ĎĨĔİF IË ĖIËĮĢĜĢĖËĖĢÏÍ ĘF IËĮ ĨĔIĢĞËĖĢĨÍFĮ Ğ

!
.*1* é
RG
@;
@;
;ONIL?M
H;AIH;F?M

Ä Â Ǽ ÅĊ Â Ĉ Ď Đ Â D Ǽ ÅC Ā Ċ D Ĉ Á Å

> ^ k c ] ` k  l k nh] M k j pebe_ e]  R j er a no e` ] `  @ ] pÅ he_ ]  ` a h ManÇ+

M nkba okn M nej _ el ] h `a L ^ hec ] _ ek j a o  ` a  h] M k j pebe_ e]  R j er a no e` ] `  @ ] pÅ he_ ]  ` a h ManÇ+
M na o e` a j pa ` a  h] @ k i eo eÅ j  m q a pq r k ] oq _ ] nc k ah B o pq ` ek u O a reoeÅ j ` a h @ Å ` ec k @ ereh ON
` a  .603)m q a ` ek k nec a j  ]h @ Å ` ec k  @ ereh ` a  .651+ Ò
M k j a j pa ` a h I e^ nk SF o k ^ na L ^ hec ] _ ek j a o + _q
Bt A a _ ] j k ` a  h] C ] _q hp] `  ` a  A a na _ d k ` a  h] M k j pebe_ e]  R j er a no e` ] `  @ ] pÅ he_ ]  ` a h ManÇ+
'k
J ej eo pnk  ` a  B op]`kaj h] _ ] npa n]  ` a G q o pe_ e]  nk
!
P a j ] ` k nu  M na o e` a j pa  ` a h @ k j c na o k  ` a  h] O a l Ç ^ he_] +
0A
A a _ ] j k  ` a h @ k ha c ek ` a  > ^ k c ] ` k o ` a  Iei ] ;
9
J ea i ^ nk  ` a  K Ç i a nk  ` a  h] > _ ] ` a i e]  M anq]j] `a A a na_d k +
BE

;7
B D ÅĈ À Ď Đ Å Ǽ Ǽ Ĉ Ä D Â Ê D Â L
L
'-
> ^ k c ] ` k  l k n h] M k j pebe_ e]  R j er a no e` ] `  @ ] pÅ he_ ]  `a h ManÇ+ k
J ] c ~o pa nu A k _ pk naj A a na_d k+
L&
;7
M nkba okn M nej _ el ] h ` a  L ^ hec ] _ ek j a o u @ k j pn] pk o  aj h] M k j pebe_ e]  R j er a no e` ] `  @ ] pÅ he_ ]  L
_q
`a h ManÇ)a j  h] R j er a no e` ] `  C a i a j ej ]  ` a h P ] c n] ` k @ k n] vÅ j u õL
+2
aj h] R j er a no e` ] `  ` a  Iei ]+ /.

J ea i ^ nk ` a  K Ç i a nk  ` a  h] > _ ] ` a i e]  M anq]j] `a A a na_d k + -:

R
nk
q+
fk
ĎÐB DÅĈŅ %R
J@
pj
L
ÅŊ ÅÍIJİĨĘJĖĖĢÏÍŊ

Ö
ÅÅŊ ÀIËĮĢĜĢĖËĖĢÏÍ ĘF IËĮ ĨĔIĢĞËĖĢĨÍFĮŅ
nk
ŘŊ ĊĨİ ĮJ ĜJFÍIJFÑ L
N*
ŖŊ ĊĨİ IË ÍËIJJİËIFĽË ĘF IË ĪİFĮIJËĖĢÏÍÑ nk
L
SŊ ĊĨİ IË ĪIJİËIĢĘËĘ ĘF ĨĔĦFIJĨĮÑ nk
ŚŊ ĊĨİ IË ĪIJİËIĢĘËĘ ĘF ĮJĦFIJĨĮÑ J@
0A
ŜŊ ĊĨİ FĮIJËİ ĘFIJFİÌĢÍËĘË Ĩ ĮFİ ĘFIJFİÌĢÍËĔIF IË ĪİFĮIJËĖĢÏÍÑ nk

ŠŊ ĊĨİ ĮJ ĢÍĘFĪFÍĘFÍĖĢËÑ ;
9K
ŞŊ ĊĨİ ĮFİ ĪJİËĮ Ĩ ÌĨĘËIFĮÑ
__
ȘŊ ĊĨİ ËĞĨIJËİĮF ĢÍĮIJËÍIJĒÍFËÌFÍIJF ĖĨÍ FI ĖJÌĪIĢÌĢFÍIJĨ ĘF JÍË ĪİFĮIJËĖĢÏÍ
Ĩ ĮFİ ĘJİËĘFİËĮÑ "
@K
TŊ ĊĨİ ĮFİ ĨĔIĢĞËĖĢĨÍFĮ ĘF ÍËIJJİËIFĽË J ĨĔIĢĞËĖĢĨÍFĮ ÌĨÍFIJËİĢËĮÑ
ŘŔŊ ĊĨİ ĮFİ ĨĔIĢĞËĖĢĨÍFĮ ĘF ÌFĘĢĨĮ Ĩ ĘF İFĮJIIJËĘĨÑ Ø
ŘŘŊ ĈĔIĢĞËĖĢĨÍFĮ ËÌĔJIËIJĨİĢËĮ Ĩ ĪİĨĪIJFİİFÌÑ L
ŘŖŊ ĊĨİĮJFLĢĞĢĔĢIĢĘËĘŊ "N

P k ^ n a  h ] _ h ] o e b e _ ] _ e Å j  `a h ] o  k ^ h e c ] _ e k j a o  0.4
 C) CHNLI>O==CëH
Bo are`ajpa mqa ah Aana_dk Oki]jk d]
nalan_qpe`krer]iajpaajahik`anjkAana_dk
`aL^hec]_ekjao+
> h n a r e o ] n  h k o  p a t p k o  n k i ] j k o )  a o  b | _ e h i a j p a 
_kilnk^]^ha mqa ahhko oa eje_e]j _kj h]
pn]`e_ekj]h_h]oebe_]_eÅj`ah]ok^hec]_ekjaoaj
_q]jpk]oq j]pqn]hav]ê`a _ j m` ) aj ^ ` m` ui j i 
a\ ^ ` m ` ê) l]n] `ao]nnkhh]n) ] l]npen`a ]hh~) _kj
i]uknkiajknlanba__eÅj)h]okpn]opnaocn]j`ao
_]packn~]o`ah]ok^hec]_ekjaoaj_q]jpk]oqo
ik`]he`]`ao)h]oieoi]omqaoq^oeopaj`aik`k
qjerano]h7_kjfqjper]o)]hpanj]per]oub]_qhp]per]o8
O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A a na _d k  `a h] R j er a no e` ] `  `a Iei ]
`ereoe^hao a ej`ereoe^hao8 u i]j_kiqj]`]o u
okhe`]ne]o+
Bjahlnaoajpapn]^]fk)nareo]naiko^naraiajpa
aop]o_h]oebe_]_ekjaopn]`e_ekj]hao)lankp]i^e}j
kpn]o mqa oe ^eaj jk d]j oe`k ]_kce`]o lkn
ah @Å`eck @ereh lanq]jk) jk `af]j `a oan
eilknp]jpao+
CC) =F;MC@C=;=CëH >?F;MI<FCA;=CIH?M
,) Jhkln_n^gm^)
I] _]qo]) aj oq oajpe`k `a _]qo] abe_eajpa )
_kjopepquah]bqajpa`ah]ok^hec]_ekjao+
>mq~ ah @Å`eck @ereh lanq]jk `a .651) ]
`ebanaj_e] `ah @Å`eck bn]j_}o) u oecqeaj`k h]
p}_je_] `ah @Å`eck @ereh ]hai|j) `ah @Å`eck
Ca`an]h oqevk `a h]oL^hec]_ekjao) `ah @Å`eck
@ereh^n]oehaÄk`a.6.3u`ahlnklek@Å`eck@ereh
lanq]jk]jpanekn`ah ]Äk .603) jk iaj_ekj]
_q|haookjh]obqajpao`ah]ok^hec]_ekjao+Bopa
aoqjpai]mqa`af]he^n]`k]h]`k_pnej]u]hko
ejp}nlnapao+
@kjoe`an]iko mqa aopa _nepanek ao ]_anp]`k
lknmqah]k^hec]_eÅjoÅhklqa`aai]j]n`ah]
rkhqjp]`k`ah] hau+Kkol]na_a]npebe_e]h)uoej
=@RK ? =PQ O ./3
ran`]`ankoqopajpkfqn~`e_k)_kjpejq]nd]_eaj`k
nabanaj_e])lknafailhk)] hko_q]oe_kjpn]pkok
_q]oe`ahepko+
I]rkhqjp]`aobqajpa`ah]k^hec]_eÅj_q]j`k
ahh] ]o~ oa i]jebeaop]+ Mkn afailhk) aj qj
0.5 5KR O VK =Y Z K X R O T M  >GX UJO 
_kjpn]pk `a _kiln]rajp] h] k^hec]_eÅj `ah
raj`a`kn`a pn]jobanenah ^eaj ai]j] `a qj]
i]jebaop]_eÅj `a oq rkhqjp]`u)] oqpqnjk) h]
k^hec]_eÅj`ah_kiln]`kn`al]c]nqj lna_ek)
p]i^e}j ai]j] `a ao] i]jebaop]_eÅj+ Bh
_kjpn]pk`a`kj]_eÅjoqncalknmqaah`kj]jpa
o a  k ^ h e c ] ) r k h q j p ] n e ] i a j p a )  ] p n ] j o b a n e n a j  b k n i ] 
cn]pqep]]h `kj]p]nek h] lnklea`]``aqj ^eaj+
Bj h] lnkiao] qjeh]pan]h)ah lnkiepajpamqa`]
k^hec]`k)lknoqokh]`a_h]n]_eÅj`arkhqjp]`)]
_qilhenqj]`apaniej]`]lnaop]_eÅjajb]rkn`a
kpn]lanokj]+Bjhkopaop]iajpko)mqeajkpknc]
oqo`eolkoe_ekjao `a Çhpei] rkhqjp]` hk `a^a
d]_anaolkjp|ja]iajpa)lankh]ok^hec]_ekjao
mqa oacajan]j `aolq}o`ahb]hha_eieajpk `ah
paop]`knk^a`a_aj ] `e_d] rkhqjp]`+Saiko
lqao_Åik)ajpk`koaopko_]oko)aoh]rkhqjp]`
h]bqajpa`ah]k^hec]_eÅj+
I] kpn] bqajpaao h] hau+@q]j`k qj] lanokj]
_]qo] qj `]Äk] kpn])lkn`khkklkn_qhl])k
ia`e]jpa h] qpehev]_eÅj `a qj ^eaj neaockokk
lahecnkok) k lknah afan_e_ek `a qj] ]_pere`]`
neaocko] k lahecnko]) u mqa`] k^hec]`] ]
ej`aijev]n)hkaop|lknmqa]o~hkkn`aj]h]hau+
Bo]hpeailkaj mqa oaknecej]ah `]Äkmqaah
re_pei]nekmqa`]k^hec]`k]nao]n_en]h]r~_pei]+
Mankaop] k^hec]_eÅj jk j]_a `a h] rkhqjp]`+
L^a`a_a]qji]j`]pkhac]h+Ikieoikk_qnna)
lknafailhk)_q]j`kh]haukn`aj]mqaoa`a^]j
]heiajpko na_~lnk_]iajpa hko _Åjuqcao) hko
]o_aj`eajpaou`ao_aj`eajpao)uhkodani]jko+
Bjaopko_]oko)_kjlnao_ej`aj_e]`ah]rkhqjp]`)
^]op]ahda_dk`ahi]pneikjek)`ah]onah]_ekjao
`abehe]_eÅjk`ah]obn]panj]o)l]n]mqaateop]h]
k^hec]_eÅj hac]h`alnaop]n]heiajpko+>mq~aj
j]`]ejbhquah]rkhqjp]`+
Bj iq_dko kpnko_]oko) `ao`a hqack) lqa`aj
lnaoajp]noaoeiqhp|ja]iajpa_kikbqajpao`a
h]ok^hec]_ekjaoh]rkhqjp]`uh]hau+Mknafailhk)
ajh]ok^hec]_ekjaomqaoqncaj`ah]ia`e]jan~])
ao are`ajpa mqa ejpanreaja h] rkhqjp]`) l]n]
_kjopnqen qj] l]na` ia`e]jan]) lank hqack
ao h] hau h] mqa aop]^ha_a h]o k^hec]_ekjao
aiancajpao`a`e_d]ia`e]jan~]+Bjaopa_]ok)
hkonki]jko]hq`~]j]h_q]oe_kjpn]pk+
Pecqeaj`k_kjahn]_ek_ejek)lk`n~]iko]cnac]n
mqaajhkolnkleko_kjpn]pko}opkooa_aha^n]j
" ;G X O U  2 G Y Z O R R U  5 X K _ X K
lkn]_qan`kajpna h]o l]npao)ao`a_en) lknrk* ajqj]]__eÅjkajqj]kieoeÅj)ao`a_en)oacÇj ã
hqjp]``ahko_kjpn]p]jpao)lankmqaiq_d]o`a aop}k^hec]`k]k^n]n%ajqjoajpe`kkajkpnk& WW

h]o_kjoa_qaj_e]ofqn~`e_]omqaai]j]j`aao] k]]^opajanoa+ *),

nah]_eÅjk^hec]_ekj]haop|jlnareop]olknh]hau+
Kk r]ha h] laj]) lkn ahhk) mqa aj ah Aana_dk
ÇĊǼĈÁČ
AĀǼÆ
ǺÁČ
ik`anjk jko ajbn]omqaiko aj ]j]hev]n h]o
oejcqh]ne`]`ao`a_]`] ]_pkfqn~`e_kk da_dk
fqn~`e_k )lqaopk`]k^hec]_eÅj)ja_ao]ne]iajpa)
ai]j]`ah]rkhqjp]`k`ah]hau+
B "! "
@*UG
@kikbkni]o`a k^n]n okj ah `]nu d]_an) h]o LL
NL
k^hec]_ekjao lkoeper]o oaoq^`ere`ajaj `]nu
Æ
d]_an+ Bjchk^|j`koa ^]fkah _kj_alpk`a jk
d]_an ) ao `a_en) `a qj] k^hec]_eÅj jac]per])
ateopaqj]_q]np]oq^_]packn~]mqa]hcqjko)lkn
oeiapn~])]Ä]`aj7h]ok^hec]_ekjao`a jk`]n +

Pecqeaj`k_kjaop]_h]oa`ak^hec]_ekjao)>hpane* Oapki]j`khkatlnao]`k)_]^abkniqh]n]hcqj]o
je)>ia]huIÅlav@]^]j]h]ohh]i]jjkiej]`]o) ]_h]n]_ekjao+Bjlneianp}niejk)mqaajh]ok^he*
ajah_]ok`ah]o_kjpn]_pq]hao)aejjkiej]`]o) c]_ekjao`a`]np]i^e}jlk`n~]d]^anqjd]_an)
ajah_]ok`ah]ok^hec]_ekjao` s g` b ` + mqa_kjoeopen~]ajh]ajpnac]`ah^eaj+Vmqaaj ÕŎ
[
h]ok^hec]_ekjao`ad]_anlqa`aateopenqj`]nk
Ih]i^~]o)$ ajpna h] pn]`e_ekj]h _h]oebe_]_eÅj `a qjajpnac]n+Bjaba_pk)_eanp]ok^hec]_ekjao`a Ra
xj
h]ok^hec]_ekjaomqaaba_pÇ])iaj_ekj]qj]mqa d]_anokjeji]pane]hao)oana]hev]j_kjh]afa_q* xj
XG
]peaj`a]h]_]qo]`ah]k^hec]_eÅj)u`eopejcqa _eÅj`aqjda_dkmqa_kjoeopa)oeilhaiajpa)aj Q0
e,e
ajpnak^hec]_ekjao_kjpn]_pq]hao)atpn]_kjpn]_* h]]_pere`]``ahoqfapk)lankmqajkoapn]`q_a) .=
;
pq]haouhac]hao+Ae_amqah]olneian]o`aner]j`a hqack)aj h] ajpnac] `a qj ^eaj8 lknafailhk) R
eko_kjpn]pko)h]ooacqj`]o`ahkoda_dkoeh~_epko _q]j`k qj] lanokj] oak^hec] ]pn]jolknp]n]
uh]oÇhpei]o`ena_p]iajpa`ah]hau+@]^n~]]mq~ kpn])ajpkj_aoh]k^hec]_eÅjmqa`]_qilhe`]]h _q
xj
lnacqjp]n] Ih]i^~]o oe h]o_kjoa_qaj_e]o `a pn]oh]`]nh]d]op]ahhqc]n`aoq`aopejk+@q]j`k 3
*@
hkoda_dkoeh~_epkojk`aner]jp]i^e}j`ah]hau+ qj]^kc]`koak^hec]]`abaj`anqjfqe_ek)`a q
_q
l]h]^n])]jpahkopne^qj]hao)_qilhah] lnaop]* 2
N
-) JhkeZ gZmnkZe^sZ]^eZ ik^lmZ\b|g) _eÅj`aolq}o`a naj`e`kah ejbkniakn]h+ Mank 0A
áL
d]u_]okoajmqah]ok^hec]_ekjao`ad]_anoa *L
ÕŎ

>mq~ejcnao]iko]qj]_h]oebe_]_eÅjpn]`e_ekj]h+ pn]`q_ajajh]ajpnac]`aqj^eaj+Mknafailhk) 2q
I]ok^hec]_ekjaolqa`ajoan`a`]n)`ad]_ank oeMa`nk_aha^n]_kjGq]jqj_kjpn]pk`aopej]`k XG
hk*
`ajkd]_an+ ]mqaaopaÇhpeiklejpaqj_q]`nkkao_qhl]qj]
aop]pq])h]k^hec]_eÅjao`ad]_an)lknmqahkmqa _q
ĊŎ

I]ok^hec]_ekjao`a`]n_kjoeopajajh]ajpnac] lanoecqaah]_naa`knaoh]]_pere`]``ah`aq`kn) hA7

\
R
`aqj^eaj8h]o`ad]_an)ajh]afa_q_eÅj`aqj ]pn]r}o`aoqej`qopne])]npak_q]he`]`aolan* *0
da_dk8uh]o`ajkd]_an)ajqj]]^opaj_eÅj+ okj]hao+Mankaop]k^hec]_eÅj`ad]_anoÅhkoan| ÕŎ

_qilhe`] lknah `aq`kn_q]j`kajpnacqaao] \

Q
I]o`kolneian]ookj hh]i]`]olkoeper]o)lqao k^n]`a]npa)oa]ah _q]`nkkh]ao_qhpqn])]oq XG
Q0
_kjoeopaj aj qj] ]__eÅj+ I]o`a jk d]_anokj ]_naa`kn+Bopkao)_q]j`kGq]j_qilh]_]^]ha ÕŎ

`ajkiej]`]ojac]per]o)lqao_kjoeopajajqj] ~jpacn]iajpah]lnaop]_eÅj+ *3
_q
kieoeÅj+ nk
hA7
Ik ]jpanekn atlhe_] lkn mq} h] hau b]_qhp] ]h ;
_q
Ae_aJ]jqah>h^]h]`afk/mqah]ok^hec]_ekjaooa ]_naa`kn] atecen h] afa_q_eÅj bknv]`] `ah da* ^^
`ere`ajajlkoeper]oujac]per]o)oacÇjmqah] _dklnkiape`k)]jkoanmqaoa]ja_ao]nekl]n]
lnaop]_eÅjmqad]`ana]hev]nah`aq`kn_kjoeop] ahhk ailha]nrekhaj_e] _kjpn] h] lanokj] `ah
_k
@K
ÈĢ
<
.+ II>J?ñ>P)GkncaGk]mq~j+ Pm\o\_j _` @`m`^cj ?dqdg) K]gdb\^dji`n+ ?qajko>enao7 B`epkne]h Mannkp) ]ckopk`a .650+ h
@q]np]a`e_eÅj]_pq]hev]`]lknM]pne_ekO]bbk?ajac]o)pkikFFê >)l|c++ + P
N
/+ >I?>I>ABGL)J]jqah+@`m`^cj ?dqdg+?]n_ahkj]7Ie^nan~]?ko_d)rkh+FF)pki kFF)ll+00uoo+

A U H X K  h] ! I R G Y O L O I G I O d T  JK h] o ! U H R O M G I O U T K Y  0.6
 `aq`kn+ I] afa_q_eÅj bknv]`] jk peaja _]^e`]
aj ah _qilheieajpk `a da_dko eji]pane]hao+
Mknafailhk)oeMa`nk_kjpn]p]]Gq]j)_]jp]jpa
`ab]i])l]n]mqa]_pÇaajqj_kj_eanpk)uaopa
ÇhpeikoanadÇo]]d]_anhk)ajpkj_aoMa`nkjk
lk`n| afa_qp]nbknv]`]iajpa h] k^hec]_eÅj+
Qaj`n|mqa_kjbkni]noa)lknoanqj]k^hec]_eÅj
d i o p d o p k ` mn j i \ ` )  _kj atecen h] ej`aijev]_eÅj
`a`]Äkou lanfqe_eko lknh] ejafa_q_eÅj `a h]
k^hec]_eÅj+Pejai^]nck)oeahlejpknkao_qhpkn
]jpaoiaj_ekj]`k)_qilha_kjlejp]nah_q]`nk
k_kjao_qhlenh]aop]pq])lanknadÇo]ajpnac]nh])
ajpkj_aoh]k^hec]_eÅj`ad]_anlk`n|afa_qp]n*
oabknv]`]iajpa+Kkonabaneiko)`ao`ahqack)]
h]ap]l]bej]h`ah]k^hec]_eÅj)lqaoj]`ealk`n~]
O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ] _ q hp] `  `a A a na _d k  `a h] R j er a no e` ] `  `a Iei]
atecenbknv]`]iajpa]h]npeop]lejp]nah_q]`nkk
ao_qhlenh]aop]pq]+
I]ok^hec]_ekjao`a`]n)]oqpqnjk)oa_h]oebe_]j
aj k^hec]_ekjao `a `]n ^eajao _eanpko u
k^hec]_ekjao`a`]n ^eajaoej_eanpko +
>oqrav)h]ok^hec]_ekjao`a`]n^eajaoej_eanpko
oa_h]oebe_]jajh]bkni]oecqeajpa7
%]& L^hec]_ekjao`a`]nqj^eajej_eanpk`ajpnk
`ahc}jankk`ah]aola_ea+
Pan~]ah_]ok)lknafailhk)`ah]k^hec]_eÅj
`aajpnac]nqj_]^]hhk)kh]k^hec]_eÅj`aaj*
pnac]nqj_]^]hhk`a_]nnan])kh]k^hec]_eÅj
`aajpnac]nqj_]^]hhk`a_]nnan]j]_e`kaj
ahManÇ)kh]k^hec]_eÅj`aajpnac]nqj_]^]*
hhk`a_]nnan]j]_e`kajahManÇumqa_knnaaj
ahEelÅ`nkik`aJkjpanne_k+Bjaopko_]oko
`a^aln]_pe_]noaqj]aha__eÅj)^eajoa]lkn
ah`aq`kn)lknah]_naa`kn)lknqjpan_ankk
lknahfqav)oacÇjh]ojkni]olnareop]olknah
@Å`eck@ereh+Mank)pn]p|j`koa`aqj]k^hec]*
_eÅj`ac}jankk`aaola_ea)ah`aq`kn)]jpao
`a h] ej`ere`q]hev]_eÅj `ah ^eaj) jk lk`n~]
ateienoa`ah]ajpnac]ejrk_]j`kh]l}n`e`]
oej oq _qhl]+ M]n]ahhkpaj`n~] mqa lana_an
pk`kahc}jankkpk`]h]aola_ea+Mankaopkao
=@RK ? =PQ O ./3
iqueilnk^]^ha)ln|_pe_]iajpaeilkoe^ha+
V]hkonki]jko`a_~]j)ajaopaoajpe`k)mqa
ahc}jankjqj_]lana_a+
%^& L^hec]_ekjao`a`]nqj^eajej_eanpkajpna
^eajao`apaniej]`ko+
0/- 5KR O VK =Y Z K X R O T M  >GX UJO  " ;G X O U  2 G Y Z O R R U  5 X K _ X K
Pkj h]o hh]i]`]o k^hec]_ekjao p i p h _ ` 
^ ` m odn +  Bj aopa _]ok h] aha__eÅj oa `a^a
ln]_pe_]n ajpna ^eajao `apaniej]`ko k
`apaniej]^hao+Mknahhk)oe hqack`a_kj*
pn]~`]h]k^hec]_eÅj)u]jpao`ah]aha__eÅj)
pk`kolana_ajoej_qhl]`ah`aq`kn)}opa
jkaonaolkjo]^ha+Pan~]ah_]ok)lknafai*
lhk)`ah`aq`knmqaoak^hec]]ajpnac]n
qjk`ahko_]^]hhko`aoqlnklea`]`mqa
_knna aj ah EelÅ`nkik `a Jkjpanne_k+
Mank k_qnna mqa ajpna ah `~] aj mqa oa
_kjpn]ah]k^hec]_eÅjuah`~]ajmqa`a^a
ln]_pe_]noah]aha__eÅj)qj]ale`aie]`a*
paniej]mqapk`kohko_]^]hhkolanav_]j+
Bj aopa _]ok jk d]^n~] mq} ahacen) lank
ej`q`]^haiajpa ah `aq`kn jk paj`n~]
naolkjo]^ehe`]`]hcqj]+
%_& L^hec]_ekjao`a`]n^eajao)naola_pk`ahko
_q]haoateopajiq_dko)umqaokjbqjce^hao
ajpnaahhko+
Pan~] ah _]ok) lknafailhk)`a k^hec]noa ]
ajpnac]n_eaj _]f]o`a_anrav] i]n_] K )
`a qj] `k_aj] `a ^kpahh]o lkn_]f]) u`a
^kpahh]o`aoapa_eajpko_ej_qajp]iehehepnko
_]`] qj]+>mq~ah `aq`kn)]h ]v]n)ajpnac]
_q]haomqean] _eaj _]f]o) aj h] ia`e`] aj
mqa _knnaolkj`]j ] h] i]n_]) _]jpe`]` u
_kjpaje`k mqa dq^eanaj oe`k ]_kn`]`ko+
E]u)oej`q`])qj]aha__eÅjlknah`aq`kn+
Mankh]l]h]^n] aha__eÅj oaailha]ajaopa
_]okajoajpe`krqhc]nujkfqn~`e_k)lknmqa
]h]_naa`knhaaoej`ebanajpamqaoapn]pa`a
qj]o ^kpahh]ok`akpn]o)aj h] ia`e`] aj
mqanaÇj]jh]o_]n]_pan~ope_]olnareop]oaj
ah_kjpn]pkuoaaj_qajpnajaj^qajaop]`k+
@]ok `ebanajpa oan~] oe ah `aq`kn) oeilha*
iajpa) ]oqia h] k^hec]_eÅj `a ajpnac]n
_eaj_]f]o`a_anrav]+Bjaopa_]oko~_]^a
qj] aha__eÅj aj ah oajpe`kfqn~`e_k `a h]
l]h]^n]) lknmqa d]u `eopejp]o i]n_]o `a
_anrav])`ebanajpao_]he`]`ao)`eranoko_kj*
paje`koaj_q]jpk]oqoajr]oao)ap_+
%`& L^hec]_ekjao`a`]noqi]o`a`ejank+
>mq~ d]u ej_anpe`qi^na naola_pk ] h]
`ajkiej]_eÅjujqian]_eÅj`ahko^ehhapao
 mqaah `aq`kn`a^] ajpnac]n]h ]_naa`kn+
Qeaja lqao ah `aq`kn mqa ln]_pe_]n qj]
aha__eÅj + Mankaop] aha__eÅj p]i^e}j oa
ranebe_]ajah oajpe`krqhc]n`ah] l]h]^n])
ujkfqn~`e_k)lqao]h]_naa`kn_]oeoeailna
ha ao ej`ebanajpa h] `ajkiej]_eÅj `a
ÇĊǼĈÁČ
AĀǼÆ
ǺÁČ
hko ^ehhapao) upkp]hiajpa ej`ebanajpa oq
jqian]_eÅj)ajh]ia`e`]ajmqajkoa]j
b]hoko+
.) JhkeZienkZeb]Z]]^h[c^mhl)
Bj aopa_]ok h]o k^hec]_ekjao oa _h]oebe_]j aj
_kjfqjper]o)]hpanj]per]oub]_qhp]per]o+
Pkj _kjfqjper]o ]mqahh]o k^hec]_ekjao _kj
lhqn]he`]``alnaop]_ekjaoajh]omqaah`aq`kn
peajamqa_qilhenpk`]oahh]o+I]ok^hec]_ekjao
_kjfqjper]ojklnaoajp]jl]npe_qh]ne`]`]hcqj]7
ah`aq`kn`a^a_qilhenpk`]oh]olnaop]_ekjao
lnkiape`]o)_kikoeoapn]p]oa`ak^hec]_ekjao
ej`alaj`eajpao u `eopejp]o+ Mkn afailhk) h]
k^hec]_eÅj `a `]nah ejiqa^ha q^e_]`k aj p]h
hqc]nuah ]qpkiÅreh `ap]h ik`ahk)_kj lh]_]
`ank`]faujÇiank`aikpkn`apaniej]`ko+
I]ok^hec]_ekjao_kjfqjper]olqa`ajrano]n)oej
`q`])ok^nalnaop]_ekjao`a`]nê^eajao_eanpko
kej_eanpkoê)`ad]_ank`ajkd]_an)oeaj`kh]
Çje_] _kj`e_eÅj mqa `e_d]o lnaop]_ekjao oa
aj_qajpnajrej_qh]`]oajpnao~+
I] k^hec]_eÅj ao ]hpanj]per] _q]j`k ateopaj
`erano]o lnaop]_ekjao) lank ah `aq`kn `a^a
_qilhenlkn_kilhapkokh]iajpaqj]`aahh]o+
Papn]p]`ak^hec]_ekjao`eofqjp]o)ajh]omqaoa
`a^aln]_pe_]nqj]aha__eÅj)^eajlknah`aq`kn)
^eajlknah]_naa`kn)lknqjpan_ankklknahfqav+
Bj _q]jpk] oq j]pqn]hav])`ao`a hqack)aop]o
lnaop]_ekjaop]i^e}jlqa`ajoan`a`]nê^eaj
_eanpkkej_eanpkê)`ad]_ank`ajkd]_an+
I] k^hec]_eÅj) aj bej) lqa`a oan b]_qhp]per]+
Bj aopa _]ok ahh] peaja lkn k^fapk qj] okh]
lnaop]_eÅj)lankoakpknc]]h`aq`knh]b]_qhp]`
`a oqopepqen) l]n] hko aba_pko `ah l]ck) ao]
lnaop]_eÅjlknkpn]+I]lneian]aoh]lnaop]_eÅj
lnej_el]h8h]oacqj`]aoh]]__aokne]+I]lneian]
aop| di  j ] gdb \ odj i ` ) ieajpn]oh]oacqj`]aop| di 
a\ ^ Å go\ o ` ok,qb,$kj,$o+Q]i^e}jajaopa_]ok]i^]o
A U H X K  RG I R G Y O L O I G I O d T  JK R GY U H R O M G I O U T K Y 
lnaop]_ekjaolqa`ajoan`a`]nê^eaj_eanpkk é
ej_eanpkê)`ad]_ank`ajkd]_an+ ss
;1D
E
/ ) J hkeZ i en kZ eb] Z ]  ] ^ ln c^mh l) @>G
LL
$$
Bjaop]_h]oebe_]_eÅjoaejcnao]]h_kilhafkpai]
Æ
`a h]o k^hec]_ekjao `ereoe^hao a ej`ereoe^haou
i]j_kiqj]`]ouokhe`]ne]o+
@q]j`kajh]nah]_eÅjk^hec]_ekj]hateopaqjokhk
`aq`knuqj okhk]_naa`kn) h]_h]oebe_]_eÅjmqa
]jpa_a`ajkoa]lhe_]+Boran`]`mqaajaopa_]ok
lk`aiko`apaniej]noeh]k^hec]_eÅjao`ereoe^ha
kej`ereoe^ha)lankahhkajj]`]]hpan]h]j]pqn]ha*
v]fqn~`e_]`ah]nah]_eÅjk^hec]_ekj]h+Bjaba_pk)
ateopeaj`kqj okhk`aq`knuqj okhk]_naa`kn)
ahlneiank)uÇje_]iajpaahlneiank)paj`n|mqa 0A
J-
_qilhenah~jpacnk`ah]lnaop]_eÅj_kjah]_naa`kn+
Bolqaoej`ebanajpamqah]lnaop]_eÅjoa]`ereoe^ha
kej`ereoe^ha+I]Çje_]_kjoa_qaj_e]ê]faj]`ao`a
hqack]h]`k_pnej]`ah]`ereoe^ehe`]`aej`ereoe^ehe*
`]`êaomqaoeh]lnaop]_eÅjao`ereoe^ha)ah`aq`kn)
oeah ]_naa`kn]o~hk]_alp])lk`n|_qilhenh] lkn 9A
L
l]npao+Pebqan] ej`ereoe^ha)paj`n|mqa_qilhenh] L
*@
`aqj]okh]rava~jpacn]iajpa+
0A
N
Bh lnk^hai] oqnca _q]j`k d]u lhqn]he`]` `a %"
K
oqfapko)oa]j l]oerkok]_perko)aopkao_q]j`k
d]ulhqn]he`]``a`aq`knaok`a]_naa`knaok)
oeiqhp|ja]iajpa)ajqj]ieoi]nah]_eÅjk^hec]*
_ekj]h)lhqn]he`]``a`aq`knaou`a]_naa`knao+
%"
J-
Bjaopko_]okoejarep]^haiajpa)ejahq`e^haiajpa)
`a^aikoejcnao]n]h]]lhe_]_eÅj`ahkolna_alpko
hac]haook^nah]`ereoe^ehe`]`aej`ereoe^ehe`]`u
ok^nah]i]j_kiqje`]`uokhe`]ne`]`+
Bjaba_pk)^]op]mqaajqj]nah]_eÅjk^hec]pkne]
ateop]qj]_naa`knu`ko`aq`knao)k`ko]_naa* L
%R
`knaouqj`aq`kn)k`ko`aq`knaou`ko]_naa*
`knao)l]n]mqaja_ao]ne]iajpajkoq^emqaiko
-.
aj ah _]ilk `a h]o k^hec]_ekjao `ereoe^hao a ^^
ej`ereoe^haoui]j_kiqj]`]ouokhe`]ne]o+
pL
Bj ah lneian_]ok paj`naiko mqa ]j]hev]n oe ao
h] lnaop]_eÅj ao `ereoe^hak ej`ereoe^hauoe hko
_k`aq`knaooad]jk^hec]`ki]j_kiqj]`]k J!
okhe`]ne]iajpa+ Bj ah oacqj`k _]ok)p]i^e}j
`a^an|`abejenoah]j]pqn]hav]fqn~`e_]`ah]lnao* Ņ
N
p]_eÅj)aopkao)oeahh]ao`ereoe^hakej`ereoe^ha)u
0/.
 ]j]hev]noaoe hko_k]_naa`knaooad]jk^hec]`k
i]j_kiqj]`]kokhe`]ne]iajpa+Vajahpan_an
_]ok)]hecq]hmqaajhko]jpaneknao)`a^anaiko
`apaniej]n h] `ereoe^ehe`]` k ej`ereoe^ehe`]` `a
h]lnaop]_eÅj)uhqackoehko_k`aq`knaooad]j
k^hec]`k i]j_kiqj]`] kokhe`]ne]iajpauoe
hko _k]_naa`knao)] oq pqnjk) oa d]j k^hec]`k
i]j_kiqj]`]kokhe`]ne]iajpa+
I]`ereoe^ehe`]`kej`ereoe^ehe`]``ah]k^hec]_eÅj
naolkj`a] h] j]pqn]hav] `a h] lnaop]_eÅj+ I]
i]j_kiqje`]` k okhe`]ne`]`) ] h] bkni] `a
k^hec]noa+
Pkj k^hec]_ekjao `ereoe^hao ]mq}hh]o aj mqa
Oareop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A a na _d k  `a h] R j er a no e` ] `  `a Iei]
_]`] qjk `a hko]_naa`knaooÅhk lqa`a la`en
h] o]peob]__eÅj `a h] l]npa `ah _n}`epk mqa ha
_knnaolkj`a) aj p]jpk mqa _]`] qjk `a hko
`aq`knao Çje_]iajpa oa aj_qajpn] k^hec]`k
] l]c]noq l]npa`ah]`aq`]+ Pkj ej`ereoe^hao
_q]j`k jk naoqhp]j oqo_alpe^hao `a `ereoeÅj
k`a_qilheieajpk l]n_e]h lkni]j`]pk`ah]
hau)lknh] j]pqn]hav]`ah] lnaop]_eÅjklknah
ik`kajmqah]k^hec]_eÅjbqa_kjoe`an]`]]h
_kjopepqenoa+
I]ok^hec]_ekjaoi]j_kiqj]`]o)lknoql]npa)
oa necaj lkn h]o nach]o `a h]o k^hec]_ekjao
`ereoe^hao+ Pkj okhe`]ne]o) ] oq rav) _q]j`k h]
lnaop]_eÅj`a^e`]lknr]neko`aq`knaok]r]neko
]_naa`knao lqa`a oan ~jpacn]iajpa atece`] ]
_q]hmqean]`aahhkoklkn_q]hmqean]`aahhko+
Bj _kjoa_qaj_e]) _q]j`k d]u lhqn]he`]` `a
oqfapko aj h] nah]_eÅj k^hec]_ekj]h) }op]) aj
_q]jpk ] h] j]pqn]hav] `a h] lnaop]_eÅj) oan|
`a `]n) `a d]_an k `a jk d]_an) u lk`n| oan
_kjfqjper]) ]hpanj]per] k b]_qhp]per]+ Mank
ja_ao]ne]iajpaoan|`ereoe^haui]j_kiqj]`])
ej`ereoe^haui]j_kiqj]`])`ereoe^hauokhe`]ne]
kej`ereoe^hauokhe`]ne]+
Pe h] k^hec]_eÅj ao `ereoe^hau i]j_kiqj]`])
oa ]lhe_]n|j h]o nach]o`a h] `ereoe^ehe`]`+ Pe h]
= @ R K ? = PQ O  ./3
k^hec]_eÅjao`ereoe^hauokhe`]ne])oa]lhe_]n|j
h]onach]o`a h] okhe`]ne`]`+Pe h]k^hec]_eÅjao
ej`ereoe^ha u i]j_kiqj]`]) oa ]lhe_]n|j h]o
nach]o `a h] ej`ereoe^ehe`]`+V oe h] k^hec]_eÅj
aoej`ereoe^hauokhe`]ne])oa]lhe_]n|jh]onach]o
`a h] okhe`]ne`]` u)]`e_ekj]hiajpa) h] jkni]
0// 5KR O VK =Y Z K X R O T M  >GX UJO  " ;G X O U  2 G Y Z O R R U  5 X K _ X K
mqa lnar} mqa h] ej`ereoe^ehe`]` p]i^e}j
klan] naola_pk`a hko dana`anko`ah ]_naa`kn
k`ah`aq`kn+ Bjaop] Çhpei] delÅpaoeo)aopkao
_q]j`kh]k^hec]_eÅjaoej`ereoe^hauokhe`]ne])h]
okhq_eÅj]jpaolnareop]lknahoacqj`kl|nn]bk
`ah]np~_qhk..5. `ah@Å`eck@erehnacqh]ajao]
bkni]h]_kj_qnnaj_e]`a]i^]oejopepq_ekjao+
Pejai^]nck)ajklejeÅjjqaopn])ajah_ep]`kÇh*
peik_]ok`a^an~]j]lhe_]noahko]np~_qhko..44)
..45u..46u)]`ai|o)h]ojkni]o`ah]okhe`]ne*
`]`)o]hrkajaopaÇhpeik_]okhk`eolqaopklkn
hko]np~_qhko..54)..56)..6-)oacqj`kl|nn]bk)
..6.)./--u./-. `ah@Å`eck@ereh+
Aa]mq~oa`a`q_ab|_ehiajpamqah]k^hec]_eÅj
i|o ^ajecj] l]n] hko _k`aq`knao ao]mq}hh]
aj mqa h] lnaop]_eÅj ao `ereoe^ha u ahhko oa
d]j k^hec]`k i]j_kiqj]`]iajpa+Vmqa h]
k^hec]_eÅj i|o oaran] l]n] p]hao_k`aq`knao)
ao_q]j`khkokj`alnaop]_eÅjej`ereoe^hauoa
d]jk^hec]`kokhe`]ne]iajpa+Bjahlneian_]ok)
h]oc]n]jp~]o`ah]_naa`knlqa`ajoan`}^ehao+Bj
ahoacqj`k)iqunk^qop]o+
0) Jhk^lmZk]^m^kfbgZ]Zhl^k
]^m^kfbgZ[e^eZik^lmZ\b|g)
Kk `a^aiko _kjbqj`enaop] _h]oebe_]_eÅj _kj
h]`a`]n^eajaoej_eanpko+Boran`]`mqaajhko
^eajaoej_eanpkoh]lnaop]_eÅjao`apaniej]^ha+
Mank aj aop] _h]oebe_]_eÅj jk jko aop]iko
nabeneaj`k]ao]]_al_eÅjajp]hoajpe`k+
Bteopajpnao_nepanekol]n]`apaniej]nh]lnaop]*
_eÅj+Bhlneiank)ahi|obna_qajpa)mqah]ol]npao
`a_e`]jahk^fapk`ah]k^hec]_eÅj]h_kjpn]an~])
aopkao)`ao`aoqeje_ek+>mq~h]lnaop]_eÅjaop]*
n~]eje_e]hiajpa`apaniej]`]+Bhoacqj`k)ok^na
h] ^]oa `aahaiajpkok^faperko8 lknafailhk)
_q]j`k oaaop]^ha_aajbqj_eÅj ]h ian_]`kk
]hr]hknaj^kho]+Bjaopa_]okhkmqaoaaop]n~]
aop]^ha_eaj`kaoh]_q]jp~]`ah] lnaop]_eÅj+V
ahpan_ank)_q]j`koa`af]h]aha__eÅj`ah]lnao*
p]_eÅj]qjpan_ankk)ajoq_]ok)]hfqav)_kik
lqa`aoq_a`anajh]ok^hec]_ekjao]hpanj]per]o+
Bjaop]o`koÇhpei]odelÅpaoeoh]lnaop]_eÅjao
`apaniej]^ha+
1) Jhklnbg]^i^g]^g\bZ)
Bj aopa_]ok h]o k^hec]_ekjao oa _h]oebe_]j aj l]_pko atpeaj`aj k ]ilh~]j hko `ana_dko `ah i
lnej_el]haou]__aokne]o+ >mq~_kil]npeikoah ]_naa`kn)]o~_kikh]ok^hec]_ekjao`ah`aq`kn+
_nepanek`aDqehhanik>+ ?kn`]) _q]j`k oaÄ]h] ^\m
J *
mqah]_]n]_pan~ope_]`alnej_el]hk`a]__aokne] Iko`ajkiej]`kok \ ^ o \ \ _ e` ^ o\ ) lknjkoanoejk @>G
`aqj]k^hec]_eÅj lqa`anabanenoa]oq k^fapk _h|qoqh]o ]__e`ajp]hao ]Ä]`e`]o ]h _kjpn]pk) LL
k k
k]h]olanokj]ok^hec]`]o+Fj`e_]?kn`]mqa]& jkbkni]^]j l]npa `a oq _kjpaje`kaoaj_e]h+
ÇĊǼĈÁČ
Æ
AĀǼÆ
ǺÁČ
okj ]__aokne]oaj _q]jpk] oq k^fapk)_q]j`k Fj_knlkn]`koajahikiajpk`ah]_aha^n]_eÅj
okj_kjpn]~`]ol]n]]oacqn]nah_qilheieajpk `ahko_kjpn]pko`a^qaj]ba)`araj~]joeailna
`aqj]k^hec]_eÅjlnej_el]h)_kikoq_a`a_kj aj k^hec]pkne]o u aop]^]j lnkpace`]o lkn h]
h]o _h|qoqh]o laj]hao u ^& okj ]__aokne]o aj ]__eÅj`ah_kjpn]pklnej_el]h+
_q]jpk]h]olanokj]ok^hec]`]o)_q]j`k}op]o
h]o_kjpn]fankj_kikc]n]jpaokbe]`knao+ I]r]he`av`aaopkol]_pkoaop]^]oq^kn`ej]`]
] `ko namqeoepkoaoaj_e]hao7 oanfqn~`e_]iajpa
I]k^hec]_eÅjaolnej_el]h)aj_q]jpk]oqk^fapk) lkoe^hao u jk oqolaj`an k naokhran h] bqanv]
_q]j`kpeajaateopaj_e]lnkle])jk`alaj`eajpa k^hec]pkne]`ah_kjpn]pk+ >0
B
`akpn] nah]_eÅj k^hec]_ekj]h+ Mknafailhk) h]o
k^hec]_ekjao mqa oqncaj `a qj _kjpn]pk `a Qkqhhean) _ep]`k lkn Aa D|olane) `eopejcqa h]o Ra
õL
_kiln]rajp])ajmqaahraj`a`kn`a^aajpnac]n k^hec]_ekjaooacÇjoa]jlnej_el]haoklneieper]o L
ON
h] _ko] u ah _kiln]`kn l]c]n ah lna_ek+ Pkj uoa_qj`]ne]ok]__aokne]o+@knnaolkj`an~]j]h] c

]__aokne]o) _q]j`k oq ateopaj_e] `alaj`a `a lneian]`aaop]o_]packn~]oh]omqa_kjopepquaj Ra

qj]k^hec]_eÅjlnej_el]h+Mknafailhk)ah]np~_qhk ah k^fapk lnej_el]h `ah _kjpn]pk+ Mknafailhk) R
0
.012 `ah @Å`eck@ereh `eolkja mqa h] jqhe`]` h] k^hec]_eÅj `ah raj`a`kn) aj ah _kjpn]pk`a GON
`ah]_h|qoqh]laj]hê_quk_]n|_pan]__aoknek _kiln]rajp])`aajpnac]nh]_ko]u`apn]jobanen Ra
L
ao are`ajpaê jk knecej] h] `a h] k^hec]_eÅj h]lnklea`]`+Bjahieoik_kjpn]pk)k^hec]_eÅj \
\_
lnej_el]h+ oa_qj`]ne] k ]__aokne] oan~] h] `a l]c]n ]h q
Ra
raj`a`kn lanfqe_ekoa ejpanaoao aj ah _]ok `a Ra
N
Bj_q]jpk]h]olanokj]ok^hec]`]o)h]k^hec]_eÅj jkajpnac]nh]_ko]raj`e`]+ c
Ra
lnej_el]h aop| _kjopepqe`] lkn h] mqapeaja ah Ď
ON
`aq`kn _kj oq ]_naa`kn) u h] ]__aokne]) lkn PacÇj O]uiqj`k J+ P]hr]p)1 kn`ej]ne]iajpa 0
q
afailhk) oan~] h] _kjpn]~`] lkn qj be]`kn_kj _]`] k^hec]_eÅj peaja qj] ateopaj_e] lnkle] a ON
Ih\
ah lnklÅoepk `a c]n]jpev]nao] k^hec]_eÅj+ Bj ej`alaj`eajpa `a_q]hmqeankpn])ateopa lkno~ ON
_]okmqah]k^hec]_eÅjlnej_el]hbqan]jqh])ahh] ieoi]ajrenpq``ah]_]qo]kda_dkmqahad] 9K
õU
]_]nna]n~]) _kik _kjoa_qaj_e] ejarep]^ha) h] `]`kj]_eieajpk+Mknat_al_eÅj)jkoaj_kjpn]* CE
L
R
jqhe`]``ah]]__aokne]+>oqpqnjk)oeh]]__aokne] iko]hcqj]ora_aoajlnaoaj_e]`ak^hec]_ekjao B
V0
bqan] jqh]) aopk ao h] be]jv]) h] k^hec]_eÅj _qu] ateopaj_e] oa nah]_ekj] ~jpei]iajpa _kj ON
lnej_el]hoq^oeopen~]lhaj]iajpa+ h]`akpn])`ap]hi]jan]mqaateopaajn]vÅj`a L
N+
aop]Çhpei]8h]k^hec]_eÅj`kp]`]`aateopaj_e] ON
U
Iqeo`aD|olane)0]hpn]p]nok^nah]ok^hec]_ekjao lnkle]oahh]i]ajp]h_]okk^hec]_eÅjlnej_el]h8 ON
lnej_el]haou]__aokne]o)oanabeana]hko l]_pko h]kpn])k^hec]_eÅj]__aokne]+ Ď
9q
]`fqjpko )mqabqankj_kj_a^e`koajOki]l]n] ON
IL
atpaj`ank naopnejcenh]rkhqjp]``a h]ol]npao >`a_en`ah_ep]`klnkbaokn)jkaoja_ao]nek)l]n] ;
9K
u hko `ana_dkou h]o k^hec]_ekjao mqa he^nau naokhranh]o_qaopekjao]mqalqa`aj`]nhqc]n __
na_~lnk_]iajpa oa d]^~]j _kjbane`k+ Bopko h]ok^hec]_ekjao]__aokne]o)mqaahh]ooa]jhaceo*

0+ AB DïPMBOF) Iqeo+ Pm\o\_j_`g\n K]gdb\^dji`n`i`g@`m`^cj ?dqdgL\m\bp\tjt=mb`iodij+ ?qajko >enao7 B`epkne]h [
Aal]hi]+.612ê .613)pki kF)ll+024uoo+ [
L
1+ P>IS>Q)O]uiqj`kJ+Pm\o\_j_`@`m`^cj?dqdg=mb`iodij)K]gdb\^dji`n`iC`i`m\g+ B`e_eÅj]_pq]hev]`]_kjpatpko L
`a`k_pnej]) haceoh]_eÅj ufqneolnq`aj_e] lknBjnemqaS+D]hhe+ ?qajko >enao7Qelkcn|be_] B`epkn] >ncajpej]) .62/) N
pkikF)l|c+36+ [

P k ^ n a  h ] _ h ] o e b e _ ] _ e Å j  `a  h ] o  k ^ h e c ] _ e k j a o  0/0
 h]`]o)oejk^]op] h]]lhe_]_eÅj`ahkolnej_eleko
cajan]haook^nah]o_ko]olnej_el]haou]__aokne]o+
2) Jhkl^kinkZlhfh]Ze^l)
>mq~h]ok^hec]_ekjaooa_h]oebe_]j)`a]_qan`k
_kjh]i]jan]_kik`a^aj_qilhenoa)ajlqn]o
koeilhaouajoqfap]o]ik`]he`]`ao+
Pkjlqn]oh]ok^hec]_ekjao_kjpn]~`]ol]n]_qi*
lhenoaajbkni]ejia`e]p]uqoq]h+Pkjik`]hao)
_q]j`kahh]oaop|joqfap]o]_kj`e_eÅj)mqalqa*
`aoanoqolajoer]knaokhqpkne])]lh]vkk]_]nck+
Mknoq l]npa) >hpaneje) >ia]h u IÅlav@]^]j]
Oareop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ] _q hp] `  `a A a na _d k  `a h] R j er a no e` ] `  `a Iei]
_h]oebe_]j h]o k^hec]_ekjao) aj _q]jpk ] oqo
ik`]he`]`ao) aj lqn]o) aopk ao _q]j`k oq
_qilheieajpkjk`alaj`a`a_kj`e_eÅj]hcqj])
koa]_q]j`kh]ateopaj_e]`ah]k^hec]_eÅj jk
aop}oqfap]]h]_]a_eieajpk`aqjda_dkbqpqnk
aej_eanpk8]lh]vk)_q]j`kh]atece^ehe`]``ah]
k^hec]_eÅjaop|oqla`ep]`]]h]_]a_eieajpk`a
qj da_dkbqpqnku_eanpk8u_kj_]nckkik`k)
_q]j`koa eilkja qj] k^hec]_eÅj]__aokne]u
at_al_ekj]h]h]`mqenajpa`aqj`ana_dk+
>`ranpeiko) oeilhaiajpa)mqaah@Å`eck@ereh
lanq]jk`a.651pn]p]]h]oik`]he`]`ao`ajpnk
`ahIe^nk`a>_pkGqn~`e_k+Bh@Å`eckoanabeana)
lknp]jpk)]h]oik`]he`]`ao`ah]_pkfqn~`e_k+Bj
aop]i]pane])ahAana_dk`aL^hec]_ekjao`a^a
lqaoejpanlnap]noa]h]hqv`aao]oik`]he`]`ao+
3) JhkZ`hmZkl^bglmZgmxg^Zf^gm^\hg^e
\nfiebfb^gmh]^ngZik^lmZ\b|ghl^k
]nkZ]^kZl)
E]u k^hec]_ekjao mqa oa ]ckp]j `a i]jan]
ejop]jp|ja]_kjah_qilheieajpk`aqj]lnao*
p]_eÅj8lknafailhk)oeajqj_kjpn]pk`a_ki*
ln]rajp]oal]_p]h]ajpnac]ejia`e]p]`ah^eaj
u`ahlna_ek)_kjah_qilheieajpk`aaop]o`ko
lnaop]_ekjaooaatpejcqah]nah]_eÅjk^hec]pkne]+
Pkj`qn]`an]o)_q]j`kh]nah]_eÅjk^hec]_ekj]h
=@RK ? =PQ O ./3
`eo_qnna]pn]r}o`ahpeailk8lknafailhk)ajqj
_kjpn]pk`a]nnaj`]ieajpk)ah]nnaj`]p]nekaop|
2+ DFLODF>KKF)Je_daha+H\ K]gdb\^dÄi+?]n_ahkj]7?ko_d@]o]B`epkne]h) .625)ll+1. uoo+
0/1 5 K R O V K  = Y Z K X R O T M  >G XUJ O "
k^hec]`k]l]c]n)iao]iao)h]najp]kian_a`
_kj`q_per]) h] mqa oan~] qj] k^hec]_eÅj `a
lnaop]_ekjaolaneÅ`e_]o+Peah`aq`knoak^hec]
] ajpnac]n]h ]_naa`knqj] _]jpe`]` `a _ko]o
l]n_e]hiajpa)aj`eopejpkoikiajpko)`qn]jpa
qj h]lok `apaniej]`k) oan~] qj] k^hec]_eÅj
`qn]`an]+
> oq rav) h]o k^hec]_ekjao`qn]`an]o lqa`aj
oan`a `qn]_eÅj _kjpejq]`]8 lkn afailhk) h]
Bilnao]`a>cq]oqiejeopn]lani]jajpaiajpa
ahh~mqe`kahaiajpk]oqo_heajpao)oejokhq_eÅj
`a _kjpejqe`]`) _kj h] k^hec]_eÅj `a aopko
Çhpeiko `a l]c]n laneÅ`e_]iajpa hko na_e^ko
mqa_knnaolkj`]j+
>hpaneje)>ia]h uIÅlav@]^]j] _h]oebe_]j ] h]o
k^hec]_ekjaolknahpeailk`a_qilheieajpk`ah]
lnaop]_eÅj)ajk^hec]_ekjao`aafa_q_eÅjejia`e]*
p]u`aatece^ehe`]``ebane`]+BjaopaÇhpeik_]okh]
k^hec]_eÅjoaaj_qajpn]lkopanc]`]aj_q]jpk]
oqatece^ehe`]`lknqjlh]vkeje_e]hlaj`eajpa)kaj
_q]jpk]oqateopaj_e])lknqj]_kj`e_eÅjoqolaj*
oer]p]i^e}jlaj`eajpa+Bj_]i^ek)aoejia`e]p]
_q]j`koqoaba_pkojkoaaj_qajpn]jlkopanc]`ko
lkn]hcqj]`a`e_d]oik`]he`]`ao+
Q]i^e}j lkn ah peailk `a _qilheieajpk `a
h] lnaop]_eÅj) h]o_h]oebe_]jaj k^hec]_ekjao`a
afa_q_eÅj Çje_]) _q]j`k ah _qilheieajpk oa
aba_perev]`aqj]okh]rav)ajbkni]ejop]jp|ja])
uajk^hec]_ekjao`aafa_q_eÅj lani]jajpak
`a`qn]_eÅj)_q]j`koalnkhkjc]jajahpeailk+
Bop]oÇhpei]o_kilnaj`ajh]o`aafa_q_eÅj_kj*
pejq]`]uh]olaneÅ`e_]ok`a pn]_pkoq_aoerk +
Je_dahaDeknce]jje2oanabeana]qj]_h]oebe_]_eÅj
`a h]ok^hec]_ekjaomqa`ajkiej] nah]_ekjao
`ak^hec]_eÅj`qn]`an] +
Mna_eo]mqaajaop]_h]oa`ak^hec]_ekjaooq`ao*
ajrkhreieajpkjkoa]ckp]ajqj]okh]lnaop]*
_eÅj)oejkmqaoqlkjaqjlan~k`ki|okiajko
h]nck) lkn_q]jpkoq _kjpaje`k eilhe_]k^eaj
qj] _kj`q_p] `qn]`an] k ^eaj h] na]hev]_eÅj
`a lnaop]_ekjao laneÅ`e_]o+ Manpaja_aj ] aopa
;G X O U  2 G Y Z O R R U  5 X K _ X K
cnqlk)ajoqklejeÅj)h]onah]_ekjao`a]nnaj`]* `ahieoik@Å`eck+Bjaopa_]okaoah]_naa`kn é
ieajpk)ahiqpqk)ah`alÅoepk)hko_kjpn]pko`a ah mqa oklknp] h] `ar]hq]_eÅj `a h] ikja`] W W

j]_ekj]h)uah`aq`knahmqa`a^an|oklknp]noq ____
oqiejeopnk)ap_+@kjoe`an]mqaao`a_eoerkl]n] d d
ah _]n|_pan`a h] nah]_eÅj `a k^hec]_eÅj `qn]* a r a j pq ] h na r ] hq ] _ eÅ j +
`an] mqa oa d]u] l]_p]`k`ao`a qj lnej_elek LL
- /
h]ajpnac]`aqj]_]jpe`]`pkp]h%lknafailhk) ,+) Jhkl^kh[eb`Z\bhg^l]^f^]bhlh]^ ÇĊǼĈÁČ
Æ AĀǼÆ ǺÁČ
_]n^Åjl]n] qok`ki}ope_k&)mqaoaajpnac]n| k^lnemZ]h)
l]n_e]hiajpa aj `eopejpko ikiajpko+ Bj p]h
_kjpn]pk_]na_aahpeailk`aejbhqaj_e]ok^naah Bop] _h]oebe_]_eÅj) oej `q`] ejpanao]jpa lank
_kjpaje`kuh]atpajoeÅj`ah]lnaop]_eÅj)ujk k^fap]^ha) aop| `ena_p]iajpa rej_qh]`] ] h]
nalan_qpaoejkok^naahik`k`ad]_anh]+ ejafa_q_eÅj`ah]k^hec]_eÅj+

Rj] nah]_eÅj `a k^hec]_eÅj `qn]`an]) ]cnac]) Bjaop]i]pane]_kil]npeikohkatlnao]`klkn

lqa`a_kjopepqenoalknqjpeailk`apaniej]`k) Bnjaopk@haiajpaT]u]n)3mqeaj]beni]mqa h]
_kj _qukpn]jo_qnok oa atpejcqa8 lank lqa`a hh]i]`]k^hec]_eÅj `anaoqhp]`k ao]mq}hh]aj @;
p]i^e}jpaniej]noaia`e]jpa]_qan`klkopanekn h]_q]hah`aq`kn]oqiaah`a^an`ana]hev]nqj] *
klkn]_pkqjeh]pan]h %`aqj]`ah]ol]npao&)ao lnaop]_eÅj aola_~be_])aj_]iej]`] ]h hkcnk`a LG

`a_en)]pn]r}o`aoqnaokhq_eÅj+ qjnaoqhp]`k_kj_napk)`aoqanpamqaahejpan}o L
@;
`ah]_naa`knmqa`]o]peoba_dk_kjh]k^paj_eÅj L

4) Jhkl^kh[eb`Z\bhg^l]^gZmnkZe^sZ n `aaoanaoqhp]`k+ ;

h[eb`Z\bhg^lfhg^mZkbZl) R
>_an_] `a h] `ajkiej]`] k^hec]_eÅj `a G@;
>mq~]`klp]ikoh]ejpanao]jpa_h]oebe_]_eÅj`a ia`eko )`e_aah]qpknmqaao]mq}hh]ajh]_q]h Q
*j
J]h]qneau>uj}o)mqeajao]beni]jmqa_q]j`k ah`aq`knoÅhklnkiapaahailhak`ehecajpa`a \
5%
ia`eko ]lpko l]n] jkni]hiajpa k^pajan qj q
h]k^hec]_eÅj`aj]pqn]hav]oaej_qilhalkn`khk Q
k lkn_qhl] `ah `aq`kn)ahh] oapn]jobkni] aj naoqhp]`k+ Bjaopa_]ok)ah `aq`kn_qilha_kj L
qj]k^hec]_eÅjikjap]ne]+Bopkjkk_qnnaajah oÅhkailha]nhko ia`eko lnkiape`ko)]qjmqa Q
]
_]ok`ah]ok^hec]_ekjaoikjap]ne]o)ajh]omqa jkoahkcnahk`aoa]`k+ Q0
@;
jkklan]p]hpn]jobkni]_eÅjuoÅhklnk_a`aoq
afa_q_eÅjbknv]`]+ T]u]njkaop|`a]_qan`k_kjaop]`eopej_eÅj)
_kj^]oaaj_q]pnk]ncqiajpko+
>cnac]jmqakpn]`ebanaj_e] eilknp]jpaajpna
]i^]o_h]oao `ak^hec]_eÅj) aop| `]`] lknoq PaÄ]h]) aj lneianp}niejk) mqa h] `eopej_eÅj
ajreha_eieajpk)_q]j`koapn]p]`ah]ohh]i]`]o ajpnak^hec]_ekjao `aia`eko u `anaoqhp]`k 
`aq`]o`ar]hkn +@q]j`kh]k^hec]_eÅjao`a ao oÅhk ]l]najpa+ Bjpna qj] u kpn] _]packn~]
j]pqn]hav])ao`a_en)_q]j`k`a^anaopepqenoaah jk d]u jejcqj] `ebanaj_e] kjpkhÅce_]) ao \
k+
r]hkn`aqj]lnaop]_eÅj)oa_]h_qh]ahmqapajc] `a_en) `aaoaj_e] k`a j]pqn]hav]+ Bj ]mq}hh]o
ah`~]`ahl]ck)o]hrk`eolkoe_eÅjhac]h`ebanajpa mqa h]pn]`e_eÅj hh]i] `a ia`eko aooeailna
k l]_pk aj _kjpn]nek) _kjbknia ] hk lnareopk lkoe^ha d]hh]n qj naoqhp]`k8 aopk oa_kieajv] õ]
Q
lkn ah ]np~_qhk ./03 `ah @Å`eck @ereh+ Bj h]o ] _kilnaj`an _q]j`k oa ]_alp] mqa aj
k^hec]_ekjaoikjap]ne]ojkk_qnnahkieoik+Bh pk`] k^hec]_eÅj d]u ia`eko u oa lanoecqaj
]_naa`kn)o]hrkl]_pkr]hkneop])jklk`n|atecen naoqhp]`ko +
ah l]ck `a qj] `aq`] _kjpn]~`] aj ikja`]
j]_ekj]h) aj ikja`] `eopejp]) je aj _]jpe`]` Bj oacqj`k hqc]n]`reanpa mqa ] l]npen `a h]
`ebanajpa ]h ikjpk jkiej]h knecej]hiajpa `eopej_eÅjajpnak^fapkulnaop]_eÅjoak^peaja 9K

l]_p]`k)oacÇjhk`eolqaopklknah]np~_qhk./01 ah oecqeajpa aomqai]7 ah k^fapk `ah `ana_dk

Ď
!
P
N
) + DFLODF>KKF)Je_daha+H\K]gdb\^dÄi+?]n_ahkj]7?ko_d@]o]B`epkne]h).625)ll+1. uoo+

A U H X K  RG I R G Y O L O I G I O d T  JK R GY U H R O M G I O U T K Y  0/2

 `ah ]_naa`kn amqer]ha ] qj naoqhp]`k mqa }h
aolan] `a h] _kj`q_p] `ah `aq`kn) mqa ao ah
ia`ek lnk`q_pkn `a p]h naoqhp]`k+ Bj aopa
oajpe`k) naoqhp]`k u ia`ek okj`koahaiajpko
mqa aop|j hec]`ko ~jpei]iajpa `ajpnk `a h]
aopnq_pqn] `a pk`] nah]_eÅj `a k^hec]_eÅj8
_kjopepquajl]npa`aoqaoaj_e]+M k n  aok)]beni]n
mqad]uk^hec]_ekjao`aia`eko)ajh]o_q]hao
jk oa lnkiapa je oa `a^a qj naoqhp]`k ao
amq~rk_k8d]op]oalqa`a`a_enmqaaoann]`k+
Bmqer]ha ] okopajan mqaaj _eanpko oqlqaopko
ah `ana_dk `ah ]_naa`kn _]na_a `a k^fapk+ Bh
da_dk`amqaaj]hcqj]ok^hec]_ekjaoahia`ek
%lnaop]_eÅj&]`mqean]oejcqh]neilknp]j_e])jk
]qpknev]]lnao_ej`en`ahnaoqhp]`k+
Oareop] a ` ep] ` ]  lkn ] hq i j k o  `a h] C ]_qhp]` `a A ana_dk `a h] R j er a no e` ] `  `a Iei]
`ah]k^hec]_eÅjuahpeailk`a_qilheieajpk)
ah`aq`knaonaolkjo]^halknoq ejafa_q_eÅjoe
jkpn]ah]lnqa^]`ah_]okbknpqepkk`ah]bqanv]
i]ukn+V]cnac]mqaajh]k^hec]_eÅj`aia`eko)
_kikah`aq`knjklqa`alnkiapannaoqhp]`ko)
oÅhk oan| naolkjo]^ha _q]j`k jk lnaop] h]
`ehecaj_e] uah _qe`]`k mqa h] j]pqn]hav] `ah
_]okatec~]+
>i^ko atpnaiko) aj jqaopn] klejeÅj) okj
annÅjako+P]hr]p]beni])ajlneianp}niejk)mqa
ah naolkjo]^ha`aqj]k^hec]_eÅj`anaoqhp]`k
oÅhk oa he^an] lknah _]okbknpqepk k h]bqanv]
i]ukn+ Bopko) _kjbknia ]h ]np~_qhk .0.2 `ah
@Å`eck@erehlanq]jk)okj_]qo]ojkeilqp]^hao)

_kjoeopajpao aj arajpko atpn]kn`ej]neko)

Iqack) aj pan_an hqc]n)T]u]n oaÄ]h] mqa hko eilnareoe^hao a ennaoeope^hao) mqa eile`aj h]
ia`ekooeailna]peaj`aj]qjnaoqhp]`k+Bjh] afa_q_eÅj `a h] k^hec]_eÅj k `apaniej]j oq
k^hec]_eÅj hh]i]`] `a ia`eko ) h] lnaop]_eÅj _qilheieajpkl]n_e]h)p]n`~kk`aba_pqkok+
êkoa])h]_kj`q_p]`a^e`]êlanoecqaoeailna
qj naoqhp]`k) mqa jk ao kpnk mqa o]peob]_anah S]iko] lkjanahafailhk`aqj _kian_e]jpa
ejpan}o`ah]_naa`kn+Boejjac]^hamqaah hkcnk aop]^ha_e`kajh]_eq`]``aIei])mqa]`mqeana
`ah naoqhp]`kejpanao]p]i^e}j]h`aq`kn8oÅhk ian_]`an~]o `a qj _kian_e]jpa aop]^ha_e`k
]o~oa atlhe_] mqa lkjc] pk`k oq ailaÄkaj aj h]_eq`]` `a Eq]j_]uk) eilknp]jpa_ajpnk
k^pajanhk+M]n]ah_ep]`klnkbaokn)oan~]qjran* `a]_pere`]` a_kjÅie_] q^e_]`k aj h] Peann]
`]`ank `eoh]pa oqlkjanmqa mqeaj ]`aq`] qj @ajpn]h `ah ManÇ) _kj h] k^hec]_eÅj `a aopa
ia`ekjkoalnak_ql]lknhkcn]nqjnaoqhp]`k+ Çhpeik`aajpnac]nh]oah .2`aba^nank`ah]Äk
/--5+Papn]p])oej `q`])`aqj]k^hec]_eÅj `a
Vaj_q]npkuÇhpeikp}niejk)oaÄ]h]mqahkol]npe* naoqhp]`k)lknmqah]lnaop]_eÅj)bej]hiajpa)aop|
`]neko`ah]_h]oebe_]_eÅj`aAaikcqajkd]jlk* `aopej]`]]mqaah_kian_e]jpa`ah]_eq`]``a
`e`k`af]n`ana_kjk_anmqa]qjajh]k^hec]_eÅj Iei]na_e^]h]oian_]`an~]oah`~].2`aba^nank
`aia`ekoah]_naa`kn`aoa]o]peob]_anqjejpan}o `ah ]Äk /--5+ Bh _kian_e]jpa `a Eq]j_]uk
`abejeperkkbejÇhpeik)l]n]hk_q]hjk^]op]h]okh] lnk_a`a _kj pk`] `ehecaj_e] u ai^]n_] h]o
_kj`q_p]`ah k^hec]`k8oa`aoa]]hcki|omqa ian_]`an~]o)ajqj_]ieÅj`aoqlnklea`]`)_kj
h]okh]_kj`q_p]7oa`aoa]k^pajanqjnaoqhp]`k 15dkn]o`a]jpe_el]_eÅj+Bhre]fa`aEq]j_]uk
`apaniej]`k+@kjaopana_kjk_eieajpk)h]pakn~] ] Iei] jk `qn]) n]vkj]^haiajpa) i|o `a
l]na_alan`anpk`]oqbqanv]+M]n]o]hr]nh])ao] k_dk k`eav dkn]o+ Pej ai^]nck) aobna_qajpa
`k_pnej]]beni]mqaahnaoqhp]`kkbejÇhpeikao mqa `qn]jpa hko iaoao `ah ran]jk lanq]jk)
]ha]pknek+Bh`aq`kn_qilhak^oanr]j`kh]_kj* lnej_el]hiajpaajba^nank)oaknecejaj]hqrekjao
`q_p]`a^e`]_kjlnq`aj_e]u`ehecaj_e]8jkoaha êhh]i]`ko dq]e_ko ajjqaopnkhajcq]faj]perk
lqa`aatecenahhkcnk`ahnaoqhp]`k)lqaoaopkao %lanq]jeoik mqa oecjebe_] J]o] ajknia `a
]ha]pknekklkpaj_e]h+ laÄ]omqa h]o hhqre]opknnaj_e]hao `aolnaj`aj
`a h]o ]hpqn]o `a hko >j`ao u mqa) ]h _]anaj
Aaoa]iko aba_pq]n ]hcqjko _kiajp]neko hko n~ko) k_]oekj]j ah `ao^kn`]ieajpk `a h]o
=@RK ? =PQ O ./3

]`e_ekj]hao ok^na h] pakn~] mqa `ere`a ] h]o ]cq]o &êumqaahhkoejpannqil]jh]@]nnapan]

k^hec]_ekjaoaj]mq}hh]omqaoan~]j `aia`eko  @ajpn]h)mqaaoah ia`ekqoq]hiajpaqpehev]`k
uh]omqaoan~]j `anaoqhp]`k + l]n]pn]oh]`]nian_]`an~]o`aEq]j_]uk]Iei]+
Peah_]ieÅjoarak^hec]`k]`apajanoalknpnao
O]uiqj`k J+ P]hr]p atlnao] mqa aj h] k_q]pnk`~]o)_kjikperk`aqj]hqreÅj)_kik
k^hec]_eÅj`anaoqhp]`k)]_na`ep]`]h]ateopaj_e] ]hcqj]o ra_ao k_qnna) are`ajpaiajpa mqa ah

&%) 5KR O VK =Y Z K X R O T M  >GX UJO  " ;G X O U  2 G Y Z O R R U  5 X K _ X K

_kian_e]jpa `a Eq]j_]uk jk _qilhen| _kj
ajpnac]n h]o ian_]`an~]o ah .2 `aba^nank+Pej
ai^]nck)d]^n~]k^n]`k_kjpk`]lnq`aj_e]u
` ehec a j _ e] +  M a nk  a o pa  ] hq r eÅ j  j k  _ k j o p ep q en ~ ] )  a j 
klejeÅj jqaopn]) qj _]okbknpqepk k `abqanv]
i]ukn+ Bo)`ao`a hqack) qj arajpk ennaoeope^ha)
ÇĊǼĈÁČ
AĀǼÆ
ǺÁČ
lknmqa ah pn|joepk mqa`] ejpannqile`k) aj
lhaj]_]nnapan])lknpnaok_q]pnk`~]o) lankao
qj]_kjpa_eieajpk]hmqaoalqa`a_]hebe_]n`a
kn`ej]neku`alnareoe^ha)lknmqaoqahak_qnnen
ajao]}lk_]`ah]Äk+
Bj ao]arajpq]he`]` jkoa lnaoajp]n~] ah _]ok
bknpqepkkbqanv] i]ukn]mqaoanabeanaP]hr]p)
lank)oejai^]nck)jklk`n~]]pne^qenoanaolkj*
o]^ehe`]`]hcqj]]h`aq`kn`ah]ian_]`an~])ah
_kian_e]jpa`aEq]j_]uk)mqad]^n~]]_pq]`k
`ehecajpaiajpa+ Bopa afailhk `aiqaopn] mqa
aooqbe_eajpa]_pq]n_kj h] `ehecaj_e]kn`ej]ne]
namqane`]) _kjbknia hk ateca ah ]np~_qhk .0.1
`ah @Å`eck @ereh) l]n] mqa ah `aq`kn jk oa]
eilqp]^halknh] ejafa_q_eÅj`ah]k^hec]_eÅj)
hh|iaoa`aia`ekok`anaoqhp]`k+
Bjh]k^hec]_eÅj`aia`eko)lknoql]npa)atlnao]
_]qjnaoqhp]`k+Vajh]ok^hec]_ekjao`anaoqhp]`k i
ateopa)ja_ao]ne]iajpa)qjia`ekl]n]_qilhenh]o+
Oa_kjk_aiko)oej`q`])mqah]`ehecaj_e]aj h]o *),
*,7
lneian]olqa`aatecennamqeoepkoi|ooarankomqa
ajh]ooacqj`]o)lankajpk`k_]okhkmqaoa^qo_] II
II
aoahbej)ah_qilheieajpk`ah]lnaop]_eÅj+
Æ
Aa^aiko]Ä]`en)lknÇhpeik)mqaah@Å`eck@ereh
lanq]jk jkaba_pÇ]ao] `eopej_eÅjaj jejcqjk
`aoqolna_alpko)oejcqh]niajpaajhkonah]perko
]h]ejafa_q_eÅj`ah]ok^hec]_ekjao+I]hauajaop]
i]pane]aopaniej]jpa+Bh]np~_qhk.0/6`ah@Å`eck
@erehaop]^ha_amqaoalnaoqiamqah]ejafa_q_eÅj
`ah]k^hec]_eÅjkoq_qilheieajpkl]n_e]h)p]n`~k
k`aba_pqkok)k^a`a_a]_qhl]hara`ah`aq`kn+Bh nk
Ö
@Å`eck]cnac])ajah]np~_qhk.00-)mqah]lnqa^]
`ah`khkk`ah]_qhl]ejat_qo]^ha_knnaolkj`a]h ;7
r\
lanfq`e_]`klknh]ejafa_q_eÅj`ah]k^hec]_eÅj)k L
nk
lknoq_qilheieajpkl]n_e]h)p]n`~kk`aba_pqkok) L
aopkao)]h]_naa`kn+Bj_kjoa_qaj_e])oeah`aq`kn
`aoa]he^an]noa`anaolkjo]^ehe`]``a^an|lnk^]n
oq `ehecaj_e]) pn|paoa `a qj] k^hec]_eÅj `a
ia`ekok`anaoqhp]`k+V)]oqpqnjk)oeah]_naa`kn ]e
Mk
`aoa] ]cn]r]n h] naolkjo]^ehe`]` `ah `aq`kn) -
*@
`a^an| lnk^]nah `khk k h] _qhl] ejat_qo]^ha) q
]e

P]hr]p) mqa ah `aq`kn oÅhk oan| naolkjo]^ha pn|paoap]i^e}j`aqj]k^hec]_eÅj`aia`ekok -.

N
_q]j`kjk]_pÇa_kjh]`ehecaj_e]uah_qe`]`k `anaoqhp]`k+ LG
ák
mqah]j]pqn]hav]`ah_]okatec~]+Pqlkjc]iko Q0
nk
mqa qj ]^kc]`k oa k^hecÅ ] `abaj`an ] oq ,,) I[eb`Z\bhg^lZf[neZmhkbZlhikhim^k +(
q
_heajpa`a l]h]^n] ]jpa h] @knpa Pqlnai] `a k^f) b]
h] OalÇ^he_]) aopq`e]j`k lnare]iajpa) _kj
Dqehhanik>+?kn`]4oanabeana]h]ok^hec]_ekjao QW
pk`kneckn)ah_]ok]oq_]nck+Boa]^kc]`k)lkn ĎČ
jachecaj_e])hhac]p]n`a]hejbkniakn]huh]_]qo] ]i^qh]pkne]okk m j k o ` m m` h ) ]h]omqa]pne^quaqj] L
9
aoreop]unaoqahp]ajoq]qoaj_e]+Pejai^]nck) j]pqn]hav]aola_e]h)_qu]aopna_d]rej_qh]_eÅj] Ö
]o
ah b]hhk ao b]rkn]^ha ] oq _heajpa+ åAa mq} qj`ana_dkna]hhao`]qj]beokjki~]lnkle]+ nk
lk`n~]mqaf]noaah]_naa`kn<Bjaopa_]okdq^k L
@I
`ao_qe`k) ej_qne]) jachecaj_e]) lankah `aq`kn Pqo_]n]_pan~ope_]oaoaj_e]hao)oaÄ]h]?kn`])okj /.
M+
jk paj`n~] naolkjo]^ehe`]` ]hcqj]+ åBj mq} h]ooecqeajpao7 nk

_kjoeopen~]jhko`]Äkoulanfqe_eko<E]op]p]hrav Q0
QW
lk`n~]okopajanoamqaoeahejbknia`ah]^kc]`k ]& Q]jpk ah ]_naa`kn _kik ah `aq`kn okj nk
õJ
n,e
dq^ean]oe`k`ao]_anp]`kd]^n~] ej`q_e`k] h] pepqh]nao `a qj `ana_dk na]h) oa] ok^na h]
;6
@knpa]naokhranajoajpe`k_kjpn]nek+ ieoi] _ko]) oa] ok^na`ko_ko]ora_ej]o+ 99

Mknaok d] lk`e`k`a_en>^ang]ja mqa h]

Mknkpn] l]npa)jkol]na_a]npebe_e]h h]`ebanaj_e] k^hec]_eÅj k m j k o ` m  m` h  qja] hkopepqh]nao
ajpnah]ok^hec]_ekjao`aia`ekouh]ok^hec]_ekjao `a `ko `ana_dko ner]hao8 oa naoqahra aopa 9K

`anaoqhp]`k+Bjh]ok^hec]_ekjao`aia`ekooa^qo* _kjbhe_pk ejopepquaj`kajpna hko `ana_dko ñP

H
Ō
Ç
4+ ?LOA>)Dqehhanik>+Pm\o\_j_`@`m`^cj?dqdg)L^hec]_ekjao+ ?qajko>enao7B`epkne]h Mannkp) .653)L_p]r] B`e_eÅj N
]_pq]hev]`])pki kF)ll+.3uoo+

AUHX K RG I R G Y O L O I G I O d T JK R GY U H R O M G I O U T K Y 0/4
 qj]_kateopaj_e]l]_~be_]uqjh j _ p n `ahikiajpk`ah]re`]u`ah]k^hec]_eÅjaj
q dq ` i *
_ d ]_alp]^ha+ mqaoah]d]c]r]han+@ep]j`k]>hoej]>peajv])
`e_amqa ah_n}`epk`a`aq`]j]_a)oq^oeopak
^& Mqaopkmqa h] k^hec]_eÅj k m j k o ` m m` h aop| oaatpejcqa)fqjpk_kj h] nah]_eÅj`aoaÄkn~k
oeailna rej_qh]`] ] qj `ana_dk na]h) iaj_ekj]`]8oeah]_naa`knk`aq`knk m j k o ` m 
oa pn]joiepafqjpk _kj aoa `ana_dk+ Bh m` h  `af]j `a aop]n aj `e_d] nah]_eÅj _kj h]
aj]faj]jpamqa`]he^an]`k`ah]k^hec]_eÅj _ko]) oa] lknmqa h] ]^]j`kj]j) k lknmqa h]
mqa l]o] ]h ]`mqenajpa+ Mkn aok okj aj]faj]j)klknmqakpnkrajc]]ajpn]najahh]
hh]i]`]o k^hec]_ekjao]i^qh]pkne]o+Lpn] knecej]ne]iajpa)klknmqah]_ko]`ao]l]nav*
_kjoa_qaj_e] `a aopa _]n|_panao mqa ah _]d]_e}j`koaeilkoe^hah]nah]_eÅj`aoaÄk*
`aq`kn lqa`a he^an]noa `aoq k^hec]_eÅj n~k naola_per]) ah ]_naa`knk`aq`knmqa`]j
d]_eaj`k]^]j`kjk`ah]_ko]+ `aohec]`ko)lknhkiajkol]n]hkoq_aoerk)`a
h] k^hec]_eÅj k m j k o ` m m ` h ) u}op] oa`aolh]v]
_& + I]k^hec]_eÅjk m j k o ` m m` h aolnkle]iajpa d]_e]ahjqark`qaÄkklkoaa`kn8lknhkmqa
qj]k^hec]_eÅjujkqj`ana_dkna]h)lknmqa oa d]^h] ] iajq`k `a mqa h] k^hec]_eÅj ao
O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ] _ q hp] `  `a A a na _d k  `a h] R j er a no e` ] `  `a Iei]

ahoqfapkl]oerk`a^a`]n)d]_ankjkd]_an) ]i^qh]pkne] +
ulknmqanaolkj`a`aoq_qilheieajpk_kj
pk`koql]pneikjek+ Bj jqaopn] klejeÅj) h]o k^hec]_ekjao k m j k o ` m 
m ` h  peajaj pk`]o h]o _]n]_pan~ope_]o `a qj]
Pad]`eo_qpe`koeh]k^hec]_eÅjmqalao]ok^naah k^hec]_eÅj _ereh) ]Çj _q]j`k oa aj_qajpn]j
lkoaa`kn`aqj]_]o]delkpa_]`]aok m j k o ` m m` h + rej_qh]`]o]hkoAana_dkoOa]hao+Bjaop]_h]oa
M]n] h]pakn~]_h|oe_])}opaan] lna_eo]iajpaah `ak^hec]_ekjaoah`aq`knj]_a)ja_ao]ne]iajpa)
afailhkp~le_k7h]k^hec]_eÅj`anaolkj`anlao] _kik `apaniej]`k) lank ao lkoe^ha mqa
ok^naahpan_anklkoaa`kn)_q]hmqean]mqaoa]8oa bej]hiajpa)]h_qilhenoah]k^hec]_eÅj)ahh]oa]
pn]joiepafqjpk_kjah`kiejek8aop|heiep]`]]h atece`] ] qj] pan_an] lanokj]) eje_e]hiajpa
r]hkn`ah]_ko]+>hkmqaoad]nalhe_]`kmqah] ej`apaniej]^hamqa)ajaoaikiajpk)paj`n~]
Çje_]k^hec]_eÅj`ahpan_anklkoaa`knaoh]`a mqanaolkj`anlknh]`aq`]knecej]ne]+
cq]n`]nqj]]_pepq`l]oer]8_qilha_kjhkmqa
h] haule`a`a}h)heiep|j`koa]`af]nd]_an8jk S]iko]nabanenjko]h_]ok_h|oe_k`ah]delkpa_]+
aop|k^hec]`k_kjahnaopk`aoql]pneikjek+Bj Rj]lanokj]cn]r]qj^eaj`aoqlnklea`]`_kj
oqi])h]haujkhkk^hec]]l]c]n)oejk]`af]nmqa delkpa_])ajc]n]jp~]`aqj]k^hec]_eÅjmqaaop|
ah]_naa`knoa_k^nad]_eaj`kafa_q_eÅj`aoq _kjpn]uaj`k_kj oq ]_naa`kn)mqeaj lknp]jpk
^eaj8u]qjmqajkd]c]i]jebaop]_eÅjlkoeper] peaja h] _kj`e_eÅjfqn~`e_] `a]_naa`kndelkpa*
`a ]^]j`kjk)ah ]_naa`kn jk lqa`a`enecenoa _]nek+Iqack)]jpao`ahraj_eieajpk`ah]k^hec]*
_kjpn]oqokpnko^eajao+ _eÅj)ah`aq`knpn]jobeanaah^eaj]qjpan_ank+>h
peailk`araj_eieajpk`ah]k^hec]_eÅj)oejkoa
Ih]i^~]o)5_kjpejq]j`k_kjahpai])atlnao]mqa ]_q`a_kjh]lnaop]_eÅj]h]_naa`kn)}opapaj`n|
h]ok^hec]_ekjao k m j k o ` m m` h  _kjopepquaj qj] ah`ana_dk`aatecenh]]_naaj_e]u)aj_]okmqa
delÅpaoeoiquejpanao]jpa`aej`apaniej]_eÅj jk oa] o]peoba_d]) `a d]_anaba_perk ah _n}`epk
nah]per]`ahoqfapk)]_perkkl]oerk+Bhh]op]i^e}j delkpa_]nekna]hev]j`kahejiqa^ha+Bjaop]_h]oa
okjhh]i]`]ok^hec]_ekjao]i^qh]pkne]o+ `ak^hec]_ekjaoateopen~]qj`aq`kneje_e]h)e`aj*
pebe_]`k)_qu]lnaop]_eÅjaop]n~]c]n]jpev]`]_kj
Pkopeaja Ih]i^~]o mqa aj neckn jk d]u ej* delkpa_]8lankjkoapaj`n~] h]_anpav]`amqa
`apaniej]_eÅj `ah oqfapk) oejk ]qoaj_e] `a bqan]]ao]ieoi]lanokj]]mqeaj)]hraj_anoa
=@RK ? =PQ O ./3

oq ej`ere`q]hev]_eÅj) lknmqa ahhk `alaj`an| h]k^hec]_eÅj)oahaatecean]ahl]ck+

+ + II>J?ñ>P)GkncaGk]mq~j+Kk+^do+)pki kF)ll+//uoo+

0/5 5KR O VK =Y Z K X R O T M  >GX UJO  " ;G X O U  2 G Y Z O R R U  5 X K _ X K

Bh^eajcn]r]`k_kjdelkpa_]oalqa`aenpn]jo*
beneaj`k)`alanokj]]lanokj])ubej]hiajpah]
k^hec]_eÅj oan| atece^ha) ] oq raj_eieajpk) ]
mqeajkopajpah]_]he`]``a`qaÄk)lankheiep|j*
`koah]_k^n]jv]`ah]]_naaj_e]]hr]hkn`ana]*
hev]_eÅj`ahejiqa^haaj nai]palÇ^he_k)aj h]
ÇĊǼĈÁČ
AĀǼÆ
ǺÁČ
ia`e`]ajmqajkoa_qilh]_kjh]k^hec]_eÅj+
Mknaokh]ok^hec]_ekjaok m j k o ` m m ` h okj`ajk*
iej]`]op]i^e}j k^hec]_ekjao]i^qh]pkne]o +
./+ Mknoqatece^ehe`]`
>beni] Mkpdean'6.
-mqaoahh]i]k^hec]_eÅj_ereh]
]mq}hh] mqa ao qj h]vk `a `ana_dk) q di ^ p gp h 
ep m dn ) umqa`]] ]mq}h naola_pk] mqeaj oa d]
_kjpn]p]`k) ah `ana_dk `aatecenajfqope_e] hk
mqaaj ahh] oa d]hh] _kjpaje`k+> oq pqnjk) oa
hh]i] k^hec]_eÅj j]pqn]h ] ]mq}hh] mqa) aj ah
bkj`k`ah dkjknu `a h] _kj_eaj_e]) k^hec] ]
]mq}hmqah]d]_kjpn]p]`k]h_qilheieajpk`a
hkmqaajahh]oad]hh]_kjpaje`k+
I]qnajp$- `e_a mqa Mkpdean _khk_] ajpna h]o
k^hec]_ekjao j]pqn]hao h]o_kjpn]~`]o lknlan*
okj]omqapeajajqj`eo_anjeieajpkuqjfqe_ek
oqbe_eajpal]n]_kilnkiapanoa)lank]mqeajao
h] hau _ereh `a_h]n] ej_]l]_ao `a _aha^n]n qj
_kjpn]pk p]h7 aj h] ]jpecÉa`]`) lkn afailhk)
h] k^hec]_eÅj `a qj] iqfanmqa ^]fk`kiejek
`ahaolkok)_kjrejkoejaop]n]qpknev]`]]ahhk+
G]q^anp)oacÇjI]qnajp)`ao]nnkhh]h]ieoi]kle*
jeÅj+>cnac]I]qnajpmqaaop]`k_pnej]p]i^e}j
aoh]`ahko]qpknao`ah@Å`eck@erehbn]j_}ouh]
`ajqiankokopn]p]`eop]o+
I]qnajpjk`q`])oejai^]nck)aj`a_enmqaahh]
aoannÅja]+Rj]k^hec]_eÅjaoj]pqn]h_q]j`kh]
haujkh] na_kjk_a)_q]j`kjeac]qj]]__eÅj]h
]_naa`kn+å>_]ok)oalnacqjp]I]qnajp)ah]_naa*
`kn`aqj]iqfan_]o]`]k`aqjiajkn`aa`]`
jklqa`ak^n]n<@eanp]iajpapeajaqj]]__eÅj)
6+ MLQEFBO)Ok^anpGkoald+Pm\o\_j _` g\n K]gdb\^dji`n+?]n_ahkj]7?e^hekpa_]@eajp~be_]uIepan]ne])o,b+Qan_an]B`e_eÅj)
Pacqj`]M]npa)ll+.20uoo+
.-+ I>ROBKQ)Cn]j[keo+Lmdi^dk`n _` @mjdo ?dqdg Bm\ib\dn+M]n~o7Ie^n]enea>+J]naom+>ej}).542ê .560)pkikUSFF)ll+.5uoo+
..+ ?>RAOVê I>@>KQFKBOFB)D+Lm|^dn _` @mjdo ?dqdg+M]n~o7Ie^n]enea`ah]Pk_eap}`qOa_qaehD]h`aoIkeoap`ao]nn}po)
.563)pkikFF)ll+.13uoo+
AUHX K
ajpkj_aoh]`aq`]aoi|omqaj]pqn]h)ao_ereh8ok* i
h]iajpaaop|i]n_]`]lknqjre_ekmqalaniepa]h FF
`aq`kn`ai]j`]noqjqhe`]`)lankaoja_ao]nek KNO
*,
m q a  } h h]  ` a i ] j ` a 8 a j  p ] j p k m q a  j k  o a  l n k j q j _ e a 
h]jqhe`]`)oq^oeopah]k^hec]_eÅjulnk`q_apk`ko LL
$$
hkoaba_pko`aqj]k^hec]_eÅj_ereh+
Æ
> lao]n `a ahhk) _kj_hqua I]qnajp) h] hau jk
`abejah]k^hec]_eÅjj]pqn]huoq j]pqn]hav]ao
iqur]c])`a]d~mqaajh]fqneolnq`aj_e]_qj`]
h]ej_anpe`qi^nauh]_kjbqoeÅj+
?]q`nuêI]_]jpejanea  ]beni] mqa h] i]ukn~]
`a hko ]qpknao mqa nalnk`q_aj aj `erano]o
bkni]o h] `abeje_eÅj `a Mkpdean)`e_aj mqa h]o
k^hec]_ekjaoj]pqn]haookj]mq}hh]omqabqan]
`apk`]_k]__eÅjhac]h)`aner]j`ah]amqe`]`k
`ah]_kj_eaj_e])k^eaj`ah]omqaeilkjajh]
`ahe_]`av]uahdkjkn+
F qj
9R
;
Pa_nepe_Åaop]o`abeje_ekjaoê]cnac]ahln~j_ela
`ahAana_dk@erehêk^fap|j`khaomqalnk`q_aj
qj]_kjbqoeÅj`ah] k^hec]_eÅj j]pqn]h _kj hko
`a^anaoikn]hao)lqaooa`e_amqaokj`ko_ko]o
mqaaoeilknp]jpa`eopejcqen+Bhmqa_qilhaqj]
lnaop]_eÅjajafa_q_eÅj`aqj`a^anikn]h)lkn
afailhk)ahdki^nane_kmqa`]heikoj])d]_aqj]
`kj]_eÅj8lknahh]`k_kjpn]nek)]mq}hmqa_qilha
qj] lnaop]_eÅjajafa_q_eÅj`aqj]k^hec]_eÅj
j]pqn]h)d]_aqjl]ck+Aa`kj`aoaajpeaj`amqa
pk`]oh]o`ebanaj_e]ookjajpnah]`kj]_eÅjuah
l]ck+Pejai^]nck)å_Åikoalqa`a`eopejcqenhko "
`a^anaoikn]hao`ah]ok^hec]_ekjaoj]pqn]hao<
Ea]mq~h]`ebe_qhp]`+@]`]]qpknpeajaoqoeopai]+
0
aÇ
>jpa aop]o `erancaj_e]o) h]fqneolnq`aj_e] oa
lnkjqj_e]lknqj]_kj_al_eÅj]ilhe]`ah]k^he*
c]_eÅj j]pqn]h8]hfqav`ah da_dk_knnaolkj`a
]lna_e]n`eo_na_ekj]hiajpaoe d]ukjkk^hec]*
_eÅjj]pqn]h)uh]lnk_h]i]_kjnacqh]ne`]`]d~
`kj`ad]uqjoeilha`a^anikn]h+
G@
??
9A
@K
/
H
#
Ç
N
RG I R G Y O L O I G I O d T JK R GY U H R O M G I O U T K Y 0/6
 PacÇj Dekncek Deknce./ hkofqneo_kjoqhpko nk*
i]jko `eopejcqeankj oej `q`] qj] j ] gdb j o d j 
^ dq dgdn u qj] j ] gdb \ o dj i \ op m \ gdn )  u ]h d]^h]n`a
j ] gdb \ o dj i \ o p m j gdn  ajpaj`eankj lna_eo]iajpa
qj]k^hec]_eÅj`aolnkreop]`a]__eÅj+Mknkpnk
h]`k) _kj_a`eankj ] h] j ] gdb j o dj i \ o p m \ gdn  qj]
a be_ ] _ e]  ej ` en a _ p ] +  I a ] p n e^ q u a n k j  _ ea n pk o a b a _ p k o 
fqn~`e_ko) lknrenpq` `a hko_q]haoah ]_naa`kn)
aj h]k^hec]_eÅj j]pqn]h)paj~] h]n j gp o d m` o` i odj 
l]n]klkjanoa]h`aq`knmqa)`aolq}o`ad]^an
l]c]`krkhqjp]ne]iajpa)ejpajp]oanalapenhko]*
peoba_dk+Oaola_pk]h]_]qo]ejia`e]p]k)_kik
kpnko`e_aj)hkoik`kolknhko_q]haoj]_~]jh]o
k^hec]_ekjaoj]pqn]hao)hkoanq`epkoik`anjko
_kjfapqn]jmqaoa_kilaj`e]^]jkajahknecaj
Oareop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A ana_dk `a h] R j er a no e` ] `  `a Iei]
I]k^hec]_eÅj j]pqn]h)]Ä]`aj Mh]jekhuOelanp)
ao) lkn oq knecaj) qj] k^hec]_eÅj _ereh) lank
eilanba_p]) u] mqa oa d]hh] `aolnkreop] `ah
lnej_el]h ]pne^qpk `a h] k^hec]_eÅj kn`ej]ne])
k oa]) `a h] b]_qhp]` `a _kjopnaÄen]h `aq`kn
] oq _qilheieajpk+ I] eilanba__eÅj `a mqa
oa d]hh] ]ba_p]`] lnk_a`a mqa oq `ao]nnkhhk)
lkn]o~ `a_enhk) d] oe`k ajpknla_e`k ]h j]_an
lkn qj k^op|_qhkfqn~`e_k) k lknah da_dk `a
mqa) lkopanekniajpa) _kik_kjoa_qaj_e] `a
aola_e]hao_en_qjop]j_e]o)oad]reopklner]`]`a
oqo]j_eÅj)oe^eajoq^oeopaajpk`khk`ai|o+
Aao`a aop] Ålpe_]) h] k^hec]_eÅj j]pqn]h ]l]*
na_a _kik ah naoe`qk `a qj] k^hec]_eÅj _ereh

eilanba_pk)kaj h]atpej_eÅj eilanba_p]`ah] lnaateopajpa)_q]j`k}op]d]oe`k]jqh]`]lkn

j ] gdb \ o dj ^ dq dgdn + Bh_kjpn]pk`ahao_h]rk)`ahlqle*
hk)`ahdefk`ab]iehe])`ahiajknu_eanpkokbe_eko
`a lea`]`) okjafailhko deopÅne_ko`ah knecaj
eilanba_pk+ I] _kjbqoeÅj) h] gdo dn ^ j i o` n o \ odj ) u
]_]okh]lnao_nel_eÅjatpejper])okjafailhko`a
atpej_eÅjeilanba_p]+
h]ej_]l]_e`]``ah`aq`kn)jkk^op]jpamqa}opa
h] d]^~] _kj_anp]`k_kj lhajk_kjk_eieajpk
`a _]qo] uajpan] he^anp]` `aaol~nepq)k ^eaj
_q]j`knaoqhp]atpejcqe`]oejmqaah ]_naa`kn
d]u]na_e^e`khkmqaoaha`a^~]+yopaaoah_]ok
`ah]lnao_nel_eÅj+

J]n_ahMh]jekhuDakncaoOelanp).0lknoql]npa) Bj kpnko _]oko) lknah _kjpn]nek) h] k^hec]_eÅj

atlnao]jmqaaoej`eo_qpe^hamqah]k^hec]_eÅj
j]pqn]h _kjopepqua qj] ]jki]h~]fqn~`e_]+ I]
]qoaj_e]`ao]j_eÅj)oa]_q]hbqanaoqabe_]_e]
ajkpnkoajpe`k)h]oepÇ]ajhko_kjbejaoÇhpeiko
`ah Aana_dk) aj hko h~iepao `a h] ikn]h+ Mkn
ahhk)]beni]j)oalqa`a^qo_]nah_nepanek`aahh]
d]_eaj`k`alaj`anoqknecaj^eaj`ahAana_dk
@ereh)^eaj`ah]ikn]h+
E]u qj i}pk`k mqa d]^h] `a h] pakn~] `a h]
k^hec]_eÅj _ereh `acajan]`]) ah ieoik mqa
laniepa i]jpajan qj] _kilhap] oal]n]_eÅj
ajpna hko naola_perko |i^epko `ah Aana_dk u
h] ikn]h+ Pa ejolen] aj h] pn]`e_eÅj nki]j])
pn]joiepe`]lknAki]puna_kce`]lknh]i]ukn~]
`ahkofqneop]o`ahoechkUFU+
=@RK ? =PQ O ./3
_ereh jk d] lk`e`k j]_anaj ikiajpk]hcqjk
u`ao`aoqknecaj h] nah]_eÅjfqn~`e_] jkoad]
_kjopepqe`ki|omqaajh]bkni]`ak^hec]_eÅj
j]pqn]h+>o~)aji]pane]`afqackk`a]lqaop])
ahc]j]`knjklqa`ak^pajan]jpahkopne^qj]hao
ahl]ck`ah]oqi]fqc]`]+I]k^hec]_eÅjj]pqn]h
oqlhaajaopko_]oko]h]k^hec]_eÅj_ereh]qoajpa7
ah lnaop]p]nek aop| k^hec]`k j]pqn]hiajpa ]
o]peob]_anh]`aq`]`afqack+
I] atlhe_]_eÅj mqaajpeaj`amqa h] k^hec]_eÅj
j]pqn]h laj`aajpk`k_]ok`a qj]k^hec]_eÅj
_ereh) `acajan]`] k ]^knp]`] ê_kjpejÇ]j hko
ehqopnao_ereheop]oê)aolqn]iajparan^]huj]`]
fqopebe_]`]+ >cnac]j mqa ao oknlnaj`ajparan
]pne^qen_kik^]oa`ah]k^hec]_eÅjj]pqn]hqj]

./+ DFLODF) Dekncek+ P`jm}\ _` g\n K]gdb\^dji`n `i `g @`m`^cj Ij_`mij+ Btlqaop] _kjbknia ] h] `k_pnej] u ] h]
fqneolnq`aj_e] ep]he]j]) bn]j_ao]) ]hai]j]) ap_+Qn]`q_e`] `a h] o}pei] a`e_eÅj ep]he]j] u ]jkp]`] _kj ]nnachk ]
h]ohaceoh]_ekjaoaol]Äkh]u]iane_]j]o)lknh]na`]__eÅj`ah]Oareop]Dajan]h`ah]Iaceoh]_eÅjuGqneolnq`aj_e]+
J]`ne`7Filnajp]`ah]Oareop]`aIaceoh]_eÅj).6-6)rkh+F)ll+0-uoo+

.0+ MI>KFLI)J]n_ahuDakncaoOFMBOQ+Pm\o\_j Lm{^od^j _` @`m`^cj ?dqdg Bm\i^|n+I]oL^hec]_ekjao+Qn]`q__eÅjaol]Äkh]

`aJ]nekA~]v@nqv`ah@khacek`a>^kc]`ko`ah]E]^]j])@q^]+I]E]^]j]7@qhpqn]h).612)Pacqj`]M]npa)pkik
Seh)ll+/6. uoo+

00- 5KR O VK =Y Z K X R O T M  >GX UJO  " ;G X O U  2 G Y Z O R R U  5 X K _ X K

k^hec]_eÅj _ereh ]jqh]`])ao`a_en)_kik_kjoa* aj _]iejk`a oqlneienoa) ah Aana_dk lkoeperk i
_qaj_e]`ahaba_pknapnk]_perk`ah]jqhe`]`mqa ]_pq]hoaej_hej]]_kj_a`anabe_]_e]l]n]ahl]ck
`a_nap]h]j]`]+I]atpej_eÅj`aqj]k^hec]_eÅj uh] c]n]jp~] ]pk`]o h]o lnaop]_ekjao ^]o]`]o *),
Jê
j k  a o  o q o _ a l p e ^ h a  ` a  c n ] ` q ] n o a )  l q a o  a h l ] c k  j k  aj qj `a^an`a _kj_eaj_e]) naolkj`eaj`k `a
_kjopepqual]n]ahAana_dkqjik`k`aatpej_eÅj aoa ik`k] h] i]n_]`] ej_hej]_eÅj }pe_] mqa II
II
`kp]`k`aabe_]_e]oqlanekn]h]`ahko`ai|o+ `eopejcqa]h]hauik`anj]+ ÇĊǼĈÁČ
Æ AĀǼÆ ǺÁČ

Lpn] pakn~] `a h] k^hec]_eÅj j]pqn]h oabqj`] MknÇhpeik)I]b]ehhaatlnao]mqaateopaqj`ehai]

aj ah `a^an`a h] _kj_eaj_e])aj h] ateopaj_e] ajo]^anoeajqj]k^hec]_eÅjj]pqn]h)]h_qilhen*
`a qj `a^an `a _kj_eaj_e] aj ah `aq`kn aj oa)ateopaqjl]ckkqj]he^an]he`]`+Bhl]cklna*
b]rkn`ah ]_naa`kn+ >mq~h] k^hec]_eÅj j]pqn]h oqlkja qj] `aq`]+ Fj`e_]mqajkd]^e}j`kh]
jk `alaj`a `a qj] k^hec]_eÅj _ereh i|o k lnkle]iajpaajah_]ok)_knnaolkj`an~]`af]noa
iajkopn]jobkni]`]+Boqj`a^anikn]h]hmqa oej aba_pk+ Bh _qilheieajpk `a aop]o `aq`]o
ah Aana_dkna_kjk_a_eanpkr]hkn)oe^eaj jkhk jkoan~]lknp]jpkqjran`]`ankl]ck)]qjmqa
]`klp] lhaj]iajpa d]op] _kjranpenhk aj qj] ]o~]_kopqi^na`ajkiej|noaha+Palnacqjp]oe ON
k^hec]_eÅj lnkreop]`ah]o]j_eÅj`ah Aana_dk) lk`n~]hh]i|noaha)aj_]i^ek) `kj]_eÅj +Meajo] *
i]jpaje}j`khkoÅhkajoqobnkjpan]o+ mqa p]ilk_k oa qo]n~] h] atlnaoeÅj _knna_p]) ]8
Q0
lknmqamqeaj `] _qilheieajpk] qj] k^hec]* Q0
nk
Pe^eajoa]`reanpaqj]amqel]n]_eÅjlnkcnaoer] _eÅj j]pqn]h _kjoe`an] mqa aop| aj ah `a^an L
ej
`a h] k^hec]_eÅj j]pqn]h _kj ah `a^an ikn]h) `a d]_anhk ]qj lkn aj_ei] `a hkopatpko `ah _q
;
]cnac]jMh]jekhuOelanp)jkateopaoejai^]nck Aana_dklkoeperk)ujkoa_khk_]ajh]oepq]_eÅj _
.2
qj] _kilhap] e`ajpebe_]_eÅj+ I] oal]n]_eÅj `amqeajb]rkna_a]kpnko+
`ah Aana_dkuh] ikn]h d]`ai]jpajanoa+Mkn _q
to
_kjoecqeajpa) jk pk`k `a^an `a _kj_eaj_e] Rj]pajp]per]`a_]i^e]npkp]hiajpa h]pakn~] k
'-
_kjopepqua qj] k^hec]_eÅj j]pqn]h+ Mknp]jpk) _h|oe_]) oqnceÅ _kj P]r]pean) mqeaj `ao`a ah k
@G
ateopajk^hec]_ekjaoikn]hao`a~j`khap]hmqa lnej_elek ]`reanpau`a_h]n] oej ]i^]cao)mqa _q
]
jkpeajajjelk`n|jjqj_]hhar]nqje`]abe_]_e] _kj oq oeopai] oa ejreanpaj aj _eanp] bkni] _q
xj
fqn~`e_]aj_q]hmqeancn]`k8hko]_pko`a^aja* hko `]pko `ah lnk^hai]+ Bj p]jpk mqa d]op] Q2
nk
be_eaj_e]ejolen]`koajqj]e`a]`a_]ne`]`)`a ajpkj_aooa_kjoe`an]^] h] k^hec]_eÅj j]pqn]h 0
q
`ark_eÅj)`a]ikn)]qj_q]j`kaop}jeilqaopko `aqj]aoaj_e]fqn~`e_]oqlanekn]h]`ah`a^an ON
II+
lknh] ikn]h)jklqa`ajaopei]noa] h] hqv`ah ikn]h)P]r]pean)_khk_]`kbqan]`ah`kiejek`ah
Aana_dki|omqa_kikhe^an]he`]`ao+ Aana_dk) lnapaj`a d]^an`aikopn]`k mqa h] %R
C?
ran`]`oad]hh]at]_p]iajpaajhkklqaopk+ I] k
_
E}_pknI]b]ehha.1oaÄ]h]mqa_q]j`kajh]Oki] k^hec]_eÅj j]pqn]h ê`a_h]n]ê) jkoan| u] qj Ö
0
lneieper] ]h dp n  ^ dq dg` oaklkj~] ah äpn b ` i odp h ) `a^anikn]h]hmqah]hau)oejanecenh]aj_erehiaj* nk
atpajoerk]pk`kohkolqa^hko)`aecq]hi]jan]) pak^hec]pkne])ha`eolajoa)jkk^op]jpa)_eanpko L
N+
bnajpa]h]ok^hec]_ekjaooqnce`]o`aaoan}ceiaj b]rknao8lknah_kjpn]nek)oan|qj`a^anikn]h]h nk
*k
mqenep]nek)oana_kjk_eankjkpn]o_kjnah]per]abe* mqa)ia`e]jpaqj]_pkatlnaok)jeac]h]o]j_eÅj nk
_]_e])j]_e`]obqan]`aoqi]n_kaopna_dk)umqa `ah`ana_dk_kiÇj+>hat]iej]noq_aoer]iajpa _q
na_e^eankj i|op]n`aah jki^na`a j]pqn]hao + ] h]o k^hec]_ekjao j]pqn]hao na_kjk_e`]o lkn nk
e,e
@]na_~]j`ar]hkn_kilqhoerkujk`]^]j]__eÅj jqaopnkAana_dk)ranaikomqa)ajaba_pk)ao]o~ ;
9R
]h]_naa`kn8lankqj]rav_qilhe`]o)}opalk`~] _kikoalnaoajp]jh]o_ko]o + __
at_al_ekj]noa]hatecenoah]nalape_eÅj+
Mknp]jpk) ah oeopai] `a P]r]pean oa har]jp]
1;
PaÄ]h] ah lnkbaokn ]ncajpejk mqa ]l]npa `ah _kjpn] pk`] pakn~] mqa ]_alpa h] `ebanaj_e] 1:

jki^nau`ah]lnkle]_]packn~]mqaaop| dku `a j]pqn]hav] ajpna h] ikn]h uah Aana_dk8aj ÈĢ

?
!
Ç
.1+ I>C>FIIB)E}_pkn+@`m`^cj?dqdg+Pm\o\_j_`g\nK]gdb\^dji`n+?qajko>enao7@kil]Ä~]>ncajpej]`aB`epknao) .610) N
pki kSF)rkh+FF)ll+ + uoo+

A U H X K  RG I R G Y O L O I G I O d T  JK R GY U H R O M G I O U T K Y  00.

 aba_pk)l]n]}hh]k^hec]_eÅjj]pqn]haoqj`a^an
ikn]h`acajan]`k)oeaj`khko`a^anaoikn]hao
fqn~`e_]iajpak^hec]pknekolkno~ieoiko+
P]r]pean `aner] `a hko patpko ]jpecqko u hko
pn]^]fko lnal]n]pkneko h] `abeje_eÅj oecqeajpa7
I] k^hec]_eÅj j]pqn]h ao ah `a^an ikn]h mqa)
oejh]ejpanraj_eÅjatlnao]u_kjpn]ne]`ah]hau)
d]^n~]oe`k_erehiajpak^hec]pkne]ajrenpq``a
h]bqanv]hac]h`ah]amqe`]`u)ajiq_dko_]oko)
ajrenpq``ahkopatpkohac]haomqa_knnk^kn]j
h]bqanv]`ah]amqe`]` +
?kjja_]oa_nepe_]h]pakn~]`aP]r]pean+Mankjkao
ahÇje_k+@kj]jpanekne`]`hkd]^~]da_dkOelanp)
O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A ana_dk `a h] R j er a no e` ] `  `a Iei]
`e_eaj`kmqa `a_h]n]nmqah]k^hec]_eÅjj]pqn]h
hafko`aoanqj`a^anikn]hmqaoa^ajabe_e]ao*
lkjp|ja]iajpa_kjahb]rkn`ah]hau)aoqj`a^an
ikn]h mqa oqbnaaola_e]hiajpa oq ajaieop]` )
kmqa pk`]oh]ok^hec]_ekjaoj]pqn]haolnkle]*
iajpa`e_d]o) okj k^hec]_ekjao çh~_ep]o ) ao qj
fqack`ahaol~nepq+Bjaba_pk)p]haobÅniqh]ooÅhk
lqa`aj aop]^ha_anoa_q]j`koa lh]jpa]_kik
lneianlnej_elekh]e`ajpe`]``ah`a^anikn]huh]
k^hec]_eÅj_ereh)oeaj`kmqah]`eopej_eÅj`aaop]o
`kojk_ekjaooeailnad]oe`k]`iepe`]lknekofq*
neop]o)u_kjpejÇ]oeaj`kran`]`an])lknhkiajko
l]n]h]^qaj]knc]jev]_eÅj`ah]ok_ea`]`_ereh+
Oelanp ]cnac]) aj lk_]o l]h]^n]o) mqa d]u
k^hec]_eÅj j]pqn]h _q]j`k h] hau ]pne^qua
_eanpko aba_pkofqn~`e_ko ]h _qilheieajpk `ah
`a^anikn]h+>ia`e`]mqah]fqneolnq`aj_e]oa
]beni])h]`k_pnej]]`mqeanai|o]q`]_e]+Iko
]qpknao_kjpailkn|jakojkr]_eh]jaj]beni]n
h]e`ajpe`]``aj]pqn]hav]ajpnah]k^hec]_eÅj
j]pqn]huah`a^anikn]h+Peh]k^hec]_eÅjj]pqn]h
oa _kjbqj`a lkn oq j]pqn]hav] _kj ah `a^an
ikn]h)`a^ak^pajanoa`aaopkh]_kjoa_qaj*
_e] `amqa jkateopa qj]pakn~] cajan]h `a h]
k^hec]_eÅjj]pqn]h)oejki|o^eajk^hec]_ekjao
j]pqn]haooqo_alpe^hao`alnk`q_enaba_pko`e*
banajpao+ Kko aj_kjpn]ikoaj ah `kiejek `a
h]_kj_eaj_e]+I]lanokj]mqaafa_qp]qj]_pk
=@RK ? =PQ O ./3
fqn~`e_k oa ejolen] aj h] e`a] `amqa jk d]_a
oejk_qilhenoq`a^an+
.2+ ABDïPMBOF)Iqeo+Kk+ ^do+)pki kF)ll+4-uoo+
00/ 5KR O VK =Y Z K X R O T M  >GX UJO  " ;G X O U  2 G Y Z O R R U  5 X K _ X K
Mankê]Ä]`aOelanpêh]k^hec]_eÅjj]pqn]hjk
ateopa) ieajpn]o ah `aq`kn jk d]u] ]beni]`k
oq ateopaj_e]) ia`e]jpa ah _qilheieajpk `a
h] ieoi]+ K]_a`ah na_kjk_eieajpk `ah `a^an
ikn]hlknl]npa`ah`aq`kn+
Mkn h]o _ep]o mqa ]_]^]j `a nalnk`q_enoa) oa
]`reanpamqaoacÇjOelanpjkateopaqj]pakn~]
cajan]h `a h] k^hec]_eÅj j]pqn]h) oejk k^he*
c]_ekjao j]pqn]hao oqo_alpe^hao `a lnk`q_en
aba_pko`ebanajpao+Kkoraiko]o~lnkua_p]`ko)
ailha]j`kh]atlnaoeÅj`ahlnklekOelanp)ajah
`kiejek`ah]_kj_eaj_e]u)]hieoikpeailk)aj
qj]lnkbqj`]ej_anpe`qi^na+
BjklejeÅj`a?kjja_]oa)h]k^hec]_eÅjj]pqn]hao
qj]jk_eÅjat_hqoer]iajpap}_je_])mqapn]`q_a
qj] k^hec]_eÅj _ereh eilanba_p] k _kj`e_ekj]h+
I] k^hec]_eÅj j]pqn]h `a^a`eopejcqenoa aoaj*
_e]hiajpa)lknqj]l]npa)`ah`a^anikn]h)u)lkn
kpn])`ah]k^hec]_eÅj_ereheilqaop])]b]hp]`ahau)
lknhko`]pko`ah]obqajpaona]hao`ahAana_dk+
>cnac]mqaajp]jpkmqaqjcnqlk`afqneop]o
oaaobqanv]lknna`q_enahAana_dk]h]ikn]h)hko
behÅokbkoikn]heop]ooal]n]j_h]n]iajpa]i^]o
`eo_elhej]o+Bh`a^anikn]hqk^hec]_eÅjikn]hu
h]k^hec]_eÅjfqn~`e_])h]naolkjo]^ehe`]`ikn]h
uh]naolkjo]^ehe`]`fqn~`e_]+
Ae_a?kjja_]oamqaoejkpaiean]na_qnnen]qj]
ei]caj iqubknv]`]) `en~] mqa h] k^hec]_eÅj
j]pqn]h ao qj] k^hec]_eÅj _ereh nahac]`] aj ah
hei^kumqaaolan]oqhe^anp]`lknqj]_pk`ah
ieoik`aq`kn+
PacÇjIqeo`aD|olane).2u]Rhle]jkd]^~]]`ran*
pe`kmqaoeajaopalqjpkoa]`iepah]ateopaj_e]
`aqj]k^hec]_eÅj)aooÅhklknqj]^qok`ahhaj*
cq]fa+>hiaj_ekj]nh]k^hec]_eÅjj]pqn]h)`e_a
@qm)_ep]`klknAaD|olane)oa]hq`ai|o]hko
da_dkomqah]d]jajcaj`n]`kmqa]h]onach]o
nah]per]o ] h] bkni]_eÅj `a h]o k^hec]_ekjao)
n]vÅjlknh]_q]hahh]lnk`q_aaba_pko]j|hkcko
] hko`ah]ok^hec]_ekjao_erehao+Kkoah]`a^a
_kjbqj`en je _kj h] k^hec]_eÅj nalnk^]`] lkn
h]hau)je_kjh]k^hec]_eÅj`a_kj_eaj_e]+Pah] mqaoÅhk]`mqeanajah_]n|_pan`ap]hao_q]j`kah i
_kj_e^eÅ)^]fkh]ejbhqaj_e]`ahaopke_eoik)_kik `aq`knrkhqjp]ne]iajpah]ol]c])uaopkeilknp]
q di ^ p gp h  \ ` l p do\ odn ) l]n]]pailan]nahneckn`a qj_kjpn]oajpe`k) lknmqaah l]ckatpejcqah]o *),
s ê
h]hauu_kikna]__eÅj_kjpn]r]nekolnafqe_eko) k^hec]_ekjao)lankjkh]o_na]+Boqjoanfqn~`e_k S [G
p]h) lknafailhk) h] e`a] `amqa]hcqjkooanao atpn]Äku]^oqn`k)oa]Ä]`a)]mq}hmqaoÅhk]`* LL
LL
dqi]jko jk an]j lanokj]o+ Bop| `aolnkreopk mqeanare`] ]h_kjranpenoaaj_]`|ranumqa jk
ÇĊǼĈÁČ
Æ
AĀǼÆ
ǺÁČ
`a]__eÅj)lankoenra`a^]oa]qjl]ckr|he`k+ peajaabe_]_e]oejk_q]j`klean`aoqateopaj_e]+

I] pakn~] `a h]o k^hec]_ekjao j]pqn]hao) `e_aj
@kh~ju@]lep]jp)p]i^e}j_ep]`kolknAaD|olane)
an]`ao_kjk_e`]ajahlneieperkAana_dkbn]j_}o+
PÅhk ]l]na_aaj ah naj]_eieajpk `ah Aana_dk
nki]jk+ @ki^]pe`] ajpkj_ao lkn A$>ncajpna)
mqaaj oq @kopqi^na`a?nap]Ä] oaaobqanv]
aj `aikopn]n mqa ao qj] oqpehav] u jkpeaja
bqj`]iajpkfqn~`e_koanek)r]]aj_kjpn]n)lknah
_kjpn]nek)`abajoknaoajAki]puMkpdean+
PacÇjB`q]n`k?+?qook).3ah@Å`eck]hai|jjk
I] k^hec]_eÅj j]pqn]h) aj klejeÅj `a aopko
]qpknao) ao qj] mqejp] nqa`] aj ah Aana_dk)
mqa jk naolkj`a] j]`] ln|_pe_kumqa`a^a
oanlnko_nep]`ahko@Å`ecko+
I]pakn~]`ah]ok^hec]_ekjaoj]pqn]hao)`e_a?kj*
b]jpa)_ep]`klkn?qook)aoqjejfanpkejknc|je_k nk
B
ajh]ohaceoh]_ekjaoik`anj]o+Dn]jannknbqaah
jk d]^ano]^e`knahac]nh] aj ikiajpkklkn* ;6
*k
pqjk]hlqaopkdeopÅne_kmqaha_knnaolkj`a+V *L
nk
]_pq]hiajpanalnaoajp]qjlahecnk)lknah]pn]_* L

iaj_ekj] l]n] j]`] ] h]o k^hec]_ekjao j]pq* perkmqaafan_aok^naahaol~nepq`ahkopaÅne_ko) _q

;
n]hao)u]h haceoh]nok^naahajnemqa_eieajpkoej kbna_eaj`kl|^qhk]qj]b]jp]o~]_eajp~be_]mqa R
_]qo]oaheiep]]aop]^ha_anmqajkaonalape^ha oalkja`ai]jebeaopkajh]ah]^kn]_eÅj`a`k_* \nk
ahl]ckmqa_knnaolkj`an~]] qj`a^anikn]h+ pnej]o`kp]`]o`aqj]_eanp]` g` b \ i od\ dp m dn )lank _q
ëA
Aeolkoe_ekjao oeieh]nao _kjpeajaj ah @Å`eck mqa_]na_a`apk`]^]oau`ana_dklkoeperk+ L
* 1
Ca`an]h Pqevk`ah]oL^hec]_ekjaouah @Å`eck te
_q
ep]he]jk`a.61/+Bj`k_pnej]oa`eo_qpaah]h_]j* Bjpna mqeajao ]`iepaj mqa h]o k^hec]_ekjao _q
L
_amqa_knnaolkj`a`]n]ao]o`eolkoe_ekjao+ j]pqn]hao_kjopepquajr~j_qhko`a`ana_dk)oqn* _q
L
caj`erano]oklejekjaol]n]lna_eo]n_q|haookj õ]
nk
Rj lneian lnk^hai] mqa oa `a^]pa ao oe h]o oqo_]n]_panaofqn~`e_kolnklekouaola_~be_ko7]& !É
q
k^hec]_ekjao j]pqn]hao _kjopepquaj k jk qj h]omqa`abejaj h]ok^hec]_ekjaoj]pqn]haolkn ON
Ie+
r~j_qhkfqn~`e_k+ ]oeieh]_eÅj]h]o_erehao)^&h]omqana_qnnaj]h]
becqn]p}_je_kêdeopÅne_]`ah_ ` ] dop h n di b \ m \ i * _q
L
>hcqjko ]qpknao oa ej_hej]j lkn h] okhq_eÅj o}\ u_&mqeajaoh]o`abejaj_kikejopepq_eÅj`a \
R
jac]per]7`ao`aahikiajpkajmqa_]na_aj`a `ana_dkj]pqn]hkmqahhac]j]h]_kjo]cn]_eÅj B
n
atece^ehe`]`jk_kjbecqn]jqj]nah]_eÅjfqn~`e_]+ fqn~`e_]`ahko`a^anao`a_kj_eaj_e]+ nk
L
]+
I] hh]i]`]k^hec]_eÅj j]pqn]h)`e_akpnk]qpkn) %]& Rj]_knneajpa`aklejeÅjokopeajamqah]o nk
xj
jkaolnkle]iajpap]h)lqaohab]hp]ahahaiajpk k^hec]_ekjaoj]pqn]haolknoqaopnq_pqn]u nk
ŐŁÖ

`a _kan_eÅj mqa ao ej`eolajo]^ha l]n] _kj* lknoq_kjpaje`k)okjqj]oeilhar]ne]jpa J+

0A
becqn]nao] jk_eÅjfqn~`e_]+Saj`n~] ] oan qj] `ah]ok^hec]_ekjao_erehao+Bj`abejeper])h] nk
'*'
$"$
k^hec]_eÅjjkk^hec]pkne] uao]_kjpn]`e__eÅj k^hec]_eÅjj]pqn]hraj`n~]]oanqjr~j_qhk
0A
paniejkhÅce_]`aiqaopn]mqa h] l]h]^n] k^he* nach]iajp]`klknh]hauu]hmqa)lknn]vk* 05

c]_eÅj aop|i]hailha]`]+ jaoaola_e]hao)ahhaceoh]`knjkhad]]pne^qe*

`kqj]]__eÅjfq`e_e]hmqahk_kjo]cna+
9ÖG
I]pakn~]`ah]ok^hec]_ekjaoj]pqn]hao)oa]cnac]) @J

_]na_a`ahÅce_])lqaojkoeaj`kateceÅhaok_qnna %^& Paejpajp])lknkpn]l]npa)qj]ejpanao]jpa 0

d*
"
Ç
.3+ ?RPPL) B`q]n`k ?+ ?Ä_dbj ?dqdg=ijo\_j) K]gdb\^dji`n+ ?qajko >enao7 BAF>O B`epknao+ Pq_aoknao `a @kil]Ä~] N
>ncajpej]`aB`epknao).62.)pkikFFF)ll+001uoo+

AUHX K RG I R G Y O L O I G I O d T JK R GY U H R O M G I O U T K Y 000
 atlhe_]_eÅj`ah]j]pqn]hav]fqn~`e_]`ah]o
k^hec]_ekjaoj]pqn]hao)ok^nah]^]oa`ah]
`eopej_eÅj ajpna ah _ ` ] do p h u h] b \ m \ i o }\ )
_kjoe`an]`ko_kikahaiajpkoejpacn]jpao
`ah_kj_alpk`ah]k^hec]_eÅj+
I] k^hec]_eÅj j]pqn]h oan~] aj Aana_dk
lkoeperk qj] ]lhe_]_eÅj `a h] `eopej_eÅj
_kj_alpq]hajpnahkoahaiajpkoejpacn]jpao
`a h] k^hec]_eÅj+ E]u _ ` ] d o p h )  u] mqa
ateopajn]vkjaol]n]fqopebe_]nh]lnapajoeÅj
`ahoqfapk]_perk8lankjkd]uc]n]jp~])u]
mqa jk oa `]j ] aop] lnapajoeÅj ia`eko
l]n]k^pajanoq_qilheieajpk+
O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A ana_dk `a h] R j er a no e` ] `  `a Iei]
%_& BjklejeÅj`akpnko]qpknao)h]ok^hec]_ekjao
j]pqn]hao okj `a^anao ikn]hao k `a
_kj_eaj_e])pki]`koaj_kjoe`an]_eÅjlkn
h] hau lkoeper] aj p]jpk lnk`q_aj aba_pko
fqn~`e_ko+ Iko `a^anao `a _kj_eaj_e]
jk mqa`]j u] _kjbej]`ko ] qj _]ilk
lqn]iajpa ikn]h) oejk mqa lajapn]j
`a_e`e`]iajpa]hpannajk`ahkfqn~`e_k+
>hcqjko ]qpknao d]^h]j `a k^hec]_ekjao `a
Aana_dkj]pqn]hk`aamqe`]`)kpnkooanabeanaj]
`a^anao`a_kj_eaj_e])lankajahbkj`kokj`ko
i]jan]o`aatlnao]nqj] ieoi]e`a])]pn]r}o
`a_kj_alpkomqanaoqhp]j_kj_kn`]jpaoajpna
o~+I]atlnaoeÅj `a^anao`a_kj_eaj_e] eilhe_]
d]_annabanaj_e]]h]o_kjre__ekjao~jpei]o`ah
ej`ere`qku) oeiqhp|ja]iajpa)p]i^e}j ] hko
_kj_alpkooqlnaiko`ah^eaj)`ah]fqope_e]u`a
h]renpq`mqaahoqfapkhhac]]_kjk_anlknh]r~]
`ah]ejpqe_eÅj ikn]humqaoa_kjreanpajl]n]
}hajeilan]perk`a_kj`q_p]+
J]jqah>h^]h]`afk.4]beni]mqad]ur]ne]opaoeo
naola_pk]h]k^hec]_eÅjj]pqn]h7
%]& >pajkn `a qj] pakn~]) h] k^hec]_eÅj j]*
pqn]h ao qj] k^hec]_eÅj jkfqn~`e_]) oejk
ikn]h)`a_kj_eaj_e])ok_e]h)ap_+)]h]mqa
oa]pne^quaqjaba_pkfqn~`e_k7h]ennalape*
=@RK?=PQO ./3
.4+ >I?>I>ABGL)J]jqah+Ll+^do+)rkh+FF)pki kFF)ll+025uoo+
.5+ ?LOA>)Dqehhanik>+Kk+ ^do+)pki kF)ll+005uoo+
.6+ II>J?ñ>P)GkncaGk]mq~j+Kk+ ^do+)pkikFFê >)ll+ .. uoo+
001 5KR O VK =Y Z K X R O T M  >GX UJO  " ;G X O U  2 G Y Z O R R U  5 X K _ X K
^ehe`]``ahl]ck%l]ckfqn~`e_]iajpajk
`a^e`k&+
%^& M]n] kpn] pakn~]) h] k^hec]_eÅj j]pqn]h ao
qj] k^hec]_eÅj jkfqn~`e_] eje_e]hiajpa)
lankmqa oa_kjreanpaajfqn~`e_] _q]j`k
oal]c]+
%_& MknÇhpeik)h]paoeomqa_kjoe`an]]_anp]`]
>h^]h]`afk ao mqa h] k^hec]_eÅj j]pqn]h)
]l]npa mqa `ao`a qj lqjpk `a reop] jk
fqn~`e_k lqa`] oan_]hebe_]`] `a `a^an k
`a k^hec]_eÅj )fqn~`e_]iajpa jk ao qj]
k^hec]_eÅj) jk ao qj r~j_qhk ajpna `ko
lanokj]o %`aq`knu]_naa`kn&) je ]jpao je
`aolq}o `ah l]ck + Gqn~`e_]iajpa oÅhk
ao qj da_dk mqafqopebe_] h] ]pne^q_eÅj
l]pneikje]h mqa oa devk ]h ]_naa`kn ) ao
`a_en) ao oÅhk qj] fqop] _]qo] `a _]`]
]pne^q_eÅj%ajpnac]kl]ck&+
?kn`].5]beni]mqah]ok^hec]_ekjaoj]pqn]hao
okj k^hec]_ekjao]jkni]hao) lqao] lneian]
reop] jkl]na_afqn~`e_kd]^h]n`ak^hec]_eÅj
k`a`ana_dkoej]__eÅjl]n]k^hec]n]h`aq`kn
]_qilhen+Mknmqalna_eo]iajpahkmqa`abeja
h]k^hec]_eÅjjkni]h`ao`aahlqjpk`areop]
fqn~`e_k) ao h] lkoe^ehe`]` `ah ]_naa`kn `a
_kilqho]n ]h `aq`kn ] `]nha _qilheieajpk
u) aj oq `aba_pk) ] l]c]n h] ej`aijev]_eÅj
_knnaolkj`eajpa+Mankoeh]ok^hec]_ekjaoj]*
pqn]haojk_kjbeanaj]__eÅjl]n]`ai]j`]nah
_qilheieajpk)jklknahhkaop|j`aolnkreop]o
`apk`] lnkpa__eÅjfqn~`e_])u]mqaoeah`aq*
`kn d] l]c]`k rkhqjp]ne]iajpa %Çje_] r~]
_kj_a^e^ha`ao`amqaah ]_naa`knjk lqa`a
_kilqho]nhk&) ah ]_naa`kn peaja `ana_dk ]
napajanhkl]c]`k+
Ih]i^~]o).6aj bej) ]beni] mqa h]o k^hec]_ekjao
_erehao aop|j aola_e]hiajpa pqpah]`]o lkn ah
Aana_dklkoeperk)mqahaona_kjk_ah]lhajepq`
`a h] abe_]_e]7 at]_p]iajpa hko aba_pko mqa
qoq]hiajpa oa ha ]pne^quaj+ Bj _]i^ek) h]o
k^hec]_ekjao j]pqn]hao jk oa oqopajp]j aj
ah Aana_dk lkoeperk) oejk at_hqoer]iajpa aj
ah Aana_dk j]pqn]h u h] amqe`]`+ Bhhk atlhe_]
oq na`q_e`] abe_]_e]) aj h] ia`e`] aj mqa ah
haceoh]`knd]ajpaj`e`kmqa`a^~]`]nhao_]np]
`a _eq`]`]j~] aj h] r~]fqn~`e_]) lkn h] okh]
ÇĊǼĈÁČ
AĀǼÆ
ǺÁČ
_kjoe`an]_eÅj`aoqknecaj+
E]op] ]mq~ h]o_ep]o `a ehqopnao _ereheop]o ok^na
h]i]pane]+
Bj ah ManÇ) lk_k k j]`] oa d] ao_nepk ok^na
h]o k^hec]_ekjao j]pqn]hao+ Bhhk k^a`a_a) oej
`q`])]mqaah@Å`eck@erehrecajpa`a .651)u
oq]jpa_a`ajpaejia`e]pk)ah@Å`eck`a .603)
jkoa nabeanaj] ahh]o) ]h iajko qpehev]j`kao]
`ajkiej]_eÅj+
Bjaba_pk)ah@Å`eck`a.651oÅhk_kjpeaja`ko
jkni]omqalk`n~]jejo_ne^enoaajh]_]packn~]
>hck oeieh]nk_qnna_kj ahfqacku h] ]lqaop] é
jk]qpknev]`ko+Bjaopa_]ok)]`ebanaj_e]`ah] XX
lnao_nel_eÅj) jqj_] j]_eÅ k^hec]_eÅj ]hcqj]) ____
s *
je _ereh) je j]pqn]h) je `a kpn]o _]n]_pan~ope_]o+ .,3
Kk d]ur~j_qhkfqn~`e_k ajpna h]o l]npaoulkn E9
K K
ahhkjkateopaahnamqeoepk`ah]atece^ehe`]`+Q]h
Æ
nah]_eÅj oÅhkknecej] qj`a^anêiqu`eopejpk
lkn_eanpk `a h] k^hec]_eÅjê _kj _kjpaje`k
l]pneikje]h) mqa qj] lanokj] ê] mqeaj jk
lk`aiko hh]i]n `aq`kn]) lknmqa jqj_] hk
bqaêo]peob]_anaola_pk`akpn])_qilheaj`k)]h
ecq]hmqaajah_]ok`ah]k^hec]_eÅjlnao_nep])
_kj qj eilan]perk `a oq _kj_eaj_e]+ Mknaok)
_q]j`k oa l]c] qj] k^hec]_eÅj lnao_nep]) jk
oa lqa`a nalapen+V ]Ä]`eiko mqa j]`] peaja nk
Ö
`aeh~_epkahfqackuh]]lqaop] jk]qpknev]`ko)
lankjklnkde^e`kolknh]hau+Papn]p]`a]_pko 9A
UP
h~_epko mqa _]na_aj `a ]__eÅj+ Mknp]h n]vÅj) i
nk
fqop]iajpa)oaeile`aatecenh]naopepq_eÅj`ahk L
e,e
l]c]`k+Vlknaok)_q]j`koal]c])oanaolkj`a %"

`a k^hec]_ekjao j]pqn]hao+ Bh ]np~_qhk ./42) ]qj`a^an~jpeik+ _

_q]j`kaop]^ha_amqajkd]unalape_eÅj`ahk \nk
l]c]`kajrenpq` `aqj]`aq`] lnao_nep]+Vah @kj aopk paniej]j) aj jqaopn] hau _ereh) h]o _q
Q0
]np~_qhk.610)_q]j`k`eolkjamqamqeajl]c] oepq]_ekjaofqn~`e_]omqah]`k_pnej]pn]`e_ekj]h L
(0
rkhqjp]ne]iajpaqj]`aq`]ai]j]`]`ahfqack `ajkiej]_kik k^hec]_ekjaoj]pqn]hao + q

uh]]lqaop]jk]qpknev]`ko)jklqa`aokhe_ep]n E@
L
oqnalape_eÅj+ Iko]jpa_a`ajpao`aaopko`koÇje_ko_]oko`a %"
*K
h]o hh]i]`]ok^hec]_ekjao j]pqn]hao) lnareop]o QG
nk
>oqpqnjk)ah@Å`eck`a .603_kjpaj~]nach]o lknhko@Å`ecko`a.651u.603)oaaj_qajpn]j)
q
oeieh]nao aj _q]jpk ] h] lnao_nel_eÅj) aj ah ajah_]ok`ahfqack)ajah]np~_qhk.406`ah@Å* nk
q\
]np~_qhk./52)uaj_q]jpk]hfqackuh]]lqaop]) `eck@erehlanq]jk`a.52/)]jpa_a`ajpaejia* nk
ajhko]np~_qhko.435u.44-+ `e]pk)]oqrav)`ah@Å`eck`a.603)mqaeila`~] L&
L
nalapenhkl]c]`krkhqjp]ne]iajpalkn_]qo]`a ej
L
_
Bj ah _]ok `a h] lnao_nel_eÅj) h] k^hec]_eÅj fqack)o]hrkmqadq^eanad]^e`k`khkkaop]b] B
0
j]_a _kik _ereh) lhaj]iajpa r|he`]) lank ]h lknl]npa`amqeajc]jÅ+K]`]`a_~]ah@Å`eck nk
_]na_an`a]__eÅj jkao ateceÅha+ Bjpkj_aou] `a.52/naola_pk`ah]ok^hec]_ekjaolnao_nep]o+ L
N+
jkaop]iko]jpaqj]k^hec]_eÅj_ereh)jej]pqn]h) Manko~oanaban~]] oqlqaopkojk lnareopkolkn nk
xj
je`ajejcqj]kpn]j]pqn]hav])lqaooejkateopa hko@Å`ecko`a.651u.603)ajoq]np~_qhk/./3 nk
atece^ehe`]` ao lknmqa ah r~j_qhkfqn~`e_k d] % Kkoalqa`ana_k^n]nhkl]c]`kajrenpq``a xj
%"
`ao]l]na_e`k+V oe jk ateopa r~j_qhkfqn~`e_k) qj]k^hec]_eÅj j]pqn]humqa jk oa`a^~] lkn nk
p]ilk_k ateopa k^hec]_eÅj+ Ik mqa mqa`]) ao k^hec]_eÅj_ereh)_kikqj]`aq`]`aqjiajkn
L&
qj `a^anfqn~`e_k_kj _kjpaje`k l]pneikje]h) k`aqj]iqfan_]o]`] &+>mq~)]`ebanaj_e]`a ^^
mqamqeajpqrkh]_kj`e_eÅj`a`aq`knlqa`a h] lnao_nel_eÅju`ahfqackuh]]lqaop])d]^~]
_qilhen k jk+ Bhhk `alaj`an|) at_hqoer] u j]_e`kêul]n]_]hebe_]nh]jko_kjbaneikoqj] pL
ok^an]j]iajpa) `a oq rkhqjp]`+ Pe _qilha he_aj_e]ajahhajcq]faêqj] k^hec]_eÅjennacq* @J

hk d]_a lknmqa oqo oajpeieajpko ~jpeiko hk h]n )oqo_alpe^ha`ajqhe`]`k]jqh]^ehe`]`)mqa ÈĢ

eilqho]j]ahhk8lknmqaateopaqj`a^anikn]h) hqack`al]c]`]h]haueila`~]nalapen+ <
qj`a^an`a_kj_eaj_e])mqamqeanao]peob]_an+V P
Ç
lknaokh]hauhara`]h]lkoe^ehe`]``aatecenh] Vjkateopaj)ajh]deopkne]`ahkopnaoÇhpeiko@Å* N
naopepq_eÅj`ahkl]c]`k+ `ecko@erehaolanq]jko)kpn]onah]_ekjaofqn~`e_]o

A U H X K  RG I R G Y O L O I G I O d T  JK R GY U H R O M G I O U T K Y  002

 mqalqa`]j`ajkiej]noa k^hec]_ekjaoj]pqn]*
hao +@kjaopkoa]ckp]ahpai]+Kkd]ukpnko_]oko)
`ajpnk`ah_kj_alpk`ak^hec]_eÅjj]pqn]h)ajhko
mqaoal]cqaujkoalqa`]nalapen+
Pepq]_ekjao oeieh]nao okj h]omqa cajan]j hko
hh] i ] ` k o  ` a ^ a n a o  i k n ] ha o  k  ` a  o k he` ] n e` ] ` 
ok_e]h + > ahhko) at]_p]iajpa _kj aop] ieoi]
`ajkiej]_eÅj) oa nabeanaj hko ]np~_qhko ./42
`ah@Å`eck`a.651u./51`ah@Å`eck`a.603+
Bh ]jpa_a`ajpa `a aopko lna_alpko hk aj_kj*
pn]ikoajah]np~_qhk/./4`ah@Å`eck`a.52/)
mqa`eolkj~]mqa p]ilk_koalqa`ana_k^n]n
hkmqaoadq^eaoa`]`k_kjk^fapk`a]heiajpko)
O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A a na _d k  `a h] R j er a no e` ] `  `a Iei]
klkn_]qo]o`alea`]`)k lknaba_pk`aajpq*
oe]oik)oe]jpaokajah]_pk`aajpnac] jkoa
lnkpaopÅ)lkn`k_qiajpklÇ^he_ku_kjjkpe_e]
`ah ]cn]_e]`k k `a mqeaj hk nalnaoajp]^]) ah
`ana_dk`ana_h]i]nahl]ck +
Bjpk`koaopko_]okod]un]vkjao}pe_]o)|jeik
`a^ajabe_aj_e])iqaopn]o`acn]pepq`k_kik
mqean] hh]i|noaha) lank jk ateopa k^hec]_eÅj
]hcqj])je_erehjej]pqn]h)_h]nkaop|)ajh]ia`e`]
ajmqajkoadq^eaoa_aha^n]`kqj_kjpn]pk`a
`kj]_eÅjqkpnkoeieh]n+
å@Åik oafqvc]j hko `a^anao ikn]hao u `a
okhe`]ne`]`ok_e]h<Mknh]o_en_qjop]j_e]o`a_]`]
_]ok_kj_napk+S]iko]q^e_]njko)l]n]ehqopn]n
oepq]_ekjao)ajhkoatpnaiko+
Ae_a ah ]np~_qhk .//0) di adi ` )  `ah @Å`eck@ereh
`a.651)mqamqeajna_e^eÅajl]ck^eajaomqa
oa_kjoqiaj lknah qokk`ejank`amqeaj jk
lk`~] l]c]n) oÅhk aop| k^hec]`k ] `arkhranhk
mqa jk dq^eaoa _kjoqie`k k c]op]`k+ E]op]
]mq~oqk^hec]_eÅj)uoej`q`]`a_]n|_pan_ereh+
Mank oe naopepqua hk mqa dq^eaoa _kjoqie`k
k c]op]`k) ajpkj_ao aop]n~] _qilheaj`k _kj
qj `a^anikn]h êjk_kj qj] k^hec]_eÅj_ereh
je j]pqn]hêu) _kjbknia ]h ]np~_qhk ./42 `ah
@Å`eck)jklk`n~]nalapen+V_kik}opa)ateopaj
=@RK?=PQO ./3
`a_aj]o`a_]okoajjqaopn]hau_ereh+
/-+ SanIBóK ?>O>KAF>OïK)Gko}+?jh`io\mdjn \g ?Ä_dbj ?dqdg L`mp\ij) K]gdb\^dji`n+ ?qajko>enao7 BAF>O B`epknao)
.621)pki kFF)l|c+10.+
003 5KR O VK =Y Z K X R O T M  >GX UJO  "
>hkpnkatpnaik)oe qj] lanokj]]heiajp]] qj
i~oankmqal]`a_a`ad]i^na)u_kjmqeajjk
hkqjar~j_qhk]hcqjk) je oemqean] `a]ieop]`)
p]i^e}jaop|_qilheaj`k_kjqj`a^anikn]h
k _kj qj eilan]perk `a okhe`]ne`]` ok_e]h+ I]
hau)lknp]jpk)haeile`analapenhkl]c]`k+åAa
mq}k^hec]_eÅjlk`n~]ikod]^h]najaopa_]ok<
I]c]i] `a`a^anao ikn]haok`aokhe`]ne`]`
ok_e]hlqa`anaikjp]noad]op]ahejbejepk+Bhhko
eilnacj]j]h Aana_dk`aqj_kj_alpk}pe_ku
lknaokahkce]iko)oej naoanr]o)hko lna_alpko
mqahko_kjo]cn]j+
Bop]ooepq]_ekjaoln|_pe_]iajpaoa_kjbqj`aj_kj
h]omqacajan]j h]o`ajkiej]`]o k^hec]_ekjao
j]pqn]hao mqa)lknao]on]vkjao)`a^ajlanpaja_an
]qj]_]op]ajr~]o`aatpej_eÅj+
Pq_h]oebe_]_eÅjajOki])_kjpk`]oh]ooejcqh]*
ne`]`ao`ahAana_dk]hh~recajpa)aoej]lnkle]`]
ajjqaopnkopeailko+Mknaopk)lknmqah]lnkle]
`ajkiej]_eÅj`a k^hec]_eÅjj]pqn]Q$aoej_kda*
najpa)ulknmqa^]op]mqahkolnej_elekoikn]hao
aop}j_]`]`~]i|o]nn]ec]`koajh]jkni]fqn~*
`e_])aomqaajah@Å`eck`a.651oÅhkmqa`]j
`ko nav]cko)mqa lnabaneiko`ajkiej]n_kik
`a^anao ikn]hao +V hk d]_aiko ]o~ lknmqa
h]o `ko jkni]oateopaj) jk lk`aikoahq`enh]o)
]qjmqa lnabanen~]iko_h]oebe_]naoko`ko_]oko)
ejoeopeiko)oeilhaiajpa_kik `a^anaoikn]hao )
`af]j`k`ah]`kpk`kohkookbeope_]`ko]npehqceko]
hkomqaoa]lah]l]n]lajapn]najh]`ajkiej]`]
k^hec]_eÅjj]pqn]h )oej lan_e^enoamqaahh]oÅhk
_kjopepquaqj `a^anikn]h )lqao`ak^hec]_eÅj
lk_kkj]`]peaja+Boajn]vÅj`ahauatlnao]mqa
lnabaneiko]oecj]nha_h]oebe_]_eÅjatlnao])lank
p]joÅhk_kjlnklÅoepko`ae`ajpebe_]_eÅj+
@kj_hqeiko_ep]j`k]P]haehhao)/-mqeajatlnao]*
^]mqa @q]j`k]hcqeajna]hev]qj]lnaop]_eÅj
_kj ah lnklÅoepk `a o]peob]_an qj `a^an `a
_kj_eaj_e])oan~]ao_]j`]hkokmqaahAana_dkha
lnklkn_ekj]n]ah ia`ek`ana_k^n]nhkmqad]
ajpnac]`k)lqaohkd]da_dk_kj_kjk_eieajpk
`a_]qo]u_kjlhaj]rkhqjp]`uhe^anp]` +
;G X O U  2 G Y Z O R R U  5 X K _ X K