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

//,'/#'-",,/'0"1(&/&2'(%1'
0"+#/+3(%-"'4.+/5&.'(%'(%(,2*$*'/#'4."'4"(-.$%&'/#'
6+/#"**/+'78$(.5'9$"*",'
!

'

'

'

'

'

'

'

:."*$*'*5;3$44"1';2':./3(*'<(%%'=>5*'?@/%*A'B>5*B'

"#$!%&'!(')$''!#"!*+,%'$!#"!*-,./!!
01(2'1!3#2,'$4+%#$.-5!#"!*-,./!!
62.4'$,.%1!#"!01(2'1!7897!

0%+%'5'2%!#2!0#-$/',!
:!('/;+$'!%&+%!%&.,!%&',.,!.,!51!#<2!#$.).2+;!<#$=!+2(!&+,!2#%!>''2!,->5.%%'(!.2!%#!
+21!#%&'$!.2,%.%-%.#2!"#$!%&'!+<+$(!#"!+!(')$''?!
!
0.)2+%-$'!! ! ! ! ! @+%'!

!
B;*4+(-4!

A&.,! $','+$/&! '2B-.$1! ,''=,! %#! ('".2'! +! /#2%'5C#$+$1! :,$+';.! ,/&##;! #"! /';;#!

C'(+)#)1! +2(! C'$"#$5+2/'! %&+%! &+,! '4#;4'(! #-%! #"! 2-5'$#-,! .2";-'2/',D! +2(!

C+$%./-;+$;1! %&'! %'+/&.2)! #"! E.',';?! :2! +2+;1,.,! #"! %&'! ';'5'2%,! %&+%! ('".2'! %&.,!

,/&##;D!+!,-$4'1!#"!%&'!/#5C#2'2%,!%&+%!/#5C$.,'!:,$+';.!/';;#!C;+1.2)!.,!+/&.'4'(?!

A&.,! +((,! %#! %&'! >#(1! #"! =2#<;'()'D! +,! %&.,! >$+2/&! #"! /';;#! C'(+)#)1! &+,! 2#%!

C$'4.#-,;1!>''2!.24',%.)+%'(!%#!%&.,!'F%'2%?!!

A&'! $','+$/&'$! -,'(! %&'! G$#-2('(! A&'#$1! 5'%&#(! %#! +2+;1,'! +2(! /#;;+%'!

.2%'$4.'<,!"$#5!.5C#$%+2%!/';;.,%,!/#22'/%'(!%#!%&'!:,$+';.!,/&##;?!H!B-',%.#22+.$'!

"#$5+%! <+,! '5C;#1'(D! <&./&! +(($',,'(! %&'! ,/#C'! #"! .,,-',! /#2/'$2.2)! /';;#!

C;+1.2)! <&./&! &';C! %#! ('".2'! +! ,/&##;?! A&','! $',C#2,',! <'$'! +2+;1,'(! .2!

I-F%+C#,.%.#2! <.%&! 5#$'! ('%+.;'(! $',C#2,',! +2(! ,#-$/'! 5+%'$.+;! "$#5! E.',';?!

:5C#$%+2%! <#$=,! #2! /';;#! %'/&2.B-'! +2(! ;.%'$+%-$'! %&+%! /#22'/%! %#! :,$+';J,!

C'(+)#)./+;! ('4';#C5'2%! +$'! +;,#! (.,/-,,'(! .2! ,-CC#$%! #"! %&'! +$)-5'2%! "#$! +!

(.,%.2/%! ,/&##;?! E&.;'! #C.2.#2,! #2! /';;.,%./! 5+%%'$,! 4+$.'(! >'%<''2! C+$%./.C+2%,D!

5#,%! /';;.,%,! (.,C;+1'(! ,.)2."./+2%! +CC;./+%.#2! #"! E.',';J,! 5'%&#(,?! A&','! $',-;%,!

+.('(! %&.,! $','+$/&'$J,! %&',.,! %&+%! +! (.,%.2/%! ,/&##;! #"! :,$+';.! /';;#! C'(+)#)1! +2(!

C'$"#$5+2/'!/+2!>'!('".2'(D!+2(!.,!.2!%&$.4.2)!'F.,%'2/'?!!

.!

!
!

B-C%/D,"1&"3"%4*'

K$#"',,#$!H22+!L'.(!

K$#"',,#$!6M.+&-!E.',';!

@$!@-(-!0';;+!

*$!N.;;';!O#$.!

*$!A+5+,!P+$)+!

*$!G+4$.';!Q.C=.2(!

*,!6;$.='!R./='2>-,/&!

*$!L#>.2!E.;,#2!

*$!0%'C&'2!@<1'$!

..!

!
:(;,"'/#'E/%4"%4*'

B;*4+(-4 FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF $!
B-C%/D,"1&"3"%4* FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF$$!
:(;,"'/#'E/%4"%4*FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF$$$!
)%4+/15-4$/%FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF G!
6+/H"-4'/+$&$%* FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFG!
I"2'1"#$%$4$/%*FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFG!
=(-C&+/5%1 FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFJ!

78$'9$"*", FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF K!
B'+"L$"D'/#')*+(",$'(%1'+",(4"1'-",,/'*-.//,*M'D+$44"%'1"*-+$04$/%*'
/#'*42,"'(%1'4"-.%$N5"FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFGK!
B%'.$*4/+$-(,'(%1'-/%4"O45(,';(-C&+/5%1 FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF GK!

<"*"(+-.$%&'(%')*+(",$'-",,/'*-.//,FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFPQ!
<"*"(+-.'(00+/(-. FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF PQ!

:."'"3"+&"%-"'/#'(%')*+(",$'-",,/'*-.//, FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFRS!
E",,$*4'+"*0/%*"*'$%'-/%4"O4T*-.//,'(%1',"&(-2 FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFRU!
7%1"+*4(%1$%&'9$"*",'4.+/5&.'(%'(%(,2*$*'/#'$%4"+L$"D* FFFFFFFFFFFFFFVK!
E/%-,51$%&'+"3(+C* FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFWW!
<"#"+"%-"*'(%1'+"*"(+-.'+"*/5+-"*FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF GSQ!
B00"%1$O'B FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF GSR!
B00"%1$O'= FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF GSK!
B00"%1$O'EX'E",,/'6"1$&+""'G FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF GSK'
B00"%1$O'!X'E",,/'6"1$&+""'UFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF GSK'
B00"%1$O'YFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF GGS!
B00"%1$O'ZFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF GGG'
B00"%1$O'[ FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF GGG!
'

...!

!
)%4+/15-4$/%''

6+/H"-4'/+$&$%*'!

ST'<!.5C-;,',!"#$!$','+$/&!5-,%!,%+$%!"$#5!<&+%!.,!+;$'+(1!=2#<2!+2(!+4+.;+>;'!."!

"-$%&'$!=2#<;'()'!.,!%#!>'!)+.2'(DU!V0%-%,/&'<,=1D!9WX7D!C?!Y7Z?!A&.,!.,!%&'!,%+$%.2)!

C#.2%! "#$! 51! $','+$/&! .2%#! :,$+';.! /';;#! C;+1.2)! +2(! C$#4.(',! +! ;.2=! %#! %&'! '+$;1!

"#-2('$,! #"! %&'! ,/&##;! .2! B-',%.#2! +2(! +! ,C$.2)>#+$(! "#$! +2! +2+;1,.,! #"! <&+%!

:,$+';J,!/#2%$.>-%.#2!%#!%&'!/';;#!5'+2,!.2!%&'!%<'2%1[".$,%!/'2%-$1?!

\'1!('".2.%.#2,'

A&'!*+/B-+$.'!(./%.#2+$1!('".2',!%&'!%'$5!],/&##;J!+,^!SH!>#(1!#"!,/&#;+$,D!+$%.,%,D!

<$.%'$,! '%/?D! <&#! &+4'! >''2! %+-)&%! >1! %&'! ,+5'! 5+,%'$D! #$! <&#! +$'! -2.%'(! >1! +!

,.5.;+$.%1! #"! 5'%&#(D! ,%1;'D! C$.2/.C;',DU! V],/&##;JD! *+/B-+$.'! _2;.2'! @./%.#2+$1D!

7899Z?!A&.,!/#2/'C%!#"!,/&##;D!+,!;##,';1!('".2'(!+,!.%!/+2!#"%'2!>'D!.,!%&'!,%+$%.2)!

C#.2%! "#$! %&.,! .24',%.)+%.#2! .2%#! :,$+';.! /';;#! C;+1.2)?! A&.,! $','+$/&! C$#I'/%! <.;;!

'F+5.2'! /#2%'5C#$+$1! :,$+';.! /';;#! C'(+)#)1! +2(! '4+;-+%'! %&'! 'F%'2%! %#! <&./&! +!

%$-;1! :,$+';.! ,/&##;! #"! /';;#! C;+1.2)! /+2! >'! ('".2'(?! A&'! 2-5'$#-,! .2%'$2+%.#2+;!

.2";-'2/',!.2!:,$+';.!,%$.2)!C'(+)#)1!<.;;!>'!+,,',,'(!+2(!%&'!,.)2."./+2/'!#"!'+/&!

<.;;!>'!'4+;-+%'(!.2!('".2.2)!+!(.,%.2/%!,/&##;?!

A&'!/#2/'C%!#"!],/&##;J!.,!<.(';1!('>+%'(!+5#2),%!,%$.2)!C;+1'$,D!+2(!.,!#2;1!

('".2'(! >1! %&'! '4#;-%.#2! #"! &.,%#$1! +2(! C'$"#$5+2/'! C$+/%./'?! N#<'4'$! .2!

9!

!
/#55'2/.2)! %&.,! $','+$/&! C$#I'/%D! >+/=)$#-2(! $'+(.2)! <+,! -2('$%+='2! %&$#-)&!

,%-(1!#"!='1!<#$=,!#"!/';;#!%'/&2.B-'?!!

3';;#!C;+1.2)!2+%-$+;;1!('4';#C'(!C+$%;1!.2!$'+/%.#2!%#!%&'!('4';#C5'2%,!.2!

,/&##;,!#"!4.#;.2!C;+1.2)D!<&./&!&+4'!+;<+1,!>''2!5#$'!+(4+2/'(!+2(!(#/-5'2%'(!

>#%&!.2!%&'!'F%'2%!#"!C$#)$',,!+2(!%&'!+/%-+;!%.5'!#"!#//-$$'2/'?!E&.;'!,.)2."./+2%!

C&1,./+;! $','5>;+2/',! 5+='! #>,'$4.2)! C;+1'$,! #"! %&'! `$'2/&D! `$+2/#[a';).+2D!

L-,,.+2! +2(! G'$5+2! ,/&##;,! #"! 4.#;.2! C;+1.2)! .55'(.+%';1! '4.('2%D! %&','!

(.""'$'2/',! +$'! "+$! ;',,! ('".2'(! .2! ,/&##;,! #"! /';;#! C;+1.2)D! +2(! &+4'! #"%'2!

#4'$;+CC'(! +2(! +;,#! >'/#5'! (.;-%'(?! T+%-$+;;1! %&.,! C$#/',,! &+,! &+CC'2'(! #4'$!

5+21!1'+$,!+2(!;'+(,!%#!%&'!'2(!$',-;%!#"!5#('$2[(+1!C;+1.2)D!<&./&!.,!"+$!5#$'!

.2%'$2+%.#2+;?!N#<'4'$D!%&'!(.;-%.#2!#"!,/&##;,!#"!%$+(.%.#2!.,!;',,!('".2'(!'4'2!2#<!

.2! 4.#;.2! C;+1.2)D! +,! /'$%+.2! %$+.%,! #"! >#<[&#;(D! "#$%&'(D! ,%$#='! +2(! 4.#;.2! C#,.%.#2!

$'5+.2!.2!4.#;.2.,%,!<&#,'!%$+.2.2)!$'";'/%,!+!/'$%+.2!,/&##;?!

A&'! 5+21! )$'+%! 4.#;.2.,%,! +2(! C.#2''$,! #"! %&'! 2.2'%''2%&[/'2%-$1! /;'+$;1!

.2";-'2/'(!%&'!C;+1.2)!#"!/';;.,%,!%&$#-)&!/&+5>'$!5-,./!/#;;+>#$+%.#2?!a#%&!b-;.-,!

\;'2)';9! +2(! @.$+2! H;'F+2.+27! C;+1'(! /&+5>'$! 5-,./! <.%&! b#,'C&! b#+/&.5D! +2(!

5-,./+;! .('+,D! %$+2,;+%.2)! .2%#! %'/&2./+;! C$#/',,',! VC+$%./-;+$;1! .2! %&'! -,'! #"!

"#$%&'(! +2(! %1C',! #"! +$%./-;+%.#2Z! /#-;(! 2#%! +4#.(! >'.2)! +>,#$>'(! +2(! %&'2!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
9!! G'$5+2!/';;.,%!+2(!C'(+)#)-'!9cdde9WXX?!
7!! H$5'2.+2!/';;.,%!+2(!C'(+)#)-'!9cc9e9WdY?!

7!

!
"-$%&'$'(!.2!/';;.,%,J!C;+1.2)?!A&.,!C$#/',,!#"!(.;-%.#2!+2(!.2";-'2/'!#"!,/&##;,!/+2!

>'! ,''2! .2! %&'! /#+;',/'2/'! #"! %$+(.%.#2,D! <&./&! 5+='! -C! 5#('$2[(+1! :,$+';.! /';;#!

C;+1.2)D!<&./&!%&.,!%&',.,!+.5,!%#!('".2'?!!

H,! %&'! $','+$/&'$J,! ,%-(1! C$#)$',,'(D! +2! .5C#$%+2%! (.,%.2/%.#2! .2! ('".2.2)!

+2!:,$+';.!,/&##;!'5'$)'(f%&'!+5>.)-.%1!,-$$#-2(.2)!<&+%!.%!5'+2,!%#!>'!:,$+';.?!

0.2/'! +21! .2(.4.(-+;! #"! b'<.,&! >+/=)$#-2(! /+2! /;+.5! :,$+';.! /.%.M'2,&.CD! +2(! %&'!

'+$;1! #$.).2,! "#$! b'<.,&! ,%$.2)[C;+1.2)! C$'[(+%'(! %&'! 0%+%'! #"! :,$+';D! %&.,! 5+=',!

('".2.2)! +2! :,$+';.! ,/&##;! /#5C;./+%'(D! +2(! .,! $'";'/%'(! .2! +! 2-5>'$! #"! :,$+';.!

/';;.,%J,! (#->%! #4'$! <&'%&'$! %&'$'! %$-;1! /+2! >'! +2! :,$+';.! ,/&##;?! N#<'4'$D!

%'/&2./+;.%.',! +2(! ,'5+2%./,! +,.('D! %&.,! $','+$/&! &+,! $'4'+;'(! +! /;'+$! C'(+)#)./+;!

%$+(.%.#2D!<&./&!/+2!>'!4.'<'(!+,!+!(.,%.2/%!,/&##;?!

=(-C&+/5%1'

A&'! +2+;1%./+;! >#(1! #"! 51! $','+$/&! <.;;! /#5C$.,'! +! B-',%.#22+.$'! +2,<'$'(! >1!

.5C#$%+2%!:,$+';.!#$!:,$+';.[%$+.2'(!/';;.,%,!+2(!+!('%+.;'(!.2%'$4.'<!<.%&!K$#"',,#$!

6M.+&-!E.',';D!&.)&;.)&%.2)!+,C'/%,!#"!%'/&2.B-'D!C'(+)#)1!+2(!%&'!&.,%#$1!#"!/';;#!

C;+1.2)!.2!:,$+';?!g-+;.%+%.4'!+2+;1,.,!#"!%&.,!(+%+!<.;;!'2+>;'!+!/;'+$'$!C./%-$'!#"!%&'!

,%+%'! #"! /';;#! C;+1.2)! +2(! C'(+)#)1! .2! :,$+';?! A&'! 5'%&#(,! #"! .5C#$%+2%! :,$+';.!

C'(+)#)-',!<.;;!>'!+,,',,'(!%&$#-)&!$'"'$'2/'!%#!%&'!.2(.4.(-+;!/';;#!C'(.)$''!#"!

"#$5'$!%'+/&'$,?!H2!'4+;-+%.#2!#"!%&'!',%+>;.,&'(!C'(+)#)./+;!5'%&#(!<.;;!>'!5+('!

<.%&! ,C'/."./! $'"'$'2/'! %#! %'/&2./+;! +2(! 5-,./+;! 'F'$/.,',! +2(! +CC$#+/&',! %&+%!

X!

!
('4';#C! .2(.4.(-+;! ,%-('2%,J! +>.;.%.',?! :2! %&'! ;+,%! ('/+('D! @$! @+4.(! S@-(-U! 0';;+D!

K$',.('2%! #"! A&'! :,$+';! 3';;#! 0#/.'%1D! &+,! /$'+%'(! +2! #$)+2.,+%.#2! %&+%! &.)&;.)&%,!

%&'! ,%$'2)%&! #"! /';;#! C'(+)#)1! +2(! C'$"#$5+2/'! .2! %<'2%1[".$,%[/'2%-$1! :,$+';D!

<&.;'!+/=2#<;'().2)!%&'!('>%!%#!C+,%!%$+(.%.#2,!+2(!,/&##;,!#"!#%&'$!/#-2%$.',D!+,!

<';;! +,! %&'! .5C#$%+2/'! #"! %&'! "-%-$'! ('4';#C5'2%! #"! /';;#! C;+1.2)?! :%,! )#+;,D! +,!

,%+%'(!#2!%&'!:30!<'>,.%'!+$'^!SA#!'2/#-$+)'!+2(!+(4+2/'!/';;#!+2(!/&+5>'$!5-,./!

C;+1.2)!>1!.2.%.+%.2)!/#2/'$%,D!5+,%'$!/;+,,',!+2(!,'5.2+$,?!A#!'2/#-$+)'!#$.).2+;!

:,$+';.!/#5C#,.%.#2,!"#$!/';;#D!+2(!"#$!<$.%.2)!+2(!C->;.,&.2)!C$#"',,.#2+;!+$%./;',!

.2! :,$+';! +2(! %&'! <#$;(?! A#! C$#5#%'! /#2%+/%! +5#2)! /';;.,%,! .2! :,$+';DU! V788WD!

<<<?.,$+';[/';;#?/#5D!+//',,'(!X9!*+1!7899Z?!

A&'!'F.,%'2/'!#"!%&'!:30!.,!%',%.5#21!%#!%&'!'4#;-%.#2!#"!+2!:,$+';.!,/&##;!#"!

/';;#!C;+1.2)!+2(!C$#4.(',!+!4+;-+>;'!"#$-5!"#$!%&'!"-$%&'$+2/'!#"!,C'/."./!:,$+';.!

.('+,! +>#-%! /';;#! C;+1.2)! +2(! C'(+)#)1?! A&.,! #$)+2.,+%.#2! .2/;-(',! 5+21!

.2%'$2+%.#2+;;1! +//;+.5'(! /';;.,%,! +,! 5'5>'$,D! +2(! $')-;+$;1! &#;(,! %&'! :,$+';!

:2%'$2+%.#2+;!3';;#!3#2)$',,D!+,!<';;!+,!#%&'$!/#2/'$%,!+2(!'4'2%,D!C$#5#%.2)!%&'!

/';;#!.2!:,$+';?!!

H,! %&'$'! .,! ;.%%;'! 'F.,%.2)! ;.%'$+%-$'! (.$'/%;1! +(($',,.2)! :,$+';.! 3';;#!

K'(+)#)1D! %&.,! $','+$/&! +.5,! %#! ".;;! +! )+C! .2! %&'! >#(1! #"! =2#<;'()'D! +2(! &';C! %#!

5+C!#-%!+2!+CC$#+/&!%#!/';;#!C;+1.2)!%&+%!/#-;(!>'!#"!/#2,.('$+>;'!>'2'".%!%#!>#%&!

/';;#!%'+/&'$,!+2(!,%-('2%,?!:2(''(D!%&'!".';(!#"!/';;#!C'(+)#)1!.2!)'2'$+;!.,!"+$!;',,!

Y!

!
$','+$/&'(! +2(! (#/-5'2%'(! %&+2! %&+%! #"! %&'! 4.#;.2D! +2(! ,#5'! #"! %&'! $'+,#2,! "#$!

%&.,!<.;;!>'!+(($',,'(!+,!C+$%!#"!%&.,!$','+$/&?!!

A&'! )'2',.,! "#$! %&.,! %&',.,! ;.',! .2! 51! >+/=)$#-2(! #"! ,%-(.',! "$#5! 7887e

788W!<.%&!%&'!(.,%.2)-.,&'(!:,$+';.!/';;#!C'(+)#)-'D!K$#"',,#$!6M.+&-!E.',';?!a#$2!

.2!A';[H4.4!.2!9W7h!.2!%&'!"#$5'$!K+;',%.2'D!E.',';!&+,!%+-)&%!)'2'$+%.#2,!#"!&.)&;1!

,-//',,"-;! /';;.,%,! +2(! C'(+)#)-',D! +2(! ($+5+%./+;;1! .2";-'2/'(! %&'! /';;.,%./!

;+2(,/+C'! #"! :,$+';?! N.,! C'(+)#)./+;! C'(.)$''! V,''! HCC'2(.F! @^! 3';;#! K'(.)$''Z!

.2/;-(',! ,%-(.',! <.%&! `';.F! 0+;5#2(D! %&'! $'/'2%;1! ('/'+,'(! a'$2+$(! G$''2&#-,'D!

V>#%&! +%! %&'! b-.;;.+$(! 0/&##;! .2! T'<! i#$=ZD! @.$+2! H;'F+2.+2! +2(! K+>;#! 3+,+;,! .2!

K$+(',?! A&','! C'(+)#)-',! &+4'! .2";-'2/'(! %&'! ('4';#C5'2%! #"! /';;#! C'(+)#)1!

<#$;(<.('D!+2(!+!(.,%.;;+%.#2!#"!%&'.$!.('+,!/+2!>'!"#-2(!.2!%&'!'F.,%.2)!:,$+';.!/';;#!

%$+.2.2)!,1,%'5,?!E.',';J,!%'+/&.2)!'FC+2(,!%&','!.2";-'2/',!%&$#-)&!.('+,!#"!&.,!

#<2!<&./&!&+4'!('4';#C'(!#4'$!1'+$,!#"!'FC'$.'2/'!Va'2[O-$D!788cZ?!!

`#;;#<.2)!&.,!$'%-$2!%#!:,$+';!.2!%&'!;+%'!9Wd8,D!E.',';!>'/+5'!+!"#-2(.2)!

5'5>'$! #"! %&'! .2%'$2+%.#2+;;1! ,-//',,"-;! A';[H4.4! 0%$.2)! g-+$%'%! +2(! "#$)'(! +!

C$#5.2'2%! ,#;#! +2(! /&+5>'$! 5-,./! /+$''$D! /#;;+>#$+%.2)! <.%&! 2-5'$#-,!

.5C#$%+2%!:,$+';.!+2(!b'<.,&!+$%.,%,D!.2/;-(.2)!i'&-(.!*'2-&.2D!b+/B-';.2'!(-!K$'D!

E.;;.+5!\$#;;D!K2.2+!0+;M5+2!+2(!#%&'$,?!N.,!+<+$(,!+2(!&#2#-$,!.2/;-('!%&'!9WdX!

K.+%.)#$,=1! K$.M'D! %&'! 9Wdh! *#,/#<! :2%'$2+%.#2+;! 3#2/#-$,! +2(! %&'! 9Wj9! K+>;#!

3+,+;,! :2%'$2+%.#2+;! 3#2/#-$,D! +,! <';;! +,! %&'! 9Whd! :,$+';.! 3#-2/.;! #"! 3-;%-$'! +2(!

d!

!
H$%,! T+%.#2+;! K$.M'! +2(! %&'! 3&'4+;.'$! (-! P.#;#2/';;'! V9WWjZ! "$#5! :2(.+2+!

62.4'$,.%1! V:30! 788WD!

<<<?5-,./?.2(.+2+?'(-k&%5;k,#5k'I5//"k&#2#$'',k<.',';?&%5;D! +//',,'(! X9!

*+1! 7899Z?! N'! &+,! +;,#! &+(! +! ,%$#2)! +,,#/.+%.#2! <.%&! (.,%.2)-.,&'(! :,$+';.!

/#5C#,'$,! .2/;-(.2)! b#,'"! A+;D! K+-;! a'2[N+.5D! +2(! _(#2! K+$%#,D! /#55.,,.#2.2)D!

,'$4.2)!+,!('(./+%''!+2(!C$'5.'$.2)!5+21!<#$=,!"#$!,#;#!/';;#D!%&-,!'FC+2(.2)!%&'!

+<+$'2',,! #"! %&'! /';;#! .2! :,$+';! +2(! ('4';#C.2)! /';;#! %'/&2.B-'! .2! +! (.,%.2/%;1!

:,$+';.! 5+22'$?! A&.,! /#22'/%.#2! &+,! /#2%.2-'(! %&$#-)&! %&'! ('(./+%.#2! #"! ,'4'$+;!

:,$+';.! <#$=,! V.2/;-(.2)! )#*+(%! >1! H1+;+! H,&'$#4D!

<<<?+1+;++,&'$#4?/#5k5-,./k/#5C#,.%.#2,k9hjk1.M=#$?&%5;Z! "#$! %&'! /';;.,%! +2(!

%'+/&'$!5#,%!/;#,';1!+,,#/.+%'(!<.%&!&.,!5'%&#(,D!N.;;';!O#$.!V0&.""'$,D!9Wc7Z?!

E&.;'! ('4';#C.2)! &.,! C'$"#$5.2)! /+$''$D! E.',';! >')+2! &.,! /+$''$! +,! +!

%'+/&'$D! )$+(-+;;1! ('4';#C.2)! &.,! ,1,%'5! %&$#-)&! &.,! .2.%.+;! <#$=! +%! C$.4+%'!

.2,%.%-%.#2,! "#$! 1#-2)! 5-,./.+2,! %&$#-)&! %#! &.,! K$#"',,#$,&.C! +%! %&'! L->.2!

H/+('51! #"! *-,./! +%! A';[H4.4! 62.4'$,.%1! V<&'$'! _(#2! K+$%#,D! +;,#! +! 4.#;.,%D! <+,!

(.$'/%#$Z?! N'! &+,! $')-;+$;1! ).4'2! .2%'$2+%.#2+;! *+,%'$/;+,,',D! /#2%$.>-%'(! %#!

:2%'$2+%.#2+;!/';;#!/#2)$',,',!+2(!"',%.4+;,!+2(!,'$4'(!+,!+!5'5>'$!#"!2-5'$#-,!

:2%'$2+%.#2+;! 3#5C'%.%.#2! I-$.',?! a+,'(! .2! H-,%$+;.+! ,.2/'! 9WWWD! E.',';! 2#<!

%'+/&',! +%! %&'! 01(2'1! 3#2,'$4+%#$.-5! #"! *-,./! V62.4'$,.%1! #"! 01(2'1Z! +2(! &+,!

%+-)&%! +%! %&'! H-,%$+;.+2! T+%.#2+;! H/+('51! #"! *-,./! +2(! ).4'2! 5+,%'$/;+,,',!

%&$#-)&#-%! %&'! /#-2%$1?! *1! #<2! ,%-(.',! <.%&! E.',';! +$#,'! .2(.$'/%;1! #-%! #"!

$'/#55'2(+%.#2,! "$#5! ,%-('2%! /#;;'+)-',! .2! Q#2(#2! +2(! &+4'! C$#"#-2(;1!

j!

!
.2";-'2/'(! 51! ('4';#C5'2%! +,! +! /';;.,%D! -2('$,%+2(.2)! #"! %&'! .2,%$-5'2%D! +2(!

.('2%."./+%.#2!<.%&!C'$&+C,!%&'!5#,%!2#>;'!#"!.2,%$-5'2%,?!!

'

78$'9$"*",''

E.',';!<+,!%&'!".$,%!/';;.,%!%#!C'$"#$5!%&'!/#5C;'%'!a+/&!/';;#!,-.%',!.2!:,$+';D!+2(!

+;,#!%&'!/';;#!/#2/'$%.!#"!a'$.#D!Q.)'%.!+2(!Q-%#,;+<,=.?!N'!<+,!+!"#-2('$!5'5>'$!

#"! %&'! A';! H4.4! 0%$.2)! g-+$%'%! V9WdWeWXZ! +2(! <+,! +CC#.2%'(! C$#"',,#$! +%! %&'! A';!

H4.4! 62.4'$,.%1! 5-,./! ('C+$%5'2%! .2! 9Wjd?! N.,! .2.%.+;! %'+/&'$! <+,! b#,'"!

E'.,,>'$)'$D!<&#!&+(!>''2!+!,%-('2%!#"!N-)#!a'/='$D!+2(!&.,!,->,'B-'2%!%'+/&'$!

<+,!@+2.';!N#"5'=;'$D!+!,%-('2%!#"!b-;.-,!\;'2)';?!a#%&!#"!%&','!%'+/&'$,!&+(!>''2!

5'5>'$,!#"!%&'!%&'2!2'<;1!"#$5'(!:,$+';!K&.;&+$5#2./!_$/&',%$+D!<&./&!&+(!>''2!

"#-2('(! >1! %&'! )$'+%! 4.#;.2.,%! a$#2.,;+<! N->'$5+2! VK+12%'$D! 9Wc8Z?! E.',';!

(.,/-,,'(!%&'!$./&!/-;%-$+;!"+>$./!#"!&.,!/#-2%$1!<&.;'!.%!<+,!.2!.%,!.2"+2/1^!!

N->'$5+2! $'+;;1! ,+4'(! +! ;#%! #"! ;.4',! #"! 5-,./.+2,! %&+%! /+5'! %#! :,$+';! %#!

"#$5! %&'! K&.;&+$5#2./?! A&'1! <'$'! %&'! >',%! C;+1'$,! '4'$l%&'1! /+5'! "$#5!

G'$5+21D! K#;+2(D! N-2)+$1D! L-,,.+! ,#5'%.5',l+2(! <&#'4'$! &'J(! C./=! -C!

+2(!%+;=!<.%&D!%&'1!>$#-)&%!<.%&!%&'5!+!/'$%+.2!-C>$.2).2)D!/-;%-$+;!<+1!#"!

C;+1.2)!<.%&#-%!$'+;;1!=2#<.2)!,-.?!A&'1!<'$'!-,'(!%#!.%D!%&'1!<'$'!%+-)&%!

;.='!%&.,!+2(!%&'1!C;+1'(!;.='!%&.,!+2(!%&'1!2'4'$!+,='(!%&'!B-',%.#2!,-.m!

V6?!E.',';D!C'$,#2+;!/#55-2./+%.#2D!7c!b+2-+$1!7899Z!!

A&.,!$./&2',,!#"!/-;%-$'!<+,!-2(#->%'(;1!+(4+2%+)'#-,!%#!E.',';D!%&#-)&!%&'!;+/=!

#"! +<+$'2',,! &'! C#.2%,! %#! &'$'! $'";'/%,! %&'! $','+$/&'$J,! B-',%.#2! $')+$(.2)! %&'!

h!

!
>+;+2/'! >'%<''2! .2%-.%.#2! +2(! +2+;1,.,?! N'! ,%+%',^! S:%! >$#-)&%! ,#5'%&.2)! /-;%-$+;!

+2(! <&'2! 1#-! ;.,%'2'(! %#! %&'! C'#C;'! %&'$'! C;+1.2)! /&+5>'$! 5-,./D! %&'1J$'! )##(!

C;+1'$,!+2(!,#5'%.5',!.2,C.$'(D!,#!1#-!)#%!%#!,''!1#-$,';"!%&'!/-;%-$+;!,C.$.%DU!V6?!

E.',';D! C'$,#2+;! /#55-2./+%.#2D! 7c! b+2-+$1! 7899Z?! :2! (.,/-,,.2)! >#%&!

E'.,,>'$)'$! +2(! N#"5'=;'$D! E.',';! .5C;.',! %&+%! &'! &+(! %#! "#$5! &.,! #<2! .('+,D!

<&./&!'4'2%-+;;1!;'(!&.5!%#!'FC+2(!&.,!&#$.M#2,!+>$#+(^!!

E&+%!&'!VE'.,,>'$)'$Z!%+-)&%!5'!<+,!/'2%'$'(!.2!%&'!<$.,%!+2(!%&'!".2)'$,!

#"! %&'! >#<[! +$5l?! +2(! %&'2D! <&'2! :! /&+2)'(! %#! 51! 2'F%! %'+/&'$!

VN#"5'=;'$Z!<&#!<+,!%&'!/#2/'$%5+,%'$!#"!%&'!K&.;&+$5#2./D!:!(.,/#4'$'(!

&'! ,%-(.'(! <.%&! \;'2)';D! %#)'%&'$! .2! %&'! ,+5'! /;+,,! <&'$'! K.+%.)#$,=1!

,%-(.'(?! A&$#-)&! &.5! :! (.,/#4'$'(! ,-(('2;1! %&+%! :! &+4'! +2! +$5D! 2#%! #2;1!

<$.,%!+2(!".2)'$,?!T#%!%&+%!&'!/#-;(!'FC;+.2!+21%&.2)!#$!,&#<!5'!+21%&.2)D!

I-,%!]:!,&#<DJ!:!;##='(!+%!&.5!+2(!%&+%J,!%&+%?!!0#!:!+/B-.$'(!'4'$1%&.2)!I-,%!

>1!$+2(#5?!V6?!E.',';D!C'$,#2+;!/#55-2./+%.#2D!7c!b+2-+$1!7899Z!

K'$&+C,!%&.,!(.,/#4'$1!#"!%&'!<&#;'!+$5!+,!#2'!-2.%!<+,!+2!'+$;1!"#$5+%.#2!#"!%&'!

.('+! <&./&! &'! /#2%.2-'(! %#! C$#5#%'! .2! &.,! 5'%&#(D! +2(! <&./&! P.'22+!

K&.;&+$5#2./!K$.2/.C+;!/';;.,%!A+5+,!P+$)+!$'"'$,!%#!.2!&.,!.2%'$4.'<?!!

E.',';! ,%-(.'(! +%! %&'! b'$-,+;'5! H/+('51! #"! *-,./! .2! A';! H4.4D! <&'$'!

,.)2."./+2%! .2";-'2/',! .2/;-('(! %&'! 4.#;.2.,%! R5.;! N+-,'$! V;'+('$! #"! %&'! ".$,%!

a-(+C',%!g-+$%'%Z!+2(!%&'!/#5C#,'$!b#,'"!A+;?!:2!9Wd8!E.',';!;'"%!:,$+';!"#$!T'<!

i#$=D!<&'$'!&'!+-(.%.#2'(!"#$!%&'!/;+,,!#"!`';.F!0+;5#2(!+%!%&'!b-.;;.+$(!0/&##;?!:2!

&.,! +-(.%.#2D! E.',';! /&#,'! %#! C;+1! "$#5! %&'! H;'F+2.+2! '(.%.#2! #"! %&'! a+/&! 0-.%',D!

c!

!
<&./&! +2)'$'(! 0+;5#2(D! +,! S&'! /#-;(! 2#%! +>.('! %&.,! /#2%$#4'$,.+;! C'(+)#)-'DU!

V3+5C>';;D!788YD!C?!977Z?!E.',';!$'/+;;'(!.2!+2!.2%'$4.'<!<.%&!*+$)+$'%!3+5C>';;^!

SE&'2!:!<'2%!%#!%&'!b-.;;.+$(D!:!5+('!%&'!5.,%+='!#"!C;+1.2)!%&'!H;'F+2.+2!".2)'$.2)!

#"!%&'!a+/&!+2(!%&'2!:!(.(2J%!)'%!%&'!,/&#;+$,&.C!"#$!0+;5#2(J,!/;+,,?!0#!%&'2!:!/#5'!

%#!%&'!".$,%!;',,#2!+2(!&'!<+2%'(!%#!(',%$#1!5'D!>1!,+1.2)!'4'$1%&.2)!.,!<$#2)D!>+(!

+2(! +<"-;DU! V3+5C>';;D! 788YZ?! H! C'$.#(! #"! (.,/#4'$1! "#;;#<'(D! +,! E.',';! $'/+;;'(^!

SA&'2!,-(('2;1!%#<+$(,!%&'!'2(!#"!%&'!1'+$!:!&'+$(!`#-$2.'$!+2(!:!<'2%!%#!;.,%'2!%#!

'4'$1! /#2/'$%! +2(! :! ,-(('2;1! ,+<! %&+%! %&'$'! .,! +2! #$('$! %#! %&'! ;'"%! &+2(! V+2(!

%'/&2.B-'Z?!H2(!%&'2!:!<'2%!&#5'!+2(!C$+/%./'(!+>#-%D!:!$'5'5>'$!,.F%''2!&#-$,!+!

(+1D! +2(! C$+/%./'(! +2(! C$+/%./'(! %&'! 0/&-5+22! 3#2/'$%#D! >$#-)&%! .%! %#! 0+;5#2(!

+2(!%&+%!<+,!51!;+,%!;',,#2!>'/+-,'!&'!<'2%!%#!&#,C.%+;!+"%'$<+$(,!+2(!%&+%!<+,!

%&'! ".$,%! %.5'! &'! ;.,%'2'(! %#! +! <#$=! "$#5! >').22.2)! %#! '2(n! :! C;+1'(! %&'! <&#;'!

0/&-5+22?!H2(!&'!,+.(D!]a$+4#?J!!A&'!5.2-%'!&'!,+.(!]a$+4#DJ!:!$'+;.,'(!:J5!#2!%&'!

$.)&%!%$+/=DU!V3+5C>';;D!788YD!C?!97XZ?!

`#;;#<.2)!%&'!('+%&!#"!0+;5#2(D!E.',';!>'/+5'!#2'!#"!%&'!".$,%!,%-('2%,!#"!

%&'! $'/'2%;1! ('/'+,'(! V7899Z! a'$2+$(! G$''2&#-,'D! <&#! +,,-5'(! 0+;5#2(J,!

%'+/&.2)! /&+.$! +%! b-.;;.+$(?! E.',';! ('/;+$'(^! SG$''2&#-,'! &+(! +! ,C'/.+;! +%%.%-('! %#!

5'! +2(! <.%&! &.,! 'F/'C%.#2+;! '+$,D! ,'2,.%.4.%1D! 'FC'$.'2/'! +2(! C'$,#2+;.%1! &';C'(!

5'!%#!('4';#C!51!#<2!+$%.,%./!/&+$+/%'$!<.%&#-%!"#$/.2)!&.5,';"!#2!5'!#$!5+=.2)!

5'! .5.%+%'! &.5DU! V3+5C>';;D! 788YD! C?! 978Z?! G$''2&#-,'! /#2%.2-'(! %#! .2";-'2/'!

E.',';J,!#-%;##=!+2(!"#$)'(!&.,!/#22'/%.#2!%#!3+,+;,D!+2#%&'$!;.2=!.2!%&'!/&+.2!#"!

,/&##;!('4';#C5'2%?!E.',';!/#55'2%'(!#2!&.,!,%-(.',!<.%&!G$''2&#-,'^!S:!,%-(.'(!

W!

!
<.%&! &.5! +>#-%! %&$''! 1'+$,?! H2(! &'! <+,! 4'$1D! 4'$1! &';C"-;! l! &'! <+,! &';C"-;! >1!

;'2(.2)!&.,!'+$,!+2(!+;;#<.2)!5'!%#!&+4'!+!]"$.'2(;1J!=.2(!#"!;'+$2.2)!+%5#,C&'$'!l!

>-%! :! $'+;;1! (.(! '4'$1%&.2)! 51,';"! lU! V6?! E.',';D! C'$,#2+;! /#55-2./+%.#2D! 7c!

b+2-+$1!7899Z?!!

:2!9WdY!E.',';!'5>+$='(!#2!&.,!,%-(.',!.2!K$+(',!<.%&!3+,+;,!"#;;#<.2)!&.,!

)$+(-+%.#2! "$#5! b-.;;.+$(?! H;%&#-)&! &'! #2;1! ,%+1'(! +! "'<! 5#2%&,D! 3+5C>';;!

(',/$.>',! %&.,! %.5'! +,! S%&'! ,-C$'5'! .2,C.$+%.#2! #"! &.,! ;."'DU! V3+5C>';;D! 788YD! C?!

977Z?!E.',';!$'/+;;'(!&.,!%.5'!<.%&!3+,+;,^!Sb-,%!%#!,.%!.2!+!,5+;;!$##5!<.%&!&.5D!%#!

&'+$! &.5! C;+1.2)! <.%&! ,-/&! %'/&2./+;! +//-$+/1D! %&'! 5#,%! >'+-%."-;! %#2'! /#;#-$!

<&./&!:!<.;;!C$#>+>;1!2'4'$!&'+$!+)+.2D!+!,C'/.+;!'FC$',,.4'!.2%#2+%.#2f+2(!<&+%!

+2!+%5#,C&'$'?!A&.,!.,!,#5'%&.2)!:!,&+;;!$'5'5>'$!+;;!51!;."'DU!V3+5C>';;D!788YD!C?!

977Z?!

`#;;#<.2)!%&.,!C'$.#(D!E.',';!$'%-$2'(!%#!:,$+';D!+2(!.2,%'+(!#"!/&##,.2)!%&'!

,'+,#2'(! C+%&! #"! I#.2.2)! %&'! :,$+';! K&.;&+$5#2./D! &'! %-$2'(! %#! %'+/&.2)D! +2(!

('4';#C.2)! "-$%&'$! +,! +2! +$%.,%^! S:! &+(! +>#-%! %&.$%1! #$! %&.$%1[".4'! ,%-('2%,f2#%!

2'/',,+$.;1! %+;'2%'(! #2',f+2(! :! ,%+$%'(! ('4';#C.2)! 51! .('+,! +>#-%! %'+/&.2)! l!

,#$%!#"!+!/;.2./?!H2(!:!+$$+2)'(!<#$=,!"#$!%&'!/';;#D!+;;!=.2(,!#"!%&.2),D!+,!%&'$'!<'$'!

2#! C$.2%'(! 5+%'$.+;,! +%! %&+%! %.5'! l! U! V6?! E.',';D! C'$,#2+;! /#55-2./+%.#2D! 7c!

b+2-+$1! 7899Z?! Q+%'$! E.',';! 5#4'(! %#! A';[H4.4! <&'$'! &'! <+,! C$#"',,#$! +%! %&'!

H/+('51!#"!*-,./!+%!A';[H4.4!62.4'$,.%1!"$#5!9Wjd!%#!9Whh?!S:!,%+$%'(!"#$5.2)!+!

<&#;'!,/&##;!#"!/';;.,%,!>1!51!.('+,!+2(!,-(('2;1!%&'$'!<'$'!+!;#%!#"!/';;.,%,!%&'$'!
98!

!
%&.2=.2)! 5-,./+;;1! +2(! %'/&2./+;;1! +2(! %&'1! +$'! 2#<! "+5#-,! %'+/&'$,D!

C$#"',,.#2+;,!+2(!,#;#.,%,!+2(!/#2/'$%5+,%'$,!+2(!%&'1!/0&%102!-(,!'(!'-#1+?!A&.,!

.,! <&+%! :! <+,! .2%'$',%'(! .2?! :! <+,! 4'$1! &+CC1! <&'2! :! (.,/#4'$'(! %&'1! $'+;;1!

.2&'$.%'(! +! ;#%! #"! %&.2),! "$#5! %&+%DU! V6?! E.',';D! C'$,#2+;! /#55-2./+%.#2D! 7c!

b+2-+$1! 7899Z?! H%! %&'! ,+5'! %.5'D! 5+21! :,$+';.! /#5C#,'$,! >'/+5'! +<+$'! #"!

E.',';J,!C$','2/'!+2(!&'!/.%',!%&.,!('4';#C5'2%!#"!/$'+%.2)!2'<!;.%'$+%-$'!"#$!,#;#!

/';;#!+,!+,,.,%.2)!)$'+%;1!<.%&!%&'!('4';#C5'2%!#"!+2!:,$+';.!/';;#!,/&##;!V6?!E.',';D!

C'$,#2+;!/#55-2./+%.#2D!7c!b+2-+$1!7899Z?!

E.',';! &+,! <$.%%'2! +! ;#2)! (.,,'$%+%.#2! #2! %&'! C'$"#$5+2/'! #"! %&'! a+/&!

,-.%',D!+2(!&+,!).4'2!C'$"#$5+2/'!;'/%-$',!+%!%&'!01(2'1!3#2,'$4+%#$.-5!#"!*-,./D!

$'4'+;.2)! %&'! >$'+(%&! +2(! ('C%&! #"! &.,! =2#<;'()'! +2(! -2('$,%+2(.2)! #"! %&','!

5+,%'$C.'/',?! @'5#2,%$+%.2)! %&'! ;.2=! >'%<''2! %'/&2./+;! $'+;.,+%.#2! +2(! 5-,./+;!

#-%/#5'D! E.',';! (.,/-,,',! %&'! .22-5'$+>;'! '(.%.#2,! #"! %&'! a+/&! ,-.%',! +2(! %&'!

/&+;;'2)'!%#!%'+/&'$,D!,%-('2%,!+2(!C$#"',,.#2+;,!.2!/&##,.2)!%&'.$!#<2!+CC$#+/&!

<&./&! $'";'/%,! a+/&J,! .2%'2%.#2,! <&.;'! >$.2).2)! #-%! 5-,./+;! ('%+.;,D! (+2/'! "#$5,!

+2(! ;+$)'$! +$/&.%'/%-$+;! ,&+C',?! A&.,! .,! +;,#! ;.2='(! %#! %&'! /&#./'! #"! >#<.2),! +2(!

%'/&2./+;! $'+;.M+%.#2?! E.',';! /#55'2%,^! S:! ;##='(! #4'$! 5+21! '(.%.#2,f:! &+4'!

5#$'!%&+2!%<'2%1D!,%+$%.2)!<.%&!@#%M+-'$!V9c7hZ!%&$#-)&!G$-%M5+/&'$D!N+-,5+2!

l! U! V3+5C>';;D! 788YD! C?! 977Z?! N'$'! %&'! ;.2'! #"! .2&'$.%+2/'! "$#5! %&'! #;(! @$',('2!

,/&##;D!%&'!<#$=,!#"!a$+&5,!VN+-,5+2!<+,!&.,!"+4#-$'(!/';;.,%Z!+2(!%&'!'4#;-%.#2!

#"!%&'!/';;#!+2(!%&'!.('+!#"!/';;#!],/&##;J!/+2!>'!,''2!#2!%&'!"#;;#<.2)!C+)'^!!

99!

!
 !

VE.',';D!C?!77Z!

:2!+2!+$%./;'!<$.%%'2!"#$!3-0!4'%&2D!E.',';!(.,/-,,',!a''%&#4'2J,!-,'!#"!2(/50!

+2(!067%066#"(!<&'$'!&'!,-))',%,!S+!$';+%.4';1!,;#<'$D!$';+F'(!4.>$+%#!"#$!%&'!2(/50D!

-,.2)!+!,#"%'$!>#<!,%$#='D!+,!."!#2'!.,!I-,%!];'+2.2)J!#2!%&'!,%$.2)DU!VE.',';D!9WW9D!C?!

dWjZ?! A&.,! $'4'+;,! E.',';J,! %'/&2./+;! .('+! #"! %&'! +$5! <'.)&%! C$#(-/.2)! +! (''CD!

97!

!
C$#I'/%.2)!+2(!$';+F'(!7#&1(!,#-2(D!+,!$'";'/%'(!.2!%&'!B-',%.#22+.$'!$',C#2,',?!N'!

)#',! #2! %#! ,+1^! S`#$! %&'! 067%066#"(! %$1! %#! -,'! +! $';+%.4';1! "+,%'$! "#$%&'(D! ](.)! .2J!

$+%&'$!5#$'!<.%&!%&'!>#<!+2(!C;+1!+,!,;#<;1!+,!1#-!/+2!,#'-#1!'-0!'087(DU!VE.',';D!

9WW9D!C?!dWjZ?!A&.,!,&#<,!E.',';J,!,->%;'!+2(!'""'/%.4'!-,'!#"!%9$&'(D!+,!<';;!+,!%&'!

(12+5./! +2(! .2/.,.4'! >#<! ,%$#='! &'! #"%'2! $'/#55'2(,! "#$! '2'$)'%./! +2(!

C+,,.#2+%'!5+%'$.+;?!!

:2! $';+%.#2! %#! %'5C#! 5+$=.2),D! E.',';! /#55'2%,^! S*1! 'FC'$.'2/'! &+,!

%+-)&%!5'!%&+%!%'$5,!;.='!&2&:#(D!&12&1'0!#$!&//0:%(!"#"&50!+$'!5'+2.2);',,!-2;',,!

%&'! C'$"#$5'$! /#24'1,! %&'! "-;;! ,'2,'! +2(! 5'+2.2)! #"! %&'! %'$5! %#! %&'! ;.,%'2'$DU!

VE.',';D! 9WW9D! C?! dWhZ?! L')+$(.2)! C-;,'D! &'! ,%+%',! S_2'! /+2! ,;#<! (#<2! #$!

+//';'$+%'!+2(!,%.;;!).4'!%&'!.;;-,.#2D!%#!%&'!;.,%'2'$D!%&+%!1#-!+$'!C;+1.2)!.2!%'5C#?!

A&'!C-;,'D!+,!.2!;."'!.%,';"D!/&+2)',!/#2,%+2%;1DU!VE.',';D!9WW9D!C?!dWhZ?!A&.,!+;,#!".%,!

<.%&!3+,+;,J!.('+!#"^!S`+2%+,1!+,!5-/&!+,!1#-!;.='f>-%!<.%&!#$('$oU!Va;-5D!9WhhD!C?!

7Y7Z?!!

E.',';! +;,#! $'4'+;,! %&'! .5C#$%+2/'! #"! 5-,./+;! (.4.,.#2! "#$! /#2%$#;! +2(!

'2,'5>;'!C;+1.2)?!A&.,!/+2!>'!,''2!.2!%&.,!'F+5C;'!"$#5!%&'!a''%&#4'2!_C?!987!2#?!

9!0#2+%+D!+;,#!/.%'(!>1!3+,+;,!V9WW9D!C?!dWcZ^!

9X!

!
N'!+;,#!+(4.,',!%&'!C'$"#$5'$!%#^!SH$%./-;+%'!%&'!%<#!,'5.B-+4'$,!<.%&!%&'!>#<U!

VE.',';D! 9WW9ZD! +! $'/-$$.2)! .('+! .2! &.,! %'+/&.2)! <&'$'! &'! (',.$',! +! ,C'+=.2)!

C$#I'/%.#2! %#! >'! +.('(! >1! +2! +;5#,%! 7(%'&'(! >#<! ,%$#='?! A&.,! .,! +;,#! $'";'/%'(! >1!

A+5+,! P+$)+J,! /#55'2%,! #2! %&'! +$%./-;+%.#2! #"! ,&#$%! 2#%'! 4+;-',! .2! %&'!

B-',%.#22+.$'!$',C#2,',?!!

E.',';! $'"'$,! %#! %&'! ;+/=! #"! ,%.5-;+%.2)! C'$"#$5+2/',! +2(! 4.,.%,! "$#5!

.2%'$2+%.#2+;! +$%.,%,! .2! :,$+';D! +2(! (.,/-,,',! &.,! %.5'! .2! T'<! i#$=! V"$#5! 9Wd8!

#2<+$(,Z!<.%&!$';.,&^!!

i#-!5-,%!$'5'5>'$!%&+%!<&'2!:!<'2%!%#!%&'!60!.2!9Wd8!%&'!/-;%-$+;!.5C#$%!

%#! :,$+';! <+,! C##$n! ,#D! (-$.2)! %&#,'! "#-$! 1'+$,D! :! %##=! +(4+2%+)'! #"! '4'$1!

#CC#$%-2.%1! %&+%! /+5'! +>#-%?! :! <'2%! %#! %&'! %&'+%$'D! >+;;'%D! %#! /#2/'$%,D!

$'/.%+;,!#"!+;;!=.2(,D!.2,%$-5'2%+;D!,.2)'$,D!<&+%'4'$?!:!<+,!,#!,%+$4'(!#"!+;;!

%&+%! <&./&! <'! /#-;(! 2#%! %&'2! ".2(! .2! :,$+';n! :! &'+$(! A#,/+2.2.D! 3+2%';;.D!

a$-2#!E+;%'$D!0/&2+>';D!0'$=.2D!Q#%%'!Q'&5+2?!V3+5C>';;D!788YD!C?!97XZ!

A&'!+$%./;'!+;,#!$'"'$,!%#!&.,!C'$.#(!+,!)-',%!C$#"',,#$!"$#5!9WhWe9Wc9!+%!%&'!0%+%'!

62.4'$,.%1!#"!T'<!i#$=!G$+(-+%'!0/&##;!+%!0%#21!a$##=?! 3+5C>';;! +;,#! (',/$.>',!

&.,!%'+/&.2)!,%1;'^!SN'!,''5,!%#!>'!+>;'!%#!%-2'!.2!#2!%&'!,+5'!<+4';'2)%&!+,!'+/&!

.2(.4.(-+;! C;+1'$! +2(! (.+)2#,'! %&'.$! C$#>;'5,! l! #2'! /+2! "'';! %&'! 1#-2)! C;+1'$!

)+.2.2)! /#2".('2/'! +,! %&+%! +(4./'! >').2,! %#! <#$=DU! V3+5C>';;D! 788YD! C?! 979Z?! N'!

$'"'$,!%#!5#$'!)."%'(!,%-('2%,!+,!#"%'2!/$'+%.2)!+!)$'+%'$!C$#>;'5^!SH,!%'+/&'$,!<'!

&+4'! %#! ".2(! +! <+1! %#! ('4';#C! %&'! =2#<;'()'! <.%&#-%! ;#,.2)! %&'! ,->%;'%.',! #"! %&'!

,->/#2,/.#-,! l! 1#-! &+4'! %#! ,%.5-;+%'! +2(! &';C! ,&+C'! %&'! 5-,./+;! C'$,#2+;.%1DU!

9Y!

!
V3+5C>';;D! 788YD! C?! 979Z?! A&.,! /;'+$;1! /#$$';+%',! <.%&! %&'! B-',%.#22+.$'! %#C./!

$')+$(.2)!%&'!>+;+2/'!>'%<''2!.2%-.%.#2!+2(!+2+;1,.,?!!

E.',';J,!/#;;+>#$+%.#2,!<.%&!#%&'$!C'(+)#)-',!+$'!+;,#!(.,/-,,'(f&'!<+,!

.24.%'(! %#! +%%'2(! H;(#! K+$.,#%J,! /;+,,',! +%! i+;'! V/#22'/%.2)! %#! *+)'2J,! /';;#!

C'(.)$''Z!+2(!5+='!/#55'2%D!+2(!(.(!%&'!,+5'!%&.2)!"#$!K+$.,#%!<&'2!&'!4.,.%'(!

&.,! /;+,,! .2! :,$+';?! E.',';! +;,#! (.(! %&.,! "#$! b#+2! @./=,#2! +%! %&'! L#1+;! 3#;;')'! #"!

*-,./! +2(! %&'! $'/'2%;1! ('/'+,'(! G'$&+$(%! *+2%';! .2! `$+2="-$%! V;.2=.2)! >#%&!

Q.C=.2(! +2(! R./='2>-,/&Z?! N'! (.,/-,,',! >+(! %'/&2./+;! &+>.%,! <.%&! 3+5C>';;! +2(!

,%+%',!%&+%^!!

*+21! )$'+%! %+;'2%,! /#5'! %#! 1#-! "#$! +(4./'! +2(! 1#-! $'+;.M'! %&+%! %&','! >+(!

&+>.%,! +$'! +//-5-;+%.4'! l! %&'.$! .22'$! ".$'! ,''=,! +2! #-%;'%! +2(! /$'+%',!

-22+%-$+;! C&1,./+;! C#,.%.#2,D! ,#! ,#5'%.5',! 1#-! &+4'! %#! >'! +! =.2(! #"!

5-,./+;!C;-5>'$!<&./&!/;'+$,!%&'!C.C',!.2!#$('$!%#!;'%!C'$,#2+;!'FC$',,.#2!

";#<! #-%! 2+%-$+;;1! l! %&'$'! +$'! /'$%+.2! ,/&##;,! %#(+1! <&#! +.5! %#! 5+='!

]C'$"'/%J! /';;.,%,! +2(! %&'! C$#(-/%,! "$#5! %&','! ,/&##;,! ;##=! +%! '4'$1%&.2)!

"$#5! %&'! %'/&2./+;! C#.2%! #"! 4.'<! l! .%! .,! (.""./-;%! %#! ('%+/&! %&'! 5'/&+2.,5!

"$#5!%&'!'5#%.#2+;!<.%&#-%!/+-,.2)!,#5'!(+5+)'?!i#-!&+4'!%#!".2(!+!<+1!

#"! /#$$'/%.2)! %&'! 5'/&+2.,5! <&.;,%! +;;#<.2)! %&'! C'$,#2+;! 'FC$',,.#2! .%,!

#<2!"$''(#5?!V3+5C>';;D!788YD!C?!977Z?!

A&'!+$%./;'!(.,/-,,',!E.',';J,!#<2!C'$"#$5+2/',!+2(!$'"'$,!%#!&.,!C'$"#$5+2/'!#"!

/#2%'5C#$+$1! :,$+';.! $'C'$%#.$'f+((.2)! <#$=,! >1! 0%-%,/&'<,=1! +2(! Q'#2!

0/&.(;#<,=1! +2(! S,#5'! %<'2%1! #%&'$,?U! N.,! /#55'2%,! .2! $';+%.#2! %#! %&'! ".$,%!

9d!

!
C'$"#$5+2/',! #"! +! <#$=! $'4'+;! "-2(+5'2%+;! .('+,! #"! .2%'$C$'%+%.#2! .2! ;.2'! <.%&!

3+,+;,J! +CC$#+/&! (.,/-,,'(! .2! $'"'$'2/'! %#! a;-5J,! <#$=^! S0%+4'! 2#%+%.#2! &+,! .%,!

;.5.%+%.#2,! l! <'! &+4'! %#! ;##=! >'%<''2! %&'! 2#%',! >'/+-,'! /#5C#,'$,! <$.%'! .('+,!

+2(! <'! C;+1! 2#%',DU! VE.',';D! 9WW9D! C?! dWhZ?! N'! %&'2! (.,/-,,',! &.,! (.,,+%.,"+/%.#2!

<.%&! %&'! 2+%-$'! #"! /#5C'%.%.#2,D! %&#-)&! &'! &+,! >''2! +! I-$1! 5'5>'$! #2! ,'4'$+;!

.2%'$2+%.#2+;! /#5C'%.%.#2! C+2';,?! :2%'$',%.2);1D! &'! $'"'$,! %#! %<#! /+,',! <&'$'! %<#!

/';;.,%,!#"!&.)&!/+;.>$'!"+.;'(!%#!C$#/''(!%#!%&'!".2+;!#"!+!/#5C'%.%.#2!+,!%&'1!C;+1'(!

<.%&!+!,&#$%!'2(C.2?!A&.,!C$'I-(./'!)#',!+)+.2,%!%&'!.('+;,!%&+%!5+1!>'!$';+%'(!%#!

C;+1.2)! <.%&! +! ,&#$%'$! '2(C.2! +2(! +$'! ,''2! .2! %&'! B-',%.#22+.$'! $',C#2,',! +2(!

E.',';!+2(!0';;+J,!(.,/-,,.#2!#"!,.%%.2)!C#,.%.#2?!!

:2! +2! .2%'$4.'<! >'%<''2! %&'! $','+$/&'$! +2(! E.',';D! &'! $'"'$,! %#! +!

5+,%'$/;+,,! 4.,.%! %#! L-,,.+D! <&./&! .;;-,%$+%',! %&'! .('+! #"! C$'I-(./'! +)+.2,%! ,/&##;D!

>-%!+%!%&'!,+5'!%.5'!('5#2,%$+%',!%&'!>'2'".%,!#"!,/&##;f.2!%&.,!/+,'D!&.,!#<2^!!

H! ).$;! C;+1'(! %&'! ;%0/920! "$#5! a+/&J,! 0'/#2(! 0-.%'! <.%&! +! 4'$1D! 4'$1! ;#<!

<$.,%D! C$',,.2)! %&'! ,#-2(D! +2(! :! %&#-)&%! <&+%! ,&#-;(! :! ,+1f%&'! <&#;'!

,/&##;!<+,!C$','2%!%&'$'!.2!%&'!5+,%'$!/;+,,!+,!<';;!+,!%&'!%'+/&'$D!+2(!,#!:!

,+.(! %#! &'$D! ]Q##=D! ;'%! 5'! /#5'! +2(! 'FC'$.5'2%D! C;+1! .%! <.%&! +! &.)&! <$.,%?J!

H2(! ,&'! ,%+$%'(! +2(! ,-(('2;1! '4'$1>#(1! <+,! %+;=.2)! +>#-%! .%! >'/+-,'! #"!

%&'! B-+;.%1! #"! %&'! ,#-2(! l! H2(! %&'2! %&'! %'+/&'$! /#5',! %#! 5'! +2(! +;;! ,&'!

,+.(!.,D!S:%J,!+!5+%%'$!#"!65-((/?U!H2(!:!+2,<'$'(!&'$D!SH(5.%!.%D!>-%!.%!,#-2(,!

>'%%'$?U!V6?!E.',';D!C'$,#2+;!/#55-2./+%.#2D!7c!b+2-+$1!7899Z!

9j!

!
A&.,!/;'+$;1!.;;-,%$+%',!E.',';J,!=2+/=!#"!&#2.2)!.2!#2!%&'!5#,%!/$-/.+;!';'5'2%!%#!

/$'+%'!.5C$#4'5'2%D!+2(!+;,#!&.,!,%$#2)!>';.'"!.2!%&'!B-+;.%1!#"!&.,!C$.2/.C;',?!!

'

B' +"L$"D' /#' )*+(",$' (%1' +",(4"1' -",,/' *-.//,*M' D+$44"%'

1"*-+$04$/%*'/#'*42,"'(%1'4"-.%$N5"'

B%'.$*4/+$-(,'(%1'-/%4"O45(,';(-C&+/5%1'

A&.,! ;.%'$+%-$'! $'4.'<! +;;#<'(! %&'! $','+$/&'$! %&'! #CC#$%-2.%1! %#! )+.2! ,.)2."./+2%!

>+/=)$#-2(!=2#<;'()'!#"!&.,%#$1!+2(!%$'2(,!.2!/';;#!C'(+)#)1!+2(!C'$"#$5+2/'!.2!

)'2'$+;D! +,! <';;! +,! (.""'$'2/',! >'%<''2! /';;#! +2(! 4.#;.2! ,/&##;,?! A&'! $';'4+2/'! #"!

C$#)$',,!.2!.2,%$-5'2%!+2(!>#<!('4';#C5'2%D!,#/.+;!+2(!)'#)$+C&./+;!"+/%#$,!+2(!

%'/&2./+;!('5+2(,!#"!$'C'$%#.$'!&+4'!+;;!'5'$)'(!+,!='1!';'5'2%,!.2!51!$'+(.2)!

.2%#!%&'!('4';#C5'2%!#"!+!,/&##;?!:2!%&'!<0,!=%("0!>#(/#1!?&8#/.D!%&'!('4';#C5'2%!

#"! %&'! /';;#! +2(! >#<! .,! (.,/-,,'(! .2! ('%+.;D! 2#%.2)! %&+%! `$+2/#.,! A#-$%'J,!

.22#4+%.#2,! .2! C$#(-/.2)! +! /#2/+4'! >#<! '2+>;'(! S+! 5#$'! .2%'2,'! +2(! /+$$1.2)!

%#2'! l! V;+1.2)! %&'Z! "#-2(+%.#2,! #"! >$.;;.+2%D! 4.$%-#,#! >#<.2)! %'/&2.B-'D! +2(!

+;;#<'(!%&'!C;+1'$!%#!'F'$/.,'!+2!#C%.5+;!.2";-'2/'!#2!%#2'[/#;#-$!+2(!(12+5./,DU!

VC?!9j9Z?!A&'!.2";-'2/'!#"!4.#;.2!C;+1.2)!.,!(.,/-,,'(!.2!%&'!%'/&2.B-'!#"!a'$2&+$(!

L#5>'$)!V9hjYe9cY9ZD!#2'!#"!%&'!"#-2('$,!#"!%&'!@$',('2!0/&##;!#"!/';;#!C;+1.2)!

<&#! +;,#! .24'2%'(! %&'! L#5>'$)! ".2)'$>#+$(D! +! ";+%%'2'(! ".2)'$>#+$(! +;;#<.2)!

5#$'! $##5! "#$! %&'! 3! ,%$.2)! %#! 4.>$+%'! VC?! 9j7Z?! b#&2! G-22J,! ]A&'! A&'#$1! +2(!

K$+/%./'!#"!`.2)'$.2)!%&'!P.#;#2/';;#J!V9hcWf,''!HCC'2(.F!RZ!('5#2,%$+%',!'+$;1!

4+$.+%.#2! .2! ;'"%[&+2(! C#,.%.#2.2)D! +2(! %&'$'"#$'! %&'! '4#;-%.#2! #"! ],/&##;J! .2! %&.,!
9h!

!
,'2,'?! :%! .,! 2#%'(! %&+%! SL#5>'$)! +(4#/+%'(! +! 4.#;.2[#$.'2%'(! ;'"%[&+2(! C#,.%.#2D!

<&'$'+,!@#%M+-'$!+2(!\-55'$!+(#C%'(!%&'!5#('$2!C#,.%.#2^!%&+%!.,!".2)'$,!5#$'!

,B-+$';1!+<+1!"$#5!%&'!2'/=?U!\-55'$J,!".2)'$.2)!,1,%'5!.,!2#%'(!+,!"#$5.2)!%&'!

>+,.,!#"!#-$!C$','2%!(+1!,1,%'5?!!

0.)2."./+2%! ('4';#C5'2%,! .2! %&'! /';;#! +$'! #-%;.2'(! .2! %&'! +(4'2%! #"! %&'!

'2(C.2D! ".$,%! -,'(! >1! H($.'2[`$+2/#.,! 0'$4+.,! .2! 9cYj?! A&.,! &+(! +(4+2%+)',! .2!

.5C$#4.2)!$',#2+2/'D!,'/-$.%1!+2(!.2('C'2('2/'!#"!%&'!%&-5>!+,!+!C;+1.2)!".2)'$?!

SA&'! <&#;'! C$#/',,! #"! ('4';#C5'2%! >#$$#<'(! 'F%'2,.4';1! "$#5! 4.#;.2! %'/&2.B-'!

>-%!+;<+1,!;+))'(!>'&.2(!.%?U!V0.;4';+D!7889D!C?!9jWZ!:2!(.,/-,,.2)!3+,+;,D!%&'!T'<!

G$#4'! P.#;.2! `+5.;1! ,%+%',! %&+%! %&'! 5+,%'$J,! 5'%&#(,! <'$'! 'FC;+.2'(! .2! %&'!

H;'F+2.+2!%$'+%.,'?!S3+,+;,!,C#='!#"!&+;"[,%'C!,&."%,!<.%&!%&'!,+5'!".2)'$D!#"!,&."%.2)!

.2! $'C'+%'(! ".2)'$! C+%%'$2,D! #"! +,! ;.%%;'! ,&."%.2)! +,! C#,,.>;'! <.%&.2! ,;-$$'(!

+$%./-;+%.#2,D!+2(!#"!/#2%$+/%.#2,!+2(!'F%'2,.#2,DU!Va#1('2D!9WcWD!C?!7d7Z?!_2'!#"!

3+,+;,J! C-C.;,D! *+-$./'! R.,'2>'$)D! .,! $'"'$$'(! %#! .2! %&.,! /&+C%'$! B-#%.2)! &.5! .2!

,+1.2)^!S:!/#-;(!+CC$'/.+%'!&#<!%&'!"#$5'$!+<=<+$(2',,!.2!&+2(;.2)!%&'!/';;#!&+(!

>''2! $'C;+/'(! >1! +! 5#$'! ]2+%-$+;J! %'/&2.B-'D! "#$5-;+%'(! %#! ,'$4'! .2%'$C$'%+%.4'!

'2(,DU! Va#1('2D! 9WcWD! C?! 9hYZ! N'! +;,#! .,! B-#%'(! +,! ,+1.2)^! Sp%&'! &+2(q! 5-,%! >'!

%$+.2'(! %#! >'! ,#! 4.%+;! +2(! ";'F.>;'! %&+%! +,! ,##2! +,! +! ".2)'$! ,%$.=',! .%,! 2#%'D! %&'!

C$'C+$+%.#2!"#$!%&'!"#;;#<.2)!2#%'!>').2,?U!

3+,+;,J! "#$'<#$(! %#! @.$+2! H;'F+2.+2J,! /;+,,./! %$'+%.,'! VH;'F+2.+2D! 788XZ!

,&#<,! &.,! -2<+4'$.2)! ,-CC#$%! #"! &.,! +,,.,%+2%! +%! %&'! K+$.,! 3#2,'$4+%#.$'?! H!
9c!

!
/#22'/%.2)!;.2'!/+2!+;,#!>'!($+<2!&'$'!>'%<''2!6M.!E.',';!+2(!%&'!'4#;-%.#2!#"!+2!

:,$+';.! 0/&##;! #"! /';;#! C;+1.2)D! +,! E.',';! %##=! ;',,#2,! "$#5! H;'F+2.+2! (-$.2)! &.,!

,%-(.',!.2!T'<!i#$=D!<&.;'!&'!<'2%!#2!%#!,%-(1!<.%&!K+>;#!3+,+;,!.2!K$+(',D!C$.#$!

%#! &.,! $'%-$2! %#! :,$+';! "$#5! %&'! 62.%'(! 0%+%',?! 3+,+;,! ('5#2,%$+%',! &.,! "+.%&! .2!

H;'F+2.+2J,!%$'+%.,'!+2(!"$-,%$+%.#2!%&+%!'F.,%.2)!5'%&#(,!V.2!9W77Z!(.(!2#%!%+='!+!

2-5>'$!#"!"+/%#$,!.2%#!+//#-2%!+2(!<'$'!4'$1!;.5.%'(!+2(!$',%$./%.4'D!>'.2)!>+,'(!

#2! ]/;+,,./+;J! 5'%&#(,?! A&.,! %$'+%.,'! .,! #"! )$'+%! 4+;-'! %#! +21! '4+;-+%.#2! #"! /';;#!

C'(+)#)1!+2(!&+,!,C'/."./!$';'4+2/'!%#!%&'!('4';#C5'2%!#"!:,$+';.!/';;#!C;+1.2)!"#$!

%&','!$'+,#2,?!!

3+,+;,!C#.2%,!%#!%&'!,/.'2%."./!$.)#-$!#"!%&'!H;'F+2.+2!%$'+%.,'!,+1.2)^!S_2;1!

$#-%.2'!+2(!'5C.$./.,5!/#2%$.>-%'(!%#!%&'!C$#(-/%.#2!#"!,-/&!<#$=,DU!VH;'F+2.+2D!

788XD! C?! XZ! <&.;'! (.,C;+1.2)! &.,! "$-,%$+%.#2! >1! C#,.2)! %&'! B-',%.#2! S<&1! (#',!

<$.%%'2! .2,%$-/%.#2! ".2(! .%,';"! .2! #CC#,.%.#2! %#! C$+/%./+;! .2,%$-/%.#2mU! VH;'F+2.+2D!

788XD! C?! XZ! N'! (',/$.>',! %&'! %$'+%.,'! +,! S+! (./%.#2+$1! #"! #-$! %'/&2.B-'! l! %&'!

5'%&#(!'5C;#1'(!/#-;(!>'!/#5C+$'(!%#!%&'!'4'$[<.('2.2)!/.$/;',!/$'+%'(!>1!%&'!

($#CC.2)! #"! +! ,%#2'! .2! +! C#2(DU! VH;'F+2.+2D! 788XD! C?! XZ?! A&.,! .5+).2+%.4'!

(',/$.C%.#2! &.)&;.)&%,! %&'! )$+(-+;! C$#/',,! #"! ('4';#C.2)! +! %'/&2.B-'! #2! +21!

.2,%$-5'2%! +2(! %&'! .5C#$%+2/'! #"! %&','! .2/$'5'2%+;! ,%'C,?! SA&'! >',%! 5'%&#(! %#!

"#;;#<!.2!%&'!,%-(1!#"!%'/&2.B-'!.,!%#!%$+/'!+!,C.$+;D!,%+$%.2)!"$#5!+!,#-2(!>+,.,!+2(!

'2(.2)! +%! %&'! 'F%$'5'! ;.5.%! #"! C&1,./+;! C#,,.>.;.%.',DU! VH;'F+2.+2D! 788XD! C?! YZ?! N'!

)#',!#2!%#!,%+%'!%&+%^!SR4'2!'FC'$.'2/'(!4.$%-#,#,!<.;;!".2(!.2!.%!V%&'!%$'+%.,'Z!"##(!

"#$! .2,%$-/%.4'! 5'(.%+%.#2DU! VH;'F+2.+2D! 788XD! C?! YZ?! A&.,! C#.2%! /#2".$5,! %&'!

9W!

!
.5C#$%+2/'!#"!$.)#$#-,!+2+;1,.,!#"!/';;#!5'%&#(,D!C'(+)#).',!+2(!%'/&2.B-',D!'4'2!

+%! %&'! &.)&',%! ,%+%'! #"! %'/&2./+;! +(4+2/'5'2%?! A&$#-)&! %&.,! C$#/',,D! &.)&! B-+;.%1!

=2#<;'()'! +2(! .2"#$5+%.#2! /+2! >'! C+,,'(! #2! "$#5! C$#"',,.#2+;! %#! ,%-('2%D! %&-,!

/$'+%.2)! +! ],/&##;JD! +2(! +,! %&.,! C$#/',,! #//-$$'(! .2! :,$+';D! ;+$)';1! "#;;#<.2)! %&'!

<#$=! #"! E.',';D! .%! .,! +>,#;-%';1! 4+;.(! %#! /;+.5! %&+%! +! (.,%.2/%! :,$+';.! 0/&##;! .,! .2!

'F.,%'2/'?!!

A&'! A$'+%.,'! .,! (.4.('(! .2%#! (.,%.2/%! ,'/%.#2,D! >').22.2)! <.%&! SA&'! <+1! #"!

&#;(.2)!%&'!4.#;#2/';;#?U'N'$'!%&'!>+,./!"-2(+5'2%+;,!#"!>').22.2)!%#!C;+1!%&'!/';;#!

+$'!#-%;.2'(^!S%&'!"-2(+5'2%+;!C$.2/.C;'!.,!%&'!2'/',,.%1!#"!;'+4.2)!%#!%&'!>#(1!#"!

%&'! .2,%$-5'2%! .%,! "$''(#5! <.%&! +! 4.'<! %#! %&'! C$#(-/%.#2! #"! -2%$+55';;'(!

,#2#$.%1?U! :%! /#2%.2-',! <.%&! %&'! "#;;#<.2)! (.4.,.#2,D! #"%'2! $'";'/%.2)! %&'! ;+1#-%! #"!

0';;+J,!%&',.,^!

40&'#1:! 7(6#'#(1X! SA&'! ,'+%! #"! %&'! /&+.$! ,&#-;(! >'! #2! +! ;'4';! <.%&! %&'! =2''! #"! %&'!

C;+1'$Uf,.%%.2)!#2!S%&'!"#$<+$(!'()'!#"!%&'!/&+.$?U!V788XD!C?!98Z!H;'F+2.+2!$'"'$,!

%#!S%&'!;'"%!"##%!l!+!;.%%;'!"#$<+$(!+2(!<.%&!%&'!%#'!%-$2'(!,;.)&%;1!#-%<+$(,?U!A&.,!

C#.2%!$'"'$$.2)!%#!%&'!C#,.%.#2.2)!#"!'+/&!;')!+2(!"##%!;.2=,!.2!<';;!<.%&!6M.!E.',';J,!

.('+,! #2! %&'! 5+%%'$! <&./&! /+2! >'! C'$/'.4'(! +,! -2-,-+;! %#! ,#5'! ]#$%&#(#FJ! /';;#!

C'(+)#)-',?! E.',';! -%.;.M',! %&'! "##%! C#,.%.#2.2)! %#! '2+>;'! ]%-$2.2)! #"! %&'! /';;#DJ!

#"%'2!-,.2)!%&'!=2'',D!<&./&!).4',!%&'!/';;.,%!+2!.('+;!+2);'!%#!C$#(-/'!+!"-;;!%#2'D!

.2!5-/&!%&'!,+5'!<+1!+,!%&'!4.#;.2.,%!/+2!%-$2!%&'!.2,%$-5'2%!<.%&#-%!%&'!-,'!#"!+!

,&#-;('$! $',%?! H;'F+2.+2! +;,#! $'"'$,! %#! %&'! C#,.%.#2.2)! #"! %&'! .2,%$-5'2%! #2! %&'!

C;+1'$J,! /&',%n! ,#5'%&.2)! %&+%! E.',';! 5+.2%+.2,! .,! #"! /$-/.+;! .5C#$%+2/'! S%&'!

78!

!
.2,%$-5'2%! >'.2)! C$',,'(! +)+.2,%! %&'! /&',%! #"! %&'! C;+1'$DU! V6?! E.',';D! C'$,#2+;!

/#55-2./+%.#2D! 7c! b+2-+$1! 7899Z?! A&.,! /#2/'C%! #"! /&',%! C;+/'5'2%! #"! %&'! /';;#!

(./%+%',! %&'! '2%.$'! ,.%%.2)! C#,.%.#2! +2(! '4'2%-+;;1! &+,! ,.)2."./+2%! .5C;./+%.#2,! "#$!

%&'!-,'!#"!>#%&!&+2(,?!!

3-0!,&.!(@!-(/2#1:!'-0!$(,A'H;'F+2.+2!-,',!C&#%#)$+C&./!.2,%$-/%.#2,!+2(!,%$',,',!

%&'! .5C#$%+2/'! #"! C$+/%./.2)! >+,./! C#,.%.#2,! +2(! 5#4'5'2%,! $0@(%0! %+=.2)! +! >#<!

.2%#! %&'! &+2(^! S:! /+22#%! .5C$',,! %##! 5-/&! #2! %&'! >').22'$! %&'! 2'/',,.%1! #"!

$'C'+%.2)! %&','! 5#4'5'2%,! "$'B-'2%;1! +2(! +,! ,;#<;1! +,! C#,,.>;'D! >'"#$'!

+%%'5C%.2)! %#! -,'! %&'! >#<?U! V788XD! C?! 98Z! N'! ($+<,! +! C+$+;;';! >'%<''2! %&'! %<#!

&+2(,^!S%&'$'!.,D!+21<+1D!+!/'$%+.2!$','5>;+2/'!>'%<''2!%&'!$.)&%!&+2(!C$'C+$'(!

%#!)$+,C!%&'!>#<!+2(!%&'!;'"%!&+2(!V".$,%!(.,C#,.%.#2Z!C$'C+$'(!%#!C;+1DU!V788XD!C?!

98e99Z?! K&#%#)$+C&,! +$'! .2/;-('(! (.,C;+1.2)! %&'! 'F%'2('(! C+;5! +2(! %&'!

.2,%$-/%.#2! %#! S/;#,'! %&'! %&-5>! #4'$! %&'! "+/'! #"! %&'! 72(! ".2)'$DU! V788XD! C?! 99Z?! H!

(.,/-,,.#2! #"! ';>#<! &'.)&%! $';+%',! (.$'/%;1! %#! E.',';J,! %'/&2./+;! .('+,fSH%! 2#!

C#.2%!#"!%&.,!5#4'5'2%!,&#-;(!%&'!';>#<!>'!&.)&'$!%&+2!.%!.,!<&'2!"-$%&',%!"$#5!

%&'!>#(1?U!VH;'F+2.+2D!788XD!C?!9dZ!H;%&#-)&!%&'$'!+$'!5+21!('$.4+%.#2,!#"!';>#<!

&'.)&%! .2! >#<.2)! %'/&2.B-'D! E.',';! ".$5;1! ,%+%',! %&+%! +! ;#<! +2(! $';+F'(! ';>#<!

C$#(-/',! %&'! >',%! C#,,.>;'! %#2'D! %&-,! 5+F.5.,.2)! %&'! /$'+%.4'! +2(! 5-,./+;!

'FC$',,.#2!%&+%!/+2!>'!)+.2'(!"$#5!#2'J,!%'/&2.B-'?!A&.,!.,!,''2!.2!E.',';J,!-,'!#"!

%&'!>+)!#$!,+%/&';!,%$+CC'(!+$#-2(!+!,%-('2%J,!';>#<!+2(!%&'2!.2,%$-/%.#2!%#!C;+1!

<.%&!%&'!+((.%.#2+;!<'.)&%?!H!"$''!+2(!;+$)'$!%#2'!+;5#,%!.24+$.+>;1!$',-;%,?!!

79!

!
 H;'F+2.+2! (',/$.>',! %&'! /&+2)'! .2! %&'! &+2(! +,! %&'! >#<! ($+<,! +/$#,,! %&'!

,%$.2)!"$#5!%&'!"$#)!%#!%&'!%.C!+,!+!S)$+(-+;!,%$+.)&%'2.2)!#"!%&'!C&+;+2)',!#"!+;;!%&'!

".2)'$,! VC+$%./-;+$;1! %&#,'! #"! %&'! %&-5>ZDU! V788XD! C?! 9dZ?! A&.,! .('+! .,! /#2,.,%'2%!

<.%&!E.',';J,!.('+,!+2(!+;;#<,!"#$!+((.%.#2+;!C#<'$!.2!%&'!-CC'$!&+;"!#"!%&'!>#<?!

H;'F+2.+2! /;'+$;1! ('".2',! %&'! %'$5,! ](#<2J! +2(! ]-CJ! >#<^! S5#4'5'2%! #"! %&'! >#<!

"$#5!;'"%!%#!$.)&%!V%&'!&+2(!;'+4.2)!%&'!>#(1Z?U!_>4.#-,;1!%&'!-C[>#<!.,!%&'!.24'$,'D!

>-%! %&.,! ]('".2.%.#2J! ;.2=,! %#! E.',';J,! .('+! #"! 7%07&%&'#(1! #"! '+/&! >#<D! ,#! %&+%! %&'!

(#<2[>#<! /#5',! "$#5! %&'! '2(! #"! %&'! -C[>#<?! :%! +;,#! /#22'/%,! %#! %&'! /#2/'C%! #"!

S5#4.2)! <.%&! %&'! >#(1U! V0''! g-',%.#22+.$'! B-',%.#2,Z! %&+%! E.',';! -,',! .2!

'F+))'$+%.#2! %#! $';'+,'! C&1,./+;! %'2,.#2! +2(! C$#5#%'! "$''! %#2'[C$#(-/%.#2! +2(!

C$#I'/%.#2?! A&'! %$'+%.,'! #-%;.2',! %&'! .5C#$%+2/'! #"! %&'! ]C+$+;;';! >#<.2)! %#! %&'!

>$.()'J!/#2/'C%fS.%!<.;;!>'!2'/',,+$1!%#!.5+).2'!+!;.2'!($+<2!C'$C'2(./-;+$;1!%#!

'+/&! #"! %&','! ,%$.2),! l! %&'! >#<! "#$5,! +! $.)&%! +2);'! %#! '+/&! #"! %&'! ,%$.2),?U!

VH;'F+2.+2D!788XD!C?!9cZ!

:2!(.,/-,,.2)!%&'!/&+2)'!#"!,%$.2),!&'!&.)&;.)&%,!%&'!.5C#$%+2/'!#"!+4#.(.2)!

I'$=1!/&+2)',f-,.2)!%&'!/#2/'C%!#"!]C$'C+$+%.#2J!#"!%&'!+$5!%#!;'+4'!+!,%$.2)!+2(!

%&'2! +$$.4'! #2! %&'! 2'F%! ,%$.2)D! <&./&'4'$! %&+%! 5+1! >'?! A&.,! .,! +;,#! E.',';J,!

C$.2/.C;'!#"!%$+.2.2)!%&'!,%$.2)[/$#,,.2)!5'/&+2.,5D!-,.2)!%&'!';>#<!5#4'5'2%D!+,!

#CC#,'(!%#!%&'!4'$1!/#55#2!-,'!#"!%&'!<$.,%?!A&'!%$'+%.,'!/#2%.2-',D!/#4'$.2)!%&'!

SC$'C+$+%.#2!/#2/'$2.2)!%&'!-,'!#"!%&'!;'"%!&+2(?U!N'!(.,/-,,',!%&'!,'%%.2)!-C!#"!+2!

'""'/%.4'! &+2(! C#,.%.#2! +2(! &.)&;.)&%,! %&'! ;+%'$! .5C#$%+2/'! "#$! +//-$+/1! #"!

.2%#2+%.#2?! A&'! ;'"%[&+2(! ".2)'$,! +$'! (',/$.>'(! +,! >'.2)! S2-%,U! +2(! &#;(.2)!

77!

!
S(.,C#,.%.#2,?U!A&.,!.('+!.,!-,'"-;!+2(!$';+%',!%#!%&'!C'$,#2+;.%1!#"!'+/&!".2)'$!+2(!

&#<! %&.,! 2''(,! %#! >'! #4'$/#5'D! +2(! ,.5-;%+2'#-,;1! +/=2#<;'()'(?! H;'F+2.+2!

.2/;-(',!'F'$/.,',!"#$!".2)'$!697/0660^'S:%!<.;;!+;,#!>'!-,'"-;!%#!<#$=!%&'!".2)'$,!#2'!

>1! #2'! $+.,.2)! +2(! ;#<'$.2)! %&'5! +,! "+$! +,! C#,,.>;'! l! V+%Z! $+C.(! +2(! +%! 'B-+;!

.2%'$4+;,! "$#5! '+/&! #%&'$! l! ! #2'! ,&#-;(! +4#.(D! +,! "+$! +,! C#,,.>;'! %&'! <#$=.2)! #"!

5#$'! %&+2! #2'! ".2)'$! +%! +! %.5'?U' A&.,! .('+! ;.2=,! %#! E.',';J,! /#2/'C%! #"! ]&.%%.2)D!

;."%.2)! +2(! C;-/=.2)J! .2! %&'! ;'"%! &+2(! +2(! %&'! -,'! #"! %&.,! %#! ('4';#C! ,%$'2)%&D!

";'F.>.;.%1! +2(! #12070120150! #"! %&'! ".2)'$,?! A&.,! /+2! +;,#! >'! ,''2! .2! 3#,,5+2J,!

"+5#-,! 'F'$/.,'! "#$! %&'! +).;.%1! +2(! '4'22',,! #"! %&'! ;'"%! &+2(?! V0''! HCC'2(.F! aD!

3#,,5+2!R%-('2D!0/&#%%Z?!

N'!C$#/''(,!%#!(.,/-,,!%&'!"#$5+%.#2!#"!%&'!C#,.%.#2,!#"!%&'!;'"%[&+2(?!A&','!

+$'!.2%'$',%.2);1!(',/$.>'(!+,!](.,C#,.%.#2,J!#"!%&'!;'"%!&+2(!V+,!%&'!(.,C#,.%.#2!#"!

'+/&! ".2)'$! <+,! -,'(! '+$;.'$Z?! A&'! ".$,%! C#,.%.#2! .,! (',/$.>'(! +,! %&'! S/&$#5+%./!

(.,C#,.%.#2!#"!%&'!9,%D!72(D!X$(!+2(!Y%&!".2)'$,DU!VH;'F+2.+2D!788XD!C?!7YZ!A&'!C#,.%.#2!

#"!'+/&!".2)'$!#2!%&'!,%$.2)!.,!(.,/-,,'(!.2!%'$5,!#"!SC$',,-$'!l!5+('!>1!%&'!%.C!#"!

'+/&!".2)'$D!+%!+!C#.2%!#2!%&'!.22'$!,.('!#"!%&'!;+%%'$D!/#$$',C#2(.2)!%#!%&'!;.2'!#"!

%&'!]/-%J!#"!%&'!2+.;!#2!%&'!#-%,.('DU!VH;'F+2.+2D!788XD!C?!7YZ!A&'!C;+/'5'2%!#"!%&'!

%&-5>! #2! %&'! 2'/=! .,! +;,#! (',/$.>'(?! A&.,! +(4./'! $';+%',! %#! E.',';J,! /#2/'C%! #"!

C;+1.2)!#2!%&'!C+(!#"!%&'!".2)'$?!H!(.,C+$.%1!>'%<''2!C;+1.2)!#2!%&'!C+(!+2(!%.C,!

,&#-;(! >'! #>,'$4'(! e! C+$%./-;+$;1! >'%<''2! 'F'/-%.#2! #"! 5&1'#/01&! 5+%'$.+;! +2(!

$+C.(!%'/&2./+;!C+,,+)'<#$=?!A&'!.5C#$%+2/'!#"!%&-5>!C;+/'5'2%!.,!,%$',,'(f.%!

S,&#-;(!+;<+1,!>'!&';(!#CC#,.%'!%&'!72(!".2)'$DU!VH;'F+2.+2D!788XD!C?!7dZ?!A&'!2''(!

7X!

!
%#!+4#.(!C$',,.2)!.,!'5C&+,.M'(D!+,!%&.,!.5C'(',!"+/.;.%1?!A&'!".$,%!%#!"#-$%&!".2)'$!

,&#-;(!"#$5!+!5.2#$!%&.$(D!+2(!%&'!.5C#$%+2/'!#"!%&.,!/#$$'/%!(.,%+2/'!.,!;.2='(!%#!

%&'!/#$$'/%!"$+5.2)!#"!%&'!&+2(?!L')+$(.2)!%&'!-,'!#"!%&'!>#<D!H;'F+2.+2!&#;(,!%&'!

>';.'"!%&+%!%&#-)&!;'"%[&+2(!%'/&2.B-'!.,!&.)&;1!/#5C;'FD!%&'!$.)&%!&+2(!.,!.2".2.%';1!

5#$'!,#!+2(!<.;;!'4'2%-+;;1!2#5'&'0!5+21!;'"%[&+2(!"-2/%.#2,?!_2!/0:&'(B!&'!,%+%',^!

S_"%'2! %&'! /&+2)'! #"! >#<! .,! 2#%! %&'! $',-;%! #"! +! 5-,./+;! .2%'2%.#2D! >-%! .,! >$#-)&%!

+>#-%!>1!%&'!>#<!&+4.2)!$'+/&'(!#2'!#"!.%,!'F%$'5.%.',?U!N'$'!+2!.2%'$',%.2)!;.2=!.,!

C$#4.('(! >'%<''2! %&'! ;.5.%+%.#2,! #"! %'/&2./+;! 5'/&+2./,! +2(! %&'.$! 5-,./+;!

"-2/%.#2?!H;'F+2.+2!+;,#!'5C&+,.,',!%&+%!%&'!;'"%!&+2(!5-,%!2#%!.2%'$"'$'!<.%&!%&'!

5#4'5'2%!#"!%&'!>#<D!%&'$'"#$'!%&'!>#<!"-2/%.#2!.,!>+,./+;;1!%&'!,+5'!.2!+!&.)&;1!

+/%.4'! ;'"%[&+2(! C+,,+)'! +,! .%! <#-;(! >'! .2! ;#2)! ,-,%+.2'(! 2#%',?! H! ,'$.',! #"!

SRF'$/.,',!#"!C'$/-,,.#2U!VC?!XWZ!"#;;#<D!<&./&!(.$'/%;1!/#22'/%!%#!E.',';J,!-,'!#"!

C'$/-,,.#2! 'F'$/.,',! %#! ('4';#C! ".2)'$! ,%$'2)%&?! H;'F+2.+2! (',/$.>',! %&.,! +,! %&'!

S$')-;+$.%1! #"! "+;;! +2(! ,%$'2)%&U! <&./&! '4'2%-+;;1! >'/#5',! +! $'";'F! 5#4'5'2%! #"!

$.,.2)!+2(!"+;;.2)!V788XD!C?!XWZ?!

H;'F+2.+2!/#2%.2-',!%#!(',/$.>'!%&'!S5.F'(!-,'!#"!%&'!".$,%!%<#!(.,C#,.%.#2,U!

+2(!S%&'!/&+2).2)!#"!C;+/'!#"!%&'!;'"%!&+2(!+%!%&'!2'/=!#"!%&'!4.#;#2/';;#?U!:2!%'$5,!

#"!".2)'$.2)!/&#./'!V,''!g-',%.#22+.$'!B-',%.#2,Z!&'!+(4#/+%',!%&'!-,'!#"!%&'!,+5'!

,%$.2)!"#$!-2.%1!#"!,#-2(!"#$!5';#(./!$'+,#2,f%&'!5-&1'0%0//0f,.2).2)!,%$.2)?!H,!

$')+$(,! .2%#2+%.#2D! %&'! S2+%-$+;! $-;'U! V788XD! C?! d8Z! #"! %&'! ".2)'$,! 5#4.2)! /;#,'$!

%#)'%&'$! +,! %&'! C.%/&! +,/'2(,! .,! #-%;.2'(D! +,! +$'! %&'! C+$+5'%'$,! #"! %&'! S)-.(.2)!

C#.2%U!#"!%&'!R!#2!%&'!H!,%$.2)!.2!"#-$%&!C#,.%.#2!+,!+!/#5C+,,!"#$!+,/'2(.2)!.2%#!

7Y!

!
%&'! &.)&'$! $').,%'$,! #"! %&'! .2,%$-5'2%?! N'! $'/#55'2(,! C$+/%.,.2)! 'F'$/.,',! .2!

(.""'$'2%!C#,.%.#2,!+2(!#2!(.""'$'2%!,%$.2),!S,#!+,!%#!)'%!+//-,%#5'(!%#!/&+2)',!#"!

C#,.%.#2! #2! 4+$1.2)! %&./=2',,',! +2(! /#2,.,%'2/.',DU! V788XD! C?! d9Z?! H;'F+2.+2!

.2/;-(',! C&#%#)$+C&1! #"! %&'! C$'C+$+%.#2! #"! +! ,&."%D! $'";'/%.2)! E.',';J,! .('+! #"!

C$'C+$.2)! %&'! ;#<'$! ".2)'$! "$#5! -2('$2'+%&! +2(! );.(.2)! )$+(-+;;1! %#! %&'! ,.('!

%#<+$(,!%&'!2'<!2#%'?!:2!&.,!(.,/-,,.#2!#"!7(%'&801'(D!+!;.2=!%#!+2!]#;('$J!,/&##;!#"!

C;+1.2)!.,!,''2?!E.',';!+2(!:,$+';.kL-,,.+2[b'<.,&!,/&##;,!#"!,%$.2)!C;+1.2)!%'2(!%#!

"+4#-$! +-(.>;'! 7(%'&801'#! +,! +2! 'FC$',,.4'! ('4./'?! @.""'$.2)! %1C',! #"! 7(%'&801'#!

+$'! #-%;.2'(D! .2/;-(.2)! %&#,'! "$#5! -2('$2'+%&! %&'! 2#%'! ,&."%.2)! <.%&! +! (.""'$'2%!

".2)'$!%#!%&'!+$$.4+;!".2)'$!#2!%&'!2'<!2#%'?!!

>#$%&'(!.,!(',/$.>'(!+,!'2+>;.2)!S"-;;2',,!#"!%#2'!/#;#-$U!VH;'F+2.+2D!788XD!

C?!WjZ!<&.;'!5+=.2)!$'"'$'2/'!%#!'+$;.'$!,/&##;,!"#$>.((.2)!.%,!$')-;+$!-,'D!(-'!%#!

%&'! (+2)'$,! #"! S.2+//-$+/1! #"! C.%/&U! VH;'F+2.+2D! 788XD! C?! WjZ?! H,! '+$;1! +,! 9W77D!

H;'F+2.+2!,'',!SA&'!"#$%&'(!.,!2#%!+21!5#$'!+!B-+4'$.2)!%&+2!%&'!7(%'&801'(!.,!+!

/&$#5+%./! ,/+;'DU! V788XD! C?! WjZ' A&'! -,'! #"! "#$%&'(! "#$! 'FC$',,.#2! .,! (',/$.>'(! +,!

/#2%$.>-%.2)! %#! %&'! S,.2).2)! #"! +! C&$+,'D! <.%&! %&'! /&+$5! +2(! .2%'2,.%1! #"! +! <+$5!

+2(!<';;[/#;#-$'(!4#./'?U!N'!&.)&;.)&%,!%&'!.5C#$%+2/'!#"!$';+%.4'!-,'!#"!"#$%&'(!S.2!

/#22'/%.#2!<.%&!%&'!4#;-5'!+2(!%&'!'066#'9%&!#"!%&'!%#2',?U!V788XD!C?!WjZ!>#$%&'(!.,!

"-$%&'$! (',/$.>'(! +,! +2! #,/.;;+%.#2! SC$#(-/'(! >1! +! ,;.)&%D! ,-CC;'! +2(! $')-;+$!

5#4'5'2%! #"! %&'! ;'"%! &+2(! +2(! "#$'+$5D! 'F'/-%'(! .2! +! C$+/%./+;;1! 4'$%./+;!

(.$'/%.#2?U! A&.,! ;.2=,! >+/=! %#! %&'! .5C#$%+2/'! #"! %&'! ".$,%! C#,.%.#2! (',/$.C%.#2D! #"!

7d!

!
,-0%0!%#!C;+1!#2!%&'!".2)'$?!A&.,!&.)&;.)&%,!E.',';J,!/$-/.+;!.('+!#"!&+4.2)!+!";'F.>;'!

4.>$+%#!%#!('4';#C!%&'!;'"%!&+2(J,!,-CC;'2',,!+2(!%&'!.2(.4.(-+;.%1!#"!'+/&!".2)'$?!!

H;'F+2.+2! +(4.,',! %&+%! %&'! "#$%&'(! >'! C$#(-/'(! #2! %&'! S";',&1U! C+$%! #"! %&'!

".2)'$!+2(!+;,#!C#.2%,!%#!S+!,;.)&%!.2%'$2+;!('4.+%.#2!#"!%&'!>#2'U!V788XD!C?!WjZ?!A&.,!

C#.2%! ;.2=,! %#! E.',';J,! /#2/'C%! #"! %&'! ".2)'$! 5#4'5'2%! .2! "#$%&'(! <&./&! &'!

('5#2,%$+%',! %#! ,%-('2%,! >1! C;+/.2)! &.,! #<2! ".2)'$! #2! %&'! ,%-('2%J,! ".2)'$! +2(!

5+2.C-;+%.2)! .%! ,#! %&+%! %&'! "'';.2)! #"! $';+F+%.#2! +2(! ".$52',,! #"! >#2'! .,! 7&/7&$/0?!

N'!+(4.,',!%&+%!'+/&!".2)'$!,&#-;(!#2;1!>'!4.>$+%'(!#2!S"#$!%&'!;'2)%&!#"!%&'!%.5'!

%&+%!.%!.,!.2!C;+1U!V788XD!C?!WjZ?!H;'F+2.+2!+;,#!+(4.,',!+)+.2,%!%&'!-,'!#"!'F%'2,.#2,!

-,.2)! "#$%&'(! >-%! C#.2%,! %#! %&'! #C%.#2! #"! 4.>$+%.2)! %&$#-)&! %&'! .2.%.+;! 2#%'D!

'F%'2(.2)!)'2%;1D!$'+/&.2)!%&'!2'<!2#%'!+2(!%&'2!,%+$%.2)!"#$%&'(?!A&.,!/+2!>'!,''2!

+,! ,-))',%.4'! #"! E.',';J,! "#$%&'(! 'F'$/.,',! <&'$'! %&'! "#$%&'(! .,! ('4';#C'(! .2!

'F%'2,.#2,D! ,#! %&+%! '+/&! (.,%+2/'! >'%<''2! +21! /#5>.2+%.#2,! #"! ".2)'$,! /+2! >'!

,'+5;',,;1!I#.2'(!>1!+!)##(!"#$%&'(?!A&'$'!+$'!5+21!/$.%./,!#"!%&.,!5'%&#(D!>-%!%&'!

$',-;%.2)!/#22'/%.#2!#"!%#2'!.,!4'$1!(',.$+>;'!+2(!/$'+%',!5+21!2'<!C#,,.>.;.%.',!

"#$! ".2)'$.2)! .2! 5&1'#/01&! C+,,+)',! %&+%! <#-;(! +4#.(! +-(.>;'! ,&."%,! #$! &.(('2!

/&+2)',! #"! C#,.%.#2! %&+%! 5+1! 2#%! &+4'! +21! C+$%./-;+$! 'FC$',,.4'! C-$C#,'?!

H;'F+2.+2! +(4.,',! +)+.2! &'$'! %&+%! S+;;! /$+5C.2)! #"! %&'! %&-5>! 5-,%! >'! +4#.('(U!

<&./&! ;.2=,! %#! E.',';J,! .('+! #"! %'+/&.2)! #"! "#$%&'(! S+,! ."! %&'$'! .,! 2#! %&-5>U! V6?!

E.',';D!C'$,#2+;!/#55-2./+%.#2D!7c!b+2-+$1!7899ZD!<&./&!,-//',,"-;;1!+4#.(,!,-/&!

/$+5C,D!'2+>;',!'F%'2('(!C#,.%.#2,D!+2(!'2/#-$+)',!%&'!2.2'%1[(')$''!+2);'!#"!%&'!

;'"%! &+2(! "$+5'! %#! %&'! ".2)'$>#+$(! #"! %&'! .2,%$-5'2%?! 62;.='! E.',';D! H;'F+2.+2!

7j!

!
+CC'+$,!%#!>';.'4'!%&+%!,%-(1!#"!"#$%&'(!S(#',!2#%!/+;;!"#$!,C'/.+;!'F'$/.,',U!V788XD!

C?! WhZ?! K'$&+C,! H;'F+2.+2! C$'"'$,! %#! ('4';#C! %&'! ;'"%! &+2(! +2(! +<+$'2',,! #"! %&'!

"#$%&'(! )$+(-+;;1! %&$#-)&! %&'! 'FC'$.'2/'! +2(! 5-,./+;! .2,%.2/%! #"! %&'! ,%-('2%?! ! N'!

(#',D! &#<'4'$D! C$#(-/'! +! 5-,./+;! 'F+5C;'! (.,C;+1.2)! %&'! S#,/.;;+%.#2,! #"! %&'!

"#$%&'(U!V788XD!C?!WhZ!<&./&!,&#<,!+!)$+(-+;;1!,C'(!-C!4.>$+%#!#,/.;;+%.2)!>'%<''2!

%<#! 2#%',D! +;5#,%! ;.='! +! %$.;;D! <&'$'! %&'! (.,%+2/'! >'/#5',! )$+(-+;;1! ,5+;;'$! +2(!

%&'!%'2('2/1!#"!%&'!5#4'5'2%!.,!%#<+$(,!%&'!-CC'$!2#%'D!,#!+!"#$%&'(!#2!+!3!,&+$C!

<#-;(! .2/;.2'! %#<+$(,! %&'! @! 2+%-$+;?! Q.='! E.',';D! H;'F+2.+2! +(4.,',! %&+%! .%! .,! 2#%!

2'/',,+$1D! #$! .2(''(! C#,,.>;'! %#! 4.>$+%'! S.2! /'$%+.2! $+C.(! 4.$%-#,#! C+,,+)',DU!

V788XD! C?! WhZ! +,! .%! .2%'$"'$',! <.%&! %&'! +).;.%1! #"! %&'! &+2(?! :2! +((.%.#2! .%! /+2! >'!

+$)-'(!%&+%!%&'!".2)'$,!,&#-;(!;+2(!#2!+!(.""'$'2%!C+$%!#"!%&'!";',&!.2!+!"+,%!C+,,+)'!

"#$! C$'/.,.#2! #"! ]$.,'! +2(! "+;;J! +2(! %&'$'"#$'! /;+$.%1! #"! +$%./-;+%.#2?! A&.,! .,!

C+$%./-;+$;1! '4.('2%! .2! C+,,+)',! .2! %&'! %&-5>! C#,.%.#2,?! H;'F+2.+2! +;,#! &';C"-;;1!

$'"'$,!%#!%&'!$#;'!#"!"#$%&'(!.2!$'C'$%#.$'D!,%+%.2)!%&+%!#"%'2!"#$%&'(!.2!%&'!/';;#!C+$%!

#"!+!/&+5>'$!<#$=!/+2!(.,%-$>!%&'!4#./'!%&+%!&+,!+!5#$'!C$.2/.C+;!$#;'!,#!.%!2''(,!

%#!>'!+(I-,%'(!+2(!5#(.".'(!+//#$(.2)!%#!%&'!.5C#$%+2/'!#"!%&'!C.%/&',!.2!B-',%.#2?!!

H;'F+2.+2! .2%$#(-/',! %&'! %&-5>! C#,.%.#2! SC$'C+$+%.#2! "#$! %&'! -,'! #"! %&'!

2-%[%&-5>DU!V788XD!C?!97dZ!'F/;+.5.2)!&.,!"$-,%$+%.#2!+%!%&'!<.(';1!+,,-5'(!51%&!

%&+%!%&'!%&-5>!C#,.%.#2!.,!S+5#2)!%&'!)$'+%!(.""./-;%.',!#"!#-$!.2,%$-5'2%U!V788XD!

C?!97dZ?!N'!+,,'$%,!%&+%!-2%.;!".)-$',!,-/&!+,!a#//&'$.2.D!+2(!'4'2!.2!/'$%+.2!N+1(2!

B-+$%'%! C+$%,! +2(! ,#5'! ,5+;;! 'F/'$C%,! #"! *#M+$%D! +2(! #"! /#-$,'! %&'! N+1(2! /';;#!

/#2/'$%.D! S%&'! 2#$5+;! '066#'9%&! #"! %&'! 4.#;#2/';;#! <+,! /#2".2'(! %#! %&'! 2'/=?U! N'!

7h!

!
'F%#;,!%&'!4.$%-',!#"!%&'!-,'!#"!%&'!%&-5>D!+(($',,.2)!%&'!C#,,.>.;.%.',!#"!-,.2)!+;;!

".4'! ".2)'$,! +,! S2-%,U! V788XD! C?! 97dZ?! A&.,! (#',D! .2(''(D! ($+5+%./+;;1! '2&+2/'! %&'!

C#,,.>.;.%.',!#"!%&'!;'"%!&+2(D!+2(!%&'!-,'!#"!%&'!"#-$%&!".2)'$!.2!%&-5>[C#,.%.#2!/+2!

>'!,''2!+,!"+$!>+/=!+,!a#//&'$.2.D!+2(!<+,!C'$&+C,!5#,%!,-//',,"-;;1!'5C;#1'(!>1!

@+2.;!0&+"$+2!<&#!'F%'2('(!.%,!#CC#$%-2.%.',!"#$!-,'!.55'+,-$+>;1?!!

H;'F+2.+2! +(4.,',! %&+%! %&'! %&-5>! .,! %#! >'! C;+/'(! +/$#,,! %&'! ,%$.2),!

C'$C'2(./-;+$;1D!+2(!.,!#"!%&'!>';.'"!%&'!%&-5>!,&#-;(!;.'!+/$#,,!%<#!,%$.2),D!<.%&!

5#$'! C$',,-$'! #2! %&'! ;#<'$! ,%$.2)?! A&.,! +;;#<,! "#$! )$'+%! ,%+>.;.%1D! C+$%./-;+$;1! .2!

#/%+4'!C+,,+)',D!+2(!.,!+;,#!+(4#/+%'(!>1!E.',';?!E.',';!(',/$.>',!C;+1.2)!]#2!%&'!

>#2'J! #"! %&'! %&-5>?! 0#5'! /';;.,%,D! V.2/;-(.2)! K+-;! A#$%';.'$Z! &#<'4'$D! (#! 2#%! -,'!

%&.,!5'%&#(!#"!C;+1.2)!#2!%<#!,%$.2),!+2(!C$'"'$!%#!>'!#2;1!#2!%&'!,%$.2)!%&'1!+$'!

C;+1.2)!#2?!E.',';D!&#<'4'$D!%+=',!%&.,!+!,%'C!"-$%&'$!.2!/'$%+.2!/+,',!>1!C-,&.2)!

%&'!%&-5>!.2!%&'!(.$'/%.#2!#"!+!%&.$(!,%$.2)!,#!%&'$'!.,!+!4'$1!,#;.(!>+,.,?!RF'$/.,',!

"#$!%&'!,.F%''2!".$,%!(.,C#,.%.#2,!#"!%&'!".4'!".2)'$,!+$'!<$.%%'2!#-%!.2!5.2-%'!('%+.;!

<.%&! 5+21! 'F'$/.,',! "#$! +;;! (.""'$'2%! /#5>.2+%.#2,! #"! ".2)'$,! +2(! C#,.%.#2,?!

@'%+.;'(! 'F+5C;',! "$#5! $'C'$%#.$'! +$'! +;,#! ).4'2! %#! ,->,%+2%.+%'! '+/&?! H;'F+2.+2!

)#',! #2! %#! #-%;.2'! +;;! (#->;'! ,%#C,! +2(! /#5>.2+%.#2,! +,! 'F%'2,.#2,! #"! %&'! >+,./!

(.,C#,.%.#2,! +;$'+(1! #-%;.2'(! +2(! %&'! 5#4'5'2%! >'%<''2! '+/&! +,! (.""'$'2%!

4+$.+%.#2,!#"!]/&+2)',!#"!C;+/'?J!

K+>;#! 3+,+;,! .,! <.%&#-%! (#->%! #2'! #"! %&'! )$'+%',%! ".)-$',! .2! %&'! &.,%#$1! #"!

/';;#! C;+1.2)! +2(! &+,! &+(! +! ,%$#2)! .2";-'2/'! #2! 5+21! +,C'/%,! #"! :,$+';.! /';;#!
7c!

!
C;+1.2)!+2(!C'(+)#)1?!N.,!%'+/&.2)!#"!a'$2+$(!G$''2&#-,'!&+(!+!(.$'/%!.5C+/%!#2!

%&'!C;+1.2)!+2(!%'+/&.2)!#"!6M.!E.',';!+2(!;+%'$!5#$'!(.$'/%;1D!.2!E.',';J,!,%-(.',!

<.%&! &.5! .2! K$+(',?! A&.,! .2! %-$2! <+,! "-$%&'$! <#4'2! .2%#! %&'! :,$+';.! C'(+)#)./!

%$+(.%.#2! %&$#-)&! E.',';J,! C$#"',,#$,&.C! +%! %&'! L->.2! H/+('51! .2! A';[H4.4D! +2(!

a'$2+$(! G$''2&#-,'J,! "$'B-'2%! 4.,.%,! %#! :,$+';! -2('$! %&'! +-,C./',! #"! %&'! :,$+';!

3';;#!0#/.'%1?!!

E&.;'! .2! 'F.;'! .2! 0C+.2D! 3+,+;,! >')+2! %'+/&.2)! #2;1! .2! 9WYj! <&'2!

G$''2&#-,'D!C$'4.#-,;1!%+-)&%!>1!0+;5#2(D!H;'F+2.+2!+2(!R5+2-';!`'-'$5+22!.2!

%&'! 62.%'(! 0%+%',D! ,#-)&%! #-%! %&'! )$'+%! 5+,%'$J,! )-.(+2/'! %#! "-$%&'$! &.,! C;+1.2)!

Va+;(#/=D! 9WW7D! C?! 9hhZ?! :2! ,C.%'! #"! +! $'"'$'2/'! "$#5! H;'F+2.+2D! 3+,+;,! <+,!

$';-/%+2%! %#! %+='! #2! G$''2&#-,'D! >-%! ;+%'$! $';'2%'(fS&'! >$#='! (#<2! 3+,+;,J!

$',.,%+2/'!%#!%&'!.('+!#"!%'+/&.2)!+%!+;;?U!a+;(#/=!C#.2%,!%#!%&'!%.5'!%&'!%<#!/';;.,%,!

,C'2%! (.,/-,,.2)! S5-,./+;! %'/&2.B-'U! V9WW7D! C?! 9hcZ^! +2! .('+! %&+%! -2.".',! %&'!

%'/&2./+;!+2(!5-,./+;!+CC$#+/&',!<&./&!/+2!>'!,''2!.2!%&'!2-5>'$!#"!5'%&#(,!+2(!

4#;-5',! %&'! $','+$/&'$! &+,! 'F+5.2'(?! A&'! 4.,.%,! #"! /';'>$+%'(! /';;.,%,! .2/;-(.2)!

O+$+! T';,#4+D! H5+$1;;.,! `;'5.2)! +2(! 3&$.,%#C&'$! a-2%.2)! +$'! $'/+;;'(D! <.%&!

a-2%.2)!(',/$.>.2)!3+,+;,!+,!S-2>';.'4+>;1!+2+;1%./+;D!#>,',,.4';1!+2+;1%./+;?U!A&'!

C#%'2%.+;!;.5.%+%.#2,!#"!3+,+;,J!C'(+)#)./+;!5'%&#(!+$'!2#%'(!>1!a+;(#/=D!+,!S%&'$'!

<#-;(! #2;1! >'! #2'! .2%'$C$'%+%.#2?U! E.',';! &.5,';"! .,! $'"'$$'(! %#! .2! %&.,! /&+C%'$!

V9WW7D! C?! 9hcZ! <&'$'! .%! .,! $'/+;;'(! %&+%! +"%'$! %&$''! 5#2%&,! #"! ,%-(1! .2! K$+(',! .2!

9WddD! E.',';! >')+2! SC;+1.2)! ;.='! p3+,+;,qf.5.%+%.2)! %&'! ,5+;;',%! )$+(+%.#2! #"!

7W!

!
/#;#-$D!.2%#2+%.#2D!,C''(D!);.,,+2(.D!C&$+,.2)!l!:!<+,!>'/#5.2)!+!;',,'$!$'C;./+!l!

+2(!:!"';%!+$%.,%./+;;1!,%$+2);'(D!,#!:!&+(!%#!;'+4'!>'"#$'!.%!<+,!%##!;+%'?U!

a+;(#/=! 2#%',! %&+%! 3+,+;,! 4.'<'(! 5-,./! +,! %&'! &.)&',%! C$.#$.%1! +2(! %&+%!

S%&'$'!<+,!2#!;+<!#"!%&'!/';;#!&'!<#-;(!2#%!>$'+=!."!&'!%&#-)&%!%&'!5-,./!$'B-.$'(!

.%U! V9WW7D! C?! 9hWZ?! N'! +;,#! $'"'$,! %#! #2'! #"! %&'! 5#,%! .5C#$%+2%! +,C'/%,! #"! 3+,+;,J!

+CC$#+/&!%#!,%$.2)!C;+1.2)!+2(!%&'$'"#$'!5-,./.+2,&.C!+2(!.2%#2+%.#2?!3+,+;,!,+<!

2#%',!2#%!.2!+!5+%&'5+%./+;!<+1!>-%!.2!+!,%+%'!<&'$'!%&'1!/#-;(!>'!S4+$.+>;'!,%+)',!

.2! +! ('4';#C.2)! #$)+2./! ;.2'?U! a+;(#/=! +;,#! #>,'$4',! 3+,+;,J! .2,.,%'2/'! #2!

C'$/-,,.4'! ;'"%[&+2(! %'/&2.B-'D! <&./&! .,! ,''2! C+$%./-;+$;1! .2! %&'! %'+/&.2)! #"!

G$''2&#-,'! +2(! +;,#! .2! %&'! ;'"%[&+2(! 'F'$/.,',! #"! E.',';D! +2(! &.,! $'4#;-%.#2+$1!

.5C+/%! #2! ".2)'$.2)! V9WW7D! C?! 9c8Z?! N'! 2#%',! 3+,+;,J! 5#(."./+%.#2,! #"! ';.5.2+%.2)!

"#$5+;! ,&."%,! +2(! '5C&+,.M',! %&'! .5C#$%+2/'! #"! C;+1.2)! .2! +,! 2+%-$+;! +! <+1! +,!

C&1,./+;;1!C#,,.>;'?!:2!%&'!$','+$/&'$J,!.2%'$4.'<,!(.,/-,,.2)!3+,+;,D!E.',';!+(('(!

%&+%^! SN'! $'+;;1! "$''(! #-$! ;'"%[&+2(! %'/&2.B-'! >1! /&+2).2)! #-$! /#2/'C%.#2! #"!

C#,.%.#2,! "$#5! ,%.""2',,! %#! ";'F.>.;.%1D! +2(! >1! ,%$'%/&.2)! &'! )+4'! +! 2'<!

.2('C'2('2/'! %#! %&'! ".2)'$,?U! :2! %'$5,! #"! "#$%&'(D! 3+,+;,! &+(! ,C'/."./! +(4./'! "#$!

G$''2&#-,'D! <&#D! +;$'+(1! +! ('4';#C'(! /';;.,%! +%! %&'! +)'! #"! %&.$%1D! <+,! %#;(! %#!

'5C;#1! S+2! +$5! "#$%&'(! "#$! %&'! ;#<'$! ,%$.2),D! +2! ';>#<! "#$%&'(! "#$! %&'! 5.((;'!

,%$.2),D! +2(! +! ".2)'$! "#$%&'(! "#$! %&'! &.)&'$! $').,%'$?U! G$''2&#-,'! +/=2#<;'()'(!

%&','! +(I-,%5'2%,! ,+1.2)! %&+%! %&'1! S/&+2)'(! 51! <&#;'! +CC$#+/&! %#! C&$+,.2)U!

Va+;(#/=D!9WW7D!C?!9c8Z!

X8!

!
 SK;+1!"$#5!%&'!,#-;D!2#%!;.='!+!%$+.2'(!>.$(oU!Va;-5D!C?!9cZ!,+.(!3?K?R?!a+/&D!

.2(./+%.2)!%&'!$'/-$$.2)!%&'5'!'4'2!+%!%&+%!%.5'D!#"!%&'!.5C#$%+2/'!#"!'FC$',,.#2!

>'.2)! .2! %+2('5! <.%&! %'/&2./+;! %$+.2.2)?! :2! (.,/-,,.2)! %&'! %'/&2./+;! $'+;.M+%.#2! #"!

(12+5./,!+2(!%&'!<+1!.2!<&./&!+,/'2(.2)!+2(!(',/'2(.2)!C+%%'$2,!)'2'$+;;1!;'+(!

%#! +! 2+%-$+;! 5%065012(! #$! 2#8#19012(D! 3+,+;,! .,! B-#%'(! >1! a;-5! +,! ,+1.2)! S1#-$!

.2%-.%.#2! <.;;! %';;! 1#-! <&'2! %&'! 'F/'C%.#2,! #//-$U! V9WhhD! C?! 7YZ?! A&.,! C'$&+C,!

$'4'+;,! 3+,+;,! -,.2)! .2%-.%.#2! .2! %+2('5! <.%&! &.,! -2(#->%'(! .2%';;'/%-+;!

,-C$'5+/1?!!

A&'! %'2('2/1! %#! +4#.(! +! ($1! %'/&2./+;! +CC$#+/&! %#! .2%'$C$'%+%.#2! .,! +;,#!

,''2! .2! 3+,+;,J! /#55'2%^! S.%J,! 2#%! +! C+,,+)'f.%J,! +! <#2('$"-;! 5';#(1oU! Va;-5D!

9WhhD! C?! YWZ?! A&.,! (.,C;+1,! &.,! (''C! 5-,./.+2,&.C! +2(! +<+$'2',,! %&+%! '4'2! +!

4.$%-#,./! C+,,+)'! 5-,%! &+4'! C&$+,.2)! +2(! 'FC$',,.#2?! :2! %&'! 3&+C%'$! ]@./%.#2! "#$!

:2,%$-5'2%+;.,%,DJ! a;-5! .2/;-(',! +2! 'F+5C;'! "$#5! %&'! a''%&#4'2! #C?! 987! 2#?! 9!

0#2+%+! <&'$'! S/#2,.('$+>;'! ('5+2(,! +$'! 5+('! -C#2! %&'! ";'F.>.;.%1! +2(!

$',C#2,.4'2',,! #"! %&'! >#<! +$5?! E.%&! %&'! 2#8#19012(! /#5',! +! ,;#<.2)! #"! >#<!

,C''(!+2(!$';'+,'!#"!C$',,-$'n!%&'!,->,'B-'2%!+//'2%-+%.#2!#2!%&'!".$,%!#"!%&'!;.%%;'!

2#%',! $'B-.$',! +! B-./='2.2)! #"! >#<! ,C''(! +2(! $'['F'$%.#2! #"! C$',,-$'?U! Va;-5D!

9WhhD!C?!dWZ!A&.,!&.)&;.)&%,!%&'!';'4+%'(!-,'!#"!3+,+;,J!>#<.2)!%'/&2.B-'!%#!'2+>;'!

%&'! $'+;.,+%.#2! #"! 2#%! #2;1! a''%&#4'2J,! ('5+2(,D! >-%! %&'! &'.)&%'2'(!

/#55-2./+%.#2! #"! 3+,+;,J! 'FC$',,.#2?! :2! (.,/-,,.2)! S%.5'! $';+%.#2,&.C,DU! a;-5!

B-#%',!3+,+;,J!+(4./'!%#!,%-('2%,^!S"+2%+,1!+,!5-/&!+,!1#-!;.='f>-%!<.%&!#$('$oU!

V9WhhD!C?!jWZ?!A&.,!.,!>+;+2/'(!>1!&.,!/#55'2%,!$')+$(.2)!%&'!$',%$./%.#2,!.5C#,'(!

X9!

!
>1!%&'!<$.%%'2!2#%'!%&+%!&'!,+<!+,!>'.2)^!S;.='!+!,%$+.%!I+/='%D!<&'$'+,!5-,./D!;.='!

;."'! .%,';"D! .,! /#2,%+2%! 5#4'5'2%D! /#2%.2-#-,! ,C#2%+2'.%1D! "$''! "$#5! +21!

$',%$./%.#2?U!V9WhhD!C?!h8Z!

:2!%&'!/&+C%'$!'2%.%;'(!S:2,.)&%,!"#$!0%$.2)!K;+1'$,U!VC?!989ZD!a;-5!)#',!.2%#!

,#5'! ('%+.;! $')+$(.2)! 5+%%'$,! #"! .2%#2+%.#2D! B-#%.2)! 3+,+;,^! S:2%#2+%.#2! .,! +!

B-',%.#2!#"!/#2,/.'2/'?!i#-!&'+$!<&'2!+!2#%'!.,!"+;,'!%&'!,+5'!<+1!1#-!"'';!<&'2!

1#-!(#!,#5'%&.2)!<$#2)!.2!;."'?U!A&'!/#2/'C%!#"!0C7%066#"0!.2%#2+%.#2!.,!(.,/-,,'(!

.2!,#5'!('%+.;D!<.%&!+!2-5>'$!#"!-,'"-;!5-,./+;!'F+5C;',!,&#<.2)!%&'!C#%'2%.+;!"#$!

'F%$'5'!(.""'$'2/'!.2!%&'!C;+/'5'2%!#"!+!).4'2!2#%'!<&'2!.%!.,!C;+1'(!.2!+!(.""'$'2%!

/#2%'F%!<.%&.2!+!C&$+,'!+2(!#$!='1!.2!+2#%&'$!<#$=?!K$.2/.C+;;1!a;-5!$'"'$,!%#!%&'!

.5C#$%+2/'!#"!S%&'!C$#C'$!C;+/'5'2%!#"!,'5.%#2',U!VC?!98XZ!+2(!/$-/.+;;1D!%&'!.('+!

#"! ])$+4.%+%.#2+;! +%%$+/%.#2?J! N'$'! %&'! C;+/'5'2%! #"! %&'! ".2)'$,! .2! '+/&! ='1! .,!

)#4'$2'(!>1!%&'!$#;'!'+/&!<.;;!C;+1!.2!$'+;.M.2)!%&'!2#%',!#"!%&'!,/+;'?!A&'!,'/#2(!

+2(!%&.$(!(')$'',!#"!%&'!,/+;'!+$'!($+<2!%#<+$(,!%&'!"#-$%&!+2(!"."%&!V<&./&!"#$5!

C#.2%,!#"!$'C#,'Z!<&.;'!%&'!,.F%&!+2(!,'4'2%&!2#%',!+$'!($+<2!%#<+$(,!%&'!#/%+4'!

$',#;-%.#2?!A&.,!.('+!.,!).4'2!"-$%&'$!<'.)&%!>1!3+,+;,!"+5#-,!+,,'$%.#2!%&+%!S%&'$'!

5+1! >'! +,! )$'+%! +! (.,%+2/'! >'%<''2! R[";+%! +2(! @[,&+$C! +,! %&'$'! .,! <.%&.2! +!

,'5.%#2'! ,-/&! +,! @[2+%-$+;! %#! R[";+%?U! :5C#$%+2%;1D! 3+,+;,! /#5>.2',! >#%&! %&'!

.2%';;'/%-+;! +2(! .2,%.2/%.4'! +CC$#+/&! %#! &.,! 5-,./.+2,&.C?! :2! %&.,! %'/&2./+;! +,C'/%D!

a;-5!2#%',!%&+%!S.2%';;'/%-+;!+<+$'2',,D!.2%-.%.4'!C'$/'C%.#2!+2(!/$.%./+;!;.,%'2.2)!

+;;! C;+1! +! $#;'! .2! %&'! ('%'$5.2+%.#2! #"! %&'! C$'/.,'! (')$''! %#! <&./&! %&'!

.2,%$-5'2%+;.,%! +(I-,%,! &.,! C.%/&?U! :2! +((.%.#2D! %&'! -,'! #"! 'FC$',,.4'! .2%#2+%.#2! .,!

X7!

!
,&#<2!%#!>'/#5'!S+!"#$'5#,%!"+/%#$!.2!%&'!/#55-2./+%.#2!#"!'5#%.#2+;!/#2%'2%U!

%&'$'>1! -2."1.2)! %&'! 'FC$',,.4'! +2(! C-$';1! %'/&2./+;k5'/&+2./+;! $#;',! #"!

.2%#2+%.#2?! :2! ;.2'! <.%&! >#%&! H;'F+2.+2! +2(! *+2%';J,! /#55'2%,! +>#-%! '+,'! #"!

'F'/-%.#2D!3+,+;,!.,!B-#%'(!;+%'$!.2!%&.,!/&+C%'$!+,!/$'+%.2)!S%&'!)$'+%',%!C#,,.>;'!

'""'/%! "#$! %&'! ;'+,%! C#,,.>;'! 'F'$%.#2DU! VC?! 998Z?! H;,#! /#22'/%.2)! +;;! %&'! 'F+5.2'(!

%'F%,!#2!/';;#!C;+1.2)D!3+,+;,!>';.'4'(!.2!%&'!.5C#$%+2/'!#"!&+4.2)!.2('C'2('2/'!#"!

%&'!;'"%[&+2(!".2)'$,D!+2(!.2!+4#.(+2/'!#"!-22'/',,+$1!(.""./-;%.',!&'!,%+%'(^!SE&'2!

1#-!/+2!-,'!%&'!,%$#2)!".2)'$,D!(#2J%!-,'!%&'!#%&'$,!l!<'!2'4'$!)+.2!+21%&.2)!>1!

%$1.2)!%#!(#!%&.2),!+)+.2,%!2+%-$'U!VC?!9X7Z!:2!/#55'2%.2)!#2!"#$%&'(D!<&./&!.,!+;,#!

(.,/-,,'(! .2! a+;(#/=J,! <#$=! .2! 3+,+;,J! +(4./'! %#! G$''2&#-,'D! 3+,+;,! .,! B-#%'(!

,+1.2)D!S4.>$+%#!.,!+!5'+2,!#"!'FC$',,.2)!,'2,.%.4.%1D!>-%!.%!.,!2#%!+!C$##"!#"!.%U!VC?!

9XYZ?!

R5+2-';!`'-'$5+22!.,!B-#%'(!+,!,+1.2)!SA&'!('4';#C5'2%!#"!/';;#!C;+1.2)!

,%##(!,%.;;!<&'$'!/-;%-$'f<&./&!5'+2,!+$%f>').2,DU!V*#$$'+-D!7887D!C?!7X7Z?!:2!

(.,/-,,.2)! %&'! 2')+%.4'! C->;./! +2(! C$#"',,.#2+;! .5C$',,.#2! %&+%! %&'! /';;#!

'2)'2('$'(D! &'! <'2%! ,#! "+$! +,! %#! ,+1! S2#[#2'! &+(! ,&#<2! -C! %#! C$#4'! %&+%! %&'!

<'+=2',,',! #"! %&'! .2,%$-5'2%! /+2! >'! #4'$/#5'! +2(! %&+%! %&'! /';;#! +,! +! ,#;#!

.2,%$-5'2%!/#-;(!'4'2!>'!,-C'$.#$!%#!%&'!4.#;.2!%&$#-)&!.%,!<.('$!$+2)'U!V7887D!C?!

7h9Z?! `'-'$5+22D! ;.='! 0%+$='$! ;+%'$! V,''! C?! 7dZD! +;,#! C#.2%'(! >;-2%;1! %#! %&'!

C$#>;'5,! #"! C##$! /';;#! %'+/&.2)D! ,''.2)! %&.,! +,! %&'! $##%! #"! C$#>;'5,! .2! /';;#!

C;+1.2)^! S:('+,! ('%'$.#$+%'! .2! C+,,.2)! "$#5! )'2'$+%.#2! %#! )'2'$+%.#2D! +2(! 5+21!

%'+/&'$,! +$'! ,%.;;! -,.2)! C$.2/.C;',! <&./&! %&'1! &+4'! $'/'.4'(! +%! %&.$(! #$! "#-$%&!

XX!

!
)'2'$+%.#2!l!2#!]5'%&#(J!,&#-;(!>'!%+='2!#4'$!+2(!C+,,'(!#2!C-$';1!5'/&+2./+;;1?!

0/&##;,! #"! 5-,./+;! %'/&2.B-'! +2(! ,%1;'! >'/#5'! +,! $.).(! +2(! 5'+2.2);',,! +,D! "#$!

'F+5C;'D!C#;.%./+;!C+$%.',?U!

`'-'$5+22! /#22'/%,! %&'! $','+$/&'$! %#! %&'! ('4';#C5'2%! #"! 4.#;.2! ,/&##;!

%&$#-)&! &.,! ;.2=,! %#! 0'4/.=D! <&#! <+,! &.,! 4.#;.2.,%! >$#%&'$J,! C$#"',,#$! VC?! YZ! Q.='!

0%-%,/&'<,=1D! +2(! N#"5'=;'$! VE.',';J,! '+$;1! %'+/&'$ZD! `'-'$5+22! ,%-(.'(! <.%&!

b-;.-,! \;'2)';! "$#5! 9W9h! #2<+$(,?! N'! $'5'5>'$'(! \;'2)';J,! %'+/&.2)! ,%1;'!

%&$#-)&!+!C#,,.>;1!.$#2./!/#55'2%!#"!%&'!)$'+%!L-,,.+2!/';;.,%!G$')#$!K.+%.)#$,=1!

V+;,#!%'+/&'$!#"!%&'!$','+$/&'$J,!"#$5'$!%'+/&'$D!L+C&+';!E+;;".,/&Z^!S:!5+$4';;'(!

+%!\;'2)';J,!+$%!#"!%'+/&.2)!>1!$'+;;1!2#%!%'+/&.2)?U!VC?!9YZ!*#$$'+-J,!,%-(1!.2%#!%&'!

;."'! #"! `'-'$5+22! +;,#! .2/;-(',! 4'$1! &';C"-;! C&#%#)$+C&./! ('C./%.#2,! #"! %&'!

4.$%-#,#J,! ,.%%.2)D! &+2(! +2(! >#<! C#,.%.#2,! .2! (.""'$'2%! 4+$.+%.#2,D! <&./&! /#22'/%!

%&'!$','+$/&'$!>+/=!%#!%&'!"-2(+5'2%,!#"!<&+%!/#5C$.,',!+!,/&##;!V,''!HCC'2(.F!

GZ?!

`'-'$5+22! 5#,%! "+5#-,;1! +,,'$%'(D! S:%! .,! 51! #C.2.#2! %&+%! %&'! >+,./! .;;! #"!

C##$! C;+1.2)! ;.',! .2! %&'! /#5C;'%'! (.,$')+$(! #"! 2+%-$+;! ;+<,U! V7887D! C?! 7hdZ?! A&.,!

'5C&+,.,',!%&'!.5C#$%+2/'!#"!+!,#-2(!>+,.,!+2(!+!/#2,%+2%!+2(!'4#;4.2)!C&1,./+;!

+<+$'2',,! .2! +! /';;.,%J,! ('4';#C5'2%! +%! +21! ,%+)'?! :2%'$',%.2);1D! `'-'$5+22!

'FC$',,',!<.%&!(.,+CC#.2%5'2%!%&+%!#"!%&'!&-2($'(,!#"!/';;.,%,!<&#!&+(!C;+1'(!"#$!

&.5D! +;;! ,&#<'(! +$'+,! #"! ;+/=.2)! +2(! +2! +>,'2/'! #"! ,';"[/$.%./.,5! +2(! #2)#.2)!

('4';#C5'2%! +"%'$! &+4.2)! /#5C;'%'(! %&'.$! ,%-(.',! +2(! '2%'$'(! %&'! C$#"',,.#2^!
XY!

!
S,&#-;(!2#%!%&'!('4';#C5'2%!#"!%&'.$!#<2!"+/-;%.',!>').2!+%!%&.,!C#.2%mU!V*#$$'+-D!

7887D!C?!7hjZ!!

`'-'$5+22J,!.('+,!+>#-%!,';"[/$.%./.,5!/#22'/%!'+,.;1!<.%&!%&#,'!#"!b#+/&.5!

0%-%,/&'<,=1! V0/&#%%D! 9WX7ZD! +! ,.)2."./+2%! ".)-$'! .2! %&'! ('4';#C5'2%! #"! /';;#!

C'(+)#)1! +2(! #2'! #"! %&'! "#-2('$,! #"! /';;#! C;+1.2)! .2! :,$+';?! 0%-%,/&'<,=1!

5'+2.2)"-;;1! ,%+%'(fS%&'$'J,! #2;1! #2'! ,%'C! "$#5! #4'$$+%.2)! #2'J,! <#$=! %#!

-2('$$+%.2)!.%U!V9WX7D!C?!XZ?!N'!&+,!'(.%'(!2-5'$#-,!<#$=,!#"!%&'!/';;#!;.%'$+%-$'!

"#$!C->;.,&'$,!,-/&!+,!K'%'$,!R(.%.#2D!+2(!&.,!.2";-'2/'!%&-,!'FC+2(,!.2%#!5#('$2[

(+1! C'$"#$5+2/'?! A&'$'! .,! +! (.$'/%! ;.2=! %#! E.',';! &'$'D! +,! 0%-%,/&'<,=1! <$#%'!

,#5'! ,&#$%! <#$=,! "#$! &.5! +2(! E.',';! (.,/-,,'(! &.5! .2! +2! .2%'$4.'<! <.%&! %&'!

$','+$/&'$^!!

N'! <+,! %&'! ".$,%! #2'D! <&#! <$#%'! +>#-%! ,.F! 4#;-5',! +2(! '(.%'(! ,#! 5+21!

<#$=,D!.2!<&./&!&'!+2+;1,'(!'4'$1!C&+,'!#"!%&'!%'/&2.B-'?!a-%!:!(#2J%!%&.2=!

&'!%##=!.2%#!+//#-2%!%&'!";'F.>.;.%1!#"!%&'!>#(1!+2(!%&'!&+2(,l(.,$')+$(.2)!

%'2,.#2!+2(!,-/&!%&.2),?!H;;!&.,!'F'$/.,',!+$'!"+2%+,%./!'F'$/.,',!%#!('4';#C!

".2)'$,D! >-%! +;,#! %'2(#2.%.,! +2(! '4'$1%&.2)! ('4';#C'(! "$#5! %&','! %&.2),!

>'/+-,'! %&'1! <'$'! #"%'2! %+='2! %##! ;.%'$+;;1?! V6?! E.',';D! C'$,#2+;!

/#55-2./+%.#2D!7c!b+2-+$1!7899Z?!

0%-%,/&'<,=1! %&#-)&%! #"! &.5,';"! +,! ,#5'%&.2)! #"! +! %$+4';;.2)! b'<.,&!

5-,./.+2! +2(! +/0*80%D! +2(! %#<+$(,! %&'! '2(! #"! &.,! ;."'D! >'/+5'! .2/$'+,.2);1!

/#2/'$2'(! <.%&! +$$+2).2)! %$+(.%.#2+;! b'<.,&! 5';#(.',! "#$! C'$"#$5+2/'! #2! %&'!
Xd!

!
/';;#?! a#$2! .2! %&'! 6=$+.2'D! &'! 5#4'(! %#! Q'.CM.)! .2! 9W8W! %#! ,%-(1! <.%&! \;'2)';?! :2!

9W7Y! &'! 5#4'(! %#! P.'22+D! <&'$'! &'! "#$5'(! %&'! P.'22+! 0%$.2)! g-+$%'%D! <&./&!

C$'5.'$'(!<#$=,!>1!/#5C#,'$,!#"!%&'!T'<!P.'22','!0/&##;D!.2/;-(.2)!H;>+2!a'$)!

VD.%#5!49#'0Z!+2(!H$2#;(!0/&#'2>'$)?!N'!+;,#!+,,-5'(!+!C#,.%.#2!+,!67#%#'96!%05'(%!

#"!%&'!0#/.'%1!"#$!%&'!K$#5#%.#2!#"!b'<.,&!*-,./!+2(!<#$='(!+,!+!/#5C#,'$D!/';;.,%D!

.5C$',+$.#! +2(! I#-$2+;.,%?! K$.#$! %#! %&.,! %.5'! 0%-%,/&'<,=1! ;.4'(! .2! 0<.%M'$;+2(D!

<&'$'! &'! #$)+2.M'(! +2(! )+4'! %&'! ".$,%! /#2/'$%,! #"! b'<.,&! 5-,./?! N'! $'%-$2'(! %#!

0<.%M'$;+2(! .2! 9WXcD! ";''.2)! T+M.! C'$,'/-%.#2! +%! %&'! #-%,'%! #"! %&'! 0'/#2(! E#$;(!

E+$?! Q+%'$! %&+%! 1'+$! &'! '5.)$+%'(! %#! K+;',%.2'D! <&'$'! &'! <+,! %#! ).4'! 5+21!

/#2/'$%,! +2(! ;'/%-$',! /#2/'$2.2)! %&'! b'<.,&! 5-,./+;! .(.#5! VT'5%,#4D! 788dD!

&%%C^kk<<<?5-,./+[I-(+./+?/#5k,%-%r'?&%5D! +//',,'(! 98! H-)-,%! 7899Z?! N.,!

/#5C#,.%.#2+;!,%1;'!.2/#$C#$+%'(!';'5'2%,!#"!%&'!"#;=!%$+(.%.#2,!#"!%&'!H,&='2+M.D!

0'C&+$(./!+2(!i'5'2.%'!b'<,?!!

:2! %&'! "#$'<#$(! %#! %&'! ".$,%! 4#;-5'! #"! 3-0! E%'! (@! ;/&.#1:! '-0! >#(/(150//(B!

0%-%,/&'<,=1!,%+%',^!ST'<!.5C-;,',!"#$!$','+$/&!5-,%!,%+$%!"$#5!<&+%!.,!+;$'+(1!

=2#<2! +2(! +4+.;+>;'! ."! "-$%&'$! =2#<;'()'! .,! %#! >'! )+.2'(?! A&'! ;+<! #"! /#2%.2-#-,!

('4';#C5'2%! .,! .2&'$'2%! .2! 2+%-$'D! .2! +$%! +2(! +;;! (.,/.C;.2'U! V9WX7D! C?! 98Z?! A&.,!

,%+%'5'2%!.,!#"!C+$%./-;+$!.2%'$',%!%#!%&'!$','+$/&'$D!+,!.2!%&'!C$#/',,!#"!('".2.2)!+!

/#2%'5C#$+$1!:,$+';.!,/&##;!#"!/';;#!C;+1.2)!#2'!/+2!#2;1!$'"'$!%#!.2"#$5+%.#2!%&+%!

&+,! +;$'+(1! >''2! +/B-.$'(! +2(! ('4';#C'(! %&$#-)&! /';;.,%,! +2(! C'(+)#)-',! #4'$!

%.5'?!A&'!/#2/'C%!#"!%&'!;.2'!#"!('4';#C5'2%!.,!+;,#!/$-/.+;!+,!%&.,!.,!<&+%!;'+(,!%#!

"-%-$'! +(4+2/'5'2%! .2! C;+1.2)! +2(! %'+/&.2)D! +2(! .2(./+%',! %&+%! +;;! <#$=! .2! %&'!

Xj!

!
/';;.,%./! ".';(! .,! /#2,%+2%;1! '4#;4.2)! +2(! +(+C%.2)! %#! %&'! ('5+2(,! %&+%! 2'<!

$'C'$%#.$'D! .2,%$-5'2%+;! 5#(."./+%.#2,! +2(! C'$"#$5+2/'! /#2(.%.#2,! 5+='! #2! .%?!

A&.,!+;,#!;.2=,!%#!G'$&+$(!*+2%';J,!+,,'$%.#2!V*+2%';D!C?!F4...Z!%&+%!'4'$1!/';;.,%!.,D!

%#! +2! 'F%'2%D! ,';"[%+-)&%?! 0%-%,/&'<,=1! /#2/;-(',! &.,! "#$'<#$(! <.%&! /#2".('2/'D!

+,,'$%.2)^!S:!"'';!,-$'!%&+%!:!&+4'!/$'+%'(!+2!.2,%$-/%.#2+;!<#$=!<&./&!<.;;!>'/#5'!

%&'!/#2,%+2%!/#5C+2.#2!#"!%'+/&'$,!+,!<';;!+,!#"!C-C.;,?U!

:2%'$',%.2);1D! ,#5'%&.2)! <&./&! -2.%',! %&'! <#$=,! #2! "-2(+5'2%+;! /';;#!

%'/&2.B-'! #"! H;'F+2.+2D! *+2%';! +2(! 0%-%,/&'<,=1! .,! %&'! >';.'"! %&+%! %&'$'! <+,! V+%!

'+/&! .2,%+2/'! .2! %.5'D! +;%&#-)&! 0%-%,/&'<,=1! +/=2#<;'()',! H;'F+2.+2J,! <#$=! +,!

>'.2)! 'F&+-,%.4'Z! +! )+C! .2! %&'! >#(1! #"! =2#<;'()'! +,! %#! &#<! >',%! %#! .2,%$-/%! %&'!

%'+/&.2)!#"!%&'!/';;#!+2(!%&#$#-)&!+2+;1,.,!#"!%&'!C&1,./+;!5#4'5'2%,!$'B-.$'(!%#!

$'+;.M'! %&'! '2%.$'! ,/#C'! #"! %'/&2.B-',! +4+.;+>;'! %#! +! C'$"#$5'$^! S%&'! +>,'2/'! #"! +!

,1,%'5+%./+;;1! +$$+2)'(! +2(! ,-.%+>;'! >##=! #"! .2,%$-/%.#2! <+,! =''2;1! "';%?U! A&.,! .,!

+;,#!'4.('2%!.2!%&'!"#$'<#$(!C+,,+)',!%#!H;'F+2.+2!+2(!*+2%';J,!<#$=,!V>1!3+,+;,!

+2(! 0%+$='$! $',C'/%.4';1D! -2(#->%'(;1! %<#! #"! %&'! 5#,%! .5C#$%+2%! +2(!

$'4#;-%.#2+$1! ".)-$',! .2! %<'2%.'%&[/'2%-$1! /';;#! C;+1.2)Z! <&'$'! '+/&! /';;.,%!

(.,C;+1,! "$-,%$+%.#2! +>#-%! %&'! ;+/=! #"! $.)#$#-,! .2"#$5+%.#2! $')+$(.2)! /';;#!

C'(+)#)1D! +2(! +;,#! %&'.$! ,+%.,"+/%.#2! <.%&! %&'! %&#$#-)&2',,! +2(! /#5C;'%'2',,! #"!

'+/&!<#$=!.2!('+;.2)!<.%&!+;;!+,C'/%,!#"!/';;#!C;+1.2)?!:2!%&'!.2%$#(-/%#$1!,'/%.#2!#"!

0%-%,/&'<,=1J,! 5+2-+;D! &'! 5+=',! %&'! .5C#$%+2%! C#.2%! %&+%^! SH,! ;+%'! +,! %&'!

2.2'%''2%&!/'2%-$1!%&'!5+2.C-;+%.#2!#"!,%$.2)'(!.2,%$-5'2%,!<+,!>+,'(!5+.2;1!#2!

]+>.;.%1! <.%&#-%! =2#<;'()'JU! V9WX7Z?! A&.,! /#22'/%,! %#! %&'! $','+$/&'$J,!

Xh!

!
B-',%.#22+.$'! B-',%.#2! $')+$(.2)! %&'! >+;+2/'! >'%<''2! .2%-.%.#2! +2(! +2+;1,.,D! #$!

=2#<;'()'D! .2! +! C;+1'$J,! ('4';#C5'2%?! K'$&+C,! %&.,! ,-))',%,! %&+%! >'"#$'! ,-/&!

('%+.;'(!<#$=,!#2!/';;#!C;+1.2)!<'$'!+4+.;+>;'D!.2,%.2/%!<+,!+;;!%&+%!/#-;(!>'!$';.'(!

-C#2!%#!$'+;.,'!+!%'/&2./+;D!+2(!%&'2!5-,./+;!)#+;?!:2!%&.,!<+1!%&'!C'$"#$5'$!&+(!%#!

".2(!+!<+1!%#!5+='!+!/#5C#,'$J,!.2%'2%.#2,!C#,,.>;'D!<.%&#-%!+!5'%&#(./+;!$.)#-$!

%#!,.5C;."1!%&.,!C$#/',,?!!

0%-%,/&'<,=1! (.,/-,,',! .2! ,#5'! ('%+.;! %&'! C-$C#,'! #"! %'+/&.2)! 5-,./D!

#-%;.2.2)! %&'! .5C#$%+2%! $#;',! #"! >#%&! %'+/&'$! +2(! C-C.;?! H;%&#-)&! &.,! <#$=! .,!

/;'+$;1! /#2/'$2'(! <.%&! &.)&;1! $.)#$#-,! %'/&2./+;! .2,%$-/%.#2! V+,! ,''2! C+$%./-;+$;1!

.2!%&'!H;'F+2.+2!%$'+%.,'ZD!&'!&+,!&.)&'$!C'(+)#)./+;!+.5,D!<&./&!<#-;(!>'2'".%!+21!

%'+/&'$! +%! +21! ,%+)'! #"! 'FC'$.'2/'?! N'! +,,'$%,^! S*+.2! .5C#$%+2/'! ,&#-;(! 2#%! >'!

).4'2!5'$';1!%#!.2/-;/+%.2)!('F%'$.%1!.2!".2)'$.2)!+2(!>#<.2)D!>-%!$+%&'$!%#!-,.2)!

%&'! .2,%$-5'2%! +,! +2! +.(! %#! +$#-,'! +2(! ,%$'2)%&'2! .2! %&'! C-C.;! +2! -2('$,%+2(.2)!

"#$!5-,./!+2(!%#!('4';#C!&.,!5-,./+;!+C%.%-('?U!A&.,!,-$';1!5-,%!>'!%&'!C$.2/.C;'!

+.5! .2! C;+1.2)! +21! .2,%$-5'2%D! $')+$(;',,! #"! %&'! C;+1'$J,! +5>.%.#2,! #$! 'F%'$2+;!

5#%.4+%.#2,?! E&'2! (.,/-,,.2)! %&'! $#;'! #"! %&'! %'+/&'$D! 0%-%,/&'<,=1! ,%$',,',! %&'!

.5C#$%+2/'! #"! +! C'(+)#)-'! 2#%! >'.2)! C-$';1! +! /#55+2(.2)! C;+1'$! >-%! +2! .22+%'!

'(-/+%#$^!SH!/#5C;'%'!/#55+2(!#"!%&'!.2,%$-5'2%!<.;;!.2!.%,';"!2#%!,-""./'!-2;',,!.%!

.,! +//#5C+2.'(! >1! 'F%'2,.4'! C&1,.#;#)./+;! +2(! '(-/+%.#2+;! =2#<;'()'D! /#5C;'%'!

=2#<;'()'!#"!%&#,'!>$+2/&',!<&./&!/#2/'$2!%&'!.2,%$-5'2%!+2(!5-,./!)'2'$+;;1D!

+,! /#2,/.'2%.#-,! /#-$,'! #"! +/%.#2D! +! ,'2,'! #"! $',C#2,.>.;.%1! +2(D! ;+,%! >-%! >1! 2#!

5'+2,!;'+,%D!&'!,&#-;(!>'!,C'/.+;;1!)."%'(!+,!+!%'+/&'$DU!V9WX7D!C?!99Z?!

Xc!

!
!

0%-%,/&'<,=1!+;,#!.2/;-(',!B-.%'!C#'%./!(',/$.C%.#2,!#"!<&+%!+!%'+/&'$!+2(!

C-C.;!,&#-;(!+.5!"#$?!N'!,'',!%&+%!%&'!$.)&%!=.2(!#"!C'$,#2!,&#-;(!/&##,'!%#!>'!+!

%'+/&'$D!+2(!%&+%!%'5C'$+5'2%!.,!+!('/.,.4'!"+/%#$!.2!%&.,^!

@#!2#%!,-CC$',,D!>-%!-2"#;(o!!

@#!2#%!"'%%'$D!>-%!$';'+,'o!

@#!2#%!#$('$D!>-%!/#24.2/'o!

@#!2#%!(.$'/%D!>-%!+(4.,'o!V9WX7D!C?!dWZ!

:2! +(4.,.2)! %&'! C-C.;D! 0%-%,/&'<,=1! .2,C.$.2);1! '2/#-$+)',! C'$,'4'$+2/'! +2(!

C+%.'2/'!<&.;'!'5C&+,.M.2)!%&'!.5C#$%+2/'!#"!%&'!/+C+/.%1!%#!<#$=^!!

R2'$)1! /#22#%',! %&'! /+C+/.%1! "#$! <#$=! +2(! 5-,%! )#! &+2([.2[&+2(! <.%&!

+CC;./+%.#2D! C'$,'4'$+2/'D! /#2,/.'2%.#-,! .2%$#,C'/%.#2! +2(! ,';"[/#2%$#;n!

.2/;.2+%.#2!,&+C',D!+$$+2)',!+2(!/$'+%',^!

T'4'$!C;+1!&+;"[&'+$%'(;1D!>-%!+;<+1,!

E.%&!%&'!&.)&',%!(')$''!#"!/#2/'2%$+%.#2o!

@.""'$'2%.+%'!>'%<''2!<&+%!.,!',,'2%.+;!

H2(!<&+%!.,!2#2[',,'2%.+;o!

3+$$1!#-%!1#-$!(+.;1!%+,=!<.%&!

K'$,'4'$+2/'!+2(!M'+;o!

T'4'$!;#,'!1#-$!C+%.'2/'o!V9WX7D!C?!chZ!

0%-%,/&'<=,1! C$#4.(',! %&'! $'+('$! <.%&! +! ,5+;;! +5#-2%! #"! >+/=)$#-2(!

&.,%#$1!%#!%&'!('4';#C5'2%!#"!%&'!/';;#D!<&./&!.,!&';C"-;!.2!+,,',,.2)!%&'!'4#;-%.#2!

XW!

!
#"! %&'! ,.%%.2)! C#,.%.#2! +2(! 4+$.+%.#2,! .2! '2(C.2! -,'?! N'! 2#%',! %&+%! %&'! .5C#$%+2%!

/';;.,%,! #"! %&'! '.)&%''2%&! +2(! 2.2'%''2%&! /'2%-$.',D! .2/;-(.2)! a#//&'$.2.D! @-C#$%D!

L#5>'$)D! @#%M+-'$D! \-55'$D! K.+%%.! +2(! G$-%M5+/&'$! (.(! 2#%! -,'! +2! '2(C.2D! +2(!

%&+%! %&'! ;+,%! /';;.,%! #"! 2#%'! %#! /#2%.2-'! %&.,! %$+(.%.#2! <+,! L#>'$%! N+-,5+22!

V"+4#-$'(! /';;.,%! #"! a$+&5,! +2(! ('(./+%''! #"! &.,! @#->;'! 3#2/'$%#! +2(! _C-,! WW!

0#2+%+D!+,!<';;!+,!/&+5>'$!5-,./!C+$%2'$!#"!b#+/&.5Z?!N'!C#.2%,!%#!%&'!C$#>;'5,!#"!

&#;(.2)!+!S%.$.2)!+2(!,%$+.2'(!C#,%-$'U!+2(!%&'!$',-;%.2)!"$''(#5!%&+%!+$$.4'(!<.%&!

%&'!('4';#C5'2%!#"!%&'!'2(C.2^!SA&'!;'"%!&+2(!<+,!;'"%!'2%.$';1!"$''D!<&.;,%!>'+-%1!

+2(!('C%&!#"!%#2'!<'$'!/#2,.('$+>;1!.2/$'+,'(!#<.2)!%#!%&'!('4';#C5'2%!#"!>#<!

%'/&2.B-'DU!V9WX7D!C?!h7Z?!

:2! >').22.2)! %#! (',/$.>'! %&'! 5+22'$! #"! &#;(.2)! %&'! >#<D! 0%-%,/&'<,=1!

.2/;-(',! ';+>#$+%'! .;;-,%$+%.#2,! %#! (.,C;+1! %&'! C$#/',,! %&'! >').22'$! 5-,%!

-2('$%+='^!V9WX7D!C?!YZ!

!
Y8!

!
A&.,! .,! ,.5.;+$! %#! %&'! C&#%#)$+C&./! 'F+5C;',! -,'(! .2! H;'F+2.+2J,! %$'+%.,'!

VH;'F+2.+2D! 788XZ?! ! H;,#! .2! /#55#2! <.%&! H;'F+2.+2D! 0%-%,/&'<,=1! (.,C;+1,!

'F'$/.,',! "#$! ('4';#C.2)! %&'! ;'"%! &+2(D! +2(! +! (.+)$+5! ,&#<.2)! %&'! ,%$.2)! /#2%+/%!

C#.2%,!#2!%&'!".2)'$!%.C,!.,!C$#4.('(D!,&#<.2)!%&'!C#,.%.#2!%&$#-)&!S%&'!/-%!#"!%&'!

2+.;U!<&./&!H;'F+2.+2!$'"'$,!%#D!+2(!E.',';J,!%'/&2./+;!'F'$/.,',!$',-;%!.2?!!

:2! %&'! C$'"+/'! %#! 0%-%,/&'<,=1J,! 4'92#01D! %&'! +-%&#$! 5+=',! +! 2-5>'$! #"!

.2%$.)-.2)!C#.2%,!#"!$';'4+2/'!%#!%&.,!'F+5.2+%.#2!#"!/';;#!C'(+)#)1?!:2!$';+%.#2!%#!

%'/&2.B-'!&'!,%+%',^!S*+2-+;!('F%'$.%1!#2!+2!.2,%$-5'2%!5'+2,!/#2B-'$.2)!2+%-$'!

%&$#-)&! ,1,%'5+%./! C$+/%./'DU! V9WX9D! C?! 7Z?! A&.,! .,! C'$&+C,! %&'! ',,'2/'! #"!

('4';#C.2)!,=.;;!#2!+2!.2,%$-5'2%D!#4'$/#5.2)!%&'!2+%-$+;!%'2('2/.',!#"!%&'!&+2(!

+2(!>#(1!.2!%&'!5#,%!$';+F'(!+2(!'""./.'2%!<+1!%&$#-)&!(+.;1!<#$=?!N'!)#',!"-$%&'$!

%#! +,,'$%^! SR2(-$+2/'! +2(! /#2/'2%$+%.#2! +$'! %&'! /#$2'$,%#2',! #"! C$#)$',,DU!

.5C;1.2)!%&+%!%&','!B-+;.%.',!#"!C'$,'4'$+2/'!+2(!,%$'2)%&!#"!5.2(!/+2!#4'$/#5'!

C&1,./+;! C$#>;'5,! +2(! '4'2! 5+='! -C! "#$! ;+/=! #"! 2+%-$+;! +>.;.%1! +2(! %+;'2%?!!

0%-%,/&'<,=1!(.,/-,,',!%&'!-,'!#"!%&'!S;#2)!,%$'%/&U!>'%<''2!".2)'$,!&'$'D!<&./&!

/#22'/%,! %#! E.',';J,! -,'! #"! ,%$'%/&.2)! 'F'$/.,',! .2! 4.>$+%#D! <&./&! H;'F+2.+2!

/+-%.#2'(! +)+.2,%?! N'! 2#%',! %&+%! %&#-)&! %&.,! .,! +2! +(4+2/'(! ('4';#C5'2%! .2! ;'"%[

&+2(! %'/&2.B-'D! .%! .,! .5C#$%+2%! %#! ('4';#C! %&'! ";'F.>.;.%1! %#! ,%$'%/&! +! <&#;'[%#2'!

>'%<''2! %&'! ,'/#2(! +2(! %&.$(! ".2)'$,D! +2(! %#! &+4'! +2! 'FC+2('(! ,%$'%/&! >'%<''2!

%&'!".$,%!+2(!"#-$%&!".2)'$,D!%&-,!/$'+%.2)!5#$'!C#,,.>.;.%.',!#"!".2)'$.2)!+2(!&'2/'!

'FC$',,.#2?!A&'!+-%&#$!)#',!#2!%#!).4'!+(4./'!.2!%&'!('4';#C5'2%!+2(!5#2.%#$.2)!

#"!#2'J,!C$#)$',,D!&.)&;.)&%.2)!%&+%!%&'!5#,%!/$-/.+;!';'5'2%!.2!%&.,!,%-(1!.,!S,';"[

Y9!

!
#>,'$4+%.#2! +2(! +! /$.%./+;! +%%.%-('! %#<+$(,! +;;! C$#>;'5,?U! Q.2=.2)! .2! %&'! .('+! #"!

.2%-.%.4'!%+;'2%!+2(!.2,%.2/%!4'$,-,!=2#<;'()'D!.2%';;'/%!+2(!+2+;1,.,D!0%-%,/&'<,=1!

,%+%',^! S*+2-+;! ('F%'$.%1! +2(! +//#5C;.,&5'2%! ('C'2(! B-.%'! +,! 5-/&! #2! %&'!

.2%';;'/%! +,! #2! %&'! &+2(,! l! H//#5C;.,&5'2%! ,-""./',! 2#%! <.%&#-%! =2#<;'()'D! +2(!

=2#<;'()'!,-""./',!2#%!<.%&#-%!+//#5C;.,&5'2%oU!V9WX9D!C?!XZ!

:2!+!,&#$%!',,+1!+,!C+$%!#"!%&'!,+5'!4#;-5'D!%&'!S4'$1!',,'2/'U!#"!C$+/%./.2)!

.,!+2+;1,'(?!A&'!+-%&#$!).4',!.24+;-+>;'!+(4./'!#2!%&'!C$'C+$+%.#2!#"!+!<#$=!+2(!

%&'!,%+)',!%&+%!2''(!%#!>'!-2('$)#2'?!A&'!/';;.,%!,&#-;(!,%$.4'!%#<+$(,!S$'+/&.2)!+!

(')$''! #"! C'$"'/%.#2! <&./&! (#',! 2#%! +;;#<! %&'! ;.,%'2'$! %#! C'$/'.4'! &.,! C$'4.#-,!

C+%.'2%! <#$=?U! N'! +;,#! '5C&+,.M',! +! $'/-$$'2%! %&'5'! .2! %&.,! ,%-(1D! #"! %&'!

.2,'C+$+>;'! /#22'/%.#2! >'%<''2! %'/&2.B-'! +2(! 5-,./+;! $',-;%^! SA&'! %'/&2./+;!

,&#-;(!2#%!>'!,')$')+%'(!>-%!C'$5+2'2%;1!/+$$.'(!#2!<.%&!$')+$(!%#!%&'!'5#%.#2+;!

%'2#$!#"!%&'!5-,./U!V9WX9D!C?!XZ!

@$?! @+4.(! 0';;+D! +! "#$5'$! ,%-('2%! #"! E.',';D! .2.%.+;;1! ,%+%',! .2! &.,! (#/%#$+;!

%&',.,^! SR+/&! C;+1'$! ,&#-;(! +(#C%! ,.%%.2)! +2(! .2,%$-5'2%! &#;(.2)! C#,.%.#2,!

+CC$#C$.+%'!%#!&.,!#<2!>#(1DU!V0';;+D!9Wc8ZD!+2!.('+!%&+%!.,!)'2'$+;!>-%!.5C#$%+2%!

%#! +/=2#<;'()'D! +2(! ,-CC#$%,! %&'! :,$+';.! '5C&+,.,! #2! C&1,./+;! $';+F+%.#2! <&.;'!

C;+1.2)?!H,!#-%;.2'(!.2!%&'!.2%$#(-/%.#2D!0';;+!/#2/-$,!<.%&!#%&'$!/';;.,%,D!;+5'2%.2)!

%&'! S$'+;! ;+/=! #"! .2"#$5+%.#2! (.$'/%;1! $';+%.2)! %#! %&'! >#(1! .2! /';;#! C;+1.2)?U! N'!

.2/#$C#$+%',! ,'4'$+;! .2%'$4.'<,D! +;,#! .2! B-',%.#22+.$'! "#$5+%D! "$#5! +! 2-5>'$! #"!

'FC'$%,! .2! $';+%'(! ".';(,?! A&','! .2/;-('! +! C&1,./.+2D! +! C&1,./+;! %&'$+C.,%D! +!

Y7!

!
C$#"',,.#2+;!/';;.,%!+2(!+2!H;'F+2('$!A'/&2.B-'!%'+/&'$?!`#$!'+/&!5+%%'$D!<&./&!.,!

'F+5.2'(!.2!%&'!B-',%.#2,D!+!(.+)$+5!.,!.2/;-('(!#"!%&'!,->I'/%!+%!&+2(?!A&'!".$,%!

%#C./! +(($',,'(! .,! 0.%%.2)! K#,.%.#2D! +2(! (.""'$.2)! 'F+5C;',! +$'! ).4'2^! Q#<! 3&+.$n!

N.)&! 3&+.$! V/';;#! &';(! ;#<'$f(''5'(! 5#$'! "+4#-$+>;'! >1! C$#"',,.#2+;! /';;.,%Zn!

3&+.$! H(I-,%'(! %#! K;+1'$n! `#$<+$(! A.;%n! a+/=<+$(! A.;%n! R$'/%! K#,.%.#2n! 0.('! A.;%!

VQ'"%! #$! L.)&%Z?! A&'! C#,.%.#2! #"! %&'! 2'/=D! >+/=! +2(! ,&#-;('$,! V/'2%$+;! %#! %&'!

H;'F+2('$! A'/&2.B-'Z! "#;;#<^! `#$<+$(! A.;%! VT'/=Zn! a+/=<+$(! A.;%! VT'/=Zn! a+/=!

3#;;+C,'n! a+/=! 0%$'%/&n! _2'! 0&#-;('$! L+.,'(n! a#%&! 0&#-;('$,! L+.,'(n! L';+F'(!

0&#-;('$,D!_2'!0&#-;('$!K-;;'(!a+/=<+$(n!a#%&!0&#-;('$,!K-;;'(!a+/=<+$(n!_2'!

0&#-;('$!K-,&'(!`#$<+$(!+2(!0%$+.)&%!0&#-;('$,?!`#;;#<.2)!%&.,!+$'!(.""'$.2)!"##%!

C#,.%.#2,^!T+$$#<!H2);'!a'%<''2!Q')!+2(!`##%n!E.('!H2);'!a'%<''2!Q')!+2(!`##%n!

`##%!L',%,!#2!A#',!_2;1n!Q')!P'$%./+;!%#!%&'!`;##$n!`##%!L',%,!#2!%&'!`;##$n!_2'!Q')!

0%$'%/&'(!`#$<+$(!+2(!_2'!Q')!K-;;'(!a+/=<+$(?!

0';;+!(.,/-,,',!,.%%.2)!C#,.%.#2,!+2(!4+$.+%.#2,!+,!>'.2)!S/&#,'2!#$!+(I-,%'(!

+//#$(.2)!%#!%&'!;'2)%&,!#"!>#%&!%&'!%&.)&,!+2(!"#$';'),!#"!%&'!C;+1'$DU!.2/;-(.2)!%&'!

"#;;#<.2)!(',/$.C%.#2,!#"!C#,.%.#2,!+2(!%&'!$',-;%.2)!.5C+/%!#2!/';;#!%'/&2.B-'^!

4#20!3#/'A!!

SE&'2! %&'! /';;.,%! %.;%,! %#! %&'! $.)&%D! %&'! ;'"%! ,&#-;('$! .,! $+.,'(! +2(! %&'! ;'"%! &+2(! .,!

%'2,'(?! E&'2! %&'! %.;%! .,! %#! %&'! ;'"%! %&'! .2";-'2/'! .,! #2! %&'! $.)&%! &+2(D! <&./&! 5-,%!

%&'$'"#$'!>'!,%$'%/&'(!.2/#$$'/%;1!.2!#$('$!%#!+;;#<!%&'!-,'!#"!%&'!%.C!#"!%&'!>#<?U!

F10!4-(9/20%!G&#602!""

YX!

!
SE&'2!%&'!$.)&%!,&#-;('$!.,!$+.,'(D!%&'!$.)&%!&+2(!/+22#%!>'!"$''?!H;;!+$5!+2(!&+2(!

I#.2%,D!+,!<';;!+,!%&'!5-,/;',!#"!%&'!-CC'$!+$5D!+$'!%'2,'(?!H!$+.,'(!;'"%!,&#-;('$!

.5C'(',!%&'!"$''(#5!#"!%&'!;'"%!&+2(?!A&.,!C#,.%.#2!+;,#!/+-,',!,'$.#-,!C$#>;'5,!#"!

/##$(.2+%.#2?U!

D0:6A!

SA&'!;')!,&#-;(!>'!C'$C'2(./-;+$!%#!%&'!";##$D!+2(!<'.)&%!,&#-;(!$',%!#2!+;;!#"!%&'!

"##%D!2#%!I-,%!%&'!%#',?U!

H(15/92#1:!%08&%+6A!

SH!;#,,!#"!>+;+2/'!#//-$,!<&'2!>#(1!,155'%$1!.,!(.,%#$%'(!+2(!<&'2!>#(1!<'.)&%!

.,!C##$;1!(.,%$.>-%'(?U!

A&.,!C$#>;'5+%./!/#2/'C%!#"!S(.,%#$%'(!,155'%$1U!.,!/'2%$+;!%#!0';;+J,!%&',.,!

+2(! .,! ;#)./+;;1! 4+;.(?! 0';;+! /.%',! %<#! ,%+%'5'2%,! "$#5! R/=&+$%! L./&%'$J,! +$%./;'!

]G##(! ,.%%.2)! >+;+2/'! .2! 3';;#! K;+1.2)J! V9WhjZ! %#! '5C&+,.,'! %&'! .5C#$%+2/'! #"!

2+%-$+;! +2(! $';+F'(! C#,.%.#2^! SRF/'C%! "#$! ,C$'+(.2)! #2'J,! ;'),! %#! +//#55#(+%'!

#2'J,!.2,%$-5'2%D!%&'$'!'F.,%,!2#!2''(!%#!+,,-5'!+!,C'/.+;!,.%%.2)!C#,%-$'!.2!#$('$!

%#!C;+1!%&'!/';;#U!+2(!SA&'!/';;#!5-,%!>'!C#,.%.#2'(!.2!,-/&!+!<+1!%&+%!2'.%&'$!/';;#!

2#$!>#(1!+$'!.2!%&'!<+1?U!:%!/#-;(!>'!+$)-'(!%&+%!%&','!,%+%'5'2%,!+$'!,#5'<&+%!

,';"['4.('2%D! C+$%./-;+$;1! +,! 0';;+! /&##,',! %#! .2/;-('! +! "-$%&'$! ,%+%'5'2%! <&./&!

C#%'2%.+;;1! -2('$5.2',! %&'! '2%.$'! /#2/'C%! #"! $';+F'(D! #>,%+/;'["$''! C;+1.2)^! SH!

/';;.,%!5+1!('/.('!%#!#4'$;##=!#2'!#$!>#%&!#"!%&'!+>#4'!5'2%.#2'(!"+/%#$,!.2!#$('$!

%#!+/&.'4'!+2!+',%&'%./!)#+;!<&./&!#%&'$<.,'!5.)&%!2#%!>'!+/&.'4'(U!V0';;+D!9Wc8D!

YY!

!
C?! jWZ?! A&.,! ,%+%'5'2%! .,! +;,#! #>4.#-,;1! /#$$'/%D! >-%! -2('$5.2',! %&'! .('+! #"! +!

,1,%'5+%./!,/&##;?!0';;+!%&'2!(.,/-,,',!%&'!"-2/%.#2!#"!'+/&!&+2(?!

D0@'!I&12A!!

SA&'! >+,./! C#,.%.#2! #"! %&'! ;'"%! &+2(! .,! <&'2! ".2)'$,! #2'D! %<#D! %&$''! +2(! "#-$! +$'!

C;+/'(!#2!+!,%$.2)!#$!+>#4'!+!,%$.2)!$'+(1!%#!>'!-,'(!l!%&'!>+,./!C#,.%.#2!#"!%&'!;'"%!

&+2(!.,!-,'(!>'%<''2!%&'!".$,%!+2(!%&'!%&.$(!C#,.%.#2,!#2!%&'!/';;#?!:2!%&.,!C#,.%.#2!

%&'!%&-5>!.,!"$''!%#!5#4'!-C!+2(!(#<2!%&'!/';;#J,!2'/=DU!V0';;+D!9Wc8D!C?!h8Z?!0';;+!

%&'2! $'"'$,! %#! G'$&+$(! *+2%';J,! 4.'<,! #2! %&'! /#2"#$5+%.#2! #"! %&'! &+2(D! V*+2%';D!

9Wh7D! C?! cWZ! ,%+%.2)! %&+%! %&'! ".2)'$,! 4+$1! .2! ;'2)%&D! ,%$'2)%&! +2(! <.(%&! #"! %.C,?!

A&','! %&$''! "+/%#$,! +$'! +;;! .24#;4'(! .2! "#$5+%.4'! 'F'$/.,',! /&+$+/%'$.,%./! #"! %&'!

:,$+';.!,/&##;D!+2(!.2(''(!(.$'/%;1!+(($',,'(!.2!%&'!%'+/&.2)!#"!E.',';?!!

! !

0';;+! .2/#$C#$+%',! %<#! "-$%&'$! ,#-$/',! .2! &.,! (.,/-,,.#2! #"! %&'! ;'"%! &+2(D!

$'4'+;.2)!+!/#2,'2,-,!#"!.('+,!>'%<''2!%<#!#%&'$!+-%&#$,?!:2!L-%&!E?!0%'4'2,!]A&'!

N+2(,! #"! *-,./.+2,J! V9WdWD! 0='%/&',! #"! 2.2'! C;+1.2)! C#,.%.#2,Z! ,&'! ,%+%',^! SA&'!

".2)'$,!,&#-;(!>'!/-$4'(!%#!+!&.)&'$!#$!;',,'$!(')$''D!('C'2(.2)!#2!%&'!.2(.4.(-+;!

&+2(!+2(!%&'!".2)'$!-,'(DU!V0';;+D!9Wc8D!C?!h8Z?!A&.,!.,!$'";'/%'(!.2!K+-;!A#$%';.'$J,!

,%+%'5'2%^!SA&'!".$,%!%<#!I#.2%,!#"!%&'!".2)'$,!,&#-;(!,%+2(!,%$+.)&%!#$!'4'2!,;.)&%;1!

/-$4'(DU!V0';;+D!9Wc8D!C?!h9Z?!`.2'!.2(.4.(-+;!/#2%$#;!#"!%&'!".2)'$!.,!%&'2!(.,/-,,'(D!

2#%.2)!%&'!C#,,.>.;.%.',!#"!%&'!".2)'$!I#.2%!>'2(.2)!.2<+$(!+2(!%&'!.5C;./+%.#2,!#2!

%&'!C;+1.2)!C+$%!#"!".2)'$!V<&'%&'$!%.C!#$!C+(Z^!

Yd!

!
 !

A&'! C+(! .,! ('".2'(! +,! %&'! ,-$"+/'! #"! %&'! ".2)'$%.C! .2! /#2%+/%! <.%&! %&'!

".2)'$>#+$(?!A&'!-,'!#"!%&'!C+(,!#"!%&'!".2)'$,!.,!,%$#2);1!+(4#/+%'(!.2!%&'!:,$+';.!

/';;#!,/&##;D!C+$%./-;+$;1!.2!5&1'#/01&!C;+1.2)D!>-%!+;,#!%#!"+/.;.%+%'!$';+F'(D!(.""./-;%!

,&."%,?! A&.,! .('+! .,! +;,#! $'";'/%'(! .2! H;'F+2.+2J,! (.,/-,,.#2! #"! %&'! ,+5'! C$.2/.C;',!

V,''! C+)'! 7YZ?! 0';;+! ,-))',%,! %&+%! .2(.4.(-+;! /#2%$#;! 5+1! >'! (.,%-$>'(! <&'2!

C-,&.2)! +! ".2)'$! %#<+$(,! +! 2#2[C;+1.2)! ,%$.2)?! A&.,! 5+1! >'! %&'! /+,'D! >-%! %&.,!

C#,.%.#2!/+2!+;,#!>'!+(4+2%+)'#-,!"#$!,%+>.;.%1!#"!%&'!".2)'$!I#.2%,D!C+$%./-;+$;1!.2!

%&'! /+,'! #"! %&'! <'+='$! "#-$%&! ".2)'$?! 0';;+! +;,#! C#.2%,! %#! .5C;./+%.#2,! "#$! (#->;'[

,%#C!C#,.%.#2.2)!#"!'+/&!".2)'$!$',-;%.2)!"$#5!%&.,!/#2/'C%?!!

Yj!

!
 0';;+! ,%+%',! %&+%! S%&'! %&-5>! .,! -,'(! %#! /#-2%'$C$',,! +)+.2,%! %&'! ".2)'$,DU!

V0';;+D!9Wc8D!C?!hXZ!%&#-)&!%&'!-,'!#"!%&'!<#$(!/#-2%'$C$',,!5+1!>'!B-',%.#2+>;'?!

N'!+;,#!2#%',!%&+%!%&'!C;+/'5'2%!#"!%&'!;'"%!%&-5>!4+$.',!.2!$';+%.#2!%#!%&'!".2)'$,!

('C'2(.2)! #2! %&'! .2(.4.(-+;! &+2(?! A&.,! 5+1! >'! 4+;.(! %#! +2! -2('$,%+2(.2)! #"!

]:,$+';.J!;'"%[&+2(!%'/&2.B-'D!%&#-)&!.%!.,!)'2'$+;;1!+/=2#<;'()'(!.2!%&'!5+I#$.%1!#"!

51! $'+(.2)! %&+%! %&'! %&-5>! ,&#-;(! ;.'! ,#5'<&'$'! >'%<''2! %&'! ".$,%! +2(! ,'/#2(!

".2)'$D!+2(!5#,%!;.=';1!.2/;.2'(!5#$'!%#<+$(,!%&'!;+%%'$?!!

0';;+! #-%;.2',! +! 2-5>'$! #"! #%&'$! "+/%#$,! .2! ;'"%[&+2(! %'/&2.B-'D! (',/$.>.2)!

%&'! &+2(! #C'2.2)! +2(! /;#,.2)! "-2/%.#2! +2+%#5./+;;1! .2! +2+;1,.2)! "-2(+5'2%+;!

5#4'5'2%,f%&'! ";'F#$,! +$'! -,'(! "#$! )$.CC.2)! <&.;'! %&'! 'F%'2,#$,! +$'! -,'(! "#$!

#C'2.2)^!SE&'2!#2'!)$#-C!#"!5-,/;',!/#2%$+/%,!%&'!#%&'$!'FC+2(,!+2(!4./'!4'$,+U!

V0';;+D!9Wc8D!C?!hYZ!A&.,!".2+;!/#2/'C%!.,!-2-,-+;!+2(!/#2%$+(./%#$1!%#!6M.!E.',';J,!

.('+!#"!;'+2.2)!%&'!;'"%!&+2(!%#<+$(,!%&'!"#-$%&!".2)'$!+2(!%&'$'"#$'!5+.2%+.2.2)!+!

2.2'%1[(')$''!C#,.%.#2!V6?!E.',';D!C'$,#2+;!/#55-2./+%.#2D!7c!b+2-+$1!7899Z?!

G#:-'!I&12A!

SE&.;'!,.M'!+2(!C$#C#$%.#2,!#"!%&'!".2)'$,!+2(!%&'!&+2(!('%'$5.2'!%&'!5+22'$!.2!

<&./&! %&'! >#<! .,! &';(D! %&'! ,.M'! +2(! C$#C#$%.#2,! #"! %&'! -CC'$! +$5D! "#$'+$5! +2(!

>#(1! ('%'$5.2'! %&'.$! C#,%-$'! .2! $';+%.#2! %#! %&'! &+2(DU! V0';;+D! 9Wc8D! C?! c7Z! N'$'!

0';;+!'5C&+,.M',!%&'!2''(!"#$!C;+/'5'2%!#"!%&'!>#<!$';+%.4'!%#!%&'!".2)'$,D!<+$2.2)!

%&+%!>#<!5#4'5'2%!.,!+""'/%'(!>1!%&'!".2)'$,!#"!%&'!$.)&%!&+2(!S.2!%&'!'4'2%!%&+%!

%&'!>#<!,%./=!.,!C;+/'(!+>#4'!%&'!".$,%!+2(!,'/#2(!I#.2%,!#"!+!".2)'$!l!+!/#2%$+/%.#2!

#"! +! ".2)'$l! #$! +! ,%$'%/&! #"! +! ".2)'$! l! (#! 2#%! +""'/%! %&'! >#<! ,%./=! +%! +;;?U! V0';;+D!
Yh!

!
9Wc8D! C?! c7Z! N'! +(4.,',! %&+%! %&'! C;+/'5'2%! #"! >#<! ,%./=! ,&#-;(! >'! ('%'$5.2'(!

>+,'(! #2! %&'! ".$,%! +2(! "#-$%&! ".2)'$,^! %&'! ,&#$%'$! #2',?! A&'! ,'/#2(! +2(! %&.$(!

".2)'$,!+$'!+(I-,%'(!+//#$(.2);1!+2(!&'$'!&'!$'/#)2.M',!+!,.5.;+$.%1!.2!('%'$5.2.2)!

%&'!C#,.%.#2!#"!%&'!;'"%[&+2(!".2)'$,^!V0''!+;,#!P+$)+!+2(!H;'F+2.+2Z!

L')+$(.2)! %&'! C;+/'5'2%! #"! %&'! %&-5>! #2! %&'! >#<! V.5C#$%+2%! .2! <$.,%[

C#,.%.#2.2)! +2(! C#<'$! .2! %&'! -CC'$! &+;"ZD! 0';;+! 2#%',! %&+%^! SA&'! ".2)'$,! +2(! %&'!

%&-5>! #"! %&'! $.)&%! &+2(! /#-2%'$C$',,! +)+.2,%! '+/&! #%&'$D! V+)+.2Z! ,.5.;+$;1! %#! %&'!

".2)'$,! +2(! %&-5>! #"! %&'! ;'"%! &+2(DU! V0';;+D! 9Wc8D! C?! hXZ?! A&.,! #>,'$4+%.#2! .,! 2#%!

+(4.,+>;'D! +,! .%! '2/#-$+)',! %'2,.#2! %&$#-)&! %&'! ;'"%! &+2(D! +2(! C#%'2%.+;;1! +!

(.,%#$%'(!&+2(["$+5'?!N'!+;,#!+(4#/+%',!%&'!5#4'5'2%!#"!%&'!'2%.$'!+$5!"$#5!%&'!

,&#-;('$D!-%.;.M.2)!+$5!<'.)&%!"#$!%&'!C-$C#,'!#"!/$'+%.2)!SC$',,-$'?U!!

L')+$(.2)! %&'! +2);'! >'%<''2! %&'! >#<! +2(! %&'! ,%$.2)\' 0';;+! 2#%',! %&+%! %&'!

5#4'5'2%!#"!%&'!>#<!.,!4'$%./+;!$';+%.4'!%#!%&'!,%$.2)D!>-%!<&'2!%&'!+$5!.2%'$+/%,!

Yc!

!
4'$%./+;;1! %&'! >#<! .,! $';'+,'(! .2%#! &#$.M#2%+;! 5#4'5'2%?! ! :2%'$',%.2);1D! &'! ,%+%',!

%&+%!(.""'$'2%!+2);',!>'%<''2!%&'!>#<!+2(!%&'!,%$.2)!/+2!>'!/$'+%'(!>1!%&'!".2)'$,!

+;#2'?! *+21! C'(+)#)-',D! .2/;-(.2)! H;'F+2.+2D! $';.).#-,;1! /#2"#$5! %#! %&'! ]C+$+;;';!

%#!>$.()'J!/#2/'C%!%#!+;;#<!+!],%$+.)&%J!>#<!+2(!)##(!,#-2(.2)[C#.2%?!A&.,!/#2/'C%!

.,!)'2'$+;;1!%$-'D!+2(!,&#-;(!2#%!>'!(.,%-$>'(!>1!,-/&!+(I-,%5'2%,?!N#<'4'$!5-/&!

4+$.+%.#2! .2! %&.,! /+2! >'! ,''2! .2! %&'! C;+1.2)! #"! 5+21! )$'+%! .2,%$-5'2%+;.,%,D! +2(!

E.',';!/#2%$#4'$,.+;;1!C+1,!;.%%;'!&''(!%#!%&.,D!"'';.2)!%&+%!%&'!#C%.5-5!,#-2(!#2!

'+/&! ,%$.2)! .,! 2#%! +;<+1,! +/&.'4'(! >1! C+$+;;';! 5#%.#2! V6?! E.',';D! C'$,#2+;!

/#55-2./+%.#2D!7c!b+2-+$1!7899Z?!

E.%&! $')+$(! %#! %&'! >+,./! 5#4'5'2%! #"! %&'! >#<D! +! ]C-;;.2)! +2(! C-,&.2)J!

5#4'5'2%! .,! #-%;.2'(! >1! 0';;+D! <&#! ,'',! .%! +,! C#,,.>;'! %#! 5+.2%+.2! +! (',.$+>;'!

/#2%+/%! C#.2%! <&.;'! /$'+%.2)! (.""'$'2%! +2);',! >'%<''2! %&'! >#<! +2(! %&'! ,%$.2)?!

G+4$.';!Q.C=.2(!+;,#!'5C;#1,!%&.,!.('+!+2(!+/&.'4',!%&'!],&#4.2)J!>#<!5#4'5'2%!

-,'(!>1!6M.!E.',';!%#!/$'+%'!"$''(#5!#"!5#4'5'2%!+2(!"$''!%#2'?!E.',';!-,',!%&'!

K#CC'$!R%-('!VI#:-!45-((/!(@!H0//(!;/&.#1:D!_C?!hXD!a+$'2$'.%'$Z!2#?!Xj!%#!('4';#C!

%&.,^!!

! !

YW!

!
 G'$&+$(! *+2%';J,! ,'5.2+;! %'F%! &+,! .2";-'2/'(! 5-/&! #"! %<'2%.'%&! +2(!

%<'2%1[".$,%! /'2%-$1! /';;#! C'(+)#)1?! :%! /#2%+.2,! +! "#$'<#$(! >1! b+2#,! 0%+$='$! <&#!

,%+%',^! S:%! (.,/-,,',! +;;! /#2/'.4+>;'! +,C'/%,! #"! /';;#! C;+1.2)! .2! %&'! -%5#,%! /;.2./+;!

('%+.;DU! V9Wh7D! C?! .FZ?! 0.)2."./+2%;1D! *+2%';! +;,#! %+-)&%! G+4$.';! Q.C=.2(D! #2'! #"!

E.',';J,! >',%! +2(! 5#,%! C$#5.2'2%! ,%-('2%,D! +2(! %&-,! C$#4.(',! +! ;.2=! .2! %&'!

C'(+)#)./+;!/&+.2?!L'";'/%.2)!`'-'$5+22J,!B-#%'!$')+$(.2)!.;;[C;+1.2)!/.%'(!'+$;.'$D!

0%+$='$! +;,#! $'"'$,! %#! %&'! C$#>;'5! #"^! S*-/&! &+$5"-;! %'+/&.2)! #"! >+,';',,!

C$.2/.C;',D! -,-+;;1! %&'! $',-;%! #"! .2(.4.(-+;! %'+/&'$,J! C;+1.2)! ,&#$%/#5.2),?U! R+$;1!

#2!.2!%&.,!%'F%D!*+2%';!C#,',!+2!.2%'$',%.2)!B-',%.#2!<&./&!.,!-,'"-;!.2!"#$5.2)!%&'!

.('+! #"! ,/&##;D! %$+.2.2)! +2(! /#2%.2-'(! ('4';#C5'2%fS<&+%! (#',! +! C$#"./.'2%!

C;+1'$!(#!(.""'$'2%;1!"$#5!+!;',,!C$#"./.'2%!C;+1'$mU!.2(./+%.2)!%&+%!%&.,!/#-;(!+;,#!

>'! %&'! ,+5'! C;+1'$! >'"#$'! +2(! +"%'$! +! C$+/%./'! ,',,.#2?! A&.,! C#.2%,! %#! +! "#/-,! #"!

*+2%';J,D! <&./&! .,! %&'! '""./.'2/1D! +2(! ,%$'2)%&! #"! .2%'2%.#2! .2! C$+/%./.2)D! +2(! %&'!

$'+;.%1! %&+%! %&'! 5+I#$.%1! #"! +! /';;.,%J,! %.5'! .,! ,C'2%! <#$=.2)! .2! .,#;+%.#2?! N'$'!

0%-%,/&'<,=1J,! <#$(,! +$'! $'";'/%'(fS5+2-+;! ('F%'$.%1! #2! +2! .2,%$-5'2%! 5'+2,!

/#2B-'$.2)!2+%-$'!%&$#-)&!,1,%'5+%./!C$+/%./'DU!V0%-%,/&'<,=1D!9WX7D!C?!XZ?!

*+2%';! +;,#! .2%'$',%.2);1! +2(! +CC$#C$.+%';1! ,-))',%,! %&+%! S%#! +2! 'F%'2%!

'4'$1#2'! .,! ,';"[%+-)&%?U! A&.,! .,! .2%$.)-.2)! +,! %&'! <&#;'! /#2/'C%! #"! +! C'(+)#)./+;!

C'(.)$''!.5C;.',!('4';#C5'2%!.2!C;+1.2)!+2(!%&.,!C$#)$',,!/$'+%',!+!,/&##;!<&'$'!

%&'! $##%,! 5+1! >'! ,.5.;+$D! >-%! +;;! .2(.4.(-+;! +(4+2/'5'2%,! +$'! C'$,#2+;! +2(! %+='!

C;+/'!.2!.,#;+%.#2!.2!%&'!C$+/%./'!$##5?!N'!,%$',,',!%&'!.5C#$%+2/'!#"!%&'!"+/%!%&+%!

#2;1!+!"'<!='1!+$'+,!/+2!>'!+(($',,'(!+%!#2'!%.5'!(-$.2)!+!C$+/%./'!,',,.#2?!*+2%';!

d8!

!
/+;;,!"#$!%&'!.5C#$%+2/'!#"!('4';#C.2)!=2#<;'()'!#"!%&'!.2,%$-5'2%!,#!%&+%!%&'$'!.,!

S.2,.)&%!VC#,,.>;1!.2%-.%.4'Z!.2%#!%&'!2'/',,+$1!$';+%.#2,&.C!>'%<''2!%&'!,#-2(!+2(!

.%,!C&1,./+;!C$#(-/%.#2U!V9Wh7D!C?!7XZ!*+2%';!(.,/-,,',!5.,/#2/'C%.#2,!.2!C;+1.2)!

+2(! &#<! %&'1! /+2! .5C'('! %&'! C#,,.>.;.%1! #"! /#$$'/%.#2! S."! %&'! /#2/'C%.#2! +2(! %&'!

+/%-+;!'F'/-%.#2!#"!+!5#4'5'2%!(#!2#%!5+%/&D!'F%'$2+;!+2(!.2%'$2+;!%'2,.#2,!<.;;!

$',-;%?U! N'! (',/$.>',! %&'! 'FC'$.'2/'! #"! C;+1.2)! +,! >'.2)! +! S-2.%Uf.2! ,C.%'! #"! %&'!

(.""'$'2%!"-2/%.#2,!#"!'+/&!&+2(!&'!>';.'4',!%&+%!%&'1!5-,%!/#[#C'$+%'!+2(!/+22#%!

>'! (.4.('(! .2%#! ;'"%! +2(! $.)&%?! SH! 5.,%+='! ,'2,'(! .2! #2'! +$5! <.;;! .2";-'2/'! %&'!

#%&'$n!+2!.('+;!5#4'5'2%!.2!#2'!+$5!5+=',!+!,.5.;+$!#2'!'+,.'$!.2!%&'!#%&'$?U!N'!

>';.'4',! %&+%! +21! 5#4'5'2%! +""'/%,! %&'! >+;+2/'! +2(! 'B-.;.>$.-5! #"! %&'! >#(1D! ,#!

%&+%! +2! .5>+;+2/'! .2! +21! +$'+! /+2! $',-;%! .2! "-$%&'$! .5>+;+2/',! .2! #%&'$! C+$%,! #"!

#2'J,!%'/&2.B-'?!

'

=(&/!J#%05'02!K("0801'A!"

G#+;! /#2/'C%.#2! .,! #-%;.2'(! .2! (.""'$'2%! <+1,f%&'! .5C-;,'! /+2! >'! 4.,-+;D!

+/#-,%./+;D!#$!>+,'(!#2!5-,/;'[5'5#$1?!A&'!('4';#C5'2%!#"!/#2%$#;!5'/&+2.,5,!

.,!#-%;.2'(D!'5C&+,.M.2)!%&'!.5C#$%+2/'!#"!]#2[%&'[,C#%J!/#$$'/%.#2D!+2(!/#22'/%'(!

%#! %&'! <#$=! #"! 3+$;! `;',/&! .2! 3-0! E%'! (@! >#(/#1! ;/&.#1:?! L')+$(;',,! #"! (.""'$'2%!

.2%#2+%.#2! ,1,%'5,! #$! 4+$.+%.#2,! .2! +',%&'%./! %+,%'D! %&'! .5C#$%+2/'! #"! ('4';#C.2)!

+2! &9'(L5(%%05'! /#2%$#;! 5'/&+2.,5! %&+%! /+2! 5+='! ,5+;;! +(I-,%5'2%,! >+,'(! #2! +!

)##(!'+$!+2(!"$'B-'2%!C$+/%./'D!+2(!"+5.;.+$.%1!<.%&!+;;!%&'!C#,.%.#2,!#2!%&'!/';;#!

+2(!%&'!.2%'$4+;,!%&+%!/+2!('$.4'!"$#5!%&'5!#2!#2'!,%$.2)!#$!#4'$!+;;!"#-$!,%$.2),?!

*+2%';! &.)&;.)&%,! %&'! .5C#$%+2/'! #"! +2%./.C+%.#2! #"! +21! ,#-2(! #$! 5#4'5'2%D!

d9!

!
+((.2)! %&+%^! SA&'! +2%./.C+%#$1! ,'2,+%.#2! #"! +! 5#4'5'2%! .,! ('C'2('2%! #2! %&'!

/#2/'C%.#2! #"! .%,! )#+;?U! N'! (.,/-,,',! $'C'%.%.#2! #"! +! 5#4'5'2%! ,'4'$+;! %.5',! .2!

#$('$! %#! .2%'$2+;.,'! .%f,#5'%&.2)! <&./&! ".%,! <.%&! E.',';J,! /#2/'C%! #"!

]/#5C-%'$.,.2)J! 5#4'5'2%,D! C+$%./-;+$;1! .2! %'/&2./+;;1! /#5C;'F! C+,,+)',?! H!

S5#4'5'2%! /+2! +%! >',%! >'! #2;1! +,! 'F+/%! +,! %&'! )#+;! /#2/'C%.#2U! .,! +2! .2%$.)-.2)!

C#.2%!$+.,'(!>1!*+2%';D!,-))',%.2)!%&+%!%&'!)#+;!+2(!%&'2!.%,!+2%./.C+%.#2!&+4'!%#!>'!

.('+;! .2! #$('$! "#$! %&'! 5#4'5'2%! %#! >'! $'+;.,'(! ,-//',,"-;;1?! N'! )#',! .2%#! "-$%&'$!

('%+.;! $')+$(.2)! +(I-,%5'2%! +2(! +//-$+/1! #"! ".2)'$! C;+/'5'2%! .2! +/B-.$.2)! )##(!

.2%#2+%.#2!.2!+;;!%#2+;.%.',?!SA&'!,C+%.+;!/#2/'C%.#2!<.;;!,##2!>'!/##$(.2+%'(!<.%&!

%&'! +/#-,%./! #2'! %#! %&'! 'F%'2%! %&+%! +! C$'/.,'! +/#-,%./! /#2/'C%.#2! <.;;! .2.%.+%'! +!

C$'/.,'!,C+%.+;!/#2/'C%.#2!+,!+!%0@/0CMU!

>#$%&'(!.,!(.,/-,,'(!+,!S+!5'+2,!#"!'FC$',,.#2^!"$'B-'2/1!+2(!+5C;.%-('?U!:%!

.,! (',/$.>'(! %&+%! <'! %+='! "#$! )$+2%'(! %&+%! +! &-5+2! ,.2).2)! 4#./'! .,! >'+-%.".'(! >1!

"#$%&'(! +2(! %&.,! /#2/'C%! 2+%-$+;;1! $';+%',! %#! ,%$.2)! C;+1.2)D! $'";'/%.2)! H;'F+2.+2J,!

.('+!#"!%&'!,.2).2)!5-&1'0%0//0!,%$.2)?!N#<'4'$D!%&'$'!.,!+!(.,/$'C+2/1!.2!%&.,!+,!%&'!

,.2).2)! #"! +! >#1,J! /&#.$! .,! C-$'! +2(! <.%&#-%! 4.>$+%#?! A&'! C$#>;'5,! #"! .2%#2+%.#2!

#-%;.2'(!>1!H;'F+2.+2!+$'!+;,#!C#.2%'(!%#!>1!*+2%';D!<&#!+((,!&.,!#<2!('".2.%.#2!

#"! %&'! %'/&2.B-'fS+! /#2,/.#-,;1! '5C;#1'(! 5'+2,! #"! .2%'2,."1.2)! 'FC$',,.#2DU!

V9Wh7D! C?! 98WZ?! :2! &.,! /&+C%'$! #2! S%$+2,5.,,.#2! #"! C$',,-$'! %#! %&'! ,%$.2)U! *+2%';!

.2%'$',%.2);1! (.,/-,,',! +$5! <'.)&%D! ,#5'%&.2)! #"! /$-/.+;! .5C#$%+2/'! %#! E.',';J,!

%'+/&.2)! #"! $.)&%[&+2(! %'/&2.B-'^! SA&'! +$5! &+,! /#2,.('$+>;'! <'.)&%?U! N'!

C#,%-;+%',! %&+%! %&'! +4'$+)'! <'.)&%! #"! %&'! +$5! /;#,'! %#! %&'! &+2(! .,! %<#! =.;#)$+5,!

d7!

!
+2(! %&.,! .,! 5#$'! %&+2! '2#-)&! <'.)&%! %#! C$#(-/'! %&'! (',.$'(! ,%$'2)%&! #"! %#2'! f!

S+21!+((.%.#2+;!+/%.4'!C$',,-$'!"$#5!%&'!+$5!<.;;!>'!%#%+;;1!,-C'$";-#-,U!V9Wh7D!C?!

798Z?!

:2! &#;(.2)! %&'! >#<D! *+2%';! (.,/-,,',! %&'! $#;'! #"! C$#2+%.#2! <&./&! .,!

%$+(.%.#2+;;1!-,'(!%#!(',/$.>'!%&'!(.$'/%.#2!#"!C$',,-$'!"$#5!%&'!&+2(!;'+2.2)!.2%#!

%&'! ,%./=! +,! #CC#,'(! %#! .%,! .24'$,'D! ,-C.2+%.#2^! SA&'! .2('F! ".2)'$! 5-,%! %$+2,5.%!

5#,%! #"! %&'! $#%+%.#2+;! "#$/'! #"! C$#2+%.#2?U! A&.,! /#22'/%,! %#! H;'F+2.+2J,! +(4./'!

+>#-%!%&'!C;+/'5'2%!#"!%&'!".$,%!".2)'$!I#.2%!#2!%&'!,%./=!#"!%&'!>#<D!<&./&!/+2!+;,#!

>'!,''2!.2!0';;+J,!%&',.,?!*+2%';!+,,'$%,^!SH%!%&'!"$#)D!%&'!>#<!+2(!%&'!"#$'+$5!"#$5!

+2! #>%-,'! +2);'n! +%! %&'! %.C! %&'1! "#$5! +2! +/-%'! +2);'?U! A&'! .5C#$%+2/'! #"! ,-/&!

+2);',!%&'2!/#22'/%,!%#!%&'!-2.4'$,+;;1[+//'C%'(!C$.2/.C;'!#"!>#<.2)!C+$+;;';!%#!%&'!

>$.()'! V,''2! .2! >#%&! H;'F+2.+2! +2(! 0';;+J,! <$.%.2)Z?! :2! /#2/;-,.#2! %#! &.,! <#$=D!

*+2%';! ,%+%',! %&+%^! S:%! .,! ,-$C$.,.2)! %&+%! ,%$.2)! C'(+)#)1! &+,! >+$';1! %$.'(! %#!

'F+5.2'!%&'!'2'$)1!+2(!<'.)&%!$';+%.#2,&.C,!#"!>#(.;1!5#4'5'2%,DU!<&./&!/+2!>'!

.2%'$C$'%'(! %&$#-)&! %&'! :,$+';.! /#2/'C%! #"! C&1,./+;! 5#4'5'2%D! <'.)&%! %$+2,"'$D!

$';+F+%.#2!+2(!>#<!<'.)&%?!!

A&$#-)&!%&.,!$'4.'<!#"!;.%'$+%-$'!/#2/'$2.2)!3+,+;,D!H;'F+2.+2D!`'-'$5+22D!

0%-%,/&'<,=1D! 0';;+! +2(! *+2%';D! +! /;'+$! ;.2'! #"! /$#,,[.2";-'2/'D! %$+(.%.#2! +2(!

('4';#C5'2%!.,!$'4'+;'(?!A&.,!.,!(.,C;+1'(!/;'+$;1!.2!%&'!/';;#!C'(.)$''!+2(!.,!+;,#!

,-CC#$%'(! >1! %&'! %#C./,! +2(! C+$%./.C+2%! $',C#2,',! +2+;1,'(! ;+%'$! .2! %&.,! %&',.,?!!

H;%&#-)&! 2-5'$#-,! (.""'$'2/',! #"! #C.2.#2! +2(! +CC$#+/&! +$'! '4.('2%D! %&'! 5+21!
dX!

!
.('#;#)./+;! ,.5.;+$.%.',! C#.2%! %#! +! ,&+$'(! (',.$'! "#$! &.)&[B-+;.%1! C'$"#$5+2/'D!

.2%'$C$'%+%.#2! +2(! %'/&2./+;! ,=.;;D! +,! <';;! +,! %&'! "-$%&'$+2/'! #"! %&.,! %&$#-)&!

C'(+)#)./+;!%$+(.%.#2?!!

'

<"*"(+-.$%&'(%')*+(",$'-",,/'*-.//,''

<"*"(+-.'(00+/(-.'

A&'!+.5!#"!%&.,!,%-(1!&+,!>''2!%#!('".2'!+2!:,$+';.!/';;#!],/&##;DJ!+2(!/#2%$.>-%'!%#!

%&'! >#(1! #"! =2#<;'()'! <&.;'! &';C.2)! %#! /;+$."1! 51! #<2! .('+,! +>#-%! 51!

('4';#C5'2%! +,! +! /';;.,%?! A&'! ;')+/1! #"! ='1! /';;.,%,! +2(! C'(+)#)-',! <.%&! :,$+';.!

>+/=)$#-2(,! I-,%.".',! %&.,! ,%-(1D! +,! %&'! 5'%&#(,! -,'(! %#! ('4';#C! ,-/&! %+;'2%'(!

.2(.4.(-+;,! +,! C;+1'$,! +2(! %'+/&'$,! +$'! .24+;-+>;'! %#! %&'! 1#-2)'$! )'2'$+%.#2! #"!

/';;.,%,!,%.;;!$'+C.2)!%&'!>'2'".%,!#"!%&.,!;+$)';1!4'$>+;!=2#<;'()'[%$+2,"'$?!!

@-'!%#!%&'!<.('!(.+,C#$+!#"!b'<.,&!5-,./.+2,D!%&.,!$','+$/&!C$#I'/%!/+2!>'!

4.'<'(! +,! +! &.)&;1! /#2%'5C#$+$1! 'F+5.2+%.#2! #"! :,$+';.! /';;#! C;+1.2)D! 5+('!

C#,,.>;'!"$#5!+!01(2'1!>+,'!>1!%<'2%1[".$,%!/'2%-$1!%'/&2#;#)1D!.2/;-(.2)!.2%'$2'%D!

'5+.;D!*KX!$'/#$('$,!+2(!#2;.2'!(+%+>+,',?!H,!%&'$'!.,!;.5.%'(!'F.,%.2)!;.%'$+%-$'!

#2! %&.,! %#C./D! %&'! /#2%'5C#$+$1! +2);'! #"! %&'! ,%-(1! .,! &.)&;.)&%'(D! +,! :,$+';! .,! +!

$';+%.4';1!1#-2)!/#-2%$1!V"#$5'(!+,!%&'!0%+%'!#"!:,$+';!.2!9WYcZ!/#5C+$'(!%#!:%+;1D!

`$+2/'D!G'$5+21D!R2);+2(D!L-,,.+!+2(!'4'2!%&'!62.%'(!0%+%',!<&'$'!'F.,%.2)!/';;#!

,/&##;,! &+(! ('4';#C'(! "$#5! %&'! '.)&%''2%&! /'2%-$1! #2<+$(,?! K'$&+C,! :,$+';! +,! +!

;#/+%.#2! "#$! %&'! ('4';#C5'2%! #"! +! ,/&##;! #"! ,%$.2)[C;+1.2)! /+2! >'! ,''2! +,!

dY!

!
+(4+2%+)'#-,D! +,! +! 4+,%! +5#-2%! #"! =2#<;'()'! +2(! %+;'2%! "$#5! +$#-2(! %&'! <#$;(!

/#24'$)'(!.2!%&'!2'<!2+%.#2D!,#<.2)!%&'!,''(,!"#$!%&'!,/&##;!<&./&!51!%&',.,!+.5,!

%#! ('".2'?! A&.,! 5';%.2)! C#%! #"! .('+,! +>#-%! /';;#! C;+1.2)! &+,! .2,C.$'(! 51! $','+$/&!

+2(!<.;;!>'!4.'<'(!%&$#-)&!%&'!C$.,5!#"!51!,%-(.',!<.%&!E.',';?!

H,!%&'!$','+$/&!,->I'/%!5+%%'$!$';+%',!%#!51!"#$5'$!%'+/&'$D!'%&./+;!.,,-',!

+$#,'!$')+$(.2)!/#2";./%!#"!.2%'$',%?!:2!+((.%.#2D!+,!5+21!#"!%&'!.2(.4.(-+;,!:!<+2%'(!

%#!.24#;4'!<'$'!/#22'/%'(!%#!5'!.2!,#5'!<+1D!#$!+%!;'+,%!&+(!,.)2."./+2%!.2%'$',%!.2!

E.',';J,! 5'%&#(,D! .%! <+,! 2'/',,+$1! %#! )'2'$+;.,'! %&'! (',/$.C%.#2! #"! 51! ,%-(1! .2!

#$('$! %#! =''C! +! /#5"#$%+>;'! (.,%+2/'! >'%<''2! %&'! $','+$/&'$! +2(! %&'! ,->I'/%!

5+%'$.+;?!A&.,D!&#<'4'$D!C$#4'(!4'$1!-,'"-;!.2!).4.2)!/;+$.%1!+2(!"#/-,!%#!%&'!%#C./D!

+2(! +,,.,%'(! .2! %&'! ('4';#C5'2%! #"! 51! $','+$/&! ,%$+%')1?! A&'! $','+$/&'$! "#-2(!

%&+%!+2!.2%'$4.'<!"#$5+%!<+,!%&'!5#,%!-,'"-;!"#$5+%!%#!(.,C;+1!+,C'/%,!#"!+!,/&##;!

#"! /';;#! C;+1.2)! +2(! %&.,! <#-;(! >'! 4+;-+>;'! +,! +! ,-CC;'5'2%! %#! #%&'$! "#$5,! #"!

'4.('2/'D!,-/&!+,!$'/#$('(!5+%'$.+;D!+2(!+2!+,,',,5'2%!#"!%&'!+/%-+;!.5C+/%!:,$+';.!

/';;.,%,!&+4'!&+(!#2!%&'!5-,./+;!<#$;(?!A&'!C+$%./.C+2%,!+)$''(!%#!>'!2+5'(!.2!%&.,!

C$#/',,! +,! C+$%! #"! /$'+%.2)! +! C./%-$'! #"! +! ,/&##;! .2/;-(',! $'4'+;.2)! .('2%.%.',! #"!

C'$,#2+;.%.',! %&+%! &+4'! 5+('! ='1! /#2%$.>-%.#2,?! T+%-$+;;1! %&.,! &+(! +! 2-5>'$! #"!

'%&./+;! C$#>;'5,D! >-%! %&','! <'$'! +(($',,'(! >1! +4#.(.2)! /#'$/.#2! .2! B-',%.#2,! #$!

$'B-',%!%#!C+$%./.C+%'!.2!%&'!,%-(1!+2(!.2!%&'!)'2'$+;!2+%-$'!#"!%&'!.('+,!C$','2%'(?!!

H,! %&'! C$.5+$1! ,#-$/'! 5+%'$.+;! "#$! 51! %&',.,! .,! %&'! =2#<;'()'! #"! /';;.,%,!

;.2='(!%#!:,$+';!.2!+!4+$.'%1!#"!<+1,D!%&.,!'%&./+;!"$+5'<#$=!2''('(!%#!>'!4'$1!/;'+$!
dd!

!
>'"#$'!+21!"-$%&'$!$','+$/&!,%'C,!/#-;(!>'!%+='2?!A&'!$','+$/&'$J,!#<2!=2#<;'()'!

#"! .2(.4.(-+;,! .2! %&'! ,%-(1D! +2(! C+$%./-;+$! +,,#/.+%.#2! <.%&! %&'! ='1! .2"#$5+2%D!

E.',';D! 5'+2%! %&+%! :! 2''('(! %#! =''C! ,#5'! (.,%+2/'! "$#5! %&'! ,->I'/%,! +%! &+2(! .2!

C$','2%.2)!%&'!B-',%.#2,!+2(!+4#.(!C$#5C%.2)!$',C#2,',!<&./&!5.)&%!>'!;.2='(!.2!

,#5'!(.$'/%!#$!.2(.$'/%!<+1!%#!51!#<2!('4';#C5'2%!+2(!'FC'$.'2/',?!A&'!,->I'/%,!

<'$'!/&#,'2!"#$!%&'.$!/#2%$.>-%.#2,!%#!/';;#!C;+1.2)!.2!:,$+';!+2(!+;,#!%#!(.,C;+1!+!

4+$.'%1! .2! +)'D! +/&.'4'5'2%D! C#%'2%.+;! +2(! ;')+/1?! K$'(./%+>;1! %&'! ".2+;! /&#./'! #"!

C+$%./.C+2%,!"#$!.2/;-,.#2!.2!%&.,!,%-(1!<+,!.5C+/%'(!#2!>1!<&./&!/';;.,%,!+/%-+;;1!

/&#,'!%#!$',C#2(D!>-%!%&+2="-;;1!%&'!('C%&!#"!,#5'!$',C#2,',!+2(!%&'!('%+.;!.2!%&'!

4'$>+;!.2%'$4.'<,!<.%&!E.',';!C$#4.('(!%&'!$','+$/&'$!<.%&!+2!'F/';;'2%!+5#-2%!#"!

5+%'$.+;!%#!+2+;1,'?!3#5C#-2(.2)!%&'!C'$,#2+;!'%&./+;!.,,-',!(.,/-,,'(D!+!/#-2%$1!

+,!4#;+%.;'!+,!:,$+';!.,!+;<+1,!C$#>;'5+%./!%#!+(($',,D!+,!+;%&#-)&!%&'!$','+$/&!.2!

B-',%.#2!&+,!2#!C#;.%./+;!#$!$';.).#-,!/#22'/%.#2D!%&.,!.,!%&'!"+>$./!+2(!"#-2(+%.#2!

#"! %&'! ,#/.'%1! +2(! /-;%-$'! .2! <&./&! +! ,/&##;! #"! /';;#! C;+1.2)! &+,! '5'$)'(! +2(!

('4';#C'(?!

A&'! 5'%&#(#;#)./+;! "$+5'<#$=! "#$! 51! $','+$/&! /#2,.,%'(! #"! +!

B-',%.#22+.$'D!.2%'$4.'<!C$#/',,D!+2(!>+/=)$#-2(!$','+$/&!#2!:,$+';!.2!)'2'$+;D!+,!

<';;!+,!/';;#!+2(!,%$.2)!C'(+)#)1?!A&'!B-',%.#22+.$'!"#$5+%!<+,!/&#,'2!%#!'2+>;'!

/;+$.%1! +2(! /#2,.,%'2/1! #"! .2"#$5+%.#2D! +2(! %#! +.(! .2! (+%+! /#;;'/%.#2?! H;%&#-)&! +!

"#;;#<[-C!.2%'$4.'<!<+,!+;,#!C+$%!#"!51!$','+$/&!5'%&#(#;#)1D!%&'!B-',%.#22+.$'!

<+,! C$'"'$+>;'! +,! .%! ('[C'$,#2+;.,',! %&'! %#C./D! +4#.(,! %&'! C#%'2%.+;;1! +$(-#-,!

dj!

!
%$+2,/$.C%.#2!%+,=!VC+$%./-;+$;1!+,!5+21!.2%'$4.'<!C+$%./.C+2%,!,C'+=!R2);.,&!<.%&!

+!C$#2#-2/'(!:,$+';.!#$!"#$'.)2!+//'2%ZD!+2(!+.(,!/#5C+$.,#2!#"!%&'!/#;;'/%'(!(+%+?!

:2! '4+;-+%.2)! %&'! ('4';#C5'2%! #"! +2! :,$+';.! ,/&##;! #"! /';;#! C'(+)#)1! +2(!

C'$"#$5+2/'D!%&'!B-',%.#22+.$'!/#2/'$2.2)!>+,./!C$.2/.C;',!#"!/';;#!%'/&2.B-'!+2(!

5-,./.+2,&.C! >'/+5'! %&'! >+/=>#2'! #"! %&'! C$#I'/%! +2(! %&'! ,%+$%.2)! C#.2%! "#$! 2#%!

#2;1!+2+;1,.,!+2(!(+%+!/#;;'/%.#2D!>-%!+;,#!$'";'/%.#2!#2!+!2-5>'$!#"!$';+%'(!%#C./,?!

A&.,! B-',%.#22+.$'D! /#2,.,%.2)! #"! %<';4'! B-',%.#2,D! <+,! (.,,'5.2+%'(! %#! %<'2%1!

/';;.,%,! <&#! +$'! '.%&'$! :,$+';.D! :,$+';.[%$+.2'(D! #$! &+4'! ,%-(.'(! #$! >''2! +,,#/.+%'(!

<.%&!,.)2."./+2%!:,$+';.!C'(+)#)-',?!

A&'! B-',%.#22+.$'! <+,! ,'2%! <.%&! +! /#4'$! ;'%%'$! "$#5! 51! ,-C'$4.,#$D!

K$#"',,#$! H22+! L'.(D! +2(! <+,! +//#5C+2.'(! >1! +! /#2,'2%! "#$5! +2(! +! K+$%./.C+2%!

:2"#$5+%.#2!0%+%'5'2%?!A&'!B-',%.#2,!<'$'!/&#,'2!%#!'2/#5C+,,!+!$+2)'!#"!.('+,!

+>#-%!%&'!-,'!#"!%&'!$.)&%!+2(!;'"%!&+2(,!.2!/';;#!%'/&2.B-'D!+,!<';;!+,!/#2/'C%,!%&+%!

/#5>.2'! 5-,./+;! .('+,! +2(! %'/&2./+;! 'F'/-%.#2D! +2(! %&'! C,1/&#;#)1! +2(!

%'5C'$+5'2%!#"!.2(.4.(-+;!,%-('2%,?!A&'!B-',%.#2,!+.5'(!%#!.)2.%'!.2%'$',%!.2!%&'!

$','+$/&! C$#I'/%! C+$%./.C+2%D! +2(! C$#4.('! +! >+,./! $'"'$'2/'[C#.2%! %&+%! "+/.;.%+%',!

/#5C+$.,#2!#"!%&'!+2,<'$,!).4'2D!+2(!&';C,!%#!.('2%."1!+!C#%'2%.+;!"$+5'<#$=!"#$!+!

,/&##;!#"!C'(+)#)1!,C'/."./!%#!:,$+';?!H!"#;;#<!-C!.2%'$4.'<!<+,!#""'$'(!<.%&.2!%&'!

B-',%.#22+.$'! +2(! %&.,! <+,! ,';'/%'(! >1! ,.F! C+$%./.C+2%,D! .2/;-(.2)! +2! .2[('C%&!

.2%'$4.'<!<.%&!E.',';?!!

dh!

!
!

N+4.2)! ('/.('(! %&'! ='1! ".)-$',! .2! :,$+';.! /';;#! C;+1.2)! %&+%! :! <+2%'(! %#!

.2%'$4.'<D! :! <+,! +>;'! %#! /#5C.;'! +! ;.,%! #"! /';;.,%,! -,.2)! 51! #<2! /#2%+/%! (+%+>+,'D!

+2(! <.%&! %&'! +,,.,%+2/'! #"! 0';;+?! H5#2),%! %&','! /';;.,%,! <'$'! ';'4'2! "#$5'$!

,%-('2%,! #"! E.',';! .2/;-(.2)! G+4$.';! Q.C=.2(D! ;+-$'+%'! #"! .2%'$2+%.#2+;!

/#5C'%.%.#2,! +2(! .2%'$2+%.#2+;! ,#;#.,%n! N.;;';! O#$.D! .2%'$2+%.#2+;! ,#;#.,%! +2(!

K$#"',,#$!+%!%&'!a-/&5+22[*'&%+!0/&##;!#"!*-,./!.2!A';[H4.4!V"#$5'$;1!%&'!L->.2!

H/+('51! #"! *-,./! <&'$'! E.',';! <+,! 3';;#! K$#"',,#$! +2(! /-$$'2%;1! &#;(,! +2!

&#2#$+$1! C$#"',,#$,&.CZD! A+5+,! P+$)+D! 3#[K$.2/.C+;! /';;.,%! #"! %&'! P.'22+!

K&.;&+$5#2./!_$/&',%$+D!+,!<';;!+,!@$!@+4.(!0';;+?!!

H,!+!C+$%./.C+2%!.2!%&'!:,$+';!:2%'$2+%.#2+;!3';;#!3#2)$',,',!&';(!.2!\.>>-%M!

*.M$+&!+2(!%&'!b'$-,+;'5!H/+('51!#"!*-,./!.2!788j!+2(!788WD!:!<+,!+>;'!%#!5+='!

,#5'! /#22'/%.#2,! <.%&! :,$+';.! /';;.,%,! V,#5'! #"! <&#5! &+4'! >''2! .2%'$4.'<'(! +,!

C+$%! #"! %&.,! $','+$/&ZD! +2(! "#$5'(! 51! .('+,! "#$! %&.,! %&',.,! (-$.2)! %&'! ;+%%'$!

/#2)$',,?!@$!0';;+J,!,-CC#$%!#"!%&'!C$#I'/%!%&$#-)&!%&'!:,$+';!3';;#!0#/.'%1!&';C'(!

%#!/'5'2%!%&'!R%&./,!+CC$#4+;!V60i@!R%&./,!+CC$#4+;!2#?!9X99hZ!+2(!51!'FC#,-$'!

%#!/#2/'$%,D!5+,%'$/;+,,',D!;'/%-$',!+2(!<#$=,&#C,!(-$.2)!%<#!4.,.%,!%#!:,$+';!&+,!

"-$%&'$'(!51!-2('$,%+2(.2)!+2(!+<+$'2',,!#"!/';;#!C;+1.2)!.2!%<'2%1[".$,%[/'2%-$1!

:,$+';?!!

dc!

!
 A&'!';'4'2!/#5C;'%'(!$',C#2,',!$'/'.4'(!4+$.'(!/#2,.('$+>;1!.2!;'2)%&!+2(!

('C%&D!+2(!%&'$'!+$'!/;'+$;1!+!2-5>'$!#"!$'+,#2,!"#$!%&.,?!A#!"-$%&'$!,->,%+2%.+%'!

%&'!('4';#C5'2%!#"!+!,/&##;!+2(!/#55#2+;.%.',!.2!+CC$#+/&!+2(!,%1;'D!$'/#$(.2),!

+/$#,,!%&'!%'+/&.2)!C'(.)$''!%&+%!&+,!C$#(-/'(!:,$+';J,!/-$$'2%!%$+(.%.#2!&+4'!+;,#!

>''2! +2+;1,'(! +2(! /#5C+$'(?! A&'! 4+$.'%1! #"! B-',%.#22+.$'! $',C#2,',! <'$'!

+2+;1,'(D!$'+,#2'(!+2(!/#5C+$'(!.2!%&'!".2(.2),!,'/%.#2!#"!%&.,!%&',.,?!H!2-5>'$!

#"! %&'! #$.).2+;;1! ,';'/%'(! C+$%./.C+2%,! (.(! 2#%! $'C;1! %#! 51! .2.%.+;! +CC$#+/&D! +2(!

%&$''! C+$%./.C+2%,! <$#%'! 'FC;+.2.2)! $'+,#2,! "#$! ('/;.2.2)! %#! /#5C;'%'! %&'!

B-',%.#22+.$'?!:2!=''C.2)!<.%&!%&'!G$#-2('(!A&'#$1!5'%&#(#;#)1!VG;+,'$D!9WhcZD!

%&'! /#5C;'%'(! $',C#2,',! "#$5'(! +2! +,,#$%5'2%! #"! ]5'5#,J! "#$! %&'! $','+$/&'$! %#!

($+<!#2?!

N+4.2)! +,,'5>;'(! %&','! $',C#2,',D! :! <+,! %&'2! +>;'! %#! >').2! %&'! .2%'$4.'<!

C$#/',,D!/#55'2/.2)!<.%&!+!%<#[&#-$!.2[C'$,#2!.2%'$4.'<!<.%&!E.',';?!!A&.,!<+,!

/#2(-/%'(!+%!E.',';J,!&#5'!.2!i+,,D!.2!$-$+;!T'<!0#-%&!E+;',D!+2(!<+,!$'/#$('(!

-,.2)!+2!*KX!K;+1'$?!0->,'B-'2%!.2%'$4.'<,!<'$'!+$$+2)'(!4.+!%&'!#2;.2'!]0=1C'J!

C#$%+;D! +,! +;;! %&'! #%&'$! /';;.,%,! .2! %&'! ,-$4'1! ;.4'! #-%,.('! #"! H-,%$+;.+?! A&'$'! <'$'!

,#5'!C$#>;'5,!<.%&!+$$+2).2)!%&','!0=1C'!.2%'$4.'<,!(-'!%#!%.5'!(.""'$'2/',!+2(!

,/&'(-;.2)D! >-%! %&.,! C$#4'(! %#! >'! +! /#24'2.'2%! <+1! #"! /#2(-/%.2)! +2(! $'/#$(.2)!

.2%'$4.'<,?!A&.,!(.+,C#$+!#"!/';;.,%,!&.)&;.)&%'(!%&'!.2";-'2/'!#"!:,$+';.!/';;#!C;+1.2)!

+$#-2(!%&'!<#$;(D!+2(!%&'!.5C#$%+2/'!#"!/#2%'5C#$+$1!%'/&2#;#)1!.2!5+=.2)!%&.,!

$','+$/&! C$#I'/%! C#,,.>;'?! :2! %&'! '2(D! %&'! B-',%.#22+.$'! +2(! .2%'$4.'<! C$#/',,!

C$#4.('(!%&'!5+I#$.%1!#"!%&'!(+%+!"#$!%&'!%&',.,?!

dW!

!
! A&'! >+/=)$#-2(! $'+(.2)! +2(! $','+$/&! -2('$%+='2! +;,#! .2/;-('(! ,%-(1! #"!

/';;#! ]C'(.)$'',J! V3+5C>';;D! 788YZD! ,&#<.2)! %&'! ;.2'! #"! .2";-'2/'! .2! (.""'$'2%!

,/&##;,!+2(!%&'!,C$'+(!#"!=2#<;'()'!%&$#-)&!(.""'$'2%!/#-2%$.',!+2(!%.5'"$+5',?!

:;;-,%$+%.#2,!+2(!C&#%#)$+C&,!#"!&+2([C#,.%.#2,!<'$'!+;,#!+2+;1,'(!.2!$';+%.#2!%#!

',%+>;.,&'(! .('+,! .2! :,$+';.! /';;#! C;+1.2)n! +2(! %'/&2./+;! 'F'$/.,',! +2(! C+,,+)',! .2!

%&'!/';;#!;.%'$+%-$'!$';'4+2%!%#!%&'!B-',%.#22+.$'!B-',%.#2,!<'$'!,%-(.'(?!A&'!;+$)'!

4#;-5'!#"!5'/&+2./+;!'F'$/.,',!-,'(!>1!E.',';!%#!"#$5!+2(!5+.2%+.2!%&'!%'/&2.B-'!

#"!>#%&!&+2(,D!C$#4.('(!.24+;-+>;'!5+%'$.+;!.2!%&'!('4';#C5'2%!#"!%&.,!,%-(1?!*+21!

#"!%&'!/#2/'C%,!.2!%&','!'F'$/.,',!+$'!$'";'/%'(!.2!%&'!B-',%.#22+.$'!B-',%.#2,D!+2(!

+;,#!.2!,#5'!#"!%&'!$',C#2,',!C$#4.('(!>1!C+$%./.C+2%,?!A&','!'F'$/.,',!(.,C;+1!%&'!

.2";-'2/'!#"!+!4+$.'%1!#"!,/&##;,D!+2(!$'";'/%!C'(+)#)./+;!%$'2(,!+2(!/#22'/%.#2,!+,!

,''2!.2!%&'!/';;#!C'(.)$''!%+>;',?!A&','!%$+.%,!/+2!>'!/#5>.2'(!%#!$'4'+;!+!5'%&#(!

%&+%!.,!'4.('2/'!#"!+2!:,$+';.!,/&##;!#"!/';;#!C'(+)#)1!+2(!C'$"#$5+2/'?!!

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

A&'! %<';4'! B-',%.#2,! #"! 51! B-',%.#22+.$'! <'$'! ('4.,'(! %#! >$#+(;1! /#4'$! +;;!

+,C'/%,! #"! /';;#! %'/&2.B-'D! +2(! +;,#! %#! %#-/&! #2! 5-,./+;! +2(! ('4';#C5'2%+;!

';'5'2%,?! 0#5'! /';;.,%,! 5+1! &+4'! "#-2(! %&'! B-',%.#2,! %#! >'! %##! )'2'$+;! +2(!

C#%'2%.+;;1! $'B-.$.2)! $',C#2,',! %&+%! <'$'! #"! /#2,.('$+>;'! ;'2)%&D! >-%! %&'!

%.5'"$+5'! ).4'2! "#$! /#5C;'%.#2! <+,! #2;1! %<'2%1! 5.2-%',D! 5'+2.2)! %&+%! ,-//.2/%!

$',C#2,',!)+4'!+!/;'+$!C./%-$'!#"!'+/&!/';;.,%J,!+CC$#+/&!%#!%&'!5+%%'$!.2!B-',%.#2?!!

j8!

!
A&'!B-',%.#2,!<'$'^!!

9? E&+%!+$'!1#-$!.('+,!+>#-%!,.%%.2)!C#,.%.#2m!

7? E&+%!"-2(+5'2%+;!C$.2/.C;',!#"!$.)&%[&+2(!%'/&2.B-'!(#!1#-!&#;(m!

X? !E&+%! 5'%&#(,! (#! 1#-! -,'! %#! ('4';#C! %&','! .2! 1#-$! #<2! +2(! ,%-('2%,J!

C;+1.2)m!

Y? E&+%!"-2(+5'2%+;!C$.2/.C;',!#"!;'"%[&+2(!%'/&2.B-'!(#!1#-!&#;(m!!

d? E&+%!.('+,!(#!1#-!-,'!%#!('4';#C!4.>$+%#D!,&."%.2)!+2(!(#->;'[,%#C,m!

j? E&+%!+$'!1#-$!4.'<,!#2!%&'!/#22'/%.#2!>'%<''2!%&'!$.)&%!+2(!;'"%!&+2(,m!

h? :2!<&+%!+$'+,!(#!1#-!,''!,12/&$#2./.%1!+2(!.2('C'2('2/'!#"!%&'!&+2(,!+,!

.5C#$%+2%m!

c? @#!1#-!'5C;#1!5#4'5'2%!#"!%&'!>#(1!.2!1#-$!C;+1.2)!#$!%'+/&.2)m!!

W? @#! 1#-! /&##,'! ".2)'$.2),! "#$! +! <#$=! >+,'(! +$#-2(! %&'! C#,.%.#2! #"! %&'!

&+2(D!C+$%./-;+$;1!.2!%&-5>!C#,.%.#2m!

98? A#! <&+%! 'F%'2%! (#! 1#-! -,'! 5-,./+;! (.4.,.#2! #"! +! C&$+,'! .2! C$'C+$.2)! +!

<#$=D! >#%&! %'/&2./+;;1! +2(! 5-,./+;;1m! N#<! (#! 1#-! 4.'<! %&.,! 5'%&#(! #"!

C$'C+$+%.#2m!

99? E&+%! +$'! 1#-$! 4.'<,! #2! %&'! >+;+2/'! >'%<''2! .2%-.%.#2! +2(! +2+;1,.,!

V.2,%.2/%! +,! #CC#,'(! %#! .2%';;'/%-+;k5'/&+2./+;! +2+;1,.,Z! .2! +! C;+1'$J,!

('4';#C5'2%m!!

97? E#-;(! 1#-! >'! .2%'$',%'(! .2! C+$%./.C+%.2)! .2! +! "#;;#<[-C! .2%'$4.'<! +21!

.,,-',!$+.,'(!.2!%&.,!B-',%.#22+.$'m!!

j9!

!
 A&'! .('2%.%1! #"! '+/&! /';;.,%! .,! C$#4.('(! %#! +,,.,%! .2! %&'! /#22'/%.#2! #"! '+/&!

.2(.4.(-+;! %#! %&'! %'+/&.2)! #"! E.',';! +2(! %&'! "-$%&'$+2/'! #"! /';;#! C;+1.2)! +2(!

C'(+)#)1! .2! :,$+';?! :2! %&.,! /&+C%'$D! %&'! $',C#2,',! #"! '+/&! /';;.,%! <.;;! >'! +2+;1,'(!

+2(! $'"'$$'(! %#D! +2(! ='1! C#.2%,! $';+%.2)! %#! ';'5'2%,! #"! <&+%! 5+=',! +! ,/&##;! +2(!

<&+%! /#22'/%,! %&'! C;+1'$,! <.;;! >'! &.)&;.)&%'(?! A&'! $','+$/&'$! &+,! +%%'5C%'(! %#!

/#4'$!+!<.('!$+2)'!#"!+)',!+2(!'FC'$.'2/',D!+,!<';;!+,!/+$''$!,%+)',D!.2!/&##,.2)!

%&'! C+$%./.C+2%,! %#! %+='! C+$%! .2! %&'! B-',%.#22+.$'?! :2! %&.,! <+1! +! &.,%#$1D!

/#2%.2-+%.#2D!;')+/1!+2(!"-%-$'!.,!,''2!.2!%&'!"#$5+%.#2!#"!+2!:,$+';.!/';;#!,/&##;?!

0#5'!/';;.,%,!$'5+.2!)-+$('(!+>#-%!%&'.$!.('+,!$';+%'(!%#!%&'.$!/$+"%D!<&.;'!

#%&'$,! /;+.5'(! %#! &+4'! 2#%! ('/#2,%$-/%'(! %&'.$! C;+1.2)! "$#5! +! %'/&2./+;! +2(!

+2+;1%./+;! ,%+2(C#.2%?! A&.,! /#2/'C%! #"! 2#%! >'.2)! +>;'! %#! +$%./-;+%'! %'/&2.B-'! .2!

<#$(,!'5'$)'(D!%#!51!5.2(!"-$%&'$!4+;.(+%.2)!%&'!2''(!"#$!%&.,!$','+$/&!C$#I'/%!%#!

%.'!%#)'%&'$!<$.%%'2D!,C#='2!+2(!('5#2,%$+%'(!.2"#$5+%.#2!+>#-%!/';;#!C;+1.2)?!

'

E",,$*4'+"*0/%*"*'$%'-/%4"O4T*-.//,'(%1',"&(-2'

K$#"',,#$! E#;")+2)! Q+-"'$D! /';;.,%! #"! %&'! `.2'! H$%,! g-+$%'%D! <+,! #2'! #"! E.',';J,!

5#,%!.5C#$%+2%!,%-('2%,D!+2(!+!C.4#%+;!".)-$'!.2!:,$+';.!/-;%-$+;!;."'D!+,!<';;!+,!+2!

.5C#$%+2%!5'5>'$!#"!%&'!:,$+';!3';;#!0#/.'%1?!L'/'2%;1!('/'+,'(!+%!%&'!+)'!#"!,.F%1[

"#-$D!Q+-"'$!<+,!>#$2!.2!L#5+2.+D!.55.)$+%.2)!%#!:,$+';!.2!9Wj9!+2(!%$+.2.2)!+%!%&'!

A';[H4.4! H/+('51?! N'! I#.2'(! %&'! `.2'! H$%,! g-+$%'%! .2! 9WhW! +2(! <+,! $',.('2%!

K$#"',,#$! +%! %&'! 62.4'$,.%1! #"! E.,/#2,.2[*.;<+-=''! -2%.;! &.,! ('+%&! VL+>.('+-!

j7!

!
0.;4'$,D!7899Z?!N.,!,#2D!@+2.';!Q+-"'$!.,!%&'!H,,#/.+%'!K$.2/.C+;!3';;.,%!#"!%&'!H%;+2%+!

015C&#21! _$/&',%$+D! ,&#<.2)! +! ;.2'! #"! ,-//',,.#2! .2! %&'! :,$+';.! ,/&##;?! Q+-"'$J,!

$',C#2,'!%#!%&'!B-',%.#22+.$'!>')+2!<.%&!+2!.2.%.+;!,%+%'5'2%!+>#-%!%&'!2+%-$'!#"!

%'+/&.2)D! <&./&! &'! >';.'4'(^! S*-,%! >'! %+.;#$'(! %#! %&'! .2(.4.(-+;! 2''(,! #"! '+/&!

,%-('2%D!5.)&%!%&'1!>'!C&1,./+;D!5-,./+;!#$!#%&'$<.,'?U!N'!+;,#!+/=2#<;'()'(!%&+%!

SA&'! &';C! V&'! $'/'.4'(Z! "$#5! *$! E.',';! <+,! -2('2.+>;'! +2(! 4'$1! &';C"-;! .2! 51!

('4';#C5'2%!+,!+!,#;.(!+2(!+//#5C;.,&'(!/';;.,%D!5-,./+;;1!+2(!%'/&2./+;;1?U!

L')+$(.2)! ,.%%.2)! C#,.%.#2D! Q+-"'$! +(4.,',! %&+%! %&'! /';;.,%! ,&#-;(! ,.%! #2! %&'!

"$#2%! #"! %&'! /&+.$D! $')+$(;',,! #"! %&'! ;'2)%&! #"! %&'! '2(C.2D! +2(! >';.'4',! %&+%! %&.,!

,&#-;(!>'!+(I-,%'(!S.2!"-2/%.#2!<.%&!%&'!>#(1[>-.;(!#"!%&'!,%-('2%?U!:2!(.,/-,,.2)!

$.)&%[&+2(! %'/&2.B-'D! Q+-"'$! $'"'$,! %#! %&'! .5C#$%+2/'! #"! +! ,%-('2%J,! &+2(!

S/#2"#$5+%.#2DU! +! %'$5! -,'(! .2! H;'F+2.+2J,! %$'+%.,'?! N'! &',.%+%',! %#! ).4'! ('%+.;'(!

.2"#$5+%.#2!&'$'D!>';.'4.2)!%&+%!%&'!.2(.4.(-+;!&+2(!5-,%!>'!+(+C%'(!%#D!&#<'4'$!

&'! SC$'"'$,! ;##,'! $.)&%! &+2(! <$.,%! /&+2)',?U! Q+-"'$! $'/#55'2(,! %&'! `$+2/#-'$D!

@#%M+-'$D! K#CC'$! +2(! `$+2/&#55'! 5'%&#(,! %#! ('4';#C! %&'! "-2/%.#2,! #"! >#%&!

&+2(,!.2!&.,!,%-('2%,?!Q.='!E.',';D!&'!/+;;,!"#$!S$#-2(!;'"%[&+2(!".2)'$,!<.%&!,%$#2)!

+%%+/=!l!'+/&!".2)'$!&+2(;'(!+,!+2!.2(.4.(-+;?U!A&.,!/#2/'C%!#"!.2(.4.(-+;.%1!#"!%&'!

".2)'$,! &+,! $'/-$$'(! %&$#-)&#-%! 51! 'F+5.2+%.#2! #"! ;'"%[&+2(! %'/&2.B-'?! Q+-"'$!

,'',! %&'! /#22'/%.#2! +2(! /#[#$(.2+%.#2! >'%<''2! %&'! %<#! &+2(,! +,! 4.%+;;1!

.5C#$%+2%fS.%! .,! 'F%$'5';1! ,%$#2)! +2(! /+22#%! >'! (.,$-C%'(?U! :2%'$',%.2);1! &'!

,%+%',! %&+%! &'! %$.',! 2#%! %#! -,'! 5#4'5'2%! #"! %&'! >#(1! .2! &.,! C;+1.2)! +2(! %'+/&.2)D!

>-%!('/;+$',!%&+%!.%!&+CC'2,!2+%-$+;;1!+,!+!$',-;%?!A&.,!5+1!,-))',%!%&+%!&'!>';.'4',!

jX!

!
'F/',,!5#4'5'2%!/+2!.2%'$"'$'!<.%&!";-'2/1!+2(!'/#2#51!#"!5#4'5'2%D!>-%!+;,#!

.5C;.',! %&+%! 2+%-$+;! 5#4'5'2%,! .2! /#$$'/%! (.$'/%.#2,! )$+(-+;;1! +CC'+$D! +2(! /+2!

&+4'!+!"+4#-$+>;'!.5C+/%!#2!C;+1.2)?!Q+-"'$!/&##,',!".2)'$.2),!S.2!+//#$(+2/'!<.%&!

%&'!5-,./+;!.('+!+2(!;.2'Un!,#5'%&.2)!<&./&!.,!$'";'/%'(!.2!5#,%!#"!%&'!$',C#2,',!

+2(! ,#-$/',! %&+%! %&.,! $','+$/&'$! &+,! 'F+5.2'(?! N'! ,'',! %&+%! %&'! 5-,./+;! +2(!

%'/&2./+;! +,C'/%,! 5-,%! +;<+1,! >'! /#5>.2'(D! >-%! C'$&+C,! %&.,! .,! +! $'";'/%.#2! #"!

%'+/&.2)!,%-('2%,!+%!+!&.)&'$!;'4';?!:2%$.)-.2);1!&'!'5C&+,.M',!%&+%!+!C;+1'$!,&#-;(!

('4';#C!%&$#-)&!S.2,%.2/%!".$,%D!+2(!%&'2!V-2('$)#Z!.2%';;'/%-+;!C$'C+$+%.#2?U!A&.,!

/#-;(!>'!,''2!+,!(+2)'$#-,!.2!,#5'!/+,',D!>-%!&.)&;.)&%,!+!C#.2%!%&+%!/#2%.2-',!%#!

+CC'+$f%&'! "-2(+5'2%+;! B-+;.%.',! +2(! .22+%'! %+;'2%! #"! +2! .2(.4.(-+;! 2''(! %#! >'!

"#,%'$'(! ".$,%! +2(! >$#-)&%! %#! %&'! "#$'D! >'"#$'! 5#$'! C$#>.2)! +2+;1,.,! +2(!

.2%';;'/%-+;!$.)#-$!.,!'2)+)'(?!

N.;;';!O#$.!V>#$2!9WjjD!:,$+';Z!.,!#2'!#"!%&'!"#$'5#,%!C-C.;,!#"!E.',';D!+2(!.,!

-2.B-';1! $',C#2,.>;'! "#$! %&'! "-$%&'$+2/'! +2(! ('4';#C5'2%! #"! +! %<'2%1[".$,%[

/'2%-$1!:,$+';.!3';;#!0/&##;?!N'!.5C;'5'2%,!E.',';J,!5'%&#(,!4'$1!+/%.4';1!.2!&.,!

%'+/&.2)D!+2(!&+,!+2!.2";-'2/'!#4'$!:,$+';.!/';;.,%,!#"!+;;!+)',!%&$#-)&!&.,!%'+/&.2)!

+%!%&'!a-/&5+22[*'&%+!0/&##;!.2!A';[H4.4!+2(!&.,!<#$=!"#$!%&'!:,$+';!3';;#!0#/.'%1!

+2(!:,$+';!:2%'$2+%.#2+;!3';;#!3#2)$',,?!H2!.5C$',,.4'!4.$%-#,#!V&.,!+$$+2)'5'2%,!

.2/;-('! 0+$+,+%'J,! H&%801! ?&1'&6.Z! +2(! ,#-)&%[+"%'$! /&+5>'$! 5-,./.+2D! O#$.! &+,!

<#2! 2-5'$#-,! .2%'$2+%.#2+;! +<+$(,! +2(! &+,! C'$"#$5'(! $')-;+$;1! +,! ,#;#.,%! <.%&!

%&'! :,$+';! K&.;&+$5#2./! _$/&',%$+! V<<<?&.;;';M#$.?/#5Z?! Q.='! 5+21! #%&'$!

C+$%./.C+2%,D!O#$.!4.'<,!'+/&!/';;.,%!+,!&.)&;1!.2(.4.(-+;!$')+$(.2)!,.%%.2)!C#,.%.#2!

jY!

!
>-%! >';.'4',! S.2! &+4.2)! %&'! -CC'$! C+$%! #"! %&'! >#(1! "$''! "$#5! +21! (.""./-;%.',?! A&'!

/&',%! ,&#-;(! &+4'! '2#-)&! $##5! %#! &+4'! %&'! +$5,! +>;'! %#! &-)! %&'! /';;#?! A&'! "''%!

,&#-;(!%#-/&!%&'!";##$!.2!"-;;?!A&'!/';;.,%!,&#-;(!>'!+>;'!%#!C-,&!%&'!";##$!.2!#$('$!%#!

>$.2)! %&'! /';;#! %#! %&'! >#<! <&'2! 2''('(?U! N'! +;,#! $'"'$,! %#! %&'! /&#./'! #"! /&+.$! +,!

.5C#$%+2%!+2(!B-.%'!4+$.+>;'!"$#5!C;+1'$!%#!C;+1'$?!!

L')+$(.2)!%&'!$.)&%!&+2(D!O#$.!/;'+$;1!'/&#',!E.',';J,!.('+,^!S%&'!$.)&%!&+2(!

,&#-;(!>'!"$''!+2(!&+2).2)!(#<2?!:%!,&#-;(!;'+2!#2!%&'!>#<?!A&'!<$.,%!,&#-;(!>'!

"$''!+2(!;'%!%&'!<#$=!>'!(#2'!%&$#-)&!.%?!_2'!,&#-;(!2#%!-,'!%&'!<$.,%!>-%!;'%!%&'!

<$.,%!>'!+,!+!&#,'!#"!'2'$)1!"$#5!%&'!+$5C.%?!0&#-;('$!,&#-;(!>'!(#<2!2+%-$+;;1!

>-%! 2#%! "#$/'"-;;1?! :! >';.'4'! ,%$#2);1! .2! <.,'! >#<! (.,%$.>-%.#2! +2(! '""./.'2%! +2(!

'/#2#5./+;! -,'! #"! >#<! ,C''(D! C$',,-$'! +2(! B-+2%.%1D! <&.;'! ,%.;;! -,.2)! %&'! '+$,! .2!

#$('$!%#!/#2%$#;!%&'!%#2'!B-+;.%1?U!`#$!('4';#C.2)!%&','!';'5'2%,!.2!&.,!,%-('2%,D!

O#$.! .2%'$',%.2);1! $'/#55'2(,! 2#%! #2;1! C$+/%./.2)! 'F'$/.,',! #2! #C'2! ,%$.2),! >-%!

+;,#! S%$1.2)! %#! 5#4'! %&'! /';;#! ,.('<+1,! <.%&! #2;1! %&'! >#<! /+%/&.2)! %&'! ,%$.2),!

<.%&#-%! C$#(-/.2)! +21! ,#-2(?! A&.,! %'+/&',! 1#-! %&'! C$.2/.C+;! #"! "#/-,.2)! %&'! &+.$!

.2%#!%&'!,%$.2)!<.%&!&+$(;1!+21!C$',,-$'!>-%!%&'!2+%-$+;!<'.)&%!#"!%&'!>#<!+2(!%&'!

+$5?U! N'! +(4#/+%',! C$+/%./.2)! %&'! ,.5C;'$! K#CC'$! +2(! @-C#$%! R%-(',! V2-5>'$,!

#2'D! ,.F! +2(! ,'4'2! $',C'/%.4';1Z! "#$! ('4';#C.2)! ;#<'$! &+;"! >#<! %'/&2.B-'! .2!

2-5'$#-,!>#<.2)!4+$.+%.#2,?!!!

O#$.!>';.'4',!%&+%!%&'!S;'"%!&+2(!,&#-;(!>'!,%$#2)D!B-./=D!,#"%!<&'2!2''('(!

+2(! ";'F.>;'?! :! >';.'4'! .2! 4.$%-#,#! C+,,+)',! %&+%! %&'! ;'"%! &+2(! ,&#-;(! >'! C;+/'(!
jd!

!
2.2'%1!(')$'',!%#!%&'!".2)'$>#+$(!<&.;'!.2!5&1'#/01&!.%!/#-;(!&+4'!%&'!#C%.#2!+;,#!#"!

(.+)#2+;! (.$'/%.#2,?U! A&.,! &';C"-;;1! /;+$.".',! %&'! (.""'$'2/'! >'%<''2! ;'"%[&+2(!

C#,.%.#2.2)!.2!C+,,+)',!+2(!.2!5&1'&$#/0!<#$=!<&./&!&+,!>''2!.('2%.".'(!2#%!#2;1!

>1! +! 2-5>'$! #"! C+$%./.C+2%,D! >-%! 'F+5.2'(! .2! ='1! <#$=,! #"! ;.%'$+%-$'! %&+%! &+4'!

,-CC#$%'(!%&.,!,%-(1?!N'!)#',!#2!%#!,%+%'^!S%&'!".2)'$,!,&#-;(!%#-/&!%&'!,%$.2)!+<+1!

"$#5!%&'!2+.;,D!%$1.2)!%#!&+4'!+,!5-/&!5'+%!+,!C#,,.>;'!+2(!.5+).2'!C-;;.2)!(#<2!

%&'! &+2(?! A&-,! #2'! /+2! /-;%.4+%'! %&'! ,#-2(! +2(! $'+/&! +! $./&'$! 4.>$+%#! +2(! %#2'!

B-+;.%1?U! Q.='! E.',';D! O#$.! ,'',! "#$%&'(! +,! .5C#$%+2%! .2! ('4';#C.2)! %&'! ;'"%[&+2(!

5'/&+2.,5! .2! )'2'$+;?! :%! ,&#-;(! >'! C$#(-/'(! S-,.2)! %&'! +$5! "$#5! %&'! ';>#<D!

";'F.>.;.%1!#"!I#.2%,!.,!+;,#!<';/#5'D!%&'!%&-5>!,&#-;(!>'!C$','2%!.2!%&'!2'/=!#"!%&'!

/';;#!-2('$!%&'!".2)'$>#+$(!/#2,%+2%;1D!+,!."!.%!4.>$+%',!+;,#D!<.%&!%&'!'F/'C%.#2!#"!

%&'!Y%&!".2)'$D!&'$'!%&'!%&-5>!/#-;(!>'!+;;#<'(!%#!>'!+<+1?!T+%-$+;;1!#2'!".2)'$!+%!

+!%.5'!.,!',,'2%.+;oU!A&.,!.,!.2%'$',%.2)!+,!&'!/;'+$;1!,'',!%&'!%&-5>!,%+>.;.%1!#2!%&'!

2'/=! +,! .5C#$%+2%! +2(! +! /#5C#2'2%! #"! "#$%&'(! .2! %&'! #%&'$! ".2)'$,?! _2! (#->;'!

,%#C,D! O#$.! $'/#55'2(,! %&+%! %&'! &+2(! S,&#-;(! >'! >+,'(! #2! %&'! 2.2'%1! (')$''!

C#,.%.#2!%#!%&'!".2)'$>#+$(!+;%&#-)&!.%!('C'2(,!4'$1!5-/&!."!%&'!9,%!".2)'$!.,!;#2)'$!

#$! ,&#$%'$! %&+2! %&'! X$(! ".2)'$D! ',C'/.+;;1! .2! d%&Dj%&D! h%&! +2(! %&-5>! C#,.%.#2,?U! A&.,!

$'"'$'2/'! %#! ".2)'$! ;'2)%&! +2(! 2#67(6#'#(1! .,! #"! .2%'$',%! +2(! $'";'/%,! ,#5'! #"! %&'!

('%+.;! .2! H;'F+2.+2J,! &+2(! +2+;1,.,D! <&.;'! +;,#! +/=2#<;'().2)! %&'! .2'4.%+>;'!

+2+%#5./+;!(.""'$'2/',!"$#5!#2'!/';;.,%!%#!+2#%&'$?!

3#2/'$2.2)!,&."%.2)D!O#$.!,%+%',!%&+%^'S%&'!C$.2/.C+;!;.',!.2!%&'!C$'C+$+%.#2!#"!

%&'! +$5! .2! +(4+2/'D! 2+5';1D! 5+=.2)! %&'! +$5! +2(! %&'! <$.,%! +,! #2'! ";+%! -2.%! +! >.%!

jj!

!
+>#4'! %&'! ".2)'$! >#+$(! +2(! ,'2(! %&'! &+2(! %#! %&'! %+$)'%?! _2'! ,&#-;(! +4#.(! %&'!

%'/&2.B-'!"#$!'+/&!,&."%?!\2#<.2)!%&'!C#,.%.#2,!.,!',,'2%.+;!+,!<';;?!*#4.2)!-C!+2(!

(#<2!+2!#/%+4'!#$!9?d!#/%+4',!.,!(.""'$'2%!"$#5!5#4.2)!+!%&.$(?U!A&.,!$'";'/%,!%&'!

.5C#$%+2/'! #"! ".2)'$>#+$(! :0(:%&7-." %&+%! .,! &.)&;1! '5C&+,.,'(! >1! *+2%';?! O#$.!

5+=',!4'$1!.2%$.)-.2)!$'5+$=,!/#2/'$2.2)!%&'!.2%')$+%.#2!#"!%&'!&+2(,fS%&'!$.)&%!

&+2(!+2(!;'"%!&+2(!,&#-;(!C;+1!/&+5>'$!5-,./!%#)'%&'$?U!N'!/#2%.2-',!%#!(.,/-,,!

,#5'! C$.2/.C;',! %&+%! +$'! #"%'2! -,'(! >1! 5#('$2! (+1! /';;.,%,^! S:! 2'4'$! ;.='(! %&'!

5'%&#(!#"!C$'C+$.2)!%&'!;'"%!&+2(!>'"#$'!%&'!$.)&%!&+2(D!;.='!%&'!.('+!#"!4.>$+%.2)!

>'"#$'! %#-/&.2)! %&'! ,%$.2)! l! :! ('%',%! %&.,! .('+?! A&'! 5-,./! 2''(,! #2'! +/%.#2! #"!

>$'+%&.2)!>'"#$'?!E'!&+4'!%<#!&+2(,!%#!5+='!#2'!5-,./?U!A&.,!.,!,.)2."./+2%!+,!.%!

'5C&+,.,',! %&'! 5(1105'#(1! >'%<''2! %&'! &+2(,D! +2(! +;,#! %&'! $#;'! #"! 5#5'2%+$1!

+2%./.C+%.#2!>'"#$'!C;+1.2)D!<&./&!.,!&#;.,%./+;;1!/#22'/%'(!%&$#-)&!>$'+%&?!!!

3#2%.2-.2)!%&.,!%&'5'D!O#$.!'FC;+.2,!%&+%^!S:2('C'2('2/'!,&#-;(!>'!,''2!.2!

%.5.2)!>#<!,;-$,!(.""'$'2%;1!%&+2!".2)'$.2)!#$!,&."%.2)?!:!%'+/&!51!,%-('2%,!%#!C;+1!

,/+;',!<&./&!"#$/'!;'"%!&+2(!%#!C;+1!$+2(#5!C#,.%.#2,!<&.;'!+%!%&'!,+5'!%.5'!$.)&%!

&+2(! C;+1,! 'B-+;! )$#-C,! #"! 2#%',D! "$#5! %<#! 2#%',! .2! +! >#<! %#! +! <&#;'! ,/+;'! .2! +!

>#<?U!N'!)#',!"-$%&'$!%#!,%+%'!%&'!5-,./+;!$#;'!#"!%&'!/#[#$(.2+%.#2!#"!%&'!&+2(,^!

S,12/&$#2.M+%.#2! .,! .5C#$%+2%! "#$! 5-,./+;! 'FC$',,.#2?! A&'! .2%'2,.%1! #"! "#$%&'(!

,&#-;(!>'!+//#5C+2.'(!<.%&!%&'!,+5'!%$'+%5'2%!#"!%&'!>#<!.2!%'$5,!#"!C$',,-$'D!

B-+2%.%1! #$! ,C''(?U! H)+.2! /#5>.2.2)! %&'! C&1,./+;! +2(! 5-,./+;D! O#$.! .,! +! ,%$#2)!

>';.'4'$! .2! ]5#4.2)! <.%&! %&'! >#(1J^! S%&'! >#(1! .,! C+$%! #"! %&'! <&#;'! ,1,%'5! +2(! :!

>';.'4'!+%!;'+,%!.%!,&#-;(!2#%!)#!+)+.2,%!%&'!5-,./?!:!+;,#!%&.2=!%&'!5#4.2)!%&'!>#(1!

jh!

!
+,!+!,-CC#$%!%#!%&'!$.)&%!&+2(!+/%-+;;1!5+=',!%&'!>#<!;#2)'$!+2(!+%!%&'!,+5'!%.5'!

2#%! #""! /'2%'$?! `#$! 'F+5C;'D! %&'! >').22.2)! #"! %&'! R;)+$! 3#2/'$%#DU! V<&'$'! "+,%!

$'%+=',! #"! >#<! +$'! $'B-.$'(! %#! C;+1! ;+$)'! ,#2#$#-,! /&#$(,Z?! H,! %&'! B-',%.#2,!

/#2%.2-'D! O#$.! "-$%&'$! $'4'+;,! &.,! .2%')$+%.#2! #"! 5-,./D! 5'/&+2./,! +2(!

%'/&2.B-'^!S62('$,%+2(.2)!%&'!5-,./!>$.2),!%&'!/';;.,%!%#!>'%%'$!/&#./',?!H!2#%'!.,!

2#%!5-,./D!.%!/#-;(!>'!#2;1!+!>'+-%."-;!,#-2(!l!%<#!2#%',!,%+$%!,#5'!$';+%.#2,&.C!

>-%!(#!2#%!%';;!%&'!,%#$1!1'%?!H!C&$+,'!%';;,!-,!+!;#%!+>#-%!%&'!,%1;'!+2(!%&'!5##(!

+2(!&'2/'"#$%&!('5+2(,!%&'!$.)&%!/&#./',?!*+21!%.5',!<'!&+4'!%#!-,'!%&'!5-,./!.2!

#$('$! %#! .5C$#4'! %&'! %'/&2.B-'! >'/+-,'! .%! "#$/',! -,! %#! -,'! %&'! $.)&%! %.5.2)! "#$!

(.""'$'2%!+,C'/%,?U!`.2+;;1D!/#2/'$2.2)!.2%-.%.#2!+2(!+2+;1,.,D!O#$.!5+=',!/;'+$!%&+%!

%&'!>+;+2/'!>'%<''2!%&'!%<#!.,!+;;[.5C#$%+2%^!S:2,%.2/%!.,!<#2('$"-;!>-%!#2!.%,!#<2!

/#-;(!;'+(!%#!>#$'(#5?!H2+;1,.,!<.%&#-%!I-./'!;'+(,!%#!%&'!,+5'!$',-;%?!:!(#!C$'"'$!

.2,%.2/%!.2!%&'!>').22.2)!>-%!,##2!+"%'$!:!;##=!"#$!+!$'+,#2!+,!<';;?U!

A+5+,! P+$)+D! >#$2! .2! 9WjW! .2! a-(+C',%D! .,! 2#<! K$.2/.C+;! 3';;.,%! #"! %&'!

P.'22+! K&.;&+$5#2./! _$/&',%$+D! +2(! &+,! 4.,.%'(! H-,%$+;.+! #2! %<#! #//+,.#2,D! 5#,%!

$'/'2%;1! .2! _/%#>'$! 7899D! <&'$'! &'! C$','2%'(! +! ,#;#! $'/.%+;! .2! %$.>-%'! %#! E.',';?!

P+$)+!,%-(.'(!<.%&!E.',';!.2!:,$+';D!+2(!%&'$'"#$'!C$#4.(',!+!C#<'$"-;!;.2=!.2!%&'!

C'(+)#)./+;! /&+.2! +,! +2! .2%'$2+%.#2+;! ,%-('2%D! %$+.2'(! .2! :,$+';?! L')+$(.2)! ,.%%.2)!

C#,.%.#2D! P+$)+! +,,'$%,! %&+%! %&.,! #"%'2! ('C'2(,! #2! %&'! 5-,./+;! $#;'! $'B-.$'(! #"!

&.5fS:2!#$/&',%$+!:!C;+1!5#$'!#"%'2!%#!%&'!>+/=!#"!%&'!/&+.$!+2(!<&'2!:!C;+1!,#;#!:!

,.%! 5#$'! %#! %&'! "$#2%DU! 2#%.2)! %&+%! <&'2! &'! ".$,%! <'2%! %#! E.',';! &'! C;+1'(! <.%&! +!

4'$1! ,&#$%! '2([C.2?! N'! $'/+;;,! &#<! E.',';! +(4#/+%'(! &+4.2)! %&'! /';;#! ,;.)&%;1!

jc!

!
&.)&'$D!>-%!,#!%&+%!.%!.,!'B-+;!%#D!#$!,;.)&%;1!>';#<!/&',%!&'.)&%?!P+$)+!$'5'5>'$,!

%<#! ,.)2."./+2%! /&+2)',! %#! &.,! $.)&%[&+2(! %'/&2.B-'f%&'! -,'! #"! %&'! &+2(! +,! #2'!

-2.%!<.%&!%&'!+$5D!+2(!%&'!/#2,/.#-,2',,!#"!%&'!<'.)&%!#"!%&'!+$5!+2(!>#<!#2!%&'!

,%$.2)?!N'!&';C"-;;1!$'/#-2%,!%&'!-,'!#"!E.',';J,!C'(+)#)./+;!]%$./=,J^!SN'!%+-)&%!5'!

%#!C-%!+2!';+,%./!>+2(!#2!51!"#-$!".2)'$,D!,#!2#%!#2!%&'!%&-5>!>-%!+;;!%&'!#%&'$!"#-$!

".2)'$,D! ,#! %#! C-;;! %&'5! %#)'%&'$! +2(! %+='! %&'! >#<! ;.='! %&.,D! ,#! %&+%! 51! &+2(! .,!

5#$'!+!-2.%!+2(!2#%!'+/&!".2)'$!&+4.2)!,#5'!,'C+$+%'!C#,.%.#2!+2(!,'C+$+%'!$-;'?U!

A&.,! ;.2=,! %#! %&'! /#55#2;1! +//'C%'(! .('+D! V>1! H;'F+2.+2D! 0%-%,/&'<,=1D! H2($'!

T+4+$$+! +2(! 0';;+! +5#2),%! #%&'$,Z! <&./&! %&'! >#<[&#;(! ,&#-;(! >'! %+-)&%! <.%&! +!

$#;'! "#$! '4'$1! ".2)'$D! +2(! +! /#$$';+%.2)! +;.)25'2%! "#$! '+/&! #2! %&'! >#<?! A&'! >+,.,!

)+.2'(!>1!%&.,!.,!-2(#->%'(;1!'F/';;'2%!+2(!<+,!/;'+$;1!,%$#2)!.2!P+$)+J,!C;+1.2)D!

>-%! %&'! 'FC+2,.#2! .2%#! +! <&#;'! -2.%! '2+>;',! +2#%&'$! <#$;(! #"! 'FC$',,.#2! +2(!

C$#I'/%.#2?!!

P+$)+!$'5'5>'$,!E.',';J,!-,'!#"!%&'!,+%/&';!%#!.2/$'+,'!%&'!<'.)&%!#"!%&'!

+$5D!+2(!+;,#!+2!+((.%.#2+;!('4./'^!S!]a$'+=!A&'!a#<DJ!,#D!&#;(.2)!%&'!C#.2%!#"!%&'!

>#<!<.%&!%&'!;'"%!&+2(D!C-%%.2)!%&'!$.)&%!&+2(!#2!%&'!2#$5+;!C#,.%.#2!+2(!#2!%&'!

,%$.2)D!=.2(!#"!;.='!%&'!<+1!1#-!>$'+=!+!C.'/'!#"!<##(!#2!1#-$!=2''!l!#2/'!1#-!".2(!

%&'! ,#-2(! .%J,! 5-/&! <+$5'$D! 5-/&! >$#+('$! +2(! 1#-! /+2! +;,#! ,''! %&'! ,%$.2),!

5#4.2)! $'+;;1! '(! '-0! 6#20B! <&./&! 5'+2,! +! >.)! ,#-2(?U! A&.,! .('+! #"! SC;+1.2)! %#! %&'!

,.(',U!.,!+;,#!$'";'/%'(!>1!>#%&!O#$.!+2(!Q.C=.2(?!L'"'$$.2)!%#!;'"%[&+2(!%'/&2.B-'D!

P+$)+! "#/-,',! #2! ,&."%.2)D! <&./&! +;,#! /#22'/%,! %#! %&'! ,.%%.2)! C#,.%.#2! +2(! /';;#!

C#,.%.#2?! N'! $'5'5>'$,! E.',';J,! +(4./'! %#! SC-,&! %&'! /';;#! (#<2! l! %#<+$(,! 1#-$!

jW!

!
,%#5+/&!V>'"#$'!+!>.)!,&."%Z!+2(!%&+%!<+1!1#-!&+4'!5-/&!5#$'!#4'$;##=!#4'$!%&'!

/';;#!+2(!1#-!&+4'!5-/&!>'%%'$!,C+/'!"'';.2)!+2(!1#-!/+%/&!%&'!2#%',!5-/&!>'%%'$!

+2(! %&'! ,#-2(! .,! 5-/&! >'%%'$?U! A&.,! .2! %-$2! ;.2=,! %#! %&'! -,'! #"! +! ,&#$%'$! '2([C.2!

;'2)%&D!<&./&!>#%&!E.',';!+2(!P+$)+!,''!+,!&';C"-;!.2!%&'!"-2/%.#2!#"!%&'!;'"%!&+2(D!

+,!.%!C$#4.(',!%&'!/';;.,%!<.%&!+!]>.$(,['1'!4.'<J!#"!%&'!/#5C+,,!#"!%&'!.2,%$-5'2%!

"$#5!<&./&!%#!,&."%!"$#5?!`-$%&'$5#$'D!P+$)+!+((,!%&+%!&'!>';.'4',!+!,&."%!,&#-;(!

#$.).2+%'!"$#5!%&'!';>#<^!SA&'!';>#<!,%+$%,!%&'!5#%.#2!+2(!%&+%!';>#<!%&'2!C-;;,!

%&'!&+2(!-C?U!N'!(.,/-,,',!;'+$2.2)!(.""./-;%!,&."%,!+2(!/#5>.2.2)!%&'!';'5'2%,!#"!

+-$+;! +2(! ,C+%.+;! C'$/'C%.#2^! Si#-$! '+$! ;'+$2,! %&'! <+1! -C! +2(! %&'2! 1#-! )#! $'+;;1!

I-,%! <.%&! %&'! /#2,%+2%! ,C''(! >-%! 4'$1! ,;#<! <.%&! %&'! );.,,+2(#l! 1#-! )#! -C! +2(!

<&'2!1#-!+$$.4'!%&'2!1#-!).4'!+)+.2!>.)!,#-2(?U!H((.2)!"-$%&'$!('%+.;D!%&'!/#2/'C%!

#"! ,&."%.2)! ]-CJ! +2(! ](#<2J! <.%&! %&'! >#(1! .,! $'4'+;'(D! +,! <';;! +,! %&'! %.5.2)! #"!

(.""'$'2%! ,&."%,D! +2! .('+! /'2%$+;! %#! 0%+$='$J,! ;'"%[&+2(! ,1,%'5?! P+$)+! $'5'5>'$,!

E.',';!,+1.2)fSi#-!&+4'!%#!('/.('!<&'$'!.,!%&'!,&."%f.,!.%!#2!%&'!#;(!>#<!#$!.,!.%!

#2! %&'! 2'<! >#<mU! +2! .5C#$%+2%! +2(! #"%'2! 2');'/%'(! B-',%.#2! <&./&! &';C,! >$.2)!

+<+$'2',,! %#! %&'! %'/&2./+;! C$#/',,?! L')+$(.2)! %&'! /&#./'! #"! ".2)'$.2)D! P+$)+D! ;.='!

E.',';D!>';.'4',!%&+%!.%!.,!.5C#$%+2%!%#!',%+>;.,&!,'/-$'!".2)'$.2),!%&+%!#2'!/+2!"'';!

/#5"#$%+>;'! <.%&! #2! ,%+)'D! >-%! %&+%! 'FC$',,.#2! ,&#-;(! >'! %&'! ".$,%! C$.#$.%1! .2! %&'!

,';'/%.#2!C$#/',,?!

_2! "#$%&'(D! P+$)+! /#2/-$,! <.%&! #%&'$! /';;.,%,D! C+$%./-;+$;1! O#$.D! .2! &.,!

(',/$.C%.#2!#"!%&'!"#$%&'(!%'/&2.B-'?!N'!$'";'/%,!#2!%&'!/#55#2!C$+/%./'!#"!C;+/.2)!

%&'!%&-5>!".F'(!-2('$!%&'!2'/=!#"!%&'!/';;#D!+2(!E.',';J,!S;.>'$+%.#2U!#"!%&.,^!S6M.!

h8!

!
<+,! 5#%.4+%.2)! 5'! %#! C-%! +<+1! %&'! %&-5>! +2(! ,%$+.)&%'2! 51! ".2)'$! +2(! +;,#! %#!

5+='!;#2)!".2)'$,D!2#%!$#-2(!".2)'$,!>-%!4'$1!;#2)!,%$+.)&%!".2)'$,?U!A&'!C$#>;'5,!

#"!.2%#2+%.#2!<&'2!;#,.2)!%&'!>+,.,!#"!%&'!%&-5>!VC+$%./-;+$;1!.2!&.)&!'066#'9%&Z!+$'!

2#%'(D!>-%!P+$)+!+,,'$%,!%&+%!<#$=,!,.5C;1!2''('(!%#!>'!$'4.'<'(!.2!%&.,!<+1!%#!

,'/-$'! %&'! ;'"%! &+2(D! +(4#/+%.2)! +! /#5>.2+%.#2! #"! >#%&! %1C',! #"! %'/&2.B-'?! N'!

'5C&+,.,',! %&'! >'2'".%,! #"! %&.,! %1C'! #"! 4.>$+%#D! <&./&! +4#.(,! +! ]>'+%.2)DJ! +;5#,%!

/#-2%+>;'!+5#-2%!#"!"#$%&'(!#,/.;;+%.#2,!+2(!C$#(-/',!+2!#4'$+;;!);#<.2)!4.>$+%#!

%#2'?! P+$)+! /#2%.2-',D! $'";'/%.2)! #2! %&'! 5+%%'$! #"! 7(%'&'(! +2(! &#<! %&.,! /+2! >#%&!

>'2'".%! /#[#$(.2+%.#2! >-%! ('%$+/%! "$#5! .2('C'2('2/'f>#%&! %'/&2./+;;1! +2(!

5-,./+;;1?!N#<'4'$D!&'!$'5'5>'$,!E.',';J,!%'+/&.2)!+.(!#"!+;%'$2+%.2)!,C''(,!+2(!

+5#-2%,! #"! >#<D! #"%'2! -,.2)! +! "+,%'$! +2(! >$#+('$! ,%$#='! %#! '2-2/.+%'! %&'! ,5+;;!

2#%',?!3#22'/%.2)!%&.,!%#!%&'!5#4'5'2%!#"!%&'!>#(1D!P+$)+!,%+%',!%&+%!&'!5#4',!+!

;#%!<&'2!&'!C;+1,!+2(!/#2".$5,!E.',';J,!.('+!#"!5#4.2)!.2!%&'!(.$'/%.#2!#"!%&'!>#<!

%&+%! 1#-! +$'! C;+1.2)?! N'! +;,#! +((,! -,'"-;! +(4./'! #2! %&'! /#22'/%.#2! >'%<''2!

C,1/&#;#)./+;! +2F.'%1! +2(! C&1,./+;! %'2,.#2! <&./&! #"%'2! +$.,',! .2! ,%$',,"-;!

,.%-+%.#2,^! S:%J,! 4'$1! .5C#$%+2%D! %&'! >$'+%&.2)! +2(! %&'! 5#4.2)! .2! %&'! ,'2,'! #"!

,%+1.2)! $';+F'(D! +2(! ,#5'%.5',! ."! 1#-D! ',C'/.+;;1! <.%&! ,#;#! C.'/',D! ."! 1#-!

/#2/'2%$+%'!4'$1!5-/&D!1#-!<+2%!%#!C;+1!4'$1!<';;D!%&'2!,-(('2;1!1#-!$'+;.M'!1#-!

+$'! &+4.2)! ,&#$%! >$'+%&! +2(! 1#-$! ,&#-;('$! .,! )#.2)! +! ;.%%;'! >.%! -C! +2(! 1#-$! >#(1!

>'/#5',! ,%.""?! H2(! %&'! 5#5'2%! %&+%! &+CC'2,D! %&'! ,#-2(! I-,%! )#',! +<+1! +2(! %&'!

'FC$',,.#2! )#',! +<+1D! ,#! %&'2! .%J,! 4'$1! .5C#$%+2%! %#! ;'%! (#<2! 1#-$! ,&#-;('$! +2(!

%$1!%#!5+='!>.)!>$'+%&!+2(!(''C!>$'+%&,!+2(!.2!%&+%!5#5'2%!."!1#-!,%+$%!%#!5#4'!

h9!

!
<.%&!%&'!>#<!+!;.%%;'!>.%!5#$'D!%&+%!&';C,!.2/$'(.>;1!5-/&!%#!$';+F!+2(!%#!>'!+)+.2!

#2!+!5-/&!5#$'!2+%-$+;!<+1!%#!C;+1?U!

L')+$(.2)!C&$+,.2)!+2(!(.4.,.#2D!P+$)+!($+<,!+!,%$#2)!/#22'/%.#2!>'%<''2!

,12%+FD!;+2)-+)'!+2(!5-,./D!$'";'/%.2)!3+,+;,J!.('+;,?!A&'!.('+!#"!670&+#1:!2#%',!.,!

,%$#2);1! '5C&+,.,'(D! +,! +$'! %&'! /#2/'C%,! #"! $&'%#$./! +2(! ('/;+5+%.#2?! N'! %&'2!

(.,,'/%,!%&.,!.2%#!%&'!,5+;;'$!-2.%,!#"!+!]<#$(J!+2(!>-.;(.2)!-C!,'2%'2/',!%&$#-)&!

%&'!/&#./'!#"!'5C&+,.,!.2!(.4.,.#2^!Si#-!5+='!1#-$!('/.,.#2,!+>#-%!%&'!,5+;;!-2.%,n!

,#!<&+%!.,!2#%!C#,,.>;'!%#!%+='!+C+$%D!<&+%!>';#2),!%#)'%&'$mU!A&.,!.2!%-$2!/#22'/%,!

%#! %'/&2./+;! /#2%$#;D! <&'$'! '+/&! ,'/%.#2! #"! +! C+,,+)'! &+,! +! ,%+$%! +2(! )$+(-+;;1!

$';+F',!>'"#$'!%&'!.5C-;,'!#"!%&'!2'F%!,'/%.#2?!A&.,!/#2/'C%!+;,#!+.(,!/#[#$(.2+%.#2!

>'%<''2!%&'!&+2(,!+2(!%&'!('4';#C5'2%!#"!+2!#4'$+$/&.2)!C&$+,'?!

H;,#! .2! $';+%.#2! %#! C&$+,.2)D! P+$)+! (.,/-,,',! %&'! >-.;([-C! #"! +! /$',/'2(#!

%&$#-)&!+!;+$)'!C&$+,'^!S:%!<+,!4'$1!.5C#$%+2%!%&+%!.%J,!2#%!+!/#5C;'%';1!/#2,%+2%!

/$',/'2(#!l!,#!.%J,!5-/&!5#$'!;.='!+!<+;=!#2!+!5#-2%+.2D!)#.2)!-C!#2!+!&.;;!.2!%&'!

"#$',%!<&./&!5'+2,!1#-!+$'!>+,./+;;1!#2!+!<+1!-C!>-%!%&+%!5'+2,D!%.5'!>1!%.5'D!.%J,!

,%$+.)&%!#$!.%J,!'4'2!I-,%!)#.2)!+!;.%%;'!>.%!(#<2!+2(!%&'2!.%J,!)#.2)!-C!,#!2#%!>'.2)!

+"$+.(!%#!$';+F!"#$!/'$%+.2!5#5'2%,!l!.%!<.;;!2#%!>$'+=!%&'!;#2)!('4';#C5'2%!#"!%&+%!

C&$+,.2)! %#! +$$.4'! %#! %&'! C'+=?! H2(! +,! :! +;<+1,! %';;! 51! ,%-('2%,D! <+;=.2)! .2! %&'!

"#$',%! +2(! ;##=.2)! +%! 5#-2%+.2,! +2(! &.;;,D! %&+%! .,! 2+%-$'! ,#! %&+%! .,! 2+%-$+;! +2(!

5+=.2)! +! /#5C;'%';1! ,%$+.)&%! ;.2'D! %&+%! .,! %&'! 5#,%! -22+%-$+;! %&.2)! #2! R+$%&!

>'/+-,'! %&'$'! .,! 2#%&.2)! %&+%! .,! $'+;;1! ,%$+.)&%?U! A&.,! .5C#$%+2%! 5-,./+;! .('+! +;,#!
h7!

!
/#22'/%,! %#! 3+,+;,J! .('+,! #"! %&'! #$)+2./! +2(! -98&1! C&$+,'! ('4';#C5'2%! +2(!

'FC$',,.#2fS*-,./D!;.='!;."'!.%,';"D!.,!/#2,%+2%!5#4'5'2%D!/#2%.2-#-,!,C#2%+2'.%1D!

"$''!"$#5!+21!$',%$./%.#2?U!Va;-5D!9WhhD!C?!jWeh8Z!

A+=.2)! %&.,! .('+! "-$%&'$D! P+$)+! /#55'2%,! #2! %&'! 2+%-$'! #"! .2%'$C$'%+%.#2!

+2(! C$'C+$+%.#2! "#$! +! C'$"#$5+2/'?! N'! $'5'5>'$,! E.',';J,! <#$(,^! SQ'+$2!

'4'$1%&.2)!4'$1!C$'/.,';1?!Q##=!+%!%&'!5-,./D!+2+;1,'!.%f<&1!(.(!&'!<$.%'!.%D!<&+%!

(.(!&'!5'+2!<.%&!<$.%.2)!%&.,!5%065012(D!%&.,!7#&1(D!%&.,!'FC$',,.#2!+2(!,#!#2?!H2(!

$'+;;1D! >'! >-,1! <.%&! %&+%! +2(! <&'2! 1#-! )#! #2! ,%+)'D! "#$)'%! .%?U! A&.,! &.)&;.)&%,!

E.',';J,! .('+! #"! 5(879'0%#6#1:! +! 5-,./+;! %'F%D! ,#! %&+%! '4'$1%&.2)! .,! ,%-(.'(! +2(!

.2)$+.2'(! "-;;1! >'"#$'! %&'! C'$"#$5+2/'D! ,#! %&+%! %&'! .2(.4.(-+;! C'$,#2+;.%1! #"! %&'!

.2%'$C$'%'$! /+2! '5'$)'! #2! ,%+)'?! H)+.2! ($+<.2)! +! ;.2'! >+/=! %#! ,C'+=.2)! +2(!

C$','2%.2)!+!%'F%D!P+$)+!+;;-(',!%#!%&'!6'(%.!.2!5-,./^!Sb-,%!.5+).2'!%&.,!,%#$1D!%&'$'!

+$'! ,#! 5+21! (.""'$'2/',n! <&'$'! 1#-! C-%! %&'! +//'2%D! <&'$'! 1#-! 5+='! +! ;.%%;'!

,;#<(#<2!.2!%&'!%'F%D!<&'$'!1#-!5+='!+!>$'+=!>'"#$'!1#-!)#!#2?U!A&.,!$'4'+;,!%&'!

&.)&;1!C'$,#2+;!2+%-$'!#"!.2%'$C$'%+%.#2D!<&./&!P+$)+!%'5C'$,!<.%&!+!$'+;!$',C'/%!

"#$! %&'! /#5C#,'$J,! <.,&',?! :2! +2! +$%./;'! "$#5! 3-0! 4'%&2D! V9WW9D! C?! dWjZ! E.',';!

,-CC#$%,! %&'! C$#/',,D! <&./&! P+$)+! #-%;.2',! .2! %&.,! .2%'$4.'<^! S:2%'$C$'%+%.#2! .,! +!

5+%%'$!#"!.2,%.2/%!V<&./&!5+1!;'+(!-,!+,%$+1ZD!=2#<;'()'!V<&./&D!+,!;#2)!+,!.%!(#',!

2#%!"#$/'!.%,';"D!&';C,!)$'+%;1ZD!'FC'$.'2/'!+2(!.2%';;.)'2%!,C'/-;+%.#2?U!:2!&.,!#<2!

%'+/&.2)D! &'! (.,/-,,',! /-;%-$+;! (.""'$'2/',! .2! ,%-('2%,D! +2(! C+$%./-;+$;1! %&'!

C$#>;'5,!"+/'(!<.%&!'2/#-$+).2)!_$.'2%+;!,%-('2%,!%#!(.,C;+1!%&'.$!'5#%.#2,!+2(!

hX!

!
'FC$',,.#2! %&$#-)&! 5-,./D! <&'2! %&.,! .,! ,#5'%&.2)! %&+%! %&'1! +$'! )'2'$+;;1!

/#2(.%.#2'(!%#!/#2/'+;?!!

L')+$(.2)! %&'! '+$;1! ,%+)',! #"! +! ,%-('2%J,! ('4';#C5'2%D! P+$)+! >';.'4',!

".$5;1! %&+%! %&'! .('+! #"! 5-,./! ,&#-;(! >'! .2%$#(-/'(! '4'2! <&'2! %&'! "-;;! %'/&2./+;!

5'+2,!+$'!2#%!1'%!,%+>;'?!H,!+!,%-('2%!5+%-$',!%&$#-)&!&.)&!,/&##;!+2(!-2.4'$,.%1!

;'4';,D!&'!"'';,!%&+%!2#!+5#-2%!#"!5-,./+;.%1!/+2!5+='!-C!"#$!+!C##$!%'/&2./+;!>+,'D!

)#.2)!"-$%&'$!%#!,+1!%&+%!&'!(#',!2#%!>';.'4'!.2!70%@05'#(1!C'$!,'D!>-%!.2!%&'!I#-$2'1!

%#<+$(,!%&.,!)#+;^!Si#-!,&#-;(!>'!+>;'D!%'/&2./+;;1D!%#!$';+F!,#!%&+%!1#-!+$'!+;5#,%!

+;;!%&'!%.5'!+;<+1,!>-,1!#2;1!<.%&!%&'!5-,./D!#2;1!<.%&!%&'!'FC$',,.#2!+2(!%&+%!1#-!

+$'! 2#%! /#2,%+2%;1! "#$/'(! %#! %&.2=! +>#-%! %'/&2./+;! C$#>;'5,D! %'/&2./+;! ,#;-%.#2,D!

%'/&2./+;!,->I'/%,?U!!

G+4$.';! Q.C=.2(D! >#$2! .2! 9Whh! #"! L-,,.+2! &'$.%+)'D! <+,! $+.,'(! .2! A';[H4.4!

+2(! >')+2! ,%-(.',! <.%&! E.',';! +%! %&'! +)'! #"! 2.2'?! E.',';! $'/+;;,! %&'! ".$,%! %.5'! &'!

5'%!Q.C=.2(D!+2(!+,='(!&.5!%#!C;+1!+!"+,%!<#$=!%#!('5#2,%$+%'!&.,!"+/.;.%1?!A#!&.,!

+5-,'5'2%D! Q.C=.2(! C;+1'(!%&'! K$';-('! "$#5!0-.%'! 2#?!9! .2!G[5+I#$! >1!a+/&D! >-%!

%&.,! <+,! %&'! >').22.2)! #"! +! ;#2)! I#-$2'1! %&+%! $',-;%'(! .2! #2'! #"! E.',';J,! 5#,%!

.5C$',,.4'!C'(+)#)./+;!]C$#(-/%,?J!Q.C=.2(!2#<!$',.(',!.2!`$+2="-$%D!G'$5+21!+2(!

'2I#1,!+!<.('[$+2).2)!/+$''$!+,!+2!.2%'$2+%.#2+;!,#;#.,%!<.%&!+!(.""'$'2/'?!A&#-)&!

+!%$-'!4.$%-#,#!&'!.,!+/%.4';1!'2)+)'(!.2!5+21!-2/#24'2%.#2+;!C$#I'/%,!+2(!&+,!+2!

.2,C.$.2)! ]&#;.,%./J! +CC$#+/&! %#! /';;#! C;+1.2)?! A&'! $','+$/&'$! &+,! >''2! +/B-+.2%'(!

hY!

!
<.%&! Q.C=.2(! ,.2/'! 788X! +2(! &+,! ,C'2%! C'$.#(,! <#$=.2)! <.%&! &.5! +2(! (.,/-,,.2)!

5+21!+,C'/%,!#"!/';;#!C;+1.2)D!;."'!.2!5-,./!+2(!5-,./.+2,&.C?!!

Q.C=.2(!>';.'4',!%&+%!.2!,.%%.2)!S%&'!/&+.$D!'2([C.2!+2(!/';;#!+$'!#2'!,1,%'5?U!

A&.,!.2%'$',%.2)!$'5+$=!.,!&.)&;1!+CC$#C$.+%'!+,!.%!($+<,!+%%'2%.#2!%#!%&'!"+/%!%&+%!

%&'! .('+;! C;+1.2)! C#,.%.#2! .,! #2'! <&'$'! '4'$1%&.2)! .,! -2.%'(! +2(! #$)+2./+;;1!

/#22'/%'(?!N'!+;,#!/#22'/%,!%&.,!%#!&.,!#<2!-2-,-+;!-,'!#"!%&'!/-$4'(!'2(C.2!V%&.,!

$','+$/&'$! '5C;#1'(! %&.,! ('4./'! "$#5! 788ce788WZ?! Q.C=.2(! ,'',! %&.,! +,! >'.2)!

',,'2%.+;!%#!+/&.'4.2)!S%&'!-;%.5+%'!"$''(#5!#"!5#4'5'2%?U!N'!+,,'$%,!%&+%!S<.%&!+!

/-$4'(!'2([C.2!%&'!/';;#!/+2!>'!+!>.%!&.)&'$!#2!%&'!=2'',!+2(!;#<'$!#2!%&'!/&',%D!

+2(! +! >.%! 5#$'! (.+)#2+;;1! $',%'(! #2! %&'! >#(1?U! A&.,! )#',! %#! +2! 'F%'2%! +)+.2,%!

E.',';J,! .('+! #"! %&'! ;#<! '2(C.2! +2(! %&'! /';;#! >'.2)! $',%'(! #2! %&'! >#(1! +%! /&',%!

&'.)&%! <.%&! %&'! ;'),! "$''! %#! +(I-,%! %&'! +2);'! #"! %&'! .2,%$-5'2%?! N#<'4'$D! %&'!

'5C&+,.,!#2!"$''(#5!+2(!";'F.>.;.%1!#"!5#4'5'2%!.,!/#55#2!+2(!C'$&+C,!+!5#$'!

.5C#$%+2%! "+/%#$! %#! "#/-,! #2?! :%! .,! .2%'$',%.2)! %#! 2#%'! %&+%! %&'! .5C#$%+2/'! #"! %&'!

/';;.,%J,!/&+.$!.%,';"!.,!%&'!"#/-,!#"!Q.C=.2(J,!$',C#2,'?!:2(''(D!Q.C=.2(!-,',!+!,C'/.+;!

/&+.$!%&+%!'2+>;',!%&'!;#<'$!>+/=!%#!>'!,-CC#$%'(D!%&'!/';;.,%!%#!,.%!;#<'$!+2(!S;'+2!

>+/=<+$(,! +%! %.5',D! ;'%%.2)! %&'! /';;#! ,.2=! .2%#! %&'! >#(1! +2(! %&'! -CC'$! >#(1! ;'+2!

#4'$!%&'!/';;#?U!

0#5'<&+%! /$1C%./+;;1D! .2! (.,/-,,.2)! $.)&%[&+2(! %'/&2.B-'D! Q.C=.2(! ,%+%',!

%&+%!S%&'!$.)&%!&+2(!,'$4',!%&'!;#<'$!/#2%+/%!C#.2%!<.%&!%&'!,%$.2)f%&.,!.,!%&'!#2;1!

C$.2/.C;'?U! A&.,! .,! .2! "+/%! +! 4'$1! >+,./! C#.2%! #2;1! /;+$."1.2)! %&+%! %&'! $.)&%! &+2(!
hd!

!
C$#(-/',! ,#-2(! #2! %&'! ;#<'$! ;'2)%&! #"! %&'! ,%$.2)D! <&.;'! #>4.#-,;1! %&'! ;'"%! &+2(!

+$%./-;+%',! +%! +! &.)&'$! C#.2%! #2! %&'! ,%$.2)?! Q.C=.2(! %&'2! /#55'2%,! #2! %'/&2.B-'!

.%,';"fSR4'$1! ".2)'$! ,&#-;(! >'! +>;'! %#! C+$%./.C+%'! .2! %&'! ($+<.2)! +2(! /&+2)'! #"!

>#<?U! N'! $'"'$,! %#! %&'! (.""'$'2/',! >'%<''2! C-;;.2)! +2(! C-,&.2)! %&'! >#<! .2! '+/&!

(.$'/%.#2D!+2(!C#.2%,!%#!&#<!%&.,!.,!+2!.5C#$%+2%!/#2/'C%!<&./&!.,!#"%'2!2');'/%'(!

.2! /#2/'C%-+;.,.2)! $.)&%[&+2(! %'/&2.B-'?! :2! %'$5,! #"! +2);'! +<+$'2',,D! Q.C=.2(!

('5#2,%$+%',! %&'! .5C#$%+2%! /&+$+/%'$.,%./,! S#"! '+/&! ).4'2! (.+)#2+;D! +2(! %&'.$!

.24'$,.#2,! <&'2! /&+2).2)! %&'! >#<?U! 62;.='! 5+21! #"! %&'! /';;.,%,! 'F+5.2'(D! &'!

>';.'4',!.2!%&'!2''(!%#!-,'!+2(!/#2%$#;!C$',,-$'D!+(4#/+%.2)!S%&'!4'/%#$.M+%.#2!#"!

C$',,-$'?U!N'!'5C&+,.M',!%&'!.5C#$%+2/'!#"!,&#-;('$!";'F.>.;.%1!+2(!S%&'!+>.;.%1!%#!

($+<!+2(!/&+2)'!%&'!>#<!<.%&!%&'!,&#-;('$!+2(!-CC'$!>#(1!+;#2'?U!A&.,!/#2/'C%!

.,!C#<'$"-;!+2(!$';+%',!%#!%&'!&#;.,%./!.('+!#"!'4'$1!5-,/;'!.2!%&'!-CC'$!>#(1!>'.2)!

+/%.4+%'(!V.2!+!$';+F'(!5+22'$Z!.2!($+<.2)!'+/&!>#<D!5#4.2)!+%!%&'!,+5'!%.5'!.2!+!

/#5C;'5'2%+$1! <+1?! Q.C=.2(! +;,#! (.,/-,,',! S/#-2%'$! 5#%.#2,! >'%<''2! +(I+/'2%!

C+$%,!#"!%&'!>#<!+$5DU!C'$&+C,!$'"'$$.2)!%#!%&'!.24#;-2%+$1!+/%.#2!#"!,15C+%&'%./!

5-,/;',! .2! +/%.4+%.2)! +21! >#<! ,%$#='?! :2%$.)-.2);1D! Q.C=.2(! &.5,';"! $'"'$,! %#! &.,!

#<2! &#;.,%./! +CC$#+/&! %#! C;+1.2)! +2(! %'+/&.2)! >1! B-#%.2)! E.',';^! SH2! &#;.,%./!

+CC$#+/&!%#!,C'/."./!%'/&2./+;!"-2/%.#2,?U!

:2! (.,/-,,.2)! ;'"%[&+2(! %'/&2.B-'D! Q.C=.2(! $'"'$,! %#! %&'! /#2/'C%! #"! S#2'!

".2)'$D! &+2).2)! #2! %&'! ,%$.2)U! <.%&! +! >+,.,! %&+%! .,! ,%$#2)! +2(! ";'F.>;'! +%! %&'! ,+5'!

%.5'?! N'! +;,#! 5'2%.#2,! SC;+1.2)! <.%&.2! C#,.%.#2U! <&./&! .,! C'$&+C,! %&'! 5#$'!

)$#-2('(! +2(! #$('$'(! +CC$#+/&! %#! ".2)'$.2)! <&./&! /+2! %&'2! >'! 'FC+2('(! .2!

hj!

!
.22-5'$+>;'! (.$'/%.#2,?! Q.C=.2(! &+,! 4'$1! .2%'$',%.2)! $'5+$=,! $')+$(.2)! %&'!

.5C#$%+2/'! #"! ,12/&$#2./.%1! +2(! .2('C'2('2/'?! N'! ,'',! %&.,! +,! &.)&;1! ('C'2('2%!

#2!%&'!5-,./!.2!B-',%.#2D!+)+.2!&.)&;.)&%.2)!%&'!/#2,%+2%!.2%'$<'+4.2)!#"!%'/&2./+;!

C$#/'(-$'!+2(!5-,./+;!#-%/#5'?!N'!,%+%',^!SA'/&2./+;;1!:!2''(!>#%&!'4'$1<&'$'!.2!

%&'!>#(1!l!:!<#-;(!)#!"-$%&'$!+,!%#!,+1!%&+%!#2'!/+22#%!>'!+/&.'4'(!<.%&#-%!%&'!

#%&'$DU! $'";'/%.2)! O#$.J,! ,%+%'5'2%,?! A&.,! .2%'$',%.2)! C+$+;;';! (.,C;+1,! %&+%! <&.;'!

.2('C'2('2/'!#"!+/%.#2!.,!2''('(!V.2(''(!.2(.4.(-+;.%1!.,!4.%+;!.2!%&'!;'"%!&+2(!+2(!

.2! #>%+.2.2)! C$.5+$1! /#2%$#;! #"! '+/&! &+2(Z! ,12/&$#2./.%1! .,! $'B-.$'(! %#! 5+='!

+21%&.2)!/#5'!.2%#!>'.2)D!+,!%&','!+$'!%&'!%##;,!#2'!&+,!+,!+!/';;.,%!+2(!5-,./.+2!%#!

'FC$',,! +! /#5C#,'$J,! .2%'2%.#2,! +,! +2! #1'0%7%0'0%?! L')+$(.2)! 5#4'5'2%! #"! %&'!

>#(1D! Q.C=.2(! +(#C%,! +! ,.5.;+$;1! &#;.,%./! +CC$#+/&?! N'! >';.'4',! %&+%^! SK;+1.2)! .,!

5#4'5'2%! <.%&.2! #$! #-%,.('! #"! +! ,%$-/%-$'! l! +2(! <'! 2''(! %#! ;'+$2! %&'! ,%$-/%-$'!

+2(!5#4'5'2%!C#%'2%.+;!#"!'+/&!C+$%!#"!#-$!/';;.,%,J!>#(.',?U!A&.,!C'$&+C,!C#.2%,!%#!

%&'! )$#<.2)! +<+$'2',,! +! /';;.,%! )+.2,! %&$#-)&! +;;! ,%+)',! #"! ;'+$2.2)! +2(! %&'2!

+(4+2/'5'2%D!#"!%&'!/+C+/.%1!#"!%&'!>#(1!%#!$'+;.M'!#-$!5-,./+;!)#+;,?!!

H,!"+$!+,!/&#./'!#"!".2)'$.2)!.,!/#2/'$2'(D!Q.C=.2(!,%+%',!%&+%!&'!(#',!%+='!

C#,.%.#2,!.2%#!+//#-2%!.2!/&##,.2)!+2!+CC$#C$.+%'!".2)'$.2)D!>-%!#2;1!(#',!%&.,!S%#!

,'$4'!>'%%'$!%&'!5-,./+;!/#22'/%.#2!:!+5!;##=.2)!"#$!>'%<''2!%&'!2#%',?U!A&.,!.('+!

#"!>'%<''2!%&'!2#%',!.,!+!"+,/.2+%.2)!/#2/'C%!+,!2-5'$#-,!5-,./.+2,!$'"'$!%#!%&.,!

+,!>'.2)!%&'!',,'2/'!#"!%'/&2.B-'^!<&+%!&+CC'2,!%#!)'%!"$#5!#2'!2#%'!%#!%&'!2'F%?!

E.%&#-%!%'/&2.B-'D!2#!/#2,'B-'2%!5#4'5'2%!/+2!#//-$D!+2(!%&'$'"#$'!2#!C&$+,'!

/+2! >'! ,/-;C%'(?! R4'2! "-$%&'$! %&+2! %&.,D! K.+%.)#$,=1! -,'(! %#! "+5#-,;1! +,,'$%! %&+%!

hh!

!
%&'!/';;#!.,!+!S#2'[2#%'!.2,%$-5'2%U!+,!.%!%+=',!+!;#%!#"!%'/&2.B-'!%#!C;+1!#2'!2#%'!

<';;!#2!%&'!/';;#D!<&.;'!+21#2'!/+2!C;+1!#2'!2#%'!#2!%&'!C.+2#D!"#$!'F+5C;'!Vb+2#"D!

7889D!+//',,'(!W!H-)-,%!7899Z?!

Q.C=.2(! (.,/-,,',! %&'! 5-,./+;! (.4.,.#2! #"! +! C&$+,'! +,! >'.2)! +! 4'$1! >$#+(!

%'$5!>-%!,'',!.%!+,!S%&'!',,'2/'!#"!.2%'$C$'%+%.#2!V.2!.%,!>$#+('$!,12%+/%./!+2(!5#,%!

(.""'$'2%.+%'(!,'2,'?U!A&.,!.('+!#"!,12%+F!;.2=,!%#!%&'!.('+!#"!,C'+=.2)!#2!%&'!/';;#D!

C.#2''$'(!>1!3+,+;,!+2(!%#!%&'!-2.%,!#"!'+/&!C&$+,'!"#$5.2)!C+$%,!#"!+!,'2%'2/'?!:2!

%&.,!<+1D!#2!%&'!,5+;;'$!,/+;'D!'+/&!+$%./-;+%.#2!+2(!,5+;;!.2";'/%.#2!.,!+!/#2,#2+2%!

#$!'4'2!4#<';!,#-2(!V.2!%#2'!C$#(-/%.#2ZD!<&.;'!'+/&!,'/%.#2!#"!+!<#$=!/#5>.2.2)!

,'4'$+;! C&$+,',D! #$! C'$&+C,! +2! ';#2)+%'(! $#5+2%./! C&$+,'D! .,! +! C+$+)$+C&! #$!

,%+2M+?! :2! &.,! /&+$+/%'$.,%./+;;1! /$1C%./! 5+22'$D! Q.C=.2(! C$#4.(',! %&'! "#;;#<.2)!

/;#,.2)!$'5+$=,!+>#-%!%&'!5#,%!/#5C;'F!B-',%.#2!.2!%&'!B-',%.#22+.$'^!S:2%-.%.#2!

$',%,!#2!%&'!,&#-;('$,!#"!/#2,/.#-,!=2#<;'()'?!\2#<;'()'!.,!/+$$.'(!>1!:2%-.%.#2?U!

A&.,! +)+.2! ,-))',%,! %&'! /#22'/%.#2! >'%<''2! %&','! %<#! 'F%$'5',! +2(! %&'!

&+$5#2.#-,!$';+%.#2,&.C!%&'1!2''(!%#!&+4'!.2!'4'$1!C;+1'$?!N'$'!%&'!&#;.,%./!.('+!

#"!/';;#!C;+1.2)!/#5',!"-;;!/.$/;'!+,!<'!&+4'!#2;1!#-$!2+%-$+;!%+;'2%,!+2(!.2,%.2/%,!

<&./&! /+2! %&'2! >'! ('4';#C'(! +2(! >$#+('2'(! >1! =2#<;'()'D! >-%! ,%.;;! <.%&! %&#,'!

.22+%'!B-+;.%.',!%&+%!5+='!'+/&!C;+1'$!+2!.2(.4.(-+;!C'$,#2+;.%1?!!

0&5-';!*+)'2!.,!K$#"',,#$!#"!3';;#!K'(+)#)1!+%!%&'!b'$-,+;'5!H/+('51!#"!

*-,./!V<<<?.,$+';[/';;#?/#5k/#2)$',,r%'+/&'$r'2?C&Cm%'+/&'$s5+)'2Z?!N'!"#-2(!

.%! (.""./-;%! %#! +2,<'$! %&'! B-',%.#2,! .2! %&'! $','+$/&'$J,! "#$5+%D! >-%! C$#4.('(! 5'!
hc!

!
<.%&! %&'! "#;;#<.2)! .2%'$',%.2)! $',C#2,'^! S6M.! E.',';!.,! 2#! (#->%! %&'! 5#,%!

.5C#$%+2%!/';;#!%'+/&'$!%&+%!&+,!'4'$!>''2!.2!#-$!/#-2%$1!l!:!,%-(.'(!<.%&!6M.!"$#5!

9Wdd! %#! 9Wjh! +2(! (-$.2)! %&#,'! %<';4'! 1'+$,! V&.,! ".$,%! 1'+$,! +,! +! %'+/&'$Z! &'!

('4';#C'(!+!;#%!+2(!/&+2)'(!5+21!%&.2),!.2!&.,!%'+/&.2)?!`$#5!9Wjh!%#!#-$!(+1,!

V"#$%1["#-$!1'+$,Z!&'!/#2%.2-'(!&.,!C$#)$',,!+,!+!%'+/&'$!+2(!&.,!%'+/&.2)!%#(+1!#$!

'4'2! %<'2%1! 1'+$,! +)#! .,! 2#%! %&'! ,+5'! +,! <&+%! .%! <+,! .2! %&'! Jj8,?U! A&.,! +"".$5,!

E.',';J,! ,%+%-,! +,! %&'! 5#,%! ,.)2."./+2%! :,$+';.! /';;#! C'(+)#)-'! +2(! +;,#! %&'!

.5C#$%+2%! /#2/'C%! #"! 0"(/9'#(1! +,! +! %'+/&'$?! T+%-$+;;1! +,! +21! %'+/&'$! ('4';#C,D!

+)',! +2(! &+,! <.('$! 'FC'$.'2/'D! %&'! %'+/&.2)! ,%1;'! <.;;! /&+2)'! %##D! %&-,! +""'/%.2)!

%&'! #-%/#5'! #"! ,/&##;! ('4';#C5'2%?! A&.,! ,%$+2(! #"! '2B-.$1! .,! -,'"-;! %#! 51!

+$)-5'2%D! >-%! .2! %&'! '2(! #2;1! ,-CC#$%,! %&'! ('4';#C5'2%! #"! +2! :,$+';.! ,/&##;?!

*+)'2! /#2%.2-',! %#! /#55'2%^! S6M.! .,! %&'! 5#,%! .5C#$%+2%! %'+/&'$! .2! 51! ;."'! l!

V&#<'4'$Z!%&'!%<#!%'+/&'$,!%&+%!:!<+,!&+4.2)!+"%'$!&.5^!K+-;!A#$%';.'$!.2!%&'!K+$.,!

3#2,'$4+%#$1D!+2(!H;(#!K+$.,#%!.2!i+;'!62.4'$,.%1D!/&+2)'(!51!%'/&2.B-'!.2!5+21!

<+1,! +2(! <&'2! :! ,%+$%'(! %#! %'+/&! .%! <+,! 5#,%;1! A#$%';.'$! +2(! K+$.,#%?U! A&.,! .,!

.2%$.)-.2)!+,!.%!$'4'+;,!*+)'2!>'/+5'!5#$'!#C'2!%#!E',%'$2!/#2%'5C#$+$1!.('+,!

#"!/';;#!C;+1.2)!+2(!&+,!/&#,'2!.2!&.,!#<2!C+%&!%#!'5C;#1!%&','!.2!&.,!%'+/&.2)!.2!

:,$+';?!N#<'4'$D!.%!/+2!>'!+$)-'(!%&+%!%&','!.('+,!.2!-,'!.2!:,$+';!/#5>.2'!%#!/$'+%'!

+! >$#+('$! :,$+';.! ,/&##;D! $'";'/%.2)! %&'! <.('! $+2)'! #"! .2";-'2/',! /$'+%'(! >1! %&'!

b'<.,&! (.+,C#$+?! *+)'2! /#2/;-(',! &.,! $'5+$=,! <.%&! ,#5'! /#5C;.5'2%+$1!

/#55'2%,! +>#-%! E.',';J,! 5'%&#(,^! SN.,! 5-,./+;! %&.2=.2)! +2(! 4+;-',! +$'! 5-/&!

5#$'!.24#;4'(!.2!51!C;+1.2)!+2(!%'+/&.2)!+2(!+;,#!&.,!#C'22',,!+2(!,'2,.%.4.%1!%#!

hW!

!
'+/&! .2(.4.(-+;?! :! ;.='! 4'$1! 5-/&! &.,! >').22'$J,! 5'%&#(! +2(! .2! 51! C'(+)#)1!

/;+,,',!:!$'/#55'2(!.%!&.)&;1!%#!51!,%-('2%,?U!

6;$.='! R./='2>-,/&! ,%-(.'(! +%! %&'! `$+2="-$%! N#/&,/&-;'! <.%&! G'$&+$(!

*+2%';!V,''!Q.%'$+%-$'!$'4.'<!,'/%.#2Z!+2(!<.%&!E.',';!"$#5!9Wche9WW8!.2!:,$+';?!

E&.;'! .2! :,$+';! ,&'! <#2! %&'! L->.2! H/+('51! 3&+5>'$! *-,./! 3#5C'%.%.#2! V9WcWZ!

+2(! ,&'! .,! 2#<! +! 5'5>'$! #"! %&'! 0%-%%)+$%! \+55'$#$/&',%'$! +2(! %&'! A-$.2+! A$.#!

V<<<?+-(.%'?('k'2k+$%.,%k789['./='2>-,/&r-;$.='?&%5;Z! +2(! C$#4.('(! %&'!

$','+$/&'$!<.%&!%&'!"#;;#<.2)!/#55'2%,^!S:!;.,%'2'(!%#!+!;#%!#"!/#2/'$%,!&'!C;+1'(!

(-$.2)!%&.,!%.5'?!0#2+%+,D!B-+$%'%,D!,#;#!'%/?!:%!#C'2'(!51!4.'<!#2!5-,./!+2(!5-/&!

5#$'?!:%!#C'2'(!51!'+$,D!+2(!:!,%.;;!$'5'5>'$!,#5'!4'$1!,C'/.+;!5#5'2%,!"$#5!&.,!

C'$"#$5+2/',?! :! +5! .2! +! /#2%.2-#-,! /#2%+/%! <.%&! &.5D! ;.,%'2.2)! 2'+$;1! '4'$1! 1'+$!

,.2/'! %&'2! %#! &.,! ;',,#2,! V,#5'<&'$'! .2! %&'! <#$;(Z?! H2(! &'! ,%.;;! &+,! +;<+1,!

,#5'%&.2)! %#! ,+1! %&+%! ).4',! 5'! %#! %&.2=! +2(! %#! ('4';#CD! (',C.%'! :! C;+1! +2(! %'+/&!

51,';"?! :%! .,! ,-/&! +! C.%1! %&+%! 2#>#(1! .2! :,$+';! 5+('! +! (#/-5'2%+%.#2! +%! "#$5'$!

%.5',?U!

_&+(! a+$[@+4.(! <+,! >#$2! .2! :,$+';! +2(! &+,! >''2! +! 5'5>'$! #"! %&'!

K&.;+(';C&.+!_$/&',%$+!,.2/'!9Wch?!a+$[@+4.(!>')+2!&.,!,%-(.',!+%!%&'!+)'!#"!,'4'2!

<.%&! 6M.! E.',';! .2! A';[H4.4D! /#2%.2-.2)! +%! %&'! b-.;;.+$(! 0/&##;! <.%&! Q'#2+$(! L#,'!

+2(! ;+%'$! ,%-(1.2)! /#2(-/%.2)! +%! %&'! 3-$%.,! :2,%.%-%'! #"! *-,./! <.%&! *+F! L-(#;"!

V<<<?C&.;#$/&?#$)k+>#-%k5-,./.+2,Z?! N'! +;,#! "#-2('(! S:2%'$/-;%-$+;! b#-$2'1,U!

<&./&D! ;.='! @+2.';! a+$'2>#.5J,! E',%[R+,%'$2! @.4+2! _$/&',%$+D! C$#5#%',! %&'!

c8!

!
-2."./+%.#2! #"! :,$+';.,! +2(! K+;',%.2.+2,! %&$#-)&! 5-,./?! :2! +2! .2%'$4.'<! <.%&! %&'!

b-.;;.+$(! 0/&##;! 2'<,;'%%'$D! &'! /#55'2%,! &';C"-;;1! #2! %&'! /#2%'5C#$+$1! $#;'! #"! +!

5-,./.+2!.2!,#/.'%1^!SE'!+$'!;.4.2)!.2!+!/&+2).2)!<#$;(!l!%&'!$#;'!#"!+!5-,./.+2!+2(!

+2! +$%.,%! .,! '4#;4.2)! l! +,! 5-,./.+2,D! 2#%&.2)! .,! /#5C;'%'! l! #-$! +-(.'2/',! +$'!

(<.2(;.2)!l!<&'2!1#-!)#!.2%#!/#55-2.%.',!l!1#-!C$','2%!'.%&'$!5-,./!#$!4.,-+;,!

%&+%!+$'!$';+%'(!%#!%&'.$!/-;%-$'D!+2(!1#-!,C'+=!%&'.$!;+2)-+)'?!H2(!#2/'!1#-!>$.2)!

%&'5!.2D!1#-!/+2!C$','2%!+21%&.2)!';,'D!.2/;-(.2)!+;;!%&'!5+,%'$<#$=,!%&+%!<'!&+4'!

,%-(.'(! +,! /;+,,./+;! 5-,./.+2,! l! <'! &+4'! %&'! +(('(! $',C#2,.>.;.%1! #"! '(-/+%.2)!

<.%&! #-$! C'$"#$5+2/',! l! U! V<<<?I-.;;.+$(?'(-k+;-52.k2'<,kB+k+$/&.4'k7898[

99k78998Y?C&CZ!

Q'#2+$(! R;,/&'2>$#./&! V>#$2! 9WcjD! `$+2="-$%Z! ,%-(.'(! +%! %&'! i'&-(.!

*'2-&.2!0/&##;!.2!0-$$'1D!6\!+2(!-2-,-+;;1D!;'"%!%&'!,/&##;!+%!+2!'+$;1!+)'!%#!,%-(1!

<.%&! Q.C=.2(! +2(! %&'2! .2! 01(2'1! <.%&! E.',';?! N'! .,! 2#<! "#$).2)! +2! .5C$',,.4'!

/+$''$! .2! R-$#C'! +2(! %&'! 62.%'(! 0%+%',?! R;,/&'2>$#./&! C$#4.('(! 5'! <.%&! %&'!

"#;;#<.2)!$'/#;;'/%.#2,!#"!&.,!,%-(.',!<.%&!>#%&!Q.C=.2(!+2(!E.',';^!

6M.!+2(!G+>.!<'$'!%&'!#2;1!%'+/&'$,!<&#!%+-)&%!5'!%#!5#4'!<&.;'!:!C;+1D!

<.%&! ,C'/."./! (.$'/%.#2,! +,! %#! &#<! %#! 5#4'! +2(! <&1?! A-$2.2)! %&'! /';;#! %#!

#C%.5.M'! %&'! /#5"#$%! #"! C;+1.2)! #2! (.""'$'2%! ,%$.2),! +2(! .2! (.""'$'2%!

C#,.%.#2,D!5#4.2)!.2!%&'!(.$'/%.#2!#"!%&'!%$+4';!#"!%&'!>#<D!%#!.2/$'+,'!%&'!

,'2,+%.#2! #"! ]($+<.2)J! %&'! ,#-2(D! +,! <';;! +,! )'2'$+;;1! >'.2)! ;##,'! .2! %&'!

>#(1! +2(! 2#%! +"$+.(! %#! /-$4'! %&'! ,C.2'D! ;'+2! %#! #2'! ,.('! '%/?!6M.! +2(! G+>.!

%+-)&%! 5'! %#! (.4.('! C+,,+)'! <#$=! .2%#! ,'/%.#2,! %&+%! &+2)! %#)'%&'$!

c9!

!
 %'/&2./+;;1D! +2(! G+>.! %+-)&%! 5'! %#! C;+1! '+/&! #"! %&','! ,'/%.#2,! <.%&! #2'!

.5C'%-,!<&./&D!+,!1#-!$'+/&'(!%&'!'2(!#"!+!,'/%.#2D!,;#<'(!(#<2!%&'!,C''(!

,;.)&%;1D! -2%.;! %&'! 2'F%! ,'/%.#2! )+4'! %&'! 2'F%! .5C'%-,! +2(D! +((.2)! ,C''(!

+)+.2?! 0#$%! #"! ;.='! C-,&.2)! +! %#1! /+$! +2(! <+%/&.2)! .%! ,;#<! (#<2! +2(! %&'2!

C-,&.2)! .%! +)+.2?!6M.! %+-)&%! 5'! ;#%,! #"! %&.2),! +>#-%! %&'! C#;1C&#21! #"! %&'!

a+/&! 0-.%',D! +2+;1,.2)! C&$+,'! ;'2)%&,D! 4+$1.2)! C-;,'! .2! +! ,'2,.>;'! +2(!

]2+%-$+;J! <+1! '%/?! :%! .,! &+$(! %#! C-%! %&.,! .2! <#$(,! <.%&#-%! ).4.2)! 'F+5C;',!

5-,./+;;1?!

A&.,! $',C#2,'! )+4'! ,#5'! 'F/';;'2%! .2"#$5+%.#2! +2(! $'";'/%,! %&'! #"%'2[

C$#>;'5+%./! .('+! #"! C-%%.2)! /#5C;'F! %'/&2./+;! +2(! C&1,./+;! /#2/'C%,! .2%#! <#$(,?!

R;,/&'2>$#./&!.,!.2!"+/%!+2!.5C#$%+2%!;.2=!.2!%&'!/&+.2!#"!%&.,!,%-(1D!+,!&'!,%-(.'(!

<.%&! >#%&! Q.C=.2(! +2(! E.',';D! %&'$'"#$'! /$'+%.2)! +2! +((.%.#2+;! /#22'/%.#2! .2! %&'!

;')+/1!+2(!('4';#C5'2%!#"!%&'!:,$+';.!,/&##;?!N'!.,!+;,#!.2(.$'/%;1!%&'!$'+,#2!:!<+,!

+;'$%'(!%#!E.',';J,!$';#/+%.#2!%#!01(2'1D!;'+(.2)!%#!51!5+21!1'+$,!#"!,->,'B-'2%!

,%-(1!<.%&!&.5?!!

_"'$!3+2'%%.!V>#$2!.2!A';[H4.4D!9WchZ!.,!+!$.,.2)!%+;'2%!.2!%&'!R-$#C'+2!,/'2'!

+2(!&+,!&+(!/#2,.('$+>;'!,-//',,!>#%&!.2!:,$+';!+2(!+>$#+(?!N'!&+,!,%-(.'(!<.%&!+!

<.('! $+2)'! #"! %'+/&'$,D! >-%! /$'(.%,! &.,! %.5'! <.%&! E.',';! +,! >'.2)! #"! /$-/.+;!

.5C#$%+2/'!%#!&.,!#-%;##=!+2(!('4';#C5'2%!+,!+!/';;.,%!+2(!5-,./.+2?!:2!$'"'$'2/'!

%#! ,.%%.2)! C#,.%.#2D! 3+2'%%.! /#55'2%,! %&+%! &'! C$'4.#-,;1! C;+1'(! <.%&! +! 4'$1! ;#2)!

'2(C.2D! ,''2! C+$%./-;+$;1! .2! %&'! 0#4.'%! 0/&##;! #"! C;+1.2)! C.#2''$'(! >1! *,.,%;+4!

c7!

!
L#,%$#C#4./&D! +2(! +;,#! .2! %&'! +(4+2/'5'2%,! #"! '2(C.2! ;'2)%&! +2(! +2);'! >$#-)&%!

+>#-%!>1!K+-;!A#$%';.'$D!<&#!"+,&.#2'(!%&'!SA#$%';.'$!'2(C.2U!.2!%&'!9Wj8,!%#!+;;#<!

C;+1.2)! .2! &.)&'$! $').,%'$,! <.%&! )$'+%'$! '+,'D! +2(! %#! '2&+2/'! C$#I'/%.#2! #"! %#2'?!

A&.,! '2(C.2! <+,! +;,#! -,'(! >1! C;+1'$,! #"! %&'! /+;.>$'! #"! b+/B-';.2'! (-! K$'D! >-%! .,!

5-/&! ;',,! /#55#2! .2! 5#('$2[(+1! C;+1'$,?! 3+2'%%.! 2#<! -,',! +! ,&#$%'$! ,%$+.)&%!

'2(C.2D!<&./&!<+,!+(4.,'(!>1!E.',';!+2(!".2(,!.%!.,!C#,,.>;'!S%#!/#2%$#;!%&'!,#-2(!

B-+;.%1!>'%%'$U!V3+2'%%.!g-',%.#22+.$'!L',C#2,',Z?!3+2'%%.!>';.'4',!.2!-,.2)!+!;#<!

$.)&%! ';>#<D! S%#! C$#(-/'! %&'! >.))',%! ,#-2(DU! +2(! $'"'$,! %#! %&'! .5C#$%+2/'! #"!

/#2,%+2%!';>#<!5#4'5'2%!S%#!(.4.('!+2(!/#2%$#;!%&'!>+;+2/'!>'%<''2!<'.)&%!+2(!

C$',,-$'!#2!%&'!,%$.2)?U!N'!(.,/-,,',!E.',';J,!.('+!#"!SC;+1.2)!%#!%&'!,.(',DU!<&./&!

&'!>';.'4',!/$'+%',!+!>+;+2/'!.2!%&'!(.4.,.#2!#"!%&'!>#<!+2(!+;,#!S)'%%.2)!%&'!"'';.2)!

+2(!.('2%."./+%.#2!<.%&!'4'$1!2#%'!.2!#$('$!%#!'FC$',,!+2(!C$','2%!%&'!5-,./+;!+2(!

'5#%.#2+;!.('+!>'&.2(!'4'$1!2#%'?U!A&.,!C#.2%,!%#!%&'!.5C#$%+2%!.('+!#"!%&'!5-,./+;!

$',-;%!>'.2)!%&'!5#,%!.5C#$%+2%!#-%/#5'!#"!+2!].('+;J!%'/&2./+;!+CC$#+/&?!3+2'%%.!

+;,#!$'"'$,!%#!%&'!.5C#$%+2/'!#"!$'C'%.%.#2!.2!C$+/%./'!%&+%!.,!'F+))'$+%'(D!.2!#$('$!

%#!+;;#<!%&'!/';;.,%!%#!+,,.5.;+%'!%&'!.('+!+2(!%&'2!/#5'!+<+1!<.%&!+2!+;%'$'(!+2(!

'2&+2/'(!<+1!#"!C;+1.2)?!A&.,!.,!+2!.('+!%&+%!/+2!>'!,''2!.2!+;;!#"!E.',';J,!%'+/&.2)D!

+2(! /+2! C#%'2%.+;;1! >'! (+2)'$#-,;1! 5.,.2%'$C$'%'(D! C+$%./-;+$;1! >1! ,%-('2%,! #"!

;#<'$!%'/&2./+;!+>.;.%1D!>-%!/+2!+;,#!&+4'!"+2%+,%./!$',-;%,!<&'2!.%!.,!C+$'(!>+/=!+2(!

%&'!$'52+2%,!%&+%!$'5+.2!>$.2)!%&'!C;+1.2)!%#!+!&.)&'$!;'4';!#"!B-+;.%1!+2(!+$%.,%$1?!!

:2! $')+$(,! %#! %&'! ;'"%! &+2(D! 3+2'%%.! /#55'2%,! %&+%! %&'! ".2)'$,! ,&#-;(! >'!

,%$+.)&%! +2(! -,'(! +%! %&'! C#.2%,! <.%&! %&'! 5#,%! S5'+%U! %#! C$#(-/'! +! ;+$)'! +2(! "-;;[

cX!

!
>#(.'(! %#2'?! N'! +;,#! '5C&+,.,',! %&'! .5C#$%+2/'! #"! =''C.2)! %&'! ;'"%! &+2(! +%! +!

2.2'%1[(')$''! +2);'! %#! %&'! ,%$.2)D! %&-,! S'2+>;.2)! )$'+%'$! 5#>.;.%1! >'%<''2!

C#,.%.#2,?U!3+2'%%.!,''=,!+!4.>$+%#!%&+%!.,!,;#<!+2(!<.('D!+2(!$'";'/%,!,#5'!#"!%&'!

>';.'",! #"! E.',';! .2! &.,! $',C#2,'! %#! %&.,! %#C./?! N.,! +.5! .2! %&.,! .,! %#! C$#(-/'! +!

C$#I'/%.2)!,#-2(!%&+%!/+$$.',!%#!%&'!+-(.'2/'!+2(!%#!%&'!>+/=!#"!+!&+;;?!!

L')+$(.2)!/#[#$(.2+%.#2D!3+2'%%.!>';.'4',!%&+%!%&'!&+2(,!2''(!%#!+,,.,%!'+/&!

#%&'$!+2(!(#',!2#%!>';.'4'!%&'1!/+2!>'!%$-;1!.,#;+%'(?!!N'!).4',!%&'!'F+5C;',!%&+%!

%&'!$.)&%!&+2(!/+2!&';C!.2!SC$#2#-2/.2)U!%&'!2#%',D!<&.;'!%&'!;'"%[&+2(!"#$%&'(!/+2!

&';C! %#! /$'+%'! +! /0:&'(?! :2%'$',%.2);1D! 3+2'%%.! +)+.2! /#22'/%,! %'/&2./+;! ';'5'2%,!

<.%&! C$#(-/.2)! +2! '5#%.#2+;! .5C+/%! <&'2! (.,/-,,.2)! 5#4'5'2%! #"! %&'! >#(1?! N'!

,%+%',! %&+%^! S:%! &';C,! '5>$+/.2)! %&'! 5-,./+;! +2(! 'FC$',,.#2+;! p,./q! -2('$,%+2(.2)!

+2(! .('2%."./+%.#2! <.%&! '4'$1! 2#%'! l! +2(! &';C,! C$#(-/.2)! +! 5#$'! /#24.2/.2)!

'5#%.#2+;! /#22'/%.#2! <&.;'! C;+1.2)! +2(! <.%&! %&'! /';;#?U! 3+2'%%.! (.,/-,,',! %&'!

/#5>.2+%.#2! #"! 5-,./+;! +2(! %'/&2./+;! .('+,D! +2(! ,'',! %&'! ,'C+$+%.#2! +2(!

.2%')$+%.#2! #"! %&'! %<#! +,! 4.%+;^! SA#! )'%! +2! .('+! #"! %&'! C.'/'! C;+1'(D! :! %$1! %#!

-2('$,%+2(!+2(!(.4.('!%&'!5-,./+;!,'2%'2/',!+2(!,%$-/%-$',D!%&'2!:!%$1!%#!".2(!%&'!

%'/&2./+;! ,#;-%.#2,! %&+%! <.;;! &';C! 5'! >$.2)! #-%! +,C'/%,! #"! %&'! 5-,./! .2! %&'! 5#,%!

/#24.2/.2)!+2(!.24#;4'(!<+1?U!

3+2'%%.! 5+=',! 2-5'$#-,! .2%'$',%.2)! /#55'2%,! $')+$(.2)! #2'! #"! %&'! 5#,%!

/#5C;'F! B-',%.#2,f%&'! /#5>.2+%.#2! +2(! >+;+2/'! #"! .2,%.2/%! +2(! +2+;1,.,! .2! +!

C;+1'$J,! ('4';#C5'2%?! P'$1! 5-/&! .2! ;.2'! <.%&! E.',';J,! >';.'",! #2! %&'! 5+%%'$D! &'!
cY!

!
4.'<,!.%!+,!.5C'$+%.4'!%&+%!%&'!,%$#2)!+2(!S-2.B-'U!+,C'/%,!#"!+!/';;.,%J,!/&+$+/%'$!

+$'!('4';#C'(!+2(!2#-$.,&'(D!+,!%&','!<.;;!+;<+1,!/#5'!%#!%&'!"#$'!.2!C'$"#$5+2/'!

.2!+!<+1!%&+%!2#!#%&'$!/';;.,%!/+2!$'C$#(-/'?!N#<'4'$!&'!,'',!%&'!$#;'!#"!+2+;1,.,!

+,! 'B-+;;1! 4.%+;D! +2(! ,%$',,',! %&'! .5C#$%+2/'! #"! <#$=.2)! #2! +! ,%-('2%J,! <'+='$!

+,C'/%,!,#!%&+%!+!>+;+2/'!.,!+/&.'4'(!>'%<''2!.22+%'!B-+;.%.',!+2(!+/B-.$'(!#2',?!!

:2! /;#,.2)D! 3+2'%%.! +((,! %&+%^! S*1! 4.'<! #"! %&'! %$+(.%.#2! %&+%! 6M.! E.',';! C+,,',!

%&$#-)&! &.,! C'(+)#)./+;! 5'%&#(,! +$'! .5C#$%+2%! 2#%! #2;1! .2! %&'! %'/&2./+;! +2(!

]/';;.,%./J! +,C'/%,D! >-%! %&'! ('4#%.#2! +2(! "-;;! '5#%.#2+;! /#22'/%.#2! <.%&! %&'! 5-,./!

+2(! C;+1.2)D! <&./&! :! ".2(D! %&$#-)&! /#5C;.5'2%.2)! %&'! C;+1.2)D! >#%&! 'F%$'5';1!

.2,C.$+%.#2+;!+2(!'2#$5#-,;1!+(5.$+>;'?U!

i#2.! @$+.>;+%'! V+;,#! >#$2! 9WchZD! .,! +2#%&'$! $.,.2)! ,%+$! #"! %&'! :,$+';.! /';;#!

C;+1.2)! /-;%-$'D! +2(! 2#<! $',.(',! .2! %&'! 62.%'(! 0%+%',?! N'! &+,! &+(! 2-5'$#-,!

5+,%'$/;+,,',! <.%&! E.',';! +2(! .,! #2'! #"! O#$.J,! 5#,%! +//#5C;.,&'(! ,%-('2%,D!

C#,,',,.2)! +! C+$%./-;+$;1! >$.;;.+2%! ;'"%[&+2(! %'/&2.B-'D! <&./&! .5C$',,'(! 5'! 4'$1!

5-/&!+%!%&'!788W!:,$+';!:2%'$2+%.#2+;!3';;#!3#2)$',,!.2!b'$-,+;'5?!!

@$+.>;+%'! 5+=',! .2%'$',%.2)! /#55'2%,! $')+$(.2)! ,.%%.2)! C#,.%.#2D! <&./&!

$'";'/%!%&'!,;.)&%!;'"%!>#(1!.2/;.2+%.#2!.2!C#,.%.#2!,''2!.2!5+21!#"!E.',';J,!,%-('2%,?!

N'!$'/#55'2(,!%&+%!%&'!/';;#^!S0&#-;(!>'!/#5"#$%+>;'!#2!1#-!l!+2(!1#-!5+1!C.4#%!

1#-$!>+/=!,;.)&%;1!%#!%&'!;'"%!%#!+;;#<!5#$'!/#5"#$%+>;'!&+2(;.2)!#"!%&'!;'"%!&+2(?U!

:2!(',/$.>.2)!$.)&%[&+2(!%'/&2.B-'D!@$+.>;+%'!'5C&+,.,',!%&+%!%&'!5#,%!.5C#$%+2%!

+,C'/%!.,!%#!-,'!<'.)&%!+2(!2#%!C$',,-$'!%#!/$'+%'!,#-2(?!!N'!+;,#!,%+%',!%&+%!%&'!
cd!

!
S".$,%!".2)'$D!"#-$%&!".2)'$!+2(!%&-5>!+$'!%&'!"#-2(+%.#2,!#"!%&'!>#<!&#;(DU!<&./&!

$';+%',! %#! %&'! ,'%%.2)! -C! #"! %&'! $.)&%[&+2(! (',/$.>'(! .2! H;'F+2.+2J,! %$'+%.,'D! +2(!

5#,%! ,%+2(+$(! /#2/'C%,! #"! >#<.2)! %'/&2.B-'?! :2! %'$5,! #"! %&'! ;'"%! &+2(D! @$+.>;+%'!

,'',! ,%$'2)%&! #"! ".2)'$,D! ,C''(! +2(! ";'F.>.;.%1! +,! >'.2)! %&'! 5#,%! .5C#$%+2%!

';'5'2%,?! L')+$(.2)! ,&."%.2)D! @$+.>;+%'! $'"'$,! %#! SC$'C+$.2)U! %&'! ,&."%D! ,#5'%&.2)!

"-2(+5'2%+;!%#!E.',';J,!.('+!#"!,&."%.2)?!N'!+;,#!$'"'$,!%#!%&'!&';C"-;!'F+5C;'!#"!+!

/+%! C$'C+$.2)! %#! I-5C! >'"#$'! +/%-+;;1! .2.%.+%.2)! +2(! %&'2! /#5C;'%.2)! %&'!

5#4'5'2%?! N'! ,'',! "#$%&'(! +,! /#5.2)! "$#5! %&'! I#.2%D! <&./&! $';+%',! %#! %&'! .('+,!

,''2!.2!E.',';J,!%'+/&.2)!#"!"#$%&'(M!N'!+(4.,',!+)+.2,%!%&'!-,'!#"!%&'!<$.,%!+,!%&.,!

.24+$.+>;1!;'+(,!%#!+!2'$4#-,!=.2(!#"!"#$%&'(?!62;.='!5+21!/';;.,%,!<&#!&+4'!,C'2%!

%.5'! ,%-(1.2)! <.%&! E.',';D! @$+.>;+%'! %'2(,! %#<+$(,! %&'! '/#2#51! #"! 5#4'5'2%!

.('+!.2!C;+1.2)D!<&./&!<+,!'4.('2%!.2!&.,!C'$"#$5+2/'?!N'!(#',D!&#<'4'$D!,%+%'!%&+%!

5#4'5'2%! #"! %&'! >#(1! /+2! >'! -,'(! .2! 'F'/-%.2)! +! %'/&2./+;! (.""./-;%1! +2(! 5+=',!

.2%'$',%.2)!$'5+$=,!$')+$(.2)!>#<[(.$'/%.#2!.2!5#4'5'2%^!S:"!1#-!+$'!C;+1.2)!+2!

-C[>#<! l! 5#4'! 1#-$! /';;#! %#! %&'! $.)&%D! 2#%! %#! %&'! ;'"%f%&'! ,.5C;'! $'+,#2! .,!

>'/+-,'!%&+%!<+1!1#-!5+='!%&'!,%$.2)!"#/-,!>'%%'$!+2(!1#-!5+='!%&'!/';;#!<#$=!"#$!

1#-f#%&'$<.,'! 1#-! +$'! I-,%! 5+=.2)! %&'! ,%$.2)! "-$%&'$! V+<+1Z! +2(! &+$('$! %#!

"#/-,?U! :2! /&##,.2)! ".2)'$.2),! "#$! +! <#$=D! @$+.>;+%'! ;##=,! "#$! +2! #C%.5+;!

/#5>.2+%.#2! #"! S'FC$',,.4'2',,! +2(! '""./.'2/1U?! :%! .,! /'$%+.2;1! '4.('2%! "$#5!

@$+.>;+%'J,!C;+1.2)!%&+%!&'!5+=',!)$'+%!-,'!#"!'""./.'2/1!#"!5#4'5'2%!.2!)'2'$+;?!!

'

cj!

!
7%1"+*4(%1$%&'9$"*",'4.+/5&.'(%'(%(,2*$*'/#'$%4"+L$"D*'

E.',';! (.,/-,,',! ,.%%.2)! C#,.%.#2! +%! ;'2)%&! ('5#2,%$+%.2)! %&+%! %&'! 5#,%!

"-2(+5'2%+;! .('+! .,! %&+%! S%&'! C'$,#2! &+,! %#! )'%! $.(! #"! '4'$1! ,5+;;! %'2,.#2U?! N'!

>';.'4',!%&+%!%&'!5#,%!.5C#$%+2%!';'5'2%!.,!%&+%!S%&'!".$,%!-CC'$!&+;"!#"!%&'!>#(1!

,&#-;(! >'! /#5C;'%';1! "$''! %#! 5#4'! +2(! %#! >'! ";'F.>;'?! A&+%J,! %&'! ".$,%! +F.#5D! %&'!

".$,%!"-2(+5'2%!#"!C;+1.2)?U!E.',';!)#',!#2!%#!,+1!%&+%!%&'!/';;#!,&#-;(!;'+2!#2!%&'!

=2''! #"! %&'! ;'"%! ;')D! %#! +;;#<! %&'! .2,%$-5'2%! %#! >'! 5#4'+>;'?! N'! $'"'$,! %#! %&'!

C#,.%.#2! #"! '+$;1! /';;#! C;+1.2)! <&'$'! %&'! /';;#! <+,! C;+/'(! >'%<''2! %&'! =2'',D!

.2(./+%.2)! S3+,+;,! $'>';;'(! +)+.2,%! .%DU! %&'$'>1! ('5#2,%$+%.2)! %&'! ;.2'+)'! "$#5!

3+,+;,!.2!('4';#C.2)!&.,!.('+!#"!>+,./!,.%%.2)!C#,.%.#2?!E.',';!,-))',%,!%&+%!%#!".2(!

+2!.('+;!B-+;.%1!#"!,#-2(D!%&'!/';;.,%!5-,%!S5#4'!%&'!/';;#!%#<+$(!%&'!H!,%$.2)!+2(!

%#<+$(! %&'! 3! ,%$.2)?U! N'! 'FC;+.2,! %&+%! <&'2! %&'! /';;#! $',%,! +)+.2,%! %&'! =2''! +2(!

1#-! 5#4'! %&'! =2''D! %&'! .2,%$-5'2%! <.;;! >'! .2! %&'! .('+;! C#,.%.#2! $'+(1! %#! C;+1! #2!

'+/&!,%$.2)?!`-$%&'$5#$'!E.',';!,%+%',^!SR4'$1!/';;.,%!&+,!%#!.5+).2'!%&+%!<&'2!&'!

C;+1,!#2!%&'!H!,%$.2)D!&'!&+,!+!/';;#!<.%&!#2'!,%$.2)?U!A&.,!/#2/'C%!%&'2!+CC;.',!%#!

+;;! %&'! #%&'$! ,%$.2),D! ,#! %&+%! %&'! 5+F.5-5! %#2'D! 'FC$',,.#2! +2(! ,'/-$.%1! /+2! >'!

$'+;.,'(! #2! '+/&! ,%$.2)?! E.',';! /#55'2%,! %&+%! 5#,%! /';;.,%,! 5#4'! %#! +2! 'F%'2%! .2!

&+2(;.2)! %&'! .2,%$-5'2%D! %&#-)&! &'! +/=2#<;'()',! %&'$'! +$'! ,#5'! /';;.,%,! +2(!

%'+/&'$,! %&+%! $'/#55'2(! %#%+;! ,%+>.;.%1! +2(! .55#4+>.;.%1D! <&./&! C'$&+C,! &+,!

5'$.%,!#"!+!(.""'$'2%!=.2(?!A&.,!(.""'$'2/'!#"!#C.2.#2!.,!+;,#!$'";'/%'(!.2!,#5'!#"!%&'!

B-',%.#22+.$'! $',C#2,',?! N#<'4'$D! ";'F.>.;.%1! #"! &+2(;.2)! %&'! .2,%$-5'2%! /+2! >'!

,''2!.2!%&'!C;+1.2)!#"!5#,%!/';;.,%,!;.2='(!.2!,#5'!<+1!%#!:,$+';.!/';;#!C'(+)#)1?!!

ch!

!
E.',';! +;,#! ,%$',,',! %&+%! %&'! >+,./! C#,.%.#2! +2(! ";'F.>.;.%1! (',/$.>'(! .,! 'F%$'5';1!

.5C#$%+2%! "#$! %&'! >#<! C#,.%.#2! +2(! %&'! C#,.%.#2! #"! >#%&! $.)&%! +2(! ;'"%! +$5,?! N.,!

>';.'"!%&+%!%&'!/';;#!,&#-;(!2#%!$',%!%##!&.)&!#2!%&'!/';;.,%!+;;#<,!"#$!%&'!&+2(,!%#!>'!

$'+(1! .2! +2! .('+;! C#,.%.#2! <.%&#-%! +21! &.2($+2/'! #$! 'F+))'$+%'(! +2);',?! E.',';!

2#%',!&'$'!%&+%!%&'!&.)&'$!%&'!/';;#!C#,.%.#2!#2!%&'!/&',%D!%&'!5#$'!%&'!$.)&%!+$5!

5#,%!>'!$+.,'(D!%&-,!+""'/%.2)!";'F.>.;.%1!#"!>#<!+2(!;'"%[&+2(!%'/&2.B-'!+2(!&'2/'!

%&'! #4'$+;;! B-+;.%1! #"! %#2'?! N'! (#',! +/=2#<;'()'! %&'! +(4+2/'5'2%,! 5+('! .2! %&.,!

$')+$(!>1!K+-;!A#$%';.'$!+2(!*,%.,;+4!L#,%$#C#4./&!V>#%&!#"!<&#5!5+('!-,'!#"!%&'!

C+%'2%'(! ]A#$%';.'$J! '2(C.2D! '2+>;.2)! +2! +;5#,%! &#$.M#2%+;! C;+1.2)! C#,.%.#2ZD! >-%!

,-))',%,!%&+%!'4'2!.2!5#('$2!(+1!C;+1.2)D!5#,%!/';;.,%,!&+4'!$'4'$%'(!%#!+2!'+$;.'$!

+2(!;',,!'F+))'$+%'(!C;+1.2)!C#,.%.#2?!Q.C=.2(!.,!+2!#>4.#-,!'F/'C%.#2!%#!%&.,!<&#!

/#5>.2',!%&'!>'2'".%,!#"!%&'!,&#$%!'2(C.2!<.%&!%&#,'!#"!%&'!]A#$%';.'$J!%&$#-)&!&.,!

-,'!#"!%&'!/-$4'(!'2(C.2?!!

A&'!/#55#2;1!&';(!.('+!%&+%!%&'!>').22'$!/';;.,%!,&#-;(!.5+).2'!]&-)).2)J!

%&'!/';;#!.,!+;,#!$'"'$$'(!%#!>1!E.',';D!V+;,#!,''!O#$.!$',C#2,',Z!+2(!&'!>';.'4',!%&.,!

,.%%.2)!C#,.%.#2!5+=',!%&.,!C#,,.>;'^!S:"!1#-!C-%!%&'!;'"%!&+2(!#2!%&'!&+$5#2./!H!#2!

%&'! H! ,%$.2)! +2(! '5>$+/'! %&'! /';;#! l! %&.,! .,! %&'! >+,./! C#,.%.#2! %&+%! '+/&! C'$,#2!

,&#-;(! ".2(! "#$! &.5,';"?U! N'! +;,#! .2(./+%',! %&+%! %&.,! +CC;.',! $')+$(;',,! #"! +2!

.2(.4.(-+;J,! &'.)&%! #$! %&'! /&+.$! &'.)&%D! +/=2#<;'().2)! %&+%! 5+21! /';;.,%,! &+4'! +!

C$'"'$'2/'! "#$! +! &.)&'$! #$! ;#<'$! /&+.$! V,''! Q.C=.2(! +2(! P+$)+! $',C#2,',Z?! :2!

+//#$(+2/'!<.%&!%&.,!C#,.%.#2D!E.',';!'5C&+,.M',!%&+%!%&'!>#<!&+2(!5-,%!/0&1!#2!

%&'! ,%$.2)! ,#! S%&+%! 1#-! "'';! %&'! &'+4.2',,! #"! %&'! >#<! +$5U?! A&.,! .('+! .,! /'2%$+;! %#!

cc!

!
E.',';J,!+2(!&.,!C$#%t)t!O#$.J,!/#2/'C%!#"!,#-2(!C$#(-/%.#2D!+2(!&'!'4'2!)#',!,#!

"+$!+,!%#!%.'!+2!'5C%1!,+%/&';!#$!>+)!%#!+!/';;.,%J,!$.)&%!+$5!%#!'2/#-$+)'!%&'!"'';.2)!

#"! <'.)&%f+2! +CC$#+/&! %&+%! &'! &+,! +;,#! -,'(! <.%&! >#%&! 4.#;.2.,%,! +2(! 4.#;+!

C;+1'$,?!!

:2!$')+$(!%#!%&'!$.)&%!&+2(D!E.',';!+"".$5,!%&+%!%&'!5#,%!.5C#$%+2%!"+/%#$!%#!

,%$',,!.,!%&+%!S%&'!>#<!&+,!+!<'.)&%!>1!.%,';"U?!N'!('5#2,%$+%',!%&.,!>1!(',/$.>.2)!

&#;(.2)!%&'!%.C!#"!%&'!>#<!<.%&!+2!-2('$&+2(!"#(/&!2&!:&8$&!)$.C!+2(!S5#4'!%&'!

>#<!,#!%&+%!1#-!"'';!%&+%!%&'!>#<!;'+2,!#2!%&'!,%$.2)D!'4'$1!.2/&!#"!%&'!>#<!"$#5!

%&'!>').22.2)!%#!%&'!'2(!#"!%&'!>#<D!+,!;#<!+,!1#-!<+2%!<.%&!%&'!>#<!+$5?U!A&.,!.,!

+;,#!$'";'/%'(!.2!O#$.J,!'F'$/.,'!%#!('4';#C!+!"'';.2)!#"!>#<!+2(!+$5!<'.)&%?!E.',';!

$'"'$,!%#!%&'!C$#>;'5,!#"!2#%!$'+;.M.2)!%&'!';'5'2%!#"!<'.)&%!+,!<&'2!%&'!>#<!.,!

&';(!S4'$1!,%.""D!%&'$'J,!2#!5#$'!<'.)&%!#"!%&'!>#<!#2!%&'!,%$.2)!>'/+-,'!%&'2!%&'!

&+2(!&#;(,!.%!+2(!%&'!&+2(!5#4',!.%?U!N'!+;,#!2#%',!%&'!/#55#2!C$#>;'5!#"!/';;.,%,!

>';.'4.2)! %&+%! C#<'$! #"! ,#-2(! /+2! >'! C$#(-/'(! >1! C$',,.2)! %&'! >#<D! +2(! <+$2,!

+)+.2,%! %&.,! +,! &'! >';.'4',^! SA&'! >',%! C#<'$D! %&'! "$''! %#2'D! /#5',! >1! "'';.2)! %&'!

/#2,/.#-,2',,!#"!%&'!<'.)&%!#"!%&'!>#<?U!0-$C$.,.2);1D!E.',';!(#',!2#%!>';.'4'!%&+%!

%&'$'!+$'!2-5'$#-,!4+$.+%.#2,!.2!>#<!&#;(D!+,!&'!2#%',!%&+%!%&'!'1'!#2!%&'!"$#)!#"!

%&'!>#<!(./%+%',!%&'!C;+/'5'2%!#"!%&'!;.%%;'!".2)'$!.2!+;;!,/&##;,!#"!/';;#!C;+1.2)D!+2(!

%&'! &+2(! 5-,%! >'! +$$+2)'(! +$#-2(! %&.,! C#.2%?! N'! (#',! /#55'2%! %&+%! %&'! ='1!

C$#>;'5! .2! C$#(-/.2)! +! $';+F'(D! >+;+2/'(! +2(! ";'F.>;'! $.)&%[&+2(! C#,.%.#2! .,! %&'!

+<+$'2',,! #"! %&'! (.,%+2/',! >'%<''2! %&'! ".2)'$,?! A&.,! /#22'/%,! %#! H;'F+2.+2J,!

(',/$.C%.#2! #"! ',%+>;.,&.2)! +! >#<! &#;(! >1! >$.2).2)! %&'! ".2)'$,! %#)'%&'$D! <&./&!

cW!

!
/#-;(! '2/#-$+)'! +! >-2/&.2)! #"! %&'! ".2)'$,?! A&.,! .2%'$',%.2);1! /#22'/%,! %#! P+$)+J,!

(',/$.C%.#2!#"!&.,!$'+,,',,5'2%!#"!-,.2)!%&'!>#<!+2(!+$5!+,!#2'!-2.%!<.%&!E.',';D!

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

-2.%1?!E.',';!2#%',!%&+%!%&'!&+2(!.2!.%,!$',%.2)!,%+%'!&+,!2+%-$+;!(.,%+2/',!>'%<''2!

'+/&!".2)'$D!+2(!%&','!,&#-;(!)'2'$+;;1!>'!='C%!.2!%$+2,"'$$.2)!/#2"#$5+%.#2!#"!%&'!

&+2(! %#! %&'! >#<! &#;(?! H2#%&'$! C$#>;'5! $'"'$$'(! %#! .,! %&'! ,%$'%/&.2)! #"! %&'!

(.,%+2/',! >'%<''2! %&'! $.)&%[&+2(! ".2)'$,D! #"%'2! %&'! ".$,%! +2(! ,'/#2(D! <&./&! /+2!

C+$%./-;+$;1! >'! ,''2! .2! %&'! 0#4.'%! 0/&##;! #"! 3';;#! K;+1.2)! +2(! %&'! %'/&2.B-'! #"!

L#,%$#C#4./&!V<&./&!<+,!#"%'2!5.,%+='2;1!.5.%+%'(!>1!,%-('2%,D!#2'!$'+,#2,!%&+%!

%&'! L-,,.+2! 5+,%'$! $'"$+.2'(! "$#5! -,.2)! %&'! /';;#! %#! ('5#2,%$+%'! .2! ;',,#2,f

E.;,#2D! 788hD! C?! W7Z?! E.',';! >';.'4',! %&.,! 'F+))'$+%'(! (.,%+2/'! >'%<''2! ".2)'$,!

/+-,',!%'2,.#2!#"!%&'!<$.,%!+2(!.2!%&'!>#<?!

N'!+(4.,',!%&+%!%&'!,'/#2(!+2(!%&.$(!".2)'$!,&#-;(!;.'!#4'$!%&'!"'$-;'!#"!%&'!

>#<!+2(!%&+%!%&'!".$,%!".2)'$!+2(!%&-5>!,&#-;(!C$#4.('!%&'!5+.2!/#2%+/%!<.%&!%&'!

>#<?!A&'!%'2('2/1!"#$!%&'!$.)&%!&+2(!%#!;'+2!%#<+$(,!%&'!,5+;;!".2)'$!.,!(.,/-,,'(!

+2(! (',/$.>'(! +,! S+! C$#>;'5! <.%&! )$+4.%+%.#2?U! A&.,! >+;+2/'! %'2('2/1! .,!

$'/#55'2('(!>1!E.',';!"#$!-,'!.2!C.+2.,,.5#!C+,,+)',!%#!C$#(-/'!+!".2'!>-%!,%.;;!

C$#I'/%.2)! %#2'! >-%! (.,/#-$+)'(! +,! +! %'2('2/1! "#$! %&'! $.)&%! &+2(J,! /#2"#$5+%.#2?!

A&'! .5C#$%+2/'! #"! %&'! ".$,%! ".2)'$! .,! '5C&+,.M'(D! +2(! %&.,! /+2! +;,#! >'! ,''2! .2!

E.',';J,!%'+/&.2)!#"!%&'!>#<!/&+2)'!+2(!('4';#C5'2%!#"!67#55&'(B!6&9'#//0B!8&%'0/0!

+2(!6'&55&'(!,%$#=',^!!

W8!

!
 A&'! &+2(! ;'+2,! #2! %&'! ".$,%! ".2)'$! l! ."! 1#-! ;'+2! #2! .%! l! 1#-! (#2J%! &+4'! %#!

C$',,lI-,%!;'+2!%&'!<&#;'!&+2(!+2(!.%!).4',!%&'!.;;-,.#2!%&+%!1#-!,%.;;!&+4'!

%&'!)$+4.%+%.#2l?%&'!<#$(!,0#:-'!.,!#2'!#"!%&'!5#,%!.5C#$%+2%!C$.2/.C;',!.2!

C;+1.2)?!K$',,-$'!,%$+2);',!%&'!,#-2(!+2(!V,./Z!<'.)&%!1#-!/+2!+"%'$<+$(,!

/#2%$#;D!>'/+-,'!%&'!$#;'!#"!%&'!&+2(!.,!%#!/#2%$#;!%&'!+5#-2%!#"!,#-2(D!%&'!

+5#-2%! #"! >#<D! %&'! +5#-2%! #"! '4'$1%&.2)! l! V6?! E.',';D! C'$,#2+;!

/#55-2./+%.#2D!7c!b+2-+$1!7899Z!

E.',';! +(4.,',! %&+%! %&'! ".$,%! ".2)'$! ,&#-;(! >'! C;+/'(! +%! +! /#2%+/%! C#.2%!

,#5'<&'$'!>'%<''2!%&'!".$,%!+2(!,'/#2(!=2-/=;'D!>-%!<+$2,!+)+.2,%!C-,&.2)!%&.,!

C#.2%! >'1#2(! %&'! ,'/#2(! =2-/=;'?! :2! =''C.2)! <.%&! &.,! .('+,! +>#-%! %&'! 2+%-$+;!

C#,.%.#2! #"! %&'! &+2(! +2(! ".2)'$! (.,%+2/',D! E.',';! 2#%',! %&+%! ."! %&'! &+2(! &+2),!

;##,';1D! %&'! <$.,%! <.;;! 2+%-$+;;1! >'! &.)&D! +2(! %&.,! /#2/'C%! ,&#-;(! >'! +CC;.'(! .2!

',%+>;.,&.2)!+!)##(!>#<!&#;(?!N'!+;,#!$'"'$,!%#!+!;+$)'!C'$/'2%+)'!#"!/';;.,%,!<&#!

+;;#<!%&'!<$.,%!%#!/+4'!.2!%#<+$(,!%&'!,'/#2(!&+;"!#"!%&'!>#<!+2(!>').2!%#!C$',,!#2!

%&'! >#<! %#! 5+.2%+.2! C#<'$! +2(! ,%$'2)%&?! E.',';! /#22'/%,! %&','! /#2/'C%,! %#! %&'!

2#%.#2!#"!%&'!+2);'!%&+%!%&'!>#<!5+=',!<.%&!%&'!,%$.2)!V,''!0';;+!(.,/-,,.#2!C?!YXZD!

>-%! C'$&+C,! /#2%$#4'$,.+;;1! >';.'4',! %&+%! %&'! /#2/'C%! #"! C;+1.2)! +;<+1,!

C'$C'2(./-;+$;1! %#! %&'! >$.()'! .,! 7&66NM! N'! /.%',! %&'! 'F+5C;'! #"! C;+1.2)! #2! %&'! 3!

,%$.2)!%#!,-CC#$%!%&.,D!<&'$'!&'!>';.'4',!.%!.,!2#%!C#,,.>;'!%#!C;+1!+%!%&'!%.C!#"!%&'!

>#<!+2(!$'5+.2!C+$+;;';!%#!%&'!>$.()'?!!

W9!

!
 A#!/#-2%'$+/%!%&','!C$#>;'5,!+2(!'FC;+.2!&.,!#<2!+CC$#+/&!%#!,-/&!+2);',D!

E.',';!+(4.,',!%&+%!%&'!>#<!,&#-;(!>'!C;+/'(!+%!%&'!'F%$'5'!%.C!#"!%&'!>#<!#2!%&'!

H!,%$.2)!+2(!+!B-+;.%1!"#$%'!,&#-;(!>'!,'+$/&'(!"#$D!C$'"'$+>;1!-,.2)!+!,%.;;[+$/&'(!

<$.,%?!N'!,-))',%,!%&.,!C#,.%.#2!<.;;!'4'2%-+;;1!)-.('!%&'!C;+1'$!%#!%&'!/#$$'/%!+2);'!

<&'$'! ,#-2(! B-+;.%1! .,! #C%.5+;! +2(! ";'F.>.;.%1! #"! %&'! <$.,%! +2(! +$5! .,! +;<+1,!

C#,,.>;'?!K'$&+C,!,';"['4.('2%;1D!&'!/#55'2%,!%&+%!'4'$1!,%$.2)!.,!(.""'$'2%!+2(!%&'!

.('+;! +2);'! 2''(,! %#! >'! "#-2(! .2! +//#$(+2/'! %#! %&'! +2);',! #"! %&'! >$.()'! +2(! %&'!

B-+;.%1! #"! /#2%+/%! )+.2'(! <.%&! %&'! >#<?! H%! %&.,! C#.2%! .2! %&'! g-',%.#22+.$'!

:2%'$4.'<D!%&'!$','+$/&'$!<'2%!"-$%&'$!%#!+,=^!S@#!1#-!%&.2=!."!%&','!>+,./!';'5'2%,!

+$'! .2! C;+/'! (#',! %&+%! ;'+(! %#! '4'$1! =.2(! #"! ,%$#='mU! %#! <&./&! E.',';! $'C;.'(^!

SR4'$1%&.2)!,%'5,!"$#5!.%!l!U?!A&.,!.('+!>'.2)!,-CC#$%'(!>1!5+21!,/&##;,!#"!,%$.2)!

C'(+)#)1!<&'$'!%&'!20'&5-0!.,!,C'(!-C!.2%#!6&9'#//0!+2(!>$#-)&%!#""!%&'!,%$.2)!"#$!

67#55&'(D! <&.;'! 5(//0! .,! ('".2'(! "-$%&'$! .2%#! 8&%'0/0! +2(! 8&%'0/0! .,! I#.2'(! .2%#! +!

,.2);'!(.$'/%.#2!%#!5+='!6'&55&'(?!

3#2/'$2.2)!%&'!;'"%!&+2(!+2(!,C'/."./+;;1!"#$%&'(D!E.',';!C$#4.(',!'F/';;'2%!

.2"#$5+%.#2! "#$! ('4';#C.2)! %&.,! ',,'2%.+;! +2(! 'FC$',,.4'! 5'/&+2.,5?! N'! +(4.,',!

%&+%!+!,%-('2%!,&#-;(!S"'';!%&+%!%&'.$!+$5!<'.)&,!+2(!;.',!#2!%&'!%.C!#"!%&'!".2)'$!l!

V#2Z!%&'!"+%%'$!,.('!#"!%&.,!=2-/=;'!+,!."!1#-!/-%!%&'!2+.;!.2!%&'!(.+)#2+;n!/-%!.%!.2%#!

&+;"?U!A&.,!$'";'/%,!H;'F+2.+2J,!/#55'2%,!#2!%&'!C#,.%.#2.2)!#"!%&'!".2)'$!C+(,!#2!

%&'! ,%$.2),D! <&./&! .,! $'";'/%'(! .2! >#%&! &.,! +2(! 0%-%,/&'<=,1J,! .5+)',! .2! %&'.$!

$',C'/%.4'!%'F%,?!E.',';!$'/#55'2(,!%&+%!%&'!/';;.,%!4.>$+%',!<.%&!%&'!<&#;'!+$5!

+2(! %&'2! C$+/%./'! #2'! #/%+4'! ,/+;',! #2! %&'! H! ,%$.2)! <.%&! '+/&! ".2)'$?! _2/'! %&.,!

W7!

!
5'/&+2.,5! .,! ',%+>;.,&'(! &'! +(4.,',! %&+%! %&.,! ,+5'! %1C'! #"! "#$%&'(! C$#(-/%.#2!

,&#-;(!>'!+/&.'4'(!<.%&!%&'!%&-5>!$',%.2)!#2!%&'!2'/=D!S#2!%&'!#-%,.('!&+;"!#"!%&'!

2'/=?U! Q+%'$! #2! .2! %&'! /#-$,'! #"! ('4';#C5'2%D! E.',';! $'/#55'2(,! ('4';#C.2)! +!

S".2)'$! "#$%&'(U! .2! #$('$! %#! +5C;."1! %&'! "#$%&'(! +2(! C$'C+$'! "#$! $./&;1! 'FC$',,.4'!

$#5+2%./! +2(! /#2%'5C#$+$1! <#$=,D! ,-/&! +,! %&#,'! #"! a$+&5,D! A/&+.=#4,=1! +2(!

0&#,%+=#4./&?!N'!+(4.,',!%&+%!%&.,!"#$%&'(!>'!('4';#C'(!<.%&#-%!%&'!C+$%./.C+%.#2!

#"!%&'!<$.,%D!+2(!#2;1!<.%&!%&'!".2)'$!5#4'5'2%!"$#5!%&'!2#%'!>';#<!+2(!>+/=!%#!

%&'!2#%'D!-2%.;!%&.,!5#4'5'2%!.,!,C'(!-C!%#!/$'+%'!+!"-;;!+2(!4.>$+2%!"#$%&'(?!E.',';!

C#.2%,! %#! %&'! (+2)'$,! .2! %'+/&.2)! "#$%&'(! +2(! %&'! 5+21! C##$! &+>.%,! %&+%! +$'!

+/B-.$'(D!,-/&!+,!<&'2!C'#C;'!+$'!2'$4#-,D!C$',,.2)!%&'!;'"%!&+2(!+2(!$',-;%.2)!.2!

/$+5C,!+2(!.2/#2,.,%'2%!#$!%.)&%!4.>$+%.#2?!!

:2!%'$5,!#"!,&."%.2)D!E.',';!,%+%',!%&+%^!S0&."%.2)!.,!/#5.2)!%#!%&'!2#%'!%&+%!

1#-! ,&."%! "#$! +! ;.%%;'! >.%! #2! %&'! ,.('! #"! %&'! ".2)'$D! %&'! ,.('! %&+%! ;'+2,! %#<+$(,! %&'!

>#(1?U!N'!+;,#!.2,.,%,!%&+%!%&'!+$$.4+;!C#.2%!,&#-;(!>'!#2!+!],#"%J!+2(!2#%!,%.""!".2)'$D!

<&./&! +;;#<,! "#$! +(I-,%5'2%! #"! .2%#2+%.#2! <&'$'! 2'/',,+$1! %&+%! <&'2!

,1,%'5+%.M'(D!>'/#5',!.2+-(.>;'^!SA&'!5.2-%'!1#-!+$'!,-$'!%&'!2#%'!.,!%&'$'D!%&'2!

1#-!/+2!C$',,!5#$'?U!A&'!.('+!#"!+CC$#+/&.2)!+!,&."%!2#%'!"$#5!9120%!%&'!2#%'!.,!

5'2%.#2'(D! +,! <';;! +,! %&'! ,C''(! #"! ,&."%D! <&./&! 2''(,! %#! >'! ,;#<! +2(! );.(.2)D!

C'$&+C,!;'+4.2)!%&'!#$.).2!2#%'!+!;.%%;'!'+$;1!('C'2(.2)!#2!%&'!%.5'!$'B-.$'(?!!

:2! ('4';#C.2)! ;'"%[&+2(! 5'/&+2.,5,D! E.',';! ,%$',,'(! %&+%! .%! .,! /$-/.+;! %#!

S('4';#C!%&'!.2(.4.(-+;.%1!#"!%&'!".2)'$,D!%&+%!%&'$'!<.;;!>'!2#!,'2,'!#"!>;#/=,!+2(!
WX!

!
%&+%!'4'$1!".2)'$!/#-;(!"-2/%.#2!>1!.%,';"?U!N'!'5C&+,.M',!%&+%!#2'!5-,%!"'';!%&+%!+;;!

%&'!".2)'$,!+$'!$';+F'(fS:"!%&'1!(#2J%!&+4'!%&'!.2(.4.(-+;.%1D!%&'1!(#2J%!$';+F?U!:2!

('4';#C.2)!(#->;'[,%#C,D!E.',';!+CC;.',!%&'!,+5'!;#)./!+,!,.2);'[2#%'!C;+1.2)D!>-%!

+((,!%&+%!%&'!"#-$%&!".2)'$!,&#-;(!>'!.2!+!/#5"#$%+>;'!C#,.%.#2D!C$'"'$+>;1!+%!2.2'%1!

(')$'',!%#!%&'!".2)'$>#+$(?!!

A&'! B-',%.#2! $')+$(.2)! ,12/&$#2.,+%.#2! +2(! .2('C'2('2/'! #"! %&'! &+2(,!

$'/'.4',! +2! .2%'$',%.2)! $',C#2,'?! E.',';! ,'',! .%! +,! .5C#$%+2%! %#! ('4';#C! %&'!

.2('C'2('2%!"-2/%.#2,!#"!%&'!&+2(,!+,!5-/&!+,!C#,,.>;'D!>-%!%&+%!%&'!&+2(,!+;<+1,!

.2";-'2/'!'+/&!#%&'$!+2(!$'B-.$'!/#[#C'$+%.#2?!`#$!.2,%+2/'D!+!(.""./-;%!C+,,+)'!.2!

%&'!;'"%!&+2(!5+1!$',-;%!.2!+2!-2&'+;%&1!%#2'!.2!%&'!$.)&%!&+2(!+,!%&'!>#<!>'/#5',!

,%.""D!<&.;'!+!;')+%#!C+,,+)'!<.%&!5+21!2#%',!,&#-;(!>'!+$%./-;+%'(!S+,!."!%&'!$.)&%!

&+2(!.,!C;+1.2)!+;;!%&'!2#%',!+;,#?U!A'+/&'$,!+2(!C;+1'$,!#"%'2!(.,;.='!%&.,!7(%'&'(!

.('+D!>-%!%&'$'!.,!2#!(#->%!.2!%&'!5'$.%,!#"!-,.2)!.%!+,!+!/#2%$#;!5'/&+2.,5!+2(!<+1!

#"! >+;+2/.2)! %&'! "-2/%.#2,! #"! '+/&! &+2(?! E.',';! $'4'+;,! %&+%! .2! 5#,%! .2,%+2/',D!

5.,%+=',! #//-$! <&'2! +! /';;.,%! %$.',! %#! S"#;;#<! <.%&! %&'! $.)&%! &+2(! %&'! ;'"%[&+2(!

5'/&+2.,5! +2(! %&+%J,! <&+%! /+-,',! $&1%&5./! C$#>;'5,! +2(! +;;! =.2(,! #"! %&.2),?! :!

(#2J%! >';.'4'! .2! /#5C;'%';1! .('+;! .2('C'2('2/'! #"! %&'! %<#! &+2(,D! %&'1! +$'! +;;! %&'!

%.5'!'""'/%.2)!l!V'+/&!#%&'$Z?U!

L')+$(.2)! 5#4.2)! <.%&! %&'! >#(1D! E.',';! (.,/-,,',! %&'! <&#;'[>#(1!

+CC$#+/&! #"! 5+21! ]#;(J! ,/&##;! C'$"#$5'$,^! S:"! 1#-! <+%/&! ,#5'! #;(! 4.#;.2.,%,! #$!

,.2)'$,!#$!C.+2.,%,D!1#-!,''!&#<!%&'.$!&+2(,!"-2/%.#2!+,!C+$%!#"!%&'.$!>#(1!#$!'4'2!
WY!

!
%&'.$!4#./'!/#5',!#-%!<.%&!%&'!C+$%./.C+%.#2!#"!%&'!>#(1!+,!."!%&'!4#./'!/#5',!"$#5!

%&'! >#(1! +2(! .,! C+$%! #"! .%?! :"! +! C'$,#2! ,&#-;(! "'';! %&'! 4'$%'>$+'! #"! %&'! ,C.2'! <.%&!

'4'$1!2#%'D!.%J;;!>'!)##(oU!A&.,!;.2=,!%#!3+,+;,J!/#55'2%,!+>#-%!%&'!"$''(#5!#"!%&'!

'2%.$'! #$)+2.,5! .2! %&'! ,'2,'! %&+%! S&'! /$'(.%'(! &.,! '+,'! .2! C;+1.2)! %#! +! "'';.2)! #"!

$'C#,'!'5+2+%.2)!"$#5!%&'!/'2%$'!#"!&.,!>#(1!<&./&!>$#-)&%!%&'!5#4'5'2%!#"!%&'!

'F%$'5.%.',!.2%#!2+%-$+;!.2%')$+%.#2U!Va;-5D!9WhhD!C?!9XYZ?!E.',';!/#2%.2-',!"-$%&'$!

%#! (.,/-,,! %&'! C&1,./+;! +2(! C,1/&#;#)./+;! ,%+%'! #"! +! C'$"#$5'$^! SK'#C;'! -,-+;;1D!

<&'2! %&'1! <+2%! %#! 'FC$',,! %&'5,';4',! .2%.5+%';1! #$! 4'$1! .2%'2,';1D! %&'1! /;#,'!

%&'5,';4',!-C!+2(!)#!.2,.('!+2(!%&'2!,-(('2;1!%&'!>#(1!(#',2J%!"-2/%.#2D!%&'1!I-,%!

/;#,'!%&'5,';4',!.2!%&'!>#(1!+2(!%&.,!.,!%&'.$!C;+1.2)?!H2(!1#-!&+4'!%#!=2#<!%&+%!

.2%'2,'!C;+1.2)!+;,#!2''(,!%#!&+4'!%&'!'""'/%!#"!,C+/'D!%&+%!1#-!&+4'!%#!5#4'!5#$'!

>'/+-,'! %&'! >#<! .,! >$'+%&.2)! l! %&'! 5.2-%'! 1#-! ,%#C! >$'+%&.2)! 2#$5+;;1! #$! 1#-!

(#2J%! >$'+%&'! "$'';1D! %&'2! %&'! ,#-2(! .,! 2#%! +;.4'D! 2#%! "$''?U! :2%'$',%.2);1D! %&.,! +;,#!

/#22'/%,! %#! *+2%';J,! /#55'2%,! +2(! ,-CC#$%,! %&'! .('+! %&+%! +2! .2%'2,'! 5-,./+;!

"'';.2)! #$! .('+! #$! '4'2! %'/&2./+;! (.""./-;%1! ,&#-;(! 2#%! $',-;%! .2! +! C&1,./+;;1!

$',%$./%'(!C'$"#$5+2/'?!*+2%';!C#.2%,!%#!%&'!S/#2%.2-+;;1!/#$$'/%.2)!.5C-;,',!%&+%!

/#2%$#;!%&'!'F%'$2+;!5#4'5'2%!+$'!.2";-'2/'(!>1!5.2.5+;!C,1/&./!%'2,.#2,!l!%&'!

%'2,.#2,!+$'!%&'!.2%'$2+;!'B-.4+;'2%!#"!<&+%!&+CC'2,!'F%'$2+;;1!VC&1,.#;#)./+;;1Zf

%&'1! 5.$$#$! %&'! '""'/%,! #"! &#C'! +2(! (.,+CC#.2%5'2%U! V*+2%';D! 9Wh7D! C?! 9hZ?!

3$-/.+;;1D! E.',';! C#.2%,! %#! %&'! .5C#$%+2/'! #"! ('4';#C.2)! %&.,! C&1,./+;! +2(!

C,1/&#;#)./+;!"$''(#5!%#!'2+>;'!%&'!('4';#C5'2%!#"!%&'!.2(.4.(-+;!C'$,#2+;.%1!+2(!

+$%.,%fS."!1#-!('4';#C!%&.,D!%&'2!%&'!C;+1'$!<.;;!".2(!&.5,';"D!#$!&'$,';"?U!

Wd!

!
 :2!(.,/-,,.#2!#"!".2)'$.2),D!E.',';!$'"'$,!%#!%&'!(.""'$'2/',!>'%<''2!,'/-$'!

+2(!'FC$',,.4'!#$!+$%.,%./!/&#./',^!SA&'$'!+$'!/+,',!#"!,#;.(!".2)'$.2)D!".F'(!%#!%&'!

C#,.%.#2D! +2(! .2,%'+(! #"! -,.2)! ".2)'$.2),! #2! #2'! ,%$.2)D! 1#-! -,'! ".2)'$.2)! +2(!

C+,,+)',! #2! >#%&! ,%$.2),! +2(! %&'! %&-5>! C#,.%.#2! l! ,#5'%.5',! .%! (#',2J%! ,#-2(!

%&+%!<';;!>-%!%&'$'!.,!+!,#;.(!<+1!#"!".2)'$.2)!%&.2),!>-%!%&'$'!.,!+;,#!<&+%!:!/+;;!+!

;#2)! $+2)'! ".2)'$.2)! <&./&! )#',! <.%&! %&'! C&$+,'D! &';C,! +! C&$+,'! +2(! 2#%! +;;! %&'!

%.5'!<&+%!,''5,!.2!%&'!".$,%!.2,%+2%!#$!5#5'2%!%&'!,+"',%?!!:"!1#-!<#$=!%&'5!#-%!

+2(!1#-J$'!4'$1!";'F.>;'!.2!1#-$!".2)'$.2)!&+2(;.2)!<&'2!1#-!<#$=!%&'5!#-%D!1#-!

<#$=!%&'5!#-%!-2%.;!%&'1!>'/#5'!,+"'?!a-%!:!<+%/&'(!/';;.,%,!+2(!,#5'%.5',!<&'2!

1#-!<+2%!+!,%-('2%!%#!>'!,+"'D!%#!"'';!,+"'D!%&'2!1#-!).4'!&.5!+!4'$1!,#;.(!".2)'$.2)!

+2(! 2#%! %&'! $'+;! 5-,./+;! ".2)'$.2)! l! U?! A&.,! %&'2! ;'+(,! #2! %#! &.,! /#55'2%,! #2!

(.4.,.#2!#"!C&$+,.2)D!,#!%&'!/#22'/%.#2!>'%<''2!/&#./'!#"!+CC+$+%-,!.2!$'+;.,.2)!%&'!

5-,./+;! .2%'2%.#2^! SR4'$1%&.2)! .2! 5-,./! .,! (.4.('(?! R4'2! +! %'/&2./+;! C+,,+)'! .,!

(.4.('(?! a-%! 1#-! (#2J%! &+4'! %#! ,&#<! %&'! (.4.,.#2D! 1#-! &+4'! %#! +>,#$>! .%! .2! 1#-$!

5.2(!+2(!=2#<!%&+%!%&'!C+,,+)'!.,!(.4.('(?!:"!1#-!&+4'!+!/#2/'C%.#2!%&+%!5-,./!.,!

;.='! +! ,C''/&! %&+%! 1#-! &+4'! %#! -%%'$! %&'2! 1#-! &+4'! %#! (.4.('! #$! +$%./-;+%'! +2(! %#!

;'+$2!&#<!%#!+$%./-;+%'!%&'!>').22.2)!#"!C&$+,',!l!%&.,!>').22.2)!#"!,&#$%!C+,,+)',!

.,!+2!+$%!.2!.%,';"?!H2(!%&.,!.,!<&1!3+,+;,!,%+1'(!.2!+!5.2#$.%1!#"!C;+1'$,!%&+%!$'+;;1!

,C'+=!<&'2!%&'1!C;+1?U!A&.,!/+2!>'!,''2!.2!%&.,!'F%$+/%!"$#5!a''%&#4'2!_C?!987!2#?!

9! VE.',';D! 9WW9D! C?! dWjZD! <&'$'! %&'! ,.5C;'! #C'2.2)! /+2%.;'2+! C&$+,'! .,! ,&+C'(!

%&$#-)&D! 1'%! +;,#! (.4.('(! "#$! /;+$.%1D! <&./&! '4'2%-+;;1! $';.',! #2! >#<! %'/&2.B-'! %#!

>'!$'+;.,'(^!!

Wj!

!
 E.',';! (',/$.>'(! %&'! %#C./! #"! .2%-.%.#2! 4'$,-,! +2+;1,.,! +,! S%&'! B-',%.#2! #"!

B-',%.#2,U!+2(!'FC;+.2'(!.2!('%+.;!+>#-%!%&'!5+21!(.""'$'2%!%+;'2%,!%&+%!&'!%+-)&%!

+2(!&#<!%&'1!&+4'!('4';#C'(!.2!(.""'$'2%!<+1,?!N'!+;,#!+/=2#<;'()',!%&+%!%&#-)&!

%&'$'! +$'! 5'$.%,! %#! +! ,/.'2%."./! ;'4';! #"! +2+;1,.,! #"! /';;#! C;+1.2)^! V+,! ,''2! .2! %&'!

<#$=,! #"! H;'F+2.+2D! *+2%';D! 0%-%,/&'<,=1! +2(! %&'! +CC$#+/&! #"! Q.C=.2(Z!

S0#5'%.5',!.2!#$('$!%#!C;+1!%&'!/';;#D!1#-!(#2J%!2''(!%&'!,/.'2%."./!+2+;1,.2)!#"!%&'!

/';;#?U!E.',';!<'2%!"-$%&'$!%#!';+>#$+%'!#2!%&'!B-',%.#2!#"!/#2,/.#-,!%&#-)&%!+2(!

+2+;1,.,!.2!/';;#!C;+1.2)^!S:!(#!>';.'4'!%&+%!'4'$1%&.2)!,&#-;(!>'!('4#%'(!%#!5+='!+!

C'$,#2! -2('$,%+2(! <&1?! N#<! %#! -,'! '""./.'2%;1! %&'! >#<! +$5D! <.%&! +! /'$%+.2!

+2+;1,.,! ,/.'2%."./+;;1?! N#<! (#! 1#-! C$#(-/'! ,#-2(m! E&+%! +$'! %&'! /#5C#2'2%,! #"!

%&'!/';;#!>#(1m!a-%!)#.2)!,/.'2%."./+;;1D!"#$!.2,%+2/'!:!<+,!%$1.2)!%#!,&#<!,#5'>#(1!

%&'!<+1!%#!,%+//+%#!+2(!,-(('2;1!,#5'>#(1!/+5'!%#!%&'!$##5!+2(!,+<!.%!+2(!,+.(D!

],%+//+%#!.,!l!J!+2(!,%+$%'(!(#.2)!+!,/.'2%."./!+2+;1,.,!l!:!(.(2J%!<+2%!%#!,%#C!&.5D!

>-%!%&'2!:!+,='(!51,';"D!]@#',!.%!&';C!%&'!C;+1.2)mJ!@#',!&'!=2#<!2#<D!>'/+-,'!#"!

%&.,! ,/.'2%."./! +2+;1,.,m! l! 1#-! &+4'! %#! ,&#<! &.5! l! V+! ,%-('2%Z! %&+%J,! %&'! <&#;'!

C#.2%!l!+2(!."!1#-!".2(!+!/#5>.2+%.#2!#"!%&'!%<#f)#!+&'+(?!!@#!.%?!!a-%!.2!%'+/&.2)D!

Wh!

!
:!%&.2=!%&+%!+)+.2D!%&'!/#2,/.#-,2',,f&#<!5-/&!/+2!1#-!('4';#C!.%mU!V6?!E.',';D!

C'$,#2+;!/#55-2./+%.#2D!7c!b+2-+$1!7899Z?!

A&.,! ('%+.;'(! %#C./! C$#4#='(! "-$%&'$! /#55'2%,! <&./&! /$'+%'! +! =.2(! #"!

C+$+(#FD!>-%!#2'!%&+%!.,!',,'2%.+;!%#!+%!;'+,%!>'!+<+$'!#"!.2!#$('$!%#!>'!+!,-//',,"-;!

C'(+)#)-'^! S:! <+,! "#$%-2+%'! '2#-)&! %#! &+4'! +;;! 51! ;."'D! )$'+%! +2(! ,#5'! ,C'/.+;!

%+;'2%,^!)$'+%!%+;'2%,!%&+%!>'/+5'!+"%'$<+$(,D!+$%.,%,?!H2(!%&'!B-',%.#2!.,!+;<+1,n!

&#<!"+$!(#!<'!)#!<.%&!+$#-,.2)!%&'!/#2,/.#-,2',,!#"!+!)$'+%!%+;'2%!<.%&#-%!;#,.2)!

&.,!,->/#2,/.#-,?!A&'!,->/#2,/.#-,!#"!+!%+;'2%!.,!%&'!$+$'!+2(!"+2%+,%./!%&.2)D!<&./&!

5+=',! %&'! C'$,#2+;.%1! (.""'$'2%! "$#5! #%&'$,?! H%! %&'! >+,'! #"! '4'$1! %+;'2%! %&'$'! .,!

.2%-.%.#2D! 2#! (#->%! +>#-%! .%?! a-%! (#! <'! ;'%! %&'5! C;+1! +;;! %&'! %.5'! <&+%! .2%-.%.#2!

(./%+%',!%#!%&'5!#$!(#!<'!+((!,#5'!=2#<;'()'!&'$'D!,#5'!=2#<;'()'!%&'$'D!&#<!

%#!C&$+,'D!&#<!%#!;##=!+%!C;+1.2)!a+/&D!2#%!%#!C;+1!a+/&!;.='!A/&+.=#4,=1!+2(!2#%!

C;+1!A/&+.=#4,=1!;.='!*#M+$%!+2(!,#!#2!l!."!1#-!,#5'%.5',!'2$./&!%&'5!<.%&!%&.,!

=2#<;'()'D! 5+='! ,-$'! %&+%! %&'1! +>,#$>! .%D! %&+%! .%! <.;;! >'! C+$%! #"! %&'! ,1,%'5!

+"%'$<+$(,!<.%&#-%!=.;;.2)!%&'.$!,->/#2,/.#-,D!<&./&!.,!+!$+$'!%&.2)!l!".2(.2)!%&'!

>+;+2/'!.,!<&+%!5+=',!+!>'%%'$!%'+/&'$?!:"!1#-!,%+$%!%+;=.2)!+>#-%!%&.,!2#%'!.,!#-%!#"!

%-2'! +2(! %&.,! 2#%'! &+,! +! /'$%+.2! ";+<! +2(! ,#! #2! %&'2! 1#-! /+2! (',%$#1! '4'$1%&.2)?!

i#-!&+4'!%#!&+4'!+!;.,%!#"!C$.#$.%.',D!+,!+!%'+/&'$!+2(!%#!(.""'$'2%.+%'!+2(!,''!<&+%!

.,!5#$'!.5C#$%+2%!%#!)'%!$.(!#"!l!:!%$1!%#D!'4'2!."!,#5'%.5',!:!(#2J%!;.='!.%D!:!%$1!%#!

5+='!%&'5!/#2,/.#-,!#"!%&'.$!.2%-.%.#2?!H2(!%&.,!.,!%&'!5+.2!%&.2)f%#!'2/#-$+)'!+!

C'$,#2+;.%1! >-%! .%J,! %&'! 5#,%! (.""./-;%! B-',%.#2! %#! +2,<'$?U! E.',';! /#2%.2-'(! %#!

(.,/-,,! %&'! .5C#$%+2/'! #"! ,;#<;1! -2$+4';;.2)! +! ,%-('2%J,! C$#>;'5,! %#! '2+>;'! $'+;!

Wc!

!
C$#)$',,^!S:"!1#-!,%+$%!C#-$.2)!#-%!+;;!1#-!=2#<!.2!#2'!;',,#2D!2#%&.2)!<.;;!/#5'!

#-%?! 0#! 1#-! &+4'! %#! C./=! -C! #2'! C#.2%D! %<#! C#.2%,! +2(! %#! =2#<! <&+%! .,! 5#$'!

.5C#$%+2%! l! U! A&','! $'5+$=,! $'4'+;! ,#5'! #"! %&'! ',,'2/'! #"! E.',';J,! C'(+)#)./+;!

+CC$#+/&D! +2(! C#.2%! %#! %&'! ,-//',,! #"! .%! .2! ('4';#C.2)! <';;[$#-2('(! C$#"',,.#2+;!

/';;.,%,! +2(! %'+/&'$,?! A&'! .('+! #"! /#2,/.#-,2',,! #"! .2%-.%.#2! .,! +! "+,/.2+%.2)! +2(!

"#/+;! #2'! %#! E.',';J,! 5'%&#(#;#)1! +2(! .,! +;,#! $'";'/%'(! .2! 0%-%,/&'<,=1J,!

,%+%'5'2%^! S:2,%.2/%D! +"%'$! +;;D! .,! 2#! <#$,'! +2! .2,%$-/%#$! %&+2! +/%-+;! 'FC'$.'2/'DU!

V0%-%,/'&<,=1D!9WX7D!C?!XZ?!

E/%-,51$%&'+"3(+C*'

A&'!)',%+%.#2!#"!%&.,!%&',.,!&+,!>''2!;#2)D!+2(!/#22'/%,!(.$'/%;1!%#!%&'!$','+$/&'$J,!

#<2!('4';#C5'2%!+,!+!/';;.,%!+2(!%'+/&'$?!`$#5!51!".$,%!'2/#-2%'$!<.%&!E.',';!.2!

7887D! %&$#-)&! %#! %&.,! C#.2%! .2! 7897D! %&'! "+,/.2+%.2)! (.""'$'2/',! +2(! -2.B-'!

B-+;.%.',!.2!%&'!:,$+';.!,/&##;!&+4'!.2"#$5'(!+2(!/#;#-$'(!51!#<2!I#-$2'1!<.%&!%&'!

/';;#?! H,! %&'! .2.%.+;! .('+! "#$! %&.,! %&',.,! +$#,'! .2! '+$;1! 788cD! :! &+4'! ;.4'(! <.%&! %&.,!

C$#I'/%!.2!C+$+;;';!%#!51!/+$''$!('4';#C5'2%D!+2(!&+4'!>''2!"#$%-2+%'!%#!-,'!,#5'!

#"! %&'! .('+,! +2(! ,%$+%').',! );'+2'(! %&$#-)&! $','+$/&! .2! 51! #<2! C;+1.2)! +2(!

%'+/&.2)?!!

*+21!='1!.,,-',!&+4'!+$.,'2!%&$#-)&!%&'!"#$5+%.#2!#"!%&.,!$','+$/&D!>-%!.2!

%&'! '2(D! +;;! &+4'! /#2%$.>-%'(! %#! %&'! ,&+C.2)! #"! +2! :,$+';.! ,/&##;D! +,! ,''2! .2! %&'!

C'(+)#)./+;!]%$'',J!.2/;-('(!.2!%&'!HCC'2(./',?!H,!%&'!='1!"#/-,!#"!%&'!,%-(1!<+,!

WW!

!
%&'!%'/&2./+;!+2(!5'/&+2./+;!B-',%.#2,!#"!%&'!B-',%.#22+.$'D!%&'$'!<+,!+!%'2('2/1!

%#! (<';;! #2! ,-/&! ]($1J! 5+%%'$,! +2(! ,#5'%.5',! #4'$;##=! %&'! $'+,#2! "#$! +;;! %&.,!

C'(+)#)1f+!/#24.2/.2)!+2(!/#55-2./+%.4'!5-,./+;!+2(!+',%&'%./!.('+;?!N#<'4'$D!

+! ],/&##;J! /+2! #2;1! >'! %&'! ,-5! #"! .%,! C+$%,D! +2(! +;;! %&'! .2%$./+%'! 5'/&+2.,5,!

(.,/-,,'(!.2!%&.,!$','+$/&!+$'!<&+%!5%0&'0!+!/';;.,%!+2(!+$'!".$,%!4.,-+;;1D!+2(!;+%'$D!

+-$+;;1! '4.('2%! .2! %&'! /#-$,'! #"! #2'J,! ('4';#C5'2%?! A&$#-)&! %&.,! C$#/',,! #"!

('4';#C5'2%D!%&'!.5C#$%+2%!C#.2%!#"!=2#<.2)!,-01!%#!.2%$#(-/'!+!2'<!/#2/'C%!%#!

+! ,%-('2%! &+,! '5'$)'(! +,! ',,'2%.+;! #2! %&'! C+%&! %#<+$(,! ('4';#C.2)! +! %'/&2.B-'D!

+2(!%&'$'"#$'!>'/#5.2)!C+$%!#"!+!],/&##;J?!

@',C.%'! ,#5'! /';;.,%,! >';.'4.2)! %&+%! +2! :,$+';.! ,/&##;! /+22#%! >'! ,''2! +,!

(.,%.2/%D!.%!&+,!'5'$)'(!%&+%!%&.,!.,!;+$)';1!(-'!%#!%&'!/#5C;'F!B-',%.#2,!#"!.('2%.%1!

<&./&! :,$+';.! 5-,./.+2,! "+/'D! $'C$','2%.2)! +,! %&'1! #"%'2! (#D! +! /$#,,[,'/%.#2! #"!

2+%.#2+;.%.',!-2.".'(!>1!%&'!/#2/'C%!#"!+!"+.%&?!A&'!.,,-'!#"!,-0%0!%&.,!O6%&0/#!/';;#!

C'(+)#)1! %##=! C;+/'! &+,! +;,#! +$.,'2! +,! +! "+/%#$! .2! 2''(! #"! +,,',,5'2%D! +2(! %&.,!

/'$%+.2;1! &';C,! .2! %&'! C$#/',,! #"! ('".2.2)! +! ,/&##;?! H,! +;$'+(1! ('5#2,%$+%'(D! %&'!

#$.).2,! #"! :,$+';.! /';;#! C;+1.2)! +$'! .2! >#%&! R-$#C'+2D! +2(! %#! +! ;',,'$! 'F%'2%D!

H5'$./+2!%$+(.%.#2,D!>-%!/$-/.+;;1D!%&','!.2";-'2/',!#//-$$'(!.2!:,$+';D!>'"#$'!%&'1!

<'$'!C+,,'(!#2!%#!"-%-$'!)'2'$+%.#2,D!%&-,!/$'+%.2)!+!/';;#!C'(.)$''?!A&'!"+/%!%&+%!

5-/&!#"!%&.,!=2#<;'()'!%&+%!&+,!>''2!('4';#C'(!+2(!.5C;'5'2%'(!.2!:,$+';!.,!2#<!

>'.2)!.5C+$%'(!%&$#-)&#-%!%&'!<#$;(!V+2(!+;,#!.2!H-,%$+;.+!%&$#-)&!%&'!%'+/&.2)!

#"!E.',';!+2(!#%&'$,Z!.,!,-$';1!%',%.5#21!%#!%&'!/$'+%.#2!#"!+!(.,%.2/%!:,$+';.!,/&##;?!!

988!

!
 E.%&!&.,!C+%$.+$/&+;!,%+%-,!#4'$!%&'!('4';#C5'2%!#"!:,$+';.!/';;#!C;+1.2)!+2(!

C'(+)#)1D!E.',';!&.5,';"!(#',!2#%!,''!%&+%!%&'!],/&##;JD!<&./&!.,!2#<!.2!'F.,%'2/'D!

.,! %$-;1! :,$+';.?! N'! )'2-.2';1! >';.'4',! -0! &+,! ,.2);'[&+2('(;1! ,&+C'(! %&.,! <+1! #"!

C;+1.2)! +2(! %'+/&.2)D! +2(! &.,! 5+21! ,-//',,"-;! ,%-('2%,! )'2'$+;;1! /#2/-$?!

L')+$(;',,D! %&.,! ;')+/1! &+,! /;'+$;1! ;'(! %#! <&+%! <'! /+2! ('".2'! +,! +2! :,$+';.! /';;#!

,/&##;D! +,! ('5#2,%$+%'(! %&$#-)&! 51! $','+$/&! +2(! .2! %&'! 'F.,%'2/'! #"! %&'! :,$+';!

3';;#!0#/.'%1!+2(!:,$+';!:2%'$2+%.#2+;!3';;#!3#2)$',,?!!

E.',';!.,!B-#%'(!+,!,+1.2)^!S@'4';#C'(!C'$,#2+;!'FC$',,.#2!/#24.2/',!>',%!

>'/+-,'!.%!.,!1#-$!#<2U!VE.',';D!9WW9D!C?!dWjZD!+2!.('+!<&./&!&#;(,!%$-'!.2!+;;!&.,!

,%-('2%,J!('4';#C5'2%!+2(!%&'!/#2%.2-+%.#2!#"!%&.,!%&$#-)&!%&'!2'F%!)'2'$+%.#2!#"!

,%-('2%,?!A&.,!4'$1!&-5+2!/#2/'C%!&+,!'5'$)'(!%&$#-)&#-%!%&.,!,%-(1D!+2(!;.2=,!

>+/=!%#!%&'!<#$=!#"!E.',';J,!"#$5'$!5'2%#$D!3+,+;,?!A&'!.5C#$%+2/'!#"!+!,%-('2%J,!

%'5C'$+5'2%!+2(!C'$,#2+;.%1!+2(!&#<!%&.,!$';+%',!%#!%&'!$+CC#$%!<.%&!+!%'+/&'$!.,!

+;,#! $'4'+;'(! %&$#-)&! %&'! 5+21! B-',%.#22+.$'! $',C#2,',?! :2! %&'! $','+$/&'$J,!

".2(.2),D! %&.,! >+;+2/'! .,! -2.B-';1! <';;! $'+;.,'(! >1! E.',';! +2(! C$#C#2'2%,! #"! %&'!

:,$+';.!,/&##;D!>-%!&+,!2#%!+;<+1,!%$+2,;+%'(!+,!,-//',,"-;;1!#-%,.('!#"!%&'!:,$+';.!#$!

R-$#C'+2!5-,./+;!'24.$#25'2%?!A&.,!.,!+;,#!+!/$-/.+;!C#.2%D!+,!&+,!>''2!,''2!.2!%&'!

.2%'$4.'<,! <.%&! 5+21! /';;.,%,! <&#! '-#1+! .2! N'>$'<! #$! +! ;+2)-+)'! #%&'$! %&+2!

R2);.,&?! T+%-$+;;1D! 5'+2.2)D! %#2'! +2(! .2%'2%.#2! /+2! +;<+1,! 4+$1! <&'2! %&.,! .,! %&'!

/+,'D! >-%! %&'! ,%$'2)%&! #"! %&'! :,$+';.! C'(+)#)./+;! C$.2/.C;',! -,-+;;1! %$+2,/'2(! +21!

>#-2(+$.',?!!

989!

!
 A&'!$','+$/&'$J,!".2(.2),!+$'!2#%!#2;1!#"!)$'+%!C'$,#2+;!>'2'".%D!%&'1!&+4'!

C#%'2%.+;!%#!+,,.,%!.2!%&'!"-$%&'$+2/'!#"!+!,/&##;!#"!/';;#!C'(+)#)1!.2!H-,%$+;.+?!Q.='!

:,$+';D! H-,%$+;.+! .,! +! 1#-2)! 2+%.#2! +2(! &+,! /#5C+$+%.4';1! "'<! 'FC#2'2%,! #"! &.)&[

;'4';! /';;#! %$+.2.2)?! 62"#$%-2+%';1! %&'! 'F%'2%! #"! .2%'$2+%.#2+;! .2";-'2/'! %&+%! <+,!

+2(!.,!C$','2%!.2!:,$+';D!.,!2#%!1'%!.2)$+.2'(!.2!H-,%$+;.+2!/';;#!C'(+)#)1D!>-%!%&'!

$','+$/&'$!&#C',!%&.,!/+2!/&+2)'!%&$#-)&!.5C;'5'2%+%.#2!#"!,#5'!#"!%&'!5'%&#(,!

$'4'+;'(! .2! %&.,! %&',.,?! A&.,! >$.2),! %#! 5.2(! `'-'$5+22J,! ,%+%'5'2%^! SA&'!

('4';#C5'2%!#"!/';;#!C;+1.2)!,%##(!,%.;;!<&'$'!/-;%-$'f<&./&!5'+2,!+$%f>').2,?U!!

H"%'$!'4+;-+%.2)!%&'!2-5>'$!#"!/';;.,%!$',C#2,',!+2(!.2%'$4.'<,D!%&'!,%$#2)!

%$+(.%.#2!#"!%&'!:,$+';.!/';;#!,/&##;!/+22#%!>'!('2.'(n!+2(!C+$%./-;+$;1!.2!$';+%.#2!%#!

E.',';J,!<#$=D!.%!.,!&+$(!%#!'24.,+)'!&#<!+!(.,%.2/%!,/&##;!/#-;(!1('!('4';#C!+"%'$!

C$#(-/.2)! ,#! 5+21! .2%'$2+%.#2+;;1! .2";-'2%.+;! +2(! ,-//',,"-;! /';;.,%,! +2(!

C'(+)#)-',?! H%! %&.,! C#.2%! .2! %.5'! :! "'';! %&+%! :! &+4'! /#5'! "-;;! /.$/;'! <.%&! 51! #<2!

=2#<;'()'! #"! %&'! $./&! :,$+';.! C'(+)#)./! %$+(.%.#2D! +2(! "'';! %$-;1! C$'C+$'(! %#!

'5>+$=!#2!%&'!/+$''$!%&+%!%&.,!C$#/',,!&+,!'2+>;'(!"#$!5'?!A&$#-)&!'F+5.2+%.#2!

#"!51!C$+/%./'!(.+$.',!>'%<''2!788j!+2(!7897!+!;.2'!#"!.2";-'2/'!.,!,''2D!+2(!='1!

/#2/'C%,!/#2,.,%'2%;1!'5'$)'?!!

:2!/;#,.2)!%&.,!$','+$/&D!:!<#-;(!;.='!%#!'2(!<.%&!%&'!/';;.,%!<.%&!<&#5!%&.,!

%&',.,! >')+2^! b#+/&.5! 0%-%,/&'<,=1?! 0%-%,/&'<,=1! C$#4.(',! %&.,! $','+$/&! <.%&! +!

C$#>.2)! .2,.)&%! .2%#! %&'! 2+%-$'! #"! %'/&2.B-'D! =2#<;'()'! +2(! ,=.;;D! <&./&D! +,!

987!

!
',%+>;.,&'(!>1!%&'!$','+$/&'$D!.,!/;'+$;1!('".2'(!.2!%&'!%<'2%1[".$,%[/'2%-$1!,/&##;!

#"!:,$+';.!/';;#!C;+1.2)!+2(!C'(+)#)1^!!

*+2-+;! ('F%'$.%1! +2(! +//#5C;.,&5'2%! ('C'2(! B-.%'! +,! 5-/&! #2! %&'!

.2%';;'/%!+,!#2!%&'!&+2(,lH//#5C;.,&5'2%!,-""./',!2#%!<.%&#-%!=2#<;'()'D!

+2(! =2#<;'()'! ,-""./',! 2#%! <.%&#-%! +//#5C;.,&5'2%o! V0%-%,/&'<,=1D!

9WX7D!C?!XZ?!

98X!

!
<"#"+"%-"*'(%1'+"*"(+-.'+"*/5+-"*'

H;'F+2.+2D! @! 788XD! H(87/0'0! H0//(! 305-1#P90A! 3-0! H/&66#5! 3%0&'#60! (1! H0//(! 3-0(%.!
&12!;%&5'#50D!@#4'$!K->;./+%.#2,D!T'<!i#$=?!

a+;(#/=B!L!9WW7D!;&$/(!H&6&/6D!G#;;+2/MD!Q#2(#2?!

a'2[O-$! *D! ]6M.! E.',';! >.#)$+C&1J! *+/1! Q! VR(Z?! L'%$.'4'(! "$#5^!

www.oxfordmusiconline.com!V+//',,'(!9X!T#4'5>'$!788cZ?!

a;-5D!@!9WhhD!H&6&/6!&12!'-0!E%'!(@!O1'0%7%0'&'#(1D!N'.2'5+22D!Q#2(#2?!

a#'&5D!i!9Wc8D!]*-,./!+2(!a+2(,!.2!:,$+';^!H!N.,%#$./+;!_4'$4.'<JD!K96#5!Q295&'(%6!
R(9%1&/B!4#;?!jh!V7Z?!

a#1('2D!@!V'(Z!9WcWD!3-0!<0,!=%("0S>#(/#1!?&8#/.D!*+/5.;;+2D!Q#2(#2?!

3+5C>';;D!*!9WW7D!]K$#".;'f:,$+';!d97[d9Y!SL';'+,.2)!%&'!:22'$!`.$'U!+!(.,/-,,.#2!
#"!%'+/&.2)!<.%&!6M.!E.',';JD!3-0!4'%&2D!98X!V977jZ?!

3+5C>';;D!*!788YD!3-0!=%0&'!H0//#6'6D!L#>,#2!a##=,D!Q#2(#2?!

`;',/&D!3!9WXWD!3-0!E%'!(@!>#(/#1!;/&.#1:B!3+$;!`.,/&'$D!T'<!i#$=!V7888!'(.%.#2Z?!

G;+,'$D!a!9WhcD!]A&'#$'%./+;!0'2,.%.4.%1^!+(4+2/',!.2!%&'!5'%&#(#;#)1!#"!)$#-2('(!
%&'#$1JB!4#;?!7D!0#/.#;#)1!K$',,D!60H?!

b+2#"D! A! 7889D! ]3#24'$,+%.#2! <.%&! Q+-$'2/'! Q',,'$J?! L'%$.'4'(! "$#5^!

<<<?/';;#?#$)k2'<,;'%%'$kH$%./;',k;',,'$k;',,'$?&%5!V+//',,'(!W!H-)-,%!7899Z?!

*+2%';D! G! 9Wh7D! H0//(! 305-1#P90S;%#15#7/06! &12! ?(%86! (@! K("0801'D! C->;.,&'(!

9WWdD!:2(.+2+!62.4'$,.%1!K$',,?!

*#$$'+-D!H!7887D!Q8&190/!?090%8&11D!i+;'!62.4'$,.%1!K$',,D!Q#2(#2?!

T'5%,#4D!b!788dD!]b#+/&.5!0%-%,/&'<,=1!>.#)$+C&1J?!L'%$.'4'(!"$#5^!<<<?5-,./+[
I-(+./+?/#5k,%-%r'?&%5!V+//',,'(!98!H-)-,%!7899Z?!
98Y!

!
K+12%'$D!bK!9Wc8D!]A'+/&.2)!+2(!Q'+$2.2)!.2!:,$+';JD!K96#5!Q295&'(%6!R(9%1&/B!jhV7Z?!

K#CC'$D! @! 9W89e8dD! I#:-! 45-((/! (@! H0//(! ;/&.#1:! _C?! hXD! `$.'($./&! N#"5'.,%'$D!
Q'.CM.)?!!

L+>.('+-!0.;4'$,D!H!7899D!]E#;")+2)!Q+-"'$!#>.%-+$1JD!R(9%1&/!401'#10/?!!

0';;+D! @! 9Wc8D! ]H2! HCC;./+%.#2! #"! 0';'/%'(! a#(1! 0%$-/%-$'! +2(! K#,%-$',! #"! %&'!
N-5+2!a#(1!%#!%&'!`-2(+5'2%+;,!#"!3';;#!A'/&2.B-'JD!J#660%'&'#(1B!Ti6?!

0&.""'$,D!bQ!9Wc7D!]H2!+2+;1,.,!#"!,';'/%'(!/';;#!/#5C#,.%.#2,!>1!:,$+';!/#5C#,'$,^!
%&'! ,12%&',.,! #"! R+,%! +2(! E',%JD! J#660%'&'#(1! E$6'%&5'6! O1'0%1&'#(1&/! 405'#(1! EA!
I98&1#'#06!T!4(5#&/!45#01506D!4#;?!YX?!

0.;4';+D!O!7889D!E!<0,!I#6'(%.!(@!>#(/#1!;/&.#1:D!62.4'$,+;!K->;.,&'$,D!60H?!

0%'4'2,D!L!E!9WdWD!]A&'!N+2(,!#"!*-,./.+2,JD!K96#5!R(9%1&/D!b+2-+$1!'(.%.#2?!

0%-%,/&'<,=1D!b!9WX9D!4'92#01B!0/&#%%?!

0%-%,/&'<,=1D!b!9WX7D!3-0!E%'!(@!7/&.#1:!'-0!>#(/(150//(B!0/&#%%?!

E+;('2D! P! 9WWcD! F10! I912%02! )0&%6! (@! >#(/(150//(SE! I#6'(%.! (@! 305-1#P90! &12!
;0%@(%8&150!;%&5'#50!UVWXYUZWXB!3+5>$.()'!62.4'$,.%1!K$',,?!

E.',';D!6!9WW9D!]0C.$.%-+;!Q#)./JD!3-0!4'%&2B!4#;?!987?!

E.',';D!6!9WWXD!]A&'!;#)./!#"!+!;.4.2)!#$)+2.,5JD!3-0!4'%&2B!4#;M!98Y?!

E.;,#2D!R!788hD!G(6'%(7("#5-S3-0!D0:012!(@!H/&66!U[B!`+>'$!u!`+>'$D!Q#2(#2?!

98d!

!
!

B00"%1$O'B''

98j!

!
B00"%1$O'='

98h!

!
B00"%1$O'EX'E",,/'6"1$&+""'G'

'

98c!

!
B00"%1$O'!X'E",,/'6"1$&+""'U'

'

'

98W!

!
B00"%1$O'Y'''

VE+;('2D! P! 9WWcD! F10! I912%02! )0&%6! (@! >#(/(150//(SE! I#6'(%.! (@! 305-1#P90! &12!

;0%@(%8&150!;%&5'#50!UVWXYUZWXD!3+5>$.()'!62.4'$,.%1!K$',,Z!

'

'
'

998!

!
B00"%1$O'Z'

'

'

999!

!
B00"%1$O'['
!

997!