B !$(!? $;  ;
; ,, @ >/ $ F( OO; ^8 17O<c6
   ?'! C'$ '"='  B !$(*+  % $ (*?
>/(' ,, @ >/ $ F( OO7 ^; 1;<c
        @(!> B*"  &'(!> ?'!Z*!4
\!' !" ( "*$!Y \5 OO O

        1"*$!= ( ) B*"  &'( ) ?'%
!Z* \5 OO8 1
; 
  44 b(D *!"=' **3'* !&*%B*B">)
'(*$4 h.! ?!' !"' B*m>/ Z / ( i A$*'Z     
(! Z "*" !( \5 OO;
  ( - B!B!!DD 5  #'!) !3"* !) ,, @ '&=
OO ^8 18O<;
 0 - /!&' B*'3"' /! ?$*$!%
 +
  ( 1 '=( '5 (!'=( '   ,, @ '&= OO7 ^ 7
167<60 U ?*"*# > !/$! > '(**) *$*C'+
  ( 1'$! */! > >/(*$*+ *3!/* ) /&'%
 ' $ *!*+ ! * h! ?!' !"' **+ / !/*$ %
*'+ Z!/'*"*# &'( ) *((!/ *!" /?*$i , _ #$* !( %
&'( ' !B'( *B ! > >/(! # 3(!> ?*'"= *3&' > \5
OOc 1
6<
c
   2 -((!/ *!"=*' "*$*B*'3"' ' $ *?!' \A"%
#!(*$! j\!' \!#! !k ,, b "*" B* ( ]*"#*#!5
OOO ]B
 17<c;
   l/( !( >/(*$!> " &*=4 h! ?!' !"' '%
? *"*# '* X*#''/! _[? "'$!i ,, )*$!> Z'!
'>'"=* &'"*$'(! 1!!*$5 OO7 1cc<O6
 ** *"(*$+ Y  &'( + "*$!= 3 /'?'! h%
(*%!#" +( +5 !#"*%( +i  SRQq |I9HItuQJr tJ sLMIuSMM%
‚Su hLMMIQu%uRqIM€5 uRqIM€%LMMIQui 7%' /5 B''!3 *B
\5 OO; 7
8 
1 .  /?'' > $ B*'3"' "*$  **$*+ j.A%
@-k 0 B*(!/!'"= X$*"YD (*#* >/(*$*#* */! > B*%
"' ) '> "' +4 h.! ?!' !"' " '!*%(  &'( )
135
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 
7 0 T
7

K!" !&+  <AA 0$ 

B3" (!D + a!"! j.*$+ ? k O;<OO ##i ,, ]'


\*( %! 1'6 {!"  (! \5 OO; ^
 16<c
,- .* b(D * *$! ' *3!/*#* (*?B*'! "'( &'(*#*
/!&' > C'$ '"=*#* $ )*a'$'*? B3" D  &'%
(*? '(' ,, 1"*$* $ #!/''5 ! X(!'5 $ XZ ' ]**'a5
OO; 177<c6
# .4 _'( (! $ '& *$'?') 3 /'?'*$4 hO6%' #*
zz $i ,, @( + >/(4 * > *$'?'*= \5 OO7
1<Oc
   ' $!D **' *$*' ' !33'$ !) /! ?$*%
$! + $ (*? >/(' *$'+F'#* $'?' ,, 1"!$>( ' &'%
 >4 \!' !" *(" **3C '# * !& (*Z5 V'3*(!%
5 8<7 ?!> OOO V'3*(!5 OOO 1O<6
   - '(**) ''D >) $ !/$  "*$!*#* *%
!$! (*#* >/(! $ *$'?'Y XB*) ,, 1'?! &'(!>
 '?*= >/(*$) '  D 1!?!!5 OO7 1OO<6c
  4 n@'D'/ >o ,, @  (! '#*> \5 OO7 ^
 1;6<
78 0 @'D ! (4 \*( '(* ] \ 1"*$!= (*+ 3!*+
"'( ( 4 h\! /?5 *3D' /?5 X$Z'? /?  * (*%X %
?*"*# &'( ? (*??'i :SJqIu5 OO; ; 
 (" 1'?! &'( ' B'*3!/*$! > "*$ $ )*a'$'%
*? '(' ]\x(F ! ,, 2*$ D !"=!> X(/ 'D >4 
c6%"' Y * > *a' > ]\x(F ! !!"5 OOO 1
<

O
9    * 6" " 9  4 j1"*$!= '? *$
*$'?'*#* B'B  ?!'"=$!k $ B ("!*? !?*'%
 ,, @ >/ /! 3'a*? \5 OO8 ^;,7 1O7<OO
1 (( jV!= '& k * Z! *(*#* ,, @ '&= \
OO ^ 1<c 0 -*3'* >/(!  )*$**#* D ("!
B*X!
-   jl/( 0 X* B= D $ " /!D ("=k ,, @
>/ $ F( OO7 ^7 1O<O7
1 * .*$!> *3C'$'*%B*"  &'(!> "'( (! $ >/('
'$ ?!*$*+ Z*?!D ,, U(*"*# > ("= *3!/*%
$! >4 Z "*"*# >5 Z "**Z >5 * > Y?'=5 OOc 16c<


18 . U* '?(*' "*$* j!/3*(!k ,, @* > \5 OOc ^ 
1
6<

136
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 
c 0 T
c

# &
79 3   .*$+ ( + "'( (* @(*%!#" +( + "*%
$!=  B*>' >?  \5 OOO
  6 \* $!D *' $>/ $ "'( (' *$'?'*#* %
(*#* >/(! ,, b "*" !(  \5 666 ^ 17O<cc
   4 1  l/( ?*"*) !?' (!D'$ $ )*%
a'$'*+ B*/' 1xA (*D! zz $'(! ,, *?? (! $'
B!#?! &'( ' (*?B*' $ " #$  &'(*? "'*$! 
]**'a5 OO; 1
<c
  ( '!D *!"=!> "'( (! $ ?' D (*+ '? *%
"*# (*#* >/(! A$*'Z      *( Z "*" !( \5
OOc
 1 /  @'+ #5 ? a ] ,, "*$* $ #!/''5 !
X(!'5 $ XZ ' ]**'a5 OO; 1;O<7; @(*B = 'B $ .%
-. @A. ^;67c; * 6O; 0 - >/(' '"'$ ' >
'?'' !Z* /? !F ) B*"  (*$ ,, @b '#*> \5 666
^7 1cO
 * \*a* " *3*+ = 3'/ '? ! j!$!#!kW ,, %
($*/! ' \5 OO ^ 18c<8

 7  \'*+ !&* ,, l/( (!( $*&'$* \5 OO7
1 6;<6 0 @'D ! (4 [ #*='$ ] 2 1"*$*$*&'$*
?'a' B*3"'? >/(! B*X! \5 O7 0 .'*"*# /? ]
z"'3 (*$!
,  4 l/( ?*"*'a 0 *& ( *3*$"' > " '!*%
#* >/(!4 h.! ?!' !"' '? >/i ,, ]F!> F(*"!4 #?! %
!' !( #?!  &'( ' **$ *3!/*$! > $*B %
! > V !5 OO7 V; _ #$  (! 16<

,  2 ] ? ' F(*"=) '? *$ ,, @ >/ $ F( OOO ^
1O85 6
5 5 c
# 
4 7   /'%( !#" +(*#* >/(! , 2*
*3C ' 1*#!D(*#* 8%' /5 B \5  '$5 OOO
; 
  .*$*' $ " #$  (' ,, .'B (**$'+ /!B! \5 OOO
^h8i 1c<c; 0 -*3'* >/(! ( ) $ 1xA
  1 "  (! )*a'$'*+ '& $ @* 4 *%
 > *$'?'*' **> ' ,, HrqIMHrƒQ PtqS5 OOc 1
<

7
*"=F*+ (*??'&'( + "*$!= ,  b @>3*$!5 _ 1 V'F ( +5
-]*YF  2* ' b@>3*$*+ \5 OO7
OO 
137
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 
 0 T


K!" !&+  <AA 0$ 

*"=F*+ (" !+ "*$!= A"'(!! Y?! ,, .*$!> Y*=


OO7 ^c 18;<7
*"=F*+ "*$!= (*#* >/(!4 **$' "*$!  \!"' "*$!%
  1"*$!= '? *$ B*> + ,, 1_'f$5 ]_'*$( )5
2A_'(!  \5 OO 778 
*"=F*+ *"(*$+ "*$!= (*#* >/(! ,, @A. % " #$ %
"' , A$ (*$* '"= B*'(!5 *5 #" ' 1A/'%
D*$ 1235 OO ;
; 
*"=F*+ X(**? &'( + "*$!= , A$%* A* *$ \5 OOO
O8 
*"=F*+ X(**? &'( + "*$!=4 666 '? *$ , A.A/ " >5
-\A/ " >5 v]!"!F (*$!  2* ' A.A/ " %
>! 8%' /5 B''!3 *B \5 OOO 8; 
  ['&'( + X"'?' $ !#* 3'"*( ) '?'"'%
 (*$ ,, _'( (! "'( (*#!Z > \5 OOc 1
<
 
 n@'D'/ >o ,, @ '&= OOO ^7 1<; 0
@'D ! (4   _2 *"(*$+ "*$!= *>/&) "*$
\5 OO
    $*B* *3 **3'*>) ! ? ">D /! ?$*%
$!) "*$ ,, 1"*$* $  !? (' $'=5 OOc 1
<c 0 -*%
3'* Z(D * *$! > !?' (! /?! <=>?@@
  . l/( (!( #*/! $'' ' " &* ,, -3*/'$!%
'"= \5 OOO ^ h;i 7
<7;
  ./ [' ?' *+& $' *&'! >W ,, @ '&= OO7
^; 176<7;
  * 2 !'"=(!> "'( (*#!Z > $ B!! #?' !( * )%
*a'$'*? '(' ,, @  (!4 " #$  &'(!> B!! #?!
(*D! zz $'(! 1235 OOO 1
<8
  / .'?'D( + >/( "> ?''a'*$ (*??'!*$4
\''a?' ?!(' # ! E!B!*+ v$*B4 &'3 ">
'*$ $/*$5 *3&!YC )> B* X(* B'D ,, \'a!
!(! 3 /'! 3!( '"!  *"=> 5 OOc  
 1 ( 1 4 "  * - B D B'  %
'?* $ "'( (*#!Z &'(*? *B ! 4 \'a$/ 3 !&
 ,, \'a! !(! 3 /'! 3!(*$ '"!  1'4 b %
"*"*# > *"=> 5 OO ^ 1;
<;7

138
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 
O 0 T
O

# &
1   / 4    @'&'$*' B*!$* *$'%
?'*#* a!" !4 h.! ?!' !"' ?'*+ B'i ,, ]'
\**$(*#* %! 1!!(5 OO; ^ 1O<
 0 U(B' $%
*= (!( **3'*= *$'?'*+ B3" D  &'(*+ '& 
1    1 "  &'(!> )!!('  (! *$*+ #"!#*"=*+
"'( ( $ "*$!>) *$'?'*#* (*#* >/(! ,, .*$' "*%
$! "*$! *$) "*$ 1235 OOc 1
7<8
1    .'*"*# /? B*! ) *!a' ' "*$!>? %
(*#* >/(! ,, qQ„IQ4 }5 OO 1
O<


 #   n@'D'/ >o ,, b "*" !(  OOc ^ 1<; 0 @'D
! (4 .*$*' $ (*+ "'( (' 1"*$!' ?!' !"%O
, 2* ' vA_'$!F*$! 1235 O77
 #   "!#*$* '"=*=5 ? "*' '   0 #! ,, ]'
\*( %! 1'O _ #$  (! ?'a("= (*?? (!D >
\5 OO ^ 1O<
O0 U ?*"*# >5 /!&' ' "'('?
 #   ]!F ?'!" ' !F ?'!" ' ,, ]' \*(
%! 1' O _ #$  (! ?'a("= (*?? (!D > \5
OOO ^ 8 1

<
c 0 * > "*$!   $ (*?
>/('
 #   x(*"!5 # ?!/ >5 " D'+ ,, @ "*$'*= OO ^
18<; 0 E!&' ' "*$
 
  2 l/(*$!> #! $ B* /$'' >) 1!F 1*(*"*$! ,,
l/( (!( $*&'$* \5 OO7 1c7<
 0 .'*"*# /?%B!*%
 ? *?* ? $ B*/' 11*(*"*$!
 
 * A#" D /? $ (*? >/('4 * > B'B'(%
 $4 2**3 ' "> * '*$% *$ ]"! $**(5
OOc ;; 
 
 * ]/! ?*'+$ ' ("= 0 $/! ?*'+$ ' >/(*$ ,,
@* > E!B!4  !"*# ("= \5 OO7 17<8
 
 * 2*D' >/(*$*#* /! ?$*$! > (!( B**3 '!%
" /!D (*?? (! $) B*'3*'+ $ !?(!) ?'a("=%
*#* $/! ?*'+$ > ,, _ #$*(*#  $' B*3"'? ?'a%
("=*+ (*?? (!D  \5 OOc 18O<7;
 1 ' &  . ]" > ' !#" +(*#* >/(! ! '&= %
( ) $ .*$*+ E'"! ,, l/( ("=! \*$! I ("=!
 '$5 OOc 
 1c<6

139
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 86 0 T86

K!" !&+  <AA 0$ 

,  \  ?4 B!" *? (!( ?  ?!"=+ '( ,, .*$*' " 


*3*/' ' OOc ^
 1
<
; 0 2 )*" #$  (! '*"*%
# /? $ (*+ B*X/ 

  l$"' ' (*!? !D $ (*'(' B*/ A'+ 2"!%
**$! ,, 1'?! (! "*$!5 *3!/!5 '(! A)!#'"=(5 OO
17
<7c
-  6 ]'&* a $!> '&= ,, @  (! '#*> OO7 ^

17O<c6 0 - "*$!' ]2'"> ! A'(* j{ $!>
'&=k \5 OO8
  - 2  !( + "*$!= *$'?') B*> + '%
? *$
%' / \5 666
   .*$*' $ (*+ "'( (' h2* ?!' !"!? j1"*$!> B''%
*+( ki ,, ]' 1%2''3 %! 1' * >5 >/(*%
/! '5 " '!*$'' ' 1235 OO7 ]B 18;<8
)#!"'( + "*$!= , 1* 1A/ /> %' /5 *B \5 OO7
67 
  2  $ *!$*$'  db' '(* ?   % /!
OOc5 OOO5 666 ##
  2  \*#*" (!> '!B > ,, @ '&= OOc ^8 1;;<7
 0
- *$) "*a) "*$!)  *B*? "*$*?   1
  2  - $)     $ **? "*$' ,, @ '&= OO7 ^7
1;O<7 0 - *$**3!/*$! >) / $) "*$5 !& !YC )> 
; *' ') 'Z *?
1 ( ',7  '? *"*# > *&*+ X(**? ( 4 (
B*3"'?' !! B*> +*+ *#! /!D ,, ]' \'a%
! "!$> %! z!=(*$5 OOO  ^8 1c6<c
& 
4 l/( #!/'4 /3 !3* , 1* \.!(*>(*%
$! \5 OO7
6

#   2 $)*a' > !/#*$*) (*(D + $ B =?'%
Y '&= ,, b "*" !(  OOc ^7 1<

  / 1B'D Z (! "*#!! (!( a!*$*+ !/*$ * '%
("!?*#* '(!4 h.! ?!' !"' !?' (!( ) *& (*$i ,,
‚SJI9QuQ ]*"#*#!5 OOc ]B 1c<c
   .  1'?! &'(!> (! B "!#!'"=)  )*%
*+ '?*+ j?'!"" &'( +k ,, @ >/ $ F( OO7 ^8 1O<O;

140
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 8 0 T8

# &
 1 4  / !3"Y' + /! *$'?'*+ '&=Y4 -F 3(!
2 '? "*$(! ,, @  (! ! *$ X!B' \5 OOO 1<

   1=3 /! ?$*$! + $ (*+ "'( (' !*%
>(5 OO
 O6 
  (* -3C + $/#"> ! " #$  ( zz $'(! ,, b "*" /!B
]**'a5 OO ]B 17c<c8
  / jVa*' "*$*k $ B* /$'' >) ] \ x(F ! ,,
2*$ D !"=!> X(/ 'D >4  c6%"' Y * > *a' >
]\x(F ! !!"5 OOO 1<O
  :   / \  [ _A[! $ ?'!Z* &'(*?
"*$!' A  1*"a' D! ,, U*#'?''$ (!4 '(**'
B*)* ( B*3"'?' '?'*$*5 OOO 1
7<8
A   B . @'("!?! $ *D *("=*? !B'(' ,,
!$"'F ( ' &' >4 >/(5 ("=!5 ! D 5 *$!*%
$*  (5 OOc 16<8
1  *!!> "'( (! $ '&'(*+ '' ,,
'(4 (! Z(D * *$! ' !!"5 OO8 1;;<
;7
7 4 1"*$!= *!) "*$4 1 #!? Z*?!? 5  *%
 ?!? 5 B ? B*'3"' > , 2* ' 1!/**$*+ \5
OO 7
O 
  . *"(*$+ "*$!= B*"=/*$!'"> @1 , 2* '
[.1(">'$(*+g @A. % " #$ "' 1235 OO c7 
9 8   "*$') #!) ]"! ? ! .!3*(*$! ,, * @*%
*$%!%*5 OOc ^6 18
<;
]$'' ' $ B*" *"*# Y4 1"*$!=%B!$*& ( , 1* [_B >%
F   2* ' ]22#!&'$! \5 OO7 7

1 ( )  1 "" 1"*$* (!( *D !"=+ Z'*%
?' ,, HL|IQ JLMMI9Q !B'F5 OO6<OO8 ^8<; 1;<O
 !B   2B ]" > ' '$ ?!*$*+ Z*?!D !
Z*? *$! ' '&'$*+ ("= '*$ ,, "=! *3%
!/*$! ' Z!5 OOO 1c7<8
  24 U*" #$  (!5 !( *"*# > "*$**3!/*$! ' ,,
1"*$* ("=! \5 OO  18<

141
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 8 0 T8

K!" !&+  <AA 0$ 

 , 1 ( ''D !/$  > ("= '& ! B**#' ww


$'(! ,, \!' !" w *#'! \A2@l_ ! "!$!5 OOO
\5 OOO 1O
<O;
  1 ( Z*?!D *!> (! '("!?*#* '(!4
h.! ?!' !"' Z B'& '(*$i4 A$*'Z      (! Z %
"*" !( \5 OO;
 #    C9 4 1"*$*$*&'$* ] .!3*(*$! ,,
l/( (!( $*&'$* \5 OO7 17c<c7
 8   1*$'?'' B ?  $'  ' &'( ' >/( 5 "
! (!(*? >/(' #*$* " 2> D!5 &"' 'Z*?!"=) ?*%
"*'a) #BB '(**' B*"  ( ,, \*"*'a=4 D Z5
Z!(5 ?' > 1235 OO; ^ 18<8

]'F'X(**? &'( + *"(*$+ "*$!= , 2b!? ( +5 _1E!%
$=>"*$5 ]va(   2* ' 2b!? (*#* \5 666
;6

- 4 -((!/ *!" /? (!( $!a' ' $*'*3!/ >5 '!%
!* $!/ '"=* '(! ,, '( (!( *3m'( ?*%
#*!B'(*#* "'*$! > 1235 OO ]B
 V 1<O 0
.! ?!' !"' (*+ B*X/ zz $

  2 $)*a' > B**'& > $ " '!+ >/( ,,
]*B* " #$  (  OO ]B 1;;<76
  A  1*"a' D "*$*$*&'$*4 "*$**3!/*$!%
'"=+ !B'( ,, A1*"a' D (!> ("=! 1!%
!*$5 OOO 176<7

  - B *' "*$*$*&'$! ,, 2'"*a' ' "*$* 1!%
!*$5 OOO 18<;
  n@'D'/ >o ,, ]*B* * ''$*/! > ') %
(  OO7 ^ 18;<87 0 @'D ! (4 !( + "*$!= *$'%
?') B*> + '? *$ , 1* *3C!> ' ]A\!(!%
'(* \5 OO
 ;6 
 / "    V'"*$'(4 UD ("*B' &'( + "*%
$!= \5 OOO ; 
 44 n@'D'/ >o ,, ]' @* %! a3 !**$ 1'4
_ '!*$'' ' {!"  (! OO7 ^  1 ;<7 0
@'D ! (4 !!3!F ]] 1"*$!= '? *$ '("!? 2!%
3" ( @ "'+F/ \5 OO;

142
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 8
0 T8

# &
 3   4 A#"*%( + "*$!= *(!C'%
 +4 -( 6666 '  D
%' /5 ' \5 666 878 
  *  1B'D Z (! '? *"*# &'(*+ Z*?!D ,, b(%
D *!"=' "'*$! > \5 OOc ]B; 18
<87
  :% - '? *"*# ' *"=(* * '+ ,, @(!> F(*"!
\5 OO7 18<;8
8  " B . l/( '"*$*#* *3C' > (!( " #$  %
&'(*' ("=*' >$"' ' ,, @* > E!B!4  !"*# ("=
\5 OO7 1O7<6

8   A?' (!(*' B**'& ' /! ?$*$! ' ,, 1 %
!( (! 1'?! (! 2!#?! (! !*!5 OO7 17<O
1 " e#! /? $ (*? !#* ,, l/(5 */! '5 (*?%
? (!D > \5 OOO ]BO 17<c
 - / /,   \*!"=' *D'( " &* $ >/%
('4 B'/' ' ,, 1'?! &'( ' **$ >/(*$) '!" /!D +
!*! OO; 1< 0 .! ?!' !"' >/(! )*a'$'%
*+ " '!
 ,  l/(*$!> " &*= !D *!"=!> '> ,, .! *3!/*%
$! ' \5 OO ^; 1;<
6 0 1 '?! D'*) * '!D +
$ >/(*$*+ ("=' ( )
 ,  2*'( "*$!'+ 3!(*$(*%3 a'$*+ "'( ( h'?'D%
(*%(*%'?'D(*#* '?'D(*%(! (*%'?'D(*#*i ,, ]'
\'a! "!$> %! z!=(*$5 OOO  ^ 178<77
 , 34  $*B* *3 /&' B*"  &'(*+ (*?? (!%
D ,, ]*B* *$ " #$ A)!#'"=(5 OOO 1
<
c 0 2*%
"  &'( + >/( (!( !?**>'"=!> >/(*$!> B* '?!
-3/* " '!
 $,   .! j$)*'k j$)*'k (*#* *$'(*#*  %
(!4 h_ #$* * &'( + !B'(i ,, @  (!4 " #$  %
&'(!> B!! #?! (*D! zz $'(! 1235 OOO 18<
 0 - >/%
(' $"! 4 (  &'( + !!" /
 

% *"(*$+ "*$!= B* Z*?! (' ,,  3" *'(! \5
OO7 ^; 177<7
  3 2 D B "'( (*#!Z &'(*#* *B ! > B*Z' *%
!"=*#* a!#*!4 h.! ?!' !"' B*m>/(! *3C' > B*%
#!?? *$i ,, '?  "*$* ..*$#**5 OOc 1
<8


143
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 88 0 T88

K!" !&+  <AA 0$ 

  3 1"*$**3!/*$!'"=!> ?*'"= X(B' $!> '?! %


(! a!#* /?*$4 h.! ?!' !"' B*Z' * (*?B=Y a!#*%
!i ,, ]*B* '* ?'* (  >/(! "!5 OOO 1
8<


    1"*$**3!/*$!'"=' #'/! $ *$*+ '? *"*# %
&'(*+ "'( (' ,, 1'?! (! B!! #?! (! >/(*$) ' %
 D "=>*$(5 OO7 18<

 : 1"*$!= +*#  2'  !#"  '$5 OO7 8 
/ 8    * / 8  4  !(*$(*%3 a'%
$*+ "*$!=4 b5 !#"5  \5 OOO O7

/# :' _'( &'( ' *$**3!/*$! > $ (*+ B' * &'%
(*+ B'&! 6<O6%) #**$ zz $'(!4 A$*'Z      (!
Z "*" !( ]*"#*#!5 OO7
/
   - *" *   \!'$* XZ %
*#* $B"' >4 &'3 B**3 ' ,, % B*$F' > ($!" Z %
(!D !3* (*$ '"'$ ' > ! *$'C! > , 2* *3C '
[!+?!(*$*+ \5 OO7 77 
/ / .*$!*$*5 /! ?$*$! '5 *$B!' ' ,, l/( "=%
! [?! !*' /! ' \5 OOO 1 7c<cc 0 1*B*!$ %
'"=!>  "  (! _'( (*% !( &'( ' !Z*?!D
$  Z >/(!)
/  .  2''$* !33'$ ! !(* ?*$ ! ( + >/( ,,
@* > E!B!4  !"*# ("= \5 OO7 1<

/  2" 2*$ D !"=+ '&'$*+ X (' $ *3C' ?*"**+ %
'"" #'D ,, b'*?' B*$ D  2*3"'? '"" #'%
D  !?3*$5 OO7 ]B8 166<6c
/ !3 1B'D Z (! !/$  > B''*) /!&' +  #"!#*"*$
$ a' > $ >/(!) !/*#*  B! ,, b(D * *$! ' >/%
(*$) '  D $ !/) Z*?!) '&  1!!*$ OO; 1 8O<
;
 0 .! ?!' !"' (*#*5 '?'D(*#*5 "'/# (*#* !!3%
(*#* >/(*$
/ * U(**? &'(!> '* >4 *"(*$+ '? *"*# &'%
( + "*$!=4 &'3 B**3 ' "> '*$ $/*$ B* !#*X(*
B'D \5 OOO 8c 
/  .  ABB!!' #5 (* *!> B*"  (!5 B*(*$'!>
3*=3! 2*"'"*$ ' ( *$!D *? (*?B*/ D >? ,, 1 !%
D > ("=*#* B''"*?!4 \!' !" !&*%'* '? !!
2'*/!$*(5 OO 18<O
144
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 8; 0 T8;

# &
/  .   $*B* * *$) (!&'$') /!&' >) B "!#!%
'"=) ,, A(!"=' $*B* (*+ Z "*"*# ?'* %
( '' B'B*!$! >4 '/  *("!*$ !& (*Z 1($(!5
OO
 1O
/  .   * B "!#!'"=*#*  &
$ (*?
>/(' ,, b "*"*# > ! 3'a' >&'"' + \!' !" ?'a%
! !& (*Z ]B l/( (!( Z(D * YC!>  '%
?! @**$%!%*5 666 1<

/  .  "=* /!& ?' (*?B*' $ "'( &'(*+
(' "*$! h! B ?'' B "!#!'"=*#* 1#
i ,, b "*%
"*# > a!"  (! $ (*'(' ("=4 \!' !" ]'%
* +(*+ !& (*Z @**$%!%*5 OO ]B 18<8
/  .    - ,, @ '&= OO7 ^7 18c<
;8 0 -*3'* '?! ( "'('? $ *$'?'*? (*?
>/('
/  .  2 "!#!'"=*' 1#
4 *? ! $' (*?? (!%
 $' !B'( ,, …*?? (!D $ ("='4 \!' !" !%
&*%'* '? !! 2'*/!$*(5 OO7 17c<c

/  .  1'?! (*%Z(D *!"=' /?'' > B "!#!'"=%
) $ *$'?'*? (*? >/(' (*D! 6%) 0 O6%) #**$ zz
$'(!4 A$*'Z      (! Z "*" !( 1235 OOO
/  .  1'?! &'( ' B D B *B ! > *$) ** '"=%
) B "!#!'"=) ,, zz` /*!"=!> (*Z''D > " '%
!*$'&'( ) (!Z'  $' '*$ B'  *$ 2*%
$*"a=>  (*Z''D > Z "*"*#*$ 2*$*"a(*#* '# *! 
<;
?!> OO8 V4 _ #$  (! $'=5 OO; 1<

/  .  1'?! &'(*' *B ! ' *$) /!&' + (!&'$'%
) B "!#!'"=) ,, .*$' "*$! "*$! *$) "*$
1235 OOc 1;8<76
/  .  1"*$!= **#* *3 >4 ?( ' $3* $ /'(!"'
B !! ,, * > Z "*"*# >4 B*3"'? !&*+ *3!/*$!%
'"=*+ '#!D ! 3'a' >&'"' + \!' !" ?'a%
! (*Z 2'*/!$*(5 666 1c<c
/  .  U(B" (!D > *$) /!&' + (!&'$') B "!#!%
'"=) $ >/(' *$'?') * +( ) #!/' ,, b(D * %
*$! ' >/(! $ !/" &) '&'$) a!!)4 \!' !" ]'%
* +(*+ !& (*Z @**$%!%*5 OOc ]B
 1<8

145
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 87 0 T87

K!" !&+  <AA 0$ 

/   (B  *$) !#" +( ) /! ?$*$! >) $ (*?


>/(' ,, A(!"=' B*3"'? /&' > >/(*$) '  D $
?'* &'(*? " #$  &'(*? !B'(!)  +(5 OOc
1c<
/   / !/?F"' + ! B ( *$*? !(!'? &'(*? "*%
$!Y *$'?'*#* (*#* >/(! ,, l/( 0  '?! l/( 0
'( l/( 0 B**3*= \5 OO; 1 c<cO 0 - B*>
j"*$!= *$'?'*#* (*#* >/(!k **F' '*' %
&'(*+ '?! ( ( "'( (*#!Z 
/    (*D'BD !(!'? &'(*#* "*$!> -3* "*$ $ "*%
$!= ,, -&''' /!!& (*+ !(!'? &'(*+ "'( (*#!%
Z  1235 OO; 18<
6
/   - B'D Z (' '?! &'(*#* !/$  > ?!") '? *"*%
# &'( ) #BB ,, ]*B* '# *!"=*+ "'( (*"*# **%
?! (  ]*"*#! OO; 18<8O
/   l/(*$!> B*"  (! ,, ]*/*a' ' ("= @* 4
l/( X* 1235 OO; ]B
 17<O
/  1B'D Z (! /'%3 +(*+ '? *"*# h! B ?''
!(!! E!( ! j-!X#!?!ki ,, 2*3"'? !"='#* ]**%
(! OOO ^7 68<
/  .*$+ !#"*%( + "*$!= !/#*$**+ "'( ( 4
%' /5 ' \5 666 cc7 
/ 1 *B A( $' B*D' $ #!??! ('4 h.! ?!' !"'
*$!D + ?!*$) >/(*$) *F 3*(i ,, @( + >/( (*%
D! zz *"' > hO;<OO;i \5 OO7 1
c<
68
/ .4 - j? ?) "*a) "*$!)k ,, _ ( >/(! \5 OO
1
<
O 0 A!" / "*$  B!  ,   , ;
 B
/  j['*+ (!B !"  &'(*#* !k 0 *(*3 '"=* "
X* /$! 'W h- $) !'# >) B!#?! &'(*#* !!" %
/! '(! (!( *3m'(! Y " #$  &'(*+ X(B' /i ,,
d " #$  (!%4 B*3"'? B'B'( $ !!"5 OOO
1<
c
/  3  ./ ),  4* 1*$'?'' $'> > $
'& ''+ ,, @( + >/(4 * >5 Z(D >5 /&' ' "!5
OO7 1
<8
/  ./ @!/#*$*+  ( ,, b(D * *$! ' >/(*$)
'  D $ !/) Z*?!) '&  1!!*$5 OO; 1c<
146
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 8c 0 T8c

# &
/ 1 * [*$* ' B*C'  !* ( $!? B*>'> ,, 1*%
*'&'$' ( 4  ("=! $' #! D \5 OOO ]B ;
1;6<;; 0 - ("=' '& B3" &*#* B*"  (!
/ .4  !? (! ?'*$! > " D! B* * '>'"=*
$ (*? >/(' ,,  {  (*$( ' &' > V'">3 (5 OOO
V
/  _!#'+ a!#* $ *?!' A1*"a' D! jA%
) B'"!# [ _A[k ,, A1*"a' D (!> ("=! 1!%
!*$5 OOO 1;<76
/9 . 1*$'?'+ B*"  &'( + "*$!= ,, b "* *D *"
?"=  '$ OO; ^, 1<8
/  (' {!#*+ "'( (* *$'?'*#* B**(! ,,
]*B* *$ " #$  (  A)!#'"=(5 OOO 1
c<8
/,   $*B* * " #$  &'(*+ B!$' $ (*'(' !%
D *!"=) ("= ,, -3C'' **3'*' $ '# *!"=*+ ("=%
' . a'#**(*#* (!>4 \!' !" ?'a! !& (*Z
h7<c Y> OOci ..*$#**5 OOc 1
<86 0 2*>$"' ' *%
$) "*$ $ $>/  /?'' '? *D !"=) "*$ + $ @*
['?! *!a' ' X ) '*"*# /?*$ $ *"(*$) "*$!>)
(*#* '?'D(*#* >/(*$
/,;*  4 - *$'?'*+ (*+ '& (!!( )
)*3**$ ,, * > #'*#!Z > ( ) !**3>&'( )
#*$**$ \5 OO; 1O<7
/,;*  4 l/( ("=!4 - (*+ jX? #!%
(*+k '& $ !!' ,, -3" ( "*$! \5 OOc 1
<


/  /  4( e$'**3*/!&' > $ B*'' h2* ?!%
' !"!? )*a'$'*+ " '! zz $'(!i ,, A(!"='
$*B*  * ( (*?? (! $*+ " #$  (  \5 OO7
17c<7
/  4  U*("=!> ! ? ">D >4 B*#*/ '!"=*=4
h.! ?!' !"' '?'D( ) B'''"'D'$ / 1.[ $ b@[i ,, U%
*("=!> B'D Z (! >/(*$*#* */! > \5 OO7 1
<

[**(!> !/#*$*!> '&= B*3"'? '' /&' >4 \'a$/ 3
!&  -?(*#* #* %! , -$ ' - B*$5 \2- %
D*$! OOc ]B 
  ]B O7 
/ $  ( j2'"!#!'? 3 /'%*#! /!* / !!"=%
*+ (*a k ,, @ '&= 666 ^ 1;8<;7
147
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 8 0 T8

K!" !&+  <AA 0$ 

/ 1 ( - #'3! /?!)  F /?!) $ (*? >/(' ,, ]'


v$'+(*#* %! $ \*($' OO; ^hOi 1<66
/   ( j1 \*($!% ! !*' ?*'†k4 V*%* *$'=(*'
$ #!??! ('W ,, @ '&= OO ^
 18;<;
 0 ''? *%
"*# /!D > *'"=) "*$ B*'3"' ' '? *$ $ >/('
B3" D  ( 
/   ( "=*%>/(*$!>  D ! $! $ B3" D  (' ,,
\ *)! ? '3>5 (!> '&= \5 OO; 18<
O
/   ( \5 ?*! >/( ,, \ *)! ? '3>5 (!> '&=
OO; 186<87 0 - >/(' ?*) a!"*$
/ 5 ((  1  (  2" '/! !?*a'%
*+ "'( ( ,, @* !?*a !(! \5 OOO  
/ - * A#* /? $ ?*"*'a*? a!#*' ,, @ >/ $ F(
OO7 ^ 1c<;
/ - * !( B*>$">Y> !#* /? $ (*+ '& ,, @ '&=
OO7 ^8 17c<c
/ - * \')! /? B'')*! !#* /?*$ $ *3C'!*+ >/( ,,
@ >/ $ F( OO7 ^; 1c<O6
/ - * -(! "*$!  1 ,, @ >/ $ F(
OO; ^
 18<7
/ - * 2* )*a' ' Z(D * *$! ' (*#* !#*4
A$*'Z      *( Z "*" !( 1235 OO;
; 
/ - * @(*' !#* ..*$#**5 OOc 87 
/ - * b(D * *$! ' a!#* /?*$ !(*?!*$ h.! "'(%
 &'(*? ?!' !"' # . a'#* .*$#**!i ,, -3C'' **3'%
*' $ '# *!"=*+ ("=' . a'#**(*#* (!>4 \!' !"
?'a! !& (*Z h7<c Y> OOci ..*$#**5 OOc
17O<c6
/ - * $    $*B* * *D !"=*+  !"'(*%
"*# (*#* >/(! ,, b "*" !(  \5 OO7 ^; 1<
7 0 -3 /&' *D !"=) !/*$ *'+ '& 4 !#*5
a!#**$5 "*$*%B*Z' *!"=) >/(*$
/ - * *  * * (*%X ?*"*# &'( + "*$!= $*%
*$(*#* a!#*! 1235 666 ;7 
/ #  " b'*?' z"'3 (*$! ,, l/( 0  '?! l/( 0
'( l/( 0 B**3*= \5 OO; 1 8<
 0 -3 **3'%
*>) >/(! B*X/ ]z"'3 (*$!
148
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 8O 0 T8O

# &
/ # 1 : jVa*+ >/( $ (*+ " '!'k ,, @ '&=
OOc ^8 1c
<cc
/   2 l/(*$!> #!4 ''* B $*&'$* v(!' 3#5
OO7 8 
/  $ 1"*$!= *$) "*$ \5 OO7
;  '(4 !#" 0 1"*%
$!= *$) "*$ $!a' +5 (**' $*F" $ !#" +( +
>/(  O76
/ 8 . * * 1*$'?'' ("!' "*$! $!%
a' > \5 666 ;86 
/ 1 2 ]*B*? ! > * 3C'? ,, @ >/ $ F( OOO ^
1c6<cc
/, 2 -Z D !"=*%'"*$!> '&=4  "  &'( ' "'*$!%
 > B*"' ) '> "' + ,, HrqIMHrƒQ PtqS5 OOc c
<8
/,  " -((!/ *!"=!> Z!/'*"*# &'(!> *? !D > $ '(%
'4 h.! ?!' !"' B' [@5 b@[5 A$ E!B!*#*
'" !i ,, 2*3"'? ' $!D $  '?' >/(! '&'$*+
'>'"=* 4  )**' "*$**3!/*$! ' *? !D > \5
OO; 1O<O;
/   2 -*3'* ?*"*'a*#* "'#! $ !?' (!(*?
$! !' !#" +(*#* >/(! ,, 1'?! (! B!#?! (! >/(!
$  !"*#' ("= 1!?!!5 OO 17<7c
/
 / -*3'* '&'$*#* B*$'' > $ *$) ( ) !("!%
$!) ['?! ,, E$'/! OOc ^ 17<
/
 4 1B'D !"=!> "'( (! $ *$'?') '("!?)
'(!)4 h.! ?!' !"' a!"=*+ B' b@[i ,, 1"*$* $
 !? (' $'=5 OOO 18<8O
/
 2 -*(*?B*'+ X"" B  (!( B**3 !Z*%
?!D Z!/'*"*# &'( ) '  D4 h.! ?!' !"' *$'?'*+
#!/'i ,, 1'$! >/(!4 '?! (!5 Z(D >5 /&' ' %
"!5 OO7 16<

/ .  .'*?! $!> "'( (! $ '& *$'?'*#* #**(*#*
B**(! h] $'' (*D'BD >/ " &* i A$*'Z     
(! Z "*" !( !!"5 OO;
/ .  .'*?! $!> "'( (! $ "*$!*? /!B!' B**(! ,,
[**(!> !/#*$*!> '&= B*3"'? '' /&' > -?(5
OOc ]B 1c<6

149
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ;6 0 T;6

K!" !&+  <AA 0$ 

/ .  b / &'( ' $*/?*a* $'F + *3" ( &'"*$'(! $ >/%


(*$*+ (! ' ? ! B**(! ,, b "*"*# &'( + 'a'#* (
-?(5 OO ]B 178<77
  3 e$' $ B*') *B ! >)4 h.! ?!' !"' !#"*%
>/&*#* B*X &'(*#* '(!i ,, .!&  &') \**$(*%
#* #* %! ? .2-#!'$! 1!!(5 OO V 1;8<;
   n@'D'/ >o ,, ]*B* >/(*/! > OOO ^7 1;<

 0 @'D ! (4 *"=F*+ *"(*$+ "*$!= (*#* >/(!
, A$ (*$* '"= B*'(!5 *5 #" ' 1A/'D*$
1235 OO
   1*!$"' ' **?! &'(*#* "*$!> !/#*$**+
 a'*+ "'( ( ,, _'( (! "'( (*#!Z > \5 OO;
]B7 1c<

#1    '? *"*# &'( + "*$!= 3 /'?'! \5 OOc
 
#1  4/ 1"*$**3!/*$!'"=+ !B'( ! ?'*$! + D$'! $
*$'?'*? !#" +(*? >/(' ,, .'(**' B*3"'? #'?!%
(*+ Z "*"*#  2> #*(5 666 1;<O
  . '"!( ' j#!!3!+'k $ ['?! h- $*/?*a%
* ("! Z (!D i ,, 1 )**' *B ! ' >/(*$) ' %
 D $'=5 OO 1c< 0 "! Z (!D > /! ?$*$! +
'"*$*+ !#" +( +  uRqIM€ tJ sLMIuSMM4 &'3 !#" >/ V <
, [x'"(*$!5 _A_>'D(!>5 ]{!$&'(*  \5 OOc
7
O 
     : @(!> (*??'&'(!> (*'B*%
'D >4 1"*$!= (" F *$!) $!a' + \5 OO ;; 
  %   2  !( '*"*# /?*$ (*#* >/(!
O;<OO ## ,, .*$' "*$! "*$! *$) "*$ 1235 OOc
1c<
7
  %   2  v  &*' /!"=*' $ B!( ('
'*#!Z 4 *# B'B'( $ ,, \!' !" zz` \'a%
$/ (*Z''D B'B*!$!'"'+ !B !*$ 123[  ]BO
_'( (*"*# > _'( (*#!Z > b!/'*"*# > V 1235 OOO
1<O
  %   2  @!/!3*(! '?! ( !ZZ (* *$
$ "*$!>) *$) "*$ ,, \!' !" zzz \'a$/ !&*%
?'* & (*Z''D B'B*!$!'"'+ !B !*$ 123[ 
]B 1235 666 1
O<8;
150
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ; 0 T;

# &
  * , &    $*B* *3 !33'$ !!) $ *$'%
?'*? !?' (!(*? $! !' !#" +(*#* >/(! ,, ]*B*
" #$  ( ?'* ( B'B*!$! > *!) >/(*$
(5 OO7 1c<O
  "  - a!#* /!D >/(! ,, '* > B!( (! B'B*!%
$! > (*+ "*$'*  \5 OO7 ]B
 1c7<O;
  "  @(!> "'( (*#!Z > $ ("=*? (*'(' $*%
*+ B*"*$  zz $ ,, ]' \*( %! 1'O _ #$  (!
?'a("= (*?? (!D > \5 OO ^ 18<
  * 1"*$!= (!( $>/= "*$  a /=Y ,, @ >/ $ F(
OOO ^; 1<c 0 *"(*$! ' '(**) *$'?') '%
? *$
  * 1"*$!= (!( $>/= "*$  a /=Y ,, @ >/ $ F(
OOO ^7 1c<c;
 , * 12 ]V ,, @ '&= OOO ^7 1;;<; 0 -3 B*%
'3"' $) (!"=( *$!) !33'$ ! $ (*? >/('
$  $ $ *"=F*+ *"(*$+ *D *"*# &'( + "*%
$!=4 @%!#"5 !#"*%4 2'  !#" \5 OOO  4 A<-
;8
 4 2<l ;8c 
$ D $ _'( (*%'?! &'(*' B*"' j?/(!k $ *$'?'%
*? (*? >/('4 A$*'Z      (! Z "*" !( 1235
OO7
   34 ] B* (!) a $*#* "*$!4 -3 B*'3"' B'Z (%
!"=) #"!#*"*$  A1*"a' D! ,, A1*"a' D
(!> ("=! 1!!*$5 OOO 17
<77
   3( \!*$!> (*?? (!D >5 ?!*$*' */! '5 ?!%
*$' j3*"'/ k >/(! ,, \ *)! ? '3>5 (!> '&= \5
OO; 1;<O6
   3( x!?B >"( 0 >/(*$*+ *?*/ ,, \ *)!%
 ? '3>5 (!> '&= \5 OO; 1Oc<6
,  /! -((!/ *!"=!>  * ? > ! D!'"=) C'$ %
'"=) * /!&' '? " D! " &) ?' $ '(*+ '& ,,
1"*$* $  '?) **F' >) ! !/) *$>) >/(! v(!%
' 3#5 OO8 1<

,  4/  , E#
 ,, @ "*$'*=
OO; ^8 1c;<c 0 * > $!a' >

151
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ; 0 T;

K!" !&+  <AA 0$ 

 $  2  @'&'$*+ ? a B*"  &'(*#* " '! ,, 1*D


\5 OOc ^ 1
6<
;

 @*(%'( (!( '$* B''$!a' > !D *!"=*#*
?'!" '! ,, 2* ?! ' (!( ?*' ' B**' ' ?%
"*$ $'=5 OO7 V 1c<cc
 $ / $: b !*$*% $' D *+ "*$!=4 2'
 !#" \5 OOc ;; 
   (  j2 * 'k j!"='! $!k ,, @ '&= OO
^ ; 1 c<c
 0 1'?! &'( ' $ # $ "*$!)5 F *(* B*%
'3">YC )> $ *$'?'*+ B3" D  ('
 1 2 1*$'?'!> (!> '&= $ /'(!"' a!"  ( ,,
]' 1!$*B*" #* B' %! 1*D !"=*%#?!  !( 
OOc ]B6 177<7c
, - 
 E!3'a!> " #$  (! * '(**) B*3"'?!)
"'( (*#!Z ,, ]' \'a! "!$> %! z!=(*$5
OOO  1;;<76
, 3 ["!#*" B*$'' > ! #!/'*+ B*"*' ,, \*"*!> Z %
"*"*# > .*$* 3 (5 OO ]B 166<67
,1
* !( + "*$!= *$'?') B*> + '? %
*$ ,, ]' \*( %! 1'
 ]**(*$'' ' OO7 ^
1c<c 0 @'D ! (4 !( + "*$!= *$'?') B*> +
'? *$ \5 OO
 ;6 
8  1"*$!= *$'?') D !4 8
66 )*>& ) D !
$!a' + zz $'(!5 ) *& ( 5 !$*5 ! *$(! \5
OOc 7O 
&,
 E!?'( * >/(' '("!? $ lB* ,, /$ ]* %
! !"='$* #* %! ]"! $**(5 OO; ^
 1O<6c
7$  . 1"*$*"*a' ' !33'$ !D >4 )*$* !/" %
& >4 h.! ?!' !"' *$'?'*#* !#" +(*#* >/(!i ,, /$
]* %! !"='$* #* %! ]"! $**(5 OO; ^ 
1;<
.#   '? *"*# &'( + "*$!= '"'$ ' >4 -*$' B*>%
 > (*??' ,, % B*$F' > ($!" Z (!D !3* (*$
'"'$ ' > ! *$'C! >
%' /5 *B \5 OO; O 
.#   [!/'+ /!#*"*$*( (!( !( $ /!* Z**$) /!%
 + ,, a?(! V'">3 (5 OOO ^ 1O6<O;
.    A#* ("=! \5 OO; 
 
152
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ;
0 T;

# &
.    @(*' !#* $ >/('5 *3C'$' ("=' ,, @
>/ /! 3'a*? \5 OO; ^ 1<O
.    1"*$!= ("!) "*$ h( + ( '?!*#!Zi4
*(*"* >& '  D \5 OOO  
.     1"*$!= ?*(*$(*#* !#*4 \!' !" O6<
OO8 ## \5 OO8 c66 
.     1"*$!= (*#* !#*4 \!' !" O6<OO6 ##
\5 666 7O8 
.     2''*' /!&' > $ B**'&  !"#!5 OO
6

.   3 nS9SuMItuo ,, @ >/ /! 3'a*? 666 ^ 17<c 0
JQuutr 5 `tIHSqS„Q  S JLMMS |L 9t‚‚SJ9S SH |SM Q‡QIJSM 5
OO; c  0 @( + *#*$+ '"*$*+ >/(
.   b(D * *$! ' *>/&) $(!B"' + $ *+
'& ?*"*'a ,, 1*$'?'' B!#?!" #$  &'( ' "'%
*$! > *?!( )5 #'?!( ) (*#* >/(*$ ]**'a5
OO7 1c<c7
.  (* * *$! ' Z*? "*$! (!( *  / B**3*$ *3%
!/*$! > a!#**+ "'( ( ?*"*'a ,, 1$>/ >/(*$)
'  D $  '?' '!" /!D 4 (*#  $+ !B'( !?3*$5
OOO ]B 1
;<
O
.  3" 1'?! &'( ' B*D' $ "'( (' ,, @( + >/(
(*D! zz *"' > hO;<OO;i \5 OO7 1
<77
.  3" 61 . !  !4 1"*$!5  (**? ?
$' $'&!" =4 *"(*$+ "*$!= (*#* *3C'#* a!#*!
\5 OOO
6 
.   jA?' (!( +k $ '+$ 4 $/#"> ! "'( ( !?'%
 (!(*#* $! !! !#" +(*#* >/(! OO6%) #**$ ,, _ %
#$  (! ?'* (! ]"! ? 5 OOc 1O<

.  1"*$! h" #$  &'( '5 XD ("*B' &'( ' *%
!) "*$i ,, .!(! a /= 666 ^ 17<O
  l/( ( ) X? #!*$ $ ['?! ,, l/(5 */!%
 '5 (*?? (!D > \5 OOO ]Bc 1<;
 3" \ Z * j*$) ( )k ! Z*' "'( (*%'?! &'%
(*+ #BB #"!#*"*$ B*$'' > ,, V'"*$'( ! 3'a' *$*#*
>&'"' > V'">3 (5 OO 16
<67
153
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ;8 0 T;8

K!" !&+  <AA 0$ 

   _'( &'( + *!$ B*X &'(*#* !"' > ]*D%
(*#* ,, \  ]*D(*#*4 "'*$! > ?!' !" \5 OO
]B 18<78
   ( A#"*>/&' /! ?$*$! > $ Z*? *$!
'? *"*# * +(*#* (! ,, @* > ]**(4 B*3"'%
? $/! ?*'+$ >  \'a! !& (*Z O ?!> 0 8 Y>
OO; # V'">3 (5 OO; V8 16c<6O
   ( -?"' ' !#"*>/&) ! ?'*$! + " D B*
B*Z' !/" &? *D !"=? #BB!? ,,  {  %
(*$( ' &' > V'">3 (5 OOO V 178<c
  * 1"*$!=%B!$*& ( '? *$ B* !)*$! Y
B''!)*$! Y \5 OO8 6 
61 34 *# " #$  &'( ) 'Z*? $  !' ,,  !+
! B ?*' /!D 'Z*?4 '/ *(" z \'a! !%
& (*Z j !+5 (  D $ " /!D > ?  * >5 *$'?'%
*= B'B'( $k h\*($!5 <8 ' OOOi \5 OOO V
1<7
6 $&
*4 V!''&!> (! /! ?$*$! > ,, "'%
*$! > B* (*? >/( -')*$*%E'$*5 OO7 1<c
6
- * U(*"*# > >/(! B*3"'? )*$* ,, e'%
!"=!> @* > ! 3'a' zz $'(! \'a! !& (*Z5
-'"5 <7 Y"> OO; -'" OO7 8 1cO<c
6  1   j@( + "*$!= >/(*$*#* !F ' >k A.1*"%
a' D! *$'?'!> '&'$!> B!( (! ,, A(!"='
B*3" *$ "'( (*#!Z  1"*$! !3*! $ F( $/' \!%
' !" ]'* !& (*Z hA!)!=5 8<7 ' OOi
A!)!=5 OOO 18<
69  ." @ * (! A1*"a' D! h*?? (! $' *%
? *$'?'*+ (*+ '& i ,, A1*"a' D (!>
("=! 1!!*$5 OOO 1
<8
69  * ]**$(*+ a!#* $ B*X/ ]1]*D(*#* ,, A(%
!"=' B*3"'? Z "*"*#  \!' !" '# * !&%B!(
(*Z #!5 OOO 17;<7O
69    '9 ( '?  j#k '#* X$*"YD > $ '(*%
*) !B!$"' >)  +(*+ )*$*+ ("= ,, ]'
\*( %! 1'
 ]**(*$'' ' \5 OO; ^
 1
<8
6   ABB!!5 !BB!!& (   ,, @ '&= OO ^8 18<
8 0 B*'3"' '5 X ?*"*# > "*$
154
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ;; 0 T;;

# &
6 - /* 1'?! (! $'?' 4 ( *&' Y ?'!>/(! ,, b %
"*" !(  OO; ^ 16<O
61 (* @'("!?! $ B' * # B' # Z (!D ,, ]'
\*( %! 1'6 {!"  (! OO; ^
 1;7<7
61 . A( $' B*D' *$'?'*#* "*$*B* /$*%
$! ,, @( + >/( (*D! zz *"' > hO;<OO;i \5 OO7
1O6<8
61 . vC' !/ * >/(' (*#* /!3'a=> ,, l/( 0  '%
?! l/( 0 '( l/( 0 B**3*= \5 OO; 1

<8
61 . -  B &'( ) **3'*>) (*#* >/(! X? #!%
*$ B'$*+ $*" ) B**?(*$ ,, /$ @A. 1' "  >/
\5 OO ;c5 ^8 1
O<8c
61 . 2 =?! B**'&* #*$*>C ) (!( *& ( /&'%
 > '(* Z D *$!) Z' (*#* >/(! #**(*+
3("= ,, @  (! 1"!$  (! *'$*B'  (! \5
OO7 187;<8cc
61 . @( + >/( (*D! zz *"' > hO;<OO;i ,, ]'
@* #?!  !& Z*! \5 OO7 ^
 1;7<7 0 1"*$*%
*3!/*$!'"=' B*D' $ *$'?'*? (*? >/('
61 . l/( (!( /'(!"* *$'?'* h"*$**3!/*$!'"=%
' /!?'( i ,, b "*"*# &'( + 3* ( \5 OO; 1 ;8<
7
 0 -3!/*$! > * !*B* ?*$
61 . l/( (*#* /!3'a=>4 $! B*"Y! ,, l/( "=%
! [?! !*' /! ' \5 OOO 1 
7<;c 0 *'">%
D ?'a * &'( ? 5 ("=? 5 B*Z' *!"=%
?  $ !"=? **3'*>? 'B'=Y *)!*%
 ,!/F' > (*#* >/(!
6 ,   .*$' ''D $ !/$  >/(! ?!%?' !4 h.!
?!' !"' #!/ /!#*"*$(*$i ,, A(!"=' B*3"'? Z "*"*#
'' B'B*!$! > 1!!*$5 OO7 V 1
<7
6-; 8  -*F' ' B "!#!'"=)  B'Z (*?
;5  %5  %5  9 %5   %5  9 % ( >$"' >? X?*D *!"=%
* 5 ' $* 5 Z*?**3!/*$! Y5 "*$**3!/*$! Y
( Z(D *!"=*+ #!??! (' ,, 2m$ (*"*($ ? B* '/ (*%
/! '4 *(" m*3C' > ]'" (* m*$*5 OO
 18
<;
6   '!D *!" /? $ ! ?'*$! >) *D !"=)  B*$
$ (*?5 B*"=(*? Z!D/(*? >/(!) ,, HL|IQ JtMMI9Q
tMuQuISuMIQ *}uQˆu5 OO7 ~c 18;<;
155
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ;7 0 T;7

K!" !&+  <AA 0$ 

67  3 - B*> jX(**? &'( + '(k ,, ]/*$(!> !(!


$ *3!/*$! 5 3 /'' B* /$*$' v'( 5 OOO 1;7<
7
4 . /?'' ' '?! ( "*$ *?! $*#* '?'D(*#*
>/(! B B'')*' ) $ ?*"*'a+ a!#* h! B ?'' ?'!%
Z* &'(*#* B''*!i ,, 1"*$* $  !? (' $'=5 OOO 18O<
;
4   2!( *"*# > '*"*# > h B*3" '#!D " #$
X(!" #$ /! >i ,, \*( #* " #$ % \5 OO7 6 
@(*B = 'B $ .-. @A. ^; * 86
O7
4 4 "=!> '! >/(*$!> ("=! h'/ i ,, 1"*%
$* ?*"*? Z "*"*#!? 1235 OOO 1;6<;
4  A#"*%( + "*$!= B* '("!?' B!3" (  "'+F/
h *"(*$! >? i 1235 OO c 
4  E!3'a' "'*$!'" * ?'a!**? '"*%
$*? *3C' 4 h1*D *("=+ " #$  &'( + !B'(%
i ,, -!a' ' >/(*$) '&'$) '!" + $ "'( (*#!Z %
&'( )5 " #$  &'( ) " '!) "'*$! >) $!%
*$*5 OO; 1<O @(*B = 'B $ .-. @A. ^;6O *
6O7
4- 4 "=! '& $ '>'"=* $!&!4 h B*3" Z*%
? *$! > X" !*#*  B! >/(*$*+ " &* $ B*Z' %
*!"=*+ ?' D 'i ,, ]*B*  "  (  1!!*$5 OO
]Bc 1c<87
4
 ( / 34 1'?! &'(!> B'D Z (! !#"*%
!?' (! /?*$ $ ?*"*'a*? *D *"'('4 .! ?!' !"' B*%
/$'' + j.*$' !! > Y*#* ]k ]x ZZ'! j\*'
' /!' B*(*>k ,, 1*$'?'' B!#?!" #$  &'( ' "'%
*$! > *?!( )5 #'?!( ) (*#* >/(*$ ]**'a5
OO7 18<O
4 " [!Z &'(*' "*$**3!/*$! ' ,, [?! !' B*%
3"'? #"!/!? ?*"*) -'"5 OO8 ]B 1O<6
4 " \!' !" ( j1"*$!Y  $ !"=*%!$*( )
"*$ ] 1 ]*D(*#*k ,, ]*D(*$'' ' $*D(*$ ' '
-'"5 OO8 18<8c
4 / ) 1  n@'D'/ >o ,, l/( '&'$!> '>'"=%
*= 1235 OO  168 0 6O 0 @'D ! (4 @( + >/(
156
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ;c 0 T;c

# &
(*D! zz *"' > hO;<OO;i , .!& ' vAE'?(!> \5
OO7
41  A$*( ' *$**3!/*$! > $ (' '(!4 h.!
?!' !"' *?') #"!#*"=) *$**3!/*$! + B*"' )
'> "' + zz $i ,, b "*"*# > !*!5 OO; ^ 1<

45 // -  B!) X" !*+ '&'$*+ ("= ,, 2'"*a'%
 ' "*$* 1!!*$5 OOO 1c<c7
* > (*+ "'( (*#!Z , -$ ' b21**(*"'*$ 1235
OO 76 
49 6 .'(**' **3'* **+ '& !!%#**a! $
"*$ >) $>/& > ,, 2*3"'? Z(D * *$! >  !"'(%
*"*# * >/(! !/!=5 OO O<6O
!"=>(*%( + X(**? &'( + "*$!=  pI}ItuQJIt IHQqIQuI%
JLMMt |SI HSJ‚IuI S9tut‚I9I4 -(
6666 '? *$ , [z!?*$!5
[[_'3''$!5 -AE!+D'$!5 d]-$&  (*$!g 2* *3C '
[z!?*$*+g @'  '(! @a!( ! 1235 OOc ;O 
 1 ! (- " *>/&' "*$! ! ! D!) *%
$'?'*+ B'4 1"*$!= ]**'a5 OO7 O 
#  
 (   % 1"!3+  (4 * !'# >)
'("!?*#* '(! ,, @  (! '#*> \5 OO ^
,8 1

<
88 0 l/( '("!? $ B**$'(*? ("=*? B*!$'
 2' 1"*$**3!/*$!'"=+ B*'D !" (*#* >/(! ,, 1 %
!( (! 1'?! (! 2!#?! (! !*!5 OO7 1;<
c
 2'   4 \'* *(%"'( (*! $ X"'(**%?%
/(!"=*? "*$!' (*#* >/(! ,, b "*"*# > !*!5
OO; ^ 1;<O
  * *"(*$+ "*$!= B!$*$*#* *'a! > #*%
!$'*+ "a3 ,, @* !(! #* "a3 B 2'/ ''
@* b''!D  \5 OO7 8O 

, 1
  *+& $' ! 3 $*%3! $' *&'!%
 >  B "!#!'"=? D$'! $ *$'?'*? (*? >/('4
A$*'Z      (! Z "*" !( !/!=5 OO;
  . *>/&*' "*$* $ /' O6%) #**$ h*D *" #$ %
 &'(*' "'*$! 'i ,, @( + >/( '#*> ]B 13
 , -$ ' _2  \5 666 1
c<;7
  . 1 "  &'( + *3" ( *BB*/ D **+ B' ,, @%
( + >/( (*D! zz *"' > hO;<OO;i \5 OO7 186O<87
157
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ; 0 T;

K!" !&+  <AA 0$ 

  . !Z*?!D > "'( &'(*+ '?! ( *&'!'?*%


 h! ?!' !"' >/(! #!/'i ,, @( + >/( (*D! zz *%
"' > hO;<OO;i \5 OO7 17c<O
 1 (" !*'(' 0 j@* +(*? "*$ *" &Y B*"=%
/ B 'F'+k ,, .!D *!"=' "'( (*%Z/'*"*# &'( ' Z*%
 1235 OO; 1 
<c 0  66%"' Y *"=F*+ "*$!*+
(!*'(  ! " #$  &'( ) "'*$! + @A. $
1!(%2''3#'
 1 (" @( + " '!+ >/( $ (*D' $**#* %
>&'"' > ,, b "*"*# &'( + 3* ( \5 OO; 1Oc<6
   / .*$*' B*(*"' ' $3 !' ( +W ,, @* > OOc
^ 1
7<86 0 @( + >/( /! B''"!? @* 
 8 . - *" "*$**3!/*$! > $ !/$  #!??! &'( )
B*D'*$ h! B ?'' ( ) ?' C'$ '"=)i ,,
HL|IQ JtMMI9Q Pt}uQuISuMIQ t}uQˆu5 OO ~ 1O<
 8 . 1"*$**3!/*$!'"=!> (*!? !D > $ *$*+ (*+
"'( (' ,, HL|IQ JtMMI9Q Pt}uQuISuMIQ t}uQˆu5 OO7 ~c 17;<
7O
 * l$"' ' !33'$ !D $ *$'?'*? Z!D/(*?
>/(' ,, ]*B* Z "*"*# ?'* ( B'B*!$! > *%
!) >/(*$ -?(5 OO 1;O<78
 . @!3*! ! '*"*# /?!? $ B*D'' *3&' > &'%
 Y ! ?!' !"' !(!"=*+ B3" D  ( ,, HL|IQ JtMMI9Q
Pt}uQuISuMIQ t}uQˆu5 OO7 ~c 17c<c 0 .*$!> "'( (! $
(*? >/(' B*"' OO
  4 "*$ > Z(D * *$! > ?(*#* >/(! $
B*"'*(>3=( + B' * ,, l/(*$' B*3"'? @* +(*+
b''!D /!(* * >/(!) \5 OO8 1O7<66
  *  B*!*$(' B*3"'? * ("=' '& ,, 2*3"'%
? ?(*+ Z *%#*(*+ Z "*"*#  a'$(5 OOO
18;<;0 - ("=' '& * '"'+ (*#* ?(*%
#* >/(*$ $ ? 
 ;*  . l/( ?*+ 0 $!# ?*+ ,, ]' \*( %! 1'6
{!"  (! OO ^8 1
<

 0 - ("=' '& a!%


" !
   4 A'(* (!( B'?' " #$  &'(*#* /&' > ,,
{! '&  1!!*$5 OOc 188<;

158
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ;O 0 T;O

# &
    n@'D'/ >o ,, @  (! '#*> OOO ^< 1;<
7
 0 @'D ! (4 1!?*$ *' "*$*4 1"*$!= (*+ B*X/
zz $'(! 2*3+ $B4 A%A%Y%'+ , 1* ]2[ #*='$ 
\5 OO
    @  (! $ @* 4 -*$' !B!$"' > **%
> ' "'*$! + ,, LMM qIuRLIMHI9M ptJ|JS9€Hg ]tMHtu5 OO7
`tq65 ^ 1O<6

 #8  4 -$*3*a'*' "*$*4 h2*X (! B*/ 1'#'> *%
$"!*$!i ,, _ '!! j'='+ $*"k 1!?!!5 OOc 17c<
6
  !/ !Z*?!D > >/(*$*+ ' $ !(' ,, ]'
@A. \5 OOO  7O5 ^  1 67<60 l/( (!( $!a*'
'$* (*?? (!D $ !('
 ( "- 4  -*3'* ! ? ">D !?' (!%
 /?*$ $ 3 !(*? $! !' !#" +(*#* >/(!4 h.! ?!'%
 !"' *$) "*$ -(Z*(*#* "*$!>i ,, b(D *!"='
!B'( !!" /! >/(! ?'* (! '#* B'B*!$! > \5 OO;
1;<7
 @(*B = 'B $ .-. @A. ^876 * ;68O7
  . _ '!!> ("!*$!> ,, E!?> OO; ^c 1
<
0
@'D ! (4 _Y3 ?*$ .\ _ #$  &'( ' ?'?! \5 OO8
1"*$!% * ?5 *3** '& 5 !+'' !$**? B &'%
 ( #
8  
4    " !Z*?!D > >/(! !( 4
**$' ''D ,, .!* *a'$! '/!$  ?) #*%
!$ !(!' '='#* >&'"' >4 '!" B'B'( $4
'/ \'a! !& (*#'! 1!(%2''3#5 ;<c ?!>
OO7 8 1235 OO7 18<;
 &-  - "*a) "*$!) $ '(' '("!? /!#*"*$(!) ,,
_ #$  &'( ' (!'#* $  )*  !)*  2> %
#*(5 OO7 16<67
  ' U(/* &*= $**&) /! ?$*$! + ) *$*' '
( ? >/(*? ,, !$"'F ( ' &' >4 >/(5 ("=!5 !%
 D 5 *$!*$*  (5 OOc 1c<O
    $*B* *3 !33'$ !D $ *$'?'*? (*? >/(' ,,
@( + >/(4 $*B* Z(D * *$! > ?'* ( *3&'%
 > \5 OO; ]B 1

<
O

159
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 76 0 T76

K!" !&+  <AA 0$ 

    [''4 " #$  &'( ' !B'( \5 OOO O  0
l/( ("=!g >/( *3C'$*g ?'* /&' > *B !%
 > >/(!
     3  B*"*# &'(!> ("! Z (!D >
'? *"*# &'( ) "*$!'+ (!( B*3"'?! '? *#!Z ,,
2*3"'? Z "*"*# ?'* ( B'B*!$! > *!)
>/(*$ 1235 OO 17O<cO
  2 '? %!33'$ ! $ !#" +(*+ ?' (*%3 *"*%
# &'(*+ " '!' ,, _ #$  &'( ' (!'#* $  )*%
  !)*  2> #*(5 OO7 16<67
    *  V* B* )*   !F ? >/(*?W ,,
]' @* %! a3 !**$ 1'4 " #$  (! OO; ^
1<c
 
# 1 * 1*$'?'!> X(**? &'(!> '? *"*# >
h1*!$ *+$* b(D * *$! 'i ,, @( + >/( (*%
D! zz *"' > hO;<OO;i \5 OO7 17<
7 0 1*D !"='
Z!(* >/(*$) /?'' + $ Z'' *$'?'*+ X(**? &'%
(*+ '? *"*# 
F    ] B* (!) B''"*$ ?"! ,, @ '&= OOc ^

1<7 0 ]*B > ' *((!/ *!" /?*$ $ !*D ! $*? X(%
B' ?''
F    ](!> ?/(! (*'$ *$!!>  '= ,, @
'&= OO7 ^7 1O<
 0 -*3'* B*X &'( ) *3!/*$ $
$*&'$' AA]*/''(*#*
8  4 jB*&'*' (!*'& 'k4 $&'!5 '#*>    $'%
#!W ,, @ '&= OOO ^ 1;;<78 0 _'( &'( ' /! ?$*%
$! > $ >/(' '$ ?!*$*+ Z*?!D 
8  4 !( '(**' "*$! j)F!Yk $* /!&' > ,,
@ '&= OO ^
 1;8<;O 0 1*D *" #$  &'( + !B'(
8  4 \ Z*"*# /!D > '&'$) '$ $ >/(' *$'?'%
*+ #!/' ,, @ '&= OO7 ^; 
7<8
8  4 1'?! &'( '  "  &'( ' /?'' > $ "'( %
(' *$'?'*+ #!/'4 h.! ?!' !"' #!/ OO<OO8 ##i A$%
*'Z      (! Z "*" !( \5 OO;
7-  / l/(*$!> '!"=*= B*"  &'( + ? a ,, -3%
*$"' ' @* 4 + B* ( 'F' + \5 OO; ]B
 <
7
160
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 7 0 T7

# &
1# 1 3 A#" +( + >/( ?''a'*$  uRqIM€ tJ
‚QuQRSJM4 &'3 B**3 ' Y?'=5 OOO 7

,   '( ' *$!D $ !#" +(*? >/(' ,, \'a!%
**' * &'$* $ *3!/*$! $ (*'('  !"*#! $)
("= 1235 OO 1O6<O
  \*"*' * ?*"*'a*? a!#*' ,, @ >/ /! 3'a*?
OO; ^ 1O6<OO
 % !"=>(*%( + (*% !"=>( + "*$!=
B* X(**? ('5 (*??'D B!$  pI}ItuQJIt S9tut‚I9t5
9t‚‚SJ9IQqS S RLIJI|I9t IHQqIQut%JLMMt S JLMMt%IHQqIQut4 h8O666 '%
? *$i \5 OOc 786 
 /% vC' !/ * (*? ?!'4 h2* B*$*  \\\!(*$%
(*#*i ,, b "*" /!B ]**'a5 OO7 ]Bc 18;<8
1 ./ -3"*$"'*= *3*! **3'*'+ Z(D %
* *$! > >/(*$) '  D $ )*a'$'*? '(' ? *%
$*B > '? !$*! ,, '( (!( *3m'( ?*#*!B'(*#* "'%
*$! > 1235 OO ]B
5 &  1c8<c 0 -3 **3'*>)
 *"'(! x-(a!$
 4  1 4 '"*$*+ !#" +( +4 B*3"'?
*3&' > ,, l/( !( 3 /'! Y?'=5 OO7 1O<
 "4 #,1 4 A#" +( + >/( X(**? *$ @*%
*$%!%*5 OOO
; 
  ( 1"*$**3!/*$!'"=' B*D' $ '? *"*# %
&'(*+ *? !D ,, 2*3"'? #?! !) !( *?*%
?*"=(%!%A?'5 OOO V 168<6c
$  (  !1 .% @'" # */' '!" %!?' (!%
 /? ,, v $*  '?*#* Z(D *!"=*#* !!" /!
>/(*$) '  D '"#**5 OO7 ]B 1

<

$; -  4 j1*$'( + &'"*$'(k &'"*$'( '!"=%
+4 A*B*"*# &'( ' !/?F"' > * *$!D >) $ >/(*$*+
(! ' ? ! * > ,, \!)  #?! !!> !(! zz
$'(! ] "=Y5 OO; 1;<7
$    - >/(' $*'*%*(?'!"=*+ B*/ ,, b "*" !%
(  OO; ^
 1O;<6
$  *  2 !/$  >  "  ( (*#* >/(! $* %*+ B*%
"*$ ' zz $ ,, HrqIMHrƒQ PtqS5 OOc 1O<8O

161
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 7 0 T7

K!" !&+  <AA 0$ 

$  *  7  *" /&' ' !&*#* Z(D *!"=%


*#*  "> $* $**+ B*"*$ ' zz $ ,, HrqIMHrƒQ PtqS5 OOc
18;<c
    1 44 l !( )*& !/$!= ( *4 j.! $%
*' B =?*k4 -B " #$*%*D *" &' > \5 OO7 ;; 
&   ) 1  1"*$!= 0 /'(!"* ?'>YC'#*> $'?'%
 ,, @  (!4 " #$  &'(!> B!! #?! (*D! zz $'(!
1235 OOO 1;<7
  * C  C 1"*$**3!/*$! ' (*""*($ !" /?*$%/!%
?$*$! + ,, _'( (! "'( (*#!Z > \5 OOc 18<88 0
.! ?!' !"' '?'D(*+ !/#*$**+ '& 
, 2 27  !B U(B' $*= *((!/ *!"=*#* "*$!
$ #!/'*? '(' ,, \*"*'a= !(!4 B*3"'? B'B'(%
 $ *?(5 OO 18<8;
  " 1"*$! 0 "'( (*#!Z &'( + *& (4  B*%
3"'?' *!$"' > "*$!> "*$  $*'? *#"!? ,,
.!D *!"=' "'( (*%Z!/'*"*# &'( ' Z* 1235 OO;
17
<77
  "    . 2*"' (*+ 3! , 2* '
dA[$*/!'$! @**$%!%*5 OO7
8 
-  3  {!#* (!( '$* "!'*#* *3C' > B'%
B (*$4 _'(D > *?*'*$*5 OO 7 
  -3C'$'*%B*"  &'(!> "'( (! $ '?'D(*>/&%
*+ B'' B' *! /?'' > !! ['?! ,, '* > >/%
(! '& 4 * > *$'?'*= $!*$*5 OOO O<O

 * [*B*! 0 #!a!' 0 *$! C 0 #*B*! ,, @
'&= OO ^  1 ;8<;; 0 1*D !"=+ !B'( B*'3"' >
"'('?
  . 2 D B j ?">(!k $ *?!' {% [Y ?!!
j.!*3**k ,, '* > >/(! '& 4 * > *$'?'*=
$!*$*5 OOO O<
;
  64 1'?! (! '? ! (!( *3m'( '? *#!Z &'(*%
#* ?*'" *$! > ,, ["!#*" ?> $ (*+ "'( (*#!Z 4
$*B* '* B!( (  v(!' 3#5 OO7 1
6<87
  . *
   @*"= *D *"'(*$ $ B*>$"' '*"*%
# /?*$ ,, l/(*$!>  !? (! $'=5 OO7 1
8<


162
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 7
0 T7

# &
  2*"  (! ?'*$! +  B*/ D *D *"*# ,, HL|IQ
JtMMI9Q PtMuQuISuMIQ t}uQˆu5 OO ~ ;<O 0 A!" / '(*%
*) ! ?'*$! +5 $>/!)  *D !"=? B''?'!? $
(*? >/('
 / "'( ' (*+ !/#*$**+ "'( ( 4 $/#"> /
['?! ,, @  (! '#*> OO ^, 16<;
 / *!( (*Z" ( X &'( ) ("= $ /'(!"'
>/(! ,, .!&' *("! Z "*"*# &'(*#* Z!("='! \[ 
\5 OO7 ]B 1c<7
 / 1"*$!= *!) "*$ \5 OOO 7c 
   '>= >& ( ) '*"*# /?*$ * j*'B'" k *
jB''*+( k ,, ]' \*( %! 1' O b "*"*# > \5
OO7 ^8 17<c 0 @'D ! (4 1"*$!= *$) "*$ (*%
#* >/(! h'' ! ;6%) 0 '' ! 6%) ##i , 2* ' .E*%
'"*$*+ 1235 OO;
  / 1"*$!= *$) *!) "*$4 1 B''$**?5 X %
?*"*# '+ *"(*$! '? \5 OO; 88 
 ;% 8 4 '"'$ / *!> B3" &!> '&= ,, {!%
"  (! ! B**#' ww $'(!4 * &'( + *B5 *$'?'*'
!/$  ' ]"! (!$(!/5 OOc ]B 1
<
8
  1"*$!= !Z' ! 1 ?Z'*B*"=5 OO7
6 
  .*? !D > (*??'&'( ) B'B > +4 h2 )*%
" #$  &'( + X(B' ?'i ,, ]' V'">3  %! 1'
b "*"*# > V'">3 (5 OO7 ^ 17
<c6
  ( .! ?'*$! > !"(*#*"=) !B (*$ $ %
(*? >/(' w<ww $'(*$4 h" #$  !B'(i4 A$*'Z     
(! Z "*" !( -'"5 OO
   ''D !/$  > '? *"*# &'( ) '%
!D *!" /?*$ $ X(**? &'(*+ "'( (' '?'D(*#* >/(! ,,
A(!"=' B*3"'? >/(*/! > \5 OO ]B 18<

  ( *>/&' /! ?$*$! >  '?! >/(!4
h.! ?!' !"' !#"*>/&*+ "'( ( $ Z !*$*%X(**? &'%
(*+ '? *"*# '?'D(*#* >/(!i ,, b "*" !(  OOO ^
17<O

163
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 78 0 T78

K!" !&+  <AA 0$ 

  (    (! * 33" (! (!(


B'?' j(*+ *(*"*# k ,, @(!> *(%B*X/ >4 '(
(*'( $'=5 OOO ]B 1O<;
 4 @'("!?' '( '! **#*  B! ,, ]' 1%
2''3 %! 1' * >5 >/(*/! '5 " '!*$''%
 ' 1235 OO7 ]B 167<6
 4 @'&'$!> (! #!/'*#* '(! 1235 OO; 76 
  1 . 1'?! &'(!> B *! /$(*B*!a!'"=) "*$
) "*$!*' B'!$"' ' ,, b "*"*# &'( + 3* ( \5
OO; 18;<;
 0 .! ?!' !"' ?'a*?') #"!#*"*$
  ( - '(**) B*D'!) $ "'( (' *$'?'*#* %
(*#* >/(! ,, 1'?! (! "*$! '?! (! '(! \5 OO8
1c;<
 0 /?'' > $ *3C'$'*%B*"  &'(*+ X(**? %
&'(*+ "'( ('
  ( 2*D' !( $ /!D * /?*$ $ (*? >/(' B*%
"' ) "' ,, A(!"=' $*B*  * ( (*?? (! $%
*+ " #$  (  \5 OO7 1
<6
 
% /  ! *"(*$+ 3 a'$*+ "*$!= 
Ht9ƒ sJt9ƒSJ‰M |I9HItuQJr4 ;666 '?  X($ $!"'!? ! !#"
>/ \5 OO7 8

 ,
   1"*$**3!/*$!'"=' $*/?*a* B*!%
$') B "!#!'"=) ,, 2'"*a' ' "*$* 1!!*$5
OOO 1
<
;
  2 *& ( *$*#* !(!'? &'(*#* "*$!> ,, -&'%
'' /!!& (*+ !(!'? &'(*+ "'( (*#!Z  1235
OO; 1
<8

  2 2*3"'? '?! ( $ *$*? !(!'? &'(*? "*%
$!' ,, -&''' /!!& (*+ !(!'? &'(*+ "'( (*#!%
Z  1235 OO; 1;<O
  -   /'%"*$!=4 2!( %!#" "*$!= (*?%
?'!! \5 OO7
O 
 -$  3* V* ($!'> /! ?*? *3***? A Š ,,
@ >/ $ F( OOO ^
 1c<
 8  2* )*a' ' "*$! EU ,, @ '&= OO7 ^;
1c<

164
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 7; 0 T7;

# &
 8 2  - '(**) j'C'$YC )k B "!#!'"=)4
h.! ?!' !"' B*X/ #*> 1'$'> !i ,, [?! !' B*%
3"'? #"!/!? ?*"*) -'"5 OO8 ]B 1O
<O8
 * '? %/! ?$*$! > $ "'( &'(*+  '?' >/%
(! ,,   ""*%\'Z* '$( ' ! D ! . a'+ ]*"#' ]*"%
#*#!5 OO; 1;6<;
  / .!F >/( 0 X* !F! =3! ,, \*( a 666
^
 1
7<

  / l/(*$*+ $( XB*) ,, .! *3!/*$! ' OO
^ ; 1 7
<7c 0 2*3"'? >/(*$*+ *? ("= '&
$ *$'?'*+ @* 
  / l/(*$*+ $( XB*) 4 / !3"Y' + ! '&'$*+
B!( (*+ ?!%?' !
%' / B *B 1235 OOO
6 
   / 1"*$* v12@vv_ !( $ /!D > 3'ZZ (%
) C'$ '"=) ,, b "*"*# &'( + 3* ( \5 OO;
1;8<7
7- (B .*$*' "*$* '#* $>/ $ >/(' ,, A(!"=' B*%
3"'? Z(D *!"=*+ "'( (*"*#  1235 OOc 1;<
1 3* - $>/ >/(! ("= ,, .!&  ?*"*) &'%
) -[2 -'3#5 OO; 1c<
8
 6 _'( &'(!> *&'!'?*= "*$! $ *$*? !(!'? &'%
(*? "*$!' hZ!#?'i ,, -&''' /!!& (*+ !(!'%
? &'(*+ "'( (*#!Z  1235 OO; 1;<7
 6 1 !( &'(!> *&'!'?*= "*$! $ "*$!' ,, -&'%
'' /!!& (*+ !(!'? &'(*+ "'( (*#!Z  1235
OO; 17
<77
 6 '*' &'( ' !B'( "'( (*#!Z &'(*#* *B !%
 > *$) "*$ ,, .*$' "*$! "*$! *$) "*$ 1235
OOc 1c<
- 2 l/(*$!> " &*= * '"> X" !*+ '&'$*+
("=4 h1*D *" #$  &'( + !B'(i ,, l/(*$!> " &%
*=4 1*D *" #$  &'( ' X?* $' !B'( ]*"#*%
#!5 1!!*$5 OO 16<
- ( e'*!> * '!D >  D *!"=) '(%
*$4 h.! ?!' !"' '("!?i ,,  ?*"*) &') %
'*$ ]*"#*#!(*#* #* %! ]*"#*#!5 OO7 1

<

165
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 77 0 T77

K!" !&+  <AA 0$ 

 -  "'*$! ' '?! &'( ) )!!('  ( *$)


!#"*%( ) "*$%3"'*$ ,, .'(**' B*3"'? #'?!%
(*+ Z "*"*#  2> #*(5 666 18<8;
 
 -D'*&!> "'( (! $ '("!?*? '('4 h.! ?!'%
 !"' '?'D(*>/&*+ B'i ,, .*? !D >  ( @>%
/!=5 OOO 18c<;
   . 1*$'?'' /?'' > *D !"=*%*D'*&*+ "'(%
 ( 5 $>/!*+ * Z'*+ X(**? ( ,, @( + >/(4 $*B*%
 Z(D * *$! > ?'* ( *3&' > \5 OO; ]B
1;<

 &9  /  #  - HS‚PtJQ5 t ‚tJSM† .*%
$' ( (*+ (*#  $*+ 3!/ ,, _ #$* "  %
&'( ' " #$* !( &'( ' B*3"'? (*?? (!D  \5
OO7 16c<O
 1
 !!*$*%" ?*+ 1 #!B ,, ]*B* (*%
#* >/(*/! > -')*$*%E'$*5 OO 1 c<

 0 - B*D''
!B*!' > !$*(*#* '*"*# /?! $ >/('
 1
 - $) '*"*# /?!) O;6<6%) ## ,, ]*B* %
(*#* >/(*/! > -')*$*%E'$*5 OO 1;6<;0 - "*$!)
 ;, ; &
- ;,&

 1
 - ( ' >) $'"' >  $ !"=) '*"*%
# /?*$ h!m'( $' "*a' >i ,, "'*$! > B* (*?
>/( -')*$*%E'$*5 OO7 1;
<; @(*B = 'B $ .-.
@A. ^;
6 * O6
O7 0 .! ?!' !"' D$'**3*/!&' +
  1 2   " / * >/(*$*+ B*"  (
>/(*$*#* * '"=$! hOc% !& O
6%) #**$i ,, x(*"!
?  ("= X**$ \5 OO
 ]B 16<8
!( + "*$!= X(**? &'( ) '? *$ , 2* ' @[\! "*$%
(*#* %' /5 B''!3 *B \5 OOc O 
!( + X(**? &'( + "*$!= B* **$!? *&*+ X(**? ( ,
1* ]*&*$!g -$ ' v]*(!'$! F ?5 OOc 6c 
    .* 3 + >/( ,, ]*/$!C' ' $ @* Y \5 OO7
1O<Oc 0 2*3"'? >/(*$*+ *? ("= '& 
  
 .'?'D( + X(**? &'( +  ‹IJHM9€QHM pSLHM9€
$'=5 OO7 c6 
  . !( #*$*> ! '"'$ ' ,, @ '&= OO; ^
17;<c
166
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 7c 0 T7c

# &
    \!'(!> '("!?*#* '(! , 2'  !#" ]13%
3* ! *"=> 5 OO;   0 2' /4 Jt‚PHtu  €S
9JQH t 9turŒJIHIuR tu|tu SH Sqq4 LH9€IuMtu sLMIuSMM5 OO;
 # * @'&'$' (" F'4 X'# > !/$! ,, _ ( >/(! \5
OO 1;<O; 0 /?'' ' Z' B*'3"' >5 /?'' '
Z*?
 # * 1*$'( + ! *$'( + Y?* - *$"!*$' ,,
\*( " #$ a OO7 ^ 1c<
O
 # / 1"*$!=4 -<2 v(!' 3#5 OOO ; 
     @(*%!#" +( + "*$!= !( $*+ '"*$*+ "'( %
(  LMMIQu% uRqIM€ Q9HI„S MHL|r sLMIuSMM |I9HItuQJr4 !( '%
"*5 D' 3?!# 5 ?!(' #5 ?''a?'5 '"*$!> B'! ;6666
'?5 B*> + "*$**&'! + \5 OOc


"!' Z!/ !F ) '+ , 2* ' A2z*!*$*+ \5 OOO
;c

 &  ( Ž*#ˆ " +ˆ*#W ,, @ '&= OO ^ 17<7

 &  (" *>/&*' "*$* $ (*'(' *$'?'*+ *3C'$'%
*+ a / ,, @( + >/( (*D! zz *"' > hO;<OO;i \5
OO7 18<7
 &  (" *>/&*' "*$* $ *" X$Z'? /?! ,, @ >/ $ F(
OO ^ 1c<c8
 &  (" *>/&+ '?  $ (*? B**'& ,, b "*%
"*# &'( + 3* ( \5 OO; 17<7
 &  (" _'( (*#!Z &'(*' B'!$"' ' *>/&*#* "*%
$!4  B #!??! &'(*+ Z*?!D ,, 2*3"'? "'( (*%
#!Z  1235 OOc 186<8
 &  (" - *D !"=*+  ZZ''D !D *$'?'*#* (*#*
>/(! ,, @  (! '#*> OO ^
,8 16<8
 &  (" @( + " '!+ >/( ! 3'a' $'(*$ ,, @
'&= 666 ^ 1<86 0 {!#* /!D > " '!*+ '& g
 "' ' B*D'! /! ?$*$! >
 &  (" 1"*$**3!/*$! ' " /! ?$*$! 'W ,, _ ( >/(!
\5 OO 1O7<6 0 - B*D'!) '!D *!" /!D "'(%
(
 &  (" 1"*$**3!/*$! ' " /! ?$*$! 'W ,, @ >/ $ F(
OOc ^7 18< 0 _ #$  &'( + !!" / B**3*$ B*B*"%
' > "'( ( 
167
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 7 0 T7

K!" !&+  <AA 0$ 

 &  (" 1*$'?'+ ( + '"" #'4 F ) ( '&'$*%


? B*' ,, _ '!+ >/( ("=!> ! D > \5
OO8 17<
 &  (" *"(*$+ "*$!= *>/&) "*$ \5 OO 8c 
 &  (" U$Z'? /? $ *$'?'*+ (*+ '& ,, @( +
>/( (*D! zz *"' > hO;<OO;i \5 OO7 1
8<86
 &  ("  '  - "*$**3!/*$!'"=) $*/?*a*>)
*>/&) '*"*# /?*$ ,, b "*" !(  OO ^
 1;<
 7- 2 1*D !"=' /?'' > 0 >/(*$' /?'' >4 h.!
?!' !"' *3C'$'*%B*"  &'(*#* "*$!>i ,, -3C'' $*%
*&*' >/(*/! ' \5 OOO 167<7 0 -3 /?'' > $ %
(*? >/(' B*"' OO #
 7- 3 1"*$**3!/*$!'"=!> ?* Z (!D > *? !%
D > ,, b "*"*# > 1!!*$5 OO ]B 1<


 7- 3 b*? *$! ' *$) "*$**3!/*$!'"=) Z*%
?!*$ ! **$' ZZ (!"=*+ 'B" (!D h * > Z%
Z (! ; ; i ,, 2'"*a' ' "*$* 1!!*$5 OOO 1
;<
86
 7- 2 ]*/!!>  ZZ''D !D > *$'?'*#* (*%
#* >/(! ,, 1*D !"=!> " #$  (! $ @* +(*+ b''!D
hOO<OOi  PSJ|L |S qQ qIHHSJQHLJS Mt9ItqIuRLIMHILS JLMMS 0
t9IQq qIuRLIMH9M Iu LMMIQu S|SJQHItu4 \!' !" ( w` ]'%
?  (*# *D *"*#*$ h\*'!"=5 76c<66Oi \5 OO
18<7
 3 -*3'* X(B' $* '("!?) '(*$ ,,
](!/$! ' $ #'?!( ) *?!( ) >/(!)4 1'?! (!
b(D  *'( 1#5 OOO 1
O<8O
,  .* -3 (!a' >) $ *$'?'*? (*? >/(' ,,  %
 ""*%\'Z* '$( ' &' > 1!?!!5 OOc 8<; 0 @'&'%
$*' B*$'' ' l/(*$!> *?! !/" &) *D !"=) #BB
a '"'+ \*($
 1   *?? (! $*%B!#?! &'(!> ''?  *$!%
*= (*+ '!!*+ "'( ( $ #!/'*%B3" D  &'%
( ) '(!) ,, HL|IQ JtMMI9Q tMuQuISuMIQ *}uQˆu5 OO ~
1O
<O7
 1  2  $*B* * B**'&*+ a!#**+ "'( (' !
! D!) *$'?'*+ #!/' ,, qQ„I9Q pSsJS9Su5 OO; ^c
17;<c
168
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 7O 0 T7O

# &
   j'! &'( + >/(k ]>& $!*$!4 _ '!'
*( ,, JM P€IqtqtRIQS 1235 OOc 1<

  / .'(**' B**3 B*B*"' > "*(!"=*%?!( *%
$!) "'( &'( ) '  D $ 3 !(*? "! *!?' (!%
(*? $! !!) !#" +(*#* >/(! ,, 1$>/ >/(*$) '  D
$  '?' '!" /!D  !?3*$5 OO 1;
<76
  / .'D' &'(!> '&= !('*$ ,, ]*B*  "  ( 
1!!*$5 OO7 ]B 1;<
6
  / - $" > B*Z' ! '&= !('*$ ,, ]*B*  %
"  (  1!!*$5 OO ]Bc 16
<6
  */ .*$+ 3 /' !#" +( +  SŒ sLMIuSMM uRqIM€4
 '"*$*+ "'( ( !#" >/ \5 OOc
O7 
   n@'D'/ >o ,, ]*B* >/(*/! > OOO ^ 1
8<

 0 @'D ! (4 @( + >/( (*D! zz *"' > hO;<
OO;i \5 OO7 8cO 
   '*"*# &'( ' B*D' B*3"'? *$*+ (*+
 * ( ,, _ ( >/(! \5 OO 1<
   *!" !+ >/(4 1"*$!= '&'$' '!(D  v(!%
' 3#5 2'?=5 OO; 8

  ( b !*$*%X(**? &'( + "*$!= V'3*(!5 OOO
8; 
  ("   ( 1"*$!=%B!$*& ( B* X(**? (' %'
/ \5 OO
O 
  ("   ( 1"*$!=%B!$*& ( B* X(**? (' V'%
3*(!5 OOO 8;O 
 - . U*("=' D'* $ '(!) #!/') *3m%
>$"' + ,, l/(*$!> " &*=4 ("=' (*D'B OO75
]*"#*#!5 A)!#'"=( 1c8<6 0 .! ?!' !"'  !#"
>/(*$
 /4 1'?! &'( ' ?*'" B* /$*) /!&' + #"!#*"*$
B''?'C' > *3m'(! ,, .,]. 1' Z*? B*%
D'  '? \5 OOO ^; 17<


 /4 "=! '& (!( *!$!> &!= B*Z' *#!?%
? ?*"**#* B'D !" ! zz $'(! ,,   ""*%\'Z* '$( '
&' > ;<7 Y>5 OOO _#!5 OOO 1c<c
9  % .'(**' B!#?!'?! &'( ' **3'* '("!?%
) '(*$ ,, @ Z "*"*# > !5 OO7 ^c 1
O<86c
169
GHIJKJLMN 0 66,
, 0 O487 0 PQRS c6 0 Tc6

K!" !&+  <AA 0$ 

9   e$'*B = $ !(!/!) vE!?> ! ,, '(4 $! !%


 'B'!D   +(5 OO 1
<86
(  3 !( B F &'' ,, @ '&= OO; ^ 1;;<7 0
l/( !( 
(  3 !( &'' #*$*> ,, @ '&= OO; ^
 1;<;7
( 8  *  1'?! &'(!> X$*"YD > !#" +(*#* "*$! h/&'%
 ' "'( ( $ (*#  $*? !B'('i 1235 OO ;O 
( ;G   v12@vv_5 \{5  1-]A4 *B''%
"'*= '*B''"'*= $ *$'?'*+ (*+ "'( (' ,,
]' \*( %! 1' O b "*"*# > OO7 ^ 8 1 7
<c 0
B*'3"' '5 X ?*"*# > "'('?
(
3 _'( (* "> "Y3 '"> $B = ,, .!(! a /=
OOc ^; 16;<67
(, . E!?'( B* !/$  Y '?! ( /! ?$*$! + ,, V%
$!F( + >/( !"!  (! V'3*(!5 OO; 1O
<O7
(8 . ]* &!> *? !D > $ Z'' !/#*$**%B*Z' *%
!"=*+ '& ,, .*$' "*$! "*$! *$) "*$ 1235 OOc
1 ;<O
(8 . 1"*$! '*"*# /?*$ zz $'(!4  3" *#!Z (!/!%
'"= ,, .*$' "*$! "*$! *$) "*$ 1235 OOc 1 

<
86
(8 . n@'D'/ >o ,, @ '&= OO ^ 1<6 0 @'D !
(4 .*$' "*$! /!&' > 1"*$!=%B!$*& ( B* ?!' !%
"!? B' " '! 6%) ##
(8 . *"'' " ?''' 0 * ,; ,, @ '&= OO7
^7 188<87 0 1'?! &'( '  "  &'( ' **3'*
*3**! ,   "*$! ,;
(8 . .*$+ ZZ (W ,, @ '&= OOc ^7 188<87
(  4 ]!a! ,, *#  OOO ^
 17 0 - "*$!'4
.  3" 61 . !  !4 1"*$!5  (**?
? $' $'&!" =4 *"(*$+ "*$!= (*#* *3C'#* a!%
#*! \5 OOO
(  2-_@-]A‘5 2-_@-]A‘1l5 2-_@-]A.%
.ŠŽ ,, ]*B* " #$  (  OO ]B 176<7; 0 -3 *(%
(!/ *!"=*? )!!('' *'(*$ $ '?! (' #"!#*"!
(
-  *  B*"*# > "*$!'+ ! B**#' ww $'(! ,, ]' \'a%
! "!$> %! z!=(*$5 OOO 5 ^8 1c<6
170
GHIJKJLMN 0 66,
, 0 O487 0 PQRS c 0 Tc

# &
_'( (*#!Z &'(*' *B ! ' !**%!/#*$**+ '& *$'?'%
*#* #**!4 '*' !B'( ,   - B*$5 [ A *3*$!5
.A" !/'  -?(5 OO8 88 
(
  (*     ]" > ' *D !"=) Z!(**$ !
!/$  ' "'( (*%'?! &'(*+  '? >/(! ,, A(!"='
B*3"'? *3C'$!4 b "**Z > 2 )*"*# > "=! 1!%
!(5 OO 1Oc<OO
(A#  2 - ?*#*/!&*? #"!#*"' x‘ '#* B* /$*) $
(*? >/(' h$ *B*!$"' * F$'( ? >/(*?i ,, 1'%
?! (! "*$!5 *3!/!5 '(! A)!#'"=(5 OO 1;<6
(  - #!/') /!#*"*$(!)4 h2* ?!' !"!? j*?*?*"=%
(*+ B!$ki ,, !$"'F ( ' &' >4 >/(5 ("=!5 !%
 D 5 *$!*$*  (5 OOc 18<;6
( - 3 A#" +( ' #!ZZ  ,, _ #$  &'( ' (!'#*%
 $  )*  !)*  2> #*(5 OO7 1
8<86
( - 3 2*3"'?! B* ?! > $ B*D'' ?'a("=*+
(*?? (!D ,, l/(*$!> " &*=4 ("=' (*D'B
]*"#*#!%A)!#'"=(5 OO7 1<O 0 .! ?!' !"' $/!%
?*'+$ > 3 !(*#* !?' (!(*#* !#" +(*#* >/(!
( 24 b(D * *$! ' '"*$*#*  "> $ #!/'' h! B %
?'' B*B">*+ B' ]'" (*3 ! 1xAi ,, l/( !%
( 3 /'! Y?'=5 OO7 1
;<
O
(   1$* ( ) "*$!'+ (*#* >/(! ww<zz $$4
hV!= 4  B*"*# >i ,, \!' !" $**+ ]'* +(*+ !%
&*+ (*Z''D j@( + >/(4 B*F"*'5 !*>C''5 3%
C''k 1($(!5 OOO 176<c
( 8 2  @'("!?! $ B!#?!" #$  &'(*? !B'(' !#!*#5
OOO  
(  4 @  (! $ .*$*+ E'"! ,, .*$*' "  *3*/' '
OO; ^ 1
<8

(  2 A33'$ !D > (!( B*3"'?! "'( (*#!Z ,, A(%
!"=' B*3" *$ "'( (*#!Z  1"*$! !3*! $ F(
$/' \!' !" ]'* !& (*Z hA!)!=5 8<7 '
OO #i A!)!=5 OOO 1;<7;
(  & 2 /   ( l/( ("= $ ("=' >/(! ,,
\  ("=4 &'"*$'(5 !(!5 ($* 1!?!!5 OO7 1;<
;O
171
GHIJKJLMN 0 66,
, 0 O487 0 PQRS c 0 Tc

K!" !&+  <AA 0$ 

(    @( + >/( $ \=>?' ,, @ >/ /! 3'a*?


OO8 ^8 1
<
8
(  ;"  2 !( ? $*+' ( + >/( $  >&'"'%
 'W ,, ]' ]**'a #* %! 1' [?!  !(  ]**%
'a5 OO ]B 1
6<; 0 2*3"'?! *>/&*#* $" > >
(  ;"  2 1**> ' "*$!*#* Z*! *$'?'*#*
(*#* ,, \!' !" B* (*%"!$>(*? >/(*/! Y
]**'a5 OO8 ]B6 17
<7;
(    - /!#*"*$(! ( "*#! hU$*"YD > '("!?) '(%
*$ $ A#" 5 1xA @* i ,, ]' \*( %! 1'6
{!"  (! OO7 ^
 1
6<
;
(    1"*#! $ '("!?' [''/ 5 C*=5 ''D
!/$  > A$*'Z        (! Z "*" !( \5 OO7
(    1*$'?'+ "*#! $ @* ,, ]' \*(
%! 1'6 {!"  (! OO; ^7 1< 0 l/( '%
("!? h@'("!?' '$ /i
( 9- 4 ]/! ?*'+$ ' **#* *!*#* >/(*$ $
*3&' ?'a("=? **$'$ >? ,, @* > 1xA4 B%
 !$*B!$*#* * &'$! ]**'a5 OOc 1<
( 9 " *?B=Y'+ a!#* ,, @ '&= OOc ^
 18
<
8O
(
(0 !
, #  1"*$!= 3 /'?'! \5 OOO
 
(
(0 !
, #  !
  $'!"=+
3 /'%"*$!= \5 OOc 7
 
(  E! *(*+ "*$!>4 h13 '*3&) !#" "*$ $!%
a' +i \5 OO 88 
($1 *  > B* .'$(*?   ,, A$*! OO; ^8 17<
7 0 - >/(' $$'*(
(8 - . 1'?! &'(!> (! "*$**3!/*$!'"='
$*/?*a* ?*#*/!&*#* "*$! h! B ?'' _1] * /!&'%
 '? j&'a' 'ki ,, 1'?! (! B!#?! (! '(! !%
!"5 OO 167<
(  3 U$*"YD > Z*? $'a" $* $ B' * *D !"=) /%
?'' + $ *3C'$'4 h.! ?!' !"' )*a'$'*+ " '!%
 (*D! ww 0 B'$*+ &'$' zz $'(*$i ,, l/( B !'">
'( 1?" !#!*#5 OOO 16<8
172
GHIJKJLMN 0 66,
, 0 O487 0 PQRS c
0 Tc

# &
(& B l/( $* $'?' $'?> $ >/(' ,, b "*"*# > 0
€IqtqtRI9Q !*!5 OOc ^ 1<7
(& 4" (  B j{ = !* $''"'' $ !"=''†k ,,
@ '&= OO ^; 17;<77 0 2'')* '? *$ / B*Z' %
*!"=*#* >/(! $ *3C'" '!*' B*'3"' '
(7 /-$ @( + >/( $  !' ,, @ >/ /! 3'a*? OO8
^8 1
<

(7,       *  !#" +(*#* >/(! "> Z %
! *$4 &'3 ( \5 666
6 
(78   '!D *!" /!D > *!"'$) '? *"*# + $ *%
$'?'*? (*? >/(' ,, HL|IQ JtMMI9Q PtMuQuISuMIQ t}uQˆu5
OO7 ~c 1
c<88
(7   l/(*$!> " &*=  *"'( Y?'=5 OOO c 
(7 
  $*B* * /! ?$*$! B*"=( ? >/(*? ( )
'? *$ (*?*!$ ( ,, @ >/ /! 3'a*? OO ^8 187<
;
(1  44  $*B* *3 X$*"YD "'( &'(*#* *$> >/(!4
h.! ?!' !"' "'#! B**(*$i ,, ]>(!> /'?"> $ B*F"*?
!*>C'?  *$5 OO; 1cc<

*##$  "  _'( &'( ' *$**3!/*$! > *$'?'*#*
(*#* >/(! O6%) #**$ zz $4 h.! ?!' !"' B' * B'&!%
 i4 A$*'Z      (! Z "*" !( \!)!&(!"!5 OOc
*##$  "  .'(**' !B'( '?! &'(*+ '*"*# %
/!D ! ! D!) *$'?'*+ B' * &'(*+ B'&! ,, 1'%
$! >/(!4 '?! (!5 Z(D >5 /&' ' "! OO7 1;<7

@(*B = 'B $ .-. @A. 6OO75 ^;8
*   E!?'( * >/('  "' XB*B' A  1*"a' D!
j!*' *"'*k ,, _  *3*/' ' OOO ^ 1;;<;c
*  4 1'$! ?!*$*+ Z*?!D (!( Z!(* Z*? *%
$! > >/(*$*+ (!  ? ! ,,   ""*%\'Z* '$( ' &'%
 > ;<7 Y"> OOO _#!5 OOO 1<O
*   A#" +( ' /! ?$*$! > $ >/(' *$'?'*+
'?'D(*+ B* $*+ B' ,, A#"  (! $'=5 OOO 1c<
O8
*   -$'=' ?' *!"=*5 B f3$!> #3!? 4 h-(*'
B =?*  (* @! * @* ] /3*i ,, \*"*!> #$! >
173
GHIJKJLMN 0 66,
, 0 O487 0 PQRS c8 0 Tc8

K!" !&+  <AA 0$ 

\5 OO7 ^; 1


O<;c 0 -3 B*'3"' "'#! $ B''!&!)
* +(*#* ! *
* * _'( (*%#!??! &'( ' **3'* a!*$*% !%
 $*#*  "> B3" (!D + ! '? !( 4 h.! ?!' !"' ?*%
"*'a #!/' zz $i A$*'Z      (! Z "*" !( \5
OO;
*; # C 1"*$!= (*+ 3! 4 A%! 0 l%> , ]B 
]\\*( '(* !"  #!5 OOc 7

*
** @( + ?! ,, b "*" /!B ]**'a5 OO7 ]Bc
18
<8;
*  4 1"*$* $'?> ,, @ >/ /! 3'a*? \ OO8 ^8
1<7 0 1"*$!= *$) '? *$
*  2 A#" D /? 0 '?  $ *$'?'*? (*?
>/(' ,, ]' ]*"#*#! #* %! 1' b "*"*# > ]*"%
#*#!5 OO7 ]B 1;<7
*  2 E! ?$*$! ' *$*' ' ( ? >/(*? !#" +%
(*+ "'( ( hc6%' 0 O6%' ## zz $i ,, _ #$  &'( ' >$"' >
$  '?' >/(! $ '(' ]*"#*#!5 OOc ]B 1O<O7
*  2 " 9 . A#" +( ' /! ?$*$! > $ (*?
# ) '$*B'+( ) >/(!) ,, \!' !" w !&*+ (*Z'%
'D B*Z'*(*%B'B*!$!'"=(*#* *!$! h< !B'%
"> OO8 #i ]*"#*#!5 OO8 1
;7<
;O
*9
( - '(**) *$) /! >) 3*"=F ) *"(*$)
"*$!'+ !#" +(*#* >/(! ,, -&''' /!!& (*+ !(!%
'? &'(*+ "'( (*#!Z  1235 OO; 18;<8
*  / 2''$* '?'D( ) Z!/'*"*# &'( ) '  D ! %
( + >/( B*3"'?! ?"*$*+ X($ $!"'* 4 h-B *%
B*!$ "'i \5 OO; 78 
*7# .  1*D *" #$  &'( + !B'( '& '( ) B'*!%
a'+ $ 3 !(*+ !?' (!(*+ !?!# ,, l/(5 */!%
 '5 (*?? (!D > OOO ]B6 1<
*  2 _'('?!%/'" j**3>=k (!( '$* $!a' >
*D'*&*#* /!&' > ,, b "*" !(  OOO ^
 1c7<7 0 -
"*$' , 1
*   2 -3 * !/$  > '? *"*# ?'* ( B'B*%
!$! > (*#* >/(! (!( *!*#* ,, @* % a3

174
GHIJKJLMN 0 66,
, 0 O487 0 PQRS c; 0 Tc;

# &
!**$ \5 OO; 8  @(*B = 'B $ .-. @A. ^;6;O

* 
6cO;
*  : .'(**' /!(**?'* ?'*#* "*$**3!/*$!%
 > $ *$'+F + B' * ,, ]' ? %! a'$(5 OO7
^c 1c<
* 8
 : 1*$'( + >/( ( ' B !'" ,, ]*B* " 
OO; ]B 1O<
*  - ! 1"*$**3!/*$!'"=+ XY h'&'( +%!*$*&'%
( +5 '&'( +%'3>&'( +i ,, b "*" !(  OOO ^ 8
16
<67
* -  44 U?*D *!"=!> "'( (! $ ?*"*'a*? a!#*' ,,
l/( X?*D  ]*"#*#!5 OO8 17O<c;
* 1 4 - *$'?'*+  * &'(*+  !D ,, ]'
1'$'*%E!B! *'"' > @* !(! *3!/*$! > 1235 OO
]B
 1;;<76 0 2*"  &'(*' (!*'& '
* 1 4 z*a'$'*%'&'$!> (! ( *B*/ ,,
$*&'$* ]\x(F ! $ *$'?'*? ? ' !!"5 OOO
18;<8
* 78 (* '"*$*+ '?'D( +4 B*3"'? *3&' > ,, l/(
!( 3 /'! Y?'=5 OO7 1c<
* -   -*$ (*?B=Y'*+ " #$  ( 4 &'3 B**3 ' ,,
\*( B' % \5 OOO ; 
*   j1"*$**$k !  A"'('> &') ,, b(D %
* *$! ' >/(*$) '  D #!??! &'( ) (!'#* + $
!/)  B!)  ">) '&  Z!5 OOc V 1OO<68
*   2*( $' "*$**3!/*$!'"=' ?*'"
"*$**3!/*$!'"=' X"'?' *$'?'*#* '?'D(*#* >/%
(! ,, -#! /!D > B!$"' ' *3!/*$!'"=*+5 !&*+
B* /$*$'*+ '>'"=*=Y v'( 5 OO 1c;<c
* . 1(*%'?! &'( ' **3'* 3! $%
*+ !/#*$** ?!( *$!*+ "'( ( ,, *! $' %
"'*$! > "'( ( Z!/'*"*# (*#* >/(! ]**'a5
OO7 17<
6
\!' !" ( "*$!Y *3C'$*$'&'( ) '? *$ , 2* '
.@3'#!5 ]\?!"!=>! ,, 2'B*!$! ' * $
F( OOc ^8 1
<

175
GHIJKJLMN 0 66,
, 0 O487 0 PQRS c7 0 Tc7

K!" !&+  <AA 0$ 

\!' !" ( "*$!Y *3C'$*$'&'( ) '? *$ ,, 2'B*!$! '


* $ F( \ OO8 ^ 17<c
\!' !" ( "*$!Y *3C'$*$'&'( ) '? *$ ,, 2'B*!$! '
* $ F( \ OO7 ^
 17<
*   _'( &'( + B*'D !" >/(! $ *D'(' A1*"%
a' D!4 h.! ?!' !"' j@(*#* "*$!> >/(*$*#* !%
F ' >ki A$*'Z      (! Z "*" !( \5 OO7
*   - j"'( &'(*? !F ' k A1*"a' D! ,,
@ '&= 666 ^ 1;<O 0 ' $!D *' !)! /?
*  B *+& $' *&'! >5 $("Y&!YC ' D$'**3*/!&' >5 $
*$'?'*? (*? >/('4 A$*'Z      (! Z "*"
!( ]**'a5 OOc
*   * 1"*a' "*$!  (*?B*'!?  % 2*"% ,,
%  >/ @A. \5 OO; ;  @(*B = 'B $ .-.
@A. ^;6Oc * ;O;
*   A 3 *'a! '? ! j !B*!k h( !/!3*('  %
Z  D i ,,  !B* OOO ^ 8<


* 7 % C % 2''$*& ( $*B* '? *"*%
# ,, V'"*$'&'( + Z!(* $ B!$**)! '"=)  '?!)4
\!' !" \'a! !&%B!( (*Z jl/( ?*/#! '%
"! &'"*$'(!4 B*3" B!( B*"=/ $ '>'"=* *#!*$
$ '"k hO ?!> 0  Y> OO; #i -'"5 OO7 1
;<
c
*  ( *   @*"= '&'$*+ (*?? (!D $ */!%
 ? a! ,, ]' \*( %! 1'O _ #$  (! ?'a%
("= (*?? (!D > \5 666 ^ 1;;<c

*   .'?'D(*%( + "*$!= ?*"*'a*+ "'( ( 
pSLHM9€%JLMMIM9€SM ‹tJHSJsL9€ |SJ ’LRSu| MPJQ9€qI9€Su S“Iƒ
(5 OO 
O 
*    \  B*X &'(*#* '*"*# /?! ,, ]*B* "  OOc
]B 1
<
O 0 @'D ! (4 2'D*$! . 1"*$!= '*"*# /%
?*$ ]'" ? ! z"'3 (*$! ]'!5 \5 OO; ;76 
*  2 * /!&'? *' (Y '&= ,, @* *3*/'$!'"=
OO7 ^ 1c;<c7
* 7 2 ( - '? *"*# /!D $ *$'?'*? #!/'*?
'(' ,, \*"*!> Z "*"*# > .*$* 3 (5 OO ]B 1O
<
66

176
GHIJKJLMN 0 66,
, 0 O487 0 PQRS cc 0 Tcc

# &
*   (  U(B' ?'!"=*' "'*$! ' ' Z (!D
!#" +( ) '*"*# /?*$ (*%!#" +( ? 3 " #$!? ,, 1'%
?! (! "*$! '(!4 B )*" #$  &'( ' "'*$! >
$'=5 OO 1<; 0 1!'# ' Z (!D 
*  5 3 @*"= (*#* >/(! $ B *3C' B*(*"' >
*$'?'*#*  !"=*#* *3C'$! ( ? *$*+ D $ " /!%
D ! D *? ("=? D'*>? ,, *"#   (!
1*Z >5 OO8  1
<
* 9
 / j.'B'&!*' "*$*k4 l/( $ *$'?'*+ ("=' ,,
\*($! OOO ^ 1c<8
* 9
 $ - $*/?*a* '*3)* ?*  $'!"=*+ '%
? *"*# $ ?/(' ,, ]*B* Z "**Z  OOO ^O 16O<
6
* 9
 . -3C!> )!!('  (! j3*"=F )k "*$!'+ *$'%
?'*#* '?'D(*#* >/(! ,, -&''' /!!& (*+ !(!'%
? &'(*+ "'( (*#!Z  1235 OO; 18O<;
* 9
 3 { /= &a*#* "*$! $ a $*+ '& #**a! ,, @%
(!> !/#*$*!> '&= (!( >$"' ' #**(*+ ("= v(!%
' 3#5 OO7 1;
<7c
* 9 . /?'' > $ *D *("=*+ Z'' (!( "*$ '
"'( (!" /!D $''+ Z*? "*$!4 h2* B*(!/! >?
>/(*$*#* */! >i ,, *?? (! $' !B'( "*$! $
'(!) a!*$*% "'$*+ * '!D  *?(5 OO; 1c
<
* 9  4 , (" '    &'3+ (*?%
B"'( j@( + >/( "> '"*$) "Y'+k4 " #$*?'* %
&'( ' **$5 (!5 *'a! ' ,, .!&' *("!
Z "*"*# &'(*#* Z!("='! \[  \5 OO7 ]B 1<;
* 8  :   / l/(*/! ' * +(*%!!3( ' $>%
/ ,, @* > !!3( + ?  1235 OO8 16<7
*  4 @(!> " #$  &'(!> '? *"*# > %*+ B*"*$ %
 ww $4 B'$!> "'( (*#!Z &'(!> Z (!D > B'$*' B*%
'3"' ' ,, ]' 1%2''3 %! 1' * >5 >/(*%
/! '5 " '!*$'' ' 1235 OO; ]B8 1
6<
7
*
  2!  /'%( !#" +(*#* >/(! , 2'  !#"
]_(F# *$! @**$%!%*5 OO7
O 
*  *    2/ *"=F*+ "*$!= (*#* a!#*%
! 1235 666 c6 
177
GHIJKJLMN 0 66,
, 0 O487 0 PQRS c 0 Tc

K!" !&+  <AA 0$ 

*  *    2/ *"(*$+ "*$!= >/(! 1*$'B 


1235 OO c68 
*    22 l/( ( ) !*$'*$ B* &*! h*" %
$ >i ,, \!' !" B* (*%"!$>(*? >/(*/! Y ]*%
*'a5 OOc ]B 1;<6
*- ** - *$'+F ) "'( &'( ) /! ?$*$! >) $ #!/'%
*+ B3" D  (' ,, b "*"*# > 0 €IqtqtRI9Q !*!5 OO;
 1
<;
*- 3 -!a' ' $ !?' (!(*+ B' * &'(*+ B'&! /%
?'' + ! B*"  &'(*+ (!' 3$F'#* 111@ ,, HL|IQ JtMMI9Q
tMuQuISuMIQ *}uQˆu5 OO7 ~c 1
<O
* #8  4/ "  2   3" *#!Z &'( + B* ( *%
$) "*$ /!&' + ,,  3" *#!Z > OO7 ^ 17<
*     B*"*# > "'( &'( ) /!&' + (!( *3m'( "*%
$!*+ "'( (*"*# ,, @  (! '#*> OO ^^
<8 1
<O
*   1$*'*3!/ ' >/(! *?!! ]\x(F ! j_Y3!$ %
k ! "*$**3!/*$!'"=*? *$' ,, $*&'$* ]\x(%
F !4 B*X (!5  "=5 >/( !!"5 OO8 17c<c

*  3. !> '&= >/(*$!> " &*= #*$*>C'#* ,, { %
$*' "*$* (*#* 1'$'! A)!#'"=(5 OO 1;7<7
*  " 1B**3 X$Z'?  &'(*+ /!F Z*$( $ *$'?'%
*? (*? >/(' ,, l/(*$!> " &*=4 *D *" #$  &'%
( ' X?* $' !B'( ]*"#*#!5 1!!*$5 OO 176<
7
* -  E!?'( * *$'?'*+ (*+ B*"  &'(*+ '? *%
"*# ,, 1"*$* ("=! \5 OO  1<O
*   _'#(* " */!= *$*' "*$*W ,, @ '&= 666 ^
1;<;

*   @'("!?+ '( (!( j?!(!k ,, ]' %! *
!(! *3!/*$! > \5 OOc ^
 16<

*   @(!> '("!?! B* !?' (!(*? *3!/DW ,, @
'&= OO ^
 176<77 0 -*3'* *$'?'*+ '("!?
*   U"'?' !/#*$**+ '& $ '(!) ?!*$*+ %
Z*?!D ,, ]' %! * !(! *3!/*$! > \5 666 ^
1
O<78

178
GHIJKJLMN 0 66,
, 0 O487 0 PQRS cO 0 TcO

# &
*  ! A!B!D > *>/&*#* *("=*#* '(!4
( ' '!" $ 3'*(*? B''$*' ,, U*("=!> B'%
D Z (! >/(*$*#* */! > \5 OO7 1;<
*9   /*3!/ '"=*%$!/ '"=' '$! */! >
(*? &'(*#* XZZ'(! $ B*/' A\2*">(*$!4 h.! ?!' !"'
B*$' j2! a(!> "Y3*$= * [?!(*$!ki ,, 1(%
*%'?! &'( + !!" / '  D '&  "!5 OO; 17< @%
(*B = 'B $ .-. @A. ^;68; *
66;O;
\ *)! ? '3>5 (!> '&=† , _[! !5 -_ ?  '$!5
.] .*$ (*$!5 v.x >'$ \5 OO; 68 
*1# . E!&' > /! ?$*$!) "*$ $ */! * '%
"'+ (*#* >/(! ,, A(!"=' B*3"'? B )*" #$  %
( 4 "*$* '( $'=5 OO7 1c6<c8
,
F  2 2*3"'? >/(*$*+ ("=*+ '#!%
D * '"'+ ('*"'(! $ *$Y " #$*("=Y *3C%
*= ,, l/(*$!> " &*=4 ("=' (*D'B ]*"#*#!%
A)!#'"=(5 OO7 18O<;c
# &9   \'* "*# &'( ) ("! Z (!D + $ "'( &'(*+
 "  (' ,, V'"*$'( '#* >/(g !*B*"*# &'( + !B'(
"'*$! + ..*$#**5 OOc 187<;6 0 \'* "'*$!%
 > X$*"YD "'( (  "  (  B*?*C=Y "*# &'(*+
("! Z (!D B*> + ! B ?'' B* /$'' > ]v*Z''%
$! j\*($!%2'F( k
  4 .*$*' $ "'*$! ?/(!"=*+ '? *"*#
(*#* >/(! ,, 3! #* % !*!5 OO;   @(*%
B = 'B $ .-. @A. ^;6c * c6OO;
  H H# ! '? *"*# &'( ' /! ?$*$! > $ Z'' 3 /'! ,,
b(D * *$! ' >/(*$) '  D #!??! &'( ) (!'%
#* + $ !/)  B!)  ">) '&  Z! OOc V 1
7<8

# 29   E! ?$*$!' '!D *!"=' X"'?'%
 $ '? *"*# #*!$'*#* B!$"' > ,, @  (!
\5 OOO 1;O<c8
# 29   @'("!?! '' *"= $ *3C'$'*+ a / ,, @%
  (! \5 OOO 1;;<;O

 - j\*(*$ k ( 111@ h-(>3= >B*( + >/(i ,,
2''3 $**(*$'' '  H SHSJMsLJR ’ t JISuHQq MHL|ISM
1235 OO7 ]B 186<8
179
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 6 0 T6

K!" !&+  <AA 0$ 


 % - (*%(! (*? "*$!' !&*%') &'(*+
'& ,, ["!#*" ?> $ (*+ "'( (*#!Z 4 $*B* '*%
 B!( (  v(!' 3#5 OO7 18
<;
  " l/(*$!> 'Z*?! hOO6<OO;i ,, ]' @A. \5
OO7 77 ^ 1
<c
 1 ( - '(**) *$) ''D >) $ !/$  "*$!%
*#* *!$! *$'?'*#* (*#* >/(! h*D *("=+
" #$  &'( + !B'(i ,, ]' \*( %! 1'O b "*%
"*# > OOc ^8 186<8
5 " 2*> > jZ'? *=k , j?!(" *=k $ '?'D%
(*? >/(*$*? */! h]/! ?*'+$ ' *? !*?!" + $
>/(' */! i ,, 1$>/ >/(*$) '  D $  '?' '!" %
/!D 4 (*#  $+ !B'( !?3*$5 OOO ]B 1
O<88 0
U(B' ?'!"=*' "'*$! '
518  [!Z (! (!( '$* *((!/ *!"=*#* "*$**3!/*%
$! > $ >/(' B3" D  ( ,, b "*"*# > 0 €IqtqtRI9Q !%
*!5 OO7 ^6 1<

, (C - '(**) *$)  B!) #!/') /!#*"*$(*$4 h.!
?!' !"' B' 6<O6%) ##i ,, HrqIMHrƒQ PtqS5 OO8 8 OO;
1c<8
    A""Y/ $' ?'! *3$'' 0 *$!' /!( 4
h.! ?!' !"' !#"*>/&*+ '("!?i ,, ]' 1%2''3
%! 1' * >5 >/(*/! '5 " '!*$'' ' 1235
OO7 ]B 16<
   . ] *$!!5 ' '( B*%*$*( 4 @'&'$' #
"*=**? ' $$''F= ,, {!"  OO ^ 1 0 - ("=%
' '& $ >/(' B' '("!?
   . !( *)! = >/(W hl/(*$!>  !D > $ ( )
(*Z' *!"=) #BB!) $ 1xAi ,, v $* ?*#**3!%
/ ' *?!(*#* ? ! 1235 OOO 18<8
   . l/(*$*' !?**/! ' ?*"*(! !**3>D'$
1xA ,, @  (! '#*> \5 OO ^, 17<c
   2/ !( #*$*  ?*"*'a= 1"*$!= ?*"*'a*#* "'%
#! 1235 OO ; 
 2  \'!" #$  &'( + Z!/'*"*# /? 0 *$+ B '?
B*X ( '(! ,, _ ( >/(! \5 OO 1;O<7


180
GHIJKJLMN 0 66,
, 0 O487 0 PQRS  0 T

# &
 2   8  .*$' !/$! > $ 1!*+ ]>(' ,,
@ '&= OOc ^8 1;<O 0 \ (**B* ?%!/$! > Z ?
!/" &) &'a' +
   - "'( (!" /!D !ZZ (*$ $ *$'?'*? *?
>/(' ,, l/(4 /?'& $*= B**>$* 13  ( c6%"' Y
__!!( ! , -$ ' \_!"'&( \5 OO 1
6<

   j1(*' 'k $ *$'?'*+ '& ,, l/( (!( $*&'%
$* \5 OO7 1
6O<
 0 j*' /?'' 'k j(*'?*%
a' 'k5 !YC'' ! $)*' j$? 'k '*"*# /? $ >/('
)*a'$'*+ " '! h]z"'3 (*$5 ]A('*$5 ]]*+%
*$ & i
   j1"*$**3!/*$!'"=!> #!k $ )*a'$'*?
'(' ,, l/( *?? (!D > [?! !*' /! ' \5 OOO
1

c<
87
    B Z(D *$**3!/*$! + $ B*/' .1_'%
(*$! ,, @ >/ $ F( OO; ^ 1cO<c
   "=! B*"=/*$! > /! ?$*$!) "*$ $
Z(D *!"=) !/*$ *>) >/(! ,, "=! (*+
'& XZZ'( $*= *3C' > , -$ ' _  [! !5
v.x >'$ \5 OO7 1
c;<
O7
   E$*(*' *>/& ' ,, \ *)! ? '3>5 (!>
'&= \5 OO; 1c8<8
  2 1"*$**3!/*$!'"=' **3'* C'$ '"=%
) * /!&' '? " D! $ j(*+ Z''k ,, V'"*$'&'( + Z!(%
* $ B!$**)! '"=)  '?!)4 \!' !" \'a!
!&%B!( (*Z jl/( ?*/#! '"! &'"*$'(!4 B*3"
B!( B*"=/ $ '>'"=* *#!*$ $ '"k hO ?!> 0
 Y> OO;i -'"5 OO7 1cO<6
   1"*$**3!/*$!'"=+ X"'?'   ; $ (*? >/%
(' ,, HL|IQ JtMMI9Q tMuQuISuMIQ *}uQˆu5 OO7 ~c 17<78
 -   1"*$!= *$'?') ( ) *(!C' + !33'%
$ !4 *( 666 *(!C' + !33'$ ! 2! a5 \*($!5
OO;
68 
.*$*' $ (*+ "'( (' 1"*$!' ?!' !"%O; , 2* '
.E*'"*$*+5 db' '(* 1235 OO7
; 
.*$*' $ (*+ "'( (' 1"*$!' ?!' !"%O7 , 2* '
.E*'"*$*+5 1A"!*D'$*+5 .D'$*+ 1235 OO7

 
181
GHIJKJLMN 0 66,
, 0 O487 0 PQRS  0 T

K!" !&+  <AA 0$ 

.*$*' $ (*+ "'( (' 1"*$!' ?!' !"%Oc , 2* '


.E*'"*$*+5 db' '(* 1235 OO7
; 
.*$*' $ (*+ "'( (' 1"*$!' ?!' !"%O , 2* '
vA_'$!F*$! 1235 OO7 86 
.*$*' $ (*+ "'( (' 1"*$!' ?!' !"%OO , 2* '
.]1*"*$='$! 1235 66
7O 
.*$' "*$! /!&' >4 1"*$!=%B!$*& ( B* ?!' !"!? B'
"  O6%) ## , 2* ' vA_'$!F*$! 1235 OOc O68 
.*$' *(!C' > $ (*? >/(' OO7<OOO4 *B ( j.*$*? "*%
$!Y *(  >/k 2!$ "! !B ! >5 *( B*" !/$! >
Z'' *#!*$ B*" $"! *#!*$ B 2!$ '"=$'
@* b''!D ! 668OOO , v[*$!"'(*5 A]  "'$5
1]3!*$  \5 OOO 76 
.*$+ !#"*%( + "*$!=  ”t|SJu uRqIM€%LMMIQu |I9HItuQJr4
-( 76666 "*$!  , ]\Y""'5 ]A!F'$(!>  8%'
/5 ' \5 OO7 6 
.*$+ B*)* ( B'!$"' Y "'( ( $ &'3*? B**3 B* %
(*? >/( j_'( (! '"*$*#* &'"*$'(!k , .]!(*5 1.'%
") !5 _A.''(!>5 _..*'+(* ,, \!' !" w *%
#'! \A2@l_5 ! "!$!5 OOO # \5 OOO 18O<;6
.*$+ "*$!= )!('! , 1*4 U1@'+?*g 2'  !#"4 v]AF!%
 *+ \5 OO7 ;6  2' /4 €S uSŒ €Q9ƒSJ•M |I9HItuQJr
 S| tu|tu
 1  n@'D'/ >o ,, @ '&= OOO ^8 1;<c 0 @'D
! (4 . (  ! [ !( #*$*  ?*"*'a= 1235 OO
$ .. .'(**' !3"Y' > ! *$? '  D!? $ *%
$'?'*? !#" +(*? >/(' hO6<OO6%' ##i ,, _ &*=5
'&= Y  &'(!> B!( (! @**$%!%*5 OOO ]B 
1;<;O
.? /?! &'( + "*$!= , 1* ]][*F(*$ 1235 OO8 6; 
 # /* A#*4 * #'?' ( ( (!!$!" ,,  !"*# !!%
$!" z***B ] '3(5 OO ^  1 c<

 0 @'D ! (4
v" !*$ ]1 A#* ("=! \5 OO;
3  / @!/#*$*!> '&= >/( *$'?') 1\ ,, \!%
' !" w *#'! \A2@l_5 ! "!$!5 OOO # \5 OOO
186;<8

182
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 
0 T

# &
3# 2    $ !"=*%!$*( ' *$**3!/*%
$! > $ B*X/ _2!'!(! ,, \*"*'a= !(!4 B*3"'?
B'B'( $ *?(5 OO 1;<;c
3$ #  - Z"*' "*$'*+ hX( / *$'?'*+ B''3#(*+
B*X/ i ,, 1*$'?'!> (!> " '!!4 B*3"'?5 *(%
 >5 B'B'( $ 1!?!!5 OO7 177<c
 0 U(*"*# > >/(! *%
$'?'*+ B*X/ 
3  ./ 1"*a' ?'! B "!#!'"=' $ '& ''+ ,, @%
( + >/(4 * >5 Z(D >5 /&' ' "!5 OO7 1c;<cc
31, 1 3 - (*Z''D ?*"*) &') jl/( _ '!%
! "=!4 ! D *$!D k ,, ]' \*( %!
1'O b "*"*# > OO7 ^8 1<8
3
  4 @!/#*$*!> "'( (! $ (' )*a'$'*#*
B*$'$*$! > ,, ]*B* /&' > (*#* >/(! ]"! (!$%
(!/5 OO8 166<67
3
  3  l/(*$!>  !D > 6<86%) #**$ '' B'"*?"'%
 ' $ '(!) A2"!**$! ,, ]' ]**'a #* %! 1'
[?!  !(  ]**'a5 OOO ]B 1c6<c8
3 - 34 "   3 2*"  &'(!> ?"= $ '? !)
" D!)4 &'3%?'* B**3 ' 2'?=5 OO; c; 
3 9  E!?'( **$) !B!$"' + Z!D/(*+ "'( (*%
#!Z ,, -&''' /!!& (*+ !(!'? &'(*+ "'( (*%
#!Z  1235 OO; 1;<;c
3 8  * Y(( ' "*$! $ *$'?'*? (*? >/('4
h2*3" *$*' >i \5 OO8 ; 
3 8  * l/(*$' (*!( "'( (*#!Z &'(!> B!( %
(!4 "*$! /! ?$*$! + ,, * (*%("=+ !B'( "'(%
 (*#!Z &'(*#* *B ! > (*#* >/(! \5 OO; 18<
8c
3  4 E!?'( * #**( )  !"'( /?!) *$'?'*#* 2'%
'3#! -?(! ,, [**(!> !/#*$*!> '&= B*3"'?
'' /&' > -?(5 OOc ]B 1;
<;7
3  4 - '? ' j!**%!/#*$*!> '&= #**!k ,, [*%
*(!> !/#*$*!> '&= B*3"'? '' /&' > -?(5 OOc
]B 1;<

183
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 8 0 T8

K!" !&+  <AA 0$ 

3  *  /&' Y !/#*$**#* (*#* >/(! ?? #!%


*$ $ 1xA4 1"*$**3!/*$!'"=+ *$'= ,, qQ„IQ4 J5 OOO
t975 MSM 1
c<88
3  /  -*3'* Z*? *$! > B'D !"=*+ "'( (
Z*?! ( ( 3'' ( 4 h.! ?!' !"' (*#* '?'D%
(*#* >/(*$i ,, l/( *3C'$* 1!!*$5 OO; ]B6 187<
;
3 1 3* !(*$(*' '"*4 *"(*$+ "*$!= \5 OOO

OO 
3  . -3 j *'#'+'k B*& ) j%#'+!)k ,, @ '&= OO7
^; 16O<8 0 .*$**3!/*$! >  X"'?'*? %#
 $ >/('
B3" D  ( 
-&'( * >/(! (*+ B*X/ zz $'(!4 *B *B ! >
 * "'+ , ]]] *#!*$!5 \_[!B!*$5 *$*$!
 -$ ' ]2[ #*='$ \5 OO; 1c<;
" 2( ]/! ?*'+$ ' B''*) /!&' + "*$ *3!/%
) Z!/'*"*# /?*$ ,, @ >/ $ F( OO7 ^
 1c8<c
"
3 @*(%%*"" 0 "!$*' >/&'$*   h*& ( '%
'(! $ B*X/ A!F"!&'$!i ,, @(!> *(%B*X/ >4 '(
(*'( $'=5 OOO ]B 17c<c
" 1 4 - " #$  &'(*+ $'*>* *$) B* /$*%
) '  D ,, 1"*$* $  !? (' $'=5 OOc ]B 1O<O7 0
]*/?*a*= B*#*/ *$! > $ /!$  ?* * )**#* "*%
$!
"9  (/ /91 / -   64 '"*$*+ !#" +%
( +  uRqIM€ tJ sLMIuSMMg &'3 !#" >/ \5 OOc V

 
"    @!/$  ' "*$!*#* *!$! $ '?'D(*? >/(' ,,
 !)* &'(!> #'?!  (! 1235 OOc 1<;
"78   1"*$*$*&'$* ]1]*D(*#* ,, ]*D(*$'' '
$*D(*$ ' ' -'"5 OO8 177<c
" 9 . A ? ">D > !#" D /?*$ $ >/(' *$'?'*+ (*+
B' ,, \!' !" w !&*+ (*Z''D B*Z'*(*%
B'B*!$!'"=(*#* *!$! ]*"#*#!(*#* #* %! h<
!B'"> OO; #*!i ]*"#*#!5 OO; 1
<
;
" 9 . ]" > ' *D !"=) Z!(**$ ! *3"! B* (*$'%
 > !#" D /?*$ $ ( + >/( ,, _ #$  &'( ' >$"' >
$  '?' >/(! $ '(' ]*"#*#!5 OOc ]B 16<6
184
GHIJKJLMN 0 66,
, 0 O487 0 PQRS ; 0 T;

# &
" 9 . b (!D > *$) '!" +  B*?*C=Y !#"*>/&*+ "'(%
 ( $ (*? >/('4 h.! ?!' !"' *$'?') a!"*$
"> '"*$) "Y'+i ,, _ #$  &'(!> ?*/! (!4 .!3"Y' >5
B* ( 5 *( > ]*"#*#!5 OO ]B 186<;
" 9  . \*"*'a+ a!#* O6%) #**$4 hx ) ( '&'%
$*? B*' * '"> a!#*!i ,, { $*' "*$* @(*#* 1'%
$'! A)!#'"=(5 OO 1<O

" 97 3 l/( *$'?'*#* (*#* !'(*! ,, @ '&=
OOc ^; 18<c
"   1"*$!= '*"*# /?*$ ]'" ? ! z"'3 (*$! , 2' "
z!!! ‹ISug \5 OO; ;76  .!   "4 ‹ISuSJ MqQŒIMHIM9€SJ
Qq‚QuQ9€  :|86
" 8  4 *     * @(*%!#" +( +
*"(*$+ "*$!= B* Z*?! ('4 -( 7 666 '?
%' /5
B''!3 \5 OOO
78 
" 8  .*$!> !33'$ !! *!33'$ !!> "'( (!
!#" +(*#* >/(! $ *D *("=*? B!#?! &'(*? !%
B'(!) ,, _ #$  &'( + '? !4 \'a$/ 3  1235 OO7
]B 1c<

"  6" A33'$ !D > (!( *  / B*( $) B**3*$ *3*%
#!C' > "'( ( *$'?'*#* (*#* >/(! ,, !$"'F %
( ' &' >4 >/(5 ("=!5 ! D 5 *$!*$*  (5
OOc ;O<7
"   E!?'( * B**(*$*? "'#' ,, { $*' "*$* @%
(*#* 1'$'! A)!#'"=(5 OO 1<c
"8 * 1*$'?'' X*>/(*$' B*D' ' (*#*
!'"' > @'B3" ( *? ,,   ""*%\'Z* '$( ' &' >
;<7 Y"> OOO _#!5 OOO 1c;<c
"8 2 @'# !D > *$*+ "'( ( $ !#" +(*? >/(' ,, -%
!a' ' >/(*$) '&'$) '!" + $ "'( (*#!Z &'( )
" '!*$'&'( ) "'*$! >) $!*$*5 OO; 1O<OO
@(*B = 'B $ .-. @A. ^;6O * 6O7
" # * 1'?! &'(*' "*$**3!/*$! ' $ Z'' X(B' $%
*%*D'*&*+ "'( ( ,, ]' %! @* !(! *3!/*$! >
\5 OOc ^ 186<8c
" # (  B*3"'?' !!" /! 'B'!D B*?*' %
(*#* '(! ,, '( (!( *3m'( ?*#*!B'(*#* "'*$!%
 > 1235 OO ]B
 V 1<
;
185
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 7 0 T7

K!" !&+  <AA 0$ 

"8 2   B*3"'?' *>/&) /! ?$*$! + ,, ]*B*


*$ " #$  (  A)!#'"=(5 OOO 1;6<;

"  (4 @!/*!B'(+ !!" / *((!/ *!"=*#* "*$! ,,
@( + >/(4 * >5 Z(D >5 /&' ' "!5 OO7 17c<
c8 0 b(D *!"=*% "  &'( + !B'(
"  ;    3" *#!Z > "*$!'+ j$**$(*+k5 j*Z'(*+k5
j!/3*+ &='+k5 jY'?*+k5 j3"!*+k5 j"!#'*+k5 j#*"*$%
*+k "'( ( 5 /!) $ @* /! 3'a*? /! B*"' '
$! *"' > ,, _*#* \5 666 ]B 1<7
"  ;   @( + $**$(*+ "*$!= (!( ("=+ Z'*%
?' ,, _*#* \5 666 ]B 16O<c
"1 3* n@'D'/ >o ,, @ '&= OO7 ^ 8 1 8<7 0
@'D ! (4 \ *)! ? '3>5 (!> '&=† , _[! !5
-_?  '$!5 .].*$ (*$!5 v.x >'$ \5 OO;
"-  j-ZZF* 0 !"*#*$+ !+ /! 3'a*?k ,, @
'&= OO7 ^ 18c<8O 0 E!&' ' "*$**&'! > 558 ;
1   1
"-  *>/&' "*$! $ *$'?'*+ '("!?'4 h.! ?!%
' !"' B' * &'(*+ B'&! OO6<OO; ##i4 A$*'Z     
(! Z "*" !( \5 OO
"-  .*$' "*$!   jA$'!+/ #!k ,, @ '&= OO;
^
 17<77 0 .*$**3!/*$! > $ "'( (*%'?! &'(*+ #B%
B' j /? B*k5 B*"=/'?' $ '("!?'
" 4 @( + >/( =3 *$*+ (*+  !B* ,, @*%
 > OOc ^ 1<O
"1  '?  $ !&*%B*B">*?  "' ,, 1'$!
>/(!4 '?! (!5 Z(D >5 /&' ' "!5 OO7 18O<; @%
(*B = 'B $ .-. @A. 6OO75 ^;8
" 4 0- 24 1*D *"'( B** >4 h.! ?!' %
!"' !?' $! !! !#" >/i ,, 13 !&  \5 OOc ^8

16<

"  *  1"'# $ !#"*%!?' (!(*+ )*a'$'*+ " '%
!'4 h.! ?!' !"' *?!! a1'" a'! j.! B*B!%
=Y $* a ki ,, _ #$  (! ?'a("=!> (*?? (!%
D > 1!$*B*"=5 OOO 18<
2*" *"*# &'( + "*$!=4 ]  & , .!& (*$* '"= AA\ #*%
"!='$ 1* ]A]!$  \5 OO8
186
GHIJKJLMN 0 66,
, 0 O487 0 PQRS c 0 Tc

# &
2*" *"*# &'( + "*$!=4 &'3 B**3 ' , @2[ #*>5 A][ %
F 5 ['?   2* ' ]bz " B*$! \5 OO; O 
2*" *"*# >4 !( + "*$!= , A . A$'=>*$5 U 2 A''$5
A  A( ?'(*  2* ' ] _ !"!F (*$! \5 OO
76 
" F   1"*$**3!/*$!'"=' ?*'" 3! $) (*?B*%
/ *$4 h.! ?!' !"' /! ?$*$! +i V'(!5 OO; 6  @%
(*B = 'B $ [. (!  ^%  O; * 6;O @'Z
'B $ .-. @A. ^
8 @%O; * O67O;
"    -((!/ *!"=' $! ! *3C'!*)  !%
"'() Z!/'*"*# /?*$ $ ( *B*$'>) ] \ x(F ! ,,
$*&'$* ] \x(F !4 B*X (!5  "=5 >/( !!"5
OO8 1;<7c
", 
4 "!>( Z'>4 1"*$!= B'B*#* a!#*!
\5 OOc  
"1  E$'/+ >/( ]z"'3 (*$! B D B !!#!?? *%
$! > ,, @ Z "*"*# > !5 OO; ^7 1O<OO
"1 4* 1"*a' ?'! C'$ '"=' $ '? *"*#
B*Z' *!"=*+ !/#*$**+ '& ?'!""#*$ ,, b(%
D * *$! ' >/(*$) '  D *$'?'*#* (*#* >/(!
\!# *#*(5 OO; 166<6O
"1 2 A#" +( + >/( ">  !"*#!  (*?B=Y'*?4 &'3
B**3 ' "> '*$ $/*$ \5 OOc O6 
"  !  .*$' "*$! "*$**&'! > $ >/(' *$'?'*+ B'%
 ,, @ >/ $ F( OO7 ^ 1c6<c

"  /* _'( (* *$*+ $"! ,, 1**'&'$' ( 4 
("=! $' #! D \5 OOO ]B 17<7;
"  /* .*$!D $ ' * !"=*? !?  ! $*?
"*$!' #**! ,, @ '&= OOc ^8 178<c
"  44   . .*$+ B!$*& ( B* *(a!YC'+
'' ! (*? >/(' ,, . 1'5 -#! /!D > ?'*%
 (! Z*? !3* \5 OO8 6 1<

"  . .'(**' B!#?! &'( ' **3'* (*(D + 
*((!/ *!"=? *3*/!&' >? B /!(*$%**> + ,, 1*%
$'?'' B!#?!" #$  &'( ' "'*$! > *?!( )5
#'?!( ) (*#* >/(*$ ]**'a5 OO7 1
7<86

187
GHIJKJLMN 0 66,
, 0 O487 0 PQRS  0 T

K!" !&+  <AA 0$ 

"  . 2'"*a' >  *((!/ *!"=? *3*/!&' >? B %


/!(*$%**> + $ (*? >/(' ,, 1"!$  (! '"#!5
OOc  188<8
" #   A(!" /!D > !/#*$**%B**'&) X"'?'*$
$ #!/'*%B3" D  &'(*?  "' ,, \!' !" w !&*+
(*Z''D B*Z'*(*%B'B*!$!'"=(*#* *!$! ]*"#*%
#!(*#* #* %! h< !B'"> OO; #*!i ]*"#*#!5 OO;
1
8;<
8O
2*3"'? "'( (*#!Z 4 13 !'+ , 2* ' A 1 ['!5
].1'#''$! 1235 OOc 68 
2*$ D !"=!> X(/ 'D >4  c6%"' Y * > *a' >
] \ x(F !4 '/ *(" ]'* !& (*Z !!"5
<
Y"> OOO #, @'(*"4 ]]'>*$  !!"5 OOO
c 
2*/! ]\x(F ! (!( " #$*("=+ Z'*?' 76<c6%) #*%
*$ , 2* ' ]A2 C!"= (*$*+ !!"5 OOc O6 
"  1  [** $ /'(!"' $*'#* >/(! h! >/ ?!' !"'
#a'$(!i a'$(5 OO7 ;  0 - *D !"=*+  ZZ''D %
!D >/(!
"  1 *!  ( 3*=3 h*&'( >/(! $3**$i ,, ]'
\*( %! 1'O b "*"*# > \5 OOO ^ 1
8<8O
"  . -*3'* (*#* hB'$*#*i >/(!  a $C ) $
b "> ,, @  (! '#*> \5 OO
,8 16<67
" - 4% 1"*$! (*#* >/(!4 ! *&'( , %' /5
B *B \5 OO7 7 
" - 4% 1"*$! (*#* >/(!4 ! *&'( 2**3 ' ">
& '"> \5 OO; c 
" 9    @(!> '? *"*# >4 h_'( (*%'?! *3!/*$!%
 'i \5 OO7 ; 
"  @( + >/(4 $&'!5 '#*>5 /!$! ,, 1**'&'$'%
 ( 4 (!> ("=! $' #! D \5 OO ]B; 17O<c6
"5# ' @(*>/&+ X? #! '='+ &'$'*+ $*"4
'(*"=(* !/?F"' + ,, @ >/ /! 3'a*? OO8 ^ ;<7
16<60 l/(*$*' ("=*' B*$'' '
"-     $*B* * '? !) j! D *!> '" # >k
j'(!k ,, @'" # > B!$* \5 OOO ^ 1<

188
GHIJKJLMN 0 66,
, 0 O487 0 PQRS O 0 TO

# &
" 9  - '&' >/(! ,, a3! !**$ OO; ^ 1
<c 0
- B*D'' '$*B' /!D *B*C' > (*#* >/(!
"1 
 1"*$* j*3$!'"=k '#* B* /$*' $ *$'?'%
*+ '& ,, @ >/ $ F( OO; ^7 O
<O7
!#  % U"'?' B**'("!? $ *$'?'*? '("!?*?
 (' ,, U*#'?''$ (!4 '(**' B*)* ( B*3"'?'
'?'*$*5 OOO 176<7
!
* n@'D'/ >o ,, ]*B* >/(*/! > 666 ^ 1;6<
;; 0 @'D ! (4 ~LsQHtŒ  LMMIM9€ I‚ ‹Qu|Sq pIS JLMMIM9€S
PJQ9€S MSIH |SJ SJSMHJt’ƒQ ‹ISMsQ|Su5 OO;
6  2*3"'?
>/(! * +(*+ B' (*D! 6%) 0 !&!"! O6%) ## $ *D *%
" #$  &'(*? !B'('
!
, #  (
(0  ,  . 1*$'?'+
X(**? &'( + "*$!= \5 OO7 8O8 
!
, #  (
(0  ,  . 1*$'?'+
X(**? &'( + "*$!= B \5 OO 8cc 
! # / )   4  'B'!D '!D **#*
#!/'*#* '(! ,, 1$>/ >/(*$) '  D $  '?' '!" %
/!D 4 (*#  $+ !B'( !?3*$5 OOO ]B 1O<Oc 0
1 "  &'(*' /!&' ' /!#"!$ >
!5   2 )*"*# &'(!> (! /!&' > "*$! (!( !%
3* Z ( *$!) !*$*( ,, 2 )*" #$  &'( ' "'%
*$! > "*$! '(! $'=5 OOc 1;8<7;
!9  %: '( '("!? (!( (*?? (! $!> '  D! ,,
b!D/( + >/(4 '*' &'( ' B ("!' !B'( \5
OO8 18<88
! , 1 (  (!"=' &! $ /! ?$*$!) "*$!) ,,
@ >/ $ F( OO; ^ 1c
<c7
!  3/ 2*X (! *((!/ *!"=*#* "*$! ,, l/( (!( $*&'%
$* \5 OO7 1
6
<
6
@'/*"YD > $ /!C  (*#* >/(!4 2 >!† \'a!*?
1"!$>*%v$!/ +( ? (*#'*? '>'"'+ !( 5 ("=
B'B  ?!'"'+ h..*$#**5 ?!+ OO8i ,, @(!> !D >4 %
* &'(*' B*F"*' B*3"'? $*/*a' > \5 OO; 16c<
6
!#-   - '(**) 'B*( $) "*$**3!/*$!'"=)
 B!) ,, 1"*$* $  '?) **F' >) ! !/) *$>)
189
GHIJKJLMN 0 66,
, 0 O487 0 PQRS O6 0 TO6

K!" !&+  <AA 0$ 

>/(! v(!' 3#5 OO8 1;<;c 0 .! ?!' !"' C'$ %


'"=)  (*D*$(!? %,5 %#5 %5 %95 %8
!#$  !" *"=F!> (!*'(! "*$!*#* *'"! /! 66
"' ,, .!D *!"=' "'( (*%Z!/'*"*# &'( ' Z* 1235
OO; 18<
!  . .!D *!"  &'( +  ( #!/' jE!$!k ,, _*%
#* \5 666 ]B 1O<c
!  . !  . U?*D *!"=*%*D'*&*' /!&' '
B''3'a '"=* '$! '#* $!a' > $ *$'?'%
*? (*? >/(' ,, "'*$! > B* '?! (' Z!5 OO7
18<O7
!$
 - *$'?'*? B*"*a' (*#* >/(! ,,
]' \*( %! 1'O b "*"*# > \5 OO; ^
 1c<O
! . E!?'( ( B*'( '?'D(*%(*#* "*$!> '*"*# /%
?*$ ,, _'( (! "'( (*#!Z > \5 OO
!, # $* 1"*$!= 3!(*$( ) '? *$ 2'  !#" \5
OOc `5
;O  2' /4 tMSusSJR –”I9HItuQJr t sQuƒIuR
—5 OO

!  !4 - '(**) B* /$*) /!&' >) #"!#*"*$ B''?'%
C' > $ (*? >/(' ,, \*( " #$ a  ”tM9tŒ qIuR ’
OO7 ^ 1
;<
76
!  !4 - B* F'$ + ( '+$ >? h'?! &'(!> ' $!%
D > (!( B**3 B*B*"' > *3C'#* a!#*!i ,, @( + >/(
'#*> ]B 13  , -$ ' _2  \5 666 18<
8

!&9  {!#* "!#''+ ,, HL|IQ qIHSJQJI Ptqtut%MqQ„I9Q ‹%ŒQ5
OO7 1O<Oc
! " 1"*$!= ("= zz $'(!4 "Y&'$' B*> > '(%
 \5 OOc
 
! 1  .*$' "*$! $ /!#*"*$(!) !#"*%!?' (!(*+ B'%
 ) ?* $!D > ,, /$ ]* %! !"='$* #* %!
]"! $**(5 OO; ^ 1<c
@  (!4 " #$  &'(!> B!! #?! (*D! zz $'(!4 \!' !"
!&*+ (*Z''D 5 B*$>C 6%"' Y Z "*" Z!( @[2
? A['D'! c;%"' Y B*Z 1["='(* h1%2''3#5
c<O *>3 OOi , @'(*"4 ]V'>(  1235 OOO 7


190
GHIJKJLMN 0 66,
, 0 O487 0 PQRS O 0 TO

# &
@(!> !/#*$*!> '&= (!( >$"' ' #**(*+ ("= , @'%
(*"     ] \!$''$! h*$ 'i  v(!' 3#5 OO7
O

@(!> *(%B*X/ >4 '( (*'(4 13 !&  ,, $' #* %
, @'(*"4 ]*F!( +5 [$"'$! $'=5 OOO ]B
O 
@( + *Z*#!Z &'( + "*$!=4 -(*"* 76 666 "*$ , @'(*"4
]]_*B!  h*$ 'i5 E(& !5 .Av=(*$!  \5
OOO
@( + >/( "> '"*$*#* *3C' > , 2* ' _A\''>F *+
V'">3 (5 OO7 6

@( + >/( (*D! zz *"' > hO;<OO;i , ] _ ]**D*$!5
\l["*$ (!>5 v[*"!*$! g -$ ' vAE'?(!>
\5 OO7 86  0 1'?! &'( ' B*D' $ "'( ('5 "*$**3%
!/*$! 5 Z*' (' #!??! ('g B*3"'? >/(*$*+ (*?%
? (!D g  "  &'( ' **3'* *$'?'*+ B'g
X$Z'? /? $ *$'?'*+ (*+ '& 
@( + >/( '#*> 1**> ' B*3"'?4 h-3/* #!/') B3%
" (!D +i ,, @ ("=! $' #! D \5 OO7 ]B7 17<c8
@( + >/(4 * > *$'?'*= h\'a$/ 3 !& %
*$i ,, \*( B' % , @'(*"4 _ b *B**$ h*$ 'i
 \5 OO7 
O  @(*B = 'B $ .-. @A. ^;86
* 68O7
@( ? !* #*$* = B*%( ,, @ ("=! $' #! D \5
OO7 ]B8 17;<77
@(*%'?'D( + Z !*$+ "*$!=4 '=# g ]!"Y!g A(D g '%
  , 1*4 \2!'5 ]\E!$=>"*$! \5 OO7
7c 
@*&!> X(**? (!4 1"*$!= , UAA/*>D5 AAA">( 5 _\!%
!"*$  , 2* *3C ' [l B'?!! %' /5 *B \5
OO; 8O; 
!1, 4 .!D *!"=*%("=!> B'D Z (! /! ?$*$!*+
"'( ( 4 h.! ?!' !"' X(* "'( (  >/i A$*'Z  
   (! Z "*" !( \5 OO7
,  4 1"*$* * (*? >/(' ,, j !/*$' ?'> $>( C + $
'+ >/(   k l((5 OO; 1;< 0 @( + >/( $ l( 

191
GHIJKJLMN 0 66,
, 0 O487 0 PQRS O 0 TO

K!" !&+  <AA 0$ 

    \'* ?*"*'a*#* a!#*! $  '?' >/(! ,, ]'


]> B' %! 1' Z "*"*#*%" #$ !(  *$5 OO7 ]B
1
<8
 
4" - '(**) B ?'!) "'( &'(*+ ('! $* 4
h.! ?!' !"' *$ a!"=*+ B' b@[i ,, 1"*$* $  !%
? (' $'=5 OOO 1c<OO 0 '"'(*B > "*a**( "*$!
$ (!&'$' *((!/ *!" /?*$
 
4" -((!/ *!"=!> "'( (! $ 'a'''"= (' jpSJ
PISRSqk ,, 1"*$* $  !? (' $'=5 OOc 17<c6
 
 0 8 ! 05 . @(*%&'F( + &'F(*%
( + "*$!= '*"*# /?*$ 2!#!5 OOO
 F    ' .*$+ '?'D(*%( + X(**? &'( + "*%
$!=  SLSM ‹IJHM9€QHMŒtJHSJsL9€ pSLHM9€%LMMIM€4 -(
;666
'? *$ , ‹QqIMHM9€SŒ ‹5 pI“ \5 OOO ;
O 
 F    ' .*$+ '?'D(*%( + X(**? &'( + "*%
$!=4 -(
;666 '? *$ \5 666 ;O

   .'*3)* ?*= " B' aW ,, AB'( $/*$(*+ %
  (  Y?'=5 OO 1<O8 0 b(D * *$! ' !#" +%
( ) /! ?$*$! + $ *$'?'*? (*? >/('
1  _'( (! !#* &'(*#* a!#**#* B* )*a' >
$ *"(*$) "*$!>) *$'?'*#* (*#* >/(!4 A$*'Z
     (! Z "*" !( \5 OO
1  - *?! $*% "  &'(*+ X$*"YD B**'&*+
"'( ( !#* &'(*#* a!#**#* B* )*a' > '' *%
!a' ' $ *"(*$) "*$!>) ,, .!(! ! 3'a' $'(*$ 1235
OOO 18<8;
1  - *D !"=)  !"'(!) (*#* >/(! ,, @ >/ $
F( OO; ^
 1c<8
1  -3 **$) X!B!) X$*"YD !#* &'(*#* "*$! ,,
@ >/ $ F( OO7 ^; 1O6<O

1!?*$ *' "*$*4 1"*$!= (*+ B*X/ zz $'(! h2*3+ $B4
A<A%Y%'+i , 1* ]2[ #*='$  \5 OO ;7 
  44 - ("=' '& *3C'$'*#* '>'"> ,, 1"!$>%
( ' )*$' ! D 1 3   Y?'=5 OOO 17<
 / @( + >/( ! B**#' ww $'(! ,, .!(! *3!/*%
$! ' l((5 OO ^
 17< 0 b(D * *$! ' !%
#"*>/&) /! ?$*$! + $ * +(*? *3C'$'
192
GHIJKJLMN 0 66,
, 0 O487 0 PQRS O
0 TO

# &
   / * '(**) '? *$ 0 '  D ''a*+  %
'? ,, @* % a3 !**$ \5 OO; 7  @(*B = 'B
$ .-. @A. ^;6;8 * 6cO;
   1B**3 /! ?$*$! > *>/&) '? *$ $ %
( + >/(4 h.! B ? *#%X(* '? *$i ,, @* % a3
!**$ \5 OO; 7  @(*B = 'B $ .-. @A. ^;6;;
* 6cO;
$ ;/ 1 6 1"*$**3!/*$! ' (!( ** / B*>$"' +
 * "> B !'"> ,, ]*B*  "  (  1!!*$5 OO7
]B7 1c7<6 0 .! ?!' !"' B* /$'' + d Z**$!
  6 .*$' /! > ,, ]*B* >/(*/! > \5 OO7
^7 1
6<
 0 -3/* " '!
9 4* j1'? *"*# &'(*' */! 'k A&') hvC' !/ *
j 3" C"ki ,, 2'$*' B* /$'' ' (!( '? *"*# &'( +
Z!( 1235 1!$*B*"=5 OOc ]B 1
O<8;
 -  '? *"*# > $ *3"! $*+$ (!&'$ *$!%
*$4 ! "*$!=%B!$*& ( \5 OOc
7 
 3 .!/$! > $**'a( ) (*??'&'( ) Z ? h$ $*B %
> a '"'+ #**! ]**'a!i ,, !+ ]**'a( + ]**%
'a5 OO ]B 188<;8 0 U(B' ?'!"=*' "'*$! '
 4 - *$' /?!) $ *$'?'*+ (*+ '& ,, E!(*%
?+ '/!(*?'D \5 OO; 1;<
;
 3 jV*3 '&= !"! $*'+ '&=Yk , '' $'"! ]2*%
") ! ,, .*$*' "  *3*/' ' \5 OO7 ^c 1
<;80 -
>/(' B*/ B*X/ $ )*a'$'*+ " '!' * $" >%
 '' ! !F '&= a /= *3C'$!
 (" .*$*' $* Z!D/(*+  D !"=*+ !33'$ !D ,,
A(!"=' B*3"'? *?!  (  1?*"'(5 OO 1O<
1'?! (! "*$! $ (*'(' $(!/$! >4 \'a$/ 3 !& 
, @'(*"4 2A_'(! h*$ 'i  \5 OO7 8c 
 ( -*3'* "'( &'( ) /! ?$*$! + $ ( !+(*?
>/(' ,, ]*B* >/(*/! > \5 OOc ^ 18<;c
 - *" "=! ! *% '"'$ / **+ '& 4 &'3 B**%
3 ' "> '*$ $/*$ \5 OOc O7 
 - *" "=! '"'$ / **+ ! *'& 4 &'3 B**3 '
\5 OO7 
 
193
GHIJKJLMN 0 66,
, 0 O487 0 PQRS O8 0 TO8

K!" !&+  <AA 0$ 

 . *$!D $ *$'?'*? (*? >/(' ]"! (!$(!/5


OO8 

 . *>/&!> "'( (! $ >/(' #!/' ,, {!"  (!
! B**#' ww $'(!4 * &'( + *B5 *$'?'*' !/$  '
]"! (!$(!/5 OOc ]B 1
8;<
;

 . .'*"*# /!D > $ *$'?'*? (*? >/(' (*D! zz
$'(!4 ?'a*$'$+ !B'( A$*'Z      *( Z "*" !%
( ]*"#*#!5 666
 #   ]'" '!!> '&= (!( *& ( *$*+ Z!/'*"*%
# (*#* " '!*#* >/(! ,, .*$' "*$! "*$!
*$) "*$ 1235 OOc 1 cc<;
 #   1B'D !"=!> "'( (! $ *$*? !(!'? &'(*? "*$!%
' ,, -&''' /!!& (*+ !(!'? &'(*+ "'( (*#!Z 
1235 OO; 18<O
 #   b!/'*"*# > $ *$*? !(!'? &'*? "*$!' ,, -&''%
' /!!& (*+ !(!'? &'(*+ "'( (*#!Z  1235 OO;
18<

 #  A(!"=' B*3"'? Z!D/(*+ '*"*# 4 Z(%
D * *$! ' '*"*# /?! $ '& ,, A(!"=' B*3"'? *%
?!  (  1?*"'(5 OO 18<
 #  - *" '*"*# /?! $ B**' $(!/$! > ,,
]' \*( %! 1'O b "*"*# > \5 OO7 ^; 1O<c
 # . E! ?$*$! > 6<O6%) #**$ $ *D *" #$  &'(*?
!B'(' ,, @ '&= \5 OO7 ^; 18<8
 &9  l/(*$!>  !D > $ * +( ) '?'D( ) B*'"' >)4
X$*"YD > *$'?'*' **> ' ,, b*? *$! ' *D *" %
#$  &'(*+ (*?B''D 4 B*3"'? B'B'( $ \!' %
!" ?'a! !&*%B!( (*Z5 c<O *( OO !!"5
OO V 1O8<6

8 0   A#" D /? $ (*+ '& 4 h2* ?!' !"!?
B' O6%) ##i A$*'Z      (! Z "*" !( \5 OO7
    -*3'* >/(! '"*$) 3?!# ,, l/( !(
3 /'! Y?'=5 OO7 1;;<;c
   2 - a!#*' & *$ (*$ ]!F #*! ,, .'(**'
B*3"'? #'?!(*+ Z "*"*#  2> #*(5 666 17<7;

194
GHIJKJLMN 0 66,
, 0 O487 0 PQRS O; 0 TO;

# &
   (4 - *$)  B!) "*$!'+ !#" +(*#* >/(! /!'"=%
$! j_*#?!k h]'" (*3 ! >i ,, b "*"*# > 0 €IqtqtRI9Q
!*!5 OO7 ^6 18<88
 #9   A( $' B*D' *3!/*$! > "*a) C'$ %
'"=) *$'?'*#* (*#* >/(! $ !B'(' B'B*!$!%
 > (*#* >/(!  +( ? &!C ?>4 h.! ?!' !"' #!/%
B3" D  )*a '(*$ 6<O6%) ##i A$*'Z     
(! Z "*" !( \5 OO;
    3 /&' ' !/#*$**+ '& (!( *! / B*3"'?
(*+  "  ( ,, HrqIMHrƒQ PtqS5 OOc 1
c<88
    1"*$**3!/*$!'"=!> )!!('  (! *$) ( )
!'& + ,, HL|IQ JtMMI9Q tMuQuISuMIQ *}uQˆu5 OO ~ 1
<

  / 6& / - /! ?$*$! $ Z'' 3 /'! Y%
?'=5 OO7 1;c<76
1 1 /  .*$+ !(!'? &'( + "*$!=4 *3m'(5  B*"*# %
&'( ' B /!( 5 ?'* $  '?' (*+ "'( (*#!Z ,,
-&''' /!!& (*+ !(!'? &'(*+ "'( (*#!Z 
1235 OO; 1;<

1 1 /  b(D *!"=*% "  &'(!> )!!('  (!
"'( ( $ *$*? !(!'? &'(*? "*$!' ,, -&''' /!!&
(*+ !(!'? &'(*+ "'( (*#!Z  1235 OO; 1O6<6

,  . l/( B*#3 = '"=/> ,,   ""*%\'Z* '$( '
&' > 1!?!!5 OOc 1;<7
 ,  2/ \'* (! !!" /! B* /$*) /!&' + #"!#*"*$
'+$ > ,, _'( (*"*# >5 "'( (*#!Z >5 #!??! (! 1235
OO7 18<
6
  / "=! '& B*3"'? '' *$'F'$*$!%
 > ,, @* +(!> ("=! !(!' *$*#* *"' >4 *#
B'B'( $ !/$  > \5 OOO 18<7
1"*$! zz $'(! ,, 1%2''3#( ' $'*?* 66OOO 1  0
.'*"*# /? $ !#" +(*? >/('4 ,8  9 
1"*$!= *!) "*$ $ (*? >/(' , 2* ' ]_') !5
b.2'*$! \5 OO; 
6 
1"*$!= *!) "*$4 A(!" "'( (! *"(*$! > U ?*"*%
# > , .1A!B*$!5 @1 ?>#!*$!5 _\!F  .!& '
A]*3*$! %' /5 *B \5 OOO

; 
195
GHIJKJLMN 0 66,
, 0 O487 0 PQRS O7 0 TO7

K!" !&+  <AA 0$ 

1"*$!= (*??'!!4 *"(*$+ %!#" !#"% , 1*


]\' & \5 OO7
8O 
1"*$!= B* *D *"*# , 2'  !#" \l''='$!5 A[$!*$!
1* v\'"= (*$!5 \\!(3!+ ..*$#**5 OO; 7c 
1"*$!= (*#* /!)!> , 1*4 \]! "='$! ..*$#**5 OO
8O8 
1"*$!= *$'?'*+ X(**? &'(*+ '* \!(? ""!! , -3C
'   2 ! \5 OOc 76c  0 2' /4 ”Q9‚IqqQu
|I9HItuQJr t ‚t|SJu S9tut‚I9M 8 S| g :QMIuRMHtƒS5 OO
1"*$!= *(!C' + !33'$ !5 B ?'>'?) $ !3*' *%
 (! *#!*$ $' ) '" , 1*4 22!!*$5 ]A.!/!%
*$ @**$%!%*5 OO7 ; 
1"*$!= *(!C' + Z!D/(*#* >/(! hX(* *3C'$%B*" 
"'( (!i , 1* ]1'#'+&'$5 -A˜'3!(*$! 1235 OOO
 
1"*$!= '? *$ B*/! > , 1* \ A * ! Y?'=5 OOO
;

1"*$!= '? *$ *$'?'*#* B'B  ?!'"=$! , 2* '
]]\*(*$( ! \5 OO; 8
 
1"*$!= '? *$5 B ?'>'?) $ '>'"=* "a3 /!>*
, \z[! >%'5 E*"**$!5 Av*#  \5 OOc
 
1"*$!= X/*' &'( ) '? *$ , 1* \ A * ! Y?'=5
OOO ; 
1"*$!= X(**? &'( ) '? *$ , 2*#* B* ( ]\_(!F'$%
(*#* \5 OO O6 
1"*$!= X(**? &'(*+ '? *"*#  , 1* ]  2*')  
..*$#**5 OOc c 
1"*$!=%B!$*& ( "> Y *$5 X(**? *$5 *D *"*#*$5 (*?%
?'!*$5 *#*$) !3* (*$ $') a'"!YC ) /&!=
B!$* @* 4 h &'3 B**3 'i , A$%*4 _v?*"!'$! 
$!*$*5 OO7 6 
1"*$!=%B!$*& ( ?''a'! , @(*$* '"= !$ (*""'( $!
\[_!B!g ]]A!?&(5 AA'">'$5 b F*( 
\5 OO7 76; 

196
GHIJKJLMN 0 66,
, 0 O487 0 PQRS Oc 0 TOc

# &
1"*$!=%B!$*& ( B* *D !"=*+ !3*' , 1A'" &'$!5 .*%
'(*5 1[ #*='$ g 2* ' vz*"**$*+ \5 OOc
8c 
1"*$* $  !? ('4 .!&  , $' #* %g @'(*"4 v]@*/'
h*$ ' i $'=5 OOc 6  0 .! ?!' !"' '?'D(*#*
>/
1"*$* $  !? ('4 13 !&  , $' #* %g @'(*"4 v]@*/'
h*$ ' i $'=5 OOO ;

   1"*$!=%B!$*& ( 3)#!"'! . .*$#**5 OO7
c 
  ( - *" *!) "*$ hj'$*B' /?*$ki $ !/$ 
"'( ( F*$(*#* " '!*#* >/(! ,, qQ„I9Q Mqtt„Q9Q
:J5 OO; t9
65 9 76<7; 0 @*"= *!) "*$ hj'$%
*B' /?*$ki $ !/$  *3*#!C' "'( ( " '!*#*
"*$!D(*#* >/(! F*$(*#* B' *! h
6<86 ## O $'(!i
  (  ] /!C  (*#* >/(! ,,   ""*%\'Z* '$( '
&' > 1!?!!5 OOc 1

1*$'?'+ ( + >/(4 _'( (*"*# > _'( (*#!Z >4 z'%
*?! > &'3 /!! > , 1* 1_*$ *$!  1235
OO7 78 
1*$'?'+ Z !*$*%(' + "*$!= , - A A'Y(5
.2!! (*$!5 AA]*"*   2* *3C ' \[_!%
B5 21. (*"=(*#* \5 OOO ;; 
  "=! '& ("=! *3C' > \5 OO; O 
#  /B [!/'' '( (!( *!a' ' $!a'+F ) >/%
(*$) B*D'*$ $ *$'?'*? *3C'$' hOO6<OO8 ##i ,,
HrqIMHrƒQ PtqS5 OO8 8 OO; 1;<7

$ & 4 @( + "*$!= >/(*$*#* !F ' > \5
OO; c 
A1*"a' D (!> ("=!4 \'a$/ 3 !&  , -$
' * A]!Y(*$ 1!!*$5 OOO O 
   -B B''$*! z"'3 (*$! ! !"=>( + hw B"*%
(*= jE!#'/ ki ,, ]' ( -3C'$! ]'" ? ! z"'3 (*$!
\5 OO7  176<c
&8  *4 \*(*+ B*m>/( B*3"'? ''?  /!D
Z!/'*"*# /!D '? *$ ,, l/( *3C'$* 1!!*$5
OO; ]B6 1
7<8
197
GHIJKJLMN 0 66,
, 0 O487 0 PQRS O 0 TO

K!" !&+  <AA 0$ 

   A$*( ' *$**3!/*$! > $ '(*+ " '!'4


(!5 '?! (!5 B!#?! (!4 A$*'Z      (! Z %
"*" !( \5 OO;
    E*  (! $ '$!) ?!*$*+ (*?? (!D ,,
@'!"=*=5 >/( */! ' !?3*$5 OOO ]B 1;<;
  %" 1"*$!= *$'?'*#* (*#* >/(! '#* X?%
B  &'(!> 3!/! ,, .!D *!"=' "'( (*%Z!/'*"*# &'( '
Z* 1235 OO; 1c
<c7
   \* $!D *+ "*$!= '(*+ '& ,, \*"*'a=
!(!4 B*3"'? B'B'( $ *?(5 OO 18;<8O
  */ jl/( #**!k (!(  "  &'(*' '$*4 h.!
?!' !"' !(!/! ] \ x(F ! jx ' F!#5 ?!X*†k ,,
'(4 (! Z(D * *$! ' !!"5 OO8 1;<
;;
 3  $*B* * '? *"*# &'(*+ "'( ('4 h.! ?!'%
 !"' '"*$*#* !#" >/i ,, ]F!> F(*"!4 #?! !' !%
( #?!  &'( ' **$ *3!/*$! > $*B ! > V !5
OO7 V; _ #$  (! 17<c
   4 -3C' ' ("=! ,, @(!> !/#*$*!> '&= (!(
>$"' ' #**(*+ ("= v(!' 3#5 OO7 1
<
   4 @( + >/( (*D! zz $'(!4 /?'' > $ "'( (*%
Z!/'*"*# &'(*+  '?' ,, b "*" /!B ]**'a5 OOc ]B8
18O<c8
   4 @( + >/( (*D! zz $'(!4 ( /  " !/$  'W ,,
]' ]**'a #* %! 1' [?!  !(  ]**'a5
OO ]B 18<O
 7-  38  1!?*& '"= B*"a $*#* *'(*#*
>/(! , 2' " \@!F ( + -'!5 OOO O6 
 7-  38  l ?!Y *3 B*"*$Y B*3"'?4 1"*%
$!= B*"a $*#* *'(*#* >/(! ,, .*$*' $'?> OOc ^;6
18
 7- * 38  .!F' $!?  ( *&(*+4 1"*$!= B*"%
a $*#* *'(*#* >/(! ,, .*$*' $'?> \5 OOc ^87 18
1  : V'"*$'( $ !/#*$**+ '& ,, ]*B*  "  ( 
1!!*$5 OO ]Bc 1;<6

198
GHIJKJLMN 0 66,
, 0 O487 0 PQRS OO 0 TOO

# &

 6 '? *"*# > (!*&*+ # h * Z*%
? *$! > !&*#* *B ! >i ,, U$*"YD > "'( (*%Z!/'*%
"*# &'(*#* #!??! &'(*#* *> (*#* >/(! \!# %
*#*(5 OO8 1c<c
  . .*$!> "'( (! $ !*D ! $*%$'3!"=*+ ' ,,
.*$' "*$! "*$! *$) "*$ 1235 OOc 1 8
<;8
  4 E!C ! (*#* >/(! ,,   ""*%\'Z* '$( ' &'%
 > 1!?!!5 OOc 17<c
   ! 1 ?">(4 ?'a ?''? $'C=Y $ (*? (*D'B%
!" /?' ,, b "**Z > $  '?' )*$*+ ("= ! 3'a'
zz $'(! (5 OOc 1c<
9- ( 2* ?! ' *? (*D'BD > >/(! ,, v $*
?*#**3!/ ' *?!(*#* ? ! 1235 OOO 17<78 0 2* %
$*'& ' ?'a *D !"=*%  $ !"=? '&'$? ?F"' %
'? >/(*$*+ *?*+
9  * l/( ?*+ 0 # ?*+4 * zC'$! * [*3!&'$!  
\5 OOO 8c  0 - >/(' B*"  &'( ) '>'"'+
F 1 4 F 
44 2!$* 3 /'  QΠQu|
sLMIuSMM @%!#" **$'$ >4 1B!$ &'3 B**3 '
, LM€IuMƒQrQ 5 LM€IuMƒr  \5 OOO

8 
&   1*D !"=*%B )*"*# &'( + !B'( /! ?$*$! >
*>/&*+ "'( ( ,, l/(*$!> " &*=4 !B'( " #$ %
 ( " #$* !( (  ]*"#*#!5 OOO 16<

&-  {!#**%B**'&' X"'?' $ #!/'*%B3" D %
 &'(*+ '& ,, [**(!> !/#*$*!> '&= B*3"'? ''
/&' > -?(5 OOc ]B 1c<

H8 0 1C'$ '"=' ! % # 0  ?$*" !?' (!(*+ >/(*%
$*+ X(B! W ,, @ '&= OO7 ^
 187<8O
1
B - $" > (*#* >/(! ! "'( (  "'/( ) B*%
/$'' + z*!  '(! ,, pIQqS9HtqtRIQ MqQ„IQ9Q4 13 ( ;%
"' Y 1'F'+! \5 OO; 1;<7
21 : 1"*$!=%B!$*& ( B* *D *"*# B*" *"*# 
\5 OO7 c 
2 1 2 -?* ? /!D > *>/&) /! ?$*$! + ,, ]*%
B* /&' > (*#* >/(! ]"! (!$(!/5 OO8 1
c<8

2  " b*?" ?"!4 '*a !' !( !Z*  ( 
\5 OO 8O

199
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 66 0 T66

K!" !&+  <AA 0$ 

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


*&'! + ,, z**#!Z 1235 OOc ^ 1O8<Oc
$*&'$* ]\x(F ! $ *$'?'*? ? '4 U' (!  !"*#
("= 2*X (! 'B'!D > ,-$ ' 1 \ */"*$!
!!"5 OOO
c 
21  . -*3'* '? *"*# &'(*+ *? !D $*
Z!D/(*? >/(' ,, v $* ?*#**3!/ ' *?!(*#* ? %
! 1235 OOO 17;<7c
'? *"*# &'( + "*$!=%B!$*& ( X(**? ! , .  "=%
(*$5 A_'3''$5 ._! **$! .!& ' ."=(*$
Ž*F(!%-"!5 OOO ;; 
2 5 " { $' a!#* a $&'' B**'& ' ,,  { %
 (*$( ' &' > V'">3 (5 OOO V 1<
8 0 &' %
&'( + a!#* B*Z' *!"=*' B**'& '
2 5 " { $' a!#* a $& ' B**'& ' ,, AB'(
$/*$(*+   (  Y?'=5 OO 1O;<66
2 5 // -Z*#!Z &'(!> (*('D > jvk jUk $ "'( %
&'( ) /! ?$*$! >) !#"*%!?' (!(*#* B* )*a' > ,,
]*B* /&' > (*#* >/(! ]"! (!$(!/5 OO8 18
<8
2  ! @'("!?!4 ]*B* '? *"*# ,, \ *$!> X(**? (!
?'a!*' **F' > \5 OO7 ^ 1
;<8
2 9 .  1*&'!'?*= "*$! $ "*$!*+ (!*'(' ,, .!D *%
!"=' "'( (*%Z!/'*"*# &'( ' Z* 1235 OO; 1
6<

8 0 - *"=F*+ "*$!*+ (!*'('  ! " #$  &'%
( ) "'*$! + @A. $ 1!(%2''3#'
2 9 4 \* $ *$(! !/$! + " D B* ?' a '"=$! ,,
AB'( $/*$(*+   (  Y?'=5 OO 1c8<c
2- / "=!  !>4 1"*$!=%B!$*& ( \5 OOO


9
2- /  $*B* * '? *"*# /*3!/ '"=*#* (%
$! ,, l/(5 */! '5 (*?? (!D > \5 OOO ]Bc 18<
;7 0 -B ! ' /! ?$*$! + B *3&' **? >/(
2# 4 .*$*' "*$* 0 *$*' /!&' ' $ (*?? (! $*+ %
*$!D **+ '>'"=* &'"*$'(! ,, 2 )*" #$  &'( '
"'*$! > "*$! '(! $'= OOc 1;<6

200
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 6 0 T6

# &
*"(*$+ "*$!= (*#* >/(! (*D! zz $'(! l/(*$' /?'%
' > , vd]!" !5 [!+(*$ &5 A]E'"'   ["
' [.1(">'$(!> 1235 OO c68 
*"(*$+ "*$!= *$'?') 3Ya') '? *$ , d b *%
*F(*5 \-5 b*?!  \5 OOO  
2  24 l/(*$!>  !D > $ (*? !'!"' ,, 2*3"'?
"!$>(*+ ("= D $ " /!D 4 \!' !" '# * !&%
?'* (*Z5 
?!> OOO5  +(5 OOO 1c<O
2   $*B* * B '?!) *3!/*$! > ( ) a!#*) "*$ ,,
HL|IQ JLMMI9Q5 !B'F5 OOc 7 1c
<c8
2  .'(*"=(* /!?'&! + B* B*$* "'*$! + (*#* a!%
#*! $ $>/  ''? **+? B !"=*#* $ ?! >
"*$!'? ,, HL|IQ JLMMI9Q5 !B'F5 OOc 7 1

<
8O 0 @'D
! (4 \*( '(* ]\ 1"*$!= (*+ 3!*+ "'( ( 4 h\!%
 /?5 *3'D' /?5 X$Z'? /?  * (*%X ?*"*# &'( ?
(*??'i :SJqIu5 OO;
255 : 4, $ 1"*$!= ?!(' #*$) '? *$ \5
666 8
6 
28 -  1'?! &'(!> (! a!#*) #"!#*"*$ ,, @%
( + >/( '#*> ]B 13  , -$ ' _2  \5
666 1888<8;;
28 -  l/( $ (*Z" (' ,, 2*3"'? >/(*$*+ a / @*%
 +(*+ b''!D /!3'a) !  QuRLQRS PJtsqS‚M
t H€S LMMIQu S|SJQHItu Qu| tJSIRu MHQHSM ”5 OO8 1 6O<

 0 l/(*$' B*D' $ B' * 3* +(*%#'D'#*$ (*?
(*Z" (!
2  
 b "*"*# > $*B ! ' !D *!"=*#* !?**/!%
 > ,, q‚Q ‚QHSJ \5 OO7 ^
 1<c 0 1"*$* )*$!>
("=!
2 5  6 1"*$!= *$) "*$ /!&' + $ !#" +(*? >/%
('  pI9HItuQJr t uSŒ ŒtJ|M Qu| ‚SQuIuRM \5 OO

68 
2 1 2 1"*$**3!/*$!'"=!> B*" '? > (!( **3+  B ?*%
#*/!&* B* /$*) "*$4 h.! ?!' !"' ( ) !'%
Z!(* ?*$i ,, @(!> Z "*"*# > !5 OO ^O 1
c6<


2 ,  _'( (! "'#! ) B% '? ,, "=! *3C'$*4 *
B*F"*#* ( 3C'? \5 OOO 16< 0 l/( ?*"*'a 

201
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 6 0 T6

K!" !&+  <AA 0$ 

2   2  U &'( ' B*3"'? '"*$*#* *3C' > ,, l/( !%


( 3 /'! Y?'=5 OO7 17
<77 0 - '"*$*? *3C' 
2   2  ' 2 b!(* $*/'+$ > ! (*D'B*%
Z' !D *!"=*#* >/(! ,, l/( !( 3 /'! Y?'=5
OO7 1
<8 0 .! ?!' !"'  >/(!
2 8  2*3"'? *B ! > *$'?'*+ *D *" #$  %
&'(*+ '? *"*# 4 h'?  j#*!$'+ >/(ki ,,
2*3"'? >/(*$*+ a / @* +(*+ b''!D /!3'a%
) !  QuRLQRS PJtsqS‚M t H€S LMMIQu S|SJQHItu Qu|
tJSIRu MHQHSM \5 OO8 1
<O
2 8  '?  "> *3*/!&' > !D *!"=) , #*%
!$') , *Z D !"=) >/(*$ $ @* +(*+ b''!D
hOO<OOi ,, 1*D !"=!> " #$  (! $ @* +(*+ b''!%
D hOO<OOi  PSJ|L |S qQ qIHHSJQHLJS Mt9ItqIuRLIMHILS
JLMMS  t9IQq qIuRLIMH9M Iu LMMIQu S|SJQHI’u4 \!' !" ( w`
]'?  (*# *D *"*#*$ h\*'!"=5 76c<6Oi \5 OO
1
6<

2 *% / * (*+ "'( (  @!3*&!> *'a! " !%
>*' B"!=' ,, 1'?! (! "'( &'( ) #!??! &'( )
'  D \5 OO; 1O<
2- 
(4 ] ? ' '"*$) "*$4 U(**? &'( + "*$!=%
B!$*& ( , 2* ' A]'#'*$! \5 OO8 ]B ;; 
21 :/ - B *' >/(*$) /?'' + ,, ]*B* >/(*/!%
 > \ OOO ^
 17<Oc
27  % jA) B'"!# [ _A[k A  1*"a' D!4  B*3"'%
?' a!*$*% "'$*#* $*'*3!/ > ,, b "*"*# &'( ' F 
$!*$*5 OO; 1
c<88
C, 4/ 2*3"'? !/$  > !D *!"=) >/(*$ ,, l/(*%
$' B*3"'? @* +(*+ b''!D /!(* * >/(!) \5
OO8 16<c
C9 4 1'?! (! B**3*$ (*#* "*$**3!/*$! > ,,
b "*"*# &'( + 3* ( \5 OO; 1
<
O
C  (  @'&= *$'?'*#* & '"> (!( *!a' ' '#!%
 $) B*D'*$ $ >/(*$*+ '' h $*B* *3 *>/&%
*+5 ?'a!**+ '? *"*# &'(*+ "'( ('i ,, @( +
>/(4 * >5 Z(D >5 /&' ' "!5 OO 1O7<666

202
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 6
0 T6

# &
&'3+ *D *"*# &'( + "*$!= , [  AF 5 d 2 !D'$5
A'(*  , -3C ' 1A!$&'(* @* *%$* *%
D *"*#*$5 \*( #* % ?'a! **F' + \ @b
%'
/5 *B B''!3 \5 OOO
; 
&'3+ *D *"*# &'( + "*$!= ,, @* *%$* *D *"*#*$5 \*(
#* % ?'a! **F' + \ @b , -3C ' 1A!$%
&'(* , @'%* 1A!$&'(*  %' /5 *B B''!3
\5 OOc c8 
C8   2*"' ?*' /?!4 >/( $"! " $"!= >/(! ,,
-.14 -3C'$ !( *$'?'*= OO7 ^; 1
6<8 0
2*?*' /? (!(  ( * ?*' /?'g  ( (!( '*%
"*# >
C8   @'&= (!( B*"  &'(*' '+$ ' ,, 2*"  OO; ^ ;
18<;

C8 /* 1"*$**3!/*$!'"=' #'/! C'$ '"=) !
;# 5 1 ;# 1 ; 1 $ *$'?'*? (*? >/('4 A$%
*'Z      (! Z "*" !( \5 OOc
C8 (4 B*'3"' ' Z!/'*"*# /?*$ $ *" B'"*#*$ $
>/(' *$'?'*+ B' ,, @( + >/(4 * >5 Z(D >5
/&' ' "!5 OO7 16<c
%# 1 4 .'?'D(*%( + (*%'?'D( + "*$!= B* 3 /%
'5 *#*$"' Z !!?  pSLHM9€%JLMMIM9€SM Lu| JLMMIM9€%
|SLHM9€SM ‹tJHSJsL9€ LJ SM9€QHMqSLHS , `QRJQ|IQuHM \5
OOO
; 
%  '?! &'( + "*$!= *(!C' + *$'?'*#* %
(*#* >/(! \5 OO ;
c 
%  / .*$+ !#"*%( + 3!(*$( + X(**? &'( +
"*$!=  uRqIM€%LMMIQu sQuƒIuR Qu| S9tut‚I9 |I9HItuQJr4
;666 '? *$ 1235 OOO 
 
%    $*B* * Z!/'*"*# >/(! B' ,, 2*3"'?
("=5 >/(!5 $*B ! > A)!#'"=(5 OO ]B
 1O7<
66
%  * - '#" *$! >/(*$*+ a / ! 3'a' zz $'%
(! ,, l/(*$' B*3"'? @* +(*+ b''!D /!(* *
>/(!) \5 OO8 1<7
% *. _'( &'( ' *$!D $ Z'' ! ?'*$! + a'%
( ) B*Z' + ,, 1"*$* $  !? (' $'=5 OOc 1O6<O7
203
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 68 0 T68

K!" !&+  <AA 0$ 

% 2  b!/'*"*# > ("=! ,, @* +(!> ("=!


!(!' *$*#* *"' >4 *# B'B'( $ !/$  > \5
OOO 1<

%1  3  b(D * *$! ' !#* /?*$ $ >/(' #**! ,,
]' ]> B' %! 1' Z "*"*#*%" #$ !(  *$5 OO7
]B 18<7
%   " "   4. !( + "*$!= B* B'!#*# &'%
(*+ *$! ('4 1 *!"'$? 3 3" *# (!/ **?!5
OOO 6 
%  ( @( + >/( $ /! "=(*+ *#*$"'4 hl/( ?? %
#!*$ $ $'' *D *" #$  ( i ,, @  (! '#*> \5
OOO ^< 16<O
%   ( -((!/ *!" /? $ B =?!) A12F( ! ,, b "*"
!(  \5 OOO ^8 1c7<cO
b "*"*# > ! 3'a' ww<ww $'(*$4 '/  \'a! !&
(*Z5 B*$>C 6%"' Y 2'? %! hO< *>3 OO7i
, ["!$ ' v*Z''$! 2'?=5 OO7 
 0 ]*B* Z %
"**Z * >/(!5 $/! ?*'+$ > ("= B''$*!5
Z(D *!"=*+  "  ( 5 '?! ( #!??! ( 
b !4 -(Z*( + *"(*$+ "*$!=4 A#"*%( + , !%
"'5 a**5 [1 X""  , 2* *3C ' \-!&'+
\5 OOc 8O

%8
  1"*$* jD $ " /!D >k4 ]*/?*a* ?"! '%
'D B*'3"' > ,, b "*" /!B ]**'a5 OO7 ]B c
18<;7
%
#  @* +(!> D $ " /!D > 3*"'/ >/(! ,, - '(! (
(*'( F ?g -?(5 OO ]Bc 1cO<c
%  % {!#*' Z!/'*"*# /? $ *3"! B*!4 h.! ?!%
' !"' B' A$ b@[i ,, 2*3"'? Z(D * *$!%
 > >/(*$) '  D z!3!*$(5 OOc V 1c
<

%7587  !(!> XD ("*B' > B* '(*+ '& ,, ]'
\*( %! 1'O b "*"*# > \5 OOO ^7 1< 0 @'D
! (4 _'B(!> .. l/( '3'(! h-*#''/ '&'$*+ (*??%
 (!D i \5 OOc ; 
', ,  4 l/( /!(*! '#* B* a' ' $ B*D'' >/(*%
$*#* *"(*$! > B!$!4 A$*'Z      (! Z "*" !(
\5 OO7
204
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 6; 0 T6;

# &
'
  4 .'(**' **3'* *? !D $ !/#*$**+
'& # Z ,, A(!"=' B*3"'? Z "*"*#  Z!5 OOc
1;7<;
'   -((!/ *!"=' Z!/'*"*# &'( ' #'/! (!( B*%
*3 /&' > *((!/ *!"=*+ $! !* ,, 1'?! (! "'(%
 &'( ) #!??! &'( ) '  D \5 OO; 17<


'  ! 1'?! &'(*' B*"' j"!#'!> B C!k4 h.! ?!' %
!"' j*"?( ) !(!/*$k ]x!"!?*$!i ,, j"!#*"*$'
B'$' F!#    k \!# *#*(5 OOO ]B 1;<O6
'   -3D'*' "*$*$*&'$* *D *("=+ (*%
'( ,, - '(! ( (*'( F ?g -?(5 OO 18<
;
'   * *?? (! $+ !B'( "*$**3!/*$!'"=*%
#* /!&' >4 h.! ?!' !"' B* /$*) ?'  B'Z (!?
 %5 $ %5  %i ,, !$"'F ( ' &' >4 >/(5 ("=%
!5 ! D 5 *$!*$*  (5 OOc 1;c<;O
'   .: ?'! C'$ '"=' B "!#!'"=' $ B'%
Z (!?  9 %5   %5   %5  9 %5 H  %5 #  %4 h'%
?! (! Z(D * *$! 'i A$*'Z      (! Z "*"
!( \5 OO;
';"  :  /  &
" #&
W ,, @ '&= OOc ^;
1;<;8
';"  :  E!(*$!> Z #! ("=*$+ 3*'$ ( ,, @ '&=
OOO ^
 17O<c
 0 -*3'* B*'3"' > B "!#!'"=%
) &
&

';"  :  !( ) !/$!=W ,, @ '&= OO ^; 7c<c6 0
2*3"'? *? !D $ *$'?'*? >/('
';"  :    &
,, @ '&= OO; ^  1 cc<
c 0 - "'( &'(*? /!&' "*$!
';"  :   5 "2C5 *2C # ' ,, l/(4 /?'& $*=
B**>$* 13   c6%"' Y _ _ !!( ! , -$ '
\_!"'&( \5 OO 1
8<
; 0 - "'( &'(*? !'
3($') !33'$ !
';"  :  \'!Z* &*= *((!/ *!"=*#* "*$! ,, @ '&=
OO ^
 1<

';"  :  -((!/ *!"='  * ? #"!#*"*$ #*$*' > h'%
& i ,, l/( *?? (!D > [?! !*' /! ' \5 OOO
1

<

c
205
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 67 0 T67

K!" !&+  <AA 0$ 

';"  :  2* B*$* **#* "&!> ''? *"*# /!D ,, @%


( + >/( '#*> ]B 13  , -$ ' _2  \5
666 187<8c 0 - ''? *"*# /!D "*$!  
';"  :  2*B" /? ' !( B* ,, @ '&= OO; ^ 18<
;
';"  :  :  ,, @ '&= OOc ^ 1;7<7c 0 U ?*%
"*# >5 *"(*$! ' "*$!
' -  .!'& > $ *!$' "'( &'( ) *$**3!/*$! +4
h-Z*#!Z &'( + !B'(i ,, 13 *$ ?*"*) &')
'*$ ]*"#*#!(*#* #* %! ]*"#*#!5 OOc 1

<

;
' (! -((!/ *!"=*' "*$**3!/*$! ' $ $*&'$'
]1*&(*$*+ A_'$ ! ,, 1$>/ >/(*$) '  D $  '?'
'!" /!D 4 (*#  $+ !B'( !?3*$5 OOO ]B 
18O<;;
' $1 (/ "Y&'$' "*$! $ B*/' A1*"a' D! ,, A1*"%
a' D (!> ("=! 1!!*$5 OOO 18<8c
' $1 " '? *"*# > B!$!5 '? *"*# &'( ' "*$!
B D B ) *!$"' > ,, /$ $/*$ 2!$*$'' ' 1235
OO8 ^
 1O7<O
' $1 " b*? *$! ' !/$  ' '? *"*# &* $ >/%
(*$*+  '?'4 h.! ?!' !"' Y  '? *"*# i4 A$*'Z
     (! Z "*" !( 1!!*$5 OO
'&  U$Z'? /?  Z'? /? (!( B**3 $!a' >
*D'*&* $ '"'$ / **+ '& B*"  (*$ a!" *$ ,,
b "*"*# &'( ' XY4 13 !&  ?*"*) &') 1!!%
*$5 OO 1O<O
'& 3 1"*$**3!/*$!'"=+ B*'D !" !#" +( ) /! ?%
$*$! + $ #!/'*%B3" D  &'(*? '(' ,, b "*" B* (
]*"#*#!5 OOO ]B
 18<O
'9  '(*$' ?" #"!#*"=*#* "*$! (!( *!a' '
!$*( + 'D +4 h.! ?!' !"' !(!/*$ ] \ x(F %
!i ,, ]*B* Z "*"*#  1235 OO; ^ 17<7O
'9   ,   / *?? (! $' B*'D "'(%
 &'(*#* /!&' > #"!#*"! $ D'"**? '(' ,, ]*B* Z %
"*"*#  1235 OO; ^  1 7<c; 0 .! ?!' !"' B*$'
]\x(F ! j!" ! (!!>k
206
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 6c 0 T6c

# &
I  *! ! 34 U$Z'? /? (!( " #$  &'(*' >$"'%
 '4 h.! ?!' !"' *$'?'*#* !#" +(*#* >/(!i ,, .'(**%
' B*3"'? #'?!(*+ Z "*"*#  2> #*(5 666 1<
;
I   U(B' $!> "'( (! $ *$'?'*+ (*+ B*"  %
&'(*+ '& 4 '?! (! B!#?! (! ,, @( + >/(4 * >5
Z(D >5 /&' ' "!5 OO7 18O<;
I   U(B' $!> "'( (!4 '?! (! B!#?! (! ,, b %
"*" !(  OO7 ^7 17<c
I  _ #$*!*$'&'( ' !B'( (! j@(*#* >/(!
'"*$) (*!(*$k h*$'?'!> '"*$!> ("=! 3 /'%
>/(i ,, *"#   (! 1*Z >5 OO8  18<;7
)
, 4 "*$ > B &  B*>$"' > "'( &'( ) /! ?$*$!%
 + $ (*? $'#'(*? >/(!) ,, @  (!5 OO \5 OO
166<6
)  .* C8 2* _'( (*"*# > Z!D/(*#* >/(!4
&'3 B**3 ' 1235 OO 
7 
)   4 *? (*"= 4 l/( $*&'(*#* 3'*/!'"=*%
#* \5 OOO
Oc 
)   3 l/(*$!> #! $ Z'"='*' \E!**$! j!++
?"k ,, z*a'$'+ '(4 (!5 '?! (!5 B!#%
?! (! v(!' 3#5 OOc 1<6
)  *  E! ?$*$!!> "'( (! (*#* >/(! (*D! zz
$'(! hO7<OO7 ## ! ?!' !"' B3" D  ( i @**$%!%
*5 OOc
)    -3 **+ #BB' "*$ B''* ' *$!*+ "'( %
( 4 h*? !D " D B* *D B*"*a' Y $ *3C'$'i ,, @( +
>/(4 * > *$'?'*= \5 OO7 1O<68 @(*B =
'B $ .-. @A. ^;86 * 68O7 0 _'( (!5 *3*/!&!Y%
C!> $F ' B $ "'# *$!' "* *3C'$!5 !"'*$!%
' / *'$*"YD **+ @* 
)    1*$'?'' "'( (*#!Z &'( ' /! > B* '*%
"*# ,, b "*"*# &'( ' XY4 13 !&  ?*"*) &')
1!!*$5 OO 18;<;6
)    z!!(' *#! /!D /!&' + $ (' B*" %
'?! &'(*#* "*$! h! B ?'' '?! &'( ) '*"*# /%
?*$i ,, 1'?! &'( ' #!??! &'( ' !B'( B' (!D
$ *$'?'*? (*? >/(' \5 OO 17;<7
207
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 6 0 T6

K!" !&+  <AA 0$ 

) 9  4B -((!/ *!" /? ? *$*B > ' B*X!4 h.! ?!%
' !"' "  ( A)?!" *+i ,, *?? (! $' !B'(
"*$! $ '(!) !/*+ a!*$*% "'$*+ * '!D  *?(5
OO; 1<O

) &   I # 2 2*X/ > v _'*$! ! Z*' ! D
(*#* !$!#!! hAB'( >/(*$*#* $/! ?*'+$ >i ,, @%
(!> *(%B*X/ >4 '( (*'( $'=5 OOO ]B 17<O8
) &8 2 -3 *!) /! ?$*$! >) $ * +( )
'$!) ?!*$*+ Z*?!D ,, _ #$* !( &'( ' **%
$ !3* ! '(*? (5 OOc 1c<O
) 1  _'( &'( + *$'= '&'$*+ ("= *$'?'*#*
'! ,, l/(*$*' *3!/*$! ' $*B ! ' >/(*$*+ " &%
* h$ F(*"' $ $/'i 1235 OO; 17<
) 1  1 * ? &'(*' $!= *$! ' $ *$'?'*+ '& ,,
@( + >/( '#*> ]B 13  , -$ ' _2 
\5 666 187
<8c 0 -3*$"' '  * ? &'( ) '*$
!F ' ' $*/?*a*'+ ) $!= *$! >
)  1'?! (*% "  &'( + B*'D !" B*/ x(%
F ! '#* *!a' ' $ B''$*' ,, $*&'$* ]\x(F !
$ *$'?'*? ? ' !!"5 OOO 1;<7 0 .! ?!' !"'
B''$**$ ! ?( + >/(
)  4 @! *'("!?!4 *D *" #$  &'( + !B'(
'("!?*#* ! **3!C' >4 A$*'Z      (! Z "*"
!( \5 OO7
)  3 2*X (! *$'?'*#* !**#* !'(*!4 A$*'Z
     (! Z "*" !( \5 OOc
)  (  *"'( (* $*&'(*+ " &* "'( (*  %
B &*#* * '"> >/(!4 B D B *+$!5 '(*(%
D *B ! > \5 OO7 8  @(*B = 'B $ .-. @A.
^;O * O6O7
) 8 3* ?'*' B!$"' ' $ "*$!*+ (!*'(' ,, .!D %
*!"=' "'( (*%Z!/'*"*# &'( ' Z* 1235 OO; 1c<

6 0 - *"=F*+ "*$!*+ (!*'('  ! " #$  &'%
( ) "'*$! + @A. $ 1!(%2''3#'
0# .  ]! !' ! ?'*$! > $ (*?B=Y'*+ "'( %
(' ,, .*$' "*$! "*$! *$) "*$ 1235 OOc 177<cc
0# .  v" $ ''''= X/*' (*+   ,, @ '&=
OO7 ^ 18<87 0 U ?*"*# > "*$! H 
208
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 6O 0 T6O

# &
0# .  *>/&' '&'$' X"'?' $ *$'?'*+ %
(*+ B' * (' ,, .*$' "*$! "*$! *$) "*$ 1235
OOc 1O<6
0# .  .*$'+F ' /! ?$*$! >4 '? *"*# > B*! ,,
_'( (*"*# >5 "'( (*#!Z >5 #!??! (! 1235 OO7 1
<
8
0
9  ' - $" > "*$**3!/*$! > ! '?! &'( '
*$!D *' B*D' ,, 1"*$* $  !? (' $'=5 OOc
168<O
0 8    *!' "*$! $ *$'?'*+ * +(*+
a / ,, @ '&= OOc ^
 1
<8
0 8    @( + >/( OO6%) $ *3m'( $' Z "*"*# 5
("=*"*# 5 B*" *"*# ,, [**(!> !/#*$*!> '&=
B*3"'? '' /&' > -?(5 OOc ]B 1O<
6
0 8    @( + >/( (*D! zz *"' > ,, b(D *%
!"=' "'*$! > \5 OOc ]B; 1;<;

0 8  " @(!> '&= OO6%)4 1*$'?'!> @* > $ >/%
(*$*? **3!a'  \5 OO 8

0 1 *% .'+!" ' 1$'' ' ,, @ '&= OOc ^ 
1;<
0-  2 l/(*$' '$! $!a' > B /!(! B*"! a %
$*)  C'$ '"=)5 !/$!YC ) *?!F )  ( )
a $*) ,, 2'"*a' ' "*$* 1!!*$5 OOO 16<

0 /4  $*B* Z(D * *$! > *3C'$'*%B*"  %
&'(*+ "'( ( $ )*a'$'*? '('4 h.! ?!' !"' '?'D%
(*#* >/(!i ,, *?? (! $' B!#?! &'( ' (*?B*'%
 $ " #$  &'(*? "'*$!  ]**'a5 OO; 1c<

0 . .'(**' **3'* >/(! '$ ?!*$*+ %
Z*?!D 4 .! **$' /!#*"*$(*$ !#" +( ) #!/' ,, v $*
 '?*#* Z(D *!"=*#* !!" /! >/(*$) '  D '"%
#**5 OO7 ]B 16<68
0
# .4 *?B=Y'+ a!#* (!( " #$*("=+ Z'*%
?' ,, l/(*$!> " &*= ]*"#*#! 0 A)!#'"=(5 OO7
168<
0191 ( 5 :#  ( .'*"*# /? $ (' "*$**3%
!/*$!'"=) #'/  )*? ?''? *3$'? h! ?!%

209
GHIJKJLMN 0 66,
, 0 O487 0 PQRS 6 0 T6

K!" !&+  <AA 0$ 

' !"' "*$!'+%B!$*& (*$ B* (*+ '*"*# i ,, .*$'


"*$! "*$! *$) "*$ 1235 OOc 1 7<77
0  * 1*$'?'!> >/(*$!>  !D > ,, '*' &'%
( ' !&*%?'* &'( ' B*3"'? #?! !)  D %
B"  ]**'a5 OOc 1c6<c

0   2**' ' '? *"*# &'(*+ 3!/ /! + !!" /
B*> +*+ ( '? *"*# ,, .,]. 1'
Z*? B*D'  '? \5 OO ^; 1<7
0    !/!#*4 {!#* !"=( ) B**(*$ \5
OO ; 
0    .! B!"3' jA#*k5 " 2*)* /! $"!=Y4 / *%
$'+F'+ * a!#**#* >/(! B**(*$ ,, !" 0 v(!%
' 3#5 OOc ^ 1;<c
0  / 1B**3 *3!/*$! > '*Z D !"=) #**( ) *%
B* ?*$4 h.! ?!' !"' ! ?'*$! + " D ]*"#*#!!i ,, b %
"*" B* ( ]*"#*#!5 OOO ]B
 1<c
0 8 4  B B*" '? $ B* /$**? "*$' ,, b "*" !%
(  OO7 ^ 1;;<77
0 5   ['%* 5 ! *(! !)  (! ,, \   a 1235
OOc ^;8 1
7<

 0 - >/(' B*?*' (*+ " '!%



0 81 . \*a* " (!= "*$*W ,, .!(! a /= OOc
^ 17<c 0 - $" > *D !"=) Z!(**$ ! B*'3%
"' ' "*$
0  j.'!!'k B*'3"' > " &) *3$')
?' $ *$'?'*+ B'' ,, @(*' "*$* $ >/('5 '('
("=*+ '' v(!' 3#5 OOc 1c8<
0 . 0  @( ' !'(* * '$'>)4 " #$  &'%
( + !B'( ,, HL|IQ JtMMI9Q PtMuQuISuMIQ t}uQˆu5 OO ~
17
<c
0# 6 A$*( ' *$**3!/*$! > $ B3" D  &'( )
'(!) vv$F'(*4 A$*'Z      (! Z "*" !( @*%
*$5 OO7
0 
, ; jE!(* 3*!k 0 /!(* * /!C ' Z!D/(*#*
>/(! * !#"*%!?' (!(*+ >/(*$*+ !#' ,, @* *3*%
/'$!'"= OO7 ^ 1c<6

210
GHIJKJLMN 0 66,
, 0 O487 0 PQRS  0 T

# &
0  4 *$!D $ *$'?'*? (*? "*$**3!/*$!%
 ,, 2'"*a' ' "*$* 1!!*$5 OOO 186<88
0   4  .*$+ /!(* * !(* (!) '? %
*"*# > B* $*'+$ > !(*3 /'4 (! '( b'%
'!"=*#* E!(*!g 1"*$!= '? *$g 2''&'= *?! $)
!(*$ *(?'*$g B *( B'D "  %' /5 B *B \5
OOO c 
0  .*$' !#" D /? $ #!/') B3" (!D >) $ */!%
 3 " #$*$ ,, 2 )*" #$  &' ' "'*$! >4 "*$*
'( $'=5 OO; 1
6<
c
0  2*'D !"=+ "*$!= '*"*# /? ,, 2 )*" %
#$  &'( ' "'*$! > "*$! '(! $'= OOc 1O<



0 &#   ]/! ?***F' ' B'D !"=*+ h'? *"*# &'(*+i
*3C'" '!*+ "'( ( ,, @( + >/(4 B*3"'? '*%
 ?'* ( B'B*!$! > . a'$!*$(5 OOc 1 6<


0   [**%#'*+ ,, @ >/ $ F( OO; ^ 16
<68 0
* > "*$!
0   !!X (!? (!/' ,, @ >/ $ F( OO; ^ 17<
7O 0 2!$*B ! ' /! ?$*$! +
0   1'"'( ?!"' ,, @ '&= OO7 ^ 16
< 0
1?" !#* /?!  # '#* B* )*a' '
+ 1 2 '?  *$! $ #BB *$(!) ) BB ,, A"#'3!
*$! 1235 OO; ]B 18c<;O
+ ,  1!*' *$*' $ !?3*$( ) #*$*!) ,, U(*"*# > >/(!
'& 4 1"*$* $  !"'(*? '(' !?3*$5 OOO 1"*$* 8 1
<


+ , 2 _'( (*%'?! &'( ' #BB (*+ X(B' $%
*+ "'( ( ,, *! $' "'*$! > "'( ( Z!/'*%
"*# (*#* >/(! ]**'a5 OOO 1;8<7
+ ,   l/( '("!? $ !B'(' ?'a("=*#* *3C' >4
h B*!*$(' B*3"i , z!3! #* B' % z!3!*$(5 OO;
;  @(*B = 'B $ .-. @A. ^;66O * 

O;
+ ,   \'* "'*$! > *3C'$'*%B*"  &'(*+
"'( ( $ *$'?'*? '?'D(*? >/(' , z!3! #* B' %

211
GHIJKJLMN 0 66,
, 0 O487 0 PQRS  0 T

K!" !&+  <AA 0$ 

z!3!*$(5 OO; ;  @(*B = 'B $ .-. @A. ^;6


* 6O7
U$Z'? /? $ '& * '"> X" !*+ '&'$*+ ("= ,, ]*B*%
  "  (  1!!*$5 OO ]Bc 17<c
UD ("*B' > 3 /'! $ !Z* /?!) , 1* ]EV'>( \5 OO
888 
UD ("*B' > ?  &'( ) '? *$ , 1* 1]! "='$ 5 '4
[!+(5 A\v#!/!*$ OO ;c 
U*"*# &'( + "*$!= \5 OO7
 '  1"*$**3!/*$!'"=!> !( $*= *>/&) '*"*%
# /?*$ $ *$'?'*? (*? >/(' hc6<O6%' #* zz $i ,,
@ >/ /! 3'a*? 666 ^ 1c<c 0 1'?! &'(!> (%
! C'$ '"=)  ZZ (!? ; ; ;9
 '  1"*a' "*$! ) ***F' '  ?* $ YC ? "*%
$**&'! >? ,, @ >/ $ F( OOc ^7 1O<O
# 4 # % 1"*$!= (*#* "'#!4 "'#*$' "*$!
$!a' > 76<O6%) #**$ , 2* ' A.!!*$! \5 OOc

68 
   -((!/ *!" /? ! ! D!) B' * ( ,, @ '&=
OOO ^; 1;7<;O 0 1"*$**3!/*$! ' *((!/ *!" /?*$ $ *%
$) *D !"=*%X(**? &'( ) "*$ >)
  l/(*$!> #! (!( B**3 B''!& ? !  A2"!**%
$! ,, 1'?! &'( ' #!??! &'( ' B' (!D $ *$'?'%
*? (*? >/(' \5 OO 1c8<cc
1  Y(( ' /! ?$*$! > $ '& * '"'+ (*%
#* B**'& >4 h.! ?!' !"' #**! -?(!i ,, @* > ]*%
*(4 ! D *!> ("=!5 X*("=' X**D !"=%
' B*D'4 \!' !" ` ?'a! !& (*Z j@* >
]**(4 B*3"'? $/! ?*'+$ >k -?(5 OOc 16
<67
 - * @( + >/( '"=/> B $! / *$!= ,, 1**'&'%
$' ( 4  ("=! $' #! D \5 OOO ]B; 1;7
8 3 j'! /?k \x$!D?!! jx!?!%!k U)!(*%
$! $ (*'(' B*3"'? /!(*$*#* ($! ,, 1*$'?''
$*&'( ' B*D' B '$*B'+(*+ ("=*+ '#!%
D  \5 OO7 18<
6
B#, * [!/'+ '( '&'$!> ("=! &'"*$'(! ,, ]*B*%
  "  (  1!!*$5 OO ]Bc 1cO<c
212


  
 


# &
B#, * -D'(! $ >/(*$*+ (! ' ? ! ,, ]*B*  " %
 (  1!!*$5 OO7 ]B 7 1
6<86 0 U?*D *!"=*%*D'%
*&' (**!D $ !/#*$**+ '& 
l/( *D !"=!> '! , ][@'"'$5 vA[*&!*$!5 _!D'$ &
 ,, b "*"*# > ("=!4 \!' !"  ?'a! (*Z
]
& !?3*$5 OOO V 1O<O
l/( !( 3 /'!4 \!' !" *3" ?'a$/ !&%?'* (*Z
, -$ ' ]['! ?*$! Y?'=5 OO7 7 
l/(*$!> B*"  (! /!(* * /!C ' (*#* >/(! ,, ]' \*(
%! 1' O _ #$  (! ?'a("= (*?? (!D > \5
OO ^ 1<O

B, !3 .*$'+F!> (!> B*X/ > ,, @(!> "*$'*= \5
OOc 1<8 0 2*X/ > (!( >/( $ '#* X' &'(*+ Z(%
D 
B . 2  9 ! \!(!* /? h$**&' ?* $
$  '& !F(  i ,, @* > ]**(4 ! D *!> ("=%
!5 X*("=' X**D !"=' B*D'4 \!' !"
` ?'a! !& (*Z j@* > ]**(4 B*3"'? $/! %
?*'+$ >k -?(5 OOc 17c<c6
B . 8  " l/( '"*$*#* *3C' > (!( " #$  %
&'(*' ("=*' >$"' ' ,, ]' \*( %! 1'O _ %
#$  (! ?'a("= (*?? (!D > \5 OO ^ 1<
B ;  /?'' ' ?'!"=* * > $ O6%' #*%
4 h.! ?!' !"' B '? $ '!(D #!/'i ,,  {  (*$( '
&' > V'">3 (5 OOO V 1
<O
B   [!??! &'(*' *$*' ' !?' (! /?*$ $ *$'?')
( ) $'#'( ) '("!?!) ,, HL|IQ JLMMI9Q5 !B'F5
OOc ^7 1
<

B9  - (*? #"!#*"=*? "*$* /?''  (*?? (!%
 $*%'>'"=) B*/ D + ,, @( + >/(4 $*B* Z(D %
* *$! > ?'* ( *3&' > \5 OO; ]B 1;<77
B  . *"(*$+ "*$!= *3C'$*$'&'( ) '? *$ 1235
OOO ;8 

213


  
 




%7- BM;W? FICQ:F;W? J M?;=:QG;IX PI;IQICNU?4


F<IX FNF=?M? LIV<IQG;N<IJ Y Y Y Y Y Y Y Y Y Y Y Y Y c

% L 3  
 ;IM:QG;W? EJQ?;NE J O?@<:Q? ;?IQI4
CNU?F<ICI FQIJ:@E Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y da

T 5 L      H@IAQ?M? FIOL:;NE BU?A;ICI FQIJ:@E


S?;;IF=;I I@N?;=N@IJ:;;IX Q?<FN<N `;: M:=?@N:Q? F?4
M:;=NU?F<NT ;?IQICNOMIJa Y Y Y Y Y Y Y Y Y Y Y Y Y Y qb

J%T

  56mo mi3R H:AQN< @NQ?XV;OR 5&R L:4


Q?? HN:@yYY Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y c^

J%1    dQQNHFNFW J IH@?L?QN=?QG;WT <IMHION4


=:T `;: M:=?@N:Q? ;?IQICNOMIJ <I;S: „„ JYa Y Y Y Y Y `d

L 3 /

 :<N? J F?CIL;EV;?X IFFNN AWJ:[=
S?;Wy Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y a^

L-2 
  b=I@NU;:E ;IMN;:SNE CQ:CIQG;IX Q?<FN4
<N N ?? I=@:\?;N? J FQIJ:@ET @BFF<ICI EOW<: Y Y Y Y ]_

I%2$   ;;IJ:SNI;;:E Q?<FNU?F<:E FQB\A: Y Y ]]

4 0 W 
  €I@NF Q?<F:;L@IJNU ~:@N; JI J@?ME
b?QN<IX =?U?F=J?;;IX JIX;W Y Y Y Y Y Y Y Y Y Y Y Y \dq

%KG    ~?<FN<I4P@:O?IQICNU?F<N? N F?M:;=NU?4


F<N? ;?IQICNOMW `B<:O:=?QG QN=?@:=B@WR r

a Y \b\

214   


  
  

You might also like