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Marcus Moulin

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234 5 64 7894 64 :; <8=>?@8@:4 @3A8 ?A8B4A <?C868 = D 4 3A 5468E


64 5854F

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4=5 =:8 @ = 58 4>4 A3?: =?A5F4=G H
3=:8A4@:4 8 >858>?6864 234 4==8=
<?B3 8= >85:3 868= 54F8= F4@:4= :IA 64 <8J4 D :8 @ > 8E ; 73A8@ = A8?=
98 ?86 = =4@:?A4@: =
: B8<?8 K?== (4A E
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864@: 8 @ A3@6 < : BL<?> 9 >I4=:8 L 8A5F?8@6 =38 >858>?6864
64 54 >4D4 8 9?68(8: 89K = 64 ?@MA4 8= 54 =54>:?98= 8 8 < :NB8< ( DH 4: = =4A
=4@:?6 =4 : 8@=< A8A 4A 5 ==?D?F?6864= =4@:?A4@:8?= = >4@L ? = 58==8A 8 F74
6?J4 > ?=8= 234 8@:4= 58==8 ?8A 8 4=A :K8= < : = 64 54== 8= 4 494@: = H
L @; =;
A8?= A4 = 8: = 64 85 @:8 4 854 :8 B8:?F7
4 9 >I8@8F?=8 64:8F7868A4@:4(4=:8A = >? >3@686 = 54F8 < : B8<?8(
?@3@686 = @ @ == > :?6?8@ 8 A3F74 64 >8D4F = ?A5 4==? @8@:4A4@:4 =46 = =(
4=:8A5868 @ 4>?5?4@:4 64 =78A5 B?B8@:4=> 3:6 (@ = > @9?68@6 8
F78 64:4 A?@86 5 63: O8234F4 <?FA4 @8 F >86 8(234 6L 9 @:864 64 8==?=:? =N
54F8 >858O8 ?A8B4A >7 >8@:4 64 3A 8>?64@:4 @8= < F78= H @8FP=:?>8= 8=
< : B8<?8= 54== 8?=G = 54== 8= 4 =43= LFD3@= ?@:4 A?@L94?= > A < : = 64
8@?94 =L ? =(494@: =(F3B8 4=(8A?B =
4H8 6 5 <?==? @8F 64 ?A5 4@=8(68 L 48 68 A 68(6 A8 Q4:?@B(68
> D4 :3 8 64 494@: = = >?8?=(6 8A86 (234 5 F8J 4 4=:368 4 4C5F 8 =38 >RA8 8
3 =?A5F4=A4@:4 6 >?686; > A3A(234 854@8= =8? <8J 4@6 6?=58 = 5 8P(8
94 6864 K234 4==4 3@?94 = 64 ?A8B4@= <8J58 :4 68 9?68 64 : 6 = @N=(4A A8? 3
A4@ 8A5F?:364

?@P>? 68 =38 58?C; 54F8 < : B8<?8( ?@?>?8@:4 6458 8 =4 L


> @:?@38A4@:4 > A 3A8 =K?8 6?<?>3F6864S > @=4B3? 3A D A A8:4 ?8F 64
85 4@6?J86
8 8= ?@< A8E T4= =4 ; 4C: 4A8A4@:4 6? 4>? @868= 58 8 8=54>: =
:K>@?> =( 234 ?@49?:894FA4@:4 : @8 L 8 A8:K?8 4@:46?8@:4(54F8 83=I @>?8 68 =38
5 N5 ?8 8FA8(8 =4@=?D?F?6864O 8 > @:4M6 =4 L D8@8F?J86 (:?5 6?>8= 64
A4=: 4= (> A > A4@:L ? = D8=:8@:4 234=:? @L94?=(=4 9 >I64>?6? 8> 46?:8 @8 =38
5 N5 ?8 >858>?6864 64 =4 64?C8 4A >? @8 54F8= ?A8B4@=
; 234 4@6 4:? 8 8 ?A5 :R@>?8 6 4=:36 :4N ?> 8= @; 5 64A =
4=234>4 6 =43 5854F 64 A4? (H8A8?= > @<3@6?6 > A <?A 4A =?(8 8 :4 ==4@:86 =
@4==8 > @>45E; 234 4=:8 4A = 5 @: = 8 D3=>8 64=4@9 F9?A4@: 68 @ ==8 : >8
64 ?6K?8= @8F?=8@6 8FB3@= 423?58A4@: =(:K >@?>8= ?@?>?8?= A8= D3=>8@6 <8J IF
> A D8=4 @ : 8D8F7 5 L:?> (= D 4 8= 5 N5 ?8= < : B8<?8= 234 =4 ; =4F4>? @868=
/L 8FB 234 =4 @ :8 4A 9L ?8= 54== 8= 234 58 :?>?58A 64 >3 = =
< : BL<?> =S> A4E 8A 8 4=234>4 8234F4= >LF>3F =(8234F8= 4F8E T4= 4 > A4E8A 8 =4
=4@:? ?@=4B3 8= 54 8@:4 =43= 423?58A4@: = FB3@= >74B8A 8 : >8 =38= >RA8 8=
A8@38?= 54F8= 83: AL:?>8=(8 B3A4@:8@6 234 54 6?8A A3?: :4A5 > A :8@:8=
4B3F8B4@= !4 :8A4@:4(@ ?@P>? (K5 4>?= 5 8:?>8 D8=:8@:4 4 :4 3A 5 3> 64
58>?I@>?8 8=(8> 46?:8A = 234 64D8:4 9?@>3F86 8 < : B8<?8= 5 K=4F4>? @868=(
6?=>3:?@6 = =4@:?A4@: =(8 > ?8:?9?6864(8 :4 ?8 <8J=3 B? 3A8 9 @:864 64 > ?8 (
64 64=> D ? (234 ? L > 4=>4 > @:?@38A4@:4G 4A 5 3> :4A5 (238@6 A4@ = =4
54 >4D4 (: 6 = 4=:8 ; 48F?J 8@6 : 68= 8234F8= 4B3F8B4@= ?@=:?@:?98A4@:4(=4A
54 68= 64 :4A5 > A 85 4@64 8 6? ?B? ?@P>? (:4A =4 8 ?A5 4==; 234 =4 L
?A5 ==P94F 5 4=:8 8:4@E ; @ : R@=?: (@ >RAD? (@8 =4:8(@ 4: 9?= 4 F B(
:36 ?== 58==8 8 =4 4C4>3:86 > A 85?64J4 5 4>?=; (238=4 234 83: A8:?>8A4@:4

3
?8@:4 6 = DH4:?9 = 64==4 >3 = (@; <8F8 4A = = D 4 494F8E ; 3
?F3A?@8E ; 4A 4=:M6? (5 =4 : 8:8 4A 64 8==3@: = A8?= :K
>@?> =(64 5MDF?>
4=: ?: G

/L 9L ?8= 4=5 =:8= 58 8 4==8 54 B3@:8 38=4 : 68= >8A?@78@6 @3A


A4=A =4@:?6 S D 8 < : 6494 5 ==3? D A 4@2386 8A4@: (< > D4A <4?: (8==3@:
64<?@?6 (?F3A?@8E; 85 5 ?868
58 64 : 6 = 4==4= ?:4@= =35 8>?:86 =( 234 8368>? =8A4@:4 8
8 ?=>8A = >78A8 64 64:8F74=(234 =4A 6M9?68 83C?F?8A @8 D:4@E
; 6 4=3F:86
64=4H
86 (8 D4F8 < : K
8234F8 234 8B?64 :?@4? (234 =3=>?:8 6498@4? 234 64?C8
?@>4 :4J
8= 4 > D 8 8= 4=54 8@E
8=
A 58F89 8= A4@ = 5 K :?>8=(K8234F8 234 A4C4 > A 8= 54== 8=G 8P
5 64 A = > @>F3? 234(238@: A8?= 4A E ; 3A8 < : B8<?8 5364 8 8@>8 68234F4=
234 8 85 4>?8A(A8?= < :4 4F8 =4 LG
>F8 234 64:4 A?@868 < : 64 3A D4DI5 64 58 4>4 =4A 4<4?: 58 8
A3?: =(A8= <8J4 D :8 3A 6 >4 = ?= = 64 =43= 58?= D9?8A4@:4(3A8 ?A8B4A
5 64 4A >? @8 >4 : = D=4 986 4= 4 @; 3: = 8= 7L < : B8<?8= 234 =; 3A8
3@8@?A?6864(234 @; 58==8A 64=54 >4D?68O4==8= =; 8= 94 6864? 8A4@:4 D4F8= G

& >I5 9894FA4@:4 H L 5 ==3? 3A8 >RA8 8(A8=(>46 3 :8 64(64=4H 8 L


8623? ? 3: 8 3 =3D=:?:3? 8 234 5 ==3? 58 8 234 4==8 823?=?E; 3 =3D=:?:3?E ;
=4H8 =8:?=<8:N ?8( K 5 4>?= =8D4 238?= =43= DH4:?9 = < : BL<?> = 4(
> @=4234@:4A4@:4(238F 423?58A4@: 5 64 L 8H 36L F 8 8F>8@E 8 4==4= DH 4:?9 =
! A4>4A = 4@:; 8 > @74>4 3A 5 3> A4F7 = 4>3 = = 234 3A8 AL23?@8
< : BL<?>8 5 64 F74 <4 4>4 > 46?:8A = 234 > @74>?A4@: 64==4= 4>3 = = =4H 8
4C: 4A8A4@:4 A8?= 5 94?: = 6 234 8 85 4=4@:8E ; 6 = :?5 = 64 423?58A4@: =(
> A @ A8FA4@:4 =4 <8J@8 A8? ?8 6 = >3 = = ==8 64=> ?E ; 64 :?5 = =4 94 8
?@:4 4==4= A8?= 7?=:N ?> = 6 234 4<4:?98A4@:4 5 L:?> = @238@: 234 > @74>4@6
B4@4 ?>8A4@:4 238?= = A4>8@?=A = 4F4: U@?> = 3 A4>R@?> = 234 5 64A > A5
3A8 >RA8 8(9 >I=8D4 L 234 >868 A 64F :4A 8 <4 4>4 (5 A8?= 6?<P>?F 234 =4H 8
4@2386 L F 4A 238F234 >F8==?<?>8E ; 4F8D 868
M@?>8 6?9?=; 48FA4@:4 ?A5 4=>?@6P94F(5 7 8(K8 234 =458 8 8=
>RA8 8= 4<F4C 68= @; 4<F4C = 4<F4C =; 8= 234 A8?= @ = ?@:4 4==8A @4==4
>3 = (54F8= =38= <8>?F?6864= 5 <?==? @8?=O=4@6 8234F8= >3H 9?= <4 4>4 3A8
?A8B4A 6 2386 ?6I @:?>8 8 234 =4@=?D?F?J
8 L <?FA4
8F K5 ==P94F B8E8= 8 3A =?=:4A8 64 4=54F7 = @ > 5
68 AL23?@8 ?A8B4A 4@: 8 54F8 DH 4:?98(K 4<F4:?68 @
?@:4 ? 68 >RA8 8 4 4@9?868 58 8 9?=
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?@6454@64@:4(B4 8FA4@:4 3A 5 3> 8 F86 4 8>?A8 68
DH4:?98

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8 8 <8>?F?:8 @ == = 64D8:4=(98A = ?@?>?8FA4@:4 6?9?6? 8 AL23?@8
< : BL<?>8 4A 638= 58 :4=S > 5 4 8 DH 4:?98

DH4:?98 K 8 58 :4 A8?= ?A5 :8@:4 68 AL23?@8G ! A5T4 =4(


D8=?>8A4@:4(6 6?8< 8BA8 4 6 =?=:4A8 64 < > (A3?: =4A4F78@:4= 4A : 6 = =
A 64F =(4 64 3A > @H 3@: F4@:4=(>3H
8 > A5 =?E; 64:4 A?@8 L 4=3F:86 <?@8F
8F>8@E86 494 5 5 >? @8 < : = > A @?:?64J (=4A 6?=: ET4= 4 > A > @: 8=:4
8642386 (8D= 94@6 5 3>8 238@:?6864 64 F3J
! A 4C>4E ; 6 = 423?58A4@: = A8?= D8 8: =(8 B8@64 A8? ?8 68=
DH
4:?98= 4=:L 5 458 868 58 8 5 5 >? @8 D @= 4=3F:86 =
8 A8? ?8 68= >RA8 8= 8A86 8=(8= DH 4:?98= =; <?C8=(@; =4 =458 8A
6 > 5 8= 8234F4= 234 64=4H
8A 4C5F 8 3A 5 3> A8?= 3@?94 = 68= ?A8B4@=(
6494A 5 ?9?F4B?8 8= AL23?@8 > A F4@:4= ?@:4 >8AD?L94?=(58 8 234 @; 5 4>?=4A
: >8 : 6 423?58A4@: (238@6 7 394 3A : 8D8F7 > A 4C?BI @>?8= 98 ?868=
6?<4 4@E
8 DL=?>8 4@: 4 3A8 DH
4:?98 4 3: 8(4=3A4 =4(D8=?>8A4@:4(@8
=38 A8? 3 A4@ >858>?6864 64 85 C?A8E ; 3 8<8=:8A4@: 68 ?A8B4A A8
DH4:?98 64 ' AA 5 5 >? @8 3A8 ?A8B4A > A :8A8@7 48F V D:?68 54F F7
73A8@ 8P 5 64 A = > @>F3? 234(> A 3A8 F4@:4 'AA(> @=4B3? 4A = 3A
2386 A8? (@3A8 A4=A8 5 =?E ;
A R@B3F = 64 2386 (8= DH
4:?98= =; 8==?A >F8==?<?>868=S
- F7 64 54?C4 ' ,AA W , X(5 9 >8A 3A8 B8@64 6?=: E
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= >78A868= DH 4:?98= A =; 8234F8= > A 8@B3F8E ; 98 ?868( ,


+ AA 5 4C4A5F 38 B8@64 9? :364 K54 A?:? 3A8 85 C?A8E ; 68 ?A8B4A(=4A
8 @4>4==?6864 64 =4 : >8 8= F4@:4= %L 8 DH 4:?98 8> (> A 5 N5 ? @ A4 6?J(
5 ==?D?F?:8 < : B8<8 8 54234@8= 6?=:R@>?8= 68 F4@:4(83A4@:8@6 8 >858>?6864 64
8A5F?8E ; 6 2386 (> A @ >8= 64 < : = 64 ?@=4: =
4 9 >I:?94 8 @4>4==?6864 64 < : B8<8 3A B38 68 358 4AD3:?6 4A
3A 238 : 54234@ (5 9894FA4@:4 98? 5 4>?=8 64 3A8 DH 4:?98 ,AA(> A 8
3=868 58 8 <8J4 8 5 ?A4? 8 < : 68 =42ZI
@>?8 8>?A8([ ( (
%L 58 8 8= < : = 64 A4? > 5 (2386 = : 86?>? @8?=(> A @4==8 =4B3@68
?A8B4A(8= ' AA =; 54 <4?:8=([ #( '

5
8= =4 :?94 234 < : B8<8 3A8 58 :?68 64 <3:4D F( 3 9 >I3=8 3A8 :4F4(
3 @; > @=4B3? L 6?=:?@B3? @?@B3K A & >I5 4>?=8 L 64 >858>?6864 64 85 C?A8E;
&4H8 8 :4 >4? 8 < : (> A 3A8 AA(83A4@: 64 #C([ )( +( ,( .
8 8 3= > A3A(3A8 A ,+ AA 3 ', AA K A8?= 234
=8:?=<8:N ?8 494A = 4B?=: 8 8?@68 234 > @: F4 64 898@E 3 4>3 6 A
5 64 =4 :8@: A8@38F(B? 8@6 3 4A53 8@6 8 DH 4:?98(238@: 83: AL:?> (
8: 89K = 64 D :T4=

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K> A 8 P ?= 6 F7 73A8@ (> @: F8 8 58==8B4A 68 F3J
38@: A8?= <4>786 (A4@ F3A?@ =?6864 ==8 8D4 :3 8 K4C5 4==8 4A @MA4 =S
,( ,(#(')(,( ()( = A4@ 4= @MA4 = ?@6?>8A 8= A8? 4= 8D4 :3 8=
9?64 <?B3 8 ?F3=: 8:?98 8D8?C
?A5 :8@:4 4==8F:8 @ A A4@: 234(238@: A8? 8
85 C?A8E ; 68 DH 4:?98(A4@ =38 8D4 :3 8 ALC?A8 4C4A5F (
3A8 DH 4:?98 64 AA B4 8FA4@:4 :4 L 3A8 8D4 :3 8 ALC?A8 64 #(
4 3A8 AA(64 ') :K 4C?=:4A 4F4 DH 4:?98= > A B8@64=
8D4 :3 8= 64 6?8< 8BA8(A8= >3=:8A 54234@8= < :3@8= 4 A 6
234( =4 9 >I 98? 5 4>?=8 <8J 4 < : = 4A F >8?= > A 5 3>8
F3A?@ =?6864(=8?D8 234 3= 64 F4@:4= 8>?A8 64 ' AA 5 64 =4
> A5F?>86 (H L 234 @; 6?=5 L 64 B8@64= 8D4 :3 8= 234 5 ==?D?F?:4A
A4F7 85 94?:8A4@: 68 54234@8 238@:?6864 64 F3J
%L :4A = 4@:; 3A8 64=98@:8B4A 68= :4F4=(6?=5 @?D?F?J
8A A4@
238@:?6864 64 F3J
(5 > @:8 68 A4@ 8D4 :3 8
> @: F4 6 6?8< 8BA8 5 64 =4 :8@: A8@38F(B? 8@6 =4 3A 8@4F > A
?@6?>86 4= @3AK?> = 8 46 68 DH 4:?98(> A 83: AL:?> 3?:8= >RA8 8=
54 A?:4A 8 < :NB8< 4=> F74 3A8 3 3: 8 5E ;

%L ! K A4F7 8F?@78A4@: 4@: 4 8= F4@:4=(> A 4F8E ; V6?=:R@>?8


234 =458 8 8 AL23?@8 6 DH 4: 8 =4 < : B8<86 A 3: 8= 58F89 8=(58 8 >868
6?=:R@>?8(4C?=:4 3A 8F?@78A4@: 234 5 ==?D?F?:8 8 A4F7 64<?@?E; 5 ==P94F 68
?A8B4A
> @: F4 A8@38F 6 < > K<4?: :8ADK A 5 3A 8@4F 234 >? >3@68 8
DH4:?98 ==4 8@4F : 8J@MA4 = ?@6?>86 4= 64 6?=:R@>?8(B4 8FA4@:4 4A 3@?6864=
64 A4: =\ A:]4 5K = \<:] FB3A8= AL23?@8= 5 ==?D?F?:8A :8ADKA 8 < >8F?J8E;
83: AL:?>8 3: 8=(8A86 8=(@; 5 ==34A < > A8@38F(854@8= 83: AL:?>
4=3A?68A4@:4(=4 8==3@: 4=:L 8 6 ?= A4: = 68 >RA8 8( 8@4F 64 < >
6494 =4 B? 86 8:K8 5 =?E ; A(58 8 234 8= F4@:4= 4=:4H 8A 8F?@7868= 58 8 8234F8
6?=:R@>?8 / H4 4A 6?8(: 68= 8= AL23?@8= 5 <?==? @8?= 5 ==34A 3A 6?=5 =?:?9 58 8
83C?F?8 8 4B3F8B4A 6 < > (>78A86 :4FI A4: (: 8:86 @ 5 NC?A :N5?>

8D4@6 3A 5 3> = D 4 6?8< 8BA8 4 < > (H L 4=:8A = 5 @: = 5 8


4@:4@64 234 94A 8 =4 8 ! (234 5 64 ?8 D4A =4
>78A868 64 5 <3@6?6864 64 < > 8 J@8 64 6?=:R@>?8 64@: 68 238F = DH 4: =
=4 ; 45 63J ?6 = > A @?:?64J
G 38@: A8?= <4>786 6?8< 8BA8(,( () (A8?
8 L 48 > A < >

6
4C4A5F (=4 43 :4@7 @?:?64J@8 ?A8B4A 64=64 'A 68 AL23?@8 8:K.A(
8 5 <3@6?6864 64 < > K64 #A 36 234 =4 4@> @: 8 64@: 64==8= 6?=:R@>?8=
4=:8 L 4A < > O 234 4=:?94 A8?= 5 NC?A 6 234 'A 4 A8?= 6?=:8@:4 6 234 .A
=8? L 4AD8E86 @8 < : 38@: A8?= 6?=:8@:4 64==4= F?A?:4=(A4@ =4 L 8 @?:?64J
&8A = 8@8F?=8 4C4A5F 8D8?C ([ (
( ( G
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>4@: 8F?J
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234 @; <4 4>4 B8@64 5 <3@6?6864 64
>8A5 4 >4D8 234 8 A E 8 4@> =:868
@8 5 :8 H L 4=:L < 8 64 < > (D4A > A
= 5 ?A4? = =: = 38@: A8?=
5 5 >? @8FA4@:4 6?=:8@:4= 6 >8A5
64 5 <3@6?6864(A8?= < 8 64 < > 4=:;
8= ?A8B4@=
%L 5 64A = 64:4 A?@8 (4@:; ( = <8: 4= 234 64:4 A?@8A 8 5 <3@6?6864
64 >8A5 S
38@: A8?= 5 NC?A DH
4: (A4@ =4 L 8 5 <3@6?6864 64 >8A5 O
38@: A8? 8 85 C?A8E
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4:?98(A4@ 8 5 <3@6?6864 64
>8A5 O
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5 <3@6?6864 64 >8A5 :4 234 64=64 8 B8 8<8 8:K8 >8?C8
6^LB38 8 <3@6 7L 3A8 D 8 B8A8 64 @?:?64J ([ #( '( )( +4
,G 823? 98? 8 5 ?A4? 8 B8@64 6?>8(@4==4= >8= =( < > 6494
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<3@6 4==8 ?A8B4A( < > < ? <4?: @ A4? @ D8@> 234D 86 (
4@> =:86 V58 464 = DH 4:?98= B4 8FA4@:4 :I
A A8 >8ET4= 234
5 ==?D?F?:8A =8D4 238F 8 L 48 4A < > 6?8@:4 64 64:4 A?@868
8D4 :3 8 64 6?8< 8BA8

FB3A8= AL23?@8= < : BL<?>8= 4F4: U@?>8= 5 ==34A


5 B8A8E T4= 58 8 4C5F 8E ; 83: AL:?>8 68 5 <3@6?6864 64 >8A5 3 =4H
8(
< :NB8< 5 64 4B3F8 8 >RA8 8 58 8 F74 <4 4>4 8 ALC?A8 5 <3@6?6864 64 >8A5
5 ==P94F(234 =4 L 8F>8@E
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6?=5 @P94FG

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64:4 A?@8 @ F7 8 234 6?=:R@>?8 =4 4@> @: 8 4=:4 3 8234F4 DH 4: (238@6 9 >I
23?=4==4 @; 3=8 < > 83: AL:?>
8:8 =4 B4 8FA4@:4 64 3A 54234@ >P >3F @ >4@: 6 9?= (234
85 4=4@:8 ?A8B4@= D?58 :?68= 4 3 6?=: >?68= 238@6 8==3@: =4 4@> @: 8 < 8 64
< > (64 < A8 234 D8=:8 ? B? 8@6 8@4F 64
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8E ; 8:K =4 4@> @: 8 5 @: 64
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@?:?64J(> A @8= ?F3=: 8E
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> @74>?A4@: = 64 234 9 >I
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<8>7 64 F3J
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4=64 8= A8?= =?A5F4=(5 =?=:4A8 64 : I = FRA5868=(8 64 >?A8 ?@6?>8@6 4C>4== 64
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A46?E T4= =4 85 4=4@:8A = D 8 < A8 64 3A 5 @:4? 54 > 4@6 = 98F 4= 64
6?8< 8BA8(4A 234 8 4C5 =?E ; ?648F =4 68 ?8 238@6 (B? 8@6 8@4F 64 8D4 :3 8(=4
8F>8@E8==4 5 @: 64 ?@6?>8E ; > 4=5 @64@:4
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10
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8D 68A =O8 F4?:3 8 6 < :UA4: G 4A = D8=:8@:4 F3J< 8 6 >8 4 < ==4 =4B3?68
8 =3B4=:; 4F4: U@?>8 58 8 2386 B4 8F(8= 58 :4= 4=>3 8= 68 ?A8B4A 4=:8 ?8A
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7 394 A368@E 8 64 == 5 234 K8: 89K = 64==8 ?@< A8E
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4=:4H
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4 64 4C5 =?E ; 4A : 68= 8= < : = ?234A 8F4 :8G

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4D D?@8B4A 6 <?FA4 83: AL:?> = 8:8 =4 64 3A 4>3 = A3?: M:?F 58 8 8234F4=
234 @4>4==?:8A 64 4C4>3:8 =42ZI@>?8= < : BL<?>8= 4A >3 : F85= :4A5 8F 8@78
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8=(58 8 8 B8@64 A8? ?8 68= >8=?T4=(: 8:8 =4 854@8= 64 A8?= 3A8
> A 6?6864 <4 4>?68 54F8 :4>@ F B?8G

11
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; 8 :?<?>?8F
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5 5 >? @8A 4=3F:86 = =8:?=<8:N ? = =4234 4A =?:38ET4= 64 4C?BI@>?8= A46?8@8=
FKA 6 234( <F8=74C:4 @ 5 64 =4 5 =:86 8<8=:86 68 AL23?@8(3=8@6 =4 3A
>8D 64 4C:4@=; ( 234 8A5F?8 = D 4A8@4? 8 8= 5 ==?D?F?6864= 64 4C5F 8E; O=4A
<8F8 @8 234=:; 68 5 :I@>?8 A D A <F8=76494 =4 >858J64 5 ==?D?F?:8 8 < : 64
3A DH 4: 8 54F A4@ = 64JA4: = 64 6?=:R@>?8G
3: 8 >8 8>:4 P=:?>8 64 3A <F8=7(4 234 A3?: ?@<F34@>?8 @ =43 >3=: (K8
>858>?6864 64 4>8 B8 ?@=:8@:R@48( 234 KD8=:8@:4 M:?F(58 8 >8=?T4= 4A 234 =4
@4>4==?:4 64 3A8 L5?68 =42ZI @>?8 64 ?A8B4@=
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< >8F?J8E; ( <?FA4 4 8 DH 4:?98 3=86 = &8A = 6?B4 ? A4F7 :36 ?== G @; =4
234 <F8=75 ==38 3A =?=:4A8 64 > @: F4 83: AL:?> 68 238@:?6864 64 F3J4A?:?68(
> A 94 4A = F B 8 < 4@:4(58 8 >868 6?=:R@>?8 234 =458 8 DH4: 68 >RA8 8(
7894 L 3A8 8D4 :3 8 ?648F 64 6?8< 8BA8 = 98F 4= ?648?= =; < @4>?6 = 5 3A8
:8D4F8 B4 8FA4@:4 <?C868 @ > 5 6 5 N5 ? <F8=7 A4F7 > ?=8 58 8 ?@?>?8@:4 K
4=> F74 3A <?FA4 64 64:4 A?@868 =4@=?D?F?6864 58 8 =4 3=86 4A < : = @ :3 @8=(
B898@6 =4 = 98F 4= 64 6?8< 8BA8 58 8 >868 6?=:R@>?8(> @< A4 8 :8D4F8 <4 4>?68
==?A(49?:8 =4 ?@> @94@?4@:4 64 54 68 64 :4A5 (238@6 V = 94J
4= 8 ?A8B4A @;
5 64 4=54 8
FB3@= A 64F = 64 <F8=74= 5 ==34A >K
F3F8= < : =4@=P94?=( 234 5 ==?D?F?:8
8 423?58A4@: > @: F8 8 238@:?6864 64 F3J 4A?:?68(8: 89K = 68 F4?:3 8 68
F3A?@ =?6864 234 4: @8 6 DH 4: 4A 6? 4E ; V>RA8 8 B8@64 98@:8B4A K8
64=@4>4==?6864 64 98 ?8 6?8< 8BA8 8 >868 A368@E 8 64 6?=:R@>?8( 234 ?A5F?>8
3A8 4@ A4 4> @ A?8 64 :4A5
A 6 = B8@64= 6 8A8= 6 3= 6 <F8=7 =; 8234F4= F7 = 94 A4F7 =(
>78A86 = :8ADK A 64 F7 = 64 B8: "3=>8@6 49?:8 :8F 4<4?: 64=8B86L94F(8FB3@=
A 64F = 6?=5T4A 64 3A8 54234@8 FRA5868 83C?F?8 ( 3: = <8J4A >3 : = 4 =3894=
6?=58 = 5 3> 8@:4= 6 4=: 3 <?@8F
MF:?A (4?= 8FB3A8= 6?>8=(58 8 =4 49?:8 ?@> @94@?4@:4= @ 3= 6
<F8=7
>3 4 @; < : B8<8 :4@6 > A <3@6 58 464= D 8@>8= 3 64 A8:4 ?8?=
4<F4:?9 = 4 @; < 5 ==P94F 49?:8 (6? 4>? @4 <F8=74A 3A R@B3F 64 >4 >8 64 #'X
58 8 >?A8(3=8@6 :4: > A 4D8:46 3(8 A8@6 3A 5 3> 8 F86 68
AL23?@8(49?:8@6 =4 =4A5 4 3A8 4<F4C; 6? 4:8 68 F3J( 3 8?@68 4B3F4 6?8< 8BA8
3A 5 @: 8D8?C 6 4> A4@686
!3?686 > A 8= = AD 8= 5 63J
?68= 54F 3= 6 <F8=7@; 8> 5F86 8
423?58A4@:
< : B8<8 > 4= > A 6?<4 4@:4= >858>?6864= 4<F4:?98=(> A 5
4C4A5F = =: = 64 3A8 54== 8 @4B8 4 3: 8 D 8@>8(<8E 8 ?A8B4A 4A 6?8B @8F(
> F >8@6 @ 5 ?A4? 5F8@ =: 68 54== 8 @4B8(64 A 6 234 78H 8 A8?
?@>?6I@>?8 64 F3J
8ADK A @; K?648F 234 =4 < : B8<4 =4A 238F234 <3@6 (@3A F >8F 238=4
=4A F3J8AD?4@:4(5 ?= 7L 3A8 :4@6I@>?8 64 =8:3 8E
; 6 DH 4: ?F3A?@86 A :8?=

12
>8= =(@; 3=4 83: AL:?> (5 =?>? @4 6?8< 8BA8 @ 5 @: 4> A4@686 54F8
:8D4F8 6 <F8=7

,
; F4@:4= 8> 5FL94?= V= DH4:?98=(> A <?: 64 5 5 >? @8 = A8?=
98 ?86 = 4<4?: =(> A 6?=: E T4= @8 L 48 A8 B?@8F 68 < : B8<?8( 8? = 64 F3J@8=
< : B8<?8= @ :3 @8=(: @= 64 > 4=([ . <8F4A = 6 = 6 ?= A8?= > A3@=
?F: F: 89? F4:8 4 94 58 8 ?A546? 234 = 8? = 3F: 89? F4:8( ?3@6 =
6 = F(8:?@H 8A <?FA4 > A A8? ?@:4@=?68648( 234 >83=8 ?8 3A8 ?A8B4A
8>4@:3868A4@:4 8J 3F868 A3?: 3=86 > A 5 :4: 68 DH 4:?98( H
L =38
=3D=:?:3?E
; =8? ?8 A3?: A8?= 4A > @:8 6 234 458 68 DH4:?98
?F: 5 F8 ?J
86 F?A?@8( 4A >4 :8= >? >3@=:R@>?8=( 4<F4C = 4A
=354 <P>?4= D ?F78@:4=(D4A > A 5 64 4=>3 4>4 : A 64 8J3F 6 >K3(=4A 8<4:8 8=
64A8?= > 4=

-
58 :? 64 8B 8 : 8:8 4A = 64 8=54>: = 9 F:86 = VA @:8B4A 6 2386
< : BL<?> (64 5?@?T4= 8>4 >8 68= A8= 98 ?868= 64==8= A @:8B4@=(64 8FB3A8=
<N A3F8= 234 >74B8A 8 =4 > @=4@= 64 78 A @?8 64@: 4 = 86A? 86 4= 68 8 :4 68=
?A8B4@=G
& F:8A = 8 454:? = D 4 8 ?A5 :R@>?8 68 9?=; > P:?>8 = D 4 8= 4B8= 234
58==8 4A = 8 8@8F?=8 G

8:8 =4 68 6?=5 =?E


; 6 = DH
4: = 234 > A5T4A 8 ?A8B4A
?AK: ?>8 DH4: = 6?=5 =: = 7 ?J@:8F 3 94 :?>8FA4@:4 7L 3A8
A4=A8 6?=:R@>?8 68= A8 B4@= 4A =4 3A 4@:4@6?A4@: 64 234 6498A :4 8 A4=A8
>858>?6864 64 ?A58>: 9?=38F(58 8 @; 64=423?F?D 8 8 < : [
" ==?AK : ?>8 !3H
8 6?=5 =?E
; =4B34 8 < A8 64 <?B3 8= B4 AK
: ?>8= 3
F4: 8=(> A : ?R@B3F 3 [ 4
! F?@78= 64A 4=:8 5 4=4@:4=(8?@68 234 =?AD F?>8A4@:4(B3?8@6
@ ==8 9?=; 54F 2386 (: 8@=A?:?@6 3A8 =4@=8E; 64 > @H 3@: [
4B8 6 = :4 E= ! @=?=:4 4A 6?9?6? 8 ?A8B4A 4A : I = 58 :4= ?B38?=(
7 ?J@:8F 4 94 :?>8FA4@:4(64 < A8 8 =4 D:4 @ 94 54234@ = 2386 = 8= 58 :4=
A8 B?@8?= =?:38 =4 ?8A = DH 4: = =4>3@6L ? = 68 > A5 =?E; (:?5 7 ?J@:4(3A8
L 9 4(3A8 >8=8 4 4A 238F234 6 = 238: 5 @: = 64 ?@:4 =4E ; 68= F?@78=(@8
58 :4 >4@: 8F(=4 <8 ?8 85 4=4@:8 8==3@: 5 ?@>?58F 4==8 4B8 =4 645 44@64 234(
8 =4 < : B8<8 7 ?J@:4=(6494 =4 49?:8 >4@: 8F?J 8 =38 F?@78 [ #
423?FPD ? 8 :4 6 5 4==35 =: 234 8 < : 6498 =4 : 8:868 > A
3A8 4=5K >?4 64 D8F8@E 8( 5 =?>? @8@6 =4 = DH 4: = 64 A8? 54= 9?=38F
7 ?J@:8FA4@:4 8 >4@: 4 94 :?>8FA4@:4 8D8?C (4@238@: 234 = A8?= F494=
<?>8 ?8A V= A8 B4@= 4 8>?A8 ==8 @ E ; 64 423?FPD ? =4 85F?>8 ?8 :8ADKA 8 =
> @: 8=:4= 64 > 4=
?:A 4=3F:86 68 454:?E; 68= F?@78=(< A8=(> 4=
8>4@:38@6 8 78 A @?8 68 ?A8B4A 38@6 4==4 ?:A =4 A =: 8 PB?6 4A 64A8=?8(
> A @8 < : 64 3A8 5F8@:8E ; 64 B? 8==N?=(5 4C4A5F (4> A4@68 =4 8 ?@>F3=;

13
64 8FB3A 8==3@: F494A4@:4 6?94 B4@:4(234 5 ==8 =4 : @8 >4@: 64 ?@:4 4==4 6
2386

38@6 > 4A = 58 8 8 AL23?@8(8< ?: = > A 8234F8 >4@8 (5 64A =


54 >4D4 234 7L(@ > @H 3@: 64 DH 4: = 234 9; > A5 8 < : (64:4 A?@86
4F4A4@: 8 >78A8 < :4A4@:4 @ ==8 8:4@E ; K4A <8>4 64==4 4F4A4@: (>78A86
64 >4@: 64 ?@:4 4==4(234 6494 4A = A @:8 @ ==8 8 :4
FB3A8= 6?>8= 5 64A @ = 83C?F?8 8 4C5F 8 8 < E
8 6 >4@: 64
?@:4 4==4S
A8 < : > A A8?= 64 3A A :?9 (64 ?6I
@:?>8= < E
8= 9?=38?=(>83=8A
> @<3=; @ D=4 986 O
" =4 < : B8<8 3A8 54== 8 3 3A 8@?A8F(64 54 <?F(6494 =4 64?C8
A8?= 4=58E 8 =38 < 4@:4 6 234 8: L=([ 'O
! =4 < : B8<8 DH
4: = 4A A 9?A4@: (6494 =4 >85:L F = 4@: 8@6 @
2386 (@; =8?@6 O
<3@6 H 8A8?= 6494 > A54:? > A A :?9 5 ?@>?58F 64 =4 3=8 3A
<3@6 64 : @8F?6864 5 =:8(58 8 48FE 8 5 @: 64 ?@:4 4==4( 3 =?A5F4=A4@:4
64=< >L F (8: 89K = 68 3:?F?J
8E; 64 3A 6?8< 8BA8 A8?= 8D4 : ([ )( +( ,

5 @: 64 9?=:8 586 ; K> @=4B3?6 8 =4 < : B8<8 64 < 4@:4 58 8


A :?9 (> A 8 AL23?@8 8 @P94F 6 = F7 =(@3A 5F8@ < >8F 54 54@6?>3F8 8 =43
4A =4(8==?A(3A :4A8 =4A 6?=: ET4=(64=> ?:?9 4(:8ADK
A(5 3> ?B?@8F
38@6 =4 < : B8<8 :4A8= =?A5F4=(3A8 68= < A8= 64 =4 68 9?68 V234F8
?A8B4A 858 4@:4A4@:4 > A3A KA368@6 86?>8FA4@:4 =43 5 @: 64 9?=:8
A 5 @: 64 9?=:8 4F4986 (5 64 4C>F3? 8 F?@78 6 7 ?J@:4(3:?F?J
8@6
= F > A <3@6 (A8= 5 5 >? @8@6 (B4 8FA4@:4(5 3> 64=:8234 8 A :?9
%L 3A 5 @: 64 9?=:8 8 @P94F 6 = F (4==8F:8 = D 4A8@4? 8 A :?9 (A8=
5 64 463J
? 8= : @8F?6864=(=4 7 394 4C>4== 64 ?F3A?@8E; 8 <3@6
3: <8: 4C: 4A8A4@:4 =?A5F4= 4 >858J64 A368 6 8=:?>8A4@:4 8
>858>?6864 8: 8:?98 64 3A8 ?A8B4A K 8 ?@>F?@8E ; 68 >RA8 8(5 4C4A5F (
> F >8@6 =4 8 F?@78 6 7 ?J@:4 @8= 6?8B @8?= 6 2386 ([ .( #

"
A 9L ?8= >8=?T4= 8 < A8 K <8: A8?= 8: 8:?9 6 DH
4: 5 ?@>?58F(
6494@6 =4 4@:; 8:4@:8 58 8 8FB3A8= 6?>8= DL=?>8=S
48F>4 8 ALC?A 8 < A8 6 A :?9 (4F?A?@8@6 = 64:8F74=(
3:?F?J
8@6 =4 64 > @: 8F3J
(=4 5 ==P94FO
" 4F4>? @8 4@2386 8A4@: 234 A8?= 4C5F 4 8 < A8 6 A :?9 O
! => F74 3A <3@6 3@?< A4(234 @; 6?=: 8?8 8 8:4@E
;O
"3=>8 4C5F 8 > @: 8=:4 4@: 4 DH
4: 4 <3@6 O

14
38@6 ?A5F4A4@:8A = 5 @: 64 9?=:8 64 3A8 ?A8B4A(B4 8FA4@:4 =38
< A8 4 5 ?@>?58FA4@:4 9 F3A4 58==8A 8 =4 85 4=4@:8 64 A8@4? 8 @; > @6?J
4@:4
> A 8 54 =54>:?98 48F 8F 6?=: E; 5 64 =4 A?@ 868 ?@: 63J ?@6 =4 3A DH4:
64 4<4 I
@>?8

" . -
A : 6 = = 4C4 >P>? (8@ :4 =4A5 4 6?8< 8BA8(8 94F >?6864(4 <?FA4(
F4AD 8@6 =4 64 4C?B? (@ 8: 68 494F8E ; (234 8 < : B8<?8 @; =4H8
A8@?53F868
: B8<4 3A A :?9 @ ?@<?@?: ( 3: 8 >4 >8 64 6 ?= A4: = 4 3A
MF:?A @ F?A?:4 AP@?A 64 < > 68 =38 >RA8 8O
" 8E8 3A8 < : 4C5F 8@6 8 ALC?A 8 5 <3@6?6864 64 < > 4 3: 8
234 85 4=4@:4 < > 854@8= @ A :?9 5 ?@>?58FO
! ! A5 @78 3A 2386 64 > @: 8F3J
(5 4: @ D 8@> O
:?F?J
4 D:3 86 4A " ( 3 83: AL:?> 4A A8?= 64 =4B3@6 =(
58 8 > @=4B3? ?A8B4@= 4A A 9?A4@: 4 :8ADK
A <?C8=O
C5F 4 3A8 ?A8B4A 4A 234 =4H 8 @4>4==L ? <3B? V= 4> A4@68E
T4=
6 < :UA4: ; =4 4=234E
8 64 8@ :8 = P@6?>4= =3B4 ?6 =G
O
364 8 4B3F8B4A 64 <?FA4 68 =38 AL23?@8(64 A 6 8 > @=4B3? 3A8
< : > A ?@=3<?>?I
@>?8 64 F3J4 3: 8 > A =8:3 8E
; 68 F3J
8E
8 638= 3 : I
= < : = > A 8 3:?F?J
8E; 6 <F8=7O
/ ! @B4F4 3A DH
4: 4A A 9?A4@: @3A8 < : B8<?8(64?C8@6 4A
D ; (@ 3: 8O
! ?4 638= ?A8B4A 64 DH
4: = > A3@=( = D 5 @: = 64 9?=:8
> A5F4:8A4@:4 ?@3=?:86 =

=54 8A = :4 686 5 @:85K?@?>?8F @8 =4@=?D?F?6864 6 = ?@?>?8@:4= V8 :4


< : BL<?>8
B 8 K> A 9 >I
=G
A B8@64 8D 8E

15

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