!"!

! !

!

!#!

!

!

!

!

!"#$%&'&()*&+",-.$"*&)/0"1*&%&

"2,3"$*45$*&,56$%&3%$4%$&-(45&&7*)89"*:&

4"2+%"$5:&*&);%:&5&)*$"45&&%&,5<"2+*&

%2152-$*$&,%(&#%$4*4%"$5&%,38$"-5&%)&)%"5&=&

2*-($%<*>&?%15)%245&@(%&-545,&9%"*)&%,-%&

9"#$5&)*$*#"9+5,5&,56$%&*&A5$2*4*&4%&()*&

)(9+%$&%)&6(,1*&4%&,"&)%,)*>

!$!

&

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

)*+*! ,-.+,/,+! ,-0,! 12/+3! 4,! 5*-,,2! ,4! 4,6-! 728+23-9! :,-;62-,2! <*03-!

;6*=73!<32!:3-->/,19!.3=-610,2!/8+2*-!:,--3*-!;6,!*:*+,.,4!=3!12/+3!,!*:,1,2!?!

42=@*! 4,4A+2*! 7,--,-! *.3=0,.24,=03-! ,! 7,--,! :,+>373! 7*! 42=@*! /27*B!

$+3;6,2!3!=34,!7*!4*23+2*!7*-!:,--3*-9!4*-!=C3!7,!037*-9!,!,4!*1D6=-!.*-3-!

0*45E4! 467,2! 7,0*1@,-! ;6,! :37,+2*4! 27,=02<2.8F1*-9! *! <24! 7,! :+,-,+/*+! 3!

*=3=24*03B!"C3!@8!:,+-3=*D,=-!36!*.3=0,.24,=03-!<2.0>.23-!=,-0,!12/+3B!#4202!

3.*-23=*14,=0,! :,--3*-! ,! *.3=0,.24,=03-9!4*-! *:,=*-! ;6*=73! ,--*! 342--C3!

=C3!02=@*!=,=@64!24:*.03!-35+,!*!/,+*.27*7,!36!3!.3=0,G73!7*!@2-0A+2*B!

!%!

!

!

!&!

!

)(HI#J#!

%-!8+/3+,-! ,+*4!*10*-9!4*-! ,6! ,-0*/*!4*2-! *10*9!7,!:E!*.24*!7,1*-!=*!

,=.3-0*! >=D+,4,!7,!64*!43=0*=@*!=3!=3+0,!7*!K*12<A+=2*B!L34,=03-!*=0,-!

02=@*!02+*73!*-!530*-!7,!.*42=@*7*9!,!*!7*!,-;6,+7*!.*26!=*-!8+/3+,-9!:+24,2+3!

-,=73!*++,4,--*7*!:,13-! *+,-!;6*=73!42=@*!,=3+4,!43.@21*! 034536! -35+,!

,1*9!7,:32-!7,-12M*=73!:,1*!0+21@*!7,!.*-.*1@3-!,!/3*=73!-35+,!3!:,=@*-.3B!%!

530*! ;62.36! ,4! 64! *<13+*4,=03! +3.@3-3! /8+23-! 4,0+3-! *5*2N3! *=0,-! 7,!

7,-*:*+,.,+!=3!73--,1!7*!<13+,-0*9!24:3-->/,1!7,!-,+!+,-D*0*7*B!(,-:2+,2!<6=739!

:,+:1,N*9!,453+*!,-02/,--,!,4!4,23!?!=*06+,M*!@*/2*!OP!72*-!,!?;6,1*!*106+*!Q8!

-365,--,!;6,!;6*1;6,+!.32-*!:372*!*.3=0,.,+!,!;6,!0673!*.3=0,.,+2*B!L*-!2--3!

=C3!-2D=2<2.*!;6,!=C3!<2;6,2!*5*1*7*!;6*=73!*.3=0,.,6B!

L2=@*!530*!,-0*/*!:,+727*B!(,*14,=0,!:,+727*B!

R,D6+,2! *! 360+*! Q6=03! *3! :,2039! .343! 64! 5,5S9! ,453+*! <3--,!

35/2*4,=0,! 2=G021B! &,! ;6,! *72*=0*! 64! :E! -,4! 3! 360+3T! "*7*B! U+*!

2=-2D=2<2.*=0,9!64!A+<C3!:*+*! 0373!3! -,4:+,9!,!,6!=C3!:372*! 0,+!:2,7*7,B!%!

530*! (*2.@1,! 7,! .36+3!4*++34! .34! .*7*+V3! /,+4,1@3! ,! :+,-21@*-! 7,!4,0*1!

:+*0,*73! ,+*!46203! :,-*7*9! 64! /,+7*7,2+3! <*+73B! U6! *! ,+D62! 5,4! *103! ,! *!

*02+,2! .34! 037*! *! <3+V*9! 35-,+/*=73F*! .*2+! ,4! 4,23! ?-! 8+/3+,-! <+3=73-*-9!

13=D,!7*!42=@*!/27*B!

U-0*/*!-3M2=@*B!U-0*/*!7,-.*1V*B!$2=@*!WX!*=3-!7,!27*7,!,!0*45E4!,+*!

64*!A+<CB!'4*!/,+7*7,2+*!7,-D*++*7*9! .343!64!,-0+*=@3!@*/2*! .34,=0*73!

!'!

*1D64*-! -,4*=*-! *=0,-9! ;6*=73! 1@,! 72--,! 4,6! =34,! ,! ,N:12;6,2! 3! ;6*=03!

,-0*/*!-310*!=3!46=73B!L,6!:*2!-*26!7*!42=@*!/27*!;6*=73!,6!02=@*!X!*=3-B!

L2=@*!4C,!43++,6!;6*=73!,6!02=@*!WWB!&,:32-!7,!-6*!43+0,9!4,6!:*7+*-03!

-,!4,0*43+<3-,36!7,!64*!:,--3*!;6,!,6!.3=-27,+*/*!64!:*2!,4!64!@34,4!

;6,!,6!4*1! +,.3=@,.2*B!%:,-*+!7,!4,6-!,-<3+V3-!:*+*!;6,! <2.8--,43-! Q6=03-9!

4,6-! 732-! 2+4C3-! -,! *<*-0*+*49! .*7*! 64! .34! -6*! 73+9! *0E! ;6,! 7,-2-02! ,!4,!

*<*-0,2!0*45E4B!

%=3-! *=0,-!7,! *++,4,--*+! *! 530*!=3! :,=@*-.3!7*;6,1*!43=0*=@*9! ,6!

4,-4*!,-02/,!?!5,2+*!73!*52-43B!Y*/2*!.*42=@*739!:,+*4561*73!,!/2*Q*73!7,!

0+,49!7,!L2==,-30*!*!"3/*!Z3+[9!*3!#+,D3=!,!:3+!0373!3!#,-0,9!*0E9!,=<249!

*.*5*+!7,-.*1V*9!=3!/,+C3!7,!\]]^9!0C3!-310*!=3!46=73!;6*=03!:+,-*!*!,1,B!

$+*0*/*F-,! 7,! 64!46=73! ,4! ;6,! ,6! =6=.*! 02=@*! ,-0*73! ,! ;6,! =C3!

.3=@,.2*9!4*-9! *2=7*! *--249!76+*=0,! 0373!3! 0,4:39! -*52*! ;6,! ,-0*/*! 189! 64!

46=73!=3!;6*1!,6!3-.21*/*!,=0+,!-3<+24,=039!.3=<6-C39!4,73!,!,-:,+*=V*B!'4!

46=73!;6,!,6!*.@*/*!;6,!:372*!4,! 0+*=-<3+4*+! 0*=03!=*!461@,+!;6,!-*52*!

;6,!:37,+2*!/2+!*!-,+!.343!=*!4,=2=*!;6,!Q8!<62!64!72*B!'4!46=73!;6,!02=@*!

X_!.,=0>4,0+3-!7,!1*+D6+*!,!`BWPX!;621a4,0+3-!7,!.34:+24,=03B!

'4!46=73!.@*4*73!)*.2<2.!K+,-0!$+*21B!

$2=@*! 36/273! <*1*+! 7,1,! :,1*! :+24,2+*! /,M! *:,=*-! -,0,! 4,-,-! *=0,-9!

;6*=73! ,-0*/*! 43+*=73! ,4!L2=,8:312-9! 0+2-0,9! 7,-,-:,+*7*! ,! :+,-0,-! *! 4,!

72/3+.2*+!73!@34,4!;6,!*2=7*!*4*/*B!U-0*/*!,-:,+*=73!=*!<21*!7,!64*!13Q*!

,-:,.2*12M*7*!,4!,-:3+0,-!*3!*+!12/+,!:*+*!.34:+*+!64*!:8!735+8/,1!;6*=73!

:,D6,29!,4!64*!:+*0,1,2+*!:+AN24*9!64!12/+3!.@*4*73!$@,!)*.2<2.!K+,-0!$+*219!

b3164,! cd! K*12<3+=2*! ,! 12! *! .3=0+*.*:*B! %! )K$9! ,1,! 72M2*9! ,+*! 64*! 0+21@*!

.3=0>=6*!=*!=*06+,M*!-,1/*D,4!;6,! 2*!7*!<+3=0,2+*!73!LEN2.39!=*!K*12<A+=2*9!

*0E! 7,:32-! 7*! <+3=0,2+*! .*=*7,=-,! ,! *3! 13=D3! 7*! .+2-0*! 7,! =3/,! .*7,2*-! 7,!

43=0*=@*-d! I*D6=*9! R*=! e*.2=039! R*=! f,+=*+72=39! R*=! J*5+2,19! I2,5+,9!

$,@*.@*:29!R2,++*!",/*7*9!g1*4*0@!,!K*-.*0*-B!U--*!72-0h=.2*!,4!12=@*!+,0*!,+*!

!(!

7,! \BX__! ;621a4,0+3-9! 4*-! *! 0+21@*! 02=@*! 4*2-! 73! ;6,! 3! 735+3! 72--3B!

%0+*/,--*=73! 037*! *! ,N0,=-C3! 73-! ,-0*73-! 7*! K*12<A+=2*9! 73! #+,D3=! ,! 7,!

i*-@2=D03=9! *! )K$! .+6M*! :*+;6,-! =*.23=*2-! ,! 8+,*-! 2=A-:20*-9! *--24! .343!

0,++20A+23-! <,7,+*2-9! 2=7>D,=*-!,!:*+02.61*+,-j!:*--*!:3+!7,-,+03-9!43=0*=@*-!,!

<13+,-0*-!0+3:2.*2-j!+23-!,!*603,-0+*7*-B!k,.@,2!3!12/+3!,!31@,2!:*+*!*!.*:*9!64!

1*D3!:3=021@*73!:3+!:,7+*-9! .,+.*73!:3+!:,=@*-.3-! +3.@3-3-! .3=0+*!64!.E6!

*M619!7,:32-!3!.313;6,2!7,!/310*!=*!:+*0,1,2+*9!:*D6,2!*!:8!,!-*>B!

)3+E49!4*2-!0*+7,9!/310,2!,!.34:+,2!3! 12/+3B!"*!E:3.*9!*!)*.2<2.!K+,-0!

$+*21!=C3!,+*!64!46=73!:*+*!424B!U+*!64*!27,2*!/*D*!,!13=D>=;6*9!.@,2*!7,!

:+34,--*-! ,!42-0E+23-B! %1D64*! .32-*! <13+,-.,6! 7,=0+3! 7,!424!;6*=73! 0+*.,2!

.34!3!7,73!-6*!12=@*!2++,D61*+!=3!4*:*B!

U6! :,+.3++,+2*! *;6,1*! 12=@*9! 7,.2729! :,13! 4,=3-! 3! 48N243! ;6,!

.3=-,D62--,!,4!.,+.*!7,!.,4!72*-B!U-0*/*!43+*=73!-3M2=@*!,4!64!,-0G723!,4!

L2=,8:312-9! -,:*+*7*! 73! 4,6! 4*+273! ,! 0+*5*1@*=73! .343! D*+V3=,0,9! 0C3!

7,:+2427*!,!.3=<6-*!;6*=03!Q*4*2-!,-02/,!=*!/27*B!$373!72*!4,!-,=02*!.343!-,!

,-02/,--,!=3!<6=73!7,!64!:3V3!31@*=73!:*+*!.24*B!L*-!<32!*!:*+02+!7*;6,1,!

:3V3!;6,!.34,.,2!*!4,!03+=*+!64*!*/,=06+,2+*!-31208+2*B!U!:3+!;6,!=C3T!e8!<62!

0*=0*-!.32-*-B!'4*!,-:3-*!*:*2N3=*7*!,!*7G10,+*B!'4*!<21@*!;6,+27*!;6,!*D3+*!

:*--*/*!<E+2*-! -3M2=@*B!'4*!:,--3*!*452.23-*!;6,!,-08! -,4:+,!-,! -6:,+*=739!

64*!*-:2+*=0,!*!,-.+203+*!;6,!:61*/*!7,!64!,4:+,D3!2=-2D=2<2.*=0,!:*+*!360+3!

,=;6*=03!<1,+0*/*!:,+2D3-*4,=0,!.34!7+3D*-!,!73+42*!.34!@34,=-!7,4*2-B!

U+*!*!=,0*!7,!64!42=,2+3!7,!.*+/C3!7*!),=-21/h=2*9!*!<21@*!7,!64!4,0*1G+D2.3!

;6,! /2+36! /,=7,73+B! %:A-!4,6-! :*2-! -,! -,:*+*+,49!43+,2! .34!42=@*!4C,9!

4,6!2+4C3!,!42=@*!2+4C!,4!64!.3=Q6=03!@*520*.23=*1!.@,23!7,!4C,-!-310,2+*-!

,! -,6-! <21@3-B! l6*=73! *731,-.,=0,9! 43+,2! =3! ,-0213! 7,F/310*F?F=*06+,M*! =*-!

<13+,-0*-!73!=3+0,!7,!L2==,-30*9!,4!64*!.*-*!;6,!-A!02=@*!5*=@,2+3!73!1*73!

7,!<3+*9!=C3!02=@*!,1,0+2.27*7,!=,4!8D6*!,=.*=*7*B!%:,-*+!72--39!/2+,2!1>7,+!7,!

!)!

03+.27*! =3! ,=-2=3! 4E723! ,! +*2=@*! 73! 5*21,! =3! .31ED239! 7,:32-! <62! :*+*! *!

<*.617*7,!,!/2+,2!64*!<,42=2-0*!+*72.*1!7,!,-;6,+7*B!

L*-! 64*!461@,+!;6,! .*42=@*! -3M2=@*! \Bmm_!;621a4,0+3-!:3+! +,D2n,-!

7,-*520*7*-T!"6=.*!02=@*!-273!=*7*!:*+,.273!.34!2--3!*=0,-B!"C3!02=@*!=*7*!*!

:,+7,+!0,=0*=73B!

%D3+*! ;6,! ,-0*/*! *129! 7,-.*1V*! =*;6,1*! 43=0*=@*! 7*! K*12<A+=2*9!

+,*14,=0,!,4!360+*!/27*9!:*+,.2*!;6,!02=@*4!-,!:*--*73!*=3-!7,-7,!;6,!034,2!

*!72-.60>/,1!,!2=-,=-*0*!7,.2-C3!7,!<*M,+!64*!13=D*!.*42=@*7*!-3M2=@*!=*!)K$!

:*+*! 4,! -*1/*+B! l6*=73! *.+,720,2! ;6,! 037*-! *-! .32-*-! ;6,! <62! *=0,-! 4,!

:+,:*+*+*4!:*+*!,-0*!Q3+=*7*B!L*-!=*7*!02=@*!36!:37,+2*!0,+!4,!:+,:*+*73B!

K*7*!72*!=*! 0+21@*!,+*!*!G=2.*!:+,:*+*VC3!:3-->/,1!:*+*!3!72*! -,D62=0,B!U9!?-!

/,M,-9!=,4!4,-43!3!72*!*=0,+23+!4,!:+,:*+*/*!:*+*!3!;6,!/2+2*!*!-,D62+B!

$*1! .343! 42=@*-! 530*-! /3*=73! 2++,.6:,+*/,14,=0,! :,1*! ,=.3-0*! 7,!

64*!43=0*=@*B!

%! /,+7*7,! E! ;6,! <2;6,2! *:,=*-! 4,23! 0+2-0,! :3+! :,+7SF1*-B! "*-! -,2-!

-,4*=*-!,4!;6,!6-,2!*;6,1*-!530*-9!.+6M,2!7,-,+03-9!=,/,9!:*--,2!:3+!8+/3+,-!,!

*+56-03-9! D+*4*-! ,! <13+,-! 7,! 0373-! 3-! 02:3-9! 0*4*=@3-! ,! .3+,-9! -652! ,! 7,-.2!

43=0*=@*-9! *=7,2! :3+! .*4:3-9! .1*+,2+*-! ,! 0+,.@3-! 7,! 0,++*! ;6,! =C3! -*5,+2*!

7,<2=2+9!,N.,03!72M,+!;6,!Q8!,-02/,! 189!;6,!Q8!:*--,2!:3+!18!,!-35+,/2/2B!U!=,--,!

4,23F0,4:3! *;6,1*-! 530*-! :+3/3.*+*4! 531@*-! ,4!4,6-! :E-! ,! 3-! 7,2N*+*4!

,-<31*73-j! <2M,+*4! .34! ;6,! *-! 6=@*-! 7,! ;6*0+3! 7,73-! ,-.6+,.,--,4! ,! -,!

-310*--,4!7313+3-*4,=0,B!"C3!;6,+2*!4*2-! -*5,+!7*;6,1*-!530*-!;6*=73!,1*-!

.*>+*49!=,4!,1*-!7,!4249!,453+*!0*45E4!<3--,!/,+7*7,!;6,!*-!*4*/*B!)*+*!

4249! 03+=*+*4F-,! 4*2-! 73! ;6,! 35Q,03-! 2=*=24*73-9! /2+*+*4! ,N0,=-n,-! 7,!

;6,4! ,6! ,+*9! *--24! .343! 037*-! *-! 360+*-! .32-*-! ;6,! .*++,D6,2! =*;6,1,!

/,+C3! ! *!43.@21*9! *! 5*++*.*9! 3! -*.3! 7,! 73+42+9! 3! :6+2<2.*73+! 7,! 8D6*9! 3!

<3D*+,2+3!610+*1,/,!,!3!:,;6,=3!*:203!1*+*=Q*!;6,!.*++,D*/*!=3!16D*+!7,!64*!

!*!

*+4*B!U+*4!.32-*-!;6,!,6!.3=@,.2*!,!.34!*-!;6*2-!:37,+2*!.3=0*+9!.32-*-!;6,!

4,!*Q67*+*4!*!-,D62+!,4!<+,=0,B!

#1@,2!:*+*!*-!8+/3+,-!*5*2N3!7,!4249!*-!.3:*-!*10*-!43/24,=0*=73F-,!

1,/,4,=0,! .34! *! 5+2-*! ;6,=0,B! )372*4! <2.*+! .34! *-! 530*-9! :,=-,29! 31@*=73!

:*+*!*!24,=-*!,N0,=-C3!/,+7,B!U6!02=@*!,-.31@273!7,-.*=-*+!=*;6,1,!16D*+!:3+!

.*6-*!7*!/2-0*B!U+*!<24!7,!0*+7,!,4!4,*73-!7,!Q61@3!,!,6!,-0*/*!*!;621a4,0+3-!

7*!.2/212M*VC3!,4!037*-!*-!72+,Vn,-9!*!72*-!7,!72-0h=.2*!7*!-31208+2*!*DS=.2*!73!

.3++,23!7,!3=7,!+,02+*+2*!*!:+AN24*!.*2N*!7,!-6:+24,=03-B!Y*/2*!*!.@*=.,!7,!

,=.3=0+*+! *1D6E4! .*42=@*=73! =*! 0+21@*9!4*-! 2--3! *.3=0,.,6! +*+*-! /,M,-B! U4!

D,+*19!:*--*/*!72*-!-,4!/,+!360+*!:,--3*B!&,!;6*1;6,+!<3+4*9!=C3!24:3+0*/*!-,!

*1D6E4!*:*+,.,+2*B!U6!,-0*/*!=,--*!-3M2=@*B!

#1@,2!:*+*!4,6-!:E-!7,-.*1V3-!.*-02D*73-9!.34!3-!:,7*.2=@3-!7,!6=@*-!

+,4*=,-.,=0,-B! U1,-! ,-0*/*4! <*=0*-4*D3+2.*4,=0,! :81273-! *0E! *! *106+*! 73-!

03+=3M,13-9!3=7,!=3+4*14,=0,!*.*5*/*4!*-!4,2*-!7,!1C!;6,!,6!6-*/*B!L2=@*-!

:*=06++21@*-! 13D3! *.24*! ,-0*/*4! 46-.613-*-9! 736+*7*-! ,! .*5,167*-9!

,4:3,2+*7*-9!-6Q*-!,!.@,2*-!7,!4*.@6.*73-!,!*++*=@n,-B!K34,.,2!*!.*42=@*+!

=3!7,-,+03!7,!L3Q*/,!,!=C3!:1*=,Q*/*!:*+*+!*0E! 03.*+!.34!42=@*-!:+A:+2*-!

4C3-!*!:3=0,!;6,! .+6M*!3! +23!K316452*!=*! <+3=0,2+*!#+,D3=Fi*-@2=D03=9!,!

;6,!0,4!3!D+*=723-3!=34,!7,!)3=0,!73-!&,6-,-B!

#1@,2!:*+*!3!=3+0,9!,4! -6*!72+,VC39!*! -24:1,-! 1,45+*=V*!7,--*!:3=0,!

<32!.343!64!-2=*1B!#1@,2!:*+*!3!-619!7,!3=7,!/249!:*+*!*!/*-027C3!7,!0,++*!;6,!

4,! ,=-2=36! ,! .*-02D369! ,! .3=-27,+,2! *-! 3:Vn,-B!Y*/2*! *:,=*-! 64*9! ,6! -*52*B!

R,4:+,!@*/2*!*:,=*-!64*B!

K3=02=6*+!*=7*=73B!

!"+!

!

)%($U!'L!!

!

!

%!;6,7*!7,!64*!.32-*!7,--,!:3+0,!

7,/,+2*!<*M,+!4*23+!5*+61@3B!

icIIc%L!RY%gUR)U%(U!

%=0a=23!,!K1,A:*0+*!

!""!

!

\! !%R!\_!LcI!K#cR%R!

!

L2=@*! .*42=@*7*! -31208+2*!7,! 0+S-!4,-,-!:,1*! .3-0*!3,-0,!73-! U-0*73-!

'=273-!0,/,!46203-!.34,V3-B!Y36/,!*!:+24,2+*!,!+,:,=02=*!7,.2-C3!7,!<*M,+!*!

0+21@*9!-,D627*!:,1*!-,D6=7*!7,.2-C39!4*2-!-E+2*9!7,!+,*14,=0,!<*M,+!,!,=0C3!3!

13=D3!0,+.,2+3!.34,V39!.34:3-03!7,!-,4*=*-!7,!.34:+*-9!,4:*.30*4,=03!,!

:+,:*+*VC3B! Y36/,! 3! :,7273! 7,! 7,42--C3! =3! ,4:+,D3! 7,! D*+V3=,0,9! *!

.3=.16-C3!73!72/A+.239!*!/,=7*!7,!;6*-,!0673!;6,!,6!02=@*9!*!7,-:,727*!73-!

*42D3-! ,! 64*! G1024*! /2-20*! *3! 0G4613! 7*!42=@*!4C,B! Y36/,! *! /2*D,4! 7,!

.*++3! :,13! :*>-9! 7,! L2=,8:312-! *! )3+01*=79! =3! #+,D3=9! ,! 72*-! 7,:32-! 3!

,45*+;6,!,4!64!/33!:*+*!I3-!%=D,1,-9!*!.*+3=*!:*+*!*!.27*7,!7,!L3Q*/,!,!

360+*!:*+*!3!13.*1!3=7,!*!)*.2<2.!K+,-0!$+*21!.+6M*/*!64*!*603,-0+*7*B!

U4! ;6,! 434,=039! *<2=*19! *.3=0,.,6! 7,! <*03! 3! <*M,+9! +*:27*4,=0,!

-,D6273!:,13!*--6-0*73+!,=0,=724,=03!7,!3!;6,!<*M,+!-2D=2<2.*/*9!-,D6273!:,1*!

7,.2-C3!7,!7,-2-02+!7,!<*M,+9!:3+;6,!-,+2*!*5-6+739!-,4!-,=0273!,!+272.61*4,=0,!

72<>.21!,!46203!4*2-!73!;6,!,6!,-:,+*/*!;6,!-,+2*!<*M,+9!,!,6!,-0*/*!030*14,=0,!

7,-:+,:*+*7*B!

U!,=0C3!@36/,!*!7,.2-C3!7,!+,*14,=0,!<*M,+!*!0+21@*B!

k2.*+! ,! <*MSF1*9! *:,-*+! 7,! 0673B! %:,-*+! 73-! 6+-3-9! 7*-! .*-.*/E2-! ,! 7*-!

<,M,-!73-!:64*-!;6,!=6=.*!/2j!7*-!531@*-!,!.*-.*-!7,!<,+27*-9!73-!*++*=@n,-!,!

4*.@6.*73-B!&*!,N*6-0C3!,!7*!:+2/*VC3j!73!<+23!,!73!.*13+j!7*!43=303=2*!,!

7*!73+j!7*!-,7,!,!7*!<34,j!73!3+D61@3!,!73-!<*=0*-4*-!;6,!4,!*--345+*/*4!

,=;6*=03!.*42=@*/*!-3M2=@*!:3+!\Bmm_!;621a4,0+3-!73!7,-,+03!7,!L3Q*/,!*3!

U-0*73!7,!i*-@2=D03=B!

)3+! <249!64*!/,M!;6,!+,*14,=0,! <62!,! <2M9!;6,!.*42=@,2! 0373-!*;6,1,-!

;621a4,0+3-!76+*=0,!0373-!*;6,1,-!72*-9!@36/,!*!:,+.,:VC3!7,!;6,!3!;6,!,6!

!"#!

*.@*/*!-,+!3!.34,V3!=C3!02=@*!-273!7,!<*03!3!.34,V3B!"*!+,*127*7,9!42=@*!

.*42=@*7*! :,1*! )*.2<2.! K+,-0! $+*21! =C3! .34,V36! ;6*=73! 034,2! *! +,:,=02=*!

7,.2-C3! 7,! <*MSF1*B! K34,V36! *=0,-! 7,! ,6! -,;6,+! 24*D2=*+! <*MSF1*9! 4*2-!

:+,.2-*4,=0,!;6*0+3!*=3-9!-,0,!4,-,-!,!0+S-!72*-!*=0,-9!;6*=73!,-0*/*!,4!64!

:,;6,=3! ;6*+03! 7*! K1>=2.*! L*o39! ,4! (3.@,-0,+9! L2==,-30*9! ,! -365,! ;6,!

42=@*!4C,!2*!43++,+B!

U6!,-0*/*!/,-027*!7,!/,+7,B!K*1V*!/,+7,9!.*42-*!/,+7,9!*+.3!/,+7,!=3-!

.*5,13-B!U+*!64*!+36:*!;6,!42=@*!4C,!02=@*!.3-06+*73! !,1*!<,M!+36:*-!:*+*!

424!*!/27*!037*B!%1D64*-!,+*4!,N*0*4,=0,!3!;6,!,6!-3=@*/*!0,+9!360+*-!=,4!

0*=03B! "C3! ,+*! 136.*! :,13! .3=Q6=03! /,+7,9! 4*-! 3! 6-,2! 7,! ;6*1;6,+! <3+4*!

.343!-,!<3--,!64*!:,=20S=.2*9!64*!3<,+0*9!64!0*12-4CB!

&6+*=0,!0373!*;6,1,!72*!.34!3!.3=Q6=03!/,+7,9!*.34:*=@*=73!42=@*!

4C,! ,! 4,6! :*7+*-03! U772,! 7,! *=7*+! ,4! *=7*+! =*! K1>=2.*!L*o3! ,=;6*=03!

42=@*!4C,!,+*!,=/2*7*!7,!64!,N*4,!:*+*!360+39!64*!3+*VC3!=C3!4,!-*>*!7*!

.*5,V*9! ,453+*! 3+*VC3! =C3! -,Q*! *! 4,1@3+! :*1*/+*! :*+*! 7,-.+,/,+! *;6,1*!

+,:,02VC3! 7,! :*1*/+*-B! U6! =C3! ,+*! @64217,! 72*=0,! 7,! &,6-B! ",4! 4,-43!

*.+,720*/*!,4!&,6-B!L2=@*!3+*VC3!=C3!,+*d!)3+!<*/3+9!&,6-9!0,=@*!:2,7*7,!7,!

=A-B!

U6!=C3!:,72+2*!42-,+2.A+72*B!"C3!:+,.2-*/*B!L2=@*!4C,!02=@*!`^!*=3-B!

U1*!:*+,.2*!5,4B!)3+!46203-!*=3-! <32!;6*-,!/,D,0*+2*=*B!)1*=0*/*!.+*/3-!=3-!

.*=0,2+3-! 73! Q*+724! :*+*! *<*-0*+! 3-! 2=-,03-! ,4! /,M! 7,! 6-*+! :,-02.27*-B!L,6-!

2+4C3-!,!,6!E+*43-!35+2D*73-!*!,=D312+!7,=0,-!7,!*1@3!.+6!;6*=73!<2.8/*43-!

+,-<+2*73-B! ),--3*-! .343!42=@*!4C,! =C3! 0S4! .h=.,+B!#-! ,N*4,-! =*! K1>=2.*!

L*o3! :+3/*/,14,=0,! .3=<2+4*+2*4! 2--39! 7,-4,=02=73! 3! ;6,! 3-!4E72.3-! 7,!

&6160@! 72--,+*4B! U6! 02=@*! .,+0,M*B! l6,4! ,+*4! *<2=*1! 7,! .3=0*-! *;6,1,-!

4E72.3-!7,!&6160@T!#!;6,!,+*!&6160@T!&6160@T!&6160@!,+*!64*!.27*7,M2=@*!

<+2*! 73! 2=0,+23+! 3=7,! 3-! 4E72.3-! ;6,! =C3! -*52*4! 7+3D*! =,=@64*! 73! ;6,!

,-0*/*4! <*1*=73! 72M2*4! *! /,D,0*+2*=3-! .34,73+,-! 7,! *1@39! 6-68+23-! 7,!

!"$!

+,4E723-! =*06+*2-! ,! =C3! <64*=0,-! 7,! `^! *=3-! ;6,! ,1,-! 02=@*4! .h=.,+! 7,!

:614C3!,4!,-08D23!0,+42=*19!2--3!,+*!3!;6,!,+*B!

l6,!-,!<37*4B!

U--*!,+*!42=@*!3+*VC3d!;6,-,<37*4;6,-,<37*4;6,-,<37*4;6,-,<37*4B!

%2=7*!*--249!*12!,-0*/*!42=@*!4C,!=*!K1>=2.*!L*o39!<2.*=73!,N*6-0*!-,!

02/,--,!;6,!:,+4*=,.,+!7,!:E!:3+!4*2-!7,!0+S-!42=603-B!

! l6,+! 64*! .*7,2+*! 7,! +37*-T! ! U772,! 1@,! :,+D6=036! ;6*=73! =3-!

7,:*+*43-!.34!64*!<21*!7,!.*7,2+*-!=3!13=D3!.3++,73+!*.*+:,0*73B!

!U1*!=C3!:+,.2-*!7,!64*!.*7,2+*!7,!+37*-! !<*1,2B!

! RA! 64! :36;62=@3! ! 72--,! 42=@*! 4C,9! ;6*-,! 7,-43+3=*=73! ,4!

64*9! -,6-! 31@3-! ,=.3=0+*=73! 3-! 4,6-! *=0,-! ;6,! U772,! *! ,4:6++*--,! ,4!

72+,VC3!*3!,1,/*73+B!

k62! *0+8-9! =C3!4,! :,+4202=73! :,=-*+! ,4! =*7*B! U-08/*43-! <2=*14,=0,!

:+,-0,-! *! ,=.3=0+*+! 3! G10243! 4E72.3B! #! 4E72.3! 7,! /,+7*7,9! -,4:+,! 3!

.@*48/*43-!*--24B!%;6,1,!;6,!+,6=2+2*!0673!;6,!<32!.31,0*73!-35+,!*!42=@*!

4C,! ,! =3-!72+2*! *! /,+7*7,B! U=;6*=03!3! ,1,/*73+! -652*9!42=@*!4C,! -,D6+36!

42=@*!.*1V*9!,-<+,D*=73!3!*1D37C3!/,+7,!,=0+,!3-!7,73-!.34!:+3:+2,7*7,B!

!),+<,203! !,1*!<*136B!

U6! ,-0*/*! .34!W\! *=3-9! *!4,-4*! 27*7,! ;6,! ,1*! 02=@*! ;6*=73! ,-0*/*!

D+8/27*!7,!424B!U1*!-*2+2*!7*!42=@*!/27*!=3!4,-43!434,=03!,4!;6,!.@,D6,2!

?!7,1*9!:,=-,2B!)3+!*1D64*!+*MC3!*;6,1*!<+*-,!-6+D26!2=0,2+*!,4!42=@*!.*5,V*!

=*;6,1,! 2=-0*=0,9! 0,4:3+*+2*4,=0,! *:*D*=73! *! 3+*VC3! ;6,-,<37*4B! l6*-,!

6++,2! 7,! *D3=2*B!l6*-,!43++2! -6<3.*7*! .34! 3! ;6,! ,6! -*52*! *=0,-! 7,! -*5,+B!

b2/,+2*!3!+,-03!7*!/27*!-,4!*!42=@*!4C,B!%<*-0,2!,--,!:,=-*4,=03!.34!037*-!

*-! <3+V*-B! "C3! :372*! 4,! :,+4202+! *.+,720*+! =2--3! =*;6,1,! 434,=039! *12! =3!

,1,/*73+9! ,! *3! 4,-43! 0,4:3! .3=02=6*+! +,-:2+*=739! ,=0C39! 4,! :,+4202!

*.+,720*+!,4!360+*-!.32-*-B!K343!:3+!,N,4:13!-,!64!4E72.3!1@,!72--,--,!;6,!

!"%!

,4!5+,/,!/3.S!43++,+2*9!/3.S!-,+2*! 1,/*7*!:*+*!64*!-*1*!.34!64*!4,-*!7,!

4*7,2+*!5+21@*=0,B!

U!=C3!<32!*--24B!

k343-!1,/*73-!:*+*!64*!-*1*!7,!,N*4,-!3=7,!64*!,=<,+4,2+*!2=-0+626!

42=@*!4C,!*!0+3.*+!*!516-*!:3+!64!*/,=0*1!7,!*1D37C3!.34!02+*-!:,=76+*7*-!

=3-!1*73-B!&,:32-!7,!<*M,+!2--39!,1*!-6526!,4!64*!.*4*!.35,+0*!:3+!64!:*:,1!

5+*=.3!,-02.*73B!K*7*!/,M!;6,!,1*!-,!4,N2*!*!-*1*!-,!,=.@2*!.34!3!+6>73!73!

:*:,1!+*-D*=73!,!,=+6D*=73!-35!-,6!.3+:3B!U6!:372*!/,+!-6*-!.3-0*-!=6*-9!*!

:,;6,=*!.6+/*!73!.3+:3!*5*2N3!7*!.2=06+*B!U1*!=C3!2*!43++,+B!R6*-!.3-0*-!=6*-!

:*+,.2*4! .34:+3/*+! 2--3B! U-0*/*! 31@*=73! :*+*! ,1*! ;6*=73! 3! 4E72.3! 7,!

/,+7*7,!,=0+36!=*!-*1*!,!72--,!;6,!42=@*!4C,!0,+2*!-3+0,!-,!/2/,--,!:3+!4*2-!

64!*=3B!U1,!,N:12.36!;6,!=C3!0,=0*+2*4!.6+8F1*9!;6,!,+*!2=.6+8/,1B!"C3!@*/2*!

=*7*! ;6,! :67,--,! -,+! <,2039! ,1,! =3-! 72--,B! &,-.35+2+! 3! .h=.,+! 0C3! 0*+7,! ,+*!

.3464!;6*=73!-,!0+*0*/*!7,!.h=.,+!7,!:614C3B!

! L*-! ,1*! =C3! E! <64*=0,! ! +,0+6;6,29! .343! -,! :67,--,! 467*+! 3!

72*D=A-02.39!.343!-,!3!.h=.,+!,/316>--,!7,!<3+4*!+*.23=*1!,!=,D3.28/,1B! !U1*!

-A!<6436!;6*=73!,+*!Q3/,4B!"C3!<64*!64!.2D*++3!@8!*=3-B!

#!4E72.3!5*1*=V36!*!.*5,V*!.34!0+2-0,M*!,!<32!,4!<+,=0,B!U1,!02=@*!64!

0+*5*1@3! *! <*M,+B! )37,+2*4! 0,=0*+! *4,=2M*+! *! 73+! =*-! .3-0*-! .34! +*72*VC39!

3<,+,.,6B! %! +*72*VC3! :37,+2*! +,76M2+! 3! 0*4*=@3! 73-! 0643+,-! ;6,! ,-0*/*4!

.+,-.,=73!*3!13=D3!7,!037*!*!,N0,=-C3!7*!.316=*!/,+0,5+*1B!

U6! =C3! .@3+,2B! %:,=*-! -6-:2+,2B! Y3++2/,14,=0,B! c=0,=.23=*14,=0,B! U!

,=0C3!4,! ,-;6,.2! 7,! +,-:2+*+B!'4*! /,M! ,6! 7,-4*2,29! <6+23-*9! *3-! O! *=3-! 7,!

27*7,9! :+,=7,=73! *! +,-:2+*VC3! :3+;6,! =C3! ;6,+2*! -*2+! 7*! 5*=@,2+*9! Q3/,4!

7,4*2-!:*+*!4,!1,45+*+!72--3B!#!;6,!/3.S!<,MT!#!;6,!/3.S!<,MT9!:,+D6=0,2!*!

42=@*!4C,!76+*=0,! 037*! *!42=@*! 2=<h=.2*9! <*M,=73! .34!;6,!4,! .3=0*--,! *!

@2-0A+2*! /8+2*-! /,M,-9! 24:+,--23=*7*! ,! .3=0,=0,! .34! 42=@*! :+A:+2*!

24:,063-27*7,B!U1*!02=@*!,-0,=7273!*-!4C3-!,!4,!35-,+/*73!<2.*+!*M619!42=@*!

!"&!

4C,! -,4:+,!4,!.3=0*/*B!$2=@*!,-:,+*73!,6!7,-4*2*+!*0E!42=@*! .*5,V*! .*2+!

,4!-6*-!4C3-!,!,6!2=-:2+*+!,!/310*+!?!/27*B!

(,-:2+,B!

!)3--3!43=0*+!4,6!.*/*13T! !42=@*!4C,!:,+D6=036!*3!4E72.3!7,!

/,+7*7,B! U1*! -,! -,=036! .34! *-! 4C3-! <2+4,4,=0,! .+6M*7*-! ,! 3-! 03+=3M,13-!

,=D*=.@*73-!64!=3!360+3B!%.3++,=0*7*!*!-2!4,-4*B!

K343!+,-:3-0*9!,1,!:,D36!64*!.*=,0*9!-,D6+36F*!+,0*!=*!5,2+*!7*!:2*!,!

5*0,6!.34!<3+V*!=*!-6:,+<>.2,B!

!c--3!E!-6*!.316=*!7,:32-!7*!+*72*VC3! !,1,!72--,B! !'4!-31*/*=.3!,!

-,6-!3--3-!:37,4!,-<*+,1*+!.343!64!52-.3203!8D6*!,!-*1B!

k343-! *3! 5*=@,2+3! <,42=2=3B! K*7*! 64*! -,! 0+*=.36! ,4! 64!

.34:*+024,=039! .@3+*=73B! "C3! 0+3.*43-! 64*! :*1*/+*B! "C3! :3+! =3-!

-,=02+43-!46203!-3M2=@*-!,4!=3--*!73+9!4*-!:3+!,-0*+43-!46203!24,+-*-!=,1*9!

.343! -,! <a--,43-! 64!G=2.3! .3+:3! ,4!/,M! 7,! 732-B! )372*! -,=02+! 3! :,-3! 73!

.3+:3!7*!42=@*!4C,!.3=0+*!*!:3+0*9!-6*-!4C3-!1,=0*4,=0,!-3.*=73!*!4*7,2+*!

,!<*M,=73!.34!;6,!037*!*!,-0+606+*!7*-!43176+*-!7*-!.*52=,-!5*1*=V*--,B!'4!

0,4:3!7,:32-!-*>43-!:*+*!1*/*+!*-!4C3-!,!3!+3-039!31@*=73!64*!:*+*!*!360+*!

=3!,-:,1@3!5+21@*=0,B!

k343-!,=.*42=@*7*-!?!<*+48.2*!:*+*!*D6*+7*+B!R,=0,2F4,!,=0+,!4*4C,!

,!U772,!/,-027*!.34!3!.3=Q6=03!/,+7,9!3!*+.3!/,+7,!421*D+3-*4,=0,!*2=7*!=3!

.*5,13B!Y*/2*!64!4,=2=3!D+*=7,!,!.*+,.*!=3!.313!7,!64!273-3B!Y*/2*!64*!

461@,+!.34!64!5+*V3!5*1*=V*=73!/231,=0*4,=0,B!U1*!3!-,D6+*/*!.34!<2+4,M*!

.34! *! 360+*! 4C39! 0,=0*=73! *.*148F13B! U1*! *D6*+7*/*B! "A-! *D6*+78/*43-B!

Y*/2*!64*!12=7*!461@,+!7,!.*5,13-!,-.6+3-!-,=0*7*!,4!64*!.*7,2+*!7,!+37*-B!

'-*/*! 64! .@*:E6! +3N3! ,! 64! :6=@*73! 7,! *=E2-! 7,! 72*4*=0,-B! "C3!

.3=-,D6>*43-! 02+*+!3-!31@3-!7,1*B!U1*! <*1*/*!,4!,-:*=@31! .34!*-!:,--3*-!*3!

+,73+9!*!<*4>12*!,!0*1/,M!3!4*+273B!

!"'!

!b3.S!*.@*!;6,!,1*!0,4!.h=.,+T! !42=@*!4C,!4,!:,+D6=036!,4!/3M!

5*2N*B!

U772,!,-0*/*!-,=0*73!73!4,6!360+3!1*739!4*-!,6!=C3!.3=-,D62*!31@*+!

:*+*!,1,B!R,!31@*--,9!,-<*+,1*+>*43-!.343!52-.3203!8D6*!,!-*1B!),=-,2!,4!42=@*!

2+4C!4*2-!/,1@*9!g*+,=9!,!4,6!2+4C3!4*2-!=3/39!I,2<B!U4!4,6!4*+273!)*619!,!

=3-! :*2-! 7*! 42=@*! 4C,! ,! ,4! -6*! 2+4C9! ;6,! /2/2*4! *! 421! ;621a4,0+3-! 7,!

72-0h=.2*B!#!;6,!72+2*4!;6*=73! -365,--,4B!K343!.@3+*+2*4B!L2=@*!3+*VC3!

,+*! 72<,+,=0,! *D3+*d! '4! *=39! 64! *=39! 64! *=3B! %;6,1*-! 76*-! :*1*/+*-!

:61-*/*4!.343!64!.3+*VC3!,4!4,6!:,203B!

U--,!,+*!3!0,4:3!;6,!42=@*!4C,!/2/,+2*B!

!"3!;6,!/3.S!,-08!:,=-*=73T! !:,+D6=0,2!*!,1*B!

Y*/2*! 64*! 4G-2.*! -*2=73! 73-! *103F<*1*=0,-! 7*! -*1*! 7,! ,-:,+*B! '4*!

4,1372*9! 4*-! 4*4C,! .3=@,.2*! *! 1,0+*! ,! ,4! /,M! 7,! +,-:3=7,+! ?! :,+D6=0*!

)*:,+! +3-,-9! :*:,+! +3-,-9! 3@9! @3p! +,*1! 0@3-,! +3-,-!

-,,4,7!03!5, U!.313.36!*-!4C3-!-35+,!*-!42=@*-!,!72--,d!

! U6! .3-064*/*! 36/2+! ,--*! 4G-2.*! ;6*=73! ,+*! Q3/,4B! q! ,=D+*V*73!

:,=-*+!=2--3B!),=-*+!,4!36/2+!*!4,-4*!4G-2.*!*D3+*B!"6=.*!0,+2*!24*D2=*73B!

U=0C3! 3! =34,! 7,! 42=@*! 4C,! <32! .@*4*73d! 3-! +,4E723-! ,-0*/*4!

:+3=03-B!

! b*2! :,D*+! :+*! 424! ! ,1*! 72--,B! ! &2M! ;6,4! /3.S! EB! &2M! ;6,! E!

42=@*!<21@*B!

U6!,+*!-6*!<21@*9!4*-!,+*!5,4!4*2-!73!;6,! 2--3B!U6!,+*!g*+,=9!K@,+o19!

I,2<B!g*+,=!K@,+o1!I,2<B!g*+,=K@,+o1I,2<B!"3--3-!=34,-!,45*+*1@*73-!,4!64!

G=2.3!=34,!=*!53.*!7*!42=@*!4C,!:3+!037*!*!42=@*!/27*B!U1*!3-!-6--6++*/*9!

D+20*/*9!*--352*/*!,!*0E!.*=0*/*B!q+*43-!-6*-!.+2*=V*-9!-,6-!.34:*=@,2+3-9!-,6!

<24! ,! -,6! 2=>.23B! "A-! =3-! +,/,M8/*43-! *3! -,6! 1*73! =3! 5*=.3! 7*! <+,=0,! 73!

.*++3B!

!"(!

!R,+8!;6,!*43!/3.S-!0*=03!*--24T! !,1*!=3-!:,+D6=0*/*9!43-0+*=73!

64*!72-0h=.2*!7,!\^!.,=0>4,0+3-!.34!*-!4C3-B!

!"C3! !+,-:3=7>*43-!.34!-3++2-3-!72--2461*73-B!

!R,+8!;6,!*43!/3.S-!0*=03!*--24! !,1*!+,:,02*9!,!+,:,02*9!,!+,:,02*9!

.*7*!/,M!*<*-0*=73!4*2-!*-!4C3-B!L*-!,1*!=6=.*!.@,D*/*! 189!=C3! 24:3+0*!3!

;6*=03! ,-02.*--,! 3-! 5+*V3-B! #! /3164,! 7,! *43+! ;6,! =60+2*! :3+! =A-! ,+*!

2=*1.*=V8/,1B!"C3!:372*!-,+!;6*=02<2.*73!36!.3=0+31*73B!U+*4!*-!\_!421!.32-*-!

=34,*7*-!73!6=2/,+-3!73!$*3!$,!K@2=D!,!,=0C3!\_!421!*1E4B!R,6!*43+!,+*!

2=.3=72.23=*19!*4:13!,! -24:1,-B!$373!72*!,1*!D*-0*/*! 0373!3! -,6!,-03;6,!7,!

*43+B!

U1*!,+*!<21@*!7,!42120*+!,!.*0A12.*B!L3+36!,4!.2=.3!,-0*73-!72<,+,=0,-!,!

,4!732-!:*>-,-!*=0,-!73-!\^!*=3-B!%4*/*!.*/*13-!,!Y*=[!i2112*4-9!,!02=@*!64*!

4,1@3+!*42D*!.@*4*7*!f*5-B!K34!\]!*=3-!,!D+8/27*9!.*-36F-,!.34!4,6!:*2B!

$+S-!72*-!7,:32-9!,1,!5*0,6!=,1*B!U1*!<32!,453+*!,!/31036B!k32!,453+*!,!/31036B!

"C3! -6:3+0*+2*! *;62139! 4*-! *.*536! -6:3+0*=73B! U1,! ;6,5+36! -,6! =*+2MB! U! *!

136V*B!U1,!,-<3136!3-!Q3,1@3-!7,1*!*3!*++*-08F1*!:,13-!.*5,13-!.*1V*7*!*<3+*!,4!

:1,=*!16M!73!72*B!L*-!,1,!=C3!*!7,-0+626B!%3-!WP!*=3-!,1*!.3=-,D626!7,2N8F13!

:,1*!G1024*!/,MB!

U-0*/*!-3M2=@*9!.34!g*+,=K@,+o1I,2<!=3!5*=.3!73!.*+3=*!73!.*++3B!

%0E!,=0C3!43+8/*43-!,4!64*!.27*7,M2=@*!*!64*!@3+*!7,!L2=,8:312-9!

,4! 64*! -E+2,! 7,! .3=Q6=03-! @*520*.23=*2-! .34! =34,-! ,=D*=*73+*4,=0,!

,1,D*=0,-d!L211!)3=79!f*+5*+o!g=3119!$+,,!I3<0!,!I*[,!J+*.,!L*=3+B!U1*! 0,/,!

64!,4:+,D39!7,:32-!360+3B!R,+/26!4,-*-!=64!16D*+!.@*4*73!"3+-,4*=!,!,4!

-,D627*!,4!64!16D*+!.@*4*73!c=<2=20o9!3=7,!-,6!6=2<3+4,!,+*!64*!.*42-,0*!

:+,0*!.34!3-!72M,+,-!D3!<3+! 20!=64!*+.3F>+2-!5+21@*=0,!=3!:,203B!"3!06+=3!73!

72*!,1*! 0+*5*1@*/*!,4!64*! <85+2.*!;6,!:+376M2*! +,.2:2,=0,-!:18-02.3-!.*:*M,-!

7,!*.3=72.23=*+!:+37603-!;6>42.3-!*10*4,=0,! .3++3-2/3-!,! 1,/*/*!3-! +,<6D3-!

:*+*! .*-*B! f*=7,Q*-! ,! .*2N*-! ;6,! +*.@*/*4!36! <6+*/*4!36! 7,-*12=@*/*4!=*!

!")!

48;62=*B!"A-!3-!0+*=-<3+48/*43-!,4!5+2=;6,73-! !.*4*-!:*+*!*-!53=,.*-9!

+*4:*-!:*+*!3-!.*++3-B!U1*!0+*5*1@*/*9!0+*5*1@*/*!,!0+*5*1@*/*9!,!*2=7*!*--24!

E+*43-!:35+,-B!(,.,5>*43-!;6,2Q39!1,20,!,4!:A!,!.*+0n,-!7,!*--2-0S=.2*!4E72.*!

,! *124,=0*+! 73! D3/,+=39! ,! :+,-,=0,-! 7,! <21*=0+3:3-! =*! E:3.*! 73! "*0*1B!

f+2=.8/*43-!7,!:2;6,9!,-0806*!,!*72/2=@*VC3!=*-!.*2N*-!7,!.3++,23!73!:+E723!

;6,!-A!:372*4!-,+!*5,+0*-!.34!.@*/,9!,-:,+*=73!:,1*!.@,D*7*!73-!.@,;6,-B!

!

U1*!42-06+*/*!.3+*=0,!.34,-0>/,1!,4!8D6*!*V6.*+*7*!:*+*!<2=D2+!;6,!,+*!

64! 7+2=;6,! ,-:,.2*1B! R*1-*:*++21@*! 36! K+6-@! I*+*=Q*! 36! 1243=*7*T! U!

:,+D6=0*/*d! J3-0*+2*! 7,! 360+3! 7+2=;6,9!4*7*4,T9! .34! 64! ,-=35,! -30*;6,!

5+20h=2.3!;6,!-,4:+,!=3-!<*M2*!+2+B!U-0,=72*!3-!5+*V3-!,!72M2*!3!:+,V39!,!3!Q3D3!

=6=.*! 0,+42=*/*B! U1*! =3-! *4*/*!4*2-! 73! ;6,! 037*-! *-! .32-*-! =34,*7*-! =3!

46=73B!U+*!30242-0*!,!-,+,=*9!,N.,03!=*-!:36.*-!/,M,-!,4!;6,!:,+7,6!*!.*14*!

,!=3-!5*0,6!.34!64*!.31@,+!7,!:*6B!#6!7*;6,1*!/,M!,4!;6,!D+2036!LU(&%!,!

.*26! =3! .@3+3! :3+;6,! =C3! 124:*43-! 3! ;6*+03B! U1*! ,+*! 53=73-*! ,!

.34:+,,=-2/*9! D,=,+3-*! ,! 2=DS=6*B! "*43+36! @34,=-! .34! =34,-! .343! 3!

L*0*73+9! &3352,! ,! &*=! 7*! L303.2.1,0*9! ,! 64! .*+*! .@*4*73! b2.03+9! ;6,!

D3-0*/*! 7,! ,-;62! 73p=@211B! U1,-! =3-! 7*/*4! =30*-! 7,! .2=.3! 7A1*+,-! :*+*!

.34:+*+!5*1*!:*+*!;6,!:67,--,4!<2.*+!-3M2=@3-!.34!=3--*!4C,B!

.343!64!5*=73!7,!.*.@3++3-!<*42=03-B!

l6*=73!,1*!.3=@,.,6!U772,9!=C3!*.@36!;6,!<3--,!7*+!.,+039!:3+;6,!,1,!

,+*!3203!*=3-!4*2-!=3/3!73!;6,!,1*9!4*-!,1,-!-,!*:*2N3=*+*4!4,-43!*--24B!

g*+,=9!I,2<!,!,6!0*45E4!=3-!*:*2N3=*43-!:3+!,1,B!U1,!02=@*!W^!*=3-!;6*=73!

3!.3=@,.,43-!,!Wm!;6*=73!-,!.*-36!.34!=3--*!4C,!,!:+34,0,6!-,+!=3--3!:*2j!

64! .*+:2=0,2+3! ;6,! :372*! .3=-0+62+! ,! .3=-,+0*+! ;6*1;6,+! .32-*B! R*>43-! 73!

.3=Q6=03! @*520*.23=*1! .34! =34,-! :34:3-3-! ,! =3-!467*43-! .34! ,1,! :*+*!

!"*!

64*! .*-*!7,! <*M,=7*! *16D*7*! .*2=73! *3-! :,7*V3-! ;6,! 02=@*! 64!:3+C3! .34!

.@C3!7,! 0,++*! ,! ;6*0+3! .3+,-!72<,+,=0,-!7,!:2=06+*!=*-!:*+,7,-! ,N0,+=*-B!"3!

2=/,+=3!7,:32-!;6,!42=@*!4C,!-,!.*-36!.34!,1,9!U772,!.*26!7,!64!0,1@*73!=3!

-,+/2V3! ,! ;6,5+36! *! .316=*B! '4! *=3! 7,:32-9! ,1,! ,! 42=@*! 4C,! :,D*+*4! *!

2=7,=2M*VC3! 7,! \W!421! 7A1*+,-! ;6,! ,1,! +,.,5,6! ,! .34:+*+*4! \X! @,.0*+,-! 7,!

0,++*! =3! .3=7*73! 7,! %20[2=9! 72-0*=0,! 64*! @3+*! ,! 4,2*! *! 3,-0,! 7,! &6160@B!

)*D*+*4!,4!72=@,2+3!/2/3B!

"C3!@*/2*!.*-*B!"2=D6E4! Q*4*2-! 0,/,!64*!.*-*!=*;6,1*! 0,++*B!"3--3-!

\X! @,.0*+,-! ,+*4! 64!;6*7+*73! :,+<,203! 7,! 8+/3+,-9! *+56-03-! ,! .*:249! 1*D3-!

:*=0*=3-3-! ,! 5+,Q3-! .@,23-! 7,! 02<*-B! "C3! @*/2*! =*7*! ;6,! *! 72<,+,=.2*--,! 7,!

8+/3+,-9!*+56-03-9!.*:24!,!1*D3-!,!5+,Q3-!;6,!.,+.*/*4!3!0,++,=3!,4!037*-!*-!

72+,Vn,-!:3+!;621a4,0+3-B!e6=03-9!:,+.3++,43-!+,:,027*4,=0,!3!:,+>4,0+3!7,!

=3--3!0,++,=3!=*;6,1,-!:+24,2+3-!4,-,-!.343!:+3:+2,08+23-9!<3+V*=73!.*42=@3!

*0+*/E-! 7*! =*06+,M*! =3-! 732-! 1*73-! ;6,! =C3! <*M2*4! <+3=0,2+*! .34! *! ,-0+*7*9!

.343! -,! :,+.3++SF1*! *! :+30,D,--,! 73! +,-03! 73! 46=739! 03+=*=73F*! =3--*B! U!

1,=0*4,=0,!*.3=0,.,6!7,--*!<3+4*B!r+/3+,-!;6,!*=0,-!:*+,.2*4!037*-!2D6*2-!-,!

03+=*+*4!0C3!+,.3=@,.>/,2-!.343!3!+3-03!7,!/,1@3-!*42D3-!,4!64*!461027C39!

-,6-! D*1@3-! 43/24,=0*=73F-,! .34! +,:,=02=3! -2D=2<2.*739! -6*-! <31@*-!

-2=*12M*=73! .343!4C3-! +,.3=@,.>/,2-B! $36.,2+*-! 7,! .*:24! ,! *-! 4*+D,=-! 73!

*D3+*!<*4212*+!5+,Q3!-,!03+=*+*4!4*+.3-9!D62*-9!2=7,.2<+8/,2-!:*+*!0373!46=739!

4,=3-!:*+*!=A-B!

!

=*!.27*7,!*!64*!@3+*!7,!L2=,8:312-B!&6+*=0,!-,2-!4,-,-9!>*43-!:*+*!3!=3+0,!

*:,=*-! =3-! <2=*2-! 7,! -,4*=*9! 0+*5*1@*=73! <6+23-*4,=0,! :*+*! 734*+! 64!

:,7*V3!7*!0,++*!,!.3=-0+62+!64*!.*5*=*!7,!:*:,1!*1.*0+3*73!7,!64!.a43739!

3=7,!=A-!.2=.3!:67E--,43-!73+42+B!"3!2=>.23!7,! Q6=@39!;6*=73!,6!02=@*!\O!

*=3-9!=3-!467*43-!:*+*!3!=3+0,!7,!/,MB!#6!4,1@3+9!42=@*!4C,9!I,2<9!g*+,=!,!

,6! =3-!467*43-9! Q6=03! .34! 732-! .*/*13-9! =3--3-! D*03-! ,! .*.@3++3-9! ,! 64*!

!#+!

.*2N*!.34!7,M!:2=02=@3-!;6,!4*4C,!D*=@36!=*!13Q*!7,!*=24*2-!:3+!.34:+*+!

\\! ;6213-! 7,! +*VC3! :*+*! D*12=@*B! U772,! .3=02=6*+2*! *! 2+! =3-! <2=-! 7,! -,4*=*!

76+*=0,!3!/,+C39!-A!<2.*=73!7,!/,M!;6*=73!3!3603=3!.@,D36B!R6*!.316=*!<2.36!

030*14,=0,! 53*! :*+*! ;6,! :67,--,! /310*+! *! 0+*5*1@*+9! ,! ,1,! .3=-,D626! 64!

,4:+,D3!.343!.*+:2=0,2+3!76+*=0,!*!,-0*VC3!43/24,=0*7*9! 16.+*02/*!7,4*2-!

:*+*!-,+!7,-:,+72V*7*B!

g*+,=K@,+o1I,2<! ,-0*/*4! =3/*4,=0,! -3M2=@3-! .34! =3--*! 4C,9! 7*!

4,-4*! <3+4*! ;6,! ,-02/,+*4! ;6*=73! ,1*! ,-0*/*! -310,2+*B! %.3+7*73-! 36!

73+42=739!=*;6,1,!/,+C39!4*1!:,+7>*43-!64!*3!360+3!7,!/2-0*!,! +*+*4,=0,!

,=.3=0+8/*43-! *1D64*! 360+*! :,--3*B! U-08/*43-! *! OW! ;621a4,0+3-! 7,! 76*-!

:,;6,=*-! .27*7,-! ,4! 72+,Vn,-! 3:3-0*-d! L33-,! I*[,! *! 1,-0,! ,! L.J+,D3+! *!

=3+3,-0,B! "3! 3603=3! <+,;6,=0*+>*43-! *! ,-.31*! ,4!L.J+,D3+9! *!4,=3+! 7*-!

76*-9!.34!64*!:3:61*VC3!7,!;6*0+3.,=0*-!:,--3*-9!4*-!76+*=0,!0373!3!/,+C39!

,N.,03! :3+! /2-20*=0,-! 3.*-23=*2-! ! /2M2=@3-! 72-0*=0,-! ;6,! :*+*/*4! :*+*! -,!

*:+,-,=0*+! 9! E+*43-! =A-! ,! =3--*! 4C,B! f+2=.8/*43-9! .3=/,+-8/*43-9!

.3=08/*43-!:2*7*-!,!=3-!72-0+*>*43-!:*+*!:*--*+!3!0,4:3B!

l6,4! -36! ,6T9! :,+D6=08/*43-! 6=-! *3-! 360+3-! -,4! :*+*+9! 64*!

<*43-3!36!=C39!,!*-!360+*-!02=@*4!7,!*72/2=@*+!;6,4!,+*9!0,=73!.343!5*-,!

64*! -E+2,! 2=<2=20*! 7,! :,+D6=0*-! 7,! -24! 36! =C3d! b3.S! E! @34,4T! b3.S! E!

*4,+2.*=3T!b3.S!,-08!43+03T!b3.S!E!K@*+1,-!L*=-3=T!

f+2=.8/*43-!72--3!,=;6*=03!:1*=08/*43-!,! .6278/*43-!7*!@3+0*!;6,!

=3-!-6-0,=0*+2*!76+*=0,!3!2=/,+=3!,4!64!-313!;6,!<32!*5*=73=*73!?!:+A:+2*!

-3+0,!76+*=0,!421S=23-j!*3!4,-43!0,4:3!:+3D+,7>*43-!7,!<3+4*!.3=-2-0,=0,!

=*! .3=-0+6VC3! 7*! .*-*! 73! 360+3! 1*73! 7*! :+3:+2,7*7,! ,! 03+.>*43-! :*+*!

0,+42=8F1*!:3+!/310*!73!<2=*1!73!/,+C3B!U=N*4,-!7,!43-;6203-!=3-!*0*.*/*4!

,=;6*=03!0+*5*1@8/*43-9!4*-!4*4C,!=3-!:+32526!7,!6-*+!&UU$!36!;6*1;6,+!

360+*! -65-0h=.2*! ;6>42.*! 2D6*14,=0,! 7,-0+6273+*! 7,! .E+,5+3-9! :316273+*! 7*!

!#"!

$,++*!36!:30,=.2*14,=0,!:+,Q672.2*1!?!:+3DS=2,B!U4!/,M!72--39!,1*!=3-!,=-2=36!

*!,=.@*+.*+!3!.3+:3!.34!A1,3!7,!@3+0,1C!36!7,!:3,Q3B!s!=320,9!?!16M!7,!/,1*-9!

5+2=.8/*43-!7,!.3=0*+!*-!:2.*7*-!,4!=3--3-!.3+:3-B!#-!=G4,+3-!,+*4!7,!m]9!

PX9!\_O!43+727*-B!

;6*=73!4,6-!2+4C3-!,!,6!+,.1*48/*43-!7,!037*-!*-!.32-*-!;6,!=C3!0>=@*43-!

4*2-B!"6=.*!/2/,43-!16N63-*4,=0,!36!4,-43!.343!:,--3*-!7,!.1*--,!4E72*9!

4*-! 0>=@*43-! /2/273! ,=0+,! 3-! .3=<3+03-! 7*! /27*! 437,+=*B! R,4:+,! 02/,43-!

64*!0,1,/2-C3!,4!=3--*!.*-*9!-,4!.3=0*+!64*!:+2/*7*!.34!7,-.*+D*!,!64*!:2*!

3=7,!,+*!:3-->/,1! -,! -,+/2+!7,!64!.3:3!7,!8D6*B!U4!=3--*!=3/*!/27*! .343!

:23=,2+3-9!4,-43!*0,=7,+!?-!=,.,--27*7,-!4*2-!-24:1,-!;6*-,!-,4:+,!,=/31/2*!

64*! ,N*6-02/*! -,;6S=.2*! 7,! 0*+,<*-! +2D3+3-*-! ,! 7,! :,+7*! 7,! 0,4:3B! "3--*!

.3M2=@*!,+*!64!<3D*+,2+3!K31,4*=!:*+*!*.*4:*4,=039!64*!.@6++*-;6,2+*!7,!

.@C39! 64*! *=02;6*7*! .*2N*! 7,! D,13! ;6,! U772,! .3=-0+626! ,! ;6,! 7,:,=72*! 7,!

D,13!7,!/,+7*7,!:*+*!4*=0,+!*-!.32-*-!1,/,4,=0,!<+2*-9!64*!:2*!-310*!*:32*7*!

=*! :*+,7,! ,N0,+=*! 7*! .*5*=*! ,! 64! 5*17,! 7,! 8D6*! .34! 0*4:*B! K*7*!

.34:3=,=0,! ,N2D2*! 64!:36.3!4,=3-! 73! ;6,! :+3:3+.23=*/*9! :+,.2-*=73! -,+!

-6:,+/2-23=*73! ,! .3=-,+/*739! *5*-0,.273! ,! ,-/*M2*739! 0+*=-:3+0*73! ,!

7,-:,Q*739!,=.@273!,!:+,:*+*739!,!*124,=0*73!,!43=203+*73B!

g*+,=! ,! ,6! 72/27>*43-! 64*! .*4*! ,4! 64! 4,M*=2=39! .3=-0+6>7*! 0C3!

:+AN24*! *3! 0,1@*73! ;6,! 4*1! :37>*43-! =3-! -,=0*+B! I,2<! 73+42*! *! :36.3-!

4,0+3-9! ,4! -,6! :+A:+23! 4,M*=2=39! ;6,! ,+*! 4,=3+9! ,! =3--*! 4C,! <2.*/*!

,45*2N39!,4!64*!.*4*!=3!.@C39!Q6=03!.34!U772,!=3-!<2=*2-!7,!-,4*=*B!$37*-!

*-! =320,-! .3=/,+-8/*43-! *=0,-! 7,! 73+42+9! =3! ,-0213! <,-0*! 73! :2Q*4*B! Y*/2*!

64*!.1*+*532*!=3!0,03!;6,!*.34:*=@*/*!3!.34:+24,=03!73!4,M*=2=3!;6,!,6!

72/272*!.34!g*+,=9!/27+3!0+*=-:*+,=0,!*!*:,=*-!*1D6=-!.,=0>4,0+3-!7,!=3--3-!

+3-03-B! $37*-! *-! =320,-! 3! .E6! =,D+3! ,! *-! ,-0+,1*-! 5+21@*=0,-! ,+*4! 42=@*-!

4*+*/21@3-*-! .34:*=@,2+*-j! *.*5,2! ,=N,+D*=73! -6*! 5,1,M*! ,! -31,=27*7,! 0C3!

!##!

.1*+*4,=0,!;6,!:,+.,52!7,!<3+4*!:,=,0+*=0,!;6,!42=@*!4C,!02=@*!+*MC3B!l6,!

*1D64!72*!,6! -,+2*!D+*0*!,!;6,!7,! <*03!,6!,-0*/*!D+*0*!*D3+*9!;6,! -,=02! *1D3!

.+,-.,=73!,4!424!;6,!,+*!<3+0,!,!/,+7*7,2+3B!

k32!,--*!.32-*!;6,!@*/2*!.+,-.273!,4!424!;6,!,6!1,45+,2!*=3-!7,:32-9!

;6*=73! 42=@*! /27*! <2.36! ?! 7,+2/*! :,13! -3<+24,=03B! #! ;6,! 4,! 1,/*+2*! *!

*.+,720*+!;6,!<*M,+!*!.*42=@*7*!=*!)*.2<2.!K+,-0!$+*21!,+*!3!4,6!.*42=@3!7,!

/310*!:*+*!*!:,--3*!;6,!,6!.3-064*/*!-,+B!

"*!=320,!7,!Y*113p,,=!=3-!467*43-!:*+*!*!.*-*!;6,!.3=-0+6>43-!.34!

8+/3+,-!,!:,7*V3-!7,!4*7,2+*B!"C3!02=@*!,1,0+2.27*7,!=,4!8D6*!,=.*=*7*!36!

0,1,<3=,!36!5*=@,2+3!2=0,+=39!=,4!4,-43!64!;6*+03!.34!:3+0*B!%3!13=D3!7,!

037*! *!42=@*! *731,-.S=.2*9! U772,! ,!4*4C,! .3=02=6*+*4! *! .3=-0+62+! *! .*-*9!

*64,=0*=73F*! ,! <*M,=73! 4,1@3+2*-B! L*4C,! <,M! 64*! @3+0*! ,! :+,:*+*/*!

.3=-,+/*-9!:2.1,-!,!/,D,0*2-! .3=D,1*73-!=3!3603=3B!U1*! -*=D+*/*!*-!8+/3+,-!,!

<*M2*!4*:1,! -o+6:9! *--*/*! :C39! .*+7*/*! *! 1C! ,! <*M2*! *-! :+A:+2*-! 02=06+*-! 73-!

0,.273-!.34!7,=0,-F7,F1,C3!,!<31@*-!7,!5+A.312-B!

K+,-.2!,!-*>!7,!.*-*!:*+*!64*!<*.617*7,!.@*4*7*!R0B!$@34*-9!,4!$p2=!

K202,-9!4*-!=C3!-,4!42=@*!4C,B!L2=@*!.*+0*!7,!*.,20*VC3!4,=.23=*/*!;6,!3-!

:*2-!73-!*16=3-!:372*4!*--2-02+!D+*0620*4,=0,!?-!*61*-!=*!R0B!$@34*-B!)3+!4*2-!

;6,! D3-0*--,! 7,! -6*! /27*! .343! :23=,2+*! 437,+=*9! 4*4C,! -,4:+,! ;62-! -,!

<3+4*+B!(243-!Q6=0*-!-35+,!2--3!,!7,:32-9!-3M2=@*-9!+,<1,0243-B!$2=@*!`_!*=3-!,!

,-0*/*! /,1@*! 7,4*2-! :*+*! .6+-*+! *! <*.617*7,! *D3+*9! 4*4C,! *1,D36! ;6*=73!

.3=/,+-*43-9! ,! =C3! :67,! 72-.3+7*+B! %1E4! 72--39! *! R0B! $@34*-! <2.*/*! *! 0+S-!

@3+*-! 7,! 72-0h=.2*B! K3=02=6*43-! *! .3=/,+-*+! ,! .3=/,+-*+! *0E! <2=*14,=0,!

.@,D*+43-! *! 64! *.3+73d! ,1*! 2+2*! :*+*! R0B! $@34*-9! 4*-! 0,+>*43-! /27*-!

-,:*+*7*-9!:3+!24:3-2VC3!42=@*B!U6!43+*+2*!=3!73+420A+23!,!,1*!<2.*+2*!2=73!,!

/2=73B!R,!=3--3-!.*42=@3-!-,!.+6M*--,4!=3!.*4:6-9!,1*!=C3!<*1*+2*!.342D3!*!

=C3!-,+!;6,!,6!<*1*--,!:+24,2+3B!

!#$!

! c--3! :+3/*/,14,=0,! =C3! /*2! 7*+! ,4! =*7*! ! ,1*! 72--,! *--24! ;6,!

.3=.,5,43-! 3! :1*=3B! ! q! 4*2-! :+3/8/,1! ;6,! ,6! :,+.*! 3! *=3B! ! )*+*! -,!

:+,:*+*+9!,1*!*.34:*=@36!3-!4,6-!G10243-!4,-,-!73!,=-2=3!4E7239! <*M,=73!

0373-! 3-! 0+*5*1@3-! 7,! .*-*! ;6,! ,6! 02=@*! ;6,! <*M,+9! *:,+<,2V3*=73! -6*-!

@*52127*7,-B!U1*!.3:2*/*!*-!*61*-9! ,-.+,/2*!3-!4,-43-! 0,N03-!;6,!,69! 12*! .*7*!

64! 73-! 4,6-! 12/+3-B! %/*12*/*! -,6! 0+*5*1@39! 6-*=73! 3-! .+20E+23-! 7,! 4,6-!

:+3<,--3+,-! .343! D62*B! K3=-27,+,2F*! 64*! ,-067*=0,! 2++,D61*+! =*!4,1@3+! 7*-!

@2:A0,-,-B!

U1*!,=0+36!=*!<*.617*7,!,!-A!02+36!=30*!%B!

s-!/,M,-!,6!*!*5+*V*/*!,<6-2/*4,=0,!;6*=73!*!,=.3=0+*/*!=3!.*4:6-j!

360+*-!/,M,-!*!2D=3+*/*!.343!-,!=C3!*!.3=@,.,--,B!

q+*43-!*45*-!/,0,+*=*-!=*!<*.617*7,!;6*=73!-365,43-!;6,!,1*!02=@*!

.h=.,+B! ",--*! E:3.*! =C3! ,-08/*43-! 4*2-! =*! R0B! $@34*-B! $>=@*43-! -273!

0+*=-<,+27*-! :*+*! *! '=2/,+-27*7,! 7,!L2==,-30*! 7,:32-! 73! :+24,2+3! *=39! ,1*!

:*+*! 3! .*4:6-! 7,! &6160@! ,! ,6! :*+*! 3! 7,!L2=,8:312-9! ,! :*+*! =3--*! *1,D+2*!

<2M,43-!3!4,-43!.6+-3B!U1*!,-0*/*!-,!<3+4*=73!0*=03!,4!U-0673-!k,42=2-0*-!

;6*=03! ,4! Y2-0A+2*9! ,6! ,4! U-0673-! k,42=2-0*-! ,! I,0+*-B! s! =320,9!

.3=/,+-8/*43-!76+*=0,!64*!@3+*!*3! 0,1,<3=,B!"*!E:3.*!,6!,+*!.*-*7*!.34!

64! .*+*! A0243! .@*4*73! )*61B! K*-,2F4,! .34! ,1,! ,4! 4,23! ?! =*06+,M*9! ,4!

=3--*!:+3:+2,7*7,9!.34!64!/,-0273!7,!.,024!,!+,=7*!5+*=.*!;6,!42=@*!4C,!

.3-06+36B!

&,:32-!;6,!,1*!<2.36!73,=0,9!467,2!*!42=@*!/27*B!&2--,!*!)*61!;6,!=C3!

.3=0*--,!.342D3B!U6!0,+2*!;6,!2+!,!/2+!.3=<3+4,!*-!=,.,--27*7,-!7,!42=@*!4C,B!

l62-! *5*=73=*+! *! <*.617*7,9! 4*-! ,1*! 3+7,=36! ;6,! ,6! =C3! 3! <2M,--,9!

24:13+*=73!;6,!4,! <3+4*--,9!=C3! 24:3+0*/*!3!;6,!*.3=0,.,--,B! U1*!4,-4*!

02+36!3!;6,! .@*436!7,!64*! <31D*B!)+,.2-*/*!*:,=*-! .34:1,0*+!64*-!:36.*-!

*61*-!:*+*!-,!<3+4*+9!,!<*+2*!2--39!,1*!4,!72--,B!$2+*+2*!3!72:134*!=,4!;6,!<3--,!

*! G1024*! .32-*! ;6,! <2M,--,9! ,1*! 72--,9! ,! +243-! ,! ,=0C3! =3-! 31@*43-!

!#%!

-345+2*4,=0,B! k*+2*! 3-! 0+*5*1@3-! =*! .*4*B! U1*!4,! 72+2*! 3! ;6,! 72D20*+! ,! ,6!

72D20*+2*B! I3D3! 0,+2*! <3+V*-! -6<2.2,=0,-! :*+*! .34,V*+! *;6,1*-! 76*-! G1024*-!

4*0E+2*-9! ,1*! 02=@*! .,+0,M*B! K3=02=6,2! ,-067*=73! *:,-*+! 7,! 0,+! :,7273!

:,+42--C3!*3-!4,6-!:+3<,--3+,-!:*+*!<+,;6,=0*+!*:,=*-!732-!72*-!:3+!-,4*=*B!

%--24!;6,!,--,-!732-!72*-!0,+42=*/*49!,6!.3++2*!:*+*!.*-*!,!<2.*/*!.34!4*4C,B!

%3! .3=0+8+23! 7,! I,2<! ,! g*+,=9! ;6,! 4*1! .3=-,D62*4! <2.*+! =*! :+,-,=V*! 7,1*!

7,:32-!;6,!<2.36!73,=0,9!,6!=C3!.3=-,D62*!<2.*+!13=D,!7,1*B!%1E4!72--39!,6!,+*!

=,.,--8+2*B! U772,! <2.*/*! .34!,1*! -,4:+,!;6,!:372*9!4*-! :+,.2-*/*! 0+*5*1@*+B!

%1D6E4!02=@*!7,!:*D*+!*-!.3=0*-B!

U6! :+,:*+*/*! *! .3427*! ;6,! 4*4C,! 0,=0*/*! .34,+9! 4*-! +*+*4,=0,!

.3=-,D62*B! U1*! *.@*/*! ;6,! ,-0*/*! .34! <34,! ,! 7,:32-! -,! -,=0*/*! .343!64*!

:+2-23=,2+*!31@*=73!:*+*!*!.3427*!,4!-,6!:+*03B!

!)*+,.,!D3-03-*! !,1*!72M2*B! !%.@3!;6,!/36!.3=-,D62+!.34,+!4*2-!

0*+7,B!

U6! 124:*/*! 3! .@C3B! $2+*/*! 0673! 7,! 7,=0+3! 73-! *+48+23-! ,! .313.*/*!

=3/3-! :*:E2-! :*+*! <3++*+! *-! :+*0,1,2+*-B!L*4C,! 73+42*! ,! D,42*9! .3=0*/*! ,!

,=D312*!-6*-!:>161*-B!"3-!72*-!4,1@3+,-!,1*!-,!-,=0*/*!=*!:310+3=*!,!.3=/,+-*/*!

.342D3B!

"C3!@*/2*!46203! *!72M,+B! U1*! ,+*! 0C3! 0+*=-:*+,=0,! ,! ,<6-2/*! ,! ,6! 0C3!

;6,-023=*73+*! ;6,! Q8! 0>=@*43-! .3=/,+-*73! -35+,! 0673B! R*52*! ;6,! -,6! *43+!

:3+!424!,+*!4*23+!73!;6,!*-!\_!421!.32-*-!,!0*45E4!73!;6,!*-!\_!421!.32-*-!

*1E4!7,--*-B!R*52*!3-!=34,-!73-!.*/*13-!;6,!,1*!*4*+*!;6*=73!4,=2=*d!)*19!

f677o!,!f*..@6-B!R*52*!;6,!02=@*!:,+7273!*!/2+D2=7*7,!*3-!\m!*=3-!.34!64!

D*+303! .@*4*73! L2[,B! R*52*! .343! ,1*! 02=@*! .3=@,.273! 4,6! :*2! =3! *=3!

-,D62=0,!,!;6,! 24:+,--C3!,1*! 0,/,!7,1,!=3-!:+24,2+3-!,=.3=0+3-B!R*52*!.3439!

;6*=73! .3=036! *3-! :*2-! *! =3/27*7,! -35+,! *! D+*/27,M! *731,-.,=0,! *=0,-! 73!

.*-*4,=039!-,6!:*2!7,2N*+*!.*2+!*!.31@,+B!R*52*!;6,!,1*!7,0,-0*/*!-,!.3=<,--*+!,!

0*45E4!*-!4620*-! .32-*-!;6,!@*/2*! .3=<,--*73B!)+*D6,Q*+! ,! -,+!7,-+,-:,203-*!

!#&!

.34!*!4C,9!+,.1*4*+!7,!0,+!;6,!.313.*+!*!4,-*!,=;6*=03!*! 2+4C!4*2-!=3/*!

5+2=.*/*B!'-*+!/,-0273-!:*+*!2+!?!,-.31*!,!7,:32-!0+3.8F13-!:,13-!Q,*=-!;6,!,1*!

,-.3=72*! =*! 531-*B! %3! 13=D3! 7,! 037*! *! 42=@*! 2=<h=.2*! ,! *731,-.S=.2*! ,6!

:,+D6=0*/*9!:,+D6=0*/*9!<*M,=73!.34!;6,!,1*!7,-.+,/,--,!,--*-!.,=*-!,!46203!

4*2-9!;6,+,=73!-*5,+!;6,4!72--,!3!;6S!,!.3439!3!;6,!,1*!-,=026!:3+!7,=0+3!?!

4,727*!;6,!,--*-!.32-*-!*.3=0,.2*49!3=7,!<2.*/*!0*1!,!0*1!.32-*!,!;6,!@3+*!73!

72*!*.3=0,.,6B!U!,1*!4,!.3=0*/*9!.34!+,160h=.2*!36!.34!:+*M,+9!D*+D*1@*=73!

36! :,+D6=0*=73! :3+! ;6,! *<2=*1! 7,! .3=0*-! ,6! ;6,+2*! -*5,+B! U6! ;6,+2*! -*5,+B!

"C3!.3=-,D62*!,N:12.*+B!

L*-!*D3+*!;6,!,1*!,-0*/*!43++,=73!,6!-*52*!0673B!L2=@*!4C,!Q8!,-0*/*!

,4! 424B! "C3! *:,=*-! *-! :*+0,-! 7,1*! ;6,! ,6! .3=@,.2*9! 4*-! *-! :*+0,-! ;6,!

,N2-02*4!*=0,-!0*45E4B!

"C3!<2;6,2!46203!0,4:3!2=73!,!/2=739!,=0+,!L2=,8:312-!,!42=@*!.*-*B!

)36.3! 4*2-! 7,! 64! 4S-B! %! 27,2*! 7,! ;6,! 42=@*! 4C,! /2/,+2*! 64! *=3!

+*:27*4,=0,!-,!03+=36!64!-3=@3!0+2-0,B!$>=@*43-!273!?!K1>=2.*!L*o3!=3!72*!

\W!7,!<,/,+,2+3B!"3!72*!O!7,!4*+V3!,1*!:+,.2-36!2+!:*+*!3!@3-:20*1!,4!&6160@9!

*! \\W! ;621a4,0+3-! 7,! 72-0h=.2*9! :3+;6,! ,-0*/*! .34!4620*! 73+B! U=;6*=03! -,!

/,-02*! :*+*! -*2+9! :,+.,5,6! ;6,! =C3! .3=-,D62*! /,-02+! *-! :+A:+2*-! 4,2*-! ,! 4,!

.@*436!,4!-,6!;6*+039!:,72=73!*Q67*B!U1*!-,!-,=036!=*!.*4*!,!,6!4,!*Q3,1@,2!

72*=0,!7,1*B!"6=.*!02=@*!.313.*73!4,2*-!,4!=2=D6E49!,!<32!4*2-!72<>.21!73!;6,!

24*D2=,2! ;6,! -,+2*B! U1*-! =C3! 7,-12M*/*4! -35+,! *! :,1,B! k2.*/*4! ,4531*7*-B!

k2;6,2! <6+23-*!.34!42=@*!4C,9!.343!-,!,-02/,--,!:+3:3-20*14,=0,!4*=0,=73!

3-!:E-!7,!64! Q,203!;6,! 03+=*/*! 2--3! 24:3-->/,1!:*+*!424B!U1*! -,! +,.12=36!=*!

.*4*9!*:32*7*!-35+,!*-!4C3-9!3-!31@3-!<,.@*73-B!U6!:372*!36/2F1*!+,-:2+*=73!

:+3<6=7*!,!1,=0*4,=0,B!

!&+3D*! !,6!72--,B! !L,!*Q67*B!

L*4C,!4,!31@36!,!=C3!72--,!=*7*!:3+!*1D6=-!2=-0*=0,-B!

!#'!

!l6,+27*! !,1*!<2=*14,=0,!72--,9!4,!31@*=739!*!4C3!*<*D*=73!3!*103!

7*!42=@*!.*5,V*B!k32!64*!:*1*/+*!;6,!,1*!6-36!.34!<+,;6S=.2*!*3!13=D3!7,!

42=@*! 2=<h=.2*9! :+3=6=.2*7*! ,4! 64! 034!46203! ,-:,.><2.3B! U--*! =C3! <32! 7*!

4*=,2+*! ;6,! ,6!;6,+2*! ;6,! <3--,9! *;6,1*! G=2.*!:*1*/+*9! ;6,+27*9!4*-! <32! 73!

Q,203!;6,!<32B!U--*!*.,20*VC3!73!-3<+24,=03!<32!3!;6,!4*2-!4,!2=.343736!,4!

42=@*!4C,9!-,6!2=<2=203!30242-43!,!-6*!*1,D+2*B!

!b*43-! !,6!72--,!7,:32-!7,!160*+!:*+*!.313.*+!-,6-!-*:*03-B!

b,-026!3!.*-*.3!.34!43/24,=03-! 1,=03-!,!:,-*73-B!U1*!-,!-,D6+36!=*-!

:*+,7,-! ?! 4,727*! ;6,! */*=V*/*! :,1*! .*-*9! -,6-! 732-! *73+*73-! .*.@3++3-!

-,D62=73F*9! ,4:6++*=73! 3-! <3.2=@3-! ,4! -6*-! 4C3-! ,! .3N*-B! #5-,+/,2! *!

4*=,2+*! .343! ,1*! *<*D*/*! -6*-! .*5,V*-B! U6! =C3! 02=@*! 4*2-! :+,.,-B! %! <+*-,!

;6,-,<37*4!,+*!64*!:>161*!-,.*!,4!42=@*!53.*B!

!%7,6-9!;6,+273-! !,1*!72--,!:*+*!3-!.*.@3++3-B! !%7,6-9!.*-*! !,1*!

72--,!*3!4,!-,D62+!:3+0*!*<3+*B!

!

!

"C3!4,!:*--36!:,1*!.*5,V*!;6,!42=@*!4C,!43++,+2*B!#!:,=-*4,=03!

Q*4*2-! 4,! /,23! ?! 4,=0,! *0E! ,1*! ,-0*+! 43++,=73B! U1*! ,+*! 43=31>02.*! ,!

2=0+*=-:3=>/,19! *! D6*+72C! 7*! 42=@*! /27*B! U=/,1@,.,+2*! ,! *2=7*! .627*+2*! 7*!

@3+0*B!U--*!24*D,4!,-0*/*!<2N*7*!,4!42=@*!4,=0,9!.343!64*!7*-!1,45+*=V*-!

7,! -6*! 2=<h=.2*! ;6,! <2M! .34! ;6,! 4,! ,N:12.*--,! 0C3! 7,0*1@*7*4,=0,! ;6,! ,6!

1,45+*/*!.343!-,!<3--,!42=@*B!U1*!<2.*+2*!/,1@*!,!12=7*!.343!*!<303!,4!:+,03!

+*:27*4,=0,! *! ,--*! 24*D,4!=*-!:+24,2+*-! -,4*=*-! *:A-! 7,2N*+43-! *!K1>=2.*!

L*o39!4*-!7,:32-!;6,!,1*!<32!2=0,+=*7*!=*!*1*!7,!73,=0,-!0,+42=*2-!,4!&6160@!

*;6,1*!24*D,4!7,-*:*+,.,6!,!7,6!16D*+!*!360+*-9!4*2-!437,-0*-!,!/,+7*7,2+*-B!

c4*D2=,2!42=@*!4C,!,4!36065+3j!D+*/,2!*!.,=*!,4!42=@*!4,=0,B!U!7,:32-!*!

!#(!

24*D2=,2!,4!*D3-03!,!0*45E4!,4!4*23B!K*7*!72*!;6,!:*--*/*9!,+*!360+3!4S-!

;6,!2*!,453+*B!

U4! -,6! :+24,2+3! 72*! =3! @3-:20*19! 64*! ,=<,+4,2+*! 3<,+,.,6!43+<2=*! *!

42=@*!4C,9!4*-!,1*!+,.6-36B!

! L3+<2=*! E! 3! ;6,! -,! 78! *! ;6,4! ,-08! 43++,=73! ! ,1*! 72--,B! !

R2D=2<2.*!;6,!=C3!@8!,-:,+*=V*B!

L*-! ,1*! +,.6-36! *!3<,+0*!:3+! *:,=*-! 64!72*B! U1*! 73+42*! ,! *.3+7*/*9!

.3=/,+-*/*!,!+2*B!U!D+20*/*!7,!73+B!)*--*/*!3-!72*-!.34!,1*!,!U772,!<2.*/*!=*-!

=320,-B! I,2<! ,! g*+,=! =C3! *:*+,.,+*49! 7*=73! 7,-.61:*-! ;6,! ,6! *.@*/*!

2=,N:12.8/,2-! ,!,=<6+,.,73+*-9! ,453+*! -6*-!*6-S=.2*-! =C3!:*+,.,--,4!.@*0,*+!

4*4C,B!U1*!-A!,-0*/*!:+,3.6:*7*!,4!*.*5*+!.34!*!73+9!64*!0*+,<*!24:3-->/,1!

=3-! 2=0,+/*13-! ,=0+,! *-! 73-,-! 7,! 43+<2=*B! "6=.*! .3=-,D6>*43-! *++64*+! 3-!

0+*/,--,2+3-!7*!<3+4*!.3++,0*B!'4*!0*+7,!64!4E72.3!;6,!,6!=6=.*!02=@*!/2-03!

,=0+36!=3!;6*+03!,!,N:12.36!;6,!42=@*!4C,!,-0*/*!,<,02/*4,=0,!43++,=73B!

!L*-!-A!<*M!64!4S-! !<*1,2!2=72D=*7*B! !#!360+3!4E72.3!72--,!;6,!

-,+2*!64!*=3B!

U1,!=C3!+,0+6.36B!U+*!Q3/,49!0*1/,M!02/,--,!O_!*=3-B!)*+36!*3!1*73!7,!

42=@*!4C,9!*!4C3!-6*/,!,!:,167*!,=<2*7*!=3!531-39!,!*!35-,+/36!=*!.*4*B!

! %! :*+02+! 7,! *D3+*! =3--*! G=2.*! :+,3.6:*VC3! E! ;6,! ,1*! <2;6,!

.3=<3+08/,1B!

K3=<3+08/,19!,!4,-43!*--24!*-!,=<,+4,2+*-!0,=0*/*4!1@,!7*+!*!4,=3+!

73-,!7,!43+<2=*!:3-->/,1B!'4!73-!,=<,+4,2+3-!,+*!64!@34,49!,!,6!:372*!/,+!

3! .3=03+=3! 73! :S=2-! =*! -6*! .*1V*! 5+*=.*! *:,+0*7*B! U6! ;6,+2*!

7,-,-:,+*7*4,=0,!,4:6++8F13!:*+*!3!:,;6,=3!5*=@,2+3!;6,!<2.*/*!=*!<+,=0,!

73!:E!7*!.*4*!7,!42=@*!4C,!,!4,!3<,+,.,+!*!,1,!:*+*! <*M,+!*5-3160*4,=0,!

0673!-,!,1,!=3-!*Q67*--,B!$*45E4!7,-,Q,2!-,=02+!:+*M,+!.34!,1,9!-,=02+!3!:,-3!

7,!-,6!.3+:3!-35+,!3!4,69! -,=02+! -6*!53.*!,4!4,6!.*5,13!,!36/2F13!72M,+!3!

!#)!

4,6! =34,! /8+2*-! /,M,-9! <3+V8F13! *! .3++,-:3=7,+9! <*M,+! .34! ;6,! 2--3! <3--,!

24:3+0*=0,!:*+*!,1,9!-65Q6D*+!-,6!.3+*VC3!:*+*!;6,!,1,!02/,--,!:2,7*7,!7,!=A-B!

l6*=73!42=@*!4C,!:,726!*!,1,!4*2-!43+<2=*9!:,726!7,!64!Q,203!;6,!

=6=.*!36/2!*1D6E4!:,72+!*1D64*!.32-*B!K343!64!.*.@3++3!+*2/3-3B!U1,!=C3!*!

31@36!;6*=73!,1*!1@,!:,726!2--39!4*-!:*+*!3!+,1AD23!7,!:61-3B!U1,!4*=0,/,!*!

4,-4*!,N:+,--C3!=3!+3-039!2=7,:,=7,=0,4,=0,!7*!+,-:3-0*B!s-!/,M,-!,1,!7*/*!

*! ,1*! -,4! 72M,+! 64*! :*1*/+*9! 360+*-! /,M,-! 1@,! 72M2*! =C3! .34! 64*! /3M! 0C3!

-6*/,! ;6*=03! -,6! :S=2-! ,4! -6*! .*1V*B! L2=@*! 4C,! 24:13+*/*! ,! 7,:32-!

:+30,-0*/*B!U1*!.@3+*/*!,!-6*-!18D+24*-!,-.3++2*4!=*!72+,VC3!,++*7*B!"C3!:,1*-!

4*VC-!73!+3-03!,4!72+,VC3!*3-!.*=03-!7*!53.*9!4*-!73-!.*=03-!73-!31@3-!:*+*!

*-!3+,1@*-!,!:*+*!3!=2=@3!7,!.*5,13!-35+,!*!.*4*B!

U1*! =C3! /2/,6! 64! *=3B!"C3! -35+,/2/,6! *! 36065+3! 36! *! *D3-03! 36! *!

4*23B!b2/,6!`]!72*-! *:A-!3!:+24,2+3!4E72.3!,4!&6160@!72M,+!;6,!,1*! 02=@*!

.h=.,+j! O`! *:A-! 3! 7*! K1>=2.*!L*o3B!L*-! .*7*! 72*! ,+*! 64*! ,0,+=27*7,9! 64!

,4:21@*73!-35+,!3!360+39!*!<+2*!.1*+27*7,!7,=0+3!7,!64*!=,512=*!:+3<6=7*B!

I,2<! =C3! /,23! /2-208F1*B! g*+,=! <32! 64*! /,M! *:A-! ,6! 0,+! 2=-2-0273! ;6,!

3! D3-03! 7,! /SF1*!

.*>*! ,4! :+*=03-B! "C3! .3=-,D62*! <*1*+! .34! 4,6! 2+4C3! ! 3=7,! ,1,! ,-0,/,!

76+*=0,!,--*-!-,4*=*-!<32!64!42-0E+23!:*+*!424!,!:*+*!U772,B!'4!*42D3!=3-!

.3=036!;6,!,1,!,-0*/*!.34!64*!D*+30*!.@*4*7*!R6,!,4!R0B!K1367B!#60+3!3!

/26!:,-.*=73!=3!D,13!=3! 1*D3! R@,+2<<B! U6!=C3! 02=@*! 0,4:3!:*+*! <*M,+!4620*!

.32-*!*!+,-:,2039!,-0*/*!3.6:*7*!0373-!3-!72*-!*3!1*73!7,!4*4C,9!-,D6+*=73!

:30,-! :18-02.3-! :*+*! ,1*! /3420*+9! *Q6-0*=73! +,:,027*4,=0,! 3-! 2=-6:3+08/,2-!

0+*/,--,2+3-9! -6-:,=7,=73F*! ,! .313.*=73F*! =*! .*7,2+*! -*=208+2*! ;6,! *-!

,=<,+4,2+*-! 7,2N*/*4! *3! 1*73! 7*! .*4*9! .3=/,=.,=73F*! *! .34,+! 64!

:36;62=@3!7*!.3427*!;6,!,1*!/3420*+2*!7,M!42=603-!7,:32-B!J,+*14,=0,!,6!*!

35-,+/*/*! 73+42+9! *! 0*+,<*!4*2-! 72<>.21! 7,! 037*-9! /SF1*! ,4! +,:36-39! 3! +3-03!

!#*!

*2=7*!+,03+.273!7,!73+B!%!.*7*!43/24,=039!3-!0653-!2=0+*/,=3-3-!:,=76+*73-!

*3!-,6!+,73+!5*1*=V*/*4!,!4,6!.3+*VC3!*.,1,+*/*9!0,4,=73!;6,!,1*!02+*--,!73!

16D*+!*-!*D61@*-!;6,!12D*/*4!3-!0653-!*3-!-,6-!:61-3-!,!4C3-!2=.@*7*-B!

! K343! /3.S! ,-08! -,! -,=02=73T! ! ,6! -6--6++*/*! ,-:,+*=V3-*4,=0,!

;6*=73!,1*!*.3+7*/*9!4,!,-D6,2+*=73!,=0+,!3-!0653-!:*+*!*++64*+!-,6!.*5,13!

*4*--*73B!

!%@9!;6,+27*! !,+*!0673!;6,!,1*!.3=-,D62*!72M,+!=*!4*23+!:*+0,!7*-!

/,M,-B!U!,=0C3!7,-/2*/*!3!31@*+B!

U6!/*D*/*!:,13-!.3++,73+,-!73!@3-:20*1!,=;6*=03!4*4C,!73+42*9!4,6-!

31@3-! ,N*42=*=73! 3-! ;6*+03-! 7*-! 360+*-! :,--3*-! .3=<3+4,! :*--*/*! :,1*-!

:3+0*-! *5,+0*-9! .*:06+*=73! +,1*=.,-! 7,! 273-3-! .34! 03--,-! <3+0,-! ,! :,1,!

*++3N,*7*9!,!461@,+,-!.34!*0*76+*-!=3-!Q3,1@3-!D3+73-B!

! K343! /3.S! ,-08T! ! :,+D6=0*/*4! *-! ,=<,+4,2+*-! 7,! 4*=,2+*!

4,1*=.A12.*B!

!U-0*43-!2=73! !,6!72M2*9!.343!-,!,6!<3--,!64!=A-B!

L*-!,+*! -A!,6B!L,6!4*+2739!)*619! <,M! 0673!3!;6,!:a7,!:*+*!;6,!4,!

-,=02--,!4,=3-!-3M2=@*B!%2=7*!,+*!3!@34,4!D,=021!,!*43+3-3!:3+!;6,4!02=@*!

4,! *:*2N3=*73! *1D6=-! *=3-! *=0,-9! *;6,1,! ;6,! *4,2! 0C3! <,+/3+3-*4,=0,! *!

:3=03!7,!.@3.*+!0373!46=73!*3!4,!.*-*+!.34!:36.3!4,=3-!7,!W_!*=3-9!4*-!

*--24!;6,!4*4C,!.34,V36!*!43++,+!*1D3!7,=0+3!7,!424!43++,6!,4!+,1*VC3!*!

)*619!=C3!24:3+0*/*!3!;6,!,1,!72--,--,!36!<2M,--,B!%2=7*!*--249!12D*/*!:*+*!,1,!

0373-!3-!72*-!7,!64!0,1,<3=,!:G512.3!73!@3-:20*1!76+*=0,!*-!13=D*-!0*+7,-9!36!

?! =320,! ;6*=73! /310*/*! :*+*! *! .*-*! 7,! 4*4C,! ,! U772,B! $>=@*43-! 13=D*-!

.3=/,+-*-! 76+*=0,! *-! ;6*2-! ,6! .@3+*/*! ,! 1@,! .3=0*/*! 0673! ,! ,1,! .@3+*/*!

.342D3!,!0,=0*/*!03+=*+!0673!*;6213!64!:36;62=@3!4,1@3+9!4*-!-6*-!:*1*/+*-!

.*>*4! =3! /*M23B! U+*! ;6*-,! .343! -,! ,6! =C3! .3=-,D62--,! 36/2F1*-B!#! ;6,! ,1,!

-*52*! -35+,! :,+7,+! *1D64*! .32-*T! R,6-! :*2-! *2=7*! ,-0*/*4!/2/3-9! 02=@*4!64!

.*-*4,=03!<,12MB!L2=@*!.3=,NC3!.34!,1,!,!-6*!/27*!D13+23-*4,=0,!24:,.8/,1!

!$+!

*:,=*-! :*+,.2*! *64,=0*+! *! 42=@*! 73+B! "C3! ,+*! .61:*! 7,1,B! U-0*+! .34! ,1,!

:*+,.2*! 2=-6:3+08/,19!4*-!,-0*+! .34!;6*1;6,+!360+*!:,--3*! 0*45E4B!%!G=2.*!

:,--3*!;6,!,6!-6:3+0*/*!,+*!*!4*2-!2=-6:3+08/,1!7,!037*-d!42=@*!4C,B!

),1*-!4*=@C-!4,!-,=0*/*!:,+03!7*!.*4*!,!0,=0*/*!1,+!:*+*!,1*B!U6!02=@*!

732-! 12/+3-d! #! 7,-:,+0*+9! 7,! g*0,! K@3:2=9! ,! %! <21@*! 73! 30242-0*9! 7,! U673+*!

i,10oB! U+*4! 12/+3-! ;6,! 0>=@*43-! 1273! =*! <*.617*7,9! 12/+3-! ;6,! *48/*43-B!

U=0C3!.34,V*/*9!4*-!=C3!.3=-,D62*!2+!,4!<+,=0,B!K*7*!:*1*/+*!;6,!,6!<*1*/*!

-,!*:*D*/*!=3!*+B!

k32! *! 4,-4*! .32-*! ;6*=73! 0,=0,2! +,M*+B! (,M*/*! <,+/3+3-*! ,!

<6+23-*4,=0,! *! &,6-9! *! ;6*1;6,+! &,6-9! :*+*! 64! &,6-! ;6,! =C3! .3=-,D62*!

27,=02<2.*+!36!,=.3=0+*+B!U6!N2=D*/*!42=@*!4C,!:3+!=C3!0,+!4,!7*73!;6*1;6,+!

,76.*VC3!+,12D23-*B!(,--,=027*!.34!*!:+A:+2*!.+2*VC3!.*0A12.*!+,:+,--2/*9!,/2036!

*!0373!.6-03!*! cD+,Q*!,4!-6*!/27*!*7610*!,!*D3+*!,-0*/*!43++,=73!,!,6!=C3!

02=@*! =,4!&,6-B! U6! +,M*/*! :*+*! 0373! 3! 24,=-3! 6=2/,+-3! ,! 03+.2*! :*+*! ;6,!

&,6-!,-02/,--,!=,1,9!4,!36/2=73B!U6!+,M*/*!,!+,M*/*9!,!7,:32-!<+*;6,Q*/*B!"C3!

:3+;6,!=C3!.3=-,D62--,!,=.3=0+*+!&,6-9!,!-24!:3+;6,!-6520*4,=0,!3!,=.3=0+,2d!

&,6-! ,-0*/*! 189! ,6! :,+.,529! ,! =C3! 02=@*! *!4,=3+! 2=0,=VC3!7,! <*M,+! *-! .32-*-!

*.3=0,.,+,4! 36! =C39! 7,! -*1/*+! *! /27*! 7*! 42=@*! 4C,B! &,6-! =C3! ,+*! 64!

.3=.,--3+!7,!7,-,Q3-B!&,6-!,+*!64!.*=*1@*!-,4!:2,7*7,B!

"3-! G10243-! 72*-! 7,! /27*9! 4*4C,! ,-0*/*! 4*2-! 7,:+2427*! 73! ;6,!

.@*:*7*B!U-0*/*! +,.,5,=73!43+<2=*!=*!/,2*!=,--*! <*-,9!64*!531-*!7,! 1>;6273!

.1*+3!<162=73!1,=0*4,=0,!:3+!64!0653!:+,-3!*3!-,6!:61-3B!l6*=73!*.3+7*/*9!

-6+D2*!64!1*4:,Q3!7,!*43+B!U4!360+3-!434,=03-!/310*/*!*!73+42+!.343!-,!

,6!=C3! ,-02/,--,! 18B!s-! /,M,-9! =C3! -*52*!3=7,! ,-0*/*! *3! *.3+7*+B! ),72*! 64*!

,=.@21*7*!,!64!:36.3!7,!:6+S!7,!4*VCB!%.+,720*/*!;6,!0373-!3-!*=24*2-!;6,!

64!72*!*436!,-0*/*4!=3!;6*+03!Q6=03!.34!,1*! !,!02=@*4!-273!46203-B!U1*!

!$"!

<3+4*!*.6-*0A+2*9!36!-6*-!4C3-!-,!43/2*4!:*+*!*.*+2.2*+!64!D*03!2=/2->/,1!;6,!

73+42*!,4!-,6!.313B!&6+*=0,!,--,!0,4:39!;6,+2*!;6,!4*4C,!4,!72--,--,!;6,!

,6!@*/2*!-273!*!4,1@3+!<21@*!73!46=73B!"C3!;6,+2*!7,-,Q*+!2--39!4*-!7,-,Q*/*9!

2=,N:12.*/,14,=0,9! .343! -,! 02/,--,! 64*! <,5+,! *10*! ;6,! -A! :37,+2*! -,+!

!

U1*!+,-:3=72*!;6,!-249!.1*+3!;6,!,6!,+*B!

L*-! 2--3! =C3! ,+*! 3! 5*-0*=0,B! U6! ;6,+2*! ;6,! *;6,1*-! :*1*/+*-! <3--,4!

.3=-0+6>7*-! =*!4,=0,! 7,!42=@*!4C,! ,! ;6,! <3--,4!720*-! ,-:3=0*=,*4,=0,! *!

424B!

U6!02=@*!<34,!7,!*43+B!

L*4C,! 43++,6! +8:2739! 4*-! =C3! 7,! +,:,=0,B! '4! <3D3! ;6,24*=73!

1,=0*4,=0,!,4!;6,!*-!.@*4*-!/2+*4!<64*V*!,!,=0C3!*!<64*V*!7,-*:*+,.,!=3!

*+B!U1*!=C3! 0,/,! 0,4:3!7,!,4*D+,.,+B!U-0*/*!467*7*9!4*-!*2=7*!.3+:61,=0*!

;6*=73!43++,69!3!.3+:3!7,!64*!461@,+!;6,!,-0*/*!,=0+,!3-!/2/3-B!$*45E4!

.3=02=6*/*!.34!.*5,139!.*-0*=@39!;6,5+*72V3!,! -,4!/2V39!:,1*-! -,4*=*-!;6,!

<2.36!7,!.*4*B!

&3! ;6*+03! 3=7,! ,1*! 43++,6! ,6! :372*! /,+! 7*! Q*=,1*! 3! D+*=7,! 1*D3!

R6:,+23+B! #! 4*23+! 1*D3! 73! 46=739! ,! 0*45E4! 3! 4*2-! <+23B! )*+*! /SF139! ,6!

:+,.2-*/*!4,! ,-<3+V*+B! )+,--23=*/*!4,6! +3-03! 7,! 1*739! .34! <3+V*9! .3=0+*! 3!

/27+3! ,! ,=0C3! /2-1645+*/*! 64*! <*02*! 7,1,! -,D62=73! 24:8/273! +643! *3!

@3+2M3=0,B!

!'4!;6*+03!.34!/2-0*t! !4*4C,!,N.1*4369!,453+*!,-02/,--,! <+*.*!

7,4*2-!:*+*!-,!1,/*=0*+!,!31@*+!3!1*D3B!U=0C39!4*2-!-,+,=*4,=0,9!,1*!72M2*d! !

U-:,+,2!*!/27*!037*!:3+!64!;6*+03!.34!/2-0*B!

U1*! ;6,+2*! 43++,+! -,=0*7*9! ,=0C3! :,D6,2! 0373-! 3-! 0+*/,--,2+3-! ;6,!

.3=-,D62!,=.3=0+*+!,!<2M!64!*:323!:*+*!*-!.3-0*-B!l6,+2*!02+8F1*!73!@3-:20*1!,!

.313.8F1*!,4!64!.*4:3!7,!421,<A123-!:*+*!43++,+B!U6!*!.35+2!.34!64*!.31.@*!

!$#!

;6,! 02=@*! 0+*M273! 7,! .*-*9! 64*! ;6,! ,1*! 4,-4*! .3-06+36! .34! +,0*1@3-! 7,!

+36:*-!/,1@*-!=3--*-B!

! $2+*! 2--3! 7*;62! ! ,1*! /3.2<,+*/*! .34! 5+60*127*7,9! 43/,=73! *-!

:,+=*-!.343!64*!=*7*73+*!:*+*!02+*+!*!.31.@*B!

U6!/2D2*/*!42=@*!4C,B!I8!<3+*!3!-31!+,<1,02*!=*-!.*1V*7*-!,!=*-!5,2+*7*-!

.3=D,1*7*-! 7,! =,/,B! U+*! 72*! 7,! RC3! )*0+>.23! ,! *-! ,=<,+4,2+*-! 1@,! 0+36N,+*4!

64*!:3+VC3!;6*7+*7*!7,!D,1*02=*!/,+7,!;6,! <2.36! 0+,4,12.*=73!=*!4,-*!*3!

-,6!1*73B!%.*536!-,=73!3!G10243!72*!:1,=3!7,!-6*!/27*!,!=*!4*23+!:*+0,!7,1,!

,1*! 4*=0,/,! 3-! 31@3-! :*+*73-! ,! *5,+03-9! =,4! 73+42=73! =,4! *.3+7*7*9!

*10,+=*=73!16.27,M!,!*16.2=*Vn,-B!

%;6,1*! =320,! ,6! *! 7,2N,29! ,453+*! =C3! ;62-,--,B! %-! ,=<,+4,2+*-! ,! 3-!

4E72.3-!72--,+*4!*!U772,!,!*!424!;6,!,+*!2--3B!U=0,=72!*;6213!.343!64!*/2-3!

7,!;6,!,1*!:37,+2*!43++,+!,4!*1D64*-!-,4*=*-B!%.@*/*!;6,!*-!:,--3*-!.34!

.h=.,+! 02=@*4!64*! -35+,/27*B!g*+,=! ,!)*61! /2,+*4! Q6=03-!7,!L2=,8:312-! =*!

4*=@C! -,D62=0,!,!3-!:*2-!7,!4*4C,!.@,D*+*4!73!%1*5*4*!,4!:36.3-!72*-9!

4*-! *2=7*! =C3! 02=@*! .3=-,D6273! ,=.3=0+*+! I,2<B! U772,! ,! ,6! 12D*43-! :*+*! 3-!

*42D3-!7,!I,2<!,!3-!:*2-!73-!*42D3-9!7,2N*=73!4,=-*D,=-!-6:12.*=0,-9!:,72=73F

1@,!;6,!12D*--,9!4*-!,1,!=C3!12D36B!&,.272!7,2N*+!3!@3-:20*1!:3+!64*!=320,!:*+*!

0,=0*+!,=.3=0+8F13!,!0+*MSF13!*0E!3!@3-:20*1!7,!64*!/,M!:3+!037*-B!

! b3103! *4*=@C! 7,!4*=@C! ! 72--,! ?!4*4C,B! b2+,2F4,! :*+*! U772,9!

+,.3-0*73!=3!:,;6,=3!-3<8!7,!/2=21B! !b36!0+*M,+!I,2<B!

l6*=73! ,1*! 36/26! -,6! =34,9! *5+26! 3-! 31@3-d! *M62-! ,! *+7,=0,-9! .343!

-,4:+,!<3+*4B!%:,-*+!7,!06739!,1,-!=C3!467*+*4B!

!K343!/3.S!:37,!=C3!,-0*+!<6+23-*!.34!,1,T! !:,+D6=0,2!*!,1*!.34!

*4*+D6+*!:,1*!7E.24*!/,M!:+3/*/,14,=0,B!

!"C3!-,!:37,!02+*+!1,20,!7,!:,7+*! !,1*!.3-064*/*!72M,+B!#69!,=0C3d!

/,M!,1*!-24:1,-4,=0,!4,!,=.*+36!

!$$!

7*-!4,2*-B!&*!4,-4*!<3+4*!;6,!-,4:+,!<,M!;6*=73!4,!/2*!-3<+,+!:3+;6,!,6!

;6,+2*!;6,!*1D3! <3--,!72<,+,=0,!73!;6,!,+*! ,!,1*! 0,=0*/*!4,!.3=/,=.,+! .34!

*;6,1*!-24:1,-!:*1*/+*!;6,!,6!:+,.2-*/*!*.,20*+!*-!.32-*-!73!Q,203!;6,!,1*-!,+*4B!

! b*43-! ,-0*+! 0373-! Q6=03-! *4*=@C! ! ,6! 72--,B! ! U=0C3! <2.*+,43-!

0373-!*;62!.34!/3.S9!3[T!"2=D6E4!/*2!,453+*B! !U-02;6,2F4,!,=0+,!3-!0653-!

:,=76+*73-! *3! -,6! +,73+! ,! *.*+2.2,2! -,6! 345+3B! ! U6! 0,! *43! ! <*1,29!4,!

*5*2N*=73!:*+*!5,2Q8F1*!=3!+3-039!4*-!,1*!3!,/20369!:32-!*!73+!,+*!0*=0*!;6,!

,+*!72<>.21!*0E!*D6,=0*+!64!5,2Q3B!

!%43! !-6--6++36!,1*9!<+*.*!7,4*2-!:*+*!72M,+!,6!,!0,B! !%43! !,1*!

+,:,026!,=;6*=03!,6!-*>*B!

U=0+,2!=3!,1,/*73+9!7,:32-!-*>!:*+*!*!+6*!D,1*7*!,!.*42=@,2!:,1*!.*1V*7*B!

)*--,2!:3+!64!5*+!130*73!7,!:,--3*-!;6,!,6!:372*!/,+!*0+*/E-!7,!64*!*4:1*!

Q*=,1*!7,!/27+3!,-:,1@*73B!U-0*/*4!037*-!6-*=73!.@*:E6-!/,+7,-!.2=021*=0,-!,!

/,-02=73! .*42-*-! /,+7,-! .34! -6-:,=-A+23-! /,+7,-9! ,! 5,5,=73! .,+/,Q*! /,+7,B!

'4!@34,4!18!7,!7,=0+3!4,!,=.*+36!,!*:3=036!=*!42=@*!72+,VC39!5S5*739!3!

+3-03!<3+4*=73!64*!D*+D*1@*7*!-21,=.23-*B!

k62!:*+*!.*-*9!*124,=0,2!3-!.*/*13-!,!*-!D*12=@*-9!,!:,D6,2!3!0,1,<3=,9!3-!

.*.@3++3-9! -*02-<,203-! 1*45,=73! 42=@*-! 4C3-! .34! D+*027C39! =3--3! D*03!

-652=73!:*+*!3!4,6! .313B! I2D6,2! :*+*! 0373!46=73!;6,!:37,+2*! -*5,+!3=7,!

,-0*/*!4,6!2+4C3B!U1,!,-0*/*!5,5,=73!462039!*1D6=-!72M2*4B!R249!,+*!/,+7*7,9!

72--,+*4!360+3-9!,1,!0,4!-*>73!.34!64*!D*+30*!7,!R0B!K1367!.@*4*7*!R6,B!s!

4,2*F=320,!3!0,1,<3=,!03.36!,!,6!72--,!*!,1,!;6,!,+*!2--3B!

U6!;6,+2*!D+20*+!.34!,1,!;6*=73!,=0+36!:,1*!:3+0*!4,2*!@3+*!7,:32-9!

-*.672F13!.34!+*2/*!,!*.6-8F139!4*-!3!48N243!;6,!:67,!<*M,+!;6*=73!3!/2!<32!

*5+*V8F13! ,! .@3+*+B! U1,! 4,! :*+,.,6! 0C3! /,1@3! =*;6,1*! =320,! ,! *3! 4,-43!

0,4:3!0C3!Q3/,4B!),1*!:+24,2+*!/,M!:,+.,52!;6,!02=@*!-,!03+=*73!64!@34,4!

,!*2=7*!*--24!.3=-,D62!:,+.,5,+!3!4,=2=3!;6,!,1,!,+*B!L,6!4,=2=39!*;6,1,!

;6,!7,!.,+0*!<3+4*!.+2,2!76+*=0,!037*!*!42=@*!/27*9!-,4!360+*!3:VC3!*1E4!7,!

!$%!

*Q67*+!4*4C,! ,4! 037*-! *-! /,M,-! ;6,! <2.36! *6-,=0,! :3+! .*6-*! 73! 0+*5*1@3B!

g*+,=! ,! ,6! 0>=@*43-! 0+S-! *=3-! 7,! 72<,+,=V*9! 4*-! <343-! .+2*7*-! .343! -,!

<a--,43-! :+*02.*4,=0,! DS4,*-9! *-! 76*-! 2D6*14,=0,! +,-:3=-8/,2-! :3+! I,2<!

;6*=73!.+2*=V*-B!

! "C3! .3=-2D3! <*M,+! 2--3! ! ,1,! +,:,02*! ,=;6*=03! .@3+*/*B! ! "C3!

:3--3!/2/,+!-,4!4*4C,B!"C3!:3--3B!"C3!:3--3B!"C3!:3--3B!

! b*43-! 0,+! ;6,! .3=-,D62+! ! +,0+6;6,29! ,453+*! ,6! 4,-4*! =C3!

*.+,720*--,!=2--3B!

&,20*43-! Q6=03-!,4!-6*!.*4*!7,!-310,2+3!.3=/,+-*=73!,!.@3+*=73!*3!

13=D3!7*!4*7+6D*7*!*0E!;6,9!1*73!*!1*739!.*>43-!=3!-3=3B!

%.3+7,2!*1D64*-!@3+*-!7,:32-!,9!*=0,-!7,!*.3+7*+!I,2<9!7,2!.3427*!:*+*!

3-!*=24*2-!,!,=.@2!64*!-*.31*!7,!.3427*!:*+*!;6,!:67E--,43-!.34,+!76+*=0,!

=3--*!/2D>12*!=3!@3-:20*1B!s-!3203!7*!4*=@C!Q8!,-08/*43-!*!.*42=@3!7,!&6160@9!

4,6! 2+4C3! 72+2D2=73! +8:273! 7,4*2-! 3! .*++3! 7,! =3--*!4C,9! ,=;6*=03! 3! K&!

e3-@6*! $+,,! 73! 'W! ,N:1372*! 73-! *103F<*1*=0,-B! #6/243-! *-! 4G-2.*-! .34!

*0,=VC39!-,4!.3=/,+-*+9!3!-31!5*2N3!+,16M2=73!-35+,!*!=,/,!=*!5,2+*!7*!,-0+*7*B!

l6*=73! .@,D*43-! *3! ;6*+03! 7,! =3--*! 4C,! =3! @3-:20*19! /243-! 64!

+,.*73! =*! :3+0*! <,.@*7*! =3-! 2=-0+62=73! *! :+3.6+*+! *! ,=<,+4*D,4! *=0,-! 7,!

,=0+*+B! c--3! ,+*! =3/27*7,9! 4*-! *.@,2! ;6,! ,+*! *:,=*-! 64*! ;6,-0C3! 7,!

:+3.,724,=03B!'4*!,=<,+4,2+*!-,!*:+3N2436!7,!=A-!=3!.3++,73+!,9!*=0,-!;6,!

,6!<*1*--,9!,1*!72--,d!

!K313.*43-!D,13!=3-!31@3-!7,1*B! U1*! ;6,+2*!73*+! *-! .A+=,*-9! ,=0C3!

:+,.2-*43-!4*=0,+!3!D,13BBB!

!#!;6ST! !<*1,2!.34!0*4*=@*!2=0,=-27*7,!;6,!,1*!7,6!64!-*103B!

"C3!,-:,+,2!:,1*!+,-:3-0*B!K3++2!:*+*!3!;6*+03!7*!4*4C,9!4,6!2+4C3!

13D3!*0+8-!7,!424B!l6*=73!*5+2!*!:3+0*9!U772,!,-0*/*!7,!:E!,!-,!*:+3N2436!

7,!=A-!.34!3-!5+*V3-!,-0,=7273-9!4*-!,6!3!.3=03+=,2!,!4,!Q3D6,2!,4!72+,VC3!

*! ,1*B! R,6-! 5+*V3-! :,=72*4!431,-! *3! 1*73! 73! .3+:39! 3-! 0653-! ,! *-! *D61@*-!

!$&!

*4*+,1*-9!5+*=.*-9!:+,0*-!,!*M62-! 02=@*4! -273! +,43/273-B! R,6-!31@3-!,-0*/*4!

.35,+03-! :3+! 76*-! 16/*-! .2+G+D2.*-! .@,2*-! 7,! D,13! .34! 3-! 7,73-! D3+73-!

:,=76+*73-! 7,! 4373! .a42.3! -35+,! -,6! +3-03B! l6*=73! *! -,D6+,29! *-! 16/*-!

7,-12M*+*4B!K*>+*4!,4!.24*!7*!.*4*9!7,:32-!=3!.@C3B!

U6! D,42*! -,4! :*+*+9! ,=<2*=73! 4,6! +3-03! ,4! -,6! .3+:3! .343! 64!

*=24*1B!U1*!02=@*!43++273!@*/2*!64*!@3+*B!#-!4,45+3-!,-0*/*4!D,1*73-9!4*-!

*!5*++2D*!*2=7*!,+*!64*!21@*!7,!.*13+B!)+,--23=,2!4,6!+3-03!=3!.*13+!,!D,42!64!

:36.3!4*2-B!

R3=@*/*!.34!,1*!-,4!:*+*+B!"3-!-3=@3-9!,-0*/*!-,4:+,!*3!-,6!1*73!=*!

@3+*!7*!43+0,B!U+*!,6!;6,4!*!4*0*/*B!&,!=3/39!7,!=3/39!7,!=3/3B!U1*!4,!

4*=7*/*!4*08F1*!,!037*!/,M!,6!4,!*Q3,1@*/*!,!.@3+*/*9!:,72=73!;6,!=C3!4,!

35+2D*--,9!4*-! ,1*! =C3! .,72*9! ,! 037*! /,M! ,69! .343! <21@*! 7,72.*7*9! =3! <2=*1!

35,7,.2*B! U6! *! *4*++*/*! *! 64*!8+/3+,! ,4!=3--3! Q*+724!7*! <+,=0,! ,! Q3D*/*!

D*-312=*! -35+,! -6*! .*5,V*9! 7,:32-! *0,*/*! <3D3B! k*M2*! .34! ;6,! .3++,--,! :,1*!

,-0+*7*! 7,! 0,++*! ;6,! :*--*/*! ,4! <+,=0,! ?! .*-*! ;6,! .3=-0+6>43-! ,! 7,:32-!

:*--*/*! .34! *! .*42=@3=,0,! :3+! .24*! 7,1*B! %++*-0*/*! -,6! .3+:39! :+,-3! ,4!

64*!:,V*!7,!4,0*1!:3=067*!,45*2N3!73!.*++3!*0E!;6,!,1,!-,!-310*--,9!7,:32-!

,=D*0*/*!*!+E!=*!.*42=@3=,0,!,!*!*0+3:,1*/*!=3/*4,=0,B!),D*/*!64!5*-0C3!

7,!5,2-,531!,4!42=2*06+*!,!*!,-:*=.*/*!*0E!4*08F1*!1,=0*4,=0,9!.34!<3+V*!,!

7,!4*=,2+*!4,1*=.A12.*B!k*M2*!.34!;6,!,=0+*--,!=3!56+*.3!;6,!02=@*!.*/*739!

Q3D*/*!0,++*!,!:,7+*-!,4!.24*!7,1*!,!*!,=0,++*/*!/2/*B!U--,-!-3=@3-!=C3!,+*4!

-6++,*2-B!%.3=0,.2*4!,4!:1,=*!16M!73!72*B!U+*4!.343!73.64,=08+23-!73!4,6!

-65.3=-.2,=0,!,!4,!:*+,.2*4!+,*2-B!L2=@*!.*42=@3=,0,!,+*!+,*14,=0,!*!42=@*!

.*42=@3=,0,j!=3--3!Q*+724!7*!<+,=0,!,+*!7,!<*03!3!=3--3!Q*+724!7*!<+,=0,j!3!

5*-0C3!7,!5,2-,531!,4!42=2*06+*!<2.*/*!,4!=3--3!.13-,0!,=0+,!3-!D6*+7*F.@6/*-B!

U6!=C3!*.3+7*/*!7,--,-!-3=@3-!.@3+*=73B!%.3+7*/*!D+20*=73B!)*61!4,!

*5+*V*/*! *0E! 4,! *.*14*+B! U1,! 64,7,.2*! 64*! 03*1@*! .34! 8D6*! D,1*7*! ,!

!$'!

.313.*/*! -35+,! 4,6! +3-03B! L*-! *-! 03*1@*-! 431@*7*-! =C3! .3=-,D62*4! 1,/*+!

,453+*!3-!:,-*7,13-!.34!42=@*!4C,B!

"*7*! .3=-,D62*B! "*7*! :372*B! "*7*! =6=.*! :37,+2*! 0+*M,+! 7,! /310*! *!

42=@*!4C,!36!03+=*+!=3+4*1!3!<*03!7,!,1*!0,+!43++273B!"*7*!4,!.313.*+2*!*3!

1*73! 7,1*! =3! 434,=03! ,4! ;6,! 43++,6B! c--3! 4,! 7,-:,7*V36B! c--3! 4,!

721*.,+36B!c--3!4,!7,-0+626B!

I,/,2! *=3-!:*+*! *--642+!4,6! 16D*+! ,=0+,! *-! \_!421! .32-*-! =3/*4,=0,B!

)*+*!-,+!*!461@,+!;6,!42=@*!4C,!.+236B!)*+*!1,45+*+!.343!,1*!72M2*!;6,+27*!,!

/2-6*12M*+!-,6!31@*+!,-:,.2*1B!U6!-3<+,+2*B!U6!-3<+,+2*B!U6!*73+*+2*!;6,!*-!.32-*-!

<3--,4!72<,+,=0,-!73!;6,!<3+*4B!#!;6,+,+!,+*!64*!24,=-27C3!2=,N:13+*7*!,!,6!

:+,.2-*/*!7,-.35+2+!42=@*!:+A:+2*! -*>7*!7*! <13+,-0*B! )+,.2-,2! 7,!;6*0+3! *=3-9!

-,0,!4,-,-! ,! 0+S-! 72*-! :*+*! .3=-,D62+B!"C3! -*52*! :*+*! 3=7,! ,-0*/*! 2=73! *0E!

.@,D*+!18B!

U+*!64!16D*+!.@*4*73!)3=0,!73-!&,6-,-B!

!$(!

!

B&&C%3*$*D;5&!

R,! 02/,--,! ;6,! 7,-,=@*+! 64!4*:*! 7,--,-! :36.3!4*2-! 7,! ;6*0+3! *=3-!

:*+*! 216-0+*+!3!:,+>373!,=0+,!3!72*!7*!43+0,!7,!42=@*!4C,!,!3!72*!,4!;6,!

.34,.,2!42=@*!.*42=@*7*!=*!)*.2<2.!K+,-0!$+*219!3!4*:*!-,+2*!64*!.3=<6-C3!

7,! 12=@*-! ,4! 037*-! *-! 72+,Vn,-9! .343! *! ,N:13-C3! 73-! <3D3-! 7,! *+02<>.23! 7,!

l6*0+3!7,!e61@39!0,=73!L2==,-30*!.343!2=,/208/,1!:3=03!.,=0+*1B!c7*!,!/310*!

*3! $,N*-B! c7*! ,! /310*! *! "3/*! Z3+[B! )*+*! "3/3! LEN2.39! %+2M3=*9! ",/*7*9!

K*12<A+=2*! ,! #+,D3=9! ,! 7,! /310*B! c7*! ,! /310*! *3! io342=DB! c7*! ,! /310*! *!

)3+01*=79!=3!#+,D3=B! c7*!,!/310*!*!)3+01*=7!7,!=3/39!,!7,!=3/3B!L*-!,--*-!

12=@*-!=C3!.3=0*+2*4!037*!*!@2-0A+2*B!#!4*:*!7,-0*.*+2*!0373-!3-!16D*+,-!:,13-!

;6*2-!:*--,29!4*-!=C3!037*-!*-!4*=,2+*-!;6,!0,=0,2!<2.*+B!U1,!=C3!1@,!43-0+*+2*!

.343!=3-!4,-,-!*:A-!*!43+0,!7,!42=@*!4C,!,6!0,=0,2!-65-0206>F1*9!,!<+*.*--,29!

=*! 2=0,=VC3! 7,! 4*=0,+! *! <*4>12*! 6=27*B! #6! .343! 160,2! :*+*! -*1/*+! 4,6!

.*-*4,=039! 4,-43! ;6*=73! 3! 7,-0+6>! .34! 42=@*-! 4,=02+*-B! U1,! :*+,.,+2*!

*:,=*-! .34! *;6,1*! ,-0+,1*! +G-02.*9! .34! .*7*! 64! 7,! -,6-! +*23-! 1642=3-3-!

,N:1372=73B!

%=0,-! 7,! :*+02+! :*+*! *! .27*7,! 7,! L3Q*/,9! =*! K*12<A+=2*9! =*! =320,!

*=0,+23+!*3!2=>.23!7*!.*42=@*7*!=*!)K$9!4,!7,-:,72!7,!L2==,-30*!:,1*!G1024*!

/,MB!$2=@*!*0E!.3=0*73!*!42=@*!4C,9!*:,-*+!7,!,1*!=C3!:37,+!36/2+B!U6!4,!

-,=0,2!=3!.*=0,2+3!7,!<13+,-!=*!4*0*!7,!=3--*!:+3:+2,7*7,9!3=7,!U772,9!)*619!

4,6-!2+4C3-!,!,6!42-06+*43-!-6*-!.2=M*-!.34!0,++*!,!2=-0*1*43-!64*!18:27,9!,!

,N:12;6,2!*!,1*!;6,!=C3!,-0*+2*!4*2-!:3+!:,+03!:*+*!.627*+!7,!-,6!0G4613B!#!

;6,!-2D=2<2.*/*!;6,!=2=D6E4!3!<*+2*B!)3+!<249!,6!=C3!02=@*!4*2-!,-.31@*!*!=C3!

-,+!7,2N*+!;6,!-,6!0G4613!+,03+=*--,!:*+*!*-!,+/*-!7*=2=@*-!,!:*+*!3-!:2=@n,-!

,!D*1@3-!7,!8+/3+,-!7,++65*73-!:,13!/,=03B!)*+*!*!=,/,!,!:*+*!3!;6,!4*2-!*-!

!$)!

<3+42D*-9!3-!/,*73-9!3-!6+-3-F=,D+3-!,!*-!/,-:*-!;62-,--,4!<*M,+!.34!,1*B!U6!

4,!7,20,2!,=0+,!*-!<13+,-!7,!*V*<+C39!=*!0,++*!;6,!.3=02=@*!*-!.2=M*-!7,!42=@*!

4C,9!,! 1@,!72--,!;6,!,-0*/*! 0673!5,4B!l6,!,6!4,!+,=7,+*B!l6,! 0673!@*/2*!

467*73! 7,-7,! ;6,! ,1*! 43++,6B! K32-*-! ;6,! ,1*! Q*4*2-! 24*D2=*+2*! ,! =C3!

.3=-,D62+2*! -,;6,+! *72/2=@*+B! L2=@*-! :*1*/+*-! <3+*4! 720*-! ,4! /3M! 5*2N*! ,!

<2+4,B! U-0*/*! 0C3! 0+2-0,! ;6,! :*+,.2*! ;6,! *1D6E4! ,-0*/*! 4,! ,-0+*=D61*=73! ,!

*2=7*!*--24!:*+,.2*!;6,!037*!*!42=@*!/27*!7,:,=72*!7*!42=@*!.*:*.27*7,!7,!

<*1*+! ,--*-! :*1*/+*-B! U1*! -,+2*! -,4:+,! *! 42=@*! 4C,9! ,6! 1@,! 72--,9! 4*-! ,6!

:+,.2-*/*!2+B!U1*!=C3!,-0*/*!4*2-!18!4,!,-:,+*=73!=*;6,1,!.*=0,2+3!7,!<13+,-!7,!

;6*1;6,+!<3+4*9!,N:12;6,2B!U6!*!.313.*+2*!,4!*1D64!360+3!16D*+B!#!G=2.3!16D*+!

,4!;6,!:37,+2*!,=.3=0+8F1*B!U4!424B!

"3! 72*! -,D62=0,9! 7,2N,2! L2==,-30*! :*+*! -,4:+,B! U-0*/*! 2=73! <*M,+! *!

)K$B!

U-08/*43-!=*!:+24,2+*!-,4*=*!7,!Q6=@3B!&2+2D2!*0E!)3+01*=7!=*!42=@*!

.*42=@3=,0,!K@,/o! I6/! \]m]! .*++,D*7*! .34!64*!7GM2*!7,! .*2N*-! .@,2*-! 7,!

.3427*! 7,-27+*0*7*! ,! -6:+24,=03-! :*+*! *.*4:*4,=03B! $2=@*! :*--*73! *-!

G1024*-!-,4*=*-!3+D*=2M*=73!*-!.*2N*-9!,=7,+,V*=73!.*7*!64*!*!424!4,-4*!

:*+*! 16D*+,-!,4!;6,!=6=.*!,-02/,9! 13.*2-!*3!13=D3!7*!)K$!.34!=34,-!.343!

U.@3!I*[,9!R37*!R:+2=D-9!f6+=,o!k*11-!,!R,2*7!b*11,oB!&,2N,2!*!.*42=@3=,0,!,!*-!

.*2N*-! .34! 42=@*! *42D*! I2-*9! ,4! )3+01*=79! :32-! ,1*! .313.*+2*! *-! .*2N*-! =3!

.3++,23! *3! 13=D3! 73! /,+C39! ,! ,45*+;6,2! ,4! 64! */2C3! :*+*! I3-! %=D,1,-! ,!

7,:32-!:,D6,2!64*!.*+3=*!:*+*!L3Q*/,!.34!3!2+4C3!7,!64*!*42D*B!

K@,D*43-! ?! .27*7,! =3! .34,V3! 7*! =320,9! 3! -31! ,-0*/*! -,! :3=73! =*-!

43=0*=@*-! $,@*.@*:29! /8+23-! ;621a4,0+3-! *0+8-! 7,! =A-9! =*! 72+,VC3! 3,-0,B!

L3=0*=@*-!,4!;6,!,-0*+2*!.*42=@*=73!=3!72*!-,D62=0,B!%!.27*7,!7,!L3Q*/,!

<2.*!*!64*!*102067,!7,!P^O!4,0+3-9!,453+*!4,!:*+,.,--,9!,4!/,M!72--39!,-0*+!

=3! <6=73! 7,! *1D64*! .32-*9! *-! :1*.*-! 7,! :3-03-! 7,! D*-312=*9! +,-0*6+*=0,-! ,!

430E2-!-6+D2=73!4*2-!*10*-!73!;6,!*-!4*23+,-!8+/3+,-B!

!$*!

!)37,!:*+*+!*;62! !72--,!:*+*!3!@34,4!;6,!4,!7,6!.*+3=*!7,-7,!

I3-!%=D,1,-9! *:3=0*=73!:*+*! 64!/,1@3! 1,0+,2+3!7,!=,3=!;

L#$UI!.34!*!:*1*/+*!$UIUbcRu#!*.24*!5+21@*=73!,4!*4*+,13!,!*!:*1*/+*!

/*D*-!,4!+3-*!4*2-!*5*2N3B!),13!/2-6*1!4*1.627*73!73!16D*+9!24*D2=,2!;6,!,+*!

3!@30,1!4*2-!5*+*03!7*!.27*7,B!),+<,203!:*+*!424B!

! #5+2D*7*! :,1*! .*+3=*! ! 72--,! *--24! ;6,! ,1,! :*+36! =3!

,-0*.23=*4,=03B!

!&,!=*7*! !,1,!+,-:3=7,69!,!4,!31@36B! !$,4!.,+0,M*!7,!;6,!,-08!

5,4T!

!R24! !+,-:3=72!.34!64*!.3=<2*=V*!<3+V*7*B! !b2*Q3!-3M2=@*!?!5,V*B!

&,-.2! .34! *! 43.@21*! ,! 76*-! D2D*=0,-.*-! -*.31*-! :18-02.*-! 7,! 13Q*! 7,!

7,:*+0*4,=03!.@,2*-B!L2=@*!2=0,=VC3!,+*!0,+!02+*73!0673!7*-!-*.31*-!,!,=<2*73!

=*! 43.@21*! *=0,-! 7,! -*2+! 7,! )3+01*=79! 4*-! =C3! 02/,! 0,4:3B! U4! /,M! 72--39!

0+36N,F*-!:*+*!.8B!$+36N,!0673!.342D3!:*+*!3!;6*+03B!

!f3*!-3+0,! !72--,!3!@34,4B!

#5-,+/,2F3! -*2+! .34! 3! .*++3B! #! *+! ;6,=0,! 02=@*! D3-03! 7,! :3,2+*9! 3!

/,=03! -,.3! Q3D*/*!4,6-! .*5,13-! =3-!31@3-B!#! ,-0*.23=*4,=03! ,+*! 64*!8+,*!

.34!:2-3!7,!:,;6,=3-!-,2N3-!5+*=.3-!.24,=0*73-j!3!430,19!64!13=D3!.3++,73+!

7,! :3+0*-! ,! Q*=,1*-! <,.@*7*-! .34! .3+02=*-! -6++*7*-B! ),=76+,2! *!43.@21*! =3-!

345+3-! ,! :,D6,2! *-! -*.31*-B! )*+,.2*! ,-0+*=@3! 0,+! *:,=*-! ,--*-! .32-*-B! &,!

+,:,=0,!4,!-,=02!7,-:+30,D27*!,!4,=3-!,=06-2*-4*7*!73!;6,!24*D2=,2B!)*--,2!

3-!G10243-!-,2-!4,-,-!24*D2=*=73!*;6,1,!434,=039!4*-!,=0C39!;6*=73!,-0*/*!

*129! *! *:,=*-! *1D6=-!;621a4,0+3-!7*!)K$9! ,1*!:*+,.2*!4,=3-! +,*1!73!;6,! ,4!

4,6-! 7,/*=,23-9! .343! -,! <3--,! 64! -3=@39! .*7*! :,=-*4,=03! <162=73!

1,=0*4,=0,9!24:61-23=*73!4*2-!:,1*!7,0,+42=*VC3!73!;6,!:,13!2=-02=03B!U=0+,!

189! 02/,!;6,!72M,+!*!424!4,-4*!*=0,-!7,! .3=-,D62+!4,!43/,+!,4!72+,VC3!?!

+,.,:VC3!73!430,1B!),V*!64!;6*+03B!

!RC3!\P!7A1*+,-! !72--,!*!-,=@3+*!;6,!,-0*/*!*0+8-!73!5*1.C3B!

!%+!

K34!64*! S=<*-,! 2=7,12.*7*9! ,1*! 31@36! -35+,!4,6! 345+39! *0+*/E-! 7*!

:3+0*!7,!/27+3!:,1*!;6*1!,=0+,2!434,=03-!*=0,-B!

!%!=C3!-,+!;6,!/3.S!,-0,Q*!*.34:*=@*7*B!q!4*2-!.*+3!:*+*!732-B!

!"C3!,-036!*.34:*=@*7*! !72--,9!.3+*=73j!,+*!*:,=*-!;6*=73!72M2*!

*!/,+7*7,!;6,!,6!:*+,.2*!,-0*+!4,=02=73B! !%;6,1,!.*+*!-A!4,!7,2N36!*;62B!

! U=0C39! -C3! \P! 7A1*+,-! :3+! ,=;6*=03! ! ,1*! +,0+6.36B! ! L*-! -,!

*1D6E4!/2,+!0,!,=.3=0+*+9!/*2!0,+!;6,!:*D*+!4*2-B!

!"2=D6E4!/2+8!4,!,=.3=0+*+! !72--,!.*14*4,=0,B!

$2+,2!64*!=30*!7,!/2=0,!7A1*+,-!73!531-3!73!-@3+0!,!*!,4:6++,2!-35+,!3!

5*1.C3!*0E!,1*B!U1*!:,D36!3!72=@,2+3!,!4,!7,6!732-!7A1*+,-!,!64*!<2.@*!:*+*!

:+,,=.@,+!.34!64*!.*=,0*!:+,-*!*!64*!.3++,=0,!7,!.3=0*-B!

! U-036! *! :E9! ,=0C3! =C3!:3--3! :+,,=.@,+! *! :*+0,! 73! .*++3! ! 72--,9!

*:3=0*=73!:*+*!*!<2.@*B!R3++29!4*-!,1*!=C3!+,0+25626!3!-3++2-3B! !%1E4!72--39!

=C3!0,=@3!64!,=7,+,V3B!U-036!/2*Q*=739!,=0C3BBB!

!K313;6,!3!,=7,+,V3!:*+*!3!;6*1!/3.S!/310*+8! !,1*!72--,B!

! )32-! E9! ,--,! E! 3! :+351,4*B!"C3! 0,=@3! .,+0,M*! 7,! 3=7,! /36! /2/,+!

7,:32-!:3+;6,BBB!

!R,6-!:*2-9!,=0C3! !,1*!72--,!.343!+2-:27,MB! !#=7,!;6,+!;6,!-,Q*!

-6*!.*-*B!

!$8! .,+03! !,6!72--,9!,-.+,/,=73!3!,=7,+,V3!7,!U772,9!,453+*!=*!

+,*127*7,!42=@*! 12D*VC3! .34! U772,! =3-! ;6*0+3! *=3-! 7,-7,! ;6,!42=@*!4C,!

43++,6!0,=@*!-,!03+=*73!0C3!7313+3-*!,!72-0*=0,!;6,!4*1!.3=-,D62*!.3=-27,+8F

,-02/,--,! 18B! I,2<9! g*+,=! ,! ,6! -343-! 2=-,:*+8/,2-! ,=;6*=03! 2+4C3-9! 4*-!

.3=/,+-*43-!,!=3-!/,43-!+*+*4,=0,9!=3--*-!/27*-!:+3<6=7*4,=0,!72<,+,=0,-B!

)*61! ,! ,6! <2=*12M*43-! =3--3! 72/A+.23! @8! 64! 4S-9! *:A-! 64*! 7,-D*-0*=0,!

-,:*+*VC3!7,!64!*=3B!U6! 02=@*!*42D3-!;6,+273-!*!;6,4!?-!/,M,-!4,! +,<,+2*!

.343! 64*! <*4>12*9! 4*-! =3--3-! .34:+342--3-! 6=-! .34! 3-! 360+3-! ,+*4!

!%"!

2=<3+4*2-!,!7,-.3=0>=63-9!4*2-!<*4212*+,-!,4!:*1*/+*-!73!;6,!,4!*03-B!R*=D6,!

E! 4*2-! ,-:,--3! 73! ;6,! *! 8D6*9! 42=@*! 4C,! -,4:+,! 72M2*! ;6*=73! ,6! ,-0*/*!

.+,-.,=739! 64! -,=024,=03! ;6,! ,6! ;6,-023=*/*! .34! <+,;6S=.2*B!L*-! *.*536!

;6,! =C3! 24:3+0*/*! -,! ,-0*/*! .,+0*! 36! ,++*7*B! %453-! ,-.*:*+*4! 7,!42=@*-!

4C3-!:+30,03+*-B!

!)+3=03! !,6!72--,!?!461@,+9!,4:6++*=73!*!<2.@*!-35+,!3!5*1.C3!,4!

-6*!72+,VC39!4*-!,1*!7,43+36!:*+*!-,!/2+*+!:*+*!424B!U-0*/*!*--2-02=73!*!64*!

:,;6,=*! 0,1,/2-C3! ;6,! <2.*/*! -35+,! *! 4,-*! *0+8-! 73! 5*1.C3B! #! =302.28+23!

=306+=3B!%1D3!-35+,!3!Q61D*4,=03!7,!#B!eB!R24:-3=B!

!b3.S!*.@*!;6,!,1,!E!.61:*73T! !,1*!:,+D6=0369!*2=7*!31@*=73!:*+*!

*!$bB!

! )*+,.,!;6,! -249!4*-! *.@3!;6,! *2=7*! E! .,73!:+*! -*5,+B!%2=7*!=C3!

0,43-!037*-!*-!2=<3+4*Vn,-B!

!q!.1*+3!;6,!<32!,1,t! !,1*!D+2036B!

l6*=73! <2=*14,=0,!4,!7,6! *! .@*/,9! *0+*/,--,2! 3! ,-0*.23=*4,=03! *0E!

64*!:3+0*!=3!<2=*1!73!:+E7239!*5+2!,!,=0+,29!7,2N*=73!*-!.32-*-!=3!.@C3!,!4,!

-,=0*=73! =*! .*4*! 4*.2*B! U-0*/*! =3! 7,-,+03! 7,!L3Q*/,9! 4*-! 3! ;6*+03! ,+*!

.6+23-*4,=0,! ,-.6+39! .@,2+*/*! *! .*+:,0,! G4273! ,! *! 7,-2=<,0*=0,! Io-31B! "3!

.*=039!64*!.*2N*!7,!4,0*1!5+*=.*!.34!-*>7*-!7,!*+!7,6!-2=*1!7,!/27*! !64!

.124*02M*73+!;6,! -3:+36!64!*+!D,1*73!:3+!*1D6=-!42=603-!,!7,:32-!7,-12D36!

<*M,=73! 64! 5*+61@3! ,-0+27,=0,! ;6,! *:,=*-! *64,=036!42=@*! 7,-.3=<3+08/,1!

-,=-*VC3!7,!-3127C3B!

),=-,2!,4!-*2+!,!.3=@,.,+!*1D6E4B!U+*!64*!.32-*! -24:1,-!7,! <*M,+B!#-!

G10243-!*=3-!<3+*4!64!/,+7*7,2+3!5*=;6,0,!7,!.34:*=@2*-!:3+!64*F76*-F36F

0+S-F=320,-B!)*+,.2*4!0C3!+27>.613-!*D3+*9!037*!*;6,1*!2=02427*7,!.34!:,--3*-!

;6,! ,6!=C3! *4*/*! ,! *2=7*! *--24! *=-2*/*!:3+! *;6,1*! -,=-*VC3!58-2.*!7,!64!

.3+:3!.3=0+*!3!4,69!*:*D*=73!0373!3!+,-03B!I,/*=0,2!7*!.*4*!,!,-:*=0,2!*-!

1,45+*=V*-! :*+*! 24:,72+! 3! 7,-,Q3! ,4!42=@*!4,=0,d! U6! :372*! 2+! *! 64! 5*+B!

!%#!

)372*! *.,20*+! ;6,! 64! @34,4! 4,! :*D*--,! 64*! 5,527*B! )37>*43-! ,-0*+! 7,!

/310*!*;62!,4!64!-,D6=73B!

f,4!:3+!0+8-!7,--,!7,-,Q3!,-0*/*!*!/3=0*7,!7,!12D*+!:*+*!)*61B!U1,!,+*!

4,6!,NF4*+273!*D3+*9!4*-!*2=7*!,+*!4,6!4,1@3+!*42D3B!)3+!4*2-!;6,!02/,--,!

4,! *<*-0*73! =3-! *=3-! *:A-! *! 43+0,! 7*! 42=@*! 4C,9! 0*45E4! 4,! *:32,2!

5*-0*=0,!=,1,B!U4!4,23!?!42=@*!*D3=2*!,4!D+*=7,!:*+0,!-21,=.23-*!*!+,-:,203!

7,! =3--3! .*-*4,=039! 02/,43-! 53=-! 434,=03-! ,! <343-! 7,! 64*! <3+4*!

,-0+*=@*4,=0,!/,+7*7,2+*!64!.*-*1!<,12MB!

%! .*2N*! 7,! 4,0*1! 5+*=.*! =3! .*=03! +,12D36! -3M2=@*! =3/*4,=0,! ,! 4,!

72+2D2!:*+*!*!-6*!<+,=0,9!7,2N*=73!;6,!3!*+!D,1*73!-3:+*--,!,4!42=@*-!:,+=*-!

=6*-B!U-0*/*!6-*=73!*-!4,-4*-! +36:*-!7,-7,!;6,! -*>+*!7,!)3+01*=7!=*!=320,!

*=0,+23+9!.*7*!:,V*!=3/*!,4!<31@*B!U+*!3!4,6!6=2<3+4,!7,!.*42=@*7*!,!4,!

-,=02*!64!:36.3!,-0+*=@*9!.343!-,!<3--,!*1D6E4!;6,!*2=7*!/2+2*!*!-,+B!L,2*-!

7,! 1C! ,! 530*-! 7,! .36+3! 7,! .*42=@*7*! .34! :+,-21@*-! 7,! 4,0*1B! R@3+0! *M61F

4*+2=@3!.34!531-3-!24:3=,=0,-!;6,!<,.@*/*4!.34!02+*-!7,!b,1.+3B!(36:*!7,!

5*2N3! <,20*! .34!64! 0,.273!7,! -,.*D,4! +8:27*!,!64*! .*42-,0*!5+*=.*!58-2.*!

-35+,!64!03:B!

U1*-!,-0*/*4!,=0+,!*-!4620*-!.32-*-!;6,!:*--,2!3!2=/,+=3!,!*!:+24*/,+*!

,.3=342M*=73!:*+*!.34:+*+9!0+*5*1@*=73!3!48N243!7,!@3+*-!;6,!:372*!=3!

+,-0*6+*=0,!.343!D*+V3=,0,B!l6*=73!*-!.34:+,29!=C3!4,!:*+,.,+*4!,-0+*=@*-B!

%:,-*+! 7,! 42=@*-! +,.,=0,-! 2=/,-027*-! =*! 0,=-*! /27*! 6+5*=*9! :372*! -,+!

<*.214,=0,!7,-.+20*!.343!64*!:,--3*!;6,!*4*!*!/27*!*3!*+!12/+,B!%<2=*19!:*--,2!

*! *731,-.S=.2*! 7,12=,*=73F*! =*! =*06+,M*! 7,! L2==,-30*B! L2=@*-! <E+2*-! ,4!

<*4>12*! -,4:+,! ,=/31/,+*4! *1D64! 02:3! 7,! *.*4:*4,=039! *--24! .343! *-!

/2*D,=-!;6,! <2M! .34!)*61!36! -3M2=@*!36!.34!*42D3-B!&3+42!=*! .*V*45*!7,!

42=@*!.*42=@3=,0,9!*.*4:,2!*3!*+!12/+,!,4!:*+;6,-!=*.23=*2-!,!<13+,-0*-!4*2-!

/,M,-! 73! ;6,! .3=-2D3! .3=0*+B! L*-! *D3+*9! *;629! 0,=73! *:,=*-! ,--*-! +36:*-!

72-:3=>/,2-9!4,! -,=02! -6520*4,=0,!64*! <+*67,B!Y8! -,2-!4,-,-9!;6*=73!7,.272!

!%$!

<*M,+!*!.*42=@*7*!=*!)K$9!02/,!=3!4>=243!64*!7GM2*!7,!.3=/,+-*-!=*-!;6*2-!

,N:12;6,2!:3+!;6,!,--*!/2*D,4!,+*!64*!53*!27,2*!,!.343!,6!,-0*/*!:+,:*+*7*!

9!-*52*!;6,!

=C3!:372*!=,D*+!3!<*03!7,!;6,!,-0*/*!,4!0,++20A+23!76/273-3B!

!$*1/,M!/3.S!7,/,--,!0,=0*+!64*!/2*D,4!4,=3+!:+24,2+3! !-6D,+26!

)*61! ;6*=739! @8! *1D6=-!4,-,-9! 1@,! .3=0,2! -35+,!4,6!:1*=3!76+*=0,! 64*!7,!

=3--*-!72-.6--n,-!-35+,!7,/,43-F<2.*+FQ6=03-F36F:,72+F3F72/A+.23B!

! )3+!;6ST! !:,+D6=0,2! .34! 2++20*VC3B! !b3.S!=C3!*.@*!;6,!:3--3!

7*+!.3=0*T!

! "C3! E! 2--3! ! ,1,! 72--,B! ! q! -A! ;6,! /3.S! =6=.*! <,M! 64*! 0+21@*!

.*++,D*=73!64*!43.@21*9!:,13!4,=3-!;6,!,6!-*25*B!

! k2M9! -24t! ! 72--,! 2=72D=*7*9! ,453+*! ,1,! ,-02/,--,! .,+03d! =C3! 02=@*!

<,203B!

%:,-*+!7,!037*-!*-!.32-*-!-6+:+,,=7,=0,-!;6,!,6!Q8!@*/2*!<,203!;6,!4,!

+,1*.23=*/*4! *! 64*! 43.@21,2+*9! =6=.*! 02=@*! +,*14,=0,! *=7*73! :3+! 64*!

<13+,-0*!.34!64*!43.@21*!=*-!.3-0*-!,!:*--*73!18!64*!=320,!2=0,2+*B!",4!64*!

/,MB!

"6=.*! <62! 43.@21,2+*t9! :,=-,29! *D3+*! .34! 64*! @21*+27*7,! 7,:13+8/,1B!

#1@,2!+*:27*4,=0,!:*+*!*!43.@21*!,!*-!-*.31*-!7,!:18-02.3!;6,!0+36N,!.342D3!

7,!)3+01*=7!.34!.32-*-!;6,!*2=7*!=,4!02=@*!02+*73!7*!,45*1*D,4B!%!43.@21*!

,+*! /,+7,F<13+,-0*! .34! 7,0*1@,-! :+,03-9! *! :*+0,! :+2=.2:*1! .34:3-0*! 7,! 0+S-!

.34:*+024,=03-! 1*+D3-! D6*+=,.273-! :3+! 531-3-! /31643-3-! 7,! 0,1*! ,! =8213=!

.313.*73-!=*-!1*0,+*2-!.343!D+*=7,-!3+,1@*-B!U1*!<2.*/*!,4!:E!-3M2=@*9!D+*V*-!

*3! *:323! 7,! 64*! 5*-,! :18-02.*! ;6,! -,! :+3Q,0*/*! Q6=03! *3! <6=73B! l6,! ,1*!

<2.*--,! *--24! ,4! /,M! 7,! *7,+=*7*! 7,! 1*73! .343! *-! 360+*-! 43.@21*-! 4,!

:+3:3+.23=*/*! 64! :,;6,=3! ,! ,-0+*=@3! .3=<3+03B! k62! *0E! ,1*! ,! *! 03;6,2! =*!

:*+0,!7,!.24*!.343!-,!,-02/,--,!*.*+2.2*=73!*!.*5,V*!7,!64*!.+2*=V*B!Y8!64!

4S-! <62! *.3=-,1@*7*! .34! /,,4S=.2*! *! *++64*+! *! 43.@21*! .343! 3! <*+2*! =*!

!%%!

.*42=@*7*! ,! *! -*2+! :*+*! 64! 0,-0,B! )+,0,=72*! <*M,+! 2--3! *=0,-! 7,! :*+02+! 7,!

L2=,8:312-9!4*-!7,:32-!7,2N,2!:*+*!<*M,+!*--24!;6,!.@,D*--,!*!)3+01*=7B!%.*5,2!

=C3!<*M,=73B!L,6!0,-0,!-,+2*!*4*=@C9!=3!4,6!:+24,2+3!72*!=*!0+21@*B!

),D6,2! 64*! 7*-! -*.31*-! :18-02.*-! ,! 02+,2! 64! *:203! 1*+*=Q*9! .6Q*!

,45*1*D,4! ,! 3! -,D6+,2! :,1*! .3+7*! *4*+,1*9! 7,:32-! 3! :,=76+,2! =3! :,-.3V3!

.343! -,! <3--,! 64*! 0+,2=*73+*B! R,+8! ;6,! ,+*! :*+*! .*42=@*+! 6-*=73! 3! *:203!

7,--*!<3+4*T!)*+,.2*!64*!0312.,9!4*-!,6!=C3!-*52*B!K343!0*=0*-!360+*-!.32-*-9!

;6*=73!.34:+,2!3!*:203!4*2-!5*+61@,=03!73!46=739!=C3!:,=-,2!,4!0373-!3-!

7,0*1@,-B! $2+,2! 3! *:203! ,! 3! *4*++,2! =*! *+4*VC3! 7*! 43.@21*9! 7,! 4373! ;6,!

<2.*--,!:,=76+*73!*.24*!73!4,6!345+3!76+*=0,!*!.*42=@*7*B!%12! -,+2*!4*2-!

<8.21!*1.*=V8F139!.*-3!<3--,!=,.,--8+23B!

)+,.2-*+2*! 7,1,T9! 4,! :,+D6=0,29! 4,1*=.A12.*9! 7,-*5*=73! =*! .*4*B! e8!

02=@*!:*--*73!*!@3+*!7,!Q*=0*+9!4*-!,-0*/*!*=-23-*!7,4*2-!:*+*!-,=02+!<34,9!*!

-3127C3!,+*!64!7,-.3=<3+08/,1!-34!-6+73!;6,!:+,,=.@2*!4,6!,-0a4*D3B!

!b3.S! <2=*14,=0,! .3=-,D626!3!;6,!;6,+2*! ! )*61!72--,!;6*=73!=3-!

7,-:,7243-!,4!L2=,8:312-!@*/2*!7,M!72*-B!

!K3=-,D62!3!;6ST! !:,+D6=0,2B!

! k2.*+! -3M2=@*! ! ,1,! +,0+6.36! -3++2=739! ,453+*! ,6! 02=@*! :37273!

*:,=*-!*.,=*+!7,!4373!2=.,+03!.34!*!.*5,V*B!

U+*!3!;6,!,6!;6,+2*9!,453+*!*!-3127C3!=C3!<3--,!5,4!3!;6,!,6!;6,+2*B!

#!;6,!,6!:+,.2-*/*!0,+!=3!;6,!-,!+,<,+2*!*3!*43+!:*+,.2*!2=,N:12.8/,1B!#!<24!

73!4,6! .*-*4,=03! ,+*! 3! D+*=7,! 7,-<,.@3! 7,! *1D3! ;6,! .34,V36! .34! 64*!

.*+0*!;6,!.@,D36!64*!-,4*=*!*:A-!*!43+0,!7,!42=@*!4C,9!,453+*!3!2=>.23!

0,=@*!-273!5,4!*=0,-!72--3B!

%!.*+0*!=C3!,+*!:*+*!424B!U+*!:*+*!)*61B!(,.,=0,!.343!,-0*/*!*!42=@*!

73+9! .3++2! *=24*7*4,=0,! :*+*! =3--3! ;6*+03! ,! ,=0+,D6,2F*9! ;6*=73! /2! 3!

,=7,+,V3!73!+,4,0,=0,B!U+*!7*!",p!R.@3319!,4!"3/*!Z3+[B!"*!360+*!/27*9!

!%&!

*:,=*-!0+S-!4,-,-!*=0,-9!;6*=73!=C3!-*52*!;6,!42=@*!4C,!02=@*!.h=.,+9!*Q67,2!

)*61!*!-,!.*=727*0*+!*!64!)@B&B!,4!<213-3<2*!:31>02.*B!U4!4,*73-!7,! Q*=,2+3!

:*--*739!*!27,2*!7,!43+*+!,4!"3/*!Z3+[!:*+,.2*!-,+!*!.32-*!4*2-!2=0,+,--*=0,!

73!46=73B!L*-!*D3+*9!=3!<2=*1!7,!4*+V39!,=;6*=03!,1,!*5+2*!*!.*+0*!,!D+20*/*!

;6,! 02=@*! -273! *.,203! ,! ,6! 3! *5+*V*/*! ,! 7,! 037*-! *-!4*=,2+*-! :*+,.2*! ,-0*+!

.,1,5+*=73!*!53*!=30>.2*9!4,!-,=02!72/2727*B!Y*/2*!*!461@,+!;6,!,6!,+*!*=0,-!

7,! 42=@*! 4C,! 43++,+! ,! *;6,1*! ;6,! ,6! ,+*! *D3+*9! 42=@*! *=02D*! /27*!

+,:+242=73! 3! ;6,! *:*+,=0*/*! -,+! .343! 64*! <,+27*B! #! 4,6! ,6! /,+7*7,2+3!

,-0*/*!7,5*2N3!72--39!:61-*=73!-35! 037*-!*-! .32-*-!;6,!.3-064*/*!*.@*+!;6,!

-*52*B! K343! ,6! 0,+42=*+2*! *! <*.617*7,! ,4! Q6=@3! ,! :36.3-! 4,-,-! 7,:32-!

2+>*43-! ,453+*B!K343! *16D*+>*43-! 64! *:*+0*4,=03! =3! U*-0! b211*D,! 36! ,4!

)*+[!R13:,9!16D*+,-!;6,!-34,=0,!24*D2=,2!,!12!*!+,-:,203B!K343!6-*+2*!:3=.@3-!

,-0213-3-! .34! *73+8/,2-! .@*:E6-! 7,! 0+2.a! ,! 530*-! 7*! 437*! ,=;6*=03! 4,!

03+=*/*!64*!,-.+203+*!+34h=02.*!,!-,4!72=@,2+3!.343!0*=03-!7,!4,6-!@,+A2-!,!

@,+3>=*-!120,+8+23-B!

$673! 2--3! ,+*! 24:3-->/,1! *D3+*9! 2=7,:,=7,=0,4,=0,! 73! ;6,! *! .*+0*!

72M2*B!L2=@*!4C,!,-0*/*!43+0*B!L2=@*!4C,!,-0*/*!43+0*B!L2=@*!4C,!,-0*/*!

43+0*B!$673!3!;6,!-,4:+,!24*D2=,2!*!+,-:,203!7,!424!4,-4*!7,-*:*+,.,6!=3!

*52-43!7,!-,6!G10243!-6-:2+3B!

"C3!:372*!-*2+!7,!L2==,-30*B!L2=@*!<*4>12*!:+,.2-*/*!7,!424B!l6,4!

*Q67*+2*!=*!,76.*VC3!7,!I,2<T!l6,4!<*+2*!.34:*=@2*!*!U772,!,4!-6*!-3127C3T!

l6,4!:+,:*+*+2*!3! Q*=0*+!73!&2*!7,!%VC3!7,!J+*V*-!,!4*=0,+2*!*-!0+*72Vn,-!

<*4212*+,-T!%1D6E4! 02=@*!;6,!4*=0,+!3!;6,! +,-036!7*! <*4>12*B! U! ,--,! *1D6E4!

02=@*!;6,!-,+!,6B!U+*!3!4>=243!;6,!:372*!<*M,+!:3+!42=@*!4C,B!

.*+0*B!U6!72--,!2--3!64*!/,M9!7,:32-!360+*9!76+*=0,!=3--*-!.3=/,+-*-!*3!13=D3!

7*-! -,4*=*-! -,D62=0,-9! 42=@*! .3=/2.VC3! .+,-.,=73! 72*! *! 72*B! )*+0,! 7,!424!

,-0*/*! *0,++3+2M*7*! :,1*! 27,2*! 7,! ,1,! 2+! ,453+*9! 360+*! :*+0,! 03+.2*!

!%'!

7,-,-:,+*7*4,=0,!:*+*!;6,!,1,!3! <2M,--,B! R,! <3--,!,453+*9!*!:3+0*!7,!=3--3!

.*-*4,=03!5*0,+2*!-,4!;6,!,6!:+,.2-*--,!.@608F1*B!U6!,-0*+2*!12/+,!,!=*7*!-,+2*!

42=@*! .61:*B! U6! 3! *4*/*9! 4*-! <62! 24:,063-*! ,! 02=@*! \]! *=3-! ;6*=73! =3-!

.*-*43-j! =,4! 7,! 13=D,! :+3=0*! :*+*! 4,! .34:+34,0,+! .34! *1D6E49! =C3!

24:3+0*! 3! ;6*=03! D3-0*--,! 7,1*B! U453+*! 4,! -,=02--,! *0+*>7*! :3+! 360+3-!

@34,=-!13D3!7,:32-!;6,!=3-!.*-*43-9!4*=02/,!3!.3=0+31,B!L*-!=C3!*D6,=0*/*!

4*2-! <*M,+! 2--3B!L,6! -3<+24,=03!7,-0+626!4,6!*603734>=23B!$*=03!4,!@*/2*!

-273!=,D*739!.3=-27,+,2B!)3+!;6,!,6!7,/,+2*!4,!+,:+242+T!

L2=@*! 4C,! ,-0*/*! 43+0*! @*/2*! 64*! -,4*=*! ;6*=73! 5,2Q,2! 360+3!

@34,4B!U!360+3!64*!-,4*=*!7,:32-B!RA!<2M!-,N3!.34!,1,!,!.34!3-!360+3-!;6,!

/2,+*4! *! -,D62+9! Q6+*=73! =C3! .+6M*+! 64! 12420,! -,N6*1! ;6,! 02/,--,! *1D64!

-2D=2<2.*73! :*+*! 4249! 4*-! *2=7*! *--24! ,6! -*52*! ;6,! ,+*! ,++*73! -,+! 2=<2,1! ,!

4,=02+B!R,=02F4,!:+,-*!=*!42=@*!:+A:+2*! 2=*52127*7,!,=0+,!7,2N*+!)*61!36!-,+!

-2=.,+*9! ,=0C3!,-:,+,2!;6,! ,1,!4,!7,2N*--,! ,! <3--,! -3M2=@3!:*+*!*! <*.617*7,9!

4*-!E!.1*+3!;6,!,1,!+,.6-36B!

U1,! *7236!*!4*0+>.61*!:3+!64!*=3!,! <2.*43-!,4!L2==,-30*!7,!4373!

;6,!,6!:67,--,! <2.*+!:,+03!7,!42=@*! <*4>12*9!,453+*!42=@*!:+3N2427*7,!=3!

*=3!*:A-! *!43+0,!7,!42=@*!4C,! 0,=@*!*72*=0*73!:36.3B!"C3! <62! .*:*M!7,!

4*=0,+!*!<*4>12*!6=27*B!U6!=C3!,+*!*!4*4C,B!RA!7,:32-!7,!-6*!43+0,!:,+.,52!

;6,4!,1*!,+*d!*! <3+V*!*:*+,=0,4,=0,!48D2.*!=3!.,=0+3!7,!=3--*! <*4>12*!;6,!

=3-!4*=02=@*!D2+*=73!2=/2-2/,14,=0,!=*!:37,+3-*!A+520*!*3!-,6!+,73+B!R,4!,1*9!

U772,!*3-!:36.3-!/2+36!64!,-0+*=@3B!I,2<9!g*+,=!,!,6!4,+D61@*43-!,4!=3--*-!

:+A:+2*-! /27*-B! )3+!4*2-! ;6,! ,6! 0,=@*! 160*73! :*+*! ;6,! 2--3! <3--,! 72<,+,=0,9!

<2=*14,=0,! 0*45E4! 02/,! ;6,! *74202+d! -,4! 4*4C,! =C3! E+*43-! 3-! 4,-43-j!

E+*43-! ;6*0+3! :,--3*-! <1606*=73! 2-31*7*4,=0,! ,=0+,! 3-! 7,-0+3V3-! 73! =3--3!

-3<+24,=039! 12D*7*-! *:,=*-!:,1*!4*2-! <2=*! .3+7*B!"6=.*! <2M! +,*14,=0,! *;6,1,!

Q*=0*+!7,!%VC3!7,!J+*V*-B!"*!E:3.*!7,!%VC3!7,!J+*V*-9!.,+.*!7,!3203!4,-,-!

!%(!

*:A-!*!43+0,!7,!4*4C,9!42=@*! <*4>12*!,+*!*1D3!*!;6,!4,!+,<,+2*!=3!0,4:3!

:*--*73B!

)3+0*=039!;6*=73!)*61!,!,6!<2=*14,=0,!=3-!467*43-!:*+*!*!.27*7,!7,!

"3/*!Z3+[9!64!*=3!7,:32-!73!;6,!:+,0,=7>*43-9!,6!,-0*/*!<,12M!:3+!2+B!I8!,6!

:37,+2*! +,.34,V*+B!)37,+2*!:*+*+!7,! -*2+! .34!360+3-!@34,=-B!)37,+2*!:*+*+!

7,! -3<+,+! 2=0,=-*4,=0,B! )37,+2*! :*+*+! 7,!4,! ,=<6+,.,+! :3+! .*6-*! 7*! <*4>12*!

;6,! 02/,! 64! 72*B! )37,+2*! -,+! 64*! ,-.+203+*! ;6,! 43+*/*! ,4! "3/*! Z3+[B!

%=7*+2*!:3+!*>!6-*=73!530*-!7*!437*!,!64!.@*+43-3!.@*:E6!7,!0+2.aB!

%-!.32-*-!=C3!*.3=0,.,+*4!7,--*!<3+4*B!U6!,+*!;6,4!,6!,+*d!*!4,-4*!

461@,+!;6,!:61-*/*!:3+!5*2N3!7*!<,+27*!7*!*=02D*!/27*9!-A!;6,!*D3+*!,6!,-0*/*!

,4!360+3!16D*+B!

&6+*=0,!3!72*! ,6! ,-.+,/2*! .3=03-j! ?!=320,! ,6! ,+*! D*+V3=,0,! ,! 0+,:*/*!

.34!64!73-!732-!@34,=-!.34!;6,4!,6!,-0*/*!-24610*=,*4,=0,!=C3!<*M,=73!

*1D3! 2=*.,208/,1B! U-08/*43-!43+*=73! ,4! "3/*! Z3+[! @*/2*! *:,=*-! 64!4S-!

;6*=73! )*61! *5*=73=36! *! <*.617*7,! ,! 7,.2726! 03.*+! D620*++*! ,4! /,M! 7,!

,-067*+B!R,2-!4,-,-!7,:32-9!<343-!,453+*!7,!/,M!,!<2M,43-!64*!5+,/,!:*+*7*!

,4! L2==,-30*! *=0,-! 7,! :*+02+! :*+*! 64*! 13=D*! /2*D,4! :3+! 0373! 3! 3,-0,9!

0+*5*1@*=73!,!:,+.3++,=73!64!*4:13!.>+.613!;6,!2=.16>*!3!J+*=7!K*=o3=!,!3!

b*1,!7*!L3+0,9!3!f2D!R6+!,!RC3!k+*=.2-.3B!"3!<2=*1!7*!/2*D,49!=*!:+24*/,+*9!

.@,D*43-! *! )3+01*=7! ,! *++*=Q*43-! ,4:+,D3-! ,4! +,-0*6+*=0,-9! <2.*=73!

2=2.2*14,=0,!.34!42=@*!*42D*!I2-*!,4!-,6!42.+3-.A:2.3!*:*+0*4,=03!,!7,:32-!

,4!64*!<*M,=7*!72-0*=0,!\X!;621a4,0+3-!7*!.27*7,9!3=7,9!,4!0+3.*!7,!.627*+!

7,!64*!.*5+*9!64!D*03!,!64!5*=73!7,!D*12=@*-!,NA02.*-9!.3=-,D6243-!43+*+!

76+*=0,!3!/,+C3!-,4!:*D*+!*16D6,1B!$2+*43-!3!*.31.@3*73!7*!.*42=@3=,0,!,!

73+4243-!-35+,!,1,!=*!-*1*!7,!,-0*+9!7,5*2N3!7,!64*!,=3+4,!Q*=,1*!.34!/2-0*!

:*+*! 64! :34*+! 7,! */,1,2+*-B! k*M>*43-! 13=D3-! :*--,23-9! .31@>*43-! <+60*-!

-21/,-0+,-!,!<*M>*43-!*43+B!U6!:3--3!<*M,+!2--39!:,=-*/*B!U6!:3--3!-,+!*!,-:3-*!

7,!)*61B!

!%)!

L*-! =3/*4,=0,! ,6! ,-0*/*! ,=D*=*7*B! )37,+2*! -,+! *:,=*-! ;6,4! ,6!

*:*+,=0,4,=0,!02=@*!;6,!-,+B!RA!;6,!*D3+*!64!:36.3!4*2-B!",4!4,!1,45+*/*!

7*!461@,+!;6,!,+*!*=0,-!7,!42=@*!/27*!-,!72/272+!,4!76*-B!L3+*=73!=*;6,1*!

:,;6,=*! .*-*! 7,! <*M,=7*! =3-! *++,73+,-! 7,! )3+01*=7! *1D6=-! 4,-,-! *:A-! 3!

-,D6=73!*=2/,+-8+23!7*!43+0,!7,!4*4C,9!=C3!,-0*/*!4*2-!:+,3.6:*7*!,4!=C3!

<*M,+! *1D3! 2=*.,208/,1B! l6*=73! )*61! *.,2036! 64*! 3<,+0*! 7,! 0+*5*1@3! ,4!

L2=,8:312-9!;6,!,N2D26!;6,!,1,!+,03+=*--,!*!L2==,-30*!=3!4,23!7,!=3--3!52.3!

7,! .627*+!7*! <*-,! 7,! .@3.3!7*-! D*12=@*-! ,NA02.*-9! <2;6,2! =3!#+,D3=! ,! 0+,:,2!

.34! 3! ,NF=*43+*73! 7*! 73=*! 7*-! D*12=@*-B! $+,:,2! .34! 64! .3M2=@,2+3! 73!

+,-0*6+*=0,!3=7,!0+*5*1@,2!-,+/2=73!4,-*-B!$+,:,2!.34!64!4*--*D2-0*!;6,!4,!

7,6!64!:,7*V3!7,!03+0*!.+,43-*!7,!5*=*=*!,!64*!4*--*D,4!D+*0620*B!#-!0+S-!

,4!64!,-:*V3!7,!0,4:3!7,!.2=.3!72*-B!

)*+*! 424! ,+*! .343! 7,/2*4! -,! -,=02+! *-! :,--3*-! ;6,! -,! .3+0*4! 7,!

:+3:A-203B! "C3! E! 53=2039! 4*-! ,<2.2,=0,B! "C3! E! 5349! 4*-! =C3! @8!

*++,:,=724,=03B!U6!,-0*/*!0,=0*=73!4,!.6+*+B!$,=0*=73!02+*+!3!4*1!7,!7,=0+3!

7,!424!:*+*!;6,!:67,--,!-,+!53*!=3/*4,=0,B!l6,+2*!4,!.6+*+!7,!424!4,-4*B!

"3! <2=*1! 73!/,+C39! ;6*=73!/310,2! *!L2=,8:312-! :*+*!43+*+! .34!)*619! *.@,2!

;6,!02=@*!.3=-,D6273B!%.@,2!;6,!,-0*/*!72<,+,=0,9!4,1@3+9! +,-31/27*B!U!,-02/,!

:3+!64!0,4:39!=*/,D*=73!.3=<2*=0,!:,13!3603=3!,!,=0+*=73!=3!*=3!=3/3B!

U=0C3!02/,!360+3!.*-3B!R*52*!;6,!,+*!3! <24!7*! 12=@*B!"C3!.3=-,D62*!4*2-!4,!

-6:3+0*+B!)+,.2-*/*! <2=*14,=0,! <*1*+!:*+*!)*61!*-!:*1*/+*-!;6,!7,-0+3V*+2*4!*!

42=@*!/27*B!"C3!;6,!=C3!3!*4*--,B!L*-!;6,!:+,.2-*/*!<2.*+!-3M2=@*9!,453+*!

=C3!-365,--,!*!+*MC3B!

L2=@*!4C,!,-0*/*!43+0*!@*/2*!0+S-!*=3-B!

l6*=73!<*1,2!037*-!*-!.32-*-!;6,!02=@*!*!72M,+9!=A-!732-!.*>43-!=3!.@C3!

,! .@3+*43-B! "3! 72*! -,D62=0,9! )*61! -,! 46736B! %3-! :36.3-! .3=0*43-! *3-!

*42D3-! ;6,! ,-08/*43-! =3-! -,:*+*=73B! U-:,+8/*43-! .3=-,D62+! +,-31/,+! 5,4!

2--39!72--,43-B!"C3!,-08/*43-!=,.,--*+2*4,=0,!=3-!72/3+.2*=73B!)+24,2+39!,1,-!

!%*!

=C3! *.+,720*/*4! ! :*+,.>*43-! 0C3! <,12M,-9! 0373-! 72M2*4B! &,:32-9! <2.*/*4!

M*=D*73-9!=C3!.3=3-.39!4*-!.342D3B!'4*!7*-!42=@*-!4,1@3+,-!*42D*-!02+36!*!

<303D+*<2*!;6,!02=@*!7,!424!73!:3+0*F+,0+*03-9!+*-D36!*3!4,23!,!4,!4*=736!

:,13!.3++,23B!#60+*!0+,:36!.34!)*61B!l6*=73!4,!-,=02! <,+27*!,! -,=02!.2G4,-!

72--39! 36/2! 7,! 360+*! *42D*! ;6,! *;6213! ,+*! ,N*0*4,=0,! 3! ;6,! ,6! 4,+,.2*d!

:+3/*+! 73! 4,6! :+A:+23! /,=,=3B! "C3! 02=@*! 72+,203! 7,! 72-.3+7*+9! 4*-! 4,6!

.3+*VC3! ,-0*/*! :*+0273B! k2.*/*! 7,20*7*! ,4! =3--3! *.31.@3*73! 4,! -,=02=73!

;6*-,!1,/20*+!7,!0*=03!-3<+24,=03B!

$+S-!4,-,-!-,:*+*73-!,!*2=7*!,-08/*43-!,4!64!03+063-3!12453B!U6!=C3!

;6,+2*!/310*+!:*+*!)*619!4*-!0*45E4!=C3!;6,+2*!4,!72/3+.2*+B!l6,+2*!-,+!76*-!

:,--3*-!7,!4373!;6,!:67,--,!<*M,+!*-!76*-!.32-*-B!)*61!,-0*/*!-*2=73!.34!64!

:,;6,=3! =G4,+3! 7,! 461@,+,-9! 4*-! ,6! -6520*4,=0,! 4,! 03+=,2! .,125*08+2*B!

%D3+*! ;6,! 02=@*! 7,-0+6>73! 4,6! .*-*4,=03! :3+! .*6-*! 73! -,N39! -,N3! ,+*! *!

G1024*!.32-*!;6,!02=@*!=*!.*5,V*B!

! b3.S! :+,.2-*! 7*+! 3! <3+*! 7,!L2=,8:312-! ! 72--,!42=@*! *42D*! I2-*!

76+*=0,!64*!7,!=3--*-!7313+3-*-!.3=/,+-*-!0*+7,!7*!=320,B! !b,4!4,!/2-20*+!

,4!)3+01*=7! !.3=02=636B!

U4! 64*! -,4*=*! :,72! 7,42--C3! 7,! 4,6! ,4:+,D3! 7,! D*+V3=,0,9!

.*++,D6,2!*!.*42=@3=,0,!,!72+2D2!+643!*!3,-0,!:,1*!4,-4*!+30*!;6,!<*+2*!64!

*=3!7,:32-!*!.*42=@3!7*!)*.2<2.!K+,-0!$+*21B!

%3!.@,D*+!*!L3=0*=*9!-*52*!;6,!02=@*!<,203!*!.32-*!.,+0*! !*!24,=-27C3!

/,+7,!/2->/,1!:3+!;621a4,0+3-!*0+*/E-!73!4,6!:*+*F5+2-*9!3!.E6!-,!,-0,=7,=73!

5,4!*1E4B!%!.27*7,!7,!)3+01*=7!:2-.*/*!73!360+3! 1*739!*2=7*! <3+*!7,!/2-0*B!

R,+2*!*!42=@*!*D+*78/,1!<6D*9!*2=7*!;6,!:3+!:36.3!0,4:3B!I8!,6!7,2N*+2*!3-!

4,6-!:+351,4*-!:*+*!0+8-9!:,=-,2B!

U4!/,M!72--39!-A!,=.3=0+,2!4*2-B!

!&+!

!

O!F!K'(b%&%!UL!'L%!)#Rcvu#!

(UL#$%LU"$U!U(U$%!

5*=@3! ,! <2;6,2! =6*! ,4! <+,=0,! *3! ,-:,1@39! 4,! 35-,+/*=73! -31,=,4,=0,!

,=;6*=03!,-.3/*/*!3-!7,=0,-B!$,=0,2!-,=02+!*1D3!:*+,.273!.34!,N.20*VC39!4*-!

-A! -6+D26! 4,-43! 64! 7,-.3=<3+03! -306+=3B! s-! /,M,-! ,6! .3=-,D62*! 4,! /,+9!

+,*14,=0,!4,!/,+9!,!64*!<+*-,!4,!/2=@*!?!.*5,V*9!0+3/,Q*=73!.343!64!7,6-!

,4!42=@*!4,=0,9!,!.3=<3+4,!4,!31@*/*9!72*=0,!7*;6,1,!,-:,1@3!4*=.@*739!

3!;6,!4,!/2=@*!,+*!*!461@,+!.34!64!56+*.3!=3!.3+*VC3B!U--*!,+*!,6B!k32!:3+!

2--3! ;6,! -,=02! <*10*! 7,! 64*! .34:*=@2*! =*! =320,! :*--*7*B! k32! :3+! 2--3! ;6,!

,-0*/*! *;629! =6*! ,4! 64! 430,19! .34! ,--*! 27,2*! *5-6+7*! 7,! <*M,+! 64*!

.*42=@*7*!-3M2=@*!76+*=0,!0+S-!4,-,-B!K313;6,2!42=@*!,-.3/*!7,!7,=0,!=*!:2*!

,!4,!2=.12=,2!:*+*!3!,-:,1@3j!31@,2!<2N*4,=0,!:*+*!4,6-!:+A:+23-!31@3-B!)372*!

-,=02+!*!42=@*!7,-2=0,D+*VC3! 2=0,+23+! .343!64*! <13+!:,+7,=73!*-!:E0*1*-!*3!

/,=03B!K*7*!/,M!;6,!43/24,=0*/*!64!4G-.6139!360+*!:E0*1*!/3*/*!7,!424B!

)3+!<*/3+9!:,=-,2B!)3+!<*/3+B!

k62! *0E! *! .*4*! ,! 31@,2! :*+*! *! +36:*! 7,! .*42=@*7*B! U6! *! ,-02;6,2!

.627*73-*4,=0,! =*! .*4*! *=0,-! 7,! 034*+! 64*! .@6/,2+*7*9! 73! 4373! ;6,!

4*4C,! <*M2*! :*+*! 424! =3! :+24,2+3! 72*! 7*! ,-.31*! ;6*=73! ,6! ,+*! .+2*=V*B!

l6*=73! .313;6,2! 3! 03:! ,! *! .*42-,0*9! *-! :,;6,=*-! .*-;62=@*-! ;6,! *2=7*!

.3=03+=*/*4!42=@*!=3/*! 0*06*D,4!:+,=7,+*4!=*!4*=D*!7*! .*42-,0*9! ,! ,6!

.627*73-*4,=0,!:6N,2F*-B!U+*!*!42=@*!G=2.*!0*06*D,49!64!.*/*13!*M61!=3!4,6!

7,10327,! ,-;6,+73B! )*61! 02=@*! 64*! .3452=*=73B! Y*/>*43-! <,203! Q6=03-! ,4!

@34,=*D,4!*3!=3--3!72/A+.239!;6,!02=@*!<2=*14,=0,!0,+42=*73!@*/2*!64!4S-B!

!&"!

"C3!E+*43-!4*2-!.*-*73-9!4*-!*-!0*06*D,=-!:*+,.2*4!.34:+3/*+!=3--*!,0,+=*!

12D*VC3B!

U6!,-0*/*!.34!4*2-!/3=0*7,!*2=7*!7,!12D*+!:*+*!)*61!73!;6,!=*!=320,!

:*--*7*9!4*-!=C3!:372*!4,!:,+4202+B!U1,!4,!.3=@,.2*!46203!5,4B!U-.60*+2*!*!

4,1*=.312*! ,! *! @,-20*VC3! ,4! 42=@*! /3M! ,! ,=0,=7,+2*! ;6,! =C3! ,+*! *:,=*-!

:3+;6,!4,!-,=02*!*=-23-*!:3+!2=2.2*+!*!0+21@*B!U1,!:,+.,5,+2*!;6,!,6!02=@*!*1D3!

:*+*!<*1*+B!

K313;6,2!*-!4,2*-!,!*4*++,2!*-!530*-9!<62!*0E!*!Q*=,1*!,!:6N,2!*!.3+02=*B!

#!-31!,-0*/*!+,<1,02=73!*-!:,7+*-!5+*=.*-!73!,-0*.23=*4,=03B!Y*/2*!64!:3-03!

7,!D*-312=*!73!360+3!1*739!64!534!16D*+!:*+*!:,D*+!64*!.*+3=*!:*+*!*!)K$9!

24*D2=,2B!l6*=73!-310,2!*!.3+02=*9!*!-*1*!<2.36!,-.6+*!=3/*4,=0,B!U6!D3-0*/*!

7,--,! Q,2039! .343! 64! .*-613! *.3=.@,D*=0,! ;6,! ,6! =6=.*! :+,.2-*+2*! 0,+! ;6,!

7,2N*+9!,453+*! -365,--,!;6,!,-0*/*!,++*7*B!U+*4!=3/,!@3+*-!7*!4*=@C!,! Q8!

,-0*/*!;6,=0,!18!<3+*9!*!.*2N*!7,!4,0*1!5+*=.3!=3!.*=03!7,6!-2=*1!7,!/27*!.34!

-,6! +6>73! +,<+,-.*=0,B!%:,-*+! 7,! 0673! 2=72.*+! ;6,! ,6! ,-0*/*! 2=73!:*+*! 16D*+!

*1D649!,6!02=@*!64!16D*+!:*+*!,-0*+d!,+*!3!:+24,2+3!72*!=*!)K$B!

%5+2! 3-! .34:*+024,=03-! 7*! 43.@21*! ,! 02+,2! 0673! 7,1*9! Q3D*=73! .*7*!

20,4!=*! .*4*B!),D6,2! *-! -*.31*-!:18-02.*-! ,! *-! ,-/*M2,2! 0*45E49!7,:32-! 31@,2!

:*+*!*!:21@*!7,! .32-*-B!U+*! 0673!3!;6,!,6!:+,.2-*/*! .*++,D*+!:,13-!:+AN243-!

0+S-!4,-,-B!

I8! ,-0*/*!3! -*.3!7,! .34:+,--C3! *M61! ;6,! D6*+7*/*! *-! +36:*-!;6,! ,6!

*2=7*! =C3! 02=@*! 6-*73d! 64*! .*1V*! 7,! 1C9! 64*! .*42-,0*! 0E+42.*! 7,! 4*=D*!

.34:+27*9! 64! .*-*.3! D+3--3! 7,! 1C! .34! 64! .*:6M9! 732-! :*+,-! 7,! 4,2*-! 7,!

*1D37C3!,!732-!.3=Q6=03-!7,!.*1.2=@*!,!-602C9!64!:*+!7,!16/*-!<2=*-9!64!.@*:E69!

-*.3!,-0*=;6,9!.@,23!*0E!*!53.*!7,!0373!02:3!7,!.3427*!;6,!,6!:+,.2-*+2*!=3-!

:+AN243-!\`!72*-!*0E!.@,D*+!?!:+24,2+*!:*+*7*!:*+*!+,*5*-0,.24,=039!64!16D*+!

.@*4*73!g,==,7o!L,*73p-B!Y*/2*!3!-*.3!7,!73+42+9!64*!.*7,2+*!735+8/,1!

!&#!

;6,! :372*! -,+! ,-0,=727*! ,! 6-*7*! .343! 5*-,! :*+*! 3! -*.3! 7,! 73+42+! ,! 64*!

1*=0,+=*! 7,! .*5,V*! .343! *;6,1*-! 6-*7*-! :,13-! 42=,2+3-9! 4*2-! .2=.3! .3+7*-!

,18-02.*-B!Y*/2*!3!:6+2<2.*73+!7,!8D6*!,!64!42=G-.613!<3D*+,2+3!735+8/,19!64!

.*+06.@3! .34:+273! 7,! D8-! 7,! *164>=23! ,! 64! :,;6,=3! 2-;6,2+3! +3-*B! Y*/2*!

64*!:*=,1*!:,;6,=*! ,=.*2N*7*!7,=0+3!7,!64*!:*=,1*!4*23+9! 60,=->123-! ;6,!

735+*/*4!*3!4,23!,!64!:*+!7,!-*=7812*-!,-:3+02/*-!5*+*0*-!;6,!,6!:+,0,=72*!

6-*+! =3! *.*4:*4,=03! =3! <24! 7,! .*7*! 72*B! $2=@*! 64! :*.30,! 7,! 03*1@*-! 7,!

-,.*D,4!+8:27*9!64!.@*/,2+3F0,+4a4,0+39!64*!13=*!,!64*!.*=,.*!0E+42.*!7,!

:18-02.3!.34!*1V*B!$2=@*!64![20!:*+*!43+727*!7,!.35+*9!64!.*=2/,0,!-6>V39!64!

52=A.613!,4!42=2*06+*!,4!64!,-03Q3!7,!.36+3! <*1-3! <,.@*73!.34!M>:,+9!64!

+313!7,!.3+7*!<163+,-.,=0,9!64*!5G--31*!;6,!*2=7*!=C3!-*52*!6-*+!,!64!12/+3!

;6,!4,!,=-2=*+2*!*!6-8F1*!.@*4*73!R0*o2=D!k36=7!w#+2,=0*=73F-,x9!;6,!:,=-,2!

,4! 1,+! =3! */2C3! :*+*! I3-! %=D,1,-9! 4*-! =C3! 12B! $2=@*! 64! [20! 7,! :+24,2+3-!

-3.3++3-! ,4! 64! 24*.61*73! ,-03Q3! 7,! 13=*! /,+4,1@*! ;6,! <,.@*/*! .34! 64!

.12;6,9! 64! +313! 7,! :*:,1! @2D2S=2.3! ,4! 64! -*.3! M2:13.[! ,! 64*! :,;6,=*!

,-:8061*!7,!*V3!2=3N9!7,=0+3!7,!64!,-03Q3!:+,03!.34!*!<+*-,!'F&2DFc0!=*!<+,=0,B!

$2=@*!64*!:,;6,=*!-*.31*!7,!*+02D3-!7,!@2D2,=,!,!35Q,03-!:,--3*2-!;6,!*.@,2!

;6,! :+,.2-*+2*! *3! 13=D3!73! .*42=@39! .34! N*4:69! .3=72.23=*73+9! -*53=,0,9!

13VC3!,!7,-373+*=0,9!.3+0*73+!7,!6=@*9!+,:,1,=0,!7,! 2=-,03!,!:+30,03+!-31*+9!

:,=0,9! ,-:3=Q*!4,=-0+6*1! =*06+*1! ,! 64!@27+*0*=0,! 1*52*1! .34!:+30,03+! -31*+B!

$2=@*!64*!1*=0,+=*9!64!1*4:2C3!7,!4,0*1!.34!64*!/,1*!/302/*!7,=0+3!,!64*!

/,1*!-35+,--*1,=0,9!64!-,++30,!735+8/,1! !:*+*!;6S!,6!=C3!-,2! !,!64*!531-*!

7,!=8213=!/,+7,!.34!*!5*++*.*!7,=0+3B!$2=@*!76*-!D*++*<*-!:18-02.*-!7,!8D6*!

.34! .*:*.27*7,! :*+*! 64! 120+3! ,! 64! +,-,+/*0A+23! 7,! @27+*0*VC3! .34!

.*:*.27*7,!:*+*!\_!120+3-9!64*!.*:*!7,!=8213=!73!0*4*=@3!7,!64!:6=@3!;6,9!

7,-,=+31*7*9! :+30,D2*! *! 43.@21*9! ,! 64*! 531*! 7,! J3+,F$,N! ;6,! /2+*/*! 64*!

.*:*!7,!.@6/*B!$2=@*!.32-*-!;6,!,6! 0+36N,!7,!.*-*!:*+*!3!.*-3!7,!*-!360+*-!

.32-*-!;6,!,6!0+36N,! <*1@*+,49!.343!:21@*-!,N0+*-9!.*2N*!7,! <A-<3+3-!?!:+3/*!

!&$!

76*-! .*=,0*-! ,! 0+S-! 12/+3-! *1E4! 7,! R0*o2=D! k36=79! $@,! )*.2<2.! K+,-0! $+*219!

b3164,! \d! K*12<3+=2*! w3! 4,-43! D62*! ;6,! 4,! 1,/36! ?! Q3+=*7*9! ,-.+203! :3+!

;6*0+3!*603+,-!;6,!7,-.+,/,4!,4!64!034!.*1439!:3+E4!*6-0,+39!3-!+2D3+,-!,!

*-! +,.34:,=-*-! 7*! 0+21@*x9! U=;6*=03! *D3=2M39! 7,! i2112*4! k*61[=,+9! ,! $@,!

&+,*4! 3<! *! K3443=! I*=D6*D,! w#! -3=@3! 7,! 64*! 1>=D6*! .3464x9! 7,!

%7+2,==,!(2.@B!Y*/2*!64!513.3!7,!76M,=0*-!:8D2=*-9!73!0*4*=@3!PN\\9!;6,!,6!

6-*/*!.343!728+23!,!64!-*.3!M2:13.[!.34!*!42=@*!.*+0,2+*!7,!4303+2-0*9!64!

:,;6,=3! 4*V3! 7,! 72=@,2+39! 64! 5313! 7,! -,13-! :3-0*2-! ,! 64! 513.3! ,-:2+*1!

:,;6,=3! .34!3-! ,=7,+,V3-!7,! *42D3-! *=30*73-! ,4!*1D64*-!:8D2=*-B!Y*/2*!

64*!48;62=*! <303D+8<2.*!L2=310*! yFm__9! O^449! 7,! ;6*127*7,! :+3<2--23=*19!

.34!64!.3=Q6=03!7,! 1,=0,-! M334!,!7,! <1*-@!*.3:18/,2-! ,!64!:,;6,=3! 0+2:E!

735+8/,19! 0673! *++64*73! 7,=0+3! 7,! 64! ,-03Q3! *.31.@3*73! 73! 0*4*=@3! 7,!

64*!531*!7,!<60,531B!

"C3!;6,!,6!<3--,!64*!<30AD+*<*B!

k62!*!64*!13Q*!7,!,-:3+0,-!*3!*+!12/+,!,4!L2=,8:312-!.@*4*7*!(Uc!:,13!

4,=3-! 64*! 7GM2*! 7,! /,M,-! *3! 13=D3! 73-! G10243-!4,-,-! :*+*! .34:+*+! 53*!

:*+0,!7,--,-!20,=-B!(*+*4,=0,!,+*!64*!0*+,<*!-24:1,-B!K34:+*+!*0E!4,-43!64!

.*=021!-,4!:+24,2+3!*=*12-*+!.627*73-*4,=0,!*!4*2-!+,.,=0,!0,.=313D2*!*:12.*7*!

*3-!.*=02-!,+*!5,-0,2+*9!+*:27*4,=0,!*:+,=72B!Y*/2*!:+A-!,!.3=0+*-!-35+,!/8+23-!

4*0,+2*2-!;6,!:+,.2-*/*4!-,+!.3=-27,+*73-9!-,4!.3=0*+!*!:,-;62-*!;6,!<32!<,20*!

,4!+,1*VC3!*3!7,-2D=B!U!2--3!,+*!-34,=0,!*!4,=3+!,!4,=3-!.34:1,N*!:*+0,!7*-!

.34:+*-!;6,! 02/,!;6,! <*M,+B!#! +,-0*=0,!73-!,;62:*4,=03-!;6,!:+,.2-*+2*!,+*!

*2=7*!4*2-!.34:1,N39!:,+.,52!*:A-!.3=/,+-*+!.34!@34,=-!,!461@,+,-!7*!(Uc!

-,4:+,!72-:3-03-!*!4,!*Q67*+!;6*=73!4,!,=.3=0+*/*4!72*=0,!7,!64*!/20+2=,!

7,!<3D*+,2+3-!-6:,+1,/,-!36!:,+.3++,=73!*!-,VC3!7,!5*++*.*-B!U--,-!*0,=7,=0,-!

/*+2*/*4!7,! 27*7,9!.34:3+0*4,=03!,!*<2=27*7,!.34!.*7*! -,03+!7,!*/,=06+*!

=*!=*06+,M*9!4*-!3!;6,!02=@*4!,4!.3464!,+*!;6,!0373-!:372*4!.3=/,+-*+!

!&%!

-35+,! 3-! ,;62:*4,=03-! .34! 2=0,+,--,! ,! -6021,M*! :3+! 64! 0,4:3! 0C3!

2=*.+,7208/,1!;6,!=3!<6=73!4,!7,2N*/*!,=.*=0*7*B!U1,-!-,!24:3+0*/*4!-,!4,6!

-*.3!7,!73+42+!02=@*!64!:+30,03+!7,!M>:,+!;6,!=C3!,4:,++*/*!,!64!:+30,03+!

:*+*!3! +3-03!;6,!:,+4202*!3! .*:6M! -,+! *Q6-0*73!7,! <3+4*! .3=<3+08/,1! ,! -,4!

24:,72+!*!+,-:2+*VC3B!k2.*/*4!-*02-<,203-!.34!3!<*03!7,!;6,!4,6!:6+2<2.*73+!7,!

8D6*! 02=@*! 64! ,1,4,=03! 7,! <25+*! 7,! /27+3! :+,D6,*73! :*+*! *64,=0*+! *!

-6:,+<>.2,! 7,! <210+*D,4B!#! .3=@,.24,=03!7,1,-! .3=-,D626! -,+! 0+*=-<,+273!:*+*!

424B!l6*=73!034,2!*!7,.2-C3!7,!;6*1!43.@21*!.34:+*+9!3!437,13!4*2-!.*+3!

7*!J+,D3+o!.34!*+4*VC3!,N0,+=*!@>5+27*!;6,!:+3.1*4*/*!0,+!3!,;621>5+23!,!*!

*D2127*7,!7,!64*!43.@21*!.34!*+4*VC3!2=0,+=*9!4,!-,=02!.343!-,!02/,--,!4,!

03+=*73!,-:,.2*12-0*!,4!*.*4:*+B!

k32!*:,=*-!;6*=73!,-0*/*!7,!:E!31@*=73!:*+*!*!:21@*!7,!,;62:*4,=03-!

4,02.613-*4,=0,! ,-.31@273-! ,-0,=7273-! =*! .*4*! 73! ;6*+03! =3! @30,1! ,4!

L3Q*/,!;6,!:,+.,52!.34!:+3<6=7*!@64217*7,!;6,!=C3!,+*B!

K34,.,2!*!3+D*=2M*+!*-!.32-*-9!*:,+0*=739!-3.*=73!,!<3+V*=73!0673!,4!

0373! ,-:*V3! 72-:3=>/,1! 7*! 43.@21*! *0E! ;6,! =C3! .*52*! 4*2-! =*7*B! $2=@*!

:1*=,Q*73!6-*+!*-!.3+7*-!,18-02.*-!:*+*!*4*++*+!3!-*.3!7,!.3427*9!*!5*++*.*9!*!

13=*9!3! -*.3!7,! +36:*-!,!*!.*7,2+*!7,!*.*4:*+!;6,!/2+*/*!.*4*!=3! 1*73!7,!

<3+*!7*!43.@21*9!=3-! 16D*+,-!7*!*+4*VC3!,N0,+=*! <,203-!:*+*! 2--39!4*-!*D3+*!

,+*! =>0273! ;6,! @*/2*! 360+*-! .32-*-! ;6,! 0,+2*4! ;6,! <2.*+! 73! 1*73! 7,! <3+*!

0*45E4B! '-,2! *! .3+7*! ,18-02.*! :*+*! *4*++*+! 037*-! *-! .32-*-! ;6,! :1*=,Q,2! ,!

7,:32-!0*45E4!:+,=72!*1D64*-!360+*-!=,1*-d!*-!02+*-!7*-!-*=7812*-9!3!,-03Q3!7*!

48;62=*!<303D+8<2.*!,!*-!*1V*-!7*!.*=,.*!0E+42.*!,!73!1*4:2C3B!)+,=72!3!,-03Q3!

'F&2DFc0! .34! *! ,-:8061*! 7,! 4,0*1! ?! 5*++2D6,2+*! 7*! 43.@21*! ,! 3! .@*/,2+3F

0,+4a4,0+3!,4!64!7,!-,6-!M>:,+,-B!

l6*=73!*.*5,29!-,=0,2F4,!=3!.@C39!-6*7*!:3+!.3=0*!73!,-<3+V39!,!31@,2!

.34!0+*=;62127*7,!:*+*!*!43.@21*B!U!,=0C3!4,!1,45+,2!7,!64!G10243!7,0*1@,d!

*!8D6*B!

!&&!

U-.31@2! *;6,1,! :3=03! 7,! :*+027*! :*+*! .34,V*+! *! 0+21@*! 5*-2.*4,=0,!

:3+;6,!,-024,2!;6,!7*12!,6!1,/*+2*!.,+.*!7,!.,4!72*-!:*+*!.@,D*+!*!%-@1*=79!=3!

#+,D3=9!16D*+!3=7,!3+2D2=*14,=0,!:1*=,Q,2!0,+42=*+!*!.*42=@*7*!:3+;6,!36/2!

<*1*+!5,4!7*!.27*7,!,!*.@,2!;6,!:37,+2*!D3-0*+!7,!43+*+! 18B!L,-,-!*0+8-! ,6!

02=@*!0+*V*73!=3!4*:*!64*!+30*!:*+*!3!-619!-34*=73!3-!;621a4,0+3-!,!3-!72*-9!

,! :*+,2! =3! 7,-<21*7,2+3! 7,! $,@*.@*:29! 3=7,! *! )K$! .+6M*! *! Y2D@p*o! ^P! =3!

0+,.@3!=3+3,-0,!73!7,-,+03!7,!L3Q*/,9!=C3!46203!13=D,!7*!.27*7,!7,!L3Q*/,B!

#! ;6,! =C3! 02=@*! :,+.,5273! *0E! *1D64*-! -,4*=*-! *0+8-! ,+*! ;6,! .34,.,2! *!

.*42=@*7*! ,4!64!73-! 0+,.@3-!4*2-! 8+273-! 7*! 0+21@*9! 64! 0+,.@3!3=7,! *0E! 3!

0+21@,2+3!4*2-! +8:2739!4*2-!:+,:*+*73!<2-2.*4,=0,!,!4*2-!,N:,+24,=0*73!=,4!

-,4:+,!.3=-,D62*!,=.3=0+*+!0373!72*!64*!<3=0,!7,!8D6*B!)*+*!4249!2--3!-,+2*!

24:3-->/,1B!U6!7,43+*+2*!732-!72*-!:*+*!.35+2+!3-!Wm!;621a4,0+3-!,!*1.*=V*+!*!

:+24,2+*! <3=0,! 7,! 8D6*9! :3+0*=03! 0,+2*! ;6,! 1,/*+! 3! -6<2.2,=0,! :*+*! *D6,=0*+!

.@,D*+!18B!

U=.@2! *-! D*++*<*-! 7,! 64! 120+3! =*! :2*! 73! 5*=@,2+3! ,! .313;6,2F*-! =3-!

531-3-!1*0,+*2-!0,1*73-!7*!43.@21*B!&,-,=.*/,2!3!+,-,+/*0A+23!7,!@27+*0*VC3!73!

16D*+! 3=7,!3! ,=<2,2! =3! .34:*+024,=03!:+2=.2:*1! 7*!43.@21*! ,! ,=.@2! -,6-! \_!

120+3-!7,!8D6*B!rD6*9!*:+,=72!4*2-!0*+7,9!:,-*!64!;6213!:3+!120+3B!"C3!-,2!;6*1!

,+*!3!:,-3!7,!42=@*!43.@21*!=*;6,1,!:+24,2+3!72*9!4*-! -,2!;6,! -A!7,!8D6*!

02=@*! \W!;6213-B! U! ,+*4! 2=.a4373-! \W!;6213-B!#! +,-,+/*0A+23! ,+*! .343!64*!

D2D*=0,-.*!531*!*.@*0*7*!7,!8D6*9!5*1*=V*=739!*7,+=*=73!,!,-.3++,D*=73!7,!

42=@*-! 4C3-9! ,! +3136! -3M2=@3! :*+*! 3! .@C3! ;6*=73! 0,=0,2! *4*++8F13! =*!

43.@21*B! #! .*=021! 02=@*! 02+*-! =*-! 53+7*-j! .34! D+*=7,! ,-<3+V3! ,6! :+,=72! *-!

.3+7*-!,18-02.*-!=,1,9!*3!1*73!73!,-03Q3!7*!48;62=*!,!7*-!-*=7812*-!,!7*!.*=,.*!

0E+42.*!,!73!1*4:2C39!*0E!<2.*+!0C3!<+6-0+*7*!;6,!02+,2!*!.*=,.*!,!*!Q3D6,2!73!

360+3!1*73!73!;6*+03B!

)3+! <249!;6*=73! 0673!3!;6,! ,6! 2*! 1,/*+! ,-0*/*! ,4! -,6!7,/273! 16D*+9!

64*! .*14*! -,! *5*0,6! -35+,! 424B! U-0*/*! :+3=0*! :*+*! .34,V*+B! K313;6,2! 3!

!&'!

+,1AD239! :,=76+,2! 3-! A.613-! ,-.6+3-! =3! :,-.3V3! .34!3! .3+7C3! 7,! =,3:+,=,!

+3-*9!/,-02!3!.@*:E6!,!31@,2!:*+*!*!43.@21*B!)*+,.2*!*3!4,-43!0,4:3!,=3+4,9!

.34:*.0*9! ;6*-,! *73+8/,1! ,! *--6-0*73+*4,=0,! 2=7,:,=7,=0,B! U1*! 02=@*! 64*!

.*+*.0,+>-02.*! *=24*73+*j! ,4! -6*! .34:*=@2*! ,6! =C3! 4,! -,=02*! 030*14,=0,!

-3M2=@*B!&,!:E9!,1*!/2=@*!=*!*106+*!7*!42=@*!.2=06+*B!R,D6+,2F*!,!4,!*5*2N,2!

:*+*!1,/*=08F1*B!

U1*!=C3!-*26!73!16D*+B!

U6!4,!*D*.@,2!,!*D*++,2! -6*!*+4*VC3!7,! <3+4*!4*2-!/2D3+3-*!,! 0,=0,2!

1,/*=08F1*!=3/*4,=0,B!L*2-!64*!/,M!,1*!=C3!-,!4,N,6B!",4!64!.,=0>4,0+3B!

$,=0,2! 1,/*=08F1*! .34! *-! 76*-! 4C3-9! <2+4,2! *-! :,+=*-! ,! :,D6,2F*! .34! 64!

*5+*V3!7,!6+-39!.34!0373!3!<a1,D39!037*!*!7,0,+42=*VC3!,!<3+V*9!,=<249!.34!

0673!3!;6,!,6!02=@*!:*+*!7*+B!%2=7*!*--24!=C3!.3=-,D62B!U+*!,N*0*4,=0,!.343!

0,=0*+!1,/*=0*+!64!k6-.*B!U1*!:*+,.2*!0C3!12=7*9!0C3!:+3=0*!:*+*!-,+!1,/*=0*7*!

,9!=3!,=0*=039!,+*!24:3-->/,1!<*M,+!2--3B!

R,=0,2!=3!.@C3!*3!-,6!1*73!,!+,<1,02!-35+,!*!-206*VC3B!K343!,6!:37,+2*!

.*++,D*+! 64*! 43.@21*! :3+! 4*2-! 7,! \BX__! ;621a4,0+3-! -35+,! 43=0*=@*-!

:,7+,D3-*-! ,! 7,-,+03-! 8+273-! -,! =C3! .3=-,D62*! -,;6,+!4,N,+! 64! .,=0>4,0+3!

7,1*!,4!64!;6*+03!.34!*+F.3=72.23=*73T!%!27,2*!,+*!*5-6+7*!,!*2=7*!*--24!,6!

02=@*! ;6,! 1,/*=0*+! *;6,1*!43.@21*B!"C3!4,!:*--36!:,1*! .*5,V*! ;6,! ,6! =C3!

.3=-,D62+2*B! R24:1,-4,=0,! :,=-,2! ;6,! -,! ,6! -34*--,! 037*-! *-! .32-*-! ;6,! ,6!

:+,.2-*/*!:*+*!<*M,+!*!.*42=@*7*!-,+2*!2D6*1!*!64!:,-3!;6,!,6!:372*!.*++,D*+B!

%-!:,--3*-!7*!(Uc9!2--3!,+*!/,+7*7,9!4,=.23=*+*4!3!:,-3!.34!<+,;6S=.2*!,4!

-,6-! 43=A13D3-9! 4*-! =C3! 02=@*! :+,-0*73! 4620*! *0,=VC3B! )*+,.2*! @*/,+!

;6,-0n,-! 4*2-! 24:3+0*=0,-! *! -,+,4! .3=-27,+*7*-9! .3439! :3+! ,N,4:139! -,! 3!

:+30,03+!:*+*!3!+3-03!73!-*.3!7,!73+42+!:,+4202+2*!;6,!3!.*:6M!<3--,!*Q6-0*73!

7,!<3+4*!.3=<3+08/,1!-,4!24:,72+!*!42=@*!+,-:2+*VC3B!

!&(!

(,<1,02!-35+,!3!;6,!:37,+2*!02+*+!7*!43.@21*9!4*-!.*7*!20,4!4,!:*+,.2*!

0C3! 35/2*4,=0,! =,.,--8+23! 36! 4*2-! *2=7*! ,4F.*-3F7,F,4,+DS=.2*! ;6,! =C3!

36-,2!+,02+*+!=*7*B!$,+2*!;6,!.*++,D*+!*!43.@21*!73!Q,203!;6,!,-0*/*B!

&,-12M,2!:,13!.*+:,0,!,!<2;6,2!7,!.3-0*-!5,4!=*!<+,=0,!7*!43.@21*9!,=<2,2!

3-!5+*V3-!=*-!*1V*-!,!<,.@,2!*!02+*!:,203+*1B!(,-:2+,2!<6=73!,!.34,.,2!*!5*1*=V*+!

:*+*!*!<+,=0,!,!:*+*!0+8-!*!<24!7,!:,D*+!24:61-3!*0E!;6,!<2=*14,=0,!4,!*02+,2!

:*+*!*!<+,=0,!.34!0673!=*-!.3-0*-!,!<2;6,2!*:32*7*!=*-!4C3-!,!=3-!Q3,1@3-B!%!

43.@21*! Q8!=C3!,-0*/*!4*2-!=3!.@C3B!U-0*/*!3<2.2*14,=0,!:+,-*!*!424B!%2=7*!

:*+,.2*!64!k6-.*9!-A!;6,!*D3+*!:*+,.2*!;6,!,6!,-0*/*!.34!3!k6-.*!,-0*.23=*73!

=*-!42=@*-! .3-0*-B! k2;6,2! =*;6,1*! :3-2VC3! :3+! *1D6=-!42=603-9! 0,=0*=73!4,!

,;62125+*+B!I,=0*4,=0,9!4,N2!3-!:E-!,!-24610*=,*4,=0,!,-.*1,2!*!D+*7,!4,0812.*!

7,! +,<+2D,+*VC3! .34! *-!4C3-! *0E! <2.*+! =*! /,+02.*1! 3! -6<2.2,=0,! :*+*! <*M,+! 64!

1,/*=0*4,=03!0,++*B!%!*+4*VC3!7*!43.@21*!+*=D,6!;6*=73!1,/*=0,29!0*45E4!

-,! ,-<3+V*=73! .34! 3! ,=3+4,! :,-3B!l6*=73! <2;6,2! 7,! :E9! 3! ;6,! -2D=2<2.*/*!

<2.*+!.6+/*7*!,4!64*!:3-2VC3!+,430*4,=0,!,+,0*9!,-0*/*! -,D6+*=73!*!D+*7,!

4,0812.*! 7,! /,=021*VC3! ;6,! *.27,=0*14,=0,! *++*=;6,2! 7*! 6=27*7,! 7,!

+,<+2D,+*VC3!7,/273!*3!,-<3+V3B!

U6!=C3!:372*!=,4!.34,V*+!*!+,.313.8F1*!=3!16D*+B!#!16D*+!:*+*!3!;6*1!

,6!02=@*!;6,!2+!<2.*/*!*!*:,=*-!*1D6=-!.,=0>4,0+3-!73!4,6!*1.*=.,9!4*-!*;6,1,-!

.,=0>4,0+3-!,-0*/*4!2=0,2+*4,=0,!<3+*!7,!;6,-0C3B!U=.3-0,2!*!D+*7,!=*!:*+,7,9!

*<2/,1,2! *! 5*++2D6,2+*! ,! .34,.,2! *! .*45*1,*+! ,! *! 3-.21*+! :,13! ;6*+039! 4,6!

.,=0+3!7,!D+*/27*7,!-,!7,-13.*=73!:*+*!;6*1;6,+!72+,VC3!;6,!,6!2=.12=*--,B!#!

:,-3!4*+.*/*!7313+3-*4,=0,!3-!4,6-!345+3-!7,!4373!;6,!*Q6-0,2!.34!4*2-!

<3+V*! *! 5*++2D6,2+*9! =*! 0,=0*02/*!7,! ,;62125+*+! *! .*+D*9!3!;6,! *:,+036!42=@*!

5*++2D*!.34!0*=0*! <3+V*!;6,!*!.*+=,!,-06<36!,!,-.*:36!:*+*!3-! 1*73-B!L2=@*!

43.@21*! -,! ,+D6,6! .343! 64*! .*:*! :3+! 0+8-! 7,! 4249! ,1,/*=73F-,! /8+23-!

.,=0>4,0+3-! *.24*! 7*! 42=@*! .*5,V*! ,! 4,! :+,=7,=73! 7,! .24*! *0E! 3! .A..2N!

!&)!

.343!64!03+=3B!%!-,=-*VC3!,+*!@3++>/,1!,!=3!,=0*=03!0*1/,M! 2--3!,+*!-,+!64!

43.@21,2+3B!

U6!=C3!-*52*B!

RA! -*52*!;6,! ,-0*/*!=*!@3+*!7,! 2+9! ,=0C3! *5+2! *!:3+0*! ,! .*42=@,2! ,4!

72+,VC3!?!16MB!

!&*!

!

)%($U!&#cR!!

!

!

%-!:*1*/+*-!-C3!:+3:A-203-B!

%-!:*1*/+*-!-C3!4*:*-B!

%&(cU""U!(cKY9!

&2/2=D!2=03!0@,!i+,.[!

b3.S!4,!*.,20*!.343!,6!-36T!

L,!*.,20*T!

e#"c!Lc$KYUII9!

K*12<3+=2*!

!'+!

!

E&&F*1"7"1&G$%,-&H$*"9:&I59()%&JK&

G*9"75$2"*&!

k2M!64!43=0,!7,!.32-*-!,-0G:27*-!,!:,+2D3-*-!=*!/27*9!4*-!:,D*+!.*+3=*!

.34!64!,-0+*=@3!*2=7*!=C3!02=@*!-273!64*!7,1*-B!K32-*-!@3++>/,2-!*.3=0,.,4!

.34! ;6,4! :,D*! .*+3=*9! :+2=.2:*14,=0,! .34! 461@,+,-! -3M2=@*-B! U1*-! -C3!

,-06:+*7*-! ,! 7,.*:20*7*-B! $3+06+*7*-! ,! *5*=73=*7*-! :*+*! 43++,+B! L*-! =3!

,--,!02:3!7,!:,=-*4,=03!4,!*0+*:*1@*--,B!%!=C3!-,+!;6,!,6!;62-,--,!*=7*+!3-!

;6*-,! W_! ;621a4,0+3-! *3! 13=D3! 73! ,-.*17*=0,! *.3-0*4,=03! 7*! *603,-0+*7*!

:*+*!.@,D*+!?!0+21@*9!,6!:+,.2-*/*!7,!64*!.*+3=*B!

%1E4!72--39! :,D*+! .*+3=*! ,+*! 5*-2.*4,=0,!3!;6,!3-! 0+21@,2+3-! 7*! )K$!

<*M2*4!;6*=73!=,.,--8+23B!U!,6!,+*!64*!0+21@,2+*!7*!)K$9!.,+03T!K,+03T!

K,+03B!

#!)*.2<2.!K+,-0!$+*219!b3164,!\d!K*12<3+=2*!,N:12.36!3!:+3.,--3!.34!-6*!

@*5206*1! -,+,=27*7,B! U4! *1D64*-! 3.*-2n,-9! *! )K$! .+6M*+2*! 64*! ,-0+*7*! ,!

@*/,+2*!64*!*DS=.2*!73!.3++,23!*1D6=-!;621a4,0+3-!?!<+,=0,9!:*+*!3=7,!/3.S!

7,/2*!,=/2*+!*!.*2N*!.34!3-!*124,=03-!,!3-!-6:+24,=03-!=,.,--8+23-!?!:+AN24*!

:*+0,! 7*! 0+21@*B! ),D*+! 64*! .*+3=*! ,+*! *! G=2.*! -316VC3! :+802.*! ;6*=73! -,!

0+*0*/*!7,!:,D*+!,--*-!.*2N*-!,!+,03+=*+!?!0+21@*B!

)*+,2! :,+03! 7*!48;62=*! 7,! +,<+2D,+*=0,-9! 73! 360+3! 1*73! 73! :3-03! 7,!

D*-312=*9!35-,+/*=73!*-!:,--3*-!2=73!,!/2=739!0,=0*=73!*++*=Q*+!.3+*D,4!:*+*!

4,!*:+3N24*+!7,!64*!7,1*-9! 03+.,=73!:*+*!-,=02+!;6,!,-0*+2*!-,D6+*!;6*=73!

/2--,! *! :,--3*! .,+0*B! b2! @34,=-! 273-3-! ,! D+2-*1@3-! .34! .@*:E6-! 7,! .*65A29!

<*4>12*-!.6Q3-!.*++3-!Q8!,-0*/*4!130*73-!,!*731,-.,=0,-!;6,!,-0*.23=*/*4!.34!

!'"!

*!4G-2.*! ,N:1372=73! :,1*-! Q*=,1*-! *5,+0*-B!"2=D6E4! ,4! ,-:,.2*1! :*+,.2*! -,+!

64! *--*--2=3! 36! ,-06:+*73+9! 4*-! 7*! 4,-4*! <3+4*! =2=D6E4! ,4! ,-:,.2*1!

:*+,.2*!=C3!-,+B!K34:+,2!64*!1*0*!7,!K3.*FK31*!,!*!034,2!.34!64!*+!.*-6*1!

;6,! .*46<1*/*! 3! <*03! 7,! ;6,! ,6! =C3! :372*! <2.*+! .34:1,0*4,=0,! 7,! :E! :3+!

.3=0*!73!2=*.+,7208/,1!:,-3!=*-!.3-0*-B!)3+!<249!:+,.2-*/*!*D2+B!U+*4!;6*-,!\\!

7*!4*=@C9!*-!@3+*-!1*=V*=73F-,!D+*76*14,=0,!=3!.*13+!7,!64!72*!7,!Q6=@3!=3!

7,-,+03B!

'4*!42=2/*=!.34!:1*.*!73!K313+*73!,-0*.23=36!,!732-!@34,=-!-*>+*4B!

'4!@34,4!02=@*!4*2-!36!4,=3-!*!42=@*!27*7,9!3!360+3!:*+,.2*!0,+!6=-!^_!

*=3-B!%:+3N24,2F4,!7,1,-! ,! :,72! 64*! .*+3=*B! U1,-! @,-20*+*4! ,! 31@*+*4!64!

:*+*! 3! 360+39! *-! ,N:+,--n,-! 7,2N*=73! .1*+3! ;6,! 3-! 732-! 56-.*/*4!

-21,=.23-*4,=0,! 64*! +*MC3! :*+*! 72M,+! =C39! :3+0*=03! .3=02=6,2! <*1*=739!

,N:12.*=73!+*:27*4,=0,!-35+,!*!)K$B!

!$673!5,4! !72--,!3!4*2-!/,1@3!<2=*14,=0,9!.34!=>027*!+,160h=.2*B!

!#5+2D*7*! !/25+,2!.343!64*!*731,-.,=0,B!

l6*=73!4*=;6,2!,4!72+,VC3!?!D+*=7,!:3+0*!1*0,+*1!7*!/*=9!3!@34,4!

4*2-!Q3/,4!*!*5+26!:*+*!424B!#1@,2!:*+*!-,6!2=0,+23+9!:,+.,5,=73!-6520*4,=0,!

;6,!=C3!02=@*!*!4,=3+!27,2*!7,!.343!,=0+*+B!U6!=C3!:372*!=,4!0,=0*+!,=0+*+!

.34!*!43.@21*!=*-!.3-0*-B!)+,.2-*/*!02+8F1*9!4*-!*2=7*!*--249!.343!<*M,+!2--3T!

R,!7,-*<2/,1*--,! *-! 02+*-! ;6,!:+,=72*4!*-! *1V*-! 7*!43.@21*! *3! +,73+!73!4,6!

:,203!,!73-!4,6-!345+3-9!=C3!.3=-,D62+2*!,/20*+!;6,!,1*!.*>--,!/231,=0*4,=0,9!

:37,=73!*0E!*++*=.*+!<3+*!3-!4,6-!5+*V3-B!

!)+,.2-*!7,!*Q67*T! !3!@34,4!4*2-!=3/3!:,+D6=036B!

!"C3B!U-036!5,4! !+,-:3=72!,4!64!034!<*1-*4,=0,!.*143B!%!G=2.*!

.32-*! ;6,! .3=-,D62! :,=-*+! <32! /2+*+! 7,! .3-0*-! :*+*! *! /*=! ,! 4,! *D*.@*+9! 7,!

4373!*!4,!-,=0*+!=*!43176+*!7*!:3+0*!,=;6*=03!-,D6+*/*!=*!53+7*!7*!:3+0*!

7,!.3++,+!,!7,2N*/*!;6,!*!43.@21*!,=.3-0*--,!=3!.@C3!*0+8-!7,!424B!k32!64*!

!'#!

<,12.27*7,B!&,-*<2/,1,2!*-!02+*-!7*!43.@21*!,!.627*73-*4,=0,!4,!7,-:+,=72!-,4!

2=.12=*+!*!43.@21*!,!,=0C3!4,!/2+,2!:*+*!,=0+*+!=*!/*=!,!-,=0*+!*3!-,6!1*73B!

#-!@34,=-!<2.*+*4!4*2-!-24:802.3-!*--24!;6,!:,D*43-!*!,-0+*7*9!2=73!

7,! .*++3! :*+*! 3! 3,-0,! :3+! 64*! :*2-*D,4! 8+27*! 7,! *+56-03-! +,--,.*73-! ,!

43=0*=@*-!:8127*-!-,!:,+7,=73!=3!@3+2M3=0,B!U+*4!:*2!,!<21@3!7,!64!-65G+523!

,4!&,=/,+9!*!.*42=@3!7,!64*!.,+24a=2*!7,! <3+4*06+*!,4!R*=!I62-!#52-:3B!

I3D3!7,:32-9!64*!:1*.*!;6,!*=6=.2*/*!3!7,-<21*7,2+3!7,!$,@*.@*:2!*:*+,.,6!,!

3! @34,4! 4*2-! /,1@3! 7242=626! *! /,13.27*7,! ,! :*+36! =3! *.3-0*4,=03! 7*!

,-0+*7*B!#! +*:*M! -*26! ,! *5+26! *!:3+0*! D+*=7,!:*+*!424B!$2=@*!,-:,+*=V*!7,!

.313.*+!*!43.@21*!7*!4,-4*!<3+4*!;6,!*!02+,29!*Q67*7*!:,1*!*106+*!73!:2-3!7*!

/*=!,=;6*=03!*D*.@*7*!?!:3+0*9!4*-!*=0,-!;6,!.3=-,D62--,!7,-.,+!3!@34,4!

:,D36! *! 43.@21*! ,! *! .313.36! :,-*7*4,=0,! =3! .@C3! 7,! 0,++*! =*! 1*0,+*1! 7*!

,-0+*7*B!U1*!.*26!.34!0*=0*! <3+V*!;6,!*.@,2!;6,!3!+,-,+/*0A+23!7,!@27+*0*VC3!

<3--,! ,-036+*+B!&,-.2! *0+8-! 7,1*9! *! ,4:6++,2! 7,! /310*! ?! :3-2VC3! +,0*! ,! 5*02! *!

:3,2+*B!

! $,4! .,+0,M*! 7,! ;6,! .3=-,D6,! 1,/*=0*+! *! 43.@21*T! ! ,1,!

:,+D6=036B! !)3+;6,!,6!4*1!.3=-,D62B!

!q!.1*+3!;6,!.3=-2D3! !,6!72--,B!

U1,!<2.36!*12!:*+*739!.343!-,!,-02/,--,!,-:,+*=73!;6,!,6!:+3/*--,!2--3B!

!#5+2D*7*!:,1*!.*+3=*! !,6!72--,9!;6,+,=73!;6,!,1,! <3--,!,453+*9!

7,!4373!;6,!=C3!:67,--,!0,-0,46=@*+!*!42=@*!@6421@*=0,!+302=*!7,!.313.*+!

*!43.@21*B!

U1,!*.,=36!.34!*!.*5,V*!,!<,.@36!*!:3+0*!7,!.3++,+!7*!/*=B!

!K627,F-,B!

!)37,!7,2N*+! !,6!72--,9!35-,+/*=73F3!/310*+!:*+*!*!/*=B!

k2;6,2! :*+*7*! =*! +373/2*! -21,=.23-*! 7,:32-! ;6,! ,1,-! -,! *<*-0*+*4B!

(*Q*7*-! 7,! :3,2+*! ,+*4! -3:+*7*-! ,4! <3+4*! 7,! :,;6,=3-! +,7,432=@3-!

7,5*2N3!7,!64!5+21@*=0,!-31!7*!0*+7,B!U-0*/*!*!;6*-,!\BW__!4,0+3-!7,!*102067,9!

!'$!

.,+.*7*! ,4! 037*-! *-! 72+,Vn,-! :3+! 43=0*=@*-! 5,D,! ,! *:*+,=0,4,=0,! 8+27*-9!

:3=021@*7*-!:3+!.3=.,=0+*Vn,-!7,!*+0,4>-2*-9!8+/3+,-F7,FQ3-6E!,!.@*:*++*2-!7,!

64!4,0+3!7,!*106+*B!U6!,-0*/*!=3!12420,!3,-0,!73!7,-,+03!7,!L3Q*/,!,!=*!5*-,!

-61!7*!R2,++*!",/*7*9!*!,=3+4,!.*7,2*!7,!43=0*=@*-!;6,!-,!,-0,=72*!:*+*!3!

=3+0,!:3+!4*2-!7,!X`_!;621a4,0+3-!*0E!3!)*+;6,!"*.23=*1!7,!I*--,=!b31.*=2.9!

3=7,!,1*! -,! Q6=0*/*!.34!*!.3+721@,2+*!7*-!K*-.*0*-9!;6,! 2*!7,-7,!3!=3+0,!7*!

K*12<A+=2*9! *0+*/E-! 73! #+,D3=! ,! 7,! i*-@2=D03=9! *0E! *0+*/,--*+! *! <+3=0,2+*!

.*=*7,=-,B! U--*-! 76*-! .*7,2*-! 7,! 43=0*=@*-! -,+2*4! 3! 4,6! 46=73! :,13-!

:+AN243-! 0+S-!4,-,-j! -,6-!:2.3-9!3!4,6! 1*+B! U4!64!436+C3!7,:32-!7*!/*1*9!

*/2-0,2! 3! 5+21@3! 7,! 64!4*+.3!7,!4,0*1! 73! 0*4*=@3!7,! 64*!4C3!;6,! 72M2*!

)%KckcK!K(UR$!$(%cIB!

K@,D6,2B!)372*!<2=*14,=0,!.34,V*+B!

I,45+,2!;6,!-,+2*!3!434,=03!:,+<,203!:*+*!02+*+!64*!<3039!4*-!:,D*+!*!

48;62=*! ,N2D2+2*! *! +,43VC3! 7,! 0*1! -,;6S=.2*! 7,! ,;62:*4,=03-! ,! .3+7*-!

,18-02.*-!;6,!=,4!;62-!0,=0*+B!%1E4!72--39!:*+*!02+*+!64*!<303!7,!424!4,-4*9!

0,+2*!;6,!,=.3=0+*+!64!:3=03!7,!*:323!:*+*!*!48;62=*!:*+*!;6,!,6!:67,--,!

*.,+0*+!3!0,4:3+2M*73+!,!.3++,+!:*+*!3!16D*+!*=0,-!;6,!72-:*+*--,9!,!=*7*!*3!

+,73+! 4,! :*+,.2*! 46203! :+342--3+B! L,-43! 3! 436+C3! 7*! .,+.*! =3! ;6*1! 3!

4*+.3!7*!)K$!,-0*/*!:+,-3!:*+,.2*!46203!+,--,.*73!,!<+8D21B!U4!/,M!72--39!4,!

-,=0,2!=3!.@C3!72*=0,!7*!43.@21*!7*!4,-4*!<3+4*!;6,!<2M!=3!;6*+03!73!@30,19!

*4*++,2F*!-35+,!3-!345+3-!,!7,:32-!4,!*02+,2!:*+*!*! <+,=0,9! <2.*=73!*:32*7*!

=*-!4C3-!,!=3-!Q3,1@3-!:*+*!7*+!3!24:61-3!,!<2.*+!7,!:EB!

UN610*=0,9! =,+/3-*9! .6+/*7*! ,4! 64*! :3-2VC3! +,430*4,=0,! ,+,0*9!

*<2/,1,2!,!*Q6-0,2!*!43.@21*!,!,=-*2,2!3-!:+24,2+3-!:*--3-!=*!0+21@*!,4!72+,VC3!*!

64*!:1*.*!7,!4,0*1!4*++34!;6,!,-0*/*!:+,D*7*!,4!360+3!436+C3!7*!.,+.*B!

l6*=73! 1,/*=0,2!*!*5*!73!.@*:E69!/2!64!513.3!,!64*!.*=,0*!7,=0+3B!U+*!3!

12/+3!7,!+,D2-0+3!7*!0+21@*!-35+,!3!;6*1!12!*!+,-:,203!,4!4,6!D62*B!U-.+,/2!3!4,6!

=34,!,!*!7*0*!,!12!3-!=34,-!73-!0+21@,2+3-!;6,!:*--*+*4!:3+!*12!=*-!-,4*=*-!

!'%!

*=0,+23+,-9!*!4*23+2*!@34,=-!/2*Q*=73!,4!76:1*-9!=,=@64*!461@,+! -3M2=@*B!

&,43+,2! 64! :36.3!4*2-9! -,=02=73! 64*! 3=7*! 7,! ,43VC3! :,13!434,=03! ,!

7,:32-!:,+.,52!;6,!=C3!@*/2*!=*7*!*!<*M,+!*!=C3!-,+!-,D62+!,4!<+,=0,9!,=0C3!,6!

-,D62B!

%! 0+21@*! -,D62*! :*+*! 1,-0,9! ,4! :*+*1,13! ?! *603,-0+*7*! :3+! 64! 0,4:39!

7,-.,=73!:,13! 1,203! +3.@3-3!7,!64!+23! -,.3!,! -652=73!=3/*4,=0,B!U6!,-036!

<*M,=73!*! 0+21@*t9!:,=-,2B!U!,=0C39!,-036!=*!)*.2<2.!K+,-0!$+*21B!k32!,--,!,N*03!

*03!7,!.*42=@*+!/2=73!73!<6=73!7*!42=@*!*14*!;6,!4,!<,M!*.+,720*+!;6,!64*!

/2*D,4!7,--,! 02:3!,+*!64!,4:+,,=724,=03!/28/,1B!#!;6,!E! <*M,+!64*!0+21@*!

-,=C3! .*42=@*+9! *<2=*1!7,! .3=0*-T! U6! .3=-2D3! .*42=@*+t9! *+D64,=0,2!;6*=73!

)*61! 7,43=-0+36! :+,3.6:*VC3! .34! 3! <*03! 7,! ,6! =6=.*! 0,+! +,*14,=0,! <,203!

64*! 0+21@*B! U6! *=7*/*!3! 0,4:3! 0373B! U6! .*42=@*/*!76+*=0,! @3+*-! ,4!4,6!

0+*5*1@3!7,!D*+V3=,0,B!K*42=@*/*!=3-!*++,73+,-!7*-!.27*7,-!,4!;6,!/2/2*!,!

=*-!;6,!/2-20*/*B!K*42=@*/*!:3+!:+*M,+!,!=,.,--27*7,B!$37*-!,--*-!.32-*-!,+*4!

/,+7*7,B!L*-9!*:A-!*:+3N24*7*4,=0,!\^!42=603-!.*42=@*=73!=*!)K$9!<2.36!

.1*+3! ;6,! =6=.*! .*42=@,2! ,4!43=0*=@*-! 7,-E+02.*-! =3! 2=>.23! 7,! Q6=@3! .34!

64*! 43.@21*! *4*++*7*! =*-! .3-0*-! ;6,! :,-*/*! -2D=2<2.*02/*4,=0,! 4*2-! 7*!

4,0*7,!73!;6,!,6!:,-*/*B!

#!;6,9!.343!<2.36!.1*+39!=C3!0,4!4620*!.32-*!*!/,+!.34!.*42=@*+B!"*!

+,*127*7,9!:*+,.,!4*2-!3!2=<,+=3!73!;6,!64*!.*42=@*7*B!

K34,.,2!*!<2.*+!3<,D*=0,!,!-6*+!24,72*0*4,=0,9!*!:3,2+*!D+67*=73!=*-!

530*-!,!:*=06++21@*-!,=;6*=03!*!0+21@*!/2+*/*!:*+*!3!=3+0,!,!.34,V*/*!*!-652+!

,4!/,M!7,!M2D6,M*D6,*+B!s!4,727*!;6,!,6!-652*9!.*7*!/,M!4*2-9!.*7*!:*--3!,+*!

64! 0+*5*1@3! 8+7639! 2=0,++34:273! *:,=*-! :3+! :,;6,=*-! 7,-.27*-! ,/,=06*2-9!

;6,!=C3!,+*4!,N*0*4,=0,!0+ED6*-!=3!2=<,+=3!,!-24!64!=3/3!02:3!7,!2=<,+=39!

Q8!;6,!,6!:+,.2-*/*!4,!<2+4*+!*!.*7*!:*--3!:*+*!;6,!*!<3+V*!7*!D+*/27*7,!=C3!

4,! Q3D*--,! :*+*! *! <+,=0,! ,! 4,! <2M,--,! .*2+! 7,/273! *3! 4,6! 2=.+>/,1! ,!

2=.3=0+318/,1!:,-3B!U6!02=@*!*!-,=-*VC3!7,!;6,!*!43.@21*!=C3!,-0*/*!0C3!:+,-*!

!'&!

*! 424! ;6*=03! ,6! *! ,1*B! K343! -,! ,6! <3--,! 64! ,72<>.23! .34! 4,45+3-9!

7,-.3=,.0*73!7*!5*-,9!*7,+=*=73!,4!4,23!?!=*06+,M*!-,1/*D,4B!

&,=0+3! 7,! ;6*+,=0*! 42=603-9! *! /3M! 7,=0+3! 7*! 42=@*! .*5,V*! ,-0*/*!

D+20*=73d! "3! ;6,! ,6! <62! 4,! 4,0,+T! $,=0,2! 2D=3+8F1*! ,! .*=0*+31*+! ,=;6*=03!

.*42=@*/*9! ,453+*! 0,=@*! *.@*73!46203! 72<>.21! .*=0*+31*+! *3!4,-43! 0,4:3!

,4! ;6,! 3<,D*/*9! D,42*! ,4! *D3=2*! ,! 0,=0*/*! :,+4*=,.,+! .6+/*7*! =*;6,1*!

:3-2VC3!+,430*4,=0,!,+,0*!,!0*45E4!4,!Q3D*/*!:*+*!*!<+,=0,!,=;6*=03!4,!

-,=02*!.343!64!,72<>.23!.34!:,+=*-B!U=0C39!0,=0,2!5*-2.*4,=0,!4,!.3=.,=0+*+!

=3! ;6,! 36/2*9! =3-! 4,6-! :E-! +,--3*=73! =*! 0+21@*! -,.*! ,! +3.@3-*9! =*-! <31@*-!

;6,5+*72V*-!,!=3-!D*1@3-!73-!*+56-03-!5*2N3-!5*1*=V*=73!.34!3!/,=03!;6,=0,9!

4*-! 2--3!=C3!,+*!:3-->/,1B!#! .1*43+!"3!;6,!,6! <62!4,!4,0,+T! ,+*!64!D+203!

:37,+3-3B! "C3! :372*! -,+! 2D=3+*73B! %! G=2.*! 72-0+*VC3! :3-->/,1! ,+*! *! 56-.*!

/2D21*=0,!:3+!.*-.*/E2-B!c4*D2=*/*!64*!,4!.*7*!.6+/*9!:+3=0*!:*+*!4,!*0*.*+B!

%!:*2-*D,4!,+*!<,20*!:*+*!,1*-9!:*+,.2*B!U!0*45E4!:*+*!:64*-!,!*-0603-!-,+2*1!

[211,+-!7*!=*06+,M*B!

L*-!,6!=C3!,-0*/*!:,=-*=73!=,1,-B!

k32!64!*.3+73!;6,!<2M!.342D3!4,-4*!*1D6=-!4,-,-!*=0,-!,!*!G=2.*!.32-*!

;6,!4,!:,+42026!<*M,+!*!0+21@*!-3M2=@*B!R*52*!;6,9!-,!7,2N*--,!3!4,73!034*+!

.3=0*9!42=@*! Q3+=*7*!,-0*+2*! .3=7,=*7*B!#!4,739!7,! .,+0*! <3+4*9!=*-.,!7*!

@2-0A+2*! ;6,! .3=0*43-! *! =A-! 4,-43-9! :3+0*=03! ,-.31@2! .3=0*+! 64*! @2-0A+2*!

72<,+,=0,!7*!@2-0A+2*!*!;6,!*-!461@,+,-!,-0C3!*.3-064*7*-B!&,.272!;6,!,-0*/*!

-,D6+*B!l6,!,+*!.3+*Q3-*B!l6,!=*7*!:372*!4,!/,=.,+B!c=-2-02+!=,--*!@2-0A+2*!,+*!

64*! <3+4*! 7,! .3=0+31*+! *! 4,=0,9! 4*-9! :*+*! *! 4*23+! :*+0,! 7*-! .32-*-9! ,1*!

<6=.23=36B!$37*!/,M!;6,!,6!36/2*!64! -34!7,!3+2D,4!7,-.3=@,.27*!36!;6,!

-,=02*! *1D3! @3++>/,1! -,! <2N*=73! =*! 42=@*! 24*D2=*VC39! ,6! 3! *<*-0*/*B!

R24:1,-4,=0,! =C3! 4,! :,+4202*! 0,+! 4,73B! L,73! D,+*! 4,73B! U=,+D2*! D,+*!

,=,+D2*B!U6!4,!7,0,+42=,2!*!D,+*+!,=,+D2*B!U!=C3!7,43+36!46203!:*+*!;6,!,6!

+,*14,=0,!=C3!-,=02--,!-,=02+!4,73B!

!''!

U6!,-0*/*!4,!,-<3+V*=73!46203!:*+*!0,+!4,73B!

&,2!64!:*--3!,!7,:32-!360+39!4,!43/,=73!7,!<3+4*!;6*-,!+*-0,Q*=0,B!

"C3!*.@,2!;6,!*!.*42=@*7*!=*!)K$!-,+2*!<8.21B!R*52*!;6,!7,43+*+2*!64!:36.3!

:*+*!4,!*.3-064*+B!L*-!*D3+*!;6,!,-0*/*!*129!=C3!02=@*!0*=0*!.,+0,M*!7,!;6,!

4,!*.3-064*+2*B!K*42=@*+!=*!)K$!,+*!72<,+,=0,!73!;6,! 02=@*!24*D2=*73B!U6!

,+*!72<,+,=0,!73!;6,!02=@*!24*D2=*73B!"C3!.3=-,D62*!-,;6,+!1,45+*+!3!;6,!,6!

02=@*! 24*D2=*73! @*/2*! -,2-! 4,-,-9! ,4! 7,M,45+3! :*--*739! ;6*=73! 034,2! *!

7,.2-C3!7,!<*M,+!2--3B!

U6!,-0*/*!72+2D2=73!,4!64!0+,.@3!7*!*603,-0+*7*!*!1,-0,!7,!R236N!k*11-9!

=*!&*[30*!73!R619!;6*=73!02/,!*! 27,2*B!$2=@*!72+2D273!7,!L2=,8:312-!*!R236N!

k*11-! =3! 72*! *=0,+23+! .34! *! 42=@*! *42D*! %24,,! :*+*! :,D*+! *! 42=@*!

.*42=@3=,0,9! ;6,! <2.36! 18! =*! -,4*=*! *=0,+23+9! *3! ,=D62V*+! ;6*=73! ,-0*/*!

,4:+,-0*7*!.34!64!*42D3B!

l6*=73! .@,D6,2! .34!%24,,! *! R236N! k*11-9!42=@*! .*42=@3=,0,! @*/2*!

-273! +,53.*7*B! U! ,-0*/*! ,4! 64! ,-0*.23=*4,=03! .,+.*73! :3+! 64*! .,+.*! 7,!

*+*4,!,!,=0,++*7*!=*!=,/,!7,!64*!=,/*-.*!;6,!02=@*!.*>73!*1D6=-!72*-!*=0,-B!

k32!:3+!.*6-*!7,--*!=,/*-.*!;6,!<62!?!(Uc!=3!72*!*=0,+23+!:*+*!.34:+*+!64*!

:8B!U=;6*=03!,-:,+*/*!=*!<21*!73!.*2N*!:*+*!:*D*+9!*/2-0,2!64!D62*!-35+,!*1D3!

.@*4*73! )*.2<2.! K+,-0! $+*21B! ),D6,29! 31@,2! *! .*:*! ,! 12! *! .3=0+*.*:*! *=0,-! 7,!

7,/31/SF13!*!-,6!16D*+!=*!:+*0,1,2+*B!

%--24!;6,!%24,,!,!,6!02+*43-!*!.*42=@3=,0,!7*!=,/,!=*;6,1,!72*!,4!

R236N!k*11-9!,=0+,2!,!12D6,2!3!.*++3B!%.@,2!;6,!=C3!36/2+2*!=*7*!*!=C3!-,+!*;6,1,!

.12;6,! -,.3! ;6,! 3-! .*++3-! <*M,4! ;6*=73! =C3! 0S4! =*7*! *! 3<,+,.,+9! 4*-! ,1,!

12D36! 7,! :+24,2+*B! )37>*43-! 0,+! /310*73! *! L2=,8:312-9! 4*-! *.*5*43-!

7,.272=73! :*--*+! *! =320,! ,4! 64! @30,1B! R*>43-! :*+*! Q*=0*+! .,73! ,4! 64!

+,-0*6+*=0,! 4,N2.*=39! ,=06-2*-4*7*-! .34! *! 2=,-:,+*7*! <*.2127*7,! 7,! =3--*!

Q3+=*7*B! U=;6*=03! .34>*43-! 03+021@*-! .34!431@3! ,! 5,5>*43-! 4*+D6,+20*-9!

-,=02!64*!,-0+*=@*!-,=-*VC3!=*!53.*!73!,-0a4*D3B!

!'(!

! q! .343! -,! ,6! 02/,--,! ,=D31273! 64*! 03+021@*! 2=0,2+*! ! ,6! 72--,! *!

%24,,B! !K343!-,!*-!53+7*-! *2=7*!,-02/,--,4! 2=0*.0*-! ,!4,!,-:,0*=73!:3+!

7,=0+3B!

R,=02F4,!.@,2*!,!.34!64*-!:3=0*7*-!=*!5*++2D*9!.343!=6=.*!4,!-,=02+*!

*=0,-B!

!$*1/,M!,-0,Q*!D+8/27*! !5+2=;6,29!,!=3!434,=03!,4!;6,! <*1,2! 2--3!

:,+.,52!;6,!=C3!,-0*/*!5+2=.*=73B!

!b3.S!,-08T! !:,+D6=036!%24,,B!

! )3--3! ,-0*+! ! +,-:3=729! -6520*4,=0,! *0,++3+2M*7*B! $2=@*! 0+*=-*73!

-,N3!@*/2*!*1D64*-!-,4*=*-!.34!64!.*+*!.@*4*73!e3,B!$2=@*!3!.3=@,.273!=3!

/,+C3! *=0,+23+9! ,4! )3+01*=79! ;6*=73! <62! /2-20*+! I2-*! ,! <6D2+! 73-! :+351,4*-B!

U-0*/*! 18! @*/2*! *:,=*-! *1D6=-! 72*-! ;6*=73! ,1,! 4,! *53+736! ,4! 64! 5*+! ,!

.313.36!*!4C3!=3!4,6!:61-3B!

! I,D*1! ! ,1,! 72--,9! .3=03+=*=73! .34! 3-! 7,73-! *-! ,N0+,427*7,-!

*<2*7*-!7,!4,6!5+*.,1,0,!7,!4,0*1B!

U1,! 02=@*! 3! .*5,13! ,-0213! :6=[F+3.[! .3+! 7,! =E3=9! .3+0*73! +,=0,! *3!

.+h=239! ,! 64*! 0*06*D,4! .@*4*02/*! ;6,! .35+2*!4,0*7,! 73! 5+*V39! ,453+*! 3!

+3-03!<3--,!,N*0*4,=0,!3!.3=0+8+23!7,--,-!72-<*+.,-d!35-02=*73!,!D,=0219!.343!

64! D*02=@3! ;6,+,=73! 1,20,B! U1,! 02=@*! W`! *=3-! ,! ,6! W^B! "C3! 73+42*! .34!

=2=D6E4! 7,-7,! ;6,! 4,! -,:*+,2! 7,! )*61! @*/2*! 0+S-! 4,-,-B! "*;6,1*! =320,!

0+*=-*43-! =3! .@C39! ,4! .24*! 73! /31643-3! <603=! 7,! e3,9! ,!4*1! 73+4243-9!

.3=/,+-*=73!*0E!3! -31!=*-.,+9!5*-2.*4,=0,! -35+,!,1,B!U1,!4,!.3=036! -35+,!*!

4C,! 2=0,12D,=0,9! 3! :*2! *1.3A1*0+*9! ,! *! -3<2-02.*7*! ,! +2D3+3-*! <*.617*7,! 3=7,!

02=@*!-,!<3+4*73!=3!*=3!*=0,+23+B!

!b3.S!Q8!,N:,+24,=036!@,+3>=*T! !,1,!:,+D6=036!:,1*!4*=@CB!

f*1*=.,2!*!.*5,V*!=,D*02/*4,=0,!,!+2!7,!<3+4*!.*-6*1B!

!&,/,+2*T!

!')!

U6! :372*! 0,+! 7,2N*73! :*+*! 18B! e3,! 02=@*! *.*5*73! 7,! .34,V*+! *! 6-*+!

@,+3>=*!;6*=73!=3-!.3=@,.,43-B!U+*!*1D3!;6,!<*M2*! 13=D,!7,!4249!.34!64!

D+6:3!7,! *42D3-! 7,1,! ;6,! ,6! =C3! .3=@,.2*B! )37,+2*! 0,+! :*--*73!72+,03! :3+!

.24*! 72--39!4*-! *1D3!4,! 24:,126! *! <*M,+! 64*! :*+*7*B! U6! ,-0*/*! .6+23-*B! U6!

,-0*/*! 72-:3=>/,1B! U4!42=@*! Q6/,=067,! ,!4,6! -3<+24,=039! ,6! ,-0*/*! :+3=0*!

:*+*!4,!*6037,-0+62+B!

)3+0*=039!=C3!*:,=*-!72--,! -24!?!@,+3>=*B!U6!4,!*D*++,2!*!,1*!.34!*-!

76*-!4C3-B!

U-0*/*!,=+3-.*7*!.34!e3,!*:A-!3!-,N3!,4!-,6!-3<8!.*2=73!*3-!:,7*V3-!

;6*=73! 6-,2! :,1*! :+24,2+*! /,M9! 64*! -,4*=*! *:A-! .3=@,.SF13B! "A-! =3-!

+,/,M8/*43-!2=*1*=73!*!<64*V*!7*!5+*-*!7*!:*-0*!:+,0*!7,!@,+3>=*!.313.*7*!

-35+,!64*!<31@*!7,!*164>=23!,4!64!.*.@2453!2D6*14,=0,!<,203!7,!*164>=23B!

U4!:36.3-!72*-! ,6!=C3! ,-0*/*!4*2-! ,4!)3+01*=7!:*+*! /2-20*+! I2-*! ,! <6D2+! 73!

4,6!-3<+24,=03B!U-0*/*!,4!)3+01*=7!43/27*!*!7+3D*-!,!4,23!;6,!*:*2N3=*7*!

:3+! e3,B! U6!4,!467,2! :*+*! 3! *:*+0*4,=03! 7,1,! ,4! .24*! 7,! 64*! <*+48.2*!

*5*=73=*7*9!3=7,!:*--*43-!*!4*23+!:*+0,!73!/,+C3!<*M,=73!-,N3!36-*73!,!

6-*=73!@,+3>=*B!"3!2=>.23!,+*!*1D64*-!/,M,-!:3+!-,4*=*9!7,:32-9!*!.*7*!732-!

72*-! ,! ,=0C3! 0373! 72*B! )+24,2+3! =A-! *! <64*43-9! 7,:32-! *! .@,2+*43-B! L*-!

=6=.*!2+>*43-!2=Q,0*+t9!D*+*=0243-B!%5-3160*4,=0,!=6=.*B!

U=0C3!2=Q,0*43-B!

U+*!534B!K343!*1D3!2=.+2/,14,=0,!12=73!,!<3+*!7,-0,!46=73B!K343!-,!

,6!02/,--,!,=.3=0+*73!64!:1*=,0*!7,!/,+7*7,!;6,!,6!=C3!-*52*!;6,!.3=@,.2*9!

4*-!;6,!-,4:+,!,-0,/,! 18B!#!:1*=,0*!Y,+3>=*B!#! 16D*+!3=7,!=C3!,N2-0,!73+9!

3=7,! ,+*! 72D=3! 7,! :,=*9! 4*-! 5*-2.*4,=0,! =3+4*1! ;6,! 42=@*! 4C,! 02/,--,!

43++2739!;6,!4,6!:*2!5231AD2.3!=C3!<2M,--,!:*+0,!7*!42=@*!/27*!,!;6,!42=@*!

<*4>12*!02/,--,!,=0+*73!,4!.31*:-3!,!,6!=C3!.3=-,D62--,!.3=02=6*+!.*-*7*!.34!

3!@34,4!;6,!*4*/*B!

),13!4,=3-!,+*!*--24!;6,!,6!4,!-,=02*!;6*=73!,-0*/*!7+3D*7*B!

!'*!

"*-!4*=@C-9! 4,6! -3<+24,=03! ,+*! 46102:12.*73! :3+! 421B! "*-!4*=@C-9!

=C3!@*/2*!*:,=*-!,--,-!<*03-!0+2-0,-!7*!42=@*!/27*B!%D3+*!02=@*!0*45E4!3!<*03!

*72.23=*1!7,!;6,!,6!,+*!64!43=0,!7,!4,+7*B!%.3+7*/*!=3!;6*+03!=3Q,=03!7,!

e3,! 2=.3437*7*!.34!.*7*!7,0*1@,!5*=*1d! *! 1642=8+2*!,!*!4,-*9!3! 12/+3!;6,!

.*26! ,! <2.36!7,! .*5,V*!:*+*!5*2N3! ,! *5,+039! *-! :8D2=*-! <+8D,2-! *4*--*7*-! =3!

.@C3B!"3!5*=@,2+39!,6!1*/*/*!3!+3-039!-316V*/*!=*-!4C3-!:3+!*1D6=-!+8:273-!

-,D6=73-!,!4,!*:+3=0*/*!:*+*!3!0+*5*1@3!7,!D*+V3=,0,!;6,!.3=-,D62!,4!64!

16D*+!;6,!-,+/2*!.*<E!7*!4*=@CB!U6!:,=-*/*d!U-0*!=C3!-36!,6B!U-0*!=C3!E!.343!

,6!-36B!)*+,!.34!2--3B!&,2N*!72--3B!L*-!?!0*+7,!,6!/310*/*!.34!64!5313!7,!

72=@,2+3!:*+*!.34:+*+!4*2-!64!:36.3!7,!@,+3>=*9!,!:,=-*/*d!R24B!U6!0,=@3!

;6,! <*M,+! 2--3B! U6! 0,=@3! ;6,! 7,-:,+72V*+! 42=@*! /27*B! $,=@3! ;6,! -,+! 64*!

/2.2*7*B!

L*-!=C3!,+*!:*+*!-,+!*--24B!I2-*!4,!12D36!64!72*!,!72--,!;6,!;6,+2*!4,!

/,+B! U6! .3=02=6*/*! ,4! .3=0*03! .34!,1*9! :*--*/*! 13=D*-! 0*+7,-! ,4! -6*! .*-*9!

2=-2=6*=73! =3! ;6,! ,-0*/*! 4,027*B! %--24! ;6,! ,=0+,2! ,4! -6*! .*-*! 7,-0*! /,M9!

-*52*!;6,!*1D3!,-0*/*!*.3=0,.,=73B!

!U=0C39!4,!.3=0*!-35+,!*!@,+3>=*! !,1*!,N2D26B!

!Y,+3>=*T! !+,0+6;6,2!.2=2.*4,=0,B!

#!;6,!,6!:37,+2*!72M,+T!U+*!2=,N:12.8/,19!4,-43!:*+*!424B!

! "C3! ,-036! <2.*=73! /2.2*7*9! -,! E! .34! 2--3! ;6,! /3.S! ,-08!

:+,3.6:*7*! ! <*1,29! *:32*7*! =*! 5*=.*7*! 7*! .3M2=@*! ,=;6*=03! ,1*! /*++2*! 3!

.@C3B!

!q!2--3!;6,!,-08!4,!:+,3.6:*=73! !,1*!72--,!7,!4373!<2+4,B!

!f,49!=C3!-,!:+,3.6:,! !,6!72--,B!

UN:12;6,2! 3! ;6,! ,-0*/*! <*M,=73! 7*! <3+4*!4*2-! +*.23=*1! ,! *1,D+,! ;6,!

.3=-,D62B!RA!<*M2*!*1D6=-!4,-,-B!I3D3!:*+*+>*43-B!

e3,! ,! ,6! ,-08/*43-! -24:1,-4,=0,! =3-! 72/,+02=739! <*M,=73! *1D3! :,13!

:+*M,+!7,!<*M,+B!

!(+!

! q! /,+C3t! ! ,N.1*4,2B! ! I,45+*!;6,! <32! /3.S!;6,! -6D,+26! ;6,! ,6!

/2,--,! :+*! .8! +,1*N*+T! U-036! +,1*N*=73B! ! R3++29! 4*-! ,1*! =C3! -3++26! Q6=03B!

I,45+,2F*! 7,! ;6,! =6=.*!4,! ,=/31/,+*! .34! 7+3D*-! *=0,-j! ;6,! 5,52*! 81.331!

.34!437,+*VC3! ,! .3=0+31,B! J3-0*/*! 7,! ,N:,+24,=0*+9! 72--,! *! ,1*B! U+*! 64*!

*+02-0*B!#!02:3!7,!461@,+!;6,!72M2*!-249!,4!/,M!7,!72M,+!=C3B!

U1*! .3=0,-036! .*7*! *<2+4*VC39! ;6,-023=36! .*7*! +*.23=*12M*VC3B! U1*!

/*++,69! /*++,6! ,! /*++,6! 3! .@C3! ?! 4,727*! ;6,! =3--*! .3=/,+-*! /2+*/*! 64*!

72-.6--C3B!)3+!<24!<2.36!0C3!<6+23-*!.342D3!;6,!4,!7,6!64*!/*--36+*7*B!

b310,2!:*+*!*!.*-*!7,!e3,!,!.3=/,+-*43-!-35+,!.343!I2-*!-24:1,-4,=0,!

=C3!,=0,=72*B!

U=0C39!76*-!-,4*=*-!7,:32-9!)*61!4,!0,1,<3=36B!

U1,!;6,+2*!4,!/,+B!%D3+*B!I2-*!.3=036!*!,1,!-35+,!e3,!,!-35+,!4,6!6-3!

7,!@,+3>=*!,!,1,!24,72*0*4,=0,!72+2D26!WmO!;621a4,0+3-!7,-7,!L2=,8:312-!:*+*!

.3=/,+-*+!.342D3B!U=.3=0+,2!.34!,1,!64*!@3+*!7,:32-!=3!*:*+0*4,=03!7,!I2-*B!

U+*!64!72*!;6,=0,!,!,=-31*+*73!=3!<24!7,!-,0,45+3B!$2=@*!<,203!WX!*=3-!=*!

-,4*=*! *=0,+23+B! e3,! 02=@*! ,-;6,.273B! U+*! 3! :+24,2+3! *=2/,+-8+23! 7*! 42=@*!

/27*!,4!;6,!=2=D6E4!4,!7,-,Q36!k,12M!%=2/,+-8+23B!

!k,12M!%=2/,+-8+23! !72--,!)*61!;6*=73!,=0+,2B!

!#5+2D*7*! !,6!72--,9!7,!4*=,2+*!,N0+,4*4,=0,!<3+4*1B!

!),=-,2!,4!0,!12D*+9!4*-!=C3!02=@*!-,6!0,1,<3=,9!;6,+3!72M,+9!73!e3,B!

%.,=,2!.34!*!.*5,V*B!U+*!,-0+*=@3!/SF13B!L,6!4*+273B!'4!<*=0*-4*!7*!

42=@*!/27*!+,*1B!%!:,--3*!4*2-!/,+7*7,2+*!;6,!.3=@,.2B!R,=0*43-!?!4,-*!7*!

.3M2=@*!.34!3-!D*1@3-!7,!64*!<2D6,2+*!5*0,=73!7,!1,/,!=*!Q*=,1*!*3!1*739!*!

/*--36+*!.34!*!;6*1!I2-*!4,!5*0,6!,=.3-0*7*!=*!:*+,7,B!

U1,!72--,d!

! b3.S! ,-08! 72<,+,=0,B! )*+,.,! 0C3BBB! K343! :3--3! 72M,+T! )*+,.,! =C3!

,-0*+!*;62B!

!("!

R*52*!3!;6,!,1,!;6,+2*!72M,+B!%!4*=,2+*!;6,!4,!31@*/*!+,/,1*/*!0673!3!

;6,!,6!4,!+,.6-*/*!*!,-.60*+!7,!I2-*B!U6!,-0*/*!72<,+,=0,B!U6!=C3!,-0*/*!18B!%!

@,+3>=*!02=@*!4,!7,2N*73!*--24B!U!*:,-*+!72--3!*!27,2*!7,!*5*=73=8F1*!:*+,.2*!

24:3-->/,1B!#1@*+!72+,0*4,=0,!:*+*!3! +3-03!7,!)*61!4,! <,M!,=0,=7,+!;6,!,6!

=C3!.3=-,D62*!:,=-*+!72+,203B!

!),13!4,=3-!4,!72M!:3+!;6,!/3.S!,-08!<*M,=73!2--3!.34!/3.S! !,1,!

:,7269!.34!3-!31@3-!53=73-3-9!3!+3-03!0C3!<*4212*+!*!424B!

U1,! -,! 2=.12=36! -35+,! *! 4,-*! ,! -,D6+36! 42=@*-! 4C3-9! ,! =A-! =3-!

*:+3N24*43-! 64!73!360+39! 31@3-! =3-! 31@3-9! *-! 18D+24*-! :+24,2+3! 7,-.,+*4!

:,13!4,6!+3-03!,!7,:32-!:,13!+3-03!7,1,B!U1,!;6,+2*!;6,!,6!<3--,!:*+*!.*-*!.34!

,1,!=*;6,1*! 0*+7,9!,1,!72--,!.34!0+*=;62127*7,B!"C3!:*+*!4,!+,.3=.212*+!.34!

,1,9!4*-!:*+*!<6D2+B!"C3!7,!e3,9!4*-!7*!@,+3>=*B!

U6! 72--,! ;6,! :+,.2-*/*! :,=-*+B! b310,2! *3! *:*+0*4,=03! 7,! e3,! ,! 4,!

-,=0,2!=3! -31!=*! .*7,2+*!;6,! e3,!7,2N*/*!=*! .*1V*7*!,4! <+,=0,!*3!:+E723B!%!

@,+3>=*! 4,! <,M! <2.*+! ,-0G:27*! ,! 72-0*=0,! 7,! 424! 4,-4*B! '4! :,=-*4,=03!

034*/*! <3+4*! ,! 7,:32-! 7,-*:*+,.2*B! L*1! .3=-,D62*! <*M,+! *! 42=@*! 4,=0,!

<6=.23=*+9!4,-43!;6*=73!=C3!,-0*/*!7+3D*7*B!U=;6*=03!,-0*/*!-,=0*7*9!64!

@34,4! .@,D36! :,+03! 7,!424! ,! 72--,! ;6,! -,6! =34,! ,+*! $24B! U1,! :,D36! *!

42=@*!4C39!4,!.64:+24,=036!,!72--,!;6,!,6!:372*!.3=<2*+!=,1,B!%>!:,+D6=036!

-,!,6!:37,+2*!1@,!7*+!0+S-!7A1*+,-!:*+*!.34:+*+!<+*17*-9!7,:32-!-,!:372*!6-*+!3!

4,6! 0,1,<3=,! 73! *:*+0*4,=039! 7,:32-! -,! ,6! 02=@*! 0+3.3! :*+*! 64*! =30*! 7,!

.2=.3!7A1*+,-9!,!*--24!<32!<*M,=73!64*!-E+2,!7,!:,+D6=0*-!,-;62-20*-!,!.3=0*=73!

@2-0A+2*-! 0+2-0,-!;6,!4,!.3=<6=72+*4!,!4,! <2M,+*4! 1,/*=0*+!,! 02+*+!3-!G10243-!

7,M!7A1*+,-!;6,!,6!02=@*!73!531-3!73!4,6!Q,*=-B!

l6*=73!,1,!/26!3!72=@,2+39!02+36!64*!<*.*!7*!.*42-*B!U!*!-,D6+36!;6*-,!

;6,!,76.*7*4,=0,!.3=0+*!3!4,6!:,203!,!-6--6++36d!

!)*--*!3!72=@,2+39!4,6!5,4B!

!(#!

K313;6,2!42=@*-!:36.*-!.32-*-!=*!4*1*9!,-.+,/2!64!521@,0,!:*+*!e3,!,!3!

:+,=72!=3!,-:,1@3!73!5*=@,2+39!,! 12D6,2!:*+*!)*61B!l6*=73!,1,!,=.3-036!=*!

,-;62=*9!,=0+,2!,4!-,6!.*++3B!

R,=0,2! =3! 5*=.3! 73! .*+3=*9! ,! ,=;6*=03! *0+*/,--8/*43-! 3! .*4:39!

-,=02*!*!42=@*!/27*!7,!/,+7*7,!:+,-,=0,9!4*-!2=*1.*=V*/,1B!)*61!,!,6!5+2D*43-9!

.@3+*43-! ,! -*.67243-! 3! .*++3! .34! *! =3--*! +*2/*B! k343-! 43=-0+63-3-! ,4!

=3--*! .+6,17*7,! ,! ,=0C3! .3=/,+-*43-! ,76.*7*4,=0,! 7,:32-! 72--39! .@3.*73-!

64! .34! 3! 360+3! ,! .34! =A-! 4,-43-B! &,.27243-! ;6,! =3-! 72/3+.2*+>*43-! ,!

7,:32-! ;6,! =C3! =3-! 72/3+.2*+>*43-B! U6! 3! 372*/*! ,! 3! *4*/*B! K34! ,1,9! 4,!

-,=02*!:+,-*9!4*+.*7*9!.3=0+31*7*!,!*4*7*B!K343!64*!<21@*B!

!"C3! :,72! :+*! /3.S! /2+!4,! +,-D*0*+! ! D+20,2! *3! 13=D3! 7,! 64*! 7,!

=3--*-!72-.6--n,-B! !b3.S!/,23!:3+!-6*-!:+A:+2*-!+*Mn,-B!RA!*--24!/3.S!:37,!

-,+!64!D+*=7,!@,+A2B!

!$*1/,M! !,1,!72--,B!

!)3+!;6,!/3.S!/,23!7,!0C3! 13=D,!4,!56-.*+T! !:,+D6=0,29!3<,D*=0,!

,4!42=@*!73+B!

! )3+;6,! ! ,1,! 72--,9! -,D6+*=73! 3! /31*=0,! ,! 31@*=73! :*+*! *! =320,!

,-0+,1*7*!*0+*/E-!73!:*+*F5+2-*-B! !)3+;6,!-24B!

b2! e3,! *1D64*-! -,4*=*-! 7,:32-9! ;6*=73! ,1,! /,23! 4,! /2-20*+! ,4!

L2=,8:312-B! "C3! E+*43-! 4*2-! 64! .*-*19! 4*-! 24,72*0*4,=0,! /310*43-! *3-!

=3--3-!/,1@3-!@85203-9!=3-!7+3D*=73!0373-!3-!72*-!76+*=0,!*!-,4*=*!,4!;6,!

,1,!<2.36!189!0+*=-*=73!*1D64*-!/,M,-B!L*-!;6*=73!,1,!<32!,453+*9!,=.,++,2!*!

@2-0A+2*B! K34! ,1,! ,! .34! *! @,+3>=*B!"C3!:,=-,2!4*2-! =2--3! *0E! ,-0*+! -,=0*7*!

.34! %24,,! ,4! R236N! k*11-! ,! :,+.,5,+! *! -,=-*VC3! 52M*++*! 7,! ,-0*+! -,=73F

,-:,0*7*F:3+F53+7*-F*<2*7*-F7,F:,7*V3-F2=0,2+3-F7,F03+021@*!,4!4,6!,-0a4*D3B!

R*>43-! 73! +,-0*6+*=0,!4,N2.*=3! ,! <343-! *! 64!D+*=7,! -6:,+4,+.*73!

,4! 56-.*! 7,! 64! 0,-0,! 7,! D+*/27,MB! U=;6*=03! .*42=@8/*43-! :,1*! 13Q*!

21642=*7*9!-21,=.23-*4,=0,!*+D64,=0,2!.342D3!4,-4*!;6,!:+3/*/,14,=0,!=C3!

!($!

,-0*/*! D+8/27*B! U6! 4,! ,-;62/,2! 7,--*! 5*1*! 4620*-! /,M,-9! 4,! *<12D2! ,! 4,!

:+,3.6:,2!-,4!4302/39!24*D2=*=73!-2=034*-!7,!D+*/27,M!0C3!.3=/2=.,=0,-!;6,!

<2.*/*!*--6-0*7*!;6*=73!*!4,=-0+6*VC3!.@,D*/*B!L*-!*D3+*!,6!02=@*!WX!*=3-9!

5*-0*=0,!,N:,+2S=.2*!-,N6*1j!=C3!2*!4,!+,=7,+!*!360+3!-6-03B!

&,!/310*! *3!@30,19! <,.@,2! *!:3+0*!73!5*=@,2+3!,! <2M! N2N2! =*!/*+,0*!7,!

0,-0,!,=;6*=03!%24,,!-,=0*/*!=*!.*4*!73!1*73!7,!<3+*B!U4!:36.3-!-,D6=73-9!

76*-!12=@*-!*M61F,-.6+*-!*:*+,.,+*4!=3!:,;6,=3!:*2=,1!73!0,-0,B!

! U-036! D+8/27*! ! 72--,! ;6*=73! -*>9! *-! 18D+24*-! 5+30*=73! ,4!4,6-!

31@3-B!

%24,,!,!,6!+,.12=*43-!=*!.*4*!,!.3=/,+-*43-!-35+,!2--3!:3+!64*!@3+*9!

,453+*!=C3!@36/,--,!46203!*!72M,+B!l6,!,6!<*+2*!64!*53+03!,+*!64!<*03!0C3!

=>0273!;6,!:*+,.2*!0312.,!72-.602+!;6*1;6,+!360+*!.32-*B!

RC3!;6*0+3!@3+*-!7,!.*++3!7,!R236N!k*11-!*!L2=,8:312-B!%24,,!4,!-,D626!

=3!.*++3!7,1*!=*!4*=@C!-,D62=0,9!:*+*!3!.*-3!7,!42=@*!.*42=@3=,0,!;6,5+*+!

=3/*4,=0,B! &2+2D2! -,4! 36/2+! 3! +87239! :,=-*=73! =*!42=@*! D+*/27,MB! U+*! 73!

0*4*=@3! 7,! 64! D+C3! 7,! *++3M! ,! *2=7*! *--24! :372*! -,=02F1*! =*! :*+0,! 4*2-!

:+3<6=7*!,!<3+0,!7,!424!4,-4*j!4,!7,2N*/*!*++*-*7*9!:+3/3.*/*!467*=V*-!

7+8-02.*-! ,! +,/,+5,+*/*B! U4! *1D64! 16D*+! 7*-! 0,++*-! .6102/8/,2-! *! -673,-0,! 7,!

L2==,-30*9!,6!.*>!=3!.@3+39!.@3+*/*!0C3!<3+0,!;6,!4*1!.3=-,D62*!72+2D2+9!,!=C3!

,+*! :,1*! D+*/27,M! ;6,! ,6! =C3! ;6,+2*B! U-0*/*! .@3+*=73! :3+! 06739! :,1*! 1*4*!

73,=02*!,4!;6,! 0+*=-<3+4,2!42=@*!/27*!7,-7,!;6,!42=@*!4C,!43++,69!:,1*!

,N2-0S=.2*! 27230*! =*! ;6*1! 0+*=-<3+4,2! *!42=@*! /27*B! "C3! <62! .+2*7*! :*+*! -,+!

*--249!:*+*!/2/,+!*--249!:*+*!<+*.*--*+!7,!<3+4*!0C3!-306+=*B!

k32!,=0C3!;6,!4,!1,45+,2!7*;6,1,!D62*!;6,!:,D6,2!,4!64*!:+*0,1,2+*!

7*!(Uc!,=;6*=03!,-:,+*/*!:*+*!.34:+*+!*!:8!*1D6=-!72*-!*=0,-B!&2+,0*!.343!

64!46++3!=*!.*+*9!*!1,45+*=V*!7*!<303D+*<2*!7,!.*:*9!7,!64!1*D3!:3=021@*73!

:3+!:,7+*-!.,+.*73!:3+!:,=@*-.3-!+3.@3-3-!,!64!.E6!*M619!:*+,.2*!4,!125,+0*+B!

%.@,2! ;6,! ,-0*/*! *:,=*-! <*M,=73! 3! 0,4:3! :*--*+! ;6*=73! :,D6,2! 3! 12/+3!

!(%!

,=;6*=03! ,-:,+*/*!=*! <21*9!4*-! *D3+*! ,1,! :*+,.2*! -,+! *1D3!4*2-! ! 64! -2=*1B!

"C3!*:,=*-!73!;6,!,6!:37,+2*!<*M,+9!4*-!73!;6,!:+,.2-*/*!<*M,+B!

l6*=73!%24,,!,!,6!.@,D*43-!*!L2=,8:312-9!4,!7,-:,72!7,1*!,4!-6*!

-*>7*9! 4*-! =C3! :,D6,2! *! 42=@*B! U4! /,M! 72--39! 72+2D2! *0E! *! (Uc9! .34:+,2! 3!

)*.2<2.!K+,-0!$+*219!b3164,!\d!K*12<3+=2*9!3! 1,/,2!:*+*!3!*:*+0*4,=03!,! <2;6,2!

1,=73!*!=320,!037*B!I2!3!12/+3!72/,+-*-!/,M,-!*3!13=D3!73-!4,-,-!-,D62=0,-B!k2M!

3! *53+03! ,! *:+,=72! .343! <*M,+! <13.3-! 7,-27+*0*73-! 7,! *064! ,! .343! <*M,+!

.*+=,! 7,! :,+6! -,.*! 4,! 2=-.+,/2! ,4! 64! .6+-3! 7,! *06*12M*VC3! 7,! :+24,2+3-!

-3.3++3-! ,! :+*02;6,2! 6-*=73!4,6!:6+2<2.*73+! 7,! 8D6*! =*! :2*! 7*! .3M2=@*B! U6!

:+,.2-*/*! 467*+B! U6! 02=@*! ;6,! 467*+! ,+*! 3! :,=-*4,=03! ;6,! 4,! 4302/36!

=*;6,1,-!4,-,-!7,!:1*=,Q*4,=03B!"C3!4,! 03+=*+!64*!:,--3*!72<,+,=0,9!4*-!

/310*+! *! -,+! ;6,4! ,6! ,+*9! <3+0,9! +,-:3=-8/,19! +,*12-0*! ,! 4302/*7*9! E02.*! ,!

D,=,+3-*B! %! )K$!4,! <*+2*! *--24B! I89! ,6! .*42=@*+2*! ,! :,=-*+2*! -35+,! 037*! *!

42=@*!/27*B!&,-.35+2+2*!=3/*4,=0,!*!42=@*!<3+V*9!13=D,!7,!0673!;6,!03+=36!

*!42=@*!/27*!+27>.61*B!

L*-!*;62!,-0*/*!,6!=*!)K$9!4*2-!64*!/,M!+27>.61*9!,453+*!7,!64!Q,203!

72<,+,=0,9! .6+/*7*! ,4! 64*! :3-2VC3! +,430*4,=0,! ,+,0*! =3! :+24,2+3! 72*! =*!

0+21@*B!

$+S-! @3+*-! 7,:32-9! .@,D6,2! *! 64! 13.*1! :1*=3! 2=.3464!:,+03! 7,! 64*!

.3=.,=0+*VC3! 7,! 8+/3+,-F7,FQ3-6E9! o6..*-! ,! M245+3-! ,! :*+,2! :*+*! 7,-.*=-*+B!

)*+*!4,6!D+*=7,!*1>/239!@*/2*!64*!:,7+*!-35+,!*!;6*1!,6!:372*!4,!-,=0*+!,!

02+*+! *!43.@21*! 7*!4,-4*!4*=,2+*! ;6,! <2M! =*! /*=! ,4!L3Q*/,B!%12/2*7*!:3+!

,-0*+!12/+,!7,!-,6!:,-39!:*--,,2!*3!+,73+!,!*.27,=0*14,=0,!,=.3-0,2!,4!64*!7*-!

8+/3+,-F7,FQ3-6E! ,! <62! <6+*7*! :3+! -,6-! *<2*73-! ,-:2=@3-B! #! -*=D6,!

24,72*0*4,=0,! 5+3036! 73-! 0+S-! .3+0,-! ,4! 4,6! 5+*V3B! #! /,=03! -3:+36! 0C3!

<3+0,!;6,9!;6*=73!02+,2!3![20!7,!:+24,2+3-!-3.3++3-!7*!43.@21*!,!3!*5+29!0373-!

3-! 5*=7F*27-! /3*+*4B! U6! 3-! :,+-,D62! 2=60214,=0,! :,13! 0,++,=3! :1*=39! 13D3!

7,-*:*+,.,+*4!43=0*=@*! *5*2N39! <3+*! 73! *1.*=.,B! R,=0,2! =3! .@C3! 7,! 0,++*9!

!(&!

:+,--23=,2!*!4*=D*!7*!.*42-,0*!.3=0+*!3!5+*V3!,!034,2!/8+23-!D31,-!7*!D*++*<*!

!

"6=.*!4,!-,=02!0C3!,N*6-0*!,4!037*!*!42=@*!/27*B!)*+0,!72--3!02=@*!*!

/,+!.34!4,6!.3+:3!-,!*7*:0*=73!*3!,-<3+V3!,!?!*102067,! !,-0*/*!*.24*!7,!

\B^__!4,0+3-!*D3+*9!OX_!4,0+3-!*.24*!7,!3=7,!.34,.,29!=3!7,-<21*7,2+3!7,!

$,@*.@*:2! 9! 4*-! D+*=7,! :*+0,! 7*! .61:*! 7,! 42=@*! ,N*6-0C3! :372*! -,+!

.+,720*7*!*3!:,-3!*5-6+73!7*!43.@21*B!#1@,2!:*+*!,1*!7,-*=24*7*B!U+*!3!<*+73!

;6,!,6!02=@*!;6,!.*++,D*+!.343!+,-610*73!7,!42=@*-!+27>.61*-!7,.2-n,-9!,!*2=7*!

*--24!,6!=C3!-*52*!.343!.3=-,D62+2*!<*M,+!2--3B!),D6,2!3!D62*!,!7,2!64*!31@*7*9!

-,D6+*=73! *-! :8D2=*-! ,-/3*V*=0,-! .3=0+*! 3! /,=03! ,! 03+.,=73! :*+*! ;6,! *-!

:*1*/+*-! .3=@,.27*-! ,! 3-! 4*:*-! *<*-0*--,4! 3! 7,-.3=<3+03j! ;6,! 3! 12/+3! 4,!

.3=/,=.,--,9!*0+*/E-!7*!-6*/,!@*+43=2*!7,!-6*-!;6*0+3!:*+0,-9!;6,!,6!:372*!

<*M,+!2--39!7*!4,-4*!<3+4*!;6,!,1,!<,M!76+*=0,!3-!4,-,-!,4!;6,!,1*53+,2!,-0,!

:1*=3B!"C3!02=@*!*-!<303-!73-!;6*0+3!*603+,-!73!)*.2<2.!K+,-0!$+*219!b3164,!\d!

K*12<3+=2*9!4*-!,6!:372*!/,+!.*7*!64!7,1,-!,4!42=@*!24*D2=*VC3d!e,<<+,o!)B!

R.@*<<,+9!$@34*-!i2==,009!f,=!R.@2<+2=!,!(65o! e,=[2=-B! U1,-!,+*4! -,=->/,2-! ,!

D,=02-9!-8523-!,!,N:,+2,=0,-B!U1,-!4,!3+2,=0*+2*4B!U1,-!02=@*4!;6,!<*M,+!2--3B!

L620*-!:,--3*-!7*!(Uc!4,!.3=0*+*4!-35+,!*-!:+A:+2*-!,N:,+2S=.2*-!,4!

0+21@*-9!4*-! =,=@64*! 02=@*! <,203! *! 0+21@*! )K$! ,! =C3!4,! :*--36! :,1*! .*5,V*!

:+3.6+*+!*1D6E4!;6,!02/,--,!<,203B!U+*!/,+C3!7,!\]]^9!*!27*7,!7*!:,7+*!1*-.*7*!

=3! ;6,! -,! +,<,+,! ?! 2=0,+=,0B! %D3+*9! ,N2-0,4! 7GM2*-! 7,! 728+23-! 3=F12=,! 7,!

*/,=06+,2+3-!;6,! <2M,+*4!*!)K$!,!64!:3V3! -,4F<24!7,! 2=<3+4*Vn,-! -35+,! *!

0+21@*9! 0*=03! <2N*-! ;6*=03! ,4! .3=-0*=0,!467*=V*9! 4*-! =C3! 02/,! =*7*! 72--3B!

$2/,!*:,=*-!3!)*.2<2.!K+,-0!$+*219!b3164,!\d!K*12<3+=2*B!U1,!,+*!*!42=@*!5>512*B!

L2=@*!0856*!7,!-*1/*VC3B!#!G=2.3!12/+3!;6,!12!-35+,!4,!*/,=06+*+!=*!)K$!36!

,4!;6*1;6,+!360+3!16D*+9!:*+*!<*1*+!*!/,+7*7,B!

L*-!<31@,8F13!:,1*!:+24,2+*!/,M!,-0*=73!+,*14,=0,!-,=0*7*!=*!0+21@*!,+*!

4,=3-!+,.3=<3+0*=0,!73!;6,!,6!,-:,+*/*B!Y*/2*!.32-*-!;6,!,6!02=@*!7,2N*73!

!('!

:*--*+9! ,6! :,+.,52*! *D3+*9! 0*1! .343! 3! .34,=08+23! =*! :8D2=*! X! 7,! 64!

.*4*+*7*!.@*4*73!K@*+1,-!I3=D9!.34!;6,4!3-!*603+,-!7,!)*.2<2.!K+,-0!$+*219!

b3164,! \d! K*12<3+=2*!

12/+3!:37,!7,-.+,/,+!3-!<*03+,-!:-2.31AD2.3-!:*+*!3-!;6*2-!64*!:,--3*!:+,.2-*!

-,! :+,:*+*+BBB! 3!7,-,-:,+39! *! *12,=*VC39! *! *=-2,7*7,! ,!:+2=.2:*14,=0,! *!73+9!

0*=03!<>-2.*!;6*=03!4,=0*19!;6,!*<,0*!:+3<6=7*4,=0,!*!.*:*.27*7,!7,!7,.2-C3!

73! 0+21@,2+39!;6,! -C3!*-!/,+7*7,2+*-! .32-*-!;6,!:+,.2-*4! -,+!:1*=,Q*7*-T!"C3!

!

U6! -,=0,29! 03=0*9! .34! 3! -G5203! .3=@,.24,=03! 7,! ;6,! +,*14,=0,!

=,=@64*! :*1*/+*! :37,+2*! 0+*=-4202+! ,--,-! <*03+,-B! U1*-! =C3! :+,.2-*/*4! <*M,+!

2--3B!%D3+*!,6!-*52*!,N*0*4,=0,!73!;6,!-,!0+*0*/*B!%:+,=72!-35+,!,1*-!0,=73!

.*42=@*73!:36.3!4*2-! 7,! `! ;621a4,0+3-! =*-!43=0*=@*-! 7,-E+02.*-! ,45*2N3!

7,! 64*! 43.@21*! ;6,! :*+,.2*! 64! k6-.*B! K3=02=6,2! *! 1,206+*9! +,D2-0+*=73!

-6D,-0n,-!7,!;6,!,+*!+,.34,=78/,1!4,1@3+*+!*!<3+4*!<>-2.*!*=0,-!7,!.34,V*+9!

0*1/,M!0+,2=*=73!,-:,.2<2.*4,=0,!:*+*!*!.*42=@*7*B!U9!35/2*4,=0,9!.3=-,1@3-!

-35+,! 3! :,-3! 7*! 43.@21*B! Y*/2*! -6D,-0n,-! *0E! 4,-43! :*+*! ,/20*+! 1,/*+! 3!

:+A:+23!D62*!:3+;6,!,+*!:,-*73!7,4*2-!,9!*1E4!72--39!7,-=,.,--8+23B!#! 27,*1!

,+*!1,/*+!.A:2*-!36!*:,=*-!*-!:*+0,-!=,.,--8+2*-9!,!2=.162+!3!+,-0*=0,!=*!:+AN24*!

.*2N*!7,!-6:+24,=03-B!k,.@,2!3!12/+3B!

)3+!;6,!=C3!02=@*!:,=-*73!=2--3T!U4!72/272+!3!D62*!,4!:*+0,-T!

)3+;6,!,6!,+*!64*!D+*=7,!27230*!,!=C3!-*52*!;6,!7+3D*!,-0*/*!<*M,=739!

,--*!,+*!*!+*MC3B!U!,-0*/*!-3M2=@*!=3!4,23!73!=*7*!.34!64*!.*+D*!5+60*1!:*+*!

.*++,D*+!;6*=73!7,-.35+2!2--3B!

%5+*.,2! *-! :,+=*-9! :+,--23=,2!4,6! +3-03! .3=0+*! 3-! Q3,1@3-! ,! <,.@,2! 3-!

31@3-9! *43=03*7*! ,4!424!4,-4*9! 3! /,=03! *V320*=73! <6+23-*4,=0,! 3!4,6!

.*5,13!.3+0*73!=3!345+3B!

l6*=73! *5+2! 3-! 31@3-! *1D6=-! 42=603-! 7,:32-9! /2! ;6,! ,-0*/*! -,=0*7*!

:,+03!7,!64*!:1*=0*!;6,!,6!.3=@,.2*B!U--*!-81/2*!,+*!4,=3-!/,+7,!73!;6,!*!

!((!

-81/2*!;6,!42=@*!4C,!:1*=036!,4!=3--3!;62=0*1!76+*=0,!*=3-9!4*-!3!<3+4*03!

,!3!.@,2+3!,+*4!2D6*2-B!U6!4,!,-02;6,2!,!*:*=@,2!64!:6=@*73!7,!<31@*-9!;6,!

,-<+,D6,2! ,=0+,! *-! :*14*-! 7*-! 4C3-9! 7,:32-! *:+3N24,2! 3! =*+2M! ,! 2=-:2+,2!

:+3<6=7*4,=0,9!73!4373!;6,!*!42=@*!4C,!4,!,=-2=36!*!<*M,+B!c--3!78!64*!

2=Q,VC3! 7,! ,=,+D2*9! ,1*! -,4:+,! :+3.1*4*/*9! 24:13+*=73! *! 424! ,! *! 4,6-!

2+4C3-! ;6,! -,D6>--,43-! -6*! 3+2,=0*VC3! =*;6,1,-! 72*-! 13=D3-! ,4! ;6,!

0+*5*1@*43-! :*+*! .3=-0+62+! =3--*! .*-*! ,! =3--3-! .3+:3-! ,! ,-:>+203-! ,-0*/*4!

,=<+*;6,.273-B!

%3! 2=*1*+! ,--*! -81/2*! *D3+*9! -,=02!4*2-! *!:37,+3-*!4,4A+2*!7,!42=@*!

4C,! 73! ;6,! 3! .@,2+3! =*06+*1! 7*! -81/2*! 73! 7,-,+03B! #1@,2! :*+*! 3! .E6! *M619!

-,=02=73! +,*14,=0,! 64*! 2=Q,VC3! 7,! ,=,+D2*9! 4*-! *.24*! 7,! 0673! -,=02=73! *!

:+,-,=V*!7*!42=@*!4C,9! 1,45+*=73!:3+!;6,!*.+,720,2!;6,!:37,+2*! <*M,+!,--*!

0+21@*B!&,!037*-!*-!.32-*-!;6,!4,!.3=/,=.,+*4!7,!;6,!,6!=C3!7,/2*!0,+!4,73!

76+*=0,!,-0*!Q3+=*7*9!7,!037*-!*-!.32-*-!;6,!4,!<2M,+*4!*.+,720*+!;6,!,6!:372*!

<*M,+! *! )K$9! *! 43+0,! 7*! 42=@*! 4C,! <32! 3! ;6,! 4,! 1,/36! *! *.+,720*+!

:+3<6=7*4,=0,! ,4! 42=@*! -,D6+*=V*d! =*7*! 7,! +624! :372*! 4,! *.3=0,.,+9!

:,=-,2B!#!:23+!Q8!02=@*!*.3=0,.273B!

U6! 4,! 1,/*=0,29! 7,2N,2! ;6,! 3! /,=03! 1,/*--,! *-! <31@*-! 7,! -81/2*! 7*-!

42=@*-!4C3-!,! <62! *0E!*!,N0+,427*7,!7*!8+,*!:1*=*!3=7,!,-0*/*B!%! 0,++*!73!

360+3! 1*73! 7*/*! 16D*+! *! 64! *<13+*4,=03! +3.@3-3! 4*2-! *5*2N3B! &*/*! :*+*!

,=N,+D*+! :3+! ;621a4,0+3-! *-! 43=0*=@*-! ;6,! 4,! .,+.*/*49! 7,-.,=73!

-6*/,4,=0,!*0E!64!D+*=7,!/*1,!7,-E+02.3B!$6+52=*-!,A12.*-!5+*=.*-!,!*=D613-*-!

4*+.*/*4! *-! -,++*-! =3! @3+2M3=0,B! #! D62*! ,N:12.36! ;6,! D,+*/*4! ,=,+D2*!

,1E0+2.*!:*+*!3-!43+*73+,-!7*-!.27*7,-!,!7*-!/21*-!13D3!*5*2N39!4*-!,6!,-0*/*!

13=D,!*D3+*B!&*-!.27*7,-!,!7*-!/21*-B!&*!,1,0+2.27*7,B!%0E!4,-43!7*!K*12<A+=2*9!

,453+*!,-02/,--,! Q6-0*4,=0,!=3!.3+*VC3!73!,-0*739!7*!/,+7*7,2+*!K*12<A+=2*9!

.34!-,6!/,=03!2=.1,4,=0,!,!-6*-!8+/3+,-F7,FQ3-6E!,!.*-.*/E2-!,-:+,20*=73!,4!

13.*2-!;6,!,6!*2=7*!=C3!@*/2*!7,-.35,+03B!

!()!

%12! :*+*7*9! :,+.,52! ;6,! 02=@*! ,=.,++*73! 3! 72*9! *:,-*+! 7,! 0,+! 0273! *!

2=0,=VC3!7,!.3=02=6*+!;6*=73!:*+,2B!K*=-*7*!7,4*2-!:*+*!*.,=7,+!3!<3D*+,2+3!

,!,N*6-0*!7,4*2-!:*+*!0,+!<34,9!43=0,2!*!5*++*.*9!,453+*!*2=7*!<3--,!;6*0+3!

@3+*-!7*! 0*+7,B!),D6,2!*-! .32-*-!=*!43.@21*!,! Q3D6,2!7,=0+3!7*!5*++*.*!:*+*!

,/20*+! ;6,! <3--,! *++*=.*7*! :,13! /,=039! 7,:32-! ,4:6++,2! *! 43.@21*! ,! ,=0+,2B!

k2;6,2! 24,72*0*4,=0,! *12/2*7*! :3+! ,-0*+! :+30,D27*9! 4,-43! ;6,! *! :+30,VC3!

-2D=2<2.*--,!64*!,=061@*7*!.*/,+=*!7,!=8213=!/,+7,B!L3=0,2!*!:,;6,=*!.*7,2+*!

7,!*.*4:*4,=03!,!4,!-,=0,2!=3!:,;6,=3!:3+0*1!3=7,!3!0,03!7*!5*++*.*!,+*!

*103! 3! -6<2.2,=0,! :*+*! *.3437*+! *!42=@*! .*5,V*B! &,:32-! /*-.61@,2! *-! .32-*-!

:*+*!,=.3=0+*+!64!12/+3d!=C3!3!)*.2<2.!K+,-0!$+*219!b3164,!\d!K*12<3+=2*9!;6,!,6!

7,/2*! ,-0*+! 1,=73! :*+*! -*5,+! 3! ;6,! 4,! ,-:,+*/*! =3! 72*! -,D62=0,9! ,! =C3! 3!

R0*o2=D!k36=79!;6,!,6!7,/2*!0,+!1273!*=0,-!7,!.34,V*+!*!0+21@*9!,!-24!3!12/+3!7,!

:3,4*-!7,!%7+2,==,!(2.@9!$@,!&+,*4!3<!*!K3443=!I*=D6*D,B!

U--,9!,6!-*52*9!,+*!64!:,-3!2=Q6-02<2.8/,1B!)372*! 24*D2=*+!*-!,N:+,--n,-!

7,! 7,-*:+3/*VC3! =3-! +3-03-! 73-! *603+,-! 73! )*.2<2.! K+,-0! $+*219! b3164,! \d!

K*12<3+=2*B! L,-43! 3! +34*=.,! 7,! k*61[=,+! 02=@*! 4*2-! 72+,203! 7,! ,-0*+! =*!

43.@21*9!=,4!;6,!<3--,!:3+;6,!*2=7*!=C3!3!02=@*!1273!,9!:3+0*=039!:372*!-,+!

,N:12.*73!.343!1*M,+B!I2!$@,!&+,*4!3<!*!K3443=!I*=D6*D,!0*=0*-!/,M,-!;6,!

:+*02.*4,=0,! -*52*! 3! 12/+3! 7,! .3+B! &6+*=0,! 3-! G10243-! *=3-9! .,+0*-! ,-0+3<,-!

/2+*+*4!64*!,-:E.2,! 7,!4*=0+*9! :*1*/+*-! ;6,! +,.20*/*!:*+*!424!4,-4*! ,4!

4,23!*3!-3<+24,=03!,!?!.3=<6-C3B!U--,!12/+3!,+*!64!.3=-3139!64!/,1@3!*42D3!,9!

;6*=73! 3! -,D6+,2! =*-! 4C3-! =*! 42=@*! :+24,2+*! =320,! =*! 0+21@*9! =C3! 4,!

*++,:,=72! =,4! 64! :36.3! 7,! 0SF13! .*++,D*73! ! 4,-43! ;6,! .*++,D8F13!

-2D=2<2.*--,!;6,!=C3!:372*!<*M,+!=*7*!4*2-!73!;6,!4,!.6+/*+!-35!-,6!:,-3B!U+*!

/,+7*7,! ;6,! 3! )*.2<2.! K+,-0! $+*219! b3164,! \d! K*12<3+=2*! ,+*! *D3+*! *! 42=@*!

5>512*9!4*-!3!$@,!&+,*4!3<!*!K3443=!I*=D6*D,!,+*!*!42=@*!+,12D2C3B!

U6!3!*5+2!,!12!3!:+24,2+3!:3,4*!,4!/3M!*10*9!42=@*!/3M!-35+,--*>*!,4!

4,23!*3!/,=03!;6,!-3:+*/*!=*-!:*+,7,-!7*!5*++*.*B!U!12!=3/*4,=0,9!,!+,12B!

!(*!

!

!)+!

!

L&&?*,-$5,&!

!

R36!0,.=2.*4,=0,!\^!72*-!4*2-!/,1@*!73!;6,!*!)*.2<2.!K+,-0!$+*21B!"*-.2!

=3!72*!\m!7,!-,0,45+3!7,!\]XP9!,!*!0+21@*!<32!3<2.2*14,=0,!7,4*+.*7*!:3+!1,2!

73!K3=D+,--3!=3!72*!W!7,!36065+3!73!4,-43!*=3B!%!0+21@*!,N2-026!,4!72/,+-3-!

<3+4*03-!5,4!*=0,-!72--39!*1D6=-!0+,.@3-!<3+*4!.+2*73-!,!6=2<2.*73-!7,-7,!3-!

*=3-! \]O_9! ;6*=73! 64! D+6:3! 7,! 0+21@,2+3-! ,! ,=06-2*-0*-! 7*! =*06+,M*! -,!

2=0,+,--36!:,1*!:+24,2+*!/,M!,4!.+2*+!64*!0+21@*!,=0+,!3!LEN2.3!,!3!K*=*789!

4*-!-A!*!:*+02+!7,!\]XP!E!;6,!*!)K$!<32!7,4*+.*7*9!-,=73!.34:1,0*7*!*:,=*-!

,4! \]]OB! k32! 3<2.2*14,=0,! ,-0*5,1,.27*! @8! ,N*03-! 732-! *=3-9! *=0,-! 7,! ,6!

*.3+7*+! =*;6,1*! :+24,2+*! 4*=@C! ,=0+,! *-! 8+/3+,-F7,FQ3-6E! ;6,! 4,!

4*.@6.*+*4B!)*+*!4249!*!0+21@*!=C3!:*+,.2*!0,+!732-!*=3-B!"C3!:*+,.2*!-,;6,+!

0,+! 4*2-! 36! 4,=3-! *! 42=@*! 27*7,B! U1*! :*+,.2*! *=02D*B! R852*B! K34:1,0*! ,!

:+3<6=7*4,=0,!2=72<,+,=0,!*!424B!

%.3+7,2! *--24!;6,!*4*=@,.,69!4*-!:3+!64*!@3+*!=C3! .3=-,D62! <*M,+!

=*7*!*1E4!7,!<2.*+!*.3+7*7*9!:,+7,=73!0,4:3!=3!-*.3!7,!73+42+!,=;6*=03!12*!

3!D62*!*2=7*!-3=31,=0*9!,453+*!0,=@*!73+4273!:3+!\W!@3+*-9!369!:,13!4,=3-9!

<2;6,2!7,20*7*!:3+!,--,!0,4:3B!#!/,=03!4,!*.3+736!/8+2*-!/,M,-!*3!13=D3!7*!

=320,9! *02=D2=73! *!5*++*.*! .34! <3+0,-! +*Q*7*-9! *1D64*-! /231,=0*-! 3! -6<2.2,=0,!

:*+*!<*M,+!*-!1*0,+*2-!,=.3-0*+,4!=*!42=@*!.*5,V*B!U1,!*5+*=736!*1D64*-!@3+*-!

*=0,-!73!*4*=@,.,+9!4*-!7,:32-!<32!360+*!.32-*!;6,!4,!*.3+736d!3!-21S=.23B!%!

:+3/*!2++,<608/,1!7,!;6,!,6!,-0*/*!*;629!-3M2=@*9!=*!/*-027C3!73!46=73B!

U=D*02=@,2! :*+*! <3+*! 7*! 5*++*.*! ,! 4,! 1,/*=0,2! 7,/*D*+9! .34! 3-!

4G-.613-!7313+273-!:3+!.*6-*!7*!.*42=@*7*!73!72*!*=0,+23+9!3-!:E-!7,-.*1V3-!

-,=->/,2-! =3! .@C3! :,7+,D3-3B! %2=7*! =C3! ,-0*/*! .34! <34,9!4*-!4,! <3+.,2! *!

!)"!

034*+!3!.*<E!7*!4*=@C9!.313.*=73!76*-!.31@,+,-!.@,2*-!7,!1,20,!7,!-3Q*!,4!:A!

,4!64*!7,!42=@*-!:*=,1*-!,!5*0,=73!.34!8D6*!*=0,-!7,!*.+,-.,=0*+!*!D+*=31*B!

)*+*!4249!*!42-06+*!=C3!,+*!4*2-!D3-03-*!;6,!3!1,20,B!#6!4,=3-!D3-03-*B!R,6!

-*53+! =C3! -,! :*+,.2*! .34! =,=@64*!360+*! .32-*B! U6! :372*! 7*!4,-4*! <3+4*!

,-0*+! .34,=73! D+*4*B! L2=@*-! :*:21*-! D6-0*02/*-! ,-0*/*4! *:*+,=0,4,=0,!

73+4,=0,-B!K3=02=6,2!*!.313.*+!*!.31@,+!=*!53.*!7,!;6*1;6,+!<3+4*B!)+,.2-*/*!

7,!=60+2VC3!:*+*!3! 13=D3!72*!;6,!/2+2*B!%.*5,2! .34!*!8D6*!7*-!D*++*<*-!,!*-!

,=.@2! 7,-*Q,20*7*4,=0,! .34!3! +,-,+/*0A+23!7,!@27+*0*VC3!;6,!5*1*=V*/*! ,4!

42=@*-!4C3-B!&,!*.3+73!.34!3!$@,!)*.2<2.!K+,-0!$+*219!b3164,!\d!K*12<3+=2*9!

,6!,-0*/*!*!W_!;621a4,0+3-!7*!:+24,2+*!<3=0,!7,!8D6*d!*!=*-.,=0,!J317,=!#*[9!

*3=7,!:+,0,=72*!.@,D*+!*3!<24!73!72*9!*:,-*+!7*!<+*.*!*43-0+*!73!72*!*=0,+23+B!

%++64,2! *! 43.@21*! .343! 02=@*! <,203! =3! @30,19! .34:+242=73! ,!

*:,+0*=73!*-!.32-*-!*0E!;6,!=*7*!4*2-!.365,--,9!7,:32-!*4*++*=73!3!+,-0*=0,!

.34! *-! .3+7*-! ,18-02.*-! 73! 1*73! 7,! <3+*B! I,/,2! 64*! @3+*! :*+*! 1,/*=0*+!

*.*4:*4,=03!,!+,.34,V*+!*!.*42=@*7*B!l6*-,!24,72*0*4,=0,!:2-,2!,4!64*!

:,;6,=*! :21@*! 7,! ,N.+,4,=03-9! *! *1D6=-! 4,0+3-! 7,! 3=7,! 73+42B! U+*! :+,03!

.343!3!:2.@,B!'4!.3230,9!,6!03+.2*B!#6!-,+2*!64!:64*T!b*-.61@,2!3!.@C3!7,!

0,++*! ?!:+3.6+*!7,! :,D*7*-9!4*-! =C3! /2! =,=@64*B! U-;6*7+2=@,2! *! :*2-*D,49!

:+3=0*!:*+*!/,+! *! <*.,!7,!64!D+*=7,! <,12=3!,=0+,!3-! *+56-03-!7,! -81/2*! ,! *-!

:,7+*-B!

K34,.,2!*!*=7*+9!-,=02=73F4,!.3=<2*=0,!7,!64!Q,203!;6,!=C3!4,!-,=02!

=3! 72*! *=0,+23+9!4,=3-! .627*73-*! .34! .*7*!:*--3! *:,-*+! 73! ,N.+,4,=039! ,!

4*2-!<3+0,!-35!*!43.@21*B!U--*!<3+V*!7,-43+3=36!\^!42=603-!7,:32-9!?!4,727*!

;6,! -652*9! ,! ,=0C3! -652! 64! :36.3! 4*2-9! :+3--,D62=73! :,1*-! 43=0*=@*-!

+3.@3-*-9! <*M,=73! 64! M2D6,FM*D6,! *0+8-! 73! 360+3B! %! *+4*VC3! 7*! 43.@21*!

D,42*!*0+8-!7,!424!*!.*7*!:*--39!:+,--23=*7*!:,13!:,-3B!#-!4G-.613-!73!*103!

7*-!42=@*-!.3-0*-!,!73-!4,6-!345+3-!,-0*/*4!=3!12420,!7*!0,=-C39!.34!=A-!

7313+3-3-B! U6!:*+*/*! ,4! 2=0,+/*13-! ,!4,! .6+/*/*!:*+*! *5+*V*+!3-! Q3,1@3-! ,!

!)#!

02+*+!3!:,-3!7*!43.@21*!73-!345+3-!:3+!64!434,=03!7,!*1>/23!*=0,-!7,!-,D62+!

.*45*1,*=73B!

%3! 4,23F72*! ,6! Q8! 02=@*! 610+*:*--*73! 3-! \BP__! 4,0+3-! ,! 3! *+! 02=@*!

,-<+2*739! 3! -31! 7,! +,:,=0,! 7,-*:*+,.,=73! *0+8-! 7*-! =6/,=-B! #=0,4! ,-0*/*!

;6,=0,! =3! 7,-,+039! 4*-! *D3+*! ,6! 0+,42*! ,=;6*=03! .342*! 64*! 5*++*! 7,!

:+30,>=*! ,! 7*4*-.3-! -,.3-! 7,! *143V39! 42=@*! .*42-,0*! 431@*7*! 7,! -63+!

<2.*=73!D,1*7*!=*-!.3-0*-B!&,-,=.*/,2!3!.*-*.3!7,!1C!73!-*.3!7,!+36:*-!,!/,-02B!

&,:32-9!4,!7,20,2!=*!13=*!:3+!*1D6=-!42=603-!,9!-,4!:,+.,5,+9!.*>!=3!-3=3B!

%.3+7,2!.34!D30*-!7,!.@6/*!5*0,=73!=3!+3-03!,!31@,2!:*+*!3!+,1AD23B!

&3+42!:3+!;6*-,!76*-!@3+*-B!"C3!-3=@,2!.34!=*7*9!=*!/,+7*7,!=,4!:,+.,52!

;6,!73+429!.343!-,!,4!/,M!72--3!*1D6E4!02/,--,!/2=73!:3+!0+8-!7,!424!,!4,!

7,2N*73!2=.3=-.2,=0,!.34!64*!:,7+*7*B!l6*=73!*.3+7,29!:,+.,52!;6,!,-0*/*!

4,+D61@*7*! ,4!64*!=6/,49! *! =,512=*! 0C3! 24:,=,0+8/,1! ;6,! =C3! .3=-,D62*!

/,+!*1E4!7,!*1D6=-!4,0+3-B!%Q6-0,2!*!43.@21*!,!.3=02=6,2!.*42=@*=73!*0+*/E-!

7*!.@6/*!<2=*9!,453+*!4,6!.3+:3!02/,--,!*!-,=-*VC3!7,!,-0*+!*5+2=73!.*42=@3!

*0+*/E-! 7,! 8D6*-! :+3<6=7*-! *! .*7*! :*--3B! U=+31,2! *! .*42-,0*! ,! 3! -@3+0! :*+*!

*.31.@3*+!:*+0,-!73!4,6!;6*7+219!7*-!.3-0*-!,!73-!345+3-!;6,!,-0*/*4!-,=73!

,-<31*7*-!:,1*!43.@21*9!4*-!2--3!-A!:23+36!*-!.32-*-B!

K3=02=6,2! -652=73!*0E!3! <24!7*! 0*+7,!,! .34,V3!7*!=320,9! 2=.*:*M!7,!

,=N,+D*+! ;6*1;6,+! .32-*! *! =C3! -,+! 3! ;6,! ,-02/,--,! 24,72*0*4,=0,! ?! 42=@*!

<+,=0,B!"C3! ,-0*/*! :,=-*=73! ,4! .35+*-9! .343! =3! 72*! *=0,+23+B!"C3! ,-0*/*!

:,=-*=73d!U-036!=*!)*.2<2.!K+,-0!$+*21B!"C3!,-0*/*!-,;6,+!:,=-*=73d!"3!;6,!E!

;6,!<62!4,!4,0,+T!U-0*/*!:,=-*=73!*:,=*-!,4!4,!43/24,=0*+!:*+*!*!<+,=0,B!

L2=@*!4,=0,!,+*!64!/*-3!7,!.+2-0*1!;6,!.3=02=@*!64!G=2.3!7,-,Q3B!L,6!.3+:3!

,+*! 3! -,6! 3:3-03d! 64*! 531-*! 7,! /27+3-! ;6,5+*73-B! $37*! /,M! ;6,! 4,!

43/24,=0*/*9! ,1,! 73>*B! K3=0,2! 3-! :*--3-! :*+*! 02+*+! *! 73+! 7*!42=@*!4,=0,9!

-21,=.23-*4,=0,! 4*+.*=73! ,4! 42=@*! .*5,V*! 3-! =G4,+3-! *0E! .,4! *=0,-! 7,!

!)$!

.34,V*+! =3/*4,=0,B! #-! .3=Q6=03-! 7,! =G4,+3-! 03+=*+*4! *! .*42=@*7*! 64!

:36.3!4*2-!-6:3+08/,19!.343!-,!,6!02/,--,!*:,=*-!;6,!2+!*0E!3!<24!7,!.*7*!64B!

s!4,727*!;6,!,6!-652*9!:,+.,52!;6,!=C3!-*52*!3!;6,!,+*!64*!43=0*=@*9!

36!4,-43!-,!,6!,-0*/*! -652=73!64*!43=0*=@*!36!64*!-E+2,!7,!43=0*=@*-!

Q6=0*-B! U6!=C3! .+,-.2! :,+03!7,!43=0*=@*-B!%=7,2! :3+! *1D64*-9!4*-! -34,=0,!

.*42=@*7*-!7,!64!72*!,4!0+21@*-!5*-0*=0,!.3=@,.27*-B!U1*-!:*+,.2*4!-,+!*:,=*-!

-,++*-! 5,4! *10*-B! L*-! =C3! ,+*4! 2--3B! U+*49! *D3+*! ,=0,=72*9! ,-0+*02<2.*7*-! ,!

.34:1,N*-9!2=,N:12.8/,2-!,!*=813D*-!*!=*7*B!K*7*!/,M!;6,!*02=D2*!3!16D*+!;6,!

,6! *.@*/*! ;6,! ,+*! 3! 03:3! 7*!43=0*=@*! 36! 7*! -E+2,! 7,!43=0*=@*-! .31*7*-!

64*-!=*-!360+*-9!,6!,++*/*B!Y*/2*!-,4:+,!4*2-!64!:36.3!*!-652+9!4,-43!;6,!

*=0,-!@36/,--,!64*!:,;6,=*!2=.12=*VC3!;6,!7,-.2*!0,=0*73+*4,=0,B!)3+0*=039!

:*+*!.24*!,6!2*!*0E!*1.*=V*+!3!;6,!,+*!7,!<*03!3!03:3B!U6!-*52*!;6,!,+*!3!03:3!

:3+;6,! @*/2*! =,/,B!"C3! =3! .@C39!4*-! .*2=73! 73! .E69! ,4! <13.3-! <2=3-! ;6,!

D2+*/*4!,4!:*7+n,-!4*16.3-9!,4:6++*73-!:,13!/,=03B!

U6!=C3!,-:,+*/*!;6,! .@3/,--,!=3!7,-,+03!,! .,+0*4,=0,!=C3!,-:,+*/*!

;6,! =,/*--,B! %--24! .343! =C3! 02=@*! 43=0*=@*! =,4! 7,-,+03! 3=7,! .+,-.2! ,9!

*:,-*+! 7,! ,6! 0,+! <,203! .*42=@*7*-! 7,! 64! 72*! ,4! *1D6=-9! =C3! ,=0,=72*!

+,*14,=0,!3-!7,-,+03-B!%.+,720*/*!;6,!,+*4!16D*+,-!-,.3-9!;6,=0,-!,!*+,=3-3-9!

.@,23-!7,!.35+*-9!,-.3+:2n,-!,!.*.03-B!"C3!,+*4!*--24B!U+*4!2--3!,!64!43=0,!

7,!360+*-!.32-*-B!U+*4!,-0+*02<2.*73-9!.34:1,N3-9!2=,N:12.8/,2-!,!2=.34:*+8/,2-B!

L2=@*!=3/*!,N2-0S=.2*!,-0*/*!*1E4!7*!*=*13D2*9!:,+.,52!=*;6,1,!-,D6=73!72*!

=*!0+21@*B!

U6!,-0*/*!,4!64!0,++20A+23!.34:1,0*4,=0,!=3/3B!

#!;6,!,+*!64*!43=0*=@*!,!3!;6,!,+*!64!7,-,+03!=C3!,+*4!*-!G=2.*-!

.32-*-! ;6,! ,6!=C3! ,-:,+*/*B! U6!=C3! ,-:,+*/*!;6,! *!:,1,! 7,!4,6! .A..2N9! 7,!

4,6-!;6*7+2-!,!7*!<+,=0,!73-!4,6-!345+3-!<3--,!-*=D+*+B!"C3!,-:,+*/*!<*M,+!*!

4E72*!7,!4,23!;621a4,0+3!:3+!@3+*9!;6,!E!3!;6,9! -,D6=73!4,6-! .81.613-!,!

:3+!.3=0*!73!D62*!*10*4,=0,!7,-.+202/39!/,=@3!4*=0,=73!*0E!*D3+*9!Q6=0*=73!

!)%!

*-!72/,+-*-!:*+*7*-!.34!3!0,4:3!;6,!:*--3!+,*14,=0,!.*42=@*=73B!"*!E:3.*!

,4!;6,!<*M,+!*!)K$!=C3!:*--*/*!7,!64*!27,2*9!:1*=,Q,2!<*M,+!64*!4E72*!7,!WW!

;621a4,0+3-!:3+!72*!*3!13=D3!7*!/2*D,49!,453+*!=*!4*23+!:*+0,!73-!72*-!,6!

:,+.3++,+2*!=*!+,*127*7,!4*2-!73!;6,!2--3!:3+;6,!*!4E72*!*=0,.2:*7*!2=.16>*!3-!

72*-! 7,! 7,-.*=-3! ;6,! ,6! 02+*+2*! *! .*7*! 64*! -,4*=*! 36! 76*-9! ;6*=73! =C3!

.*42=@*+2*! 7,! Q,203! =,=@64B!L*-! =C3! 02=@*! .3=-27,+*73! *! <*10*! 7,! :+,:*+3!

<>-2.3!,!3-!+2D3+,-!+,*2-!7*!0+21@*!*0E!,-0*+!=,1*B!

&,-.2! 1,/,4,=0,! ,4! :h=2.3! *0E! ;6,! *! =,/,! /31036! *! -,+! =,512=*! ,! *!

=,512=*! -,! *5+26! ,4! /2-0*-! *4:1*-! 7*-! 43=0*=@*-! /,+7,-! ,! 4*++3=-! 4*2-!

:+AN24*-! ,! 0*45E4! 7*-! 4*2-! 72-0*=0,-9! -6*-! -21@6,0*-! *10,+=*7*4,=0,!

2=.12=*7*-! ,! +,.3+0*7*-! ,4! .3=0+*-0,! .34! 3! .E6! *M61F.1*+3B! U=;6*=03!

.*42=@*/*9!3!G=2.3!-34!,+*!7*-!42=@*-!530*-!5*0,=73!.3=0+*!3!.*-.*1@3!7*!

0+21@*!,!3! +*=D273!73!*0+203!7*!43.@21*!;6,!*3-!:36.3-!,-0*/*!4,!7,2N*=73!

4*16.*B!)*+,2!,!02+,2!*!43.@21*!:*+*!,-<+,D*+!3!:+30,03+!1*52*1!,4!-6*!*+4*VC39!

=3!13.*1!3=7,!,6!*.@*/*!;6,!3!+*=D273!:37,+2*!43+*+9!4*-9!;6*=73!-,D62!,4!

<+,=0,9! :,+.,52! ;6,! =C3! <,M! =,=@64*! 72<,+,=V*B! k*1,2! *103! *1D64*-! :*1*/+*-!

:*+*! 4,! 72-0+*2+B! $2=@*! -,! :*--*73! :36.3! 4*2-! 7,! `P! @3+*-! 7,-7,! ;6,! 4,!

7,-:,72! 73-! @34,=-! ;6,!4,! 7,+*4! .*+3=*! *0E! *! 0+21@*9!4*-! :*+,.2*! ;6,! Q8!

02=@*!-,!:*--*73!64*!-,4*=*!,!42=@*!/3M!-336!,-0+*=@*!*--24!-3M2=@*!=3!*+B!

$2/,!*!24:+,--C3!7,!;6,!,=.3=0+*+2*!360+3!0+21@,2+3!13D3B!U-0*/*!-6+:+,-*!:3+!

=C3!*2=7*!0,+!,=.3=0+*73!=2=D6E49!,453+*!42=@*!-3127C3!/2,--,!*!.*1@*+!64*!

@3+*!7,:32-9!;6*=73!7,!+,:,=0,!02/,!/3=0*7,!7,!<*M,+!3!;6,!,4!42=@*!4,=0,!

,6! .@*4*/*! 7,! 2+! *3! 5*=@,2+39! ,453+*! *;62! *3! *+! 12/+,! 2+! *3! 5*=@,2+3!

-2D=2<2.*--,!<2.*+!*D*.@*7*!-,4!*:323!:*+*!:37,+!.*D*+!,4!64!56+*.3!<,203!:3+!

424B!k32!:3+!,--*!+*MC3!;6,!02=@*!0+*M273!*!:8!7,!*V3!2=3N!;6,!,-0*/*!:+,-*!

=*!43.@21*!,4!-,6!:+A:+23!,-03Q3!7,!=8213=!:+,03!.34!3!'F&2DFc0!24:+,--3!=*!

<+,=0,B!

!)&!

U6!=C3!.*/*/*9!4*-!,+*!3!,-0213!73-!43.@21,2+3-9!,=0C3!=C3!@*/2*!4*2-!

=*7*!*!<*M,+B!K*42=@,2!*0E!,=.3=0+*+!64!16D*+!;6,!:*+,.2*!+*M38/,1!:*+*!4,!

*/,=06+*+! <3+*!7*! 0+21@*B!$2+,2! *!43.@21*9!:,D6,2!*! ,-:8061*!73!,-03Q3!,! .3++2!

:*+*! 0+8-! 7,! 64! *+56-03! 7,! -81/2*! :*+*! .*/*+B! %! 0,++*! ,+*! :,7+,D3-*9! 5,D,F

*/,+4,1@*73!,!:*+,.2*!76+*B!K*/*+!64!56+*.3!=,1*!,+*!.343!0,=0*+!<6+*+!64*!

5*=.*7*! 7,! .3M2=@*! 7,! D+*=203! -*1:2.*73! 7,! *+,2*! ,! -,2N3-B! R34,=0,! 64*!

5+20*7,2+*! 7*+2*! .3=0*! 73! 0+*5*1@3B! #6! 64! @34,49! :,=-,2! 2++20*7*9!

*:6=@*1*=73! *! 0,++*! .34! *! :3=0*! 7*! ,-:8061*! *0E! ;6*-,! ;6,5+*+! 3-! :61-3-B!

$2+,2!1*-.*-!,!4*2-!1*-.*-!2=60214,=0,9!4,6!.3+:3!0+S4613!.34!.C25+*-!,!-6*=73!

<+23B! k2=*14,=0,! 02/,! ;6,!4,! 1,/*=0*+! :*+*! =C3! .*D*+! =*-! .*1V*-B!"C3! 02=@*!

3:VC3!*!=C3!-,+!02+8F1*-9!=,--*!*106+*!,6!Q8!02=@*!02+*73!*!.*1.2=@*!:3+;6,!,1*!-A!

*64,=0*/*!4,6!:+351,4*!=3!;6*7+21!,-<31*739!,!-24:1,-4,=0,!4,!*D*.@,2!,!

4*=7,2! /,+B! &,:32-! ;6,! *.*5,29! <2;6,2! 0C3! <+*.*! .34! 3! *1>/23! ;6,! ;6*-,!

0+3:,.,2!=3!43=0,!73!4,6!:+A:+23!.3.a!;6,=0,B!

'4! :36.3! 7,:32-9! 4*=;6,2! :,13-! *++,73+,-! :*+*! .31,0*+! +3.@*-! ,!

.3=-0+62+! 64! :,;6,=3! 7A14,=! :*+*! *! 4,+7*9! ,=0,++*=73! *! :+3/*! *=0,-! 7,!

.3=02=6*+!*!.*42=@*7*B!

%.@,2!;6,!,-02/,--,!2=73!:*+*!*!=*-.,=0,!J317,=!#*[9!4*-!?-!-,0,!@3+*-!

*2=7*! =C3! ,-0*/*! ?! /2-0*B!"C3!4,! 24:3+0,2B! K*=-*7*!7,4*2-! :*+*! 0,+! <34,9!

:61,2!=3/*4,=0,!3!Q*=0*+9!7,--*!<3+4*!,.3=342M*=73!*!8D6*!;6,!0,+2*!6-*73!

:*+*! :+,:*+8F139! *0E! ,=.3=0+*+! 64! 13.*1! :1*=3! 3! -6<2.2,=0,! :*+*! *+4*+! *!

5*++*.*B!#!:,;6,=3!0,+4a4,0+3!;6,!5*1*=V*/*!=*!1*0,+*1!7*!43.@21*!4*+.*/*!

^9^!D+*6-B!$2+,2!*-!+36:*-!-6*7*-!,!.313;6,2F*-!:*+*!-,.*+!735+*7*-!-35+,!64!

*+56-03!*=0,-!7,!,=0+*+!=*!5*++*.*B!

),1*!4*=@C9! 02/,! ;6,!4,! ,-<3+V*+! :*+*! /,-02+! *-! +36:*-B! &6+*-! .343!

0856*-9!02=@*4!.3=D,1*73!76+*=0,!*!=320,B!

K@,D6,2! ?! =*-.,=0,! J317,=!#*[! ,4!:36.*-! @3+*-! =3! 0,+.,2+3! 72*! =*!

0+21@*B!%!/2-0*!7*!:2-.2=*!;6*7+*7*!7,!.3=.+,03!1,/*=036!5*-0*=0,!3!4,6!h=2439!

!)'!

=C3! *:,=*-! :3+;6,! =*! =*-.,=0,! @*/2*! 8D6*9! 4*-! 0*45E4! :3+;6,! @64*=3-!

02=@*4! =2027*4,=0,! .3=-0+6>73! *! :2-.2=*B! L31@,2! *-! 4C3-! =*! 8D6*9!

*0+*:*1@*=73! *1D6=-! 2=-,03-! ;6,! =*7*/*4! ,4! -6*! -6:,+<>.2,B! ),D6,2! 3!

:6+2<2.*73+!,!.313;6,2!3!0653!7,!,=0+*7*!=*!8D6*!,!.34,.,2!*!5345,*+!.343!

:+*02;6,2!=*!:2*!7*!42=@*!.3M2=@*!,4!L2=,8:312-B!k32!4*2-!72<>.21!73!;6,!,6!

1,45+*/*!0,+!-2739!0*1/,M!:3+;6,!;6*=73!<2M!3!0,-0,!*:,=*-!5345,,2!*1D64*-!

/,M,-B!%D3+*!:*+,.2*!-,+!=,.,--8+23!0,+!4*2-!4G-.613-!:*+*!:+,--23=*+!*!5345*B!

U! ;6*=73! .3=-,D62! <*M,+! *! 5345*! <6=.23=*+9! 3! 0653! 7,! ,=0+*7*! <160636! =*!

-6:,+<>.2,!,9!:3+0*=039!-A!:6N36!*+B!f345,,2!4*2-!*1D64*-!/,M,-!*0E!;6,!=C3!

.3=-,D62!4*2-!,!:+,.2-,2!:*+*+!:*+*!7,-.*=-*+j!7,:32-!5345,,2!4*2-!64!:36.39!

<2=*14,=0,!,=.@,=73!*-!76*-!D*++*<*-!,!3!+,-,+/*0A+23B!I,/,2!;6*-,!64*!@3+*9!

4*-!:+,.2-*/*!<*M,+!2--3B!%!:+AN24*!<3=0,!7,!8D6*!<2.*/*!*!7,-*=24*73+,-!O_!

;621a4,0+3-!7,!72-0h=.2*B!

$2=@*!037*!2=0,=VC3!7,!.*42=@*+!=*;6,1,!72*9!4*-!*.*5,2!-,=0*=73!=*!

.*7,2+*!7,!*.*4:*4,=039!:,+03!7*!<3=0,B!Y*/2*9!<2=*14,=0,!,-;6,=0*739!3!-31!

5*0,=73!=3-!4,6-!5+*V3-!,!=*-!42=@*-!:,+=*-!=6*-B!$2+,2!*!.*42-,0*9!*5*2N,2!3!

-@3+0!,!4,!+,.3-0,2!.34!3-!31@3-!<,.@*73-9!03+.,=73!:*+*!;6,!3!-31!*12/2*--,!*-!

:*+0,-!7*!:,1,!73!4,6!0+3=.3!;6,!,-0*/*4!4*.@6.*7*-!:,1*!43.@21*B!l6*=73!

*5+2!3-!31@3-9!/2!64!:,;6,=3!1*D*+03!,4!64*!:,7+*!:+AN24*B!U1,!:*+,.2*!,-0*+!

<*M,=73!<1,Nn,-B!

! #189! 1*D*+03! ! ,6! 72--,9! ,! ,1,! :*+36! 7,! <*M,+! <1,Nn,-! ,! <2.36!

030*14,=0,!24A/,1!*=0,-!7,!7,-*:*+,.,+!.343!64!+*23B!

U6!:+,.2-*/*!4,!*:+,--*+B!e8!,-0*/*!*0+*-*7*!,4!+,1*VC3!?!:+3D+*4*VC39!

4*-! =*;6,1,! 72*! =C3! .3=-,D62! 4,! 35+2D*+! *! 7,2N*+! 3! :,;6,=3! 0+,.@3! 7,!

.*+/*1@3-! /2V3-3-! ;6,! +37,*/*! *! =*-.,=0,! J317,=!#*[B! %1E4! 7*-! 8+,*-! ,4!

.*+=,!/2/*9!4,6-!4G-.613-!,!3--3-!73>*4!,!4,6-!:E-!,-0*/*4!4*+.*73-!:3+!

64!=G4,+3!.*7*!/,M!4*23+!7,!531@*-B!R,=0,2F4,!=3!.@C3!:*+*!,N*42=8F13-9!

-*5,=73!;6,!=C3!@*/2*!;6*-,!=*7*!;6,!,6!:67,--,! <*M,+!:*+*! ,/20*+!;6,!*-!

!)(!

531@*-!:23+*--,4B!)*--,2!3!7,73!7,12.*7*4,=0,!-35+,!,1*-!,!7,:32-!4*2-!*.24*9!

=3!4*.@6.*73!=,D+3!73!0*4*=@3!7,!64*!43,7*!7,!64!7A1*+!;6,!-6+D26!,4!

4,6!03+=3M,13!,!;6,!=C3!,+*!64!<,+24,=03!7*!)K$!,!-24!64*!:+3/*!7,!42=@*!

272302.,!:+EF)K$B!

k32! :3+! .*6-*! 7,--*! <,+27*! ;6,! 02=@*! 3:0*73! :3+! =C3! 12D*+! :*+*! )*61!

;6*=73! 4,! -,=02! 0C3! -3M2=@*! =3! @30,1! 18! ,4! L3Q*/,j! .34! ,--*! <,+27*! =3!

.,=0+3! 7*! @2-0A+2*9! -*52*! ;6,! ,1,! :,+.,5,+2*! ;6,! *! 42=@*! /3M! ,-0*/*!

,-.3=7,=73!*1D64*!.32-*B!K343!,6!:+,0,=72*!<2.*+!13=D,!7,!e3,!=3-!732-!72*-!

;6,! :*--,2! ,4! )3+01*=7! *=0,-! 7,! :,D*+! 3! */2C3! :*+*! I3-! %=D,1,-9! 4*-! =C3!

<2;6,2B! K343! *.*5,2! 6-*=73! @,+3>=*! .34! ,1,! *:,-*+! 7,! =C3! 0,+! 0273! 64*!

+,.*>7*!7,-7,!*!/,M!,4!;6,!,1,!<32!4,!/2-20*+!,4!L2=,8:312-9!@*/2*!-,2-!4,-,-B!

!L2=@*! /,M! ! ,6! 72--,! .34! :+,--*9! *:A-! /SF13! -,! 2=Q,0*=73! 18! ,4!

)3+01*=7B!

%! )K$!7,! +,:,=0,! :*+,.2*! 0C3! 72-0*=0,! =3! <606+39! ,453+*! ,-02/,--,! *!

*:,=*-!`P!@3+*-!7,!72-0h=.2*B!

!L,! 78! 3! 03+=3M,13! ! e3,! 72--,! ;6*=73! =C3! .3=-,D626! ,=.3=0+*+!

64*!/,2*!=3!4,6!5+*V3B!

)*--,2!3!72*!=*!=*-.,=0,!7,!J317,=!#*[!.34!*!5G--31*!=*!4C39!1,=73!

R0*o2=D!k36=7B!U=.3=0+,2!3!=3+0,9!3!-619!3!1,-0,!,!3!3,-0,B!%=7,2!+*72*=0,!-,4!*!

43.@21*!,!7,-.2!64*!,-0+*7*!7,!0,++*!;6,!7*/*!=*!=*-.,=0,!:*+*!/,+2<2.*+!3!;6,!

,6!:372*!/,+B!U+*!4*+*/21@3-3!*=7*+!-,4!*!43.@21*!=*-!.3-0*-9!4,-43!.34!3-!

:E-! =3! ,-0*73! ,4! ;6,! ,-0*/*49! 73>73-! .343! 4,6-! 4G-.613-B! R,=02*! =C3!

*:,=*-! ;6,! ,-0*/*! 7,! :E9!4*-! -6-:,=-*9! .343! -,! ,-02/,--,! :,=76+*7*! :,13-!

345+3-!:3+!76*-!<*2N*-!,18-02.*-B!K*7*!:*--3!,+*!64!-*1039!1,/,!.343!3!*+B!

l6*=73!.@,D6,2!*!64*!/2-0*!:*=3+h42.*9!:*+,2!,!31@,2!:*+*!*!*4:127C3B!

U+*4!*:,=*-!4*2-!43=0*=@*-!8+27*-9!12=7*-!,!*6-0,+*-9!,!4*2-!<21*-!7,!06+52=*-!

5+*=.*-!*=D613-*-!=3!@3+2M3=0,B!b310,2!*3!*.*4:*4,=039!43=0,2!3!<3D*+,2+3!,!

0,=0,2! :+,:*+*+! 64*! +,<,2VC3!;6,=0,9! *!:+24,2+*! =*! 0+21@*9!4*-! =C3! .3=-,D62!

!))!

;6,! 3! <3D*+,2+3! 4*=02/,--,! *! .@*4*! *.,-*9! =C3! 24:3+0*/*! 3! ;6,! 0,=0*--,B!

),D6,2! 3! :,;6,=3! 4*=6*1! 7,! 2=-0+6Vn,-9! 12! *! -,VC3! 7,! :,+D6=0*-! 4*2-!

<+,;6,=0,-!,!7,-.35+2!;6,!,=.@2!3!.*+06.@3!73!<3D*+,2+3!.34!3!D8-!,++*73B!U6!

3!,=.@2!.34!.3456-0>/,1!-,4!.@6453!,4!/,M!7,!.34!*!=*<0*!;6,!,1,!:+,.2-*!

0,+9!,!,=0C3!3!D,+*73+!,-0*/*!,=06:273!,!*!:,;6,=*!:*=,1*9!:+,0*!7,!<612D,4!

:3+!.*6-*!7,!42=@*-!0,=0*02/*-B!

U6!=C3!,-0*/*!4,-43!.34!<34,B!L2=@*!<34,!,+*!64!7,73!73+4,=0,!

:36;6>--243!,-02461*73B!K342!64!:6=@*73!7,!1*-.*-!7,!*064!7,-27+*0*73!,!

73+42!?-!\P@\^B!

%=0,-! 7,! .34,V*+! 3! ;6*+03! 72*9! .627,2! 73-! 4*.@6.*73-B! '4!

<6=.23=8+23!7*!(Uc!4,!,=.3+*Q36!*! .34:+*+!64*!.*2N*!7,!R:,=.3!W=7!R[2=9!

,4:1*-0+3! ,4! D,1! :*+*! 0+*0*+! 7,! ;6,24*76+*-! ;6,! 0*45E4! ,+*! A0243! :*+*!

531@*-B! K313;6,2! 3-! .6+*02/3-! ,4! 0373-! 3-! 16D*+,-! 7*! :,1,! ;6,! ,-0*/*4!

-*=D+*=739! <,+273-! 36! +*1*73-9! 36! -,Q*9! =*-! :3=0*-! 73-! 7,73-! 73-! :E-9! =3-!

.*1.*=@*+,-9! -35+,!3-!3--3-!73!;6*7+21!,!=*!:*+0,!7*! <+,=0,!73-!345+3-!,!=*!

1345*+B!l6*=73!0,+42=,29!,-02;6,2!*-!4,2*-!=*!0,=0*02/*!7,!*4*.28F1*-!*=0,-!7,!

/,-02+B! U6! 02=@*!732-!:*+,-9!4*-! *453-! <2.*+*4!76+3-! .34!*!:3,2+*! ,!3! -63+!

-,.3B! )*+,.2*4! 0,+! -273! <,20*-! 7,! :*:,1C3! ,4! /,M! 7,! 0,.2739! ,453+*! ,6! *-!

0+3.*--,!.34!<+,;6S=.2*9!6-*=73!64!:*+!,=;6*=03!3!360+3!-,.*/*!*3!*+!12/+,9!

:,=76+*73!=*-!.3+7*-!,18-02.*-!7*!42=@*!43.@21*B!

&,:32-! ;6,! 4,! *<*-0,2! 7*! =*-.,=0,9! 030*14,=0,! .*++,D*7*! .34! 3-! \W!

;6213-! 7,! 8D6*! 4*2-! 64*! /,M9! :,+.,52! ;6,! ,-0*/*! 0,=73! 64*! ,-:E.2,! 7,!

72/,+024,=03!,-0+*=@39!*5-0+*03!,!+,0+3-:,.02/3B!U4!*1D6=-!434,=03-!,=0+,!*-!

42=@*-! /8+2*-! *D3=2*-9! :,+.,52! *! 5,1,M*! *3! 4,6! +,73+9! *! 4*+*/21@*! 7*-!

:,;6,=*-! ,! 7*-! D+*=7,-! .32-*-d! *! .3+!7,!64*! <13+! 73!7,-,+03!;6,! +3V36! ,4!

424!=*! 0+21@*! 36! *! D+*=723-*! *4:12067,! 73! .E6! ?!4,727*! ;6,!3! -31!43++2*!

-35+,!*-!43=0*=@*-B!U-0*/*!,4!4,23!*! 0*1!7,/*=,23!;6*=73!,-.3++,D6,2!=3-!

-,2N3-! ,! .*>9! *0,++2--*=73!=*! 0+21@*!76+*!7,! .*+*!:*+*!3! .@C3! .34!64*! <3+V*!

!)*!

;6,!4,!02+36!3!<a1,D3B!k2;6,2!7,20*7*!24A/,1!:3+!64!534!0,4:39!:3+!.*6-*!

7*!73+!*5+*-*73+*!,4!42=@*!:,+=*!,!73!:,-3!.313--*1!=*-!42=@*-!.3-0*-9!;6,!

4,!:+,=72*!=3!-313B!l6*=73!.3=-,D62!-*2+!7,!7,5*2N3!7*!43.@21*!,!*/*12,2!3!

,-0+*D39!/2!64!.3+0,!=*!:,+=*! -*=D+*=73!46203!,!64*!:3V*!73! 0*4*=@3!7,!

64!:6=@3!Q8!<3+4*7*!-35!3!.3+0,B!&,++*4,2!64!:36;62=@3!7*!42=@*!:+,.23-*!

8D6*! -35+,! ,1,9! 02+,2! *! -6Q,2+*! ,! *-! :,7+2=@*-! 3! 4,1@3+! ;6,! :67,9! 7,:32-!

:+,--23=,2! 64!:,7*V3!7,! D*M,9! *0E! ;6,!3! -*=D+*4,=03!7242=626! ,!:+3--,D62!

4*=.*=73B!

K*42=@,2!3!+,-03!7*!0*+7,!.34!3-!31@3-!<2N3-!=*!0+21@*!24,72*0*4,=0,!?!

42=@*!<+,=0,9!0,4,=73!:,+7,+!3!:*--3!=3/*4,=0,!,!.*2+B!k32!,=0C3!;6,!*/2-0,2!

3! ;6,! :+3.6+,2! :3+! 72*-d! +*-0+3-! 7,! :64*B! U1,! :*--36! :,1*! 0+21@*! =C3!46203!

*=0,-!7,!424!=*!4,-4*!72+,VC3!,4!;6,!,6!,-0*/*!2=739!-6*-!:,D*7*-!=>027*-!

=*!0,++*!:3+!6=-!`__!4,0+3-B!U6!:*+*/*!7,!:36.3-!,4!:36.3-!42=603-!:*+*!

31@*+!*3!+,73+B!k3+*!3-!:,;6,=3-!0+,.@3-!/,+7,-9!*!:*2-*D,4!,+*!5*-2.*4,=0,!

64*!/*+2*VC3!7,!736+*73-! ,!4*++3=-9! *-!4,-4*-! .3+,-!73!:64*B!K3=02=6,2!

*=7*=739!:,=-*=73! -35+,! *!=30>.2*! 7,! Q3+=*1! ;6,! 12! +,.,=0,4,=0,! -35+,! 0+S-!

461@,+,-!7*!K*12<A+=2*9!.*7*!64*!43+0*!:3+!64!:64*!,4!3.*-2n,-!72<,+,=0,-!

*3! 13=D3! 73! G10243! *=39! ,! -35+,! 0373-! *;6,1,-! :+3D+*4*-! *! +,-:,203! 7*!

=*06+,M*! *! ;6,! *--2-02! ;6*=73! .+2*=V*9! =3-! ;6*2-! 3-! :+,7*73+,-! ,-.31@,4!

*;6,1,-!;6,!.3=-27,+*4!3!4*2-!<+*.3!73!5*=73B!"C3!02=@*!7G/27*!7,!;6,!,+*!

,6d!*;6,1*!.34!4*2-!.@*=.,-!7,!0,+!3-!4,45+3-!*++*=.*73-!64!*!64B!K*=0,2!

*0,++3+2M*7*! ,-:*=0*--,! 3! :64*! ,! *3! 4,-43! 0,4:3! 0,4,=73! ;6,! 2--3! 3!

*1,+0*--,!:*+*!*!42=@*!:+,-,=V*9!.343!-,!3!-*=D6,!-,.3!,4!42=@*!:,+=*!,!3!

<,73+!7,!72*-!73!4,6!.3+:3!=C3!<3--,4!-6<2.2,=0,-!:*+*!*0+*>F13B!

U=;6*=03!,N*42=*/*!*!8+,*9!:,+.,52!;6,!02=@*!.@,D*73!0C3!13=D,!;6,!

3! 0,++,=3! .34,V36! *! 467*+B! %! :*2-*D,4! *3! 4,6! +,73+! *2=7*! ,+*! 8+27*9!

!*+!

7342=*7*! :,13! 4,-43! .@*:*++*1! ,! :,13-! 4,-43-! *+56-03-! 7,! -81/2*9! 4*-!

*D3+*! *-! 8+/3+,-F7,FQ3-6E! ;6,! 7,<2=,4! 3! 7,-,+03! 7,! L3Q*/,! *:*+,.2*4!

-34,=0,! ,-:3+*72.*4,=0,B! L*2-! .346=-! ,+*4! 3-! M245+3-9! :2=@,2+3-! ,!

.*+/*1@3-B!&,!/,M!,4!;6*=73!,6!*0+*/,--*/*!.*4:3-!-345+,*73-!.34!D+*4*!

*10*B!%!D+*4*!,!*-!8+/3+,-!+,1*02/*4,=0,!D+*=7,-!,+*4!64!*1>/23B!U1*-!-6D,+2*4!

8D6*!,!/27*B!c=-2=6*/*4!;6,!,6!:372*!<*M,+!2--3B!

%0E!;6,!64*!8+/3+,!2=0,++34:,6!3!4,6!.*42=@3B!$2=@*!.*>73!-35+,!*!

0+21@*9!3!0+3=.3!:,-*73!4*=0273!=3!*103!:,13-!D*1@3-9!4*-!5*2N3!3!-6<2.2,=0,!

:*+*!;6,!,6!=C3!:67,--,!:*--*+!:3+!5*2N39!,!*2=7*!*--24!0C3!*103!;6,!03+=*/*!

24:3-->/,1!:*--*+!:3+!.24*9!:+2=.2:*14,=0,!.3=-27,+*=73!3!:,-3!7*!43.@21*B!

K3=03+=*+!*!8+/3+,!0*45E4!,-0*/*!<3+*!7,!;6,-0C3d!*!0+21@*!7,-.2*!7,!4373!

46203! >=D+,4,!=*! 1*0,+*1!,!3!4*03!,+*! <,.@*73!7,4*2-!=3!360+3! 1*73B!)*+,2!

:3+!64!13=D3!0,4:39!0,=0*=73!7,-.35+2+!64*!4*=,2+*!7,!:*--*+!:,1*!8+/3+,B!

U6!02=@*!;6,!.3=-,D62+9!=C3! 24:3+0*/*!3!;6C3! 24:3-->/,1!:*+,.,--,B!U+*! 2--3!

36!7*+! *!/310*! ,! +,03+=*+! *3!@30,1! ,4!L3Q*/,B! U6!4,! 1,45+,2!73!:,;6,=3!

;6*+03!7,! \P!7A1*+,-! .34!64!:+3<6=73!,!*++,5*0*73+!7,-,Q39!*!/3=0*7,!7,!

/310*+!*!,1,!2=6=7*=73!4,6!.3+:3B!U=.3-0,2F4,!?!8+/3+,9!7,-*<2/,1,2!*!43.@21*!

,!*!,4:6++,2!:*+*!.24*!,!-35+,!3!0+3=.3!8-:,+39!4,!,-<3+V*=73!:*+*!7,-.SF1*!

*0E! 3! 360+3! 1*73! -,4! 7,2N*+! ;6,! ,1*! .*>--,! .34! 0*=0*! <3+V*! =3! .@C3! ,! =C3!

,-036+*+!3!+,-,+/*0A+23!7,!@27+*0*VC3!.34!3!24:*.03B!&,:32-!,-.*1,2!*!8+/3+,9!

+*1*=73!*-!4C3-!;6,!Q8!,-0*/*4!7313+27*-!:3+!.*6-*!73!03453B!%3!13=D3!73!

;621a4,0+3! ,! 4,23! -,D62=0,! ,=.3=0+,2! 0+S-! 360+*-! 8+/3+,-! .*>7*-B! l6*=73!

.3=-,D62!:*--*+!:3+! 037*-!,1*-9!3!.3+0,!=*!42=@*!:,+=*!+,*5+26!,!.34,V36!*!

-*=D+*+B!

"*!0*+7,!73!;62=03!72*9!;6*=73!-,D62*!3!4,6!.*42=@3!*3!13=D3!7,!64!

0+,.@3!,-0+,203!,!>=D+,4,!7*!0+21@*9!31@,2!:*+*!3!*103!,!/2!64!*=24*1!4*++34!

,=3+4,!.34!.@2<+,-!-,!:+,:*+*=73!:*+*!4,!*0*.*+B!

!*"!

!%1.,t! !D+20,29!,453+*!-365,--,!;6,!=C3!,+*!64!*1.,B!"3!:h=2.3!73!

434,=039!42=@*!4,=0,!=C3!.3=-,D626!7,<2=2+!3!;6,!,-0*/*!/,=73!,!*1.,!<32!*!

.32-*! 4*2-! :+AN24*! ;6,! -6+D26B! ! %1.,t! ! D+20,2! *2=7*! 4*2-! 7,-,-:,+*7*!

.3=<3+4,! ,1,! -,! *:+3N24*/*B! U6! 4,! ,=<2,2! =3! 4,23! 73-! *+56-03-! ,! 73-!

.*+/*1@3-!;6,!1*7,*/*4!*!0+21@*9!4,!*++*-0*=73!=3-!D*1@3-!*<2*73-!3!48N243!

;6,!.3=-,D629!*:,-*+!73!:,-3!7*!43.@21*B!

s!4,727*!;6,!<*M2*!2--39!*!<,+*!/2=@*!=*!42=@*!72+,VC39!,!:,+.,52!;6,!

,-0*/*!:+,-0,-!*!-,+!*0*.*7*!:3+!64!036+3!13=D@3+=B!

! %111111.,t! ! D+20,2! 4*2-! *103! 56-.*=73! *! .3+7*! *4*+,1*! :+,-*! =*!

*+4*VC3!7*!42=@*!43.@21*!;6,!0+*M2*!3!*:203!4*2-!*103!73!46=73B!U=.3=0+,2!

3! *:2039! .313;6,2F3! =*! 53.*9! <,.@,2! 3-! 31@3-! ,! -3:+,2! .34! 037*! *! <3+V*! *0E!

:+,.2-*+!:*+*+!:*+*!034*+!<a1,D3B!

l6*=73!*5+2!3-!31@3-9!3!036+3!02=@*!7,-*:*+,.273B!

%!4,-4*!.32-*!*.3=0,.,6!.34!*!:,1,!7*!:3=0*!73!4,6!7,73!2=72.*73+!

72+,2039!*++*=.*7*!,4!4,6!<+,=,-2!:,13-!D*1@3-!*<2*73-!73-!*+56-03-B!

%!;6,-0C3!7,!.*42=@*+!=*!)*.2<2.!K+,-0!$+*219!;6,!,+*!0C3!:+3<6=7*!:*+*!

424!=*;6,1,!/,+C3! !,!*:,-*+!72--3!0*45E4!46203!-24:1,-9!.343!*!4*23+2*!

7*-!;6,-0n,-! 9! ,+*! .343!,6! 02=@*!:36.*-!,-.31@*-!,! .343! <+,;6,=0,4,=0,!

02=@*!;6,!<*M,+!*!.32-*!;6,!4,=3-!;6,+2*B!K343!=C3!@*/2*!-*>7*!36!=,D*VC3B!

"C3! 02=@*! .343! ,=03+:,.,+! 2--3! .34! 64! 4*+0>=2! =,4! ,-;6,.,+! .34! 64*!

0+,:*7*B!U=;6*=03!4,!*D*++*/*!*3!.@*:*++*1!=*;6,1,!72*9!0,=0*=73!<*M,+!64!

.6+*02/3!=3!4,6!7,73!-*=D+*=739!*0,++3+2M*7*!:3+!;6*1;6,+!-34!;6,!2=72.*--,!

;6,! 3! 036+3! ,-0*/*! /310*=739! *=*12-,2! 42=@*-! 3:Vn,-B! Y*/2*! *:,=*-! 76*-! ,!

,+*4!5*-2.*4,=0,! *!4,-4*B! U6!:372*! /310*+! 7,!3=7,! 02=@*!/2=73!36!:372*!

-,D62+!=*!72+,VC3!*!;6,!:+,0,=72*!2+B!#!036+39!*74203!.34!+*2/*9!:372*!,-0*+!

,4! ;6*1;6,+! 64*! 7*-! 72+,Vn,-9! Q8! ;6,! ,6! =C3! 02=@*! /2-03! :*+*! 3=7,! 02=@*!

.3++2739!:32-!<,.@,2!3-!31@3-B!)372*!*:,=*-!,-.31@,+!,=0+,!3!036+3!;6,!4,!<*+2*!

/310*+!36!3!036+3!;6,!4,!1,/*+2*!*72*=0,B!

!*#!

U!,=0C3!<62!,4!<+,=0,B!

)+,.2-,2!7,!037*-!*-!42=@*-!<3+V*-!:*+*!:,+.3++,+!\`!;621a4,0+3-!:3+!72*B!

),+.3++,+! \`! ;621a4,0+3-! :3+! 72*! ,+*! 64*! .3=;62-0*! <>-2.*! 5,4! *1E4! 7,!

;6*1;6,+!.32-*!;6,! Q8! <2M!=*!/27*B!K*7*!:*+0,!73!4,6!.3+:3!73>*B!%!=C3!-,+!

4,6! .3+*VC3B! "C3! ,=.3=0+,2! =2=D6E49! 4*-9! :3+! 4*2-! ,-0+*=@3! ;6,! :*+,V*9!

=C3! -,=02! <*10*! 7,! =2=D6E4B!"C3! 7,-,Q*/*! =*7*! *! =C3! -,+! .3427*! ,! 8D6*! ,!

.3=-,D62+! 02+*+! *!43.@21*B!K3=02=6,2! .*++,D*=73F*B! )*+*! .24*! ,!:*+*!5*2N3! ,!

:,1*-! 43=0*=@*-! 8+27*-9! 3=7,! :2=@,2+3-! 7,! e,<<+,o! ,! .*+/*1@3-F=,D+3-!

1*7,*/*4!*!0+21@*9!.+6M*=73!,-0+*7*-!7,!0,++*!;6,!43-0+*/*4!4*+.*-!7,!:=,6-!

7,!D+*=7,-!.*42=@n,-9!,453+*!=,=@64!,-02/,--,!?!/2-0*B!

"*!4*=@C!73!320*/3!72*9!-,=02!<34,!,!.313;6,2!037*!*!.3427*!=3!.@C3!

:*+*!*/*12*+!*!-206*VC39!3!7,-,Q3!:3+!64*!+,<,2VC3!;6,=0,!-6520*4,=0,! <3+0,B!

L,-43!,4!4,6!,-0*73!7,!,N*6-0C3!,!2=*:,0S=.2*9!=*;6,1*!*106+*!,6!Q8!02=@*!

.34273!*!4*23+!:*+0,!73!;6,!=C3!:+,.2-*/*!-,+!.3M273! !*!D+*=31*9!*-!=3M,-9!

*-!<+60*-!-,.*-9!3!:,+6!,!3!*064!7,-27+*0*739!*-!5*++*-!7,!:+30,>=*9!3!.@3.31*0,!

,!3! 1,20,!7,! -3Q*! ,4!:AB!%!4*23+!:*+0,!7*! .3427*!;6,! +,-0*/*!:+,.2-*/*! -,+!

.3M27*!,!,6!=C3!02=@*!64!<3D*+,2+3!;6,!<6=.23=*--,B!U6!-A!0,+2*!64*!.*2N*!7,!

-6:+24,=03-! ?! 42=@*! ,-:,+*! ,4! g,==,7o! L,*73p-9! ;6,! <2.*/*! *! W\m!

;621a4,0+3-! 7,! 3=7,! ,-0*/*B! '4*! :,--3*! ,N:,+2,=0,! 0,+2*! *0+*/,--*73! ,--,-!

W\m! ;621a4,0+3-! =3! 0,4:3! ;6,! ,-0*/*! =*! 0+21@*B! K34! *! 4E72*! ;6,! ,-0*/*!

<*M,=739! =C3! 02=@*! .@,D*73! =,4! =*! 4,0*7,! 73! .*42=@3B! U! 4,-43! ;6,!

.@,D*--,! *! g,==,7o! L,*73p-! .34! *! .3427*! ;6,! 0,=@39! *2=7*! :+,.2-*/*!

.3=-,+0*+! 3! <3D*+,2+3! ,! *5*-0,.SF13! .34! 3! .3456-0>/,1! .,+03! ! ,! g,==,7o!

L,*73p-9!4*2-!64!:3-03!*/*=V*73!:*+*!.*V*73+,-9!0+21@,2+3-!,!:,-.*73+,-!73!

;6,! 64*! .27*7,9! =C3! ,+*! 3! 16D*+! :*+*! <*M,+! 2--3B! R,=0*7*! =3! .@C39! .34!3-!

-*.3-!M2:13.[!7,!.3427*!7,-27+*0*7*!;6,!,6!=C3!:372*!:+,:*+*+!,-:*1@*73-!*3!

4,6!+,73+9!7,.272!467*+!7,!72+,VC3!=*! 0+21@*B!"C3!46203! 13=D,!7,!3=7,!,6!

!*$!

,-0*/*!-,=0*7*9!*!)K$!.+6M*/*!64*!+,7,!7,!,-0+*7*-!7,!0,++*!;6,!-,D62*4!:*+*!

/8+2*-!72+,Vn,-B!

K34,.,2!*!7,-.,+!64*9!*.@*=73!;6,!*.*5*+2*!7,-.35+2=73!*!.2/212M*VC3!

=*!<3+4*!7,!64*!*603,-0+*7*!;6,!<2.*/*!:*+*1,1*!?!0+21@*!*!*:+3N24*7*4,=0,!

OW!;621a4,0+3-!*!1,-0,B!K*42=@,2!-,4!-*5,+!,N*0*4,=0,!,4!;6,!,-0+*7*!,-0*/*9!

-,D62=73!*:,=*-!*!.+,=V*!7,!;6,!,=.3=0+*+2*!*1D64*!.32-*9!.*42=@*=73!-,4!

:*+*+!=3!-31!;6,=0,!,!5+21@*=0,B!)372*!-,=02+!4,6!:+A:+23!.@,2+3!;6*=73!4,!

43/24,=0*/*B!U6!1,/,2!7,-373+*=0,!,!3!:*--,2!037*-!*-!4*=@C-9!4*-!=C3!<*M2*!

4*2-! 72<,+,=V*B!"C3! 034*/*! 5*=@3! @*/2*!4*2-! 7,! 64*! -,4*=*B!L,6! .3+:3!

,-0*/*!.35,+03!7,!-6Q,2+*!,!-*=D6,9!,!4,6!.*5,139!,4:1*-0+*73!-35!3!.@*:E69!

76+3! 7,! :3,2+*! ,! 7,! -63+! -,.3B! )372*! -,=02+! 3-! 4G-.613-! 73!4,6! .3+:3! -,!

<3+0*1,.,=73!72*!*!72*!,!*3!4,-43!0,4:3!,!=*!4,-4*!:+3:3+VC3!3-!0,=7n,-!,!

*-!*+02.61*Vn,-!-,!7,0,+23+*=73B!L,6-!:E-!73>*4!0*=03!=*!:*+0,!2=0,+=*!;6*=03!

=*! ,N0,+=*9! *! :,1,! ,4! .*+=,! /2/*! ,! .@,2*! 7,! 531@*-9! 3-! 3--3-! ,! 4G-.613-!

.*=-*73-! :,13-! ;621a4,0+3-B! %! ,-0+*7*! <,12M4,=0,! ,+*! :1*=*! 36! 7,-.2*!

-6*/,4,=0,9!64!5,4F/2=73!7,-.*=-3!73!2=.*=-8/,1!-35,!,!7,-.,!7*!0+21@*9!4*-!

*2=7*!*--24!,6!-3<+2*B!)3+!13=D3-!0+,.@3-9!0,=0,2!24*D2=*+!;6,!=*!+,*127*7,!=C3!

02=@*! :E-9! ;6,! ,4! /,M! 72--3! *-! 42=@*-! :,+=*-! 0,+42=*/*4! ,4! 76*-!

2=7,-0+60>/,2-!:,+=*-!*+02<2.2*2-!;6,!:372*4!*D6,=0*+!;6*1;6,+!.32-*B!

&,:32-!7,!;6*0+3!@3+*-!.34,.,2!*!4,!*++,:,=7,+!7*!7,.2-C3B!U6!:372*!

43++,+!7,!<34,!36!-,+!43+0*!:3+!036+3-!13=D@3+=!-,1/*D,=-9!4*-!=*!)K$!*3!

4,=3-!,6!-*52*!3=7,!,-0*/*B!(,12!3!D62*9!*D3+*!2=.,+0*!7,!;6,!,-0*/*!,4!64*!

7*-!,-0+*7*-!;6,!,1,!7,-.+,/2*!7,!<3+4*!-6:,+<2.2*1B!),D*/*!3!4*:*!,!*!5G--31*!

*!.*7*!@3+*!:*+*!*/*12*+!,!+,*/*12*+!*!42=@*!:3-2VC3B!),D6,2!3!R0*o2=D!k36=7!

:*+*!1,+!7,!=3/3!-35+,!.343!,N*0*4,=0,!6-*+!3!4*:*!,!*!5G--31*B!%=*12-,2!3!

-31B!)*--,2!:3+!64*!:,;6,=*!4*=*7*!7,!532-!;6,!=C3!,-0*/*4!.,+.*73-!,!3!

4,6! .3+*VC3! 72-:*+36! *3! /SF13-9! 4*-! =,=@64! *=736! =*! 42=@*! 72+,VC3B!

!*%!

%:,=*-!:*+*+*4!7,!.34,+!,!1,/*=0*+*4!*-!.*5,V*-!:*+*!4,!31@*+!,=;6*=03!,6!

!

%! 8+,*! ;6,! *! ,-0+*7*! *0+*/,--*/*! ,+*! -6+:+,,=7,=0,4,=0,! /,+7,! ,4!

*1D6=-! 16D*+,-!,! -,.*!,! +3.@3-*!,4!360+3-9!,!,4!76*-!3.*-2n,-!,6!:*--,2!:3+!

0+*03+,-! -21,=.23-3-! ,! 42-0,+23-3-! :*+*73-! =*! 5,2+*! 7*! ,-0+*7*B! K*42=@,2! ,4!

,-0*73!7,!D+*V*!.34!*!5,1,M*!,!3!-21S=.239!4*-!=3!<24!7*!0*+7,!*!*:+,,=-C3!

4,!7,2N36!.34!64!=A!=*!D*+D*=0*B!

U-0*/*!=*! ,-0+*7*9!4*-! =C3! 02=@*!/2-03! 64! -,+! @64*=3!,4!3203!72*-B!

c--3! ,+*! *! .2/212M*VC3! ,9! =3! ,=0*=039! <3+*! *-! /*.*-! -310*-! =3! :*-039! 3-! 732-!

0+*03+,-!*5*=73=*73-!,!*!:+A:+2*!,-0+*7*9!=C3!@*/2*!=,=@64!-2=*1!7,1*B!U6!4,!

-,=02!.343!-,!,-02/,--,!,-0+,1*=73!64!<214,!7,!<2.VC3!.2,=0><2.*9!.343!-,!<3--,!*!

G1024*!:,--3*!;6,!-35+36!=3!:1*=,0*9!,!:,1*!:+24,2+*!/,M!,4!42=@*!Q3+=*7*!

-,=02!/3=0*7,!7,!.@3+*+B!(,-:2+,2!<6=73!:*+*!*<*-0*+!*-!18D+24*-9!02+,2!*!43.@21*!

,!4,!-,=0,2!=3!.@C3!:*+*!4,!+,3+D*=2M*+B!Y*/2*!64*!.6+/*!4*2-!?!<+,=0,!=*!

,-0+*7*9!,=0C3!<62!*0E!18!-,4!*!43.@21*!:*+*!/,+!3!;6,!@*/2*B!

#!;6,!/2! <3+*4!0+S-!@34,=-!-,=0*73-!=*!.*52=,!7,!64*!.*42=@3=,0,!

*4*+,1*B!

'4!,+*!5+*=.3B!'4!,+*!=,D+3B!'4!,+*!1*02=3B!

I,/,2!0*1/,M!-,--,=0*!-,D6=73-!:*+*!.@,D*+!:,+03!7,1,-B!U1,-!4,!31@*+*4!

.34!*!4,-4*!,N:+,--C3!=3-!+3-03-!;6,!*!42=@*!;6*=73!/2!3!036+3!13=D@3+=!

=3!72*!*=0,+23+B!U+*!.343!-,!*!;6*1;6,+!434,=

L,6! *1>/23! *3! /SF13-! <32! ,=3+4,B!%2=7*! *--249! ?!4,727*! ;6,! .*42=@*/*! =*!

72+,VC3! 7,1,-9! 4,6! .3+:3! 2=0,2+3! -,! *++,:2*/*! .34! 3! .34:12.*73!

,=0,=724,=03!7,!;6,!,6!=C3!,+*!4*2-!*!G=2.*!,-0+,1*!,4!64!<214,!-35+,!64!

:1*=,0*! 7,-:+3/273! 7,! :,--3*-B! %D3+*! ,6! ,-0*/*! ,4! 64! 02:3! 030*14,=0,!

72<,+,=0,! 7,! <214,d! ,+*! 64*! 461@,+! -3M2=@*! .34! 0+S-! @34,=-! 7,! 2=0,=VC39!

.*+80,+!,!3+2D,4!7,-.3=@,.273-9!4,!31@*=73!7*!-345+*!7,!64*!.*42=@3=,0,!

*4*+,1*B!

!*&!

l6*=73!1@,-!,N:12;6,2!*!42=@*!-206*VC3!:,1*!Q*=,1*!*5,+0*!73!1*73!73!

4303+2-0*9!,1,-!4,!,=.*+*+*4!-21,=.23-*4,=0,9!3-!31@3-!467*=73!7,!-6+:+,-*!

:*+*!:,+:1,N27*7,!,!7,:32-!:*+*!7,53.@,!*0E!;6,!0373-!.*>+*4!=*!D*+D*1@*7*B!

! b3.S! -*5,! =3! ;6,! -,! 4,0,69! ;6,+27*T! ! 3! @34,4! 5+*=.3! 4,!

:,+D6=036!;6*=73!-,!+,.6:,+369!,!5*1*=.,2!*!.*5,V*!=,D*02/*4,=0,B!

U1,!,!3!@34,4!=,D+3!:*+,.2*4!,-0*+!=*!<*2N*!73-!X_!*=3-9!3!1*02=3!4*1!

02=@*!-*>73!7*!*731,-.S=.2*B!

!b3.S!,-08!/,=73!,--*!43=0*=@*!*;62T! !,1,!:,+D6=0369!*:3=0*=73!

?! <+,=0,9! :3+! 0+8-! 73! /31*=0,! ,! *0+*/E-! 73! :*+*F5+2-*-B! ! U-0*43-! =3-!

:+,:*+*=73!:*+*!,N:1372F1*B!

U1,! ,N:12.36! ;6,! 64*! ,4:+,-*! 7,! 42=,+*VC3! @*/2*! .34:+*73! 3-!

72+,203-! 7*;6,1,! 0+,.@3! 7,! 0,++*! ,! ;6,! ,1,-! ,-0*/*4! ,N0+*2=73! :,7+*-!

7,.3+*02/*-!73!02:3!;6,!*-!:,--3*-!6-*4!,4!-,6-!;62=0*2-B!

! L,6! =34,! E! k+*=[! ! ,1,! 72--,9! 5*0,=73! =*! *5*! 73! .@*:E6! 7,!

.*65A2B! ! U9! 0,.=2.*4,=0,9! /3.S! ,-08! 2=/*72=739! -,=@3+20*9!4*-! =C3! /*43-!

6-*+! 2--3! .3=0+*! /3.SB! ! U1,! 4,! 31@36! ,! :2-.36B! ! R343-! 42=,2+3-B! "C3!

-343-!73=3-!7*!0,++*j!-,!<a--,43-9!0,+>*43-!;6,!*02+*+!,4!/3.SB!

U1,!+26!4*2-!64*!/,M!,!,=0C3!*:3=036!:*+*!3!1*02=3!=3!4,23!,!4,!72--,!

;6,!3!=34,!7,1,!,+*!K*+13-B!

!R36!i*10,+! !72--,!3!@34,4!=,D+3!-,=0*73!=3!5*=.3!73!:*--*D,2+3B!

U1,-! ,+*4! *-! :+24,2+*-! :,--3*-! ;6,! ,6! /2*! 7,-7,! 3-! .*+*-! 7*!42=2/*=!

.34!:1*.*!73!K313+*73!;6,!4,!7,2N*+*4!=3!*.3-0*4,=03!7*!,-0+*7*!@*/2*!

4*2-!7,!64*!-,4*=*B!l6*=73!<*1,29!42=@*!/3M!-3*/*!,-0+*=@*9!:*+,.2*!,-0*+!

4*2-!*10*!,!4*2-!+8:27*!73!;6,!4,!1,45+*/*9!.343!-,!@36/,--,!*1D64*!.32-*!

;6,!,6!=C3!.3=-,D62--,!,N*0*4,=0,!,=0,=7,+!,!4,!*:,D*+!*!,1*9!.343!-,!.*7*!

:*1*/+*! <3--,! 64! :,;6,=3! :8--*+3! 5*0,=73! *-! *-*-! ,4! +,02+*7*B! U1,-! 4,!

72--,+*4!:*+*!,=0+*+!=*! .*V*45*!7*!.*42=@3=,0,9! ,!:,+.3++,43-!*!:,;6,=*!

72-0h=.2*!7,:32-!7*!.6+/*!:*+*!:,D*+!*!42=@*!43.@21*B!

!*'!

k+*=[! :*+36! ,! 0373-! 7,-.,+*4B!i*10,+! :,D36!42=@*!43.@21*! ,! <2.36!

.@3.*73!.34!3!:,-3B!

! U6! <62! ?! K3+,2*! ! ,1,! 72--,9! -6-:,=7,=73F*! -35+,! *! .*V*45*! 7,!

4,0*1!7*!.*42=@3=,0,!.34!.3=-27,+8/,1!,-<3+V3B! !U!=6=.*!.*++,D*43-!64*!

43.@21*! 0C3!:,-*7*B!#6!0*1/,M!,6!0,=@*!.*++,D*73!64*!/,M!64*!0C3!:,-*7*!

*--249!4*-!<32!;6*=73!,-0*/*!-,=73!:6=273B!

(*:27*4,=0,9! -,4! ;6,! ,6!4,! ,=/31/,--,!462039! <32! 7,.27273! ;6,! ,6!

2+2*!:*+*! *! .*-*!7,!k+*=[9!3=7,! -6*!,-:3-*!4,! <*+2*!64! Q*=0*+! ,! ,6!:37,+2*!

034*+! 64! 5*=@3! ,! 73+42+! ,4! 64*! .*4*B! ),1*! 4*=@C9! ,1,! 4,! *Q67*+2*! *!

.@,D*+!*!*1D64!16D*+!3=7,!,6!:67,--,!.3=-,+0*+!3!<3D*+,2+3B!

!%D3+*!4,!,N:12.*!2--3!0673!7,!=3/3T! !k+*=[!:,726!/8+2*-!/,M,-9!,!

,4!037*-!,1*-!3-!0+S-!36/2+*4!*0,=03-9!:3+E4!.3=<6-3-!,!2=0,+,--*73-B!

U1,-!43+*/*4!*!*:+3N24*7*4,=0,!OW!;621a4,0+3-!7*!)*.2<2.!K+,-0!$+*21!

,! *:,-*+! 72--3! =C3! 02=@*4! 36/273! <*1*+! 7,1*B! ",=@64! 7,1,-! .3=-,D62*!

.34:+,,=7,+! ;6*1! 4302/3! 64*!461@,+! :37,+2*! 0,+! :*+*! <*M,+! *! .*42=@*7*!

-3M2=@*9!,!k+*=[!,!i*10,+!72--,+*4!,4!0,+43-!*1,D+,-!,!5,4F,76.*73-d!

!%.@3!5,4!1,D*1! !72--,!K*+13-!7,:32-!7,!64!0,4:3B!U1,!4,!.3=036!

;6,!02=@*!\P!*=3-!,!,-0*/*!:+,-0,-!*!-,!*12-0*+!=3!,NE+.203B!

!$*1/,M!/3.S!7,/*!<*M,+!*!0+21@*9!,4!/,M!7,!-,!*12-0*+! !-6D,+2B!

!"C3! !72--,!,1,B!

#-!@34,=-!,=0+*+*4!=*!.*42=@3=,0,!=3/*4,=0,!,!*=7,2!=*!.*V*45*!

:3+! *1D6=-! ;621a4,0+3-! *0E! .@,D*+43-! *3! 16D*+! ,4! ;6,! i*10,+! 02=@*!

,-0*.23=*73!*! -6*B!U1,! ,!K*+13-!:*+02+*4!,!4,!7,2N*+*4! -3M2=@*! .34!k+*=[9!

;6,!02=@*!4*2-!64*!@3+*!7,!0+*5*1@3!*!.64:+2+B!

R,=0,2! =*! .*52=,! 7*! .*42=@3=,0,! *4*+,1*! 35-,+/*=73! k+*=[! 2+! ,! /2+!

.34! 64! 0+*03+9! *:1*2=*=73! *! ,-0+*7*B! $37*! /,M! ;6,! :*--*/*9! *.,=*/*! :*+*!

4249!,!.3=<3+4,!-,!*<*-0*/*!,6!<6+02/*4,=0,!,N:13+*/*!*-!.32-*-!;6,!,-0*/*4!

7,=0+3!7*! .*42=@3=,0,B!"3!:3+0*F16/*-!@*/2*!64! <+*-.3!:+*0,*73!7,!6>-;6,!

!*(!

7,!531-3B!$34,2!64!D312=@3!,!+*:27*4,=0,!3!.313;6,2!7,!/310*9!4,6-!18523-!

*+7,=73B!b*-.61@,2!,45*2N3!73!5*=.39!02+,2!64!:,;6,=3!,-03Q3!:+,03!,!3!*5+2j!

/2!64*!*+4*!0C3!:+*0,*7*!;6*=03!3!<+*-.3!7,!6>-;6,9!3!<,.@,2!=3/*4,=0,!,!3!

,=<2,2!,45*2N3!73!5*=.3B!%-!.@*/,-!7*!.*42=@3=,0,!5*1*=V*/*4!=*!2D=2VC3!,!

:,=-,29! -,4! ;6*1;6,+! 2=0,=VC39! 3! ;6,! *.3=0,.,+2*! -,! ,6! 12D*--,! ,! -*>--,!

72+2D2=73B!$2+,2! *-! 530*-! ,!4*--*D,,2!3-!:E-B!%!:,;6,=*!4*+.*!;6,! <2.36!,4!

4,6! 03+=3M,13!;6*=73!4,! 2=Q,0,2! @,+3>=*!,4!)3+01*=7!*2=7*!,-0*/*! 189!4*-!

.1*+,36!:*+*!64!1,/,!,!4,1*=.A12.3!*4*+,13B!)*--,2!3!7,73!-35+,!,1*9!-35+,!3!

2=.@*V3! 7*! :,;6,=*!4*+.*! *2=7*! /2->/,1! ,4! -,6! .,=0+39! 24:+,--23=*7*! .34!

4,6!:+A:+23!*5-6+739!,!,=0C3!+,.313;6,2!*-!4,2*-!7,!4373!;6,!=C3!:67,--,!

4*2-!/SF1*B!

!l6,!02:3!7,!461@,+!/3.S!ET! !k+*=[!:,+D6=036!;6*=73!*.*536!3!

0+*5*1@3!,!-,=036!*3!4,6!1*73!=*!.*42=@3=,0,B!

!l6,!02:3T! !:,+D6=0,2B!"3--3-!31@3-!-,!.+6M*+*4!,!*1D3!-,!+,/,136!

=3-!31@3-!7,1,j!,!7,-/2,2!3!31@*+B!

!b3.S!E!.343!*!e*=,T!#!02:3!7,!461@,+!;6,!3!$*+M*=!D3-0*+2*T!

!c4*D2=3!;6,!-24! !,6!72--,9!+2=739!,453+*!-,=02--,!64*!*=-2,7*7,!

2=;62,0*=0,9!03+.,=73!:*+*!;6,!k+*=[!7,--,!*!:*+027*!,!72+2D2--,B!

U1,!,+*!64!@34,4!*103!,!4*D+39!5+3=M,*73!,!7,!0+*V3-!53=203-B!'4!

42=,2+3!;6,!:*+,.2*!64!.*65A2B! R6*-!4C3-!4,! 1,45+*+*4!7,! 037*-!*-!4C3-!

4*-.612=*-! ;6,! .3=@,.2! *3! .+,-.,+9! @34,=-! ;6,! D*=@*/*4! *! /27*! .34! 3!

0+*5*1@3!5+*V*19!@34,=-!.6Q*-!4C3-!=6=.*!<2.*4!124:*-9!=C3!24:3+0*!3!;6*=03!

-,Q*4!,-<+,D*7*-B!R,=0*7*!*12!.34!,1,9!4,!-,=02!.343!-,4:+,!4,!-2=03!;6*=73!

,-036! -3M2=@*! ,4! 7,0,+42=*7*-! .2+.6=-0h=.2*-! .34! 7,0,+42=*73-! @34,=-! !

;6,!0673!:372*!*.3=0,.,+B!&,!;6,!,1,!:37,+2*!<2.*+!=*!7,1,9!.34!,76.*VC3!,!

D,=021,M*9! 36! ;6,! :37,+2*!4,! *D*++*+! ,! 467*+! .34:1,0*4,=0,! 3! +643! 7*-!

.32-*-! ,4!64!42=603B!l6*=73! k+*=[! ,=0+36! =*! .*42=@3=,0,9! 35-,+/,2! -6*-!

4C3-9! .*7*!43/24,=03! -,69! .*7*! .E161*! ,4!4,6! .3+:3! ,4! *1,+0*!48N2439!

!*)!

,453+*!*:*+,=0*--,!,-0*+! 0C3!+,1*N*7*!;6*=03! -,! 02/,--,!*.*5*73!7,!*.3+7*+!

7,!64!.3.@213B!

!$,=@3!64*!.32-2=@*!:*+*!*!D,=0,! !,1,!72--,9!*5+2=73!3!:3+0*F16/*-!

:*+*!:,D*+!3!<+*-.3!7,!6>-;6,B! !q!*!42=@*!+,.34:,=-*!:3+!64!72*!76+3!7,!

0+*5*1@3! ! ,1,! 72--,9! 02+*=73! *! 0*4:*! ,! 4,! :*--*=73! 3! <+*-.3B! ! &*4*-!

:+24,2+3B!

R,D6+,2! 3! <+*-.39! 3! 1,/,2! *3-! 18523-! ,! 7,2N,2! ;6,! 3! 6>-;6,! 1*/*--,! *!

42=@*!53.*B!

!R24B!U--,!E!3!02:3!7,!461@,+!;6,!/3.S!EB!q!*--24!;6,!/36!.@*48F1*d!

e*=,B!

U1,!:,D36!3!<+*-.3!,!7,6!64!13=D3!D31,B!

! R*5,9! =C3! ,-036! 7,! <*03! .34:1,0*4,=0,! -3M2=@*! *;62! ! <*1,29!

*:+,--*7*4,=0,9!2=/,=0*=73!*!4,=02+*!.3=<3+4,!*!<*1*/*B! !L,6!4*+2739!-,6!

=34,! E! )*619! 0*45E4! ,-08! <*M,=73! *! 0+21@*B! U1,! .34,V36! ,4! g,==,7o!

L,*73p-B! R*5,! 3=7,! ET! "A-! 732-! ;6,+>*43-! *! ,N:,+2S=.2*! 7,! .*42=@*+!

-3M2=@3-9! ,=0C3!,1,! -*26!73! -61! ,! ,6! -*>!73!=3+0,! ,!/*43-!=3-! ,=.3=0+*+!=3!

4,23!73!.*42=@39!,!7,:32-!.3=02=6*43-!Q6=03-!:,13!+,-03!73!/,+C3B!

k+*=[!5*1*=V36!*!.*5,V*!,!03436!360+3!D31,!73!<+*-.3B!

! f,49! ,=0C3! ,1,! E! 4*2-! 73273! ;6,! /3.S! ! ,1,! 72--,9! *:A-! +,<1,02+!

-35+,! 2--3!:3+!64!0,4:3B! !'4*!.32-*!E!-,+!64*!461@,+!7327*!3!-6<2.2,=0,!

:+*!<*M,+!3!;6,!/3.S!,-08!<*M,=73B!#60+*!.32-*!E!64!@34,4!7,2N*+!*!461@,+!

-*2+!,!<*M,+!2--3B!

! )32-! E! ! ,6! 72--,9! .343! -,! .3=.3+7*--,! .34! ,1,B! ! &,! ;6*1;6,+!

<3+4*9!=3-!,=.3=0+*+,43-!,4!*1D6=-!72*-B!

&2--,! 2--3! .34! 0*1! .3=/2.VC3! ;6,! ,6! 4,-4*! 4,! .3=/,=.2! 7,! ;6,!

=*;6,1,!,N*03!42=603!)*61!,-0*/*!/2=73!4,!,=.3=0+*+B!&,!;6,!=C3!0>=@*43-!

+,*14,=0,!,=0+*73!.34!3!:,7273!7,!72/A+.23!732-!4,-,-!*=0,-9!,4!64!72*!7,!

=,/,!,4!*5+21B!&,!;6,!,1,!,-0*/*!/2=73!4,!,=.3=0+*+B!#6!;6,!,1,!-*5,+2*!-,!,6!

!**!

=C3! :+3--,D62--,! =*! 0+21@*B! &,! ;6,! 4,6! 7,-*:*+,.24,=03! -,+2*! =30*73! ,4!

*1D6=-!72*-B!

L*-!3!3:3-03!,+*!/,+7*7,2+3B!%-!:,--3*-!7*!42=@*!/27*!,+*4!.343!3-!

5*=7F*27-!;6,!02=@*4!/3*73!=3!/,=03!73!7,-,+03!=3!:+24,2+3!72*!7*!0+21@*B!

U1,-!-,!,-:*1@*+*4!,!7,:32-!-642+*4B!"2=D6E4!,-:,+*/*!;6,!,6!-,;6,+!7,--,!

64! 0,1,<3=,4*! ;6*=73! .@,D*--,! ?! :+24,2+*! :*+*7*B! #6! ?! -,D6=7*! 36! ?!

0,+.,2+*B!

k+*=[!+,.3-036!,4!-,6!*--,=03!,!*Q6-036!-,6!D+*=7,!.2=03!7,!4,0*1B!

!$,4!360+*!.32-*!.34!;6,!D3-03!7,!4,!+,.34:,=-*+!7,:32-!7,!64!

72*!76+3!7,!0+*5*1@3! !,1,!72--,B!

! #! ;6,! ET! ! :,+D6=0,29! .34! 64! -3++2-3! 0>42739! 4,6! .3+*VC3!

5*0,=73!<3+0,!=3!:,203B!

L2=@*-!4C3-!,4!4,6!.313! 1*0,Q*/*4B!U-0*/*! 2=0,=-*4,=0,!.3=-.2,=0,!

7,!42=@*!43.@21*9!13=D,!7,4*2-!=*!.*V*45*!7*!.*42=@3=,0,B!U4!64!-,D6=73!

7,.272!7,2N8F1*!:*+*!0+8-!.*-3!02/,--,!;6,!,4:6++*+!*!:3+0*!,!.3++,+B!

k+*=[! :+3.6+36! 7,5*2N3! 73! *--,=039! 3=7,! <2.*/*! *! *+4*! ,4! -,6!

:,;6,=3!,-03Q3!:+,03B!

U1,!/31036! .34!64! -*.3!:18-02.3! 0+*=-:*+,=0,B!&,=0+39!@*/2*!64! 02:3!

7,! 5*1*! 7,! *1.*V6M! ,4! <3+4*!7,! 02+*-9! <2=*-! ,! 13=D*-9! .*7*! :3+VC3! ,=+31*7*!

.343!64!1*V3B!U1,!-,D6+36!3!-*.3!=*!42=@*!72+,VC3!,!:,+D6=036d!

!%.,20*9!-,=@3+20*!e*=,T!

!"++!

!

M&&N)&H5($5&O*,&P(*,&P"$%DQ%,&!

&,/3+,2! ;6*-,! W!4,0+3-! 7*-! 5*1*-! 7,! *1.*V6M! 7,! k+*=[! ,=;6*=03! ,1,!

72+2D2*9!,!0,+2*!.34273!4*2-!W!4,0+3-!-,!,-02/,--,!72-:3=>/,1B!

!b3.S!,-:,+*!*;62! !,1,!4,!72--,!*--24!;6,!,-0*.23=36!=*!:,;6,=*!

,=0+*7*!7,!0,++*!;6,!<2.*/*!*3!13=D3!7,!-6*!.*-*9!64!0+*21,+!,4!64!:,;6,=3!

*.*4:*4,=03!7,!0+*21,+-!,4!4,23!?!8+27*!/,D,0*VC3B! !b36!,=0+*+!,!72M,+!*!

%==,00,!;6,4!/3.S!EB!

%1D6=-!42=603-!7,:32-!,1,-!*:*+,.,+*4!Q6=03-B!%==,00,!,+*!D3+76.@*!,!

D+2-*1@*9!*!,N:+,--C3!,4!-,6!+3-03!:36.3!+,.,:02/*!,!-6-:,20*B!

!c--3!E!0673!3!;6,!/3.S!0,4T! !,1*!;6,2N36F-,!,=;6*=03!k+*=[!02+*/*!

42=@*!43.@21*!7*!.*42=@3=,0,B!

U6! 3-! *.34:*=@,2! :*+*! 7,=0+3! 73! 0+*21,+9! 3=7,! k+*=[! 24,72*0*4,=0,!

7,-*:*+,.,6!=3!5*=@,2+3B!

!k2;6,!?!/3=0*7,! !72--,!%==,00,9!3!;6,!,=0,=72!;6,!-2D=2<2.*/*!;6,!

,6!7,/2*!4,!-,=0*+!?!4,-*!;6,!7,12420*/*!*!.3M2=@*!,=;6*=03!,1*!:+,:*+*/*!

64!:+*03! 7,! .3427*! :*+*!424B!Y*/2*! 64*! :,;6,=*! ,! 5*+61@,=0*! 0,1,/2-C3!

5,4! =3! .*=03! 7*! 4,-*9! 3! /3164,! 0C3! *103! ;6,! ,+*! 72<>.21! 36/2+B! #60+*!

+,:3+0*D,4!-35+,!3!Q61D*4,=03!7,!#B!eB!R24:-3=B!%--2-02!?!+,:3+0*D,4!*0E!;6,!

%==,00,!/31036!,!.313.36!3!:+*03!72*=0,!7,!4249!7,:32-!7,-12D36!*!$bB!

!q!-A!=3!;6,!-,!36/,!<*1*+9!#BeB!2--39!#BeB!*;6213! !,1*!72--,B! !b3.S!

=C3! 24*D2=*+2*! ;6,! ,N2-0,4! .+2*=V*-! 43++,=73! 7,! <34,! =*! r<+2.*B! )37,!

.34,V*+! !,1*!72--,9!D,-02.61*=73!,4!72+,VC3!?!.3427*B!

! b36! ,-:,+*+! ! ,6! 72--,! ,4! 64! 034! .*-6*1! ;6,! .*46<136! 3!

7,-,-:,+3!;6,!,6!-,=02*B!U=.*+,2!3!:+*03B!U+*!64*!:21@*!,=3+4,!7,!.3-0,1,0*-!

D+,1@*7*-9! 421@3! ,4! .3=-,+/*! ,! -*1*7*! 7,! 5*0*0*B! ),=-,2! ,4!4,! 1,/*=0*+! ,!

!"+"!

1*/*+!*-!4C3-9!4*-!0,42*!;6,!*3!<*M,+!2--3!*0+*-*--,!3!Q*=0*+B!"C3!24:3+0*/*B!

%!=3VC3!7,!1*/*+!*-!4C3-!*=0,-!7,!.34,+!,+*!0C3!72-0*=0,!;6*=03!3!=302.28+23!

7*!$bB!

!K34*t! !%==,00,!3+7,=369!.313.*=73!64!.3:3!:18-02.3!7,!+,<+,-.3!

7,!.,+,Q*!72*=0,!7,!424B!

I,/,2!3!D*+<3!.@,23!7,!-*1*7*!7,!5*0*0*!?!53.*B!U-0*/*!0C3!D3-03-3!;6,!

;6*-,!.*>!7*!.*7,2+*B!

!b3.S!E!6=2/,+-208+2*T!

! R24! ! +,-:3=72! ,-0+*=@*4,=0,! 12-3=Q,*7*!7,!;6,! ,6! 1@,!:*+,.,--,!

7,--*!<3+4*!*:,-*+!7*!-6Q,2+*!,!73!4*6!.@,2+3B! !#6!4,1@3+9!,6!,+*B!U6!4,!

<3+4,2!@8!;6*0+3!*=3-! !72--,9!,!,=0C3!.342!360+3!53.*739!:,+.,5,=73!;6,!

2--3!,+*!0,.=2.*4,=0,!64*!4,=02+*B!

U453+*! ,6! 02/,--,! :+34,0273! ?!4*4C,! ,4! -,6-! G10243-! 72*-! 7,! /27*!

;6,! 0,+42=*+2*! *! <*.617*7,9!=C3! 0,+42=,2B!L*4C,!43++,6!,4!64*! -,D6=7*F

<,2+*! 7*-! <E+2*-! 7,! :+24*/,+*! ,! /310,2! ?! <*.617*7,! =*! -,D6=7*F<,2+*! -,D62=0,B!

),+*4561,2! :3+! 64!43=0,! 7,! *61*-! =*;6,1,! G10243! 0+24,-0+,9!4,23! .,D*! 7,!

-3<+24,=039!4*-!=C3! 02+,2!3!72:134*!:3+;6,!7,2N,2!7,! <*M,+!64*!.32-*B!"C3!

,-.+,/2!3!*+02D3!7,!.2=.3!:8D2=*-!:*+*!64*!*61*!7,! c=D1S-! 2=0,+4,728+23B!U+*!

:*+*! -,+! 64*! .32-*! <8.219! 4*-! ;6*=73! 0,=0,2! .34,V*+! *! ,-.+,/,+9! -A! <2.*/*!

31@*=73! :*+*! *! 0,1*! 5+*=.*! 73! .34:60*73+j! -652! =3! :*1.3! .34! *! 5,.*! ,! 3!

5*++,0,9!,!*.,20,2!3!:,;6,=3!.212=7+3!.34!3!73.64,=03!;6,!4,!<32!3<,+,.2739!

4*-9!;6*=73!3!7,-,=+31,29!,1,!72M2*!3!;6,!,6!-*52*!;6,!72+2*d!;6,!*0E!0,+42=*+!

3! *+02D3! ,6! =C3! 0,+2*! 3!4,6! 72:134*! 7,! 5*.@*+,1*73B! k2;6,2! *:,=*-! .34! *!

7>/27*! 73! .+E7203! ,76.*02/39! ;6,9! :,13-! 4,6-! .81.613-9! -A! 0,+,2! *.*5*73! 7,!

:*D*+!;6*=73!.34:1,0*+!`O!*=3-B!

"*!4*=@C!-,D62=0,9!k+*=[!4,!7,2N36!,4!64*!13Q*!7,!.3=/,=2S=.2*!=*!

*603,-0+*7*! 7,:32-! 7,! 4,! 2=-0+62+! *! :,D*+! 64*! .*+3=*! :*+*! 64*! .27*7,!

.@*4*7*!(27D,.+,-0B! R,=0,2! =*! :3+0*! 7*! <+,=0,! 7*! 13Q*! *0E! ;6,! 64! .*+*! ;6,!

!"+#!

<*M2*!,=0+,D*-!7,!5*0*0*-!<+20*-!*:*+,.,6!,!*.,2036!4,!7*+!64*!.*+3=*9!*:,-*+!

73! <*03! 7,! ;6,! ,+*! .3=0+*! *-! +,D+*-! 7*! ,4:+,-*! 7*+! .*+3=*-B! R,6! =34,! ,+*!

$+3o9!,1,!4,!72--,!*--24!;6,!-652!,4!-,6!D+*=7,!.*42=@C3B!U1,!72+2D2*!:,13!-61!

7*! K*12<A+=2*! .2=.3! 72*-! :3+! -,4*=*9! ,=0+,D*=73! -*.3-! 7,! 5*0*0*-! <+20*-! 7,!

0373-!3-! 02:3-B!U+*!.*-*73!.34!*!=*43+*7*!7,!,=-2=3!4E723!@*/2*!\m!*=3-9!

7,-7,!;6,!02=@*!\m!*=3-B!

!&,M,--,0,!*=3-!<3+*!7*!:+2-C3!,!\m!*=3-!7,=0+3!7,1*! !,1,!5+2=.369!

,453+*! -6*! /3M! 0+*=-:*+,.,--,! *++,:,=724,=03B! ! U6! 7*+2*! ;6*1;6,+! .32-*!

:*+*!0+3.*+!7,!16D*+!.34!/3.S! !,1,!72--,!,=;6*=03!72+2D2*B! !R36!3!02:3!7,!

,-:>+203!12/+,!;6,!=6=.*!0,/,!.3+*D,4!7,!-,!125,+0*+B!

,4! :,--3*! 7,-43=036! 3! 4,6! <3D*+,2+39! 124:369! 2=-0*136! 64! =3/3! <210+39!

/,=7,6!3!.3456-0>/,1!.3++,03!,!7,:32-!4,!3+2,=036!,4!64!0,-0,!7,!*.,=7,+!3!

<3D*+,2+3! -A! :*+*! 0,+! .,+0,M*B! K34:+,2! 4*2-! 64! +313! 7,! <20*! 7,! /,7*VC3! ,!

.6+*02/3-!W=7!R[2=!:*+*!42=@*!:,1,!4*.@6.*7*9!7,:32-! <62!*!64!+,-0*6+*=0,9!

:,72! 64! 421[F-@*[,! 7,! .@3.31*0,! ,! 64! .@,,-,56+D,+! .34! 5*0*0*! <+20*9! 4,!

-,=02=73! .343! 4,! -,=02! =3! Q*=0*+! 73! 72*! *=0,+23+d! 7,-1645+*7*! .34! .*7*!

7,12.23-3!:,7*V3B!&,:32-9!*=7,2!:,1*!.27*7,9!3-!.*++3-!M6=2=739!3-!+3-03-!73-!

4303+2-0*-! ,! 73-!:*--*D,2+3-! -,! /2+*=73!:*+*!4,!31@*+! .34! <+2*! .6+23-27*7,B!

)*--,2! :3+! 1*=.@3=,0,-! <*-0F<337! ,! .3=.,---23=8+2*-! 7,! /,>.613-! -,4! -*5,+! -,!

7,/2*!,-02.*+!3!7,73!:*+*!:,72+!64*!.*+3=*!36!:*--*+!*!=320,!,4!(27D,.+,-0!,!

/310*+!:*+*!*!)K$!=3!72*!-,D62=0,B!l6*=73!:*+,2!=64!.+6M*4,=039!0,=0*=73!

7,.272+! ;6*1! 72+,VC3! 034*+9! 64!@34,4!7,! *:*+S=.2*! -6Q*! *:*+,.,6! 73!4,6!

1*73!,4!64*!52.2.1,0*B!U1,!-,D6+*/*!64!-*.3!7,!:*:,1!*4*++30*73B!

!U-08!-*2=73!7*!.27*7,T! !,1,!:,+D6=036B!

!$*1/,M! !,6!72--,B!

R6*!52.2.1,0*!,+*!:,;6,=*!7,4*2-!:*+*!,1,j!,+*! <,20*!:*+*!64!D*+303!,!

=C3!:*+*!64!@34,4! !02=@*!1*5*+,7*-!,-:*1@*<*03-*-!:2=0*7*-!=*-!1*0,+*2-B!

!"+$!

!)+*!;6*1!72+,VC3!/3.S!,-08!2=73T! !,1,!:,+D6=036B!

R,6!.@,2+3!.3+:3+*1!,+*!0C3!<3+0,!;6,!,6!;6*-,!03--29!,453+*!,6!7,/,--,!

,-0*+! .@,2+*=73! 0C3! 4*1! ;6*=03! ,1,B! %:,-*+! 73! 5*=@3! ;6,! 034,2! =*! =320,!

*=0,+23+!*:A-!3!Q*=0*+!=*!.*-*!7,!k+*=[!,!%==,00,9!*2=7*!/,-02*!42=@*-!+36:*-!

-6Q*-B!

!$*1/,M!<2;6,!,4!64!@30,1!7,!,-0+*7*!:3+!64*!=320,! !72--,!*!,1,B!

!"C3!<*V*!2--3! !,1,!D+2036B! !U6!<2M!2--3!,!4,!:+,=7,+*4B!

K3=.3+7,29! :,+.,5,=73! ;6,! ,1,! :,=-*/*! ;6,! ,6! ,+*! .343! ,1,B! '4*!

*=7*+21@*B!'4*!<3+*!7*!1,2B!"C3!64*!-6:3-0*!6=2/,+-208+2*!36!4,-43!64*!,NF

6=2/,+-208+2*B!",4!0,=0,2!,N:12.*+!-35+,!*!)K$B!

!)37,!<2.*+!.34!2--3! !,1,!72--,9!4,!,=0+,D*=73!3!-*.3!7,!:*:,1B! !

q!:C3!,!43+0*7,1*B!b3.S!:37,!<*M,+!-*=76>.@,-B!

!"C39!35+2D*7*! !*D+*7,.29!.343/27*!,!*3!4,-43!0,4:3!-,=02=73!

+,:61-*!:,1*!3<,+0*B!

!&,!3=7,!/3.S!ET! !,1,!:,+D6=0369!+,160*=0,!,4!-,!*<*-0*+B!

!L2==,-30*B!

! U2t! ! ,1,! D+20369! 64! -3++2-3! -,! ,-:*1@*=73!:,13! +3-03! 246=73B! !

b3.S!E!42=@*!2+4CB!U6!-36!7,!c112=32-B!c112=32-!,!L2==,-30*!-C3!.343!/2M2=@3-B!

! f,49! ;6*-,! /2M2=@3-j! ,N2-0,! i2-.3=-2=! =3! 4,23! ! ,6! 72--,9! ,!

24,72*0*4,=0,!4,!*++,:,=729!,/20*=73!4*D38F13B!

!L*-!2--3!*2=7*!=3-!<*M!/2M2=@3-! !,1,!72--,9!,!4,!3<,+,.,6!*!:*14*!

7*!4C3!*5,+0*!5,4!5*2N3!:*+*!;6,!,6!:67,--,!-*678F13B!U6!3!-*67,2B!

!f3*!-3+0,! !,6!72--,!*!,1,9!,=;6*=03!,1,!-,!*<*-0*/*!:,7*1*=73B!

K*42=@,2!*0E!64*!4,+.,*+2*!,!:,+.3++2!3-!.3++,73+,-!7,!64!1*73!:*+*!

3!360+3!*=0,-!7,!03.*+!;6*1;6,+!.32-*9!<*-.2=*7*!:,1*-!43=0*=@*-!7,!.3427*B!

K34:+,2! *1D64*-! .32-*-! :*+*! +,:3+! *! .3427*! ;6,! 02=@*! .3=-64273! ;6*=73!

=C3!:372*! :+,:*+*+!42=@*-! +,<,2Vn,-! 7,-27+*0*7*-! ,! *=7,2! *3! 13=D3!7,! 64*!

!"+%!

43/24,=0*7*!*/,=27*!*0E!,=.3=0+*+!3!;6,!:*+,.2*!-,+!3!@30,1!4*2-!5*+*03!7*!

.27*7,B!

!L,6!=34,!E!f67! !3!@34,4!*0+8-!73!5*1.C3!72--,!;6*=73!:,72!

64!;6*+03B!

U1,!02=@*!64*!,N:+,--C3!*5*027*!,!64*!03--,!7,!<64*=0,B!%-!53.@,.@*-!

5+3=M,*7*-!.*>*4!=*-!1*0,+*2-!73!+3-03!,=+6D*73B!l6*=73!.3=0,2!-35+,!*!)K$9!

,1,!2=-2-026!,4!1*/*+!42=@*-!+36:*-B!

!)3--3!-24:1,-4,=0,!.313.8F1*-!.34!3-!1,=VA2-!,!*-!03*1@*-9!;6,+27*B!

"C3!.6-0*!=*7*! !,1,!72--,!;6*=73!:+30,-0,2B!

k62!:*+*!3!;6*+039!02+,2!*!+36:*!,!.313;6,2!*!42=@*!.*1V*!24:,+4,8/,1!,!

3! .*-*.3!7,!=8213=9!,453+*! <3--,!64!72*!;6,=0,!7,! Q6=@3j!7,:32-!/310,2! *3!

,-.+20A+23!,!,=0+,D6,2!42=@*!:,;6,=*!:21@*!7,!+36:*-!-6Q*-!02427*4,=0,!:*+*!

f679!*D+*7,.,=73!*!,1,!=3/*4,=0,B!

! U-036! <*M,=73! 2--3! :3+;6,! D3-0,2! 73! -,6! 5+*.,1,0,B! )3+! 2--3! ;6,!

3<,+,.2! !,1,!72--,B!

)6N,2!*!4*=D*!73!.*-*.3!,!*453-!31@*43-!:*+*!3!5+*.,1,0,!:+*0,*73!

7,-530*739!64!7*;6,1,-!5+*.,1,0,-!D+*/*73-!,4!4,4A+2*!7,!*1D64! -317*73!

7,-*:*+,.273!,4!*VC3!=*!J6,++*!73!b2,0=C!;6,!*!42=@*!*42D*!%24,,!.313.36!

=3!4,6!5+*V3!;6*=73!=3-!7,-:,7243-! ,4!64*! +6*!7,!L2=,8:312-! -,4*=*-!

*=0,-B!

!L,!7,2N*!/,+!;6,4!/3.S!0,4!*>! !,1,!72--,9!-,!,-02.*=73!*0+*/E-!73!

5*1.C3!,!-,D6+*=73!4,6!:61-3!7,!4373!;6,!:67,--,!1,+!*-!:*1*/+*-B!

!i2112*4!eB!K+3.[,00! !,1,!72--,!,!-31036!4,6!:61-3B!

%24,,!:,-;62-36!64!:36.3!,!4,!72--,!;6,!i2112*4!eB!K+3.[,00!,+*!64!

:21303! 7*! <3+V*! *E+,*! ;6,! 0,/,! 3! */2C3! *5*0273! =3!b2,0=C! ;6*=73! <*10*/*4!

732-!4,-,-!:*+*!.34:1,0*+!WX!*=3-B!U1*!6-36!3!5+*.,1,0,!:3+!*=3-!-,4!02+8F13!

64*!G=2.*!/,MB!

&,-7,!;6,!,1*!4,!7,6!3!5+*.,1,0,9!,6!0*45E4!=C3!3!02+,2B!

!"+&!

! R36!/,0,+*=3!73!b2,0=C9! ,=0C3! <2.3!7,!31@3!=,--,! 02:3!7,! .32-*B!q!

:3+! 2--3! 0*45E4! ;6,! 0,! 7,2! 3! G=2.3! ;6*+03! ;6,! 0,43-! ;6,! :3--62! 64*!

5*=@,2+*! !72--,!f67B! !U-02/,!18!,4!\]XO9!;6*=73!4*1!02=@*!\P!*=3-B!L*-!

*D3+*! -36! .3=0+*! *! D6,++*B!$373-!3-! 02:3-!7,!D6,++*B!K,4!:3+! .,=03!.3=0+*!

2--3B!%!=C3!-,+!,4!.,+03-!.*-3-B!

Y*/2*! 64! .2D*++3! *.,-3! ,4! 64! .2=M,2+3! :18-02.3! *3! 1*739! ;6,! f67!

:,D369!4*-!=C3!1,/36!*3-!18523-B!

!U=0C39!24*D2=3!;6,!/3.S!-*25*!;6,!,-0,!*=3!0,4!4620*!=,/,!=3!03:3!

7*!R2,++*!",/*7*B!

!",/,T! !:,+D6=0,2B!

! U-0,!*=3! <32! +,.3+72-0*B!$30*14,=0,!,=.35,+03!:3+!=,/,B!UN2-0,!64!

,-.+20A+23!73!fIL\!*;62!=*!.27*7,!-,!/3.S!;62-,+!12D*+!:+*!18!,!:,+D6=0*+!-35+,!

*-!.3=72Vn,-! !,1,!72--,9!,!7,6!64*!0+*D*7*B! !R6*-!+36:*-!/C3!<2.*+!:+3=0*-!

,4!64*!@3+*!36!76*-B!

b310,2!:*+*!3!;6*+03!,!034,2!64!5*=@39!7,:32-!,=0+,2!=*!5*=@,2+*B!U4!

-,D627*9!:6N,2!*!.31.@*!,!4,!7,20,2!-35+,!3-!1,=VA2-B!L,6!;6*+03!=C3!02=@*!*+F

.3=72.23=*739!4*-!4,! -,=02*! <+,-.*!7,! 0373!4373B!U6!4,!-,=02*!4,1@3+!73!

;6,! Q*4*2-! 4,! -,=02! ,4! 037*! *! 42=@*! /27*9! *D3+*! ;6,! *! 0+21@*! 4,! 02=@*!

,=-2=*73!3! ;6C3! @3++>/,1! ,6! :3--3!4,! -,=02+B! I,/*=0,29! 2=-:,.23=,2! *!42=@*!

43.@21*j!,=0C3!4,!+,.12=,2!=*!.*4*!,!12!U=;6*=03!*D3=2M39!.34!*-!:*1*/+*-!7,!

f67!-35+,!*!=,/,!,.3*=73!,4!424B!

U6! .3=@,.2*! *! =,/,B! %<2=*1! 7,! .3=0*-9! .+,-.2! ,4! L2==,-30*B! Y*/2*!

.*/*73!=,/,!.34!:89!72+2D273!=*!=,/,!,!<,203!531*-!7,!=,/,!.34!*-!:+A:+2*-!

4C3-!:*+*! Q3D*+B!#1@*/*! *!=,/,!:,1*! Q*=,1*!:3+!72*-! ,=;6*=03! ,1*! <3+4*/*!

43=0,-! ;6,! <2.*/*4! .3=D,1*73-! :3+! 4,-,-! =3! -313B! L*-! ,-0*! =,/,! ,+*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!f6+,*6!3<!I*=7!L*=*D,4,=09!3!7,:*+0*4,=03!7,!D,-0C3!7,!0,++*-!73-!U-0*73-!'=273-B!w"B!7*!UBx!!

!"+'!

72<,+,=0,B!U+*!*!=,/,!;6,!.35+2*!*!R2,++*!",/*7*!7,!<3+4*!0C3!2=7348/,1!;6,!

*-!43=0*=@*-!<3+*4!5*02M*7*-!:3+!-6*!.*6-*B!

%!424!:*+,.2*!*5-6+73!;6,!,6!02/,--,!.*42=@*73!=*;6,1*!-,++*!=,/*7*!

7,-7,!3!2=>.239!;6,!*-!43=0*=@*-!8+27*-!;6,!*0+*/,--,2!7,-7,!3!434,=03!,4!

;6,!530,2!3-!:E-!=*!)K$!<3--,4!0,.=2.*4,=0,!:*+0,!7*!R2,++*!",/*7*B!L*-!=C3!

,+*4! *-! Y2D@! R2,++*-9! *! 2=.+>/,1! .*7,2*! 7,!43=0*=@*-! 7,! D+*=203! ,! ,-.*+:*-!

7,:32-! 7,! g,==,7o! L,*73p-! ;6,! 3! 43=0*=@2-0*! ,! ,-.+203+! e3@=! L62+!

,N:13+36!7,!4*=,2+*!,N.,:.23=*1!,!.610636!@8!4*2-!7,!.,4!*=3-B!U6!=C3!12!3-!

12/+3-!7,!L62+! -35+,!*!R2,++*!",/*7*!*=0,-!7*!.*42=@*7*!=*!)K$9!4*-!-*52*!

;6,!,1,!,+*!3!<6=7*73+!73!R2,++*!K165B!R*1/*+!*!R2,++*!",/*7*!73-!:*-03+,-!7,!

3/,1@*-9!7*-!,4:+,-*-!7,!42=,+*VC39!73!7,-,=/31/24,=03!06+>-02.3!,!7,!360+*-!

2=/*-n,-!7*!,+*!437,+=*!<32!*!:*2NC3!7,!-6*!/27*B!k32!D+*V*-!*!,1,!,!?;6,1,-!

;6,! *:32*+*4! -6*! .*6-*! ;6,! *! 4*23+! :*+0,! 7*! R2,++*! ",/*7*! *2=7*! ,-08!

2=03.*7*! @3Q,! ,4! 72*B! '4*! =*06+,M*! 2=03.*7*! ;6,! *D3+*! ,-0*/*!

*:*+,=0,4,=0,!.35,+0*!7,!=,/,B!

U6!=C3! <62! 030*14,=0,! -6+:+,,=727*B!#-! *603+,-! 73! D62*!4,! */2-*+*4!

-35+,! *! =,/,! ;6,! :37,+2*! ,=.3=0+*+! ,4!Y2D@! R2,++*-9! ,! /24! :+,:*+*7*B!#6!

:,13!4,=3-! *!/,+-C3!7,!:+,:*+*7*!;6,!,6!*.+,720*/*! -,+! -6<2.2,=0,! *=0,-!7,!

.34,V*+!*!<*M,+!*!)K$d!.34:+,2!64*!:2;6,0*!,!*!,=/2,2!:*+*!424!4,-4*!:,13!

.3++,23! =*! .*2N*! ;6,! :,D*+,2! ,4! g,==,7o! L,*73p-B! l6*=73! .34:+,2! *!

:2;6,0*9!24*D2=,2!;6,!-A!:+,.2-*+2*!7,1*!,/,=06*14,=0,9!=3-!0+,.@3-!4*2-!*103-!

7*!0+21@*B!#!D62*!4,!D*+*=026!;6,!,4!64!*=3!=3+4*1!*!4*23+!:*+0,!7*!=,/,!

,-0*+2*!7,++,027*!=3!434,=03!,4!;6,!,6!:*--*--,!:,1*-!Y2D@!R2,++*-!=3!<24!7,!

Q6=@3! ,! 2=>.23! 7,! Q61@3B!"C3!4,!:*--36!:,1*! .*5,V*! 2=/,-02D*+! -,! ,-0,! 02=@*!

-273!64!*=3!=3+4*1B!

U=.3=0+,2! 64! .*0813D3! 0,1,<a=2.3! =*! 4,-*! 7,! .*5,.,2+*! ,! 3! <31@,,29!

7,:32-!72-;6,2!:*+*!3!,-.+20A+23!13.*1!73!fILB!

!"+(!

;6,!*0,=7,6!3!0,1,<3=,B!U1*!=C3!-*52*!7,0*1@,-9!4*-!02=@*!.,+0,M*!7,!;6,!,-0,!

*=3!02=@*!-273!,N.,:.23=*1!,4!0,+43-!7,!=,/,!=*-!R2,++*-B!l6*=73! 1@,!72--,!

;6,! ,-0*/*! <*M,=73! *! .*42=@*7*! =*! )K$9! ,1*! -,! 3<,+,.,6! :*+*!4,!7*+! 64*!

.*+3=*!*0E!*!0+21@*B!&,-12D6,2!3!0,1,<3=,!4,!-,=02=73!4*2-!*12/2*7*!:3+!=C3!0,+!

;6,!:,72+!.*+3=*!73!;6,!:+,3.6:*7*!.34!*!=,/,9!;6,!-24:1,-4,=0,!:*+,.2*!

-,+!*1D3!72-0*=0,9!24:3-->/,1B!

%! :+,-0*02/*! 461@,+! 73! fIL9! =*! 0*+7,! -,D62=0,9! 4,! 0+36N,! 7,! /310*!

:*+*!*! 0+21@*!,4!64!:3=03!.@*4*73!i*1[,+!)*--B!U=;6*=03!,6!*!35-,+/*/*!

2=73!,453+*!=3!.*++39!4,!-,=02!4*2-!+,=3/*7*!,!64!:36.3!4*2-!.3=<2*=0,!73!

;6,! @8! =3/,! 72*-9! ;6*=73! .34,.,2! *! .*42=@*7*B! "3-! 72*-! *=0,+23+,-9! <62!

*0*.*7*! :3+! 64! 036+3! 13=D@3+=9! 4,! .3+0,2! ,! 4,! 4*.@6;6,2! ,4! 03453-! ,!

*.27,=0,-9!,!:,+.3++2!64*!,-0+*7*!+,430*!;6,!7,-.2*!:3+!64*!43=0*=@*!;6,!

13D3!-,+2*!,N:13727*B!U-.31@2!.*42=@*+!;621a4,0+3-!:,13!7,-,+039! -652!,!7,-.2!

2=.3=08/,2-!43=0*=@*-!,!<2;6,2!72*-!-,4!/,+!D,=0,B!L*.@6;6,2!3-!:E-9!,-<31,2!3!

.3+:3! *0E! -*=D+*+! ,! .*++,D6,2! =C3! *:,=*-! *! 424! 4,-4*! *3! 13=D3! 7,!

;621a4,0+3-! 7,! <13+,-0*-! *.27,=0*7*-9!4*-! 0*45E4! 64*!43.@21*! ;6,! :,-*/*!

4*2-!7*!4,0*7,!73!4,6!:,-3B!U!<2M!2--3!-3M2=@*B!

c--3!02=@*!*1D64!/*13+9!.,+03T9!:,=-,2!,=;6*=03!.*42=@*/*!:,1*!8+,*!7,!

*.*4:*+! +G-02.*!:,+03!7,!i*1[,+!)*--!,!,=.3=0+,2!64! 16D*+!:*+*!73+42+B!U+*!

0*+7,9!4*-!*2=7*!02=@*!16M!73!72*!=*!G1024*!-,4*=*!7*!:+24*/,+*9!,4!Q6=@3B!

L3=0,2! *! 5*++*.*! ,! :+,:*+,2! *! :+24,2+*! +,<,2VC3! ;6,=0,! =*! 0+21@*! ,4! 4,6!

<3D*+,2+3!.3=-,+0*73! !<,2Qn,-!7,-27+*0*73-!,!*++3M! 9!,!35-,+/,2!*!16M!73!.E6!

7,-*:*+,.,+!,4!64!5+21@*=0,!-@3p!7,!.3+,-!-35+,!*-!43=0*=@*-9!4,!-,=02=73!

.343!*!:,--3*!4*2-! -3+067*!73!46=73B!k3+*4!P`!;621a4,0+3-!*0E!g,==,7o!

L,*73p-9!WX!:*+*!*!:+24,2+*!<3=0,!7,!8D6*!=*!0+21@*B!

&,! 4*=@C! .*++,D6,2! *! 43.@21*! .34! 360+3! -6:+24,=03! .34:1,03! 7,!

8D6*!,!.+6M,2!*!Y2D@p*o!\mPB!%!:+AN24*!,-0+*7*!;6,!.+6M*/*!*!R2,++*!",/*7*!

!"+)!

<2.*/*! *! W`\! ;621a4,0+3-! ,4! 12=@*! +,0*! :*+*! 3! =3+0,9! :,+03! 7,! $63164=,!

L,*73p-B!R,D62!*!)K$!*3!13=D3!7,!-,6!.6+-3!:,7+,D3-3!,!*-.,=7,=0,!=3!-31!

;6,=0,! 7*! 4*=@C9! +,/,1*=73! /2-0*-! 7*-! 43=0*=@*-! ,4! 037*-! *-! 72+,Vn,-9!

72-0*=0,-! ,! :+AN24*-d! R.372,! *3! -619! U1! )*-3! =3! ,N0+,43! 1,-0,! ,!&34,! I*=7!

i217,+=,--! *! =3+3,-0,9! ;6,! ,6! *1.*=V*+2*! ,4!:36.3-! 72*-B! U1*-!4,!:*+,.2*4!

2D6*2-9!,453+*!.*7*!64*!<3--,!-60214,=0,!72<,+,=0,B!$2=@*!4,!*.3-064*73!*-!

43=0*=@*-! .3=-0*=0,4,=0,! ?! /2-0*j!42=@*!/2-C3!@*/2*!467*73!*3! 13=D3!7*!

G1024*! -,4*=*B! U6! 4,! *7*:0,2! *3! :*=3+*4*! 2=<2=20*4,=0,! 13=D39! 4,!

<*4212*+2M,2! .34!*!:,+.,:VC3!7,!;6,!,-0*/*!.*42=@*=73!=3!,N*03!:3=03!,4!

;6,!*!0,++*!,=.3=0+*!3!.E6B!#!.64,B!

L*-!7,!4*=,2+*!D,+*1!=C3!,+D62*!3-!31@3-B!)*--3!*!:*--39!4,6-!31@3-!

,-0*/*4! =*! 0+21@*! *+,=3-*! ,! :,7+,D3-*9! 4,6-! :E-! ?-! /,M,-! ,-.3++,D*=73!

.3=<3+4,! ,6! -652*! ,! 7,-.2*! ,4! M2D6,FM*D6,B! L2=@*! 43.@21*! +*=D2*!

2++20*=0,4,=0,!*!.*7*!:*--39!3!-34!*2=7*!,4*=*=73!7*;6,1,!:3=03!*!*:,=*-!

*1D6=-!.,=0>4,0+3-!73!4,6!36/273B!

U=;6*=03! .*42=@*/*9! 0,=0*/*!4,! <3+V*+! *! =C3! :,=-*+! =*-! .32-*-! ;6,!

73>*49!3-!345+3-9!*-!.3-0*-9!3-!:E-!,!3-!;6*7+2-9!4*-!.3=-,D62!*:,=*-!76+*=0,!

.6+03-!:,+>373-!7,!0,4:3B!s!4,727*!;6,!,6!.+6M*/*!3!<1*=.3!1,-0,!73!43=0,!

e,=[2=-9! <2M!72/,+-*-!:*6-*-!:*+*!7,-<+60*+!*-!*4:1*-!/2-0*-!73!7,-,+03!;6,! -,!

,-:+*2*/*4!*! 1,-0,!*5*2N3!7,!424!*0E!3!@3+2M3=0,B!s! 0*+7,!4,!7,:*+,2! .34!

64!7,-12M*4,=03! 7,! +3.@*-! ,! :*+,2B!#1@,2! :*+*! 3! *1039! :*+*! *!43=0*=@*9! ,!

*.34:*=@,2! 3! 7,-12M*4,=03! .34! 3-! 31@3-! *0E! ,45*2N3B! "3! 16D*+! 7*! 0+21@*!

*=0,+23+4,=0,!:1*=*!7,!X_!.,=0>4,0+3-!7,!1*+D6+*!;6,!;6*1;6,+!:,--3*!:372*!

:,+.3++,+!@*/2*!64!+23!1*+D3!7,!+3.@*-!4,0*4A+<2.*-!*=D61*+,-!73!0*4*=@3!7,!

64!:6=@3B! U! ,6! =C3! ,+*! 64*!:,--3*! =3+4*1B! U6! ,+*! 64*!:,--3*! .34!64*!

.*+D*!,N0+,4*4,=0,!7,-.3=<3+08/,1!=*-!.3-0*-!,!-,4!64!5*-0C3!7,!.*42=@*7*!

:*+*!4,!,;62125+*+B!)3+!;6,!=C3!0+36N,!64!5*-0C3!7,!.*42=@*7*!,!*3!4,-43!

0,4:3!=C3!7,2N,2!7,! 0+*M,+!64*!-,++*!735+8/,19!,6!=C3!-*52*B!U=.3=0+*+!64!

!"+*!

5*-0C3! ,+*! 24:3-->/,19! *-! 8+/3+,-! ,-:*+-*-9! 5*2N*-! ,! 03+063-*-! *3!4,6! +,73+!

,+*4!2=G0,2-B!"C3!@*/2*!=*7*!*!<*M,+!*!=C3!-,+!:+3--,D62+B!

L2=@*-!:,+=*-!0+,4,+*4!;6*=73!:2-,2!=3!7,-12M*4,=03!4,23!*D*.@*7*9!

0,4,+3-*! 7,! ;6,! *! 42=@*! @*5206*1! :3-2VC3! .6+/*7*! +,430*4,=0,! ,+,0*!

7,-,-0*5212M*--,! *-! +3.@*-! ,! *-! <2M,--,! 7,-12M*+! ,4! 4*--*! =*! 43=0*=@*9! 4,!

.*++,D*=73!Q6=03B!K*>!64*!/,M9!*0,++2--*=73!.34!<3+V*!7,!Q3,1@39!4*-!,=0C3!

4,! 1,/*=0,2! ,! ,-.31@2! .34! 4*2-! .627*73! *2=7*! 3=7,! .+6M*+9! *! 8D6*! =3!

D2D*=0,-.3! +,-,+/*0A+23! ,4!42=@*-! .3-0*-! 5*1*=V*=73! *! .*7*!:*--3B!l6*=73!

.@,D6,2!*3!360+3!1*73!73!7,-12M*4,=039!<2;6,2!0C3!*12/2*7*!;6,!=,4!12D6,2!:*+*!

3!Q3,1@3!;6,!-*=D+*/*!,! 1*0,Q*/*!7,!73+B!K3=-,D62!:*--*+9!:,=-,2!*D+*7,.27*9!

4*-!,-0*/*!,++*7*B!

$2/,!;6,!*0+*/,--*+!4*2-!0+S-!7,-12M*4,=03-!=*;6,1*!0*+7,B!

%.*4:,2!*;6,1*!=320,!,4!64!:1*0a!,=0+,!3-!43=0,-!e,=[2=-!,!#p,=-9!

4,6!.3+:3!0+*64*02M*73!:,13!;6,!0,/,!;6,!*D6,=0*+!:*+*!.@,D*+!*129!,453+*!

02/,--,! :,+.3++273! *:,=*-! \`! ;621a4,0+3-B! U6!4,! :,=20,=.2,2! -21,=.23-*4,=0,!

:3+!=C3!.*42=@*+!4*2-!7,:+,--*9!4*-!,=0C39!-,=0*7*!=*!.*7,2+*!7,!*.*4:*+9!

,=<2*=73!7,!4373!.*0*0a=2.3!3!Q*=0*+!=*!53.*!.34!*!.31@,+!72+,03!7*!:*=,1*!

;6,=0,! ;6,! ,-0*/*!=3! .@C3! ,=0+,! 3-!4,6-! :E-9! -A! 02=@*! *! *D+*7,.,+! :3+! 0,+!

.@,D*73!0C3!13=D,B!U-0*/*!,4!64*!*106+*!7,!.,+.*!7,!WB\__!4,0+3-9!3!.E6!:3+!

0373-!3-!1*73-B!)372*!/,+!3!-31!-,!:3=73!*!3,-0,!-35+,!*!0,++*!-2=63-*9!,4!64!

,-:,08.613!7,!7,M!03=-!7,!1*+*=Q*!,!+3-*j!*!1,-0,!3!*:*+,=0,4,=0,!2=<2=203!/*1,!

7,-E+02.3!-,!,-:+*2*/*!*!:,+7,+!7,!/2-0*B!

%! R2,++*! ",/*7*! E! 64! 513.3! G=2.3! 2=.12=*73! 7*! .+3-0*! 0,++,-0+,B! R6*!

,=.3-0*! 3,-0,! .34:+,,=7,! =3/,=0*! :3+! .,=03! 7*! .3+721@,2+*9! 3-! :2.3-!

D+*76*14,=0,!7242=62=73!*0E!3-!/*1,-!<E+0,2-!;6,!=3!<24!7C3!16D*+!?!.3-0*!7*!

K*12<A+=2*! !;6,!.3++,!,4!:*+*1,13!?!)K$!:3+!.,+.*!7,!OW_!;621a4,0+3-!=3!

1*73! 3,-0,! =*!4*23+! :*+0,! 73! .*42=@3B! %! ,=.3-0*! 1,-0,! 7,! R2,++*!",/*7*! E!

.34:1,0*4,=0,!72<,+,=0,d!64*!,-.*+:*!:3=02*D67*!;6,!.*2!*5+6:0*4,=0,!,4!

!""+!

64*!D+*=7,!:1*=>.2,!7,-E+02.*!;6,!-,!,-0,=7,!*0E!3!7,-,+03!7*!J+*=7,!f*.2*9!

,4!",/*7*B!U6!02=@*!/2-03!*!R2,++*!",/*7*!-34,=0,!64*!/,M!*=0,-9!;6*=73!

/2*Q,2! .34! )*61! :,13! 3,-0,! :36.3-!4,-,-! *:A-! 0,+43-! -*>73! 7,!"3/*! Z3+[B!

%.*4:*43-!=3!b*1,!7*!L3+0,! ,! =3!72*! -,D62=0,!72+2D243-! @3+*-! *0+*/E-!7,!

64*! :*2-*D,4! 0C3! 7,-31*7*! ;6,! :*+,.2*! =C3! :,+0,=.,+! *! ,-0,! :1*=,0*B! "3!

4,23! 73! 72*9! *! R2,++*! ",/*7*! *:*+,.,6! =3! @3+2M3=0,! *! 3,-0,9! 64*! :*+,7,!

5+*=.*9! ,=3+4,! ,! 24:,=,0+8/,19! ,1,/*=73F-,! 7*! 0,++*B! )*+*! 4249! ,+*! ;6*-,!

24:3-->/,1! +,1,45+*+! ,--*! 24*D,4! *D3+*9! -,=0*7*! ,4! 64! :1*0a! =3! *103! 7*!

43=0*=@*B!U6!=C3!,-0*/*!4*2-!4,!*<*-0*=73!7*;6,1*!:*+,7,B!U-0*/*!,4!-,6!

.64,B! #1@*/*! 7,! .24*! :*+*! *;6,1*! :*2-*D,4! ,4! 64*! ,N:13-C3! 7,!

*++,5*0*4,=039! .*=-*7*!7,4*2-! *0E!:*+*!4,! 1,/*=0*+! ,! *=7*+! *0E! *! 5*++*.*9!

*--2-02=73! *3! .E6! ,-.6+,.,+B!%.24*!7,!4249! *! 16*!=*-.2*! 5+21@*=0,9! *5*2N39! *!

72-0h=.2*9! *-! 16M,-!7*-! .27*7,-!7,! c=o3[,+=!,!(27D,.+,-0!:2-.*/*4B!#! -21S=.23!

,+*! ,N0+*3+72=8+23B! %! *6-S=.2*! :*+,.2*! 64! :,-3B! q! 2--3! ;6,! /24! :+3.6+*+9!

:,=-,2B!q!2--3!;6,!.3=-,D62B!

l6*=73! <2=*14,=0,! 4,! 1,/*=0,2! ,! :+,:*+,2! 3! *.*4:*4,=03! :*+*!

73+42+9! :,+.,52! ;6,! :,1*! :+24,2+*! /,M! =*! 0+21@*! ,6! =C3! 02=@*! .313.*73! 3!

*D*-*1@3!7,!1C!;6*=73!3!-31!-,!:a-B!"C3!02=@*!-,;6,+!.313.*73!*!.*42-,0*!7,!

4*=D*!.34:+27*B!"C3!@*/2*!*!4,=3+!<+2*D,4!=3!*+9!4,-43!*!.,+.*!7,!WB\__!

4,0+3-!7,!*102067,B!"*;6,1*!=320,!<2;6,2!D+*0*!:,1*!0,4:,+*06+*!*D+*78/,1!,4!

4,6-! 5+*V3-! =6-9! 4*-! *! D+*027C3! *.*536! ?-! 7,M! @3+*-! 7*! 4*=@C! 73! 72*!

-,D62=0,B!

U--*!D+*027C3!<32!+,02+*7*!7,!424!:,13!.+6,1!,!24:+,--23=*=0,!.*13+B!

s!0*+7,!3!.*13+!,-0*/*!0C3!24:1*.8/,1!,!*!0+21@*!0C3!,N:3-0*!*3!-31!;6,!

,6!4,!:,+D6=0,2!@3=,-0*4,=0,!-,!-35+,/2/,+2*B!U-0*/*!0C3!;6,=0,!;6,!*!G=2.*!

4*=,2+*!7,! .3=02=6*+!*=7*=73!,+*!:*+*+!*! .*7*!7,M!42=603-!:*+*!7,-.*=-*+!

.2=.3!42=603-9!;6*=73!,6!-6D*/*!*!8D6*!7*!D*++*<*!;6,!,-0*/*!;6,=0,!.343!

.@8B! s! 4,727*! ;6,! .*42=@*/*9! +,-46=D*/*! -,4! :*+*+9! .343! -,! 2--3!

!"""!

:+3:3+.23=*--,! *1D64!*1>/23! +,<+,-.*=0,9!4*-! =*7*!467*/*B!#! -31! *2=7*!4,!

*5+*-*/*!5+60*14,=0,9! -,4!7*+! *!4>=24*! -,! ,6! -35+,/2/,+2*!36!43++,+2*B!%-!

8+/3+,-! -,.*-9! +*;6>02.*-! ,! 7,-3+7,=*7*-! *2=7*! -,! 4*=02=@*4! <2+4,-! ,!

2=72<,+,=0,-9!.343!-,4:+,!<3+*4!,!.343!-,4:+,!-,+C3B!

U6!,+*!64! -,2N3B!U6!,+*!64*! <31@*B!U6!,+*!3!D*1@3! +,03+.273!7,!64*!

8+/3+,B!U6!,+*!=*7*!:*+*!,1*-!,!,1*-!,+*4!0673!:*+*!424B!

&,-.*=-*/*! ?! -345+*! ;6,! .3=-,D62--,! ,=.3=0+*+9! <*=0*-2*=73! =3-!

4>=243-!7,0*1@,-!-35+,!8D6*!D,1*7*B!#!.*13+!,+*!0C3!2=0,=-3!;6,!*!4,4A+2*!

72--3! ,+*!4*2-! 64! -34! 73! ;6,! 64*! -,=-*VC39! 64! +,-46=D3! ;6,! /2+36! 64!

*D673! 72--3=*=0,! 5,4! =3! .,=0+3! 7*! 42=@*! .*5,V*B! %:,-*+! 7*-! .32-*-! ;6,!

*D6,=0,2!*0E!,=0C3!=*!0+21@*9!=6=.*!.3D20,2!-,;6,+!64*!/,M!*5*=73=8F1*B!L*-!

*D3+*9!-34,=0,!7,M!72*-!7,:32-9!,-0*/*!=3!4,6!12420,B!l6,+2*!:*+*+B!

K*45*1,,2! :*+*! 3! =3+0,! ,4! 72+,VC3! ?! g,==,7o! L,*73p-9! <6+23-*!

.342D3!4,-4*!:3+! 0,+! 0273! ,--*! 27,2*! 27230*B!"3-!360+3-! 16D*+,-9! *-! :,--3*-!

,-0*/*4! <*M,=73! .@6++*-.3-! ,! 0,=73!72*-! +,1*N*=0,-9! 7,-.*=-*=73! ?!5,2+*!7,!

1*D3-! ,! 02+*=73! .3.@213-B! $2=@*4! *.,--3! *! .653-! 7,! D,13! ,! 1243=*7*-! ,! *!

;6*+03-! .6Q*! 0,4:,+*06+*! ,+*! 7,! W\! D+*6-B! U6! .3=@,.2*! *;6,1*-! :,--3*-B! U6!

*4*/*! *;6,1*-! :,--3*-B! U6! 0*45E4! *-! 372*/*9! :3+! ,-0*+,4! 0C3!72-0*=0,-! 7,!

4249!;6,!,-0*/*!:+,-0,-!*!43++,+!,4!64*! 0+21@*!7*!;6*1!:36.3-! Q8!36/2+*4!

<*1*+B!U6!2*!7,-2-02+B!&,-2-02+9!7,-2-02+9!7,-2-02+9!.*=0,2!:*+*!424!4,-4*!,=;6*=03!

+,-46=D*/*9! .*42=@*/*! ,! 7,-.*=-*/*! w7,M9! .2=.39! 7,M9! .2=.3xB! K@,D*+2*! *!

g,==,7o!L,*73p-9! +,02+*+2*! 42=@*! .*2N*! 7,! -6:+24,=03-9! .34,+2*! 037*-! *-!

5*++*-!7,!.@3.31*0,!;6,!,4:*.30,2!,!7,:32-!:,D*+2*!64*!.*+3=*!:*+*!;6*1;6,+!

.27*7,!*!;6,!3!4303+2-0*!;6,!4,!:,D36!,-02/,--,!2=73B!c+2*!*0E!64*!+373/28+2*!

,!7,!18!:*+*!;6*1;6,+!16D*+B!

%1*-.*9!7,.272! 2=-0*=0*=,*4,=0,B!)3+;6,!=3!%1*-.*!@*/2*9!.34!.,+0,M*9!

D,13B!

!""#!

s! 4,727*! ;6,! *! =3VC3! 7,! 7,-2-02+! D*=@*/*! <3+V*9! 2=/,=0*/*! 360+3!

4302/3!:*+*!+,<3+V*+!*!.+,=V*!7,!;6,!,--*!.*42=@*7*!=*!)K$!02=@*!-273!64*!

27,2*!,-0G:27*!,!52M*++*B!(,-31/2!<*M,+!*!0+21@*!:*+*!+,<1,02+!-35+,!*!42=@*!/27*9!

:,=-*+!,4!0673!;6,!4,!7,-:,7*V36!,!4,!+,,=.3=0+*+B!L*-9!:,13!4,=3-!*0E!

*D3+*9!*!/,+7*7,!,+*!;6,!,6!,-0*/*!.3=-6427*!-34,=0,!:,13!-3<+24,=03!4*2-!

<>-2.3!,!24,72*03B!&,-7,!;6,!.34,.,2!*!0+21@*9!3-!:+351,4*-!7*!42=@*!/27*!-A!

:*--*/*4! :,1*! 42=@*! .*5,V*! ,/,=06*14,=0,B! )3+! ;6,9! 3+*! :3+! ;6,9! 42=@*!

53=73-*!4C,!02=@*!43++273!,!.343!,6!:37,+2*!/2/,+!,!:+3-:,+*+!-,4!,1*T!)3+!

;6,! *! 42=@*! <*4>12*9! *=0,-! 0C3! :+AN24*! ,! <3+0,9! -,! 7,-2=0,D+36! 0C3!

+*:27*4,=0,! 7,:32-! 7,! -6*! 43+0,T! #! ;6,! ,6! <2M! ;6*=73! 7,03=,2! 4,6!

.*-*4,=03! .34! )*619! 3! 4*+273! D,=021! ,! -,=-*03! ;6,! 4,! *4*/*! .34! 0*=0*!

7,72.*VC3T!)3+!;6,!4,!4,02!=64! 0+2-0,! .*-3! .34!*!@,+3>=*!,! e3,9! ,! 0+*=-,2!

.34!@34,=-!;6,!4*1!.3=@,.2*T!

U--*-!,+*4!*-!;6,-0n,-!;6,!.*++,D6,2!.343!:,7+*-!*3!13=D3!73!2=/,+=3!

,!7*!:+24*/,+*!,=;6*=03!4,!:+,:*+*/*!:*+*!*!)*.2<2.!K+,-0!$+*21B!%;6,1*-!;6,!

4,!<2M,+*4!.@3+*+!,!4,!1*4,=0*+9!7,-,=0,++*7*-!,4!7,0*1@,-!,N.+6.2*=0,-!,4!

4,6!728+23B!)1*=,Q,2!+,-31/,+!037*-!,1*-!76+*=0,!*!.*42=@*7*!=*!)K$B!c4*D2=,2!

2=<2=78/,2-! +,<1,Nn,-! *3! :a+! 73! -31! 36! ,=;6*=03! 31@*/*! :*+*! 3-! 1*D3-!

.+2-0*12=3-! =*-! 43=0*=@*-B! ),=-,2! ;6,! .@3+*+2*! 18D+24*-! .*08+02.*-! 7,!

*++,:,=724,=03!,!7,!*1,D+2*!+,/2D3+*=0,!*!.*7*!72*!7,!42=@*!Q3+=*7*B!U4!/,M!

72--3!,6!-A!4,!;6,2N*/*9!,!=C3!:3+;6,!4,6!.3+*VC3!-3<+,--,B!U+*!:3+;6,!4,6-!

:E-! ,! 42=@*-! .3-0*-! 73>*4! ,! 2D6*14,=0,! :3+! .*6-*! 73-! 4*.@6.*73-! *2=7*!

*5,+03-!,4!/310*!73!;6*7+21B!U!0*45E4!:3+;6,!76+*=0,!*!-,D6=7*!-,4*=*!=*!

0+21@*9!;6*=73!*!:+24*/,+*! ,-0*/*!=3!,N*03!:3=03!7,! -,! 03+=*+!3<2.2*14,=0,!

/,+C39!,-0*/*!0C3!;6,=0,!;6,!*.@,2!;6,!*!42=@*!.*5,V*!<3--,!,N:1372+B!

l6*=73!=C3!,-0*/*!4,! 1*4,=0*=73! 2=0,+=*4,=0,! -35+,!42=@*! <3+4*!

<>-2.*9!42=@*!4,=0,!:*--*/*!,!+,:*--*/*!0+,.@3-!7,!4G-2.*-!,! Q2=D1,-!,4!64*!

2=<2=20*!,!7,-:+3:3-20*7*!-,;6S=.2*9!.343!-,!,N2-02--,!64*!,-0*VC3!7,!+8723!7,!

!""$!

+,42N,-!=*!42=@*!.*5,V*B!)*+*!,=<+,=0*+!3! -21S=.239!4,6!.E+,5+3!+,*D26!.34!

12=@*-! <+*D4,=0*7*-! 7,! 4G-2.*-! ;6,! 36/2! *3! 13=D3! 7*! /27*! ! 0+,.@3-! 7,!

4G-2.*-!;6,!,6!*73+*/*!,!=>027*-!/,+-n,-!7,! Q2=D1,-!7,! .34,+.2*2-!;6,!;6*-,!

4,! 1,/*+*4! ?! 136.6+*B! )*--,2! @3+*-! 0,=0*=73! 02+*+! *=G=.23-! 73! .@2.1,0,!

&3651,42=0!,!73!f6+D,+!g2=D!7*!42=@*!.*5,V*9!,!64*!0*+7,!2=0,2+*!0,=0*=73!

+,1,45+*+!*!12=@*!-,D62=0,!7*!1,0+*!7,!64*!4G-2.*!7,!'=.1,!$6:,13!;6,!72M2*!

W!

'4! 72*! 2=0,2+3! <32! D*-03! =*! 0,=0*02/*! 7,! +,1,45+*+! *! 1,0+*! 7,!

O!7,!I6.2=7*!i2112*4-B!

L,6-!:E-!,-0*/*4!:,D*=73!<3D39!*!:,1,!,4!.*+=,!/2/*9!3-!4G-.613-!,!

*-! *+02.61*Vn,-! 7313+273-9! 3! 7,73! ;6,! :,+7,6! *! :,1,! ;6*=73! 3! 036+3! 4,!

*0*.36! 1*0,Q*/*! .34!64*! 1,/,! 2=<,.VC39! *! .*5,V*! .3=<6-*! ,! *1/3+3V*7*! .34!

0+,.@3-!*1,*0A+23-!7,!4G-2.*-9!,9!=3!<24!73!7E.243!,!2=0,=-3!72*!7,!.*42=@*7*9!

:+*02.*4,=0,! +*-0,Q,2! :*+*! 64*! *1*4,7*! -345+,*7*! 7,! *1D373,2+3-! ,!

-*1D6,2+3-!;6,!3!D62*!27,=02<2.*/*!.343!.A++,D3!R:*=2-@!",,71,B!%3!.3=0+8+23!

7,!46203-! 16D*+,-! 12-0*73-!=3!D62*!;6,!02=@*4!=34,-! <*1-*4,=0,!:+342--3+,-!

2=.162=73!*!:*1*/+*!.A++,D39!3!R:*=2-@!",,71,!7,!<*03!,+*!64!.A++,D39!36!:,13!

4,=3-!,+*!534!3!-6<2.2,=0,!:*+*!4249!*1D6=-!.,=0>4,0+3-!7,!8D6*!.2=021*=73!

-35+,! *-! :,7+*-! ,4! -,6! 1,203! -345+,*73B! c4,72*0*4,=0,9! 02+,2! *!43.@21*9! *-!

530*-!,!*-!+36:*-!,!4,!-,=0,2!=6*!=*!8D6*!<+,-.*!,!+*-*9!Q3D*=73!8D6*!=3!+3-03!

,!=*!.*5,V*B!"3-!7,M!72*-!=*!0+21@*!,6!*2=7*!=C3!02=@*!/2-03!=2=D6E49!,=0C3!

4,! +,.12=,2! -,4! 4,! :+,3.6:*+! .34! *1D6E4! .@,D*=739! *03+73*7*! .34! *!

,4:31D*VC3!,=;6*=03!7212D,=0,4,=0,!5345,*/*!*!8D6*!<+2*!:*+*!3!:6+2<2.*73+!

,!5,52*!*/27*4,=0,!D*++*<*!*:A-!D*++*<*B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!# !!

$! !!

!""%!

%3!*.3+7*+! =*!4*=@C! -,D62=0,! .34!3! -34! -6*/,!73! .A++,D3! R:*=2-@!

",,71,9! ,6!4,!7,43+,2! =*! 5*++*.*9! 31@*=73!3! .E6! .1*+,*+! *0+*/E-! 73! <3++3!

0,1*73B!K342!64*!5*++*!7,!.,+,*1!,!12!3!D62*9!4,!<3+0*1,.,=73!:*+*!*!0+21@*!;6,!

/2+2*B! )3+! <249! 4,! 1,/*=0,2! ,! <62! *0E! 3! .A++,D3! 4,! 5*=@*+! 4*2-! 64*! /,M9!

*:+3/,20*=73!3!:+2/21ED23B!U+*4!*:,=*-!=3/,!@3+*-!7*!4*=@C9!4*-! Q8!,-0*/*!

;6,=0,!,!,6!0,42*!7,2N*+!3!0+,.@3!-345+,*73!*3!13=D3!73!.A++,D3B!l6*=73!

4,!431@*/*! =*! 8D6*! .34! :36.3!4*2-! 7,! \_! .,=0>4,0+3-! 7,! :+3<6=727*7,9!

7,.272!;6,!=C3!.*42=@*+2*!*0E!g,==,7o!L,*73p-B!$*45E4!,+*!13=D,!7,4*2-!

=3! +2043! ,4!;6,! ,6! ,-0*/*! 2=73B!#! D62*! 2=72.*/*! 64*! ,-0+*7*! ;6,! *! 0+21@*!

.+6M*+2*!,4!.,+.*!7,!W_!;621a4,0+3-B!",1*9!,6!<*+2*!3!;6,!<2M!*=0,-d!.*42=@*+2*!

*0E!,=.3=0+*+!64*!.*+3=*B!RA!;6,!7,-0*!/,M!,6!=C3!/310*+2*B!

l6*=73!4,!:+,:*+*/*!:*+*!:*+02+9!36/2!64!5*+61@3!*3!-61B!U6!4,!/2+,2!

,!/2! 64!@34,4!5*+5673! .34!64*!43.@21*! -652=73!*! 0+21@*B! R,6!5*-0C3!7,!

.*42=@*7*!<*M2*!64!-34!*D673!.3=0+*!3!.@C3!.34:*.03!*!.*7*!:*--3B!

!#18t! !,1,!<*136!.34!64!-3++2-3B! !b3.S!7,/,!-,+!K@,+o1!R0+*o,7B!

!R24! !,6!72--,!.34!64*!/3M!@,-20*=0,9!0C3!-6+:+,-*!7,!/,+!360+3!-,+!

@64*=3!;6*=03!7,!36/2F13!72M,+!3!4,6!=34,B!

!b2!-,6!=34,!=3!12/+3!7,!+,D2-0+3-!7*!0+21@*! !,1,!,N:12.36!;6*=73!

/26!42=@*!,N:+,--C3B! !b,=@3!-,D62=73!-,6!+*-0+3!@8!72*-B!

I3D3!4,!*.3-064,2!?-!:,--3*-!4,!*53+7*=73!=*!<13+,-0*!.34!0*4*=@*!

<*4212*+27*7,j! 3! 12/+3! 7,! +,D2-0+3! <6=.23=*/*! .343! 64*! ,-:E.2,! 7,! 531,024!

-3.2*1!76+*=0,!0373!3!/,+C3B!

!L,6! =34,! E!J+,D! ! ,1,! 72--,9! *:,+0*=73! *!42=@*!4C3! *=0,-! 7,!

*:3=0*+!:*+*!*!42=@*!43.@21*B! !b3.S!,-08!4,-43!.*++,D*=73!,--*!.32-*T!

"A-!=3-! -,=0*43-!?! -345+*!,! .3=/,+-*43-! -35+,!:*+*!3=7,! >*43-!,!

3=7,!,-02/,43-B!U1,!02=@*!`_!*=3-9!,+*!.3=0*73+!,4!$*.34*9!i*-@2=D03=9!,!

02=@*! 3! Q,203! *6-0,+3! ,!4,0A72.3! 7,! 64! .3=0*73+B! U1,! ,-0*/*! =*! )K$! 7,-7,!

2=>.23!7,!4*239!0,=73!2=2.2*73!=*!<+3=0,2+*!4,N2.*=*9!3=7,!*!0+21@*!.34,V*9!,!

!""&!

:1*=,Q*/*! .*42=@*+! *0E! 3! K*=*78B! U1,! ,+*! *! :+24,2+*! :,--3*! ;6,! ,=.3=0+,2!

<*M,=73!5*-2.*4,=0,!3!4,-43!;6,!,69!,453+*!,1,!,-02/,--,!.*42=@*=73!@*/2*!

5,4!4*2-!0,4:3B!U6!=C3!:+,.2-*/*!1@,!,N:12.*+!3!;6,!,-0*/*!<*M,=73!*12B!U1,!

,=0,=7,6B!

U=;6*=03! .3=/,+-8/*43-9! 4,! -,=02*! *3! 4,-43! 0,4:3! ,=06-2*-4*7*!

:3+!,-0*+!,4!-6*!.34:*=@2*!,!7,-*=24*7*!:,1*!.+,-.,=0,!+,*12M*VC3!7,!;6,!,1,!

:,+0,=.2*! *! 64*! +*V*! 030*14,=0,! 72<,+,=0,d! .+20,+23-*4,=0,! :+,:*+*73! .343!

,6!=C3!,-0*/*j!.3=@,.,73+!7,!.*+*.0,+>-02.*-!7*!0+21@*!;6,!,6!-,;6,+!-*52*!;6,!

,N2-02*4B!U1,!:*--36!*=3-!:1*=,Q*=73!*!.*42=@*7*9!Q6=0*=73!2=<3+4*Vn,-!:3+!

.3++,-:3=7S=.2*!.34!360+3-!;6,! 02=@*4!<,203!*!)K$!=3-!/,+n,-!*=0,+23+,-!,!

:+A-! ,! 3-! .3=0+*-! 7*-! ,-0+606+*-! 2=0,+=*-! ,! ,N0,+=*-! 7,! 64*! 43.@21*B! U1,!

4,=.23=36! +,:,027*4,=0,! 64! @34,4! ;6,! =6=.*! 36/2! <*1*+! .@*4*73! (*o!

e*+72=,! !64!1,=78+23!0+21@,2+3!7,!13=D*!72-0h=.2*9!J+,D!4,!72--,!.34!64!034!

+,/,+,=0,B! e*+72=,! ,+*!64!,-:,.2*12-0*! ,!64!D6+6! 2=72-.60>/,1!7,! 0673!;6,! -,!

+,1*.23=*/*! ?! )K$9! :+2=.2:*14,=0,! 7,! .343! <*M,+! *! 0+21@*! -,4! .*++,D*+! 64*!

.*+D*!:,-*7*B!U1,!4,!:,+D6=036!-35+,!3!:6+2<2.*73+!7,!8D6*9!-35+,!*!2=D,-0C3!

728+2*!7,!:+30,>=*!,!-35+,!*!4*+.*!7,!4,2*-!;6,!,6!,-0*/*!6-*=73B!l62-!-*5,+!

.343! .627,2! 7*-! 42=@*-! 531@*-! ,! ;6*1! ,+*! *! 4E72*! 7,! ;621a4,0+3-! ;6,! ,6!

:,+.3++2*!:3+!72*B!%!4E72*!7,!J+,D! ,+*!7,!O^!;621a4,0+3-B!"*;6,1*!4*=@C!

4,-43!,1,!02=@*!.*42=@*73!3-!\\!;621a4,0+3-!;6,!02=@*!4,!4*0*73!:*+*!<*M,+!

=3!72*!*=0,+23+B!

!$,4!-273!4*2-!72<>.21!73!;6,!24*D2=,2!;6,!-,+2*! !.3=<,--,29!.34!3!

.3+*VC3! :,-*73! :,13! +,.3=@,.24,=03! 7,! ;6,! ,+*! *2=7*!4*2-! 27230*! 73! ;6,!

,-024,2! 2=2.2*14,=0,B! ! #! 48N243! ;6,! .3=-2D3! <*M,+! -C3! \P! 36! \]!

;621a4,0+3-! !4,=029!.343!-,!02/,--,!.3=-,D6273!<*M,+!2--3B!

!""'!

! %@9! 08! ! J+,D! 72--,9! -,4! -6+:+,-*B! ! U+*! *--24! :*+*! 424! =3!

.34,V3!0*45E49!K@,+o1B!"C3!-,!:+,3.6:,!.34!2--3B!U6!.*42=@*/*!WW!36!W`!

;621a4,0+3-!-,!02/,--,!-3+0,!,!7,:32-!<2.*/*!43+03B!U!2--3!<32!.342D3!0+,2=*=73!

.34!*=0,.,7S=.2*9!<*M,=73!/2*D,=-!7,!<24!7,!-,4*=*!.34!*!43.@21*!130*7*!,!

*--24!:3+!72*=0,B!U-0*+!*;62!E!72<,+,=0,B!#!.3+:3!:+,.2-*!7,!*1D64*-!-,4*=*-!

:*+*!<2.*+!.3=72.23=*73!*!*D6,=0*+!*-!13=D*-!72-0h=.2*-B!

K3=.3+7,29! -,=02=73F4,! 24,=-*4,=0,! .3=-31*7*9! 4,=3-! :3+! -6*!

+,-:3-0*!73!;6,!:3+!-6*!:+,-,=V*B!%:,-*+!7,!-6*!=>027*!-6:,+23+27*7,9!,1,!,+*!

64!2D6*1B!U6!=C3!02=@*!.,+0,M*!-,!,1,!-,!-,=02*!7*!4,-4*!<3+4*!,4!+,1*VC3!*!

424B!

! #! ;6,! /3.S! 0,4! <,203! .34! *! .3427*! ?! =320,T! ! :,+D6=0,2! .34!

@64217*7,9!0,4,+3-*!7,!-6*!+,-:3-0*B!

!"3+4*14,=0,!76+43!.34!,1*!*3!1*73B!

! U6! 0*45E4! ! <*1,2! ,<6-2/*4,=0,9! ,! *12/2*7*B! %=0,-! 7*! /2*D,4! ,6!

02=@*!*!2=0,=VC3!7,!.627*73-*4,=0,!:,=76+*+!42=@*!.3427*!=*-!8+/3+,-!037*!

=320,9! .343! 0373! 534!43.@21,2+3! E! *.3=-,1@*73! *! <*M,+B! %0E! *D3+*! 0,=@3!

,-0*73!0C3!,N*6-0*!;6,!=,4!.3=-2D3!:,=-*+!=2--3B!U4!/,M!7,!<*M,+!2--39!D6*+73!

*! 531-*! 7,! .3427*! =*! 5*++*.*! .342D39! ,N*0*4,=0,! 3! 16D*+! ;6,! =3-! */2-*4!

:*+*! =C3! .313.*+9! 6-*=73F*! .343! 0+*/,--,2+3! -35+,! 3! ;6*1! .313.3!4,6-! :E-!

2=.@*73-B!

!K313.3!*!.3427*!72+,03!=*!5*++*.*! !72--,!J+,D9!,!*1D3!7,=0+3!7,!

424!-,!21642=36B! !q!3!;6,!3-!D6*+7*-!<13+,-0*2-!<*M,4B!U1,-!-A!=C3!.3=0*4!*!

=2=D6E4! -35+,! 2--3! :3+;6,! -,+2*4! +,:+,,=7273-! -,! *1D64! 6+-3! -6+D2--,! ,!

*0*.*--,! *1D6E4! :3+! ,--,! 4302/3B! b36! :,=76+*+! *! .3427*! =*-! :*+0,-! 4*2-!

06+>-02.*-! 7*! 0+21@*9! 3=7,! 3-! 6+-3-! -C3! <+,;6,=0,-9! 4*-! *0E! 18! ,6! =C3! 4,!

:+,3.6:*+2*!.34!2--3B!

!""(!

K3=.3+7,2!.3=<2*=0,9!03+.,=73!:*+*!0+*=-4202+!*!<*1-*!27,2*!7,!;6,!-*52*!

.343!:,=76+*+!*!531-*!7,!.3427*!.3++,0*4,=0,!,4!64*!8+/3+,!7,!4373!*!

24:,72+!3!6+-3!7,!:,D8F1*B!

!L*-!0*1/,M!*!D,=0,!=,4!.3=-2D*!.@,D*+!*!,--*-!8+,*-! !72--,!J+,DB!

! )37,43-! =C3! .3=-,D62+T! ! :,+D6=0,29! ,=+65,-.,=73! .34! 3!

:,=-*4,=03! 2++*.23=*1!7,!;6,!,1,!7,!*1D64*!<3+4*!*72/2=@36!4,6!:1*=3!7,!

7,-2-02+B!

!)3+!.*6-*!7*!=,/,B!

!b,+7*7,B!%!=,/,B!#6/2!<*1*+!;6,!02=@*!64!:36.3!7,!=,/,B!

K34!3!.*13+9!4,!,-;6,.2!030*14,=0,!72--3B!f679!*!461@,+!73!fIL9!3!-+B!

$377! ,! 3! @34,4!;6,! 0,=036!4,!7*+! 3! -*.3! 7,! :C3! .34!43+0*7,1*! *D3+*!

:*+,.2*4!*:,=*-!64!-3=@3!72-0*=0,B!

!%!R2,++*!,-08!2=0,2+*4,=0,!.35,+0*!7,!=,/,! !J+,D!72--,9!,.3*=73!*-!

:*1*/+*-!7,!f67B! !L6203-!0+21@,2+3-!7,-2-02+*4!:3+;6,!@36/,!64*!;6*=027*7,!

+,.3+7,!7,!=,/,!,-0,!*=3B!b*2!-,+!72<>.21!:*--*+!:3+!18B!

!'*6! !,6!72--,9!-,=02=73!64*!42-06+*!7,!0,++3+!,!*1>/23B!

%D3+*! ,6! 02=@*! 0*=03! *! 7,-.61:*! ;6*=03! 3! 72-.6+-3! :*+*! 7,-2-02+B! U6!

;6,+2*!<*M,+!*!)K$9!4*-!=C3!0,/,!.343t!U-0*/*!.35,+0*!7,!=,/,t!

! U4! g,==,7o!L,*73p-! :+,.2-*43-! =3-! :1*=,Q*+! ! J+,D! 72--,B! !

b36!<2.*+!18!6=-!72*-!:*+*!4,!+,3+D*=2M*+9!,=0C3!,-0*+,2!18!;6*=73!/3.S!.@,D*+!

,!:37,43-!7,-.35+2+!.343!<*M,+!2--3B!

! H0243! ! ,6! 72--,! 5*2N2=@39! -,4! ;6,+,+! .3=0*+! ;6,! ;6*=73! ,1,!

.@,D*--,!*!g,==,7o!L,*73p-!,6!,-0*+2*!,4!64!a=256-!:*+*!%=.@3+*D,B!

! b*43-! ,=.3=0+*+! *! =,/,! 5,4! *3! =3+0,! ,! 7,:32-! *! 0+21@*! ,-08!

-30,++*7*!:3+!.,=0,=*-!7,!;621a4,0+3-B!

U1,!-,!1,/*=036!,!:,D36!*!43.@21*!.34!<*.2127*7,B!R6*-!:,+=*-!:,167*-!

,+*4!.343!:21*+,-!7,!64!.*2-!,4!64!1*D3!7,!L2==,-30*B!

!U-.31@,43-!3!*=3!,++*73!:*+*!<*M,+!*!)K$B!

!"")!

!)*+,.,!;6,!-24! !,6!72--,9!0,=0*=73!1,/*=0*+!*!43.@21*!,!:*--*+!3-!

5+*V3-! .*-6*14,=0,!:,1*-!*1V*-9! .343!J+,D! 02=@*!*.*5*73!7,! <*M,+9! .343! -,!

:3+!:6+3!7,-,Q3!7,! ,/20*+! *! @6421@*VC3!7,! +,:,=0,!4,6-!4G-.613-! 02/,--,4!

7,-,=/31/273! 76*-! /,M,-! *! <3+V*! ;6,! ,6! 02=@*9! 4*-! *! 43.@21*! ,+*! :,-*7*!

7,4*2-!,!*2=7*!=C3!.3=-,D62*!1,/*=08F1*!64!.,=0>4,0+3!73!.@C3B!

U1,!-,!*:+3N2436!:*+*!4,!*Q67*+!*!1,/*=08F1*B!

! U--*! 43.@21*! ,-08! :,-*7*! ! ,1,! 72--,! ,=;6*=03! 1608/*43-! :*+*!

.313.8F1*!=*-!42=@*-!.3-0*-B! !f,4!4*2-!:,-*7*!73!;6,!*!42=@*B!

!k32!46203!534!,=.3=0+*+!.34!/3.S! !,6!72--,!*--24!;6,!.3=-,D62!

.313.*+! *! 43.@21*9! 0,=0*=73! =C3! :*+,.,+! .6+/*7*! ,4! 64*! :3-2VC3!

+,430*4,=0,! ,+,0*! :3+;6,! :+,.2-*/*! <2.*+9! 4*-! .6+/*7*! :*+*! *! <+,=0,!

2=0,=.23=*14,=0,B! !"C3!02=@*!,=.3=0+*73!=2=D6E4!=*!0+21@*!*0E!*D3+*B!%.@,2!

;6,!0,+2*!4*2-!D,=0,B!

! )36.*! D,=0,! <*M! *! )K$B! U! .,+0*4,=0,! =C3! ,-0,! *=39! .34! *! =,/,!

+,.3+7,B!L620*-!:,--3*-! -365,+*4!72--3!,!*72*+*4!*!/2*D,4!:*+*!3!*=3!;6,!

/,4B!

!k2.3!:,=-*=73!-,!=C3!E!3!;6,!7,/,43-!<*M,+! !.34,=0,29!03+.,=73!

:*+*!,1,!72M,+!;6,!*.@*/*!64*!A024*!27,2*!/310*+!=3!:+AN243!*=3B!

!b3.S!E!*!G=2.*!461@,+!-3M2=@*!;6,!,=.3=0+,2!*0E!*D3+*!,!*!G=2.*!;6,!

/2!=3!12/+3!7,!+,D2-0+3!0*45E4B!q!64*!.32-*!1,D*1B!

(,-:3=72!.34!64*!-345+*!7,!-3++2-3!=3!+3-03B!

!b3.S!,-08!:+3=0*!:*+*!:+3--,D62+T! !,1,!:,+D6=036B!

!)+3=0*t! !72--,!.34!4*2-!/2D3+!73!;6,!02=@*B!

U6! 3! -,D62! :,1*! 0+21@*9! *=7*=73! 3! 4*2-! +8:273! ;6,! :372*! :*+*!

*.34:*=@*+9!-2=.+3=2M*=73!3-!:*--3-!.34!3!-34!7,!-,6!5*-0C3!7,!.*42=@*7*B!

l6*=73!*1.*=V*43-!64*!-E+2,!7,!M2D6,FM*D6,-!\^!42=603-!7,:32-9!:*+,2!:*+*!

034*+!64!D31,!7,!8D6*B!

!""*!

! J+,D! ! ,6! .@*4,29! ,=;6*=03! ,1,! .3=02=6*/*! *! *=7*+B! ! k32! 64!

:+*M,+!.3=@,.SF13B!

U1,!:*+36!,!-,!/2+36B!

!k*10*4!-A!6=-!^_!;621a4,0+3-!*0E!g,==,7o!L,*73p-B!

!R24! !,6!72--,9!5*1*=V*=73!1,/,4,=0,!*!.*5,V*B!

U1,!,-0*+2*!18!=*!4*=@C!-,D62=0,B!R,!,6!.3=02=6*--,9!1,/*+2*!0+S-!72*-B!

!b*2!,-0*+!4*2-! <+23! 18!,4!.24*! !J+,D!72--,B! ! RC3!O__!4,0+3-!*!

4*2-!73!;6,!2--3B!

!H0243! !+,-:3=72!7,-*=24*7*B!

!b3.S!,-08!2=73!5,49!K@,+o1! !,1,!72--,B! !"C3!-,!:+,3.6:,!46203!

.34!2--3B!b3.S!E!=3/*9!4*-!E!76+3=*B!U!-,+!76+3=*!E!3!;6,!4*2-!24:3+0*!*;62B!

"C3!E!;6*1;6,+!64!;6,!.3=-,D62+2*!<*M,+!3!;6,!/3.S!,-08!<*M,=73B!

!#5+2D*7*! !,6!72--,!0C3!*=24*7*!:3+!-6*-!:*1*/+*-!;6,!42=@*!/3M!

<2.36!,45*+D*7*!7,!,43VC3B!

! "3-! /,43-! 18! =3! *1039! ,4! g,==,7o! L,*73p-! ! ,1,! 72--,9! ,!

.34,V36!*!-,!*<*-0*+B!

!g,==,7o!L,*73p-! !D+20,2!.34!4*2-!.1*+,M*!73!;6,!-,=02*B!

!b*43-!<*M,+!64!:1*=3!-35+,!*!=,/,! !,1,!72--,!*=0,-!7,!7,-*:*+,.,+!

7,!/2-0*B!

K*42=@,2!=3!.*13+!7*;6,1,!72*!.34!64*!=3/*!7,0,+42=*VC3B!c=-:2+*7*!

:,1*! <E! 7,! J+,D! ,4! 4249! =C3! :,=-,2! 4*2-! ,4! 7,-2-02+B! s! 4,727*! ;6,!

.*42=@*/*9! :3=7,+*/*! -35+,! *! :2;6,0*! ;6,! ,-0*+2*! ,4! 42=@*! .*2N*! 7,!

-6:+24,=03-B!%!:2;6,0*!;6,!-6:3-0*4,=0,!4,!:,+0,=.2*B!U+*!:+,0*!,!:+*0,*7*!,!

:*+,.2*! :,+2D3-*9! 02=@*! 64*! 1h42=*! 7,! 4,0*1! 7,! *:+3N24*7*4,=0,! X_!

.,=0>4,0+3-! .34! 64*! 1h42=*! 4,=3+! ,! 4*2-! *<2*7*! ;6,! -,! ,-0,=72*!

0+*=-/,+-*14,=0,!=*!:3=0*B!U6!*!.34:+,29!1,/,2!:*+*!.*-*!,!.313;6,2!=*!.*2N*!

,=7,+,V*7*! *! g,==,7o! L,*73p-9! .3=-27,+*=73! ;6,! =3! 434,=03! ,4! ;6,!

!"#+!

.@,D*--,!18!,6!-*5,+2*!.343!6-8F1*! !24*D2=*=73!;6,!*!,--*!*106+*!,6!Q8!0,+2*!

4,!0+*=-<3+4*73!-6+:+,,=7,=0,4,=0,!,4!64*!,-:,.2*12-0*!,4!43=0*=@2-43B!

",--*!*106+*9!-*52*!;6,!2--3!=C3!*.3=0,.,+2*B!%!0+21@*!02=@*!4,!7,2N*73!

4*2-!@64217,B!R,4!*1D64!02:3!7,!0+,2=*4,=03!:*+*!6-*+!*!:2;6,0*9!=C3!@*/2*!*!

4,=3+!-345+*!7,!7G/27*!7,!;6,!,+*!5,4!4*2-!:+3/8/,1!;6,!,6!4,!,4:*1*--,!

.34!,1*!73!;6,!*!6-*--,!:*+*!,/20*+!.*2+!:,1*! 1*0,+*1!7,!64*!43=0*=@*B!"3-!

2=0,+/*13-!7*;6,1,!72*9!-35!3!.*13+!7,!4*2-!7,!Om!D+*6-9!<31@,,2!*-!:8D2=*-!73!

D62*!:*+*!/,+!-,!72M2*!*1D64*!.32-*!-35+,!.343!6-*+!64*!:2;6,0*B!"C3!72M2*B!

L*-! -35+,! .*42=@*+! =*! =,/,! 3! D62*! 72M2*! ;6,! 0*=03! 3-! D+*4:3-! ;6*=03! *!

:2;6,0*! ,+*4!=,.,--8+23-9!7*!4,-4*! <3+4*!;6,!3!734>=23!:+,.2-3!7,! .343!

!

!

k,.@,2!3! 12/+3!.34!5+60*127*7,!,!.*42=@,2!,4!:1,=3!.*13+!=*!72+,VC3!

73! &34,! I*=7! i217,+=,--9! =*! 72+,VC3! 73! ;6,! ,6! ,-:,+*/*! -,+! 64! .6+-3!

2=0,=-2/3!7,! :2;6,0*!42=2-0+*73!:3+!J+,D! ,4!g,==,7o!L,*73p-B! U6!4*1!3!

.3=@,.2*!,!*2=7*!*--24!,1,!-,!03+=36!64*!+,<,+S=.2*9!*!42=@*!,-0+,1*FD62*!:*+*!

3! =3+0,B! R,! ,1,! :372*! <*M,+! 2--39! ,6! :372*9! :,=-,2! <6+23-*4,=0,B! U1,! =C3! ,+*!

4*2-!76+C3!73!;6,!,6B!"2=D6E4!,+*9!72--,!*!424!4,-4*9!-,4!*.+,720*+!=3!;6,!

72M2*B!k2M!72--3!3!4*=0+*!7*;6,1,-!72*-j!;6*=73!:*+*/*!*=0,-!7,!,=.*+*+!360+*!

-E+2,! 7,! M2D6,FM*D6,-! 36! 7,! ,-.3++,D*+! 7,! Q3,1@3-! :,1*-! ,=.3-0*-9! ;6*=73!

<+*D4,=03-!7*!:,1,!73-!4,6-!:E-! -*>*4! Q6=03! .34!*-!4,2*-9!36!;6*=73!4,!

7,20*/*!-3M2=@*!,!-31208+2*!=*!5*++*.*!?!=320,9!.34!<+,;6S=.2*!4,!:,+D6=0*/*!

,4!/3M!*10*d!l6,4!E!4*2-!76+3=*!73!;6,!,6T!

%! +,-:3-0*! ,+*! -,4:+,! *! 4,-4*9! ,! 4,-43! ;6*=73! 02=@*! .,+0,M*!

*5-3160*! 7,! ;6,! =C3! @*/2*! *! :3--252127*7,! 7,! -,+! /,+7*7,9! ,6! <*1*/*! 7,!

;6*1;6,+!<3+4*d!"2=D6E4B!

K3=<3+4,!,6!.*42=@*/*9!3!0,++,=3!2*!1,=0*4,=0,!467*=73!7,!7,-,+03!

:*+*! <13+,-0*9! *-! 8+/3+,-! <2.*/*4! 4*2-! *10*-! ,! <+3=73-*-9! *64,=0*/*4! *!

!"#"!

:+35*52127*7,!7,!3-!1,203-!73-!+2*.@3-!+*-3-!0,+,4!<3=0,-!7,!8D6*9!3-!.*4:3-!

<2.*/*4!.@,23-!7,!<13+,-!73!.*4:3B!#!7,-,+03!0*45E4!02=@*!<13+,-9!4*-!,+*4!

4,=3-! *56=7*=0,-! ,! 4*2-! ,NA02.*-9! ,=<,20*7*-! 7,! 4*=,2+*! 4,02.613-*! ,!

,-:,0*.61*+B! %-! <13+,-! -21/,-0+,-! ;6,! ,=.3=0+*/*! *D3+*! ,+*4! 73! 02:3! 4*2-!

.34649! .+,-.,=73! .343! .3-064*4! <*M,+! ,4! .3=.,=0+*Vn,-! .313+27*-! 36!

4*+D,*=73!*-!53+7*-! -345+,*7*-!7*! 0+21@*B!L620*-!7,1*-!,6!.3=@,.2*9! -,=73!

7*! 4,-4*! ,-:E.2,! 36! :+24*-! :+AN24*-! 7*-! ;6,! <13+,-.2*4! =3-! /,+n,-! 7,!

L2==,-30*B!l6*=73! :*--*/*! :3+! ,1*-9! -,=02*! 0C3! <3+0,! *! :+,-,=V*! 7,!42=@*!

4C,!;6,!<2;6,2!.34!*!-,=-*VC3!7,!;6,!,1*!,-0*/*!18j!.,+0*!/,M!.@,D6,2!*!:*+*+!

,!:+3.6+*+!:3+!,1*!*=0,-!7,!:+3--,D62+B!

"*! 0*+7,!73!72*!,4!;6,!,=.3=0+,2!J+,D9!/2!3!:+24,2+3!6+-3!=*! 0+21@*9!

,453+*!0,.=2.*4,=0,!,6!0,=@*!36/273!*=0,-!3!2=.3=<6=7>/,1!,!:37,+3-3!6++3!

;6,!4,!:*+*12-36B!l6*=73! 1,/*=0,2! *! .*5,V*9! /2! 64! *=24*1! -35+,! *-! ;6*0+3!

:*0*-!73!0*4*=@3!7,!64*!D,1*7,2+*!,4!:1,=*!0+21@*!*!X!4,0+3-!7,!424B!"3!

434,=03! ,4! ;6,! =3--3-! 31@3-! -,! ,=.3=0+*+*49! *! 4,-4*! ,N:+,--C3! 7,!

-6+:+,-*!:*--36!:,13-!=3--3-!+3-03-B!

!'(R#t! !D+20,29!,!:+3.6+,2!3!*:203!13D3!*:A-!,1,!-,!/2+*+!,!.3++,+9!3!

0+*-,2+3!.34:*.03!3=761*=73!=3!-31!,=;6*=03!3!*:203!72-:*+*/*!-,6!-21/3!*103!

,!43+0><,+3B!

&,43+,2! *1D6=-! 42=603-! :*+*! +,6=2+! .3+*D,4! ,! .3=02=6*+B! %1E4! 7*!

+,*127*7,!7,!;6,!*D3+*!,6!02=@*!;6,!*=7*+!=*!4,-4*!72+,VC3!,4!;6,!3!6+-3!

<6D2+*9!42=@*!4,=0,!,-0*/*!,1*53+*=73!3!<*03!7,!;6,!,1,!=C3!:*+,.2*!-,+!64!

6+-3F=,D+3B!e8!/2!46203-!6+-3-F=,D+3-!*=0,-j!*-!<13+,-0*-!73!=3+0,!7,!L2==,-30*!

,+*4! 130*7*-! 7,1,-B! k+,;6,=0,4,=0,9! ,6! 3-! *--6-0*/*! 7,-0*! 4,-4*! 4*=,2+*!

;6*=73! .*42=@*/*! 36! .3++2*! =*! ,-0+*7*! 7,! 0,++*! 3=7,! .+,-.2B! L*-! *;6,1,-!

6+-3-F=,D+3-! ,+*4! 72<,+,=0,-! 73! 6+-3! ;6,! *.*5,2! 7,! /,+B! U1,-! ,+*4! =,D+3-B!

",D+3-!.343!3!*-<*103B!",D+3-!.343!*! 0,++*!*765*7*!;6,!/3.S!.34:+*!,4!

!"##!

-*.3-!D+*=7,-!=*! 13Q*!7,! Q*+72=*D,4B!U-0,!6+-3!=C3!,+*!.343!=,=@64!7,1,-B!

R6*!:,16D,4!,+*!4*++34F.1*+39!;6*-,!136+*!,4!*1D6=-!16D*+,-B!

K34,.,2! *! .*42=@*+! 7,! 4373! @,-20*=0,9! 0,=0*=73! *.+,720*+! ;6,!

.,+0*4,=0,!3!6+-3!=C3!,+*!64!6+-3F.2=M,=03!36!64!6+-3F:*+73! !3-!:+243-!

6+-3-!4*2-!:+,7*73+,-!73-!6+-3-F=,D+3-B! q! .1*+3!;6,!=C3! ,+*B! R*52*!;6,!=C3!

:372*! -,+B! %;6,1,-! 6+-3-! =C3! @*520*/*4! 4*2-! *! K*12<A+=2*j! <3+*4! 0373-!

,N0,+42=*73-!*=3-!*=0,-B!U9!*2=7*!*--249!:3+!;6,!3!6+-3!;6,!,6!/2!,+*!0C39!0C3!

2=,;62/3.*4,=0,BBB!=C3!:+,03T!

R,D6+,2! 3! *:203! 76+*=0,! 64*! @3+*9! :+,:*+*7*! :*+*! *--3:+8F13! *3!

4,-43!0,4:3!,4!;6,!0*45E4!.*=0*/*!4G-2.*-!:*+*!=C3!-6+:+,,=7,+!3!6+-3!

73!0*4*=@3!7,!64*!D,1*7,2+*!,!7,!-*5,F-,!18!;6,!,-:E.2,9!.*-3!3!,=.3=0+*--,!

=3/*4,=0,B!K*=0,2!5,4!*103!*-!42=@*-!4G-2.*-!7,!<6D*9!*;6,1*-!*!;6,!+,.3++2!

;6*=739!=*!-,4*=*!*=0,+23+9!*.@,2!;6,!64!:64*!,-0*/*!4,!-,D62=73j!.*=0,2!

*+02<2.2*14,=0,!.3+*Q3-3-9!7,:32-!7,2N,2!;6,!*!,-0*VC3!7,!+8723!7,!+,42N,-!7*!

42=@*! .*5,V*! *--642--,9! ,! -24:1,-4,=0,! .*=0,2! 0+,.@3-! 7*-! 4G-2.*-! ;6,!

!

k32! ,N*0*4,=0,! :3+! .*6-*! 7,-0*! .*=03+2*! ;6,! ;6*-,! :2-,2! ,4! 64*!

.*-.*/,19! -,4! 4,! 7*+! .3=0*! 7,! ;6,! 3! 2=-2-0,=0,! -34! 7,! .@3.*1@3! ;6,!

*64,=0*/*!7,!/3164,!,+*!7,! <*03!64!.@3.*1@3B!U!=C3!-,! 0+*0*/*!*:,=*-!7,!

64!/,1@3!.@3.*1@39!4*-!7,!64!:+,-3!*3!+*53!7,!64*!.35+*!0C3!D+3--*!;6*=03!

3!4,6!*=0,5+*V3B!

! %ct! ! 5,++,2! ;6*=73! 7,2! 7,! .*+*! .34! *! .35+*! ,=+31*7*! *! *1D6=-!

4,0+3-!7,!424B! R,! ,6! 02/,--,! .*:*.27*7,!7,! -*10*+9! 0,+2*! -*10*73B! U6! -*10*/*9!

4*-!4,6-!:E-!=C3!-*>*4!7*!0+21@*B!U4!/,M!72--39!<6D2!:*+*!13=D,!7*!.*5,.2=@*!

*.@*0*7*! 7*! .35+*9! D,4,=73!7,! 0,++3+B! I,/,2! 53=-! 7,M!42=603-! :*+*! +,6=2+!

.3+*D,4! 7,! .3=03+=*+! *! .35+*! ,4! 64! D+*=7,! *+.39! 4,6! .3+:3! 2=0,2+3!

0+,4,=73B!

!"#$!

#!+,-03!73!72*! <32!,4!4*+.@*! 1,=0*9!4,6-!31@3-!/*-.61@*=73!0*=03!3!

.@C3!;6*=03!3!@3+2M3=0,9!*0,++3+2M*7*!.34!.*7*!-349!*3!4,-43!0,4:3!,4!

;6,! 0*45E4! .*=0*/*! :*+*! 424!4,-4*d! U6! =C3! ,-036! .34!4,73B! %5*1*7*!

.343! ,-0*/*9! =C3! :372*! 7,2N*+! 7,! *D+*7,.,+! 0,+! /2-03! 3-! 732-! *=24*2-! ;6,!

.34:*+021@*4! ,-0,! 13.*1! ;6,! .34,V36! *! :*+,.,+! 64! :36;62=@3! .343!4,6B!

),+.,52!;6,9!*:,-*+!7*-!42=@*-!72<2.617*7,-9!.3=<3+4,!3!<24!7*!:+24,2+*!,0*:*!

7*! Q3+=*7*! -,! *:+3N24*/*9! ,6! .34,V*/*! *! -,=02+! 64! .*+2=@3! .+,-.,=0,! :,1*!

)K$B!L2=@*!43.@21*!:,-*7*!:*--36!*!-,+!;6*-,!64*!.34:*=@2*!7,!/,+7*7,B!

"C3! ,+*! 4*2-! 3! *5-6+73! k6-.*! ;6,! ,6! 02=@*! 7313+3-*4,=0,! 2V*73! =*;6,1,!

;6*+03! 7,! @30,1! ,4! L3Q*/,! *1D64*-! -,4*=*-! *=0,-B! %D3+*! 42=@*! 43.@21*!

02=@*!64!=34,d!L3=-0+*B!

L2=@*!2=0,=VC3!<32!*!4,1@3+!:3-->/,1B!U-0*/*!24:+,--23=*7*!.34!3!<*03!

7,!;6,!3!;6,!,6!:+,.2-*/*!:*+*!-35+,/2/,+!:67,--,!-,+!.*++,D*73!=*-!42=@*-!

.3-0*-B! U9! 3!4*2-! -6+:+,,=7,=0,!7,! 06739!;6,! ,6!:67,--,! .*++,D8F1*B!l6,! ,6!

:67,--,! -6:3+0*+! 3! 2=-6:3+08/,1B! %! .34:+,,=-C3! 7*! 42=@*! /27*! <>-2.*! ,!

4*0,+2*19! .343! =C3! :37,+2*! 7,2N*+! 7,! -,+9! ,-0,=7,6F-,! :*+*! 3! h45203!

,43.23=*1! ,! ,-:2+206*1B! U+*! -6+:+,,=7,=0,! ;6,! *! 42=@*! /27*! .34:12.*7*!

:67,--,!-,+!0C3!-24:1,-B!K34,V36!*!4,!/2+!?!4,=0,!;6,!0*1/,M!<3--,!534!;6,!

,6!=C3!:*--*--,!3-!72*-!=*!0+21@*!+,<1,02=73!-35+,!3-!-3<+24,=03-!7*!42=@*!/27*9!

;6,! 0*1/,M9! *3! -,+! <3+V*7*! *! <3.*+! =3! -3<+24,=03! <>-2.39! *1D64*-! 7,!42=@*-!

73+,-!,43.23=*2-!0,=@*4!7,-*:*+,.273B!"3!<2=*1!7*!-,D6=7*!-,4*=*9!:,+.,52!

;6,!7,-7,!;6,!.34,.,2!*!.*42=@*7*!=C3!7,++*4,2!64*!G=2.*!18D+24*B!

K*42=@,2! 3-! G10243-! ;621a4,0+3-! *0E! 3! ,-0+,203! :1*0a! 3=7,! 43=0,2!

*.*4:*4,=03!=*!=320,!*=0,+23+!?!42=@*!.@,D*7*!*!g,==,7o!L,*73p-9!.34!*!

.3-064,2+*!*D3=2*!;6,! 0,4!-273!42=@*!.34:*=@2*!.3=-0*=0,B!U-0*/*!*12/2*7*!

7,!/,+! ;6,!64*!,=3+4,!8+/3+,! .*>7*!7,12420*/*!4,6! *.*4:*4,=03B! U-0*/*!

.*>7*!@*/2*!46203!0,4:39!3!0+3=.3!.2=M*!,!12-39!@*/2*!*=3-!-,4!-6*!.*-.*B!U1*!

<3+4*/*!64!5*=.3!*103!,!.3=<3+08/,19!3=7,!4,!-,=0,2!,! 02+,2!*!43.@21*!.34!

!"#%!

<*.2127*7,B!I3D3!;6,!02+,2!*!43.@21*9!4,!7,20,2!=*!8+/3+,!.343!-,!,1*!<3--,!64!

-3<89!64!*D+*78/,1!7,-.*=-3!73!.@C3B!%!8+/3+,!,+*!1*+D*!3!-6<2.2,=0,!:*+*!;6,9!

-,! ,6! <2.*--,! 24A/,19! :67,--,! 7,-.*=-*+! -,4! .*2+! :*+*! =,=@64! 73-! 1*73-B! %!

-,=-*VC3!<32!4*+*/21@3-*B!U6!,-0*/*!.34!.*13+9!.34!-,7,9!.34!<34,!,!.*=-*7*9!

4*-! 037*-! ,--*-! .32-*-! =C3! ,+*4! =*7*! ,4! .34:*+*VC3! ?! ;6,24*VC3! ;6,!

,4*=*/*! 73-! =A-! =*! :*+0,! -6:,+23+! 7*-! 42=@*-! .3-0*-B! k,.@,2! 3-! 31@3-9!

-6-:2+*=73!7,!*1>/23B!

%1D6=-!42=603-!7,:32-9!-,=02!*1D3!,4!42=@*!:,+=*B!#1@,2!:*+*!5*2N3!,!

:,+.,52! ;6,! ,-0*/*! .35,+0*! 7,! <3+42D*-! :+,0*-9! 64! ,NE+.203! .34:1,03! 7,1*-!

<3+4*=73!64*!<21*!2=72*=*!*!:*+02+!7,!64!56+*.3!=*!8+/3+,!,!.35+2=73!3!4,6!

.3+:3B! )61,2! 73! 0+3=.39! D+20*=73!4*2-! *103! 73! ;6,! 7*! /,M! ,4!;6,! */2-0,2! 3!

6+-3!,!*!.*-.*/,19!,!5*0,=73!=*-!<3+42D*-!2=7,<,-*-9!3<,D*=0,!,!.34!64!4,73!

2++*.23=*1B!U!=C3!*:,=*-!7*-! <3+42D*-9!4*-!7,! 0673B!&3! <*03!7,!;6,!,6!=C3!

:,+0,=.2*!*!,--,!46=739!4,-43!;6,!2=-2-02--,!,4!:,+0,=.,+B!

)+,:*+,2!3!Q*=0*+!,!4,!+,.31@2!=*!5*++*.*!*--24!;6,!:67,9!5,4!*=0,-!7,!

,-.6+,.,+9!-24:1,-4,=0,!:*+*!0,+!64!*5+2D39!4,-43!;6,!2--3!-2D=2<2.*--,!,-0*+!

.,+.*7*! :3+! 64*! <2=*! .*4*7*! 7,! =8213=B! %=0,-! 7,! .34,V*+! *! <*M,+! *! )K$9!

24*D2=,2! ;6,! 73+42+2*! 7,=0+3! 7*! 5*++*.*! *:,=*-! ;6*=73! *4,*V*--,! .@3/,+9!

;6,!*!4*23+!:*+0,!7*-!=320,-!,6!4,!7,20*+2*!=3!-*.3!7,!73+42+!-35+,! 13=*!,!

73+42+2*! -35!*-! ,-0+,1*-9!4*-! ,6! ,-0*/*!,++*7*! -35+,! 2--39! .343! -35+,! 0*=0*-!

360+*-! .32-*-B! $37*! =320,! ,6! 7,-,Q*/*! *=-23-*4,=0,! *! 5*++*.*! :3+! .3=0*! 7*!

4>=24*!-,=-*VC3!7,!;6,!*1D3!,-0*/*!4,!:+30,D,=73!73!+,-03!73!46=73!,!4,!

4*=0,=73! -,D6+*9! =C3! 73! :,+2D39!4*-! 7*! :+A:+2*! /*-027C3B! %73+*/*! *! 1,/,!

,-.6+27C3! ,! *! 6427*7,! 7*! 42=@*! 5*++*.*9! *! *.3=.@,D*=0,! <*4212*+27*7,! 7*!

4*=,2+*!.343!,6!*++64*/*!3-!:36.3-!:,+0,=.,-!*3!4,6!+,73+!*!.*7*!=320,B!

),D6,2!3!U=;6*=03!*D3=2M39!.313;6,2!*!1*=0,+=*!7,!.*5,V*!,!:3-2.23=,2!

*! -*.31*! 7,! .3427*! ,45*2N3! 7*-!42=@*-! :*=06++21@*-! +,M*=73! 64*!:,;6,=*!

!"#&!

3+*VC3!:,72=73!;6,!3!6+-3!;6,!/2!4*2-!.,73! !3!6+-3F=,D+39!,=<*02M,2! !=C3!

2=/*72--,!*!5*++*.*!:*+*!+3658F1*!7,!424B!

l6*=73!*.3+7,2!?-!\\!@3+*-!.34!3!62/3!73-!.3230,-9!*!16M!7*!1*=0,+=*!

7,! .*5,V*! 02=@*! ,=<+*;6,.273j! 3! +34*=.,! 7,! k*61[=,+! *2=7*! ,-0*/*! *5,+03!

-35+,!3!4,6!:,203B!

),1*!4*=@C!,6!4*1!:67,!4,! 1,/*=0*+B!"C3!,+*! -A!*;6,1*!4*=@C9! \`z!

72*B!b2=@*!*.3=0,.,=73!*3!13=D3!7*!-,4*=*!*=0,+23+9!64!.+,-.,=0,!.3=Q6=03!

7,!:+351,4*-!,!73+,-!;6,!03+=*/*! 24:3-->/,1! <2.*+!7,!:E!36!.*42=@*+!.343!

64*! :,--3*! =3+4*1! ;6*=73! ,6! -*>*! 7*! 5*++*.*B! U+*! .343! -,! 02/,--,! 4,!

0+*=-<3+4*73!-6520*4,=0,!,4!64*!/,1@*!-,=@3+*9!4*=.*=73!*3!13=D3!73!72*B!

Y*/2*! .3=-,D6273! .*++,D*+! *!L3=-0+*! :3+!4*2-! 7,! \X_! ;621a4,0+3-! :3+! 64!

0,++,=3!2=A-:203!,!?-!/,M,-!>=D+,4,9!4*-!?!4,727*!;6,!64!=3/3!72*!.34,V*/*!

,6!4*1!.3=-,D62*!*D6,=0*+!4,6!:+A:+23!:,-3j!3-!:E-!2=.@*73-!,!7313+273-!:3+!

.*6-*!73-!,-<3+V3-!73-!72*-!*=0,+23+,-j!3-! Q3,1@3-!+>D273-!7,4*2-!:*+*!<*M,+!3!

;6,!3!*=7*+!=3+4*1!,N2D2*!7,1,-B!

$,+42=,2! 7,! :,+*4561*+! 7,-.*1V*! :,13! *.*4:*4,=039! *++64,2! *!

43.@21*!,!,-0*/*!:+3=0*!:*+*!:+3--,D62+!;6*=73!732-!@34,=-!*:*+,.,+*4!=*!

0+21@*!:,13!1*73!-61B!K343!J+,D9!4,!-*67*+*4!:,13!=34,!*=0,-!;6,!,6!-,;6,+!

<*1*--,!64*!:*1*/+*B!U+*4!%15,+0!,!L*009!*!,;62:,!<3+4*7*!:3+!:*2!,!<21@3!7*!

J,A+D2*9! ,! ,-0*/*4! <*M,=73!*! 0+21@*! 2=0,2+*B!%15,+0! 02=@*!^W! *=3-j!L*009! W`B!

%453-! <3+*4! ,-.30,2+3-! U*D1, ` !,! *:*+,=0*/*4! 0,+! -273B! U+*4! 7,! 64*!

-2=.,+27*7,! 7,-.3=.,+0*=0,! ,! 02=@*4! 64*! :+,.2-C3! 42120*+! ;6,! .*46<1*/*! *!

5*+5*!,4:3,2+*7*9!*-!:*=06++21@*-!-6Q*-!,!*!=6/,4!7,!<,73+!.34!64!4,0+3!,!

4,23!7,!72h4,0+3!;6,!*.34:*=@*/*!.*7*!43/24,=03!;6,!<*M2*4B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%!U*D1,!E!3!4*2-!*103!=>/,1!;6,!64!,-.30,2+3!:37,!*02=D2+!=*!3+D*=2M*VC3!73-!,-.30,2+3-!=3-!U-0*73-!'=273-B!w"B!7*!UBx!!

!"#'!

! #! J+213! k*1*=0,! ! %15,+0! <*136! 1,=0*4,=0,! ;6*=73! /26! *!

L3=-0+*B! !#!;6,!/3.S!0,4!*>!7,=0+39!D*+30*T!)*+,.,!;6,!0,4!06739!2=.16-2/,!

*!:2*!7*!.3M2=@*B!

!%:,=*-!.32-*-!7,!*.*4:*4,=03! !+,-:3=729!/,+4,1@*!7,!/,+D3=@*B!

%-!-6*-!43.@21*-!02=@*4!.,+.*!7,!4,0*7,!73!0*4*=@3!7*!42=@*B!

!RA!,-036! 24:12.*=73! !%15,+0! <*136!D,=0214,=0,B!K3=/,+-*43-!64!

:36.3! -35+,! *! .*6-02.*=0,! 0+21@*!;6,! <2.36!:*+*! 0+8-! ,! *! .3=D,1*=0,! ?! <+,=0,B!

U=;6*=03!.3=/,+-8/*43-9!4,!-,=02!,N*0*4,=0,!.343!;6*=73!,=.3=0+,2!J+,Dd!

,6<A+2.*!:3+!,-0*+!.34!,1,-9!,453+*!,-0*+!.34!,1,-!*:,=*-!,=<*02M*--,!3!;6C3!

2=-6<2.2,=0,!02=@*!-273!*!42=@*!:+,:*+*VC3!:*+*!*!.*42=@*7*B!)372*!-,=02+!-,6-!

31@3-!-35+,!4249!:,+.,52*!;6*=73!467*/*4!7,!64!:,=-*4,=03!:*+*!360+3!

,=;6*=03!+,D2-0+*/*4!42=@*!610+*Q*=0,!43.@21*!,!4,6!7G523!,=0,=724,=03!73!

=,DA.23! ,4! ;6,-0C39! *3! 4,-43! 0,4:3! ,4! ;6,! 0*45E4! +,.3=@,.2*4! *!

.3+*D,4!=,.,--8+2*!:*+*!.@,D*+!*0E!*;62! -3M2=@*B!L*00!,+*!64!.*+*!:*++6739!

.34! :3+0,! 7,! 12=,5*.[,+j^ !3! .*5,13! .*-0*=@3F*/,+4,1@*73! <3+4*/*! .*.@3-!

1,/,-!-35+,!*-!3+,1@*-!,!3-!:,13-!5+21@*/*49!736+*73-9!=*-!:,+=*-!D2D*=0,-.*-B!

U+*! *:,=*-! :36.3-! *=3-! 4*2-! =3/3! 73! ;6,! ,69! 4*-! 0C3! 0>4273! ;6,! 4,!

.343/,6! .343! 64*! .+2*=V*9! 7,2N*=73! ;6,! 3! :*2! <*1*--,! *! 4*23+! :*+0,! 73!

0,4:3!,=;6*=03!,1,!:,+4*=,.2*!*<*-0*73B!

!),+73,!*!:,+D6=0*! ! <*136!%15,+0! 9!4*-!;6*=0*-!/,M,-!/3.S!,-08!

6+2=*=73!:3+!72*!=,-0,!.*13+T!

!f,4BBB!"C3!.3=0,2B!&,/,+2*T! !:,+D6=0,29!-,=02=73F4,!,N:3-0*!4*2-!

64*!/,M!:,1*!<+*67,!7,!*/,=06+,2+*!;6,!,6!,+*B!

$3+.2!:*+*!,1,-!=C3!0,+,4!*.*4:*73!:,+03!3!-6<2.2,=0,!:*+*!4,!36/2+!

D+20*=73!:3+!.*6-*!7*-!<3+42D*-!=*!=320,!*=0,+23+B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!&!I2=,5*.[,+! E! *!:3-2VC3!=3! <60,531! *4,+2.*=3!;6,! <*M!:*+0,!7*!7,<,-*9!4*-! -,!:3-2.23=*!*0+8-!7*!12=@*!7,<,=-2/*B!w"B!7*!$Bx!!

!"#(!

! c7,*14,=0,!-C3!-,0,! !72--,!%15,+0!7,!4*=,2+*! -6.2=0*B! !U--*!E!*!

/,1@*!+,D+*!73-!,-.30,2+3-9!,453+*9!.34!,-0,!.*13+!,!*!:36.*!3<,+0*!7,!8D6*!

=*! 0+21@*! .3452=*73-! .34! 3! *103! =>/,1! 7,! ,-<3+V39! -343-! -3+0673-! -,!

.@,D*+43-!*!0+S-B!

!R249!,6!0*45E4! !,6!72--,9!*:,-*+!7,!=*!+,*127*7,!0,+!@*/273!64!

:,+>373!7,!W`!@3+*-9!=3!4,23!73!.*13+!4*2-!*5+*-*73+9!,4!;6,!=C3!<62!64*!

G=2.*!/,MB! !b2!64!6+-3!*3!-61!7*;62! !.3=02=6,29!:*+*!467*+!3!*--6=03B! !

'4!6+-3!4*++349!;6,!,+*!64!6+-3F=,D+39!E!.1*+3B!L*-!,1,!:*+,.2*!4*++34B!

"*!.3+9!;6,+3!72M,+9!3!6+-3F=,D+3B!

!RC3!4*++3=-!=*-!:*+0,-!7,!5*2N3! !72--,!%15,+0B! !K1*+,*73-!:,13!

-31!7*!K*12<A+=2*9!24*D2=3B!

U1,!5*0,6!=*!*5*!73!.@*:E6B!

! "3-! /,43-! 18! ,4! g,==,7o! L,*73p-9! -,=@3+20*B! k32! 64! :+*M,+!

.3=@,.SF1*B!

! $,4! 360+3! .*+*! ?! <+,=0,! .@*4*73!J+,D! ! ,6! 72--,B! ! U=.3=0+,2!

.34!,1,!@8!*1D6=-!72*-!,!,1,!72--,!;6,!*2=7*!,-0*+8!18B!

L2=@*-! ,=0+*=@*-! -,! +,/2+*+*4! ;6*=73! <*1,2! 3! =34,! 7,! J+,D9! :3+!

=,=@64*!360+*!+*MC3!*1E4!7,!,1,!-,+!*!G=2.*!:,--3*!;6,!,6!.3=@,.2*!=*!0+21@*B!

! k*M! 64! 534! 0,4:3! ;6,! 3! -,D6243-9! ,=0C3! -,+8! 1,D*1! <2=*14,=0,!

.3=@,.SF13! ! 72--,! %15,+0B! ! $,4! 360+*! 76:1*! 7,! .*+*-! *0+8-! 7,! =A-B! q!

:+3/8/,1! ;6,! *:*+,V*4! *! ;6*1;6,+! 434,=03! ! ,1,! 72--,9! ,! -,! /2+36! :*+*!

31@*+!*!0+21@*!=*!72+,VC3!7,!3=7,!/2,43-B! !&32-!D*+303-!.@*4*73-!&36D!,!

$349!4*2-!36!4,=3-!.34!*!4,-4*!27*7,!7,!/3.S-!0373-B!U1,-!.34,V*+*4!=C3!

46203!*=0,-!7,!/3.S9!64!:36.3!4*2-!*3!-61B!

&,-:,72F4,!7,!%15,+0!,!L*00!,!4,!-,=0,2!64!:36.39!+,<1,02=73!-35+,!*!

,N2-0S=.2*! 7,! &36D! ,! $34j! 7,:32-! 1,/*=0,2! ,! :*--,2! *-! @3+*-! -,D62=0,-!

.*42=@*=73!4*2-!/2D3+3-*4,=0,!73!;6,!=6=.*9!.34!3!G=2.3!35Q,02/3!7,!,1,-!

=C3!4,!*1.*=V*+,4!*=0,-!;6,!,6!.@,D*--,!*!g,==,7o!L,*73p-B!U-0*/*!136.*!

!"#)!

:*+*! .3=@,.SF13-9! E! .1*+39! 4*-! ;6,+2*! .3=@,.SF13-! .343! *! 461@,+! ;6,! 3-!

7,2N36! .34,=73!:3,2+*! ,4!/,M! 7,! *!461@,+! ;6,! ,1,-! 610+*:*--*+*4B!K343!

J+,D9! %15,+0! ,! L*00! ;6,! 02=@*4! .34,V*73! *! .*42=@*7*! =*! <+3=0,2+*! 73!

LEN2.3! ,! =,--*! *106+*! ,-0*/*4! *7*:0*73-9! :,+.3++,=73! 4*2-! 7,! O_!

;621a4,0+3-! 0373!72*B!L*-!&36D! ,! $34! ,+*4!72<,+,=0,-B! K343! ,69! 02=@*4!

*.*5*73!7,!.34,V*+!*!)K$9!=C3!46203!*=0,-!7,!/3.S9!%15,+0!02=@*!72039!,!-A!

64!:36.3!4*2-!*3! -61B! R6*-!:*1*/+*-! -,! +,:,02*4! -3M2=@*-!,4!42=@*!4,=0,9!

.343! -,! +,:,02F1*-! ,N0+*>--,!4*2-! -2D=2<2.*73! ,! ,-:,.2<2.27*7,! 7,1*-B! K343! -,!

*0+*/E-!7,1*-!,6!:67,--,!,=0,=7,+!-,!,-0*/*!2=73!4*2-!+8:273!36!4*2-!7,/*D*+!

,4! .34:*+*VC3! .34! &36D! ,! $34B! K343! -,! *! +,-:3-0*! *! ,-0*! ;6,-0C3!

D6*+7*--,! *! +,-:3-0*! :*+*!4,6! -6.,--3! 36! <+*.*--3! =*! 0+21@*! ! *! .32-*!4*2-!

72<>.21!;6,!Q8!<2M!=*!/27*B!

)*+,2! 7,! +,:,=0,9! -6+:+,-*9! ;6*=73! ,--,! :,=-*4,=03! -6+D26! =*!42=@*!

4,=0,9! 7,! ;6,! <*M,+! *! )K$! ,+*! *! .32-*! 4*2-! 72<>.21! ;6,! Q8! <2M! =*! /27*B!

c4,72*0*4,=0,9!.3++2D2!3!:,=-*4,=03B!b,+!42=@*!4C,!43++,+!,!0,+!;6,!/2/,+!

-,4!,1*9!2--3!-24!<32!*!.32-*!4*2-!72<>.21!;6,!Q8!<2M!=*!/27*B!&,2N*+!)*61!,!7,-0+62+!

=3--3! .*-*4,=03! ,! *! /27*! .343! ,6! *! .3=@,.2*! :,1*! -24:1,-! ,! 2=,N:12.8/,1!

+*MC3! 7,! ;6,! -,=02*! ;6,! :+,.2-*/*! <*M,+! *;6213! ! 2--3! <32! 2D6*14,=0,! 72<>.21B!

L*-!<*M,+!*!)K$!,+*!72<>.21!7,!64!Q,203!72<,+,=0,B!&,!64!Q,203!;6,!<,M!*-!360+*-!

.32-*-!72<>.,2-!64!:36.3!4,=3-!72<>.,2-B!U+*!,-0+*=@39!:3+E4!/,+7*7,2+3B!U9!7,!

.,+0*! <3+4*9! 0*1/,M!,6! 0,=@*!:,+.,5273! 2--3!7,-7,!3! 2=>.23B!$*1/,M!3! 24:61-3!

:*+*! .34:+*+! 3! D62*! 7*! )K$!4,-,-! *=0,-! 0,=@*! -273! *! :+24,2+*! *53+7*D,4!

:*+*!*!.6+*9!:*+*!3!<23!.3=7603+!7*!42=@*!/27*!;6,!<32!2=0,++34:273B!

)372*!-,=02F13!-,!7,-,=+31*=73!:3+!0+8-!7,!4249!3!/,1@3!<23!7*!4,*7*!

;6,!:,+72!,!3!=3/3!;6,!,-0*/*!0,.,=739!,=;6*=03!.*42=@*/*!=*;6,1*!4*=@C9!

3-!:2.3-!=,/*73-!7*-!Y2D@!R2,++*-!<2.*=73!?!/2-0*!7,!/,M!,4!;6*=73B!&6+*=0,!*!

.*42=@*7*9!=C3!:,=-,2!=*;6,1,-!:2.3-!=,/*73-B!U!-24!=3!;6,!<*+2*!*--24!;6,!

.@,D*--,! *3! *+4*ME4!7,!g,==,7o!L,*73p-! =*;6,1*! 0*+7,9! 24*D2=*=73! ,4!

!"#*!

7,0*1@,-! 2=.+>/,2-! *-! .32-*-! ;6,! .34:+*+2*! :*+*! .34,+! ,! 5,5,+d! 1243=*7*!

D,1*7*9! 5*++*! 7,! .@3.31*0,! ,! .3427*! :+3=0*! ;6,! ,6! +*+*4,=0,! .342*! ,4!

42=@*! /27*! =3+4*1B! c4*D2=,2! 3! 434,=03! ,4! ;6,! .313.*+2*! *-! 4C3-! =*!

:+24,2+*!.*2N*!7,!-6:+24,=03-9!3!;6,!4,!:*+,.2*!-,+!64!4*+.3!<,=34,=*19!*!

:+3/*!:*1:8/,1!7,!;6,!.3=-,D62!:,13!4,=3-!.@,D*+!*0E!,--,!:3=03B!#189!72--,!

:*+*! 424! 4,-4*! ,4! *=0,.2:*VC3! 73! ;6,! ,6! 72+2*! ;6*=73! .@,D*--,! *3!

*+4*ME49! ,6! -36! 64*!43.@21,2+*! 7*! )K$! ,! ,-036! *;62! :*+*! :,D*+! *!42=@*!

.*2N*B!L,6!=34,!E!K@,+o1!R0+*o,7B!

K@,+o1! R0+*o,79! K@,+o1! R0+*o,79! K@,+o1! R0+*o,79! ,--*-! 76*-! :*1*/+*-!

Q6=0*-! *2=7*! -3*+*4! @,-20*=0,-! ,4! 42=@*! 1>=D6*B! K@,+o1! -,4:+,! <32! 3! 4,6!

=34,9!4*-!R0+*o,7!,+*!64!*.+E-.2439!-A!/2+36!3<2.2*14,=0,!4,6!-35+,=34,!*!

:*+02+! 7,! *5+219! ;6*=73! )*61! ,! ,6! 7,43-! ,=0+*7*! =3! 72/A+.23B! )*61! ,! ,6!

2=.3+:3+*43-!3!-35+,=34,!64!73!360+3!;6*=73!=3-!.*-*43-!,!=3--3-!732-!

=34,-! -,! 03+=*+*4! 64! 13=D3! =34,! 7,! ;6*0+3! ->1*5*-9! .3=,.0*7*-! :3+! 64!

@><,=B! "6=.*! D3-0,2! 72--3B! U+*! 46203! .34:12.*73! ,! 7,-*Q,20*73B! (*+*4,=0,!

*1D6E4!.3=-,D62*!,=0,=7SF13!72+,2039!,!4,-43!,6!4,!.3=<6=72*!*!4*23+!:*+0,!

73!0,4:3B!K@,+o1!Y><,=FY><,=9!64!/,1@3!4*1F@643+*73!:*+*!;6,4!0+*5*1@,2!

5+,/,4,=0,!4,! .@*4*/*9! *06+7273!:,13!4,6!=34,!/,+7*7,2+39! ,! ,6!=C3!3!

.61:*/*!:3+!2--3B!

"*;6,1,! :,+>373! 2=.,+03! ,4! ;6,! )*61! ,! ,6! <2.*43-! -,:*+*73-! :3+!

/8+23-! 4,-,-9! 4*-! *2=7*! =C3! 0>=@*43-! .,+0,M*! -,! =3-! 72/3+.2*+>*43-9! =3-!

-,=0*43-!:*+*!72D20*12M*+! 64! .3=Q6=03!7,!73.64,=03-!7,!72/A+.23! *42D8/,1!

73!02:3!<*V*F/3.SF4,-43!;6,!:,7243-!:,13!0,1,<3=,9!.343!-,!-,D6+8F13-!.34!

*-!=3--*-!4C3-!=3-!*Q67*--,!*!7,.272+!3!;6,!<*M,+B!s!4,727*!;6,!<31@,8/*43-!

3-!73.64,=03-9!=3-!7,:*+*43-!.34!64*!;6,-0C3!;6,!:,72*!3!=34,!;6,!.*7*!

64! 0,+2*! *:A-! 3! 72/A+.23B! %! 12=@*! 7,5*2N3! 7*! ;6,-0C3! ,-0*/*! 2=0,2+*4,=0,!

/*M2*B! ",1*9! :*+*! 4,6! ,-:*=039! :37>*43-! ,-.+,/,+! ;6*1;6,+! .32-*B! R,+!

;6*1;6,+! .32-*B! (243-! 72--3! =*! E:3.*9! 2=/,=0*=73! =3/3-! =34,-!

!"$+!

2=.3=/,=2,=0,-! :*+*! =A-9! =34,-! 7,! ,-0+,1*-! 7,! .2=,4*! ,! 7,! :,+-3=*D,=-! 7,!

7,-,=@3! *=24*739! ,! ,-0+*=@*-! .3452=*Vn,-! 7,! :*1*/+*-! ;6,! =C3! ,+*4! =,4!

64!:36.3!+*M38/,2-B!

L*-!7,:32-9!-3M2=@*!,4!4,6!*:*+0*4,=039!*;6,1*!12=@*!/*M2*!:,-36!=3!

4,6!.3+*VC3B!"C3!02=@*!7G/27*!7,!;6,9!-,!4,!72/3+.2*--,!7,!)*619!,-.31@,+2*!

64!=3/3!=34,!:*+*!424B!"C3!:37,+2*! .3=02=6*+! *! -,+!K@,+o1!Y><,=FY><,=9!

=,4!:37,+2*!/310*+!*! 0,+!3!=34,!;6,! 02=@*!=3!,=-2=3!4E723!,! -,+!*!D*+30*!

;6,!.3-064*/*!-,+B!)3+0*=039!=3-!4,-,-!,4!;6,!)*61!,! ,6! <2.*43-!=3! 12453!

4*+20*19! -,4! -*5,+! ;6*1! 72+,VC3! 034*+>*43-9! +,<1,02! -35+,! *! ;6,-0C3!7,!4,6!

-35+,=34,9!72D20*12M*=73!4,=0*14,=0,!:*1*/+*-!;6,!-3*/*4!5,4!.34!K@,+o1!

,! .+2*=73! 12-0*-! 7,! :,+-3=*D,=-! 7,! +34*=.,-! 7,! ;6,! ,6! D3-0*/*B! "*7*!

.3452=*/*! *0E! 3! 72*! ,4! ;6,! *! :*1*/+*! -0+*o,7! 4,! /,23! ?! 4,=0,B!

c4,72*0*4,=0,9!:+3.6+,2!:3+!,1*!=3!72.23=8+23!,!-365,!;6,!-,+2*!42=@*B!R6*-!

7,<2=2Vn,-! -35+,:3-0*-! -,! +,<,+2*4! 72+,0*4,=0,! ?! 42=@*! /27*! ,! 0*45E4!

-3*/*4!.343!:3,-2*d!7,-/2*+F-,!73! .*42=@3! .,+039! *<*-0*+F-,!7*! +30*!72+,0*9!

:,+7,+F-,9! <2.*+! 136.39! -,+! -,4!:*2!=,4!4C,9!,-0*+! -,4!.*-*9!:,+*4561*+! -,4!

+643!?!:+3.6+*!7,!*1D64*!.32-*9!72/,+D2+!36!72/*D*+B!

&2/,+D29! 72/*D6,29! :,+*4561,2! ,! 7,-/2,2F4,! 73! .*42=@3! .,+03B! "C3!

*730,2! *! :*1*/+*! .343! 4,6! =3/3! -35+,=34,! :3+;6,! 7,<2=2*! *-:,.03-!

=,D*02/3-!7*!42=@*!-206*VC3!36!7*!42=@*!/27*9!4*-!:3+;6,!4,-43!,4!4,6-!

72*-!4*2-!-345+23-9!*;6,1,-!,4!;6,!,-0*/*!,-.31@,=73!64!=34,9!/2!3!:37,+!

7*! ,-.6+27C3B!b2! ;6,9! =*! +,*127*7,9! 02=@*!4,!7,-/2*739! ;6,! ,+*! 64*!:,--3*!

2-31*7*!,!;6,!4,6!2-31*4,=03!4,!0+36N,!73-!16D*+,-!4*2-!-,1/*D,=-9!,!;6,!,6!

-*52*!.32-*-!;6,!=C3!02=@*!.343!-*5,+!*=0,-B!

K@,+o1! R0+*o,79! ,-.+,/2! +,:,027*4,=0,! =64*! :8D2=*! 2=0,2+*! 73! 728+239!

.343!64*!D*+30*!*:*2N3=*7*!:3+!64!4,=2=3!.34!;6,4!,-:,+*!-,!.*-*+B!#!

:+351,4*!E!;6,!3!D*+303!=C3!,N2-02*B!U6!,+*!4,6!:+A:+23!D*+3039!:1*=0*=73!

64*!+*2M!5,4!=3!4,23!7,!4,6!7,-D*++*4,=03B!%2=7*!*--24!,6!02=@*!42=@*-!

!"$"!

7G/27*-B!U-.31@,+!64*!:*1*/+*!73!72.23=8+23!,!:+3.1*48F1*!42=@*!:*+,.,6!64!

:36.3!<+*6761,=039!64!:36.3!2=<*=021!36!27230*9!-,4!.3=0*+!3!03;6,!@2:A.+20*B!

&6+*=0,! *=3-! M345,2! -,.+,0*4,=0,! 73-! .31,D*-! ;6,! :,+0,=.2*4! *! D+6:3-!

@2::2,-9!*+0>-02.3-!,!,-;6,+72-0*-!,!;6,!02=@*4!*--64273!=34,-!2=/,=0*73-!:3+!

,1,-! 4,-43-B! e,==2<,+-! ,! L2.@,11,-! -,! 03+=*+*4! R,;632*-! ,! I6=*-j! L2[,-! ,!

e*-3=-! ;6,! /2+*+*4! K*+/*1@3-! ,! K*+73-B! R,D62! ,4! <+,=0,! 7,! ;6*1;6,+! Q,2039!

.3=<27,=.2*=73! *! :36.3-! *42D3-! -35+,! *! 7,.2-C39! :,72=73F1@,-! ;6,!

.34,V*--,4!*!4,!.@*4*+!:,13!=3/3!=34,!:*+*!4,!*Q67*+!*!0,-08F13B!k2M!64*!

/2*D,4!7,!.*++3!,9! 037*!/,M!;6,! 02=@*!;6,!*--2=*+!=3! 12/+3!7,!@A-:,7,-9! ,6!

*--2=*/*!K@,+o1!R0+*o,79!*!4C3!0+,4,=73!1,/,4,=0,9!4,!-,=02=73!/*D*4,=0,!

.61:*7*9!.343!-,!,-02/,--,!<*1-2<2.*=73!64!.@,;6,B!

"*!E:3.*!,4!;6,!)*61!,!,6!7,.27243-!7*+!,=0+*7*!=3!72/A+.239!0+,2=,2!

4,6! =3/3! =34,! 3! -6<2.2,=0,! :*+*! ,-.+,/SF13! -,4! @,-20*VC3! =*! 12=@*! /*M2*B!

k3+*4!*-!360+*-! 12=@*-!;6,!4,! <2M,+*4!@,-20*+9! *-! 2=<2=78/,2-! 12=@*-!,N2D2=73!

*--2=*06+*-! ;6,! ,=.,++*+2*4! =3--3! .*-*4,=03B! U--*-! ,+*4! *-! 12=@*-! ;6,!

:+,,=.@2! .34!46203! 4*2-! *:+,,=-C3B! "C3! ;6,+2*! ,N*0*4,=0,! 4,! 72/3+.2*+B!

"C3!,N*0*4,=0,!=C3!;6,+2*B!%.+,720*/*!;6,!4,!72/3+.2*+!7,!)*61!,+*!*!.32-*!

.,+0*! *! <*M,+! 0*=03! ;6*=03! ;6,! *3!4,!72/3+.2*+! ,-0*/*! 7,-0+62=73! *!4,1@3+!

.32-*! ;6,! ,6! 02=@*B!",--*! *106+*9!4,6! .*-*4,=03! ,+*! .343! *! 0+21@*! =*;6,1,!

434,=03! ,4! ;6,! :,+.,52! ;6,! @*/2*! 64! 036+3! =*-! 76*-! 72+,Vn,-B!

R24:1,-4,=0,!7,2!64!-*103!7,!<E!,!:+3--,D62!,4!64*!72+,VC3!3=7,!=6=.*!02=@*!

,-0*73B!

k32! ,4! 64! 72*! 7,! *5+21! ,4!L2=,8:312-! ;6,! *--2=*43-! 3-! :*:E2-! 73!

72/A+.23B!",/*/*!,!3-!<13.3-!.*>*4!,4!=64,+3-3-!+37*432=@3-9!,=.*=0*=73!*!

.27*7,B!"A-!=3-!-,=0*43-!,4!64*!4,-*!7,!<+,=0,!:*+*!64*!461@,+!.@*4*7*!

b*19!;6,!,+*!=3--*! .3=@,.27*!,! 0*45E4!:3+!*.*-3! 0*5,12C!:G512.*! 12.,=.2*7*B!

#1@*43-! *! =,/,! 7*! *4:1*! Q*=,1*! 7,! -,6! ,-.+20A+23! =3! .,=0+3! 7*! .27*7,9!

<*M,=73! :2*7*-! ;6*=73! ,+*! :3-->/,1B! $2=@*! ,=.3=0+*73! b*1! *:,=*-! *1D64*-!

!"$#!

/,M,-!*=0,-j!-*52*!.32-*-!/*D*-!-35+,!,1*!;6,!-,!42-06+*/*4!,4!42=@*!4,=0,B!

U1*! ,+*! D+*.23-*9! 35Q,02/*! ,! 2=.+2/,14,=0,! :,;6,=*j! =3!4>=243! 64*! 7E.*7*!

4*2-! /,1@*! ;6,! =A-B! R,6! .*5,13! ,+*! .6+02=@3! ,! 02=D273!7,! 136+39! ,N.,03! :3+!

64*!4,.@*!4*2-!13=D*!.3+F7,F+3-*!;6,!.*>*!.343!64*!:,;6,=*!*-*!-35+,!3-!

31@3-B! f+2=.3-! :+*0,*73-! ,=<,20*/*4! -6*-! 3+,1@*-! ,! 64!43=0,! 7,! 0*06*D,=-!

46102.313+27*-!,=0*1@*/*4!-,6-!5+*V3-!.343!4*=D*-B!

%:,-*+!72--3!06739!02=@*!64!0+*5*1@3!7,!/,+7*7,!,4!64!,-.+20A+23!7,!

/,+7*7,!=3!.,=0+3!7*!.27*7,!.34!64*!Q*=,1*!,=3+4,!,!64*!12.,=V*!7,!0*5,12C!

:G512.*B!"A-! *! ,-.31@,43-! :*+*! 3<2.2*12M*+! =3--3! 72/A+.23! :3+;6,! ;6,+>*43-!

;6,! <3--,! 64*! .32-*! -24:1,-B! l6,+>*43-! ;6,! <3--,! 0+*=;6213B! l6,+>*43-!

*.+,720*+!;6,!*2=7*!,N2-0,4!:,--3*-!53*-!,!D,=02-!=3!46=73B!l6,!0673!3!;6,!

0>=@*43-!7203!64!*3!360+3!@*/2*!-,2-!*=3-!02=@*!-273!/,+7*7,B!#!;6,!<32!;6,!

72--,43-T9! =A-! =3-! :,+D6=0*43-! *1D64*-! -,4*=*-! *=0,-9! 4,23! 5S5*73-! ,4!

4,6!*:*+0*4,=039!;6*=73!7,.27243-!7,!64*!/,M!:3+! 037*-!;6,! 1,/*+>*43-!

2--3!*!.*53B!

!%;62!,-08! !D+20,2!*:A-! <31@,*+!*1D6=-!:*:E2-!,!,=.3=0+*+!3-!/303-!

4*0+243=2*2-! ;6,! ,-.+,/,43-j! 0+S-! :8D2=*-! ,-4*,.27*-! ,! D+*4:,*7*-! Q6=0*-B!

"A-!1@,-!7,43-!64!0>0613d!#!&2*!,4!;6,!*-!L*+D*+27*-!k13+,-.,+*4

29! ,! +243-! 46203! 7,! =A-! ,! 7*-!

:,--3*-!;6,!E+*43-B!&,:32-9!2=.*:*M!7,!.3=02=6*+!1,=739!.313;6,2!3-!/303-!7,!

/310*!=3!*103!7*!:21@*!3=7,!3-!,=.3=0+,2B!

$>=@*43-! =3-! .*-*73!46203! Q3/,=-9! 64*! 7,.2-C3! 0C3! *0>:2.*! ;6,! *0E!

4,-43!=3--3-!:*2-!:,+D6=0*+*4!:3+!;6,!=C3!:37>*43-!-24:1,-4,=0,!43+*+!

Q6=03-B!"C3!:37>*43-!-24:1,-4,=0,!43+*+!Q6=03-9!*:,-*+!7,!,6!0,+!\]!*=3-!,!

,1,! W\B! U-08/*43-! 0C3! 136.*4,=0,! *:*2N3=*73-! ;6,! *.+,7208/*43-! ;6,!

0>=@*43-!;6,!<*M,+!*1D3!,N0+*/*D*=0,!:*+*!7,43=-0+*+!2--3!,!,=0C3!<2M,43-!*!

.32-*! 4*2-! ,N0+*/*D*=0,! ;6,! .3=-,D6243-! 24*D2=*+9! ,! =3-! .*-*43-B! L*-9!

4,-43!.*-*73-9!=C3!=3-!/>*43-!.343!:,--3*-!.*-*7*-9!E+*43-!43=AD*43-9!

!"$$!

4*-!=C3!:+,0,=7>*43-!=3-!*.3437*+B!K313.*43-!=3--*-!52.2.1,0*-!,4!.*2N*-!,!

,45*+.*43-! .34! ,1*-! :*+*! *! c+1*=7*9! 3=7,! 64!4S-! 7,:32-! ,6! <2M! W_! *=3-B!

%16D*43-! 64! *:*+0*4,=03! ,4! J*1p*o! ,! 7,:32-! 467*43-! 7,! 27,2*! ,! =3-!

467*43-!:*+*!&6512=9!,!*++64*43-!,4:+,D3-!,4!+,-0*6+*=0,-j!,1,!,4!64*!

:2MM*+2*9!,6!,4!64!.*<E!/,D,0*+2*=3B!l6*0+3!4,-,-!7,:32-9!=3-!467*43-!:*+*!

I3=7+,-9! 3=7,! /*D*43-! :,1*-! +6*-! 0C3! 76+3-! ;6,! 02/,43-! ;6,! :+3.6+*+!

43,7*-!=*-!.*1V*7*-B!%.*5*43-!/310*=73!:*+*!.*-*!,!=C3!46203!0,4:3!7,:32-!

72--3!42=@*!4C,!43++,6!,!<2M,43-!037*-!*-!.32-*-!;6,!=3-!1,/*+*4!*0E!*129!*3!

,-.+20A+23!7*!b*1B!

)*61! ,! ,6! =3-! 7,43-! *-! 4C3-! :3+! 5*2N3! 7*! 4,-*9! 35-,+/*=73! b*1!

,N*42=*+! 4,0372.*4,=0,! =3--3-! 73.64,=03-! 7,! 72/A+.23! *42D8/,1! 73! 02:3!

<*V*F/3.SF4,-43B!U1*!.3=<,+26!64*!:8D2=*9!7,:32-!360+*9!,!*--24!<,M!*3!13=D3!

7,! .2=;6,=0*!36! -,--,=0*!:8D2=*-9! .,+02<2.*=73F-,!7,!;6,! <2M,43-! 0673!.,+03B!

R,=02!64*!,-:E.2,!7,!1,*17*7,!-6+D2+!,4!424!?!4,727*!;6,!,1*!<*M2*!2--39!6=27*!

.34!)*61!.3=0+*!;6*1;6,+!*<2+4*VC3!.3=0+8+2*!;6,!,1*!:67,--,!<*M,+9!.343!-,!

,-02/E--,43-! :,72=73! :*+*! <2.*+! Q6=03-! :,13! +,-03! 7,! =3--*-! /27*-! ,! =C3! 3!

.3=0+8+23B!

! )*+,.,! ;6,! ,-08! 0673! .,+03! ! ,1*! 72--,! :3+! <249! =3-! 7*=73! 64!

-3++2-3! +,02.,=0,B! U! ,=0C3! /31036! *! <31@,*+! *-! :8D2=*-! =3/*4,=0,9! 7,-0*! /,M!

.34!64!43/24,=03!4*2-!+8:2739!:+,--23=*=73!3!,=3+4,!.*+2453!=30*+2*1!,4!

*1D64*-!,!7,-12M*=73!7,M,=*-!7,!360+*-!:,1*!4,-*!:*+*!;6,!*--2=8--,43-B!

! U6! 0,! *43! ! 7,2N,2! ,-.*:*+! ;6*=73! ,-08/*43-! ;6*-,! *.*5*=739!

4,6-!31@3-!.@,23-!7,!18D+24*-B!),=-,2!,4!1,/*=0*+!*!42=@*!4*=D*!,!43-0+*+!*!

,1*! 3! ;6*7+*73! 7,! D*M,! ;6,! .35+2*! 42=@*! 0*06*D,4! 7,! .*/*13! +,.E4F<,20*!

.343!:+3/*9!4*-!*:,=*-!5*156.2,2B! !l6,+!72M,+9!2--3!=C3!E!:3+!<*10*!7,!*43+9!

-A!:+*!/3.S!-*5,+B!U6!3!*43!,!,1,!4,!*4*BBB! !#1@,2!:*+*!)*619!,-:,+*=73!

;6,!,1,!4,!2=0,++34:,--,9!.3=.3+7*--,!,!7,.1*+*--,!-,6!*43+!0*45E49!4*-!,1,!

!"$%!

:,+4*=,.,6! ,4! -21S=.23B! ! RA! :+*! /3.S! -*5,+! ! +,:,02B! ! )*+*! ;6,! =C3!

,=0,=7*!,++*73B!

!U6!-,2! !b*1!72--,9!,!.313.36!*!4,.@*!+3-*!73!.*5,13!:*+*!3!1*73!7,!

4373! ;6,! :67,! /,+! -,6-! 31@3-! -,! 4,N,=73! =,+/3-*4,=0,! 73-! :*:E2-! :*+*!

424!,!:*+*!3-!:*:E2-!=3/*4,=0,B!

!U!E!0673!42=@*!.61:*! !<*1,29!.34!*!/3M!2=<1*4*=73!,!0+,4,=73B! !

U1,!=C3!<,M!=*7*B!U6!<,+2!*!424!4,-4*B!

)*61! ,-0,=7,6! *! 4C3! ,! *:,+036! 42=@*! :,+=*9! 4,! .3=-31*=73B! "C3!

.3=-,D62*!31@*+!:*+*!,1,B!R,!31@*--,9!.@3+*+2*B!&,.27243-!<*M,+!2--3!Q6=039!4*-!

-*52*! ;6,! -,! /2+*--,! :*+*! ,1,! ,! :+3:6-,--,! ,-;6,.,+! 3! 72/A+.23! ,! +,*0*+9! ,1,!

*.,20*+2*B! U6! =C3! 4,! /2+,2B! %1D64*! .32-*! 7,=0+3! 7,! 424! M6=26! .343! 64*!

48;62=*! ;6,! ,6! @*/2*! 7*73! *! :*+027*! ,! =C3! :372*! <*M,+! :*+*+B! K313;6,2! *!

4C3!-35+,!*!7,!)*619!;6,!,-0*/*!=*!42=@*!:,+=*B!

s-!/,M,-!=3-!:,+D6=08/*43-!-,!*-!.32-*-!0,+2*4!*.3=0,.273!7,!4*=,2+*!

72<,+,=0,! -,!64*! .32-*!;6,!,+*!/,+7*7,!=C3! 02/,--,! -273B! R,!42=@*!4C,!=C3!

02/,--,!43++2739!:3+!,N,4:139!*2=7*!*--24!,6!0,+2*!-273!2=<2,1!*!,1,T!#69!-,!,6!

=C3! 02/,--,! -273! 2=<2,19! ,1,! 0,+2*! -273! 2=<2,1! *! 424T! U! -,! =*7*! 72--3! 02/,--,!

*.3=0,.2739!*!43+0,!7,!4*4C,!,!*-!2=<27,127*7,-9!*2=7*!*--24!,-0*+>*43-!=3-!

72/3+.2*=73! :3+! 0,+43-! -24:1,-4,=0,! .*-*73!46203! .,73T!"C3! 02=@*! .343!

-*5,+9!4*-!,-08/*43-!*5,+03-!*!7,-.35+2+B!)3+!4*2-!6=273-!;6,!<a--,43-!Q6=03-9!

,-08/*43-!*2=7*!4*2-!6=273-!=*!-,:*+*VC39!<2=*14,=0,!<*1*=73!0673!64!:*+*!

3! 360+3! .34! :*1*/+*-! ;6,! :*+,.2*4! =6=.*! 0,+! -273! <*1*7*-! ,=0+,! 732-! -,+,-!

@64*=3-B! U=0C3! <343-! <6=739! <*1*=73! 0673! 3! ;6,! ,+*! 53=2039! <,23! ,!

/,+7*7,2+3B!

! %D3+*! ;6,! :*--*43-! :3+! 0673! 2--3! 7,/>*43-! <2.*+! Q6=03-! !4,23!

;6,! 5+2=;6,2! =*! ,-0,2+*! *<,063-*! 7,! =3--*! G1024*9! *=D6-02*7*! ,! +,/,1*73+*!

72-.6--C39!*;6,1*!,4!;6,!02/,43-!;6,!<2=*14,=0,!7,.272+!-,!=3-!72/3+.2*+>*43-!

36! =C3B! U-08/*43-! =3! ,-.6+39! =3! -3<8! 73! 4,6! *:*+0*4,=039! 7,:32-! ,!

!"$&!

.3=/,+-*+!037*!*!0*+7,!,!:*+0,!7*!=320,9!*453-!46203!*5*1*73-!:*+*!1,/*=0*+!,!

*.,=7,+!*!16M!;6*=73!3!-31!-,!:a-B!

!U-:,+3!;6,!/3.S!.3=-2D*!<*M,+! 2--3!64!72*!.34!360+*!:,--3*! !,6!

72--,! ;6*=73! ,1,! =C3! +,-:3=7,69! ,453+*! 3! -24:1,-! :,=-*4,=03! 7,! 360+*!

:,--3*!4,!*:,+0*--,!3!.3+*VC3B!

!U-:,+3!;6,!/3.S!0*45E4!.3=-2D*! !,1,!72--,B!

U-0*/*! -,=0*7*! =3! ,-.6+3! *3! 1*73! 7,1,9! ;6,+,=73! *.+,720*+! ;6,! -,+2*!

.*:*M!7,!,=.3=0+*+!=3/*4,=0,!3!02:3!7,!*43+!;6,!,6!02=@*!:3+!,1,9!-A!;6,!

-,4!7,-0+6>F13!7*!:+AN24*!/,MB!c--3!4,!:*+,.2*!24:3-->/,1B!),=-*/*!=*!42=@*!

4C,B! ),=-*/*! ,4! .343! ,4! -,6-! G10243-! 72*-! 7,! /27*! 0*=0*-! .32-*-! @3++>/,2-!

*.3=0,.,+*4B!),;6,=*-!.32-*-!@3++>/,2-B!#-!5*156.23-!7,12+*=0,-!,!,-;62-203-!7,!

42=@*!4C,B!#-!@,4*034*-!;6,!,=,D+,.,+*4!*!:*+0,!:3-0,+23+!7,!-,6-!5+*V3-!

*.*4*73-B! %! 4*=,2+*! ;6,! 24:13+*/*! :3+! *1D64*! .32-*! ;6,! =C3! ,+*! =,4!

:2,7*7,B!)3+!-,Q*!18!3!;6,!<3+!;6,!E!4,=3-!73!;6,!:2,7*7,j!:,13!;6,!=A-!=,4!

0,43-! 64*! :*1*/+*! :*+*! 7,<2=2+B! U--,-! <3+*4! 3-! :23+,-! 72*-9! ,6! *.@*/*! =*!

E:3.*9!,9!=3!,=0*=039!;6*=73!,1*!43++,6!,6!0,+2*!7*73!;6*1;6,+!.32-*!:*+*!0SF

13-! 7,! /310*B! '4! 72*! .6+039! @3++>/,1! ,! D13+23-3! *0+8-! 73! 360+3B! $*1/,M! -,Q*!

*--24! .34! )*61! 0*45E49! :,=-,29! -,=0*7*! *3! 1*73! 7,1,! =*! =320,! ,4! ;6,!

7,.27243-! =3-! 72/3+.2*+B! $*1/,M9! 64*! /,M! ;6,! 0,+42=,49! ,6! 0*45E4!;6,+2*!

,--,-!72*-!@3++>/,2-!7,!/310*B!

!"3!;6,!/3.S!,-08!:,=-*=73T! !,1,!:,+D6=0369!4*-!=C3!+,-:3=72B!

%:,=*-!4,!7,5+6.,2!,!*.,=72!*!16MB!

U+*! =3--*! +,-:3=-*52127*7,! .313.*+! =3! .3++,23! 3-! 73.64,=03-! 73!

72/A+.23!*--2=*73-!:,1*!0*5,12CB!e6=03-9!)*61!,!,6!-*>43-!73!:+E723!:*+*!*!+6*!

.@,2*! 7,! =,/,! ,! *=7*43-! :,1*! .*1V*7*! *0E! ,=.3=0+*+! 64*! .*2N*! 7,! .3++,23B!

&,:32-9! =3-! ,=.3-0*43-! ?! :*+,7,! D,1*7*! 7,! 64! :+E723! ,! =3-! 5,2Q*43-9!

.@3+*=73! ,! 46+46+*=73! *++,:,=724,=03-9! *-! 18D+24*-! -,! 42-06+*=73! ,4!

=3--3-!+3-03-B!

!"$'!

!#!;6,!,-0*43-!<*M,=73T! !)*61!:,+D6=036!7,:32-!7,!64!0,4:3B!

!&2M,=73!*7,6-! !,6!72--,B!

),=-,2! ,4! :,72+! ;6,! ,1,! /310*--,! :*+*! .*-*! .342D39! .343! 0>=@*43-!

<,203!*1D64*-!/,M,-!*3! 13=D3!73!.6+-3!7,!64!*=3!7,!=3--*! -,:*+*VC39! 2=73!

:*+*!*!.*4*!Q6=03-!:3+!64*!=320,!36!64*!0*+7,9!4*-!=C3!02/,!.3+*D,4B!

!%7,6-! !,1,!72--,B!

!%7,6-! !+,-:3=72B!

),+4*=,.,43-!D+67*73-9!.*+*!*!.*+*9!42=@*-!4C3-!-,D6+*=73!*!<+,=0,!

7,!-,6!.*-*.3B!U6!:372*!-,=02+!*!.+6,17*7,!467*!73!,72<>.23!,4!64!73-!4,6-!

1*73-j!3!.E6!.2=M*!,!*-!+6*-!5+*=.*-!.343!64!*=24*1!D2D*=0,!,4!+,:36-3!73!

360+3j!,!=A-!=3!4,23!7,1,-9! Q6=03-!,! -3M2=@3-!,4!64! 0G=,1B!k13.3-!7,!=,/,!

7,++,02*4! =3! .*5,13! 7,1,j! ;6,+2*! ,-0,=7,+! *!4C3! ,! 03.8F13-9!4*-! =C3! 3! <2MB!

k2.*43-!*12!:*+*73-!-,4!72M,+!=*7*9!31@*=73!64!:*+*!3!360+3!.343!-,!<3--,!*!

G1024*!/,MB!

! K@,+o1! R0+*o,7! ! ,1,! 72--,! *:A-! 64! 13=D3! 2=0,+/*139! 4,6! =3/3!

=34,!0C3!,-0+*=@3!,4!-6*!53.*B!

U6!*--,=02!.34!*!.*5,V*!,!-310,2!-,6!.*-*.3B!

!

!

!

!

!

!

!

!

!

!

!

!

!"$(!

!

!

!

!

!

!

!

!

!

R&&S&T2"1*&U*$5-*&O*&H$"9+*&!

! K@,+o1! R0+*o,7T! ! :,+D6=036! *! 461@,+! 73! *+4*ME4! D,+*1! 7,!

g,==,7o!L,*73p-! -,4! -3++2+B!l6*=73! <2M! ;6,! -24! .34! *! .*5,V*! 7,!4373!

,=06-2*-4*739!,1*!-,!/2+36!,!7,-*:*+,.,6!=3-!<6=73-!-,4!72M,+!360+*!:*1*/+*B!

#1@,2!,4!/310*9!2=,5+2*7*!:,1*!/2-C3!7*!.3427*!,=1*0*7*!,!7*-!5,527*-9!

-,=02=73!64*!42-06+*!7,!,N:,.0*02/*!:,1*-!.32-*-!;6,!.3=-642+2*!=*-!:+AN24*-!

@3+*-!,!7,!*1>/23!:,13!<*03!7,!*!43.@21*!=C3!,-0*+!4*2-!:+,-*!*3!4,6!.3+:39!

4*-!+,.3-0*7*!=*!,=0+*7*!7*!13Q*B!

U6!,-0*/*!*;62B!$2=@*!.3=-,D6273!.@,D*+!?!:+24,2+*!:*+*7*B!)*+,.2*!64!

421*D+,B!$2=@*!.,+0*!,N:,.0*02/*!7,!/,+!J+,D9!L*00!,!%15,+0!=3!*+4*ME49!4*-!

,1,-! =C3! ,-0*/*4! ?! /2-0*B! #! D62*! 2=<3+4*/*! ;6,! 3! 13.*1! 7,! *.*4:*4,=03!

<2.*/*! *! .,+.*! 7,! ^! ;621a4,0+3-! *72*=0,! ,! *.@,2! ;6,! 3-! ,=.3=0+*+2*! 189! .34!

&36D! ,! $34B!J+*V*-! *3-!4,6-! ,-<3+V3-9! ,1,-! =C3! .3=-,D62+*4!4,! *1.*=V*+B!

g,==,7o! L,*73p-! ,+*! 64*! 53=20*! ,N0,=-C3! 7,! <13+,-0*-! 7,! :2=@,2+3-9!

*+56-03-! 7,! -81/2*! ,! .*4:2=*-! *! \B]__!4,0+3-! 7,! *102067,! -35+,! 3! +23! R360@!

k3+[! g,+=B! "C3! ,+*! 64*! .27*7,9! 4*-! 64! :3-03! */*=V*73! 7*! .2/212M*VC3!

,-:*1@*73! :3+! *1D6=-! ;621a4,0+3-9! ;6,! .3=-2-02*! ,4! 64! *+4*ME49! 64!

+24202/3B!

!"$)!

! %;62! ,-08! ! *! 461@,+! 72--,9! +,03+=*=73! .34! *! 42=@*! .*2N*! ,!

.313.*=73F*!-35+,!3!5*1.C3B! !q!*!G=2.*!;6,!0,4!64!=34,!<,42=2=3!,-.+203!

=,1*B!k32!*--24!;6,!7,-.35+2B!

U1*!,4:6++36F*!=3!5*1.C3!:*+*!424d!

!c--3!.@,D36!0*45E4B!

U4! -6*!4C3! @*/2*! 64! .*+0C3F:3-0*1B! ),D6,2F3! ,! 12d! U-:,+3! ;6,! 0,=@*!

.@,D*73!*0E!*;629!72M2*!,4!64!D*++*=.@3! <*4212*+B!l6,+3! -,+! -,6!=*43+*73!

-,4!/>.23-! 64!72*B!%43!/3.SB! e3,B!"3!360+3! 1*73! 02=@*! 64*! <303D+*<2*! 73!

Ro1/2*!f,*.@!Y30,1!=*!.3-0*!73!#+,D3=9!3=7,!<2.*43-!Q6=03-!64*!/,MB!#1@,2!

:*+*! *! <303D+*<2*! :3+! *1D6=-! 2=-0*=0,-9! 64*! -E+2,! 7,! ,43Vn,-!4,!/*++,6! ,4!

3=7*-d! D+*027C3! :,1*! 1,45+*=V*! 7,! *1D6E4! .3=@,.2739! -*67*7,-! 7,! e3,9!

7,-*:3=0*4,=03!:3+!*:,=*-!64*!:,--3*!0,+!,-.+203!,9!:3+!4*2-!2++*.23=*1!;6,!

:*+,V*9!0+2-0,M*!:3+!,--*!:,--3*!=C3!-,+!)*61B!

K34:+,2! 76*-! D*++*<*-! 7,! 1243=*7*! R=*::1,9! 64*! 5*++*! D+*=7,! 7,!

.@3.31*0,! f600,+<2=D,+! ,! 64! -*.3! 7,! &3+203-9! 7,:32-! -*>9! 4,! -,=0*=73! =3-!

7,D+*6-!7*!<+,=0,!:*+*!7,/3+*+!3!;6,!@*/2*!.34:+*73!,=;6*=03!12*!+,:,027*-!

/,M,-!3! .*+0C3F:3-0*1B!&,:32-!7,!64! 0,4:39!:,+.,52!64*!.*2N*!=3!.*=03!7*!

,=0+*7*!.@,2*!*0E!*!53.*!.34!5*-2.*4,=0,!.3427*!,=1*0*7*!7,!43.@21,2+3B!U4!

.24*!7,1*!@*/2*!64!*/2-3!,-.+203!?!4C3!;6,!72M2*d!

K*42=@*=0,!7*!)K$!.*2N*!J(%$'c$%ttt!

&,2N,!3!;6,!/3.S!=C3!;62-,+t!

),D6,!3!;6,!;62-,+t!

!

'4!5*-0C3!7,!,-;62!,-0*/*!,=.3-0*73!*0+8-!7*!.*2N*9!,N*0*4,=0,!3!;6,!

,6! :+,.2-*/*B! U+*! 64! 5*-0C3! 7,! ,-;62! <,203! :*+*! 64*! :+2=.,-*d! 5+*=.39! .34!

64*! <*2N*! 7,! =8213=! +3-*F.@2.1,0,! =*! ,4:6=@*76+*B! $,-0,2F3! 7*=73! *1D6=-!

:*--3-B!$2=@*! *!*106+*!:,+<,20*B! U1,!4,!*Q67*+2*! *! .+6M*+!=C3!*:,=*-! *!=,/,9!

!"$*!

4*-! 0*45E4! 3-! 46203-! .A++,D3-! ,! 7,-12M*4,=03-! ;6,! -,4! 7G/27*! -,!

,=.3=0+*+2*4!?!<+,=0,B!

K*42=@,2!.34!,1,!64*!@3+*!7,:32-!:,1*!,-0+*7*!7,!0,++*!;6,!7*/*!=3!

.*4:2=D9!:+3.6+*=73!:3+!J+,D9!L*00!,!%15,+0B!U+*!64*!0*+7,!7,!7342=D3!7,!

Q6=@39!4*-!3! 13.*1! ,-0*/*!;6*-,!/*M23B!)*--,2!:3+!64!@34,4!:+,:*+*=73!3!

,;62:*4,=03! 7,! :,-.*! ,! :3+! 64! .*-*1! .34! 64! .331,+! 7,! .,+/,Q*! ,! 64!

,;62:*4,=03!7,!-34B!)3+!<24!.@,D6,2!*!64*!8+,*!7,!*.*4:*4,=03!3=7,!64!

@34,4! D+2-*1@39! -,4! .*42-*! ,! .34! 64*! D+*=7,! 5*++2D*! 5+3=M,*7*! ,-0*/*!

-,=0*73! ,4! 64*! 4,-*! 7,! :2;6,=2;6,! 1,=73! 64! 12/+3B! U1,! ,+D6,6! 3-! 31@3-!

;6*=73!4,!*:+3N24,2B!

! b3.S! 7,/,! -,+! *! <*43-*! K@,+o1! 7*! 43.@21*! D2D*=0,! ! ,1,! 4,!

.@*436B!

U6!+29!.3=.3+7*=73B!

!R36!U7B! !U1,!-,!72+2D26!*!424!,!4,!7,6!64!*:,+03!7,!4C3B! !R,6-!

*42D3-!,-0C3!*;62B!%.*5*+*4!7,!:,D*+!64*!.*+3=*!*0E!3!*+4*ME4B!b3.S!7,/,!

0,+!-,!7,-,=.3=0+*73!7,1,-!*3!/2+!.*42=@*=739!4*-!,1,-!4,!:,72+*4!:*+*!<2.*+!

7,! 31@3! ?! -6*! ,-:,+*B! R,! ;62-,+9! :37,!43=0*+! *! 5*++*.*! 5,4! *12B! U1,-! ,-0C3!

0373-! *.*4:*73-! *;629! J+,D9! %15,+0! ,! 3! <21@3B! ! U1,! D,-02.6136! *:3=0*=73!

:*+*! *-! 5*++*.*-! *3! -,6! +,73+B! ! U-08/*43-! *:3-0*=73! ;6,4! 2*! .@,D*+!

:+24,2+3B!b3.S!36!3-!732-!+*:*M,-!73!1,-0,!;6,!,-0*/*4!7,:32-!7,!/3.SB!

!l6,4!D*=@36T! !:,+D6=0,2B!

U7!:,=-36!:3+!64!434,=03B!

! "2=D6E4! ! ,1,! 72--,! ,! .*26! =*! D*+D*1@*7*B! ! ",=@64! 7,! =A-!

*:3-036!,4!/3.SB!

)36-,2!*!L3=-0+*!=*!4,-*!7,!:2;6,=2;6,9!02+,2F*!,!7,2N,2F*!*129!:*+*!;6,9!

;6*=73! <3--,! .313.8F1*! =3/*4,=0,9! =C3! 02/,--,! ;6,! +,*12M*+! 4,6! :*0E02.3!

*D*.@*4,=03!*!:*+02+!73!.@C3B!

!"%+!

! f,4F/2=7*! ?!42=@*! @64217,!43+*7*! ! U7!72--,9! *:3=0*=73!:*+*!

64! :,;6,=3! 0+*21,+! .34! 64! 0,1@*73! ,N0,=->/,1! 7,! 13=*! =*! 1*0,+*1! ,! 64*!

.3M2=@*!24:+3/2-*7*!,45*2N3!7,1,B! !U-08!.34!<34,T!

"C3! @*/2*! .@6/,2+3-! =3! .*4:2=D9! ,=0C39! ,=;6*=03! U7!4,! :+,:*+*/*!

64!*143V39!<62!*0E!3!+23!4,!1*/*+!7*!4,1@3+!<3+4*!:3-->/,1!.34!*!+36:*!=3!

.3+:3B!#!+23!<32!64!24:*.03!7,:32-!7,!0373!3!8+273!0,++20A+23!;6,!*0+*/,--,2B!

U!3!R360@!k3+[!g,+=!=C3!,+*!64!+23!;6*1;6,+B!U1,!,+*!/231,=03!,!-,=@3+!7,!-29!

D,1*73! ,! <6+23-39! -6*! <3+V*9! 64*! .1*+*! ,/27S=.2*! 7*! =,/,! 7,=-*! =3! *103! 7*-!

43=0*=@*-B! %! .3++,=0,M*! ,+*! <3+0,! 7,4*2-! :*+*! ,=0+*+9! 4,-43! ?! *106+*! 73!

03+=3M,139! ,=0C3! 7,-.2! :,1*! 4*+D,4! *0E! ,=.3=0+*+! 64*! ,=-,*7*! :+AN24*! ,!

,=0+,2!=*!8D6*B!L,6-!:E-!73>*4!=*!8D6*!D,1*7*!,!:3+!<24!<2.*+*4!73+4,=0,-B!

%5*2N,29! 431@,2! 4,6! .*5,13! 246=73! ,! Q3D6,2! *-! 4C3-! .@,2*-! 7,! 8D6*! :3+!

7,=0+3!7*!+36:*!:*+*!1*/*+!4,6!.3+:3B!U6!4,!-,=02*!,=,+D2M*7*!:,13!*VG.*+!,!

:,1*!/20A+2*!7*!.@,D*7*j!.@,2*!7,!,N:,.0*02/*!7*-!.3=/,+-*-!;6,!,6! 0,+2*!=3-!

:+AN243-!72*-B!

l6*=73!*.*5,29!,-.*1,2!*!4*+D,4!,!7,:32-!:*--,2!:3+!64!.*4:3!*4:139!

G4273!,!<+23B!U6!:372*!/,+!U7!*3!13=D,!,9!?!4,727*!;6,!4,!*:+3N24,29!3!/2!

1,/*+! :+*03-! .@,23-! 7,! .3427*9! <+*-.3-! 7,! [,0.@6:! ,! 7,!43-0*+7*! ,! 1*0*-! 7,!

K3.*FK31*!7,!-6*!.3M2=@*!=3!*.*4:*4,=03!*0E!*!4,-*!7,!:2;6,=2;6,B!U6!3!

02=@*!.3=@,.273!@*/2*!:36.3-!42=603-!,!*2=7*!*--249!.343!3-!360+3-!@34,=-!

;6,! .3=@,.29! ,1,!4,!:*+,.,6! 2=-0*=0*=,*4,=0,! <*4212*+9! .343! -,! ,6!:67,--,!

.3=<2*+!=,1,!:*+*!:+*02.*4,=0,!;6*1;6,+!.32-*B!R,=0*43-!64!7,!<+,=0,!:*+*!3!

360+3! ,! .34,43-! ,=;6*=03! ,1,! 4,! <*1*/*! 7,1,B! $2=@*! ^_! *=3-9! ,+*! :3,0*!

*4*73+!,!/*D*56=73!-*M3=*19!=C3!02=@*!<21@3-!,!,+*!72/3+.2*73B!$,=0,2!.34,+!

=3! 4,-43! +2043! :+*M,+3-3! 7,1,9! 7*=73! 43+727*-! ;6*=73! ,1,! 7*/*9! 73!

4,-43!4373!;6,! 02=@*! 0,=0*73! *.34:*=@*+!3-!:*--3-! 7,!J+,D! *1D6=-! 72*-!

*0+8-9!4*-!=C3!.3=-,D62B!U6!,-0*/*!,-<34,*7*B!&,/3+,2!732-!.*.@3++3-F;6,=0,-9!

64*!43=0*=@*!7,!<,2Qn,-!.3M273-!,!360+*!43=0*=@*!7,!5*0*0*-!<+20*-!,4!64!

!"%"!

-,D6=73! ,! 7,:32-! <2;6,2! -,=0*7*! <*42=0*! ;6,+,=73!4*2-B! U=;6*=03! 2--39! U7!

.34,6!3!*143V3!7,1,!0+*=;621*4,=0,9!<*M,=73!:*6-*-!:*+*!*5+2+!-,6!728+23!,!

1,+!,4!/3M!*10*!3-!:3,4*-!;6,!02=@*!,-.+203!=3!72*!*=0,+23+B!U1,!43+*/*!,4!

R*=! &2,D3! *! 4*23+! :*+0,! 73! *=39! ,N:12.369! 4*-! 0373! /,+C3! 43=0*/*!

*.*4:*4,=03! ,4! g,==,7o! L,*73p-! :*+*! -*67*+! 3-! 0+21@,2+3-! 7*! )K$! ?!

4,727*!;6,!:*--*/*4B!U+*!.3=@,.273!=3!Q*+DC3!73!0+21@,2+3!7*!)K$!.343!64!

*=Q3!7*!0+21@*9!4*-!,6!=C3!-*52*!72--3!=*!E:3.*B!"C3!-*52*!=,4!;6,!@*/2*!64!

Q*+DC3!73!0+21@,2+3!7*!)K$B!

!#1@*!*;629!:,--3*19!0373-!=A-!:,+7,43-!*!*:3-0*! !U7!D+2036!:*+*!

3-!@34,=-!;6*=73!/310*+*4!73!*+4*ME4B!

!U6!=C3!:,+72t! !J+,D!:+30,-036!*3!-,!*:+3N24*+!:*+*!4,!*:,+0*+!3!

345+3B! !%:3-0,2!4,6!72=@,2+3!,4!/3.S9!K@,+o1! ! ,1,! 2=-2-0269! ,453+*!3-!

360+3-!.3=0,-0*--,4!-6*!7,.1*+*VC3B!

R,=0*43-!*3!+,73+!7*!4,-*!7,!:2;6,=2;6,9!.3=/,+-*=73!-35+,!*!0+21@*9!

,!7,:32-!7,!64!0,4:3!0373!46=73!-,!72-:,+-36!:*+*!02+*+!64!.3.@2139!U7!,4!

-,6! 0+*21,+9! J+,D9! %15,+0! ,! L*00! ,4! -6*-! 5*++*.*-B! ),+4*=,.2! =*! 4,-*! 7,!

:2;6,=2;6,9! *D20*7*! 7,4*2-! :*+*! 73+42+9! /*-.61@*=73! 3! .3=0,G73! 7*! .*2N*!

;6,! ,6! 02=@*! ,4:*.30*73! -,4*=*-! *=0,-B! %-! .32-*-! 02=@*4! 3! .@,2+3! 7,! 64!

46=73!72-0*=0,9!.343!*;6,1,!;6,!,6!@*520*/*!=3!;6,!:*+,.2*!-,+!360+*!/27*9!

;6,! .@,2+*/*! *3! 2=.,=-3! "*D! K@*4:*! ;6,! 02=@*! 24:+,D=*73! =3! 4,6!

*:*+0*4,=03B! #-! -*.3-! M2:13.[! ,! *! ,45*1*D,4! 7,! .3427*! *2=7*! ,-0*/*4!

5+21@*=0,-!,!2=03.*7*-B!%!.*42-,0*!=3/*!.@,2+*/*!*3!-*5C3!7,!1*/*=7*!;6,!,6!

.34:+*/*! *! D+*=,1! =*! .33:,+*02/*! *! ;6,! ,+*! <212*7*! ,4!L2=,8:312-B! %! .*:*!

<13+*1!73-!K3=03-!.34:1,03- !

#!4,-43! =C3! :372*! -,+! 7203! 7,! U=;6*=03! *D3=2M39! 7,! k*61[=,+9! 36!

4*2-!,N*0*4,=0,!7*!:,;6,=*!:*+0,!73!12/+3!;6,!*2=7*!+,-0*!=*!42=@*!43.@21*B!

U6!@*/2*!*++*=.*73!*!.*:*!,!037*-!*-!:8D2=*-!;6,!02=@*!1273!=*!=320,!*=0,+23+!,!

;6,24*73! 0673! =*! :,;6,=*! <3+4*! 7,! *164>=23! ;6,! 0+36N,! :*+*! .313.*+!

!"%#!

,45*2N3! 73! <3DC3! .343! :+30,VC3! 7,! <*D61@*-B! b2! 3! =34,! 7,! k*61[=,+!

7,-*:*+,.,+!=*-! .@*4*-!4,! -,=02=73!64!:36.3!.34,0,=73!64! -*.+21ED23! !

=6=.*! 02=@*! 24*D2=*73! ;6,! ;6,24*+2*! 12/+3-9! 4*-! ,-0*/*! 7,-,-:,+*7*! :*+*!

7242=62+!*!.*+D*B!k2M!3!4,-43!.34!*!:*+0,!73!)*.2<2.!K+,-0!$+*219!b3164,!\d!

K*12<3+=2*!;6,!Q8!02=@*!:,+.3++273B!

k32!72<>.21!<*M,+!2--39!4*-!:+,.2-*/*!-,+!<,203B!U6!*73+*/*!12/+3-!,4!42=@*!

/27*!=3+4*1!:+EF)K$9!4*-!=*!0+21@*!,1,-!*--642+*4!64!-2D=2<2.*73!*2=7*!4*23+B!

U+*4!3!46=73!=3!;6*1!,6!:372*!4,!:,+7,+!;6*=73!*;6,1,!,4!;6,!,-0*/*!7,!

<*03! -,! 03+=*/*! -31208+23! 7,4*2-9! .+6,1! 36! 72<>.21! 7,! *D6,=0*+B! l6*=73! ,6!

*.*4:*/*!?!=320,9!4,!*:+,--*/*!=*!0*+,<*!7,!43=0*+!*!5*++*.*9!<210+*+!8D6*!,!

:+,:*+*+!3!Q*=0*+!7,!4373!;6,!7,:32-!:67,--,!4,!-,=0*+!=3!*5+2D3!7*!5*++*.*9!

=*!42=@*!.*7,2+*9!.34!42=@*!:*=,1*!7,!.3427*!;6,=0,!:+,-*!,=0+,!3-!Q3,1@3-B!

U6!.342*!.34!*!.31@,+!,4!64*!7*-!4C3-!,!3!12/+3!=*!360+*9!1,=73!.34!*!16M!

7*! 1*=0,+=*! 7,! .*5,V*! ;6*=73! 3! .E6! ,-.6+,.2*B! "*! :+24,2+*! -,4*=*! 7*!

.*42=@*7*9!,-0*/*! -,4:+,! .*=-*7*!7,4*2-!:*+*! 1,+!4*2-!73!;6,!64*!:8D2=*!

36!76*-!*=0,-!7,!.*2+!=3!-3=39!4*-9!?!4,727*!;6,!<2.*/*!4*2-!<3+0,9!<62!1,=73!

4*2-9!8/27*!:3+!<6D2+!73!0E723!73-!4,6-!72*-B!U!*!.*7*!4*=@C!,6!;6,24*/*!3!

;6,!;6,+!;6,!02/,--,!1273!=*!=320,!*=0,+23+B!

U=;6*=03!-,D6+*/*!3!,N,4:1*+!2=0*.03!

-*26!7,!-6*!5*++*.*B!

!L,!:*+,.,!;6,!/3.S!*D6,=0*+2*!:,+7,+!*1D64*-!.32-*-! !,1,!72--,B! !

l6,+!*Q67*T!

!"*!+,*127*7,9!-24! !,6!72--,9!-3++2=73!4,1*=.312.*4,=0,!:*+*!,1,B!

! $673! 5,49! ,=0C3B! b,Q*! 3! ;6,! ;6,+3! ;6,! <*V*d! *++64,! *!43.@21*!

.343! -,! ,-02/,--,! :*+*! .34,V*+! 64*! .*42=@*7*! 7*;62! :*+*! ,--,! :+AN243!

0+,.@3!7*! 0+21@*! ,! .3=02=6*+,43-! 7*>B! ! U1,! <32! ,4!72+,VC3! *3! +23! .34!64!

:,7*V3! 7,! ,-.3/*! 7,! 7,=0,! =*!4C3j! 3! .*53! ,1,! *.@36!4,1@3+! .3+0*+! :*+*!

,.3=342M*+!:,-39!E!.1*+3B!

!"%$!

K34,.,2! *! 0+*5*1@*+9! 2=0,D+*=73! 3! =3/3! .34! 3! /,1@39! 4,! -,=02=73!

.343! -,! ,-02/,--,! <*M,=73! 64*! :+3/*! ,4! ;6,! ,-0*/*! <*7*7*! *! <+*.*--*+B!

l6*=73! 0,+42=,29! %15,+0! /31036! ,! 4,0372.*4,=0,! 7,-*++6436! *! 42=@*!

43.@21*B!R,:*+36!3-!20,=-!,4!76*-!:21@*-9!64*!2*!:*+*!*!43.@21*9!360+*!:*+*!*!

*D3+*! /*M2*! .*2N*! 7,! -6:+24,=03-9! ;6,! ,6! :372*! 0*=03! +,.313.*+! =3! .3++,23!

:*+*!.*-*!36!7,2N*+!=*!.*2N*!7,!73*Vn,-!:*+*!3!0+21@,2+3!7*!)K$!=*!,=0+*7*!73!

*+4*ME4! 7,! g,==,7o! L,*73p-9! :*+*! 3-! 360+3-! :,D*+,4B! )*+*! 7,=0+3! 7*!

.*2N*! <32! *! -,++*! 735+8/,19! 3-! 42=252=A.613-! ,! 3! <1*-@! -6:,+:30,=0,! :*+*! *!

.h4,+*!;6,!,6!*2=7*!02=@*!;6,!6-*+B!U=;6*=03!,6!35-,+/*/*9!%15,+0!.313.36!

7,!1*73!3!7,-373+*=0,!.6Q3!:37,+!,6!-6:,+,-024,29!*!D21,0,!7,-.*+08/,1!;6,!,6!

0+36N,!.34!*!/*D*!27,2*!7,!+*-:*+!*-!:,+=*-!,!3-!-3/*.3-!,9!:*+*!4,6!D+*=7,!

.3=-0+*=D24,=039!3!D3+73!+313!7,!.*42-2=@*-!;6,!,6!02=@*!,=<2*73!=3![20!7,!

:+24,2+3-!-3.3++3-B!

! b3.S! +,*14,=0,! :+,.2-*! 7,1*-T! ! %15,+0! :,+D6=0369! -,D6+*=73! *-!

.*42-2=@*-B!

%15,+09!3!:*2!,-.30,2+3!7*!J,A+D2*9!.6Q*!*12*=V*!7,!.*-*4,=03!5+21@*/*!

*3!-319!;6,!.3+036!3!.*53!7*!:+A:+2*!,-.3/*!7,!7,=0,9!4*-!;6,!-,4!7G/27*!

1,/*/*!64*!5>512*!7,!531-3!=*!43.@21*B!U1,!4,!31@36!2=,N:+,--2/3!.343!64!

-317*739! ,=;6*=03! *-! ,45*1*D,=-! :18-02.*-! 7,! 64*! 7GM2*! 7,! :+,-,+/*02/3-!

610+*<2=3-!=C3! 165+2<2.*73-!7*!$+3Q*=!:+376M2*4!64!-34!7,!,-0*13!?!4,727*!

;6,!-,!7,-,=+31*/*4!.343!64*!-,+:,=02=*!,4!-6*!4C3B!

!"C3! !+,-:3=729!43++,=73!7,!/,+D3=@*B!

%! 27,2*! 7,! <*M,+! -,N3! :*+,.2*! *5-6+7*! *D3+*9! ,453+*! *3! :+,:*+*+! 3-!

-6:+24,=03-!0,=@*!4,!-3*73!.343!64*!:,+-:,.02/*!+*M38/,19!*=0,-!7,!,6!0,+!

64*! =3VC3! 73! .*42=@*+! :,1*! )*.2<2.! K+,-0! $+*21! <*+2*! .34!4,6! .3+:3B!"C3!

02=@*!4,!/2-03!7,-7,!;6,! ,-02/,! =3! @30,1! ,4!(27D,.+,-09!4*-!7,:32-! ;6,!3-!

@34,=-!<3+*4!7,-.*=-*+!02/,!*!.@*=.,!7,!31@*+!:*+*!3!4,6!+3-03!=3!+,0+3/2-3+!

1*0,+*1! 7*! .*42=@3=,0,! 7,! U7B! )*+,.2*! 5+3=M,*7*! ,! -6Q*9! *:,-*+! 73! +,.,=0,!

!"%%!

5*=@3!=3!+23B!$2=@*!4,!03+=*73!/*D*4,=0,!4*2-!4*D+*!,!4,6!.*5,13!136+3F

,-.6+3!,-0*/*!64!:36.3!4*2-!.1*+39!*10,+=*7*4,=0,!*.@*0*73!,!*++,:2*73!:,1*!

.3452=*VC3!7,!-63+9!8D6*!7,!+23!,!:3,2+*B!

U6!=C3!:*+,.2*!64*!461@,+!;6,!:37,+2*!:+,.2-*+!7,!\W!.*42-2=@*-B!

L*-!%15,+0!=C3!:*+36!:*+*!+,<1,02+!-35+,!0*2-!.32-*-9!-,!,6!2*!<*M,+!-,N3!

36!=C39!-,!,+*!53=20*B!U1,!<32!,4!<+,=0,!-*;6,*=73!*!42=@*!43.@21*!,!-,4:+,!

4,!;6,-023=*=73!.34!<2+4,M*!*=0,-!7,!.313.*+!=*!:21@*! -,F12/+*+F72--3!360+3!

20,4!;6,!,6!02=@*!:+,/2*4,=0,!.3=-27,+*73!=,.,--8+23B!K3=.3+7,2!;6*-,!037*-!

*-! /,M,-! ;6,! ,1,! *:+,-,=036! 64! 20,49! *.,20*=73! ;6,! 7,/,+2*! -*2+9! ,453+*!

0,=@*! 4*=0273! 0*=03! 3! K3=03-! .34:1,03-! .343! *! 42=@*! *4*7*! ,! 2=0*.0*!

.A:2*! 7,! $@,! &+,*4! 3<! *! K3443=! I*=D6*D,B! L*=02/,! 3! 728+239! =3! ;6*1!

+,D2-0+,2! 0673!3!;6,!<2M!=*;6,1,!/,+C3B!U!;6*=73!%15,+0!=C3!,-0*/*!31@*=739!

7,-0*;6,2! 64*! .*42-2=@*! 73! +313! ;6,! ,1,! 02=@*! Q3D*73! 7,! 1*73! ,! ,=<2,2F*!

72-.+,0*4,=0,!=3!531-3!0+*-,2+3!73!-@3+0B!

!U=0C39!3!;6,!0+36N,!/3.S!*0E!*;62T! !%15,+0!:,+D6=036!;6*=73!-,6!

0+*5*1@3!0,+42=36B!U1,!-,!-,=036!=3!5*=.3!7*!4,-*!7,!:2;6,=2;6,9!*-!D+*=7,-!

4C3-!.+6M*7*-!=*!<+,=0,B!

!k*M,+!*!)K$T! !:,+D6=0,2B!

U1,! .3=<2+436! .34! *! .*5,V*! ,! 4,! 35-,+/36! ,=<2*+! =*! 43.@21*! 3-!

72/,+-3-!20,=-!-35+,!3-!;6*2-!0>=@*43-!.3=.3+7*73!;6,!,6!:37,+2*!4*=0,+B!

!b36! 0,!72M,+!:3+!;6,!,-036! <*M,=73! 2--3! ! ,1,!72--,! +*:27*4,=0,9!

*=0,-! ;6,! ,6! :67,--,! +,-:3=7,+B! ! $,4! -273! 3! -3=@3! 7,! 64*! /27*! 2=0,2+*!

+*! ,N2-0,! *1D3! ;6,! ,6!

-6*/,4,=0,!.34!3!:6=@3!=*!4,-*B! !U!/3.S9!D*+30*T!U6!0,=@3!64*!0,3+2*!7,!

;6,!*!4*23+2*!7*-!:,--3*-!0,4!64*!+*MC3B!%1D3!;6,!*-!0+*M!*0E!*;62B!

! "C3! -,2! ! @,-20,2B! "C3! ,-0*/*! 72-:3-0*! *! .3=0*+! *3! .+2-0C3! 7*!

J,A+D2*!7,!^_!,!:36.3-!*=3-9!,-.30,2+3!D+*76*73!=>/,1!U*D1,9!:3+!;6,!7,.272!

!"%&!

<*M,+!*!0+21@*!-3M2=@*!:3+!0+S-!4,-,-!2=0,2+3-9!=C3!24:3+0*!;6C3!7,12.*7*4,=0,!

-,6-!31@3-!.2=021*--,4!;6*=73!-3++2*B!%-!.32-*-!;6,!4,!0+36N,+*4!*!,--*!0+21@*!

-3*+2*4!,-.*=7*13-*-!:*+*!,1,!,!7G52*-!:*+*!424j!:*+*!=A-!732-9!,1*-!-34,=0,!

+,/,1*+2*4!.343!,--,!7,-*<23!,+*!;6,-023=8/,1B!

!%.24*!7,!0673! !,6!72--,! 9!*.@,2!;6,!-,+2*!64!0*=03!72/,+0273B!

!b3.S!.@*4*!2--3!7,!72/,+-C3T! !,1,!72--,9!,!+243-B!

U6!4,!/2+,2!,!4,!+,.3-0,2!=*!L3=-0+*9!,=<2*=73!3-!5+*V3-!=*-!*1V*-B!

! b*43-! /,+! -,! 2--3! <,M! *1D64*! 72<,+,=V*! ! ,6! 72--,9! ,! *<2/,1,2! *!

43.@21*B!l6*=73! *! 1,/*=0,2! 7*!4,-*9! <2;6,2! -6+:+,-*! 7,! .343!:*+,.2*! 1,/,9!

4,-43!.34:1,0*4,=0,!.*++,D*7*!.34!*!=3/*!:2;6,0*!,!64!-6:+24,=03!=3/3!

7,!.3427*!:*+*!\\!72*-B!R3++2!+*72*=0,!:*+*!%15,+0B! !#5+2D*7*B!

U1,!-3++26!,4!+,-:3-0*9!5*1*=V*=73!*!.*5,V*B!

$+26=<*=0,9!4,!*<*-0,2!:*+*!0,-0*+!*!43.@21*!,4!64*!.3++27*!=*!,-0+*7*!

7,! 0,++*! ;6,! .2+.6=7*/*! 3! .*4:2=DB! %! 42=@*! .3=02=6*/*! -,=73! *! 4*23+!

43.@21*! 73! D+6:3B! )3+! .*42=@*+! -3M2=@*9! 02=@*! ;6,! 1,/*+! .32-*-! ;6,! ;6,4!

.*42=@*/*!,4!76:1*!:372*!72/272+9!-,4!.3=0*+!;6,!=C3!02=@*!*!.3=<2*=V*!7,!

,-0*+! -6:,+1,/,! =,4! 3-! .3=@,.24,=03-! ;6,! J+,D! 02=@*9! 4*-9! *3! .34:*+*+!

42=@*!43.@21*!*=0,-!,!7,:32-!7,!%15,+0!4,!*Q67*+!=*!124:,M*9!,1*!,-0*/*!0C3!

1,/,!;6,!,6!02=@*!*!-,=-*VC3!7,!;6,!:372*!7*+!64!-*103!=3!*+B!"3!4,23!73!

.*42=@39!:*+,2!,!:61,2B!

RA!.3=-,D62!-*2+!64!.,=0>4,0+3!73!.@C39!4*-!*3!4,=3-!7*/*!:*+*!<*M,+B!

!K@,+o1T! !64*!/3M!4,!.@*436!=,--,!434,=03B!I,/*=0,2!3-!31@3-!,!

/2!64!.*+*!Q3/,4!,!53=203!.34!64*!43.@21*!*=7*=73!,4!42=@*!72+,VC3B!

! &36DT! ! :,+D6=0,29! *.,20*=73B! K343! +,-:3-0*! ,1,! 5*1*=V36! 3-!

5+*V3-9!*--3/236!7,!<,12.27*7,!,!/,23!72+,03!=*!42=@*!72+,VC3!:*+*!4,!7*+!64!

*5+*V3B!

!I,43-!-,6!=34,!=3!12/+3!7,!+,D2-0+3!,!0,43-!0,=0*73!0,!*1.*=V*+B!

!"%'!

! %;62! ,-036! ! D*D6,Q,2! -6+:+,-*! .34! -,6! ,=06-2*-43! ,! 5,1,M*B! !

U-0*43-!0373-!*.*4:*73-!18! !*:3=0,2!:*+*!0+8-!7,!424B! !R343-!64!D+6:3B!

#=7,!,-08!-,6!*42D3T!

! I3D3! ,1,! .@,D*! ! &36D! 72--,9! ,! *--3/236! =3/*4,=0,! 7,! 4373!

.*-6*1B!U1,!4,!<*M2*!1,45+*+!0373-!3-!D*+303-!:3:61*+,-!;6,!.3=@,.2!=*!/27*9!

73=3-!7,!64*!5,1,M*!.18--2.*!,!,=.*=0*73+*4,=0,!.3=<2*=0,-!7,!-,6!16D*+!=3!

*103!7*!:2+h427,9!.3=/,=.273-!7,!;6,!3!46=73!1@,-!:,+0,=.2*!,!;6,!,-0*/*4!

-,D6+3-!=,1,9!-,4!-,;6,+!.3=-27,+*+!360+*!.32-*B!U=;6*=03!<2;6,2!*3!-,6!1*739!

02/,!*!-,=-*VC3!7,!;6,!*!;6*1;6,+!434,=03!,1,!-,D6+*+2*!42=@*!4C3!,9!Q6=03-9!

:61*+>*43-!7,!:*+*;6,7*-!7,!64!:,=@*-.39!+2=73!?!4,727*!;6,!<16068/*43-!

-6*/,4,=0,!*0E!3!.@C3B!

! $34t! ! &36D! 5,++36! ;6*=73! /26! 64*! -21@6,0*! -6+D2+! =3! <24! 7*!

,-0+*7*B!

e6=03-9! .*42=@*43-!=*!72+,VC3!7,1,B! )372*!72M,+9!4,-43!*!72-0h=.2*9!

;6,!$34!,+*!3!3:3-03!7,!&36D!,4!0,+43-!<>-2.3-!,!,-:2+206*2-9!3--6739!:81273!

,!7,!A.613-B!#!-3++2-3!;6,!-6+D26!,4!-,6!+3-03!;6*=73!=3-!*:+3N24*43-!,+*!

.*60,13-3!,!:36.3!.3=/2=.,=0,B!

!#18! ! ,1,!4,!72--,!;6*=73!=3-!*:+3N24*43-9!,-0,=7,=73!*!4C3!

:*+*!4,!.64:+24,=0*+B!

"3-!:36.3-!42=603-!;6,!1,/*43-!:*+*!.@,D*+!*3!*.*4:*4,=03!7,!U79!

0+3.*43-!64!43=0,!7,!2=<3+4*Vn,-!-35+,!;6,4!,!7,!3=7,!E+*43-B!$34!02=@*!

W`!*=3-j!&36D9!W\B!R*=D6,!*M61!7*!"3/*!c=D1*0,++*9!42=@*!4C,!0,+2*!72039!,6!

-*52*!;6*-,!*=0,-!7,!4,!<*1*+,4!*1D3B!)*+*!,1*!-2D=2<2.*/*!*:,=*-!;6,!,1,-!,+*4!

5*-2.*4,=0,!+2.3-!,!7,!*1D64!16D*+!*!1,-0,!7,!#@23!,!*!=3+0,!7,!i*-@2=D03=B!

%3!13=D3!73-!72*-!-,D62=0,-9!E!.1*+3!;6,!-*5,+2*!0673!-35+,!7,1,-B!l6,!3-!:*2-!

,+*4!.2+6+D2n,-9!:+,<,203-!,!,N,.602/3-! <2=*=.,2+3-B!l6,!3-!732-! <+,;6,=0*+*4!

64! .31ED23! 2=0,+=3! 0C3! +,=34*73! ;6,! *0E! ,6! 02=@*! 36/273! <*1*+B! K343!

/,+*=,*/*4!,4!"*=06.[,0!,!,4!21@*-!:*+02.61*+,-!*3!1*+D3!7*!.3-0*!73!L*2=,!

!"%(!

,!:*--*/*4!*-!<E+2*-!7,!:+24*/,+*!,4!b*21B!L*-!,6!*2=7*!=C3!-*52*!=*7*!72--39!

.343!-,9!7,!72/,+-*-!4*=,2+*-9!-6*-!/27*-!<3--,4!24:,=,0+8/,2-!:*+*!424!,!*!

42=@*!:*+*!,1,-B!R*52*!*:,=*-!;6,!7,!*1D64*!4*=,2+*!5,4!,-:,.><2.*!,+*4!3-!

4*2-!:*+,.273-!.342D3B!"C3!,+*4!,-:,.2*12-0*-!,4!,;62:*4,=03-9!43.@21,2+3-!

:+3<2--23=*2-!36!-*5,F0673!7*!)K$B!"C3!02=@*4!<,203!0373!3!.*42=@3!7,-7,!3!

LEN2.39!=,4!:1*=,Q*+*4!*!/2*D,4!76+*=0,!64*!7E.*7*B!U9!4,1@3+!*2=7*9!3-!

;621a4,0+3-! ;6,! 02=@*4! :,+.3++273! *0E! *D3+*! 7,2N*+*4! 3-! 732-! ;6*-,! 0C3!

7,-0+6>73-!;6*=03!,6B!U1,-!=C3!<2.*+*49!,4!/2+067,!7,!,-0*+,4!Q6=03-9!72*-!-,4!

/,+!360+3!-,+!@64*=3B!R6*-!43.@21*-!:*+,.2*4!0,+!64!0*4*=@3!+*M38/,1!,!2--3!

4,!<,M!76/27*+!;6,!.*++,D*--,4!64*!-,++*!735+8/,1B!L*-!,6!:372*!72M,+9!=3!

2=-0*=0,! ,4! ;6,! 4,6-! 31@3-! 5*0,+*4! ,4! &36D9! ;6,9! *:,-*+! 7,! 037*! *!

*603.3=<2*=V*! ,! 0+*=;62127*7,9! ,1,! 02=@*! ,=<+,=0*73! *1D64*! .32-*B! U! ;6*=73!

$34! :,D36! 42=@*! 4C3! :*+*! 4,! .64:+24,=0*+9! :67,! 1,+! ,N*0*4,=0,! *!

,N:+,--C3!;6,!02=@*!=3!+3-03B!&2M2*d!)(UKcR#!$c(%(!%!)#((%!&URR%!f#$%!

&#!)qB!

L34,=03-!7,:32-9!,1,!02+369!-,=0*73!=3!5*=.3!7*!4,-*!7,!:2;6,=2;6,!

7,!U79!*:A-!.@,D*+43-!*3!*.*4:*4,=03!,!3-!@34,=-!-,!+,6=2+,4!:*+*!.*7*!

64!-,!*:+,-,=0*+B!b2!;6*=73!$34!02+36!.627*73-*4,=0,!*-!4,2*-!246=7*-!,!3-!

.@64*V3-!7,!*1D37C3!,!-6*!:+A:+2*!:,1,!-*26!Q6=03B!R,6-!:E-!,-0*/*4!.343!3-!

4,6-d! 5+*=.3-! .343! :,2N,-9! .@,23-! 7,! <,+27*-! -*=D+*=73! ,! +,/,-027*-! :3+!

:,7*V3-! 7,! :,1,! ,-<31*7*9! ;6,! *D3+*! ,-0*/*4! :,=76+*73-! ,! 7313+3-*4,=0,!

:+,-3-!?!.*+=,9!;6,!*2=7*!0,+2*4!-6*!43+0,! 1,=0*9! 2=76M27*!:,1*!)K$B!$2+,2!*!

43.@21*!,!*5+2!64!531-3!:*+*!:,D*+!4,6![20!7,!:+24,2+3-!-3.3++3-B!

!e8!0,=036!2--3T! !:,+D6=0,2!*!$349!-,D6+*=73!64!.6+*02/3!7,!W=7!

R[2=!w*2=7*!5,4!;6,!02=@*!.313.*73!4*2-!=*!42=@*!.*2N*!7,!-6:+24,=03-xB! !

U--,-! .6+*02/3-!4,! -*1/*+*4! ! ,N:12;6,2B! ! )+*! <*1*+! *! /,+7*7,9! =C3! -,2! -,!

.3=-,D62+2*!:+3--,D62+!-,4!,1,-B!

!"%)!

$34!-,!1242036!*!4,!31@*+!,4!7,-,-:,+3!,!.3=.3+7369!-,4!*:+3<6=7*+!

*!;6,-0C3B!K313;6,2!*1D6=-!.6+*02/3-!7*!W=7!R[2=!*3!1*73!7,1,!=3!5*=.3B!

!R2=0*F-,!?!/3=0*7,!:*+*!6-8F13-9!-,!;62-,+! !,6!72--,B!b,+!3-!.6+*02/3-!

,4! -6*-! ,45*1*D,=-! *M62-! 0+*=-:*+,=0,-! 4,! 1,45+36! 7*! .*42-2=@*! ,4!4,6!

531-3!0+*-,2+3B!U6!4,!:,+D6=0,2!-,!$34!02=@*!0+*M273!*1D64*9!-,!&36D!02=@*!,!

-,! 42=@*! 27,2*! 7,! 0+*MSF1*-! 02=@*! -273! 0C3! 27230*! *<2=*1! 7,! .3=0*-B! U-0*+! =*!

.34:*=@2*!7,!$34!,!&36D!<,M!.34!;6,!2--3!:*+,.,--,!64!:36.3!4,=3-B!

! ! U7!

72--,9!31@*=73!:*+*!3!+,1AD23B! !%2=7*!0,43-!*1D64*-!@3+*-B!b36!1,/*+!0373!

46=73!=*!42=@*!.*42=@3=,0,B! !U1,!31@36!:*+*!$34!,!&36DB! !U=;6*=03!

2--3!-,+8!64!:+*M,+!0+*M,+!64!1*=.@,!:+*!/3.S-B!

#-! @34,=-! -,! -,=0*+*4! ?! 4,-*! 7,! :2;6,=2;6,9! .34,=73! *-! 5*0*0*-!

<+20*-!7,!U7!,!3-!<,2Qn,-!.3M273-!<+23-9!.3=/,+-*=73!-35+,!:3+!;6,!,-.31@,+*4!*!

43.@21*!;6,!,-.31@,+*4!,!3-!:+A-!,!.3=0+*-!7,!.*7*!64*B!%1D6E4!*:+,-,=036!

64! 5*+*1@39! ,! 64! Q3D3! 7,! :a;6,+! .34,V36B! J+,D! <31@,*/*! -,6! D62*! =*!

.*5,.,2+*! 7*! 4,-*9! 3=7,! ,6! ,-0*/*! *3! 1*73! 7*! 42=@*! 43.@21*9! *2=7*!

4*+*/21@*7*! .34! -6*! 0+*=-<3+4*VC3B! f31-3-! ;6,! ,-0*/*4! ,-036+*=73! *D3+*!

02=@*4!:,;6,=3-!,-:*V3-!/*D3-B!

!b3.S! E!:+*02.*4,=0,! 64*! e*+72F=*M2! *D3+*! ! 72--,!%15,+09! ,4!64!

034! 7,! D3M*VC3! *3! /,+! ;6,! ,6! ,-0*/*! 31@*=73! :*+*! *! 43.@21*B! ! RC3! 3-!

72-.>:613-! 7,! (*o! e*+72=,9! -,! /3.S! =C3! .3=@,.,B! U1,-! 0S4! 64*! /2-C3!46203!

:*+02.61*+!-35+,!3!:,-3!7*!43.@21*B!

!q!3!.*+*!7,!;6,4!,6!,-0*/*!0,!<*1*=73! !*.+,-.,=036!J+,DB!

K3=.3+7,2!.34!2=72<,+,=V*9!0,=0*=73!,-.3=7,+!*!42=@*!2D=3+h=.2*B!

!b36!4,!:+,:*+*+!:*+*!3! Q*=0*+! !,6!72--,9!,!.*42=@,2! 1,=0*4,=0,!

*0E! 3! 12420,! 73! =3--3! *.*4:*4,=03B! L3=0,2! *! 5*++*.*! ,! 4,! *D*.@,2! :*+*!

,=0+*+9!,-02;6,2!3!-*.3!7,!73+42+!,!4,!7,20,2!,4!.24*9!31@*=73!:*+*!3!0,03!7,!

=8213=! /,+7,! ,=;6*=03! ,-.60*/*! 3!46+4G+23! 7*! .3=/,+-*! 73-! @34,=-! ,! *-!

!"%*!

D*+D*1@*7*-!3.*-23=*2-B!U6!,-0*/*!2=73!:*+*!64!+,-0*6+*=0,!.34!-,2-!@34,=-!,!

=C3! 02=@*!=*7*!:*+*!6-*+!*!=C3!-,+!3!;6,! Q8!,-0*/*!6-*=739!:,+.,52!7,!4*6!

@643+d!64*!.*42-,0*!-35+,!64!03:!,!64!-@3+0!-,4!=*7*!:3+!5*2N3B!I,45+,2F

4,!7*!42=@*!.*42-,0*!=3/*!7*!.*2N*!7,!-6:+24,=03-!,!4,!-,=0,2!:*+*!/,-02F1*B!

$37*! *! :*+0,! 7,! 0+8-! 7*! .*42-,0*! ;6,! ,6! 6-*/*! 7,-7,!L3Q*/,! ,-0*/*! *D3+*!

4*=.@*7*! 7,! 64! *4*+,13F*4*++3=M*73! 73-! 2=<2=203-! 5*=@3-! 7,! -63+! ;6,!

@*/2*!*D6,=0*73B!%4*--,2F*!.343!64*!531*!,!*!.313;6,2!=3!.*=03!7*!5*++*.*B!

U6!*!Q3D*+2*!<3+*!4*2-!0*+7,B!%-!G=2.*-!360+*-!+36:*-!;6,!,6!02=@*!,+*4!*;6,1*-!

:*+*!3-!72*-! <+23-B! I,45+,2F4,!73!.31*+!;6,!,-0*/*!6-*=73!*0E!;6,! <2.36! 0C3!

;6,=0,! ;6,! =C3! *D6,=0,2! 4*2-! 6-8F13j! ,=.3=0+,2F3! =*! 531-*! M2:13.[! ,4! ;6,!

D6*+7*/*!*!.*+0,2+*!7,!4303+2-0*!,!3!72=@,2+39!,!3!.313;6,2B!U+*!64!:,;6,=3!

5+2=.3! 7,! 06+;6,-*! ,! :+*0*! ;6,! <32! 7*! 42=@*! 4C,B! ),+72! 64! 7,1,-9! ,=0C3!

:,D6,2!64!*12.*0,!7,!52.3!,!3!5+2=.3!;6,!+,-036!,!3!0+*=-<3+4,2!=3!:2=D,=0,!

7,! 64*! 7,12.*7*! .3++,=0,! 7,! :+*0*B! U6! 3! 0+36N,! :3+;6,! :,+0,=.,6! *!42=@*!

4C,j! 0SF13! .342D3! :*+,.2*! -2D=2<2.*02/39! 4*-! *D3+*! ,-0*/*! <,12M! 7,! 0SF13!

-24:1,-4,=0,! :3+;6,! 4,! -,=02*! 4*2-! 53=20*! .34! ,1,B! )*--,2! 3-! 7,73-! =3!

.*5,139! 0,=0*=73! *Q,208F13! 7,! 64*! 4*=,2+*! *0+*,=0,9! *6N212*7*! :3+! 4,6!

42=2:,=0,9!4*-!=3!<24!7,-2-02!,!3!.313;6,2!:*+*!0+8-!7*-!3+,1@*-B!

&*/*! =3! 4,-439! ,6! -*52*9! -,! -24:1,-4,=0,! 4,! :,+4202--,! :*+,.,+9!

-,=02+! ,! .@,2+*+!73! Q,203!;6,!,-0*/*B!%<2=*1!7,! .3=0*-9! .343!U7! -,! +,<,+26!7,!

4*=,2+*!24:+,.2-*9!,6!,+*!*!G=2.*!D*+30*!=*!0+21@*9!-3M2=@*!.34!64!D+6:3!7,!

@34,=-B! )3+! =,.,--27*7,9! *;62! =*! 0+21@*9! -,=02! ;6,! :+,.2-*/*! =,60+*12M*+!

-,N6*14,=0,!3-!@34,=-!;6,!,=.3=0+,2!,!-,+!64!7,1,-!*0E!3=7,!,+*!:3-->/,1B!

"6=.*! *D2! 7,--*!4*=,2+*! ,4! 037*! *!42=@*! /27*9! 2=0,+*D2=73! .34!3-!

@34,=-!.34!*!,;62125+*7*! 2=72<,+,=V*!7,!;6,!-,+!.343!64!7,1,-!:+,--6:n,B!

"C3!4,!:*+,.,6!-,+!64*!.32-*!-24:1,-!7,!,=<+,=0*+9!;6*=73!-,=0,2!=*!42=@*!

5*++*.*! ,=;6*=03! 3-! @34,=-! Q3D*/*4! .*+0*-B! %<2=*19! <62! 64*! D*+30*! *! /27*!

037*9! .3=-.2,=0,! ,! 7,:,=7,=0,! 73-! :37,+,-! ;6,! *! 42=@*! <,42=2127*7,! 4,!

!"&+!

.3=.,72*B!(,:+242+!,--,-!:37,+,-!4,!7,2N36!.34!64*!4,1*=.A12.*!:3=0*7*!=3!

,-0a4*D3B!R,+!64!73-!.*+*-!-2D=2<2.*/*!=C3!:37,+!.3=02=6*+!-,=73!*!461@,+!=*!

;6*1!4,!,-:,.2*12M,2!,4!-,+!,=0+,!3-!@34,=-B!U+*!64*!/,+-C3!7,!424!4,-4*!

;6,! 02=@*!,N:,+24,=0*73!:,1*!:+24,2+*!/,M!@*/2*!46203! 0,4:39!;6*=73!,+*!

64*! .+2*=V*! 7,! \\! *=3-9! ,! -,=02! *;6,1*! ,N.20*=0,! -,=-*VC3!7,! :37,+! ;6*=73!

@34,=-!*76103-!/2+*/*4!:*+*!4,!31@*+9!*--3/2*/*4!36!72M2*4!*103!U29!D*+30*!

12=7*!:*+*!;6,!,6!:67,--,!36/2+B!%;6,1*!=*!;6*1!4,!*:32,2!*3!13=D3!7,!0373!

3!,=-2=3!4E7239!43++,=73!7,!<34,!:*+*!<2.*+!4*D+*9!<2=D2=73!-,+!<3<*!,!56++*!

:*+*!;6,!<3--,!:3:61*+!,!*73+*7*B!%;6,1*!;6,!.6102/,2!*3!13=D3!7,!037*!*!/27*!

*7610*!,=;6*=03!,N:,+24,=0*/*!72<,+,=0,-!:,+-3=*D,=-d!*!,.31AD2.*9!*!:6=[9!*!

/*;6,2+*9!*!+,5,17,!36!*!.3+*Q3-*B!%;6,1*!:*+*!*!;6*1!:3+!0+8-!7,!.*7*!:*+!7,!

530*-! 7*!437*9!42=2--*2*! -,No! 36! :+,-21@*! =3! .*5,13! 02=@*! 64! *1V*:C3! ;6,!

1,/*/*!*!64*!/,+-C3!4,=3-!+,*1!7,!424!4,-4*B!

%D3+*!@*/2*!*:,=*-!64*!/,+-C3B!"*!)K$!,6!=C3!02=@*!3:VC3!*!=C3!-,+!

2=.3+:3+8F1*! .34:1,0*4,=0,9! 43-0+*+! 4,6! +3-03! ,=.*+7273! :*+*! 3! 46=73!

2=0,2+3B!l6,9!:,13!4,=3-!*0E!,=0C39!.3=-2-02*!,4!*:,=*-!-,2-!@34,=-B!

! K@,+o11111! ! *! /3M! 7,! &36D! .@*4*/*! -6*/,4,=0,! *1D6=-! 4,0+3-!

*72*=0,B! !b3.S!,-08!*>!7,=0+3T!

!R24! !+,-:3=72B!

!b*43-!*0E!3!+23B!b,4!.34!*!D,=0,B!

! #[! ! ,6! 72--,9! 4,! -,=02=73! 12-3=Q,*7*9! ,453+*! =C3! 7,/,--,B!

l6*=73!-,=0,29!*!.*42-2=@*!<,M!64!-34!7,!*4*--*73!=3!4,6!531-3!0+*-,2+3B!

U6!*!+,02+,2!,!D6*+7,2!=3![20!7,!:+24,2+3-!-3.3++3-9!7,:32-!*D*.@,2!:*+*!-*2+!7*!

5*++*.*!,!.*42=@,2!,4!72+,VC3!*3!+23B!

&36D9!$34!,!J+,D!,-0*/*4!*0+*/,--*=73!3!0+,.@3!+*-3!3=7,!4,!1*/,2!

*1D64*-!@3+*-!*=0,-B!L*2-!?! <+,=0,9!*!8D6*! -,!43/2*!.34!D+*=7,!/231S=.2*!,!

2=0,=-27*7,9!*/*=V*=73!+*:27*4,=0,!-35+,!:,7+*-!0C3!D+*=7,-!;6*=03!*!42=@*!

5*++*.*B! ),=-,2! =*! =,/,! ;6,! 13D3! ,=.3=0+*+2*! -,! :+3--,D62--,! .34! *! :2;6,0*!

!"&"!

;6,!*2=7*!=C3!-*52*!6-*+!,!3!5*-0C3!5+*=.3!7,!,-;62!.34!*!,4:6=@*76+*!<3<*!

,!.3+F7,F+3-*!;6,!4,!*:*+,.,6!:3+!-3+0,B!%2=7*!=C3!@*/2*!.34,V*73!*!:,=-*+!

-35+,! 3! ;6,! /2+2*! *! -,D62+! =*! 0+21@*B! $2=@*! *:,=*-! 36/273! ,! *.,=*73! .34! *!

.*5,V*! ;6*=73! U7! 4,! 72--,! ;6,! *! 4*23+! :*+0,! 73-! 0+21@,2+3-! 7*! )K$! ;6,!

:*--*+*4!:3+!g,==,7o!L,*73p-!=*-!0+S-!-,4*=*-!,4!;6,!,1,!,-08!*.*4:*73!

*;62!3:0*+*4!:3+!7,2N*+!*! 0+21@*!=,-0,!:3=03!:3+! .*6-*!73!/3164,!7,!=,/,!

+,.3+7,! ;6,! 7,2N36! *! 0+21@*! :+*02.*4,=0,! 2=0+*=-208/,1! =*! 4*23+! :*+0,! 73-!

:+AN243-! X__! 36! P__! ;621a4,0+3-B! U1,-! :,D*+*4! .*+3=*-! ,! a=256-! :*+*!

+,,=.3=0+*+!*!)K$!4*2-!*3!=3+0,!,4!*102067,-!4,=3+,-9!,1,!4,!72--,B!%1D6=-!

:+,0,=72*4!/310*+!4*2-!0*+7,!=3!/,+C3!:*+*!:*--*+!:,13!0+,.@3!;6,!:,+7,+*4j!

360+3-! =C3B!&2--,! ;6,! 6=-! :36.3-! 2=0,++34:,+*4! *! .*42=@*7*9! *--24! .343!

J+,D!02=@*!4,!72039!7,.272=73!<*M,+!*!)K$!,4!360+3!*=3!4,=3-!+,.3+72-0*B!U!

*1D6=-!:36.3-!-6+D2+*4!,4!<+,=0,9!7,0,+42=*73-!*!:*--*+!:,1*!=,/,B!

J+*0*! :3+! 42=@*-! -*=7812*-! 5*+*0*-! 7,! *.*4:*4,=039! ,-.31@2! 64!

.*42=@3!-35+,!*-!:,7+*-!;6,!*.34:*=@*/*!*!4*+D,4!73!+23!,4!72+,VC3!*3-!

@34,=-9!*!8D6*!0C3!<+2*!;6,!4,6-!3--3-!73>*4B!

! $,=@3! 64*! .32-*! :+*! /3.S! ! 72--,! &36D! ;6*=73! 3! *1.*=.,2B! U1,!

,-0,=7,6!*!4C3B!",1*9!@*/2*!64*!:,=*!5+21@*=0,!7,!.,+.*!7,!O_!.,=0>4,0+3-9!

0C3!:+,0*!;6,!02=@*!64!5+21@3!*M61*73!=3!-31B!

!R,+/,!:+*!;6ST! !:,+D6=0,29!:,D*=73!*!:,=*B!

!)+*!7*+!-3+0,! !,1,!72--,9!,!03.36!*!42=@*!4C3B!

l6*=73! ,1,! +,02+36! *! 4C39! 3! 16D*+! ;6,! ,1,! 03.36! :*+,.2*! ,-0*+!

;6,24*=73B!&*/*!:*+*!-,=02+!3!;6*=03!<62!:36.3!03.*7*!=3-!G10243-!\`!72*-9!3!

;6*=03!,-02/,!-31208+2*B!

! U=0C39! ,-0*/*! :,=-*=73! =*! =,/,! ! ,6! 72--,9! -,D6+*=73! *! :,=*9!

42=@*!/3M!-,!-35+,:3=73!*3!5*+61@3!73!+23B! !U!*-!:,--3*-!;6,!.3=03+=*+*4T!

U1*-! ,-0*/*4! 037*-! *;62! 64*! -,4*=*! 36! 76*-! *0+8-B! ",--*! *106+*9! 64*!

!"&#!

;6*=027*7,! 5,4! 4*23+! 7,! =,/,! 7,++,0,69! ,=0C3! 0*1/,M! =C3! 0,=@*!

:+351,4*-B! !#1@,2!:*+*!J+,D!,!7,:32-!:*+*!*!:,=*!=,D+*9!*12-*=73F*B!

!%!*106+*!7*!=,/,!,4!f2D@3+=!)1*0,*6!=3!72*!\z!7,!Q6=@3!,+*!4*2-!73!

;6,! 3! 735+3! 73! 4,-43! 72*! =3! *=3! :*--*73! ! ,1,! 72--,9! Q3D*=73! 64*!

:,7+*B! !'4*!-,4*=*!=C3!/*2!<*M,+!4620*!72<,+,=V*!=,--,!-,=0273B!

K3=.3+7,29! .343! -,! -365,--,! 3=7,! ,+*! f2D@3+=! )1*0,*6! 36! 3! ;6,!

-2D=2<2.*/*!3!/3164,!7,!=,/,!,-0*+!3!735+3!,4!+,1*VC3!*3!*=3!*=0,+23+B!U6!4,!

-,=02! 64*! <+*67,! 4,-43! 0,=73! ,--*! .3=/,+-*9! .343! 64*! 4*-.30,! ,=0+,!

Q3D*73+,-9!.343!-,!,1,-!<3--,4!3-!/,+7*7,2+3-!0+21@,2+3-!7*!)K$!,!,6!,-02/,--,!

*:,=*-!:*--*=73!:3+!*.*-3B!K343!-,9!7,!*1D64*!<3+4*9!:3+!.*6-*!7*!42=@*!

2=,N:,+2S=.2*9! 7*! <*1@*! :3+! =C3! 0,+! 1273! -,;6,+! 64*! :8D2=*! ,-.+20*! :3+! (*o!

e*+72=,9!73!+2->/,1!+2043!1,=03!,!7*!.+,=V*!7,!;6,!02=@*!-273!1AD2.3!2=.162+!64*!

-,++*!735+8/,19!,6!=C3!02/,--,!+,*14,=0,!.*42=@*73!*0E!g,==,7o!L,*73p-!*!

:*+02+!7,!$,@*.@*:2!)*--9!,!,4!/,M!72--3!02/,--,!-273!*++*-0*7*B!

L*-!.@,D6,2!*;62!,!*2=7*!=C3!,-0*/*!:+3=0*!:*+*!7,-2-02+!7,!/,+!*!Y2D@!

R2,++*B! U+*! 3! 0+,.@3! 7*! 0+21@*! :,13! ;6*1! 02=@*!4*23+! ,N:,.0*02/*9! -6*! 5,1,M*!

2=03.*7*!,N*10*7*!:,13-!*603+,-!73!)*.2<2.!K+,-0!$+*219!b3164,!\d!K*12<3+=2*!,!

243+0*12M*7*!:,13!=*06+*12-0*!e3@=!L62+!=3-!12/+3-!;6,!,1,!,-.+,/,6!64!-E.613!

%:*+,=0,4,=0,9!*!Y2D@!R2,++*!,!-,6-!:2.3-!7,!OB]X_!,!`BWXm!4,0+3-!7,!*102067,9!

-,6-!1*D3-!<+23-!,!0+*=-:*+,=0,-!,!.h=23=-!:+3<6=73-!,+*4!3!4,1@3+!0+,.@3!7*!

)K$! =*! K*12<A+=2*B! %1E4! 72--39! .3=03+=*+! ,--,! 0+,.@3! -,+2*! 64*! .3=<6-C3!

13D>-02.*B!R,!02/,--,!;6,!:61*+!*!Y2D@!R2,++*9!*.*5*+2*!.@,D*=73!*!%-@1*=7!4*2-!

7,!64!4S-!*=0,-!73!;6,!:+,0,=72*B!

!l6,+2*!:+3--,D62+9!-,!02/,+!.343! !,6!72--,9!*D20*=73!*!:,=*!.34!

64! <13+,23B! L,6-! :E-! =C3! ,-0*/*4! 4*2-! 73,=73B! k2.*+*4! <,12M4,=0,!

73+4,=0,-!=*!8D6*!D,1*7*B!

!"&$!

!f,49! 0,43-!6=-!X`!;621a4,0+3-!:+*!:,+.3++,+!*=0,-!7,!3!.*42=@3!

<2.*+!0+,4,=7*4,=0,!72<>.21j!7*;62!*0E!3!$+*21!)*--! !72--,!&36DB! !$,4!64*!

0+21@*!18!;6,!.+6M*!*!)K$!,!-,D6,!*0E!64!13.*1!7,!*.*4:*4,=03B!)37,43-!*3!

4,=3-!.*42=@*+!*0E! 18!:*+*!/,+!.343!,-089!/,+2<2.*+!*!;6*=027*7,!7,!=,/,!,!

,=0C3!7,-2-02+!-,!;62-,+43-B!

!#!;6,!/3.S!*.@*!72--39!J+,DT! !:,+D6=0,2B!#!;6,!;6,+!;6,!,1,!<3--,!

<*M,+!,+*!3!;6,!,6!<*+2*B!

U1,!*--,=026!.34!*!.*5,V*B!

!%.@3!;6,!E!64!534!:1*=3B!

!c--3!E!3!;6,!/36!<*M,+! !,6!72--,B! !b36!<2.*+!5,4B!%D3+*!0,=@3!*!

:2;6,0*B!

J+,D!4,!31@36B!

!b3.S!-*5,!6-*+T!

"*!4*=@C!-,D62=0,9!,1,!4,!7,6!64!0+,2=*4,=03B!

!U-0,!E!3!.*53! !,1,!72--,9!7,-12M*=73!*!4C3!:3+!037*!*!,N0,=-C3!7*!

:2;6,0*B! ! U! 2--3! E! 3! :2.3! ! *.+,-.,=0369! 03.*=73! .34! 3! 7,73! *! :3=0*!

*<2*7*B! !U!=*!360+*!:3=0*!,-08!*!.*5,V*B!

#!.*53T!%!.*5,V*T!#!:2.3T!$,=0,2!=C3!.*2+!=*!+2-*7*!.343!64!*16=3!

7*!-,N0*!-E+2,!=*!*61*!7,!,76.*VC3!-,N6*19!4*-!=C3!.3=-,D62!4,!.3=0+31*+B!

!#!;6ST! ! :,+D6=036!J+,D9! .34!*!4C3!=3! .*53!7*! :2;6,0*9!4*-!

*:,=*-!5*1*=.,2!*!.*5,V*B! !b3.S!0,4!76*-!,N0+,427*7,-! !,1,!.3=02=636B! !

%!,N0+,427*7,!.,D*!E!*!,-:8061*B!q!,1*!;6,!/3.S!6-*!:*+*!.*/*+!3-!7,D+*6-B!U!*!

360+*! E! *! 1h42=*B! l6,! /3.S! 6-*! :*+*! -*1/*+! 3! -,6! 0+*-,2+3! ;6*=73! ,-08!

7,-12M*=73!=*!,=.3-0*!7*!43=0*=@*B! !U1,!<*136!,4!64!034!;6,!:+,--6:6=@*!

;6,!,6!Q8!-*52*!72--39!.343!-,!,-02/E--,43-!*:,=*-!+,/2-*=73!3-!<6=7*4,=03-!

*=0,-!7,!.34,V*+43-B!

!qB!#!.*539!*!.*5,V*9!3!:2.39!*!1h42=*!,!*!,-:8061*! !,6!72--,B!

!"&%!

U-08/*43-! 7,! :E! ,4! 64! 5*++*=.3! *3! 13=D3! 73! +239! *! -206*VC3!4*2-!

:+AN24*!;6,!:37>*43-!,=.3=0+*+!:*+*!-2461*+!64*!,=.3-0*!=,/*7*B!

!%D3+*9!72D*43-!;6,!/3.S!,-08!.*2=73! !72--,!J+,D9!-,!Q3D*=73!=3!

7,.12/,!:*+*!7,43=-0+*+B!%3!.*2+9!,1,!.+*/36!*!1h42=*!=3!1373B! !b3.S!;6,+!

,=0,++*+!,--*!1h42=*!3!4*2-!<3+0,!;6,!:67,+9!,=;6*=03!-,D6+*!3!.*53!.34!64*!

7*-!4C3-!,!*!.*5,V*!.34!*!360+*B!%--24B!U!64*!/,M!;6,!,-08!*=.3+*7*9!/3.S!

0,=0*!*:32*+!3-!:E-B!

U6!3!31@,2B!

!U!3!;6,!*.3=0,.,!-,!,6!=C3!.3=-,D62+!*:323!:*+*!3-!:E-T!

! f,49! ,=0C3! /3.S! -,D6+*! *;62! ! ,1,! +,-:3=7,69!43/24,=0*=73! *!

4C3!=*!:2;6,0*B!

!#!;6,!*.3=0,.,!-,!,6!=C3!*D6,=0*+!4,!-,D6+*+!0*=03!0,4:3T!l6,+!

72M,+9!/36!,-0*+!.34!*!43.@21*!,!0373!3!+,-039!,!*!/,+7*7,!E!;6,!=C3!-36!<3+0,!

3!-6<2.2,=0,!:*+*!<*M,+!=,4!64*!5*++*!<2N*B!

! b3.S! *D6,=0*! ! ,1,! 72--,9! .*14*4,=0,B! ! %! =C3! -,+! ;6,! :+,<2+*!

7,-12M*+!:,1*!43=0*=@*B!

)+,.2-3!0+,2=*+B!U6!4,!Q3D6,2!+,:,027*-!/,M,-!.3=0+*!3!7,.12/,!.*7*!/,M!

4*2-! 1*4*.,=039! <2=D2=73!;6,!,-0*/*!7,-12M*=73!=3!D,139! -,4:+,!.+*/*=73!*!

1h42=*! 7*! :2;6,0*! =3! -313! ,=;6*=03! J+,D! 35-,+/*/*9! 4,! 2=-0+62=73! ,!

.34,=0*=73!42=@*!0E.=2.*B!

&36D! ,! $34! -,! -,=0*+*4! :3+! :,+039! <2=D2=73! ;6,! =C3! ,-0*/*4!

:+,-0*=73! *0,=VC3B! %15,+0! ,! L*00! ,-0*/*4! 7,20*73-! ,4! 64*! 13=*! ;6,!

,-02.*43-!:*+*!,1,-!7,5*2N3!7*!-345+*!7,!64*!8+/3+,!:,+03!7*!.*42=@3=,0,!

7,! U79! 73,=0,-! 7,4*2-! :*+*! 2+! *! ;6*1;6,+! 16D*+! ;6,! =C3! <3--,! 3! 5*=@,2+3!

,N0,+=3! 72/,+-*-! /,M,-! :3+! @3+*B! #-! 732-! *.3+7*+*4! =3! 4,23! 7*! =320,!

:*--*=73!4*1! .34!3! ;6,! 0373-! =A-! ,-08/*43-! .34,V*=73! *! *.@*+! ;6,! ,+*!

D28+72*9! 64! :*+*-20*! 0+*=-420273! :,1*! 8D6*! ;6,! :+3/3.*! /a4203! ,! 72*++,2*!

2=.*:*.20*=0,-9!;6,!,N2D,!4,72.*4,=03!.34!+,.,20*!4E72.*!:*+*!-,+!.6+*7*!,!

!"&&!

;6,!;6*-,!-,4:+,!-2D=2<2.*!64*!-,4*=*!36!4*2-!<3+*!7*!0+21@*B!U+*!*!+*MC3!:3+!

;6,! 3-! 0+21@,2+3-! 7*! )K$! :*--*/*4! 0*=03! 0,4:3! .3=/,+-*=73! -35+,!

:6+2<2.*73+,-! ,! <3=0,-! 7,! 8D6*9! :3+! 4,73! 7,! 034*+,4! *! 7,.2-C3! ,++*7*! ,!

0,+,4!;6,!*+.*+!.34!*-!.3=-,;6S=.2*-B!U6!=C3!-,2!3=7,!L*00!,!%15,+0!:,D*+*4!

-,Q*!18!3!;6,!<3+!;6,!:,D*+*49!4*-!+,M3!:*+*!=C3!0,+!:,D*73!0*45E4B!"3!<24!

7*!0*+7,9!3-!732-!:81273-!,!<+*.3-!7,20*73-!=*!13=*9!<343-!0373-!.3=/,=.SF13-!

7,!;6,!,-0*/*!=*!@3+*!7,!2+,4!:*+*!3!@3-:20*1!,4!(27D,.+,-0B!L6203!73,=0,-!

:*+*! +,-2-02+9! ,1,-! =3-! 35-,+/*+*4! ,4:*.30*+! *-! -6*-! .32-*-! ,! .313.*+43-! *-!

43.@21*-!=*!.*V*45*!7*!.*42=@3=,0,!7,!U7B!

! #5+2D*7*! :3+! 037*! *! *Q67*! :*+*! 7242=62+! 3! :,-3! 7*! 42=@*!

43.@21*! !,6!72--,!*!%15,+0!;6*=73!<2.*43-!-3M2=@3-!64!434,=03!*=0,-!7,!

,1,! :*+02+B! U1,! 4,! 31@36! ,=<+*;6,.273! 7*! 13=*B! ! U6! =C3! 0,+2*! .3=-,D6273!

<*M,+!2--3!-3M2=@*! !.34,=0,2B!

U1,!4,!7,6!64!-3++2-3!7E521!,!.3=.3+736!.34!*!.*5,V*B!

!%!:+3:A-203! ! ,6!72--,! 9! ;6,+2*! 0,! .3=0*+! -35+,!:3+! ;6,! 7,.272!

<*M,+! *! .*42=@*7*! =*! )K$B! U6!4,!72/3+.2,2B! U6! ,+*! .*-*7*! ,! =C3! <*M!46203!

0,4:3!4,!72/3+.2,29!,! 0*45E4!@8!.,+.*!7,!;6*0+3!*=3-!42=@*!4C,!43++,6j!

,1*!02=@*!*:,=*-!`^!*=3-9!0,/,!64!.h=.,+!+,:,=02=3!,!43++,6B!$,4!-273!64*!

<*-,!72<>.21!=*!42=@*!/27*!,!4,23!;6,!-*>!73!,2N3B!)3+0*=039!,6BBB! !U1,!*5+26!

4*2-! 3-! 31@3-9! 4,! ,=.*+*=73B! ! %.@,2! ;6,! /2+! *;62! :37,+2*! 4,! *Q67*+! *!

,=.3=0+*+! 3!4,6! .,=0+3B! ! f*1*=.,2! *-! 4C3-! ,4! 64! D,-03! +,-2D=*739! -,4!

:*1*/+*-9!64!:36.3!-6+:+,-*!:3+!0,+!7,2N*73!,-.*:*+!0*=0*!.32-*B!

! f,49! /3.S! *.@36! -,6! +643! *D3+*9! =C3! *.@36T! ! ,1,! 72--,! *3! -,!

-,=0*+9! 3! +3-03! -,! 21642=*=73! *:,-*+! 73! ,=Q33B! U1,! 1,/*=036! ,! .*42=@36!

1,=0*4,=0,! *0E! *! .*42=@3=,0,! 7,! U7! ,! -,=036! *3! 1*73! 73! <21@3B! R652! =*!

.*V*45*!.34!-6*-!43.@21*-!,!*!.*2N*!7,!.32-*-!;6,!,6!=C3!:+,.2-*/*!4*2-!,!<62!

.34!,1,-!*0E!3!*+4*ME4B!l6*=73!.@,D*43-9!U7!:*+36!:3+!*1D6=-!2=-0*=0,-j!,6!

7,-.2!.34!*!42=@*!.*2N*!,!4,!7,-:,72!7,!%15,+0!,!L*009!7,-,Q*=73!53*!-3+0,B!

!"&'!

R,=02!64*!-G520*!:3=0*7*!7,!*<,2VC3!,=;6*=03!31@*/*F3-!2=73!,453+*B!

U7!/310*+2*!,4!:36.*-!@3+*-9!4*-!,+*!5,4!:+3/8/,1!;6,!,6!=6=.*!4*2-!/2--,!

%15,+0!,!L*00B!U6!,-0*+2*!.*42=@*=73!=*!Y2D@!R2,++*!.34!&36D!,!$34!=3!72*!

-,D62=0,9!4*-! :,1*!4*=@C! 0,+2*! ;6,!4,! 7,-:,72+! 7,! U7! ,! 7,!J+,D! 0*45E4B!

J+,D!<2.*+2*!,4!g,==,7o!L,*73p-!:3+!4*2-!64!72*!,9!,453+*!,1,!.,+0*4,=0,!

<3--,! 4,! *1.*=V*+9! E! :+3/8/,1! ;6,! <3--,! 64*! /2-20*! .6+0*! ,! ;6,! 7,:32-! ,1,!

0*45E4!-*>--,!7*!42=@*!/27*B!

k62!*0E!*!,=0+*7*!73!*+4*ME4!,!.313;6,2!0673!=*!.*2N*!7,!73*VC3!73!

0+21@,2+3!7*!)K$9!4,=3-!*!-,++*!735+8/,19!3!<1*-@!7,!*10*!0,.=313D2*!7*!42=@*!

.h4,+*! ,! 3!42=252=A.613-B! U--,-! 20,=-! ,6! .313;6,2! ,4!42=@*! /,1@*! .*2N*! 7,!

-6:+24,=03-!,!*!,=7,+,.,2!*!I2-*9!,4!)3+01*=7B!l6*=73!<,.@,2!*!.*2N*!.34!3!

+313!7,!<20*!*7,-2/*!;6,!U7!02=@*!4,!,4:+,-0*739!.3=02=6,2!.34!*!-,=-*VC3!7,!

;6,!,-0*/*!<*10*=73!*1D64*!.32-*B!

L*2-!0*+7,9!,=;6*=03!.*42=@*/*!=*!,-0+*7*!:*+*!3!.*4:2=D9!:,+.,52!73!

;6,!-,!0+*0*/*d!3!D+*=7,!+313!7,!.*42-2=@*-B!

"h3!02=@*!<2.*73!64*!:*+*!.3=0*+!*!@2-0A+2*B!

!"&(!

!

)%($U!$({R!

!

!

!!

"A-!,-0*43-!*D3+*!=*-!43=0*=@*-!

,!,1*-!,-0C3!,4!=A-BBB!

e#Y"!L'c(9!

Lo!k2+-0!R644,+!2=!0@,!R2,++*!

R,!*!-6*!K3+*D,4!=,D*+F1@,! !

b8!*1E4!7,!-6*!K3+*D,4! !

ULcIZ!&cKgc"R#"!

!"&)!

!

V&&G5$#"45950"*&!

g,==,7o!L,*73p-!E!.@*4*7*!7,!:3+0C3!7,!,=0+*7*!7*!Y2D@!R2,++*9!,!

5,4! .,73! =*!4*=@C! -,D62=0,! ,6! *0+*/,--,2! *;6,1,! :3+0C3B!&36D! ,! $34!4,!

*.34:*=@*+*4! =3-! :+24,2+3-! `__! 4,0+3-9! 4*-! ,=0C3! ,6! :*+,2! ,! 72--,! ;6,!

.3=02=6*--,4! :3+;6,! ,6! 02=@*! ;6,! :,D*+! 64*! .32-*! =*! 43.@21*B! "A-! =3-!

*5+*V*43-!,!=3-!7,-,Q*43-!53*!-3+0,9!=3-!7,-:,72=73!:*+*!-,4:+,!36!:3+!\^!

42=603-9!=C3!-*5>*43-B!U6!4,!,=.3-0,2!*!64*!:,7+*!:*+*!*12/2*+!64!:36.3!3!

:,-3!7*!L3=-0+*9!/,=73F3-!2+!,453+*B!

%!:*+027*!7,1,-!4,!7,2N36!4,1*=.A12.*9!,453+*! 0*45E4!-,=02--,!64*!

,-:E.2,!7,!*1>/23!;6*=73!,1,-!7,-*:*+,.,+*4!,=0+,!*-!8+/3+,-!,-.6+*-B!U6!=C3!

:+,.2-*/*! :,D*+! =*7*! =*! 43.@21*j! ;6,+2*! *:,=*-! <2.*+! -3M2=@*B! %! -3127C3!

-,4:+,!:*+,.,6! -,+!4,6!/,+7*7,2+3! 16D*+9! .343! -,! =C3! <3--,! 64!,-0*73!7,!

,-:>+203!,!-24!64!;6*+03!3=7,!,6!:67,--,!4,!+,<6D2*+!,!-,+!;6,4!,6!+,*14,=0,!

,+*B!%!-3127C3!+*72.*1!=*!)K$!46736!,--*!:,+.,:VC3B!%!-3127C3!=C3!,+*!4*2-!

64! ;6*+039!4*-! 3!46=73! 2=0,2+39! ,! *D3+*! ,6! ,-0*/*! -3M2=@*! =,-0,!46=739!

3.6:*=73F3!7,!64*!<3+4*!;6,!=6=.*!02=@*!3.6:*73!*=0,-B!b2/,+!12/+,4,=0,!

7,--,!43739! -,4!64! 0,03! -35+,!*!42=@*! .*5,V*9! <,M! .34!;6,!3!46=73!4,!

:*+,.,--,! *3!4,-43! 0,4:3!4*23+! ,!4,=3+B!%0E! ,=0C3! =C3! 02=@*! +,*14,=0,!

,=0,=7273! *! /*-027C3! 73! 46=73! ! =C3! 02=@*! -,;6,+! ,=0,=7273! .343! 64!

;621a4,0+3!:372*!-,+!0C3!/*-03! 9!*0E!;6,!.*7*!;621a4,0+3!<3--,!35-,+/*73!

,4! /,13.27*7,! 7,! .*42=@*7*B! U! *:,-*+! 72--3! 02=@*! 0*45E4! 3! 3:3-039! *!

,-0+*=@*!2=02427*7,!;6,!/24!*!0,+!.34!*!0+21@*j!3!.*42=@3!7,!:2=@,2+3-!:2|3=!

,!7,!<13+,-F7,F42.3!;6,!,=.3=0+,2!=*;6,1*!4*=@C!,!3-!+2*.@3-!+*-3-!;6,!.+6M,2!

:*+,.2*4! <*4212*+,-! ,! .3=@,.273-9! ,453+*! =6=.*! 3-! 02/,--,! :,+.3++273! 36!

*0+*/,--*73!*=0,-B!

!"&*!

K*42=@,2!=3! <+,-.3+!7*!4*=@C!=3! +2043!7,!4,6!=3/3!5*-0C3!5+*=.3!

7,! ,-;62! 5*0,=73! =*! 0+21@*9! -,=02=73! ;6,! 3! :,-3! 4,=3+9! :3+E4! *2=7*!

+272.61*4,=0,! D+*=7,! 7*! L3=-0+*9! ,-0*/*! 467*=73! ,! -,! *.3437*=73B!

l6*=73!-*>!=*;6,1*!4*=@C9!:,=-,2!;6,!4,!-,=02+2*!72<,+,=0,!=*!0+21@*9!;6,!*!

.*42=@*7*!-,+2*!4*2-! <8.21B!%<2=*1!7,!.3=0*-9!*!43.@21*!,-0*/*!4,=3-!:,-*7*9!

=C3! *:,=*-! D+*V*-! *3! ,N:6+D3! <,203! :3+! %15,+09! 4*-! 0*45E4! :3+;6,! =C3!

:+,.2-*/*!.*++,D*+!4*2-!73!;6,!76*-!D*++*<*-!7,!8D6*!:3+!/,M9!*D3+*!;6,!02=@*!

.@,D*73! *! 64! 0+,.@3!4,=3-! 8+273! 7*! 0+21@*B!L*-! :*+,2! :*+*! 7,-.*=-*+! 64*!

@3+*!,!4,2*!7,:32-9!-,=02=73!*-!.3=@,.27*-!73+,-!,!*<12Vn,-B!%3!4,-43!0,4:39!

:372*!46203!12D,2+*4,=0,!-,=02+!4,6!.3+:3!-,!<3+0*1,.,=739!,N*0*4,=0,!.343!

J+,D!<*136!;6,!*.3=0,.,+2*B!

U+*! 3! :+24,2+3! 72*! 7*! 0,+.,2+*! -,4*=*9! 3<2.2*14,=0,! /,+C39! *! G1024*!

-,4*=*!7,! Q6=@39! ,! ,6! =C3! ,-0*/*! *:,=*-! ,4!64*!72<,+,=0,! ,-0*VC3! *D3+*9!

4*-! 0*45E4! ,4! 64! 0,++20A+23! 72<,+,=0,9! -652=73!4*2-! *103! =*! R360@! R2,++*!

i217,+=,--B!"3-!X`!;621a4,0+3-!,=0+,!g,==,7o!L,*73p-!,!$+*21!)*--9!-652!7,!

64*!*102067,!7,!.,+.*!7,!\B]__!4,0+3-!:*+*!;6*-,!OB`__!4,0+3-B!L,-43!=3!

.*13+!7,--*!:+24,2+*!-,4*=*!7,!/310*!?!0+21@*9!:372*!-,=02+!*!<+2*D,4!=3!*+!;6,!

-,4!7G/27*!4,!,=/31/,+2*!?!=320,B!"C3!@*/2*!7G/27*!7,!;6,!*D3+*!,-0*/*!=*!

R2,++*9!*!*73+*7*!R,++*!7*!I6M!7,!L62+B!K*42=@,2!7,5*2N3!7,!D+*=7,-!8+/3+,-!

,-.6+*-!;6,!7,2N*/*4!*-!:1*=0*-!4,=3+,-!;6*-,!;6,!2=0,2+*4,=0,!=*!-345+*!,!

:*--,2!:3+!/*-03-!:+*73-!/,+7,Q*=0,-!7,!<13+,-j!.+6M,2!.34!72<2.617*7,!+2*.@3-!

7,!=,/,!7,++,027*9!:61*=73!7,!64*!+3.@*!2=-08/,1!:*+*!360+*!.34!*!*Q67*!73!

5*-0C3! 7,! ,-;62B! "*! /,13.27*7,! 7,! .*42=@*7*9! *! R2,++*! ",/*7*! :*+,.2*!

:+*02.*4,=0,!2=0+*=-:3=>/,1B!R,4:+,!:372*!7*+!4*2-!64!:*--3B!RA!76/27,2!7,!

42=@*!.*:*.27*7,!;6*=73!.3=03+=,2!64*!.6+/*!,!31@,2!:*+*!3-!:2.3-!5+*=.3-!

?! <+,=0,j! -A! ;6*=73! :,=-,2! =3! ;6*=03! <*10*/*! :*+*! .@,D*+! E! ;6,! :,+72! *!

.3=<2*=V*!7,!;6,!.@,D*+2*!18B!

!"'+!

#-! +*-0+3-!7,!&36D!,!$34! +,D61*+4,=0,!*:*+,.2*4!=*! 0+21@*!?-!/,M,-!

1*4*.,=0*9!?-!/,M,-!,4:3,2+*7*9!,!=3!4,23!7*!0*+7,!,6!3-!,=.3=0+,2!-,=0*73-!

?!5,2+*!7,!64!.A++,D39!*-!,N:+,--n,-!7,43=-0+*=73!-6+:+,-*!;6*=73!*:*+,.2B!

R,=0,2F4,!:,+03!7,1,-9!5345,,2!8D6*!,!.3=/,+-*43-!:3+!64!0,4:3B!

! b3.S! 7,/2*! *.*4:*+! .34! *! D,=0,! @3Q,! ?! =320,! -,! =3-! *1.*=V*+! !

72--,!$34!*=0,-!7,!:+3--,D62+!.*42=@*=73B!

!e8!*1.*=.,2!/3.S-! !+,-:3=729!,!+243-B!

",--*! =320,! ,6! ,=0+,2! =*! :,;6,=*! .1*+,2+*! ,4! ;6,! 43=0*+*4! -6*-!

5*++*.*-B!&,:32-!73! Q*=0*+9!,1,-!72/272+*4!*-!76*-!.,+/,Q*-!;6,!0+36N,+*4!7,!

g,==,7o!L,*73p-! ,!4,!7,+*4!6=-! D31,-! ,=;6*=03! ,-08/*43-! -,=0*73-! =3!

.@C39! ,45+61@*73-! ,4! =3--*-! +36:*-B! K3=<3+4,! 5,5>*43-9! :,=-,2! ,4! ;6*1!

7,1,-! 02=@*!:,D*73!*-! \\! .*42-2=@*-!610+*<2=*-!=C3! 165+2<2.*7*-!7*!$+3Q*=!;6,!

02=@*!.34:+*73!,4!)3+01*=7!*1D64*-!-,4*=*-!*=0,-B!)*+,.2*!;6,!02=@*!;6,!-,+!

64!7,1,-B!

"3!72*!-,D62=0,9!.*42=@*=73!-3M2=@*9!4,!7,:*+,2!.34!64*!1*+D*!<*2N*!

7,!=,/,!,4!64*!,-.*+:*!>=D+,4,9!64*!D2D*=0,-.*!.*4*7*!7,!D,13!;6,!<,.@36!

*!0+21@*B!U+*!.343!3!7,-12M*4,=03!7,!:,7+*-9!-A!;6,!4*2-!*--6-0*73+9!64!+23!7,!

D,13! ,4! /,M! 7,! :,7+*-B! R,! ,-.3++,D*--,! *3! 0,=0*+! .+6M8F139! 7,-12M*+2*! :,1*!

1*0,+*1!7*!43=0*=@*!,!.*2+2*!=*-!:,7+*-!18!,45*2N39!36!:23+9!.*2+2*!4*2-!13=D,9!

,4!.24*!7,!-*5,F-,!18!3!;6SB!&3!*+9!-,D6=73!*!42=@*!:,+-:,.02/*B!R,!,6!=C3!

0,=0*--,! .+6M8F1*9! 0,+2*! ;6,! /310*+! *! g,==,7o!L,*73p-B! c--3! =C3!:*+,.2*! 7,!

0373!64*!48!27,2*B!U!*2=7*!*--24!*;62!,-0*/*!,6B!

&+3D*9!:,=-,2B!l6,!2=<,+=3B!),D6,2!*!:2;6,0*!,!*=*12-,2!*!+30*9!3!;6,!7,!

<*03! -2D=2<2.36! *:,=*-! ;6,! <2;6,2! *12! :*+*7*! :3+! /8+23-! 42=603-! .+2*=73!

.3+*D,4B!&*/*!:*+*! /,+! ;6,!&36D! ,! $34! .3=-,D62+*4!*0+*/,--*+9! :32-! -6*-!

:,D*7*-!,+*4!64*!-E+2,!7,!56+*.3-!=*!=,/,B!R,D6+,2!*!:2;6,0*!7*!4*=,2+*!;6,!

J+,D!4,!,=-2=36!,!:2-,2!,4!64!73-!56+*.3-B!%!,N2-0S=.2*!7,1,-!03+=36!*!42=@*!

4*2-!<8.21!,!*3!4,-43!0,4:3!4*2-!72<>.21B!U6!=C3!:+,.2-*/*!*5+2+!4,6!:+A:+23!

!"'"!

.*42=@39!4*-!3-!56+*.3-!7,1,-!,+*4!7,-*Q,20*73-9!,-.3++,D*723-!,!?-!/,M,-!0C3!

:+3<6=73-! ;6,! 42=@*! 530*! <2.*/*! :+,-*! ,! ,6! :,+72*! 3! ,;621>5+23! ,! .*>*9! *!

:2;6,0*!0C3!2=.a437*!;6,!:*+,.2*!4*2-!64!:,-3!73!;6,!64*!*Q67*B!k2+4,9!,6!

:,=-*/*9! 24*D2=*=73! 3! ;6,! <*+2*! .34! *! :2;6,0*! -,! .34,V*--,! *! 7,-12M*+!

,=.3-0*!*5*2N3B!%!=,/,!,+*!72<,+,=0,!7*!=,/,!,4!L2==,-30*B!U4!*1D6=-!16D*+,-!

02=@*!4*2-! D,13! 73! ;6,! <13.39! 0C3! 7,=-*4,=0,! .34:*.0*73! ;6,! 1,45+*/*! *!

.+3-0*!76+*!7,!D,13!7,!64!<+,,M,+!;6,!:+,.2-*/*!-,+!7,-.3=D,1*73B!U4!360+3-!

16D*+,-9!,1*!7*/*!:*--*D,49!4*2-!1*4*.,=0*!73!;6,!*:*+,=0*/*B!

"C3!31@,2!:*+*!3!4*.2V3!7,!:,7+*-!*5*2N3!*0E! 0,+!*1.*=V*73!3!360+3!

1*73! 7*! =,/,! ,! ,-0*+! 7,! :E! -35+,! *! 0+21@*! 1*4*.,=0*9! 0+,4,=739! :3+E4!

.3=0,=0,B! R*52*! ;6,! *;6,1*! :,;6,=*! 2=.6+-C3! ,+*! *:,=*-! 64! ,N,4:13! 7*!

-206*VC3!?!<+,=0,B!R,!=C3!3:0*--,!:3+!-*2+!7*!0+21@*!=3!$+*21!)*--!:*+*!.3=03+=*+!

*! =,/,9! 13D3! .@,D*+2*! *3! k3+,-0,+! )*--9! *! `B_\\!4,0+3-! 7,! *102067,9! 3! :3=03!

4*2-! *103! 7*! )K$B! U! -,! =C3! .*>--,! 7*! 43=0*=@*! ,=;6*=03! .+6M*/*! *;6,1,!

0+,.@39!:*--*+2*!*-!:+AN24*-!-,4*=*-!.+6M*=73!*:,=*-!=,/,B!%!=,/,!-,+2*!5,4!

4*2-!0+*2V3,2+*!73!;6,!3!0+,.@3!;6,!*.*5,2!7,!.+6M*+9!4*-!0,+!.@,D*73!*0E!,--,!

:3=03!7,2N36!*! -206*VC3!?! <+,=0,!4*2-! +,*1B!&2--,!*!424!4,-4*!;6,!,6!=C3!

02=@*! 3:VC3! *! =C3! -,+! .3=03+=*+B! U6! =C3! 4,! ,=.3=0+*/*! *7,;6*7*4,=0,!

:+,:*+*7*!:*+*!,-0*+!=*!)K$!,4!64!*=3!=3+4*19!*2=7*!4*2-!,4!64!*=3!=3!

;6*1!*!:+3<6=727*7,!7*-!4,72Vn,-!7*!=,/,!,+*!76*-!36! 0+S-!/,M,-!4*23+!73!

;6,!=3!*=3!*=0,+23+B!"C3!@*/2*!64!2=/,+=3!.34!0*=0*!=,/,!7,-7,!3!2=/,+=3!

7,!\]PO9!,!=C3!@*/,+2*!360+3!:3+!4*2-!\W!*=3-B!

%1E4!72--39!=C3!@*/2*!-A!*!=,/,!*!.3=-27,+*+B!Y*/2*!0*45E4!*-!.32-*-!

+,1*.23=*7*-!?!=,/,d!3-! +23-!,!3-! +2*.@3-!:,+2D3-*4,=0,! .@,23-!;6,! 0,+2*!;6,!

.+6M*+! -3M2=@*9!*-! 0,4:,+*06+*-!;6,!4,!7,2N*+2*4!,4!+2-.3!7,!@2:30,+42*9!*!

+,*127*7,! 7,! ;6,! 0,+2*! ;6,! 7,:,=7,+! ,N.16-2/*4,=0,! 73!4*:*! ,! 7*! 5G--31*!

:*+*! 3-! 13=D3-! 0+,.@3-! ,4! ;6,! *! 0+21@*! ,-02/,--,! .35,+0*! 7,! =,/,9! 0673! 2--3!

*D+*/*73!:,13! <*03! 7,! ;6,! ,-0*/*! -3M2=@*B! U6! =C3! 02=@*!3! ,;62:*4,=03! 7,!

!"'#!

;6,!:+,.2-*/*j!=C3!02=@*!3!.3=@,.24,=03!=,4!*!,N:,+2S=.2*B!U9!:3+;6,!,-0*/*!

-3M2=@*9!-,;6,+!02=@*!64*!4*+D,4!7,!,++3B!%3!7,-2-02+9!.343!<2M,+*4!360+3-!

0+21@,2+3-! 7*! )K$9! :,+7,+2*! *! D1A+2*! 7*!Y2D@! R2,++*B!L*-9! -,! <2.*--,! =*! 0+21@*9!

*++2-.*+2*!*!/27*B!

!b36!7,-2-02+!=3!$+*21!)*--! !72--,!*!&36D!,!$34!;6*=73!Q*=08/*43-!

=*;6,1*!=320,B!

K*42=@,2!-3M2=@*!3!72*!2=0,2+39!+,D2-0+*=73!4,6!-,D6=73!72*!*.24*!7,!

W`!;621a4,0+3-9!4*-!3-! *1.*=.,2! =3/*4,=0,!;6*=73!,-0*/*4! -,!:+,:*+*=73!

:*+*!*.*4:*+B!

!b36!-652+!*0E!*!R2,++*!K20o!,!7*+!*!/310*!7,!18B!

!&,.27243-!.3=02=6*+! !72--,!&36DB!

!K3=/,+-*43-! -35+,! 2--3!,!*.@*43-!;6,!/3.S!7,/2*!/2+! .3=3-.3! !

72--,!$34B!

! c+! .34! /3.S-T! ! :,+D6=0,29! -6+D2=73! 73! 0G=,1! <3+4*73! :3+!4,6!

.*:6M!7,!1C!,-.6+*B!

U6! ,-0*/*! /,-02=73! 037*-! *-! +36:*-! ;6,! 0+36N,9! *! 0,4:,+*06+*! 5*2N*!

;6*-,! .3=D,1*=0,B! $+,.@3-! 7,! =,/,! =3-! +37,*/*4! 7,5*2N3! 7,! 8+/3+,-! ,4!

:3=03-!:+30,D273-!73!-31B!

!"C3!E!-,D6+3!:+*!/3.S!.3=02=6*+!-3M2=@*! !&36D!72--,B!

!",=@64!7,!=A-!7,/,!-,D62+!-3M2=@3! !72--,!$34B!

!L*-!=C3!E!-,D6+3!:+*!=2=D6E4!*=7*+!=*!=,/,B!e6=03-!36!-3M2=@3-! !

,6!72--,B!

!l6,+,43-!0,=0*+! !72--,!$34B!

!#5+2D*7*! !,6!72--,B! !U-036!12-3=Q,*7*!:3+!/3.S-!0,+,4!3<,+,.2739!

4*-!=C3!:3--3B!

!)3+!;6,!=C3T! !&36D!:,+D6=036B!

!)3+;6,!3!35Q,02/3!7*!42=@*!/2*D,4!E!,-0*+!*;62!:+*!<*MSF1*!-3M2=@*B!

!"'$!

k2.*43-!,4!-21S=.23!:3+!64!0,4:39!.34,=73!=3--3-!Q*=0*+,-9!.*7*!64!

-,D6+*=73!64*!:*=,1*!;6,=0,!.@,2*!7,!*++3M!36!<,2QC3!36!4*.*++C3!,4!=3--*-!

4C3-!.34!16/*-B!k2;6,2!0+2-0,!:3+!72M,+!=C3B!"C3!*:,=*-!:3+;6,!,6!-*52*!;6,!

2--3! -2D=2<2.*/*! ,-0*+! 3:0*=73!:3+! .3=03+=*+! *!Y2D@! R2,++*9!4*-! :3+;6,9! :3+!

4*2-!;6,!,6!72--,--,!;6,!;6,+2*!<*M,+!*;6,1*!/2*D,4!-3M2=@*9!,6!,-0*/*!*12/2*7*!

:,1*!.34:*=@2*!7,1,-B!U-0*+!:,+03!7,!$34!,!&36D!?!=320,!,/20*/*!;6,!02/,--,!

;6,!72M,+!*!424!4,-4*!U6!=C3!,-036!.34!4,73!-,4:+,!;6,!36/2*!64!D*1@3!

;6,5+*+! =3! ,-.6+3! 36! 3! /,=03! -3:+*+! 0C3! /231,=0*4,=0,! ;6,! :*+,.2*! ;6,!

*1D64*! .32-*! +624! 2*! *.3=0,.,+B!L*-! ,6!=C3! ,-0*/*! *;62! :*+*! ,/20*+! 0,+! ;6,!

72M,+! U6! =C3! ,-036! .34!4,73B! U6! /249! :,+.,529! :*+*! /,=.,+! *;6,1,!4,739!

:*+*! /,=.,+! +,*14,=0,! 0673! ! 0673!3! ;6,! <2M! *!424!4,-4*! ,! 0673!3! ;6,!

<2M,+*4!*!424B!U6!=C3!:372*!<*M,+!2--3!D+67*7*!,4!360+*!:,--3*B!

&,:32-! 73! Q*=0*+9! 7,20,2! =*! 5*++*.*! .34! 3! K3=03-! .34:1,03-9! 7,!

"C3! ,+*! *:,=*-! :3+;6,! ,-0*/*! .*=-*7*! ,! .34! <+23! 7,:32-! 7,! 64! 72*! 7,!

.*42=@*7*j!=,--*!*102067,!3!*+!E!4*2-!+*+,<,203B!U9!*:,-*+!72--39!=C3!.3=-,D62!

,N*0*4,=0,!73+42+B!"3!;6,!:*+,.2*!-,+!64!,-0*73!7,!<6D*9!:,=-,2!-35+,!3!;6,!

-2D=2<2.*/*!.3=03+=*+!*!Y2D@!R2,++*B! c--3!5*-2.*4,=0,!*++62=*/*! 0673B!$373!3!

:1*=,Q*4,=03!;6,!,6!<2M9!*!4*=,2+*!.343!3+D*=2M,2!.*7*!.*2N*!,!+,<,2VC3!:*+*!

3! /,+C3! 2=0,2+3B! %D3+*! ,6! :61*+2*! mW_! ;621a4,0+3-! 7*! 0+21@*! ;6,! @*/2*!

:+,0,=7273!:,+.3++,+B!U!.@,D*+2*!*!%-@1*=7!=3!2=>.23!7,!*D3-03!,!=C3!=3!4,23!

7,!-,0,45+3B!

!&36DT! !.@*4,2!=*!,-.6+27C39!-6*!5*++*.*!*!64!5+*V3!7,!72-0h=.2*!

7*!42=@*B!

!R24T!

!U6!,-0*/*!:,=-*=73!;6,9!-,!,6!<2M,+!3!7,-/239!:3--3!<*M,+!*!0+21@*!:3+!

0373!3!#+,D3=!:*+*!.34:,=-*+B!

!"'%!

b2+,2!7,!1*73!=*!72+,VC3!7*!5*++*.*!7,1,9!4,23!7,-,Q*=73!;6,!,1,!/2,--,!

-,! 7,20*+! *3! 4,6! 1*73! =*! 42=@*! ! ;6,! ;6*1;6,+! 64! /2,--,B! U+*! *! 4,-4*!

-,=-*VC3! 7,! /*M239! 7,! <34,9! ;6,! 02/,! 18! *0+8-! =*;6,1,! 430,1! ,4! L3Q*/,9!

;6*=73!7,-,Q,2! 0,+!64*!.34:*=@2*B!"C3!*1D6E4!:*+*!*4*+B!RA!*1D6E4!:*+*!

:+,--23=*+!.3=0+*!4,6!.3+:3B!

!)3+!*.*-3!/3.S!-*5,!;6*1!E!*!72-0h=.2*!7*!0+21@*!=3!#+,D3=T!

!K,+.*!7,!P__!;621a4,0+3-! !,1,!+,-:3=7,6B!

!),+<,203! !,6!72--,9!.34!3!.3+*VC3!*.,1,+*=73!72*=0,!7*!27,2*9!*=0,-!

7,!<,.@*+!3-!31@3-!,!.*2+!,4!64!-3=3!:+3<6=73B!

"*! 0*+7,! 73! 72*! -,D62=0,! J+,D! 4,! *1.*=V36! 64! :36.3! *=0,-! 7,! ,6!

.@,D*+!*!$+*21!)*--!$+*219!42=@*!-*>7*!7*!)K$B!

!b36!<*M,+!3!7,-/23! !72--,!*!,1,9!+,160*=0,B!

!$*45E4!/36! !,1,!72--,B!

!b3.S!/*2T! !:,+D6=0,29!.34!*1>/23!,!:+*M,+B!

! $,4!=,/,! 7,4*2-! *;62! ,4! .24*! ! ,1,! 72--,9! ,! 31@*43-! *3! +,73+!

:*+*!*-!:3=0*-!73-!:2=@,2+3-9! 03+0*-!:,13!/,=03!,=0+,!*-!:,7+*-!=*! 1*0,+*1!7*!

0+21@*j!*-!43=0*=@*-!,!3-!.64,-!/2->/,2-!*!;621a4,0+3-!7,!72-0h=.2*!-35!3!.E6!

*M61!.+2-0*12=3B!#!:3=03!4*2-!*103!7*!0+21@*!,-0*/*!*!*:,=*-!^X!;621a4,0+3-!7,!

72-0h=.2*B!#! .64,!73!43=0,!i@20=,o9! 3! :2.3!4*2-! *103!73-! U-0*73-!'=273-!

.3=02=,=0*19!,-0*/*!4*2-!:,+03!*2=7*9!64!:,;6,=3!7,-/23!<3+*!7*!)K$B!

e6=03-9!7,-.,43-!3!$+*21!)*--!$+*21!:3+!O!;621a4,0+3-!*0E!64*!8+,*!7,!

:2;6,=2;6,!,!*.*4:*4,=03!,4!Y3+-,-@3,!L,*73p-9!3=7,!,=.3=0+*43-!.34!

&36D!,!$34!,!:,D*43-!64*!.*+3=*!:*+*!I3=,!)2=,B!"C3!@*/2*!:1*=,Q*73!2+!

*0E! 18B! %1D6=-! 0+21@,2+3-! 7*! )K$! ,=/2*/*4! .*2N*-! 7,! -6:+24,=03-! :*+*! I3=,!

)2=,9!4*-! ,6! 02=@*!:1*=,Q*73!,-02.*+! *0E! *! .27*7,!7,! c=7,:,=7,=.,9!4*2-!P_!

;621a4,0+3-!*3!=3+0,B!%2=7*!02=@*!.3427*!:*+*!*1D6=-!72*-!=*!43.@21*9!4*-9!

;6*=73! .@,D*43-! ?! .27*7,9! <62! 24,72*0*4,=0,! ?! 4,+.,*+2*! 4,! +,*5*-0,.,+B!

)+,.2-*/*! 0,+! 3! -6<2.2,=0,! :*+*! *D6,=0*+! 3! 0+,.@3! 7,! \``! ;621a4,0+3-! ;6,!

!"'&!

:,+.3++,+2*!*--24!;6,!<2M,--,!3!.3=03+=39!7,!R2,++*!*!f,17,=B!L*2-!0*+7,9!*.@,2!

64!0,1,<3=,!:G512.39!12D6,2!:*+*!I2-*!,!7,2N,2!64*!4,=-*D,4!,4!-6*!-,.+,08+2*!

,1,0+a=2.*9!,N:12.*=73!4,6!=3/3!:1*=3!3!4*2-!+8:273!;6,!:67,!,!:,72=73!*!

,1*! ;6,! ,=/2*--,! 24,72*0*4,=0,! *! 42=@*! .*2N*! ,=7,+,V*7*! :*+*! f,17,=! ,!

-,D6+*--,! 037*-! *-! 360+*-! *0E! ;6,! ,6! 1@,! ,=/2*--,! 3-! 7,0*1@,-! 7,!4,6! =3/3!

202=,+8+23B!

R,=02F4,!:,+06+5*7*!,!4,1*=.A12.*!;6*=73!7,-12D6,2!3!0,1,<3=,9!4,=3-!

*=24*7*!:3+!,-0*+!=*!.27*7,!73!;6,! 24*D2=*+2*!,-0*+B!K*42=@,2!*3!13=D3!7*!

+6*!:+2=.2:*1!*0E!,=.3=0+*+!3!:,--3*1B!

!U-0*43-!/310*=73!18!:+*!.24*! !72--,!&36D9!-,6-!31@3-!,=.3=0+*=73!

3-!4,6-B!L,6!:,203!<2.36!*:,+0*73!;6*=73!4,!7,-:,72!7,1,!,!7,!$34B!)*--,2!

*! -,=02+! 64*! ,-:E.2,! 7,! *43+! :3+! ,1,-9! 4*-! *.24*! 7,! 0673! ,6! ,-0*/*!

:+,3.6:*7*B!

!b3.S-!0S4!.,+0,M*!7,!;6,!;6,+,4!-652+!4,-43!.34!*!=,/,T! !,6!

:,+D6=0,2B!

!b3.S!0,4!.,+0,M*!7,!;6,!=C3!;6,+T! !$34!+,:12.36B!

!b3.S!*2=7*!0,4!3!*461,03!7*!-3+0,! !72--,!&36D9!*:3=0*=73!:*+*!*!

:,=*!:+,0*!;6,!,1,!4,!7,6!18!*0+8-9!,4!g,==,7o!L,*73p-B!

U6! 02=@*! :+,=7273! *! :,=*! =*! *+4*VC3! 7*! L3=-0+*9! *.24*! 73! 4,6!

345+3!72+,203B!

!%1D3!:+*!4,!1,45+*+!7,!/3.S! !,6!72--,9!,!+243-B!

&,:32-!;6,!,1,-!:*+02+*49!*=7,2! .34!J+,D!*0E!*! 13Q*!7,! .3=/,=2S=.2*!

;6,!2420*/*!64*!,-0*VC3!7,!a=256-!7*!J+,o@36=7B!)*--*43-!:3+!5*+,-!;6,!-,!

*=6=.2*/*4! .343! 0*5,+=*-! 73! b,1@3!#,-0,! ,! 13Q*-! ;6,! 02=@*4! .@*:E6-! 7,!

.*65A2-!,!:2=06+*-!,43176+*7*-!7,!@34,=-!43=0*=73!036+3-!,4!-6*-!/20+2=,-B!

! b3.S! Q8! *--2-026! *3! Y2D@! R2,++*! .34! Y64:@+,o! f3D*+0T! ! J+,D!

:,+D6=036B!

f*1*=.,2!*!.*5,V*!=,D*02/*4,=0,B!

!"''!

!U1,!<32!<214*73!*;62B!%1E4!7,!46203-!360+3-!<214,-B!k*+3,-0,B!

%.,=,2! .34!*!.*5,V*9! -,4!-6+:+,-*B!%!:*2-*D,4!+,*14,=0,!:*+,.2*! 0,+!

-*>73!7,!Y311op3379! 64!:1*=*103! .35,+03!7,! -81/2*-! ;6,! ,+*!4*2-! 8+273!73!

;6,!3!,-:,+*739!:,7+,D3-39!-,4!8+/3+,-!,!.34!64*!/2-0*!;6,!-,!,-0,=72*!:3+!

;621a4,0+3-B! #-! .64,-! 5+*=.3-! 7*! R2,++*! ",/*7*! *! 3,-0,! 7,-:3=0*/*4! 0C3!

7+*4*02.*4,=0,!=3!.E6!*M61!;6,!4,!:*+,.2*4!;6*-,!2++,*2-9!64*!12=7*!216-C3B!

!U2-!*!=3--*!.*+3=*! !J+,D!72--,9!*:3=0*=73!:*+*!64!D+*=7,!a=256-!

7*!J+,o@36=7!=3!,-0*.23=*4,=03!7*!13Q*!;6*=73!=3-!*:+3N24*43-B!

L*-!,1,!,-0*/*!,=D*=*73B!"C3!@*/2*!a=256-!;6,!<3--,!72+,03!:*+*!R2,++*!

K20o9! =A-! 7,:32-! -365,43-B! $,+>*43-! ;6,! :,D*+! 64!a=256-! =*;6,1*! =320,! ,!

/2*Q*+!-,0,!@3+*-!*0E!(,=39!,4!",/*7*9!,!,=0C3!:,D*+!360+3!76+*=0,!64*!@3+*!

:*+*! $+6.[,,9! =*!K*12<A+=2*B!&,! 189! =C3! 0,+>*43-! =,=@64*!3:VC3! *! =C3! -,+!

:,D*+!64*!.*+3=*!:*+*!3-!G10243-!mW!;621a4,0+3-!*0E!R2,++*!K20oB!K34:+*43-!

76*-! :*--*D,=-! 7,! 27*! ,! 64! 43=0,! 7,! D613-,24*-9! -,=0*43-! =*! .*1V*7*!

*;6,.27*!=*!5,2+*!73!,-0*.23=*4,=03!7*!13Q*!7,!.3=/,=2S=.2*!,-:,+*=73!:,1*!

.@,D*7*! 73! a=256-B! U-/*M2*43-! -*.3-! 2=0,2+3-! 7,! 5*0*0*-! <+20*-! ,! 1*0*-! 7,!

+,<+2D,+*=0,!,=;6*=03!.3=/,+-8/*43-B!)*--*43-!+*:27*4,=0,!:,1*!)*.2<2.!K+,-0!

$+*21! .343! 0,4*! 7*! .3=/,+-*9! 7,:32-! <*1*43-! -35+,! ,;62:*4,=03-! 7,!

43.@21,2+39! -35+,! *! ;6*=027*7,! +,.3+7,! 7,! =,/,! 4*2-! 64*! /,M! ,! -35+,! *-!

:37,4!0,+! 2=0,+:+,0*73!36!=C3!7,!4373!2=.3++,03!3!,-:>+203!:3+!0+8-!7,--*-!

0,3+2*-!,!:+802.*-9! ,! <2=*14,=0,!.@,D*43-!*!=A-!4,-43-B!),+D6=0,2! -35+,! -,6!

0+*5*1@3!,!-6*!/27*!,4!$*.34*B!U1,!=C3!02=@*!52.@3-!7,!,-024*VC3!=,4!<21@3-!

,!02=@*!64*!=*43+*7*!.34!;6,4!,-0*/*!Q6=03!@*/2*!64!*=3B!U1*!0*45E4!,+*!

64*!8/27*!*/,=06+,2+*B!R6*!/27*9!2--3!,-0*/*!.1*+39!,+*!64*!.32-*!3+D*=2M*7*!,!

+,-:,208/,1B!)*+*!4249!:*+,.2*!0*=03!.@*0*!;6*=03!-6+:+,,=7,=0,B!"C3!-*52*!3!

;6,!*!42=@*!1@,!:*+,.2*B!

!"'(!

#! a=256-! :*+*! (,=3! ,-0*/*! ;6*-,! /*M23! ;6*=73! <2=*14,=0,!

,45*+.*43-B!R,D62!J+,D!*0E!3!4,239!3=7,!:,D*43-!732-!:*+,-!7,!*--,=03-!64!

,4!<+,=0,!*3!360+39!.*7*!64!7,!64!1*73!73!.3++,73+B!

! b36! 73+42+! 64! :36.3! ! ,1,! 72--,! *--24! ;6,! 3! a=256-! ,=0+36!

*5+6:0*4,=0,!=*!*603,-0+*7*B!

!U6!0*45E4! !,6!72--,9!,453+*!-365,--,!;6,!=C3!,+*!/,+7*7,B!

L,-43! ;6*=73! ,-036! ,N*6-0*! =6=.*! .3=-2D3! 73+42+! ,4! /,>.613-! 7,!

;6*1;6,+!02:3!,4!43/24,=039!,!,6!=C3!,-0*/*!,N*6-0*B!U-0*/*!*.,-*!:3+!/310*+!

*3!46=73B!k2;6,2!31@*=73!:,1*! Q*=,1*!,=;6*=03!J+,D!73+42*B!"2=D6E4!;6,!

4,!.3=@,.2*!:3+!4*2-!73!;6,!64*!-,4*=*!02=@*!*!4,=3+!27,2*!7,!3=7,!,6!4,!

,=.3=0+*/*B! U6! ,-0*/*! *! .*42=@3! 7,! (,=39! ,4! ",/*7*9! :,=-,2! .34! 64*!

,-:E.2,! 7,! *++,:,=724,=03B!"6=.*! ,-02/,! ,4!(,=3B! )*+,.2*! -,+!3! 16D*+!4*2-!

*5-6+73!:*+*!,6!2+9!/,-027*!.343!,-0*/*!,!-6Q*!.343!64!.*.@3++39!4,6!.*5,13!

76+3!.343!64*!:*1@*B!$2+,2!0373!3!72=@,2+3!73!531-3!,!.3=0,2!*-!=30*-!,!*-!

43,7*-! 6-*=73! *! 1*=0,+=*! 7,! .*5,V*! :*+*! ,=N,+D*+B! $2=@*! ``! 7A1*+,-! ,! m^!

.,=0*/3-B! L,6! .3+*VC3! <2.36! *:,+0*73! .34! *! /2-C3! 7*;6,1*! 2=-2D=2<2.h=.2*B!

J*-0,2! 46203! 4*2-! 73! ;6,! 24*D2=,2! ;6,! D*-0*+2*! =,--*! *106+*B! "C3! :+,/2!

:*+*7*-!,4!(27D,.+,-0!,!I3=,!)2=,9!=,4!*!:*--*D,4!7,!a=256-!:*+*!$+6.[,,B!

U6! =C3! 2*! :,D*+! 4*2-! 72=@,2+3! *0E! +,02+*+! *! 42=@*! :+AN24*! .*2N*! 7,!

-6:+24,=03-! ,4! f,17,=9!4*2-! 7,! 64*! -,4*=*! 7,:32-9! ,!4,-43! *--24! -,+C3!

*:,=*-!/2=0,!7A1*+,-B!J+,D!,!,6!.3=.3+7*43-!,4!<2.*+!,4!64!@30,1!,4!R2,++*!

K20o! :*+*! 7,-.*=-*+! :3+! 64*! =320,! *:A-! =3--*-! 13=D*-! /2*D,=-9! 4*-! 02/,! *!

-,=-*VC3!+,:6D=*=0,!7,!;6,!:+,.2-*+2*!*++*=Q*+!64!16D*+!:*+*!*.*4:*+!,4!/,M!

72--3B!

"C3!@*/2*!=*7*!;6,!,6!:67,--,!<*M,+!*!+,-:,203B!U6!=C3!02=@*!.*+0C3!7,!

.+E7203B! R24:1,-4,=0,! :+,.2-*/*!4,! /2+*+! .34!3! ;6,! 02=@*B! )+*D6,Q,2! .3=0+*!

424!4,-4*!:3+!=C3!0,+!.313.*73!4*2-!72=@,2+3!=*-!.*2N*-9!*3!4,-43!0,4:3!

,4!;6,!-*52*!;6,!=C3!:37,+2*!<*M,+!2--3B!K313;6,2!=*-!.*2N*-!0373!3!72=@,2+3!

!"')!

;6,!,6! 02=@*B!U.3=342M,2!*-!D3+Q,0*-!76+*=0,! 0373!3! 2=/,+=3!,!*!:+24*/,+*9!

/,=72! 53*! :*+0,! 7,! 4,6-! :,+0,=.,-! ,! .34! ,--,! 72=@,2+3! .34:+,2! 037*! *!

.3427*! :*+*! *-! .*2N*-! ,! 0373! 3! ,;62:*4,=03! ;6,! ,-0*/*! =*;6,1*! .*4*! =3!

@30,1! ,4!L3Q*/,B!%--2=,2! 64!.@,;6,!:*+*! I2-*!:37,+!:*D*+! *!:3-0*D,4!7*-!

.*2N*-! ,! 360+3! .@,;6,! :*+*! .35+2+! ;6*0+3! 4,-,-! 7,! :*D*4,=03! 73! .+E7203!

,-067*=021!:*+*!3!72:134*!;6,!,6!=C3!02=@*!,!;6,!/36!:*D*+!*0E!.34:1,0*+!`O!

*=3-B!#!43=0*=0,!;6,!-35+36!,+*!3!;6,!,6!:372*!D*-0*+!=*!)K$B!

K313;6,2! 3! 72=@,2+3! 7,! /310*! =3! 531-39! 7,-12D6,2! *! 16M! ,! 31@,2! :,1*!

Q*=,1*!:*+*!3! 1,-0,9! -,=02=73!64! 0+2-0,!7,-.3=<3+03B! U-0*/*! .34! -*67*7,-!7,!

.*-*9! 4*-! =C3! -*52*! -,! ,+*! 7*! /27*! ;6,! .3-064*/*! 0,+! 36! 7*! )K$B! L*1!

.3=-,D62*!72-02=D62+!*!,-.6+*!-21@6,0*!7*!R2,++*!",/*7*!.3=0+*!3!.E6!,=16*+*73B!

U1*!:*+,.2*!*;6,1,!46+3!24:,=,0+8/,1!=3/*4,=0,9!.343!02=@*!:*+,.273!*!424!

*1D6=-!*=3-!*0+8-9!;6*=73!*!/2!:,1*!:+24,2+*!/,M!=*!/2*D,4!.34!)*619!4*-!,6!

=C3!*! -,=02*!4*2-! .343! 24:,=,0+8/,1B!)372*!4,! 24*D2=*+! =,1*9!7,=0+3!7,1*9!

-,=73!:*+0,!7,1*B! R*52*!;6*1!,+*!*! -,=-*VC3!7,!.*42=@*+!=,1*9!64!:*--3!:3+!

/,MB! U-0*+2*! 7,! /310*! 4*2-! 64*! /,M! *--24! ;6,! -*>--,! 7,! R2,++*B! U-0*/*!

.3=03+=*=73!*!Y2D@!R2,++*9!:,+7,=73!3-!.h=23=-!7,!R,;632*!,!7,!g2=D-!,!3-!

:*+;6,-! =*.23=*2-! 7,!Z3-,420,9! 7,!$63164=,!L,*73p-9! 7,! e3@=!L62+! ,! 7,!

&,-31*023=!,!46203!4*2-9!4*-!*2=7*!.*42=@*+2*!:3+!4*2-!\X_!;621a4,0+3-!=*!

R2,++*!",/*7*!7,:32-!72--39!*=0,-!7,!2+!:*+*!*!.3+721@,2+*!7*!K*-.*0*-B!

l6*=73! 3! a=256-! ,=0+36! =*! ,-0*VC3! 7,! (,=39! ?-! ;6*0+3! @3+*-! 7*!

4*7+6D*7*9! =C3! @*/2*! 73+4273! =,4! 64!42=603B! J+,D! ,! ,6! 0>=@*43-! 64*!

@3+*! 7,! 2=0,+/*13! *=0,-! 7,! 3! :+AN243! a=256-! -*2+! :*+*! $+6.[,,9! ,=0C3!

:,+*4561*43-! :,13! :,;6,=3! .*--2=3! ;6,! E! /2M2=@3! 7*! ,-0*VC39! .34! *-!

43.@21*-!:+,-*-!=*-!.3-0*-B!U6!,-0*/*!.*=-*7*9!4*-!12D*7*9!7*=73!D31,-!=3!.@8!

;6,=0,! I2:03=! ,4! 64! .3:3! 7,! 2-3:3+B! J+,D! Q3D36! f1*.[Q*.[! ,! D*=@36! 0+S-!

7A1*+,-B!U6!:,-;6,2!0+S-!43,7*-!7,!W^!.,=0*/3-!73!531-39!*:3-0,2!*-!0+S-!,4!

64*!48;62=*!.*V*F=>;6,1!,!:,+72!0673B!

!"'*!

J+,D!4,!7,6!64! -3++2-3! -*+.8-02.3! 02:3! ,6F0,F72--,9! .343! -,! -365,--,!

;6,!2--3!*.3=0,.,+2*B!

!U29!=6=.*!-,!-*5,! !,6!72--,B! !'4*!/,M!,6!,-0*/*!7,!:*--*D,4!,4!

I*-! b,D*-! @8! *1D6=-! *=3-! ,! .313;6,2! 64*! 43,7*! 7,! ^! .,=0*/3-! ,4! 64*!

48;62=*!.*V*F=>;6,1!,!D*=@,2!X_!:+*0*-B!

U1,!=C3!:*+,.,6!24:+,--23=*73B!

k62!*3!5*=@,2+3!<,42=2=3B!U=;6*=03!,-.3/*/*!3-!7,=0,-!72*=0,!7,!64!

,-:,1@3! 21642=*73!.34! 16M! <163+,-.,=0,! .313.*73!*.24*!7,!64*!5*=.*7*!7,!

:2*-9!64*!461@,+!72--,d!

!U6!D3-03!7,!-6*!:,=*! !,!*:3=036!:*+*!*!:,=*!,4!42=@*!43.@21*B!

!#5+2D*7*! !+,-:3=729!=3--3-!31@3-!-,!,=.3=0+*=73!=3!,-:,1@3B!U1*!

,+*! :8127*9! 02=@*! 31@3-! .*-0*=@3-9! 64! =*+2M! 03+03! ,! 64*! 0+*=V*! 13=D*! ;6,!

7,-.2*!:,1*-! .3-0*-j!/,-02*!64*!.*42-,0*! 02,F7o,79!64! -@3+0! Q,*=-! +,4,=7*73!

.34!*-!:3=0*-!7,-<2*7*-!,!-*=7812*-!f2+[,=-03.[B!

!L,6!*42D3!4,!7,6! !46+46+,29!.34!*!:*-0*!7,!7,=0,!,-.3++,=73!

7*!53.*B!)*+,.2*!;6,!,6!=C3!<*1*/*!.34!64*!461@,+!@*/2*!-E.613-B!

!&,/,! -,+!7,!64!.3+/>7,3! ! ,1*!72--,9! -,! *:+3N24*=73!:*+*! 03.*+!

7,12.*7*4,=0,!=*!:,=*!.34!3!7,73B! !#6!E!7,!64!.3+/3!36!7,!64*!D+*1@*9!

64!->45313!73!/*M23! !,1*!*.+,-.,=0369!,4!64!034!4>-02.3B!

!&3!/*M23T! !:,+D6=0,29!7,-*=24*7*B!

!q!64*!.32-*!53*! ! ,1*!72--,B! ! q!3! 16D*+!3=7,!*-! .32-*-!=*-.,49!

3=7,!.34,V*4B!),=-,!,4!.343!64!56+*.3!=,D+3!*5-3+/,!*!,=,+D2*!,!7,:32-!

*!125,+*!.343!*1D3!=3/3!,!:61-*=0,B! !U1*!<,M!64*!:*6-*!,!31@36!7,!<3+4*!

,N:+,--2/*! :*+*! 4,6-! 31@3-B! ! L,6! ,NF.34:*=@,2+3! E! 3+=20313D2-0*! ! ,1*!

,N:12.36!,4!64!034!4,=3-!,0E+,3B! !K3+/>7,3-!-C3!*!-6*!8+,*!7,!:,-;62-*B!

R6*!0,-,!<32!-35+,!.3+/3-!,9!.343!-36!<3+4*7*!,4!I>=D6*!c=D1,-*9!02/,!;6,!1,+!

*!:3++*!7*!0,-,!64*-!7,M!/,M,-9!,=0C3!-,2!4*2-!73!;6,!:+,.2-3!-35+,!,1,-B!

U1*!-,!/2+36!:*+*!3!,-:,1@3!,!*++6436!3!.*5,13B!

!"(+!

!b3.S!:3+!*.*-3!,-08!2=73!:*+*!3!U=.3=0+3!73!%+.3F>+2-T!

!"C3B!U6BBB!

! &,/2*! 2+B! q!46203! 1,D*1B!#! ,=.3=0+3! ,-0,! *=3! E! =3! 1*D3! $3*79! =*!

+,-,+/*!R@*-0*F$+2=20oB!

! k62! *3! U=.3=0+3! 73! %+.3F>+2-! *=3! :*--*739! ;6*=73! <32! =3!

io342=D! !,6!72--,B!

!q!2--3!*>! !,1*!72--,!7*;6,1,!Q,203!,-:,.2*1!,!*++*-0*73!;6,!*-!:,--3*-!

<*1*4!E!2--3!*>B! !f3*!.*42=@*7*! !.3=02=6369!-,!*:+3N2436!,!4,!*:,+036!3!

5+*V3B! !K3+/>7,3-t! !U1*!/25+36!;6*=73!-,!72+2D2*!:*+*!*!:3+0*9!<*M,=73!64!

-2=*1!7,!*:+3/*VC3!.34!3!7,73!:*+*!424!,!:*+*!42=@*!:,=*!,=;6*=03!-*>*B!

s-! 3203! @3+*-! J+,D! ,! ,6! .@,D*43-! *! $+6.[,,B! s-! \\! @3+*-! *2=7*!

,-08/*43-! :*+*73-! =3! 1*73! ;6,=0,! 7*! ,-0+*7*! 0,=0*=73! :,D*+! 64*! .*+3=*!

:*+*!R2,++*B!

!Uct! !D+20,2!.343!64*!136.*!:*+*!64*![3452!;6,!:*--36!M6=2=73B!

k343-!,-=35*73-!:3+!:,13!4,=3-!-,2-!7,1*-!=*-!G1024*-!76*-!@3+*-B!R,+!

7,2N*7*!=*!,-0+*7*!:3+!*;6,1,-!;6,!72+2D,4![3452-!4,!7,2N36!,-:,.2*14,=0,!

2=72D=*7*B!

!L*17203-!@2::2,-! !,6!72--,!:*+*!J+,DB!

!),=-,2!;6,!/3.S!<3--,!@2::2,! !,1,!+,-:3=7,6B!

! R36B! $2:3! 2--3B! L*-! -A! 64! :36;62=@3B! ! R,=0,2! =3! .*-.*1@3! 73!

*.3-0*4,=03!,!+,<2M!3! 1*V3!7*!530*9!4*-9!;6*=73!0,+42=,29!=C3!.3=-,D62!4,!

1,/*=0*+B!U-0*/*!03=0*!7,!.*=-*V3B!"C3!73+42*!@*/2*!64!72*!,!4,23B!

!b3.S!7,/2*!*=7*+!4*2-!:*+*!*!<+,=0,!,!<2.*+!-3M2=@*! !72--,!J+,DB! !

b36!,=0,=7,+B!R,!/3.S!,-02/,--,!-3M2=@*9!Q8!0,+2*!:,D*73!64*!.*+3=*!@8!46203!

0,4:3B!

! "C3! ! +,-:3=729! ,453+*! -365,--,! ;6,! ,1,! ,-0*/*! .,+03B! '4*!

461@,+! -3M2=@*! E! 4,=3-! *4,*V*73+*! 73! ;6,! 64! .*-*1B! %-! :,--3*-! ;6,+,4!

*Q67*+! 64*! 461@,+! -3M2=@*B! #6! 0,=0*+! 02+*+! -6*! .*1.2=@*B! L*-! :3+! 3+*!

!"("!

,-08/*43-! Q6=03-9! ,=0C3! Q6=03-!:,+4*=,.,43-!*0E!;6,!64*!@3+*!7,:32-!64!

.*++3! :*+369! ,=0+*43-! ,! /2*Q*43-! *0E! R2,++*! K20oB! U+*! 64*! .27*7,M2=@*!

:203+,-.*!7,!4,=3-!7,!64*!7GM2*!7,!.3=-0+6Vn,-!7,!4*7,2+*!13.*12M*7*!*!64*!

*102067,!7,!\BWP_!4,0+3-B!%!.27*7,!,-0*/*!,=.+*/*7*!,=0+,!3!+23!"3+0@!Z65*!,!

*!24:3=,=0,!R2,++*!f600,-!;6,9!4*++349!-,!,1,/*/*!.3=0+*!3!.E6!*M61!1>4:273!

*3!=3+0,B!

"3--*!.*+3=*!=3-!7,2N36!=3!*+4*ME4!73!.,=0+3!7*!.27*7,9!64!.6+23-3!

16D*+!?!437*!*=02D*!3=7,!3-!06+2-0*-!-,!-,=0*/*4!:*+*!034*+!64*!.*-;62=@*!

7,!-3+/,0,!=*!/*+*=7*!:2=0*7*!7*!<+,=0,9!43/24,=0*7*!:,13!/2=736+3!<,+2*73!

7,!l6*0+3!7,!e61@3B!

!b3.S!/*2!034*+!64*!.*-;62=@*T! !:,+D6=036!J+,D9!:,D*=73!*1D6=-!

7A1*+,-B!

!"C3B!$*1/,M!4*2-!0*+7,! !,6!72--,9!4*=0,=73!42=@*!/3M!5*2N*!:*+*!

,-.3=7,+!3!7,-,-:,+3B!

l6,+2*! 64*! .*-;62=@*9! E! .1*+3B! L*-! =C3! 36-*/*! .34:+*+! 64*9! :3+!

4,73!7,!=C3!:37,+!:*D*+!:3+!64!;6*+03B!l6*=73!,=0+*43-!=*!:,;6,=*!13Q*!

130*7*9! 0,=0,2! =C3! 31@*+! :*+*! *! .3427*B! k2;6,2! :,+03! 7*! .*2N*! +,D2-0+*73+*9!

31@*=73!<31@,03-!06+>-02.3-!,=;6*=03!J+,D!<*M2*!.34:+*-B!

!U--*!.27*7,!2=0,2+*!<32!/*++27*!:3+!64*!*/*1*=.@,!,4!\P^W! !.3=0,2!

*!,1,!;6*=73!+,03+=369!4,!*5*=*=73!.34!64!<31@,03! 16-0+3-3B! !%!=,/,!*!

:*+02+!7,!f600,-!.,7,6B! !U1,!*.,=36!.34!*!.*5,V*9!.343!-,!Q8!-365,--,!72--39!

1*45,=73!*!.*-;62=@*!7,!.@3.31*0,B!b2+,2!:*+*!3!360+3!1*739!*!/2-C3!7*;6213!

,+*! 64*! :,;6,=*! 03+06+*B! ! U-:,+3! ;6,! =C3! -,! 24:3+0,9! 4*-! :+,.2-3!

,=.3=0+*+!64!16D*+!5*+*03B!)*+*!@3Q,!?!=320,9!;6,+3!72M,+B! !%!/,+7*7,!,+*!

;6,!,6!:+,.2-*/*!,=.3=0+*+!64!16D*+!D+*062039!4*-!,-0*/*!.*=-*7*!7,4*2-!:*+*!

:,=-*+!,4!*.*4:*+B!%!G1024*!/,M!,4!;6,!73+42!,6!,-0*/*!=*!Y2D@!R2,++*9!=*!

)K$B!

!"(#!

!l6,!0*1!2--3! !72--,!J+,D9!*:3=0*=73!:*+*!64*!/,1@*!.3=-0+6VC3!7,!

4*7,2+*!73!360+3!1*73!7*!+6*B!

#!*=7*+!0E++,3!,+*!64!5*+!,!+,-0*6+*=0,j!*!-35+,13Q*!02=@*!;6*+03-!:*+*!

*16D*+!.34!5*=@,2+3-!.31,02/3-B!U+*!*:,=*-!\O@O_9!4*-!*!461@,+!73!5*+!=3-!

:,+42026! <*M,+! 3! .@,.[! 2=! 4*2-! .,73B! &,:32-! 7,! :*D*+! :,13! ;6*+039! 4,!

+,-0*+*4!\O!7A1*+,-B!

! b3.S! ;6,+! Q*=0*+! .342D3! 18! ,45*2N3! @3Q,! ?! =320,T! ! J+,D!

:,+D6=036!;6*=73! .@,D*43-! *3-! =3--3-!;6*+03-9! ,4! <+,=0,! ?-! =3--*-! :3+0*-!

.3=0>D6*-B!

!K1*+3! !,6!72--,9!+653+2M*=73!1,/,4,=0,B!

U6!=C3!4,! -,=02*! *0+*>7*!:3+! ,1,9! ,! *2=7*! *--24!=C3!:372*! ,/20*+! 0,+!

,-:,+*=V*!7,!;6,!,1,!,-02/,--,!*0+*>73!:3+!4249!3!;6,!,6! -*52*! -,+!*5-6+73B!

$*1/,M!,1,!;6,!02/,--,!:,D*73!*-!42=@*-!.*42-2=@*-B!#!:,=-*4,=03!:+3/3.36!

64!*++,:23!;6,!:,+.3++,6!4,6!.3+:3B!

!b3.S!:37,!2+!:+24,2+39!-,!:+,<,+2+! !,1,!72--,9!2=72.*=73!3!5*=@,2+3!

=3!<2=*1!73!.3++,73+!;6,!72/272+>*43-!.34!0373-!3-!@*520*=0,-!7,!=3--3!*=7*+B!

%:*+,=0,4,=0,9!E+*43-!3-!732-!G=2.3-!3.6:*=0,-!*0E!3!434,=03B!

!#5+2D*7*! !,6!72--,9!,!7,-0+*=;6,2!*!:3+0*!73!4,6!;6*+03!,!,=0+,2B!

Y*/2*!64!*+48+23!-6++*73!7,!4*7,2+*!*=02D*!.34!64!,-:,1@3!+,73=73!

,4!64*!:*+,7,!,!64*!.*4*!7,!.*-*1!=*!360+*9!.34!64*!4,-2=@*!7,!.*5,.,2+*!

42=G-.61*!,!64*!.*7,2+*!*3!1*73B!'4*!1h4:*7*!:,=76+*7*!5*1*=V*/*!=3!0,03!

=3!4,23!73!;6*+03B!K313;6,2! *!L3=-0+*! =3! .@C3! ,!4,! -,=0,2! =*! .*4*B! U1*!

+*=D,69!*<6=736!,!5*1*=V36!:+,.*+2*4,=0,!.34!3!4,6!:,-39!4*-!*!-,=-*VC3!

,+*!4*+*/21@3-*! 7,! ;6*1;6,+! <3+4*B!L,6! .3+:3! ;6*-,! 73,6! 7,! :+*M,+! :,13!

-24:1,-! *03! 7,! -,=0*+! =*! .*4*9! .343! -,! ,6! ,-02/,--,! -,=73! 3! .3=0+8+23! 7,!

;6,24*7*B!%!.*7,2+*!7,!*.*4:*4,=03!;6,!<*M2*!3!:*:,1!7,!.31.@C3!=C3!,+*!

46203!*.31.@3*7*B!&3+42!:+3<6=7*4,=0,!=*!4*23+2*!7*-!=320,-!=*!)K$9!4*-!

=C3!:3+;6,!,-0*/*!.3=<3+08/,1d!-24:1,-4,=0,!,-0*/*!,N*6-0*!7,4*2-!:*+*!12D*+B!

!"($!

l6,+2*!73+42+9!4*-!42=@*-!:,+=*-!,!4,6-!5+*V3-!,-0*/*4!-6Q3-j!4,6!

<,73+! ,+*! ,N0+*3+72=8+23B! &,20*+! =*! .*4*! ,4! 0*1! ,-0*73! :*+,.2*! ;6*-,!

.+242=3-3B!"C3! 034*/*! 64! 534!5*=@3! 7,-7,! ;6,! ,-02/,! =*;6,1,! @30,1! ,4!

(27D,.+,-0!@*/2*!;6*-,!76*-!-,4*=*-B!%=7,2!*0E!3!<24!73!.3++,73+B!"C3!02=@*!

.@6/,2+39!*:,=*-!64*!D+*=7,!5*=@,2+*!7,!:3+.,1*=*!.34!:E-!,4!<3+4*03!7,!

D*++*-!,!64*!:+*0,1,2+*!.34!64*!:21@*!7,!03*1@*-!735+*7*-B!),D6,2!64*!7*-!

03*1@*-! ,! -,=02! 3! ,-:1,=73+3-3! .@,2+3! 7,! -*5C39! 7,:32-! 02+,2! *-! +36:*-! ,!4,!

31@,2!,4!64!,-:,1@3!;6,!7*/*!:*+*!/,+!3!.3+:3!2=0,2+3B!

U6!,-0*/*!.34!64*!*:*+S=.2*!*--6-0*73+*B!

U-0*/*!4*2-!:*+,.27*!.34!64*!/>024*!7,!64!.+24,!/231,=03!,!52M*++3!

73! ;6,! .34! 64*! 461@,+! ;6,! 02=@*! :*--*73! *-! G1024*-! 0+S-! -,4*=*-!

.*42=@*=73! .34! 64*! 43.@21*! ,4! 4,23! ?! =*06+,M*B! L*.@6.*73-! ;6,!

/*+2*/*4!7,!.3+9!73!*4*+,13!*3!:+,039!4*+.*/*4!4,6-!5+*V3-9!42=@*-!:,+=*-9!

.3-0*-!,!=87,D*-9!.343!-,!,6!02/,--,!1,/*73!64*!-6++*!7,!/*+*B!L,6-!;6*7+2-!,!

345+3-! ,-0*/*4! .35,+03-! 7,! 531@*-! ,! *--*76+*-9! @,4*034*-! 2=<1*4*73-! ,!

.*-.*-!,-.6+*-!3=7,!42=@*!:,1,!+*.@36!,!*5+26!.343!.3=-,;6S=.2*!7*!<+2.VC3!

.34! *!43.@21*B! )3+! 5*2N3! 73-!4*.@6.*73-9! 73-! <,+24,=03-! ,! 7*! -6Q,2+*! ,6!

:372*!/,+!=3/3-!<,2N,-!7,!4G-.613-9!42=@*!.*+=,!+>D27*!,4!16D*+,-!;6,!@*/2*!

:36.3!0,4:3!,+*4!4*.23-B!

U=.@2!*!5*=@,2+*!.34!8D6*9!,=0+,2!,!4,!,-<+,D6,2!.34!64*!,-:3=Q*!7,!

5*=@3!,!-*5C3B!U4!:36.3-!42=603-!*!8D6*!<2.36!0C3!,-.6+*!.34!*!-6Q,2+*!,!3!

-*=D6,!;6,!-*26!73!4,6!.3+:3!;6,!,6!,-/*M2,2!*!5*=@,2+*!,!*!,=.@2!=3/*4,=0,B!

"*! -,D6=7*! 5*=@,2+*! 7,! 8D6*! ,6! 4,! +,.12=,29! -,=02=73F4,! 4*2-!

*D+*7,.27*! 73! ;6,! 0*1/,M! ,6! 0,=@*!4,! -,=0273! :3+! ;6*1;6,+! 360+*! .32-*! =*!

/27*B!&,:32-!7,!64!0,4:39!:*--,2!*!,N*42=*+!4,6-!:E-B!U-0*/*4!4*10+*0*73-!

,!.@,23-!7,!531@*-9!,!76*-!6=@*-9!2=0,2+*4,=0,!:+,0*-!=,--*!*106+*B!$3;6,2!64*!

,! /2! ;6,! ,-0*/*! ;6*-,! .34:1,0*4,=0,! -310*! 73! 7,73B! U--,! 7,73! 73>*!

0,++2/,14,=0,!@*/2*!72*-9!<2.*=73!.*7*!/,M!4*2-!2=.@*739!.343!-,!*!6=@*!<3--,!

!"(%!

-24:1,-4,=0,!.*2+!7,!+,:,=0,9!4*-!*D3+*!,1*!-A!73>*!64!:36.3B!l6*=73!:6N,2!

*!6=@*9!,1*!-*26!,4!42=@*!4C3!.34!64*!<2-D*7*!7,!73+B!U4!-,6!16D*+!02=@*!

64*! .*4*7*!7,! *1D64*! .32-*! -35+,! 3!4,6!7,73!;6,! =C3! ,+*! 5,4!:,1,! 36!

6=@*B! U+*! 0+*=-:*+,=0,9! 1,/,4,=0,! 5+21@*=0,9! .343! 64! :,;6,=3! :,7*V3! 7,!

:*:,1!<214,B!

!),+72!64*!6=@*!73!:E! !72--,!*!J+,D!=3!Q*=0*+B!

!b3.S!,-08!:,+7,=73!6=@*-!73-!:E-T! !,1,!:,+D6=036B!

!RA!64*! !+,-:3=72!4*1F@643+*7*9!.3=-.2,=0,!7,!;6,!=*!+,*127*7,!

,6! :+3/*/,14,=0,! :,+7,+2*! 4*2-! ,! ;6,! 2--3! ,+*! 360+*! ,/27S=.2*! 7*! 42=@*!

D+*=7,!272302.,B!

!c--3!-2D=2<2.*!;6,!-6*-!530*-!-C3!:+3/*/,14,=0,!:,;6,=*-!7,4*2-! !

,1,!72--,!;6*=73!*!D*+V3=,0,!-,!*:+3N24*/*!.34!732-!:+*03-!7,!,-:*D6,0,!,!

64*!.,-0*!7,!:C3!7,!*1@3B!

$2=@*!:1*=,Q*73!<*M,+!64!:,7273!.34,72739!*0E!:3+;6,!=*;6,1*!0*+7,!

02=@*!D*-0*73!360+3-!^_!.,=0*/3-!=*!1*/*=7,+2*9!3=7,!<62!.34!J+,DB!

L*-9!64*!/,M!;6,!=3-!-,=0*43-9!=C3!.3=-,D62!,/20*+!*.34:*=@*+!.*7*!

1*=.,! <,203!:3+!J+,D9!:,72=73!64*!K3.*FK31*! .34!+64! Q6=03!.34!3! Q*=0*+9!

72M,=73! -24! *3! :C3! 7,! *1@3B! $,=0,2! =C3! 7,2N*+! 0+*=-:*+,.,+! ;6,! ,-0*/*!

<*M,=73!*!.3=0*!=*!42=@*!.*5,V*!,=;6*=03!.34>*43-B!J+,D!Q8!-*52*!.343!,6!

,-0*/*!7,-:+,:*+*7*!:*+*!<*M,+!*!.*42=@*7*!=*!)K$B!U1,!=C3!:+,.2-*/*!-*5,+!

;6,!@*/2*!*2=7*!360+*!<+,=0,!=*!;6*1!,6!,+*!64*!27230*!*5-3160*B!

L*-!64*!27230*!,6!,+*B!&,:32-!;6,!.@,D36!*!.3=0*9!*.+,-.27*!7*!D3+Q,0*!

,!72/2727*!*3!4,239!<2;6,2!.34!X^!.,=0*/3-B!

&,! /310*! *3! 4,6! ;6*+03! *:A-! 3! Q*=0*+9! *5+2! 3! )*.2<2.! K+,-0! $+*219!

b3164,! \d! K*12<3+=2*! :*+*! 1,+! -35+,! 3! :+AN243! 0+,.@3! 7*! 0+21@*B! L2=@*!

:+AN24*!:*+*7*! ,+*! 64! 16D*+! .@*4*73!f,17,=!$3p=9!3=7,!42=@*! .*2N*!7,!

-6:+24,=03-!.34!64*!=30*!7,!/2=0,!7A1*+,-!,-0*+2*!4,!,-:,+*=73B!U6!:37,+2*!

*D6,=0*+!*0E!f,17,=!.34!X^!.,=0*/3-9!=C3!:37,+2*T!U-0*+2*!=3!4,23!73!=*7*9!

!"(&!

*<2=*1! 7,! .3=0*-9! ,! =C3! 0,+2*! 3=7,! D*-0*+! 3! 72=@,2+3! 7,! ;6*1;6,+! <3+4*9!

+*.23=*12M,29! ,453+*! *2=7*! 4,! -,=02--,! *=-23-*B! U-.+,/2! 64*! .*+0*! :*+*! I2-*9!

:,72=73!;6,!.34:+*--,!,!4,!,=/2*--,!64!D62*!7*!)K$!:*+*!3!0+,.@3!7*!0+21@*!

=3!#+,D3=9!6-*=73!3!:36.3!7,!72=@,2+3!;6,!7,2N,2!.34!,1*9!,! +,3+7,=,2!*-!

.*2N*-! ;6,! ,1*! 4,! ,=/2*+2*! :*+*! 3! +,-0*=0,! 7*! K*12<A+=2*B! (,/2! *! 12-0*!

=3/*4,=0,9!4,!.,+02<2.*=73!7,!;6,!,-0*/*! 0673!.,+039!*12=@*=73!*!72-0h=.2*!

.34!*-!7*0*-!,!3-!16D*+,-B!

l6*=73!7,-12D6,2!*! 16M!,!7,20,2!=*!.*4*!5*+61@,=0*9!:67,!36/2+!J+,D!

73!360+3!1*73!7*!:*+,7,!0*45E49!-,!4,N,=73!,4!-6*!.*4*!5*+61@,=0*9!-6*!

:+3N2427*7,! 0C3!:*1:8/,1!;6*=03! -6*!72-0h=.2*B!#6/2F13!*12!4,! <,M! -,=02+! 0C3!

-31208+2*!;6,!,6!0,+2*!62/*73!7,!73+!-,!=C3!02/,--,!4,!.3=0+31*73B!"C3!-*52*!

,N*0*4,=0,!:3+!;6SB!"C3!;6,+2*!=*7*!7,1,!,!*2=7*!*--24!;6,+2*!0673B!#!;6,!

,1,!<*+2*!-,!,6!5*0,--,!,4!-6*!:3+0*T!#!;6,!,6!<*+2*!-,!,1,!4,!7,2N*--,!,=0+*+T!

U6!-*52*!3!;6,!<*+2*B!$2=@*!<,203!2--3!0*=0*-!/,M,-B!

! R,N6*14,=0,9! -36! .343! 64! @34,4! ! 72--,! *! 64! 0,+*:,60*! .34!

;6,4!02/,!*1D64*-!-,--n,-!=3!*=3!*=0,+23+9!64!@34,4!.@*4*73!b2=.,9!;6,!

*0,=72*!.343!/316=08+23!,4!64*!.1>=2.*!.346=208+2*!=3!.,=0+3!7,!L2=,8:312-9!

3=7,! :,--3*-! .343! ,6! :372*4! 2+! .3=/,+-*+! .34! :,--3*-! .343! ,1,! :3+! 7,M!

:*6-!:3+!-,--C3B!

!K343!*D,!64!@34,4T! !,1,!:,+D6=036B!

! K34!7,-*:,D3! ! +,-:3=72B! !#6!46203-! -C3! *--249! 7,! ;6*1;6,+!

<3+4*B!U6!0*45E4!-36B!l6*=73!-,!0+*0*!7,!-,N39!-36!7,-*:,D*7*B!

#1@,2!:*+*!b2=.,B!U+*!64!;6*+,=0C3!7,!.*5,13-!:+,03-!:*+0273-!*3!4,23!

,!:,=0,*73-!.343!76*-!*-*-!:+,0*-!*.34:*=@*=73!*-!1*0,+*2-!7,!-,6!+3-03B!U6!

=C3!-,=02*!=*7*!:3+!,1,9!4*-!-,!,1,!-,!1,/*=0*--,9!.+6M*--,!*!-*1*!,!4,!5,2Q*--,9!

,6!.3++,-:3=7,+2*B!U6!0,+2*!<,203!;6*1;6,+!.32-*B!

L*-!,1,!=C3!-,!1,/*=036B!%:,=*-!5*1*=V36!*!.*5,V*!-,4!72M,+!=*7*9!-,6!

-21S=.23!0+*=-4202=73!0*=03!.,02.2-43!;6*=03!.3=<2*=V*B!

!"('!

!l6,4!7,-:+,M36!/3.ST! !,1,!<2=*14,=0,!:,+D6=036B!

!"C3!-,2! !72--,9!-3++2=73!7*!4*=,2+*!;6,!,6!<*M2*!;6*=73!4,!-,=02*!

7,-.3=<3+08/,1B!

"C3! ,-0*/*! ,N*0*4,=0,! 31@*=73! :*+*! ,1,9! ,! -24! :*+*! 3! :a-0,+!

,43176+*73!;6,! <2.*/*!:,=76+*73!*0+8-!7,1,9! 64! +,0h=D613!:+,03! .34!64*!

,-:2+*1! 5+*=.*! ;6,! +,:+,-,=0*/*! *! b2*! I8.0,*B! '4*! -,0*! *:3=0*7*! :*+*! -,6!

.,=0+39! *.24*! 73! ;6*1! ,-0*/*4! ,-.+20*-! *-! :*1*/+*-! b#K{! UR$r! %l'cB! U--*!

24*D,4!-,!03+=36!3=2:+,-,=0,!,4!.*42-,0*-!,!0*45E4!,4!:a-0,+,-9!,!-,4:+,!

<2;6,2!1,/,4,=0,!2++20*7*!.34!,1*9!-,4!-*5,+!.343!,=0,=7SF1*9!-,!:+,0,=72*!-,+!

,=D+*V*7*! 36! -E+2*9! -,! 2=72.*/*! *! D+*=7,M*! 7,! =3--*-! /27*-! 36! -6*!

2=-2D=2<2.h=.2*B!

!"2=D6E4!Q*4*2-!0,+42=36!64!+,1*.23=*4,=03!.342D39!-,!E!2--3!;6,!

,-08! :,+D6=0*=73! ! ,6! 72--,B! ! R,4:+,! <62! *;6,1*! ;6,! 0,+42=36! 3-!

+,1*.23=*4,=03-B! !L,6! +3-03! 7,! +,:,=0,! <2.36! ;6,=0,B! ),+.,52! ;6,! ,-0*/*!

-,=0*7*!.34!3-!5+*V3-!,=0+,1*V*73-!,!*-!:,+=*-!0*45E4!,-0*/*4!.+6M*7*-!=*!

:3-06+*! 7*! 8D62*! 7*! 23D*9! 2=*.+,720*/,14,=0,! 03+0*B! $,=0,2! +,1*N*+! ,! -,=0*+!

=3+4*14,=0,9!4*-!<32!24:3-->/,1B!(,160*=0,4,=0,9!31@,2!:*+*!3-!31@3-!7,1,B! !

U--*!E!*!:*+0,!,4!;6,!0,!.3=03!-35+,!4,6!:*2T! !<*1,29!+2=73!7,!4*=,2+*!<*1-*B!

L2=@*!4C,!-,4:+,! <32!3!4,6!.,=0+39!4*-!=*;6,1*! -*1*!.34!b2=.,!7,!

+,:,=0,!-,=02!;6,!4,6!:*2!,+*!64*!,-0*.*!,4!4,6!.3+*VC3B!U6!3!37,239!72M2*!

=*! *731,-.S=.2*B!"C3! -*52*! 3! ;6,! -,=02*! :3+! ,1,! *D3+*B! U+*! .343! 64! <214,!

.*-,2+3!:*--*=73!=*!42=@*!.*5,V*9!.6Q*!=*++*02/*!,+*!2=0,++34:27*!,!2=*.*5*7*!

,! ;6,! 02=@*! D+*=7,-! .,=*-! 7+*4802.*-! ,! 2=,N:12.8/,2-! 434,=03-! -3103-! -,4!

3+7,4!.+3=31AD2.*9!0*1/,M!:3+;6,!D+*=7,!:*+0,!73!;6,!4,!1,45+3!-35+,!,1,!

*.3=0,.,6! =3-!4,6-! :+24,2+3-! -,2-! *=3-! 7,! /27*B! $2=@*!4,6! :*2! ,=<6+,.273!

Q3D*=73! =3--3-! :+*03-! .@,23-! 7,! .3427*! =*! :*+,7,B! $2=@*! 4,6! :*2!

,-0+*=D61*=73!42=@*!4C,! ,=;6*=03!43=0*/*! -35+,! 3! -,6! :,203! ,! 5*02*! -6*!

.*5,V*!=*!:*+,7,B!$2=@*!4,6!:*2!*++*=.*=73!*!424!,!42=@*!2+4C!7*!.*4*!=3!

!"((!

4,23!7*!=320,!;6*=73!,6!02=@*!^!*=3-!:*+*!:,+D6=0*+!-,!2+>*43-!,453+*!:*+*!

-,4:+,! .34! ,1,9! ,=;6*=03! 42=@*! 4C,! 31@*/*! ,=-*=D6,=0*7*! ,! -,D6+*=73!

4,6! 2+4C3!4,=3+! *73+4,.273! .3=0+*! 3! :,2039! 24:13+*=73! ;6,! ,1,! :*+*--,!

.34! *;6213B! l6*=73! .@3+*43-! ,4! /,M! 7,! +,-:3=7,+9! ,1,! .*26! 7,! Q3,1@3-9!

:+,--23=36! *! 0,-0*! .3=0+*! 3! .@C3! ,! D+2036! 0C3! 7,-,-:,+*7*4,=0,! ;6,! 02/,!

.,+0,M*!7,!;6,!=A-!0373-!43++,+>*43-!*129!=*;6,1,!2=-0*=0,B!

'4*!/,M9!=3!4,23!7,!64*!7,!-6*-!,N:13-n,-9!,1,!*4,*V36!Q3D*+!42=@*!

4C,! ,! 3-! <21@3-! =6-! =*! +6*9! .343! -,! =C3! <a--,43-! -,6-! <21@3-! 0*45E4B!

L3+8/*43-!,4!L2==,-30*!=*!E:3.*B!U+*!2=/,+=3!;6*=73!,1,!<,M!*!*4,*V*B!U6!

,-0*/*!,4!64*!27*7,!,4!;6,!0673!,+*!120,+*1B!%;6213!:*+,.2*!,N*0*4,=0,!*1D3!

;6,! ,1,! <*+2*B! $2=@*! 64*! 24*D,4!7,!=A-! ;6*0+39! =6-9! 0+,4,=73! ,! .3++,=73!

:,1*! =,/,! D,1*7*B! U1,! 0+*=.36! I,2<9! g*+,=! ,! ,6! <3+*! 7,! .*-*! *1D64*-! /,M,-!

;6*=73! 43+8/*43-! =*! ),=-21/h=2*9! ,! 42=@*! 4C,! ,-0*/*! =3! 0+*5*1@3B! U1,!

,-0*/*! ,=.*++,D*73! 7,! .627*+! 7,! =A-! ,! ;6,+2*! 64! 7,-.*=-3B! L*=736! ;6,!

<a--,43-!:*+*!3!;62=0*1!,!0+*=.36!*-!:3+0*-9!42=@*!2+4C!,!,6!-,D6+*=73!=3--3!

2+4C3!4,=3+9! ;6,!4*1! *=7*/*9! :,1*-!4C3-! D+67,=0*-B! %=7*43-! :,1*! D+*4*!

.@3+*=739! 7,:32-! ,-;6,.,43-! ;6,! ,-08/*43-! .@*0,*73-! ,! 5+2=.*43-! 7,!

.*-2=@*!,!7,!+*2=@*!73!+37,23B!L*2-!0*+7,9!2++20*73-!,!,=0,72*73-9!<343-!*0E!*!

:3+0*!7,!0+8-9!5*0,43-!,!D+20*43-B!I,45+3!:,+<,20*4,=0,!7*!:3+0*!,!0*45E4!

73-!0+S-!7,D+*6-!7,!.3=.+,03!;6,!1,/*/*4!*!,1*9!73!Q,203!;6,!,6!02=@*!;6,!<2.*+!

=*!:3=0*!73-!:E-!:*+*!31@*+!*0+*/E-!73!/27+3!=*!4,0*7,!7,!.24*B!

%-!.32-*-!53*-!=C3!-C3!64!<214,B!"C3!@8!.32-*-!-6<2.2,=0,-!:*+*!,=.@,+!

64! +313! 7,! <214,B! %-! .32-*-! 53*-! -C3! 64! :3,4*9! :36.3!4*23+! 73! ;6,! 64!

@*2.*2B!Y*/2*!-6*!:*2NC3!:3+!e3@==o!K*-@!,!:,13-!U/,+1o!f+30@,+-B!%-!5*++*-!7,!

.@3.31*0,!;6,!0+*M2*!:*+*!.*-*!;6*=73!0+*5*1@*/*!,4!64*!4,+.,*+2*B!$37*-!*-!

.32-*-!D+*=723-*-!;6,!;6,+2*!<*M,+9!7,-,Q3!0C3!:6+3!,!-24:1,-!;6,!,6!-,=02*!,!

-3<+2*!4,-43!;6*=73!,+*!64*!.+2*=V*!:,;6,=*B! U1,! .*=0*=73!*;6,1*!4G-2.*!

!"()!

X!,! 72M,=73! ;6,! ,+*! -35+,! 4249! 42=@*! 2+4C! ,! =3--*! 4C,9! ;6,!

E+*43-!*-!D*+30*-!4*2-!12=7*-!73!46=73B!L*-!*0E!2--3!E!72-03+.273B!&2M2*!2--3!

*:,=*-! ;6*=73! ,-0*/*! 0,=0*=73! .3=/,=.,+! 42=@*! 4C,! *! /310*+9! ;6*=73!

D*+*=02*!;6,!*D3+*!*-!.32-*-!-,+2*4!72<,+,=0,-!36!;6*=73!:+34,02*!;6,!=6=.*!

4*2-!+,:,02+2*!3!;6,!02=@*!<,203!*=0,-B!

R,4:+,! <*M2*! =3/*4,=0,B! U+*! 64! 4,=02+3-39! 64! 4*=2:61*73+9! 64!

.*=*1@*!,!64!5+603B!

L2=@*!4C,!<,M!=3--*-!4*1*-!,!3!7,2N369!4*-!/310369!7,:32-!3!7,2N36!

7,! =3/3! ,! /31036B!"6=.*! <343-!46203! 13=D,B!"C3! 0>=@*43-! :*+*! 3=7,! 2+B!

"C3! 0>=@*43-! <*4>12*! :3+! :,+03! ,! 42=@*! 4C,! ,+*! 3+D61@3-*! 7,4*2-! :*+*!

,=/31/,+! *-! *42D*-B! #! :+24,2+3! *5+2D3! :*+*! 461@,+,-! />024*-! 7,! /231S=.2*!

734E-02.*!=3-! U-0*73-!'=273-! -A!*5+26! ,4! \]m`9!3!*=3!,4!;6,!42=@*!4C,!

<2=*14,=0,!7,2N36!4,6!:*2! 7,! /,+7*7,B!"*!/,+7*7,9! *=78/*43-!7,! .*++3!*!

=320,!037*9!42=@*!2+4C!,!,6!=3!5*=.3!7,!0+8-9!73+42=73!,!*.3+7*=73!.34!*-!

16M,-!/,+7,-!73!:*2=,19!I,2<!=*!<+,=0,!.34!4*4C,B!

%! 4*=@C! =3-! ,=.3=0+*+2*! ,4! .*-*! =3/*4,=0,9! =3--3! :*2! -A5+23! ,!

<*M,=73!3/3-!4,N273-9!64!:36.3!0,4:3!.*=0*=73!*;6,1*!4G-2.*!7,!K@*+12,!

(2.@B!

l6*=73!42=@*!4C,!<2=*14,=0,!0,+42=36!*!+,1*VC3!.34!,1,9!,6!,-0*/*!

.34!X!*=3-9!64!*=3!*:A-!0,+43-!=3-!467*73!7*!),=-21/h=2*!:*+*!L2==,-30*j!

.@3+,2!,!24:13+,2!;6,!=C3!3!<2M,--,B!)*+*!424!3!72/A+.23!:*+,.2*!*!:23+!.32-*!

;6,!:372*!*.3=0,.,+B!%:,-*+!7,!06739!,6!*4*/*!4,6!:*2!,!-*52*!;6,9!-,!42=@*!

4C,! -,! 72/3+.2*--,! 7,1,9! ,6! 3! :,+7,+2*9! ,! ,-0*/*! .,+0*B! &,:32-! ;6,! ,1,-! -,!

-,:*+*+*4! 7,<2=202/*4,=0,9! <2.*43-! ,4! L2==,-30*! ,! ,1,! /31036! :*+*! *!

),=-21/h=2*9!,!-A!7,!/,M!,4!;6*=73!,=0+*/*!,4!.3=0*03B!'4*!/,M!36!76*-!:3+!

*=3!64*!.*+0*!.@,D*/*9!,=7,+,V*7*!*!g*+,=9!I,2<!,!*!4249!,!=A-!*!*5+>*43-9!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'!U4!:3+06D6S-d!#29!:3+!*.*-3!/3.S!/26!*!D*+30*!4*2-!12=7*!73!46=73T!w"B!7*!UBx!!

!"(*!

.@,23-! 7,! *1,D+2*B!L*-! 7,=0+3! @*/,+2*! 64*! .+>02.*! -35+,! =3--*!4C,9! -35+,! *!

/*.*!;6,!,1*!,+*9!64*!:60*!*:+3/,20*73+*9!/*D*56=7*!,!,-0G:27*B!%1D64!72*!

,1,!=3-!:,D*+2*!*!0373-9!:+34,02*B!%1D64!72*!:*D*+>*43-B!

!L*-!=C3!:*D*43-! !72--,!*!b2=.,!,4!=3--*!-,D6=7*!,!G1024*!-,--C3!

Q6=03-B!%!/,M! -,D62=0,! ,4!;6,!3!/29! ,1,!4,!,N:12.36!;6,!,-0*/*!7,2N*=73!3!

0+*5*1@3j! ;6,!4,!7*+2*!3!=34,! ,!3! 0,1,<3=,!7,!360+3! 0,+*:,60*B! !&,:32-!

;6,!4,6-!:*2-! -,!72/3+.2*+*49!:,+.,52!;6,! *!*6-S=.2*!7,!4,6!:*2! =*!42=@*!

/27*!,+*!0+2-0,4,=0,!64*!.32-*!53*B!"C3!3.3++2*4!4*2-!.,=*-!/231,=0*-! !,6!

72--,B! !l6,+!72M,+9! 24*D2=,!*!42=@*!/27*!-,!,6!02/,--,! -273!.+2*7*!:3+!4,6!

:*2B!

! c4*D2=,!*!-6*!/27*!-,!/3.S!02/,--,!0273!64!:*2!;6,!*!*4*--,!.343!

64!:*2!7,/,+2*! !b2=.,!.3=0+*:a-B!

$,=0,2! 24*D2=*+! 0*1!.32-*9!4*-!42=@*!4,=0,!=C3!*.,2036! -,+! <3+V*7*!*!

<*M,+!2--3B!"C3!.3=-,D62*!<*M,+!64*!12-0*B!"C3!<62!5,4F-6.,727*!,4!*43+!36!

-,D6+*=V*9! .3=<2*=V*! 36! -,=-3! 7,! :,+0,=.24,=03B!'4!:*2! ;6,! *4*--,! .343!

64!:*2!7,/,+2*! -,+!4*23+!73!;6,!*! -34*!7*-!:*+0,-B! U1,! ,+*! .343!*!,-:2+*1!

5+*=.*!73!:a-0,+!/3.S!,-08!*;62!*0+8-!7*!.*5,V*!7,!b2=.,B!U1,!,+*!64*!.32-*!

D2D*=0,-.*! ,! 2=,N:12.8/,1! ;6,! .3=02=@*! 64!421@C3! 7,! 360+*-! .32-*-9! ,! .343!

=6=.*!02/,!:*29!0,42*!=6=.*!4,!,=.3=0+*+!7,=0+3!7*!D+*=7,!,-:2+*1!5+*=.*B!

!U!-,6!:*7+*-03T! !b2=.,!:,+D6=036B!

U1,! 31@36! :*+*! 3! .34:60*73+! ,4! -,6! .3139! 1,=73! *-! :*1*/+*-! ;6,!

*=30369!:+,-642/,14,=0,!*!4,6!+,-:,203B!

! U772,B! U1,! E! 7,-*:,D*73! 0*45E4! ! ,6! 72--,! 7,! 4373!

2=.3=-,;6,=0,9! .343! -,! 2--3! =C3! -2D=2<2.*--,! =*7*! :*+*!4249! .343! -,! <3--,!

;6*-,! 72/,+0273B! ! q! 64*! 13=D*! @2-0A+2*! ! <*1,29! 31@*=73! =*! 72+,VC3! 73!

+,1AD23!;6,! <2.*/*!:,=76+*73!:,+03!73!:a-0,+!/3.S!,-08!*;62B! !U!3! 0,4:3!

,-08!;6*-,!*.*5*=73B!

!R*1/*!:,13!D3=D3! !b2=.,!72--,9!,!+243-B!

!")+!

U6!:372*!/,+!*!-21@6,0*!7*!L3=-0+*!D+*V*-!?!0+,4,16M,=0,!1642=3-27*7,!

7*!+6*!;6,!,=0+*/*!,4!4,6!;6*+03!,4!R2,++*!K20o9!*!:,=*!;6,!&36D!4,!7,6!-,!

7,-0*.*=73! =3! 16D*+! 3=7,! ,6! *! :+,=72! =*! *+4*VC3! 7*! 43.@21*B! ),=-,2! =3-!

.3+/>7,3-B! k2;6,2! .6+23-*! -,! *! :,=*! ,+*! 7,! <*03! 64! ->45313! 36! -,! ,+*!

-24:1,-4,=0,! *1D3! ;6,! 0+*=-:3+0,2! *3! 13=D3! 73! .*42=@3B! U6! 02=@*! 4620*!

72<2.617*7,!,4!*.+,720*+!=*-!.32-*-9!4*-!0*45E4!02=@*!*!4*23+!72<2.617*7,!,4!

=C3!*.+,720*+B!U+*!0C3!.6+23-*!;6*=03!.E02.*B!"C3!-*52*!3=7,!.313.*+!*!<E9!-,!E!

;6,!@*/2*!0*1!16D*+9!36!4,-43!;6*1!,+*!3!-2D=2<2.*73!:+,.2-3!7*!:*1*/+*!<E!,4!

037*! *! -6*! .34:1,N27*7,B! $673! :*+,.2*! -,+! :3--2/,14,=0,! :37,+3-3! ,!

42=@*!4C,!4,!72--,!,4!-6*!G1024*!-,4*=*9!7,20*7*!=*!.*4*!73!@3-:20*1B!L*-!

=C3!-*52*!.34!.,+0,M*!3!;6,!42=@*!4C,!56-.*/*B!f6-.*/*!*1D64*!.32-*T!U--*!

<32! *! :,+D6=0*! ;6,! =C3! <2M9! 4*-! *2=7*! ;6,! ,1*! 02/,--,! 4,! 7203! ,6! *! 0,+2*!

;6,-023=*739! 2=-2-02=73! ;6,! ,N:12.*--,! -,6! 6=2/,+-3! ,-:2+206*19! :,+D6=0*=73!

.343! 2--3! :37,+2*! -,+! .34:+3/*73B! &6/27*/*! *0E! 4,-43! 7,! .32-*-! .6Q*!

/,+*.27*7,! ,+*! /,+2<2.8/,1B! b3.S! 7,/2*! <*M,+! *=812-,9! 0373! 46=73! 4,! 72M2*!

*:A-!*!43+0,!7,!42=@*!4C,9!;6*=73!,6!,-0*/*!=3-!434,=03-!4*2-!-345+23-!

=3!*=3!*=0,+23+!?!.*42=@*7*9!,!:3+!<24!,6!<2MB!L*-!=C3!4*=02/,!*!<EB!"6=.*!

12D6,2!:*+*!3!360+3!0,+*:,60*!;6,!b2=.,!+,.34,=736B!U6!02=@*!:+351,4*-!;6,!

64! 0,+*:,60*! =C3! :372*! +,-31/,+j! -3<+24,=03-! ;6,! =2=D6E4! ,4! 64*! -*1*!

:372*!*0,=6*+B!

U6!4,!1,/*=0,2!7*!.*4*9!,=+31,2!64*!03*1@*!=3!.3+:3!=6!,9!*=7*=73!

7,-.*1V*!:,13!.3++,73+9!:*--,2!:,1*!:3+0*!7,!J+,DB!"3!5*=@,2+39!<,.@,2!*!:3+0*9!

*5+2!*! 03+=,2+*!7*!5*=@,2+*!,!,=0+,2!=,1*B!%!8D6*!;6,=0,! <32!.343!48D2.*9!3!

5*+61@3!7,1*! ,=.@,=73!3! ,-:*V3! *0E! ,6! <,.@*+! *! 03+=,2+*! ,! 64! -21S=.23! ;6,!

:*+,.,6! 4*2-! -21,=.23-3! 73! ;6,! *=0,-B! U6! 4,! +,.3-0,2! =*! :3+.,1*=*!

:,+<,20*4,=0,! *=D613-*! ,! 31@,2! <2N*4,=0,! :*+*! *! :*+,7,! *0E! ;6,! 36/2! 64*!

5*027*!=*!:3+0*B!

!")"!

! R24T! ! 72--,9! 4*-! =C3! @36/,! +,-:3-0*9! *:,=*-! 3! -34! 7,! :*--3-!

+,.6*=73! =3! .3++,73+B! ! $,4! D,=0,! ! D+20,29! ,453+*! <3--,! A5/23B! $2=@*!

D,=0,B!U+*!,6B!U6!,-0*/*!*;62B! R,=02! 2--3!7,!64*! <3+4*!;6,!=C3! -,=02*!@*/2*!

*=3-d!3!,6!7,=0+3!7,!4249!3.6:*=73!4,6!,-:*V3!=*!2=-3=78/,1!b2*!I8.0,*B!

),D6,2!64*!,-:3=Q*!=*!:+*0,1,2+*!:,+03!7*!5*=@,2+*!,!4,!,-<+,D6,2!.34!

,1*9!,453+*!Q8!,-02/,--,!124:*B!U-<+,D6,2!3!+3-039!3!:,-.3V39!*!=6.*9!3!:,2039!*!

5*++2D*9!*-!.3-0*-9!*-!=87,D*-9!3-!5+*V3-!,!3-!:E-B!

!%!:+24,2+*!.32-*!;6,!<2M!;6*=73!.*7*!64!7,!/3.S-!=*-.,6!<32!5,2Q*+!

.*7*!:*+0,!7,!/3.S-! !42=@*!4C,!.3-064*/*!72M,+!:*+*!4,6-!2+4C3-!,!:*+*!

424B! !K3=0*/*!.*7*!7,72=@3!73!:E!,!7*!4C3!,!.*7*!.>123! !72M2*B! !U6!

0+*V*/*!*-!12=@*-!7,!-6*-!4C3-B!

U6!=C3!4,!1,45+*/*!72--39!,!*2=7*!*--24!=6=.*!,-;6,.2B!k*M2*!:*+0,!7,!

424!0*=03!;6*=03!4,6!:*2!72M,=73!;6,!4,!Q3D*+2*!<3+*!:,1*!Q*=,1*B!

(,.3-0,2F4,!,!<,.@,2!3-!31@3-9!7,2N*=73!*!.*5,V*!*<6=7*+!=*!8D6*!*0E!

.35+2+!3!+3-03B!$2/,!*!-,=-*VC3!;6,!.3-064*/*!0,+!;6*=73!,+*!.+2*=V*!,!<*M2*!*!

4,-4*! .32-*d! .343! -,! 3! 46=73! 7,-.3=@,.273! 73! 5*=@,2+3! 02/,--,!

7,-*:*+,.273! ,! -,! 03+=*739! *0+*/E-! 73! 4,+3! *03! 7,! -654,+D2+9! 64! 16D*+!

42-0,+23-3!,!,-0+*=D,2+3B!#-!-3=-!,!*-! -,=-*Vn,-!+302=,2+*-!<2.*/*4!-21,=.23-*-9!

72-0*=0,-9!*5-0+*0*-9!,=;6*=03!360+3-!-3=-!,!-,=-*Vn,-!=C3!.3464,=0,!36/27*-!

36!+,D2-0+*7*-!,4,+D2*4B!

U6!02=@*!*:,=*-!.34,V*73B!RA!,-0*/*!@8!0+S-!-,4*=*-!.*42=@*=739!4*-!

0673!,4!424!:*+,.2*!*10,+*73B!k2;6,2!24,+-*!=*!8D6*!3!48N243!;6,!:67,!-,4!

+,-:2+*+9!-3M2=@*!,4!64!,-0+*=@3!,!=3/3!0,++20A+239!,=;6*=03!3!46=73!+,*1!*3!

4,6!+,73+!.3=02=6*/*!,4!:1,=*!*02/27*7,B!

!

!

!

!

!")#!

W&&X$"%2-*245YZ%&!

!

$2=@*! <,203! 3! .3=03+=3B! &,2! *! /310*B! U-0*/*! <3+*! 7,! :,+2D3! *D3+*B!

'10+*:*--,2!*!=,/,B!%D3+*!,+*!-,D62+!*72*=0,!:,13!+,-03!7*!K*12<A+=2*9!24*D2=,2B!

&,:32-!:,13!#+,D3=!*0E!i*-@2=D03=B!L,6!=3/3!7,-02=3!,+*!64*!:3=0,!;6,!

.+6M*/*!3!+23!K316452*9!=*!<+3=0,2+*!,=0+,!732-!,-0*73-B!%!)3=0,!73-!&,6-,-B!

U1*!<2.*/*!*!\BXWW!;621a4,0+3-!7,!72-0h=.2*!=*!0+21@*j!02=@*!.*42=@*73!*:,=*-!

Wm_!*0E!*D3+*9!4*-!4,6!+2043!,-0*/*!4,1@3+*=73B!

&,!4*=@C9!J+,D!,!,6!=3-!*<*-0*43-!7,!R2,++*!K20o!:3+!WB`__!4,0+3-!*3!

13=D3! 73! *.3-0*4,=03! 7*! ,-0+*7*! *0E! .@,D*+43-! *3! 16D*+! ,4! ;6,! *! )K$! *!

.+6M*/*9!7,:32-! *=7*43-! Q6=03-!:3+! *1D6=-!42=603-!=*! 0+21@*!*=0,-!7,!:*+*+!

:*+*!72M,+!*7,6-B!

!c--3!-,!.@*4*!436=0*2=!42-,+omB!

!,6!72--,9!*:3=0*=73!:*+*!3-!:,;6,=3-!*+56-03-!/,+7,-!;6,!1*7,*/*4!

*!0+21@*B! !#6!:,13!4,=3-!E!3!;6,!3!D62*!72MB!b*43-!03+.,+!:*+*!;6,!=C3!-,Q*!

120,+*1B!

! %.@3! ;6,! 7,/,! -,+! ! J+,D! 72--,9! ,! ,-0*/*! .,+03B! %! 0+21@*! -652+2*!

;6*-,!]\`!4,0+3-!*3!13=D3!73-!:+AN243-!\O!;621a4,0+3-B!U6!,-0*/*!:+,:*+*7*!

:*+*!3!72*9!*!L3=-0+*!.*++,D*7*!.34!.3427*!-6<2.2,=0,!:*+*!64*!-,4*=*B! !

f3*!-3+0,! !,1,!<*1369!-,6-!31@3-!.*-0*=@3-!,=.3=0+*=73!3-!4,6-B!

!f3*!-3+0,!:+*!/3.S!0*45E4B! !U6!3!:6N,2!:*+*!64!<3+0,!*5+*V3B!

!b8!,4!<+,=0,9!K@,+o1! !,1,!72--,!,=;6*=03!-,!/2+*/*!:*+*!2+!,453+*B!

!b3.S!0*45E4! !D+20,2!:*+*!,1,9!.343!-,!,1,!=C3!<3--,B!

&,=0+3!7,!7,M!42=603-!,1,!,-0*/*!<3+*!7,!/2-0*B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!(!R3<+24,=03!7*!43=0*=@*9!,4!:3+06D6S-B!!

!")$!

U6! ,-0*/*! *=24*7*! :3+! ,-0*+! 7,! /310*! ?! 0+21@*9! *! mW`! ;621a4,0+3-! *3!

=3+0,!7,!3=7,!*!02=@*!7,2N*73B!#-!:2.3-!=,/*73-!,!*-!*10*-!,-.*+:*-!7,!D+*=203!

7*!Y2D@!R2,++*!=C3!,-0*/*4!4*2-!?!/2-0*9!4*-!*!0+21@*!:*+,.2*!2D6*1j!7,!/8+2*-!

4*=,2+*-! :*+,.2*! 2D6*1B! U4! +,1*VC3! ?-! 2=<2=78/,2-! /2-0*-! :*=3+h42.*-! 7,!

43=0*=@*-!,!7,-,+03-!;6,!02=@*!/2-039!*!/2-C3!7*! <*2N*!7,!X_!.,=0>4,0+3-!7,!

1*+D6+*! ,+*! *!4*2-! <*4212*+9! *! .32-*! -35+,! *! ;6*1!4,6-! 31@3-! ,-0*/*4! ;6*-,!

-,4:+,! 0+,2=*73-9! :+3.6+*=73! +*>M,-! ,! D*1@3-9! .35+*-! ,! :,7+*-B! s-! /,M,-! *!

0+21@*! <2.*/*!*+,=3-*9!360+*-!/,M,-!:,7+,D3-*9! 1*4*.,=0*9!.35,+0*!7,!.*-.*1@3!

36! <3++*7*! 7,! .*4*7*-! ,! .*4*7*-! 7,! *D61@*-! 7,! :2=@,2+3-B! U1*! :372*! ,-0*+!

:+,0*9!4*++349!.2=M*!36!*4*+,1*7*!.343!4*=0,2D*9!4*-!,+*!-,4:+,!*!)K$B!%!

5*-,B!

K*42=@,2!-35!64*!<13+,-0*!7,!:2=@,2+3-9!.*+/*1@3-!,!.,7+3-F73F2=.,=-39!

7,:32-! :*--,2! :3+! 64!53-;6,!7,! :2=@,2+3-F73F3+,D3=! ?!4,727*! ;6,! *! 0+21@*!

M2D6,M*D6,*/*! :*+*! 3! *1039! =C3! /,=73! =2=D6E4! 76+*=0,! 037*! *! 4*=@C!

,=-31*+*7*!*3!13=D3!7*!-6527*9!,453+*!:67,--,!-,=02+!*!:+,-,=V*!2=/2->/,1!7,!

J+,DB!%!.*7*!;621a4,0+3!,--*!-,=-*VC3!7242=6>*9!.3=<3+4,!,6!3!24*D2=*/*!-,!

72-0*=.2*=73! .*7*! /,M! 4*2-! 7,! 4249! .*42=@*=73! ,4! -,6! @*5206*1! +2043!

2=0,=-3B!%! 0+21@*!46736!7,! <13+,-0*! -345+,*7*!:*+*! .64,!,N:3-039!7,!3=7,!

:67,!/,+!3!.h=23=!-,!,-0,=7,=73!:3+!;621a4,0+3-9!3-!:2.3-!+3.@3-3-!*.24*!7,!

424B!%3!4,23F72*!,6!,-0*/*!*!4*2-!7,!WB\__!4,0+3-!7,!*102067,!,!*!0+21@*!<2.36!

1*4*.,=0*9!,453+*!=C3!.@3/,--,!@*/2*!72*-9!,!:3+!<249!;6*=73!<2M!64*!.6+/*9!

,=0+,2!,4!64!.*4:3!.35,+03!7,!=,/,B!#6!4,1@3+9!3!;6,!*.@,2!-,+!64!.*4:39!

3!;6,!-6D,+2*!;6,!,1,!02=@*!64!<24B!U6!4,!4*=02/,!?!4*+D,4!,!:+3.6+,2!:3+!

:,D*7*-!7,!J+,D9!4*-!=C3!/2!=,=@64*B!%!=,/,!=C3!,-0*/*!,4!64!7,.12/,9!,+*!

*:,=*-!64*!-6:,+<>.2,!:1*=*!=3!4,23!7,!64*!<13+,-0*!,-:*+-*9!3!;6,!,+*!64*!

.32-*!53*9!Q8!;6,!,6!=C3!02=@*!4*2-!*!42=@*!:2;6,0*B!$2=@*!7,2N*73!=*!.*2N*!

73! 0+21@,2+3! 7*! )K$! ,4! R2,++*! K20o! ;6*=73! -*>! 7*! .27*7,! .34! J+,DB! U6!

1*4,=0,2!=C3!0,+!0273!72=@,2+3!:*+*!,=/28F1*!7,!/310*!:*+*!I2-*9!:32-!02=@*!-273!

!")%!

.*+*9!4*-!0*45E4!=C3!,-0*/*!72-:3-0*!*!.*++,D8F1*9!:3+!*.+,720*+!;6,!=C3!0,+2*!

6-3!7*12!,4!72*=0,B!

U6!<2=.*/*!4,6!5*-0C3!7,!,-;62!=*!=,/,9!,-.3++,D*/*!,4!-6*!-6:,+<>.2,!

D,1*7*! ,! .34,V*/*! *! .*42=@*+9! <*V*=@*! ;6,! +,*12M*/*! *:,=*-! 7,! <3+4*!

2=0,+420,=0,B!U4!*1D6=-!16D*+,-!,6!7,-12M*/*!=*!-6:,+<>.2,j!,4!360+3-9!4,6-!:E-!

<6+*/*4!3!D,139!?-!/,M,-!<3+4*=73!56+*.3-!:+3<6=73-!*0E!*!*106+*!73-!Q3,1@3-B!

U4!:36.3!0,4:39!*!=,/,!,-0*/*!*.6461*7*!=3-!03+=3M,13-!7*-!530*-9!*!:*+0,!

7,!5*2N3!7*-!42=@*-!:,+=*-!0C3!;6,24*7*-!:,1*!=,/,!;6,!:*+,.2*!;6,!*!.*+=,!

02=@*!-273!*++*=.*7*!.34!64*!<*.*!.,D*B!

c--3!4,!:+,3.6:*/*!4,=3-!73!;6,!3! <*03!7,!;6,!,6!=C3!:372*!/,+!*!

0+21@*! :3+;6,! ,1*! ,-0*/*! -30,++*7*! :,1*! =,/,B! %! +30*! :*+,.2*! -6<2.2,=0,4,=0,!

/2->/,19! *<2+4*/*! :*+*!424!4,-4*9! -,D6+*=73! *-! :8D2=*-! 73! D62*! ,=;6*=03!

.*42=@*/*9!:*+*=73!:*+*!*=*12-*+!.*7*!:*1*/+*!73!0,N03!,=;6*=03!:+3--,D62*B!

&,:32-! 7,!64*!@3+*9! :*+,2! -6520*4,=0,9! *--6-0*7*B! R,+8! ;6,! ,-0*/*!=*! )K$T!

)+3.6+*/*! :,13-! :,;6,=3-! 4*+.3-! 7,! 4,0*1! ,4! <3+4*03! 7,! 72*4*=0,! ;6,!

,+*4!3.*-23=*14,=0,!:+,D*73-!,4!8+/3+,-9!4*-!=C3!/2!=,=@64B!c--3!=C3!,+*!

=,.,--*+2*4,=0,! +*MC3! :*+*! *1*+4,B! %:+,=72! ;6,! =C3! :372*! .3=0*+! .34! 3-!

4*+.3-!7*!)K$B!U4!*1D6=-!0+,.@3-!,1,-!*:*+,.2*4!.34!<+,;6S=.2*j!,4!360+3-!

,6!.*42=@*/*!72*-!-,4!/,+!=,=@64B!

$2+,2!3!4*:*!03:3D+8<2.3!7,--*!8+,*!73!531-3!73!-@3+0B!l6*=73!<2M!2--39!

*!43,7*!7,!^!.,=0*/3-!;6,!,-0*/*!=3!531-3!/,23!Q6=03!,!.*26!=*!=,/,B!%5*2N,2!

:*+*!:,D*+9!4,! .6+/*=73!7,! <3+4*! 2=-08/,1! ,45*2N3!7*!43.@21*9!4*-! *--24!

;6,!4,6-!7,73-! 03.*+*4!=,1*9! *!43,7*!*<6=736!*2=7*!4*2-! ,!7,-*:*+,.,6B!

U=<2,2!3-!7,73-!=*!=,/,!:+3.6+*=73!:3+!,1*9!4*-!,1*!-6426B!

%D3+*!4,!+,-0*/*4!*:,=*-!X_!.,=0*/3-B!

I,45+,2F4,!7*!43,7*!,4!I*-!b,D*-9!*;6,1*!;6,!.313;6,2!=*!48;62=*!

.*V*F=>;6,1!,!D*=@,2!X_!7A1*+,-B!(2!*103!:,=-*=73!=*;62139!.34!*!-,=-*VC3!7,!

;6,!*;6,1*-!76*-!43,7*-!,+*4!.3=,.0*7*-9!,453+*!,6!=C3!:67,--,!,N:12.*+!3!

!")&!

:3+;6S!*!=C3!-,+!72M,+!;6,!,--,!:,=-*4,=03!27230*!-6+D26!,=;6*=03!,6!,-0*/*!

*12! :*+*7*! =*! =,/,! =*;6,1,! 72*B! ),+7,+! *! 43,7*! 0*1/,M! <3--,! 53*! -3+0,! 7*!

4,-4*! <3+4*! ;6,! *! :,=*! :+,0*! ;6,! -245312M*/*! 3! /*M23! =*! +,*127*7,!

-2D=2<2.*/*!*1D3!:3-202/3B!$*1/,M!,6!=C3!,-02/,--,! +,*14,=0,!=3!4,23!7*;6213!

;6,!02=@*!4,!,-<3+V*73!0*=03!:*+*!,/20*+B!$*1/,M!7,:32-!7*!:+AN24*!.6+/*!,6!

,-02/,--,!-,D6+*B!

%! ,--*! *106+*! ,-0*/*! 0+,4,=739! 7,! :E! =*! =,/,9! 7,! -@3+0! ,! .34! 64*!

.*42-,0*!,4:*:*7*!7,!-63+9!4*-!=C3!36-*/*!-,D62+!,4!<+,=0,!*0E!/,+2<2.*+!*!

42=@*!:3-2VC3B!%5+2!*-!:8D2=*-!73!D62*!,! 12!3!;6,!3-!*603+,-!73!)*.2<2.!K+,-0!

$+*219! b3164,! \d! K*12<3+=2*!

1*0,+*1! 7*! 0+21@*9! /3.S! ,=.3=0+*! 64*! -6527*! .3=-0*=0,! ,! 7,4*+.*7*! :3+!

.>+.6139!7*=73!64*!31@*7*!7,!OX_!D+*6-B!U+*!2--3!*!8+,*!:1*=*!,!:36.3!7,=-*T!

)*+,.2*!;6,!*!+,-:3-0*!-,+2*!.1*+*9!4*-!=C3!<32B!RA!,-0*/*!.1*+3!;6,!0673!,-0*/*!

,=0,++*73!=*!=,/,B!

),D6,2! *! 5G--31*! ;6,! <2.*/*! :,=76+*7*! :3+! 64*! .3+7*! =*! 1*0,+*1! 7*!

43.@21*9!:,+03!73!*:203!4*2-!5*+61@,=03!73!46=73B!U6!=C3!*!6-*/*!7,-7,!3!

72*!,4!;6,!,-0*/*!.*42=@*=73!=*;6,1*!,-0+*7*!*:A-!*!:+24,2+*!72<>.21!-,4*=*!

=*!0+21@*B!U6!*!*=*12-,2! Q6=03!.34!3!4*:*!,!.@,D6,2!?!4,1@3+!@2:A0,-,!-35+,!

3=7,!,6!:37,+2*!,-0*+!,!:3+!3=7,!.*42=@,29!*/*=V*=73!7,!4373!2=.,+03!=*!

=,/,9! *10,+=*7*4,=0,! 7,-12M*=73! =*! -6:,+<>.2,! 36! ;6,5+*=73! *! -6:,+<>.2,9!

42=@*-!:,+=*-!,!:*=06++21@*-!.*7*!/,M!4*2-!,-<31*7*-!*!.*7*!:*--3B!'4*!@3+*!

7,:32-! ,6! /2! 64*!:1*.*!7,!4,0*1! ,4! <3+4*!7,!72*4*=0,!;6,!72M2*! )%KckcK!

K(UR$!$(%cI!:+,-3!,4!64*!8+/3+,!.35,+0*!7,!=,/,9!,!4,6!.3+:3!-,!2=6=736!

7,!*1>/23B!%2=7*!=C3!-*52*!,N*0*4,=0,!3=7,!,-0*/*9!4*-!:,13!4,=3-!-*52*!;6,!

,-0*/*!=*!)K$B!

!")'!

"3!<24!7*!0*+7,!.@,D6,2!?!.+2-0*!7,!64*!43=0*=@*!7,!3=7,!:372*!/,+!

64*!7,:+,--C3!:+3<6=7*!.35,+0*!7,!=,/,B!

!J+,Dt! !.@*4,2!:*+*!0,-0*+!-,!,1,!,-0*/*!:3+!:,+03B!"C3!3!/2!3!72*!

2=0,2+39!4*-!.3=02=6*/*!,-:,+*=73!;6,!*:*+,.,--,9!03+.,=73!:*+*!;6,!*!=,/,!

3!*0+*-*--,!3!-6<2.2,=0,!:*+*!;6,!,6!:67,--,!*1.*=V8F13!,!:67E--,43-!*0+*/,--8F

1*! Q6=03-B! #6/2! D+203-! 72-0*=0,-! ,! /2! 64! 0+23! 7,! ,-;62*73+,-! ,4! 64*! .+2-0*!

:+AN24*!73!360+3! 1*73!7*! ,=.3-0*! .35,+0*!7,!=,/,9! :,+03!3! -6<2.2,=0,!:*+*!

36/2+9! 4*-! 24:3-->/,1! 7,! *1.*=V*+B! U1,-! 5*1*=V*+*4! 3-! 5+*V3-! ,4! D+*=7,-!

43/24,=03-!:*+*!424!,!*.,=,2!7,!/310*B!U-0*/*4! 0C3! 13=D,!,!/,-0273-! .34!

0*=03-!,;62:*4,=03-!7,!=,/,!;6,!,6!=C3!.3=-,D62*!-*5,+!-,!,+*4!@34,=-!36!

461@,+,-B!

!#=7,!,-0*43-T! !D+20,2!*0+*/E-!7*!/*-027C3!D,1*7*B!

!#!;6ST! !L*1!3-!36/2!D+20*+,4!7,!/310*B!

(,:,02!*-!:*1*/+*-!/8+2*-!/,M,-! !3=7,!,-0*43-9!3=7,!,-0*43-! !*0E!

;6,! *! 42=@*! /3M! <2.36! +36.*B! R*52*! 4*2-! 36! 4,=3-! 3=7,! 7,/2*! ,-0*+9! 4*-!

;6,+2*!36/2+!3!;6,!72+2*49!-A!:*+*!.3=<2+4*+B!),+D6=0,2!=3/*4,=0,9!4*-!=C3!

.3=-,D62!4,! <*M,+!,=0,=7,+9!,=0C3! 0,=0,2!64*!G1024*!/,M9!4,!,-<3+V*=73!*3!

48N2439!:+*02.*4,=0,!4,!*02+*=73!:,1*!1*0,+*1!7*!43=0*=@*!.34!3!,-<3+V3d!

!#"&U!UR$%L#RT!

Y36/,! 64*! :*6-*9! +,/,1*=73! ;6,! ,1,-! <2=*14,=0,! ,=0,=7,+*4! *!

;6,-0C39!,!,=0C39!,4!6=>--3=39!D+20*+*4!7,!/310*d!

!K%IckH("c%t!

),1*!4*=,2+*!;6,! -,! Q3D*+*4!6=-!.3=0+*!3-!360+3-9! -*52*!;6,!,-0*/*4!

+2=73B!

!#5+2D*7*! !D+20,2!-*+.*-02.*4,=0,9!,453+*!4,6!034!-,!:,+7,--,!=3!

/,=03B!

!")(!

U1,-! D+20*+*4! *1D3! 7,! /310*! ;6,! =C3! .3=-,D62! ,=0,=7,+B! (,:,02+*4!

/8+2*-! /,M,-9! 4*-! -,4:+,! <2.*/*! .3=<6-39! *0E! ;6,! <2=*14,=0,! D+20*+*4! *-!

:*1*/+*-!-,:*+*7*4,=0,!,!,6!,=0,=72B!

!b#K{BBB!UR$rBBB!)U(&c&%T!

(,<1,02! -35+,! 2--3! :3+! 64! 434,=03B! R,! ,6! 72--,--,! -249! ,1,-! 4,!

+,-D*0*+2*4!,!,6!0,+2*!7,!7,2N*+!,--*!0+21@*!,+4*B!

!"u#! !6++,2B!"C3!,-0*/*!:,+727*B!

U-0*/*!<,++*7*B!

),+.3++2!.34!3-!31@3-!*-!8+/3+,-9!*!16M!4,=3-!2=0,=-*!:*--*=73!:3+!,1*-B!

I3D3! -,+2*! =320,! ,! ,6! :+,.2-*/*! *.@*+! 64! 16D*+! :*+*! *.*4:*+B! %+4*+2*! *!

5*++*.*! =*! =,/,! ,! *.3+7*+2*! =*! =,/,! ,! .3=02=6*+2*! =*! =,/,B! c--39! *:,-*+! 7,!

0673!3!;6,!<2M!:*+*!,/20*+!*!=,/,B!

K3=02=6,2! *=7*=739! ,! =3! <24! ,=.3=0+,2! 3! ;6,! :372*! -,+! .3=-27,+*73!

64!13.*1! +*M3*/,14,=0,!*.3=.@,D*=0,!:*+*!*+4*+!64*!5*++*.*!;6*=73!/3.S!

=C3!0,4!,-.31@*!*!=C3!-,+!;6,!.3=-27,+,!64!43=0,!7,!=,/,!,45*2N3!7,!64*!

8+/3+,!.343!*.3=.@,D*=0,B!l6*=73!,=0+,2!=3!-*.3!7,!73+42+9!6-*=73!42=@*!

.*:*!7,!.@6/*!-35+,!037*-!*-!42=@*-!+36:*-9!,-0*/*!.34!<+239!4*-!,-0*/*!5,49!

*-!D*++*<*-!7,!8D6*!5,4!Q6=03!7,!424!:*+*!;6,!=C3!.3=D,1*--,4B!

&,! 4*=@C9! *! 5*++*.*! ,-0*/*! .34! 64*! .*4*7*! 7,! D,139! :+37603! 7*!

.3=7,=-*VC3! 7,! 42=@*! +,-:2+*VC3! ;6,! .3=D,136! 76+*=0,! *! =320,B! k2;6,2!

7,20*7*! ;62,0*9!4*-! *.3+7*7*! :3+! 64! 0,4:39! 36/2=73! 3! .*=03! 7,! :8--*+3-!

;6,! =C3! .3=@,.2*9! *2=7*! =C3! ,-0*/*! :+3=0*! :*+*! ,=<+,=0*+! *! =,/,B! R*52*!

*:,=*-! ;6,!3! -34!7,1,-! -,! 03+=*+*! <*4212*+B!l6*=73! -,=0,29! *5+2! 3! M>:,+! 7*!

:3+0*!,!31@,2!:*+*!<3+*9!/2!3-!:8--*+3-!:61*=73!7,!8+/3+,!,4!8+/3+,9!,1,D*=0,-9!

=*06+*2-!,!2=72<,+,=0,-!*!424B!

),D6,2! *! :*=,1*9! .313;6,2! 8D6*! ,! 1,20,! 7,! -3Q*! ,4!:A! ,!4,N29! 7,:32-!

*.+,-.,=0,2! 64! :36.3! 7,! D+*=31*! ,! 4,! -,=0,2! :*+*! .34,+! :,+03! 7*! :3+0*!

*5,+0*! 7*! 5*++*.*9! ,-:,+*=73! *2=7*! ,-0*+! =*! )K$B! I,/*=0,2! ,! 1*/,2! *! :*=,1*!

!"))!

.34!64!:6=@*73!7,!=,/,!,!,N*42=,2!*!:*2-*D,4B!U-0*/*!.,+.*7*!7,!:,7+*-!,!

8+/3+,-!;6,!-,!:+3Q,0*/*4!7*!=,/,!D,1*7*B!U6!4,!-,=02*!7,-.3=<3+08/,1!.34!*!

-206*VC3!,!*3!4,-43!0,4:3!4*+*/21@*7*!.34!*!24,=-*!,!7,-31*73+*!5,1,M*B!

&,/3! .3=02=6*+!36!7,/3!/310*+T9! :,=-,29! ,453+*! -365,--,! *! +,-:3-0*B! )372*!

-,=02F1*!*13Q*7*!7,=0+3!7,!424d!E!.1*+3!;6,!.3=02=6*+2*B!U6!4,!,-<3+.,2!46203!

:*+*! .@,D*+! *0E! *;62! :*+*! <*M,+! 72<,+,=0,B! b310*+! ,+*! 64*! .32-*! 1AD2.*B! U6!

:372*!+,<*M,+!4,6-!:*--3-!*0E!R2,++*!K20o!,!:,D*+!360+*!.*+3=*!*2=7*!4*2-!:*+*!

3!=3+0,9!-,4!=,/,B!U+*!-,D6+3B!U+*!-,=-*03B!U+*!:+3/*/,14,=0,!*!.32-*!.,+0*!*!

<*M,+B!L*-!=*7*!,4!424!<*+2*!2--3B!

K*42=@,2! 3! 72*! 2=0,2+39! .*2=739! ,-.3++,D*=73! ,! *=7*=73! .34!

72<2.617*7,9!4,!*:32*=73!.34!0*=0*!<3+V*!=3!5*-0C3!7,!,-;62!;6,!42=@*!4C3!

<2.36! .@,2*! 7,! 531@*-B! $+3;6,2! :*+*! *! 360+*!4C3! ,! ,1*! -,! ,=.@,6! 7,! 531@*-!

0*45E4B!&,:32-!7,! .*7*!.6+/*!,! -35+,! .*7*!.64,!,!73!360+3! 1*73!7,!.*7*!

.*4:3!,6!03+.2*!:*+*!;6,!=C3!02/,--,!4*2-!=,/,B!L*-!-,4:+,!@*/2*!4*2-!=,/,!

,=0+,!3-!,/,=06*2-!0+,.@3-!3=7,!3!.@C3!,+*!/2->/,1B!R,+8!2--3!*!)K$T9!:,=-*/*!

;6*=73!/2*!+,*14,=0,!3!.@C3B!"6=.*!02=@*!.,+0,M*B!RA!3!0,4:3!72+2*B!

U6! -6*/*! ,=;6*=03! .*42=@*/*9! <2.*/*! .34! *-! .3-0*-! 030*14,=0,!

431@*7*-9! 3=7,! *! 43.@21*! .35+2*! 4,6! .3+:39! 2=7,:,=7,=0,4,=0,! 7*!

0,4:,+*06+*!36!7*!+36:*!;6,!,-02/,--,!6-*=73B!l6*=73!:*+*/*9!.34,V*/*!*!

0+,4,+! ,4! 42=603-9! *-! +36:*-! G427*-! -6520*4,=0,! D,1*7*-B! L,6-! 4G-.613-!

02=@*4! <2=*14,=0,! .34,V*73! *! -,! *7*:0*+! ?-! ,N2DS=.2*-! 7*! .*42=@*7*! 7,!

13=D*!72-0h=.2*9!4*-!*D3+*!=3/*-!,N2DS=.2*-!1@,-!,+*4!24:3-0*-9!,!=C3!*:,=*-!

:*+*!4,!*:32*+!=3!.3=-0*=0,!,-<3+V3!7,!4,!4*=0,+!,+,0*B!R,!3!.@C3!-35+,!3!

;6*1!,6!,-0*/*!*=7*=73! <3--,!64*! 1*7,2+*9! 02=@*!;6,! <2+4*+!5,4!.*7*!:*--3!

:*+*!D*=@*+!,-0*52127*7,!,!=C3!7,-12M*+!43=0*=@*!*5*2N3!,!5*0,+!=*-!:,7+*-9!

*+56-03-! ,! 8+/3+,-9!36!:23+9! -*2+! ,-.3++,D*=73!:,1*! ,=.3-0*B!L,0372.*4,=0,9!

7*/*! .@602=@3-! =*! .+3-0*! 7,! D,139! .+2*=73! :3=03-! 7,! *:323! *! .*7*! :*--3B!

I,45+3F4,! 7,! J+,D! 4,! ,=-2=*=73! .343! <*M,+! 2--3! .34! *! :2;6,0*9! 18! ,4!

!")*!

g,==,7o!L,*73p-B! %D3+*! ,6! -3=@*/*! .34! *;6,1*! :2;6,0*! .34! 64! <,+/3+!

;6*-,!:*031AD2.39! 24*D2=*=73F*!:*+*7*! -,4!6-3!=*!.*2N*!:*+*!3! 0+21@,2+3!7*!

)K$9!,4!R2,++*!K20oB!)3+! .*6-*!73-! .@60,-!,!7*! .+2*VC3!7,!:3=03-!7,!*:3239!

4,6-!:E-!D*=@*+*4!531@*-!,4!16D*+,-!=3/3-9!5,4!.343!,4!0373-!3-!/,1@3-!

16D*+,-!;6,!02=@*4!531@*-!7,-7,!3-!:+24,2+3-!72*-!7,!.*42=@*7*9!*!:,1,!73-!

;6*7+2-!,!73-!345+3-!*2=7*!,-<31*7*-!:,1*-!*1V*-!7*!L3=-0+*B!

k62! ,4! <+,=0,9! *++,:,=727*! :3+! ,-0*+! =*! 0+21@*9! 4,6! :+3D+,--3!

*<1202/*4,=0,!1,=03B!J,+*14,=0,!<*M2*!O9W!;621a4,0+3-!:3+!@3+*!7,!.*42=@*7*!

=*!4*23+!:*+0,!73-!72*-9!4*-! 0673!,+*!72<,+,=0,!=*!=,/,d!4*2-! 1,=039!4,=3-!

-,D6+3B!%.@,2!;6,!1,/*+2*!-,2-!72*-!:*+*!.@,D*+!*!f,17,=9!4*-9!;6*=73!*++64,2!

*!-*.31*!7,!.3427*!:*+*!-,2-!72*-9!=C3!02=@*!*!4,=3+!27,2*!73!;6,!,=.3=0+*+2*B!

R,2-!72*-!=,--*-!.3=72Vn,-!,-0*/*!<3+*!7,!;6,-0C39!,!=C3!*:,=*-!:3+!.*6-*!73!

7,-*<23!<>-2.3!7,!4,!43/24,=0*+!=*!=,/,B!K*7*!:*--3!,+*!0*45E4!64!,-<3+V3!

.*1.61*73!:*+*!4,!4*=0,+!=3!;6,!,6!24*D2=*/*!-,+!*!)K$B!K34!3!4*:*!,!*!

5G--31*! ,4!4C3-9! 0,=0,2! 1,45+*+! 0673! 3! ;6,! :372*! 73! R0*o2=D! k36=79! ;6,!

;6,24,2! @*/2*! 46203! 0,4:3B! L620*-! 0E.=2.*-! ! 0+2*=D61*VC39! 4*+.*VC3!

.+6M*7*! ,! ,=;6*7+*4,=03! ! 4,! 7,2N*+*4! .3=<6-*! 4,-43! ;6*=73! ,-0*/*!

.34! 3! 12/+3! ,4! 4C3-B! %D3+*9! ,+*4! 24:3-->/,2-! 7,! -,+,4! +,*12M*7*-! .34!

.3=<2*=V*B!"6=.*! 02/,! .*5,V*! :*+*!4*0,4802.*B! R24:1,-4,=0,! =C3! .3=-,D62*!

4,43+2M*+!<A+461*-!,!=G4,+3-B!U+*!64*!1AD2.*!;6,!<*M2*!:36.3!-,=0273!:*+*!

424B!"3!4,6!,=0,=724,=039!3!46=73!=C3!,+*!64!D+8<2.39!64*!<A+461*!36!

64*! ,;6*VC3B! U+*! 64*! @2-0A+2*B! )3+0*=039! =*! 4*23+! :*+0,! 7*-! /,M,-! ,6!

7,:,=72*! 7*-! 7,-.+2Vn,-! =*++*02/*-! 7,! 4,6! D62*9! 1,=73F*-! +,:,027*4,=0,9!

.34:*+*=73F*-! .34!4,6-!4*:*-9! 0,=0*=73!*72/2=@*+!*! 2=0,=VC3!,!*!=6*=.,!

7,! .*7*! :*1*/+*! ,! <+*-,B! U+*! .343! ,-0*+! 7,=0+3! 7,! 64! D2D*=0,-.3! 0,-0,!

:*7+3=2M*73d!R,!K@,+o1!-652+!:*+*!3!=3+0,!*3!13=D3!7*!.+2-0*!:3+!64*!@3+*!,!

4*=02/,+!*!4E72*!7,!W9`!;621a4,0+3-!:3+!@3+*!,!7,:32-!-,D62+!:*+*!3,-0,!*0E!

!"*+!

64!:1*0a!7,!3=7,!,1*!:37,+8!/,+!732-! 1*D3-!7,!<3+4*03!3513=D3!*!1,-0,9!,1*!

,-0*+8!=3!<1*=.3!-61!73!:2.3!m^_OT!

k2M!,-024*02/*-!72/,+-*-!/,M,-9!4,729!129!+,<1,029!.*1.61,2!,!.3=0,2!*=0,-!7,9!

,=<249!*:3-0*+!=3!;6,!;6,+!;6,!-,Q*!;6,!,6!*.+,720*--,!-,+!/,+7*7,B!)3+!-3+0,9!

,--,!0+,.@3!7*!0+21@*!3<,+,.2*!4620*-!:2-0*-9!.@,2*-!7,!:2.3-!,!:,=@*-.3-9!1*D3-!,!

1*D3*-!;6,!4620*-!/,M,-!,+*4!/2->/,2-!7*!0+21@*B!%2=7*!02=@*!*!4,-4*!-,=-*VC3!

;6,!02/,!7,-7,!3!2=>.239!;6*=73!2=2.2,2!*!.*42=@*7*!=*!R2,++*!",/*7*!*!:*+02+!

7,! -6*! 5*-,! -619! .343! -,! ,-02/,--,! ,4:31,2+*7*! *.24*! 73! 46=73! 2=0,2+39!

31@*=73!:*+*!4620*!.32-*B!)+3--,D62!7,!.+2-0*!,4!.+2-0*9!4,!-,=02=73!*12/2*7*!

;6*=73!*/2-0*/*!*!0,++*!=6*!3=7,!3!-31!7,++,0,6!*!=,/,9!<*M,=73!.34!;6,!,1*!

7,-*:*+,.,--,j!0+,4,=73!7,!*1,D+2*!;6*=73!27,=02<2.*/*!64*!4*--*!7,!8D6*!36!

64*! <3+4*VC3! +3.@3-*! ,4! ,-:,.2*1! ;6,! .3452=*/*! .34! 3! ;6,! 3! 4*:*!

43-0+*/*!36!.34!3!;6,!3!D62*!7,-.+,/2*B!",--,-!434,=03-!,6!4,!-,=02*!<3+0,!

,!0+*=;621*9!4*-!,=0C39!64!42=603!7,:32-9!;6*=73!:*+*/*!4*2-!64*!/,M!:*+*!

<*M,+!64*!*/*12*VC39! 02=@*!.,+0,M*!7,!;6,! 02=@*! 034*73!64*!7,.2-C3!462039!

46203! ,-0G:27*! *3! 7,.272+! .3=02=6*+B! )*--,2! :3+! 8+/3+,-! ;6,! :*+,.2*4!

7,-.3=.,+0*=0,4,=0,! <*4212*+,-9! .343! -,! 02/,--,! :*--*73! :3+! ,1*-! 64*! @3+*!

*0+8-B!K3=0,4:1,2! /*-03-! 0+,.@3-!7,!43=0*=@*-! ;6,!=C3!4,! 24:+,--23=*+*4!

7,!<3+4*!0C3!72<,+,=0,!73!/*-03!0+,.@3!;6,!/2!*=0,-B!%=*12-,2!3!.@C3!?!:+3.6+*!

7,!:,D*7*-9!=*!,-:,+*=V*!7,!-,+!0+*=;6212M*7*!=,4!;6,!<3--,!:,13!4,=3+!-2=*1!

7,! 360+3! -,+! @64*=39! 4*-! =C3! 27,=02<2;6,2! =,=@64*B! b2! *:,=*-! +*-0+3-! 7,!

*=24*2-! ! 3! -6*/,! M2D6,FM*D6,! 73-! .3,1@3-! 36! *-! 4*+.*-! 0+2*=D61*+,-! 7*!

.3++,+2*!73!;6,! -6:6-! -,+,4!:3+.3-F,-:2=@3-! ,! D6*N2=2=-B!#! *+! -,! ,=.@2*!7,!

/27*!.34!3!-34!73!/,=03!?-!/,M,-!5*0,=73!=*-!8+/3+,-j!,4!360+3-!434,=03-!

<2.*/*!:+3<6=7*4,=0,!-21,=.23-3!.343!*!=,/,!,0,+=*B!$6739!4,=3-!,69!:*+,.2*!

*5-3160*4,=0,!-,D6+3!7,!-2!4,-43B!#!.E6!=C3!7,-,Q*/*!-*5,+!3=7,!,-0*/*B!

! #Irt! ! ,6! 5,++*/*! :,+2372.*4,=0,9! -*5,=73! ;6,! =2=D6E4!

+,-:3=7,+2*9!4*-!7,!;6*1;6,+!<3+4*!,6!:+,.2-*/*!,-.60*+!64*!/3M9!4,-43!;6,!

!"*"!

<3--,! *:,=*-! *! 42=@*B! L2=@*! /3M! 4,! :+30,D,+2*9! ,6! *.+,720*/*9! 7*!

:3--252127*7,!7,!,-0*+!:,+727*!=,--*!24,=-27C3!=,/*7*!:*+*!-,4:+,B!

K3=<3+4,!.*42=@*/*9! 0+,.@3-!7,!4G-2.*-! -6+D2*4!=*!,-0*VC3!7,!+8723!

7,!4G-2.*-!<*/3+20*-!;6,!03.*/*!=*!42=@*!.*5,V*9!2=0,++34:27*!,/,=06*14,=0,!

:,1*! /3M! 7,! )*61! 4,! 72M,=73! 3! ;6*=03! 02=@*! -273! 27230*! *3! <*M,+! 64*!

.*42=@*7*!.343!,--*!=*!=,/,!-3M2=@*B!U1,!-,+2*!*;6,1,!;6,!<*+2*!3!;6,!;6,+!

;6,! <3--,!=,.,--8+23!-,!,6!+,*14,=0,!=C3!/310*--,B!%:,-*+!7,!=3--3!72/A+.239!

,1,!*2=7*!,+*!4,6!:*+,=0,!4*2-!:+AN2439!36!:,13!4,=3-!*;6,1,!3+D*=2M*73!3!

-6<2.2,=0,!:*+*!*--642+!0*1!+,-:3=-*52127*7,B!U6!4,!1,45+,2!7,1,!4,!.+202.*=73!

=*!,-0+*7*!7,!)3+01*=7!*0E!L2=,8:312-9!;6*=73!,1,!4,!*++*=.36!7*-!D*++*-!7*!

@,+3>=*!,!7,!e3,!=3!3603=3!*=0,+23+B!

!b3.S!-*5,!;6,!:37,!43++,+T! !72--,!.34!7,-D3-039!4,23!.343!-,!

7,-,Q*--,! 2--3! :*+*! :37,+! :+3/*+! -6*! 3:2=2C3B! ! $37*! /,M! ;6,! /3.S! 6-*+!

@,+3>=*! E! .343! -,! ,-02/,--,! Q3D*=73! +31,0*F+6--*B! b3.S! ,-08! .313.*=73! 64*!

*+4*!=*!.*5,V*!,!:6N*=73!3!D*021@3B!b3.S!=C3!-*5,!;6*=73!*!5*1*!/*2!,-0*+!

=3!0*453+B!

"C3!02=@*!=*7*!*!72M,+!,4!42=@*!7,<,-*B!U1,!,-0*/*!.,+039!,453+*!=C3!

:*+,.,--,!7,--*!4*=,2+*!=*!E:3.*B!

L*-!:,+.3++,+!64*!0+21@*!;6,!,6!4,-4*!0+*V*/*9!,!;6,!,-:,+*/*!-,+!*!

)K$9! ,+*! 3!3:3-03! 7,! 6-*+! @,+3>=*B!#! D*021@3! ;6,! :6N,2! *3! ,=0+*+! =*! =,/,!

*D6V36! 4,6-! -,=0273-! .343! =6=.*B! c=-,D6+*! .343! ,-0*/*! ,=;6*=03!

.3=02=6*/*9! -,=02*F4,! 5,4! ,4! :+3--,D62+9! .343! -,! 3! :+A:+23! ,-<3+V3!

-2D=2<2.*--,! *1D64*! .32-*B! l6,! 0*1/,M! ,-0*+! ,4! 4,23! ?! 5,1,M*! 2=03.*7*! 7*!

=*06+,M*! -2D=2<2.*--,! ;6,! ,6! 0*45E4! :37,+2*! 4,! 4*=0,+! 2=03.*7*9!

2=7,:,=7,=0,4,=0,! 73! ;6,! :,+72! 36! 73! ;6,! <32! 02+*73! 7,! 4249!

2=7,:,=7,=0,4,=0,!7*-!.32-*-!1*4,=08/,2-!;6,!<2M!*3-!360+3-!,!*!424!4,-4*!

36! 7*-! .32-*-! 1*4,=08/,2-! ;6,! <2M,+*4! *!424B! &,! 037*-! *-! .32-*-! 7*-! ;6*2-!

76/27,29!7,!64*!=C3!02/,!7G/27*d!*!=*06+,M*!02=@*!64*!.1*+,M*!;6,!4,!2=.16>*B!

!"*#!

L,1*=.A12.*!,!,N610*=0,9!.*42=@*/*!=3!*+! <+239!*! 16M!73! -31! +,<1,02=73!

*0+*/E-! 7*-! 8+/3+,-9! 5+21@*=73! =*! =,/,9! ,453+*! ,6! ,-02/,--,! 6-*=73! A.613-!

,-.6+3-B!)3+!4*2-!3=2:+,-,=0,!;6,!*!=,/,!<3--,9!,6!0*45E4!-,=02*!-,6!7,.1>=239!

3! 7,++,024,=03! 24:,+.,:0>/,1! *! .*7*!42=603! *3!4,6! +,73+B! U1*! :*+,.2*! 0C3!

*02/*!,4!-,6!7,-*:*+,.24,=03!;6*=03!64*!.314,2*!7,!*5,1@*-!,4!*02/27*7,B!

s-!/,M,-!,6!:*--*/*!:3+!16D*+,-!3=7,!36/2*!64!D3+D31,Q*+9!.343!-,!64!+2*.@3!

.3++,--,!:3+!5*2N3!7*!=,/,9!24:3-->/,1!7,!-,+!/2-03B!#60+*-!/,M,-!,1*!.*>*!,4!

D+*=7,-!:21@*-!G427*-!73-!D*1@3-!7*-!8+/3+,-B!

U4! 4,6! 0,+.,2+3! 72*! 7,:32-! 7,! R2,++*! K20o9! ;6*=73! ,-0*/*! -,=0*7*!

,=.6+/*7*!:,+03!7*!:3+0*!*5,+0*!7*!5*++*.*!.627*=73!73-!4,6-!:E-!.@,23-!7,!

531@*-9!:,+.,52!;6,!3!72*!*=0,+23+!02=@*!-273!3!l6*0+3!7,!e61@3B!#!<*03!7,!;6,!

,6!:372*! 0C3!=2027*4,=0,! 24*D2=*+! =C3! *:,=*-!3!;6,!4,6-! *42D3-! <2M,+*49!

*--24! .343! 0*45E4! 53*! :*+0,! 73! ;6,! 3-! 43+*73+,-! 73-! U-0*73-! '=273-!

<2M,+*4!-,4!*!42=@*!:+,-,=V*!<,M!.34!;6,!,6!4,!-,=02--,!*2=7*!4*2-!72-0*=0,B!

R,4! 7G/27*! ,1,-! 3+D*=2M*+*4! <,-0*-! ,! 7,-<21,-9! <2.*+*4! ;6,24*73-! 73! -31! ,!

*.,=7,+*4!<3D3-!7,!*+02<>.23-!,=;6*=03!,6!,-0*/*!*;62!-3M2=@*!=3!<+23B!U4!64!

2=-0*=0,!:372*!4,!/,+!7,!13=D,!,!73!*1039!64!:3=03!=*!D+*=7,!4*--*!/,+7,!,!

5+*=.*9! =,4! 4*2-! =,4! 4,=3-! -2D=2<2.*=0,! 73! ;6,! 64! 73-! :8--*+3-!

7,-.3=@,.273-! =*-! 8+/3+,-B! %;62! :372*! -,+! `! 7,! Q61@3! 36! \_! 7,! 7,M,45+3B!

U--*-!43=0*=@*-!=C3!.3=0*/*4!3-!72*-B!

"*!4*=@C!-,D62=0,!.*42=@,2!=*!=,/,!76+*=0,!@3+*-!*0E!.@,D*+!*!64*!

.1*+,2+*! 3=7,! @*/2*! 64*! D+*=7,! 8+/3+,! .*>7*9! -,6! 0+3=.3! 12-39! -,4! =,/,! 36!

D*1@3-B! $2+,2! *!43.@21*! ,! -652! =,1*9! *! .*-.*! 8-:,+*! ,45*2N3! 7,!424B! ),D6,2!

*1D64*-!02+*-!7,!.*+=,!7,-27+*0*7*!7*!43.@21*!,!4,!-,=0,2!:*+*!.34,+!,!5,5,+!

6=-!D31,-!7,!8D6*B!I3D3!/2!64*!4*=.@*!/,+4,1@*!?!42=@*!72+,20*d!64*!+*:3-*!

,=0+36!=*!.1*+,2+*9!*-!:*0*-!:2-*=73!-,4!<*M,+!5*+61@3!=*!=,/,B!U1*!31@36!<2N3!

:*+*!*! <+,=0,9! -,4!4,!31@*+9!:*+,.,=73!=C3! 0,+!:,+.,5273!;6,!,6!,-0*/*! 189!

,453+*! 2--3! :*+,.,--,! 24:3-->/,1B! l6*=73! *! +*:3-*! ,-0*/*! ,N*0*4,=0,! =*!

!"*$!

42=@*! <+,=0,9! 0*1/,M! *!O!4,0+3-!7,!72-0h=.2*9!:*+369!/2+36!*! .*5,V*!,!31@36!

0+*=;621*4,=0,!=*!42=@*!72+,VC39!-,6-!31@3-!=C3!,N*0*4,=0,!,=.3=0+*=73!3-!

4,6-! ,=;6*=03! <*+,Q*/*B! )*+,.2*! 4,23! <,12=*9! 4,23! .*=2=*9! 3-! 0+*V3-! <*.2*2-!

4*+.*=0,-!,!D+*.23-3-9!3!.3+:3!*1,+0*B!

L,6! .3+*VC3! 72-:*+369! 4*-! <2;6,2! 030*14,=0,! 24A/,19! .3=0+31*=73! *!

/3=0*7,!7,!<6D2+!,!4,!,-.3=7,+!*0+8-!7,!64*!8+/3+,!,4!56-.*!7,!:+30,VC3B!

"C3!-*52*!3!;6,!*!+*:3-*!<*+2*!,4!-,D627*B!"C3!*.@,2!;6,!,1*!4,!4*.@6.*+2*9!

4*-!=C3!:372*!,/20*+!3!4,73!7,!;6,!3!<2M,--,B!U1*!4*1!.@,D*/*!?!*106+*!73-!

4,6-!Q3,1@3-9!,453+*!-6*!<3+V*!<3--,!2++,<608/,19!-6*!5,1,M*!7,-1645+*=0,9!-6*!

-6:,+23+27*7,!/2->/,1!,4!.*7*!:,13! 24*.61*73B!U1*!:372*!4,!*1.*=V*+!,4!64!

-,D6=73B!U--,!,+*!3!-,6!46=73B!U1*!,-0*/*!0C3!-,D6+*!;6*=03!3!.E6B!

!(*:3-*! ! -6--6++,2! .34!*!/3M!4*2-! -6*/,!;6,!:372*9! .343! -,!*3!

=34,8F1*!,6!:67,--,!0*=03!4,!7,<,=7,+!;6*=03!*0+*>F1*B!U1*!1,/*=036!*!.*5,V*!

/,+4,1@*! 7,! 3--3-! 7,12.*73-9! 4*-! :,+4*=,.,6! :*+*7*! .343! ,-0*/*! ,! 4,!

*=*12-36! :3+! *1D6=-! -,D6=73-! *=0,-! 7,! -,! /2+*+! ,! -,4! =,=@64! -35+,--*103!

.3=02=6*+!.+6M*=73!*!.1*+,2+*!,!-,!,45+,=@*+!,=0+,!*-!8+/3+,-B!

!b310,! !.@*4,2!5*2N2=@39!,!,=0C3!-6520*4,=0,!D+20,2d! !LuUt!LuUt!

LuUt!LuUt! !"C3!-*52*!;6,!*!:*1*/+*!-*2+2*!7*!42=@*!53.*!*0E!;6,!,1*!-*26B!

U!,=0C39!7*!4,-4*!<3+4*!2=6-20*7*9!<2;6,2!,4!-21S=.239!,N*6-0*B!

"*!4*=@C! -,D62=0,9! ,=.3=0+,2! 64*! ,-0+*7*B!"3-! 72*-! *=0,+23+,-! 02=@*!

.+6M*73! ,-0+*7*-! 7,! 0,++*! 4,=3+,-! ,! 4*2-! +G-02.*-! ;6,! ,-0*/*4! .35,+0*-! 7,!

=,/,9!4*-!=,=@64*!0C3!1*+D*!,!5,4!.3=-0+6>7*!.343!,--*B!l6*-,!4,!*Q3,1@,2!

*3!/SF1*B!%!5,1,M*!7*-!43=0*=@*-!=,/*7*-!,+*!2=,D8/,19!4*-!*!,-0+*7*!,+*!4,6!

46=73B!R,!<3--,!*!,-0+*7*!;6,!,6!*.@*/*!;6,!,+*9!-24:1,-4,=0,!.@,D*+!*0E!,1*!

,+*! 64*! /20A+2*B! c--3! -2D=2<2.*/*! ;6,! -,D62! *! +30*! 7*! )K$B! c--3! 0*45E4!

-2D=2<2.*/*! ;6,! @*/2*! 64*! .27*7,! 72-0*=0,! *1D6=-! ;621a4,0+3-! ,4! ;6*1;6,+!

72+,VC3B! )372*! 735+*+! ?! 72+,20*! 36! ?! ,-;6,+7*! ,! -,D62+! *! ,-0+*7*9! ,! -,+2*!

7,/31/27*!*!64*!/,+-C3!73!.34,V3!7,!Q61@3!;6,!<*M2*!-,=0273!:*+*!424B!$2+,2!

!"*%!

*!43.@21*!,! -,=0,2! ,4!64!43=0,!7,!=,/,!D+*=61*7*9! +,<1,02=73! -35+,!3!;6,!

<*M,+B!R,!,-0*/*!3=7,!*.@*/*!;6,!,-0*/*9!02=@*!:,+.3++273!X]!;621a4,0+3-!7*!

)K$!=3-!;6*0+3!72*-!7,-7,!;6,!-*>!7,!R2,++*!K20o9!*:,-*+!7,!:+3/*/,14,=0,!0,+!

.*42=@*73!4*2-! 73! ;6,! 2--39! 7*7*-! *-!42=@*-! 76/273-*-! @*52127*7,-! .34! 3!

4*:*!,!*!5G--31*B!%!72-0h=.2*!:*+*!f,17,=!$3p=!,+*!7,!4*2-!PP!;621a4,0+3-9!

D+*=7,! :*+0,! 7*! 0+21@*! .35,+0*! 7,! =,/,B! U+*! 24:+3/8/,1! :,=-*+! =2--3B! $2=@*!

.3427*!*:,=*-!:*+*!*1D6=-!72*-!=*!43.@21*9!,!*.*5*+2*!-,!,6!0,=0*--,!.3=02=6*+B!

K34,.,2!*!7,-.,+!*!,-0+*7*!=*!72+,VC3!7,!64*!.27*7,!.@*4*7*!l62=.oB!

%!,-0+*7*!,+*!.343!*!/*-027C3!;6,!.*42=@,2!=3-!G10243-!72*-9!-21,=.23-*!

,!.35,+0*!7,!=,/,9! -A!;6,!*D3+*!,6!=C3!:+,.2-*/*!:*+*+! 037*!@3+*!*! <24!7,!

.*1.61*+!:*+*!3=7,!,-0*/*!2=73B!%:,=*-!-,D62!*!,-0+*7*9!?!4,727*!;6,!*!=,/,!

7*/*!16D*+!?!1*4*B!#!D62*!=C3!72M2*!*!;6,!72-0h=.2*!l62=.o!,-0*/*9!*:,=*-!;6,!

.@,D*+!?!0*+7,9!,453+*!3!;6,!2*!<*M,+!18!.34!X_!.,=0*/3-!<3--,!360+*!;6,-0C3B!

)3+!/310*!7*-!\\!@3+*-9!7,:32-!7,!64*!.6+/*9!/2!64*!.*42=@3=,0,!/,+7,!

437,13!R'b!,-0*.23=*7*!=*!5,2+*!7*!,-0+*7*B!

!#18! !D+20,29! 030*14,=0,!4*2-!.*60,13-*!73!;6,!=3-!434,=03-!,4!

;6,! 6++*/*! ,--*! 4,-4*! :*1*/+*! =3! 7,-,+03! 5+*=.3B! "2=D6E4! +,-:3=7,6B!

%:+3N24,2F4,!7*!R'b!,!31@,2!-,6!2=0,+23+B!Y*/2*!64!*D*-*1@3!.34!.*:6M!=3!

5*=.3!7*!<+,=0,!,!64!.3:3!7,!.*<E!7,!:*:,1!=3!:*2=,19!,=0+,!360+3-!,N.20*=0,-!

35Q,03-!;6,!+,4,02*4!?!42=@*!*=02D*!/27*B!K3=02=6,2!7,-.,=73!*!,-0+*7*!:3+!

4,2*!@3+*!*0E!;6,!36/2!64!.*++3!-,!*:+3N24*=73!:3+!0+8-!7,!424!,!4,!/2+,2B!

U+*!*!R'b!/,+7,B!%1D6=-! 2=-0*=0,-!7,:32-9!,1*!:*+36!*3!4,6!1*739!64!

@34,4!=3!/31*=0,!,!64*!461@,+!=3!.*+3=*B!

!U-0*43-!2=73!:*+*!)*.[,+!I*[,!I37D,9!-,!/3.S!;62-,+!64*!.*+3=*! !

*!461@,+!72--,!7,:32-!7,!*5+2+!*!Q*=,1*B!L,6!.3+*VC3!<2.36!*:,+0*739!,453+*!

0,=@*!*D+*7,.273!,!-,=0*73!=3!5*=.3!7,!0+8-B!$2=@*!1273!-35+,!3!)*.[,+!I*[,!

I37D,!=3!D62*!@*/2*!*1D6=-!72*-B!)372*!0,+!:,D*73!64*!0+21@*!-,.6=78+2*!:*+*!

!"*&!

18!64!72*!7,:32-!7,!0,+!-*>73!7,!R2,++*!K20o9!4*-!7,.272!2D=3+*+!;6*=73!3:0,2!

:3+! :,+4*=,.,+! =*! )K$B! s! 4,727*! ;6,! 3! .*++3! *=7*/*9! :372*! -,=02+! 4,6!

:+3D+,--3!,4!72+,VC3!*3!=3+0,! -,! +,/,+0,=739! 0373-!3-!;621a4,0+3-!;6,!4,!

,-<3+.,2!:*+*!.3=;62-0*+!:,+7273-!,4!4,=3-!7,!64*!@3+*9!,!*:,-*+!72--3!,-0*+!

=*;6,1,! .*++3! ,+*! 64*! ,-:E.2,! 7,! :*+*>-3B! I24:,2! 64! :,7*V3! 7*! Q*=,1*!

,45*V*7*! ,!35-,+/,2! *-! 8+/3+,-! :*--*=73! +8:273B!"3--*! /,13.27*7,!48N24*!

,+*! 0*1/,M!O_!;621a4,0+3-!:3+!@3+*! .3=<3+4,!=3-! *++*-08/*43-!:,1*-! .6+/*-!

7*! ,-0+*7*9! 4*-! 2--3! *2=7*! -3*/*! :*+*! 424! .343! -,! ,-02/E--,43-! =3-!

43/,=73! 2=*.+,720*/,14,=0,! +8:2739! *! 0,++*! <2.*=73! 2=7,<2=27*! ,4! /,M! 7,!

,-:,.><2.*9!=C3!4*2-!4,!2=.162=739!4*-!;62,0*!73!1*73!7,!<3+*B!

),=-,2! =*! +*:3-*B!&,-,Q,2! -*5,+! -,! ,1*! 02=@*! /310*73! ?! 8+/3+,! .*>7*! ,!

:,=-*73! ,4!424B! I,45+,2F4,! 73!434,=03!7,:32-! ;6,! ,1*! 7,-*:*+,.,6! =*!

<13+,-0*!,!;6,!D+20,2!:3+!42=@*!4C,B!k2.36!64!-21S=.23!0C3!D+*=7,!=*!-,;6S=.2*!

7*;6,1*!.343VC39!64*!,-:E.2,!7,!-21S=.23!:37,+3-3!;6,!:*+,.2*!.3=0,+!0673B!

#-! .*=03-! 73-! :8--*+3-! ,! 3-! ,-0*1273-! 7*-! 8+/3+,-B! %! =,/,! 7,++,0,=73! ,! *!

2=/2->/,1! 8D6*! D3+D31,Q*=73B!#! -31! +,16M,=0,B!#! .E6! .1*+3B! %! *+4*! ;6,! =C3!

02=@*!64*!5*1*!=3!0*453+B!U!*!4C,B!R,4:+,!*!4C,B!%;6,1*!;6,!=6=.*!/310*+8!

:*+*!424B!

!

&

&

&

&

!"*'!

&

&

&

J[&&C%$$*&P*&!(<&!

!

%! 4,+*! /2-C3! 73! )*.[,+! I*[,! I37D,! <32! .343! 64! -3.3B! U+*! 64!

+,-0*6+*=0,B!K34!.3427*B!U!,6!:37,+2*!46203!5,4!0,+!-273!64!:*-03+F*1,4C3B!

)372*!-,=02F1*!*--24!;6,!7,-.2!73!.*++3B!%D+*7,.2!*3!.*-*1!;6,!4,!7,6!*!.*+3=*!

,! *=7,2! ,4!72+,VC3! ?! .3=-0+6VC39! 7,2N*=73! *!L3=-0+*! =*! /*+*=7*! *=0,-! 7,!

,=0+*+B! #! 16D*+! ,-0*/*! .@,23! 7,! 06+2-0*-9! *! 4*23+2*! @3-:,7*7*! =*-! .*5*=*-!

+G-02.*-!;6,!+37,*/*4!3!+,-0*6+*=0,B!)*+,.2*4!=C3!:,+.,5,+!*!4*=,2+*!.343!

,6! ,=.*+*/*! -,6-! :+*03-! ;6*=73!4,! 72+2D2! *3! 5*1.C39! 3=7,! @*/2*! :21@*-! 7,!

:*=;6,.*-!*.34:*=@*7*-!7,!5*.3=9!3/3-!4,N273-!,4!:+243+3-3-!43=0,-!369!

3!4*2-!7313+3-3!7,!06739!.@,,-,56+D,+-!-30,++*73-!:3+!43=0,-!2++,D61*+,-!7,!

5*0*0*-!<+20*-B!k2;6,2!7,/*-0*7*!.34!*!/2-C3!7,1*-B!

! #! ;6,! /3.S! 36/26! -35+,! 3! =>/,1! 7,! =,/,! *3! =3+0,! 7*;62T! !

:,+D6=0,2!?!461@,+!;6,!0+*5*1@*/*!=3!.*2N*B!U6!:37,+2*!72M,+!;6,!,+*!*!73=*!

:,1*!4*=,2+*!.343!-,6-!31@3-!-,D62+*4!*!D*+V3=,0,!,=;6*=03!,1*!.*42=@*/*!

:,13!-*1C3!.34!64!561,!7,!.*<E!=*!4C3B!"C3!.3=@,.2*!,--*!461@,+9!4*-!02=@*!

0+*5*1@*73!:*+*!,1*!421!/,M,-B!)*--36!:,1*!42=@*!.*5,V*!;6,!,6!:372*!:,72+!

64!,4:+,D3!*!,1*!:*+*!3!/,+C3!,!*5*=73=*+!*!)K$B!

!"*(!

! %! ;6*=027*7,! 7,! =,/,! 18! ,4! .24*! ,-08! 5,4! D+*=7,! ! ,1*!

+,-:3=7,6B! !$373-!3-!0+21@,2+3-!7,!13=D*!72-0h=.2*!-*>+*4!7*!0+21@*!,-0,!*=3B!

U-0C3!0373-!.*42=@*=73!*3!13=D3!7*!J317!I*[,!Y2D@p*o!,4!/,M!72--3B!

! %! J317! I*[,! Y2D@p*oT! ! :,+D6=0,2! :,+:1,N*B! ! %:*+,.,6! 64!

@34,4! *;62! =3-! G10243-! 72*-T! #! =34,! 7,1,! E! J+,DB! U1,! E! ;6*+,=0C39! 0,4!

.*5,13!.*-0*=@3!,!5*+5*B!

U1*!<,M!;6,!=C3!.34!*!.*5,V*9!4*-!*!D*+V3=,0,!2=0,++34:,6!,!72--,!;6,!

<*136! .34! 64! 0+21@,2+3! 7*! )K$! ;6,! 5*02*! .34! ,--*! 7,-.+2VC39! ,453+*! =C3!

-365,--,!-,6!=34,B!

!b3.S!:37,!-,!-,=0*+9!-,!;62-,+!.34,+! !*!461@,+!72--,B!

Y*/2*!64!.*+78:23!=3!5*1.C3!,!,6!3!:,D6,2!-A!:*+*!7*+!64*!31@*7*B!

!b3.S!0,4!*1D3!;6,!.6-0,!X_!.,=0*/3-!36!4,=3-T! !:,+D6=0,2!*!,1*!

7,!<3+4*!,-:2+2063-*9!0C3!5*2N3!;6,!42=@*!/3M!;6*-,!=C3!7*/*!:*+*!36/2+B!

!R,0,=0*!,!.2=.3!.,=0*/3-!:*D*!64*!N>.*+*!7,!.*<EB!#!+,<21!E!D+802-! !

,1*!+,-:3=7,6B!

! "*! +,*127*7,9! 0,=@3! .3427*! =*!42=@*!43.@21*! ! ,6! 72--,9! ,!4,!

72+2D2!?!:3+0*9!:*--*=73!:3+!:+*03-!-6Q3-!,!,4:21@*73-!.34!+,-03-!7,!.3427*!

:,+<,20*4,=0,! .34,-0>/,2-! ;6,! =2=D6E4! *! =C3! -,+! ,69! 3-! 6+-3-! ,! D6*N2=2=-!

,-0*+2*4! 72-:3-03-! *! .34,+B! K3=02=6,2! *0E! *! /*+*=7*! ,! -,=0,2! *3! 1*73! 7*!

L3=-0+*B! $2+,2! 3-! X_! .,=0*/3-! 73! 531-3! ,! 31@,2! <2N*4,=0,! :*+*! *-! 43,7*-!

:+*0,*7*-!=*!:*14*!7*!42=@*!4C3!.343!-,!<3--,4!-,!46102:12.*+!-,!*-!31@*--,!

46203!2=0,=-*4,=0,B!),=-,2!=*!.*2N*!?!42=@*!,-:,+*!,4!f,17,=!.34!*!=30*!7,!

W_! 7A1*+,-! 7,=0+3B! U-0*/*! <*42=0*! ,! ,+*! /,+7*7,! ;6,! ,6! 02=@*! .3427*! =*!

43.@21*9!4*-! ,-0*/*!7,-*=24*7*!7,4*2-! :*+*! .34,+B! k31@,,2! 3! D62*! ,4!/,M!

72--39!0,=0*=73!,1*53+*+!64!=3/3!:1*=3B!

!#6/2!/3.S!18!7,=0+3!.3=/,+-*=73!-35+,!*!)*.2<2.!K+,-0!$+*21! !64*!

461@,+!72--,B!U1*!,+*!4*D+*!,!7,!4,2*F27*7,9!3!.*5,13!136+3!.34!4,.@*-!,4!

!"*)!

64! .3+0,! .6+03! ,! ,-0213-3B! U4! .*7*! 3+,1@*! ,1*! 6-*/*! 64! 5+2=.3! -31208+23! 7,!

72*4*=0,B!

!U-036!<*M,=73!*!.*42=@*7*!@8!*1D64*-!-,4*=*-! !<*1,2B!

!%.@3!2--3!0C3!1,D*1B! !U1*!-3++26B! !R,4:+,!:,=-,2!=*-!:,--3*-!;6,!

<*M2*4!2--3B!U6!-,2!;6,!*!0+21@*!E!13D3!*;62! !72--,9!*:3=0*=73!:*+*!*!72+,VC3!

3,-0,B! !L*-! =6=.*! ,-02/,! =,1*B! ! U1*! -,! *:+3N24369! ,! :3+! 64!434,=03!

*.@,2! ;6,! 0,=0*+2*! 4,! 7*+! 64! *5+*V39! 4*-! *:,=*-! 5*0,6! 7,! 1,/,! =3! 4,6!

5+*V3B! ! b3.S! ,-08! -3M2=@*9! =C3! ,-08T! ! l6*=73! <2M! ;6,! -249! ,1*! +26! ,!

.313.36!*!4C3!=3!:,203B! !U!3!;6,!,4!=34,!7,!&,6-!-6*!4C,!0,4!*!72M,+!

-35+,!2--3T!

! U1*! ,-08! 43+0*! ! +,-:3=729! 7,-,=.3+*Q*7*! ,! <*42=0*! 7,4*2-! :*+*!

-6*/2M*+!2--3!.34!64!034!7,!Q6-02<2.*02/*9!.343!D,+*14,=0,!<*M2*B!

!L,6!&,6-B!c--3!E!0,++>/,1B! !R,6-!A.613-!7,!-31!.*>+*4!-35+,!3!:,2039!

:,=76+*73-! ,4! 64! <23! 7,! .3=0*-! +,16M,=0,-B! U1*! -,D6+36! 3-! A.613-! ,! 3-!

+,.313.36!=3!+3-03B!R,6!=34,!,+*!K@+2-02=,9!,1*!4,!72--,9!,!,-0*/*!@3-:,7*7*!

,4!64*!.*5*=*!*12!:,+03!.34!3!4*+273!,!*-!76*-!<21@*-!*731,-.,=0,-B!

!b3.S!D3-0*+2*!7,!2+!18!.342D3!,!034*+!64!5*=@3T! !,1*!:,+D6=036B!

#! 4*+273! 7,! K@+2-02=,9! e,<<9! :+,:*+36! 64! -*=76>.@,! ,=;6*=03! ,6!

034*/*!5*=@3B!l6*=73!-*>!73!5*=@,2+39!3!-*=76>.@,!,-0*/*!=3!:+*039!.3+0*73!

=*! 72*D3=*1! ,! D6*+=,.273! .34! .@2:-! 7,! 03+021@*! 7,!421@3! ,! 64! :,:2=3! ,4!

.3=-,+/*B!

! R,! ;62-,+! .313.*+!4*2-! .*+=,! =,1,9! -2=0*F-,! ?! /3=0*7,! ! e,<<! 72--,9!

,4:6++*=73! 7,! -,6! 16D*+! =3! 360+3! 1*73! 7*!4,-*! 64*! 0+*/,--*! 7,! <+23-! =*!

42=@*!72+,VC3B!U1,!,+*!53=203!,!D3+72=@39!3!.*5,13!,-.6+3!3=761*73!,!D+2-*1@3!

=*-! 0S4:3+*-B! U+*!*7/3D*739!K@+2-02=,!4,!72--,!=*! .6+0*! .*42=@*7*!,=0+,!3!

+,-0*6+*=0,! ,! *! .*5*=*B! U1,-! 43+*/*4! ,4! RC3! k+*=.2-.39! 4*-! 0373! *=3!

:*--*/*4!*!:+24,2+*!-,4*=*!7,!Q61@3!*;62B!

!"**!

!$*1/,M!*1D64*-!<*02*-!*!4*2-9!35+2D*7*! !<*1,29!:,D*=73!3!:,+6!.34!

<*1-*!2=72<,+,=V*B!

!q!3+Dh=2.39!.*-3!2--3!-,Q*!24:3+0*=0,!:+*!/3.S! !72--,!K@+2-02=,B! !U!

.+2*73!.34!@64*=27*7,B!R,D6243-!,--*!72+,VC3!3!48N243!;6,!.3=-,D6243-B!

b3.S! -,! ,-;6,.,6! 73! ;6,2Q3! ! ,1*! .,=-6+36! e,<<9! ,! <32! *0E! *! D,1*7,2+*! :*+*!

:,D8F13B! !b3.S!;6,+! 64!:36.3!7,!;6,2Q3!Y*/*+02! 7,! *=,03!=3! -*=76>.@,9!

K@,+o1T!

! U-08! A0243B! #5+2D*7*! ! 72--,! :*+*! -,+! ,76.*7*9! 4*-! .3+0,2! 64!

:36.3! 7,! ;6*1;6,+! <3+4*! ,! :,D6,2j! .342! 0C3! +8:273! ;6,! ,1*! /31036! :*+*! 3!

5*1.C3!,!.3+036!4*2-!-,4!.34,=0*+!=*7*!*!+,-:,203B!

U1*! :,D36! 3! -*.3! 7,! .@2:-! ,! .313.36! 360+3! :6=@*73! ,4!4,6! :+*039!

7,:32-!*5+26!64*!1*0*!7,!.,+/,Q*!:+,0*!,!.313.36!=*!42=@*! <+,=0,B!R,! 02/,--,!

,-/*M2*73!0373!3!.3=0,G73!7*!D,1*7,2+*9!,6!0,+2*!.34273!*0E!3!G10243!:,7*V3B!

!#5+2D*7*! !72M2*!-,4:+,!;6,!,1*!.313.*/*!360+3!20,4!=*!4,-*B!

&3!360+3!1*73!7*!.3M2=@*!,6!:372*!/,+!e,<<!,!*-!76*-!<21@*-!7,!K@+2-02=,!

*0+*/E-!7*!:3+0*!7,!/27+3B!U-0*/*4!-,=0*7*-!=3!7,;6,!,4!.*7,2+*-!%72+3=7*.[!

7,!732-! 16D*+,-9! <31@,*=73!=G4,+3-!7*!R,/,=0,,=!,!7*!),3:1,!.34!<3=,-!7,!

36/273!=*-!3+,1@*-B!

!l6,!27*7,!,1*-!0S4T! !:,+D6=0,29!*.,=*=73!=*!72+,VC3!7,1*-B!

!&,M,--,2-!,!;6*-,!\P! !72--,!K@+2-02=,B! !U-0C3!2=73!:*+*!3!-,D6=73!

,!3!G10243!*=3!73!,=-2=3!4E723B!

U1*-!:,+.,5,+*4!;6,!*-!35-,+/8/*43-!,!7,+*4!64*!31@*7*B!%.,=,2!,!

,1*-!*.,=*+*4!7,!/310*!*=0,-!7,!+,03+=*+!?-!+,/2-0*-B!

!%73+*+2*!-,!,1*-!<2M,--,4!*1D64*!.32-*!.343!*!;6,!/3.S!,-08!<*M,=73B!

R,!:67,--,4!-,+!0C3!.3+*Q3-*-!,!<3+0,-!;6*=03!/3.S! !72--,!K@+2-02=,B! !L*-!

0*1/,M!=C3!0C3!.3+*Q3-*-9!=*!/,+7*7,B!%.@3!;6,!,6!<2.*+2*!*--6-0*7*!7,!0,+!64*!

7,1*-!=*!0+21@*!.343!/3.SB!b3.S!=C3!0,4!4,73!7,!,=<+,=0*+!0673!-3M2=@*T!

!#++!

!s-!/,M,-! !+,-:3=72B! !L*-!=C3!0*=03!;6*=03!/3.S!24*D2=*+2*B! !

L,6! .*5,13!431@*73! :2=D36! ,4!42=@*! .*42-,0*! -6Q*! =*! *106+*! 73! 345+3B!

$2=@*! .3=-.2S=.2*! 7,! ;6,! 42=@*! +36:*! <,72*9! ,453+*! :3+! 5*2N3! 7,1*-! 4,!

-,=02--,! 4*2-! 124:*! 73! ;6,! =6=.*B! #! .@6/,2+3! <32! 64*! ,N:,+2S=.2*! ;6*-,!

-*D+*7*! *:A-! 72*-! =3! <+23! -6*=73! :3+! 5*2N3! 7*-! +36:*-9! *! 8D6*! ;6,=0,! ,! 3!

-*5C3!4,! ,-<+,D*=73! *0E! 124:*+B!"30,2! *1D6=-! 12/+3-! ,-:*1@*73-! =3! <2=*1! 7*!

4,-*d!L*02=D!w%.*-*1*=73x9!7,!"3+4*=!(6-@9!%!$@36-*=7!%.+,-! wL21!*.+,-x9!

7,! e*=,! R421,o9! ,! $@,! R@2::2=D!",p-! w"30>.2*-! 7,! =*/,D*VC3x9! 7,! UB! %==2,!

)+361NB! U+*4! 12/+3-! ;6,! 02=@*! 1273! ,! *73+*739! *-! .*:*-! ,+*4! .343! +3-03-!

<*4212*+,-! ,! *!4,+*! /2-C3! 7,1*-!4,! <*M2*! -,=02+! .343! -,! ,-02/,--,! ,4! *1D64!

16D*+!:*+,.273!.34!42=@*!.*-*B!$*1/,M!e,<<!,!K@+2-02=,!4,!7,2N,4!<2.*+!*;62!

.34! ,1,-9! :,=-,2! 213D2.*4,=0,B! U6! :372*! -,+! .343! 64*! 7,! -6*-! <21@*-9! <2.*+!

1,=73! +,/2-0*-! ,=;6*=03!4,! 5+3=M,*/*! =3! 7,;6,B! R,! 02/,--,4!3<,+,.2739! ,6!

0,+2*!7203!-24B!

! b3.S! D3-0*! 7,! 1,+T! ! K@+2-02=,! :,+D6=036B! ! q! 3! ;6,! <*M,43-!

;6*=73!.@,D*43-!*;62B!U--*!E!*!=3--*!27,2*!7,!+,1*N*4,=03B!

!I,+!E!*!42=@*!+,.34:,=-*!=3!<2=*1!73!72*! !,6!72--,B! !#!12/+3!;6,!

,6!0,=@3!*D3+*!E!K3=03-!.34:1,03- !

%2=7*!02=@*!3!12/+3!2=0*.03!=*!43.@21*B!"C3!;6,24,2!:8D2=*!:3+!:8D2=*!

.3=<3+4,!2*!1,=739!.3=-.2,=0,!7,!;6,9!:3+!.*6-*!7*!=,/,!,!7*-!467*=V*-!7,!

202=,+8+239! ,6! =C3! -*52*! ;6*=03! 0,4:3! 1,/*+2*! *0E! .@,D*+! ?! 42=@*! :+AN24*!

.*2N*!7,!-6:+24,=03-B!e8!02=@*!1273!0673!,!+,.34,V*73!=*!:8D2=*!64!=*!=320,!

:*--*7*B!

! f,49! /3.S! :37,! :,D*+! 64! 7,--,-! ! 72--,! e,<<9! 1,/*=0*=73! :*+*!

*:*=@*+! 3!L*02=DB! ! e8! 1,43-! 0373-B!#6! -,! ,--,! =C3! E! 3! -,6! D3-039! :37,!

:+3/*/,14,=0,!:,D*+!,--,!*;62! !<*136!,!7,-*:*+,.,6!=3!;6*+03!*3!1*73!7*!

.3M2=@*B! U1,! /31036!64!434,=03!7,:32-! .34!64!/31643-3! 12/+3!7,! e*4,-!

L2.@,=,+9!;6,!.313.36!:,+03!7,!4,6!:+*039!*D3+*!/*M23B!

!#+"!

#1@,2! :*+*! 3! 12/+3B! #! =34,! ,+*! #! +34*=.,B! "6=.*! 02=@*! 1273! 36!

36/273! <*1*+! 7,1,9! ,453+*! e*4,-!L2.@,=,+! <3--,! 3! *603+! <*/3+203! 7,!42=@*!

4C,B! RA!;6*=73! <62! :*+*! *! <*.617*7,! E! ;6,! *:+,=72! ;6,! 02=@*! *1D64*! .32-*!

,++*7*! =2--3B! '4*! :,--3*! ;6,! 72/,+0,! *-! 4*--*-9! 64! 7,! 4,6-! :+3<,--3+,-!

+272.61*+2M36!7,:32-!7,!:,+D6=0*+!;6*2-!12/+3-!,6!02=@*!1273B!L2.@,=,+9!,1,!4,!

*.3=-,1@369!=C3!,+*!3! 02:3!7,! ,-.+203+!;6,!,6!7,/2*!:,+7,+! 0,4:3! 1,=73! -,!

+,*14,=0,!;62-,--,! -,+!64*!,-.+203+*B! U6!4,! -,=02!64*! 27230*B!$373-!*;6,1,-!

*=3-!.343!*731,-.,=0,!,6!4,!*.@*/*!-3<2-02.*7*!;6*=73!4,!,=06-2*-4,2!.34!

)31a=2*9! #-! +,5,17,-9! U-:*V3! ,! R*o3=*+*B! "3! :+24,2+3! *=3! =*! <*.617*7,9!

+*:27*4,=0,!*:+,=72!;6,!=C3!-*52*!=*7*!*!+,-:,203!7,!;6,4!,+*!24:3+0*=0,!,!

;6,4!=C3!,+*B!

! b3.S! -*5,! ;6,! =C3! E! 64! 12/+3! 7,! /,+7*7,T! ! 72--,!

7,-7,=@3-*4,=0,! :*+*! 42=@*! 4C,! ;6*=73! *1D6E4! 1@,! 7,6! $,N*-9! 7,!

L2.@,=,+9!.343!:+,-,=0,!7,!"*0*1!=*;6,1,!*=3B!

!&,!/,+7*7,T! !42=@*!4C,!4,!,=.*+369!:,+:1,N*!,!5,4F@643+*7*B!

!l6,+3! 72M,+9! -E+23B! K343! *! 120,+*06+*! 7,! /,+7*7,! ;6,!4,+,.,! -,6!

0,4:3! !+,-:3=72B!

!f,49!4,6!0,4:3!=6=.*!/*1,6!0*=03!*--249!/3.S!:37,!;6,+,+!D3-0*+!

7,!-*5,+9!Q8!;6,!=6=.*!D*=@,2!4*2-!73!;6,!3!-*18+23!4>=243!,!=*!4*23+!:*+0,!

7*-!/,M,-!4,!4*0,2!7,!0+*5*1@*+!7,!D+*V*B! !U1*!+26!5*2N2=@3!,!5*0,6!=3!4,6!

5+*V3!.34!*!4C39!12/+*=73F-,!7,!42=@*!+,.+242=*VC3!7*!4*=,2+*!;6,!-,4:+,!

<,MB!

l6*=73!42=@*!4C,!43++,6! ,! *!461@,+! .34! ;6,4! U772,! *.*536! -,!

.*-*=73!-,!46736!:*+*!*!.*-*9!:,D6,2!0373-!3-!12/+3-!;6,!;62-!7*!,-0*=0,!7*!

42=@*!4C,B!$2+,2!*;6,1,-!;6,!,1*!.34:+36!=3!2=>.23!73-!*=3-!\]P_9!*--24!;6,!

=3-!467*43-! :*+*! *! :+3:+2,7*7,d! $@,! U=.o.13:,72*! 3<! #+D*=2.! J*+7,=2=D!

wU=.2.13:E72*!7,!Q*+72=*D,4!3+Dh=2.*x9!&3651,!Z3D*!wZ3D*!76:1*x9!"3+0@1*=7!

i217<13p,+-!wk13+,-!73!.*4:3!7*!+,D2C3!"3+0,x!,!l6210-!03!i,*+!wl6210-!:*+*!

!#+#!

/,-02+x9! R3=D-! <3+! 0@,!&61.24,+! wLG-2.*-! :*+*!&61.24,+x9! f+,*7!f*[2=D!f*-2.-!

wk6=7*4,=03-!7*!:+376VC3!7,!:C3x9!'-2=D!)1*=0-!<3+!Y,*12=D!w'-*=73!:1*=0*-!

:*+*! .6+*+x! ,! c! %1p*o-! I33[!':! 0@,!i3+7! UD+,D236-! wU6! -,4:+,! :+3.6+3! *!

:*1*/+*! ,D+ED23xB! ),D6,2! 3-! 12/+3-! ;6,! 1,6! :*+*!4249! .*:>0613! :3+! .*:>06139!

*=0,-! 7,! .3=-,D62+! 1,+! -3M2=@*d! f*4529! f,1,M*! =,D+*! ,! K*-2=@*! =*! <13+,-0*B!

),D6,2! 3-! 12/+3-! ;6,! .34:+36! ;6*=73! ,-067*=0,! 6=2/,+-208+2*! =3-! *=3-!

*=0,+23+,-! ?! -6*!43+0,d! $@,! R*.+,7!Y33:! w#! *+.3! -*D+*73x9! 7,! )*61*!J6==!

%11,=9!$@,!i34*=!i*++23+!w%!461@,+!D6,++,2+*x9!7,!L*N2=,!Y3=D!g2=D-03=9!,!

$@2-! f+27D,! K*11,7!Lo! f*.[! wU-0*! :3=0,!4,! .3=/2736! *! /310*+x9! 7,! K@,++>,!

L3+*D*!,!J13+2*!%=M*17G*B!L35oF&2.[9!7,!Y,+4*=!L,1/211,9!%-!%/,=06+*-!7,!

Y6.[1,5,++o!k2==9!7,!L*+[!$p*2=9!,!k13+,-!7,!(,1/*9!7,!i*10!i@204*=B!L*-!

=C3!:,D6,2!3-!12/+3-!7,!e*4,-!L2.@,=,+9!73-!;6*2-!42=@*!4C,!4*2-!D3-0*/*B!

!#5+2D*7*! !72--,!*D3+*!:*+*!e,<<!,=;6*=03!-,D6+*/*!#!+34*=.,B! !

4*+*/21@3-3B! !)*+,2!*=0,-!7,!4,=.23=*+!;6,!0,+2*!;6,!;6,248F13!,-0*!=320,!

=*!<13+,-0*!-,!72--,--,!=C3B!

!K34!.,+0,M*! !,1,!+,-:3=7,69!+2=73B! !L*-!*.@3!;6,!,-036!-*2=73!

D*=@*=73B!

&,:32-!73!*143V39!K@+2-02=,!4,!1,/36!*0E!3!:3-03!7,!D6*+7*!<13+,-0*1!

,4!l62=.o9!4*-9!;6*=73!.@,D*43-!189!3!D6*+7*!.34!;6,4!.3=/,+-,2!:*+,.2*!

0,+! 2=<3+4*Vn,-! /*D*-! -35+,! *! )K$B! U1,! 4,! 72--,! ;6,! =C3! <32! 18! ,-0,! *=3!

:3+;6,!*2=7*! ,-0*/*! .35,+0*!7,!=,/,B! k2.36! -6+:+,-3!7,! -*5,+!;6,! ,6!@*/2*!

,-0*73B!b310,2! *3! .*++3!7,!K@+2-02=,! ,! ,-067,2!3!D62*!:*+*!,=0,=7,+! *!42=@*!

13.*12M*VC3B!%!4,1@3+!3:VC3!:*+*!/310*+!?!)K$!,+*!3=7,!,1*!.+6M*/*!*!,-0+*7*9!

*!.,+.*!7,!W_!;621a4,0+3-!*!3,-0,!7,!3=7,!,-08/*43-B!

! %;6,1*-! D*+30*-! :*+,.,4! -*5,+! 7,! *1D64*! .32-*! ! 72--,!K@+2-02=,B!

U1*!*:3=036!:*+*!3!360+3!1*73!73!,-0*.23=*4,=039!:*+*!64!:3-03!7,!D*-312=*!

!#+$!

3=7,! @*/2*! 76*-! Q3/,=-! *3! 1*73! 7,! 64*! /*=! .34! 3! =34,! 7,! 64!

*.*4:*4,=03!:2=0*73!=*!1*0,+*1B!

U6! 4,! *:+,-,=0,2! *! ,1*-j! 42=603-! 7,:32-! ,-0*/*! *5+*V*=73! ,! 4,!

7,-:,72=73!7,!K@+2-02=,!,!-652=73!=3!5*=.3!7,!0+8-!7*!/*=B!%-!D*+30*-!,+*4!

,-067*=0,-! 6=2/,+-208+2*-! ;6,! 0+*5*1@*/*4! ,4! 64! *.*4:*4,=03! 7,! /,+C3j!

:*--*+2*4!,N*0*4,=0,!:,13!16D*+!3=7,!*!)K$!.+6M*/*!*!,-0+*7*B!&2--,+*4!;6,!

-,+2*!64!:+*M,+!4,!7*+!64*!.*+3=*9!7,-7,!;6,!,6!*.,20*--,!,-:,+*+!;6,!,1*-!

0,+42=*--,4! 3! -,+/2V3B! R,=0,2! ?! -345+*! 7*! /*=! 73! *.*4:*4,=039! 1,=73!#!

+34*=.,!=3!,-0*.23=*4,=03!7,!64*!4,+.,*+2*!,=;6*=03!,1*-!<*M2*4!.34:+*-B!

U-0*/*!;6,=0,!,!G42739!64!/,+C3!7,!64!Q,203!72<,+,=0,!73!;6,!,-0*/*!@*/2*!

:36.3!18!,4!.24*!=*!=,/,B!U=;6*=03!12*9!-,=02!*!:+,-,=V*!7,!42=@*!4C,!0C3!

<3+0,9! -6*! *6-S=.2*! 0C3! :+3<6=7*9! ;6,! <32! 72<>.21! <3.*+! =*-! :*1*/+*-B! )3+! ;6,!

+272.61*+2M,2! -6*! :*2NC3! :3+!L2.@,=,+T!#! <*03! E! ;6,! ,6! 0*45E4! D3-0*/*! 7,!

L2.@,=,+j!;6*=73!02=@*!\^!*=3-9!12!#-!+,5,17,-!;6*0+3!/,M,-B!'4*!7*-!:23+,-!

.32-*-!-35+,!:,+7,+!42=@*!4C,!=*!27*7,!,4!;6,!:,+72!,+*!;6*=0*!.32-*!@*/2*!

:*+*!4,! *++,:,=7,+B! ),;6,=*-! .32-*-! ;6,! 2=.3437*4!*D3+*d! 037*-! *-! /,M,-!

;6,! 7,-:+,M,2! -6*! D,=021,M*! +,/2+*=73! 3-! 31@3-! 36! <2-2.*4,=0,! +,.6,2! .343!

%!1,45+*=V*!7*!42=@*!

<*10*!7,!@64217*7,! Q6/,=21!4,!7,2N*/*!,=Q3*7*B!k62!64*!.+,02=*!*++3D*=0,!,!

=3!4,23!72--3!42=@*!4C,!43++,6B!R249!<62!64*!<21@*!7,72.*7*!,9!-249!,-0*/*!18!

:*+*!,1*!;6*=73!2--3!,+*!24:3+0*=0,9!4*-!:372*!0,+!-273!4,1@3+B!)372*!0,+!-273!

3!;6,!:,72!;6,!,1*!72--,--,!;6,!,6!,+*d!*!4,1@3+!<21@*!73!46=73B!

k,.@,2!#!+34*=.,!,!-,=0,2!;6*-,!:*+*12-*7*!7,!*++,:,=724,=03!*0E!;6,!

*-! D*+30*-! +,*:*+,.,+*49! ,4:6++*=73! 64! .*++2=@3B! e6=0*-9! .313.*43-! *-!

-*.31*-!=*!/*=B!%-!D*+30*-!,+*4!;6*0+3!36!.2=.3!*=3-!4*2-!Q3/,=-!73!;6,!,69!

-,6-!.*5,13-!,!+3-03-!+*72*=0,-!,!@*+43=23-3-B!%45*-!6-*/*4!-@3+0-!,-:3+02/3-!

!#+%!

,!.*42-,0*-!7,!*1.2=@*9!.34!:61-,2+2=@*-!.313+27*-!7,!1C!0+*=V*7*!*3!+,73+!73-!

03+=3M,13-!,!:61-3-B!

! U=0C39! .343! ,-08/*43-! <*1*=739! .*42=@*+! -3M2=@*! E! 5*-0*=0,!

.3+*Q3-3! !72--,!64*!7,1*-!*:A-!*.*5*+!7,!.313.*+!*-!-*.31*-B!

!#!;6,!-,6-!:*2-!:,=-*4!7,!/3.S!<*M,+!2--3T! !:,+D6=036!*!360+*B!

!U1,-!=C3!:,=-*49!;6,+!72M,+BBB!=C3!0,=@3!:*2!=,4!4C,B!L2=@*!4C,!

,-08!43+0*!,!=C3!0,=@3!:*29!36!0,=@39!0,.=2.*4,=0,9!4*-!,1,!=C3!<*M!:*+0,!7*!

42=@*!/27*B!

U=0+,2!=*!/*=!,!D6*+7,2!#!+34*=.,!7,=0+3!7*!L3=-0+*!7,!4373!;6,!,6!

=C3!02/,--,!;6,!/,+!*!2=;62,0*VC3!-6+D2+!,4!-,6-!+3-03-!+*72*=0,-B!

!'*6! !72--,!64*!7,1*-B!

!q! !72--,!*!360+*B!

!%!:*+0,!53*!E!;6,!-36! 12/+,B!)3--3! <*M,+!;6*1;6,+!.32-*!;6,!;6,2+*!

<*M,+B!

!

U1*-!,=0+*+*4!=*!<+,=0,!,!-,D6243-B!#1@,2!:,1*!Q*=,1*!:*+*!*-!*10>--24*-!

8+/3+,-! ;6,! :*--*/*4! +*:27*4,=0,9! :,=-*=73! ,4! U772,B! U6! 4,! -,=02*! 64!

:36.3! .61:*7*! :3+! =C3! 0SF13! 4,=.23=*73! ;6*=73! *-! D*+30*-! :,+D6=0*+*4!

-35+,! 4,6-! :*2-B! U1,! 02=@*! -,+! 03+=*73! *1D6E4! ;6,! ,6! 7,2N,2! 7,! .3=@,.,+B!

%2=7*! 3! *4*/*! ,! 3! *4,2! 2=-0*=0*=,*4,=0,9! 7,-7,! *! :+24,2+*! =320,! ;6,! 3!

.3=@,.2!;6*=73!02=@*!\_!*=3-B!U1,!=C3!,+*!:*+,.273!.34!=,=@64!73-!@34,=-!

;6,!42=@*!4C,!=*43+36!=3-!*=3-!*:A-!3!72/A+.23!7,!4,6!:*2B!%!4*23+!:*+0,!

76+36!-34,=0,!*1D64*-!-,4*=*-9!0373-!*--6-0*73-9!+*:27*4,=0,!,=0,=729!:,13!

<*03! 7,! ;6,! -,! Q6=0*+! *! 42=@*! 4C,! 0*45E4! -2D=2<2.*/*! -,! Q6=0*+! *! 4249! *!

g*+,=!,!*!I,2<B!L*-!U772,!*436!*!=A-!;6*0+3!7,-7,!3!2=>.23B!U1,!0+*5*1@*/*!,4!

64*! <85+2.*! 7,! *603:,V*-! =*! E:3.*9! ,453+*! <3--,! .*+:2=0,2+3! 7,! :+3<2--C3B!

!#+&!

$2=@*!31@3-!*M62-!-6*/,-9!=*+2M!+,03!,!.*5,13!.*-0*=@39!;6,!4*=02=@*!:+,-3!,4!

64!+*53!7,!.*/*13!;6,!.*>*!*0E!*!4,0*7,!7*-!.3-0*-B!

"*! :+24,2+*! =320,9! ;6*=73! 3! .3=@,.29! ,1,! <32! Q*=0*+! =3! $+,,! I3<09! 3!

.3=Q6=03!@*520*.23=*1!3=7,!43+8/*43-B!U+*!3!0,+.,2+3!.3=Q6=03!@*520*.23=*1!

73! DS=,+3! ,4! ;6,! 43+8/*43-! 7,-7,! 3! 72/A+.23! 7,! 4,6-! :*2-B! $373-! 3-!

:+E723-!7,!*:*+0*4,=03-!,+*4!13.*12M*73-!,4!64!+*23!7,!P__!4,0+3-!64!73!

360+39!,4!K@*-[*9!64*!.27*7,!*!.,+.*!7,!64*!@3+*!7,!L2=,8:312-B!"A-!=3-!

4678/*43-!-,4:+,!;6,!42=@*!4C,!.3=-,D62*!,=.3=0+*+!64!16D*+!4*2-!5*+*03B!

l6*=73!U772,! .@,D369!42=@*!4C,!*2=7*!,-0*/*!:+,:*+*=73!3! Q*=0*+9! ,=0C3!

,1,! <2.36! 5+2=.*=73! .342D39! .34! g*+,=! ,! .34! I,2<! =3! :,;6,=3! ,-:*V3!

D+*4*73!,4!<+,=0,!*3!=3--3!:+E723B!U1,!.3++,6!*0+8-!7*!D,=0,9!=3-!:,D36!,!

=3-! -,D6+36! 7,! .*5,V*! :*+*! 5*2N3! ,! =3-! 5*1*=V36! :*+*! /,+! -,! .*>*! *1D64*!

43,7*!7,!=3--3-!531-3-j!-,!.*>--,9!,1,!:,D*/*!*!43,7*!=*!D+*4*!,!.3++2*!,!=A-!

.3++>*43-!*0+8-!7,1,!D+20*=73!.34!64*!*1,D+2*!,-:,.2*1!;6,!<32!=,D*7*!*!0373-!

=A-!,4!=3--*-!/27*-9!:3+;6,!=6=.*!<343-!*4*73-!7*!4*=,2+*!.3++,0*!:3+!64!

@34,4B!U1,!=3-! <,M!.A.,D*-!,!35-,+/36!;6*=73!+,*12M*43-!=3--3-!:*--3-!7,!

7*=V*!,!5+2=.*43-!7,!/2+*+!,-0+,1*B!U1,!=3-!,=-2=36!4G-2.*-!72/,+027*-!,!7*=V*-!

.34:12.*7*-B!U1,!+36536!=3--3-!=*+2M,-!,!=3--*-!3+,1@*-!,!7,:32-!=3-!43-0+36!

3! :+37603! 73! +3653! .34! 3! 7,7C3! ,=<2*73! ,=0+,! 3-! 7,73-! ,! =3! <24! =3-!

7,/31/,6! ,=;6*=03! +>*43-B! l6*=73! 4*4C,! =3-! .@*436! :*+*! Q*=0*+9! ,6!

,-0*/*!0C3!*:*2N3=*7*!:3+!,1,!;6,!02=@*!:,+7273!*!<34,B!

"C3! 0>=@*43-!64*! -*1*! 7,! Q*=0*+! ,4!=3--3! *:*+0*4,=03B!Y*/2*!732-!

;6*+03-9!64!5*=@,2+3!,!64*! -*1*!7,!,-0*+! .34!64*!:,;6,=*!*1.3/*!,4!64!

.*=03!3=7,!02=@*!64!5*1.C39!64!<3DC39!64*!D,1*7,2+*!,!*1D6=-!*+48+23-B!"3!

4,23!7*!-*1*!@*/2*!64*!D+*=7,!4,-*!+,73=7*!7,!4*7,2+*!.6Q*-!:,+=*-!02=@*4!

-273!.3+0*7*-!7,!4373!;6,!-6*!*106+*!5*02*!=3!Q3,1@3B!L2=@*!4C,!*!.34:+36!

:3+!7,M!7A1*+,-!7*-!:,--3*-!;6,!43+*/*4!=3!*:*+0*4,=03!*=0,-!7,!=A-B!"A-!

=3-!-,=0*43-!=3!.@C3!*3!+,73+!7,--*!4,-*!:*+*!.34,+B!&2M>*43-!;6,!E+*43-!

!#+'!

.@2=,-,-9!-,4!-*5,+!;6,!=*!+,*127*7,!,+*4!3-!Q*:3=,-,-!;6,!<*M2*4!*-!+,<,2Vn,-!

-,=0*73-!=3!.@C3!72*=0,!7,!4,-*-!5*2N*-B!"C3!0>=@*43-!*603+2M*VC3!:*+*!0,+!

52.@3-! 7,! ,-024*VC3!=3!$+,,! I3<09!4*-! 0>=@*43-!4,-43! *--24! 64! .*.@3++3!

.@*4*73! g2MMo! ,! 64! .*=8+23! .@*4*73! K*=8+239! ;6,! <2.*/*! -3103! =3!

*:*+0*4,=03B!

U+*!64!:8--*+3!,76.*73B!k*M2*!.3.a!,4!64!:,7*V3!7,!Q3+=*1!7,=0+3!7,!

64*! .*2N*! 7,! *+,2*! 7,! D*03! ,4! 64! .*=03B! "C3! -,2! -,! ,1,! <32! 0+,2=*73! :3+!

4*4C,! :*+*! <*M,+! 2--3! 36! -,! <32! :3+! -6*! :+A:+2*! ,-.31@*B! )36.3-! 42=603-!

7,:32-!;6,!0373!46=73!-,=036!=3!.@C3!*3!+,73+!7*!4,-*9!K*=8+23!:36-36!=*!

.*5,V*!7,!U772,B!l6*=73!:36-*/*!,4!=A-9!,4!D,+*1!<2.*/*!-A!64!:36;62=@3!

,!13D3!/3*/*9!4*-!=3!*103!7*!.*5,V*!7,!U772,!,1,!7,43+36B!"A-!+243-B!U1,!-,!

/2+36!:*+*!=A-!,9!<2=D2=73!=C3!,-0*+!,=0,=7,=739!:,+D6=036!73!;6,!,-08/*43-!

+2=73B!

!$,4!64!.*=8+23!=*!-6*!.*5,V*! !=A-!1@,!72--,43-B!

!#!;6ST! !,1,!72--,9!31@*=73!*3!+,73+!7*!-*1*!,!<2=D2=73!-6+:+,-*B!

!$,4!64!.*=8+23!=*!-6*!.*5,V*t! !D+20*43-B!

!#=7,T! !,1,!:,+D6=036B!

! $,4! 64! .*=8+23! =*! -6*! .*5,V*t! ! D+20*43-! ,=0C39! ,4! :+*M,+3-*!

@2-0,+2*B!

$2=@*!64!.*=8+23!=*!.*5,V*!7,1,!,!421*D+3-*4,=0,!3!.*=8+23! <2.36! 18!

76+*=0,!0373!3!Q*=0*+9!,!7,:32-!72--3!*73+4,.,69!-,!*.3437*=73B!

%--24!.343!U772,B!

),13! 4,=3-! *0E! 42=@*! 4C,! 43++,+B! %! 73,=V*! 7,1*! 2=2.2*14,=0,! =3-!

*:+3N2436!*2=7*!4*2-!73!;6,!*=0,-B!"A-!=3-!03+=*43-!.34:*=@,2+3-!76+*=0,!

*-! -,4*=*-! ,4! ;6,! ,1*! ,-0,/,! 73,=0,! ! 160*=73! ,4! ,;62:,! =3! @3-:20*19!

.3=-610*=73! 64! *3! 360+3! -35+,! 7,.2-n,-! 4E72.*-9! .@3+*=73! Q6=03-! ;6*=73!

-365,43-!;6,!3!<24!,-0*/*!:+AN2439!:+3.6+*=73!*!<6=,+8+2*!Q6=03-!*:A-!-6*!

43+0,B!L*-9! 13D3! 7,:32-9! U772,! -,! *<*-036! 7,!4,6-! 2+4C3-! ,! 7,!424B!%D26!

!#+(!

.343!-,! <3--,!=3--3!*42D3!,!=C3!=3--3!:*2B!(*:27*4,=0,!-,!*:*2N3=36!:3+!

360+*!461@,+!,!13D3!,1*!-,!46736!:*+*!=3--*!.*-*!.34!3-!<21@3-B!"*!E:3.*!73!

:+24,2+3! *=2/,+-8+23! 7*! 43+0,! 7,! 42=@*! 4C,9! g*+,=9! I,2<! ,! ,6! ,-08/*43-!

5*-2.*4,=0,!:3+!=3--*!.3=0*j!*!4*23+!:*+0,!7*-!.32-*-!7,!=3--*!4C,!,-0*/*!,4!

.*2N*-! ;6,! 3+D*=2M,2! ,! D6*+7,2B! U1,! =3-! *4*/*9! U772,! 72M2*9! 4*-! *! /27*!

.3=02=6*/*B! U1,! *2=7*! ,+*! =3--3! :*29! *1,D*/*9! 4*-! =C3! <*M2*! =*7*! :*+*!

7,43=-0+*+!2--3B!U6!4,!+,/310,29!4*-!=3!<24!=C3!02=@*!=*7*!*!<*M,+!*!=C3!-,+!

*.,20*+!3!;6,!42=@*!<*4>12*!-,!03+=36d!=,4!7,!13=D,!64*!<*4>12*B!

!

l6*=73! *-! D*+30*-! :*+*+*4! *! /*=! =3! *.3-0*4,=03! 7*! ,-0+,20*!

*603,-0+*7*9! *-! 8+/3+,-! *10*-! ;6,! *! 4*+D,*/*4! 513;6,*/*4! ;6*-,!

2=0,2+*4,=0,!3!:a+!73!-31B!U6!*D+*7,.2!:,1*!.*+3=*!,!31@,2!*3!+,73+!,=;6*=03!

2*4!,453+*B!U-0*/*!:*+*7*!*3!1*73!7,!64*!:1*.*!73!-,+/2V3!<13+,-0*1!;6,!72M2*!

p@20,@3+-,! .*4:D+36=7B! %! )K$! ,-0*/*! 5,4! *0+8-! 7,1*9! *! D*+30*! 4,! 72--,!

;6*=73!7,-.2!7*!/*=B!U6!=C3!4,!:+,3.6:,2!,4!31@*+!3!4*:*!,=;6*=03!,-0*/*!

=*! /*=B! &,:32-! 7,! 72*-! 7,! .3=-0*=0,! /2D21h=.2*9! ,-0*/*! .*=-*7*! 7,! /310*+! *!

/,+2<2.*+! 3! D62*B! R24:1,-4,=0,! *:+3/,20,2! *! .*+3=*9! 0+*=;6212M*7*! :,1*!

.3=<2*=V*! 7*-! D*+30*-! 7,! ;6,! -*52*4! 3! ;6,! ,-0*/*4! <*M,=73B! &*! 8+,*! 7,!

*.*4:*4,=03! ,1*-! 72--,+*4!;6,! ,6! :37,+2*! <*M,+! 64*! 0+21@*! +8:27*! ;6,!4,!

1,/*+2*!?!)K$B!I2!*-!:8D2=*-!+,.E4F*++*=.*7*-!73!D62*!,=;6*=03!*=7*/*!:,13-!

.*42=@3-! :*/24,=0*73-! 7*! 8+,*! 7,! *.*4:*4,=039! 4,! ,-<3+V*=73! :*+*!

,=N,+D*+!*-!1,0+*-!?!16M!73!<24!7,!0*+7,B!L,6!.3+*VC3!-*1036!7,!*1>/23!;6*=73!

,=.3=0+,2! *-! :*1*/+*-! i@20,@3+-,! K*4:D+36=79! 7,:32-! ,1,! :*+36! ;6*=73!

.3=02=6,2! 1,=73! ,! :,+.,52! ;6,! ,-0*/*! *! ;6*-,! O! ;621a4,0+3-! 7*! )K$B! %-!

73!;6,!02=@*4!:*+*!424B!

#1@,2!*3!+,73+9!:*+*!*!03+=,2+*!7,!8D6*9!:*+*!3-!.3=Q6=03-!7,!5*=@,2+3-!

4*++3=-!,!:*+*!*!D+*=7,!:1*.*!;6,!,N:12.*/*!.343!*!:,--3*!7,/2*!<*M,+!:*+*!

!#+)!

:*D*+!:,13!:,+=320,!7,2N*=73!3!72=@,2+3!,4!64!,=/,13:,!;6,!7,/2*!,=0C3!-,+!

7,:3-20*73!=*!<,=7*!7,!64*!.*2N*!7,!4*7,2+*B!UN.,03!:3+!*1D6=-!0+*21,+-!,!64!

:,;6,=3! =G4,+3! 7,! 5*++*.*-9! 3! .*4:2=D! ,-0*/*! -2=2-0+*4,=0,! /*M23B! %=7,2!

:3+!360+3!.*42=@3!:*/24,=0*739!:,=-*=73!=3!;6,!<*M,+B!"C3!02=@*!72=@,2+3!

:*+*! :*D*+! 3! :,+=320,9! 4*-! ,-0*/*!46203! ,-.6+3! :*+*! .*42=@*+! =*! <13+,-0*B!

K@,D6,2! *!64*!8+,*!7,!*.*4:*4,=03!5,4!=*! <+3=0,2+*!73! .*4:2=D9! *!4*2-!

*<*-0*7*!7*!:1*.*!;6,!,=-2=*/*!.343!:*D*+B!l6,4!4,!/,+2*T!

L3=0,2!*!5*++*.*9! .3M2=@,2! ,! .342!3! Q*=0*+!,4!64*! 16N63-*!4,-*!7,!

:2;6,=2;6,!*:,=*-!.34!*!1*=0,+=*!7,!.*5,V*!:*+*!21642=*+!3!.*42=@39!<2M!N2N2!

,4!64!5*=@,2+3!:,+<,20*4,=0,!.3=<3+08/,1j!7,:32-!,=0+,2!=*!5*++*.*!,!*5+2!#!

+34*=.,B!U6!02=@*!1273!0*1/,M!0+S-!:8D2=*-!;6*=73!42=@*!5*++*.*!<32!2=6=7*7*!

:3+!16M,-B!%5+2!3!M>:,+!7*!:3+0*!,!-*>!:*+*!-*67*+!3!.*-*1!7,!273-3-!;6,!,-0*/*!

=*!.*42=@3=,0,!.34!3-!<*+A2-!72*=0,2+3-!3<6-.*=0,-B!

!#2! !72--,!@,-20*=0,B!

!b3.S!:+,.2-*!:*D*+!:3+!,--,!16D*+! !*!461@,+!/3.2<,+36!,4!+,-:3-0*B!

!)+,.2-3!:*D*+T! !72--,9!.34!<*1-*!2=3.S=.2*!,!-6+:+,-*B! !),=-,2!;6,!

*:,=*-!:,--3*-!;6,!02=@*4!.*++3!:+,.2-*/*4!:*D*+!*!0*N*B!U-036!*!:EB!$,=@3!

*:,=*-! *! 43.@21*B! ! #! .*-*1! 36/26! ,4! -21S=.239! 3-! +3-03-! ,=+6D*73-!

2=72D=*73-B!

!b36!-*2+!*--24!;6,!*4*=@,.,+B!"3!48N243!?-!-,2-B!

!R,!/3.S!/*2!<2.*+!*;629!:+,.2-*!:*D*+! !*!461@,+!+,:,026B!

! RC3! \W! 7A1*+,-! :,1*! =320,! ! 3! @34,4! *.+,-.,=036! ,4! 64*! /3M!

3<,D*=0,B!

!q!3!-,D62=0,! !,6!72--,! 9!=*!/,+7*7,9!=C3!0,=@3!72=@,2+3!.342D3B!

U-036!<*M,=73!64*!/2*D,4!D+*=7,B!U-036!<*M,=73!*!)*.2<2.!K+,-0!$+*219!*!)K$T9!

,!0,4!037*!,--*!=,/,!=3!*103!7*-!43=0*=@*-9!E!64!*=3!+,.3+7,j!7,!;6*1;6,+!

<3+4*9! ,6! -*>! 7*! 0+21@*! ,! =C3!:1*=,Q,2! ,-0*+! *;629!4*-! 64*-! D*+30*-! ;6,!4,!

7,+*4!64*!.*+3=*!*.27,=0*14,=0,!4,!7,2N*+*4!=3!16D*+!,++*73!,!,6BBB!

!#+*!

!"*7*!72--3!467*!3!<*03!7,!;6,!/3.S!:+,.2-*!:*D*+9!-,=@3+20*! !3!

@34,4! 5,++36! .34! -6+:+,,=7,=0,! <3+V*9! -6*! /3M! 4,! .*1*=73! .343! 64*!

D+*=7,!.3+=,0*!/2=73!73!=,/3,2+3B!

!R,!/3.S!=C3!:37,!:*D*+9!0,4!;6,!7,-*+4*+!,!-*2+! !72--,!*!461@,+B!

U1*! 6-*/*! 64! *D*-*1@3! ;6,! 0+*M2*! =3! :,203! 64! :*+! 7,! <21@30,-! 7,! D6*N2=2=-!

31@*=73!02427*4,=0,!7,!64!56+*.3!,4!64*!8+/3+,B!

!"C3!0,4!=2=D6E4!*;62t!U-0*43-!=3!4,23!7*!=320,t!l6,!4*1!<*+2*!-,!

,6!-24:1,-4,=0,BBB!

!UN2-0,4!+,D+*-! ! 2++2036F-,!3!@34,4B!U1,! -,!/2+36!,!/31036!:*+*!*!

.*42=@3=,0,9!,=.,++*=73!*!.3=/,+-*B!

!R,=0243-!462039!4*-!-343-!3-!+,.,:.23=2-0*-!73!.*4:2=D!,!,-0*43-!

*;62!:*+*!<*M,+!.34!;6,!0373-!-2D*4!*-!+,D+*-! !72--,!*!461@,+B!R,6!+3-03!-,!

-6*/2M36!:3+!64!434,=03!*3! -,! Q6-02<2.*+9!4*-! 13D3!,1*!*:,+036!3-! 18523-!,!

*.+,-.,=036d! !#72*+>*43-!0,+!;6,!.@*4*+!*!:31>.2*B!

%5*2N,2!3-!31@3-!,!4,!72+2D2!*3-!D6*N2=2=-!7,1*d!

! "C3! *.+,7203! ;6,! ,-0,Q*! .*6-*=73! *1D64! :+,Q6>M3B! l6,+3! 72M,+9!

=2=D6E4! ,-0*+2*! 6-*=73! ,-0,! 13.*1! -,! ,6! =C3! ,-02/,--,! *;62! ! 72--,! .34!

0+*=;62127*7,9!0,=0*=73!64!G10243!*:,139!7,!461@,+!:*+*!461@,+B!

!"C3! ,-0*43-! 72M,=73! ;6,! /3.S! 0,4! ;6,! 2+! ,453+*! ! ,1*! D+20369!

.343! -,! ,-02/,--,! +,:+,,=7,=73! 64! .*.@3++3! :*+*! ;6,! :*+*--,! 7,! 1*02+B! !

U-0*43-!72M,=73!;6,!0,4!;6,!:*D*+B!

!f,49!=C3!0,=@3!.343B!

! $,4! 64*! 0+21@*! :*+*! *! )K$! ;6,! .34,V*! 13D3! 7,:32-! 73-!

5*=@,2+3-! ! *! 461@,+! 72--,9! *:3=0*=73! :*+*! 0+8-! 7,1*B! ! #6! /3.S! :37,!

.*42=@*+!=3!*.3-0*4,=03!7*!,-0+*7*!:3+!.,+.*!7,!W!;621a4,0+3-B!%.@3!;6,!*!

,-0+*7*!E!4*2-!72+,0*!;6,!*!0+21@*B!b*43-!4*=0,+!*-!16M,-!*.,-*-!,=;6*=03!/3.S!

*++64*!*-!.32-*-! !,1*!72--,9!,!/31036!:*+*!*!.*42=@3=,0,!*3!1*73!73!4*+2739!

3-!+3-03-!*D3+*!2=/2->/,2-!*0+8-!73-!<*+A2-B!

!#"+!

b310,2!:*+*!*!5*++*.*9!:,+:1,N*B!%2=7*!=C3!02=@*!,=.3=0+*73!,4!42=@*!

/2*D,4! 64! ,-0+*=@3! ;6,! =C3! <3--,! D,=021B! U6! <,+/21@*/*! :3+! 7,=0+39! 4*-!

.313;6,2! *! 1*=0,+=*! 7,! .*5,V*! .34! *-! 4C3-! 0+S461*-! ,! Q3D6,2! 7,=0+3! 7*!

43.@21*!0673!3!;6,!02+,29!-,4!3!.627*73-3!4E0373!@*5206*1!7,!3!;6,!/*2!3=7,B!

"C3!-*52*!3!;6,!7,/2*!<*M,+B!U-0*/*!030*14,=0,!,-.6+3!*!,--*!*106+*9!64*!4,2*F

16*!=3!.E6B!%!G=2.*!.32-*!4*2-!*--6-0*73+*!73!;6,!*!27,2*!7,!.*42=@*+!,4!64*!

0+21@*! 7,-.3=@,.27*! =3! ,-.6+3! ,+*! .*42=@*+! *3! 13=D3! 7,! 64*! ,-0+*7*!

7,-.3=@,.27*! =3! ,-.6+3B! K313;6,2! *! L3=-0+*! ,! *.,=,2! :*+*! 3! .*-*1! =*!

.*42=@3=,0,9!-,4!.3=-,D62+!/,+!-,!*.,=*+*4!7,!/310*B!

%=7,2!.34!*!1*=0,+=*!7,!.*5,V*!=*!4C3B!U1*!4*1!21642=*/*!.*7*!:*--3!

73! .*42=@3j! *-! :21@*-! ,-0*/*4! <+*.*-B! %.34:*=@,2! 3! .*1V*4,=03! *0E! 3-!

5*=@,2+3-! ,! /2! *! 0+21@*! ;6,! *! 461@,+! 4,=.23=36! -*2=73! 7,! 0+8-! 7,1,-B! &,2!

*1D6=-! :*--3-! @,-20*=0,-B! $2=@*!4,! *.3-064*73! *!4,! -,=02+! -,D6+*! =*! 0+21@*9!

4,-43! 76+*=0,! *! =320,9! 4*-! *=7*+! =3! ,-.6+3! ,+*! 64*! -,=-*VC3!

.34:1,0*4,=0,! 72<,+,=0,! :3+;6,! ,6! =C3! :372*! ,=N,+D*+B! )372*! ,=.3=0+*+!

*=24*2-! =306+=3-! 36! 0+3:,V*+! ,4! 64*! +*2MB! )372*! :,+7,+! 64*! 52<6+.*VC3! ,!

.3=02=6*+!:*+*!3=7,!=C3!:+,0,=72*! 2+B!K*42=@,2! 1,=0*4,=0,9! 0,=-*9! .343!<2M!

=3!:+24,2+3!72*9!;6*=73!,=.3=0+,2!64*!.*-.*/,1!:+3=0*!:*+*!4,!7*+!3!530,!*!

;6*1;6,+!434,=03B!

&,:32-!7,!64!0,4:39!*-!-21@6,0*-!7*!:*2-*D,4!-,!+,/,1*/*4!/*D*4,=0,B!

U-0*/*! ,4!64*! <13+,-0*! 7,! :2=@,2+3-! D+*=7,-! ,! *5,03-9! 3-! 0+3=.3-! 12-3-9! -,4!

D*1@3-9!.6142=*=73!,4!=G.1,3-!7,!D*1@3-!7,=-3-!*.24*!7,!424B!)372*!36/2+!3!

46+4G+23!7,!64!+2*.@3!?!,-;6,+7*!,!-,=02+!3!-6*/,!4*=03!7*-!*D61@*-!-,.*-!

7,! :2=@,2+3! ,-0*1*=73! 7,5*2N3! 7*-! 530*-B! K*42=@,2! .34! 64! 02:3! 7,!

.3=.,=0+*VC3!;6,!=6=.*! 02/,!*=0,-!,9!:3+! .*6-*!72--39!:372*! -,=02+!*! 0+21@*! ,!

4,6!.3+:3!4*2-!*0,=0*4,=0,9!.343!-,!,-02/,--,!*=7*=73!7,-.*1V*!,!=6*B!c--3!

4,!1,45+36!7,!;6*=73!,6!,+*!.+2*=V*!,!,-0*/*!*:+,=7,=73!*!43=0*+B!L2=@*!

4C,!4,!,=-2=36!,4!-6*!ED6*9!I*7o9!7,2N*=73F4,!-,=0*+!=*!-,1*!,=;6*=03!,1*!

!#""!

-,D6+*/*!*!+E7,*!:+,-*!*3!.*5+,-03B!%D*++,2!=*!.+2=*!7,!I*7o!.34!*-!4C3-9!=3!

2=>.23!0,4,+3-*!*0E!4,-43!;6*=73!,1*!*=7*/*9!4*-!*.*5,2!+,1*N*=73!,!42=@*!

4C,!:,726!;6,!,6!<,.@*--,!3-!31@3-!:*+*!:37,+!-,=02+!*!4*=,2+*!;6,!*!ED6*!-,!

43/24,=0*/*!-35!424!,!*!4*=,2+*!;6,!3!4,6!.3+:3!-,!43/24,=0*/*!Q6=03!

.34!,1*B!L*2-! 0*+7,9! <2M! *!4,-4*! .32-*! .34!3-!5+*V3-! ,-0,=7273-!:*+*! .*7*!

1*739!<3+4*=73!.>+.613-9!4,6!.3+:3!-,!+,=7,=73!*3!7,!I*7o!?!4,727*!;6,!,1*!

-,!43/24,=0*/*B!

%5+2! .*42=@3! *3! 13=D3! 7*! 0+21@*! :3+! /2=0,!42=603-! *0E! .@,D*+! *! 64!

16D*+!3=7,!*-!8+/3+,-!-,!,-:*V*+*4B!$2+,2!*!43.@21*!,!<2;6,2!7,!;6*0+3!.34!*!

1*=0,+=*!7,!.*5,V*!:*+*!,N:13+*+!64!16D*+!;6,!:*+,.,--,!+*M38/,1!:*+*!73+42+B!

L3=0,2! *! 5*++*.*9! 4,! *D*.@,2! :*+*! ,=0+*+! ,! 4,! <,.@,2! =3! -*.3! 7,! 73+42+9!

,453+*! *D3+*! =C3! ,-02/,--,! =,4! +,430*4,=0,! .*=-*7*9! ,=,+D2M*7*! :,1*!

,N:61-C3!,!:,1*!.*42=@*7*!=306+=*B!

%5+2!#!+34*=.,9!4*-!*!1*=0,+=*!7,!.*5,V*!,-0*/*!:2-.*=73!,!*:*D*=739!

,=0C3! ,6! *! 7,-12D6,2! ,! <2;6,2! 7,20*7*! =3! ,-.6+3B! U-<+,D6,2! 3-! 5+*V3-! .34! *-!

4C3-9! 4,! *5+*V*=73B! )372*! -,=02+! 42=@*! 0*06*D,4! -35! 3-! 7,73-! 7*! 4C3!

72+,20*j! *2=7*! :372*! :,+.3++,+! 3! .3=03+=3! 73! .*/*13B! %! 461@,+! ;6,! <,M! *!

0*06*D,4!4,!72--,!;6,!,1*!-,!7,-0*.*+2*!,4!4,6!.3+:3!:3+!*1D64*-!-,4*=*-9!

4*-!,1*!<2.36!*--24!4,-43!7,:32-!7,!*1D6=-!4,-,-9!.343!-,!3!.*/*13!,-02/,--,!

D+*/*73! ,4! +,1,/3! ,4! /,M! 7,! 0*06*73! =*! :,1,B! %;6,1*! 0*06*D,4! =C3! ,+*!

-24:1,-4,=0,! 64! .*/*13B! U+*! I*7o! ! *! ED6*! ;6,!42=@*!4C,! :,+D6=036! *3!

4E72.3! 7*! K1>=2.*! L*o3! -,! :37,+2*! 43=0*+! ;6*=73! ,1,! 1@,! 72--,! ;6,! ,1*!

43++,+2*B! I*7o! =C3! ,+*! -,6! =34,! /,+7*7,2+3! ! ,+*! *:,=*-! .343! =A-! *!

.@*48/*43-B! U+*! 64*! R*771,5+,7! %4,+2.*=3! +,D2-0+*739! 3! =34,! 3<2.2*1!

,-.+203! ,4! D+*=723-*! @3=+*! =3! .,+02<2.*73! 7*! *--3.2*VC3! 7,! :+37603+,-! ;6,!

,/27S=.2*-9!.34:+*+!I*7o!=3!0,++>/,1! 2=/,+=3!,4!;6,!,1*!,!4,6!:*2!,-0*/*4!

!#"#!

<2=*1! ,! 7,<2=202/*4,=0,! -,! -,:*+*=73B! L2=@*! 4C,! .3=@,.,6! 64! .*-*1! =3!

+,-0*6+*=0,! 3=7,! 0+*5*1@*/*! .343! D*+V3=,0,B! l6,+2*4! /,=7,+! 5*+*03! -6*!

ED6*! :6+3F-*=D6,! 7,! \W! *=3-! 7,! 27*7,9! ,! *:,-*+! 7,! 42=@*! 4C,! =C3! 0,+!

.3=72Vn,-! 7,! :*D*+! =,4!4,-43!3!:+,V3! 5*+*039! <32! /,+! 3! .*/*13! ,! <,M! 64!

*.3+73! .34!3! .*-*1! :*+*! :*D*+! 0+,M,=03-! 7A1*+,-! *3! 13=D3! 7,! -,2-!4,-,-9! ,!

7,:32-!<,M!360+3!*.3+73!.34!360+3!.*-*1!;6,!02=@*!64!,-085613!=3-!*++,73+,-!

7,!0+*5*1@*+!,4!0+3.*!7*!@3-:,7*D,4!7,!I*7oB!

,!,1*!,+*B!$2=@*!4*2-!7,!\9X_!4,0+3!7,!*106+*9!,+*!4*D+*9!.34!:,+=*-!13=D*-!,!

64! 0+30,! *4:13! ,! ,N0,=-39! ,1,D*=0,! .343! 64*! +*2=@*B! $2=@*! 64*! ,-0+,1*!

5+*=.*!=*!0,-0*9!4*-!3!+,-0*=0,!73!:,13!,+*!3!4,-43!.*-0*=@3F*/,+4,1@*73!

7*!+*:3-*!;6,!/2!=*!=,/,B!

U6!02=@*!X!*=3-!;6*=73!42=@*!4C,!*!.34:+36B!L3+8/*43-!=3!-65-313!

7,! 64! .3=Q6=03! @*520*.23=*1! .@*4*73! f*+5*+o! g=311B! L2=@*! 4C,! 02=@*!

*.*5*73!7,!7,2N*+!4,6!:*2!:,1*!G1024*!/,MB!L*1!0>=@*43-!72=@,2+3!-6<2.2,=0,!

:*+*!/2/,+9!4*-!42=@*!4C,!02=@*!;6,!0,+!*;6,1*!ED6*B!L,-43!-,=73!.+2*=V*9!

-*52*! 2=-02=02/*4,=0,! ;6,! <32! I*7o! ;6,! -*1/36! *! /27*! 7*! 42=@*! 4C,B! I*7o!

:,+42026! ;6,! ,1*! =C3! *:,=*-! -,! *<*-0*--,! 7,! 4,6! :*29! .343! 0*45E4! ;6,!

-,D62--,!,4!<+,=0,B!#-!.*/*13-!,+*4!*!+,12D2C3!7,1*B!U+*!.34!,1,-!;6,!,1*!;6,+2*!

,-0*+!,4!0373-!*;6,1,-!7342=D3-!7,!-6*!2=<h=.2*9!;6*=73!,+*!35+2D*7*!*!6-*+!

/,-0273-!:*+*! 2+! ?!42--*B!%-! @2-0A+2*-! ;6,!4,! .3=036! -35+,! .*/*13-! ,+*4!64!

.3=0+*:3=03!:*+*!*-!360+*-!@2-0A+2*-!;6,!4,!.3=036!-35+,!-6*!.+2*VC3!.*0A12.*B!

U1*! <*M2*! 0673!3!;6,!:372*!:*+*!43=0*+B!I24:*/*!,-085613-9!:312*!*.,--A+23-!

7,! 43=0*+2*9! 0+*=-:3+0*/*! <,=3! ,! ,-:*1@*/*! -,++*D,49! ,=<249! 0373! 02:3! 7,!

0+*5*1@3!,-0+*=@3!;6,!*:*+,.2*!,!;6,! 1@,!:,+4202*! <+,;6,=0*+!3!,-085613!;6,!

,-02/,--,!4*2-!:+AN243!,!43=0*+!3!.*/*13!7,!*1D6E4B!

R6+D2*49! 7,! 0,4:3-! ,4! 0,4:3-9! 24*D,=-! 7,! -6*! /27*! :*--*7*! .343!

/*;6,2+*! .*:06+*7*-! ,4! +,0+*03-! 0C3!=>0273-! ,! .3=.2-3-9! .343! -,! 02/,--,! 1273!

!#"$!

-35+,!,1*-!,4!64!12/+3B!%-!.*/*1D*7*-!=306+=*-!;6,!,1*!<,M!=3!"3/3!LEN2.3!

.34!3! :*2B!#-! *67*.23-3-! 0+6;6,-! 7,! +37,23! ;6,! 0+,2=36! ,! +,*12M36! .34! *-!

*42D*-B!%3-!\X!*=3-!,1*!D*=@36!3!:+A:+23!.*/*139!64!:*1342=3!.@*4*73!)*19!

;6,!,1*!43=036!,4!-@3p-!,!+37,23-!=3!K313+*73B!%2=7*!02=@*!*-!<20*-!;6*=73!

43++,6B!U6!*-!.313;6,2!,4!64*!.*2N*!;6,!*D3+*!,-0*/*!=3!:3+C3!7,!I2-*!,4!

)3+01*=7B!'4*!*4*+,1*!:,13!0,+.,2+3!16D*+!,4!64*!.3++27*!7,!35-08.613!.34!

5*++21j! 64*! +3-*! :,13! ;62=03! 16D*+! :*+*! 4*+.@*9! 0+30,! ,! 4,23FD*13:,j! 64*!

/,+7,!:3+!:,+>.2*!,!:*+02.2:*VC3j!,!64*!G=2.*!*M61!:3+!43=0*+!3!.*/*13!.34!

<*.2127*7,!,4!0373-!3-!02:3-!7,!4*+.@*-!*3!13=D3!7,!64!:,+.6+-3!7,4*+.*73!

.34!<3--3-!7,!1*4*9!.6+/*-!,-0+,20*-9!:*1@*V3-!-3++27,=0,-!,!.3+=,0*-!,-0+27,=0,-9!

,=;6*=03!,;62125+*/*!64!3/3!,4!64*!.31@,+!:+*0,*7*!,4!-6*!4C3!,-0,=727*!

:3+!4*2-!0,4:3!73!;6,!;6*1;6,+!360+*!:,--3*!:372*!*D6,=0*+!36!*D6,=036B!

"*! :+24,2+*! ,-0+,5*+2*! 3=7,! I*7o! /2/,6! ;6*=73! -,! 03+=36! =3--*9!

4*4C,!<,M!3!4,-43!0+*5*1@3!;6,!<*M2*!;6*=73!,+*!.+2*=V*9!124:*=73!5*2*-!,!

,-:*1@*=73! <,=39! 0+*=-:3+0*=73!.32-*-!:*+*! 18!,!:*+*! .8! ,4!64!.*++2=@3!7,!

4C3B!K34!<+,;6S=.2*!1,/*/*!g*+,=9!I,2<!,!*!424!Q6=03!.34!,1*B!f+2=.8/*43-!

=3!.,1,2+3!,=;6*=03!,1*!<*M2*!*-!0*+,<*-B!&,:32-9!=A-!*!35-,+/8/*43-!43=0*+!

I*7o!*3!+,73+!73!:2.*7,2+39!.*7*!64!7,!=A-!D*=@*=73!64*!/310*!;6*=73!,1*!

*.*5*/*B!"*!E:3.*!,4!;6,!=3-!467*43-!:*+*!=3--*!:+3:+2,7*7,!=3!=3+0,!7,!

L2==,-30*9! 02/,43-!64! -,D6=73! .*/*139!64!.*:C3!4,-02V3! .@*4*73!(3D,+9!

;6,! 42=@*! 4C,! .34:+36! :3+;6,! 4,! *:*2N3=,2! :3+! ,1,! ,! -,6! 73=3! ,-0*/*!

72-:3-03!*!-,!12/+*+!7,1,!:3+!;6*-,!=*7*B!$+*=-:3+0*43-!3-!732-!:*+*!3!=3+0,!

,4! 64! 0+*21,+! ,4:+,-0*73B!#! :*-03! 7,1,-! 3.6:*/*! 64! ;6*+03! 7,! =3--3-! \X!

@,.0*+,-B!

l6*=73! /310,2! :*+*! .*-*! 64! 72*! :*+*! /2-20*+! U772,9! =3! 2=>.23! 7,!

7,M,45+39! ;6*-,! 0+S-! *=3-! 7,:32-! 7,!42=@*!4C,!43++,+9! <2;6,2! .@3.*7*! *3!

/,+!.343!I*7o!,-0*/*!4*D+*!,!<+*.*B!U1*!02=@*!;6*-,!O\!*=3-9!,+*!273-*!:*+*!

64! .*/*13! ,9! 4,-43! ;6,! +,-02062+! -6*! -*G7,! <3--,! :3-->/,19! =2=D6E4! ,-0*/*!

!#"%!

72-:3=>/,1!3!5*-0*=0,!:*+*!<*MSF13B!U772,!,!*!=*43+*7*!.34,V*+*4!*!-,!72/272+!

,=0+,! *! .*-*! 3=7,! .+,-.,43-! ,! 64! 0+*21,+! ,4! 64*! :,;6,=*! .27*7,! =3-!

*++,73+,-!7,!$p2=!K202,-B!#-!732-!.*.@3++3-9!732-!D*03-!,!;6*0+3!D*12=@*-!;6,!

0>=@*43-!;6*=73!42=@*!4C,!43++,6!02=@*4!43++273!36!-273!,=/2*73-!:*+*!

=3/*-!.*-*-B!RA!+,-0*+*4!3-!732-!.*/*13-9!(3D,+!,!I*7oB!K34!<+,;6S=.2*!,+*4!

0+*0*73-! 7,! <3+4*! *:+,--*7*! :3+! 64! /2M2=@3! ;6,! U772,! .3=0+*036! :*+*!

*124,=08F13-B!

l6*=73!<2M!64*!/2-20*!=3!.34,V3!7,!7,M,45+39!<*1,2!.34!U772,!-35+,!

*! -206*VC3!7,!I*7oB! c=2.2*14,=0,!,1,!,-0*/*!5,12D,+*=0,9!4,!72M,=73!;6,!=C3!

,=0,=72*!:3+!;6,!3-!.*/*13-!,+*4!-,6!:+351,4*B!"C3!02/,!.3+*D,4!7,!72-.602+!

.34!,1,!-35+,!*!+*MC39!Q8!;6,!.343!/2G/3!7,!42=@*!4C,!,+*!+,-:3=-8/,1!:,13-!

.*/*13-!7,1*B!k*1,2!*:,=*-!-35+,!I*7o9!2=-2-02=73!,4!<*M,+!64!:1*=39!,!7,:32-!

7,! 64! 0,4:3! ,1,! -6*/2M36! -,6! 034! ,! .3=.3+7*43-! ;6,! I*7o! 7,/2*! -,+!

-*.+2<2.*7*B!U1*!,-0*/*!/,1@*!,!73,=0,9!:,+7,6!:,-3!7,!4*=,2+*!*--6-0*73+*!,!3!

5+21@3!,4!-,6-!31@3-!-6426B!K3=-610,2!64!/,0,+2=8+239!72--,!*!,1,B!#!/,0,+2=8+23!

:372*!/2+!?!=3--*!.*-*!,!<*M,+!64*!,60*=8-2*!,4!I*7o!.34!64*!2=Q,VC3B!c--39!

36!:37>*43-!7*+!64!02+3!=,1*!=A-!4,-43-B!

U772,! *.@36! ;6,! 7,/>*43-! <*M,+! =A-!4,-43-B! U-08/*43-! *453-! -,4!

64! 03-0C3B! U+*! .343! 3-! .*/*13-! ,+*4! -*.+2<2.*73-! @8! D,+*Vn,-B! )*+,.2*F=3-!

,-0+*=@*4,=0,! 4*2-! @64*=3! ;6,! ,1*! 43++,--,! :,1*-! 4C3-! 7,! *1D6E4! ;6,!

.3=@,.2*!,!.3=<2*/*9!,4!/,M!7,!:,1*-!4C3-!7,!64!,-0+*=@3B!U772,!72--,!;6,!

<*+2*! 2--3!*=0,-!;6,!)*61!,!,6!/3108--,43-!:*+*!3!"*0*19!,4!:36.*-!-,4*=*-B!

"C3!,-08/*43-!2=73!:*+*!64!,=.3=0+3!<*4212*+d!)*61!,!,6!<2.*+>*43-!=*!.*-*!

-3M2=@3-B!U772,!:1*=,Q*/*!:*--*+!3!"*0*1!=*!.*-*!7*!=*43+*7*9!.34!,1*!,!3-!

<21@3-B!g*+,=!,!I,2<! 0*45E4!02=@*4!-,6-!:+A:+23-!:1*=3-B!I,2<!:*--*+2*!,4!R0B!

)*61! .34! *! =*43+*7*! ,! *! <*4>12*! 7,1*9! ,! g*+,=! .34! 3! 4*+2739! ;6,! 02=@*!

.3=@,.273!=3!2=>.23!73!*=3!,!.34!;6,4!-,!.*-36!,4!:36.*-!-,4*=*-B!

!#"&!

U6!4,!-,=02!4*1!;6*=73!)*61!,!,6!:*+*43-!=*!,=0+*7*!7*!.*-*!*1D64*-!

-,4*=*-! 7,:32-9! =*! 0*+7,! 7*! /E-:,+*! 7,! "*0*1B! $2=@*! 24*D2=*73! +,:,027*-!

/,M,-! .343!4,! -,=02+2*! ;6*=73! 31@*--,! :*+*! 3! :*-03! ,! /2--,! *:,=*-! (3D,+B!

L*-!;6*=73!-*>!73!.*++39!I*7o!*2=7*!,-0*/*!189!0+,4,=73!,4!-6*!5*2*9!*!.*+=,!

:,=76+*7*! =3! ,-;6,1,03B! &3>*! *0E! 4,-43! 31@*+! :*+*! ,1*B! #! 0,4:3! ,-0*/*!

5+60*14,=0,!<+239!;6,5+*=73!+,.3+7,-!.34!5*2N*-!;6,!D2+*/*4!,4!03+=3!7,!O!

D+*6-!*5*2N3!7,!M,+39!3!/,=03!<+23!03+=*=73!*!0,4:,+*06+*!*2=7*!4*2-!D,1*7*B!

"C3! 12D6,2! :*+*! U772,!:*+*!:,+D6=0*+!:3+! ;6,! =C3! 02=@*! .64:+273!3!

;6,!0>=@*43-!.3452=*73B!U4!/,M!72--39! 12D6,2!:*+*!3!:*2!7,!42=@*!4C,9!=3!

%1*5*4*B! U1,! 12736! .34! .*/*13-! *! /27*! 2=0,2+*B! K3=/,+-*43-! :3+! 64*! @3+*!

-35+,! I*7oB! U1,! 4,! <,M! 64*! :,+D6=0*! *0+8-! 7*! 360+*! ,! =3! <24! 7,! =3--*!

.3=/,+-*!,-0*/*! .3=/,=.273!7,!;6,!,+*!@3+*!7,! -*.+2<2.8F1*B!U6! 1@,!72--,!;6,!

:,=-*+2*! -35+,! 2--3B! "*! 4*=@C! -,D62=0,! 3! 0,1,<3=,! 03.36! 13D3! *:A-! 3! 72*!

*4*=@,.,+B!

"C3!,+*!4,6!*/a!12D*=73!:*+*!4,!7,-,Q*+!64!<,12M!"*0*1B!U+*!4,6!*/a!

12D*=73! :*+*! 24:13+*+! ;6,! ,6! *D2--,! 24,72*0*4,=0,B! &,2N*+! I*7o! 43++,+!

=*06+*14,=0,!,+*! .+6,1! ,!7,-64*=39! 2=-2-0269! ,!,6! -*52*!;6,!,1,!,-0*/*! .,+03B!

$*45E4! -*52*!;6,!,+*!42=@*! +,-:3=-*52127*7,!D*+*=02+!;6,! <3--,! <,203B!"C3!

02=@*!72=@,2+3!:*+*!:*D*+!3!/,0,+2=8+23!:*+*!/2+!,!7*+!*!2=Q,VC3!=,1*9!,9!4,-43!

;6,! 02/,--,9!,+*!"*0*19!,!,6!76/27*/*!;6,!,1,!/2,--,B!L,6!*/a!7,-.+,/,6!,4!

7,0*1@,-!,-:,.><2.3-!.343!*02+*+!,4!64!.*/*13B!l6*=73!7,43=-0+,2!*:+,,=-C39!

,1,!4,!D*+*=026!;6,!,--*!,+*!*!4*=,2+*!;6,!-,!<*M2*!@*/2*!*=3-B!U6!0*45E4!4,!

:+,3.6:*/*! -35+,! 3! ;6,! <*M,+! .34! 3! .3+:3! 7,! I*7oB! %! 0,++*! ,-0*/*! 0C3!

.3=D,1*7*!;6,!64!,=0,++3!,+*!24:3-->/,1B!

!"C3!<*V*!=*7*! !,1,!2=-0+626B! !#-!.3230,-!/C3!-642+!.34!,1*B!

!#!;6,!7,/3!<*M,+T! !.@3+,2!.34!)*61!7,:32-!7,!7,-12D*+!3!0,1,<3=,B!

"C3!-*5>*43-9!4*-!,+*!=3--3!G10243!"*0*1!Q6=03-B!&32-!4,-,-!*=0,-9!,6!02=@*!

!#"'!

1@,!.3=0*73!-35+,!42=@*-!2=<27,127*7,-!,!,1,!-*26!7,!.*-*B!"*!E:3.*!73!"*0*19!

,-08/*43-!=3/*4,=0,!72-.602=73!3!72/A+.23B!

! k*V*! 3! ;6,! *.@*+! .,+03! ! ,1,! 72--,! =*;6,1*! 4*=@C! 7,! "*0*1B!

U-08/*43-! -,=0*73-! ?!4,-*! 7*! .3M2=@*j! .*7*! +*.@*76+*! ,! +*=@6+*!4,! ,+*4!

<*4212*+,-9!,!*2=7*!*--24!:*+,.2*!;6,!,6!,-0*/*!3!4*2-!13=D,!:3-->/,1!7,!.*-*9!

-3M2=@*!,4!64!.*4:3!7,!D,13B!

! "C3! -,2! 3! ;6,! E! .,+03! ! ,6! 72--,9! ,453+*! -365,--,B! R*52*!

,N*0*4,=0,! 3! ;6,! 02=@*! ;6,! <*M,+B! U+*! 3! ;6,! Q8! 02=@*! 0273! ;6,! <*M,+! 0*=0*-!

/,M,-d! ,-.31@,+! *! .32-*! 4,=3-! @3++>/,1B! L*-! =C3! :372*! <*M,+! 2--3! -,4!4,6!

2+4C3B! )*61! ,! ,6! Q8! 0>=@*43-! *02+*73! .34! 64*! ,-:2=D*+7*! *=0,-9! I,2<! =3-!

,=-2=36!=3!2=/,+=3!*=0,+23+9!4*-!=,=@64!7,!=A-!:372*!<*M,+!2--3!7,!4*=,2+*!

.3=<2*=0,B! I,2<! =C3! ,+*! 64! 8/273! .*V*73+9! 4*-! *3! 4,=3-! <,M! 2--3! .34!

<+,;6S=.2*! -6<2.2,=0,! :*+*! -*5,+! 3! ;6,! ,-0*/*! <*M,=73B! l6*=73! 12D6,29! ,1,!

.3=.3+736!,4!2+!:*+*!.*-*!=*;6,1*!=320,B!

&,!4*=@C9!.3=/,+-*43-!7,0*1@*7*4,=0,!-35+,!3!;6,!<*+>*43-B!K3=0,2!

*!,1,!0673!3!;6,!=3--3!*/a!02=@*!4,!7203B!

!#[! !,1,!72--,B! !&,2N,!,1*!:+3=0*B!

"3! 1*73! 7,! <3+*! 3! -31! ,-0*/*! 5+21@*=739! 3! .E6! *M61! .+2-0*12=3B! s-! \\!

@3+*-!*!0,4:,+*06+*!.@,D36!*!Wm!D+*6-!*5*2N3!7,!M,+3B!"A-!=3-!*D*-*1@*43-!

,4! .*4*7*-! 7,! +36:*-B! #! <+23! ,+*! 0C3! 2=0,=-3! ;6,! *-! 8+/3+,-! ,-0*/*4!

+*.@*=739! .3=D,1*=73! ,! ,N:1372=73! ,4! D+*=7,-! ,-036+3-B! c--3! ,6! 02=@*!

,-.60*73!7*!.*4*!76+*=0,!*!=320,!2=-3=,!*=0,+23+B!

k*1,2! .*+2=@3-*4,=0,! .34! I*7o! ,=;6*=03! .313.*/*! 3! .*5+,-039!

72M,=73F1@,! 3! ;6*=03! *! *4*/*! ,=;6*=03! *! 02+*/*! 7*! 5*2*B! )*61! <,.@36! 3!

:3+0C39!:+,=7,=73!(3D,+!:*+*!;6,!=C3!:67,--,!=3-!-,D62+B!I,/,2F*!:,1*!=,/,!

D,1*7*9!4,!/2+*=73!:*+*!/SF1*!*=7*+!64*!G1024*!/,MB!U1*!*2=7*!-,!43/2*!.34!

2=*.+,7208/,1! D+*V*! ,! -6:,+23+27*7,9! *=7*=73! .34! *;6,1*!4*+.@*!4*Q,-03-*9!

13=D*!,!7,!:*--*7*!*10*9!;6,!-,4:+,! <32!*!:*2NC3!7,!42=@*!4C,B!I,/,2F*!*0E!

!#"(!

64*!5E061*!;6,!)*61!,!,6!0>=@*43-!,-.31@273!=*!0*+7,!*=0,+23+!,!*!*4*++,2!?!

8+/3+,!.34!*!0+,1*B!%!8+/3+,!<2.*/*!5,4!=3!12420,!73!:*-039!7,:32-!73!;6*1!*!

4*0*!-,!03+=*/*!4*2-!7,=-*9!13=D,!3!-6<2.2,=0,!7*!.*-*!:*+*!;6,!3-!.3230,-!-,!

*:+3N24*--,4!,!1,/*--,4!-,6!.3+:3!=*;6,1*!=320,B!K3=/,+-,2!.34!,1*!,!:*--,2!

*-! 4C3-! :3+! -6*! :,16D,4! .*-0*=@*9! 46+46+*=73! 4,6! *43+! ,! -3<+24,=039!

24:13+*=73!:3+!-,6!:,+7C3!,!-6*!.34:+,,=-C3B!

l6*=73!1,/*=0,2!3-!31@3-9!4,6!2+4C3!,-0*/*!:*+*73!.34!3!+2<1,B!

)*61! :6N36!4,6! 5+*V3! ,! Q6=03-! .*45*1,*43-! :,1*! =,/,! *0E! <2.*+43-!

*0+8-!7,!I,2<B!U-08/*43-!*!*:,=*-!W!4,0+3-!7,!I*7oB!#!.*13+!7,!-6*!+,-:2+*VC3!

,+*!.343!64*!=6/,4!7,!-,7*B!%!.+3-0*!.3=D,1*7*!7*!=,/,!=3-!*D6,=036!:3+!

64!2=-0*=0,9!7,:32-!;6,5+36!,!*<6=7*43-!*0E!3-!Q3,1@3-B!

! f,4! ,=0+,! 3-! 31@3-! ! 72--,! *! I,2<9! +,:,02=73! 4*2-! 64*! /,M! *-!

:*1*/+*-! ;6,! =3--3! */a! 4,! 72--,B! R,! <2ME--,43-! 2--39! ,1,! :+34,0,69! =A-! *!

4*0*+>*43-!.34!64!02+3!.,+0,2+3B!

I,2<!-,!*D*.@369!*:32*73!,4!64!Q3,1@3B!I*7o!,4:2=36!,!*++*=@36!3-!

.*-.3-!72*=0,2+3-!=3!D,13j!7,:32-!*5*2N36!*!.*5,V*!,!31@36!:*+*!=A-B!(,-:2+,2!

<6=73!,!I,2<!*02+36B!%!5*1*!*02=D26!I*7o!5,4!,=0+,!3-!31@3-9!=3!4,23!7*!,-0+,1*!

5+*=.*9!,N*0*4,=0,!3=7,!,-:,+8/*43-!;6,!*02=D2--,B!#!72-:*+3! <32! 0C3! <3+0,!

;6,!3!.*5+,-03!7,!.36+3!-,!7,-:,7*V36!,!.*26!7,!-6*!.*+*j!7,:32-!,1*!<2.36!7,!

:E9!:*+*7*9!=3-!31@*=73!.34!64*!,N:+,--C3!*0a=20*B!

!%02+,!=,1*!=3/*4,=0,! !72--,9!3<,D*=0,9!,!24,72*0*4,=0,!I,2<!*02+369!

.313.*=73! 4*2-! 0+S-! 5*1*-! ,4! -6*! .*5,V*! ,4! 64*! +8:27*! -,;6S=.2*B! U1*!

0+3:,V36!,!-,!-*.67269!4*-!=C3!.*26!36!<6D269!,453+*!=C3!,-02/,--,!4*2-!:+,-*!

?!8+/3+,B!R,6-!31@3-!,-0*/*4!<,+3M,-!-35+,!=A-9!-6+:+,-3-!:,13!;6,!0>=@*43-!

<,2039! -6*! .*+*!64*!.3=-0,1*VC3!7,!56+*.3-! -,4! -*=D6,B!"*;6,1,! 2=-0*=0,!,6!

-365,!;6,!0>=@*43-!<,203!*!.32-*!,++*7*9!=C3!:3+!4*08F1*9!4*-!:3+!*.@*+!;6,!

7,/>*43-! <*M,+! *;6213! =A-!4,-43-B! U6! 7,/2*! 0,+! 2=-2-0273! :*+*! ;6,! U772,! 3!

!#")!

<2M,--,9! 36! :*D*73! :*+*! 3! /,0,+2=8+23! /2+B! U6! 02=@*! *! 27,2*! ,++*7*! 73! ;6,! E!

:+,.2-3!:*+*!4*0*+!64!*=24*1B!"C3!,N2-0,!,--*!@2-0A+2*!7,!02+3!.,+0,2+3B!

!%02+,!=,1*t!%02+,!=,1*t! !,6! 24:13+*/*!,4!64!D,4273!D606+*1!;6,!

=C3!-*52*!;6,!,+*!4,6B!

!U-036!-,4!5*1*-! !I,2<!D+2036B!

!I*7ot! !,6!D+20*/*B!)*61!*D*++36!4,6-!345+3-!:*+*!4,!:6N*+!:*+*!

,1,!,!,6!3!,4:6++,29!3<,D*=0,!,!.@3+*42=D*=739!.343!-,!*1D6E4!,-02/,--,!4,!

5*0,=73!*0E!*!43+0,B!

I*7o! 7,6! 64! :*--3! /*.21*=0,! ,! ,=0C3! .*269! 735+*=73! 3-! Q3,1@3-!

72*=0,2+3-9!3!.3+:3! 2=.12=*=73!0,++2/,14,=0,!:*+*!*! <+,=0,!.343!-,! <3--,!64!

D+*=7,!=*/23!1,=0*4,=0,!*<6=7*=73!=3!4*+B!%!.*5,V*!5*1*=V36!,!,1*!-31036!

64!D,4273!:+3<6=73B!#!-*=D6,!Q3++36!7,!-6*-!=*+2=*-!4*.2*-!,4!64!D+*=7,!,!

+,:,=02=3! Q3++3! ;6,! .*26! =*! =,/,! 0C3! ;6,=0,! ;6,! .@236B! U1*! 03--2*9! 03--2*9!

,=3+4,-!5*17,-!7,!-*=D6,!Q3++*=73!*!.*7*!/,M9!*-!:,+=*-!0+*-,2+*-!,=03+0*=73!

,4! ,N.+6.2*=0,! .h4,+*! 1,=0*! ,45*2N3!7,1*B! U1*! <2.36! *129! ,-<3+V*=73F-,! :*+*!

:,+4*=,.,+! D+30,-.*4,=0,! 7,! :E! *0E! <2=*14,=0,! .*2+! 7,! 1*739! ;6*=73! 7,6!

.32.,-!,!-,!7,5*0,69!03+.,6!3!:,-.3V3!,!16036!:*+*!-,!1,/*=0*+!4*2-!64*!/,MB!

!I*7ot! !5,++,2B! !I*7ot!

I,2<!4,!-,D6+36B!

!"C3!31@,t! !D+20369!,!Q6=03-!=A-!=3-!/2+*43-B!

!"u#!#IYUt! !D+2036!:*+*!)*619!,!)*61!35,7,.,6B!

! )3+! <*/3+9! /,=@*! 1,/8F1*! ! I,2<! +,.20*/*9! ,=;6*=03! *-! 18D+24*-!

.3++2*4!:,13!-,6!+3-03B! !b,=@*!1,/8F1*B!b,=@*!1,/8F1*B!b,=@*!1,/8F1*B!

l6*=73!4,!/2+,29!I*7o!:3+!<24!7,2N36!*!.*5,V*!.*2+!=3!.@C39!,453+*!

3-! <1*=.3-! *2=7*! -,! *D20*--,4! ,! *-! :,+=*-! -,! .3=03+.,--,4B! "A-! 0+S-! =3-!

*:+3N24*43-! .*45*1,*=0,-9! *5+2=73! .*42=@3! :,1*! .*4*7*! 7,! D,13! :*+*!

*<6=7*+! 42-,+*/,14,=0,! *0E! 3-! Q3,1@3-! =3/*4,=0,B! "A-! *! 35-,+/*43-! 7*+!

!#"*!

,=3+4,-!+,-<31,D*7*-!:*6-*7*-!,!,=0C3!<2=*14,=0,!-6-:2+36!,!-,6!.3+:3!<2.36!

24A/,1B!

%!ED6*!7,!=3--*!4C,B! !

"C3!-*52*!-,!02=@*!76+*73!.2=.3!42=603-!36!64*!@3+*B!L2=@*-!16/*-!,!

4,6! .@*:E6! 02=@*4! .*>739!4*-! =C3! .3=-,D62! 0,+! <3+V*! :*+*! :,D8F13-B!L,6-!

.>123-! .3=D,1*+*4! ,4! 513.3-B! k23-! 7,! .*5,13! ;6,! /3*+*4! =*! 42=@*! .*+*!

431@*7*F7,F18D+24*-F,F.3+2M*! <3+4*+*4! :2=D,=0,-! 7,! D,13! ;6,! +,--3*/*4!

;6*=73!,6!4,!4,N2*B!%<*-0,2F3-!7,!4*=,2+*!,=03+:,.27*9! 2=.*:*M!*0E!4,-43!

7,!:,+.,5,+!3! <+23B!%Q3,1@,2!*3! 1*73!7*!5*++2D*!7,!I*7o!,!:*--,2!*-!4C3-!*3!

13=D3! 7,! -,6! .3+:3!4*=.@*73! 7,! -*=D6,! 64*! G1024*! /,MB! U1*! *2=7*! ,-0*/*!

;6,=0,9!*--24!.343!42=@*!4C,!;6*=73!,=0+,2!=3!;6*+03!73!@3-:20*1!,!/2!;6,!

,1*! 02=@*!43++273! -,4!424B!#1@,2!:*+*! I,2<! ,!4,!:,+D6=0,2! -,! ,1,! ,-0*/*! -,!

1,45+*=73! 7*! 4,-4*! .32-*B! U=D*02=@,2! *0E! -6*! .*5,V*! ,! 03;6,2! *-! 3+,1@*-!

D,1*7*-9!4*.2*-!.343!/,1673B!K313;6,2!*-!4C3-!-35+,!3-!56+*.3-!,-.6+3-!7*-!

5*1*-!,4!-6*!,-0+,1*!5+*=.*B!#-!:+3<6=73-!0G=,2-!7,!-*=D6,!;6,!7,++,0,+*4!*!

=,/,!*3!+,73+!7,1*!Q8!,-0*/*4!.34,V*=73!*!.3=D,1*+B!

)*61! ,! ,6! 35-,+/*43-! I,2<! :,D*+! -6*! <*.*! ,! .3+0*+! 06<3-! 73! :,13!

.*-0*=@3F*/,+4,1@*73!7*!.+2=*!,!73!+*53!7,!I*7oB!U1,!4,!7,6!64B!

!L*4C,!:37,! 2+!:*+*!3!360+3! 1*73!*D3+*! !,1,!72--,9!31@*=73!,4!

4,6-!31@3-!.343!-,!@36/,--,!*:,=*-!=A-!732-!=3!46=73! 2=0,2+3B! !q!=2--3!

;6,!3-! >=723-!*.+,720*49!;6,9!;6*=73!64!D+*=7,!D6,++,2+3!43++,9!/3.S!0,4!

;6,!4*0*+!-,6!.*/*13!:*+*!;6,!,1,!:3--*!*0+*/,--*+!:*+*!3!360+3!1*73!73!+23B!q!

64*!4*=,2+*!7,!7,43=-0+*+!+,-:,203B!$*1/,M!4*4C,!:3--*!:*+02+!*D3+*B!

c4*D2=,2!=3--*!4C,!.+6M*=73!64!D+*=7,!+23!=3!13453!<3+0,!7,!I*7o9!

<2=*14,=0,!=3-!7,2N*=73!;6*-,! 0+S-!*=3-!*:A-! 0,+!43++273B!l6,+2*!;6,! <3--,!

/,+7*7,B! U+*! 3! ;6,! ,6! 7,-,Q*/*! ;6*=73! 02=@*! 64!:,7273! *! <*M,+B!"C3!;6,!

42=@*!4C,!/310*--,!:*+*!424! !,453+*9!E!.1*+39!;62-,--,!2--3! 9!4*-!;6,!,1*!

!##+!

,!I*7o!:67,--,4!:*+02+!Q6=0*-B!l6,!*!:23+!.32-*!;6,!,6!Q8!02=@*!<,203!=*!/27*!

02/,--,!-273!64*!.6+*!,4!/,M!7,!64!4*--*.+,B!

&3+42!<2=*14,=0,!*;6,1*!=320,!=*!<13+,-0*!,4!*1D64!16D*+!*<*-0*73!73!

i@20,@3+-,!K*4:D+36=7B!U!;6*=73!3! <2M9! -3=@,2! .34!=,/,B!"C3!*!=,/,!=*!

;6*1! 4,6! 2+4C3! ,! ,6! 4*0*43-! I*7o9! 4*-! *! =,/,! ;6,! 02=@*! *.*5*73! 7,!

*0+*/,--*+!=3!*103!7*-!43=0*=@*-9!*!1,45+*=V*!72--3!4*2-!*--6-0*73+*!73!;6,!*!

,N:,+2S=.2*! :+3:+2*4,=0,! 720*B! R3=@,2! *! =320,! 2=0,2+*! .34! *-! .32-*-! ;6,!

:372*4!0,+!*.3=0,.2739!4*-!=C3!*.3=0,.,+*4B!U-.3++,D*+!,!7,-12M*+!:3+!64*!

,=.3-0*!0+*2V3,2+*9!=*!1*0,+*1!7,!64!:,=@*-.3!36!4,!7,-:,7*V*+!=*-!:,7+*-!18!

,45*2N3B!K*42=@*+!,!=6=.*!.@,D*+!?;6,1*!,-0+*7*9!,!-24!:,+*4561*+!:,+727*!

,!<*42=0*B!

%=*12-,2!3!D62*!,=;6*=03!034*/*!3!.*<E!7*!4*=@C!=3!72*!-,D62=0,B!R,!

-652--,! *0E! *! )K$! .343! 02=@*!:1*=,Q*739! ,=.3=0+*+2*!4*2-! =,/,B!%! 27,2*!4,!

*--6-0*/*! ,9! ;6*=73! *=*12-,2! 3! 4*:*9! :,+.,52! ;6,! =C3! :+,.2-*/*! <*M,+! 2--3B!

)372*!/310*+!:*+*!3!*.*4:*4,=03!i@20,@3+-,!,!2+!4*2-!:*+*!3,-0,!*0E!f6.[-!

I*[,B!&,!18!,6!:372*!-,D62+!64*!,-0+*7*!7,!0,++*!=*!72+,VC3!=3+0,!,!,=0+*+!=*!

)K$! ,4! 64! 16D*+! .@*4*73! $@+,,! I*[,-B! %! +30*! *10,+=*02/*! 02=@*! ;6*-,! *!

4,-4*!72-0h=.2*!7*!)K$9!*:+3N24*7*4,=0,!W`!;621a4,0+3-9!4*-!,+*!,4!64*!

*102067,! 5*2N*! 3! -6<2.2,=0,! :*+*! @*/,+! *! .@*=.,! 7,! ,-0*+! -,4! =,/,B! I,/*=0,2!

*.*4:*4,=039!.*42=@,2!7,!/310*!=*!0+21@*!:,1*!;6*1!.@,D6,2!=*!=320,!*=0,+23+!

,!:*--,2!7,-*<2*73+*4,=0,!:,13!i@20,@3+-,!K*4:D+36=7B!

&6+*=0,! 037*! *! 4*=@C9! ,=;6*=03! .*42=@*/*! =*! 72+,VC3! 3,-0,! :*+*!

f6.[-! I*[,9! 7,:32-! :*+*! 3! =3+0,! ,! :*+*! 3! 3,-0,! =3/*4,=0,! *3! 13=D3! 7*!

4*+D,4!*=0,-!7,!.@,D*+!?!*.27,=0*7*!,-0+*7*!7,!0,++*!;6,!4,!1,/*+2*!7,!/310*!

?! )K$9! :,=-*/*! =*! .*2N*! 7,! -6:+24,=03-! ;6,!4,! ,-:,+*/*! ,4!f,17,=B!"C3!

0*=03!:,1*!.*2N*9!4*-!:,1*!=30*!7,!/2=0,!7A1*+,-!;6,!,-0*+2*!7,=0+3!7,1*B!U!=C3!

0*=03! :,1*! =30*! 7,! /2=0,! 7A1*+,-9! 4*-! :,1*! .3427*! ,! 5,527*! ;6,! :37,+2*!

.34:+*+! .34! ,1*B! )*--,2! @3+*-! ,4! 64! 7,/*=,23! 4,23! *++,5*0*73+9! 4,23!

!##"!

03+06+*=0,9! <*=0*-2*=73!5313-!,!.@,,-,56+D,+-9!.@3.31*0,-!,!5*=*=*-9!4*VC-!,!

-*1*7*-!7,!<31@*-!/*+2*7*-!,9!4*2-!73!;6,!06739!*!1243=*7*!R=*::1,B!c--3!=C3!

<*M2*! -,=0273B!$34,2!*:,=*-!*1D64*-! 1243=*7*-! R=*::1,!,4!42=@*!/27*!:+EF

)K$!,!D3-0,2!5*-0*=0,9!4*-!=C3!-,!7,-0*.*+*4!7,!=,=@64*!4*=,2+*!,-:,.2*1B!

"C3!,+*! *!42=@*!5,527*B!L*-!*D3+*!4,!*--345+*/*B!(3-*!36!*4*+,1*9!=C3!

24:3+0*/*B! "C3! :*--*/*! 64! 72*! ,4! ;6,! =C3! 24*D2=*--,! ,4! 7,0*1@,-!

42=6.23-3-!.343!-,+2*!-,D6+*+!64*!,!1,/8F1*!?!53.*B!U4!*1D6=-!72*-!4,!:+3252*!

7,!:,=-*+!=2--39!-,=C3!<2.*+2*!.34:1,0*4,=0,!136.*B!

U+*! :3-->/,1! /,+! ;6,! *! ,-0+*7*! :*+*! $@+,,! I*[,-! 02=@*! <2.*73! 12/+,! 7*!

=,/,!*:,=*-!+,.,=0,4,=0,B!J+*=7,-!<,=7*-!-6+D2*4!7,!1*73!*!1*73!,4!*1D6=-!

16D*+,-9!,!+2*.@3-!7,!=,/,!7,++,027*!<16>*4!,4!D+*=7,-!.*=*2-!*5,+03-!*3!13=D3!

7*-!1*0,+*2-B!R,D62!-35!64!.34:*.03!73--,1!7,!8+/3+,-!-,4!,=.3=0+*+!=2=D6E4B!

"3! 4,23! 7*! 0*+7,9! -,=02! 64*! <2-D*7*! <*4212*+! 7,=0+3! 7,! 424B! ),+.,52! ;6,!

,-0*/*! <2.*=73!4,=-0+6*7*B!%! :+24,2+*! =*! 0+21@*B!l6*-,! ,-;6,.2! ;6,! /2+2*B! %!

=3/*! .3=-.2S=.2*! .3+:3+*1! ;6,! 7,-,=/31/2! 7,-7,! ;6,! .34,.,2! *! .*42=@*7*!

02=@*! -,! -35+,:3-03! *! /,1@3-! @85203-B! "C3! ,-0*/*! 4*2-! :+,3.6:*7*! .34! *-!

7,12.*7*-!.34:12.*Vn,-!-35+,!-,!,6!4,!-,=02*!2=<2=20,-24*14,=0,!4*2-!D3+7*!36!

4*2-!4*D+*!73!;6,!=3!72*!*=0,+23+B!"C3!@*/2*!*1D3!.343!72*!7,!.*5,13!+624B!

%-!4,=3+,-! +,<1,Nn,-! 2=0,+23+,-! <2.*/*4! -6:+2427*-! :,1*! /,+7*7,2+*! 73+! ;6,!

-,4:+,!-,=02*!=*!<3+4*!7,!:E-!7313+273-!36!4G-.613-!0,=-3-!=3-!345+3-!,!=*!

:*+0,!-6:,+23+!7*-!.3-0*-9!*!:3=03!7,!0,+!;6,!7,-.*=-*+!72/,+-*-!/,M,-!:3+!@3+*!

,! <*M,+!64*!-E+2,!7,!43/24,=03-!:*+*!0,+!*1D64!434,=03!7,!*1>/23B!$2+,2!*!

43.@21*9!+,/2+,2!3![20!7,!:+24,2+3-!-3.3++3-!,!,=.3=0+,2!3!:,7*V3!2++,D61*+!7,!

,-:3=Q*!=*06+*1!;6,!.313;6,2!,4!64!:,;6,=3!-*.3!M2:13.[!*=0,-!7,!*!/2*D,4!

.34,V*+B! $2=@*! 6-*73! *! ,-:3=Q*! *:,=*-! *1D64*-! /,M,-! ,N:,+24,=0*14,=0,!

*=0,-! 7,! 1,/8F1*! :*+*! *! )K$B! U4! L2=,8:312-9! *! ,-:3=Q*! :*+,.,6! -,+! 64*!

4*=,2+*!-,=-*0*!7,!127*+!.34!*!4,=-0+6*VC39!7*7*-!*-!.2+.6=-0h=.2*-!7*!0+21@*9!

4*-!*D3+*!;6,!*!-,D6+*/*!,6!02=@*!42=@*-!7G/27*-B!$,=0,2!1*/*+!*-!4C3-!.34!

!###!

8D6*!7*!D*++*<*9!,45,5,=73!*!,-:3=Q*!.3=<3+4,!<*M2*!2--3!,!7,:32-!*!,-:+,429!

*5*2N,2!3! -@3+09!4,!*D*.@,2!=*!,-0+*7*!,!,4:6++,2!*!,-:3=Q*!:*+*!7,=0+3!7*!

/*D2=*!3!48N243!;6,!:67,9!:+,--23=*=73F*!.3=0+*!3!.313!73!G0,+3B!

l6*=73!-652!4,6! -@3+09!36/2!3! -34!7,!64!4303+! -,!*:+3N24*=73!,!

64!42=603!7,:32-!64*!.*42=@3=,0,!/,+4,1@*!.34!.*52=,!,-0,=727*!,!:=,6-!

4*23+,-! 73! ;6,! 3! :*7+C3! *:*+,.,6! =*! .6+/*B! #! 4303+2-0*! :2-36! =3! <+,23!

;6*=73! 4,! /269! -6+:+,-3! .34! *! /2-C3B! U6! 0*45E4! ,-0*/*! -6+:+,-*9! ,!

:+3<6=7*4,=0,! *D+*7,.27*! :3+! =C3! ,-0*+!4*2-! *D*.@*7*! ,!4,23! =6*! .34! *!

4C3!,=<2*7*!,=0+,!*-!:,+=*-B!%.,=,2!7,!4373! 0,=-3! ;6*=73!*! .*42=@3=,0,!

:*+36!*3!4,6!1*73B!

!#2! !3!@34,4!72--,9!,!,-02.36!3!5+*V3!:,1*!Q*=,1*!*5,+0*B!

%:,+0,2! -6*! 4C39! .2,=0,! 7,! 3=7,! *! 42=@*! ,-0*/*! @8! :36.3B! Y*/2*!

360+3-!732-!@34,=-!.34!,1,!=*!.*42=@3=,0,9!64!=*!<+,=0,!,!360+3!=3!5*=.3!

7,!0+8-!.34!76*-!.+2*=V*-B!#-!@34,=-!:*+,.2*4!,-0*+!=*!<*2N*!73-!O_!*=3-9!*-!

.+2*=V*-!.34!4*2-!36!4,=3-!P!*=3-B!

!U-08!2=73!:*+*!$@+,,!I*[,-T! !3!@34,4!:,+D6=036B!

!R24B!

U1,! ,+*! 53=203! ,! 5,4F*:,--3*739! .343! 3! @34,4! *3! 1*73! 7,1,! ,! 3-!

4,=2=3-! *0+8-B! #! 360+3! @34,4! 02=@*! 7,-.,=7S=.2*! 1*02=*9! .*5,13-! 13=D3-! ,!

64*!5*++2D*!D+*=7,!,!+,73=7*!;6,!.@,D*/*!*=0,-!7,1,B!

! U-0*43-! 2=73! :*+*! 18! :,-.*+B! "A-! 1@,! 7*+>*43-! 64*! .*+3=*9! 4*-!

,-036!130*73! !72--,9!*:3=0*=73!:*+*!*!.*V*45*!7*!.*42=@3=,0,9!;6,!,-0*/*!

.35,+0*!:3+!64*!13=*!<1,N>/,1B!

!"C3!0,4!:+351,4*B!J3-03!7,!.*42=@*+B!

!f,49!/*43-!<*M,+!R.+,p7+2/,+!@*/*2*=3!@3Q,!?!=320,9!,=0C3!78!64*!

:*--*7*!18B!

!#5+2D*7*! !,6!72--,9!,!35-,+/,2!3!.*++3!-,!*<*-0*=73B!

!##$!

K*42=@,2!3!+,-03!7*!0*+7,!:,=-*=73!=3-!7+2=;6,-!@*/*2*=3-B!"C3!-*52*!

,N*0*4,=0,! 3! ;6,! ,+*49! 4*-! :*+*! 424! =C3! -3*/*4! 46203! 72<,+,=0,! 7*!

1243=*7*!R=*::1,B!l6*=73!*1.*=.,2!3!<24!7*!,-0+*7*9!*!.*42=@3=,0,!/,+4,1@*!

,!3!*.*4:*4,=03!73-!@34,=-!<2.*+*4!?!/2-0*9!*--,=0*73-!*.24*!73!,N0+,43!

3,-0,!7,!$@+,,!I*[,-B!%!)K$!-,!-206*/*!,N*0*4,=0,!73!360+3!1*73B!R,D62!:3+!

64*! 0+21@*! ,-0+,20*! *! 1,-0,! *3! 13=D3! 7*! 5,2+*! 73! 1*D3! ,! ,=.3=0+,2! 64! 16D*+!

2-31*73!,=0+,!*-!:,7+*-!;6,!-,!,-:*1@*/*4!*3!-,6!+,73+B!L3=0,2!*!5*++*.*!,!

,=0+,2!=3!4,23!7*-!8+/3+,-!:*+*!,-:+,4,+!*!,-:3=Q*!,!7,:32-!+,.313.8F1*B!&,-.2!

*0E!3! 1*D3!:*+*! <210+*+! 8D6*!,! 1*/*+! *-!4C3-! ,!3! +3-03B!),=-,2! ,4!4,+D61@*+!

:*+*!4,!1*/*+9!4*-!*!8D6*!,-0*/*!DE127*!,!,6!Q8!,-0*/*!.34!<+23!.34!3!*+!7*!

43=0*=@*B!%=0,-!7,!.@,D*+!?!)K$9!24*D2=,2!2=.3=08/,2-!5*=@3-!=3-!1*D3-9!+23-!

,! +2*.@3-9! 4*-! =*! +,*127*7,! 4,+D61@*/*! +*+*4,=0,B! "3! <24! 73! 72*9!

=3+4*14,=0,!,-0*/*!7313+27*!:3+!.*6-*!7*!<*72D*!,!0+,42*!.34!3!;6,!:*+,.2*!

-,+!64*!<,5+,9!4*-!,+*!*:,=*-!*!,N*6-0C3!,!*!<+2*D,4!7,!4,6!-63+!-,.*=73B!#!

4,1@3+!;6,!,6!:372*!<*M,+!=*!4*23+!:*+0,!73-!72*-!,+*! 1*/*+!3!+3-039!02+*+!3!

-@3+0!,!*!.*42-,0*!,=.@*+.*7*!7,!-63+!*=0,-!7,!4,!,=<2*+!=*!.*1V*!,!=3!.*-*.3!

7,!1C!:*+*!*!=320,B!

$2+,2!*-!530*-9!*++*=;6,2!*!<20*!.+,:,!,!3!.6+*02/3!W=7!R[2=!73-!:E-!,!3-!

,=<2,2!=*!8D6*!D,1*7*B!l6*=73!3-!,-<+,D6,29!360+*!6=@*!:+,0*! -*26!=*!42=@*!

4C39!*!-,D6=7*!;6,!:,+72!*0E!*D3+*B!#!1*D3!,-0*/*!.*143!,! 124:39!+37,*73!

:3+!8+/3+,-!*10*-!,!*+56-03-!<+3=73-3-!,4!4,23!?-!:,7+*-B!b2!64!1*D*+03!/,+7,!

<163+,-.,=0,! =*! 1*4*j! ,1,! <2.36! 24A/,1! :3+! 64!434,=039! *=0,-! 7,! <6D2+! =*!

/,13.27*7,!7,!64!+*23B!#!*.*4:*4,=03!73-!@34,=-!=C3!,-0*/*!46203!13=D,!

7,!3=7,!,6!,-0*/*!=*!4*+D,4!73!1*D39!4*-!,1,-!*2=7*!=C3!02=@*4!:,+.,5273!*!

42=@*!:+,-,=V*B!%=0,-!7,!2+!/SF13-9!,-.3/,2!3-!7,=0,-9!:*--,2!@27+*0*=0,!1*52*1!,!

:,=0,,2!3-!.*5,13-B!

!%>!,-08!,1*! !,N.1*436!3!@34,4!;6,!,-0*/*!=3!5*=.3!73!.*+3=*!

,=;6*=03!,6!-652*!1,=0*4,=0,B! !U!5,4!*!0,4:3!0*45E4B!

!##%!

U1,!4,!:*--36!64!.3:3!:18-02.3!/,+4,1@3!.@,23!7,!64!1>;6273!*4*+,13!

;6,!,6!:372*!*:,=*-!24*D2=*+!;6,!,+*!3!R.+,p7+2/,+!@*/*2*=3B!$2=@*!.653-!7,!

D,13B! $2=@*!/37.*B! $2=@*! -6.3!7,! *5*.*N2B!l6*=73!:+3/,29! :,=-,2! ;6,! <3--,!

7,-4*2*+B! "C3! :,13! ,<,203! 73! 81.3319! 4*-! -24:1,-4,=0,! :,1*! <*5613-*!

.3452=*VC3!7,!*VG.*+!,!5,527*!*1.3A12.*B!

#-!732-!@34,=-!.1*+3-!,+*4!5345,2+3-B!#!360+3!,+*!:2=03+!:3+!:*2NC39!

4*-!.*+:2=0,2+3!:3+!:+3<2--C3B!R,6!=34,!,+*!k+*=.2-.39!,453+*!0373!46=73!3!

.@*4*--,!7,!)*.3B!U+*!:+243!7,!64!73-!.*+*-!5+*=.3-9!43+*/*!=*!K27*7,!73!

LEN2.3! ,! ,-0*/*! 7,! :*--*D,49! ,453+*! 3-! 0+S-! 0,=@*4! .+,-.273! Q6=03-! =3!

4,-43! ;6*+0,2+C3! ,4! R*.+*4,=039! 3=7,! 3-! 5345,2+3-! *2=7*! /2/2*4B! )*.3!

02=@*! 273!/2-20*+! *! 52-*/A!=3!LEN2.3!7,M! *=3-! *=0,-9! -,! *:*2N3=36!:3+!64*!

4,N2.*=*!;6*=73! ,-0*/*! 18! ,! 7,.2726! <2.*+B!#-! <21@3-!73-! 5345,2+3-! .3++2*4!

,=0+,!=A-!5+2=.*=73!7,!D6,++*!,!=A-!-,=08/*43-!*3!+,73+!7*!<3D6,2+*!.@,2*!7,!

1,=@*! ;6,! 3-! @34,=-! *2=7*! :+,.2-*/*4! *.,=7,+9! 7*/*4! D+203-! 7,! /,M! ,4!

;6*=739!+,-:2+*/*4!7,!4*=,2+*!3<,D*=0,!,!<*M2*4!-3=-!7,!,N:13-n,-!?!4,727*!

;6,!*02+*/*4!64!=3!360+3!.34!*+4*-!7,!:18-02.3!:3+!0+8-!7*-!:,7+*-B!

!b3.S!-A!:37,!,-0*+!5+2=.*=73t!b3.S!-A!:37,!,-0*+!5+2=.*=73t! !#-!

5345,2+3-! -,! +,/,M*/*4! ,N.1*4*=73! ;6*=73! ,N:12;6,2! *! ,1,-! 3! ;6,! ,-0*/*!

<*M,=73!,!43-0+,2!3-!:E-!4*10+*0*73-!.34!*-!3203!6=@*-!+,4*=,-.,=0,-B!

U1,-! <*M2*4! :,+D6=0*! *0+8-! 7,! :,+D6=0*! ,=;6*=03! -,! 4*+*/21@*/*49!

5*1*=V*/*4!*-!.*5,V*-!,!4,!3<,+,.2*4!360+3!7+2=;6,!,!03+021@*B!

!%-!461@,+,-!E!;6,!0S4!.3Q3=,-! !72--,!)*.3!,=;6*=03!,=.@2*!64*!

/*-21@*!.34!D6*.*431,B! !"A-9!@34,=-9!D3-0*43-!7,!:,=-*+!;6,!0,43-9!4*-!

,-0*43-!,=D*=*73-B! !R,6!.*5,13!,+*!.343!64*!.35+*!7,-.,=73!:,1*-!.3-0*-9!

64! +*53! 7,! .*/*13! .34:+273! ,! D+3--3! :+,-3! ,4! :*+0,-! *0E! 3! <2=*1! .34!

,18-02.3-B!&,:32-!;6,!3! <3D3! <32!*.,-3!,!;6,! .34,43-!*! 0+60*!;6,!64!7,1,-!

:,-.36! =3! 1*D3! ,! 3! ,=-3:*73! 7,! .*+=,! 7,! /,*73! ;6,! 64! 7,1,-! .*V36! =3!

!##&!

G10243! 2=/,+=39! <2.*43-! *:,=*-! ,6! ,! )*.3! -,=0*73-! *3! +,73+! 7*! <3D6,2+*9!

,=;6*=03!3-!360+3-!@34,=-!12*4!:*+*!-,6-!<21@3-!=*!5*++*.*B!

!b3.S!;6,+! <64*+!64!5*-,*73!.342D3T! !,1,!:,+D6=036!,=;6*=03!

02+*/*!64!73!531-3!73!-@3+0B! !U1,!*.,=7,69!7,6!64*!0+*D*7*!,!4,!:*--36B! !

U=0C39!2--3!E!*!R2,++*T! !72--,9!31@*=73!:*+*!3!1*D3!,-.6+3B! !&6+*=0,!0373!3!

0,4:3!,4!;6,!.+,-.2!=6=.*!/24!*;62!*=0,-B!

!q!*!R,++*!7*!I6M! !<*1,29!1@,!7,/31/,=73!3!5*-,*73B! !q!*--24!;6,!

e3@=!L62+!*!.@*436B!)3--3!,=0,=7,+!:3+!;6SB!"6=.*!/2!64*!16M!.343!/2!*;62!

,4!.24*B!#!:a+!73!-31!,!3!*4*=@,.,+!=*!43=0*=@*B!

! b3.S! ,-08! ,4! 64*! .*42=@*7*! ,-:2+206*19! =C3! ,-08T! ! )*.3! 72--,9!

31@*=73!<2N*4,=0,!:*+*!3!<3D3B!

!"C3!-,2! !+,-:3=72B! !$*1/,M!-,Q*!:3-->/,1!.@*4*+!*--24B!

! c--3! E! 3! ;6,! E! ! ,1,! 72--,9!4,! 31@*=73! 7,! <3+4*! 2=0,=-*B! U1,! -,!

1,/*=036B! ! $,4! 64*! .32-*! ;6,! ;6,+3! 0,! 7*+B! ! k32! *0E! *! .*V*45*! 7*!

.*42=@3=,0,! ,! /31036! .34! 64*! .*42-,0*B! U1,! *! ,=0+,D36! :*+*!424! ,! ,6! *!

-,D6+,2B! "*! <+,=0,! 02=@*! 64*! <303! ,=3+4,! 7,! f35! L*+1,o9! 3-! 7+,*713.[-!

+37,*73-!7,!24*D,=-!7,!D620*++*-!,1E0+2.*-!,!:,+<2-!7,!,-<2=D,-!:+EF.313452*=*-B!

"*-!.3-0*-9!64*!<303!7,!Y*21E!R,1*--2E9!3!@34,4!;6,!3-!+*-0*<8+2-!*.@*/*4!-,+!

3!&,6-!,=.*+=*739!.3=03+=*73!:3+!64*!,-:2+*1!/,+4,1@*9!/,+7,!,!736+*7*B! !

U--*!E!64*!.*42-,0*!-*D+*7*! !)*.3!72--,!,=;6*=03!,6!*=*12-*/*!*!.*42-,0*!?!

16M!73!<3D3B! !l6,+3!;6,!/3.S!*!0,=@*!:3+;6,!:3--3!/,+!;6,!.*42=@*!.34!

3-!,-:>+203-!73-!*=24*2-9!.34!3-!,-:>+203-!7*!0,++*!,!73!.E6B!

k2M! ;6,! -24! .34! *! .*5,V*9! -21,=.2*7*! :,1*! ,43VC3! ,! :,1*! .3=/2.VC3!

4,23! 5S5*7*! ,! .34:1,0*4,=0,! .@*:*7*! 7,! ;6,! *! .*42-,0*! ,+*! +,*14,=0,!

-*D+*7*B!

!#5+2D*7*! !,6!72--,B!

l6*=73! /310,2! .*42=@*=73! :*+*! 4,6! *.*4:*4,=039! <2;6,2! :*+*7*!

31@*=73!:*+*!*-!,-0+,1*-!.34!*!.*42-,0*!=*!4C3!*=0,-!7,!,=0+*+!=*!5*++*.*B!

!##'!

I3=D,!7,!)*.39! -A5+2*!:3+!.*6-*!73!*+!D,1*739! <2;6,2!.6+23-*!.34!*! 27,2*!7,!

.*42=@*+! .34! 3-! ,-:>+203-B! #! ;6,! 2--3! -2D=2<2.*/*T! l6,! ,6! *=7*/*! .34!

,-:>+203-T! R,+8! ;6,!4*4C,! *=7*/*T! )*+*! 3=7,! ,1*! <32! *:A-! *!43+0,T! #=7,!

,-0*/*!I*7oT!U1*-!+,*14,=0,!.*/*1D*+*4!Q6=0*-!,!.+6M*+*4!3!+23!:*+*!3!360+3!

1*73T! %! +*MC3!4,! 72--,! ;6,! 0673! 3! ;6,! <2M,+*4! <32!43++,+9! ,453+*! *45*-!

/310*--,4! :*+*!424! +,:,027*4,=0,! =3-! -3=@3-B! #-! -3=@3-! .34! I*7o! ,+*4!

3:3-03-! ?;6,1,-! ;6,! 02/,! .34! 42=@*! 4C,! ! *;6,1,-! =3-! ;6*2-! ,1*! 4,!

4*=7*/*!4*08F1*!+,:,027*-!/,M,-B!"3-!-3=@3-!.34!I*7o9!=C3!:+,.2-*/*!4*0*+!

=2=D6E4B!$2=@*!*:,=*-!;6,!*.,20*+!64!D2D*=0,-.3!,! <*=0*-02.*4,=0,!.313+273!

56;6S! 7,! <13+,-! ;6,! ,1*! 1,/*/*! :*+*! 424! ,4! -6*! 53.*! 4*.2*B! U1*! 4,!

,4:6++*/*!.34!-,6!=*+2M!*0E!;6,!,6!:,D*--,!3!56;6S9!,!=,--,!3<,+,.24,=03!,6!

-*52*!;6,!,-0*/*! -,=73!:,+73*7*B!L*-!,-0*/*! +,*14,=0,T!U+*! -,6!,-:>+203!36!

*:,=*-!4,6!-65.3=-.2,=0,!+,-31/,=73!2--3T!

b,-02! *! .*42-,0*! 7,! )*.3! =*!4*=@C! -,D62=0,! :*+*! /310*+! ?! )K$! ,! =*!

72+,VC3! 7,! f,17,=! $3p=9! 31@*=73! 7,! +,1*=.,! 3! :2.3! I*--,=! =3! .*42=@3B!

k2.*/*!*!.,+.*!7,!P_!;621a4,0+3-!*3!=3+0,9!64*!43=0*=@*!/61.h=2.*!=,/*7*!

-,!,1,/*=73!*!;6*-,!OBW__!4,0+3-9!64!4*+.3!:*+*!424!=C3!:3+!-,6!0*4*=@3!

,!-6*!D+*=723-27*7,9!4*-!:3+;6,!<32!3!:+24,2+3!73-!:2.3-!;6,!,6!.+6M*+2*!=*!

.3+721@,2+*! 7*-! K*-.*0*-9! =*! ;6*1! ,=0+,2! ,N*0*4,=0,! *3! =3+0,! 7,! f,17,=B! &,!

I*--,=9!=*!72+,VC3!=3+0,9!*-!43=0*=@*-!7*! .3+721@,2+*! -,! *12=@*/*4!,4!64*!

<21*!2++,D61*+!,=0+,!.,=0,=*-!7,!360+*-!43=0*=@*-!4,=3-!.3=@,.27*-9!.*7*!64*!

4*+.*=73! 3! :+3D+,--3! 7,!42=@*! Q3+=*7*! =*-! :+AN24*-! -,4*=*-B! "*!42=@*!

24*D2=*VC39! .*7*! 64! 7,--,-! :2.3-! :*+,.2*! .34! 3! 0+,:*F0+,:*! ,4! ;6,! 4,!

:,=76+*/*! ;6*=73! .+2*=V*B! $37*! /,M! ;6,! -,D6+*/*! 64*! 5*++*9! *! -,D62=0,!

,-0*+2*!;6*-,!*3!*1.*=.,B!&3!:2.3!I*--,=!:*+*!3!43=0,!R@*-0*9!:*+*!3!43=0,!

L.I36D@12=9!7,:32-!:*+*!3!$@2,1-,=9!:*+*!3!$@+,,!R2-0,+-!wR619!L,23!,!"3+0,x9!

:*+*! 3! 43=0,! i*-@2=D03=9! :*+*! 3! $@+,,! k2=D,+,7! e*.[9! :*+*! 3! 43=0,!

e,<<,+-3=!,!<2=*14,=0,!:*+*!3!43=0,!Y3379!;6,!*0+*/,--*+2*!:36.3!4*2-!7,!P_!

!##(!

;621a4,0+3-! *=0,-! 7,! *1.*=V*+! *! )3=0,! 73-! &,6-,-B! $373-! ,+*4! /61.n,-! ,!

/*+2*/*4! =*! *106+*! 7,! 64! :36.3!4,=3-! 7,! WB`__!4,0+3-! *!4*2-! 7,! `BW^_!

4,0+3-B! U+*4! 64*! :,;6,=*! :*+0,! 73! %=,1! 7,! k3D3! 73! )*.><2.39! 64*! 13=D*!

-E+2,!7,!`_!421!;621a4,0+3-!7,!/61.n,-!,!<3--*-!3.,h=2.*-!;6,!+37,2*!3!3.,*=3!

)*.><2.3!,4!<3+4*03!7,!<,++*76+*!7,-7,!3!K@21,9!-652=73!*3!13=D3!7*!<+3=0,2+*!

3,-0,! 7*-! %4E+2.*-! K,=0+*1! ,! 73! "3+0,9! *0+*/,--*=73! *! (G--2*! ,! 3! e*:C3! ,!

7,-.,=73!*0+*/E-!7*!c=73=E-2*!,!7*!"3/*!},1h=72*!*=0,-!7,!.@,D*+!?!%=08+02.*B!

"3!4,6! G10243! 72*! 7,! .*42=@*7*! ,4! R2,++*!",/*7*! *! 0+21@*! 7,-.,69!

7,-.,6! ,! 7,-.,6B! k3+*4! *:,=*-! \\! ;621a4,0+3-! *0E! f,17,=! *! :*+02+! 7,! $@+,,!

I*[,-9! 4*-! *! 0+21@*! 7,-.,6! 24:2,73-3-! \BWW_! 4,0+3-! =3! ,-:*V3! 7,! ^!

;621a4,0+3-B! l6*=73! .@,D6,2! *! f,17,=9! 4,6-! :E-! ,-0*/*4! 4*.@6.*73-! 7,!

64*! <3+4*!030*14,=0,!=3/*d!*-!:3=0*-!73-!7,73-!,-0*/*4!.@,2*-!7,!531@*-B!

U1*-! 7,-12M*/*4! :*+*! *! <+,=0,! *! .*7*! :*--39! :+,--23=*7*-! 2=.,--*=0,4,=0,!

.3=0+*!*!<+,=0,!7*-!530*-B!U--,!7,/,+2*!0,+!-273!64!72*!<8.219!4*-!4,!*++*-0,2!*0E!

f,17,=! 4*=.*=73! ,4! *D3=2*9! :,+.,5,=73! ;6,9! =*! +,*127*7,9! =C3! ,+*! 64*!

.27*7,B!U+*!64*!.3=-0+6VC3!7,-.627*7*!;6,!<2.*/*!:+AN24*!?!12=@*!7,!0+,4B!%!

.3=-0+6VC3! 02=@*!64!5*+!,!64*!:,;6,=*! 13Q*!;6,! 0*45E4!<6=.23=*/*!.343!

*DS=.2*! 73! .3++,239! 42=21*/*=7,+2*! ,! .@6/,2+3! :G512.3B! $2+,2! *-! 530*-! =*!

/*+*=7*!7*!13Q*9!.313;6,2!*!-*=7812*!7,!*.*4:*4,=03!,!,=0+,2!4*=.*=73!:*+*!

:,D*+!*!42=@*! .*2N*B! I3D3!:,D6,2!3!,=/,13:,!.34!3-!/2=0,!7A1*+,-j!*!/2-C3!

7,1,9! 64! *1>/23! 0C3! D+*=7,! ;6,! 4,! ,-;6,.2! 73-! 7,73-! :3+! 64! 2=-0*=0,B!

K34:+,2! 76*-! D*++*<*-! 7,! 1243=*7*! R=*::1,! ,! /310,2! :*+*! *! /*+*=7*! :*+*!

5,5SF1*-9!64*!*0+8-!7*!360+*B!

!K*42-,0*!1,D*1! !64*!461@,+!72--,B!U1*!02=@*!3!.*5,13!D+2-*1@3!.6+03!

,!,=.*+*.31*73!,!64!D+*=7,!.*.@3++3!5+*=.3!=*!D62*B! !U-0,!E!#72=B! !U1*!-,!

.6+/36!:*+*!*.*+2.2*+!3!:,-.3V3!7,1,9!7,:32-! 1,/*=036!,!*Q,2036!3-!:,;6,=3-!

A.613-!+,73=73-!=3!=*+2M!,!4,!,=.*+36!.34!64!31@*+!.6+23-3B! !b3.S!,-08!

:3+!*.*-3!.*42=@*=73!=*!)K$T!

!##)!

R,6!=34,!,+*!$+2=*B!$2=@*!^_!*=3-9!,+*!:+3<,--3+*!7,!2=D1S-!=3!,=-2=3!

4E723!73!K313+*73!,!02=@*!2=2.2*73!*!.*42=@*7*!@*/2*!*:,=*-!732-!72*-B!R*26!

7,!f,17,=!+643!*3!=3+0,!=*!)K$9!4*-!,=.3=0+36!0*=0*!=,/,!=*!0+21@*!;6,!0,/,!

;6,!+,03+=*+B!R,6!+,1*03!4,!,=.@,6!7,!0+2-0,M*B!R,+8!;6,!,4!*1D64!434,=03!

,6!,-.*:*+2*!7*!=,/,T!U=;6*=03!.3=/,+-8/*43-9!360+*!0+21@,2+*!*:*+,.,69!64*!

461@,+! .@*4*7*! R0*.o! ;6,! 02=@*! .34,V*73! *! 0+21@*9! 64! 72*! *=0,-9! -652=73!

:,1*!4,-4*!,-0+*7*!;6,!:*--,2!:*+*!.@,D*+!*!$@+,,!I*[,-B!

k2=*14,=0,! ,=.3=0+,2! *1D64*-! 461@,+,-! =*! 0+21@*t! k2;6,2! -6+:+,-*! ,!

*12/2*7*! ;6*=73! .34:*+021@*43-! *=24*7*-! 3-! :+2=.2:*2-! 7,0*1@,-! 7,! =3--*-!

/27*-B!$+2=*!,+*!64*!,=06-2*-4*7*!43.@21,2+*!7,!<24!7,!-,4*=*9!R0*.o!,+*!64*!

0+21@,2+*!,N:,+2,=0,!;6,!02=@*!<,203!*!)K$!.34!64*!*42D*!7,-7,!3!LEN2.3!*0E!

f,17,=!=3!/,+C3!*=0,+23+B! R0*.o!,!,6! .3=/,+-*43-! -35+,! 13.*2-!7*! 0+21@*!;6,!

*45*-! 0>=@*43-! /2-039! -35+,! U7! ,4! g,==,7o! L,*73p-9! ;6,! ,1*! 02=@*!

,=.3=0+*73!=3!/,+C3!*=0,+23+9!,!-35+,!-6*!/27*!,4!64*!.27*7,!73!7,-,+03!=3!

-61! 7*! K*12<A+=2*9! 3=7,! 0+*5*1@*/*! .343! .3=0*73+*! 7*! ,4:+,-*! 73! :*2! ,!

*:+3/,20*/*! 3-! /,+n,-! :*+*! <*M,+! .*42=@*7*-B! $2=@*! O_! *=3-! ,! ,+*! 7,! 64*!

D+*=7,!<*4>12*!2+1*=7,-*B!U+*!53=20*9!02=@*!:,1,!.1*+*!,!.*5,13!:+,03B!

!b*43-!*.*4:*+!Q6=0*-!@3Q,!,!<*M,+!64!:1*=3! !72--,!$+2=*B! !$,4!

64!16D*+!*1E4!7*;6,1,!.*4:3B! !U1*!*:3=036!:*+*!64!16D*+!/2->/,1!7*!13Q*B!

%=7*43-! *0E! 18! ,! 43=0*43-! =3--*-! 5*++*.*-B! &,-,4:*.30,2! 42=@*! .*2N*!

,=;6*=03! $+2=*! ,! R0*.o! .3=/,+-*/*4! =*! D+*4*B!#=7*-! 7,! :+*M,+! 034*/*4!

.3=0*!7,!424!?!4,727*!;6,!:,D*/*!.*7*!20,4!,!3!1,/*/*!2=-02=02/*4,=0,!*3!

=*+2MB! #-! :*.30,-! 2=0*.03-! 7,! 4*.*++C3! I2:03=! 36! 7,! <,2QC3! ,! *++3M!

7,-27+*0*73-! ;6,! .342*! =3! Q*=0*+9! *-! 5*++*-! K12<! *2=7*! 5+21@*=0,-! ,! 3-!

24*.61*73-!-*.3-!M2:13.[!7,!<+60*-!-,.*-!,!=3M,-B!"C3!*D6,=0*/*!4*2-!/,+!,--*-!

.32-*-9! 4*-! /SF1*-! =3/2=@*-! ,! 24*.61*7*-! +,*5212036! *1D3! ,4! 424B! Y*/2*! *!

.*42-,0*!=3/*!;6,!,6!=C3!,-0*/*!:+,.2-*=739!*D3+*!;6,! 02=@*!*!.*42-,0*!73!

f35!L*+1,o9!732-!:*+,-!7,!4,2*-!7,! 1C!=3/*-!,4!<31@*!,!64!,N,4:1*+!7,!%!

!##*!

R644,+! f2+7FK*D,! wJ*231*! 7,! /,+C3x9! 7,!L*+D*+,0! &+*551,9! ;6,! *2=7*! =C3!

,-0*/*!,N*0*4,=0,!:+,:*+*7*!:*+*! 1,+B!K@,D6,2!*:,=*-!?!4,0*7,!7*-!:8D2=*-!

7,! #! +34*=.,9! Q3D*=73F*-! 7,! 4*=@C! =*! <3D6,2+*! 7,! )*.3B! U9! 3! 4*2-!

24:3+0*=0,9!64!-6:+24,=03!=3/3!7,!W=7!R[2=B!

$2+,2!*-!530*-!,!-,=0,2!:*+*!.627*+!73-!4,6-!:E-!.*-02D*73-B!l6*=73!3!

.*.@3++3! 7,! $+2=*! .34,V36! *! 1*02+9! ,+D62! 3-! 31@3-! ,! /2! 64! +*:*M! 136+39! 7,!

31@3-!*M62-!,!4*D+2.,1*B!R365,!=3!4,-43!2=-0*=0,!;6,!,+*!64!43.@21,2+3!7*!

)K$!:,1*!4*=,2+*!7,!*=7*+B!R,6!=34,!,+*!f+,=0!,9!64*!/,M!;6,!-,!*:+,-,=0369!

3! .64:+24,=0,2! .343! 64! /,1@3! *42D39! ,453+*! =C3! 3! .3=@,.,--,B! $2=@*!

36/273! @2-0A+2*-! -35+,! ,1,! 18! ,4! g,==,7o! L,*73p-B! U1,! .+,-.,6! ,4! 64*!

.27*7,M2=@*! ,4!L3=0*=*9! J+,D9! %15,+0! ,!L*00! 4,! .3=0*+*4B! '4*! /,M! ,1,!

,=0+36!,4!64*!7,12.*0E--,=!,4!64*!.27*7,!:,+03!7*!0+21@*!=3!-61!7*!K*12<A+=2*9!

:,726!64!-*=76>.@,!.34!]__!D+*4*-!7,!+3-52<,!,!3!.34,6!,4!-,2-!43+727*-B!

U1,!+26!;6*=73!3!1,45+,2!72--39!,=0C3!02+36!*!43.@21*!,!-,!*D*.@36!:*+*!31@*+!

.34!4*2-!*0,=VC3!:*+*!4,6-!:E-B!

!R6*-!530*-!-C3!46203!:,;6,=*-! !<*1369!,.3*=73!3!;6,!J+,D!02=@*!

4,!7203!,4!R2,++*!K20oB!#1@,2!:*+*!,1,!7,!4*=,2+*!2=,N:+,--2/*B!L2=@*-!530*-!

=C3!:372*4!-,+!46203!:,;6,=*-B!U1*-!,+*4!*-!G=2.*-!530*-!;6,!,6!02=@*B!

!%.@3!;6,!<32!037*!*;6,1*!7,-.27*!7,!$@+,,!I*[,-! !,6!72--,B!

!L*-!,--*!E!*!;6,-0C3! !+,:12.36!f+,=0B! !K34!3!0*4*=@3!.,+03!7,!

530*-! /3.S! :37,+2*! 7,-.,+! -,4!4*--*.+*+! 3-! :E-B! q! :*+*! 2--3! ;6,! -,+/,4! *-!

530*-9!:*+*!;6,!/3.S!:3--*!7,-.,+B!

),=-,2!=*-!:,--3*-!5*.*=*-!7*!(UcB!I,45+,2F4,!73!@34,4!;6,!4,!<,M!

-652+! ,! 7,-.,+! 64*! +*4:*! 7,! 4*7,2+*! =*! 13Q*! ,N*0*4,=0,! :*+*! 2--39! :*+*!

D*+*=02+! ;6,! 4,6-! 7,73-! =C3! 5*0,--,4! .3=0+*! 3! 52.3! 7*! 530*! ;6*=73! ,6!

7,-.,--,!,!;6,!4,6-!.*1.*=@*+,-!=C3!+*-:*--,4!.3=0+*!*!:*+0,!7,!0+8-!;6*=73!

,6! -652--,B! "*! 13Q*9! =C3! :*+,.2*! ;6,! ,1*!4,!4*.@6.*+2*B! "C3! @*/2*! 7G/27*!

!#$+!

*D3+*! 7,! ;6,! 4,! ,=D*=,2! 36! 7,! ;6,! 4,6-! :E-! .+,-.,+*4! 36! 7,! ;6,! ,+*!

2=,D8/,1!;6,!,=;6*=03!,6!6-*--,!,--*-!530*-!,-0*+2*!,4!64!2=<,+=3B!

L*-! =C3! @*/2*! =*7*! *! <*M,+B! "C3! 02=@*! 72=@,2+3! :*+*! .34:+*+! 64!

=3/3!:*+!36!16D*+!:*+*!<*M,+!2--3!-,!,6!02/,--,B!K313;6,2!*-!-*=7812*-!,-:3+02/*-!

,!/310,2!.*42=@*=73!:*+*!*! 13Q*9!3=7,!:*D6,2!64!7A1*+!:*+*!034*+!5*=@3!,!

/,-02+! *! +36:*! 7,! .@6/*! ,=;6*=03! *-! +36:*-! 1*/*/*4! ,! -,.*/*4! =*-! 76*-!

48;62=*-! 7,! 1*/*+! *6034802.*-B! I2D6,2! :*+*! I2-*! ,=;6*=03! ,-:,+*/*! ,! <2;6,2!

,N610*=0,!;6*=73!,1*!*0,=7,6!3!0,1,<3=,B!K3=/,+-*43-!-35+,!*!/27*!7,1*!,!,6!

1@,!72--,!3!;6,!.3=/2=@*!7*!42=@*B! e6=0*-9! +,:*--*43-!4,6!=3/3! 202=,+8+23B!

&,:32-!7,!7,-12D*+9!*--2=,2!3!12/+3!7,!+,D2-0+3!73!0+21@,2+3!7*!)K$!,!3!,N*42=,2!

:*+*!/,+!;6*=73!J+,D!02=@*!:*--*73!:3+!*12B!R,6!=34,!=C3!,-0*/*!18B!)*+,.2*!

24:3-->/,1!;6,!,-02/,--,!*0+8-!7,!424B!

! b3.S! 36/26! *1D64*! .32-*! 73! J+,DT! ! :,+D6=0,2! *! f+,=0! ;6*=73!

/310,2!6-*=73!*-!+36:*-!124:*-B!

!U1,!7,-2-026!:3+!.*6-*!7*!=,/,B!

#1@,2F39!:,+:1,N*B!

!b3.S!0,4!.,+0,M*T!

!k32!2--3!;6,!3-!*6-0+*12*=3-!4,!72--,+*4B!b3.S!3-!.3=@,.,6T!

f*1*=.,2!*!.*5,V*!=,D*02/*4,=0,B!

!U1,-!-C3!64!.*-*1!,4!16*!7,!4,1B!U!0*45E4!7,.272+*4!*5*=73=*+!*!

)K$B!k3+*4!.*42=@*+!=*!%$!,4!/,M!72--3B!

RA! ;6*=73! 7,.272! <*M,+! *! .*42=@*7*! =*! )K$! E! ;6,! -365,! 7*! %$9! *!

%::*1*.@2*=!$+*219!*!:+24*!5,4!4*2-!:3:61*+!,!*:,+<,2V3*7*!7*!)K$B!%45*-!

<3+*4!5*02M*7*-! ,4! \]XP!7,! 0+21@*-! :*=3+h42.*-!=*.23=*2-B!%!%$! 0,4!OB^__!

;621a4,0+3-9! .,+.*!7,!P__!;621a4,0+3-! *!4,=3-!;6,!*!)K$9! ,! *.34:*=@*!*!

.+2-0*!7*-!43=0*=@*-!%:*1*.@,-!7,-7,!*!J,A+D2*!*0E!3!L*2=,B!

!J+,D!0*45E4!<32!:*+*!*!%$T! !:,+D6=0,29!,4!64!034!*D673B!

!#$"!

! "C3B! U1,! =C3! ;6,+2*! .3=02=6*+! :,+7,=73! 0*=0*! .32-*! 7*! 0+21@*9!

<*M,=73! 0373-! ,--,-! .3=03+=3-! ,! +30*-! *10,+=*02/*-9! ,=0C3! /*2! /310*+! =3! *=3!

;6,!/,4B!f,49!:,13!4,=3-!<32!2--3!;6,!3-!*6-0+*12*=3-!4,!72--,+*4B!

!'*6! !,6!72--,9!4,!-,=02=73!*53++,.27*!.34!*!=30>.2*B!J+,D!,+*!64!

0*12-4C!:*+*!424!7,-7,!3!72*!,4!;6,!3!,=.3=0+,2!=*!@3+*!,N*0*!,4!;6,!02=@*!

7,.27273! 2+! ,453+*B! U1,! *.+,720*/*! ;6,! -,! ,1,! :372*! <*M,+! 2--3! ,6! 0*45E4!

:372*9! ,! *D3+*! ,1,! 7,-2-026B! %!4,-4*! .32-*! ,4! +,1*VC3! *3-! *6-0+*12*=3-9! 64!

.*-*1! ;6,!=6=.*! ,=.3=0+,29!4*-!73!;6*1! <3+4,2! 24,72*0*4,=0,! 64*! 24*D,4!

,4!42=@*!4,=0,B!R*52*!-,4!:,=-*+!;6,!,+*4!3!46-.613-3!,!*!*4*M3=*!,!;6,!

,-0*/*4!2=.+2/,14,=0,!:+,:*+*73-!:*+*!*-!72<2.617*7,-!7*!0+21@*!:3+!.3=0*!7,!

-,6!-*=D6,!*6-0+*12*=3!7,!64*!4*=,2+*!;6,!,6!=6=.*!,-0*+2*B!

!)3+!;6,!/3.S!=C3!<*M!*!%$!,4!/,M!7,--*T! !:,+D6=0,29!:+,3.6:*7*!

;6,!,1,!72--,--,!;6,!7,!<*03!,-0*/*!2=73B!

U1,!+,<1,026!64!:36.3!-35+,!2--3B!

!$+h=-203!7,4*2-! !+,-:3=7,69!,!.3=02=636!*!31@*+!:*+*!424!,!:*+*!

*! ,=3+4,! .*+*! 7,! f35!L*+1,o! ,4!4,6! :,2039! .343! -,! 02/,--,!4*2-! *1D64*!

.32-*!*!72M,+B! !%!:+3:A-2039!,--*!E!64*!.*42-,0*!+,*14,=0,!2=.+>/,1B!

"6=.*! 02=@*! .313.*73!3-!:E-!=*!%$9!4*-!36/2!46203! <*1*+!7,1*!:,13-!

.*+*-!,4!g,==,7o!L,*73p-B!U1*!,+*!3!:*+,=0,!4*2-!:+AN243!7*!)K$!,!*2=7*!

*--24!-,6!3:3-03!,4!46203-!;6,-203-B!K,+.*!7,!W!421!:,--3*-!-*,4!:*+*!<*M,+!*!

%$!0373!/,+C3!,9!,453+*!-34,=0,!*1D64*-!.,=0,=*-!.@,D6,4!*3!<2=*19!2--3!,+*!

5,4!4*2-!73!;6,!3-!.,4!36!4*2-!;6,!:,+.3++,4!*!)K$!0373!*=3B!#-!0+21@,2+3-!

7*! %$! :*--*4! *! 4*23+! :*+0,! 7*-! =320,-! *.*4:*73-! :,+03! 7,! *5+2D3-! :*+*!

D+6:3-! ;6,! ,N2-0,4! *3! 13=D3! 7*! 0+21@*9! 36! @3-:,7*73-! =,1,-B! "*! %$9! *-!

:*+*7*-!7,!*5*-0,.24,=03!,+*4!4*2-!:+AN24*-!64*!7*-!360+*-!,!*!4*23+!:*+0,!

<2.*/*! ,4! .27*7,-!7,! /,+7*7,9! *3! .3=0+8+23!7*;6,1*-! *3! 13=D3!7*!)K$9! ;6,!

;6*-,!-,4:+,!.3=-2-02*4!,4!=*7*!*1E4!7,!64*!*DS=.2*!73!.3++,239!64!5*+!36!

64*! :,;6,=*! 13Q*B! c4*D2=,2! 3-! +,.E4F.*-*73-! *6-0+*12*=3-! *D3+*! =*! %$9!

!#$#!

.34,=73! .@,,-,56+D,+-9! ,=03+=*=73! .,+/,Q*! ,4! 64! :65! 72-0*=0,! *1D6=-!

;621a4,0+3-! 7*! 0+21@*! ,! 73+42=73! ?! =320,! -35! 64! 0,03! 7,! 4*7,2+*B!

)+3/*/,14,=0,!+,.,5,+*4!*:,1273-!:3+!:*+0,!7,!-,6-!.34:*=@,2+3-!0+21@,2+3-9!

360+*! :+802.*! ;6,! ,+*! 5,4! 4*2-! .3464! =*! %$! 73! ;6,! =*! )K$9! ,453+*!

0*45E4! 02/E--,43-! =3--*!4*=,2+*! 7,! 5*02M*+! *-! :,--3*-B!L,0*7,! 73! 0,4:3!

;6,! J+,D9!L*00! ,! %15,+0! <*1*+*4! 7,! f+,=09! ,1,-! -,! +,<,+2+*4! *! ,1,! .343!#!

J*+3039! *:,-*+! 7,! ,1,! -,+! *:,=*-! *1D6=-! *=3-! 4*2-! =3/3! 73! ;6,! ,6B! J+,D!

*.*536! -,=73! .@*4*73! 7,! U-0*0>-02.3! :3+;6,! -*52*! 46203-! <*03-! ,! =G4,+3-!

-35+,!*!0+21@*!,!0*45E4!:3+;6,!,+*!.3=0*73+B!L*00!,!%15,+0!,+*4!3-!U-.30,2+3-!

U*D1,9! &36D! ,! $34! 3-!L*6+2.2=@3-B! %.@3! ;6,! =C3! +,.,52! =,=@64! *:,12739!

4*-! <2;6,2! .34! *!7,-.3=<3+08/,1! -,=-*VC3!7,! ;6,! -,! 02/,--,! +,.,5273! =C3! 2*!

;6,+,+!-*5,+B!

$+2=*9!R0*.o9!f+,=0!,!,6!Q*=0*43-!=3!5*+!;6,!<2.*/*!*3!1*73!7*!13Q*!,4!

f,17,=! =*;6,1*! =320,B! &,:32-! 7,! :*D*+! 3! 5*=@39! *! 1*/*=7,+2*9! *-! R=*::1,-9!

*1D64*-!:36.*-!D613-,24*-!,!.32-*-! -,4! 24:3+0h=.2*9! <2;6,2! .34!.,+.*!7,!\`!

7A1*+,-B!),72!64*!-*1*7*!/,+7,!,!64!:+*03!7,!5*0*0*-!<+20*-9!3-!732-! 20,=-!73!

.*+78:23!;6,!,+*4!0*=03!5*+*03-!;6*=03!-*02-<*0A+23-!:*+*!4,6-!7,-,Q3-!4*2-!

:+3<6=73-9! ;6,! 02=@*4! 72+,Vn,-! 3:3-0*-d! =*06+*1! ,! <+203B! e6=03-9! ,1,-! 4,!

.6-0*+*4!.2=.3!7A1*+,-9!,=0C3!*D3+*!,6!02=@*!=3/,!7A1*+,-!:*+*!*D6,=0*+!*0E!*!

:+AN24*!.*2N*B!U1*!,-0*/*!*!W\^!;621a4,0+3-!7,!72-0h=.2*!73!)*+;6,!U-0*76*1!

7,! L.%+0@6+Ff6+=,o! k*11-! L,43+2*1B! I8! @*/2*! 64*! 13Q*! :3+! .3=.,--C3! ;6,!

:,+4202*!*3-!0+21@,2+3-!7*!)K$!6-*+,4F=*!.343!:3-03!7,!+,*5*-0,.24,=03B!f,52!

7,-*=24*73+*4,=0,!42=@*!8D6*!D,1*7*!,=;6*=03!3-!360+3-!5,52*4!.,+/,Q*-B!

&6+*=0,! *! +,<,2VC39! .3=/,+-*43-! -35+,! 3! 0+,.@3! ?! <+,=0,B! &,! *.3+73! .34!

0373-! 3-! +,1*03-9! 13=D3-! 0+,.@3-! 7*! 0+21@*! ,-0*/*4! .35,+03-! 7,! =,/,B! #!

.@*+43-3!*0,=7,=0,!73!5*+!,-.6036!=3--*!.3=/,+-*!,!-,!*:+3N2436!:*+*!=3-!

72M,+!;6,!36/26!<*1*+!;6,!3!)*+;6,!"*.23=*1!7,!I*--,=!b31.*=2.!*2=7*!,-0*/*!

!#$$!

,=.35,+03!.34!^!4,0+3-!7,!=,/,B!U-0*/*4!72=*420*=73!*-!,-0+*7*-!:*+*!;6,!

:67,--,4!*5+2F1*!:,13!4,=3-!:*+*!*!.6+0*!,-0*VC3!06+>-02.*!7,-0,!*=3B!

!%.,20*!64*!5,527*T! !,1,!4,!:,+D6=0369!*0+*2=73!4,6!31@*+B! !q!

:3+!.3=0*!7*!.*-*! !*.+,-.,=036!;6*=73!/26!42=@*!@,-20*VC3B!

U1,! 0+36N,!64*! 0*V*!7,!:2=30! D+2-9! .@,2*! *0E! *! 53.*B!l6*=73!7,2! 64!

D31,9! 4,! -,=02! 2=-0*=0*=,*4,=0,! 03=0*! 7,! :+*M,+9! ,N*0*4,=0,! .343! <2;6,2!

;6*=73!5,52!3!7+2=;6,!@*/*2*=3!=*!=320,!*=0,+23+B!l6*=73!:*D*43-!*!.3=0*9!

7,.27243-!;6,!*3!-*2+!7,!f,17,=!:,1*!4*=@C!-,D62+>*43-!64*!.3452=*VC3!7,!

,-0+*7*-!7,!0,++*!7,!5*2N*!*102067,!,!*!)K$!:3+!.,+.*!7,!P_!;621a4,0+3-!*=0,-!

7,!:,D*+43-! .*+3=*!:*+*! .3=03+=*+!3! 0+,.@3! .34!=,/,!7*! 0+21@*!=3!)*+;6,!

"*.23=*1! 7,! I*--,=! b31.*=2.9! ,=0+*=73! =*! )K$! =3/*4,=0,! ,4! 64! 16D*+!

.@*4*73!#17!R0*023=B!

&,:32-! 7,! /310*+43-! *3! *.*4:*4,=039! -,=0,2! =*!42=@*! .*7,2+*! :*+*!

,-.+,/,+!64*!.*+0*!:*+*! e3,!,4!64!:,7*V3!7,!:*:,1!;6,! +*-D6,2!73!728+23B!

R,6! *=2/,+-8+23! ,-0*/*! -,! *:+3N24*=73! ,! 3! /2=@3!4,! 7,2N36! .34! -*67*7,B!

I,45+,2!;6*=73!-*>!.34!,1,!64*!=320,9!64!*=3!*=0,-9!.34!64*!42=2--*2*!,!

=*7*!:3+!5*2N3!,!<2M,43-!-,N3!,=.3-0*73-!=*!:*+,7,!7,!:,7+*!7,!64*!.*/,+=*!

2-31*7*!7,!64!:*+;6,!:G512.3B! I,45+,2!7*!/,+02D2=3-*! ,N:13-C3!7,!,43Vn,-!

;6,!-,=02*!.*7*!/,M!;6,!2=Q,08/*43-!360+*!73-,!7,!@,+3>=*!,!.343!*!02=0*!73!

.*5,13! 7,1,!4*=.@36!42=@*! <+3=@*! 7,! *M61B!"C3!4,! :,+4202! ,-.+,/,+! ,--*-!

.32-*-! =*! .*+0*B! k2;6,2! -,=0*7*! -,D6+*=73! *! .*=,0*9! -A! :,=-*=73! =,1*-9! ,!

0*45E4!=*-! .32-*-! ;6,!:37,+2*! 1@,! .3=0*+! -35+,!42=@*! ,N:,+2S=.2*! =*! )K$B!

)*+,.2*!24:3-->/,1!<*MSF13!,=0,=7,+!0673!3!;6,!*.3=0,.,6!=*;6,1,!4S-!7,:32-!

;6,!3!/2!,4!)3+01*=7B!L2=@*-! 1,45+*=V*-!73!G10243!/,+C3!4,!:*+,.2*4!0C3!

,-0+*=@*-!;6*=03!*!7,-.+2VC3!7,-0,!/,+C3!:*+,.,+2*!*!,1,9!,=0C39!,4!/,M!72--39!

<2M! :+2=.2:*14,=0,! 64*! 13=D*! 12-0*! 7,! :,+D6=0*-9! 7,-,Q*=73! -*5,+! .343! ,1,!

,-0*/*9!3!;6,!,-0*/*!<*M,=739!.34!;6,4!,-0*/*!<2.*=73!,!-,!Q8!02=@*!,-.*:*739!

.343!-,!+,<,+26!=3!.*+0C3F:3-0*1!;6,!4,!,=/236!,4!g,==,7o!L,*73p-9!,!-,!

!#$%!

12/+*73!73!/>.23B!U6!03+.2*!:*+*!;6,!-24B!"C3!:3+!4249!4*-!:3+!,1,B!&35+,2!*!

.*+0*!,!*!.313;6,2!7,=0+3!7,!64!,=/,13:,!;6,!$+2=*!4,!7,6B!K31@2!*1D64*-!

<13+,-!=3!.*4:3!,!*-!:+,--23=,2!7,=0+3!73!,=/,13:,!*=0,-!7,!<,.@8F13B!

!b36!.313.*+!2--3!=3!.3++,23! !72--,!?-!360+*-!:,--3*-9!,!-,D62!*!16M!

7,!42=@*!1*=0,+=*!7,!.*5,V*!:,1*!D+*4*!,!*3!13=D3!73!.*42=@3!7,!0,++*!*0E!*!

.*2N*!7,!.3++,23!73!1*73!7,!<3+*!7*!13Q*!<,.@*7*B!

! #29! 53=203=*! ! 64*! /3M! 7,! @34,4! 4,! .@*436! 7,:32-! ;6,!

.313;6,2!*!.*+0*!=*!.*2N*!7,!.3++,23B!b2!*:,=*-!*!5+*-*!7*!:3=0*!73!.2D*++3!=*!

/*+*=7*!,-.6+*B!

!#2! !+,-:3=729!2=-,D6+*B!

!R36!,69!3!*0,=7,=0,!73!5*+! !3!@34,4!72--,9!7*=73!64!:*--3!,4!

72+,VC3!?!16M!-6*/,!:*+*!;6,!,6!:67,--,!/,+!-,6!+3-03B! !J3-036!73!/2=@3T! !

:,+D6=036B!

!%@B!#2B!R24B!k32!+,*14,=0,!4620*!D,=021,M*!-6*B!#5+2D*7*B!

! %2=7*! ,-036! 0+*5*1@*=73! ! <*1369! 5*0,=73! *! .2=M*! 73! .2D*++3! ,4!

64! /*-3B! !L*-! /36! ,-0*+! 125,+*73! 7*;62! *! :36.3B!L,6! 0+*21,+! E! 13D3! 73!

360+3!1*739!-,!/3.S!;62-,+!*:*+,.,+!,!-,!72/,+02+B!)3--3!.3=-,D62+!64*!D*++*<*!

2=0,2+*!7*;6,1,!:2=30!D+2-!-,!;62-,+B!

!#5+2D*7*! !,6!72--,B! !L*-!:+,.2-3!*.3+7*+!.,73!,!:,D*+!*!0+21@*!

:,1*!4*=@CB!

U1,!7,6!360+*!0+*D*7*!=3!.2D*++39!*!:3=0*!*.,=7,=73!*+7,=0,4,=0,B!U6!

<2;6,2!31@*=73!64!:36.3!:*+*!,1,!7,:32-!;6,!,1,!4,!0+36N,!3!/2=@3B!c4*D2=,2!

;6,!02/,--,!O_!*=3-B!k2.*/*!5,4!7,!Q,*=-B!)3+!;6,!,6!=C3!2+!.34!,1,T!

!f,49!/3.S!0,4!0,4:3!:*+*!:,=-*+!*!+,-:,2039!-,!467*+!7,!27,2*! !

72--,B!

!$,=@3!;6,!.*42=@*+!O_!;621a4,0+3-!*4*=@C! !+,-:3=729!.343!-,!

2--3!-2D=2<2.*--,!*1D64*!.32-*!:*+*!,1,B!

!#$&!

!)37,!73+42+!=*!42=@*!.*-*! !,1,!72--,B! !U6!0,!7*+2*!*!42=@*!.*4*B!

)3--3!73+42+!=3!-3<89!-,!/3.S!;62-,+B!%:3-03!;6,!64*!.*4*!0,!<*+2*!-,!-,=02+!

5,4!7,:32-!7,!73+42+!=3!.@C3B!

!U-036!.34!0673!43=0*73!18B! !%:3=0,2!,4!72+,VC3!*3!.*4:3B!

b310,2! *3! *.*4:*4,=03! 4,! -,=02=73! 7,-.3=<3+08/,19! 2D6*14,=0,!

.3=<6-*!,! 12-3=Q,*7*!:3+! -,6! 2=0,+,--,9!64*! 2=Q,VC3!7,!:6+3!7,-,Q3!:61-*=73!

,4!424B!%-!461@,+,-!02=@*4!-,!<,.@*73!,4!-6*-!5*++*.*-!:*+*!73+42+!;6*=73!

/310,29!4*-! f+,=0! *2=7*! ,-0*/*! *.3+7*739! 7,! :E! =3! ,-.6+39! 31@*=73!:*+*! *-!

,-0+,1*-B!

!f3=2039!=C3T! !-6--6++,29!/310*=73!3-!31@3-!:*+*!,1,B!

l6*=73! <2M! 2--39! 1,45+,2! ;6,! =C3! 02=@*! .@3+*73! =,=@64*! /,M! 7,-7,!

;6,! .313;6,2! 3! :E! =*! 0+21@*B! K343! 2--3! ,+*! :3-->/,1T! &,:32-! 7,! 037*! *!

.@3+*7,2+*9!:*+,.2*! 24:3-->/,1!;6,! 2--3! <3--,!/,+7*7,9!4*-!,+*B!l6*-,!.@3+,2!

.34!,--*!+,*12M*VC39!4*-!,4!/,M!72--3!7,2!+2-*7*B!

!#!;6,!E!0C3!,=D+*V*73T! !f+,=0!:,+D6=036B!

!"*7*! !72--,9!,!31@,2!:*+*!3!+,1AD23B!U+*4!\_@\^B! !U4!D,+*1!,-036!

73+42=73!:,-*73!*!,--*!@3+*B!

!U6!0*45E4! !72--,!f+,=0B!

!L*-!,-036!.34:1,0*4,=0,!*.3+7*7*!,-0*!=320,B!

!q!:3+;6,!,-0*43-!*D20*73-!:3+!,-0*+!=*!.27*7,! !,1,!72--,B!

"A-!+243-B!$2=@*!*:+3/,20*73!*!.34:*=@2*!7*-!461@,+,-!3!72*!2=0,2+39!

*D+*7,.27*!:,13!02:3!7,!.3=/,+-*!;6,!+*+*4,=0,!02/,!7,-7,!;6,!,=0+,2!=*!)K$9!

4*-!,+*!7,!f+,=0!;6,!4,!-,=02*!,-0+*=@*4,=0,!:+AN24*9!*.@3!;6,!:3+;6,!,6!

3!*.@*/*!<*4212*+B!R,=0*7*!*3!1*73!7,1,9!:,+.,52!;6,!,1,!4,!<*M2*!1,45+*+!4,6!

2+4C39!;6,!,6!*4*/*!4*2-!73!;6,!;6*1;6,+!:,--3*9!*:,-*+!7,!=3--*!72-0h=.2*B!

!&,/>*43-!<*M,+!64!:,7273! !72--,!*!f+,=0B!

!"C3!0,4!;6,!,-:,+*+!*0E!/,+!64*!,-0+,1*!.*7,=0,T! !,1,!:,+D6=036B!

!#$'!

! $+*72.23=*14,=0,9! -249! 4*-! :37,43-! .+2*+! =3/*-! +,D+*-! !

+,-:3=72B! !$2:39!;6,+3!530*-!;6,!=C3!4*.@6;6,4!4,6-!:E-B!

!"C3!E!:*+*!72M,+!,4!/3M!*10*! !,1,!72--,9!,N*-:,+*73B! !q!.343!

*:*D*+!*-!/,1*-!=3!*=2/,+-8+23B!b3.S!=C3!:37,!.3=0*+!*!=2=D6E4!;6*1!E!3!-,6!

7,-,Q3B!%D3+*9!,1,!=C3!/*2!-,!+,*12M*+B!R,6-!:E-!,-0C3!.34:1,0*4,=0,!<37273-B!

!"C3!=,.,--*+2*4,=0,! !,6!72--,9!2=72D=*7*9!,453+*!4,!-,=02--,!4*1!

:3+!-*5,+!;6,!,1,!,-0*/*!.,+03B!

!#[9!<2M!3!4,6B!%D3+*!E!*!-6*!/,M! !,1,!72--,B!

#1@,2!<2N*4,=0,!:*+*!64*!,-0+,1*9!4*-!42=@*!4,=0,!<2.36!/*D*=73!7,!

64*!.32-*!:*+*!*!360+*B!

!l6,!@3+*-!/3.S!/*2!-*2+!*4*=@CT! !:,+D6=0,2B!

!%--24!;6,!*4*=@,.,+B!

!U6!0*45E4! !<*1,2B!

"C3! ;6,+2*! 4,! 7,-:,72+! 7,1,! =*! 4*=@C! -,D62=0,B! $+2=*9! R0*.o! ,! ,6!

7,.27243-!.*42=@*+!,!*.*4:*+!Q6=0*-!=3-!:+AN243-!72*-9!4*-!f+,=0!.*42=@*/*!

4*2-!+8:273!73!;6,!=A-9!3!;6,!-2D=2<2.*/*!;6,!-,D62+2*!-3M2=@3B!

!U=0C39!/3.S!<,M!64!:,7273T! !:,+D6=036B!

!%2=7*!,-036!:,=-*=73B!

! q! 64! 534!434,=03! :*+*! <*M,+! 64! ! ,1,! 72--,B! ! U-0*! E! =3--*!

G1024*!=320,!,4!R2,++*!",/*7*B!

!%7,6-9!R,++*!7*!I6M! !,6!72--,!:*+*!3!.E6B!

!b3.S!:37,!7,-,Q*+!64!.*/*13! !f+,=0!72--,B! !%--24!/3.S!=C3!0,+2*!

;6,!-,!:+,3.6:*+!.34!3-!:E-B!

#1@,2!:*+*!,1,!=3!,-.6+3B!c--3!,+*!/,+7*7,9!*!)K$!,-0*/*!*5,+0*!0*=03!

:*+*! 0+21@,2+3-! ;6*=03! :*+*! *=24*2-! 7,! .*+D*9! ,453+*! ,6! =C3! 0,=@*! *2=7*!

,=.3=0+*73!.*/*1,2+3-!=*!0+21@*B!

!$2/,!64!.*/*13! !<*1,29!/310*=73!*!31@*+!:*+*!3!.E6B! !$2/,!732-9!

=*!/,+7*7,B!

!#$(!

!f,49!,=0C39!/3.S!E!64*!-3+067*! !,1,!72--,B! !",4!0373!46=73!

0,4!64!.*/*13B!

k2.*43-!,4!-21S=.23!76+*=0,!/8+23-!42=603-B!

k2M!4,6!:,7273B!

!#$)!

!

)%($U!l'%$(#!!

!

l6*=73!,6!=C3!02=@*!64!0,039!<2M!7*!

%678.2*!3!4,6!0,03B!

(#fU($!)c"RgZ9!

R*46+*2!R3=D!

"6=.*9!=6=.*9!=6=.*!7,-2-0*B!

ic"R$#"!KY'(KYcII!

!#$*!

!

JJ&&S&!5(&\5$*&P*&!5(&!

!

U6!,-0*/*!7,!:E!=3!*.3-0*4,=03!7*!*603,-0+*7*!5,4!=*!-*>7*!7*!.27*7,!

7,!K@,-0,+9!0,=0*=73!:,D*+!.*+3=*9!;6*=73!64!@34,4!72+2D2=73!64!I,f*+3=!

:+*0,*73!7*!K@+o-1,+!:*+36!,! -*26!73!.*++3B!"*-!G1024*-!.2=;6,=0*!,!:36.*-!

@3+*-!,6!/2*Q,2!7,!.*+3=*!:3+!P_!;621a4,0+3-!.34!R0*.o9!$+2=*!,!3!.*.@3++39!

7*!.27*7,!7,!f,17,=!*0E!64!16D*+!.@*4*73!R03/,+!K*4:9!4*-!0>=@*43-!=3-!

-,:*+*73! @*/2*! 7,M! 42=603-9! ;6*=73! 64! .*+*! ,4! 64! Y3=7*! K2/2.! :*+36!

! 9!*0E!;6,!2=-2-02!,!R0*.o!,!$+2=*!<3+*49!#72=!

*=7*=73! 7,-*Q,20*73! *0+8-! 7,1*-! :*+*! -,=0*+! 3=7,! .3=-,D62--,9! ,=;6*=03! ,6!

1@,-!D*+*=02*!;6,!<2.*+2*!5,4B!

U6! <2.*+2*! 5,49! :,=-,29! ,=;6*=03!3! @34,4!;6,! 72+2D2*!3! I,f*+3=! 7*!

K@+o-1,+! /2=@*! =*! 42=@*! 72+,VC3! =3! *.3-0*4,=03! 7,! .*-.*1@3! 7*! ,-0+*7*9!

,453+*! -,=02--,! 64! ,45+61@3! =3! ,-0a4*D3! ,=;6*=03! 0,=0*/*! 72-.,+=2+9! ,4!

64*! <+*VC3!7,! -,D6=73-9! ;6*2-! ,+*4! -6*-! 2=0,=Vn,-B! U1,! :*+,.2*! -,+! 64! .*+*!

1,D*19!*1D6=-!*=3-!4*2-!/,1@3!73!;6,!,6B!U1,!,+*!64!.*+*!1,D*19!7,.2729!;6*=73!

31@,2! 7,! +,1*=.,! :*+*! 3! :*+*F.@3;6,! 7,! -,6! .*++3B! ",1,9! @*/2*! 64! *7,-2/3!

/,+7,!;6,!72M2*!cL%Jc"U!iYc(IU&!)U%RBP!

e8!@36/,!*1D64!*--*--2=3!,4!-E+2,!;6,!24*D2=36!*!:*M!46=72*1T!

! #2! ! -*67,2! *42D*/,14,=0,B! U6! ,-0*/*! -,D6+*=73! 3! *:203! 4*2-!

5*+61@,=03! 73! 46=739! 42=@*! 4C3! -,! 72+2D2=73! :*+*! ,1,! 2=.3=-.2,=0,4,=0,!

:3+!.24*!7*!L3=-0+*!,!*3!+,73+!7*!.3+7*!7,!=8213=!;6,!<2.*/*!:,=76+*7*!=*!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)!i@2+1,7!),*-!E!3!=34,!7,!64*!,N02=0*!5*=7*!7,!-6+<!46-2.B!q!64*!@343=>42*!7,!i3+17!),*.,9!:*M!46=72*1B!!

!#%+!

*+4*VC3!7*!43.@21*B!"C3!6-*/*!3!*:203!7,-7,!;6,!<62!*0*.*7*!:,13!036+39!4*-!

7,-7,!,=0C3!02=@*!*!.3=-.2S=.2*!:,+4*=,=0,!,!/2-.,+*1!7,!3=7,!,1,!,-0*/*!,4!

+,1*VC3!*!4249!.343!-,!=C3!,-02/,--,!*:,=*-!*4*++*73!?!43.@21*!:,1*!.3+7*9!

4*-!*!424!:3+!360+*!.3+7*!2=/2->/,1B!

! f34! 72*! ! 72--,! 3! @34,49! ,! ,-0,=7,6! *! 4C3! :*+*! 4,!

.64:+24,=0*+9! 3! .*5,13! .*-0*=@3! .*2=73! -35+,! 3-! 31@3-B! U1,! 72--,! ;6,! -,6!

=34,!,+*!e244o!K*+0,+9!4*-!;6,!=C3!,+*!:*+,=0,9!,!;6,!=C3!:372*!4,!7*+!

64*!.*+3=*!:3+;6,!=C3!@*/2*!,-:*V3!=3!.*++3B!#1@,2!,!/2!;6,!,+*!/,+7*7,B!

K*7*!.,=0>4,0+39!,N.,03!3! 16D*+!73!4303+2-0*9!,-0*/*!*5*++30*73!7,! Q3+=*2-9!

12/+3-9!+36:*-9!1*0*-!7,!+,<+2D,+*=0,!,!64!43=0,!7,!360+*-!.32-*-!;6,!.@,D*/*4!

?!*106+*!7*-! Q*=,1*-B!U1,!:,+D6=036! -,!,4!/,M!72--3!:372*! .3=/,+-*+! .342D3B!

&2--,!;6,!,+*! +,:A+0,+!7,!64*!:6512.*VC3!.@*4*7*!Y353!$24,-B!b2*Q*/*!7,!

!

!"C3!-36!*=7*+21@*! !72--,9!*.@*=73!D+*V*B! !R36!64*!0+21@,2+3!7,!

13=D*!72-0h=.2*B!

I*+D6,2!3!*:203!,!,-0,=72!3!5+*V3!,4!72+,VC3!?!,-0+*7*9!-2=*12M*=73!.34!

3!:31,D*+!:*+*!64*!/*=!;6,!:*--*/*B!

!U-036!<*M,=73!*!)*.2<2.!K+,-0!$+*21! !,N:12;6,29!31@*=73F3!7,!+,1*=.,9!

7,-,Q*=73!;6,!,=0+*--,!,4!-,6!.*++3!,!<3--,!,453+*B!

)+,.2-*/*! :,D*+! 76*-! .*+3=*-! ,4! 76*-! *603,-0+*7*-! 72<,+,=0,-! :*+*!

.@,D*+!?!#17!R0*023=9!,!,1,!=C3!*Q67*+2*!=2--3B!U-0*/*!246=7*!,!42=@*-!+36:*-!

4*2-!246=7*-!*2=7*9!4*-!,+*!64*!461@,+!-3M2=@*B!%!:+,-,=V*!7,!e244o!K*+0,+!

.34:12.*/*! *-! .32-*-9! *10,+*/*! *! .,=*! 73! :3=03! 7,! /2-0*! 73-!4303+2-0*-! ;6,!

:*--*/*4B!U6!4,!1,45+,2!7,!;6*=03!0,4:3!02/,!;6,!,-:,+*+!=3!*.3-0*4,=03!

;6*=73!,-0*/*!0,=0*=73!.@,D*+!*!R2,++*!K20o!.34!J+,DB!K34!e244o!K*+0,+!*3!

4,6!1*739!=2=D6E4!:*+*+2*B!

! U=0C39! @8! ;6*=03! 0,4:3! /3.S! ,-08! =*! ,-0+*7*T! ! ,1,! :,+D6=0369!

02+*=73!64*!.*=,0*!,!64!513;62=@3!.34:+273!,!,-0+,203!7,!+,:A+0,+!73!531-3!

!#%"!

7,!0+8-!7*!.*1V*!7,!/,1673!.30,1SB!R,6!.*5,13!,-0*/*!7,-D+,=@*73!,!-6Q3B!R6*!

<+*=Q*!,-.3=72*!,!7,:32-!+,/,1*/*!-,6-!31@3-!,-.6+3-9!7,:,=7,=73!7,!.343!3!

/,=03! -3:+*/*B!)*--36!:,1*!42=@*! .*5,V*!;6,!,1,! ,+*!64*!:,--3*!;6,! 02=@*!

64!)@B&B!,4!*1D3!2++,*1!,! 24:3-->/,1!7,!7,-.+,/,+B!%!@2-0A+2*!7*!.3=-.2S=.2*9!

0*1/,M9!36!,-0673-!.34:*+*02/3-!,4!72-.6+-3!,!-3.2,7*7,B!

! U6! Q8! 72--,9! =C3! ,-036! =*! ,-0+*7*! ! <*1,2! ,! +2B! r/27*! .343! ,-0*/*!

:*+*! :,D*+! 64*! .*+3=*9! =C3! :67,! ,/20*+! 4,! -,=02+! :36.3! -*02-<,20*! .34! *!

:+,-,=V*!7,!e244o!K*+0,+B!

! U-036! <*M,=73! *! .*42=@*7*! 7*! )*.2<2.! K+,-0! $+*21! ! +,:,029!

*:3=0*=739! .343! <3+4*! 7,! 216-0+*+9! :*+*! *!4*0*! ;6,! .+,-.2*! ?!4*+D,4! 7*!

,-0+*7*9!,453+*!=*!+,*127*7,!*!)K$!,-02/,--,!*!\^!;621a4,0+3-!7*;6,1,!:3=03B!

U1,!4,!31@36!2=,N:+,--2/*4,=0,9!-,4!.34:+,,=7,+B!U-08/*43-!=3!4,23!

7*!4*=@C! ,! Q8! <*M2*! .*13+9! 3! 02:3! 7,! 72*! ;6,! ,-0*+2*! *5+*-*73+! =*! @3+*! 73!

*143V3B!),+D6=0,2F4,! -,!,1,!:372*! -,=02+!3!4,6!.@,2+3B! e8! 02=@*!:*--*73!73!

:3=03!7,!-,=02+!4,6!:+A:+23!.@,2+3B!&,2!64!:*--3!*0+8-!,!4,!+,=729!*5*2N*=73!

3!5+*V3B!"3!;6,!-,!0+*0*/*!7,!:,D*+!64*!.*+3=*9!,6!,-0*/*!<,++*7*!*0E!;6,!,1,!

<3--,!,453+*B!

!q!64*!$+21@*!)*=3+h42.*!"*.23=*1! !*.+,-.,=0,29!4*-!,1,!.3=02=636!

4,!31@*=73! .34!64*! ,N:+,--C3!:*.2,=0,! =3! +3-039! 3! 513.3! ,4!5+*=.3! =*-!

4C3-B!U=;6*=03!1@,!,N:12.*/*!3!;6,!,+*!*!)K$!,!3!;6,!,-0*/*!<*M,=73!=,1*9!

:,+.,52! ;6,! e244o! K*+0,+! =C3! ,+*! <,23B! ),+D6=0,2F4,! -,! ,1,! 02=@*! *1D64*!

.3427*!=3!.*++3B!

!U=0C39!-,!/3.S!,-08!.*42=@*=73!,4!64*!0+21@*!-,1/*D,49!3!;6,!,-08!

<*M,=73!*;62T! !,1,!:,+D6=036B!

K3=0,2!-35+,!.3=03+=*+!*!=,/,!73!)*+;6,!"*.23=*1!I*--,=!b31.*=2.B!

!Y8!;6*=03!0,4:3!/3.S!,-08!=*!,-0+*7*T!

!U-036!=*!0+21@*!@8!.,+.*!7,!64!4S-! !72--,9!,!3!35-,+/,2!*=30*+!2--3B!

U! 4,! 3.3++,6! ;6,! 0*1/,M! <3--,! 64! 0*=03! *=7*+21@*9! .3=-27,+*=73! 3! 0,4:3!

!#%#!

D*-03!,4!:,D*+!.*+3=*-!,!<*M,+!3-!7,-/23-9!4*-!=C3!*.@,2!:+67,=0,!4,=.23=*+!

2--3B!

!l6*=0*-! =320,-! /3.S! 73+426! .34! 64! 0,03! -35+,! -6*! .*5,V*! =,--,!

4S-T! !,1,!:,+D6=036B!

!$+S-!/,M,-B! !+,-:3=729!*:A-!+,<1,02+B!'4*!=320,!=*!.*-*!7,!k+*=[!,!

%==,00,!,!76*-!=320,-!=3-!@30E2-!7,!(27D,.+,-0!,!R2,++*B!

! c--3! E! 0673!3!;6,!/3.S! 0,4T! ! ,1,!:,+D6=0369! *:3=0*=73!:*+*!*!

43.@21*!,!3!5*-0C3!7,!,-;62B!

! R249! ;6,+! 72M,+9! 0,=@3! *1D64*-! .32-*-! ,4! 7,:A-203-! 0*45E49!4*-!

=,--,!434,=03!E!2--3B!

K313;6,2! *!4C3!=*!L3=-0+*B! U1*! -,4:+,!:*+,.2*! .343!64*!*42D*9! ,!

4*2-!*2=7*!=*!:+,-,=V*!7,!e244o!K*+0,+B!

! f,49! ,=0C39! 72+2*! ;6,! /3.S! E! 64*! *=7*+21@*t! ! ,1,! 72--,!

*1,D+,4,=0,!,!4,!:,726!:*+*!-31,0+*+!4,6!:+24,2+3!,!G10243!=34,B!

U6!-31,0+,29!4*-!13D3!7,-,Q,2!=C3!0,+!<,203!2--3B!

! "C3! E! :3-->/,1t! ! ,1,! ,N.1*436! ;6*=73! /26! *! :*1*/+*! ,-.+20*! =*!

:8D2=*B! !q!,--,!4,-43!3!-,6!=34,T!

!R24! !,6!72--,9!,!4,!/2+,2!.343!-,!,-02/,--,!:+3.6+*=73!64!.*++3!

:*+*!;6,!,1,!=C3!:67,--,!/,+!*!@,-20*VC3!,4!4,6!+3-03B!

U-0*/*! ,-0+*=@*4,=0,! -21,=.23-3! *0E! ;6,! 64! .*42=@C3! 0+*=-:3+0*=73!

4*7,2+*! *:*+,.,6! =*! .6+/*! ,! :*--36! :3+! =A-9! 2D=3+*=73! 4,6! :31,D*+!

-6:12.*=0,B!

! U=0C3! ! e244o! K*+0,+! 72--,9! *:A-! *! :*--*D,4! 73! .*42=@C3B! !

)37,F-,!72M,+!;6,!/3.S!E!+,*14,=0,!64*!7,-D*++*7*]!

! U6! =C3! 72+2*! 2--3! ! D*D6,Q,2B! ! R,+! *=7*+21@*! ,! -,+! 0+21@,2+3! -C3!

.32-*-! .34:1,0*4,=0,!72<,+,=0,-B! ! R,D6+,2!=*! <*2N*! +3-*!73!4,6!5*-0C3!7,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*!"3!3+2D2=*19!-0+*o9!,4!+,<,+S=.2*!*!-2D=2<2.*73!73!-35+,=34,!7,1*B!!

!#%$!

,-;62!,!+2-;6,2!3!.@C3!7,!0,++*!.34!*!:3=0*9!7,-,=@*=73!64*!12=@*!;6,!<32!*!

16D*+!=,=@64B!

! "C3! -36! 64*! 0+21@,2+*! =3! -,=0273! ;6,! 0*1/,M! /3.S! 24*D2=,! 64*!

0+21@,2+*! !,N:12;6,2B! !R36!4*2-!.343!64*!0+21@,2+*!,-:,.2*12M*7*B!K*42=@3!

7,!W`!*!OW!;621a4,0+3-!:3+!72*9!72*!*:A-!72*9!-652=73!,!7,-.,=73!43=0*=@*-9!

*<*-0*7*!7*-!,-0+*7*-!,!7*-!:,--3*-!,!7,!;6*1;6,+!360+*!.32-*9!.34!<+,;6S=.2*!

:*--*=73! 72*-! -,4! /,+! =2=D6E4B! $*1/,M! /3.S! 7,/,--,! ,-.+,/,+! 64*! @2-0A+2*!

-35+,!2--3B!

U1,! 02+36! 3-! 31@3-! 73! 513.3! ,4!42=@*! 72+,VC39! 3! .*5,13! /3*=73! 7,!

<3+4*!,N0+*/*D*=0,!:,13!+3-03B!U1,!:*+,.2*!.343!0*=0*-!:,--3*-!;6,!.3=@,.2B!

k2;6,2!24*D2=*=73!-,!,--*!,+*!*!24:+,--C3!;6,!,1,!02=@*!7,!424B!

!&2<2.214,=0,! ,=.3=0+3!461@,+,-! *=7*+21@*-! ! ,1,! 72--,! ?!4,2*F/3M9!

.343!-,!,-02/,--,!.3=<,--*=73!64!-,D+,73! 9!2--3!E!46203!1,D*1B!

!"C3!-36!64*!*=7*+21@*t! !2=-2-02!.34!4*2-!/,,4S=.2*!7,-0*!/,MB!

!L61@,+,-!*=7*+21@*-!-C3!72<>.,2-!7,!,=.3=0+*+! !,1,!:,+-2-026B!

U6! 72--,! *! ,1,! ;6,! 2--3! *.3=0,.2*! :3+;6,! *-!461@,+,-! ,+*4!3:+2427*-!

7,4*2-! :*+*! -,+,4! *=7*+21@*-B!l6,!46203! :+3/*/,14,=0,! 037*-! *-!461@,+,-!

;6,! D3-0*+2*4! 7,! -,+! *=7*+21@*-! ,-0*/*4! ,=<2*7*-! ,4! *1D64*! .*-*! .34! 64!

5*=73!7,!.+2*=V*-!:*+*!.+2*+B!K+2*=V*-!;6,!<3+*4!D,+*7*-!:3+!:*2-!*=7*+21@3-!

;6,!02=@*4!.*>73!=*!,-0+*7*B!

!%@9!,=0,=72! !,1,!72--,B! !U=0C3!/3.S!E!64*!<,42=2-0*B!

!R24! !72--,B!U+*!534!.3=.3+7*+!,4!*1D64*!.32-*B!

!L2=@*!:+,721,0*! ! ,1,!72--,!,!*=3036!,4! -,6!513.3! -,4!72M,+! -6*!

:+,721,0*!,4!;6SB!

! L*-! =*7*! 72--3! 24:3+0*t! ! ,N.1*4,2B! ! )3+;6,! =C3! -36! 64*!

*=7*+21@*B! c--3! E! 030*14,=0,! 1,D>02439! /3.S! -*5,B!#!;6,! ,-036! <*M,=73B!"C3!

-36!*!G=2.*!*!:,+.3++,+!*!)K$B!%-!:,--3*-!<*M,4!2--3B!b3.S!Q8!36/26!<*1*+!7*!

%::*1*.@2*=!$+*21T!q!.343!,--*9!*:,=*-!4*2-!*!3,-0,B!

!#%%!

k2;6,2!:*+*7*!35-,+/*=73F3!*=30*+!3!;6,!:*+,.2*! -,+!4*2-!73!;6,!,6!

<*1,2B!

!J3-0*+2*!7,!02+*+!64*!<303!-6*! !e244o!K*+0,+!72--,B!

U1,!<32!*0E!3!.*++3!,!:,D36!64*!.h4,+*B!

!U--*!.*42-,0*!E!1,D*19!*!:+3:A-203B!%73+3!f35!L*+1,oB!U!D3-03!7,!-,6!

5+*.,1,0,!0*45E4B!R*5,9!/8+23-!*=7*+21@3-!-C3!/,0,+*=3-!73!b2,0=CB!

#1@,2!:*+*!3!=34,!i2112*4!eB!K+3.[,00!,4!4,6!:61-3B!

!R3++2*! !,1,!72--,9!,!02+36!64*!<303B!

U1,!4,!72--,!:*+*!:+3.6+*+!-,6!*+02D3!-35+,!424!=3!=G4,+3!73!3603=3!

7*!Y353!$24,-9!.343!-,!,6!<3--,!64*!1,203+*!@*5206*1B!

! $+,.@3-! 73-! *+02D3-! 0S4! -273! :6512.*73-! =*! ! ! ,1,!

*.+,-.,=036B!

!"*! T! !:,+D6=0,29!,-:*=0*7*B!

!R249!E!64*!+,/2-0*!;6,BBB!

!U6!-,2!3!;6,!E!*! ! !2=0,++34:2!+2-:27*4,=0,B! !"C3!;6,+3!

-*2+!=*! B!#6!4,1@3+9!;6,+3!46203!,-0*+!=*! 9!4*-!=C3!:3+;6,!

-36!*=7*+21@*B!

!),=-,2!;6,!/3.S!=C3!<3--,!64*!*=7*+21@*! !,1,!72--,9!,!-,!/2+36!:*+*!

*5+2+!3!:3+0*F4*1*-!73!.*++3B!

!f,49!=C3!-369!:3+0*=03!-,+2*!+,*14,=0,!64*!:E--24*!27,2*!,-0*+!=*!

9!3!;6,! -2D=2<2.*!;6,!/3.S!:+3/*/,14,=0,!=C3!7,/,+2*!=,4!,-.+,/,+!

,-0,!*+02D3!:3+;6,BBB!

! )*.30,! :*7+C3! 7,! *--2-0S=.2*! *3! *=7*+21@3! ! ,1,! 72--,9! /2+*=73F-,!

:*+*!4,!7*+!64*!1*0*!7,!.,+/,Q*!f67p,2-,+!D,1*7*!,!64*!-*.31*!7,!4,+.*73!

.34!64!:6=@*73!7,!20,=-B!

!L*-!=C3!-36!64*!*=7*+21@*! ! +,:,02!:,1*!G1024*!/,M9!.34!4,=3-!

<,+/3+! 73! ;6,! *=0,-9! .34!4,73! 7,! ,1,! <2=*14,=0,! *.+,720*+! ,4!424! ,!4,!

7,2N*+!-,4!3!:*.30,!:*7+C3!7,!*--2-0S=.2*!*3!*=7*+21@3B!

!#%&!

! #5+2D*73! :,1*! ,=0+,/2-0*! ! ,1,! 72--,9! ,! <,.@36! 3! :3+0*F4*1*-B! !

$,=@*!.627*73B!

!R249!/3.S!0*45E4! !<*1,2B!

!b3.S!0,4!64*!*+4*9!24*D2=3B!),13!4,=3-!,-:,+3!;6,!0,=@*B!

&,2!7,!345+3-9!+,160*=0,!,4!.3=<2+4*+!36!7,-4,=02+B!

!)3+;6,!-,2!;6,!,-0*/*!=3!-619!4*-!*D3+*!/3.S!,-08! 2=73!=*!72+,VC3!

=3+0,9!3!;6,!-2D=2<2.*!;6,!,-08!,=0+*=73!=3!0,++20A+23!73!)EFJ+*=7,B!

!)EFJ+*=7,T!

! R24B! R*5,9! 3! %5342=8/,1! Y34,4! 7*-! ",/,-T! R,4! 5+2=.*7,2+*B!

&*;62!,4!72*=0,!*0E!*! <+3=0,2+*!,!7,=0+3!73!#+,D3=!/3.S!,-08!=3! 0,++20A+23!

3=7,!<32!+,D2-0+*73!3!4*23+!=G4,+3!7,!*:*+2Vn,-!73!)EFJ+*=7,!=3!46=73B! !

U1,! -,! /2+36! :*+*! *-! 8+/3+,-! .343! -,! 64*!7,1*-! :67,--,! =3-! *0*.*+B! !'4!

43=0,! 7,! D,=0,! *.+,720*! =,1,-B! '4!43=0,! 7,! *=7*+21@3-! ;6,! ,-0C3! :3+! *>B!

),--3*-!;6,!.3=@,.,4B!#6V3!@2-0A+2*!-35+,!3!)EFJ+*=7,!3!0,4:3!0373B!

!f,49!,-036!5,49!*.@3B!),13!4,=3-!*0E!*D3+*! ! <*1,2!,! +29!,453+*!

-,=02--,! 64! 1,/,! <+23! =3! ,-0a4*D3B! "*-! -,4*=*-! *=0,+23+,-! ?! )K$9! ;6*=73!

7,.272!=C3!0,+!4,73!7,!=*7*9!:,=-,2!=3-!6+-3-9!=*-!.35+*-9!=3-!:64*-!,!=*-!

:,--3*-! ,-0+*=@*-! ;6,! ,=.3=0+*+2*! *3! 13=D3! 73! .*42=@3B! "C3! 02=@*!

.3=-27,+*73!43=-0+3-!5>:,7,-!@64*=327,-!:,1673-B!

! L*-! /3.S! ,-08! :+3/*/,14,=0,! -,D6+*B! U6! =C3! 4,! :+,3.6:*+2*B! q!

:+3/8/,1!;6,!,1,-!*!7,2N,4!,4!:*MB!)+2=.2:*14,=0,!-,!/3.S!0,4!64*!*+4*B!

!K,+03! !.3=.3+7,2B!

!f3*!-3+0,!,4!-6*!.*42=@*7*! !72--,9!,!,=0+36!=3!.*++3B!

!f3*!-3+0,BBB!,4!7,-.35+2+!*=7*+21@3-! !<*1,29!,!*.,=,2!;6*=73!,1,!-,!

*<*-036B!

k2;6,2!:*+*7*!*12!:3+!64!0,4:39!7,2N*=73!3-!.*++3-!:*--*+,4!-,4!=,4!

0,=0*+! <*M,+! .34!;6,!4,!7,--,4!64*!.*+3=*B!U6!4,! -,=02*!4*2-! -3M2=@*!73!

;6,! ;6*1;6,+! :,--3*! =3!46=73! 2=0,2+3B!#! -31! ;6,=0,! 5*02*! 72+,03! ,4!4249!

!#%'!

4,-43!*0+*/E-!73! .@*:E6B! U6!4,!:,+D6=0,2! 3=7,! R0*.o! ,!$+2=*! ,-0*/*4B!#!

@34,4!;6,!02=@*!7*73!.*+3=*!*!,1*-!-A!*-!1,/*+2*!*!.,+.*!7,!W_!;621a4,0+3-!*!

1,-0,9! *0E! 3! .+6M*4,=03! .34! *! :+AN24*! *603,-0+*7*! ,4! ;6,! :+,.2-*+>*43-!

:,D*+!64*!.*+3=*!:*+*! 2+!=*!72+,VC3!=3+0,!,!7,:32-!7,!/310*!:*+*!3,-0,!*0E!

#17! R0*023=9! 3=7,! /310*+>*43-! ?! )K$B! K3452=*43-! 7,! =3-! ,=.3=0+*+! =,--,!

.+6M*4,=03B! U6! 4,! *++,:,=72! /*D*4,=0,! 7,! 0SF1*-! ,=.3+*Q*73! *! 4,! 7,2N*+!

:*+*!0+8-!;6*=73!*;6,1*!.*+3=*!*:*+,.,6B!f*1*=.,2!3!:31,D*+!:*+*!360+3!.*++3!

,!-A!7,:32-!;6,!,1,!:*--36!:,+.,52!;6,!=C3!7*/*!64*!53*!24:+,--C3!,6!,-0*+!

-,D6+*=73!64*!1*0*!7,!.,+/,Q*B!)+,--23=,2!3!*164>=23!<+23!.3=0+*!*!42=@*!0,-0*!

;6,=0,!,!7,!+,:,=0,!-,=02!/3=0*7,!7,!5,5SF1*B!)3+!;6,!=C3!7,/,+2*T!U1*!<2.*+2*!

;6,=0,!=*!42=@*!43.@21*B!

R6-:,=72!*!L3=-0+*!,!*!.313;6,2!=*-!.3-0*-9!,=0C3!*=7,2!/*D*+3-*4,=0,!

*0+*/E-!73-!*+56-03-!*0E!*!/*1*!,!7,:32-! -652!=3/*4,=0,!*0E!*!4*0*9!;6,!7,!

.,+0*!<3+4*!,+*!.343!64!1*+9!.343!3!46=73!;6,!,+*!4,69!7,!64!Q,203!;6,!3!

46=73! 7*-! ,-0+*7*-9! 7*-! .27*7,-! ,! 73-! .*++3-! Q8! =C3! ,+*! 4*2-B! %=7,2! *0E!

,=.3=0+*+!64!534!16D*+!=*!-345+*B!&,:32-!4,!-,=0,2!=3!.@C3!,!*5+2!*!.,+/,Q*B!

"C3!D3-03!7,!.,+/,Q*! !=*!+,*127*7,9!*;6,1*!f67p,2-,+!<32!*!:+24,2+*!.,+/,Q*!

2=0,2+*!;6,!5,52!,4!037*!*!42=@*!/27*! 9!4*-!*.@,2!-*53+3-*9!.343!E!3!-*53+!

7*-! .,+/,Q*-9! 24*D2=39! :*+*! ;6,4! D3-0*d! D,1*7*! ,! *4*+D*9! +,<+,-.*=0,! ,!

3:3+06=*B!

U=;6*=03! 034*/*! *! .,+/,Q*9! ,N:13+,2! 3! .3=0,G73! 7*! -*.31*! :18-02.*B!

$2+,2!0673!,!,-0,=72!.*7*!20,4!=3!.@C3!?!42=@*!<+,=0,d!64!:*.30,!7,!.@2.1,0,!

7,! @3+0,1C9! 0+S-! 1,=V3-! 64,7,.273-! +,<+,-.*=0,-! ,4! :*.30,-! 2=72/276*2-9! 64*!

,45*1*D,4! 7,! :*:,1! .3=0,=73! 76*-! *-:2+2=*-9! -,2-! 5*1*-! 7,! 5600,+-.30.@!

,45+61@*7*-!,4!:*:,1!736+*73!0+*=-:*+,=0,9!64*!.*2N*!7,!<A-<3+3-!;6,!72M2*!

#5+2D*739! R0,2=5,.[! &+6D9! 64*! 12=D62V*! 7,<64*7*! R124! e24! <,.@*7*! =*!

,45*1*D,4! :18-02.*! *! /8.639! 64! G=2.3! .2D*++3! ,4! 64! ,-03Q3! .21>=7+2.3!

!#%(!

2420*=73! /27+39! 64! *:*+,1@3! 7,! 5*+5,*+! 7,-.*+08/,1! ,! 64*! 1*0*! :,;6,=*! ,!

1*+D*!7,!<,2Qn,-!.3M273-B!

K342! *! R124! e24! :+24,2+39! 034*=73! 3! +,-03! 7*! f67p,2-,+9! ,=0C3! *-!

5*1*-! 7,! 5600,+-.30.@9! 037*-! *-! -,2-9! 64*! *0+8-! 7*! 360+*9! ,! 7,:32-9! *2=7*!

<*42=0*9!-,4:+,!<*42=0*9!/310,2!*!*0,=VC3!:*+*!*!1*0*!7,!<,2Qn,-!.3M273-B!%5+2F*!

*3-!:36.3-!.34!3!24:3-->/,1!*5+273+!7,!1*0*!73!4,6!.*=2/,0,!-6>V3!,!7,:32-9!

:+,D62V3-*!7,4*2-!:*+*!:+3.6+*+!*!.31@,+!=*!531-*9!,=<2,2!3!:+A:+23!.*=2/,0,!,!

3-!.342! !,-0213!*=7*+21@*! !72+,03!7*!1h42=*B!

b310,2! :*+*! *! ,-0+*7*! 4,! -,=02=73! 1,/,4,=0,! *10,+*7*! :3+! .*6-*! 7*!

.,+/,Q*9! 4*-.*=73! 732-! :,7*V3-! 73! .@2.1,0,! 7,! @3+0,1C! :*+*! 4,! +,.6:,+*+9!

,=;6*=03!*:3=0*/*!*1,D+,4,=0,!3!:31,D*+!:*+*!0373!.*++3!;6,!:*--*/*B!%:A-!

*1D6=-!42=603-9! 64! /,1@3!L*/,+2.[! 5+*=.3! :*+36B! '4*!461@,+! -,=0*/*! =3!

5*=.3!73!4303+2-0*!.34!64!@34,4!*3!1*73!,!360+3!@34,4!,!64!.*.@3++3!

=3!5*=.3!7,!0+8-B!

!)*+*!3=7,!/3.S!,-08!2=73T! !:,+D6=036B!

!#17!R0*023=! !+,-:3=72B! !#6!:,13!4,=3-!:*+*!3!.+6M*4,=03!7*!

OX!.34!*!``B!

! c--3! <2.*!=3!=3--3!.*42=@3! !,1*!72--,9!,!-*26!73!.*++3!:*+*!7*+!*!

/310*!,!*5+2+!3!:3+0*F4*1*-!:*+*!424B!)*+,.2*!0,+!6=-!`_!*=3-B!R,6!.*5,13!,+*!

.+,-:3!,!02=D273!7,!136+39!3!+3-03!2=.@*73!,!4*+.*73!:3+!/,1@*-!.2.*0+2M,-!7,!

*.=,B! '-*/*! 5,+467*-! <,20*-! 7,! .*1V*! Q,*=-! .3+0*7*9! 5+2=.3-! 736+*73-! =3!

<3+4*03!7,!53+531,0*-!,!64*!516-*!<+,=0,!G=2.*!.2=M,=0*!;6,!:*+,.2*!0,+!-273!

<,20*!.34!3-!5*+5*=0,-!7,!64!,-<+,DC3B! !'4*!43.@21*!,!0*=03!;6,!/3.S!0,49!

D*+30*! !<*136!,!+26!+6273-*4,=0,B!

!#5+2D*7*9!35+2D*7*! ! .3=02=6,2! <*1*=73!,=;6*=03! 124:*/*!3! -63+!

73!+3-03!,!*!*Q67*/*!*!,=<2*+!*!L3=-0+*!=3!:3+0*F4*1*-B!K3=-,D6243-!:3+!<24!

.313.*+!*!L3=-0+*!,!-,=0,2!=3!5*=.3!7,!0+8-!.34!3!.*.@3++3!,!3!@34,4B!#!

.*.@3++3! ,+*! 64! 12=73! @6-[o! 7,! 31@3-! *M62-9! 7,! :E! =3!42=G-.613! ,-:*V3! ?!

!#%)!

<+,=0,!73!5*=.3B!#!@34,4!,+*!4*D+3!,!02=@*!4*2-!36!4,=3-!*!4,-4*!27*7,!

7*!461@,+9!3!.*5,13!,-.6+3!:+,-3!,4!64*!0+*=V*!<2=*B!U1,!6-*/*!64!.31,0,!7,!

.36+3!:+,039!.*42-,0*!:3+!5*2N3!,!64*!5*=7*=*!/,+4,1@*!*4*++*7*!=3!,-0213!

4303.2.12-0*!=3!*103!7*!.*5,V*B!

! #2! !46+46+,2! ,4! -6*! 72+,VC39! ,=;6*=03! 56-.*/*! 2=60214,=0,! 3!

.2=03!7,! -,D6+*=V*!;6,! ,-0*/*!:+,-3! 2++,4,72*/,14,=0,!=*!735+*!73!5*=.39!

4,6-!31@3-!/*-.61@*=73!-6*-!0*06*D,=-d!64*!531*!7,!4,0*1!.+*/*7*!7,!:+,D3-!

=*! ,N0+,427*7,! 7,! 64*! .3++,=0,! ,4! 64! 5+*V39! *!4,0*7,! 7,! .24*! 7,! 64*!

461@,+!7,!-,23-!7,!<3+*!.34!*!.*5,V*!Q3D*7*!:*+*!0+8-!0*=03!,4!73+!;6*=03!

,4!SN0*-,!=3!360+3!5+*V39!64*!:*1*/+*!1*02=*!;6,!=C3!.3=@,V3!3!-2D=2<2.*73!

,-.+20*!=3!:,203+*1!5+3=M,*73B!

l6*=73!7,-2-02!7,!,=.3=0+*+!3!.2=03!7,!-,D6+*=V*9!3!@6-[o!-,!2=.12=36!,!

1*45,6!4,6!Q3,1@3!*/27*4,=0,!.34!-6*!1>=D6*!,-0+*=@*4,=0,!<+2*!,!4*.2*B!

! U--,! .*.@3++3! 0,4! 64! 534! D3-03! <21@3! 7*! :60*! :*+*!461@,+,-! !

72--,!3!@34,4B! !R,6!=34,!E!R0,/2,!(*o! !*.+,-.,=036B!

c=-0*=0*=,*4,=0,!3!.*.@3++3!:*+36!7,!4,!1*45,+9!<,.@36!*!53.*!,!4,!

31@36! .34! -,6-!31@3-! <+23-! ,!7,!53+7*-!:+,0*-! .343! -,! -365,--,!;6,! ,-0*/*!

-,=73!*:+,-,=0*73!,!;62-,--,!-,+!,76.*73B!

!U6!-36!R:27,+B!b3.S!Q8!.3=@,.,6!*!I362-,j!,1*!*0,=7,!:3+!I36B!

!#2! !I36!72--,9!31@*=73!:*+*!3-!4,6-!31@3-!:3+!64!-,D6=73!:,13!

,-:,1@3!+,0+3/2-3+B!

!U!,--,!E!3!4,6!2+4C3!&*/,! !,1,!72--,9!*:3=0*=73!:*+*!3!@34,4!

=3!5*=.3!73!.*+3=*B!

!#2! !<*1,2B!

!U!/3.ST!$,4!64!=34,T! !&*/,!-,!/2+36!:*+*!:,+D6=0*+B!

!%@9!-249!7,-.61:,B!R36!*!K@,+o1B! !R3++29!,453+*!-,=02--,!64*!/*D*!

2=.,+0,M*!-35+,!0,+!*.,20*73!,--*!.*+3=*!,4!,-:,.2*1B!

!#%*!

"C3!@*/2*!=*7*!*!<*M,+!+,1*VC3!*!2--3!*D3+*B!e8!,-08/*43-!*!.*42=@39!3!

/,=03!;6,=0,!-3:+*=73!=3!4,6!.*5,13B!%.*+2.2,2!R0,/2,!(*o!,=;6*=03!*/*12*/*!

R:27,+!,4!42=@*!/2-C3!:,+2<E+2.*B!

!#5+2D*7*!:3+!4,!:,D*+! !,6!72--,9!:*+*!72--2461*+!4,6!7,-.3=<3+03B!

!U29!-,4!:+351,4*-9!2+4C! !R:27,+!72--,B!U4!-,6!7,73!4E723!6-*/*!

64!*=,1!;6*7+*73!7,!06+;6,-*B! !"A-!0373-!Q8!,-02/,43-!=*!,-0+*7*B!R*5,43-!

.343!EB!),D6,2! .*+3=*!=*! -,4*=*!:*--*7*!,9! .*+*1@39! -,! ,6!=C3!.3=-,D62--,!

:,D*+!64*!.*+3=*!:*+*!-*1/*+!42=@*!/27*9!,=0C3!E!:3+! 2--3!;6,!;6*=73!*!/2!

72--,!*!I36!:*+*!:*+*+B!)3++*!7,!.*+4*9!,=0,=7,T!

!R24! !,6!72--,9!*Q,20*=73!3!.*5,13!*0+8-!7*-!3+,1@*-B!U-0*/*!8-:,+3!,!

-,.3!.343!:*1@*B!

! &,! ;6*1;6,+! <3+4*9! 3! ;6,! /3.S! ,-08! <*M,=73! =*! ,-0+*7*T! ! I36!

:,+D6=036!18!7*!<+,=0,B!

K3=0,2! 037*! *! @2-0A+2*! 7*! )K$9! ,N:12.*=73! -35+,! *! 0+21@*! ,! *! =,/*-.*!

:,-*7*! +,.3+7,! ,! *! 4*=,2+*! .34:12.*7*! 7,! :,D*+! .*+3=*! *0E! .@,D*+! ?! #17!

R0*023=B!U1,-!36/2+*4!.34!+,-:,2039!4*-!:36.*!.6+23-27*7,9!3-!0+S-!*.,=7,=73!

.2D*++3-!,=;6*=03!,6!<*1*/*B!&,:32-!;6,!*.*5,2!7,!<*1*+9!R:27,+!72--,d!

!U6!0,=@3!64*!@2-0A+2*!:+*!/3.S9!K@,+o1B!%.@3!;6,!0,4!*!/,+!.34!3!

;6,!/3.S!,-08!<*1*=73B!U6!,-0*/*!1,=73!-35+,!*=24*2-!@8!:36.3!0,4:3!,!02=@*!

,--*! :3++*! 7,--,! .2,=02-0*! =*! k+*=V*! =3-! *=3-! \]O_! 36! \]`_! 36! -*5,F-,! 18!

;6*=73! <32! ,--*! :3++*9! ,! ,1,! ,-0*/*! 0,=0*=73! <*M,+! .34! ;6,! 3-! 4*.*.3-!

7,-,=@*--,4!6=-!;6*7+3-9!:2=06+*-!*+0>-02.*-!73!02:3!7,!:2=06+*-!;6,!/3.S!/S!

,4!46-,6-!,!4,+7*-!7,--,! 02:3B!U=0C39!,--,! .2,=02-0*! <2.*!43-0+*=73!:*+*!3-!

4*.*.3-!3-!;6*7+3-!,!7*=73!*!,1,-!18:2-!.*+/C3!:*+*!7,-,=@*+9!,=0C3!64!72*!

64! 73-! 4*.*.3-! <2=*14,=0,! 7,-,=@*! *1D64*! .32-*9! 4*-! =C3! 64! 7,-,=@3!

*+0>-02.3B!U1,!7,-,=@*!*-!5*++*-!7*!:3++*!7*!:+A:+2*!Q*61*B!%!:3++*!7*!:+A:+2*!

Q*61*t!K*+*9!,--*!E!*!/,+7*7,9!=ET!U6!:3--3!4,! 27,=02<2.*+!.34! 2--3!,!*:3-03!

;6,!/3.S!0*45E4!:37,9!2+4CB!

!#&+!

!U6!:3--3! !,6!72--,9!:+67,=0,4,=0,B!

!$373!46=73!:37,!,=0,=7,+!2--39!.*+*! !72--,!&*/,9!/2+*=73F-,!7,!

-,6!5*=.3!7,!4373!;6,!,1,!,!R:27,+!:67,--,4!<*M,+!=3!*+!,=0+,!,1,-!64*!-E+2,!

7,!-*67*Vn,-!7,!4303.2.12-0*-!2+4C3-!7,!-*=D6,B!

! b3.S! ;6,+! -*5,+! 64*! .32-*! -35+,! ,-0,! .*.@3++3T! ! R:27,+! 4,!

:,+D6=036! ;6*=73! 0,+42=*+*4B! ! J*=@,2! ,1,! =3! 72*! ,4! ;6,! R0,/2,! (*o!

b*6D@*=!43++,6B!q!:3+!2--3!,1,!0,4!,--*!:3++*!7,!=34,B!

!%73+3!R0,/2,!(*o! !,6!72--,B!

!b3.S!D3-0*!73!$,N*-!k1337T! !&*/,!4,!:,+D6=036B!

!R24! !+,-:3=729!,4:31D*7*!.34!*!1,45+*=V*!7,1,-B!

! U6! 0,=@3!64!*;62! ! ,1,!72--,9!:,D36!64!K&!,!3!.313.36!=3!K&!

:1*o,+!;6,!,-0*/*!*:32*73!,=0+,!,1,!,!I36B!'4!434,=03!7,:32-9!3!:*+*>-3!7*!

D620*++*! ,1E0+2.*! 7,! b*6D@*=! 2=6=736! 3! .*++3B! %! 4G-2.*! -336! .343! 64!

*124,=039!.343!.3427*9!.343!037*-!*-! .32-*-!;6,!,6!=C3!7*/*! 24:3+0h=.2*!

:3+!.3=-27,+8F1*-!A5/2*-!,!;6,!*D3+*!-,!03+=*+*4!<3=0,-!7,!SN0*-,!:3+;6,!=C3!

!

l6*=73!,1*!*.*5369!I36!72--,d!

!"A-!,-0*43-!*:*2N3=*73-9!,6!,!&*/,B!b*43-!=3-!.*-*+!=*!:+AN24*!

-,4*=*B!

!)*+*5E=-! !,6!72--,B!

! b3.S! ;6,+! -,! .*-*+9! ;6,+27*T! ! R:27,+! 4,! :,+D6=0369!

434,=0*=,*4,=0,! 03.*=73!7,! 1,/,!42=@*!.3N*!=6*!.34!*-! .3-0*-!7*!4C39!

-,6!*=,1!06+;6,-*!:+,--23=*=73!<3+0,!*!42=@*!:,1,B!

! R24:1,-4,=0,! 2D=3+,! ! 72--,! I36B! ! U1,! =C3! :*--*! 7,! 64! /,1@3!

0*+*73B!

U1*!+26!,!4,!31@36!:,13!,-:,1@3!+,0+3/2-3+B!

!#&"!

U6!,+*!64*!0*+*7*!0*45E49!:,=-,29!,=;6*=03!R0,/2,!(*o9!3!.*.@3++39!

1*452*!4,6!Q3,1@3!4,0372.*4,=0,!,!3!360+3!R0,/2,!(*o!,N,.60*/*!64*!/,+-C3!

:*+,.2*! :61-*+B!l6,+2*! ;6,! ,1,! <2M,--,! 2--3! =3/*4,=0,9! ,453+*! -365,--,! ;6,!

,+*! +27>.613B! '4! .*+0C3! 1*42=*73! .34! 64*! .+6M! 5*1*=V*/*! :,=76+*73! =*!

@*-0,!73!,-:,1@3!+,0+3/2-3+9!Q6=03!.34!64!*+34*02M*73+!7,!*+!7,-530*73!,4!

<3+4*03!7,!8+/3+,!7,!"*0*19!,!;6*=73!,1,!D2+369!,6!/2!;6,!=3!/,+-3!02=@*!*!

<303D+*<2*!7,!64!D*+302=@3B!

! q! -,6! <21@3T! ! :,+D6=0,29! *:3=0*=73! :*+*! 3! ,-:,1@39! ;6*=73! *!

4G-2.*!*.*536B!

! U--,! E! 3! 4,6! I6[,! ! ,1*! 72--,9! -,D6+*=73! *! <303! ,! 7*=73! 64!

0*:2=@*B!

! U1,! /*2! ,-0*+! =3! .*-*4,=03T! ! :,+D6=0,29!4*-! ,1*! =C3! +,-:3=7,69!

*:,=*-!7242=626! *!4G-2.*9! ,! ,6! -365,! 24,72*0*4,=0,!;6,! 02=@*!7203! *! .32-*!

,++*7*B!

! U1,!43++,6! @8! .2=.3! *=3-9! ;6*=73! 02=@*! P! *=3-! ! 72--,! I369! 6=-!

2=-0*=0,-!7,:32-B!

!R2=03!46203! !72--,9!4,!2=.12=,2!:*+*!*!<+,=0,!,!03;6,2!-,6!345+3B!

! U1,! ,-0*/*! *=7*=73! 7,! 52.2.1,0*! ,! <32! *0+3:,1*73! :3+! 64*!

.*42=@3=,0,! !,1*!72--,!*5,+0*4,=0,B! !U1,!=C3!43++,6!=*!@3+*B!%D6,=036!

:3+! 64*! -,4*=*! =3! @3-:20*1B! ",=@64! 73-! 4E72.3-! *.+,72036! ;6,! ,1,! =C3!

43++,6!=*!@3+*B!

!U1,!,+*!64!D*+302=@3!7*=*73!7,!76+C3! !72--,!R:27,+B!

!R,4!7G/27*!,+*! !72--,!I36B!

!%--24!.343!-6*!4C,! !&*/,!72--,9!:,D*=73!=3!Q3,1@3!7,!I36B!

!U6!-2=03!46203! !72--,!=3/*4,=0,B!

!#&#!

!U6!-,2!;6,!-,=0,! !72--,!I36!*=0,-!7,!*64,=0*+!*!4G-2.*B!b2*Q*43-!

-,4! .3=/,+-*+9! 36/2=73! 3! 1*4,=03! 7*! D620*++*! ,1E0+2.*! 7,! b*6D@*=! *5+2+!

!

)36.3!0,4:3!7,:32-9!I36!D+2036d!

! U2-! -,6! .+6M*4,=03B! ! U1*! :*+369! 7,-12D36! 3!4303+! ,! 31@36! :*+*!

&*/,B! !)3+!;6,!3-!+*:*M,-!=C3!1,/*4!R0,/2,!(*o!:*+*!<*M,+!N2N2T!

U1,-! -*>+*4! Q6=03! .342D3! ,! <2.*+*4! :3+! *12! *.,=7,=73! -,6-! .2D*++3-!

,=;6*=03!,6! 02+*/*!*!43.@21*!73!:3+0*F4*1*-B!&*/,!,! R:27,+! 1,/*+*4!R0,/2,!

(*o!:*+*!*-!8+/3+,-!73!1*73!7*!,-0+*7*!,!I36!,!,6!<2.*43-!,4!64!0+,.@3!7,!

-345+*! :,+03! 73! .*++39! ,=;6*=03! :+,=72*! *! L3=-0+*! ,4! 424B! U1*! 4,!

:,+D6=036! -,!,6! 02=@*! <21@3-9!;6*1!,+*!*!42=@*! 27*7,9! -,!,+*! .*-*7*!36! -,! Q8!

02=@*!-273B!

!"C39!WX9!=C39!-24! !72--,!*!,1*B!

U1*!72--,d!

!b3.S!E!53=20*9!:3+0*=03!/*2!-,!7*+!5,4!,4!;6*1;6,+!.32-*!;6,!<*V*B!

e8!,69!*-!:,--3*-! -,4:+,!:+,.2-*4! -,!*D*++*+!*3! <*03!7,!;6,! 0,=@3!64!534!

.3+*VC3B!"6=.*!<62!53=20*B!

!"C3!E!/,+7*7,! !,6!72--,B! !U6!*.@3!/3.S!53=20*B!

!%.@*T! !,1*!:,+D6=036B!

! R24! ! 72--,9! ,453+*! 53=20*! =C3! <3--,! ,N*0*4,=0,! .343! ,6! *!

7,-.+,/,+2*B!

!%.@*T!#5+2D*7*B!q!534!36/2+!2--3B!"3+4*14,=0,!&*/,!E!3!G=2.3!*!

*.@*+!2--3B!

U1*!31@36!:*+*!5*2N3!,4!72+,VC3!?-!42=@*-!:,+=*-B!

!b3.S!:+,.2-*! -,!+*-:*+9!D*+30*t! !,1*!5,++369!7,:32-! +26!7*!4,-4*!

4*=,2+*! +36.*! ;6,! 02=@*! +273! ;6*=73! .34,=036! ;6,! *! 42=@*! 43.@21*! ,+*!

D+*=7,B! !%@! !72--,9!-310*=73!<64*V*!:,1*!53.*B! !U-036!-A!0,!,=.@,=73!3!

-*.3B! %.@3! 1,D*1! /3.S! <*M,+! 3! ;6,! ;62-,+B! )36.*-! D*+30*-! <*M,4! 2--39! ;6,+!

!#&$!

-*5,+BBB!-24:1,-4,=0,!72D*!?!-3.2,7*7,!,!?-!-6*-!,N:,.0*02/*-!:*+*!-,!<37,+,4B!

R,!4*2-!461@,+,-!<2M,+,4!2--39!/*43-!<2.*+!,4!64*!-206*VC3!4,1@3+B! !U1*!7,6!

64*!0+*D*7*!,!-31036!*!<64*V*!,4!64*!12=@*!.34:*.0*B! !&,!;6*1;6,+!<3+4*9!

7,:32-! 7,! 037*! ,--*! @2-0A+2*! -35+,!4,6! <21@3! -,+! *0+3:,1*739! 7,:32-! 73! ;6,!

*.3=0,.,69!,6!43++2! 0*45E4B!)3+!7,=0+3B! !U1*!5*0,6!=3!:,203!.34!*!4C3!

;6,!-,D6+*/*!3!.2D*++3B! !)*+,V3!*!4,-4*9!4*-!=C3!-36!*!4,-4*!*;62!7,=0+3B!

l6,+!72M,+9!*!/27*!-,D6,!,!037*!,--*!4,+7*9!4*-!*!43+0,!7,!I6[,!02+36!2--3!7,!

424B!$,=03!=C3!*D2+!7,--*!<3+4*9!4*-!E!3!;6,!*.3=0,.,6B!c--3!*++*=.36!*!I36!

7,!7,=0+3!7*!I369!,!=C3!0,4!/310*B!U=0,=7,T!

!U=0,=73! !,6!72--,9!31@*=73!:*+*!-,6-!31@3-!.*-0*=@3-B!

!%.@3!;6,!-24! !,1*!72--,B! !U6!02/,!,--*!-,=-*VC3!*!-,6!+,-:,203B!

&,-:,72F4,!7,1,-9! *0+*/,--,2! 3! .+6M*4,=03! ,!4,!72+2D2! :*+*! *! ,-0+*7*!

;6,! 4,! 1,/*+2*! *! #17! R0*023=B! #! .*13+! ,-0*/*! 0C3! <3+0,! ;6,! .+2*/*! 3=7*-!

:,+.,:0>/,2-! -*2=73! 73! .@C3B! l6*=73! .@,D6,2! ?! ,-0+*7*9! /2! 0+S-! <2D6+*-!

3=761*=73!*!72-0h=.2*B!

!R0*.ot! !D+20,2B! !$+2=*t!

U1*-!4,!/2+*4!,!*.,=*+*4B!#72=!1*026!64!*1aB!

),D*43-! 64*! .*+3=*! :*+*!#17! R0*023=9! 360+3! /21*+,Q3!42=G-.613! ;6,!

,+*!4*2-!64!*D134,+*73!7,!.3=-0+6Vn,-!73!;6,!64*!.27*7,B!$+2=*! <32!*0E!*!

*DS=.2*! 73! .3++,23! 7,-:*.@*+! *1D64*-! .32-*-! :*+*! .*-*! ,=;6*=03! R0*.o! ,! ,6!

,-:,+*43-! :3+! ,1*! =3! .*<E! .34! *+F.3=72.23=*739! 5,5,=73! +,<+2D,+*=0,! ,!

72-.602=73! 3! :+AN243! 0+,.@3! 7*! 0+21@*B! U+*! 64! :,7*V3! 73! :1*=*103!L373.!

.@*4*73!Y*0!K+,,[!(249!7,-31*73!,!<*43-3!:,1*!*6-S=.2*!7,!8D6*!,!-345+*9!

64!0+,.@3! 1,=78+23!,4!64*!0+21@*!7,! 1,=7*-B!R,.3!,!;6,=0,9!,1,! <32!*++*-*73!

:3+! 64*! ;6,24*7*! ,4! \]PmB! #! )*.2<2.! K+,-0! $+*219! b3164,! \d! K*12<3+=2*!

2=<3+436!;6,!*:,-*+!7,!=C3!,N2-02+!<3=0,!7,!8D6*!.3=<28/,1!7,!#17!R0*023=!*0E!

(3.[! R:+2=D-!K+,,[9!`P!;621a4,0+3-!7,:32-9! ;6*=73!3! 12/+3! <32! 24:+,--3!,4!

\]P]9!3!-,+/2V3!<13+,-0*1!,-0*/*!:*+*!2=-0*1*+!64!+,-,+/*0A+23!7,!8D6*!:,+03!7*-!

!#&%!

+6>=*-! 7,! 64*! /,1@*! 03++,! 7,! 43=203+*4,=03! 7,! 2=.S=7239! W`! ;621a4,0+3-!

*72*=0,B!#!D62*!*7/,+02*!;6,!,--*!2=<3+4*VC3!7,/2*!-,+!.3=<2+4*7*!,9!4,-43!

0,=73! -273! .3=-0+6>739! ,--,! 02:3! 7,! +,-,+/*0A+23! =,4! -,4:+,! E! -,D6+3! :3+!

.*6-*!73!/*=7*12-43!=*!<3+4*!7,!56+*.3-!7,!5*1*B!

K@6:,2! 3! D,13! 73! .3:3! 7,! +,<+2D,+*=0,9! 64! .653! :3+! /,M9! +,<1,02=73!

-35+,! ,--*! 2=<3+4*VC3B! &,2N,2! 3! +,-,+/*0A+23! 7*! @27+*0*VC3! ,4! g,==,7o!

L,*73p-9! Q8! ;6,! *! 4*23+! :*+0,! 73-! 0+,.@3-! 7*! 0+21@*! *3! =3+0,! 02=@*! 8D6*!

:308/,1B!U4!*=0,.2:*VC3!*3!8+273!Y*0!K+,,[!(249!,6!02=@*!:1*=,Q*73!.34:+*+!

64!D+*=7,!+,.2:2,=0,!7,!8D6*!,!:+,=7SF13!=*!L3=-0+*9!4*-!:3+!+*Mn,-!0*=03!

<2=*=.,2+*-!;6*=03! <>-2.*-!,-0*/*! 03+.,=73!:*+*!;6,! 2--3!=C3! <3--,!=,.,--8+23B!

U-:,+*/*! :37,+! D*-0*+!4,6! G10243! +,-02=@3! 7,! 72=@,2+3! ,4! .3427*! =*;6,1,!

.*<E!,4!/,M!7,!=64!+,.2:2,=0,!7,!8D6*9!-,4!.3=0*+!3!-3<+24,=03!7,!.*++,D*+!

,--,! +,.2:2,=0,! :3+! `P! ;621a4,0+3-! *3! 13=D3! 7,! Y*0! K+,,[! (24B! )3+0*=039!

;6*-,! .*>! 7*! .*7,2+*! 7,! *1,D+2*! ,! *1>/23! ;6*=73!$+2=*! /31036! 7*! *DS=.2*! 73!

.3++,23! .34!*!=30>.2*!7,!;6,! 0+21@,2+3-! ;6,! ,-0*/*4! 2=73!:*+*!3! -61! 02=@*4!

,-.+203!=3! 12/+3!7,! +,D2-0+3!7*! 0+21@*!;6,!3! +,-,+/*0A+23!4,=.23=*73!=3!D62*!

,-0*/*!18!,!;6,!@*/2*!8D6*!=,1,B!

K*42=@*43-!*=24*7*-!*0E!3!.*4:2=D9!72-0*=0,!64!;621a4,0+3!,!4,239!

,!43=0*43-!=3--*-!5*++*.*-9!64*!*3!1*73!7*!360+*9!:*+*!*!G1024*!=320,!Q6=0*-B!

$+2=*! ,! R0*.o! :*+02+2*4! =3! 72*! -,D62=0,9! 4*-! 7,.272! <2.*+! 4*2-! 64! 72*9! :32-!

;6,+2*! .*42=@*+! -3M2=@*! ,! 0*45E4! 7,-.*=-*+! 3-! :E-9! ;6,! *2=7*! ,-0*/*4! -,!

+,.6:,+*=73!7*-!531@*-!;6,!-6+D2+*4!=*!7,-.27*!7,!$@+,,!I*[,-B!

"*! 4*=@C! -,D62=0,9! ;6*=73! *.3+7,29! 02=@*! *! 8+,*! 7,! *.*4:*4,=03!

037*! :*+*!424B! R,=0,2! ?!4,-*! 7,! :2;6,=2;6,! ,! 034,2! .@8! 72+,03! 7*! :*=,1*!

,=;6*=03!;6,24*/*!*-!G1024*-!:8D2=*-!7,!#!+34*=.,B!#!:+3<,--3+!;6,!02=@*!

+272.61*+2M*73!L2.@,=,+!,-0*/*!.,+03!,4!*1D6=-!*-:,.03-d!,1,!=C3!,+*!i2112*4!

=C3!*:,=*-!:3+!.3=0*!73!0,N03B!#!0,4*!4,N,6!.342D3B!U+*!64*!@2-0A+2*!-35+,!

!#&&!

4620*-! .32-*-9!4*-! ,-0*/*! .,=0+*7*! =*! 76+*VC3! 7,! 64! +34*=.,9! .3=0*7*! 7*!

:,+-:,.02/*!7,!-,6!*603+!,!,7203+9!73-!.+>02.3-!,!73-!1,203+,-B!&,!037*-!*-!.32-*-!

;6,!<2M!=*!/27*9!,4!037*-!*-!/,+-n,-!;6,!02=@*!,=.*+=*739!64*!=6=.*!467*/*d!

,6!,+*!64*!,-.+203+*B!%1D64!72*!:+,0,=72*!,-.+,/,+!3!4,6!:+A:+23!+34*=.,B!

U6!4,!-,=02!,=/,+D3=@*7*!7,!*2=7*!=C3!0,+!,-.+203!64B!"*!/2-C3!;6,!02=@*!7,!

424! 4,-4*9! 7,M! *=3-! *=0,-9! 02=@*! .,+0,M*! 7,! ;6,! 0,+2*! :6512.*73! 4,6!

:+24,2+3! 12/+3! *! ,--*! *106+*B! U-.+,/2! 72/,+-3-! .3=03-! ,! <2M! 64*! 24:3+0*=0,!

0,=0*02/*!7,!,-.+,/,+!64!+34*=.,9!4*-!=C3!,-0*/*!=,4!:,+03!7,!0,+!64!12/+3!

:+3=03B! "3! 0646103! 73-! G10243-! *=3-! ,+*! .343! -,! *! ,-.+20*! 02/,--,! 4,!

*5*=73=*73! 7,! /,M9!4*-9! ?!4,727*! ;6,! ,6! .*42=@*/*9! :372*! -,=02+! ;6,! 3!

+34*=.,! 02=@*!/310*73!:*+*!4249! 2=-,+2=73! -6*!/3M! ,=0+,!3-! <+*D4,=03-!7,!

4G-2.*-! ,! 73-! Q2=D1,-! :6512.208+23-! ,4!42=@*!4,=0,B! %;6,1*!4*=@C! ,4!#17!

R0*023=9! ,=;6*=03! *++*=.*/*! 513.3-! 7,! .2=.3! ,! 7,M! :8D2=*-! 73! 12/+3! 7,!

L2.@,=,+9! *D*.@*7*! :,+03! 73! <3D3! 73! .*4:2=D! :*+*! ;6,248F139! 7,.272!

.34,V*+B!&,!;6*1;6,+!<3+4*9!=C3!02=@*!=*7*!*!=C3!-,+!64!72*!13=D3!,!;6,=0,!

?!<+,=0,9!,=0C3!-,=0,2!?!4,-*!7,!:2;6,=2;6,!,!,-.+,/2!*0E!3!<24!7*!0*+7,B!

l6*=73!1,/*=0,2!3-!31@3-9!/2!;6,!64!,-;6213!,-0*/*!0,=0*=73!*5+2+!64!

56+*.3!=*!:3+0*!7,!0,1*!7*!42=@*!5*++*.*!:*+*!:,D*+!*!-*.31*!7,!.3427*B!U6!3!

,-:*=0,2!N2=D*=739!,=;6*=03!,1,9!,4:31,2+*73!,4!64*!8+/3+,9!+,-:3=72*!.34!

-3=-!2=*+02.61*73-B!",--*!*106+*9!*!8+,*!7,!*.*4:*4,=03!02=@*!130*73!*3!4,6!

+,73+d! *! 4*23+! :*+0,! 7*-! 4,-*-! 7,! :2;6,=2;6,! ,-0*/*! .35,+0*! 7,! .331,+-! ,!

<3D*+,2+3-! K31,4*=j! .*42=@3=,0,-! ,! 0+*21,+-! ,-0*/*4! ,-0*.23=*73-! =3-!

:,;6,=3-!*.,--3-!:*/24,=0*73-B!$2+,2!*!-*.31*!7,!.3427*!7*!5*++*.*!,!*!1,/,2!

:3+!64!;621a4,0+3!,!4,23!*0E!3!.*<E!3=7,!02=@*!-,=0*73!.34!$+2=*!,!R0*.o!=*!

0*+7,!*=0,+23+B!),72!64!@*45G+D6,+9!-,4!4,!24:3+0*+!7,!,-0*+!D*-0*=73!;6*-,!

0373! 3! 72=@,2+3! ;6,! 02=@*B!L2=@*! :+AN24*! .*2N*! 7,! -6:+24,=03-! ,-0*/*! =3!

)*+;6,!U-0*76*1!7,!f6+=,o!k*11-9!*!Xm!;621a4,0+3-!7,!72-0h=.2*9!4*-!,6!:372*!

.@,D*+!18!,4!732-!72*-9!*D3+*!;6,!,-0*/*!<2=*14,=0,!*:0*!*!.*42=@*+!:3+!4*2-!

!#&'!

0,4:3! ,! 4*2-! +8:273! ! <2M! 76*-! .*42=@*7*-! 7,! \]! ;621a4,0+3-! -,4! :*+*+!

-*2=73!7,!f,17,=B!U+*4!.2=.3!@3+*-!7,!64!72*!7,!/,+C39!:,+>373!,4!;6,!*!16M!

-,!,-0,=72*!*0E!*-!=3/,!36!*-!7,M!@3+*-9!,!,6!,+*!*!G=2.*!.12,=0,9!7,/3+*=73!

4,6!Q*=0*+B!

R*>! 73! +,-0*6+*=0,! .34! =*7*!4*2-! 73! ;6,! *1D6=-! 0+3.*73-! =3! 531-3B!

)*--,2!72*=0,!7,!64!0,1,<3=,!:G512.3!,!7,:32-!/310,2!*!,1,9! 02+,2!3! +,.,:03+!,!

:+,--23=,2! M,+39! 0+,4,=73! 2=0,+=*4,=0,! .34! 64*! 42-06+*! 7,! 4,73! ,!

,N.20*VC3B!l6*=73!*!0,1,<3=2-0*!*0,=7,6!:*+*!4,!*Q67*+!*!<*M,+!*!12D*VC39!7,2!

*!,1*!3!=G4,+3!7,!)*61B!

U1,!*0,=7,6!=3!0,+.,2+3!03;6,B!U6!,-0*/*!0C3!,43.23=*7*!:,13!-34!7,!

-6*!/3M!;6,!4*1!.3=-,D62!72M,+!*1aB!

!K@,+o1t! !,1,!,N.1*436B!

!)*61t! !,6!72--,!:3+!<249!,!7,:32-!,4!64!<*1*0A+23!+8:273!.3=0,2!*!

,1,!3=7,!,-0*/*!,!64!:36.3!73!;6,!:*--,2!7,-7,!;6,!=3-!/243-!:,1*!G1024*!

/,MB!K3=/,+-*43-!:3+!;6*-,!64*!@3+*9!64*!.3=/,+-*!*43+3-*!,!,N65,+*=0,9!

.34:+,,=-2/*!,!*42D8/,1B!",4!:*+,.2*!;6,!,+*!4,6!,NF4*+273B!)*+,.2*!4,6!

4,1@3+!*42D3B!l6*=73!7,-12D6,29!31@,2!:*+*!5*2N39!:*+*!*! -*.31*!7,!.3427*!

=3! .@C3B! U-0*/*!;6*-,! /*M2*9! .21>=7+2.*! ,! *M61F06+;6,M*9! <,20*! 7,!64!4*0,+2*1!

-2=0E02.3!;6,!:*+,.2*!53++*.@*B!U6!*!:,D6,29!*!*5+*.,2! <3+0,! .3=0+*!3!:,203!,!

<,.@,2!3-!31@3-B!

b310,2!*=7*=73!:*+*!3!*.*4:*4,=03!,!4,!-,=0,2!:3+!64!13=D3!0,4:3!

?!4,-*!7,!:2;6,=2;6,! .34!%!R644,+!f2+7FK*D,! wJ*231*!7,!/,+C3x!=*!4C39!

,43.23=*7*!7,4*2-!:*+*!1,+B!#5,+/,2!*-!:,--3*-!:+,:*+*=73!-,6-!Q*=0*+,-!*3!

4,6!+,73+!,!7,:32-!*--2-02!*3!-31!*4*+,13!7,++,0,+!,!<2.*+!+3-*9!1*+*=Q*!,!3!*M61F

1*/*=7*!4*2-!-6*/,!=3!.E6B!U-0*/*!.34!-*67*7,-!7,!)*61B!U-0*/*!.34!-*67*7,!

7*! 42=@*! /27*B! L*-! 0*4:36.3! ;6,+2*! /310*+! :*+*! ,1*B! %;6,1,! 434,=03!

0,++>/,1! ,4! ;6,! )*61! ,! ,6! 7,-*5*43-! =3! .@C3! 7,:32-! ;6,! .3=0,2! *! ,1,! *!

/,+7*7,! -35+,! 42=@*-! 2=<27,127*7,-! =C3! :*+*/*! 7,! 4,! /310*+! ,4! 3=7*-9! ,!

!#&(!

:,+.,52!;6,!3!;6,!.34,.,2!;6*=73!<*1,2!*;6,1*-!:*1*/+*-!=C3!4,!1,/36!*:,=*-!

*3! 72/A+.239!4*-! *! 2--3d! ,69! -,=0*7*! -3M2=@*! ,4!#17! R0*023=9!K*12<A+=2*9! ,4!

64*!4,-*!7,!:2;6,=2;6,!-35!64!.E6!4*D=><2.3B!"C3!-,=02*!0+2-0,M*!36!*1,D+2*9!

=,4! 3+D61@3! 36! /,+D3=@*B! R,=02*! *:,=*-! ;6,9! *:,-*+! 7,! 0673! ;6,! <2M! 7,!

,++*739!*.,+0,2!,4!7,.272+!/2+!:*+*!.8B!

k62!*0E!*!L3=-0+*!,!:,D6,2!3!,-03Q2=@3!2420*=73!/27+3!73!.2D*++3!;6,!

e244o!K*+0,+!02=@*!4,!7*73!4*2-!.,73!*;6,1,!72*B!U6!=C3!<64*/*9!4*-!*5+2!*!

,45*1*D,4!7,!;6*1;6,+!<3+4*9!4,!-,=0,2!,4!.24*!7*!4,-*!7,!:2;6,=2;6,!,!

*.,=72!3!.2D*++3B!U-0*/*!=*!)K$!@*/2*!:36.3!4*2-!7,!64!4S-B!)*+,.2*!0,+!-,!

:*--*73! 46203! 4*2-! 0,4:3! ,! 0*45E4! :*+,.2*! ;6,! *! /2*D,4! 4*1! 02=@*!

.34,V*739!.343!-,!*:,=*-!*D3+*!,-02/,--,!,=0,=7,=73!-,Q*!18!3!;6,!<3+!;6,!

/24!<*M,+!*;62B!K343!-,!*2=7*!<3--,!*!461@,+!.34!3!56+*.3!=3!.3+*VC39!4*-!

3!56+*.3!,-02/,--,!42=24*4,=0,!4,=3+B!

&,2!64*!0+*D*7*!,!-310,2!*!<64*V*!:,1*!53.*9!1,45+*=73!.343!4,!-,=02!

4*2-!-3M2=@*!73!;6,!;6*1;6,+!:,--3*!=3!46=73!=*;6,1*!4*=@C!*:A-!e244o!

K*+0,+!2+!,453+*B!$*1/,M!,6!<3--,!4*2-!-3M2=@*!73!;6*1;6,+!:,--3*!,4!0373!3!

46=73B!

$*1/,M!2--3!<3--,!#BgB!

!

!

!

!

!

!

!

!

!

!#&)!

!

JB&&S-'&S@("&!

!

%.3+7,2! *--24! ;6,! *4*=@,.,69! 4,! 43/24,=0*=73! .34! :+,.2-C3!

,=;6*=03! 1,/*=0*/*! *.*4:*4,=03B! %D3+*9! .3=-,D62*! D6*+7*+! *-! .32-*-! ,4!

.2=.3!42=603-B!K*7*!20,4!7*;6,1*!2=.34,=-6+8/,1!:21@*!=*!.*4*!73!@30,1!,4!

L3Q*/,! ;6,! *2=7*! =C3! 02=@*! -273! 7,-.*+0*73! 36! ;6,24*73! 02=@*! -,6! 16D*+!

7,=0+3!36!<3+*!7*!43.@21*9!,!,6!-*52*!,N*0*4,=0,!3=7,!,+*!,--,!16D*+B!L2=@*-!

4C3-! -,! 43/2*4! :3+! 2=-02=039! :*+,.,=73! ;6*-,! -65-02062+! 4,6! .E+,5+3B! %!

L3=-0+*!,+*!3!4,6!46=739!4,6!4,45+3!*72.23=*1!,! 2=*=24*73B!%:,-*+!7,!

-,6!:,-3! ,! 0*4*=@3!*2=7*!4,! <+6-0+*+,49! *.*5,2! *.,20*=73!;6,! ,+*!3! <*+73!

;6,!,6!02=@*!;6,!.*++,D*+B!"C3!4,!-,=02*!,4!.3=<1203!.34!,1*!7*!4*=,2+*!;6,!

4,!-,=02+*!64!4S-!*=0,-B!"C3!,+*!,6!.3=0+*!,1*B!"A-!76*-!E+*43-!64*B!

%D6,=0*+!3!:,-3!7*!L3=-0+*!4,!<,M!467*+!:3+!<3+*!0*45E4B!L2=@*-!

:,+=*-! <2.*+*4!76+*-! .343!:,7+*-!,!3-!4G-.613-9! *:*+,=0,4,=0,! .*:*M,-!7,!

;6*1;6,+! .32-*9! 3=761*/*4! -35! 4,6! .3+:3! ,-D623! .343! =6=.*! *=0,-B! #-!

:3=03-! =3-! ;6*7+2-9! =3-! 345+3-! ,! =3! .A..2N9! ;6,! 02=@*4! +,:,027*4,=0,!

-*=D+*73!,!<3+4*73!.*-.*-!:3+!.*6-*!7*-!02+*-!7*!L3=-0+*!;6,!,-<31*/*4!4,6!

.3+:39! <2=*14,=0,! -,! +,=7,+*4! ,! <2.*+*4! 8-:,+3-! ,! 4*+.*73-9! *! :,1,! -,!

4,0*43+<3-,*=73!,4!*1D3!;6,! -A!:3--3!7,-.+,/,+!.343!64!.+6M*4,=03!7,!

.3+02V*! .34! D*12=@*! 43+0*! 7,:32-! 7,! -,+! ,-.*17*7*! ,4! 8D6*! <,+/,=0,! ,!

7,:,=*7*B!

L,6-!:E-T!f,49!*2=7*!,-0*/*4!.34:1,0*!,!2=*.+,720*/,14,=0,!<37273-B!

L,6-! 732-! 7,7n,-! =6=.*! -,! +,.6:,+*+*4! 7*! -6++*! ;6,! 1,/*+*4! 7*!

24:1*.8/,1! 7,-.27*! 7,! $@+,,! I*[,-! :*+*! f,17,=B! %-! 6=@*-! :*+,.2*4! ;6*-,!

43+0*-B!#-!7,73-!+3-*!,-<31*73-!,-0*/*4!0C3!,4!.*+=,!/2/*!;6,!4,!:,+D6=0,2!

!#&*!

-,! .34! 3! 0,4:3! -,! 7,-:+,=7,+2*4! 73-! 4,6-! :E-B! #! ;6,! :*+,.2*4! 531@*-!

:,+4*=,=0,-!.35+2*4!7,-7,!*!5*-,!73!.*1.*=@*+!*0E!3!*103!73!03+=3M,13B!L*-!

4,! +,.6-,2! *! :,=-*+! =3-! 4,6-! :E-! =*;6,1*! 4*=@C! ,4!#17! R0*023=B! J+*=7,!

:*+0,!7*! .*:*.27*7,!7,! <*M,+!*! .*42=@*7*!=*!)K$!7,:,=72*!73!.3=0+31,!7*!

4,=0,d! *!/2D3+3-*!7,.2-C3!7,! -,D62+! ,4! <+,=0,! *!7,-:,203!7,! 0673B!K35+2!3-!

4*.@6.*73-!.34!<20*!*7,-2/*!,!-21/,+!0*:,!W=7!R[2=9!7,:32-!/,-02!*-!4,2*-!,!*-!

530*-!,!4*=;6,2!*0E!*!03+=,2+*!73!.*4:2=D!:*+*!,=.@,+!*-!76*-!D*++*<*-!7,!64!

120+3!7,!8D6*9!;6,!0,+2*4!;6,!76+*+!:3+!W`!*5+*-*73+,-!;621a4,0+3-!*0+*/E-!73!

Y*0!K+,,[!(24B!

U+*! .,739! 4*-! Q8! ,-0*/*! ;6,=0,! ;6*=73! -,D62! :,1*! ,-0+*7*! *0E! 3!

.+6M*4,=03!.34!*!)K$B!U6!4,!-,=02*!7,-.*=-*7*!,!<3+0,9!:+,:*+*7*!:*+*!3!72*B!

)*--,2! *!4*=@C! *5+2=73! .*42=@3! *0+*/E-! 7,! 1,203-! -,.3-! 7,! +2*.@3-! ,! /*1*-9!

:*+*=73!:*+*!5,5,+! 8D6*!3!4>=243!:3-->/,1B!"3!4,23!7*!4*=@C! ,6! ,-0*/*!

.+6M*=73!64*!,-.*+:*!7,!;621a4,0+3-!7,!1*+D6+*9!64!8+273!.*4:3!7,!*102067,!

.34!*+56-03-!,! <13+,-! -21/,-0+,-!;6,!4*1!3<,+,.2*4!64*!=,-D*!7,! -345+*B!%-!

:36.*-!8+/3+,-!;6,!,=.3=0+,2!,-0*/*4!43+0*-9!*--*--2=*7*-!:,13!2=.S=723!;6,!

*.3=0,.,6! @*/2*! *1D6=-! *=3-9! 3-! 0+3=.3-! .@*46-.*73-! 5+*=.3-! 36! :+,03-!

.*+53=2M*73-9! 3-! D*1@3-! ;6,5+*73-! ,! ;6,24*73-! 0+*=-<3+4*73-! ,4! :6=@*2-B!

R6*!5,1,M*!-,/,+*!-,!*5*02*!-35+,!424!.34!64*!<3+V*!-21,=.23-*!,!*03+4,=0*7*!

.3=<3+4,!:*--*/*!:3+!,1*-B!

#! .E6! *M61! ,-0*/*! ,4! 037*! :*+0,! -35+,! 4249! 3! -31! 5+21@*=0,! ,!

2=,N3+8/,1!4,!;6,24*=73!*0E!4,-43!*0+*/E-!73!.@*:E6!,!73!:+30,03+!-31*+!

;6,!:*--,2!=3!+3-03!-6*73!,!=3-!5+*V3-B!)372*!,=N,+D*+!:3+!;621a4,0+3-! !3!

:2.3!=,/*73!73!I*--,=!*3!-61!,!3!43=0,!R@*-0*9!4*2-!*103!,!.34!4*2-!=,/,9!

-6+D2=73! *3! 13=D,! =*! 72+,VC3! =3+0,B! %! /2-C3! 73! 43=0,! R@*-0*! 4,! 7,2N36!

*12/2*7*B! U-0*/*! 2=73! :*+*! 18B! )*--*+2*! :3+! ,1,! ,! *1E4! 7,1,9! 72+,03! *0E! 3! +23!

K316452*B!%D3+*!;6,!,-.*:,2!7*!=,/,9!:*+,.2*!;6,!=*7*!4,!02+*+2*!73!+643B!%!

24*D,4! ;6,! <3+4,2! ,4! 42=@*! 4,=0,9! 7,! 424! 4,-4*! .*42=@*=73! .34!

!#'+!

=*06+*127*7,! ,! ,=06-2*-43! :,13-! ;621a4,0+3-! +,-0*=0,-9! *:,-*+! 7,! 3! .*13+!

*-<2N2*=0,! 13D3!0,+!<,203!.34!;6,!7,-*:*+,.,--,9!4,!1,45+36!7,!;6,!,6!-*52*!

;6,!=C3!,+*!5,4!*--24B!R,!.@,D*--,!?!<+3=0,2+*!73!#+,D3=!.34!i*-@2=D03=9!

-*52*!;6,!-,+2*!.34!037*-!*-!72<2.617*7,-!;6,!,=/31/2*4!4,!7,-13.*+!,4!+2043!

7,!.*42=@*7*!7,5*2N3!7,!64*!43.@21*!D2D*=0,-.*B!

#!+2043!7,!.*42=@*7*!,+*!64*!4*=,2+*!030*14,=0,!72<,+,=0,!7,!*=7*+!

:,13!46=73!,4!.34:*+*VC3!?!42=@*!4*=,2+*!=3+4*1!7,!/2*Q*+B!l621a4,0+3-!

=C3! ,+*4! .32-*-! ;6,! :*--*/*4! 0,723-*4,=0,! ,4! 72-:*+*7*B! U+*4! 13=D*-!

,N0,=-n,-!7,!0,++*9!7,!*+56-03-!.3=@,.273-!,!7,-3+7,=*73-9!7,!D+*4*!,!<13+,-!

;6,!-,!735+*4!*3!/,=03!,!7,!8+/3+,-!;6,!+*=D,4!,!<*M,4!64!5*+61@3!-6+73B!

U+*4!3!-34!7*!42=@*!+,-:2+*VC3!,!73-!4,6-!:E-!=*!0+21@*9!64!:*--3!:3+!/,M9!,!

3! .12;6,! 73!4,6! 5*-0C3! 7,! ,-;62B! %! )K$! 02=@*!4,! ,=-2=*73! 3! ;6,! ,+*! 64!

;621a4,0+3B!U6!,+*!@64217,!:,+*=0,!.*7*!64B!U!4*2-!@64217,!*2=7*!=*;6,1,!

72*! =3! Y*0! K+,,[! (249! .3=<3+4,! *! 0,4:,+*06+*! 46736! 7,! ;6,=0,! :*+*!

;6,=0>--24*!,!3!/,=03! <*M2*!:36.3!4*2-!73!;6,! +373:2*+!*!:3,2+*!=3-!4,6-!

:E-B! k32!76+*=0,!64*! +*Q*7*!7,--,! 02:3!;6,!36/2!64! -34!4*2-! 2=-2-0,=0,!73!

;6,! ;6*1;6,+! .32-*! :+3/3.*7*! :,13! /,=03! ,! :,+.,52! ;6,! ,+*! 64*! .*-.*/,1!

5*1*=V*=73!-,6!.@3.*1@3!.34!<3+V*!,!5,4!:,+039!4,!*/2-*=73B!(,.6,2!,!/2!*!

.35+*! *! :36.3-! :*--3-! =*! 0+21@*9! 3! .@3.*1@3! -6-:,=-3! .343! 64! 7,73!

*4,*V*73+! 1,/,4,=0,! *.24*! 7,! -,6! .3+:3! ,=+3721@*739! *! .*5,V*! *=D613-*!

*++,4,0,=73!=*!42=@*!72+,VC3B!R,!02/,--,!7*73!4*2-!*1D6=-!:*--3-9!,-0*+2*!,4!

.24*!7,1*B!U+*!*!0,+.,2+*!.*-.*/,1!;6,!02=@*!,=.3=0+*73!=*!0+21@*B!k2M!64!.>+.613!

;6*-,!.342.*4,=0,!*4:13!*3!-,6!+,73+!,!-,D62!,4!<+,=0,B!

%3! 4,23F72*! ,=.3=0+,2! 64! ,-0+,203! 0+,.@3! -345+,*73! ,! -,=0,2! :*+*!

.34,+B!$2+,2!*-!4,2*-!,!*-!530*-!,!7,20,2!=3!.@C3!:*+*!*:32*+!3-!:E-!2=.@*73-!,!

.*-02D*73-! =*! 43.@21*9! .343! ;6*-,! -,4:+,! <*M2*! =3! 2=0,+/*13! 73! *143V3B!

#1@,2!:*+*!3!.E69!35-,+/*=73!3-!<*1.n,-!,!*-!8D62*-!;6,!:1*=*/*4!,4!.>+.613-!

0+*=;6213-!*.24*!7,!4249!4*-!=C3!.3=-,D62!,N*0*4,=0,!+,1*N*+B!"C3!*:,=*-!

!#'"!

:3+! .*6-*! 7*! .*-.*/,1B! %! :*2-*D,4! ,-0*/*! 0C3! 8+27*! ;6,! ,6! :372*! ,=N,+D*+!

D+*=7,-! 72-0h=.2*-9! ,453+*! .3=02=6*--,! .34! *! /*D*! -,=-*VC3! 7,! ;6,! *1D3!

,-0*/*! ?! ,-:+,20*! :3+! :,+039! 4,! 35-,+/*=739! :+3=03! :*+*! *0*.*+B! R,=0,2! ,!

/,+2<2;6,2!3!0,++,=3!,4!56-.*!7,!:64*-!,!,=0C3!7,20,29!72M,=73!*!424!4,-4*!

;6,!=C3!02=@*!=*7*!*!0,4,+9!:*+*!13D3!-,=0*+!+*:27*4,=0,!4*2-!64*!/,M!.34!

3!;6,!*.@,2!-,+!3!,-0*13!7,!64!D*1@3B!

"C3!,+*! =*7*9! 72--,! *!424!4,-4*B!"C3!,-0*/*! .34!4,73B! ),D6,2! *!

D*++*<*! 7,! 8D6*! ,! 7,2! 64! 13=D3! D31,B! U-0*/*! .34! 0*=0*! -,7,! ;6,! ,=D312!

<*M,=73!5*+61@3-!*0E!,-/*M2*+!*!D*++*<*9!7,:32-!*5+2!360+*!,!5,52!7,1*!0*45E49!

2=.*:*M! 7,!4,! .3=0+31*+B!#! 0,+4a4,0+3! ;6,! <2.*/*! :,=76+*73! =3! M>:,+! 7*!

43.@21*!43-0+*/*!;6,!,-0*/*!<*M,=73!OP!D+*6-!=3!0+,.@3!-345+,*73B!

K*=0,2! .*=Vn,-! +,1*N*=0,-! ,=;6*=03! .*42=@*/*9! 3! -31! 4,! .*-02D*=73!

.343!-,!02/,--,!7,!<*03!64*!<3+V*!<>-2.*!;6,!-,!5*-,*/*!,4!*1D3!4*2-!73!;6,!

.*13+B!#!-63+!<2.*/*!,4:3V*73!*3!+,73+!73-!4,6-!A.613-!7,!-31!,!,-.3++2*!:*+*!

4,6-!31@3-9!2=.3437*=73!0*=03!;6,!,6!02=@*!;6,!:*+*+!,!,=N6D*+!3!+3-03!7,!

/,M! ,4! ;6*=73B! )*+,.2*! 24:3-->/,1! ,6! 0,+! ,-0*73! =3! *103! 7*-! 43=0*=@*-!

=,/*7*-! /,-02=73! 037*-! *-! 42=@*-! +36:*-! *:,=*-! 64*! -,4*=*! *=0,-9! 0,+!

*.3+7*73! 037*-! *-!4*=@C-! .34!64*! .*4*7*! D+3--*!7,!D,13!=*-!:*+,7,-!7*!

5*++*.*B! "C3! .3=-,D62*! +,*14,=0,! 4,! 1,45+*+! 7,--*-! .32-*-B! %;6,1,-! 72*-!

5+*=.3-! :*+,.2*4! -,+! 64! -3=@39! E! .343! -,! 0373! ,--,! 0,4:3! ,6! ,-02/,--,!

.*45*1,*=73! +643!*3!=3+0,!=3!.*13+!*5+*-*73+!,4!72+,VC3!*! 2--39!?!;62=0*!

-,4*=*!=*!0+21@*9!-35!3!4,-43!.*13+!;6,!;6*-,!4,!<,M!7,-2-02+!7,1*!=*!-,D6=7*!

-,4*=*B! )*+,2! ,! 5,52! 4*2-! 64*! /,MB! %! 8D6*! ,-0*/*! 0C3! ;6,=0,! ;6,! ;6*-,!

;6,2436!42=@*!53.*B!

%+0,4>-2*-!,!64!0*:,0,!7,!<13+,-!-21/,-0+,-!+,-2-0,=0,-!.35+2*4!3!.*4:3!

,N0,=-3B! s! 4,727*! ;6,! .*42=@*/*9! :1*=0*-! 8-:,+*-! ;6,! ,6! =C3! .3=@,.2*!

*++*=@*/*4! 42=@*-! :*=06++21@*-B! #60+*-! ;6,! ,6! .3=@,.2*! :*+,.2*4! <*1*+!

.342D39!72M,+!-,6-!=34,-!*0+*/E-!7*!/3M!7*!42=@*!4C,B!"34,-!;6,!,6!=C3!

!#'#!

:,+.,52*! ;6,! -*52*! *0E! ;6,! -6+D2*4! .1*+*4,=0,! ,4!42=@*!4,=0,d! +,=7*! 7*!

+*2=@*! %==,9! :2=.,1! 2=72*=39! 16:2=3! ! ,--*-! 4,-4*-! :1*=0*-! .+,-.2*4! ,4!

L2==,-30*9!5+*=.*-9!1*+*=Q*!,!+3N*-B!l6*=73!:*--8/*43-!:3+!,1*-!=*!,-0+*7*9!

4*4C,! ?-! /,M,-! :*+*/*! 3! .*++3! ,! .31@2*! 64! 56;6S! 7*-! ;6,! .+,-.2*4! =3!

*.3-0*4,=03B!

)*+,2!7,!*=7*+!,!31@,2!:*+*!3!.E6B!%-!*/,-!7,!+*:2=*!*2=7*!/3*/*4!,4!

.>+.613-9! *:*+,=0,4,=0,! ;6*-,! -,4! 5*0,+! *-! *-*-B! U6! =6=.*! 2+,2! :*+*! .*-*9!

:,=-,2! .34! 64*! 7,0,+42=*VC3! ;6,! 4,! <,M! +,.6:,+*+! 3! <a1,D3! ,! ,=0C3!

.3=02=6,29! 42=@*! 4,=0,! -,! ,-/*M2*=73! =3! =*7*! *! =C3! -,+! =3! ,-<3+V3! 7,!

24:61-23=*+!4,6!.3+:3!*0+*/E-!7*!/*M2*!43=303=2*!7*!.*42=@*7*B!"C3!@*/2*!

64! 72*! =*! 0+21@*! ,4! ;6,! *;6,1*! 43=303=2*! =C3! 0,=@*! :3+! <24! /,=.2739!

;6*=73! *! G=2.*! .32-*! :*+*! -,! :,=-*+! *! +,-:,203! ,+*! 3! ;6,! ;6,+! ;6,! <3--,!

<2-2.*4,=0,!4*2-!7,-*<2*73+*B!U+*!64*!,-:E.2,!7,! .6+*!*5+*-*73+*B!K3=0,2!3-!

:*--3-9!*5+2=73!.*42=@3!*0E!.,4!,!+,.34,V*=73!4*2-!64*!/,M!*!:*+02+!73!64B!

$37*!/,M!;6,!.34:1,0*/*!360+3!.3=Q6=03!,+*!.343!-,!02/,--,!.3=;62-0*73!64!

:,;6,=3! :+S423B! &,:32-! 3! =G4,+3! .,4! <2.36!46203! 30242-0*! ,! :*--,2! :*+*!

.2=;6,=0*9!7,:32-!:*+*!W^!,!7,:32-!:*+*!7,MB!

'4!732-!0+S-!;6*0+3!.2=.3!-,2-!-,0,!3203!=3/,!7,MB!

)*+,2! ,! 4,! .6+/,29! :+,--23=*=73! *-! 4C3-! =3-! Q3,1@3-! :*+*! *12/2*+! *-!

.3-0*-!:3+!64!2=-0*=0,B!#!-63+!:2=D*/*!73!4,6!+3-03!=*!0,++*!,-5+*=;62V*7*!

.343!18D+24*-B!

#! :1*=*103! 7,!L373.! ,+*! 72<,+,=0,! 73! 7,-,+03! 7,!L3Q*/,9!4*-! =C3!

:*+,.2*! 72<,+,=0,B! %453-! 02=@*4! *56=7h=.2*! 7,! :1*=0*-! :3=02*D67*-! 73!

7,-,+039! *:,-*+! 7,! -,+,4! .34:1,0*4,=0,! 2=A-:203-! :*+*! *! /27*! @64*=*B!

),;6,=3-! 1*D*+03-! .2=M*! ,! 4*++3=-! 72-:*+*/*4! :,1*! 0+21@*! .3=<3+4,! ,6! 4,!

*:+3N24*/*9! 36! <2.*/*4! 24A/,2-! ;6*=73! ,6! :*--*/*B!#=7,! ,1,-! .3=-,D62*4!

8D6*T! k2;6,2! .6+23-*9! 0,=0*=73! :*+*+! 7,! :,=-*+! -35+,! .343! ,6! ,-0*/*! .34!

.*13+! ,! -,7,=0*B! #=7,! ,6! .3=-,D62+2*T! ),13-! 4,6-! .81.613-9! ,-0*/*! *! `9P!

!#'$!

;621a4,0+3-!7,!72-0h=.2*!73!+,-,+/*0A+23!7,!8D6*B!U6!-A!02=@*!WO_!4212120+3-!7,!

8D6*B!

&,:32-!\m_B!

&,:32-!\W_B!

U6! 4,! <3+.,2! *! =C3! 5,5,+! 3-! G10243-! X_! 4212120+3-! *0E! ;6,! 3! 0*=;6,!

,-0*.*-! ;6,24*7*-! 7*! 03++,! ,1,/*=73F-,! *3! 13=D,B! #! +,-,+/*0A+23! 7,! 4,0*1!

,-0*/*!:+AN2439! ,=.3-0*73! ,4!64!:3-0,B! $C3! 13D3!3!/29! :,D6,2! *! D*++*<*! ,!

*.*5,2!.34!*!42=@*!8D6*9!*D+*7,.27*!:3+!:37,+!4,!-*02-<*M,+!72+,0*4,=0,!=3!

+,-,+/*0A+23!,4!;6,-0C3!7,!42=603-B!l6*=73!4,!*:+3N24,29!/2!;6,!3!:3-0,!7,!

4*7,2+*!:,+03!73!+,-,+/*0A+23!,-0*/*!.35,+03!.34!*1D64*!.32-*!;6,!-,!*D20*/*!

=3!/,=03B!%!:+2=.>:239!:*+,.2*4!-,+!72/,+-*-!<20*-!+,:2.*7*-!,!,=0C3!64!:*=3!

+*-D*73B! RA! ;6*=73! .@,D6,2! :,+03! E! ;6,! /2! -,+,4! :,;6,=3-! :,7*V3-! 7,!

:*:,1! ! +,.*73-! :+,-3-! =3! :3-03! .34! <20*! *7,-2/*! ,! *D3+*! 0+,461*=73! =3!

/,=03B! c=.12=,2F4,! :*+*! 1,+! 3-! +,.*73-9! -*5,=73! 3! ;6,! 7,/2*4! 72M,+! *=0,-!

4,-43! 7,!4,6-! 31@3-! *1.*=V*+,4!3! :*:,1B! &2M2*4! 7,! /8+2*-!4*=,2+*-9!4*-!

0373-!.3=02=@*4!*!4,-4*!4,=-*D,4d!RUL!rJ'%B!

k2;6,2!24A/,1!:3+!64!434,=039!:*+*12-*7*!7,!@3++3+B!#1@,2!<2N*4,=0,!

:*+*!7,=0+3!73!+,-,+/*0A+23!:*+*!.3=<2+4*+!*! +,*127*7,B!"C3!@*/2*!8D6*B!U6!

,-0*/*!-,4!8D6*B!",4!4,-43!64!D31,B!

R,48D6*-,48D6*-,48D6*-,48D6*-,48D6*-,48D6*B!

K@60,2! *! 0,++*9! *++*=;6,2! :6=@*73-! 7,! -81/2*! ,! Q3D6,2! 13=D,9! <6+23-*!

.342D3!4,-4*!:3+!4*2-!64*!/,M!<*M,+!*!.32-*!,++*7*9!:3+!-,+!*!4,-4*!27230*!

;6,! <62! 7,-7,! 3! :+24,2+3! 72*! ,4! ;6,! 530,2! 3! :E! =*! 0+21@*B! %! 4,-4*! ;6,!

.34:+36!*!530*!73! 0*4*=@3!,++*73!,! -65,-02436!.34:1,0*4,=0,!*!;6*=02*!

7,!72=@,2+3!;6,!:+,.2-*+2*!:*+*!3!/,+C39!,!0*1/,M!*!4,-4*!27230*!;6,!*.+,72036!

:37,+!<*M,+!,-0*!0+21@*B!

!#'%!

),D6,2! *-! :8D2=*-! *++*=.*7*-! 73! D62*! 73! 531-3! 73! -@3+0! ,! 12! 0673!

=3/*4,=0,B! "C3! ,-0*/*! *--6-0*7*! 7*! 4,-4*! <3+4*! ;6,! ,-02/,! 4*2-! .,73!

=*;6,1,!72*9!;6*=73!02/,!*!,-0+*=@*!-,=-*VC3!7,!;6,!*1D64*!.32-*!,-0*/*!7,!

03.*2*!:3+!:,+03B!%D3+*! ,-0*/*! *0,++3+2M*7*B! c--3!=C3! ,+*! 64*! -,=-*VC3B! U+*!

64!<*03d!,-0*/*!*!;621a4,0+3-!7*!8D6*!,4!64!72*!.6Q*!0,4:,+*06+*!:*--*/*!7,!

OP!D+*6-B!R*52*!;6,!,--*!,+*!*!-206*VC3!4*2-!72<>.21!,4!;6,!,-02/,!*0E!*D3+*!=*!

0+21@*! !4*2-!*4,*V*73+*!73!;6,!3!036+3!-,1/*D,49!4*2-!*--6-0*73+*!73!;6,!

*!=,/,B!U6!:+,.2-*/*!7,!8D6*B!)+,.2-*/*!7,1*!13D3B!)+,.2-*/*!7,1*!*D3+*B!)372*!

-,=02+!,--*!=,.,--27*7,!,4!.*7*!64!73-!4,6-!:3+3-B!U6!4,!1,45+,2!7,!%15,+0!

4,!:,+D6=0*=73!;6*=0*-! /,M,-! ,6!6+2=*/*!:3+!72*! ;6*=73!3! ,=.3=0+,2! :,1*!

:+24,2+*! /,MB! U6! =C3! 02=@*! <,203! N2N2! 7,-7,! ;6,! -*>! 7,! #17! R0*023=! =*;6,1*!

4*=@CB!"C3!:+,.2-,2B!K*7*! 120+3!;6,! 2=D,+2! <32!6-*73B!U-0*/*!.34!0*=0*! -,7,!

;6,!=C3!.3=-,D62*!=,4!.6-:2+B!

#-!*603+,-!7,!$@,!)*.2<2.!K+,-0!$+*219!b3164,!\d!K*12<3+=2*!72--,+*4!;6,!

K+,,[9! 4*-! *74202+*4! ;6,! @*/2*9! =*! +,*127*7,9! 8D6*! 4*2-! :,+039! ,4! 64!

+,-,+/*0A+23!.6Q*!8D6*!7,<2=202/*4,=0,!=C3!+,.34,=7*/*4!;6,! <3--,!5,527*9!

<2.*/*!*!;6*-,!P!;621a4,0+3-!7,!72-0h=.2*B!

%!=C3!-,+9!E!.1*+39!;6,!,--,!+,-,+/*0A+23!0*45E4!0,=@*!-,.*73B!

U+*!46203!:+3/8/,1!;6,!02/,--,9!,6!*74202*9!,=;6*=03!24*D2=*/*!.3++,+!

=*!72+,VC3!7,1,9!3!;6,9!7*7*-!*-! .3=72Vn,-!7,!4,6-!:E-! ,!3!:,-3!7,!42=@*!

43.@21*9!,+*!=*7*!4*2-!73!;6,!64!:*--3!7,.2727*4,=0,!4*2-! +8:273B!U6!4,!

-,=02*! .343! -,! :67,--,! /,+! 3!46=73! 2=0,2+3! *! :*+02+! 7*! .+2-0*! 1,-0,! 7,!Y*0!

K+,,[B! '4! *4:13! /*1,! -,! ,-0,=72*! *5*2N3! 7,! 424! *3! 13=D,9! 2=0,++34:273!

:,1*-!/61.h=2.*-!/,+7,-!43=0*=@*-!0*=03!*3!=3+0,!;6*=03!*3!-61B!L,-43!,4!

4,6!,-0*73!7,!*=-2,7*7,9!=C3!:67,!,/20*+!3!*++,5*0*4,=03!72*=0,!7*!5,1,M*B!

U6! ,+*! 64*! 27230*! .34:1,0*9! -249! 64*! ;6,! :372*!43++,+! 7,! 7,-27+*0*VC3! ,!

!#'&!

,N*6-0C3! :,13! .*13+9! -249! 4*-! :,13! 4,=3-! ,-0*/*! ,4! 64! 16D*+! 53=2039! 64!

16D*+! ;6,! :*--,2! *! *4*+9! *:,-*+! ,! :3+! .*6-*! 7,! -6*-! 72<2.617*7,-9! ,! 02=@*!

.@,D*73!*!,-0,!16D*+!.34!4,6-!732-!:E-B!K3=-31*=73!*!424!4,-4*!.34!2--39!

.3=02=6,2!*=7*=739!.34!0*=0*!-,7,!;6,!<2;6,2!,=Q3*7*!,!1,/,4,=0,!<,5+21B!b36!

<2.*+!5,49!72--,!*!424!4,-4*B!q!-A!64!:36.3!4*2-!13=D,9!72M2*!*!.*7*!.6+/*!,!

.*7*! -6527*9! ,=;6*=03! 3! -31!4,+D61@*/*! ,4! 72+,VC3! *3! @3+2M3=0,9! *0E! ;6,!

<2=*14,=0,!/2!3!+,-,+/*0A+23B!

)*+,2!:*+*!.3=0,4:18F13B!U+*!64!1*D62=@3!-6Q3!7,!*:*+S=.2*!7,:+24,=0,!

4*2-!36!4,=3-!73!0*4*=@3!7,!64*!;6*7+*!7,!0S=2-9!4*-!02=@*!8D6*!=,1,B!U6!

,-0*/*! +2=73! 7,! *1,D+2*! ;6*=73! 7,-.2! .*45*1,*=73! *! ,=.3-0*! ,4! 72+,VC3! ?!

:,;6,=*!:+*2*!7,!0,++*!;6,!.,+.*/*!3!+,-,+/*0A+23B!U+*!*!:+24,2+*!/,M!;6,!,6!

02=@*!.*42=@*73!OW!;621a4,0+3-!,4!64!72*B!&,-*<2/,1,2!*!L3=-0+*9!*!.313;6,2!

=3!.@C3!,!<62!*0E!*!53+7*!1*4*.,=0*9!3=7,!4,!*D*.@,2!:*+*!.313.*+!*-!4C3-!

=*!8D6*B!U1*!,+*!.2=M*!,!;6,=0,!.343!-*=D6,B!l6*=73!4,N2!*-!4C3-9!*!-6Q,2+*!

73!<6=73!-6526!,4!06<3-!,4*+*=@*73-!,!7,2N36!12-0+*-!:+,0*-!=*!8D6*B!

),D6,2!4,6!:6+2<2.*73+!,!5345,,2!3!;6,-023=8/,1! 1>;6273!:*+*!42=@*!

D*++*<*B!L,6!:6+2<2.*73+!.3=02=6*/*!0C3!72<>.21!7,!6-*+!;6*=03!=*!:+24,2+*!/,M!

,4! ;6,! 3! 6-,2! ,4!J317,=!#*[! R:+2=D-9!4*-! ,1,! ,-0*/*! ,-:,.2*14,=0,! 72<>.21!

=,--*!8D6*9!0C3!7,=-*!:3+!.*6-*!73!1373!;6,!;6*-,!,=06:26!3!<210+3B!l6*=73!

0,+42=,2!7,!,=.@,+!64*!D*++*<*9!4,6-!5+*V3-!0+,42*4!7,!.*=-*V3B!)+3.6+,2!3!

[20! 7,! :+24,2+3-! -3.3++3-9! :,D6,2! *-! :>161*-! 7,! 2373! ,! Q3D6,2! 76*-! =*! 8D6*B!

$2=@*! 0+*M273! *-! :>161*-! ,N*0*4,=0,! :3+! ,--*! +*MC39! .343! 64! +,<3+V3! .*-3!

02/,--,! ;6,! 5,5,+! 8D6*! :3--2/,14,=0,! .3=0*42=*7*B! L,-43! %15,+0! 02=@*!

*.@*73!*-!:>161*-!7,! 2373!64*!53*! 27,2*! 18!,4!g,==,7o!L,*73p-9!;6*=73!

-,1,.23=36! 24:1*.*/,14,=0,! 20,=-!73-!;6*2-!,6!7,/,+2*!4,! 12/+*+B!%15,+09!;6,!

02=@*!-273!*5*0273!:3+!64*!73,=V*!0+*=-42027*!:,1*!8D6*!,N*0*4,=0,!=3!72*!

-,D62=0,B!

!#''!

$2/,! ;6,! ,-:,+*+! 0+2=0*!42=603-! :*+*! 3! 2373! <*M,+! -,6! 0+*5*1@3! *=0,-!

;6,! <3--,! -,D6+3! 5,5,+B! U-0*/*! 7,-,-:,+*7*4,=0,! -,7,=0*9! 4*-! 4,! 72-0+*>!

0,++*9!<2;6,2!,4!:E!,4!.24*!7,1*!,!02+,2!*!+36:*B!#!/,=03!02=@*!7242=6>73!.34!

*!;6,7*!7,!1642=3-27*7,B!U4!-3:+3-!-6*/,-9!,1,!+,-<+,-.36!3-!:,7*V3-!;6,=0,-!

7,!4,6-!;6*7+2-!=6-B!"C3!4,!:*--36!:,1*!.*5,V*!;6,!*1D6E4!:37,+2*!*:*+,.,+!

=*! 0+21@*B! "C3! 02=@*! /2-03! 64*! *14*! 3! 72*! 2=0,2+3! ,9! 4,-43! -,! *1D6E4!

*:*+,.,--,9!,6!,-0*/*!.*0*0a=2.*!7,4*2-!.34!7,-27+*0*VC3!,!,N*6-0C3!:*+*!4,!

24:3+0*+B!

#1@,2!:*+*!3!+,1AD23B!b2=0,!,!-,0,!42=603-!-,!:*--*+*4!7,-7,!;6,!Q3D6,2!

*-!:>161*-!7,!2373!=*!8D6*B!"3+4*14,=0,!,6!,-0*/*!<*42=0*!=3!<24!7*!0*+7,9!

4*-!*!27,2*!7,!.34,+!=C3!-2D=2<2.*/*!=*7*!*D3+*B!rD6*!,+*!4,6!G=2.3!7,-,Q3B!

R,=0,2!=*!13=*!*M61!,!5,52!64*!D*++*<*!2=0,2+*!,!7,:32-!*!360+*B!%!8D6*!

43+=*!02=@*!D3-03!7,!<,++3!,!1373!,!4,-43!*--24!+*+*4,=0,!,6!.3=-642!*1D3!

0C3! 4*+*/21@3-3B! )372*! -,=02F1*! :,=,0+*=73! 7,=0+3! 7,! 424j! *:,-*+! 7,! 0,+!

034*73! 7,! 64*! G=2.*! /,M! 76*-! D*++*<*-! 7,! 64! 120+3! .*7*9! =C3! 4,! -,=02*!

.34:1,0*4,=0,!+,.6:,+*7*B!%2=7*!=C3!,-0*/*!.34!<34,B!U6!4,!-,=02*!.343!

=*;6,1,-!:+24,2+3-!72*-!=*!0+21@*9!;6*=73!<2;6,2!0C3!2=.+2/,14,=0,!,N*6-0*!;6,!

0673!3!;6,!4,6!.3+:3!;6,+2*!,+*!73+42+B!%D3+*!0673!3!;6,!4,6!.3+:3!;6,+2*!

,+*!8D6*B!U=.@2!*-!D*++*<*-!=3/*4,=0,9!7,2N,2!;6,!3!2373!*-!:6+2<2.*--,!,!5,52!

*45*-B!

l6*=73!<2;6,2!-*02-<,20*9!@*/2*!,-.6+,.273!,!*!16*!.@,2*!,-0*/*!=*-.,=73B!

"C3!.3=-,D62!+,6=2+!,=,+D2*!:*+*!*+4*+!*!5*++*.*! !64*!0*+,<*!;6,!,N2D2*!64!

,-<3+V3!7,!:36.3!4*2-!7,!732-!42=603-9!;6,!*D3+*!4,!:*+,.2*!@,+.G1,3B!"C3!

:+,.2-*/*! 7,! 64*! 5*++*.*B! "C3! .@3/2*! 7,-7,! 3-! :+24,2+3-! 72*-! =*! 0+21@*B!

(,.313;6,2!*-!+36:*-!,!,-02;6,2!3!-*.3!7,!73+42+!=*!13=*9!4*-!,-0*/*!;6,=0,!

7,4*2-!:*+*! <*M,+!;6*1;6,+!.32-*!*!=C3!-,+! <2.*+!7,20*7*! -35+,!,1,B!U6!,-0*/*!

.*=-*7*!7,4*2-!:*+*!1,+B!%0E!31@*+!:*+*!*!16*!:*+,.2*!64!,-<3+V3!437,+*73B!

!#'(!

$2=@*! .3=-64273! O9X! 120+3-! 73! 76/273-3! +,-,+/*0A+23! 7,! 8D6*! 7,-7,! ;6,!

.@,D6,2! @*/2*! *1D64*-! @3+*-! ,! *2=7*! =C3!:+,.2-*/*! <*M,+! N2N2B! U6! 02=@*! <,203!

64*!.32-*!,N0+*3+72=*+2*4,=0,!27230*!*3!*0+*/,--*+!3!.64,!7,!Y*0!K+,,[!.34!

0C3!:36.*!8D6*B!"6=.*!-,+,2! 0C3!7,-.627*7*!=3/*4,=0,9!:+34,02!?! 16*!*=0,-!

7,!.*2+!=3!-3=3B!

%.3+7,2!76*-!@3+*-!4*2-!0*+7,!.34!*!-,=-*VC3!/*D*4,=0,!:+*M,+3-*!7,!

;6,!:,;6,=*-!4C3-!D,1*7*-!,-0*/*4!4,!*.*+2.2*=73!-6*/,4,=0,B!U1*-!,-0*/*4!

=*-!42=@*-!:,+=*-!=6*-9!=3-!5+*V3-9!=3!+3-03!,!=3!.*5,139!=3-!:E-9!=3!:,-.3V3!

,!=*-!4C3-B!)372*!-,=02+!-,6!:,-3!D,1*73!*0+*/E-!7,!42=@*!.*42-,0*!=3!:,203!,!

=*!5*++2D*B!

!Y644! !D,429!4,!/2+*=73!1,/,4,=0,!*=0,-!7,!*5+2+!3-!31@3-!,!4,!

1,45+*+!7,!64*!-E+2,!7,!<*03-!,4!.h4,+*!1,=0*B!

$2=@*!3!<*03!7*!16*!,!3!<*03!7,!;6,!,6!,-0*/*!73+42=73!*3!*+!12/+,!=*!

42=@*!13=*B!

$2=@*!3!<*03!7,!;6,!,6!@*/2*!*.3+7*73!:3+;6,!:*+,.2*!;6,!:,;6,=*-!

4C3-!D,1*7*-!,-0*/*4!4,!*.*+2.2*=73!-6*/,4,=0,!,!3!<*03!7,!;6,!:,;6,=*-!

4C3-!D,1*7*-!,-0*/*4!4,!*.*+2.2*=73!-6*/,4,=0,B!

U! 7,:32-! 02=@*! 3! G10243! <*03! 7,! 0373-9! ;6,! ,+*! 64! <*03! 4*2-!

43=64,=0*1! *0E! 4,-43! ;6,! *! 16*d! 3! <*03! 7,! ;6,! *;6,1*-! :,;6,=*-! 4C3-!

D,1*7*-!=C3!,+*!4C3-9!4*-!.,=0,=*-!7,!:,;6,=3-!-*:3-!:+,03-!D,1*73-B!

),;6,=3-!-*:3-!:+,03-!D,1*73-!,!:,D*Q3-3-!:61*=73!,4!424B!

K*7*!64!02=@*!3!0*4*=@3!*:+3N24*73!7,!64*!5*0*0*!.@2:B!U1,-!,+*4!

64!,NE+.203!*=<>5239!64*!421>.2*!G427*!7,!:,1,!4*.2*9!64*!D+*=7,!42D+*VC3!

7,! :*14>:,7,-9! ,! ,6! ,-0*/*! =3! .*42=@39! .3=<3+4,! ,1,-! -*10*/*49! -,!

*++*-0*/*49!:61*/*4!,!1*=V*/*4!-,6-!.3+:3-!D3+76.@3-!42=G-.613-!,!7,!:*0*-!

735+*7*-! 73! +,-,+/*0A+23! :*+*! *! .3+02=*! 7,! -6Q,2+*! ;6,! ,1,-! -,4! 7G/27*!

.3=-27,+*/*4!-6*!:+*2*!:*+02.61*+B!

!#')!

U4!64!42=603!,6!,-0*/*!,=0+,!,1,-9!-*10*=739!4,!*++*-0*=739!:61*=73!,!

Q3D*=73!*!43.@21*9!*! 13=*!,! 0673!;6,!,-0*/*!=,1*!=3!4*03!7,:32-!7*!:+*2*9!

*++*=.*=73!-*:3-!73!.*5,13!,!7*-!735+*-!7,!42=@*!.*42-,0*!,=;6*=03!.3++2*B!

"C3!:67,!,/20*+!,-4*D*+!*1D6=-!,45*2N3!7,!4,6-!:E-!7,-.*1V3-B!k2=*14,=0,!

-,D6+*9! <2;6,2! 35-,+/*=73F3-! 73! :,+>4,0+3! 12/+,! 7,! -*:3-9! *! 43/24,=0*VC3!

<+,=E02.*! 7,! -,6-! :,;6,=3-! .3+:3-! ,-.6+3-! /2->/,1! =3! +,-:1*=7,.,=0,! 16*+B!

b,+2<2;6,2! 3-! 531-3-! 73! -@3+0! ?! :+3.6+*! 7,! -*:3-! :,+7273-B! e6=0,2! *-!42=@*-!

.32-*-! ,4! 64! :,;6,=3! 0+,.@3! 124:3! ;6,! :*+,.2*! :1*=3! 3! -6<2.2,=0,! :*+*! *!

5*++*.*!,!*!02+,2!7*!43.@21*B!"C3!:+,.2-*/*!/,+!3!;6,!,-0*/*!<*M,=73B!L2=@*!

5*++*.*!,-0*/*!7,!:E!,4!64!,-0*1*+!7,!7,73-B!

R*>!7,1*!?-!P@O_!7*!4*=@C!-,D62=0,B!#203!,!4,2*!,+*!0*+7,!:*+*!4249!3!

,;62/*1,=0,! *! 4,23F72*! ,4!42=@*! /27*! *=0,+23+B! U! ,--,! P@O_! :*+,.2*! .343!

4,23F72*!,4!42=@*!/27*!*=0,+23+! 0*45E4B!K343!-,!,6!02/,--,! <2.*73!=*!+6*!

5,5,=73!*0E!7,!4*7+6D*7*B!U6! 1,/*=0,2!4,23!03=0*9!31@*=73!*3!+,73+!4,23!

D+3D6,B!%2=7*!=C3!:+,.2-*/*!<*M,+!N2N2B!%++64,2!42=@*-!.32-*-9!5345,,2!4*2-!

8D6*!246=7*!,!.*42=@,2!+643!*3!=3+0,!,45*2N3!7,!64!-31!*5+*-*73+B!U-0*/*!

*2=7*!4*2-!;6,=0,!73!;6,!=3!72*! *=0,+23+B! U4!64*!@3+*!,6!;6*-,!:2-,2! ,4!

360+*!.*-.*/,19!*:,-*+!7,!,1*!0*45E4!0,+!4,!*/2-*73!,76.*7*4,=0,!.34!-,6!

.@3.*1@3B!

"3!<24!7*!0*+7,!;6*1;6,+!:,=-*4,=03!7,!.@,D*+!*3!)*+;6,!U-0*76*1!7,!

L.%+0@6+Ff6+=,o!k*11-!L,43+2*1!*0E!3!<24!73!72*!<32!*5*0273!.34:1,0*4,=0,!

:,13! *0+*-3! 2=2.2*19! :,13-! :E-! 1*0,Q*=0,-! ,! .@,23-! 7,! 531@*-! ,! :,13! .*13+!

7,-.346=*1B! U4! /,M! 72--39! :,D6,2! 64! :,;6,=3! *0*1@3! :*+*! K*--,19! 3=7,! 3!

D62*! :+34,0,6! ;6,! @*/,+2*! 64! *+4*ME4B! e8! ,+*4! ;6*-,! 0+S-! @3+*-! ;6*=73!

.@,D6,2!18B!$2+,2!*!43.@21*!,!-,=0,2!,4!64*!.*7,2+*!7,!4*7,2+*!=*!/*+*=7*!?!

437*! *=02D*! 7*! 13Q*9! ;6*-,! .*0*0a=2.*! :3+! .*6-*! 73! .*13+B! #! D+*=7,!

0,+4a4,0+3! =*! -345+*! 4*+.*/*! ;6*-,! `_! D+*6-B! K3=0,2! 3! 72=@,2+39! 4,!

-,=02=73!?!5,2+*!7*-! 18D+24*-9! -*5,=73!;6,!=C3! 24:3+0*/*!3!;6*=03! 02/,--,9!

!#'*!

=C3!-,+2*!-6<2.2,=0,!:*+*!64*!1243=*7*!R=*::1,B!L2=@*!/3=0*7,!7,!5,5,+!64*!

02=@*!.+,-.273!0*=03!;6,!=,4!,+*!4*2-!64!7,-,Q3B!U+*!4*2-!.343!64!4,45+3!

.+,-.,=73! ,4!4,6! ,-0a4*D3B! U1*! .6-0*+2*! ]]! .,=0*/3-! 36!'R~! \9_^!36!'R~!

\9\^9!=C3!-*52*!*!;6*=02*!,N*0*B!L*-!-*52*!;6,!02=@*!*:,=*-!mX!.,=0*/3-!,!;6,!

=C3!-,+2*!-6<2.2,=0,B!k62!*0E!*!13Q*!7,!;6*1;6,+!<3+4*9!-A!:*+*!31@*+B!

!b3.S!,-08!<*M,=73!*!)K$T! !*!461@,+!*0+8-!73!5*1.C3!:,+D6=036B!

!R24! !+,-:3=729!-3++2=73!:*+*!,1*B!

!&,!3=7,!/3.S!ET!

!L2==,-30*! !4,=.23=,2!,=;6*=03!4,!,=.*42=@*/*!:*+*!*!5*=.*7*!

7,! :3+0*-! 7,! /27+3! .34!5,527*-! D,1*7*-! *++64*7*-! ,4! <21*-! :,+<,20*-B! )*--,2!

:3+!1*0*-!7,!.,+/,Q*!D,1*7*!,!+,<+2D,+*=0,9!D*++*<*-!7,!8D6*!42=,+*1!,!7,!-6.3B!

)*+,2! =*! :3+0*! 3=7,! <2.*/*4! *-! :+*0,1,2+*-! 7*! R=*::1,B! U=.3-0,2! *! 4C3! =3!

/27+3!:,+03!7*-!D*++*<*-!7,!1243=*7*! !02=@*!*45*-9!*!*4*+,1*!,!*!+3-*B!U1*-!

,+*4!.343!72*4*=0,-!36!:3+=3D+*<2*B!U6!:372*!31@*+9!4*-!=C3!:372*!03.*+B!

!R,!/3.S!,=.,++36!*!.*42=@*7*!73!72*9!E!5,4F/2=7*!:*+*!*.*4:*+!=3!

0,++,=3!*0+8-!7*!13Q*! !*!461@,+!4,!72--,B! !&,2N*43-!3-!0+21@,2+3-!7*!)K$!

<2.*+,4!18B!

!#5+2D*7*9!*.@3!;6,!/36!<*M,+! 2--3! !72--,9!*2=7*!31@*=73!:*+*!*-!

5,527*-B!

$*1/,M!,6!:3--*!*:,=*-!-,D6+*+!64*9!:,=-,2B!%:,=*-!:+,--23=8F1*!.3=0+*!

*!0,-0*!:3+!64!2=-0*=0,B!%5+2!*!:3+0*!,!:,D6,2!64*!D*++*<*!7,!1243=*7*!+3-*B!

U1*!,-0*/*!0C3!D,1*7*!;6,!:*+,.2*!;6,24*+!42=@*!4C3B!

!l6*=03!.6-0*!,-0*T! !=C3!.3=-,D62!,/20*+!*!:,+D6=0*B!

!U6!/2!/3.S!.3=0*=73!-6*-!43,7*-!18!<3+*! !*!461@,+!72--,9!+2=73B!

!l6*=03!/3.S!0,4T!

&,2!*!,1*!0673!3!;6,!,6!02=@*!,=;6*=03!*D+*7,.2*!:+3<6-*4,=0,!,!1,/,2!

*! R=*::1,! :*+*! *! /*+*=7*B! K*7*! D31,! ,=/236! 64*! -,=-*VC3! :+*M,+3-*!

2=,5+2*=0,!7,=0+3!7,!424B!R,D6+,2!*!D*++*<*!.34!*-!4C3-9!;6,+,=73!*5-3+/,+!

!#(+!

037*! :*+0>.61*! 7,! <+,-.3+! ;6,! .3=-,D62--,B! #-! .*++3-! :*+*/*4! ,! *-! :,--3*-!

-*>*4!:*+*!,=0+*+!=*!13Q*9!7,:32-!-*>*4!,!,=0+*/*4!=3!.*++3!:*+*!2+!,453+*B!

U6! *-! 35-,+/,2! 76+*=0,! 64*! @3+*! ,4! 64*! <,12.27*7,! :A-FR=*::1,! 4*2-!

-,4,1@*=0,!*3!,=03+:,.24,=03!:+3/3.*73!:3+!7+3D*-B!&,:32-!7,!64!0,4:39!

64*!.*42=@3=,0,!+,76M26!*!/,13.27*7,!,4!<+,=0,!?!13Q*!:3+!0,4:3!-6<2.2,=0,!

:*+*! 64!@34,4! -*10*+! 7*! .*V*45*! ,!:,D*+! *!43.@21*! *=0,-! 7,! *.,=*+!:*+*!

;6,!3!4303+2-0*!.3=02=6*--,B!U1,!-,!/2+36!:*+*!424!,!/26!*!42=@*!43.@21*B!

! #2! ! ,1,! 72--,9! .34! 64! -3++2-3! D2D*=0,! ,-0*4:*73! =3! +3-03!

/2D3+3-3!,!+3-*73B! !U-08!64!72*!2=<,+=*1!7,!;6,=0,!:*+*!.*42=@*+!=*!)K$9!

/3.S!=C3!*.@*T!

R,6! =34,! ,+*!(,NB! U+*! 64! .*+*! D+*=7,9! +62/39! -3.28/,1! ,! D*o9! 7,! OP!

*=3-! 7,! 27*7,B! U1,! 4,! :*+,.,6! -,+! 3! 02:3! 7,! :,--3*! ;6,! 78! 64!43=0,! 7,!

*5+*V3-! *:,+0*73-B! U=0+36! =*! 13Q*! ,! .34:+36! 0+S-! 1*0*-! 7,! .,+/,Q*! ,! 03436!

037*-! -,=0*73! *3! 4,6! 1*73! =*! /*+*=7*9! 3=7,! .3=/,+-*43-! *0E! *=320,.,+B!

L3+*/*!,4!)@3,=2N!,! 02=@*!64!,4:+,D3!,4!64*!D+*=7,! ,4:+,-*!;6,!=C3!

.3=-,D626!,N*0*4,=0,!4,!,N:12.*+9!4*-!02=@*!.+,-.273!,4!64*!.27*7,!:,;6,=*!

=3! -61! 73! #+,D3=B! U1,! @*/2*! .*42=@*73! 7,-7,! *! <+3=0,2+*! 4,N2.*=*! *0E!

L3Q*/,!=*!:+24*/,+*9!-*2=73!7*!0+21@*!=3!4,-43!16D*+!3=7,!,=0+,2!,!4*2-!36!

4,=3-!=*!4,-4*!E:3.*!0*45E49!:*+*!/310*+!*!)@3,=2N!76+*=0,!-,2-!-,4*=*-!*!

<24!7,!.627*+!7,!*1D64*-!;6,-0n,-!:+3<2--23=*2-!*=0,-!7,!+,03+=*+!?!0+21@*!,4!

#17!R0*023=9!0,=73!,1,D*=0,4,=0,!.3=03+=*73!037*!*!=,/,B!

! %.@3! ;6,! /3.S! :+,.2-*! 7,! 530*-! =3/*-! ! ,1,! 72--,! ;6*=73! 1@,!

43-0+,2!4,6-!:E-9!,.3*=73!*!3:2=2C3!7,!J+,D!,!7,!f+,=0B!

!L*-!,6!=C3!:3--3!.34:+*+!530*-!=3/*-B!"C3!0,=@3!72=@,2+3! !,6!

1@,!72--,9!Q8!-,4!/,+D3=@*!7,!*74202+!2--3B!

!#=7,!/3.S!.34:+36!,--*T! !:,+D6=036!(,NB!

!(UcB!

!#("!

!I2D6,!:*+*!,1,-B!U1,-!7C3!64*!D*+*=02*!7,!-*02-<*VC3B!bC3!-65-0206>F1*!

D+*0620*4,=0,B!

!bC3T!

!I2D*!:*+*!3!_P__! !,1,!72--,B!

),=-,2! =2--3! *! =320,! 037*! ,=;6*=03! (,N! ,! ,6! *.*4:*43-! Q6=03-! =3!

0,++,=3!*0+8-!7*!13Q*!,!76+*=0,!3!72*!-,D62=0,!,=;6*=03!,6!*=7*/*!4*2-!+8:273!

73! ;6,! =6=.*! *3! 13=D3! 73-! =*7*! ,-02461*=0,-! ;6*-,! W_! ;621a4,0+3-! *0E! 3!

)*+;6,! U-0*76*1! 7,! L.%+0@6+Ff6+=,o! k*11-! L,43+2*1B! l6*=73! .@,D6,29!

24,72*0*4,=0,!:,D6,2!42=@*!.*2N*!7,!-6:+24,=03-!=*!13Q*!.3=.,--23=8+2*!,!<62!

*0E!3! 0,1,<3=,!:G512.3! 12D*+!:*+*!*! 0,1,<3=2-0*!,!7,:32-!:*+*!*!(UcB!U4!.2=.3!

42=603-!*!461@,+!.34!;6,4!.3=/,+-,2!.3=.3+736!,4!4,!,=/2*+!64!=3/3!:*+!

7,!530*-9!64!=G4,+3!4*23+9!:,13!.3++,23!=306+=39!-,4!.35+*+!:3+!2--3B!

! b3.S! 0,4! .,+0,M*T! ! .3=02=6,2! *! :,+D6=0*+9! +,.1*4*=73! -35+,! 3-!

:+351,4*-!;6,!*-!530*-!:,;6,=*-!7,4*2-!4,!.*6-*+*4B!

!R24! !,1*!72--,!.34!0+*=;62127*7,9!,!*D3+*!,+*!3<2.2*1d!,6!*73+*/*!*!

(Uc!4*2-!73!;6,!*73+*/*!*-!:,--3*-!;6,!<*M2*4!*!1243=*7*!7*!R=*::1,B!

&,2!*!,1*!3!,=7,+,V3!7*!13Q*!73!:*+;6,9!1,=73F3!,4!42=@*!.*2N*!*2=7*!

=C3! *5,+0*B! $,+2*! :61*73! 7,! *1,D+2*! *:A-! 7,-12D*+! 3! 0,1,<3=,! -,! 4,6-! :E-!

,-02/,--,4! 53=-! 3! -6<2.2,=0,! :*+*! <*M,+! 2--3B! %5+2! *! .*2N*9! *.@,2! 4,6-! /2=0,!

7A1*+,-!,!4,!Q6=0,2!?!461027C3!7,!06+2-0*-!=*!<21*9!03+.,=73!:*+*!;6,!=,=@64!

7,1,-!:,+.,5,--,!;6,!,6!<,72*B!K34:+,2!64*!.*-;62=@*!7,!-3+/,0,!,!4,!-,=0,2!

,4! 64*! 4,-*! 7,! :2;6,=2;6,! :*+*! .34,+! .34! 64*! *1,D+2*! 46203! :36.*!

72-<*+V*7*B!(,N! *:*+,.,6!;6*=73!,6! ,-0*/*! 18! -,=0*7*9! ,!$+2=*! -6+D26! *1D6=-!

42=603-!7,:32-!.34!-,6!D+*=7,!.*.@3++3!5+*=.3B!"A-!=3-!*5+*V*43-!,!,6!*!

*:+,-,=0,2! *! (,NB! U1*! ,! R0*.o! 02=@*4! .@,D*73! =3! 72*! *=0,+23+B! U1*! 02=@*!

7,.27273!-*2+!7*!0+21@*!*;62!,!/310*+!:*+*!3!K313+*73!:*+*!<*M,+!72/,+-*-!0+21@*-!

7,!64!72*!:,+03!7,!-6*!.*-*!:,13!+,-03!73!/,+C39!,4!/,M!7,!.*42=@*+!=*!)K$B!

R0*.o!.3=02=6*+2*!.343!:1*=,Q*73B!

!#(#!

!$,=@3!.,+0,M*!7,!;6,!,1*! <2.*+8! <,12M! -,!/3.S! <3+! .34!,1*! !$+2=*!

*.+,-.,=036B! !U1*!/*2!-*2+!:,1*!4*=@CB!

!"C3!:3--3! !,6!72--,9!,!/,+02D2=3-*4,=0,!,N:12;6,2!;6,!:+,.2-*/*!

,-:,+*+!:,1*-!530*-!=3/*-B!

!k2.*43-!:+,3.6:*7*-!.34!/3.S!,4!Y*0!K+,,[!(24! !,1*!72--,B! !

R,4!8D6*!=3BBB!

!U6!-,2! !,6!72--,9!,!*45*-!5*1*=V*43-!*!.*5,V*!4,1*=.312.*4,=0,B!

! b,=@*4! ! ,1*! =3-! 72--,B! ! b36! 0,!43-0+*+! 3=7,! *.*4:*43-B! q!

64*!.*42=@*7*!7,!/2=0,!42=603-9!4*-!E!13=D,!72--3!0673B! !U1*!*:3=036!.34!

64!*+!7,!7,-7E4!:*+*!3-!06+2-0*-9!:*+*!*!1*=.@3=,0,!,!:*+*!*!13Q*B! !%1E4!73!

4*2-9!E!D+802-B!

L,6-!:E-! .@,D*+*4!*!64!:3=03!,4!;6,! 037*!/,M!;6,!,6!7,-.*=-*/*!

,1,-! 73>*4! 4*2-! =*! :+AN24*! /,M! ;6,! :+,.2-*/*! *=7*+9! *-! 72/,+-*-! <,+27*-!

+,*5+2=73!*! .*7*!=3/3!,-<3+V3B!L*=;6,2!*0+8-!7,!$+2=*! ,!(,N!7,-.,=73!64!

.*42=@3!:,1*!4*0*!;6,!=3-!1,/36!7,!/310*!?!)K$9!3=7,!@*/2*!64*!:,;6,=*!

.1*+,2+*!,=0+,!*-!8+/3+,-B!

!K@,+o1t! !R0*.o!D+20369!/2=73!4,!*5+*V*+B!

K3=/,+-*43-! -35+,! Y*0! K+,,[! (249! -35+,! 3! .*13+9! *! 0+21@*9! *! <*10*!

!*-!530*-!,!*-!

4,2*-! ,! .313;6,2! *! -*=7812*j! ,=0C3!43=0,2! *! 5*++*.*! ,! +,*12M,2! 3! :+*M,+3-3!

+206*1! 7,! 7,-,4:*.30*+! 42=@*! .*2N*! ,=;6*=03! .3=/,+-8/*43-B! R0*.o! ,! (,N!

<2.*+*4!*42D3-!+*:27*4,=0,!,!7,.272+*4!.*42=@*+!Q6=03-!3!:+AN243!0+,.@3!7*!

0+21@*B! l6*=73! ,6! ,-0*/*! :+3=0*! :*+*! /310*+! ?! 1*=.@3=,0,! ,! Q*=0*+9! 4,6-!

7,7n,-!02=@*4!2=.@*73!,!<2.*73!0C3!/,+4,1@3-!;6,!:*+,.2*4!76*-!5,0,++*5*-B!

U6! Q8!=C3!*D6,=0*/*!=,4!.313.*+!*-!4,2*-9!,=0C3!<62!4*=.*=73!7,!-*=7812*-!

*0E! *! 1*=.@3=,0,9!3=7,!=3-! -,=0*43-! *3! +,73+!7,!64*!4,-*!7,!:2;6,=2;6,!

.34! .*.@3++3-F;6,=0,-9! Q*1*:,|*! +,.@,*7*! ,! =*.@3-! .34! 431@3! 7,! ;6,2Q3!

1*+*=Q*!<163+,-.,=0,!:2=D*=73!:,13-!1*73-!,4!5*+;62=@3-!7,!:*:,1B!)*+,.2*!64!

!#($!

5*=;6,0,! ,! 64*! .,1,5+*VC3B! R,D6+*43-! =3--3-! .3:3-! 7,-.*+08/,2-! 7,!

+,<+2D,+*=0,!,!<2M,43-!64!5+2=7,B!

!s!/2*D,4!7,!/310*!:*+*!.*-*!7,!$+2=*!,!#72=t! !72--,43-9!,!<2M,43-!

024F024!.34!3-!.3:3-B!

!%!R0*.o!,!(,N!<*M,=73!*!0+21@*t! !5+*7*43-B!

!s-!530*-!=3/*-!7*!K@,+o1t! !D+20*43-B!

U!5,52!,4!@34,=*D,4!*!2--3B!

l6*=73! *.3+7,2! =*! 4*=@C! -,D62=0,9! 42=@*! 5*++*.*! ,+*! *! G=2.*! =*!

.1*+,2+*!,=0+,!*-!8+/3+,-B!%=7,2!*0E!3!5*=@,2+3!<,203!:*+*!3-!.*4:2-0*-!=*!8+,*!

3<2.2*1!7,!*.*4:*4,=039!034,2!64!5*=@3!,!/310,2!:*+*!3!*.*4:*4,=039!3=7,!

<2;6,2! -,=0*7*!=*!42=@*! .*7,2+*!76+*=0,! @3+*-B! $34,2!3! .*<E!7*!4*=@C! ,! 12!

4,0*7,!7,!%!R644,+!f2+7FK*D,!7,!64*!/,M!-AB!s!0*+7,9!<62!*0E!*!13Q*!:+AN24*!

?!1*=.@3=,0,!:*+*!/,+!-,!*-!530*-!,-0*/*4!189!4*-!*!461@,+!;6,!0+*5*1@*/*!=3!

5*1.C3!4,!72--,!;6,!3!.3++,23!*2=7*!=C3!02=@*!.@,D*73B!

R*>! 7,-*=24*7*9! 7,-.,=73! 7,! -*=7812*! :3+! 64! .6+03! .*42=@3!

:*/24,=0*73!*0E!64!42+*=0,!:*+*!/,+!*-!D+*=7,-!.*.@3,2+*-!;6,!7C3!=34,!*3!

:*+;6,B!f6+=,o!k*11-!E!*!.*.@3,2+*!.34!4*23+!/3164,!7,!8D6*!73!,-0*73!7*!

K*12<A+=2*! 76+*=0,! *! 4*23+! :*+0,! 73! *=39! 64*! :1*.*! ,N:12.*/*B! U=;6*=03!

31@*/*! :*+*! *! <3+4278/,1! ;6,7*F ! 4,! -,=02*! ;6*-,! 2=/2->/,1! ,=0+,! *-!

:,--3*-!.34!-6*-!.h4,+*-9!43.@21*-!,=D+*V*7*-!,!5,+467*-B!R,=0,2F4,!,4!64!

5*=.3!,!35-,+/,2!64!.*-*1!7*+!64!:*.30,! 2=0,2+3!7,!:*-021@*-!f+,*0@-*/,+-!*!

64! 5*=73! +6273-3! 7,! ,-;6213-! ,N0+,4*4,=0,! 734,-02.*73-! ;6,! .3++2*4! *3!

+,73+!7*!:1*.*!;6,!72M2*!=C3!*124,=0,!3-!*=24*2-!-21/,-0+,-B!k2;6,2! 2++20*7*!*3!

/SF13-! <*M,+! 2--39! 4*-! 42=@*! +*2/*! =C3! ,+*! *:,=*-! :3+;6,! ,-0*/*4!

:,+:,06*=73!3!@85203!73-!,-;6213-9!:,+.,52B!U+*!0*45E4!:3+!-,+,4!64!.*-*1B!

$,-0,46=@*+!*!4*=,2+*!.343!,1,-!-,!,=.3-0*/*4!64!=3!360+39!,=0+,1*V*/*4!

3-! 7,73-! ,! ,4:6++*/*4! 64! *3! 360+3! .34! .*+2=@3! *3! 7,-.,+! 3! .*42=@3!

:*/24,=0*73!,+*!;6*-,!2=-6:3+08/,1B!k2;6,2!*3!4,-43!0,4:3!,=3Q*7*!7,!/,+!

!#(%!

2--3!,!.34!2=/,Q*!73!;6,!,1,-!02=@*4B!%!,N2-0S=.2*!7,1,-!:*+,.2*!-,+!64*!:+3/*!

7,!;6,!,6!=6=.*!-,+2*!5,4F-6.,727*!=3!*43+!+34h=02.3B!$2=@*!4,!-,=0273!0C3!

<3+0,!,!<,12M!,=;6*=03!.3=/,+-*/*!*3!0,1,<3=,!.34!)*61!,4!#17!R0*023=!@*/2*!

*:,=*-! 6=-! 72*-9! 4*-! =C3! -,=02*!4*2-! =*7*! :*+,.273! .34! 2--3B! $673! 3! ;6,!

,-0*/*!.*1439!*D3+*!<2.36!06+561,=03B!

L*=;6,2! 7,! /310*! :*+*! 3! *.*4:*4,=03! ,! */*12,2! 4,6-! 7,7n,-!

03+06+*73-B!'4!4,+3!*++*=@C3!=,1,-!-,!03+=36!*<1202/3B!U6!:372*!120,+*14,=0,!

/SF13-! 1*0,Q*=73! ! 3! -*=D6,! :3+! 5*2N3! 7*! .*+=,! :61-*=73! ,4! 64! +2043!

+,D61*+! 7,2N*/*! +3-*! *-! 6=@*-! 5+*=.*-9! ,! 7,:32-! 4*2-! 64*! /,MB! #-! 7,73-!

,-0*/*4!0C3!2=.@*73-!;6,!*-!6=@*-!7*/*4!*!24:+,--C3!7,!;6,!-24:1,-4,=0,!

.*2+2*4! 7,! 64*! @3+*! :*+*! *! 360+*B! )*--36! :,1*!42=@*! .*5,V*! ;6,! +,02+8F1*-!

:37,+2*! =*! +,*127*7,! -,+! 64*! 53*! 27,2*B! R,D6+,2! 64*! 7*-! 6=@*-! ,! .34! 64!

:6NC3!<2+4,9!-,D6273!:3+!64!-,D6=73!7,!73+!1*=.2=*=0,9!*!6=@*!.,7,69!,!-,=02!

64!*1>/23!2=-0*=0h=,39!;6*-,!030*1B!'4!0,4:3!7,:32-9!<2M!3!4,-43!=3!360+3!

7,73B!

),+.,52!;6,!,+*!,6!.3=0+*!*!)K$!;6*=73!-,!0+*0*/*!7,!6=@*-!73-!:E-B!

#!:1*.*+!,-0*/*!X!*!`9!,!,6!4*1!,-0*/*!4,!*D6,=0*=73!=*!127,+*=V*B!

%3! *=320,.,+! 360+3-! ;6*0+3! 0+21@,2+3-! 7*! )K$! -,! 6=2+*4! *! 424! =3!

*.*4:*4,=03B!K@,D*+*4!;6*=73!,6!,-0*/*!;6,24*=73!*-!G1024*-!:8D2=*-!73!

%!R644,+!f2+7FK*D,!,4!42=@*!<3+4*!7,!*164>=239!732-!.*-*2-!4*2-!36!4,=3-!

7*! 42=@*! 27*7,! ;6,! 02=@*4! .*42=@*73! 7,-7,! 3! LEN2.39! 4,=3-! 3! 4,-43!

0+,.@3!.@,23!7,!=,/,!7,!R2,++*!",/*7*!;6,!,6!0*45E4!:61,2B!K*7*!.*-*1!02=@*!

.34,V*73! -,:*+*7*4,=0,9! 4*-! ,=.3=0+*+*4F-,! ,! Q6=0*+*4! <3+V*-! =3! -61! 7*!

K*12<A+=2*9! .*42=@*=73! ,! 7,-/2*=73! 7*! =,/,! Q6=03-! ,4! 64! ,=.3=0+3! 7,!

=*43+*73-!7,!-,4*=*-!7,!76+*VC3B!e3@=!,!R*+*@!,+*4!7,!%15,+0*9!=3!K*=*789!

,! ,-0*/*4! =*43+*=73! @*/2*!4,=3-! 7,! 64! *=3! ;6*=73! .34,V*+*4! *! )K$B!

R*4!,!Y,1,=!,+*4!64!.*-*1!73!L*2=,B!)*--*+2*4!3!72*!-,D62=0,!*;629!4*-!,6!

-,D62+2*!,4!<+,=0,9!72--,!*!,1,-9!*--24!;6,!42=@*-!530*-!.@,D*--,4B!

!#(&!

"*!4*=@C!-,D62=0,!*++64,2!*!L3=-0+*!,!*=7,2!7,!-*=7812*-!*0E!*!13Q*9!

.34! *-! 530*-! :+,-*-! =*! *+4*VC3! 7*!43.@21*B! R,=0,2! ,4! 64*! 7*-! 4,-*-! 7,!

:2;6,=2;6,!:+AN24*9!?!,-:,+*!73!.3++,23B!U-0*/*!*=-23-*!:*+*!-*2+!.*42=@*=73!

=C3! 0*=03! :,1*! /3=0*7,! 7,! .*42=@*+9!4*-! :3+;6,! :+,.2-*/*! .*42=@*+B! )*+*!

.@,D*+! *3! 13.*1! 7,! .*7*! +,*5*-0,.24,=03!4*2-! 36!4,=3-! =3! 72*! ,4! ;6,! ,6!

02=@*! :1*=,Q*739! :+,.2-*/*! 4*=0,+! 64*! :+3D+*4*VC3B! %:,-*+! 7,! 037*-! *-!

467*=V*-!,!7,-/23-9!:3+!+*Mn,-!+,1*.23=*7*-!0*=03!*!72=@,2+3!;6*=03!*!0,4:39!

02=@*! 7,! 4*=0,+! 3! :1*=3! 7,! 0,+42=*+! *! /2*D,4! :3+! /310*! 7,! 4,*73-! 7,!

-,0,45+3B! k2;6,2! -,=0*7*! 76+*=0,! @3+*-! 1,=73! 3! 12/+3! ;6,! /,23! =*! .*2N*! !

I3120*9!7,!b1*7242+!"*53[3/! !,=;6*=03!,-:,+*/*!:,1*!.@,D*7*!7*-!530*-B!%-!

:,--3*-!/2=@*4!,4!3=7*-9!?-!/,M,-!<3+4*/*4!:,;6,=3-!.>+.613-!*3!4,6!+,73+!

:*+*! <*M,+! :,+D6=0*-! -35+,! *! )K$! ;6*=73! :,+.,52*4! *! 42=@*! 43.@21*B!

K3=<3+4,! ,6! <*1*/*9! *-! 7G/27*-! ;6,! 02=@*! -35+,! 424! 4,-4*! =*! 0+21@*! -,!

72--2:*+*4! 7,! 64*! /,M! ,! ,-;6,.2! .34:1,0*4,=0,! ;6,! ,+*! 64*! D+*=7,! ,!

.34:1,0*! 27230*B!&,-<+60*=73!7*!*0,=VC3!7*-!:,--3*-!;6,!4,!+37,*/*49!4,!

-,=02*!=C3!*:,=*-! .343!64*!43.@21,2+*! -*5,F0673B!U6!4,! -,=02*! .343!64*!

+*2=@*!*4*M3=*!<373=*B!

!%.3=-,1@3!/3.S!*!.313.*+!2--3!,4!-,6!.6++>.613! !72--,!64*!-,=@3+*!

7*!k1A+27*!,=<,20*7*!.34!64*!/2-,2+*!+3-*!5+21@*=0,!,!64!:6=@*73!7,!.31*+,-!

736+*73-B! !$+*5*1@,2!,4!+,.6+-3-!@64*=3-B!#-!,4:+,D*73+,-!:+3.6+*4!:3+!

.32-*-!*--24B!c--3!72M!*!,1,-!;6,!/3.S!0,4!:,+-3=*127*7,B!c--3!*!.313.*!?!:*+0,!

73!+,-03B!

#!.*+0,2+3!,-0*.23=36!:3+!/310*!7*-!0+S-!@3+*-B!#!.*+*!7*!')R!/,23!64*!

@3+*! 7,:32-B! ",=@64! 73-! 732-! 02=@*! *-! 42=@*-! 530*-B! L,6! ,-0a4*D3! -,!

.3=0+*269!,=0C3!<62!*0E!3!0,1,<3=,!:G512.3!,!12D6,2!:*+*!*!(UcB!

U1,-!*2=7*!=C3!02=@*4!,=/2*73!*-!530*-9!3!@34,4!.34!;6,4!.3=/,+-,2!

,76.*7*4,=0,! 4,! 2=<3+436B! #! :+351,4*! ,+*! ;6,! 7,-.35+2+*4! ;6,! =C3!

:372*4! ,=/28F1*-! :*+*! 3! :*+;6,! ,-0*76*1! 76+*=0,! *! =320,9! ,=0C3! ;6,+2*4!

!#('!

,=/28F1*-!:,13!.3++,23!=3+4*19!4*-!.343!=C3!02=@*4!.343!,=0+*+!,4!.3=0*03!

.342D3!:*+*!72M,+!2--39!=C3!@*/2*4!<,203!=*7*B!

!%.@3!;6,!/3.S-!=C3!,=0,=7,+*4! !,6!72--,B! !U-036!.*42=@*=73!

=*!)K$B!U-036!73+42=73!=3!4*03B!#5/2*4,=0,!/3.S-!=C3!02=@*4!.343!,=0+*+!

,4! .3=0*03! .342D3B! U! ,6! =C3! :3--3! ,-:,+*+! *;62! :3+BBB! ;6*=03! 0,4:3! /*2!

7,43+*+!:*+*!42=@*-!530*-!.@,D*+,4!:,13!.3++,23!=3+4*1T!

!K,+.*!7,!.2=.3!72*-! !,1,!+,:,0269!24:*-->/,1B!

!K2=.3!72*-T! !:,+D6=0,2B!

U6! =C3! :372*! ,N*0*4,=0,! <2.*+! M*=D*7*B! U-0*/*4! 4,! ,=/2*=73! 64!

=3/3!:*+!7,!530*-!7,!D+*V*9!*<2=*1!7,!.3=0*-9!4*-!*2=7*!*--24!<2;6,2!<+6-0+*7*!

,! ,4!:h=2.3B!%1E4!72--39! :*+*!4*=0,+! *!:+3D+*4*VC39! :+,.2-*/*!7*! .3427*!

;6,! ,-0*/*! =*! -*.31*! :*+*! 3! :+AN243! 0+,.@3! 7*! 0+21@*9! 3! 0+,.@3! 7,! \OO!

;621a4,0+3-!;6,!2*!*0E!K*-01,!K+*D-B!R,!<2.*--,!,4!f6+=,o!k*11-!:*+*!,-:,+*+!*!

530*9! 0,+2*! ;6,! .34,+! *;6,1*! .3427*! :3+;6,9! .34! :36.3! 4*2-! 7,! .2=.3!

7A1*+,-!-35+*=739!=C3!@*/2*!72=@,2+3!-6<2.2,=0,!:*+*!:*--*+!3-!:+AN243-!72*-!

.34,=73! =*! 1*=.@3=,0,! 73! :*+;6,B! k62! *0E! *! 43.@21*9! :,D6,2! 3! D62*! ,!

7,-.35+2!3!,=7,+,V3!7,!K*-01,!K+*D-B!U+*!24:3-->/,1!24*D2=*+!.*42=@*+!360+3-!

:,-*73-!\OO!;621a4,0+3-!.34!*-!530*-!:,;6,=*-9!4*-!=C3!02=@*!,-.31@*!*!=C3!

-,+!:,72+!;6,!*!(Uc!*-!4*=7*--,!:*+*!18B!

l6*=73! 7,-12D6,2! 3! 0,1,<3=,9! =C3! 4,! -,=02*! 4*2-! .343! 64*! +*2=@*!

*4*M3=*!<373=*B!

#1@,2!:*+*!42=@*-!530*-!.34!64*!,N:+,--C3!7,!-G:12.*9!.343!-,!<3--,!

:3-->/,1!.@,D*+!*!64!*.3+73B!U-0*/*4!:,=76+*7*-!=*!43.@21*!:,13-!.*7*+V3-!

/,+4,1@3-! ,4:3,2+*73-9! :,+/,+-3-! ,4! -6*! 2=72<,+,=V*B! )1*=,Q,2! 7,2N8F1*-! =*!

.*2N*!7,!73*Vn,-!:*+*!3!0+21@,2+3!7*!)K$!*--24!;6,!*-!530*-!=3/*-!.@,D*--,4B!

U-0,=72! *!4C3! :*+*! :,D8F1*-9! 4*-! =C3! .3=-,D62! 4,! .3=/,=.,+! *! .313.8F1*-B!

$*1/,M! :67,--,! 6-*+! *-! <+8D,2-! -*=7812*-! 76+*=0,! :,;6,=3-! 0+,.@3-! 7*! 0+21@*B!

$2=@*! ,=.3=0+*73!:,--3*-! ;6,! *10,+=*/*4! ,=0+,! 530*-! ,! -*=7812*-! 76+*=0,! *!

!#((!

.*42=@*7*9!4*-! *-! -6*-! -*=7812*-! ,+*! 5,4!4*2-! +356-0*-! 73! ;6,! *-!42=@*-B!

"6=.*!02/,!*!2=0,=VC3!7,!6-*+!*-!-*=7812*-!:*+*!.*42=@*+B!U6!*-!0+36N,!*:,=*-!

:*+*!7,-.*=-*+!3-!:E-!7*-!530*-!=3!<24!73!72*9!2420*Vn,-!5*+*0*-!;6,!,6!02=@*!

.34:+*73!,4!64*!:3=0*!7,!,-03;6,!:3+!*1D3!.343!'R~!\]9]]B!$2+,2F*-!73-!

:E-! ,! *-! -,D6+,2! ,4! 42=@*-! 4C3-9! .343! -,! *3! ,N*42=8F1*-! 5,4! 7,! :,+03!

:67,--,! 1@,-! .3=.,7,+! *! 76+*52127*7,! ;6,! =C3! :3--6>*4B! #! /,1.+3! ,-0*/*!

.35,+03!7,!7,0+203-!,!7,-<2*=73!*!:*+02+!7*-!02+*-!:+,0*-!=*-!:3=0*-!7,-<2*7*-B!

%-! -31*-! *M62-! ,+*4! <1,N>/,2-! .343!4*--*!7,!:C3!,! 0C3! <2=*-!;6,!;6*=73!,6!

*=7*/*!:372*!-,=02+!3!.3=03+=3!7*-!:,7+*-!,!73-!:*6-!-35+,!3-!:E-B!'-8F1*-!,+*!

:36.3!4*2-!73!;6,!=C3!0,+!-*:*03!=,=@64!=3-!:E-B!U!,6!:+,0,=72*!.*42=@*+!

*0E!K*-01,!K+*D-!=2--3T!

$*1/,M!=C3!7,/,--,9!:,=-,2B!$*1/,M!=C3!.3=-,D62--,B!%0E!*;62!,+*!13=D,!

3!-6<2.2,=0,B!)372*!.313.*+!2--3!,4!4,6!.6++>.613B!

!L,+7*! !,6!72--,B!),D6,2!64*!:,7+*!,!*!*02+,2!.34!3!48N243!7,!

<3+V*!;6,!.3=-,D62!,4!64*!8+/3+,!:+AN24*9!,!7,:32-!360+*!,!360+*B!

),=-,2! =*! 461@,+! ,4! ;6,4! -,4:+,! :,=-*/*! =,--,-! 434,=03-d! 64*!

*-0+A13D*! ;6,! <,M! 4,6! 4*:*! *-0+*1! ;6*=73! ,6! 02=@*! WO! *=3-B! '4*! *42D*!

,=.34,=736!3!4*:*!.343!64!:+,-,=0,!7,!7,-:,727*!64!:36.3!*=0,-!7,!,6!

0+3.*+! L2==,-30*! :3+! "3/*! Z3+[B! %! *-0+A13D*! ,+*! 64*! 461@,+! -,=-*0*! 7,!

4,2*F27*7,!.@*4*7*!)*09!;6,!4,! <,M! -,=0*+!?!4,-*!7,! -6*! .3M2=@*!.34!64!

:,7*V3! 7,! :*:,1! .@,23! 7,! *=30*Vn,-! 42-0,+23-*-! ,! 64! D+*/*73+! M6452=73!

5*2N2=@3!,=0+,!=A-B!"C3!.313;6,2!4620*!<E!=*;6213B!%.@,2!;6,!-,+2*!,=D+*V*739!

64*! -,--C3! 7,! ,-02461*VC3! *3! ,D3! 76+*=0,! *! ;6*1! ,1*! 72+2*! .32-*-! D,=E+2.*-!

.343!b3.S!E!64*!:,--3*!D,=,+3-*B!

U1*!=C3!<,M!2--3B!#6!4,1@3+9!72--,!,--*-!.32-*-9!4*-!0*45E4!72--,!.32-*-!

,-0+*=@*4,=0,!,-:,.><2.*-!;6,!,+*4!0C3!.3++,0*-!,!>=024*-9!0C3!+,.3=<3+0*=0,-!,!

*3!4,-43!0,4:3!0C3!*=D6-02*=0,-!;6,!3!48N243!;6,!.3=-,D62!<*M,+!<32!=C3!

!#()!

:*+*/*!7,!:,+D6=0*+B!U!,=0C3!*!,-.60*+2*! <*1*+!73-!:1*=,0*-9!73! -31!,!7*! 16*9!

.34!16*!,4!I,C3!,!*-.,=7,=0,!,4!JS4,3-B!U6!.3=.3+7*/*!,=;6*=03!:,=-*/*d!

c--3!E!64!43=0,!7,!5,-0,2+*!*=02F2=0,1,.06*1!7*!,N.S=0+2.*!"3/*!U+*9!,!7,:32-!

,1*!72M2*!360+*!.32-*!;6,!,N:1372+2*!3!4,6!.E+,5+3!,4!421!:,7*V3-!:3+;6,!,+*!

46203!/,+7*7,2+*B!

%0E!;6,!,1*!.34,V36!*!<*1*+!7,!4,6!:*2B!

!U1,!,+*!/,0,+*=3!73!b2,0=CT! !:,+D6=036B!"C39!,6!72--,!*!,1*9!,1,!

=C3!,+*B!U1,!<32!42120*+!:3+!64!.6+03!:,+>373!,4!4,*73-!73-!*=3-!\]X_B!"*!

+,*127*7,9! <2.36! 5*-,*73! ,4! K313+*73! R:+2=D-9! 3=7,! 3! :*2! 7,! 42=@*! 4C,!

,-0*/*9!,!E!:3+!2--3!;6,!4,6-!:*2-!-,!.3=@,.,+*49!4*-!,1,!=C3!<32!*3!b2,0=CB!

!)*+,.,!;6,!,1,!,+*!64!/,0,+*=3!73!b2,0=C! !,1*!2=-2-026B! !$*1/,M!

=C3!120,+*14,=0,B!L*-!,1,!0,4!*1D3!,4!.3464!.34!*1D6=-!7,--,-!@34,=-B!U1,!

<32! :+3<6=7*4,=0,! <,+273B! U1,! ,+*! :+351,4802.3B! #! -3<+24,=03! .3=0*D236! *!

/27*!7,1,!,!2--3!.3=0*D236!/3.SB!

U6!=C3!2*!*--,=02+!.34!*!.*5,V*B!$673!;6,!*.3=0,.,6!.342D3!,4!037*!

*! 42=@*! /27*! <32! 42-06+*73! *3! .24,=03! ;6,! 4*=0,/,! *! 42=@*! .*5,V*!

:,+<,20*4,=0,! 24A/,1! =3! 434,=03! ,4! ;6,! *! *-0+A13D*! 72--,! ;6,! 4,6! :*2!

02=@*!4,!.3=0*D2*73B!

!k,+273T! !<32!0673!3!;6,!.3=-,D62B!

!R24! !72--,!)*0B! !U!/3.S!<32!*<,0*7*!7*!4,-4*!<3+4*B!c--3!E!3!;6,!

3-! :*2-! <*M,4! ;6*=73! =C3! .6+*4! -6*-! <,+27*-B! U1,-! 4*.@6.*4! 3-! <21@3-! =3!

4,-43!16D*+B!

!Y644! !,6!72--,9!3!+3-03!2=,N:+,--2/3B!

! )3--3! ,-0*+! ,++*7*! ! ,1*! 72--,9! 31@*=73! <2N*4,=0,! :*+*! 3! :*:,1!

,=0+,!=A-B! !c--3!=C3!E!=,.,--*+2*4,=0,!120,+*1B!

!"*!/,+7*7,9! -A!/2!4,6!:*2! 0+S-!/,M,-!7,:32-!;6,! <2M!X!*=3-! ! ,6!

72--,B!

!#(*!

!%!<6=VC3!73!:*2!E!,=-2=*+!*3-!<21@3-!.343!-,+!D6,++,2+3-9!E!7,2N8F13-!

.3=<2*=0,-!:*+*!43=0*+!,4!64!.*/*13!,!:*+*!,=0+*+!,4!64*!5*0*1@*!;6*=73!

<3+!=,.,--8+23! <*M,+! 2--3B! R,!/3.S!=C3! +,.,5,! 2--3!73!:*29!:+,.2-*! ,=-2=*+!*! -2!

4,-4*B!

!L*-BBB!*.@3!;6,! Q8!<2M! 2--3! !5+*7,2B! !R36!<3+0,BBB!,6!,=<+,=03!*-!

.32-*-BBB!,6BBB!

!"C3!-,!0+*0*!7,!<3+V*! !72--,!)*0B! !U!/3.S!:37,!=C3!-,+!.*:*M!7,!

/,+!2--3!*2=7*9!4*-!0*1/,M!-6+Q*!64!434,=03BBB!2--3!:37,!1,/*+!*=3-BBB!;6*=73!

/3.S!/*2!:+,.2-*+!43=0*+!,4!-,6!.*/*13!,!,=0+*+!,4!64*!5*0*1@*9!,!/*2!@,-20*+B!

b3.S!/*2!/*.21*+B!)*+*!.6+*+!3!-3<+24,=03!;6,!-,6!:*2!.*6-369!/3.S!/*2!0,+!;6,!

43=0*+!=,--,!.*/*13!,!,=0+*+!=*!5*0*1@*!.343!64*!D6,++,2+*B!

U6!+2!64!:36.3!,=0C39!64*!+2-*7*!.3=-0+*=D27*!;6,!:*+,.2*!3!.3*N*+!7,!

64! -*:3! ;6,! -336!4*2-! 0+2-0,! 73! ;6,! *1,D+,B! R,2! :3+;6,! 1,/,2! *! <20*! .34! *!

D+*/*VC3!:*+*!.*-*!,!*!36/2!+,:,027*-!/,M,-B!)*+*!.6+*+!3!4*.@6.*73!;6,!-,6!

:*2! .*6-369! /3.S! /*2! 0,+! ;6,!43=0*+! =,--,! .*/*13! ,! ,=0+*+! ,4! 64*! 5*0*1@*!

.343!64*!D6,++,2+*B!K+3.!.+3.B!

(,5352=*+B!(,:,02+B!

!b3.S!D3-0*+2*!7,!64!-*=76>.@,!7,!:6=@3T! !4,6!:*2!.3-064*/*!4,!

:,+D6=0*+!;6*=73!,-0*/*!M*=D*739!-,D6+*=73!*!4C3!.,++*7*!*!64!.,=0>4,0+3!

7,!4,6!+3-03!7,!OF,F`F,F^F,FXF*=3-F7,F27*7,B! !b3.S!;6,+T!Y,2=T!Y,2=T!YCT!

!LU!(UR)#"&Ut!

K313;6,2! *-! -*=7812*-! 27230*-! ,! .34,.,2! *! 13=D*! .*42=@*7*!*0E!K*-01,!

K+*D-B!

!#)+!

!

J]&&G521%2-$*D;5&P%&^$#5$%,&!

!

k32! 64*!461@,+! ;6,4!:+24,2+3! 24*D2=36! *! )K$B! U+*! 64*!:+3<,--3+*!

*:3-,=0*7*!7,!f,112=D@*49!,4!i*-@2=D03=9!.@*4*7*!K*0@,+2=,!L3=0D34,+oB!

U4!64*!.3=/,+-*!.34!3!,-.+203+!,!43=0*=@2-0*!e3-,:@!$B!Y*M*+79!-6D,+26!;6,!

64! :,;6,=3!

D+6:3!7,!0+21@,2+3-!0,=@*!24,72*0*4,=0,!*:32*73!*!27,2*!7,!L3=0D34,+o9!-A!

;6*=73!K12=03=!K@6+.@211!K1*+[,!*73036!*!.*6-*9!-,2-!*=3-!7,:32-9!64*!/2-C3!

.1*+*! 7*! )K$! .34,V36! *! -,! 6=2+B! K1*+[,! 0+*5*1@*/*! .34! :,0+A1,3! ,! /2/2*!

7,-:+,3.6:*73!,4!)*-*7,=*9!4*-!,+*!0*45E4!64*!:,--3*!12D*7*!?!/27*!*3!*+!

K1*+[,!<,M!1355o!=3!D3/,+=3!<,7,+*1!:*+*!:+,-,+/*+!64!.3++,73+!7,!=*06+,M*!

2=03.*7*!:*+*!*! 0+21@*B! R6*!/2-C3! <32!5,4!*1E4!7*!)K$9!;6,!,1,!,-:,+*/*! -,+!

73!%1*-.*!*3!K@21,B!%.+,720*/*!;6,!3!.3=0*03!.34!*!=*06+,M*!:+3:3+.23=*/*!

7,<,=7,=73!*!)K$9!,453+*!0,=@*!43++273!,4!\]^m9!;6*=73!*!0+21@*!*2=7*!,+*!

*:,=*-!64!-3=@3B!

$*1/,M! *! .3=0+2562VC3! 4*2-! 24:3+0*=0,! 7,! K1*+[,! :*+*! *! 0+21@*! 0,=@*!

-273!3!+,1*.23=*4,=03!.34!i*++,=!(3D,+-9!;6,!02=@*!W`!*=3-!;6*=73!3-!732-!

-,! .3=@,.,+*4! ,4! \]OWB! (3D,+-! 0+*5*1@*/*! :*+*! *! %--3.2*VC3! K+2-0C! 73-!

L3V3-! w%KLx! ,4! %1@*45+*9! =*! K*12<A+=2*9! ;6*=73! K1*+[,! 3! .3=/,=.,6! *!

*Q678F13! *!4*:,*+! *! +30*! *3! 7,-0*.*+! ,;62:,-! 7,! /316=08+23-! 7*! %KL! :*+*!

!#)"!

0+*V*+!4*:*-!,!,4!*1D6=-!.*-3-!:*+*!.3=-0+62+!3!;6,!/,23!*!-,!03+=*+!*!)K$B!

%:,-*+!7,!2=2.2*14,=0,!+,160*=0,9!(3D,+-!13D3!-,!03+=36!64!*:*2N3=*73!:,1*!

.+2*VC3!7*!0+21@*!,!:*--36!3!+,-03!7*!/27*!7,<,=7,=73!*!)K$!,!-,!,-<3+V*=73!

:*+*!-6:,+*+!3-!35-08.613-!1,D*2-9!<2=*=.,2+3-!,!13D>-02.3-!;6,!*:*+,.2*4!,4!-,6!

.*42=@3B! (3D,+-! /2/,6! :*+*! /,+! 3! K3=D+,--3! 7,-2D=*+! *! )*.2<2.! K+,-0! $+*21!

.343!:*0+24a=23!7,!5,1,M*!=*06+*1!,4!\]XP9!4*-!43++,6!64!*=3!*=0,-!7,!*!

0+21@*!,-0*+!.34:1,0*9!,4!\]]WB!

U6!02=@*!1273!=3!2=/,+=3!*=0,+23+!3!.*:>0613!-35+,!*!@2-0A+2*!7*!0+21@*!=3!

D62*9!4*-!-A!*D3+*! !*1D6=-!;621a4,0+3-!7,:32-!7,!f6+=,o!k*11-9!*3!.*42=@*+!

.34! 42=@*-! <+8D,2-! -*=7812*-! =3! .*13+! 73! 2=>.23! 7*! =320,! ! E! ;6,! 3!

,=0,=724,=03!73!;6,!*!@2-0A+2*!-2D=2<2.*/*!D*=@36!<3+V*!,!4,!*02=D26!,4!.@,23!

=3! :,203d! 4,-43! 7,! 4373! .3=0+*720A+239! ;6*=73! K*0@,+2=,! L3=0D34,+o9!

K12=03=!K1*+[,9!i*++,=!(3D,+-! ,! *-! .,=0,=*-! 7,!360+*-! :,--3*-! .+2*73+*-! 7*!

)K$!:,=-*+*4!,4!;6,4!.*42=@*+2*!:3+!*;6,1*!0+21@*!7,!*102067,!-,+:,=0,*=73!

*0+*/E-! 73-! :2.3-! 7,! =3--*-! 43=0*=@*-! 3.27,=0*2-9! ,1,-! 24*D2=*+*4! *! 424B!

"C3!<*M2*!72<,+,=V*!;6,!06739!7,-7,!*-!-*=7812*-!5*+*0*-!?-!530*-!,!43.@21*!7,!

*10*!0,.=313D2*!-,D6=73!3!:*7+C3!7,!\]]^9!<3--,!,-0+*=@3!:*+*!,1,-9!:32-!3!;6,!

24:3+0*/*!,+*!5*-2.*4,=0,!*0,4:3+*1B!k32!2--3!;6,!3-!2=.,=02/36!*!160*+!:,1*!

0+21@*! .3=0+*! 037*-! *-! *7/,+-27*7,-9! ,! <32! 3! ;6,!4,! 2=.,=02/36! ,! *! 0373-! 3-!

0+21@,2+3-! *! -,D62+! ,4! <+,=0,! =3-! 72*-! 72<>.,2-B! "C3! 02=@*! =*7*! *! /,+! .34! 3!

,;62:*4,=039!3!02:3!7,!.*1V*739!*-!43.@21*-!7*!437*9!*!<213-3<2*!7,!;6*1;6,+!

E:3.*!,4!,-:,.2*1!36!4,-43!.34!*!-*>7*!73!:3=03!%!:*+*!3!:3=03!fB!

$2=@*!*!/,+!*:,=*-! .34!*! -,=-*VC3!7,!,-0*+!=*!=*06+,M*B!K34!3!;6,!

-2D=2<2.*/*!.*42=@*+!;621a4,0+3-!:3+!=,=@64*!360+*!+*MC3!*!=C3!-,+!35-,+/*+!

*!.3=.,=0+*VC3!7,!8+/3+,-!,!3-!:+*73-9!*-!43=0*=@*-9!3-!7,-,+03-!,!+2*.@3-9!*-!

+3.@*-9!3-! +23-! ,! .*4:3-9! ,! .*7*! *4*=@,.,+! ,! ,=0*+7,.,+B!%! ,N:,+2S=.2*! ,+*!

:30,=0,! ,! <6=7*4,=0*1B! %! 4249! :*+,.2*! ;6,! *! -,=-*VC3! 73! -,+! @64*=3! =*!

=*06+,M*!-,4:+,!02=@*!-273!,--*!,!,=;6*=03!*!=*06+,M*!,N2-02+!*!-,=-*VC3!-,+8!

!#)#!

-,4:+,!*!4,-4*B!c--3!,+*!3!;6,!L3=0D34,+o!:,+.,52*9!-6:3=@39!3!;6,!K1*+[,!

,! (3D,+-! :,+.,52*4! ,! 3! ;6,! 421@*+,-! 7,! :,--3*-! ;6,! 3-! :+,.,7,+*4! ,! 3-!

-6.,7,+*4!:,+.,52*4B!U+*!3!;6,!,6!:,+.,52*!*=0,-!4,-43!7,!+,*14,=0,!<*M,+9!

*=0,-!7,!0,+!*!.@*=.,!7,!-*5,+!3!;6*=03!-,+2*!/,+7*7,2+*4,=0,!72<>.21!,!D13+23-*!

*!)K$!,!3!;6*=03!*!0+21@*!4,!*5*1*+2*!:+3<6=7*4,=0,!,!*3!4,-43!0,4:3!4,!

*.31@,+2*B!

),=-,2!*!+,-:,203!72--3!,=;6*=03!.*42=@*/*!76+*=0,!*!-,N0*!-,4*=*!=*!

0+21@*!-35!*!-345+*!G427*!7,!:2=@,2+3-!7*!,-:E.2,!)3=7,+3-*!,!7,!:2=@,2+3-F

73F3+,D3=B!L,6-!:E-!:372*4!-,=02+!*! -6:,+<>.2,!7,!.*-.*1@3!7*!0+21@*!*0+*/E-!

73!<2=3!-31*73!7*!-*=7812*B!#-!4G-.613-!73-!03+=3M,13-!,-0*/*4!+,0,-*73-!-,4!

*-! 530*-! :*+*! *:328F13-9! 4*-! *3! 4,=3-! 3-! 7,73-! 4*.@6.*73-! =C3! ,-0*/*4!

5*0,=73!=*!530*!*!.*7*!:*--3B!K*42=@,2!*0E!.@,D*+!*!64*!:3=0,!7,!4*7,2+*!

;6,!.+6M*/*!64!+2*.@3B!c=.*:*M!7,!,=.3=0+*+!64!16D*+!=3-!*++,73+,-9!43=0,2!*!

5*++*.*! ,4! .24*! 7*! :3=0,9! ;6,! ,+*! *! :+A:+2*! 0+21@*9! ,! 73+42! 36/2=73! 3!

7,12.*73!46+4G+23!7*!:,;6,=*!;6,7*F +*B!

%.3+7,2!.34!*!:+24,2+*!16M!73!72*!,!.*42=@,2!7,!-*=7812*!:3+!*1D64*-!

@3+*-9! -652=73! .,+.*! 7,! ^__! 4,0+3-9! ,! ?-! /,M,-! /2-1645+*/*! *! 43=0*=@*!

f6+=,o9! *3! -619! ;6*=73! -*>*! 7*! -345+*! 7*! <13+,-0*! 7,! :2=@,2+3-! ;6,! ,-0*/*!

*0+*/,--*=73B!l6*=73!:*+,2!:*+*!*143V*+9!7,-*4*++,2!+,160*=0,4,=0,!*-!530*-!

7*!43.@21*9!-,=02=73!;6,!=C3!02=@*!360+*!3:VC3!*!=C3!-,+!.*1V8F1*-B!K34,.,2!*!

.34:+3/*+! 3! ;6,! 3-! *603+,-! 73! )*.2<2.! K+,-0! $+*219! b3164,! \d! K*12<3+=2*!

+,D2-0+*+*4! =*! 2=0+376VC39! =3! 0+,.@3! ,4! ;6,! 7,-.+,/,+*4! 3-! ;621a4,0+3-!

,=0+,!f6+=,o!k*11-!,!K*-01,!K+*D-B!U-.+,/,+*4!;6,!*!0+21@*!=,--,!0+,.@3!,+*!0C3!

,+*!64!534!:+,=G=.23!:*+*!42=@*!-*=7812*B!U1*! Q8!,-0*/*!.34,V*=73!*!<2.*+!

7*=2<2.*7*9!3! -31*73! -310*/*! ,! ,-0*1*=73! *! .*7*!:*--39! :+,=7,=73!:,;6,=3-!

+*43-!,!:,7+2=@*-!,=;6*=03!,6!*=7*/*B!

!#)$!

k3+.,2! 3-! :E-! *! ,=0+*+,4! =3/*4,=0,! =*-! 530*-! ,! -,D62! ,4! <+,=0,9!

2D=3+*=73!*!73+!?!4,727*!;6,!-652*!,!:*--*/*!:3+!76*-!*--6-0*73+*-!03++,-!7,!

,1,0+2.27*7,! ;6,! <2M,+*4! -3=-! ,! ,-0*13-! -35+,=*06+*2-B! b2! *1D64*-! /,M,-! *3!

13=D3!73!72*!*!43=0*=@*!f*17!,!3!:2.3!J+2MM1o!*!=3+3,-0,9!43=0*=@*-!/,+7,F

,-.6+*-! ,!4*++3=-! .35,+0*-! 7,! 8+/3+,-! ,! *+56-03-! 7,++65*73-! :,13! /,=03! 7,!

<3+4*! *1,*0A+2*9!4*-! *.24*!7,! 0673! .*42=@,2! ,4!64*! <13+,-0*!7,=-*9! .+6M,2!

64!.+,-.,=0,!=G4,+3!7,!,-0+*7*-!:+24202/*-!*5,+0*-!:,1*-!:+3<6=7*-!53=7*7,!

7,! +37*D,4! 7,! 0+*03+,-B! )*--,2! :3+! *=02D*-! 8+,*-! 7,! 7,-4*0*4,=03! ;6,!

1,=0*4,=0,! ,-0*/*4! /310*=73! ?! /27*9! .*4:3-! ,=3+4,-! 7,! 0+3=.3-9! +*>M,-! ,!

:,;6,=*-! 8+/3+,-! /,+7,-! *2=7*!4,=3+,-! 73! ;6,! ,69! 3=7,! *! 0+21@*! -,! 03+=36!

2=-6-0,=08/,1!,4!*1D6=-! 13.*2-9!72<>.21! 7,! +*-0+,*+!,=0+,!3-! +,-03-!7,!8+/3+,-!,!

D*1@3-! 7,++65*73-! :,13! /,=03B! %-! 8+/3+,-! ,+*4! 7*!4,-4*! ,-:E.2,! 7*;6,1*-!

;6,!,6!02=@*!/2-03!.34!<+,;6S=.2*!=*! 0+21@*9!4*-!*! <13+,-0*!:*+,.2*!72<,+,=0,9!

7,-3+7,=*7*!,!7,!.,+0*!<3+4*!4*2-!-345+2*9!*:,-*+!7*-!,-:3+872.*-!:*2-*D,=-!

*5,+0*-B!

"3!<24!7*!0*+7,9!:*+,2!:*+*!7,-.*=-*+!,4!64!:3=03!7*!0+21@*!.34!/2-0*!

:*+*! 3! .*4:3! 3=761*73! /,+7,Q*=0,B! U-0*/*! ,4! 64*! ,=.3-0*9! *! 43=0*=@*!

,+D6,=73F-,! *.24*!7,!424!,!7,-.,=73!*5+6:0*4,=0,B! R,4!360+3! 16D*+!:*+*!

4,!-,=0*+9!-,=0,2!=*!:+A:+2*!0+21@*9!.343!<+,;6,=0,4,=0,!<*M2*B!$2+,2!*-!530*-!,!

*-!4,2*-!,!4*--*D,,2!3-!:E-!,=;6*=03!31@*/*!*0+*/E-!7*-! .3:*-!7*-!8+/3+,-j!

42=@*! :3-2VC3! =*! 0+21@*! ,+*! 5*-2.*4,=0,! 64*! ,1,/*VC3! -35+,! *! <13+,-0*B!

%73+*/*! *! -,=-*VC3! 7,!4,! -,=02+!4*2-! *10*! 73! ;6,! 7*-! 8+/3+,-9! 7,! /,+! -,6!

73--,1! 7,! .24*9! .343! 64! :8--*+3! <*+2*B! U--*! /2-C3! 7242=626! *! :+,3.6:*VC3!

.34!3!,-0*73!73-!4,6-!:E-!,!*!72<>.21!0+21@*!?!<+,=0,B!

k32!=,--,!7,/*=,23!;6,!,-0,=72!*!4C3!=*!72+,VC3!73!531-3! 1*0,+*1!7*!

43.@21*B!l6*=73! *5+2! 3! M>:,+! 73! 531-39! *!L3=-0+*! 034536! -35+,! *-! 530*-9!

5*0,=73!=*!530*!,-;6,+7*!7,!0*1!4*=,2+*!;6,!,1*!:6136!=3!*+!.343!-,!,6!*!

02/,--,!*++,4,--*73B!U6!*!/2!-*10*+9!<32!+8:273!.343!64!+*23!,!,4!.h4,+*!1,=0*!

!#)%!

*3! 4,-43! 0,4:39! ,! 7,:32-! *! /2! .*2+! :,13! :,=@*-.3! 7*! 43=0*=@*! *0E! 18!

,45*2N39!,=0+,!*-!8+/3+,-9!-,4!<*M,+!5*+61@3B!(,-:2+,2!<6=739!:,+:1,N*9!,!4,!

2=.12=,2! :*+*! *! 360+*! 530*9! -,D6+*=73F*! Q6=03! *3! :,2039! ,-:,+*=73! ;6,! 3!

434,=03! -,! 7,-<2M,--,9! 36! ;6,! *1D6E4! -*>--,! +2=73! 7*! 4*0*9! 5*1*=V*=73! *!

.*5,V*!,!72M,=73!;6,!0673!=C3!:*--*/*!7,!64*!:2*7*B!

L*-! =2=D6E4! +26B! "2=D6E4! 36-*+2*B! #! 6=2/,+-39! *:+,=729! =6=.*!

5+2=.*/*B! U1,! :,D*+2*! ;6*1;6,+! .32-*! ;6,! ;62-,--,! ,! =6=.*! *! 7,/31/,+2*B! U6!

+,*14,=0,!-A!02=@*!64*!530*B!

U=0C39!4,! 1,/*=0,2!,! Q3D6,2!*!360+*! -35+,!3!:,=@*-.3! 0*45E4B!#1@,2!

:*+*!5*2N39!:*+*!4,6-!:E-!7,-.*1V3-9! ,=.*+,2F3-!:3+!64!534!0,4:39!7,:32-!

.34,.,2!*!.3=-,+0*+!*-!-*=7812*-!.34!-21/,+!0*:,!7*!4,1@3+!<3+4*!;6,!:372*9!

.31*=73!3-!-31*73-!=3/*4,=0,!,!+,<3+V*=73!*-!02+*-!3=7,!*4,*V*/*4!-310*+B!

b,-02!*-!4,2*-!:3+!7,=0+3!7*-!-*=7812*-!:*+*!:+30,D,+!3-!:E-!7*!<20*!,!.3=02=6,29!

-,=02=73F4,!4*1!.34!3!=3/3!,-0*73!7,!.32-*-9!4*-!0+*=;6212M*=73F4,!7,!;6,!

*3!4,=3-!02=@*!64!=3/3!:*+!7,!530*-!?!42=@*!,-:,+*!,4!K*-01,!K+*D-B!

%3!*=320,.,+9!*!<13+,-0*!-,!*5+26!,4!64*!*4:1*!<*2N*!73!;6,!-A!:37,!

-,+! .@*4*73! 7,! ,=061@3! =*06+*19! 64*! :*2-*D,4! +*-D*7*! :3+! <,=7*-! ,! -,4!

8+/3+,-9! *! )K$! <*M,=73! -,6! .*42=@3! 12D,2+*4,=0,! *3! 13=D3! 7,! -6*-!

,N0+,427*7,-B! &2/,+-*-! /,M,-! :+,.2-,2! :*+*+! 7,! *=7*+! ,! :+3.6+*+! *! 0+21@*9!

35-0+6>7*! .343! ,-0*/*! :3+! D*1@3-! .*>73-! ,! 43=0,-! 7,! 0,++*! +,/2+*7*B! %-!

8+/3+,-!;6,!+,-0*+*4!=3!12420,!73!7,-4*0*4,=03!:*+,.2*4!,-0*+!7,!16039!-,6-!

+,<GD23-! 7,-5*-0*73-! +,.,=0,4,=0,! ,N:3-03-9! -,6-! 0+3=.3-! 2++,D61*+,-! -,!

,-0,=7,=73!,4!h=D613-!*5-6+73-B!"6=.*! 02=@*!/2-03!=*7*!:*+,.273!.34! 2--3!

=*! <13+,-0*B! U+*! .343! -,! *1D6E4! 02/,--,! 0+*M273! 64*! D2D*=0,-.*! 531*! 7,!

7,4312VC3!,! *! 02/,--,!7,2N*73!5*1*=V*=73B!U+*! ,--,!3! .3++,73+!/,+7,!;6,!3!

K3=D+,--3! 02=@*! ,4! 4,=0,! ;6*=73! .+236! *! +,-,+/*T! "C3! :*+,.2*9! 4*-! ,6!

,-0*/*!.*42=@*=73!:3+!64*!<13+,-0*!=*.23=*1!;6,9!*:,-*+!73!=34,!-6D,-02/39!

-2D=2<2.*/*!;6,!,6! ,-0*/*!,4!64! 0,++20A+23!;6,!7,0,=03+,-!73!:37,+!:372*4!

!#)&!

6-*+! 7*!4*=,2+*! ;6,! .3=-27,+*--,4!*7,;6*7*!:*+*!3!5,4!:G512.3B!s-! /,M,-!

2--3!-2D=2<2.*/*!;6,!*!0,++*!:,+4*=,.,+2*!2=03.*7*9!.343!,+*!*!4*23+!:*+0,!7*!

)K$B!#60+*-!/,M,-!2--3!-2D=2<2.*/*!;6,!8+/3+,-!*=02D*-!,+*4!.3+0*7*-!:*+*!<*M,+!

.32-*-!.343!.*7,2+*-!,!:*:,1!@2D2S=2.3B!

%!/2-C3!7*!0,++*!+,/2+*7*!,!24:+37602/*!4,!2=.343736B!k2;6,2!0+2-0,!,!

M*=D*7*! .34! 2--39! 4*-! 7,! 64*! 4*=,2+*! ;6,! 2=.16>*! *! .34:12.*7*! /,+7*7,!

-35+,!42=@*!:+A:+2*!.64:12.27*7,B!U6!0*45E4!6-*/*!4,-*-9!.*7,2+*-!,!:*:,1!

@2D2S=2.39! *<2=*1! 7,! .3=0*-B! K3=<3+4,! *5+2*! .*42=@3! ,4! 4,23! *3! ,=061@39!

-*52*!;6,! 02=@*!,=.,++*73!3!72*B!U-.*1,2!*!53+7*! >=D+,4,!:*+*!.@,D*+!*!64*!

8+,*!7,-4*0*7*!,!:1*=*j!43=0,2!*!5*++*.*!,=0+,!:,7*V3-!7,!0+3=.3-!,!43=0,-!

7,! 0,++*! +,/2+*7*9!4,! -,=02=73! -31208+2*! .343! +*+*4,=0,!4,! -,=02*!=*! 0+21@*B!

l6,+2*!.3=/,+-*+!.34!*1D6E49!,!=C3!,+*!.34!;6*1;6,+!64B!

l6,+2*! .3=/,+-*+! .34! g*+,=9! I,2<! 36! U772,B! l6,+2*! 0,+! 64*! <*4>12*!

=3/*4,=0,9! ,-0*+! ,=/31/27*! ,4! *1D3! ;6,! *.+,720*/*! -,+! 246=,! ?! 7,-0+62VC3B!

e6=03!.34!*!-*67*7,!;6,!,6!-,=02*!7,1,-9!*D3+*!-,=02*!:3+!.*7*!64!7,1,-!*1D3!

0C3! <3+0,! ;6*=03! 3! A723B! b2-6*12M,2! 64*! D+*=7,!48;62=*! .343! *;6,1*! ;6,!

4*-02D36!,--*! <13+,-0*!4*-02D*=73!=3--3-!\X!@,.0*+,-!7,!0,++*!,4!L2==,-30*B!

&,-,Q,2!.34!*+73+!;6,!2--3!+,*14,=0,!*.3=0,.,--,B!U6!,-0*+2*!12/+,!,=0C39!:,13!

4,=3-! *:*+,=0,4,=0,B! K343! =C3! ,-.*:*43-! 7*! 7,-0+62VC3! 7,:32-! ;6,!

4*4C,!43++,69! *! 7,-0+62VC3! 030*1! /2+2*! *D3+*! .343! 64! *1>/23B! %! :,+7*! 7*!

<*4>12*!,!7*!.*-*!,+*4!4,6!7,-4*0*4,=03!:*+02.61*+B!#!;6,!+,-036!,+*!*:,=*-!

*!:+3/*!0,++>/,1!7,!64*!.32-*!;6,!Q8!=C3!,N2-02*B!

$2=@*!,-0*73!,4!.*-*!:,1*!G1024*!/,M!64*!-,4*=*!*=0,-!7*!.*42=@*7*!

=*!)K$B!k62!:*+*!3!=3+0,!7,!.*++3!4,!7,-:,72+!7,!U772,!,!/2-20*+!3!0G4613!7*!

42=@*!4C,9!-*5,=73!;6,!=C3!/310*+2*!*!L2==,-30*!7,:32-!7,!0,+42=*+!*!0+21@*B!

k2M!4,6!G10243!06+=3!.343!D*+V3=,0,!=3!+,-0*6+*=0,!,4!L2=,8:312-!,!72+2D2!

0+S-!@3+*-!:*+*!3!=3+0,9!.@,D*=73!?!64*!7*!4*7+6D*7*B!)1*=,Q,2!,-0*.23=*+!=*!

,=0+*7*! 7*! D*+*D,4! ,! 73+42+! =3! 5*=.3! 7,! 0+8-! 7*! .*42=@3=,0,! :*+*! =C3!

!#)'!

:,+06+5*+!=2=D6E49!4*-9!;6*=73!.@,D6,29!02=@*!64*!<,-0*!*.3=0,.,=73B!%!.*-*!

,-0*/*! *.,-*! ,! @*/2*! 64*! <3D6,2+*! =3! Q*+724j! @*/2*! 5*++*.*-! ,-:*1@*7*-!:3+!

0373!3!0,++,=3!,!4G-2.*!*10*!,-0+3=7*/*!=3-!*103F<*1*=0,-!.313.*73-!=*!D+*4*B!

U+*! 3! -85*73! 73! <24! 7,! -,4*=*! 73! L,43+2*1! &*oB! R*>! 7*! .*42=@3=,0,! ,!

.*42=@,2! ,4!4,23! ?!461027C39! *!4*23+2*!7,-.3=@,.27*B! k2;6,2! *5*1*7*9!4*-!

=C3!-6+:+,-*9!=,4!.34!3!,-0213!5*+61@,=03!7*! <,-0*!=,4!.34!3!<*03!7,!;6,!

=C3!02=@*!-273!.3=/27*7*B!U+*!*:,=*-!360+*!:+3/*!7,!.343!*-!.32-*-!,-0*/*4!

:+3<6=7*4,=0,!467*7*-B!

!K@,+o1t! !I,2<!D+2036!;6*=73!,=0+,2!=*!D*+*D,4!.@,2*!7,!D,=0,B!%5+2!

.*42=@3!,4!72+,VC3!*!,1,!,!=3-!*5+*V*43-B! !U-036!/2*Q*=73!7,!.3D64,13! !

,1,!4,!72--,!*=24*739!*:,+0*=73!4,6!5+*V3!.34!<3+V*!7,4*2-B!

!#=7,!,-08!U772,T! !:,+D6=0,2B!

! "C3! -,29! 4*-! 0,=@3! 64*! .32-*! :+*! 0,! 43-0+*+! ! ,1,! 72--,9! 4,!

:6N*=73B! !K34!.,+0,M*!/*2!0,!2++20*+B!

U6!3! -,D62!:,13! Q*+7249! -652! *-! ,-.*7*-!7*! <+,=0,!7*! .*-*! ,! ,=0+,2! *0E!

<2.*+! ,4! <+,=0,! ?! 4,-*! 7*! .3M2=@*B! U+*! *! 4,-4*! ;6,! 0>=@*43-! =3-!

*:*+0*4,=03-! 7,! $+,,! I3<0! ;6*=73! E+*43-! .+2*=V*-9! *;6,1*! ;6,! =3--*! 4C,!

.34:+36!:3+! 7,M! 7A1*+,-9! *;6,1*! 3=7,! .34,43-! =*! =320,! ;6,! .3=@,.,43-!

U772,9!;6*=73!*.@*43-!;6,!E+*43-!.@2=,-,-!:3+;6,!-,=08/*43-!=3!.@C3B!U1*!

02=@*!*!*106+*!7,!64*!4,-*!=3+4*1!*D3+*B!&,:32-!;6,!=3-!467*43-!7,!$+,,!

I3<0!:*+*!*!.*-*!=3+4*1!.34!U772,9!,1,!.3+036!*-!:,+=*-!:,;6,=*-!,!:+,D36!

64! 0*453+!,45*2N3!,! .34,43-!=,1*!76+*=0,! 0373-!,--,-!*=3-! -,=0*73-!,4!

.*7,2+*-B!%!4,-*!=6=.*!<32!53=20*!,!<2.36!4,=3-!*2=7*!.34!3!:*--*+!73-!*=3-9!

+*.@*=73!,4!16D*+,-!;6,!U772,!.3=-,+0*/*!.34!4*--*!:*+*!4*7,2+*9!4*-!,1*!

02=@*!-273!=3--*B!

#6!:,13!4,=3-!02=@*!-273!*0E!*;6,1*!=320,!=*!-,4*=*!*=0,+23+!?!42=@*!

:*+027*!:*+*!*!)K$B!

!#)(!

%D3+*!*!-6:,+<>.2,!7*!4,-*!,-0*/*!130*7*!7,!:*1*/+*-!,!<+*-,-!D+*/*7*-!

+,.,=0,4,=0,9! =34,-! ,! 2=2.2*2-! 7,! :,--3*-! .3=,.0*7*-! :3+! -2=*2-! 7,!4*2-! 36!

4*+D,*7*-!.34!.3+*Vn,-9!35/2*4,=0,!<,203-!:3+!*;6,1,-!;6,!,-0*/*4!=*!<,-0*B!

U=;6*=03! 31@8/*43-9! 64! *731,-.,=0,! ;6,! ,6! =C3! .3=@,.2*! ,=0*1@*/*! =*!

-6:,+<>.2,!7*!4,-*!.34!64!.*=2/,0,!-6>V3B!

! )*+,! .34! 2--3! !3+7,=,29! ,! ,1,!4,!31@36!*--6-0*73B! ! U--*!4,-*!

EBBB! !"C3! .3=-,D62! 0,+42=*+! 3! ;6,! ;6,+2*! 72M,+B! %:,=*-!4,! /2+,2! ,! 5*02! *!

:3+0*B!I,2<!/,23!*0+8-!7,!424!,=;6*=03!:*--8/*43-!:,1*-!0,=7*-!,!:,13-!<3D3-!

7,!*+02<>.239!:,13!D*12=@,2+3!;6,!,-0*/*!*D3+*!-,4!D*12=@*-!,!73!360+3!1*73!73!

:*-03!73-!.*/*13-9!3=7,!=C3!/2/2*4!4*2-!.*/*13-9!7,-.,=73!:3+!64*!0+21@*!;6,!

,=0+*/*! =*!4*0*! *0E! 3! D*M,53! ;6,! ,N2-02*! 18! *0+8-9! 3=7,! =3-! -,=0*43-! ,! ,6!

.@3+,29!4,6! 2+4C3! ,4! -21S=.23!4,6! 1*73B!U-0*/*!*53++,.27*! .34!U772,9!4*-!

*.24*!7,!0673!,-0*/*!0+2-0,!.342D3!4,-4*B!%.,=72!/,1*-!,!<2M!7,.1*+*Vn,-!,4!

4,6!728+23B!K@,D6,2!*!.3=.16-n,-!-*678/,2-!-35+,!*.,20*VC3!,!D+*027C39!-35+,!

7,-02=39!:,+7C3!,!+2;6,M*B!U4!64!16D*+!:,;6,=3!,!24:,063-3!7,=0+3!7,!4249!

02=@*! 7,2N*73! 42=@*! 4C,! ,! 4,6! :*2! :*+02+,49! ,! :3+! <24! 7,2N,2! U772,! 2+!

0*45E4B!L*-!*!4,-*!,+*!360+*!.32-*B!"C3!02=@*!4,!3.3++273!;6,!:+,.2-*/*!4,!

7,-*:,D*+!7,1*!0*45E4B!

! U-036! 0C3! <,12M! :3+! ,-0*+! 2=73! ,453+*! 7,! L2==,-30*! ! 72--,9!

-,=02=73!*-!:*1*/+*-!*4*+D*-!=*!53.*B! !$C3!<,12MB!

! U6! =C3! ,-036! ! 72--,! I,2<B! U1,! .313.36! *!4C3! ,4!4,6! .*5,13! =*!

*106+*!7*!=6.*!,!7,:32-!*!02+36B!

! "C3! ,-036! 72M,=73! ;6,! ,-036! <,12M! :3+! 7,2N*+! /3.S! ! <*1,29!

,=N6D*=73!3!+3-03!,!3!=*+2M!.34!*-!4C3-B! !L*-!,6!;6*-,!=C3!0,!/,Q39!7,!

;6*1;6,+! <3+4*B! ! c--3!,+*!/,+7*7,9!:3+!4*2-!;6,!,1,!*1,D*--,!;6,!,6!,+*!*!

:,--3*!4*2-! 24:3+0*=0,!,4!-6*!/27*9! -6

4,! .@*4*/*9! ,6! 3! /2*! *:,=*-! ,/,=06*14,=0,B! U1,! ,+*! /*D3! ,! *++,7239!

!#))!

2++,-:3=-8/,1! ,! ;6*-,! 24:3-->/,1! 7,! 13.*12M*+B! R,6! 0,1,<3=,! ,-0*/*!

<+,;6,=0,4,=0,!7,-12D*73B!R6*!43+*72*!,+*!-,4:+,!0,4:3+8+2*B!

!b3.S!:37,!4,!/2-20*+! !<*1,2B!

!b2-20*+!/3.S!3=7,T! !,1,!:,+D6=036B!

!#=7,!;6,+!;6,!,6!7,.27*!43+*+!=3!3603=3B!&,:32-!;6,!,6!0,+42=*+!

*!)K$B!

),=-,2!*!+,-:,203!7,!3=7,!43+*+2*B!"C3!.3=-,D62*!24*D2=*+!3=7,!-,+2*B!

)372*!-,+!,4!;6*1;6,+!16D*+B!%!G=2.*!.32-*!;6,!-*52*!,+*!;6,!=C3!,-0*+2*!*;62B!

"C3!=,-0,!,-0*73t!"C3!=,-0,!,-0*73t9!4*4C,!02=@*!2=-2-02739!0+*=-03+=*7*9!=3-!

72*-!*=0,+23+,-!?!-6*!43+0,9!;6*=73!,6!2=-2-02!:*+*!4,!72M,+!3=7,!,1*!D3-0*+2*!

;6,! ,-:*1@8--,43-! -6*-! .2=M*-B!"6=.*! .3=-,D62! *++*=.*+! 7,1*! 3! ;6,! ,1*! ;62-!

72M,+!.34!2--39!-,!,-0*/*!-,!+,<,+2=73!*3!,-0*73!7,!L2==,-30*!36!*3!,-0*73!,4!

;6,!,-0*/*9!,=<+*;6,.27*!,!.3=<6-*B!

!$*1/,M!=3!#+,D3=! !72--,!*!I,2<9!,!<2.*43-!;62,03-!:3+!64!0,4:3B!

!#!D*M,53!E!1,D*1!=3!,-.6+3! !,1,!-6--6++36!*1D6=-!42=603-!7,:32-9!,!

*453-!31@*43-!*3! +,73+9!?! 16M! -345+,*7*!7*!=320,B!)*61!,! ,6!=3-! .*-*43-!

=,1,B!"A-!3!.3=-0+6>43-!Q6=03-!:*+*!3!.*-*4,=03!@*/2*!;6*-,!-,0,!*=3-9!.34!*!

*Q67*! 7,! U772,! ,! 7,! 4*4C,B! U+*! 3! @64217,! .*-0,13! 7,! =3--3! 2=DS=63! ,!

4*1<*7*73! *43+B!#! 0,1@*73! ,+*!7,! <31@*!7,! M2=.3! ,! *-! 1*0,+*2-9! 7,!4*7,2+*!

-,4! *.*5*4,=03! ;6,! -310*/*! <*+:*-! -,! /3.S! *! 03.*--,B! #! :2-3! ,+*! 7,! 0,++*!

5*027*! .34!:1*.*-! 7,!:,7+*-!;6,! *++*-0*43-!:,1*!4*0*!=3! .*++2=@3!7,!4C3!

;6,!*!<*4>12*!02=@*!@*/2*!*=3-B!&,:32-!;6,!4,!.*-,2!.34!)*61!=3!D*M,539!,1,!

-,! 03+=36! 3! 16D*+! ,4! =3--*! 4*0*! :*+*! 3=7,! *-! :,--3*-! 2*4! ;6*=73!

.*42=@*/*4!,!-,!Q6=0*/*4!;6*=73!-,!+,6=2*4B!U772,!:,=76+36!64*!D+*=7,!

+,7,! 3.6:*=73! 037*! *! -6*! ,N0,=-C39! 64! :+,-,=0,! ;6,! 7,6! *!4*4C,! @*/2*!

*1D6=-!*=3-B!

!#)*!

!b*43-!7,20*+!=,--*!.32-*! !I,2<!72--,9!*:3=0*=73!:*+*!*!+,7,B!"A-!

-65243-! ,! ,6! =3-! 5*1*=.,2! -6*/,4,=0,9! 034*=73! 24:61-3! .34! 64! :E! =*!

4,-4*!:,7+*!,4!;6,!<2;6,2!:*+*7*!;6*=73!4,!.*-,2!.34!)*61B!

!%D3+*!-36!72/3+.2*7*! !72--,9!-,4!7,43=-0+*+!,43VC3B!

!%.@,2!;6,!/3.S-!02=@*4!-,!72/3+.2*73!*=0,-B!

! f,49! *D3+*! E! 3<2.2*1B! $2/,43-! ;6,! ,=/2*+! *! :*:,1*7*! :*+*! ;6,! 3!

U-0*73!:67,--,!:+3.,--8F1*B!RA!+,.,52!3-!73.64,=03-!7,<2=202/3-!.34!3!-,13!73!

Q62M!=*!-,4*=*!:*--*7*B!

U1,!5*1*=V36!*!.*5,V*!,!=*7*!.34,=036B!)*+,.2*!;6,!:36.3!1*4,=0*/*!

:3+! 424! ,! :,13! 72/A+.23! ;6,! ,6! 4,-4*! :+3/3;6,2B! U1,9! U772,! ,! g*+,=!

D3-0*/*4!7,!)*61B!"C3!.3=-,D62!<*M,+!.34!;6,!,=0,=7,--,4!:3+!;6,!,6!02=@*!

;6,! 7,-0+62+! *-! .32-*-B! L*-! /3.S-! :*+,.2*4! 0C3! <,12M,-9! ,+*! 0673! 3! ;6,!

.3=-,D62+*4!72M,+B!U!2--3!,+*!/,+7*7,d!:*--8/*43-!,--*!24:+,--C3B!&*!4,-4*!

<3+4*!;6,!,6!:*+,.2*!,-0*+!5,4!7,:32-!;6,!42=@*!4C,!43++,6B!#!-3<+24,=03!

=C3!0,4!64!+3-03B!

K3=<3+4,!I,2<!,!,6!=3-!5*1*=V8/*43-!=*!+,7,9!.*:0*43-!+,1*=.,-!7*-!

16M,-! 7*! .*-*! ,! 7*! <3D6,2+*! *0+*/E-! 7*-! 8+/3+,-B! )37>*43-! 36/2+! *-! /3M,-!

2=72-02=0*-!7*-!:,--3*-!?!4,727*!;6,!*!<,-0*!7,-*=24*/*!,!*.*5*/*B!#!0G4613!

7,! =3--*! 4C,! <2.*/*! *12! :,+039! *0+8-! 7,! =A-9! 0*1/,M! *! *:,=*-! 0+2=0*! :*--3-!

*72*=0,!=*!0+21@*!;6,!.3=02=6*/*!7,:32-!73!D*M,53!,!.@,D*/*!*!64*!:,;6,=*!

.1*+,2+*! 3=7,! .3=-0+6>43-! 64! .*=0,2+3! 7,! <13+,-9! ,=0,++*43-! -6*-! .2=M*-! ,!

2=-0*1*43-!64*!18:27,B!U6!*!-,=02*!.3=3-.3!,!-,=02*!;6,!I,2<!*!-,=02*!0*45E49!

,453+*!=C3!72--,--,!64*!:*1*/+*!-35+,!2--3!:3+!0,4,+!;6,!*-!:*1*/+*-!<2M,--,4!

*!-,=-*VC3!7,-*:*+,.,+B!&3+42!-,4!:,+.,5,+!,!*.3+7,2!;6*=73!3!-31!.34,V36!

*! +*2*+! =3! .E69! /2+*=73F4,! :*+*! I,2<! -35+,--*10*7*! ,! ,-;6,.,=73! :3+! 64!

2=-0*=0,!3=7,!,-0*/*B!

!K*>!=3!-3=3! !<*1,2B!

!#*+!

! U6! -,2! ! ,1,! +,-:3=7,6B! ! k2;6,2! *.3+7*73! 3! 0,4:3! 0373B! #-!

.3D64,13-B!

U6!4,!-,=0,2!=*!+,7,!,!4,!/2+,2!:*+*!31@8F13B!

!U6!4,!:+,3.6:3!.34!/3.S! !72--,B! !K34!*-!7+3D*-9!/3.S!-*5,B!

!#1@*!;6,4!<*1*B!

!%;6213!<32!72<,+,=0,B!k32!-A!64*!<*-,!,!/3.S!-*5,!72--3! !+,:12;6,29!

0,=0*=73! ,/20*+! ;6,!42=@*! /3M! -3*--,! 7,<,=-2/*B!Y*/2*! 64*! -E+2,! 7,! +*Mn,-!

:,1*-! ;6*2-!4,! *++,:,=72*! 7,! 0,+!4,! ,=/31/273! .34! @,+3>=*9!4*-! :,+7,+! *!

.+,7252127*7,!.34!4,6!2+4C3!,+*!*!.32-*!;6,!,6!4*2-!1*4,=0*/*B!

!b*43-!7*+!64*!/310*! !,1,!72--,B!

!l6,!@3+*-!-C3T! !:,+D6=0,2B!

!l6,4!-,!24:3+0*T!

U6! 3! -,D62! *3! 13=D3! 7*! 0+21@*9! 7,:32-! 7*-! 5*++*.*-! -21,=.23-*-! ,! 73-!

.*++3-!=*!,=0+*7*!7*!D*+*D,4!*0E!*!,-0+*7*!7,!.*-.*1@3!;6,!:*--*/*!:,1*!=3--*!

.*-*B!%!16M!,-0*/*!-6*/,!,!02=D27*!.34!3!4*2-!.1*+3!034!7,!+3-*9!0C3!12=73!;6,!

4,6!.*=-*V3!,+*!2++,1,/*=0,B!R,4!.3452=*+9!*=7*43-!*0E!*!.*-*!*5*=73=*7*!

;6,!<2.*/*!*!64*!.6+0*!72-0h=.2*9!:,D*=73!*!,-0+*7*!7,:32-!7,!=3--*!D*+*D,49!

3=7,! .3-0648/*43-! 2+! ;6*=73! .+2*=V*-9! ,=0,72*7*-! .34! 3-! 13=D3-! 72*-! 7,!

/,+C3! *=0,-! 7,! 0,+! 27*7,! -6<2.2,=0,! :*+*! 72+2D2+B! %! .*-*! ,-0*/*! /*M2*! ,!

7,-43+3=*=73!=*!E:3.*B!%D3+*9!-,!,=.3=0+*/*!*2=7*!4*2-!7,-0+6>7*B!

!%.@3!;6,!3!=34,!7,1*!,+*!b231,09!*!461@,+!;6,!43+*/*!*;62! !,6!

72--,! ;6*=73! -65243-! =*! /*+*=7*9! +,.3+7*=73! *! 1,=7*! -35+,! *! .*-*! ;6,!

36/243-!73-!/,1@3-!<2=1*=7,-,-!*=3-!*=0,-B!%!:3+0*!7*!<+,=0,!=6=.*!02=@*!-273!

0+*=.*7*9!,!*--24!.3=02=6*/*B!"A-!*!*5+243-!,!,=0+*43-9!,/20*=73!:2-*+!=3-!

16D*+,-! ,4! ;6,! <*10*/*4! 0856*-! =3! :2-3B! #-! 4,-43-! 20,=-! ;6,! ,-0*/*4!

,-:*1@*73-!:,1*!.*-*!@*/2*!\W!*=3-!*2=7*!-,!,=.3=0+*/*4!189!.6+23-*4,=0,9!-A!

;6,!*D3+*!,-0*/*4!*2=7*!4*2-!7,.+E:203-B!),D6,2!64*!+,/2-0*!*4*+,1*7*!,!/2!

;6,! 02=@*! -273!:6512.*7*!:,13!)*+0273!K346=2-0*!7,!L2==,-30*!,!7*0*/*!7,!

!#*"!

36065+3!7,!\]W_B!'4*!N>.*+*!7,!.@8!1*-.*7*!.34!:2=06+*!7,!+3-*-!,-0*/*!.*>7*!

7,! 1*739!,!4,!*5*2N,2!:*+*!,=72+,208F1*B!%!.*-*!,+*! 0C3!:,;6,=*!;6,!5*-0*/*!

7*+!*1D6=-!:*--3-!:*+*!0,+!0673!?!/2-0*B!k62!*0E!3-!<6=73-!,!4,!*:+3N24,2!7,!

64*! :3+0*! 7,! 4*7,2+*! ;6,! :,=72*! 72*D3=*14,=0,! 7,! 64*! 735+*72V*9! 64!

:*2=,1!7,!/27+3!0+*=-:*+,=0,!=*!4,0*7,!7,!.24*B!

!"C3!03;6,!=2--3! !-6--6++36!I,2<B! !L8!-3+0,!-,!,1,!;6,5+*+B!

K3=03+=*43-! .627*73-*4,=0,! *! :3+0*! ,! ,=0+*43-! =*! .3M2=@*B! $2=@*!

<,=7*-!,!56+*.3-!,!64*!4*=.@*!:+,0*!,=3+4,!3=7,!<2.*/*!3!<3DC3B!"3!.*=03!

@*/2*!64*!:,;6,=*!4,-*!7,!4*7,2+*!-,4!64*!:,+=*B!

!b3.S!D+*/*+2*!-,6!=34,!=,1*T! !:,+D6=0,29!*:3=0*=73!:*+*!*!4,-*9!

42=@*!/3M!-6520*4,=0,!/25+*=73!7,!,43VC3B!

! "C3! ! 72--,! I,2<9! -,D6+*=73! 4,6-! 345+3-! :*+*! 4,! 7*+! 64*!

-*.6727*!<2+4,B! !U-;6,V*!2--39!K@,+o1B!c--3!E!+,*1B!U!*!+,*127*7,!E!3!;6,!0,43-!

;6,!*.,20*+9!D3-0*=73!36!=C3B!

K3=.3+7,2!,!,1,!4,!-31036B!k2.*43-!64!*3!1*73!73!360+3!31@*=73!:*+*!

3! Q*+724! *0+*/E-! 7*! Q*=,1*B! $2=@*! 64*! .*5*=*! *++62=*7*! ;6,! .3-064*/*! -,+!

64*! -*6=*! ,! 64*! .*1@*! ;6,! *D3+*! ,-0*/*! .35,+0*! 7,!4*03! ,!46-D3B! %1E4!

72--39! 64! *4:13! .*4:3! :*=0*=3-3! 7,6! 16D*+! *! 64! 53-;6,! 7,! 5E061*-! =3!

<6=739! ,! 4*2-! ?! <+,=0,! @*/2*! 64! 5+,Q39! ;6,! -*5>*43-! ,-0*+! 189! 4*-! =C3!

:37>*43-!/,+B!

!K1*+3!;6,!,6!=C3!D+*/*+2*!4,6!=34,!=,--*!4,-*9!=,4!/3.S! !72--,!

I,2<!7,:32-!7,!64! 0,4:39!/310*=73F-,!:*+*!424B! !b3.S! -*5,!:3+!;6ST! !

:,+D6=036B!

f*1*=.,2!*!.*5,V*9!,453+*!-365,--,!*!+,-:3-0*B!

!)3+;6,!<343-!.+2*73-!:3+!4*4C,B!

!

!

!#*#!

U6! 4,! *<*-0,2! 73! 16D*+! 3=7,! *.*4:,2! =*! 8+,*! 7,-4*0*7*! *--24! ;6,!

*4*=@,.,6!,!=C3!/2!=2=D6E4!*!4*=@C!2=0,2+*B!%3!4,23F72*!,6!=C3!/2*!=,4!*!

)K$B! U6! *! :,+72! ,4! 4,23! ?-! 8+/3+,-! 7,++65*7*-! :,13! /,=03! ,! ?-! ,-0+*7*-!

0,4:3+8+2*-! ;6,! 2*49! /2=@*4! ,! *.*5*/*4!35-0+62=73! *! 0+21@*B! U! =C3! ,-0*/*!

46203!*--6-0*7*!=3!2=>.239!*.@*=73!;6,!*!,-0+*7*!;6,!,6!-,D62*!-,+:,=0,*+2*!7,!

/310*!*!360+3!16D*+!;6,!2=0,+.,:0*+2*!*!0+21@*9!4*-!2--3!=C3!*.3=0,.,6B!),D6,2!3!

4*:*!,!*!5G--31*!,!/2!42=@*!:3-2VC3B!#!;6,!*.@,2!;6,!,+*!*!42=@*!:3-2VC39!

:32-! 42=@*-! @*52127*7,-! 7,! 3+2,=0*VC3! *2=7*! ,+*4! :36.3! .3=<28/,2-B! R,D62!

360+*!,-0+*7*9!4*-!,1*!*:,=*-!1,/36!*!360+*!,!*!360+*!*0E!;6,!=C3!.3=-,D62*!

4*2-!1,45+*+!,4!;6*1!7,1*-!02=@*!,-0*73!*=0,-B!

)*+,2! :*+*! *143V*+! =3! 4,23! 73! .*13+! 7*! 0*+7,9! 4*-! 42=@*! <34,!

43=64,=0*1! ,-0*/*! 1,/,4,=0,! 7242=6>7*! :,1*! .3=-0+*=D,73+*! :,+.,:VC3! 7,!

;6,! =C3! -*52*! 3=7,! ,-0*/*B! R21,=.23-*4,=0,! 4,! +,.+242=,2! :3+! -,+! 0C3!

7,-.627*7*! ,! -,D62+! ,4! <+,=0,! 4,-43! .3=0+*+2*7*! ,4! /,M! 7,! :*+*+! :*+*!

*=*12-*+!*!+30*9!4*-!=C3!@*/2*!=*7*!;6,!:67,--,!<*M,+!*D3+*B!$2+,2!*!.*42-,0*!

73!f35!L*+1,o!,!*!:,=76+,2!,4!64!D*1@3!:*+*!-,.*+9!02+,2!360+*!.*42-,0*!7*!

43.@21*! ,! *! /,-02B! &,-7,! ;6,! )*.3! 4,! 7,6! *! .*42-,0*! 73! f35!L*+1,o9! ,6!

1,/*/*! 76*-! ,! *-! 0+3.*/*! 76+*=0,! 3! 72*! 7*!4,-4*! <3+4*! ;6,! <*M2*! .34! *-!

4,2*-9!,453+*!-365,--,!;6,!0*1!:+802.*!,+*!64!16N3!;6,!-A!*.+,-.,=0*/*!4*2-!

:,-3!?!43.@21*B!

U-067,2! 3! 4*:*! ,! -,D62! *72*=0,9! 7,-.,=73! 64*! ,-0+*7*! 7,! 0,++*!

24:+3/2-*7*!,!7,:32-!360+*9! -,=02=73!64*!:3=0*!7,!,-:,+*=V*! 037*!/,M!;6,!

+,,=.3=0+*/*! =3! +643! .,+03B! L*-! =3! 2=>.23! 7*! =320,! *! ,-0+*7*! ,4! ;6,! ,6!

,-0*/*!*.*536!,4!64*!:21@*!*--6-0*73+*!7,!0,++*9!+*>M,-!,!D*1@3-!4*2-!*10*!73!

;6,! 64*! .*-*B! U-.*1,2! *! :21@*! :*+*! 0,+! 64*! /2-C3!4,1@3+! ,! /2! 360+*! ,-0+*7*!

7,:32-!7,!64*!*=02D*!<*2N*!7,!7,-4*0*4,=03B!k62!=,--*!72+,VC3!*0E!;6,!64*!

7,!42=@*-! -*=7812*-! .*269! ,! 0*=03!*! <20*! *7,-2/*!;6*=03!*! 02+*!;6,! .+6M*/*!3!

:,203!73!4,6!:E!7,-.31*+*4!73!+,-03!7*!-*=7812*B!

!#*$!

!%YYYYt! !D+20,2!,!31@,2!*3!+,73+9!-,=02=73!*!,-0+*=@*!;62,067,!7*-!

8+/3+,-! *!72-0h=.2*B! U+*4!.343!64*!:+,-,=V*9! .343!:,--3*-!:+30,03+*-!;6,!

4,! 02+*+2*4! 7,--*! ,=+*-.*7*9! *:,-*+! 7,! =C3! 0,+,4! <,203! =*7*! *1E4! 7,!

-21,=.23-*4,=0,!*--2-02+B!

R,=0,2!=3!.@C3!,=0+,!3!4*03!,!*-!467*-!7*!*106+*!73-!4,6-!Q3,1@3-!,!

<2M!64!.3=-,+03!4*2-!73!;6,!.34:1,03!=*-!-*=7812*-B!K3=-0+6>!64!:*+!7,!530*-!

.2=M*!4,0812.*-! ,=+31*=73! *! -21/,+! 0*:,! ,4! /310*! 7*-!4,2*-! ,! 73-! +,-03-! 7*!

,-0+606+*! 7*-! -*=7812*-9! .343! -,! ,-02/,--,! <*M,=73! 64!4317,! :*+*!4,6-! :E-!

;6,5+*73-B!$2/,!3!.627*73!7,!,=+31*+!*:,+0*=73!3!-6<2.2,=0,!:*+*!;6,!*-!530*-!

=C3! .*>--,4! ,=;6*=03! .*42=@*/*9!4*-! 1*+D*-! 3! -6<2.2,=0,! :*+*! ;6,! :67,--,!

02+8F1*-!=3!<24!73!72*!-,4!7,-0+6>F1*-B!$2=@*4!;6,!76+*+!0373!3!.*42=@3!*0E!

K*-01,!K+*D-B!

U!*D3+*!,6!=C3!02=@*!*!4,=3+!27,2*!7,!;6C3!72-0*=0,!2--3!:37,+2*!,-0*+!

36!.343!<*M,+!:*+*!.@,D*+!18B!

K*1V*7*! .34! *-! 530*-! 7,! -21/,+! 0*:,9! .3=02=6,2! *0+*/,--*=73! *! 8+,*!

7,-4*0*7*!*0E!*!,-0+*7*!,!31@,2!*3!+,73+B!"C3!02=@*!4*2-!.,+0,M*!-35+,!;6*1!

72+,VC3! 7,/,+2*! -,D62+B! %! G=2.*! /2-C3! ;6,! 02=@*! ,+*! *;6,1*! ;6,! 3!

7,-4*0*4,=03!,!*!,-0+*7*!4,!:,+4202*4B!%!<13+,-0*!7,!*5,03-!,+*!7,=-*9!.@,2*!

7,! D*1@3-! .*>73-9! ,! 3! 72*! 02=@*! 4,! ,=-2=*73! ;6,! *-! ,-0+*7*-! 7,! 0,++*! =C3!

:*--*/*4!7,! 12=@*-!,4!64!1*52+2=03! 2=,N:12.8/,1B!R,D62*4!:*+*!3,-0,9!7,:32-!

:*+*!=3+3,-0,!,!4*2-!?! <+,=0,!7,-/2*/*4!:*+*!3!-61!76+*=0,!64!0+,.@3B!)*+*!

.34:12.*+!*-!.32-*-9!3!0+,.@3!7*!)K$!,=0+,!f6+=,o!k*11-!,!K*-01,!K+*D-!=C3!2*!

0C3! :*+*! 3! =3+0,9! 4*-! <*M2*! 64*! .6+/*! D+*=7,! =*! 72+,VC3! 3,-0,B! )*+,.2*!

24:+3/8/,1!;6,!,6!:67,--,!*0E!4,-43! <2=D2+!;6,!*2=7*!,-02/,--,! -,D62=73!3!

0+*Q,03!7*!0+21@*B!L,6!G=2.3!35Q,02/3!*D3+*!,+*!7,-.35+2+!.343!-*2+!7,!-*5,F-,!

18! 3=7,! ,6! ,-0*/*B! R*52*! ;6,! -,! <3--,! :*+*! 3! =3+0,! ,4! *1D64! 434,=03!

,=.3=0+*+2*! *! Y2D@p*o! P]B! K*42=@,2! :,1*! ,-0+*7*! *0E! ;6*-,! *=320,.,+! ,!

!#*%!

,=.3=0+,2! 64! 0+,.@3! +*M3*/,14,=0,! :1*=3! Q6=03! ?! <13+,-0*! :*+*! 43=0*+! *!

5*++*.*B!

U-0*/*! :,+727*9! 4*-! =C3! ,-0*/*! .34! 4,739! 72--,! *! 424! 4,-4*!

,=;6*=03! :+,:*+*/*! 3! Q*=0*+B! $2=@*! 8D6*! ,! .3427*! 7,! -35+*B! $673! 3! ;6,!

:+,.2-*/*! :*+*! -35+,/2/,+! :3+! 64*! -,4*=*! 36! 4*2-! ,-0*/*! =*! 43.@21*B! R,!

.3=02=6*--,!*=7*=739!.@,D*+2*!?!.2/212M*VC3!,4!*1D64!434,=03B!L,-43!*--249!

;6*=73! 4,! *D*.@,2! :*+*! ,=0+*+! =*! 5*++*.*9! ,-0+,4,.2! 7,! D+*027C3! :,13!

.3=@,.273!*5+2D3!7,!=8213=!/,+7,!.34!:*+,7,-!7,!0,1*!;6,!-,!03+=36!3!4,6!

1*+B!J2+,2!3-!:E-!,!02+,2!.627*73-*4,=0,!*-!530*-!7,! <20*!,!*-!7,2N,2!=3!.*=03B!

b,+2<2;6,2!3-!4*:*-!:,1*! .,=0E-24*!/,M!=*;6,1,!72*9! -,=02=73F4,! <+6-0+*7*!,!

2=-,D6+*B! "3! <249! -24:1,-4,=0,! 7,-2-02! ,! 7,/3+,2! .,4! :8D2=*-! 7,! I3120*9!

4,+D61@*=73!,4!-6*!0,++>/,1!,!@21*+2*=0,!+,*127*7,!7,!4373!;6,!*3-!:36.3-!

,-;6,.2!*!42=@*B!

),1*!4*=@C!:,+.,52!;6,!=C3!,-0*/*!.34!*!.*42-,0*!73!f35!L*+1,oB!U6!

*!02=@*!7,2N*73!,4!64!D*1@3!:*+*!-,.*+!=3!72*!*=0,+23+B!),+7,+!*-!530*-! <32!

+6249!4*-!:,+7,+!*! .*42-,0*!73!f35!L*+1,o! <32! *2=7*!:23+B!%;6,1*! .*42-,0*!

=C3! ,+*! *:,=*-! 64*! /,1@*! .*42-,0*B! U+*9! :,13! 4,=3-! -,D6=73! )*.39! 64*!

.*42-,0*!-*D+*7*!;6,!-2D=2<2.*/*!;6,!,6!*=7*/*!.34!3-!,-:>+203-!73-!*=24*2-9!

7*!0,++*!,!73!.E6B!"C3!-*52*!-,!*.+,720*/*!=*;62139!4*-!*!.*42-,0*!-,!03+=36!

64!,451,4*!7,!*1D3!;6,!,6!=C3!.3=-,D62*!,N*0*4,=0,!=34,*+B!

(,<3+.,2! *-! 530*-! 7,! -21/,+! 0*:,! .34! 360+*! .*4*7*! 7,! <20*! ,! *=7,2!

76+*=0,! 0373! 3! G4273! 72*B! "*! =320,! *=0,+23+9! <2M! 64! :1*=3d! -,D62+2*! ,--*!

,-0+*7*! *3=7,! ;6,+! ;6,! ,1*! 4,! 1,/*--,B! cD=3+*+2*! 037*-! *-! 360+*-! ;6,!

.+6M*--,4!4,6!.*42=@39!=C3!24:3+0*/*!3!;6*=03!:*+,.,--,4!-,+!.6+23-*-!36!

:+342--3+*-B! $2=@*! <2=*14,=0,!4,! .3=/,=.273! 7,! ;6,! -,! =C3! <2M,--,! 2--3! ,6!

*=7*+2*!:3+!64!1*52+2=03!2=<2=78/,1B!e8!=3!<24!7*!0*+7,9!:,+.,52!;6,!*!,-0+*7*!

,-0*/*!4,!1,/*=73!*!*1D64!16D*+B!U1*!<2.36!4*2-!1*+D*!,!4,=3-!*.27,=0*7*!,!*!

<13+,-0*! -,! *5+26! ?! <+,=0,B! k2=*14,=0,9! <2M! 64*! .6+/*! ,! /2! 64! 0+*03+! =C3!

!#*&!

0+2:61*73B!L*2-!*72*=0,9!@*/2*!64*!,-0+*7*!:*/24,=0*7*!.34!76*-!:2-0*-B!U6!*!

*0+*/,--,29! /2+,2! ?! ,-;6,+7*! ,! .*42=@,2! *3! 13=D3!73! *.3-0*4,=03B! U-0*/*! =*!

Y2D@p*o! P]9! :67,! *:,=*-! -6:3+B! ),D6,2! 3-! 4*:*-! ,! 0+*.,2! 64*! +30*! :*+*!

:,D*+!64*!.*+3=*!7,!/310*!?!)K$9!7,:32-!:*--,2!*!4,!7,72.*+!*!.3=-,D62+!64*!

.*+3=*9!-,=02=73F4,!.3=-0+*=D27*!:,1*-!530*-!.2=M*!4,0812.*-!<,20*-!7,!*7,-2/3B!

#-!.*++3-!:*--*/*4!,4!D+6:3-!7,!732-!36!0+S-!.34!13=D3-!2=0,+/*13-!,=0+,!,1,-B!

k2;6,2!7,!:E!=*!*603,-0+*7*!:3+!4,2*!@3+*!.34!3!:31,D*+!:*+*!.24*9!-,=02=73!

64*! *=-2,7*7,! .+,-.,=0,B! )3+! <24! 64! @34,4! 72+2D2=73! 64*! .*42=@3=,0,!

:*+36!=*!1*0,+*1B!k62!*0E!*!:3+0*!73!.*+3=*!,!*!*5+2B!

! b3.S! :37,! .313.*+! *! 43.@21*! =*! .*V*45*! ! ,1,! 72--,B! U+*! 64!

@34,4!D+*=7,!.343!64!036+39!,4!-,6-!`_!,!46203-!*=3-9!24*D2=,2B!

!U--*!E!*!Y2D@p*o!P]T! !:,+D6=0,2B!

U1,!4,!31@369!:,+:1,N3B!

!b3.S!=C3!-*5,!=,4!,4!;6,!,-0+*7*!,-08T!

k2M!;6,!=C3!.34!*!.*5,V*B!

!#!;6,!,4!=34,!73!R,=@3+!/3.S!0,4!=3-!:E-T! !,1,!:,+D6=036B!

l6*-,! 64*! @3+*! 7,:32-9! ,1,! 4,! 7,2N36! ,4! 64! 16D*+! 3=7,! *! )K$!

.+6M*/*!64*!,-0+*7*!7,!.*-.*1@3!=*!<13+,-0*9!=*7*!46203!72<,+,=0,!7*;6,1*!;6,!

,6!02=@*!-,D6273!;6*=73!4,!:,+72!=3!72*!*=0,+23+B!"3!72*!-,D62=0,9!.*42=@,2!

,4! 64*! /,13.27*7,! +,.3+7,! :*+*!4249! ,-02461*7*! :,13! 7,-,Q3! 7,! .@,D*+! *!

K*-01,!K+*D-!=3!<24!73!72*B!R,D6=73!3!D62*9!=C3!,-0*+2*!.@,D*=73!,N*0*4,=0,!

*!64*!.27*7,B!%!0+21@*!7*/*!,4!64!:*+;6,!,-0*76*1!;6,! <*M2*! <+3=0,2+*!.34!

64*! 13Q*! 7,! .3=/,=2S=.2*! ,! 64*! *DS=.2*! 73! .3++,239!4*-! 2--3! ,+*! -6<2.2,=0,!

:*+*! 424B! #! .3++,23! 0,+2*! *-! 530*-! ,! *! .*2N*! 7,! -6:+24,=03-B! %! 13Q*! 7,!

.3=/,=2S=.2*! 02=@*! 64! :,;6,=3! +,-0*6+*=0,! 3=7,! ,6! :37,+2*! +,*12M*+! :,13!

4,=3-!*1D64*-!7*-!<*=0*-2*-!.34!.3427*-!,!5,527*-!*--24!;6,!:,D*--,!*!=30*!

7,! /2=0,! 7A1*+,-! =*! .*2N*B! U! 3! :*+;6,! ,-0*76*1! 3<,+,.2*! 64*! 8+,*! 7,!

!#*'!

*.*4:*4,=03! D+*0620*! :*+*! 0+21@,2+3-! 7*! )K$9! 3=7,! ,6! :37,+2*! 034*+! 64!

5*=@3!;6,=0,B!

l6*=73!.@,D6,2!4,!*++*-0*=73!*!K*-01,!K+*D-9!Q8!,+*4!0+S-!@3+*-!,!,6!

,-0*/*! ;6*-,! 7,-.*1V*9! .34! *-! 530*-! -,! 7,-2=0,D+*=73B! U=0+,2! 4*=.*=73! =*!

*DS=.2*!73!.3++,23!.34!02+*-!7,!<20*-!.@,2*-!7,!0,++*!D31:,*=73!42=@*-!:,+=*-!

,!:,+D6=0,2!:,1*!42=@*!.3++,-:3=7S=.2*B!

! &,/,! @*/,+! 76*-! .*2N*-! :*+*! 424! ! *.+,-.,=0,29! -,=02=73F4,!

7,-,-:,+*7*!:3+!.3=0*!73!:*.30,!7*!(UcB!

U=;6*=03! *D6*+7*/*! *! <6=.23=8+2*! /310*+! 73! 7,:A-2039! 1,45+,2! ;6,!

:37,+2*! 0,+! *1D64*! .32-*! *!4*2-! *1E4! 7*-! 530*-! ,! 7*! .*2N*! 7,! -6:+24,=03d!

.*+0*-B!U6!02=@*!,=/2*73!*/2-3-!:*+*!037*-!*-!:*+*7*-!;6,!:,+72!;6*=73!<2M!3!

7,-/239!2=-0+62=73!:*+*!;6,!4*=7*--,4!42=@*!.3++,-:3=7S=.2*!:*+*!.8B!

! %;62! ,-08! ! 72--,! *! <6=.23=8+2*9! .313.*=73! *! :,-*7*! .*2N*! 7,!

-6:+24,=03-!=3!5*1.C3B!

!L*-!7,/,!@*/,+BBB!0,4!*1D64*!.32-*!7*!(UcT!R,+2*BBB!

!'4*!.32-*!:3+!/,M! !,1*!72--,!,=;6*=03!/310*/*!:*+*!*!-*1*!7,!0+8-B!

l6*=73!-*>!7*!*DS=.2*!73!.3++,239!,-0*/*!;6*-,!D+20*=73!7,!*1,D+2*!,!

*1>/23B!e6=03!.34!*!24:,.8/,1!.*2N*!7,!:*:,1C3!;6,!0+*M2*!*-!42=@*-!530*-! !

42=@*-!530*-t! 9!,6!-,D6+*/*!=3/,!.*+0*-!,=7,+,V*7*-!?-!:*+*7*-!*3!13=D3!73!

.*42=@3!;6,!=C3!<629!,!,-.+20*-!.34!1,0+*-!;6,!,6!.3=@,.2*B!R,=0,2!=3!.3=.+,03!

:,+03!7*!:,;6,=*!.3=-0+6VC39!,45*+*1@*=73!+*:27*4,=0,!3-!,=/,13:,-9!*2=7*!

:,+:1,N*!7,4*2-!:*+*!*5+2+!;6*1;6,+!64B!'4!,+*!7,!)*61B!#60+3!,+*!7,!e3,B!

#60+3!7,!g*+,=B!#!+,-0*=0,!,+*!7,!*42D3-!,-:*1@*73-!:,13!:*>-B!K313;6,2F3-!

7,! 1*73! ,! *5+2! *! .*2N*! 7*! (Uc! .34! 3! .*=2/,0,B! &,=0+39! .627*73-*4,=0,!

,45+61@*7*!,4!:*:,19!,-0*/*4!*-!530*-!7,!.36+3!4*++34B!

f30*-!73!4,-43!437,13!7*;6,1*-!;6,!02=@*4!/3*73!:,1*!,=.3-0*!7*!

43=0*=@*9!-A!;6,!=3/*-!,!,4!64!0*4*=@3!4*23+B!

!K@,+o1t! !64*!461@,+!4,!.@*4369!,!31@,2!:*+*!.24*B!

!#*(!

U+*!R*+*@9!64!7*-!461@,+,-!73-!.*-*2-!;6,!.3=@,.2!,4!f6+=,o!k*11-9!7,!

:E9!4*-!-,4!*!43.@21*B!

!#!;6,!/3.S!,-08!<*M,=73!*;62T! !,1*!:,+D6=036B!

!#!;6,!/3.S!,-08! <*M,=73!*;62T! ! +,:12;6,2B!%.@*/*!;6,!,1*!*2=7*!

,-0*+2*!*0+8-!7,!424!=*!0+21@*B!

!"A-!=3-!:,+7,43-B!%.*5*43-!-*2=73!=*!*603,-0+*7*9!3=7,!:,D*43-!

64*!.*+3=*B!

!U6!4,!:,+72!0*45E4t! !72--,!.34!*D+*78/,1!-6+:+,-*9!.3=0,=0,!:3+!

=C3!-,+!*!G=2.*!;6,!.3=-,D626!-,!:,+7,+!=*!0+21@*B!

! $373! 46=73! -,! :,+7,6! ! ,1*! 72--,B! ! b,4! .342D3B! ! U1*!

D,-02.6136! :*+*! *! ,=0+*7*! 73! +,-0*6+*=0,! =3! <2=*1! 73! :+E723B! ! U-08! 0373!

46=73!18!7,=0+3B!

!e8!/36!,=0+*+! !<*1,2B!&,:32-!;6,!,1*!,=0+369!02+,2!*-!530*-!=3/*-!7*!

.*2N*9! 7,-.*-;6,2! *-! 530*-! 7,! <20*! :,1*! G1024*!/,M! ,! *-! Q3D6,2! =*! 12N,2+*!4*2-!

:+AN24*B!%5+2!*!.*2N*!7,!-6:+24,=03-!,!:,D6,2!64!:*+!7,!4,2*-!124:*-!,!;6,!

=6=.*!02=@*4!-273!6-*7*-9!.313;6,2F*-!,4!4,6-!:E-!246=73-!,!,=0C3!*4*++,2!

*-! 530*-B! U-0*/*4! 24:,.*/,14,=0,! 124:*-B! )*+,.2*4! -,+! ;6*-,! 64*! 35+*! 7,!

*+0,!7,!0C3!24:,.8/,2-!,=;6*=03!,6!*=7*/*!1,=0*4,=0,!:,13!,-0*.23=*4,=03B!

%!-*02-<*VC3!73!-31*73!=3/3!,4!<31@*j!*!D1A+2*!73-!7,73-!=C3!4*+.*73-B!U1*!

:*+,.2*!76+*9!4*-!,-:*V3-*j!.343!-,! <3--,!7*+!.,+039!*:,-*+!7*!:+,3.6:*VC3!

.34!3!<*03!7,!;6,!*!,-0+,*+2*!=*!0+21@*B!"C3!:372*!<*M,+!=*7*!*!=C3!-,+!03+.,+!

:,13!4,1@3+B!

!K@,+o1t! !(,N!5+*436!;6*=73!,=0+,2!=3! +,-0*6+*=0,B! R0*.o!,-0*/*!

-,=0*7*! *3! 1*73! 7,1,9! 5,4! .343! R*49! Y,1,=9! e3@=! ,! R*+*@9! 3-! -,2-!

:+*02.*4,=0,!,=.@,=73!3!:,;6,=3!+,-0*6+*=0,B!

!f,4F/2=7*!*3!:*+*>-3! !72--,!e3@=!.34!64*!D*++*<*!7,!.,+/,Q*!=*!

4C3B!

!#*)!

K34,43-!.@,,-,56+D,+-!.34!5*0*0*-!<+20*-!,!7,:32-!:*--*43-!:,1*!13Q*!

7,!.3=/,=2S=.2*!=64!SN0*-,!:A-F+,<,2VC39!,=.@,=73!3-!5+*V3-!7,!:*.30,-!7,!

5*0*0*-! <+20*-! ,! 52-.3203-9! .,+/,Q*! ,! D*++*<*-! D+*=7,-! 7,! /2=@3! 02=03! 5*+*039!

Q6=0*=73! =3--3! 72=@,2+3! :*+*! :*D*+! :3+! 0673B! "A-! -,0,! .*42=@*43-!

/,+02D2=3-*4,=0,!.312=*!*.24*!*0E!*!8+,*!7,!*.*4:*4,=03!73!:*+;6,!,-0*76*1!

3=7,! 43=0*43-! =3--*-! 5*++*.*-9! 7,! 4373! *! <3+4*+! 64! .>+.613! =*! 8+,*!

72-:3=>/,1!:*+*!*.*4:*+9!,!:*--*43-!*!=320,!*3!+,73+!7*!4,-*!7,!:2;6,=2;6,9!

+2=73! ,! .3=0*=73! 64*! @2-0A+2*! *0+8-! 7*! 360+*! ?! 4,727*! ;6,! *! 16M! .*>*B!

U=;6*=03!.3=/,+-8/*43-9!732-!6+-3-F=,D+3-! !;6,!7,!<*03!:*+,.2*4!=,D+3-! !

-*>+*4! 7*-! 8+/3+,-! ;6,! +37,*/*4! =3--*-! 5*++*.*-9! *:,=*-! 1,/,4,=0,!

*4,7+3=0*73-!;6*=73!D+20*43-!:*+*!2+,4!,453+*B!

%3! 13=D3!7*!=320,9! ,=.@2! /8+2*-! /,M,-!3!:,;6,=3! .3:3!7,!:*:,1!;6,!

:,D6,2!=*!13Q*!7,!.3=/,=2S=.2*9!5,5,=73!3!/2=@3!.343!-,!<3--,!8D6*!*0E!;6,!

:*--*--,!*!0,+!-*53+!7,!8D6*!:*+*!424B!",4!:*+,.2*!;6,!,6!02=@*!.*42=@*73!

Wm!;621a4,0+3-!=3!.*13+!7,!O^!D+*6-!=*;6,1,!72*9!.34!64*!43.@21*!=*-!.3-0*-!

,!<20*!,4!/310*!73-!:E-B!)*+,.2*!;6,!,6!02=@*!<1606*73!:*+*!18!,4!/,M!72--3B!%!

4,-*!7,!:2;6,=2;6,!,+*!3!4,1@3+!16D*+!,4!;6,!Q8!,-02/,!36!;6,!,-0*+2*B!"C3!

:,+.,52! ;6,! ,-0*/*! 5S5*7*! *0E! ;6,! 0373! 46=73! 7,.2726! 2+! -,! 7,20*+! ,! 4,!

1,/*=0,29! <2.*=73! ,-:*=0*7*! *3! :,+.,5,+! ;6,! *! *+0,! 7,! <2.*+! 7,! :E! 02=@*!

467*73B!U4!64!2=-0*=0,!,-0*/*!7,!;6*0+39!*:32*7*!=*-!4C3-!,!=3-! Q3,1@3-9!

/3420*=73!7,-D+*V*7*4,=0,!=*!0,++*!=3!4,23!7,!=3--3!*.*4:*4,=03B!%:,-*+!

7*!/27*!*5-6+7*!;6,!1,/,2!=3-!*=3-!*=0,+23+,-9!=6=.*!02=@*!:*--*73!4*1!.34!

81.331!*=0,-B!l6*=73!*.*5,29!R0*.o!.313.36!64*!D*++*<*!7,!8D6*!*3!4,6!1*739!

46+46+*=73!;6,!,6!:+,.2-*/*!5,5,+B!L,6!/,+7*7,2+3!,6!;6,!,-0*/*!7,=0+3!

73!53++C3!;6,!4,!03+=,2!:,+.,5,6!;6,!,1*!02=@*!+*MC39!;6,!=C3!*:,=*-!,-0*/*!

5S5*7*! .343! 0*45E4! :+3<6=7*4,=0,! 7,-27+*0*7*B! "C3! 02=@*! 034*73! 64!

D31,!7,!8D6*!7,-7,!;6,!,=0+,2!=*!0+21@*!;6,=0,!*;6,1*!0*+7,B!U6!4,!35+2D6,2!*!

-,=0*+!,!*!5,5,+B!

!#**!

l6*=73!7,2!64!D31,9!24,72*0*4,=0,!/3420,2!4*2-!64*!/,MB!

),1*!4*=@C9!4,!1,/*=0,2!*=0,-!73-!360+3-!,!<2M!3!;6,!:67,!:*+*!/*++,+!

:*+*! 13=D,! 3! /a4203! .34! 3! D*1@3! 7,! 64*! 8+/3+,B! k62! *3! 5*=@,2+39! 02+,2! *!

+36:*!-6Q*!,!<2;6,2!,45*2N3!73!Q*03!7,!8D6*!;6,=0,!=*!.*52=,!7,!.3=.+,03!4,!

-,=02=73! .343! *1D6E4! ;6,! 02=@*! 1,/*73! 64*! -6++*! =*! =320,! *=0,+23+B! "C3!

02=@*!0,4:3!:*+*!<2.*+!7,!+,--*.*B!)+,0,=72*!/310*+!?!0+21@*!=3!4,23!73!72*B!U6!

4,! /,-029! /310,2! *3! *.*4:*4,=03! ,! -,=0,2! ?! 4,-*! :*+*! 5,5,+! *! 4*23+!

;6*=027*7,! 7,! 8D6*! :3-->/,1! ,! 1,+! 037*-! *-! =3/,! .*+0*-! ,=;6*=03! 3-! 360+3-!

73+42*4B!)*61! ,-0*/*! <213-A<2.3! ,! *43+3-3! -35+,! =3--3!72/A+.23B! e3,! ,-0*/*!

+34h=02.3!,!*++,5*0*739!4*-!=C3!72M2*!=*7*!-35+,!,-0*+!,4!+,*52120*VC3B!g*+,=!

<32!5+,/,!,!+302=,2+*9!4,!*06*12M*=73!-35+,!*!/27*!7,1*B!%-!.*+0*-!73-!*42D3-!

,+*4! 64*! 03++,=0,! 7,! *43+! ,! <3<3.*-9! =3/27*7,-! ,! @2-0A+2*-! ,=D+*V*7*-B!

l6*=73! 0,+42=,2! 7,! 1,+9! 3-! 360+3-! ,-0*/*4! -*2=73! 7*-! 5*++*.*-9! 4*=.*=73!

:*+*! .34,V*+! 3! 72*9! 73! Q,203! ;6,! ,6! <*M2*! *! .*7*! 4*=@C9! *0E! ;6,! *-!

*+02.61*Vn,-! *;6,.,--,4B! k2;6,2! *12/2*7*! :3+! 0373-! :*+,.,+,4! :,13! 4,=3-!

4,23!7,!+,--*.*!.343!,6B!$373!46=73!-3++26!64!:*+*!3!360+39!2=72-:3-03!,!

*.@*=73! D+*V*B!Y,1,=9! R*4! ,! R*+*@! <3+*4! 034*+! 5*=@39!(,N! ,! R0*.o! <3+*4!

4*2-!64*!/,M!?!13Q*B!

! U1,-! 0S4! .2==*43=! +311-! ! 72--,! (,N9! 0,=0*=73! 4,! *0+*2+! :*+*!

*.34:*=@8F13-! ,=;6*=03! *=7*/*49!4*-! ,6! +,.6-,29! ,! =C3! *:,=*-! :3+;6,! *!

27,2*!7,!.34,+!<,M!4,6!,-0a4*D3!+,/2+*+B!

U=0+,! 3! .@,,-,56+D,+9! 3! /2=@3! ,! 3-! :,02-.3-! ;6,! 02=@*! .34:+*73! =*!

0*+7,!*=0,+23+9!Q8!,-0*/*!=3/*4,=0,!.34!4,=3-!7,!.2=.3!7A1*+,-B!

l6*=73! ,1,-! -*>+*49! :,D6,2! *! .*2N*! 7,! -6:+24,=03-! ,! 3+D*=2M,2! *!

.3427*!,4!64*!:21@*!:*+*!*++64*+!=*!L3=-0+*B!b36!1,/*+!64*!.*+D*!:,-*7*!

7,!.3427*!=3!:+AN243!0+,.@39!64!73-!4*2-!13=D3-!7*!)K$d!W^_!;621a4,0+3-!

*0E!R,2*7!b*11,oB!

!$++!

!b3.S!,!R*+*@!:+,.2-*4!7,!*1D64*!+,<,2VC3T! !:,+D6=0,2!*!e3@=9!;6,!

,-0*/*! -,=0*73! ?! 4,-*9! =A-! 732-! -3M2=@3-! =3! *.*4:*4,=03! :3+! :36.3!

0,4:3B! ! U6! 0,=@3! 4*2-! 72--3B! ! U6! -,D6+*/*! 64! :*.30,! 7,! 64*! .32-*!

.@*4*7*! k2,-0*! "3371,-9! 64*! .3427*! ;6,! ,6! 02=@*! -6:3+0*73! 5,4! =3-!

:+24,2+3-!72*-9!4*-!:,1*!;6*1!-,=02*!+,:6D=h=.2*!*D3+*B!

!"C3B!#5+2D*73! !,1,!72--,B!

$2+,2! 3!&6512=,=-,-9! 7,! e*4,-! e3o.,9! ,! 3! *:+3N24,2! 73! =*+2M9! *! .*:*!

/,+7,!,!-6++*7*B!U1,!02=@*!64!*D+*78/,1!.@,2+3!7,!43<39!,N*0*4,=0,!.343!3!

-,53!,4!L2=,8:312-!3=7,!3!.34:+,2!*1D6=-!4,-,-!*=0,-B!U6!3!*5+2!,!/2!;6,!3!

,N,4:1*+!02=@*!-273!:6512.*73!7E.*7*-!*=0,-!7,!,6!=*-.,+B!

!#!;6,!E! 2--3T! ! e3@=!:,+D6=0369!:,D*=73!3!.*+0C3F:3-0*1!;6,!,6!

02=@*!.34:+*73!=*!13Q*!7,!.3=/,=2S=.2*!=*!0*+7,!*=0,+23+B!

U+*! *! <303D+*<2*! 7,! 64*! 4303--,++*! ,-.61:2=73! 64! )EFJ+*=7,9! *-!

:*1*/+*-!$,++*!73!)EFJ+*=7,!*73+=*=73!3!*103!73!.*+0C3B!

! b3.S! *.+,720*! ;6,! ,1,-! ,N2-0,4T! ! ,1,! :,+D6=0369! 7,/31/,=73! 3!

.*+0C3B!

!"C3B!L*-!*-!:,--3*-!;6,!*.+,720*4!*1,D*4!;6,!,--*!E!*!.*:20*1!73!

)EFJ+*=7,!=3!46=73B!

!%-!:,--3*-!<*1*4!4620*-!.32-*-! !,1,!+,0+6.36B!

!f,49!-,!,-02/,+,4!,4!*1D64!16D*+9!24*D2=3!;6,!-,Q*!*;62! !72--,!,!

31@,2! *3! +,73+B!%1E4!7*-! 8+/3+,-! ;6,!=3-! .,+.*/*4! <2.*/*4!*-! +3.@*-! .2=M*!

*=.,-0+*2-!.@*4*7*-!7,!K*-01,!K+*D-9!-,6-!.64,-!+,.3+0*73-!,+D6,=73F-,!.343!

.*0,7+*2-! *.24*! 7,! =A-B! I3D3! :*--*+>*43-! :3+! ,1*-! =*! 0+21@*9! ;6*=73!

.*42=@8--,43-! :,1*! <*2N*! 7,! D+*=203! 7,! 64! ;621a4,0+3! ,! 4,23! 7,!

>D=,*!,!

46203! 2=0,+,--*7*! ,4! D,313D2*9! 4*-! =C3! :+,.2-*/*! -*5,+! 3! -2D=2<2.*73! 7,!

610+*48<2.*!:*+*!/,+!;6,! ,-0*/*!,=0+*=73!,4!64! 0,++20A+23!72<,+,=0,B!L2=@*!

!$+"!

0+*=-2VC3!:*+*!*!.3+721@,2+*!7*-!K*-.*0*-!<32!.343!*!;6,!02=@*!,N:,+24,=0*73!

*0+*/,--*=73! *! R2,++*! ",/*7*d! 02=@*! .*42=@*73! 76+*=0,! 72*-! ,4! .*7*! 64*!

*=0,-!7,!-,=02+!;6,!,-0*/*!+,*14,=0,!=,1*-B!

! RA! <*10*! 64*! :*+*7*! ! 72--,! e3@=9! .343! -,! :67,--,! 1,+! 4,6-!

:,=-*4,=03-B!

!%.*5*43-!7,!:*--*+!:3+!R,2*7!b*11,o!,!,=0C3!,=0+*+,43-!=3!#+,D3=B!

U-0*43-!*!*:,=*-!.,+.*!7,!OW_!;621a4,0+3-!7*!<+3=0,2+*B!

K3=<2+4,2! .34! *! .*5,V*! ,! -3++2B! "C3! *.@*/*! ;6,! *:,=*-! ,! OW_!

;621a4,0+3-!:67,--,4!:,+0,.,+!?!4,-4*!<+*-,B!"C3!4,!:,+4202!:,=-*+!46203!

*1E4!7*!:+AN24*!:*+*7*B!

!#+,D3=t! !,1,!,N.1*4369!,!*!*1,D+2*!,4!-6*!/3M!;6*-,!4,!-,76M269!

;6*-,! <,M! .34!;6,!*;6,1,-!OW_!;621a4,0+3-!:*+,.,--,4!64!:6139!4*-! -*52*!

;6,!=C3!,+*!5,4!*--24B!"C3!@36/,!64*!-,4*=*!=*!0+21@*!;6,!=C3!02/,--,!-273!

64*!:+3/*VC3!:*+*!424B!

!#+,D3=! !.,729!42=@*!,N:+,--C3! <2.*=73!-E+2*B! !L*-!:+24,2+3!*!

K*12<A+=2*B!

!$+#!

!

JE&&!"#$%&!

!

s-!/,M,-!:*+,.2*!;6,!*!)*.2<2.!K+,-0!$+*21!,+*!64*!43=0*=@*!13=D*!;6,!

,6! ,-0*/*! -652=73B! l6,! =3! <2=*1! 7,! 42=@*! Q3+=*7*! =3! +23! K316452*! ,6!

.@,D*+2*!*3!:2.3!7*!0+21@*!,4!/,M!7,!,4!-,6!:3=03!4*2-!5*2N3B!U--*!-,=-*VC3!

7,!-652+!=C3!,+*!*:,=*-!4,0*<A+2.*B!%!-,=-*VC3!,+*!.343!-,!,6!,-02/,--,!;6*-,!

-,4:+,9! 2=031,+*/,14,=0,9! -652=73B! s-! /,M,-! ;6*-,! .@3+*/*! .34! 3! +2043!

24:1*.8/,19! 4,6-! 4G-.613-! ,! :614n,-! ;6,24*=73! .34! 3! ,-<3+V3B! k32! -A!

;6*=73!*.@,2!;6,!Q8!=C3!*D6,=0*/*!4*2-!-652+!;6,!*!0+21@*!=2/,136!,!7,-.,6B!

K343! <32! 4*+*/21@3-3! 7,-.,+! =*;6,1,-! :+24,2+3-! 42=603-t! &,-.2*9!

7,-.2*9!7,-.2*9!*0E!;6,!-,!03+=36!24:3-->/,19!:6=202/3!,!0C3!.+6,1!;6,!,6!+,M,2!

:*+*!*!0+21@*!/310*+!*!-652+B!&,-.,+9!:,+.,529!,+*!.343!-,D6+*+!3!<23!-3103!7,!64!

-6E0,+!;6,!/3.S!*.*536!7,!:*--*+!@3+*-!0+2.30*=73!,!:6N8F13!*0E!;6,!3!-6E0,+!

-,! 0+*=-<3+4,! ,4! 64*! :21@*! 7,! <23-B! K*42=@*+! =*! )K$! ,+*! 3! ,-<3+V3!

,=136;6,.,73+!7,! 0+2.30*+! *;6,1,! -6E0,+! ,! 7,-<28F139! ,!4*2-! 64*!/,M9! ,!4*2-!

64*! /,MB! K343! -,! 0673! 3! ;6,! <32! .3=;62-0*73! ,-02/,--,! 2=,/20*/,14,=0,!

:,+7273B!

l6*=73!-*>!7,!K*-01,!K+*D-!?-!76*-!@3+*-9!64*!@3+*!7,:32-!7,!R0*.o!,!

(,N!,!*1D64*-!@3+*-!?!<+,=0,!73-!.*-*2-9!,-0*/*!6-*=73!530*-!-*02-<*03+2*4,=0,!

4*23+,-! 73! ;6,! *-! *=0,+23+,-B! U6! -36! 3! )EF

7,-:,72!73-!.*-*2-B!R652!.*7*!/,M!4*2-!*3!13=D3!73!72*!*5+*-*73+9!-,=02=73F4,!

,=06-2*-4*7*!:3+!,-0*+!=*!0+21@*9!.34!3-!G10243-!-2=*2-!7,!+,--*.*!13D3!-,=73!

,N:,1273-!:,1*!0+*=-:2+*VC3B!R652!.*7*!/,M!4*2-9!*!0*+7,!2=0,2+*!,!3!72*!-,D62=0,9!

,453+*!4,6!,=06-2*-43!.34!*-!=3/*-!530*-!0,=@*!13D3!7,-*:*+,.2739!-,=73!

-65-0206>73!:,1*!7,-*=24*73+*!.34:+,,=-C3!7,!;6,9!,4!0,+43-!7,!.3=<3+039!

!$+$!

*-!.32-*-!=C3!-,+2*4!=*7*!72<,+,=0,-B!%-!530*-!=3/*-!02=@*4!*:,=*-!4*-02D*73!

4,6-!:E-9!7,!=3/3B!U6!,-0*/*!*0+*/,--*=73!64!12=73!0,++20A+23!*3!;6*1!:*--,2!*!

=C3!:+,-0*+!4620*!*0,=VC39!4,6!.3+:3!<2=*14,=0,!:+,:*+*73!:*+*!*!0*+,<*!7,!

.*42=@*+! 13=D*-!72-0h=.2*-9!4*-!:3+! .3=0*!73-!:+351,4*-!=3-!:E-9! ,=0+,2!=3!

4*2-! 0,++>/,1! 7,-,-:,+3B! I,45+,2! ;6,! <2M! ,--,! :,7273! :*+*! *! ,-0+,1*! ;6*=73!

,-0*/*! .34! f+,=0! ,4! f,17,=! $3p=B! )*+,.2*! ;6,! ,6! 02=@*! 4,-43! 4,!

*4*172V3*73!*3!72M,+!2--3!,4!/3M!*10*B!$*1/,M!4,6-!:E-!=6=.*!<2.*+2*4!53=-B!

),+727*! ,4! 64*! ,-:2+*1! 7,! :,=-*4,=03-! *4*+D3-! =3! -,D6=73! 72*!

7,:32-! 7,! K*-01,! K+*D-9! ;6*-,! :2-,2! ,4! 76*-! .*-.*/E2-! ;6,! ,-0*/*4!

,=+3721@*7*-! =*! 0+21@*! *! *1D6=-! ;621a4,0+3-! 64*! 7*! 360+*B! %-! .35+*-! 4,!

<2M,+*4!.3++,+!7,!/310*!:*+*!3=7,!,6!,-0*/*9!4,!*/2-*=73!=3!G10243!42=603B!

(,:+,,=727*9! 0,=0,2! .3++,+! 7,1*-B! R,D62! ,4! <+,=0,9! 24*D2=*=73! .32-*-!

2=24*D2=8/,2-9!.343!4,6-!:E-!=C3!,-0*+,4!+,*14,=0,!:+,-3-!*!4249!72D*43-9!

36!;6,!*!-,=-*VC3!;6,!,6!,-0*/*!0,=73!=C3!,+*!73+9!4*-! -24:1,-4,=0,!64*!

-,=-*VC3B!

R,=02=73!.*13+9! 2++20*7*9!.*=-*7*!7,!424!4,-4*9!:*+,2!:*+*!*143V*+!?!

-345+*!7,!64*!8+/3+,9!,-0,=72!*!13=*!,!7,20,2B!%.*4:,2!.34!(,N!,!R0*.o!=*!

=320,! *=0,+23+! ,! :1*=,Q*/*! ,=.3=0+8F13-! =3/*4,=0,! ,--*! =320,! ! 3-! .*-*2-!

*2=7*!,-0*/*4!,4!*1D64!:3=03!*0+8-!7,!=A-! 9!4*-!:*--,2!3!72*!.*42=@*=73!

-3M2=@*!-,4!/,+!=2=D6E4B!#5-,+/,2!*-!*/,-!7,!+*:2=*!:1*=*=73!5,4!*.24*!73-!

:2.3-! +3.@3-3-9! 7,! /,M! ,4! ;6*=73! 64*! =6/,4! 5+*=.*! ,! +*1*! /2*Q*=73!

1,=0*4,=0,! :,13! .E69! *0E! ;6,! *73+4,.2! -,4! :,+.,5,+B! %.3+7,2! 4,2*! @3+*!

7,:32-!3<,D*=0,!,!*--6-0*7*9!*--345+*7*!:,13!-3=@39!3!4,-43!-3=@3!;6,!02/,!

=*!=320,! *=0,+23+B!",1,9!3!)EFJ+*=7,! 02=@*!4,! +*:0*73B!U1,! <,M! 2--3!7,!64*!

<3+4*!5*-0*=0,!:*+02.61*+9!*:+3N24*=73F-,!:*+*!4,!*++*-0*+!:,1*!4C3!:*+*!*-!

:+3<6=7,M*-!7*! <13+,-0*9!3=7,!360+3-!)E-FJ+*=7,-!43+*/*4!,4!64!/21*+,Q3B!

"3!-3=@39!,6!,-0*/*!*3!4,-43!0,4:3!*0a=20*!,!*--6-0*7*!*3!/SF

F

!$+%!

J+*=7,!;6,!4,!-,;6,-0+369!4*-!,1,!*:,=*-!D+6=@26B!K3=<3+4,!,6!3!31@*/*9!

:,+.,52!;6,!=C3!,+*!3!)EFJ+*=7,9!4*-!64!@34,4!6-*=73!64*!48-.*+*!,!64!

4*.*.C3!:,1673B! )372*! /,+! -6*! :8127*! :,1,! @64*=*!:3+! 5*2N3! 7*! 53+7*! 7*!

48-.*+*9!3!;6,!4,!*0,++3+2M36B!

$,=0,2! ,-;6,.,+!3! -3=@3!;6*=73!*.3+7,2!=*;6,1*!4*=@C9! .61:*=73!3!

.*+0C3F:3-0*1!;6,!.34:+,2!,4!K*-01,!K+*D-!:3+!,1,9!4*-!*D3+*!;6,!-3=@,2!:,1*!

-,D6=7*!/,M!,1,!:*+,.2*!0,+!4*2-!:,-39!.343!-,!=C3!<3--,!+,*14,=0,!64!-3=@39!

4*-!64!4*6!:+,--,=024,=03! !7,!;6S!,6!=C3! -*52*B! I,/*=0,2F4,9!:+,=72! *!

L3=-0+*!=3/*4,=0,!,!,N*42=,2!3-!:,=@*-.3-!*12=@*73-9!3-!:2.3-!+3.@3-3-!,!*-!

D+*=7,-!,-.*+:*-!.2=M*!,!<,++6D,4!;6,!4,!.,+.*/*4!7,!:,+03!,!7,!13=D,!,=0+,!

3-! 0+,.@3-! 7,! 8+/3+,-! /,+7,-9! -,=02=73! 64! 7,-.3=<3+03B! l6*=73! ,=.3=0+,2!

R0*.o!,!(,N!=*;6,1*!=320,9!<2;6,2!4*2-!73!;6,!*12/2*7*!,4!/SF13-B!U6!4,!-,=02!

*:+,,=-2/*!:3+!@3+*-9!@,-20*=0,!,4!+,1*VC3!*!:,;6,=3-!+6>73-!;6,!/2=@*4!73-!

*+56-03-!,!2++20*7*!:,13-!13=D3-!-21S=.23-B!

!K343!,-0C3!3-!-,6-!:E-T! !:,+D6=036!R0*.o!,=;6*=03!,6!43=0*/*!*!

5*++*.*!:,+03!7*!7,1*B!

K343! +,-:3-0*9! -,=0,2! =3! .@C3! ,! 02+,2! *-! 530*-! ,! *-! 4,2*-! :*+*! 1@,!

43-0+*+B!

!L,+7*! !,1*!-6--6++36B! !c--3!:*+,.,!73,+B!

!U=0C39!*72/2=@,4!3!;6,!36/2!3=0,4!7,!4*=@C!=*!13Q*! !72--,!(,NB!

U1,!,-0*/*!4,N,=73!64*!:*=,1*!7,!*1D64*!.32-*!-35+,!*!.@*4*!73!<3D*+,2+39!

3! +3-03! *2=7*! +3-*73! :3+! .*6-*! 73! ,-<3+V3! 73! 72*B! ! %:*+,=0,4,=0,! ,-08!

*.3=0,.,=73! 64*! .32-*! .@*4*7*! U=.3=0+3! 73! %+.3F>+2-! 18! ,4! .24*! =3! 1*D3!

$3*7B!

! I*D3! $3*7T! ! :,+D6=0,29! -6520*4,=0,! 1,45+*=73! 7*! 461@,+! ;6,!

,=.3=0+,2!=3!5*=@,2+3!=*!,-0*VC3!7,!a=256-!,4!(,=3B!U1*!,-0*/*!2=73!:*+*!18B!

!R24! !72--,!(,NB! !k2.*!*!*:,=*-!P__!4,0+3-!7*!0+21@*9!*!.,+.*!7,!

\^!;621a4,0+3-!7*;62B!%.@3!;6,!*!D,=0,!7,/2*!2+!18B!

!$+&!

U6!*:1*672!*1,D+,4,=0,B!

!#!;6,!E!U=.3=0+3!73!%+.3F>+2-T! !:,+D6=036!R0*.oB!

UN:12;6,2!*!,1,-!3!;6,!,+*!,=;6*=03! Q*=08/*43-9!:32-!,6! 02=@*! 273!@8!

6=-!732-!*=3-B!#!U=.3=0+3!73!%+.3F>+2-!E!3+D*=2M*73!:,1*!$+253!73!%+.3F>+2-9!

64*! 0+253! 2=7,:,=7,=0,! ;6,! -,! *6032=02061*! .343! 7,! 12/+,-F:,=-*73+,-! ,!

.34:*+021@*! 3! 35Q,02/3! .3464! 7,! :*M! ,! *43+! =*! 0,++*B! $373! /,+C3! ,1,-!

43=0*4! 64! *.*4:*4,=03! ,4! 0,++20A+23! 7,! <13+,-0*! =*.23=*19! *0+*2=73!

421@*+,-!7,!:,--3*-!:*+*!64*!.,1,5+*VC3!;6,!.6142=*!=*!-,4*=*!73!l6*0+3!

7,!e61@39!4*-!<,+/,!3!/,+C3!2=0,2+3B!

!$,4!24:+3/2-3-!7,!0*453+,-9!<3D6,2+*-!,!<,-0*-! !,N:12;6,2!*!(,N!,!

R0*.oB! !L*-!3!4,1@3+!7,!0673!-C3!*-! 2=.+>/,2-!.3M2=@*-!*3!*+! 12/+,!3=7,!*-!

:,--3*-! /C3! ,! :+,:*+*4! 0373! 02:3! 7,! :C39! .3M2=@*4! /,D,0*2-! ,! <*M,4!

,=-3:*73-! ,! *++3MB! $373! 02:3! 7,! .32-*! ,! ;6*1;6,+! 64! :37,! -24:1,-4,=0,!

.@,D*+!,!.34,+B!

!l6*1;6,+!64T! !:,+D6=036!(,N!.34!*!/3M!*<120*B!

!q! !,6!72--,B! !b3.S!:+,.2-*!*:,=*-!1,/*+!*!:+A:+2*!.*=,.*!,!.31@,+B!

U=;6*=03! .3=/,+-8/*43-9! 7,.272! ;6,! <2.*+2*! =3! U=.3=0+3! 73!%+.3F>+2-!

:3+!*1D6=-!72*-9!42=@*!:+3D+*4*VC3!7,!.*42=@*7*!;6,!-,!7*=*--,B!)+,.2-*/*!

7,2N*+!4,6-!:E-! -,! .6+*+,49! .313.*+! *! .*5,V*!=3/*4,=0,!=*! 0+21@*! ,! *<*-0*+!

,--,! -,=024,=03! <*=0*-4*DA+2.3! ;6,! 02=@*! <13+,-.273! 7,=0+3! 7,!424! 7,! ;6,!

:37,+2*!-,+!*576M27*!:3+!64!4>02.3!43=-0+3!5>:,7,!@64*=327,B!

U9! :3--2/,14,=0,9! *:,=*-! 0*1/,M9! ,6! :67,--,! 2+! :*+*! *! .*4*! .34! 64!

@2::2,!D3-03-C3B!

L*2-!0*+7,9!=*!5*++*.*9!/*-.61@,2!*!43.@21*!,!,=.3=0+,2!*!.*42-2=@*!;6,!

.*++,D6,2! 0373! ,--,! 0,4:39! *! G=2.*! ;6,! +,-D*0,2! ,4! g,==,7o! L,*73p-!

;6*=73!%15,+0! ,N:6+D36!3! +,-03!7*!42=@*!43.@21*B!%2=7*! ,-0*/*! 2=0*.0*! =*!

:,;6,=*!,45*1*D,4!5+*=.*B!)*+,.2*!0,+!.@,D*73!3!434,=03!7,!.313.8F1*!,4!

6-3B! "*-! -,2-! -,4*=*-! ,4! ;6,! ,-0*/*! =*! 0+21@*9! =C3! 02=@*! =,4! 4,-43! 4,!

!$+'!

4*-06+5*739! 7,-0+6>7*! 7,4*2-! =3! <24! 7,! .*7*! 72*! :*+*! <*M,+! ;6*1;6,+! .32-*!

*1E4!7,!1,+!,!.34!+,:61-*!7,4*2-!73!4,6!:+A:+23!<,73+!7,!-63+!:*+*!42=@*!

4,=0,!-,!43/,+!,4!;6*1;6,+!72+,VC3!;6,!=C3!<3--,!73+42+B!

"3!72*!-,D62=0,9!*=7,2!4*2-!+8:273!73!;6,!=6=.*9!,-0+,4,.,=73!*!.*7*!

:*--39! *! 0+21@*! 3-.21*=73! ,=0+,! W! 421! ,! WBW__! 4,0+3-! 7,! *102067,! ,=;6*=03!

3<,+,.2*! /2-0*-! :*=3+h42.*-!7,! 1*D3-! .+2-0*12=3-! *5*2N3!7*! 0+21@*! ,! 2=<2=78/,2-!

43=0*=@*-! =3-! *++,73+,-! ,! *3! 13=D,B! U+*! 4,23F72*! ;6*=73! .34,V*43-! *!

7,-.,+!*!:,;6,=*!0+21@*!;6,!12D*/*!*!)K$!*3!1*D3!$3*7B!

!U1,!=C3!:*+,.,!,-0*+!46203!72-0*=0,! !72--,!(,N!*3!31@*+!:*+*!3!1*D39!

.,+.*!7,!\__!4,0+3-!*5*2N3B!

!U1,!=C3!-,!:*+,.,!.34!=*7*! ! <*1,2B!Y*/2*!*:,=*-!3! 1*D3!.,+.*73!

:3+!64*!.3=.,=0+*VC3!7,-3+7,=*7*!7,!:2=@,2+3-9!.34!3!43=0,!R@*-0*!*!1,-0,j!

*:A-! 0SF13! ?! /2-0*! *3! =3+0,! 7,-7,! Y*0! K+,,[! (249! ,-0*/*! *D3+*! <2=*14,=0,!

:*--*=73!:,13!,-:1,=73+3-3!:2.3!7,!;6*-,!`BO__!4,0+3-!7,!*102067,B!

! $*1/,M! 3! U=.3=0+3! -,Q*! 64!:36.3!4*2-! *<*-0*73! 7*! 8D6*! ! 72--,!

R0*.o9!,453+*!0,=@*!<2.*73!.1*+39!*--24!;6,!.@,D*43-!?!4*+D,4!73!1*D39!;6,!

=C3! @*/2*! =,=@64! *.*4:*4,=03! <,12M9! =,=@64*! *D134,+*VC3! 7,! :,--3*-!

-,+:,=0,*=739!-,!,-:+,4,=739!/2*Q*=73!,!<*M,=73!,=-3:*73-!-*678/,2-B!"C3!

@*/2*!:C,-!2=0,D+*2-!36!@2::2,-!-,=-6*2-B!

#!U=.3=0+3!73!%+.3F>+2-!,+*!64!<+*.*--3B!

%143V*43-!.34!7,-h=243!:,+03!73!1*D39!.34,=73!*-!.32-*-!42-,+8/,2-!

;6,! -,4:+,!.34>*43-B!&,:32-9!(,N!=*736!64!:36.3!,!R0*.o!,!,6!*=7*43-!

-,4!*-!43.@21*-!:3+!64*!0+21@*!;6,!7,-.2*!,4!72+,VC3!*!64*!,-0+*7*!7,!0,++*!

;6,!3!D62*!2=<3+4*/*!,N2-02+B!%:,-*+!7*!,/27S=.2*9!*2=7*!=C3!0>=@*43-!:,+7273!

030*14,=0,!*!,-:,+*=V*!7,!;6,!,=.3=0+*+>*43-!3!U=.3=0+3!73!%+.3F>+2-9!4*-9!

7,:32-!7,!7,M!42=603-!=*!*.27,=0*7*!,-0+*7*!7,!0,++*9!=C3!,=.3=0+*43-!=*7*B!

"2=D6E4B!RA!8+/3+,-9!0,++*9!:,7+*-!,!4*039!.343!-,4:+,!02=@*!-273B!

!$+(!

!%.@3!;6,!+,.,5,43-!*!2=<3+4*VC3!,++*7*! !72--,!R0*.o9!/,+2<2.*=73!

*!:*2-*D,49!*!/3M!*10*!.34!*!4,-4*!+*2/*!,!3!4,-43!:,-*+!;6,!5+3036!,4!

424B!L2=@*! -,=-*VC3!7,!7,-*:3=0*4,=03! <32!,=3+4,!,! 2=<*=0219! .343!-,!,6!

<3--,!0,+!3!02:3!7,!*0*;6,!;6,!=C3!02=@*!7,-7,!3-!O!*=3-!7,!27*7,B!k62!*0E!64*!

:,7+*!D+*=7,!,!:1*=*!:+AN24*!?!,-0+*7*9!7,20,2!=,1*!,!<,.@,2!3-!31@3-!*!<24!7,!

513;6,*+!3!46=73! 27230*!:*+*!;6,! 2--3!=C3!<3--,!*!.32-*!;6,! <2=*14,=0,!4,!

<*+2*!.@3+*+!=*!0+21@*B!%!:,7+*!,-0*/*!;6,=0,!,!12-*9!,+*!1*+D*!.343!64*!4,-*B!

&*/*!64*!53*!,!2=*.+,7208/,1!-,=-*VC3!=*-!.3-0*-B!

!U-:,+,! !72--,!R0*.o!7,:32-!7,!64!0,4:3B! !%.@3!;6,!36/2!*1D64*!

.32-*B!

%5+2!3-!31@3-!,!0,=0,2!36/2+B!

!)+3/*/,14,=0,!<32!*:,=*-!3!/,=03! !<*1,29!-,4!36/2+!=*7*B!

!q!:+3/8/,1B! !U1*!4,!31@36!,!-3++243-!4,1*=.312.*4,=0,!64*!:*+*!

*!360+*B!U1*!6-*/*!64!.@*:E6!7,!*5*-!1*+D*-!:+,-3!-35!3!;6,2N3!,!-@3+0!.6+03!

.34!:,+=,2+*-!;6,! 2*4!*0E!3-! Q3,1@3-9! 64*! +36:*!;6,! -,4:+,!*! <,M!:*+,.,+!

64*!,-.30,2+*!:*+*!424B!l6*=73!=3-!,=.3=0+*43-!:,1*!:+24,2+*!/,M9! <2;6,2!

1,/,4,=0,!7,-*:3=0*7*!:3+! ,1*!=C3! -,+!4*2-!:*+,.27*! .34!42=@*-! *42D*-! ,!

.342D3B! U+*! 4*2-! ;62,0*9! ,43.23=*14,=0,! 4*2-! 72-0*=0,9! 4,=3-! <,42=2-0*9!

*+0>-02.*!,!:31202M*7*9!4*2-!.3464B!R,!02/E--,43-!=3-!,=.3=0+*73!<3+*!7*!0+21@*9!

=C3!-,2!-,!0,+>*43-!<2.*73!*42D*-9!4*-!*D3+*!,1*!-,!03+=36!;6,+27*!:*+*!424B!

!U6!36/2!7,!=3/3! !,1*!72--,!7,!+,:,=0,9!31@*=73!:*+*!*!,-0+*7*B!

I,/*=0,2! ;6*=73! 64*! :,;6,=*! .*42=@3=,0,!4*1.3=-,+/*7*! .@,2*! 7,!

D,=0,!<,M!*!.6+/*B!$2=@*!:1*.*!73!#+,D3=B!b,23!72+,03!*0E!*!D,=0,!,!:*+36!7,!

+,:,=0,9!<*M,=73!64!+6>73!5,4!*103!*!*1D6=-!4,0+3-!7,!72-0h=.2*B!%=0,-!;6,!3!

4303+2-0*!7,-12D*--,!3!4303+9!*-!-,0,!:,--3*-!,!3-!732-!.*.@3++3-!;6,!,-0*/*4!

=*!.*42=@3=,0,!.34,V*+*4!*!:61*+B!&,-:,=0,*7*-!,! -6Q*-9!/,-027*-!*!.*+80,+!

.343!@2::2,-9!,--*-!:,--3*-!,+*4!2=;6,-023=*/,14,=0,!4,45+3-!7*!$+253!73!

%+.3F>+2-B!%0E!3-!.*.@3++3-!,-0*/*4!72-.+,0*4,=0,!,=<,20*73-!.34!5*=7*=*-!,!

!$+)!

.3=0*-B! U-0,=72! *! 4C3! :*+*! 03.*+! -,6-! 73+-3-! :,1673-! ;6*=73! :*--*+*4!

/3*=73!:3+!424!,!,=0+*+*4!=*!4*0*B!

!#2! !R0*.o!,!,6!72--,43-!,4!6=>--3=3!:*+*!3-!;6*0+3!@34,=-!,!0+S-!

461@,+,-! ;6,! ,-0*/*4! :*+*73-! 72*=0,! 7,! =A-9! ,453+*! .343! +,-:3-0*-! ,1,-!

0,=@*4! *:,=*-! =3-! ,=.*+*739! 31@*+,-! ,-;62/3-! ,! *03+4,=0*73-9! .343! -,!

02/,--,4! -6+D273! 7,! 64*! .*/,+=*! ,! =C3! 7*! .*4*! 36! 7*! .*52=,! 7,! 64*!

.*42=@3=,0,B!U+*!.343!-,!02/,--,4!:*--*73!*!=320,!-,4!73+42+9!36!.343!-,!

,-02/,--,4!-*2=73!7,!64*!/2*D,4!*16.2=AD,=*9!36!*-!76*-!.32-*-B!

! q! *;62! 3! U=.3=0+3! 73!%+.3F>+2-T! ! 3! @34,4!;6,! ,-0*/*! *0+8-! 73!

/31*=0,!:,+D6=036B!U1,!,-0*/*!5+3=M,*73!,!02=@*!64*!,-0+606+*!A--,*!:,;6,=*B!

'4*! ,-0+*=@*! ,! 246=7*! <*2N*! 5+*=.*! .35+2*! *!4*23+! :*+0,! 7,! -6*! .*5,V*! ,!

4*=02=@*!3!.*5,13!.34:+273!,!3=761*73!13=D,!73!+3-03B!

! q! 2--3!;6,!=A-! 0*45E4!,-0*43-!:+3.6+*=739!4*-! -343-!3-!G=2.3-!

*;62! !+,-:3=72B!

!%29!:3++*9!4,6!&U'Rt! !1*4,=036!64*!461@,+!:8127*!,!4*DE++24*!

.34! *! 5*++2D*! ,-;6,1E02.*! 7,! <3+*! ,! 64*! .31*D,4! 7,! 0*06*D,=-! .,10*-B! !

),+.3++,+43-!0373!3!.*42=@3!7,-7,!*!:3++*!7,!%-@1*=7!:*+*!=*7*T! !U1*!<32!

-,! 7,20*+! *0+*/,--*7*! =*! :,7+*! ;6,! ,6! 02=@*! +,.,=0,4,=0,! 7,-3.6:*73B! !

U-036!.34!0*=0*!<34,!;6,9!-,4!5+2=.*7,2+*9!*.@3!;6,!/36!43++,+B!

! U-036! .34! <34,! 0*45E4! ! +,.1*436! 360+*!461@,+9! 64*! *=C! 7,!

.*5,13!:+,03!;6,!/,-02*!64!.2=03! <2=3! .34!:,;6,=3-! -2=3-!:+*0,*73-!:+,-3-!

=,1,B!U1*!:*+36!*3!1*73!7*!:8127*!,!<+8D219!,!*.*+2.236!-6*!.*5,V*B!

!)3++*!7,!<31[*12M,+-t\_!

!5,++36!3!@34,4!.34!<*2N*!=*!.*5,V*B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"+!%!:*1*/+*!<31[*12M,+!E!64*!.3=0+*VC3!7,!<31[!.34!+,*12M,+!,!E!6-*7*!:*+*!7,<2=2+!:,--3*-!;6,!*06*4!.343!<*.2120*73+*-B!w"B!7*!UBx!!

!$+*!

! K,+0>--243! ! +,-46=D36! 3! @34,4! .34! 432.*=3! /,+7,! ,! 64*!

D+*=7,!*+D31*!:+*0,*7*!=3!=*+2M!73!02:3!;6,!/3.S!/S!7,!/,M!,4!;6*=73!,4!

64!036+3B!

!b3.S!-*5,!3!;6,!/36!<*M,+T! !:,+D6=036!3!@34,4!.34!*!<*2N*!=*!

.*5,V*B! !b36!<*M,+!42=@*!:+A:+2*!:3++*!7,!U=.3=0+3!18!=3!1*D3!K+*0,+B!"C3!

:+,.2-3! 7,--*-! 4,+7*-! 7,! <31[*12M,+-! :*+*! 4,! 72M,+! *3=7,! 2+B! $,=@3! 4620*!

2=<16S=.2*!:3+!*;62B!

!U--,!1*D3!K+*0,+!E!46203!13=D,T! !:,+D6=036!*!G1024*!461@,+!.34!

64! -30*;6,! *6-0+*12*=3B! U1*! ,+*! *10*9! 53=20*! ,! 132+*9! 0673! -35+,! ,1*9! 64!

,-:,08.613d! 3! .*5,13! <3+4*73! :3+! 7+,*713.[-! :+,-3-! =3! *103! 7*! .*5,V*9! *-!

3+,1@*-!<6+*7*-!.34!3!;6,!:*+,.2*4!-,+!3--3-!7,!*/,-!7,!/,+7*7,!,!.*7*!7,73!

.35,+03!7,!*=E2-!,N0+*/*D*=0,-B!

!"C3!46203!13=D,9!73.2=@3! !72--,!3!@34,4!7*!<*2N*!=*!.*5,V*B!

! !,1*!.3=0,-036B!

! !,1,!:,+D6=036B!

U1*!-6-:2+369!7,:32-!,42026!64!-34!D606+*1B!

! !U1,!

D*+D*1@36!:*+*!3!.E6B! !L*-!/36!.@*4*+!/3.S!

!0373!46=73! !

L,6-!31@3-!,=.3=0+*+*4!.34!3-!7,!R0*.oB!

! "A-! 0*45E4! ,-0*43-! 0,=0*=73! *.@*+! 3! U=.3=0+3! ! <*1,2B! !

#6/243-!72M,+!;6,!,+*!*;62B!

!U-0*43-!<*M,=73!*!)*.2<2.!K+,-0!$+*21! !*.+,-.,=036!R0*.oB!

!U6B!)+,.2-3B!K3427*t! !1*4,=036!*!4*DE++24*!=*!:,7+*B!

!U6!0,=@3!64!:36.3!,!/3.S!E!5,4F/2=7*! !72--,!*!,1*B! !L*-!,-08!18!

,4!.24*9!=3!1*D3B!

!$"+!

U1*! *:,=*-!4,!31@369!3! +3-03! 2=,N:+,--2/39!3-!31@3-!:*+*73-B!&,-,Q,2!

-*5,+!;6,! 27*7,!,1*! 02=@*B!)*+,.2*! 0,+!*!42=@*! 27*7,9!,453+*!:67,--,!:*--*+!

:3+!*1D6E4!7,!\W!*=3-B!

! b3.S-! 0S4! 16D*+! =3! .*++3T! ! :,+D6=036! *! *6-0+*12*=*!

<6+02/*4,=0,B! !R,!/3.S-!76*-!,-02/,+,4!/310*=73!:*+*!%-@1*=79!,6!:,D3!64*!

.*+3=*!.34!/3.S-B!

!U-0*43-!*!:E! !72--,!:*+*!-,6!31@*+!/*M23B! !U-0*43-!.34!43.@21*-B!

"A-!*-!7,2N*43-!18!,4!.24*!=3!1*D3B!

! "*! +,*127*7,9! ,-0*43-! 2=73! :*+*! %-@1*=7! ! 72--,! R0*.oB! ! L*-!

/*43-! 1,/*+! .,+.*! 7,! \W! 72*-! :*+*! .@,D*+! 18B! ! "A-! 76*-! +243-9! ,453+*!

=2=D6E4!4*2-!0,=@*!+273B!

$373-! ,1,-! -,! ,4:21@*+*4! 7,! /310*! =*! .*42=@3=,0,! ,! <3+*4! ,453+*!

*1D6=-!42=603-!7,:32-9!,!R0*.o!,!,6!<2M,43-!*!0+21@*!7,!/310*!:*+*!3!1*D3!$3*7B!

#-!732-!.*-*2-!,-0*/*4!-,=0*73-!.34!(,N!;6*=73!/310*43-!,!<2M,43-!Q6=03-!*!

.*42=@*7*!7,!/310*!?!)K$9!,453+*!=C3!0,=@*!7,43+*73!:*+*!,6!<,.@*+!*!<21*!

,! -,+!*!G1024*!*! .@,D*+!4*=.*=73!*3!*.*4:*4,=03!*;6,1*!=320,!;6*=73! Q8!

,-0*/*!;6*-,!,-.6+39!*0+*-*7*!:,1*!.*08-0+3<,!;6,!,+*4!4,6-!:E-B!

!%.@*43-!;6,!/3.S!=C3!2*!.3=-,D62+! !72--,!R*+*@B! !%.@*43-!;6,!

02=@*!:*+*73!:*+*!*.*4:*+B!

! f,49! *;62! ,-036! ,6! ! +,-:3=729! 4,! -,=02=73! 4*D3*7*9! ,453+*!

-365,--,!;6,!,1*!:+,0,=72*!*:,=*-!4,!.3=-31*+!-35+,!4,6-!:+351,4*-!=3-!:E-B!

"3!4,23!7*!5,5,7,2+*!,!7*-!@2-0A+2*-!;6,!<3+*4!.3=0*7*-!18!,4!K*-01,!K+*D-9!

R*4! 72--,! 5+2=.*=73! ;6,!4,6! =34,! 7,! 0+21@,2+*! 7,/2*! -,+! $+21@,2+*! %M*+*7*!

7,:32-! ;6,! 1@,-! .3=0,2!42=@*-! 72/,+-*-! 7,-/,=06+*-B!"*! @3+*! ,6! +29! $+21@,2+*!

%M*+*7*!:*+,.2*! -,+! 64!=34,!5*-0*=0,! *:+3:+2*739!4*-! =C3! ;6,+2*! -,+! ,--,!

02:3!7,!0+21@,2+*B!l6,+2*!-,+!64*!:3++*!7,!64*!+*2=@*!*4*M3=*!<373=*B!

&,!4*=@C9! 1,/*=0,2! *=0,-! 7,! 0373!46=73! ,! :+,:*+,2! -21,=.23-*4,=0,!

4,6!1,20,!7,!-3Q*!=*!:*=,1*!.34!8D6*!<+2*9!D+*=31*!,!6/*-F:*--*-B!%.3+7,2!7,!

!$""!

360+3! -3=@3! .34!3! )EFJ+*=7,9! ;6*-,! ,N*0*4,=0,! 3!4,-43! 7*-! 76*-! /,M,-!

*=0,+23+,-B! U=;6*=03! 034*/*! 3! .*<E! 7*!4*=@C9! :,+.,52! ;6,! ,-0*/*! 36/2=73!

*0,=0*4,=0,!3-!-3=-!7*-!8+/3+,-!*2=7*!=3!,-.6+3B!K34,.,2!*!0+21@*!*=0,-!7,!3-!

360+3-!-*>+,4!7*-!5*++*.*-9!<,12M!:3+!-*2+!=*!<+,=0,B!UN*6-0*9!1,=0*!,!.34!3-!:E-!

7313+273-!.343!,6!,-0*/*9!,!*M*+*7*!.343!:372*!-,+9!/2=@*!4*=0,=73!3!+2043!

7*-!:,--3*-!;6,!,6!.3=-27,+*/*!0+21@,2+*-!7,!/,+7*7,B!L*=0,+!*!4E72*!7,!Wm!*!

O_!;621a4,0+3-!:3+!72*9!72*!*:A-!72*9!/2+36!*!+,D+*B!

'4*! @3+*! 7,:32-9! 36/2! 64! <3+0,! ,-0+3=73! =3-! *+56-03-! ,! 8+/3+,-! *3!

4,6! 1*73B! K3=D,1,29! ,4! 7G/27*! -,! 7,/2*! D+20*+! 36! :,+4*=,.,+! 030*14,=0,!

;62,0*B!"C3!.3=-,D62!4,!.3=0+31*+d!:3+!4*2-!27230*!;6,!<3--,9!*;6,1,!@34,4!

.34!*!48-.*+*!73!)EFJ+*=7,!73-!4,6-!-3=@3-!:*--36!:,1*!42=@*!4,=0,B!

!%2t! !D+20,29!;6*=73!64!43=-0+3!:,1673!-,!4*0,+2*12M36!=*!42=@*!

<+,=0,!=*!0+21@*9!0C3!:+AN243!;6,!.3=-,D62!-,=02+!-,6!.@,2+3B!'4!6+-39!:,+.,52!

64!2=-0*=0,!7,:32-B!R,6-!31@3-!:*--*+*4!0+*=;621*4,=0,!:3+!424!*=0,-!7,!,1,!

56<*+9!-,!/2+*+!,!.3++,+!:,1*!0+21@*!=*!72+,VC3!=3+0,B!

)3+!;6,!,1,-!-,4:+,!0S4!;6,!.3++,+!=*!72+,VC3!,4!;6,!,-036!2=73T!

U-:,+,2! *1D6=-! 42=603-! ,! 7,:32-! .3=02=6,29! ,-.31@,=73! 3! .*42=@3!

*:+,,=-2/*4,=0,!,!.*=0*=73!*103!1,0+*-!7,!4G-2.*-B!

!#@9!c!.3617!7+2=[!*!.*-,!3<!o3666669!7*+12=D9!*=7!c!p3617!-0211!5,!3=!

4o!<,,0! !.*=0,2!5,4!*103B!

! R@,!p*-! *! <*-0!4*.@2=,9! -@,![,:0! @,+!4303+! .1,*=BBBt! ! .*=0,2! ,4!

034!7,!+,-46=D3B!

!$24,!360!<3+!02=o!12001,!0,*!1,*/,-!2=!$,01,o!$,*t! !.*=0,2!.34!*!/3M!

,-0+27,=0,B!

k6=.23=36B!"C3!,=.3=0+,2!3!6+-3!=3/*4,=0,B!#6!3!)EFJ+*=7,B!

L*-!4,!7,:*+,2!.34!*1D3!;6,!+,*14,=0,!02=@*!;6,!0,4,+d!64!D+*=7,!

0+,.@3!7,!=,/,!.3=D,1*7*!.35+2=73!*!0+21@*!.34!64*!2=.12=*VC3!7,!`_!D+*6-B!

l6,=0,! .343!,-0*/*9!=,4! 037*!*!=,/,!7,++,0,6!=*-! ,-.*+:*-!7*! <*.,!=3+0,B!

!$"#!

)372*!/,+!3!360+3!1*73!7*!=,/,B!)372*!:+*02.*4,=0,!Q3D*+!64*!:,7+*!*0+*/E-!

7,1*B!L*-!=C3!:372*!<*M,+!3!4,-43!.342D3B!$2=@*!;6,!:*--*+!*=7*=73B!#1@,2!

:*+*!5*2N3!=*!43=0*=@*9!4,6-!31@3-!*.34:*=@*=73!3!.*42=@3!7*!=,/,9!.*-3!

,6! ,-.3++,D*--,! ,! 7,-12M*--,B! U1*! *.*5*/*! 5,4! 4*2-! *5*2N3! ,4! 64*!

.3=.,=0+*VC3!7,!+3.@*-!+,.3+0*7*-B!%1E4!7,1*-!@*/2*!*:,=*-!*+B!

K34,.,2! *! 1*-.*+!4,6! .*42=@3!*0+*/E-!7*!=,/,9! <3+V*=73! .*7*!:*--3!

.34!*-!530*-9!*D*++*7*!*3!5*-0C3!7,!,-;62B!U4!/,M!7,!4,!-,=02+!4*2-!.3=<2*=0,!

=*! =,/,9! 7,/273! ?! ,N:,+2S=.2*! ;6,! 02/,! ,4! R2,++*9! ,-0*/*! 4*2-! 2=-,D6+*! ,!

.3=-.2,=0,! 73! ;6,! :372*! 7*+! ,++*73B! '4! :E! ,-.3++,D36! ,! .*>! *:32*7*! =*-!

4C3-j!1,=0*4,=0,!,6!4,!1,/*=0,29!4*2-!64*!/,M!.34!3-!Q3,1@3-!735+*73-B!U6!

/36!.*2+! ,+*!3!:,=-*4,=03!;6,! -6+D26!=*!42=@*!.*5,V*9!,! Q6=03! .34!,1,!,6!

.3=D,1,2! ,!31@,2!:*+*!5*2N39!:*+*!*-!:,7+*-! *5*2N3!7,!4249!4,! 24*D2=*=73!

*7,+=*7*!-35+,!,1*-B!#1@,2!:*+*!3!16D*+!7,!3=7,!/24!,!:*+*!3=7,!,-0*/*!2=739!

3-!732-!,;6272-0*=0,-!7,!424B!U-0*/*!13=D,!7,4*2-!7,!*453-9!,=0C3!<62!<3+V*7*!

*! -,D62+! ,4! <+,=0,B! k2;6,2! 7,! ;6*0+3! ,! ,=D*02=@,2! 3! +,-0*=0,! 7*! 0+*/,--2*9! *-!

:,+=*-!0+,4,=73!2=.3=0+31*/,14,=0,9!3!5*-0C3!7,!,-;62!:,=76+*73!*3!13=D3!

73!4,6!.3+:39!:+,-3!,4!4,6!:6=@3!:,1*!<*2N*!7,!=8213=!+3-*B!

l6*=73! .@,D6,2! *3!360+3! 1*73! 7*! 0+21@*9!4,! -,=02! ,-0G:27*! ,! <+*.*! ,!

02/,! :,=*! 7,!424!4,-4*9! /61=,+8/,1! 7,! 64! Q,203! ;6,! *2=7*! =C3! 02=@*!4,!

-,=02739!.34!2=/,Q*!73-!.*-*2-!;6,!02=@*4!64!*3!360+39!7,!(,N!,!7,!R0*.o!;6,!

0C3!<*.214,=0,!<2M,+*4!64*!:*+.,+2*!:*+*!*!.*42=@*7*B!l6*=73!(,N!7,2N*+!*!

0+21@*! ,4!R,2*7!b*11,o9! R0*.o! ,=.3=0+*+8! -6*!*42D*!&,,! ,! ,1*-! .3=02=6*+C3!*!

.*42=@*+! Q6=0*-! :,13!#+,D3=9!4*-! ,6! ,-0*+,2! -,4:+,! -3M2=@*B! U!:3+! ;6ST!#!

;6,!<2.*+!-3M2=@*!4,!0+36N,T!"C3!,-036!.34!4,739!,6!72--,9!2=/3.*=73!4,6!

/,1@3!4*=0+*!:*+*!*.*14*+!*!4,=0,B!L*-!=C3!4,!-,=02*!73!4,-43!Q,203!;6,!

D,+*14,=0,!4,!-,=02*!*3!72M,+!2--3B!$*1/,M!:3+;6,!=C3!<3--,!4*2-!2=0,2+*4,=0,!

/,+7*7,B!

!$"$!

$*1/,M!*D3+*!,6!0,=@*!.@,D*73!13=D,!3!-6<2.2,=0,!:*+*!0,+!.3+*D,4!7,!

0,+!4,73B!

l6*=73!:*+,2!:*+*!*143V*+9!:+30,1,2!*0E!;6,!3-!360+3-!4,!*1.*=V*--,4B!

U1,-!4,!72--,+*4!;6,!,=.3=0+*+*4!.34!64!D6*+7*!<13+,-0*1!73!2=0,+23+!;6,!3-!

*/2-36!-35+,!64!2=.S=723!=*!<13+,-0*!*!3,-0,!,!*!=3+0,9!:,+03!7,!Y*::o!b*11,oB!

%0E! *D3+*!=C3! 02=@*!*<,0*73!*!)K$9!4*-! ,1,!=3-!72--,!:*+*! <2.*+43-!*1,+0*-B!

&,2N,2!;6,!0373-!-*>--,4!=*!42=@*!<+,=0,9!72M,=73!;6,!,6!3-!,=.3=0+*+2*!*3!

*=320,.,+9! ,! .*42=@,2! -3M2=@*! =3! .*13+! 7*! 0*+7,B! '4*-! 76*-! @3+*-! 7,:32-9!

,=.3=0+,2! 64*! <3=0,! ,4!64! .*4:3! 27>12.3! ,!:*+,2! :*+*!:,D*+! 8D6*B! U+*! 64!

16D*+!12=73!:*+*!-,!<2.*+9!,=0C3!4,!7,43+,2!4*2-!64!:36.39!7,2N*=73!3-!:E-!

7,!431@3!=*!<3=0,!*0E!;6,!36/2!64!5*+61@3!.*7*!/,M!4*2-!*103!7,!-2=3-B!L*1!

.3=-,D62!4,!,;62125+*+!7,!:E!;6*=73!64*!1@*4*!5+*=.*!-6+D26!=*!.6+/*!,!/,23!

-*10*=73!,4!42=@*!72+,VC3!.34!3-!7,=0,-!*++,D*=@*73-B!

! %2t! ! D+20,29! *!4,-4*! +,*VC3! ;6,! 02/,! ;6*=73! /2! 3! 6+-39!4*-! 7,!

;6*1;6,+! <3+4*!,-0,=72!*!4C3!:*+*!:,D*+!*!.3+7*!;6,!,-0*/*!:,=76+*7*!=3!

.*5+,-039! 64! /,1@3! @85203! 7*! 42=@*! 2=<h=.2*! .34! 3-! .*/*13-B! %! 1@*4*!

.*++,D*/*!64! <*+73! *4*++*73! .34! -2=3-!:+*0,*73-9! =C3!46203!72<,+,=0,!73!

.2=03!7*!461@,+!;6,!,=.3=0+,2!=3!1*D3!$3*7B! !K*14*! !72--,!*!,1*9!7,-.*1V*!

,!*--6-0*7*9!:,=-*=73!=3!;6,!<*M,+!*!-,D62+B!

U1*!:*+,.2*!*--6-0*7*!0*45E49!-6*!,N:+,--C3!0*=03!.a42.*!;6*=03!-E+2*B!

)*--36!:,1*!42=@*! .*5,V*!;6,!,1*!:37,+2*!4,!43+7,+9!4*-!=C3! 02=@*!.343!

-*5,+B!"6=.*! ,-02/,! 0C3! :,+03! 7,! 64*! 1@*4*B!"6=.*! ,-02/,! -,;6,+! 13=D,! 7,!

64*!1@*4*B!$2=@*!0C3!:36.*!,N:,+2S=.2*!.34!1@*4*-!;6,!=,4!,-0*/*!.,4!:3+!

.,=03! .,+0*! 7,! ;6,! ,+*! 7,! <*03! 64*! 1@*4*B! U1*! <,72*! *! Q60*! ,! 4*6! @81203!

4*02=*1B!)6N,2F*!-6*/,4,=0,!=*!72+,VC3!7*-!42=@*-!530*-!,!,=<2,2!3-!:E-!=,1*-9!

,!,=0C3!*<*D6,2! -,6! 13=D3!,!,+2V*73!:,-.3V3!7,!4*=,2+*! <2+4,9!=*!,-:,+*=V*!

7,! ;6,! ,1*! ,=0,=7,--,! .343! 64! .34*=73B! &,:32-! 7,! *1D6=-! 42=603-9!

*:*+,.,6!64*!-,=@3+*!.34!76*-!0+*=V*-!D+2-*1@*-9!64*!7,!.*7*!1*73!7*!.*5,V*B!

!$"%!

! b3.S! *! :,D36t!#5+2D*7*! ! ,1*! <*1369! .34! 3! -3++2-3! *5,+03! ,! 3-!

31@3-!5+21@*=73B!

%!=C3!-,+!:,1*!:,;6,=*!43.@21*!=*-!.3-0*-9!,1*!:*+,.2*!64*!461@,+!;6,!

02=@*! -*>73! 7,! 64! .3=03! 7,! <*7*-9! 7,12.*7*9! +,.@3=.@67*! ,! 7,! 53.@,.@*-!

+3-*7*-B!'4!4,=2=2=@3!*=7*/*!*3!-,6!1*73!,!64!D+*=7,!.*.@3++3!4*++34!3!

*.34:*=@*/*B!

! (,1*N,2! :3+! 64! 434,=03! ,! 18! <32! ,1*! ! *! 461@,+! 72--,! +2=73! ,!

:,D*=73! *! .3+7*! 7*! 1@*4*! .342D3B! ! c4*D2=,2! ;6,! /3.S! *! :,D*+2*j!

,=.3=0+*43-!-,6-!*42D3-!4*2-!*72*=0,!,!72--,+*4!;6,!/3.S!,-0*/*!/2=73B!U6!

-36!b,+*!,!,-0,!E!4,6!*42D3!go1,! !<*1369!*:3=0*=73!:*+*!3!D*+303B! !U1,!

0,4!^!*=3-B!

! #18! ! ,6! 72--,9! 31@*=73F3B! ! R36! *! K@,+o1B! ! U1,! 02=@*! 64*!

D*++*<*! /*M2*! 7,!4*:1,! -o+6:! .@,2*! 7,! 8D6*! :,=76+*7*! =3! 345+3! :3+! 64*!

.3+7*!D+3--*9!3!;6,!,+*!,-0+*=@3!7,!-,!/,+! !/27+3!=*!0+21@*! !,!0*45E4!,+*!

,-0+*=@3!/SF13B!k*M2*!0,4:3!;6,!,6!=C3!<2.*/*!=*!.34:*=@2*!7,!64*!.+2*=V*B!

! #18! ! ,1,! +,-:3=7,69! 3-! 31@3-! .2=M*F*M61*73! -,! 43/,=73!

+*:27*4,=0,!:*+*!,=.3=0+*+!3-!4,6-B!

!U!/3.S!Q8!.3=@,.,6!R@3302=D!R0*+! !72--,!b,+*9!*<*D*=73!3!:,-.3V3!

7*!1@*4*B!

! b3.S! ,-;6,.,6! *! L2+2*4! ! go1,! 72--,! *! b,+*B! U1,! .313.36! *!

4C3M2=@*!=*!.*5,V*!7*!.*7,1*B! !U-0*!E!*!L2+2*4B!

!#29!L2+2*4! !<*1,2B! !b3.S-!,-0C3!-,!72/,+02=73!=*!.*42=@*7*T! !

:,+D6=0,2!*!go1,B!

! U-0*43-! 0,=73! 64! 434,=03! 4*+*/21@3-3! ! +,-:3=7,6! ,4! 64!

,-;62-203!034!<3+4*19!,!,=0C3!<32!431@*+!*-!4C3-!=*!<3=0,B!

K3=/,+-,2!.34!b,+*!,=;6*=03!go1,!Q3D*/*!<31@*-!7,!D+*4*!=*!8D6*!,!

*-!35-,+/*/*! -642+! <1606*=73B!U1*!4,!.3=036!;6,!43+*/*!,4!64*!:,;6,=*!

.27*7,!=3!.,=0+3!73!#+,D3=!,!<*M2*!.*42=@*7*-!-,4:+,!;6,!:372*B!go1,!,!*!

!$"&!

4C,!:*--*+*4!:3+!64*!-206*VC3!0,++>/,19!,1*!72--,!,4!/3M!5*2N*9!43+*=73!=*-!

+6*-!7,!)3+01*=7B!b,+*!3-!.3=@,.,6!*:,=*-!*1D6=-!4,-,-!*=0,-9!*0+*/E-!7,!64*!

,=027*7,!=*!;6*1!0373-!,1,-!,-0*/*4!,=/31/273-9!.@*4*7*!f*-2.!I2<,!)+2=.2:1,-B!

%!4C,!7,!go1,!:,726!;6,!b,+*!3!1,/*--,!=,--*!.*42=@*7*!:*+*!;6,!,1*!:67,--,!

+,.313.*+!*!/27*!,4!3+7,4B!

!b3.S!:+34,0,6!=C3!.3=0*+!?-!:,--3*-! -35+,!3-!4,6-!:+351,4*-! !

go1,!D+2036!.34!/,,4S=.2*9!31@*=73!:*+*!=A-!7,!4*=,2+*!*.6-*0A+2*B!

! "C3! ,-036! <*1*=73! -35+,! 3-! -,6-! :+351,4*-! ! b,+*! 72--,! .34!

.3+72*127*7,9!*:,-*+!7,!=C3!-,+!/,+7*7,B!

!)3+;6,!,6! 0,=@3!:+351,4*-!,=3+4,-!,!=C3!;6,+3!72M,+!?-!:,--3*-!

;6,!.3=@,V3! !go1,!72--,9!-,6-!31@3-!:+3.6+*=73!3-!4,6-!=3/*4,=0,B!

! L620*! D,=0,! 0,4! :+351,4*-! D+*=7,-! ! ,6! 72--,B! ! U6! 02/,!

:+351,4*-!D+*=7,-B!

!l6,!02:3!7,!:+351,4*-T! !,1,!:,+D6=036B!

! $2:3! :+351,4*-! .34!4,6!:*2! ! 72--,! 2=7,.2-*9! ;6,+,=73! =C3! 0,+!

<*1*73!2--3B!

"C3! 0,=@3! ,N:,+2S=.2*! -6<2.2,=0,! .34! .+2*=V*-! :*+*! -*5,+! ,N*0*4,=0,!

;6C3!@3=,-0*!64*!:,--3*!7,/,!-,+!.34!64*!.+2*=V*!7,!^!*=3-B!

! "*! /,+7*7,9! =C3! 02/,! :*2! ! ,N:12;6,2! ,4! 64! 034! 1,/,4,=0,!

*=24*73B!

!U6!0*45E4!=C3!0,=@3!:*2! !go1,!72--,B! !f,49!0373!46=73!0,4!

64!:*29!4*-!,6!=C3!.3=@,V3!4*2-!3!4,6B!U6!.3-064*/*!.3=@,.SF13!;6*=73!,6!

,+*!64!5,5S9!4*-!=C3!4,! 1,45+3B! !U1,!*5+26!*-!:*14*-!7*-!4C3-!,!31@36!

:*+*!,1*-B!U-0*/*4!.@,2*-!7,!:,;6,=*-!<31@*-!7,!D+*4*B!"A-!*-!35-,+/*43-!?!

4,727*! ;6,! <1606*/*4! 24:61-23=*7*-! :,13! /,=03B! ! U! *! -6*! 4C,T! ! ,1,!

:,+D6=036B!

!U1*!,-08!43+0*B!

!$"'!

R,6! +3-03! -,! /2+36! +*:27*4,=0,! :*+*! 4249! *! ,N:+,--C3! 467*=73! 7,!

:,+:1,N*!:*+*!0+*=;621*B!

!L2=@*!4C,! D3-0*! 7,! .*=0*+! ! ,1,! 72--,B! ! b3.S! ;6,+! 36/2+! 64*!

4G-2.*!;6,!,1*!4,!,=-2=36T!

!R24! !+,-:3=729!,!-,4!64!434,=03!7,!@,-20*VC3!,1,!.*=036!.*7*!

*=D6-02*7*B! !#5+2D*7*! ! <*1,29!4,23! *++*-*7*!;6*=73!,1,! *.*536B! ! U--*!

7,/,!-,+!*!4,1@3+!.32-*!;6,!36/2!,4!037*!*!42=@*!/27*B!

!L2=@*!4C,!4,!,=-2=36!4620*-!4G-2.*-! !,1,!72--,!-31,=,4,=0,B! !

U1*!E!.*=03+*B!

b,+*!02+36!64*!<303D+*<2*!7,!424!,!,6!.313;6,2!*!L3=-0+*!7,!/310*!=*-!

.3-0*-B!

! %7,6-9! go1,B! %7,6-9! b,+*B! %7,6-9! R@3302=D! R0*+! ! <*1,2! ,=;6*=03!

-652*!:,1*!0+21@*B!

!K@,+o1t! !go1,!D+2036!;6*=73!,6!,-0*/*!;6*-,!<3+*!7,!/2-0*B!

U6!:*+,2!,!4,!/2+,2B!

!#!=34,!7*!.*7,1*!E!L2+2*4B!

!%723-9!L2+2*4! !,6!72--,B!

"3!<24!7*!0*+7,9!.@,D6,2!*!64!16D*+!-345+,*73!3=7,!@*/2*!64*!4,-*!

7,!:2;6,=2;6,! !64!+*+3!16N3!=*!0+21@*B!l6*=73!4,!*:+3N24,29!/2!;6,!@*/2*!

64!:S--,D3!=3!0*4:3!7*!4,-*!,!,45*2N3!7,1,!64!521@,0,B!

K@,+o1t!

R6++6:2*43-!73-!0+21@,2+3-!7,!64!72*!:*+*!/3.SB!%:+3/,20,t!

R*4!,!Y,1,=!

k2;6,2! ,=06-2*-4*7*! .34! 3! :S--,D39! E! .1*+39! <+60*-! <+,-.*-! ,! /,D,0*2-!

.34:,02*4! .34! *! 1243=*7*! R=*::1,! ,4! 42=@*-! <*=0*-2*-! 4,=0*2-! -35+,!

.3427*9!4*-9!*1E4!72--39!<2;6,2!,43.23=*7*!:3+!R*4!,!Y,1,=!3!0,+,4!7,2N*73!

:*+*!424B!R,4!7G/27*!02=@*4!<*=0*-2*-!.34!.3427*!,N*0*4,=0,!0C3!2=0,=-*-!

!$"(!

;6*=03! *-!42=@*-B! R,=0,2! =3! 0*4:3!7*!4,-*! 7,! :2;6,=2;6,! ,!43+72! <,12M! 3!

:S--,D39! -,6! -643! 7,12.*73! :*+,.2*! *02=D2+! .*7*! .E161*! 42=@*B! #! :S--,D3!

03+=36!4,=3-!+624!3!<*03!7,!4,6-!:E-!-,+,4!64*!:31:*!1*0,Q*=0,B!%!D,=021,M*!

.34! *! ;6*1! ,1,! <32! 3<,+,.273! *5+*=736! 3! .*13+! ,! 3! 0E723! 73! 72*B! U=;6*=03!

,-0*/*! -,=0*7*!.34,=73!3!:S--,D39!:,+.,52!;6,!=C3!.3=-,D62+2*!*D+*7,.,+!*!

R*4! ,! Y,1,=! :3+! 3! 0,+,4! 7,2N*73! :*+*! 424B! U-0*/*! :+3=0*! :*+*! <2.*+!

=3/*4,=0,!-3M2=@*j!*.*4:*+2*!:3+!42=@*!.3=0*!,-0*!=320,B!

l6*=73! Q3D6,2! <3+*! 3! .*+3V3! 73! :S--,D39! /2! ;6,! ,-0*/*! .,+.*7*! :3+!

.,=0,=*-!7,!*M*1,2*-!7,!7,M,=*-!=6*=.,-!7,!+3-*!,!1*+*=Q*F.1*+39!,!;6,!*1D64*-!

:E0*1*-!/3*/*4!.34!*!5+2-*B!)*+,.2*4!-,+!64!:+,-,=0,!:*+*!4249!7*!4,-4*!

,=136;6,.,73+*! ;6,! <3--,! *! 0+21@*9!4*1! :*--*/*! 64!72*! ,4!;6,! ,1*! =C3!4,!

3<,+,.,--,!*1D64!02:3!73!;6,!,+*!.@*4*73!7,!48D2.*!7*!0+21@*!=*!12=D6*D,4!

7*!)K$9!3-!*.3=0,.24,=03-!2=,-:,+*73-!,!4*+*/21@3-3-!;6,!-,!7,-0*.*4!.343!

64!*1>/23! 030*1! ,4!.34:*+*VC3!*3-!7,-*<23-!7*! 0+21@*B!%=0,-!7,!4,! 1,/*=0*+!

:*+*! .313.*+! *!L3=-0+*! =*-! .3-0*-9! 36/2! :*--3-! ,!4,! /2+,2B! $2=@*! 64! .,+/3!

.*42=@*=73!=*!0+21@*!,4!42=@*!72+,VC39!*:*+,=0,4,=0,!-,4!:,+.,5,+!42=@*!

:+,-,=V*B! k2M! 64! -34! 5*2N2=@39! 7,!4373! *! =C3! *--6-08F139!4*-! ,4! /,M! 7,!

72-:*+*+!,1,!*:,=*-!:*+36!,!4,!31@369!<*+,Q*=73!,4!42=@*!72+,VC3!*=0,-!7,!

.3=02=6*+! */*=V*=73! 5,4! 7,/*D*+B! %! .*7*! :*--3! ,1,! <*M2*! 64*! :*6-*! :*+*!

/,+2<2.*+!-,!7,/2*!.3=02=6*+9!,!.3=02=636!/2=739!.@,D*=73!.*7*!/,M!4*2-!:,+03!

*0E!<2.*+!*!*:,=*-!O!4,0+3-!7,!72-0h=.2*B!R6*!,N:+,--C3!,-0*/*!.*14*!,!.6+23-*9!

3!<3.2=@3!-,!*13=D*=73!3!48N243!;6,!:372*!,4!42=@*!72+,VC3B!U6!4,!-,=0,2!

-,4!4,!4,N,+9!35-,+/*=739!=,4!64!:36.3!0,4,+3-*9!.343!02=@*!4,!-,=0273!

=*-!-,4*=*-!*=0,+23+,-9!;6*=73!*!+*:3-*!:*+36!:*+*!4,!*=*12-*+!=*!=,/,B!

!U-08!0673!5,4! !-6--6++,2!:*+*!3!.,+/39!-,4!-*5,+!3!;6,!<*1*+2*!*0E!

72M,+d! !b3.S!,-08!-,D6+3!=,-0,!46=73B!

!$")!

l6*=73!<*1,29!<32!.343!-,!3!,=.*=03!<3--,!;6,5+*73B!#!.,+/3!:,+7,6!

0373!3!2=0,+,--,!,4!4249!*:,-*+!7,!*2=7*!=C3!<6D2+B!%:,=*-!1,/*=036!*!.*5,V*!

,! -,!*<*-0369!:*--*=73!:,1*-!*M*1,2*-!.34!-,6-!.*-.3-!7,12.*73-9!43+72-.*=73!

*-!:1*=0*-!,=;6*=03!*=7*/*B!

"3-! 72*-! -,D62=0,-9! .*42=@,2! -3M2=@*9! -652=739! 7,-.,=739! -652=73!

=3/*4,=0,9!*.24*!73!:2.3!73!U0=*!,!7*-!43=0*=@*-!L*+51,!,4!64*!13=D*!,!

;6,=0,!.*42=@*7*!*0E!R,2*7!b*11,o9!;6*=73!:*--,2!:3+!1*D3-!3=7,9!:3+!.*6-*!

73-!43-;6203-9!<62!35+2D*7*!*!:*--*+!64*!.*4*7*!D,=,+3-*!7,!+,:,1,=0,!:,1*!

:+24,2+*! /,M! =*! /2*D,4! ,! *7,=0+,2! 0+,.@3-! 7,! 0+21@,2+3-! 7,! 64! 72*! ;6,! 4,!

.3=0*+*4!-35+,!3-! 2=.S=723-! <13+,-0*2-!;6,!,-0*/*4!7,/*-0*=73!3!3,-0,9!4*-!

*2=7*!=C3!02=@*4!2=/*7273!*!)K$B!

'4*!=320,!*.*4:,2!,4!64!16D*+!D+*4*73!7,!3=7,!:67,!/,+!*!:+3/*!

7,--,-!2=.S=723-d!64*!=,5613-*!.3+02=*!7,!<64*V*!.35+2*!*!/2-0*!,4!72+,VC3!*!

3,-0,B! R,=0,2! ,4!42=@*! .*7,2+*! :3+! 64*! @3+*! ,! <2;6,2! 31@*=73! *! :*2-*D,4!

,=;6*=03!3!-31!-,!:6=@*!=*!<64*V*B!$2=@*!*--2-0273!*!.*7*!:a+!73!-31!7,!02+*+!

3! <a1,D3! =3-! <2=*2-! 7,! 0*+7,! =*! )K$9!4*-! ,--,! <32! 4*2-! ,-:,0*.61*+! 73! ;6,!

;6*1;6,+!360+3!*0E!,=0C39!*!16M!<2.36!72<6-*9!72--2:*=73F-,!,4!421@*+,-!7,!03=-!

7,!*4*+,139! +3-*9! 1*+*=Q*! ,! +3N3! -35+,! *! .35,+06+*!/,+7,!3=761*7*B!)37,+2*!

,-0*+! 1,=73! 3-! &6512=,=-,-! 36! 73+42=73! =3! *.3=.@,D3! 73! -*.3! 7,! 73+42+9!

4*-! =,--*! =320,! 3! .E6! ,-0*/*! <*-.2=*=0,! 7,4*2-! :*+*! -,+! *5*=73=*73B!

U=;6*=03! ,6! *--2-02*! *! 2--39! :,+.,52! ;6,! 02=@*! 610+*:*--*73! *! 4,0*7,! 7*!

.*42=@*7*B! $2=@*! .34,V*73! *! 0+21@*! @*/2*!4*2-! 7,! .2=;6,=0*! 72*-B! R,! 0673!

-*>--,!.343!3!:1*=,Q*739!,4!4*2-!.2=;6,=0*!72*-!,6!0,+42=*+2*!*!)K$B!#!;6,!

;6,+!;6,!<3--,!*.3=0,.,+!.342D3!*;62!0,+2*!*.3=0,.273B!

! #@9! +,4,45,+! 0@,!(,7!(2/,+!b*11,o! *=7! 0@,! .3p53o!p@3! 13/,7!

o36!-3!0+6, !.*=0,29!*!/3M!<*1@*=739!-,4!-*5,+!3!+,-03!7*!1,0+*B!c4*D,=-!

73!:,;6,=3!+3-03!7,!go1,!,!7,!-6*-!4C3-!4,!/310*+*4!.343!,.3-!7,!-6*!/3M!

!$"*!

4,6! ,-0*/*B! #! ;6,! -,+8! ;6,! ,1,! ,-08! <*M,=73! =,-0,! 2=-0*=0,T9! :,=-*/*!

3.*-23=*14,=0,! *3! 13=D3!7*!42=@*! /27*9!4*-! =6=.*! .3=-,D62! 24*D2=*+! 2--3B!

"C3!.3=@,V3!*!/27*!73!4,6!:+A:+23!:*2B!U1,!,N2-02*9!4*-!,+*!2=/2->/,19!.343!

64*!-345+*!43=-0+63-*!=*!<13+,-0*9!64!2=.S=723!0C3!72-0*=0,!;6,!=C3!:*--*!

7,!<64*V*B!

c--3! ,+*! 3! 4,6! :*2d! 3! @34,4! ;6,! =C3! 4,! .+236B! c--3! -,4:+,! 4,!

24:+,--23=36B!(,:,027*-!/,M,-B!&,!037*-!*-!.32-*-! 136.*-9!-,6!<+*.*--3!,4!4,!

*4*+! 7*!4*=,2+*! ;6,! 7,/,+2*! -,4:+,! <32! *! .32-*!4*2-! 136.*! 7,! 037*-B!L*-!

=*;6,1*!=320,9!;6*=73!*--2-02*!*3!*=320,.,+!7,:32-!7,!.2=;6,=0*!,!0*=0*-!=320,-!

=*! )K$9! :*--36! :,1*! 42=@*! .*5,V*! ;6,! ,6! =C3! :+,.2-*/*! 4*2-! <2.*+!

24:+,--23=*7*!.34!,1,B!

Y*/2*!0*=0*-!360+*-!.32-*-!24:+,--23=*=0,-!=,-0,!46=73B!

U1*-!-,!*5+2+*4!7,=0+3!7,!424!.343!64!+23B!K343!-,!,6!=C3!-365,--,!

;6,!:372*!+,-:2+*+!,!,=0C3!+,-:2+*--,B!U6!+2*!.34!*!*1,D+2*!72--3!,!=3!434,=03!

-,D62=0,! ,-0*/*! .@3+*=73!42=@*-! :+24,2+*-! 18D+24*-! =*! )K$B! K@3+,29! .@3+,29!

.@3+,2B! "C3! ,-0*/*! .@3+*=73! :3+;6,! ,-0*/*! <,12MB! "C3! ,-0*/*! .@3+*=73!

:3+;6,!,-0*/*!0+2-0,B!"C3!,-0*/*!.@3+*=73!:3+!.*6-*!7,!42=@*!4C,!36!7,!4,6!

:*2! 36! 7,! )*61B! U-0*/*! .@3+*=73! :3+;6,! ,-0*/*! :1,=*B! &,--,-! .2=;6,=0*! ,!

0*=03-! 72*-! 72<>.,2-! =*! 0+21@*! ,! 73-! ]BmX_! 72*-! ;6,! 02=@*4! /2=73! *=0,-! 7,1,-!

0*45E4B!

U6!,-0*/*!,=0+*=73B!U6!,-0*/*!-*2=73B!%!K*12<A+=2*!-,!,-0,=72*!*0+8-!7,!

424!.343!64!13=D3!/E6!7,!-,7*B!"C3!4,!-,=02*!4*2-!64*!27230*!.34:1,0*B!U!

=C3! 4,! -,=02*! 64*! :3++*! 7,! 64*! +*2=@*! *4*M3=*! <373=*B! U6! 4,! -,=02*!

7,0,+42=*7*9! @64217,! ,! <3+0,! :3+! 7,=0+39! .343! -,! ,-02/,--,! -,D6+*! =,-0,!

46=73!0*45E4B!

!

!$#+!

!

)%($U!Kc"K#!!

!

R36!64!.*42=@*=0,!1,=039!4*-!=6=.*!

.*42=@3!:*+*!0+8-B!

%f(%Y%L!Ic"K#I"!

&2D*F4,9!3!;6,!E!;6,!/3.S!:1*=,Q*!<*M,+!

K34!-6*!/27*!-,1/*D,4!,!:+,.23-*T!

L%(Z!#IcbU(9!

$@,!R644,+!&*o!

!$#"!

!

JL&&G*"_*&P%&G+(#*&!

!

%.3+7,2!=3!,-.6+3!,4!4,6!*=0,:,=G10243!72*!=*!K*12<A+=2*9!.34!3!-34!

73!/,=03!*V320*=73!3-!D*1@3-!7*-!8+/3+,-!,!3!:2=D*F:2=D*!7*!.@6/*!=*!5*++*.*B!

U-0*/*! 0C3! -,.3!*3! 13=D3!7,! 0373!3!/,+C3!;6,!:*+,2!7,!.313.*+!*!.35,+06+*!

:*+*!.@6/*9!73+42=73!*:,=*-!.34!3!D+*=7,!:*2=,1!7,!0,1*!,=0+,!424!,!3!.E6B!

U6!4,!,-<3+.,2!7,-.*1V*!=3!,-.6+3!:*+*! .313.*+! *! .35,+06+*! -35+,! *!5*++*.*9!

0+,4,=739! ,453+*! <3--,! 2=>.23! 7,! *D3-03B! U-0*/*! <*M,=73! OW! D+*6-! @*/2*!

-,4*=*-9! ?-! /,M,-! .@,D*=73! *! OP! D+*6-9! 4*-! .34! 3! /,=03! ,! *! .@6/*! *!

0,4:,+*06+*!-6520*4,=0,!46736B!&,!/310*!?!5*++*.*9!.313;6,2!*!.*1V*!7,!1C!,!

3!*D*-*1@39!,=0+,2!=3!-*.3!7,!73+42+!,!4,!<,.@,2!=,1,!*0E!3!;6,2N39!*Q6-0*=73!

3!.*:6M!5,4!*:,+0*73!*3!+,73+!7*!.*5,V*B!l6*=73!*.3+7,2!?-! -,2-!@3+*-9!3!

:,;6,=3!0,+4a4,0+3!=*!43.@21*!4*+.*/*!W9P!D+*6-B!

K*42=@,2!*3!13=D3!7,!64*!*10*!.*7,2*!7,!43=0*=@*-!=*!.@6/*9!/,-027*!

.34! ;6*-,! 0673! ;6,! 02=@*B! $37*! /,M! ;6,! :*+*/*! :3+! 4*2-! 73! ;6,! *1D6=-!

42=603-!<2.*/*!.34!0*=03!<+23!;6,!4,6-!7,=0,-!5*02*4!.342.*4,=0,!*0E!;6,!

,6!.3=02=6*--,!*=7*=73!,!.34,V*--,!*!-6*+!=3/*4,=0,B!"3-!72*-!.1*+3-9!3!D62*!

7,.1*+*/*9!,+*!:3-->/,1!/,+!3!#+,D3=!*3!=3+0,9!4*-!=C3!.3=-,D62*!/,+!=*7*!

:3+!.*6-*!7*!=,512=*!7,=-*!;6,!,=.35+2*!;6*1;6,+!.32-*!*!64*!72-0h=.2*!4*23+!

73! ;6,! O! 4,0+3-B! U6! =C3! :+,.2-*/*! /,+! 3! #+,D3=B! )372*! -,=02F139! 24,=-39!

72*=0,! 7,! 424B! K+6M*+2*! 0373! *! -6*! ,N0,=-C3! -,! <3--,! 72+,03! ?! )3=0,! 73-!

&,6-,-B!l6,4!-,+2*!,6!-,!.+6M*--,!T!l6,4!-,+2*!,6!-,!=C3!.+6M*--,T!

"3!4,23!7*!4*=@C9!R0*.o!-6+D26!=3!4,23!7*!=E/3*9!+64*=73!:*+*!3!

-61!=*!0+21@*B!R*>43-!7,!R,2*7!b*11,o!Q6=0*-!=3!72*!*=0,+23+9!7,:32-!7,!:*--*+!*!

=320,!.34!(,N!,!3-!.*-*2-B!),1*!4*=@C9!(,N!:,D36!64!a=256-!:*+*!/310*+!?!-6*!

!$##!

/27*! +,*19! ,=;6*=03! 3! +,-0*=0,! 7,! =A-! -,D626! ,4! <+,=0,9! -,:*+*=73F-,! *:A-!

*1D64*-! @3+*-B! U-0*/*! ;6*-,! .,+0*! 7,! ;6,! =C3! /,+2*! 3-! .*-*2-! =*! 0+21@*!

=3/*4,=0,9!4*-!R0*.o!,!,6!<2M,43-!:1*=3-!7,!=3-!,=.3=0+*+!,4!%-@1*=79!3=7,!

,1*! <2.*+2*! *1D6=-! 72*-! ,-:,+*=73!:,1*! *42D*!&,,! .@,D*+! *=0,-!7,! .34,V*+! *!

.*42=@*7*!:,13!#+,D3=B!bSF1*!*D3+*!4,!-6+:+,,=7,69!.343!-,!,1*!<3--,!:*+0,!

461@,+9!:*+0,!<*=0*-4*B!

!U-036!/310*=73!:*+*!R,2*7!b*11,o! !,1*!72--,9!,!,N:12.36!;6,!,-0*/*!

.34!<+239!3-!:E-!.@,23-!7,!531@*-B!#!-*.3!7,!73+42+!02=@*!<2.*73!,=.@*+.*73!

=*!=320,! *=0,+23+! ,! ,1*! =C3! 02=@*! ,-:,+*=V*!7,!;6,! -,.*--,! *=0,-!7,! *!=320,!

.*2+B! ! b36! :,D*+! 64! a=256-! :*+*! %-@1*=7! ! ,1*! 72--,B! ! b,=@*! 4,!

,=.3=0+*+!=3!*15,+D6,!;6*=73!.@,D*+!18B!

U6!*!*5+*.,2!*=0,-!7,!,1*!2+!,453+*9!,!*!=,512=*!*!,=.35+26!=3/*4,=0,!

,4!-,D6=73-B!

"*!4*=@C!-,D62=0,9!*.3+7,2!*=0,-!73!@3+8+23!@*5206*19!3!.E6!.2=M*!5,4!

.1*+3B!)*+36!7,!.@3/,+!,!3!*+!,-0*/*!4,=3-!<+23B!R,=02*F4,!*=24*7*!.313.*=73!

*!L3=-0+*! ,! 4,! *<*-0*/*! 73! 16D*+! 3=7,! *.*4:,2d! ,--,-! ,+*4!4,6-! G10243-!

;621a4,0+3-!=*!K*12<A+=2*B!

U-0*/*! *! 4,=3-! 7,! 64! ;621a4,0+3! ,! 4,23! 7*! <+3=0,2+*! ;6*=73! 64!

D*1@3!:,=76+*73! *3! 13=D3!7*!4*+D,4!7*! 0+21@*! :+,=7,6! ,4!4,6! 5+*.,1,0,!

i2112*4! eB! K+3.[,00! ,! 3! *++,4,--36! =3-! *+56-03-! <,.@*73-B! UN*42=,2!

.627*73-*4,=0,! *-! :,7+*-9! 3-! *+56-03-! ,! *-! 8+/3+,-9! *0,++3+2M*7*9! -*5,=73!

,=;6*=03!:+3.6+*/*!;6,!,+*!64*!.*6-*!:,+727*B!"C3!3!,=.3=0+*+2*B!"C3!/2!

3=7,!02=@*!.*>73B!Y*/2*!<,203!*:,=*-!64!064!46203!1,/,!*3!-,+!*++*=.*73!7,!

424B!)*+,.2*!*5-6+73!;6,!,6!:,+7,--,!3!5+*.,1,0,!=,-0,!,N*03!434,=039!64!

=>0273! :+,--8D23! 7,! :+351,4*-! ?! <+,=0,B! $,=0,2! 02+*+! 2--3! 7*! .*5,V*! ,! <*M,+! *!

:,+7*!+,:+,-,=0*+!*1D3!534! !64!->45313!7*-!.32-*-!;6,!,6!Q8!=C3!:+,.2-*/*9!

0*1/,M9! 7,! 4,0*<3+2.*4,=0,! *12/2*+! *! .*+D*! 9! 4*-! ,=0C3! 3! :,=-*4,=03! -,!

2=-0*136! ,! ,6! -A! :,=-*/*! =3! :+A:+23! i2112*4! eB! K+3.[,009! 3! @34,4! 7,!

!$#$!

L2==,-30*!;6,!02=@*!4*2-!36!4,=3-!*!42=@*!27*7,!;6*=73!43++,6!=3!b2,0=C9!

.6Q3!.3+:3!=6=.*!<32!,=.3=0+*73!,!.6Q*!<*4>12*!-,4!7G/27*!*2=7*!-3<+2*!:3+!,1,B!

L,6! 5+*.,1,0,! ,+*! *.24*! 7,! 0673! 64! ->45313! 7*! /27*! ;6,! ,1,! :,+7,6! 0C3!

Q3/,4B!#!6=2/,+-3!-24:1,-4,=0,!*!:,D36!.34!-6*!53.*++*!.+6,1!,!<*42=0*B!

"C3!02=@*!=*7*!*!<*M,+!*1E4!7,!-,D62+!,4!<+,=0,B!

K@,D6,2! ?! <+3=0,2+*! *1D6=-!42=603-! 7,:32-9! :*+*=73! :*+*! ,=0,=7SF1*d!

K*12<A+=2*!,!#+,D3=9!64!<24!,!64!.34,V3!:+,--23=*73-!64!.3=0+*!3!360+3B!

)*+*!64!16D*+!0C3!24:3+0*=0,9!=C3!:*+,.2*!0C3!24:3+0*=0,B!Y*/2*!*:,=*-!64*!

.*2N*!7,!4,0*1!4*++34!;6,!.3=02=@*!3!12/+3!7,!+,D2-0+3!7*!0+21@*!,!64*!:1*.*!

;6,!72M2*!i%RYc"J$#"d!P_W!l'cI�LU$(#R9!-,4!4,=.23=*+!3!#+,D3=B!

L*-!,6!-*52*!3!;6,!,+*4!*;6,1,-!P_W!;621a4,0+3-B!U-02/,!=*!K*12<A+=2*!

:3+!732-!4,-,-9!4*-!,+*!.343!-,!02/,--,!,=/,1@,.273!*=3-!7,-7,!;6,!,-02/,!,4!

$,@*.@*:2! )*--9! -3M2=@*! .34!42=@*!43.@21*9! ,! 24*D2=,2! .@,D*+! *! ,-0,! 16D*+B!

k62!*0E!*!.*2N*!7,!4,0*19!02+,2!3!12/+3!7,!+,D2-0+3-!,!3!<31@,,29!1,=73!*-!,=0+*7*-!

7*-! -,4*=*-! *=0,+23+,-B! Y*/2*! *=30*Vn,-! 7,! *1D64*-! :,--3*-! .6Q3-! =34,-!

=6=.*!02=@*!/2-03!,!7,!360+*-!;6,!=C3!,=.3=0+,29!4*-!;6,!02=@*!*!-,=-*VC3!7,!

.3=@,.,+! :3+;6,! ,-02/,! .*42=@*=73! .34! ,1*-! 76+*=0,! 0373! 3! /,+C3B! %-!

*=30*Vn,-! 4*2-! +,.,=0,-! ,+*4! 73-! .*-*2-! ! e3@=! ,! R*+*@9! Y,1,=! ,! R*4B!

U45*2N3! 7,! -,6-! 0+26=<*=0,-! +,D2-0+3-9! ,-.+,/2! 3! 4,69! 0C3! 7342=*7*! :,1*!

!

#+,D3=B!#+,D3=B!#+,D3=B!

U-0*/*!*;62B!%=7,2!*0E!*;629!.*:06+*=73!:*2-*D,=-!73!4*Q,-03-3!43=0,!

R@*-0*!*3!-61!,!73!4*2-!5*2N3!4*-!*6-0,+3!43=0,!L.I36D@12=9!*3!=3+0,B!R652!

=3!*103!7,!64*!.3+721@,2+*!,!,=.3=0+,2!0+,.@3-!.6+03-!7,!=,/,9!;6,!*0+*/,--,2!

.34!*!*Q67*!73!5*-0C3!7,!,-;62B!)372*!/,+!*-!/*.*-!:*-0*=73!=3-!:+*73-!=C3!

46203!*5*2N3!7,!4249!3-!D+*=7,-! -2=3-!;6*7+*73-! +,--3*=73!;6*=73!,1*-! -,!

43/24,=0*/*4B!

!#189!/*.*-!73!#+,D3=! !D+20,2!:*+*!,1*-B!

!$#%!

"*;6,1*! =320,9! *.*4:,2! -35! 64*! 16*! ;6*-,! .@,2*9! 3! .E6! 5+21@*=0,! ,!

-,+,=3B!%5+2!s!,-:,+*!73-!58+5*+3-9!7,!eB!LB!K3,0M,,9!4*-!12!*:,=*-!*1D64*-!

:8D2=*-!:3+;6,!=C3!.3=-,D62*!4,!.3=.,=0+*+j!*!4,=0,!/*D*/*!:,=-*=73!,4!

%-@1*=7B!U-0*/*!<2=*14,=0,!0C3!:,+03!;6,!:372*!4,!:,+4202+!:,=-*+!-35+,!2--3B!

U4!%-@1*=7!@*/,+2*!.3427*9!4G-2.*!,!/2=@39!,!:,--3*-!;6,!=C3!-*52*4!=*7*!*!

+,-:,203! 7*! )K$B! U9! 4*2-! 24:3+0*=0,9! @*/,+2*! 72=@,2+39! ,! =C3! *:,=*-! 3-!

:*+*!%-@1*=79!3+2D2=*14,=0,!*.+,720*=73!;6,!-,+2*!*!.*2N*!;6,!4,!-*67*+2*!=3!

<24! 7*! /2*D,4B! U1*! =C3! .3=02=@*! .3427*! 36! -6:+24,=03-B! $2=@*! *:,=*-!

:+,0*!=3/3!,4!<31@*!,!64*!.*1.2=@*!.3452=*=73B!U+*!/,-027*!*--24!;6,9!4,-,-!

*=0,-9!24*D2=,2!;6,!.,1,5+*+2*!3!<24!7*!42=@*!/2*D,4!,!:,D*+2*!64*!.*+3=*!7,!

/310*! *! )3+01*=7B! l6*=73! 467,2! 4,6! 202=,+8+239! :,72! *! I2-*! :*+*! .313.*+!

*;6,1*! :,;6,=*! .*2N*! 7,=0+3! 7,! 360+*! .*2N*! ;6,! ,=.@2! 7,! .3427*! ,!

-6:+24,=03-! ,! +,72+,.23=,2! :*+*! %-@1*=7! ,4! /,M! 7,! 4*=7*+! :*+*! 64*! 7*-!

:*+*7*-!;6,!=C3! <*+2*! ,4!R2,++*!",/*7*B!L*1!:372*! ,-:,+*+!:*+*! .313.*+! *-!

4C3-!=,1*9!=*!.*2N*!7,=0+3!7*!.*2N*9!,!:*--*+!3!<24!7,!-,4*=*!/,-02=73!+36:*-!

;6,!=C3!,+*4!*-!7,!0+21@*B!

K@,D6,2!*!%-@1*=7!=3!72*!-,D62=0,!:3+!/310*!7*!@3+*!73!*143V39!7,:32-!

7,! :,D*+! 64*! .*+3=*! 7,-7,! *! 0+21@*! .34! 64! D+6:3! 7,! /316=08+23-! 73!

%4,+2K3+:-B!

!b3.S!-365,!7*!=30>.2*T! !64!7,1,-!:,+D6=036!7,:32-!;6,!,=0+,2!=*!

/*=B!

f*1*=.,2! *! .*5,V*! =,D*02/*4,=0,! -,4! ,N:12.*+! ;6,! =3-! G10243-! 732-!

4,-,-!36/2!:36.*-!=30>.2*-9!D+*=7,-!36!:,;6,=*-B!

!b3.S! .3=@,.,!3!J+*0,<61!&,*7T! ! ,1,!:,+D6=0369!,!*--,=02! .34!*!

.*5,V*B! !e,++o!J*+.2*!43++,6B!

!$#&!

k2;6,2!,4!64*!.*1V*7*!=3!.,=0+3!7*!.27*7,!:*+*!/,+!64*!<303!73!+3-03!

7,!J*+.2*!,4!.3+,-!:-2.37E12.*-!=*!.*:*!7,!64!Q3+=*1!13.*19!1,=73!3!;6,!:67,!

*0+*/E-! 7*! Q*=,1*! 7,! :18-02.3! 0+*=-:*+,=0,! 7*! .*2N*! 7,! Q3+=*2-9! 76+*! 7,4*2-!

:*+*!.34:+*+!64!,N,4:1*+B!J3-0*/*!7,!/8+2*-!4G-2.*-!73!J+*0,<61!&,*79!4*-!

=6=.*!.31,.23=,2!/>7,3-!7,!-,6-!-@3p-!*3!/2/3!=,4!*.34:*=@,2!3!D+6:3!:,13!

:*>-! .343! *1D6=-! 7,! 4,6-! *42D3-! <C-! 73! &,*7! <*M2*4B! %! 43+0,! 7,! g6+0!

K35*2=! =3! *=3! *=0,+23+!4,! *<,036!4*2-! 7,! :,+039! -,6! <24! 0+2-0,! ,! /231,=039!

64*!<8561*!7,!*7/,+0S=.2*!=C3!*:,=*-!73-!,N.,--3-!7*!42=@*!D,+*VC3!.343!

0*45E4! 73-! 4,6-! :+A:+23-B! U! *2=7*! *--24! *! 43+0,! 7,! J*+.2*! 4,! *5*136!

<3+0,4,=0,9!.343!-,!<3--,!3!<24!=C3!*:,=*-!7,!64!434,=039!4*-!7,!64*!,+*!

;6,!76+36!037*!*!42=@*!/27*B!

%=7,2! .34! *!L3=-0+*! =*-! .3-0*-! *1D6=-! ;6*+0,2+n,-! *0E! *! *DS=.2*! 73!

.3++,239! :*--*=73! :3+! :1*.*-! .*-,2+*-! .313.*7*-! =*-! /20+2=,-! 7*-! 13Q*-! ;6,!

72M2*4d!*4*43-!/3.S9!Q,++o9!7,-.*=-,!,4!:*MB!%-!+6*-!,-0*/*4!.@,2*-!7,!/27*!

.34!64*!42-06+*!7,!06+2-0*-!5,4F/,-0273-!.@,D*=73!:*+*!3!<2=*1!7,!-,4*=*!,!

*! Q6/,=067,!+*72.*1!73!5*2N3!=3+3,-0,!73!)*.><2.39!;6,! -,! +,6=2*!,4!5*=73-!

:,1*-!.*1V*7*-!,4202=73!64*!/25+*VC3!4*2-!2=0,=-*!73!;6,!3!=3+4*1!:3+!.*6-*!

273-3-9!/,-0273-!.34!+36:*-!;6,!3-!.313.*/*4!,4!*1D64! 16D*+!*3! 13=D3!73!

,-:,.0+3!*+0>-02.3!@2::2,Ä*=*+;62-0*Ä:6=[!+3.[Ä<6=[B!U6!:*+,.2*!-,+!64!7,1,-! !

.*5,167*9! 5+3=M,*7*! ,! 0*06*7*j! .6+/*7*! -35! 0373-! 3-! 4,6-! :,+0,=.,-! ! ,!

.@,2+*/*!.343!64!7,1,-!0*45E49!-A!;6,!:23+9!-,4!7G/27*9!Q8!;6,!=C3!034*/*!

64!5*=@3!7,!/,+7*7,!7,-7,! *! .@6/,2+*7*!=*;6,1,! *.*4:*4,=03! ,4!K*-01,!

K+*D-!;6*=73! <2;6,2!7,! +,--*.*9! 64*-!76*-! -,4*=*-! *=0,-B! U! *2=7*!*--24!4,!

-,=02*!0C3!72<,+,=0,!7,1,-9!7,!0373!46=739!.343!-,!02/,--,!*0,++2--*73!*;62!7,!

360+3!:1*=,0*!,!E:3.*B!

!$#'!

!#2t! !,N.1*4,2!-6+:+,-*!;6*=73!:*--,2!:3+!64!73-!@34,=-!;62,03-!

;6,!,-0*/*!=*!.*42=@3=,0,!;6,!02=@*!-65273!*0E!3!1*D3!$3*79!3=7,!R0*.o!,!,6!

<343-! ?! :+3.6+*! 73! U=.3=0+3! 73! %+.3F>+2-9! 4*-! ,1,! +,-:3=7,6! .34! 64*!

-*67*VC3!2=,N:+,--2/*9!:*+,.,=73!=C3!-,!1,45+*+!7,!424B!

K@,D6,2!?!*DS=.2*!73!.3++,23!,!*5+2!*!:3+0*!:*+*!,=0+*+9!-3++2=73!.34!

,N:,.0*02/*9!4*-9!;6*=73!72--,!4,6!=34,!:*+*!*!461@,+!*0+8-!73!5*1.C39!,1*!

/31036! *:,=*-! .34! 64! :,;6,=3! ,=/,13:,! *.31.@3*73! ,=7,+,V*73! *! 424B!

",=@64*!.*2N*

:+,.2-*/*!:*+*!.*42=@*+!*0E!*!:+AN24*!:*+*7*!=3!)*+;6,!"*.23=*1!7,!K+*0,+!

I*[,B!

! &,/,+2*! 0,+! 64*! .*2N*! :*+*! 424! ! 72--,9! -,D6+*=73! 3! :,;6,=3!

,=/,13:,!*.31.@3*73B!

!b3.S!/*2!0,+!;6,!.@,.*+!=3/*4,=0,!*4*=@C! !*!461@,+!72--,!-,4!-,!

24:3+0*+B!

! $,4! .,+0,M*T! ! D*D6,Q,2B! ! l6,+3! 72M,+BBB! U1*! 7,<2=202/*4,=0,!

7,/2*!,-0*+!*;62B!

%!461@,+!*:,=*-!5*1*=V36!*!.*5,V*!7,!4*=,2+*!*=02:802.*B!U1*!=C3!4,!

7*/*!*!4>=24*B!U6!,+*!64*! Q3/,4!-6Q*!,!4*1.@,2+3-*!73!5*2N3!=3+3,-0,!73!

)*.><2.3B!

!)+AN243! !,1*!72--,9!-2=*12M*=73!:*+*!3!@34,4!=3!.34,V3!7*!<21*B!

R*>! 7*! *DS=.2*! *3-! 0+*=.3-9! 4,23! .,D*! 7,! :h=2.3! ,! +*2/*B! U-0*/*! ,4!

%-@1*=79!=3!#+,D3=9!,!02=@*!*:,=*-!'~!W9W]!7A1*+,-B!)+,.2-*/*!:*D*+!:3+!64!

;6*+03!=3!*15,+D6,!=*;6,1*!=320,B!)+,.2-*/*!7*!.3427*!*=0,-!7,!.3=02=6*+!*!

.*42=@*7*B!L*-9! *.24*! 7,! 06739! 7,:32-! 7,! -,--,=0*! 72*-! .*42=@*=73! -35! *!

43.@21*9! .34,=73! .3427*-! 7,-27+*0*7*-! ;6,! 02=@*4! D3-03! 7,! :*:,1C3!

*;6,.273!,!,-0*=73!030*14,=0,!-,4!.3=0*03!@64*=3!:3+!:,+>373-!?-!/,M,-!7,!

64*! -,4*=*!,=;6*=03! -652*!,!7,-.2*!43=0*=@*-!,4! 2=*.+,7208/,2-!/*+2*Vn,-!

!$#(!

7,!0,4:,+*06+*!,!0,++,=39!:+,.2-*/*!;6,!*-!.32-*-!<3--,4!<8.,2-B!RA!:3+!*1D6=-!

72*-B!)3+!<*/3+B!

k62!*0E!3!0,1,<3=,!:G512.3!4*2-!:+AN2439!02+,2!*!L3=-0+*9!.313;6,2F*!=3!

.@C3! ,! 4,! <,.@,2! =*! .*52=,! 0,1,<a=2.*B! %! -,=-*VC3! 7,! ,-0*+! *12! 7,=0+3! ,+*!

2=.+2/,14,=0,!53*9!02:3!=C3!;6,+,+!4*2-!-*2+!7,--*!:,;6,=*!-*1*!0+*=-:*+,=0,B!

#1@*/*! :*+*! 3! ,=/,13:,! *.31.@3*73B! U+*! 7,! 42=@*! *42D*! I*6+*9! 7,!

L2=,8:312-B! %5+2! 3! ,=/,13:,! ,! 02+,2! -,6! .3=0,G73d! 64*! .*+0*! :+,-*! ,4! 64!

.31*+!;6,!,1*!<,M!:*+*!424!,4!@34,=*D,4!*3!4,6!=34,B!-0+*o,7!72M2*4!*-!

1,0+*-! :+*0,*7*-! 513.*7*-! ,4! 64*! .3++,=0,! 7,! 5312=@*-B! s! :+24,2+*! /2-0*!

:*+,.2*!;6,!,-0*/*!,-.+203!R$%(bU&\\!:3+;6,!3!Z!,+*! 1,/,4,=0,!72<,+,=0,!7,!

037*-! *-! 360+*-! 1,0+*-9!4*2-! 1*+D3! ,! 5*2N3! ,! <,203! ,4!64!4317,! 72<,+,=0,9! ,!

42=@*!4,=0,!42-06+36!*-! 1,0+*-!,4!64*!:*1*/+*!<*4212*+B!K313;6,2!3!.31*+!,!

31@,2!:*+*!3!+,<1,N3!72-03+.273!7,!4,6!.313!=*!<+,=0,!4,0812.*!73!0,1,<3=,B!U1,!

<2.36!:,=76+*73!*5*2N3!73!;6,!,6!,-0*/*!6-*=73!7,-7,!g,==,7o!L,*73p-9!3!

73!5+2=.3!7,!06+;6,-*!,!:+*0*!;6,!:,+0,=.,6!*!42=@*!4C,B!

),D6,2!3!0,1,<3=,!,!0,=0,2!<*M,+!64*!.@*4*7*!*!.35+*+!:*+*!I2-*!*!<24!

7,!:,+D6=0*+!-35+,!*!42=@*!.*2N*9!4*-!,1*!=C3!*0,=7,6B!

),+*4561,2! :,1*-! +6*-! 42-,+*/,14,=0,9! 0,=0*=73! =C3! ;6,+,+! =*7*B!

"*7*!7,!*143V39!=*7*!7,!46<<2=-!,!52-.3203-!;6,!,=<,20*/*4!*-!/20+2=,-9!=*7*!

7,! 1*00,-!,4!.3:3-!7,!:*:,1!;6,!3-!06+2-0*-!-,D6+*/*4!,4!-6*-!4C3-! 124:*-B!

k62!*0E!3!*15,+D6,!:*+*!/,+!-,!,=.3=0+*/*!R0*.oB!U1*!=C3!,-0*/*!189!3!@34,4!

;6,! 0+*5*1@*/*! =*! +,.,:VC3! 4,! 72--,9! 4*-! /310*+2*! 4*2-! 0*+7,! ! Q8! 02=@*!

+,-,+/*73!:*+*!*;6,1*!=320,B!

! b3.S! ;6,+! 64!;6*+03! 0*45E4T! ! ,1,!4,!:,+D6=0369!4*-! *:,=*-!

5*1*=.,2!*!.*5,V*!=,D*02/*4,=0,B!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""!Morta de fome. (N. da E.)!!

!$#)!

%=7,2! *0E! *! .33:,+*02/*! 7,! .3427*! =*06+*19! 3! 13.*1! ;6,! *! Q6/,=067,!

+*72.*1! 73! =3+3,-0,! 73! )*.><2.3! 0+*=-<3+436! ,4! *1D3! :*+,.273! .34! 64!

*.*4:*4,=03! 726+=39! +,6=2=73F-,! =*! D+*4*! ,! =*-! .*1V*7*-! ,4! <+,=0,! 73!

,-0*5,1,.24,=03B!l6*-,! 24,72*0*4,=0,9! 27,=02<2;6,2! 360+3!@34,4!;6,!/2!=3!

1*D3!$3*79!3!@34,4!7*! <*2N*!=*!.*5,V*9!3! 1>7,+!73!5*=739!;6,9!.343!e242!

Y,=7+2N9!.@*4*/*!0373!46=73!7,!5*5oB!U-0*/*!-,=0*73!=*!.*1V*7*!:,+03!7*!

,=0+*7*! 73! 16D*+! -,D6+*=73! 64! :,;6,=3! .*+0*M! 7,! :*:,1C3! ;6,! 0+*M2*! 64!

:,7273!7,!72=@,2+3!+*52-.*73!.34!:2=.,1!*0a42.3B!"*!<+,=0,!7,1,!@*/2*!64*!

1*0*!7,!.*<E!/*M2*!.34!64!:6=@*73!7,!43,7*-B!

!#2! ! <*1,29!:*+*=73!?!-6*!<+,=0,9!-,=02=73F4,!*12/2*7*!:3+!/,+!64!

+3-03!.3=@,.2739!4,-43!;6,!<3--,!3!7,1,B!U1,!*2=7*!6-*/*!*!,-0+*=@*!,!246=7*!

<*2N*!=*!.*5,V*B!

!#2S! !,1,!+,-:3=7,69!35/2*4,=0,!-,4!-,!1,45+*+!7,!424B!U1,!=C3!

:,726!72=@,2+3!*!424B!%:*+,=0,4,=0,!,6!0+*=-:*+,.2*!=C3!0,+!=,=@64B!

!b3.S!,-08!/2*Q*=73!:3+!*>T! !:,+D6=036B!

! U-036! <*M,=73! *! )*.2<2.! K+,-0! $+*21! ! +,-:3=72! :*+*! ,-02461*+! -6*!

4,4A+2*B!

U1,!*--,=0269!-,4!-,!1,45+*+B!

!L620*!D,=0,!7,!<3+*!7*!.27*7,!,-08!.@,D*=73!:*+*!*-!.,1,5+*Vn,-!73!

&,*7B!

!b*2!@*/,+!.,1,5+*Vn,-T! !:,+D6=0,2B!

!Y3Q,!?!=320,!/*2!0,+!*1D64*!.32-*B!

k2;6,2! .6+23-*! :*+*! -*5,+! -,! ,1,! 02=@*! +,6=273! 64! 42=2FU=.3=0+3! 73!

%+.3F>+2-!=3! 1*D3!K+*0,+9! .343!72--,!;6,! <*+2*9!4*-!=C3!3! -6<2.2,=0,!:*+*! 1@,!

:,+D6=0*+B!

!R,!.627*! !,6!72--,9!4,!*<*-0*=73B!

U=0+,2! =*! .33:,+*02/*! ,! ,-0+*=@,2! 3! *+F.3=72.23=*73! =*-! :,+=*-! =6*-B!

U-02/,!,4!13Q*-!7,!.3=/,=2S=.2*!,!,4!:,;6,=*-!13Q*-!/310*7*-!:*+*!3!06+2-43!

!$#*!

,4!*1D64*-!:*+*7*-!7,! +,*5*-0,.24,=03!*3! 13=D3!7*!)K$9!4*-!=C3!,=0+*/*!

,4! 64*! 13Q*! .343! ,--*! 7,-7,! ;6,! .34,.,2! *! /2*D,4B! k62! ,! /310,2! =3-!

.3++,73+,-! 31@*=73! .32-*-! ;6,! ,6! =C3! :372*! 0,+9! ,-:*=0*7*! .34! -6*!

7,-:+,3.6:*7*!*56=7h=.2*B!K343!,6!:372*!*.,20*+! 2--3!.343!=*06+*1T!)30,-!

7,! :2.1,-! ,! 5*D6,0,-! 0C3! <+,-.*-! ;6,! ,+*4! ,45+61@*7*-! ,4! -*.3-! 7,! :*:,19!

D*++*<*-!7,! -6.3!7,! 1*+*=Q*9!:30,-!7,! -3+5,0!,9!*.24*!7,! 06739!*-! <+60*-!,!3-!

1,D64,-! ;6,! 5+21@*/*4! 0*=03! =*-! .*2N*-! ;6,! :*+,.2*4! 4,! 3<6-.*+B! U6! 4,!

7,43+,29! .@,2+*=73! *-! .32-*-9! 3-! 034*0,-! ,! 3-!4*V3-! 7,! *1<*.,F4*=0,2D*9! *-!

=,.0*+2=*-!,!*-!124*-B!U+*!0673!;6,!,6!:372*!<*M,+!:*+*!=C3!,=<2*+!*1D64*!.32-*!

,4!4,6!531-3B!

k62!*0E!*!-,VC3!7,!@2D2,=,!:,--3*1!,!5,1,M*!,!,-:2++,2!*43-0+*-!D+802-!7,!

@27+*0*=0,! =*-! 4C3-9! ,-<+,D*=73! 72/,+-3-! 02:3-! :3+! 0373! 3! .3+:39! *-!

<+*D+h=.2*-!72-.+,0*-!4,!<*M,=73!,=0+*+!,4!SN0*-,d!:S--,D3!,!.3.39! 1*/*=7*!,!

0*=D,+2=*B!%=*12-,2!*-!*43-0+*-!7,!5*034!,!*:12;6,2!64*!.@*4*7*!)164!Y*M,!

.34!64*!.A:2*!5*+*0*!7,!.303=,0,!=*06+*1!,!3+Dh=2.3!lF02:!<,203F7,F4*0,+2*1F

+,.2.1*73!;6,! <2.*/*!*3! 1*73!,4!64!:30,!7,!/27+3!7,!*:*+S=.2*!4,72.2=*1!,!

0*4:*!:+*0,*7*B!$2+,2!64!53++*73!73!5*034!.34!64!1,=V3!=*06+*1!,!3+Dh=2.3!

<,203F7,F4*0,+2*1F+,.2.1*73!,!4,!31@,2!=3!,-:,1@3!+,73=73!;6,!<2.*/*!,4!64!

:,7,-0*1!:,+03!73!43-0+68+23!7,!5*03=-B!$2=@*!,-.31@273!)164!Y*M,!:3+;6,!

-,6!034!,+*!:*+,.273!.34!3!5*034!;6,!,6!6-*/*!,4!42=@*!/27*!=3+4*19!:+EF

)K$9!4*-!*D3+*9!.34!,1,!=*!53.*9!:*+,.2*!64*!:*1@*V*9!*!53.*!.@*4*02/*!,!

*D+,--2/*!,4!.3=0+*-0,!.34!*!:,1,!;6,24*7*B!

!)3--3!*Q678F1*T! !64*!461@,+!.34!A.613-!7,!*/A!,!64!.+*.@8!.34!

3!=34,!eU"!JB!4,!:,+D6=036B!

!"C39!35+2D*7*! !+,-:3=72B! !RA!,-036!31@*=73B!

!U--,!034!<2.*!5,4!,4!/3.SB!U1,!7,-0*.*!3!*M61!73-!-,6-!31@3-B!

!$$+!

! b3.S! *.@*T! ! :,+D6=0,29! -,=02=73F4,! -6520*4,=0,! 0>427*B! #1@,2!

:*+*!424!4,-4*!=3!:,;6,=3!,-:,1@3!+,73=739!.343!-,!,-02/,--,!+,*14,=0,!

7,.272=73!-,!.34:+*+2*!3!)164!Y*M,B!

!J3-0,2!7,!-,6!.31*+!0*45E4! !e,=!JB!72--,B! !R0*+/,7B!U=D+*V*73B!

R,D6+,2!3!.3+7C3B!

!q!R0+*o,79!=*!/,+7*7,B!U--,!E!3!4,6!-35+,=34,B!

! %@9! -24! ! e,=! JB! 72--,9! *:+3N24*=73F-,! :*+*! 31@*+B! ! U=0,=72!

,++*73B!q!,=D+*V*73!7,!;6*1;6,+!<3+4*B!

!q!64*!216-C3!7,!A02.*! !<*1,2B!

R*>! *=7*=73! :,13! .3++,73+! *0E! *! 7,12.*0E--,=9! 3=7,! :,D6,2! 64!

D6*+7*=*:3!D+3--3!7,!64!:3+0*FD6*+7*=*:39!+,02+,2!3!)164!Y*M,!73-!18523-!,!

,=0C3!,N*42=,2!*!-,1,VC3!7,!1243=*7*-B!U1,-!=C3!02=@*4!7*!R=*::1,9!:*+*!4,6!

7,-D3-03B!K34:+,2!64*!1243=*7*!=*06+*19!3+Dh=2.*9!,-:+,427*!=*!@3+*!,!-,4!

.3=-,+/*=0,-!.34!3!G10243!72=@,2+3!;6,!02=@*!,!/310,2!.34!,1*!:*+*!4,!-,=0*+!

=*!<+,=0,!7*!13Q*B!

"*! *=24*VC3! :*+*! .@,D*+! ?! .27*7,9! =C3! :*+,2! :*+*! *143V*+9! ,=0C3!

:,D6,2! *! 5*++*! 7,! :+30,>=*! ,! *1D64*-! .*-0*=@*-! /,1@*-! 7*! 43.@21*! ,! .342!

,=;6*=03!4,!:+3252*!7,!:,=-*+!*!+,-:,203!7*!+,<,2VC3!;6,!,6!02=@*!:1*=,Q*73d!

64*!-*1*7*!K*,-*+!.34!:,203!7,!<+*=D3!D+,1@*73!,!64*!.,-0*!7,!:C3!<+*=.S-!

03++*72=@3!;6,! ,6!4,+D61@*+2*! =3! *M,20,! ,! 64*!&2,0!K3[,!:*+*!5,5,+9! .34!

64*!5*=*=*!-:120!7,!-35+,4,-*B!f,52!*!1243=*7*!,!.3=/,+-,2!.34!;6,4!;6,+!

;6,!-,!*:+3N24*--,d!<*1,2!.34!64!@34,4!7,!L2.@2D*=!;6,!02=@*!-,!467*73!

:*+*!%-@1*=7!:*+*!,-067*+!=*! <*.617*7,! 13.*1!,!360+3!;6,! 03.*/*!5*0,+2*!,4!

64*!5*=7*j!64*!461@,+!;6,!,+*!.,+*42-0*!,-:,.2*12M*7*!,4!<2D6+*-!7,!7,6-*-!

,! 360+*! ;6,! 4,! :,+D6=036! ,4! 64! -30*;6,! ,6+3:,6! -,! ,6! ,-0*/*! 2=73! ?!

@34,=*D,4!*!e,++o!J*+.2*!*;6,1*!=320,B!

U1*!4,!7,6!64!<31@,03!;6,!72M2*!(,1,45+*=73!e,++o!=3!*103B!

!$$"!

! k2.*! ,4! 64! .165,! :,+03! 73! *15,+D6,9! -,! E! 18! ;6,! /3.S! ,-08!

@3-:,7*7*! !,1*!4,!72--,B!U1*!,+*!+,.@3=.@67*!,!53=20*9!3!.*5,13!136+3!:+,-3!

,4! 64! .3;6,! -3103! =3! *103! 7*! .*5,V*B! ! "A-! ,-0*43-! /2*Q*=73! :3+! *>!

0*45E4! !*.+,-.,=0369!*:3=0*=73!:*+*!*!42=@*!43.@21*B!"C3!,=0,=72!;6,4!

,+*! 3! -,6! 3:3-03! <2-2.*4,=0,9! *103! ,! *<1202/*4,=0,!4*D+39! /,-0273! .34! 64*!

-*2*!,=/,13:,!4*++34!;6,!2*!64!:36.3!*5*2N3!73-!Q3,1@3-!3--673-9!3!.*5,13!

.6+03!:+,-3!,4!;6*0+3!36!.2=.3!4*+2*-F.@2;62=@*-!,-:*1@*7*-!=*!.*5,V*B!

!b3.S!:,D36!.*+3=*!*;62T! !:,+D6=036!3!@34,4B!U1,!,+*!*4,+2.*=3B!

UN:12;6,2!*!,1,-!-35+,!*!.*42=@*7*!=*!)K$9!-35+,!.343!:1*=,Q,2!:*--*+!

3!<24!7,!-,4*=*!,4!%-@1*=7B!#!@34,4!<2.36!2=72<,+,=0,9!4*-!*!461@,+!<2.36!

24:+,--23=*7*B!

!L,6!=34,!E!R6-*==*!,!-36!7*!R6>V*! !,1*!72--,9!-,D6+*=73!42=@*-!

4C3-B! !"A-!.@*4*43-!3!;6,!/3.S!,-08!<*M,=73!7,!.*42=@3!73!:,+,D+2=3B!

R,!;62-,+9!:3--3!4*--*D,*+!-,6-!:E-B!

!#@9!2--3!E!D,=0219!4*-!=C3!:+,.2-*!<*M,+!2--3! !<*1,2B!

! U6!;6,+3B! R,+8! 64*!@3=+*B! q!3! ,-0213! -6>V3B! U6! Q8! /3103B! ! U1*! -,!

/2+36!,!,=0+36!=*!.33:,+*02/*!;6*=73!,6!*!.@*4,2!72M,=73!;6,!,1*!,+*!46203!

D,=021B! &,:32-! ;6,! ,=0+369! 31@,2! :*+*! -,6! =*43+*73B! U1,! 4,! 1,45+*/*! *!

53=,.*!g,p:2,9!.34!3!.*5,13!7*;6,1,!Q,203B!

!U1*!+,*14,=0,!D3-0*!7,!<*M,+!2--39!,=0C3!=C3!-,!:+,3.6:,! !,1,!72--,9!

-,=0*=73F-,!*3!4,6!1*73B!

l6*=73! R6-*==*! *:*+,.,6! 64!42=603! 7,:32-9!4*=02=@*! *-!4C3-! ,4!

<3+4*03! 7,! .812.,! =*! <+,=0,! 73! .3+:39! 64! :6=@*73! 7,! A1,3! *+34802.3! =*-!

:*14*-!7*-!4C3-B!

!q!4,=0*! !,1*!72--,9!-3++2=73!:*+*!424B! !$2+,!*-!530*-!,!*-!4,2*-t!

!L*-!4,6-!:E-! !@,-20,2B! !U1,-!,-0C3!,4!4*6!,-0*73!,!-6Q3-BBB!

!$$#!

! U--*! E! 42=@*! /3.*VC3t! ! ,1*! D+20369! ,=0C3! 35,7,.2j! 13D3! ,-0*/*!

,-:*1@*=73!A1,3!7,!4,=0*!,4!424B! !R,6-!:E-9!,1,-!-C3!46203!<3+0,-! !72--,!

R6-*==*B! ! K343! 3-! 7,! 64! *=24*1B! )3--3! -,=02+! -6*! <3+V*! .34! *-!42=@*-!

4C3-B!U!0*45E4!.343!,-0C3!-3<+273-B!),+.,52!;6,!/3.S!:,+7,6!*-!6=@*-!73-!

:E-B!

! R24! ! 46+46+,29! +,.12=*=73! =*! D+*4*! -35+,! 3-! .303/,13-9! 4,6-!

31@3-!<,.@*73-9!0+,461*=73B!

! #-! ,-:>+203-! 4,! 72--,+*4! :*+*! <*M,+! 2--3! ! ,1*! 72--,! ,=;6*=03!

:+,--23=*/*!3-!:31,D*+,-!=*-!-31*-!73-!4,6-!:E-B!

!#-!,-:>+203-!0,!72--,+*4T!

!R24B!l6*=73!0,!/29!3-!,-:>+203-!-6--6++*+*4!;6,!,6!02=@*!;6,!0,!7*+!

*1D39! <32!:3+! 2--3!;6,!4,!*:+3N24,2!.34!3! <31@,039!4*-!7,:32-!,=0,=72!;6,!

02=@*!*1D3!4*2-B!"*!R6>V*9!0,43-!64!D+*=7,!+,-:,203!:,1*-!:,--3*-!;6,!/2*Q*4!

.343!:,+,D+2=*-B! !J2+*=73!4,6-!7,73-!64!:3+!64!,=0+,!-,6-!7,73-9!,1*!4,!

31@36! ,!:,+D6=036d! !#!;6,! -2D=2<2.*! 2--3! ,4! -,6! .31*+9! ;6,! ,-08!:*--*=73!

<34,T!

U! <32! *--249! :,1*-! 76*-! @3+*-! -,D62=0,-9! ,=;6*=03! <2;6,2! =*! <+,=0,! 7*!

.33:,+*02/*B! U6! ,-0*/*! <*42=0*B!"C3!4,! -,=02*!4*2-! *!4,-4*B! U6!4,! -,=02*!

*:,=*-!.343!64!5*17,!7,!7,-,Q3-9!64*!.32-*!7,-/20*12M*7*!,!,-<34,*7*B!'4*!

:,--3*!4,!7,6!64!46<<2=!/,D,0*+2*=39!360+*!64*!-*1*7*!7,!;62=3*!.34!6/*-B!

b8+2*-!-,!*:+3N24*+*4!:*+*!*742+*+!42=@*!0*06*D,4!7,!.*/*13!36!:,+D6=0*+!

-35+,! *!43.@21*B!)3+!/310*!7*-!;6*0+3!@3+*-9! R0*.o!*:*+,.,6!,! ,6! 1@,! .3=0,2!

-35+,!*!42=@*!-206*VC3!72<>.21j!,1*!-,!3<,+,.,6!:*+*!4,!,4:+,-0*+!72=@,2+3!*0E!

;6,!42=@*!.*2N*!.@,D*--,B!

!L,! 7,2N*! 0,=0*+!4*2-! 64*! /,M! =*! *DS=.2*! 7,! .3++,23! ! ,6! 72--,9!

+,160*=0,!,4!*.,20*+!*!3<,+0*9!D+*0*!:3+!,1*B!b310,2!*3!.3++,23!,!,-:,+,2!=*!<21*9!

7,-*:3=0*7*!7,!/,+!;6,!*!4,-4*!461@,+!;6,!4,!72--,!;6,!*!42=@*!.*2N*!=C3!

,-0*/*!18!*2=7*!,-0*/*!0+*5*1@*=73!=3!5*1.C3B!l6*=73!*!*53+7,29!:,72!*!.*2N*!

!$$$!

.343!-,!=C3!02/,--,!273!*12!*1D64*-!@3+*-!*=0,-B!U1*!-,!72+2D26!?!-*1*!7,!0+8-!,!

/31036! -,D6+*=73!*!.*2N*9!,4:6++*=73F*!:,13!5*1.C3!,4!42=@*!72+,VC3! -,4!

:,72+!7,-.61:*-B!

! U=0C39! ,1*! ,-0*/*! *;62! 3! 0,4:3! 0373! ! <*1,29! 4*-! ,1*! =C3! -,!

24:3+0369!+,-:3=7,=73!;6,!-24:1,-4,=0,!=C3!7,/2*!0,+!/2-03!*=0,-B!

U6!,-0*/*!,4:31D*7*!7,4*2-!:*+*!<2.*+!M*=D*7*!,=;6*=03!*=7*/*!.34!

R0*.o!*0E!3!*15,+D6,9!-,D6+*=73!42=@*!.*2N*B!k2M!3!.@,.[!2=!,!-,D62!R0*.o!:,1*-!

,-.*7*-9! *0+*/E-! 73! :+2=.2:*1! 73+420A+23! <,42=2=3! *0E! 64! :,;6,=3! ;6*+03!

:*+02.61*+! ;6,! <2.*/*! -35! *! :*+0,! 5*2N*! 73! 0,1@*73! 73! :+E723B! &,=0+3! 7,1,9!

@*/2*!0+S-!.*4*-!7,!-310,2+3B!R0*.o!,-0*/*!,4!64*9!-6*!*42D*!&,,!,4!360+*!,!

,1*-!D6*+7*+*4!*!0,+.,2+*!:*+*!424B!R0*.o!4,!*:+,-,=036!*!&,,!,!.3=/,+-*43-!

,=;6*=03!,6!*5+2*!*!.*2N*B!K3=02=@*!3!4,6!/,1@3!Q,*=-!124:39!4,6!=3/3!-602C9!

*!.*1.2=@*!,!4*2-!72=@,2+3!73!;6,!@*/2*!0273!7,-7,!;6,!.34,.,2!*!/2*D,4B!

k62! *0E! 3! 5*=@,2+3! ,! <2;6,2! 7,5*2N3! 7*! 8D6*! ;6,=0,! 4,! ,-<+,D*=73B!

"C3! 034*/*! 5*=@3! @*/2*! 76*-! -,4*=*-9! :,+>373! 76+*=0,! 3! ;6*1! *-!

0,4:,+*06+*-! /*+2*+*4! 7,! F\! *! Om! D+*6-B! )372*! -,=02+! *! 8D6*! 124:*=73! *-!

.*4*7*-!7,! -63+9! .343! -,! <3--,4! +,*14,=0,! 64*! .*4*7*!7*! :,1,B!l6*=73!

*.*5,29!31@,2!:*+*!424!4,-4*!=6*!=3!,-:,1@39!4,6!.3+:3!4*2-!4*D+3!73!;6,!

7*! G1024*! /,M! ,4! ;6,! 4,! 02=@*! 4,! 31@*739! 3! .*5,13! 4*2-! .1*+3! 73! ;6,!

;6*=73! ,+*! .+2*=V*B! K313;6,2! 3! -602C! :+,03! =3/39! *! .*1.2=@*9! *! .*42-,0*9! 3!

/*!<+36N3!,4!424!*:,-*+!7,!,6!=C3!

,=0+*+! .34:1,0*4,=0,! =,1,! 0+S-! 4,-,-! *=0,-9! ,! /310,2! :*+*! 3! ;6*+03! :*+*!

.313.*+! *-! 530*-B! U1*-! =C3! ,+*4! =3/*-9! ,-0*/*4! -6Q*-! ,! ;6,=0,-9! :,-*7*-! ,!

7313+27*-9!4*-!,+*4!3!G=2.3!.*1V*73!;6,!,6!02=@*B!

"3!Q*=0*+!.34!R0*.o!,!&,,9!:,72!0673!3!;6,!;6,+2*B!L*2-!0*+7,9!<62!*!

64*!-*:*0*+2*!,!.34:+,2!64!:*+!7,!-*=7812*-!,-:3+02/*-!:+,03!,!*M61!L,++,119!3!

437,13!;6,!7,/2*!0,+!.34:+*73!*=0,-!7*!/2*D,4B!b310*43-!*3!*15,+D6,9!4*-!

,4!:36.3-!42=603-!R0*.o!,!,6!-*>43-!=3/*4,=0,!:*+*!*!@34,=*D,4!*!e,++o!

!$$%!

J*+.2*!,4!64!.165,!*12!:,+039!7,2N*=73!&,,!73+42=73B!R,=0*43-!*!64*!4,-*!

,4!64*! 8+,*! 7,4*+.*7*!:3+! .3+7*-! ;6,! <2.*/*! =*! 5,2+*! 7*! :2-0*! 7,! 7*=V*9!

5,5,=73! /2=@3! 5+*=.3! ,! /,=73! 461@,+,-! 7,! 037*-! *-! 27*7,-9! <3+4*03-! ,!

0*4*=@3-!,!7,!/,M! ,4!;6*=73!64!@34,4!D2+*=73!*3! -34!7*-!4G-2.*-!73!

J+*0,<61!&,*79!;6,!03.*/*4!64*!*0+8-!7*!360+*B!%0+8-!73-!7*=V*+2=3-9!@*/2*!

64*!0,1*!-35+,!*!;6*1!64*!-E+2,!7,!24*D,=-!,+*4!:+3Q,0*7*-9!*1D64*-!*5-0+*0*-9!

,-:2+*2-!:-2.37E12.*-9!360+*-!120,+*2-9!7,-,=@3-!0+2724,=-23=*2-!,4!@34,=*D,4!*!

e,++o!,!-6*!5*=7*B!

! %4*43-! /3.S-9! e,++ot! ! 64*! 461@,+! =*! 4,-*! *3! 1*73! D+2036!

;6*=73!64*!24*D,4!7,1,!*:*+,.,6B!

!b3.S!/*2!7*=V*+T! !:,+D6=0,2!*!R0*.oB!

U1*!5*1*=V36!*!.*5,V*!=,D*02/*4,=0,B!

!)+,.2-3!/310*+!*3!*15,+D6,B!b*43-!-*2+!*4*=@C!5,4!.,73B!

!%.@3!;6,!/36!<2.*+!4*2-!64!:36.3! !,6!72--,B! !L,!*.3+7,!:*+*!-,!

7,-:,72+! -,!,6!*2=7*!,-02/,+!73+42=73!*4*=@CB! !&,:32-!;6,!,1*!-*269!:,72!

360+*! 0*V*! 7,! /2=@3! ,! 4,! -,=0,2! 36/2=73! *! 4G-2.*B! #5-,+/*/*! *-! :,--3*-9!

-,=02=73!64*! <,12.27*7,!:+3<6=7*!:3+!,-0*+! -24:1,-4,=0,!,4!64*!-*1*!,=0+,!

360+*-! :,--3*-! ,4! 64*! =320,! 7,! /,+C3! .34! 4G-2.*! 03.*=73B! l6*=73! 4,!

7*-! 42=@*-! 4G-2.*-! <*/3+20*-! 73! &,*7! ,! ,6! ,-0*/*! 64! :36.3! *10*9! ,=0C3!

24:61-2/*4,=0,! :61,2! :*+*! *! :2-0*! 7,! 7*=V*! ,! .34,.,2! *! 7*=V*+9! 4*-! 4,!

*++,:,=72! 72--3! ;6*-,! 24,72*0*4,=0,B! L,6-! Q3,1@3-! ,-0*/*4! 7313+273-! ,!

+*=D,=73!:3+! .*6-*!7,! 037*!*! .*42=@*7*9!3-!;6*7+2-! ,-0+*=@*4,=0,! +>D273-9!

4*-!5,4!=*!@3+*!,4!;6,!2*!-*2+!3!@34,4!7,!L2.@2D*=!;6,!.3=@,.2!4*2-!.,73!

,-0*/*9! 7,! +,:,=0,9! ,4! .24*! 7,! 4249! *:*+,=0,4,=0,! 7*=V*=73! .342D39!

D2+*=73!:*+*!7,=0+3!,!:*+*!<3+*!7,!42=@*!A+520*9!.343!64!D2+3-.A:23!@2::2,9!

7,-,=@*=73!64*!.*2N*!24*D2=8+2*!=3!*+!.34!3-!7,73-!,=;6*=03!*.,=*/*!.34!

!$$&!

*!.*5,V*!:*+*!4249!.343!-,!,6!-365,--,!;6,!7+3D*!,1,!;6,+2*!72M,+9!,!:3+!2--3!

:*+,.2*!+67,!2+!,453+*B!

! R,4:+,! :,=-3! =3!#+,D3=! ;6*=73! 36V3! ,--*!4G-2.*! ! ,1,! D+2036!

4*2-!*103!73!;6,!*!4G-2.*!,=;6*=03!,6!43/2*!3!.3+:3!,4!64!<*1-3!533D2,B! !

U=0,=7,6T! !:,+D6=036B! ! T\W!

cD6*1!*3!#+,D3=9!;6,!0*45E4!E!64*!.*2N*!7,!.@6/*T!

U6!.3=.3+7,2!,!+29!0,=0*=73!*:*+,=0*+!;6,!4,!72/,+02*9!4*-!*--24!;6,!*!

4G-2.*! *.*536! -*>! .3++,=73! :*+*! <2.*+! :,+03! 7,! 64*!46+,0*! ;6,! <2.*/*! *3!

13=D3!73!5*+B!

!#2! !64!@34,4!<*136!7,:32-!7,!64!0,4:39!,!4,!/2+,2B!U1,!,-0*/*!

7,! :E! 73! 360+3! 1*73! 7*!46+,0*! =*! *106+*! 7*! .2=06+*9! -,D6+*=73! 64! :2=.,1!

*0a42.3! ,! 64*! 1*=0,+=*j! ,+*! 64! <6=.23=8+23! 73! .165,9! *:*+,=0,4,=0,!

.3=0+31*=73! 3! ,-:*V3! =3! ;6*1! ,+*! :,+420273! 5,5,+9! ,453+*! =C3! 3! 02/,--,!

=30*73!*12!*=0,-B!

!#2! ! +,-:3=72B!U1,!,+*!53=203!,!:*+,.2*!64!:36.3!4*2-!/,1@3!73!

;6,!,69!3-!.*.@3-!,-.6+3-!7,-12M*=73!:,13!*103!73-!345+3-B!"*!<+,=0,!7,!-6*!

.*42-,0*!,-0*/*!,-.+203!p21.3B! !%73+3!,--*!5*=7*! !<*1,29!*:3=0*=73!:*+*!*!

.*42-,0*B!

!b3.S!.3=@,.,T! !,1,!:,+D6=036B!

!q!.1*+3!;6,!.3=@,V3! !+,-:3=72B!

R,6-!31@3-!.*-0*=@3-!-,!*:,+0*+*4!,4!64!-3++2-3B!

!R@3p! !,1,!72--,! 9!,6!-36!e3=*0@*=! !,!*:,+036!42=@*!4C3B!

%!4G-2.*!.34,V36!*=0,-!;6,!,6!:67,--,!1@,!72M,+!4,6!=34,9!4*-!,1,!

-,!2=.12=36!:*+*!3!4,6!36/273!:*+*!:,+D6=0*+!,4!64!D+203!-6*/,!7,!3=7,!,6!

,+*B!)*+,.2*! -*5,+! ;6,!,6!=C3!,+*!7,!%-@1*=7B!J+20,2!7,!/310*9! ,N:12.*=73!3!

4*2-! +,-6427*4,=0,! ;6,! :67,! -35+,! *! )K$9! ,=0C3! ,1,! .3.@2.@36! ,4! 4,6!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#!Em português, caixa de chuva. (N. da E.)!!

!$$'!

36/273!=3/*4,=0,!,!D+2036!64*! <+*-,! 13=D*!;6,!=C3!.3=-,D62!,=0,=7,+!:3+!

.*6-*! 7*!4G-2.*9!4*-! =C3!4,! 24:3+0,2! :3+! .*6-*! 73! Q,203!4*+*/21@3-3! ;6,!

-,6-! 18523-!7,-12M*+*4!:,13!4,6!.*5,13!,! -6*! +,-:2+*VC3! <,M! .A.,D*-!=3!4,6!

:,-.3V39!,!,6!4,!*++,:2,2!037*9!7*!.*5,V*!*3-!:E-B!

! #! ;6ST! ! D+20,2! 7,! /310*! ;6*=73! ,1,! *.*5369! ,=0C3! ,1,! +,:,0269!

<*1*=73!4*2-!7,/*D*+!,!4*2-!*103!7,-0*!/,M9!,!,=0,=72!;6,!,-0*/*!4,!72M,=73!

;6,!0+*5*1@*/*!*0E!0*+7,9!4*-!;6,!-*2+2*!?-!\\!@3+*-!=*!=320,!-,D62=0,!,!-,!,6!

=C3!;6,+2*!/2+!*--2-02+!?!5*=7*!;6,!2+2*!<*M,+!64!-@3p!,!-*2+!.34!,1,!7,:32-B!

! K1*+3t! ! D+20,29! ,453+*! ;6*-,! ;62-,--,! <*MSF13! +,:,02+! 3! ;6,! 72--,!

:*+*!;6,!-6*!53.*!<2M,--,!*;6,1*!.32-*!=3!4,6!.*5,13!,!=3!4,6!:,-.3V3!4*2-!

64*!/,MB! U1,!4,!7,6!*! .*=,0*! ,!:3+!4>42.*! 2=72.36!;6,!,6! ,-.+,/,--,!4,6!

=34,!=*!:*14*!7,!-6*!4C39!:*+*!;6,!:67,--,!.313.*+!=*!12-0*!7,!.3=/27*73-B!

K@,+o1! R0+*o,79! ,-.+,/2! 3!4*2-! =>0273! ;6,! :67,9! *:,-*+! 7*-!4C3-! 0+,4,=73B!

l6*=73!*.*5,29!,1,!31@36!:*+*!*!:*14*!7*!4C3!,!<,M!-2=*1!7,!:3-202/3!.34!3!

:31,D*+9!,6!*.,=,2!,!-*>!:,1*!:3+0*!4,!-,=02=73!,4:31D*7*B!

U6!02=@*!64!,=.3=0+3B!

U6! 02=@*!4,-43!64!,=.3=0+3T!K*42=@,2! =*-! +6*-! ;6,=0,-! 76/27*=73!

7,!424!4,-4*B!$*1/,M!4,6!=34,!=C3! <3--,! ,-0*+!=*! 12-0*9! *<2=*1!7,! .3=0*-B!

$*1/,M!3!0,=@*!,=0,=7273!4*1B!$*1/,M!<3--,!+27>.613!4,!,=.3=0+*+!.34!*1D6E4!

.34!;6,4!4*1!02=@*!.3=/,+-*73!,!.6Q3-!:+2=.2:*2-!*:,13-!<3--,4!-,+!*0+*,=0,!,!

D3-0*+!73!i21.3B!K,+0*4,=0,!,6!02=@*!<,203!,--,!02:3!7,!.32-*!.34!@34,=-!:3+!

46203!4,=3-9!4*-!2--3!,+*!72<,+,=0,B!U6!,-0*/*!72<,+,=0,B!"C3!,-0*/*T!

b310,2! :*+*! 3! *15,+D6,! ,! :*--,2! -,4! <*M,+! 5*+61@3! :3+! .*4*-! 3=7,!

461@,+,-!7,-.3=@,.27*-!73+42*4!,!,=0+,2!=3!:,;6,=3!;6*+03!-35!3!0,1@*739!

3=7,!&,,!,! R0*.o! 0*45E4!73+42*4j!,=0C3! 02+,2! *! +36:*!,!4,!*.3437,2!=*!

.*4*!7,!/,+7*7,9!;6,!,+*!2=*.+,720*/,14,=0,!42=@*!:3+!*;6,1*!=320,B!k2;6,2!

*.3+7*7*! :3+! 64*! @3+*9! :*--*=73! *-! 4C3-! :,13! .3+:39! 24*D2=*=73! .343!

-,+2*!-,!e3=*0@*=!3!03.*--,!=*!=320,!-,D62=0,d!3-!43=0,-!73-!4,6-!:,203-!,!*!

!$$(!

:1*=>.2,!73!4,6!*57a4,=9!3-!4G-.613-!7*-!42=@*-!:,+=*-!,!3-!:,13-!.+,-:3-!

7*-!42=@*-!:*+0,-! >=024*-9! 0673! 2--3!*.,208/,19!4*-!;6*=73!.@,D6,2!?-!:*+0,-!

73!;6*7+21!;6,!02=@*4!3!0*4*=@3!7*!:*14*!7*!42=@*!4C3!,!:*+,.2*4!64*!

42-06+*! 7,! .*-.*! 7,! 8+/3+,! .34! D*12=@*! 43+0*! 7,:,=*7*9! :,+.,52! ;6,! -35!

=,=@64*! .2+.6=-0h=.2*! ,6! 7,/,+2*! 02+*+! *-! .*1V*-! =3! 4,6! ,=.3=0+3! 73! 72*!

-,D62=0,B!U+*!:+3/8/,1!;6,!,6!<2M,--,!4,-43!*--24B!&,6-!-*5,!;6,!02=@*!02+*73!

*-!.*1V*-! 0*=0*-!/,M,-!;6,!.@,D6,2!*!:,+7,+!*!.3=0*9!.,+0*4,=0,!4*2-!73!;6,!

,+*!534!:*+*!424B!

)*--,2! 3! 72*! -,D62=0,! 72-.602=73! .342D3! 4,-4*! -,! ,=.3=0+*+2*! .34!

e3=*0@*=!=*;6,1*!=320,B!&6+*=0,!0373!3!0,4:3!,4!;6,!,-0*/*!=*!1*/*=7,+2*9!

4,!7,1,20*=73!=3-!+,-0*6+*=0,-!36!:*--,*=73!:,1*-!+6*-!35-,+/*=73!*-!:,--3*-9!

,6!4,!:,+D6=0*/*!#!;6,!,--,!.*+*!53=203! <C!73!i21.3!-2D=2<2.*!:*+*!424T!U!

*2=7*! *--249! =3! ,=0*=039!42=@*!4,=0,! .3=02=636! 24*D2=*=73! *-! .32-*-! ;6,!

:37,+>*43-!<*M,+B!

K34!*-!.*1V*-!*2=7*!=3!16D*+B!

"*;6,1*! =320,9! 034,2! 64*! .@6/,2+*7*9! 4,! /,-02! ,! *=7,2! *0E! *!

.33:,+*02/*! :*+*! .313.*+! 64! :36.3! 73! 5*034! )164! Y*M,! ,! 73! A1,3! 7,!

21*=D6,F21*=D6,!7*-!*43-0+*-!D+802-!*=0,-!7,!4,!*:+,-,=0*+!:*+*!*!461@,+!;6,!

<2.*/*!=*!:3+0*!73!.165,!,4!;6,!e3=*0@*=!0+*5*1@*/*B!

! &,/3! ,-0*+! =*! 12-0*! ! 72--,! .*-6*14,=0,! ,! 7,2!4,6! =34,9! :+3=0*!

:*+*!-,+!+,Q,20*7*B!

R,4!64*!:*1*/+*9!,1*!.*+24536!42=@*!4C3!.34!02=0*!/,+4,1@*B!

e3=*0@*=!,! ,6!=3-!/243-!=3!434,=03!,4!;6,!,=0+,2j! ,1,! *.,=36!7,!

-,6!16D*+!2=*1.*=V8/,1!=*!:1*0*<3+4*!-6-:,=-*9!3=7,!<*M2*!*!21642=*VC3B!),D6,2!

64*!0*V*!7,!/2=@3!,!<2;6,2!5,5,+2.*=73!.34!64*!:3-06+*!;6,!,6!*.@*/*!-,+!

,1,D*=0,9!36/2=73!*!5*=7*!:,+03!7*!46+,0*!=*!;6*1!02=@*!.3=@,.273!e3=*0@*=!

=*!=320,!*=0,+23+B!U+*!64*!5*=7*!7,!516,D+*--!+*M3*/,14,=0,!<*43-*!7,!f*o!

%+,*B! &,72.*+*4! 64*! 4G-2.*! *! e,++o! J*+.2*B! %! 4G-2.*! ,+*! 53*9! 4*-! =C3!

!$$)!

.3=-,D62! :+,-0*+! *0,=VC3! :3+;6,! ,-0*/*! 4,! ,-<3+V*=73! 46203! :*+*! :*+,.,+!

<,12M! ,! :,+<,20*4,=0,! ?! /3=0*7,9! .343! -,! ,6! ,-0*+2*! =*;6,1,! 4,-43! .165,!

36/2=73!*;6,1*!4,-4*!5*=7*9!-,!02/,--,!36!=C3!-273!.3=/27*7*!:3+!e3=*0@*=9!

,9! :+2=.2:*14,=0,9! =C3! ,-02/,--,! =,4! 31@*=73! 36! 7,2N*=73! 7,! 31@*+! :*+*!

e3=*0@*=9!;6,!,-0*/*!4,!31@*=73!-,4:+,!;6,!,6!3!31@*/*9!3!;6,!,=0C3!4,!

7,2N36!:+,3.6:*7*!;6,!,1,!:,=-*--,!;6,!,6!,-0*/*!-,4:+,!31@*=73!:*+*!,1,9!

:32-9!-,!<3--,!*:,=*-!64*!.32=.27S=.2*!,1,!,-0*+!4,!31@*=73!037*!/,M!;6,!,6!

31@*/*!:*+*!,1,9!,!,1,!=C3!,-02/,--,!+,*14,=0,!31@*=73!:*+*!424!-,4:+,9!4*-!

*:,=*-!=3-!434,=03-! ,4!;6,!,6!31@*/*!:*+*! ,1,9!3!;6,!,1,! -,+2*! 1,/*73! *!

:,=-*+d!)3+!;6,!,--*!461@,+!,-08!-,4:+,!4,!31@*=73T!U=0C39!=C3!31@,2!:*+*!

,1,! 76+*=0,! 0+S-! 4G-2.*-! 2=0,2+*-! 7,! 516,D+*--9! 64*! 7*-! ;6*2-! 0,/,! .343!

7,-0*;6,!64*! 24:+3/2-*VC39! 64! -313!7,! +*5,.*! *:*+,=0,4,=0,! 2=0,+42=8/,1!

;6,!-A!:*+36!;6*=73!3!:G512.3!5*0,6!:*14*-!,4!+,.3=@,.24,=039!4*-!,6!=C3!

*D6,=0*/*!4*2-! ,!31@,29! ,! ,1,!=C3!*:,=*-! ,-0*/*!4,!31@*=739! .343!*.,=36!

=3/*4,=0,B!

%.,=,2!7,!/310*B!

U6! 4,! /2+,2! ,! <2;6,2! *2=7*! 4*2-! ,+,0*! ,! 24A/,19! ,N0+,4*4,=0,!

.3=-.2,=0,!7,!424!4,-4*! .343!64!35Q,03!7,!5,1,M*!;6,=0,! ,! +,;62=0*739!

-,=02=73!3-!31@3-!7,!e3=*0@*=!,4!4,6!0+*-,2+3!,!42=@*-!.3N*-!.,4!:3+!.,=03!

46-.613-3-9!,4!4,6-!:,203-!,4:2=*73-!:,13!4*+*/21@3-3!-602C!:3+!5*2N3!7*!

.*42-,0*! Q6-0*9! ,4! 4,6! .*5,13! -6:,+.1*+3! ,! =*! 42=@*! :,1,! 5+3=M,*7*9! =3-!

4,6-!31@3-!*M62-!*2=7*!4*2-!*M62-!.34!3!5*034!)164!Y*M,9!64*!-,=-*VC3!;6,!

76+36! 3! 0,4:3! 7,! 64*! 4G-2.*9! *0E! ;6,! 46736! ,! :,+.,52! ;6,! ,+*! 64*!

43=-0+*!7,0,-08/,1!.34!:,1,!7,!.*-.*F7,F8+/3+,F,FD*12=@*F43+0*F7,:,=*7*!=3-!

;6*7+2-9! 3! +3-03! 4*+.*73! ,! 5+3=M,*73! 7,4*2-9! 3! .*5,13! .*-02D*73! ,! 3!

*57a4,=! 2=<,+23+! ;6,9! *:,-*+! 7,! 0373! 3! ,N,+.>.23! ,! -*.+2<>.239! 4*2-! *!

5*++2D6,2+*!7*!43.@21*!;6,!76+*=0,!732-!4,-,-!3!,-:+,4,6!=3!;6,!-,!-6:3+2*!

-,+!3! <249!*2=7*!02=@*!64!<3+4*03! 2=72-.602/,14,=0,!*++,73=7*739!*!=C3!-,+!

!$$*!

;6*=73!,6!,-0*/*!7,20*7*!36!,=.31@,=73!*!5*++2D*B!&,!:,+<219!4,6!=*+2M!,+*!

0C3!:+3,42=,=0,!;6,!64!*42D3!64*!/,M!72--,!;6,!,6!1,45+*/*!64!065*+C3B!U!

4,6-! 18523-! ! 4,6-! +27>.613-! ,! ,N*D,+*73-! 18523-t! &2-.+,0*4,=0,9! ,6! 3-!

:+,--23=,2!=*-! .3-0*-!7*!4C3!:*+*!,1242=*+!3!)164!Y*M,!,=;6*=03!*!4G-2.*!

D,42*B!

Y*/2*9!D+*V*-!*!&,6-9!64! 2=0,+/*13B! e3=*0@*=! -,!4*0,+2*12M36!*3!4,6!

1*739! *:,+0*=73!42=@*!4C3! -312.20*4,=0,B! &2--,! ;6,! ,-0*/*! <,12M! :3+! ,6! 0,+!

/2=73!,!:,+D6=036!-,!;6,+2*!360+*!0*V*!7,!/2=@3B!

U6!=C3!;6,+2*B!l6,+2*!*:,=*-!;6,!<3--,4!\\!@3+*-!:*+*!;6,!,1,!:67,--,!

2+!,453+*!.342D3!,!,6!:67,--,!:*+*+!7,!4,!:,+D6=0*+!-,!,6!,+*!64*!D*0*!36!

64*!D8+D61*!,!-,!,1,!,-0*/*!4,!31@*=73!36!-,!:,=-*/*!;6,!,6!,-0*/*!31@*=73!

:*+*!,1,B!

%2=7*!0>=@*43-!64*!@3+*!,!4,2*!7,!,-:,+*B!

!U=0C39!3!;6,!/*43-!<*M,+!7,:32-T! !,1,!:,+D6=036B! !b3.S!Q*=036T!

(,-:3=72!;6,!-249!4*-!;6,!03:*/*!;6*1;6,+!.32-*B!"C3!4,=.23=,2!;6,!

D,+*14,=0,!,+*!.*:*M!7,!.34,+!.,+.*!7,!;6*0+3!+,<,2Vn,-!64*!*0+8-!7*!360+*B!

!L3+3!,4!64*!<*M,=7*!3+Dh=2.*!*!W`!;621a4,0+3-!7*;62B!q!5,4!1,D*1!

:*--,*+!:3+!18!?!=320,B!)37,43-!2+!*0E!18!,!,6!*!0+*D3!7,!/310*!;6*=73!;62-,+B!

! $8! 534! ! ,6! 72--,9! 7,-12M*=73! 3! :,;6,=3! 5+2=.3! 7,! 06+;6,-*! ,!

:+*0*! *3! 13=D3! 7,! -6*! .3++,=0,! 7,12.*7*B! #:0,2! :3+! =C3! 6-*+! 4,6! .31*+!

R0+*o,7ÄR0*+/,79!.*-3!e3=*0@*=!:,=-*--,!;6,!,+*!*!-,D6=7*!3:VC3B!

!"*!/,+7*7,9!*.@3!;6,!/36!-*2+!:*+*! 034*+!64!*+! ! <*1,2B! !L*-!

,-0*+,2!7,!/310*!?-!\\B!

!R@3p! !,1,!72--,9!,-02.*=73F-,!:*+*!7*+!360+3!*:,+03!,4!42=@*!4C3!

*=0,-!7,!/310*+!*3!-,6!:3-03!,!7,!*!5*=7*!+,.34,V*+B!

R*>!/,+02D2=3-*4,=0,!:*+*!*!=320,9!*!531-2=@*!7,!=8213=!/,+4,1@39!;6,!

=3+4*14,=0,! D6*+7*! 3! <3D*+,2+39! :,=76+*7*! :,1*! .3+7*! ,4! 4,6! :6=@3B!

&,2N,2! *! 4*23+! :*+0,! 7,--*-! 531-*-! ,! +,.2:2,=0,-! 18! ,4! g,==,7o! L,*73p-9!

!$%+!

+,160*=0,! ,4! .*++,D*+! 3! :,-3! ,N0+*9!4*-! ,-0*! 531-*! ,6!4*=02/,9! *.+,720*=73!

;6,!3!<3D*+,2+3!:+,.2-*/*!7,!:+30,VC3B!U6!*!,-0*/*!6-*=73!.343!531-*!=,--,-!

72*-! ,4!%-@1*=79! ,453+*! .@,2+*--,! 1,/,4,=0,! *!=*<0*B!%-! .32-*-! 7,=0+3!7,1*!

,-0*/*4! D6*+7*7*-! ,4! 64! -*.3! M2:13.[! ;6,! <6=.23=*/*! .343! 64*! 531-*!

2=0,+=*! =*7*! ,-:,.2*1! ! 72=@,2+39! .*+0,2+*! 7,! 4303+2-0*9! @27+*0*=0,! 1*52*19!

:,=0,! ,! 3! .*+0C3! ;6,! 3-! <6=.23=8+23-! 73! *15,+D6,! 4,! 7,+*4! :*+*! ;6,! ,6!

:67,--,!02+*+!73!7,:A-203!*!L3=-0+*9!3!5*-0C3!7,!,-;62!,!*!.*2N*!7,!.3427*B!

!#29!0673!5,4T! !72--,!64!@34,4!;6,!,-0*/*!=*!.*1V*7*!73!1*73!7,!

<3+*!73!5*+B! !b3.S!D3-0*!7*!5*=7*T! !:,+D6=036!,4!/3M!5*2N*B!

!R24B! !R3++2!:*+*!,1,!,76.*7*4,=0,B!

)*+,.2*!0,+!`_!,!0*=03-!*=3-9!6-*/*!Q,*=-9!-6-:,=-A+23-!,!64*!.*42-,0*!

/,1@*B! $2=@*! 64*! 5*+5*! 13=D*! ,! .+,-:*! ;6,! 2*! *0E! 3! :,203! ,! 64*! <*2N*! 7,!

.*5,13-!D+2-*1@3-!12-3-!;6,!.@,D*/*!*3!345+3!,!-*>*!7,!64*!.*+,.*!+,73=7*!=3!

*103!7*!.*5,V*B!

! U6! 7,-.2! 7*-! 43=0*=@*-! :*+*! /2+! *;62B! J3-03! 7,! 36/2+! 4G-2.*! ?-!

/,M,-! !3!@34,4!72--,B!

!U6!0*45E4B!l6,+!72M,+9!7,-.2!7*-!43=0*=@*-B!

!#=7,!/3.S!43+*T!

!U-036!<*M,=73!*!)*.2<2.!K+,-0!$+*21B!

!%@9!08! !,1,!*.,=36!.34!*!.*5,V*B! !%!)K$B!e8!,-02/,!=,1*B!L2=@*!

.*-*!<2.*!=*!360+*!72+,VC3B!$,=@3!64*!.*5*=*!18!,4!.24*!3=7,!43+3!.,+.*!7,!

;6*0+3!36!.2=.3!4,-,-!:3+!*=3B!

!b3.S!43+*!,4!64*!.*5*=*T! !:,+D6=0,2B!

U1,!<,M!;6,!-24!.34!*!.*5,V*B!

!R24B!RA!,6B!J3-03!72--39!4*-!?-!/,M,-!4,!-2=03!-31208+23B!%!:+3:A-2039!

4,6!=34,!E!K1o7,! !72--,9!,!,-0,=7,6!*-!4C3-B!

!R36!K@,+o1! !,6!72--,9!*:,+0*=73!*!-6*!4C3B!

!b3.S!;6,+!2+!*0E!18!,!034*+!64*!N>.*+*!7,!.@8!.342D3T!

!$%"!

!L6203!35+2D*7*9!4*-!,-036!,-:,+*=73!64!*42D3!-*2+!73!0+*5*1@3! !

72--,9! ,! 31@,2! :*+*! *! :3+0*! 73! .165,9! .343! -,! e3=*0@*=! <3--,! -6+D2+! 7,1*! *!

;6*1;6,+!434,=03B!

!f,49!4,6!.*42=@C3!,-08!5,4!*129!,!=C3!/*43-!-*2+!7,!18! !,1,!72--,9!

*:3=0*=73!:*+*! 64!/,1@3! .*42=@C3M2=@3!7,! 1,20,! =3! ,-0*.23=*4,=03B! ! q!

=,1,!;6,!43+3!;6*=73!=C3!,-036!=*!.*5*=*B!Y8!*=3-!/,=@3!0,=0*=73!-,+!64!

,+,420*9!4*-!?-!/,M,-!E!1,D*1!/2+!?!.27*7,!,!36/2+!64*!5*=7*B!

!U6!-,2!3!;6,!/3.S!;6,+!72M,+! !<*1,2B!J3-0,2!7,1,!,!7,!-,6!Q,203!.*143B!

U1,!1,45+*/*!*1D6=-!@34,=-!;6,!.3=@,.2!=3!=3+3,-0,!7,!L2==,-30*B!K*+*-!;6,!

02=@*4! -273! *42D3-! 7,! 42=@*! 4C,! ,! 7,! U772,9! .6+23-3-! ,! D,=,+3-3-9!

35-02=*7*4,=0,!<3+*!73!.3=/,=.23=*1B!U=.3=0+,2!:36.*-!/,M,-!.34!,1,-!7,:32-!

;6,!42=@*!4C,!43++,6B!%D3+*! *! -,=-*VC3! ,+*! .343! -,! ,6! =6=.*!3-! 02/,--,!

.3=@,.273! ,! =C3! :67,--,! .3=@,.SF13-! =3/*4,=0,B! )*+,.2*F4,! ;6,9! -,Q*! 18! 3!

;6,! 0,=@*! ,N2-0273! *=0,-! =3! 16D*+! 3=7,! .+,-.29! *D3+*! ,-0*/*!46203! 72-0*=0,9!

24:3-->/,1!7,!-,+!+,-D*0*73B!

!f,49! <32! 64!:+*M,+! .3=@,.,+!/3.S9!K@,+o1! !K1o7,!72--,B! !b36!

.313.*+!*!.@*1,2+*!:*+*!3!.@8B!b3.S!,-08!.3=/27*7*9!.343!,6!72--,B!

!I,D*1! !+,-:3=72!24,72*0*4,=0,B! !%.,203!64*!N>.*+*!7,!.@8B!

"6=.*! /2! 64*! .*-*! 7,=0+3! 7,! 64! .*42=@C3! ;6,! 7,2N*--,! 7,! 4,!

24:+,--23=*+!.343!*!.32-*!4*2-!1,D*1!73!46=73!,!*!7,!K1o7,!=C3!,+*!72<,+,=0,B!

#+D*=2M*7*! ,! ,<2.2,=0,9! ,1,D*=0,! ,! ,=D,=@3-*9! ,-0213-*! ,! 6021208+2*B! $2=@*! 64!

<3DC3!*!1,=@*!,!64*!:,;6,=*!.3M2=@*9!64!43=0,!7,!/,1*-!,!64!<23!.34!16M,-!

7,!"*0*1!;6,!:+3Q,0*4!-345+*-!48D2.*-!,4!0373!3!*452,=0,B!'4*!:+*0,1,2+*!

.@,2*!7,!12/+3-!.35+2*!0+S-!1*73-!73!.*42=@C39!.34!64*!*4:1*!.*4*!2=-0*1*7*!

=3!4,23B!$2+,2!*!-*=7812*!=3/*!,!7,20,2!=*!72*D3=*1!7*!.*4*9!02+*=73!12/+3-!7*!

,-0*=0,!,=;6*=03!K1o7,!.313.*/*!*!.@*1,2+*!=3!<3D3B!Y*/2*!12/+3-!-35+,!-,+!64!

43=D,!,!360+3-!-35+,!:,--3*-!;6,!43+*/*4!,4!.*/,+=*-j!-35+,!:,--3*-!;6,!

!$%#!

/2/2*4!=3!r+02.3!,!=*!<13+,-0*!%4*Ma=2.*!,!,4!64*!21@*!*3!1*+D3!7*!.3-0*!73!

U-0*73!7,!i*-@2=D03=B!

!q!.*43421*!;6,!,6!4,-43!:1*=0,2! !K1o7,!72--,9!7,-:,Q*=73!*!8D6*!

;6,=0,!,4!64!:30,!*--24!;6,!<,+/,6B!U=;6*=03!,-:,+*/*!*!2=<6-C39!*.,=7,6!

*1D64*-!/,1*-!,!/,23!-,!-,=0*+!*3!4,6!1*73!=*!.*4*9!3=7,!,6!,-0*/*!7,20*7*!

7,! 5*++2D*! :*+*! 5*2N3! ,! *:32*7*! ,4! 4,6-! .303/,13-9! <31@,*=73! 64! 12/+3!

216-0+*73!-35+,!7,6-,-!,!7,6-*-!@2=76-B!

!b3.S!*.+,720*!,4!+,,=.*+=*VC3T! !:,+D6=0,2!,=;6*=03!31@8/*43-!

Q6=03-! 3-! 2=0+2D*=0,-! 7,-,=@3-9! 1,=73! 0+,.@3-! -35+,! ,1,-! =3-! :*+8D+*<3-! 73!

0,N03!,4!.*7*!:8D2=*B!

!"C3!*.+,7203! !,1,!72--,B! !%.+,7203!;6,!,-0*43-!*;62!64*!/,M!,!3!

;6,!<*M,43-!E!3!;6,!/*1,B!U!/3.S9!=3!;6,!*.+,720*T!

! %2=7*! ,-036! 0,=0*=73! 7,-.35+2+! =3! ;6,! *.+,7203! ! +,-:3=729!

:,D*=73!*!.*=,.*!;6,=0,!;6,!,1,!-,D6+*/*B!

!$,=@3!360+*!.32-*!:*+*!=A-9!-,!/3.S!;62-,+9!64*!.32-2=@*!;6,!:1*=0,2!

18! =*-! 43=0*=@*-B! ! U1,! :,D36! =3! 531-3! 64*! +*2M! +,03+.27*! ;6,! :*+,.2*!

D,=D25+,!,!*!43-0+36!:*+*!424!=*!:*14*!7*!4C3B! !q!A:23!4*-02D8/,1B!

!H:23T! !:,+D6=0,2B!

! %! 72<,+,=V*! E! ;6,! E! 5,4! 4*2-! -6*/,B! U1,! =3-! 7,2N*! *10*4,=0,!

+,1*N*73-B!b3.S!;6,+!64!:36.3T!

!K1*+3! !,6!72--,!*6034*02.*4,=0,!,!3!35-,+/,2!.3+0*+!64!:,7*V3!,!

4,!7*+9!7,:32-!.3+036!360+3!:,7*V3!:*+*!-2!4,-43!,!3!.313.36!=*!53.*B!

! q! :*+*! 4*-02D*+T! ! :,+D6=0,29! ,! ,1,! 5*1*=V36! *! .*5,V*!

*<2+4*02/*4,=0,B!

K313;6,2! *! +*2M! =*! 53.*! ,! *! 4*-02D6,2B! U+*! .343! .34,+! 4*7,2+*B!

&,43+36! 64! 42=603! :*+*! ,6! ,=0,=7,+! ;6,! 0*1/,M! <3--,! 4,1@3+! ,/20*+!

.34:1,0*4,=0,!3!A:23!36!;6*1;6,+!360+*! +*2M!;6,!64!@34,4!,-0+*=@3!4,!

!$%$!

7,--,9!2=7,:,=7,=0,4,=0,!7,!;6*=03!,1,!7,--,!*!24:+,--C3!7,!-,+!1,D*1!,!=C3!

*4,*V*73+B!U6!*!.6-:2!=*!4C3B!

!"C3!D3-036T! !,1,!72--,! +2=739!,!:,D36!64*!:,;6,=*! 12N,2+*!:*+*!

;6,!,6!:67,--,!Q3D8F1*!*12B!

k2;6,2!-,=0*7*!.3=/,+-*=73!.34!K1o7,!,4!-,6!.*42=@C3!*0E!\\!@3+*-9!

;6*=73!,1,!4,!*.34:*=@36!*0E!*!:3+0*!73!.165,B!

!f3*!-3+0,!18!,4!.24*!=*!<13+,-0*! !,1,!72--,9!,!4,!*5+*V36B!

'4!42=603!7,:32-9!e3=*0@*=!*:*+,.,6!,!4,!1,/36!*0E!3!-,6!.*++39!64!

/,1@3!f62.[!R[o1*+[!;6,!,1,!.@*4*/*!7,!f,*0+2.,B!

!U=0C39!.343!<32!3!0+*5*1@3T! !:,+D6=0,2B!

k2=*14,=0,! -,=0*7*!*3! 1*73!7,1,9!=C3!4,! -,=02*!=,+/3-*! .343!*=0,-9!

;6*=73!,-0*/*!=3!5*+!,!,1,!<2.*/*!4,!31@*=73B!

! $673! 5,4! ! ,1,! 72--,B! K3=<3+4,! 72+2D243-! =3! ,-.6+3! -*2=73! 7,!

%-@1*=79!,1,!4,!.3=036!-35+,!*!<*M,=7*!3+Dh=2.*9!;6,!:,+0,=.2*!*!6=-!*42D3-B!

U1,! 43+*/*! 7,! D+*V*! ,4! 0+3.*! 7,! 64! :36.3! 7,! 0+*5*1@39! ,N:12.369! 4,!

31@*=73! .34! 3! +3-03! 21642=*73! 7,!4373! -6*/,! :,13! 5+21@3! 73! :*2=,1B! U1,!

:,D36!64*!,-0+*7*9!7,:32-!360+*!*0E!;6,!:,+72! 030*14,=0,!*!=3VC3!7,!3=7,!

,-0*/*!,4!+,1*VC3!*!%-@1*=79!3!;6,!:*+*!424!=*!/,+7*7,!-2D=2<2.*/*!3=7,!,6!

,-0*/*!,4!+,1*VC3!?!L3=-0+*B!I*4,=0*/*!=C3!0SF1*! 0+*M273B!"C3!02=@*!<2.*73!

0C3! 13=D,! 7*! 43.@21*! 7,-7,! ;6,! ,=0+,2! =*! )K$! ,! *! -,=-*VC3! ,+*! ,-0+*=@*B!

e3=*0@*=! /2+36! ,4! 64*! ,=0+*7*! 7,! D*+*D,49! :*--36! :3+! 64*! .*-*! ,-.6+*!

3=7,!64!.*.@3++3!1*026!,! -,D626!:3+!64*!,-0+*7*!7,!0,++*!;6,!=3-! 1,/36!7,!

/310*! :*+*! *-! :1*=0*Vn,-! 7,! 421@3! ,! 7,! <13+,-! *0E! ;6,! :3+! <24! 3-! <*+A2-!

21642=*+*4! +*:27*4,=0,! 64*! D+*=7,! 5*++*.*! ;6*7+*7*! ,+D627*! -35+,! 64*!

:1*0*<3+4*!7,!4*7,2+*9!,!,-0*.23=36B!

!%;62!E!*!42=@*!.*-*! !,1,!72--,9!,!-*>43-B!#!*+!,-0*/*!4*2-!<+23!73!

;6,! ,4!%-@1*=7B! U6! 0+,42*9! ,! e3=*0@*=! .313.36!3! 5+*V3! *3!4,6! +,73+! 0C3!

=*06+*14,=0,! ;6,! :*+,.2*! ;6,! ,1,! 02=@*! <,203! 2--3! .,=0,=*-! 7,! /,M,-! *=0,-B!

!$%%!

%=7*43-!,=0+,!3!421@*+*1!,!*-!<13+,-!-35!*!16*!.@,2*9!.3=/,+-*=73!-35+,!/8+2*-!

5*=7*-!,!4G-2.3-!;6,!64!,!360+39!36!3-!732-9!D3-0*/*49!+,.3=0*=73!@2-0A+2*-!

7,!-@3p-!;6,!/243-B!

!b2!L2.@,11,!R@3.[,7!*3!/2/3!0+S-!/,M,-! !e3=*0@*=!72--,B!

!$+S-!/,M,-T!

!'4*!/,M!,=<+,=0,2!64*! 0,4:,-0*7,!7,!=,/,!=*!,-0+*7*!:*+*! 2+!*3!

-@3pB!$2=@*!*:,=*-!64*-!7,M!:,--3*-!=*!:1*0,2*B!

! '*6! ! ,6! 72--,9! :,+.,5,=73! ;6,! =C3! 02=@*! *! 4,=3+! .@*=.,! 7,!

4*=0,+!*-!.*1.2=@*-!=3!16D*+!.34!64!@34,4!;6,!02=@*!/2-03!L2.@,11,!R@3.[,7!

0+S-!/,M,-9!=C3!24:3+0*/*!3!;6*=03!+,:61-2/*!,-02/,--,!*!:,1,!73!4,6!;6*7+21B!

! '*6! ! ,1,! +,:12.369! 3-! 31@3-! .*-0*=@3-! ,=.3=0+*=73! 3-!4,6-! =3!

,-.6+3B!

!'*6! !,6!72--,B!

!'*6! !,1,!+,:,026B!

&2--,43-!*:,=*-!64*!:*1*/+*9!4*-!7,! +,:,=0,!4,! -,=02! .3=<6-*B!"C3!

:*+,.2*!;6,!*2=7*!,-08/*43-!<*1*=73!7,!L2.@,11,!R@3.[,7B!

!l6,!02:3!7,!<13+,-!-C3!,--*-T! !:,+D6=0,29!*:3=0*=73!:*+*!3-!.*61,-!

;6,! <13+,-.2*4! *3! =3--3! +,73+9! -6520*4,=0,! *0,++3+2M*7*! :3+;6,! ,1,! 2*! 4,!

5,2Q*+B!

"C3!E!;6,!,6!=C3!;62-,--,!5,2Q8F13B!q!;6,!=C3!5,2Q*/*!=2=D6E4!7,-7,!

e3,9!@*/2*!4*2-!7,!732-!4,-,-9!,!037*!/,M!;6,!<2.*/*!0*=03!0,4:3!-,4!5,2Q*+!

,6!02=@*!.,+0,M*!7,!;6,!02=@*!,-;6,.273!.343!<*M,+!2--3B!)*+*!*0+*-*+!3!5,2Q39!

:,+D6=0,2!*!,1,!-35+,!3!0+*5*1@3!=*!<*M,=7*!,!=3!.165,9!7,!3=7,!,1,!,+*9!;6,4!

,+*! *! -6*! <*4>12*9! ;6,4! <32! -6*! G1024*! =*43+*7*! ,! ;6*=03! 0,4:3! <2.*+*4!

Q6=03-!,!:3+!;6,!02=@*4!-,!-,:*+*73!,!3!0,4:3!0373!,1,!4*1!4,!+,-:3=72*9!

-,4!4,!:,+D6=0*+!=*7*!7,!/310*B!

c--3! =C3! 24:3+0*/*! 46203! :*+*! 424B! R6*-! 4C3-! *3! +,73+! 7,! 4,6!

345+3! 7*/*4! 64*! -,=-*VC3! D3-03-*B! U! <2.36! *2=7*! 4,1@3+! ;6*=73! ,1,!

!$%&!

-,D6+36!42=@*!.2=06+*!,!/310*43-!:*+*!*!5*++*.*!=*!:1*0*<3+4*!,!,1,!-,!/2+36!

:*+*!4,!5,2Q*+B!%>!:,+.,52!;6,!*2=7*!-*52*9!-,4!7G/27*9!.343!5,2Q*+9!,!037*-!

*-! .32-*-! ;6,! ,1,! =C3! 02=@*! ,N*0*4,=0,! +,-:3=7273! 36! :,+D6=0*73!

7,-*:*+,.,+*4B!

!$,4!<,203! +,*14,=0,!46203! <+23! !,1,!72--,9!,! -3++243-!64!:*+*!3!

360+3!7*;6,1*!4*=,2+*!535*!;6,!76*-!:,--3*-!;6,!*.*5*+*4!7,!-,!5,2Q*+!:,1*!

:+24,2+*!/,M!<*M,4B! !k2;6,2!<,12M!:3+!/3.S!0,+!/2=73B!

!U6!0*45E4! !<*1,2B!U-0*/*!:1,=*4,=0,!.3=-.2,=0,!7,!-6*-!4C3-!=*!

42=@*! .2=06+*9! 0C3! ;6,=0,-! *0+*/E-! 73! 0,.273! <2=3! 7*! 42=@*! .*42-,0*9!

7,-12M*=73!:,13!.A-!73!Q,*=-B!U-08/*43-!:*+*73-!=3!,-:*V3!,=0+,!3!.*++3!7,!

e3=*0@*=!,!*!5*++*.*B!U+*4!*-!76*-!72+,Vn,-!,4!;6,!:37,+>*43-!2+d!36!/310*+!

-3M2=@*!:*+*!*!.*4*!-35!3!0,1@*73!=3!*15,+D6,!,4!%-@1*=7!36!2+!:*+*!*!.*4*!

7,1,!.34!,1,B!

!#1@,!3!.E6! !,1,!72--,B! !$37*-!*-!,-0+,1*-B!

!U-08!12=73! !<*1,29!,453+*!=C3!02/,--,!31@*73!:*+*!3!.E6B!

U4! /,M! 72--39! *=*12-,2! 3! 0,++,=3! ,-.6+39! :3=06*73! :3+! 42=G-.613-!

:3=03-! 7,! 16M9! .*-*-! ,! <*M,=7*-! ,-:*1@*7*-! :,13! /*1,B! ),=-,2! ,4! K1o7,9!

.34:1,0*4,=0,!-31208+23!-35!,-0,!4,-43!.E69!1,=73!53=-!12/+3-!=3!.*42=@C3B!

c4*D2=,2!3=7,!,-0*+2*!*!)K$B!)*+,.2*!,-0*+!72-0*=0,B!),+.,52!;6,!=C3!<*1,2!=*7*!

-35+,!,1*!:*+*!e3=*0@*=!*!=C3!-,+!3!:36;62=@3!;6,!D+20,2!,4!-,6!36/273!4*2-!

*103!73!;6,!*!4G-2.*!=*!=320,!*=0,+23+B!U1,!=C3!:,+D6=036B!

!"C3!-,2!3!;6,!<32! !e3=*0@*=!72--,B! !"3!42=603!,4!;6,!/2!/3.S9!

-*52*!;6,!:+,.2-*/*!4,!*:+3N24*+!,!<*1*+!.34!/3.SB!R*52*!;6,!/3.S!-,+2*!-@3pB!

! b3.S! E! -@3p! 0*45E4! ! ,6! 72--,9! *:,-*+! 7,! =6=.*! 0,+! 6-*73! *!

:*1*/+*!-@3p!=,--,!-,=0273B!

U1,!-,!2=.12=36!,!4,!5,2Q36!=3/*4,=0,j!.3++,-:3=72!.34!4*2-!*+73+!73!

;6,!*=0,-9!,!<2.*43-!*12!=3-!5,2Q*=739!5,2Q*=739!,=0+,!*!5*++*.*!,!3!.*++39!.34!

3!421@*+*1!,!*-! <13+,-!,!*-!,-0+,1*-!,!*! 16*!*3!=3--3!+,73+j!:*+,.2*!-,+!*!.32-*!

!$%'!

4*2-! 1,D*1! 73!46=739!42=@*-!4C3-! 1,=0*4,=0,! -,!43/,=73! *0E! -,6! .*5,13!

.*.@,*73! ,! 7,:32-! 7,-.,=73! :,13-! 345+3-! <3+0,-! ,! *3! 13=D3! 73-! 5+*V3-!

46-.613-3-9!7*-!.3-0*-!/2D3+3-*-9!*:,+0*=73!-,6!12=73!.3+:3!4*-.612=3!.3=0+*!

3! 4,6B! "C3! @36/,! 64*! /,M! ,4! ;6,! ,6! 0,=@*! <,203! 2--3! ,! ;6,! =C3! 0,=@*!

1,45+*73!4*2-!64*!/,M!73!;6*=03!D3-03!73-!@34,=-B!

!b3.S!;6,+!,=0+*+T! !e3=*0@*=!:,+D6=036B!

U6!.3=.3+7,29!,1,!:,726!;6,!3!,-:,+*--,!*.,=7,+!*-!16M,-!,!3!*;6,.,73+j!

/31036!64!42=603!7,:32-!,!-,D6+36!*-!*5*-!7*!:3+0*!7*!5*++*.*!:*+*!;6,!,6!

:67,--,!,=0+*+9!,!,=0+,2B!

"C3! ,+*! 3! 02:3! 7,! 5*++*.*! ;6,! ,6! .3=@,.2*B! U+*! 64*! -6>0,! 16N63-*B!

%;6,.27*!:3+!64!:,;6,=3!*;6,.,73+!,!*10*!3!-6<2.2,=0,!:*+*!<2.*+!7,!:E9!02=@*!

64!,-:*V3!:*+*!*=7*+!*3!+,73+!7*!8+,*!;6,!=C3!,+*!3.6:*7*!:,1*!.*4*!7,!

.*-*1!;6,!<2.*/*!=3!4,23B!&,!.*7*!1*73!7*!.*4*!02=@*!64*!:,;6,=*!.a437*!

7,!:*:,1C3! -35+,!*!;6*1! <2.*/*!64*! 1642=8+2*!43/27*!*!5*0,+2*!;6,! 2420*/*!

64*!/,1*B!

!%D+*78/,1! !<*1,29!:*+*7*!*3!1*73!7,1,!=3!:,;6,=3!,-:*V3!,=0+,!*!

:3+0*!,!3!:E!7*!.*4*9!,=0C3!,1,!4,!:6N36!,!4,!5,2Q36!=3/*4,=0,B!

!q!,-;62-203!:,+D6=0*+!2--3! !,1,!72--,!7,:32-!7,!64!0,4:3B! !"C3!

;6,+3! -6:3+!=*7*!:3+;6,!=C3! 0,4!:+351,4*! -,!*:,=*-9! /3.S! -*5,9! <2.*+43-!

Q6=03-BBB!3!;6,! -,+2*! 030*14,=0,! -@3pBBB!36! -,!/3.S!;62-,+!;6,!,6! 0,! 1,/,!7,!

/310*!:*+*!3!*15,+D6,!=,--,!434,=03!-,!E!2--3!;6,!/3.S!;6,+!<*M,+9!,453+*!,6!

03+V*!:*+*!=C3!-,+!2--3!;6,!/3.S!;6,2+*!<*M,+B!L*-!*=0,-9!;6,+!72M,+9!=C3!;6,!

=A-!=,.,--*+2*4,=0,!/*43-!<*M,+!2--39!4*-!.*-3!=A-BBB!;6,+!72M,+9!,6!=C3!0,=@3!

=*7*9!=,=@64*!73,=V*!36!;6*1;6,+!.32-*9!4*-! -,!=A-BBB!)3+!*.*-3!/3.S!0,4!

64*!.*42-2=@*T!

!b3.S!=C3!0,4!64*!.*42-2=@*T! !:,+D6=0,2B!

U1,!=,D36!.34!*!.*5,V*B!

!$%(!

!U6!=C3!0,=@3!64*!.*42-2=@*! !<*1,29!3!;6,!:*+,.2*!-,+!*!.32-*!4*2-!

+27>.61*!7*!42=@*!/27*9!Q8!;6,!02=@*!7,!<*03!.*++,D*73!64*!.*42-2=@*!*3!13=D3!

7,! 7,-,+03-! *5+*-*73+,-9! ,-.*+:*-! D,1*7*-9! <13+,-0*-9! 43=0*=@*-! ,! +23-9! ,!

*0+*/E-!73-!72*-!4*2-!7,-,-:,+*73+,-9!0,723-3-!,!*1,D+,-!:*+*!.@,D*+!*;629!,4!

64*! 5*++*.*! 16N63-*4,=0,! *;6,.27*! .34! 64*! .*4*! 7,! .*-*1! ,! 1642=8+2*-!

43/27*-!*!5*0,+2*9!31@*=73!=3-!31@3-!.*-0*=@3-!7,!64!@34,4!-,No9!*73+8/,19!

12=739!D,=0219!*603.,=0+*73!,!<C!7,!L2.@,11,!R@3.[,79!,!,-0*+!-,4!,1*!-A!:3+;6,!

,6! 02=@*! 76*-!4*=.@*-! @6421@*=0,4,=0,! 8-:,+*-9! 73! 0*4*=@3! 7*! :*14*!7*!

4C39!=*!:,1,!73!;6*7+219!,!:+34,02!*+73+3-*4,=0,!;6,!=C3!02+*+2*!*-!.*1V*-9!

;6,!,6!:+3:3-20*14,=0,!*!7,2N*+2*!:*+*!0+8-!,4!4,6![20!7,!:+24,2+3-!-3.3++3-!

7,=0+3!7*!43.@21*!=*!.27*7,!;6,!,+*!13.*12M*7*!-*5,F-,!18!,4!;6*1!72+,VC3!,4!

/,M! 7,! <*M,+! *! .32-*! -,=-*0*9! +*.23=*1! ,! +,*12-0*! 7,! .313.8F1*! =*!42=@*! <*1-*!

531-*!;6,!.@,2+*/*!*!=*<0*B!

!$673!5,4! !,1,!-6--6++369!-,D6+*=73!42=@*-!76*-!4C3-!=*!7,1,B! !

)37,43-! *:,=*-! <2.*+! Q6=03-B! "*! +,*127*7,9! 0,4! 64! 43=0,! 7,! .32-*-! ;6,!

:37,43-!<*M,+B!

U!*--24!+,.34,V*43-!*!=3-!5,2Q*+B!U!5,2Q*+!,!5,2Q*+!,!5,2Q*+9!-6*-!4C3-!

:,+.3++,=73! 0373! 3! 4,6! .3+:3! -35+,! *-! 42=@*-! +36:*-9! 42=@*-! 4C3-!

:,+.3++,=73!0373!3!.3+:3!7,1,B!

!b3.S!;6,+! 02+*+! *! .*42-,0*T! ! ,1,! -6--6++36!7,:32-!7,!64! 0,4:39!

*<*-0*=73F-,!7,!4249!,!,6!+2!:3+;6,!7,!<*03!;6,+2*! 02+*+!*!.*42-,0*9!,=0C3!*!

02+,2!,!,1,!<2.36!4,!31@*=739!.34!3!-602C!7,!+,=7*!:+,0*!;6,!7,-:*.@,2!4,-,-!

*=0,-!:3+;6,!*.@,2!;6,!:37,+2*!;6,+,+!6-8F13!;6*=73!.@,D*--,!*!%-@1*=79!,!+2!

4*2-!64*!/,M9!1,45+*=73F4,!72--3B!

!#!;6,!E!0C3!,=D+*V*73T! !,1,!:,+D6=036B!

! q! -A! ;6,! ,6BBBb3.S! D3-0*! 73!4,6! -602CT! ! k2M! 64! D,-03! <13+,*73!

.34!*-!4C3-9!.343!-,!,-02/,--,!7,-<21*=73B! !U1,!/,23!7,!46203!13=D,B!

!$%)!

!U-036!<,12M!:3+!,1,!0,+!,=.3=0+*73!-,6!.*42=@3!*0E!*;62! !,1,!72--,9!

,! -,! *:+3N2436!:*+*! 03.*+!7,12.*7*4,=0,! .34!3!7,73! *!53+7*!7,!64*!7*-!

*1V*-9! :,+03! 7*! 42=@*! .1*/>.61*9! 4*-! ,4! /,M! 7,! :6N8F1*! :*+*! 5*2N3! ,! :*+*!

13=D,! 73! 4,6! 345+3! ,1,! :*--36! 3! 7,73! 1,=0*4,=0,! *3! 13=D3! 7*! 53+7*!

-6:,+23+!73!-602C!,!7,:32-!-,D626!037*!*!12=@*!*0E!*!:*+0,!7,!5*2N3B!

#5-,+/,2!-,6!+3-03!,=;6*=03!,1,!<*M2*!2--3B!)*+,.2*!4*2-!>=0243!73!;6,!

02=@*!-273!5,2Q8F13B!l6*=73!,1,!0,+42=36!7,!:,+.3++,+!0373!3!-602C9!4*1!02=@*!

4,!03.*73!,!4,-43!*--24!,6!,-0*/*!0C3!,N.20*7*!;6,!4*1!:372*!<2.*+!7,!:EB!

! b,=@*! .8! ! 72--,9! ,! :6N,2F3! :*+*! 424! ,! 7,:32-! :*+*! *! .*4*9!

*++*=.*=73!*-!42=@*-!-*=7812*-!*3!<*M,+!2--3B!

%2=7*!,-08/*43-!7,!Q,*=-9!4*-!,1,!*++*=.36!*!.*42-*j!,6!*5+2!4,6!-602C!

,! 3! Q3D6,2! =3! .*=03! 7*! 5*++*.*! ,! =A-! =3-! 5,2Q*43-! ,! +31*43-! 64! -35+,! 3!

360+3!7,!64*!4*=,2+*!*+7,=0,!*0E!;6,! <2.*43-!.*7*!/,M!4*2-! -,4!,=,+D2*!,!

=3-!7,20*43-!7,! 1*73!=3-!5,2Q*=73!64!:36.3!4*2-B! R6*-!4C3-!/2*Q*/*4!*3!

4,-43! 0,4:3! :,13! 4,6! .*5,13! :*--*=73! :,13-! 4,6-! :,203-! *0E! *! 42=@*!

.2=06+*! ,! :3+! <24! ,1,! 7,-*530336! 3! :+24,2+3! 530C3! 73! 4,6! Q,*=-9! ;6,! <32!

;6*=73!4,!1,45+,2!7*-!@3++,=7*-!4*=.@*-!=3-!;6*7+2-!,!4,!*<*-0,2!7,1,B!

!&,-.61:,! !,1,!72--,B! !),=-,2!;6,!/3.SBBB!

!"C3!E!2--3B!q!;6,BBB!0,4!64*!.32-*!;6,!:+,.2-3!0,!.3=0*+!:+24,2+3B!

!b3.S!E!.*-*7*T!

!"C3! !,6!72--,9!,453+*!0,=@*!1,/*73!64!0,4:3!:*+*!:,+.,5,+!;6,!

,-0*/*!72M,=73!*!/,+7*7,B!)*61! -6+D26!,4!42=@*!4,=0,B!)*61B!U9!7,!+,:,=0,9!

,6! 4,! -,=0,2B! ! b3.S! E! .*-*73T! ! :,+D6=0,29! /2+*=73F4,! :*+*! e3=*0@*=9!

7,20*7*!=*!.*4*!*3!-,6!1*73B!

!"C3!-36!.*-*73B!"C3!0,=@3!<21@3-! !,1,!+,-:3=7,6B!

!l6*=03-!*=3-!/3.S!0,4T! !:,+D6=0,2B!

!$+2=0*!,!;6*0+3!*=3-B!

!$,=@3!WX!*=3-B!

!$%*!

"A-! =3-! -,=0*43-! :,=-*=73!=2--3B! )*+,.2*F4,! ,NA02.3! ,! :,+<,203! ;6,!

,1,!02/,--,!O`!*=3-B!%:,-*+!73!<*03!7,!,1,!=C3!0,+!4,!:,+D6=0*73!=*7*!*!4,6!

+,-:,2039!:,13!4,=3-!,6!,-0*/*!=*!.*4*!.34!64!@34,4!;6,!Q8!=C3!,+*!4*2-!

64!4,=2=3B!

!#!;6,!/3.S!;6,+2*!4,!.3=0*+T! !,1,!:,+D6=0369!,!.313.36!*!4C3!

=*-!42=@*-!.3-0*-!=6*-B!

l6*=73!,1,!<,M!2--39!:,+.,52!;6,!,-0*/*!0+,4,=73B!),+D6=0,2F4,!-,!,1,!

.3=-,D62*!-,=02+!2--3B!

! q! 64*! .32-*! ;6,! 0,4! 4,! 7,2N*73! .3=-0+*=D27*B! %! :,1,! 73! 4,6!

;6*7+21BBB!,-08!4,23BBB!f,49!-*5,!;6*=73!0,!.3=0,2!3=0,4!?!=320,!;6,!,-036!=3!

4,23! 7,! 64*! .*42=@*7*! :3+! ,--*! 0+21@*! .@*4*7*! )K$T! )32-! E9! 0,=@3! ;6,!

.*++,D*+!*!43.@21*!0373!3!0,4:3!,!3=7,!*!5*++2D6,2+*!7*!43.@21*!+*-:*!*!:,1,!

<2.36BBB!

)+3.6+,2! 64*!4*=,2+*! 7,! ,N:12.*+! 2--3! ,/20*=73! *-! :*1*/+*-! .*-.*! 7,!

8+/3+,!,!D*12=@*!43+0*!7,:,=*7*d!

! BBB! 8-:,+*B! '4*! ,-:E.2,! 7,! .*13-27*7,! 7,! 0*=03! .*42=@*+B! RA! =C3!

;6,+3!;6,!/3.S!<2;6,!.@3.*73!-,BBB!

k2;6,2!;62,0*9! -,4!<a1,D39!42=@*-!:*1*/+*-! 2=0,2+*4,=0,!*5-3+/27*-!=3!

:+*M,+!24*.61*73!7,!-,6-!18523-!=*!:*+0,!7,!5*2N3!7*-!42=@*-!.3-0*-!,=;6*=03!

-6*-!4C3-!-,!,-0,=72*4!:,1*!<+,=0,!:*+*!0,+42=*+!*!0*+,<*!7,!7,-*5303*+!4,6!

Q,*=-B!U1,!-,=0369!-,6!:,203!=6!.3=0+*!3!4,69!*<*-036!4,6!.*5,13!:*+*!3!1*73!

:*+*!5,2Q*+!4,6!:,-.3V3!,!4,6-!345+3-!*0E!;6,!4,!/2+,2!,!3!*<*-0,2!7,!424!

,=;6*=03!4,!12/+*/*!7*-!42=@*-!.*1V*-!,!,1,!5,2Q*/*!4,6!.3+:3!2=0,2+39!7,-7,!

*!3+,1@*9!:,-.3V39!.1*/>.61*9!:,203-!*0E!3!6452D3!,!*!+,=7*!7*!42=@*!.*1.2=@*9!

;6,!,1,!*5*2N36!,=;6*=03!*5+2*!.*42=@3!:*+*!*-!4*=.@*-!-35+,!3-!3--3-!73-!

4,6-!;6*7+2-!;6,!,-:,+*/*!;6,!,1,!=6=.*!<3--,!03.*+B!

!H! 12=7*! ! ,1,! -6--6++369! -6*! 53.*! 0C3! -6*/,! .3=0+*! *! :*+0,!4*2-!

8-:,+*!7,!424B! !b3.S!=C3!:+,.2-*!-,!:+,3.6:*+!.34!=*7*B!

!$&+!

k32!72/,+0273B!k32!4*2-!73!;6,!72/,+0273B!k32!.343!64*!<,-0*!=*;6,1*!

5*++*.*B! K*>43-! =3! -3=3! ?-! -,2-! @3+*-! ,! *.3+7*43-! 76*-! @3+*-! 7,:32-9!

,N*6-03-9! 4*-! 7,-:,+03-9! =3--3-! .3+:3-! :+3-0+*73-! 7,4*2-! :*+*! 73+42+! :3+!

4*2-!0,4:3B!

!q!42=@*!<31D*! !72--,!e3=*0@*=9!-,=0*=73F-,B! !b3.S!;6,+!2+!?!:+*2*T!

$3:,2! -,4! -*5,+! 3=7,! ,N*0*4,=0,! :37,+2*! -,+! *! :+*2*B! $*45E4! ,+*!

4,6!72*!7,!<31D*9!3!G10243B!"3!72*!-,D62=0,!,6!/310*+2*!?!0+21@*9!,4!72+,VC3!*3!

1*D3!K+*0,+B!"A-!=3-!/,-0243-!,!:,+.3++,43-!64*!13=D*!,-0+*7*!,4!*+.3!;6,!

7,43+36!.,+.*!7,!76*-!@3+*-!*0+*/,--*=73!*!<13+,-0*!,!*-!43=0*=@*-!.3-0,2+*-B!

$34*43-! .*<E9! .34,43-! 5312=@3-! ,! 36/243-!4G-2.*! ,=;6*=03! /2*Q8/*43-9!

4*=0,=73!3!4,-43!02:3!7,!.3=/,+-*!12420*7*!;6,!02/,43-!=*!=320,!*=0,+23+d!

4G-2.*9! *:*+,=0,4,=0,9! ,+*! *! G=2.*! .32-*! ;6,! 0>=@*43-! :*+*! .3=/,+-*+B!

l6*=73!.@,D*43-!?!.27*7,!.3-0,2+*!7,!f+33[2=D-9!4,!*++,:,=72!64!:36.3!7,!

0,+! .3=.3+7*73! ,4! 2+9! ,! =C3! *:,=*-! :3+;6,! 4,6! 2=0,+,--,! ,4! e3=*0@*=!

,-02/,--,!7242=62=739!4*-!:3+;6,!/2*Q*43-! 0+S-!@3+*-!7,! .*++3B!U+*!,-;62-203!

,-0*+!0C3!72-0*=0,!7*!)K$9!.343!-,!7,!*1D64*!4*=,2+*!,6!*!,-02/,--,!0+*2=73B!

%!D+*=723-27*7,!7*!:+*2*!.*136!*;6,1,!-,=024,=03B!l6*=73!.*42=@*/*!

?!5,2+*F4*+!*3!1*73!7,!e3=*0@*=9!:,+.,52!;6,!,-02/,!=,--*!4,-4*!:+*2*!*=0,-9!

.34!)*61B!%.*4:*43-!,4!64!:*+;6,!,-0*76*1!:+AN243!;6*=73!<2M,43-!=3--*!

13=D*!/2*D,4!:A-F"3/*!Z3+[9!*;6,1*!=*!;6*1!<343-!*3!J+*=7!K*=o3=9!*!I*-!

b,D*-9! *3! f2D! R6+9! *! RC3! k+*=.2-.3! ,! ;6,! :3+! <24! =3-! 1,/36! *! )3+01*=7B!

)*+*43-! :*+*! *.*4:*+! =,--*! :+*2*! =3! 4,23! 73! .*42=@3B! k2M,43-! 64*!

<3D6,2+*9!:+,:*+*43-!3!Q*=0*+!,!Q3D*43-!.*+0*-!,4!64*!4,-*!7,!:2;6,=2;6,9!

7,:32-!=3-!*++*-0*43-!:*+*!3!5*=.3!7,!0+8-!7*!.*42=@3=,0,!:*+*!<*M,+!*43+!

=3! <603=! ;6,! ,-0*/*! 18B! )372*! -,=02+! *! 1,45+*=V*! 72--3! .343! 64*! .*:*! =*!

42=@*! :,1,B!l6,4! ,6! ,+*! ;6*=73! ,-02/,! *;62! .34! )*61! ,! 3! ;6,! *.@,2! ;6,!

*.3=0,.,+2*!,!3!;6,!*.3=0,.,6!,!;6,4!,6!,+*!*D3+*!,!.343!0673!46736B!

!$&"!

e3=*0@*=!=C3!4,!:,+D6=036!=3!;6,!,6!,-0*/*!:,=-*=739!*:,-*+!7,!,6!

0,+! <2.*73! ;62,0*B! %:,=*-! .*42=@*43-! Q6=03-! -,4! <*1*+! =*7*9! :*--*=73! :3+!

:36.*-! :,--3*-9! ,453+*! <3--,! 64*! 0*+7,! 7,! 7342=D39! .*42=@*=73! *0E! ;6,!

=C3!02/,--,!4*2-!=2=D6E4!*!=C3!-,+!=A-B!

!l6,!0*1!*;62T! !e3=*0@*=!:,+D6=036!;6*=73!.@,D*43-!*!64!16D*+!

:+30,D273!:3+!64*!.*/,+=*!7,!:,7+*-!,-.6+*-B!#5-,+/,2F3!,-0,=7,+!64*!4*=0*9!

.313.*+!-35+,!,1*!*!-*.31*!7,!.32-*-!:*+*!3!*143V3!;6,!,1,!02=@*!.34:+*73!=*!

R*<,p*o!,!-,!-,=0*+B!

!l6,+3!*=7*+!64!:36.3!4*2-9!-,!/3.S!=C3!-,! 24:3+0*+! !,6!72--,9!

7,2N*=73!*-!-*=7812*-!:,+03!7*!4*=0*B!

U+*! 53*! *! -,=-*VC3! 7,! ,-0*+! -3M2=@*9! 3! /,=03! =3! .*5,13! ,! *! *+,2*!

*4*.2*=73!3-!:E-B!U=;6*=03!*=7*/*9!.*0,2!:,7+*-!12=7*-!;6,!=C3!:37,+2*!1,/*+!

.342D3B! l6*=73! ,-0*/*! 0C3! 13=D,! ;6,! =C3! .3=-,D62! 72-02=D62+! e3=*0@*=! *!

72-0h=.2*9!4,!*5*2N,2!,!,-.+,/2!3!=34,!7,!)*61!=*!*+,2*B!

U6!02=@*!<,203!*;6213!4620*-!/,M,-!*=0,-B!$2=@*!<,203!2--3!76+*=0,!*=3-9!

037*!/,M!;6,!.3=@,.2*!64*!:+*2*!7,:32-!;6,!4,!*:*2N3=,2!:3+!)*61!;6*=73!

02=@*! \]! *=3-9! ,-02/E--,43-! Q6=03-! 36! =C3B! L*-9! ;6*=73! ,-.+,/2! -,6! =34,!

*D3+*9! -*52*!;6,!,-0*/*!<*M,=73! 2--3!:,1*!G1024*!/,MB!"C3!;6,+2*!4*2-! -3<+,+!

:3+!,1,9! 24*D2=*+! -,!*3!7,2N8F13!,6! 02=@*! .34,0273!64!,++39!4,!*03+4,=0*+!

.34!037*-!*-!4*=,2+*-!;6,!,++,2!.34!,1,B!U!-,!,6!4,!:,+73*--,T9!:,=-,2B!U!-,!

4,! :,+73*--,! *:,-*+! 7,! 0,+! <,203! *1D3! ;6,! =C3! 7,/2*T! U! -,! ,6! <3--,! 64*!

4,=02+3-*!,!64*! 24:3-03+*!,!=C3! 02/,--,!7,-.61:*-!:*+*!3!;6,! <2M!*!=C3!-,+!

;6,!,+*!3!;6,!,6!;6,+2*!,!:+,.2-*/*!<*M,+T!U!-,!,6!1*4,=0*--,9!4*-!*3!/310*+!

=3!0,4:39!-,!:67,--,9!=C3!<2M,--,!=*7*!72<,+,=0,!73!;6,!02=@*!<,203T!U!-,!7,!

<*03!;62-,--,!0+,:*+!.34!.*7*!64!7*;6,1,-!@34,=-T!U!-,!*!@,+3>=*!4,!,=-2=36!

*1D64*!.32-*T!U!-,!3!-24!<3--,!*!+,-:3-0*!.,+0*!,4!/,M!73!=C3T!U!-,!3!;6,!4,!

1,/36!*! <*M,+! 037*-!*;6,1*-!.32-*-!;6,! 0373!46=73!*.@36!;6,!,6!=C3!7,/2*!

!$&#!

0,+!<,203!<32!0*45E4!3!;6,!4,!0+36N,!*;62T!U!-,!,6!=6=.*!4,!+,7242--,T!U!-,!

,6!Q8!02/,+!-273T!

! b3.S! ;6,+T! ! :,+D6=0,2! *! e3=*0@*=! ;6*=73! /310,2! *0E! ,1,9!

-,D6+*=73!*-!:,7+*-!;6,!.31,0,2B!

U1,! -3++269! <,M! ;6,! =C3! .34! *! .*5,V*! ,! 35-,+/36! ,=;6*=03! ,6! *-!

7,2N*/*!.*2+!7,!/310*!=*!*+,2*B!

R,=0,2!*3!1*73!7,1,!=*!4*=0*!,!,1,!02+36!*-!.32-*-!7*!-*.31*!7*!R*<,p*od!

5*D,1-!,!;6,2Q39!64!:,;6,=3!6+-2=@3!7,!:18-02.3!.34!4,19!5*=*=*-!,!1*+*=Q*-9!

;6,!,1,!7,-.*-.36!:*+*!=A-B!U6!*-!.342!*0E!;6,!,1,!,-0,=7,6!3!7,73!.@,23!7,!

4,19!:*--36!=3-!4,6-! 18523-! ,!4,! 1*45,69!4,!43+72-.*=73! -6*/,4,=0,!=3!

<2=*1B!

U!,=0C3!.34,V36!64*!<*=0*-2*!7,!4,1!?!5,2+*F4*+B!U1,9!,69!3!4,1!.34!

*1D64*! *+,2*! 2=,/20*/,14,=0,! 42-06+*7*B! L2=@*! 53.*9! -6*! 53.*! ,! 037*! *!

,N0,=-C3!73! 1*73!4*.23!73!4,6!5+*V3!*0E!3-!4,6-! -,23-B!),13-!-,6-!345+3-!

12-3-!,!=6-9!7,-.,=73!*0E!3-!4*4213-9!3!6452D3!,!*3!13=D3!7*!53+7*!-6:,+23+!

7,!-,6!-@3+09!*0E!;6,!,6!<2=*14,=0,!=C3!*D6,=0*/*!4*2-B!

!'*6! !,6!72--,9!3<,D*=0,9!:3+;6,!,--*!:*+,.2*!-,+!*!=3--*!:*1*/+*B!

c--3!-65-020626!3!;6,!,6!=C3!72--,9!36!-,Q*9!:*+*!64!.*+*!;6,!.3=/,+-*/*!:36.39!

,1,!,+*!,-:,0*.61*+4,=0,!534!7,!.*4*B!U!*2=7*!=,4!02=@*!0+,:*73!.34!,1,B!

R,4! 64*! :*1*/+*9! ,1,! :,D36! 3! :*.30,! 7,! .*42-2=@*-! 7*! -*.31*! 7*!

R*<,p*o!,!*!*5+26B!l6*=73!-,!1,/*=0369!,1,!:,D36!42=@*!4C3!,!4,!1,/*=036!

0*45E4B!&,2N,2!;6,!,1,!4,!1,/*--,!:,1*!*+,2*!*0E!64*!*D134,+*VC3!7,!:,7+*-!

;6,!<3+4*/*!64*!.*/,+=*!,!=A-!*!.3=03+=*43-!:*+*!,=0+*+!=3!;6,!-,!:372*!

.@*4*+! 7,! +,-,+/*73! ,4! 64*! :+*2*! :G512.*! ! 64*! <,=7*! ,=0+,! *-! :,7+*-!

,-.6+*-! ,4!:1,=*! 16M!73!72*B!"C3!,+*!3! 02:3!7,! .32-*!;6,!,6!D3-0*/*9! <*M,+!

-,N3! *3! *+! 12/+,B! $,=@3! .,+0,M*! 7,! ;6,! ,N2-0,! 64*! 461@,+! =3! :1*=,0*! ;6,!

,-.31@,+2*! *3!*+! 12/+,9! ,4!/,M!7,!=3! 16D*+!4*2-! 24:,--3*1! ,! -6Q39!4*-! *2=7*!

=C3! *! .3=@,.29! ,453+*! 0,=@*! 7,.27273! ;6,! *! :+30,VC3! 7*-! :,7+*-! -,+2*!

!$&$!

-6<2.2,=0,!:*+*!,-0,!72*B!%<2=*1!7,!.3=0*-9!*3!13=D3!73!.6+-3!73-!G10243-!732-!

4,-,-9!,6!02=@*!<,203!0673!3!4*2-!*3!*+!12/+,B!$2+*43-!*!+36:*!64!73!360+3!,!

4,! +,.12=,29! ,=.3-0*=73! *! 56=7*! ,4!64*!:,7+*! 2=.12=*7*j! *5+*.,2! e3=*0@*=!

.34! *-! :,+=*-! *0E! ;6,! ,1,! 4,! /2+36! ,! ,6! *D*++,2! =*! :,7+*B! e6=03! .34! 3-!

+,-;6>.23-!73!4,19!@*/2*!3!.@,2+3!42=,+*1!73!-*19!7*!*+,2*!,!3!.@,2+3!G4273!73!

46-D3!,!73!:1h=.03=B!"C3!7,43+36!:*+*!,6!,-;6,.,+!;6,!,-0*/*!*3!*+!12/+,9!

*=0,-!;6,!,6!:67,--,!*0E!4,-43!1,45+*+!73!4,19!36!-,!,1,!02=@*!4,!<,203!64*!

G=2.*!:,+D6=0*!36!=C3B!

"C3! @*/2*!46203! *! 72M,+! ;6*=73! <2M,43-! *! 13=D*! /2*D,4!7,! /310*! *!

%-@1*=7B!U-0*/*!0C3!.*=-*7*!73!-,N39!7*!<*10*!7,!-3=39!7*!*+,2*9!73!-31!,!73!

4,19! ;6,9! 7,! ;6*1;6,+! <3+4*9! 4*1! .3=-,D62*! <*1*+B! U-08/*43-! ;62,03-! ,!

0+*=;6213-!Q6=03-9!36/2=73!",21!Z36=D!76+*=0,!0373!3!:,+.6+-3!*0E!3!*15,+D6,9!

3=7,9!-,4!.,+24a=2*9!,=.,++*43-!=3--3!,=.3=0+3!7,!WW!@3+*-B!

!#5+2D*7*!:3+!0673! !,6!72--,9!5,2Q*=73F3B!e8!02=@*!,-.6+,.2739!,+*4!

=3/,! @3+*-! 7*! =320,! 7,! 7342=D39! *! .27*7,! 4*2-! ;62,0*! 73! ;6,! =*! =320,!

*=0,+23+9!+,.31@27*!,!*.3437*7*9!.34!4,0*7,!73-!06+2-0*-!0,=73!/310*73!:*+*!

.*-*B!

! R,6! ,=7,+,V3! ! ,1,! 72--,9!4,!7*=73! 64!:,7*V3!7,! :*:,1! ,! 64*!

.*=,0*B!%=30,2!3!,=7,+,V3!7,!I2-*9!.34!64*!-,=-*VC3!.+,-.,=0,!;6,!=C3!,+*!

5,4!64!-3<+24,=039!64!1*4,=03!36!64!*=-,239!4*-!64*!42-06+*!7,!0673!2--3B!

$2=@*!-273! 2=72-.602/,14,=0,!*D+*78/,19!4*-!*D3+*!4,!-,=02*!/*M2*B!K343!-,!

@36/,--,!*1D3!;6,!,6!=,4!-*52*!;6,!;6,+2*!*0E!=C3!-,+!.*:*M!7,!.3=-,D62+B!

&,2!*!,1,!3!:,7*V3!7,!:*:,1B!

! "C3! ,-;6,V*! *! 531-*! ! ,1,! 72--,9! :,D*=73! *! :,;6,=*! 531-*!

/,+4,1@*!73!<3D*+,2+3B!

!$.@*6! !<*1,29!:,D*=73!*!531-*!7*!4C3!7,1,!,!4,!72+2D2=73!:*+*!*!

:3+0*B!

!$&%!

!"C3! 0C3! +8:273! ! ,1,!72--,9!:6N*=73F4,!:*+*! Q6=03!7,1,B! U1,!4,!

5,2Q36!.34!*+73+!,!.3++,-:3=72!.34!4*2-!*+73+!*2=7*9!.343!-,!<3--,!3!<2=*1!

7,!64*!,+*!;6,!02=@*!76+*73!037*!*!42=@*!/27*B!

"*! 4*=@C! -,D62=0,9! /,-02! *! +36:*! ,-:3+0,9! 3! 4,-43! 03:! /,1@3! ,!

4*=.@*73!,!3!-@3+0!*M61F4*+2=@3!-6++*73!;6,!0,=@3!6-*73!7,-7,!3!:+24,2+3!

72*9!Q6=03!.34!64!=3/3!:*+!7,!4,2*-!,!*!G1024*!.*42-,0*!124:*!;6,!,6!0,+2*!

*0E! 3! <249! 64*! .*42-,0*! .2=M*! ;6,! 72M2*! '"cbU(Rc$Z! #k! K%Ick#("c%!

fU(gUIUZ! ,4! 1,0+*-! *4*+,1*-! =3! :,203B! %=7,2! *0E! *! .33:,+*02/*! .34! *!

L3=-0+*!=*-!.3-0*-9!3!5*-0C3!7,!,-;62!:,=76+*73!=3!:6=@3!,!64*!.*2N*!=3-!

5+*V3-9! ,! 3.6:,2! 64*! 4,-*! =*! -,VC3! 7,! .3427*! 7*! 13Q*! :*+*! 3+D*=2M*+! *!

43.@21*B!

l6*=73!*.*5,29!*!L3=-0+*!,-0*/*!.*++,D*7*!7,!4*=,2+*!3+D*=2M*7*!=3!

.@C3!*3!1*73!7*!:,;6,=*!.*2N*!;6,!.3=02=@*!3!Q,*=-9!3!-602C!,!*!.*1.2=@*!;6,!

,6! ,-0*/*! ,=/2*=73! :,13! .3++,23! 7,! /310*! :*+*! I2-*9! *1E4! 7,! 64*! -*.31*!

:18-02.*!7,!-6:,+4,+.*73!.34!*-!+,<,2Vn,-!;6,!,6!=C3!*D6,=0*/*!4*2-!.34,+9!

;6,!:1*=,Q*/*!7,2N*+!=*!.*2N*!7,!73*Vn,-!*3!0+21@,2+3!7*!)K$!=*!*DS=.2*!73!

.3++,23! =*! -*>7*! 7*! .27*7,B! #! )*+;6,! "*.23=*1! 7,! K+*0,+! I*[,! ,+*! 42=@*!

:+AN24*! :*+*7*9! *! \mm! ;621a4,0+3-! 7,! 72-0h=.2*B! )+,.2-*/*! /310*+! ?! )K$! ,!

*2=7*! *--24! ,-0*/*! +,160*=0,! 7,! 7,2N*+! %-@1*=7B! )+3.6+,2! =*! 43.@21*! ,!

,=.3=0+,2!3! .31*+! R0+*o,7!,!3! .313;6,2B!U-02;6,2!3!5+*V3!,! 03;6,2!*!:,=*!7,!

.3+/3!;6,!&36D!4,!7,6B!%2=7*!,-0*/*!:+,-*!?!43.@21*!=3!16D*+!;6,!,6!02=@*!

.313.*73!7,-7,!3!2=>.239!*:,-*+!7,!*D3+*!,-0*+!7,-<2*7*!,!-6Q*B!%5+2!3!M>:,+!73!

531-3!1*0,+*1!3=7,!D6*+7*/*!3![20!7,!:+24,2+3-!-3.3++3-9!3!02+,2!7*!43.@21*!,!3!

*5+2B!%!.*42-2=@*!;6,!.*++,D6,2!3!0,4:3!0373!7,-7,!L3Q*/,!*2=7*!,-0*/*!189!

.343!=3/*B!U6!*!:,D6,29!*!.313;6,2!=*!-*.31*!:18-02.*!7,!-6:,+4,+.*73!.34!*!

.3427*!;6,!,6!=C3!;6,+2*9!*Q,20,2!*!L3=-0+*!=*-!.3-0*-!,! -*>!7*!.33:,+*02/*!

.*++,D*=73!*!.*2N*!,!*!-*.31*B!

!$&&!

U6! =C3! 02=@*! *=7*73!46203! ;6*=73!/2! 3! @34,4!7,! <*2N*! =*! .*5,V*!

;6,!,=.3=0+,2!=3!1*D3!$3*79!-,=0*73!=*!.*1V*7*!3=7,!3!02=@*!/2-03!*=0,-9!.34!

*!1*0*!7,!.*<E!,!3!:,;6,=3!.*+0*M!7,!:*:,1C3!=*!<+,=0,B!

!U-036!7,!-*>7*! !<*1,29!:*+*=73!72*=0,!7,1,B!

U1,!1,/*=036!3-!31@3-!,!<,M!;6,!=C3!.34!*!.*5,V*B!%2=7*!=C3!:*+,.2*!-,!

1,45+*+! 7,! 4249! =,4! 7,! =3--3! ,=.3=0+3! =3! 1*D3! $3*79! 0*4:36.3! 73!

,=.3=0+3!7,!*1D6=-!72*-!*=0,-B!

! U6! 0,! .3=@,.2! ;6*=73! /3.S! ,-0*/*! :+3.6+*=73! :,13! U=.3=0+3! 73!

%+.3F>+2-! ! ,6! 72--,B! ! U6! ,-0*/*! 18! .34! 360+*! 461@,+9! .@*4*7*! R0*.oB!

K3=/,+-*43-!.34!/3.SB!

U1,!<,M!;6,!=C3!=3/*4,=0,9!5*1*=V*=73!3!0+3.*73!=*!-6*!1*0*B!

! $,=@3!64!:36.3!7,! .3427*! *;62! 7,!;6,! ,6!=C3! :+,.2-39! -,! /3.S!

;62-,+! ! ,6!72--,9! .313.*=73!*! -*.31*!:18-02.*!7,! -6:,+4,+.*73!=3! .@C3!*3!

-,6!1*73B!

!#5+2D*739!5*5o! !,1,!72--,9!;6*=73!.34,.,2!*!4,!*<*-0*+B!

U6!:*+,2!,!4,!/2+,2B!

!U2! !.@*4,2B! !U2t! !D+20,2!*0E!;6,!,1,!4,!31@*--,B!

!"C3!4,!.@*4,!7,!5*5o! !,6!72--,B!

U1,! 6=26! *-! 4C3-9! .343! ,4! 64*! :+,.,9! ,! *5*2N36! *! .*5,V*B!

!

!

!

!

!

!

!

!

!

!

!

!$&'!

!

JM&&Z*<*)*&!

!

#! 1*D3! K+*0,+! .3-064*/*! -,+! 64! 43=0,B! U+*! .@*4*73! 7,! 43=0,!

L*M*4*B! "C3! ,+*! 0C3! 72<,+,=0,! 7*! .*7,2*! 7,! /61.n,-! 2=*02/3-! ;6,! ,6!

*0+*/,--*+2*!=*!)K$!=3!#+,D3=! !3!43=0,!L.I36D@12=9!3-!:2.3-!$@+,,!R2-0,+-9!

3!43=0,!i*-@2=D03=9!3!$@+,,! k2=D,+,7! e*.[9!3!43=0,! e,<<,+-3=! ,!3!43=0,!

Y337! 9! ,N.,03! :3+! -,+! 4*23+! 73! ;6,! 0373-! ,1,-9! 0,=73! *1.*=V*73! 64*!

,1,/*VC3!,-024*7*!,4!64!:36.3!4,=3-!7,!OBm__!4,0+3-B!#!43=0,!L*M*4*!

,N:13726! @8! .,+.*! 7,! mBm__! *=3-! ,4! 64*! ,+6:VC3! .*0*.1>-42.*! ;6,! <32! `W!

/,M,-!4*2-!/231,=0*!73!;6,!*!,+6:VC3!;6,!7,.*:2036!3!43=0,!R0B!Y,1,=-!,4!

\]P_B!k32!*!4*23+!,+6:VC3!,N:13-2/*!=*!.3+721@,2+*!7*-!K*-.*0*-!*3!13=D3!7,!

64! 421@C3! 7,! *=3-B! "*! -,;6S=.2*! 7*! 7,-0+62VC3! 73!L*M*4*9! .2=M*! ,! 1*/*!

.35+2+*4! *! :*2-*D,4! :3+! .,+.*! 7,! \9O!421@C3! 7,! ;621a4,0+3-! ;6*7+*73-! !

*02=D2=73!;6*-,!0373!3!#+,D3=!,!*1.*=V*=73!*0E!4,-43!%15,+0*9!=3!K*=*78B!

%! 0+253!g1*4*0@!7,! >=723-!*4,+2.*=3-9!;6,!:+,-,=.236!*! ,+6:VC39!*.+,720*/*!

;6,! <32!64*!/231,=0*!5*0*1@*!,=0+,!I1*39!3!,-:>+203!73! -6546=739!,! R[,119!3!

,-:>+203! 73! .E6B! l6*=73! *! 5*0*1@*! *.*5369! I1*3! <32! 1,/*73! 7,! /310*! *3!

-6546=73!,!3!43=0,!L*M*4*!-,!03+=36!64*!.+*0,+*!/*M2*B!%!.+*0,+*9!.343!E!

.@*4*7*9!E!64*!,-:E.2,!7,!43=0*=@*! 2=/,+027*B!'4*!43=0*=@*!;6,!0,/,!3!

:+A:+23! .3+*VC3! +,43/273B! I,=0*4,=0,9! *3! 13=D3! 7,! .,=0,=*-! 7,! *=3-9! *!

.+*0,+*!-,!,=.@,6!7,!8D6*9!.31,0*7*!7*!.@6/*!,!73!7,D,13!73!#+,D3=9!*0E!;6,!

/2+36!3! 1*D3!;6,!E! *D3+*B!%02=D2=73!64*!:+3<6=727*7,!48N24*!7,!4*2-!7,!

^P_!4,0+3-!*:+3N24*7*4,=0,9!3! 1*D3!K+*0,+!E!3!4*2-!:+3<6=73!73-!U-0*73-!

'=273-!,!,-08!,=0+,!3-!4*2-!:+3<6=73-!73!46=73B!

!$&(!

R*52*!64!:36.3!-35+,!1*D3-9!0,=73!/2=73!7,!L2==,-30*9!4*-!,=;6*=03!

4,!*<*-0*/*!7,!%-@1*=7!4*1!:372*!24*D2=*+!3!;6,!/,+2*!=3!1*D3!K+*0,+B!R,+2*!

.343!3!1*D3!R6:,+23+9!,6!-6:6=@*9!3!1*D3!:,+03!7,!3=7,!*!42=@*!4C,!43++,69!

3! *M61! -,! ,-0,=7,=73! ,0,+=*4,=0,! =3! @3+2M3=0,B!#! D62*! 72--,! *:,=*-! ;6,! *!

:+24,2+*!/2-C3!7,1,!*!:*+02+!7*!4*+D,49!;6,!-,!,1,/*!*!Wm`!4,0+3-!*.24*!7*!

!

U6! 02=@*!64!=3/3!D62*!*D3+*B!'4*!=3/*!5>512*B!#!)*.2<2.!K+,-0!$+*219!

b3164,! Wd! #+,D3=! *=7! i*-@2=D03=9! ,453+*! ,6! 02/,--,! *++*=.*739! 18! =*!

.33:,+*02/*! ,4! %-@1*=79! *-! G1024*-! \O_! :8D2=*-! 73! 12/+39! :3+;6,! =C3!

:+,.2-*+2*!7*!:*+0,!7,!i*-@2=D03=B!"*!:+24,2+*!=320,!13=D,!7,!%-@1*=79!,6!3!

<31@,,2!*=0,-!7,!73+42+9!1,=73!0+,.@3-!*;62!,!*129!*!4,-4*!.32-*!;6,!<2M!.34!3!

D62*!7*!K*12<A+=2*!=3!7,-,+03!=*!:+24,2+*!=320,!;6,!:*--,2!=*!)K$B!

K3=<3+4,!4,!*<*-0,2!7,!%-@1*=7!=*;6,1,-!:+24,2+3-!72*-9!/2!7,!+,1*=.,!

*1D64*-!/,M,-!3!43=0,!R@*-0*!*3!-619!4*-!*!4*23+!:*+0,!73!0,4:3!.*42=@,2!

,4!<13+,-0*-!;6,!24:,72*4!/2-0*-!:*=3+h42.*-B!U=0+,!3-!43.@21,2+3-9!*!)K$!=3!

4,=3-!:*=3+*4*-!73!;6,!*! 0+21@*!=*!K*12<A+=2*B! e8!=C3! 02=@*!*! -,=-*VC3!7,!

;6,! ,-0*/*! ,4:31,2+*7*! =3! *103! 31@*=73! 0673! 7,! .24*! :*+*! 5*2N39! ,! ,+*!

,-0+*=@3!=C3!-,+!.*:*M!7,!,=N,+D*+!*0+*/E-!73!0,++,=3B!%!K*12<A+=2*!46736!*!

42=@*!/2-C39!4*-!3!#+,D3=!*!*10,+36!=3/*4,=0,9!*:+3N24*=73F*B!%0+*/,--,2!

<13+,-0*-!7,!,=3+4,-!,!=35+,-!:2=@,2+3-!73!DS=,+3!:-,6730-6D*9!:+3--,D62=73!

*3! 13=D3! 7,! 1*D3-! .35,+03-! 7,! /,D,0*VC39! 7,! .*4:3-! D+*4*73-9! .@,23-! 7,!

,+/*-!7*=2=@*-!,!,-:2=@3-!;6,!?-!/,M,-!,-.6+,.2*4!*! 0+21@*B!K+6M,2!*!k13+,-0*!

"*.23=*1!7,!(3D6,!(2/,+!,! .*42=@,2! -35!8+/3+,-! 2=.+2/,14,=0,!*=02D*-!*=0,-!

7,! ,=.3=0+*+! 8+,*-! 7,-4*0*7*-! .343! 02=@*! /2-03! @*/2*! *1D64*-! -,4*=*-9!

*4:13-! ,-:*V3-! *5,+03-! .@,23-!7,! 03.3-! ,! +*>M,-! 7,! 8+/3+,-! ;6,! 02=@*4! -273!

,N:3-0*-!:,13!7,-4*0*4,=03!7*!4*0*! <,.@*7*B!)*--,2!64*!0*+7,!:,+727*!,4!

!$&)!

4,23!*3-!7,-0+3V3-9!.*42=@*=73!76+*=0,!@3+*-!*=0,-!7,!.@,D*+!*!64*!,-0+*7*!

:*/24,=0*7*!,!,=.3=0+*+!=3/*4,=0,!*!)K$B!

U-0*/*! ,=-31*+*73! ,! .1*+39! 4*-! 3! *+! ,+*! <+23! ,! <32! <2.*=73!

:+3D+,--2/*4,=0,!4*2-! <+23!*! .*7*!72*! .3=<3+4,!,6!:*--*/*!:,1*! +,-,+/*! R[o!

I*[,-9!3=7,!*!0+21@*!:*--36!73-!\BP__!4,0+3-!7,!*102067,B!%-!/2-0*-!:*=3+h42.*-!

-6+D2*4!=3/*4,=0,!?!4,727*!;6,!,6!.*42=@*/*!*3!13=D3!7,!64*!.3+721@,2+*!

7,!+3.@*-!/61.h=2.*-!,!:,7+,D61@3-9!/,=73!1*D3-!7,!+,1*=.,!7,!/,M!,4!;6*=73!

*5*2N3! 7*! 0+21@*! ,! 3! 0,++20A+23! ;6,! -,! ,-0,=72*!4*2-! *72*=0,B! %:,-*+! 73! -319!

:*+,.2*!64*!4*=@C!73! 2=>.23!7,!36065+3!,4!/,M!7,!64*!0*+7,!73!4,23!7,!

*D3-03B!U6!:+,.2-*/*!4,!4*=0,+!,4!43/24,=03!:*+*!<2.*+!*;6,.27*B!R,!:*+*--,!

:3+!4*2-!7,!.2=.3!42=603-9!3! -63+!;6,!,=.@*+.*/*!*!:*+0,!7,! 0+8-!7*!42=@*!

.*42-,0*! <2.*/*! D,1*73B! "C3! 02=@*! ,=.3=0+*73! =2=D6E4! 7,-7,! ;6,! -*>! 7,!

%-@1*=79!4*-! *D3+*! ,=.3=0+,2! 6=-!:36.3-! 0+21@,2+3-! ,!43.@21,2+3-! 7,! 64!72*!

;6,! 02=@*4! -65273! *0E! *! )K$! :3+! 64*! 7*-! 4620*-! 0+21@*-! ;6,! *! .+6M*/*49!

1,/*=73!*!:2.3-!*.24*!36!*!1*D3-!*5*2N3B!%!4*23+!:*+0,!73!0,4:3!,6!,-0*/*!

-3M2=@*9!3!;6,!=C3!,+*!2=.34649!4*-!3!<+23!<*M2*!*!0+21@*!:*+,.,+!4*2-!/*M2*9!3!

/,=03! +,--3*=73! =3-! D*1@3-! 7*-! 8+/3+,-! :,+-2-0,=0,-B! $*45E4! :*+,.2*! ,-0*+!

4*2-!<+239!*2=7*!4*2-!<+23!73!;6,!=*!=,/,!*.24*!7,!R2,++*!K20o9!*:,-*+!7,!,6!0,+!

/2-03!*:,=*-!0+,.@3-!,/,=06*2-!7,!=,/,B!),+.,52!;6,!,-0*/*!*--24!:3+;6,!*=0,-!

*-!43=0*=@*-!-,!*:+3N24*/*4!73!/,+C3!,!*D3+*9!*:,=*-!-,2-!-,4*=*-!7,:32-9!

-,!*<*-0*/*4!7,1,!,!;6*-,!,=0+*/*4!=3!3603=39!=64!+2043!;6,!4,!24:,12*B!

'4*!=320,!,6!:*+,2!:*+*!*.*4:*+9!02+,2!*-!+36:*-!-6*7*-9!/,-02!037*-!*-!

:,V*-! 7,! +36:*! ;6,! 02=@*! ,! +*:27*4,=0,! :+,:*+,2! 3! Q*=0*+9! 4,! <,.@*=73!

7,=0+3!73!-*.3!7,!73+42+!*--24!;6,!0,+42=,2!7,!.34,+9!D,1*7*!*0E!3-!3--3-9!

D,1*7*!7,4*2-!*0E!4,-43!:*+*!1,+B!&,20,2!,=+31*7*!,4!424!4,-4*!=*!:3-2VC3!

<,0*19!.34!3!.@*:E6!,!*-!16/*-!*!=320,!037*9!4*1!.3=-,D62=73!73+42+B!l6*=73!

3!-31! <2=*14,=0,!=*-.,69! <*M2*! FO9O!D+*6-!,!*!5*++*.*!,-0*/*!.35,+0*!:3+!64*!

<2=*! .*4*7*! 7,! =,/,j! *! 8D6*! .3=D,136! =*-! D*++*<*-9! *:,-*+! 7,! ,1*-! 0,+,4!

!$&*!

<2.*73! *3!4,6! 1*73!7,=0+3!7*!5*++*.*B!l6*=73! 1,/*=0,2! *.*4:*4,=03! -,4!

034*+!64!D31,!7,!8D6*9!.34,=73!64*!5*++*!7,!:+30,>=*!,4!/,M!7*!@*5206*1!

D+*=31*!42-06+*7*! .34! 1,20,! 7,! -3Q*9! :,=-,2! =3/*4,=0,! ,4!42=@*!4C,B! U1*!

,-0*/*!*4,*V*=73!-,!*:+3N24*+!@*/2*!72*-9!:*--,*=73!<2+4,!,!1,=0*4,=0,!,4!

42=@*!4,=0,!7,-7,!%-@1*=79!,!*D3+*9! <2=*14,=0,9!=3!72*!7*!=,/,9!,1*!,-0*/*!

2=.3=0,-0*/,14,=0,!*;62B!

U+*!\P!7,!*D3-03B!R,6!*=2/,+-8+23B!U1*!<*+2*!^_!*=3-!-,!,-02/,--,!/2/*B!

U1*! =C3! ,-0*/*! /2/*B! U1*! =C3! .34:1,036! ^_! *=3-B! U1*! =6=.*! <*+2*! ^_!

*=3-9!72--,!*!424!4,-4*!,=;6*=03!.*42=@*/*!-35!3!<+23!,!*!16M!5+21@*=0,!73!

-31!7,!*D3-03B!k*V*!^_9!4C,B!k*V*!*!:3++*!73-!^_!*=3-9!:,=-,2!.34!.+,-.,=0,!

+*2/*! ?!4,727*! ;6,! */*=V*/*B!"C3!7*/*!:*+*! *.+,720*+! 3! ;6*=03! ,6! ,-0*/*!

<6+23-*! .34! *! 42=@*! 4C,! :3+! ,1*! =C3! ,-0*+! /2/*! ,4! -,6! ;62=;6*DE-243!

*=2/,+-8+23B!U6!02=@*!3!7,-,Q3!:*1:8/,1!7,!1@,!7*+!64!-3.3!=*!53.*B!

R,6-!*=2/,+-8+23-!*=0,+23+,-!=C3!02=@*4!:+3/3.*73!*!4,-4*!+*2/*B!"3-!

G10243-!*=3-9!,-02/,!.3=-0*=0,4,=0,!0+2-0,B!"3!:+24,2+3!*=2/,+-8+23!-,4!,1*9!=3!

72*!,4!;6,!<*+2*!`X!*=3-9!,-:*1@,2!-6*-!.2=M*-!.34!U772,9!g*+,=9!I,2<!,!)*61!=3!

:,;6,=3!.*=0,2+3!7,! <13+,-!7,4*+.*73!:3+!:,7+*-!;6,!=A-!.3=-0+6>43-!:*+*!

,1*!,4!=3--*!<*M,=7*B!"3-!0+S-!*=2/,+-8+23-!-,D62=0,-9!=C3!<2M!=*7*!*!=C3!-,+!

.@3+*+!-,=0*7*9!;62,0*9!36/2=73!.34!D+*=7,!*0,=VC3!3!72-.3! 2=0,2+3!7,!e67o!

K3112=-9!K313+-!3<! 0@,!&*o9! -,=73!;6,! .*7*!=30*!:*+,.2*! -,+!64*!7,!42=@*-!

.E161*-B! U6! -6:3+0*/*!36/2+! 3!72-.3! *:,=*-! 64*!/,M!:3+! *=39! :3+! .*6-*!7*-!

1,45+*=V*-!7,!42=@*!4C,9!3!.313.*=73!:*+*!03.*+!;6*=73!,6!,+*!.+2*=V*B!%!

4G-2.*!4,!7*/*!*!-,=-*VC3!7,!;6,!,1*!,-0*/*!18!.342D39!7,!:E!=*!-*1*! !-A!

;6,!,1*!=C3!,-0*/*!,!=6=.*!4*2-!,-0*+2*B!

U6!=C3!:372*!4,!:,+4202+!=,4!64*! <+*-,!7,! -6*! 1,0+*!*D3+*!=*!)K$B!

%:*D6,2!.*7*!4G-2.*!7*!,-0*VC3!7,!+8723!7,!+,42N,-!=*!.*5,V*9!:+,--23=*=73!

64! +,5352=*+! 24*D2=8+23! ,! <*M,=73! 64*! 42-06+*! 7,-,-:,+*7*! :*+*! <3+V*+!

42=@*!4,=0,!*!<2.*+!:*+*7*B!U+*!3!=C3!*=2/,+-8+23!7,!^_!*=3-!7,!42=@*!4C,!,!

!$'+!

=C3! 7,/,+2*! 0,+! 4G-2.*B! U4! /,M! 72--39! :*--,2! :3+! 1*D3-! 7,! *102067,! ,! .+6M,2!

513.3-! 7,! +3.@*-! /61.h=2.*-! ?! 4,727*! ;6,! *! =,/,! 7*! =320,! 7,++,02*! =*-!

+,-2-0,=0,-!<13+,-!-21/,-0+,-!;6,!.+,-.2*4!,=0+,!,1*-9!.*42=@*=73!4*2-!+8:273!73!

;6,!=6=.*!,=;6*=03!:,=-*/*!.32-*-!=*7*!.*+273-*-!-35+,!42=@*!4C,B!L3++,+!

*3-! `^! *=3-! 02=@*! -273! *:,=*-! *! :23+! .32-*! ;6,! ,1*! 02=@*! <,203! 7,! ,++*73B!

&6+*=0,!*!.*42=@*7*9!<2M!64!.*0813D3!73!+,-0*=0,9!12-0*=73F*-!7,0*1@*7*4,=0,!

,4!42=@*!.*5,V*d!

\B!U1*! 02=@*!:*--*73!:3+!64*! <*-,!76+*=0,!*!;6*1! <6436!4*.3=@*!7,!

4*=,2+*!3.*-23=*19!,!=C3!02=@*!+,.,23!7,!<*M,+!2--3!=*!<+,=0,!7,!4,6-!2+4C3-!,!

!

WB!"C3! ,+*! 2=.3464!:*+*!4,6! 2+4C39! :*+*!42=@*! 2+4C! ,! :*+*!424!

<2.*+43-! -3M2=@3-! ;6*=73!43+8/*43-! =3! :+E723! 7,! *:*+0*4,=03-! .@,23! 7,!

4C,-!-310,2+*-B!U1*!=3-!72M2*!;6,!0>=@*43-!27*7,!-6<2.2,=0,!:*+*!034*+!.3=0*!7,!

=A-!4,-43-!:3+!*1D64*-!@3+*-!:3+;6,!,1*!=C3!:372*!-,!7*+!*3!16N3!7,!:*D*+!

64*!5*58B!%1E4!72--39!@*/2*! 037*-!*;6,1*-!360+*-!4C,-!*!;6,4!:37,+>*43-!

+,.3++,+!-,!*1D3!7,--,!,++*739!,1*!72M2*B!L*-!=A-!:+,.2-8/*43-!7*!=3--*!4C,B!

OB! &6+*=0,! ,--,! 4,-43! :,+>3739! ;6*=73! <2.36! +,*14,=0,! 4*16.*9!

*4,*V*/*!=3-!5*0,+!<+,;6,=0,4,=0,!.34!64*!.31@,+!7,!:*69!,!*1D64*-!/,M,-!

.64:+26B!

`B!'4*!/,M!,1*!72--,!;6,!,-0*+2*!0673!5,4!:*+*!,1*9!:,+<,20*4,=0,!5,49!

-,!;62-E--,43-!.@*48F1*!:,13!=34,!,4!/,M!7,!.@*48F1*!7,!4C,B!

^B! U1*! :372*! -,+! .*14*! ,! .34! <+,;6S=.2*! 72-0*=0,! 73-! *42D3-B! U1*! 3-!

*4*/*9!:3+E4!3-!4*=02=@*!*!72-0h=.2*B!"C3!*.@3!;6,!,1*!7,2N36! +,*14,=0,!

-*=D6,! E! 4*2-! <3+0,! 73! ;6

5*-0*=0,!12420*7*!,4!:*+,=0,-!7,!-*=D6,!;6,!=C3!43+*/*4!*!;621a4,0+3-!7,!

72-0h=.2*B!U1*!4*=02=@*!64!*+!7,!+,.16-C3!,!:+2/*.27*7,9!:*+02.2:*=73!7,!64*!

.346=27*7,!7,!*42D3-9!4*-!0*45E4!2-31*=73!=3--*!<*4>12*!7,1,-B!k32!:3+!,--*!

!$'"!

+*MC3!;6,!=2=D6E4!*:*+,.,6!;6*=73!,1*!43++,69! ,6!*.@39! *! +*MC3!:3+!;6,!

-,6-! *42D3-!4,! 7,2N*+*4! ,4! :*M! ,4!4,6! 2=,/208/,1! ,N>123B! K343! ,1*! =C3!

4*=02=@*! =,=@64! 7,1,-! 46203! :,+039! =,=@64! 7,1,-! 4,! *:3236B! U1,-! 4,!

;6,+2*4!5,49!4*-!=C3!4,!.3=/27*+*4!:*+*!3! Q*=0*+!7,!%VC3!7,!J+*V*-!36!

12D*+*4!=3!*=2/,+-8+23!7,1*!:*+*!4,!7*+!64!*1a!7,:32-!;6,!,1*!43++,6B!

XB!U1*!,+*!30242-0*!,4!64!D+*6! 2++20*=0,9!7*7*!*!72M,+!.32-*-!,-0G:27*-!

.343d! "C3! -343-! :35+,-! :3+;6,! -343-! +2.3-! ,4! *43+t9! 36!l6*=73! 64*!

:3+0*! -,! <,.@*9! 360+*! -,! *5+,t! #! ;6,! -,4:+,! 4,! 7,2N36! .34! /3=0*7,! 7,!

,-0+*=D618F1*! :3+! +*Mn,-! ;6,! =C3! -,2! 27,=02<2.*+9! 4,-43! ;6*=73! ,1*! ,-0*/*!

43++,=73!,!-,6!30242-43!+8:27*!,!7,-31*7*4,=0,!-,!,N:+,--36!=*!.+,=V*!7,!

;6,!=C3!43++,+2*!7,!<*039!7,-7,!;6,!034*--,!64*!;6*=027*7,!24,=-*!7,!-6.3!

7,!DE+4,=!7,!0+2D3B!

mB!l6*=73!,6!,-0*/*!=3!,=-2=3!4E7239!,1*!=C3!4,!:,+D6=036!3=7,!,6!

D3-0*+2*! 7,! .6+-*+! *! <*.617*7,B!"C3!4,! 1,/36! :*+*! /2-20*+! *-! <*.617*7,-B! U6!

=,4! -*52*! ;6,! *-! :,--3*-! <*M2*4! ,--*-! /2-20*-! *0E! ,=0+*+! =*! <*.617*7,! ,! 3-!

360+3-!4,! .3=0*+,4!;6,! 02=@*4! <,203B!&,2N36!;6,! ,6!7,-.35+2--,!:3+! .3=0*!

:+A:+2*9!4,!.*=727*0*=73!:*+*!64*!G=2.*!<*.617*7,!,4!R0B!)*61!:3+!=,=@64*!

360+*!+*MC3!73!;6,!,1*!:*+,.,+!53=20*!=3!<31@,03!,!<2.*+!*:,=*-!*!0+S-!@3+*-!7,!

72-0h=.2*! 7,! .*++3! 7,! .*-*B! R249! ,6! 7,-.627,2! 64! :36.3! =3! ,=-2=3! 4E7239!

5+2=.*=73!7,!136+*!56++*!:*+*!=C3!-,+!-3.2*14,=0,!@3-0212M*7*!:3+;6,!*!42=@*!

<*4>12*!43+*/*!,4!64*!.*-*!;6,!02=@*!64!5*17,!7,!4,1!.343!5*=@,2+3!,!64!

<3DC3! *! 1,=@*! .343! *;6,.,73+j! ,! 4,6! :*7+*-03! 02=@*! 3! .*5,13! .34:+2739!

64*! D+*=7,! 5*+5*! .,++*7*! ,! 72+2D2*! 64! .*++3! .*2=73! *3-! :,7*V3-! ;6,! ,1,!

0+*=-<3+436! ,4! .*42=@3=,0,! .34! 64!4*V*+2.39! 64*! -,++*! ,1E0+2.*! ,! 64*-!

4*7,2+*-j!,!42=@*!4C,!3:036!:3+!=C3!+*-:*+!,45*2N3!73-!5+*V3-!,!:3+!72M,+!

.32-*-!.343!"*!+,*127*7,9!*.@3!;6,!.*V*+!E!.34,0,+!*--*--2=*03!*3-!4*.@n,-!

13.*2-! *4*=0,-! 7,! *+4*-B!L*-! ,1*! -*52*! ;6,! ,6! ,+*! -,.+,0*4,=0,! 2=0,12D,=0,B!

R*52*!;6,!,+*!2=0,1,.06*14,=0,!.6+23-*9!7,/3+*=73!12/+3-!76+*=0,!3!72*B!U6!4,!

!$'#!

.1*--2<2.*/*! =3-! :,+.,=06*2-!4*2-! *103-! ,4! 0373! 0,-0,! :*7+C3! ;6,! <*M2*9! :*+*!

-6+:+,-*!7,!0373!46=739!4,=3-!7,1*!,!42=@*B!)3+!;6,!,1*!=C3!4,!72--,d!U29!

0*1/,M! /3.S! 7,/,--,! -,! .*=727*0*+! *! Y*+/*+7T! $*1/,M! /3.S! 7,/,--,! -,!

.*=727*0*+!*!Z*1,T!%!:3--252127*7,!7,!Y*+/*+7!,!Z*1,!=C3!:*--36!:,1*!42=@*!

.*5,V*!=*;6,1*!E:3.*B!)*+,.2*4! -,+!6=2/,+-27*7,-! 030*14,=0,! 24*D2=8+2*-B! RA!

4*2-!0*+7,!:,+.,52!;6,!Y*+/*+7!,!Z*1,!,+*4!+,*2-B!U!4,-43!;6,!=*!+,*127*7,!

,1*-! =C3! 4,! *.,20*--,4! ! ,69! @3=,-0*4,=0,9! =C3! ,-0*/*! *:0*! *3-! -,6-!

:*7+n,-! 9!*1D3!7,=0+3!7,!424!<32!7,-0+6>73!:,13! <*03!7,!=6=.*!-,;6,+! 0,+!

-273!.3=-27,+*7*!*!@2:A0,-,!7,!;6,!,6!:37,+2*!0,+!64*!.@*=.,B!

L*-! ,+*! 0*+7,! 7,4*2-! *D3+*9! ,6! -*52*9! ,! 02=@*! *:,=*-! *! 42=@*! 4C,!

43+0*9! +,.16-*9! ,N.,--2/*4,=0,! 30242-0*9! =C3F:+,:*+*73+*F:*+*F*F<*.617*7,9!

,/,=06*14,=0,F*5*=73=*73+*F7,F.+2*=V*-9! <64*=0,F7,F4*.3=@*9! 6-68+2*F7,F

.31@,+F7,F:*69! -2=0*F-,F12/+,F:*+*F4,F.@*4*+F:,13F4,6F=34,! :*+*! .61:*+B! U1*!

02=@*!<+*.*--*73B!U1*!02=@*!<+*.*--*73B!U1*!02=@*!<+*.*--*73!0C3!:+3<6=7*4,=0,!

.342D3B!

k37*F-,!,1*9!:,=-,2!0C3!M*=D*7*!;6,!:*+,2!7,!.*42=@*+B!

U!,=0C3!D+20,2B!",=@64*!18D+24*!-6+D269!-A!64*!-E+2,!7,!6++3-!*103-!;6,!

:,+.3++,+*4!4,6!.3+:3!.34!0*=0*!<3+V*!;6,!,6!=C3!.3=-,D62!<2.*+!,4!:EB!$2/,!

;6,! 4,! .6+/*+9! *Q3,1@*+9! *5+*V*+! 3-! Q3,1@3-! .34! *-! 4C3-9! .34! *! 43.@21*!

:,-*7*!,4!.24*!7,!4249!3!5*-0C3!7,!,-;62!:,=76+*73!*0+8-!7,!424!,!5*0,!=3!

.@C39!037*!*!/27*!27230*!;6,!02/,!-*2=73!:,1*!D*+D*=0*B!

c--3!,+*!,++*73B!U+*!0C3!24:1*.*/,14,=0,!0,++>/,1!;6,!42=@*!4C,!0,=@*!

-273!02+*7*!7,!424B!U6!=C3!:67,!=,4!3728F1*!*7,;6*7*4,=0,B!"C3!.3=-,D62!

.+,-.,+!,!4,!*<*-0*+!7,1*!,!+,.1*4*+!7,1*!:*+*!3-!4,6-!*42D3-!,!.3=<+3=08F1*!

-35+,! *-! .32-*-! ;6,! ,6! D3-0*+2*! ;6,! ,1*! 02/,--,! <,203! 72<,+,=0,! ,! 7,:32-!

,=/,1@,.,+!,!,=0,=7,+!;6,!,1*!02=@*!<,203!3!4,1@3+!;6,!:372*!,!:,+.,5,+!;6,!

3! ;6,! ,1*! <,M! ,+*! 534!7,4*2-! ,! *.31@SF1*! ,4!4,6-! 5+*V3-! =3/*4,=0,B! R6*!

43+0,! 02=@*!7,-0+6>73! 2--3B!U1*!4,!7,-0+626B!U1*!4,! 2=0,++34:,6!=3!*6D,!7*!

!$'$!

42=@*!*++3Dh=.2*! Q6/,=21B! U1*!4,! <3+V36!*!*4*76+,.,+! 2=-0*=0*=,*4,=0,!,! *!

:,+73*+! 037*-! *-! -6*-! <*1@*-! 4*0,+=*2-! *3! 4,-43! 0,4:3! ;6,! 4,! 4*=0,/,!

.+2*=V*! :*+*! -,4:+,9!42=@*! /27*! 0*=03! *.*536! ;6*=03! .34,V36! =,--,! 16D*+!

:+,4*06+3!3=7,!<343-!*5*=73=*7*-B!U1*!,+*!*!42=@*!4C,9!4*-!,6!=C3!02=@*!

4C,B!U-0*/*!:+,-*!*!,1*9!4*-!.34:1,0*4,=0,!-3M2=@*B!U1*!-,+2*!-,4:+,!*!02D,1*!

/*M2*! ;6,! =2=D6E4! :372*! :+,,=.@,+B! U6! 4,-4*! 0,+2*! ;6,! :+,,=.@SF1*!

+,:,027*4,=0,B!

k37*F-,! ,1*9! +,.20,2! ,=;6*=03! 4*+.@*/*! :,13-! ;621a4,0+3-! -,D62=0,-9!

.34!3!+2043!*.,1,+*73!:,1*!+*2/*9!4*-!13D3!7242=6>!3!:*--3!,!:*+,2!:*+*!4,!

-,=0*+!,4!64*!:,7+*B!'4*!.3=.,=0+*VC3!7,!<13+,-!:,;6,=*-!.+,-.2*!*3-!4,6-!

:E-9!*-!:E0*1*-!+3-*!+37,*=73!*-!:,7+*-B!%V*<+C39!:,=-,2B!#!=34,!;6,!-6+D26!

,4!42=@*!4,=0,! :3+;6,!42=@*!4C,! *! .@*4*/*! *--24B! U--*-!4,-4*-! <13+,-!

.+,-.2*4!=*!0,++*!3=7,!02=@*!,-:*1@*73!-6*-!.2=M*-B!U6!4,!,-02;6,2!,!03;6,2!*-!

:E0*1*-!7,!64*!7,1*-9!-,=02=73!;6,!42=@*!+*2/*!,-.3*/*!73!4,6!.3+:3B!

l6*=73! 4,! 1,/*=0,2! ,! +,.34,.,2! *! *=7*+9! =C3! -,=02! =,=@64!

+,--,=024,=03! :3+!42=@*!4C,B! %! /,+7*7,! ,+*! ;6,9! *:,-*+! 7,! 0673! 2--39! ,1*!

02=@*! -273! 64*!4C,! ,-:,0*.61*+B! U6! -*52*! 72--3! ,=;6*=03! ,-0*/*! .+,-.,=73B!

R*52*!72--3!=3-!72*-! ,4!;6,!,1*! ,-0*/*!43++,=73B! R*52*!72--3!*D3+*B! U! -*52*!

;6,!2--3!,+*!,-:,.2*1B!l6,!2--3!,+*!46203!,-:,.2*1B!U6!02=@*!46203-!*42D3-!;6,!

02=@*4!4C,-!;6,9! *!7,-:,203!7,!;6*=03! /2/,+*49!=6=.*! 1@,-! 7,+*4!3! *43+!

2=.3=72.23=*1!;6,!42=@*!4C,!4,!7,6B!L2=@*!4C,!*.@*/*!;6,!3!*43+!,+*!*!

-6*! 4*23+! .3=;62-0*B! k32! =3! ;6,! ,1*! -,! *:3236! ;6*=73! ,=0,=7,6! ;6,!

+,*14,=0,!43++,+2*9! ,! 13D39!3!;6,! 03+=36!42=24*4,=0,! -6:3+08/,1! :*+*! ,1*!

7,2N*+!*!4249!g*+,=!,!I,2<!-3M2=@3-B!

!U6!7,2!0673!*!/3.S-! !2=-2-026!+,:,027*-!/,M,-!,4!-,6-!G10243-!72*-B!

!R24! !.3=.3+7,2B!

!$'%!

U1*!7,69!,+*!/,+7*7,B!U1*!7,6B!U1*!7,6B!U1*!=3-!0+*036!.34!/,13.27*7,!

4*0,+=*1! 48N24*B! U1*! =C3! ,.3=342M36! =*7*9! =,4! 64*! G=2.*! D30*! 7,! -,6!

*43+B!

!b36!-,4:+,!,-0*+!.34!/3.S-9!=C3!24:3+0*!3!;6S! !,1*!72--,B!

!R24! !+,-:3=729!*<*D*=73!-,6!5+*V3!4*.23B!

l6*=73!<2.36!0C3!73,=0,!;6,!:,+.,5,43-!;6,!,1*!+,*14,=0,!43++,+2*9!

;6*=73!,-08/*43-!=*!+,0*!<2=*1!:*+*!3!2=<,+=39!;6*=73!Q8!0>=@*43-!:*+*73!7,!

:,=-*+! ;6,! ;6*1;6,+! ;6*=027*7,! 7,! -6.3! 7,! DE+4,=! 7,! 0+2D3! *! -*1/*+2*9!

:,+D6=0,2!3!;6,!,1*!;6,+2*!;6,!<3--,!<,203!.34!-,6!.3+:39!.+,4*VC3!36!,=0,++39!

,453+*!,1*!4,!31@*--,!.343!-,!,6!,-02/,--,!<*1*=73!@31*=7S-B!

!U6!;6,+3!;6,! 0673!3!;6,!:3--*! -,+!73*73!-,Q*!73*73! !,1*!72--,!

7,:32-!7,!64!0,4:3B! !L,6-!A+DC3-9!;6,+3!72M,+B!&,2N,!;6,!:,D6,4!037*-!

*-!:*+0,-!;6,!:3--*4!6-*+B!

!#[! !,6!72--,B!k32!*! .32-*!4*2-!,-0+*=@*!7,!.3=-27,+*+9! -*5,+!;6,!

=C3!,-08/*43-!<*M,=73!:1*=3-! 24:3--2/,14,=0,!72-0*=0,-j! 24*D2=*+!:*+0,-!7,!

42=@*!4C,!/2/*-!=3!.3+:3!7,!*1D64*!360+*!:,--3*B! !L*-!,!7,:32-T! !2=-2-029!

:+*02.*4,=0,! 3<,D*=0,! 7,! -3<+24,=03B! U6! 02=@*! ;6,! -*5,+B! (,.*2+2*! -35+,!

424B! !#!;6,!/3.S!;6,+!<*M,+!.34BBB!3!;6,BBB!-35+*+B!b3.S!;6,+!-,+!,=0,++*7*!

36!.+,4*7*T!

!U6!=C3!12D3! !,1*!72--,B!

!q!.1*+3!;6,!/3.S!-,!24:3+0*! !+,-:3=72B!

!U6!+,*14,=0,!=C3!4,!24:3+03B!k*V*!3!;6,!*.@*+!4,1@3+B!k*V*!3!;6,!

<3+!4*2-!5*+*03B!

!"C3! ! 2=-2-02B! !b3.S!:+,.2-*!4,!72M,+B!l6,+3! -*5,+!3!;6,!/3.S!

;6,+!;6,!,6!<*V*B! !%!27,2*!7,!;6,!*!7,.2-C3!-,+2*!42=@*!4,!*:*/3+*/*B!

! %29! K@,+o1! ! ,1*! 72--,9! ,N*6-0*! :3+! 42=@*! .61:*9! =3--3-! 31@3-! -,!

,=.3=0+*=73! ,4! 64*! 0+ED6*! 73! -3<+24,=03B! K*7*! /,M! ;6,! ,6! ;6,+2*!

!$'&!

,-0+*=D618F1*!:3+!.*6-*!7,!-,6!30242-43!,N*D,+*739!,1*!;6,+2*!4,!,-0+*=D61*+!

:3+;6,!,6!=6=.*!+,1,/*/*B!

!K+,4*7*! !,1*!72--,!<2=*14,=0,B! !L,!0+*=-<3+4,!,4!.2=M*-B!

U!*--24! <2M,43-9!,453+*!*-!.2=M*-!7,! -,6!.3+:3!=C3! <3--,4!3!;6,!,6!

,-:,+*/*B!

U1*-! =C3! ,+*4! .343! *-! .2=M*-! 7,! 64*! <3D6,2+*9! -6*/,-! ,! <2=*-! .343!

*+,2*B!U+*4!.343!-,2N3-!.1*+3-!42-06+*73-!.34!64!.*-.*1@3!.2=M*!D+*=61*73B!

%1D6=-! :,7*V3-! ,+*4! 0C3! D+*=7,-! ;6,! ,6! :372*! /,+! .1*+*4,=0,! ;6,! 64!72*!

<3+*4!3--3-B!%! .*2N*!;6,!3!@34,4!7*! <6=,+8+2*!4,!7,6! ,+*! ,-0+*=@*4,=0,!

,=7,+,V*7*!?!4*4C,B!U6!*!0+36N,!:*+*!.*-*!,!*!.313;6,2!=3!*+48+23!,45*2N3!

7*!.+2-0*1,2+*!*=02D*!3=7,!,1*!D6*+7*/*! -6*-!.32-*-!4*2-! 1,D*2-B!U+*! Q6=@3B!U1*!

<2.36!18!*0E!3!72*!\P!7,!*D3-039!.343!*!18:27,!;6,!4*=7*43-!<*M,+!:*+*!,1*9!

;6,! .@,D36! =*!4,-4*! -,4*=*! ;6,! *-! .2=M*-B! U1*! <2.36! =*! -*1*! 7,! ,-0*+9! =*!

1*0,+*19! 64*! /2-C3! :+3/*/,14,=0,! :,+06+5*73+*! :*+*! 3-! /2-20*=0,-9! 4*-!

+,.3=<3+0*=0,! :*+*! 424B! %! :,7+*! ,+*! 64*! *+7A-2*! .2=M*9! .34! *-! 1,0+*-!

,=0*1@*7*-!,4!5+*=.3B!$+*M2*4!-,6!=34,9!*-!7*0*-!7,!=*-.24,=03!,!43+0,!,!*!

<+*-,!;6,!,1*!=3-!72--,! +,:,027*-!/,M,-!;6*=73! <2.36!73,=0,!,!43++,6d!U-036!

-,4:+,!.34!/3.S-B!

U1*! ;6,+2*! ;6,! =3-! 1,45+8--,43-! 72--39! ,! ,6! 1,45+*/*B! U+*! .343! -,!

,-02/,--,! -,4:+,! .342D39! :,13! 4,=3-! 4,0*<3+2.*4,=0,B! U9! 7,! .,+0*! <3+4*9!

0*45E4!,+*!120,+*1B!l6*=73!<2=*14,=0,!.313.*43-!*!18:27,!,!,-:*1@*43-!-6*-!

.2=M*-!=*!0,++*9!,6!=C3!,-:*1@,2!0673B!L*=02/,!3-!:,7*V3-!4*23+,-!,4!42=@*!

4C3B!U!<2;6,2!64!534!0,4:3!-,4!.3=-,D62+!-3108F13-!=*!0,++*B!U6!=C3!3-!-310,2B!

"6=.*!3!<*+2*B!

K313;6,2! -,6-! 3--3-! .+,4*73-! 7,=0+3! 7*! 42=@*! 53.*! ,! 3-! ,=D312!

2=0,2+3-B!

!$''!

"*! =320,! 73! ;62=;6*DE-243! *=2/,+-8+23! 7*! 42=@*! 4C,9! ,6! *! *4,2!

=3/*4,=0,9! ,453+*! *2=7*! =C3! -6:3+0*--,! :,+4202+! ;6,! *-! 4G-2.*-! 7,! e67o!

K3112=-!4,! /2,--,4! ?! .*5,V*B! U-0*/*! <+239!4*-! =C3! 0C3! <+23! ;6*=03! =*! =320,!

*=0,+23+B! U6! 4,! -,=0,2! *D*-*1@*7*! =*! 5*++*.*9! 6-*=73! 16/*-! ,! 1,=73! *-!

:+24,2+*-!:8D2=*-!73!=3/3!12/+39!$@,!f,-0!%4,+2.*=!U--*o-!\]]\!w#-!4,1@3+,-!

,=-*23-! *4,+2.*=3-! \]]\xB! "3+4*14,=0,! ,-:,+*/*! *! 4*=@C! -,D62=0,! :*+*!

;6,24*+!*-!:8D2=*-!127*-!=*!=320,!*=0,+23+9!4*-!=,--*!=320,9!;6*=73!*.*5,2!7,!

1,+9! ,=D*02=@,2! :*+*! <3+*! 7*! 5*++*.*! ,! <2M! 64*! <3D6,2+*! .34! *-! :8D2=*-! ;6,!

02=@*! 1273B! U=;6*=03!31@*/*! *-! :8D2=*-! ;6,24*=739! 72--,! 3! =34,!7,!42=@*!

4C,!,4!/3M!*10*!.343!-,!<3--,!64*!@34,=*D,4!*!,1*B!R,6!=34,!,+*!f*+5*+*9!

4*-!,1*!,+*!.@*4*7*!7,!f35529!,=0C3!,--,!<32!3!=34,!;6,!<*1,2B!k*1*+!f3552!

,4!/,M!7,!4C,!<32!.343!64*!+,/,1*VC39!.343!-,!<3--,!*!:+24,2+*!/,M!;6,!,6!

+,*14,=0,!,=0,=72!;6,!,1*!,+*!*!42=@*!4C,9!4*-!0*45E4!,+*!4*2-!73!;6,!2--3B!

l6*=73! ,1*!43++,69! ,6!:,+72! 2--3! 0*45E49! *!f35529! *!461@,+! ;6,! ,N2-02*! ?!

:*+0,! 7,! ;6,4! ,1*! ,+*! :*+*! 424B! U1*! :*+,.2*! /2+! *0E! 424! *D3+*9! *! <3+V*!

.34:1,0*!:,+<,20*!,! 24:,+<,20*!7,!-6*!@64*=27*7,9!.343!-,!*!-6*!/27*! <3--,!

64! .34:12.*73! 46+*1! :2=0*73! ,! ,6! :67,--,! :3+! <24! ,=N,+D8F13!

.34:1,0*4,=0,B!l6,4!,1*!<32!:*+*!424!,!;6,4!,1*!=C3!02=@*!-273B!K343!,+*!

,1*! <*M,+! :*+0,! 7,! 424! 0C3! :+3<6=7*4,=0,9! ,! .343! ,+*! =C3! <*M,+! :*+0,!

0*45E4B!

f3552!=C3!0,/,!-,6!G10243!7,-,Q3!*0,=72739!7,!;6,!-,6-!A+DC3-!<3--,4!

6-*73-! :*+*! *Q67*+! 360+*-! :,--3*-9! 36! :,13! 4,=3-! =C3! =*! ,N0,=-C3! ;6,!

,-:,+*/*B!l6*=73!43++,69!,-0*/*!7,/*-0*7*!:,13!.h=.,+!,!:,1*!43+<2=*9! -,6!

.3+:3!7,!`^!*=3-9!64*!.32-*!0AN2.*B!"3!<249!:67,+*4!6-*+!*:,=*-!*-!.A+=,*-B!

U6!-*52*!;6,!,--*!:*+0,!73!31@3!,+*!=*7*!*1E4!7,!64*!4,45+*=*!0+*=-:*+,=0,9!

4*-! ;6*=73! :,=-,2! =3! ;6,! 42=@*! 4C,! 02=@*! 7*739! =C3! :,=-,2! =2--3! 7,--*!

4*=,2+*B!),=-,2!,4!-,6-!2=.+>/,2-!31@3-!*M62-9!31@3-!*M62-!/2/,=73!=3!+3-03!7,!

360+*!:,--3*B!%1D6=-!4,-,-!*:A-!*!43+0,!7,!42=@*!4C,9!+,.,5,43-!64*!.*+0*!

!$'(!

7,! *D+*7,.24,=03! 7,! 64*! <6=7*VC3! ;6,! <*.212036! *! 73*VC3B! &,/273! *! -6*!

D,=,+3-27*7,! 64*! :,--3*! :372*! ,=N,+D*+9! *! .*+0*! 72M2*B! k2;6,2! 136.*! 7,!

/3=0*7,!7,!.3=@,.,+!*!:,--3*!,!31@*+!,4!-,6-!31@3-B!U1,!36!,1*!=C3!:+,.2-*+2*!

72M,+!=*7*B!$673!3!;6,!,6!;6,+2*!,+*!;6,!,--*!:,--3*!4,!31@*--,B!I2D6,2!:*+*!

3!0,1,<3=,!;6,!,-0*/*!=*!.*+0*!:*+*!:,+D6=0*+9!4*-!<62!+*:27*4,=0,!+,.@*V*7*B!

%! .3=<27,=.2*127*7,! ,+*! 7,! 48N24*! 24:3+0h=.2*9! 4,! 72--,+*4B! UN2-02*4! 3-!

72+,203-!73!+,.,:03+B!

!J3-0*+2*!7,!1@,!,N:12.*+!-35+,!*!=*06+,M*!7*!73*VC3!7,!-6*!4C,! !*!

461@,+! =3! 0,1,<3=,! 72--,! ,4! 64*! /3M! :*.2,=0,! ,! +,.3=<3+0*=0,! ;6,! 4,!

1,45+36! 3-! 2=G4,+3-! .3=-,1@,2+3-9! /316=08+23-! @3-:20*1*+,-9! ,=<,+4,2+*-9!

4E72.3-!,!*D,=0,-!<6=,+8+23-!;6,!4,!:+3.6+*+*4!=*-!-,4*=*-!76+*=0,!*-!;6*2-!

42=@*!4C,! ,-0*/*!43++,=73! ,! =3-!72*-! *:A-! -6*!43+0,B!'4*!/3M! .@,2*! 7,!

.34:*2NC3! 2=0,=.23=*19!;6*-,!,N*D,+*7*9!;6,! 0*45E4!.346=2.*/*!;6,!=2--3!

,6! ,-0*/*! 2=0,2+*4,=0,! -3M2=@*B! ! "C3! <32! 3! 31@3! 2=0,2+3! ;6,! <32!

0+*=-:1*=0*73! !*!461@,+!,N:12.36! 9!,!-24!*!.A+=,*9!;6,!EBBB!

!R,2!3!;6,!E!*!.A+=,*! !2=0,++34:2B! !%2=7*!*--24!D3-0*+2*!7,!-*5,+!

;6,4!E!,--*!:,--3*B!&,!.3=@,.,+!,1,!36!,1*! -,!:3-->/,1B!%.@3!;6,!/3.S-!4,!

7,/,4!2--3B!

&,-12D6,2!3!0,1,<3=,!7342=*7*!:,13!-3<+24,=039!4*-!*!:,;6,=*!,--S=.2*!

7,!:3=7,+*VC3!;6,!*2=7*!/2/2*!7,=0+3!7,!424!-*52*!;6,!*!461@,+!,-0*/*!.,+0*B!

L2=@*!4C,!=C3!,-0*/*! 18B! R,6-!31@3-! *M62-! 02=@*4! 273! ,453+*B!"6=.*!4*2-!

31@*+2*!:*+*!,1,-B!

l6*=73!*-!.@*4*-!7*-!:8D2=*-!;6,!;6,24,2!-,!*:*D*+*4!,!4,!1,/*=0,2!

:*+*!/310*+!?!5*++*.*9!3!-34!7,!1*0273-!,!62/3-!*103-!,!<+,=E02.3-!.@,D*+*4!*!

424!/2=73-!73! 1,-0,! !64*!4*021@*!7,!.3230,-B!#6/2!,--,! -34!=3!=3+0,!7,!

L2==,-30*!0*=0*-!/,M,-!;6,!=C3!4,!*--6-036B!U1,!4,!1,45+*/*!7*!42=@*!.*-*B!

#1@,2! :*+*! 3! .E69! ,-0+,1*-! 4*D=><2.*-! :3+! 0373! 1*739! 0C3! 5+21@*=0,-! ,4!

.3=0+*-0,! .34! 3! ,-.6+3B! U6! 0+,42*9! -*5,=73! ;6,! 02=@*! -3+0,! 7,! ,-0*+! *;629!

!$')!

:,+.,5,=73!;6,!,-0*/*!53=203!7,4*2-!:*+*!/310*+!*D3+*!:*+*!*!5*++*.*B!#=7,!

,-0*+2*!7*;62!*!64!4S-T!)*+,.2*!24:3-->/,1!;6,!,6!=C3!,-02/,--,!=*!0+21@*9!4*-!

,+*!/,+7*7,B!)+3/*/,14,=0,!,-0*+2*!,4!)3+01*=79!5*-2.*4,=0,!:3+;6,!,-0*/*!

<*127*B!%2=7*!02=@*!64!:36.3!7,!72=@,2+3!;6,!-35+36!7,!%-@1*=79!4*-!=*7*!

;6,!=C3!<3--,!*.*5*+!*=0,-!7,!,6!.@,D*+!?!)3=0,!73-!&,6-,-B!

&,2N,2! ;6,! )3+01*=7! -6+D2--,! ,4! 42=@*! 4,=0,! *3! 13=D3! 73-! 72*-9! ?!

4,727*! ;6,! :*--,2! :,1*! +,-,+/*! R[o! I*[,-! ,! :,13! 7,-,+03! 73! #+,D3=9! 64*!

:1*=>.2,!*10*!,!:3,2+,=0*!7,!:2=@,2+3-!:2=6-!.3=03+0*9!;6,!3!D62*!,N:12.*/*!0,+!

-273!3.6:*7*!:3+!1*D3-!,!+2*.@3-9!*=0,-!7,!-,+,4!-30,++*73-!:,1*-!03=,1*7*-!7,!

1*/*! ,! .2=M*! ;6,! .*>+*4! ;6*=73! 3!43=0,!L*M*4*! ,=0+36! ,4! ,+6:VC3B! U+*!

.,73!7,!64!-85*73!;6*=73!.@,D6,2!*3!)*+;6,!"*.23=*1!7,!K+*0,+!I*[,B!"C3!

7*/*! :*+*! /,+! 3! 1*D3B! U6! 02=@*! .@,D*73! ,4! /,M! 72--3! ?! 8+,*! 7,! .*4:2=D9!

72-0*=0,!\\!;621a4,0+3-!7*!4*+D,4!73!1*D3B!

%!8+,*!73!.*4:2=D!=C3!,+*!*:,=*-!64!.*4:2=DB!U+*!64!,=136;6,.273!

.34:1,N3!06+>-02.3!;6,!2=.16>*!64!,-0*.23=*4,=039!64*!13Q*9!64!430,19!64*!

:,;6,=*! 1*/*=7,+2*! *6034802.*! ,! 3! ;6,! :*+,.2*4! -,+! 0+,M,=0*-! :,--3*-!

+,12D*=73!-,6-!4303+,-!,!03.*=73!5,4!*103!-,6-!+8723-9!5,5,=73!+6273-*4,=0,!

-6*-! 5,527*-! ,4! D2D*=0,-! .3:3-! 7,! :*:,1! .34! .*=673-! ,! .34,=73! D+*=7,-!

-*.3-! 7,! 5*0*0*! <+20*! ;6,! .34:+*+*4! =*! 13Q*B! %! .,=*! *3!4,-43! 0,4:3!4,!

<*-.2=36! ,! 4,! *:*/3+36B! R,! =C3! -365,--,! :3+! ,N:,+2S=.2*! :+A:+2*9! =C3!

*.+,720*+2*!;6,!,+*!:3-->/,1!*=7*+!`__!4,0+3-!,4!;6*1;6,+!72+,VC3!,!,-0*+!,4!

64! 46=73! 030*14,=0,! 72<,+,=0,B! %.*4:,2! 18! *;6,1*! =320,9! 034*=73! 64!

5*=@3!*5,=V3*73!=3!5*=@,2+3!,!=*!4*=@C!-,D62=0,!<62!*0E!3!1*D3!K+*0,+B!

#!D62*!*.,+036d!*!:+24,2+*!/2-C3!,+*!7,!7,-.+,=V*B!%!-6:,+<>.2,!7*!8D6*!

<2.*/*!Wm`!4,0+3-!*5*2N3!7,!3=7,!,6!,-0*/*!=*!53+7*!+3.@3-*!*!WB\X`!4,0+3-!

7,! *102067,B!#! .>+.613! 2++,D61*+! 73! 1*D3! -,! ,-0,=72*! *5*2N3! 7,!424! =3! *M61!

610+*4*+2=@3! 4*2-! 124:3! ,! 2=*.+,7208/,1! ;6,! Q8! 02=@*! /2-03B! U+*4!

*:+3N24*7*4,=0,! \_! ;621a4,0+3-! 7,! 72h4,0+39! 3! *M61! 2=0,++34:273! *:,=*-!

!$'*!

:,13!03:3!7,!64!:,;6,=3!/61.C39!i2M*+7! c-1*=79!;6,!-,!,1,/*!*!W\O!4,0+3-!

:2=@,2+3-! 03+.273-! ,4! <3+4*03! 7,! +*53!7,! +*:3-*B! U4! D+*=7,!:*+0,! 8+27*! ,!

-2=63-*9! *! 53+7*! ;6,! .3=03+=*/*! 3! 1*D3! ,+*! :3/3*7*! .34! ,--,-! 4,-43-!

:2=@,2+3-!,!02=@*!*3!<6=73!43=0*=@*-!72-0*=0,-B!

!K343!3!1*D3!E!0C3!124:3!,!:+3<6=739!*5-3+/,!.*7*!034!/2->/,1!7*!

16M!.34!,N.,VC3!73!*M61j!,=0C3!,1,!+,<1,0,!3!*M61!7,!/310*!:*+*!=A-! !72--,!

64*!,-0+*=@*!;6,!,-0*/*!*3!4,6! 1*739! +,-:3=7,=73!?!;6,-0C3!;6,!,6! 02=@*!

;6*-,!<*1*73!,4!/3M!*10*!,4!4,6!SN0*-,B!

!#5+2D*7*! !,6!72--,!*!,1*B!K343!*!8D6*!,+*!0C3!:+3<6=7*!,!124:*9!

*5-3+/2*! 037*! .3+! /2->/,1! *! =C3! -,+! 3! *M61j! :*+,.2*! -,+! 64*! ,N:12.*VC3!

:,+<,20*4,=0,! 1,D>024*! ,! .2,=0><2.*9! ,! *2=7*! *--24! @*/2*! *1D3! -35+,! 3! 1*D3!

K+*0,+!;6,!:,+4*=,.2*!2=,N:12.8/,1B!%!0+253!g1*4*0@!*2=7*!3!.3=-27,+*/*!64!

13.*1!-*D+*739!,!,6!:372*!,=0,=7,+!*!+*MC3B!"C3!02=@*!7G/27*!-35+,!2--3B!"C3!

24:3+0*/*!;6,!*3!4,6!+,73+!,-02/,--,4!06+2-0*-!02+*=73!<303D+*<2*-!,!:*--*=73!

1,=0*4,=0,!.34!-,6-!.*++3-B!)372*!-,=02+!*!<3+V*!73!1*D3B!)*+,.2*!64!.@3;6,!

=3! 4,23! 7,--,! ,=3+4,! 0,++20A+23d! 2=/2318/,19! 2-31*73! ,! -3M2=@39! .343! -,!

-,4:+,! 02/,--,! ,-0*73! ,! -,4:+,! <3--,! ,-0*+! *;629! *5-3+/,=73! 037*-! *-! .3+,-!

/2->/,2-!7*!16M9!4,=3-!3!*M61B!

$2+,2!*1D64*-!<303D+*<2*-!,!.*42=@,2!*3!13=D3!7*!53+7*!73!1*D3!:,+03!

7,! 64! :,;6,=3! .3=Q6=03! 7,! :+E723-! ;6,! @*/2*4! -273! .3=-0+6>73-! :*+*!

@3-:,7*+! 3-! 06+2-0*-B! U6! =C3! 02=@*! 360+*! 3:VC3! *! =C3! -,+! :*--*+! 3! 72*! *129!

:3+;6,! ,+*! 7342=D3! ,! *! *DS=.2*! 7,! .3++,23! 73! :*+;6,! ,-0*/*! <,.@*7*j! -A!

:37,+2*!:,D*+! *! .*2N*!=3!72*! -,D62=0,B! U-0*/*!,=-31*+*73!,! ,=<24!,-;6,=036!

=3/*4,=0,j! ,=;6*=03! .*42=@*/*9! :,=-,2! ;6,! -,! 02/,--,!4*=0273! *! D+*/27,M!

;6,!-365,!=*;6,1,!;6*+03!7,!@30,1!,4!R236N!k*11-!=*!=320,!*=0,+23+!?!7,.2-C3!

7,!<*M,+!*!.*42=@*7*!=*!)K$9!,6!,-0*+2*!7*=73!?! 16M!64!5,5S!:3+!*D3+*B!%!

-,4*=*!73!*=2/,+-8+23!7*!42=@*!4C,!-,+2*!*!7*0*!:+3/8/,1!73!4,6!:*+03B!%!

!$(+!

7,/*-0*73+*!.32=.27S=.2*!7,--*-!7*0*-!<32!.343!64!-3.3!=3!,-0a4*D3!=*;6,1,!

434,=039!4*-! =C3! :+3/3.36! =,=@64*! @,-20*VC3! ,4!42=@*! 7,.2-C3! 7,! 0,+!

<,203!64!*53+03B!%:,=*-!4,!<,M!:,72+!*3!6=2/,+-3!;6,!4,!7,--,!360+*!.@*=.,B!

l6,!4,!:,+4202--,!4,!03+=*+!;6,4!,6!:+,.2-*/*!-,+!*=0,-!7,!4,!03+=*+!4C,d!

64*!461@,+!.6Q*!/27*!<3--,!030*14,=0,!72<,+,=0,!7*!;6,!42=@*!4C,!@*/2*!0273B!

)3+! 4*2-! ;6,! ,6! *4*--,! ,! *742+*--,! *! 42=@*! 4C,9! :*--,2! *! 2=<h=.2*!

:1*=,Q*=73!=C3!-,+!.343!,1*B!R*52*!:3+!;6,!,1*!02=@*!-,!.*-*73!.34!4,6!:*2!

*3-! \]!*=3-9!D+8/27*!,!*:,=*-!64!:36;62=@3!*:*2N3=*7*B!U--*!,+*!64*!7*-!

@2-0A+2*-! ;6,! ,6! *! <2M! 4,! .3=0*+! ;6*=73! =C3! :*+*/*! 7,! :,+D6=0*+! ,! ,1*!

5*1*=V*/*!*!.*5,V*!,!72M2*d!)3+!;6,!/3.S!;6,+!-*5,+T!),+D6=0,2!0*=03!;6,!,1*!

:3+!<24!.,7,6B!l6*=73!-365,!;6,!,-0*/*!D+8/27*9!*=*12-36!76*-!3:Vn,-d!<*M,+!

64!*53+03!21,D*1!,4!&,=/,+!36!-,!,-.3=7,+!,4!64*!.27*7,!72-0*=0,!76+*=0,!*!

D+*/27,M9!7,:32-!7,2N*+!42=@*!2+4C!.34!-6*!4C,9!;6,!02=@*!-,!3<,+,.273!:*+*!

.+2*+!3!5,5S!.343!-,!<3--,!-,6B!L*-!4*4C,!=C3!<,M!=,=@64*!7*-!76*-!.32-*-B!

&,.2726!0,+!3!5,5S!,!-,!.*-36!.34!4,6!:*2B!U!03+=36F-,!4C,!7,!g*+,=9!7,:32-!

42=@*!4C,!,!4C,!7,!I,2<B!

"3--*!4C,B!

!"6=.*!,-02/,!=3!.34*=73!7,!42=@*!:+A:+2*!/27*! !,1*!-,!1*4,=036!

.342D3!64*!/,M9!72*-!7,:32-!;6,!-365,!;6,!2*!43++,+B! !R,4:+,!<2M!3!;6,!3-!

360+3-! ;6,+2*4! ;6,! ,6! <2M,--,B! R,4:+,! <62! *! <21@*! 7,! *1D6E49! *! 4C,! 36! *!

461@,+B!"6=.*!<62!*:,=*-!,6B!

!%29!4C,! !<32!0673!3!;6,!:67,!72M,+!,=;6*=03!*<*D*/*!-6*!4C3B!

U6!,+*!Q3/,4!7,4*2-!:*+*!72M,+!;6*1;6,+!360+*!.32-*B!

%3!4,23F72*!<62!?!1*=.@3=,0,!,4!64!73-!:+E723-!:+AN243-!,!*143.,2B!

L*2-! 0*+7,9!.*42=@,2!:,13!,-0*.23=*4,=03!*0E!3!K+*0,+!I*[,!I37D,!,!:*--,,2!

:,1*!+,.,:VC3!,1,D*=0,4,=0,!+G-02.*!.34!*!L3=-0+*!=*-!.3-0*-9!:*+*=73!:*+*!

,-:2*+!3!-*1C3!73!+,-0*6+*=0,B!Y*/2*!64!:,;6,=3!=G4,+3!7,!:,--3*-!-,=0*7*-!

=*-!4,-*-9!D+6:3-!+,;62=0*73-!-,D6+*=73!0*V*-!7,!.@*+73==*o!,!7,!:2=30!D+2-!

!$("!

.343! Q32*-! *4*+,1*-F.1*+*-B! R*>! :,1*! D+*=7,! /*+*=7*! ;6,! 7*/*! :*+*! 3! 1*D39!

*=7,2!*3!13=D3!7,!64*!<21,2+*!7,!.*7,2+*-!7,!5*1*=V3!,=3+4,-!,!,=.3=0+,2!64*!

;6,!,-0*/*!5*1*=V*=73!-3M2=@*B!

R,=0,2!=,1*!:,13!+,-03!7*!0*+7,9!31@*=73!:*+*!3!1*D3B!%2=7*!02=@*!^OP!

;621a4,0+3-! 7,! .*42=@*7*! *0E! *! )3=0,! 73-! &,6-,-9! 4*-! *1D3! 4,! <,M! -,=02+!

.343! -,! 02/,--,! .@,D*73B! K343! -,! *;6,1*! 8D6*! *M61! ,-02/,--,! 4,! 72M,=73!

*1D64*!.32-*!;6,!02=@*!*=7*73!0373!,--,!.*42=@3!:*+*!7,-.35+2+B!

c--3! Q8! <32! 3! L*M*4*9! <2.*/*! 1,45+*=73! *! 424! 4,-4*B! e8! <32! 64*!

43=0*=@*!;6,!02=@*!;6*-,!OBX^m!4,0+3-!7,!*106+*!,!7,:32-!0,/,!-,6!.3+*VC3!

+,43/273B! e8! <32! 64*! 0,++*!7,/*-0*7*!:3+! 1*/*9!:,7+*F:34,-!,! .2=M*B! e8! <32!

64*!.+*0,+*!/*M2*!;6,! 1,/36!.,=0,=*-!7,!*=3-!:*+*! -,+!:+,,=.@27*B!L*-!:3+!

4*2-! ;6,! ,6! 0,=0*--,9! =C3! .3=-,D62*! /SF1*-! ,4! 42=@*! 24*D2=*VC3B! ",4! *!

43=0*=@*9!=,4!*! 0,++*!7,/*-0*7*!36!*! .+*0,+*!/*M2*B!U1*-! -24:1,-4,=0,!=C3!

,-0*/*4!4*2-!18B!Y*/2*!*:,=*-!*!24352127*7,!,!3!-21S=.23!7*;6,1*!8D6*d!3!;6,!

*!43=0*=@*9!*!0,++*!7,/*-0*7*!,!*!.+*0,+*!/*M2*!-,!03+=*+*4!7,:32-!;6,!*!.6+*!

.34,V36B!

!$(#!

!

JR&&O5&S(-5)/-"15&!

!

#!#+,D3=! ,+*! 64! Q3D3! 7,! *4*+,12=@*! ,4!42=@*!4,=0,B! U6! :61*/*9!

D2+*/*!,! -*10*/*!,4!42=@*! 24*D2=*VC3!76+*=0,!0373!3!.*42=@3!,=0+,!3! 1*D3!

K+*0,+!,!*!)*+0,!73-!&,6-,-B!K,=03!,!0+2=0*!,!-,0,!;621a4,0+3-!*0E!*!:+AN24*!

.*2N*! ,4! 64! 16D*+! .@*4*73! R@,10,+! K3/,! (,-3+0B! &6M,=03-! ,! 0+2=0*!

;621a4,0+3-!*!4*2-!:*+*!*!G1024*!.*2N*!,4!#1*112,B!&,:32-!,6!,=0+*+2*!=*!+,0*!

<2=*1!*0E!3!+23!K316452*d!\m\!;621a4,0+3-!*0E!*!.27*7,!7,!K*-.*7,!I3.[-9!.34!

64*!:*+*7*!:*+*!64!:60*F4,+7*F=C3F*.+,7203F;6,F,-036F;6*-,F18!7+2=;6,!=3!

$245,+12=,!I37D,9!=3!43=0,!Y3379!=3!4,23!7*!+,0*!<2=*1B!

L*-!2--3!*2=7*!-34*/*!^OP!;621a4,0+3-!?!.*42=@*7*B!

#! 1,D*19! +*:27*4,=0,! ,=0,=729! ,+*! ;6,! =C3! 24:3+0*/*! 3! ;6,!

*.3=0,.,--,! =,--,-! ^OP! ;621a4,0+3-j! @*/,+2*! <+60*-! -21/,-0+,-! *3! 13=D3! 73!

.*42=@3B!Y6.[1,5,++2,-9!42+02139! -*143=5,++2,-!,!*43+*9! 037*-!,1*-!=3!:3=03!

:*+*! -,+,4! .31@27*-! 76+*=0,! ;621a4,0+3-! *3! 13=D3! 7*! 0+21@*B! U6! /*++2*! 3-!

*+56-03-! .34! *-! 4C3-! ,=;6*=03! *=7*/*9! ?-! /,M,-! :*+*=73! :*+*! ,=.@,+! 3!

.@*:E69! ?! 4,727*! ;6,! .*42=@*/*! 7,-:+,3.6:*7*4,=0,! *0+*/E-! 73! 43=0,!

$@2,1-,=!,!7*!+,-,+/*!&2*43=7!),*[B!

k*M2*! <+23B!k*M2*! .*13+B!%!:,1,! .*-.*F7,F8+/3+,FD*12=@*F43+0*F7,:,=*7*!

73-!4,6-!;6*7+2-!D*=@36!4*2-!64*!.*4*7*B!L,6-!:E-!:*+*+*4!7,!-*=D+*+!,!

7,! .+2*+! 531@*-9! 4*-! *2=7*! 73>*4! 7,4*2-B! U4! *1D6=-! 72*-! .*42=@,2! :36.*-!

@3+*-9!<*M,=73!-A!\\!36!\W!;621a4,0+3-9!,4!64*!0,=0*02/*!7,!*12/2*+!*!73+9!4*-!

2--3! *Q6736! :36.3B! U1,-! 73>*4! 7,!4*=,2+*! *5-6+7*B! s-! /,M,-9! .3=<3+4,! ,6!

.*42=@*/*9!*!-,=-*VC3!,+*!7,!;6,!=*!+,*127*7,!,-0*/*4!;6,5+*73-9!.343!-,!

:+,.2-*--,4!7,!530*-!7,!D,--3!,4!/,M!7,!530*-!7,!.36+3B!K343!-,!,6!02/,--,!

!$($!

<,203! *1D3! :+3<6=73! ,! 2++,/,+->/,1! .34! ,1,-! *3! .*++,D*+! 0373! ,--,! :,-3! :3+!

0*=03-!;621a4,0+3-!7,!0,++,=3!72<>.21B!%2=7*!*--24!,6!,-0*/*!4*2-!<3+0,!73!;6,!

=6=.*B! L,-43! .34! ,--*! 43.@21*! 24,=-*9! *D3+*! ,6! ,+*! .*:*M! 7,! :,+.3++,+!

46203-!;621a4,0+3-9!*:,-*+!7,!=3!<2=*1!73!72*!*2=7*!<2.*+!5*-0*=0,!7,-0+6>7*B!

%!)K$!<2.36!4*2-!<8.21!:*+*!4249!4*-!2--3!,+*!72<,+,=0,!7,!-,+!<8.21B!

Y*/2*!4*=@C-!*D+*78/,2-9!*73+8/,2-!434,=03-!?!0*+7,!,!0+,.@3-!7,!\X!

;621a4,0+3-!:,13-! ;6*2-!:*--,2! /3*=73!,!=C3! -,=02!;6*-,!=*7*B!%73+*/*!4,!

:,+7,+!=3!+2043!73-!4,6-!:*--3-9!:,13!.12;6,!73!5*-0C3!7,!,-;62!5*0,=73!=*!

0+21@*9!:,13! -21S=.23! ,!:,1*-!4G-2.*-! ,! *-! <+*-,-!=*!42=@*! .*5,V*B!%73+*/*!*-!

43=0*=@*-9!*-!+3.@*-9!3-!.,+/3-!,!3-!.3,1@3-!;6,!-,!,-.3=72*4!=*-!8+/3+,-j!3-!

5,-36+3-! ,! -*:3-! ;6,! .+6M*/*4! *! 0+21@*B!L*-! 0373! 72*! -,4:+,! .@,D*/*! 64!

434,=03! ,4! ;6,! 7,2N*/*! 7,! -,+! D3-03-39! ;6,! <2.*/*!43=A03=3! ,! 72<>.219! ,!

42=@*!4,=0,!,=0+*/*!=3!*6034802.39!-,!,-/*M2*=73!030*14,=0,9!4,!24:,12=73!

:*+*!*! <+,=0,j! ,=0C3!,6!*=7*/*!*0E! -,! 03+=*+! 2=-6:3+08/,19! *0E! ,6!*.@*+!;6,!

=C3! .3=-,D62+2*! 7*+! =,4! 4*2-! 64! :*--3j! *>! ,6! :*+*/*! ,! 43=0*/*!

*.*4:*4,=03!,!,<2.2,=0,4,=0,!+,*12M*/*!037*-!*-!0*+,<*-!;6,!*.*4:*+!,N2D2*9!

0673! =*! 0,=0*02/*! 7,! .@,D*+! 3! 4*2-! +*:27*4,=0,! :3-->/,1! *3! 434,=03!

*5,=V3*73! ,4!;6,! ,6!:37,+2*! *:*D*+9! .34:1,0*4,=0,!7,-0+6>7*9! ,4!42=@*!

5*++*.*B!

k32!*--24!;6,!4,!-,=02!;6*=73!.@,D6,2!4,!*++*-0*=73!*3!R@,10,+!K3/,!

(,-3+0d!,N*6-0*!,!,=0,72*7*!.34!*!0+21@*9!/*M2*!7,!;6*1;6,+!.32-*!*!=C3!-,+!7*!

D+*027C3!7,!,-0*+!18B!Y*/2*!:61*73!360+3!;6*7+*73!7*!*4*+,12=@*!73!#+,D3=B!

#! R@,10,+! K3/,! (,-3+0! ,+*! 64*! 13Q*! +37,*7*! :3+! 64! .3=Q6=03! 7,! .*5*=*-!

+G-02.*-!,4!64!,=3+4,!D+*4*73!?!5,2+*!7,!64!D+*=7,!1*D3!.@*4*73!#7,119!

;6,!,+*!.,+.*73!7,!<13+,-0*-!/,+7,-B!U=0+,2!=*!/*+*=7*!7*!13Q*!,!7,:32-!,4!-,6!

2=0,+23+B! Y*/2*! :36.*-! 3:Vn,-! 7,! 1*=.@,-! ,! 64*! D,1*7,2+*! .34! 5,527*-B!

U=.3=0+,2!64*!D*++*<*!7,!1243=*7*!R=*::1,9!:,D6,2!64!-*.3!7,!5*0*0*-!<+20*-!,!

<62!*0E!3!5*1.C3B!

!$(%!

! b3.S! ,-08! <*M,=73! *! )K$T! ! 3! @34,4! ;6,! <2.*/*! *0+8-! 7*! .*2N*!

+,D2-0+*73+*!4,!:,+D6=036B!l6*=73!.3=<2+4,29!,1,!*:3=036!:*+*!64*! Q*=,1*!

=3-! <6=73-! 7*! 13Q*B! ! %! *DS=.2*! 73! .3++,23! ,-08! <,.@*7*! *0E! *4*=@C! 7,!

4*=@C9!4*-!/3.S!:37,!*.*4:*+!D+*0620*4,=0,!,4!64!16D*+!;6,!0,43-!*;62!

:,+03B!U!0,4!.@6/,2+3-!;6,!/C3!1@,!.6-0*+!64!7A1*+B!

U6! 02=@*!*:,=*-!7,M!7A1*+,-! -35+*=739!.343! Q8! -*52*!*!,--*!*106+*9!*-!

:*+*7*-!,4!%-@1*=7!,!=3!)*+;6,!"*.23=*1!7,!K+*0,+!I*[,!<3+*4!4*2-!.*+*-!73!

;6,! ,6! 24*D2=*/*9! 4*-! ,6! -*52*! ;6,! 02=@*! /2=0,! 7A1*+,-! =*! .*2N*! ;6,! ,6!

:,D*+2*! =*!4*=@C! -,D62=0,9! ,=0C39! ;6*=73! 7,2! *3! @34,4! 3! 72=@,2+3! :*+*!

:*D*+! *! 5,527*! ,! *! 5*0*0*! <+20*9! :,72! ;6,!4,!7,--,! *1D64*-!43,7*-! :*+*! 3!

5*=@3B!

%5+2! *! 1243=*7*! ,! *! 5*0*0*! <+20*! ,! .342! ,=;6*=03!4,! 72+2D2*! :*+*! 3!

:,;6,=3! 5*=@,2+3! 7,!4*7,2+*! ;6,! 3! @34,4! 02=@*! *:3=0*739! .34! ,=3+4,!

,N:,.0*02/*B!l6*=73!,=0+,29!<2;6,2!-*02-<,20*!*3!/,+!;6,!,+*!2=72/276*1B!k,.@,2!*!

:3+0*!,!4,!-,=02!,4!.*-*B!$,+2*!73+4273!*12!-,!4,!:,+4202--,4B!$2+,2!*!+36:*!,!

4,! 31@,2! =3! ,-:,1@3! *++*=@*73B! "C3! ,+*! *:,=*-! 4,6! :E! ;6,! 02=@*! -273!

7,-0+6>73!:,1*!0+21@*9!4*-!*:*+,=0,4,=0,!4,6!.*5,13!0*45E4! !,-0*/*!4*2-!

8-:,+3! ,! ,-0+*=@*4,=0,! D+3--39! *++,:2*73! ,! .34! .*4*7*-! 7,! -63+! ,! :3,2+*!

,=76+,.27*! .343! -,! ,6! ,-02/,--,! 4,! 0+*=-<3+4*=73! *3-! :36.3-9! 4*-!

7,.2727*4,=0,9!,4!64!.+6M*4,=03!7,!k*++*@!k*p.,00!,4!-,6-!72*-!7,!D1A+2*!

.34!3!:23+!7,!J6=D*!&2=B!

K313;6,2! *-! 43,7*-! =*! :,;6,=*! .*2N*! .31,03+*! 73! .@6/,2+3! ,! 4,!

7,12.2,2! 7,5*2N3!7*! 8D6*!;6,=0,9!4,! ,-<+,D*=73! .34!3!:,7*V3!7,! -*53=,0,!

;6,! *1D6E4! @*/2*! 7,2N*73! 18! *0E! ;6,! ,1,! -,! 72--31/,6! .34:1,0*4,=0,! ,4!

42=@*-!4C3-B!L*2-! 0*+7,!4,! -,;6,2! .34!*!4,-4*!5*=7*=*!;6,! 6-*/*!:*+*!

1*/*+!*!:*=,1*!,!*!.31@,+!.34!8D6*!73-!1*D3-!,!+2*.@3-!,!4,!/,-02!=3/*4,=0,!

.34!*-!+36:*-!-6Q*-B!K313;6,2!*!L3=-0+*!=*-!.3-0*-!,!/310,2!?!13Q*!4,!-,=02=73!

421!/,M,-!4,1@3+B!Y*/2*!64*!*4:1*!/*+*=7*!=*! <+,=0,!7,1*9! .34!64!5*=.3!

!$(&!

.34:+273!,4!037*!*!-6*!,N0,=-C39!7,!1*73!*!1*73B!R,=0,2!=,1,!,!31@,2!:*+*!3!

1*D3!#7,11! ,=;6*=03!7,-,45*+*V*/*!3!.*5,13! .34!3-!7,73-B!#1*112,9!7,:32-!

$245,+12=,!I37D,!,!7,:32-!K*-.*7,!I3.[-9!,6!:,=-*/*B!

)61*9!-*10*9!D2+*9!<,203B!

!b3.S!E!*!K@,+o1T! !64!@34,4!4,!:,+D6=036!*3!-*2+!7*!13Q*B!U4!

64!-,D6=73!732-!360+3-!@34,=-!-*>+*4!*0+8-!7,1,B!R*52*!24,72*0*4,=0,!:,1*-!

.*42-,0*-! -6*7*-! ,! 4*=.@*7*-! ;6,! ,+*4! 0+21@,2+3-! 7*! )K$9! ,453+*! =C3!

,-02/,--,4!.34!*-!43.@21*-B! U+*4! Q3/,=-!,!53=203-9!5*+5673-9!5+3=M,*73-!,!

-6Q3-9!2=.+2/,14,=0,!46-.613-3-!,!2=.+2/,14,=0,!4*D+3-B!'4!,+*!*103B!#!360+3!

,+*!136+3B!U!3!0,+.,2+3!02=@*!31@3-!:,=,0+*=0,-B!

U-0*/*!0C3!<,12M!:3+!0,+!034*73!*;6,1,!5*=@3B!

!R24! !,6!72--,B!

!U-0*43-! 0,! -,D62=73!@8!64!534!0,4:3! !72--,!3! 136+39!.34!64!

-3++2-3!-6+D2=73!=3!+3-03!4*D+3B!

! R*5>*43-! ;6,! *! ,=.3=0+*+>*43-! @3Q,! ! 72--,! 3! ;6,! 02=@*! 31@3-!

:,=,0+*=0,-B! !b243-!-6*-!:,D*7*-!=*!0+21@*B!

!$,43-!1273!-6*-!*=30*Vn,-!=3!12/+3!7,!+,D2-0+3-! !*.+,-.,=036!3!*103B!

!U-08/*43-!0,=0*=73!7,-.35+2+!;6*1!,+*!*!-6*!27*7,! !72--,!3!136+3B!

! l6,! 27*7,! /3.S-! *.@*/*4! ;6,! ,6! 02=@*T! ! :,+D6=0,29! -3++2=73!

.343!64*!4*=>*.*B!

! %.@*43-! ;6,! /3.S! 02=@*! 4*2-! 36! 4,=3-! *! =3--*! 27*7,! 36! ^_!

*=3-! !72--,!3!;6,!02=@*!31@3-!:,=,0+*=0,-B!

! U-:,+3!=C3! 0SF13-!7,-*:3=0*73! ! <*1,29! ,! 0373!46=73! +26! ,! <2.36!

+653+2M*73B!

U+*4!(2.[9!e3-@!,!(2.@2,9!0373-!,1,-!0+S-!36!;6*0+3!*=3-!4*2-!=3/3-!73!

;6,! ,6B! U+*4! 7,! )3+01*=79! U6D,=,! ,! 7,! "3/*! #+1,*=-9! +,-:,.02/*4,=0,B!

k*M2*4!<*.617*7,!Q6=03-!,4!64*!,-.31*!7,!*+0,-!125,+*2-!,4!L2==,-30*9!*!64*!

@3+*!7,!$p2=!K202,-B!

!$('!

! U6! -36! 7,! L2==,-30*t! ! ,N.1*4,2! ;6*=73! 4,! .3=0*+*49! 4*-! Q8!

-*52*4!72--3!:3+!.*6-*!7*-!42=@*-!*=30*Vn,-!=3!12/+3!7,!+,D2-0+3-B!

!b3.S!*2=7*!=C3!0,4!64!=34,!7,!0+21@*T! !64!7,1,-!4,!:,+D6=036B!

!"C3!;6,!,6!-*25*! !,6!72--,B!

U1,-! 02=@*4!64!=34,!=*! 0+21@*d!3-!$+S-!f3=20n,-9! ;6,! +,.,5,+*4!73-!

360+3-! 0+21@,2+3-!=3! -61!7*!K*12<A+=2*9! ,1,-!4,!72--,+*4B!#!=34,!.3452=*/*B!

U+*4!0+S-!@34,=-!Q3/,=-!,!53=203-B!k2M,+*4!0373!3!.*42=@3!7,-7,!*!<+3=0,2+*!

4,N2.*=*B!"C3!7,-/2*+*4!7*!=,/,!.343!0373!46=73j!:*--*+*4!72+,039!:3+!

.24*!7,1*9! *! 7,-:,203!7,! 0,+! -273!64! *=3!7,!=,/*-.*-! +,.3+7,-9! ,9! :3+! 2--39!

<2.*+*4!=*! +,0*D6*+7*!73!D+6:3!7,! 0+21@,2+3-!7*! +30*!LEN2.3FK*=*789! 0,=73!

4,!,=.3=0+*73!=,--*!7*0*!0*+72*B!"C3!,=.3=0+*+*4!$349!&36D9!J+,D9!L*009!

%15,+09! f+,=09! R0*.o9! $+2=*9! (,N9! R*49! Y,1,=9! e3@=! 36! R*+*@B! ",4! 4,-43!

:*+*+*4!,4!%-@1*=7B!"C3!7*=V*+*4!,4!@34,=*D,4!*3!&,*7!=,4!.34,+*4!

A:23!4*-02D8/,1!=,4!<2M,+*4!-,N3!.34!*1D6E4!,=.3-0*73-!,4!64*!:,7+*!=*!

:+*2*B!%:,=*-!*/*=V*+*4!-,4!:*+*+9!.*42=@*=73!4*2-!7,!OW!;621a4,0+3-!:3+!

72*9!,!-,!*:+3N24*+*4!+*:27*4,=0,!7,!424!*!:*+02+!73!434,=03!,4!;6,!3-!

610+*:*--,2! *3! =3+0,9! ;6*=73! .3=03+=,2! R2,++*! K20oB! "C3! ,+*4! *:,=*-! 0+S-!

53=20n,-B!U+*4!0+S-!2=.+>/,2-!Q3/,=-!48;62=*-!7,!.*42=@*7*B!

U-0*+!=*!.34:*=@2*!7,1,-!,+*!.343!,-0*+!7,!<31D*B!

%=7*43-! *0E! *! 8+,*! 7,! *.*4:*4,=03! ;6,! *! 13Q*! +,-,+/36! :*+*! =A-9!

3=7,!3-!$+S-!(*:*Dn,-!Q8!02=@*4!7,2N*73!*-!43.@21*-9!:+,:*+*43-!3!Q*=0*+!,!

.3=0*43-! @2-0A+2*-! -35+,! .32-*-! 0*=03! 7,! <3+*! ;6*=03! 7,! 7,=0+3! 7*! 0+21@*B!

J3-0,2!7,1,-!24,=-*4,=0,B!"A-!=3-!7,43-!5,4B!U+*4!.*+*-!*48/,2-9!53=203-9!

,=D+*V*73-! ,! D,=02-9! ,! 4,! <2M,+*4! ,-;6,.,+! .343! ,6! ,-0*/*! 4,! -,=02=73!

7,-0+6>7*!64*!@3+*!*=0,-B!U4!-6*!@34,=*D,49!:+,:*+,2!*!03+0*!7,-27+*0*7*!7,!

<+*453,-*!;6,!@*/2*!.*++,D*73!:3+!-,4*=*-9!D6*+7*=73F3!:*+*!64*!3.*-2C3!

,-:,.2*1B!l6*=73!<2.36!:+3=039!=A-!3!.34,43-!.34!;6*0+3!.31@,+,-!72+,03!7*!

:*=,1*!,!7,:32-!73+4243-!,4!<21*!-35!*-!,-0+,1*-B!

!$((!

),1*!4*=@C9!+,02+*43-!=3--*-!.*2N*-!,!*-!1,/*43-!:*+*!3!*.*4:*4,=039!

*!<24!7,!+,3+D*=2M*+!*-!43.@21*-!*=0,-!7,!-,D62+!,4!<+,=0,B!%5+2!*!42=@*!.*2N*!

,!:*--,2!*-!4C3-!:,13-! -*.3-!M2:13.[!7,!.3427*9!:+3.6+*=73!3!,=/,13:,!;6,!

0,+2*! *! =30*! 7,! /2=0,! 7A1*+,-B! c--3! 02=@*! -,! 03+=*73! 64*! ,43VC3! .3=@,.27*!

:*+*!424!=,--*!*106+*9!3!,=/,13:,!73!72=@,2+39!4*-!7,-0*!/,M!=C3!.3=-,D62!

,=.3=0+8F13B! $2+,2! 0673! ,! :*--,2! 3-! 7,73-! =*-! 735+*-! 7,=0+3! 7*! .*2N*9!

:+3.6+*=73! :3+! ,1,9! 4*-! =C3! ,-0*/*! 18B! U6! =C3! -*52*! *! +*MC3B! %:,=*-! =C3!

,-0*/*B!U6!02=@*!-,2-!7A1*+,-!,!\W!.,=0*/3-B!

!L,+7*! !,6!72--,B!

!#!;6,!<32T! !:,+D6=036!64!73-!f3=20n,-B!

!"*7*! !<*1,2B!)*+*!4249!,+*!.3=-0+*=D,73+!,-0*+!:,+4*=,=0,4,=0,!

-,4!72=@,2+3!,!-,4!=2=D6E4!:*+*!4,!*:32*+!2=/2-2/,14,=0,!.34!64!.*+0C3!7,!

.+E7203!36!64*!.3=0*!5*=.8+2*B!

%++64,2!*!.3427*!7,=0+3!7*!/,1@*!-*.31*!*M619!.@*0,*7*!:3+!-*5,+!;6,!

0,+2*! ;6,! .*42=@*+! WO_! ;621a4,0+3-! *0E! *! :+AN24*! .*2N*! .34! *:,=*-! -,2-!

7A1*+,-!,!\W!.,=0*/3-!=3!531-3B!),13!4,=3-!,6!=C3!:+,.2-*/*!7,!72=@,2+3!:*+*!

3=7,! ,-0*/*! 2=739! :3=7,+,29! 7,!4373! *!4,! 0+*=;6212M*+B! U-0*/*! 2=73!72+,03!

:,13! .3+*VC3! 73! #+,D3=9! :*--*=73! :3+! i211*4,00,! )*--9! L.g,=M2,! )*--9!

R*=02*4! )*--9! ,! 0*45E4! :,1*-! $@+,,! R2-0,+-! ,! :,13-! 43=0,-! i*-@2=D03=! ,!

e,<<,+-3=9!,!7,!;6*1;6,+!<3+4*!=C3!@*/,+2*!16D*+!:*+*!D*-0*+!3-!-,2-!7A1*+,-!,!

\W!.,=0*/3-9!.,+03T!

R*>!64*!@3+*!4*2-! 0*+7,! .34!3-!$+S-!f3=20n,-9! .+6M,2! .34!,1,-!3!72*!

2=0,2+3!,!3.*-23=*14,=0,!:*+*43-!Q6=03-!:*+*!7,-.*=-*+B!U-0*/*!24:+,--23=*7*!

.34! 3! ;6,! ,1,-! .342*4! ,! .343! ,1,-! .342*4B! U+*4! .343! 58+5*+3-! -3103-!

-35+,! *! 0,++*9! ,=<2*=73! 0+S-! 5*++*-! 7,! R=2.[,+-! Q6=0*-! =*! 53.*! ,4! 64! G=2.3!

2=0,+/*13!7,!7,-.*=-3!7,!\^!42=603-9!,453+*!<3--,4!4*D+3-!.343!D+*/,03-B!

l6*=73!02+*+*4!*-!.*42-,0*-9!-6*-!.3-0,1*-!<2.*+*4!?!43-0+*B!U6!02=@*!:,+7273!

:,-3! 0*45E49! 4*-! =C3! 0*=03! ;6*=03! 3-! @34,=-9! 64! :*7+C3! 2=Q6-03! ;6,!

!$()!

35-,+/,2! D+*V*-! *3! D+6:3! 7,! 0+21@,2+3-! @34,=-! ,! 461@,+,-! ;6,! ,=.3=0+,2!

=*;6,1,!/,+C39!4*-!Q8!=C3!12D*/*!46203!4*2-!-,!,-0*/*!D3+7*!36!4*D+*B!U6!4,!

24:3+0*/*! *:,=*-! ,4! .3=-,D62+!4*2-! .3427*B! U6! 0*45E4! ,+*! 64*! 58+5*+*9!

42=@*! <34,9! /3+*M! ,! D2D*=0,-.*B! K@,D6,2! *! 64! :3=03! ,4! ;6,9! -,! 3!

:,+-3=*D,4! 7,! 64! 73-! +34*=.,-! ;6,! ,6! ,-0*/*! 1,=73! :3+! *.*-3! ,-02/,--,!

.34,=739!,6!02=@*!;6,!:61*+!*!.,=*9!:3+;6,!-24:1,-4,=0,!4,!*5*1*/*!7,4*2-!

1,+!-35+,!3!;6,!,6!;6,+2*!,!=C3!:372*!0,+B!

U6!4,!7,-:,72!73-!$+S-!f3=20n,-!=*;6,1*!0*+7,B!U1,-!.3=02=6*+2*4!:3+!

4*2-! *1D6=-! ;621a4,0+3-!7,:32-! 7,!3=7,!:1*=,Q,2! *.*4:*+9! :3+;6,9! *1E4!7,!

-,+,4! 0+S-! Q3/,=-! ,! 2=.+>/,2-! 48;62=*-! 7,! .*42=@*7*9! ,-0*/*4! 8/273-! :*+*!

.@,D*+! *3! R*=02*4! )*--9! 3=7,! -*2+2*4! 7*! 0+21@*! :3+! *1D6=-! 72*-! :*+*! /2-20*+!

*42D3-! ,! <*4>12*B! U=;6*=03! ,-02/,+,4! *:+3/,20*=73! *3! 48N2439! 034*=73!

5*=@39! 73+42=73! ,4! .*4*-! 7,! /,+7*7,! ,! .34,=73! .3427*-! ;6,! ,6! =,4!

;6,+3! 24*D2=*+9! :*--*+,2! *! <+,=0,! 7,1,-! =3/*4,=0,! ,! 4*2-! 64*! /,M! ,-0*+C3!

-,D62=73!3-!4,6-!+*-0+3-B!

!%1.*=.,4F4,!-,!:67,+,4! !,6!72--,9!03+.,=73!:*+*!;6,!3!<2M,--,49!

0+2-0,! :3+! 4,! -,:*+*+! 7,1,-! 0C3! +8:273B! %.*4:,2! -3M2=@*! :,+03! 7,! 64! 1*D3!

=*;6,1*! =320,9! *2=7*! +*72*=0,! :3+! 0SF13-! ,=.3=0+*739! :,=-*=73! =*-! @2-0A+2*-!

;6,!4,!.3=0*+*4!,=;6*=03!4*--*D,*/*!3-!:E-!7,:32-!7,!Q*=0*+B!#60+*!6=@*!

,-.6+,.27*!,-0*/*!7,-.31*=73!73!7,73B!&,2!64!:6NC3!,!,1*!-*26!2=0,2+*B!e3D6,2F

*!=*!D+*4*B!

%D3+*!*!)K$!,!,6!,-08/*43-!,4:*0*7*-B!#!:1*.*+!,-0*/*!^!*!^B!

R,=0,2!=*!5*++*.*!.34!3-!:E-!*:32*73-!-35+,!*!531-*!7,!.3427*9!1,=73!

3! 12/+3!;6,!/,23!=*! .*2N*9!$@,!$,=!$@36-*=7!$@2=D-! w%-!7,M!421! .32-*-x9!7,!

L*+2*!&,+43Å09!*0E!=C3!.3=-,D62+!4*2-!4*=0,+!3-!31@3-!*5,+03-B!&,-12D6,2!*!

1*=0,+=*!7,! .*5,V*!,!7,20,2! =3!,-.6+3B! U=;6*=03! .3.@21*/*9!36/2!64*! .3+6Q*!

,4! 64*! 8+/3+,! 72+,0*4,=0,! *.24*! 7,! 424B! i@3Fp@339! p@3Fp@339! ,1*!

!$(*!

.+3.2036!.34!64!.@*4*73!;6,!,+*!*3!4,-43!0,4:3!0C3!<3+0,!,!-6*/,!;6,!,6!

*.3+7,2B!

!i@3Fp@33! !.@*4,2!7,!/310*9!,!*!.3+6Q*!,-0*/*!-21,=.23-*B!

!i@3Fp@33! !0,=0,2!4*2-!64*!/,MB!

!i@3Fp@33! !,1*!+,-:3=7,6B!

K*42=@,2! :,1*! +,-,+/*! $@+,,! R2-0,+-9! 5*02M*7*! ,4! @34,=*D,4! ?-!

43=0*=@*-!R360@9!"3+0@!,!L2771,!R2-0,+!,4!-,6-! 12420,-B!K*7*!64!73-!:2.3-!

R2-0,+!,+*!OB_`P!4,0+3-!4*2-!*103!73!;6,!3-!0,+.,2+39!;6*+03!,!;62=03!4*23+,-!

:2.3-! 73! #+,D3=B! U+*4! *-! Q32*-! 7*! .3+3*! 7,! 64*! .3=.,=0+*VC3! 7,! :2.3-!

/61.h=2.3-! +,1*02/*4,=0,! :+AN243-! ;6,! ,6! :*--*+2*! =*! -,4*=*! -,D62=0,9!4*-!

*2=7*! =C3! .3=-,D62*! /SF13-! ,=;6*=03! 4,! *:+3N24*/*! :3+;6,! ,-0*/*! /2=73!

:,13!-61!7*!)K$9!.*=0*=73!4G-2.*-!,!+,.20*=73!0+,.@3-!7,!:3,4*-!,4!42=@*!

.*5,V*! ?! 4,727*! ;6,! .*42=@*/*! *0+*/E-! 7,! 64*! <13+,-0*! *10*! 7,! :2=@,2+3-!

:-,6730-6D*9!7,!5+*=.3-!,!0-6D*!4,60,=-2*=*9!*1E4!7,!1*D3-!,!1*D3*-B!

%1D6=-!72*-!7,:32-!7,!4,!7,-:,72+!73-!$+S-!f3=20n,-9!:,D6,2!64!7,-/23!

7,! 64! ;621a4,0+3! ,! 4,23! 7*! 0+21@*! *0E! 3! U1[! I*[,! (,-3+09! 64! 16D*+!

4,=.23=*73!=3!D62*B!U+*!64*!:,;6,=*!13Q*!*3!1*73!7,!64!1*D3!;6,!*5*-0,.2*!

3-!:,-.*73+,-9!*--24!.343!3!R@,10,+!K3/,!(,-3+09!.34!*!72<,+,=V*!7,!;6,!,1*!

02=@*! 64! .*<E! ;6,! -,+/2*! @*45G+D6,+B! "C3! :1*=,Q,2! :,D*+! 3! 7,-/239! 4*-!

;6*=73!.@,D6,2!*3!,=0+3=.*4,=03!7,--*!0+21@*!.34!*!)K$9!*!,0,+=*!<34,!;6,!

,6!-,=02*!1,/36!*!4,1@3+B!K@,D6,2!64!:36.3!*=0,-!7*-!\\!@3+*-!7*!4*=@CB!U+*!

*! G=2.*! :,--3*! =3! 16D*+! *1E4! 73! @34,4! ;6,! 0+*5*1@*/*! *12B! %=*12-,2! 3!

.*+78:239! <2M!*-!.3=0*-!,!:,72!64!.@,,-,56+D,+!.34!5*0*0*!<+20*!,!64*!K3.*F

K31*! :,;6,=*j! 7,:32-! -,=0,2! :*+*! .34,+! ,4! SN0*-,9! ,=.3-0*7*! =*-! :*+,7,-!

+,/,-027*-! .34! 2-.*-! 7,!:,-.*B!L2=@*! .3=0*!7,6! -,2-! 7A1*+,-! ,! 7,M! .,=0*/3-B!

),1*!:+24,2+*!/,M!,4!037*!*!42=@*!/27*!,6!=C3!:372*!7*+!D3+Q,0*B!&,2N*+!3-!

732-! .,=0*/3-! ;6,! -35+*+*4! :*+,.,+2*! 64! 2=-6103B! ),D6,2! 64! :,;6,=3!

!$)+!

+,0h=D613!7,!-,13-!;6,!,6!02=@*!=3!-*.3!M2:13.[!,4!;6,!<2.*/*!42=@*!.*+0,2+*!

7,!4303+2-0*!,!3!.313;6,2!:,+03!73!4,6!:+*03B!

! &,-.61:,9! =C3! 0,=@3! =*7*! -35+*=739! 4*-! 7,2N,2! 360+*! .32-*! :+*!

/3.S! !,6!72--,9!.3=-0+*=D27*!7,4*2-!:*+*!72M,+!3!;6,!,+*B!

#! @34,4! *:,=*-! 5*1*=V36! *! .*5,V*! ,! 46+46+36! *1D64*! .32-*! ;6,!

=C3!.3=-,D62!,=0,=7,+B!

k62! *0E! *! :,;6,=*! :+*2*! 7,-,+0*! *3! 13=D3! 73! 1*D3! U1[! .34! 3-! 732-!

.,=0*/3-! =*! 4C39! :,=-*=73! -,! 7,/2*! Q3D8F13-! =*! 8D6*! ,! <*M,+! 64! :,7273B!

&,.272! =C3! Q3D*+! ,! 3-! .313;6,2! =3! 531-3! 73! -@3+09! .*-3! :+,.2-*--,! 73-! 732-!

.,=0*/3-!*0E!*!,-0*VC3!7*!D6*+7*!<13+,-0*1!=3!1*D3!#*112,9!;6,!*2=7*!,-0*/*!*!

4A72.3-!\X_!;621a4,0+3-!7,!72-0h=.2*B!$,+!=*7*!*1E4!7*;6,1,-!732-!.,=0*/3-!

,+*!*3!4,-43!0,4:3!@3++>/,1!,!64!:36.3!,=D+*V*73j!?-!/,M,-!,+*!*--24!;6,!

,-0*+!76+*!4,!:*+,.2*B!U=;6*=03!*742+*/*!3! 1*D3!U1[9!:,1*!:+24,2+*!/,M!4,!

:*--36!:,1*!.*5,V*!;6,!.+,-.,+!:35+,!<32!G021B!U6!:+3/*/,14,=0,!=C3!-,+2*!0C3!

7,-0,427*!:*+*!,45*+.*+!,4!64*!/2*D,4!7,--,!02:3!.34!0C3!:36.3!72=@,2+3!

-,! =C3! 02/,--,! .+,-.273! -,4! ,1,B! R,4:+,! :,=-,2! =*! -206*VC3! ,.3=a42.*! 7*!

42=@*!<*4>12*!,4!0,+43-!73!;6,!,6!=C3!02=@*d!*.*4:*4,=03!7,!<E+2*-9!*61*-9!

/2*D,=-!,!4,=-*127*7,!7*!<*.617*7,!,!*!2=,N:12.8/,1!<*.2127*7,!;6,!/,4!Q6=03!

;6*=73! -,! 0,4!*.,--3!*!64!.*+0C3!7,!.+E7203!;6,!*1D64*!360+*!:,--3*!,-08!

:*D*=73B!L*-!*D3+*!.3=-,D62*!,=N,+D*+!*!12=@*!,=0+,!2-03!,!*;6213! !,=0+,!*!

2=<h=.2*!=*!;6*1!,6!/2*!*!42=@*!4C,!,!4,6!:*7+*-03!:,+-,/,+*=73!+,:,027*-!

/,M,-!.34!732-! .,=0*/3-!=3-!531-3-!,!4,6!:+A:+23! -,=-3!.3464!7,!;6,!,6!

:37,+2*! <*M,+! 2--3! 0*45E4B! %=0,-! 7,! :*+02+9! =C3! .*1.61,2! 3! ;6*=03! ,-:,+*/*!

;6,!*!/2*D,4!<3--,!+*M3*/,14,=0,!.6-0*+!,!,.3=342M,2!*;6,1*!;6*=02*!4*2-!3!

-6<2.2,=0,! :*+*! -,+! 64*! +,-,+/*! ,4! .*-3! 7,! 7,-:,-*-! 2=,-:,+*7*-B! R,! 02/,--,!

.*1.61*739! =C3! ,-0*+2*! *;629! 320,=0*! ,! 0*=03-! 72*-! =*! )K$9! <*127*9! 4*-! 5,49!

<*M,=73!3!;6,!;6,+2*!<*M,+9!4,-43!;6,!64*!:,--3*!+*.23=*1!02/,--,!7203!;6,!

,6!=C3!02=@*!.3=72Vn,-B!

!$)"!

R,D62!,4!<+,=0,9!-652=73!*0E!64!42+*=0,!*!\B]P_!4,0+3-!7,!3=7,!:372*!

/,+!3-!:2.3-!*!=3+0,!,!*!1,-0,d!3!f*.@,13+!f600,9!3!f+3[,=!$3:9!.35,+03!7,!D,139!

,!3!4*2-! *103!7,! 0373-9! R360@! R2-0,+9!;6,! -,!,1,/*/*!*!OB\^m!4,0+3-B!#!D62*!

72--,!;6,!,1,!,+*!3!4*2-!=3/39!3!4*23+!,!3!4*2-!-24E0+2.3!7*-!$@+,,!R2-0,+-B!U+*!

.34:3-03!7,!4*2-!7,!76*-!7GM2*-!7,! +3.@*-!/61.h=2.*-!72<,+,=0,-9!4*-! 037*-!

4,! :*+,.2*4! .343! 64*! 43=0*=@*! 4*++34F*/,+4,1@*7*9! *-! ,-.*+:*-! 4*2-!

*10*-! ,=0+,1*V*7*-! .34!=,/,B!s!4,727*!;6,! .*42=@,2! *3! 13=D3!73!72*9!3! *+!

46736! ,! =3/*4,=0,! ,-;6,=0369! ,! 4,! -,=02! .343! -,! 02/,--,! /310*73! ?!

K*12<A+=2*9! .34! .*13+! ,! /2-0*-! :*=3+h42.*-! ;6,! -,! *5+2*4! :3+! ;621a4,0+3-!

*0+*/E-!73!0,++,=3!+3.@3-3!,!/,+7,B!

%D3+*!;6,!,-0*/*!3<2.2*14,=0,!,=0+,!*-!$@+,,!R2-0,+-9!Q8!=C3!02=@*!4*2-!*!

0+21@*! -A!:*+*!424B!"*-! ,1,/*7*-! .*4:2=*-! +3.@3-*-9!:*--,2!:3+! 0+21@,2+3-!7,!

64!72*9!43.@21,2+3-!7,!.6+0*!72-0h=.2*!,!64*!0+3:*!7,!,-.30,2+3-!;6,!:*--*+2*!*!

=320,B!)*+,2!:*+*!.3=/,+-*+!.34!*1D6=-!7,1,-B!b3.S!0,4!64*!*+4*T!b3.S!0,4!

4,73T9!:,+D6=0*+*4F4,!.343!,4!64!,.3!73!;6,!,-.60,2!*3!13=D3!7,!0373!3!

/,+C3B!"C39!=C39!+,-:3=729!+2=73!64!:36.3B!U=.3=0+,2!64*!76:1*!7,!@34,=-!

7*!42=@*!27*7,!;6,!-,+/2+*4!=3!c+*;6,!=*!3:,+*VC3!$,4:,-0*7,!=3!&,-,+03!,!

*2=7*! ,-0*/*4!=3! ,NE+.2039! *453-! .*:20C,-B! U+*4!72-02=03-9! <3+0,-! ,! 53=203-9!

:*+,.,=73! 0,+! -*>73! 7,! 64! :a-0,+! 7,! +,.+60*4,=03B! k2M,43-! 64! 13=D3!

2=0,+/*13!?! 0*+7,!:,+03!7,!64! +2*.@39!3=7,! .313.*+*4!76*-! 1*0*-!7,! .,+/,Q*!

:*+*!+,-<+2*+B!U+*!*!G1024*!=320,!7,1,-!,4!64*!/2*D,4!7,!.2=.3!72*-B!$2=@*4!

.*++,D*73!*-!76*-! 1*0*-!3!0,4:3!0373!:*+*!;6,!:67,--,4!5,5SF1*-!=*!G1024*!

=320,!:*+*!<,-0,Q*+B!

l6,+2*4!-*5,+!0673!-35+,!42=@*!/2*D,4B!l6*1!,+*!*!-,=-*VC3!7,!*=7*+!

0373-! *;6,1,-! 72*-j! *-! .32-*-! ;6,! /2! ,! *-! :,--3*-! ;6,! ,=.3=0+,2! ,! ;6,! 7+3D*!

*.3=0,.,6! .34! 4,6-! :E-B! c=-2-02+*4! ,4! 1,/*=0*+! 42=@*! 43.@21*! ,! <2.*+*4!

,-:*=0*73-! *3! 7,-.35+2+! ;6,! ,+*! 4*2-! :,-*7*! 73! ;6,! *-! 7,1,-B! U1,-! -,!

!$)#!

:+,:*+*+*4! :*+*! .3=02=6*+! .*42=@*=73! ,! ,6! 1@,-! 7,-,Q,2! 53*! -3+0,9! *2=7*!

7,-.*=-*=73!=3!-31!?!4*+D,4!73!+2*.@3B!

!U29!K@,+o1! !64!7,1,-!-,!/2+36!:*+*!D+20*+!;6*=73!,-0*/*!;6*-,!<3+*!

7,!/2-0*!=*!0+21@*B! !&,2N*43-!64*!7*-!.,+/,Q*-!:+*!/3.S!=3!+2*.@3B!k2M,43-!

*--24! :*+*! ;6,! /3.S! =C3! :67,--,! 72M,+! =C3B! l6,+,43-! ;6,! /3.S! *! 5,5*!

:3+;6,!/3.S!E!4*2-!76+3=*!73!;6,!*!D,=0,B!

U6!+29!*D+*7,.2!*!,1,-!,!<62!*0E!3!+2*.@3!:*+*!:,D*+!*!1*0*9!4,!-,=02=73!

12-3=Q,*7*! ,! *=24*7*B! f,52! *! .,+/,Q*! =*;6,1*! =320,! :,+03! 7*! .*.@3,2+*!

#5-272*=9! ;6,! <32! 5*02M*7*! ,4! @34,=*D,4! *3-! <+*D4,=03-! 7,! .+2-0*1! =,D+3!

;6,! .35+2*4! 7,! <3+4*! 4*D=><2.*! *! 0+21@*9! <*M,=73! .34! ;6,! .*7*! :*--3!

:+3/3.*--,! -,4:+,!64!5*+61@3!72<,+,=0,!7,5*2N3!7,!4249!.343!-,!,-02/,--,!

*0+*/,--*=73!.*4*7*-!-35+,!.*4*7*-!7,!136V*!;6,5+*7*B!

U-0*/*! 4,=3-! 24:+,--23=*7*! =3! 72*! -,D62=0,9! ;6*=73! :*--,2! :,13!

L.g,=M2,!)*--!,4!72+,VC3!*3!43=0,!i*-@2=D03=9!,!*!0+21@*!<2.36!*2=7*!4*2-!

+3.@3-*!.3=<3+4,!*0+*/,--,2!3-!*<13+*4,=03-!7,!5*-*103!,4!f,1[=*:!K+*0,+!,!

,4! I2001,! f,1[=*:B! "C3! ,+*4! 12=73-! <+*D4,=03-! 5+21@*=0,-! 7,! +3.@*! ,=0+,!

.*4:3-! /,+7,-! =*! :+24*/,+*B! %D3+*! ,-0*/*! *=7*=73! -35+,! 64*! <*2N*! 7,! P!

;621a4,0+3-! 7,! +3.@*-! /61.h=2.*-! =,D+*-9! ;6,! /*+2*/*4! ,4! 0*4*=@3! 7,-7,!

64*! 531*! 7,! 5,2-,531! *0E! 64*! 531*! 7,! <60,5319! 4,6-! 03+=3M,13-! ,! Q3,1@3-!

.3=-0*=0,4,=0,! 03+.,=73B! %! :*2-*D,4! ,+*! 7,-:+30,D27*! ,! 7,-31*73+*9! 3! -31!

24:1*.8/,1! 4,! ;6,24*=73! ,=;6*=03! ,6! 160*/*! :*+*! -,D62+! =*! 72+,VC3! 73!

43=0,!i*-@2=D03=B!l6*=73!.3=-,D62!.@,D*+!*3!360+3!1*73!7*-!.+*0,+*-9!*=7,2!

*D+*7,.27*! ,=0+,! 8+/3+,-! ,! :,+.,52! ;6,! 3-! D+6:3-! 02=@*4! -64273B! U-0*/*!

-3M2=@*!=3/*4,=0,9!*:,=*-!*!0+21@*!,!,6B!

"3!72*!-,D62=0,!:*--,2!:3+!R*=02*4!)*--!,!.+6M,2!,4!72+,VC3!*3!43=0,!

e,<<,+-3=9! 5*02M*73! ,4! @34,=*D,4! *3! .64,! ,-.6+3! ,! 24:3=,=0,! *3! =3+0,B!

K*42=@,2!*3!1*+D3!73-!72/,+-3-!:2.3-!+3.@3-3-!73!$@+,,!k2=D,+,7!e*.[9!;6,!-,!

,1,/*/*4!.343!64*!4C3!<+*06+*7*!:*+*!3!.E69!,!.3=02=6,2!*=7*=73!=3!<24!

!$)$!

7*! 0*+7,! ,=;6*=03! 3! -31! 7,-*:*+,.2*! *0+8-! 7,! 64!4*=03! 7,! =6/,=-! ,! 64*!

=,512=*!,-:,--*!1,=0*4,=0,!4,!,=/31/2*B!#!72*!<32!;6,=0,9!4*-!,4!4,=3-!7,!

0+2=0*!42=603-!*!0,4:,+*06+*!.*26!.,+.*!7,!m!D+*6-!;6*=73!3!/,=03!*64,=036!

,!7,:32-!-6520*4,=0,!:*+36B!%=7,2!3!4*2-!+8:273!;6,!:67,!-652=73!*!0+21@*9!3!

-63+! :2=D*=73! 73! 4,6! .3+:3! *:,-*+! 73! <+239! ,4! 56-.*! 7,! 64! 16D*+! :*+*!

*.*4:*+B!U-0*/*!:,+2D3-*4,=0,!;6*-,!,-.6+39!4*-!=C3!02=@*!64!13.*1! 12-3!36!

124:3!3!-6<2.2,=0,!:*+*!*+4*+!*!5*++*.*B!l6*=73!,=.3=0+,2!64!16D*+!:,+03!7,!

64! :,;6,=3! 1*D39! <32! .343! -,! ,6! ,-02/,--,! 7,=0+3! 7,! 64*! =6/,49! 3! *+!

*--6-0*73+*4,=0,! :*+*73! ,! -21,=.23-3B! U=;6*=03! *+4*/*! *! 5*++*.*! ,! <210+*/*!

64*! D*++*<*! 7,! 8D6*! .34! 3! 2=-6:3+0*/,14,=0,! 1,=03! :6+2<2.*73+9! 3! /,=03!

+,.34,V36!,4!D+*=7,-!,!/231,=0*-!+*Q*7*-9!5*1*=V*=73!3-!D*1@3-!7*-!8+/3+,-!

=3! *103B!"6=.*! @*/2*! ,-0*73! ,4! 64*! 0,4:,-0*7,! =*!43=0*=@*B!"C3! ,-036!

.34!4,739! 1,45+,2!*!424!4,-4*!;6*=73!,=0+,2!=*!5*++*.*! -,4! Q*=0*+9!4,!

-,=02=73!46203! /61=,+8/,1! 73! 1*73!7,! <3+*9! ,453+*! -365,--,! ;6,! *! 5*++*.*!

3<,+,.2*!:36.*!:+30,VC3B!R,=0,2!,!,-:,+,29!,=0+,!.6+23-*!,!0,4,+3-*9!,-02461*7*!

:3+!64*!:37,+3-*!0,4:,-0*7,!;6,!=6=.*!*.3=0,.,6B!

'4*!@3+*!*:A-!,-.6+,.,+!3!*+!<2.36!:*+*73!=3/*4,=0,!,!36/2!.3230,-!

62/*=73! *! 72-0h=.2*9! .343! -,! ,-02/,--,4! .,1,5+*=73! 3! <*03! 7,! ;6,! *! .3-0*!

,-0*/*! .1*+*B!%D3-03! 02=@*!/2+*73! -,0,45+3j!*-! 0,4:,+*06+*-!?!=320,!,-0*/*4!

;6*-,!-,4:+,!.3+0*=0,4,=0,!D,1*7*-B!R*>!7*!5*++*.*!:*+*!<*M,+!N2N29!7,!.@*:E6!

,!16/*-B!l6*=73!/,+2<2;6,2!*-!8+/3+,-!.34!*!1*=0,+=*!7,!.*5,V*9!,1*!21642=36!

*1D64*! .32-*9! ,! ,6! .3=D,1,2! ;6*=73! 3-! +,<1,N3-! 7,! 732-! :*+,-! 7,! 31@3-!

5+21@*=0,-!4,!,=.*+*+*4B!

"6=.*! 7,-.35+2! 7,! ;6,4! ,+*4! ,--,-! 31@3-B! '4! 2=-0*=0,! 7,:32-!

7,-*:*+,.,+*4B!

#!72*!-,D62=0,!<32!;6,=0,!,!,=-31*+*739!.343!-,!*!,-0+*=@*!0,4:,-0*7,!

7*!=320,!*=0,+23+!02/,--,!-273!*:,=*-!64!-3=@3B!),+72!64*!52<6+.*VC3!=*!0+21@*!

,!4*2-! 0*+7,!7,-.35+2!;6,!=C3!,-0*/*!4*2-!=*!)K$9!,! -24!=*!#+,D3=!R[o12=,!

!$)%!

$+*219!:*+*1,1*!?!)K$!:3+!.,+.*!7,!64!;621a4,0+3!,!4,23!*!3,-0,B!U1*!,+*!64*!

+30*!*10,+=*02/*!;6,!3!D62*!7,-.+,/2*!*7,;6*7*4,=0,9!,=0C3!<62!,4!<+,=0,9!-,4!

4,!:+,3.6:*+B!%!0+21@*!4,! 1,/*+2*!7,!/310*!?!)K$!=3!72*! -,D62=0,B!U!64!72*!

7,:32-!,6!.@,D*+2*!*3!1*D3!#1*112,B!

)61*9!-*10*9!D2+*9!:+3=03B!

K*42=@,2! :3+! 64*! <13+,-0*! 7,=-*! 76+*=0,! 037*! *! 0*+7,! ,! ,4!

7,0,+42=*73! 434,=039! 7,:32-! 7,! 64*! .6+/*9! ,=.3=0+,2! 64! 0+23! 7,! *1.,-!

,=3+4,-9!;6,!.3++,6!:*+*!7,=0+3!7*!4*0*!.34!64!5*+61@,=03!0+3:,1!7,!.*-.3-B!

"*;6,1*! =320,9! *:,=*-! 434,=03-! 7,:32-! 7,! ,6! 0,+! :*+*73! :*+*! 43=0*+!

*.*4:*4,=03!:,+03!7,!64!1*D3!*3!1*73!7*!0+21@*9!732-!.*V*73+,-!.34!*+.3!,!

<1,.@*!*:*+,.,+*49!-,D62=73!:,1*!0+21@*!=3!-,=0273!-61B!

! !64!7,1,-!7,-*5*<36!24,72*0*4,=0,B!

! "C3! :37,43-! 5,5,+! *! 8D6*! 73! 1*D39! :37,43-T! ! :,+D6=036! 3!

360+39!3!7,-,-:,+3!=>0273!,4!-,6!+3-03B!

%453-!7,/2*4!0,+!:3+!/310*!7,!O^!*=3-B!'4!02=@*!.*5,13-!.+,-:3-!7*!

.3+!7*!*+,2*9!,!64*!:,;6,=*!5*++2D*j!3!360+3!,+*!+62/39!*103!,!.3+:61,=03!3!

5*-0*=0,!:*+*!-,+!64!12=,5*.[,+B!#-!732-!6-*/*4!Q,*=-!.34!,=3+4,-!<*.*-!7*!

4*+.*! f6.[! :+,-*-! *3! .2=03-! ,! ,=3+4,-! 43.@21*-! .34! *+.3! ,! <1,.@*-!

:,=76+*73-!,4!-6*!72*D3=*1B!

!b3.S-!:37,4!5,5,+!*!8D6*!73!1*D39!4*-!:+,.2-*4!<210+8F1*!*=0,-! !

,6!72--,B!

!"C3!0,43-!<210+3! !72--,!3!@34,4!7,!.*5,13!.3+!7,!*+,2*9!02+*=73!*!

43.@21*! ,! .313.*=73F*! :,+03! 7,! 64*! :,7+*! ;6,! <2.*/*! =3! 4,23! 7,! 64*!

:,;6,=*!.1*+,2+*!,=0+,!3!1*D3!,!*!0+21@*9!3=7,!,6!:1*=,Q*/*!*.*4:*+B!U6!02=@*!

*.*5*73!7,!02+*+!*!43.@21*!;6*=73!,1,-!*:*+,.,+*4B!

!)37,4!6-*+!3!4,69!-,!;62-,+,4! !,6!72--,B!%5+2!3!531-3!7*!L3=-0+*9!

02+,2!3!:6+2<2.*73+!7,!8D6*!,!3!3<,+,.2!*3!@34,4!7,!.*5,13!.3+!7,!*+,2*9!;6,!3!

:,D36!,!<32!*0E!*!4*+D,4!246=7*!73!1*D3!,!-,!*5*2N36B!

!$)&!

!K343!-,!6-*!2--3T! !,1,!4,!:,+D6=036B!

L3-0+,2!*!,1,!.343!.313.*+!3! 0653!7,!,=0+*7*!=*!8D6*!.34!*!532*!,!

.343!5345,*+!*!*1*/*=.*!.3=0+*!3!.*+06.@3B!

!b3.S!/*2!:+,.2-*+!7,!-6*!D*++*<*!7,!8D6*! !*.+,-.,=0,29!4*-!,1,!,!3!

*42D3! +62/3! 31@*+*4! 64!:*+*! 3! 360+3! .34! *++,:,=724,=03! ,!4,! 72--,+*4!

;6,! =C3! 02=@*4! 64*B! $2=@*4! -65273! *:,=*-! :*+*! :*--*+! 3! 72*! .*V*=73B! %!

.*42=@3=,0,!7,1,-!,-0*/*!,-0*.23=*7*!,4!64*!,-0+*7*!=*!<13+,-0*!*!.,+.*!7,!^!

;621a4,0+3-! 7*129! 7,-.,=73! 64*! 0+21@*! *10,+=*02/*! ;6,! ,6! 02=@*! *.*5*73! 7,!

.+6M*+B!%.@*+*4!;6,!Q8!0,+2*4!.@,D*73!*!,1*!*!,--*!*106+*B!

!b3.S-!:*--*+*4!3!72*!-,4!5,5,+!8D6*T! !:,+D6=0,2B!

!$+36N,43-!),:-2! !3!@34,4!7,!.*5,13!.3+!7,!*+,2*!+,-:3=7,6B! !

K*7*!64!0+36N,!64!,=D+*7*73!.34!-,2-B!

! b*43-! 7,-.,+! =*! 72+,VC3! 7,! =3--*! .*42=@3=,0,! 7,:32-9! ,=0C3!

:+,.2-*43-!*:,=*-!7,!8D6*!-6<2.2,=0,!:*+*!034*+!360+3!D31,9!4*-!=C3!,-0*43-!

43++,=73!7,!-,7,! !3!+62/3!72--,B!

!%;62! ! ,6!72--,9! 2=73!*0E!*!43.@21*!:*+*!:,D*+!*!8D6*!;6,!*2=7*!

02=@*j!.,+.*!7,!64!;6*+03!7,!64*!7*-!42=@*-!76*-!D*++*<*-B!#<,+,.2!*!D*++*<*!

:*+*!3!+62/39!,1,!7,6!64!13=D3!D31,!,!*!:*--36!:*+*!3!*42D39!;6,!5,5,6!3!

+,-03B!k2;6,2!:+,3.6:*7*!.34!,1,-9!4*-!,-0*/*!4*2-!:+,3.6:*7*!.34!,1,-!*12!

.342D3B!U-0*/*!,N*6-0*B!%=-2*/*!:3+!02+*+!*-!530*-9!0+3.*+!*!+36:*!-6*7*9!*+4*+!

*! 5*++*.*! ,! :+,:*+*+! 3! Q*=0*+! :*+*! ;6,! :67,--,! +,1*N*+! 1,=73! $@,! $,=!

$@36-*=7! $@2=D-B! %1E4! 72--39! <2;6,2! .34! 64*! -,=-*VC3! ,-0+*=@*! 7,--,-!

@34,=-! .34! -6*-! ),:-2-9! -,6-! *+.3-9! -6*-! D+*=7,-! <*.*-! ,! *! 4*=,2+*! .343!

-6+D2+*4!7,!+,:,=0,B!%1D64*!.32-*!;6,!4,!<,M!@,-20*+!73!4,-43!Q,203!;6,!4,!

-,=02!=*!:+24,2+*!-,4*=*!=*!0+21@*9!;6*=73!,-0*/*!-,=0*7*!=*!.*42=@3=,0,!7,!

k+*=[!,!*.@,2!;6,!0*1/,M!,1,!;62-,--,!4,!<*M,+!4*19!4*-!,4!/,M!72--3!,1,!02+36!

*!5*1*!7,!*1.*V6MB!&,2N,2!;6,!*!42=@*!4,=0,!<2.*--,!=*;6,1,!5*1*!7,!*1.*V6MB!

!$)'!

! $,43-! *-! 1*0*-! /*M2*-! 7*-! ),:-2-! ! 72--,! 3! +62/3B! ! )37,43-!

5345,*+!8D6*!:*+*!-6*!D*++*<*!,!7,:32-!.313.*+!7,=0+3!7,!76*-!7,1*-B!

#!@34,4!.34!.*5,13! .3+!7,!*+,2*! -,!*5*2N36!=*!5,2+*!73! 1*D3!.34!

42=@*! D*++*<*! 7,! 8D6*! /*M2*! ,! 3! :6+2<2.*73+j! 3! +62/3! 02+36! *! 43.@21*! ,!

:+3.6+36! 7,=0+3! 7,1*! 76*-! 1*0*-! /*M2*-! 7,! ),:-2B! k2;6,2! 31@*=73! 3-! 732-! 7,!

5+*V3-! .+6M*73-9! .*7*! /,M!4*2-! 7,-.3=<2*7*B! %-! :*+0,-! 7,! 0+8-!431@*7*-! 7,!

-63+!73! -@3+09!7*!.*42-,0*!,!73! -602C!*D3+*!,-0*/*4!D,1*7*-!.3=0+*!*!42=@*!

:,1,B!

!q!+,*14,=0,!72<>.21!5345,*+! !3!@34,4!7,!.*5,13!.3+!7,!*+,2*!72--,!

7,:32-!7,!64!0,4:3B!

! q! :+,.2-3! 6-*+! 64! :36.3! 7,! <3+V*! ! ,6! 72--,B! ! q! *--24! ;6,!

<6=.23=*!3!<210+3B!

!U6!=C3!-,2! !,1,!+,-:3=7,6B! !"C3!,-08!/2=73!=*7*B!

k62!*0E!,1,!,!/2!;6,!*!532*!,-0*/*!037*!:*+*!.24*!:,+03!73!.*+06.@3!,!

;6,!*!*5,+06+*!=3!<2=*1!73!0653!7,!,=0+*7*!02=@*!*<6=7*73!=*!-6Q,2+*!=*!:*+0,!

4*2-!+*-*!73!1*D3B!),D6,2!3!:6+2<2.*73+!7,1,9!.313;6,2!3!0653!=*!8D6*!124:*!,!

0,=0,2! 5345,*+B! U-0*/*! .34:1,0*4,=0,! 0+*/*739! ,4:,++*73! .34! *! -6Q,2+*!

.34:*.0*7*B!

! b3.S! =C3! 7,/2*! 0,+! 7,2N*73! 3! 0653! ,=0+*+! =3! 1373! *--24! ! ,6!

72--,B! !&,/,+2*!0,+!4*=0273!=*!8D6*B!

!L,+7*! !,1,!72--,!-,4!:,72+!7,-.61:*-B!

!#!;6,!/*43-!<*M,+T! !3!*42D3!:,+D6=036B! !$,=@3!;6,!.3=-,D62+!

*1D64*!.32-*!:+*!5,5,+B!

k62!*0E!*!42=@*!43.@21*9!:,D6,2!3![20!7,!:+24,2+3-!-3.3++3-!,!:6N,2!3!

<+*-.3! 7,! .34:+24273-! 7,! 2373! ;6,! .*++,D*/*B! U6! =C3! 3! 6-*/*! 7,-7,! ;6,!

,-02/,!=3!+,-,+/*0A+23!2=<,-0*73!7,!-*:3-!,4!Y*0!K+,,[!(24!,!;6*-,!<2;6,2!<3+*!

7,!424!:3+!.*6-*!7,!7,-27+*0*VC3B!

!$)(!

!)37,43-!6-*+!2--3! !<*1,29!<,.@*=73!*!.*+*!*3!:,+.,5,+!;6,!5,5,+2*!

8D6*! 0+*0*7*! .34! 2373! *0E! .3=-,D62+! .3=-,+0*+!3!:6+2<2.*73+9! -,! E! ;6,! 02=@*!

.3=-,+03B!

!#!;6,!E!2--3T! !:,+D6=036!3!@34,4!7,!.*5,13!.3+!7,!*+,2*B!

! c373B!b3.S! .313.*!=*!8D6*!,! ,-:,+*! 0+2=0*!42=603-9!7,:32-! *! 8D6*!

,-08!-,D6+*!:*+*!5,5,+B! !k62!*0E!3!1*D3!,!*<6=7,2!*-!76*-!D*++*<*-!=3!:3=03!

.34!*! *:*+S=.2*!4*2-! .1*+*! ;6,!:67,! ,=.3=0+*+! ,! .313;6,2! 3! 2373! ,4! .*7*!

64*! 7,1*-9! 3-! @34,=-! <2M,+*4! 3! 4,-43! .34! *-! 1*0*-! 7,! ),:-2! ,! 0*45E4!

.313;6,2!64*!:>161*!,4!.*7*!64*B!

!#[! !,6!72--,9!31@*=73!:*+*!3!+,1AD23B! !%!8D6*!,-0*+8!53*!:*+*!

034*+!?-!-,0,!,!7,MB! !$3+.2!;6,!.34!2--3!,1,-!<3--,4!,453+*9!4*-!*:,=*-!-,!

-,=0*+*4!,!-,!*.3437*+*4B!

! U=0C39! 3! ;6,! /3.S! ,-08! <*M,=73! *;62! -3M2=@*T! ! :,+D6=036! 3!

@34,4!7,!.*5,13!.3+!7,!*+,2*B!

! U-036! <*M,=73! *! )*.2<2.! K+,-0! $+*21! ! ,6! 72--,! ,! 24,72*0*4,=0,!

7,-,Q,2! =C3! 0,+! 7203B! "C3! D3-0*/*! 7*! 4*=,2+*! ;6,! ,1,! ,-0*/*! 4,! 31@*=739!

*/*12*=73!7,-.*+*7*4,=0,!4,6!.3+:3B!

!R3M2=@*T!

!R24! !72--,!.34!+,160h=.2*9!2D6*14,=0,!+,.,3-*!7,!.3=0*+!*!/,+7*7,!

,!0,4,+3-*!7,!2=/,=0*+!64*!4,=02+*!;6,!-A!4,!7,2N*+2*!4*2-!2++20*7*!73!;6,!

-6520*4,=0,!<2;6,2B!

!"C3!78!:*+*! *.+,720*+! ;6,!64*!D*+30*! .343!/3.S! ,-0*+2*! -3M2=@*!

*;62!,4!.24*B!b3.S!E!53=20*!7,4*2-!:*+*!,-0*+!-3M2=@*!*;629!-,!;6,+!-*5,+B!Y8!

;6*=03!0,4:3!,-08!/2*Q*=73T! !:,+D6=036B!

!Y8!5*-0*=0,!0,4:3! !+,-:3=72B!

! "C3! *.+,7203! ;6,! 64*! .32-2=@*! Q3/,4! .343! ,1*! :3--*! ,-0*+! *;62!

-3M2=@*9!/3.S!*.+,720*T! !<*136!:*+*!3!*42D3!+62/3!.343!-,!,6!=C3!,-02/,--,!

*12B!

!$))!

!"C3! !,6!72--,!*=0,-!;6,!3!+62/3!:67,--,!+,-:3=7,+B! !l6*1;6,+!

:,--3*!:37,!<*M,+!2--3B!l6,+!72M,+9!E!-ABBB!

!U6!=C3!7,2N*+2*!/3.S!/2+!-,!<3--,!42=@*!=*43+*7*9!7,!.,+0,M*! !3!

+62/3!72--,B!

!U1*!0,4!64!.3+:3!5,4!1,D*19!=C3!0,4T! !3!@34,4!7,!.*5,13!.3+!

7,!*+,2*!72--,B! !R*678/,19!.34!.6+/*-!-6*/,-B!&3!Q,203!;6,!,6!D3-03B!

U4202! 64! -34! .34:1*.,=0,9! 64*! ,-:E.2,! 7,!4,2*! +2-*7*9! *:,-*+! 7,! *!

D*+D*=0*!0,+!<,.@*73!-6520*4,=0,!7,!4,73B!

!f,49!<32!64!:+*M,+!.3=@,.,+!/3.S-9!.*+*-! ! <*1,29! 2=73!=*!72+,VC3!

7*!L3=-0+*B! ! U-036! 2=73! 64! :36.3! 4*2-! ?! <+,=0,! ! 4,=02! 9! ,=0C39! E!

4,1@3+!2+!*=7*=73B!

!U-0*43-! 2=73! 0*45E4B!"C3!;6,+,43-!,-:,+*+!,-.6+,.,+! !72--,!3!

+62/39!Q8!:,D*=73!*!43.@21*j!3!@34,4!7,!.*5,13!.3+!7,!*+,2*!0*45E4!:,D36!

*! 7,1,B! U6! 3-! 35-,+/,2! ,=;6*=03! <2=D2*! ,-0*+! 4,! :+,:*+*=73! :*+*! :*+02+9!

,453+*!=C3!;62-,--,! 0,+!;6,!:*+02+B!U-0*/*!.*=-*7*!,!.34!-,7,9!.34!<34,!,!

.34! <+23B! U-0*/*! ;6*-,! *=320,.,=73! ,! 02=@*! ,-.31@273! *.*4:*+! =,--,! 1*D3!

:3+;6,!3!D62*9!;6,!*:,=*-!7,-.+,/2*!-6:,+<2.2*14,=0,!,-0,!0+,.@3!7*!0+21@*9!Q8!

;6,!=C3!,+*!7,! <*03!*!)K$9!-6D,+26!;6,!,-0,!,+*!3!G10243!16D*+!,4!64!534!

0+,.@3!3=7,!,+*!:3-->/,1!*+4*+!64*!5*++*.*B!

l6*=73!:*+02+*49!<2;6,2!:*+*7*!:3+!64!0,4:39!7,2N*=73!;6,!3!=A!=*!

D*+D*=0*!-,!7,-<2M,--,B!U6!,-0*/*!5,4B!U-0*/*!*!-*1/3B!U-0*/*!-,=73!4,23!535*B!

U1,-!<3+*4!2=-31,=0,-9!-,N2-0*-!,!7,-0+6>+*4!4,6!:6+2<2.*73+!7,!8D6*9!4*-!=C3!

<2M,+*4! =*7*! .342D3B!"C3! ;6,+2*4!4,!4*.@6.*+B! %1D6=-! .*+*-! *:,=*-! =C3!

-*5,4!.343!*D2+!7,!360+*! <3+4*B!$2+,2! *-! .32-*-!7*!43.@21*9! ,=.@2! *!:*=,1*!

.34!*!8D6*!73!1*D39!*.,=72!3!<3D*+,2+3!,!.313;6,2!*!8D6*!:*+*!<,+/,+B!$2+,2!*!

+36:*!-6*7*9!.313;6,2!*!.*1V*!.34:+27*!/,+4,1@*!,!*!.*42-,0*!7,!1C!7,!4*=D*!

.34:+27*B! U-0,=72! *! 13=*9! ,! ,-0*/*! -*.672=73! *! 5*++*.*! :*+*! <3+*! 73! -*.3!

;6*=73!3!@34,4!7,!.*5,13!.3+!7,!*+,2*!+,*:*+,.,6B!%3!/SF139!,6!-*52*!;6,!

!$)*!

0673!3!;6,!02=@*!-,=0273!*=0,-!,-0*/*!.,+03B!l6,!,6!02=@*!+*MC3!:*+*!0,+!4,73B!

l6,!,1,!02=@*!/310*73!:*+*!4,!:,D*+B!

! #! ;6,! ,-08! *.3=0,.,=73T! ! :,+D6=0,2! ,4! 64! 034! <*1-*4,=0,!

+,1*N*739!,453+*!*!/2-C3!7,1,!-,4!3!*42D3!4,!*0,++3+2M*--,B!U+*!.343!-,!,6!

02/,--,! <2=*14,=0,! ,-5*++*73! .34! 64! :64*! ,9! .3=0+*! 0373-! 3-! 2=-02=03-9!

1,45+*--,! ;6,! =C3! 7,/2*! .3++,+B! "C3! ,-024618F13! .34!43/24,=03-! +8:273-9!

=,4!*=0*D3=2M8F13!.34!42=@*!+*2/*9!=,4!2=.,=02/8F13!.34!4,6!4,73B!

!),=-,2!;6,!,-02/,--,!-,D62=73!,4!<+,=0,! !,1,!72--,B!

!L67,2!7,!27,2*! !<*1,2B!

!b3.S!0,=036!=3-!,=D*=*+B!

!"C39!=C3!0,=0,2B!%:,=*-!467,2!7,BBB!

! b3.S! 46736! 7,! +36:*! 0*45E4! ! 72--,! -6D,-02/*4,=0,9! ,! -6*-!

:*1*/+*-! -,! ,N:*=72+*4!,4!4,6! ,-0a4*D3! .343!64*! +*Q*7*!7,!5*1*-B!L,6!

.3+:3! 2=0,2+3! -,! *++,:236! .34! *! =3VC3! 7,! ;6,! ;6*=73! 02+,2! *-! +36:*-! ,1,!

,-0*/*!:3+!:,+039!4,!31@*=73B!

! J3-03! 7,! -6*! .*1V*! ! ,1,! 72--,! .34! 64! 1,/,! -3++2-39! 02+*=73! *!

43.@21*!,!.313.*=73F*!=3!.@C3B! !#6!1,DD2=D9!-,!E!*--24!;6,!E!.@*4*7*B!

!"C3! -,2! 73! ;6,! /3.S! ,-08! <*1*=73! ! <*1,2! 7,!4373! ,=03+:,.2739!

,453+*! 4*1! :67,--,! ,-.60*+! 42=@*-! :+A:+2*-! :*1*/+*-! :3+! .*6-*! 73! ;6,!

:*+,.,6!-,+!3!+,--3*+!7,!64!D+*=7,!-2=3!=*!42=@*!.*5,V*9!;6,!,+*!*!:,+.,:VC3!

7,!;6,!037*!*!.*42=@*7*!=*!)K$!:67,--,!7*+!=2--3B!&,!;6,9!:3+!4*2-!76+3=*9!

<3+0,!36!.3+*Q3-*!;6,!,6!0,=@*!-2739!:3+!4*2-!.3=<3+08/,1!;6,!0,=@*!/2=73!*!

4,! -,=02+!:3+!,-0*+! -3M2=@*9! 0*45E4! 02/,! -3+0,9! ,!;6,! -,!42=@*! -3+0,! 02/,--,!

*.*5*73!-,+2*!.343!-,!=*7*!*=0,-!72--3!02/,--,!,N2-02739!;6,!,--*!G=2.*!=320,!

*=2;621*+2*!0373-!*;6,1,-!72*-!.3+*Q3-3-B!

!U-036!<*1*=73!-35+,!D3-0*+!7,!-6*-!.*1V*-! !3!@34,4!72--,!.34!64!

03;6,!7,!2++20*VC3B! !k2.*4!5,4!,4!/3.SB!L3-0+*4!-,6-!;6*7+2-!,!-6*-!:,+=*-B!

!)3+!<*/3+9!=C3!72D*!2--3! !,6!72--,!73!4373!4*2-!<2+4,!;6,!:67,B!

!$*+!

! #! ;6ST! U-036! 0,! ,13D2*=73t! '4! .*+*! =C3! :37,!4*2-! ,13D2*+! 64*!

D*+30*T!b3.S!7,/2*!-,!-,=02+!12-3=Q,*7*B!

!#5+2D*7*! !72--,!,4!64*!0,=0*02/*!7,!*.*148F139!4,!372*=73!:3+!

2--3B! L2=@*! 4,=0,! -,! /31036! :*+*! 3-! $+S-! f3=20n,-9! ;6,! 0*1/,M! *2=7*! =,4!

02/,--,4! /310*73! ?! 0+21@*B! &,:32-! ,1*! :+3.6+36! 3! *:203! 4*2-! 5*+61@,=03! 73!

46=73! ;6,! =2=D6E4! *! =C3! -,+! 3! +62/3! :37,+2*! 36/2+B! k32! :*+*! 3! .*=2/,0,!

-6>V39! 13=D,! 7,4*2-! =3! 531-3! -6:,+23+! ,-;6,+73! 7*!43.@21*B! f6-.36! *! 8D6*!

*2=7*F=C3F<,+/,=0,! =*! :*=,1*! -,4! .*53!=3! <3D*+,2+3B! U! ,=0C3! *0,++2--36! =*-!

<1,.@*-!;6,!7,-:3=0*/*4!-35+,!*!43.@21*!73!@34,4!7,!.*5,13!.3+!7,!*+,2*B!

U6!:372*!-,=02+!*!12=@*!2=/2->/,1!,=0+,!424!,!*;6,1*-!<1,.@*-9!.343!-,!<3--,!64!

<23!7,!*10*!0,=-C3B!R,!,1,!0,=0*--,!<*M,+!*1D64*!.32-*!.342D39!,6!:,D*+2*!64*!

7*;6,1*-!<1,.@*-!,!,=<2*+2*!,4!-6*!D*+D*=0*B!

!%.@3!4,1@3+!/3.S! 2+! ,453+*! ! ,6!72--,! .*14*4,=0,B! !b*2! <2.*+!

,-.6+3!13D3B! !K+6M,2!3-!5+*V3-!=3!:,2039!.34:1,0*4,=0,!.3=-.2,=0,!73!<*03!

7,!;6,!=C3!,-0*/*!6-*=73!-602CB!

!q!64!:*>-!12/+,! !,1,!72--,B! !b36!;6*=73!,-02/,+!:+3=03B!U6!0,=@3!

3!72+,2039!/3.S!-*5,B!

U1,!:,D36!*!1*0*!7,!),:-2!,!-6*/,4,=0,!5*1*=V36!*!8D6*!18!7,=0+3B!

!l6,!7+3D*!/3.S!,-08!<*M,=73T! !64*!/3M!4*-.612=*!.@*4369!,!64!

434,=03!7,:32-!3!+62/3!*:*+,.,6B! !$2/,!;6,!.*42=@*+!0673!7,!/310*!:+*!0,!

,=.3=0+*+B!%.@,2!;6,!02=@*!-,!:,+7273B! !U1,!4,!31@36!7,!<3+4*!*.6-*73+*9!

.343! -,! ,6! 02/,--,! .61:*9! .343! -,! ,6! 02/,--,! .3=-:2+*73! .34!3! @34,4!7,!

.*5,13! .3+! 7,! *+,2*! :*+*! <*MSF13! <2.*+B! ! $,43-! ;6,! 2+! *D3+*! -,! ;62-,+43-!

.@,D*+!?!.*42=@3=,0,!*=0,-!7,!,-.6+,.,+B!

! R,!.627*! !3!@34,4!7,!.*5,13!.3+!7,!*+,2*!4,!72--,9!:,D*=73!*!

43.@21*B!

!$.@*6! !<*1,2!5,4!0+*=;621*9!=C3!;6,+,=73!+,-:3=7,+!=,4!2++208F13!

:3+!=C3!+,-:3=7,+B!

!$*"!

!U2B!RC3!-,0,!,!7,M! !,1,!72--,B! !q!-,D6+3!5,5,+!*!8D6*!*D3+*B! !U1,!

1,/*=036!*!1*0*!7,!),:-2!,4!42=@*!72+,VC3!,!<,M!64!5+2=7,B! !%!64*!D*+30*!

-3M2=@*!=*!<13+,-0*! !,1,!72--,9!7*=73!64!D31,!,!7,:32-!-,!/2+*=73!:*+*!-,D62+!

3!*42D3!:,1*!0+21@*B!

k2;6,2! :*+*7*! :3+! 64! 0,4:39! 73! 4,-43! Q,203! ;6,! 02=@*! <2.*73! =*!

:+24,2+*! /,M! ;6,! ,1,-! -*>+*49! 7,2N*=73! ;6,! 0373-! 3-! =A-! 7,! 4,73! -,!

7,-<2M,--,4B! "C3! *.3=0,.,6! =*7*9! 72--,! *!424!4,-4*B! U-036! :,+<,20*4,=0,!

5,4B!k32!*:,=*-!64!@34,4!+,:61-2/39!*--6-0*73+!,!=*7*!1,D*19!,!*D3+*!,1,!<32!

,453+*B!

L*-!,=0C3!,6!.313;6,2!*!5*++*.*!7,!/310*!7,=0+3!7*!43.@21*9!7,-12D6,2!

3!<3D*+,2+39! Q3D6,2!*!8D6*!;6*-,!<,+/,=73!=3!4*03!,!4,+D61@,2!*!:*=,1*!=3!

1*D3!:*+*!,-<+2*+B!f,52!64!D+*=7,!D31,!7*!8D6*!.34!2373!,!,=<2,2!*!D*++*<*!7,!

8D6*!,! *! .*42-,0*!G427*9!3! -602C! ,!3! -@3+0!=*!43.@21*B! I,/*=0,2! *!L3=-0+*9!

*<2/,1,2F*9!/310,2!?!0+21@*!,!.34,.,2!*!.*42=@*+!=*!72+,VC3!=3+0,!,4!4,23!?!16M!

;6,!,-4*,.2*B!K*42=@,29! .*42=@,29!42=@*!4,=0,!,=0+36!=3!*6034802.39!;6,!

,+*! 3! ,-/*M2*4,=03! 7,! ;6*1;6,+! .32-*! *! =C3! -,+! 73!43/24,=03! ?! <+,=0,9! ,!

.*42=@,2!*0E!;6,!*=7*+!-,!03+=*--,!2=-6:3+08/,19!*0E!*.@*+!;6,!=C3!.3=-,D62+2*!

7*+!=,4!4*2-!64!:*--3B!

U!,=0C3!,6!.3++2B!

!$*#!

!

JV&&?*"2+*&P*&F1-&!

!

K@3/2*! ;6*=73! *.3+7,2! .34! *! 16M! -,! 2=-2=6*=73! =3! .E6! =*! 4*=@C!

-,D62=0,B!U-0*/*!7,20*7*!=*!5*++*.*!=*!/*1*!+*-*!7*!0+21@*9!-6*!,N0,=-C3!7,!X_!

.,=0>4,0+3-! ,+*!3!G=2.3! 16D*+!:1*=3!;6,!:67,!,=.3=0+*+!=3!,-.6+3!=*!=320,!

*=0,+23+B!K34,V36! *! .@3/,+! ?!4,2*F=320,! ,!:,+4*=,.,6!*--24! *!=320,! 037*j!

,=;6*=03!.*42=@*/*9!*3!13=D3!7*!4*=@C9!*!.@6/*!<2.36!2=73!,!/2=73B!),=-,2!

=3! ;6,! *.3=0,.,6! .34! 3-! @34,=-9! 36! =3! ;6,! ;6*-,! *.3=0,.,6! 36! =3! ;6,!

=6=.*! *.3=0,.,+2*! +,*14,=0,9! ,=.,=*=73! -,4! :*+*+! =*! .*5,V*9! -,=02=73F4,!

,=Q3*7*! ,! *5*1*7*9!4*-! =*! @3+*! 73! *143V3! Q8! 02=@*! ,-;6,.273! ,! ,-0*/*! 7,!

/310*!?!)K$! !3!7,-/23!;6,!:,D6,2!-,4!:,+.,5,+!-,!Q6=036!?!0+21@*B!

%!8D6*!7,-*536!73!.E6!,!,-.3++,6!:,13-!D*1@3-9!,-.3*=73!:,1*!/*1*!7*!

0+21@*B!K*42=@,2!-35!8+/3+,-!,=3+4,-9!3!73--,1!7*!<13+,-0*!5,4!*.24*!7,!4249!

3-! *+56-03-! ,! *-! :1*=0*-! 5*2N*-! ;6,! 1*7,*/*4! *! 0+21@*! 4,! ,=.@*+.*=73!

.3=<3+4,! ,6! :*--*/*B! L,-43! 431@*7*! ,! 7,-.3=<3+08/,1! .343! ,-0*/*9! *!

<13+,-0*! ,+*! 48D2.*9! DA02.*! ,4! -6*! D+*=723-27*7,! /,+7,9! *3! 4,-43! 0,4:3!

1642=3-*!,!4,1*=.A12.*9!0C3!16N63-*!,4!-6*!<,.6=727*7,!;6,!:*+,.2*!-6++,*19!

.343!-,!,6!,-02/,--,!.*42=@*=73!*0+*/E-!7,!64!.3=03!7,!<*7*-!,4!/,M!7,!=3!

46=73!+,*1B!

K@3/,69! .@3/,6! ,! :*+36! 7,! .@3/,+! 3! 72*! 2=0,2+3! ,! =3! 72*! -,D62=0,!

0*45E4B! %2=7*! ,-0*/*! .@3/,=73! ;6*=73! .@,D6,29! =3! 2=>.23! 7*! =320,9! ?-!

4*+D,=-!73! 1*D3!#1*112,9!;6,! 02=@*!]m!@,.0*+,-B!)*--,2!:,13!:3-03!7*!D6*+7*!

<13+,-0*1! <,.@*739! -,=02=73! 64*!:+3<6=7*! -,=-*VC3!7,! *1>/23B!%++*-0,2F4,! =*!

1*4*!,!=*!D+*4*!431@*7*!*0+*/E-!7,!64*!:,;6,=*!.3=.,=0+*VC3!7,!4,-*-!7,!

:2;6,=2;6,!*0E!6=-!:36.3-!:+E723-!7,!4*7,2+*!,-.6+*!;6,!.34:n,4!3!#1*112,!

!$*$!

I*[,! (,-3+0B! %0E! *0+*/,--*+! 3! #+,D3=! .*42=@*=73! ,6! 02=@*! 64*! 27,2*!

030*14,=0,! 72<,+,=0,! 73! ;6,! *! :*1*/+*! +,-3+0! :37,+2*! -2D=2<2.*+B! "2=D6E4!

,-0*/*! ?! /2-0*B!%-! 7,M! .*5*=*-! +G-02.*-! ,-:*1@*7*-!:,+03! 7*!4*+D,4!73! 1*D3!

:*+,.2*4! /*M2*-! ,! *! :,;6,=*! 13Q*! ,=0+,! *-! .*5*=*-! 02=@*! ,=.,++*73! 3!

,N:,72,=0,B!

K34,V36! *! .@3/,+! =3/*4,=0,! ;6*=73! ,6! ,-0*/*! :*+*7*! -35! 64!

:2=@,2+3!:+AN243!?!13Q*B!$2+,2!3!.*:6M!7*!.*:*!7,!.@6/*!,!31@,2!:*+*!3!1*D3B!

#!4*Q,-03-3!.64,!73!43=0,!e,<<,+-3=!-6:3-0*4,=0,!*:*+,.2*!*3!-61!,!*!<3+4*!

*.@*0*7*!73!#1*112,!f600,!<2.*/*!*3!=3+0,9!4*-!,6!=C3!.3=-,D62*!/,+!=,=@64!

73-!732-9! :32-! ,-0*/*4!,=.35,+03-!:,1*! ,-.6+27C3! ,! =E/3*! .+,-.,=0,-B! R,4!*!

/2-0*! 7*-! 43=0*=@*-9! 3-! :2=@,2+3-! ,! 3! *4:13! 1*D3! 4,! <*M2*4! 1,45+*+! *-!

<13+,-0*-!73!=3+0,!7,!L2==,-30*B!#!*+!0*45E4!:*+,.2*!.34!3!7,!L2==,-30*B!

e8!02=@*!-,!:*--*73!64*!-,4*=*!7,:32-!73!&2*!73!$+*5*1@3j!3!3603=3!*2=7*!

=C3! @*/2*! .@,D*739! 4*-! ,-0*/*! :+AN243B! $673! :*+,.2*! *5*=73=*73! ,!

,-;6,.273B! )+3.6+,2! 7,=0+3! 7*! .*:*! 7,! .@6/*! ,! :,D6,2! *-! :8D2=*-! 73! D62*9!

3=7,!12!-35+,!64!16D*+!:*+*!*.*4:*+!*12!:,+039!64!13.*1!7,:32-!73!:3-03!7,!

D6*+7*!.34!/2-0*!:*+*!3!1*D3!Y,*79!3!/2M2=@3!5,4!4,=3+!73!#1*112,B!

%.*4:,2! 18! ,! :+,:*+,2! 3! Q*=0*+! =*! .@6/*9! 7,:32-! ,=0+,2! =*! 5*++*.*! ,!

7,20,2! =3! -*.3! 7,! 73+42+! G42739! /,-027*! .34! +36:*-! G427*-B! %-! :21@*-! 7*!

1*=0,+=*! 02=@*4! *.*5*739! ,! ,6! =C3! :372*! 1,+B! U4! /,M! 72--39! <2;6,2! 7,20*7*!

36/2=73!3!D30,Q*+!7*!.@6/*!=3!=8213=!,-02.*73!*!*1D6=-!.,=0>4,0+3-!7*!42=@*!

.*5,V*B!

$,+2*!:21@*-!=3/*-!=*!.*2N*!;6,!:,D*+2*!=3!72*!-,D62=0,B!$,+2*!.@3.31*0,!

G10243!130,!7,!+,<,2Vn,-!7,-27+*0*7*-!,!-*.3-!.34!=3M,-!,!-,4,=0,-!46+.@*-B!%!

1,45+*=V*! 7,--*-! .32-*-! ,+*! 0*=03! 64*! 03+06+*! ;6*=03! 64! .3=<3+03B! U6!4,!

,=+3-;6,29! =*! 0,=0*02/*! 7,! 4*=0,+! 3! -*.3! 7,! 73+42+! 13=D,! 7*-! 53+7*-! 7*!

5*++*.*! :*+*! 3! .*-3! 7,! ,=0+*+! 8D6*9! 4*-! =C3! .3=-,D62! 73+42+B! )3+! 4*2-!

!$*%!

-345+23! ;6,! ,-02/,--,9! -,=02! 64*! .,=0,1@*! 7,! 16M! :,+.3++,+! 4,6! .3+:3! ;6,!

02=@*!0673!*!/,+!.34!3!<*03!7,!;6,!*!.*42=@*7*!*.*5*+2*!,4!64*!-,4*=*B!U6!

,-0*+2*! ,4! )3+01*=79! 43+*=73! =3/*4,=0,! .343! 64*! :,--3*! =3+4*1B!

%++*=Q*+2*!64!,4:+,D3!.343!D*+V3=,0,!76+*=0,!*-!=320,-!,!,-.+,/,+2*!76+*=0,!

3!72*B!&,-7,!;6,!*!27,2*!7,!43+*+!,4!)3+01*=7!-,!-31272<2.36!,4!42=@*!4,=0,9!

:*--*/*!@3+*-! 24*D2=*=73!.343!-,+2*!/310*+!:*+*!3!46=73!,4!;6,!.3427*9!

4G-2.*9!/2=@3!,!.*<E!,-0*+2*4!72-:3=>/,2-B!

#5/2*4,=0,9! *! @,+3>=*! 0*45E4! ,-0*+2*! 72-:3=>/,19! :,=-,2B! L*-! *!

;6,-0C3! ,+*! ;6,! ,6! =C3! *! ;6,+2*B! $*1/,M! =6=.*! 0,=@*! 7,! <*03! ;6,+273B!

k2=*14,=0,! ,=0,=72! 3! ;6,! <32! *;6213d! 3! *=-,23! :3+! 64*! -*>7*9! ;6*=73! =*!

+,*127*7,!3!;6,!,6!;6,+2*!,=.3=0+*+!,+*!64!Q,203!7,!,=0+*+B!%D3+*!,6!,-0*/*!18B!

#6!;6*-,B!

! U6! 0,=@3! 64*! .*2N*! ! .@*4,2! 3! D6*+7*! =*! 4*=@C! -,D62=0,9!

,=;6*=03!.3++2*! *0+8-!7,1,! ?!4,727*!;6,! .34,V36!*! -,! *<*-0*+!72+2D2=73! -6*!

.*42=@3=,0,B!

U1,!:*+36!,!7,-.,6!3!/27+3!7*!Q*=,1*B!

!b3.S!E!K@,+o1T!

k2M!;6,!-24!.34!*!.*5,V*B!

! U6! 0,=@3! 64*! .*2N*BBB! ! +,:,029! *2=7*! ,=0,++*7*! ,4!42=@*! <E027*!

+36:*!7,!.@6/*B!

! R,6-! *42D3-! 4,! <*1*+*4! -35+,! /3.S! ! ,1,! 72--,! *3! -*2+! 7*!

.*42=@3=,0,B! !#!.*-*1B!

U6!:2-;6,2!,!:6N,2!3!.*:6M!:*+*!0+8-B!

!R*4!,!Y,1,=T! !:,+D6=0,29!,!3!D6*+7*!.3=<2+436B!

%! 1,45+*=V*!7,1,-! ,=/236!64*!,N:13-C3!7,! 0,+=6+*!:,13!4,6! .3+:3B!

K313;6,2!3!.*:6M!7,!/310*!,=;6*=03!-,D62*!3!D6*+7*!*0E!*!D*+*D,4!;6,!,+*!

12D*7*! *3! :3-03! 7*! D6*+7*F<13+,-0*19! .3=,.0*73! *3! ;6,! :*+,.2*! -,+! -6*!

+,-27S=.2*B!

!$*&!

! U-036! 2=73! ?! .27*7,9!4*-! /310*+,2! =3! <24! 7*! 0*+7,9! -,! :+,.2-*+! 7,!

*1D64*!.32-*! !,1,!72--,9!,!4,!:*--36!*!.*2N*!,! 0+S-!.*+0*-B!U1,! 02=@*!.*5,13!

.*-0*=@39!52D37,!,!O_!,!46203-!*=3-9!24*D2=,2B!

!#5+2D*7*! !,6!72--,9!-,D6+*=73!*!.*2N*!,!*-!.*+0*-B!

%2=7*!.@3/2*!,!:*+,.2*!7,-31*73+!18!<3+*9!,=0C3!<62!*0E!*!:,;6,=*!13Q*9!

3=7,! .34:+,2! 64*! N>.*+*! 7,! .*<E! 73! 273-3! ;6,! 0+*5*1@*/*! =*! .*2N*!

+,D2-0+*73+*9! .34! *! :+34,--*! 7,! ;6,! 3! :*D*+2*! *--24! ;6,! *5+2--,! *! .*2N*B!

R,=0,2F4,!:*+*!5,5,+!,4!64*!.*7,2+*!:,+03!73!<3DC3!7,!1,=@*!,!12!*-!.*+0*-B!%!

:+24,2+*!,+*!7,!%24,,9!*!-,D6=7*!7,!)*61!,!*!0,+.,2+*9!:*+*!42=@*!.34:1,0*!

-6+:+,-*9! 7,! U79! 3! *=Q3! 7*! 0+21@*! ;6,! .3=@,.2! 18! =3! 2=>.239! ,4! g,==,7o!

L,*73p-B!R,!/3.S!+,.,5,+!2--39!-2D=2<2.*!;6,!/3.S!.3=-,D6269!K@,+o1B!)*+*5E=-t9!

,-.+,/,6B!k2;6,2!0C3!,43.23=*7*!7,!1,+!-6*-!:*1*/+*-!;6,!+2!5,4!*103!,!3!273-3!

=*!.*2N*!+,D2-0+*73+*!1,/*=036!3-!31@3-B!

!f3*-!=30>.2*-!7,!.*-*T! !,1,!:,+D6=036B!

!R24! !,6!72--,B! !L*2-!36!4,=3-!2--3B!

%5+2! *! .*2N*! ,! ,=.3=0+,2! =C3! *:,=*-! 3! ,=/,13:,! ;6,! .3=02=@*! /2=0,!

7A1*+,-9!4*-!360+3!,=/,13:,!.34!4*2-!/2=0,!7A1*+,-9!*;6,1,!;6,!7,/,+2*!,-0*+!

=*! .*2N*! :*+*! 3! R@,10,+!K3/,!(,-3+0! ,! ;6,! 7,/3! 0,+! .313.*73! ,++*73!4,-,-!

*0+8-B! &*/*! =3! 4,-43! *D3+*B! K3=-,D62! .@,D*+! .34! 732-! .,=0*/3-! ,! *!

+,.34:,=-*! ,+*! ;6,! *D3+*! ,6! ,-0*/*! +2.*9! .34! ;6*+,=0*! 7A1*+,-! ,! 732-!

.,=0*/3-B! )*D6,2! 3! .*<E9! .34:+,2! 64! :*.30,! 7,! 52-.3203-! ,! :,+D6=0,2! *3!

@34,4!-,!02=@*!*1D64!.@6/,2+39!4*-!,1,!<,M!;6,!=C3!.34!*!.*5,V*!,=;6*=03!

,6!3!31@*/*9!7,-*:3=0*7*B!U+*!64!+,-3+0!-,4!.@6/,2+3!36!+,-0*6+*=0,9!,-0*/*!

.@6/2-.*=73!<3+0,9!,!<*M2*!\O!D+*6-!18!<3+*B!

b310,2!*!,=.@,+!*!N>.*+*!7,!.*<E!,!:,=-,2!-,!7,/2*!.*42=@*+!=*;6,1,!72*!

36!=C3B!"C3!02=@*!46203!4302/3!:*+*!<2.*+!,9!*2=7*!*--249!/310*+!*!.*42=@*+!

=*!<13+,-0*!.34!037*-!*-!.32-*-!431@*7*-!=C3!,+*!*:,=*-!7,-*=24*73+!.343!

:30,=.2*14,=0,! :,+2D3-3j! 3! 2=,-.*:8/,1! <+23! 4,! .313.*/*! ,4! +2-.3! 7,!

!$*'!

@2:30,+42*B!),13!4,=3-!*;62!,6!:372*!<2.*+!=3!.*13+!7*!13Q*B!U-02/,!7,!4373!

*10,+=*73!-6*=73!7,!.*13+!36!.3=D,1*=73!7,!<+23!:3+!0+S-!72*-B!U-0*/*!.*=-*7*9!

0*=03! <>-2.*! ;6*=03! :-2.313D2.*4,=0,B! Y36/,! 72*-! ,4! ;6,! .*42=@,2! *:,=*-!

4,0*7,!73!72*9!4*-!=C3!02/,!64!72*!2=0,2+3!7,!<31D*!7,-7,!3!1*D3!K+*0,+B!%1E4!

72--39! :3+! 4*2-! ;6,! ,-02/,--,! *=-23-*! :*+*! .@,D*+! ?! )3=0,! 73-! &,6-,-9! =C3!

02=@*!:+,--*B!U-0*/*!:,+03!3!5*-0*=0,!*D3+*!;6,!-*52*!;6,!0,+42=*+2*!<*.214,=0,!

*!0,4:3!73!4,6!*=2/,+-8+23B!)372*!7,-.*=-*+B!

! "C3! 0,43-! .@6/,2+3-9! Q3/,4! ! 72--,! 3! 273-3B! ! L*-! :3--3!

3<,+,.,+F1@,! Q*=0*+!@3Q,! ?!=320,9! -,!;62-,+! *.34:*=@*+! *!424!,!64!.*-*1!7*!

,;62:,!7,!<6=.23=8+23-!?-!.2=.3!@3+*-B!

!e*=0*+T! !L2=@*!7,.2-C3!7,!<2.*+!,-0*/*!034*7*B!

b310,2! *3! *.*4:*4,=03! ,!4,! ,-<3+.,2! :*+*! -,.*+! *-! .32-*-! ,=0+,! 64*!

:*=.*7*!7,!.@6/*!,!360+*B!%;6,.2!64*!:*=,1*!7,!8D6*9!4,!.6+/,2!=6*!:,+03!

7,1*!,!4,!1*/,2!.34!*!5*=7*=*B!R,:*+,2!3!:6+2<2.*73+!7,!8D6*9!-*.672!*!-6Q,2+*!

;6,!3!@34,4!7,!.*5,13!.3+!7,!*+,2*! 02=@*! -6D*73!,!:*--,2!64*!8D6*! 124:*!

:,1*!5345*!:*+*!;6,!:67,--,!6-8F1*!=3/*4,=0,B!%1D6=-!42=603-!*=0,-!7,!-*2+!

:*+*! 3! :,;6,=3! :+E723! 3=7,! <62! 2=-0+6>7*! *! 2+! Q*=0*+9! 3-! $+S-! f3=20n,-!

*:*+,.,+*49! ,=.@*+.*73-9! ,! 4*2-! ,=.*=0*73+,-! 73! ;6,! =6=.*B! I20,+*14,=0,!

:61,2!7,!*1,D+2*!*3!/SF13-B!UN:12;6,2!;6,!,-0*/*!-*2=73!:*+*!Q*=0*+!,!;6,!,1,-!

:+3/*/,14,=0,!:37,+2*4!Q*=0*+!.342D3!0*45E4j!,6! 13D3!/310*+2*!:*+*!72M,+!

-,!:372*4!2+9!4*-9!;6*=73!.@,D6,2!*3!:,;6,=3!:+E723!,!:,+D6=0,29!*!461@,+!

,=.*++,D*7*!<32!2=-,=->/,1!?!.@,D*7*!7,1,-B!

!"C3!0,43-!.3427*!-6<2.2,=0,! !,1*!72--,B!U6!4,!-,=02!.61:*7*!:3+!

-,=0*+! ,! .34,+9! 4*-! ,-0*/*! 43++,=73! 7,! <34,B! #! Q*=0*+! ,+*! 64*! .3427*!

.*-,2+*9!3!02:3!;6,!.342!,4!421@*+,-!7,!+,<,2Vn,-! 0+2/2*2-!;6*=73!.+2*=V*!,4!

L2==,-30*B! %--*73! 7,! .*+=,!43>7*! .35,+03! .34! ;6,2Q3! .@,77*+9!421@3! ,4!

.3=-,+/*!,!5*0*0*-!.34!-*1*7*!7,!*1<*.,B!U=.@2!3!:+*03!,!.342!0673!,4!.,+.*!

7,!.2=.3!D*+<*7*-j!<2;6,2!-,=0*7*!,76.*7*4,=0,!,-:,+*=73!*!461@,+!.3+0*+!3!

!$*(!

5313!*4*+,13!.34!.35,+06+*!5+*=.*!7,!*VG.*+!;6,!,-0*/*!,4!64*!4,-*!1*0,+*1B!

l6*=73!,1*!.3+0369!.342!64!:,7*V3!,!7,:32-!/310,2!:*+*!:,D*+!72-.+,0*4,=0,!

4*2-! 649! 3! 4*23+! :,7*V3! 7*! 0+*/,--*j! 3! ,=+31,2! ,4! 64! D6*+7*=*:3! ,! 3!

.313;6,2!=3!531-3!7*!.*:*!7,!.@6/*B!

! #5+2D*7*! ! ,6! 72--,B! ! q!4,1@3+! ,6! /310*+! :*+*! Q6=03! 7,!4,6-!

*42D3-B!

%0+*/,--,2!*!D+*4*!431@*7*!-,D6+*=73!.627*73-*4,=0,!3!5313!7,=0+3!

73! .*-*.3B!%2=7*! ,+*4!^@O_9!4*-! ,-0*/*! 0C3! ,-.6+3! ,! -345+23!;6,!:37,+2*!

46203!5,4!-,+!3!4,23!7*!=320,B!

!%>!,-08!/3.SB!U6!,-0*/*! 0,!:+3.6+*=73! !64!@34,4!4,!.@*436B!

U+*! 3! D6*+7*F<13+,-0*1! ;6,! 4,! 7,6! *! .*2N*! ,! *-! .*+0*-! =*;6,1*! 4*=@CB! U1,!

,-0*/*!-,.*=73!3-!18523-!.34!64!:*=3!7,!:+*03B! !U-036!<*1*=73!,=+31*73! !

,1,!72--,!,=D312=73!*-!:*1*/+*-!;6*=73!4,!*:+3N24,2B! !k2M!64*!.2+6+D2*!=*!

53.*!@3Q,B!

)6N,2! 3! .*:6M! :*+*! .35+2+! *! .*5,V*! :3+;6,! +,.34,V36! *! .@3/,+B! U1,!

:*+,.2*!1,/,4,=0,!5S5*73!*1E4!73-!:+351,4*-!.34!*!53.*B!

!l6,!0*1!2+!?!42=@*!.*-*!:*+*!64!7+2=;6,!*D3+*T!b3.S!:37,!<2.*+!<3+*!

7*!.@6/*! !,1,!72--,!.34!*!/3M!*10,+*7*B! !L2=@*!.*-*!E! 13D3!*129!*!360+*!

4,0*7,! 73! :3-03B! U-036! .34! *! 1*+,2+*! *.,-*! ,! /36! :+,:*+*+! 6=-! .3;6,0E2-!

A0243-!:+*!/3.SB!

! #5+2D*7*9! 4*-! =C3! :3--3B! L,6-! *42D3-! *.*5*+*4! 7,! .@,D*+! ,!

,-0*43-! 0373-!*.*4:*73-! ! ,6!72--,9!*:3=0*=73!:*+*!*!,1,/*VC3!73!360+3!

1*73! 7*! ,-0+*7*9! *0+8-! 7*! ;6*1! 42=@*! 5*++*.*! ,! *D3+*! :+3/*/,14,=0,! *-!

5*++*.*-! 73-! $+S-! f3=20n,-! ,-0*/*4! 43=0*7*-B! %3! <*M,+! 2--39! 43=0,2! 64*!

24*D,4! :+,.2-*! 73! ;6,! 3-! $+S-! f3=20n,-! :+3/*/,14,=0,! ,-0*/*4! <*M,=73!

=*;6,1,!,N*03!434,=039!*!4*=,2+*!.343!,-0*+2*4!,=.31@273-!7,5*2N3!7,!-6*-!

.*:*-! 7,! .@6/*! 0,=0*=73! .34,+! -,6-! +,:6D=*=0,-! Q*=0*+,-9! 36! -,=0*73-!

-3M2=@3-!,4!-6*-!5*++*.*-!:3+;6,!-24:1,-4,=0,!=C3!02=@*4!360+3!16D*+!:*+*!

!$*)!

,-0*+B!U=0C3!:,=-,2!=*;6,1*!1*+,2+*!;6,=0,!,!=*!5,527*!,!,4!.3439!-,!3-!0+S-!

<3--,4!.342D3!?!.*-*!73!D6*+7*9!:37,+2*!6-8F13-!:*+*!4,!*Q67*+!*!,/20*+!-,Q*!

18!;6*1!<3--,!*!-6*!2=0,=VC3B!

! L*-! 0*1/,MBBB! ! @,-20,29! ?! 4,727*! ;6,! 3! D6*+7*! 5*536! ,! 7,:32-!

-,.36!*!53.*B! !l6,+!72M,+9!7,-7,!;6,!:3--*!1,/*+!4,6-!*42D3-B!

b310,2! .34! 3! 5313! :*+*! 3! *.*4:*4,=03B! #-! $+S-! f3=20n,-! ,-0*/*4!

<,.@*73-!,4!-6*-!5*++*.*-B!

! U6! 0,=@3! 5313! ! .@*4,29! ,! ,1,-! /2,+*49! <2.*+*4! *3!4,6! +,73+! ,!

.34,+*4!3!5313!.34!3-!7,73-9!72+,03!7*!42=@*!4C39!72/272=73F3!,=0+,!,1,-!

73! Q,203!7,-.34:12.*73!,! -,4!:*1*/+*-!;6,!,1,-!*:,+<,2V3*+*4!*3! 13=D3!73-!

4,-,-!7,!2=<2=78/,1!:+2/*VC3!,!6=2C3B!

"3-! =3/,! 72*-! 7,-7,! ;6,! @*/2*! 4,! 7,-:,7273! 7,1,-! :*+,.2*! 0,+43-!

<2.*73!4*2-! :+AN243-9!4*2-! <*4212*+2M*73-9! .343! -,! 02/E--,43-! <2.*73! Q6=03-!

=,--,!:,+>3739! ,!=C3!*<*-0*73-B! U1,-! *2=7*!,+*4!3-!$+S-!f3=20n,-!:*+*!4249!

4*-!.34,V*+*4!*!-,!72<,+,=.2*+!,4!42=@*!4,=0,B!(2.@2,!,+*!,=D+*V*73!,!64!

:36.3! ,-0+*=@39! .34! 64! /2E-! 42-0,+23-3! ;6,! ,6! *.@*/*! *0+*,=0,B! e3-@! ,+*!

4,2D39! 2=0,12D,=0,! ,! 4*2-! +,-,+/*73! 73! ;6,! 3-! 360+3-B! (2.[! ,+*! 72/,+02739!

2=.2-2/39!*<8/,1!,!534!7,!.3=/,+-*B!K3=<3+4,!35-,+/*/*!3-! 0+S-! .34,=73!3!

5313!7*!42=@*!4C39!:,+.,52!;6,9!,453+*!-,=02--,!64*!:,;6,=*!*0+*VC3!:3+!

0373-!,1,-9!02=@*!64*!*0+*VC3!4*23+!:3+!(2.[B!U+*!64*!*0+*VC3!*5-6+7*9!-*52*B!

U1,!,+*!;6*-,!;6*0+3!*=3-!4*2-!=3/3!73!;6,!,6!,!,-08/*43-!,4!64*!27*7,!,4!

;6,!,--,-!;6*-,!;6*0+3!*=3-!<*M2*4!72<,+,=V*B!%!72<,+,=V*!,=0+,!3!;6,!,1,!02=@*!

<,203!,!3!;6,!,6!<2M!,+*!D+*=7,!3!5*-0*=0,!:*+*!4,!<*M,+!:*+,.,+!4*2-!64*!2+4C!

4*2-!/,1@*!73!;6,!*1D6E4!;6,!:37,+2*!,-0*+!:,=-*=73!,4!<2.*+!-3M2=@*!.34!

,1,!=*!5*++*.*B!)3+0*=039!=C3!:,=-,2!=2--39!4*-!=C3!:372*!=,D*+!;6,!,4!64!

D+*6!.+,-.,=0,!,6!-,=02*!64*!1,/,!:*1:20*VC3!7,=0+3!7,!424!037*!/,M!;6,!3-!

31@3-! 7,! (2.[! ,=.3=0+*/*4! .34! 3-!4,6-9! ,! 0*45E4! =C3! :372*! =,D*+! ;6,!

:372*!/,+!=3-!31@3-!7,1,!;6,!0*45E4!-,=02*!64*!1,/,!:*1:20*VC3B!

!$**!

! &,-.61:,! -35+,! 3! Q*=0*+! ! ,6! 72--,9! 7,:32-! 7,! ,N:12.*+! 3! ;6,!

*.3=0,.,6B! ! b3.S-! .34,+*4T! ! :,+D6=0,29!4,! -,=02=73! .61:*7*9! ,! 0373-!

.3=<2+4*+*49!1*45,=73!3!*VG.*+!.+2-0*12M*73!73-!7,73-B!

!U-0*/*!534T! !:,+D6=036!(2.@2,!.34!-,6!-30*;6,!7,!"3/*!#+1,*=-9!

3!;6,!-A!*64,=0*/*!-,6!,=.*=039!*:,-*+!7,!42=@*!*0+*VC3!:3+!(2.[B!

!k32!*:,=*-!.*+=,!D+*02=*7*!,!-*1*7*B!

#-!0+S-!4,!31@*+*4!.343!-,!,6!3-!02/,--,!2=-610*73B!

!L*-!E!:3+!2--3!;6,!,6!0+36N,!3!5313!:*+*!/3.S-t! !D+20,2!7,5*2N3!7*!

.*:*!7,!.@6/*B! !%1E4!72--39!,6!0,=@3!360+*!.32-*!;6,!:37,!-,+!2=0,+,--*=0,B!

'4*!.32-*!72<,+,=0,B!#!D6*+7*!7*;62!4,!.3=/2736!:*+*!034*+!64!7+2=;6,!=*!

.*-*!7,1,!,!,6!72--,!;6,!-A!2+2*!-,!/3.S-!<3--,4!0*45E4B!)+,.2-3!*/2-*+!;6,!,1,!

,-08!64!:36.3!,-;62-203j!,1,! <,M!64*!.2+6+D2*!=*!53.*!@3Q,!36!*1D3!73!02:39!

,=0C3!*.@3!;6,! 03436!*=*1DE-2.3-!,! Q8!,-08!64!:36;62=@3!5S5*739!4*-!,1,!

0,4!64*!1*+,2+*!.34!3!<3D3!*.,-39!0,4!7+2=;6,-!,!E!7,=0+3!7,!*1D64!16D*+B!

b3.S-!;6,+,4!2+T!

#-!$+S-!f3=20n,-!4,! 1*=V*+*4! -,6!31@*+!7,!58+5*+3-F-3103-F=*F0,++*! ,!

.,+.*!7,!732-!42=603-!7,:32-!,-08/*43-!5*0,=73!=*!:3+0*!73!D6*+7*B!

! %>! ,-08! /3.S! ! ,1,! <*136! 7,! <3+4*! :36.3! .34:+,,=->/,1! ,! =3-!

7,2N36!,=0+*+B! !U6!,-0*/*!.34,V*=73!*!*.@*+!;6,!/3.S!4,!7*+2*!64!5313B!

!U--,-!-C3!4,6-!*42D3-!(2.[9!(2.@2,!,!e3-@! !,6!72--,9!4*-!3!D6*+7*!

3-!31@36!.34!7,-7E49!3!:*=3!7,!:+*03!*2=7*!:+,--23=*73!.3=0+*!3-! 18523-B!

"C3!,+*!/,+7*7,!;6,!,1,!02=@*!.3=.3+7*73!7,!53*!/3=0*7,!;6,!3-!0+36N,--,!

Q6=03B!U1,!-A!*.,2036!;6*=73!,6!72--,!;6,!E+*43-!=A-!;6*0+3!36!=2=D6E4B!

#-!$+S-!f3=20n,-!,=0+*+*4!,!-,=0*+*4!,4!<21*!=3!-3<8!=*!<+,=0,!73!<3D3!

*+7,=0,9!*:32*=73!*-!530*-!431@*7*-!=*!1*+,2+*!7,!:,7+*B!

!b3.S!;6,+!64!7+2=;6,9!D*0*T! !3!D6*+7*!4,!:,+D6=036!;6*=73!3!

-,D62!*0E!*!.3M2=@*B! !L,6!=34,!E!J6o9!*!:+3:A-203B!"C3!-,2!-,!1@,!72--,!2--3!

*=0,-!36!=C3B!

!%++!

!)+*M,+!,4!.3=@,.SF139!J6o! !,6!72--,9! 0,=0*=73! <2.*+!7,!64! Q,203!

;6,!43-0+*--,! =C3! ,-0*+! +,*14,=0,! .34! ,1,! =*! .3M2=@*! ,! -24! <*M,=73! 64*!

:3=0,!,=0+,!=A-!,!3-!.*+*-!72*=0,!7*! 1*+,2+*!,!;6,!,-08/*43-! 0373-!,4!64*!

G=2.*!D+*=7,!<,-0*B!

!U-036!:+,:*+*=73!64*!.32-*!,-:,.2*1!:+*!/3.SB!

!)*+*!424T!#5+2D*7*! !,6!72--,B! !b3.S-!;6,+,4!64!7+2=;6,T! !

:,+D6=0,2! *3-! $+S-! (*:*Dn,-B! U1,-! +,-:3=7,+*4! ;6,! -24! ,=;6*=03! ,6!

35-,+/*/*!J6o!,=.@,+!64!.3:3!D2D*=0,-.3!.34!D,13!,!,=0C3!7,-:,Q*+!72/,+-3-!

02:3-! 7,! 5,527*! =,1,9! <2=*12M*=73! .34! -6.3! 7,! <+60*-! 7,! 64*! 1*0*! ;6,! ,1,!

:,D36!=*!D,1*7,2+*B!

!q!.343!64!-62.>723! !,6!72--,!;6*=73!,1,!4,!:*--36!3!7+2=;6,B! !

q!*--24!;6,!.3-0648/*43-!.@*4*+!,--,!02:3!7,!7+2=;6,!;6*=73!,6!,-0*/*!=*!

<*.617*7,9!;6*=73!/3.S!.313.*!0373-!3-!02:3-!72<,+,=0,-!7,!5,527*-!=,1,B!

!UN:,+24,=0,!,!/,Q*!-,!*.@*!534! !72--,!J6oB!

&,2!64!D31,B!#!D3-03!,+*!2=<,+=*19!4*-!7,!64!Q,203!534B!#!-*53+!,+*!

4,1@3+!73!;6,!-,=0*+!18!<3+*!=*!.@6/*!<+2*B!

!Y644t! !46+46+,2!*=24*7*B! !U!3-!.*+*-9!(2.[9!(2.@2,!,!e3-@9!,1,-!

D3-0*+2*4! 7,! 64! 0*45E49! *.@3B! b3.S-! D3-0*+2*4! 7,! 64! .343! ,--,T! !

:,+D6=0,2!=3/*4,=0,!,=;6*=03!,-.*:612*!:*+*!3!-3<8B!

!K34!.,+0,M*! !0373-!72--,+*4!,4!.3+39!4*-!J6o!=C3!7,43=-0+36!

0,+!36/273B!)*--,2!:*+*!(2.[!3!.3:3!7,!5,527*!,!4,!,=<2,2!*3!1*73!7,1,9!=A-!

;6*0+39!1*73!*!1*739!=3!46=73!7*!<*=0*-2*!7,!:,1G.2*!73!-3<8!*3!1*73!73!<3D3!

-,4!64!.,=0>4,0+3!-35+*=739!*!1*0,+*1!73!4*+*/21@3-3!.3+:3!7,!(2.[!D+67*7*!

=3!4,6j!3!<3D3!.343!=3--3!-31!:,--3*1!=3-!-,.*=73B!

!b3.S!;6,+!<*1*+!7,!-62.>7239!;6,+27*9!/36!1@,!.3=0*+!-35+,!-62.>723! !

J6o!72--,9!-,!.313.*=73!=*!42=@*!<+,=0,!,!-,!*:32*=73!=3!.3=-313!7*!1*+,2+*B!

(2.[!5,5,6!,!:*--36!3!.3:3!:*+*!e3-@9!;6,!,-0*/*!*3!-,6!1*73j!,=0C3!e3-@!7,6!

64!D31,!,!3!:*--36!:*+*!(2.@2,!=*!360+*!:3=0*B! !c=<,12M4,=0,9!0,43-!*1D6=-!

!%+"!

.*-3-! 7,! -62.>723! :3+! *;62B! %D3+*! E! *>! ;6,! ,-0,! 0+*5*1@3! <2.*! 2=0,+,--*=0,! !

.3=02=6369!3-!31@3-!<2.*=73!4*2-!*=24*73-9!3!+3-03!7,!52D37,!,-.3=7273!:3+!

0+8-!73!:*=3!7,!:+*03B!#!.3:3!7,43+36!*!/310*+!:*+*!424j!7,2!64!D31,!,!3!

7,/31/2! :*+*! (2.[! ,! *--24! :3+! 72*=0,9! .343! -,! ,-02/E--,43-! <64*=73! 64!

,=3+4,!5*-,*73!1>;6273B!s!4,727*!;6,!5,5>*43-9!J6o!=3-!.3=036!,4!D+*=7,!

7,0*1@,! *! .,=*! ;6,! ,=.3=0+36! 64*! 0*+7,! ;6*=73! 64! @34,4! ,-036+36! 3-!

42313-!,4!64!5*=@,2+3!;6>42.3!=*!4*0*!*12!:,+03B!

!l6,+!72M,+9!02=@*!42313-!:3+!0373-!3-!1*73-! !,1,!72--,!*0+*/E-!73!

:*=3B! !L*2-!73!;6,!/3.S!:37,! 24*D2=*+B!),=-,!=*!.32-*!4*2-!=3Q,=0*!;6,!

.3=-,D6,!/2-6*12M*+9!K@,+o19!,!,=0C3!/2-6*12M,!2--3B! !U1,!<2.36!:*+*73!31@*=73!

*:,=*-!:*+*!4249! .343! -,!3-!$+S-!f3=20n,-!=C3!,-02/,--,4!=*! -*1*B! !"C3!

*:,=*-! 42313-9! 4*-! -*=D6,! 0*45E4! ,! :,7*V3-! 73! .+h=23! ,! 7*! .*+=,! 7,1,B!

R24:1,-4,=0,!,4!0373!16D*+B!U-:*1@*73-!:3+!037*-!*-!:*+,7,-!7,=0+3!7*;6,1*!

.32-*B!

!"C3!.3=-2D3!=,4!24*D2=*+! 2--3! ! <*1,2!,=;6*=03!4,N2*!3!D,13!=3!

.3:3B!#-!f3=20n,-!02=@*4!4,!7,2N*73!-,D6+*=73!3!.3:3!*D3+*!;6,!,1,!,-0*/*!

/*M23B!

!b3.S!;6,+!360+39!D3-03-*T! !J6o!:,+D6=036B!)*--,2!3!.3:3!:*+*!,1,9!

;6,! 3! 1,/36! *0E! *! .3M2=@*B! U6! 4,! /2+,2! :*+*! 3-! D*+303-! ,! 0373-! 0+3.*43-!

31@*+,-!,N:+,--2/3-j!.*>43-!=*!+2-*7*!3!4*2-!-21,=.23-*4,=0,!;6,!.3=-,D6243-!

,=;6*=03!=3-!*;6,.>*43-!=3!.*13+!73!<3D3B!

! %D3+*! 0,/,! ,--*! 360+*! /,M! ;6,! :+,.2-3! 0,! .3=0*+! ! 72--,! J6o9!

/310*=73!.34!3!7+2=;6,B! !RA!;6,!7,-0*!/,M!<32!64!*--*--2=*03B!Y342.>723B!U!

=C3! 0,/,! .E+,5+39! ,! -24! -*=D6,B! I20+3-! 7,! -*=D6,9! ;6,+3! 72M,+! f%I&UR! 7,!

-*=D6,9!K@,+o1B!

U!*--24!<32!*!=320,!037*B!

L*2-! 0*+7,9! *=7*43-! *0E! 3! *.*4:*4,=03! ,! <2.*43-! :*+*73-! ,4! 64!

.>+.613! :,+03! 7*-! 5*++*.*-! .3=/,+-*=73! 4,23! 5S5*73-! =3! ,-.6+3! *0E! ;6,!

!%+#!

.34,V36!*!.@3/,+!=3/*4,=0,!,!=C3!02/,43-!3:VC3!*!=C3!-,+!72-:,+-*+!,!72M,+!

53*F=320,B! l6*=73! ,=0+,2! =*! 42=@*! 5*++*.*9! /2! ;6,! 02=@*! -,! <3+4*73! 64*!

:3V*!,4!64!.*=03B!),1*!4*=@C!,-0*/*!64!:,;6,=3!1*D3j!4,6!-*.3!7,!73+42+!

<2.36!030*14,=0,!431@*73B!U6!3!,-:+,42!73!1*73!7,!<3+*!,!:+3.6+,2!64!16D*+!

:,+03! 73! *.*4:*4,=03! :*+*! :,=76+8F139! 4*-! ,+*! 2=G021B! RA! <2.*+2*! 4*2-!

431@*739! Q8!;6,!*! .@6/*! .3=02=6*/*!*! .*2+B! I,/,2F3! .342D3!;6*=73!3-!$+S-!

f3=20n,-! ,! ,6! <343-! *0E! *! 13Q*9! -,D6+*=73F3! *3! 1*73! 73! <3DC3! 7,! 1,=@*!

,=;6*=03!0348/*43-!=3--3!.*<EB!

!U=0C39!*++*=Q*43-!64!=34,!7,!0+21@*!:+*!/3.S! !72--,!e3-@B!

!l6*1!ET! !:,+D6=0,2!+,160*=0,9!:3+!0+8-!73!4,6!-*.3!7,!73+42+!*M61!

,=.@*+.*739!.343!-,!2--3!:67,--,!4,!:+30,D,+!7,!-,Q*!18!3!;6,!:67,--,4!72M,+B!

!%!(*2=@*!7*!)K$! !72--,!(2.@2,B!

! )3+;6,! *-! :,--3*-! -,4:+,! ;6,+,4! 0,! 7*+! .32-*-! ,! <*M,+! .32-*-! :3+!

/3.S! !*.+,-.,=036!(2.[B! !U1*-!=6=.*!7C3!=*7*!:+*!D,=0,B!"C3!<*M,4!=*7*!

:+*!D,=0,9!=*!+,*127*7,9!=C3!12D*4!*!4>=24*!:+*!D,=0,B!

%5*2N,2! 3! -*.3!7,! 73+42+9! 31@,2! :*+*! ,1,-! ,! 0373-! =A-! +243-B! R,4:+,!

;6,!,6!36/2*!,!+,-:3=72*!*!:,+D6=0*-!-35+,!-,!,6!02=@*!4,73!7,!,-0*+!-3M2=@*9!

:3+!.*6-*!7*!-6:3-2VC3!7,!;6,!64*!461@,+!-3M2=@*!-,+2*!*--,72*7*9!<62!*1/3!7,!

64*! D,=021,M*! *0+8-! 7*! 360+*B! k3+*! *! 0,=,5+3-*! ,N:,+2S=.2*! .34! 3! .*+*! 73!

.*5,13!.3+!7,!*+,2*!;6,!,=06:26!4,6!:6+2<2.*73+!7,!8D6*9!,!.34!3!.*-*1!;6,!

4,! ,N:61-36! 7*! 8+,*! 7,! .*4:2=D! =*! K*12<A+=2*9! =C3! 02=@*! =*7*! *! =C3! -,+!

D,=,+3-27*7,!:*+*!+,1*0*+B!#!46=73!,!*-!:,--3*-!*5+2+*4!3-!5+*V3-!:*+*!424!

*!.*7*!,-;62=*B!

K343! -,! ,-02/,--,! ,-:,+*=73! 64*! 7,2N*9! 3! 273-3! -,! .6+/36! -35+,! *!

.*2N*!+,D2-0+*73+*B!

! e3/,49! ;6,+2*! 72M,+! ;6,9! -,! ;62-,+! <2.*+! 360+*! =320,! ,! -,.*+!

030*14,=0,9!7,2N*43-!;6,!/3.S!6-,!64*!7,--*-!.*5*=*-!:3+!;6*-,!=*7*B!

U6!4,!/2+,2!:*+*!3-!$+S-!f3=20n,-!.34!64*!:,+D6=0*!=3-!31@3-B!

!%+$!

U4!4,=3-!7,!\^!42=603-!=3-!467*43-!:*+*!*!.*5*=*9!:,=76+*=73!3-!

-*.3-! 7,! 73+42+! ,=-3:*73-! -35+,! *-! /2D*-! ,4:3,2+*7*-B! %! .*5*=*! ,+*! 64!

;6*+03! +,/,-0273! 7,! 4*7,2+*9! .34! 3! ,-:*V3! ;6*-,! 0373! 034*73! :3+! 76*-!

.*4*-!7,!.*-*1!,4!*+4*Vn,-!7,!4,0*1!*=02;6*7*-!;6,!+*=D2*4!*0E!-,!/3.S!-,!

+,.12=*--,!=*!.*4*B!

'4*!/,M! 2=-0*1*73-9! /310,2! ?! 13Q*! =*! .@6/*! :*+*! .34:+*+! D613-,24*-B!

l6*=73!,=0+,29!I2-*!,-0*/*! 18!:,+03!73!<3DC3!7,!1,=@*B!I2-*9!;6,!43+*/*!,4!

)3+01*=7B!I2-*9!;6,!,=/236!*-!42=@*-!.*2N*-!76+*=0,! 0373!3!/,+C3B!I2-*9! .34!

;6,!,6!43+*+2*!,4!64*!-,4*=*B!

!#18t! ! ,1*!;6*-,! D+2036! ,=;6*=03!=3-! *5+*V8/*43-B! ! R*52*!;6,!

/3.S!,-0*+2*!*;62!:3+!*D3+*! !72--,!*--24!;6,!=3-!+,.6:,+*43-!7*!-6+:+,-*B! !

&,.27243-!/26!*0E!*;62!:*+*!/,+B!

U1*! -,! /2+36! :*+*! 3! =*43+*739! e*-3=9! ,! ,6! 3! .64:+24,=0,2B! U6! 3!

.3=@,.2! +*:27*4,=0,!=3-!72*-!*=0,+23+,-!?!42=@*!:*+027*!7,!)3+01*=7!:*+*!*!

)K$9! ;6*=73! .34,V*+*4! *! =*43+*+B! )*+,.2*! -6++,*1! /,+! :,--3*-! ;6,! ,6!

.3=@,.2*!7,!4,6!*=02D3!46=73!,!0*45E4!64!:36.3!0+2-0,B!U-0*/*!*3!4,-43!

0,4:3!<,12M!,!7,-*:3=0*7*!:3+!/SF13-d!-6*!:+,-,=V*!:*+,.2*!*:+,--*+!3!<2=*1!7*!

/2*D,49!7,-0*.*=73!3!<*03!7,!;6,9!*:,-*+!7,!,6!:+,.2-*+!7,!64*!-,4*=*!:*+*!

.@,D*+!189!)3+01*=7!,-0*/*!*!*:,=*-!\`^!;621a4,0+3-!7,!72-0h=.2*!7,!.*++3B!

"3! .34,V3! 7*! =320,! 0373-! =A-! =3-! ,4:21@*43-! =*! .*42=@3=,0,! 7,!

e*-3=! ,! <343-! 7,! .*++3! :,1*-! ,-0+*7*-! -2=63-*-! 7*! <13+,-0*! *0E! f*D5o! Y30!

R:+2=D-B!f*D5o!E!64*!/,+-C3!73!:*+*>-3!=*! <13+,-0*d!64*!-E+2,!7,!7,;6,-!7,!

4*7,2+*!7,!0+S-!=>/,2-!.34!5*=@,2+*-!7,!72/,+-3-! <3+4*03-!,4!64!+2*.@3!7,!

8D6*-!;6,=0,-!;6,! <2.*!*!W9^!;621a4,0+3-!7,!64!,-0*.23=*4,=03!*3! 1*73!7*!

,-0+*7*!=*!L36=0!Y337!"*023=*1!k3+,-0B!"C3!-,!0+*0*!7,!64!.34E+.239!@30,1!

36!.,=0+3!7,!+,.+,*VC3B!q!*:,=*-!64!16D*+!3=7,!;6*1;6,+!:,--3*!:37,!2+!-,4!

:*D*+!*!;6*1;6,+!@3+*!73!72*!36!7*!=320,!:*+*!<*M,+!64!5*=@3!7,!24,+-C3!,4!

8D6*-!=*06+*2-!-35!64!73--,1!*=.,-0+*1!7,!:2=@,2+3-!:-,6730-6D*9!7,!:2=@,2+3-F

!%+%!

73F.*=*78!,!7,!.,7+3-B!R6*!,N2-0S=.2*!4,!:*+,.2*!4*2-!-6++,*1!73!;6,!I2-*!=*!

13Q*!73!1*D3!#1*112,B!

$>=@*43-! 3! 16D*+! :+*02.*4,=0,! -A! :*+*! =A-B! #-! $+S-! f3=20n,-! ,! ,6!

<343-!*0E!3!7,;6,!4*2-!5*2N39!3=7,!@*/2*!13=D*-!5*=@,2+*-!,=0*1@*7*-!?!4C39!

D+*=7,-!.343!.*=3*-!<,20*-!=3-!3.3-!73-!.,7+3-9!7,5*2N3!7,!64!*103!,!*+,Q*73!

0,03! 7,! 4*7,2+*B! $2+*43-! *! +36:*! ,=;6*=03! *! .@6/*! .*>*! -6*/,4,=0,! =3-!

D*1@3-! ,N65,+*=0,-! 7*-! D+*=7,-! 8+/3+,-! ;6,! =3-! +37,*/*49! 4,6-! 31@3-!

7,-12M*=73!-35+,!-,6-!.3+:3-!=6-!?!4,2*F16MB!(2.[!,!,6!,=0+*43-!,4!5*=@,2+*-!

/2M2=@*-! ,! *5+243-! *-! 03+=,2+*-9! D,4,=73! ,=;6*=03! *! 8D6*! 42=,+*1! ;6,=0,!

-652*!*3!=3--3!+,73+B!U6!4,!1,45+,2!73!4,6!5*=@3!=*;6,1,!@30,1!,4!R2,++*!

K20o9! *=0,-! 7,! .34,V*+! *! .*42=@*7*! :,1*! =,/,B! )*+,.2*! *7,;6*73! ;6,! ,6!

,-02/,--,!*;62!*D3+*9!<*10*=73!*:,=*-!64*!-,4*=*9!.343!-,!02/,--,!-35+,/2/273!

*!64!-3=@3!12=73!,!72<>.21B!

U6!02=@*!4,!-,=0*73!=3!5*=.3!7*!<+,=0,!.34!I2-*!,!e*-3=!=*!27*!:*+*!

f*D5o9!4*-!=*!/2*D,4!7,!/310*!:*+*!3!1*D3!#1*112,!,6!-652!=*!.*V*45*!.34!3-!

$+S-! f3=20n,-9! 4,! -,=02=73! 124:*9! *;6,.27*! ,! <,12M! =3! <603=! ;6,! .35+2*! *!

.*V*45*!7*!.*42=@3=,0,B!

!U--,!<603=!E!-,69!*!:+3:A-203! !72--,!I2-*9!*=0,-!7,!<,.@*+!*!:3+0*!7*!

.*V*45*B! ! ),D6,2! =*! -6*! .*42=@3=,0,! ,! 3! .313;6,2! *;62! :*+*! 3! .*-3! 7,!

7,.272+43-!:*--*+!*!=320,B!

! f,4F/2=73-! ?! 42=@*! .*4*9! 4,=2=3-! ! ,6! 72--,! ,4! 64! 034!

2+3=2.*4,=0,!1*-.2/3!:*+*!,=.35+2+!*!:,+06+5*VC3!;6,!-,=02!.34!*!:,+-:,.02/*!

7,!;6,!,--*!,+*!7,! <*03!*!42=@*!.*4*j!3! <603=!;6,!72/272!.34!)*61!76+*=0,!

*=3-B!%! 1,45+*=V*!7,1,!7242=626!42=@*!*=24*VC3B!%2=7*!=C3!02=@*!*5,+03!*!

.*+0*! ;6,! ,1,! 4,! 4*=7369! *3! .3=0+8+23! 73! @*5206*1! :+*M,+! 7,! *5+2+! 3-!

,=/,13:,-!;6,!,6!=3+4*14,=0,!-,=02*!*3!+,.,5,+!*!.3++,-:3=7S=.2*B!%!/2-C3!

7,!-6*!.3=@,.27*!1,0+*!4*=6-.+20*!4,!<,M!@,-20*+!7,-0*!/,MB!&,.272!1,+!*--24!;6,!

/310*--,!7*!0+21@*9!0*1/,M!:3+;6,!-365,--,!;6,!2--3!4,!24:,72+2*!7,!,=/2*+!64*!

!%+&!

+,-:3-0*! 24,72*0*9! 7,! 72M,+! .32-*-! 76+*-! ,! ,N*10*7*-! ;6,! =C3! ,+*4! 4*2-!

72*! ,4! ;6,! 7,43-! ,=0+*7*! =3! 72/A+.23B! c--3! 02=@*! *.3=0,.273! @*/2*! *:,=*-!

.2=.3!4,-,-9!4*-! ,6! Q8! 76/27*/*! 73! ;6,! 02=@*! 7203B!L,6! *43+! :3+! ,1,! ,+*!

2=;6,-023=8/,19! 4*-! 42=@*! 1,*17*7,! *! ,1,! =C3! ,+*B! "C3! ,-08/*43-! 4*2-!

.*-*73-!,9!,=;6*=03!4,!*.3437*/*!*3!1*73!73-!$+S-!f3=20n,-!=*!.*4*!;6,!

.3-064*/*!72/272+!.34!)*619!-,=02!64*!,-:E.2,!7,!*.,20*VC3!64!02:3!7,!.1*+,M*!

3=7,!,N2-026!0*=0*!2=.,+0,M*B!

"A-! ;6*0+3! =3-! 7,20*43-! .31*73-! =*! 72*D3=*1! 7*! 1*+D6+*! 73! <603=!

,=;6*=03!*!.*42=@3=,0,!-*.672*!:,1*-!,-0+*7*-!,-.6+*-d!,69!(2.[9!e3-@!,!(2.@2,9!

=,--*!3+7,4B!"C3!@*/2*!64!.,=0>4,0+3!-35+*=739!,N*0*4,=0,!.343!=3!-3<8!

73! D6*+7*! 4*16.3! =*! =320,! *=0,+23+B! %! 1*0,+*1! 73! .3+:3! 7,! (2.[! ,-0*/*!

:+,--23=*7*! .3=0+*! *! 42=@*9! -,4:+,! -,! 2=.12=*=73! =*! 42=@*! 72+,VC3! ,! -,!

*<*-0*=73!7,!e3-@B!#!.E6!02=@*!<2=*14,=0,!.1*+,*73!,!,6!:372*!/,+!*!16*!;6*-,!

.@,2*B!

! b,Q*! ! ,6!72--,! -A! :*+*!(2.[9! *:3=0*=73! =*! 72+,VC3!73! /27+3! 7*!

.*42=@3=,0,!:*+*!3!.E6B!

K3=/,+-*43-! 5*2N2=@3! -35+,! *-! 16*-! ;6,! /243-! =*! 0+21@*9! 3=7,!

,-08/*43-!;6*=73!*-!/243-!,!-35+,!3!0+,.@3!7*!0+21@*!;6,!/2+2*B!

! b3.S! 0,4! ;6,!4,! 7*+! 3! 0,1,<3=,! 7,! I2-*! :*+*! ;6,! :3--*43-! =3-!

,=.3=0+*+! ,4! )3+01*=7! ! ,1,! 72--,B! ! $*45E4! /36! 43+*+! 18! 7,:32-! ;6,!

0,+42=*+!*!0+21@*B!

!K34!.,+0,M*9!/*43-!=3-!,=.3=0+*+! !,6!72--,B!

!K34!.,+0,M*! !,1,!72--,!,!4,!31@36!.34!64!Q,203!7,12.*73!;6,!4,!

<,M!7,-<*1,.,+9!,453+*!,6!:,+.,5,--,!;6,9!*:,-*+!7,!,6!D3-0*+!7,1,!0*1/,M!421!

/,M,-!4*2-!73!;6,!7,!64!534!=G4,+3!7,!:,--3*-!.34!;6,4!<62!:*+*!*!.*4*9!

=C3!,=.3-0*+2*!*!4C3!=,1,9!=C3!24:3+0*!3!;6C3!:+3<6=7*4,=0,!,6!7,-,Q*--,B!

U=.3-0*+!=,1,!,-0*/*!4*2-!72-0*=0,!73!;6,!*!16*B!U!=C3!-A!:3+;6,!,1,!,+*!4*2-!

!%+'!

=3/3! 73! ;6,! ,6! 36! :3+;6,! 732-! *42D3-! 7,1,! ,-0*/*4! =*! .*4*! .3=3-.39!

,=.3-0*73-! .3=0+*! -6*-! :+A:+2*-! .3-0*-B! L*-! :3+;6,9! :*+*! /*+2*+9! ,+*!

<2=*14,=0,!-6<2.2,=0,!:*+*!424!7,20*+!*12!,4!64!SN0*-,!.*-03!,!.3=0273!*3!1*73!

7,!64!@34,4!5349!D,=0219!<3+0,9!-,No!,!2=0,12D,=0,!;6,!:+3/*/,14,=0,!,-0*/*!

<*7*73!*!-,+!*:,=*-!4,6!*42D3B!),1*!:+24,2+*!/,M!,6!=C3!-,=02*!<*10*!7,!64!

.34:*=@,2+3B! ),1*! :+24,2+*! /,M! *! <+*-,! 64*! 461@,+! .34! 64! 56+*.3! =3!

.3+*VC3!=C3!+,--336!,4!42=@*!.*5,V*B!U--*!<+*-,!=,4!-,!*:12.*!4*2-!?!42=@*!

/27*B!

!U-036!+,*14,=0,!<,12M!:3+!0,+!.3=@,.273!/3.S! !,6!72--,B!

!U6!0*45E4! !72--,!(2.[B! !l6,4!=C3!,-0*+2*!<,12M!,4!.3=@,.,+!*!

(*2=@*!7*!)K$T!

U6! -3++2! :*+*! ,1,9! ,!4,! /2+,2! :*+*! 31@*+! =3/*4,=0,! *! 16*! *0+*/E-! 7*!

:,;6,=*!Q*=,1*9!-,=02=73!2=0,=-*4,=0,!*!1*0,+*1!7,!-,6!.3+:3!;6,=0,!.3=0+*!3!

4,6! ,=;6*=03! <2.*43-! 7,20*73-! Q6=03-! ,4! 64! -21S=.23! :,+<,20*4,=0,!

.3=-0+*=D,73+B!

!L6203!1,D*1! !72--,!(2.[!7,:32-!7,!64!0,4:3B! !L6203!1,D*1! !,1,!

+,:,0269!.34!4*2-!S=<*-,!=*!-,D6=7*!/,MB!

!#!;6,!E!1,D*1T! !:,+D6=0,29!/2+*=73F4,!:*+*!,1,9!,453+*!-365,--,B!

!$673! !,1,!72--,B!

U!,+*!/,+7*7,B!

!%+(!

!

JW&&X&C52+5&P%&N)*&!820(*&

G5)()&!

!

"*!4*=@C!-,D62=0,!3!.E6!,-0*/*!*M61!.+2-0*12=39!3!-31!5+21@*=73!=3!1*D3!

#1*112,9!*!/2-C3!73!43=0,!e,<<,+-3=!,43176+*7*!:,+<,20*4,=0,!*3! -61!,!*!73!

#1*112,!f600,!*3!=3+0,B!R,=0,2!,4!64*!7*-!4,-*-!7,!:2;6,=2;6,!:,+03!73!:3-03!

7*!D6*+7*!:*+*!*++64*+!*!L3=-0+*!:*+*!3!0+,.@3!<2=*1!7*!.*42=@*7*B!#-!$+S-!

f3=20n,-!:*+02+*4!*3!*4*=@,.,+9!.34!:+,--*!7,!.@,D*+!*3!K*=*78!*=0,-!;6,!

=,/*--,!,4!Y2D@!K*-.*7,-9! ,4!i*-@2=D03=9!4*-!,6!=C3! 2*! 0C3! 13=D,B!)372*!

-,D62+!=3!4,6!+2043B!

J6o!*:*+,.,6! .34!64*! .*2N*!=*-!4C3-9! *D3+*! -A5+239! 02+*=73F4,!73!

0+*=-,!.3=0,4:1*02/3B!

!U-036!<,12M!:3+!0,+!0,!,=.3=0+*73!*=0,-!;6,!:*+02--,B!c--3!*.*536!7,!

.@,D*+! !,1,!72--,B!

),D6,2! *! .*2N*! ,! 7,2! 64*! 31@*7*! =3! ,=7,+,V3! 73! +,4,0,=0,B! U+*! 7*!

42=@*!*42D*!J+,0.@,=B!

!#5+2D*7*!:3+!0673! !,6!72--,!*!J6o!;6*=73!,1,!-,!*<*-036B! !),13-!

7+2=;6,-!7*!360+*!=320,!,!:,1*!@3-:20*127*7,B!

!R,!.627*! !,1,!72--,!,!7,-*:*+,.,6!=3!.*=03!73!:+E723B!%5+2!*!.*2N*!

,!:,+72!3!<a1,D3!;6*=73!/2!3!;6,!02=@*!7,=0+3d!64*!7GM2*!7,!.@3.31*0,-!<2=3-!

,45+61@*73-! ,4! :*:E2-! 5+21@*=0,-! ,! 64*! D*++*<*! 7,! /2=@3! 02=03B! K342!

24,72*0*4,=0,! *1D6=-! .@3.31*0,-! ,=;6*=03! +,<1,02*! -35+,! 3!;6,! <*M,+! .34!3!

/2=@3B!)3+!4*2-!;6,!;62-,--,! *5+2F13! ?!=320,!=*! 0+21@*9!=C3!,-0*/*!72-:3-0*! *!

1,/*+!*!D*++*<*!/*M2*!:,13!.*42=@3!*0E!3!$245,+12=,!I37D,B!%.*5,2!7,!*++64*+!

!%+)!

*-! .32-*-9! .313;6,2! *!L3=-0+*9! :,D6,2! 3! /2=@3! ,! *! .*2N*! /*M2*! ,! .34,.,2! *!

*=7*+!*0E!3!:3-03!7*!D6*+7*B!

!K@,+o1t! !64*!/3M!,.3369!,!4,!/2+,2B!

! %>! ,-08! /3.St! %>! ,-08! /3.St! $,! :,D6,2t! $,! :,D6,2t! ! D+2036! 64!

@34,4!/2=73!,4!42=@*!72+,VC3B!k2;6,2!0C3!-6+:+,-*!;6,!7,2N,2!.*2+!*!.*2N*!=*!

D+*4*! ;6*=73! 3! @34,4! -3.36! 3! *+! ,4! .34,43+*VC3! ,! -31036! 64! *1,D+,!

*--3/23!;6,!,6!+,.3=@,.29!4*-!=C3!.3=-,D62!13.*12M*+B!U1,!,+*!Q3/,49!5*+5*73!

,!136+39!,-0*/*!72<,+,=0,!,!*2=7*!*--24!3!4,-43!7*!G1024*!/,M!,4!;6,!3!/2B! !

K@,+o1t! !D+2036!=3/*4,=0,!;6*=73!:+*02.*4,=0,!-,!*0+*.36!.342D3!,4!64!

*5+*V3B!

U+*! .343! -,! 3! 0,4:3! -,! 43/,--,! ,4! .h4,+*! 1,=0*! *! :*+02+! 73!

434,=03!,4!;6,!,6!=C3!-*52*!;6,4!,1,!,+*!*0E!3!434,=03!,4!;6,!-365,9!

4*-!=C3!.3=-,D62*!0+*M,+!?!.3=-.2S=.2*9!*0E!;6,!,1,!4,!-,D6+36!,4!-,6-!5+*V3-!

,!D+20,2d!

!&#'Jt!

!&36D9!&36D9!&36Dt! !.3=02=6,2!+,:,02=73B!

!K@,+o19!K@,+o19!K@,+o1t! !,1,!72M2*B!

U=0C39!<2.*43-!,4!-21S=.23!,!=3-!*<*-0*43-!:*+*!31@*+!64!:*+*!3!360+3B!

!b3.S!,4*D+,.,6! !,1,!<*136B!

!b3.S!0*45E4! !,6!72--,B!

!b3.S!,-08!.34:1,0*4,=0,!7,-0+6>7*!*D3+*! !,1,!72--,B!

!U6!-,2t!b3.S!0*45E4B!

!U-036!5*+5*73! !,1,!72--,9!:6N*=73!*!5*+5*B! !$,=@3!0*=0*!.32-*!

:+*!0,!.3=0*+B!

!U6!0*45E4t!#=7,!,-08!$34T!

!U1,!,-08!*1D6=-!;621a4,0+3-!:*+*!0+8-B!b*2!.@,D*+!4*2-!0*+7,B!

!b3.S-!.3=-,D62+*4!:*--*+!:,1*!=,/,T! !:,+D6=0,2B!

!%+*!

! '4*! :*+0,9! 4*-! ,1*! <32! -,! 03+=*=73! 0C3! 2=0,=-*! ;6,! 7,-.,43-! ,!

*.*5*43-!7,-/2*=73B!

U6!5*1*=.,2!*!.*5,V*9!*2=7*!-6+:+,-*!:3+!,1,!,-0*+!*12B!K3=0,2!*!,1,!-35+,!

J+,D!0,+!7,-2-0273!7*!0+21@*!,!:,+D6=0,2!-35+,!%15,+0!,!L*00B!

!"C3!-365,!4*2-!=*7*!7,1,-!7,-7,!;6,!3-!/2!:,1*!G1024*!/,MB! !U1,!

4,!31@36!,!-3++269!3-!31@3-!5+21@*=739!*=24*73-B! !I,43-!-6*-!*=30*Vn,-!=3!

+,D2-0+3! 76+*=0,! 0373! 3! /,+C3B! U1*-! =3-! 2=.,=02/*+*4! *! -,D62+! ,4! <+,=0,B!

l6,+>*43-!,=.3=0+*+!.34!/3.SB!

!U6!,-0*/*!7,!-*>7*! ! <*1,2B!U6!4,!*5*2N,2!:*+*!:,D*+!*!.*2N*!/*M2*!

;6,!02=@*!7,2N*73!.*2+!=*!*D20*VC3B! !L*2-!64!42=603!,!,6!0,+2*!273!,453+*!

,!0*1/,M!/3.S!=C3!4,!,=.3=0+*--,B!

!U6!0,+2*!,=.3=0+*73!/3.S! !,1,!72--,9!,!+26!7*;6,1,!Q,203!7,!D*+303!

5,4F,76.*73!73!;6*1!4,! 1,45+*/*!7,!4373!0C3!/>/2739!*:,-*+!7,!0*45E4!

,-0*+!467*73!*D3+*B!U-0*/*!4*2-!7,0,+42=*73!73!;6,!*=0,-9! 1,/,4,=0,!4*2-!

*D20*739!.343!-,!02/,--,!,=/,1@,.273!*1D6=-!*=3-!=3-!G10243-!4,-,-B! !b3.S!

;6,+!<2.*+!.342D3!,=;6*=03!3+D*=2M3!*-!42=@*-!.32-*-!,!=A-!:*+0243-!Q6=03-T!

! R24! ! ,6! 72--,! -,4!@,-20*+B! ! $,=@3!;6,! .*42=@*+! -3M2=@*! ,--,-!

G10243-! 72*-! *=0,-! 7,! .@,D*+! *! K*-.*7,! I3.[-j! -*5,9! -A! :*+*! 0,+42=*+! .343!

.34,.,29!4*-!/*43-!Q6=03-!*0E!3!$245,+12=,!I37D,B!

! )60*!4,+7*9!K@,+o1B! ! U1,!4,!:6N36!:*+*! 360+3! *5+*V3B! !"C3!

:3--3!*.+,720*+!;6,!,-0*43-!*;62!Q6=03-B!U29!/3.S!*2=7*!0,4!*;6,1*!:,=*!:+,0*!

;6,!0,!7,2T! !U1,!03.36!-6*!:3=0*!7,-<2*7*B!

!k32!4,6!*461,03!7*!-3+0,! !+,-:3=72B!

!U!,--,!/2=@3T! !,1,!:,+D6=0369!*:3=0*=73!:*+*!*!D*++*<*!,4!42=@*!

4C3B!

! b36! 7*+! *3! D6*+7*! ! +,-:3=729! 1,/*=0*=73F*B! ! "C3! ;6,+3!

.*++,D8F1*!*0E!$245,+12=,B!

!b3.S!,-08!4*16.*T! !&36D!:,+D6=036B! !L,!78!,--*!D*++*<*B!

!%"+!

"A-! *! *5+243-! *;6,1*! =320,! ,4! =3--3! *.*4:*4,=03! :,+03! 73! +23!

i*+4! R:+2=D-! .34! 3! *5+273+! 7,! 4,6! .*=2/,0,! -6>V3B! #! 72*! ,-;6,=0369!

.@,D*=73!*!W\!D+*6-9!4*-!*!=320,!,-0*/*!<+,-.*9!3!+,/2D3+*=0,!1242*+!73!/,+C3!

/2+*=73! 3603=3! ,4! 0673! *3! =3--3! +,73+B! %-! <31@*-! 7*-! 8+/3+,-! 02=@*4!

7242=6>73!7,!4*=,2+*!;6*-,!24:,+.,:0>/,1j!3-!0*13-!*103-!7*-!<13+,-!-21/,-0+,-!-,!

735+*+*4!-35+,!-2!4,-43-9! 2=.@*73-!:,1*!7,.34:3-2VC3B!&36D!,!,6! <2M,43-!

64*!<3D6,2+*!,=;6*=03!3! Q*=0*+!.3M2=@*/*9!7,:32-!=3-! -,=0*43-!,!.34,43-!

72+,03!7*-!:*=,1*-9!:*--*=73!3!/2=@3!7,!64!:*+*!3!360+39!5,5,=73!72+,03!7*!

D*++*<*9!Q8!;6,!=,=@64!7,!=A-!732-!02=@*!64!.3:3B!#!/2=@39!3!<3D3!,!,-0*+!=*!

.34:*=@2*!7,!&36D!7,:32-!7,!0373!,--,!0,4:3!4,!<,M!-,=02+!.343!64!+203!7,!

:*--*D,49!.343!*!4*+.*!.,+243=2*1!73!<24!7*!42=@*!Q3+=*7*B!

&,:32-!7,!64!0,4:39!.*7*!64!-,!/2+36!*5+6:0*4,=0,!:*+*!*!,-.6+27C39!

36/2=73!3!62/3!73-!.3230,-!4*2-!:+AN243-!73!;6,!72-0*=0,-B!

! U--,! -34! -,4:+,! <*M!4,6-! :,13-! -,! *++,:2*+,4! !&36D! 72--,B! U1,!

03436!64!D31,!7*!D*++*<*! ,! *!:*--36!:*+*!424B! ! U--,! /2=@3!E! +,*14,=0,!

46203!534B!

!q!4,-43! !.3=.3+7,2!,!7,2!64!D31,B! !#6/2!46203-!.3230,-!=,-0,!

/,+C3! !,6!72--,B!

! U! /3.S! =C3! <2.36! .34!4,739! <2.36T!"C3! E! 2--3! ;6,! /3.S! 72M! *! -2!

4,-4*T!

! q! 3! ;6,! 72D3! *! 424! 4,-4*! ! <*1,2B! ! %! =C3! -,+! 7,! /,M! ,4!

;6*=73! !*.+,-.,=0,2B! !l6*=73!02/,!4,73B!

!U6!0*45E4B!

U1,!-,!*:+3N2436!,!.313.36!*!4C3!-35+,!3!4,6!345+39!,!,6!.313;6,2!*!

42=@*!4C3!=3!7,1,!,!*:,+0,2B!U1,!,+*!.343!64!2+4C3!:*+*!4249!4*-!=C3!,+*!

=*7*! :*+,.273! .34! 4,6! 2+4C3! 7,! /,+7*7,B! )*+,.2*! .34! *1D6E4! ;6,! ,6!

-,4:+,!.3=@,.2!4,-43!;6,!=6=.*!4*2-!3!/,Q*!=3/*4,=0,B!

!%""!

l6*=73!*.*5*43-!3!/2=@39!<62!*0E!*!L3=-0+*!,!:,D6,2!3!-*.3!M2:13.[!

;6,!D6*+7*/*!3-!12/+3-B!

!b3.S!:+,.2-*!7,!*1D3!:+*!1,+T! !:,+D6=0,2!*!&36D9!-,D6+*=73!3!$@,!

$,=! $@36-*=7! $@2=D-! =*! 72+,VC3! 7,1,9! 4*-! ,1,! <,M! ;6,! =C3! .34! *! .*5,V*B!

$2=@*!0,+42=*73!7,!1,+!3!12/+3!*1D6=-!72*-!*=0,-9!4*-!=C3!:67,!;6,248F13!:3+!

.*6-*! 7*! .@6/*B! %3! .3=0+8+23! 7*!4*23+2*! 73-! 360+3-! 12/+3-! ;6,! 12! 76+*=0,! *!

.*42=@*7*9! Q8! 02=@*! 1273! $@,! $,=! $@36-*=7! $@2=D-! ;6*=73! 3! .313;6,2! =*!

.*2N*!7,! -6:+24,=03-!4,-,-! *0+8-B!(34*=.,! 1>+2.3! ,! ,=/31/,=0,!;6,! -,!:*--*!

=*-! 21@*-! L316.*-9! =*! c=73=E-2*9! <32! ,-.+203! ,4! @31*=7S-! ,! :6512.*73! :3+!

+,.34,=7*VC3! 7*! .+>02.*! ,4! \]^^9! 4*-! ,-;6,.273! :,1*! 4*23+2*! *06*14,=0,B!

"6=.*! ,=.3=0+,2! =2=D6E4!;6,! 02/,--,! 1273! *1E4!73!:+3<,--3+!7,! +,7*VC3!7*!

<*.617*7,! ;6,! 4,! +,.34,=736! =*! 3<2.2=*! 7,! <2.VC3! ;6,! ,6! ,-0*/*! <*M,=73!

;6*=73!42=@*! 4C,! <2.36! 73,=0,B! #! 0>0613! =C3!4,! .3=;62-036! ;6*=73!4,!

-,=0,2! *:12.*7*4,=0,! 1,=73! 3! 12/+3! =3! ;6*+03! 7,! @3-:20*1! 7*! 42=@*! 4C,9!

0,=0*=73! *<*-0*+!3!4,73! ,! *! 0+2-0,M*! *3! <3+V*+! *!4,=0,! *! -,! .3=.,=0+*+! =3-!

0+,.@3-!;6,!,6!03+.2*!;6,!<3--,4!*53+7*73-!=*!72-.6--C3!7*!:+AN24*!*61*!=*!

-,4*=*!-,D62=0,9!4*-!<32!2=G021B!"C3!.3=-,D62*!:,=-*+!,4!=*7*!;6,!=C3!<3--,!

42=@*!4C,B!%1E4!72--39! Q8! -*52*! -35+,!*-! \_!421! .32-*-B!U+*4!037*-!*-! .32-*-!

=34,*7*-! ,! =C3! =34,*7*-! 73!46=73! ,! Q6=0*-! -34*/*4!4,=3-! 73! ;6,! *!

;6*=027*7,!;6,!42=@*!4C,!4,!*4*/*B!U!,6!*!,1*B!)3+0*=039!;6*=73!,-0*/*!

*++64*=73!*-!.32-*-!:*+*!*!)K$9!7,.272!7*+!64*!=3/*!.@*=.,! *3! 12/+3B!"C3!

,-0*/*! .34! =,=@64! :+351,4*! 7,! .3=.,=0+*VC3! 7,-0*! /,MB! U=0,=72! 7,-7,! *!

:+24,2+*!:8D2=*B!K*7*!64*!7*-!<+*-,-!7,!&,+43Å0!-3*/*!.343!64!:6=@*1!<2=3!

,!4*.239!7,-.+,/,=73!64*!0,++*!72-0*=0,!;6,!-,=02!.343!-,=73!*!,--S=.2*!7,!

0373-!3-!16D*+,-!;6,!,6!.3-064*/*!*4*+B!

! %.@3! ;6,! /36! 4,! 7,20*+! ! 72--,! &36D9! -,D6+*=73! *! D*++*<*! 7,!

/2=@3!/*M2*B! !$34!:+3/*/,14,=0,!/*2!=3-!,=.3=0+*+!*4*=@CB!

!U6!*:*D3!3!<3D3! !,6!72--,B!

!%"#!

l6*=73! ,1,! -*269! +*-D6,2! *-! :8D2=*-! 73!$@,!$,=!$@36-*=7!$@2=D-! 7,!

-6*! ,=.*7,+=*VC3! D+67,=0*! ,! Q3D6,2F*-! =3! <3D3! ,4! :,;6,=3-! 513.3-9!

,-:,0*=73!.34!64*!/*+*!*0E!;6,!;6,24*--,B!s!4,727*!;6,!,6!31@*/*!:*+*!*-!

.@*4*-9!:,=-*/*!,4!U772,9!3!;6,!,6!-,4:+,!<*M2*!;6*=73!4,!-,=0*/*!72*=0,!

7,!64*!<3D6,2+*B!k32!,1,!;6,!4,!,=-2=36!*!<*M,+B!k32!,1,!;6,!4,!1,/36!:*+*!

*.*4:*+!:,1*!:+24,2+*!/,MB!k32!,1,!;6,!4,!,=-2=36!*!43=0*+!64*!5*++*.*!,!

7*+!64!=A!,4!64*!.3+7*B!k32!.34!,1,!;6,!*:+,=72!*!*5+2+!64*!1*0*!.34!64!

.*=2/,0,!,!*! +,4*+!,4!64*!.*=3*!,!*!:61*+!64*!:,7+*!=*! -6:,+<>.2,!7,!64!

1*D3B! "3-! 0+S-! *=3-! 7,:32-! ;6,! ,1,! -,! *:*2N3=36! :3+! 42=@*! 4C,9! ,1,! =3-!

1,/*/*!:*+*!*.*4:*+!,!:*+*!*=7*+!7,! .*=3*!=3-! +23-!L2==,-30*9! R0B!K+32N! ,!

"*4,[*D3=!:+*02.*4,=0,!0373-!3-!<2=-!7,!-,4*=*!,=0+,!Q6=@3!,!-,0,45+39!,!

7,:32-! ;6,! =3-! 467*43-! :*+*! 3! =3+0,9! :*+*! *! 0,++*! ;6,! *! 42=@*! <*4>12*!

.34:+36!.34!*!2=7,=2M*VC3!7,!-6*!.316=*!;6,5+*7*9!,1,!4,!,=-2=36!*0E!4*2-!

.32-*-!-35+,!*-!<13+,-0*-B!

"C3!E!:3-->/,1!-*5,+!3!;6,!1,/*!64*!.32-*!*!*.3=0,.,+!,!360+*!=C3B!#!

;6,!1,/*!*!;6SB!#!;6,!7,-0+A2!3!;6SB!#!;6,!1,/*!3!;6S!*!<13+,-.,+!36!*!43++,+!

36!*!467*+!7,!+643B!L*-!,6!02=@*!5*-0*=0,!.,+0,M*9!-,=0*7*!*12!=*;6,1*!=320,9!

;6,9!-,!=C3!<3--,!:3+!U772,9!,6!=C3!0,+2*!4,!,=.3=0+*73!=*!)K$B!U9!,453+*!

<3--,!/,+7*7,!;6,! 0673!3!;6,!,6! -,=02*!:3+! ,1,! ,-0*/*! .343!64*!:,7+*!=*!

42=@*!D*+D*=0*9!,--*!:,+.,:VC3!<,M!.34!;6,!*!:,7+*!<2.*--,!4*2-!1,/,B!U1,!=C3!

4,! *436! .343! 7,/2*! =3! <2=*19! 4*-! 4,! *436! .343! 7,/2*! ;6*=73! <32!

24:3+0*=0,B!

l6*=73!$@,!$,=!$@36-*=7!$@2=D-!/2+36!.2=M*9!:,D6,2!3!360+3!12/+3!73!

-*.3!M2:13.[B!U+*!$@,!&+,*4!3<!*!K3443=!I*=D6*D,!w#!-3=@3!7,!64*!1>=D6*!

.3464B! U6! 3! .*++,D6,2! :3+! 0373! 3! .*42=@39! ,453+*! =C3! 3! 02/,--,! *5,+03!

7,-7,!*;6,1*!:+24,2+*!=320,!=*!0+21@*B!"C3!:+,.2-,2B!R*52*!3!;6,!,-0*/*!,-.+203B!

R6*-! <+*-,-! :*--*+*4! 76+*=0,! 0373! 3! /,+C3! =*! ,-0*VC3! 7,! +8723! 7*! 42=@*!

.*5,V*9!<+*D4,=03-!7,!72/,+-3-!:3,4*-9!?-!/,M,-!3!0>0613!73!:+A:+23!12/+39!;6,!

!%"$!

0*45E4!,+*!64*!<+*-,!7,!64!:3,4*d!3!-3=@3!7,!64*!1>=D6*!.3464B!%5+2!3!

12/+3!,!3!<31@,,29!4,!2=.12=*=73!:*+*!:37,+!,=N,+D*+!*-!:*1*/+*-!?!16M!73!<3D3B!

I2!64*!36!76*-!12=@*-!7,!4*2-!7,!64*!7GM2*!7,!:3,4*-9!.*7*!64*!0C3!<*4212*+!

;6,! 4,! :+3:3+.23=36! 64! ,-0+*=@3! .3=-313B! (,.20,2! *;6,1*-! <+*-,-!

-21,=.23-*4,=0,! *3! 13=D3! 73-! 72*-! ,=;6*=03! .*42=@*/*B! K34! <+,;6S=.2*! ,6!

=C3! -*52*! ,N*0*4,=0,!3!;6,! -2D=2<2.*/*49!4,-43!*--24! 02=@*!360+*!4*=,2+*!

:,1*!;6*1!-*52*!-,6!-2D=2<2.*73!7,!4373!.34:1,039!.343!-,!,1,!,-02/,--,!72*=0,!

7,!424! ,! *2=7*! *--24! <3+*! 73!4,6! *1.*=.,9! -,6! -2D=2<2.*73! .343!64!:,2N,!

13D3!*5*2N3!7*!-6:,+<>.2,!7*!8D6*!;6,!,6!0,=0*/*!*D*++*+!.34!*-!4C3-! !0C3!

:,+039! :+,-,=0,! ,! :,+0,=.,=73! *! 424! 9! *0E! ;6,! ,6! 0,=0*/*! :,D*+! ,! ,1,!

7,-*:*+,.2*!.343!64!+*23B!

k,.@,2!3! 12/+3!,!31@,2!:*+*! -6*!.*:*!5,D,B!"C3!@*/2*! +*MC3!:*+*!=C3!

;6,24*+!,-0,!12/+3!0*45E4B!

L*-!,6!*:,=*-!3!*5+*.,2!,4!4,6!:,203B!

K@,D*43-!*!$245,+12=,!I37D,!*1D6=-!72*-!7,:32-B!",--*!*106+*9!=C3!,+*!

*:,=*-! &36D! ,! ,6B! $34! 02=@*! =3-! *1.*=V*73! ,! 0*45E4! D*=@*43-! *!

.34:*=@2*!7,!76*-!461@,+,-9!64!,NF.*-*1!=*!<*2N*!73-!W_!,!:36.3-!*=3-!;6,!

,-0*/*! <*M,=73! 64*! .*42=@*7*! :,13!#+,D3=! ,! :3+! 64! :,;6,=3! 0+,.@3! 73!

U-0*73!7,!i*-@2=D03=B!"A-! .2=.3!.*42=@*43-! Q6=03-!,4!76:1*-!36! 0+23-!7,!

/8+2*-!<3+4*Vn,-!36!?-!/,M,-!0373-!Q6=03-!,4!<21*9!<*M,=73!64*!<,-0*!72--39!3!

.124*!<,-02/3!:3+!.*6-*!7*!;6*=027*7,!7,!:,--3*-!,!:3+!.*6-*!73-!72*-!<+,-.3-!,!

,=-31*+*73-B!"3-! 13=D3-! 2=0,+/*13-!5+2=.*43-!7,!@*.[o!-*.[\O!,!=*7*43-!=6-!

,4!64!1*D3!D,1*739!,-02461*73-!:,1*!<G+2*!7,!64!5*=73!7,!/,-:*-!7*-!;6*2-!

.3++,43-! ,4!4,23! *! D*+D*1@*7*-! ,! D+203-B!l6*=73! .@,D*43-! *3!$245,+12=,!

I37D,9! *! .,+.*! 7,! \BP__!4,0+3-! 7,! *102067,! =3! <1*=.3! -61! 73!43=0,!Y3379!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"$!Y*.[o! -*.[! E! 64! Q3D3! ,4!;6,! *-! :,--3*-! <3+4*4!64! .>+.613! ,! 3! 35Q,02/3! :+2=.2:*1! E!4*=0,+!64*!:,;6,=*!531*!=3!*+!:3+!4,23!7,!.@60,-B!w"B!7*!$Bx!!

!%"%!

E+*43-! .343! 64*! 0+2539! 6=273-! 7*;6,1,! Q,203! ;6,! ,6! 24*D2=*/*! ;6,! *-!

.+2*=V*-!-,!-,=02*4!;6*=73!:*--*/*4!64*!-,4*=*!Q6=0*-!=*!.31a=2*!7,!<E+2*-B!

K@,D*43-!=3!4,23!7*!0*+7,B!"3!-*D6C39!=A-!.2=.3!034*43-!:3--,!7,!

732-! -3<8-!;6,! <2.*/*4!64!7,!<+,=0,!:*+*!3!360+39!*3! 1*73!7,!64*!4,-*!7,!

4*7,2+*!5*2N*j!:,7243-!-*=76>.@,-!2=.+2/,14,=0,!.*+3-!,!7,:32-!5,5,43-!.*<E!

+,<3+V*73! .34!73-,-! 7,! 12.3+!f*21,o-! ,=;6*=03! Q3D8/*43-!:a;6,+! ,! +644o!

<2/,! @6=7+,7\`!.34!64!5*+*1@3!;6,!3! <6=.23=8+23!73!5*+! =3-! ,4:+,-036B!%!

,-.*+:*! 73!43=0,!Y337! -,! ,1,/*/*! -35+,! =A-! 5,4! *3! 1*73! 7*-! Q*=,1*-! 73!

*15,+D6,B! K34! OB`W^! 4,0+3-9! ,1*! E! *! 43=0*=@*! 4*2-! *10*! 73! #+,D3=9! 64!

/61.C3!.343!0373-!3-!360+3-!:,13-!;6*2-!:*--,2!7,-7,!;6,!,=0+,2!=*!.3+721@,2+*!

7*-!K*-.*0*-!*3!-61!7,!I*--,=!),*[9!,4!Q61@39!4*-!,-0,9!*!G1024*!7*-!D+*=7,-!

43=0*=@*-!;6,!,6!*0+*/,--*+2*!=*!0+21@*9!:*+,.2*!-,+!3!4*2-!24:3+0*=0,9!,!=C3!

*:,=*-!:3+;6,!,6!,-0*/*!-,=0*7*!,4!-6*!:+A:+2*!5*-,B!%!/2-C3!7,1*!-,!03+=36!

<*4212*+!:*+*!4249!-6*!D+*=7,M*!24:3=,=0,!/2->/,1!,4!)3+01*=7!=3-!72*-!.1*+3-B!

%--24! ;6,! .@,D6,2! *3! 43=0,! Y3379! :,+.,52! ;6,! ,-0*/*! 4,! -,=02=73! *2=7*!

4*2-! 1,/,9! .343! -,! ,-02/,--,! ,4! .*-*B! )3+01*=79! 3=7,! 0,.=2.*4,=0,! =6=.*!

43+,29!*:,-*+!7,!0673!3!;6,!*.3=0,.,6!=3-!3203!36!=3/,!4,-,-!;6,!:*--,2!18!

=3-!G10243-!732-!*=3-9!<2.*/*!*!.,+.*!7,!\__!;621a4,0+3-!7,!72-0h=.2*B!

&,!13=D,9!*!/2-C3!73!43=0,!Y337!=6=.*!7,2N36!7,!02+*+!4,6!<a1,D39!

4*-!7,!:,+03!,+*!72<,+,=0,9!.343!0673!EB!U+*!2=.+2/,14,=0,!4,=3-!D+*=723-39!

*3! 4,-43! 0,4:3! 4*2-! .3464! ,! 24,=-3! ,4! -6*! -6:,+23+27*7,! +,-3160*B! %!

:*2-*D,4!7*! Q*=,1*!=3+0,!73!*15,+D6,!=C3!,+*!73!7,-1645+*=0,!:2.3!5+*=.3!

;6,!-,!/S!*!;621a4,0+3-!7,!72-0h=.2*9!4*-!7,!64*!,-.*+:*!*.2=M,=0*7*!,!;6*-,!

8+27*!3.6:*7*!:3+!6=-!:36.3-!:2=@,2+3-!,-:*+-3-!,!:3+!64!:,;6,=3!=G4,+3!

7,! 16:2=3-! ,! *-0,+8.,*-! ;6,! .+,-.,4!,=0+,! *-! +3.@*-B!%!:*2-*D,4!=*06+*1! ,+*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"%!(644o! <2/,! @6=7+,7! E! 64! Q3D3!7,! .*+0*-! .6Q3!35Q,02/3! E! <*M,+! ;62=@,=03-! :3=03-! 36!4*2-!*0+*/E-!7*!<3+4*VC3!7,!.3=Q6=03-!7,!0+S-!36!4*2-!.*+0*-!73!4,-43!=*2:,!36!/*13+B!w"B!7*!$Bx!!

!%"&!

:3=06*7*!:3+!64!0,1,<E+2.3!;6,!1,/*/*!?!<*2N*!7,!=,/,!.3=D,1*7*!4*2-!*.24*B!

U6!4,!-,=02*!<,12M!:3+!<2.*+!:+30,D27*!:,1*!43=0*=@*!:3+!64!0,4:39!*5+2D*7*!

7,=0+3!7,!64!*15,+D6,!4*+*/21@3-39!64*!0,++*!7*!<*=0*-2*!5+60*B!$+*0*F-,!7,!

64*! ,-0+606+*! D+*=7,! 7,! :,7+*! ,! 4*7,2+*! ;6,! <32! <,20*! ?! 4C3! :,13-!

0+*5*1@*73+,-!7*!i3+[-!)+3D+,--!%742=2-0+*023=9!,4!4,*73-!73-!*=3-!\]O_B!

$673!-35+,!3!16D*+!02=@*!64*!@2-0A+2*B!%!:2=06+*!=*-!:*+,7,-9!*!*+;620,06+*!73!

:+E7239! 3-! 0,.273-! .3-06+*73-! ?! 4C3! ;6,! <3++*4! 3-! 4A/,2-9! .*7*! :,V*! <32!

.627*73-*4,=0,! :+376M27*! :*+*! +,<1,02+! *! @2-0A+2*9! *! .6106+*! ,! 3-! +,.6+-3-!

=*06+*2-!73!=3+3,-0,!73!)*.><2.3B!

),72!12.,=V*!:*+*!3!:,--3*1!,!:*--,,2! 1,=0*4,=0,!:,13!*15,+D6,9!7,:32-!

,=0+,2!,4!64!:8023!*4:13!/310*73!:*+*!3!1*73!-61B!U-0*/*!64!72*!,=-31*+*73!

,! .1*+39! 3! ;6,! 4,! :,+4202*! ,=N,+D*+! :3+! 4*2-! 7,! \X_! ;621a4,0+3-B! %! /2-0*!

2=.16>*!4620*-!7*-!43=0*=@*-!:3+!3=7,!:*--,29!76*-!7*-!$@+,,!R2-0,+-9!43=0,!

e,<<,+-3=!,!f+3[,=!k2=D,+B!

)61*9!-*10*9!D2+*9!:+3=039!:,=-,2B!U6!,-0*/*!*;62B!U6!,-0*/*!;6*-,!18B!L*-!

=C3! 02=@*! 0,+42=*73B! %2=7*! 02=@*! P_! ;621a4,0+3-! :*+*! .*42=@*+! *=0,-! 7,!

.@,D*+!?!)3=0,!73-!&,6-,-B!

"*!4*=@C!-,D62=0,!4,!7,-:,72!7,!&36D9!7,!$34!,!7*-!76*-!461@,+,-!,!

-*>! -3M2=@*9! -652=73!3! .6+03! .*42=@3! >=D+,4,!;6,! 12D*/*!3!*15,+D6,!?!)K$B!

)*--,2! :3+! 5*2N3! 73! 0,1,<E+2.3! ,! */*=.,2! 1,=0*4,=0,! :*+*! =3+0,! ,! 3,-0,! *3!

+,73+!73!-3:E!73!43=0,!Y337!,4!64*!0+21@*!;6,!:*+,.2*!-,+!<,20*!7,!+3.@*!

7,!7,4312VC39! D*-0*!:,13-! -,/,+3-! 2=/,+=3-! ,! 0+*=-<3+4*7*! ,4!*+,2*! 8-:,+*B!

l6*=73!.+6M,2!:*+*!3!43=0,!Y337!/2=0,!42=603-!7,:32-9!,=0+,2!=3/*4,=0,!

=*!<13+,-0*!,!-,=02!3!-21S=.23!4,!,=/31/,=73B!

U+*! D3-03-3! ,-0*+! -3M2=@*B! %! -,=-*VC3! ,+*! 4*+*/21@3-*B! U+*! 4,23! 7,!

-,0,45+39!4*-!3!-31!,-0*/*!;6,=0,!,!5+21@*=0,9!,!3!.E6!4*2-!*M61!73!;6,!=6=.*B!

%!0+21@*!+,/,136!/2-0*-!:*=3+h42.*-!,!7,:32-!-,!03+=36!4*0*!<,.@*7*!*3!4,6!

+,73+!*=0,-!7,!*5+2+!4*2-!64*!/,MB!K*42=@,2!\X!;621a4,0+3-!-,4!:*+*+9!.+6M,2!

!%"'!

3!+23!R*=7o!,!:*+,2!:*+*!7,-.*=-*+!,4!64!:,;6,=3!:*0*4*+!:1*=3!7,5+6V*73!

-35+,! 3! +23! 73! 360+3! 1*73B! l6*-,! 037*-! *-! :8D2=*-! 73! )*.2<2.! K+,-0! $+*219!

b3164,!Wd!#+,D3=!*=7!i*-@2=D03=!02=@*4!273!*D3+*B!#!;6,!+,-036!73!D62*!

,-0*/*!735+*73!=3!531-3!73!4,6!-@3+0B!),D6,2!*-!:8D2=*-!,!*-!12!=3/*4,=0,9!

2=73!*0E!3! <24B!U-0*/*!,=06-2*-4*7*!.34!*!:,+-:,.02/*!7,! .@,D*+! *!K*-.*7,!

I3.[-!,!*3!4,-43!0,4:3!0+2-0,B!"C3!-*52*!3!;6*=03!73+42+!037*!=320,!*3!*+!

12/+,!,!=3!.@C3!,4!64*!5*++*.*9!,!.*42=@*+!-3M2=@*!=*!=*06+,M*!3!72*!03739!

;6*-,!0373!72*9!02=@*!-,!03+=*73!*!42=@*!/27*!=3+4*19!4*-!02=@*B!%!27,2*!7,!

=C3!<*M,+!2--3!E!;6,!4,!*--6-0*/*B!

k62! *0E!3! +23! ,!4,! *D*.@,2! :*+*! 1*/*+!3! +3-03B! U1,! ,+*! ,-0+,203! ,! +*-3!

=,--,!0+,.@39!0C3!=3!<24!73!/,+C3!,!,4!64*!*102067,!0C3!D+*=7,9!:36.3!4*23+!

73! ;6,! 64! +2*.@3B! #=7,! ,-0*/*! *!42=@*! 4C,T9! :,=-,2B! U6! *! .*++,D6,2! :3+!

0*=03!0,4:39!.*45*1,*=73!,45*2N3!7,!-,6!:,-3B!

&3!360+3!1*73!73!+239!,6!4,!:,+4202!:,=-*+B!

U!*1D64*!.32-*!-,!125,+036!7,=0+3!7,!424B!

"3-!72*-!;6,!-,!-,D62+*4!,6!:*--,2!:,1*-!.*0*+*0*-!(*43=*!,!,=0+,2!,!-*>!

7*!(,-,+/*!K316452*B!&,:*+,2F4,!.34!/2-0*-!73-!43=0,-!R0B!Y,1,=-9!(*2=2,+!,!

%7*4-!4*2-! *! =3+0,B!K@,D6,2! *3! 1*D3!i*@064!,! -*>! 7*!)K$!:*+*! 64*! +30*!

*10,+=*02/*!;6,!3-!*603+,-!73!D62*!+,.34,=7*+*4!,!;6,!4,!<*+2*!7,-.,+!*0E!3!

.A++,D3!U*D1,!,!*!64*!D*+D*=0*!73!+23!K316452*!,9!<2=*14,=0,9!*3!:+A:+23!+239!

;6,!.3++2*!*3!13=D3!7*!.27*7,!7,!K*-.*7,!I3.[-B!

)*+*! 5*2N39! :*+*! 5*2N39! :*+*! 5*2N3! ,6! <62! =*;6,1,! G10243! 72*! 7,!

.*42=@*7*9!7,-.,=73!\BWW_!4,0+3-!,4!:36.3!4*2-!7,!W^!;621a4,0+3-9!-,=73!

;6,! 3-! .A++,D3-9! 3-! +2*.@3-! ,! *-! /*1*-! =*! 1*0,+*1! 7*! 0+21@*! ;6,! .+6M,2! ,! ;6,!

.3++2*4! ,4! :*+*1,13! 0*45E4! 7,-.2*4! ,! 7,-.2*4B! U6! :372*! -,=02+! 3! +23! 4,!

*0+*2=73!.343!64!D+*=7,! >4C!*5*2N3!,!*!=3+0,B!)372*!-,=02+!;6,!,6!4,-4*!

,-0*/*! ,=.,++*=73! .32-*-B! )*+,2! :*+*! :*--*+! *! =320,! =*! 4*+D,4! 73! .A++,D3!

U*D1,B!U+*4!.2=.3!@3+*-!,!,6!,-0*/*!*!*:,=*-!\_!;621a4,0+3-!7,!K*-.*7,!I3.[-B!

!%"(!

)37,+2*!.@,D*+!?!.27*7,!*3!,-.6+,.,+9!4*-!=C3!;6,+2*!0,+42=*+!*!/2*D,4!7,--*!

4*=,2+*B!l6,+2*!7,-<+60*+9!/,+!3!+23!,!*!)3=0,!73-!&,6-,-!=*!.1*+27*7,!7*!16M!

73!72*B!

%;6,1*! =320,!4,! -,=0,2! :,+03! 73! .A++,D3! U*D1,! /,=73! *! 8D6*! .3++,+!

-35+,!*-!+3.@*-B!L,6-!:E-!,-0*/*4!4,!4*0*=73!:3+!.*6-*!7*! 13=D*!7,-.27*B!

L,-43! 7,:32-! 7,! 0673! 2--39! .34! 3! .3+:3! *D3+*! 4*2-! <3+0,! 73! ;6,! Q*4*2-!

,-0,/,!,!:+3/*/,14,=0,!=6=.*!,-0*+8!=3/*4,=0,9!.*42=@*+!=*!)K$!*2=7*!73>*B!

"3/*-!531@*-!-,!<3+4*+*4!,4!4,6-!7,73-!,4!16D*+,-!;6,!<2.*+*4!<+8D,2-!:3+!

.*6-*!7*-! +,1*02/*4,=0,!:36.*-!7,-.27*-! +*72.*2-!*3! 13=D3!73!#+,D3=B!)*--,2!

3-! 7,73-! =,1*-9! *12/2*=73F*-! .34! 3! 03;6,B! #60+*! 6=@*! :*+,.2*! ;6,! 2*!

<2=*14,=0,!.*2+B!&,2!64!1,/,!:6NC3!,!,1*!-*26!=*!42=@*!4C39!*!-,N0*B!U6!02=@*!

*:,=*-!;6*0+3!6=@*-!2=0,2+*-!-35+*=73B!

%! )K$! ,! ,6! =C3! ,-08/*43-!4*2-! ,4:*0*7*-B! #! :1*.*+! ,-0*/*! `! *! X9!

/*=0*D,4!:*+*!*!0+21@*B!

&3+42!=*!13=*9!:32-!=C3!;6,+2*!4,!*5+2D*+!=,--*!G1024*!=320,9!,!*.3+7,2!

*=0,-!73!*4*=@,.,+!:*+*!/,+!3!-31!=*-.,+!-35+,!3!43=0,!Y337B!U-0*/*!4,-43!

*.*5*=739! :,=-,2B! "C3! 02=@*! .343! /310*+! 36! <*M,+! 76+*+B! c--3! =6=.*! <32!

:3-->/,1B!k2;6,2!-,=0*7*!:3+!64!13=D3!0,4:39!7,2N*=73!;6,!*!16M!:+,,=.@,--,!

3! .E69! 7,2N*=73F*! ,N:*=72+F-,! ,! 21642=*+! *-! 8+/3+,-B! k,.@,2! 3-! 31@3-! ,! 4,!

,-<3+.,2!:*+*!36/2+!3!.A++,D3B!

U1,!,-0*/*!.3++,=73!:*+*!3!+23!K316452*9!.343!,6B!

U6! 4,! -,=02! <1606*=73! =3-! X9`! ;621a4,0+3-! *0E! 3! :,;6,=3!

,-0*.23=*4,=03! :,+03! 73! <24! 7*! U*D1,! K+,,[! $+*219! *=24*7*! :,1*! :6+*! ,!

=*06+*1! ,43VC3! ;6,! -A! :37,! -,+! 7,-.+20*! .343! *1,D+2*B! &,2! 64*! /310*! :,13!

,-0*.23=*4,=03! :+*02.*4,=0,! /*M23! ,! :*--,2! :,13-! 5*=@,2+3-9! 7,:32-! -,D62!

360+*!0+21@*!;6,!4,!1,/*+2*!*3!13=D3!7,!O9W!;621a4,0+3-!*0E!K*-.*7,!I3.[-B!%!

0+21@*! /2+36! *5+6:0*4,=0,! :*+*! *! 72+,20*! ,! 72*=0,! 7,! 424! ,-0*/*! 3! +23!

K316452*9!/2->/,1!*0+*/E-!7*!.,+.*!7,!*+*4,!;6,!7,12420*/*!*!0+21@*!73!.34,V3!

!%")!

7*!*603,-0+*7*!c=0,+-0*0,!P`!13D3!*5*2N3B!)*+,2!,!-,D6+,2!=*!.,+.*!:*+*!31@*+B!

)*+,.2*!64!421*D+,!;6,!,6! <2=*14,=0,!,-02/,--,!31@*=73!:*+*!3!+239!.343!-,!

64! 5,5S! +,.E4F=*-.273! 02/,--,! *.*5*73! 7,! 7,-12M*+! :*+*! *-! 42=@*-! 4C3-!

7,:32-!7,!64!13=D3!0+*5*1@3!7,!:*+03B!%;6,1*!8D6*!,-.6+*!.2=021*=0,!,+*!4*2-!

53=20*!73!;6,!;6*1;6,+!360+*!.32-*!;6,!,6!:3--*!0,+!24*D2=*73!76+*=0,!0373-!

3-!;621a4,0+3-!;6,!.*42=@,2!:*+*!.@,D*+!*;62B!

K*42=@,2!=*!72+,VC3!1,-0,!*3!13=D3!7,!64!.3++,73+!/,+7,!,N65,+*=0,9!

3!1,203!7*!K316452*!(2/,+!Y2D@p*o9!,-0+*7*!@8!46203!0,4:3!*5*=73=*7*!;6,!

<32!0+*=-<3+4*7*!,4!0+21@*B!)372*!/,+!:,7*V3-!7,!.3=.+,03!,4!*1D6=-!16D*+,-9!

4*-!*!,-0+*7*!<32!,4!D+*=7,!:*+0,!+,034*7*!:,13!46-D3!;6,!.+,-.,6!*3!13=D3!

7*-!+3.@*-!=*!-6*!1*0,+*19!:,1*-!8+/3+,-!;6,!-,!7,5+6V*/*4!+*-0,2+*-!,!:,-*7*-!

-35+,! ,1*9! :,1*-! *+*=@*-! ;6,! 0,.,+*4! 0,2*-! ;6,! .+6M*/*4! -6*! ,N0,=-C3B!

K*42=@,2!*0+*/E-!7,!0,2*-!7,!*+*=@*9!-,=02=73F*-!.343!48D2.*!,4!4,6!+3-039!

02+*=73F*-!73!4,6!.*5,13B!)372*!36/2+9!4*-!=C3!/,+9!3! <16N3!7,!*6034A/,2-!

=*!,-0+*7*!?!42=@*!,-;6,+7*9!,=0+,!424!,!3!+239!3!-34!0>:2.3!7,1*-9!64!D+*=7,!

.@2*73!,!M645273B!

l6*=73!-*>!7*!<13+,-0*9!,-0*/*!,4!K*-.*7,!I3.[-9!;6,9!*3!.3=0+8+23!7,!

4620*-! .27*7,-!=*! 0+21@*9! ,+*! +,*14,=0,!64*! .27*7,9! .34!64*!:3:61*VC3!7,!

:36.3!4*2-! 7,!421! @*520*=0,-B! U+*!4*=@C! 7,! -,N0*F<,2+*! ,! ,6! :372*! -,=02+! 3!

.124*! 7,! -,N0*F<,2+*! =*-! .*-*-! :,1*-! ;6*2-! :*--*/*B! K*42=@,2! -35+,! ,-0+*7*! ,!

7,:32-! :,1*-! +6*-! .34!4,6!5*-0C3!7,! ,-;62! 5*0,=73!=3!*-<*103! ,!3! .3+*VC3!

72-:*+*=73!;6*=73!*!:3=0,!<2.36!?!/2-0*B!q!64*!,1,D*=0,!:3=0,!7,!.*=021E/,+!

7,!*V39!5*02M*7*!,4!@34,=*D,4!*!64*!:3=0,!=*06+*1!;6,!-,!<3+436!:3+!64!

D+*=7,! 7,-12M*4,=03! 7,! 0,++*! @8! .,+.*! 7,! 0+,M,=03-! *=3-! ,! ;6,!

0,4:3+*+2*4,=0,! +,:+,-36! 3! +23! K316452*B!#-! >=723-! 13.*2-! *! .@*4*+*4!7,!

)3=0,!73-!&,6-,-B!%!,-0+606+*!.3=-0+6>7*!:,13!@34,4!;6,!D*=@36!,--,!=34,!

*0+*/,--*! 3! K316452*! :3+! :36.3!4*2-! 7,! ^__!4,0+3-9! 12D*=73! 3!#+,D3=! *!

i*-@2=D03=9!*-! .27*7,-!7,!K*-.*7,!I3.[-!,!7,!R0,/,=-3=!=3!360+3! 1*73B!Y8!

!%"*!

64!:,78D23!=3!1*73!73!#+,D3=9!,!;6*=73!4,!*:+3N24,2!7,1,!*!461@,+!;6,!

0+*5*1@*/*!18!7,=0+3!72--,!;6,!,6!:372*!.+6M*+!*!:3=0,!-,4!:*D*+B!

!"C3!/36!*0+*/,--*+! !,6!72--,B! !RA!;6,+3!03.8F1*B! !%=7,2!:,13!

*.3-0*4,=03!*0E!*1.*=V*+!3!:21*+!7,!.3=.+,03!7*!:3=0,9!,=0C3!,=.3-0,2!*!4C3!

=,1,!,!31@,2!:*+*!3!+23!K316452*!.3++,=73!,45*2N3!7,!424B!q!3!4*23+!+23!73!

=3+3,-0,! 73! )*.><2.3! ,! 3! ;6*+03! 4*23+! 7*! =*VC3B! #-! >=723-! *4,+2.*=3-!

/2/,+*4!=3!+23!@8!421@*+,-!7,!*=3-9!-6-0,=0*73-!,4!D+*=7,!:*+0,!:,13!-*14C3!

;6,!*=02D*4,=0,!,+*!*56=7*=0,B!L,+2p,0@,+!I,p2-!,!i2112*4!K1*+[!+,4*+*4!

+23! *5*2N3! =3! K316452*! ,4! .*=3*-! <,20*-! 7,! 64! G=2.3! 0+3=.39! ,4! -6*!

.3=@,.27*!,N:,72VC3!7,! \P_^B!K,=03!,!=3/,=0*!*=3-!7,:32-9!732-!72*-!*=0,-!

73!4,6!Wmz!*=2/,+-8+239!*12!,-0*/*!,6B!

K@,D6,2B!U6!.3=-,D62B!)*+,.2*!-,+!64*!.32-*!0C3!:,;6,=*!,!*3!4,-43!

0,4:3! 64*! .32-*! 2=.+>/,19! .343! 64! -,D+,73! ;6,! ,6! -,4:+,! .3=03! *! 424!

4,-4*9! ,453+*! *2=7*! =C3! -*25*! 3! -2D=2<2.*73! 7,1,B! k2;6,2! *12! :3+! /8+23-!

42=603-9!.*++3-!,!.*42=@n,-!:*--*=73!:3+!4249!-,=02=73!.343!-,!<3--,!.@3+*+9!

4*-!=C3!.@3+,2B!

R,4*=*-! *=0,-! ,6! -365,! *0+*/E-!7,! .3=/,+-*-! =*! 0+21@*!;6,! *--24!;6,!

.@,D*--,!*!K*-.*7,!I3.[-!,6!02=@*!;6,!2+!*3!U*-0!i2=7!&+2/,Fc=!,!034*+!64*!

7,!-6*-!<*43-*-!.*-;62=@*-!7,!-3+/,0,!D2D*=0,-B!)3+!,--*!+*MC39!D6*+7,2!*1D6=-!

7A1*+,-! ;6*=73! ,-0*/*! =3! $245,+12=,! I37D,B! R*>! 7*! :3=0,! ,! *=7,2! :,1*!

43/24,=0*7*!+6*!;6,!-,D62*!,=0+,!3!+23!,!*!2=0,+,-0*76*1j!*!,-0+*7*!,!D+*=7,!

:*+0,!7*!.27*7,!<2.*/*4!,=.*2N*7*-!,=0+,!*-!76*-!.32-*-B!%2=7*!,+*!4*=@C!,!3!

7+2/,F2=!=C3!,-0*/*!*5,+039!,=0C3!-,=0,2!=3!:,;6,=3!5*=.3!7,!4*7,2+*!5+*=.3!

;6,!<2.*/*!*12!,4!<+,=0,9!.34!*!L3=-0+*!*3!1*73B!

U6!.@,D*+2*!*!)3+01*=7!4*2-!0*+7,!=*;6,1,!72*B!%!.27*7,!<2.*/*!*!*:,=*-!

mW!;621a4,0+3-!*!3,-0,B!&3+42+2*!,4!4,6!/,1@3!<603=!,45*2N3!7,!64!0,03B!

&,-,4:*.30*+2*!4,6-!K&-!,!4,6!*:*+,1@3!7,!-34!:*+*!36/2+!;6*1;6,+!4G-2.*!

;6,! ,6! D3-0*--,B! '-*+2*! 3! 4,6! -602C! 7,! +,=7*! :+,039! *! .*1.2=@*! ,! 3! Q,*=-B!

!%#+!

K34:+*+2*! 037*-! *-! .3427*-! ,! 5,527*-! 2=.+>/,2-! ;6,! ;62-,--,B! &2+2D2+2*! *!

.*42=@3=,0,! :*+*! ;6*1;6,+! 16D*+! ;6,! ;62-,--,! 2+B! I2D*+2*! 3! .34:60*73+! ,!

,-.+,/,+2*! 4,6! +34*=.,B! ),D*+2*! *-! .*2N*-! 7,! 12/+3-! ;6,! 0+36N,! .342D3! 7,!

L2==,-30*! ,! 3-! /,=7,+2*! =3! 72*! -,D6

72=@,2+3B!b,=7,+2*!*-!42=@*-!.32-*-!=3! Q*+724!:*+*!4,!-,D6+*+!*0E!.3=-,D62+!

64!,4:+,D3B!L3=0*+2*!=*!D+*4*!*!42=@*! 13Q*!7,!.32-*-!6-*7*-!:*+*!/,=7,+!

/,-0273-9! 3! 52=A.613! ,4! 42=2*06+*! ,! 3! -,++30,! 735+8/,1! ,! .3=-,D62+2*! 3!

48N243!;6,!:67,--,B!#!:,=-*4,=03!7,!0673!2--3!4,!,-:*=036B!

! U-0*43-! ?! -6*!72-:3-2VC3! ! *!461@,+! 72--,9! ,=<2*=73! *! .*5,V*! *3!

*5+2+!*!Q*=,1*!7*!<+,=0,!73!7+2/,F2=B!

),72!64*!.*-;62=@*!42-0*!7,!.@3.31*0,!.34!5*6=21@*j!*1D6=-!2=-0*=0,-!

7,:32-!,1*!4,!,=0+,D369!:,D36!732-!7A1*+,-!,!4,!,=0+,D36!/2=0,!.,=0*/3-!7,!

0+3.3B!U+*!3!G10243!72=@,2+3!;6,!,6!02=@*!=3!46=73B!b2=0,!.,=0*/3-B!R,=0,2!=3!

5*=.3! 5+*=.3! ,! .342! .*7*! :,7*V3! 7*! .*-;62=@*9! 35-,+/*=73! 3-! .*++3-!

=3/*4,=0,B!U6!,+*!*!G=2.*!.12,=0,!=3!7+2/,F2=!*0E!;6,!64*!fLi!:*+36!,!64!

Q3/,4!,N,.602/3!7,!0,+=3!-*26!7,1*B!

!#2! ! ,1,! 72--,! *3!:*--*+B! $2=@*!4*2-!36!4,=3-! *!42=@*! 27*7,9!3!

.*5,13!:,=0,*73!:*+*!0+8-!.34!D,19!3-!-*:*03-!24:,.8/,2-B!&,:32-!7,!:,D*+!-6*!

.*-;62=@*9!,1,!/31036!,!<2.36!:,+03!7,!424B!

!)*+,.,!;6,!/3.S!*=736!<*M,=73!64*!0+21@*B!

! R24B! %! )*.2<2.! K+,-0! $+*21B! K*42=@,2!4*2-! 7,! \Bmm_! ;621a4,0+3-! !

<*1,29!,N.20*7*!7,4*2-!:*+*!4,!.3=0,+B! !%.*5,2!7,!.34:1,0*+!*!42=@*!/2*D,4!

,-0*!4*=@CB!

!q!4,-43T!

U6!<2M!;6,!-24!.34!*!.*5,V*!,!+2B!

!q!2=*.+,7208/,1B!R,4:+,!;62-!<*M,+!*1D3!*--24B!'4*!D+*=7,!Q3+=*7*B!

!b3.S!:37,B!U!7,/,B!)37,!*.+,720*+9! -,! ,6! .3=-,D62! <*M,+9!;6*1;6,+!

:,--3*!.3=-,D6,B!

!%#"!

!"C3!.3=-2D3! 0,+! <31D*!=3! 0+*5*1@3j! -36!*7/3D*73! !,1,!72--,B!U1,!

Q3D36!<3+*!4,0*7,!7*!.*-;62=@*!,!124:36!*-!4C3-!,4!64!D6*+7*=*:3B! !#!

;6,!/3.S!/*2!<*M,+!*D3+*T!

!b36!:*+*!)3+01*=7B!b36!43+*+!18!64!0,4:3B!

!L3+3!18!0*45E4B!U-036!2=73!:*+*!18!.*-3!;6,2+*!64*!.*+3=*B!b*2!-,+!

64!:+*M,+!0,!7,2N*+!3=7,!/3.S!;62-,+B!

!#5+2D*7*! ! ,6!72--,B! !L*-!;6,+3! <2.*+!64!:36.3!*;62B! RA!:*+*!

6-6<+62+!4*2-!64!:36.3!73!434,=03B!

U1,!02+36!3!.*+0C3!7,!/2-20*!7*!.*+0,2+*!,!4,!7,6B!

!&S!64*! 12D*7*!7,:32-!;6,!/3.S! -,! 2=-0*1*+B!b36!*73+*+! 1,/*+!/3.S!

:*+*!*143V*+!,!36/2+!64!:36.3!4*2-!-35+,!*!/2*D,4B!

! K,+03! ! ,6! 72--,9! 31@*=73! :*+*! 3! .*+0C3B! U+*! 5+*=.3! .34! 1,0+*-!

*M62-!,4!+,1,/39!64*!+,1>;62*!7,!360+3!46=73B!

!k32!64*!@3=+*!0,!.3=@,.,+!=,--,!434,=03! 0C3! -2D=2<2.*02/3! !,1,!

72--,B!

!)+*M,+!,4!.3=@,.,+!/3.S!0*45E4! !<*1,29!.64:+24,=0*=73F3B!

&,:32-!;6,!,1,!<32!,453+*9!2=.12=,2!*!.*5,V*!:*+*!0+8-!,!<,.@,2!3-!31@3-!

:3+! .*6-*!73! -31! ,=;6*=03!*-! 18D+24*-!;6,!,6!,-:,+*/*!4*2-! .,73!=*!:3=0,!

.34,V*+*4!*!,-.3++,+!73-!4,6-!31@3-B!#5+2D*7*9!:,=-,2!4*2-!64*!/,M9!,!4*2-!

64*!/,MB!#5+2D*7*B!"C3!*:,=*-!:,1*! 13=D*!.*42=@*7*9!4*-!:3+!0673!3!;6,!

:67,!-,=02+!<2=*14,=0,!-,!Q6=0*=73!7,=0+3!7,!424j!:3+!0673!3!;6,!*!0+21@*!4,!

,=-2=36!,!:3+!0673!;6,!,6!=,4!-*52*!*2=7*9!,453+*!-365,--,!;6,!7,!*1D64*!

<3+4*!Q8!,-0*/*!7,=0+3!7,!424B!K343!,6!=6=.*!4*2-!/,+2*!3!@34,4!7*!fLi!

=3/*4,=0,9!4*-!.343!,4!;6*0+3!*=3-!,6!.+6M*+2*!*!)3=0,!73-!&,6-,-!.34!

360+3!@34,4!,!4,!.*-*+2*!.34!,1,!,4!64!16D*+!;6*-,!/2->/,1!7,!3=7,!,-0*/*!

-,=0*7*! *D3+*B!K343!,4!=3/,! *=3-! *;6,1,! @34,4!,! ,6! 0,+>*43-!64! <21@3!

.@*4*73! K*+/,+! ,! 64! *=3! ,!4,23! 7,:32-! 72--3! 64*! <21@*! .@*4*7*! f3552B!

K343!\^!*=3-!7,:32-!,6!1,/*+2*!42=@*!<*4>12*!:*+*!,--,!4,-43!5*=.3!5+*=.3!

!%##!

,! =A-! ;6*0+3! 034*+>*43-! .*-;62=@*-! 7,! -3+/,0,! ,=;6*=03! ,6! .3=0*/*! *!

@2-0A+2*! 7,! .343! ,-02/,! *;62! *=0,-9! ;6*=73! 0,+42=,2! *! 13=D*! .*42=@*7*! =*!

.@*4*7*! )*.2<2.! K+,-0! $+*21B! U! .343! -,+2*! *:,=*-! =,--,! 434,=03! ;6,! 3!

-2D=2<2.*73!7*!42=@*! .*42=@*7*! -,! +,/,1*+2*! 7,=0+3! 7,!4249!3! -,D+,73! ;6,!

-,4:+,!.3=0,2!*!424!4,-4*!<2=*14,=0,!+,/,1*73B!

#!;6,!4,!1,/*+2*!*!,-0*!@2-0A+2*B!

"C3!-*52*!.343!/310*+2*!*3!:*--*73!,!:+3.6+*+2*!,!,=.3=0+*+2*!*1D64*-!

:,--3*-!;6,!.3=@,.2!=*!0+21@*!,!0*45E4!:+3.6+*+2*!,!=C3!,=.3=0+*+2*!360+*-B!

#6!.3439!,4!64!.*-39!,=.3=0+*+2*!*1D3!2=,-:,+*73d!64!352068+23B!#!7,!&36DB!

"C3! -*52*! ;6,! 1,+2*! ;6,! ,1,! 43++,6! ,4! 64! *.27,=0,! 7,! [20,! -6+<! =*! "3/*!

},1h=72*9!=3/,!*=3-!7,:32-!7,!=3-!7,-:,72+43-!=*!)K$B!#6!.3439!7,:32-!7,!

.@3+*+! 1,45+*=73! 3! D*+303! 7,! 36+3! ;6,! ,1,! 02=@*! -2739! 2+2*! *3! .*=03!4*2-!

*<*-0*73!7,!4,6!:3+C39!3!16D*+!3=7,!*!L3=-0+*!,-08!:,=76+*7*!,4!64!:*+!7,!

:+,D3-! ,=<,++6Q*73-9! ,! /,+! ;6,! *! :,=*! 7,! .3+/3! ;6,! &36D! 4,! 7,6! *D3+*!

,-0*/*!;6,5+*7*!,!7,-<2*7*9!4*-!*2=7*!,-0*/*!189!:+,-*!=*!*+4*VC3!7*!43.@21*!

3=7,!*!.313;6,2!*=3-!*=0,-B!

U+*!0673!7,-.3=@,.273!:*+*!424!=*!E:3.*9!;6*=73!,6!-,=0*/*!=*;6,1,!

5*=.3!=3!72*! ,4!;6,! 0,+42=,2! *! .*42=@*7*B!$673!,N.,03!3! <*03!7,!;6,! ,6!

=C3!:+,.2-*/*!-*5,+B!&,!;6,!,+*!-6<2.2,=0,!.3=<2*+!;6,!3!;6,!,6!02=@*!<,203!<32!

/,+7*7,2+3B! U=0,=7,+! 3! -,6! -2D=2<2.*73! -,4! =3! ,=0*=03! -,+! .*:*M! 7,! 72M,+!

:+,.2-*4,=0,! .343! <329! .343! 037*-! *;6,1*-! <+*-,-! 73! $@,! &+,*4! 3<! *!

K3443=!I*=D6*D,!;6,!,=.@,+*4!*-!42=@*-!=320,-!,!3-!4,6-!72*-B!%.+,720*+!

;6,!,6!=C3!:+,.2-*/*!4*2-!:,D*+!.34!*-!:+A:+2*-!4C3-B!R*5,+!;6,!,=N,+D*+!3!

:,2N,! *5*2N3! 7*! -6:,+<>.2,! 7*! 8D6*! ,+*! -6<2.2,=0,B! l6,! 2--3! ,+*! 0673B! U+*! *!

42=@*!/27*9!.343!037*-!*-!/27*-9!42-0,+23-*9!2++,/3D8/,1!,!-*D+*7*B!$C3!:,+039!

0C3!:+,-,=0,9!0C3!42=@*B!

#!;6*=03!4,!-,=02!12/+,!7,2N*=73!;6,!,1*!-,D62--,!-,6!+643B!

!

!

!%#$!

!

%J(%&UKcLU"$#R!

L22Dp,.@!E!64*!:*1*/+*!#Q25p,!;6,!36/2! <+,;6,=0,4,=0,!*3! .+,-.,+!

,4!L2==,-30*9!,!4,!-2=03!35+2D*7*!*!6-8F1*!*;62B!U1*! -2D=2<2.*!35+2D*7*9!4*-!

/*2! *1E4! ! -,6! -2D=2<2.*73! 2456>73!7,!@64217*7,!,! 0*45E4!7,!D+*027C3B! q!

*--24!;6,!4,!-2=03!;6*=73!:,=-3!,4!0,=0*+!*D+*7,.,+!*!037*-!*-!:,--3*-!;6,!

4,!*Q67*+*4!*!<*M,+!,-0,!12/+3d!@64217,!,!0*45E4!D+*0*B!

q!:*+*!3!4,6!4*+2739!f+2*=! I2=7-0+349!;6,!7,/3!3!4*23+!422Dp,.@9!

:3+!,1,!0,+!4,!*4*73!7,!4*=,2+*!7,-4,727*9!0*=03!=*!42=@*!,-.+20*!;6*=03!

=*!42=@*!/27*B!#5+2D*7*9!f+2*=B!

R36!D+*0*!?!K342--C3!%+0>-02.*!73!#+,D3=9! *3!K3=-,1@3!7,!K6106+*! ,!

%+0,!(,D23=*1!,!?!I20,+*+o!%+0-!:3+!4,!<3+=,.,+!3!*:323!<2=*=.,2+3!,=;6*=03!

,-.+,/2*!,-0,! 12/+3!,! 0*45E4!*3! 13=D3!7,!42=@*!.*++,2+*j!*!J+,D!",0M,+!,!*!

I*++o!K3103=9!73!k,-02/*1!i3+7-03.[9!:3+!-,4:+,!4,!.3=/27*+,4!:*+*!3!-@3pj!

,!*!f+,*7!I3*<!i+20,+-Ç!K3=<,+,=.,!,!*!R,p*=,,!i+20,+-Ç!K3=<,+,=.,!:3+!4,!

3<,+,.,+,4!64!-2D=2<2.*02/3!*:323!*3!13=D3!73!.*42=@3B!

U-.+,/2!,-0,!12/+3!-,=0*7*!?!4,-*!7*!42=@*!-*1*!7,!Q*=0*+9!4*-!.*:>0613-!

.+6.2*2-! <3+*4!,-.+203-! 13=D,!7,!.*-*B! R36!D+*0*!?!R3*:-03=,!:,1*-! +,-27S=.2*-!

;6,! :+3/27,=.2*+*4!:*+*!4249! ,! :+2=.2:*14,=0,! *!(60@!J6=71,9! ,NF72+,03+*!

7*!R3*:-03=,9!;6,! <32!,-:,.2*14,=0,!D,=,+3-*!.342D3!=*!:+24,2+*! <*-,! 7,-0,!

12/+3B!'4!:+3<6=73!35+2D*7*! *! R*11o! ,!K3=! k20MD,+*179! ;6,!4,! @3-:,7*+*4!

0C3! D+*.23-*4,=0,! ,=;6*=03! ,6! ,-.+,/2*! 3-! .*:>0613-! <2=*2-! 7,! I2/+,! ,4! -6*!

!%#%!

,! /2*5212M36!4,6!:,+>373! ,4!i*+=,+!b*11,o9!

*1E4!7,!4,!,4:+,-0*+!3!.*++3!,!<*M,+!*-!.34:+*-!7,!-6:,+4,+.*73!:*+*!424B!

%D+*7,V3! ?! 42=@*! *D,=0,9! e*=,0! R21/,+9! ,! 0*45E4! *! -,6-! .31,D*-! =*!

}*.@*+o! R@6-0,+!Y*+4-p3+0@!%D,=.oB! e*=,09! /3.S! E!42=@*! *42D*9! .*4:,C! ,!

73=*!7,!64!,-:>+203! 120,+8+23!*<24B!R,+,2! -,4:+,!D+*0*!*!/3.S!:3+!-,6!*:3239!

0*1,=03!,!*43+B!

R36!D+*0*!*!4620*-!:,--3*-!=*!g=3:<!;6,!*.+,720*+*4!,4!I2/+,!7,-7,!3-!

:+24,2+3-!,-53V3-! ,! 0+*5*1@*+*4!:*+*! 0+*MSF13!*3!46=73B! R36!,-:,.2*14,=0,!

D+*0*!*3!4,6!,7203+9!(352=!&,--,+9!;6,!=6=.*!:*+36!7,!4,!2=.,=02/*+!*!<*M,+!

7,-0,!12/+3!3!4,1@3+!:3-->/,1B!#5+2D*7*9!(352=9!:3+!-6*!2=0,12DS=.2*!,!53=7*7,9!

:3+! -,6! ,-:>+203! D,=,+3-3! ,! :3+! -6*-! .*+0*-! 2=*.+,720*/,14,=0,! 13=D*-! ,! -,4!

,-:*V3! ,=0+,! *-! 12=@*-B! R,4! /3.S9! ,-0,! 12/+3! =C3! -,+2*! 3! ;6,! EB! #5+2D*7*!

0*45E4!*!J*5+2,11,!f+33[-9!U+2==!Y*+04*=9!R*+*@!(30@5*+79!R6-*==*!R06+D2-!,!

I6%==!i*10@,+B!

'4*!:+3<6=7*! +,/,+S=.2*! *3-!4,6-! <21@3-9!K*+/,+! ,!f3552! I2=7-0+349!

;6,!*D6,=0*+*4!.34!72-:3-2VC3!,!534!@643+!0373!,--,!0,4:3!,4!;6,!02/,!

;6,!4,!*<*-0*+!,!<2.*+!-3M2=@*!:*+*!,-.+,/,+B!U1,-!=6=.*!4,!7,2N*+*4!,-;6,.,+!

;6,!*!/27*!,!3!*43+!-C3!*-!.32-*-!;6,!4*2-!24:3+0*4B!

%D+*7,V3! *2=7*! *3! 4,6! ,-0,1*+! D+6:3! 7,! ,-.+203+,-d! K@,1-,*! K*2=9!

L3=2.*! &+*[,9! &2*=*! )*D,! e3+7*=9! U+2=! I,3=*+79! K@6.[! )*1*@=26[9! R6Mo!

b20,113! R361E9!L*+o!io-3=DF!Y*,+2! ,! I272*!Z6[=*/20.@B!%D+*7,V3!*! .*7*!64!

:3+!-,6-!-8523-!.3=-,1@3-9!<,,75*.[!@3=,-03!,!7,12.23-3-!:2=30!=32+B!

R36! :+3<6=7*4,=0,! D+*0*! *3-! *42D3-! ;6,! .627*+*4! 7,! 424! ,! 4,!

*4*+*4B!UN2-0,4!46203-!:*+*!.20*+B!b36!72M,+!*:,=*-!;6,!/3.S-!-*5,4!;6,4!

-C3! ,! ;6,! 0,=@3! 4620*! -3+0,! :3+! 0SF13-! ,4! 42=@*! /27*B! UN2-0,4! *1D64*-!

:,--3*-9!=3!,=0*=039!;6,!D3-0*+2*!7,!*D+*7,.,+!,4!,-:,.2*1! !*;6,1*-!;6,!4,!

*Q67*+*4!7,! <3+4*-!,-:,.><2.*-!,!=64,+3-*-!?!4,727*!;6,!,-.+,/2!,-0,! 12/+3d!

!%#&!

R*+*@! f,++o9! U11,=! '+5*=29! L*+D*+,0! L*13=,9! f+2*=! )*72*=9! I*6+2,! k3N9!

f+27D,00,!i*1-@9!K@+2-!I3p,=-0,2=9!R*+*@!Y*+09!J*+0@!R0,2=9!%24,,!Y6+09!$o1,+!

(3*72,!,!Y3:,!U7,14*=B!$,=@3!3+D61@3!7,!-6*!*42M*7,!,!D,=021,M*B!#5+2D*7*!

*2=7*! *! %+0@6+! (2.[o73.! k13p,+-9! J,3+D,! R*6=7,+-9! L*+o! K*:3=,D+3! ,!

)*61,00,! f*0,-! %17,=9! .6Q3! *.3=-,1@*4,=03! 2=2.2*1! ,! 2=<2=78/,1! 53*! /3=0*7,!

-2D=2<2.*+*4!46203!:*+*!424B!

#5+2D*7*! ?!i217,+=,--! )+,--! :3+!:6512.*+!3-! D62*-! ;6,! <3+*4!,! *2=7*!

-C3! 3-! 0,N03-! 7,<2=202/3-! :*+*! ;6,4! /*2! <*M,+! *! )*.2<2.! K+,-0! $+*21B! R,4! 3-!

*603+,-! 73-! D62*-9! e,<<+,o! )B! R.@*<<,+9! f,=! R.@2<+2=9! $@34*-! i2==,009! (65o!

e,=[2=-!,!%=7o!R,10,+-!,6!<2.*+2*!030*14,=0,!:,+727*B!

J+*=7,! :*+0,! 7*-! :,--3*-! ;6,! .3=@,.2! =*! )K$! :*--*+*4! *:,=*-!

+*:27*4,=0,!:,1*!42=@*!/27*9!4*-!<62!,=+2;6,.27*!:3+!.*7*!64*!7,1*-B!U1*-!4,!

<2M,+*4! +2+9! +,<1,02+9! .3=02=6*+!:3+!4*2-! 64!72*! ,! *.24*!7,! 0673!4,! <2M,+*4!

*.+,720*+!2=0,2+*4,=0,!=*!D,=021,M*!7,!,-0+*=@3-B!R36!,-:,.2*14,=0,!*D+*7,.27*!

*3-! 4,6-! .31,D*-! 7*! )K$! 7,! \]]^9! Ke! L.K1,11*=9! (2.[! $3:2=[*9! K*0@,+2=,!

J

*0,=.23-*B!

)3+!<249!,6!D3-0*+2*!7,!+,1,45+*+!4,6!*42D3!&36D!i2-3+9!*!+,-:,203!7,!

;6,4!,-.+,/2!=,-0,! 12/+3B!U1,!43++,6!=3!72*! \X!7,!36065+3!7,!W__`9!*3-!O\!

*=3-B!k32!64!@34,4!534!;6,!.+6M36!3!+23!46203!.,73B!

L22Dp,.@B!

!%#'!

!!

!

!

!

!!!!!!"#$%!&'(%!)&*!)&(+%$%,%!-./&!0(1-&!,.!234!!,.!)&(+%!%!-(&-*5*%(!

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

!