!

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

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

+,%' %'(-( .#/0- (1'#,23 ,2 ',- '(405 (6,2(2% 74/84/0 -96:

"#;#3,-% <#"(/% =4230#2 4.4*(- ,2 4 '#->,%4; "(0 .,%' 2# /(:
1#;;(1%,#2 #? .'(/( '( ,- #/ '#. '( 3#% %'(/(@ A#/ 142 '( (B:
>;4,2 %'( #/,3,2 #? %'( 6414"/( #"C(1% %'4% ,- ?#$20 ',00(2 ,2
',-&"(;#23,23-@

! %'/(4% %# ',- ;,?( .,;; >/#>(; ',6 420 4 9#$23 0#1%#/5 D,(224
)/##*-5 ,2%# 4 "/(4*2(1* 1'4-( 41/#-- %'( 1,%9 #? E;#/(21(@
F2;9 =4230#2G- *2#.;(03( #? ',00(2 >4--43(.49- 420 421,(2%
-(1/(%- %'4% ;,( "(',20 ,%- ',-%#/,1 ?4140( 142 -48( %'(6 ?/#6
%'(&1;$%1'(-&#?&%'(,/&$2*2#.2&>$/-$(/-@

+,%' #2;9 4 ?(. ;,2(- ?/#6 H42%(G- 04/* 420 (>,1 64-%(/>,(1(5
1+# 2'-#3'45 %# 3$,0( %'(65 %'(9 6$-% 0(1,>'(/ 4 -(I$(21( #?
1#0(- "$/,(0 0((> .,%',2 -#6( #? %'( 6#-% 1(;("/4%(0 4/%(?41%-
#? %'( <(24,--421( J -1$;>%$/(-5 >4,2%,23-5 "$,;0,23- J %# ?,20
%'( 42-.(/- %# 4 >$KK;( .',1' 6495 #/ 649 2#%5 '(;> %'(6 -48(
%'(&.#/;0&?/#6&4&%(//,?9,23&%'/(4%L

D(% 434,2-% 42 (B%/4#/0,24/9 ;420-14>( ,2->,/(0 "9 #2( #? ',-:

%#/9G- 6#-% #6,2#$- ;,%(/4/9 1;4--,1-5 2'-#3'4 ,- H42 )/#.2G-
6#-% 1#6>(;;,23 420 %'#$3'%:>/#8#*,23 2#8(; 9(%5 4 "/(4%';(--
/41(:434,2-%:%,6( %'/,;;(/ %'4% .,;; 3/4" 9#$ ?/#6 >43( #2( 420
2#%&;(%&9#$&3#&$2%,;&9#$&1;#-(&%'(&"##*@
 M#2%(2%-

M#8(/
!"#$%&%'(&)##*
N,%;(&O43(
H(0,14%,#2
!1*2#.;(036(2%-
P>,3/4>'
E41%

O/#;#3$(
M'4>%(/&Q
M'4>%(/&R
M'4>%(/&S
M'4>%(/&T
M'4>%(/&U
M'4>%(/&V
M'4>%(/&W
M'4>%(/&X
M'4>%(/&Y
M'4>%(/&QZ
M'4>%(/&QQ
M'4>%(/&QR
M'4>%(/&QS
M'4>%(/&QT
 T[VZY
M'4>%(/&QU
M'4>%(/&QV
M'4>%(/&QW
M'4>%(/&QX
M'4>%(/&QY
M'4>%(/&RZ
M'4>%(/&RQ
M'4>%(/&RR
M'4>%(/&RS
M'4>%(/&RT
M'4>%(/&RU
M'4>%(/&RV
M'4>%(/&RW
M'4>%(/&RX
M'4>%(/&RY
M'4>%(/&SZ
M'4>%(/&SQ
M'4>%(/&SR
M'4>%(/&SS
M'4>%(/&ST
M'4>%(/&SU
M'4>%(/&SV
M'4>%(/&SW
M'4>%(/&SX
M'4>%(/&SY
M'4>%(/&TZ
M'4>%(/&TQ
 U[VZY
M'4>%(/&TR
M'4>%(/&TS
M'4>%(/&TT
M'4>%(/&TU
M'4>%(/&TV
M'4>%(/&TW
M'4>%(/&TX
M'4>%(/&TY
M'4>%(/&UZ
M'4>%(/&UQ
M'4>%(/&UR
M'4>%(/&US
M'4>%(/&UT
M'4>%(/&UU
M'4>%(/&UV
M'4>%(/&UW
M'4>%(/&UX
M'4>%(/&UY
M'4>%(/&VZ
M'4>%(/&VQ
M'4>%(/&VR
M'4>%(/&VS
M'4>%(/&VT
M'4>%(/&VU
M'4>%(/&VV
M'4>%(/&VW
M'4>%(/&VX
 V[VZY
M'4>%(/&VY
M'4>%(/&WZ
M'4>%(/&WQ
M'4>%(/&WR
M'4>%(/&WS
M'4>%(/&WT
M'4>%(/&WU
M'4>%(/&WV
M'4>%(/&WW
M'4>%(/&WX
M'4>%(/&WY
M'4>%(/&XZ
M'4>%(/&XQ
M'4>%(/&XR
M'4>%(/&XS
M'4>%(/&XT
M'4>%(/&XU
M'4>%(/&XV
M'4>%(/&XW
M'4>%(/&XX
M'4>%(/&XY
M'4>%(/&YZ
M'4>%(/&YQ
M'4>%(/&YR
M'4>%(/&YS
M'4>%(/&YT
M'4>%(/&YU
 W[VZY
M'4>%(/&YV
M'4>%(/&YW
M'4>%(/&YX
M'4>%(/&YY
M'4>%(/&QZZ
M'4>%(/&QZQ
M'4>%(/&QZR
M'4>%(/&QZS
M'4>%(/&QZT
P>,;#3$(

!"#$%&%'(&!$%'#/
!;-#&"9&H42&)/#.2
M#>9/,3'%
EF<&\]&O!<PAND&L
 !1*2#.;(036(2%-

\9&6#-%&'$6";(&420&-,21(/(&%'42*-&%#^
!- 4;.49-5 ?,/-% 420 ?#/(6#-%5 69 (0,%#/ 420 1;#-( ?/,(205
_4-#2 `4$?6425 ?#/ ',- 0(0,14%,#2 420 %4;(2% L "$% 64,2;9 ?#/
',-&(20;(--&3##0&'$6#/@
\9 (B%/4#/0,24/9 .,?(5 );9%'(5 ?#/ '(/ ;#8( 420 >4%,(21( .,%'
%'( ./,%,23 >/#1(--5 420 4;-# ?#/ '(/ -$>(/" ,2-%,21%- 420
1420#/&4-&4&?/#2%:;,2(&(0,%#/@
\9 %,/(;(-- 43(2% 420 %/$-%(0 ?/,(20 7(,0( =423(5 ?#/ (B:
>(/%;9 248,34%,23 6#/( 1#28(/-4%,#2-5 ,2 6#/( 1#$2%/,(-5 #2
6#/( %#>,1- %'42 a .,;; (8(/ *2#.@ E#/ '(/ -*,;;- 420 (2(/395 a
46&(%(/24;;9&3/4%(?$;@
N'( (2%,/( %(46 4% H#$";(049 ?#/ ,%- (2%'$-,4-65 1/(4%,8,%95
420 (??#/%- #2 "('4;? #? 69 "##*-5 .,%' 8(/9 ->(1,4; %'42*- %#
D$K422( 7(/K b?#/ .(4/,23 -# 6429 '4%- L 420 .(4/,23 %'(6
-# .(;;c5 ),;; N'#64-5 \,1'4(; +,20-#/5 _$09 _41#"95 _#(
d4;;43'(/5 <#" );##65 A#/4 <(,1'4/05 )(%' \(,-%(/5 \4/,4
M4/(;;45 =#//4,2( 79;4205 420 4;-# %# %'( $2(20,23 -$>>#/% #?
D#229 \('%45 N#29 M',/,1#5 `4%'9 N/43(/5 !22( \(--,%%(5 420
\4/*$- H#';(@ N# %'( ,21/(0,";( >(#>;( #? %'( <420#6 7#$-(
-4;(-&0(>4/%6(2%&L&9#$&4/(&$2/,84;(0@
\9 -43( 1#$2-(; \,1'4(; <$0(;;5 ?#/ ',- >,%1':>(/?(1% ,2:
-%,21%- #2 4;; 64%%(/-5 ;4/3( 420 -64;;5 4- .(;; 4- ?#/ ',-
?/,(20-',>@
\9 ,//(>;41(4";( 4--,-%42% D$-42 \#/('#$-(5 ?#/ '(/ 3/41(
420&8,%4;,%95&420&.,%'#$%&.'#6&4;;&%',23-&0(-1(20&,2%#&1'4#-@
!;; #? 69 ?/,(20- 4% N/42-.#/;05 ,2 >4/%,1$;4/ ),;; D1#%%:`(//
?#/ ',- 1/(4%,8,%95 -$>>#/%5 420 3##0 1'((/5 420 4;-# %# d4,;
<("$1*&?#/&'(/&-$>(/"&;(40(/-',>@
 QQ[VZY
\9 a%4;,42 >$";,-'(/ \#2040#/,5 (->(1,4;;9 <,1*9 M484;;(/#5
O,(/4 M$-42,5 d,#8422, H$%%#5 !2%#2,# E/421',2,5 420 M;4$0,4
D1'($e 420 69 N$/*,-' >$";,-'(/ !;%,2 `,%4>;4/5 >4/%,1$;4/;9
F94 !;>4/5 P/0(2 7(>(/5 420 )4%$ )#K*$/%5 ?#/ %'( ->(1,4; -(/:
8,1(-&>/#8,0(0&,2&1#22(1%,#2&.,%'&%'(&;#14%,#2-&,2&%',-&"##*@
\9 (B1(>%,#24; >$";,-'(/- 4/#$20 %'( .#/;0 ?#/ %'(,/ >4-:
-,#25&'4/0&.#/*5&420&1#66,%6(2%@
E#/ %'(,/ ,6>/(--,8( 64243(6(2% #? %'( =#20#2 420 \,;42
%/42-;4%,#2 -,%(-5 =(#2 <#6(/#:\#2%4;8# 420 =$1,42#
d$3;,(;6,@
N'( "/,3'% H/@ \4/%4 !;84/(K d#2Kf;(K ?#/ ->(20,23 -# 6$1'
%,6( .,%' $- ,2 E;#/(21( 420 ?#/ "/,23,23 %# ;,?( %'( 1,%9G- 4/%
420&4/1',%(1%$/(@
N'( >((/;(-- \4$/,K,# O,6>#2, ?#/ 4;; '( 0,0 %# (2'421( #$/
8,-,%&%#&a%4;9@
!;; %'( ',-%#/,42-5 3$,0(-5 420 ->(1,4;,-%- .'# 3(2(/#$-;9
->(2% %,6( .,%' 6( ,2 E;#/(21( 420 g(2,1(5 -'4/,23 %'(,/ (B:
>(/%,-(^ d,#84224 <4# 420 P$3(2,4 !2%#2$11, 4% %'( ),";,#%(14
\(0,1(4 =4$/(2K,4245 D(/(24 O,2, 420 -%4?? 4% %'( O4;4KK# g(1:
1',#e d,#84224 d,$-%, 4% %'( h??,K, d4;;(/9e )4/"4/4 E(0(;, 4%
%'( )4>%,-%(/9 420 a; H$#6#e P%%#/( g,%# 420 \4--,6# ),--#2
4% D%@ \4/*G- )4-,;,14e d,#/3,# N43;,4?(//# 4% %'( H#3(G- O4;41(e
a-4"(;;4 0, =(24/0#5 P;,K4"(%' M4//#;; M#2-484/,5 420 P;(24
D84;0$K %'/#$3'#$% 4;; #? g(2,1(e !224;,-4 )/$2, 420 -%4?? 4%
%'( ),";,#%(14 A4K,#24;( \4/1,424e 420 %# %'( 6429 #%'(/-
.'#6 aG8( ?4,;(0 %# 6(2%,#2 ,2 %',- 4""/(8,4%(0 ;,-%5 69 -,21(/(
%'42*-@
<41'4(; H,;;#2 E/,(0 420 D%(>'42,( H(;642 4% D42?#/0 _@
d/((2"$/3(/ !--#1,4%(- ?#/ (8(/9%',23 %'(9 0# "#%' '(/( 420
4"/#40@
N'( (B1(>%,#24; 6,20- #? H/@ d(#/3( !"/4'465 H/@ _#'2
N/(42#/5&420&H/@&)#"&7(;6&?#/&%'(,/&-1,(2%,?,1&(B>(/%,-(@
 QR[VZY
\9 (4/;9 /(40(/-5 .'# >/#8,0(0 >(/->(1%,8( 4;#23 %'( .49^
d/(3 )/#.25 H,1* 420 M#22,( )/#.25 <("(114 `4$?6425 _(//9
420&F;,8,4&`4$?6425&420&_#'2&M'4??((@
N'( .(":-4889 !;(B M422#25 .'#5 4;#23 .,%' %'( %(46 4%
D42"#/2 \(0,4 E41%#/95 *((>- %',23- '$66,23 ,2 %'( #2;,2(
.#/;0@
_$00 420 `4%'9 d/(33 ?#/ >/#8,0,23 6( I$,(% -421%$4/9
.,%',2&d/((2&d4";(-&4-&a&./#%(&%'(&?,24;&1'4>%(/-&#?&%',-&"##*@
N'( -$>(/" #2;,2( /(-#$/1(- #? %'( O/,21(%#2 H42%( O/#C(1%5
H,3,%4;&H42%(&4%&M#;$6",4&h2,8(/-,%95&420&%'(&+#/;0&#?&H42%(@
1+# (&3$#*5 6,&7#* .' +#,, &3# 3#*#38#( -43 5+4*#
9+4 :&.'5&.' 5+#.3 '#;53&,.5) .' 5.:#* 4- :43&,
73.*.*/
 !"#$%

!;; 4/%.#/*5 ;,%(/4%$/(5 -1,(21(5 420 ',-%#/,14; /(?(/:

(21(-&,2&%',-&2#8(;&4/(&/(4;@

iN'( M#2-#/%,$6j ,- 4 >/,84%( #/342,K4%,#2 .,%' #?:

?,1(- ,2 -(8(2 1#$2%/,(-@ a%- 246( '4- "((2 1'423(0
?#/&1#2-,0(/4%,#2-&#?&-(1$/,%9&420&>/,8419@

2'-#3'4 ,- %'( $20(/.#/;0 4- 0(-1/,"(0 ,2 H42%(

!;,3',(/,G- (>,1 >#(6 1+# <.8.'# =4:#()5 .',1'
>#/%/49- '(;; 4- 42 (;4"#/4%(;9 -%/$1%$/(0 /(4;6 >#>:
$;4%(0 "9 (2%,%,(- *2#.2 4- i-'40(-jk"#0,;(-- -#$;-
%/4>>(0&"(%.((2&;,?(&420&0(4%'@
 O<F=FdhP

2%>?%1@A"+&(#/
1+34;B+%5+#%(4,#'5%7.5)C%2%-,##/
1+34;B+%5+#%#5#3'&,%94#C%2%5&$#%-,.B+5/
!;#23 %'( "42*- #? %'( /,8(/ !/2#5 a -1/46";(5 "/(4%';(-- L
%$/2,23 ;(?% #2%# g,4 0(, M4-%(;;42,5 64*,23 69 .49 2#/%'.4/05
'$00;,23&,2&%'(&-'40#.-&#?&%'(&h??,K,@
!20&-%,;;&%'(9&>$/-$(&6(@
N'(,/ ?##%-%(>- 3/#. ;#$0(/ 2#. 4- %'(9 '$2% .,%' /(;(2%;(--
0(%(/6,24%,#2@
E#/ 9(4/- %'(9 '48( >$/-$(0 6(@ N'(,/ >(/-,-%(21( '4- *(>%
6( $20(/3/#$20 L ?#/1(0 6( %# ;,8( ,2 >$/34%#/9 L ;4"#/,23
"(2(4%'&%'(&(4/%'&;,*(&4&1'%'#2,1&6#2-%(/@
2%&:%5+#%"+&(#/
7(/( 4"#8(3/#$205 a /4,-( 69 (9(- %# %'( 2#/%'5 "$% a 46 $2:
4";( %# ?,20 4 0,/(1% >4%' %# -4;84%,#2 L ?#/ %'( !>(22,2(
\#$2%4,2-&4/(&";#%%,23&#$%&%'(&?,/-%&;,3'%&#?&04.2@
a >4-- "(',20 %'( >4;4KK# .,%' ,%- 1/(2(;;4%(0 %#.(/ 420 #2(:
'420(0 1;#1* L -24*,23 %'/#$3' %'( (4/;9:6#/2,23 8(20#/- ,2
O,4KK4 0, D42 E,/(2K( .,%' %'(,/ '#4/-( 8#,1(- -6(;;,23 #?
,&:63#(4554 420 /#4-%(0 #;,8(-@ M/#--,23 "(?#/( %'( )4/3(;;#5 a
1$% .(-% %#.4/0 %'( ->,/( #? %'( )40,4 420 1#6( $> '4/0
434,2-%&%'(&,/#2&34%(&4%&%'(&"4-(&#?&%'(&-%4,/-@
@#3#%&,,%+#*.5&5.4'%:;*5%D#%,#-5%D#+.'(/
a %$/2 %'( '420;( 420 -%(> ,2%# %'( >4--43( ?/#6 .',1' a
*2#. %'(/( .,;; "( 2# /(%$/2@ a $/3( 69 ;(40(2 ;(3- $> %'( 24/:
/#. -%4,/14-( L ->,/4;,23 -*9.4/0 #2 -#?% 64/";( %/(40-5 >,%%(0
420&.#/2@
N'(&8#,1(-&(1'#&?/#6&"(;#.@&)(-((1',23@
 QW[VZY
N'(9&4/(&"(',20&6(5&$29,(;0,235&1;#-,23&,2@
1+#) (4 '45 ;'(#3*5&'( 9+&5 .* 74:.'B E '43 9+&5 2 +&8#
(4'#%-43%5+#:F
G'B3&5#-;,%,&'(F
!- a 1;,6"5 %'( 8,-,#2- 1#6( '4/0 L %'( ;$-%?$; "#0,(- ./,%':
,23 ,2 ?,(/9 /4,25 %'( 3;$%%#2#$- -#$;- ?;#4%,23 ,2 (B1/(6(2%5 %'(
%/(41'(/#$-&8,;;4,2-&?/#K(2&,2&D4%42G-&,19&3/4->@
a 1;,6" %'( ?,24; -%4,/- 420 4//,8( 4% %'( %#>5 -%433(/,23 2(4/
0(40 ,2%# %'( 046> 6#/2,23 4,/@ a /$-' %# %'( '(40:',3' .4;;5
>((/,23 %'/#$3' %'( -;,%-@ E4/ "(;#. ,- %'( ";(--(0 1,%9 %'4% a
'48(&640(&69&-421%$4/9&?/#6&%'#-(&.'#&(B,;(0&6(@
N'( 8#,1(- 14;; #$%5 4//,8,23 1;#-( "(',20 6(@ i+'4% 9#$G8(
0#2(&,-&6402(--lj
?&('#**%D3##(*%:&('#**/
iE#/ %'( ;#8( #? d#05j %'(9 -'#$%5 i%(;; $- .'(/( 9#$G8( ',0:
0(2&,%lj
H43%63#7.*#,)%5+#%,48#%4-%I4(C%2%9.,,%'45/
a -%420 2#.5 1#/2(/(05 69 "41* %# %'( 1#;0 -%#2(@ N'(9 -%4/(
0((> ,2%# 69 1;(4/ 3/((2 (9(-5 420 %'(,/ (B>/(--,#2- 04/*(25 2#
;#23(/ 14C#;,235 "$% %'/(4%(2,23@ i]#$ *2#. .( '48( #$/ 6(%':
#0-@&+(&142&?#/1(&9#$&%#&%(;;&$-&.'(/(&,%&,-@j
H43%5+&5%3#&*4'C%2%+&8#%7,.:D#(%+&,-9&)%54%+#&8#'/
+,%'#$% .4/2,235 a %$/2 420 /(41' $>5 1$/;,23 69 ?,23(/-
#2%# %'( ',3' ;(03(5 >$;;,23 69-(;? $>5 -1/46";,23 #2%# 69
*2((-5 %'(2 -%420,23 L $2-%(409 4% %'( >/(1,>,1(@ I;.(# :#C
(#&3%J.3B.,C%&734**%5+#%84.(/
N'(9 /$-' ?#/.4/0 ,2 0,-"(;,(?5 .42%,23 %# 3/4" 4% 69 ?((%5
"$% ?(4/,23 %'(9 .,;; $>-(% 69 "4;421( 420 *2#1* 6( #??@ N'(9
"(3 2#.5 ,2 I$,(% 0(->(/4%,#25 "$% a '48( %$/2(0 69 "41*@ 2
$'49%9+&5%2%:;*5%(4/
)(2(4%' 6(5 0,KK9,23;9 ?4/ "(2(4%' 6(5 %'( /(0 %,;( /##?-
->/(40 #$% ;,*( 4 -(4 #? ?,/( #2 %'( 1#$2%/9-,0(5 ,;;$6,24%,23 %'(
?4,/ ;420 $>#2 .',1' 3,42%- #21( /#46(0 L d,#%%#5 H#24%(;;#5
)/$2(;;(-1',5&\,1'(;423(;#5&)#%%,1(;;,@
 QX[VZY
a&,21'&69&%#(-&%#&%'(&(03(@
iM#6(&0#.2lj&%'(9&-'#$%@&ia%G-&2#%&%##&;4%(lj
KC 9.,,-;, .B'43&'5*F <4 )4; '45 *## 5+# -;5;3#L <4 )4; '45
B3&*6%5+#%*6,#'(43%4-%:)%73#&5.4'L%1+#%'#7#**.5)L
a .,;; 3;40;9 64*( %',- $;%,64%( -41/,?,1( L 420 .,%' ,% a .,;;
(B%,23$,-'&9#$/&?,24;&'#>(&#?&?,20,23&.'4%&9#$&-((*@
M4;%9.,,%'#8#3%,47&5#%.5%.'%5.:#/
7$20/(0- #? ?((% "(;#.5 %'( 1#"";(-%#2( >,4KK4 "(1*#2- ;,*(
4 %/42I$,; #4-,-@ 7#. a ;#23 ?#/ 6#/( %,6( L "$% %,6( ,- %'(
#2(&1#66#0,%9&(8(2&69&84-%&?#/%$2(-&1422#%&4??#/0@
a2 %'(-( ?,24; -(1#20-5 a 34K( 0#.2 4% %'( >,4KK45 420 a "(:
'#;0&4&-,3'%&%'4%&-%4/%;(-&6(@
a&-((&9#$/&?41(@
]#$ 4/( 34K,23 $> 4% 6( ?/#6 %'( -'40#.-@ ]#$/ (9(- 4/(
6#$/2?$;5 420 9(% ,2 %'(6 a -(2-( 4 8(2(/4%,#2 ?#/ .'4% a '48(
411#6>;,-'(0@ ]#$ $20(/-%420 a '48( 2# 1'#,1(@ E#/ %'( ;#8( #?
\42*,205&a&6$-%&>/#%(1%&69&64-%(/>,(1(@
25 B349* #8#' '49 E 9&.5.'B E *.::#3.'B D#'#&5+ 5+#
D,44(3#(%9&5#3*%4-%5+#%,&B44'%5+&5%3#-,#75*%'4%*5&3*/
!20 -#5 a ;,?% 69 (9(- ?/#6 9#$/- 420 a 1#2%(6>;4%( %'( '#/,:
K#2@ 7,3' 4"#8( %',- "$/0(2(0 .#/;05 a 64*( 69 ?,24;
-$>>;,14%,#2@
<#&3#*5 I4(C 2 63&) 5+# 943,( 3#:#:D#3* :) '&:# '45 &*
& :4'*534;* *.''#3C D;5 &* 5+# B,43.4;* *&8.43 )4; $'49 2
53;,) &:/ 2 63&) ?&'$.'( 9.,, ;'(#3*5&'( 5+# B.-5 2 ,#&8#
D#+.'(/
?)%B.-5%.*%5+#%-;5;3#/
?)%B.-5%.*%*&,8&5.4'/
?)%B.-5%.*%2'-#3'4/
+,%' %'4%5 a .',->(/ 69 46(2 L 420 %4*( 69 ?,24; -%(>5 ,2%#
%'(&4"9--@
 M7!ONP< Q

N7P \P\F<aPD \!NP<a!=amPH -;#.;9 L ;,*( "$"";(- -$/?41,23 ?/#6

%'(&04/*2(--&#?&4&"#%%#6;(--&.(;;@
>%8#.,#(%94:&'/
<#"(/% =4230#2 34K(0 4% '(/ 41/#-- 4 /,8(/ .'#-( 1'$/2,23
.4%(/- /42 /(0 .,%' ";##0@ F2 %'( ?4/ "42*5 %'( .#642 -%##0
?41,23 ',65 6#%,#2;(--5 -#;(625 '(/ ?41( ',00(2 "9 4 -'/#$0@
a2 '(/ '420 -'( 3/,>>(0 4 ";$( 5&.'.& 1;#%'5 .',1' -'( 2#.
/4,-(0 ,2 '#2#/ #? %'( -(4 #? 1#/>-(- 4% '(/ ?((%@ N'( -6(;; #?
0(4%'&'$23&(8(/9.'(/(@
"##$5&%'(&.#642&.',->(/(0@ >'(%)#%*+&,,%-.'(/
=4230#2 '(4/0 %'( .#/0- 4- ,? -'( '40 ->#*(2 %'(6 ,2-,0(
',- '(40@ i+'# 4/( 9#$nj '( 14;;(0 #$%5 "$% ',- 8#,1( 640( 2#
-#$20@
1.:#%B349*%*+4355&-'(&.',->(/(0@ "##$%&'(%-.'(/
=4230#2 %##* 4 -%(> %#.4/0 %'( /,8(/5 "$% '( 1#$;0 -(( %'(
.4%(/- .(/( ";##0/(0 420 %## 0((> %# %/48(/-(@ +'(2 =4230#2
/4,-(0 ',- (9(- 434,2 %# %'( 8(,;(0 .#6425 %'( "#0,(- 4% '(/ ?((%
'40 6$;%,>;,(0@ N'(/( .(/( '$20/(0- #? %'(6 2#.5 649"(
%'#$-420-5 -#6( -%,;; 4;,8(5 ./,%',23 ,2 43#295 09,23 $2%',2*:
4";( 0(4%'- L 1#2-$6(0 "9 ?,/(5 "$/,(0 ,2 ?(1(-5 0(8#$/,23 #2(
42#%'(/@ 7( 1#$;0 '(4/ %'( 6#$/2?$; 1/,(- #? '$642 -$??(/,23
(1'#,23&41/#--&%'(&.4%(/@
N'( .#642 6#8(0 %#.4/0 ',65 '#;0,23 #$% '(/ -;(20(/
'420-5&4-&,?&"(1*#2,23&?#/&'(;>@
i+'#&4/(&9#$nlj&=4230#2&434,2&-'#$%(0@
a2 /(->#2-(5 %'( .#642 /(41'(0 $> 420 -;#.;9 ;,?%(0 %'( 8(,;
?/#6 '(/ ?41(@ D'( .4- -%/,*,23;9 "(4$%,?$;5 420 9(% #;0(/ %'42
=4230#2 '40 ,643,2(0k,2 '(/ -,B%,(- >(/'4>-5 -%4%(;9 420
 RZ[VZY
-%/#235 ;,*( 4 %,6(;(-- -%4%$(@ D'( '40 4 -%(/2;9 -(% C4.5 0((>
-#$;?$; (9(-5 420 ;#235 -,;8(/:3/49 '4,/ %'4% 14-140(0 #8(/ '(/
-'#$;0(/- ,2 /,23;(%-@ !2 46$;(% #? ;4>,- ;4K$;, '$23 4/#$20 '(/
2(1*k4&-,23;(&-24*(&1#,;(0&4/#$20&4&-%4??@
=4230#2&-(2-(0&'(&*2(.&'(/&L&%/$-%(0&'(/@ N;5%+49L%O+)L
D'( >#,2%(0 2#. %# 4 ./,%',23 >4,/ #? ;(3-5 .',1' >/#%/$0(0
$>-,0( 0#.2 ?/#6 %'( (4/%'5 4>>4/(2%;9 "(;#23,23 %# -#6(
>##/ -#$; .'# '40 "((2 "$/,(0 '(40?,/-% %# ',- .4,-%@ N'(
642G-&>4;(&%',3'&"#/(&4&-,23;(&;(%%(/k./,%%(2&,2&6$0kP@
PL =4230#2 %'#$3'%5 $21(/%4,2@ >* .' E P4D#35L ia- %'4% L
:#nj
N'( .#642G- ?41( /(8(4;(0 2#%',23@ "##$ &'( -.'(5 -'(
/(>(4%(0@
+,%'#$% .4/2,235 -'( "(342 /40,4%,23 4 .',%( ;,3'% L "/,3'%:
(/ 420 "/,3'%(/@ 7(/ (2%,/( "#09 -%4/%(0 8,"/4%,23 ,2%(2-(;95
420 %'(25 ,2 4 /$-' #? %'$20(/5 -'( (B>;#0(0 ,2%# 4 %'#$-420
->;,2%(/,23&-'4/0-&#?&;,3'%@
=4230#2&"#;%(0&4.4*(5&-'#$%,23@
N'( /##6 .4- "/,3'%@ 7( .4- 4;#2(@ N'( -'4/> -6(;; #?
6(0,1,24; 4;1#'#; '$23 ,2 %'( 4,/5 420 -#6(.'(/( 4 641',2(
>,23(0 ,2 I$,(% /'9%'6 .,%' ',- '(4/%@ =4230#2 %/,(0 %# 6#8(
',- /,3'% 4/65 "$% 4 -'4/> >4,2 /(-%/4,2(0 ',6@ 7( ;##*(0 0#.2
420&-4.&42&ag&%$33,23&4%&%'(&-*,2&#?&',-&?#/(4/6@
7,- >$;-( I$,1*(2(05 420 %'( 641',2(- *(>% >41(5 >,23,23
6#/(&/4>,0;9@
O+#3#%&:%2L%O+&5%+&66#'#(L
N'( "41* #? =4230#2G- '(40 %'/#""(05 4 324.,23 >4,2@
d,23(/;95 '( /(41'(0 $> .,%' ',- ?/(( 4/6 420 %#$1'(0 ',-
-14;>5 %/9,23 %# ;#14%( %'( -#$/1( #? ',- '(4041'(@ )(2(4%' ',-
64%%(0 '4,/5 '( ?#$20 %'( '4/0 2$"- #? 4 0#K(2 #/ -# -%,%1'(-
14*(0&.,%'&0/,(0&";##0@
7(&1;#-(0&',-&(9(-5&%/9,23&%#&/(6(6"(/&42&411,0(2%@
A#%',23@&!&%#%4;&";42*@
1+.'$/
 RQ[VZY
F2;9&04/*2(--@
! 642 ,2 -1/$"- '$//,(0 ,25 4>>4/(2%;9 4;(/%(0 "9 =4230#2G-
/41,23 '(4/% 6#2,%#/@ 7( '40 4 -'4339 "(4/05 "$-'9 6$-%41'(5
420 3(2%;( (9(- %'4% /40,4%(0 4 %'#$3'%?$; 14;6 "(2(4%' ',-
#8(/3/#.2&(9("/#.-@
i+'4% L '4>>(2(0nj =4230#2 64243(0@ iH,0 a '48( 42
411,0(2%nj
N'( "(4/0(0 642 >$% 4 ?,23(/ %# ',- ;,>- 420 %'(2 /$-'(0
#$%5&14;;,23&?#/&-#6(#2(&0#.2&%'(&'4;;@
=4230#2 %$/2(0 ',- '(405 "$% %'( 6#8(6(2% -(2% 4 ->,*( #?
>4,2 /40,4%,23 %'/#$3' ',- -*$;;@ 7( %##* 0((> "/(4%'- 420 ;(%
%'( >4,2 >4--@ N'(25 8(/9 3(2%;9 420 6(%'#0,14;;95 '( -$/8(9(0
',-&-%(/,;(&-$//#$20,23-@
N'( '#->,%4; /##6 '40 4 -,23;( "(0@ A# ?;#.(/-@ A# 14/0-@
=4230#2 -4. ',- 1;#%'(- #2 4 2(4/"9 1#$2%(/5 ?#;0(0 ,2-,0( 4
1;(4/&>;4-%,1&"43@&N'(9&.(/(&1#8(/(0&.,%'&";##0@
?)%I4(/%25%:;*5%+&8#%D##'%D&(/
A#. =4230#2 /#%4%(0 ',- '(40 8(/9 -;#.;9 %#.4/0 %'( .,2:
0#. "(-,0( ',- "(0@ a% .4- 04/* #$%-,0(@ A,3'%@ !;; =4230#2
1#$;0 -(( ,2 %'( 3;4-- .4- ',- #.2 /(?;(1%,#2k42 4-'(2
-%/423(/5 >4;( 420 .(4/95 4%%41'(0 %# %$"(- 420 .,/(-5 -$//#$2:
0(0&"9&6(0,14;&(I$,>6(2%@
g#,1(- 4>>/#41'(0 ,2 %'( '4;;5 420 =4230#2 %$/2(0 ',- 34K(
"41* %#.4/0 %'( /##6@ N'( 0#1%#/ /(%$/2(05 2#. 411#6>42,(0
"9&4&.#642@
D'( 4>>(4/(0 %# "( ,2 '(/ (4/;9 %',/%,(-@ D'( .#/( ";$( -1/$"-
420 '40 %,(0 '(/ ";#20 '4,/ "41* ,2 4 %',1* >#29%4,; %'4% -.$23
"(',20&'(/&4-&-'(&.4;*(0@
iaG6 H/@ D,(224 )/##*-5j -'( -4,05 3,8,23 =4230#2 4 -6,;( 4-
-'(&(2%(/(0@&iaG;;&"(&.#/*,23&.,%'&H/@&\4/1#2,&%#2,3'%@j
=4230#2&2#00(0&.(4*;9@
N4;; 420 ;,--#6(5 H/@ )/##*- 6#8(0 .,%' %'( 4--(/%,8( 34,% #?
42 4%';(%(@ P8(2 ,2 -'4>(;(-- -1/$"-5 -'( '40 4 .,;;#.9 (;(3:
421( 4"#$% '(/@ H(->,%( %'( 4"-(21( #? 429 64*($> %'4%
 RR[VZY
=4230#2 1#$;0 -((5 '(/ 1#6>;(B,#2 4>>(4/(0 $2$-$4;;9
-6##%'5 %'( #2;9 ";(6,-' 4 %,29 "(4$%9 64/* C$-% 4"#8( '(/
;,>-@ 7(/ (9(-5 %'#$3' 4 3(2%;( "/#.25 -((6(0 $2$-$4;;9 >(2(%:
/4%,235 4- ,? %'(9 '40 .,%2(--(0 4 >/#?$20,%9 #? (B>(/,(21(
/4/(;9&(21#$2%(/(0&"9&4&>(/-#2&'(/&43(@
iH/@ \4/1#2, 0#(-2G% ->(4* 6$1' P23;,-'5j -'( -4,05 -,%%,23
0#.2 "(-,0( ',65 i420 '( 4-*(0 6( %# ?,;; #$% 9#$/ 406,%%421(
?#/6@j&D'(&348(&',6&42#%'(/&-6,;(@
iN'42*-5j&=4230#2&1/#4*(0@
iF*495j -'( "(3425 '(/ %#2( "$-,2(--;,*(@ i+'4% ,- 9#$/
246(nj
a%&%##*&',6&4&6#6(2%@&i<#"(/%&L&=4230#2@j
D'(&-'#2(&4&>(2;,3'%&,2&=4230#2G-&(9(-@&iF11$>4%,#2nj
N',- ,2?#/64%,#2 -$/?41(0 (8(2 6#/( -;#.;9@ iO/#?(--#/@ !/%
',-%#/9&L&420&-96"#;#39@&74/84/0&h2,8(/-,%9@j
H/@ )/##*- ;#.(/(0 %'( ;,3'%5 ;##*,23 -%4/%;(0@ N'( 0#1%#/
.,%'&%'(&"$-'9&(9("/#.-&;##*(0&(I$4;;9&-$/>/,-(0@
i]#$G/(&L&42&!6(/,142nj
=4230#2&348(&'(/&4&1#2?$-(0&;##*@
ia%G- C$-% Lj D'( '(-,%4%(0@ i]#$ '40 2# ,0(2%,?,14%,#2 .'(2
9#$ 4//,8(0 %#2,3'%@ ]#$ .(/( .(4/,23 74//,- N.((0 420
D#6(/-(%&;#4?(/-5&-#&.(&3$(--(0&)/,%,-'@j
iaG6 !6(/,1425j =4230#2 4--$/(0 '(/5 %## (B'4$-%(0 %# (B:
>;4,2&',-&>/(?(/(21(&?#/&.(;;:%4,;#/(0&1;#%',23@
i!29&>4,2nj
i\9 '(405j =4230#2 /(>;,(05 ',- %'/#"",23 -*$;; #2;9 640(
.#/-( "9 %'( "/,3'% >(2;,3'%@ N'42*?$;;95 -'( 2#. >#1*(%(0 ,%5
%4*,23&=4230#2G-&./,-%&420&1'(1*,23&',-&>$;-(@
i]#$ .#*( $> -'#$%,235j %'( .#642 -4,0@ iH# 9#$ /(6(6"(/
.'9nj
=4230#2 ?;4-'(0 434,2 #2 %'( -%/423( 8,-,#2 #? %'( 8(,;(0 .#:
642 -$//#$20(0 "9 ./,%',23 "#0,(-@ "##$ &'( )# *+&,, -.'(/ ia
.4-&'48,23&4&2,3'%64/(@j
i!"#$%nj
 RS[VZY
=4230#2&%#;0&'(/@
H/@ )/##*-G- (B>/(--,#2 /(64,2(0 2($%/4; 4- -'( 640( 2#%(-
#2 4 1;,>"#4/0@ i!29 ,0(4 .'4% 6,3'% '48( ->4/*(0 -$1' 4
?/,3'%(2,23&8,-,#2nj
=4230#2 >/#"(0 ',- 6(6#/9 420 %'(2 -'##* ',- '(405 .',1'
>#$20(0&,2&>/#%(-%@
iF*495 \/@ =4230#25j -'( -4,05 -%,;; ./,%,235 i4 1#$>;( #?
/#$%,2(&I$(-%,#2-&?#/&9#$@&+'4%&049&#?&%'(&.((*&,-&,%nj
=4230#2 %'#$3'% ?#/ 4 6#6(2%@ ia%G- D4%$/049@ a /(6(6"(/
(4/;,(/ %#049 .4;*,23 41/#-- 146>$- L 3#,23 %# 42 4?%(/2##2
;(1%$/( -(/,(-5 420 %'(2 L %'4%G- >/(%%9 6$1' %'( ;4-% %',23 a /(:
6(6"(/@&H,0&a&?4;;nj
i+(G;;&3(%&%#&%'4%@&H#&9#$&*2#.&.'(/(&9#$&4/(nj
=4230#2 %##* ',- "(-% 3$(--@ i\4--41'$-(%%- d(2(/4;
7#->,%4;nj
H/@ )/##*- 640( 42#%'(/ 2#%(@ i!20 ,- %'(/( -#6(#2( .(
-'#$;0&14;;&?#/&9#$n&+,?(n&M',;0/(2nj
iA#"#095j =4230#2 /(>;,(0 ,2-%,21%,8(;9@ 7( '40 4;.49- (2:
C#9(0 %'( -#;,%$0( 420 ,20(>(20(21( >/#8,0(0 ',6 "9 ',-
1'#-(2 ;,?( #? "41'(;#/'##05 4;%'#$3' '( '40 %# 406,%5 ,2 ',-
1$//(2% -,%$4%,#25 '(G0 >/(?(/ %# '48( 4 ?46,;,4/ ?41( 4% ',- -,0(@
iN'(/(&4/(&-#6(&1#;;(43$(-&a&1#$;0&14;;5&"$%&aG6&?,2(@j
H/@ )/##*- ?,2,-'(0 ./,%,235 420 %'( #;0(/ 0#1%#/ 4>:
>/#41'(0@ D6##%',23 "41* ',- "$-'9 (9("/#.-5 '( >/#0$1(0 4
-64;; 8#,1( /(1#/0(/ ?/#6 ',- >#1*(% 420 -'#.(0 ,% %# H/@
)/##*-@ D'( 2#00(0 ,2 $20(/-%420,23 420 %$/2(0 "41* %# '(/
>4%,(2%@
i\/@ =4230#25 .'(2 9#$ 4//,8(0 %#2,3'%5 9#$ .(/( 6$6:
";,23 -#6(%',23 #8(/ 420 #8(/@j D'( 3;421(0 4% H/@ \4/1#2,5
.'#&'(;0&$>&%'(&0,3,%4;&/(1#/0(/&420&>/(--(0&4&"$%%#2@
! /(1#/0,23 "(342 %# >;495 420 =4230#2 '(4/0 ',- #.2
3/#339 8#,1(5 /(>(4%(0;9 6$%%(/,23 %'( -46( >'/4-(^ QJ# E
*433)/%J#%E%*433)/R
 RT[VZY
ia% -#$20- %# 6(5j %'( .#642 -4,05 i;,*( 9#$G/( -49,235 og(/9
-#//9@&g(/9&-#//9@G&j
=4230#2&43/((05&420&9(%&'(&'40&2#&/(1#;;(1%,#2&#?&,%@
H/@ )/##*- ?,B(0 ',6 .,%' 4 0,-I$,(%,23;9 ,2%(2-( -%4/(@ iH#
9#$ '48( 429 ,0(4 .'9 9#$G0 "( -49,23 %',-n !/( 9#$ -#//9
4"#$%&-#6(%',23nj
!- =4230#2 >/#"(0 %'( 04/* /(1(--(- #? ',- 6(6#/95 '(
434,2 -4. %'( 8(,;(0 .#642@ D'( .4- -%420,23 #2 %'( "42*- #?
4 ";##0/(0 /,8(/ -$//#$20(0 "9 "#0,(-@ N'( -%(21' #? 0(4%'
/(%$/2(0@
=4230#2 .4- #8(/1#6( "9 4 -$00(25 ,2-%,21%,8( -(2-( #?
0423(/ L 2#% C$-% ?#/ ',6-(;? L "$% ?#/ (8(/9#2(@ N'( >,23,23
#? ',- '(4/% 6#2,%#/ 411(;(/4%(0 /4>,0;9@ 7,- 6$-1;(-
%,3'%(2(05&420&'(&%/,(0&%#&-,%&$>@
H/@ )/##*- I$,1*;9 >;41(0 4 ?,/6 '420 #2 =4230#2G-
-%(/2$65 ?#/1,23 ',6 "41* 0#.2@ D'( -'#% 4 3;421( 4% %'(
"(4/0(0 0#1%#/5 .'# .4;*(0 #8(/ %# 4 2(4/"9 1#$2%(/ 420
"(342&>/(>4/,23&-#6(%',23@
H/@ )/##*- '#8(/(0 #8(/ =4230#25 .',->(/,23 2#.@ i\/@
=4230#25 42B,(%9 ,- 1#66#2 .,%' "/4,2 ,2C$/,(-5 "$% 9#$ 2((0
%# *((> 9#$/ >$;-( /4%( 0#.2@ A# 6#8(6(2%@ A# (B1,%(6(2%@
_$-% ;,( -%,;; 420 /(-%@ ]#$G;; "( #*49@ ]#$/ 6(6#/9 .,;; 1#6(
"41*&-;#.;9@j
N'( 0#1%#/ /(%$/2(0 2#. .,%' 4 -9/,23(5 .',1' '( '420(0 %#
H/@&)/##*-@&D'(&,2C(1%(0&,%-&1#2%(2%-&,2%#&=4230#2G-&ag@
i_$-% 4 6,;0 -(04%,8( %# 14;6 9#$ 0#.25j -'( (B>;4,2(05 i420
4;-# %# '(;> .,%' %'( >4,2@j D'( -%##0 %# 3#@ i]#$G;; "( ?,2(5 \/@
=4230#2@ _$-% -;((>@ a? 9#$ 2((0 429%',235 >/(-- %'( "$%%#2 #2
9#$/&"(0-,0(@j
D'( %$/2(0 #$% %'( ;,3'% 420 0(>4/%(0 .,%' %'( "(4/0(0
0#1%#/@
a2 %'( 04/*2(--5 =4230#2 ?(;% %'( 0/$3- .4-',23 %'/#$3' ',-
-9-%(6 4;6#-% ,2-%42%;95 0/433,23 ',- "#09 "41* 0#.2 ,2%# %'4%
0((> .(;; ?/#6 .',1' '( '40 (6(/3(0@ 7( ?#$3'% %'( ?((;,235
 RU[VZY
?#/1,23 ',- (9(- #>(2 ,2 %'( 04/*2(-- #? ',- /##6@ 7( %/,(0 %#
-,%&$>5&"$%&',-&"#09&?(;%&;,*(&1(6(2%@
!- =4230#2 -',?%(05 '( ?#$20 ',6-(;? 434,2 ?41,23 %'( .,2:
0#.@ N'( ;,3'%- .(/( #$%5 420 ,2 %'( 04/* 3;4--5 ',- #.2 /(?;(1:
%,#2 '40 0,-4>>(4/(05 /(>;41(0 "9 42 ,;;$6,24%(0 -*9;,2( ,2 %'(
0,-%421(@
!6,0 4 1#2%#$/ #? ->,/(- 420 0#6(-5 4 -,23;( /(34; ?4140(
0#6,24%(0 =4230#2G- ?,(;0 #? 8,(.@ N'( "$,;0,23 .4- 42 ,6>#-:
,23 -%#2( ?#/%/(-- .,%' 4 2#%1'(0 >4/4>(% 420 4 %'/((:'$20/(0:
?##% %#.(/ %'4% -.(;;(0 2(4/ %'( %#>5 "$;3,23 #$%.4/0 ,2%# 4
64--,8(&641',1#;4%(0&"4%%;(6(2%@
=4230#2 -4% "#;% $>/,3'% ,2 "(05 >4,2 (B>;#0,23 ,2 ',- '(40@
7(&?#$3'%&#??&%'(&-(4/,23&%'/#"&420&?,B(0&',-&34K(&#2&%'(&%#.(/@
=4230#2&*2(.&%'(&6(0,(84;&-%/$1%$/(&.(;;@
a%&.4-&$2,I$(&,2&%'(&.#/;0@
h2?#/%$24%(;95 ,% .4- 4;-# ;#14%(0 ?#$/ %'#$-420 6,;(- ?/#6
\4--41'$-(%%-@

F$%-,0( ',- .,20#.5 ',00(2 ,2 %'( -'40#.- #? %'( g,4 N#/:

/(34;;,5 4 >#.(/?$;;9 "$,;% .#642 (??#/%;(--;9 $2-%/400;(0 '(/
)\+ 6#%#/191;( 420 408421(0 .,%' %'( ,2%(2-,%9 #? 4 >42%'(/
-%4;*,23 ,%- >/(9@ 7(/ 34K( .4- -'4/>@ 7(/ 1;#-(:1/#>>(0
'4,/k-%9;(0 ,2%# ->,*(-k-%##0 #$% 434,2-% %'( $>%$/2(0 1#;;4/
#? '(/ ";41* ;(4%'(/ /,0,23 -$,%@ D'( 1'(1*(0 '(/ -,;(21(0
.(4>#25 420 -%4/(0 $> 4% %'( .,20#. .'(/( <#"(/% =4230#2G-
;,3'%&'40&C$-%&3#2(&#$%@
P4/;,(/&%#2,3'%&'(/&#/,3,24;&6,--,#2&'40&3#2(&'#//,";9&4./9@
1+#%744%4-%&%*.'B,#%(48#%+&(%7+&'B#(%#8#3)5+.'B/
A#.&-'(&'40&1#6(&%#&64*(&,%&/,3'%@
 M7!ONP< R

20?%2S%HTKPAS=AFL
<#"(/% =4230#2G- '(40 %'/#""(0@ 7( .4- 2#. -(4%(0 $>:
/,3'% ,2 ',- '#->,%4; "(05 /(>(4%(0;9 C466,23 ',- ?,23(/ ,2%# %'(
14;; "$%%#2@ H(->,%( %'( -(04%,8(- ,2 ',- -9-%(65 ',- '(4/% .4-
/41,23@
H/@ )/##*- '$//,(0 "41* ,25 '(/ >#29%4,; "#"",23@ i!/( 9#$
#*49nj
=4230#2&-'##*&',-&'(40&,2&"(.,;0(/6(2%@&iaG6&,2&L&a%4;9lnj
id##05j&-'(&-4,0@&i]#$G/(&/(6(6"(/,23@j
iA#lj =4230#2 >#,2%(0 #$% %'( .,20#. 4% %'( 1#66420,23
(0,?,1(&,2&%'(&0,-%421(@&ia&/(1#32,K(&%'(&O4;4KK#&g(11',#@j
H/@ )/##*- ?;,1*(0 %'( ;,3'%- "41* #25 420 %'( E;#/(21( -*9:
;,2( 0,-4>>(4/(0@ D'( 146( %# ',- "(0-,0(5 .',->(/,23 14;6;9@
i\/@ =4230#25 %'(/(G- 2# 2((0 %# .#//9@ ]#$G/( -$??(/,23 ?/#6
6,;0 462(-,45 "$% H/@ \4/1#2, 1#2?,/6(0 %'4% 9#$/ "/4,2 ?$21:
%,#2&,-&?,2(@j
N'( "(4/0(0 0#1%#/ /$-'(0 ,2 4- .(;;5 4>>4/(2%;9 '(4/,23 %'(
14;; "$%%#2@ 7( 1'(1*(0 =4230#2G- '(4/% 6#2,%#/ 4- %'( 9#$23
0#1%#/ ->#*( %# ',6 ,2 /4>,05 ?;$(2% a%4;,42k-#6(%',23 4"#$%
'#.&=4230#2&.4- Q&B.5&54R %#&;(4/2&'(&.4-&,2&a%4;9@
>B.5&5#(L =4230#2 %'#$3'% 423/,;9@ ?43# ,.$# *5;6#-.#(F N'(
40/(24;,2( -$/3,23 %'/#$3' ',- -9-%(6 .4- 2#. 0#,23 "4%%;(
.,%' %'( -(04%,8(-@ i+'4% '4>>(2(0 %# 6(nj '( 0(6420(0@
i+'4%&049&,-&,%nlj
iP8(/9%',23 ,- ?,2(5j -'( -4,0@ ia%G- (4/;9 6#/2,23@ \#20495
\4/1'&(,3'%((2%'@j
?4'(&)/ =4230#2 ?#/1(0 ',- 41',23 6,20 %# /((; "41* %# %'(
;4-% ,643(- '( 1#$;0 /(14;;k1#;0 420 04/*k.4;*,23 4;#2(
 RW[VZY
41/#-- %'( 74/84/0 146>$- %# 4 D4%$/049:2,3'% ;(1%$/( -(/,(-@
1+&5 9&* 594 (&)* &B4LF ! -'4/>(/ >42,1 2#. 3/,>>(0 ',6 4-
'( %/,(0 %# /(14;; 429%',23 4% 4;; ?/#6 %'( ;(1%$/( #/ 4?%(/.4/0@
S45+.'B/ N'(&>,23&#?&',-&'(4/%&6#2,%#/&411(;(/4%(0@
N'( #;0(/ 0#1%#/ -1/4%1'(0 4% ',- "(4/0 420 1#2%,2$(0 40:
C$-%,23&(I$,>6(2%&.',;(&H/@&)/##*-&-4%&434,2&"(-,0(&=4230#2@
i]#$G/( 3#,23 %# "( #*495j -'( /(4--$/(0 ',65 ->(4*,23
3(2%;9@ i+(G8( 0,432#-(0 9#$ .,%' /(%/#3/40( 462(-,45 .',1'
,- 8(/9 1#66#2 ,2 '(40 %/4$64@ ]#$/ 6(6#/,(- #? %'( >4-% ?(.
049- 649 "( 6$00;(0 #/ 6,--,235 "$% 9#$ -'#$;0 -$??(/ 2# >(/:
642(2% 04643(@j D'( >4$-(0@ iH# 9#$ /(6(6"(/ 69 ?,/-%
246(n&a&%#;0&9#$&.'(2&a&.4;*(0&,2@j
=4230#2&%'#$3'%&4&6#6(2%@&iD,(224@j <3/%".#''&%N344$*/
D'(&-6,;(0@&iD((n&]#$G/(&4;/(409&?#/6,23&2(.&6(6#/,(-@j
N'( >4,2 ,2 =4230#2G- '(40 .4- 4;6#-% $2"(4/4";(5 420 ',-
2(4/:?,(;0 8,-,#2 /(64,2(0 ";$//9@ i+'4% L '4>>(2(0n 7#.
0,0&a&3(%&'(/(nj
ia&%',2*&9#$&-'#$;0&/(-%5&420&649"(kj
i7#. 0,0 a 3(% '(/(nlj '( 0(6420(05 ',- '(4/% 6#2,%#/ 41:
1(;(/4%,23&?$/%'(/@
iF*495 C$-% "/(4%'( (4-95j H/@ )/##*- -4,05 (B1'423,23 4
2(/8#$- ;##* .,%' '(/ 1#;;(43$(@ iaG;; %(;; 9#$@j 7(/ 8#,1( %$/2(0
64/*(0;9 6#/( -(/,#$-@ i\/@ =4230#25 %'/(( '#$/- 43#5 9#$
-%433(/(0 ,2%# #$/ (6(/3(219 /##65 ";((0,23 ?/#6 4 '(40
.#$205 420 9#$ ,66(0,4%(;9 1#;;4>-(0@ A#"#09 '40 429 ,0(4
.'# 9#$ .(/( #/ '#. 9#$ 3#% '(/(@ ]#$ .(/( 6$6";,23 ,2
P23;,-'5 -# H/@ \4/1#2, 4-*(0 6( %# 4--,-%@ aG6 #2 -4""4%,14;
'(/(&?/#6&%'(&h@`@j
=4230#2 ?(;% ;,*( '( '40 4.#*(2 ,2-,0( 4 \4B P/2-% >4,2%:
,23@ O+&5 5+# +#,, &: 2 (4.'B .' 25&,)L A#/64;;9 =4230#2
146( '(/( (8(/9 #%'(/ _$2( ?#/ 42 4/% 1#2?(/(21(5 "$% %',- .4-
\4/1'@
N'( -(04%,8(- >$;;(0 '4/0(/ 4% ',6 2#.5 420 '( ?(;% 4- ,?
(4/%'G- 3/48,%9 .(/( 3/#.,23 -%/#23(/ "9 %'( -(1#205 %/9,23 %#
 RX[VZY
0/43 ',6 0#.2 %'/#$3' ',- 64%%/(--@ =4230#2 ?#$3'% ,%5 '#,-%:
,23&',-&'(405&%/9,23&%#&-%49&4;(/%@
H/@ )/##*- ;(42(0 #8(/ ',65 '#8(/,23 ;,*( 42 423(;@ iO;(4-(5
\/@ =4230#25j -'( .',->(/(0@ i7(40 %/4$64 ,- 0(;,14%( ,2 %'(
?,/-% %.(2%9:?#$/ '#$/-@ ]#$ 2((0 %# /(-%5 #/ 9#$ 1#$;0 0# -(/,:
#$-&04643(@j
! 8#,1( 1/41*;(0 -$00(2;9 #2 %'( /##6G- ,2%(/1#6@ Q<3/
?&374'.LR
N'( "(4/0(0 0#1%#/ %#$1'(0 4 "$%%#2 #2 %'( .4;; 420
/(>;,(05 Q"ULR
N'( 8#,1( #2 %'( ,2%(/1#6 ->#*( ,2 /4>,0 a%4;,42@ =4230#2
0,02G% 14%1' .'4% ,% -4,05 "$% '( 0,0 14%1' %'( %.# 0#1%#/- (B:
1'423,23&4&;##*&#?&-$/>/,-(@ K3%.*%.5%&,&3:L
Q?4:#'54CR \4/1#2,&/(>;,(05&(20,23&%'(&1#28(/-4%,#2@
i+'4%G-&3#,23&#2nj&=4230#2&4-*(0@
H/@ )/##*-G- (9(- -((6(0 %# 24//#. 4 ",%@ iN'4% .4- %'( aMh
/(1(>%,#2,-%@&D#6(#2(G-&'(/(&%#&8,-,%&9#$@j
! /49 #? '#>( 1$% %'/#$3' =4230#2G- 3/#33,2(--@ iN'4%G-
3##0&2(.-l&\49"(&%',-&>(/-#2&*2#.-&.'4%&'4>>(2(0&%#&6(@j
D'( ;##*(0 $21(/%4,2@ ia%G- C$-% #00 %'4% -#6(#2(G- '(/(@ +(
0,02G% '48( 9#$/ 246(5 420 9#$G/( 2#% (8(2 /(3,-%(/(0 ,2 %'(
-9-%(6&9(%@j
=4230#2 "4%%;(0 %'( -(04%,8(- 420 4.*.4/0;9 '#,-%(0 ',6:
-(;? $>/,3'% ,2 ',- "(0@ ia? -#6(#2( *2#.- aG6 '(/(5 %'4% >(/:
-#2&6$-%&*2#.&.'4%&'4>>(2(0lj
H/@ )/##*- 3;421(0 4% H/@ \4/1#2,5 .'# ,66(0,4%(;9 -'##*
',-&'(40&420&%4>>(0&',-&.4%1'@&D'(&%$/2(0&"41*&%#&=4230#2@
iN',- ,- %'( aMh5j -'( (B>;4,2(0@ iA#"#09 ,- 4;;#.(0 ,2 $2%,;
2,2( !@\@ 4% %'( (4/;,(-%@ a2 4 6#6(2% H/@ \4/1#2, .,;; 3# #$%
420&-((&.'#&%'(&8,-,%#/&,-&420&.'4%&'(&#/&-'(&.42%-@j
i+'4%&4"#$%&.'4% 2 .42%nj&=4230#2&0(6420(0@
H/@ )/##*- -6,;(0 >4%,(2%;9 420 ;#.(/(0 '(/ 8#,1(5 ;(42,23
1;#-(/@ i\/@ =4230#25 %'(/( 4/( -#6( %',23- 9#$ 0#2G% *2#.
4"#$% ;4-% 2,3'% L 4"#$% .'4% '4>>(2(0 %# 9#$@ !20 "(?#/( 9#$
 RY[VZY
->(4* %# 429#2(5 a %',2* ,%G- #2;9 ?4,/ %'4% 9#$ '48( 4;; %'( ?41%-@
h2?#/%$24%(;95&a&0#2G%&%',2*&9#$G/(&-%/#23&(2#$3'&9(%&%#kj
i+'4% ?41%-lnj =4230#2 0(6420(05 -%/$33;,23 %# >/#> ',6:
-(;? ',3'(/@ N'( ag ,2 ',- 4/6 >,21'(05 420 ',- "#09 ?(;% ;,*( ,%
.(,3'(0 -(8(/4; '$20/(0 >#$20-@ i!;; a *2#. ,- aG6 ,2 4
E;#/(21( '#->,%4; 420 a 4//,8(0 /(>(4%,23 %'( .#/0- o8(/9 -#//9
LG&j
!&?/,3'%(2,23&%'#$3'%&2#.&#11$//(0&%#&',6@
i+4- a /(->#2-,";( ?#/ 4 14/ 411,0(2%nj =4230#2 4-*(0@ iH,0
a&'$/%&-#6(#2(nlj
iA#5&2#5j&-'(&-4,0@&ia&0#2G%&"(;,(8(&-#@j
iN'(2 9+&5nj =4230#2 ,2-,-%(05 (9(,23 "#%' 0#1%#/- ?$/,:
#$-;9@&ia&'48(&4&/,3'%&%#&*2#.&.'4%G-&3#,23&#2lj
N'(/( .4- 4 ;#23 -,;(21(5 420 H/@ \4/1#2, ?,24;;9 348( ',- 4%:
%/41%,8( 9#$23 1#;;(43$( 4 /(;$1%42% 2#0@ H/@ )/##*- (B'4;(0
420 6#8(0 1;#-(/ %# ',- "(0-,0(@ iF*495 ;(% 6( %(;; 9#$ .'4% a
*2#.&L&420&9#$G;;&;,-%(2&14;6;95&43/((0nj
=4230#2 2#00(05 %'( '(40 6#8(6(2% -(20,23 4 C#;% #? >4,2
/40,4%,23&%'/#$3'&',-&-*$;;@&7(&,32#/(0&,%5&(43(/&?#/&42-.(/-@
iN'( ?,/-% %',23 ,- %',- L ]#$/ '(40 .#$20 .4- 2#% 14$-(0 "9
42&411,0(2%@j
i+(;;5&%'4%G-&4&/(;,(?@j
iA#%&/(4;;9@&]#$/&.#$205&,2&?41%5&.4-&14$-(0&"9&4&"$;;(%@j
=4230#2G- '(4/% 6#2,%#/ >,23(0 ?4-%(/@ ia "(3 9#$/
>4/0#2lnj
H/@ )/##*- ->#*( -%(40,;9 "$% I$,1*;9@ i! "$;;(% 3/4K(0 %'(
%#> #? 9#$/ -*$;; 420 6#-% ;,*(;9 348( 9#$ 4 1#21$--,#2@ ]#$G/(
8(/9 ;$1*9 %# "( 4;,8(@ !2 ,21' ;#.(/5 420 Lj D'( -'##* '(/
'(40@
=4230#2&-%4/(0&4%&'(/&,2&0,-"(;,(?@ "4:#4'#%*+45%:#L
!23/9 8#,1(- (/$>%(0 ,2 %'( '4;; 4- 42 4/3$6(2% "/#*( #$%@ a%
-#$20(0 4- ,? .'#(8(/ '40 4//,8(0 %# 8,-,% =4230#2 0,0 2#%
.42% %# .4,%@ !;6#-% ,66(0,4%(;95 =4230#2 '(4/0 4 '(489 0##/
 SZ[VZY
4% %'( ?4/ (20 #? %'( '4;;.49 "$/-% #>(2@ 7( .4%1'(0 $2%,; '(
-4.&4&?,3$/(&4>>/#41',23&0#.2&%'(&1#//,0#/@
N'( .#642 .4- 0/(--(0 (2%,/(;9 ,2 ";41* ;(4%'(/@ D'( .4-
%#2(0 420 -%/#23 .,%' 04/*5 ->,*(0 '4,/@ D'( 6#8(0 (??#/%:
;(--;95 4- ,? '(/ ?((% .(/(2G% %#$1',23 %'( 3/#$205 420 -'( .4-
'(40(0&0,/(1%;9&?#/&=4230#2G-&/##6@
+,%'#$% '(-,%4%,#25 H/@ \4/1#2, -%(>>(0 ,2%# %'( #>(2 0##/:
.49 %# ";#1* %'( 8,-,%#/G- >4--43(@ QH#3:&FR %'( 642 1#6:
6420(05&'#;0,23&#$%&',-&>4;6&;,*(&4&>#;,1(642@
N'( -%/423(/5 .,%'#$% "/(4*,23 -%/,0(5 >/#0$1(0 4 -,;(21(0
'4203$2@&D'(&4,6(0&0,/(1%;9&4%&H/@&\4/1#2,G-&1'(-%&420&?,/(0@
N'(/(&.4-&4&-%4114%#&',--@
=4230#2 .4%1'(0 ,2 '#//#/ 4- H/@ \4/1#2, -%433(/(0 "41*:
.4/0 ,2%# %'( /##65 ?4;;,23 %# %'( ?;##/5 1;$%1',23 ',- 1'(-%5 ',-
.',%(&;4"&1#4%&0/(21'(0&,2&";##0@
 M7!ONP< S

EagP \a=PD FEE %'( 1#4-% #? a%4;95 %'( RSW:?##% ;$B$/9 941'% 1+#
?#'(&7.;: 6#%#/(0 %'/#$3' %'( >/(04.2 6,-% %'4% /#-( ?/#6
%'( 3(2%;9 /#;;,23 -.(;;- #? %'( !0/,4%,1@ N'( -',>G- -%(4;%':>/#:
?,;( '$;; .4- >4,2%(0 3$26(%4; 3/495 3,8,23 ,% %'( 0,-%,21%;9 $2:
.(;1#6,23&4$/4&#?&4&6,;,%4/9&8(--(;@
+,%' 4 >/,1( %43 #? #8(/ SZZ 6,;;,#2 h@D@ 0#;;4/-5 %'( 1/4?%
"#4-%(0 4;; %'( $-$4; 46(2,%,(-k->45 >##;5 1,2(645 >(/-#24;
-$"64/,2(5 420 '(;,1#>%(/ >40@ N'( -',>G- 1/(4%$/( 1#6?#/%-5
'#.(8(/5 .(/( #? ;,%%;( ,2%(/(-% %# ,%- #.2(/5 .'# '40 %4*(2 0(:
;,8(/9 #? %'( 941'% ?,8( 9(4/- 43# 420 ,66(0,4%(;9 3$%%(0 6#-%
#? %'(-( ->41(- %# ,2-%4;; 4 ;(40:;,2(05 6,;,%4/9:3/40(5 (;(1%/#2,1
1#66420&1(2%(/@
E(0 "9 %'/(( 0(0,14%(0 -4%(;;,%( ;,2*- 420 4 /(0$2042% 4//49
#? %(//(-%/,4; /(;49 -%4%,#2-5 %'( 1#2%/#; /##6 #2 1+# ?#'(&7.V
;: '40 4 -%4?? #? 2(4/;9 %.# 0#K(2k%(1'2,1,42-5 424;9-%-5 #>:
(/4%,#2 1##/0,24%#/-k.'# ;,8(0 #2 "#4/0 420 /(64,2(0 ,2
1#2-%42% 1#2%41% .,%' %'( #/342,K4%,#2G- 84/,#$- ;420:"4-(0 #>:
(/4%,#2&1(2%(/-@
N'( -',>G- #2"#4/0 -(1$/,%9 ,21;$0(0 4 -64;; $2,% #? 6,;,%4/9:
%/4,2(0 -#;0,(/-5 %.# 6,--,;(:0(%(1%,#2 -9-%(6-5 420 42 4/-(24;
#? %'( ;4%(-% .(4>#2- 484,;4";(@ F%'(/ -$>>#/% -%4??k1##*-5
1;(42,235 420 -(/8,1(k>$-'(0 %'( %#%4; 2$6"(/ #2 "#4/0 %#
6#/( %'42 ?#/%9@ 1+# ?#'(&7.;: .4-5 ,2 (??(1%5 %'( >#/%4";(
#??,1(&"$,;0,23&?/#6&.',1'&%'(&#.2(/&/42&',-&(6>,/(@
`2#.2 %# ',- (6>;#9((- #2;9 4- i%'( >/#8#-%5j '( .4- 4 %,295
-%$2%(0 642 .,%' %422(0 -*,2 420 0((>:-(% (9(-@ 7,- $2,6>#-:
,23 >'9-,I$( 420 0,/(1% 6422(/ -((6(0 .(;; -$,%(0 %# #2( .'#
 SR[VZY
'40 640( 4 84-% ?#/%$2( >/#8,0,23 4 >/,84%( 6(2$ #? 1#8(/%
-(/8,1(-&4;#23&%'(&-'40#.9&?/,23(-&#?&-#1,(%9@
7( '40 "((2 14;;(0 6429 %',23-k4 -#$;;(-- 6(/1(24/95 4 ?4:
1,;,%4%#/ #? -,25 %'( 0(8,;G- (24";(/k"$% '( .4- 2#2( #? %'(-(@
N'( >/#8#-% -,6>;9 >/#8,0(0 ',- 1;,(2%- .,%' %'( #>>#/%$2,%9 %#
>$/-$( %'(,/ 46",%,#2- 420 0(-,/(- .,%'#$% 1#2-(I$(21(e %'4%
642*,20&.4-&-,2?$;&,2&24%$/(&.4-&2#%&',-&>/#";(6@
H(->,%( ',- 0(%/41%#/- 420 %'(,/ (%',14; #"C(1%,#2-5 %'( >/#8:
#-%G- 6#/4; 1#6>4-- .4- 4 ?,B(0 -%4/@ 7( '40 "$,;% ',- /(>$%4:
%,#2k420&%'(&M#2-#/%,$6&,%-(;?k#2&%.#&3#;0(2&/$;(-@
A(8(/&64*(&4&>/#6,-(&9#$&1422#%&*((>@
!20&2(8(/&;,(&%#&4&1;,(2%@
A8#3/
a2 ',- >/#?(--,#24; 14/((/5 %'( >/#8#-% '40 2(8(/ "/#*(2 4
>/#6,-( #/ /(2(3(0 #2 4 0(4;@ 7,- .#/0 .4- "42*4";(k42 4":
-#;$%( 3$4/42%((k420 .',;( %'(/( .(/( 1(/%4,2;9 1#2%/41%- '(
/(3/(%%(0 '48,23 640(5 "41*,23 #$% #? %'(6 .4- 2(8(/ 42
#>%,#2@
N',- 6#/2,235 4- '( -%(>>(0 #2%# %'( >/,84%( "4;1#29 #? ',-
941'%G- -%4%(/##65 %'( >/#8#-% ;##*(0 41/#-- %'( 1'$/2,23 -(4
420&%/,(0&%#&?(20&#??&%'(&0,-I$,(%&%'4%&'40&-(%%;(0&,2&',-&3$%@
1+#%(#7.*.4'*%4-%4;3%6&*5%&3#%5+#%&37+.5#75*%4-%4;3%63#*#'5/
N'( 0(1,-,#2- #? %'( >/#8#-%G- >4-% '40 >$% ',6 ,2 4 >#-,%,#2
%# 2(3#%,4%( 4;6#-% 429 6,2(?,(;0 420 4;.49- 1#6( #$% #2 %#>@
N#0495 '#.(8(/5 4- '( 34K(0 #$% %'( .,20#. 4% %'( 0,-%42%
;,3'%- #? %'( a%4;,42 64,2;4205 '( ?(;% $21'4/41%(/,-%,14;;9 #2
(03(@
F2( 9(4/ 43#5 #2 %',- 8(/9 941'%5 '( '40 640( 4 0(1,-,#2
.'#-( /46,?,14%,#2- 2#. %'/(4%(2(0 %# $2/48(; (8(/9%',23 '(
'40 "$,;%@ 2 &B3##( 54 6348.(# *#38.7#* 54 5+# 934'B :&'/
N'(/( '40 "((2 2# .49 %'( >/#8#-% 1#$;0 '48( *2#.2 4% %'(
%,6(5 420 9(% 2#. %'( 6,-14;1$;4%,#2 '40 "/#$3'% 4 %(6>(-% #?
$2?#/(-((2 1'4;;(23(-5 ?#/1,23 ',6 %# -(20 -#6( #? ',- "(-%
 SS[VZY
43(2%- ,2%# %'( ?,(;0 .,%' #/0(/- %# 0# i.'4%(8(/ ,% %##*j %#
*((>&',-&;,-%,23&-',>&?/#6&14>-,K,23@
!% %'( 6#6(2% %'( >/#8#-% .4- .4,%,23 %# '(4/ ?/#6 #2(
?,(;0&43(2%&,2&>4/%,1$;4/@
J&)#'5+&5 '( %'#$3'%5 >,1%$/,23 %'( -,2(.95 ->,*(:'4,/(0
->(1,4;,-%@ g49(2%'45 .'# '40 -(/8(0 ',6 >(/?(1%;9 $2%,; %',-
6,--,#25 '40 640( 4 6,-%4*( ;4-% 2,3'% %'4% '40 0,/( 1#2:
-(I$(21(-@ N'( ;4-% -,B '#$/- '40 "((2 4 -1/46";(5 4 0(->(/4%(
4%%(6>%&%#&/(34,2&1#2%/#;&#?&%'(&-,%$4%,#2@
J&)#'5+& 7,&.:#( +#3 #3343 9&* 5+# 3#*;,5 4- *.:6,# D&(
,;7$W5+#%;'5.:#,)%744%4-%&%(48#/
N'( >/#8#-%5 '#.(8(/5 0,0 2#% "(;,(8( ,2 ;$1*@ P8(/9%',23 '(
0,0 .4- #/1'(-%/4%(0 %# (/40,14%( /420#62(-- 420 /(6#8(
1'421(@ M#2%/#; .4- %'( >/#8#-%G- (B>(/%,-(k?#/(-((,23 (8(/9
>#--,",;,%95 42%,1,>4%,23 (8(/9 /(->#2-(5 420 6#;0,23 /(4;,%9 %#:
.4/0 %'( 0(-,/(0 #$%1#6(@ 7( '40 42 ,6641$;4%( %/41* /(1#/0
#? -$11(-- 420 -(1/(195 420 .,%' ,% 146( 4 -%433(/,23 1;,(2:
%(;(k",;;,#24,/(-5 >#;,%,1,42-5 -'(,*'-5 420 (8(2 (2%,/(
3#8(/26(2%-@
N# %'( (4-%5 %'( ?,/-% ?4,2% ;,3'% #? 6#/2,23 '40 "(3$2 %# 1#2:
-$6( %'( ;#.(-% -%4/- #2 %'( '#/,K#2@ F2 %'( 0(1* %'( >/#8#-%
-%##0 420 >4%,(2%;9 4.4,%(0 .#/0 ?/#6 g49(2%'4 %'4% '(/ 6,-:
-,#2&'40&3#2(&(B41%;9&4-&>;422(0@
 M7!ONP< T

EF<&!A&aADN!AN5&=4230#2&?(;%&4-&,?&%,6(&'40&-%#>>(0@
H/@ \4/1#2, ;49 6#%,#2;(-- #2 %'( ?;##/5 ";##0 3$-',23 ?/#6
',- 1'(-%@ E,3'%,23 %'( -(04%,8(- ,2 ',- -9-%(65 =4230#2 /4,-(0
',- (9(- %# %'( ->,*(:'4,/(0 4--4--,25 .'# .4- -%,;; -%/,0,23
0#.2 %'( '4;;5 1#8(/,23 %'( ;4-% ?(. 94/0- %#.4/0 ',- #>(2
0##/@ !- -'( 2(4/(0 %'( %'/(-'#;05 -'( ;##*(0 %#.4/0 =4230#2
420 ,2-%42%;9 -.$23 '(/ .(4>#2 ,2 ',- 0,/(1%,#2 L 4,6,23 4%
',-&'(40@
20:%B4.'B%54%(.#5&=4230#2&/(4;,K(0@ @#3#%&'(%'49/
N'(&"423&.4-&0(4?(2,23&,2&%'(&-64;;&'#->,%4;&/##6@
=4230#2 /(1#,;(05 1(/%4,2 '( '40 "((2 -'#%5 "$% %'( 2#,-(
'40 2#% "((2 %'( 4%%41*(/G- 3$2@ <4%'(/5 %'( "423 '40 "((2 %'(
-;46 #? %'( /##6G- '(489 6(%4; 0##/ 4- H/@ )/##*- %'/(. '(/:
-(;?&434,2-%&,%&420&%$/2(0&%'(&;#1*@
P9(- .,;0 .,%' ?(4/5 H/@ )/##*- ,66(0,4%(;9 ->$2 420
1/#$1'(0 "(-,0( '(/ ";##0:-#4*(0 1#;;(43$(5 -(4/1',23 ?#/ 4
>$;-(@ H/@ \4/1#2, 1#$3'(0 $> 4 6#$%'?$; #? ";##05 .',1'
0/,"";(0 0#.2 ',- 1'((* 41/#-- ',- %',1* "(4/0@ N'(2 '( ?(;;
;,6>@
QA'3.74C%'4F%1.%63#B4FR -'(&-1/(46(0@
F$%-,0(5 4 "4//43( #? "$;;(%- (B>;#0(0 434,2-% %'( 6(%4; (B:
%(/,#/&#?&%'(&0##/@&D'#$%-&#?&4;4/6&?,;;(0&%'(&'4;;@
D#6('#.5 =4230#2G- "#09 .4- ,2 6#%,#25 >42,1 420 ,2-%,21%
2#. #8(//$;,23 ',- -(04%,8(-@ !- '( 1;46"(/(0 4.*.4/0;9 #$%
#? "(05 4 -(4/,23 '#% >4,2 %#/( ,2%# ',- /,3'% ?#/(4/6@ E#/ 42 ,2:
-%42%5 '( %'#$3'% 4 "$;;(% '40 >4--(0 %'/#$3' %'( 0##/ 420 ',%
',65 "$% .'(2 '( ;##*(0 0#.25 '( /(4;,K(0 ',- ag '40 -24>>(0
#?? ,2 ',- 4/6@ N'( >;4-%,1 14%'(%(/ >#*(0 #$% #? 4 C433(0 '#;(
 SU[VZY
,2 ',- ?#/(4/65 420 .4/6 ";##0 .4- 4;/(409 ?;#.,23 "41*.4/0
#$%&#?&%'(&%$"(@
=4230#2&.4-&2#.&?$;;9&4.4*(@
M/#$1'(0 "(-,0( \4/1#2,G- "#095 H/@ )/##*- *(>% -(4/1',23
?#/ 4 >$;-( 4- %(4/- .(;;(0 ,2 '(/ (9(-@ N'(25 4- ,? 4 -.,%1' '40
"((2 ?;,>>(0 ,2-,0( '(/5 -'( -%##0 420 %$/2(0 %# =4230#2@ 7(/
(B>/(--,#2 %/42-?#/6(0 "(?#/( ',- (9(-5 '(/ 9#$23 ?(4%$/(-
'4/0(2,23 .,%' 4;; %'( 0(%41'(0 1#6>#-$/( #? 4 -(4-#2(0 P<
0#1%#/&0(4;,23&.,%'&4&1/,-,-@
iE#;;#.&6(5j&-'(&1#66420(0@
H/@ )/##*- 3/4""(0 =4230#2G- 4/6 420 >$;;(0 ',6 41/#--
%'( /##6@ N'( -#$20- #? 3$2?,/( 420 1'4#- 1#2%,2$(0 ,2 %'(
'4;;.49 4- =4230#2 ;$/1'(0 ?#/.4/0 #2 $2-%4";( ;(3-@ 7,-
6,20 ?(;% 4;(/% "$% ',- '(48,;9 0/$33(0 "#09 .4- -;#. %# /(:
->#20@ ?48#F N'( %,;( ?;##/ ?(;% 1#;0 "(2(4%' ',- ?((%5 420 ',-
%',2 '#->,%4; C#'229 .4- -14/1(;9 ;#23 (2#$3' %# 1#8(/ ',- -,B:
?##% ?/46(@ 7( 1#$;0 ?((; ";##0 0/,>>,23 0#.2 ',- ?#/(4/6 420
>##;,23&,2&',-&>4;6@
)$;;(%- 1#2%,2$(0 %# -;46 434,2-% %'( '(489 0##/*2#"5 420
H/@ )/##*- >$-'(0 =4230#2 /#$3';9 ,2%# 4 -64;; "4%'/##6@
D'( .4- 4"#$% %# ?#;;#. .'(2 -'( >4$-(05 %$/2(0 4/#$205 420
/42 "41* %#.4/0 %'( 1#$2%(/ 420 3/4""(0 ',- ";##09 74//,-
N.((0@
H43B#5%:)%(&:'#(%X&7$#5F
D'( /(%$/2(0 1;$%1',23 ',- C41*(% 420 I$,1*;9 ;#1*(0 %'(
"4%'/##6 0##/@ _$-% %'(25 %'( 0##/ ,2 %'( #$%(/ /##6 1/4-'(0
#>(2@
N'( 9#$23 0#1%#/ %##* 1#2%/#;@ D'( -%/#0( %'/#$3' %'( %,29
"4%'/##6 %# 4 -(1#20 0##/5 942*(0 ,% #>(25 420 ;(0 =4230#2
,2%# 42 40C#,2,23 /(1#8(/9 /##6@ d$2?,/( (1'#(0 "(',20 %'(6
4- H/@ )/##*- -%$1* '(/ '(40 #$% ,2%# %'( '4;;.49 420 I$,1*;9
3/4""(0 =4230#2G- 4/65 >$;;,23 ',6 41/#-- %'( 1#//,0#/ ,2%# 4
-%4,/.(;;@ N'( -$00(2 6#%,#2 640( =4230#2 0,KK9e '( -(2-(0
%'4%&'(&1#$;0&>4--&#$%&4%&429&6#6(2%@
 SV[VZY
N'( 2(B% ?,?%((2 -(1#20- .(/( 4 ";$/ L 0(-1(20,23 -%4,/- L
-%$6";,23 L ?4;;,23@ N'( >#$20,23 ,2 =4230#2G- '(40 .4- 4;:
6#-% $2"(4/4";(@ 7,- 8,-,#2 -((6(0 (8(2 6#/( ";$//9 2#.5
420 ',- 6$-1;(- .(/( -;$33,-'5 (41' 6#8(6(2% ?((;,23 ;,*( 4
0(;49(0&/(41%,#2@
!20&%'(2&%'(&4,/&3/(.&1#;0@
20:%4;5*.(#/
!- H/@ )/##*- '$-%;(0 ',6 4;#23 4 04/* 4;;(9 4.49 ?/#6 %'(
"$,;0,235 =4230#2 -%(>>(0 #2 -#6(%',23 -'4/> 420 ?(;;5 ',%%,23
%'( >48(6(2% '4/0@ D'( -%/$33;(0 %# 3(% ',6 "41* %# ',- ?((%5
1$/-,23&#$%&;#$0&%'(&?41%&%'4%&'(&'40&"((2&-(04%(0@
!- %'(9 2(4/(0 %'( (20 #? %'( 4;;(95 =4230#2 -%$6";(0 434,2@
N',- %,6( -'( ;(?% ',6 #2 %'( 3/#$205 /$-',23 ,2%# %'( -%/((%
420 9(;;,23 %# -#6(#2( ,2 %'( 0,-%421(@ =4230#2 1#$;0 64*(
#$% %'( ?4,2% 3/((2 ;,3'% #? 4 %4B, >4/*(0 ,2 ?/#2% #? %'( '#->,%4;@
N'( 14/ 0,02G% 6#8(5 ,%- 0/,8(/ $20#$"%(0;9 4-;((>@ H/@ )/##*-
-1/(46(0 420 .48(0 '(/ 4/6- .,;0;9@ E,24;;9 %'( %4B,G- '(40:
;,3'%-&146(&#2&420&,%&6#8(0&;4K,;9&%#.4/0&%'(6@
)(',20 =4230#2 ,2 %'( 4;;(95 4 0##/ "$/-% #>(25 ?#;;#.(0 "9
%'( -#$20 #? /4>,0;9 4>>/#41',23 ?##%-%(>-@ 7( %$/2(0 420 -4.
%'( 04/* ?,3$/( "#$20,23 %#.4/0 ',6@ =4230#2 %/,(0 %# 3(%
"41* %# ',- ?((%5 "$% %'( 0#1%#/ .4- 4;/(409 3/4"",23 ',65 ?#/:
1,23 ',6 ,2%# %'( "41*-(4% #? 42 ,0;,23 E,4% %4B,@ 7( ;420(0 '4;?
#2 %'( -(4% 420 '4;? #2 %'( ?;##/ 4- H/@ )/##*- 0#8( #2 %#> #?
',65&942*,23&%'(&0##/&-'$%@
N'( -;((>9:(9(0 0/,8(/ %$/2(0 420 -%4/(0 4% %'( ",K4//( 0$#
%'4% '40 C$-% %$6";(0 ,2%# ',- 14"k4 9#$235 >#29%4,;(0 .#642
,2 -1/$"- 420 4 642 ,2 4 '4;?:%#/2 C#'229 .,%' 4 ";((0,23 4/6@
7( 1;(4/;9 .4- 4"#$% /(409 %# %(;; %'(6 %# 3(% %'( '(;; #$% #? ',-
14/5 .'(2 %'( -,0( 6,//#/ (B>;#0(0@ N'( .#642 ,2 ";41* ;(4%':
(/ ->/,2%(0 #$% #? %'( 4;;(95 3$2 (B%(20(0@ 7(/ >,-%#; ',--(0
434,2 C$-% 4- H/@ )/##*- 3/4""(0 =4230#2G- '(405 >$;;,23 ,%
0#.2@&N'(&/(4/&.,20#.&(B>;#0(05&-'#.(/,23&%'(6&.,%'&3;4--@
 SW[VZY
N'( 0/,8(/ 2((0(0 2# ?$/%'(/ (21#$/43(6(2%@ 7( -;466(0
',-&?##%&0#.2&#2&%'(&34-5&420&%'(&%4B,&>((;(0&#$%@
=4230#2 %((%(/(0 #2 %'( "/,2* #? 1#2-1,#$-2(--@ "4:#4'# .*
53).'B%54%$.,,%:#L
F21( %'(9 '40 /#$20(0 4 1#/2(/5 H/@ )/##*- -4% $> 420
3/4""(0 =4230#2G- ";##09 4/6@ N'( 14%'(%(/ .4- >/#%/$0,23
4.*.4/0;9&?/#6&4&'#;(&,2&',-&?;(-'@
i=##*&#$%&%'(&.,20#.5j&-'(&1#66420(0@
=4230#2 #"(9(0@ F$%-,0(5 3'#-%;9 %#6"-%#2(- /$-'(0 "9 ,2
%'( 04/*2(--@ a% -((6(0 -#6('#. ?,%%,23 %'4% %'(9 .(/( >4--,23
4 1(6(%(/9@ =4230#2 ?(;% %'( 0#1%#/G- ?,23(/- >/#",23 3(2%;9 ?#/
%'(&14%'(%(/&420&%'(25&.,%'#$%&.4/2,235&-'(&./(21'(0&,%&#$%@
! -(4/,23 "#;% #? >4,2 %/48(;(0 0,/(1%;9 %# =4230#2G- '(40@
7(&?(;%&',-&(9(-&/#;;,23&"41*5&420&%'(2&(8(/9%',23&.(2%&";41*@
 M7!ONP< U

N7P D7<a== <aAd #? ',- >'#2( 0/(. %'( >/#8#-%G- 34K( ?/#6 %'(
14;6,23 6,-% #? %'( !0/,4%,15 420 '( I$,1*;9 -%(>>(0 "41* ,2%#
',-&-%4%(/##6&#??,1(@
250*%&D4;5%5.:#5&'(&%'#$3'%5&(43(/&?#/&2(.-@
N'( 1#6>$%(/ -1/((2 #2 ',- 0(-* '40 ?;,1*(/(0 %# ;,?(5 ,2:
?#/6,23 ',6 %'4% %'( ,21#6,23 14;; .4- ?/#6 4 D.(0,-' D(1%/4
N,3(/ pD >(/-#24; 8#,1(:(21/9>%,23 >'#2(5 .',1' '40 "((2 /(:
0,/(1%(0 %'/#$3' ?#$/ $2%/41(4";( /#$%(/- "(?#/( "(,23 1#22(1:
%(0&%#&',-&-',>@
7( 0#22(0 ',- '(40-(%@ iN',- ,- %'( >/#8#-%5j '( 42-.(/(05
',-&.#/0-&-;#.&420&6(%,1$;#$-@&id#&4'(40@j
ia%G-&g49(2%'45j&%'(&8#,1(&/(>;,(0@
N'( >/#8#-% -(2-(0 42 $2$-$4; 2(/8#$-2(-- ,2 '(/ %#2(@
E,(;0 43(2%- /4/(;9 ->#*( %# %'( >/#8#-% 0,/(1%;95 420 (8(2 6#/(
/4/(;9 0,0 %'(9 /(64,2 ,2 ',- (6>;#9 4?%(/ 4 0("41;( ;,*( %'(
#2( ;4-% 2,3'%@ A#2(%'(;(--5 %'( >/#8#-% '40 /(I$,/(0 42 43(2%
#2:-,%( %# '(;> /(6(09 %'( 1/,-,-5 420 g49(2%'4 '40 "((2 %'(
"(-%&>(/-#2&?#/&%'(&C#"@
ia&'48(&42&$>04%(5j&g49(2%'4&-4,0@
N'(&>/#8#-%&.4-&-,;(2%5&',-&1$(&?#/&'(/&%#&1#2%,2$(@
+'(2 -'( ->#*(5 '(/ %#2( .4- (6#%,#2;(--5 1;(4/;9 42 4%:
%(6>% 4% >/#?(--,#24;,-6@ i=4230#2 '4- (-14>(05j -'( -4,0@
i7(&'4-&%'(&#"C(1%@j
N'( >/#8#-% -4% 0#.2 4% ',- 0(-* 420 /(64,2(0 -,;(2% ?#/ 4
8(/9 ;#23 %,6(@ ih20(/-%##05j '( ?,24;;9 -4,0@ ia ,643,2( '( .,;;
/(41'&#$%&%#&%'(&4$%'#/,%,(-&4-&-##2&4-&'(&>#--,";9&142@j
 SY[VZY
N.# 0(1*- "(2(4%' %'( >/#8#-%5 ,2 %'( -',>G- -(1$/( 1#2%/#;
1(2%(/5 -(2,#/ ?41,;,%4%#/ =4$/(21( `2#.;%#2 -4% ,2 ',- >/,84%(
1$",1;( 420 2#%,1(0 %'4% %'( >/#8#-%G- (21/9>%(0 14;; '40
(20(0@ 7( '#>(0 %'( 2(.- .4- 3##0@ N'( >/#8#-%G- %(2-,#2 '40
"((2 >4;>4";( ?#/ %'( >4-% %.# 049-5 420 (8(/9 #>(/4%,8( #2
"#4/0 -(2-(0 %'(/( .4- -#6( *,20 #? ',3':-%4*(- #>(/4%,#2 3#:
,23&#2@
1+# *5&$#* &3# .'74'7#.8&D,) +.B+C &'( J&)#'5+& +&( D#55#3
B#5%.5%3.B+5%5+.*%5.:#/
`2#.;%#2 .4- 411$-%#6(0 %# I$4/%(/"41*,23 14/(?$;;9 1#2:
-%/$1%(0 346( >;42-5 "$% %',- >4/%,1$;4/ -1(24/,# '40 0,-,2%(3:
/4%(0&,2%#&1'4#-5&420&%'(&>/#8#-%&'40&%4*(2&#8(/&>(/-#24;;9@
O#08#%:48#(%.'54%;'7+&35#(%5#33.543)/
!;%'#$3' 4 '4;?:0#K(2 #%'(/ 6,--,#2- .(/( 1$//(2%;9 ,2 >/#:
1(-- 4/#$20 %'( .#/;05 4;; #? %'(6 .(/( "(,23 -(/8,1(0 "9 %'(
M#2-#/%,$6G- 84/,#$- ?,(;0 #??,1(-5 ?/((,23 %'( >/#8#-% 420 ',-
-%4??&4"#4/0 1+#%?#'(&7.;: %#&?#1$-&(B1;$-,8(;9&#2&%',-&#2(@
N'(,/ 1;,(2% '40 C$6>(0 %# ',- 0(4%' -(8(/4; 049- 43# ,2
E;#/(21(5 "$% %'( M#2-#/%,$6 -%,;; '40 2$6(/#$- #$%-%420,23
-(/8,1(- #2 ',- 0#1*(%k->(1,?,1 %4-*- %'( 642 '40 (2%/$-%(0 %#
%',- #/342,K4%,#2 /(34/0;(-- #? %'( 1,/1$6-%421(-k420 %'(
M#2-#/%,$65 4- 4;.49-5 ,2%(20(0 %# ?#;;#. %'/#$3' .,%'#$%
I$(-%,#2@
2 +&8# :) 43(#3*5 `2#.;%#2 %'#$3'%5 ?$;;9 ,2%(20,23 %# 1#6:
>;9@ 7( (B,%(0 ',- -#$20>/##?(0 3;4-- 1$",1;(5 .4;*,23 >4-% 4
'4;?:0#K(2 #%'(/ 1'46"(/-k-#6( %/42->4/(2%5 -#6(
#>4I$(k,2 .',1' 0$%9 #??,1(/- .(/( '420;,23 #%'(/ 4->(1%- #?
%',-&-46(&6,--,#2@
`2#.;%#2 1/#--(0 %'/#$3' %'( %',25 >/#1(--(0 4,/ #? %'(
64,2 1#2%/#; /##65 2#00,23 %# %'( %(1' 1/(.5 420 (2%(/(0 4
-64;; .4;*:,2 84$;% 1#2%4,2,23 4 0#K(2 -%/#23"#B(-@ 7( #>(2(0
#2( #? %'( "#B(- 420 /(%/,(8(0 ,%- 1#2%(2%-k,2 %',- 14-(5 4
"/,3'% /(0 6(6#/9 -%,1*@ !11#/0,23 %# %'( %4-* 14/0 4%%41'(05
%'( 6(6#/9 -%,1* 1#2%4,2(0 4 ;4/3( 8,0(# ?,;(5 .',1' %'( 1;,(2%
 TZ[VZY
'40 0,/(1%(0 %'(6 %# $>;#40 %# *(9 6(0,4 #$%;(%- 4% 4 ->(1,?,1
%,6(&%#6#//#.&6#/2,23@
N#6#//#.G- 42#296#$- $>;#40 .#$;0 "( -,6>;( (2#$3'5
"$% ,2 *((>,23 >/#%#1#; ?#/ 4;; 0,3,%4; ?,;(-5 %'( ?;#.1'4/% '40
?;433(0 %',- ?,;( ?#/ /(8,(. 54(&)k%.(2%9:?#$/ '#$/- >/,#/ %#
0(;,8(/9k%# (2-$/( %'( M#2-#/%,$6 '40 40(I$4%( %,6( %# >(/:
?#/6 429 2(1(--4/9 0(1/9>%,#25 1#6>,;,235 #/ #%'(/ >/(>4/4:
%,#2 %'4% 6,3'% "( /(I$,/(0 "(?#/( $>;#40,23 ,% 4% %'( >/(1,-(
'#$/@
S45+.'B%,#-5%54%7+&'7#/
`2#.;%#2 /(%$/2(0 %# ',- %/42->4/(2% 1$",1;( 420 1;#-(0 %'(
'(489&3;4--&0##/5&";#1*,23&#$%&%'(&#$%-,0(&.#/;0@
7( ?;,>>(0 4 -.,%1' #2 %'( .4;;5 420 ',- 1$",1;( ,2-%42%;9
%$/2(0 #>4I$(@ E#/ >/,84195 4;; #? %'( 3;4--:.4;;(0 #??,1(-
4"#4/0 1+# ?#'(&7.;: .(/( "$,;% .,%' i-$->(20(0 >4/%,1;(
0(8,1(j 3;4--@ N'( %/42->4/(219 #? DOH 3;4-- .4- (4-,;9 1#2:
%/#;;(0 "9 %'( 4>>;,14%,#2 #/ /(6#84; #? 42 (;(1%/,1 1$//(2%5
.',1' (,%'(/ 4;,32(0 #/ /420#6,K(0 6,;;,#2- #? %,29 /#0;,*(
>4/%,1;(-&-$->(20(0&.,%',2&%'(&>42(;@
M#6>4/%6(2%4;,K4%,#2 .4- 4 1#/2(/-%#2( #? %'( M#2-#/%,:
$6G-&-$11(--@
Y'49%4',)%)4;3%49'%:.**.4'/%"+&3#%'45+.'B/
A#.5 (2-1#21(0 ,2 ',- >/,84%( ->41(5 `2#.;%#2 ,2-(/%(0 %'(
6(6#/9 -%,1* ,2%# ',- 1#6>$%(/ 420 1;,1*(0 %'( ?,;( %# "(3,2 ',-
4--(--6(2%@
a66(0,4%(;9 ',- -1/((2 ?40(0 %# ";41* L 420 ',- ->(4*(/-
"(342 >;49,23 %'( -#?% -#$20 #? ;4>>,23 .4%(/@ !2 ,643( -;#.;9
4>>(4/(0 #2-1/((2 L 46#/>'#$- 420 -'40#.9@ P6(/3,23 ?/#6
%'( 04/*2(--5 4 -1(2( "(342 %# %4*( -'4>( L %'( ,2%(/,#/ #? 4
148( L #/ 4 3,42% 1'46"(/ #? -#6( -#/%@ N'( ?;##/ #? %'( 148(/2
.4- .4%(/5 ;,*( 42 $20(/3/#$20 ;4*(@ D%/423(;95 %'( .4%(/ 4>:
>(4/(0&%#&"(&,;;$6,24%(0&L&4-&,?&?/#6&.,%',2@
 TQ[VZY
`2#.;%#2 '40 2(8(/ -((2 429%',23 ;,*( ,%@ N'( (2%,/( 148(/2
-'#2( .,%' 42 ((/,( /(00,-' '$(5 ,%- >4;( .4;;- 4.4-' .,%'
%(20/,;:;,*(&/(?;(1%,#2-&#?&/,>>;,23&.4%(/@ O+&5%E%.*%5+.*%6,&7#L
!- %'( ;4>>,23 1#2%,2$(05 %'( 146(/4 "(342 %# %,;% 0#.2.4/0
420 0(-1(20 8(/%,14;;95 0,/(1%;9 %#.4/0 %'( .4%(/ $2%,; %'( 146:
(/4 >,(/1(0 %'( ,;;$6,24%(0 -$/?41(@ N'( -#$20- #? /,>>;,23 0,-:
4>>(4/(05 /(>;41(0 "9 42 ((/,( '$-' "(2(4%' %'( .4%(/@ D$":
6(/3(0 2#.5 %'( 146(/4 *(>% 0(-1(20,235 6#8,23 0#.2
%'/#$3' -(8(/4; ?((% #? .4%(/ $2%,; ,% -%#>>(05 ?#1$-,23 #2 %'(
148(/2G-&-,;%:1#8(/(0&?;##/@
)#;%(0 %# %'( ?;##/ .4- 4 /(1%423$;4/ >;4I$( #? -',66(/,23
%,%42,$6@
N'(&>;4I$(&"#/(&42&,2-1/,>%,#2@

aA&N7aD&O=!MP5&FA&N7aD&H!NP5
N7P&+F<=H&+!D&M7!AdPH&EF<PgP<@

P23/48(0&4%&%'(&"#%%#6&#?&%'(&>;4I$(&.4-&4&246(&420&4&04%(@
N'(&246(&.4-&%'4%&#?&%'(,/&1;,(2%@
N'(&04%(&L&%#6#//#.@
 M7!ONP< V

=!AdHFA EP=N Ea<\ '420- ;,?%,23 ',6 2#. L $/3,23 ',6 ?/#6 ',-
0(;,/,$65 '(;>,23 ',6 #$% #? %'( %4B,@ N'( >48(6(2% ?(;% 1#;0
"(2(4%'&',-&"4/(&?((%@
74;? -$>>#/%(0 "9 %'( -;(20(/ ?/46( #? H/@ )/##*-5 =4230#2
-%433(/(0 0#.2 4 0(-(/%(0 .4;*.49 "(%.((2 %.# 4>4/%6(2%
"$,;0,23-@ N'( 04.2 4,/ /$-%;(05 ",;;#.,23 ',- '#->,%4; 3#.25
420&=4230#2&?(;%&1#;0&4,/&,2&>;41(-&'(&*2(.&'(&-'#$;02G%@
N'( -(04%,8( '(G0 "((2 3,8(2 ,2 %'( '#->,%4; '40 ;(?% ',- 6,20
4- ";$//(0 4- ',- 8,-,#2@ =4230#2 ?(;% ;,*( '( .4- $20(/.4%(/5
4%%(6>%,23 %# 1;4. ',- .49 %'/#$3' 4 8,-1#$-5 0,6;9 ;,% .#/;0@
D,(224 )/##*- 0/433(0 ',6 #2.4/05 -$>>#/%,23 ',6 .,%' -$/:
>/,-,23&-%/(23%'@
iD%4,/-5j -'( -4,05 420 =4230#2 /(4;,K(0 %'(9 '40 /(41'(0 4
-,0(&(2%/421(&#?&%'(&"$,;0,23@
=4230#2 3/,>>(0 %'( /4,;,23 420 %/$03(0 0,KK,;9 $>.4/05 #2(
-%(> 4% 4 %,6(@ 7,- "#09 ?(;% >#20(/#$-@ H/@ )/##*- >'9-,14;;9
>$-'(0 ',6 2#.@ +'(2 %'(9 /(41'(0 %'( ;420,235 -'( %9>(0
-#6( 2$6"(/- ,2%# 4 /$-%(0 #;0 *(9>40 420 %'( 0##/ "$KK(0
#>(2@
N'( 4,/ ,2-,0( .4- 2#% 6$1' .4/6(/5 "$% %'( %,;( ?;##/- ?(;%
;,*( -#?% 14/>(% #2 %'( -#;(- #? ',- ?((% 1#6>4/(0 %# %'( /#$3'
>48(6(2% #$%-,0(@ H/@ )/##*- ;(0 =4230#2 %# 4 %,29 (;(84%#/
420 942*(0 #>(2 4 ?#;0,23 0##/5 '(/0,23 =4230#2 ,2%# 4 1$:
",1;( %'4% .4- 4"#$% %'( -,K( #? 4 >'#2( "##%'@ N'( 4,/ ,2-,0(
-6(;;(0 #? \D 1,34/(%%(-k4 ",%%(/-.((% ?/43/421( 4- $",I$,%#$-
,2 a%4;9 4- %'( 4/#64 #? ?/(-' (->/(--#@ P8(/ -# -;,3'%;95 %'(
-6(;; '(;>(0 1;(4/ =4230#2G- 6,20@ H/@ )/##*- >/(--(0 4
 TS[VZY
"$%%#25 420 -#6(.'(/( ',3' 4"#8( %'(65 4 -(/,(- #? %,/(0 3(4/-
1;$2*(0&420&.',//(0&,2%#&6#%,#2@
h>.4/0&L
N'( 1/(4*9 14//,43( -',66,(0 420 8,"/4%(0 4- ,% "(342 ,%- 4-:
1(2%@ )(14$-( %'( .4;;- .(/( 2#%',23 "$% 6(%4; -1/((2-5 =423:
0#2 ?#$20 ',6-(;? .4%1',23 %'( ,2-,0( #? %'( (;(84%#/ -'4?%
-;,0( /'9%'6,14;;9 >4-% %'(6@ P8(2 ,2 ',- -(6,1#2-1,#$- -%4%(5
=4230#2G-&;,?(;#23&?(4/&#?&1/46>(0&->41(-&.4-&4;,8(&420&.(;;@
<4'05%,44$/
7( ;(42(0 #2 %'( .4;;5 %/9,23 %# 14%1' ',- "/(4%'@ 7,- ?#/(4/6
41'(05 420 .'(2 '( ;##*(0 0#.25 '( -4. %'4% %'( -;((8( #? ',-
74//,- N.((0 '40 "((2 %,(0 4.*.4/0;9 4/#$20 ',- 4/6 ;,*( 4
"42043(@ N'( /(64,20(/ #? %'( C41*(% .4- 0/433,23 "(',20 ',6
#2&%'(&3/#$205&?/49(0&420&?,;%'9@
7( 1;#-(0 ',- (9(- 434,2-% ',- >#$20,23 '(4041'(5 "$% %'(
";41*2(--&(23$;?(0&',6&434,2@
! ?46,;,4/ 8,-,#2 64%(/,4;,K(0k%'( -%4%$(-I$(5 8(,;(0 .#642
.,%' %'( 46$;(% 420 -,;8(/ '4,/ ,2 /,23;(%-@ !- "(?#/(5 -'( .4-
#2 %'( "42*- #? 4 ";##0/(0 /,8(/ 420 -$//#$20(0 "9 ./,%',23
"#0,(-@ D'( ->#*( %# =4230#25 '(/ 8#,1( >;(40,23@ "##$ &'( )#
*+&,,%-.'(F
=4230#2 .4- #8(/1#6( .,%' %'( ?((;,23 %'4% '( '40 %# -48(
'(/ L -48( %'(6 4;;@ N'( '4;?:"$/,(05 $>-,0(:0#.2 ;(3- .(/(
?4;;,23&;,6>&L&#2(&"9&#2(@
O+4%&3#%)4;FL '(&14;;(0&#$%&,2&-,;(21(@ O+&5%(4%)4;%9&'5LF
7(/ ;$B$/,42% -,;8(/ '4,/ "(342 ?;$%%(/,23 ,2 4 '#% .,20@ K;3
5.:# B349* *+4355 -'( .',->(/(05 %#$1',23 '(/ 46$;(% 2(1*:
;41(@ N'(25 .,%'#$% .4/2,235 -'( (/$>%(0 ,2 4 ";,20,23 >,;;4/ #?
?,/(5&.',1'&",;;#.(0&41/#--&%'(&/,8(/5&(23$;?,23&%'(6&"#%'@
=4230#2&-'#$%(05&',-&(9(-&?;9,23&#>(2@
H/@&)/##*-&(9(0&',6&.,%'&1#21(/2@&i+'4%&,-&,%nj
ia *((> '4;;$1,24%,23lj =4230#2 (B1;4,6(0@ iN'( -46(
-1(2(@j
iN'(&-,;8(/:'4,/(0&.#642n&!20&4;;&%'(&0(40&"#0,(-nj
 TT[VZY
=4230#2&2#00(05&>(/->,/4%,#2&"(40,23&#2&',-&"/#.@
i]#$G;; "( #*495j -'( 4--$/(0 ',65 0(->,%( -#$20,23 -'4*9
'(/-(;?@ i<(1$//,23 8,-,#2- 4/( 1#66#2 .,%' 462(-,4@ N'(
"/4,2 ?$21%,#2 %'4% -#/%- 420 14%4;#3- 9#$/ 6(6#/,(- '4- "((2
%(6>#/4/,;9 -'4*(2 $>5 420 -# ,% %'/#.- (8(/9%',23 ,2%# #2(
>,1%$/(@j
iA#%&4&8(/9&2,1(&>,1%$/(5j&'(&64243(0@
ia *2#.5 "$% $2%,; 9#$ '(4;5 9#$/ 6(6#/,(- .,;; "( 6$00;(0
420 $214%4;#3(0k>4-%5 >/(-(2%5 420 ,643,24%,#2 4;; 6,B(0 %#:
3(%'(/@&N'(&-46(&%',23&'4>>(2-&,2&0/(46-@j
N'( (;(84%#/ ;$/1'(0 %# 4 -%#>5 420 H/@ )/##*- 942*(0 #>(2
%'( ?#;0,23 0##/@ N'(9 .(/( .4;*,23 434,25 %',- %,6( 0#.2 4
04/*5 24//#. 1#//,0#/@ N'(9 >4--(0 4 .,20#.5 #$%-,0( #? .',1'
%'( 6$/*9 -,;'#$(%%(- #? E;#/(21( /##?%#>- '40 "(3$2 (6(/:
3,23 ,2 %'( >/(04.2 ;,3'%@ !% %'( ?4/ (20 #? %'( '4;;5 -'(
1/#$1'(0 0#.2 420 /(%/,(8(0 4 *(9 ?/#6 "(2(4%' 4 %',/-%9:
;##*,23&'#$-(>;42%&420&$2;#1*(0&4&0##/@
N'( 4>4/%6(2% .4- %,295 %'( 4,/ ,2-,0( ',2%,23 4% 42 #23#,23
"4%%;( "(%.((2 4 842,;;4:-1(2%(0 1420;( 420 #;0 14/>(%,23@ N'(
?$/2,%$/( 420 4/%.#/* .(/( 6(43(/ 4% "(-%k4- ,? -'( '40 ?$/:
2,-'(0 ,% 4% 4 94/0 -4;(@ H/@ )/##*- 40C$-%(0 4 %'(/6#-%4%5 420
%'(&/40,4%#/-&"423(0&%#&;,?(@
D'( -%##0 4 6#6(2% 420 1;#-(0 '(/ (9(-5 (B'4;,23 '(48,;95 4-
,? %# 1#;;(1% '(/-(;?@ N'(2 -'( %$/2(0 420 '(;>(0 =4230#2 ,2%# 4
6#0(-%&*,%1'(2(%%(&.'#-(&E#/6,14&%4";(&'40&%.#&?;,6-9&1'4,/-@
=4230#2 640( 4 6#8( %#.4/0 4 1'4,/ ,2 '#>(- #? -,%%,23
0#.25 "$% H/@ )/##*- 3/4""(0 ',- 4/6 .,%' #2( '420 420
#>(2(0 4 14",2(% .,%' '(/ #%'(/@ N'( 14",2(% .4- 2(4/;9 "4/( L
1/41*(/-5 4 ?(. "43- #? >4-%45 4 142 #? M#*(5 420 4 "#%%;( #?
A#H#K@
D'( %##* #$% %'( "#%%;( 420 0$6>(0 -,B 14>;(%- ,2%# =423:
0#2G- >4;6@ iM4??(,2(5j -'( -4,0@ iE#/ .'(2 a .#/* 2,3'% -',?%-
;,*(&%#2,3'%@j
 TU[VZY
=4230#2 >$% %'( >,;;- ,2 ',- 6#$%' 420 3;421(0 4/#$20 ?#/
-#6(&.4%(/@
iM'(. %'(65j -'( -4,0@ iN'(9G;; ',% 9#$/ -9-%(6 ?4-%(/ 420
'(;>&1#$2%(/41%&%'(&-(04%,8(@j
=4230#2 "(342 1'(.,23 420 ,2-%42%;9 1/,23(0@ N'( >,;;-
.(/( ",%%(/5 1;(4/;9 6(42% %# "( -.4;;#.(0 .'#;(@ H/@ )/##*-
#>(2(0 %'( /(?/,3(/4%#/ 420 '420(0 =4230#2 4 '4;?:(6>%9
"#%%;(&#?&D42&O(;;(3/,2#@&7(&3/4%(?$;;9&%##*&4&;#23&0/,2*@
N'( >#29%4,;(0 0#1%#/ 2#. %##* ',- /,3'% 4/6 420 /(6#8(0
%'( 64*(-',?% "42043( %'4% -'(G0 ?4-',#2(0 #$% #? ',- C41*(%5
.',1' -'( ;4,0 #2 %'( *,%1'(2 %4";(@ N'(2 -'( 14/(?$;;9 (B:
46,2(0 ',- .#$20@ !- -'( '(;0 ',- "4/( 4/65 =4230#2 1#$;0
?((;&'(/&-;(20(/&'420-&%/(6";,23@
i]#$G;;&;,8(5j&-'(&422#$21(0@
=4230#2 '#>(0 -'( .4- 3#,23 %# "( #*49@ 7( 1#$;0 "4/(;9
?4%'#6 .'4% %'(9G0 "#%' C$-% (20$/(0@ iH/@ )/##*-5j '( -4,05
i.( 2((0 %# 14;; -#6("#09@ N'( 1#2-$;4%( L %'( >#;,1(@
D#6("#09@j
D'( 2#00(0 ,2 43/((6(2%@ i!;-#5 9#$ 142 -%#> 14;;,23 6( H/@
)/##*-k69&246(&,-&D,(224@j
=4230#2 2#00(0@ iN'42*-@ aG6 <#"(/%@j a% -((6(0 %'( "#20
%'(9G0 C$-% ?#/3(0 ?;((,23 ?#/ %'(,/ ;,8(- .4//42%(0 4 ?,/-%:246(
"4-,-@&i]#$&-4,0&9#$G/(&)/,%,-'nj
i)9&",/%'5&9(-@j
ia&0#2G%&'(4/&42&411(2%@j
id##05j&-'(&/(>;,(0@&ia&.#/*(0&'4/0&%#&;#-(&,%@j
=4230#2 .4- 4"#$% %# ,2I$,/( .'95 "$% D,(224 6#%,#2(0 ?#/
',6 %# ?#;;#.@ D'( ;(0 ',6 0#.2 4 24//#. 1#//,0#/ %# 4 -64;;5
3;##69 "4%'/##6@ a2 %'( 6,//#/ 4"#8( %'( -,2*5 =4230#2
3;,6>-(0 ',- /(?;(1%,#2 ?#/ %'( ?,/-% %,6( -,21( -((,23 ,% ,2 %'(
.,20#.&#?&',-&'#->,%4;&/##6@
S45 B44(/ =4230#2G- %',1* 04/* '4,/ .4- 64%%(05 420 ',-
(9(- ;##*(0 ";##0-'#% 420 .(4/9@ ! -'/#$0 #? -%$"";( #"-1$/(0
',-&C4.@
 TV[VZY
D,(224 %$/2(0 #2 %'( ?4$1(% 420 3$,0(0 =4230#2G- ,2C$/(0
?#/(4/6 $20(/ %'( ,1(:1#;0 .4%(/@ a% -%$23 -'4/>;95 "$% '( '(;0
,%&%'(/(5&.,21,23@
D,(224 /(%/,(8(0 4 ?/(-' .4-'1;#%' 420 -I$,/%(0 ,% .,%' 42%,:
"41%(/,4;&-#4>@&i]#$&649&.42%&%#&;##*&4.49@j
ia%G-&?,2(@&aG6&2#%&"#%'(/(0&"9kj
D,(224 "(342 -1/$"",23 8,#;(2%;95 420 .',%(:'#% >4,2 -'#%
$> =4230#2G- 4/6@ 7( 1;(21'(0 ',- C4. %# >/(8(2% ',6-(;?
?/#6&-'#$%,23&#$%&,2&>/#%(-%@
i]#$ 0#2G% .42% 42 ,2?(1%,#25j -'( -4,05 -1/$"",23 '4/0(/
2#.@ i)(-,0(-5 ,? 9#$G/( 3#,23 %# 14;; %'( 4$%'#/,%,(-5 9#$G;; .42%
%# "( 6#/( 4;(/% %'42 9#$ 4/( 2#.@ A#%',23 41%,84%(- 40/(2:
4;,2(&>/#0$1%,#2&;,*(&>4,2@j
=4230#2 '(;0 #2 ?#/ .'4% ?(;% ;,*( 4 ?$;; %(2 -(1#20- #? -1/$":
",23 "(?#/( '( ?#/1(?$;;9 942*(0 ',- 4/6 4.49@ A'4;B+F !06,%:
%(0;95 '( ?(;% -%/#23(/ 420 6#/( 4.4*(e %'( >4,2 ,2 ',- 4/6 '40
2#.&(2%,/(;9&#8(/-'40#.(0&',-&'(4041'(@
id##05j -'( -4,05 %$/2,23 #?? %'( .4%(/ 420 >4%%,23 ',- 4/6
0/9 .,%' 4 1;(42 %#.(;@ D,(224 %'(2 4>>;,(0 4 -64;; "42043( %#
',- ?#/(4/65 "$% 4- -'( 0,0 -#5 =4230#2 ?#$20 ',6-(;? 0,-%/41:
%(0 "9 -#6(%',23 '( '40 C$-% 2#%,1(0k-#6(%',23 0((>;9 $>-(%:
%,23&%#&',6@
E#/ 2(4/;9 ?#$/ 0(140(-5 =4230#2 '40 .#/2 42 42%,I$( 1#;:
;(1%#/G- (0,%,#2 \,1*(9 \#$-( %,6(>,(1(5 4 3,?% ?/#6 ',- >4/:
(2%-@ \,1*(9G- -6,;,23 ?41( 420 .,;0;9 .48,23 4/6- '40 4;.49-
-(/8(0 4- ',- 04,;9 /(6,20(/ %# -6,;( 6#/( #?%(2 420 %4*( ;,?( 4
;,%%;(&;(--&-(/,#$-;9@
i\9 L .4%1'5j =4230#2 -%466(/(0@ ia%G- 3#2(lj +,%'#$% ,%5
'( ?(;% -$00(2;9 ,21#6>;(%(@ i+4- a .(4/,23 ,% .'(2 a 4//,8(0
4%&%'(&'#->,%4;nj
D,(224 -'#% ',6 42 ,21/(0$;#$- ;##*5 1;(4/;9 69-%,?,(0 %'4%
'( 1#$;0 "( .#//,(0 4"#$% -$1' 4 %/,8,4; %',23@ ia 0#2G% /(6(6:
"(/ 429 .4%1'@ _$-% 1;(42 9#$/-(;? $>@ aG;; "( "41* ,2 4 ?(.
6,2$%(- 420 .(G;; ?,3$/( #$% '#. %# 3(% 9#$ -#6( '(;>@j D'(
 TW[VZY
%$/2(0 %# 3#5 "$% >4$-(0 ,2 %'( 0##/.495 ;#1*,23 (9(- .,%' ',6
,2 %'( 6,//#/@ i!20 .',;( aG6 3#2(5 a -$33(-% 9#$ %',2* 8(/9
'4/0 4"#$% .'9 -#6(#2( .#$;0 .42% %# *,;; 9#$@ a ,643,2( ,%G-
%'(&?,/-%&I$(-%,#2&%'(&4$%'#/,%,(-&.,;;&4-*@j
i+4,%5&.'(/(&4/(&9#$&3#,23nj
i]#$ 142G% %4;* %# %'( >#;,1( '4;? 24*(0@ aG6 3#,23 %# ?,20 9#$
-#6( 1;#%'(-@ \9 2(,3'"#/ ,- 4"#$% 9#$/ -,K(@ 7(G- 4.495 420
aG6&?((0,23&',-&14%@&7(&#.(-&6(@j
+,%'&%'4%5&D,(224&.4-&3#2(@
<#"(/% =4230#2 %$/2(0 "41* %# %'( %,29 6,//#/ #8(/ %'( -,2*
420 "4/(;9 /(1#32,K(0 %'( >(/-#2 -%4/,23 "41* 4% ',6@ "4:#4'#
9&'5* :# (#&(/ a2 ',- 6,205 '( 434,2 '(4/0 %'( /(1#/0,23 #?
',-&#.2&0(;,/,#$-&6$6";,23-@
J#3)%*433)/%J#3)%*433)/
7( >/#"(0 ',- 6(6#/9 ?#/ -#6( /(1#;;(1%,#2 L 429%',23 4%
4;;@ 7( -4. #2;9 (6>%,2(--@ !;; =4230#2 *2(. .4- %'4% '( .4-
,2&E;#/(21(5&'48,23&-$??(/(0&4&"$;;(%&.#$20&%#&%'(&'(40@
!- =4230#2 -%4/(0 ,2%# ',- #.2 .(4/9 (9(-5 '( '4;?
.#20(/(0 ,? '( 6,3'% 4% 429 6#6(2% .4*( $> ,2 ',- /(40,23
1'4,/ 4% '#6(5 1;$%1',23 42 (6>%9 64/%,2, 3;4-- 420 4 1#>9 #?
<#&( "4;,*5 #2;9 %# /(6,20 ',6-(;? %'4% )#6"49 D4>>',/( 420
d#3#;&-'#$;0&2(8(/&"(&6,B(0@
 M7!ONP< W

=!AdHFA D7PH 7aD ";##09 '#->,%4; 3#.2 420 ./4>>(0 4 %#.(;

4/#$20 ',- .4,-%@ !?%(/ ->;4-',23 .4%(/ #2 ',- ?41(5 '( 3,23(/;9
%#$1'(0 %'( -%,%1'(- #2 %'( "41* #? ',- '(40@ N'( -*,2 .4- -#/(5
"$% .'(2 '( -6##%'(0 ',- 64%%(0 '4,/ 0#.2 #8(/ %'( ->#%5 %'(
,2C$/9 4;; "$% 0,-4>>(4/(0@ N'( 14??(,2( >,;;- .(/( *,1*,23 ,25
420&'(&?,24;;9&?(;%&%'(&?#3&"(3,22,23&%#&;,?%@
1+.'$C%P4D#35/%13)%54%3#:#:D#3/
N'( .,20#.;(-- "4%'/##6 .4- -$00(2;9 ?((;,23 1;4$-%/#:
>'#",15 420 =4230#2 -%(>>(0 ,2%# %'( '4;;5 6#8,23 ,2-%,21%:
,8(;9 %#.4/0 4 -'4?% #? 24%$/4; ;,3'% %'4% ->,;;(0 %'/#$3' 4 >4/:
%,4;;9 #>(2 0##/ 41/#-- %'( 1#//,0#/@ N'( /##6 .4- 4 64*(-',?%
-%$09 #? -#/%-5 .,%' 4 1'(4> 0(-*5 4 .#/2 -.,8(; 1'4,/5 4--#/%(0
"##*-&#2&%'(&?;##/5&4205&%'42*?$;;9&L&4 9.'(49@
=4230#2&6#8(0&%#.4/0&049;,3'%@
a2 %'( 0,-%421(5 %'( /,-,23 N$-142 -$2 .4- C$-% "(3,22,23 %#
*,-- %'( ',3'(-% ->,/(- #? %'( .4*,23 1,%9k%'( 146>42,;(5 %'(
)40,45 %'( )4/3(;;#@ =4230#2 >/(--(0 ',- ?#/('(40 %# %'( 1##;
3;4--@ N'( \4/1' 4,/ .4- 1/,-> 420 1#;05 46>;,?9,23 %'( ?$;;
->(1%/$6&#?&-$2;,3'%&%'4%&2#.&>((*(0&$>&#8(/&%'(&',;;-,0(-@
Z&.'5#30*%,.B+55&%'(9&14;;(0&,%@
!% %'( '(4/% #? %'( -*9;,2(5 4 6#$2%4,2#$- 0#6( #? /(0 %,;(-
/#-( $>5 ,%- K(2,%' 40#/2(0 .,%' 4 3,;% 1#>>(/ "4;; %'4% 3;,2%(0
;,*( 4 "(41#2@ a; H$#6#@ )/$2(;;(-1', '40 640( 4/1',%(1%$/4;
',-%#/9 "9 (23,2((/,23 %'( "4-,;,14G- 64--,8( 0#6(5 420 2#.5
6#/( %'42 ?,8( '$20/(0 9(4/- ;4%(/5 %'( SWU:?##%:%4;; -%/$1%$/(
-%,;; -%##0 ,%- 3/#$205 42 ,66#84";( 3,42% #2 O,4KK4 0(;
H$#6#@
O+)%94;,(%2%D#%.'%H,43#'7#L
 TY[VZY
E#/ =4230#25 4 ;,?(;#23 4?,1,#240# #? a%4;,42 4/%5 E;#/(21(
'40 "(1#6( #2( #? ',- ?48#/,%( 0(-%,24%,#2- ,2 4;; #? P$/#>(@
N',- .4- %'( 1,%9 #2 .'#-( -%/((%- \,1'(;423(;# >;49(0 4- 4
1',;05 420 ,2 .'#-( -%$0,#- %'( a%4;,42 <(24,--421( '40 ,3:
2,%(0@ N',- .4- E;#/(21(5 .'#-( 34;;(/,(- ;$/(0 6,;;,#2- #? %/48:
(;(/- %# 406,/( )#%%,1(;;,G- N.35+ 4- J#';*5 =(#24/0#G- >'';'7.V
&5.4'5&420&%'(&1,%9G-&>/,0(&420&C#9k2,%<&8.(#@
=4230#2 '40 "((2 6(-6(/,K(0 "9 \,1'(;423(;#G- <&8.(
.'(2 '( ?,/-% -4. ,% 4- 4 %((243(/ L (2%(/,23 %'( !1140(6,4
0(;;( )(;;( !/%, L 6#8,23 -;#.;9 %'/#$3' %'( -#6"(/ >'4;42B
#? \,1'(;423(;#G- 1/$0( Z3.B.4'. L 420 %'(2 ?((;,23 ',- 34K(
0/433(0 $>.4/05 ,2(B#/4";95 %# %'( -(8(2%((2:?##%:%4;; 64-%(/:
>,(1(@ N'( <&8.(G- -'((/ (2#/6,%9 420 0(?,2(0 6$-1$;4%$/(
-%4/%;(0 6#-% ?,/-%:%,6( 8,-,%#/-5 420 9(% ?#/ =4230#25 ,% '40
"((2 %'( 3(2,$- #? H48,0G- >#-( %'4% '( ?#$20 6#-% 14>%,84%,23@
\,1'(;423(;# '40 (6>;#9(0 %'( 1;4--,14; %/40,%,#2 #? 74'53&6V
64*54 %# 1/(4%( %'( ,;;$-,#2 %'4% H48,0 .4- ;(42,23 %# ',- /,3'%5
',- ;(?% ;(3 "(4/,23 4;6#-% 2# .(,3'%5 .'(25 ,2 ?41%5 ',- ;(?% ;(3
.4-&-$>>#/%,23&%#2-&#?&64/";(@
N'( <&8.( '40 ->4/*(0 ,2 =4230#2 ',- ?,/-% %/$( 4>>/(1,:
4%,#2 ?#/ %'( >#.(/ #? 3/(4% -1$;>%$/(@ A#. =4230#2 .#20(/(0
,? '( '40 8,-,%(0 %'( 64-%(/>,(1( 0$/,23 %'( ;4-% -(8(/4; 049-5
"$% %'( #2;9 6(6#/9 '( 1#$;0 1#2C$/( .4- %'4% #? 4.4*(2,23 ,2
%'( '#->,%4; 420 .4%1',23 42 ,22#1(2% 0#1%#/ 6$/0(/(0 "(?#/(
',-&(9(-@ J#3)%*433)/%J#3)%*433)/
N'(&3$,;%&'(&?(;%&.4-&4;6#-%&24$-(4%,23@ O+&5%+&8#%2%(4'#L
!- '( -%##0 4% %'( .,20#.5 ',- >(/,>'(/4; 8,-,#2 14$3'% 4
3;,6>-( #? 4 ;4>%#> 1#6>$%(/ -,%%,23 #2 %'( 0(-* "(-,0( ',6@
+'4%(8(/ '40 '4>>(2(0 %# =4230#2 ;4-% 2,3'%5 '( -$00(2;9
/(4;,K(05&6,3'%&"(&,2&%'(&2(.-@
2-%2%7&'%&77#**%5+#%2'5#3'#5C%2%:.B+5%-.'(%&'*9#3*/
=4230#2 %$/2(0 %#.4/0 %'( 0##/.49 420 14;;(0 #$%^
iD,(224nlj
 UZ[VZY
D,;(21(@ D'( .4- -%,;; 4% %'( 2(,3'"#/G- 4>4/%6(2% ;##*,23 ?#/
1;#%'(-@
748,23 2# 0#$"% D,(224 .#$;0 $20(/-%420 %'( ,2%/$-,#25
=4230#2&#>(2(0&%'(&;4>%#>&420&>#.(/(0&,%&$>@
D,(224G- '#6( -1/((2 ?;,1*(/(0 %# ;,?(k4 -%4204/0 +,20#.-
i";$( 1;#$0j "41*3/#$20@ =4230#2 ,66(0,4%(;9 .(2% %# %'(
d##3;(&a%4;,4&-(4/1'&>43(&420&%9>(0&,2 P4D#35%T&'B(4'@
2- :) *5;(#'5* 74;,( *## :# '495 '( %'#$3'% 4- '( "(342 %'(
-(4/1'@ =4230#2 1#2%,2$4;;9 406#2,-'(0 ',- -%$0(2%- ?#/
d##3;,23 %'(6-(;8(-k4 ",K4//( 2(. >4-%,6( %'4% /(?;(1%(0 %'(
#"-(--,#2 .,%' >(/-#24; 1(;("/,%9 %'4% 2#. -((6(0 %# >#--(--
!6(/,142&9#$%'@
! >43( #? -(4/1' /(-$;%- 64%(/,4;,K(0k'$20/(0- #? ',%- >(/:
%4,2,23 %# =4230#25 ',- "##*-5 420 ',- ;(1%$/(-@ S45 9+&5 20:
,44$.'B%-43/
=4230#2&/(-%/,1%(0&%'(&-(4/1'&"9&-(;(1%,23&%'(&2(.-&"$%%#2@
!&?/(-'&>43(&4>>(4/(0^ S#9*%3#*;,5*%-43%QP4D#35%T&'B(4'/R
N44$%*.B'.'B*[%P4D#35%T&'B(4'%54%&66#&3%E
I3&(;&5.4'%&((3#**%D)%P4D#35%T&'B(4'%E
P4D#35%T&'B(4'%6;D,.*+#*%"):D4,%63.:#3%-43%E
N'( ;,-% .4- -(8(/4; >43(- ;#235 420 9(% =4230#2 -4. 2#%':
,23 /(1(2%k1(/%4,2;9 2#%',23 %'4% .#$;0 (B>;4,2 ',- 1$//(2%
>/(0,146(2%@ O+&5 +&66#'#( ,&*5 '.B+5L =4230#2 >$-'(0 #25
411(--,23 %'( +(" -,%( ?#/ 1+# H,43#'5.'#5 42 P23;,-':;423$43(
2(.->4>(/ >$";,-'(0 ,2 E;#/(21(@ 7( -1422(0 %'( '(40;,2(-5
"/(4*,23:2(.- -(1%,#2-5 420 >#;,1( ";#35 -((,23 4/%,1;(- #2 42
4>4/%6(2% ?,/(5 4 3#8(/26(2% (6"(KK;,23 -14204;5 420 4--#/%(0
,21,0(2%-&#?&>(%%9&1/,6(@
>')5+.'B%&5%&,,LF
7( >4$-(0 4% 4 "/(4*,23:2(.- ";$/" 4"#$% 4 1,%9 #??,1,4; .'#5
;4-% 2,3'%5 '40 0,(0 #? 4 '(4/% 4%%41* ,2 %'( >;4K4 #$%-,0( %'(
14%'(0/4;@ N'( #??,1,4;G- 246( '40 9(% %# "( /(;(4-(05 "$% 2#
?#$;&>;49&.4-&-$->(1%(0@
 UQ[VZY
E,24;;95 2#% *2#.,23 .'4% (;-( %# 0#5 =4230#2 ;#33(0 #2 %#
',- 74/84/0 (:64,; 411#$2% 420 1'(1*(0 ',- 6(--43(-5 .#20(/:
,23 ,? '( 6,3'% ?,20 42-.(/- %'(/(@ !;; '( ?#$20 .4- %'( $-$4;
-%/(46 #? 64,; ?/#6 1#;;(43$(-5 -%$0(2%-5 420 ?/,(20-5 6$1' #?
,%&/(?(/(21,23&4>>#,2%6(2%-&?#/&%'(&1#6,23&.((*@
250*%&*%.-%'4D4()%$'49*%20:%B4'#/
+,%' /,-,23 $21(/%4,2%95 =4230#2 -'$% 0#.2 %'( 1#6>$%(/
420 1;#-(0 %'( ;,0@ 7( .4- 4"#$% %# ;(48( .'(2 -#6(%',23
14$3'% ',- (9(@ F2 %'( 1#/2(/ #? D,(224G- 0(-*5 4%#> 4 -%41* #?
#;0 6(0,14; C#$/24;- 420 >4>(/-5 -4% 4 O#;4/#,0 >'#%#3/4>'@
N'( -24>-'#% .4- #? D,(224 )/##*- 420 '(/ "(4/0(0 0#1%#/
1#;;(43$(5&;4$3',23&%#3(%'(/&,2&4&'#->,%4;&'4;;.49@
<3/ ?&374'.5 =4230#2 %'#$3'%5 /41*(0 .,%' 3$,;% 4- '(
>,1*(0&$>&%'(&>'#%#&420&-%$0,(0&,%@
!- =4230#2 /(>;41(0 %'( >'#%# #2 %'( -%41* #? "##*-5 '( 2#:
%,1(0 .,%' -$/>/,-( %'( 9(;;#. "##*;(% #2 %#>k4 %4%%(/(0 >;49:
",;; ?/#6 %'( =#20#2 d;#"( N'(4%/(@ !11#/0,23 %# %'( 1#8(/5 ,%
.4- ?#/ 4 >/#0$1%,#2 #? D'4*(->(4/(G- > ?.(*;::#3 S.B+50*
<3#&: L&-%43(0&2(4/;9&%.(2%9:?,8(&9(4/-&43#@
D1/4.;(0 41/#-- %'( %#> #? %'( >;49",;; .4- 4 '420./,%%(2
6(--43( ,2 \43,1 \4/*(/^ "9##5+#&35C '#8#3 -43B#5 )4;03# &
:.3&7,#/
=4230#2 >,1*(0 $> %'( >;49",;;5 420 4 -%41* #? >/(-- 1;,>:
>,23- ?(;; #$% #2%# %'( 0(-*@ 7( I$,1*;9 %/,(0 %# /(>;41( %'(65
"$% 4- '( #>(2(0 %'( "##*;(% %# %'( .(4%'(/(0 >43( .'(/( %'(
1;,>>,23-&'40&"((25&'(&-%#>>(0&-'#/%@
7( .4- -%4/,23 4% 4 14-% >'#%# #? %'( 1',;0 41%#/ >#/%/49,23
D'4*(->(4/(G- 6,-1',(8#$- ->/,%( O$1*@ N'( >'#%# -'#.(0 4
9#$23 3,/; .'# 1#$;0 2#% '48( "((2 6#/( %'42 ?,8(5 '(/ ";#20
'4,/&,2&4&?46,;,4/&>#29%4,;@
N'(&%(B%&"(;#.&'(/&>'#%#&/(40^ >%*5&3%.*%D43'@
N'( ",# .4- 4 3$-',23 411#$2% #? 4 1',;0 %'(4%(/ >/#0,39kD,:
(224 )/##*-k.,%' 42 #??:%'(:1'4/% aq5 .'# '405 ,2 4 -,23;(
2,3'%5 6(6#/,K(0 (8(/9 1'4/41%(/G- ;,2(- 4205 0$/,23 ,2,%,4;
 UR[VZY
/('(4/-4;-5 #?%(2 1$(0 '(/ ?(;;#. 14-% 6(6"(/-@ !6#23 %',-
?,8(:9(4/:#;0G- '#"",(- .(/( 8,#;,25 1'(--5 ",#;#395 420 1'(6:
,-%/9@ N'( 1',;0 #? 4 .(4;%'9 1#$>;( ,2 %'( =#20#2 -$"$/" #?
);41*'(4%'5 %'( 3,/; .4- 4;/(409 4 1(;("/,%9 ,2 -1,(2%,?,1 1,/1;(-e
4% %'( 43( #? ?#$/5 -'( '40 "(4% 4 1'(-- 3/420 64-%(/ 4% ',- #.2
346(&420&.4-&/(40,23&,2&%'/((&;423$43(-@
?) I4(5 =4230#2 %'#$3'%@ ".#''&/ 1+&5 #\6,&.'* & -#9
5+.'B*/
=4230#2 /(14;;(0 #2( #? 74/84/0G- 6#-% ?46#$- 3/40$4%(-
'40 "((2 4 1',;0 >/#0,39 246(0 D4$; `/,>*(5 .'# 4% %'( 43( #?
-,B '40 %4$3'% ',6-(;? 7("/(. 420 /(40 4;; #? %'( .#/*- #?
H(-14/%(- "9 %'( 43( #? %.(;8(@ \#/( /(1(2%;95 =4230#2 /(:
14;;(0 /(40,23 4"#$% 4 9#$23 >'(2#6 246(0 \#-'( `4, M484;:
,25 .'#5 4% 43( (;(8(25 '40 (4/2(0 4 1#;;(3( 0(3/(( .,%' 4 T@Z
3/40(:>#,2% 48(/43( 420 .#2 4 24%,#24; %,%;( ,2 64/%,4; 4/%-5
4205&4%&?#$/%((25&>$";,-'(0&4&"##*&%,%;(0 O#%=&'%<4/
=4230#2 >,1*(0 $> 42#%'(/ >/(-- 1;,>>,235 4 2(.->4>(/ 4/%:
,1;( .,%' 4 >'#%# #? D,(224 4% 43( -(8(2^ M7a=H dPAahD HaDO=!]D RZX
aq@
=4230#2 '40 "((2 $24.4/( %'4% aq- (8(2 .(2% %'4% ',3'@
!11#/0,23 %# %'( 4/%,1;(5 D,(224 )/##*- .4- 4 8,/%$#-# 8,#;,2,-%5
1#$;0 64-%(/ 4 2(. ;423$43( ,2 4 6#2%'5 420 .4- %(41',23
'(/-(;?&424%#69&420&>'9-,#;#39@
7( ;##*(0 4% 42#%'(/ 1;,>>,23 ?/#6 4 6(0,14; C#$/24;^ N7P
EhNh<P&FE&N7Fhd7N^&AFN&!==&\aAHD&!<P&M<P!NPH&Pqh!=@
N',- 4/%,1;( '40 4 >'#%# #? D,(2245 2#. 649"( %(2 9(4/- #;05
-%,;; 4 %#.'(405 -%420,23 "(-,0( 4 ;4/3( >,(1( #? 6(0,14; 4>>4/:
4%$-@ N'( 4/%,1;( 1#2%4,2(0 42 ,2%(/8,(. .,%' 4 0#1%#/5 .'# (B:
>;4,2(0 %'4% OPN -142- #? D,(224G- 1(/("(;;$6 /(8(4;(0 %'4% ,%
.4- 6+)*.7&,,) 0,??(/(2% ?/#6 #%'(/ 1(/("(;;45 ,2 '(/ 14-( 4 ;4/:
3(/5 6#/( -%/(46;,2(0 #/342 14>4";( #? 642,>$;4%,23 8,-$4;:
->4%,4; 1#2%(2% ,2 .49- %'4% 6#-% '$642 "(,23- 1#$;0 2#% "(:
3,2 %# ?4%'#6@ N'( 0#1%#/ (I$4%(0 D,(224G- >'9-,#;#3,14; 40:
842%43( %# 42 $2$-$4;;9 411(;(/4%(0 1(;;$;4/ 3/#.%' ,2 '(/
 US[VZY
"/4,25 6$1' ;,*( 4 1421(/5 (B1(>% %'4% ,% 411(;(/4%(0 3/#.%' #?
"(2(?,1,4;&"/4,2&%,--$(&/4%'(/&%'42&0423(/#$-&1421(/&1(;;-@
=4230#2&?#$20&4&1;,>>,23&?/#6&4&-64;;:%#.2&2(.->4>(/@
N7P&Mh<DP&FE&)<a==a!AMP@
N'(/( .4- 2# >'#%# %',- %,6(5 "$% %'( -%#/9 %#;0 #? 4 9#$23
3(2,$-5 D,(224 )/##*-5 .'# '40 %/,(0 %# 4%%(20 /(3$;4/ -1'##;-
"$% .4- %(4-(0 "9 #%'(/ -%$0(2%- "(14$-( -'( 0,02G% ?,% ,2@ a%
%4;*(0 4"#$% %'( ,-#;4%,#2 ?(;% "9 3,?%(0 9#$23 >(#>;( .'#-( -#:
1,4; -*,;;- 1#$;0 2#% *((> $> .,%' %'(,/ ,2%(;;(1%- 420 .'# .(/(
#?%(2&#-%/41,K(0@
D,(2245 411#/0,23 %# %',- 4/%,1;(5 '40 /$2 4.49 ?/#6 '#6( 4%
%'( 43( #? (,3'%5 420 '40 "((2 -64/% (2#$3' %# ;,8( #2 '(/ #.2
$20,-1#8(/(0 ?#/ %(2 049-@ D'( '40 "((2 ?#$20 ,2 42 $>-14;(
=#20#2 '#%(;5 .'(/( -'( '40 >/(%(20(0 %# "( %'( 04$3'%(/ #? 4
3$(-%5 -%#;(2 4 *(95 420 .4- #/0(/,23 /##6 -(/8,1( #2 -#6(#2(
(;-(G- 411#$2%@ !>>4/(2%;9 -'( '40 ->(2% %'( .((* /(40,23 4;;
Q5VZZ >43(- #? I3&)0* >'&54:)@ +'(2 4$%'#/,%,(- 4-*(0 .'9
-'( .4- /(40,23 6(0,14; %(B%-5 -'( %#;0 %'(6 -'( .42%(0 %# ?,3:
$/(&#$%&.'4%&.4-&./#23&.,%'&'(/&"/4,2@
=4230#2G- '(4/% .(2% #$% %# %'( ;,%%;( 3,/;@ 7( 1#$;02G% ,64:
3,2( '#. ;#2(;9 ,% 6$-% "( ?#/ 4 1',;0 %# "( -# >/#?#$20;9 0,?:
?(/(2%@ 7( /(?#;0(0 %'( 4/%,1;(-5 >4$-,23 ?#/ #2( ;4-% ;##* 4% %'(
>'#%# #? %'( ?,8(:9(4/:#;0 D,(224 ,2 %'( /#;( #? O$1*@ =4230#2
'40 %# 406,%5 1#2-,0(/,23 %'( -$//(4; I$4;,%9 #? ',- (21#$2%(/
.,%' D,(224 %',- 6#/2,235 %'4% '(/ /#;( 4- %'( 6,-1',(8#$-5
0/(46:,20$1,23 ->/,%( -((6(0 -%/423(;9 4>%@ =4230#2 #2;9
.,-'(0 %'4% '(5 ;,*( %'( 1'4/41%(/- ,2 %'( >;495 1#$;0 2#.
-,6>;9 .4*( $> 420 >/(%(20 %'4% ',- 6#-% /(1(2% (B>(/,(21(-
.(/(&4;;&4&0/(46@
=4230#2 14/(?$;;9 /(>;41(0 4;; %'( 1;,>>,23- #2 %'( >/#>(/
>43( 420 1;#-(0 %'( >;49",;;5 ?((;,23 42 $2(B>(1%(0 6(;421'#;9
4- '( 434,2 -4. %'( 2#%( #2 %'( 1#8(/^ "9##5+#&35C '#8#3 -43V
B#5%)4;03#%&%:.3&7,#/
 UT[VZY
7,- (9(- 6#8(0 0#.2 %# %'( ?46,;,4/ -96"#; 40#/2,23 %'(
1#8(/ #? %'( >;49",;;@ a% .4- %'( -46( (4/;9 d/((* >,1%#3/46
%'4% 40#/2(0 6#-% >;49",;;- 4/#$20 %'( .#/;0k4 R5UZZ:9(4/:
#;0 -96"#; %'4% '40 "(1#6( -92#296#$- .,%' 0/464%,1
%'(4%(/@
T#%:&*7+#3#/

=4230#2 ;##*(0 4% %'( ,1#2,1 ?41(- #? M#6(09 420 N/43(09

34K,23 $> 4% ',65 420 -$00(2;9 '( '(4/0 4 -%/423( '$66,23 ,2
',- (4/-k4- ,? 4 .,/( .(/( -;#.;9 "(,23 >$;;(0 %4$% ,2-,0( ',-
6,20@ ! -%4" #? >4,2 (/$>%(0 ,2-,0( ',- -*$;;@ g,-,#2- #? 4 64-*
?;#4%(0 "(?#/( ',- (9(-@ =4230#2 34->(0 420 /4,-(0 ',- '420-5
-,%%,23 0#.2 ,2 %'( 0(-* 1'4,/ 420 1;#-,23 ',- (9(- %,3'%;95
1;$%1',23&4%&',-&-14;>@
a2 ',- 04/*2(--5 %'( ",K4//( 8,-,#2- /(%$/2(0 .,%' 4 ?$/9 L
-%4/*&420&8,8,0@
N'( -,;8(/:'4,/(0 .#642 .,%' %'( 46$;(% .4- 14;;,23 %# ',6
434,2 ?/#6 41/#-- 4 ";##0/(0 /,8(/@ 7(/ -'#$%- #? 0(->(/4%,#2
>,(/1(0 %'( >$%/,0 4,/5 1;(4/;9 4$0,";( #8(/ %'( -#$20- #? %'(
%#/%$/(0 420 09,235 .'# %'/4-'(0 ,2 43#29 4- ?4/ 4- %'( (9(
1#$;0 -((@ =4230#2 434,2 -4. %'( $>-,0(:0#.2 ;(3- 40#/2(0
.,%' %'( ;(%%(/ P5 %'( '4;?:"$/,(0 "#09 >(04;,23 ,%- ;(3- ,2 .,;0
0(->(/4%,#2&,2&%'(&4,/@
"##$ &'( -.'(F %'( .#642 14;;(0 %# =4230#2@ 1.:# .* 3;'V
'.'B%4;5F
=4230#2 434,2 ?(;% %'( #8(/.'(;6,23 2((0 %# '(;> '(/ L %#
'(;> #8#3)4'#@ E/42%,15 '( -'#$%(0 "41* %# '(/ 41/#-- %'(
";##0/(0&/,8(/@ O+4%&3#%)4;LF
 UU[VZY
F21( 434,25 %'( .#642 /(41'(0 $> 420 ;,?%(0 '(/ 8(,; %# /(:
8(4;&%'(&-46(&-%/,*,23&8,-43(&%'4%&=4230#2&'40&-((2&(4/;,(/@
2%&:%,.-#5&-'(&-4,0@
+,%'#$% .4/2,235 4 1#;#--4; ,643( 64%(/,4;,K(0 ,2 %'( -*9
4"#8( '(/k4 ?(4/-#6( 64-* .,%' 4 ;#235 "(4*;,*( 2#-( 420 %.#
?,(/9&3/((2&(9(-5&.',1'&-%4/(0&";42*;9&#$%&4%&=4230#2@
>'(%E%2%&:%(#&5+5&%'(&8#,1(&"##6(0@
 M7!ONP< X

=!AdHFAGD P]PD D7FN #>(25 420 '( 0/(. 4 -%4/%;(0 "/(4%'@ 7( .4-
-%,;; -(4%(0 4% D,(224G- 0(-*5 '(40 ,2 ',- '420-5 '(4/% >#$20,23
.,;0;9@
O+&5%5+#%+#,,%.*%+&66#'.'B%54%:#L
N'( ,643(- #? %'( -,;8(/:'4,/(0 .#642 420 %'( "(4*(0 64-*
;,23(/(0 ,2 ',- 6,20@ 2 &: ,.-#/ 2 &: (#&5+/ 7( %/,(0 %# -'4*(
%'( 8,-,#25 "$% ,% ?(;% -(4/(0 >(/642(2%;9 ,2%# ',- 6,20@ F2 %'(
0(-*&"(?#/(&',65&%'(&>;49",;;G-&%.#&64-*-&-%4/(0&$>&4%&',6@
M4;3 :#:43.#* 9.,, D# :;((,#( &'( ;'7&5&,4B#(5 D,(224
'40 %#;0 ',6@ Z&*5C 63#*#'5C &'( .:&B.'&5.4' &,, :.\#(
54B#5+#3/
=4230#2&?(;%&0,KK9@
D#6(.'(/( ,2 %'( 4>4/%6(2%5 4 >'#2( .4- /,23,23@ a% .4- 4
>,(/1,235&#;0:?4-',#2(0&/,235&1#6,23&?/#6&%'(&*,%1'(2@
iD,(224nlj&=4230#2&14;;(0&#$%5&-%420,23&$>@
A# /(->#2-(@ D'( '40 2#% 9(% /(%$/2(0@ !?%(/ #2;9 %.# /,23-5
42&42-.(/,23&641',2(&>,1*(0&$>@
Q=.&4C *4'4 .4CR D,(224G- 8#,1( '4>>,;9 0(1;4/(0 #2 '(/ #$%:
3#,23&6(--43(@ QT&*7.&5#:.%;'%:#**&BB.4%#%8.%3.7+.&:#3]/R
N'(/( .4- 4 "((>5 420 4 >42,1*(0 .#642 "(342 ;(48,23 4
6(--43( ,2 4 %',1* P4-%(/2 P$/#>(42 411(2%@ 7(/ 8#,1( (1'#(0
0#.2&%'(&'4;;@
iD,(2245 ((K H42,*#84l +'(/( 9#$nl P(K %(//,";(l ]#$/
?/,(20 H/@ \4/1#2,5 '( 0(40l 7#->,%4; 3#,23 1/444K9l O#;,1(
1#6( '(/(l O(#>;( %(;;,23 %'(6 9#$ /$22,23 #$% %/9,23 %# -48(
6&5.#'5nl +'9ln ]#$ 0#2G% *2#. ',6l A#. >#;,1( .42% %# %4;*
%# )4;l N'(9 %4*( (6>;#9(( ?,;(l a *2#. ,2?#/64%,#2
./#23k"40 400/(--5 2# 2$6"(/-5 ?4*( .#/*,23 8,-4k-# %'(9
 UW[VZY
2# ?,20 9#$ %#0495 "$% -##2 %'(9 ?,20l a %/9 %# .4/2 9#$@ D#
-#//95&D,(224@j
N'(&14;;&(20(0@
=4230#2 ?(;% 4 ?/(-' .48( #? /(6#/-( (23$;?,23 ',6@ E/#6
%'( -#$20- #? %'( 6(--43(5 H/@ \4/1#2, '40 "((2 >(/6,%%,23
D,(224 %# .#/* 4% %'( '#->,%4;@ A#. =4230#2G- >/(-(21( '40
1#-% \4/1#2, ',- ;,?(5 420 D,(224G- ,2-%,21% %# -48( 4 -%/423(/
'40&0,/(&,6>;,14%,#2-&?#/&'(/&?$%$/(@
_$-% %'(2 4 0##/ 1;#-(0 ;#$0;9 4% %'( ?4/ (20 #? %'(
4>4/%6(2%@
"+#0*%D&7$/
! 6#6(2% ;4%(/5 %'( 42-.(/,23 641',2( ";4/(0@ iD,(2245 ((K
H42,*#84l&+'(/(&9#$nlj
=4230#2 .,21(05 *2#.,23 .'4% D,(224 .4- 4"#$% %# '(4/@ !-
%'( 6(--43( >;49(05 =4230#2 I$,1*;9 >$% 4.49 %'( >;49",;;5
2(4%(2,23 %'( 0(-*@ N'(2 '( -;,>>(0 "41* 41/#-- %'( '4;; ,2%#
%'( "4%'/##65 ?((;,23 $21#6?#/%4";( 4"#$% ',- 3;,6>-( ,2%# D,:
(224G-&>4-%@
N(2 -(1#20- ;4%(/5 %'(/( .4- 4 -#?% *2#1* #2 %'( "4%'/##6
0##/@
iaG;; ;(48( 9#$/ 1;#%'(- #2 %'( 0##/*2#"5j D,(224 -4,05 '(/
8#,1(&/433(0&.,%'&(6#%,#2@
iN'42*&9#$&-#&6$1'5j&=4230#2&/(>;,(0@
i+'(2 9#$G/( 0#2(5 >;(4-( 1#6( #$% %# %'( *,%1'(25j -'( 40:
0(0@ iN'(/(G- -#6(%',23 ,6>#/%42% a 2((0 %# -'#. 9#$ "(?#/(
.(&14;;&429#2(@j

D,(224 .4;*(0 %,/(0;9 0#.2 %'( '4;; %# %'( 4>4/%6(2%G- 6#0(-%

"(0/##6@ <(%/,(8,23 4 >4,/ #? ";$( C(42- 420 4 -.(4%(/ ?/#6
%'(&0/(--(/5&-'(&14//,(0&%'(6&,2%#&'(/&"4%'/##6@
 UX[VZY
=#1*,23 '(/ (9(- .,%' '(/ #.2 /(?;(1%,#2 ,2 %'( 6,//#/5 -'(
/(41'(0 $>5 3/4""(0 4 1;$%1' #? '(/ %',1* ";#20 >#29%4,;5 420
>$;;(0&0#.2&'4/05&-;,0,23&%'(&.,3&?/#6&'(/&"4;0&-14;>@
! '4,/;(-- %',/%9:%.#:9(4/:#;0 .#642 -%4/(0 "41* 4% '(/
?/#6&%'(&6,//#/@
D,(224 '40 (20$/(0 2# -'#/%43( #? 1'4;;(23(- ,2 '(/ ;,?(5 420
4;%'#$3' -'( '40 %/4,2(0 '(/-(;? %# /(;9 #2 ,2%(;;(1% %# #8(/:
1#6( '4/0-',>5 '(/ 1$//(2% >/(0,146(2% '40 -'4*(2 '(/ #2 4
0((>;9&(6#%,#24;&;(8(;@
D'( -(% %'( .,3 4-,0( 420 .4-'(0 '(/ ?41( 420 '420-@ !?%(/
0/9,23 #??5 -'( 1'423(0 '(/ 1;#%'(- 420 >$% %'( .,3 "41* #25
-%/4,3'%(2,23 ,% 14/(?$;;9@ D(;?:>,%9 .4- 42 ,6>$;-( D,(224 -(;:
0#6 %#;(/4%(05 "$% 2#.5 4- %'( %(4/- .(;;(0 $> ?/#6 0((> .,%':
,25&-'(&*2(.&-'(&'40&2#&1'#,1(&"$%&%#&;(%&%'(6&1#6(@
!20&-#&-'(&0,0@
D'(&1/,(0&?#/&%'(&;,?(&-'(&1#$;0&2#%&1#2%/#;@
D'(&1/,(0&?#/&%'(&6(2%#/&.'#&'40&0,(0&"(?#/(&'(/&(9(-@
D'(&1/,(0&?#/&%'(&>/#?#$20&;#2(;,2(--&%'4%&?,;;(0&'(/&'(4/%@
)$%5 4"#8( 4;;5 -'( 1/,(0 ?#/ %'( ?$%$/( L .',1' -$00(2;9 ?(;%
-#&$21(/%4,2@
 M7!ONP< Y

)P=F+HPM`D FA N7P ;$B$/9 8(--(; 1+# ?#'(&7.;:5 ?41,;,%4%#/

=4$/(21( `2#.;%#2 -4% ,2 ',- -(4;(0 3;4-- 1$",1;( 420 -%4/(0 ,2
0,-"(;,(? 4% ',- 1#6>$%(/ 6#2,%#/5 '48,23 C$-% >/(8,(.(0 %'(
8,0(#&%'(,/&1;,(2%&'40&;(?%&"(',20@
20: *;664*#( 54 ;6,4&( 5+.* 54 5+# :#(.& 54:43349
:43'.'BL
a2 ',- %(2 9(4/- .,%' %'( M#2-#/%,$65 `2#.;%#2 '40 >(/:
?#/6(0 4;; *,20- #? -%/423( %4-*- %'4% '( *2(. ?(;; -#6(.'(/(
"(%.((2 0,-'#2(-% 420 ,;;(34;@ +#/*,23 .,%',2 4 6#/4; 3/49
4/(4 .4- 1#66#2>;41( 4% %'( M#2-#/%,$6k42 #/342,K4%,#2
.'#-( ;#2( (%',14; ',3' 3/#$20 .4- %'4% %'(9 .#$;0 0#
.'4%(8(/&,%&%##*&%#&*((>&4&>/#6,-(&%#&4&1;,(2%@
O#%-4,,49%5+34;B+/%S4%^;#*5.4'*%&*$#(/%S4%:&55#3%9+&5/
N'( >/#->(1% #? $>;#40,23 %',- 8,0(#5 '#.(8(/5 '40 ;(?%
`2#.;%#2 $2-(%%;(0@ a2 %'( >4-%5 2# 64%%(/ .'4% ",K4//( %4-*-
'( '40 >(/?#/6(05 '( 4;.49- $20(/-%##0 %'( /4%,#24;( L
3/4->(0&%'(&6#%,8(-&L&1#6>/('(20(0&%'(&0(-,/(0&#$%1#6(@
!20&9(%&%',-&8,0(#&.4-&"4??;,23@
D#6(%',23&4"#$%&,%&?(;%&0,??(/(2%@
\$1'&0,??(/(2%@
D,%%,23 "41* 0#.2 4% ',- 1#6>$%(/5 `2#.;%#2 /(-%4/%(0 %'(
8,0(# ?,;(5 '#>,23 4 -(1#20 8,(.,23 6,3'% -'(0 6#/( ;,3'%@ 7(
%$/2(0&$>&%'(&8#;$6(&420&-(%%;(0&,2&?#/&%'(&2,2(:6,2$%(&-'#.@
!- "(?#/(5 %'( 8,0(# "(342 .,%' %'( -#?% ;4>>,23 #? .4%(/ ,2
%'( ((/,( .4%(/:?,;;(0 148(/2 .'(/( (8(/9%',23 .4- "4%'(0 ,2 4
2$6,2#$- /(0 ;,3'%@ !34,2 %'( 146(/4 >;$23(0 0#.2 %'/#$3'
%'( -$/?41( #? %'( ,;;$6,24%(0 .4%(/ %# 8,(. %'( -,;%:1#8(/(0
 VZ[VZY
?;##/ #? %'( 148(/2@ !20 434,25 `2#.;%#2 /(40 %'( %(B% #2 %'(
-$"6(/3(0&>;4I$(^

aA&N7aD&O=!MP5&FA&N7aD&H!NP5
N7P&+F<=H&+!D&M7!AdPH&EF<PgP<@

N'4% %'( >#;,-'(0 >;4I$( .4- -,32(0 "9 %'( M#2-#/%,$6G- 1;,:
(2% .4- 0,-I$,(%,23@ N'4% %'( 04%( .4- 54:43349 L ;(?% `2#.:
;%#2 ,21/(4-,23;9 1#21(/2(0@ a% .4- .'4% ?#;;#.(05 '#.(8(/5
%'4%&'40&%/$;9&-(%&`2#.;%#2&#2&(03(@
N'( 146(/4 2#. >422(0 %# %'( ;(?% %# /(8(4; 4 -%4/%;,23 #"C(1%
'#8(/,23&$20(/.4%(/&C$-%&"(-,0(&%'(&>;4I$(@
7(/(5 %(%'(/(0 %# %'( ?;##/ "9 4 -'#/% ?,;46(2%5 .4- 42 $20$:
;4%,23 ->'(/( #? %',2 >;4-%,1@ H(;,14%( 420 .#"";,23 ;,*( 42
#8(/-,K( -#4> "$"";(5 %'( %/42->4/(2% -'4>( ?;#4%(0 ;,*( 42 $2:
0(/.4%(/ "4;;##2 L ,2?;4%(0 2#% .,%' '(;,$65 "$% .,%' -#6(
*,20 #? 3(;4%,2#$-5 9(;;#.:"/#.2 ;,I$,0@ N'( 46#/>'#$- "43
.4- 0,-%(20(0 420 4>>(4/(0 %# "( 4"#$% 4 ?##% ,2 0,46(%(/5
420 .,%',2 ,%- %/42->4/(2% .4;;-5 %'( 6$/*9 1;#$0 #? ;,I$,0
-((6(0&%#&-.,/;&-;#.;95&;,*(&%'(&(9(&#?&4&-,;(2%;9&3/#.,23&-%#/6@
_#*;*5 `2#.;%#2 %'#$3'%5 ?((;,23 1;4669@ N'( -$->(20(0
"43&;##*(0&(8(2&6#/(&#6,2#$-&%'(&-(1#20&%,6(&4/#$20@
D;#.;95&%'(&,643(&?40(0&%#&";41*@
! 2(. ,643( 4>>(4/(0k%'( 148(/2G- 046> .4;;5 0421,23
.,%' %'( /,>>;,23 /(?;(1%,#2- #? %'( ,;;$6,24%(0 ;43##2@ F2 %'(
.4;;5 4 -'40#. 4>>(4/(0 L %'( -'40#. #? 4 642 L -%420,23 ,2
%'(&148(/2@
)$%&%'(&642G-&'(40&.4-&6,--'4>(2&L&"40;9@
a2-%(40 #? 4 2#-(5 %'( 642 '40 4 ;#23 "(4* L 4- ,? '( .(/(
'4;?&",/0@
+'(2 '( ->#*(5 ',- 8#,1( .4- 6$??;(0 L 420 '( ->#*( .,%'
42 ((/,( (;#I$(21( L 4 6(4-$/(0 140(21( L 4- ,? '( .(/( %'(
24//4%#/&,2&-#6(&*,20&#?&1;4--,14;&1'#/$-@
 VQ[VZY
`2#.;%#2 -4% 6#%,#2;(--5 "4/(;9 "/(4%',235 4- %'( "(4*(0
-'40#.&->#*(@

a&46&%'(&D'40(@
a? 9#$ 4/( .4%1',23 %',-5 %'(2 ,% 6(42- 69 -#$; ,- ?,24;;9 4%
/(-%@
H/,8(2 $20(/3/#$205 a 6$-% ->(4* %# %'( .#/;0 ?/#6 0((>
.,%',2 %'( (4/%'5 (B,;(0 %# %',- 3;##69 148(/2 .'(/( %'(
";##0/(0&.4%(/-&1#;;(1%&,2&%'(&;43##2&%'4%&/(?;(1%-&2#&-%4/-@
)$% %',- ,- 69 >4/40,-( L %'( >(/?(1% .#6" ?#/ 69 ?/43,;(
1',;0@
a2?(/2#@
D##2&9#$&.,;;&*2#.&.'4%&a&'48(&;(?%&"(',20@
!20 9(%5 (8(2 '(/(5 a -(2-( %'( ?##%?4;;- #? %'( ,32#/42% -#$;-
.'# >$/-$( 6( L .,;;,23 %# -%#> 4% 2#%',23 %# %'.4/% 69
41%,#2-@
E#/3,8( %'(65 9#$ 6,3'% -495 ?#/ %'(9 *2#. 2#% .'4% %'(9
0#@ )$% %'(/( 1#6(- 4 6#6(2% ,2 ',-%#/9 .'(2 ,32#/421( ,- 2#
;#23(/ 4 ?#/3,84";( #??(2-( L 4 6#6(2% .'(2 #2;9 .,-0#6
'4-&%'(&>#.(/&%#&4"-#;8(@
+,%' >$/,%9 #? 1#2-1,(21(5 a '48( "(I$(4%'(0 %# 9#$ 4;; %'(
3,?%&#?&7#>(5&#?&-4;84%,#25&#?&%#6#//#.@
!20 9(% -%,;; %'(/( 4/( %'#-( .'# '$2% 6( ;,*( 4 0#35 ?$(;(0
"9 %'( -(;?:/,3'%(#$- "(;,(? %'4% a 46 4 640642@ N'(/( ,- %'(
-,;8(/:'4,/(0 "(4$%9 .'# 04/(- 14;; 6( 6#2-%(/l =,*( %'(
";,20 1;(/,1- .'# ;#"",(0 ?#/ %'( 0(4%' #? M#>(/2,1$-5 -'(
-1#/2- 6( 4- 4 0(6#25 %(//,?,(0 %'4% a '48( 3;,6>-(0 %'(
N/$%'@
)$%&a&46&2#%&4&>/#>'(%@
a&46&9#$/&-4;84%,#2@
a&46&%'(&D'40(@
 M7!ONP< QZ

i7!gP&!&DP!Nj5&D,(224&-4,0@&ia&'48(&-#6(&I$(-%,#2-&?#/&9#$@j
!- =4230#2 (2%(/(0 %'( *,%1'(25 '( ?(;% 6$1' -%(40,(/ #2 ',-
?((%@ 7( .4- .(4/,23 %'( 2(,3'"#/G- )/,#2, -$,%5 .',1' ?,% /(:
64/*4";9 .(;;@ P8(2 %'( ;#4?(/- .(/( 1#6?#/%4";(5 420 =423:
0#2 640( 4 6(2%4; 2#%( %# -.,%1' %# a%4;,42 ?##%.(4/ .'(2 '(
3#%&'#6(@
2-%2%B#5%+4:#5&'(&%'#$3'%@
D,(224 .4- %/42-?#/6(0k4 24%$/4; "(4$%9k'48,23 1'423(0
,2%# ?#/6?,%%,23 C(42- 420 4 1/(46:1#;#/(0 -.(4%(/5 "#%' #?
.',1' 1#6>;(6(2%(0 '(/ ;,%'( ?,3$/(@ 7(/ '4,/ .4- -%,;; >$;;(0
"41* ,2 4 >#29%4,;5 420 .,%'#$% %'( 4$%'#/,%4%,8( 4,/ #? 6(0,14;
-1/$"-5 -'( -((6(0 6#/( 8$;2(/4";( -#6('#.@ =4230#2 2#:
%,1(0 '(/ (9(- .(/( /(05 4- ,? -'( '40 "((2 1/9,235 420 42 #8(/:
.'(;6,23&3$,;%&434,2&3/,>>(0&',6@
iD,(2245 aG6 -# -#//9@ a '(4/0 %'( >'#2( 6(--43(@ a 0#2G%
*2#.&.'4%&%#&-49@j
iN'42*-5j -'( /(>;,(0@ i)$% .( 2((0 %# ?#1$- #2 )4; 4% %'(
6#6(2%@&O;(4-(&-,%&0#.2@j
7(/ %#2( .4- ?,/6(/ 2#.5 1#2C$/,23 6(6#/,(- #? %'( 4/%,1;(-
=4230#2 '40 C$-% /(40 4"#$% '(/ ,2%(;;(1% 420 >/(1#1,#$-
1',;0'##0@
ia 2((0 9#$ %# %',2*5j D,(224 -4,05 6#%,#2,23 ?#/ ',6 %# -,%@
iM42&9#$&/(6(6"(/&'#.&.(&3#%&%#&%',-&4>4/%6(2%nj
=4230#2 .4-2G% -$/( '#. ,% .4- /(;(842%@ ia2 4 %4B,5j '( -4,05
-,%%,23&0#.2&4%&%'(&%4";(@&iD#6(#2(&.4-&-'##%,23&4%&$-@j
iD'##%,23&4% )4;5&O/#?(--#/@&=(%G-&"(&1;(4/&#2&%'4%@j
i](-@&D#//9@j
 VS[VZY
i!20 0# 9#$ /(6(6"(/ 429 3$2-'#%- .',;( 9#$ .(/( ,2 %'(
14"nj
K(( ^;#*5.4'/ i](-5 %.# #? %'(6@ F2( ',% %'( -,0( 6,//#/5
420&%'(&#%'(/&"/#*(&%'(&/(4/&.,20#.@j
id##05&2#.&1;#-(&9#$/&(9(-@j
=4230#2 /(4;,K(0 -'( .4- %(-%,23 ',- 6(6#/9@ 7( 1;#-(0 ',-
(9(-@
i+'4%&46&a&.(4/,23nj
=4230#2 1#$;0 -(( '(/ >(/?(1%;9@ i);41* ?;4%-5 ";$( C(42-5 420
4 1/(46 g:2(1* -.(4%(/@ ]#$/ '4,/ ,- ";#205 -'#$;0(/ ;(23%'5
>$;;(0&"41*@&]#$/&(9(-&4/(&"/#.2@j
=4230#2 #>(2(0 ',- (9(- 420 -%$0,(0 '(/5 >;(4-(0 %# -(( ',-
(,0(%,1&6(6#/9&.4-&?$21%,#2,23&2#/64;;9@
id##0@ ]#$/ 8,-$4; 1#32,%,8( ,6>/,2%,23 ,- (B1(;;(2%5 .',1'
1#2?,/6- 9#$/ 462(-,4 ,- ?$;;9 /(%/#3/40(5 420 9#$ '48( 2#
>(/642(2% 04643( %# %'( 6(6#/9:64*,23 >/#1(--@ 748( 9#$
/(14;;(0&429%',23&2(.&?/#6&%'(&;4-%&?(.&049-nj
iA#5 $2?#/%$24%(;9@ a 0,0 '48( 42#%'(/ .48( #? 8,-,#2- .',;(
9#$&.(/(&3#2(5&%'#$3'@j
=4230#2 %#;0 '(/ 4"#$% %'( /(1$//(21( #? ',- '4;;$1,24%,#2 #?
%'( 8(,;(0 .#6425 %'( %'/#23- #? 0(40 >(#>;(5 420 %'(
./,%',235 '4;?:"$/,(0 ;(3- 64/*(0 .,%' %'( ;(%%(/ P@ N'(2 '(
%#;0&'(/&4"#$%&%'(&-%/423(5&"(4*(0&64-*&'#8(/,23&,2&%'(&-*9@
i&oa&46&0(4%'Gnj&D,(224&4-*(05&;##*,23&%/#$";(0@
iN'4%G-&.'4%&,%&-4,05&9(-@j
iF*49 L a 3$(-- %'4% "(4%- oa 46 g,-'2$5 0(-%/#9(/ #?
.#/;0-@G&j
N'( 9#$23 .#642 '40 C$-% I$#%(0 <#"(/% F>>(2'(,6(/ 4%
%'(&6#6(2%&'(&%(-%(0&%'(&?,/-%&4%#6,1&"#6"@
i!20 %',- "(4*:2#-(0 L 3/((2:(9(0 64-*nj D,(224 -4,05
;##*,23 >$KK;(0@ iH# 9#$ '48( 429 ,0(4 .'9 9#$/ 6,20 6,3'%
'48(&1#2C$/(0&%'4%&,643(nj
iA# ,0(4 4% 4;;5 "$% %'4% -%9;( #? 64-* .4- I$,%( 1#66#2 ,2
%'(&\,00;(&!3(-@j&=4230#2&>4$-(0@&ia%G-&14;;(0&4&>;43$(&64-*@j
 VT[VZY
D,(224&;##*(0&-%/423(;9&$22(/8(0@&i!&>;43$(&64-*nj
=4230#2 I$,1*;9 (B>;4,2(0 %'4% ,2 ',- .#/;0 #? -96"#;-5 %'(
$2,I$( -'4>( #? %'( ;#23:"(4*(0 64-* .4- 2(4/;9 -92#296#$-
.,%' %'( );41* H(4%'k%'( 0(40;9 >;43$( %'4% -.(>% %'/#$3'
P$/#>( ,2 %'( QSZZ-5 *,;;,23 #?? 4 %',/0 #? %'( >#>$;4%,#2 ,2
-#6( /(3,#2-@ \#-% "(;,(8(0 %'( i";41*j ,2 );41* H(4%' .4- 4
/(?(/(21( %# %'( 04/*(2,23 #? %'( 8,1%,6-G ?;(-' %'/#$3' 342:
3/(2( 420 -$"(>,0(/64; '(6#//'43(-5 "$% ,2 ?41% %'( .#/0
D,&7$ .4- 4 /(?(/(21( %# %'( >/#?#$20 (6#%,#24; 0/(40 %'4% %'(
>420(6,1&->/(40&%'/#$3'&%'(&>#>$;4%,#2@
iN'4% ;#23:"(4*(0 64-*5j =4230#2 -4,05 i.4- .#/2 "9 6(0,:
(84; >;43$( 0#1%#/- %# *((> %'( >(-%,;(21( ?4/ ?/#6 %'(,/ 2#-:
%/,;- .',;( %/(4%,23 %'( ,2?(1%(0@ A#.4049-5 9#$ #2;9 -(( %'(6
.#/2 4- 1#-%$6(- 0$/,23 g(2,1( M4/2(84;(k42 ((/,( /(6,20(/
#?&4&3/,6&>(/,#0&,2&a%4;9G-&',-%#/9@j
i!20 9#$G/( 1(/%4,2 9#$ -4. #2( #? %'(-( 64-*- ,2 9#$/ 8,-:
,#2-nj D,(224 4-*(05 '(/ 8#,1( 2#. %/(6$;#$-@ i! 64-* #? 4
6(0,(84;&>;43$(&0#1%#/nj
=4230#2&2#00(0@ >%D#&$#(%:&*$%.*%+&3(%54%:.*5&$#/
D,(224 .4- *2,%%,23 '(/ "/#. ,2 4 .49 %'4% 348( =4230#2 %'(
-(2-( -'( .4- %/9,23 %# ?,3$/( #$% '#. "(-% %# 3,8( ',6 -#6(
"40&2(.-@&i!20&%'(&.#642&*(>%&%(;;,23&9#$&%#&o-((*&420&?,20Gnj
i](-@ _$-% 4- "(?#/(@ )$% %'( >/#";(6 ,-5 a '48( 2# ,0(4 .'4%
aG6&-$>>#-(0&%#&-((*@j
D,(224 ;(% #$% 4 ;#23 -;#. "/(4%'5 '(/ (B>/(--,#2 3/48(@ ia
%',2* a 649 *2#.@ !20 .'4%G- 6#/( L a %',2* 9#$ 649 '48(
4;/(409&?#$20&,%@j
=4230#2&-%4/(0@&i+'4%&4/(&9#$&%4;*,23&4"#$%nlj
i<#"(/%5 ;4-% 2,3'% .'(2 9#$ 4//,8(0 4% %'( '#->,%4;5 9#$
.(/( 14//9,23 -#6(%',23 $2$-$4; ,2 9#$/ C41*(% >#1*(%@ H# 9#$
/(14;;&.'4%&,%&.4-nj
=4230#2&-'##*&',-&'(40@
i]#$ .(/( 14//9,23 42 #"C(1% L 4 /4%'(/ -%4/%;,23 #"C(1%@ a
?#$20 ,% "9 1'421( .'(2 .( .(/( 1;(42,23 9#$ $>@j D'(
 VU[VZY
6#%,#2(0 %# =4230#2G- ";##09 74//,- N.((05 .',1' .4- ;4,0
#$% ?;4% #2 %'( %4";(@ ia%G- -%,;; ,2 %'( >#1*(%5 ,? 9#$G0 ;,*( %# '48(
4&;##*@j
h21(/%4,25 =4230#2 (9(0 ',- C41*(%@ >5 ,#&*5 5+&5 #\6,&.'*
9+) *+# 9#'5 D&7$ -43 :) X&7$#5/ 7( 3/4""(0 ',- ";##0-%4,2(0
1#4% 420 -(4/1'(0 4;; %'( >#1*(%-5 #2( "9 #2(@ A#%',23@ 7( 0,0
,% 434,2@ E,24;;95 '( %$/2(0 %# '(/ .,%' 4 -'/$3@ iN'(/(G- 2#%':
,23&'(/(@j
i7#.&4"#$%&%'(&-(1/(%&>#1*(%nj
i+'4%n&\9&C41*(%&0#(-2G%&'48(&4&-(1/(%&>#1*(%@j
iA#nj D'( ;##*(0 >$KK;(0@ iN'(2 ,- %',- C41*(% L -#6(#2(
(;-(G-nj
=4230#2G-&"/4,2&?(;%&6$00;(0&434,2@&iA#5&%',-&,- :) C41*(%@j
i]#$G/(&1(/%4,2nj
<&:'#( 7#35&.'5 '( %'#$3'%@ 2' -&75C .5 ;*#( 54 D# :) -&843V
.5#%=&:D#3,#)/
7( ?#;0(0 "41* %'( ;,2,23 420 -'#.(0 D,(224 %'( ;4"(; "(4/:
,23 ',- ?48#/,%( -96"#; ,2 %'( ?4-',#2 .#/;0k74//,- N.((0G-
,1#2,1 #/" 40#/2(0 .,%' %',/%((2 "$%%#2;,*( C(.(;- 420 %#>>(0
"9&4&\4;%(-(&1/#--@
T#&8# .5 54 5+# "745* 54 .'84$# 5+# =+3.*5.&' 9&33.43* 4' &
6.#7#%4-%59.,,/
i=##* 4% %',-5j =4230#2 -4,05 >#,2%,23 #$% %'( '420:(6:
"/#,0(/(0 ,2,%,4;-kP/T/k%'4% '40 "((2 400(0 %# %'( ;4"(;@ 7(
4;.49- ->/423 ?#/ 74//,- N.((0G- '420:%4,;#/(0 6#0(;-5 420
?#/ %'4% /(4-#25 '( 4;.49- >4,0 (B%/4 %# '48( %'(6 -(. ',- ,2,:
%,4;- ,2%# %'( ;4"(;@ F2 4 1#;;(3( 146>$- .'(/( '$20/(0- #?
%.((0 C41*(%- .(/( 1#2-%42%;9 0#??(0 420 0#22(0 ,2 0,2,23
'4;;- 420 1;4--/##6-5 =4230#2 '40 2# ,2%(2%,#2 #? 3(%%,23 %'(
-'#/%&(20&#?&42&,2408(/%(2%&%/40(@
ia "(;,(8( 9#$5j -'( -4,05 %4*,23 %'( C41*(% ?/#6 ',6@ iA#.
)4; ;##*@j
 VV[VZY
D,(224 #>(2(0 %'( C41*(% ?4/%'(/ %# /(8(4; %'( ;,2,23 2(4/ %'(
24>( #? %'( "41*@ 7(/(5 0,-1/((%;9 ',00(2 ,2 %'( ;,2,235 .4- 4
;4/3(5&2(4%;9&?4-',#2(0&>#1*(%@
O+&5%5+#%+#,,LF
=4230#2&.4-&1(/%4,2&'(&'40&2(8(/&-((2&%',-&"(?#/(@
N'(&>#1*(%&1#2-,-%(0&#?&4&',00(2&-(465&>(/?(1%;9&%4,;#/(0@
iN'4%&.4-2G%&%'(/(&"(?#/(lj&=4230#2&,2-,-%(0@
iN'(2 aG6 ,643,2,23 9#$G8( 2(8(/ -((2 L 5+.*nj D,(224
/(41'(0 ,2%# %'( >#1*(% 420 (B%/41%(0 4 -;((* 6(%4; #"C(1%5
.',1'&-'(&-(%&3(2%;9&,2&=4230#2G-&'420-@
=4230#2&-%4/(0&0#.2&4%&%'(&#"C(1%&,2&$%%(/&"(.,;0(/6(2%@
iH#&9#$&*2#.&.'4%&%',-&,-nj&D,(224&4-*(0@
iA#&Lj&'(&-%466(/(0@&iaG8(&2(8(/&-((2&429%',23&;,*(&,%@j
i+(;;5 $2?#/%$24%(;95 a (4 *2#. .'4% %',- ,-@ !20 aG6 ?4,/;9
1(/%4,2&,%G-&%'(&/(4-#2&-#6(#2(&,-&%/9,23&%#&*,;;&9#$@j

A#. >41,23 ',- >/,84%( 1$",1;( 4"#4/0 1+# ?#'(&7.;:5 ?41,;,%:

4%#/ `2#.;%#2 ?(;% 42 ,21/(4-,23 0,-I$,(% 4- '( 1#2-,0(/(0 %'(
8,0(# '( .4- -$>>#-(0 %# -'4/( .,%' %'( .#/;0 %#6#//#.
6#/2,23@
2%&:%5+#%"+&(#L
<$6#/- '40 1,/1$;4%(0 %'4% %',- >4/%,1$;4/ 1;,(2% '40
-$??(/(0 4 >-91'#%,1 "/(4* #8(/ %'( ;4-% ?(. 6#2%'-5 "$% %',-
8,0(#&-((6(0&%#&1#2?,/6&%'#-(&/$6#/-&"(9#20&429&0#$"%@
`2#.;%#2 *2(. '( '40 %.# 1'#,1(-@ 7( 1#$;0 (,%'(/ >/(>4/(
%'( 8,0(# ?#/ 0(;,8(/9 %#6#//#. 4- >/#6,-(05 #/ '( 1#$;0 %4*(
,%&$>-%4,/-&%#&%'(&>/#8#-%&?#/&4&-(1#20&#>,2,#2@
2 &,3#&() $'49 +.* 46.'.4'5 `2#.;%#2 %'#$3'%5 '48,23 2(8(/
.,%2(--(0 %'( >/#8#-% %4*( 429 41%,#2 #%'(/ %'42 %'( #2( >/#6:
,-(0 4 1;,(2%@ @#0,, 5#,, :# 54 ;6,4&( 5+.* 8.(#4 54 5+# 943,(C '4
^;#*5.4'*%&*$#(%E%&'(%+#0,,%D#%-;3.4;*%&5%:#%-43%&*$.'B/
 VW[VZY
`2#.;%#2 /(%$/2(0 ',- 4%%(2%,#2 %# %'( 8,0(#5 .',1' '( /(:
.#$20 %# 4 >4/%,1$;4/;9 $2-(%%;,23 ->#%@ 7( -%4/%(0 %'( >;49:
"41*5 420 %'( ((/,;9 ,;;$6,24%(0 148(/2 /(4>>(4/(0 411#6>42:
,(0 "9 %'( -#$20- #? ;4>>,23 .4%(/@ N'( '$642#,0 -'40#.
;##6(0 #2 %'( 0/,>>,23 .4;;k4 %4;; 642 .,%' 4 ;#235 ",/0;,*(
"(4*@
a2&4&6$??;(0&8#,1(5&%'(&0(?#/6(0&-'40#.&->#*(^

N'(-(&4/(&%'(&2(.&H4/*&!3(-@
M(2%$/,(- 43#5 P$/#>( .4- ,2 %'( 0(>%'- #? ,%- #.2
6,-(/9k%'( >#>$;4%,#2 '$00;(05 -%4/8,235 6,/(0 ,2 -,2 420
'#>(;(--2(--@ N'(9 .(/( 4- 4 1#23(-%(0 ?#/(-%5 -$??#14%(0 "9
0(40.##05 4.4,%,23 d#0G- ;,3'%2,23 -%/,*(k%'( ->4/* %'4%
.#$;0 ?,24;;9 ,32,%( %'( ?,/( %'4% .#$;0 /43( 41/#-- %'( ;420
420 1;(4/ %'( 0(40.##05 #21( 434,2 "/,23,23 -$2-',2( %# %'(
'(4;%'9&/##%-@
M$;;,23&,-&d#0G-&A4%$/4;&F/0(/@
!-*&9#$/-(;?5&+'4%&?#;;#.(0&%'(&);41*&H(4%'n
+(&4;;&*2#.&%'(&42-.(/@
N'(&<(24,--421(@
<(",/%'@
a%&'4-&4;.49-&"((2&%',-&.49@&H(4%'&,-&?#;;#.(0&"9&",/%'@
N#&/(41'&O4/40,-(5&642&6$-%&>4--&%'/#$3'&a2?(/2#@
N',-5&%'(&64-%(/&%4$3'%&$-@
!20 9(% %'( -,;8(/:'4,/(0 ,32#/42% 04/(- 14;; 6( 6#2-%(/n
H#(- -'( -%,;; 2#% 3/4-> %'( 64%'(64%,1- #? %'( ?$%$/(n N'(
'#//#/-&,%&.,;;&"/,23n
a&46&%'(&D'40(@
a&46&9#$/&-4;84%,#2@
!20 -# a -%4205 0((> .,%',2 %',- 148(/25 34K,23 #$% 41/#--
%'( ;43##2 %'4% /(?;(1%- 2# -%4/-@ 7(/( ,2 %',- -$2*(2 >4;41(5
a2?(/2#&-6#;0(/-&"(2(4%'&%'(&.4%(/-@
D##2&,%&.,;;&"$/-%&,2%#&?;46(-@
!20&.'(2&,%&0#(-5&2#%',23&#2&(4/%'&.,;;&"(&4";(&%#&-%#>&,%@
 M7!ONP< QQ

N7P F)_PMN aA =4230#2G- '420 ?(;% -$/>/,-,23;9 '(489 ?#/ ,%- -,K(@
D;(20(/ 420 -6##%'5 %'( >#;,-'(0 6(%4; 19;,20(/ .4- 4"#$% -,B
,21'(- ;#23 420 /#$20(0 4% "#%' (20-5 ;,*( 4 6,2,4%$/(
%#/>(0#@
i)(?#/( 9#$ '420;( %'4% %## /#$3';95j D,(224 #??(/(05 i9#$
649 .42% %# ;##* 4% %'( #%'(/ -,0(@j D'( 348( ',6 4 %4$% -6,;(@
i]#$&-49&9#$G/(&4&>/#?(--#/&#?&-96"#;-nj
=4230#2 /(?#1$-(0 #2 %'( %$"(5 %$/2,23 ,% ,2 ',- '420- $2%,;
4&"/,3'%&/(0&-96"#;&/#;;(0&,2%#&8,(.5&(6";4K#2(0&#2&,%-&-,0(@
a2-%42%;95&',-&"#09&%(2-(0@
!- 4 -%$0(2% #? ,1#2#3/4>'95 =4230#2 *2(. %'4% >/(1,#$-
?(. ,643(- '40 %'( >#.(/ %# ,2-%,;; ,2-%42%42(#$- ?(4/ ,2 %'(
'$642 6,20 L "$% %'( -96"#; "(?#/( ',6 0(?,2,%(;9 640( %'(
;,-%@ 7,- /(41%,#2 .4- 8,-1(/4; 420 ,66(0,4%(e '( >;41(0 %'(
%$"(&#2&%'(&%4";(&420&-;,0&"41*&',-&1'4,/@
D,(224&2#00(0@&i](4'5&%'4%&.4-&69&/(41%,#25&%##@j
N'(&64/*,23&#2&%'(&%$"(&.4-&4&-,6>;(&%/,;4%(/4;&,1#2@

N',- 2#%#/,#$- -96"#;5 =4230#2 '40 #21( /(405 .4- 0(:

8(;#>(0 "9 H#. M'(6,14; ,2 %'( QYVZ- %# /(>;41( 42 4//49 #?
,6>#%(2% .4/2,23 3/4>',1- >/(8,#$-;9 ,2 $-(@ =,*( 4;; -$11(--:
?$; -96"#;-5 %',- #2( .4- -,6>;(5 0,-%,21%,8(5 420 (4-9 %# /(>/#:
0$1(@ M;(8(/;9 1#2C$/,23 4--#1,4%,#2- .,%' (8(/9%',23 ?/#6
1/4" >,21(/- %# 2,2C4 '$/;,23 *2,8(-5 %'( 6#0(/2 i",#'4K4/0j
 VY[VZY
-96"#; '40 "(1#6( 4 3;#"4; "/420 %'4% 1#28(9(0 (&'B#3 ,2
(8(/9&;423$43(@
iN',- ;,%%;( 142,-%(/ ,- 4 ",#%$"(5j D,(224 -4,0@ ih-(0 ?#/
%/42->#/%,23 0423(/#$- -$"-%421(-@ +( -(( %'(-( #114-,#24;;9
,2 %'( 6(0,14; ?,(;0@ a2-,0( ,- 4 ?#46 -;((8( ,2%# .',1' 9#$ 142
,2-(/% 4 ->(1,6(2 %$"( ?#/ -4?( %/42->#/%@ a2 %',- 14-( Lj D'(
>#,2%(0 %# %'( ",#'4K4/0 -96"#;@ iaG6 3$(--,23 4 0(40;9 1'(6:
,14; 43(2% L #/ 649"( 4 L 8,/$-nj D'( >4$-(0@ iN'( ?,/-% P"#;4
-46>;(- .(/( "/#$3'% "41* ?/#6 !?/,14 ,2 4 %$"( -,6,;4/ %# %',-
#2(@j
N',- .4- 2#% 4% 4;; .'4% =4230#2 .42%(0 %# '(4/@ i+'4% %'(
'(;; ,- ,% 0#,23 ,2 69 C41*(%l aG6 42 4/% ',-%#/9 >/#?(--#/e .'9
46&a&14//9,23&%',-&%',23nlj
g,#;(2% ,643(- #? ./,%',23 "#0,(- ?;4-'(0 %'/#$3' ',- 6,20
L&420&'#8(/,23&#8(/&%'(65&%'(&>;43$(&64-*@
J#3)%*433)%E%J#3)%*433)/
i+'(/(8(/ %',- 146( ?/#65j D,(224 -4,05 i%',- ,- 4 8(/9 ',3':
(20 $2,%@ =(40:;,2(0 %,%42,$6@ g,/%$4;;9 ,6>(2(%/4";(5 (8(2 %#
/40,4%,#2@ aG6 3$(--,23 3#8(/26(2% ,--$(@j D'( >#,2%(0 %# 4
>#-%43(:-%46>:-,K( ";41* >40 ?;42*,23 %'( ",#'4K4/0 -96"#;@
iN'$6">/,2% /(1#32,%,#2@ D(1$/,%9 ,2 14-( ,%G- ;#-% #/ -%#;(2@
N$"(-&;,*(&%',-&142&"(&#>(2(0&#2;9&"9&4&->(1,?,(0&,20,8,0$4;@j
!;%'#$3' =4230#2 -(2-(0 ',- 6,20 2#. .#/*,23 4% 2#/64;
->((05 '( -%,;; ?(;% 4- ,? '( .(/( -%/$33;,23 %# 14%1' $>@ 208# D##'
7&33).'B%&%D.4:#53.7&,,)%*#&,#(%7&'.*5#3/
i+'(2 a 0,-1#8(/(0 %',- 142,-%(/ ,2 9#$/ C41*(%5 a .42%(0 %#
-'#. H/@ \4/1#2, >/,84%(;95 "$% a 0,02G% '48( 42 #>>#/%$2,%9
"(?#/( 9#$ .#*( $>@ a 1#2-,0(/(0 %/9,23 9#$/ %'$6" #2 %'( >40
.',;( 9#$ .(/( $21#2-1,#$-5 "$% a '40 2# ,0(4 .'4% .4- ,2 %'(
%$"(5&420kj
i\] %'$6"nlj =4230#2 -'##* ',- '(40@ iN'(/(G- 2# .49 %',-
%',23 ,- >/#3/466(0 ?#/ :# %# #>(2 ,%@ a 0#2G% *2#. 429%',23
4"#$%&",#1'(6,-%/9@&aG0&2(8(/&'48(&429%',23&;,*(&%',-@j
i!/(&9#$&-$/(nj
 WZ[VZY
=4230#2 .4- 0462(0 -$/(@ 7( /(41'(0 #$% 420 >;41(0 ',-
%'$6"&#2&%'(&?,23(/&>40@&A#%',23&'4>>(2(0@&iD((nl&a&%#;0kj
N'( %,%42,$6 %$"( 1;,1*(0 ;#$0;95 420 =4230#2 942*(0 ',-
'420 "41* 4- ,? ,% '40 "((2 "$/2(0@ @4,) *+.5/ 7( -%4/(0 4% %'(
142,-%(/ 4- ,? ,% .(/( 4"#$% %# $2-1/(. ,%-(;? 420 -%4/% (6,%%,23 4
0(40;9 34-@ !?%(/ %'/(( -(1#20-5 ,% 1;,1*(0 434,25 4>>4/(2%;9 /(:
;#1*,23&,%-(;?@
D>((1';(--5&=4230#2&%$/2(0&%#&D,(224@
N'( 9#$23 0#1%#/ (B'4;(05 ;##*,23 $22(/8(0@ i+(;;5 ,% -((6-
>/(%%9&1;(4/&%'4%&%'(&,2%(20(0&14//,(/&,-&9#$@j
E#/ =4230#25 %'( (2%,/( -1(24/,# ?(;% ,21#23/$#$-@ iN'4%G-
,6>#--,";(@ E,/-% #? 4;;5 '#. .#$;0 a 3(% %',- 1'$2* #? 6(%4;
%'/#$3'&4,/>#/%&-(1$/,%9nj
i\49"( 9#$ ?;(. ,2 #2 4 >/,84%( C(%n F/ 649"( ,% .4- 3,8(2 %#
9#$&.'(2&9#$&4//,8(0&,2&a%4;9nj
iD,(2245&a&2((0&%#&14;;&%'(&1#2-$;4%(@&<,3'%&4.49@j
i]#$&0#2G%&%',2*&.(&-'#$;0&#>(2&,%&?,/-%nj
=4230#2 '40 %4*(2 -#6( ,;;:408,-(0 41%,#2- ,2 ',- ;,?(5 "$%
#>(2,23 4 '4K4/0#$- 64%(/,4;- 1#2%4,2(/ ,2 %',- .#642G- *,%:
1'(2 .#$;0 2#% "( #2( #? %'(6@ iaG6 '420,23 %',- %',23 #8(/ %#
%'(&4$%'#/,%,(-@&A#.@j
D,(224 >$/-(0 '(/ ;,>-5 6$;;,23 #8(/ #>%,#2-@ iF*495 "$% 4-
-##2 4- 9#$ 64*( %'4% 14;;5 9#$G/( #2 9#$/ #.2@ a 142G% "( ,2:
8#;8(0@ ]#$ 0(?,2,%(;9 142G% 6((% %'(6 '(/(@ \9 ,66,3/4%,#2
-,%$4%,#2&,2&a%4;9&,-&L&1#6>;,14%(0@j
=4230#2 ;##*(0 D,(224 ,2 %'( (9(@ i!;; a *2#.5 D,(2245 ,-
%'4% 9#$ -48(0 69 ;,?(@ aG;; '420;( %',- -,%$4%,#2 '#.(8(/ 9#$
.42%&6(&%#&'420;(&,%@j
D'( 348( 4 3/4%(?$; 2#0 420 .4;*(0 #8(/ %# %'( .,20#.5 34K:
,23 0#.2 4% %'( -%/((% "(;#.@ iF*495 %',- ,- '#. .( -'#$;0 0#
,%@j
D,(224 I$,1*;9 #$%;,2(0 4 >;42@ a% .4- -,6>;(5 1;(8(/5 420
-4?(@
 WQ[VZY
=4230#2 .4,%(0 4- -'( %$/2(0 #2 '(/ 1(;; >'#2(G- 14;;(/:aH
";#1*,23 420 0,4;(0@ 7(/ ?,23(/- .(/( 0(;,14%( 420 9(% 6#8(0
>$/>#-(?$;;9@
Q2'-43:&`.4'. &DD4'&5.LR D,(224 -4,05 ->(4*,23 ,2 4 ?;4.;(--
a%4;,42 411(2%@ QZ#3 -&843#C 6;] (&3:. ., ';:#34 (#, =4'*4,&54
&:#3.7&'4%(.%H.3#'`#LR
D'(&.4,%(0&420&%'(2&I$,1*;9&./#%(&0#.2&4&>'#2(&2$6"(/@
QI3&`.#%:.,,#CR -'(&-4,05&420&'$23&$>@
D,(224 -;,0 %'( >'#2( 2$6"(/ #8(/ %# =4230#2 4;#23 .,%'
'(/&1(;;&>'#2(@&i]#$G/(&#2@&H#&9#$&/(6(6"(/&.'4%&%#&-49nj
i\9 6(6#/9 ,- ?,2(5j '( -4,0 .,%' 4 -6,;( 4- '( 0,4;(0 %'(
2$6"(/&#2&%'(&-;,>&#?&>4>(/@&N'(&;,2(&"(342&%#&/,23@
@#3#%B4#*%'45+.'B/
7( -.,%1'(0 %'( 14;; %# ->(4*(/ 420 -(% %'( >'#2( #2 %'(
%4";( -# D,(224 1#$;0 '(4/@ ! /(1#/0(0 6(--43( 42-.(/(05 #?:
?(/,23 3(2(/4; ,2?#/64%,#2 4"#$% 1#2-$;4%( -(/8,1(- 420 '#$/-
#?&#>(/4%,#25&.',1'&0,0&2#%&"(3,2&$2%,;&X^SZ !@\@
=4230#2&1'(1*(0&%'(&1;#1*&#2&%'(&1(;;@&a%&.4-&#2;9&V !@\@
ia? %',- ,- 42 (6(/3(2195j %'( 4$%#64%(0 /(1#/0,23 -4,05 i9#$
649&0,4;&-(8(2:-(8(2&%#&->(4*&%#&%'(&2,3'%&0$%9&#??,1(/@j
=4230#2&,66(0,4%(;9&0,4;(0&%'(&(B%(2-,#2@
N'(&;,2(&.4-&/,23,23&434,2@
Q=4'*4,&54 &:#3.7&'4CR 4 %,/(0 8#,1( 42-.(/(0@ Q"4'4 ., -;'V
`.4'&3.4%(.%5;3'4/R
QT#.%6&3,&%.'B,#*#LR =4230#2&4-*(0@
iF? 1#$/-(5j %'( 642 -4,0 ,2 !6(/,142 P23;,-'@ 7( -#$20(0
843$(;9&422#9(0&%#&'48(&"((2&4.#*(2@&i7#.&142&a&'(;>&9#$nj
iaG6 42 !6(/,142 8,-,%,23 E;#/(21( 420 a .4- 4%%41*(0@ \9
246(&,-&<#"(/%&=4230#2@j
iO4-->#/%&2$6"(/5&>;(4-(@j&N'(&642&94.2(0&4$0,";9@
i\9 >4-->#/% ,- 6,--,23@ a %',2* ,% .4- -%#;(2@ a .4- -'#% ,2
%'(&'(40@&aG8(&"((2&,2&%'(&'#->,%4;@&a&2((0&'(;>@j
N'( 4%%(2042% -$00(2;9 .#*( $>@ iD,/ln H,0 9#$ -49 9#$
.(/( *+45n&+'4%&.4-&9#$/&?$;;&246(&434,25&>;(4-(nj
 WR[VZY
i<#"(/%&=4230#2@j
N'(/( .4- 4 /$-%;,23 #2 %'( ;,2( 420 %'(2 =4230#2 1#$;0
'(4/ %'( 642G- ?,23(/- %9>,23 #2 4 *(9"#4/0@ N'( 1#6>$%(/
>,23(0@ ! >4$-(@ N'(2 6#/( ?,23(/- #2 %'( *(9"#4/0@ !2#%'(/
>,23@&N'(2&%'/((&',3':>,%1'(0&>,23-@
!&;#23(/&>4$-(@
iD,/nj&%'(&642&-4,0@&i]#$/&246(&,-&<#"(/%&=4230#2nj
i](-5&%'4%G-&/,3'%@&!20&aG6&,2&%/#$";(@j
iF*495 -,/5 9#$/ 246( '4- 42 41%,#2 ?;43 #2 ,%5 .',1' ,- 0,/:
(1%,23 6( %# %/42-?(/ 9#$ ,66(0,4%(;9 %# %'( 1#2-$; 3(2(/4;G-
1',(? 406,2,-%/4%#/@j N'( 642 >4$-(05 4- ,? '( ',6-(;? 1#$;02G%
"(;,(8(&,%@&i_$-%&'#;0&%'(&;,2(@j
i+4,%l&M42&9#$&%(;;&6(kj
N'(&;,2(&.4-&4;/(409&/,23,23@
a%&/423&?#$/&%,6(-&420&1#22(1%(0@
iN',-&,-&M#;;,2-5j&4&'#4/-(&8#,1(&42-.(/(0@
=4230#2 %##* 4 0((> "/(4%' 420 ->#*( 4- 14;6;9 420 1;(4/;9
4- >#--,";(@ i\/@ M#;;,2-5 69 246( ,- <#"(/% =4230#2@ aG6 42
!6(/,142 8,-,%,23 E;#/(21(@ aG8( "((2 -'#%@ a 2((0 '(;>@ a .42%
%#&1#6(&%#&%'(&h@D@&M#2-$;4%(&,66(0,4%(;9@&M42&9#$&'(;>&6(nj
+,%'#$% '(-,%4%,#25 %'( 0((> 8#,1( /(>;,(05 iN'42* '(48(2-
9#$G/(&4;,8(5&\/@&=4230#2@&+(G8(&"((2&;##*,23&?#/&9#$@j
 M7!ONP< QR

1@A%=KS"GT>1A%YSKO" 20:%+#3#L
E#/ =4230#25 %'( 2(.- "/#$3'% 42 ,2-%42%42(#$- ?;##0 #? /(:
;,(?@ \/@ M#;;,2-k.'# '40 ,2%/#0$1(0 ',6-(;? 4- %'( 1#2-$;
3(2(/4;G- 1',(? 406,2,-%/4%#/k->#*( .,%' 4 ?,/65 >/#?(--,#24;
140(21(5 420 9(% %'(/( .4- $/3(219 ,2 ',- 8#,1(@ i\/@ =4230#25
9#$ 420 a 2((0 %# ->(4* ,66(0,4%(;9@ !20 #"8,#$-;9 2#% #2 %'(
>'#2(@j
A#%',23 .4- #"8,#$- %# =4230#2 4% %',- >#,2%5 "$% '( .4-2G%
4"#$%&%#&,2%(//$>%@
iaG;; '48( -#6(#2( >,1* 9#$ $> /,3'% 4.495j M#;;,2- -4,0@
i+'4%&,-&9#$/&;#14%,#2nj
D,(224 -',?%(0 2(/8#$-;95 ;,-%(2,23 %# %'( ,2%(/1'423( #2
->(4*(/>'#2(@ =4230#2 348( '(/ 4 /(4--$/,23 2#05 ?$;;9 ,2:
%(20,23&%#&?#;;#.&'(/&>;42&(B41%;9@
iaG6 ,2 4 -64;; '#%(; 14;;(0 O(2-,#2( ;4 E,#/(2%,245j =4230#2
-4,05 3;421,23 41/#-- %'( -%/((% 4% %'( 0/4" '#%(; %'4% D,(224
'40 >#,2%(0 #$% 6#6(2%- 43#@ 7( 348( M#;;,2- %'( -%/((%
400/(--@
id#% ,%5j %'( 642 /(>;,(0@ iH#2G% 6#8(@ D%49 ,2 9#$/ /##6@
D#6(#2(&.,;;&"(&%'(/(&/,3'%&4.49@&<##6&2$6"(/nj
=4230#2&640(&#2(&$>@&iN',/%9:2,2(@j
iF*49@ N.(2%9 6,2$%(-@j M#;;,2- ;#.(/(0 ',- 8#,1(@ i!205
\/@ =4230#25 ,% -#$20- ;,*( 9#$ 649 "( ,2C$/(0 420 1#2?$-(05
"$%&a&2((0&%#&*2#.&L&4/(&9#$&-%,;;&,2&>#--(--,#2nj
2' 64**#**.4'/ =4230#2 -(2-(0 %'( I$(-%,#25 .',;( 1/9>%,15
1#$;0 '48( #2;9 #2( 6(42,23@ 7,- (9(- 6#8(0 %# %'( ",#%$"(
#2&%'(&*,%1'(2&%4";(@&i](-5&-,/@&aG6&-%,;;&,2&>#--(--,#2@j
 WT[VZY
M#;;,2- (B'4;(0 4$0,";9@ i+'(2 .( 0,02G% '(4/ ?/#6 9#$5 .(
4--$6(0 L .(;;5 ?/42*;95 .( 4--$6(0 %'( .#/-%@ aG6 /(;,(8(0@
D%49 .'(/( 9#$ 4/(@ H#2G% 6#8(@ N.(2%9 6,2$%(-@ D#6(#2(
.,;;&*2#1*&#2&9#$/&0##/@j
M#;;,2-&'$23&$>@
=4230#2 1#$;0 ?((; ',- -'#$;0(/- /(;4B,23 ?#/ %'( ?,/-% %,6(
-,21( '(G0 .#*(2 $> ,2 %'( '#->,%4;@ 1+# 74'*;,&5# $'49*
9+&50* B4.'B 4'C &'( *44' 20,, +&8# &'*9#3*/ =4230#2 1;#-(0
',- (9(- 420 ;(% #$% 4 -;#. "/(4%'5 ?((;,23 4;6#-% '$642 2#.@
7,-&'(4041'(&'40&4;;&"$%&>4--(0@
i+(;;5 %'4% .4- 4;; 8(/9 \aV5j D,(224 -4,0 ,2 4 '4;?:C#*,23
%#2(@&i!/(&9#$&4&->9nj
!% %'( 6#6(2% =4230#2 '40 2# ,0(4 .'4% '( .4-@ N'( 2#:
%,#2 %'4% '( 1#$;0 ;#-( %.# 049- #? 6(6#/9 420 ?,20 ',6-(;? ,2
42 $2/(1#32,K4";( -,%$4%,#2 ?(;% ,21#6>/('(2-,";(5 420 9(%
'(/( '( .4- L %.(2%9 6,2$%(- 4.49 ?/#6 4 /(20(K8#$- .,%' 4
h@D@&M#2-$;4%(&#??,1,4;&,2&4&/$2:0#.2&'#%(;@
O+&50*%+&66#'.'B%+#3#L
7( 3;421(0 #8(/ 4% D,(2245 /(4;,K,23 %'(9 .(/( 4"#$% %# >4/%
.49- 420 9(% ?((;,23 4- ,? %'(9 '40 $2?,2,-'(0 "$-,2(--@ 7( >,1:
%$/(0 %'( "(4/0(0 0#1%#/ 4% %'( '#->,%4;5 09,23 #2 %'( ?;##/ "(:
?#/( '(/ (9(-@ iD,(2245j '( .',->(/(05 i9#$/ ?/,(20 L H/@ \4/:
1#2,&L&a&?((;&%(//,";(@j
D'(&2#00(0&";42*;9@
i!20 aG6 -#//9 %# '48( 0/433(0 9#$ ,2%# %',-@ a *2#. 9#$/
-,%$4%,#2 4% %'( '#->,%4; ,- $2$-$4;5 420 ,? %'(/(G- 42 ,28(-%,34:
%,#2&Lj&7(&%/4,;(0&#??@
ia%G-&#*495j&-'(&-4,0@&iaG6&2#&-%/423(/&%#&6#8,23&4/#$20@j
=4230#2 -(2-(0 ,2 D,(224G- 0,-%42% (9(- %'4% (8(/9%',23 '40
1'423(0 ?#/ '(/ %',- 6#/2,23@ =4230#2G- #.2 ;,?( .4- ,2 1'4#-
4% %'( 6#6(2%5 420 9(% '( ?(;% ',- '(4/% 3#,23 #$% %# %',-
.#642@
"+#%*&8#(%:)%,.-#%E%&'(%208#%3;.'#(%+#3*/
 WU[VZY
N'(9 -4% ,2 -,;(21( ?#/ 4 ?$;; 6,2$%(5 %'( 4,/ "(%.((2 %'(6
3/#.,23 '(4895 4- ,? %'(9 "#%' .42%(0 %# ->(4*5 420 9(% '40
2#%',23 %# -49@ N'(9 .(/( -%/423(/-5 4?%(/ 4;;5 #2 4 "/,(? 420
",K4//( C#$/2(9 %'4% '40 C$-% /(41'(0 4 ?#/* ,2 %'( /#405 (41' #?
%'(6&2#.&2((0,23&%#&?,20&-(>4/4%(&>4%'-@
iD,(2245j =4230#2 ?,24;;9 -4,05 i.'(2 a -#/% %',- #$% .,%' %'(
1#2-$;4%(5&,?&%'(/(G-&429%',23&a&142&0#&%#&'(;>&9#$&L&>;(4-(@j
iN'42*-5j -'( .',->(/(05 420 %$/2(0 '(/ (9(- -40;9 %#.4/0
%'(&.,20#.@

!- %'( 6,2$%(- %,1*(0 >4-%5 D,(224 )/##*- 34K(0 4"-(2%;9 #$%

%'( *,%1'(2 .,20#. 420 .#20(/(0 .'(/( %'( 049 .#$;0 ;(40
'(/@ +'(/(8(/ ,% .4-5 -'( '40 2# 0#$"% %'4% "9 049G- (205 '(/
.#/;0&.#$;0&;##*&4&;#%&0,??(/(2%@
D'( *2(. ,% .4- >/#"4";9 C$-% %'( 40/(24;,2(5 "$% -'( ?#$20
'(/-(;? -%/423(;9 4%%/41%(0 %# %'( !6(/,142 >/#?(--#/@ a2 400,:
%,#2 %# ',- "(,23 '420-#6(5 '( -((6(0 %# >#--(-- 4 -,21(/(;9
3##0 '(4/%@ a2 -#6( 0,-%42%5 4;%(/24%( ;,?(5 <#"(/% =4230#2
6,3'%&(8(2&"(&-#6(#2(&-'(&1#$;0&"(&.,%'@
@#%94;,(%'#8#3%9&'5%:#5&-'(&%'#$3'%@ 20:%(&:&B#(/
!- -'( 1'#*(0 "41* %'( (6#%,#25 -#6(%',23 #$%-,0( %'( .,2:
0#. 14$3'% '(/ (9(@ D'( "#;%(0 $>/,3'%5 >/(--,23 '(/ ?41( %# %'(
3;4--&420&-%4/,23&0#.2&,2%#&%'(&-%/((%@&i<#"(/%5&;##*lj
=4230#2 >((/(0 0#.2 ,2%# %'( -%/((% 4% %'( -;((* ";41* )\+
6#%#/191;( %'4% '40 C$-% /$6";(0 %# 4 -%#> ,2 ?/#2% #? O(2-,#2(
;4 E,#/(2%,24@ N'( 0/,8(/ .4- ;(42 420 -%/#235 .(4/,23 4 ";41*
;(4%'(/ -$,% 420 '(;6(%@ !- %'( 0/,8(/ 3/41(?$;;9 -.$23 #?? %'(
",*( 420 /(6#8(0 4 >#;,-'(0 ";41* '(;6(%5 D,(224 1#$;0 '(4/
=4230#2&-%#>&"/(4%',23@
N'(&.#642G-&->,*(0&'4,/&.4-&$26,-%4*4";(@
 WV[VZY
D'( >/#0$1(0 4 ?46,;,4/ '4203$25 1'(1*(0 %'( -,;(21(/5 420
-;,0 ,% "41* ,2-,0( '(/ C41*(% >#1*(%@ N'(25 6#8,23 .,%' ;(%'4;
3/41(5&-'(&-;,>>(0&,2-,0(&%'(&'#%(;@
i<#"(/%5j D,(224 .',->(/(05 '(/ 8#,1( %4$% .,%' ?(4/@ iN'(
h@D@&3#8(/26(2%&C$-%&-(2%&-#6(#2(&%#&*,;;&9#$@j
 M7!ONP< QS

<F)P<N =!AdHFA EP=N 4 -.(;; #? >42,1 4- '( -%##0 4% %'( 4>4/%:

6(2% .,20#.5 (9(- /,8(%(0 #2 %'( '#%(; 41/#-- %'( -%/((%@ N'(
->,*(:'4,/(0 .#642 '40 C$-% (2%(/(05 "$% =4230#2 1#$;0 2#%
?4%'#6&'#.&-'(&'40&3#%%(2&%'(&400/(--@
!0/(24;,2( 1#$/-(0 %'/#$3' ',- -9-%(65 0,-C#,2%,23 ',-
%'#$3'% >/#1(-- #21( 434,2@ i\9 #.2 3#8(/26(2% -(2%
-#6(#2(&%#&*,;;&6(nj
D,(224 ;##*(0 (I$4;;9 4-%#$20(0@ i<#"(/%5 %'4% 6(42- %'(
#/,3,24; 4%%(6>% #2 9#$/ ;,?( 4% %'( '#->,%4; 4;-# .4- -421%,#2(0
"9 9#$/ 3#8(/26(2%@j D'( 3#% $> 420 0#$";(:1'(1*(0 %'( ;#1*
#2 %'( 4>4/%6(2% 0##/@ ia? %'( h@D@ M#2-$;4%( '4- >(/6,--,#2
%# *,;; 9#$ Lj D'( 0,02G% ?,2,-' %'( %'#$3'%5 "$% -'( 0,02G% '48(
%#@&N'(&,6>;,14%,#2-&.(/(&%(//,?9,23@
O+&5 5+# +#,, (4 5+#) 5+.'$ 2 (.(L O+) .* :) 49' B48#3'V
:#'5%+;'5.'B%:#LF
F21( 434,25 =4230#2 '(4/0 %'( %.# .#/0- '( '40 4>>4/(2%;9
"((2&6$6";,23&.'(2&'(&-%433(/(0&,2%#&%'(&'#->,%4;@
J#3)%*433)%E%8#3)%*433)/
i]#$G/( 2#% -4?( '(/(5j D,(224 -4,0@ iO#03# 2#% -4?( '(/(@j
D'( 6#%,#2(0 41/#-- %'( -%/((%@ iN'4% .#642 -4. $- ?;(( %'(
'#->,%4; %#3(%'(/5 420 aG6 "(%%,23 9#$/ 3#8(/26(2% 420 %'( >#:
;,1( 4/( 4;/(409 %/9,23 %# %/41* 6( 0#.2@ \9 4>4/%6(2% ,- 4
-$";(% ,2 -#6(#2( (;-(G- 246(5 "$% %'(9G;; ?,20 6( (8(2%$4;;9@j
D'( %$/2(0 '(/ 4%%(2%,#2 %# %'( ",#%$"( #2 %'( %4";(@ i]#$ 2((0
%#&#>(2&%'4%5&/,3'%&2#.@j
=4230#2 (9(0 %'( %,%42,$6 0(8,1(5 -((,23 #2;9 %'( ",#'4K4/0
-96"#;@
 WX[VZY
i+'4%(8(/G- ,2-,0( %'4% %$"(5j D,(224 -4,05 i>/#"4";9 '4- 42
aH 1#0(5 42 43(219 -%,1*(/5 4 >'#2( 2$6"(/5 *4:#5+.'B@ ]#$
2((0 ,2?#/64%,#2@ a 2((0 ,2?#/64%,#2l ]#$/ 3#8(/26(2% *,;;(0
69&?/,(20lj
N'( >4,2 ,2 D,(224G- 8#,1( -'##* =4230#2 ?/#6 ',- %'#$3'%-5
420 '( 2#00(05 *2#.,23 -'( .4- 1#//(1%@ i](-5 aG6 L 8(/9
-#//9@j =4230#2 1/,23(05 '(4/,23 %'#-( .#/0- 434,2@ 7( %$/2(0
%# %'( 142,-%(/ #2 %'( %4";(5 .#20(/,23 .'4% 42-.(/- 6,3'% "(
',00(2&,2-,0(@&ia%&1#$;0&"(&,21/(0,";9&0423(/#$-&%#&#>(2&%',-@j
D,(224 %'#$3'% ?#/ 4 6#6(2%@ i+'4%(8(/G- ,2-,0( .,;; "( (B:
1(>%,#24;;9 .(;; 1#2%4,2(05 >/#"4";9 ,2 4 -'4%%(/>/##? O;(B,3;4-
%(-% %$"(@ N',- ",#%$"( ,- C$-% 42 #$%(/ -'(;; %# >/#8,0( 400,:
%,#24;&-(1$/,%9&0$/,23&%/42->#/%@j
=4230#2 ;##*(0 #$% %'( .,20#. 4% %'( ";41* 6#%#/191;(
>4/*(0 ,2 ?/#2% #? %'( '#%(;@ N'( .#642 '40 2#% 9(% 1#6( #$%5
"$% -'( .#$;0 -##2 ?,3$/( #$% %'4% =4230#2 .4- 2#% %'(/(@ 7(
.#20(/(0 .'4% '(/ 2(B% 6#8( .#$;0 "( L 420 '#. ;#23 ,%
.#$;0&%4*(&"(?#/(&-'(&.4-&>#$20,23&#2&%'(&4>4/%6(2%&0##/@
=4230#2 640( $> ',- 6,20@ 7( ;,?%(0 %'( %,%42,$6 %$"( 420
/(;$1%42%;9 >;41(0 ',- %'$6" #2 %'( ",#6(%/,1 >40@ !?%(/ 4 6#:
6(2%&%'(&142,-%(/&>,23(0&420&%'(2&1;,1*(0&;#$0;9@
)(?#/( %'( %$"( 1#$;0 ;#1* ,%-(;? 434,25 =4230#2 %.,-%(0 %'(
%.# '4;8(- 434,2-% (41' #%'(/ ,2 #>>#-,%( 0,/(1%,#2-@ !?%(/ 4
I$4/%(/ %$/25 %'( 142,-%(/ >,23(0 4 -(1#20 %,6(5 420 =4230#2
*2(.&'(&.4-&1#66,%%(0@
=4230#2G- '420- ?(;% -.(4%9 4- '( 1#2%,2$(0 $2-1/(.,23 %'(
%$"(@ N'( %.# '4;8(- %$/2(0 -6##%';9 #2 >(/?(1%;9 641',2(0
%'/(40-@ 7( *(>% %.,-%,235 ?((;,23 4- ,? '( .(/( 4"#$% %# #>(2 4
>/(1,#$- <$--,42 2(-%,23 0#;;5 (B1(>% %'4% '( '40 2# ,0(4 .'4%
6,3'%&?4;;&#$%@
!?%(/ ?,8( %$/2-5 %'( %.# '4;8(- /(;(4-(0@ +,%' 4 0((> "/(4%'5
=4230#2 3(2%;9 >$;;(0 %'(6 4>4/%@ N'( 34> "(%.((2 %'( '4;8(-
.,0(2(05 420 4 ?#46:/$""(/ ,2%(/,#/ -;,0 #$%@ =4230#2 ;4,0 ,%
 WY[VZY
#2 %'( %4";(@ N'( >/#%(1%,8( >400,23 843$(;9 /(-(6";(0 42
(;#234%(0&A(/?&?##%"4;;@
@#3#%B4#*%'45+.'B/
=4230#2 3(2%;9 ?#;0(0 "41* %'( %#> #? %'( >/#%(1%,8( ?#465
?,24;;9&/(8(4;,23&%'(&#"C(1%&2(-%;(0&,2-,0(@
D,(224 -%4/(0 0#.2 4% %'( 1#2%(2%- 420 1#1*(0 '(/ '(405
;##*,23&>$KK;(0@&iH(?,2,%(;9&2#%&.'4%&a&(B>(1%(0@j
=4230#2 '40 42%,1,>4%(0 -#6( *,20 #? ?$%$/,-%,1:;##*,23 8,:
4;5 "$% %'( 1#2%(2% #? %'( ",#%$"( .4- 429%',23 "$% 6#0(/2@
N'( #/24%(;9 14/8(0 #"C(1% 4>>(4/(0 %# "( 640( #? ,8#/9 420
.4-&4>>/#B,64%(;9&%'(&-,K(&#?&4&/#;;&#?&=,?(&D48(/-@
ia%&;##*-&#;05j&D,(224&.',->(/(0@&iD#6(&*,20&#?&Lj
iM9;,20(/ -(4;5j =4230#2 %#;0 '(/5 ?,24;;9 >(/6,%%,23 ',6-(;?
%#&(B'4;(@
a28(2%(0 "9 %'( D$6(/,42- ,2 SUZZ )@M@5 19;,20(/ -(4;- .(/(
%'( >/(1$/-#/- %# %'( ,2%43;,# ?#/6 #? >/,2%64*,23@ M4/8(0 .,%'
0(1#/4%,8( ,643(-5 4 -(4; 1#2%4,2(0 4 '#;;#. -'4?%5 %'/#$3'
.',1' 42 4B;( >,2 .4- ,2-(/%(0 -# %'( 14/8(0 0/$6 1#$;0 "(
/#;;(0 ;,*( 4 6#0(/2 >4,2% /#;;(/ 41/#-- .(% 1;49 #/ %(//4:1#%%4
%#&i,6>/,2%j&4&/(1$//,23&"420&#?&-96"#;-5&,643(-5&#/&%(B%@
N',- >4/%,1$;4/ -(4;5 =4230#2 3$(--(05 .4- $20#$"%(0;9
I$,%( /4/( 420 84;$4";(5 420 9(% '( -%,;; 1#$;02G% ,643,2( .'9 ,%
.#$;0 "( ;#1*(0 ,2 4 %,%42,$6 142,-%(/ ;,*( -#6( *,20 #?
",#.(4>#2@
!- =4230#2 0(;,14%(;9 %$/2(0 %'( -(4; ,2 ',- ?,23(/-5 '( /(4;:
,K(0 %'4% %',- #2( "#/( 42 (->(1,4;;9 3/$(-#6( 14/8,23k4
%'/((:'(40(05 '#/2(0 D4%42 .'# .4- ,2 %'( >/#1(-- #? (4%,23
%'/(( 0,??(/(2% 6(2 4% #21(5 #2( 642 ,2 (41' #? ',- %'/((
6#$%'-@
Z,#&*&'5/
=4230#2G- (9(- 6#8(0 %# -(8(2 ;(%%(/- 14/8(0 "(2(4%' %'(
0(8,;@ N'( #/24%( 14;;,3/4>'9 .4- ./,%%(2 ,2 6,//#/ ,643(5 4-
.4- 4;; %(B% #2 ,6>/,2%,23 /#;;(/-5 "$% =4230#2 '40 2# %/#$";(
/(40,23&%'(&;(%%(/-kD!=ada!@
 XZ[VZY
D,(224&-I$,2%(0&4%&%'(&%(B%5&/(40,23&,%&4;#$0@ Q"&,.B.&LR
=4230#2 2#00(05 ?((;,23 4 1',;; %# '(4/ %'( .#/0 ->#*(2
4;#$0@ ia%G- 4 =4%,2 62(6#2,1 ,28(2%(0 "9 %'( g4%,142 ,2 %'(
\,00;( !3(- %# /(6,20 M'/,-%,42- #? %'( D(8(2 H(40;9 D,2-@ "&V
,.B.& ,- 42 41/#296 ?#/^ *;6#3D.&5 &8&3.5.&5 ,;\;3.&5 .'8.(.&5
B;,&5 .3&5&420 &7#(.&@j
D,(224 ?/#.2(0@ iO/,0(5 3/((05 ;$-%5 (2895 3;$%%#295 ./4%'5
420&-;#%'@j
=4230#2&.4-&,6>/(--(0@&i]#$&*2#.&=4%,2@j
ia&3/(.&$>&M4%'#;,1@&a&*2#.&-,2@j
=4230#2 64243(0 4 -6,;( 4- '( /(%$/2(0 ',- 34K( %# %'( -(4;5
.#20(/,23 434,2 .'9 ,% '40 "((2 ;#1*(0 ,2 4 ",#%$"( 4- ,? ,%
.(/(&0423(/#$-@
ia %'#$3'% ,% .4- ,8#/95j D,(224 -4,0@ i)$% ,%G- "#2(@j D'( -;,0
%'( 4/%,?41% ,2%# %'( -$2;,3'% 420 >#,2%(0 %# %'( ;,2(- #2 ,%@
ia8#/9 ?#/6- ,2 4 0,46#20:-'4>(0 1/#--:'4%1',23 .,%' %/42-;$:
1(2% -%/,4%,#2-e "#2(- ?#/6 .,%' %'(-( >4/4;;(; -%/,4%,#2- 420
04/*(2(0&>,%%,23@j
=4230#2 3(2%;9 >,1*(0 $> %'( -(4; 420 (B46,2(0 %'(
14/8,23- 6#/( 1;#-(;9@ N'( #/,3,24; D$6(/,42 -(4;- '40 "((2
14/8(0 .,%' /$0,6(2%4/9 ?,3$/(- 420 1$2(,?#/6@ N',- -(4;5
'#.(8(/5 .4- 6$1' 6#/( (;4"#/4%(;9 14/8(0@ \(0,(84;5 =423:
0#2 3$(--(0@ E$/%'(/6#/(5 %'( (6"(;;,-'6(2%- -$33(-%(0 42
$2-(%%;,23&1#22(1%,#2&.,%'&',-&'4;;$1,24%,#2-@
D,(224&(9(0&',6&.,%'&1#21(/2@&i+'4%&,-&,%nj
i<(1$//,23 %'(6(5j =4230#2 -4,0 3/,6;95 420 6#%,#2(0 %#
#2( #? %'( 14/8,23- #2 %'( -(4;@ iD(( %',- %'/((:'(40(05 642:
(4%,23 D4%42n a%G- 4 1#66#2 ,643( ?/#6 %'( \,00;( !3(-k42
,1#2 4--#1,4%(0 .,%' %'( );41* H(4%'@ N'( %'/(( 324-',23
6#$%'- 4/( -96"#;,1 #? '#. (??,1,(2%;9 %'( >;43$( 4%( %'/#$3'
%'(&>#>$;4%,#2@j
D,(224&3;421(0&$2(4-,;9&4%&%'(&",#'4K4/0&-96"#;&#2&%'(&%$"(@
!;;$-,#2- %# %'( >;43$( -((6(0 %# "( #11$//,23 .,%' 6#/(
?/(I$(219 %',- 6#/2,23 %'42 =4230#2 14/(0 %# 406,%5 420 -# ,%
 XQ[VZY
.4- .,%' /(;$1%421( %'4% '( 41*2#.;(03(0 4 ?$/%'(/ 1#22(1:
%,#2@ i"&,.B.& ,- /(>/(-(2%4%,8( #? %'( 1#;;(1%,8( -,2- #? 642*,20
L&.',1'5&411#/0,23&%#&6(0,(84;&/(;,3,#$-&,20#1%/,24%,#2kj
i+4- %'( /(4-#2 d#0 >$2,-'(0 %'( .#/;0 .,%' %'( );41*
H(4%'5j&D,(224&-4,05&1#6>;(%,23&',-&%'#$3'%@
i](-@j =4230#2 >4$-(05 6#6(2%4/,;9 ;#-,23 ',- %/4,2 #?
%'#$3'%@ 7( '40 C$-% 2#%,1(0 -#6(%',23 4"#$% %'( 19;,20(/ %'4%
-%/$1* ',6 4- #00@ A#/64;;95 4 >(/-#2 1#$;0 >((/ %'/#$3' 4
19;,20(/ -(4;G- '#;;#. 1(2%(/5 4- ,? %'/#$3' 4 -(1%,#2 #? (6>%9
>,>(5 "$% ,2 %',- 14-(5 %'( -'4?% .4- ";#1*(0@ 1+#3#0* *4:#5+.'B
.'*#35#( .'*.(# 5+.* D4'#/ N'( (20 14$3'% %'( ;,3'% 420
-',66(/(0@
iN'(/(G- -#6(%',23 ,2-,0(5j =4230#2 -4,0@ i!20 ,% ;##*- ;,*(
,%G- 640( #? 3;4--@j 7( ?;,>>(0 %'( 19;,20(/ $>-,0( 0#.2 %#
1'(1* %'( #%'(/ (205 420 4- '( 0,0 -#5 4 %,29 #"C(1% /4%%;(0 ,2:
-,0(5 %$6";,23 ?/#6 #2( (20 #? %'( "#2( %# %'( #%'(/5 ;,*( 4 "4;;
"(4/,23&,2&4&%$"(@
=4230#2 ?/#K(5 420 '( '(4/0 D,(224 ;(% #$% 4 -#?% 34-> "(-,0(
',6@
O+&5%5+#%+#,,%9&*%5+&5LF
iH,0&9#$&'(4/&%'4%&-#$20nj&D,(224&.',->(/(0@
=4230#2 2#00(0 420 14/(?$;;9 >((/(0 ,2%# %'( (20 #? %'(
142,-%(/@ iN'( #>(2,23 4>>(4/- %# "( ";#1*(0 "9 L -#6(%',23
640(&#?&6(%4;@j 1+#%7&6%4-%&%5#*5%5;D#C%:&)D#L
D,(224&"41*(0&4.49@&iH#(-&,%&;##*&L&"/#*(2nj
ia 0#2G% %',2* -#@j 7( 14/(?$;;9 %,>>(0 %'( "#2( 434,2 %# /((B:
46,2( %'( 3;4-- (205 420 %'( /4%%;,23 -#$20 /(1$//(0@ !2 ,2:
-%42% ;4%(/5 %'( 3;4-- ,2 %'( 19;,20(/ 0,0 -#6(%',23 .'#;;9
$2(B>(1%(0@
a%&"(342&%#&3;#.@
D,(224G-&(9(-&#>(2(0&.,0(@&i<#"(/%5&-%#>l&H#2G%&6#8(lj
 M7!ONP< QT

=!AdHFA DNFFH !)DF=hNP=] -%,;;5 ',- '420 ,2 6,04,/5 '#;0,23 %'(

"#2( 19;,20(/ -%(409@ +,%'#$% 4 0#$"%5 %'( 3;4-- 4% %'( (20 #?
%'( %$"( .4- (6,%%,23 ;,3'% L 3;#.,23 4- ,? %'( 1#2%(2%- '40
-$00(2;9&4.#*(2@
q$,1*;95&%'(&;,3'%&,2-,0(&?40(0&"41*&%#&";41*@
D,(224 6#8(0 1;#-(/5 "/(4%',23 I$,1*;9@ D'( %,;%(0 '(/ '(40
420&-%$0,(0&%'(&8,-,";(&-(1%,#2&#?&3;4--&,2-,0(&%'(&"#2(@
iN,>&,%&434,25j&-'(&.',->(/(0@&ig(/9&-;#.;9@j
=4230#2 3(2%;9 %$/2(0 %'( "#2( $>-,0( 0#.2@ !34,25 4 -64;;
#"C(1%&/4%%;(0&%'(&;(23%'&#?&%'(&"#2(&420&-%#>>(0@
iF21(&6#/(5j&-'(&-4,0@&id(2%;9@j
=4230#2 /(>(4%(0 %'( >/#1(--5 420 434,2 %'( %$"( /4%%;(0@
N',- %,6(5 %'( ,2%(/,#/ 3;4-- -',66(/(0 ?4,2%;95 3;#.,23 434,2
?#/&42&,2-%42%&"(?#/(&,%&?40(0&4.49@
ia%G- 3#% %# "( 4 %(-% %$"(5j D,(224 0(1;4/(05 i.,%' 42 43,%4%#/
"4;;@j
=4230#2 .4- ?46,;,4/ .,%' %'( 43,%4%#/ "4;;- $-(0 ,2 ->/49:
>4,2% 142-k-$"6(/3(0 >(;;(%- %'4% '(;>(0 -%,/ %'( >4,2% .'(2
%'(&142&.4-&-'4*(2@
ia% >/#"4";9 1#2%4,2- -#6( *,20 #? >'#->'#/(-1(2% 1'(6,14;
1#6>#$205j D,(224 -4,05 i#/ 4 ",#;$6,2(-1(2% #/342,-6 %'4%
3;#.-&.'(2&,%G-&-%,6$;4%(0@j
=4230#2 .4- '48,23 #%'(/ ,0(4-@ +',;( '( '40 -((2 1'(6,14;
3;#. -%,1*- 420 (8(2 ",#;$6,2(-1(2% >;42*%#2 %'4% 3;#.(0
.'(2 4 "#4% 1'$/2(0 $> ,%- '4",%4%5 '( .4- 2(4/;9 1(/%4,2 %'(
19;,20(/ ,2 ',- '420 1#2%4,2(0 2(,%'(/ #? %'(-( %',23-@ 7(
3(2%;9 %,>>(0 %'( %$"( -(8(/4; 6#/( %,6(-5 $2%,; ,% 3;#.(05 420
 XS[VZY
%'(2 '(;0 %'( ;$6,2(-1(2% (20 #8(/ ',- >4;6@ !- (B>(1%(05 4
?4,2%&/(00,-'&;,3'%&4>>(4/(05&>/#C(1%(0&#2%#&',-&-*,2@
S.7#%54%$'49%&%abc%2d%7&'%D#%934'B%*4:#5.:#*/
i+4%1' %',-5j =4230#2 -4,05 420 "(342 -'4*,23 %'( %$"( 8,#;:
(2%;9@ N'( #"C(1% ,2-,0( /4%%;(0 "41* 420 ?#/%'5 ?4-%(/ 420
?4-%(/@
D,(224&C$6>(0&"41*@&i+'4%&4/(&9#$&0#,23lnj
D%,;; -'4*,23 %'( %$"(5 =4230#2 .4;*(0 #8(/ %# %'( ;,3'%
-.,%1' 420 ?;,>>(0 ,% #??5 >;$23,23 %'( *,%1'(2 ,2%# /(;4%,8(
04/*2(--@ ia%G- 2#% 4 %(-% %$"( ,2-,0(5j '( -4,05 -%,;; -'4*,23 4-
'4/0&4-&'(&1#$;0@&ia%G-&4&E4/4049&>#,2%(/@j
=4230#2 '40 #21( "((2 3,8(2 4 -,6,;4/ 0(8,1( "9 #2( #? ',-
-%$0(2%-k4 ;4-(/ >#,2%(/ ?#/ ;(1%$/(/- .'# 0,-;,*(0 .4-%,23
(20;(-- !!! "4%%(/,(- 420 0,02G% 6,20 %'( (??#/% #? -'4*,23
%'(,/ >#,2%(/ ?#/ 4 ?(. -(1#20- ,2 #/0(/ %# %/42-?#/6 %'(,/ #.2
*,2(%,1 (2(/39 ,2%# (;(1%/,1,%9 #2 0(6420@ +'(2 %'( 0(8,1( .4-
43,%4%(05 4 6(%4; "4;; ,2-,0( -4,;(0 "41* 420 ?#/%' 41/#-- 4
-(/,(- #? >400;(- 420 >#.(/(0 4 %,29 3(2(/4%#/@ !>>4/(2%;9
-#6(#2( '40 0(1,0(0 %# -;,0( %',- >4/%,1$;4/ >#,2%(/ ,2%# 4 '#;:
;#.5 14/8(0 "#2(k42 421,(2% -*,2 %# -'(4%'( 4 6#0(/2 (;(1:
%/#2,1&%#9@
N'( %,> #? %'( >#,2%(/ ,2 ',- '420 .4- 2#. 3;#.,23 ,2%(2-(;95
420&=4230#2&348(&D,(224&42&$2(4-9&3/,2@&iD'#.%,6(@j
7( 4,6(0 %'( "#2(:-'(4%'(0 >#,2%(/ 4% 4 "4/( ->41( #2 %'(
*,%1'(2 .4;;@ +'(2 %'( .4;; ;,% $>5 D,(224 0/(. 4 -%4/%;(0
"/(4%'@ a% .4- =4230#25 '#.(8(/5 .'# >'9-,14;;9 /(1#,;(0 ,2
-$/>/,-(@
N'( ;,3'% %'4% 4>>(4/(0 #2 %'( .4;; .4- 2#% 4 ;,%%;( /(0 ;4-(/
0#%@ a% .4- 4 8,8,05 ',3':0(?,2,%,#2 >'#%#3/4>' %'4% (6424%(0
?/#6&%'(&%$"(&4-&,?&?/#6&42&#;0:?4-',#2(0&-;,0(&>/#C(1%#/@
?) I4(F =4230#2G- '420 %/(6";(0 -;,3'%;9 4- '( 4"-#/"(0
%'( 6414"/( -1(2( >/#C(1%(0 #2 %'( .4;; "(?#/( ',6@ S4 94'V
(#3%208#%D##'%*##.'B%.:&B#*%4-%(#&5+/
 XT[VZY
!% ',- -,0(5 D,(224 1#8(/(0 '(/ 6#$%' 420 %##* 4 %(2%4%,8(
-%(>&?#/.4/05&1;(4/;9&(2%/421(0&"9&.'4%&-'(&.4-&-((,23@
N'( -1(2( >/#C(1%(0 #$% #? %'( 14/8(0 "#2( .4- 4 3/,6 #,;
>4,2%,23 #? '$642 -$??(/,23k%'#$-420- #? -#$;- $20(/3#,23
./(%1'(0 %#/%$/(- ,2 84/,#$- ;(8(;- #? '(;;@ N'( $20(/.#/;0 .4-
>#/%/49(0 4- 4 1$%4.49 1/#-- -(1%,#2 #? %'( (4/%' ,2%# .',1'
>;$23(0 4 148(/2#$- ?$22(;:-'4>(0 >,% #? $2?4%'#64";( 0(>%'@
N',- >,% #? '(;; .4- 0,8,0(0 ,2%# 0(-1(20,23 %(//41(- #? ,21/(4-:
,23 6,-(/95 (41' ;(8(; >#>$;4%(0 "9 %#/6(2%(0 -,22(/- #? (8(/9
*,20@
=4230#2&/(1#32,K(0&%'(&,643(&4%&#21(@
N'( 64-%(/>,(1( "(?#/( ',6kT& ?&66& (#,,02'-#3'4k'40
"((2 >4,2%(0 "9 #2( #? %'( %/$( 3,42%- #? %'( a%4;,42 <(24,-:
-421(5 D420/# )#%%,1(;;,@ !2 (;4"#/4%( ";$(>/,2% #? %'( $20(/:
.#/;05 1+# ?&6 4- @#,, .4- #2( #? %'( 6#-% ?/,3'%(2,23 8,-,#2-
#? %'( 4?%(/;,?( (8(/ 1/(4%(0@ H4/*5 3/,65 420 %(//,?9,235 %'(
>4,2%,23 -%#>>(0 >(#>;( ,2 %'(,/ %/41*- (8(2 %#049@ h2;,*( ',-
8,"/42% 420 1#;#/?$; Z3.:&8#3& #/ N.35+ 4- J#';*5 )#%%,1(;;,
'40 1/4?%(0 ',- ?&6 4- @#,, .,%' 4 0(>/(--,23 >4;4%( #? /(0-5
-(>,4-5&420&"/#.2-@
=4230#2G- 1/4-',23 '(4041'( '40 -$00(2;9 /(%$/2(05 420
9(% ?#/ %'( ?,/-% %,6( -,21( .4*,23 $> ,2 4 -%/423( '#->,%4;5 '(
?(;% 4 >,(1( #? %'( >$KK;( %$6";( ,2%# >;41(@ 7,- 3/,6 '4;;$1,24:
%,#2- #"8,#$-;9 '40 "((2 -%,//(0 "9 -((,23 %',- ?46#$-
>4,2%,23@
2 :;*5 +&8# D##' *5;().'B N455.7#,,.0* ?&6 4- @#,,5 '(
%'#$3'%5&4;%'#$3'&'(&'40&2#&/(1#;;(1%,#2&#?&.'9@
+',;( %'( ,643( ,%-(;? .4- 0,-%$/",235 ,% .4- %'( >4,2%,23G-
>/#8(2421( %'4% .4- 2#. 14$-,23 =4230#2 42 ,21/(4-,23 0,-:
I$,(%@ =4230#2 .4- .(;; 4.4/( %'4% %'( ,2->,/4%,#2 ?#/ %',-
?#/("#0,23 64-%(/>,(1( '40 #/,3,24%(0 '45 ,2 %'( 6,20 #? )#%:
%,1(;;, ',6-(;? L "$% /4%'(/ ,2 %'( 6,20 #? -#6(#2( .'# '40
;,8(0&%.#&'$20/(0&9(4/-&"(?#/(&',6@
K'#%B3#&5%943$%4-%&35%.'*6.3#(%D)%&'45+#3/
 XU[VZY
)#%%,1(;;,G- ?&6 4- @#,, .4- ,2 ?41% 4 %/,"$%( %# 4 ?#$/%((2%':
1(2%$/9 .#/* #? ;,%(/4%$/( %'4% '40 "(1#6( #2( #? ',-%#/9G-
6#-% 1(;("/4%(0 ./,%,23- L 4 2#%#/,#$-;9 6414"/( 8,-,#2 #? '(;;
%'4%&/(-#24%(0&%#&%',-&049@
H42%(G- 2'-#3'4/

!1/#-- %'( -%/((%5 g49(2%'4 I$,(%;9 1;,6"(0 4 -(/8,1( -%4,/14-(

420 1#21(4;(0 '(/-(;? #2 %'( /##?%#> %(//41( #? %'( -;((>9 ;,%%;(
O(2-,#2( ;4 E,#/(2%,24@ =4230#2 '40 >/#8,0(0 4 2#2(B,-%(2%
/##6 2$6"(/ 420 4 ?4*( 6((%,23 >;41( %# ',- 1#2-$;4%( 1#2:
%41%k4 i6,//#/(0 6((%5j 4- ,% .4- 14;;(0 ,2 '(/ "$-,2(--k4
1#66#2 %/40(1/4?% %(1'2,I$( %'4% .#$;0 (24";( ',6 %# 4--(--
%'( -,%$4%,#2 "(?#/( /(8(4;,23 ',- #.2 ;#14%,#2@ a284/,4";95 %'(
?4*( #/ i6,//#/(0j ;#14%,#2 .4- -(;(1%(0 "(14$-( ,% ;49 ,2 >(/:
?(1%&8,(.&#?&',- &75;&, ;#14%,#2@
g49(2%'4 ?#$20 4 1#21(4;(0 842%43( >#,2% #2 %'( /##?%#>
?/#6 .',1' -'( '40 4 ",/0G-:(9( 8,(. #? %'( (2%,/( 4/(4@ D;#.;95
-'(&;(%&'(/&(9(-&1;,6"&%'(&4>4/%6(2%&"$,;0,23&41/#--&%'(&-%/((%@
M4;3%:48#C%?3/%T&'B(4'/

!% %'4% 6#6(2%5 #2 "#4/0 1+# ?#'(&7.;:5 %'( >/#8#-%

-%(>>(0 #$% #2%# %'( 64'#3429 0(1* 420 ,2'4;(0 0((>;95 -4:
8#/,23 %'( -4;%9 4,/ #? %'( !0/,4%,1@ N',- 8(--(; '40 "((2 ',-
'#6( ?#/ 9(4/-5 420 9(% 2#.5 %'( -(/,(- #? (8(2%- %/42->,/,23 ,2
E;#/(21(&%'/(4%(2(0&%#&0(-%/#9&(8(/9%',23&'(&'40&"$,;%@
7,- ?,(;0 43(2% g49(2%'4 '40 >$% (8(/9%',23 4% /,-*5 420
.',;( -'( .#$;0 ?41( 42 ,2I$,/9 .'(2 %',- 6,--,#2 .4- #8(/5
/,3'%&2#.&%'(&>/#8#-%&-%,;;&2((0(0&'(/@
"+#%(&:'#(%9#,,%D#55#3%3#B&.'%74'534,%4-%5+.*%:#**/
)/,-* ?##%-%(>- 4>>/#41'(0 "(',20 ',65 420 %'( >/#8#-%
%$/2(0&%#&-((&#2(&#?&',-&?(64;(&424;9-%-&4//,8,23&4%&4&C#3@
 XV[VZY
iD,/nj %'( 424;9-% -4,05 "/(4%';(--@ i+( '48( 2(. ,2?#/64:
%,#2@j 7(/ 8#,1( 1$% %'( 6#/2,23 4,/ .,%' 4 /4/( ,2%(2-,%9@ ia%
4>>(4/- <#"(/% =4230#2 C$-% 411(--(0 ',- 74/84/0 (:64,; 41:
1#$2% ?/#6 42 $264-*(0 aO 400/(--@j D'( >4$-(05 ;#1*,23 (9(-
.,%'&%'(&>/#8#-%@&i=4230#2G-&>/(1,-(&;#14%,#2&,-&2#.&%/41(4";(@j
N'( >/#8#-% .4- -%$22(0 %'4% 429#2( 1#$;0 "( -# ?##;,-'@
1+.* 7+&'B#* #8#3)5+.'B/ 7( -%((>;(0 ',- '420- 420 -%4/(0 #$%
4% %'( 1#4-%;,2(5 1#2-,0(/,23 %'( ,6>;,14%,#2-@ iH# .( *2#. %'(
-%4%$-&#?&%'(&D<D&%(46nj
i](-5 -,/@ =(-- %'42 %.# 6,;(- 4.49 ?/#6 =4230#2G-
>#-,%,#2@j
N'(&>/#8#-%&2((0(0&#2;9&4&6#6(2%&%#&64*(&%'(&0(1,-,#2@
 M7!ONP< QU

QT02SHAPSK <2 <>S1AR5 D,(224 .',->(/(05 '(/ (B>/(--,#2 /4>% 4-

-'( ,21'(0 1;#-(/ %# %'( -%4/* ,643( #? %'( $20(/.#/;0 2#.
>/#C(1%(0&#2&'(/&*,%1'(2&.4;;@
<&'5#0* 8.*.4' 4- +#,,5 =4230#2 %'#$3'%5 3#'(#3#( +#3# .'
,.8.'B%74,43@
PB4;%(0 4- #2( #? %'( >/((6,2(2% .#/*- #? .#/;0 ;,%(/4%$/(5
%'( 2'-#3'4 .4- %'( ?,/-% #? %'/(( "##*- %'4% 640( $> H42%(
!;,3',(/,G- <.8.'# =4:#()k4 QT5RSS:;,2( (>,1 >#(6 0(-1/,",23
H42%(G- "/$%4; 0(-1(2% ,2%# %'( $20(/.#/;05 C#$/2(9 %'/#$3'
>$/34%#/95 420 (8(2%$4; 4//,84; ,2 >4/40,-(@ F? %'( =4:#()G-
%'/(( -(1%,#2-k2'-#3'45 Z;3B&543.45 420 Z&3&(.*4k2'-#3'4
.4-&"9&?4/&%'(&6#-%&.,0(;9&/(40&420&6(6#/4";(@
M#6>#-(0 "9 H42%( !;,3',(/, ,2 %'( (4/;9 QSZZ-5 2'-#3'4 '40
I$,%( ;,%(/4;;9 /(0(?,2(0 6(0,(84; >(/1(>%,#2- #? 04624%,#2@
A(8(/ "(?#/( '40 %'( 1#21(>% #? '(;; 14>%,84%(0 %'( 64--(- ,2
-$1' 42 (2%(/%4,2,23 .49@ F8(/2,3'%5 H42%(G- .#/* -#;,0,?,(0
%'( 4"-%/41% 1#21(>% #? '(;; ,2%# 4 1;(4/ 420 %(//,?9,23 8,-:
,#2k8,-1(/4;5 >4;>4";(5 420 $2?#/3(%%4";(@ A#% -$/>/,-,23;95
?#;;#.,23 %'( >#(6G- /(;(4-(5 %'( M4%'#;,1 M'$/1' (2C#9(0 42
(2#/6#$- $>%,1* ,2 4%%(20421( ?/#6 %(//,?,(0 -,22(/- ;##*,23
%#&48#,0&H42%(G-&$>04%(0&8(/-,#2&#?&%'(&$20(/.#/;0@
H(>,1%(0 '(/( "9 )#%%,1(;;,5 H42%(G- '#//,?,1 8,-,#2 #? '(;; .4-
1#2-%/$1%(0 4- 4 -$"%(//42(42 ?$22(; #? -$??(/,23k4 ./(%1'(0
$20(/3/#$20 ;420-14>( #? ?,/(5 "/,6-%#2(5 -(.43(5 6#2-%(/-5
420 D4%42 ',6-(;? .4,%,23 4% ,%- 1#/(@ N'( >,% .4- 1#2-%/$1%(0
,2 2,2( 0,-%,21% ;(8(;-5 %'( A,2( <,23- #? 7(;;5 ,2%# .',1' -,2:
2(/- .(/( 14-% ,2 411#/0421( .,%' %'( 0(>%' #? %'(,/ -,2@ A(4/
%'( %#>5 %'( ,;*5-;, #/ i14/24; 64;(?41%#/-j .(/( ";#.2 4"#$% "9
 XX[VZY
42 (%(/24; .,20-%#/65 4 -96"#; #? %'(,/ ,24",;,%9 %# 1#2%/#;
%'(,/ 0(-,/(@ )(2(4%' %'(6 %'( B,;554'* .(/( ?#/1(0 %# ;,( ?41(:
0#.2 ,2 4 8,;( -;$-' #? -(.43(5 %'(,/ 6#$%'- ?,;;(0 .,%' %'(
>/#0$1% #? %'(,/ (B1(--@ H((>(/ -%,;;5 %'( +#3#5.7* .(/( %/4>>(0
,2 ?;46,23 1#??,2-5 0462(0 %# (%(/24; ?,/(@ !20 -# ,% .(2% L 3(%:
%,23&.#/-(&420&.#/-(&%'(&0((>(/&#2(&0(-1(20(0@
a2 %'( -(8(2 1(2%$/,(- -,21( ,%- >$";,14%,#25 H42%(G- (20$/,23
8,-,#2 #? '(;; '40 ,2->,/(0 %/,"$%(-5 %/42-;4%,#2-5 420 84/,4%,#2-
"9 -#6( #? ',-%#/9G- 3/(4%(-% 1/(4%,8( 6,20-@ =#23?(;;#.5 M'4$:
1(/5 \4/B5 \,;%#25 )4;K415 )#/3(-5 420 (8(2 -(8(/4; >#>(- '40
4;; ./,%%(2 >,(1(- "4-(0 #2 H42%(G- 2'-#3'4@ \#2%(8(/0,5 =,-K%5
+432(/5 N1'4,*#8-*95 420 O$11,2, 1#6>#-(0 >,(1(- "4-(0 #2
H42%(G- .#/*5 4- '40 #2( #? =4230#2G- ?48#/,%( ;,8,23 /(1#/0,23
4/%,-%-k=#/((24 \1`(22,%%@ P8(2 %'( 6#0(/2 .#/;0 #? 8,0(#
346(- 420 ,O40 4>>- '40 2# -'#/%43( #? H42%(:/(;4%(0
#??(/,23-@
=4230#25 (43(/ %# -'4/( .,%' ',- -%$0(2%- %'( 8,"/42% -96:
"#;,1 /,1'2(-- #? H42%(G- 8,-,#25 -#6(%,6(- %4$3'% 4 1#$/-( #2
%'( /(1$//,23 ,643(/9 ?#$20 ,2 "#%' H42%( 420 %'( .#/*- '(
'40&,2->,/(0&#8(/&%'(&1(2%$/,(-@
i<#"(/%5j D,(224 -4,05 -',?%,23 1;#-(/ %# %'( ,643( #2 %'(
.4;;@ i=##* 4% %'4%lj D'( >#,2%(0 %# 42 4/(4 2(4/ %'( "#%%#6 #?
%'(&?$22(;:-'4>(0&'(;;@
N'( 4/(4 -'( .4- >#,2%,23 %# .4- *2#.2 4- %'( \4;(:
"#;3(k6(42,23 i(8,; 0,%1'(-@j a% .4- %'( (,3'%' 420 >(2$;%,6:
4%( /,23 #? '(;; 420 .4- 0,8,0(0 ,2%# %(2 -(>4/4%( 0,%1'(-5 (41'
?#/&4&->(1,?,1&%9>(&#?&?/4$0@
D,(224 >#,2%(0 6#/( (B1,%(0;9 2#.@ i=##*l H,02G% 9#$ -495 ,2
9#$/&8,-,#25&9#$&-4.&%',-nlj
=4230#2 -I$,2%(0 4% .'(/( D,(224 .4- >#,2%,235 "$% '( -4.
2#%',23@ N'( %,29 >/#C(1%#/ .4- ;#-,23 >#.(/5 420 %'( ,643(
'40 "(3$2 %# ?40(@ 7( I$,1*;9 -'##* %'( 0(8,1( 434,2 $2%,; ,%
.4- 3;#.,23 "/,3'%;9@ N'(2 '( 14/(?$;;9 -(% ,% ?4/%'(/ "41* ?/#6
%'( .4;;5 #2 %'( (03( #? %'( 1#$2%(/ 41/#-- %'( -64;; *,%1'(25
 XY[VZY
;(%%,23 ,% 14-% 42 (8(2 ;4/3(/ ,643( ?/#6 %'(/(@ =4230#2 4>:
>/#41'(0 D,(2245 -%(>>,23 %# %'( -,0( %# -%$09 %'( 3;#.,23
64>@
!34,2 D,(224 >#,2%(0 0#.2 %#.4/0 %'( (,3'%' /,23 #? '(;;@
i=##*@ H,02G% 9#$ -49 9#$/ '4;;$1,24%,#2- ,21;$0(0 4 >4,/ #?
;(3- -%,1*,23 #$% #? %'( (4/%' $>-,0( 0#.2 .,%' %'( ;(%%(/ Pnj
D'(&%#$1'(0&4&>/(1,-(&->#%&#2&%'(&.4;;@&iN'(/(&%'(9&4/(lj
!- =4230#2 '40 -((2 6429 %,6(- ,2 %',- >4,2%,235 %'( %(2%'
0,%1' #? %'( \4;("#;3( .4- >41*(0 .,%' -,22(/- '4;? "$/,(0 $>:
-,0( 0#.25 %'(,/ ;(3- -%,1*,23 #$% #? %'( (4/%'@ )$% -%/423(;95 ,2
5+.* 8(/-,#25 #2( >4,/ #? ;(3- "#/( %'( ;(%%(/ P5 ./,%%(2 ,2 6$05
(B41%;9&4-&=4230#2&'40&-((2&,2&',-&8,-,#2@
?) I4(F =4230#2 >((/(0 6#/( ,2%(2%;9 4% %'( %,29 0(%4,;@
iN'4%&;(%%(/ P L&%'4%&,-&0(?,2,%(;9 '45 ,2&)#%%,1(;;,G-&#/,3,24;lj
iN'(/(G-&42#%'(/&;(%%(/5j&D,(224&-4,05&>#,2%,23@
=4230#2 ?#;;#.(0 '(/ #$%-%/(%1'(0 ?,23(/ %# 42#%'(/ #? %'(
%(2 0,%1'(- ,2 %'( \4;("#;3(5 .'(/( %'( ;(%%(/ A .4- -1/4.;(0
#2&4&?4;-(&>/#>'(%&.'#-(&'(40&'40&"((2&>$%&#2&"41*.4/0@
O+&5%.'%5+#%943,(L%1+.*%6&.'5.'B%+&*%D##'%:4(.-.#(/
F%'(/ ;(%%(/- 2#. 4>>(4/(0 %# ',65 -1/4.;(0 #2 -,22(/-
%'/#$3'#$% 4;; %(2 0,%1'(- #? %'( \4;("#;3(@ 7( -4. 4 = #2 4
-(0$1(/ "(,23 .',>>(0 "9 0(6#2- L 42#%'(/ P #2 4 %',(? >(/:
>(%$4;;9 ",%%(2 "9 -24*(- L 42 > #2 4 1#//$>% >#;,%,1,42 -$":
6(/3(0&,2&4&"#,;,23&;4*(&#?&%4/@
iN'(-( ;(%%(/-5j =4230#2 -4,0 .,%' 1(/%4,2%95 i4/( 0(?,2,%(;9
'45 >4/% #? )#%%,1(;;,G- #/,3,24;@ N',- ,643( '4- "((2 0,3,%4;;9
(0,%(0@j
7( /(%$/2(0 ',- 34K( %# %'( $>>(/6#-% 0,%1' #? %'( \4;(:
"#;3( 420 "(342 /(40,23 %'( ;(%%(/- 0#.2.4/05 %'/#$3' (41' #?
%'(&%(2&0,%1'(-5&?/#6&%#>&%#&"#%%#6@
=%E%>%E%1%E%P%E%K%E%J%E%>%E%=%E%A%E%P
Q=&5348&7#3LR =4230#2&-4,0@&ia-&%',-&a%4;,42nj
D,(224 -'##* '(/ '(40@ iA#% =4%,2 (,%'(/@ a 0#2G% /(1#32,K(
,%@j
 YZ[VZY
i!&L&-,324%$/(5&649"(nj
iM4%/#841(/nj D'( ;##*(0 0#$"%?$;@ iH#(-2G% -#$20 ;,*( 4
246( %# 6(@ )$% ;##* #8(/ %'(/(@j D'( >#,2%(0 %# #2( #? %'(
6429&1'4/41%(/-&,2&%'(&%',/0&0,%1'&#?&%'(&\4;("#;3(@
+'(2 =4230#2G- (9(- ?#$20 %'( ?,3$/(5 '( ,2-%42%;9 ?(;% 4
1',;;@ !6#23 %'( 1/#.0 #? -,22(/- ,2 %'( %',/0 0,%1' .4- 42
,1#2,1 ,643( ?/#6 %'( \,00;( !3(-k4 1;#4*(0 642 ,2 4 64-*
.,%'&4&;#235&",/0;,*(&"(4*&420&0(40&(9(-@
1+#%6,&B;#%:&*$/
ia- %'(/( 4 >;43$( 0#1%#/ ,2 )#%%,1(;;,G- #/,3,24;nj D,(224
4-*(0@
i!"-#;$%(;9&2#%@&N'4%&?,3$/(&'4-&"((2&400(0@j
i!20&0,0&)#%%,1(;;, *.B' ',-&#/,3,24;nj
=4230#2 1#$;02G% /(14;;5 "$% 4- ',- (9(- 6#8(0 %# %'( ;#.(/
/,3'%:'420 1#/2(/ .'(/( 4 -,324%$/( 2#/64;;9 .#$;0 "(5 '(
/(4;,K(0 .'9 -'( '40 4-*(0@ N'(/( .4- 2# -,324%$/(5 420 9(%
"4/(;9 8,-,";( 4;#23 T& ?&66&G- 04/* "/#.2 "#/0(/ .4- 4 ;,2(
#? %(B% ,2 %,29 ";#1* ;(%%(/-^ ,& 8#3.5e f 8.*.D.,# *4,4 &553&8#3*4
B,.%477+.%(#,,&%:435#/
=4230#2 *2(. (2#$3' a%4;,42 %# $20(/-%420 %'( 3,-%@ i oN'(
%/$%'&142&"(&3;,6>-(0&#2;9&%'/#$3'&%'(&(9(-&#?&0(4%'@G&j
D,(224&2#00(0@&i),K4//(@j
N'( %.# #? %'(6 -%##0 ,2 -,;(21( 4- %'( 6#/",0 ,643( "(?#/(
%'(6 -;#.;9 "(342 %# ?40(@ <&'5#0* 2'-#3'45 =4230#2 %'#$3'%@
2'*6.3.'B%-43#D4(.'B%6.#7#*%4-%&35%*.'7#%ghhb/
=4230#2G- 1#$/-( #2 H42%( 4;.49- ,21;$0(0 42 (2%,/( -(1%,#2
#2 %'( ,;;$-%/,#$- 4/%.#/* ,2->,/(0 "9 %'( 2'-#3'4@ a2 400,%,#2
%# )#%%,1(;;,G- 1(;("/4%(0 ?&6 4- @#,,5 %'(/( .4- <#0,2G- %,6(:
;(-- -1$;>%$/( #? 1+# 1+3## "+&(#* ?/#6 1+# I&5#* 4- @#,, L
D%/4042$-G- ,;;$-%/4%,#2 #? O';(394- >400;,23 %'/#$3' -$":
6(/3(0 "#0,(- #2 %'( /,8(/ D%9B L +,;;,46 );4*(G- ;$-%?$; -,2:
2(/- -.,/;,23 %'/#$3' 42 (%(/24; %(6>(-% L )#$3$(/(4$G-
-%/423(;9 (/#%,1 8,-,#2 #? H42%( 420 g,/3,; .4%1',23 %.# 2$0(
6(2 ;#1*(0 ,2 "4%%;( L )49/#-G- %#/%$/(0 -#$;- '$00;,23
 YQ[VZY
"(2(4%' 4 '4,;:;,*( %#//(2% #? -14;0,23 >(;;(%- 420 0/#>;(%- #?
?,/( L D4;840#/ H4;rG- (11(2%/,1 -(/,(- #? .4%(/1#;#/- 420 .##0:
1$%- L 420 H#/sG- '$3( 1#;;(1%,#2 #? ";41*:420:.',%( (%1',23-
0(>,1%,23 (8(/9%',23 ?/#6 %'( %$22(;(0 (2%/421( %# 740(- L %#
.,23(0&D4%42&',6-(;?@
A#. ,% -((6(0 %'4% H42%(G- >#(%,1 8,-,#2 #? '(;; '40 2#% #2;9
,2?;$(21(0 %'( 6#-% /(8(/(0 4/%,-%- %'/#$3'#$% ',-%#/9@ a% '40
4;-#5 4>>4/(2%;95 ,2->,/(0 9(% 42#%'(/ ,20,8,0$4;k4 %.,-%(0
-#$; .'# '40 0,3,%4;;9 4;%(/(0 )#%%,1(;;,G- ?46#$- >4,2%,235
400,23 %(2 ;(%%(/-5 4 >;43$( 0#1%#/5 420 %'(2 -,32,23 ,% .,%' 42
#6,2#$- >'/4-( 4"#$% -((,23 %'( %/$%' %'/#$3' %'( (9(- #?
0(4%'@ N',- 4/%,-% '40 %'(2 -%#/(0 %'( ,643( #2 4 ',3':%(1' >/#:
C(1%#/&-'(4%'(0&,2&4&?/(4*,-';9&14/8(0&"#2(@
=4230#2 1#$;02G% ,643,2( .'# .#$;0 '48( 1/(4%(0 -$1' 42
4/%,?41%5 420 9(%5 4% %'( 6#6(2%5 %',- ,--$( -((6(0 -(1#204/9
%#&4&?4/&6#/(&$22(/8,23&I$(-%,#2@
O+)%5+#%+#,,%&:%2%7&33).'B%.5L

!- D,(224 -%##0 .,%' =4230#2 ,2 %'( *,%1'(2 420 >#20(/(0 '(/

2(B% 6#8(5 %'( $2(B>(1%(0 /#4/ #? 4 ',3':'#/-(>#.(/ (23,2(
(1'#(0 $> ?/#6 %'( -%/((% "(;#.@ a% .4- ?#;;#.(0 "9 4 -%4114%#
"$/-%&#?&-1/((1',23&%,/(-&420&14/&0##/-&-;466,23@
O$KK;(05&D,(224&'$//,(0&%#&%'(&.,20#.&420&>((/(0&#$%-,0(@
! ";41*5 $264/*(0 842 '40 -*,00(0 %# 4 -%#> ,2 %'( -%/((%
"(;#.@ F$% #? %'( 842 ?;#.(0 4 %(46 #? 6(25 4;; 0/(--(0 ,2
";41* $2,?#/6- .,%' 1,/1$;4/ 3/((2 6(04;;,#2- #2 %'(,/ ;(?%
-'#$;0(/-@ N'(9 3/,>>(0 4$%#64%,1 /,?;(- 420 6#8(0 .,%'
?,(/1(5 6,;,%4/9 (??,1,(219@ +,%'#$% '(-,%4%,#25 ?#$/ -#;0,(/-
04-'(0&%#.4/0&%'(&(2%/421(&#?&%'(&4>4/%6(2%&"$,;0,23@
D,(224 ?(;% '(/ ";##0 3# 1#;0@ i<#"(/%lj -'( -'#$%(0@ ia 0#2G%
*2#.&.'#&%'(9&4/(5&"$%&%'(9&?#$20&$-lj
 YR[VZY

H#.2 ,2 %'( -%/((%5 !3(2% M'/,-%#>' )/t0(/ -'#$%(0 #/0(/- %#

',- 6(2 4- %'(9 /$-'(0 ,2%# %'( "$,;0,23@ 7( .4- 4 >#.(/?$;;9
"$,;% 642 .'#-( 6,;,%4/9 "41*3/#$20 '40 ,6"$(0 ',6 .,%' 42
(6#%,#2;(-- -(2-( #? 0$%9 420 /(->(1% ?#/ %'( 1#66420 1'4,2@
7(&*2(.&',-&6,--,#25&420&'(&*2(.&%'(&-%4*(-@
N'( #/342,K4%,#2 ?#/ .'#6 '( .#/*(0 1#2%4,2(0 6429 0,8,:
-,#2-5 "$% )/t0(/G- 0,8,-,#2kD$/8(,;;421( 420 <(->#2-( D$>:
>#/%k.4- -$66#2(0 #2;9 .'(2 4 -,%$4%,#2 /(41'(0 i1/,-,-j
-%4%$-@
!- ',- 6(2 0,-4>>(4/(0 ,2%# %'( 4>4/%6(2% "$,;0,235 )/t0(/
-%##0 .4%1' 4% %'( ?/#2% 0##/5 >$;;,23 #$% ',- 1#66 0(8,1( 420
1#2%41%,23&%'(&>(/-#2&,2&1'4/3(@
ia%G- )/t0(/5j '( -4,0@ i+(G8( -$11(--?$;;9 %/41*(0 =4230#2
%'/#$3' ',- 1#6>$%(/ aO 400/(--@ \9 %(46 ,- 6#8,23 ,2@ aG;;
4;(/%&9#$&.'(2&.(&'48(&',6@j

7,3' 4"#8( )/t0(/5 #2 %'( /##?%#> %(//41( #? O(2-,#2( ;4

E,#/(2%,245 g49(2%'4 -%4/(0 0#.2 ,2 '#//,?,(0 0,-"(;,(? 4% %'(
43(2%-&04-',23&,2%#&%'(&4>4/%6(2%&"$,;0,23@
O+&5%5+#%+#,,%&3#%1@AM%(4.'B%+#3#LF
D'( /42 4 '420 %'/#$3' '(/ ->,*(0 '4,/5 -$00(2;9 3/4->,23
%'( 0,/( 1#2-(I$(21(- #? '(/ "#%1'(0 4--,326(2% ;4-% 2,3'%@
+,%' %'( -,23;( 1## #? 4 0#8(5 (8(/9%',23 '40 ->,/4;(0 .,;0;9
#$% #? 1#2%/#;@ +'4% '40 "(3$2 4- 4 -,6>;( 6,--,#2 L '40 2#.
%$/2(0&,2%#&4&;,8,23&2,3'%64/(@
2-%5+#%"P"%5#&:%.*%+#3#C%5+#'%.50*%&,,%48#3%-43%:#/
g49(2%'4 0(->(/4%(;9 3/4""(0 '(/ D(1%/4 N,3(/ pD 1#66$:
2,14%,#2-&0(8,1(&420&14;;(0&%'(&>/#8#-%@
iD,/5j -'( -%466(/(0@ iN'( D<D %(46 ,- '(/(l )/t0(/G- 6(2
4/(&-.4/6,23&%'(&4>4/%6(2%&"$,;0,23&41/#--&%'(&-%/((%lj
 YS[VZY
D'( 4.4,%(0 4 /(->#2-(5 "$% .'(2 ,% 146(5 -'( '(4/0 #2;9
-'4/> 1;,1*- #2 %'( ;,2(5 %'(2 42 (;(1%/#2,1 8#,1(5 .',1' 14;6;9
-%4%(05&iH,-48#.4;&>/#%#1#;&1#66(21,23@j
g49(2%'4 ;#.(/(0 %'( >'#2( 420 ;##*(0 4% %'( -1/((2 C$-% ,2
%,6(&%#&-((&%'(&1#66&0(8,1(&3#&0(40@
!- %'( ";##0 0/4,2(0 ?/#6 '(/ ?41(5 g49(2%'4 ?#/1(0 '(/-(;?
%# 411(>% .'4% .4- '4>>(2,23@ N'( M#2-#/%,$6 '40 C$-%
-(8(/(0&4;;&%,(-&.,%'&'(/@
A#&;,2*-@&A#&4--#1,4%,#2@
208#%D##'%(.*&849#(/
N'(&-'#1*&;4-%(0&#2;9&42&,2-%42%@
N'(2&%'(&?(4/&-(%&,2@
 M7!ONP< QV

i7h<<]5&<F)P<Nlj&DaPAA!$/3(0@&iE#;;#.&6(lj
=4230#2G- %'#$3'%- .(/( -%,;; 1#2-$6(0 "9 3/,6 ,643(- #?
H42%(G- $20(/.#/;0 4- '( 1'4/3(0 #$% %'( 0##/ ,2%# %'( '4;; #?
%'( 4>4/%6(2% "$,;0,23@ h2%,; %',- ,2-%42%5 D,(224 )/##*- '40
64243(0 %'( 6#/2,23G- -$"-%42%,4; -%/(-- .,%' 4 *,20 #? 0(:
%41'(0 >#,-(5 "$% 2#. '(/ 14;6 0(6(42#/ '40 3/#.2 %4$% .,%'
42&(6#%,#2&=4230#2&'40&9(%&%#&-((&,2&'(/k%/$(&?(4/@
a2 %'( '4;;.495 D,(224 /42 4'(405 /$-',23 >4-% %'( (;(84%#/5
.',1' .4- 4;/(409 0(-1(20,235 2# 0#$"% -$66#2(0 "9 %'(
6(2 2#. (2%(/,23 %'( ;#""9@ D'( ->/,2%(0 %# %'( (20 #? %'( '4;;
4205&.,%'#$%&;##*,23&"41*5&0,-4>>(4/(0&,2%#&%'(&-%4,/.(;;@
=4230#2 ?#;;#.(0 1;#-( "(',205 -*,00,23 #2 %'( -6##%'
-#;(- #? ',- "#//#.(0 ;#4?(/-@ N'( %,29 >/#C(1%#/ ,2 %'( "/(4-%
>#1*(% #? ',- )/,#2, -$,% "#$21(0 434,2-% ',- 1'(-% 4- '( /42@
7,- 6,20 ?;4-'(0 #2 %'( -%/423( ;(%%(/- 40#/2,23 %'( (,3'%'
/,23 #? '(;;^ M!N<Fg!MP<@ 7( >,1%$/(0 %'( >;43$( 64-* 420 %'(
-%/423( -,324%$/(^ 1+# 53;5+ 7&' D# B,.:6*#( 4',) 5+34;B+ 5+#
#)#*%4-%(#&5+/
=4230#2 -%/4,2(0 %# 1#22(1% %'(-( 0,->4/4%( (;(6(2%-5 "$% 4%
%'( 6#6(2% 2#%',23 .4- 64*,23 -(2-(@ +'(2 '( ?,24;;9 146(
%# 4 -%#> #2 %'( -%4,/14-( ;420,235 D,(224 .4- %'(/(5 ;,-%(2,23
,2%(2%;9@ =4230#2 1#$;0 '(4/ ?##%-%(>- >#$20,23 $> %'( -%4,/-
?/#6&"(;#.@
ia-&%'(/(&42#%'(/&(B,%nj&=4230#2&.',->(/(0@
iE#;;#.&6(5j&-'(&-4,0&%(/-(;9@
D,(224 '40 *(>% =4230#2 4;,8( #21( 4;/(409 %#0495 420 -#5
.,%' ;,%%;( 1'#,1( "$% %# %/$-% %'( .#6425 =4230#2 %##* 4 0((>
"/(4%'&420&"#$20(0&0#.2&%'(&-%4,/-&4?%(/&'(/@
 YU[VZY
N'(9 0(-1(20(0 #2( ?;##/5 420 %'( -#$20- #? 4>>/#41',23
"##%- 3/(. 8(/9 1;#-( 2#.5 (1'#,23 #2;9 4 ?;##/ #/ %.# "(;#.
%'(6@
O+)%.*%*+#%3;''.'B%(.3#75,)%.'54%5+#:L
)(?#/( =4230#2 1#$;0 >/#%(-%5 D,(224 3/4""(0 ',- '420 420
942*(0 ',6 #$% #? %'( -%4,/.(;; 4;#23 4 0(-(/%(0 '4;;.49 #?
4>4/%6(2%-k4&;#23&1#//,0#/&#?&;#1*(0&0##/-@
1+#3#0*%'49+#3#%54%+.(#F
D,(224 ?;,>>(0 4 ;,3'% -.,%1' 420 4 ?(. "$;"- .(2% #$%5 "$%
%'( 0,6 '4;;.49 0,0 ;,%%;( %# ',0( %'(6@ D,(224 420 =4230#2
.(/( 1;(4/;9 8,-,";( '(/(@ N'( %'$20(/,23 ?##%-%(>- .(/( 2(4/;9
$>#2 %'(6 2#.5 420 =4230#2 *2(. %'(,/ 4--4,;42%- .#$;0 4>:
>(4/ #2 %'( -%4,/14-( 4% 429 6#6(2%5 .,%' 4 0,/(1% 8,(. 0#.2
%',-&'4;;@
ia 2((0 9#$/ C41*(%5j D,(224 .',->(/(0 4- -'( 942*(0 =423:
0#2G- -$,% C41*(% #?? ',6@ D'( %'(2 ?#/1(0 =4230#2 %# 1/#$1' #2
',- '4$21'(- "(',20 '(/ ,2 4 /(1(--(0 0##/?/46(@ iH#2G%
6#8(@j
O+&5%.*%*+#%(4.'BL%"+#0*%.'%6,&.'%*.B+5F
N'( -#;0,(/- 4>>(4/(0 #2 %'( -%4,/14-(5 /$-',23 $>.4/0 "$%
-%#>>,23&-'#/%&.'(2&%'(9&-4.&D,(224&,2&%'(&04/*(2(0&'4;;.49@
QZ#3 ,0&:43# (. <.4FR D,(224 -'#$%(0 4% %'(65 '(/ %#2(
-14%',23@ Q=4*0f%^;#*5&%74'-;*.4'#LR
N'( %.# 6(2 -I$,2%(05 1;(4/;9 $21(/%4,2 .'4% %'(9 .(/(
;##*,23&4%@
D,(224 *(>% 9(;;,23 4% %'(6@ Q1&'54 7+.&**4 & ^;#*5043&FR "4
:;7+%'4.*#%&5%5+.*%+4;3F
=4230#2 2#. -4. %'4% D,(224 '40 0/4>(0 ',- ";41* C41*(%
#8(/ '(/ '(40 420 -'#$;0(/- ;,*( 42 #;0 .#642G- -'4.;@ D'(
'40 '$21'(0 #8(/5 >#-,%,#2,23 '(/-(;? %# #"-%/$1% %'(,/ 8,(. #?
=4230#2 1/#$1'(0 ,2 %'( -'40#.-5 420 2#.5 $%%(/;9 %/42-:
?#/6(05 -'( '#"";(0 #2( -%(> %#.4/0 %'(6 420 -1/(46(0 ;,*( 4
-(2,;(&#;0&.#642@
 YV[VZY
F2( #? %'( -#;0,(/- '(;0 $> ',- '4205 6#%,#2,23 ?#/ '(/ %# /(:
%$/2&%#&'(/&4>4/%6(2%@ Q".B'43&F%P.#'53.%*;D.54%.'%7&*&FR
D,(224 %##* 42#%'(/ /,1*(%9 -%(>5 -'4*,23 '(/ ?,-% 423/,;9@
Q>8#5#%*8#B,.&54%:.4%:&3.54C%7+#%f%:&,&54FR
=4230#2 ;,-%(2(0 ,2 "(.,;0(/6(2%@ 1+#) 94$# ;6 )4;3 &.,V
.'B%+;*D&'(L
N'( #%'(/ -#;0,(/ 2#. /4,-(0 ',- 641',2( 3$2 420 4,6(0 0,/:
(1%;9&4%&'(/@ QH#3:&%4%*6&34FR
D,(224 -%#>>(0 -'#/%5 1$/-,23 %'(6 6(/1,;(--;9 4- -'(
'#"";(0&"41*.4/05&4.49&?/#6&%'(6@
N'(&6(2&'$//,(0&#25&0,-4>>(4/,23&$>&%'(&-%4,/-@
S45 ^;.5# "+&$#*6#&3#&' &75.'B5 =4230#2 %'#$3'%5 D;5 .:V
63#**.8#/ !>>4/(2%;9 4 "41*3/#$20 ,2 0/464 1#$;0 "( 4 8(/-4%:
,;(&.(4>#2@
D,(224 /(6#8(0 %'( C41*(% ?/#6 '(/ '(40 420 %#--(0 ,% "41*
%#&=4230#2@&iF*495&?#;;#.&6(@j
N',-&%,6(&=4230#2&?#;;#.(0&.,%'#$%&'(-,%4%,#2@
N'(9 0(-1(20(0 %# %'( ;420,23 4"#8( %'( ;#""95 .'(/( %.#
6#/( -#;0,(/- .(/( C$-% (2%(/,23 %'( (;(84%#/ %# 3# $>-%4,/-@ F2
%'( -%/((% #$%-,0(5 42#%'(/ -#;0,(/ -%##0 .4%1' "(-,0( %'( 8425
',- ";41* $2,?#/6 -%/(%1'(0 %4$% 41/#-- ',- 6$-1$;4/ "#09@ a2
-,;(21(5 D,(224 420 =4230#2 '$//,(0 0#.2-%4,/- %#.4/0 %'(
"4-(6(2%@
N'( $20(/3/#$20 14/>#/% .4- 04/* 420 -6(;;(0 #? $/,2(@ D,:
(224 C#33(0 #8(/ %# 4 1#/2(/ >41*(0 .,%' -1##%(/- 420 6#%#/:
191;(-@ D'( -%#>>(0 4% 4 -,;8(/ N/,*(k4 %'/((:.'((;(0 6#>(0
1#2%/4>%,#2 %'4% ;##*(0 ;,*( %'( $234,2;9 #??->/,23 #? 42 a%4;,42
g(->4 420 42 40$;% %/,191;(@ D'( /42 '(/ -;(20(/ '420 "(2(4%'
%'( N/,*(G- ?/#2% ?(20(/ 420 /(6#8(0 4 -64;; 6432(%,K(0 14-(@
a2-,0(&.4-&4&*(95&.',1'&-'(&,2-(/%(05&420&/(88(0&%'(&(23,2(@
D(1#20- ;4%(/5 =4230#2 .4- -(4%(0 "(',20 '(/ #2 %'( ",*(@
O/(14/,#$-;9 >(/1'(0 #2 %'( -64;; -(4%5 =4230#2 3/#>(0 4% ',-
-,0(-5&;##*,23&?#/&'4203/,>-&#/&-#6(%',23&%#&-%(409&',6-(;?@
 YW[VZY
iA#% %'( 6#6(2% ?#/ 6#0(-%95j D,(224 -4,05 3/4"",23 ',-
'420- 420 ./4>>,23 %'(6 4/#$20 '(/ -;(20(/ .4,-%@ i]#$G;;
.42%&%#&'#;0&#2@j
=4230#2 0,0 (B41%;9 %'4% 4- D,(224 3$22(0 %'( N/,*( $> %'(
(B,% /46>@ N'( 8(',1;( '40 6#/( >#.(/ %'42 '( .#$;0 '48(
,643,2(05 420 %'(9 2(4/;9 ;(?% %'( 3/#$20 4- %'(9 ;4$21'(0 #$%
#? %'( 34/43(5 (6(/3,23 ,2%# %'( (4/;9:6#/2,23 ;,3'% 4"#$% ?,?%9
94/0- ?/#6 %'( 64,2 (2%/421(@ N'( "/4.29 -#;0,(/ ,2 ?/#2% #?
%'( "$,;0,23 %$/2(0 4% #21( %# -(( =4230#2 420 D,(224 %(4/,23
4.495 %'(,/ N/,*( ;(%%,23 #$% 4 ',3':>,%1'(0 .',2( 4- -'(
#>(2(0&%'(&%'/#%%;(@
O(/1'(0 #2 %'( "41*5 =4230#2 >((/(0 "41* #8(/ ',- -'#$;0(/
%#.4/0 %'( -#;0,(/5 .'# 2#. /4,-(0 ',- .(4>#2 420 %##* 14/(:
?$; 4,6@ =4230#2 "/41(0 ',6-(;?@ ! -,23;( -'#% /423 #$%5 /,1#:
1'(%,23 #?? %'( N/,*(G- "41* ?(20(/5 "4/(;9 6,--,23 %'( "4-( #?
=4230#2G-&->,2(@
_#*;*F
D,(224 640( 4 '4/0 ;(?% 4% 42 ,2%(/-(1%,#25 420 =4230#2 ?(;%
',6-(;?&-;,0,235&?,3'%,23&%#&*((>&',-&"4;421(@
i=(42&%#.4/0&6(lj&-'(&-'#$%(0@
=4230#2 ;(42(0 ?#/.4/05 1(2%(/,23 ',6-(;? 434,2 4- D,(224
/41(0 %'( N/,*( 0#.2 4 ;4/3(/ %'#/#$3'?4/(@ N'(9 '40 0/,8(2 4
?$;;&";#1*&"(?#/(&=4230#2&"(342&"/(4%',23&434,2@
O+4%5+#%+#,,%9#3#%5+4*#%:#'LF
D,(224G- ?#1$- /(64,2(0 ;#1*(0 #2 %'( /#40 4'(40 4- -'(
/41(0 0#.2 %'( 48(2$(5 .(48,23 ,2 420 #$% #? %'( ;,3'% 6#/2:
,23 %/4??,1@ D(8(/4; >(0(-%/,42- 0,0 0#$";( %4*(- 4- %'(9 >4--(05
4>>4/(2%;9 >$KK;(0 %# -(( 4 -,B:?##% 642 ,2 4 )/,#2, -$,% /,0,23
D#+.'( 4&-;(20(/&.#642@
=4230#2 420 D,(224 '40 %/48(;(0 %'/(( ";#1*- 420 .(/( 4>:
>/#41',23 4 64C#/ ,2%(/-(1%,#2 .'(2 '#/2- ";4/(0 $> 4'(40@ !
-;((* ";41* 842 /#$20(0 %'( 1#/2(/ #2 %.# .'((;-5 ?,-'%4,;,23
,2%# %'( ,2%(/-(1%,#25 420 %'(2 411(;(/4%,23 $> %'( /#40 0,/(1%;9
 YX[VZY
%#.4/0 %'(6@ N'( 842 .4- ,0(2%,14; %# %'( -#;0,(/-G 842 "41* 4%
%'(&4>4/%6(2%&"$,;0,23@
D,(224 ,66(0,4%(;9 -.(/8(0 '4/0 %# '(/ /,3'% 420 -;466(0
#2 %'( "/4*(-@ =4230#2G- 1'(-% >/(--(0 '4/0 ,2%# '(/ "41* 4-
-'( -*,00(0 %# 4 -%#> #$% #? -,3'% "(',20 4 >4/*(0 0(;,8(/9
%/$1*@ D'( 2(-%;(0 %'( N/,*( $> %# %'( /(4/ "$6>(/ #? %'( %/$1*
420&*,;;(0&%'(&(23,2(@
<.(%5+#)%*##%;*FL
D'(&420&=4230#2&'$00;(0&;#.&420&.4,%(0&L&"/(4%';(--@
N'( 842 /#4/(0 >4-% .,%'#$% '(-,%4%,#25 4>>4/(2%;9 2(8(/
'48,23 -((2 %'(6@ !- %'( 8(',1;( ->(0 "95 '#.(8(/5 =4230#2
14$3'%&4&?;((%,23&3;,6>-(&#?&-#6(#2(&,2-,0(@
a2 %'( "41*-(4%5 42 4%%/41%,8( #;0(/ .#642 .4- .(03(0
"(%.((2 %.# -#;0,(/- ;,*( 4 14>%,8(@ 7(/ (9(- -433(0 420 '(/
'(40 "#""(0 4- ,? -'( .(/( 0(;,/,#$- #/ 649"( 0/$33(0@ D'(
.#/(&42&46$;(%&420&'40&;#23&-,;8(/&'4,/&%'4%&?(;;&,2&/,23;(%-@
E#/ 4 6#6(2% =4230#2G- %'/#4% 1;(21'(05 420 '( %'#$3'%
'(G0&-((2&4&3'#-%@
a%&.4-&%'(&.#642&?/#6&',-&8,-,#2-@
 M7!ONP< QW

N7P O<FgFDN DNF<\PH #$% #? %'( 1#2%/#; /##6 420 64/1'(0 4;#23
%'( ;#23 -%4/"#4/0 0(1* #? 1+# ?#'(&7.;:5 %/9,23 %# 34%'(/ ',-
%'#$3'%-@ +'4% '40 C$-% %/42->,/(0 4% %'( E;#/(21( 4>4/%6(2%
"$,;0,23&.4-&$2%',2*4";(@
7( 1,/1;(0 %'( (2%,/( -',> %.,1( "(?#/( -%4;*,23 ,2%# ',- #??,1(
420 %4*,23 #$% 4 "#%%;( #? ?,?%9:9(4/:#;0 7,3';420 O4/* -,23;(
64;%@ +,%'#$% >#$/,23 4 3;4--5 '( -(% 0#.2 %'( "#%%;( 420
%$/2(0 ',- "41* #2 ,%k4 >(/-#24; /(6,20(/ %'4% '( .4- -%,;;
8(/9&6$1'&,2&1#2%/#;@
7,- (9(- 6#8(0 ,2-%,21%,8(;9 %# 4 '(4895 .(4%'(/(0 %#6( #2
',- "##*-'(;?k4 3,?% ?/#6 4 1;,(2% L %'( 1;,(2% .'#6 '( 2#.
.,-'(0&'(G0&2(8(/&6(%@
>%)#&3%&B4%E%+49%74;,(%2%+&8#%$'49'L
N'( >/#8#-% 0,0 2#% 2#/64;;9 ,2%(/8,(. >/#->(1%,8( 1;,(2%-
>(/-#24;;95 "$% %',- #2( '40 1#6( %# ',6 %'/#$3' 4 %/$-%(0
-#$/1(5&420&-#&'(&'40&640(&42&(B1(>%,#2@
a% '40 "((2 4 0(40 14;6 049 4% -(4 .'(2 %'( 1;,(2% 4//,8(0
4"#4/0 1+# ?#'(&7.;: 8,4 ',- #.2 >/,84%( '(;,1#>%(/@ N'( 8,-:
,%#/5 4 2#%4";( ?,3$/( ,2 ',- ?,(;05 .4- ?#/%9:-,B5 1;(42:1$%5 420
(B1(>%,#24;;9&%4;;5&.,%'&>,(/1,23&3/((2&(9(-@
i!- 9#$ *2#.5j %'( 642 '40 "(3$25 i9#$/ -(/8,1(- .(/( /(:
1#66(20(0 %# 6( "9 4 6$%$4; ?/,(20@j N'( 8,-,%#/ -%/(%1'(0
#$% ',- ;#23 ;(3- 420 640( ',6-(;? 4% '#6( ,2 %'( >/#8#-%G-
;$-';9&4>>#,2%(0&#??,1(@&iD#5&;(%&6(&%(;;&9#$&.'4%&a&2((0@j
i!1%$4;;95 2#5j %'( >/#8#-% ,2%(//$>%(05 -'#.,23 %'( 642
.'# .4- ,2 1'4/3(@ i\9 >/#%#1#; /(I$,/(- %'4% 9#$ %(;; 6(
2#%',23@ a .,;; (B>;4,2 %'( -(/8,1(- a >/#8,0(5 420 9#$ .,;; 0(:
1,0(&.',1'5&,?&4295&4/(&#?&,2%(/(-%&%#&9#$@j
 QZZ[VZY
N'( 8,-,%#/ ;##*(0 %4*(2 4"41* "$% 41I$,(-1(0 420 ;,-%(2(0
,2%(2%;9@ a2 %'( (205 .'4% %'( ;42*9 2(.1#6(/ 0(-,/(0 '40
%$/2(0 #$% %# "( 8(/9 -%4204/0 ?4/( ?#/ %'( M#2-#/%,$6k(--(2:
%,4;;9 4 1'421( %# "(1#6( i,28,-,";(j ?#/ 4 .',;( -# '( 1#$;0
>$/-$(&42&(20(48#/&?4/&?/#6&>/9,23&(9(-@
=+.,(0*%6,&)/
N'( M#2-#/%,$6 .#$;0 411#6>;,-' %',- "9 >/#8,0,23 ',6 4
?4*( ,0(2%,%9 420 4 -(1$/( ;#14%,#25 (2%,/(;9 #?? %'( 3/,05 .'(/(
'( 1#$;0 0# ',- .#/* ,2 %#%4; -(1/(19k.'4%(8(/ ',- .#/* 6,3'%
"(@ N'( M#2-#/%,$6 2(8(/ ,2I$,/(0 ?#/ .'4% 6;364*# 4 1;,(2%
/(I$,/(0 4 -(/8,1(5 >/(?(//,23 %# *2#. 4- ;,%%;( 4- >#--,";( 4"#$%
%'#-(&?#/&.'#6&%'(9&.#/*(0@
E#/ 4 ?$;; 9(4/5 4% 4 -%433(/,23 >/#?,%5 %'( >/#8#-% '40
>/#8,0(0 -4?( '48(2 %# %'( 3/((2:(9(0 6425 .'# '40 %$/2(0
#$% %# "( 42 ,0(4; 1;,(2%@ N'( >/#8#-% '40 2# 1#2%41% .,%' ',65
420&4;;&#?&',-&",;;-&.(/(&>4,0&#2&%,6(@
N'(25&%.#&.((*-&43#5&(8(/9%',23&1'423(0@
h2(B>(1%(0;95 %'( 1;,(2% '40 640( 1#2%41%5 0(6420,23 4
>(/-#24; 6((%,23 .,%' %'( >/#8#-%@ M#2-,0(/,23 %'( -$6 #?
6#2(9&%'(&1;,(2%&'40&>4,05&%'(&>/#8#-%&#";,3(0@
N'( 0,-'(8(;(0 642 .'# 4//,8(0 #2 %'( 941'% .4- "4/(;9 /(:
1#32,K4";( 4- %'( -%(4095 1;(42:1$% >(/-#2 .,%' .'#6 %'( >/#8:
#-% '40 0#2( "$-,2(-- %'( 9(4/ "(?#/(@ 7( '40 4 .,;0 ;##* ,2 ',-
#21(:-'4/>&3/((2&(9(-@&7(&;##*(0&4;6#-%&L&,;;@
O+&5%+&66#'#(%54%+.:L%O+&5%+&*%+#%D##'%(4.'BL
N'(&>/#8#-%&'40&$-'(/(0&%'(&C,%%(/9&642&,2%#&',-&#??,1(@
iN'( -,;8(/:'4,/(0 0(8,;5j ',- 1;,(2% -%466(/(0@ iD'(G- 3(%:
%,23&1;#-(/&(8(/9&049@j
N'( >/#8#-% 3;421(0 0#.2 4% ',- 1;,(2%G- ?,;(5 (9(,23 %'(
>'#%# #? %'( 4%%/41%,8( -,;8(/:'4,/(0 .#642@ i](-5j %'( >/#8#-%
-4,05 i9#$/ -,;8(/:'4,/(0 0(8,;@ +( 4/( .(;; 4.4/( #? 9#$/ (2:
(6,(-@ !20 4- >#.(/?$; 4- -'( 649 "(5 ?#/ 4 ?$;; 9(4/ .(G8( *(>%
'(/&?/#6&9#$5&420&.(&.,;;&1#2%,2$(&%#&0#&-#@j
 QZQ[VZY
N'( 3/((2:(9(0 642 42B,#$-;9 %.,-%(0 -%/420- #? 3/(4-9 '4,/
4/#$20 ',- ?,23(/%,>-@ iH#2G% ;(% '(/ "(4$%9 ?##; 9#$5 -'( ,- 4
0423(/#$-&?#(@j
13;#5 %'( >/#8#-% %'#$3'%5 -%,;; 0,->;(4-(0 %'4% ',- 1;,(2% '40
0/4.2 %'( 4%%(2%,#2 #? -#6(#2( -# ,2?;$(2%,4;@ N'( -,;8(/:
'4,/(0 .#642 '40 %/(6(20#$- 411(-- 420 /(-#$/1(-k2#% %'(
*,20&#?&408(/-4/9&%'(&>/#8#-%&4>>/(1,4%(0&'48,23&%#&0(?;(1%@
ia?&-'(&#/&'(/&0(6#2-&;#14%(&6(&Lj&%'(&1;,(2%&"(342@
iN'(9 .#2G%5j %'( >/#8#-% '40 4--$/(0 ',6@ i748( .( 2#%
%'$- ?4/ ',00(2 9#$ 420 >/#8,0(0 9#$ (8(/9%',23 9#$G8(
/(I$(-%(0nj
i](-5j %'( 642 -4,0@ i!20 9(%5 a .,;; -;((> (4-,(/ ,? Lj 7(
>4$-(05 /(3/#$>,23@ ia 2((0 %# *2#. %'4% ,? 429%',23 '4>>(2-
%#&6(5&9#$&.,;;&14//9&#$%&69&?,24;&.,-'(-@j
iN'#-(&.,-'(-&"(,23nj
N'( 642 /(41'(0 ,2%# 4 "43 420 >$;;(0 #$% 4 -64;;5 -(4;(0
(28(;#>(@ iN'( 1#2%(2%- #? %',- (28(;#>( >/#8,0( 411(-- %# 4
-4?(:0(>#-,% "#B ,2 E;#/(21(@ a2-,0( %'( "#B5 9#$ .,;; ?,20 4
-64;; #"C(1%@ a? 429%',23 '4>>(2- %# 6(5 a 2((0 9#$ %# 0(;,8(/
%'(&#"C(1%&?#/&6(@&a%&,-&4&3,?%&#?&-#/%-@j
ig(/9 .(;;@j N'( >/#8#-% ;,?%(0 ',- >(2 %# 64*( 2#%(-@ i!20
%#&.'#6&-'4;;&a&0(;,8(/&,%nj
iN#&%'(&-,;8(/:'4,/(0&0(8,;@j
N'(&>/#8#-%&3;421(0&$>@&i!&3,?%&?#/&9#$/&%#/6(2%#/nj
i\#/( #? 4 %'#/2 ,2 '(/ -,0(@j 7,- (9(- ?;4-'(0 .,;0;9@ i!
1;(8(/ ;,%%;( "4/" ?4-',#2(0 ?/#6 4 "#2(@ D'( .,;; 0,-1#8(/ ,% ,- 4
64> L '(/ #.2 >(/-#24; g,/3,; L 42 (-1#/% %# %'( 1(2%(/ #? '(/
#.2&>/,84%(&'(;;@j
N'( >/#8#-% -%$0,(0 ',6 ?#/ 4 ;#23 6#6(2%@ i!- 9#$ .,-'@
M#2-,0(/&,%&0#2(@j
iN'( %,6,23 .,;; "( 1/,%,14;5j %'( 642 $/3(0@ iN'( 3,?% -'#$;0
2#% "( 0(;,8(/(0 %## -##2@ ]#$ 6$-% *((> ,% ',00(2 $2%,; Lj 7(
>4$-(05&-$00(2;9&;#-%&,2&%'#$3'%@
ih2%,;&.'(2nj&%'(&>/#8#-%&>/#00(0@
 QZR[VZY
N'( 642 -%##0 4"/$>%;9 420 .4;*(0 #8(/ "(',20 %'( >/#8:
#-%G- 0(-*5 3/4"",23 4 /(0 64/*(/ 420 ?/42%,14;;9 1,/1;,23 4 04%(
#2&%'(&>/#8#-%G-&>(/-#24;&0(-*&14;(204/@&ih2%,;&%',-&049@j
N'( >/#8#-% -(% ',- C4. 420 (B'4;(05 -.4;;#.,23 ',- 0,->;(4-:
$/( 4% %'( 642G- "/4K(22(--@ ih20(/-%##05j %'( >/#8#-% -4,0@ ia
.,;; 0# 2#%',23 $2%,; %'( 1,/1;(0 0495 4% .',1' %,6( %'( #"C(1% ,2
%'( -4?(:0(>#-,% "#B5 .'4%(8(/ ,% 649 "(5 .,;; "( 0(;,8(/(0 %#
%'( -,;8(/:'4,/(0 .#642@ ]#$ '48( 69 .#/0@j 7( 1#$2%(0 %'(
049- #2 ',- 14;(204/ $2%,; %'( 4.*.4/0;9 1,/1;(0 04%(@ ia .,;;
14//9&#$%&9#$/&.,-'(-&,2&>/(1,-(;9&?#$/%((2&049-&?/#6&2#.@j
i!20&2#%&#2(&049&"(?#/(lj&%'(&1;,(2%&406#2,-'(0&?(8(/,-';9@
ia&$20(/-%4205j&%'(&>/#8#-%&4--$/(0@&iA#%&4&049&"(?#/(@j
N'( >/#8#-% %##* %'( (28(;#>(5 -;,0 ,% ,2%# %'( 642G- ?,;(5 420
640( %'( 2(1(--4/9 2#%4%,#2- %# (2-$/( %'4% ',- 1;,(2%G- .,-'(-
.(/( ?#;;#.(0 >/(1,-(;9@ +',;( ',- 1;,(2% '40 2#% 0(-1/,"(0 %'(
(B41% 24%$/( #? %'( #"C(1% ,2 %'( -4?(:0(>#-,% "#B5 %'( >/#8#-%
>/(?(//(0 ,% %',- .49@ H(%41'6(2% .4- 4 1#/2(/-%#2( #? %'(
M#2-#/%,$6G- >',;#-#>'9@ Z348.(# 5+# *#38.7#/ >*$ '4 ^;#*V
5.4'*/%Z&**%'4%X;(B:#'5/
N'( 1;,(2%G- -'#$;0(/- -#?%(2(0 420 '( (B'4;(0 '(48,;9@
iN'42*&9#$@j
i!29%',23 (;-(nj %'( >/#8#-% '40 4-*(05 (43(/ %# /,0 ',6-(;?
#?&',-&%/42-?#/6(0&1;,(2%@
i](-5 41%$4;;95 %'(/( ,-@j 7( /(41'(0 ,2%# ',- >#1*(% 420 >/#:
0$1(0 4 -64;;5 1/,6-#2 6(6#/9 -%,1*@ iN',- ,- 4 8,0(# ?,;(@j 7(
;4,0 %'( 6(6#/9 -%,1* ,2 ?/#2% #? %'( >/#8#-%@ ia .#$;0 ;,*( ,%
$>;#40(0&%#&%'(&.#/;0&6(0,4@j
N'( >/#8#-% -%$0,(0 %'( 642 1$/,#$-;9@ N'( M#2-#/%,$6
#?%(2 64--:0,-%/,"$%(0 ,2?#/64%,#2 ?#/ 1;,(2%-5 420 9(%
-#6(%',23 4"#$% %',- 642G- /(I$(-% ?(;% 0,-1#21(/%,23@ iF2 %'(
-46( 04%(nj %'( >/#8#-% 4-*(05 6#%,#2,23 4% %'( -1/4.;(0 1,/1;(
#2&',-&14;(204/@
iD46( (B41% 04%(5j %'( 1;,(2% /(>;,(0@ iA#% #2( 6#6(2%
"(?#/(@j
 QZS[VZY
ih20(/-%##0@j N'( >/#8#-% %433(0 %'( /(0 6(6#/9 -%,1* .,%'
%'( >/#>(/ ,2?#/64%,#2@ iD# %'4%G- ,%5 %'(2nj 7( -%##0 $>5 4%:
%(6>%,23&%#&(20&%'(&6((%,23@
7,-&1;,(2%&/(64,2(0&-(4%(0@&iA#@&N'(/(&,-&#2(&?,24;&%',23@j
N'(&>/#8#-%&-4%&"41*&0#.2@
N'( 1;,(2%G- 3/((2 (9(- .(/( ;##*,23 4;6#-% ?(/4; 2#.@
iD'#/%;9 4?%(/ 9#$ 0(;,8(/ %',- 8,0(#5 a .,;; "(1#6( 4 8(/9 ?46:
#$-&642@j
M4; &3# &,3#&() & -&:4;* :&'5 %'( >/#8#-% '40 %'#$3'%5
1#2-,0(/,23&',-&1;,(2%G-&,6>/(--,8(&411#6>;,-'6(2%-@
i!20 9#$ .,;; 0(-(/8( -#6( #? %'( 1/(0,%5j %'( 642 -4,0@ iN'(
-(/8,1( 9#$ '48( >/#8,0(0 '4- (24";(0 6( %# 1/(4%( 69 64-%(/:
>,(1( L 42 #>$- %'4% ,- 3#,23 %# 1'423( %'( .#/;0@ ]#$ -'#$;0
"(&>/#$0&#?&9#$/&/#;(@j
i+'4%(8(/ 9#$/ 64-%(/>,(1( ,-5j %'( >/#8#-% -4,0 .,%' 3/#.:
,23 ,6>4%,(21(5 iaG6 >;(4-(0 9#$ '48( '40 %'( >/,8419 /(I$,/(0
%#&1/(4%(&,%@j
i!- 4 -'#. #? %'42*-5 aG8( "/#$3'% 9#$ 4 >4/%,23 3,?%@j N'(
$2*(6>%&642&/(41'(0&,2%#&',-&"43@&i!&"##*@j
N'( >/#8#-% .#20(/(0 ,? >(/'4>- %',- "##* .4- %'( -(1/(%
#>$- %'( 1;,(2% '40 "((2 .#/*,23 #2 ?#/ 4;; %',- %,6(@ i!20 0,0
9#$&./,%(&%',-&"##*nj
iA#@j N'( 642 '(48(0 4 64--,8( %#6( $> #2%# %'( %4";(@
iq$,%(&%#&%'(&1#2%/4/9&L&%',-&"##*&.4-&./,%%(2 -43 6(@j
O$KK;(05 %'( >/#8#-% (9(0 %'( (0,%,#2 ',- 1;,(2% '40 >/#:
0$1(0@ @# 5+.'$* 5+.* 9&* 93.55#' -43 +.:L N'( 8#;$6( .4- 4
;,%(/4/9&1;4--,1&L&./,%%(2&,2&%'(&?#$/%((2%'&1(2%$/9@
i<(40 ,%5j %'( 1;,(2% $/3(0 .,%' 42 ((/,( -6,;(@ ia% .,;; '(;>
9#$&$20(/-%420&4;;&a&'48(&0#2(@j
+,%' %'4%5 %'( $2*(6>% 8,-,%#/ '40 -%##0 $>5 -4,0 3##0:"9(5
420 4"/$>%;9 0(>4/%(0@ N'( >/#8#-% .4%1'(0 %'/#$3' ',- #??,1(
.,20#. 4- %'( 642G- '(;,1#>%(/ ;,?%(0 #?? %'( 0(1* 420 '(40(0
"41*&%#.4/0&%'(&1#4-%&#?&a%4;9@
 QZT[VZY
N'(2 %'( >/#8#-% /(%$/2(0 ',- 4%%(2%,#2 %# %'( ;4/3( "##* "(:
?#/( ',6@ +,%' $21(/%4,2 ?,23(/-5 '( ;,?%(0 %'( ;(4%'(/ 1#8(/ 420
%'$6"(0 %# %'( "(3,22,23@ N'( #>(2,23 -%42K4 #? %'( .#/* .4-
./,%%(2&,2&;4/3(&14;;,3/4>'95&%4*,23&$>&%'(&(2%,/(&?,/-%&>43(@

2SHAPSK
\,0.49&$>#2&%'(&C#$/2(9&#?&#$/&;,?(
a&?#$20&69-(;?&.,%',2&4&?#/(-%&04/*5
?#/&%'(&-%/4,3'%?#/.4/0&>4%'.49&'40&"((2&;#-%@

F2 %'( #>>#-,23 >43(5 ',- 1;,(2% '40 -,32(0 %'( "##* .,%' 4
'420./,%%(2&6(--43(^

?)%(#&3%-3.#'(C%5+&'$%)4;%-43%+#,6.'B%:#%-.'(%5+#%6&5+/
1+#%943,(%5+&'$*%)4;C%544/

N'( >/#8#-% '40 2# ,0(4 .'4% %',- 6(42%5 "$% '(G0 /(40
(2#$3'@ 7( 1;#-(0 %'( "##* 420 >;41(0 ,% #2 ',- "##*-'(;?@
N'42*?$;;95 ',- >/#?(--,#24; /(;4%,#2-',> .,%' %',- -%/423( ,20,:
8,0$4; .#$;0 "( #8(/ -##2@ H4;35##' :43# (&)*5 %'( >/#8#-%
%'#$3'%5 %$/2,23 ',- 34K( %# %'( .,;0;9 -1/4.;(0 /(0 1,/1;( #2
',-&>(/-#24;&14;(204/@
a2 %'( 049- %'4% ?#;;#.(05 %'( >/#8#-% ?(;% $21'4/41%(/,-%,1:
4;;9 #2 (03( 4"#$% %',- 1;,(2%@ N'( 642 -((6(0 %# '48( 1#6(
$2',23(0@ A#2(%'(;(--5 0(->,%( %'( >/#8#-%G- ,2%$,%,#25 %'(
%,6(&>4--(0&.,%'#$%&,21,0(2%@
N'(25 C$-% "(?#/( %'( 1,/1;(0 04%(5 %'(/( #11$//(0 4 /4>,0
-(/,(- #? 14;46,%#$- (8(2%- ,2 E;#/(21(@ N'( >/#8#-% %/,(0 %#
'420;( %'( 1/,-,-5 "$% ,% I$,1*;9 411(;(/4%(0 #$% #? 1#2%/#;@ N'(
1/,-,- 1;,64B(0 .,%' ',- 1;,(2%G- "/(4%';(-- 4-1(2% $> %'( )40,4
%#.(/@
@#%X;:6#(%4--%E%54%+.*%(#&5+/
H(->,%( ',- '#//#/ 4% ;#-,23 4 1;,(2%5 (->(1,4;;9 ,2 %',- 642:
2(/5 %'( >/#8#-% /(64,2(0 4 642 #? ',- .#/0@ 7( I$,1*;9 "(342
>/(>4/,23 %# 64*( 3##0 #2 ',- ?,24; >/#6,-( %# %'(
 QZU[VZY
0(1(4-(0k%'( 0(;,8(/9 %# %'( -,;8(/:'4,/(0 .#642 #? %'( 1#2:
%(2%- #? 4 -4?(:0(>#-,% "#B ,2 E;#/(21(k%'( %,6,23 #? .',1'5 '(
'40&"((2&406#2,-'(05&.4-&1/,%,14;@
S45%D#-43#%5+#%(&5#%7.37,#(%.'%)4;3%7&,#'(&3/
N'( >/#8#-% 348( %'( (28(;#>( 1#2%4,2,23 %'( -4?(:0(>#-,%:
"#B 1#0(- %# g49(2%'45 .'# '40 %/48(;(0 %# E;#/(21( %# /(1#8(/
%'( #"C(1% ,2-,0(k%',- i1;(8(/ ;,%%;( "4/"@j +'(2 g49(2%'4
14;;(0 ,25 '#.(8(/5 '(/ 2(.- .4- "#%' -%4/%;,23 420 0((>;9
4;4/6,23@ N'( 1#2%(2%- #? %'( -4?(:0(>#-,% "#B '40 4;/(409
"((2 /(6#8(05 420 g49(2%'4 '40 "4/(;9 (-14>(0 "(,23 0(:
%4,2(0@ D#6('#.5 %'( -,;8(/:'4,/(0 .#642 '40 ;(4/2(0 #? %'(
411#$2% 420 '40 $-(0 '(/ ,2?;$(21( %# 34,2 411(-- %# %'( -4?(:
0(>#-,% "#B 420 4;-# %# >;41( 42 4//(-% .4//42% #2 429#2( (;-(
.'#&-'#.(0&$>&;##*,23&%#&#>(2&,%@
N'4%&.4-&%'/((&049-&43#@
N'( 1;,(2% '40 1;(4/;9 ,2%(20(0 %'( >$/;#,2(0 #"C(1% %# "( ',-
?,24; ,2-$;% %# %'( -,;8(/:'4,/(0 .#642k4 %4$2%,23 8#,1( ?/#6
%'(&3/48(@
>'(%)#5%'49%.5%*6#&$*%544%*44'/
N'( M#2-#/%,$6 '40 "((2 ,2 4 0(->(/4%( -1/46";( (8(/
-,21(k$-,23 4;; ,%- /(-#$/1(- %# >/#%(1% ,%- 1;,(2%G- ?,24; .,-'(-5
4- .(;; 4- ,%-(;?@ a2 %'( >/#1(--5 %'( M#2-#/%,$6 '40 1/#--(0 4
-(/,(- #? ;,2(- ?/#6 .',1' %'( >/#8#-% *2(. ,% .#$;0 "( '4/0 %#
/(%$/2@ A#.5 .,%' (8(/9%',23 $2/48(;,23 ,2 E;#/(21(5 %'( >/#8:
#-%&-%4/(0&0#.2&4%&',-&0(-*&420&.#20(/(0&.'4%&%'(&?$%$/(&'(;0@
F2 ',- 14;(204/5 %'( 1;,(2%G- .,;0;9 -1/4.;(0 1,/1;( -%4/(0 $>
4% ',6k4 1/4K(0 /,23 #? /(0 ,2* 4/#$20 42 4>>4/(2%;9 ->(1,4;
049@
14:43349/
<(;$1%42%;95 %'( >/#8#-% (9(0 %'( "#%%;( #? D1#%1' #2 %'(
%4";( "(?#/( ',6@ N'(25 ?#/ %'( ?,/-% %,6( ,2 ?#$/%((2 9(4/-5 '(
>#$/(0&4&3;4--&420&0/4,2(0&,%&,2&4&-,23;(&3$;>@
 QZV[VZY
)(;#.0(1*-5 ?41,;,%4%#/ =4$/(21( `2#.;%#2 >$;;(0 %'( ;,%%;( /(0
6(6#/9 -%,1* ?/#6 ',- 1#6>$%(/ 420 -(% ,% #2 %'( 0(-* ,2 ?/#2%
#? ',6@ N'( 8,0(# .4- #2( #? %'( -%/423(-% %',23- '( '40 (8(/
-((2@
>'(%.5%9&*%63#7.*#,)%'.'#%:.';5#*%,4'B%E%54%5+#%*#74'(/
E((;,23 $21'4/41%(/,-%,14;;9 4;4/6(05 '( -%##0 420 >41(0 ',-
%,29 1$",1;(5 .#20(/,23 434,2 .'(%'(/ '( -'#$;0 -'4/( %'(
",K4//(&8,0(#&.,%'&%'(&>/#8#-%@
_;*5 (4 )4;3 X4D5 `2#.;%#2 %#;0 ',6-(;?@ S4 ^;#*5.4'*/ S4
X;(B:#'5/
E#/1,23 %'( 8,0(# ?/#6 ',- 6,205 '( 64/*(0 ',- >;422(/ .,%'
4 1#2?,/6(0 %4-*@ N#6#//#.5 4- /(I$(-%(0 "9 %'( 1;,(2%5 '(
.#$;0&$>;#40&%'(&8,0(#&?,;(&%#&%'(&6(0,4@
 M7!ONP< QX

ga!=P AaMMF=u \!M7a!gP==a '4- "((2 14;;(0 %'( 6#-% 3/41(?$; #? 4;;
E;#/(2%,2( 48(2$(-@ +,%' .,0( D:1$/8(- %'4% -(/>(2%,2(
%'/#$3' ;$-';9 .##0(0 ;420-14>(- #? '(03(- 420 0(1,0$#$-
%/((-5 %'( 0/,8( ,- 4 ?48#/,%( 46#23 191;,-%- 420 E(//4/,
(2%'$-,4-%-@
D,(224 (B>(/%;9 642($8(/(0 %'( N/,*( %'/#$3' (41' 4/1',23
1$/8( 4- %'(9 ;(?% "(',20 %'( 0,239 /(-,0(2%,4; 2(,3'"#/'##0
420 6#8(0 ,2%# %'( 1;(425 1(04/:;40(2 4,/ #? %'( 1,%9G- $>-14;(
.(-% "42*@ N'(9 >4--(0 4 1'4>(; 1;#1* %'4% .4- C$-% 1',6,23 X
!@\@
=4230#2 '(;0 #25 ',- 6,20 1'$/2,23 .,%' 69-%,?9,23 ,643(-
#? H42%(G- ,2?(/2# L 420 %'( 69-%(/,#$- ?41( #? 4 "(4$%,?$;
-,;8(/:'4,/(0 .#642 '( '40 C$-% -((2 .(03(0 ,2 "(%.((2 %.#
'$3(&-#;0,(/-&,2&%'(&"41*-(4%&#?&%'(&842@
O+4#8#3%*+#%.*5&=4230#2&%'#$3'%5 5+#)%+&8#%+#3%'49/
iN'( .#642 ,2 %'( 8425j D,(224 -4,0 #8(/ %'( 2#,-( #? %'(
N/,*(G- (23,2(@ i]#$G/( -$/( ,% .4- %'( -46( .#642 ?/#6 9#$/
8,-,#2-nj
i!"-#;$%(;9@j
iN'(2 9#$ 6$-% '48( 6(% '(/ 4% -#6( >#,2% ,2 %'( >4-% %.#
049-@ N'( I$(-%,#2 ,- .'9 9#$ *((> -((,23 '(/ L 420 .'9 -'(
*((>-&%(;;,23&9#$&%#&-((*&420&?,20@j
=4230#2 43/((0@ ia 0#2G% *2#. L a '48( 2# /(1#;;(1%,#2 #?
6((%,23 '(/5 "$% (8(/9 %,6( a -(( '(/ ?41(5 a '48( 42 #8(/:
.'(;6,23&-(2-(&%'4%&a&2((0&%#&'(;>&'(/@j
J#3)%*433)/%J#3)%*433)/
 QZX[VZY
=4230#2 -$00(2;9 .#20(/(0 ,? 649"( ',- -%/423( 4>#;#39
'40 "((2 0,/(1%(0 %# %'( -,;8(/:'4,/(0 .#642@ <.( 2 -&., +#3
*4:#+49L N'(&%'#$3'%&;(?%&4&*2#%&,2&',-&3$%@
E#/ =4230#25 ,% ?(;% 4- ,? 4 8,%4; .(4>#2 '40 "((2 (B%/41%(0
?/#6 ',- 4/-(24;@ 2 +&8# '4 :#:43)/ P,0(%,1 -,21( 1',;0'##05
=4230#2G- 6(6#/9 .4- %'( ,2%(;;(1%$4; 4--(% '( /(;,(0 #2 6#-%@
E#/ 4 642 411$-%#6(0 %# /(14;;,23 (8(/9 ,2%/,14%( 0(%4,; #?
.'4% '( -4. 4/#$20 ',65 ?$21%,#2,23 .,%'#$% ',- 6(6#/9 ?(;%
;,*(&4%%(6>%,23&%#&;420&4&>;42(&,2&%'(&04/*&.,%'&2#&/404/@
ia% -((6- ;,*( 9#$/ #2;9 1'421( #? ?,20,23 42-.(/- ,- %# 0(:
1,>'(/ T& ?&66&5j D,(224 -4,0@ i+'4%(8(/ -(1/(% ,% '#;0- L ,%
-((6-&%#&"(&%'(&/(4-#2&9#$G/(&"(,23&'$2%(0@j
=4230#2 2#00(05 %',2*,23 4"#$% %'( .#/0 7&5348&7#35 -(%
434,2-%&%'(&"41*0/#>&#?&./,%',23&"#0,(-&,2&H42%(G- 2'-#3'4@
D$00(2;9&4&1;(4/&%'#$3'%&(6(/3(0&,2&=4230#2G-&'(40@
2%&94$#%.'%H,43#'7#%E
A# 1,%9 #2 (4/%' .4- 6#/( 1;#-(;9 %,(0 %# H42%( %'42
E;#/(21(@ H42%( !;,3',(/, '40 "((2 "#/2 ,2 E;#/(21(5 3/(. $>
,2 E;#/(21(5 ?(;; ,2 ;#8(5 411#/0,23 %# ;(3(205 .,%' )(4%/,1( ,2
E;#/(21(5 420 .4- 1/$(;;9 (B,;(0 ?/#6 ',- '#6( ,2 E;#/(21(5
0(-%,2(0 %# .420(/ %'( a%4;,42 1#$2%/9-,0( ?#/ 9(4/-5 ;#23,23
-#$;?$;;9&?#/&',-&'#6(@
M4; *+&,, ,#&8# #8#3)5+.'B )4; ,48# :4*55 H42%( ./#%( #?
"42,-'6(2%@ 1+.* .* 5+# &3349 5+&5 5+# D49 4- #\.,# *+445*
-.3*5/
!- =4230#2 /(14;;(0 %'#-( .#/0- ?/#6 %'( -(8(2%((2%' 142%#
#? %'( Z&3&(.*45 '( ;##*(0 %# %'( /,3'%5 34K,23 #$% 41/#-- %'(
!/2#&<,8(/&%#.4/0&%'(&0,-%42%&->,/(-&#?&#;0&E;#/(21(@
=4230#2 >,1%$/(0 %'( ;49#$% #? %'( #;0 1,%9k4 ;4"9/,2%' #?
%#$/,-%-5 1#23(-%,#25 420 %/4??,1 "$-%;,23 %'/#$3' 24//#.
-%/((%- 4/#$20 E;#/(21(G- ?46(0 14%'(0/4;5 6$-($6-5 1'4>(;-5
420 -'#>>,23 0,-%/,1%-@ 7( -$->(1%(0 %'4% ,? '( 420 D,(224
0,%1'(0 %'( N/,*(5 %'(9 1#$;0 (84>#/4%( ,2%# %'( %'/#23- #?
>(#>;(@
 QZY[VZY
iN'( #;0 1,%9 ,- .'(/( .( 2((0 %# 3#5j =4230#2 0(1;4/(0@ ia?
%'(/( 4/( 42-.(/-5 %'4%G- .'(/( %'(9G;; >/#"4";9 "(@ F;0
E;#/(21(&.4-&H42%(G-&(2%,/(&.#/;0@j
D,(224 2#00(0 '(/ 43/((6(2% 420 14;;(0 #8(/ '(/ -'#$;0(/5
ia% .,;; "( -4?(/5 %##k>;(2%9 #? >;41(- %# ',0(@ aG;; '(40 ?#/ O#/%4
<#64245&420&?/#6&%'(/(5&.(&142&1/#--&%'(&/,8(/@j
1+# 3.8#35 =4230#2 %'#$3'% .,%' 4 %#$1' #? %/(>,04%,#2@
H42%(G- ?46#$- C#$/2(9 ,2%# '(;; '40 "(3$2 "9 1/#--,23 4 /,8(/
4-&.(;;@
D,(224 #>(2(0 $> %'( %'/#%%;(5 420 4- %'( ;420-14>( ";$//(0
>4-%5 =4230#2 6(2%4;;9 -1422(0 %'/#$3' ,643(- #? %'( ,2?(/2#5
%'( 0(40 420 09,235 %'( %(2 0,%1'(- #? %'( \4;("#;3( .,%' %'(
>;43$( 0#1%#/ 420 %'( -%/423( .#/0kM!N<Fg!MP<@ 7( >#20(/(0
%'( .#/0- -1/4.;(0 "(2(4%' T& ?&66&k1+# 53;5+ 7&' D#
B,.:6*#( 4',) 5+34;B+ 5+# #)#* 4- (#&5+k420 .#20(/(0 ,? %'(
3/,6&-49,23&6,3'%&"(&4&I$#%(&?/#6&H42%(@
2%(4'05%3#74B'.`#%.5/
=4230#2 .4- .(;; 8(/-(0 ,2 H42%(G- .#/*5 420 ',- >/#6,2:
(21( 4- 42 4/% ',-%#/,42 .'# ->(1,4;,K(0 ,2 ,1#2#3/4>'9 6(42%
'( .4- #114-,#24;;9 14;;(0 $>#2 %# ,2%(/>/(% %'( 84-% 4//49 #?
-96"#;- %'4% >#>$;4%(0 H42%(G- ;420-14>(@ M#,21,0(2%4;;95 #/
>(/'4>- 2#% -# 1#,21,0(2%4;;95 '( '40 3,8(2 4 ;(1%$/( #2
H42%(G- 2'-#3'4 4"#$%&%.#&9(4/-&(4/;,(/@
iH,8,2(&H42%(^&D96"#;-&#?&7(;;@j
H42%( !;,3',(/, '40 (8#;8(0 ,2%# #2( #? ',-%#/9G- %/$( 1$;%
,1#2-5 ->4/*,23 %'( 1/(4%,#2 #? H42%( -#1,(%,(- 4;; 4/#$20 %'(
.#/;0@ N'( #;0(-% !6(/,142 "/421' '40 "((2 ?#$20(0 ,2 QXXQ
,2 M46"/,03(5 \4--41'$-(%%-5 "9 7(2/9 +40-.#/%' =#23?(;:
;#.@ A(. P23;420G- ?46#$- E,/(-,0( O#(% .4- %'( ?,/-% !6(/,1:
42 %# %/42-;4%( 1+# <.8.'# =4:#()5 ',- %/42-;4%,#2 /(64,2,23
46#23&%'(&6#-%&/(->(1%(0&420&.,0(;9&/(40&%#&%',-&049@
!- 4 2#%(0 -%$0(2% #? H42%(G- .#/*5 =4230#2 '40 "((2 4-*(0
%# ->(4* 4% 4 64C#/ (8(2% '#-%(0 "9 #2( #? %'( .#/;0G- #;0(-%
H42%( -#1,(%,(-kD#1,(%v H42%( !;,3',(/, g,(224@ N'( (8(2% .4-
 QQZ[VZY
-;4%(0 %# %4*( >;41( 4% %'( g,(22(-( !140(69 #? D1,(21(-@ N'(
(8(2%G- >/,64/9 ->#2-#/k4 .(4;%'9 -1,(2%,-% 420 H42%( D#1,(%9
6(6"(/k'40 64243(0 %# -(1$/( %'( 4140(69G- %.#:%'#$-420:
-(4%&;(1%$/(&'4;;@
+'(2 =4230#2 4//,8(0 4% %'( (8(2%5 '( .4- 6(% "9 %'( 1#2:
?(/(21( 0,/(1%#/ 420 $-'(/(0 ,2-,0(@ !- %'(9 1/#--(0 %'( ;#""95
=4230#2 1#$;02G% '(;> "$% 2#%,1( %'( ?,8( .#/0- >4,2%(0 ,2 34/:
342%$42&;(%%(/-&41/#--&%'(&"41*&.4;;^ +7!N&aE&dFH&+!D&+<FAdn
ia%G- 4 =$*4- N/#"(/35j %'( 0,/(1%#/ .',->(/(0@ iF$/ 2(.(-%
4/%&,2-%4;;4%,#2@&+'4%&0#&9#$&%',2*nj
=4230#2 (9(0 %'( 64--,8( %(B%5 $21(/%4,2 '#. %# /(->#20@
ih6 L ',- "/$-'-%/#*(- 4/( ;48,-'5 "$% ',- 1#66420 #? %'(
-$"C$21%,8(&-((6-&->4/-(@j
N'( 0,/(1%#/ 348( ',6 4 1#2?$-(0 ;##*@ =4230#2 '#>(0 ',-
/4>>#/%&.,%'&%'(&4$0,(21(&.#$;0&"(&"(%%(/@
+'(2 '( ?,24;;9 -%(>>(0 #2-%43(5 =4230#2 /(1(,8(0 4 /#$-:
,23 /#$20 #? 4>>;4$-( ?/#6 4 1/#.0 %'4% .4- -%420,23 /##6
#2;9@
Q?#.'# <&:#' ;'( @#33#'CR =4230#2 "(3425 ',- 8#,1(
"##6,23 #8(/ %'( ;#$0->(4*(/-@ QO.,,$4::#'C D.#'8#';#C
9#,74:#/R
N'( ?46#$- ;,2( ?/#6 =&D&3#5 0/(. 4>>/(1,4%,8( ;4$3'%(/
?/#6&%'(&1/#.0@
iaG8( "((2 ,2?#/6(0 %'4% #$/ 4$0,(21( %#2,3'% 1#2%4,2- 2#%
#2;9 H42%( D#1,(%9 6(6"(/-5 "$% 4;-# 6429 8,-,%,23 -1,(2%,-%-
420 -%$0(2%- .'# 649 "( (B>;#/,23 H42%( ?#/ %'( ?,/-% %,6(@ D#5
?#/ %'#-( ,2 %'( 4$0,(21( .'# '48( "((2 %## "$-9 -%$09,23 %#
/(40 6(0,(84; a%4;,42 (>,1-5 a %'#$3'% aG0 "(3,2 .,%' 4 I$,1*
#8(/8,(. #? H42%(k',- ;,?(5 ',- .#/*5 420 .'9 '( ,- 1#2-,0(/(0
#2(&#?&%'(&6#-%&,2?;$(2%,4;&?,3$/(-&,2&4;;&#?&',-%#/9@j
\#/(&4>>;4$-(@
h-,23 %'( %,29 /(6#%( ,2 ',- '4205 =4230#2 14;;(0 $> 4 -(/,(-
#? ,643(- #? H42%(5 %'( ?,/-% "(,23 !20/(4 0(; M4-%432#G- ?$;;:
 QQQ[VZY
;(23%' >#/%/4,% #? %'( >#(% -%420,23 ,2 4 0##/.495 1;$%1',23 4
"##*&#?&>',;#-#>'9@
iH42%( !;,3',(/,5j =4230#2 "(342@ iN',- E;#/(2%,2( ./,%(/
420 >',;#-#>'(/ ;,8(0 ?/#6 QRVU %# QSRQ@ a2 %',- >#/%/4,%5 4- ,2
2(4/;9 4;; 0(>,1%,#2-5 '( .(4/- #2 ',- '(40 4 /(0 7&66;77.4k4
%,3'%:?,%%,235 >;4,%(0 '##0 .,%' (4/?;4>-k.',1'5 4;#23 .,%' ',-
1/,6-#2 =$114 /#"(5 '4- "(1#6( %'( 6#-% .,0(;9 /(>/#0$1(0
,643(&#?&H42%(@j
=4230#2 408421(0 -;,0(- %# %'( )#%%,1(;;, >#/%/4,% #? H42%(
?/#6 %'( h??,K, d4;;(/95 .',1' -%/(--(0 H42%(G- 6#-% -4;,(2%
?(4%$/(-5 4 '(489 C4. 420 '##*(0 2#-(@ i7(/(5 H42%(G- $2,I$(
?41( ,- #21( 434,2 ?/46(0 "9 ',- /(0 7&66;77.45 "$% ,2 %',- ,2:
-%421( )#%%,1(;;, '4- 400(0 4 ;4$/(; ./(4%' %# ',- 14> 4- 4 -96:
"#; #? (B>(/%,-(k,2 %',- 14-( ,2 %'( >#(%,1 4/%-k4 %/40,%,#24;
-96"#; "#//#.(0 ?/#6 421,(2% d/((1( 420 $-(0 (8(2 %#049 ,2
1(/(6#2,(-&'#2#/,23&>#(%&;4$/(4%(-&420&A#"(;&;4$/(4%(-@j
=4230#2 I$,1*;9 -1/#;;(0 %'/#$3' -(8(/4; #%'(/ ,643(-5 4;;
-'#.,23 H42%( ,2 ',- /(0 14>5 /(0 %$2,15 ;4$/(; ./(4%'5 420
>/#6,2(2% 2#-(@ i!20 %# /#$20 #$% 9#$/ ,643( #? H42%(5 '(/(
,- 4 -%4%$( ?/#6 %'( O,4KK4 0, D42%4 M/#1( L 4205 #? 1#$/-(5 %'(
?46#$- ?/(-1# 4%%/,"$%(0 %# d,#%%# ,2 %'( 1'4>(; #? %'(
)4/3(;;#@j
=4230#2 ;(?% %'( -;,0( #? d,#%%#G- ?/(-1# #2 %'( -1/((2 420
.4;*(0&%#&%'(&1(2%(/&#?&%'(&-%43(@
i!- 9#$ 4/( 2# 0#$"% 4.4/(5 H42%( ,- "(-% *2#.2 ?#/ ',- 6#:
2$6(2%4; ;,%(/4/9 64-%(/>,(1(k1+# <.8.'# =4:#()k4 "/$:
%4;;9 8,8,0 411#$2% #? %'( 4$%'#/G- 0(-1(2% ,2%# '(;;5 >4--43(
%'/#$3' >$/34%#/95 420 (8(2%$4; 4-1(2% ,2%# >4/40,-( %# 1#6:
6$2( .,%' d#0@ )9 6#0(/2 -%4204/0-5 1+# <.8.'# =4:#() '4-
2#%',23 1#6(0,1 4"#$% ,%@ a%G- 14;;(0 4 1#6(09 ?#/ 42#%'(/ /(4-:
#2 (2%,/(;9@ a2 %'( ?#$/%((2%' 1(2%$/95 a%4;,42 ;,%(/4%$/( .4-5 "9
/(I$,/(6(2%5 0,8,0(0 ,2%# %.# 14%(3#/,(-^ %/43(095 /(>/(-(2%,23
',3' ;,%(/4%$/(5 .4- ./,%%(2 ,2 ?#/64; a%4;,42e 1#6(095
 QQR[VZY
/(>/(-(2%,23 ;#. ;,%(/4%$/(5 .4- ./,%%(2 ,2 %'( 8(/241$;4/ 420
3(4/(0&%#.4/0&%'(&3(2(/4;&>#>$;4%,#2@j
=4230#2 408421(0 -;,0(- %# %'( ,1#2,1 ?/(-1# "9 \,1'(;,2#5
.',1' -'#.(0 H42%( -%420,23 #$%-,0( %'( .4;;- #? E;#/(21(
1;$%1',23 4 1#>9 #? 1+# <.8.'# =4:#()@ a2 %'( "41*3/#$205 %'(
%(//41(0 6#$2%4,2 #? >$/34%#/9 /#-( ',3' 4"#8( %'( 34%(- #?
'(;;@ N'( >4,2%,23 2#. '$23 ,2 E;#/(21(G- M4%'(0/4; #? D42%4
\4/,4&0(;&E,#/(k"(%%(/&*2#.2&4-&a;&H$#6#@
i!- 9#$ 649 '48( 3$(--(0 ?/#6 %'( %,%;(5j =4230#2 1#2%,2:
$(05 i1+# <.8.'# =4:#() .4- ./,%%(2 ,2 %'( 8(/241$;4/k%'(
;423$43( #? %'( >(#>;(@ P8(2 -#5 ,% "/,;;,42%;9 ?$-(0 /(;,3,#25
',-%#/95 >#;,%,1-5 >',;#-#>'95 420 -#1,4; 1#66(2%4/9 ,2 4
%4>(-%/9 #? ?,1%,#2 %'4%5 .',;( (/$0,%(5 /(64,2(0 .'#;;9 411(--:
,";( %# %'( 64--(-@ N'( .#/* "(146( -$1' 4 >,;;4/ #? a%4;,42 1$;:
%$/( %'4% H42%(G- ./,%,23 -%9;( '4- "((2 1/(0,%(0 .,%' 2#%',23
;(--&%'42&%'(&1#0,?,14%,#2&#?&%'(&6#0(/2&a%4;,42&;423$43(@j
=4230#2 >4$-(0 4 6#6(2% ?#/ (??(1% 420 %'(2 .',->(/(05
i\9 ?/,(20-5 ,% ,- ,6>#--,";( %# #8(/-%4%( %'( ,2?;$(21( #? H42%(
!;,3',(/,G- .#/*@ N'/#$3'#$% 4;; #? ',-%#/95 .,%' %'( -#;( (B1(>:
%,#2 >(/'4>- #? 7#;9 D1/,>%$/(5 2# -,23;( .#/* #? ./,%,235 4/%5
6$-,15 #/ ;,%(/4%$/( '4- ,2->,/(0 6#/( %/,"$%(-5 ,6,%4%,#2-5
84/,4%,#2-5&420&422#%4%,#2-&%'42 1+#%<.8.'#%=4:#()/j
!?%(/ ;,-%,23 %'( 84-% 4//49 #? ?46#$- 1#6>#-(/-5 4/%,-%-5 420
4$%'#/- .'# '40 1/(4%(0 .#/*- "4-(0 #2 H42%(G- (>,1 >#(65
=4230#2 -1422(0 %'( 1/#.0@ iD# %(;; 6(5 0# .( '48( 429 4$:
%'#/-&'(/(&%#2,3'%nj
A(4/;9 #2(:%',/0 #? %'( '420- .(2% $>@ =4230#2 -%4/(0 #$%
,2 -'#1*@ O49C #.5+#3 5+.* .* 5+# :4*5 &774:6,.*+#( &;(.#'7#
4'%#&35+C%43%5+.*%#V6;D,.*+.'B%5+.'B%.*%3#&,,)%5&$.'B%4--/
i+(;;5 4- 4;; #? 9#$ 4$%'#/- *2#.5 %'(/( ,- 2#%',23 4 ./,%(/
4>>/(1,4%(- 6#/( %'42 4 ";$/"k#2( #? %'#-( -,23;(:;,2( (2:
0#/-(6(2%- ?/#6 4 >#.(/?$; ,20,8,0$4;5 0(-,32(0 %# 64*( #%':
(/- .42% %# "$9 9#$/ .#/*@ !205 ,2 %'( \,00;( !3(-5 ";$/"- (B:
,-%(05&%##@&!20&H42%(&3#%&I$,%(&4&?(.&#?&%'(6@j
 QQS[VZY
=4230#2 1'423(0 -;,0(-@ i7#. .#$;0 9#$ ;,*( %# '48( 5+.* #2
9#$/&"##*&C41*(%nj

A(G(/&.4;*(0&%'(&(4/%'&4&3/(4%(/&642&%'42&'(@
k\,1'(;423(;#

!&6$/6$/&#?&-$/>/,-(&/$-%;(0&%'/#$3'&%'(&1/#.0@
i](-5j =4230#2 -4,05 i%'4%G- %'( -46( \,1'(;423(;# 9#$ 4;;
*2#. ?/#6 %'( D,-%,2( M'4>(; 420 %'( <&8.(@ a2 400,%,#2 %# "(:
,23 4 64-%(/ >4,2%(/ 420 -1$;>%#/5 \,1'(;423(;# .4- 4 -$>(/"
>#(%5 >$";,-',23 2(4/;9 %'/(( '$20/(0 >#(6-k,21;$0,23 #2(
%,%;(0 oH42%(5G 0(0,14%(0 %# %'( 642 .'#-( -%4/* 8,-,#2- #? '(;;
.(/( %'#-( %'4% ,2->,/(0 \,1'(;423(;#G- T&*5 _;(B:#'5@ !20 ,?
9#$ 0#2G% "(;,(8( 6(5 /(40 %'( %',/0 142%# #? H42%(G- 2'-#3'4
420 %'(2 8,-,% %'( D,-%,2( M'4>(;e C$-% 4"#8( %'( 4;%4/5 9#$G;; -((
%',-&?46,;,4/&,643(@j
=4230#2 408421(0 -;,0(- %# 4 ?/,3'%(2,23 0(%4,; #? 4 6$-1;(:
"#$20 "(4-% -.,23,23 4 3,42% >400;( 4% 1#.(/,23 >(#>;(@ iN',-
,- H42%(G- '(;;,-' ?(//96425 M'4/#25 "(4%,23 -%/433;,23 >4--(2:
3(/-&.,%'&42&#4/@j
=4230#2 6#8(0 2#. %# 4 2(. -;,0(k4 -(1#20 0(%4,; #?
\,1'(;423(;#G- T&*5 _;(B:#'5k4 642 "(,23 1/$1,?,(0@ iN',- ,-
74642 %'( !343,%(5 .'#5 411#/0,23 %# D1/,>%$/(5 .4- '423(0
%# 0(4%'@ 7#.(8(/5 ,2 H42%(G- >#(65 '( .4- 1/$1,?,(0 ,2-%(40@
!- 9#$ 142 -(( '(/( ,2 %'( D,-%,2( M'4>(;5 \,1'(;423(;# 1'#-(
H42%(G- 8(/-,#2 #8(/ %'4% #? %'( ),";(@j =4230#2 3/,22(0 420
;#.(/(0&',-&8#,1(&%#&4&.',->(/@&iH#2G%&%(;;&%'(&>#>(@j
N'(&1/#.0&;4$3'(0@
iH42%(G- 2'-#3'4 1/(4%(0 4 .#/;0 #? >4,2 420 -$??(/,23 "(9:
#20 4;; >/(8,#$- '$642 ,643,24%,#25 420 ',- ./,%,23 I$,%( ;,%:
(/4;;9 0(?,2(0 #$/ 6#0(/2 8,-,#2- #? '(;;@j =4230#2 >4$-(0@
i!20 "(;,(8( 6(5 %'( M4%'#;,1 M'$/1' '4- 6$1' %# %'42* H42%(
?#/@ 7,- 2'-#3'4 %(//,?,(0 %'( ?4,%'?$; ?#/ 1(2%$/,(-5 420 2#
0#$"%&%/,>;(0&1'$/1'&4%%(20421(&46#23&%'(&?(4/?$;@j
 QQT[VZY
=4230#2 -.,%1'(0 %'( -;,0(@ i!20 %',- ;(40- $- %# %'( /(4-#2
.(&4/(&4;;&'(/(&%#2,3'%@j
N'( -1/((2 2#. 0,->;49(0 %'( %,%;( #? ',- ;(1%$/(^ HagaAP H!ANP^
D]\)F=D&FE&7P==@
iH42%(G- 2'-#3'4 ,- 4 ;420-14>( -# /,1' ,2 -96"#;,-6 420
,1#2#3/4>'9 %'4% a #?%(2 0(0,14%( 42 (2%,/( -(6(-%(/ 1#$/-( %#
,%@ !20 %#2,3'%5 a %'#$3'% %'(/( .#$;0 "( 2# "(%%(/ .49 %# $2:
8(,; %'( -96"#;- #? H42%(G- 2'-#3'4 %'42 %# .4;* -,0( "9 -,0(
.,%'&',6&L&%'/#$3'&%'(&34%(-&#?&'(;;@j
=4230#2 >41(0 #$% %# %'( (03( #? %'( -%43( 420 -$/8(9(0 %'(
1/#.0@ iA#.5 ,? .(G/( >;422,23 #2 %4*,23 4 -%/#;; %'/#$3' '(;;5 a
-%/#23;9 /(1#66(20 .( $-( 4 64>@ !20 %'(/( ,- 2# 64> #?
H42%(G- '(;; 6#/( 1#6>;(%( 420 411$/4%( %'42 %'( #2( >4,2%(0
"9&D420/#&)#%%,1(;;,@j
7( %#$1'(0 ',- /(6#%(5 420 )#%%,1(;;,G- ?#/",00,23 ?&66&
(#,,02'-#3'4 64%(/,4;,K(0 "(?#/( %'( 1/#.0@ 7( 1#$;0 '(4/ -(8:
(/4; 3/#42- 4- >(#>;( 4"-#/"(0 %'( 84/,#$- '#//#/- %4*,23 >;41(
,2&%'(&?$22(;:-'4>(0&-$"%(//42(42&148(/2@
ih2;,*( -#6( 4/%,-%-5 )#%%,1(;;, .4- (B%/(6(;9 ?4,%'?$; ,2 ',-
,2%(/>/(%4%,#2 #? H42%(G- %(B%@ a2 ?41%5 '( ->(2% -# 6$1' %,6(
/(40,23 H42%( %'4% %'( 3/(4% 4/% ',-%#/,42 d,#/3,# g4-4/, -4,0
)#%%,1(;;,G- #"-(--,#2 .,%' H42%( ;(0 %# o-(/,#$- 0,-#/0(/- ,2 ',-
;,8,23@G )#%%,1(;;, 1/(4%(0 6#/( %'42 %.# 0#K(2 #%'(/ .#/*- /(:
;4%,23&%#&H42%(5&"$%&%',-&64>&,-&',-&6#-%&?46#$-@j
=4230#2 %$/2(0 2#.5 >#,2%,23 %# %'( $>>(/ ;(?%:'420 1#/2(/
#? %'( >4,2%,23@ iF$/ C#$/2(9 .,;; "(3,2 $> %'(/(5 4"#8(3/#$205
.'(/( 9#$ 142 -(( H42%( ,2 /(05 4;#23 .,%' ',- 3$,0(5 g,/3,;5
-%420,23 #$%-,0( %'( 34%(- #? '(;;@ E/#6 %'(/( .( .,;; %/48(;
0#.2.4/05 %'/#$3' %'( 2,2( /,23- #? H42%(G- ,2?(/2#5 420
(8(2%$4;;9&1#6(&?41(:%#:?41(&.,%'&Lj
=4230#2 I$,1*;9 ?;4-'(0 %# 4 2(. -;,0(k4 3,42% (2;4/3(6(2%
#? D4%42 4- 0(>,1%(0 "9 )#%%,1(;;, ,2 %',- 8(/9 >4,2%,23k4
'#//,?,15 %'/((:'(40(0 =$1,?(/ 1#2-$6,23 %'/(( 0,??(/(2%
>(#>;(5&#2(&,2&(41'&6#$%'@
 QQU[VZY
N'(&1/#.0&34->(0&4$0,";9@
i! 3;421( 4% 1#6,23 4%%/41%,#2-5j =4230#2 422#$21(0@ iN',-
?/,3'%(2,23 1'4/41%(/ '(/( ,- .'(/( %#2,3'%G- C#$/2(9 .,;; (20@
N',- ,- %'( 2,2%' /,23 #? '(;;5 .'(/( D4%42 ',6-(;? /(-,0(-@
7#.(8(/ Lj =4230#2 >4$-(0@ id(%%,23 %'(/( ,- '4;? %'( ?$25 -#
;(%G- /(.,20 4 ",% L "41* $> %# %'( 34%(- #? '(;;5 .'(/( #$/ C#$/:
2(9&"(3,2-@j
=4230#2 6#8(0 %# %'( 2(B% -;,0(k4 d$-%48( H#/s ;,%'#3/4>'
%'4% 0(>,1%(0 4 04/*5 %$22(;(0 (2%/421( 14/8(0 ,2%# %'( ?41( #?
42 4$-%(/( 1;,??@ N'( ,2-1/,>%,#2 4"#8( %'( 0##/ /(40^ !)!AHFA
!==&7FOP5&]P&+7F&PANP<&7P<P@
iD#&Lj&=4230#2&-4,0&.,%'&4&-6,;(@&iD'4;;&.(&(2%(/nj
D#6(.'(/( %,/(- -1/((1'(0 ;#$0;95 420 %'( 4$0,(21( (84>#/:
4%(0 "(?#/( =4230#2G- (9(-@ 7( ?(;% ',6-(;? ;$/1' ?#/.4/05 420
'( 1#;;,0(0 .,%' D,(224G- "41* 4- %'( N/,*( -*,00(0 %# 4 -%#> ,2
%'(&6,00;(&#?&%'(&g,4;(&\41',48(;;,@
=4230#2 /((;(05 -%,;; %',2*,23 4"#$% %'( 34%(- #? '(;; ;##6,23
"(?#/(&',6@&!-&'(&/(34,2(0&',-&"(4/,23-5&'(&-4.&.'(/(&'(&.4-@
i+'4%G-&3#,23&#2nj&'(&0(6420(0@
D,(224 >#,2%(0 %'/(( '$20/(0 94/0- 4'(40 %# %'( O#/%4 <#:
6424k%'( 421,(2% -%#2( 34%(.49 %'4% -(/8(0 4- %'( (2%/421( %#
#;0&E;#/(21(@&i<#"(/%5&.(G8(&3#%&4&>/#";(6@j
 M7!ONP< QY

!dPAN )<wHP< DNFFH ,2 %'( '$6";( 4>4/%6(2% 420 %/,(0 %# 64*(

-(2-( #? .'4% '( .4- -((,23@ O+4 5+# +#,, ,.8#* +#3#L N'( 0(1#/
.4- ->4/-( 420 C$6";(05 ;,*( 4 1#;;(3( 0#/6 /##6 ?$/2,-'(0 #2
4&"$03(%@
i!3(2% )/t0(/nj #2( #? ',- 6(2 14;;(0 ?/#6 0#.2 %'( '4;;@
i]#$G;;&.42%&%#&-((&%',-@j
!- )/t0(/ 640( ',- .49 0#.2 %'( '4;;5 '( .#20(/(0 ,? %'(
;#14; >#;,1( '40 0(%4,2(0 =4230#2 9(%@ )/t0(/ .#$;0 '48( >/(:
?(//(0 %# -#;8( %',- 1/,-,- i,2:'#$-(5j "$% =4230#2G- (-14>( '40
;(?% ;,%%;( 1'#,1( "$% %# (2;,-% ;#14; >#;,1( -$>>#/% 420 -(% $>
/#40";#1*-@ !2 43,;( 6#%#/",*( #2 %'( ;4"9/,2%',2( -%/((%- #?
E;#/(21( .#$;0 (4-,;9 (;$0( )/t0(/G- 842-5 .'#-( '(489
>#;914/"#24%( .,20#.- 420 -#;,05 >$21%$/(:>/##? %,/(- 640(
%'(6 ,6>(2(%/4";( "$% ;$6"(/,23@ N'( a%4;,42 >#;,1( '40 4
/(>$%4%,#2 ?#/ "(,23 $21##>(/4%,8( .,%' #$%-,0(/-5 "$% )/t0(/G-
#/342,K4%,#2 '40 -,32,?,142% ,2?;$(21(k>#;,1(5 1#2-$;4%(-5 (6:
"4--,(-@ O+#'%9#%:&$#%(#:&'(*C%'4D4()%(&3#*%^;#*5.4'/
)/t0(/ (2%(/(0 %'( -64;; #??,1( .'(/( ',- 642 -%##0 #8(/ 42
#>(2 ;4>%#> 420 %9>(0 ,2 ;4%(B 3;#8(-@ iN',- ,- %'( 641',2( '(
$-(05j %'( 642 -4,0@ i=4230#2 $-(0 ,% %# 411(-- ',- (:64,; 420
/$2&-#6(&-(4/1'(-@&N'(&?,;(-&4/(&-%,;;&141'(0@j
)/t0(/&6#8(0&%#.4/0&%'(&0(-*@
ia% 0#(-2G% 4>>(4/ %# "( =4230#2G- 1#6>$%(/5j %'( %(1' -4,0@
ia%G- /(3,-%(/(0 %# -#6(#2( ,2,%,4;(0 "/=/ka -'#$;0 '48( 4 ?$;;
246(&-'#/%;9@j
!- )/t0(/ .4,%(05 ',- (9(- .(/( 0/4.2 %# 4 -%41* #? >4>(/-
#2 %'( 0(-*@ 7( >,1*(0 %'(6 $>5 %'$6",23 %'/#$3' %'( $2$-$:
4; 4//49k42 #;0 >;49",;; ?/#6 %'( =#20#2 d;#"( N'(4%/( 420 4
 QQW[VZY
-(/,(- #? 2(.->4>(/ 4/%,1;(-@ N'( 6#/( )/t0(/ /(405 %'( .,0(/
',-&(9(-&"(146(@
N4*,23 %'( 0#1$6(2%-5 )/t0(/ -;,>>(0 "41* ,2%# %'( '4;; 420
>;41(0 4 14;; %# ',- "#--@ ia%G- )/t0(/5j '( -4,0@ ia %',2* aG8( 3#%
42&aH&#2&%'(&>(/-#2&'(;>,23&=4230#2@j
i+'#&,-&,%nj&',-&"#--&/(>;,(0@
)/t0(/&(B'4;(0&-;#.;9@&i]#$G/(&2#%&3#,23&%#&"(;,(8(&%',-@j

N.# 6,;(- 4.495 g49(2%'4 '$2*(/(0 ;#. #2 '(/ )\+ 4- ,% ?;(0

%'( 4/(4@ O#;,1( 14/- /41(0 >4-% '(/ ,2 %'( #>>#-,%( 0,/(1%,#25
-,/(2-&";4/,23@
208#%D##'%(.*&849#(5&-'(&%'#$3'%@
A#/64;;95 %'( -#?% 8,"/4%,#2 #? %'( 6#%#/191;(G- ?#$/:-%/#*(
(23,2(&'(;>(0&14;6&'(/&2(/8(-@&A#%&%#049@
g49(2%'4 '40 .#/*(0 ?#/ %'( M#2-#/%,$6 ?#/ %.(;8( 9(4/-5
1;,6",23 %'( /42*- ?/#6 3/#$20 -$>>#/%5 %# -%/4%(39 1##/0,24:
%,#25 4;; %'( .49 %# 4 ',3':/42*(0 ?,(;0 43(2%@ ?) 7&3##3 .* &,, 2
+&8#/ E,(;0 43(2%- (20$/(0 4 ;,?( #? -(1/(195 %/48(;5 420 ;#23
6,--,#2-5 4;; #? .',1' >/(1;$0(0 429 /(4; #$%-,0( ;,?( #/
/(;4%,#2-',>-@
208# D##' 4' 5+.* *&:# :.**.4' -43 & )#&35 -'( %'#$3'%5 -%,;;
$24";( %# "(;,(8( %'( >/#8#-% '40 >$;;(0 %'( %/,33(/ 420 0,-:
48#.(0&'(/&-#&4"/$>%;9@
E#/ %.(;8( 6#2%'- g49(2%'4 '40 "((2 #8(/-((,23 -$>>#/%
-(/8,1(- ?#/ %'( -46( 1;,(2% #? %'( M#2-#/%,$6k42 (11(2%/,15
3/((2:(9(0 3(2,$- .'# .42%(0 #2;9 %# i0,-4>>(4/j ?#/ 4 .',;(
-# '( 1#$;0 .#/* $26#;(-%(0 "9 ',- /,84;- 420 (2(6,(-@ 7(
%/48(;(0 8(/9 /4/(;95 420 4;.49- ,28,-,";95 "$% 6#-%;9 '(
.#/*(0@ N'( 24%$/( #? %',- 642G- .#/* .4- 2#% *2#.2 %# g49:
(2%'45 .'#-( 1#2%/41% '40 -,6>;9 "((2 %# *((> %'( 1;,(2% ',0:
0(2&?/#6&%'(&>#.(/?$;&>(#>;(&%/9,23&%#&?,20&',6@
 QQX[VZY
g49(2%'4 '40 >(/?#/6(0 %'( -(/8,1( .,%' 1#2-$664%( >/#:
?(--,#24;,-65&420&(8(/9%',23&'40&3#2(&>(/?(1%;9@
O(/?(1%;95&%'4%&.4-&L&$2%,;&;4-%&2,3'%@
g49(2%'4G- (6#%,#24; -%4%( 420 14/((/ '40 "((2 ,2 4 0#.2:
.4/0&->,/4;&(8(/&-,21(@
20:%4'%5+#%4;5*.(#%'49/
N'( 0,-48#.4; >/#%#1#;5 ,? ,28#*(05 /(I$,/(0 %'4% %'( 43(2%
,2-%42%;9 4"420#2 '(/ 1$//(2% 6,--,#2 420 (B,% i%'( 4/(24j 4%
#21(@ a? %'( 43(2% .(/( 14>%$/(05 %'( M#2-#/%,$6 .#$;0 0,-:
48#. 4;; *2#.;(03( #? %'( 43(2%@ !3(2%- *2(. "(%%(/ %'42 %#
>/(-- %'(,/ ;$1* .,%' %'( #/342,K4%,#25 '48,23 .,%2(--(0
?,/-%'420 ,%- 0,-%$/",23 4",;,%9 %# 642,>$;4%( /(4;,%9 ,2%#
.'4%(8(/&-$,%(0&,%-&2((0-@
g49(2%'4 *2(. #? #2;9 %.# 43(2%- .'# '40 "((2 0,-48#.(0@
D%/423(;95 -'( '40 2(8(/ -((2 (,%'(/ #? %'(6 434,2@ D'( '40 4;:
.49- 4--$6(0 %'(9 '40 "((2 14;;(0 ,2 ?#/ %'(,/ ?#/64; /(8,(.
420 ?,/(05 /(I$,/(0 2(8(/ %# 64*( 1#2%41% 434,2 .,%' M#2-#/%,:
$6&(6>;#9((-@
A#.5&'#.(8(/5&g49(2%'4&.4-&2#%&-#&-$/(@
M4;03# 48#33#&75.'B5 -'( %/,(0 %# %(;; '(/-(;?@ 1+# =4'*435.V
;:0*%:#5+4(*%&3#%-&3%:43#%#,#B&'5%5+&'%74,(VD,44(#(%:;3(#3/
P8(2&-#5&-'(&?(;%&4&?/(-'&1',;;&-.((>&%'/#$3'&'(/&"#09@
a% '40 "((2 ,2-%,21% %'4% $/3(0 '(/ %# ?;(( %'( '#%(; /##?%#>
$2-((2 %'( 6#6(2% -'( -4. )/t0(/G- %(46 4//,8(5 420 -'(
.#20(/(0&,?&%'4%&,2-%,21%&'40&-48(0&'(/@
S4D4()%$'49*%9+#3#%2%&:%'49/
!- g49(2%'4 ->(0 2#/%'.4/0 #2 %'( -;((* -%/4,3'%4.49 #? %'(
g,4;( 0(; O#33,# a6>(/,4;(5 -'( /(4;,K(0 .'4% 4 0,??(/(21( 4 ?(.
'#$/- '40 640( ?#/ '(/@ =4-% 2,3'% -'( '40 "((2 .#//,(0 4"#$%
>/#%(1%,23 '(/ C#"@ A#. -'( .4- .#//,(0 4"#$% >/#%(1%,23 '(/
;,?(@
 M7!ONP< RZ

E=F<PAMP +!D FAMP 4 .4;;(0 1,%95 ,%- >/,64/9 (2%/421( %'( -%#2(
34%(.49 #? %'( O#/%4 <#64245 "$,;% ,2 QSRV@ +',;( 6#-% #? %'(
1,%9G- >(/,6(%(/ .4;;- .(/( 0(-%/#9(0 1(2%$/,(- 43#5 %'( O#/%4
<#6424 -%,;; (B,-%-5 420 %# %',- 0495 %/4??,1 (2%(/- %'( 1,%9 "9
?$22(;,23 %'/#$3' 0((> 4/1'(0 %$22(;- ,2 %'( 1#;#--4;
?#/%,?,14%,#2@
N'( 34%(.49 ,%-(;? ,- 4 ?,?%9:?##%:%4;; "4//,(/ #? 421,(2% "/,1*
420 -%#2( .'#-( >/,64/9 >4--43(.49 -%,;; /(%4,2- ,%- 64--,8(
"#;%(0 .##0(2 0##/-5 .',1' 4/( >/#>>(0 #>(2 4% 4;; %,6(- %#
;(% %/4??,1 >4-- %'/#$3'@ D,B 64C#/ /#40- 1#28(/3( ,2 ?/#2% #?
%'(-( 0##/-5 ?,;%(/,23 ,2%# 4 /#%4/9 .'#-( 3/4--9 6(0,42 ,-
0#6,24%(0 "9 4 ;4/3( O,-%#;(%%# -%4%$( 0(>,1%,23 4 .#642 0(:
>4/%,23 %'( 1,%9 34%(- 14//9,23 42 (2#/6#$- "$20;( #2 '(/
'(40@
!;%'#$3' 2#.4049- ,% ,- 6#/( #? 4 -24/;(0 %/4??,1 2,3'%64/(5
E;#/(21(G- 4$-%(/( 1,%9 34%( .4- #21( %'( -,%( #? %'( E,(/4 0(,
M#2%/4%%,k%'( M#2%/41%- E4,/k4% .',1' ?4%'(/- -#;0 %'(,/
04$3'%(/- ,2%# 4 1#2%/41%(0 64//,43(5 #?%(2 ?#/1,23 %'(6 %#
0421(&>/#8#14%,8(;9&,2&42&(??#/%&%#&-(1$/(&',3'(/&0#./,(-@
N',- 6#/2,235 -(8(/4; '$20/(0 94/0- -'#/% #? %'( 34%(.495
D,(224 '40 -1/((1'(0 %# 4 -%#> 420 .4- 2#. >#,2%,23 ,2 4;4/6@
F2 %'( "41* #? %'( N/,*(5 =4230#2 ;##*(0 4'(40 420 ,66(0,:
4%(;9 -'4/(0 '(/ 4>>/('(2-,#2@ a2 ?/#2% #? %'(65 4 ;#23 ;,2( #?
14/- ,0;(0 4% 4 ?$;; -%#>@ N/4??,1 ,2 %'( /#%4/9 '40 "((2 '4;%(0 "9
4 >#;,1( "4//,140(5 420 6#/( >#;,1( 14/- .(/( 2#. 4//,8,23@
!/6(0&#??,1(/-&.(/(&.4;*,23&?/#6&14/&%#&14/5&4-*,23&I$(-%,#2-@
1+&5%7&'05%D#%-43%;*5&=4230#2&%'#$3'%@ =&'%.5L
 QRZ[VZY
! -.(4%9 191;,-% 146( >(04;,23 %#.4/0 %'(6 $> %'( g,4;(
\41',48(;;, 4.49 ?/#6 %'( %/4??,1@ 7( .4- #2 4 /(1$6"(2% ",*(5
',-&"4/(&;(3-&>$6>,23&#$%&,2&?/#2%&#?&',6@
D,(224&-'#$%(0&#$%&%#&',6@ Q=4*0%f%*;77#**4LR
QA 7+. ,4 *&FR '( -'#$%(0 "41*5 ;##*,23 1#21(/2(0@
Q=&3&D.'.#3./R 7(&'$//,(0&>4-%5&;##*,23&(43(/&%#&1;(4/&%'(&4/(4@
D,(224 %$/2(0 %# =4230#25 '(/ (B>/(--,#2 3/,6@ i<#40";#1*@
\,;,%4/9&>#;,1(@j
D,/(2- .4,;(0 ,2 %'( 0,-%421( "(',20 %'(65 420 D,(224 ->$2
,2 '(/ -(4%5 -%4/,23 "41* $> %'( g,4;( \41',48(;;,5 '(/ ?41( 2#.
64-*(0&.,%'&?(4/@
O#03# 53&66#( .' 5+# :.((,#5 =4230#2 %'#$3'%5 -1422,23 %'(
4/(4 ?#/ 429 (B,% 4% 4;;k42 ,2%(/-(1%,23 /#405 4 >4/*5 4 0/,8(:
.49k"$% 4;; '( -4. .(/( >/,84%( /(-,0(21(- #2 %'(,/ ;(?% 420 4
',3'&-%#2(&.4;;&%#&%'(,/&/,3'%@
N'(&-,/(2-&3/(.&;#$0(/@
ih> %'(/(5j =4230#2 $/3(05 >#,2%,23 %',/%9 94/0- 4'(40 %# 4
0(-(/%(0 1#2-%/$1%,#2 -,%( .'(/( 4 >#/%4";( 1(6(2% 6,B(/
#??(/(0&4%&;(4-%&4&;,%%;(&",%&#?&1#8(/@
D,(224 3$22(0 %'( ",*( $> #2%# %'( -,0(.4;* 420 /41(0 ,2%#
%'( .#/* 4/(4@ N'(9 >4/*(0 "(',20 %'( 1(6(2% 6,B(/5 I$,1*;9
/(4;,K,23 %'4% ,% #??(/(0 "4/(;9 (2#$3' 1#21(4;6(2% ?#/ %'(
N/,*(&4;#2(@
iE#;;#. 6(5j D,(224 -4,05 /$-',23 %#.4/0 4 -64;; >#/%4";(
%##;-'(0&2(-%;(0&,2&%'(&"$-'(-&434,2-%&%'(&-%#2(&.4;;@
1+&50* '45 & 544,*+#(5 =4230#2 /(4;,K(05 ',- 2#-( 1/,2*;,23 4-
%'(9&3#%&1;#-(/@ 1+&50*%&%Z435&VZ455)/
!- =4230#2 420 D,(224 4//,8(0 #$%-,0( %'( 1#2-%/$1%,#2
.#/*(/-G 1'(6,14; %#,;(%5 %'(9 1#$;0 '(4/ >#;,1( 14/- 4>>/#41':
,23 ?/#6 "(',20 %'(6@ D,(224 942*(0 %'( 0##/ '420;(5 "$% ,%
0,02G% "$03(@ ! '(489 1'4,2 420 >40;#1* -(1$/(0 ,%@ =4230#2
3/4""(0 D,(224G- 4/6 420 >$;;(0 '(/ 4/#$20 "(',20 %'( -%/$1:
%$/(5 ?#/1,23 '(/ ,2%# %'( 24//#. ->41( "(%.((2 %'( %#,;(% 420
 QRQ[VZY
%'( -%#2( .4;;@ N'( %.# #? %'(6 "4/(;9 ?,%5 420 %'( 4,/ -6(;;(0
>$%/,0&420&'(489@
=4230#2 -;,0 ,2 "(',20 '(/ C$-% 4- 4 C(%:";41* D$"4/$ E#/(-%:
(/ 146( ,2%# 8,(. .,%' %'( .#/0 M!<!)aAaP<a (6";4K#2(0 #2 ,%-
-,0(@&N'(&8(',1;(&/#;;(0&-;#.;9&>4-%&%'(,/&;#14%,#2@
1+# 25&,.&' :.,.5&3) 64,.7#5 =4230#2 %'#$3'%5 ,21/(0$;#$-@
7(&.#20(/(0&,?&%'(-(&#??,1(/-&4;-#&'40&#/0(/-&%#&-'##%&#2&-,3'%@
iD#6(#2( ,- 0(40 -(/,#$- 4"#$% ?,20,23 $-5j D,(224
.',->(/(0@&i!20&-#6('#.&%'(9&0,0@j
idODnj =4230#2 .#20(/(0 4;#$0@ i\49"( %'( >/#C(1%#/ '4-
4&%/41*,23&0(8,1(&,2&,%nj
D,(224 -'##* '(/ '(40@ i)(;,(8( 6(5 ,? %'4% %',23 .(/( %/41(:
4";(5&%'(&>#;,1(&.#$;0&"(&/,3'%&#2&%#>&#?&$-@j
=4230#2 -',?%(0 ',- %4;; ?/46(5 %/9,23 %# 3(% 1#6?#/%4";( ,2
%'( 1/46>(0 -$//#$20,23-@ 7( ?#$20 ',6-(;? ?41(:%#:?41( .,%'
4 1#;;43( #? (;(342%;9 -%9;(0 3/4??,%, -1/4.;(0 #2 %'( "41* #? %'(
O#/%4:O#%%9@
T#&8#%.5%54%5+#%25&,.&'*/
\#-% !6(/,142 O#/%4:O#%%,(- .(/( 1#8(/(0 .,%' -#>'#6#/,1
14/%##2- %'4% 843$(;9 /(-(6";(0 '$3( "/(4-%- #/ >(2,-(-@ N'(
3/4??,%, #2 %',- #2(5 '#.(8(/5 ;##*(0 6#/( ;,*( 42 4/% -%$0(2%G-
-*(%1'"##*k4 '$642 (9(5 4 .(;;:/(20(/(0 '4205 4 642 ,2 >/#:
?,;(5&420&4&?42%4-%,14;&0/43#2@
iH(-%/$1%,#2 #? >/#>(/%9 0#(-2G% ;##* ;,*( %',- (8(/9.'(/( ,2
a%4;95j D,(224 -4,05 4>>4/(2%;9 /(40,23 ',- 6,20@ iN'( E;#/(21(
!/%&a2-%,%$%(&,-&#2&%'(&#%'(/&-,0(&#?&%',-&-%#2(&.4;;@j
!- ,? %# 1#2?,/6 D,(224G- -%4%(6(2%5 4 3/#$> #? -%$0(2%- 4>:
>(4/(0 ,2 %'( 0,-%421(5 46";,23 %#.4/0 %'(6 .,%' 4/% >#/%?#;,:
#- $20(/ %'(,/ 4/6-@ N'(9 .(/( 1'4%%,235 ;,3'%,23 1,34/(%%(-5
420 >$KK;,23 #8(/ %'( /#40";#1* ,2 ?/#2% #? %'(6 4% %'( O#/%4
<#6424@
=4230#2 420 D,(224 1/#$1'(0 ;#.(/ %# -%49 #$% #? -,3'% #?
%'( -%$0(2%-5 420 4- %'(9 0,0 -#5 =4230#2 .4- -%/$1*5 6#-% $2:
(B>(1%(0;95&"9&4&1$/,#$-&%'#$3'%@
 QRR[VZY
1+#%+&,-VD;3.#(%*.''#3*%9.5+%5+#.3%,#B*%.'%5+#%&.3/
O(/'4>- ,% .4- #2 411#$2% #? %'( -6(;; #? '$642 .4-%(5 #/
>#--,";9 %'( /(1$6"(2% ",191;,-% .,%' "4/( ;(3- ?;4,;,23 ,2 ?/#2%
#? ',65 "$% .'4%(8(/ %'( -%,6$;$-5 =4230#2 '40 ?;4-'(0 #2 %'(
>$%/,0 .#/;0 #? %'( \4;("#;3( 420 %'( 24*(0 ;(3- >/#%/$0,23
$>-,0(&0#.2&?/#6&%'(&(4/%'@
7( %$/2(0 -$00(2;9 %# ',- 1#6>42,#2@ iD,(2245 ,2 #$/ 8(/:
-,#2 #? T& ?&66&5 %'( $>-,0(:0#.2 ;(3- .(/( ,2 %'( %(2%'
0,%1'5&/,3'%n&N'(&;#.(-%&;(8(;&#?&%'(&\4;("#;3(nj
D,(224 348( ',6 42 #00 ;##*5 4- ,? %',- .(/( '4/0;9 %'( %,6(@
i](-5&4%&%'(&"#%%#6@j
E#/ 4 ->;,% -(1#20 =4230#2 .4- "41* ,2 g,(224 3,8,23 ',-
;(1%$/(@ 7( .4- -%420,23 #2-%43(5 #2;9 6#6(2%- ?/#6 ',-
3/420 ?,24;(5 '48,23 C$-% -'#.2 %'( 4$0,(21( H#/sG- (23/48,23
#? d(/9#2k%'( .,23(0 6#2-%(/ .,%' 4 >#,-#2#$- -%,23,23 %4,;
%'4%&;,8(0&C$-%&4"#8(&%'(&\4;("#;3(@
i)(?#/( .( 6((% D4%425j =4230#2 0(1;4/(05 ',- 0((> 8#,1(
/(-#24%,23 #8(/ %'( ;#$0->(4*(/-5 i.( 6$-% >4-- %'/#$3' %'(
%(2 0,%1'(- #? %'( \4;("#;3(5 ,2 .',1' 4/( >$2,-'(0 %'( ?/4$0$:
;(2%k%'#-(&3$,;%9&#?&0(;,"(/4%(&(8,;@j
=4230#2 408421(0 -;,0(- %# -'#. 4 0(%4,; #? %'( \4;("#;3(
420 %'(2 %##* %'( 4$0,(21( 0#.2 %'/#$3' %'( 0,%1'(- #2( "9
#2(@ iE/#6 %#> %# "#%%#6 .( '48(^ %'( -(0$1(/- .',>>(0 "9
0(6#2- L %'( ?;4%%(/(/- 40/,?% ,2 '$642 (B1/(6(2% L %'( 1;(/:
,14; >/#?,%((/- '4;? "$/,(0 $>-,0( 0#.2 .,%' %'(,/ ;(3- ,2 %'( 4,/
L %'( -#/1(/(/- .,%' %'(,/ '(40- %.,-%(0 "41*.4/0 L %'( 1#/:
/$>% >#;,%,1,42- ,2 "#,;,23 >,%1' L %'( '9>#1/,%(- .(4/,23 '(489
;(40(2 1;#4*- L %'( %',(8(- ",%%(2 "9 -24*(- L %'( ?/4$0$;(2%
1#$2-(;#/- 1#2-$6(0 "9 ?,/( L %'( -#.(/- #? 0,-1#/0 '41*(0
4>4/% "9 0(6#2- L 420 ?,24;;95 %'( ;,4/-5 .'# 4/( 0,-(4-(0 "(9:
#20 /(1#32,%,#2@j =4230#2 %$/2(0 "41* %# %'( 4$0,(21(@ iH42%(
6#-% ;,*(;9 /(-(/8(0 %',- ?,24; 0,%1' ?#/ %'( ;,4/- "(14$-( 4
-(/,(- #? ;,(- %#;0 4"#$% ',6 ;(0 %# ',- (B,;( ?/#6 ',- "(;#8(0
E;#/(21(@j
 QRS[VZY
i<#"(/%nj&N'(&8#,1(&.4-&D,(224G-@
=4230#2&-24>>(0&"41*&%#&%'(&>/(-(2%@
D,(224&.4-&-%4/,23&4%&',6&I$,KK,14;;9@&i+'4%&,-&,%nj
iF$/ 8(/-,#2 #? T& ?&66&5j '( -4,0 (B1,%(0;9@ iN'( 4/% '4-
"((2 1'423(0lj 7( ?,-'(0 %'( >/#C(1%#/ #$% #? ',- C41*(% >#1*(%
420 -'##* ,% 4- "(-% 4- '( 1#$;0 ,2 %'( 1;#-( I$4/%(/-@ N'( 43,%:
4%#/ "4;; /4%%;(0 ;#$0;95 "$% 4;; %'( -,/(2- 0/#.2(0 ,% #$%@ i+'#:
(8(/ 1/(4%(0 %',- ,643( /(1#2?,3$/(0 %'( #/0(/ #? %'( ;(8(;- ,2
%'(&\4;("#;3(lj
+'(2 %'( 0(8,1( "(342 %# 3;#.5 =4230#2 >#,2%(0 ,% 4% %'(
?;4% -$/?41( "(?#/( %'(6@ T& ?&66& (#,,02'-#3'4 4>>(4/(05
3;#.,23&"/,3'%;9&,2&%'(&0,6&;,3'%@
N455.7#,,. 4' & 7+#:.7&, 54.,#55 =4230#2 %'#$3'%5 4-'46(0@
N',- '40 %# "( %'( ;(4-% (;(342% >;41( 4 )#%%,1(;;, '40 (8(/ "((2
0,->;49(0@ =4230#2 /42 ',- (9(- 0#.2 %'/#$3' %'( %(2 0,%1'(-
420&"(342&2#00,23&(B1,%(0;9@
i](-lj '( (B1;4,6(0@ iN',- ,- ./#23l N'( ;4-% 0,%1' #? %'(
\4;("#;3( ,- -$>>#-(0 %# "( ?$;; #? 0,-(4-(0 >(#>;(5 2#% >(#>;(
$>-,0( 0#.2@ N'( %(2%' ;(8(; ,- ?#/ %'( ;,4/-5 2#% %'( 1;(/,14;
>/#?,%((/-lj
D,(224 ;##*(0 ,2%/,3$(0@ i)$% L .'9 .#$;0 -#6(#2( 1'423(
%'4%nj
iM4%/#841(/5j =4230#2 .',->(/(05 (9(,23 %'( ;,%%;( ;(%%(/-
%'4% '40 "((2 400(0 %# (41' ;(8(;@ ia 0#2G% %',2* %'4%G- .'4%
%',-&/(4;;9&-49-@j
H(->,%( %'( ,2C$/9 %'4% '40 (/4-(0 =4230#2G- /(1#;;(1%,#2- #?
%'( ;4-% %.# 049-5 '( 1#$;0 2#. ?((; ',- 6(6#/9 .#/*,23 >(/:
?(1%;9@ 7( 1;#-(0 ',- (9(- 420 '(;0 %'( %.# 8(/-,#2- #? T&
?&66& ,2 ',- 6,20G- (9( %# 424;9K( %'(,/ 0,??(/(21(-@ N'(
1'423(- %# %'( \4;("#;3( .(/( ?(.(/ %'42 =4230#2 '40 ,64:
3,2(0&L&420&9(%&'(&?(;%&;,*(&4&8(,;&'40&-$00(2;9&"((2&;,?%(0@
D$00(2;9&,%&.4-&1/9-%4;&1;(4/@
"##$%&'(%)#%*+&,,%-.'(F
i+'4%&,-&,%nj&D,(224&0(6420(0@
 QRT[VZY
=4230#2G- 6#$%' ?(;% 0/9@ ia *2#. .'9 aG6 '(/( ,2
E;#/(21(@j
i]#$&0#nlj
i](-5&420&a&*2#.&.'(/(&aG6&-$>>#-(0&%#&3#@j
D,(224&3/4""(0&',-&4/6@&i+'(/(nlj
=4230#2 ?(;% 4- ,? ',- ?((% '40 C$-% %#$1'(0 -#;,0 3/#$20 ?#/
%'( ?,/-% %,6( -,21( '(G0 4.#*(2 ,2 %'( '#->,%4;@ iN'(-( %(2 ;(%:
%(/-5j '( .',->(/(0@ iN'(9 41%$4;;9 >#,2% %# 4 >/(1,-( ;#14%,#2
,2&%'(&#;0&1,%9@&N'4%G-&.'(/(&%'(&42-.(/-&4/(@j
i+'(/( ,2 %'( #;0 1,%9nlj D,(224 0(6420(0@ i+'4% 0,0 9#$
?,3$/(&#$%nj
N'( -#$20- #? ;4$3',23 8#,1(- (1'#(0 #2 %'( #%'(/ -,0( #?
%'( O#/%4:O#%%9@ !2#%'(/ 3/#$> #? 4/% -%$0(2%- .4- >4--,23 "95
C#*,23 420 1'4%%,23 ,2 84/,#$- ;423$43(-@ =4230#2 >((/(0 14$:
%,#$-;9 4/#$20 %'( 1$",1;(5 .4%1',23 %'(6 3#@ N'(2 '( -1422(0
?#/&>#;,1(@&i+(G8(&3#%&%#&*((>&6#8,23@&aG;;&(B>;4,2&#2&%'(&.49@j
iF2 %'( .49nlj D,(224 -'##* '(/ '(40@ i+(G;; 2(8(/ 3(%
%'/#$3'&%'(&O#/%4&<#6424lj
iD%49 '(/( ?#/ %',/%9 -(1#20-5j '( %#;0 '(/5 i420 %'(2 ?#;;#.
69&;(40@j
+,%' %'4%5 =4230#2 -;,>>(0 4.495 ;(48,23 ',- 2(.?#$20
?/,(20&"(.,;0(/(0&420&4;#2(@
 M7!ONP< RQ

Q"=G"2FR <F)P<N =!AdHFA 1'4-(0 4?%(/ %'( 3/#$> #? -%$0(2%-@

Q"7;*&5#FR
N'(9 4;; %$/2(05 420 =4230#2 640( 4 -'#. #? 3;421,23
4/#$20&;,*(&4&;#-%&%#$/,-%@
Q<480f ,02*5.5;54 *5&5&,# (0&35#LR =4230#2 4-*(0 ,2 "/#*(2
a%4;,42@
! %4%%##(0 *,0 >$??(0 1##;;9 #2 4 1,34/(%%( 420 -2,0(;9
/(>;,(05 QS4'%6&3,.&:4%.5&,.&'4/R 7,-&411(2%&.4-&E/(21'@
F2( #? %'( 3,/;- 406#2,-'(0 '(/ %4%%##(0 ?/,(20 420 >#;,%(;9
>#,2%(0 0#.2 %'( ;#23 .4;; %#.4/0 %'( O#/%4 <#6424@ QZ.i &8V
&'5.C%*#:63#%(3.554/R
"53&.B+5%&+#&(5&=4230#2&%/42-;4%(0@ QI3&`.#/R
F2 1$(5 D,(224 (6(/3(0 $2-((2 ?/#6 "(',20 %'( O#/%4:O#%%9
420 .4;*(0 #8(/@ N'( .,;;#.9 %',/%9:%.#:9(4/:#;0 4>>/#41'(0
%'( 3/#$> 420 =4230#2 >;41(0 4 .(;1#6,23 '420 #2 '(/
-'#$;0(/@&iN',-&,-&69&-,-%(/5&D,(224@&D'(G-&42&4/%&%(41'(/@j
N'( %4%%##(0 *,0 6$%%(/(05 iN:a:=:E5j 420 ',- 64;( ?/,(20-
;4$3'(0@
=4230#2 ,32#/(0 %'(6@ i+(G/( ,2 E;#/(21( /(-(4/1',23 >#-:
-,";( ->#%- ?#/ 4 %(41',23 9(4/ 4"/#40@ M42 .( .4;* ,2 .,%'
9#$nj
Q?&%7#354CR %'(&a%4;,42&3,/;&-4,0&.,%'&4&-6,;(@
!- %'( 3/#$> 6,3/4%(0 %#.4/0 %'( >#;,1( 4% %'( O#/%4 <#:
64245 D,(224 ?(;; ,2%# 1#28(/-4%,#2 .,%' %'( -%$0(2%- .',;(
=4230#2 6(/3(0 %# %'( 6,00;( #? %'( 3/#$>5 -;#$1',23 ;#.5 %/9:
,23&%#&-%49&#$%&#?&-,3'%@
 QRV[VZY
"##$ &'( )# *+&,, -.'(5 =4230#2 %'#$3'%5 ',- >$;-( /41,23
.,%' (B1,%(6(2% 4- '( >,1%$/(0 %'( %(2 0,%1'(- #? %'(
\4;("#;3(@
=&5348&7#3/ N'(-( %(2 ;(%%(/-5 =4230#2 '40 /(4;,K(05 -%##0 4%
%'( 1#/( #? #2( #? %'( 4/% .#/;0G- 6#-% (2,364%,1 69-%(/,(-5 4
1(2%$/,(-:#;0 >$KK;( %'4% '40 2(8(/ "((2 -#;8(0@ a2 QUVS5 %'(-(
%(2 ;(%%(/- '40 "((2 $-(0 %# ->(;; 4 6(--43( ',3' #2 4 .4;; ,2:
-,0( E;#/(21(G- ?46(0 O4;4KK# g(11',#5 >4,2%(0 -#6( ?#/%9 ?((%
#?? %'( 3/#$205 "4/(;9 8,-,";( .,%'#$% ",2#1$;4/-@ a% '40 /(:
64,2(0 ',00(2 %'(/( ,2 >;4,2 -,3'% ?#/ 1(2%$/,(- $2%,; %'(
QYWZ-5 .'(2 ,% .4- ->#%%(0 "9 4 2#.:?46#$- 4/% 0,432#-%,1,425
.'# '40 ->(2% 0(140(- %/9,23 %# $21#8(/ ,%- 6(42,23@ H(->,%(
2$6(/#$- %'(#/,(-5 %'( -,32,?,1421( #? %'( 6(--43( /(64,2- 42
(2,364&%#&%',-&049@
E#/ =4230#25 %'( 1#0( ?(;% ;,*( ?46,;,4/ 3/#$20k4 -4?( '4/:
"#/ ?/#6 %',- -%/423( 420 1'$/2,23 -(4@ !?%(/ 4;;5 4/% ',-%#/9
420 421,(2% -(1/(%- .(/( ?4/ 6#/( =4230#2G- /(4;6 %'42 .(/(
",#'4K4/0&%$"(-&420&3$2?,/(@
h> 4'(405 400,%,#24; >#;,1( 14/- '40 "(3$2 -%/(46,23 ,2%#
%'(&O#/%4&<#6424@
i_(-$-5j %'( %4%%##(0 *,0 -4,0@ i+'#(8(/ %'(9G/( ;##*,23 ?#/
6$-%&'48(&0#2(&-#6(%',23&%(//,";(@j
N'( 3/#$> 4//,8(0 4% %'( !/% a2-%,%$%(G- 64,2 34%( #2 %'(
/,3'%5 .'(/( 4 1/#.0 #? -%$0(2%- '40 34%'(/(0 %# .4%1' %'( 41:
%,#2 4% %'( O#/%4 <#6424@ N'( -1'##;G- 6,2,6$6:.43( -(1$/:
,%9 3$4/0 .4- '4;?'(4/%(0;9 3;421,23 4% -%$0(2% aH- 4- *,0-
-%/(46(0 ,25 "$% '( .4- 1;(4/;9 6#/( ,2%(/(-%(0 ,2 .'4% .4-
'4>>(2,23&.,%'&%'(&>#;,1(@
! ;#$0 -1/((1' #? "/4*(- (1'#(0 41/#-- %'( >;4K4 4- 42 4;;:
%##:?46,;,4/&";41*&842&-*,00(0&,2%#&%'(&O#/%4&<#6424@
=4230#2&0,02G%&2((0&4&-(1#20&;##*@
+,%'#$% 4 .#/05 '( 420 D,(224 -(,K(0 %'( 6#6(2%5 -;,>>,23
%'/#$3'&%'(&34%(&.,%'&%'(,/&2(.&?/,(20-@
 QRW[VZY
N'( (2%/9 /#40 %# %'( a-%,%$%# D%4%4;( 0G!/%( .4- -%4/%;,23;9
"(4$%,?$;5 4;6#-% /(34; ,2 4>>(4/421(@ \4--,8( #4* %/((- 4/1'(0
3(2%;9 ,2 ?/#6 (,%'(/ -,0(5 1/(4%,23 4 142#>9 %'4% ?/46(0 %'(
0,-%42% "$,;0,23k4 '$3(5 ?40(0 9(;;#. -%/$1%$/( .,%' 4 %/,>;(
>#/%,1#&420&42&(B>42-,8(&#84;&;4.2@
N',- "$,;0,235 =4230#2 *2(.5 '40 "((2 1#66,--,#2(05 ;,*(
-# 6429 ,2 %',- 1,%95 "9 %'( -46( ,;;$-%/,#$- 0924-%9 %'4% '40
0#6,24%(0 E;#/(2%,2( >#;,%,1- 0$/,23 %'( ?,?%((2%'5 -,B%((2%'5
420&-(8(2%((2%'&1(2%$/,(-@
1+#%?#(.7./
N'( 246( 4;#2( '40 "(1#6( 4 -96"#; #? E;#/(21(@ H$/,23 ,%-
%'/((:1(2%$/9 /(,325 %'( /#94; '#$-( #? \(0,1, 464--(0 $2:
?4%'#64";( .(4;%' 420 ,2?;$(21(5 >/#0$1,23 ?#$/ >#>(-5 %.#
I$((2- #? E/421(5 420 %'( ;4/3(-% ?,2421,4; ,2-%,%$%,#2 ,2 4;; #?
P$/#>(@ N# %',- 0495 6#0(/2 "42*- $-( %'( 411#$2%,23 6(%'#0
,28(2%(0 "9 %'( \(0,1,k%'( 0$4;:(2%/9 -9-%(6 #? 1/(0,%- 420
0(",%-@
N'( \(0,1,G- 3/(4%(-% ;(34195 '#.(8(/5 .4- 2#% ,2 ?,2421( #/
>#;,%,1-5 "$% /4%'(/ ,2 4/%@ O(/'4>- %'( 6#-% ;48,-' >4%/#2- %'(
4/% .#/;0 '4- (8(/ *2#.25 %'( \(0,1, >/#8,0(0 4 3(2(/#$-
-%/(46 #? 1#66,--,#2- %'4% ?$(;(0 %'( <(24,--421(@ N'( ;,-% #?
;$6,24/,(- /(1(,8,23 \(0,1, >4%/#243( /423(0 ?/#6 04 g,21, %#
d4;,;(# %# )#%%,1(;;,k%'( ;4%%(/G- 6#-% ?46#$- >4,2%,235 N.35+ 4-
J#';*5 %'( /(-$;% #? 4 1#66,--,#2 ?/#6 =#/(2K# 0(G \(0,1,5
.'# /(I$(-%(0 4 -(B$4;;9 >/#8#14%,8( >4,2%,23 %# '423 #8(/ ',-
1#$-,2G-&64/,%4;&"(0&4-&4&.(00,23&3,?%@
=#/(2K# 0(G \(0,1,k*2#.2 ,2 ',- 049 4- =#/(2K# %'( \432,:
?,1(2% #2 411#$2% #? ',- "(2(8#;(21(k.4- 42 411#6>;,-'(0
4/%,-% 420 >#(% ,2 ',- #.2 /,3'% 420 .4- -4,0 %# '48( 4 -$>(/"
(9(@ a2 QTXY =#/(2K# %##* 4 ;,*,23 %# %'( .#/* #? 4 9#$23
E;#/(2%,2( -1$;>%#/ 420 ,28,%(0 %'( "#9 %# 6#8( ,2%# %'( \(0,1,
>4;41(5 .'(/( '( 1#$;0 >/41%,1( ',- 1/4?% -$//#$20(0 "9 ?,2(
4/%5 3/(4% >#(%/95 420 ',3' 1$;%$/(@ h20(/ \(0,1, %$%(;43(5 %'(
40#;(-1(2% "#9 ?;#$/,-'(0 420 (8(2%$4;;9 .(2% #2 %# 14/8( %.#
 QRX[VZY
#? %'( 6#-% 1(;("/4%(0 -1$;>%$/(- ,2 4;; #? ',-%#/9k%'( Z.#5e
420 %'( <&8.(@ N#049 .( *2#. ',6 4- \,1'(;423(;#k4 1/(4%:
,8( 3,42% .'# ,- -#6(%,6(- 14;;(0 %'( \(0,1,G- 3/(4%(-% 3,?% %#
'$642*,20@
M#2-,0(/,23 %'( \(0,1,G- >4--,#2 ?#/ 4/%5 =4230#2 ,643,2(0
%'( ?46,;9 .#$;0 "( >;(4-(0 %# *2#. %'4% %'( "$,;0,23 "(?#/(
',6k#/,3,24;;9 "$,;% 4- %'( \(0,1,G- >/,64/9 '#/-(
-%4";(-k'40 "((2 %/42-?#/6(0 ,2%# %'( 8,"/42% !/% a2-%,%$%(@
N',- %/42I$,; -,%( %'4% 2#. ,2->,/(0 9#$23 4/%,-%- '40 "((2 ->(:
1,?,14;;9 1'#-(2 ?#/ %'( \(0,1,G- -%4";(- "(14$-( #? ,%- >/#B,6,%9
%#&#2(&#?&%'(&6#-%&"(4$%,?$;&/,0,23&4/(4-&,2&4;;&#?&E;#/(21(@
1+#%N4D4,.%I&3(#'*/
=4230#2 3;421(0 %# ',- ;(?%5 .'(/( 4 ?#/(-% #? %/((%#>- 1#$;0
"( -((2 #8(/ 4 ',3' .4;;@ N'( 64--,8( (B>42-( #? %'( )#"#;,
d4/0(2- .4- 2#. 4 >#>$;4/ %#$/,-% 4%%/41%,#2@ =4230#2 '40
;,%%;( 0#$"% %'4% ,? '( 420 D,(224 1#$;0 34,2 (2%/421( %# %'(
34/0(2-5 %'(9 1#$;0 64*( %'(,/ .49 41/#-- ,%5 "9>4--,23 %'(
O#/%4 <#6424 $20(%(1%(0@ !?%(/ 4;;5 %'( 34/0(2- .(/( 84-% 420
'40 2# -'#/%43( #? ',0,23 >;41(-k?#/(-%-5 ;4"9/,2%'-5 3/#%%#(-5
296>'4(4@ \#/( ,6>#/%42%5 %/48(/-,23 %'( )#"#;, d4/0(2-
.#$;0 (8(2%$4;;9 ;(40 %'(6 %# %'( O4;4KK# O,%%,5 %'( -%#2( 1,%:
40(; %'4% #21( '#$-(0 %'( 64,2 -(4% #? %'( \(0,1, 3/420 0$1'95
420 .'#-( QTZ /##6- /(64,2(0 #2( #? E;#/(21(G- 6#-% ?/(:
I$(2%(0&%#$/,-%&4%%/41%,#2-@
2- 9# 7&' 3#&7+ 5+# Z&,&``4 Z.55.5 =4230#2 %'#$3'%5 5+#
D3.(B#%54%5+#%4,(%7.5)%.*%&%*54'#0*%5+349%&9&)/
=4230#2 6#%,#2(0 4- 14;6;9 4- >#--,";( %# %'( ',3' .4;; %'4%
(21;#-(0 %'( 34/0(2-@ i7#. 0# .( 3(% ,2%# %'( 34/0(2-nj '(
4-*(0@&iaG0&;#8(&%#&-'#.&69&-,-%(/&"(?#/(&.(&%#$/&%'(&,2-%,%$%(@j
N'( %4%%##(0 *,0 -'##* ',- '(40@ i]#$ 142G% 3(% ,2%# %'( 34/:
0(2- ?/#6 '(/(@ N'( (2%/421( ,- .49 #8(/ 4% O,%%, O4;41(@ ]#$G0
'48(&%#&0/,8(&%'/#$3'&O#/%4&<#6424&420&3#&4/#$20@j
i)$;;-',%5j&D,(224&";$/%(0@
P8(/9#2(&%$/2(0&420&-%4/(0&4%&'(/5&,21;$0,23&=4230#2@
 QRY[VZY
iM#6( #25j -'( -4,05 -6,/*,23 1#9;9 4% %'( -%$0(2%- 4- -'(
-%/#*(0 '(/ ";#20 >#29%4,;@ i]#$G/( %(;;,23 6( 9#$ 3$9- 0#2G%
-2(4*&,2%#&%'(&34/0(2-&%#&-6#*(&.((0&420&?##;&4/#$20nj
N'(&*,0-&4;;&(B1'423(0&;##*-&420&%'(2&"$/-%&#$%&;4$3',23@
N'( 3$9 .,%' %'( %4%%##- 2#. ;##*(0 $%%(/;9 -6,%%(2@
i\4G465 9#$ -'#$;0 %#%4;;9 %(41' '(/(@j 7( .4;*(0 D,(224 %#
%'( -,0( #? %'( "$,;0,23 420 >#,2%(0 4/#$20 %'( 1#/2(/ %# 4 /(4/
>4/*,23 ;#%@ iD(( %'4% -'(0 #2 %'( ;(?%n N'(/(G- 42 #;0 >;4%?#/6
"(',20 ,%@ M;,6" $> #2 %'( /##?5 420 9#$ 142 C$6> 0#.2 #2 %'(
#%'(/&-,0(&#?&%'(&.4;;@j
D,(224 .4- 4;/(409 #2 %'( 6#8(@ D'( 3;421(0 "41* 4% =423:
0#2 .,%' 4 >4%/#2,K,23 -6,;(@ iM#6( #25 "/#%'(/ )#"@ h2;(--
9#$G/(&%##&#;0&%#&C$6>&4&?(21(nj
 M7!ONP< RR

N7P Da=gP<:7!a<PH +F\!A ,2 %'( 842 ;(42(0 '(/ '(40 434,2-% %'(
"$;;(%>/##? .,20#. 420 1;#-(0 '(/ (9(-@ D'( ?(;% ;,*( %'( .#/;0
.4- ->,22,23 "(2(4%' '(/@ N'( 0/$3- %'(9G0 3,8(2 '(/ 640( '(/
?((;&,;;@
2%'##(%:#(.7&,%&55#'5.4'5&-'(&%'#$3'%@
P8(2 -#5 %'( 4/6(0 3$4/0 "(-,0( '(/ '40 -%/,1% #/0(/-^ '(/
2((0- .(/( %# "( ,32#/(0 $2%,; %'(,/ %4-* '40 "((2 -$11(--?$;;9
1#6>;(%(0@ E/#6 %'( -#$20- #? 1'4#- 4/#$20 '(/5 ,% .4- 1;(4/
%'4%&.#$;0&"(&2#&%,6(&-##2@
N'( 0,KK,2(-- .4- ,21/(4-,23 2#.5 420 -'( .4- '48,23
%/#$";( "/(4%',23@ !- -'( ?#$3'% #?? 4 2(. .48( #? 24$-(45 -'(
.#20(/(0 '#. ;,?( '40 64243(0 %# 0(;,8(/ '(/ %# %',- -$//(4;
1/#--/#40-@ N'( 42-.(/ .4- %## 1#6>;(B %# 0(1,>'(/ ,2 '(/
1$//(2% 0(;,/,#$- -%4%(5 "$% -'( '40 2# 0#$"% .'(/( ,% '40 4;;
"(3$2@
S#9%M43$/
194%)#&3*%&B4/
D'( '40 ?;#.2 %# \42'4%%42 ?/#6 d(2(845 .'(/( -'( .4-
-(/8,23 4- %'( 0,/(1%#/ #? %'( +#/;0 7(4;%' F/342,K4%,#25 4
',3';9 1#8(%(0 420 >/(-%,3,#$- >#-% %'4% -'( '40 '(;0 ?#/ 2(4/;9
4 0(140(@ ! ->(1,4;,-% ,2 1#66$2,14";( 0,-(4-( 420 %'( (>,:
0(6,#;#39 #? (>,0(6,1-5 -'( '40 "((2 ,28,%(0 %# %'( hA %# 0(:
;,8(/ 4 ;(1%$/( 4--(--,23 %'( %'/(4% #? >420(6,1 0,-(4-( ,2
%',/0:.#/;0 1#$2%/,(-@ 7(/ %4;* '40 "((2 $>"(4% 420 /(4--$/:
,235 #$%;,2,23 -(8(/4; 2(. (4/;9:0(%(1%,#2 -9-%(6- 420 %/(4%:
6(2% >;42- 0(8,-(0 "9 %'( +#/;0 7(4;%' F/342,K4%,#2 420 #%':
(/-@&D'(&'40&/(1(,8(0&4&-%420,23&#84%,#2@
 QSQ[VZY
E#;;#.,23 %'( ;(1%$/(5 .',;( -'( .4- ,2 %'( '4;; %4;*,23 %#
-#6( ;,23(/,23 4140(6,1-5 4 hA (6>;#9(( .,%' 4 ',3':;(8(;
0,>;#64%,1&"403(&-%/#0(&#8(/&420&,2%(//$>%(0&%'(&1#28(/-4%,#2@
iH/@ D,2-*(95 .( '48( C$-% "((2 1#2%41%(0 "9 %'( M#$21,; #2
E#/(,32 <(;4%,#2-@ N'(/( ,- -#6(#2( %'(/( .'# .#$;0 ;,*( %#
->(4*&%#&9#$@&!&14/&,-&.4,%,23&#$%-,0(@j
O$KK;(0 420 4 ",% $22(/8(05 H/@ P;,K4"(%' D,2-*(9 (B1$-(0
'(/-(;? 420 1#;;(1%(0 '(/ #8(/2,3'% "43@ !- '(/ ;,6# /41(0 $>
E,/-%&!8(2$(5&-'(&"(342&%#&?((;&-%/423(;9&2(/8#$-@
1+#%=4;'7.,%4'%H43#.B'%P#,&5.4'*L
P;,K4"(%'&D,2-*(95&;,*(&6#-%5&'40&'(4/0&%'(&/$6#/-@
E#$20(0 ,2 %'( QYRZ- 4- 4 >/,84%( %',2* %42*5 %'( ME< '40
46#23 ,%- >4-% 6(6"(/-',> 2(4/;9 (8(/9 -(1/(%4/9 #? -%4%(5
6#/( %'42 4 '4;?:0#K(2 >/(-,0(2%-5 4 64C#/,%9 #? Ma! 1',(?-5
-(24%#/-5 C$03(-5 4- .(;; 4- 0924-%,1 ;(3(20- .,%' 246(- ;,*(
\#/3425 <#%'-1',;05 420 <#1*(?(;;(/@ N'( 6(6"(/-',>G- $2:
>4/4;;(;(0 1#;;(1%,#2 #? "/4,2>#.(/5 >#;,%,14; ,2?;$(21(5 420
.(4;%' '40 (4/2(0 %'( M#$21,; #2 E#/(,32 <(;4%,#2- %'( /(>$:
%4%,#2&#?&"(,23&i%'(&6#-%&,2?;$(2%,4;&>/,84%(&1;$"&#2&(4/%'@j
!- 0,/(1%#/ #? %'( +#/;0 7(4;%' F/342,K4%,#25 P;,K4"(%' .4-
2# -%/423(/ %# /$"",23 -'#$;0(/- .,%' %'( ",3 "#9-@ 7(/ ;#23
%(2$/( 4% +7F5 1#6",2(0 .,%' '(/ #$%->#*(2 24%$/(5 '40
(4/2(0 '(/ 4 2#0 /(1(2%;9 ?/#6 4 64C#/ 2(.-6434K,2( %'4% ;,-:
%(0 '(/ 46#23 ,%- %.(2%9 6#-% ,2?;$(2%,4; >(#>;( ,2 %'( .#/;0@
1+# H&7# 4- O43,( @#&,5+5 %'(9 '40 ./,%%(2 "(2(4%' '(/ >'#%#5
.',1' P;,K4"(%' ?#$20 ,/#2,1 1#2-,0(/,23 -'( '40 "((2 -$1' 4
-,1*&1',;0@
D$??(/,23 ?/#6 -(8(/( 4-%'64 "9 43( -,B5 -'( '40 "((2
%/(4%(0 .,%' 4 ',3' 0#-( #? 4 >/#6,-,23 2(. 0/$3k%'( ?,/-% #?
%'( .#/;0G- 3;$1#1#/%,1#,0-5 #/ -%(/#,0 '#/6#2(-k.',1' '40
1$/(0 '(/ 4-%'64 -96>%#6- ,2 6,/41$;#$- ?4-',#2@ D40;95 %'(
0/$3G- $242%,1,>4%(0 -,0( (??(1%- '40 2#% (6(/3(0 $2%,; 9(4/-
;4%(/ .'(2 D,2-*(9 >4--(0 %'/#$3' >$"(/%9 L 420 9(% 2(8(/ 0(:
8(;#>(0 4 6(2-%/$4; 191;(@ D'( .#$;0 2(8(/ ?#/3(% %'( 04/*
 QSR[VZY
6#6(2% ,2 %'( 0#1%#/G- #??,1(5 4% 2,2(%((25 .'(2 -'( ;(4/2(0
%'4%&%'(&04643(&%#&'(/&/(>/#0$1%,8(&-9-%(6&.4-&>(/642(2%@
P;,K4"(%'&D,2-*(9&1#$;0&2(8(/&'48(&1',;0/(2@
1.:# 9.,, +#&, 5+# #:65.'#**5 '(/ 0#1%#/ 4--$/(05 "$% %'(
-402(-- 420 423(/ #2;9 3/(. ,2-,0( '(/@ M/$(;;95 %'( 0/$3- %'4%
'40 /#""(0 '(/ #? '(/ 4",;,%9 %# 1#21(,8( 4 1',;0 '40 ?4,;(0 %#
/#" '(/ #? '(/ 42,64; ,2-%,21%- %# 0# -#@ E#/ 0(140(-5 -'( '40
"4%%;(0 '(/ 1/48,23- %# ?$;?,;; %',- ,6>#--,";( 0(-,/(@ P8(2 2#.5
4% -,B%9:#2( 9(4/- #;05 -'( -%,;; ?(;% 4 >423 #? '#;;#.2(-- (8(/9
%,6(&-'(&-4.&4&6#%'(/&420&,2?42%@
ia%G-&C$-%&4'(405&H/@&D,2-*(95j&%'(&;,6#&0/,8(/&422#$21(0@
P;,K4"(%' /42 4 I$,1* "/$-' %'/#$3' '(/ ;#23 -,;8(/ /,23;(%-
420 1'(1*(0 '(/ ?41( ,2 %'( 6,//#/@ )(?#/( -'( *2(. ,%5 %'( 14/
'40 -%#>>(05 420 %'( 0/,8(/ .4- '(;>,23 '(/ #$% #2%# %'( -,0(:
.4;*&,2&42&4??;$(2%&-(1%,#2&#?&\42'4%%42@
iaG;; .4,% '(/( ?#/ 9#$5j %'( 0/,8(/ -4,0@ i+( 142 3# -%/4,3'% %#
%'(&4,/>#/%&.'(2&9#$G/(&/(409@j
N'( A(. ]#/* '(40I$4/%(/- #? %'( M#$21,; #2 E#/(,32 <(;4:
%,#2- .4- 42 $2#"%/$-,8( 2(#1;4--,14; "$,;0,23 #2 %'( 1#/2(/ #?
O4/* 420 D,B%9:(,3'%' %'4% '40 #21( "((2 %'( '#6( #? 4 D%420:
4/0 F,; %91##2@ a%- (B%(/,#/ ";(20(0 -(46;(--;9 .,%' %'( (;(342%
;420-14>( -$//#$20,23 ,%5 #??(/,23 2# ',2% #? ,%- $2,I$(
>$/>#-(@
iH/@ D,2-*(95j 4 >#/%;9 ?(64;( /(1(>%,#2,-% 3/((%(0 '(/@ iN',-
.495&>;(4-(@&7(G-&(B>(1%,23&9#$@j
K$&)C D;5 9+4 .* +#L D'( ?#;;#.(0 %'( /(1(>%,#2,-% 0#.2 4
;$B$/,#$- 1#//,0#/ %# 4 1;#-(0 0##/5 #2 .',1' %'( .#642 348( 4
I$,1* *2#1* "(?#/( #>(2,23 ,% 420 6#%,#2,23 ?#/ P;,K4"(%' %#
(2%(/@
D'(&.(2%&,25&420&%'(&0##/&1;#-(0&"(',20&'(/@
N'( -64;;5 04/* 1#2?(/(21( /##6 .4- ,;;$6,24%(0 #2;9 "9 %'(
3;#. #? 4 8,0(# -1/((2@ a2 ?/#2% #? %'( -1/((25 4 8(/9 %4;; 420
;42*9 -,;'#$(%%( ?41(0 '(/@ N'#$3' -'( 1#$;02G% 64*( #$% ',-
?41(5&-'(&-(2-(0&>#.(/&'(/(@
 QSS[VZY
iH/@ D,2-*(95j %'( 642G- -'4/> 8#,1( 0(1;4/(0@ iN'42* 9#$
?#/ C#,2,23 6(@j N'( 642G- %4$%;9 >/(1,-( 411(2% -$33(-%(0 P;:
,K4"(%'G-&'#6(;420&#?&D.,%K(/;4205&#/&>(/'4>-&d(/6429@
iO;(4-( -,%5j '( -4,05 6#%,#2,23 %# 4 1'4,/ 2(4/ %'( ?/#2% #?
%'(&/##6@
S4 .'534(;75.4'*L P;,K4"(%' -4%@ N'( ",K4//( ,643( "(,23
>/#C(1%(0 #2 %'( 8,0(# -1/((2 0,0 2#%',23 %# 14;6 '(/ 2(/8(-@
O+&5%.'%5+#%943,(L
ia .4- 4% 9#$/ >/(-(2%4%,#2 %',- 6#/2,235j 0(1;4/(0 %'( -,;:
'#$(%%(@ ia 146( 4 ;#23 0,-%421( %# '(4/ 9#$ ->(4*@ !2 ,6>/(--:
,8(&>(/?#/6421(@j
iN'42*&9#$5j&-'(&/(>;,(0@
i\,3'% a 4;-# -49 9#$ 4/( 6$1' 6#/( "(4$%,?$; %'42 a ,64:
3,2(0 L 0(->,%( 9#$/ 43( 420 9#$/ 69#>,1 8,(. #? .#/;0
'(4;%'@j
P;,K4"(%' ?(;% '(/ C4. 0/#>@ N'( 1#66(2% .4- #??(2-,8( ,2 4;;
*,20- #? .49-@ iPB1$-( 6(nj -'( 0(6420(05 >((/,23 ,2%# %'(
04/*2(--@&i+'#&4/(&9#$n&!20&.'9&'48(&9#$&14;;(0&6(&'(/(nj
iO4/0#2 69 ?4,;(0 4%%(6>% 4% '$6#/5j %'( ;42*9 -'40#.
/(>;,(0@ iN'( ,643( #2 %'( -1/((2 .,;; (B>;4,2 .'9 9#$G/(
'(/(@j
D,2-*(9 (9(0 %'( '#//,?,1 8,-$4;k4 >4,2%,23 0(>,1%,23 4 84-%
-(4 #? '$642,%95 %'/#23- #? -,1*;9 >(#>;(5 4;; 1;,6",23 #8(/ #2(
42#%'(/&,2&4&0(2-(&%423;(&#?&24*(0&"#0,(-@
iN'( 3/(4% 4/%,-% H#/s5j %'( 642 422#$21(0@ i7,- ->(1%41$:
;4/;9 3/,6 ,2%(/>/(%4%,#2 #? H42%( !;,3',(/,G- 8,-,#2 #? '(;;@ a
'#>( ,% ;##*- 1#6?#/%4";( %# 9#$ L "(14$-( %'4%G- .'(/( .(G/(
'(40(0@j 7( >4$-(05 0/,?%,23 -;#.;9 %#.4/0 '(/@ i!20 ;(% 6(
%(;;&9#$&.'9@j
7( *(>% 6#8,23 %#.4/0 '(/5 -((6,23 %# 3/#. %4;;(/ .,%'
(8(/9 -%(>@ ia? a .(/( %# %4*( %',- >,(1( #? >4>(/ 420 %(4/ ,% ,2
%.# Lj 7( >4$-(0 4% 4 %4";(5 >,1*(0 $> 4 -'((% #? >4>(/5 420
/,>>(0 ,% ;#$0;9 ,2 '4;?@ i!20 %'(2 ,? a .(/( %# >;41( %'( %.#
'4;8(- #2 %#> #? (41' #%'(/ Lj 7( -%41*(0 %'( %.# '4;8(-@ i!20
 QST[VZY
%'(2 ,? a .(/( %# /(>(4% %'( >/#1(-- Lj 7( 434,2 %#/( %'( >4:
>(/-5 -%41*,23 %'(6@ ia >/#0$1( 4 -%41* #? >4>(/ %'4% ,- 2#.
?#$/ %,6(- %'( %',1*2(-- #? %'( #/,3,24;5 1#//(1%nj 7,- (9(-
-((6(0&%#&-6#;0(/&,2&%'(&04/*2(--&#?&%'(&/##6@
P;,K4"(%' 0,0 2#% 4>>/(1,4%( ',- 1#20(-1(20,23 %#2( 420 43:
3/(--,8(&>#-%$/(@&D'(&-4,0&2#%',23@
i79>#%'(%,14;;9 ->(4*,235j '( 1#2%,2$(05 6#8,23 1;#-(/ -%,;;5
i,? %'( #/,3,24; -'((% #? >4>(/ ,- 4 6(/( #2(:%(2%' #? 4 6,;;,:
6(%(/ %',1*5 420 a .(/( %# /(>(4% %',- >/#1(-- L -495 -.-5) %,6(-
L&0#&9#$&*2#.&'#.&%4;;&%',-&-%41*&.#$;0&"(nj
P;,K4"(%' "/,-%;(0@ ia 0#5j -'( /(>;,(0 .,%' 6#/( '#-%,;,%9
%'42 -'( ,2%(20(0@ ia% .#$;0 "( #2(:%(2%' #? 4 6,;;,6(%(/ %,6(-
%.# %# %'( ?,?%,(%' >#.(/@ a%G- 14;;(0 3(#6(%/,1 >/#3/(--,#2@
\,3'%&a&4-*&.'4%&aG6&0#,23&'(/(nj
N'( 642 -6,/*(0 420 348( 42 ,6>/(--(0 2#0@ i](-5 420 142
9#$ 3$(-- .'4% %'4% 41%$4; 84;$( 6,3'% ;##* ;,*(n F2(:%(2%' #?
4 6,;;,6(%(/ %,6(- %.# %# %'( ?,?%,(%' >#.(/n H# 9#$ *2#. '#.
%4;; #$/ -%41* #? >4>(/ '4- "(1#6(nj 7( >4$-(0 #2;9 42 ,2-%42%@
iF$/ -%41* #? >4>(/5 4?%(/ #2;9 ?,?%9 0#$";,23-5 2#. /(41'(- 4;:
6#-%&4;;&%'(&.49&L&%#&%'(&-$2@j
P;,K4"(%' .4- 2#% -$/>/,-(0@ N'( -%433(/,23 >#.(/ #? 3(#:
6(%/,1 3/#.%' .4- -#6(%',23 -'( 0(4;% .,%' 4;; %'( %,6( ,2 '(/
.#/*@ =.37,#* 4- 74'5&:.'&5.4' E 3#6,.7&5.4' 4- .'-#75#( 7#,,*
E (#&5+V54,, #*5.:&5#*/ ia 4>#;#3,K( ,? a -((6 24,8(5j -'( -4,05
64*,23 2# (??#/% %# ',0( '(/ 422#9421(@ i)$% aG6 6,--,23 9#$/
>#,2%@j
i\9 >#,2%nj 7( 1'$1*;(0 I$,(%;9@ i\9 >#,2% ,- %'4% %'( ',-:
%#/9 #? #$/ '$642 >#>$;4%,#2 3/#.%' ,- (8(2 6#/( 0/464%,1@
N'( (4/%'G- >#>$;4%,#25 ;,*( #$/ -%41* #? >4>(/5 '40 8(/9 6(4:
3(/&"(3,22,23-&L&"$%&4;4/6,23&>#%(2%,4;@j
7( .4- >41,23 434,2@ iM#2-,0(/ %',-@ a% %##* %'( (4/%'G- >#>:
$;4%,#2 %'#$-420- #? 9(4/-k?/#6 %'( (4/;9 04.2 #? 642 4;; %'(
.49 %# %'( (4/;9 QXZZ-k%# /(41' 4'# ",;;,#2 >(#>;(@ N'(25
4-%#$20,23;95 ,% %##* #2;9 4"#$% 4 '$20/(0 9(4/- %# 0#$";( %'(
 QSU[VZY
>#>$;4%,#2 %# 594 ",;;,#2 ,2 %'( QYRZ-@ !?%(/ %'4%5 ,% %##* 4
6(/( ?,?%9 9(4/- ?#/ %'( >#>$;4%,#2 %# 0#$";( 434,2 %# -4;3 ",;:
;,#2 ,2 %'( QYWZ-@ !- 9#$ 142 ,643,2(5 .(G/( .(;; #2 %/41* %#
/(41' (,3'% ",;;,#2 8(/9 -##2@ _$-% %#0495 %'( '$642 /41( 400(0
42#%'(/ I$4/%(/:6,;;,#2 >(#>;( %# >;42(% P4/%'@ ! I$4/%(/ :.,V
,.4'@ !20 %',- '4>>(2- (8(/9 049k/4,2 #/ -',2(@ M$//(2%;95
(8(/9 9(4/5 .(G/( 400,23 %'( (I$,84;(2% #? %'( (2%,/( 1#$2%/9 #?
d(/6429@j
N'( %4;; 642 -%#>>(0 -'#/%5 '#8(/,23 #8(/ P;,K4"(%'@ i7#.
#;0&4/(&9#$nj
!2#%'(/ #??(2-,8( I$(-%,#25 4;%'#$3' 4- %'( '(40 #? %'(
+7F5 -'( .4- 411$-%#6(0 %# '420;,23 42%43#2,-6 .,%'
0,>;#6419@&iD,B%9:#2(@j
iH,0 9#$ *2#. %'4% ,? 9#$ ;,8( 42#%'(/ 2,2(%((2 9(4/-5 $2%,;
%'( 43( #? (,3'%95 9#$ .,;; .,%2(-- %'( >#>$;4%,#2 53.6,# ,2 9#$/
;,?(%,6(@ K'# ;,?(%,6(k4 53.6,.'B@ N',2* #? %'( ,6>;,14%,#2-@ !-
9#$ *2#.5 9#$/ +#/;0 7(4;%' F/342,K4%,#2 '4- 434,2 ,2:
1/(4-(0 ,%- ?#/(14-%-5 >/(0,1%,23 %'(/( .,;; "( -#6( 2,2( ",;;,#2
>(#>;( #2 (4/%' "(?#/( %'( 6,0>#,2% #? %',- 1(2%$/9@ !2,64;
->(1,(- 4/( 3#,23 (B%,21% 4% 4 >/(1,>,%#$-;9 411(;(/4%(0 /4%(@
N'( 0(6420 ?#/ 0.,20;,23 24%$/4; /(-#$/1(- ,- -*9/#1*(%,23@
M;(42 .4%(/ ,- '4/0(/ 420 '4/0(/ %# 1#6( "9@ )9 429 ",#;#3,14;
34$3(5 #$/ ->(1,(- '4- (B1((0(0 #$/ -$-%4,24";( 2$6"(/-@ !20
,2 %'( ?41( #? %',- 0,-4-%(/5 %'( +#/;0 7(4;%' F/342,K4%,#2k%'(
34%(*((>(/ #? %'( >;42(%G- '(4;%'k,- ,28(-%,23 ,2 %',23- ;,*(
1$/,23 0,4"(%(-5 ?,;;,23 ";##0 "42*-5 "4%%;,23 1421(/@j 7(
>4$-(05 -%4/,23 0,/(1%;9 4% '(/@ i!20 -# a "/#$3'% 9#$ '(/( %#
4-* 9#$ 0,/(1%;9 .'9 %'( '(;; %'( +#/;0 7(4;%' F/342,K4%,#2
0#(-&2#%&'48(&%'(&3$%-&%#&0(4;&.,%'&%',-&,--$(&'(40:#2nj
P;,K4"(%' .4- -((%',23 2#.@ i+'#(8(/ 9#$ 4/(5 9#$ *2#.
0462(0 .(;; %'( +7F %4*(- #8(/>#>$;4%,#2 8#3) -(/,#$-;9@
<(1(2%;9 .( ->(2% 6,;;,#2- #? 0#;;4/- -(20,23 0#1%#/- ,2%#
!?/,14 %# 0(;,8(/ ?/(( 1#20#6- 420 (0$14%( >(#>;( 4"#$% ",/%'
1#2%/#;@j
 QSV[VZY
i!'5 9(-lj %'( ;42*9 642 0(/,0(0@ i!20 42 (8(2 ",33(/ 4/69
#? M4%'#;,1 6,--,#24/,(- 64/1'(0 ,2 #2 9#$/ '((;- 420 %#;0 %'(
!?/,142- %'4% ,? %'(9 $-(0 %'( 1#20#6-5 %'(9G0 4;; 3# %# '(;;@
!?/,14 '4- 4 2(. (28,/#26(2%4; ,--$( 2#.k;420?,;;- #8(/?;#.:
,23&.,%'&$2$-(0&1#20#6-@j
P;,K4"(%' -%/4,2(0 %# '#;0 '(/ %#23$(@ 7( .4- 1#//(1% #2 %',-
>#,2%5 420 9(% 6#0(/2 M4%'#;,1- .(/( -%4/%,23 %# ?,3'% "41*
434,2-% %'( g4%,142G- 6(00;,23 ,2 /(>/#0$1%,8( ,--$(-@ \#-%
2#%4";95 \(;,204 d4%(-5 4 0(8#$% M4%'#;,1 '(/-(;?5 '40 "/48(;9
/,-*(0 %'( ./4%' #? '(/ #.2 1'$/1' "9 >;(03,23 xUVZ :.,,.4' %#
'(;> ,6>/#8( 411(-- %# ",/%' 1#2%/#; 4/#$20 %'( .#/;0@ P;,K4:
"(%' D,2-*(9 '40 3#2( #2 /(1#/0 6429 %,6(- -49,23 %'4% ),;;
420 \(;,204 d4%(- 0(-(/8(0 %# "( 142#2,K(0 ?#/ 4;; %'(9G0 0#2(
%'/#$3' %'(,/ ?#$204%,#2 %# ,6>/#8( .#/;0 '(4;%'@ D40;95 %'(
#2;9 ,2-%,%$%,#2 14>4";( #? 1#2?(//,23 -4,2%'##0 -#6('#.
?4,;(0&%#&-((&%'(&M'/,-%,42&24%$/(&#?&%'(,/&(??#/%-@
iH/@ D,2-*(95j %'( -'40#. 1#2%,2$(0@ i+'4% %'( +#/;0
7(4;%' F/342,K4%,#2 ?4,;- %# /(1#32,K( ,- %'4% %'(/( ,- #2;9 #2(
3;#"4; '(4;%' ,--$(@j 7( >#,2%(0 434,2 %# %'( 3/,6 ,643( #2 %'(
-1/((2k4 -(4 #? %423;(05 1;#9,23 '$642,%9@ i!20 %',- ,- ,%@j 7(
>4$-(0@ ia /(4;,K( 9#$ 4/( 4 -1,(2%,-%5 420 %'(/(?#/( >(/'4>- 2#%
4 -%$0(2% #? %'( 1;4--,1- #/ %'( ?,2( 4/%-5 -# ;(% 6( #??(/ 42#%'(/
,643( %'4% 649 ->(4* %# 9#$ ,2 4 ;423$43( 9#$ 142 "(%%(/
$20(/-%420@j
N'(&/##6&.(2%&04/*&?#/&42&,2-%42%5&420&%'(&-1/((2&/(?/(-'(0@
N'( 2(. ,643( .4- #2( P;,K4"(%' '40 -((2 6429 %,6(- L
420&,%&4;.49-&"/#$3'%&42&((/,(&-(2-(&#?&,2(8,%4",;,%9@
 QSW[VZY

!&'(489&-,;(21(&-(%%;(0&,2&%'(&/##6@
i](-5j %'( ;42*9 642 ?,24;;9 -4,0@ iD,;(2% %(//#/ ,- 42 4>% /(:
->#2-( %# %',- 3/4>'@ D((,23 ,% ,- 4 ",% ;,*( -%4/,23 ,2%# %'(
'(40;,3'% #? 42 #21#6,23 ;#1#6#%,8(@j D;#.;95 %'( 642 %$/2(0
%# P;,K4"(%' 420 348( '(/ 4 %,3'%5 1#20(-1(20,23 -6,;(@ i!29
I$(-%,#2-5&H/@&D,2-*(9nj
i_$-% #2(5j -'( ?,/(0 "41*@ iH,0 9#$ "/,23 6( '(/( %# ;(1%$/(
6(&#/&,2-$;%&6(nj
iA(,%'(/@j 7,- 8#,1( %$/2(0 ((/,;9 14C#;,23@ ia "/#$3'% 9#$
'(/( %# .#/* .,%' 9#$@ a '48( 2# 0#$"% 9#$ $20(/-%420 %'4%
#8(/>#>$;4%,#2 ,- 4 '(4;%' ,--$(@ )$% .'4% a ?(4/ 9#$ 0#2G% $2:
0(/-%420 ,- %'4% ,% .,;; 4??(1% %'( 8(/9 -#$; #? 642@ h20(/ %'(
-%/(-- #? #8(/>#>$;4%,#25 %'#-( .'# '48( 2(8(/ 1#2-,0(/(0
-%(4;,23 .,;; "(1#6( %',(8(- %# ?((0 %'(,/ ?46,;,(-@ N'#-( .'#
'48( 2(8(/ 1#2-,0(/(0 *,;;,23 .,;; *,;; %# >/#8,0( ?#/ %'(,/
 QSX[VZY
9#$23@ !;; #? H42%(G- 0(40;9 -,2-k3/((05 3;$%%#295 %/(41'(/95
6$/0(/5 420 %'( /(-%k.,;; "(3,2 >(/1#;4%,23 L /,-,23 $> %# %'(
-$/?41( #? '$642,%95 46>;,?,(0 "9 #$/ (84>#/4%,23 1#6?#/%-@
+(&4/(&?41,23&4&"4%%;(&?#/&%'(&8(/9&-#$;&#?&642@j
iaG6&4&",#;#3,-%@&a&-48(&;,8(-&L&2#%&-#$;-@j
i+(;;5 a 142 4--$/( 9#$ %'4% -48,23 ;,8(- .,;; "(1#6( ,21/(4-:
,23;9 0,??,1$;% ,2 %'( 1#6,23 9(4/-@ F8(/>#>$;4%,#2 "/((0- ?4/
6#/( %'42 ->,/,%$4; 0,-1#2%(2%@ N'(/( ,- 4 >4--43( ,2
\41',48(;;,kj
i](-5j -'( ,2%(//$>%(05 /(1,%,23 '(/ /(1#;;(1%,#2 #? %'( ?46:
#$- I$#%(@ i o+'(2 (8(/9 >/#8,21( #? %'( .#/;0 -# %((6- .,%'
,2'4",%42%- %'4% %'(9 142 2(,%'(/ -$"-,-% .'(/( %'(9 4/( 2#/ /(:
6#8( %'(6-(;8(- (;-(.'(/( L %'( .#/;0 .,;; >$/3( ,%-(;?@G j D'(
-%4/(0 $> 4% ',6@ i!;; #? $- 4% %'( +7F 4/( ?46,;,4/ .,%' %'4%
I$#%4%,#2@j
id##05 %'(2 9#$ *2#. %'4% \41',48(;;, .(2% #2 %# %4;* 4"#$%
>;43$(-&4-&%'(&.#/;0G-&24%$/4;&.49&#?&-(;?:>$/3,23@j
i](-5 420 4- a 6(2%,#2(0 ,2 69 %4;*5 .( 4/( .(;; 4.4/( #? %'(
0,/(1% 1#//(;4%,#2 "(%.((2 >#>$;4%,#2 0(2-,%9 420 %'( ;,*(;,:
'##0 #? .,0(:-14;( (>,0(6,1-5 "$% .( 4/( 1#2-%42%;9 0(8,-,23
2(. 0(%(1%,#2 420 %/(4%6(2% 6(%'#0-@ N'( +7F /(64,2- 1#2:
?,0(2%&%'4%&.(&142&>/(8(2%&?$%$/(&>420(6,1-@j
iN'4%G-&4&>,%9@j
P;,K4"(%'&-%4/(0&,2&0,-"(;,(?@&ia&"(3&9#$/&>4/0#2nlj
iH/@ D,2-*(95j %'( 642 -4,0 .,%' 4 -%/423( ;4$3'5 i9#$ %4;*
4"#$%&1#2%/#;;,23&(>,0(6,1-&4-&,?&,%G-&4&3##0&%',23@j
D'(&34>(0&$>&4%&%'(&642&,2&6$%(&0,-"(;,(?@
iN'(/( 9#$ '48( ,%5j %'( ;42*9 642 0(1;4/(05 -#$20,23 ;,*(
42 4%%#/2(9 /(-%,23 ',- 14-(@ i7(/( a -%420 .,%' %'( '(40 #? %'(
+#/;0 7(4;%' F/342,K4%,#2k%'( "(-% %'( +7F '4- %# #??(/@ !
%(//,?9,23 %'#$3'% ,? 9#$ 1#2-,0(/ ,%@ a '48( -'#.2 9#$ %',- ,6:
43( #? ,6>(20,23 6,-(/9@j 7( /(?/(-'(0 %'( -1/((25 434,2 0,-:
>;49,23 %'( ,643( #? %'( "#0,(-@ ia '48( /(6,20(0 9#$ #? %'(
4.(-#6( >#.(/ #? $21'(1*(0 >#>$;4%,#2 3/#.%'@j 7( >#,2%(0
 QSY[VZY
%# ',- -64;; -%41* #? >4>(/@ ia '48( (2;,3'%(2(0 9#$ 4"#$% %'(
?41% %'4% .( 4/( #2 %'( "/,2* #? 4 ->,/,%$4; 1#;;4>-(@j 7( >4$-(0
420 %$/2(0 0,/(1%;9 %#.4/0 '(/@ i!20 9#$/ /(->#2-(n E/(( 1#2:
0#6- ,2 !?/,14@j N'( 642 348( 4 0(/,-,8( -2((/@ iN',- ,- ;,*(
-.,23,23 4 ?;9-.4%%(/ 4% 42 ,21#6,23 4-%(/#,0@ N'( %,6( "#6"
,- 2# ;#23(/ %,1*,23@ a% '4- 4;/(409 3#2( #??5 420 .,%'#$% 0/4-%,1
6(4-$/(-5 (B>#2(2%,4; 64%'(64%,1- .,;; "(1#6( 9#$/ 2(. d#0
L 420 o7(G ,- 4 8(23(?$; d#0@ 7( .,;; "/,23 %# 9#$ H42%(G- 8,-:
,#2 #? '(;; /,3'% #$%-,0( #2 O4/* !8(2$( L '$00;(0 64--(-
.4;;#.,23 ,2 %'(,/ #.2 (B1/(6(2%@ ! 3;#"4; 1$;;,23 #/1'(-:
%/4%(0&"9&A4%$/(&'(/-(;?@j
ia- %'4% -#nj P;,K4"(%' -24>>(0@ iD# %(;; 6(5 ,2 )4;3 8,-,#2 #?
4 -$-%4,24";( ?$%$/(5 .'4% ,- %'( ,0(4; >#>$;4%,#2 #? (4/%'n
+'4% ,- %'( 643,1 2$6"(/ 4% .',1' '$642*,20 142 '#>( %#
-$-%4,2&,%-(;?&,20(?,2,%(;9&L&420&,2&/(;4%,8(&1#6?#/%nj
N'( %4;; 642 -6,;(05 1;(4/;9 4>>/(1,4%,23 %'( I$(-%,#2@ i!29
(28,/#26(2%4; ",#;#3,-% #/ -%4%,-%,1,42 .,;; %(;; 9#$ %'4% '$642:
*,20G- "(-% 1'421( #? ;#23:%(/6 -$/8,84; #11$/- .,%' 4 3;#"4;
>#>$;4%,#2&#?&4/#$20&?#$/&",;;,#2@j
iH4;3 ",;;,#2nj P;,K4"(%' ?,/(0 "41*@ i+(G/( 4% -(8(2 ",;;,#2
2#.5&-#&,%G-&4&;,%%;(&;4%(&?#/&%'4%@j
N'(&%4;;&642G-&3/((2&(9(-&?;4-'(0&?,/(@&ia-&,%nj
 M7!ONP< RS

<F)P<N =!AdHFA =!AHPH '4/0 #2 %'( ->#239 (4/%' C$-% ,2-,0( %'(
/(%4,2,23 .4;; #? %'( )#"#;, d4/0(2-G '(48,;9 .##0(0 -#$%'(/2
(03(@ D,(224 ;420(0 "(-,0( ',6 420 -%##0 $>5 "/$-',23 '(/-(;?
#??&420&%4*,23&,2&%'(,/&-$//#$20,23-@
N'(9 .(/( -%420,23 ,2 4 3;40( #? 6#-- 420 ?(/2- #2 %'( (03(
#? 4 -64;; ?#/(-%@ E/#6 '(/(5 %'( O4;4KK# O,%%, .4- (2%,/(;9 #":
-1$/(0 ?/#6 8,(.5 420 =4230#2 -(2-(0 %'(9 .(/( 4"#$% 4- ?4/
?/#6 %'( >4;41( 4- #2( 1#$;0 3(% ,2 %'( 34/0(2-@ !% ;(4-% %'(/(
.(/(&2#&.#/*(/-&#/&%#$/,-%-&#$%&%',-&?4/&4%&%',-&(4/;9&'#$/@
=4230#2 34K(0 4% 4 >(4-%#2( >4%'.49 %'4% .#$20 3/41(?$;;9
0#.2',;; ,2%# %'( ?#/(-% "(?#/( %'(6@ !% %'( >#,2% .'(/( %'(
>4%' 0,-4>>(4/(0 ,2%# %'( %/((-5 4 64/";( -%4%$( '40 "((2 >(/:
?(1%;9 -,%$4%(0 %# /(1(,8( %'( (9(@ =4230#2 .4- 2#% -$/>/,-(0@
N'( )#"#;, d4/0(2- '40 (2C#9(0 %'( (B1(>%,#24; 0(-,32 %4;(2%-
#? A,11#;y N/,"#;#5 d,#/3,# g4-4/,5 420 )(/24/0# )$#2%4;:
(2%,k4 "/4,2 %/$-% #? 4(-%'(%,1 %4;(2% %'4% '40 1/(4%(0 #2 %',-
QQQ:41/(&14284-&4&.4;*4";(&64-%(/>,(1(@
ia? .( '(40 2#/%'(4-%5 .(G;; /(41' %'( >4;41(5j =4230#2 -4,05
>#,2%,23 0#.2 %'( >4%'@ i+( 142 6,B %'(/( .,%' %'( %#$/,-%-
420&(B,%&$2-((2@&aG6&3$(--,23&,%&#>(2-&4%&2,2(@j
=4230#2 3;421(0 0#.2 %# 1'(1* %'( %,6( "$% -4. #2;9 ',-
"4/( ./,-% .'(/( ',- \,1*(9 \#$-( .4%1' '40 #21( "((2
-%/4>>(0@ 7( .#20(/(0 4"-(2%;9 ,? ,% .4- -%,;; 4% %'( '#->,%4;
.,%' %'( /(-% #? ',- 1;#%',23 420 ,? '(G0 (8(/ "( 4";( %# /(%/,(8(
,%@
D,(224 >;42%(0 '(/ ?((% 0(?,42%;9@ i<#"(/%5 "(?#/( .( %4*( 42:
#%'(/ -%(>5 a .42% %# *2#. .'(/( .(G/( 3#,23@ +'4% 0,0 9#$
 QTQ[VZY
?,3$/( #$% "41* %'(/(n N'( \4;("#;3(n ]#$ -4,0 ,% .4- #$% #?
-(I$(21(nj
=4230#2 6#%,#2(0 %#.4/0 4 .##0(0 4/(4 C$-% 4'(40@ i=(%G-
3(% #$% #? -,3'% ?,/-%@j 7( ;(0 '(/ 0#.2 4 >4%'.49 %'4% 1$/;(0
,2%# 42 (21;#-(0 '#;;#.k4 i/##65j ,2 %'( >4/;421( #? ;420:
-14>( 4/1',%(1%$/(k.'(/( %'(/( .(/( -#6( ?4$B:"#,- "(21'(-
420 4 -64;; ?#$2%4,2@ N'( 4,/ "(2(4%' %'( %/((- .4- 0(1,0(0;9
1#;0(/@
=4230#2 %##* %'( >/#C(1%#/ ?/#6 ',- >#1*(% 420 "(342 -'4*:
,23 ,%@ iD,(2245 .'#(8(/ 1/(4%(0 %',- 0,3,%4; ,643( 2#% #2;9 40:
0(0 ;(%%(/- %# %'( -,22(/- ,2 %'( \4;("#;3(5 "$% '( 4;-# 1'423(0
%'( #/0(/ #? %'( -,2-@j 7( '#>>(0 $> #2 %'( "(21'5 %#.(/,23
#8(/ D,(2245 420 4,6(0 %'( >/#C(1%#/ 0#.2 4% ',- ?((%@ )#%%,:
1(;;,G- ?&66& (#,,02'-#3'4 64%(/,4;,K(0 ?4,2%;9 #2 %'( ?;4% "(21'
%#>&"(-,0(&D,(224@
=4230#2 6#%,#2(0 %# %'( %,(/(0 4/(4 4% %'( "#%%#6 #? %'(
?$22(;@&iD((&%'(&;(%%(/-&,2&%'(&%(2&0,%1'(-&#?&%'(&\4;("#;3(nj
D,(224 ?#$20 %'(6 #2 %'( >/#C(1%,#2 420 /(40 ?/#6 %#> %#
"#%%#6@&iM4%/#841(/@j
i<,3'%@&\(42,23;(--@j
i)$% %'(2 9#$ /(4;,K(0 %'( %(2 0,%1'(- '40 "((2 -'$??;(0
4/#$20nj
iP4-,(/ %'42 %'4%5 41%$4;;9@ a? %'(-( ;(8(;- .(/( 4 0(1* #? %(2
14/0-5 %'( 0(1* .4- 2#% -# 6$1' -'$??;(0 4- -,6>;9 1$% #21(@
!?%(/ %'( 1$%5 %'( 14/0- /(64,2 ,2 %'( 1#//(1% #/0(/5 "$% %'(9
-%4/% .,%' %'( ./#23 14/0@j =4230#2 >#,2%(0 0#.2 4% %'( %(2
0,%1'(- #? %'( \4;("#;3(@ i!11#/0,23 %# H42%(G- %(B%5 #$/ %#>
;(8(; -'#$;0 "( %'( -(0$1(/- .',>>(0 "9 0(6#2-@ !20 9(%5 ,2
%',- 8(/-,#25 %'( -(0$1(/- 4>>(4/ L .49 0#.2 ,2 %'( -(8(2%'
0,%1'@j
D,(224 -%$0,(0 %'( 2#.:?40,23 ,643( "(-,0( '(/ 420 2#00(0@
iF*495&a&-((&%'4%@&N'(&?,/-%&0,%1'&,-&2#.&%'(&-(8(2%'@j
=4230#2 >#1*(%(0 %'( >/#C(1%#/ 420 C$6>(0 "41* 0#.2 #2%#
%'( >4%'.49@ 7( 3/4""(0 4 -64;; -%,1* 420 "(342 -1/4%1',23
 QTR[VZY
;(%%(/- #2 4 >4%1' #? 0,/% C$-% #?? %'( >4%'@ i7(/( 4/( %'( ;(%%(/-
4-&%'(9&4>>(4/&,2&#$/&6#0,?,(0&8(/-,#2&#?&'(;;@j

M
!
N
<
F
g
!
M
P
<

iM4%/#841(/5j&D,(224&/(40@
i](-@ !20 '(/( ,- .'(/( %'( o0(1*G .4- 1$%@j =4230#2 2#.
0/(. 4 ;,2( "(2(4%' %'( -(8(2%' ;(%%(/ 420 .4,%(0 .',;( D,(224
-%$0,(0&',-&'420,.#/*@

M
!
N
<
F
g
!
k
M
P
<

iF*495j&-'(&-4,0&I$,1*;9@&iM4%/#84@&M(/@j
i](-5 420 %# >$% %'( 14/0- "41* ,2 #/0(/5 .( -,6>;9 $21$% %'(
0(1*&420&>;41(&%'(&"#%%#6&#2&%#>@&N'(&%.#&'4;8(-&-.4>&>;41(-@j
 QTS[VZY
D,(224 (9(0 %'( ;(%%(/-@ iM(/@ M4%/#84@j D'( -'/$33(05 ;##*:
,23&$2,6>/(--(0@&iD%,;;&6(42,23;(--&Lj
iM(/ 14%/#845j =4230#2 /(>(4%(0@ !?%(/ 4 >4$-(5 '( -4,0 %'(
.#/0- 434,25 (;,0,23 %'(6 %#3(%'(/@ iM(/14%/#84@j E,24;;95 '(
-4,0&%'(6&.,%'&4&>4$-(&,2&%'(&6,00;(@&iM(/14&L&%/#84@j
D,(224 34->(0 4$0,";9 420 '(/ (9(- -'#% $> %# 6((% =423:
0#2G-@
i](-5j&=4230#2&-4,0&.,%'&4&-6,;(@&iM(/14&%/#84@j
N'( %.# a%4;,42 .#/0- 7#37& 420 5348& ;,%(/4;;9 6(42% i-((*j
420 i?,20@j +'(2 1#6",2(0 4- 4 >'/4-(k7#37& 5348&k%'(9
.(/( -92#296#$- .,%' %'( ",";,14; 4>'#/,-6 iD((* 420 9( -'4;;
?,20@j
i]#$/ '4;;$1,24%,#2-lj D,(224 (B1;4,6(05 "/(4%';(--@ iN'(
.#642 .,%' %'( 8(,;l D'( *(>% %(;;,23 9#$ %# -((* 420 ?,20lj
D'( C$6>(0 %# '(/ ?((%@ i<#"(/%5 0# 9#$ /(4;,K( .'4% %',-
6(42-n a% 6(42- %'( .#/0- 7#37& 5348& .(/( &,3#&() ,2 9#$/
-$"1#2-1,#$-l H#2G% 9#$ -((n ]#$ 6$-% '48( 0(1,>'(/(0 %',-
>'/4-( "(?#/( 9#$ 4//,8(0 4% %'( '#->,%4;l ]#$ '40 >/#"4";9
-((2&%',-&>/#C(1%#/G-&,643(&4;/(409&L&"$%&'40&?#/3#%%(2lj
"+#0* 3.B+55 '( /(4;,K(05 '48,23 "((2 -# ?,B4%(0 #2 %'( 1,>'(/
,%-(;? %'4% ,% 2(8(/ #11$//(0 %# ',6 %'4% '( 6,3'% '48( "((2
%'/#$3'&4;;&#?&%',-&4;/(409@
i<#"(/%5 9#$ -4,0 (4/;,(/ %'4% T& ?&66& >#,2%- %# 4 ->(1,?,1
;#14%,#2&,2&%'(&#;0&1,%9@&)$%&a&-%,;;&0#2G%&$20(/-%420&.'(/(@j
i=#37&%5348& 0#(-2G%&/,23&429&"(;;-&?#/&9#$nj
D'(&-'/$33(0@
=4230#2 -6,;(0 ,2.4/0;9@ H.'&,,)C *4:#5+.'B ".#''& (4#*'05
$'49/ i!- ,% %$/2- #$%5 %',- >'/4-( >#,2%- 8(/9 ->(1,?,14;;9 %# 4
?46#$- 6$/4; %'4% '423- ,2 %'( O4;4KK# g(11',#kd,#/3,# g4-:
4/,G- N&55&B,.& (. ?&37.&'4 ,2 %'( 74;; #? %'( E,8( 7$20/(0@
A(4/ %'( %#> #? %'( >4,2%,235 "4/(;9 8,-,";(5 g4-4/, >4,2%(0 %'(
.#/0- 7#37& 5348& ,2 %,29 ;(%%(/-@ O;(2%9 #? %'(#/,(- (B,-% 4- %#
.'9 '( 0,0 %',-5 "$% 2# 1#21;$-,8( >/##? '4- (8(/ "((2
0,-1#8(/(0@j
 QTT[VZY
N'( ',3':>,%1'(0 .',2( #? 4 -64;; 4,/1/4?% -$00(2;9 "$KK(0
#8(/'(405 -%/(4*,23 ,2 #$% #? 2#.'(/( 420 -*,66,23 %'(
.##0(0 142#>9 C$-% 4"#8( %'(6@ N'( -#$20 .4- 8(/9 1;#-(5 420
=4230#2&420&D,(224&?/#K(&4-&%'(&1/4?%&/41(0&>4-%@
!- %'( 4,/1/4?% 0(>4/%(05 =4230#2 >((/(0 $> 4% ,% %'/#$3' %'(
%/((-@ iN#9 '(;,1#>%(/5j '( -4,05 (B'4;,23 4- '( .4%1'(0 %'(
%'/((:?##%:;#235 /40,#:1#2%/#;;(0 1'#>>(/ "42*,23 ,2 %'( 0,-:
%421(@&a%&-#$20(0&;,*(&4&3,42%5&423/9&6#-I$,%#@
D,(2245&'#.(8(/5&-%,;;&;##*(0&.4/9@&iD%49&0#.2@j
D$/( (2#$3'5 %'( ;,%%;( 1'#>>(/ "42*(0 ?$;;9 420 .4- 2#.
1#6,23 "41* %'(,/ .495 -*,66,23 %'( %/((%#>-5 -4,;,23 >4-%
%'(6&434,25&%',-&%,6(&#??&%#&%'(,/&;(?%&4"#8(&42#%'(/&3;40(@
iN'4%G- 2#% 4 %#95j -'( .',->(/(0@ ia%G- 4 /(1#224,--421(
0/#2(@ O/#"4";9 '4- 4 8,0(# 146(/4 #2 "#4/0 -(20,23 ;,8( ,6:
43(-&"41*&%#&L&-#6("#09@j
=4230#2G- C4. %,3'%(2(0 4- '( .4%1'(0 %'( 1'#>>(/ -%/(4*
#?? ,2 %'( 0,/(1%,#2 ?/#6 .',1' ,% '40 4>>(4/(0k%'( O#/%4 <#:
6424&420&%'(&!/%&a2-%,%$%(@
ia 0#2G% *2#. .'4% 9#$ 0,05j D,(224 -4,05 i"$% -#6( >#.(/:
?$;&>(#>;(&4/(&1;(4/;9&8(/9&(43(/&%#&?,20&9#$@j
N'( '(;,1#>%(/ "42*(0 9(% 434,2 420 "(342 4 -;#. >4-- 4;#23
%'(&>(/,6(%(/&.4;;&%'(9&'40&C$-%&C$6>(0@
iD#6(#2( 4% %'( !/% a2-%,%$%( 6$-% '48( -((2 $- 420 -4,0
-#6(%',235j D,(224 -4,05 '(40,23 0#.2 %'( >4%'@ i+(G8( 3#% %#
3(%&#$%&#?&'(/(@&A#.@j
!- %'( 0/#2( "$KK(0 4.49 %#.4/0 %'( ?4/ (20 #? %'( 34/0(2-5
=4230#2 $-(0 ',- ?##% %# (/4-( %'( ;(%%(/- '(G0 ./,%%(2 #2 %'(
>4%'.49 420 %'(2 '$//,(0 4?%(/ D,(224@ 7,- 6,20 -.,/;(0 .,%'
%'#$3'%- #? 7#37& 5348&5 %'( d,#/3,# g4-4/, 6$/4;5 4- .(;; 4-
.,%' D,(224G- /(8(;4%,#2 %'4% =4230#2 6$-% '48( 4;/(409 0(:
1,>'(/(0&%'(&>/#C(1%#/G-&6(--43(@ "##$%&'(%)#%*+&,,%-.'(/
D$00(2;95 C$-% 4- %'(9 (2%(/(0 4 -(1#20 3;40(5 4 -%4/%;,23
%'#$3'% ',% =4230#2@ 7( -*,00(0 %# 4 -%#> #2 %'( .##0(0 >4%'5
4&"(6$-(0&;##*&#2&',-&?41(@
 QTU[VZY
D,(224&-%#>>(05&%##@&i<#"(/%n&+'4%&,-&,%nlj
iaG6&,22#1(2%5j&'(&0(1;4/(0@
i+'4%&4/(&9#$&%4;*,23&4"#$%nj
iN'( >(#>;( 1'4-,23 6( L a 4--$6(0 ,% .4- "(14$-( a '40
0#2(&-#6(%',23&%(//,";(@j
i](-5&4%&%'(&'#->,%4;&9#$&*(>%&/(>(4%,23&o8(/9&-#//9@G&j
ia&*2#.@&)$%&a&%'#$3'%&a&.4-&->(4*,23&P23;,-'@j
D,(224 ;##*(0 4% ',6 .,%' -$/>/,-(@ i]#$ 9#3# ->(4*,23
P23;,-'lj
=4230#2G- ";$( (9(- .(/( 2#. ?,;;(0 .,%' (B1,%(6(2%@ iD,:
(2245 .'(2 a *(>% -49,23 o8(/9 -#//95G a .4-2G% 4>#;#3,K,23@ a
.4- 6$6";,23 4"#$% %'( -(1/(% 6(--43( ,2 %'( 6$/4; 4%
O4;4KK# g(11',#lj 7( 1#$;0 -%,;; '(4/ %'( /(1#/0,23 #? ',- #.2
0(;,/,#$-&8#,1(@ J#%E%*433)/%J#%E%*433)/
D,(224&;##*(0&;#-%@
iH#2G% 9#$ -((nlj =4230#2 .4- 3/,22,23 2#.@ ia .4-2G% -49:
,23 o8(/9 -#//95 8(/9 -#//9@G a .4- -49,23 %'( 4/%,-%G- 246(kJ&
E%*&3.C%J&*&3.Fj
 M7!ONP< RT

g!]PAN7!&7aN&N7P "/4*(-&'4/0@
7(/ 6#%#/191;( ?,-'%4,;(05 -1/((1',23 ;#$0;9 4- ,% ;(?% 4 ;#23
-*,0 64/* #2 %'( g,4;( 0(; O#33,# a6>(/,4;(5 ?,24;;9 1#6,23 %#
42 4"/$>% -%#> "(',20 42 $2(B>(1%(0 ;,2( #? %/4??,1@ N'( g,4;(
0(;&O#33,#&.4-&4%&4&-%420-%,;;@
2%(4'05%+&8#%5.:#%-43%5+.*F
g49(2%'4 1/42(0 '(/ 2(1* #8(/ %'( 14/-5 %/9,23 %# -(( .'4%
.4- 14$-,23 %'( '#;0$>@ D'( '40 4;/(409 "((2 ?#/1(0 %# 0/,8(
,2 4 .,0( 1,/1;( %# 48#,0 %'( D<D %(46 420 4;; %'( 1'4#- 4% %'(
4>4/%6(2% "$,;0,235 420 2#. -'( 2((0(0 %# 3(% ,2%# %'( #;0 1,%9
%# 1;(4/ #$% #? %'( '#%(; /##6 .'(/( -'( '40 "((2 -%4%,#2(0 ?#/
%'(&;4-%&?(.&049-&#?&%',-&6,--,#2@
208#%D##'%(.*&849#(W2%'##(%54%B#5%5+#%+#,,%4;5%4-%549'F
7(/ -%/,23 #? "40 ;$1*5 '#.(8(/5 -((6(0 %# "( 1#2%,2$,23@
N'( /#$%( -'( '40 -(;(1%(0 ,2%# %'( #;0 1,%9 4>>(4/(0 %# "(
";#1*(0@ a2 2# 6##0 %# .4,%5 g49(2%'4 /(88(0 %'( ",*( #?? %#
#2( -,0( #? %'( %/4??,1 420 ->(0 4;#23 %'( 24//#. "/(4*0#.2
;42( $2%,; -'( 1#$;0 -(( %'( -24/;(0 ,2%(/-(1%,#2@ h> 4'(40 .4-
4 1;#33(0 /#%4/9 .'(/( -,B 64C#/ %'#/#$3'?4/(- 1#28(/3(0@
N',- .4- %'( O#/%4 <#6424k#2( #? E;#/(21(G- 6#-% %/4??,1*(0
,2%(/-(1%,#2-k%'(&34%(.49&%#&%'(&#;0&1,%9@
O+&5%5+#%+#,,%.*%B4.'B%4'%+#3#LF
g49(2%'4 2#. -4. %'4% %'( (2%,/( 4/(4 .4- -.4/6,23 .,%'
>#;,1(k4 /#40";#1* #/ 1'(1*>#,2% #? -#6( -#/%@ \#6(2%- ;4%(/5
-'( ->#%%(0 -#6(%',23 4% %'( 1(2%(/ #? %'( 41%,#2 %'4% ;(?% '(/
"4??;(0k4 ?46,;,4/ ";41* 842 4/#$20 .',1' -(8(/4; ";41*:1;40
43(2%-&.(/(&14;;,23&#$%&#/0(/-&%#&%'(&;#14;&4$%'#/,%,(-@
 QTW[VZY
N'(-( 6(25 .,%'#$% 4 0#$"%5 .(/( 6(6"(/- #? %'( D<D %(465
420 9(% g49(2%'4 1#$;0 2#% ,643,2( .'4% %'(9 .(/( 0#,23
'(/(@
G',#**%E
g49(2%'4 -.4;;#.(0 '4/05 -14/1(;9 04/,23 %# ,643,2( %'(
>#--,",;,%9@ @&* T&'B(4' #,;(#( N3j(#3 &* 9#,,L a% -((6(0
$2%',2*4";(e %'( 1'421(- #? (-14>( '40 "((2 2(4/ K(/#@ N'(2
434,25 =4230#2 .4- 2#% .#/*,23 4;#2(5 420 g49(2%'4 '40 (B:
>(/,(21(0 ?,/-%'420 '#. /(-#$/1(?$; %'( ";#20 .#642 1#$;0
"(@
A(4/"95 4 >#;,1( #??,1(/ 4>>(4/(05 .4;*,23 ?/#6 14/ %# 14/5
-'#.,23 4 >'#%# #? 4 '420-#6( 642 .,%' %',1* "/#.2 '4,/@
g49(2%'4 ,2-%42%;9 /(1#32,K(0 %'( >'#%# 4- 4 >/(-- -'#% #?
<#"(/%&=4230#2@&7(/&'(4/%&-#4/(0@
N3j(#3%:.**#(%+.:%E
T&'B(4'%.*%*5.,,%.'%6,&)F
!2 (B>(/,(21(0 -%/4%(3,-%5 g49(2%'4 ,66(0,4%(;9 "(342 4-:
-(--,23&'#.&%',-&0(8(;#>6(2%&1'423(0&'(/&-,%$4%,#2@
K65.4'%4'#W-,##%&*%3#^;.3#(/
g49(2%'4 '40 ";#.2 4 1/,%,14; C#" ?#/ %'( >/#8#-% 420 '40
"((2 0,-48#.(0 "(14$-( #? ,%@ a? -'( .(/( ;$1*95 -'( .#$;0 ?41(
4 ?#/64; ,2I$,/9 420 >/#"4";( 14/((/ %(/6,24%,#2@ a?5 '#.(8(/5
-'( .(/( $2;$1*9 420 '40 $20(/(-%,64%(0 %'( -(8(/,%9 #? '(/
(6>;#9(/5 -'( 6,3'% ->(20 %'( /(-% #? '(/ ;,?( ;##*,23 #8(/ '(/
-'#$;0(/ 420 .#20(/,23 ,? %'( M#2-#/%,$6 .4- ;$/*,23 C$-% #$%
#?&-,3'%@
1+#3#%.*%&%*#74'(%465.4'%'49/
=4:6,#5#%)4;3%:.**.4'/
D%49,23 #2 %4-* .4- ,2 0,/(1% #>>#-,%,#2 %# '(/ 0,-48#.4;
>/#%#1#;5 420 9(% .,%' =4230#2 -%,;; #2 %'( /$25 g49(2%'4 2#.
'40&%'(&#>>#/%$2,%9&%#&1#2%,2$(&.,%'&'(/&#/,3,24;&0,/(1%,8(@
2- N3j(#3 -&.,* 54 7&57+ T&'B(4'5 -'( %'#$3'%5 '(/ >$;-(
I$,1*(2,23@ >'(%.-%2%*;77##(%E
 QTX[VZY
g49(2%'4 *2(. ,% .4- 4 ;#23 -'#%5 "$% ,? =4230#2 64243(0
%# (;$0( )/t0(/ (2%,/(;95 420 ,? g49(2%'4 1#$;0 -%,;; -%(> ,2 420
?,2,-' %'( C#"5 -'( .#$;0 -,23;(:'420(0;9 '48( -48(0 %'( 049
?#/ %'( M#2-#/%,$65 420 %'( >/#8#-% .#$;0 '48( 2# 1'#,1( "$%
%#&"(&;(2,(2%@
20,,%$##6%:)%X4D5&-'(&%'#$3'%@ Z34D&D,)%#8#'%D#%634:45#(/
a2 4 ?;4-'5 g49(2%'4 /(4;,K(0 %'4% '(/ (2%,/( ?$%$/( 2#. /(:
8#;8(0 4/#$20 4 -,23;( 1/,%,14; $20(/%4*,23@ 2 :;*5 ,47&5#
T&'B(4'%E%D#-43#%N3j(#3%(4#*/
a% .#$;0 2#% "( (4-9@ )/t0(/ '40 4% ',- 0,->#-4; (20;(--
642>#.(/ 4- .(;; 4- 4 84-% 4//49 #? 408421(0 -$/8(,;;421(
%(1'2#;#3,(-@ g49(2%'4 .4- .#/*,23 4;#2(@ D'( 0,05 '#.(8(/5
>#--(-- #2( >,(1( #? ,2?#/64%,#2 %'4% )/t0(/5 %'( >/#8#-%5 420
%'(&>#;,1(&0,0&2#%&'48(@
2%+&8#%&%8#3)%B44(%.(#&%9+#3#%T&'B(4'%9.,,%B4/
<(88,23 %'( %'/#%%;( #2 '(/ )\+5 -'( ->$2 ,% QXZ 0(3/((-
4/#$20 420 '(40(0 "41* %'( .49 -'( 146(@ Z4'5# &,,# I3&`.#5
-'( %'#$3'%5 >,1%$/,23 %'( "/,03( %# %'( 2#/%'@ N'(/( (B,-%(0
6#/(&%'42&#2(&/#$%(&,2%#&%'(&#;0&1,%9@
 M7!ONP< RU

SK1%>S%>ZKTKIM5&=4230#2&6$-(0@ >'%&35.*50*%'&:#/
ig4-4/,5j D,(224 -%466(/(05 %4*,23 4 ?$;; -%(> "41*.4/0 #2
%'( >4%'@ iN'( 4/%,-% .'# ',0 %'( .#/0- 7#37& 5348& ,2 ',-
6$/4;@j
=4230#2 1#$;02G% '(;> "$% -6,;(@ J&*&3./ J&*&3./ a2 400,%,#2
%# -'(00,23 4 /49 #? ;,3'% #2 ',- -%/423( >/(0,146(2%5 %',- /(8:
(;4%,#2 4;-# 6(42% =4230#2 .4- 2# ;#23(/ .#20(/,23 .'4% %(/:
/,";( %',23 '( 6,3'% '48( 0#2( L ?#/ .',1' '( '40 "((2 >/#:
?$-(;9&-49,23&'(&.4-&8(/9&-#//9@
i<#"(/%5 9#$ 1;(4/;9 '40 -((2 %',- )#%%,1(;;, ,643( #2 %'(
>/#C(1%#/ "(?#/( 9#$ .(/( ,2C$/(05 420 9#$ *2(. ,% 1#2%4,2(0 4
1#0( %'4% >#,2%(0 %# g4-4/,G- 6$/4;@ N'4%G- .'9 9#$ .#*( $>
420&*(>%&/(>(4%,23&g4-4/,G-&246(lj
=4230#2 %/,(0 %# 14;1$;4%( .'4% 4;; #? %',- 6(42%@ d,#/3,#
g4-4/,k4 -,B%((2%':1(2%$/9 4/%,-%5 4/1',%(1%5 420 ./,%(/k.4- 4
642 =4230#2 #?%(2 /(?(//(0 %# 4- i%'( .#/;0G- ?,/-% 4/% ',-%#/,:
42@j H(->,%( %'( '$20/(0- #? >4,2%,23- g4-4/, 1/(4%(05 420 %'(
0#K(2- #? "$,;0,23- '( 0(-,32(05 ',- 6#-% (20$/,23 ;(3419 .4-
',- -(6,24; "##*5 T.8#* 4- 5+# ?4*5 A\7#,,#'5 Z&.'5#3*C
"7;,6543*C &'( >37+.5#75*5 4 1#;;(1%,#2 #? ",#3/4>',(- #? a%4;,42
4/%,-%-5 .',1' %# %',- 049 /(64,2- /(I$,-,%( /(40,23 ?#/ -%$0(2%-
#?&4/%&',-%#/9@
N'( .#/0- 7#37& 5348& '40 >;41(0 g4-4/, "41* ,2 %'( 64,2:
-%/(46 1#2-1,#$-2(-- 4"#$% %',/%9 9(4/- 43# .'(2 ',- i-(1/(%
6(--43(j .4- 0,-1#8(/(0 ',3' #2 ',- ->/4.;,23 6$/4; ,2 %'(
O4;4KK# g(11',#G- 74;; #? %'( E,8( 7$20/(0@ N'( %,29 ;(%%(/- 4>:
>(4/(0 #2 4 3/((2 "4%%;( ?;435 "4/(;9 8,-,";( 46#23 %'( 1'4#- #?
%'( .4/ -1(2(@ +',;( 1#2-(2-$- '40 9(% %# "( /(41'(0 4- %# .'9
 QUZ[VZY
g4-4/, 400(0 %',- -%/423( 6(--43( %# ',- 6$/4;5 %'( ;(40,23
%'(#/9 .4- %'4% ,% .4- 4 1;$( %# ?$%$/( 3(2(/4%,#2- #? %'( (B,-%:
(21( #? 4 ;#-% =(#24/0# 04 g,21, ?/(-1# ',00(2 ,2 4 %'/((:1(2%,:
6(%(/&34>&"(',20&%'4%&.4;;@
D,(224 .4- 3;421,23 2(/8#$-;9 $> %'/#$3' %'( %/((-@ iN'(/(G-
-%,;; #2( %',23 a 0#2G% $20(/-%420@ a? 9#$ .(/(2G% -49,23 o8(/9
-#//95&8(/9&-#//9G&L&%'(2&.'9&4/(&>(#>;(&%/9,23&%#&*,;;&9#$nj
=4230#2&'40&"((2&.#20(/,23&%'(&-46(&%',23@
N'( 0,-%42% "$KK #? %'( -$/8(,;;421( 0/#2( .4- 3(%%,23 ;#$0(/
434,25 420 =4230#2 *2(. %'( %,6( '40 1#6( ?#/ 4 0(1,-,#2@ 7(
?4,;(0 %# -(( '#. g4-4/,G- N&55&B,.& (. ?&37.&'4 1#$;0 >#--,";9
/(;4%( %# H42%(G- 2'-#3'45 #/ %'( 3$2-'#% .#$20 '( '40
-$??(/(0 %'( 2,3'% "(?#/(5 420 9(% '( ?,24;;9 -4. 4 %423,";( >4%'
"(?#/(&',6@
=#37&%5348&/
"##$%&'(%-.'(/
!34,2 =4230#2 -4. %'( -,;8(/:'4,/(0 .#642 14;;,23 #$% %#
',6 ?/#6 41/#-- %'( /,8(/@ 1.:# .* 3;''.'B 4;5F a? %'(/( .(/(
42-.(/-5 =4230#2 -(2-(05 %'(9 .#$;0 "( 4% %'( O4;4KK#
g(11',#@
7( 2#. ?;4-'(0 #2 42 #;0 4043( ?/#6 (4/;9 d/(1,42 ?/((
0,8(/- .'# '$2%(0 ;#"-%(/- ,2 %'( 1#/4; 148(- #? %'( !(3(42 a-:
;420-@ O+#' *9.::.'B .'54 & (&3$ 5;''#,C 5+#3# &33.8#* &
64.'5 4- '4 3#5;3' 9+#' )4; '4 ,4'B#3 +&8# #'4;B+ D3#&5+ 54
(4;D,# D&7$/ M4;3 4',) 7+4.7# .* 54 *9.: -439&3( .'54 5+# ;'V
$'49'%E%&'(%63&)%-43%&'%#\.5/
=4230#2&.#20(/(0&,?&%'(9&'40&/(41'(0&%'4%&>#,2%@
7( (9(0 %'( 64K( #? 34/0(2 >4%'.49- "(?#/( %'(6@ a? '( 420
D,(224 1#$;0 /(41' %'( O,%%, O4;41( 420 (B,% %'( 34/0(2-5 %'(2
%'( #;0 1,%9 .4- C$-% 4 -'#/% .4;* 41/#-- %'( 6#-% ?46#$- ?##%:
"/,03( ,2 %'( .#/;0k%'( O#2%( g(11',#@ a% .4- 4;.49- 1/#.0(0
420 .#$;0 >/#8,0( 3##0 1#8(/@ E/#6 %'(/(5 %'( O4;4KK# g(1:
1',#&.4-&#2;9&4&?(.&";#1*-&4.49@
 QUQ[VZY
N'( 0/#2( '$66(0 1;#-(/ 2#.5 420 =4230#2 ?(;% 6#6(2%:
4/,;9 #8(/.'(;6(0 "9 (B'4$-%,#2@ N'( /(4;,K4%,#2 %'4% '( '40
2#% "((2 -49,23 i8(/9 -#//9j ;(?% ',6 ?((;,23 1#2?;,1%(0 4"#$%
/$22,23&?/#6&%'(&>#;,1(@
iP8(2%$4;;95 %'(9G/( 3#,23 %# 14%1' 6(5 D,(2245j =4230#2
-4,0@&ia%&6,3'%&"(&"(%%(/&?#/&6(&%#&-%#>&/$22,23@j
D,(224 ;##*(0 4% ',6 .,%' 4;4/6@ i<#"(/%5 (8(/9 %,6( 9#$
-%#>5 -#6(#2( -%4/%- -'##%,23 4% 9#$l ]#$ 2((0 %# ?,3$/( #$%
.'4% 9#$G/( ,28#;8(0 ,2@ ]#$ 2((0 %# ;##* 4% %'4% g4-4/, 6$/4;
420 '#>( ,% C4/- 9#$/ 6(6#/9@ \49"( ,% .,;; '(;> 9#$ ;(4/2
.'(/(&%',-&>/#C(1%#/&146(&?/#6&420&.'9&9#$G/(&14//9,23&,%@j
=4230#2 >,1%$/(0 %'( ->,*(:'4,/(0 .#642 1#;0;9 *,;;,23 H/@
\4/1#2, L %'( -#;0,(/- ?,/,23 #2 %'(6 L %'( a%4;,42 6,;,%4/9
>#;,1( 34%'(/,23 ,2 %'( O#/%4 <#6424 L 420 2#. 4 -$/8(,;;421(
0/#2( %/41*,23 %'(6 %'/#$3' %'( )#"#;, d4/0(2-@ 7( ?(;; -,;(2%5
/$"",23&',-&%,/(0&(9(-&4-&'(&1#2-,0(/(0&',-&#>%,#2-@
i<#"(/%nj D,(224G- 8#,1( /#-(@ iN'(/(G- #2( #%'(/ %',23 L
-#6(%',23 %'4% 0,02G% -((6 ,6>#/%42%5 "$% 2#. -((6- ;,*( ,%
6,3'%&"(@j
=4230#2&/4,-(0&',-&(9(-5&/(41%,23&%#&%'(&3/48,%9&,2&'(/&%#2(@
ia&,2%(20(0&%#&%(;;&9#$&4%&%'(&4>4/%6(2%5j&-'(&-4,05&i"$%&Lj
i+'4%&,-&,%nj
D,(224 >$/-(0 '(/ ;,>-5 ;##*,23 $21#6?#/%4";(@ i+'(2 9#$
4//,8(0 4% %'( '#->,%4;5 9#$ .(/( 0(;,/,#$- 420 %/9,23 %#
1#66$2,14%(@j
i](-5j&=4230#2&-4,05&i6$6";,23&og4-4/,5&g4-4/,@G&j
i](-5 "$% D#-43# %'4% L "(?#/( .( 3#% #$% %'( /(1#/0(/5 ,2 %'(
?,/-% 6#6(2%- 4?%(/ 9#$ 4//,8(05 9#$ -4,0 #2( #%'(/ %',23 a /(:
6(6"(/@&]#$&#2;9&-4,0&,%&#21(5&"$%&aG6&>#-,%,8(&a&$20(/-%##0@j
i+'4%&0,0&a&-49nj
D,(224 3;421(0 $> %#.4/0 %'( 0/#2( 420 %'(2 "41* 4% =423:
0#2@ i]#$ -4,05 !2 +4,( 5+# $#) 54 -.'(.'B .5 E .- 2 -&.,C 5+#' &,, .*
(#&5+/0 j
=4230#2&1#$;0&#2;9&-%4/(@
 QUR[VZY
D,(224 1#2%,2$(0@ ia %'#$3'% 9#$ .(/( /(?(//,23 %# %'( #"C(1%
,2&9#$/&C41*(%&>#1*(%5&"$%&2#.&aG6&2#%&-#&-$/(@j
2- 2 -&.,C 5+#' &,, .* (#&5+L N'( .#/0- ',% =4230#2 '4/0@ N'(
'4$2%,23 ,643(- #? 0(4%' ?;,1*(/(0 "(?#/( ',6 L H42%(G- ,2:
?(/2#5 %'( ",#'4K4/0 -96"#;5 %'( >;43$( 0#1%#/@ ](% 434,25 %'(
?41( #? %'( "(4$%,?$; -,;8(/:'4,/(0 .#642 >;(40(0 .,%' ',6
41/#--&%'(&";##0/(0&/,8(/@ "##$%&'(%-.'(F%1.:#%.*%3;''.'B%4;5F
D,(224G- 8#,1( >$;;(0 ',6 "41*@ i+'4%(8(/ %',- >/#C(1%#/ $;:
%,64%(;9 >#,2%- %# L #/ .'4%(8(/ 9#$G/( %/9,23 %# ?,205 ,% 6$-%
"( -#6(%',23 (B%/(6(;9 0423(/#$-@ N'( ?41% %'4% >(#>;( 4/(
%/9,23 %# *,;; $- Lj 7(/ 8#,1( 1/41*(0 -;,3'%;95 420 -'( %##* 4
6#6(2% %# /(3/#$>@ iN',2* 4"#$% ,%@ N'(9 C$-% -'#% 4% 9#$ ,2
"/#40 049;,3'% L -'#% 4% :#k42 ,22#1(2% "9-%420(/@ A#"#09
-((6- %# "( ;##*,23 %# 2(3#%,4%(@ ]#$/ #.2 3#8(/26(2% %$/2(0
#2 9#$ L 9#$ 14;;(0 %'(6 ?#/ '(;>5 420 %'(9 -(2% -#6(#2( %#
*,;;&9#$@j
=4230#2 -%4/(0 84142%;9 4% %'( 3/#$20@ +'(%'(/ %'( h@D@
M#2-$;4%( '40 -'4/(0 =4230#2G- ;#14%,#2 .,%' %'( 4--4--,25 #/
.'(%'(/ %'( 1#2-$;4%( ,%-(;? '40 -(2% %'( 4--4--,25 .4- ,//(;(8:
42%@ N'( $>-'#% .4- %'( -46(@ ?) 49' B48#3':#'5 .* '45 4'
:)%*.(#/
=4230#2 ;##*(0 ,2%# D,(224G- "/#.2 (9(- 420 -4. "/48(/9
%'(/(@ O+&5 +&8# 2 B455#' +#3 .'84,8#( .'L ia .,-' a *2(. .'4%
.( .(/( ;##*,23 ?#/@ N'4% .#$;0 '(;> >$% 4;; #? %',- ,2%#
>(/->(1%,8(@j
D,(224 2#00(0@ i+'4%(8(/ ,% ,-5 a %',2* .( 2((0 %# ?,20 ,%@ !%
;(4-%&,%&.#$;0&3,8(&$-&;(8(/43(@j
7(/ ;#3,1 .4- '4/0 %# /(?$%(@ D%,;; =4230#2 ?(;% -#6(%',23
2433,23 4% ',6@ 2- 2 -&.,C 5+#' &,, .* (#&5+/ !;; 6#/2,23 '(G0
"((2 /$22,23 $> 434,2-% 6414"/( -96"#;- #? ",#'4K4/0-5
>;43$(-5 420 H42%(G- '(;;@ !06,%%(0;95 '( '40 2# 1;(4/ >/##? #?
.'4% '( .4- ;##*,23 ?#/5 "$% '( .#$;0 "( 24,8( 2#% %# 1#2-,0(/
4% ;(4-% %'( >#--,",;,%9 %'4% %',- -,%$4%,#2 ,28#;8(0 4 0(40;9
 QUS[VZY
0,-(4-( #/ ;4/3(:-14;( ",#;#3,14; %'/(4%@ )$% ,? %',- .(/( %/$(5
.'9&.#$;0&',-&#.2&3#8(/26(2%&"(&%/9,23&%#&(;,6,24%(&',6n
<4%5+#)%5+.'$%20:%*4:#+49%.'84,8#(%.'%&%645#'5.&,%&55&7$L
a% 640( 2# -(2-( 4% 4;;@ N'(/( .4- -#6(%',23 (;-( 3#,23 #2
'(/(@
=4230#2 %'#$3'% 434,2 #? %'( -,;8(/:'4,/(0 .#642@ iN'(/(G-
4;-#&%'(&.#642&?/#6&69&8,-,#2-@&a&?((;&a&2((0&%#&?,20&'(/@j
iN'(2 %/$-% 9#$/ ?((;,23-5j D,(224 -4,0@ ia2 9#$/ 1#20,%,#25
%'( "(-% 1#6>4-- 9#$ '48( ,- 9#$/ -$"1#2-1,#$- 6,20@ a%G- "4:
-,1 >-91'#;#39k,? 9#$/ 3$% ,- %(;;,23 9#$ %# %/$-% %'4% .#6425
%'(2 a %',2* 9#$ -'#$;0 0# (B41%;9 .'4% -'( *((>- %(;;,23 9#$ %#
0#@j
iD((*&420&?,205j&%'(9&-4,0&,2&$2,-#2@
=4230#2&(B'4;(05&*2#.,23&',-&>4%'&.4-&1;(4/@
>,,%2%7&'%(4%.*%$##6%*9.::.'B%(49'%5+.*%5;''#,/
+,%' '4/0(2,23 /(-#;8(5 '( %$/2(0 420 "(342 %4*,23 ,2 ',-
-$//#$20,23-5 %/9,23 %# 3(% ',- "(4/,23-@ O+.7+ 9&) 4;5 4- 5+#
B&3(#'*L
N'(9 .(/( -%420,23 "(2(4%' %'( %/((- 4% %'( (03( #? 4 .,0(:
#>(2 >;4K4 .'(/( -(8(/4; >4%'- ,2%(/-(1%(0@ a2 %'( 0,-%421( %#
%'(,/ ;(?%5 =4230#2 ->,(0 42 (;;,>%,14;:-'4>(0 ;43##2 .,%' 4
-64;; ,-;420 40#/2(0 .,%' ;(6#2 %/((- 420 -%4%$4/9@ 1+# 2*4V
,45545 '( %'#$3'%5 /(1#32,K,23 %'( ?46#$- -1$;>%$/( #? O(/-($-
#2&4&'4;?:-$"6(/3(0&'#/-(&"#$20,23&%'/#$3'&%'(&.4%(/@
iN'( O,%%, O4;41( ,- %'4% .495j =4230#2 -4,05 >#,2%,23 (4-%5
4.49 ?/#6 %'( a-#;#%%#5 %#.4/0 %'( 34/0(2G- 64,2 %'#/#$3':
?4/(k%'( g,#%%#;#2(5 .',1' /42 (4-%J.(-% 4;#23 %'( (2%,/(
;(23%' #? %'( 3/#$20-@ N'( g,#%%#;#2( .4- 4- .,0( 4- 4 %.#:
;42( /#40 420 ;,2(0 "9 4 /#. #? -;(20(/5 ?#$/:'$20/(0:9(4/:#;0
19>/(--&%/((-@
iN'(/(G- 2# 1#8(/5j D,(224 -4,05 (9(,23 %'( $2146#$?;43(0
48(2$(&420&6#%,#2,23&$>&4%&%'(&1,/1;,23&0/#2(@
i]#$G/( /,3'%5j =4230#2 -4,0 .,%' 4 ;#>-,0(0 3/,2@ i+',1' ,-
.'9&.(G/(&%4*,23&%'(&%$22(;&"(-,0(&,%@j
 QUT[VZY
7( >#,2%(0 434,25 %',- %,6( %# 4 0(2-( '(03(/#. 40C41(2% %#
%'( 6#$%' #? %'( g,#%%#;#2(@ N'( .4;; #? 0(2-( 3/((2(/9 '40 4
-64;; 4/1'(0 #>(2,23 1$% ,2%# ,%@ )(9#20 %'( #>(2,235 4 -;(20(/
?##%>4%' -%/(%1'(0 #$% ,2%# %'( 0,-%421(k4 %$22(; /$22,23 >4/:
4;;(; .,%' %'( g,#%%#;#2(@ a% .4- (21;#-(0 #2 (,%'(/ -,0( "9 4
>'4;42B #? >/$2(0 '#;6 #4*-5 .',1' '40 "((2 14/(?$;;9 %/4,2(0
-,21( %'( QVZZ- %# 4/1' ,2.4/0 #8(/ %'( >4%'5 ,2%(/%.,2,23
#8(/'(40 420 >/#8,0,23 42 4.2,23 #? ?#;,43(@ N'( >4%'.49G-
246(5 =4 M(/1',4%4k;,%(/4;;9 i1,/1$;4/j #/ i'##>(0jk0(/,8(0
?/#6 ,%- 142#>9 #? 1$/8(0 %/((- /(-(6";,23 "4//(; -%49- #/
7#37+.@
D,(224 '$//,(0 #8(/ %# %'( #>(2,23 420 >((/(0 ,2%# %'(
-'40(0 1'422(;@ a66(0,4%(;9 -'( %$/2(0 "41* %# ',6 .,%' 4
-6,;(@&i)(%%(/@j
+4-%,23 2# %,6(5 -'( -;,>>(0 %'/#$3' %'( #>(2,23 420 '$/:
/,(0&#??&46#23&%'(&%/((-@
=4230#2 '40 4;.49- 1#2-,0(/(0 =4 M(/1',4%4 #2( #?
E;#/(21(G- 6#-% >(41(?$; ->#%-@ N#0495 '#.(8(/5 4- '( .4%1'(0
D,(224 0,-4>>(4/ 0#.2 %'( 04/*(2(0 4;;s(5 '( %'#$3'% 434,2 #?
%'( d/(1,42 ?/(( 0,8(/- -.,66,23 ,2%# 1#//4; %$22(;- 420 >/49:
,23&%'(9G0&/(41'&42&(B,%@
=4230#2 I$,1*;9 -4,0 ',- #.2 ;,%%;( >/49(/ 420 '$//,(0 4?%(/
'(/@

! '4;? 6,;( "(',20 %'(65 #$%-,0( %'( !/% a2-%,%$%(5 !3(2%

)/t0(/ -%/#0( %'/#$3' 4 "$-%;( #? >#;,1( 420 -%$0(2%-5 ',- ,19
34K( >4/%,23 %'( 1/#.0- "(?#/( ',6@ 7( 640( ',- .49 %# %'(
64*(-',?% 1#66420 >#-% %'4% ',- -$/8(,;;421( ->(1,4;,-% '40
-(%&$>&#2&%'(&'##0&#?&',-&";41*&842@
iE/#6 %'( 4(/,4; 0/#2(5j %'( ->(1,4;,-% -4,05 '420,23 )/t0(/
4&%4";(%&-1/((2@&iN4*(2&4&?(.&6,2$%(-&43#@j
 QUU[VZY
)/t0(/ (B46,2(0 %'( 8,0(# -%,;;-5 >4$-,23 #2 4 ";$//9 (2:
;4/3(6(2% #? %.# ?41(-k4 04/*:'4,/(0 642 420 4 ";#20 >#29:
%4,;(0 .#642k"#%' '$00;(0 ,2 %'( -'40#.- 420 >((/,23 -*9:
.4/0&%'/#$3'&4&142#>9&#?&%/((-@
<#"(/%&=4230#2@
D,(224&)/##*-@
m(/#&0#$"%@
)/t0(/ %$/2(0 ',- 4%%(2%,#2 %# %'( 64> #? %'( )#"#;, d4/:
0(2-5 .',1' .4- ->/(40 #$% #2 %'( '##0@ 1+#) :&(# & 6443
7+4.7#5 '( %'#$3'%5 (9(,23 %'( 34/0(2 ;49#$%@ +',;( ,% .4-
->/4.;,23 420 ,2%/,14%(5 .,%' >;(2%9 #? ',0,23 >;41(-5 %'( 34/:
0(2- 4;-# 4>>(4/(0 %# "( -$//#$20(0 #2 4;; -,0(- "9 ',3' .4;;-@
N'( )#"#;, d4/0(2- .(/( %'( 1;#-(-% %',23 %# 4 24%$/4; *,;;"#B
%'4%&)/t0(/&'40&(8(/&-((2&,2&%'(&?,(;0@
1+#)0,,%'#8#3%B#5%4;5/
i=#14; 4$%'#/,%,(- 4/( -(4;,23 4;; (B,%-5j %'( 43(2% -4,0@ i!20
1#66(21,23&4&-.((>@j
i`((>&6(&,2?#/6(05j&)/t0(/&-4,0@
D;#.;95 '( /4,-(0 ',- (9(- %# %'( 842G- %',1* >#;914/"#24%(
.,20#.5 "(9#20 .',1' '( 1#$;0 -(( %'( -,;8(/:'4,/(0 .#642
-(4%(0&,2&%'(&"41*&#?&%'(&8(',1;(@
N'( 0/$3- %'(9 '40 3,8(2 '(/ '40 0(?,2,%(;9 0$;;(0 '(/
-(2-(-k6#/( %'42 )/t0(/ '40 ,643,2(0@ A#2(%'(;(--5 '(
1#$;0 %(;; "9 %'( ?(4/?$; ;##* ,2 '(/ (9(- %'4% -'( -%,;; '40 4 ?,/6
3/4->&#2&>/(1,-(;9&.'4%&.4-&3#,23&#2@
"+# (4#* '45 ,44$ +&66)5 )/t0(/ %'#$3'%@ 1+#' &B&.'C 9+)
94;,(%*+#L
 M7!ONP< RV

!&DOa<P&FE .4%(/&-'#%&%.(2%9&?((%&,2&%'(&4,/@
=4230#2 .4%1'(0 ,% ?4;; 3(2%;9 "41* %# (4/%' 420 *2(. %'(9
.(/( 3(%%,23 1;#-(@ N'(9 '40 /(41'(0 %'( (20 #? =4 M(/1',4%4G-
;(4?9 %$22(; 420 04-'(0 41/#-- 42 #>(2 ;4.2 ,2%# 4 3/#8( #?
1#/* %/((-@ A#. %'(9 .(/( ;##*,23 #$% 4% %'( )#"#;,G- 6#-% ?46:
#$- ->#$%,23 ?#$2%4,2kD%#;0# =#/(2K,G- "/#2K( #? A(>%$2(
1;$%1',23 ',- %'/((:>/#23(0 %/,0(2%@ a//(8(/(2%;9 *2#.2 "9 ;#1:
4;- 4- iN'( E#$2%4,2 #? %'( E#/*5j %',- .4%(/ ?(4%$/( .4- 1#2:
-,0(/(0&%'(&1(2%/4;&>#,2%&#?&%'(&34/0(2-@
D,(224 -%#>>(0 4% %'( (03( #? %'( 3/#8( 420 >((/(0 $>.4/0
%'/#$3'&%'(&%/((-@&ia&0#2G%&-((&%'(&0/#2(@j
=4230#2 2# ;#23(/ '(4/0 ,% (,%'(/5 420 9(% %'( ?#$2%4,2 .4-
I$,%(&;#$0@
i\$-% '48( 2((0(0 %# /(?$(;5j D,(224 -4,0@ iN',- ,- #$/
1'421(@&+',1'&.49nj
=4230#2 ;(0 '(/ %# %'( ;(?%5 420 %'(9 "(342 0(-1(20,23 4
-%((> ,21;,2(@ !- %'(9 (6(/3(0 ?/#6 %'( %/((-5 %'( O,%%, O4;41(
146(&,2%#&8,(.@
iA,1(&;,%%;(&'#$-(5j&D,(224&.',->(/(0@
iN9>,14;&\(0,1,&$20(/-%4%(6(2%5j&'(&/(>;,(0&./9;9@
D%,;; 4;6#-% 4 I$4/%(/ 6,;( 4.495 %'( O,%%, O4;41(G- -%#2(
?4140( 0#6,24%(0 %'( ;420-14>(5 -%/(%1',23 #$% %# %'(,/ ;(?% 420
/,3'%@ a%- (B%(/,#/ #? "$;3,235 /$-%,14%(0 -%#2(.#/* ;(2% %'(
"$,;0,23 42 4,/ #? $29,(;0,23 4$%'#/,%9 %'4% .4- ?$/%'(/ 411(2:
%$4%(0 "9 4 >#.(/?$; /(>(%,%,#2 #? -'$%%(/(0 .,20#.- 420 4/1':
%#>>(0 4>(/%$/(-@ N/40,%,#24;;95 ?#/64; >4;41(- .(/( -,%$4%(0
#2 ',3' 3/#$20 -# %'4% 429#2( ,2 %'( 34/0(2- '40 %# ;##* $>:
',;; 4% %'( "$,;0,23@ N'( O,%%, O4;41(5 '#.(8(/5 .4- -,%$4%(0 ,2 4
 QUW[VZY
;#. 84;;(9 2(4/ %'( !/2# <,8(/5 6(42,23 %'4% >(#>;( ,2 %'( )#:
"#;,&d4/0(2-&;##*(0&0#.2',;;&4%&%'(&>4;41(@
N',- (??(1% .4- #2;9 6#/( 0/464%,1@ F2( 4/1',%(1% '40 0(:
-1/,"(0 %'( >4;41( 4- 4>>(4/,23 %# '48( "((2 "$,;% "9 24%$/(
'(/-(;? L 4- ,? %'( 64--,8( -%#2(- ,2 4 ;420-;,0( '40 %$6";(0
0#.2 %'( ;#23 (-14/>6(2% 420 ;420(0 ,2 42 (;(342%5 "4//,140(:
;,*( >,;( 4% %'( "#%%#6@ H(->,%( ,%- ;(-- 0(?(2-,";( >#-,%,#2 ,2
%'( ;#. 3/#$205 %'( -#;,0 -%#2( -%/$1%$/( #? %'( O,%%, O4;41( .4-
-# ,6>#-,23 %'4% A4>#;(#2 '40 #21( $-(0 ,% 4- 4 >#.(/ "4-(
.',;(&,2&E;#/(21(@
i=##*5j D,(224 -4,05 >#,2%,23 %# %'( 2(4/(-% 0##/- #? %'(
>4;41(@&id##0&2(.-@j
=4230#2 '40 -((2 ,%5 %##@ F2 %',- -%/423( 6#/2,235 %'( 6#-%
.(;1#6( -,3'% .4- 2#% %'( >4;41( ,%-(;?5 "$% %'( %#$/,-%- -%/(46:
,23 #$% #? %'( "$,;0,23 ,2%# %'( ;#.(/ 34/0(2-@ N'( >4;41( .4-
#>(25 .',1' 6(42% %'4% =4230#2 420 D,(224 .#$;0 '48( 2#
%/#$";( -;,>>,23 ,2-,0( 420 >4--,23 %'/#$3' %'( "$,;0,23 %# (-:
14>( %'( 34/0(2-@ F21( #$%-,0( %'( >4;41(5 =4230#2 *2(. %'(9
.#$;0 -(( %'( !/2# <,8(/ %# %'(,/ /,3'%5 420 "(9#20 %'4%5 %'(
->,/(-&#?&%'(&#;0&1,%9@
7( 420 D,(224 *(>% 6#8,235 '4;? C#33,23 2#. 0#.2 %'( -%((>
(6"42*6(2%@ !- %'(9 0(-1(20(05 %'(9 %/48(/-(0 %'( )#"#;,
!6>',%'(4%(/k%'( -,%( #? %'( 8(/9 ?,/-% #>(/4 >(/?#/6421( ,2
',-%#/9k.',1' ;49 2(-%;(0 ;,*( 4 '#/-(-'#( #2 %'( -,0( #? 4 ',;;@
)(9#20 %'4%5 %'(9 >4--(0 %'( #"(;,-* #? <46-(- aa 420 %'( $2:
?#/%$24%( >,(1( #? i4/%j %'4% .4- >#-,%,#2(0 4% ,%- "4-(@ N'(
3$,0("##*- /(?(//(0 %# %'( >,(1( 4- i4 1#;#--4; -%#2( "4-,2 ?/#6
<#6(G-&)4%'-&#?&M4/414;;45j&"$%&=4230#2&4;.49-&-4.&,%&?#/&.'4%
,% %/$;9 .4-k%'( .#/;0G- ;4/3(-% "4%'%$"@ 1+#) 3#&,,) '##( 54
6;5%5+&5%5+.'B%*4:#9+#3#%#,*#/
N'(9 ?,24;;9 /(41'(0 %'( /(4/ #? %'( >4;41( 420 -;#.(0 %# 4
14;6 .4;*5 6,B,23 ,21#2->,1$#$-;9 .,%' %'( ?,/-% %#$/,-%- #? %'(
049@ \#8,23 434,2-% %'( %,0(5 %'(9 0(-1(20(0 4 24//#. %$22(;
,2%# %'( 1#/%,;(5 42 ,22(/ 1#$/%94/0 .'(/( 8,-,%#/- .(/( -(4%(0
 QUX[VZY
(2C#9,23 4 6#/2,23 (->/(--# ,2 %'( >4;41(G- 64*(-',?% 14?s@ N'(
-6(;; #? ?/(-':3/#$20 1#??(( ?,;;(0 %'( 4,/5 420 =4230#2 ?(;% 4
-$00(2 ;#23,23 %# -,% 0#.2 420 (2C#9 4 1,8,;,K(0 "/(4*?4-%@
14(&)0* '45 5+# (&)5 '( %'#$3'% 4- %'(9 >/(--(0 #25 (2%(/,23
%'( .,0( -%#2( >4--43(.49 %'4% ;(0 %#.4/0 %'( >4;41(G- 64,2
0##/-@
!- %'(9 2(4/(0 %'( 0##/.495 =4230#2 420 D,(224 1#;;,0(0
.,%' 4 3/#.,23 "#%%;(2(1* #? -%4;;(0 %#$/,-%- .'# -((6(0 %# "(
4--(6";,23 ,2 %'( >#/%,1# %# #"-(/8( -#6(%',23 #$%-,0(@ =423:
0#2&>((/(0&%'/#$3'&%'(&1/#.0&%#&%'(&4/(4&,2&?/#2%&#?&%'(&>4;41(@
N'( O,%%,G- 3/420 (2%/421( .4- 4- ";$2% 420 $2.(;1#6,23 4-
'( /(14;;(0 ,%@ <4%'(/ %'42 4 642,1$/(0 ;4.2 420 ;420-14>,235
%'( ?/#2% 94/0 .4- 4 84-% (B>42-( #? >48(6(2% %'4% -%/(%1'(0
41/#-- 42 (2%,/( ',;;-,0(5 ?;#.,23 0#.2 %# %'( g,4 0(, d$,1:
1,4/0,2,&;,*(&4&64--,8(&>48(0&-*,&-;#>(@
!% %'( "#%%#6 #? %'( ',;;5 =4230#2 2#. -4. %'( /(4-#2 ?#/
%'(&1/#.0&#?&#2;##*(/-@
H#.2 ,2 O,4KK4 0(, O,%%,5 4 '4;?:0#K(2 >#;,1( 14/- '40
-%/(46(0 ,2 ?/#6 4;; 0,/(1%,#2-@ ! -64;; 4/69 #? #??,1(/- .(/(
408421,23 $> %'( ',;;5 $2'#;-%(/,23 %'(,/ .(4>#2- 420 ?422,23
#$%&%#&-(1$/(&%'(&?/#2%&#?&%'(&>4;41(@
 M7!ONP< RW

!D N7P OF=aMP(2%(/(0 %'( O,%%, O4;41(5 D,(224 420 =4230#2 .(/(

4;/(409 #2 %'( 6#8(5 /(%/41,23 %'(,/ -%(>- %'/#$3' %'( ,2%(/,#/
#? %'( >4;41( 420 4.49 ?/#6 %'( 4//,8,23 >#;,1(@ N'(9 '$//,(0
%'/#$3' %'( 1#/%,;( 420 >4-% %'( 14?s5 .'(/( 4 "$KK .4- ->/(40:
,235 %#$/,-%- /$""(/2(1*,23 ,2 42 4%%(6>% %# ;#14%( %'( -#$/1(
#?&%'(&1#66#%,#2@
D,(224 .4- 464K(0 %'( 4$%'#/,%,(- '40 ?#$20 %'(6 -#
I$,1*;9@ 1+# (34'# :;*5 +&8# (.*&66#&3#( D#7&;*# .5 +&(
&,3#&()%*6455#(%;*/
D'( 420 =4230#2 ?#$20 %'( -46( 24//#. %$22(; %'/#$3'
.',1' %'(9 '40 0(-1(20(0 ?/#6 %'( 34/0(2- 420 .,%'#$% '(-,%:
4%,#2 >;$23(0 "41* ,2%# %'( >4--43(.49 420 "#$20(0 $> %'(
-%4,/-@ N'( (20 #? %'( -%4,/14-( "42*(0 ;(?% 4;#23 4 ',3' /(%4,2:
,23 .4;;@ !- %'(9 04-'(0 4;#23 %'( .4;;5 ,% 3/(. -'#/%(/ "(-,0(
%'(65 $2%,; ?,24;;9 %'(9 1#$;0 -(( #8(/ ,% ,2%# %'( 84-% (B>42-(
#?&%'(&)#"#;,&d4/0(2-@
=4230#2 ,2-%42%;9 3/4""(0 D,(224G- 4/6 420 942*(0 '(/
"41*.4/05 0$1*,23 #$% #? -,3'% "(',20 %'( /(%4,2,23 .4;;@ D,:
(224&'40&-((2&,%5&%##@
N'/(( '$20/(0 94/0- 4.495 #2 %'( -;#>( 4"#8( %'( 46>',:
%'(4%(/5 4 >'4;42B #? >#;,1( 0(-1(20(05 -(4/1',23 3/#8(-5 ,2%(/:
8,(.,23 %#$/,-%-5 1##/0,24%,23 .,%' #2( 42#%'(/ #2 '420'(;0
/40,#-@
O#03#%53&66#(F
D,(224 '40 2(8(/ ,643,2(05 .'(2 -'( 420 <#"(/% =4230#2
?,/-% 6(%5 %'4% ,% .#$;0 ;(40 %# %',-@ 1+.* .* :43# 5+&' 2 D&3V
B&.'#( -43/ +'(2 D,(224 '40 ;(?% %'( '#->,%4; .,%' =4230#25
-'( %'#$3'% %'(9 .(/( ?;((,23 4 .#642 .,%' ->,*(0 '4,/ 420 4
 QVZ[VZY
3$2@ A#. %'(9 .(/( /$22,23 ?/#6 42 (2%,/( 6,;,%4/9 %(46 420
%'( a%4;,42 4$%'#/,%,(-@ N'(,/ 1'421(- #? (-14>(5 -'( .4- 2#.
/(4;,K,235&.(/(&4;6#-%&K(/#@
ia- %'(/( 429 #%'(/ .49 #$%nj D,(224 0(6420(05 -'#/% #?
"/(4%'@
ia 0#2G% %',2* -#5j =4230#2 -4,0@ iN',- 34/0(2 ,- 4 .4;;(0
1,%95 C$-% ;,*( Lj 7( >4$-(0 -$00(2;95 %$/2,23 420 ;##*,23 (4-%@
i_$-% ;,*( L %'( g4%,142@j ! -%/423( 3;,2% #? '#>( ?;,1*(/(0
41/#--&',-&?41(@
D,(224 '40 2# ,0(4 .'4% %'( g4%,142 '40 %# 0# .,%' %'(,/
1$//(2% >/(0,146(2%5 "$% =4230#2 -$00(2;9 "(342 2#00,235
34K,23&(4-%&4;#23&%'(&"41*&#?&%'(&>4;41(@
ia%G- 4 ;#23 -'#%5j '( -4,05 '$-%;,23 '(/ 4;#23 .,%' ',6 2#.@
i)$%&%'(/(&6,3'%&"(&4&0,??(/(2%&.49&%#&3(%&#$%&#?&'(/(@j
N.# ?,3$/(- 64%(/,4;,K(0 -$00(2;9 "(?#/( %'(65 '48,23
/#$20(0 %'( 1#/2(/ #? %'( /(%4,2,23 .4;;5 2(4/;9 "$6>,23 ,2%#
D,(224 420 =4230#2@ )#%' ?,3$/(- .(/( .(4/,23 ";41*5 420 ?#/
#2( ?/,3'%(2,23 ,2-%42%5 D,(224 %'#$3'% %'(9 .(/( %'( -#;0,(/-
-'( '40 (21#$2%(/(0 4% %'( 4>4/%6(2% "$,;0,23@ !- %'(9
>4--(05 %'#$3'5 -'( -4. %'(9 .(/( #2;9 %#$/,-%-ka%4;,425 -'(
3$(--(05&?/#6&4;;&%'(&-%9;,-'&";41*&;(4%'(/@
748,23 42 ,0(45 D,(224 14$3'% #2( #? %'( %#$/,-%-G 4/6- 420
-6,;(0 $> 4% ',6 4- .4/6;9 4- >#--,";(@ QZ;] (.37. (480f ,&
I&,,#3.& (#, 74*5;:#LR -'( 4-*(0 ,2 /4>,0 a%4;,425 /(I$(-%,23
0,/(1%,#2- %# %'( >4;41(G- ?46(0 1#-%$6( 34;;(/9@ Q24 # :.4 -3&V
5#,,4 *.&:4 .' 3.5&3(4 6#3 ;'& 8.*.5& 63.8&5&/R ?) D345+#3 &'(
2%&3#%,&5#%-43%&%63.8&5#%54;3/
Q=#354FR N'( 642 3/,22(0 4% %'(6 "#%'5 ;##*,23 (43(/ %#
'(;>@ QZ34*#B;.5# (3.554 6#3 ., *#'5.#34FR 7( %$/2(0 420 >#,2%(0
.(-%5 4;#23 %'( /(%4,2,23 .4;;5 0,/(1%;9 4.49 ?/#6 .'4%(8(/
=4230#2&'40&"((2&;##*,23&4%@
Q?4,5# B3&`.#FR D,(224 1',/>(0 .,%' 42#%'(/ -6,;( 4- %'( %.#
6(2&'(40(0&#??@
 QVQ[VZY
=4230#2 348( D,(224 42 ,6>/(--(0 2#05 4>>4/(2%;9 $20(/:
-%420,23 '(/ 6#%,8(-@ a? %'( >#;,1( "(342 I$(-%,#2,23 %#$/,-%-5
%'(9 6,3'% '(4/ %'4% =4230#2 420 D,(224 .(/( '(40(0 ?#/ %'(
1#-%$6( 34;;(/95 .',1'5 411#/0,23 %# %'( 64> #2 %'( .4;; "(:
?#/( %'(65 .4- 4% %'( ?4/ .(-%(/2 (20 #? %'( >4;41( L 4- ?4/ 4-
>#--,";(&?/#6&%'(&0,/(1%,#2&,2&.',1'&%'(9&.(/(&2#.&'(40(0@
i+( 2((0 %# 3(% %# %'4% >4%' #8(/ %'(/(5j =4230#2 -4,05 6#:
%,#2,23 41/#-- 42 #>(2 >;4K4 %#.4/0 4 .4;*.49 %'4% /42 0#.2
42#%'(/ ',;;5 4.49 ?/#6 %'( >4;41(@ N'( >(4-%#2( .4;*.49 .4-
-'(;%(/(0 #2 %'( $>',;; -,0( "9 64--,8( '(03(-5 >/#8,0,23
>;(2%9 #? 1#8(/ ?/#6 %'( 4$%'#/,%,(- 2#. 0(-1(20,23 %'( ',;;5
#2;9&4&'$20/(0&94/0-&4.49@
D,(224 14;1$;4%(0 %'4% %'(,/ 1'421(- #? 3(%%,23 41/#-- %'(
#>(2 4/(4 %# %'( -'(;%(/(0 >4%' .(/( 8(/9 -;,6@ N#$/,-%- .(/(
34%'(/,23 %'(/(5 .4%1',23 %'( >#;,1( .,%' 1$/,#-,%9@ N'( ?4,2%
%'/$6 #? %'( 0/#2( "(146( 4$0,";( 434,25 4>>/#41',23 ,2 %'(
0,-%421(@
iA#. #/ 2(8(/5j =4230#2 -4,05 3/4"",23 '(/ '420 420
>$;;,23 '(/ .,%' ',6 #$% ,2%# %'( #>(2 >;4K45 .'(/( %'(9 "(342
.,20,23 %'/#$3' %'( 1/#.0 #? 34%'(/,23 %#$/,-%-@ D,(224 ?#$3'%
%'( $/3( %# "/(4* ,2%# 4 /$25 "$% =4230#2 '(;0 ?,/6;9 #2 %# '(/5
.4;*,23&"/,-*;9&"$%&14;6;9&%'/#$3'&%'(&%'/#23@
+'(2 %'(9 ?,24;;9 /(41'(0 %'( #>(2,23 %# %'( >4%'.495 D,:
(224 3;421(0 "41* #8(/ '(/ -'#$;0(/ %# -(( ,? %'(9 '40 "((2 0(:
%(1%(0@ N'( #2;9 >#;,1( #??,1(/- ,2 -,3'% .(/( 4;; ?41,23 %'( #%'(/
.495 %'(,/ (9(- %$/2(0 -*9.4/0 %#.4/0 %'( -#$20 #? %'( ,21#6:
,23&0/#2(@
D'(&?41(0&?/#2%&420&'$//,(0&.,%'&=4230#2&0#.2&%'(&>4%'@
)(?#/( %'(6 2#.5 %'( -*9;,2( #? #;0 E;#/(21( >#*(0 4"#8(
%'( %/((-5 8,-,";( 0,/(1%;9 4'(40 ,2 %'( 0,-%421(@ D'( -4. %'(
/(0:%,;(0 1$>#;4 #? %'( H$#6# 420 %'( 3/((25 /(05 420 .',%(
->,/( #? d,#%%#G- "(;; %#.(/@ E#/ 42 ,2-%42%5 -'( 1#$;0 4;-# 64*(
#$% %'( 1/(2(;;4%(0 ->,/( #? %'( O4;4KK# g(11',#k%'(,/ -((6:
,23;9 ,6>#--,";( 0(-%,24%,#2k"$% 4- %'(9 0(-1(20(0 %'(
 QVR[VZY
>4%'.495 %'( ',3' >(/,6(%(/ .4;;- ";#%%(0 #$% %'( 8,(.5 (23$;?:
,23&%'(6&434,2@
)9 %'( %,6( %'(9 /(41'(0 %'( "#%%#6 #? %'( ',;;5 D,(224 .4-
#$% #? "/(4%' 420 .#20(/,23 ,? =4230#2 '40 429 ,0(4 .'(/(
%'(9 .(/( 3#,23@ N'( >4%' ;(0 0,/(1%;9 ,2%# 4 64K( 34/0(25 "$%
=4230#2 1#2?,0(2%;9 %$/2(0 ;(?% ,2%# 4 .,0( 3/48(; >4%,#5 .',1'
'( -*,/%(05 -%49,23 "(',20 4 '(03( ,2 %'( -'40#.- #? %'( #8(/:
'423,23 %/((-@ N'( >4%,# .4- 0(-(/%(05 6#/( #? 42 (6>;#9((
>4/*,23&;#%&%'42&4&%#$/,-%&4/(4@
i+'(/(&4/(&.(&3#,23nlj&D,(224&?,24;;9&4-*(05&"/(4%';(--@
i!;6#-%&%'(/(@j
>,:4*5 9+#3#L N'( (2%,/( >4%,# .4- (21;#-(0 "9 .4;;- %'4%
.(/( 4% ;(4-% %'/(( -%#/,(- %4;;@ N'( #2;9 (B,% D,(224 -4. .4- 4
8(',1;( 34%(.49 #2 %'( ;(?%5 .',1' .4- -(4;(0 "9 4 64--,8(
./#$3'%:,/#2 3/4%( %'4% ;##*(0 ;,*( ,% 04%(0 "41* %# %'( #/,3,24;
>4;41( ,2 %'( 049- #? 64/4$0,23 4/6,(-@ )(9#20 %'( "4//,140(5
-'(&1#$;0&-((&>#;,1(&34%'(/(0&,2&%'(&O,4KK4&0(,&O,%%,@
D%49,23 4;#23 %'( >(/,6(%(/ 8(3(%4%,#25 =4230#2 >$-'(0 #2:
.4/05 '(40,23 0,/(1%;9 ?#/ %'( .4;; ,2 ?/#2% #? %'(6@ D,(224
-1422(0 %'( -'((/ ?41( ?#/ 429 #>(2 0##/.495 "$% 4;; -'( -4.
.4- 4 2,1'( 1#2%4,2,23 .'4% '40 %# "( %'( 6#-% ',0(#$- -%4%$(
-'(&'40&(8(/&-((2@
I44( I4(C 5+# ?#(.7. 74;,( &--43( &') &35943$ 4' #&35+C
&'(%5+#)%7+4*#%5+.*L
N'( -%4%$( "(?#/( %'(6 0(>,1%(0 42 #"(-(5 24*(0 0.4/?
-%/400;,23 4 3,42% %$/%;(@ N'( 0.4/?G- %(-%,1;(- .(/( -I$4-'(0
434,2-% %'( %$/%;(G- -'(;;5 420 %'( %$/%;(G- 6#$%' .4- 0/,"";,23
.4%(/5&4-&,?&'(&.(/(&,;;@
ia *2#.5j =4230#2 -4,05 .,%'#$% "/(4*,23 -%/,0(@ iN'4%G-
N3&77.4 (. N&354,4k4 ?46#$- 1#$/% 0.4/?@ a? 9#$ 4-* 6(5 %'(9
-'#$;0&>$%&',6&#$%&"41*&,2&%'(&3,42%&"4%'%$"@j
=4230#2 %$/2(0 -'4/>;9 %# ',- /,3'%5 '(40,23 0#.2 4 -(% #?
-%4,/-&%'4%&D,(224&'40&"((2&$24";(&%#&-((&$2%,;&2#.@
>%9&)%4;5LF
 QVS[VZY
N'(&?;4-'&#?&'#>(&.4-&-'#/%:;,8(0@
!- -'( %$/2(0 %'( 1#/2(/ 420 '(40(0 0#.2 %'( -%4,/- "(',20
=4230#25 -'( /(4;,K(0 %'(9 .(/( 04-',23 ,2%# 4 0(40 (20k4
1$;:0(:-41&.'#-(&.4;;-&.(/(&%.,1(&4-&',3'&4-&%'(&#%'(/-@
E$/%'(/6#/(5 D,(224 2#. -(2-(0 %'4% %'(,/ ;#23 C#$/2(9 .4-
4"#$% %# %(/6,24%( 4% %'( 6#$%' #? 4 34>,23 148(/2 L 4 0((>
3/#%%# 14/8(0 #$% #? %'( /(4/ .4;;@ 1+.* 7&'05 D# 9+#3# +#0* 5&$V
.'B%;*F
F8(/ %'( 148(G- 94.2,23 (2%/421(5 0433(/;,*( -%4;41%,%(-
;##6(0 >#/%(2%#$-;9@ a2 %'( 148,%9 "(9#205 ##K,23 3(#;#3,14;
?(4%$/(- %.,-%(0 420 0/,>>(0 0#.2 %'( .4;;- 4- ,? %'( -%#2(
.(/( 6(;%,23 L 6#/>',23 ,2%# -'4>(- %'4% ,21;$0(05 %# D,:
(224G- 4;4/65 '4;?:"$/,(0 '$642#,0- (B%/$0,23 ?/#6 %'( .4;;-
4- ,? "(,23 1#2-$6(0 "9 %'( -%#2(@ N'( (2%,/( 8,-,#2 /(6,20(0
D,(224&#?&-#6(%',23&#$%&#?&)#%%,1(;;,G- ?&66&%(#,,02'-#3'4/
=4230#25 ?#/ -#6( /(4-#25 -((6(0 $2?4K(05 420 1#2%,2$(0
/$22,23 0,/(1%;9 %#.4/0 %'( 148(G- (2%/421(@ 7(G0 640( 4 1#6:
6(2% (4/;,(/ 4"#$% g4%,142 M,%95 "$% D,(224 .4- ?4,/;9 1(/%4,2
%'(/(&.(/(&2#&?/(4*,-'&148(/2-&,2-,0(&%'(&.4;;-&#?&%'(&7#;9&D((@
!- %'(9 0/(. 2(4/(/5 D,(224G- (9(- 6#8(0 %# %'( ->/4.;,23
(2%4";4%$/( 4"#8( %'( (2%/421(k4 3'#-%;9 1#6>,;4%,#2 #?
-%4;41%,%(- 420 2("$;#$- -%#2( (B%/$-,#2- %'4% -((6(0 %# "( (2:
3$;?,23 %.# /(1;,2,23 .#6(25 .'# .(/( ?;42*(0 "9 4 -',(;0 (6:
"(00(0&.,%'&-,B&"4;;-5&#/ 6&,,#5&%'(&?46(0&1/(-%&#?&%'(&\(0,1,@
=4230#2 -$00(2;9 1$% %# ',- ;(?%5 4.49 ?/#6 %'( (2%/421(
420 %#.4/0 4 ?(4%$/( D,(224 '40 >/(8,#$-;9 6,--(0k4 -64;;
3/49 0##/ %# %'( ;(?% #? %'( 148(/2@ +(4%'(/(0 420 .##0(25 ,%
4>>(4/(0 #? ;,%%;( -,32,?,1421(5 ;,*( 4 -%#/43( 1;#-(% #/ /##6 ?#/
;420-14>,23&-$>>;,(-@
=4230#2 /$-'(0 %# %'( 0##/5 1;(4/;9 '#>,23 '( 1#$;0 #>(2 ,%5
"$% %'( 0##/ '40 2# '420;(k#2;9 4 "/4-- *(9'#;(k4205 4>>4/:
(2%;95&1#$;0&"(&#>(2(0&#2;9&?/#6&.,%',2@
iH462 ,%lj =4230#2G- (9(- 2#. -'#2( .,%' 1#21(/25 ',-
(4/;,(/&'#>(?$;2(--&4;;&"$%&(/4-(0@&ia&'40&'#>(0kj
 QVT[VZY
+,%'#$% .4/2,235 %'( >,(/1,23 .',2( #? %'( 0/#2( (1'#(0
;#$0;9 #?? %'( ',3' .4;;- 4/#$20 %'(6@ D,(224 %$/2(0 %# -(( %'(
0/#2( /,-,23 $> #8(/ %'( >4;41( 420 1;4.,23 ,%- .49 ,2 %'(,/
0,/(1%,#2@
=4230#2 1;(4/;9 -4. ,%5 %##5 "(14$-( '( 3/4""(0 D,(224G-
'420 420 04-'(0 %#.4/0 %'( 148(/2@ N'(9 0$1*(0 #$% #? -,3'%
,2&%'(&2,1*&#?&%,6(&"(2(4%'&%'(&3/#%%#G-&-%4;41%,%(&#8(/'423@
>%-.55.'B%#'(5&-'(&%'#$3'%@ <&*+.'B%5+34;B+%5+#%B&5#*%4-%+#,,/
 M7!ONP< RX

! qh!<NP< \a=P %# %'( (4-%5 g49(2%'4 >4/*(0 '(/ 6#%#/191;(@ D'(

'40 1/#--(0 ,2%# %'( #;0 1,%9 8,4 %'( O#2%( 4;;( d/4K,( 420 %'(2
1,/1;(0 4/#$20 %# %'( O#2%( g(11',#k%'( ?46(0 >(0(-%/,42
"/,03( 1#22(1%,23 %'( O,%%, O4;41( %# %'( #;0 1,%9@ !?%(/ ;#1*,23
'(/ '(;6(% %# %'( ",*(5 -'( -%/#0( #$% #2%# %'( "/,03( 420
6,B(0&.,%'&%'(&(4/;9:6#/2,23&%#$/,-%-@
! 1##; \4/1' "/((K( ";(. -%(40,;9 $> %'( /,8(/5 /$??;,23 g49:
(2%'4G- -'#/% ->,*(0 '4,/5 /(6,20,23 '(/ %'4% =4230#2 *2(.
.'4% -'( ;##*(0 ;,*(@ D'( >4$-(0 4% %'( -%4;; #? #2( #? %'(
"/,03(G- 6429 8(20#/- 420 "#$3'% 42 !\F Ea<PAmP "4-("4;; 14>5
>$;;,23&,%&;#.&#8(/&'(/&?41(@
D'( -6##%'(0 '(/ ;(4%'(/ -$,% #8(/ %'( "$;3( #? '(/ '4203$2
420 %##* $> 4 >#-,%,#2 2(4/ %'( 1(2%(/ #? %'( "/,03(5 14-$4;;9
;(42,23 434,2-% 4 >,;;4/ 420 ?41,23 %'( O,%%, O4;41(@ E/#6 '(/(
-'( .4- 4";( %# -$/8(9 4;; %'( >(0(-%/,42- 1/#--,23 %'( !/2# ,2:
%#&%'(&'(4/%&#?&E;#/(21(@
T&'B(4' .* 4' -4455 -'( %#;0 '(/-(;?@ 2- +# -.'(* & 9&)
&34;'( 5+# Z435& P4:&'&C 5+.* D3.(B# .* +.* :4*5 ,4B.7&,
34;5#%.'54%5+#%4,(%7.5)/
N# %'( .(-%5 ,2 %'( 0,/(1%,#2 #? %'( O,%%, O4;41(5 -'( 1#$;0
'(4/ -,/(2- 420 .#20(/(0 ,? %',- .4- 3##0 #/ "40 2(.-@ >3#
5+#) *5.,, ,44$.'B -43 +.:L K3 +&8# 5+#) 7&;B+5 +.:L !- g49:
(2%'4 -%/4,2(0 '(/ (4/- ?#/ -#6( ,20,14%,#2 4- %# .'4% .4- 3#:
,23 #25 4 2(. -#$20 -$00(2;9 "(146( 4$0,";(k4 ',3':>,%1'(0
.',2( -#6(.'(/( #8(/'(40@ 7(/ (9(- %$/2(0 ,2-%,21%,8(;9 -*9:
.4/05 420 -'( ->#%%(0 ,% 4% #21(k4 -64;; /(6#%(:1#2%/#;;(0
'(;,1#>%(/ /,-,23 ?4-% #8(/ %'( >4;41( 420 -.##>,23 0#.2 #8(/
 QVV[VZY
%'( %/((%#>- ,2 %'( 0,/(1%,#2 #? %'( 2#/%'(4-% 1#/2(/ #? %'( )#:
"#;,&d4/0(2-@
> *;38#.,,&'7# (34'#5 g49(2%'4 %'#$3'% .,%' 4 -$/3( #?
'#>(@ 2-%.50*%.'%5+#%&.3C%N3j(#3%+&*%)#5%54%-.'(%T&'B(4'/
N'( 0/#2( .4- 4>>/#41',23 ?4-%@ !>>4/(2%;9 ,% .4- -$/8(9,23
%'( 2#/%'(4-% 1#/2(/ #? %'( 34/0(2-5 %'( 4/(4 1;#-(-% %# O#2%(
g(11',# 420 g49(2%'4G- >#-,%,#25 .',1' 348( '(/ 400,%,#24;
(21#$/43(6(2%@
2- T&'B(4' #,;(#( N3j(#3C +# 94;,( (#-.'.5#,) D# :48.'B .'
5+.*%(.3#75.4'/
!- g49(2%'4 .4%1'(05 '#.(8(/5 %'( 0/#2( -$00(2;9 0,8(:
"#6"(0 #$% #? -,3'% "(',20 %'( ',3' -%#2( .4;;@ D'( 1#$;0 '(4/
,% '#8(/,23 ,2 >;41( -#6(.'(/( "(;#. %'( %/(( ;,2( L 4>>4/:
(2%;9&'48,23&;#14%(0&-#6(%',23&#?&,2%(/(-%@
 M7!ONP< RY

"AAY >S< MA *+&,, -.'(5 =4230#2 %'#$3'%5 '$00;(0 ,2 %'( 0,6

3/#%%#&.,%'&D,(224@ O#%*4;B+5%&'%#\.5%E%&'(%-4;'(%&%(#&(%#'(/
N'( 46#/>'#$- ?#$2%4,2 ,2 %'( 1(2%(/ #? %'( 148( #??(/(0
3##0 1#8(/5 420 9(% 4- =4230#2 >((/(0 #$% ?/#6 "(',20 ,%5 '(
-(2-(0&,%&.4-&%##&;4%(@
N'( 0/#2( '40 C$-% -.##>(0 0#.2 ,2%# %'( .4;;(0 1$;:0(:-415
-%#>>,23 4"/$>%;9 #$%-,0( %'( 148(/25 .'(/( ,% 2#. '#8(/(0 4%
4 -%420-%,;;5 #2;9 %(2 ?((% #?? %'( 3/#$205 ?41,23 %'( 3/#%%#5
"$KK,23 ,2%(2-(;9 ;,*( -#6( *,20 #? ,2?$/,4%(0 ,2-(1% L 4.4,%:
,23&,%-&>/(9@
=4230#2 >$;;(0 "41* 420 .',->(/(0 %'( 3/,6 2(.- %# D,:
(224@&ia&%',2*&,%&*2#.-&.(G/(&'(/(@j
N'( 0/#2(G- ',3':>,%1'(0 .',2( .4- 2(4/;9 0(4?(2,23 ,2-,0(
%'( 148(/25 %'( 2#,-( /(?;(1%,23 -'4/>;9 #?? %'( -%#2( .4;;-@
=4230#2 ?#$20 ,% '4/0 %# "(;,(8( %'(9 .(/( "(,23 '(;0 '#-%43(
"9 4 6,2,4%$/( 6(1'42,14; '(;,1#>%(/5 420 9(% '( *2(. %'4% %/9:
,23 %# /$2 ?/#6 ,% .4- ?/$,%;(--@ "4 9+&5 (4 9# (4 '49L _;*5
9&.5L 7,- #/,3,24; >;42 %# 411(-- .'4% ;49 "(',20 %'( ;,%%;( 3/49
0##/ '40 "((2 4 /(4-#24";( #2(5 (B1(>% '( '402G% /(4;,K(0 %'(
0##/&.4-&#>(24";(&#2;9&?/#6&.,%',2@
!- =4230#2G- (9(- 40C$-%(0 %# %'( 3/#%%#G- 04/* ,2%(/,#/5 '(
-$/8(9(0 %'(,/ $2$-$4; -$//#$20,23-5 .#20(/,23 ,? %'(/( .4-
429 #%'(/ (B,%@ 7( -4. 2#%',23 >/#6,-,23@ N'( ,2%(/,#/ #? %'(
148(/2 .4- 40#/2(0 .,%' -1$;>%(0 42,64;- 420 '$642-5 4;; ,2
84/,#$- -%43(- #? 1#2-$6>%,#2 "9 %'( -%/423( ##K,23 .4;;-@ H(:
C(1%(05 =4230#2 /4,-(0 ',- (9(- %# %'( 1(,;,23 #? -%4;41%,%(-
'423,23&#6,2#$-;9&#8(/'(40@
>%B44(%6,&7#%54%(.#/
 QVX[VZY
N'( )$#2%4;(2%, d/#%%#k-# 246(0 ?#/ ,%- 4/1',%(1%5 )(/2:
4/0# )$#2%4;(2%,k.4- 4/3$4";9 %'( 6#-% 1$/,#$-:;##*,23
->41( ,2 4;; #? E;#/(21(@ a2%(20(0 4- 4 *,20 #? ?$2 '#$-( ?#/
9#$23 3$(-%- 4% %'( O,%%, O4;41(5 %'( %'/((:1'46"(/(0 -$,%( #?
148(/2- .4- 0(1#/4%(0 ,2 4 ";(20 #? 24%$/4;,-%,1 ?42%4-9 420
d#%',1 (B1(--5 1#6>#-(0 #? .'4% 4>>(4/(0 %# "( 0/,>>,23 1#2:
1/(%,#2- 420 ?;#.,23 >$6,1( %'4% -((6(0 (,%'(/ %# "( 1#2-$6:
,23 #/ (B$0,23 %'( 6$;%,%$0( #? 14/8(0 ?,3$/(-@ a2 %'( 049- #?
%'( \(0,1,5 %'( 3/#%%# .4- 411(2%(0 "9 '48,23 .4%(/ ?;#. 0#.2
%'( ,2%(/,#/ .4;;-5 .',1' -(/8(0 "#%' %# 1##; %'( ->41( 0$/,23
%'( '#% N$-142 -$66(/- 420 %# 1/(4%( %'( (??(1% #? 42 41%$4;
148(/2@
=4230#2 420 D,(224 .(/( ',00(2 ,2 %'( ?,/-% 420 ;4/3(-%
1'46"(/ "(',20 42 ,20,-%,21% 1(2%/4; ?#$2%4,2@ N'(9 .(/( -$/:
/#$20(0 "9 1#;#/?$; ?,3$/(- #? -'(>'(/0-5 >(4-42%-5 6$-,1,42-5
42,64;-5 420 (8(2 1#>,(- #? \,1'(;423(;#G- ?#$/ >/,-#2(/-5 4;;
#? .',1' -((6(0 %# "( -%/$33;,23 %# "/(4* ?/(( #? %'( ?;$,0:
;##*,23 /#1* %'4% (23$;?(0 %'(6@ 7,3' 4"#8(5 %'( 6#/2,23 ;,3'%
?,;%(/(0 0#.2 %'/#$3' 42 #1$;$- ,2 %'( 1(,;,235 .',1' '40 #21(
'(;0 4 3,42% 3;4-- "4;; ?,;;(0 .,%' .4%(/ ,2 .',1' "/,3'% /(0 14/>
-.46&,2&%'(&-$2;,3'%@
=4230#2 .#20(/(0 '#. %'( #/,3,24; <(24,--421( 8,-,%#/-
'(/( .#$;0 '48( /(41%(0 4% %'( -,3'% #? 4 /(4;:;,?( '(;,1#>%(/k4
?42%4-%,14; 0/(46 #? a%4;9G- #.2 =(#24/0# 04 g,21,k'#8(/,23
#$%-,0(&%'(&3/#%%#@
a% .4- 4% %'4% 6#6(2% %'4% %'( 0/#2(G- -'/,;; .',2( -%#>>(0@
a%&'402G%&?40(0&4.49e&/4%'(/5&,%&'40&C$-%&L&4"/$>%;9&-%#>>(0@
O$KK;(05 =4230#2 >((/(0 #$% ?/#6 "(',20 %'( ?#$2%4,2 420
-4. %'4% %'( 0/#2( '40 ;420(0@ a% .4- 2#. -,%%,23 ,0;( #2 %'(
3/48(; >;4K45 ;##*,23 6$1' ;(-- #6,2#$-5 (->(1,4;;9 "(14$-( %'(
-%,23(/;,*( 8,0(# ;(2- #2 %'( ?/#2% .4- ?41,23 4.49 ?/#6 %'(65
#??&%#&#2(&-,0(5&,2&%'(&0,/(1%,#2&#?&%'(&;,%%;(&3/49&0##/@
=4230#2G- -(2-( #? /(;,(? .4- ?;((%,23@ ! '$20/(0 94/0- "(:
',20 %'( 0/#2(5 2(4/ %'( -%4%$( #? %'( 0.4/? 420 %$/%;(5 %'/((
 QVY[VZY
'(48,;9 4/6(0 -#;0,(/- .(/( 2#. -%/,0,23 >$/>#-(?$;;9 0#.2
%'(&-%4,/-5&'(40,23&0,/(1%;9&%#.4/0&%'(&3/#%%#@
N'( -#;0,(/- .(/( 0/(--(0 ,2 ?46,;,4/ ";41* $2,?#/6- .,%'
3/((2 6(04;;,#2- #2 %'(,/ -'#$;0(/-@ N'(,/ 6$-1$;4/ ;(40 642
'40 84142% (9(- %'4% /(6,20(0 =4230#2 #? %'( >;43$( 64-* ,2
',-&8,-,#2-@
2%&:%(#&5+/
=4230#2 0,0 2#% -(( %'(,/ 842 #/ %'( 69-%(/,#$- -,;8(/:
'4,/(0&.#642&429.'(/(@
2%&:%,.-#/
!- %'( -#;0,(/- 4>>/#41'(05 #2( #? %'(6 -%#>>(0 4% %'( "#%:
%#6 #? %'( -%4,/- 420 %$/2(0 4/#$205 ?41,23 "41*.4/05 4>>4/:
(2%;9 %# >/(8(2% 429#2( (;-( ?/#6 0(-1(20,23 ,2%# %',- 4/(4@
N'(&#%'(/&%.#&*(>%&1#6,23&%#.4/0&%'(&3/#%%#@
=4230#2 420 D,(224 ->/423 ,2%# 6#%,#2 434,2k4;%'#$3'
>/#"4";9 #2;9 0(;49,23 %'( ,2(8,%4";(k-'$??;,23 "41*.4/0 #2
4;; ?#$/- ,2%# %'( -(1#20 148(/25 .',1' .4- -64;;(/5 0((>(/5
420 04/*(/@ a%5 %##5 .4- 0#6,24%(0 "9 4 1(2%/4; >,(1( #? 4/%k,2
%',- 14-(5 4 -%4%$( #? %.# ,2%(/%.,2(0 ;#8(/-k"(',20 .',1'
=4230#2&420&D,(224&2#.&',0&42(.@
g(,;(0 ,2 -'40#.5 =4230#2 14/(?$;;9 >((/(0 #$% 4/#$20 %'(
"4-( #? %'( -%4%$( 420 .4%1'(0 %'(,/ 4>>/#41',23 4--4,;42%-@ !-
%'( %.# -#;0,(/- /(41'(0 %'( 0/#2(5 #2( -%#>>(0 420 1/#$1'(0
0#.2&%#&%(20&%#&,%5&>,1*,23&,%&$>&420&(B46,2,23&%'(&146(/4@
<.( 5+# (#8.7# *645 ;*L =4230#2 .#20(/(05 ?(4/,23 '( *2(.
%'(&42-.(/@
N'( %',/0 420 ;4-% -#;0,(/5 %'( 6$-1$;4/ #2( .,%' %'( 1#;0
(9(-5 .4- -%,;; 6#8,23 .,%' ,19 ?#1$- ,2 =4230#2G- 0,/(1%,#2@
N'( 642 4>>/#41'(0 $2%,; '( .4- 2(4/;9 4% %'( 6#$%' #? %'(
148(@ @#0* 74:.'B .'/ =4230#2 >/(>4/(0 %# >$;; "41* "(',20
%'( -%4%$( 420 %(;; D,(224 ,% .4- #8(/5 "$% ,2 %'4% ,2-%42%5 '(
.,%2(--(0&-#6(%',23&$2(B>(1%(0@
N'( -#;0,(/5 /4%'(/ %'42 (2%(/,23 %'( 3/#%%#5 -$00(2;9 >((;(0
#??&%#&%'(&;(?%&420&0,-4>>(4/(0@
 QWZ[VZY
O+#3#%.*%+#%B4.'BLF%@#%(4#*'05%$'49%9#03#%+#3#L
! ?(. 6#6(2%- ;4%(/5 =4230#2 '(4/0 >#$20,23k4 ?,-%
*2#1*,23&#2&.##0@
1+# ,.55,# B3&) (4435 =4230#2 %'#$3'%@ @# :;*5 $'49 9+#3#
.5%,#&(*/

O,%%, O4;41( -(1$/,%9 3$4/0 P/2(-%# <$--# '40 4;.49- .42%(0 %#

>;49 P$/#>(42 ?##%"4;;5 "$% 4% %.(2%9:2,2( 9(4/- #;0 420 #8(/:
.(,3'%5 '( '40 ?,24;;9 "(3$2 %# 411(>% %'4% ',- 1',;0'##0 0/(46
.#$;0 2(8(/ 1#6( %/$(@ E#/ %'( >4-% %'/(( 9(4/-5 P/2(-%# '40
.#/*(0 4- 4 3$4/0 '(/( 4% %'( O,%%, O4;41(5 4;.49- ,2 %'( -46(
1;#-(%:-,K(&#??,1(5&4;.49-&.,%'&%'(&-46(&0$;;&C#"@
P/2(-%# .4- 2# -%/423(/ %# 1$/,#$- %#$/,-%- *2#1*,23 #2 %'(
;,%%;( 3/49 0##/ #$%-,0( %'( #??,1( ,2 .',1' '( .4- -%4%,#2(05
420 '( $-$4;;9 C$-% ,32#/(0 %'(6 $2%,; %'(9 -%#>>(0@ N#0495
'#.(8(/5&%'(&"423,23&.4-&,2%(2-(&420&1#2%,2$#$-@
!22#9(05 '( /(?#1$-(0 #2 ',- %(;(8,-,#2 -(%5 .',1' .4-
;#$0;9 >;49,23 4 ?##%"4;; /(/$2kE,#/(2%,24 8(/-$- _$8(2%$-@
N'( *2#1*,23 #2;9 3/(. ;#$0(/@ E,24;;95 1$/-,23 %'( %#$/,-%-5 '(
64/1'(0 #$% #? ',- #??,1( 0#.2 %'( 24//#. 1#//,0#/ %#.4/0 %'(
-#$20@ 74;?.49 %'(/(5 '( -%#>>(0 4% %'( 64--,8( -%((; 3/4%(
%'4% /(64,2(0 -(4;(0 41/#-- %',- '4;;.49 (B1(>% 4% 4 ?(. ->(1,?:
,1&'#$/-@
7( (2%(/(0 %'( 1#6",24%,#2 #2 %'( >40;#1* 420 $2;#1*(0
%'( 3/4%(5 >$;;,23 ,% %# #2( -,0(@ !?%(/ -%(>>,23 %'/#$3'5 '( ?#;:
;#.(0 >/#%#1#; 420 /(;#1*(0 %'( 3/4%( "(',20 ',6@ N'(2 '(
.4;*(0&%#&%'(&3/49&.##0(2&0##/@
Qk 7+.;*4FR '( 9(;;(0 %'/#$3' %'( 0##/5 '#>,23 %'( >(/-#2
#$%-,0(&.#$;0&'(4/@ QS4'%*.%6;]%#'53&3#FR
N'(&"423,23&1#2%,2$(0@
P/2(-%# 3/,%%(0 ',- %((%'@ S#9 M43$#3*5 '( .43(/(0@ 1+#)
9&'5 9+&5 5+#) 9&'5/ N'( #2;9 /(4-#2 %'(,/ <(0 )$;;- -#11(/
 QWQ[VZY
%(46 .4- '48,23 429 -$11(-- #2 %'( .#/;0 -%43( .4- %'4% %'(9G0
>,;?(/(0&#2(&#?&P$/#>(G-&"(-%&1#41'(-@
N'( "423,23 1#2%,2$(05 420 P/2(-%# /(;$1%42%;9 $2;#1*(0
%'(&0##/&420&>$-'(0&,%&#>(2&4&?(.&,21'(-@ Qk%7+.;*4FR
N'( "423,23 ?,24;;9 -%#>>(05 420 P/2(-%# ?#$20 ',6-(;? ?41(:
%#:?41( .,%' 4 -#;0,(/ .'#-( (9(- .(/( -# 1#;0 %'(9 ;,%(/4;;9
640( P/2(-%# -%(> "41*@ N'( 642 '(;0 $> 42 #??,1,4; 14/2(%
"(4/,23&42&41/#296&P/2(-%#&0,0&2#%&/(1#32,K(@
Q=4*& *;77#(#LFR P/2(-%# 0(6420(05 4;4/6(0@ O+&50* B4.'B
4'LF
)(',20 %'( -#;0,(/5 4 -(1#20 .4- 1/#$1'(0 0#.25 %,2*(/,23
.,%' .'4% 4>>(4/(0 %# "( 4 %#9 '(;,1#>%(/@ D%,;; ?4/%'(/ 4.495
42#%'(/ -#;0,(/ -%##0 3$4/0 #2 %'( -%4,/14-(@ P/2(-%# '(4/0 >#:
;,1(&-,/(2-&2(4/"9@
iH# 9#$ ->(4* P23;,-'nj N'( -#;0,(/G- 411(2% .4- 0(?,2,%(;9
2#%&A(.&]#/*@ A;346#%*4:#9+#3#L
P/2(-%#&2#00(0@&i!&",%5&9(-@j
i74-&429#2(&1#6(&%'/#$3'&%',-&0##/&%',-&6#/2,23nj
QS4C%*.B'43#/%S#**;'4/R
iPB1(;;(2%@&`((>&,%&;#1*(0@&A#"#09&,2&#/&#$%@&a-&%'4%&1;(4/nj
P/2(-%# -'/$33(0@ N'4% .4- ',- C#" 429.49@ i"U5 a $20(/:
-%420@ S4'%(#8#%#'53&3#C%'l%;*7.3#%'#**;'4/j
iN(;;&6(5&>;(4-(5&,-&%',-&0##/&%'(&-#;(&(2%/421(nj
P/2(-%# 1#2-,0(/(0 %'( I$(-%,#2@ N(1'2,14;;95 2#.4049- %',-
0##/ .4- 1#2-,0(/(0 42 #\.55 .',1' .4- .'9 ,% '40 2# '420;(
#2 %'( #$%-,0(5 "$% '( $20(/-%##0 .'4% %'( 642 .4- 4-*,23@
i](-5 ,0&77#**4 ,- %',- 0##/ #2;9@ A# #%'(/ .49@j N'( #/,3,24;
(2%/421(&,2-,0(&%'(&>4;41(&'40&"((2&-(4;(0&?#/&6429&9(4/-@
i!20 4/( %'(/( 429 #%'(/ ',00(2 (B,%- ?/#6 %'( )#"#;, d4/:
0(2-n&F%'(/&%'42&%'(&%/40,%,#24;&34%(-nj
iS4C%*.B'43#/ ),3&.4;;-&(8(/9.'(/(@&N',-&#2;9&-(1/(%&(B,%@j
N'( -#;0,(/ 2#00(0@ iN'42* 9#$ ?#/ 9#$/ '(;>@j 7( 6#%,#2(0
?#/&P/2(-%#&%#&1;#-(&420&;#1*&%'(&0##/@
 QWR[VZY
O$KK;(05 P/2(-%# #"(9(0@ N'(2 '( '(40(0 "41* $> %'( 1#/:
/,0#/5 $2;#1*(0 %'( -%((; 3/4%(5 6#8(0 %'/#$3' ,%5 /(;#1*(0 ,%
"(',20&',65&420&/(%$/2(0&%#&',-&?##%"4;;&64%1'@
 M7!ONP< SZ

=!AdHFA&!AH&DaPAA! '40&-(,K(0&42&#>>#/%$2,%9@
+',;( %'( 6$-1$;4/ -#;0,(/ .4- >#$20,23 #2 %'( 0##/5 %'(9
'40 1/4.;(0 0((>(/ ,2%# %'( 3/#%%# 420 .(/( 2#. '$00;(0 ,2
%'( ?,24; 1'46"(/@ N'( %,29 ->41( .4- 40#/2(0 .,%' /#$3':
'(.2 6#-4,1- 420 -4%9/-@ !% ,%- 1(2%(/ -%##0 4 ;,?(:-,K( -1$;>:
%$/( #? 4 N&5+.'B J#';*5 .'#5 ?,%%,23;95 -((6(0 %# "( 3;421,23
2(/8#$-;9&#8(/&'(/&-'#$;0(/@
=4230#2 420 D,(224 '40 (2-1#21(0 %'(6-(;8(- #2 %'( ?4/
-,0( #? %'( -%4%$(G- 24//#. >;,2%'5 .'(/( %'(9 2#. .4,%(05 -%4/:
,23 "41* 4% %'( -,23;( 3;#"$;4/ -%4;436,%( %'4% 1;,6"(0 %'(
0((>(-%&.4;;&#?&%'(&3/#%%#@
i!;; (B,%- 1#2?,/6(0 -(1$/(lj -'#$%(0 4 -#;0,(/ -#6(.'(/(
#$%-,0(@ 7( .4- ->(4*,23 P23;,-' .,%' 4 ?4,2% 411(2% %'4% =423:
0#2 1#$;02G% >;41(@ iD(20 %'( 0/#2( "41* $>@ aG;; 1'(1* %',- 148(
'(/(@j
=4230#2&1#$;0&?((;&D,(224G-&"#09&%,3'%(2&"(-,0(&',6@
D(1#20- ;4%(/5 '(489 "##%- .(/( >400,23 ,2%# %'( 3/#%%#@ N'(
?##%-%(>- 408421(0 I$,1*;9 %'/#$3' %'( ?,/-% 1'46"(/5 3/#.,23
;#$0(/ -%,;; 4- %'(9 (2%(/(0 %'( -(1#20 1'46"(/5 1#6,23 0,/:
(1%;9&%#.4/0&%'(6@
=4230#2&420&D,(224&'$00;(0&1;#-(/@
i7(9lj 4 0,??(/(2% 8#,1( -'#$%(0 ,2 %'( 0,-%421(@ i+(G8( 3#%
%'(6lj
N'(&?##%-%(>-&-%#>>(0&-'#/%@
=4230#2 1#$;0 2#. '(4/ -#6(#2( /$22,23 ;#$0;9 0#.2 %'(
3/48(; .4;*.49 %#.4/0 %'( 3/#%%#@ iO#-,%,8( aHlj %'( "/(4%';(--
8#,1( 0(1;4/(0@ i+( C$-% ->#*( %# 4 1#$>;( #? %#$/,-%-@ ! ?(.
6,2$%(- 43#5 %'( 642 420 %'( .#642 4-*(0 %'(6 0,/(1%,#2- %#
 QWT[VZY
%'( >4;41(G- 1#-%$6( 34;;(/9 L .',1' ,- #8(/ 4% %'( .(-% (20 #?
%'(&>4;4KK#@j
=4230#2 3;421(0 4% D,(2245 .'# -((6(0 %# "( -6,;,23 (8(/
-#&?4,2%;9@
N'( -#;0,(/ /(34,2(0 ',- "/(4%'5 1#2%,2$,23@ iN'( .(-%(/2
(B,%- .(/( %'( ?,/-% %# "( -(4;(0 L 420 1#2?,0(21( ,- ',3' %'4%
.(G8(&3#%&%'(6&%/4>>(0&,2-,0(&%'(&34/0(2-@j
iPB(1$%( 9#$/ 6,--,#25j %'( 2(4/(/ -#;0,(/ /(>;,(0@ i!20 14;;
6(&%'(&,2-%42%&9#$G8(&-$11((0(0@j
N'(/( .4- 4 ?;$//9 #? 0(>4/%,23 ?##%-%(>- #2 3/48(;5 %'(
-#$20 #? %'( 0/#2( ;,?%,23 #?? 434,25 420 %'(25 %'42*?$;;9 L
%#%4;&-,;(21(@
=4230#2 .4- 4"#$% %# %.,-% -,0(.49- ,2 #/0(/ %# >((/ 4/#$20
%'( >;,2%'5 .'(2 D,(224 3/4""(0 ',- 4/65 -%#>>,23 ',6@ D'(
'(;0 4 ?,23(/ %# '(/ ;,>- 420 2#00(0 4% 4 ?4,2% '$642#,0 -'40:
#. #2 %'( /(4/ .4;;@ N'( ;(40 -#;0,(/ .4- -%,;; -%420,23 -,;(2%;9
,2&%'(&6#$%'&#?&%'(&3/#%%#@
O+&5%.*%+#%9&.5.'B%-43LF
ia%G- )/t0(/5j '( -4,0 -$00(2;9@ i+(G8( 3#% %'(6 1#/2(/(0@ a
-'#$;0&'48(&1#2?,/64%,#2&?#/&9#$&-'#/%;9@j
N'( 642 '40 >;41(0 4 >'#2( 14;;5 420 ',- 8#,1( -#$20(0 $2:
2(/8,23;9 1;#-(5 4- ,? '( .(/( -%420,23 /,3'% "(-,0( %'(6@ N'(
148(/2 .4- 41%,23 ;,*( 4 >4/4"#;,1 6,1/#>'#2(5 1#;;(1%,23 4;;
%'(&-#$20&420&?#1$-,23&,%&4%&%'(&/(4/@
iN'(/(G- 6#/(5j )/t0(/ -4,0@ ia C$-% /(1(,8(0 42 $>04%( ?/#6
?#/(2-,1-@ N'( .#642G- 4>4/%6(2% 4>>(4/- %# "( 4 -$";(%@
h20(/?$/2,-'(0@ M;(4/;9 -'#/% %(/6@ +( ;#14%(0 %'( ",#%$"(5
"$% %'( >/#C(1%#/ .4- '45 >/(-(2%@ a /(>(4%5 %'( >/#C(1%#/ .4-
'45 >/(-(2%@&+(&4--$6(&,%G-&-%,;;&,2&=4230#2G-&>#--(--,#2@j
=4230#2&?(;%&4&1',;;&%#&'(4/&%'(&-#;0,(/&->(4*&',-&#.2&246(@
N'( ?##%-%(>- 3/(. ;#$0(/5 420 =4230#2 /(4;,K(0 %'4% %'(
642 .4- 6#8,23 ,2%# %'( 3/#%%#@ 7,- 34,% ;41*(0 %'( ,2%(2-,%9 #?
4 ?(. 6#6(2%- "(?#/( 420 -#$20(0 2#. 4- ,? '( .(/( -,6>;9
.420(/,235&(B>;#/,23&%'(&3/#%%#&4-&'(&%4;*(0&#2&%'(&>'#2(@
 QWU[VZY
iM#//(1%5j %'( 642 -4,0@ iE#/(2-,1- 4;-# 1#2?,/6(0 4 -,23;(
#$%"#$20&14;;&-'#/%;9&"(?#/(&.(&-%#/6(0&%'(&4>4/%6(2%@j
1+# G/"/ =4'*;,&5#5 =4230#2 %'#$3'%5 /(6(6"(/,23 ',-
>'#2( 1#28(/-4%,#2 420 %'( I$,1* 4//,84; #? %'( ->,*(:'4,/(0
4--4--,2@ N'( .#642 -((6(0 %# '48( 0,-4>>(4/(05 /(>;41(0 "9
42&(2%,/(&%(46&#?&%/4,2(0&-#;0,(/-@
O#%7&'05%4;53;'%5+#:%-43#8#3/
N'( -#$20 #? %'( -#;0,(/G- "##%- #2 %'( -%#2( ?;##/ .4- 2#.
#2;9 4"#$% %.(2%9 ?((% 4.49 420 1;#-,23@ N'( 642 '40 (2%(/(0
%'( -(1#20 1'46"(/5 420 ,? '( 1#2%,2$(0 %# %'( (205 '( .#$;0
1(/%4,2;9 ->#% %'( %.# #? %'(6 1/#$1'(0 "(',20 J#';*G- 24//#.
"4-(@
iD,(224 )/##*-5j %'( 642 0(1;4/(0 -$00(2;95 %'( .#/0- 1/9-:
%4;&1;(4/@
D,(224 -%4/%;(0 "(-,0( =4230#25 '(/ (9(- /((;,23 $>.4/05
1;(4/;9 (B>(1%,23 %# -(( %'( -#;0,(/ -%4/,23 0#.2 4% '(/@ )$%
2#"#09&.4-&%'(/(@
iN'(9G/( 3#,23 %'/#$3' '(/ ;4>%#> 2#.5j %'( 8#,1( 1#2%,2$(05
4"#$% %(2 ?((% 4.49@ ia 0#2G% '48( 4 /(>#/% 9(%5 "$% ,% ,- 0(?,2:
,%(;9 %'( -46( 641',2( .( %/41(0 .'(2 =4230#2 411(--(0 ',-
74/84/0&(:64,;&411#$2%@j
F2 '(4/,23 %',- 2(.-5 D,(224 %$/2(0 %# =4230#2 ,2 0,-"(;,(?5
34>,23&4%&',6&.,%'&42&(B>/(--,#2&#?&-'#1*&L&420&%'(2&"(%/494;@
=4230#2 .4- (I$4;;9 -%$22(0@ 1+&50* +49 5+#) 53&7$#( ;*LF
a% '402G% (8(2 #11$//(0 %# ',6 4% %'( %,6(@ 2 X;*5 '##(#( .'V
-43:&5.4'F )(?#/( =4230#2 1#$;0 1#28(9 42 4>#;#395 D,(224
'40&%$/2(0&4.495&'(/&(B>/(--,#2&3#,23&";42*@
iN'4%G- 1#//(1%5j %'( -#;0,(/ -4,05 4//,8,23 4% %'( (2%/421( %#
%'( %',/0 1'46"(/5 4 6(/( -,B ?((% ?/#6 =4230#2 420 D,(224@
N.#&6#/(&-%(>-&420&'(&.#$;0&-((&%'(6&?#/&1(/%4,2@
iPB41%;95j '( 0(1;4/(05 %4*,23 #2( -%(> 1;#-(/@ D$00(2;9 %'(
-#;0,(/&>4$-(0@&i7#;0&#2&4&-(1#20@j
=4230#2&?/#K(5&"/41,23&%#&"(&0,-1#8(/(0@
 QWV[VZY
i7#;0 #25 aG6 ;#-,23 9#$5j %'( -#;0,(/ -4,05 420 %'(2 /(:
%/(4%(0 4 ?(. -%(>- ,2%# %'( -(1#20 1'46"(/@ i)40 1#22(1%,#2@
d# 4'(40 Lj 7( ;,-%(2(0 ?#/ 4 6#6(2%5 %'(2 /(>;,(0@ i](-5 a
43/((5&"$%&4%&;(4-%&.(&*2#.&.'#&.(G/(&0(4;,23&.,%'@j
+,%' %'4%5 ',- ?##%-%(>- ?40(0 #$% #? %'( 3/#%%#5 6#8(0 41/#--
4&3/48(;&-$/?41(5&420&%'(2&0,-4>>(4/(0&1#6>;(%(;9@
=4230#2G- -'#$;0(/- -#?%(2(05 420 '( %$/2(0 %# D,(2245
.'#-(&(9(-&"$/2(0&.,%'&4&6,B%$/(&#?&?(4/&420&423(/@
i]#$ $-(0 69 ;4>%#>nlj -'( 0(6420(0@ iN# 1'(1* 9#$/ (:
64,;nj
iaG6 -#//9 L a %'#$3'% 9#$G0 $20(/-%420@ a 2((0(0 %# ?,20
#$%kj
iN'4%G-&'#.&%'(9&?#$20&$-l&!20&2#.&%'(9&*2#.&69&246(lj
ia 4>#;#3,K(5 D,(224@ a 0,02G% /(4;,K( Lj =4230#2 .4- /41*(0
"9&3$,;%@
D,(224 %$/2(0 4.495 -%4/,23 ";42*;9 4% %'( "$;"#$- -%4;43:
6,%( #2 %'( /(4/ .4;;@ A(,%'(/ #2( #? %'(6 -4,0 429%',23 ?#/
2(4/;9 4 6,2$%(@ =4230#2 .#20(/(0 ,? D,(224 /(6(6"(/(0 %'(
>(/-#24; ,%(6- %'4% '40 "((2 -%41*(0 #2 '(/ 0(-*k%'( >;49",;;
?/#6 > ?.(*;::#3 S.B+50* <3#&: 420 >/(-- 1;,>>,23- 4"#$%
'(/ ;,?( 4- 4 9#$23 >/#0,39@ <4#* *+# *;*6#75 2 *&9 5+#:L a? -#5
-'( .4-2G% 4-*,235 420 =4230#2 .4- ,2 (2#$3' %/#$";( .,%' '(/
4;/(409&%'4%&'(&.4-&2#%&4"#$%&%#&6(2%,#2&,%@
iN'(9 *2#. .'# a 465j D,(224 /(>(4%(05 '(/ 8#,1( -# ?4,2%
%'4% =4230#2 1#$;0 "4/(;9 '(4/ '(/@ F8(/ %'( 2(B% %(2 -(1#20-5
D,(224 %##* -(8(/4; -;#. "/(4%'-5 4- ,? %/9,23 %# 4"-#/" %',- 2(.
/(4;,%9@ !- -'( 0,0 -#5 =4230#2 -(2-(0 %'4% '(/ /(-#;8( .4-
-;#.;9&'4/0(2,23@
+,%'#$% .4/2,235 D,(224 -1/46";(0 %# '(/ ?((%@ i+( -'#$;0
3#5j -'( -4,0@ ia% .#2G% %4*( ;#23 ?#/ %'(6 %# ?,3$/( #$% .(G/(
2#%&,2&%'(&1#-%$6(&34;;(/9@j
=4230#2&-%##0&$>&.,%'&'(/@&i](-5&"$%&3#&L&.'(/(nj
ig4%,142&M,%9nj
ia&"(3&9#$/&>4/0#2nj
 QWW[VZY
ia ?,24;;9 ?,3$/(0 #$% .'4% 9#$ 6(42% "(?#/( L .'4% g4%,142
M,%9 '4- ,2 1#66#2 .,%' %'( )#"#;, d4/0(2-@j D'( 6#%,#2(0 ,2
%'( 0,/(1%,#2 #? %'( ;,%%;( 3/49 0##/@ iN'4%G- %'( (2%/421(5
/,3'%nj
=4230#2 64243(0 4 2#0@ i!1%$4;;95 %'4%G- %'( (B,%5 "$% a
?,3$/(0 ,% .4- .#/%' 4 -'#%@ h2?#/%$24%(;95 .( 142G% 3(%
%'/#$3'@j =4230#2 '40 '(4/0 (2#$3' #? %'( 3$4/0G- (B1'423(
.,%'&%'(&-#;0,(/&%#&*2#.&%',-&0##/.49&.4-&2#%&42&#>%,#2@
i)$% ,? .( 74;,( 3(% %'/#$3'5j D,(224 -4,05 4 ',2% #? 6,-1',(?
/(%$/2,23 %# '(/ 8#,1(5 i0# 9#$ *2#. .'4% %'4% .#$;0 6(42nj
! ?4,2% -6,;( 2#. 1/#--(0 '(/ ;,>-@ ia% .#$;0 6(42 %'4% %.,1(
%#049 9#$ 420 a '48( "((2 '(;>(0 "9 %'( -46( <(24,--421(
4/%,-%@j
=4230#2 '40 %# 1'$1*;(5 '48,23 '40 %'( -46( %'#$3'% 4 ?(.
6,2$%(-&43#@ QJ&*&3./%J&*&3./R
D,(224 3/,22(0 6#/( "/#40;9 2#.5 420 =4230#2 -(2-(0 -'(
'40 ?#/3,8(2 ',65 4% ;(4-% ?#/ %'( 6#6(2%@ ia %',2* ,%G- 4 -,32
?/#6 4"#8(5j -'( 0(1;4/(05 -#$20,23 '4;? -(/,#$-@ i+( -'#$;0
3#&%'/#$3'&%'4%&0##/@j
iF*49&L&420&.(G;;&C$-%&64/1'&/,3'%&>4-%&%'(&3$4/0nj
D,(224 1/41*(0 '(/ *2$1*;(- 420 '(40(0 #$% #? %'( 3/#%%#@
iA#5 aG;; '48( 4 .#/0 .,%' ',6@j D'( 3;421(0 "41* 4% =4230#25
%'( ?,/( /(%$/2,23 %# '(/ (9(-@ iN/$-% 6(5 O/#?(--#/5 a 142 "(
I$,%(&>(/-$4-,8(&.'(2&a&'48(&%#&"(@j

N'(&>#$20,23&#2&%'(&;,%%;(&3/49&0##/&'40&/(%$/2(0@
E,/6&420&/(;(2%;(--@
D(1$/,%9 3$4/0 P/2(-%# <$--# 3/$6";(0 ,2 ?/$-%/4%,#2@ N'(
-%/423(5 1#;0:(9(0 -#;0,(/ .4- 4>>4/(2%;9 "41*5 "$% ',- %,6,23
1#$;0 2#% '48( "((2 .#/-(@ N'( %(;(8,-(0 ?##%"4;; 64%1' .4- ,2
#8(/%,6(&.,%'&E,#/(2%,24&4&642&-'#/%&420&'423,23&"9&4&%'/(40@
N'(&>#$20,23&1#2%,2$(0@
 QWX[VZY
P/2(-%# .4- 2# ?##;@ 7( *2(. %'(/( .4- -#6( *,20 #? %/#$";(
#$% %'(/( %',- 6#/2,23k4;; %'( -,/(2- 420 -#;0,(/-k"$% '( '40
2(8(/ "((2 #2( %# ,28#;8( ',6-(;? ,2 64%%(/- %'4% 0,02G% 4??(1%
',6&0,/(1%;9@
Z&``4%f%74,;.%7+#%D&(&%&.%-&55.%&,53;./
N'(2 434,25 %'( -#;0,(/ .4- 1;(4/;9 -#6(#2( #? ,6>#/%421(5
420 ,32#/,23 ',6 .4- >/#"4";9 $2.,-(@ _#"- ,2 a%4;9 .(/( '4/0
%# ?,20 %'(-( 049-5 (8(2 "#/,23 #2(-@ D%(4;,23 4 ;4-% 3;421( 4%
%'( 346(5 P/2(-%# '(40(0 #?? %#.4/0 %'( >#$20,23 #2 %'(
0##/@
7( -%,;; 1#$;02G% "(;,(8( '( .4- >4,0 %# -,% ,2 ',- %,29 #??,1( 4;;
049 420 .4%1' %(;(8,-,#2@ O(/'4>- %.,1( 4 0495 4 gaO %#$/
.#$;0 4//,8( #$%-,0( %'( ->41(5 '48,23 .4;*(0 4;; %'( .49 ?/#6
%'( h??,K, d4;;(/9@ P/2(-%# .#$;0 3/((% %'(65 $2;#1* %'( 6(%4;
3/4%(5 420 >(/6,% %'( 3/#$> %# >4-- %'/#$3' %# %'( ;,%%;( 3/49
0##/5&.'(/(&%'(,/&%#$/&.#$;0&(20&,2&%'(&)#"#;,&d4/0(2-@
A#.5 4- %'( >#$20,23 3/(. 6#/( ,2%(2-(5 P/2(-%# #>(2(0
%'( -%((; 3/4%(5 6#8(0 %'/#$3' ,%5 420 %'(2 1;#-(0 420 ;#1*(0 ,%
"(',20&',6@
Q"ULR '( -'#$%(0 4"#8( %'( -#$20- #? >#$20,23 4- '( '$//,(0
%#&%'(&3/49&0##/@
A#&/(>;9@&N'(&>#$20,23&1#2%,2$(0@
2'*4::&F 7( ?,24;;9 $2;#1*(0 %'( 0##/ 420 >$;;(0 ,% #>(25
(B>(1%,23&%#&-((&%'(&-46(&;,?(;(--&34K(&?/#6&4&6#6(2%&43#@
)$%&%'(&?41(&4%&%'(&0##/&.4-&?4/&6#/(&4%%/41%,8(@
Q=.&4CR 4 >/(%%9 ";#20 .#642 -4,05 -6,;,23 -.((%;9 4% ',6@
D'( '(;0 #$% 4 ?#;0(0 >,(1( #? >4>(/5 .',1' '( ,2-%,21%,8(;9
/(41'(0 #$% %# 411(>%@ a2 %'( ,2-%42% '( 3/4->(0 %'( >4>(/ 420
/(4;,K(0 ,% .4- 2#%',23 "$% 4 >,(1( #? %/4-' #?? %'( 3/#$205 %'(
.#642 -(,K(0 ',- ./,-% .,%' '(/ -;(20(/ '420- 420 >;$23(0 4
%'$6" ,2%# %'( "#29 14/>4; 4/(4 C$-% "(2(4%' %'( >4;6 #? ',-
'420@
P/2(-%# ?(;% 4- ,? 4 *2,?( '40 C$-% -(8(/(0 ',- ./,-%@ N'( -;,:
1,23 -%4" .4- ?#;;#.(0 "9 42 (;(1%/,1 2$6"2(--@ N'( .#642
 QWY[VZY
-%(>>(0 %#.4/0 ',65 420 %'( >/(--$/( ,21/(4-(0 (B>#2(2%,4;;95
-%4/%,23 %'( >4,2 191;( 4;; #8(/ 434,2@ 7( -%433(/(0 "41*.4/05
%/9,23 %# >$;; ',- 4/6 ?/((5 "$% ',- ;(3- .(2% 2$6" 420 "$1*;(0
"(2(4%'&',65&420&'(&-;$6>(0&%#&',-&*2((-@
N'(&/(-%&'4>>(2(0&,2&42&,2-%42%@
! %4;; 642 ,2 4 04/* -$,% 4>>(4/(0 ,2 %'( #>(2 0##/.495
-;,>>(0 ,2-,0(5 420 I$,1*;9 1;#-(0 %'( 3/49 0##/ "(',20 ',6@
P/2(-%# /(41'(0 ?#/ ',- /40,#5 "$% 4 -#?% '420 "(',20 ',- 2(1*
-I$((K(0 #21(5 420 ',- 6$-1;(- -(,K(0 $>5 ;(48,23 ',6 34->,23
?#/ "/(4%'@ N'( .#642 %##* %'( /40,# 4- %'( %4;; 642 4>:
>/#41'(05&;##*,23&4-&4;4/6(0&"9&'(/&41%,#2-&4-&P/2(-%#&.4-@
Q<.: :&$CR %'( ";#20 -4,0 14-$4;;9 %# %'( %4;; 642@ iM',2(-(
>/(--$/( >#,2%-@ N'(/(G- 4 /(4-#2 %'(9G8( "((2 4/#$20 ?#/ %'/((
6,;;(22,4@j
N'(&642&.4%1'(0&,2&.#20(/@
QS4' 84B,.&:4 -&35. (#, :&,#CR %'( .#642 .',->(/(0 %#
P/2(-%#5 (4-,23 %'( >/(--$/( #2 ',- 2(1*@ O# (4'05 9&'5 54
+;35%)4;/
N'( ,2-%42% %'( >/(--$/( 0(1/(4-(05 P/2(-%# %/,(0 %# %.,-%
?/((5 "$% %'( >/(--$/( >/#6>%;9 /(%$/2(05 420 ',- 6$-1;(-
-(,K(0&434,2@&7(&34->(0&,2&>4,25&"4/(;9&4";(&%#&"/(4%'(@
Q<4DD.&:4 6&**&3#CR -'( -4,0@ O# '##( 54 B#5 5+34;B+/ D'(
6#%,#2(0 %# %'( -%((; 3/4%(5 .',1' P/2(-%# '40 %'42*?$;;9
;#1*(0&"(',20&',6@ Q<480f%,&%7+.&8#LR
QS4'%7#%,0+4CR '(&64243(0@ 2%(4'05%+&8#%5+#%$#)/
N'( %4;; 642 408421(0 >4-% %'(6 %# %'( 3/4%,23 420 (B:
46,2(0 %'( 6(1'42,-6@ ia%G- 4 1#6",24%,#2 ;#1*5j '( 14;;(0
"41*&%#&%'(&.#6425&',-&411(2%&!6(/,142@
N'( .#642 *2(;% 0#.2 2(B% %# P/2(-%#5 '(/ "/#.2 (9(- ;,*(
,1(@ Qd;&,%f%,&%74:D.'&`.4'#LR -'(&0(6420(0@
QS4'%64**4FR '(&/(>;,(0@&iaG6&2#%&>(/6,%%(0kj
D#6(%',23 '4>>(2(0 4% %'( %#> #? ',- ->,2(5 420 P/2(-%# ?(;%
',-&(2%,/(&"#09&3#&;,6>@&!2&,2-%42%&;4%(/5&'(&";41*(0&#$%@
 QXZ[VZY

+'(2 '( 146( %#5 P/2(-%# -(2-(0 '( '40 "((2 0/,?%,23 ,2 420
#$% #? 1#2-1,#$-2(-- ?#/ -(8(/4; 6,2$%(-@ 7( /(14;;(0 -#6( 0,-:
1$--,#2 L 6#/( -%4"- #? >4,2 L "(,23 0/433(05 >(/'4>-n a% .4-
4;;&4&";$/@
!- %'( 1#".("- 1;(4/(05 '( -4. 4 -%/423( -,3'%k',- -'#(- ;9:
,23 #2 %'( ?;##/ 2(4/"9 .,%' %'(,/ ;41(- /(6#8(0@ a% .4- %'(2
%'4% '( /(4;,K(0 '( 1#$;0 "4/(;9 6#8(@ 7( .4- ;9,23 #2 ',- -,0(
.,%' ',- '420- 420 ?((% "#$20 "(',20 ',65 4>>4/(2%;9 .,%' ',-
-'#(;41(-@ 7( %/,(0 %# 9(;;5 "$% 2# -#$20 146(@ F2( #? ',- #.2
-#1*- .4- -%$??(0 ,2 ',- 6#$%'@ N'( %/$( 6#6(2% #? ?(4/5
'#.(8(/5 146( 42 ,2-%42% ;4%(/5 .'(2 '( ;##*(0 $> 420 -4. ',-
%(;(8,-,#2 -(% >;49,23 %'( ?##%"4;; 64%1'@ 20: .' :) 4--.7# E
2S"2<A%5+#%B3&5#LF
a2 %'( 0,-%421(5 P/2(-%# 1#$;0 '(4/ %'( -#$20 #? /$22,23
?##%-%(>- 0(>4/%,23 4;#23 %'( 1#//,0#/ L 420 %'(25 -;#.;95 %'(9
?40(0 %# -,;(21(@ S4' f 64**.D.,#F D#6('#.5 %'( ";#20 .#642
'40 >(/-$40(0 P/2(-%# %# 0# %'( #2( %',23 '( .4- ',/(0 2(8(/
%# 0#k/(8(4; %'( 1#6",24%,#2 ?#/ %'( ;#1* #2 %'( (2%/421( %#
%'(&?46(0&g4-4/,&M#//,0#/@
 M7!ONP< SQ

H<@ P=am!)PN7 DaAD`P] EP=N %'( .48(- #? 24$-(4 420 0,KK,2(--

1#6,23 ?4-%(/ 2#.@ D'( .4- -;$6>(0 ,2 %'( "41*-(4% #? %'( 842
>4/*(0 ,2 ?/#2% #? %'( O,%%, O4;41(@ N'( -#;0,(/ -(4%(0 "(-,0( '(/
.4-&.4%1',23&'(/&.,%'&3/#.,23&1#21(/2@
\#6(2%- (4/;,(/5 %'( -#;0,(/G- /40,# '40 ";4/(0k-#6(%',23
4"#$% 4 1#-%$6( 34;;(/9k4.4*(2,23 P;,K4"(%' ?/#6 %'( 04/*:
2(-- #? '(/ 6,205 .'(/( -'( '40 "((2 0/(46,23 #? %'( 3/((2:
(9(0&6#2-%(/@
D'( '40 "((2 "41* ,2 %'( 04/*(2(0 /##6 4% %'( M#$21,; #2
E#/(,32 <(;4%,#2- ,2 A(. ]#/*5 ;,-%(2,23 %# %'( 642,414; /48:
,23- #? %'( 69-%(/,#$- -%/423(/ .'# '40 -$66#2(0 '(/ %'(/(@
N'( -'40#.9 642 >41(0 4% %'( ?/#2% #? %'( /##6k4 ;42*9 -,;:
'#$(%%( 434,2-% %'( 3/,-;9 >/#C(1%(0 ,643( #? %'( 24*(0 420 09:
,23&%'/#23-&,2->,/(0&"9&H42%(G- 2'-#3'4@
iD#6(#2( 2((0- %# ?,3'% %',- .4/5j %'( ?,3$/( 1#21;$0(05 i#/
5+.* ,- #$/ ?$%$/(@ \4%'(64%,1- 3$4/42%((- ,%@ \42*,20 ,- '#8:
(/,23 2#. ,2 4 >$/34%#/9 #? >/#1/4-%,24%,#2 420 ,20(1,-,#2 420
>(/-#24; 3/((0 L "$% %'( /,23- #? '(;; 4.4,%5 C$-% "(2(4%' #$/
?((%5&.4,%,23&%#&1#2-$6(&$-&4;;@j
P;,K4"(%' .4- -%,;; /((;,23 ?/#6 %'( 6#2-%/#$- ,0(4- %',- 642
'40 C$-% ;4,0 #$% "(?#/( '(/@ D'( 1#$;0 -%420 ,% 2# ;#23(/ 420
C$6>(0&%#&'(/&?((%@&i+'4%&9#$G/(&-$33(-%,23&,-kj
iF$/&#2;9&/(64,2,23&#>%,#25j&%'(&642&,2%(/C(1%(0@
i!1%$4;;95j&-'(&/(>;,(05&ia&.4-&3#,23&%#&-49&o1/,6,24;Glj
N'( 642 -'/$33(0@ iN'( >4%' %# >4/40,-( >4--(- 0,/(1%;9
%'/#$3'&'(;;@&H42%(&%4$3'%&$-&%'4%@j
i]#$G/(&640lj
 QXR[VZY
i\40nj %'( 642 /(>(4%(05 -#$20,23 '$/%@ i\(n a %',2* 2#%@
\402(-- ,- %'( +7F -%4/,23 ,2%# %'( 4"9-- 420 0(29,23 ,% ,-
%'(/(@ \402(-- ,- 42 #-%/,1' .'# -%,1*- '(/ '(40 ,2 %'( -420
.',;(&4&>41*&#?&'9(24-&1;#-(-&,2&4/#$20&'(/@j
)(?#/( P;,K4"(%' 1#$;0 0(?(20 '(/ #/342,K4%,#25 %'( 642 '40
1'423(0&%'(&,643(&#2&%'(&-1/((2@
i!20 ->(4*,23 #? '9(24-5j '( -4,05 >#,2%,23 %# %'( 2(. ,6:
43(@ i7(/( ,- %'( >41* #? '9(24- 1$//(2%;9 1,/1;,23 '$642*,20
L&420&%'(9&4/(&1;#-,23&,2&?4-%@j
P;,K4"(%' .4- -$/>/,-(0 %# -(( %'( ?46,;,4/ ,643( "(?#/( '(/@
a% .4- 4 3/4>' >$";,-'(0 "9 %'( +7F %'( >/(8,#$- 9(4/ 0(;,2:
(4%,23 *(9 (28,/#26(2%4; ,--$(- 0((6(0 "9 %'( +7F %# '48(
%'(&3/(4%(-%&,6>41%&#2&3;#"4;&'(4;%'@
N'(&;,-%&,21;$0(05&46#23&#%'(/-^
H(6420 ?#/ 1;(42 .4%(/5 3;#"4; -$/?41( %(6>(/4%$/(-5 #K#2(
0(>;(%,#25 1#2-$6>%,#2 #? #1(42 /(-#$/1(-5 ->(1,(- (B%,21%,#25
MFR 1#21(2%/4%,#25&0(?#/(-%4%,#25&420&3;#"4;&-(4&;(8(;-@
!;; #? %'(-( 2(34%,8( ,20,14%#/- '40 "((2 #2 %'( /,-( #8(/ %'(
;4-% 1(2%$/9@ A#.5 '#.(8(/5 %'(9 .(/( 4;; 411(;(/4%,23 4% %(//,:
?9,23&/4%(-@
 QXS[VZY

P;,K4"(%' '40 %'( -46( /(41%,#2 %'4% -'( 4;.49- '40 .'(2
-'( -4. %',- 3/4>'k4 -(2-( #? '(;>;(--2(--@ D'( .4- 4 -1,(2%,-%
420 "(;,(8(0 ,2 %'( $-(?$;2(-- #? -%4%,-%,1-5 420 %',- 3/4>'
>4,2%(0 4 1',;;,23 >,1%$/( 2#% #? %'( 0,-%42% ?$%$/( L "$% #? %'(
8(/9 '#&3 ?$%$/(@
!% 6429 %,6(- ,2 '(/ ;,?(5 P;,K4"(%' D,2-*(9 '40 "((2
'4$2%(0 "9 '(/ ,24",;,%9 %# 1#21(,8( 4 1',;0@ ](%5 .'(2 -'( -4.
%',- 3/4>'5 -'( 4;6#-% ?(;% /(;,(8(0 -'( '40 2#% "/#$3'% 4 1',;0
,2%#&%'(&.#/;0@
1+.*%.*%5+#%-;5;3#%2%94;,(%D#%B.8.'B%:)%7+.,(L
iF8(/ %'( ;4-% ?,?%9 9(4/-5j %'( %4;; 642 0(1;4/(05 i#$/ -,2-
434,2-% \#%'(/ A4%$/( '48( 3/#.2 (B>#2(2%,4;;9@j 7( >4$-(0@
ia ?(4/ ?#/ %'( -#$; #? '$642*,20@ +'(2 %'( +7F >$";,-'(0
%',- 3/4>'5 %'( .#/;0G- >#;,%,1,42-5 >#.(/ "/#*(/-5 420 (28,/#2:
6(2%4;,-%- '(;0 (6(/3(219 -$66,%-5 4;; %/9,23 %# 4--(-- .',1'
#? %'(-( >/#";(6- .(/( 6#-% -(8(/( 420 .',1' .( 1#$;0 41%$:
4;;9 '#>( %# -#;8(@ N'( #$%1#6(n O/,84%(;95 %'(9 >$% %'(,/ '(40-
 QXT[VZY
,2 %'(,/ '420- 420 .(>%@ O$";,1;95 %'(9 4--$/(0 $- 4;; %'4% %'(9
.(/(&.#/*,23&#2&-#;$%,#2-&"$%&%'4%&%'(-(&4/(&1#6>;(B&,--$(-@j
iN'(-(&,--$(- &3# 1#6>;(Blj
i)$;;-',%lj %'( 642 (/$>%(0@ i]#$ *2#. 0462(0 .(;; %',-
3/4>' 0(>,1%- %'( *.:6,#*5 #? /(;4%,#2-',>-k4 ?$21%,#2 "4-(0
#2 4 *.'B,# 84/,4";(l P8(/9 -,23;( ;,2( #2 %',- 3/4>' 1;,6"- ,2
0,/(1% >/#>#/%,#2 %# #2( 84;$(k%'( 84;$( %'4% (8(/9#2( ,-
4?/4,0&%#&0,-1$--@&d;#"4;&>#>$;4%,#2lj
i!1%$4;;95&a&%',2*&,%G-&4&",%&6#/(kj
i! ",% 6#/( 1#6>;,14%(0n !1%$4;;95 ,%G- 2#%l N'(/( ,- 2#%',23
-,6>;(/@ a? 9#$ .42% 6#/( 484,;4";( 1;(42 .4%(/ >(/ 14>,%45 9#$
2((0 ?(.(/ >(#>;( #2 (4/%'@ a? 9#$ .42% %# 0(1/(4-( 8(',1;(
(6,--,#2-5 9#$ 2((0 ?(.(/ 0/,8(/-@ a? 9#$ .42% %'( #1(42- %# /(:
>;(2,-'&%'(,/&?,-'5&9#$&2((0&?(.(/&>(#>;(&(4%,23&?,-'lj
7( 3;4/(0 0#.2 4% '(/5 ',- %#2( "(1#6,23 (8(2 6#/( ?#/1(:
?$;@ iF>(2 9#$/ (9(-l +( 4/( #2 %'( "/,2* #? %'( (20 #? '$642:
,%95 420 #$/ .#/;0 ;(40(/- 4/( -,%%,23 ,2 "#4/0/##6- 1#66,-:
-,#2,23 -%$0,(- #2 -#;4/ >#.(/5 /(191;,235 420 '9"/,0 4$%#6#:
",;(-n 7#. ,- ,% %'4% )4;k4 ',3';9 (0$14%(0 .#642 #? -1,:
(21(k0#2G% -((n FK#2( 0(>;(%,#25 ;41* #? .4%(/5 420 >#;;$%,#2
4/( 2#% %'( 0,-(4-(k%'(9 4/( %'( *):654:*@ N'( (.*#&*# ,-
#8(/>#>$;4%,#2@ !20 $2;(-- .( ?41( .#/;0 >#>$;4%,#2 '(40:#25
.( 4/( 0#,23 2#%',23 6#/( %'42 -%,1*,23 4 )420:!,0 #2 4 ?4-%:
3/#.,23&1421(/#$-&%$6#/@j
i]#$ >(/1(,8( %'( '$642 /41( 4- 4 1421(/nj P;,K4"(%'
0(6420(0@
iM421(/ ,- 2#%',23 6#/( %'42 4 '(4;%'9 1(;; %'4% -%4/%- /(>;,1:
4%,23 #$% #? 1#2%/#;@ a /(4;,K( 9#$ ?,20 69 ,0(4- 0,-%4-%(?$;5 "$%
a 142 4--$/( 9#$ %'4% 9#$ .,;; ?,20 %'( 4;%(/24%,8( ?4/ ;(-- %4-%(:
?$;&.'(2&,%&4//,8(-@&a?&.(&0#&2#%&%4*(&"#;0&41%,#25&%'(2kj
i)#;0nlj -'( ->$%%(/(0@ iN4,( ,- 2#% %'( .#/0 9#$G/( ;##*,23
?#/@&N/9 .'*&'#lj
iH/@ D,2-*(95j %'( 642 -4,05 ',- 8#,1( 2#. ((/,;9 14;6@ ia
14;;(0 9#$ '(/( ->(1,?,14;;9 "(14$-( a .4- '#>,23 %'4% 9#$k4
 QXU[VZY
-43( 8#,1( 4% %'( +#/;0 7(4;%' F/342,K4%,#2k6,3'% "( .,;;,23
%#&.#/*&.,%'&6(&420&(B>;#/(&4&>#--,";(&-#;$%,#2@j
P;,K4"(%' -%4/(0 ,2 0,-"(;,(?@ i]#$ %',2* %'( +#/;0 7(4;%'
F/342,K4%,#2 ,- 3#,23 %# >4/%2(/ .,%' 9#$ L (B>;#/,23 42 ,0(4
;,*( 5+.*nj
i!1%$4;;95 9(-5j '( -4,0@ i]#$/ #/342,K4%,#2 ,- 640( $> #?
0#1%#/-5 420 .'(2 0#1%#/- '48( 4 >4%,(2% .,%' 3423/(2(5 %'(9
0# 2#% '(-,%4%( %# 1$% #?? ',- ;(3 %# -48( ',- ;,?(@ D#6(%,6(- %'(
#2;9&1#$/-(&#?&41%,#2&,-&%'(&;(--(/&#?&%.#&(8,;-@j
iN',-&,-&I$,%(&0,??(/(2%@j
iA#@&N',-&,- .(#'5.7&,@&N'(&#2;9&0,??(/(21(&,-&-14;(@j
P;,K4"(%' '40 '(4/0 (2#$3'@ D'( -%##0 4"/$>%;9@ ia '48( 4
>;42(&%#&14%1'@j
N'( %4;; 642 %##* 4 %'/(4%(2,23 -%(> ,2 '(/ 0,/(1%,#25 ";#1*:
,23 '(/ (B,%@ iE4,/ .4/2,23@ +,%' #/ .,%'#$% 9#$/ 1##>(/4%,#25 a
142&8(/9&(4-,;9&(B>;#/(&%',-&,0(4&#2&69&#.2@j
iE4,/ .4/2,235j -'( ?,/(0 "41*@ ia 1#2-,0(/ %',- 4 %(//#/,-%
%'/(4%&420&.,;;&%/(4%&,%&4-&-$1'@j&D'(&%##*&#$%&'(/&>'#2(@
N'( 642 ;4$3'(0@ i]#$G/( 3#,23 %# /(>#/% 6( ?#/ %4;*,23 ,2
'9>#%'(%,14;-n h2?#/%$24%(;95 9#$G;; '48( %# .4,% %# 64*( 9#$/
14;;@ N',- /##6 ,- (;(1%/#2,14;;9 -',(;0(0@ ]#$/ >'#2( .#2G%
'48(&4&-,324;@j
2 (4'05 '##( & *.B'&,C )4; ,;'&5.7/ P;,K4"(%' /4,-(0 '(/
>'#2(5 420 "(?#/( %'( 642 /(4;,K(0 .'4% .4- '4>>(2,235 -'(
1;,1*(0 4 -24>-'#% #? ',- ?41(@ N'( ?;4-' /(?;(1%(0 ,2 ',- 3/((2
(9(-5&420&?#/&4&6#6(2%&-'(&%'#$3'%&'(&;##*(0&?46,;,4/@
i+'#(8(/ 9#$ 4/(5j -'( -4,05 i9#$ 0,0 %'( ./#23 %',23 "9
14;;,23 6( '(/(@ )9 %'( %,6( a /(41' %'( 4,/>#/%5 a .,;; *2#.
.'# 9#$ 4/(5 420 9#$ .,;; "( #2 %'( .4%1' ;,-%- 4% %'( +7F5 %'(
MHM5 420 %'( PMHM 4- 4 >#%(2%,4; ",#%(//#/,-%@ +( .,;; '48(
>(#>;( #2 9#$ 049 420 2,3'%@ a? 9#$ %/9 %# >$/1'4-( 64%(/,4;-5
.( .,;; *2#. 4"#$% ,%@ a? 9#$ "$,;0 4 ;4"5 .( .,;; *2#. 4"#$% ,%@
N'(/(&,-&2#.'(/(&9#$&142&',0(@j
 QXV[VZY
N'( 642 -%##0 ,2 %(2-( -,;(21( ?#/ 4 ;#23 6#6(2%5 4- ,? '(
.(/( 3#,23 %# ;$23( 4% '(/ >'#2(@ E,24;;95 '( /(;4B(0 420
-%(>>(0 4-,0( .,%' 42 ((/,( 3/,2@ iN'(2 ,% 4>>(4/- #$/ 0421(
'4-&"(3$2@j
 M7!ONP< SR

a= MF<<aHFaF g!D!<a!AFk%'( g4-4/, M#//,0#/k.4- 0(-,32(0 "9

d,#/3,# g4-4/, ,2 QUVT $20(/ #/0(/- #? %'( \(0,1, /$;(/5 d/420
H$*( M#-,6# a5 %# >/#8,0( -4?( >4--43( ?/#6 ',- /(-,0(21( 4%
%'( O,%%, O4;41( %# ',- 406,2,-%/4%,8( #??,1(-5 41/#-- %'( !/2#
<,8(/&,2&%'(&O4;4KK#&g(11',#@
D,6,;4/ %# g4%,142 M,%9G- ?46(0 O4--(%%#5 %'( g4-4/, M#//,0#/
.4- %'( I$,2%(--(2%,4; -(1/(% >4--43(.49@ a% -%/(%1'(0 2(4/;9 4
?$;; *,;#6(%(/ ?/#6 %'( (4-%(/2 1#/2(/ #? %'( )#"#;, d4/0(2- %#
%'( '(4/% #? %'( #;0 >4;41( ,%-(;?5 1/#--,23 %'( O#2%( g(11',#
420&-24*,23&%'/#$3'&%'(&h??,K,&d4;;(/9&,2&"(%.((2@
A#.4049-5 %'( g4-4/, M#//,0#/ -%,;; -(/8(0 4- 4 -4?( '48(25
4;%'#$3' 2#% ?#/ \(0,1, 4/,-%#1/4%- "$% ?#/ 4/%.#/*e .,%' ,%-
-((6,23;9 (20;(-- (B>42-( #? -(1$/( .4;; ->41(5 %'( 1#//,0#/
.4- '#6( %# 1#$2%;(-- /4/( >4,2%,23-k#8(/?;#. ?/#6 %'(
.#/;0:?46#$- h??,K, d4;;(/95 %'/#$3' .',1' %'( 1#//,0#/
>4--(0@
=4230#2 '40 %/48(;(0 %'( >4--43(.49 4 ?(. 9(4/- "(?#/( 4-
>4/% #? 4 ;(,-$/(;9 >/,84%( %#$/@ F2 %'4% 4?%(/2##25 '( '40
>4$-(0 %# 406,/( %'( 1#//,0#/G- 6,20:"#33;,23 4//49 #? >4,2%:
,23-k,21;$0,23 %'( 6#-% (B%(2-,8( 1#;;(1%,#2 #? -(;?:>#/%/4,%-
,2 %'( .#/;0@ 7( '40 4;-# -%#>>(0 -(8(/4; %,6(- %# >((/ #$% #?
%'( 1#//,0#/G- #114-,#24; 8,(.,23 >#/%4;-5 .',1' >(/6,%%(0 %/48:
(;(/-&%#&34$3(&%'(,/&>/#3/(--&4;#23&%'(&(;(84%(0&.4;*.49@
N',- 6#/2,235 '#.(8(/5 =4230#2 420 D,(224 .(/( 6#8,23
%'/#$3' %'( 1#//,0#/ 4% 4 /$25 (43(/ %# >$% 4- 6$1' 0,-%421( 4-
>#--,";( "(%.((2 %'(6-(;8(- 420 %'(,/ >$/-$(/- 4% %'( #%'(/
(20@ =4230#2 .#20(/(0 '#. ;#23 ,% .#$;0 %4*( ?#/ %'( "#$20
3$4/0 %# "( 0,-1#8(/(0@ !- %'( %$22(; -%/(%1'(0 #$% "(?#/(
 QXX[VZY
%'(65 =4230#2 -(2-(0 ,% ;(40,23 %'(6 1;#-(/ .,%' (8(/9 -%(> %#
.'4%&%'(9&.(/(&-(4/1',23&?#/@
=#37& 5348& E 5+# #)#* 4- (#&5+ E &'( &' &'*9#3 &* 54 9+4
.*%7+&*.'B%:#/
N'( 0,-%42% .',2( #? %'( -$/8(,;;421( 0/#2( .4- ?4/ "(',20
%'(6 2#.@ N'( ?4/%'(/ %'(9 >/#3/(--(0 ,2%# %'( %$22(;5 %'(
6#/( =4230#2 .4- /(6,20(0 #? C$-% '#. 46",%,#$- 42 4/1',:
%(1%$/4; ?(4% %',- >4--43(.49 '40 "((2@ P;(84%(0 4"#8( %'( 1,%9
?#/ 2(4/;9 ,%- (2%,/( ;(23%'5 %'( g4-4/, M#//,0#/ .4- ;,*( 4 "/#40
-(/>(2%5 -24*,23 %'/#$3' %'( "$,;0,23-5 4;; %'( .49 ?/#6 %'(
O,%%, O4;41(5 41/#-- %'( !/2#5 ,2%# %'( '(4/% #? #;0 E;#/(21(@ N'(
24//#.5 .',%(.4-'(0 >4--43(.49 -((6(0 %# -%/(%1' ?#/ (%(/2:
,%95 #114-,#24;;9 %$/2,23 "/,(?;9 ;(?% #/ /,3'% %# 48#,0 42
#"-%41;(5&"$%&4;.49-&6#8,23&(4-%&L&41/#--&%'(&!/2#@
N'( -$00(2 -#$20 #? 8#,1(- (1'#(0 4'(40 #? %'(6 ,2 %'( 1#/:
/,0#/5 420 D,(224 -*,00(0 %# 4 -%#>@ =4230#2 '4;%(05 %##5 420
,66(0,4%(;9 >;41(0 4 14;6 '420 #2 '(/ -'#$;0(/5 6#%,#2,23 %#
4&2(4/"9&8,(.,23&>#/%4;@
14;3.*5*%(49'%D#,49/
=4230#2 420 D,(224 6#8(0 %# %'( >#/%4; 420 >((/(0 #$%5
-((,23 %'4% %'(9 .(/( 1$//(2%;9 >(/1'(0 4"#8( %'( O#2%( g(1:
1',#k%'( 6(0,(84; -%#2( "/,03( %'4% -(/8(- 4- 4 >(0(-%/,42
.4;*.49 ,2%# %'( #;0 1,%9@ )(;#. %'(65 %'( 049G- ?,/-% %#$/,-%-
.(/( (2C#9,23 %'( 64/*(% %'4% '4- "((2 '(;0 #2 %'( "/,03(
-,21( %'( QTZZ-@ N#049 %'( 8(20#/- 4/( 6#-%;9 3#;0-6,%'- 420
C(.(;(/-5 "$% %'4% '4- 2#% 4;.49- "((2 %'( 14-(@ F/,3,24;;95 %'(
"/,03( '40 "((2 '#6( %# E;#/(21(G- 84-%5 #>(2:4,/ 6(4% 64/:
*(%5 "$% %'( "$%1'(/- .(/( "42,-'(0 ,2 QUYS 4?%(/ %'( /421,0
#0#/ #? ->#,;(0 6(4% '40 .4?%(0 $> ,2%# %'( g4-4/, M#//,0#/
420&4--4$;%(0&%'(&0(;,14%(&2#-%/,;-&#?&%'(&3/420&0$*(@
H#.2 %'(/( #2 %'( "/,03( -#6(.'(/(5 =4230#2 /(14;;(05 .4-
%'( >/(1,-( ->#% .'(/( #2( #? E;#/(21(G- 6#-% ,2?46#$- 1/,6(-
'40 "((2 1#66,%%(0@ a2 QRQV5 4 9#$23 2#";(642 246(0
)$#20(;6#2%( '40 /(C(1%(0 ',- ?46,;9G- 4//423(0 64//,43( ?#/
 QXY[VZY
%'( -4*( #? ',- %/$( ;#8(5 420 ?#/ %'4% 0(1,-,#2 '( .4- "/$%4;;9
*,;;(0&#2&%',-&8(/9&"/,03(@
7,- 0(4%'5 ;#23 1#2-,0(/(0 iE;#/(21(G- ";##0,(-% 6$/0(/5j
.4- -# 246(0 "(14$-( ,% '40 %/,33(/(0 4 /,?% "(%.((2 %.#
>#.(/?$; >#;,%,14; ?41%,#2-k%'( d$(;>'- 420 d',"(;;,2(-k.'#
'40 %'(2 .43(0 .4/ /$%';(--;9 ?#/ 1(2%$/,(- 434,2-% (41' #%'(/@
)(14$-( %'( (2-$,23 >#;,%,14; ?($0 '40 "/#$3'% 4"#$% H42%(G-
(B,;( ?/#6 E;#/(21(5 %'( >#(% '40 ",%%(/;9 ,66#/%4;,K(0 %'(
(8(2% ,2 ',- <.8.'# =4:#()^ K N;4'(#,:4'5#C 5+34;B+ &'45+V
#30* 74;'*#,C )4; -,#( )4;3 9#((.'B 6,#(B#C &'( D34;B+5 *;7+
#8.,F
N# %',- 0495 %'/(( -(>4/4%( >;4I$(-k(41' I$#%,23 4 0,??(/(2%
;,2( ?/#6 M42%# QV #? H42%(G- Z&3&(.*4k1#$;0 "( ?#$20 2(4/
%'( 6$/0(/ -,%(@ F2( #? %'(6 .4- -,%$4%(0 4% %'( 6#$%' #? %'(
O#2%(&g(11',#&420&#6,2#$-;9&0(1;4/(0^

)hN&E=F<PAMP5&aA&7P<&EaA!=&OP!MP5&+!D&E!NPH&NF&FEEP<&hO&hANF&N7!N
\hNa=!NPH&DNFAP&dh!<Ha!A&hOFA&7P<&)<aHdP&L&!&gaMNa\@

=4230#2 /4,-(0 ',- (9(- 2#. ?/#6 %'( "/,03( %# %'( 6$/*9
.4%(/- ,% ->422(0@ F?? %# %'( (4-%5 %'( ;#2( ->,/( #? %'( O4;4KK#
g(11',#&"(1*#2(0@
P8(2 %'#$3' =4230#2 420 D,(224 .(/( #2;9 '4;?.49 41/#--
%'( !/2# <,8(/5 '( '40 2# 0#$"% %'(9 '40 ;#23 -,21( >4--(0 %'(
>#,2%&#?&2#&/(%$/2@

N',/%9 ?((% "(;#.5 #2 %'( 1#"";(-%#2(- #? %'( O#2%( g(11',#5

g49(2%'4 42B,#$-;9 -1422(0 %'( #21#6,23 1/#.05 2(8(/ ,64:
3,2,23 %'4% '(/ #2;9 /(0(6>%,#2 '405 C$-% 6#6(2%- "(?#/(5
>4--(0&0,/(1%;9&#8(/'(40@
 M7!ONP< SS

HPPO aA N7P "#.(;- #? %'( 421'#/(0 8(--(; 1+# ?#'(&7.;:5 ?4:

1,;,%4%#/ `2#.;%#2 -4% 4;#2( ,2 ',- 1$",1;( 420 %/,(0 ,2 84,2 %#
?#1$- #2 ',- .#/*@ E,;;(0 .,%' %/(>,04%,#25 '( '40 3#2( "41* %#
8,(.,23 %'( 8,0(# 4205 ?#/ %'( >4-% '#$/5 '40 "((2 424;9K,23
%'( 2,2(:6,2$%( -#;,;#I$9 %'4% '#8(/(0 -#6(.'(/( "(%.((2
3(2,$-&420&6402(--@
`2#.;%#2 ?4-%:?#/.4/0(0 ?/#6 %'( "(3,22,235 ;##*,23 ?#/
429 1;$( '( 6,3'% '48( 6,--(0@ 7( -*,>>(0 >4-% %'( -$"6(/3(0
>;4I$( L >4-% %'( -$->(20(0 "43 #? 6$/*9 9(;;#.:"/#.2 ;,I$,0
L 420 ?#$20 %'( 6#6(2% %'4% %'( "(4*:2#-(0 -'40#. 4>:
>(4/(0k4 0(?#/6(0 -,;'#$(%%( 14-% $>#2 4 0/,>>,23 148(/2
.4;;&L&,;;$6,24%(0&"9&4&-#?%&/(0&3;#.@
`2#.;%#2 ;,-%(2(0 %# %'( 6$??;(0 8#,1(5 4%%(6>%,23 %# 0(:
1,>'(/ %'( (;4"#/4%( ;423$43(@ !"#$% '4;?.49 %'/#$3' %'(
->((1'5 %'( -'40#. #2 %'( .4;; -$00(2;9 ;##6(0 ;4/3(/ 420 %'(
-#$20&#?&%'(&8#,1(&,2%(2-,?,(0@

H42%(G-&'(;;&,-&2#%&?,1%,#2&L&,%&,-&>/#>'(19l
+/(%1'(0 6,-(/9@ N#/%$/#$- .#(@ N',- ,- %'( ;420-14>( #?
%#6#//#.@
\42*,205 ,? $21'(1*(05 ?$21%,#2- ;,*( 4 >;43$(5 4 1421(/ L
#$/ 2$6"(/- ,2%(2-,?9,23 .,%' (41' -$11(--,8( 3(2(/4%,#2 $2:
%,; %'( (4/%';9 1#6?#/%- %'4% #21( 2#$/,-'(0 #$/ 8,/%$( 420
"/#%'(/'##0 '48( 0.,20;(0 %# 2#%',23 L $28(,;,23 %'( 6#2:
-%(/-&.,%',2&$-&L&?,3'%,23&%#&%'(&0(4%'&%#&?((0&#$/&9#$23@
N',-&,-&H42%(G-&2,2(:/,23(0&'(;;@
N',-&,-&.'4%&4.4,%-@
 QYQ[VZY
!- %'( ?$%$/( '$/;- '(/-(;? %#.4/0 $-5 ?$(;(0 "9 %'( $29,(;0:
,23 64%'(64%,1- #? \4;%'$-5 .( %((%(/ 4"#8( %'( ?,/-% /,23 #?
'(;;&L&>/(>4/,23&%#&>;$66(%&?4-%(/&%'42&.(&(8(/&?4%'#6(0@

`2#.;%#2 >4$-(0 %'( 8,0(#@ 1+# :&5+#:&5.7* 4- ?&,5+;*L !

I$,1* a2%(/2(% -(4/1' ;(0 ',6 %# ,2?#/64%,#2 4"#$% 4
>/#6,2(2% 2,2(%((2%':1(2%$/9 P23;,-' 64%'(64%,1,42 420
0(6#3/4>',-% 246(0 N'#64- <#"(/% \4;%'$-5 .'# '40 ?46:
#$-;9 >/(0,1%(0 42 (8(2%$4; 3;#"4; 1#;;4>-( 0$( %#
#8(/>#>$;4%,#2@
\4;%'$-G- ",#3/4>'95 6$1' %# `2#.;%#2G- 4;4/65 ,21;$0(0 4
'4//#.,23 (B1(/>% ?/#6 ',- "##* >' A**&) 4' 5+# Z3.'7.6,# 4-
Z46;,&5.4'^

N'( >#.(/ #? >#>$;4%,#2 ,- -# -$>(/,#/ %# %'( >#.(/ ,2 %'(

(4/%' %# >/#0$1( -$"-,-%(21( ?#/ 6425 %'4% >/(64%$/( 0(4%'
6$-% ,2 -#6( -'4>( #/ #%'(/ 8,-,% %'( '$642 /41(@ N'( 8,1(- #?
642*,20 4/( 41%,8( 420 4";( 6,2,-%(/- #? 0(>#>$;4%,#2@ N'(9
4/( %'( >/(1$/-#/- ,2 %'( 3/(4% 4/69 #? 0(-%/$1%,#2e 420 #?%(2
?,2,-' %'( 0/(40?$; .#/* %'(6-(;8(-@ )$% -'#$;0 %'(9 ?4,; ,2
%',- .4/ #? (B%(/6,24%,#25 -,1*;9 -(4-#2-5 (>,0(6,1-5 >(-%,:
;(21(5 420 >;43$(5 408421( ,2 %(//,?,1 4//495 420 -.((> #??
%'(,/ %'#$-420- 420 %(2 %'#$-420-@ D'#$;0 -$11(-- "( -%,;; ,2:
1#6>;(%(5 3,342%,1 ,2(8,%4";( ?46,2( -%4;*- ,2 %'( /(4/5 420
.,%' #2( 6,3'%9 ";#. ;(8(;- %'( >#>$;4%,#2 .,%' %'( ?##0 #?
%'(&.#/;0@

+,%' ',- '(4/% >#$20,235 `2#.;%#2 3;421(0 "41* 4% %'(

>4$-(0&,643(&#?&%'(&"(4*:2#-(0&-'40#.@
?&'$.'(C%.-%;'7+#7$#(C%-;'75.4'*%,.$#%&%7&'7#3/
G'7+#7$#(/ `2#.;%#2&0,0&2#%&;,*(&%'(&-#$20&#?&%'4%@
+,%'&4&'(-,%42%&?,23(/5&'(&-%4/%(0&%'(&8,0(#&434,2@
N'(&6$??;(0&8#,1(&1#2%,2$(0@

N# 0# 2#%',23 ,- %# .(;1#6( H42%(G- '(;; L 1/46>(0 420

-%4/8,235&.(;%(/,23&,2&D,2@
 QYR[VZY
!20&-#&"#;0;9&a&'48(&%4*(2&41%,#2@
D#6(&.,;;&/(1#,;&,2&'#//#/5&"$%&4;;&-4;84%,#2&1#6(-&4%&4&>/,1(@
F2(&049&%'(&.#/;0&.,;;&3/4->&%'(&"(4$%9&#?&69&-41/,?,1(@
E#/&a&46&9#$/&D4;84%,#2@
a&46&%'(&D'40(@
a&46&%'(&34%(.49&%#&%'(&O#-%'$642&43(@
 M7!ONP< ST

N7P O!=!mmF gPMM7aF /(-(6";(- 4 3,42% 1'(-- >,(1(@ +,%' ,%- /#:
"$-% I$40/423$;4/ ?4140( 420 /$-%,14%(0 -I$4/(:1$% "4%%;(:
6(2%-5 %'( 64--,8( /##*;,*( "$,;0,23 ,- 4>%;9 -,%$4%(05 3$4/0,23
%'(&-#$%'(4-%&1#/2(/&#?&%'(&O,4KK4&0(;;4&D,32#/,4@
N'( "$,;0,23G- $2$-$4; -,23;( ->,/(5 /,-,23 #?? 1(2%(/ ?/#6
.,%',2 %'( -I$4/( ?#/%/(--5 1$%- 4 0,-%,21%,8( >/#?,;( 434,2-% %'(
-*9;,2(&420&'4-&"(1#6(&42&,2,6,%4";(&-96"#;&#?&E;#/(21(@
)$,;% 4- 4 >#%(2% -(4% #? a%4;,42 3#8(/26(2%5 %'( "$,;0,23 ,6:
>#-(- #2 ,%- 4//,8,23 8,-,%#/- 42 ,2%,6,04%,23 4//49 #? 64-1$;,2(
-%4%$4/9@ !664224%,G- 6$-1$;4/ S#65;'# -%420- 24*(0 4%#>
?#$/ -(4 '#/-(-5 4 -96"#; #? E;#/(21(G- 0#6,2421( ,2 %'( -(4@ !
/(>;,14 #? \,1'(;423(;#G- <&8.(k4/3$4";9 %'( .#/;0G- 6#-% 40:
6,/(0 64;( 2$0(k-%420- ,2 4;; ',- 3;#/9 4% %'( >4;4KK# (2:
%/421(@ <&8.( ,- C#,2(0 "9 @#37;,#* 420 =&7;*k%.# 6#/( 1#:
;#--4; 24*(0 6(2k.'#5 ,2 1#21(/% .,%' 4 '#-% #? A(>%$2(G-
-4%9/-5 "/,23 %# 6#/( %'42 4 0#K(2 %'( %#%4; 2$6"(/ #? (B>#-(0
>(2,-(-&%'4%&3/((%&8,-,%#/-&%#&%'(&>4;4KK#@
A#/64;;95 =4230#2G- 8,-,%- %# %'( O4;4KK# g(11',# '40 "(3$2
'(/( #2 %'( O,4KK4 0(;;4 D,32#/,45 .',1'5 0(->,%( ,%- #8(/4"$20:
421( #? >'4;;$-(-5 '40 4;.49- "((2 #2( #? ',- ?48#/,%( >;4K4- ,2
4;; #? P$/#>(@ A# %/,> %# %'( >,4KK4 .4- 1#6>;(%( .,%'#$% -,>:
>,23 42 (->/(--# 4% M4??z <,8#,/(5 ?#;;#.(0 "9 4 8,-,% %# %'(
\(0,1, ;,#2- ,2 %'( =#33,4 0(, =42K,k%'( >,4KK4G- #>(2:4,/
-1$;>%$/(&34;;(/9@
N#0495 '#.(8(/5 =4230#2 420 ',- 1#6>42,#2 >;422(0 %#
(2%(/ %'( O4;4KK# g(11',# 8,4 %'( g4-4/, M#//,0#/5 6$1' 4-
\(0,1, 0$*(- 6,3'% '48( 0#2( ,2 %'(,/ 049k"9>4--,23 %'(
?46#$- h??,K, d4;;(/9 420 ?#;;#.,23 %'( 1#//,0#/ 4- ,% -24*(0
 QYT[VZY
4"#8( "/,03(-5 #8(/ /#40-5 420 %'/#$3' "$,;0,23-5 ;(40,23 0,/:
(1%;9 ,2%# %'( '(4/% #? %'( #;0 >4;41(@ N'$- ?4/5 %'(9 '40 '(4/0
2# %/41( #? ?##%-%(>- "(',20 %'(65 "$% =4230#2 .4- -%,;;
42B,#$-&%#&(B,%&%'(&1#//,0#/@
>'( '49 9#08# &33.8#(5 =4230#2 /(4;,K(05 (9(,23 %'( '(489
.##0(2&0##/&"(?#/(&%'(6@ 1+#%#'53&'7#%54%5+#%4,(%6&,&7#/
N'( 0##/5 0(->,%( ,%- -$"-%42%,4; ;#1*,23 6(1'42,-65 .4-
(I$,>>(0 .,%' 4 '#/,K#2%4; >$-' "4/5 .',1' >/#8,0(0
(6(/3(219:(B,% 14>4",;,%9 .',;( >/(8(2%,23 429#2( #2 %'( #%':
(/&-,0(&?/#6&(2%(/,23&%'(&g4-4/,&M#//,0#/&.,%'#$%&4&*(9&14/0@
=4230#2 >;41(0 ',- (4/ %# %'( 0##/ 420 ;,-%(2(0@ 7(4/,23
2#%',23 #2 %'( #%'(/ -,0(5 '( >$% ',- '420- 434,2-% %'( "4/ 420
>$-'(0&3(2%;9@
N'(&;#1*&1;,1*(0@
!- %'( .##0(2 >#/%4; 1/(4*(0 #>(2 4 ?(. ,21'(-5 =4230#2
>((/(0&,2%#&%'(&.#/;0&"(9#20@&!&-64;;&4;1#8(@&P6>%9@&D,;(2%@
+,%' 4 -64;; -,3' #? /(;,(?5 =4230#2 -%(>>(0 %'/#$3' 420
6#%,#2(0&?#/&D,(224&%#&?#;;#.@
O#03#%.'/
D%420,23 ,2 4 I$,(% 4;1#8( -#6(.'(/( ,2-,0( %'( O4;4KK#
g(11',#5 =4230#2 .4,%(0 4 6#6(2% 420 %/,(0 %# 3(% ',- "(4/:
,23-@ a2 ?/#2% #? %'(65 4 ;#23 '4;;.49 /42 >(/>(20,1$;4/ %# %'(
4;1#8(@ N# %'(,/ ;(?%5 ,2 %'( 0,-%421(5 8#,1(- (1'#(0 $> %'( 1#/:
/,0#/5 14;6 420 C#8,4;@ N'( O4;4KK# g(11',#5 6$1' ;,*( %'( h2:
,%(0 D%4%(- M4>,%#; )$,;0,235 .4- "#%' 4 %#$/,-% 4%%/41%,#2 420 4
3#8(/26(2%4; #??,1(@ !% %',- '#$/5 %'( 8#,1(- %'(9 '(4/0 .(/(
6#-% ;,*(;9 %'#-( #? 1,8,1 (6>;#9((- "$-%;,23 ,2 420 #$% #? #?:
?,1(-5&3(%%,23&/(409&?#/&%'(&049@
=4230#2 420 D,(224 ,21'(0 %#.4/0 %'( '4;;.49 420 >((/(0
4/#$20 %'( 1#/2(/@ D$/( (2#$3'5 4% %'( (20 #? %'( '4;;.49 .4-
42 4%/,$6 ,2 .',1' 4 0#K(2 #/ -# 3#8(/26(2% (6>;#9((- -%##0
4/#$20 -,>>,23 6#/2,23 #*63#**. 420 1'4%%,23 .,%' 1#;;(43$(-
"(?#/(&.#/*@
 QYU[VZY
iN'( g4-4/, 6$/4;5j D,(224 .',->(/(05 i9#$ -4,0 ,%G- ,2 %'(
74;;&#?&%'(&E,8(&7$20/(0nj
=4230#2 2#00(0 420 >#,2%(0 41/#-- %'( 1/#.0(0 4%/,$6 %#:
.4/0 4 >#/%,1# %'4% #>(2(0 ,2%# 4 -%#2( '4;;.49@ ih2?#/%$:
24%(;95&,%G-&%'/#$3'&%'4%&4%/,$6@j
i]#$G/(&-$/(nj
=4230#2 2#00(0@ i+(G;; 2(8(/ 64*( ,% %'/#$3' .,%'#$% "(:
,23&-((2@j
iN'(9G/( 3#8(/26(2% .#/*(/-@ N'(9G;; '48( 2# ,2%(/(-% ,2 $-@
_$-%&.4;*&;,*(&9#$&"(;#23&'(/(@j
D,(224 /(41'(0 $> 420 3(2%;9 -6##%'(0 #$% =4230#2G- )/,:
#2, -$,% C41*(% 420 40C$-%(0 ',- 1#;;4/@ i]#$ ;##* 8(/9 >/(-(2%:
4";(5 <#"(/%@j D'( 348( ',6 4 0(6$/( -6,;(5 40C$-%(0 '(/ #.2
-.(4%(/5&420&-(%&#$%@
=4230#2 '$//,(0 4?%(/ '(/5 "#%' #? %'(6 -%/,0,23 >$/>#-(:
?$;;9 %#.4/0 %'( 4%/,$6@ !- %'(9 (2%(/(05 D,(224 "(342 %4;*,23
%# ',6 ,2 /4>,0 a%4;,42k-#6(%',23 4"#$% ?4/6 -$"-,0,(-k3(-:
%,1$;4%,23 >4--,#24%(;9 4- -'( ->#*(@ N'(9 *(>% %# %'( #$%(/
.4;;5 64,2%4,2,23 %'(,/ 0,-%421( ?/#6 %'( #%'(/-@ N# =4230#2G-
464K(6(2%5 2#% #2( -,23;( (6>;#9(( 348( %'(6 4 -(1#20
3;421(@
+'(2 %'(9 .(/( "(9#20 %'( 4%/,$65 %'(9 I$,1*;9 >/(--(0 #2:
.4/0 %#.4/0 %'( '4;;.49@ =4230#2 /(14;;(0 %'( D'4*(->(4/(
>;49",;;@ ?.*7+.#84;* Z;7$@ i]#$G/( I$,%( 42 41%/(--5j '(
.',->(/(0@
iaG8( '40 %# "(5j -'( -4,0 /(?;(B,8(;95 '(/ 8#,1( -%/423(;9
0,-%42%@
F21( 434,25 =4230#2 -(2-(0 %'(/( .4- 6#/( '(4/%41'( ,2
%',- 9#$23 .#642G- >4-% %'42 '( *2(.5 420 '( ?(;% 4 0((>(2,23
-(2-( #? /(6#/-( ?#/ '48,23 (2%423;(0 '(/ ,2 ',- 0423(/#$-
>/(0,146(2%@ 7( /(6,20(0 ',6-(;? %'4% %'(/( .4- 2#%',23 %#
"(&0#2(&2#.5&(B1(>%&%#&-((&,%&%'/#$3'@
Y##6%*9.::.'B%5+34;B+%5+#%5;''#,%E%&'(%63&)%-43%,.B+5/
 QYV[VZY
!- %'(9 2(4/(0 %'(,/ >#/%,1#5 =4230#2 .4- /(;,(8(0 %# -((
%'4% ',- 6(6#/9 '40 -(/8(0 ',6 .(;;@ ! -64;; >;4I$( .,%' 42
4//#. >#,2%(0 4/#$20 %'( 1#/2(/ ,2%# %'( '4;;.49 420 42:
2#$21(0^ a= D!=FAP HPa MaAqhPMPANF@ 1+# @&,, 4- 5+# H.8# @;'V
(3#(5 =4230#2 %'#$3'%5 .#20(/,23 .'4% 42-.(/- 4.4,%(0
.,%',2@ 1+# 53;5+ 7&' D# B,.:6*#( 4',) 5+34;B+ 5+# #)#* 4-
(#&5+/%O+&5%74;,(%5+.*%:#&'L
iN'( /##6 649 -%,;; "( ;#1*(05j =4230#2 .4/2(0 4- %'(9
2(4/(0 %'( 1#/2(/@ !;%'#$3' %'( 74;; #? %'( E,8( 7$20/(0 .4-
4 >#>$;4/ %#$/,-% 0(-%,24%,#25 %'( >4;4KK# 0,0 2#% 4>>(4/ %# "(
#>(2&9(%&%#&%#$/,-%-&%',-&6#/2,23@
iH#&9#$&'(4/&%'4%nj&D,(224&4-*(05&-%#>>,23&-'#/%@
=4230#2 '(4/0 ,%@ ! ;#$0 '$66,23 2#,-( .4- 1#6,23 ?/#6
C$-% 4/#$20 %'( 1#/2(/@ Z,#&*# 5#,, :# .50* '45 &' .'(443 (34'#/
M4$%,#$-;95 =4230#2 >((/(0 4/#$20 %'( 1#/2(/ #? %'( >#/%,1#@
N',/%9 94/0- 4.49 -%##0 %'( -$/>/,-,23;9 -,6>;( .##0(2 0##/
%'4% #>(2(0 ,2%# %'( 74;; #? %'( E,8( 7$20/(0@ <(3/(%%4";95
0,/(1%;9 "(%.((2 %'(6 -%##0 4 >#/%;9 1$-%#0,42 >$-',23 42
(;(1%/,1&?;##/:"$??,23&641',2(&,2&.(4/9&1,/1;(-@
I;&3(.&'%4-%5+#%B&5#/
=4230#2G- 4%%(2%,#2 -',?%(0 %# %'/(( -96"#;- #2 4 >;4-%,1
-,32 #$%-,0( %'( 0##/@ H(1,>'(/4";( %# (8(2 %'( ;(4-% (B>(/,:
(21(0 #? -96"#;#3,-%-5 %'(-( $2,8(/-4; ,1#2- .(/(^ 4 8,0(# 146:
(/4 .,%' 42 m %'/#$3' ,%e 4 0/,2*,23 1$> .,%' 42 m %'/#$3' ,%e
420&4&>4,/&#?&"#B9&-%,1*&?,3$/(-5&#2(&?(64;(5&#2(&64;(@
=4230#2 %##* 1'4/3(5 -%/,0,23 -.,?%;9 %#.4/0 %'( 1$-%#0,425
"/(4*,23 ,2%# 4 C#3 4- '( 0/(. 2(4/(/@ D,(224 /$-'(0 "(',20
',6&%#&*((>&$>@
N'( 1$-%#0,42 3;421(0 $>5 ;##*,23 -%4/%;(0@ Q".B'43.LFR 7(
'(;0&#$%&',-&4/6-&?#/&=4230#2&420&D,(224&%#&-%#>@
=4230#2 348( %'( 642 4 >4,2(0 -6,;(k6#/( #? 4
.,21(k420 6#%,#2(0 4>#;#3(%,14;;9 %#.4/0 %'( -96"#;- 2(4/
%'( 0##/@ Q14.,#55#CR '( 0(1;4/(05 ',- 8#,1( >,21'(0@ a% .4- 2#% 4
I$(-%,#2@
 QYW[VZY
N'( 1$-%#0,42 '(-,%4%(0 4 6#6(2%5 ;##*,23 /(409 %# 0(29
%'(,/ /(I$(-%5 420 %'(2 ?,24;;95 .4%1',23 =4230#2 -',?% $21#6:
?#/%4";9 "(?#/( ',65 '( 348( 4 -96>4%'(%,1 2#0 420 .48(0
%'(6&%'/#$3'@
+'(2 %'(9 /(41'(0 %'( 0##/5 =4230#2 348( D,(224 4 I$,1*
.,2*@&iM#6>4--,#2&,-&4&$2,8(/-4;&;423$43(@j
 M7!ONP< SU

!N FAP Na\P5 %'( 74;; #? %'( E,8( 7$20/(0 .4- %'( ;4/3(-% /##6
,2 %'( .#/;0@ a% '40 "((2 "$,;% ,2 QTYT %# >/#8,0( 4 6((%,23 '4;;
?#/ %'( (2%,/( M#2-,3;,# \433,#/(k%'( /(>$";,1G- d/420 M#$2:
1,; #? >/(1,-(;9 ?,8( '$20/(0 6(6"(/-k?/#6 .',1' %'( '4;;
0/(. ,%- 246(@ D#6( 9(4/- ;4%(/5 4% %'( "('(-% #? M#-,6# a5 %'(
/##6 .4- /(2#84%(0 420 (2;4/3(0 -$"-%42%,4;;9@ M#-,6# a5 %'(
6#-% >#.(/?$; 642 ,2 a%4;95 1'#-( 4- %'( >/#C(1%G- #8(/-((/ 420
4/1',%(1%&%'(&3/(4%&d,#/3,#&g4-4/,@
a2 42 (B1(>%,#24; ?(4% #? (23,2((/,235 g4-4/, '40 /4,-(0 %'(
#/,3,24; /##? -$"-%42%,4;;9 420 >(/6,%%(0 24%$/4; ;,3'% %# ?;#.
,2 %'/#$3' ',3' %/42-#6- #2 4;; ?#$/ -,0(- #? %'( /##65 /(-$;%:
,23 ,2 42 (;(342% -'#./##6 ?#/ -#6( #? E;#/(21(G- ?,2(-% 4/1',:
%(1%$/(5&-1$;>%$/(5&420&>4,2%,23@
E#/ =4230#25 ,% .4- 4;.49- %'( ?;##/ #? %',- /##6 %'4% ?,/-%
0/(. ',- (9(5 ,66(0,4%(;9 422#$21,23 %'4% %',- .4- 2# #/0,2:
4/9 ->41(@ N'( 1/,6-#2 -%#2( >4/I$(% .4- #8(/;4,0 .,%' 4 ";41*
3/,05 3,8,23 %'( %.(;8(:%'#$-420:-I$4/(:?##% (B>42-( 42 4,/ #?
-#;,0,%95&0(>%'5&420&"4;421(@
=4230#2 /4,-(0 ',- (9(- -;#.;9 %# %'( ?4/ -,0( #? %'( /##65
.'(/( -,B 09246,1 -1$;>%$/(-k1+# T&D43* 4- @#37;,#*k;,2(0
%'( .4;; ;,*( 4 >'4;42B #? -#;0,(/-@ =4230#2 ,2%(2%,#24;;9 ,3:
2#/(0 %'( #?%:64;,32(0 @#37;,#* &'( <.4:#(#*5 .'#-( 24*(0
"#0,(- .(/( ;#1*(0 ,2 42 4.*.4/0:;##*,23 ./(-%;,23 64%1'5
.',1' ,21;$0(0 4 1/(4%,8( i>(2,;( 3/,>j %'4% 4;.49- 640( =423:
0#2&1/,23(@
E4/ (4-,(/ #2 %'( (9(- .4- \,1'(;423(;#G- "/(4%'%4*,23 I#'.V
;* 4- J.7543)5 .',1' -%##0 %# %'( /,3'%5 0#6,24%,23 %'( 1(2%/4;
2,1'( ,2 %'( -#$%' .4;;@ !% 2(4/;9 2,2( ?((% %4;;5 %',- -1$;>%$/(
 QYY[VZY
'40 "((2 ,2%(20(0 ?#/ %'( %#6" #? %'( $;%/41#2-(/84%,8( >#>(
_$;,$- aaka; O4>4 N(//,",;(k4 1#66,--,#2 =4230#2 '40 4;.49-
?#$20 ,/#2,15 1#2-,0(/,23 %'( g4%,142G- -%421( #2 '#6#-(B$4;:
,%9@ N'( -%4%$( 0(>,1%(0 N#664-# 0(, M484;,(/,5 %'( 9#$23 642
.,%' .'#6 \,1'(;423(;# '40 "((2 ,2 ;#8( ?#/ 6$1' #? ',- ;,?(
420&%#&.'#6&'(&1#6>#-(0&#8(/&%'/((&'$20/(0&-#22(%-@
ia 142G% "(;,(8( aG8( 2(8(/ "((2 '(/(5j D,(224 .',->(/(0 "(:
-,0( ',65 '(/ 8#,1( -$00(2;9 I$,(% 420 /(8(/(2%@ iN',- ,- L
"(4$%,?$;@j
=4230#2 2#00(05 /(14;;,23 ',- ?,/-% 8,-,% %# %',- ->41(k#2 %'(
#114-,#2 #? 4 ->(1%41$;4/ 1#21(/% #? 1;4--,14; 6$-,1 ?(4%$/,23
%'( .#/;0:/(2#.2(0 >,42,-% \4/,(;( `(96(;@ !;%'#$3' %',-
3/420 '4;; .4- #/,3,24;;9 ,2%(20(0 ?#/ >/,84%( >#;,%,14; 6((%:
,23- 420 4$0,(21(- .,%' %'( 3/420 0$*(5 2#.4049- ,% 6#/(
1#66#2;9 ?(4%$/(0 >#>$;4/ 6$-,1,42-5 ;(1%$/(/-5 420 34;4 0,2:
2(/-k?/#6 4/% ',-%#/,42 \4$/,K,# D(/41,2, %# %'( d$11, \$:
-($6G- -%4/:-%$00(05 ";41*:420:.',%( 34;4 #>(2,23@ =4230#2
-#6(%,6(- .#20(/(0 '#. M#-,6# a .#$;0 ?((; 4"#$% -'4/,23
',-&4$-%(/(&>/,84%(&'4;;&.,%'&MPF-&420&?4-',#2&6#0(;-@
=4230#2 ;,?%(0 ',- 34K( 2#. %# %'( (2#/6#$- 6$/4;- 40#/2:
,23 %'( .4;;-@ N'(,/ ",K4//( ',-%#/9 ,21;$0(0 4 ?4,;(0 (B>(/,:
6(2%4; >4,2%,23 %(1'2,I$( "9 =(#24/0# 04 g,21,5 .',1' /(-$;:
%(0 ,2 4 i6(;%,23 64-%(/>,(1(@j N'(/( '40 4;-# "((2 42 4/%,-%,1
i-'#.0#.2j ->(4/'(40(0 "9 O,(/# D#0(/,2, 420 \41',48(;;,5
.',1' >,%%(0 434,2-% (41' #%'(/ %.# %,%42- #? %'( <(24,-:
-421(k\,1'(;423(;# 420 =(#24/0#k1#66420,23 %'(6 %#
1/(4%(&6$/4;-&#2&#>>#-,%(&.4;;-&#?&%'(&-46(&/##6@
N#0495 '#.(8(/5 =4230#2 .4- 6#/( ,2%(/(-%(0 ,2 #2( #? %'(
/##6G-&#%'(/&',-%#/,14;&#00,%,(-@
=#37&%5348&/
i+',1' #2( ,- %'( g4-4/,nj D,(224 4-*(05 -1422,23 %'(
6$/4;-@
iA(4/;9 4;; #? %'(65j =4230#2 /(>;,(05 *2#.,23 %'4% 4- >4/%
#? %'( /##6G- /(2#84%,#25 g4-4/, 420 ',- 4--,-%42%- '40
 RZZ[VZY
/(>4,2%(0 4;6#-% (8(/9%',23 ,2 ,%5 ?/#6 %'( #/,3,24; .4;; 6$/4;-
%# %'( %',/%9:2,2( 1#??(/(0 >42(;- 40#/2,23 ,%- ?46(0 i'423,23j
1(,;,23@
i)$% 5+&5 6$/4; %'(/(5j =4230#2 -4,05 >#,2%,23 %# %'( 6$/4;
#2 %'(,/ ?4/ /,3'%5 i,- %'( #2( .( 146( %# -((kg4-4/,G- N&55,# 4-
?&37.&'4@j
N'( 6,;,%4/9 1#2?/#2%4%,#2 .4- 4"-#;$%(;9 64--,8(k?,?%9:?,8(
?((% ;#23 420 6#/( %'42 %'/(( -%#/,(- %4;;@ a% .4- /(20(/(0 ,2
/$009 -'40(- #? "/#.2 420 3/((2k4 8,#;(2% >42#/464 #? -#;:
0,(/-5 '#/-(-5 ->(4/-5 420 "422(/- 4;; 1#;;,0,23 #2 4 >4-%#/4;
',;;-,0(@
ig4-4/,5 g4-4/,5j D,(224 .',->(/(0@ i!20 ',00(2 ,2 %'(/(
-#6(.'(/(&,-&',-&-(1/(%&6(--43(nj
=4230#2 2#00(0 4- '( -I$,2%(0 %#.4/0 %'( %#> #? %'( '$3(
6$/4;5 %/9,23 %# ;#14%( %'( >4/%,1$;4/ 3/((2 "4%%;( ?;43 #2 .',1'
g4-4/, '40 >4,2%(0 ',- 69-%(/,#$- 6(--43(kMP<M! N<Fg!@ ia%G-
4;6#-% ,6>#--,";( %# -(( ?/#6 0#.2 '(/( .,%'#$% ",2#1$;4/-5j
=4230#2 -4,05 >#,2%,235 i"$% ,2 %'( %#> 6,00;( -(1%,#25 ,? 9#$
;##* C$-% "(;#. %'( %.# ?4/6'#$-(- #2 %'( ',;;-,0(5 %'(/(G- 4
%,295&%,;%(0&3/((2&?;43&420kj
ia -(( ,%lj D,(224 -4,05 >#,2%,23 %# %'( $>>(/:/,3'% I$40/42%5
>/(1,-(;9&,2&%'(&/,3'%&->#%@
=4230#2&.,-'(0&'(&'40&9#$23(/&(9(-@
N'( %.# .4;*(0 1;#-(/ %# %'( %#.(/,23 6$/4;5 420 =4230#2
34K(0 $> 4% ,%- ->;(20#/@ E,24;;95 %'(9 .(/( '(/(@ N'( #2;9
>/#";(6 2#. .4- %'4% =4230#2 .4- 2#% -$/( 9+) %'(9 .(/(
'(/(@ 7( -%##0 ,2 -,;(21( ?#/ -(8(/4; ;#23 6#6(2%-5 -%4/,23 $>
4%&%'(&0(%4,;-&#?&g4-4/,G-&64-%(/>,(1(@
2-%2%-&.,%E%5+#'%&,,%.*%(#&5+/
! 0##/ 1/(4*(0 #>(2 "(',20 %'(65 420 %'( 1$-%#0,42 .,%'
%'( ?;##/ "$??(/ >((/(0 ,25 ;##*,23 $21(/%4,2@ D,(224 348( 4
?/,(20;9 .48(@ N'( 1$-%#0,42 (9(0 %'(6 4 6#6(2% 420 %'(2
1;#-(0&%'(&0##/@
 RZQ[VZY
i+( 0#2G% '48( 6$1' %,6(5 <#"(/%5j D,(224 $/3(0@ i]#$
2((0 %# %',2*@ H#(- %'( >4,2%,23 /,23 429 "(;;- ?#/ 9#$n !29
6(6#/,(-&4%&4;;nj
=4230#2&-1/$%,2,K(0&%'(&1'4#%,1&"4%%;(&-1(2(&4"#8(&%'(6@
1+#%53;5+%7&'%D#%B,.:6*#(%4',)%5+34;B+%5+#%#)#*%4-%(#&5+/
=4230#2 '40 %'#$3'% >(/'4>- %'( 6$/4; ,21;$0(0 4 1#/>-(
.'#-( 0(40 (9(- .(/( 34K,23 ";42*;9 #?? %#.4/0 -#6( #%'(/
1;$( ,2 %'( >4,2%,23 L #/ >(/'4>- (8(2 (;-(.'(/( ,2 %'( /##6@
h2?#/%$24%(;95 =4230#2 2#. -4. %'4% %'(/( .(/( 0#K(2- #?
0(40 "#0,(- ,2 %'( 6$/4;5 2#2( #? %'(6 >4/%,1$;4/;9 2#%(:
.#/%'9 420 2#2( .,%' 0(40 (9(- 0,/(1%(0 429.'(/( ,2
>4/%,1$;4/@
1+#%53;5+%7&'%D#%B,.:6*#(%4',)%5+34;B+%5+#%#)#*%4-%(#&5+L
7( %/,(0 %# (28,-,#2 1#22(1%,23 ;,2(- ?/#6 #2( 1#/>-( %# 42:
#%'(/5&.#20(/,23&,?&4&-'4>(&6,3'%&(6(/3(5&"$%&'(&-4.&2#%',23@
=4230#2G- '(40 .4- %'/#"",23 434,2 4- '( ?/42%,14;;9
>;$6"(0 %'( 0(>%'- #? ',- 6(6#/9@ D#6(.'(/( 0#.2 %'(/(5
%'( 8#,1( #? %'( -,;8(/:'4,/(0 .#642 *(>% .',->(/,23^ "##$ &'(
)#%*+&,,%-.'(/
iE,20&.'4%nlj&=4230#2&.42%(0&%#&-'#$%@
7( ?#/1(0 ',6-(;? %# 1;#-( ',- (9(- 420 (B'4;( -;#.;9@ 7(
/#;;(0 ',- -'#$;0(/- 4 ?(. %,6(- 420 %/,(0 %# ?/(( ',6-(;? ?/#6
4;;&1#2-1,#$-&%'#$3'%5&'#>,23&%#&%4>&,2%#&',-&3$%&,2-%,21%@
J#3)%*433)/
J&*&3./
=#37&%5348&/
1+#%53;5+%7&'%D#%B,.:6*#(%4',)%5+34;B+%5+#%#)#*%4-%(#&5+/
7,- 3$% %#;0 ',65 .,%'#$% 4 0#$"%5 %'4% '( .4- -%420,23 ,2
%'( /,3'% ;#14%,#2@ !20 .',;( '( .4- 2#% 9(% -$/( .'95 '( '40
%'( 0,-%,21% -(2-( %'4% '( .4- 6#6(2%- 4.49 ?/#6 ?,20,23
.'4%&'(&'40&1#6(&'(/(&-((*,23@
 RZR[VZY
!3(2% )/t0(/ -%4/(0 ";42*;9 4% %'( /(0 8(;8(% >42%4;##2- 420
%$2,1 ,2 %'( 0,->;49 14-( "(?#/( ',6 420 1$/-(0 $20(/ ',-
"/(4%'@ 7,- D<D %(46 '40 -(4/1'(0 %'( (2%,/( 1#-%$6( 34;;(/95
420&=4230#2&420&D,(224&)/##*-&.(/(&2#.'(/(&%#&"(&?#$20@
";38#.,,&'7# &'( P#*64'*# ";664355 '( %'#$3'% 423/,;9@
".'7# 9+#' (4#* & 74,,#B# 634-#**43 #,;(# "P"L O+#3# 5+# +#,,
(.(%5+#)%B4F
iP8(/9 (B,% .4- -(4;(05j #2( #? ',- 6(2 ,2-,-%(0@ iN'( #2;9
>#--,",;,%9&,-&%'4%&%'(9&4/(&-%,;;&,2&%'(&34/0(2-@j
+',;( %',- -((6(0 ;#3,14;5 )/t0(/ '40 %'( -,2*,23 -(2-4%,#2
%'4% =4230#2 420 D,(224 )/##*- '40 ?#$20 -#6( #%'(/ .49
#$%@
id(% %'( 0/#2( "41* ,2 %'( 4,/5j )/t0(/ -24>>(0@ i!20 %(;;
%'( ;#14; 4$%'#/,%,(- %# .,0(2 %'( -(4/1' 4/(4 #$%-,0( %'(
.4;;-@j I4((&:'%.5F
!- ',- 6(2 04-'(0 #??5 )/t0(/ 3/4""(0 ',- >'#2( 420 14;;(0
%'( >(/-#2 ,2 1'4/3(@ ia%G- )/t0(/5j '( -4,0@ iaG6 4?/4,0 .(G8(
3#%&4&-(/,#$-&>/#";(6@&!&2$6"(/&#?&%'(6&41%$4;;9@j
 M7!ONP< SV

1@A%1PG1@%=>S D#%B,.:6*#(%4',)%5+34;B+%5+#%#)#*%4-%(#&5+/
D,(224 /(>(4%(0 %'( .#/0- %# '(/-(;? 4- -'( 1#2%,2$(0 %#
-(4/1' (8(/9 ,21' #? g4-4/,G- "/$%4; "4%%;( -1(2(5 '#>,23
-#6(%',23&6,3'%&-%420&#$%@
D'(&-4.&(9(-&#?&0(4%'&(8(/9.'(/(@
O+.7+%4'#*%&3#%9#%,44$.'B%-43LF
D'( .#20(/(0 ,? 649"( %'( (9(- #? 0(4%' .(/( 4 /(?(/(21( %#
4;; %'( /#%%,23 1#/>-(- -%/(.2 41/#-- P$/#>( "9 %'( );41*
H(4%'@
>5%,#&*5%5+&5%94;,(%#\6,&.'%5+#%6,&B;#%:&*$%E
F$% #? %'( ";$(5 4 1',;0'##0 2$/-(/9 /'96( C$6>(0 ,2%# D,:
(224G- 6,20^ P.'B &34;'( 5+# 34*.#/ > 647$#5-;, 4- 64*.#*/
>*+#*C%&*+#*/%O#%&,,%-&,,%(49'/
D'( $-(0 %# /(1,%( %'( >#(6 4- 4 -1'##;3,/; ,2 P23;420 $2%,;
-'( '(4/0 %'4% ,% 0(/,8(0 ?/#6 %'( d/(4% O;43$( #? =#20#2 ,2
QVVU@ !;;(3(0;95 4 /,23 4/#$20 %'( /#-,( .4- 4 /(?(/(21( %# 4
/#-(:1#;#/(0 >$-%$;( #2 %'( -*,2 %'4% 0(8(;#>(0 4 /,23 4/#$20
,% 420 ,20,14%(0 %'4% #2( .4- ,2?(1%(0@ D$??(/(/- .#$;0 14//9 4
>#1*(%?$; #? >#-,(- ,2 42 (??#/% %# 64-* %'( -6(;; #? %'(,/ #.2
0(149,23 "#0,(- 4- .(;; 4- %'( -%(21' #? %'( 1,%9 ,%-(;?5 .'(/(
'$20/(0- #? >;43$( 8,1%,6- 0/#>>(0 0(40 04,;95 %'(,/ "#0,(-
%'(2&1/(64%(0@ >*+#*C%&*+#*/%O#%&,,%-&,,%(49'/
iE#/ %'( ;#8( #? d#05j =4230#2 ";$/%(0 -$00(2;95 .'((;,23
4/#$20&%#.4/0&%'(&#>>#-,%(&.4;;@
D,(224&;##*(0&#8(/@&i+'4%G-&./#23nj
iN'4%G- %'( 246( #? 4 >,(1( #? 4/% %'4% .4- #21( #2 0,->;49
'(/(@ H43%5+#%T48#%4-%I4(/j
 RZT[VZY
)(.,;0(/(05 D,(224 .4%1'(0 =4230#2 '$//9 41/#-- %'( /##6
%# 4 -64;; 3;4-- 0##/5 .',1' '( %/,(0 %# #>(2@ a% .4- ;#1*(0@ 7(
>$% ',- ?41( %# %'( 3;4--5 1$>>,23 ',- '420- 4/#$20 ',- (9(- 420
>((/,23&,2-,0(@
+'4%(8(/ =4230#2 .4- ;##*,23 ?#/5 D,(224 '#>(0 '( ->#%%(0
,% ,2 4 '$//9e %'( 1$-%#0,42 '40 C$-% /(4>>(4/(05 2#. .,%' 4
;##* #? 0((>(2,23 -$->,1,#2 4% %'( -,3'% #? =4230#2 -4$2%(/,23
#??&%#&-2##>&4%&4&;#1*(0&0##/@
D,(224 .48(0 1'((/?$;;9 %# %'( 1$-%#0,425 "$% %'( 642 3;4/(0
4%&'(/&?#/&4&;#23&1#;0&"(4%&420&%'(2&0,-4>>(4/(0@

=#&D%$0,#;#@
O#-,%,#2(0 "(',20 4 3;4-- 0##/5 0,/(1%;9 #>>#-,%( %'( ',00(2
.#/0- 7#37& 5348& ,2 %'( 74;; #? %'( E,8( 7$20/(05 .4- 2(-%;(0
4 %,29 .,20#.;(-- 1'46"(/@ H(-,32(0 "9 g4-4/, 4- 4 -(1/(%
-%$09 ?#/ E/421(-1# a5 %'( /(1%423$;4/ D%$0,#;# /#-( %# 4
/#$20(05 "4//(;:84$;%(0 1(,;,235 .',1' 348( %'#-( ,2-,0( %'(
?((;,23&#?&"(,23&,2-,0(&4&3,42%&%/(4-$/(&1'(-%@
E,%%,23;95 %'( ,2%(/,#/ 3;,-%(2(0 .,%' #"C(1%- #? "(4$%9@ \#/(
%'42 %',/%9 /4/( >4,2%,23- 40#/2(0 %'( .4;;- 420 1(,;,235 6#$2:
%(0 -# 1;#-( %# #2( 42#%'(/ %'4% %'(9 ;(?% 8,/%$4;;9 2# (6>%9
.4;; ->41(@ 1+# H&,, 4- 27&3;* E >' >,,#B43) 4- @;:&' T.-# E
S&5;3#%Z3#*#'5.'B%Z34:#5+#;*%9.5+%"6#75&7;,&3%I#:*%E
!- =4230#2 >((/(0 %'/#$3' %'( 3;4-- ,2%# %'( 04KK;,23 ->41(
"(9#205&'(&.',->(/(0&%#&',6-(;?5&iN'(&(9(-&#?&0(4%'@j
=4230#2 '40 ?,/-% "((2 ,2-,0( =# D%$0,#;# 0$/,23 4 >/,84%(
-(1/(% >4--43(- %#$/ #? %'( >4;4KK# 4 ?(. 9(4/- "41* 420 '40
"((2 -%$22(0 %# ;(4/2 4"#$% %'( >;(%'#/4 #? ',00(2 0##/-5
-%4,/-5 420 >4--43(.49- %'4% '#2(91#6"(0 %'( >4;4KK#5 ,21;$0:
,23&-(8(/4;&',00(2&"(',20&>4,2%,23-&,2-,0(&=#&D%$0,#;#@
N'( -(1/(% >4--43(-5 '#.(8(/5 .(/( 2#% .'4% '40 C$-%
->4/*(0 =4230#2G- ,2%(/(-%@ a2-%(40 '( '40 ?;4-'(0 #2 4 "#;0
 RZU[VZY
>,(1( #? 6#0(/2 4/% %'4% '( '40 #21( -((2 #2 0,->;49 '(/(kH43
5+# T48# 4- I4(k4 1#2%/#8(/-,4; >,(1( "9 H46,(2 7,/-%5 .',1'
'40 14$-(0 42 $>/#4/ .'(2 ,% .4- -'#.2 ,2-,0( g4-4/,G- ?46(0
D%$0,#;#@
! ;,?(:-,K( 14-% #? 4 '$642 -*$;; ,2 -#;,0 >;4%,2$65 ,%- -$/?41(
'40 "((2 (2%,/(;9 1#8(/(0 .,%' 6#/( %'42 #.B+5 5+4;*&'(
3;,%%(/,235 >48s:-(% 0,46#20-@ N'( (??(1% .4- -%/,*,23@ N'(
-*$;;G- (6>%9 (9( -#1*(%- 3;,-%(2(0 .,%' ;,3'% 420 ;,?(5 1/(4%,23
4 %/#$";,23 C$B%4>#-,%,#2 #? #>>#-,23 -96"#;-k;,?( 420 0(4%'
L "(4$%9 420 '#//#/@ !;%'#$3' 7,/-%G- 0,46#20 -*$;; '40 ;#23
-,21( "((2 /(6#8(0 ?/#6 =# D%$0,#;#5 =4230#2G- /(1#;;(1%,#2
#?&,%&'40&->4/*(0&42&,0(4@
1+# #)#* 4- (#&5+5 '( %'#$3'%@ > *$;,, 7#35&.',) ^;&,.-.#*C
(4#*'05%.5L
D*$;;- .(/( 4 /(1$//,23 %'(6( ,2 H42%(G- 2'-#3'45 6#-% ?46:
#$-;9 M#$2% h3#;,2#G- "/$%4; >$2,-'6(2% ,2 %'( ;#.(-% 1,/1;( #?
'(;;k%'4% #? "(,23 -(2%(21(0 %# 324. (%(/24;;9 #2 %'( -*$;; #? 4
.,1*(0&4/1'",-'#>@
>3#%9#%,44$.'B%-43%&%*$;,,L
N'( (2,364%,1 D%$0,#;#5 =4230#2 *2(.5 '40 "((2 "$,;% ,2 %'(
%/40,%,#2 #? 4 i14",2(% #? 1$/,#-,%,(-@j A(4/;9 4;; #? ,%- >4,2%,23-
.(/( -(1/(%;9 ',23(05 -.,23,23 #>(2 %# /(8(4; ',00(2 1$>:
"#4/0- ,2 .',1' %'( 0$*( '40 *(>% -%/423( >#--(--,#2- #? ,2:
%(/(-% %# ',6k/4/( 6,2(/4; -46>;(-5 "(4$%,?$; ?(4%'(/-5 4 >(/:
?(1% ?#--,; #? 4 24$%,;$- -'(;;5 420 (8(25 4;;(3(0;95 4 6#2*G- %,",4
0(1#/4%(0&.,%'&'420:>#$20(0&-,;8(/@
h2?#/%$24%(;95 =4230#2 -$->(1%(0 4;; %'( 1$>"#4/0 ,%(6-
'40 "((2 /(6#8(0 ;#23 43#5 420 '( '40 2(8(/ '(4/0 #? 429
-*$;;&#2&0,->;49&'(/(&#%'(/&%'42&7,/-%G-&>,(1(@
7,- %'#$3'%- .(/( 1$% -'#/% "9 %'( ;#$0 -;46 #? 4 0##/ #2 %'(
?4/ -,0( #? %'( '4;;@ N'( "/,-* 1;,1* #? ?##%-%(>- 4>>/#41'(0
I$,1*;9&41/#--&%'(&-4;#2@
Q".B'43#FR 42&423/9&8#,1(&-'#$%(0@ Q2,%*&,4'#%'4'%f%&6#354FR
 RZV[VZY
=4230#2 %$/2(0 %# -(( 4 ?(64;( (6>;#9(( 64/1',23 %#.4/0
',6@ D'( .4- >(%,%(5 .,%' -'#/% "/#.2 '4,/@ D'( .4- 4;-# (B:
%/(6(;9 >/(3242%@ N'( .#642 6#8(0 -24>>,;9 %#.4/0 %'(65
%4>>,23 '(/ .4%1' 420 -'#$%,23 -#6(%',23 4"#$% %'( '4;; 2#%
9(% "(,23 #>(2@ !- -'( 0/(. 2(4/5 -'( 640( (9( 1#2%41% .,%'
=4230#25 420 ,66(0,4%(;9 -%#>>(0 -'#/%5 1#8(/,23 '(/ 6#$%'
,2&-'#1*@
iO/#?(--#/ =4230#2lj -'( (B1;4,6(05 ;##*,23 (6"4//4--(0@
iaG6&-#&-#//9l&a&0,02G%&*2#.&9#$&.(/(&'(/(@&+(;1#6(&"41*lj
=4230#2&?/#K(@
7( .4- I$,%( 1(/%4,2 '( '40 2(8(/ -((2 %',- .#642 "(?#/( ,2
',-&;,?(@
 M7!ONP< SW

ia !=\FDN HaHAGN/(1#32,K( 9#$5 O/#?(--#/lj %'( .#642 3$-'(0 ,2

411(2%(0 P23;,-' 4- -'( 4>>/#41'(0 =4230#2@ ia%G- 9#$/ 1;#%':
,23@j D'( -6,;(0 .4/6;9 420 348( =4230#2G- )/,#2, -$,% 42 4>:
>/(1,4%,8(&2#0@&ig(/9&?4-',#24";(@&]#$&;##*&4;6#-%&a%4;,42@j
=4230#2G- 6#$%' .(2% "#2( 0/95 "$% '( 64243(0 4 >#;,%(
-6,;( 4- %'( .#642 C#,2(0 ',6@ id##0 L 6#/2,235j '(
-%$6";(0@&i7#.&4/(&9#$nj
D'( ;4$3'(05 '#;0,23 '(/ "(;;9@ iPB'4$-%(0@ =,%%;( M4%4;,24
*,1*(0 4;; 2,3'%@j N'( .#642 3;421(0 4/#$20 %'( /##65 ;##*:
,23 >$KK;(0@ i2, <;4:.'4 0,02G% 6(2%,#2 9#$ .(/( 1#6,23 "41*
%#049@&a&4--$6(&'(G-&.,%'&9#$nj
2, <;4:.'4L =4230#2 '40 2# ,0(4 .'# -'( .4- %4;*,23
4"#$%@
N'( .#642 4>>4/(2%;9 -4. ',- 1#2?$-,#2 420 348( 4 /(4-:
-$/,23 1'$1*;(@ ia%G- #*495 (8(/9"#09 ,2 E;#/(21( 14;;- ',6 "9
%'4% 2,1*246(@ 7( 0#(-2G% 6,20@j D'( 3;421(0 4/#$20@ iH,0 '(
;(%&9#$&,2nj
i7( 0,05j D,(224 -4,05 4//,8,23 ?/#6 41/#-- %'( '4;;5 i"$% '(
'40 4 "/(4*?4-% 6((%,23@ 7( -4,0 9#$ .#$;02G% 6,20 ,? .(
-%49(0 %# ;##* 4/#$20@j D,(224 (2%'$-,4-%,14;;9 (B%(20(0 '(/
'420@&iaG6&D,(224@&<#"(/%G-&-,-%(/@j
N'( .#642 348( D,(224G- '420 42 #8(/;9 #??,1,4; '420-'4*(@
iaG6 \4/%4 !;84/(K@ !/(2G% 9#$ %'( ;$1*9 #2(k'48,23 O/#?(--#/
=4230#2&4-&4&>/,84%(&3$,0(@j
i](-5j D,(224 (2%'$-(05 "4/(;9 ',0,23 %'( /#;; #? '(/ (9(-@
i7(G-&-#&-64/%lj
 RZX[VZY
N'(/( .4- 42 4.*.4/0 >4$-( 4- %'( .#642 -%$0,(0 D,(224@
iE$2295j -'( -4,05 ia 0#2G% -(( &') ?46,;9 /(-(6";421( 4% 4;;@
PB1(>%&>(/'4>-&9#$/&'(,3'%@j
=4230#2&-(2-(0&42&,6>(20,23&%/4,2&./(1*@ S49%43%'#8#3/
i\4/%45j =4230#2 ,2%(//$>%(05 '#>,23 '( '40 '(4/0 '(/
246( 1#//(1%;95 iaG6 -#//9 %# %/#$";( 9#$5 "$%5 .(;; L a 3$(--
9#$&142&>/#"4";9&,643,2(&.'9&aG6&'(/(@j
i!1%$4;;95 2#5j -'( /(>;,(05 '(/ (9(- 24//#.,23@ ia 142G% ?#/
%'(&;,?(&#?&6(&,643,2(&.'4%&9#$&.#$;0&"(&0#,23&'(/(@j
=4230#2G- >$;-( I$,1*(2(05 420 ,2 %'( 4.*.4/0 -,;(21( %'4%
?#;;#.(05 '( /(4;,K(0 ',- 346";( .4- 4"#$% %# 1/4-' 420 "$/2@
D$00(2;9&\4/%4&"/#*(&,2%#&4&"/#40&-6,;(&420&;4$3'(0&#$%&;#$0@
iO/#?(--#/5 aG6 C#*,23l F? 1#$/-(5 a 142 3$(-- .'9 9#$ /(:
%$/2(0@ E/42*;95 a 0#2G% *2#. .'9 9#$ ?,20 ,% -# ?4-1,24%,235
"$% -,21( 9#$ 420 ., <;4:.'4 ->(2% 4;6#-% 42 '#$/ $> %'(/(
;4-%&2,3'%5&aG6&3$(--,23&9#$G8(&1#6(&"41*&%#&-'#.&9#$/&-,-%(/nj
i<,3'% Lj '( 64243(0@ iPB41%;9@ aG0 ;#8( %# -'#. D,(2245 ,?
%'4%G-&2#%&L&42&,21#28(2,(21(nj
\4/%4 3;421(0 $> %# %'( -(1#20:?;##/ "4;1#29 420 -'/$33(0@
iA#&>/#";(6@&aG6&'(40(0&$>&%'(/(&2#.@j
=4230#2G- '(4/% >#$20(0 4- '( ;##*(0 $> %# %'( -(1#20:
-%#/9 "4;1#29 4% %'( /(4/ #? %'( '4;;@ 2 9&* ;6 5+#3# ,&*5 '.B+5L
7( /(6(6"(/(0 2#%',23@ N'( "4;1#295 '( *2(.5 ,2 400,%,#2 %#
"(,23 4% %'( (B41% -46( '(,3'% 4- %'( .#/0- 7#37& 5348&5 4;-#
-(/8(0 4- %'( (2%/421( %# %'( >4;4KK#G- 6$-($65 .',1' =423:
0#2&8,-,%(0&.'(2(8(/&'(&.4-&'(/(@
\4/%4 .4- 4"#$% %# ;(40 %'(6 41/#-- %'( '4;;5 .'(2 -'(
>4$-(05 4- ,? '48,23 -(1#20 %'#$3'%-@ i!1%$4;;95 O/#?(--#/5 4/(
9#$ -$/( .( 142G% ?,20 -#6(%',23 4 ",% ;(-- 3/,6 %# -'#. 9#$/
;#8(;9&-,-%(/nj
=4230#2&'40&2#&,0(4&'#.&%#&/(->#20@
i+(G/( -((,23 -#6(%',23 3/,6nj D,(224 4-*(0@ i+'4% ,- ,%n
7(&'4-2G%&%#;0&6(@j
 RZY[VZY
\4/%4 348( 4 1#9 -6,;( 420 3;421(0 4% =4230#2@ iO/#?(--#/5
.#$;0 9#$ ;,*( 6( %# %(;; 9#$/ -,-%(/ 4"#$% ,%5 #/ .#$;0 9#$
>/(?(/&%#&0#&-#&9#$/-(;?nj
=4230#2 2(4/;9 C$6>(0 4% %'( #>>#/%$2,%9@ i)9 4;; 6(42-5
\4/%45&.'9&0#2G%&9#$&%(;;&'(/&4;;&4"#$%&,%@j
\4/%4 %$/2(0 "41* %# D,(2245 ->(4*,23 8(/9 -;#.;9 2#.@ ia
0#2G% *2#. .'4% 9#$/ "/#%'(/ '4- %#;0 9#$5 "$% .(G/( 3#,23 $>
%#&%'(&6$-($6&%#&-((&4&8(/9&$2$-$4;&64-*@j
D,(224G- (9(- .,0(2(0 4 ",%@ i+'4% *,20 #? 64-*n F2( #?
%'#-(&$3;9&>;43$(&64-*-&%'(9&.(4/&4%&M4/2(84;(nj
id##0 3$(--5j \4/%4 -4,05 i"$% 2#5 ,%G- 2#% 4 >;43$( 64-*@ a%G-
4&6$1'&0,??(/(2%&*,20&#?&64-*@&a%G-&14;;(0&4&0(4%'&64-*@j
=4230#2G- 34-> #? /(8(;4%,#2 .4- 4$0,";(5 420 \4/%4 -1#.;(0
4% ',65 4>>4/(2%;9 %',2*,23 '( .4- "(,23 #8(/;9 0/464%,1 ,2 42
4%%(6>%&%#&?/,3'%(2&',-&-,-%(/@
iH#2G% ;,-%(2 %# 9#$/ "/#%'(/5j -'( -4,0@ iH(4%' 64-*- .(/( 4
8(/9 1#66#2 >/41%,1( ,2 %'( QUZZ-@ a%G- (--(2%,4;;9 C$-% 4
>;4-%(/ 14-% #? -#6(#2(G- ?41(5 %4*(2 4 ?(. 6#6(2%- 4?%(/ %'4%
>(/-#2&0,(-@j
1+# (#&5+ :&*$/ =4230#2 ?(;% %'( ?,/-% 6#6(2% #? 1;4/,%9
'(G0 ?(;% -,21( .4*,23 $> ,2 E;#/(21(@ <&'5#0* 2'-#3'4 E 7#37&
5348&%E%T44$.'B%5+34;B+%5+#%#)#*%4-%(#&5+/%1+#%:&*$F
D,(224&4-*(05&i+'#-(&?41(&.4-&$-(0&%#&14-%&%'(&64-*nj
=4230#2 >$% ',- '420 #2 D,(224G- -'#$;0(/ 420 42-.(/(0 4-
14;6;9 4- >#--,";(@ i! ?46#$- a%4;,42 >#(%@ 7,- 246( .4- H42%(
!;,3',(/,@j
 M7!ONP< SX

N7P \PHaNP<<!AP!A DhA -'#2( "/,3'%;9 #2 %'( 0(1*- #? 1+# ?#'V

(&7.;: 4- ,% /#1*(0 #8(/ %'( !0/,4%,1 -.(;;-@ E((;,23 .(4/95 %'(
>/#8#-% 0/4,2(0 ',- -(1#20 D1#%1' 420 34K(0 ";42*;9 #$% ',-
#??,1(&.,20#.@
N'(&2(.-&?/#6&E;#/(21(&.4-&2#%&3##0@
O(/'4>- ,% .4- #2 411#$2% #? ',- ?,/-% %4-%( #? 4;1#'#; ,2 4
8(/9 ;#23 %,6(5 "$% '( .4- ?((;,23 -%/423(;9 0,-#/,(2%(0 420
>#.(/;(-- L 4- ,? ',- -',> '40 ;#-% ,%- (23,2(- 420 .(/( 0/,?%,23
4,6;(--;9&#2&%'(&%,0(@
N'( -(2-4%,#2 .4- 4 ?#/(,32 #2( %# %'( >/#8#-%@ a2 ',- .#/;05
%'(/( 4;.49- (B,-%(0 4 0(>(204";( 1#6>4--k6345474,k420 ,%
'40 2(8(/ ?4,;(0 %# -'#. %'( .49@ O/#%#1#; .4- .'4% (24";(0
',6&%#&64*(&0,??,1$;%&0(1,-,#2-&.,%'#$%&(8(/&;##*,23&"41*@
a% '40 "((2 >/#%#1#; %'4% /(I$,/(0 g49(2%'4G- 0,-48#.4;5 420
%'( >/#8#-% '40 14//,(0 #$% %'( 0((0 .,%' 2# '(-,%4%,#2@ 2 9.,,
(#&,%9.5+%+#3%4'7#%5+.*%7;33#'5%73.*.*%+&*%6&**#(/
a% '40 "((2 >/#%#1#; %'4% /(I$,/(0 %'( >/#8#-% %# *2#. 4-
;,%%;( 4- >#--,";( 4"#$% 4;; #? ',- 1;,(2%-@ 7( '40 0(1,0(0 ;#23
43# %'4% %'( M#2-#/%,$6 '40 2# (%',14; /(->#2-,",;,%9 %# C$03(
%'(6@
Z348.(#%5+#%*#38.7#/
13;*5%5+#%7,.#'5/
>*$%'4%^;#*5.4'*/
=,*( %'( 0,/(1%#/- #? 6#-% 1#6>42,(-5 %'( >/#8#-% -,6>;9
#??(/(0 -(/8,1(- .,%' %'( 4--$6>%,#2 %'4% %'#-( -(/8,1(- .#$;0
"( ,6>;(6(2%(0 .,%',2 %'( ?/46(.#/* #? %'( ;4.@ !?%(/ 4;;5
g#;8# '40 2# /(->#2-,",;,%9 %# (2-$/( %'4% -#11(/ 6#6- 0,02G%
->((0 %'/#$3' -1'##; K#2(-5 429 6#/( %'42 H(;; .#$;0 "( '(;0
 RQQ[VZY
/(->#2-,";( ,? -#6(#2( $-(0 #2( #? %'(,/ 1#6>$%(/- %# '41* ,2:
%#&4&"42*&411#$2%@
A#.5 .,%' (8(/9%',23 $2/48(;,235 %'( >/#8#-% I$,(%;9 1$/-(0
%'( %/$-%(0 1#2%41% .'# '40 -$33(-%(0 %',- 1;,(2% %# %'(
M#2-#/%,$6@
i7( .,;; "( ;#. 64,2%(2421( 420 (4-9 6#2(95j %'( 1#2%41%
'40 4--$/(0 ',6@ iN'( 642 ,- "/,;;,42%5 4 -%4/ ,2 ',- ?,(;05 420
4"-$/0;9 .(4;%'9@ 7( -,6>;9 2((0- %# 0,-4>>(4/ ?#/ 4 9(4/ #/
%.#@ 7( .42%- %# "$9 -#6( %,6( #?? %'( 3/,0 %# .#/* #2 42 ,6:
>#/%42%&>/#C(1%@j
N'( >/#8#-% '40 43/((0 .,%'#$% 6$1' %'#$3'%@ =#23:%(/6
/(;#14%,#2- .(/( 4;.49- (4-9 6#2(95 420 %'( >/#8#-% %/$-%(0
',-&1#2%41%G-&,2-%,21%-@
!-&(B>(1%(05&%'(&C#"&'40&"((2&8(/9&(4-9&6#2(9@
N'4%&,-5&$2%,;&;4-%&.((*@
A#.5 ,2 %'( .4*( #? %'( 1'4#- 1/(4%(0 "9 %',- 6425 %'( >/#8:
#-% ?#$20 ',6-(;? >41,23 ,2 1,/1;(- 4/#$20 4 "#%%;( #? D1#%1'
420 1#$2%,23 %'( 049- $2%,; ',- /(->#2-,",;,%,(- %# %',- 1;,(2%
.(/(&#8(/@
N'( >'#2( #2 ',- 0(-* /4235 420 %'( >/#8#-% -4. ,% .4-
`2#.;%#25&#2(&#?&',-&%#>&?41,;,%4%#/-5&14;;,23&?/#6&0#.2-%4,/-@
i](-5j&'(&42-.(/(0@
iD,/5j `2#.;%#2 "(3425 42 $2(4-9 (03( ,2 ',- 8#,1(@ ia '4%( %#
"#%'(/ 9#$ .,%' %',-5 "$% 4- 9#$ 649 *2#.5 .(G/( %4-*(0 .,%'
$>;#40,23&4&8,0(#&%#&%'(&6(0,4&%#6#//#.@j
i](-5j&%'(&>/#8#-%&/(>;,(0@&ia-&,%&>/(>>(0nj
ia% ,-5 "$% a %'#$3'% 9#$ 6,3'% .42% %# >/(8,(. ,% "(?#/(
$>;#40@j
N'( >/#8#-% >4$-(05 >$KK;(0 "9 %'( 1#66(2%@ iH#(- %'(
8,0(#&6(2%,#2&$-&"9&246(&#/&1#6>/#6,-(&$-&,2&-#6(&.49nj
iA#5 -,/5 "$% %'( 1#2%(2% ,- I$,%( 0,-%$/",23@ N'( 1;,(2% 4>:
>(4/-&#2-1/((2&420&-49-kj
iD%#> /,3'% %'(/(5j %'( >/#8#-% #/0(/(05 -%$22(0 %'4% 4 -(2,#/
?41,;,%4%#/&.#$;0&04/(&-$33(-%&-$1'&4&";4%42%&"/(41'&#?&>/#%#1#;@
 RQR[VZY
iN'( 74'5#'5 ,- ,664%(/,4;@ +'4%(8(/ ,% -49-5 ',- 8,0(# .#$;0
'48( "((2 /(;(4-(0 .,%' #/ .,%'#$% $-@ N'( 1;,(2% 1#$;0 C$-% 4-
(4-,;9 '48( /(;(4-(0 %',- 8,0(# (;(1%/#2,14;;95 "$% '( ',/(0 ;*@
7(&>4,0 ;*@&7(&%/$-%(0 ;*@j
i](-5&-,/@j
i]#$ .(/( 2#% ',/(0 %# "( 4 ?,;6 1/,%,15j %'( >/#8#-% 406#2:
,-'(0@&i]#$&.(/(&',/(0&%#&*((>&>/#6,-(-@&H#&9#$/&C#"@j

F2 %'( O#2%( g(11',#5 g49(2%'4 .4,%(05 '(/ -'4/> (9(- -142:

2,23 %'( '$20/(0- #? ?41(- #2 %'( "/,03(@ D'( '40 "((2 8,3,;42%
420 ?(;% 1(/%4,2 %'4% =4230#2 '40 2#% 9(% >4--(0 '(/5 "$% %'(
0/#2( '40 ?4;;(2 -,;(2%5 ,%- %/41*,23 4>>4/(2%;9 2# ;#23(/
/(I$,/(0@
N3j(#3%:;*5%+&8#%7&;B+5%+.:/
<(;$1%42%;95 -'( "(342 %# >#20(/ %'( 3/,6 >/#->(1% #? 4 M#2:
-#/%,$6&,2I$,/9@ K3%943*#/
g49(2%'4 434,2 >,1%$/(0 %'( %.# 43(2%- .'# '40 "((2 0,-:
48#.(0 L 2(8(/ '(4/0 ?/#6 434,2@ 1+#) *.:6,) :48#( 54 (.-V
-#3#'5 943$5 -'( 4--$/(0 '(/-(;?@ A#2(%'(;(--5 -'( 2#. ?#$20
'(/-(;? .#20(/,23 ,? -'( -'#$;0 C$-% 0/,8( ,2%# %'( ',;;- #?
N$-14295&0,-4>>(4/5&420&$-(&'(/&-*,;;-&%#&?,20&4&2(.&;,?(@
N;5%+49%,4'B%74;,(%2%+.(#%-34:%5+#:L
M#$2%;(-- %4/3(%- '40 ;(4/2(0 ?,/-%'420 %'4% .'(2 %'( M#2:
-#/%,$6 -(% 9#$ ,2 ,%- -,3'%-5 >/,8419 "(146( 42 ,;;$-,#2@ a% .4-
#2;9&4&64%%(/&#?&%,6(@
2* :) 7&3##3 3#&,,) #'(.'B ,.$# 5+.*L -'( .#20(/(05 -%,;; $2:
4";( %# 411(>% %'4% '(/ %.(;8(:9(4/ %(2$/( 4% %'( M#2-#/%,$6
.#$;0 "( %(/6,24%(0 #8(/ 4 -(/,(- #? $2;$1*9 "/(4*-@ E#/ 4 9(4/
-'( '40 8,3,;42%;9 #8(/-((2 %'( 2((0- #? %'( M#2-#/%,$6G-
3/((2:(9(0 1;,(2%@ 25 9&* '45 :) -&;,5 +# X;:6#( 54 +.* (#&5+
E%&'(%)#5%2%*##:%54%D#%-&,,.'B%&,4'B%9.5+%+.:/
 RQS[VZY
7(/ #2;9 1'421( 4% /(0(6>%,#2 '40 "((2 %# #$%?#B )/t0(/ L
"$%&-'(G0&*2#.2&?/#6&%'(&-%4/%&%'4%&%',-&.4-&4&;#23&-'#%@
2%+&(%:)%7+&'7#%,&*5%'.B+5C%&'(%2%-&.,#(/
!- g49(2%'4 /(;$1%42%;9 %$/2(0 "41* %#.4/0 '(/ 6#%#/191;(5
-'( "(146( -$00(2;9 4.4/( #? 4 0,-%42% -#$20 L 4 ?46,;,4/
',3':>,%1'(0&.',2(@
O$KK;(05 -'( 3;421(0 $>@ N# '(/ -$/>/,-(5 %'( -$/8(,;;421(
0/#2( '40 C$-% ;,?%(0 #?? 434,25 %',- %,6( 2(4/ %'( ?4/%'(-% (20
#? %'( O,%%, O4;41(@ g49(2%'4 .4%1'(0 4- %'( %,29 1/4?% "(342
?;9,23&0(->(/4%(&1,/1;(-&#8(/&%'(&>4;41(@
N'(&0/#2(G-&0(>;#96(2%&1#$;0&6(42&#2;9&#2(&%',23@
1+#)%*5.,,%(4'05%+&8#%T&'B(4'F
O+#3#%5+#%+#,,%.*%+#L

N'( >,(/1,23 .',2( #8(/'(40 434,2 >$;;(0 H/@ P;,K4"(%' D,2-:

*(9&?/#6&'(/&0(;,/,$6@ 1+#%(34'#%.*%;6%&B&.'L%N;5%2%5+4;B+5%E
D'( -',?%(0 ,2 %'( "41*-(4% #? %'( 8425 .'(/( %'( -46( 9#$23
43(2% .4- -%,;; -(4%(0 "(-,0( '(/@ D'( 1;#-(0 '(/ (9(- 434,25
?,3'%,23 %'( >4,2 420 24$-(4@ \#-%;95 %'#$3'5 -'( ?#$3'% %'(
?(4/@
1.:#%.*%3;''.'B%4;5/
P8(2 %'#$3' '(/ (2(69 '40 C$6>(0 %# ',- 0(4%'5 -'( -%,;;
-4. ',- -,;'#$(%%( ,2 '(/ 0/(46-5 ;(1%$/,23 '(/ ,2 %'( 04/*2(--
#?&%'(&M#$21,;&#2&E#/(,32&<(;4%,#2-@
25 .* .:6#3&5.8# 5+&5 *4:#4'# 5&$# D4,( &75.4'5 '( '40 0(:
1;4/(05 ',- 3/((2 (9(- ?;4-',23@ 2- '45 ;*C 9+4L 2- '45 '49C
9+#'L
P;,K4"(%' *2(. -'( -'#$;0 '48( -%#>>(0 ',6 /,3'% %'(2
.'(2 -'( '40 %'( 1'421(@ D'( .#$;0 2(8(/ ?#/3(% -%#/6,23 #$%
#? %'4% 6((%,23 420 ?$6,23 ,2 %'( "41* #? %'( ;,6# 4- -'(
'(40(0 41/#-- \42'4%%42 %#.4/0 _E` a2%(/24%,#24; !,/>#/%@
P43(/ %# *2#. .'# %'( '(;; %',- 642,41 1#$;0 "(5 -'( >$;;(0
 RQT[VZY
#$% '(/ 1(;; >'#2( %# ;##* 4% %'( -$/>/,-( -24>-'#% -'( '40
%4*(2&#?&',6@
+'(2 -'( -4. %'( >'#%#5 -'( 34->(0 4;#$0@ H/@ P;,K4"(%'
D,2-*(9 *2(. (B41%;9 .'# %',- 642 .4-@ N'( 3##0 2(.- .4-
%'4% '( .#$;0 "( 8(/9 (4-9 %# %/41*@ N'( "40 2(.- .4- %'4% '(
.4- 4 3(2,$- ,2 ',- ?,(;0k4 8(/9 0423(/#$- >(/-#2 -'#$;0 '(
1'##-(&%#&"(@
S45+.'B .* :43# 73#&5.8# E '43 (#*53;75.8# E 5+&' & D3.,V
,.&'5%:.'(%9.5+%&%6;364*#/
)9 %'( %,6( -'( 4//,8(0 4% %'( 4,/>#/% %',/%9 6,2$%(- ;4%(/5
-'( '40 14;;(0 '(/ %(46 420 >;41(0 %',- 642 #2 %'( ",#%(//#/:
,-6 .4%1' ;,-%- #? (8(/9 /(;(842% 43(219 #2 (4/%'k%'( Ma!5 %'(
MHM5 %'( PMHM5 420 4;; #? %'(,/ -,-%(/ #/342,K4%,#2- 4/#$20 %'(
.#/;0@
1+&50*%&,,%2%7&'%(4%;'5.,%2%B#5%D&7$%54%I#'#8&5&-'(&%'#$3'%@
PB'4$-%(05 -'( 14//,(0 '(/ #8(/2,3'% "43 %# 1'(1*:,2 420
'420(0&%'(&4%%(2042%&'(/&>4-->#/%&420&%,1*(%@
iF'5 H/@ D,2-*(95j %'( 4%%(2042% -4,0 .,%' 4 -6,;(@ i! 8(/9
2,1(&3(2%;(642&C$-%&;(?%&4&6(--43(&?#/&9#$@j
iaG6 -#//9nj P;,K4"(%' *2(. #? 2#"#09 .'# '40 411(-- %# '(/
?;,3'%&,2?#/64%,#2@
i7(&.4-&8(/9&%4;;nj&%'(&4%%(2042%&-4,0@&i+,%'&3/((2&(9(-nj
P;,K4"(%' ;,%(/4;;9 0/#>>(0 '(/ "43@ @#0* +#3#L @49LF D'(
->$2&4/#$205&;##*,23&4%&%'(&?41(-&"(',20&'(/@
i7( ;(?% 4;/(4095j %'( 4%%(2042% -4,05 i"$% '( .42%(0 $- %#
3,8( 9#$ %',-@j D'( '420(0 P;,K4"(%' 4 ?#;0(0 >,(1( #?
-%4%,#2(/9@
D'4*,235 P;,K4"(%' $2?#;0(0 %'( >4>(/ 420 /(40 %'( '420:
./,%%(2&2#%(@
a% .4- 4 ?46#$- I$#%( 0(/,8(0 ?/#6 %'( .#/* #? H42%(
!;,3',(/,@

N'(&04/*(-%&>;41(-&,2&'(;;
4/(&/(-(/8(0&?#/&%'#-(
 RQU[VZY
.'#&64,2%4,2&%'(,/&2($%/4;,%9
,2&%,6(-&#?&6#/4;&1/,-,-@
 M7!ONP< SY

\!<N! !=g!<Pm d!mPH %,/(0;9 $> %'( -%((> -%4,/14-( %'4% 4-1(20(0
?/#6 %'( 74;; #? %'( E,8( 7$20/(0 %# %'( -(1#20:?;##/
6$-($6@
Z4**4%-&37#,&5&-'(&%#;0&'(/-(;?@ 2%7&'%(4%.5/
!- 42 4/%- 420 1$;%$/( 406,2,-%/4%#/ 4% %'( O4;4KK# g(11',#5
\4/%4 '40 1;,6"(0 %'(-( -%4,/- 1#$2%;(-- %,6(-5 "$% /(1(2%;95
"(,23 6#/( %'42 (,3'% 6#2%'- >/(3242%5 -'( ?#$20 %'( 4-1(2%
-,32,?,142%;9&6#/(&%4B,23@
i\4/%45 4/( 9#$ -$/( .( 0#2G% .42% %# %4*( %'( (;(84%#/nj
<#"(/% =4230#2 ;##*(0 1#21(/2(0 420 6#%,#2(0 %# %'( -64;;
-(/8,1( (;(84%#/ 2(4/"95 .',1' %'( >4;4KK# '40 ,2-%4;;(0 ?#/
'420,14>>(0&8,-,%#/-@
\4/%4 -6,;(0 4>>/(1,4%,8(;9 "$% -'##* '(/ '(40@ i!- a %#;0
9#$ ;4-% 2,3'%5 69 0#1%#/ -49- %'( (B(/1,-( ,- 3##0 ?#/ %'( "4"9@
)(-,0(-5&O/#?(--#/5&a&*2#.&9#$G/(&1;4$-%/#>'#",1@j
=4230#2 -((6(0 -%/423(;9 -%4/%;(0 "9 '(/ 1#66(2%@ iF'5
/,3'%@&a&?#/3#%&a&6(2%,#2(0&%'4%@j
H43B45 +# :#'5.4'#( .5L \4/%4 >$KK;(0@ 25 9&* ,#** 5+&'
59#,8# +4;3* &B4C &'( 9# (.*7;**#( &5 ,#'B5+ 5+# 7+.,(+44( .'V
7.(#'5%5+&5%,#(%54%5+#%-#&3/
=4-% 2,3'%5 .',;( =4230#2G- 6#/",0;9 #"(-( 1#6>42,#25 .,
<;4:.'45 4-1(20(0 ,2 %'( (;(84%#/5 =4230#2 '40 411#6>42,(0
\4/%4 #2 ?##%@ P2 /#$%( =4230#2 '40 -'4/(0 .,%' '(/ 4 8,8,0
0(-1/,>%,#2 #? 4 "#9'##0 ?4;; ,2%# 42 4"420#2(0 .(;; %'4% '40
;(?%&',6&.,%'&4&2(4/;9&0(",;,%4%,23&?(4/&#?&1/46>(0&->41(-@
A#.5 .',;( =4230#2G- 9#$23(/ -,-%(/ "#$20(0 4'(405 '(/
";#20 >#29%4,; -.,23,23 "(',20 '(/5 =4230#2 420 \4/%4 4-:
1(20(0 6(%'#0,14;;95 >4$-,23 -(8(/4; %,6(- -# -'( 1#$;0 14%1'
 RQW[VZY
'(/ "/(4%'@ iaG6 -$/>/,-(0 9#$ .42% %# -(( %'( 64-* 434,25j -'(
-4,0@ iM#2-,0(/,23 4;; %'( >,(1(- ,2 E;#/(21(5 %',- #2( -((6-
46#23&%'(&;(4-%&,2%(/(-%,23@j
=4230#2 348( 4 2#21#66,%%4; -'/$3@ iaG8( /(%$/2(0 64,2;9
-# D,(224 142 -(( ,%@ N'42* 9#$5 "9 %'( .495 ?#/ ;(%%,23 $- ,2
434,2@j
iF?&1#$/-(@j
=4230#2G- /(>$%4%,#2 .#$;0 '48( -$??,1(0 ;4-% 2,3'% %# >(/:
-$40( \4/%4 %# #>(2 %'( 34;;(/9 ?#/ ',65 "$% %'( ?41% %'4% '(
'40 "((2 411#6>42,(0 "9 ., <;4:.'4 6(42% %'4% -'( /(4;;9
'40&2#&1'#,1(@
a324K,# )$-#2,k%'( 642 *2#.2 4- ., <;4:.'4k.4-
-#6(%',23 #? 4 1(;("/,%9 ,2 %'( E;#/(21( 1$;%$/4; .#/;0@ N'(
;#23%,6( 0,/(1%#/ #? %'( \$-(# 0(;;GF>(/4 0(; H$#6#5 a324K,#
#8(/-4. 4;; 4->(1%- #? E;#/(21(G- 6#-% >/#6,2(2% ',-%#/,14;
-,%(ka; H$#6#k%'( 64--,8(5 /(0:0#6(0 14%'(0/4; %'4% 0#6:
,24%(0 "#%' %'( ',-%#/9 420 %'( -*9;,2( #? E;#/(21(@ 7,- >4--,#2
?#/ %'( ;42064/*5 1#6",2(0 .,%' ',- "#09 .(,3'% #? 2(4/;9 ?#$/
'$20/(0 >#$20- 420 ',- >(/>(%$4;;9 /(0 ?41(5 /(-$;%(0 ,2 ',-
3##0:24%$/(0&2,1*246(&#? .,%<;4:.'4ki%'(&;,%%;(&0#6(@j
\4/%4 '40 2# ,0(4 '#. =4230#2 '40 "(1#6( 41I$4,2%(0
.,%' ., <;4:.'45 "$% %'( ;4%%(/ '40 14;;(0 '(/ ;4-% (8(2,23 420
-4,0 '( .42%(0 %# "/,23 4 3$(-% ?#/ 4 >/,84%( 8,(.,23 #? %'(
H42%( 0(4%' 64-*@ +'(2 %'( 69-%(/9 3$(-% %$/2(0 #$% %# "(
%'( ?46#$- !6(/,142 -96"#;#3,-% 420 4/% ',-%#/,42 <#"(/%
=4230#25 \4/%4 '40 ?(;% 4 ",% #? 4 %'/,;; 4% '48,23 %'( #>>#/%$2:
,%9&%#&$-'(/&%'(-(&%.#&?46#$-&6(2&,2%#&%'(&>4;4KK#G-&34;;(/9@
A#.5 4- %'(9 /(41'(0 %'( %#> #? %'( -%4,/-5 \4/%4 >;41(0 '(/
'420- #2 '(/ ',>-5 "/(4%',23 0((>;9@ D,(224 .4- 4;/(409 4% %'(
"4;1#29 /4,;,235 >((/,23 "41* 0#.2 ,2%# %'( 74;; #? %'( E,8(
7$20/(0@
i\9 ?48#/,%( 8,(. #? %'( /##65j \4/%4 >42%(0@ i]#$ 3(% 42
(2%,/(;9 0,??(/(2% >(/->(1%,8( #2 %'( 6$/4;-@ a ,643,2( 9#$/
 RQX[VZY
"/#%'(/ %#;0 9#$ 4"#$% %'( 69-%(/,#$- 6(--43( ',00(2 ,2 %'4%
#2(&%'(/(nj&D'(&>#,2%(0@
D,(224&2#00(0&(2%'$-,4-%,14;;9@ Q=#37&%5348&/R
!- =4230#2 34K(0 %#.4/0 %'( /##65 \4/%4 .4%1'(0 ',6@ a2
%'( ;,3'% #? %'( 6(KK42,2( .,20#.-5 -'( 1#$;02G% '(;> "$% 2#:
%,1( %'4% =4230#2 0,0 2#% ;##* 4- -%/,*,23 4- '( '40 ;4-% 2,3'%@
D'( ;,*(0 ',- 2(. -$,%5 "$% '( 2((0(0 4 -'48(5 420 ',- ?41(
-((6(0 >4;( 420 .(4/9@ !;-#5 ',- '4,/5 .',1' .4- %',1* 420 ?$;;
;4-% 2,3'%5 ;##*(0 64%%(0 %',- 6#/2,235 4- ,? '( '40 9(% %# %4*(
4&-'#.(/@
\4/%4 %$/2(0 "41* %# %'( 6$/4; "(?#/( '( 14$3'% '(/ -%4/,23@
i+(G/( -%420,23 4% 2(4/;9 %'( (B41% '(,3'% 4- 7#37& 5348&5j
\4/%4&-4,0@&i]#$&142&4;6#-%&-((&%'(&.#/0-&.,%'&%'(&24*(0&(9(@j
=4230#2G- -,-%(/ -((6(0 ,20,??(/(2% %# %'( 6$/4;@ iN(;; 6(
4"#$% H42%(G- 0(4%' 64-*@ +'9 ,- ,% '(/( 4% %'( O4;4KK#
g(11',#nj
T.$# D345+#3C ,.$# *.*5#35 \4/%4 %'#$3'% .,%' 42 ,2.4/0
3/#425 -%,;; >(/>;(B(0 %'4% %'( 64-* '(;0 -$1' ?4-1,24%,#2 ?#/
%'(6@ N'(2 434,25 %'( H42%( 0(4%' 64-* '40 4 8(/9 -%/423(
',-%#/95 (->(1,4;;9 /(1(2%;95 420 =4230#2 .4- 2#% %'( ?,/-% %#
-'#. 4 2(4/;9 642,414; ?4-1,24%,#2 .,%' ,%@ i+(;;5 %(;; 6(5 .'4%
0#&9#$&*2#.&4"#$%&H42%(nj
N'( >/(%%95 9#$23 ";#20( -'/$33(0@ i_$-% .'4% (8(/9#2(
;(4/2- ,2 -1'##;@ H42%( .4- 42 a%4;,42 >#(% 6#-% ?46#$- ?#/
./,%,23 1+# <.8.'# =4:#()5 .',1' 0(-1/,"(- ',- ,643,2(0
C#$/2(9&%'/#$3'&'(;;@j
iO4/%,4;;9 1#//(1%5j \4/%4 /(>;,(0@ ia2 ',- >#(65 H42%( (8(2:
%$4;;9 (-14>(- '(;;5 1#2%,2$(- %'/#$3' >$/34%#/95 420 ?,24;;9 4/:
/,8(- ,2 >4/40,-(@ a? 9#$ (8(/ /(40 1+# <.8.'# =4:#()5 9#$G;;
-(( ',- C#$/2(9 ,- 0,8,0(0 ,2%# %'/(( >4/%-k2'-#3'45 Z;3V
B&543.45 420 Z&3&(.*4@j \4/%4 6#%,#2(0 ?#/ %'(6 %# ?#;;#. '(/
4;#23 %'( "4;1#29 %#.4/0 %'( 6$-($6 (2%/421(@ iN'( /(4-#2
%'( 64-* /(-,0(- '(/( ,2 %'( O4;4KK# g(11',# '4- 2#%',23 %# 0#
.,%' 1+# <.8.'# =4:#()5 %'#$3'@ a% '4- %# 0# .,%' /(4; ',-%#/9@
 RQY[VZY
H42%( ;,8(0 ,2 E;#/(21(5 420 '( ;#8(0 %',- 1,%9 4- 6$1' 4- 429:
#2( 1#$;0 (8(/ ;#8( 4 1,%9@ 7( .4- 4 8(/9 >/#6,2(2% 420 >#.(/:
?$; E;#/(2%,2(5 "$% %'(/( .4- 4 -',?% ,2 >#;,%,14; >#.(/5 420
H42%( -$>>#/%(0 %'( ./#23 -,0(5 -# '( .4- (B,;(0k%'/#.2 #$%:
-,0(&%'(&1,%9&.4;;-&420&%#;0&'(&1#$;0&2(8(/&1#6(&"41*@j
\4/%4 >4$-(0 %# 14%1' '(/ "/(4%' 4- %'(9 4>>/#41'(0 %'(
6$-($6 (2%/421(@ 7420- 434,2 #2 '(/ ',>-5 -'( ;(42(0 "41*
420 1#2%,2$(0 %4;*,23@ iD#6( >(#>;( 1;4,6 %'4% H42%(G- (B,;( ,-
%'( /(4-#2 .'9 ',- 0(4%' 64-* ;##*- -# -405 "$% a '48( 42#%'(/
%'(#/9@ aG6 4 ",% #? 4 /#642%,15 420 a %',2* %'( -40 ?41( '4-
6#/( %# 0# .,%' 4 .#642 246(0 )(4%/,1(@ ]#$ -((5 H42%(
->(2% ',- (2%,/( ;,?( 0(->(/4%(;9 ,2 ;#8( .,%' 4 9#$23 .#642
246(0 )(4%/,1( O#/%,24/,@ )$% -40;95 )(4%/,1( 64//,(0 42#%'(/
6425 .',1' 6(42% H42%( '40 %# ;,8( 2#% #2;9 .,%'#$% ',- "(:
;#8(0 E;#/(21(5 "$% 4;-# .,%'#$% %'( .#642 '( -# 0((>;9 ;#8(0@
7,- ;#8( ?#/ )(4%/,1( "(146( 4 1(2%/4; %'(6( ,2 1+# <.8.'#
=4:#()@j
ia2%(/(-%,235j D,(224 -4,0 ,2 4 %#2( %'4% -$33(-%(0 -'( '40
2#% '(4/0 4 .#/0@ i!20 9(% aG6 -%,;; 2#% 1;(4/ #2 .'9 %'( 0(4%'
64-*&,-&*(>%&'(/(&,2-,0(&%'(&>4;4KK#nj
\4/%4 ?#$20 %'( 9#$23 .#642G- ,2-,-%(21( "#%' $2$-$4; 420
"#/0(/,23 #2 ,6>#;,%(@ i+(;;5j -'( 1#2%,2$(05 .4;*,23 434,25
i.'(2 H42%( 0,(05 '( .4- -%,;; ?#/",00(2 %# (2%(/ E;#/(21(5 420
',- "#09 .4- "$/,(0 ,2 <48(224@ )$% "(14$-( ',- %/$( ;#8(5 )(:
4%/,1(5 .4- "$/,(0 ,2 E;#/(21(5 420 "(14$-( H42%( -# ;#8(0
E;#/(21(5 "/,23,23 ',- 0(4%' 64-* '(/( -((6(0 ;,*( 4 *,20:
'(4/%(0&%/,"$%(&%#&%'(&642@j
ia -((5j D,(224 -4,0@ i!20 %'( 1'#,1( #? %',- "$,;0,23 ,2
>4/%,1$;4/nj
iN'( O4;4KK# g(11',# ,- %'( #;0(-% -96"#; #? E;#/(21( 4205 ,2
H42%(G- %,6(5 .4- %'( '(4/% #? %'( 1,%9@ a2 ?41%5 %'(/( ,- 4 ?46:
#$- >4,2%,23 ,2 %'( 14%'(0/4; %'4% -'#.- H42%( -%420,23 #$%:
-,0( %'( .4;;(0 1,%95 "42,-'(05 .',;( 8,-,";( ,2 %'( "41*3/#$20
,- ',- 1'(/,-'(0 >4;4KK# %#.(/@ a2 6429 .49-5 "9 *((>,23 ',-
 RRZ[VZY
0(4%' 64-* '(/(5 .( ?((; ;,*( H42%( '4- ?,24;;9 "((2 4;;#.(0 %#
1#6(&'#6(@j
iN'4%G- 2,1(5j D,(224 -4,05 ?,24;;9 -((6,23 -4%,-?,(0@ iN'42*
9#$@j
\4/%4 4//,8(0 4% %'( 0##/ #? %'( 6$-($6 420 /4>>(0 %'/((
%,6(-@ Q"4'4%.4C%?&35&F%N;4'B.43'4FR
D#6( *(9- /4%%;(0 ,2-,0( 420 %'( 0##/ #>(2(0@ !2 (;0(/;9
3$4/0 -6,;(0 %,/(0;9 4% '(/ 420 1'(1*(0 ',- .4%1'@ Qk ;' 640
63#*54CR '(&-4,0&.,%'&4&-6,;(@ >%,.55,#%#&3,)/
)9 .49 #? (B>;424%,#25 \4/%4 6#%,#2(0 %# =4230#25 420 %'(
3$4/0 ,66(0,4%(;9 "/,3'%(2(0@ Q".B'43#F N#'543'&54FR O#,V
74:#%D&7$F
QI3&`.#CR =4230#2 /(>;,(0 46,4";9 4- %'( 3$4/0 6#%,#2(0
%'(6&4;;&,2-,0(@
N'(9 6#8(0 %'/#$3' 4 -64;; ?#9(/5 .'(/( %'( 3$4/0 0,-:
4/6(0 4 -(1$/,%9 -9-%(6 420 %'(2 $2;#1*(0 4 -(1#205 '(48,(/
0##/@ !- %'( 0##/ -.$23 #>(25 '( -%(>>(0 4-,0(5 -.((>,23 ',-
4/6&#$%&.,%'&4&?;#$/,-'@ QA774%.,%:;*#4FR
\4/%4&-6,;(0&'(/&%'42*-&420&;(0&'(/&3$(-%-&,2-,0(@
N'( ->41( %'4% 640( $> %',- 6$-($6 '40 #/,3,24;;9 "((2 0(:
-,32(0 4- 3#8(/26(2% #??,1(-5 .',1' 6(42% %'4% /4%'(/ %'42 4
->/4.;,235 .,0(:#>(2 34;;(/9 ->41(5 ,% .4- 4 ;4"9/,2%' #?
6#0(/4%(:-,K( /##6- 420 '4;;.49-5 .',1' (21,/1;(0 '4;? #? %'(
"$,;0,23@
iN'( H42%( 0(4%' 64-* ,- 4/#$20 %'( 1#/2(/5j \4/%4 %#;0 D,:
(224@ ia%G- 0,->;49(0 ,2 4 24//#. ->41( 14;;(0 ,0&'(.545 .',1' ,-
(--(2%,4;;9 C$-% 4 .4;*.49 "(%.((2 %.# ;4/3(/ /##6-@ !2 42:
%,I$( 14",2(% 434,2-% %'( -,0(.4;; '#;0- %'( 64-*5 .',1' *((>-
,% ,28,-,";( $2%,; 9#$ 0/4. (8(2 .,%' ,%@ E#/ %',- /(4-#25 6429
8,-,%#/-&.4;*&/,3'%&>4-%&%'(&64-*&.,%'#$%&(8(2&2#%,1,23&,%lj
=4230#2 .4- -%/,0,23 ?4-%(/ 2#.5 (9(- -%/4,3'% 4'(405 4- ,?
%'( 64-* '(;0 -#6( *,20 #? -%/423( >#.(/ #8(/ ',6@ \4/%4
2$03(0 D,(224 420 .',->(/(05 iF"8,#$-;95 9#$/ "/#%'(/ ,- 2#%
,2%(/(-%(0 ,2 429 #? #$/ #%'(/ >,(1(-5 "$% 4- ;#23 4- 9#$G/( '(/(5
 RRQ[VZY
9#$ -'#$;02G% 6,-- #$/ "$-% #? \41',48(;;, #/ %'( ?&66&
?;'(. 3;#"(&,2&%'(&74;;&#?&\4>-@j
D,(224 2#00(0 >#;,%(;9 420 *(>% 6#8,235 '(/ (9(- 4;-#
-%/4,3'% 4'(40@ \4/%4 .4- "4/(;9 4";( %# *((> >41(@ !- %'(9
/(41'(0 %'( %',/0 /##65 -'( '40 ?4;;(2 "(',20 4 ",% 420 ?,24;;9
-%#>>(0&-'#/%@
iO/#?(--#/nj -'( 14;;(0 #$%5 >42%,23@ iO(/'4>- 9#$ L .42% %#
-'#. 9#$/ -,-%(/ L -#6( #? %'( 34;;(/9 L "(?#/( .( -(( ',-
64-*nj
=4230#2 %$/2(05 -((6,23 0,-%/41%(05 4- ,? /(%$/2,23 %# %'(
>/(-(2%&?/#6&-#6(&?4/:#??&%'#$3'%@&iPB1$-(&6(nj
\4/%4 "/(4%';(--;9 >#,2%(0 %# 4 2(4/"9 0,->;49 14-(@ iF2( #?
%'(&(4/;,(-%&L&>/,2%(0&1#>,(-&#? 1+#%<.8.'#%=4:#()nj
+'(2 =4230#2 ?,24;;9 -4. \4/%4 04"",23 '(/ ?#/('(40 420
%/9,23 %# 14%1' '(/ "/(4%'5 '( ;##*(0 6#/%,?,(0@ i\4/%45 ?#/3,8(
6(l F? 1#$/-(5 9(-5 4 I$,1* 3;421( 4% %'( %(B% .#$;0 "(
.#20(/?$;@j
=4230#2 '$//,(0 "41*5 >(/6,%%,23 \4/%4 %# 3$,0( %'(6 #8(/
%# %'( 42%,I$( 14-(@ a2-,0( .4- 4 .(;;:.#/25 ;(4%'(/:"#$20
"##*5 >/#>>(0 #>(2 %# 42 #/24%( %,%;( >43(^ T& <.8.'& =4:V
:#(.&[%<&'5#%>,.B+.#3.@
ia21/(0,";(5j =4230#2 -4,05 -#$20,23 -$/>/,-(0@ ia /(1#32,K(
%'( ?/#2%,->,(1(@ a 0,02G% *2#. 9#$ '40 #2( #? %'( #/,3,24;
A$6(,-%(/&(0,%,#2-@j
K- 74;3*# )4; $'#95 \4/%4 %'#$3'%5 >$KK;(0@ 2 *+49#( 5+.*
54%)4;%,&*5%'.B+5F
ia2 %'( 6,0J?#$/%((2 '$20/(0-5j =4230#2 -4,0 '$//,(0;9 %#
D,(2245 i_#'422 A$6(,-%(/ 1/(4%(0 %'( ?,/-% >/,2%(0 (0,%,#2 #?
%',- .#/*@ D(8(/4; '$20/(0 1#>,(- .(/( >/,2%(05 "$% #2;9 4"#$%
4&0#K(2&-$/8,8(0@&N'(9G/(&8(/9&/4/(@j
a% 2#. -((6(0 %# \4/%4 %'4% =4230#2 '40 "((2 >;49,23
0$6" -# '( 1#$;0 -'#. #?? ?#/ ',- 9#$23(/ -,";,23@ a% -((6(0 4
/4%'(/ $2"(1#6,23 ,66#0(-%9 ?#/ 4 >/#?(--#/ .'#-( /(>$%4:
%,#2&.4-&#2(&#?&4140(6,1&'$6,;,%9@
 RRR[VZY
iN',- 1#>9 ,- #2 ;#42 ?/#6 %'( =4$/(2%,42 =,"/4/95j \4/%4
#??(/(0@ ia? 9#$ 420 <#"(/% '48( 2#% 8,-,%(0 %'(/(5 9#$ -'#$;0@
N'(9 '48( 4 ->(1%41$;4/ -%4,/14-( 0(-,32(0 "9 \,1'(;423(;#5
.',1' ;(40- $> %# %'( .#/;0G- ?,/-% >$";,1 /(40,23 /##6@ N'(
"##*- %'(/( .(/( 41%$4;;9 1'4,2(0 %# %'( -(4%- -# 2#"#09 1#$;0
%4*( %'(6 #$%@ F? 1#$/-(5 6429 #? %'( "##*- .(/( %'( 4',) 1#>:
,(-&,2&%'(&.#/;0@j
i!64K,235j D,(224 -4,05 3;421,23 0((>(/ ,2%# %'( 6$-($6@
i!20&%'(&64-*&,-&%',-&.49nj
O+&50* 5+# +;33)L \4/%4 2((0(0 42#%'(/ 6,2$%( %# /(34,2
'(/ "/(4%'@ i](-5 "$% 9#$ 6,3'% "( ,2%(/(-%(0 %# '(4/ 4"#$%
%',-@j D'( >#,2%(0 41/#-- 42 4;1#8( %#.4/0 4 -64;; -%4,/14-(
%'4% 0,-4>>(4/(0 ,2%# %'( 1(,;,23@ iN'4% 3#(- $> %# 4 8,(.,23
>;4%?#/6 ,2 %'( /4?%(/- .'(/( 9#$ 142 41%$4;;9 ;##* (49' #2
g4-4/,G- ?46#$- '423,23 1(,;,23@ aG0 "( '4>>9 %# .4,% '(/( ,?
9#$G0&;,*(&%#kj
iO;(4-(5 \4/%45j D,(224 ,2%(/C(1%(0@ iaG0 ;#8( %# -(( %'( 64-*@
+(G/(&4&;,%%;(&-'#/%&#2&%,6(@j
\4/%4 -%4/(0 4% %'( >/(%%95 9#$23 .#6425 >(/>;(B(0@ D'(
8(/9 6$1' 0,-;,*(0 %'( 2(. ?4-',#2 #? -%/423(/- 14;;,23 (41'
#%'(/ "9 %'(,/ ?,/-% 246(-@ 20: ".B'43& >,8&3#`5 -'( -,;(2%;9
1',0(0@ >'(%20:%(4.'B%)4;%&%-&843/
iF*495 D,(2245j \4/%4 -4,0 1$/%;9@ iN'( 64-* ,- /,3'% %',-
.49@j
\4/%4 .4-%(0 2# 6#/( %,6( #??(/,23 =4230#2 420 ',- -,-%(/
,2?#/6(0 1#66(2%4/9 4- %'(9 640( %'(,/ .49 %'/#$3' %'(
.,20,23 -$,%( #? 34;;(/9 /##6- %#.4/0 %'( 64-*@ =4-% 2,3'%5
=4230#2 420 ., <;4:.'4 '40 ->(2% 2(4/;9 4 '4;? '#$/ ,2 %'(
24//#. &'(.545 8,(.,23 %'( 64-*@ \4/%45 ,2%/,3$(0 "9 %'(
6(2G- 1$/,#-,%9 ?#/ %'( >,(1(5 '40 4-*(0 ,? %'(,/ ?4-1,24%,#2 .4-
/(;4%(0 -#6('#. %# %'( $2$-$4; -(/,(- #? (8(2%- -$//#$20,23
%'( 64-* #8(/ %',- >4-% 9(4/@ =4230#2 420 ., <;4:.'4 '40
"((2&1#95&#??(/,23&2#&/(4;&42-.(/@
 RRS[VZY
A#.5 4- %'(9 4>>/#41'(0 %'( &'(.545 =4230#2 "(342 (B:
>;4,2,23 %# ',- -,-%(/ %'( -,6>;( >/#1(-- $-(0 %# 1/(4%( 4 0(4%'
64-*@ 7,- 0(-1/,>%,#25 \4/%4 .4- >;(4-(0 %# '(4/5 .4- >(/:
?(1%;9 411$/4%(5 $2;,*( ',- "#3$- 1;4,6 %'4% '( '40 2#% >/(8,:
#$-;9&-((2&%'(&6$-($6G-&/4/(&1#>9&#? 1+#%<.8.'#%=4:#()@
iD'#/%;9 4?%(/ 0(4%'5j =4230#2 0(-1/,"(05 i%'( 0(1(4-(0 ,-
;4,0 #$%5 420 ',- ?41( ,- 1#4%(0 .,%' #;,8( #,;@ N'(2 4 ;49(/ #?
.(% >;4-%(/ ,- 14*(0 #2%# %'( -*,25 1#8(/,23 (8(/9%',23k6#$%'5
2#-(5 (9(;,0-k?/#6 %'( '4,/;,2( 0#.2 %# %'( 2(1*@ F21(
'4/0(2(05 %'( >;4-%(/ ,- (4-,;9 ;,?%(0 #?? 420 $-(0 4- 4 6#;0 ,2%#
.',1' ?/(-' >;4-%(/ ,- >#$/(0@ N',- >;4-%(/ '4/0(2- ,2%# 4 >(/:
?(1%;9 0(%4,;(0 /(>;,14 #? %'( 0(1(4-(0G- ?41(@ N'( >/41%,1( .4-
>4/%,1$;4/;9 .,0(->/(40 ,2 1#66(6#/4%,23 (6,2(2% >(/-#2-
420 6(2 #? 3(2,$-kH42%(5 D'4*(->(4/(5 g#;%4,/(5 N4--#5
`(4%-k%'(9&4;;&'40&0(4%'&64-*-&640(@j
i!20 '(/( .( 4/( 4% ;4-%5j \4/%4 422#$21(0 4- %'( %/,# 4/:
/,8(0 #$%-,0( %'( &'(.54@ D'( -%(>>(0 4-,0( 420 6#%,#2(0 ?#/
=4230#2G- -,-%(/ %# (2%(/ ?,/-%@ iN'( 64-* ,- ,2 %'( 0,->;49 14-(
434,2-% %'( .4;; #2 9#$/ ;(?%@ +( 4-* %'4% 9#$ >;(4-( -%49 #$%:
-,0(&%'(&-%421',#2-@j
iN'42* 9#$@j D,(224 (2%(/(0 %'( 24//#. 1#//,0#/5 .4;*(0 %#:
.4/0 %'( 0,->;49 14-(5 420 >((/(0 ,2-,0(@ 7(/ (9(- ,2-%42%;9
.(2% .,0(5 420 -'( 3;421(0 "41* 4% '(/ "/#%'(/ .,%' 42 (B>/(-:
-,#2&#?&0/(40@
\4/%4 '40 -((2 %'( /(41%,#2 4 %'#$-420 %,6(-e 8,-,%#/- .(/(
#?%(2 C#;%(0 420 /(>$;-(0 "9 %'(,/ ?,/-% 3;,6>-( #? %'(
64-*kH42%(G- ((/,;9 1/,2*;(0 8,-43(5 '##*(0 2#-(5 420 1;#-(0
(9(-@
=4230#2 -%/#0( ,2 /,3'% "(',20 D,(2245 4//,8,23 "(-,0( '(/
420 ;##*,23 ,2%# %'( 0,->;49 14-(@ 7( ,66(0,4%(;9 -%(>>(0
"41*5&',-&?41(&4;-#&/(3,-%(/,23&-$/>/,-(@
\4/%4 3/#42(0@ =+# #*&B#3&54/ D'( ?#;;#.(0 %'(6 ,2@ )$%
.'(2 -'( 34K(0 ,2%# %'( 14",2(%5 -'(5 %##5 34->(0 #$% ;#$0@ K+
:.4%<.4F
 RRT[VZY
\4/%4 !;84/(K '40 (B>(1%(0 %# -(( H42%(G- ?46,;,4/ 0(40 ?41(
-%4/,23 "41* 4% '(/5 "$% ,2-%(405 4;; -'( -4. .4- %'( /(0 -4%,2
,2%(/,#/ #? %'( 14",2(% 420 %'( >(3 #2 .',1' %'( 64-* 2#/64;;9
'$23@
\4/%4 1#8(/(0 '(/ 6#$%' 420 -%4/(0 ,2 '#//#/ 4% %'( (6>%9
0,->;49 14-(@ 7(/ "/(4%',23 411(;(/4%(0 420 -'( 3/4""(0 #2( #?
%'( -%421',#2- ?#/ -$>>#/%@ E,24;;95 -'( %#/( '(/ (9(- ?/#6 %'(
"4/( 14",2(% 420 .'((;(0 ,2 %'( 0,/(1%,#2 #? %'( 2,3'% 3$4/0- 4%
%'(&64,2&(2%/421(@
QT& :&*7+#3& (. <&'5#FR -'( -'#$%(0 ;,*( 4 640.#642@ QT&
:&*7+#3&%(.%<&'5#%f%*6&3.5&FR
 M7!ONP< TZ

\!<N! !=g!<Pm N<P\)=PH "(?#/( %'( (6>%9 0,->;49 14",2(%@ D'(

'#>(0 %'( %,3'%2(-- ->/(40,23 %'/#$3' '(/ 4"0#6(2 .4- >42,1
420&2#%&;4"#/&>4,2-@
1+#%<&'5#%(#&5+%:&*$%.*%B4'#F
N'( %.# -(1$/,%9 3$4/0- .(/( 2#. #2 ?$;; 4;(/%5 '48,23 4/:
/,8(0 ,2 %'( &'(.545 -((2 %'( (6>%9 14-(5 420 ->/$23 ,2%# 41:
%,#2@ F2( '40 /$-'(0 %# %'( 2(4/"9 8,0(# 1#2%/#; /##6 %#
411(-- -(1$/,%9:146(/4 ?##%43( ?/#6 ;4-% 2,3'%5 .',;( %'( #%'(/
'40&C$-%&?,2,-'(0&>'#2,23&,2&%'(&/#""(/9&%#&%'(&>#;,1(@
QT& 64,.`.& &33.8#3e 53& 8#'5. :.';5.FR %'( 3$4/0 %#;0 \4/%4
4-&'(&'$23&$>&.,%'&%'(&>#;,1(@
QJ#'5. :.';5.LFR -'( 0(6420(0@ 19#'5) :.';5#*LF i+(G8(
'40&4&64C#/&4/%&%'(?%lj
N'( 3$4/0 (B>;4,2(0 %'4% '( '40 "((2 %#;0 6#-% #? %'( 1,%9
>#;,1( .(/( 1$//(2%;9 '420;,23 4 ?4/ 6#/( -(/,#$- 1/,-,- 420
%'(9 .(/( %/9,23 %# ?,20 42 484,;4";( 43(2% %# 1#6( 420 %4*( 4
-%4%(6(2%@
Q=+# 74*& 6453#DD# #**#37. (. 6.i B3&8#LFR -'( /42%(0@ O+&5
7&'%D#%:43#%*#3.4;*LF
=4230#2 420 D,(224 -'4/(0 42 42B,#$- 3;421(5 420 \4/%4
-(2-(0 %'4% '(/ %.# 3$(-%- .(/( -$??(/,23 ?/#6 -(2-#/9 #8(/:
;#40@ S45 *;363.*.'B/ 748,23 -,6>;9 -%#>>(0 "9 ?#/ 4 I$,1*
;##* 4% %'( 64-*5 %'(9 .(/( 2#. .,%2(--,23 %'( 4?%(/64%' #? 4
64C#/ 4/% %'(?%@ =4-% 2,3'%5 -#6('#.5 -#6(#2( '40 34,2(0 41:
1(--&%#&%'(&34;;(/9&420&-%#;(2&H42%(G-&0(4%'&64-*@
\4/%4 *2(. %'(/( .(/( ?4/ 6#/( 84;$4";( >,(1(- ,2 %'( 6$:
-($6 %'4% 1#$;0 '48( "((2 -%#;(25 -# -'( %/,(0 %# 1#$2% '(/
 RRV[VZY
";(--,23-@ A#2(%'(;(--5 %',- .4- %'( ?,/-% %'(?% ,2 %',- 6$-($6G-
',-%#/9@ 2%(4'05%#8#'%$'49%5+#%6345474,F
\4/%4 ?(;% -$00(2;9 .(4*5 420 -'( 434,2 /(41'(0 #$% %# #2(
#?&%'(&-%421',#2-&?#/&-$>>#/%@
)#%' 34;;(/9 3$4/0- 4>>(4/(0 69-%,?,(0 4- %'(9 '40 /(1#$2:
%(0 %# \4/%4 %'(,/ (B41% 41%,#2- 420 %'( (8(2%- #? ;4-% 2,3'%^ !%
4/#$20 %(2 #G1;#1*5 \4/%4 '40 (2%(/(0 .,%' ., <;4:.'4 420
=4230#2@ ! -'#/% .',;( ;4%(/5 %'( %'/((-#6( '40 (B,%(0 %#3(%':
(/@ N'( 3$4/0- '40 /(;#1*(0 %'( 0##/-5 /(-(% %'( 4;4/65 420 4-
?4/ 4- %'(9 *2(.5 2#"#09 '40 "((2 ,2 #/ #$% #? %'( 34;;(/9 -,21(
%'4%&6#6(2%@
ia6>#--,";(lj \4/%4 '40 -1#;0(0 ,2 a%4;,42@ iN'( 64-* .4-
,2 %'( 14",2(% .'(2 %'( %'/(( #? $- ;(?% ;4-% 2,3'%5 -# #"8,#$-;9
*4:#D4() '4-&"((2&,2-,0(&%'(&34;;(/9&-,21(&%'(2lj
N'( 3$4/0- -'#.(0 %'(,/ >4;6-5 ;##*,23 "(.,;0(/(0@ QS4.
'4'%&DD.&:4%8.*54%'#**;'4FR
A#.5 .,%' %'( >#;,1( #2 %'( .495 \4/%4 6#8(0 4- /4>,0;9 4-
'(/ >/(3242% "#09 >(/6,%%(0 ,2 %'( 0,/(1%,#2 #? %'( -(1$/,%9
1#2%/#; /##6@ =4230#2 420 D,(224 ?(;; ,2%# -%(> 2(/8#$-;9 "(:
',20&'(/@
1+# *#7;3.5) 8.(#45 \4/%4 %'#$3'%@ 1+&5 9.,, *+49 ;* 63#V
7.*#,)%9+4%9&*%.'%+#3#%,&*5%'.B+5F

N'/(( ";#1*- 4.495 #2 %'( O#2%( g(11',#5 g49(2%'4 6#8(0 ,2%#

%'( -'40#.- 4- 4 >4,/ #? >#;,1( #??,1(/- ?,;%(/(0 %'/#$3' %'(
1/#.05&14284--,23&%'(&4/(4&.,%'&>'#%#-&#?&=4230#2@
!- %'( #??,1(/- 2(4/(0 g49(2%'45 #2( #? %'(,/ /40,#-
";4/(0k4 /#$%,2( 4;;:>#,2%- "$;;(%,2 ?/#6 0,->4%1'@ N'( 42:
2#$21(6(2% .4- "/,(? 420 ,2 a%4;,425 "$% g49(2%'4 14$3'% %'(
3,-%^ !29 484,;4";( #??,1(/ ,2 %'( 4/(4 #? %'( O4;4KK# g(11',#
-'#$;0&/(>#/%&%#&%4*(&4&-%4%(6(2%&4%&%'(&>4;4KK#&6$-($6@
N'(&#??,1(/-&"4/(;9&?;,21'(05&"$%&g49(2%'4G-&(4/-&>/,1*(0&$>@
 RRW[VZY
2,%?;*#4%(.%Z&,&``4%J#77+.4L
=4-% 2,3'%G- 0("41;(k%'( ?,4-1# %'4% '40 4;; "$% 0(-%/#9(0
'(/ 14/((/k'40 #11$//(0 ,2 %'( 4;;(9.49- C$-% #$%-,0( %'(
O4;4KK#&g(11',#@
N'( >#;,1( "$;;(%,2 1#2%,2$(05 ,2 -%4%,1:?,;;(0 a%4;,42 %'4% .4-
6#-%;9 $2,2%(;;,3,";(5 (B1(>% ?#/ %.# .#/0- %'4% -%##0 #$%
1;(4/;9^&%'(&246(&H42%(&!;,3',(/,@
7(/ "#09 ,2-%42%;9 %(2-(0@ <&'5# >,.B+.#3.nl \#-% 1(/%4,2;9
5+.* .4- 2#% 1#,21,0(21(@ D'( ->$2 ,2 %'( 0,/(1%,#2 #? %'(
O4;4KK# g(11',# 420 ;#14%(0 ,%- 1/(2(;;4%(0 %#.(/ >((*,23 #8(/
%'(&/##?%#>-&#?&%'(&2(4/"9&"$,;0,23-@
O+&5 #\&75,) +&66#'#( &5 5+# :;*#;:L -'( .#20(/(0@ >'(
9+#'LF
N'( ->(1,?,1- 4-,0(5 g49(2%'4 '40 "((2 4 ?,(;0 424;9-% ;#23
(2#$3' %# *2#. %'4% 1#,21,0(21( .4- ?4/ ;(-- 1#66#2 %'42
6#-% >(#>;( ,643,2(0@ 1+# Z&,&``4 J#77+.4 :;*#;: E >S<
<&'5#L N',-&'40&%#&/(;4%(&%#&=4230#2@
g49(2%'4 '40 -$->(1%(0 4;; 4;#23 %'4% =4230#2 .#$;0 /(%$/2
%# %'( #;0 1,%9@ a% #2;9 640( -(2-(k%'( #;0 1,%9 .4- .'(/(
=4230#2 '40 "((2 ;4-% 2,3'% .'(2 (8(/9%',23 '40 -%4/%(0 %#
1#6(&$20#2(@
A#.5 ,2 %'( ;,3'% #? 0495 g49(2%'4 .#20(/(0 ,? =4230#2 '40
-#6('#. /(%$/2(0 %# %'( 4/(4 4/#$20 %'( O4;4KK# g(11',# %#
?,20 .'4%(8(/ ,% .4- '( .4- -((*,23@ D'( .4- 1(/%4,2 =4230#2
'40 2#% 1/#--(0 %',- "/,03( ,2%# %'( #;0 1,%9@ N'(/( .(/( >;(2%9
#? #%'(/ "/,03(-5 420 9(% %'(9 -((6(0 %# "( ,6>#--,";9 ?4/ #2
?##%&?/#6&%'(&)#"#;,&d4/0(2-@
)(2(4%' '(/5 -'( 2#%,1(0 4 ?#$/:642 1/(. -'(;; -*,66,23
41/#-- %'( .4%(/ 420 >4--,23 $20(/ %'( "/,03(@ N'( '$;; /(40
DFMaPN{ M!AFN:NaP<a Ea<PAmP [ E=F<PAMP <F+aAd M=h)@ N'( -'(;;G-
0,-%,21%,8(&/(0:420:.',%(&#4/-&/#-(&420&?(;;&,2&>(/?(1%&$2,-#2@
=4;,( T&'B(4' +&8# 5&$#' & D4&5 &734**L a% -((6(0 $2:
;,*(;95 420 9(% -#6(%',23 %#;0 '(/ %'( >#;,1( "$;;(%,2 /(34/0,23
%'(&O4;4KK#&g(11',#&.4-&4&1$(&-'(&-'#$;0&'((0@
 RRX[VZY
i!;; 146(/4- #$%5 6#3 -&843#lj 4 .#642 14;;(0 ,2 411(2%(0
P23;,-'@
g49(2%'4 %$/2(0 %# -(( 4 ?/,;;9 #/423( >#6:>#6 .48,23 #2 4
-%,1* 4- 4 ?(64;( %#$/ 3$,0( 4%%(6>%(0 %# '(/0 '(/ "/##0 #?
0$1*;,23&%#$/,-%-&41/#--&%'(&O#2%(&g(11',#@
i!"#8( 9#$ ,- g4-4/,G- ;4/3(-% 64-%(/>,(1(lj %'( 3$,0( (B:
1;4,6(0 .,%' >/41%,1(0 (2%'$-,4-65 ;,?%,23 '(/ >#6:>#6 ,2%#
%'(&4,/&420&0,/(1%,23&(8(/9#2(G-&34K(&$>.4/0@
g49(2%'4 '402G% 2#%,1(0 ,% "(?#/(5 "$% %'(/( 4>>(4/(0 %# "( 4
-(1#20:-%#/9 -%/$1%$/( %'4% /42 41/#-- %'( %#> #? %'( -'#>- ;,*(
4&24//#.&4>4/%6(2%@
iN'( g4-4/, M#//,0#/5j %'( 3$,0( 422#$21(0@ ia%G- 2(4/;9 #2(
*,;#6(%(/ ;#23 420 >/#8,0(0 %'( \(0,1, ?46,;9 .,%' 4 -(1$/(
>4--43(.49&"(%.((2&%'(&O,%%,&O4;41(&420&%'(&O4;4KK#&g(11',#@j
g49(2%'4G- (9(- .,0(2(0 4- -'( %##* ,2 %'( %$22(;:;,*( -%/$1:
%$/( 4"#8( '(/@ D'(G0 '(4/0 #? %'( 1#//,0#/5 "$% *2(. 8(/9 ;,%%;(
4"#$%&,%@
25%,#&(*%54%5+#%Z&,&``4%J#77+.4L
iE#/ %'#-( /4/( ?(. .,%' gaO 1#22(1%,#2-5j %'( 3$,0( 1#2%,2:
$(05 i%'(9 142 411(-- %'( 1#//,0#/ (8(2 %#049@ a%G- 4 ->(1%41$;4/
4/% 34;;(/9 %'4% -%/(%1'(- 4;; %'( .49 ?/#6 %'( O4;4KK# g(11',#
%#&%'(&2#/%'(4-%&1#/2(/&#?&%'(&)#"#;,&d4/0(2-@j
+'4%(8(/&%'(&3$,0(&-4,0&2(B%5&g49(2%'4&0,0&2#%&'(4/@
D'(&.4-&4;/(409&04-',23&?#/&'(/&6#%#/191;(@
 M7!ONP< TQ

N7P DNaNM7PD aA=4230#2G- -14;> .(/( %'/#"",23 434,2 4- '( 420

D,(224 -I$((K(0 ,2-,0( %'( 8,0(# 1#2%/#; /##6 .,%' \4/%4 420
%'( %.# 3$4/0-@ N'( 1/46>(0 ->41( .4- 2#%',23 6#/( %'42 4
1#28(/%(0 8(-%6(2% 1'46"(/ .,%' 4 "42* #? .',//,23 '4/0
0/,8(- 420 1#6>$%(/ 6#2,%#/-@ N'( 4,/ ,2-,0( .4- -%,?;,23;9 '#%
420&-6(;;(0&#?&-%4;(&1,34/(%%(&-6#*(@
=4230#2&?(;%&%'(&.4;;-&1;#-,23&,2&4/#$20&',6&,66(0,4%(;9@
\4/%4 %##* 4 -(4% ,2 ?/#2% #? %'( 8,0(# 6#2,%#/5 .',1' .4-
4;/(409 ,2 >;49"41* 6#0( 420 0,->;49(0 4 3/4,29 ";41*:420:
.',%( ,643( #? %'( &'(.545 -'#% ?/#6 4"#8( %'( 0##/@ N'( %,6(
-%46> #2:-1/((2 ,20,14%(0 %'4% %'( ?##%43( '40 "((2 1$(0 %#
6,06#/2,23 9(-%(/049k>/(1,-(;9 %.(2%9:?#$/ '#$/- 43#k4>:
>4/(2%;9 C$-% "(?#/( %'( 6$-($6 #>(2(0 420 ;#23 "(?#/( %'(
4//,84; #? =4230#2 420 %'( 69-%(/,#$- ., <;4:.'4 %'4%
(8(2,23@
N'( 3$4/0 ?4-%:?#/.4/0(0 %'/#$3' %'( 8,0(#5 420 =4230#2
.4%1'(0 4- 42 ,2?;$B #? %#$/,-%- ?;#.(0 /4>,0;9 ,2%# %'( &'(.545
6#8,23 ,2 '$//,(0 C(/*9 6#%,#2-@ N'( 64-* ,%-(;? .4- 2#% 8,-:
,";( ?/#6 %',- >(/->(1%,8(5 "$% 1;(4/;9 ,% .4- -%,;; ,2 ,%- 0,->;49
14-( 4- %#$/,-%- /(>(4%(0;9 >4$-(0 %# >((/ ,2-,0( #/ %4*( >'#%#-
"(?#/(&6#8,23&#2@
Z,#&*# +;33)5 =4230#2 %'#$3'%5 *2#.,23 %'( >#;,1( .(/( #2
%'(,/ .49@ 7( .#20(/(0 ,? '( 420 D,(224 -'#$;0 C$-% (B1$-(
%'(6-(;8(- 420 /$25 "$% %'(9 2((0(0 %# -(( %',- 8,0(#^
.'4%(8(/ .4- #2 %',- /(1#/0,23 .#$;0 42-.(/ 4 ;#% #? I$(-%,#2-
4"#$%&.'4%&%'(&'(;;&.4-&3#,23&#2@
N'( 8,0(# >;49"41* 1#2%,2$(05 ?4-%(/ 2#.5 420 4?%(/2##2
-'40#.- "(342 6#8,23 41/#-- %'( /##6@ N#$/,-%- K,>>(0 ,2 420
 RSZ[VZY
#$% $2%,; ?,24;;9 %'( 1/#.0- "(342 %# %',25 420 %'(2 4"/$>%;9
0,-4>>(4/(0 (2%,/(;9@ !- %'( %,6( -%46> /41(0 >4-% QWZZ '#$/-5
%'(&6$-($6&;,3'%-&.(2%&#$%5&420&4;;&.4-&I$,(%@
H.8# Z/?/%=,4*.'B%5.:#/
Q>;:#'5. ,& 8#,47.5eCR \4/%4 1#66420(05 ;(42,23 ?#/.4/0
,2&'(/&1'4,/&420&-%4/,23&4%&%'(&-1/((2@
N'( 3$4/0 ;(% %'( 8,0(# /41( #25 %'( %,6( -%46> 408421,23
I$,1*;95 $2%,; -$00(2;95 4% 4/#$20 QZ O@\@5 %'( ;,3'%- ,2 %'( 6$:
-($6&?;,1*(/(0&"41*&#2@
N'(&3$4/0&I$,1*;9&-;#.(0&%'(&%4>(&"41*&%#&/(3$;4/&->((0@
! 6#6(2% ;4%(/5 %'( ?46,;,4/ >/(3242% -'4>( #? \4/%4
!;84/(K 146( ,2%# 8,(.@ D'( .4- ?#;;#.(0 1;#-(;9 "9 =4230#25
.'# (2%(/(0 .(4/,23 ',- ?46,;,4/ 74//,- N.((0 M46"(/;(9
C41*(%5 >/(--(0 *'4*,-5 420 ',- #.2 1#/0#842 ;#4?(/-@ 7( (8(2
-4. %'( 3;,2% #? ',- \,1*(9 \#$-( .4%1' >((*,23 #$% ?/#6 $2:
0(/&',-&-;((8(&4-&'(&.4;*(0@
1+#3#%2%&:%E%D#-43#%2%B45%*+45/
=4230#2 ?#$20 ,% 0((>;9 $2-(%%;,23 %# .4%1' ',6-(;? 0#,23
%',23- #? .',1' '( '40 4"-#;$%(;9 2# /(1#;;(1%,#2@ 2 9&* +#3#
,&*5 '.B+5 E ,44$.'B &5 5+# (#&5+ :&*$L D#6('#.5 "(%.((2
%'(2 420 2#.5 '( '40 64243(0 %# ;#-( ',- 1;#%',235 ',- \,1*(9
\#$-(&.4%1'5&420&%.#&049-&#?&',-&;,?(@
!- %'( 8,0(# 1#2%,2$(05 '( 420 D,(224 1/#.0(0 ,2 1;#-( "(:
',20 \4/%4 420 %'( 3$4/0- ?#/ 4 "(%%(/ 8,(.@ N'( -,;(2% ?##%43(
1#2%,2$(05 -'#.,23 =4230#2 420 \4/%4 4//,8,23 4% %'( 0,->;49
14-( 420 406,/,23 %'( 64-*@ !- %'(9 .(/( 0#,23 %',-5 4 "/#40
-'40#. 04/*(2(0 %'( 0##/.49 "(',20 ',65 420 4 6#/",0;9
#"(-( 642 -'$??;(0 ,2%# %'( ?/46(@ 7( .4- 0/(--(0 ,2 4 %42
-$,%5 14//,(0 4 "/,(?14-(5 420 "4/(;9 ?,% %'/#$3' %'( 0##/@ 7,-
"$;3,23&3$%&640(&(8(2&%'(&>/(3242%&\4/%4&;##*&-;(20(/@
=4230#2&/(1#32,K(0&%'(&642&4%&#21(@ 2B'&`.4LF
iN'4%G- a324K,# )$-#2,5j =4230#2 .',->(/(0 ,2 D,(224G- (4/@
iH,/(1%#/ #? %'( \$-(# 0(;;GF>(/4 0(; H$#6#@ !2 41I$4,2%421(
 RSQ[VZY
#? 6,2( ?#/ -(8(/4; 9(4/-@ aG0 C$-% 2(8(/ '(4/0 ',6 14;;(0 .,
<;4:.'4/j
i!&?,%%,23&(>,%'(%5j&D,(224&/(>;,(0&I$,(%;9@
a2 9(4/- >4-%5 =4230#2 '40 1#2-$;%(0 a324K,# #2 4/%,?41%-
420 ',-%#/9 /(;4%,23 %# a; H$#6#k%'( "4-,;,14 ?#/ .',1' '( .4-
/(->#2-,";(k"$% 4 8,-,% %# %'( O4;4KK# g(11',# -((6(0 #$%-,0(
a324K,#G- 0#64,2@ N'(2 434,25 a324K,# )$-#2,5 ,2 400,%,#2 %#
"(,23 42 ,2?;$(2%,4; ?,3$/( ,2 %'( E;#/(2%,2( 4/% .#/;05 .4- 4
H42%(&(2%'$-,4-%&420&-1'#;4/@
>%,4B.7&,%*4;37#%4-%.'-43:&5.4'%4'%<&'5#0*%(#&5+%:&*$/
!- =4230#2 /(%$/2(0 ',- ?#1$- %# %'( 8,0(#5 \4/%4 1#$;0 2#.
"( -((2 .4,%,23 >4%,(2%;9 434,2-% %'( /(4/ .4;; #? %'( &'(.54
.',;( =4230#2 420 a324K,# ;(42(0 #$% #8(/ %'( -%421',#2- %#
3(% %'( 1;#-(-% >#--,";( ;##* 4% %'( 64-*@ !- %'( 6(2 1#2%,2$(0
%'(,/ (B46,24%,#2 420 0,-1$--,#25 %'( 6,2$%(- .#/( #25 420
\4/%4 1#$;0 "( -((2 0,-1/((%;9 1'(1*,23 '(/ .4%1' "(',20 %'(,/
"41*-@
=4230#2 .,-'(0 %'( -(1$/,%9 %4>( ,21;$0(0 4$0,#@ O+&5
9#3#%2B'&`.4%&'(%2%5&,$.'B%&D4;5L%O+&5%&3#%9#%,44$.'B%-43LF
_$-% %'(25 #2:-1/((25 =4230#2 -%(>>(0 #8(/ %'( -%421',#2-
420 1/#$1'(0 0#.2 0,/(1%;9 ,2 ?/#2% #? %'( 14",2(%5 ',- ?41(
#2;9 ,21'(- ?/#6 %'( 3;4--@ \4/%4 ,66(0,4%(;9 ,2%(/8(2(05 4>:
>4/(2%;9 406#2,-',23 ',65 420 =4230#2 4>#;#3(%,14;;9
-%(>>(0&"41*@
iD#//9 a .4- -# -%/,1%5j \4/%4 2#. -4,05 3;421,23 "41* 4% ',6
#8(/ '(/ -'#$;0(/@ i)$% 4- a %#;0 9#$5 %'( 0,->;49 14-( ,- 42 42:
%,I$( 420 (B%/(6(;9 ?/43,;(@ N'( 64-*G- #.2(/ ,2-,-%- .( *((>
>(#>;( "(',20 %'( -%421',#2-@ 7( .#2G% (8(2 >(/6,% #$/ -%4??
%#&#>(2&%'(&14-(&.,%'#$%&',6&>/(-(2%@j
7(/ .#/0- %##* 4 6#6(2% %# /(3,-%(/@ 1+# :&*$0* 49'#3L
=4230#2 '40 4--$6(0 %'( 64-* .4- %'( >/#>(/%9 #? %'(
6$-($6@
D,(224 ;##*(0 (I$4;;9 -$/>/,-(0 420 1',6(0 ,2 ,66(0,4%(;9@
iN'( :;*#;: 0#(-2G%&#.2&%'(&64-*nj
 RSR[VZY
\4/%4 -'##* '(/ '(405 '(/ (9(- 2#. "41* #2 %'( -1/((2@ i!
.(4;%'9 >4%/#2 #??(/(0 %# "$9 H42%(G- 0(4%' 64-* ?/#6 #$/
1#;;(1%,#2 420 9(% ;(48( ,% #2 >(/642(2% 0,->;49 '(/(@ 7(
#??(/(0&4&-64;;&?#/%$2(5&420&.(&'4>>,;9&411(>%(0@j
i7#;0 #25j D,(224 -4,0@ i7( >4,0 ?#/ %'( 64-* L 420 ;(% 9#$
$##6 ,%nj
iM#66#2 4//423(6(2%5j =4230#2 -4,0@ iO',;42%'/#>,1 41:
I$,-,%,#2k4 .49 ?#/ 0#2#/- %# 64*( 64C#/ 3/42%- %# 6$-($6-
.,%'#$%&/(3,-%(/,23&%'(&3,?%&4-&1'4/,%9@j
iN'( 0#2#/ .4- 42 $2$-$4; 6425j \4/%4 -4,0@ i! 3(2$,2(
-1'#;4/&#?&H42%(5&420&9(%&4&",%&L&'#.&0#&9#$&-49&L -&'&5.74nj
i+'# ,- '(nj D,(224 0(6420(05 '(/ 14-$4; %#2( ;41(0 .,%'
$/3(219@
i+'#nj \4/%4 ?/#.2(05 -%,;; -%4/,23 4% %'( -1/((2@ i+(;;5 9#$
>/#"4";9 /(40 4"#$% ',6 ,2 %'( 2(.- /(1(2%;9k%'( D.,-- ",;:
;,#24,/(&)(/%/420&m#"/,-%nj
E#/ =4230#2 %'( 246( -((6(0 #2;9 843$(;9 ?46,;,4/5 "$% D,:
(224 3/4""(0 =4230#2G- 4/6 420 -I$((K(0 ,% '4/05 ;##*,23 4-
,?&-'(G0&-((2&4&3'#-%@
iF'5 9(- Lj D,(224 -4,0 '4;%,23;95 '(/ ?41( 4-'(2@ i)(/%/420
m#"/,-%@ E46#$- ",#1'(6,-%@ \40( 4 ?#/%$2( ,2 ",#;#3,14; >4%:
(2%- 4% 4 9#$23 43(@j D'( >4$-(05 -.4;;#.,23 '4/0@ D'( ;(42(0
#8(/ 420 .',->(/(0 %# =4230#2@ im#"/,-% "4-,14;;9 ,28(2%(0 %'(
?,(;0&#?&3(/6:;,2(&642,>$;4%,#2@j
=4230#2 '40 2# ,0(4 .'4% 3(/6:;,2( 642,>$;4%,#2 .4-5 "$%
,% '40 42 #6,2#$- /,235 (->(1,4;;9 ,2 ;,3'% #? %'( /(1(2% ->4%( #?
,643(- ,28#;8,23 >;43$(- 420 0(4%'@ 7( .#20(/(0 ,? D,(224
*2(. -# 6$1' 4"#$% m#"/,-% "(14$-( -'( .4- .(;; /(40 ,2 %'(
?,(;0 #? 6(0,1,2( L #/ >(/'4>- "(14$-( %'(9 '40 "#%' "((2
1',;0&>/#0,3,(-@ <4%*&8&'5*%-4,,49%#&7+%45+#30*%943$L
ia ?,/-% '(4/0 #? m#"/,-% 4 ?(. 9(4/- 43#5j D,(224 (B>;4,2(05
i.'(2 '( 640( -#6( ',3';9 >/#8#14%,8( 0(1;4/4%,#2- ,2 %'(
6(0,4 4"#$% >#>$;4%,#2 3/#.%'@j D'( >4$-(05 '(/ ?41( 3;##69@
 RSS[VZY
im#"/,-% ,- 4 >/#>#2(2% #? %'( O#>$;4%,#2 !>#14;9>-(
PI$4%,#2@j
ia&"(3&9#$/&>4/0#2nj
iP--(2%,4;;9 ,%G- 4 64%'(64%,14; /(1#32,%,#2 %'4% %'( (4/%'G-
>#>$;4%,#2 ,- /,-,235 >(#>;( 4/( ;,8,23 ;#23(/5 420 #$/ 24%$/4;
/(-#$/1(- 4/( .42,23@ N'( (I$4%,#2 >/(0,1%- %'4% %'( 1$//(2%
%/(20 142 '48( 2# #$%1#6( #%'(/ %'42 %'( 4>#14;9>%,1 1#;;4>-(
#? -#1,(%9@ m#"/,-% '4- >$";,1;9 >/(0,1%(0 %'4% %'( '$642 /41(
.,;; 2#% -$/8,8( 42#%'(/ 1(2%$/9 L $2;(-- .( '48( -#6( *,20 #?
64-- (B%,21%,#2 (8(2%@j D,(224 -,3'(0 '(48,;9 420 ;#1*(0 (9(-
.,%' =4230#2@ ia2 ?41%5 m#"/,-% .4- #21( I$#%(0 4- -49,23 %'4%
o%'( "(-% %',23 %'4% (8(/ '4>>(2(0 %# P$/#>( .4- %'( );41*
H(4%'@G&j
=4230#2 -%4/(0 4% '(/ ,2 -'#1*@ N'( '4,/ #2 ',- 2(1* "/,-%;(0
4-5 #21( 434,25 %'( ,643( #? %'( >;43$( 64-* ?;4-'(0 %'/#$3'
',- 6,20@ 7( '40 "((2 %/9,23 4;; 6#/2,23 %# /(-,-% %'( 2#%,#2
%'4% ',- 1$//(2% 0,;(664 /(;4%(0 %# 4 0(40;9 >;43$( L "$% %'4%
2#%,#2&.4-&3(%%,23&6#/(&420&6#/(&0,??,1$;%&%#&/(?$%(@
E#/ )(/%/420 m#"/,-% %# 0(-1/,"( %'( );41* H(4%' 4- %'( "(-%
%',23 (8(/ %# '4>>(2 %# P$/#>( .4- 1(/%4,2;9 4>>4;;,235 420 9(%
=4230#2 *2(. %'4% 6429 ',-%#/,42- '40 1'/#2,1;(0 %'( ;#23:
%(/6 -#1,#(1#2#6,1 "(2(?,%- #? %'( 64-- (B%,21%,#2 %'4% '40
#11$//(0 ,2 P$/#>( ,2 %'( QSZZ-@ O/,#/ %# %'( >;43$(5 #8(/>#>:
$;4%,#25 ?46,2(5 420 (1#2#6,1 '4/0-',> '40 0(?,2(0 %'( H4/*
!3(-@ N'( -$00(2 4//,84; #? %'( );41* H(4%'5 .',;( '#//,?,15 '40
(??(1%,8(;9 i%',22(0 %'( '$642 '(/05j 1/(4%,23 42 4"$20421( #?
?##0 420 #>>#/%$2,%95 .',1'5 411#/0,23 %# 6429 ',-%#/,42-5
'40 "((2 4 >/,64/9 14%4;9-% ?#/ "/,23,23 4"#$% %'(
<(24,--421(@
!- =4230#2 >,1%$/(0 %'( ",#'4K4/0 -96"#; #2 %'( %$"( %'4%
'40 1#2%4,2(0 %'( 6#0,?,(0 64> #? H42%(G- ,2?(/2#5 4 1',;;,23
%'#$3'% -%/$1* ',6^ %'( ((/,( ;,%%;( >/#C(1%#/ '40 "((2 1/(4%(0
"9 *4:#4'# L 420 )(/%/420 m#"/,-%k4 ",#1'(6,-% 420 H42%(
?424%,1k2#.&-((6(0&%#&"(&4&;#3,14;&1420,04%(@
 RST[VZY
1+# -&5+#3 4- B#'#5.7 B#3:V,.'# :&'.6;,&5.4'/ =4230#2
-(2-(0 >,(1(- #? %'( >$KK;( 2#. ?4;;,23 ,2%# >;41(@ <(3/(%%4";95
%'(&>,1%$/(&1#6,23&,2%#&?#1$-&?(;%&,21/(4-,23;9&?/,3'%(2,23@
iE4-%:?#/.4/0 %'/#$3' %',- >4/%5j \4/%4 #/0(/(0 %'( 3$4/05
-#$20,23 (43(/ %# 3(% >4-% %'( /(4;:%,6( >;49"41* #? =4230#2
420 a324K,# )$-#2, -%$09,23 %'( 64-* -# -'( 1#$;0 ?,20 #$%
.'#&'40&"/#*(2&,2%#&%'(&6$-($6&420&-%#;(2&,%@
N'( 3$4/0 ',% %'( ?4-%:?#/.4/0 "$%%#25 420 %'( %,6( -%46>
411(;(/4%(0@
1+3##%:.';5#*%E%*.\%:.';5#*%E%#.B+5%:.';5#*/
F2:-1/((25 \4/%4 1#$;0 "( -((2 -%420,23 "(',20 %'( 6(25
-',?%,23 '(/ .(,3'% .,%' ,21/(4-,23 ?/(I$(219 420 /(>(4%(0;9
1'(1*,23&'(/&.4%1'@
iaG6 -#//9 .( %4;*(0 -# ;#235j =4230#2 -4,0@ i]#$ ;##*
$21#6?#/%4";(@j
i\9 #.2 ?4$;%5j \4/%4 /(>;,(0@ i]#$ "#%' ,2-,-%(0 %'4% a
-'#$;0 3# '#6( 420 %'( 3$4/0- 1#$;0 ;(% 9#$ #$%5 "$% a ?(;% %'4%
.#$;0&"(&/$0(@j
D$00(2;95 #2:-1/((25 \4/%4 0,-4>>(4/(0@ N'( 3$4/0 -;#.(0
%'(&8,0(#&%#&2#/64;&->((0@
ia%G-&#*495j&\4/%4&-4,0@&ia&/(6(6"(/&3#,23&%#&%'(&/(-%/##6@j
N'( 3$4/0 2#00(0 420 /(41'(0 434,2 ?#/ %'( ?4-%:?#/.4/0
"$%%#25 "$% "(?#/( '( >/(--(0 ,%5 \4/%4 3/4""(0 ',- 4/6@
Q>*6#55.FR
D'(&1#1*(0&'(/&'(40&420&-%4/(0&4%&%'(&6#2,%#/&,2&1#2?$-,#2@
=4230#2&'40&-((2&,%5&%##@ O+&5%.'%5+#%943,(LF
F2:-1/((25 =4230#2 '40 C$-% /(41'(0 ,2%# %'( >#1*(% #? ',-
%.((0 1#4% 420 >/#0$1(0 4 >4,/ #? -$/3,14; 3;#8(-5 .',1' '(
.4-&2#.&>$;;,23&#2%#&',-&'420-@
D,6$;%42(#$-;95 ., <;4:.'4 >#-,%,#2(0 ',6-(;? "(',20 =423:
0#25 >((/,23 0#.2 %'( '4;;.49 .'(/( \4/%4 '40 6#6(2%-
(4/;,(/ %/$03(0 #?? %# $-( %'( /(-%/##6@ !?%(/ 4 6#6(2% %'(
#"(-( 642 2#00(0 %# =4230#2 ,2 4 .49 %'4% -((6(0 %# 6(42
%'4%&%'(&1#4-%&.4-&1;(4/@
 RSU[VZY
O+&5%5+#%+#,,%&3#%9#%(4.'BLF
=4230#2 .4%1'(0 ',6-(;? #2 %'( 8,0(# 4- ',- 3;#8(0 '420
/(41'(0 #$% 420 ?#$20 %'( (03( #? %'( 14",2(% 0##/ L 420 %'(25
(8(/ -# 3(2%;95 >$;;(0 "41* $2%,; %'( 42%,I$( ',23( -',?%(0 420
%'(&0##/&-.$23&-;#.;9&#>(2&L&(B>#-,23&%'(&H42%(&0(4%'&64-*@
\4/%4 !;84/(K ;(% #$% 4 '#//,?,(0 34-> 420 "/#$3'% '(/ '420-
%#&'(/&?41(@
D'4/,23 \4/%4G- '#//#/5 =4230#2 .4%1'(0 ',6-(;? ,2 $%%(/
0,-"(;,(? 4- '( /(41'(0 ,2%# %'( 14-(5 3(2%;9 3/,>>(0 %'( H42%(
0(4%'&64-*&.,%'&"#%'&'420-5&420&;,?%(0&,%&#$%@
Q<.4 :. *&,8.FR \4/%4 (B>;#0(05 '(48,23 '(/-(;? %# '(/ ?((%
420&->,22,23&4/#$20&%#&?41(&=4230#2@ Q=4*0+&%-&554L%Z#37+lLR
)(?#/( =4230#2 1#$;0 /(->#205 #2( #? %'( 3$4/0- .',>>(0
#$%&4&";41*&)(/(%%4&420&4,6(0&,%&0,/(1%;9&4%&=4230#2G-&1'(-%@
_#*;*F
<#"(/% =4230#2 -%4/(0 0#.2 %'( "4//(; #? %'( 3$4/0G- '420:
3$2 420 ?(;% %'( %,29 /##6 1;#-,23 ,2 4/#$20 ',6@ \4/%4
!;84/(K .4- #2 '(/ ?((% 2#.5 3;4/,23 $> 4% ',6 .,%' 42 ,21/(0$:
;#$- ;##* #? "(%/494; #2 '(/ ?41(@ F2 %'( -(1$/,%9 6#2,%#/ "(:
',20 '(/5 =4230#2 .4- 2#. '#;0,23 %'( 64-* $> %# %'( ;,3'%
420&-%$09,23&,%@
ia %##* ,% #$% #2;9 ?#/ 4 6#6(2%5j =4230#2 ,2-,-%(05 >/49,23
%'4%&%',-&.4-&%/$(@&ia324K,#&4--$/(0&6(&9#$&.#$;02G%&6,20lj
\4/%4 0,0 2#% /(>;9@ D'( ;##*(0 -%$>(?,(05 1;(4/;9 %/9,23 %#
,643,2( .'9 =4230#2 '40 ;,(0 %# '(/ L 420 ,20((0 '#. ,2 %'(
.#/;0 =4230#2 1#$;0 '48( 14;6;9 -%##0 "9 420 ;(% %'( %4>(
>;49&.'(2&'(&*2(.&.'4%&,%&.#$;0&/(8(4;@
2%+&(%'4%.(#&%2%46#'#(%5+#%7&*#F
i<#"(/%5j D,(224 .',->(/(0@ i=##*l ]#$ ?#$20 -#6(%',23lj
D,(224 /(64,2(0 /,8(%(0 #2 %'( >;49"41*5 ?#1$-,23 #2 3(%%,23
42-.(/-&0(->,%(&%'(,/&>/(0,146(2%@
F2:-1/((25 =4230#2 .4- 2#. '#;0,23 %'( 64-* $> 420
423;,23 ,% %#.4/0 %'( ;,3'%5 ',- 4%%(2%,#2 4>>4/(2%;9 0/4.2 %#
-#6(%',23&#?&,2%(/(-%&#2&%'(&"41*&#?&%'(&4/%,?41%@
 RSV[VZY
E/#6 %',- 146(/4 423;(5 ?#/ 4 ->;,% -(1#205 %'( /4,-(0 64-*
>4/%,4;;9 ";#1*(0 =4230#2G- ?41( ,2 -$1' 4 .49 %'4% H42%(G-
0(40 (9(- .(/( 4;,32(0 .,%' =4230#2G-@ 7( /(6(6"(/(0 %'(
>/#2#$21(6(2%k5+# 53;5+ 7&' D# B,.:6*#( 4',) 5+34;B+ 5+#
#)#*%4-%(#&5+k420&?(;%&4&1',;;@
=4230#2 '40 2# ,0(4 .'4% '( 6,3'% '48( "((2 (B46,2,23 #2
%'( "41* #? %'( 64-*5 "$% 4% %'4% 6#6(2% ,2 %'( 8,0(#5 4- '(
-'4/(0 ',- 0,-1#8(/9 .,%' a324K,#5 %'( #"(-( 642 /(1#,;(05 ,6:
6(0,4%(;9 ?$6";,23 ?#/ ',- ->(1%41;(- 420 ;##*,23 434,2 L 420
434,2@ 7( "(342 -'4*,23 ',- '(40 8,3#/#$-;9 420 >41,23 %'(
&'(.54 ,2&42&43,%4%(0&-%4%(@
D$00(2;9 "#%' 6(2 3;421(0 $>5 1;(4/;9 '48,23 '(4/0
-#6(%',23 ,2 %'( '4;;.49k6#-% ;,*(;9 \4/%4 /(%$/2,23 ?/#6
%'( /(-%/##6@ 7$//,(0;95 =4230#2 >$;;(0 ?/#6 ',- >#1*(% 4
;4/3( m,>;#1 "435 ,2%# .',1' '( -(4;(0 %'( 0(4%' 64-* "(?#/(
3(2%;9 '420,23 ,% %# a324K,#5 .'# >;41(0 ,%5 .,%' -((6,23 /(:
;$1%421(5 ,2-,0( ',- "/,(?14-(@ =4230#2 I$,1*;9 1;#-(0 %'( 42:
%,I$( 3;4-- 0##/ #2 %'( 2#.:(6>%9 0,->;49 14-(5 420 %'( %.#
6(2 -%/#0( "/,-*;9 $> %'( '4;; %# (21#$2%(/ \4/%4 "(?#/( -'(
1#$;0&0,-1#8(/&%'(,/&%'(?%@
)#%'&3$4/0-&2#.&'40&%'(,/&3$2-&%/4,2(0&#2&=4230#2@
\4/%4 .#"";(0 #2 '(/ ?((%5 3/4->,23 %'( %4";( ?#/ -$>>#/%@ ia
0#2G% $20(/-%420lj -'( ->$%%(/(0@ i]#$ 420 a324K,# )$-#2,
-%#;(&%'(&H42%(&0(4%'&64-*nlj
iA#lj =4230#2 ,2-,-%(05 ";$??,23 4- "(-% 4- '( 1#$;0@ i+(
'40 >(/6,--,#2 ?/#6 %'( #.2(/ %# %4*( %'( 64-* #$% #? %'(
"$,;0,23&?#/&%'(&2,3'%@j
iO(/6,--,#2 ?/#6 %'( #.2(/nj -'( I$(-%,#2(0@ iE/#6 )(/:
%/420&m#"/,-%lnj
i](-l \/@ m#"/,-% 43/((0 %# ;(% $- (B46,2( -#6( 64/*,23- #2
%'(&"41*l&+(&6(%&.,%'&',6&9(-%(/049&4?%(/2##2lj
\4/%4G- (9(- -'#% 0433(/-@ iO/#?(--#/5 a 46 I$,%( 1(/%4,2 9#$
0,0&2#%&6((%&.,%'&)(/%/420&m#"/,-%&9(-%(/049&4?%(/2##2@j
i+(&6#-%&1(/%4,2;9&0,0kj
 RSW[VZY
D,(224 >;41(0 4 /(-%/4,2,23 '420 #2 =4230#2G- 4/6@ i<#"(/%
Lj D'( 348( 4 3/,6 -,3'@ iD,B 049- 43#5 )(/%/420 m#"/,-% %'/(.
',6-(;? #?? %'( %#> #? %'( )40,4 %#.(/ #2;9 4 ?(. ";#1*- 4.49
?/#6&'(/(@j
 M7!ONP< TR

g!]PAN7! 7!H !)!AHFAPH '(/ 6#%#/191;( C$-% 2#/%' #? %'(

O4;4KK# g(11',# 420 .4- 4>>/#41',23 #2 ?##% 4;#23 %'( >(/,:
6(%(/ #? %'( O,4KK4 0(;;4 D,32#/,4@ !- -'( .#$20 '(/ .49
%'/#$3' %'( =#33,4 0(, =42K,G- #$%0##/ -%4%$4/95 -'( 1#$;0 2#%
'(;> "$% 2#%,1( %'4% 4;; %'( ?,3$/(- -((6(0 %# "( (241%,23 4 84/,:
4%,#2 #2 4 -,23;( %'(6(^ 8,#;(2% 0,->;49- #? 64;( 0#6,2421(
#8(/&.#6(2@
1+#%P&6#%4-%5+#%"&D.'#*/
1+#%P&6#%4-%Z4,)\#'&/
Z#3*#;*%@4,(.'B%5+#%"#8#3#(%@#&(%4-%?#(;*&/
T48#,)5 g49(2%'4 %'#$3'%5 >$;;,23 '(/ 14> ;#. #8(/ '(/ (9(-
420 (03,23 '(/ .49 %'/#$3' %'( 6#/2,23 1/#.0 %#.4/0 %'( (2:
%/421( #? %'( >4;41(5 .',1' .4- C$-% 406,%%,23 %'( ?,/-% %#$/,-%-
#? %'( 049@ E/#6 4;; 4>>(4/421(-5 ,% .4- "$-,2(-- 4- $-$4; '(/(
4%&%'(&O4;4KK#&g(11',#@
S4%64,.7#5&g49(2%'4&%'#$3'%@ >5%,#&*5%'45%)#5/
D'( K,>>(0 '(/ C41*(% ',3' 4/#$20 '(/ 2(1*5 64*,23 1(/%4,2
%'4% '(/ .(4>#2 .4- 1#21(4;(05 420 '(40(0 %'/#$3' %'( (2:
%/421(@ E#;;#.,23 -,32- ?#/ a; \$-(# 0, O4;4KK#5 -'( >4--(0
%'/#$3' %.# #/24%( 4%/,$6- 420 %'(2 $> 4 64--,8( -%4,/14-( %#:
.4/0&%'(&-(1#20&?;##/@
!-&-'(&1;,6"(05&-'(&/(>;49(0&%'(&>#;,1(&0,->4%1'&,2&'(/&'(40@
2,%?;*#4%(.%Z&,&``4%J#77+.4%E%<&'5#%>,.B+.#3./
T&'B(4'%+&*%54%D#%+#3#/
N'( -,32- ?#/ %'( 6$-($6 ;(0 g49(2%'4 ,2%# 4 64--,8(5 ->(1:
%41$;4/;9 40#/2(0 34;;(/9k%'( 74;; #? %'( E,8( 7$2:
0/(0k.'(/( 4 -14%%(/,23 #? %#$/,-%- 6,23;(05 406,/,23 %'( 1#:
;#--4; 6$/4;- #2 %'( .4;;-@ g49(2%'4 '40 2# ,2%(/(-% ,2
 RSY[VZY
#"-(/8,23 %'( 4/% '(/( 420 I$,1*;9 ;#14%(0 42#%'(/ 6$-($6
-,32 ,2 %'( ?4/ /,3'%:'420 1#/2(/ #? %'( /##65 >#,2%,23 $> 4
-%4,/14-(@
!- -'( 640( '(/ .49 41/#-- %'( '4;;5 -'( 2#%,1(0 4 3/#$> #?
$2,8(/-,%9 *,0- 4;; 34%'(/(0 4/#$20 4 -,23;( -1$;>%$/(5 ;4$3',23
420&%4*,23&>,1%$/(-@
N'(&>;4I$(&/(40^ @#37;,#*%&'(%<.4:#(#*/
g49(2%'4&(9(0&%'(&-%4%$(-&420&3/#42(0@
N'( -1$;>%$/( 0(>,1%(0 %'( %.# '(/#(- #? d/((* 69%'#:
;#39k"#%' -%4/* 24*(0k;#1*(0 ,2 4 ./(-%;,23 64%1'@ 7(/1$;(-
.4- '#;0,23 H,#6(0(- $>-,0( 0#.25 >/(>4/,23 %# %'/#. ',65
.',;( H,#6(0(- .4- %,3'%;9 3/,>>,23 7(/1$;(-G >(2,-5 4- ,? %#
-495&i!/(&9#$&-$/(&9#$&.42%&%#&%'/#.&6(nj
g49(2%'4&.,21(0@ 1&,$%&D4;5%+&8.'B%*4:#4'#%D)%5+#%D&,,*/
D'( /(6#8(0 '(/ (9(- ?/#6 %'( >(1$;,4/ -%4%$( 420 I$,1*;9
1;,6"(0&%'(&-%4,/-&%#.4/0&%'(&6$-($6@
D'( 4//,8(0 #2 4 ',3' "4;1#29 %'4% #8(/;##*(0 %'( '4;;@ !
0#K(2 #/ -# %#$/,-%- .(/( .4,%,23 #$%-,0( %'( 6$-($6
(2%/421(@
iH(;49(0 #>(2,235j #2( 1'((/?$; %#$/,-% #??(/(05 >((*,23 #$%
?/#6&"(',20&',-&1461#/0(/@
i!29&,0(4&.'9nj&-'(&4-*(0@
iA#>(5 "$% .'4% 4 3/(4% 8,(. .',;( .( .4,%lj N'( 642 -.$23
',- 4/6 #$% #8(/ %'( (B>42-( #? %'( 74;; #? %'( E,8( 7$20/(0
"(;#.@
g49(2%'4 .4;*(0 %# %'( (03( 420 >((/(0 4% %'( (B>42-,8(
/##6 "(2(4%' %'(6@ H#.2-%4,/-5 4 ;#2( >#;,1( #??,1(/ .4- C$-%
4//,8,235 0/4.,23 8(/9 ;,%%;( 4%%(2%,#2 4- '( 6#8(05 .,%'#$% 429
-(2-(&#?&$/3(2195&41/#--&%'(&/##6&%#.4/0&%'(&-%4,/14-(@
@#0* 74:.'B ;6 54 5&$# & *5&5#:#'55 g49(2%'4 ,643,2(0@ N'(
642G- ;$3$"/,#$- %/$03( $> %'( -%4,/- ,20,14%(0 %',- .4- 4
/#$%,2( /(->#2-( 14;;k2#%',23 ;,*( %'( 1'4#%,1 -(4/1' ?#/ =423:
0#2&4%&%'(&O#/%4&<#6424@
2-%T&'B(4'%.*%+#3#C%9+)%&3#'05%5+#)%*9&3:.'B%5+#%D;.,(.'BL
 RTZ[VZY
P,%'(/ g49(2%'4 '40 4--$6(0 ,21#//(1%;9 %'4% =4230#2 .4-
'(/(5 #/ %'( ;#14; >#;,1( 420 )/t0(/ '40 2#% 9(% >$% %.# 420
%.#&%#3(%'(/@
!- %'( #??,1(/ /(41'(0 %'( %#> #? %'( -%4,/- 420 46";(0 %#:
.4/0 %'( 6$-($6 (2%/421(5 g49(2%'4 14-$4;;9 %$/2(0 4.49
420 >/(%(20(0 %# 34K( #$% 4 .,20#.@ M#2-,0(/,23 '(/ 0,-48#.:
4; 420 %'( ;#23 /(41' #? %'( >/#8#-%5 -'( .4- 2#% %4*,23 429
1'421(-&#?&"(,23&/(1#32,K(0@
Q>*6#55&FR 4&8#,1(&-'#$%(0&-#6(.'(/(@
g49(2%'4G- '(4/% -*,>>(0 4 "(4% 4- %'( #??,1(/ -%#>>(0 0,/:
(1%;9 "(',20 '(/@ N'( 8#,1(5 -'( /(4;,K(05 .4- 1#6,23 ?/#6 ',-
.4;*,(:%4;*,(@
Q>55#'(.%.%3.'-43`.FR %'(&8#,1(&/(>(4%(0@
O&.5 -43 *;66435L g49(2%'4 -(2-(0 %'4% -#6(%',23 '40 C$-%
1'423(0@
_$-% %'(25 #$%-,0( %'( .,20#.5 g49(2%'4 2#%,1(0 4 ";41* #":
C(1% 3/#.,23 ;4/3(/ ,2 %'( 0,-%42% -*9@ a% .4- ?;9,23 %#.4/0 %'(
O4;4KK#&g(11',#&?/#6&%'(&0,/(1%,#2&#?&%'(&)#"#;,&d4/0(2-@
1+# (34'#5 g49(2%'4 /(4;,K(0@ N3j(#3 $'49*/ >'( +#0*
+#&(#(%5+.*%9&)/

M#2-#/%,$6 ?41,;,%4%#/ =4$/(21( `2#.;%#2 .4- -%,;; *,1*,23

',6-(;? ?#/ >'#2,23 %'( >/#8#-%@ 7( *2(. "(%%(/ %'42 %# -$3:
3(-% %'4% %'( >/#8#-% >/(8,(. %'( 1;,(2%G- 8,0(# "(?#/( ,% .4-
$>;#40(0&%#&%'(&6(0,4&%#6#//#.@
N'(&1#2%(2%&.4-&,//(;(842%@
Z345474,%.*%$.'B/
`2#.;%#2 -%,;; /(14;;(0 %'( 642%/4 %4$3'% %# 9#$23 ?41,;,%4%:
#/- .'(2 %'(9 -%4/%(0 '420;,23 %4-*- ?#/ %'( #/342,K4%,#2@
<4'05%&*$/%_;*5%5&*$/
 RTQ[VZY
<(;$1%42%;95 '( >;41(0 %'( ;,%%;( /(0 6(6#/9 -%,1* ,2 %'(
I$($( ?#/ %#6#//#. 6#/2,235 .#20(/,23 .'4% %'( 6(0,4
.#$;0&64*(&#?&%'(&",K4//(&6(--43(@&+#$;0&%'(9&(8(2&>;49&,%n
K-%74;3*#%5+#)%9.,,/%250*%-34:%N#353&'(%n4D3.*5/
A#% #2;9 .4- m#"/,-% 4 -%433(/,23;9 -$11(--?$; ?,3$/( ,2 %'(
",#6(0,14; .#/;05 "$% '( .4- 4;/(409 ,2 %'( 2(.- 4- 4 /(-$;% #?
',- -$,1,0( ;4-% .((*@ N',- 2,2(:6,2$%( 8,0(# .#$;0 >;49 ;,*( 4
6(--43( ?/#6 %'( 3/48(5 420 ,%- #6,2#$-;9 6414"/( I$4;,%9
.#$;0&64*(&,%&2(4/;9&,6>#--,";(&?#/&>(#>;(&%#&%$/2&,%&#??@
1+.*%8.(#4%9.,,%B4%8.3&,%9.5+.'%:.';5#*%4-%.5*%3#,#&*#/
 M7!ONP< TS

\!<N! !=g!<Pm +!D -((%',23 4- -'( -%(>>(0 #$% #? %'( 1/46>(0

8,0(# /##65 '48,23 ;(?% =4230#2 420 ',- /$0( ;,%%;( -,-%(/ 4%
3$2>#,2% .,%' %'( 3$4/0-@ D'( 64/1'(0 #8(/ %# 4 .,20#. 420
>((/(0 0#.2 4% %'( O,4KK4 0(;;4 D,32#/,45 /(;,(8(0 %# -(( 4 >#:
;,1(&14/&>4/*(0&#$%&?/#2%@
250*%&D4;5%5.:#/
\4/%4 -%,;; 1#$;0 2#% ?4%'#6 .'9 4 642 4- /(->(1%(0 ,2 ',-
>/#?(--,#2 4- <#"(/% =4230#2 .#$;0 -# ";4%42%;9 0(1(,8( '(/5
%4*( 40842%43( #? %'( >/#?(--,#24; 1#$/%(-9 -'( '40 #??(/(05
420&-%(4;&4&>/,1(;(--&4/%,?41%@
>'(%2B'&`.4%N;*4'.%&**.*5#(%+.:FL%G'5+.'$&D,#F
a2%(2% #2 3,8,23 a324K,# 4 >,(1( #? '(/ 6,205 \4/%4 >$;;(0
#$% '(/ 1(;; >'#2( 420 0,4;(0 ., <;4:.'4G- #??,1(5 .',1' .4-
-(8(/4;&";#1*-&4.49&4%&%'(&\$-(#&0(;;GF>(/4&0(;&H$#6#@
N'(&;,2(&/423&#2;9&#21(@
QG--.7.4 (. 2B'&`.4 N;*4'.CR 4 ?46,;,4/ .#642G- 8#,1(
42-.(/(0@
\4/%4 .4- ?/,(20;9 .,%' a324K,#G- -(1/(%4/9 "$% .4- ,2 2#
6##0 ?#/ -64;; %4;*@ QA;B#'.&C *4'4 ?&35&/ <#84 6&3,&3# 74'
2B'&`.4/R
N'(/( .4- 42 #00 >4$-( #2 %'( ;,2( 420 %'(2 -$00(2;9 %'(
-(1/(%4/9&"$/-%&,2%#&'9-%(/,14;&-#"",23@
Q=4*&%*;77#(#LR \4/%4&0(6420(0@ O+&50*%934'BFL
P$3(2,4 %(4/?$;;9 %#;0 \4/%4 %'4% -'( '40 C$-% 4//,8(0 4% %'(
#??,1( %# ;(4/2 %'4% a324K,# '40 -$??(/(0 4 64--,8( '(4/% 4%%41*
;4-% 2,3'% ,2 42 4;;(9.49 2(4/ %'( H$#6#@ a% .4- 4/#$20 6,0:
2,3'% .'(2 '( '40 14;;(0 ?#/ 42 46"$;421(5 "$% %'( 6(0,1-
'402G%&4//,8(0&,2&%,6(@&)$-#2,&.4-&0(40@
 RTS[VZY
\4/%4G- ;(3- 2(4/;9 "$1*;(0 "(2(4%' '(/@ N',- 6#/2,23 -'(G0
'(4/0 #2 %'( 2(.- %'4% 42 $2246(0 1,%9 #??,1,4; '40 0,(0 %'(
>/(8,#$-&2,3'%5&"$%&-'(&2(8(/&,643,2(0&,%&.4-&a324K,#@
QA;B#'.&C &*74,5&:.CR \4/%4 $/3(05 %/9,23 %# /(64,2 14;6 4-
-'( I$,1*;9 (B>;4,2(0 .'4% -'( '40 C$-% .,%2(--(0 #2 %'(
>4;4KK# 8,0(# 146(/4-k%'( H42%( 0(4%' 64-* -%#;(2 "9 a3:
24K,# 420 <#"(/% =4230#25 .'# .4- 2#. "(,23 '(;0 4%
3$2>#,2%@
\4/%4 '40 2# ,0(4 .'4% /(->#2-( -'( (B>(1%(0 P$3(2,4 %#
64*(5&"$%&,%&6#-%&1(/%4,2;9&.4-&2#%&.'4%&-'(&'(4/0@
QP4D#354 T&'B(4'FLR P$3(2,4 0(6420(0@ Q"#. 74' T&'B(4'
43&LFR%M4;03#%9.5+%T&'B(4'%'49LF
P$3(2,4&-((6(0&%#&"(&6,--,23&%'(&>#,2%@ M#*C%D;5%5+#%:&*$W
Q<#84 6&3,&3# 74' ,;.FR P$3(2,4 4;; "$% -'#$%(0@ 2 '##( 54
*6#&$%54%+.:F

a2-,0( %'( -(1$/,%9 /##65 =4230#2G- '(40 1#2%,2$(0 %# %'/#" 4-

%'( 3$4/0- 4,6(0 %'(,/ .(4>#2- 0,/(1%;9 4% ',6@ !"/$>%;95 %'(
0##/&#>(2(05&420&\4/%4&!;84/(K&4>>(4/(0@
N'/#$3' %'( #>(2 0##/ =4230#2 '(4/0 %'( 0,-%42% .',2( #?
%'( 0/#2( -#6(.'(/( #$%-,0(5 ,%- #6,2#$- "$KK 411#6>42,(0
"9 %'( .4,; #? 4>>/#41',23 -,/(2-@ 1+#) -4;'( 4;5 9+#3# 9#
&3#/
Qk &33.8&5& ,& 64,.`.&CR \4/%4 %#;0 %'( 3$4/0-5 -(20,23 #2( #?
%'(6 #$% %# $-'(/ %'( 4$%'#/,%,(- ,2%# %'( 6$-($6@ N'( #%'(/
/(64,2(0&"(',205&3$2&"4//(;&-%,;;&4,6(0&4%&=4230#2@
N# =4230#2G- -$/>/,-(5 \4/%4 '(;0 #$% 4 1(;; >'#2( %# ',6@
iD#6(#2( .42%- %# ->(4* %# 9#$5j -'( -4,05 -#$20,23 69-%,?,(0@
i]#$G;;&2((0&%#&%4*(&,%&#$%&'(/(&%#&'48(&4&1#22(1%,#2@j
N'( 3/#$> 6,3/4%(0 ?/#6 %'( -%$??9 1#2%/#; /##6 ,2%# %'(
34;;(/9 ->41( C$-% #$%-,0(5 .'(/( -$2;,3'% >#$/(0 %'/#$3' ;4/3(
.,20#.- #??(/,23 4 ->(1%41$;4/ 8,(. #? O,4KK4 0(;;4 D,32#/,4
 RTT[VZY
"(;#.@ !;%'#$3' '( .4- -%,;; 4% 3$2>#,2%5 =4230#2 ?(;% /(;,(8(0
%#&"(&#$%&#?&%'(&(21;#-(0&->41(@
\4/%4 6#%,#2(0 ',6 #8(/ 2(4/ %'( .,20#. 420 '420(0 ',6
%'(&>'#2(@
=4230#2 %##* ,%5 $21(/%4,25 420 /4,-(0 ,% %# ',- (4/@ i](-n
N',-&,-&<#"(/%&=4230#2@j
Q".B'43#CR %'( .#642 -4,0 ,2 %(2%4%,8(5 411(2%(0 P23;,-'@ ia
46 P$3(2,4 !2%#2$11,5 %'( -(1/(%4/9 #? a324K,# )$-#2,@ ]#$
420&a5&.(&6((%&9(-%(/049&2,3'%&.'(2&9#$&4//,8(&',-&#??,1(@j
=4230#2&/(14;;(0&2#%',23@&i](-nj
iaG6 8(/9 -#//9 %# -49 9#$ %',-5 "$% a324K,#5 '( 0,( #? '(4/% 4%:
%41*&9(-%(/049&2,3'%@j
=4230#2G- 3/,> %,3'%(2(0 #2 %'( >'#2(@ 2B'&`.4 N;*4'. .*
(#&(LF
N'( .#642 .4- .((>,23 2#.5 '(/ 8#,1( ?$;; #? -402(--@ ia3:
24K,# 14;; 6( "(?#/( '( 0,(@ 7( ;(48( 6( 4 6(--43( 420 %(;; 6(
%#&"(&-$/(&9#$&'(4/&,%@&a&.,;;&>;49&,%&?#/&9#$@j
=4230#2 '(4/0 -#6( /$-%;,235 420 6#6(2%- ;4%(/5 4 ?4,2%
"/(4%';(-- /(1#/0,23 #? %'( 8#,1( #? a324K,# )$-#2, /(41'(0 ',-
(4/-@
iP$3(2,45j %'( 642 >42%(05 1;(4/;9 ,2 >4,2@ iO;(4-( "( -$/(
<#"(/% =4230#2 '(4/- %',- 6(--43(@ aG6 ,2 %/#$";(@ a 0#2G%
%',2* aG;; 64*( ,% "41* %# %'( #??,1(@j a324K,# 3/#42(0 420 %'(/(
.4- 4 ;#23 -,;(21(@ +'(2 '( "(342 ->(4*,23 434,25 ',- 8#,1(
.4- .(4*(/@ i<#"(/%5 a '#>( 9#$ (-14>(0@ N'(9G/( -%,;; 4?%(/ 6(
L 420 aG6 L aG6 2#% .(;;@ aG6 %/9,23 %# /(41' 4 0#1%#/5 "$% Lj
N'(/( .4- 42#%'(/ ;#23 >4$-(5 4- ,? ., <;4:.'4 .(/( 6$-%(/,23
',- ;4-% ",% #? (2(/395 420 %'(2 L i<#"(/%5 ;,-%(2 14/(?$;;9@
+'4% 9#$ -((* ,- -4?(;9 ',00(2@ N'( 34%(- 4/( #>(2 %# 9#$5 "$%
9#$ 6$-% '$//9@ O4/40,-( N.(2%9:?,8(@j 7( >4$-(0 4 ;#23 6#:
6(2%&420&%'(2&.',->(/(05&id#0->((0@j
N'(2&%'(&6(--43(&(20(0@
=4230#2G- '(4/% /41(05 420 '( *2(. '( '40 C$-% .,%2(--(0
%'( ?,24; .#/0- #? 4 09,23 642@ N'4% %'(-( .#/0- '40 "((2
 RTU[VZY
0,/(1%(0 4% ',6 0,0 2#%',23 %# /(;,(8( ',- 42B,(%9@ Z&3&(.*# aoL
1+# B&5#* &3# 46#' 54 :#L =4230#2 1#2-,0(/(0 ,%@ O+&5 B&5#*
(4#* +# :#&'LF N'( #2;9 %',23 %'4% 640( 429 -(2-( 4% 4;; .4-
%'4%&a324K,#&'40&-4,0&%'4%&%'(&64-*&.4-&-4?(;9&',00(2@
P$3(2,4 146( "41* #2 %'( ;,2(@ iO/#?(--#/5 0# 9#$ $20(/:
-%420&%',-nj
iD#6(&#?&,%5&9(-@j
ia-&%'(/(&-#6(%',23&a&142&0#nj
=4230#2 1#2-,0(/(0 %',- I$(-%,#2 4 ;#23 6#6(2%@ i\4*(
-$/(&2#"#09&(;-(&'(4/-&%',-&6(--43(@j
iP8(2 %'( >#;,1(n ! 0(%(1%,8( 4//,8(- -##2 %# %4*( 69 -%4%(:
6(2%@j =4230#2 -%,??(2(0@ 7( ;##*(0 4% %'( 3$4/0 .'# .4-
4,6,23 4 3$2 4% ',6@ q$,1*;95 =4230#2 %$/2(0 %#.4/0 %'( .,2:
0#. 420 ;#.(/(0 ',- 8#,1(5 '$//,(0;9 .',->(/,235 iP$3(2,4 L
%',- .,;; -#$20 -%/423(5 "$% ?#/ a324K,#G- -4*(5 a 2((0 9#$ %# 0(:
;(%( %'4% 6(--43( 420 0# '45 6(2%,#2 %# %'( >#;,1( %'4% 9#$
->#*( %# 6(@ a- %'4% 1;(4/n N'( -,%$4%,#2 ,- 8(/9 1#6>;,14%(0
420kj
=4230#2 ?(;% 4 3$2 "4//(; >/(-- ,2%# ',- -,0( 420 %$/2(0 %#
-(( %'( 4/6(0 3$4/05 ,21'(- 4.495 '#;0,23 #$% ',- ?/(( '420
420&0(6420,23&\4/%4G-&>'#2(@
F2 %'( ;,2(5 %'(/( .4- 4 ;#23 >4$-(5 420 P$3(2,4 ?,24;;9 -4,05
i\/@&=4230#25&69&"#--&%/$-%(0&9#$&L&-#&a&.,;;5&%##@j
N'(2&-'(&.4-&3#2(@
=4230#2 '420(0 %'( >'#2( "41* %# %'( 3$4/0@ ia324K,#
)$-#2, ,- 0(405j '( -4,0 %# D,(224@ i7( 0,(0 #? 4 '(4/% 4%%41*
;4-% 2,3'% 4?%(/ ;(48,23 %',- 6$-($6@j =4230#2 >4$-(0@ iN'(
64-* ,- -4?(@ a324K,# ',0 ,% "(?#/( '( 0,(0@ !20 a %',2* '( ;(?%
6(&4&1;$(&4"#$%&.'(/(&%#&?,20&,%@j Z&3&(.*#%ao/
7#>( ?;4-'(0 ,2 D,(224G- (9(-5 "$% .'(2 =4230#2 %$/2(0
"41*&%#&\4/%45&-'(&;##*(0&-*(>%,14;@
i\4/%45j =4230#2 -4,0@ ia 142 /(%/,(8( H42%(G- 64-* ?#/ 9#$5
"$%&9#$G;;&2((0&%#&;(%&$-&3#@&a66(0,4%(;9@j
 RTV[VZY
\4/%4 ;4$3'(0 #$% ;#$0@ ia .,;; 0# 2# -$1' %',23l ]#$G/( %'(
#2(&.'# *54,# %'(&64-*l&N'(&>#;,1(&4/(&4//,8,23kj
Q".B'43& >,8&3#`CR D,(224 ,2%(//$>%(0 ;#$0;9@ Q?. (.*6.&7#C
:&%'4'%,#%&DD.&:4%(#554%,&%8#3.5e/R
=4230#2 0,0 4 0#$";( %4*(@ O+&5 .* ".#''& (4.'BLF 7( '40
$20(/-%##0 '(/ .#/0-@ ?3*/ >,8&3#`5 20: *433)C D;5 9# +&8#
'45%D##'%+4'#*5%9.5+%)4;/
\4/%4 ;##*(0 (I$4;;9 -%4/%;(0 "9 D,(224G- .#/0-5 4;%'#$3'
6$1' #? '(/ -'#1* -((6(0 %# "( #8(/ %'( ?41% %'4% D,(224 .4-
-$00(2;9&->(4*,23&?;$(2%5&$2411(2%(0&a%4;,42@
Q2''&'`.5;554C '4' *4'4 ,& *43#,,& (. P4D#35 T&'B(4'CR D,:
(224 0(1;4/(0 ,2 42 4>#;#3(%,1 %#2(@ H.3*5 4--C 2 &: '45 P4D#35
T&'B(4'0*%*.*5#3/
 M7!ONP< TT

\!<N! !=g!<Pm NFF` 42 $2-%(409 -%(> "41*.4/0 420 ?#;0(0 '(/

4/6-5&-%$09,23&%'(&9#$23&";#20&.#642&"(?#/(&'(/@
Q?. (.*6.&7#CR D,(224 1#2%,2$(05 -%,;; ->(4*,23 ?;$(2% a%4;,42@
QT# &DD.&:4 :#'5.54 *; :4,5# 74*#/R O# +&8# ,.#( 54 )4;
&D4;5%:&')%5+.'B*/
N'( 3$4/0 ;##*(0 4- >(/>;(B(0 4- \4/%45 4;%'#$3' '( '(;0
',-&>#-,%,#2@
D,(224 ->#*( /4>,0;9 2#.5 -%,;; ,2 a%4;,425 %(;;,23 \4/%4 %'4%
-'( .#/*(0 4% 4 E;#/(21( '#->,%4; .'(/( =4230#2 '40 4//,8(0
%'( >/(8,#$- 2,3'% .,%' 4 "$;;(% .#$20 %# %'( '(40@ D'( (B:
>;4,2(0 %'4% =4230#2 /(14;;(0 2#%',23 #? %'( (8(2%- %'4% '40
"/#$3'% ',6 %'(/(5 420 %'4% '( .4- 4- -$/>/,-(0 "9 %'( -(1$/,%9
8,0(#&4-&\4/%4&'40&"((2@
iD'#.&'(/&9#$/&.#$205j&D,(224&#/0(/(0&=4230#2@
+'(2 \4/%4 -4. %'( -%,%1'(- "(2(4%' =4230#2G- 64%%(0
'4,/5 -'( -4% 0#.2 #2 %'( .,20#.-,;; 420 '(;0 '(/ ?41( ,2 '(/
'420-&?#/&-(8(/4;&-(1#20-@
a2 %'( >4-% %(2 6,2$%(-5 \4/%4 '40 ;(4/2(0 2#% #2;9 %'4% %'(
H42%( 0(4%' 64-* '40 "((2 -%#;(2 0$/,23 '(/ .4%1'5 "$% %'4%
%'( %.# %',(8(- '40 "((2 4 /(->(1%(0 !6(/,142 >/#?(--#/ 420
'(/ %/$-%(0 E;#/(2%,2( 1#;;(43$(5 .'# .4- 2#. 0(40@ E$/%'(/:
6#/(5 %'( 9#$23 D,(224 )/##*-5 .'#6 \4/%4 '40 ,643,2(0 %#
"( %'( .,0(:(9(0 !6(/,142 -,-%(/ #? <#"(/% =4230#25 %$/2(0
#$% %# "( 4 0#1%#/5 406,%%,23 %# 4 ;,( L 420 0#,23 -# ,2 ?;$(2%
a%4;,42@
i\4/%45j =4230#2 -4,05 ',- 8#,1( 0((> 420 $20(/-%420,23@ ia
*2#. ,% 6$-% "( '4/0 %# "(;,(8(5 "$% a %/$;9 0#2G% /(6(6"(/
 RTX[VZY
;4-% 2,3'% 4% 4;;@ a '48( 2# ,0(4 .'9 a324K,# 420 a %##* %'(
64-*@j
\4/%4&-(2-(0&?/#6&',-&(9(-&%'4%&'(&.4-&%(;;,23&%'(&%/$%'@
iaG;; /(%$/2 %'( 64-* %# 9#$5j =4230#2 -4,0@ i]#$ '48( 69
.#/0@ )$% a 142G% /(%/,(8( ,% $2;(-- 9#$ ;(% $- 3#@ N'( -,%$4%,#2
,-&1#6>;,14%(0@&]#$&2((0&%#&;(%&$-&3#5&/,3'%&4.49@j
H(->,%( .42%,23 %'( >/,1(;(-- 64-* /(%$/2(05 \4/%4 '40 2#
,2%(2%,#2 #? ;(%%,23 429#2( 3#@ O+#3# &3# 5+# 64,.7#LF D'(
;##*(0 0#.2 4% %'( ;#2( >#;,1( 14/ ,2 %'( O,4KK4 0(;;4 D,32#/,4@
a% -((6(0 -%/423( %'4% %'( #??,1(/- '40 2#% 9(% /(41'(0 %'( 6$:
-($6@ \4/%4 4;-# '(4/0 4 -%/423( "$KK,23 2#,-( ,2 %'( 0,-:
%421(k,% -#$20(0 ;,*( -#6(#2( .4- $-,23 4 >#.(/ -4.@ !20 ,%
.4-&3(%%,23&;#$0(/@
O+&5%.*%5+&5L
=4230#2G- %#2( .4- "(-((1',23 2#.@ i\4/%45 9#$ $'49 a3:
24K,#@ 7( .#$;0 2(8(/ '48( /(6#8(0 %'( 64-* .,%'#$% 4 3##0
/(4-#2@ N'(/(G- 4 ",33(/ >,1%$/( '(/(@ N'( #.2(/ #? %'( 64-*5
)(/%/420 m#"/,-%5 .4- 4 8(/9 1#2?$-(0 642@ +( %',2* '( 649
"( ,28#;8(0 ,2 -#6(%',23 %(//,";(@ a 0#2G% '48( %,6( %# (B>;4,2
,%&4;;5&"$%&aG6&"(33,23&9#$&%#&%/$-%&$-@j
\4/%4 1#$;0 #2;9 -%4/(@ A#2( #? %',- -((6(0 %# 64*( 429
-(2-(&4%&4;;@
i\/-@ !;84/(K5j D,(224 -4,05 ?,B,23 \4/%4 .,%' 4 -%#29 ;##*@
ia? 9#$ 14/( 4"#$% 9#$/ ?$%$/(5 420 %'4% #? 9#$/ "4"95 %'(2 9#$
2((0&%#&;(%&$-&;(48(5&/,3'%&2#.@j
\4/%4 ?#;0(0 '(/ '420- >/#%(1%,8(;9 41/#-- '(/ 4"0#6(25 2#%
4%&4;;&>;(4-(0&"9&%'(&8(,;(0&%'/(4%&%#&'(/&$2"#/2&1',;0@
N'( ',3':>,%1'(0 "$KK #$%-,0( .4- 0(?,2,%(;9 3(%%,23 ;#$0(/5
420 .'(2 \4/%4 >((/(0 #$% %'( .,20#.5 -'( 1#$;02G% -(( %'(
-#$/1(&#?&%'(&2#,-(5&"$%&-'(&0,0&-((&-#6(%',23&(;-(@
N'(&3$4/0&-4.&,%5&%##5&',-&(9(-&.,0(2,23@
H#.2 ,2 %'( O,4KK4 0(;;4 D,32#/,45 %'( 1/#.0- '40 >4/%(0 %#
64*( .49 ?#/ 4 ;#23 ;,2( #? >#;,1( 14/- %'4% .(/( 4//,8,23
.,%'#$% -,/(2-5 ;(0 "9 %.# ";41* 842-5 .',1' 2#. -*,00(0 %# 4
 RTY[VZY
-%#> #$%-,0( %'( >4;41( 0##/-@ D#;0,(/- ,2 ";41* $2,?#/6-
C$6>(0&#$%5&14//9,23&;4/3(&3$2-5&420&/42&,2%#&%'(&>4;41(@
\4/%4&?(;%&4&-$/3(&#?&?(4/@ O+4%5+#%+#,,%.*%5+&5LF
N'(&-(1$/,%9&3$4/0&;##*(0&(I$4;;9&4;4/6(0@
N'( ',3':>,%1'(0 "$KK,23 -#$20 3/(. -$00(2;9 >,(/1,235 420
\4/%4 .,%'0/(. ,2 0,-%/(-- 4- -'( 3;,6>-(0 4 -64;; '(;,1#>%(/
/,-,23&,2%#&8,(.&C$-%&#$%-,0(&%'(&.,20#.@
N'( 641',2( '#8(/(0 2# 6#/( %'42 %(2 94/0- 4.495 4;6#-%
4- ,? ,% .(/( -%4/,23 ,2 4% %'( >(#>;( ,2 %'( /##6@ a% .4- 4 -64;;
1/4?%5 649"( 4 94/0 ;#235 .,%' 4 ;#23 ";41* 19;,20(/ 6#$2%(0
#2&%'(&?/#2%@&N'(&19;,20(/&.4-&>#,2%(0&0,/(1%;9&4%&%'(6@
ia%G- 3#,23 %# -'##%lj D,(224 -'#$%(0@ Q"5& 6#3 *6&3&3#F
P8(/9"#09 0#.2l 1;55. & 5#33&FR D'( 0/#>>(0 %# '(/ *2((- "(:
2(4%' %'( .,20#.-,;;5 420 \4/%4 .(2% 1#;0 .,%' %(//#/ 4- -'(
,2-%,21%,8(;9 ?#;;#.(0 -$,%@ N'( 3$4/0 0/#>>(0 0#.25 %##5 /(:
?;(B,8(;9&4,6,23&',-&3$2&4%&%'(&;,%%;(&641',2(@
E/#6 \4/%4G- 4.*.4/0 1/#$1' "(;#. %'( .,20#.-,;;5 -'(
1#$;0 -(( %'4% =4230#2 .4- -%,;; -%420,235 -%4/,23 4% D,(224
.,%' 42 #00 ;##*5 1;(4/;9 2#% "(;,(8,23 %'(/( .4- 429 0423(/@
D,(224 .4- #2 %'( 3/#$20 ?#/ #2;9 42 ,2-%42% "(?#/( -'(
"#$20(0 "41* $>5 3/4""(0 =4230#2 "9 %'( ./,-%5 420 "(342
>$;;,23 ',6 ,2 %'( 0,/(1%,#2 #? %'( '4;;.49@ !2 ,2-%42% ;4%(/5
%'(9 .(/( ?;((,23 %#3(%'(/ %#.4/0 %'( 64,2 (2%/421( #? %'(
"$,;0,23@
N'( 3$4/0 ->$2 #2 ',- *2((- 420 1/#$1'(0 ;,*( 4
-2,>(/k/4,-,23 ',- .(4>#2 0#.2 %'( '4;;.49 ,2 %'( 0,/(1%,#2
#?&%'(&0(>4/%,23&0$#@
QS4' *6&3.FR \4/%4 #/0(/(0 ',6@ QS4' 64**4'4 *7&66&3#/R
<4'05%*+445F%1+#)%7&'05%64**.D,)%#*7&6#F
=4230#2 420 D,(224 0,-4>>(4/(0 4/#$20 4 1#/2(/5 420
\4/%4 *2(. ,% .#$;0 "( #2;9 4 64%%(/ #? -(1#20- "(?#/( %'(
0$#&1#;;,0(0&.,%'&%'(&4$%'#/,%,(-&1#6,23&,2&%'(&#%'(/&.49@
 RUZ[VZY
iE4-%(/lj D,(224 $/3(05 /$-',23 .,%' =4230#2 "41* %'( .49
%'(9G0 1#6( ,2@ D'( .4- '#>,23 %'(9 1#$;0 64*( ,% %# %'( 64,2
(2%/421( "(?#/( /$22,23 ,2%# %'( >#;,1( '(40:#25 "$% -'( 2#.
/(4;,K(0&%'(&1'421(-&#?&%',-&.(/(&1;#-(&%#&K(/#@
=4230#2 4>>4/(2%;9 '40 -,6,;4/ 0#$"%-@ +,%'#$% .4/2,235
'( -*,00(0 %# 4 ?$;; -%#> ,2 4 .,0( ,2%(/-(1%,#2 #? '4;;.49-@
i+(G;;&2(8(/&64*(&,%&#$%&%',-&.49@j
iM#6( #2lj D,(224 6#%,#2(0 $/3(2%;9 ?#/ ',6 %# ?#;;#.@
i<#"(/%5&.(&142G%&C$-%&-%420&'(/(lj
=4230#2 -((6(0 0,-%/41%(05 34K,23 %# ',- ;(?%5 0#.2 4 -'#/%
1#//,0#/ %'4% 4>>(4/(0 %# 0(40:(20 ,2 4 -64;;5 0,6;9 ;,% 1'46:
"(/@ N'( .4;;- #? %'( /##6 .(/( 1#8(/(0 .,%' 42%,I$( 64>-5
420 4% %'( 1(2%(/ #? %'( /##6 -%##0 4 64--,8( ,/#2 3;#"(@ =423:
0#2 (9(0 %'( '$3( 6(%4; ->'(/( 420 "(342 2#00,23 -;#.;95 420
%'(2&6#/(&8,3#/#$-;9@
iN',- .495j =4230#2 0(1;4/(05 04-',23 #?? %#.4/0 %'( ,/#2
3;#"(@
P4D#35F D,(224 ?#;;#.(0 434,2-% '(/ "(%%(/ C$036(2%@ N'(
1#//,0#/ 1;(4/;9 ;(0 0((>(/ ,2%# %'( 6$-($65 4.49 ?/#6 %'(
(B,%@
i<#"(/%nj -'( 34->(05 ?,24;;9 14%1',23 $> %# ',6@ i+'(/( 4/(
9#$&%4*,23&$-nlj
iN'/#$3'&!/6(2,45j&'(&/(>;,(0@
i+'4%nlj
i!/6(2,45j =4230#2 /(>(4%(05 ',- (9(- 0(40 4'(40@ iN/$-%
6(@j

F2( -%#/9 "(;#.5 ',00(2 46#23 ?/,3'%(2(0 %#$/,-%- #2 %'( "4;:

1#29 #? %'( 74;; #? %'( E,8( 7$20/(05 g49(2%'4 *(>% '(/ '(40
0#.2 4- )/t0(/G- D<D %(46 %'$20(/(0 >4-% '(/ ,2%# %'( 6$:
-($6@ H#.2-%4,/-5 %'( -#$20 #? -;466,23 0##/- /(-#24%(0
%'/#$3'&%'(&'4;;&4-&>#;,1(&-(4;(0&%'(&4/(4@
 RUQ[VZY
a?&=4230#2&.(/(&,20((0&'(/(5&'(&.4-&%/4>>(0@
h2?#/%$24%(;95&g49(2%'4&.4-5&%##@
 M7!ONP< TU

+aN7 aND +!<\ #4* .4,2-1#%,23 420 1#??(/(0 .##0(2 1(,;,23-5

%'( 74;; #? d(#3/4>',14; \4>- ?((;- 4 .#/;0 4.49 ?/#6 %'(
-%4/* -%#2( 420 >;4-%(/ ,2%(/,#/ #? %'( O4;4KK# g(11',#@ F/,3,2:
4;;9 %'( "$,;0,23G- 1;#4*/##65 %',- 3/420 ->41( 1#2%4,2- 0#K(2-
#? 1;#-(%- 420 14",2(%- #21( $-(0 %# -%#/( %'( >#/%4";( 4--(%- #?
%'( 3/420 0$*(@ F2 %',- 0495 %'( .4;;- .(/( 40#/2(0 .,%'
64>-k?,?%9:%'/(( ,;;$6,24%,#2- '420:>4,2%(0 #2 ;(4%'(/k0(:
>,1%,23&%'(&.#/;0&4-&,%&.4-&*2#.2&,2&%'(&QUUZ-@
N'( '4;;G- 0/464%,1 1#;;(1%,#2 #? 14/%#3/4>'9 ,- 0#6,24%(0 "9
%'( >/(-(21( #? 4 64--,8( 3;#"( %'4% -%420- ,2 %'( 1(2%(/ #? %'(
/##6@ `2#.2 4- %'( ?&66& ?;'(.5 %'( -,B:?##%:%4;; ->'(/(
'40 "((2 %'( ;4/3(-% /#%4%,23 3;#"( #? ,%- (/4 420 .4- -4,0 %#
->,2 4;6#-% (??#/%;(--;9 .,%' C$-% %'( %#$1' #? 4 ?,23(/@ N#049
%'( 3;#"( -(/8(- 4- 6#/( #? 4 ?,24; -%#> ?#/ %#$/,-%- .'# '48(
%'/(40(0 %'(,/ .49 %'/#$3' %'( ;#23 -$11(--,#2 #? 34;;(/9
/##6- 420 /(41'(0 4 0(40 (205 .'(/( %'(9 1,/1;( %'( 3;#"( 420
0(>4/%&%'(&.49&%'(9&146(@
=4230#2 420 D,(224 4//,8(0 "/(4%';(-- ,2 %'( 74;; #? \4>-@
)(?#/( %'(65 %'( ?&66& ?;'(. /#-( 64C(-%,14;;95 "$% =4230#2
0,02G% (8(2 3;421( 4% ,%5 ',- (9(- 6#8,23 ,2-%(40 %# %'( #$%(/
.4;;-&#?&%'(&/##6@
i+( 2((0 %# ?,20 !/6(2,4lj =4230#2 -4,0@ iN'( 64> #?
!/6(2,4lj
M;(4/;9 2#2>;$--(0 "9 ',- /(I$(-%5 D,(224 '$//,(0 #?? %# %'(
/##6G-&/,3'%:'420&.4;;&,2&-(4/1'&#?&4&64>&#?&!/6(2,4@
=4230#2 ,66(0,4%(;9 "(342 4 -,6,;4/ -(4/1' 4;#23 %'( ;(?%:
'420&.4;;5&%/41,23&',-&.49&4/#$20&%'(&>(/,6(%(/&#?&%'(&/##6@
>3&D.&C%"6&.'C%I3##7#%E
 RUS[VZY
P41' 1#$2%/9 .4- >#/%/49(0 ,2 /(64/*4";( 0(%4,;5 1#2-,0(/:
,23 %'4% %'( 0/4.,23- '40 "((2 640( 6#/( %'42 ?,8( '$20/(0
9(4/- 43#5 4% 4 %,6( .'(2 6$1' #? %'( .#/;0 '40 9(% %# "(
64>>(0&#/&(B>;#/(0@
O+#3#%.*%>3:#'.&L
M#6>4/(0 %# ',- $-$4;;9 8,8,0 (,0(%,1 6(6#/,(-5 =4230#2G-
/(1#;;(1%,#2- #? ',- i-(1/(% >4--43(- %#$/j '(/( -(8(/4; 9(4/-
43# ?(;% 1;#$095 0$( ,2 2# -64;; >4/% %# %'( -(1#20 3;4-- #? d4C4
A("",#;# '(G0 (2C#9(0 .,%' ;$21' >/,#/ %# %'( %#$/@ E,%%,23;95
%'( .#/0 '#DD.4,4 6(42% i;,%%;( ?#3@j P8(2 -#5 =4230#2 2#.
0,-%,21%;9 /(14;;(0 "(,23 -'#.2 4 -,23;( 64> ,2 %',- /##6k!/:
6(2,4k4&64>&%'4%&>#--(--(0&4&$2,I$(&>/#>(/%9@
2 $'49 .50* .' +#3#5 =4230#2 %'#$3'%5 1#2%,2$,23 %# -142 %'(
-((6,23;9&(20;(--&;,2(&#?&64>-@
i!/6(2,4lj&D,(224&422#$21(0@&iF8(/&'(/(lj
=4230#2 ->$2 %#.4/0 .'(/( -'( .4- -%420,23 ,2 %'( 0((>
/,3'%:'420 1#/2(/ #? %'( /##6@ 7( /$-'(0 #8(/5 420 D,(224
>#,2%(0 %# %'( 64> #? !/6(2,4 .,%' 42 (B>/(--,#2 %'4% -((6(0
%#&-495&i+(&?#$20&!/6(2,4k-#&.'4%nj
=4230#2 *2(. %'(9 0,02G% '48( %,6( ?#/ (B>;424%,#2-@ a2:
-%(405 '( -,6>;9 /(41'(0 #$%5 3/4""(0 %'( 64>G- 64--,8(
.##0(2 ?/46(5 420 '(48(0 ,% %#.4/0 ',6@ N'( (2%,/( 64>
-.$23 ,2%# %'( /##65 4;#23 .,%' 4 ;4/3( -(1%,#2 #? %'( .4;; 420
.4,2-1#%,235&/(8(4;,23&4&',00(2&>4--43(.49@
i!;; /,3'%5 %'(25j D,(224 -4,05 -#$20,23 ,6>/(--(0@ i!/6(2,4
,%&,-@j
+,%'#$% '(-,%4%,#25 D,(224 '$//,(0 %'/#$3' %'( #>(2,235
6#8,23 ?(4/;(--;9 ,2%# %'( 0,6 ->41( "(9#20@ =4230#2 ?#;:
;#.(0&'(/&420&I$,1*;9&>$;;(0&%'(&.4;;&1;#-(0&"(',20&%'(6@
H(->,%( ',- ?#339 /(1#;;(1%,#2- #? %'( -(1/(% >4--43(- %#$/5
=4230#2 /(14;;(0 %',- >4--43(.49 1;(4/;9@ 7( 420 D,(224 '40
C$-% >4--(05 4- ,% .(/(5 %'/#$3' %'( ;##*,23 3;4-- ,2%# %'(
O4;4KK# a28,-,",;(k%'( 1;420(-%,2( .#/;0 %'4% (B,-%(0 D#+.'(
%'( .4;;- #? %'( O4;4KK# g(11',#k4 -(1/(% 0#64,2 %'4% '40
 RUT[VZY
"((2 411(--,";( -#;(;9 %# %'( %'(2:/(,32,23 0$*( 420 %'#-(
1;#-(-%&%#&',6@
=4230#2 >4$-(0 4 6#6(2% ,2-,0( %'( 0##/.49 420 %##* ,2
%'(,/ 2(. -$//#$20,23-k4 >4;( -%#2( '4;;.49 ;,% #2;9 "9 ?4,2%
24%$/4; ;,3'% %'4% ?,;%(/(0 %'/#$3' 4 -(/,(- #? ;(40(0 .,20#.-@
N'(&>4--43(.49&0(-1(20(0&?,?%9&94/0-&#/&-#&%#&4&.##0(2&0##/@
7( %$/2(0 2#. %# ',- ;(?%5 .'(/( 4 24//#. 4-1(20,23 -%4,/:
14-( .4- ";#1*(0 "9 4 1'4,2 -.43@ ! -,32 4"#8( %'( -%4,/-
.4/2(0^ hDMaN!&gaPN!N!@
=4230#2&'(40(0&?#/&%'(&-%4,/-@
iA#lj&D,(224&.4/2(0@&ia%&-49-&oA#&PB,%@G&j
iN'42*-5j =4230#2 -4,0 .,%' 4 ./9 -6,;(@ ia 142 /(40 %'(
a%4;,42@j
7( $2'##*(0 %'( 1'4,2 -.435 14//,(0 ,% "41* %# %'( -(1/(%
0##/5 420 I$,1*;9 $-(0 ,% %# ,66#",;,K( %'( /#%4%,23
.4;;k%'/(40,23 %'( 1'4,2 %'/#$3' %'( 0##/ '420;( 420 4/#$20
4 2(4/"9 ?,B%$/( -# %'( 0##/ 1#$;0 2#% "( >$;;(0 #>(2 ?/#6 %'(
#%'(/&-,0(@
iF'5j&D,(224&-4,0&-'((>,-';9@&id##0&%',2*,23@j
ia% .#2G% *((> %'(6 #$% ?#/ ;#235j =4230#2 -4,0@ i)$% .(
.#2G%&2((0&6$1'&%,6(@&E#;;#.&6(@j

+'(2 %'( 64> #? !/6(2,4 ?,24;;9 1/4-'(0 #>(25 !3(2% )/t0(/

420 ',- 6(2 -%/(46(0 0#.2 %'( 24//#. 1#//,0#/ ,2 >$/-$,%5
'(40,23 ?#/ %'( .##0(2 0##/ 4% %'( ?4/ (20@ +'(2 %'(9 "$/-%
%'/#$3'5 )/t0(/ ?(;% 4 ";4-% #? 1#;0 4,/ ',% ',6 '(40:#25 420
.4-&6#6(2%4/,;9&";,20(0&"9&"/,3'%&-$2;,3'%@
7( '40 4//,8(0 #2 42 (B%(/,#/ .4;*.495 .',1' %'/(40(0
4;#23 %'( /##?%#> #? %'( >4;4KK#@ 7,- (9( %/41(0 %'( >4%'5 .',1'
;(0 0,/(1%;9 %# 42#%'(/ 0##/5 -#6( ?,?%9 94/0- 4.495 420
/((2%(/(0&%'(&"$,;0,23@
 RUU[VZY
)/t0(/ 3;421(0 %# %'( ;(?% #? %'( .4;*.495 .'(/( %'( ',3'5
84$;%(0 /##? #? %'( 74;; #? %'( E,8( 7$20/(0 /#-( ;,*( 4 6#$2:
%4,2@ 2:64**.D,# 54 53&8#3*#@ )/t0(/ %$/2(0 2#. %# ',- /,3'%5
.'(/( %'( .4;*.49 .4- "#/0(/(0 "9 4 -'((/ 1;,?? %'4%
>;$66(%(0&0#.2&,2%#&4&0((>&;,3'%&.(;;@ 2'*5&'5%(#&5+@
7,-&(9(-&/(?#1$-(0&-%/4,3'%&4'(40@&iN',-&.49lj
)/t0(/ 420 ',- 6(2 04-'(0 4;#23 %'( .4;*.49 %#.4/0 %'(
-(1#20 0##/ .',;( %'( -$/8(,;;421( 0/#2( 1,/1;(0 ;,*( 4 8$;%$/(
#8(/'(40@
+'(2 )/t0(/ 420 ',- 6(2 "$/-% %'/#$3' %'( 0##/.495 %'(9
4;;&-;,0&%#&42&4"/$>%&-%#>5&2(4/;9&>,;,23&$>&#2&#2(&42#%'(/@
N'(9 .(/( -%420,23 ,2 4 %,29 -%#2( 1'46"(/ %'4% '40 2# (B,%
#%'(/ %'42 %'( 0##/ %'/#$3' .',1' %'(9 '40 C$-% 1#6(@ ! ;#2(
.##0(2 0(-* -%##0 434,2-% %'( .4;;@ F8(/'(405 %'( 3/#%(-I$(
?,3$/(- 0(>,1%(0 ,2 %'( 1'46"(/G- 1(,;,23 ?/(-1#(- -((6(0 %#
-%4/(&0#.2&4%&%'(6&6#1*,23;9@
a%&.4-&4&0(40&(20@
F2( #? )/t0(/G- 6(2 '$//,(0 #8(/ 420 -1422(0 %'( ,2?#/64:
%,#24; >;414/0 #2 %'( .4;;@ i7#;0 #25j '( -4,0@ iN',- -49- %'(/(G-
4 -.'#*53& ,2&'(/(k-#6(&*,20&#?&-(1/(%&.,20#.nj
)/t0(/ ;##*(0 4/#$20 "$% -4. 2# -(1/(% .,20#.@ 7(
64/1'(0&#8(/&420&/(40&%'(&>;414/0&',6-(;?@
!>>4/(2%;9 %',- ->41( '40 #21( "((2 %'( >/,84%( -%$09 #?
H$1'(-- ),4214 M4>>(;;# 420 ,21;$0(0 4 -(1/(% .,20#.k;'&
-.'#*53& *#B3&5&k%'/#$3' .',1' ),4214 1#$;0 1#8(/%;9 .4%1'
'(/ '$-"420 0(;,8(/ ->((1'(- 0#.2 "(;#. ,2 %'( 74;; #? %'(
E,8(&7$20/(0@
)/t0(/G- (9(- -(4/1'(0 %'( /##6 434,25 2#. ;#14%,23 4 -64;;
;4%%,1(:1#8(/(0 #>(2,23 0,-1/((%;9 ',00(2 ,2 %'( -,0(.4;;@ <.(
5+#)%#*7&6#%5+34;B+%5+#3#L
7( -%4;*(0 #8(/ 420 (B46,2(0 %'( #>(2,235 .',1' 4>>(4/(0
%# "( %## -64;; ?#/ -#6(#2( #? =4230#2G- -,K( %# 3(% %'/#$3'@
)/t0(/ >/(--(0 ',- ?41( %# %'( 3/,0 420 >((/(0 %'/#$3'5 1#2:
?,/6,23 ?#/ 1(/%4,2 %'4% 2#"#09 '40 (-14>(0 %',- .49e #2 %'(
 RUV[VZY
#%'(/ -,0( #? %'( ;4%%,1( .4- 4 -'((/ 0/#>5 -%/4,3'% 0#.2 -(8(/4;
-%#/,(-5&%#&%'(&?;##/&#?&%'(&74;;&#?&%'(&E,8(&7$20/(0@
"4%9+#3#%5+#%+#,,%(.(%5+#)%B4LF
!- )/t0(/ %$/2(0 "41* ,2 %# %'( %,29 -%#2( 1'46"(/5 '( ?(;%
4;; #? %'( 049G- ?/$-%/4%,#2 6#$2%,23 .,%',2 ',6@ a2 4 /4/( 6#:
6(2% #? $2/(-%/4,2(0 (6#%,#25 !3(2% )/t0(/ %'/(. "41* ',-
'(40&420&;(%&#$%&4&"(;;#.&#?&/43(@
N'(&2#,-(&.4-&0(4?(2,23&,2&%'(&%,29&->41(@
E4/ "(;#.5 ,2 %'( 74;; #? %'( E,8( 7$20/(05 %#$/,-%- 420 >#:
;,1( #??,1(/- 4;; ->$2 420 -%4/(0 $> 4% %'( ;4%%,1(0 #>(2,23 ',3'
#2 %'( .4;;@ E/#6 %'( -#$20- #? %',23-5 %'( 0$1'(--G- -(1/(%
-%$09&.4-&2#.&"(,23&$-(0&%#&143(&4&.,;0&42,64;@

D,(224&)/##*-&420&<#"(/%&=4230#2&-%##0&,2&%#%4;&04/*2(--@
\,2$%(- (4/;,(/5 D,(224 '40 .4%1'(0 =4230#2 1;(8(/;9 $-(
%'( 1'4,2 %# -(4; %'( /#%4%,23 64> #? !/6(2,45 %'(2 %$/2 420
?;((@
N# '(/ -$/>/,-(5 '#.(8(/5 ,2-%(40 #? '(40,23 0#.2 %'( 1#/:
/,0#/5 =4230#2 '40 3#2( $> %'( -%((> -%4,/14-( %'4% '40 "((2
64/*(0 hDMaN!&gaPN!N!@
i<#"(/%lj -'( .',->(/(0 ,2 1#2?$-,#2@ iN'( -,32 -4,0 oA#
PB,%Gl&!20&"(-,0(-5&a&%'#$3'%&.(&.42%(0&%#&3# (49'lj
i+( 0#5j =4230#2 -4,05 3;421,23 #8(/ ',- -'#$;0(/@ i)$%
-#6(%,6(- 9#$ 2((0 %# 3# $> L %# 3# 0#.2@j 7( 348( '(/ 42
(21#$/43,23&.,2*@&i<(6(6"(/&D4%42G-&248(;nj
O+&5 .* +# 5&,$.'B &D4;5L D,(224 "#$20(0 4?%(/ ',65 ?((;,23
;#-%@
iH,0&9#$&(8(/&/(40 2'-#3'4nj&=4230#2&4-*(0@
M#*%E%D;5%2%5+.'$%2%9&*%*#8#'/
!2 ,2-%42% ;4%(/5 ,% 04.2(0 #2 '(/@ iF'5 D4%42G- 248(;lj -'(
-4,0@&iA#.&a&/(6(6"(/@j
 RUW[VZY
a% '40 %4*(2 4 6#6(2%5 "$% D,(224 2#. /(4;,K(0 %'4% =423:
0#2 .4- /(?(//,23 %# %'( ?,24;( #? H42%(G- 2'-#3'4@ a2 %'(-( 142:
%#-5 ,2 #/0(/ %# (-14>( '(;;5 H42%( '4- %# 1;,6" 0#.2 %'( '4,/9
-%#641' #? %'( 64--,8( D4%425 420 .'(2 '( /(41'(- D4%42G- 24:
8(;k%'( 4;;(3(0 1(2%(/ #? %'( (4/%'k%'( (4/%'G- 3/48,%9 -$0:
0(2;9 -.,%1'(- 0,/(1%,#2-5 420 H42%(5 ,2 #/0(/ %# 1#2%,2$(
1;,6",23 (49' %# >$/34%#/9 L -$00(2;9 '4- %# -%4/% 1;,6",23
;6@
D,(224 /(6(6"(/(0 ;,%%;( #? %'( 2'-#3'4 #%'(/ %'42 '(/ 0,-:
4>>#,2%6(2% ,2 .,%2(--,23 %'( 4"-$/0 41%,#2- #? 3/48,%9 4% %'(
1(2%(/ #? %'( (4/%'e 4>>4/(2%;9 H42%(G- 3(2,$- 0,0 2#% ,21;$0( 4
3/4->&#?&%'(&>'9-,1-&#?&8(1%#/&?#/1(-@
N'(9 /(41'(0 %'( %#> #? %'( -%4,/-5 420 =4230#2 #>(2(0 %'(
;#2( 0##/ %'(9 ?#$20 %'(/(e #2 ,% .4- ./,%%(2^ D!=! HPa \FHP==a Ha
!<M7aNPNNh<!@
=4230#2 $-'(/(0 '(/ ,2-,0(5 1;#-,23 420 "#;%,23 %'( 0##/ "(:
',20&%'(6@
N'( /##6 .4- -64;; 420 >;4,25 1#2%4,2,23 4 -(/,(- #? 14-(-
%'4% 0,->;49(0 .##0(2 6#0(;- #? g4-4/,G- 4/1',%(1%$/4; 0(-,32-
?#/ %'( ,2%(/,#/ #? %'( >4;4KK#@ D,(224 "4/(;9 2#%,1(0 %'( 6#0:
(;-@ D'( 0,05 '#.(8(/5 2#%,1( %'4% %'( /##6 '40 2# 0##/-5 2#
.,20#.-5&4205&4-&408(/%,-(0&L '4%#\.5/
ia2 %'( 6,0:QSZZ-5j =4230#2 .',->(/(05 i%'( H$*( #?
!%'(2- 4--$6(0 >#.(/ ,2 %'( >4;41( 420 "$,;% %',- -(1/(% (-:
14>( /#$%( ,2 14-( '( .4- 4%%41*(0@ a%G- 14;;(0 %'( H$*( #?
!%'(2- D%4,/.495 420 ,% 0(-1(20- %# 4 %,29 (-14>( '4%1' #2 4
-,0( -%/((%@ a? .( 142 3(% %'(/(5 2#"#09 .,;; -(( $- (B,%@j 7(
>#,2%(0&%#&#2(&#?&%'(&6#0(;-@&i=##*@&D((&,%&%'(/(&#2&%'(&-,0(nj
@#%D34;B+5%:#%;6%+#3#%54%*+49%:#%:4(#,*L
D,(224 -'#% 42 42B,#$- 3;421( 4% %'( 6,2,4%$/( 420 -4. %'(
-(1/(% -%4,/14-( 0(-1(20,23 4;; %'( .49 ?/#6 %'( %#> #? %'(
>4;41( 0#.2 %# -%/((% ;(8(;5 -%(4;%',;9 ',00(2 "(%.((2 %'( ,22(/
420&#$%(/&.4;;-&#?&%'(&"$,;0,23@
 RUX[VZY
ia 142 -(( %'( -%4,/-5 <#"(/%5j D,(224 -4,0 %(-%,;95 i"$% %'(9
4/( #2 %'( 1#6>;(%( 4664*.5# -,0( #? %'( >4;41(@ +(G;; 2(8(/ 3(%
#8(/&%'(/(lj
i!&;,%%;(&?4,%'5j&'(&-4,0&.,%'&4&;#>-,0(0&3/,2@
! -$00(2 1/4-' (6424%,23 ?/#6 0#.2-%4,/- %#;0 %'(6 %'4%
%'( 64> #? !/6(2,4 '40 C$-% "((2 "/(41'(0@ N'(9 -%##0 -%#2(:
-%,;; 4- %'(9 ;,-%(2(0 %# %'( ?##%?4;;- #? -#;0,(/- 0(>4/%,23 0#.2
%'( 1#//,0#/5 2#2( #? %'(6 (8(/ %',2*,23 %'4% %'(,/ I$4//9
.#$;0 1;,6" ',3'(/ -%,;; L (->(1,4;;9 $> 4 %,29 -%4,/14-( 64/*(0
AF&PpaN@
+'(2 %'( -#$20- "(;#. '40 -$"-,0(05 =4230#2 -%/#0( .,%'
1#2?,0(21( 41/#-- %'( (B',",% /##65 -24*,23 %'/#$3' %'( 0,-:
>;49-5 '(40,23 0,/(1%;9 ?#/ .'4% ;##*(0 ;,*( 4 ;4/3( 1$>"#4/0 ,2
%'( ?4/ .4;;@ N'( 1$>"#4/0 .4- 4"#$% #2( 94/0 -I$4/( 420 >#-,:
%,#2(0 %'/(( ?((% #?? %'( ?;##/@ +,%'#$% '(-,%4%,#25 =4230#2
3/4""(0&%'(&'420;(&420&'(48(0&#>(2&%'(&0##/@
D,(224&/(1#,;(0&.,%'&-$/>/,-(@
N'( ->41( .,%',2 4>>(4/(0 %# "( 4 148(/2#$- 8#,0 L 4- ,? %'(
1$>"#4/0 0##/ .(/( 4 >#/%4; ,2%# 42#%'(/ .#/;0@ )(9#20 .4-
#2;9&";41*2(--@
iE#;;#.&6(5j&=4230#2&-4,0@
7( 3/4""(0 4 ;#2( ?;4-';,3'% %'4% .4- '423,23 #2 %'( .4;; "(:
-,0( %'( #>(2,23@ N'(25 .,%' -$/>/,-,23 43,;,%9 420 -%/(23%'5
%'( >/#?(--#/ '#,-%(0 ',6-(;? $> %'/#$3' %'( #>(2,23 420 0,-:
4>>(4/(0&,2%#&%'(&/4"",%&'#;(@
 M7!ONP< TV

T>%"KHH211>5&=!AdHFA%'#$3'%@ 1+#%:4*5%(3&:&5.7%&55.7%4'%#&35+/
N'( 4,/ ,2-,0( %'( 8#,0 -6(;;(0 6$-%9 420 421,(2%5 4- ,? 1(2:
%$/,(- #? >;4-%(/ 0$-% '40 2#. "(1#6( -# ?,2( 420 ;,3'% %'4% ,%
/(?$-(0 %# -(%%;( 420 ,2-%(40 '$23 -$->(20(0 ,2 %'( 4%6#:
->'(/(@ N'( 84-% ->41( 1/(4*(0 420 3/#42(05 3,8,23 =4230#2
%'( -(2-( %'4% '( '40 C$-% 1;,6"(0 ,2%# %'( "(;;9 #? 4 ;,8,23
"(4-%@
F21( '( '40 ?#$20 -#;,0 ?##%,23 #2 4 "/#40 '#/,K#2%4; %/$--
1'#/05 '( /4,-(0 ',- ?;4-';,3'%5 ;(%%,23 %'( "(46 >,(/1( %'(
04/*2(--@
D>/(40,23 #$% "(?#/( ',6 .4- 4 -((6,23;9 (20;(-- %$22(;5
1/,--1/#--(0 "9 4 .##0(2 .(" #? %/,423;(- 420 /(1%423;(-
?#/6(0 "9 %'( ,2%(/-(1%,#2- #? >#-%-5 "(46-5 1'#/0-5 420 #%'(/
-%/$1%$/4; (;(6(2%- %'4% 640( $> %'( ,28,-,";( -*(;(%#2 #? %'(
74;;&#?&%'(&E,8(&7$20/(0@
N',- (2#/6#$- 4%%,1 ->41( .4- #2( =4230#2 '40 8,(.(0 0$/:
,23 ',- A("",#;#:?#33(0 -(1/(% >4--43(- %#$/ 4 ?(. 9(4/- 43#@
N'( 1$>"#4/0;,*( 8,(.,23 .,20#. '40 "((2 1$% ,2 %'( .4;; #?
%'( 4/1',%(1%$/4;:6#0(; /##6 -# 8,-,%#/- 1#$;0 ,2->(1% %'(
6#0(;- #? %'( %/$-- .#/* 420 %'(2 >((/ %'/#$3' %'( #>(2,23
.,%'&4&?;4-';,3'%&420&-((&%'(&/(4;&%',23@
A#. %'4% =4230#2 .4- 41%$4;;9 ,2-,0( %'( 34//(%5 '( .4- -$/:
>/,-(0 "9 '#. 6$1' %'( %/$-- 4/1',%(1%$/( /(-(6";(0 %'4% #? 42
#;0 A(. P23;420 "4/2k%/40,%,#24; *,23 >#-%:420:-%/$% 4-:
-(6";9&.,%'&i_$>,%(/G-&4//#.&>#,2%j&1#22(1%,#2-@
D,(224 '40 4;-# 1;,6"(0 %'/#$3' %'( #>(2,23 420 2#. -%(40:
,(0 '(/-(;? #2 %'( "(46 "(-,0( ',65 ;##*,23 0,-#/,(2%(0@
 RVZ[VZY
=4230#2 -.$23 %'( ?;4-';,3'% "41* 420 ?#/%' %# -'#. '(/ %'(
$2$-$4;&;420-14>(@
E/#6 %',- (205 %'( 8,(. 0#.2 %'( ;(23%' #? %'( 34//(% .4-
;,*( >((/,23 %'/#$3' 4 ;#23 ;,2( #? ,-#-1(;(- %/,423;(- %'4% %(;(:
-1#>(0 ,2%# %'( 0,-%421(5 (B%(20,23 #$% %#.4/0 -#6( 0,-%42%
842,-',23 >#,2%@ )(2(4%' %'(,/ ?((%5 %'( 34//(% '40 2# ?;##/:
"#4/0-5 420 ,%- '#/,K#2%4; -$>>#/%,23 "(46- .(/( (2%,/(;9 (B:
>#-(05&/(-(6";,23&4&-(/,(-&#?&64--,8(&/4,;/#40&%,(-@
=4230#2 >#,2%(0 -%/4,3'% 0#.2 %'( ;#23 -'4?%5 ->(4*,23 ,2
'$-'(0 %#2(-@ iN',- ->41( ,- 0,/(1%;9 48#3 %'( 74;; #? %'( E,8(
7$20/(0@ a? .( 142 3(% %# %'( #%'(/ (205 a *2#. '#. %# /(41'
%'(&H$*(&#?&!%'(2-&D%4,/.49@j
D,(224 14-% 4 -*(>%,14; (9( ,2%# %'( ;4"9/,2%' #? "(46- 420
-$>>#/%- %'4% -%/(%1'(0 "(?#/( %'(6@ N'( #2;9 4>>4/(2% .49 %#
408421( %'/#$3' %'( 34//(% .#$;0 "( %# C$6> "(%.((2 %'(
-%/$%- ;,*( *,0- #2 4 %/4,2 %/41*@ N'( -%/$%- .(/( ;4/3(k(41'
1#2-,-%,23 #? 2$6(/#$- "(46- -%/4>>(0 %#3(%'(/ .,%' .,0(
,/#2 1;4->- ,2%# 4 -,23;( >#.(/?$; -'(4?k>;(2%9 ;4/3( (2#$3' %#
"4;421( #2@ N'( 1'4;;(23(5 '#.(8(/5 .4- %'4% %'( -(>4/4%,#2
"(%.((2&%'(&-%/$%-&.4-&6$1'&%##&?4/&%#&;(4>&41/#--&-4?(;9@
ia 142G% >#--,";9 C$6> "(%.((2 %'#-( "(46-5j D,(224
.',->(/(0@
=4230#2 0#$"%(0 '( 1#$;0 (,%'(/5 420 ?4;;,23 .#$;0 "( 1(/:
%4,2 0(4%'@ 7( 4,6(0 %'( ?;4-';,3'% 0#.2 %'/#$3' %'( #>(2
->41(&"(%.((2&%'(&-%/$%-@
P,3'% ?((% "(;#. %'(65 -$->(20(0 "9 ,/#2 /#0-5 '$23 4 0$-%9
'#/,K#2%4; (B>42-(k4 ?;##/ #? -#/%-k.',1' (B%(20(0 4- ?4/ 4-
%'(9 1#$;0 -((@ H(->,%( ,%- 4>>(4/421( #? -#;,0,%95 =4230#2
*2(. %'( ?;##/ 1#2-,-%(0 >/,64/,;9 #? -%/(%1'(0 ?4"/,1 1#8(/(0
,2 0$-%@ N',- .4- %'( i"41* -,0(j #? %'( 74;; #? %'( E,8( 7$2:
0/(0G- -$->(20(0 1(,;,23k4 ->/4.;,23 (B>42-( #? .##0(2 ;4:
1$24/- %'4% ?/46(0 %',/%9:2,2( g4-4/, 14284-(-5 4;; 6#$2%(0
'#/,K#2%4;;9&,2&4&*,20&#?&>4%1'.#/*:I$,;%&1#2?,3$/4%,#2@
 RVQ[VZY
D,(224 >#,2%(0 0#.2 %# %'( 0$-%9 (B>42-( "(2(4%' %'(6@
iM42&.(&1;,6"&0#.2&%'(/(&420&.4;*&41/#--nj
S45 ;',#** )4; 9&'5 54 -&,, 5+34;B+ & J&*&3. 7&'8&* .'54
5+#%@&,,%4-%5+#%H.8#%@;'(3#(/
i!1%$4;;95 %'(/(G- 4 "(%%(/ .495j =4230#2 -4,0 14;6;95 2#%
.42%,23 %# ?/,3'%(2 '(/@ 7( "(342 6#8,23 0#.2 %'( -%/$% %#:
.4/0&%'(&1(2%/4;&"41*"#2(&#?&%'(&34//(%@
F2 ',- >/(8,#$- 8,-,%5 ,2 400,%,#2 %# >((/,23 %'/#$3' %'(
8,(.,23 .,20#. ,2 %'( /##6 #? 4/1',%(1%$/4; 6#0(;-5 =4230#2
'40 (B>;#/(0 %'( 34//(% #2 ?##%5 (2%(/,23 %'/#$3' 4 0##/.49 4%
%'( 45+#3 (20 #? %'( 4%%,1@ a? ',- .,2(:,6>4,/(0 6(6#/9 -(/8(0
',65 4 -%$/09 "#4/0.4;* /42 4;#23 %'( 1(2%/4; ->,2( #? %'( 34/:
/(%5 >/#8,0,23 %#$/,-%- 411(-- %# 4 ;4/3( 8,(.,23 0(1* ,2 %'( 1(2:
%(/&#?&%'(&->41(@
7#.(8(/5 .'(2 =4230#2 4//,8(0 4% %'( 1(2%(/ #? %'( -%/$%5 '(
?#$20 4 "#4/0.4;* %'4% ,2 2# .49 /(-(6";(0 %'( #2( '( /(:
14;;(0&?/#6&',-&%#$/@
@49%:;7+%S#DD.4,4%(.(%2%(3.'$%5+&5%(&)L
<4%'(/ %'42 4 -%$/095 %#$/,-%:.#/%'9 -%/$1%$/(5 '( .4- ;##*:
,23 4% 4 '#03(>#03( #? ;##-( >;42*- %'4% '40 "((2 ;4,0 >(/>(2:
0,1$;4/;9 41/#-- %'( "(46- %# 1/(4%( 4 /$0,6(2%4/9 14%:
.4;*k6#/(&#?&4&%,3'%/#>(&%'42&4&"/,03(@
!>>4/(2%;95 %'( -%$/09 %#$/,-% .4;*.49 %'4% #/,3,24%(0 4% %'(
#%'(/ (20 (B%(20(0 #2;9 4- ?4/ 4- %'( 1(2%/4; 8,(.,23 >;4%?#/6@
E/#6 %'(/(5 %'( %#$/,-%- (8,0(2%;9 /(%/41(0 %'(,/ -%(>-@ N',-
C(//9:/,33(0 "4;421( "(46 %'4% =4230#2 420 D,(224 2#. ?41(0
.4- 6#-% ;,*(;9 ,2-%4;;(0 -# (23,2((/- 1#$;0 -(/8,1( %'( /(64,2:
,23&4%%,1&->41(&4%&%',-&(20@
i=##*- ;,*( .(G/( .4;*,23 %'( >;42*5j =4230#2 -4,05 (9(,23
%'(&24//#.&"#4/0-&.,%'&$21(/%4,2%9@
D,(224 -'/$33(05 $2?4K(0@ iA# .#/-( %'42 g(2,1( ,2 ?;##0
-(4-#2@j
=4230#2 /(4;,K(0 -'( '40 4 >#,2%@ F2 ',- 6#-% /(1(2% /(:
-(4/1' %/,> %# g(2,1(5 D%@ \4/*G- DI$4/( '40 "((2 $20(/ 4 ?##%
 RVR[VZY
#? .4%(/5 420 '( '40 .4;*(0 ?/#6 %'( 7#%(; H42,(;, %# %'( "4:
-,;,14 #2 .##0(2 >;42*- >/#>>(0 "(%.((2 1,20(/ ";#1*- 420 ,2:
8(/%(0 "$1*(%-@ F? 1#$/-(5 %'( >/#->(1% #? >#--,";9 3(%%,23 #2(G-
;#4?(/- .(% .4- 4 ?4/ 1/9 ?/#6 %'4% #? >;$23,23 %'/#$3' 4
<(24,--421(&64-%(/>,(1(&%#&#2(G-&0(4%'@
O$-',23 %'( %'#$3'% ?/#6 ',- 6,205 =4230#2 -%(>>(0 #$%
#2%# %'( 24//#. "#4/0 .,%' 4 ?(,32(0 -(;?:4--$/421( %'4% '(
'#>(0 .#$;0 14;6 429 .#//,(- D,(224 6,3'% -(1/(%;9 "( '4/:
"#/,23@ A#2(%'(;(--5 0(->,%( ',- 1#2?,0(2% (B%(/,#/5 ',- '(4/%
.4- >#$20,23 4- '( 6#8(0 41/#-- %'( ?,/-% >;42*@ !- '( 2(4/(0
%'( 6,00;(5 %'( >;42* "#.(0 "(2(4%' ',- .(,3'%5 1/(4*,23
#6,2#$-;9@ 7( >/(--(0 #25 ?4-%(/ 2#.5 ?,24;;9 /(41',23 %'( #%':
(/&-,0(&420&%'(&/(;4%,8(&-4?(%9&#?&%'(&-(1#20&-%/$%@
PB'4;,235 =4230#2 %$/2(0 %# -',2( %'( ;,3'% ?#/ D,(224 420
4;-# #??(/ 429 1#4B,23 .#/0- -'( 6,3'% 2((0@ D'( 4>>4/(2%;9
2((0(0 2#2(@ !- -##2 4- ',- "(46 ,;;$6,24%(0 %'( >;42*5 -'(
.4- -*,66,23 4;#23 ,%- ;(23%' .,%' /(64/*4";( 0(B%(/,%9@ N'(
"#4/0 "4/(;9 "(2% "(2(4%' '(/ -;(20(/ "#095 420 .,%',2
-(1#20-&-'(&'40&C#,2(0&',6&#2&%'(&#%'(/&-,0(@
P21#$/43(05 =4230#2 %$/2(0 "41* 420 '(40(0 #$% 41/#--
%'( 2(B% >;42*@ D,(224 .4,%(0 $2%,; '( '40 1/#--(0 420 1#$;0
%$/2 4/#$20 420 -',2( %'( ;,3'% ?#/ '(/5 420 %'(2 -'( ?#;;#.(05
-%49,23 /,3'% .,%' ',6@ D(%%;,23 ,2%# 4 -%(409 /'9%'65 %'(9
>/(--(0 #2k%.# ?,3$/(- 6#8,23 #2( 4?%(/ %'( #%'(/ "9 %'( ;,3'%
#? 4 -,23;( ?;4-';,3'%@ E/#6 -#6(.'(/( "(2(4%' %'(65 %'(
-#$20 #? >#;,1( .4;*,(:%4;*,(- 1/41*;(0 $> %'/#$3' %'( %',2
1(,;,23@ =4230#2 >(/6,%%(0 ',6-(;? 4 ?4,2% -6,;(@ O#03# +48#3V
.'B &D48# 5+# @&,, 4- 5+# H.8# @;'(3#(C 9#.B+5,#** &'(
.'8.*.D,#/
iD#5 <#"(/%5j D,(224 .',->(/(0@ i]#$ -4,0 a324K,# %#;0 9#$
.'(/(&%#&?,20&%'(&64-*nj
i7( 0,0 L "$% ,2 4 *,20 #? 1#0(@j =4230#2 I$,1*;9 (B>;4,2(0
%'4% a324K,# '40 4>>4/(2%;9 2#% .42%(0 %# ";$/% #$% %'( 64-*G-
;#14%,#2 #2 %'( 42-.(/,23 641',2(5 420 -# '( '40 -'4/(0 %'(
 RVS[VZY
,2?#/64%,#2 ,2 4 6#/( 1/9>%,1 6422(/@ i7( /(?(/(21(0 >4/4:
0,-(5 .',1' a 4--$6( ,- 42 4;;$-,#2 %# %'( ?,24; -(1%,#2 #? 1+#
<.8.'#%=4:#()@&7,-&(B41%&.#/0-&.(/(&oO4/40,-(&N.(2%9:?,8(@G&j
D,(224&3;421(0&$>@&i7(&6$-%&6(42 =&'54 N.(2%9:?,8(@j
ia 43/((5j =4230#2 -4,0@ ! 7&'54 .4- %'( /#$3' (I$,84;(2% #?
4 1'4>%(/5 %'( .#/0 '4/*(2,23 "41* %# %'( #/4; %/40,%,#2 #?
i-,23,23j (>,1 >#(6-@ 1+# <.8.'# =4:#() 1#2%4,2(0 >/(1,-(;9
#2(&'$20/(0&142%#-&,2&4;;5&0,8,0(0&,2%#&%'/((&-(1%,#2-@

2'-#3'4 QJST
Z;3B&543.4 QJSS
Z&3&(.*4 QJSS

Z&3&(.*# 19#'5)V-.8#5 =4230#2 %'#$3'%5 .,-',23 ',- (,0(%,1

6(6#/9 .(/( -%/#23 (2#$3' %# /(14;; %'( (2%,/( %(B%@ S45 #8#'
7,4*#W9#%'##(%54%-.'(%&%746)%4-%5+#%5#\5/
iN'(/(G- 6#/(5j =4230#2 1#2%,2$(0@ iN'( ;4-% %',23 a324K,#
-4,0 %# 6( .4-^ !1+# B&5#* &3# 46#' 54 )4;C D;5 )4; :;*5
+;33)/0 j 7( >4$-(05 3;421,23 "41* 4% D,(224@ iM42%# N.(2%9:
?,8( >/#"4";9 64*(- /(?(/(21( %# 4 ->(1,?,1 ;#14%,#2 '(/( ,2
E;#/(21(@&!>>4/(2%;95&-#6(>;41(&.,%'&34%(-@j
D,(224&?/#.2(0@&i)$%&%',-&1,%9&>/#"4";9&'4-&0#K(2-&#?&34%(-@j
i](-5 .',1' ,- .'9 .( 2((0 %# /(40 M42%# N.(2%9:?,8( #?
Z&3&(.*#@j 7( 348( '(/ 4 '#>(?$; -6,;(@ i]#$ 0#2G%5 "9 429
1'421(5&*2#.&%'(&(2%,/( <.8.'#%=4:#() "9&'(4/%5&0#&9#$nj
D'( 348( ',6 4 0$6" ;##*@ iE#$/%((2 %'#$-420 ;,2(- #? 4/:
1'4,1 a%4;,42 %'4% a /(40 4- 4 *,0nj D'( -'##* '(/ '(40@ i]#$G/(
%'( #2( .,%' %'( ?/(4*,-' 6(6#/95 O/#?(--#/@ aG6 C$-% 4
0#1%#/@j
!- %'(9 >/(--(0 #25 =4230#2 ?#$20 ,% -40 -#6('#. %'4% D,:
(2245 (8(2 4?%(/ 4;; %'(9G0 "((2 %'/#$3' %#3(%'(/5 4>>4/(2%;9
-%,;; >/(?(//(0 %# .,%''#;0 %'( %/$%' 4"#$% '(/ (B1(>%,#24; ,2%(;:
;(1%@ "+#0* X;*5 & (47543L =4230#2 '40 %# 1'$1*;(@ ?4*5 +;:D,#
(47543 4' #&35+5 '( %'#$3'%5 /(14;;,23 %'( 1;,>>,23- '(G0 /(40
 RVT[VZY
4"#$% '(/ ->(1,4; -*,;;-k-*,;;- %'4%5 $2?#/%$24%(;9 "$% 2#% -$/:
>/,-,23;95 0,0 2#% ,21;$0( %#%4; /(14;; #? #2( #? ',-%#/9G- ;#23(-%
(>,1&>#(6-@
a2 -,;(21(5 %'(9 1#2%,2$(0 #25 1/#--,23 -(8(/4; 6#/( "(46-@
E,24;;95 $> 4'(40 =4230#2 -4. 4 '(4/%(2,23 -'4>( ,2 %'( 04/*:
2(--@ 1+# 8.#9.'B 6,&5-43:F N'( >/(14/,#$- >;42*,23 #2 .',1'
%'(9 .(/( .4;*,23 ;(0 0,/(1%;9 %# 4 6$1' -%$/0,(/ -%/$1%$/(
.,%' 3$4/0/4,;-@ a? %'(9 1;,6"(0 #2%# %'( >;4%?#/65 %'(9 1#$;0
1#2%,2$( #2 4;#23 %'( .4;*.49 $2%,; %'(9 (B,%(0 %'( 34//(%
%'/#$3' 4 0##/.495 .',1'5 4- =4230#2 /(14;;(05 .4- 8(/9 1;#-(
%#&%'(&H$*(&#?&!%'(2-&D%4,/.49@
!- %'(9 2(4/(0 %'( >;4%?#/65 =4230#2 3;421(0 0#.2 4% %'(
1(,;,23 -$->(20(0 (,3'% ?((% "(;#.@ D# ?4/ 4;; %'( ;$2(%%(- "(:
2(4%' %'(6 '40 "((2 -,6,;4/@ N'( $>1#6,23 ;$2(%%(5 '#.(8(/5
.4-&64--,8(k?4/&;4/3(/&%'42&%'(&#%'(/-@
1+#%>645+#4*.*%4-%=4*.:4%25&=4230#2&6$-(0@
N',- 84-%5 1,/1$;4/ ;$2(%%( .4- g4-4/,G- 6#-% >/(1,#$- >4,2%:
,23k%'( 1(2%/4; ;$2(%%( ,2 %'( (2%,/( 74;; #? %'( E,8( 7$20/(0@
=4230#2 #?%(2 -'#.(0 -;,0(- #? %',- .#/* %# ',- -%$0(2%-5
>#,2%,23 #$% ,%- -,6,;4/,%,(- %# 1+# >645+#4*.* 4- O&*+.'B54'
,2 %'( h@D@ M4>,%#;k4 '$6";( /(6,20(/ %'4% ?;(03;,23 !6(/,14
'40 40#>%(0 ?4/ 6#/( ?/#6 a%4;9 %'42 6(/(;9 %'( 1#21(>% #? 4
/(>$";,1@
N#0495 '#.(8(/5 =4230#2 .4- 6#/( ,2%(/(-%(0 ,2 '$//9,23
>4-% %'( >645+#4*.* %'42 ,2 -%$09,23 ,%@ !- '( '4-%(2(0 ',-
>41(5 '( %$/2(0 ',- '(40 (8(/ -# -;,3'%;9 %# .',->(/ "41* %# D,:
(224&%'4%&%'(9&.(/(&2(4/;9&%'(/(@
!- '( 0,0 -#5 ',- /,3'% ?##% 6,--(0 %'( 1(2%(/ #? %'( >;42* 420
',- "#//#.(0 ;#4?(/ ;420(0 '4;? #?? %'( (03(@ 7,- 42*;( /#;;(05
420 =4230#2 ;$/1'(0 ?#/.4/05 '4;? -%$6";,235 '4;? /$22,235
%/9,23&%#&64*(&4&I$,1*&-%$%%(/&-%(>&%#&/(34,2&',-&"4;421(@
)$%&,%&.4-&%##&;4%(@
7,- *2((- ',% %'( >;42* '4/05 420 ',- '420- -%/4,2(0 0(->(/:
4%(;9 ?#/.4/05 %/9,23 %# /(41' %'( 1/#--,23 -%/$%@ N'( ?;4-';,3'%
 RVU[VZY
.(2% 1;4%%(/,23 ,2%# %'( 04/* ->41( "(2(4%' %'(65 ;420,23 #2
%'( 14284-5 .',1' 14$3'% ,% ;,*( 4 2(%@ =4230#2G- ;(3- >$6>(05
"4/(;9 >/#>(;;,23 ',6 %# -4?(%9 #2 %'( 2(B% -%/$% 4- %'( >;42*
?(;; 4.49 "(2(4%' ',65 ;420,23 .,%' 4 1/4-' (,3'% ?((% "(;#. #2
%'( .##0(2 ;41$24/ -$//#$20,23 %'( 14284- #? g4-4/,G-
>645+#4*.*@
N'(&-#$20&(1'#(0&%'/#$3'&%'(&34//(%@
7#//,?,(05 =4230#2 -1/46";(0 %# ',- ?((% 420 %$/2(0 "41* %#:
.4/0&D,(224@
a2 %'( 0,6 3;#. #? %'( 4"420#2(0 ?;4-';,3'%5 .',1' ;49 #2
%'( 14284- "(;#.5 =4230#2 1#$;0 -(( %'4% D,(224 .4- -%420,23
#2 %'( -%/$% "(',20 ',65 2#. %/4>>(05 .,%' 2# .49 41/#--@ 7(/
(9(- 1#28(9(0 .'4% =4230#2 4;/(409 *2(.@ N'( 2#,-( #? %'(
?4;;,23&>;42*&'40&4;6#-%&1(/%4,2;9&3,8(2&%'(6&4.49@

g49(2%'4G-&(9(-&"#;%(0&$>.4/0&%#&%'(&#/24%(&1(,;,23@
i<4%- ,2 %'( 4%%,1nj %'( 642 .,%' %'( 1461#/0(/ C#*(0
2(/8#$-;9&4-&%'(&-#$20&/(8(/"(/4%(0&0#.2@
N.B 3&5*5 g49(2%'4 %'#$3'%5 34K,23 $> 4% %'( 1,/1$;4/ >4,2%:
,23 ,2 %'( 1(2%(/ #? %'( '4;;G- 1(,;,23@ ! -64;; 1;#$0 #? 0$-% .4-
2#. ?,;%(/,23 0#.2 ?/#6 "(%.((2 %'( ;41$24/-5 420 g49(2%'4
1#$;0 -.(4/ -'( -4. 4 -;,3'% "$;3( ,2 %'( 14284- L 4;6#-% 4- ,?
-#6(#2(&.(/(&>$-',23&#2&,%&?/#6&%'(&#%'(/&-,0(@
i\49"( #2( #? %'( #??,1(/- 0/#>>(0 ',- 3$2 #?? %'( 8,(.,23
>;4%?#/65j %'( 642 -4,05 (9(,23 %'( ;$6> ,2 %'( >4,2%,23@
i+'4% 0# 9#$ %',2* %'(9G/( ;##*,23 ?#/n !;; %',- 41%,8,%9 ,- 8(/9
(B1,%,23@j
i! 8.#9.'B >;4%?#/6nj g49(2%'4 0(6420(0@ iO(#>;( 142 41:
%$4;;9&3#&$>&%'(/(nj
iD$/(@j 7( 6#%,#2(0 %# %'( 6$-($6 (2%/421(@ i_$-% ,2-,0(
%'4% 0##/ ,- 4 0##/ %'4% ;(40- $> %# 4 14%.4;* ,2 %'( 4%%,1@ ]#$
142&-((&g4-4/,G-&%/$--&.#/*@&a%G-&,21/(0,";(@j
 RVV[VZY
)/t0(/G- 8#,1( -$00(2;9 (1'#(0 434,2 41/#-- %'( 74;; #? %'(
E,8(&7$20/(0@&iD#&.'(/(&%'(&'(;;&0,0&%'(9&3#nlj
7,- .#/0-5 ;,*( ',- 423$,-'(0 9(;; 4 ;,%%;( (4/;,(/5 '40 (642:
4%(0 ?/#6 "(',20 4 ;4%%,1( 3/4%( >#-,%,#2(0 ',3' #2 %'( .4;; %#
g49(2%'4G- ;(?%@ )/t0(/ .4- 4>>4/(2%;9 ,2 4 /##6 "(',20 %'(
3/4%(&L&4&?$;;&-%#/9&"(2(4%'&%'(&/##6G-&#/24%(&1(,;,23@
g49(2%'4G- (9(- 1;,6"(0 434,2 %# %'( "$;3( ,2 %'( 14284-
#8(/'(40@
P&5*%.'%5+#%&55.75&-'(&%'#$3'%@ 13).'B%54%-.'(%&%9&)%4;5/
D'( %'42*(0 %'( 642 .,%' %'( 1461#/0(/ 420 0/,?%(0 I$,1*;9
%#.4/0 %'( 6$-($6 (2%/421(@ N'( 0##/ .4- 1;#-(05 "$% .,%' 4;;
%'( #??,1(/- /$22,23 ,2 420 #$%5 -'( -$->(1%(0 %'4% ,% .4-
$2;#1*(0@
D$/(&(2#$3'5&'(/&,2-%,21%-&.(/(&1#//(1%@
 M7!ONP< TW

FhNDaHP aA N7P >,4KK45 46,0 %'( 1'4#- #? 4//,8,23 >#;,1(5 4

6,00;(:43(0 642 -%##0 ,2 %'( -'40#.- #? %'( =#33,4 0(, =42K,5
.'(/( '( '40 "((2 #"-(/8,23 %'( 41%,8,%9 .,%' 3/(4% ,2%(/(-%@
N'( 642 .#/( O;$6( O4/,- ->(1%41;(-5 4 >4,-;(9 2(1*%,(5 420 4
%,29&3#;0&-%$0&,2&#2(&(4/@
!- '( .4%1'(0 %'( 1#66#%,#25 '( 14$3'% ',6-(;? -1/4%1',23
4% ',- 2(1* 434,2@ N'( 642 '40 0(8(;#>(0 4 /4-' #8(/2,3'%5
.',1' -((6(0 %# "( 3(%%,23 .#/-(5 642,?(-%,23 ,2 -64;; >$-:
%$;(-&#2&',-&C4.;,2(5&2(1*5&1'((*-5&420&#8(/&',-&(9(-@
+'(2 '( 3;421(0 0#.2 4% ',- ?,23(/24,;-5 '( -4. %'(9 .(/(
";##09@ 7( %##* #$% ',- '420*(/1',(? 420 .,>(0 ',- ?,23(/-5
4;-#&04"",23&%'(&";##09&>$-%$;(-&#2&',-&2(1*&420&1'((*-@
+'(2 '( '40 1;(42(0 ',6-(;? $>5 '( /(%$/2(0 ',- 34K( %# %'(
%.# ";41* 842- >4/*(0 #$%-,0( %'( >4;4KK#@ N'( 1;#-(-% 842 1#2:
%4,2(0&%.#&>(#>;(&,2&%'(&"41*-(4%@
F2(&.4-&42&4/6(0&-#;0,(/&,2&";41*@
N'( #%'(/ .4- 42 #;0(/5 "$% 8(/9 "(4$%,?$; -,;8(/:'4,/(0 .#:
642&.(4/,23&4&";$(&46$;(%@
N'( -#;0,(/ ;##*(0 4- ,? '( .(/( >/(>4/,23 4 '9>#0(/6,1
-9/,23(@

a2-,0( %'( 8425 H/@ P;,K4"(%' D,2-*(9 34K(0 4"-(2%;9 #$% 4% %'(
>4;4KK#5 .#20(/,23 4"#$% '#. %',- 1/,-,- '40 0(%(/,#/4%(0 %#
-$1'&42&(B%(2%@
i\4G465j&4&0((>&8#,1(&-4,0&"(-,0(&'(/@
 RVX[VZY
D'( %$/2(0 3/#33,;9 %# %'( -#;0,(/ 411#6>429,23 '(/@ 7( .4-
3/,>>,23&'(/&?#/(4/6&420&'#;0,23&$>&4&-9/,23(@&i_$-%&"(&-%,;;@j
N'(&-'4/>&-%4"&#?&4&2((0;(&>,(/1(0&'(/&?;(-'@
N'(&-#;0,(/&1#6>;(%(0&%'(&,2C(1%,#2@&iA#.&3#&"41*&%#&-;((>@j
!- -'( 1;#-(0 '(/ (9(-5 -'( 1#$;0 '48( -.#/2 -'( -4. 4 642
-%$09,23 '(/ ?/#6 %'( -'40#.-@ 7( .#/( 0(-,32(/ 3;4--(- 420 4
>/(>>,( 2(1*%,(@ 7,- ?41( .4- /4-'9 420 /(0@ E#/ 4 6#6(2% -'(
%'#$3'% -'( *2(. ',65 "$% .'(2 -'( #>(2(0 '(/ (9(- ?#/ 42:
#%'(/&;##*5&%'(&642&'40&0,-4>>(4/(0@
 M7!ONP< TX

aA N7P H!<`APDD #? %'( 34//(%5 =4230#2 420 D,(224 .(/( 2#.

-(>4/4%(0 "9 4 %.(2%9:?##% (B>42-( #? #>(2 4,/@ P,3'% ?((% "(:
2(4%' %'(65 %'( ?4;;(2 >;42* '40 1#6( %# /(-% 41/#-- %'(
.##0(2 ?/46,23 %'4% -$>>#/%(0 %'( 14284- "(4/,23 g4-4/,G-
>645+#4*.*@ N'( ;4/3( ?;4-';,3'%5 -%,;; 3;#.,235 .4- /(-%,23 #2
%'( 14284- ,%-(;?5 1/(4%,23 4 -64;; ,20(2%4%,#25 ;,*( 4 -%#2( #2 4
%/46>#;,2(@
iN'( >;42* "(',20 9#$5j =4230#2 .',->(/(0@ iM42 9#$ 0/43
,%&41/#--&%#&/(41'&%',-&-%/$%nj
D,(224 (9(0 %'( >;42*@ iA#% .,%'#$% %'( #%'(/ (20 ?4;;,23 ,2:
%#&%'(&14284-@j
=4230#2 '40 ?(4/(0 4- 6$1'e %'( ;4-% %',23 %'(9 2((0(0 2#.
.4-&%#&-(20&4&%.#:"9:-,B&1/4-',23&%'/#$3'&4&g4-4/,&14284-@
iaG8( 3#% 42 ,0(45j D,(224 -4,05 2#. 6#8,23 -,0(.49- 4;#23
%'( -%/$%5 '(40,23 ?#/ %'( -,0(.4;;@ =4230#2 ?#;;#.(0 #2 ',-
"(465 %'( ?##%,23 "(1#6,23 6#/( %/(41'(/#$- .,%' (41' -%(>
4- %'(9 8(2%$/(0 4.49 ?/#6 %'( ?;4-';,3'% "(46@ )9 %'( %,6(
%'(9 /(41'(0 %'( -,0(.4;;5 %'(9 .(/( 4;6#-% (2%,/(;9 ,2
04/*2(--@
iH#.2 %'(/(5j D,(224 .',->(/(05 >#,2%,23 ,2%# %'( #"-1$/,%9
"(;#. %'(6@ i!% %'( (03( #? %'( ?/46(@ a%G- 3#% %# "( 6#$2%(0 %#
%'(&.4;;@&a%&-'#$;0&'#;0&6(@j
)(?#/( =4230#2 1#$;0 >/#%(-%5 D,(224 .4- 1;,6",23 0#.2 #??
%'( -%/$%5 $-,23 4 -(/,(- #? -$>>#/%,23 "(46- 4- 4 ;400(/@ D'(
(4-(0 '(/-(;? 0#.2 #2%# %'( (03( #? %'( .##0(2 ;41$24/@ a%
1/(4*(0 #21(5 "$% '(;0@ N'(25 ,21',23 4;#23 %'( .4;;5 D,(224
"(342 6#8,23 ,2 =4230#2G- 0,/(1%,#2 4- ,? -'( .(/( ,21',23
41/#--&%'(&;(03(&#?&4&',3'&"$,;0,23@&N'(&;41$24/&1/(4*(0&434,2@
 RWZ[VZY
1+.'%.7#5&=4230#2&%'#$3'%@ "5&)%'#&3%*+43#/
!- D,(224 /(41'(0 %'( '4;?.49 >#,2%5 4>>/#41',23 %'( -%/$%
#2 .',1' '( -%##0 ,2 %'( 04/*2(--5 =4230#2 ?(;% 4 -$00(2 /(:
2(.(0&'#>(&%'4%&%'(9&6,3'%&,20((0&3(%&#$%&#?&'(/(&,2&%,6(@
D$00(2;95 -#6(.'(/( ,2 %'( 04/*2(-- 4'(405 4 0##/
-;466(0 420 '( '(4/0 ?4-%:6#8,23 ?##%-%(>- 4>>/#41',23
4;#23 %'( .4;*.49@ N'( "(46 #? 4 ?;4-';,3'% 2#. 4>>(4/(05
-.((>,23 %'( 4/(45 3(%%,23 1;#-(/ (8(/9 -(1#20@ =4230#2 ?(;% ',-
'#>(- -,2*@ D#6(#2( .4- 1#6,23 %'(,/ .49k6#8,23 4;#23 %'(
64,2&.4;*.49&420&1$%%,23&#??&%'(,/&(-14>(&/#$%(@
iD,(2245 *((> 3#,235j '( .',->(/(05 /(41%,23 #2 ,2-%,21%@
iM#2%,2$( %'( (2%,/( ;(23%' #? %'( .4;;@ N'(/(G- 42 (B,% 4% %'(
?4/&(20@&aG;;&/$2&,2%(/?(/(21(@j
iA#lj&D,(224&.',->(/(0&$/3(2%;9@&i<#"(/%5&1#6(&"41*lj
)$% =4230#2 .4- 4;/(409 #2 %'( 6#8(5 '(40,23 "41* 4;#23
%'( -%/$% %#.4/0 %'( 1(2%/4; ->,2( #? %'( 34//(%5 ;(48,23 D,(224
,2 %'( 04/*2(--5 ,21',23 41/#-- %'( -,0(.4;;5 (,3'% ?((% "(;#.
',6@
+'(2 =4230#2 4//,8(0 4% %'( 1(2%(/ #? %'( 34//(%5 4 ?41(;(--
-,;'#$(%%( .,%' 4 ?;4-';,3'% '40 C$-% 4//,8(0 #2 %'( /4,-(0 8,(.:
,23 >;4%?#/6@ N'( >(/-#2 '4;%(0 4% %'( ;#. 3$4/0/4,; 420 4,6(0
%'(&?;4-';,3'%&"(46&0#.2&,2%#&=4230#2G-&(9(-@
N'( 3;4/( .4- ";,20,235 420 =4230#2 ,66(0,4%(;9 /4,-(0 ',-
4/6- ,2 -$//(20(/@ 7( 1#$;0 2#% '48( ?(;% 6#/( 8$;2(/:
4";(k"4;421(0 ',3' 4"#8( %'( 74;; #? %'( E,8( 7$20/(05
";,20(0&"9&4&"/,3'%&;,3'%@
=4230#2 .4,%(0 ?#/ 4 3$2-'#% #/ ?#/ 42 4$%'#/,%4%,8( 1#6:
64205 "$% %'(/( .4- #2;9 -,;(21(@ !?%(/ 4 6#6(2% %'( "(46
-.$23 4.49 ?/#6 ',- ?41( 420 "(342 >/#",23 %'( 04/*2(-- "(:
',20 ',65 4>>4/(2%;9 ;##*,23 ?#/ -#6(%',23 L #/ -#6(#2( (;-(@
!- %'( "(46 ;(?% ',- (9(-5 =4230#2 1#$;0 C$-% 64*( #$% %'( -,;:
'#$(%%( #? %'( >(/-#2 2#. ";#1*,23 ',- (-14>( /#$%(@ a% .4- 4
.#6425 ;(42 420 0/(--(0 4;; ,2 ";41*@ 7( '40 2# 0#$"% %'4% "(:
2(4%'&'(/&"4-("4;;&14>&.4-&4&'(40&#?&->,*(0&'4,/@
 RWQ[VZY
=4230#2G- 6$-1;(- %,3'%(2(0 ,2-%,21%,8(;9 4- ',- 6,20
?;##0(0&.,%'&,643(-&#?&H/@&\4/1#2,&09,23&#2&%'(&'#->,%4;&?;##/@
"+#%-4;'(%:#/%"+#0*%+#3#%54%-.'.*+%5+#%X4D/
=4230#2 ?;4-'(0 #2 42 ,643( #? d/((* ?/(( 0,8(/- -.,66,23
0((> ,2%# 4 %$22(;5 ?4/ >4-% %'( >#,2% #? 2# /(%$/25 420 %'(2 1#;:
;,0,23&.,%'&4&-%#29&0(40&(20@
N'( 4--4--,2 -.$23 '(/ ?;4-';,3'% "(46 "41* 0#.2 ,2%#
=4230#2G-&(9(-@
i\/@&=4230#25j&-'(&.',->(/(0@&i+'(/(&,-&9#$/&?/,(20nj
=4230#2&?(;%&4&1',;;@ 1+.*%$.,,#3%.*%+#3#%-43%D45+%4-%;*/
=4230#2 640( 4 -'#. #? 3;421,23 &9&) ?/#6 D,(2245 #8(/
',- -'#$;0(/ ,2%# %'( 04/*2(-- ?/#6 .',1' %'(9G0 1#6(@ iD'(
'4-&2#%',23&%#&0#&.,%'&%',-@&]#$&.42%&6(@j
=4230#2 >/49(0 %'4% D,(224 .4- 2#. 64*,23 >/#3/(-- 4;#23
%'( .4;;@ a? -'( 1#$;0 -2(4* "(9#20 %'( 8,(.,23 >;4%?#/65 -'(
1#$;0 %'(2 I$,(%;9 1/#-- "41* %# %'( 1(2%/4; "#4/0.4;*5 "(',20
%'(&->,*(:'4,/(0&.#6425&420&6#8(&%#.4/0&%'(&0##/@
N'( 4--4--,2 434,2 /4,-(0 '(/ ;,3'% 420 -1422(0 %'( (6>%9
34//(% "(',20 ',6@ +,%' %'( 3;4/( 6#6(2%4/,;9 #$% #? ',- (9(-5
=4230#2 14$3'% 4 -$00(2 3;,6>-( #? 4 ?#/6 ,2 %'( 04/*2(-- "(:
',20&'(/@
K+%I4(C%'4F
D,(224 .4- ,20((0 64*,23 '(/ .49 41/#-- 4 -%/$% ,2 %'( 0,/:
(1%,#2 #? %'( 1(2%/4; "#4/0.4;*5 "$% $2?#/%$24%(;95 -'( .4-
#2;9&%(2&94/0-&"(',20&%'(,/&4%%41*(/@
".#''&C%'4F%M4;03#%544%7,4*#F%"+#0,,%+#&3%)4;F
N'(&"(46&/(%$/2(0&%#&=4230#2G-&(9(-&434,2@
i=,-%(2 14/(?$;;95 O/#?(--#/5j %'( 4--4--,2 .',->(/(0@ ia? 9#$
.42% %# ;,8(5 a -$33(-% 9#$ %/$-% 6(@ \9 6,--,#2 '4- "((2 %(/:
6,24%(0@ a '48( 2# /(4-#2 %# '4/6 9#$@ ]#$ 420 a 4/( #2 %'(
-46(&%(46&2#.5&420&a&649&*2#.&'#.&%#&'(;>&9#$@j
=4230#2 .4- "4/(;9 ;,-%(2,235 ',- %'#$3'%- ?#1$-(0 -I$4/(;9
#2 D,(2245 .'# .4- 2#. ?4,2%;9 8,-,";( ,2 >/#?,;(5 1;,6",23
 RWR[VZY
0(?%;9 $> #2%# %'( .4;*.49 "(',20 %'( 8,(.,23 >;4%?#/65 (2:
%,/(;9&%##&1;#-(&%#&%'(&.#642&.,%'&%'(&3$2@
P;'F '(&.,;;(0&'(/@ I#5%5+#%+#,,%4;5%4-%+#3#F
D,(2245 '#.(8(/5 %# =4230#2G- 4;4/65 '(;0 '(/ 3/#$205
1/#$1',23&;#.&,2&%'(&-'40#.-&420&.4%1',23&,2&-,;(21(@

g49(2%'4G- (9(- >/#"(0 %'( 04/*2(-- "(',20 =4230#2@ O+#3#

5+#%+#,,%(.(%*+#%B4L%<.(%5+#)%*#6&3&5#L
g49(2%'4 '40 %# ?,20 4 .49 %# *((> %'( ?;((,23 1#$>;( #$% #?
)/t0(/G-&'420-@ 250*%:)%4',)%+46#/
iD,(224nlj g49(2%'4 8(2%$/(0 ,2 4 %'/#4%9 .',->(/@ ia? 9#$
142 '(4/ 6(5 ;,-%(2 14/(?$;;9@ ]#$ 0# 2#% .42% %# "( 14>%$/(0
"9 %'( 6(2 0#.2-%4,/-@ N'(9 .,;; '45 "( ;(2,(2%@ a *2#. 42 (-:
14>(&/#$%(@&a&142&'(;>&9#$@&N/$-%&6(@j
iN/$-% 9#$nj =4230#2 1'4;;(23(05 ',- 8#,1( -$00(2;9 ;#$0
(2#$3'&%'4%&429#2(&2(4/"9&1#$;0&'(4/&',6@&i]#$G/(&4&*,;;(/lj
".#''& .* '#&3D)5 g49(2%'4 /(4;,K(0@ T&'B(4' .* 5&,$.'B 54
+#3%E%53).'B%54%9&3'%+#3/
g49(2%'4 %/,(0 434,2@ iD,(2245 %'( -,%$4%,#2 ,- 1#6>;,14%(05
"$% a 142 3(% 9#$ #$% #? '(/(@ M#2-,0(/ 9#$/ #>%,#2-@ ]#$G/(
%/4>>(0@&]#$&'48(&2#&1'#,1(@j
iD'( '4- 4 1'#,1(5j =4230#2 14;;(0 #$% ;#$0;9@ i!20 -'(G-
-64/%&(2#$3'&%#&/$2&4-&?4/&?/#6&9#$&4-&>#--,";(@j
iP8(/9%',23G- 1'423(05j g49(2%'4 ,2-,-%(0@ ia '48( 2# /(4-#2
%#&'$/%&(,%'(/&#?&9#$@j
i]#$ *,;;(0 H/@ \4/1#2,l !20 aG6 3$(--,23 9#$G/( 4;-# %'(
#2(&.'#&-'#%&6(&,2&%'(&'(40lj
g49(2%'4 *2(. %'4% %'( 642 .4- 2(8(/ 3#,23 %# "(;,(8( -'(
'40&2#&,2%(2%,#2&#?&*,;;,23&',6@
1+# 5.:# -43 5&,$.'B .* 48#3/ 1+#3#0* '45+.'B 2 7&' *&) 54
74'8.'7#%+.:/
 RWS[VZY
+,%'#$% '(-,%4%,#25 -'( /(41'(0 ,2%# '(/ ;(4%'(/ C41*(% 420
(B%/41%(0&%'(&-,;(21(0&'4203$2@

\#%,#2;(-- ,2 %'( -'40#.-5 D,(224 /(64,2(0 1/#$1'(0 #2 %'(

.4;*.49 2# 6#/( %'42 %(2 94/0- "(',20 %'( .#642 .'# '40
C$-% 1#2?/#2%(0 =4230#2@ P8(2 ,2 %'( 04/*5 %'( .#642G- -,;:
'#$(%%( .4- $26,-%4*4";(@ N# D,(224G- '#//#/5 -'( .4- "/42:
0,-',23&%'(&-46(&.(4>#2&-'(&'40&$-(0&#2&H/@&\4/1#2,@
"+#0* B4.'B 54 -.3#5 D,(224 *2(.5 -(2-,23 %'( .#642G- "#09
;423$43(@
D$/( (2#$3'5 %'( .#642 %##* %.# %'/(4%(2,23 -%(>- %#.4/0
=4230#25 -%#>>,23 4% %'( ;#. /4,;,23 %'4% (21;#-(0 %'( 8,(.,23
>;4%?#/6 4"#8( g4-4/,G- >645+#4*.*@ N'( 4--4--,2 .4- 2#. 4-
1;#-( %# =4230#2 4- -'( 1#$;0 3(%@ D'( /4,-(0 %'( 3$2 420 >#,2:
%(0&,%&0,/(1%;9&4%&=4230#2G-&1'(-%@
iN',- .,;; #2;9 '$/% ?#/ 42 ,2-%42%5j -'( -4,05 i"$% ,%G- 69 #2;9
1'#,1(@j
D,(224&/(41%(0&#2&,2-%,21%@

N'( $2(B>(1%(0 8,"/4%,#2 ,2 %'( "#4/0- "(2(4%' g49(2%'4G-

?((% .4- C$-% (2#$3' %# 14$-( '(/ %# %$/2 -;,3'%;9 4- -'( .4- ?,/:
,23@ P8(2 4- '(/ .(4>#2 0,-1'4/3(05 -'( *2(. ,% .4- 2# ;#23(/
>#,2%(0&4%&=4230#2@
D#6(%',23&.4-&4>>/#41',23&"(',20&'(/@
>6634&7+.'B%-&*5/
g49(2%'4 ->$2 ,2 >;41(5 -.,23,23 '(/ .(4>#2 QXZ 0(3/((-
%#.4/0 '(/ 4%%41*(/5 420 4 ?;4-' #? ";#20 '4,/ 3;,2%(0 ,2 %'(
04/*2(-- 4- -#6(#2( 1#;;,0(0 .,%' g49(2%'4 4% ?$;; ->((0@ N'(
3$2 ',--(0 434,25 "$% %'( >(/-#2 '40 1/#$1'(0 "(;#. "4//(;
;(8(;&,2&#/0(/&%#&4>>;9&4&?#/1(?$;&$>.4/0&"#09&1'(1*@
 RWT[VZY
g49(2%'4G- ?((% ;(?% %'( ?;##/ 420 '(/ 6,0-(1%,#2 1/4-'(0
'4/0 ,2%# %'( ;#. /4,;,23 #? %'( 8,(.,23 >;4%?#/6@ !- '(/ %#/-#
.4- >/#>(;;(0 #$% #8(/ %'( /4,;,235 -'( ?;4,;(0 '(/ 4/6-5 %/9,23
%# 3/4" #2%# 429%',23 %# -%#> '(/ ?4;;5 "$% ,% .4- %## ;4%(@ D'(
.(2%&#8(/&%'(&(03(@
g49(2%'4 ?(;; %'/#$3' %'( 04/*2(--5 "/41,23 '(/-(;? ?#/ %'(
1#;;,-,#2 .,%' %'( 0$-%9 ?;##/ %'4% ;49 (,3'% ?((% "(2(4%' %'(
>;4%?#/6@ D%/423(;95 %'#$3'5 '(/ ;420,23 .4- -#?%(/ %'42 -'(G0
,643,2(0 L 4- ,? -'( '40 "((2 14$3'% "9 4 1;#%' '466#1*5
.',1'&2#.&-433(0&"(2(4%'&'(/&.(,3'%@
H,-#/,(2%(05 g49(2%'4 ;49 #2 '(/ "41* 420 -%4/(0 $> 4% '(/
4%%41*(/@ D,(224 )/##*- .4- ;##*,23 0#.2 4% '(/ #8(/ %'( /4,;:
,23@ D%$22(05 g49(2%'4 #>(2(0 '(/ 6#$%' %# ->(4*5 "$% -$0:
0(2;95&C$-%&"(2(4%'&'(/5&%'(/(&.4-&4&;#$0&/,>>,23&-#$20@
N'(&1;#%'&%'4%&.4-&-$>>#/%,23&'(/&.(,3'%&%#/(&#>(2@
g49(2%'4&.4-&?4;;,23&434,2@
N',- %,6( -'( ?(;; ?#/ %'/(( 8(/9 ;#23 -(1#20-5 0$/,23 .',1'
-'( ?#$20 '(/-(;? -%4/,23 $>.4/0 4% 4 1(,;,23 %'4% .4- 1#8(/(0
.,%' "(4$%,?$; >4,2%,23-@ N'( >4,2%,23 0,/(1%;9 4"#8( '(/k4
64--,8( 1,/1$;4/ 14284- 0(>,1%,23 M#-,6# a (21,/1;(0 "9 1'(/:
$"- #2 4 '(48(2;9 1;#$0k2#. -'#.(0 4 C433(0 04/* %(4/ %'4%
1$%&%'/#$3'&,%-&1(2%(/@
N'(25 .,%' 4 -$00(2 1/4-'5 g49(2%'4G- (2%,/( .#/;0 842,-'(0
,2%#&";41*2(--@

7,3' 4"#8(5 ?/#K(2 ,2 0,-"(;,(?5 <#"(/% =4230#2 >((/(0

%'/#$3' %'( %#/2 >645+#4*.* ,2%# %'( 148(/2#$- ->41( "(;#.@
F2 %'( -%#2( ?;##/ #? %'( 74;; #? %'( E,8( 7$20/(05 %'( ->,*(:
'4,/(0 .#642 ;49 6#%,#2;(--5 4 04/* >##; #? ";##0 I$,1*;9
->/(40,23 ?/#6 '(/ '(40@ D'( -%,;; '40 %'( 3$2 1;$%1'(0 ,2 '(/
'420@
 RWU[VZY
=4230#2 /4,-(0 ',- (9(- %# D,(2245 .'# .4- 4;-# -%4/,23
0#.25 %/42-?,B(0 "9 %'( 3/,6 -1(2( "(;#.@ D,(224G- (B>/(--,#2
.4-&#2(&#?&$%%(/&-'#1*@&ia&0,02G%&6(42&%#&Lj
i]#$ /(41%(0 #2 ,2-%,21%5j =4230#2 .',->(/(0@ iD'( .4-
4"#$%&%#&*,;;&6(@j
E/#6 0#.2 "(;#.5 -'#$%- #? 4;4/6 ?,;%(/(0 $> %'/#$3' %'(
%#/2&14284-@
d(2%;95 =4230#2 3$,0(0 D,(224 4.49 ?/#6 %'( /4,;,23@ i+(
2((0&%#&*((>&6#8,23@j
 M7!ONP< TY

aA N7P DPM<PN -%$09 #? H$1'(-- ),4214 M4>>(;;#5 !3(2% )/t0(/

'40 '(4/0 4 -,1*(2,23 %'$0 ?#;;#.(0 "9 4 3/#.,23 1#66#%,#2
,2 %'( 74;; #? %'( E,8( 7$20/(0@ 7( /$-'(0 %# %'( 3/4%( ,2 %'(
.4;; 420 >((/(0 %'/#$3' ,%@ N'( -1(2( #2 %'( (;(342% -%#2(
?;##/&"(;#.&%##*&',6&-(8(/4;&-(1#20-&%#&>/#1(--@
N'( >/(3242% 6$-($6 406,2,-%/4%#/ '40 4//,8(0 "(-,0( ',6
4% %'( 3/4%(5 ,66(0,4%(;9 1#8(/,23 '(/ 6#$%' ,2 6$%( %(//#/ 4%
%'( -,3'% "(;#.k4 1/$6>;(0 ?,3$/( -$//#$20(0 "9 >42,1*(0
%#$/,-%-@ !- %'( .#642G- 34K( -',?%(0 -;#.;9 $>.4/0 %# %'( 1(,;:
,23 #? %'( 74;; #? %'( E,8( 7$20/(05 -'( ;(% #$% 4 >4,2(0 .',6:
>(/@ )/t0(/ ;##*(0 $>5 ?#;;#.,23 '(/ 34K( %# 4 1,/1$;4/ 1(,;,23
>42(;k4&>4,2%(0&14284-&.,%'&4&;4/3(&%(4/&41/#--&%'(&1(2%(/@
7(&%$/2(0&%#&%'(&.#642@&i7#.&0#&.(&3(%&$>&%'(/(lnj

!% %'( #%'(/ (20 #? %'( "$,;0,235 =4230#2 420 D,(224 0(-1(2:

0(0 "/(4%';(--;9 ?/#6 %'( 4%%,1 420 "$/-% %'/#$3' 4 0##/.49@
+,%',2 4 64%%(/ #? -(1#20-5 =4230#2 '40 ?#$20 %'( -64;; 4;:
1#8(5 0(?%;9 ',00(2 "(',20 4 1/,6-#2 1$/%4,2@ 7( '40 /(14;;(0
,%&1;(4/;9&?/#6&',-&-(1/(%&>4--43(-&%#$/@
1+#%<;$#%4-%>5+#'*%"5&.39&)/
N'( -#$20 #? /$22,23 ?##%-%(>- 420 -'#$%,23 -((6(0 %# "(
1#6,23 ?/#6 4;; 0,/(1%,#2- 2#.5 420 =4230#2 *2(. %'(,/ %,6(
.4- -'#/%@ 7( >$;;(0 4-,0( %'( 1$/%4,25 420 '( 420 D,(224
-;,>>(0&%'/#$3'&#2%#&4&-64;;&;420,23@
+,%'#$% 4 .#/05 %'(9 "(342 %# 0(-1(20 %'( -%#2( -%4,/14-(@
N'( >4--43( '40 "((2 0(-,32(0 4- 4 -(/,(- #? ?/,3'%(2,23;9
 RWW[VZY
24//#. -.,%1'"41* -%4,/-@ N'( 0((>(/ %'(9 .(2%5 %'( %,3'%(/ ,%
-((6(0 %# 3(%@ _$-% 4- =4230#2 ?(;% 4- ,? %'( .4;;- .(/( 6#8,23
,2&%#&1/$-'&',65&%'42*?$;;95&%'(9&1#$;0&3#&2#&?4/%'(/@
I34;'(%,#8#,/
N'( ->41( 4% %'( "#%%#6 #? %'( -%4,/- .4- 4 %,29 -%#2( 1'46:
"(/5 420 4;%'#$3' ,%- (B,% '40 %# "( #2( #? %'( -64;;(-% 0##/- #2
(4/%'5 ,% .4- 4 .(;1#6( -,3'%@ F2;9 4"#$% ?#$/ ?((% ',3'5 %'(
0##/ .4- 640( #? '(489 .##0 .,%' ,/#2 /,8(%- 420 4 '(489 ,2:
%(/,#/&"#;%&%#&*((>&>(#>;(&#$%@
ia 142 '(4/ -%/((% -#$20- "(9#20 %'( 0##/5j D,(224
.',->(/(05&-%,;;&;##*,23&-'4*(2@&i+'4%G-&#2&%'(&#%'(/&-,0(nj
iN'( g,4 0(;;4 A,2245j =4230#2 /(>;,(05 >,1%$/,23 %'(
1/#.0(0&>(0(-%/,42&.4;*.49@&i)$%&%'(/(&649&"(&>#;,1(@j
iN'(9 .#2G% /(1#32,K( $-@ N'(9G;; "( ;##*,23 ?#/ 4 ";#20 3,/;
420&4&04/*:'4,/(0&642@j
=4230#2 (9(0 '(/ -%/423(;9@ i+',1' ,- >/(1,-(;9 .'4% .( 4/(
Lj
D,(224 -'##* '(/ '(405 4 6(;421'#;9 /(-#;8( 1/#--,23 '(/
?41(@ ia 0,02G% .42% 9#$ %# -(( 6( ;,*( %',-5 <#"(/%5 "$% $2?#/%$:
24%(;9 ,%G- .'4% a ;##* ;,*( 4% %'( 6#6(2%@j !"/$>%;95 D,(224
/(41'(0 $> 420 3/4""(0 4 '420?$; #? '(/ ";#20 '4,/@ N'(2 -'(
942*(0&0#.25&420&4;;&#?&'(/&'4,/&-;,0&#??&,2&4&-,23;(&6#%,#2@
=4230#2 /(1#,;(05 -%4/%;(0 "#%' "9 %'( ?41% %'4% D,(224 .#/(
4 .,3 420 "9 '(/ 4;%(/(0 4>>(4/421( .,%'#$% ,%@ D,(224 )/##*-
.4- ,2 ?41% %#%4;;9 "4;05 '(/ "4/( -14;> -6##%' 420 >4;(5 ;,*( 4
1421(/ >4%,(2% $20(/3#,23 1'(6#%'(/4>9@ K' 546 4- .5 &,,C *+#0*
.,,L
ia *2#.5j -'( -4,0@ i=#23 -%#/9@ A#. "(20 0#.2@j D'( '(;0
$>&%'(&.,35&1;(4/;9&,2%(20,23&%#&>$%&,%&#2&=4230#2G-&'(40@
2* *+# *#3.4;*L =4230#2 '4;?'(4/%(0;9 "(2% #8(/5 420 D,(224
.(03(0 %'( ";#20 '4,/ #2%# ',- '(40@ N'( .,3 "4/(;9 ?,%5 "$% -'(
4//423(0 ,% 4- "(-% 4- -'( 1#$;0@ N'(2 -'( -%(>>(0 "41* 420 4-:
-(--(0 ',6@ A#% I$,%( -4%,-?,(05 -'( /(41'(0 $>5 ;##-(2(0 ',-
 RWX[VZY
%,(5 420 -;,>>(0 %'( ;##> $> #2%# ',- ?#/('(405 /(%,3'%(2,23 ,%
;,*(&4&"4204224&420&-(1$/,23&%'(&,;;:?,%%,23&.,3&%#&',-&'(40@
D,(224 2#. -(% %# .#/* #2 '(/-(;?5 /#;;,23 $> '(/ >42% ;(3-
420 >$-',23 '(/ -#1*- 0#.2 4/#$20 '(/ 42*;(-@ +'(2 -'(
-%##0 $>5 -'( '40 4 -2((/ #2 '(/ ;,>-@ N'( ;#8(;9 D,(224 )/##*-
.4- 2#. 4 >$2*:/#1* -*,2'(40@ N'( ?#/6(/ D'4*(->(4/(42 41%:
/(--G-&%/42-?#/64%,#2&.4-&-%4/%;,23@
i<(6(6"(/5j -'( -4,05 i2,2(%9 >(/1(2% #? >(/-#24; /(1#32,:
%,#2 ,- "#09 ;423$43(5 -# .'(2 9#$ 6#8(5 6#8( ;,*( 42 43,23
/#1*(/@j
>B.'BC%2%7&'%(45&=4230#2&%'#$3'%@ P47$#3C%20:%'45%*4%*;3#/
)(?#/( =4230#2 1#$;0 4/3$( %'( >#,2%5 D,(224 '40 $2"#;%(0
%'( %,29 0##/ 420 -.$23 ,% #>(2@ D'( 0$1*(0 ;#. 420 (B,%(0
#2%# %'( 1/#.0(0 1#"";(-%#2( -%/((%@ =4230#2 ?#;;#.(05 2(4/;9
#2&4;;&?#$/-&4-&'(&(6(/3(0&,2%#&%'(&049;,3'%@
!-,0( ?/#6 4 ?(. -%4/%;(0 3;421(- 4% %'( 6,-64%1'(0 1#$>;(
(6(/3,23 ?/#6 %'( %,29 0##/ ,2 %'( ?#$204%,#2 #? O4;4KK# g(1:
1',#5 2#"#09 348( %'(6 4 -(1#20 ;##*@ +,%',2 -(1#20-5 =423:
0#2&420&D,(224&.(/(&6#8,23&(4-%5&-.4;;#.(0&$>&"9&%'(&1/#.0@

N'( 642 ,2 %'( O;$6( O4/,- (9(3;4--(- >,1*(0 4% ',- ";((0,23

-*,2 4- '( -24*(0 %'/#$3' %'( 1/#.05 *((>,23 4 -4?( 0,-%421(
"(',20 <#"(/% =4230#2 420 D,(224 )/##*-@ H(->,%( %'(,/ 1;(8:
(/ 0,-3$,-(-5 '( '40 ->#%%(0 %'(6 (6(/3,23 ?/#6 %'( %,29 0##/
#2 %'( g,4 0(;;4 A,224 420 '40 ,66(0,4%(;9 *2#.2 .'# %'(9
.(/(@
7( '40 %4,;(0 %'(6 #2;9 4 ?(. ";#1*- "(?#/( '( 3#% .,20(05
',- 1'(-% 41',23 41$%(;95 ?#/1,23 ',6 %# %4*( -'4;;#. "/(4%'-@
7(&?(;%&;,*(&'(G0&"((2&>$21'(0&,2&%'(&-%(/2$6@
d/,%%,23 ',- %((%' 434,2-% %'( >4,25 '( ?#/1(0 ',- 4%%(2%,#2
"41* %# =4230#2 420 D,(224 4- '( 1#2%,2$(0 %# ?#;;#. %'(6
%'/#$3'&%'(&-%/((%-&#?&E;#/(21(@
 M7!ONP< UZ

N7P \F<AaAd DhA '40 ?$;;9 /,-(2 2#.5 14-%,23 ;#23 -'40#.-
0#.2 %'( 24//#. 1429#2- %'4% -24*(0 "(%.((2 %'( "$,;0,23- #?
#;0 E;#/(21(@ D'#>*((>(/- '40 "(3$2 %'/#.,23 #>(2 %'( 6(%4;
3/4%(- %'4% >/#%(1%(0 %'(,/ -'#>- 420 "4/-5 420 %'( 4,/ .4-
'(489 .,%' %'( 4/#64- #? 6#/2,23 (->/(--# 420 ?/(-';9 "4*(0
1#/2(%%,@
H(->,%( 4 324.,23 '$23(/5 =4230#2 *(>% 6#8,23@ 208# B45 54
-.'(%5+#%:&*$%E%&'(%*##%9+&50*%+.((#'%4'%5+#%D&7$/
!- =4230#2 ;(0 D,(224 2#/%'.4/0 4;#23 %'( -;(20(/ g,4 0(,
=(#2,5 '( .4- '48,23 4 '4/0 %,6( 3(%%,23 $-(0 %# %'( -,3'% #?
'(/ "4;0 '(40@ 7(/ /40,14;;9 4;%(/(0 4>>(4/421( /(6,20(0 ',6
%'4% '( "4/(;9 *2(. '(/@ N'(9 .(/( 6#8,23 ,2 %'( 0,/(1%,#2 #?
O,4KK4 0(; H$#6#k%'( -I$4/( .'(/( a324K,# )$-#2, '40 "((2
?#$20&0(40&4?%(/&>;41,23&',-&?,24;&>'#2(&14;;@
P4D#355 a324K,# '40 64243(0 %# -495 "/(4%';(--@ O+&5 )4;
*##$ .* *&-#,) +.((#'/ 1+# B&5#* &3# 46#' 54 )4;C D;5 )4; :;*5
+;33)/%Z&3&(.*#%19#'5)V-.8#/%I4(*6##(/
Z&3&(.*# 19#'5)V-.8#5 =4230#2 /(>(4%(0 %# ',6-(;?5 -%,;;
>$KK;(0 %'4% a324K,# )$-#2, '40 /(14;;(0 H42%(G- %(B% .(;;
(2#$3' %# /(?(/(21( 4 ->(1,?,1 142%# #?? %'( %#> #? ',- '(40@ D#:
6(%',23 4"#$% %'4% 142%# .4- 4>>4/(2%;9 6(6#/4";( %#
)$-#2,@ +'4%(8(/ ,% .4-5 =4230#2 *2(. '( .#$;0 ?,20 #$%
-##2 (2#$3'5 4- -##2 4- '( ;4,0 ',- '420- #2 4 1#>9 #? %'( %(B%5
.',1'&'(&1#$;0&(4-,;9&0#&4%&429&2$6"(/&#?&;#14%,#2-&$>&4'(40@
7,- -'#$;0(/:;(23%' .,3 .4- "(3,22,23 %# ,%1' 2#.5 420
%'#$3' '( ?(;% -#6(.'4% /,0,1$;#$- ,2 ',- 0,-3$,-(5 '( '40 %#
406,% %'4% D,(224G- ,6>/#6>%$ -%9;,23 '40 "((2 42 (??(1%,8(
/$-(@ A#"#09 '40 3,8(2 %'(6 4 -(1#20 ;##*5 2#% (8(2 %'(
 RXZ[VZY
>#;,1( /(,2?#/1(6(2%- .'# '40 C$-% /$-'(0 >4-% %'(6 (2 /#$%(
%#&%'(&O4;4KK#&g(11',#@
D,(224 '40 "((2 .4;*,23 ,2 %#%4; -,;(21( "(-,0( ',6 ?#/ -(8:
(/4; 6,2$%(-5 420 =4230#2 3;421(0 #8(/ %# 64*( -$/( -'( .4-
#*49@ D'( -((6(0 6,;(- 4.495 >/#"4";9 %/9,23 %# 411(>% %'( ?41%
%'4%&-'(&'40&C$-%&*,;;(0&%'(&.#642&.'#&'40&"((2&1'4-,23&%'(6@
i=,/4 ?#/ 9#$/ %'#$3'%-5j '( 8(2%$/(0 ;,3'%;95 '#>,23 %# >$;;
'(/ 6,20 ?/#6 %'( ,643( #? %'( ->,*(:'4,/(0 .#642 ;9,23 0(40
#2&%'(&>4;4KK#&?;##/@
D,(224 (6(/3(0 -;#.;9 ?/#6 '(/ 1#2%(6>;4%,#2-@ ia .4-
%',2*,23 #? m#"/,-%5j -'( -4,0 -;#.;9@ iN/9,23 %# /(14;; 429%',23
(;-(&a&6,3'%&*2#.&4"#$%&',6@j
i!20nj
D'( -'/$33(0@ i\#-% #? .'4% a *2#. ,- ?/#6 4 1#2%/#8(/-,4;
(--49 '( ./#%( 4 ?(. 9(4/- 43#@ a% /(4;;9 -%49(0 .,%' 6(@ !6#23
%'( 6(0,14; 1#66$2,%95 ,% ,2-%42%;9 .(2% 8,/4;@j D'( .,21(0@
iD#//95&"40&1'#,1(&#?&.#/0-@j
=4230#2&348(&4&3/,6&1'$1*;(@&id#&#2@j
i7,- (--49 (--(2%,4;;9 0(1;4/(0 %'4% %'( '$642 /41( .4- #2
%'( "/,2* #? (B%,21%,#25 420 %'4% $2;(-- .( '40 4 14%4-%/#>',1
(8(2% %'4% >/(1,>,%#$-;9 0(1/(4-(0 3;#"4; >#>$;4%,#2 3/#.%'5
#$/&->(1,(-&.#$;0&2#%&-$/8,8(&42#%'(/&'$20/(0&9(4/-@j
=4230#2&%$/2(0&420&-%4/(0&4%&'(/@&i!&-,23;(&1(2%$/9nj
ia% .4- 4 >/(%%9 -%4/* %'(-,-@ N'( >/(0,1%(0 %,6( ?/46( .4-
-$"-%42%,4;;9 -'#/%(/ %'42 >/(8,#$- (-%,64%(-5 "$% ,% .4- -$>:
>#/%(0 "9 -#6( 8(/9 >#%(2% -1,(2%,?,1 04%4@ 7( 640( 4 ;#% #? (2:
(6,(- "9 0(1;4/,23 %'4% 4;; 0#1%#/- -'#$;0 -%#> >/41%,1,23
6(0,1,2( "(14$-( (B%(20,23 %'( '$642 ;,?( ->42 .4- #2;9 (B:
41(/"4%,23&%'(&>#>$;4%,#2&>/#";(6@j
=4230#2 2#. $20(/-%##0 .'9 %'( 4/%,1;( ->/(40 .,;0;9
%'/#$3'&%'(&6(0,14;&1#66$2,%9@
iA#% -$/>/,-,23;95j D,(224 1#2%,2$(05 im#"/,-% .4- ,66(0,:
4%(;9 4%%41*(0 ?/#6 4;; -,0(-k>#;,%,1,42-5 1;(/395 %'( +#/;0
7(4;%' F/342,K4%,#2k4;; #? .'#6 0(/,0(0 ',6 4- 4 0##6-49(/
 RXQ[VZY
;$24%,1 .'# .4- -,6>;9 %/9,23 %# 14$-( >42,1@ N'(9 %##* >4/%,1:
$;4/ $6"/43( 4% ',- -%4%(6(2% %'4% %#049G- 9#$%'5 ,? %'(9 1'#-(
%# /(>/#0$1(5 .#$;0 '48( #??->/,23 %'4% ;,%(/4;;9 .#$;0 .,%2(--
%'( (20 #? %'( '$642 /41(@ m#"/,-% ,;;$-%/4%(0 ',- >#,2% .,%' 4
oH##6-049 M;#1*5G .',1' -'#.(0 %'4% ,? %'( (2%,/( ->42 #? '$:
642 ;,?( #2 (4/%' .(/( 1#6>/(--(0 ,2%# 4 -,23;( '#$/ L .( 4/(
2#.&,2&,%-&?,24;&-(1#20-@j
iaG8(&41%$4;;9&-((2&%'4%&1;#1*&#2;,2(5j&=4230#2&-4,0@
i](-5 .(;;5 ,%G- ',-5 420 ,% 14$-(0 I$,%( 42 $>/#4/@ N'( ",33(-%
"41*;4-' 434,2-% m#"/,-%5 '#.(8(/5 146( .'(2 '( 0(1;4/(0 %'4%
',- 408421(- ,2 3(2(%,1 (23,2((/,23 .#$;0 "( ?4/ 6#/( '(;>?$;
%# 642*,20 ,? %'(9 .(/( $-(0 2#% %# 7;3# 0,-(4-(5 "$% /4%'(/ %#
73#&5# ,%@j
i+'4%nlj
i](-5 '( 4/3$(0 %'4% ',- %(1'2#;#39 -'#$;0 "( $-(0 %# ;,6,%
>#>$;4%,#2 3/#.%' "9 1/(4%,23 '9"/,0 -%/4,2- #? 0,-(4-( %'4%
#$/&6#0(/2&6(0,1,2(&.#$;0&"(&$24";(&%#&1$/(@j
=4230#2 ?(;% 4 /,-,23 0/(40 4- ',- 6,20 1#2C$/(0 ,643(- #?
-%/423(5 '9"/,0 i0(-,32(/ 8,/$-(-j %'4%5 #21( /(;(4-(05 .(/(
%#%4;;9&$2-%#>>4";(@
iF8(/ 4 ?(. -'#/% 9(4/-5j D,(224 -4,05 im#"/,-% .(2% ?/#6 "(:
,23 %'( %#4-% #? %'( 6(0,14; .#/;0 %# "(,23 4 %#%4; #$%14-%@ !2
424%'(64@j D'( >4$-(05 4 ;##* #? 1#6>4--,#2 1/#--,23 '(/
?41(@ ia%G- /(4;;9 2# .#20(/ '( -24>>(0 420 *,;;(0 ',6-(;?@ P8(2
-400(/&"(14$-(&',-&%'(-,-&,-&>/#"4";9&1#//(1%@j
=4230#2&4;6#-%&?(;;&#8(/@&iaG6&-#//9k9#$&%',2*&'(G- 3.B+5nlj
D,(224 348( ',6 4 -#;(62 -'/$3@ i<#"(/%5 ->(4*,23 ?/#6 4
>$/(;9 -1,(2%,?,1 -%420>#,2%k4;; ;#3,15 2# '(4/%ka 142 %(;; 9#$
.,%'#$% 4 0#$"% %'4% .,%'#$% -#6( *,20 #? 0/4-%,1 1'423(5 %'(
(20 #? #$/ ->(1,(- ,- 1#6,23@ !20 ,%G- 1#6,23 ?4-%@ a% .#2G% "(
?,/(5 "/,6-%#2(5 4>#14;9>-(5 #/ 2$1;(4/ .4/ L ,% .,;; "( %#%4;
1#;;4>-( 0$( %# %'( 2$6"(/ #? >(#>;( #2 %'( >;42(%@ N'( 64%':
(64%,1-&,-&,20,->$%4";(@j
=4230#2&-%,??(2(0@
 RXR[VZY
iaG8( -%$0,(0 4 ?4,/ 46#$2% #? ",#;#395j -'( -4,05 i420 ,%G-
I$,%( 2#/64; ?#/ 4 ->(1,(- %# 3# (B%,21% -,6>;9 4- 4 /(-$;% #?
#8(/>#>$;4%,23 ,%- (28,/#26(2%@ O,1%$/( 4 1#;#29 #? -$/?41( 4;:
34( ;,8,23 ,2 4 %,29 >#20 ,2 %'( ?#/(-%5 (2C#9,23 %'( >#20G- >(/:
?(1% "4;421( #? 2$%/,(2%-@ h21'(1*(05 %'(9 /(>/#0$1( -# .,;0;9
%'4% %'(9 I$,1*;9 1#8(/ %'( >#20G- (2%,/( -$/?41(5 ";#%%,23 #$%
%'( -$2 420 %'(/("9 >/(8(2%,23 %'( 3/#.%' #? %'( 2$%/,(2%- ,2
%'( >#20@ 748,23 -4>>(0 (8(/9%',23 >#--,";( ?/#6 %'(,/ (28,/:
#26(2%5 %'( 4;34( I$,1*;9 0,( 420 0,-4>>(4/ .,%'#$% 4 %/41(@j
D'( 348( 4 '(489 -,3'@ i! -,6,;4/ ?4%( 1#$;0 (4-,;9 4.4,% 642:
*,20@&E4/&-##2(/&420&?4-%(/&%'42&429&#?&$-&,643,2(@j
=4230#2 ?(;% 0((>;9 $2-(%%;(0@ i)$% L %'4% -((6-
,6>#--,";(@j
iA#% ,6>#--,";(5 <#"(/%5 C$-% ;'5+.'$&D,#@ N'( '$642 6,20
'4- 4 >/,6,%,8( (3# 0(?(2-( 6(1'42,-6 %'4% 2(34%(- 4;; /(4;,%:
,(- %'4% >/#0$1( %## 6$1' -%/(-- ?#/ %'( "/4,2 %# '420;(@ a%G-
14;;(0 (#'.&,@j
iaG8( '(4/0 #? 0(2,4;5j =4230#2 I$,>>(0 ";,%'(;95 i"$% a 0#2G%
%',2*&,%&(B,-%-@j
D,(224 /#;;(0 '(/ (9(-@ iM$%(5 "$% "(;,(8( 6(5 ,%G- 8(/9 /(4;@
H(2,4; ,- 4 1/,%,14; >4/% #? %'( '$642 1#>,23 6(1'42,-6@
+,%'#$% ,%5 .( .#$;0 4;; .4*( $> %(//,?,(0 (8(/9 6#/2,23 4"#$%
4;; %'( .49- .( 1#$;0 0,(@ a2-%(405 #$/ 6,20- ";#1* #$% #$/ (B:
,-%(2%,4; ?(4/- "9 ?#1$-,23 #2 -%/(--(- .( 142 '420;(k;,*( 3(%:
%,23 %# .#/* #2 %,6( #/ >49,23 #$/ %4B(-@ a? .( '48( .,0(/5 (B:
,-%(2%,4; ?(4/-5 .( C(%%,-#2 %'(6 8(/9 I$,1*;95 /(?#1$-,23 #2
-,6>;(&%4-*-&420&04,;9&%/,8,4;,%,(-@j
=4230#2 /(14;;(0 4 /(1(2% +(":%/41*,23 -%$09 #? -%$0(2%- 4%
-#6( a89 =(43$( $2,8(/-,%,(- .',1' /(8(4;(0 %'4% (8(2 ',3';9
,2%(;;(1%$4; $-(/- 0,->;49(0 42 ,2-%,21%$4; %(20(219 %#.4/0
0(2,4;@ !11#/0,23 %# %'( -%$095 %'( 84-% 64C#/,%9 #? $2,8(/-,%9
-%$0(2%-5 4?%(/ 1;,1*,23 #2 4 0(>/(--,23 2(.- 4/%,1;( 4"#$% 4/1:
%,1 ,1( 6(;% #/ ->(1,(- (B%,21%,#25 .#$;0 I$,1*;9 (B,% %'4% >43(
,2 ?48#/ #? -#6(%',23 %/,8,4; %'4% >$/3(0 %'(,/ 6,20- #? ?(4/e
 RXS[VZY
?48#/,%( 1'#,1(- ,21;$0(0 ->#/%- ',3';,3'%-5 ?$229 14% 8,0(#-5
420&1(;("/,%9&3#--,>@
ia2 421,(2% 69%'#;#395j =4230#2 #??(/(05 i4 '(/# ,2 (#'.&, ,-
%'( $;%,64%( 642,?(-%4%,#2 #? '$"/,- 420 >/,0(@ A# 642 ,-
6#/( >/,0(?$; %'42 '( .'# "(;,(8(- ',6-(;? ,66$2( %# %'(
0423(/- #? %'( .#/;0@ H42%( 1;(4/;9 43/((05 0(2#$21,23 >/,0(
4- %'( 943*5 #? %'( -(8(2 0(40;9 -,2- L 420 >$2,-'(0 %'(
>/,0(?$;&,2&%'(&0((>(-%&/,23&#?&%'(&,2?(/2#@j
D,(224 /(?;(1%(0 4 6#6(2% 420 %'(2 1#2%,2$(0@ im#"/,-%G-
4/%,1;( 411$-(0 6429 #? %'( .#/;0G- ;(40(/- #? "(,23 ,2 (B%/(6(
0(2,4; L >$%%,23 %'(,/ '(40- ,2 %'( -420@ 7( .4- >4/%,1$;4/;9
1/,%,14;&#?&%'(&+#/;0&7(4;%'&F/342,K4%,#2@j
ia&"(%&%'4%&.(2%&#8(/&.(;;@j
iN'(9 /(41%(0 "9 (I$4%,23 ',6 .,%' 4 /(;,3,#$- K(4;#% #2 4
-%/((%&1#/2(/&'#;0,23&4&-,32&%'4%&-49-&oN'(&P20&a-&A(4/@G&j
i74/84/0&DI$4/(&'4-&4&1#$>;(&#?&%'#-(@j
i](-5 420 .( 4;; ,32#/( %'(6 "(14$-( 2#2( #? $- 142 ,643,2(
,% .,;; '4>>(2@ )$% "(;,(8( 6(5 C$-% "(14$-( %'( '$642 6,20
142G% .:&B.'# -#6(%',23&'4>>(2,23&L&0#(-2G%&6(42&,%&.#2G%@j
i]#$&4;6#-%&-#$20&;,*(&9#$G/(&4&?42&#?&m#"/,-%G-@j
iaG6 4 ?42 #? %'( 53;5+5j -'( /(>;,(0 ?#/1(?$;;95 i(8(2 ,? ,%G-
>4,2?$;;9&'4/0&%#&411(>%@j
=4230#2 ?(;; -,;(2%5 434,2 ?((;,23 -%/423(;9 ,-#;4%(0 ?/#6 D,:
(224 4% %'( 6#6(2%5 %/9,23 %# $20(/-%420 '(/ ",K4//( 1#6",2:
4%,#2&#?&>4--,#2&420&0(%41'6(2%@
D,(224 3;421(0 #8(/ 4% ',65 '(/ ?41( -#?%(2,23@ i<#"(/%5 ;##*5
aG6 2#% -49,23 m#"/,-% ,- 1#//(1% %'4% 4 >;43$( %'4% *,;;- '4;? %'(
.#/;0G- >(#>;( ,- %'( 42-.(/ %# #8(/>#>$;4%,#2@ A#/ 46 a -49:
,23 .( -'#$;0 -%#> 1$/,23 %'( -,1*@ +'4% a 46 -49,23 ,- %'4% #$/
1$//(2% >4%' ,- 4 >/(%%9 -,6>;( ?#/6$;4 ?#/ 0(-%/$1%,#2@ O#>$;4:
%,#2 3/#.%' ,- 42 (B>#2(2%,4; >/#3/(--,#2 #11$//,23 .,%',2 4
-9-%(6 #? ?,2,%( ->41( 420 ;,6,%(0 /(-#$/1(-@ N'( (20 .,;; 4/:
/,8( 8(/9 4"/$>%;9@ F$/ (B>(/,(21( .,;; 2#% "( %'4% #? -;#.;9
/$22,23&#$%&#?&34-&L&,%&.,;;&"(&6#/(&;,*(&0/,8,23&#??&4&1;,??@j
 RXT[VZY
=4230#2 (B'4;(05 %/9,23 %# >/#1(-- (8(/9%',23 '( '40 C$-%
'(4/0@
iD>(4*,23 #? .',1'5j -'( 400(05 -#6"(/;9 >#,2%,23 $> ,2 %'(
4,/&%#&%'(,/&/,3'%5&iaG6&>/(%%9&-$/(&%'4%G-&.'(/(&m#"/,-%&C$6>(0@j
=4230#2 3;421(0 $> 420 -4. %'4% %'(9 .(/( C$-% >4--,23 %'(
4$-%(/( -%#2( ?4140( #? %'( )4/3(;;# \$-($6 %# %'(,/ /,3'%@ )(:
',20 ,%5 %'( %4>(/(0 ->,/( #? %'( )40,4 %#.(/ /#-( 4"#8( %'( -$/:
/#$20,23 -%/$1%$/(-@ 7( -%4/(0 4% %'( %#> #? %'( %#.(/5 .#20(/:
,23 .'9 m#"/,-% '40 C$6>(0 420 '#>(0 %# '(;; ,% .4-2G% "(:
14$-( %'( 642 '40 0#2( -#6(%',23 %(//,";( 420 '402G% .42%(0
%#&?41(&.'4%&.4-&1#6,23@
iM/,%,1- #? m#"/,-%5j D,(224 -4,05 i;,*( %# >#,2% #$% '#. >4/4:
0#B,14; ,% ,- %'4% 6429 #? %'( 3(2(%,1 %(1'2#;#3,(- '( 0(8(;#>(0
4/(&2#.&(B%(20,23&;,?(&(B>(1%4219&0/464%,14;;9@j
i+',1'&#2;9&1#6>#$20-&%'(&>#>$;4%,#2&>/#";(6@j
iPB41%;9@ m#"/,-% #21( -4,0 >$";,1;9 %'4% '( .,-'(0 '( 1#$;0
>$% %'( 3(2,( "41* ,2 %'( "#%%;( 420 (/4-( -#6( #? ',- 1#2%/,"$:
%,#2- %# '$642 ;#23(8,%9@ a -$>>#-( %'4% 64*(- -(2-( ,0(#;#:
3,14;;9@ N'( ;#23(/ .( ;,8(5 %'( 6#/( #$/ /(-#$/1(- 3# %# -$>:
>#/%,23&%'(&(;0(/;9&420&4,;,23@j
=4230#2 2#00(0@ iaG8( /(40 %'4% ,2 %'( h@D@ -#6( -,B%9 >(/:
1(2% #? '(4;%' 14/( 1#-%- 3# %# -$>>#/% >4%,(2%- 0$/,23 %'( ;4-%
-,B&6#2%'-&#?&%'(,/&;,8(-@j
iN/$(5 420 .',;( #$/ "/4,2- -495 oN',- ,- ,2-42(5G #$/ '(4/%-
-495&o`((>&d/42064&4;,8(&4-&;#23&4-&.(&142@G&j
=4230#2 2#00(0@ ia%G- %'( 1#2?;,1% "(%.((2 !>#;;# 420
H,#29-$-k4 ?46#$- 0,;(664 ,2 69%'#;#39@ a%G- %'( 43(:#;0
"4%%;( "(%.((2 6,20 420 '(4/%5 .',1' -(;0#6 .42% %'( -46(
%',23@j
N'( 69%'#;#3,14; /(?(/(21(5 =4230#2 '40 '(4/05 .4- 2#.
"(,23 $-(0 ,2 !! 6((%,23- %# 0(-1/,"( %'( 4;1#'#;,1 .'# -%4/(-
4% 4 3;4-- #? 4;1#'#;5 ',- "/4,2 *2#.,23 ,% .,;; '4/6 ',65 "$% ',-
'(4/% 1/48,23 %'( 1#6?#/% ,% .,;; >/#8,0(@ N'( 6(--43( 4>>4/:
(2%;9&.4-^&H#2G%&?((;&4;#2(k(8(2&%'(&3#0-&.(/(&1#2?;,1%(0@
 RXU[VZY
i+'#&2((0-&434%'$-,4nj&D,(224&.',->(/(0&-$00(2;9@
iaG6&-#//9nj
D,(224 3;421(0 $>@ ia ?,24;;9 /(6(6"(/(0 %'( 246( #? m#":
/,-%G-&(--49@&a%&.4-&14;;(0^&o+'#&A((0-&!34%'$-,4nG&j
=4230#2 '40 2(8(/ '(4/0 %'( .#/0 &B&5+;*.&5 "$% %##* ',-
"(-% 3$(-- "4-(0 #2 ,%- d/((* /##%-k&B&5+4* 420 5+;*.&@
i!34%'$-,4&L&.#$;0&"(&4&o3##0&-41/,?,1(Gnj
i!;6#-%@ a%- 41%$4; 6(42,23 ,- o4 -(;?:-41/,?,1( ?#/ %'( 1#6:
6#2 3##0@G j D'( >4$-(0@ iF%'(/.,-( *2#.2 4- "(2(8#;(2%
-$,1,0(@j
=4230#2 '40 ,20((0 '(4/0 %',- %(/6 "(?#/(k#21( ,2 /(;4%,#2
%# 4 "42*/$>% ?4%'(/ .'# *,;;(0 ',6-(;? -# ',- ?46,;9 1#$;0 1#;:
;(1% ',- ;,?( ,2-$/421(5 420 4 -(1#20 %,6( %# 0(-1/,"( 4 /(6#/-(:
?$; -(/,4; *,;;(/ .'# (20(0 ',- ;,?( ?(4/,23 '( 1#$;02G% 1#2%/#;
',-&,6>$;-(&%#&*,;;@
N'( 6#-% 1',;;,23 (B46>;( =4230#2 /(14;;(05 '#.(8(/5 .4-
,2 %'( QYVW 2#8(; T4B&'0* P;'5 .',1' 0(>,1%(0 4 ?$%$/( -#1,(%9
,2 .',1' (8(/9#2( 3;40;9 43/((0 %# 1#66,% -$,1,0( 4% 43(
%.(2%9:#2(k%'$- ?$;;9 (2C#9,23 %'(,/ 9#$%' .',;( 2#% ;(%%,23
%'(,/ 2$6"(/- #/ #;0 43( -%/(-- %'( >;42(%G- ;,6,%(0 /(-#$/1(-@
a? =4230#2 /(14;;(0 1#//(1%;95 %'( 6#8,( 8(/-,#2 #? T4B&'0*
P;' '40 ,21/(4-(0 %'( i%(/6,24%,#2 43(j ?/#6 %.(2%9:#2( %#
%',/%95 2# 0#$"% ,2 42 4%%(6>% %# 64*( %'( ?,;6 6#/( >4;4%4";(
%#&%'(&"#B&#??,1(G-&1/$1,4;&(,3'%((2:%#:%.(2%9:?,8(&0(6#3/4>',1@
iD#5 m#"/,-%G- (--49 Lj =4230#2 -4,0@ iaG6 2#% -$/( a $20(/:
-%420 %'( %,%;(@ o+'# A((0- !34%'$-,4nG +4- '( -49,23 ,% -4/:
14-%,14;;9n&!-&,2&.'#&2((0-&"(2(8#;(2%&-$,1,0(&L&.( &,, 0#nj
i!1%$4;;9&2#5&%'(&%,%;(&,-&4&>$2@j
=4230#2&-'##*&',-&'(405&2#%&-((,23&,%@
iO+4 2((0- -$,1,0(k4- ,2 %'( OV@VKk%'( +#/;0 7(4;%'
F/342,K4%,#2@ a2 ',- (--495 m#"/,-% /4,;(0 434,2-% %'( 0,/(1%#/ #?
%'( +7FkH/@ P;,K4"(%' D,2-*(9k.'# '4- "((2 %'(/( ?#/(8(/
4205 411#/0,23 %# m#"/,-%5 ,- 2#% %4*,23 >#>$;4%,#2 1#2%/#;
 RXV[VZY
-(/,#$-;9@ 7,- 4/%,1;( .4- -49,23 %'4% %'( +7F .#$;0 "( "(%%(/
#??&,?&H,/(1%#/&D,2-*(9&*,;;(0&'(/-(;?@j
iM#6>4--,#24%(&3$9@j
iN'( >(/,;- #? "(,23 4 3(2,$-5 a 3$(--@ F?%(2%,6(-5 %'#-( ->(:
1,4; "/4,2-5 %'( #2(- %'4% 4/( 14>4";( #? ?#1$-,23 6#/( ,2%(2%;9
%'42&#%'(/-5&0#&-#&4%&%'(&(B>(2-(&#?&(6#%,#24;&64%$/,%9@j
=4230#2 >,1%$/(0 %'( 4/%,1;(- '( '40 -((2 4"#$% %'( 9#$23
D,(2245 %'( 1',;0 >/#0,39 .,%' %'( RZX aq 420 #??:%'(:1'4/% ,2:
%(;;(1%$4; ?$21%,#2@ =4230#2 .#20(/(0 ,?5 ,2 %4;*,23 4"#$% m#":
/,-%5 -'( .4- 4;-#5 #2 -#6( ;(8(;5 %4;*,23 4"#$% '(/-(;?e '( 4;-#
.#20(/(0&'#.&;#23&-'(&.#$;0&1'##-(&%#&*((>&'(/&-(1/(%@
h> 4'(405 =4230#2 ->#%%(0 %'( ;42064/* '( '40 "((2 ;##*:
,23 ?#/@ !?%(/ 1/#--,23 %'( g,4 0(, =(#2,5 =4230#2 ;(0 '(/ %# %'(
,2%(/-(1%,#2 #? 42 (B1(>%,#24;;9 24//#. -%/((%k6#/( #? 42 4;:
;(9.49@&N'(&-,32&#8(/'(40&/(40 ga!&H!ANP&!=ad7aP<a@
ia% -#$20- ;,*( 9#$ *2#. 4 ;#% 4"#$% %'( '$642 "/4,25j =423:
0#2 -4,0@ i+4- %'4% 9#$/ 4/(4 #? 1#21(2%/4%,#2 ,2 6(0,14;
-1'##;nj
iA#5 "$% .'(2 a .4- 4 *,05 a /(40 4 ;#%@ a "(146( ,2%(/(-%(0 ,2
"/4,2&-1,(21(&"(14$-(&a&'40&-#6(&L&6(0,14;&,--$(-@j
=4230#2&-'#%&'(/&4&1$/,#$-&;##*5&'#>,23&-'(&.#$;0&1#2%,2$(@
i\9 "/4,2 Lj D,(224 -4,0 I$,(%;9@ ia% 3/(. 0,??(/(2%;9 ?/#6
6#-% *,0-G5 420 ,% 14$-(0 -#6( L >/#";(6-@ a ->(2% 4 ;#% #? %,6(
%/9,23 %# ?,3$/( #$% .'4% .4- ./#23 .,%' 6(5 420 ,2 %'( >/#:
1(-- a ;(4/2(0 4 ;#% 4"#$% 2($/#-1,(21(@j D'( 14$3'% =4230#2G-
(9(@&i!20&9(-5&69&"4;02(--&,-&/(;4%(0&%#&69&6(0,14;&1#20,%,#2@j
=4230#2&48(/%(0&',-&(9(-5&(6"4//4--(0&'(G0&4-*(0@
iH#2G%&.#//9&4"#$%&,%5j&-'(&-4,0@&iaG8(&;(4/2(0&%#&;,8(&.,%'&,%@j
!- %'(9 6#8(0 ,2%# %'( 1#;0 4,/ #? %'( -'40#.(0 4;;(9.495
=4230#2 1#2-,0(/(0 (8(/9%',23 '( '40 C$-% ;(4/2(0 4"#$% m#":
/,-%&420&',-&4;4/6,23&>',;#-#>',14;&>#-,%,#2-@
! /(1$//,23 I$(-%,#2 2433(0 4% ',6@ iN'(-( -#;0,(/-5j =423:
0#2 "(342@ iN'( #2(- %/9,23 %# *,;; $-@ +'# 4/( %'(9n a% 64*(-
2# -(2-(@ a? m#"/,-% '4- >$% 4 >#%(2%,4; >;43$( #$% %'(/(5
 RXW[VZY
.#$;02G% (8(/9#2( "( #2 %'( -46( -,0(5 .#/*,23 %# -%#> ,%-
/(;(4-(nj
iA#% 2(1(--4/,;9@ m#"/,-% 649 "( 4 >4/,4' ,2 %'( 6(0,14;
1#66$2,%95 "$% '( >/#"4";9 '4- 4 ;(3,#2 #? 0(8#$% ?42- #? ',-
,0(#;#39k>(#>;( .'# 43/(( %'4% 4 1$;;,23 ,- 4 2(1(--4/9 (8,; %#
-48( %'( >;42(%@ E#/ 4;; .( *2#.5 %'(-( -#;0,(/- 4/( %/9,23 %#
(2-$/(&%'4%&m#"/,-%G-&8,-,#2&,-&/(4;,K(0@j
n4D3.*50* 49' 63.8&5# &3:) 4- (.*7.6,#*L =4230#2 1#2:
-,0(/(0 %'( >#--,",;,%9@ !06,%%(0;95 ',-%#/9 .4- ?$;; #? K(4;#%-
420 1$;%- .'# *,;;(0 %'(6-(;8(- "(14$-( #? 4;; *,20- #? 1/4K9
2#%,#2-k4 "(;,(? %'4% %'(,/ ;(40(/ ,- %'( \(--,4'5 4 "(;,(? %'4% 4
->41(-',> ,- .4,%,23 ?#/ %'(6 "(',20 %'( 6##25 4 "(;,(? %'4%
_$036(2% H49 ,- ,66,2(2%@ N'( ->(1$;4%,#2 4"#$% >#>$;4%,#2
1#2%/#; .4- 4% ;(4-% 3/#$20(0 ,2 -1,(21(5 420 9(% -#6(%',23
4"#$%&%'(-(&-#;0,(/-&-%,;;&0,02G%&?((;&/,3'%&%#&=4230#2@
ia C$-% 142G% "(;,(8( %'4% 4 "$21' #? %/4,2(0 -#;0,(/- .#$;0
*2#.,23;9 43/(( %# *,;; ,22#1(2% 64--(- L 4;; %'( .',;( ?(4/,23
%'(9&6,3'%&3(%&-,1*&420&0,(&%'(6-(;8(-@j
D,(224 -'#% ',6 4 >$KK;(0 ;##*@ i<#"(/%5 .'4% 0# 9#$ %',2*
-#;0,(/- (4 .'(2 %'(9 3# %# .4/n N'(9 *,;; ,22#1(2% >(#>;( 420
/,-* %'(,/ #.2 0(4%'@ !29%',23 ,- >#--,";( .'(2 >(#>;( "(;,(8(
,2&4&14$-(@j
i!&14$-(n&<(;(4-,23&4&>;43$(nj
D,(224 3;421(0 4% ',65 '(/ "/#.2 (9(- >/#",23@ i<#"(/%5 %'(
7&;*# ,- 2#% /(;(4-,23 4 >;43$( L ,%G- -48,23 %'( .#/;0@j D'(
>4$-(0@ iF2( #? %'( >4--43(- ,2 )(/%/420 m#"/,-%G- (--49 %'4%
3#% 4 ;#% #? >(#>;( %4;*,23 .4- 4 8(/9 >#,2%(0 '9>#%'(%,14;
I$(-%,#2@&a&.42%&9#$&%#&42-.(/&,%@j
i+'4%G-&%'(&I$(-%,#2nj
im#"/,-% 4-*(0 %'( ?#;;#.,23^ a? 9#$ 1#$;0 %'/#. 4 -.,%1' 420
/420#6;9&*,;;&'4;?&%'(&>#>$;4%,#2&#2&(4/%'5&.#$;0&9#$&0#&,%nj
iF?&1#$/-(&2#%@j
iF*49@ )$% .'4% ,? 9#$ .(/( %#;0 %'4% ,? 9#$ (.('05 %'/#. %'4%
-.,%1' /,3'% 2#.5 %'( '$642 /41( .#$;0 "( (B%,21% ,2 %'( 2(B%
 RXX[VZY
'$20/(0 9(4/-nj D'( >4$-(0@ i+#$;0 9#$ %'/#. ,% %'(2n P8(2
,? ,% 6(42% 9#$ 6,3'% 6$/0(/ ?/,(20-5 ?46,;95 420 >#--,";9 (8(2
9#$/-(;?nj
iD,(2245&a&142G%&>#--,";9kj
ia%G- 4 '9>#%'(%,14; I$(-%,#25j -'( -4,0@ i+#$;0 9#$ *,;; '4;?
%'( >#>$;4%,#2 %#049 ,2 #/0(/ %# -48( #$/ ->(1,(- ?/#6
(B%,21%,#2nj
=4230#2 ?(;% 0((>;9 0,-%$/"(0 "9 %'( 6414"/( -$"C(1% %'(9
.(/( 0,-1$--,235 420 -# '( .4- 3/4%(?$; %# -(( 4 ?46,;,4/ /(0
"422(/&'423,23&#2&%'(&-,0(&#?&4&-%#2(&"$,;0,23&C$-%&4'(40@
i=##*5j&'(&422#$21(05&>#,2%,23@&i+(G/(&'(/(@j
D,(224&-'##*&'(/&'(40@&i=,*(&a&-4,0@ <#'.&,@j
 M7!ONP< UQ

N7P M!D! Ha H42%( ,- ;#14%(0 #2 %'( g,4 D42%4 \4/3'(/,%4 420 ,-

(4-,;9 ,0(2%,?,(0 "9 %'( ;4/3( "422(/ -$->(20(0 ?/#6 %'( -%#2(
?4140(&>4/%.49&$>&%'(&4;;(9.49^ \hDPF&M!D!&Ha&H!ANP@
D,(224 (9(0 %'( "422(/ .,%' $21(/%4,2%9@ i+(G/( 3#,23 %#
H42%(G- +4;*#nj
iA#% (B41%;95j =4230#2 -4,0@ iH42%( ;,8(0 4/#$20 %'( 1#/2(/@
N',- ,- 6#/( #? 4 H42%( L 6$-($6@j =4230#2 '40 8(2%$/(0 ,2:
-,0( %'( >;41( #21(5 1$/,#$- 4"#$% %'( 4/% 1#;;(1%,#25 .',1'
%$/2(0 #$% %# "( 2# 6#/( %'42 /(>/#0$1%,#2- #? ?46#$- H42%(:
/(;4%(0 .#/*- ?/#6 4/#$20 %'( .#/;05 420 9(% ,% .4- ,2%(/(-%,23
%#&-((&%'(6&4;;&34%'(/(0&%#3(%'(/&$20(/&#2(&/##?@
D,(224 ;##*(0 -$00(2;9 '#>(?$;@ i!20 9#$ %',2* %'(9 '48(
42&421,(2%&1#>9&#? 1+#%<.8.'#%=4:#() #2&0,->;49nj
=4230#2 1'$1*;(0@ iA#5 "$% a *2#. %'(9 '48( 4 3,?% -'#> %'4%
-(;;- '$3( >#-%(/- .,%' %'( (2%,/( %(B% #? H42%(G- <.8.'# =4:V
#() >/,2%(0&,2&6,1/#-1#>,1&%9>(@j
D'(&348(&',6&4&-;,3'%;9&4>>4;;(0&3;421(@
ia *2#.@ )$% ,%G- "(%%(/ %'42 2#%',23@ N'( #2;9 >/#";(6 ,-
%'4%&69&(9(-&4/(&3#,235&-#&9#$G;;&'48(&%#&/(40&%'(&?,2(&>/,2%@j
Qk 7+.;*&CR 42 #;0 642 14;;(0 #$%5 -((,23 %'(6 4>>/#41' %'(
0##/@ Qk%.,%B.43'4%(.%3.64*4/R
=,4*#( -43 5+# "&DD&5+L =4230#2 ?(;% -$00(2;9 0,-#/,(2%(0
434,2@&7(&;##*(0&4%&D,(224@&ia-2G%&%#049&L&\#2049nj
D'(&2#00(0@&iE;#/(2%,2(-&>/(?(/&4&\#2049&D4""4%'@j
=4230#2 3/#42(05 -$00(2;9 /(14;;,23 %'( 1,%9G- $2$-$4;
.((*;9 14;(204/@ )(14$-( %#$/,-% 0#;;4/- ?;#.(0 6#-% '(48,;9
#2 .((*(20-5 6429 E;#/(2%,2( 6(/1'42%- 1'#-( %# 6#8( %'(
 RYZ[VZY
M'/,-%,42 i049 #? /(-%j ?/#6 D$2049 %# \#2049 %# >/(8(2% %'(
D4""4%'&?/#6&1$%%,23&%##&0((>;9&,2%#&%'(,/&"#%%#6&;,2(@
h2?#/%$24%(;95 =4230#2 /(4;,K(05 %',- >/#"4";9 4;-# /$;(0
#$% ',- #%'(/ #>%,#2^ %'( O4>(/"41* PB1'423(k#2( #? =423:
0#2G- ?48#/,%( E;#/(2%,2( "##*-'#>-k.',1' .#$;0 0(?,2,%(;9
'48(&'40&1#>,(-&#? 1+#%<.8.'#%=4:#() #2&'420@
i!29&#%'(/&,0(4-nj&D,(224&-4,0@
=4230#2 %'#$3'% 4 ;#23 6#6(2% 420 ?,24;;9 2#00(0@
iN'(/(G- 4 -,%( C$-% 4/#$20 %'( 1#/2(/ .'(/( H42%( (2%'$-,4-%-
34%'(/@&a&"(%&-#6(#2(&%'(/(&'4-&4&1#>9&.(&142&"#//#.@j
ia%G- >/#"4";9 1;#-(05 %##5j D,(224 .4/2(0@ i!;6#-% (8(/9
>;41(&,2&%#.2&6#8(-&%'(&D4""4%'&4.49&?/#6&D$2049@j
iN',- >;41( .#$;02G% 0/(46 #? 0#,23 -$1' 4 %',235j =4230#2
/(>;,(0&.,%'&4&-6,;(@&ia%G-&4&1'$/1'@j

E,?%9 94/0- "(',20 %'(65 ;$/*,23 46#23 %'( 1/#.05 %'( 642
.,%' %'( -*,2 /4-' 420 3#;0 (4//,23 ;(42(0 #2 4 .4;;5 -48#/,23
%',- 1'421( %# 14%1' ',- "/(4%'@ 7,- "/(4%',23 .4- 2#% 3(%%,23
429 "(%%(/5 420 %'( /4-' #2 ',- ?41( .4- 2(4/;9 ,6>#--,";( %# ,3:
2#/(5 (->(1,4;;9 %'( -(2-,%,8( -*,2 C$-% 4"#8( ',- (9(-@ 7( %##*
#?? ',- O;$6( O4/,- 3;4--(- 420 3(2%;9 /$""(0 ',- -;((8( 41/#--
',- (9( -#1*(%-5 %/9,23 2#% %# "/(4* %'( -*,2@ +'(2 '( /(>;41(0
',- 3;4--(-5 '( 1#$;0 -(( ',- I$4//9 6#8,23 #2@ E#/1,23 ',6-(;?
%# ?#;;#.5 '( 1#2%,2$(0 4?%(/ %'(65 "/(4%',23 4- 3(2%;9 4-
>#--,";(@

D(8(/4; ";#1*- "(',20 =4230#2 420 D,(2245 ,2-,0( %'( 74;; #?

%'( E,8( 7$20/(05 !3(2% )/t0(/ -%##0 #8(/ %'( "/#*(2 "#09 #?
%'( 4;;:%##:?46,;,4/ ->,*(:'4,/(0 .#642 .'# .4- 2#. ;9,23
->/4.;(0 #$% #2 %'( ?;##/@ 7( *2(;% 0#.2 420 /(%/,(8(0 '(/
 RYQ[VZY
'4203$25 14/(?$;;9 /(6#8,23 %'( 1;,> ?#/ -4?(%9 "(?#/( '420,23
,%&#??&%#&#2(&#?&',-&6(2@
N'( >/(3242% 6$-($6 406,2,-%/4%#/5 \4/%4 !;84/(K5 -%##0
#?? %# #2( -,0(@ D'( '40 C$-% /(;49(0 %# )/t0(/ 4 "/,(? "$% -%4/%:
;,23 411#$2% #? .'4% '40 %/42->,/(0 .,%' <#"(/% =4230#2 -,21(
%'( >/(8,#$- 2,3'% L ,21;$0,23 4 -,23;( >,(1( #? ,2?#/64%,#2
%'4%&)/t0(/&.4-&-%,;;&%/9,23&%#&>/#1(--@
T&'B(4'%7,&.:*%54%+&8#%&:'#*.&/
)/t0(/ >$;;(0 #$% ',- >'#2( 420 0,4;(0@ N'( ;,2( 4% %'( #%'(/
(20 /423 %'/(( %,6(- "(?#/( ',- "#-- 42-.(/(05 -#$20,23 0,-:
%42%&420&$2-%(409@
i](-5&!3(2%&)/t0(/n&d#&4'(40@j
)/t0(/ ->#*( -;#.;9 %# (2-$/( %'4% ',- (8(/9 .#/0 .4- $2:
0(/-%##0@ i+( 4/( -%,;; %/9,23 %# ;#14%( =4230#2 420 %'( 3,/;5
"$% %'(/(G- "((2 42#%'(/ 0(8(;#>6(2%@j )/t0(/ >4$-(0@ i!20 ,?
,%G-&%/$(&L&,%&1'423(-&(8(/9%',23@j

N'( >/#8#-% >41(0 ',- #??,1(5 ?,3'%,23 %'( %(6>%4%,#2 %# >#$/

',6-(;? 42#%'(/ D1#%1'5 ?#/1,23 ',6-(;? %# ?41( %',- 3/#.,23
1/,-,-&'(40:#2@
A(8(/ ,2 ',- 14/((/ '40 '( "(%/49(0 4 1;,(2% #/ ?4,;(0 %# *((>
42 43/((6(2%5 420 '( 6#-% 1(/%4,2;9 '40 2# ,2%(2%,#2 #? -%4/%:
,23 2#.@ !% %'( -46( %,6( '( -$->(1%(0 %'4% '( 6,3'% '48( 3#%:
%(2 ',6-(;? %423;(0 $> ,2 4 -1(24/,# .'#-( >$/>#-( 0,8(/3(0
?/#6&.'4%&'(&'40&#/,3,24;;9&,643,2(0@
F2( 9(4/ 43#5 %'( ?46#$- 3(2(%,1,-% )(/%/420 m#"/,-% '40
1#6( 4"#4/0 1+# ?#'(&7.;: 420 /(I$(-%(0 4 -4?( '48(2 ,2
.',1' %# .#/*@ !% %'4% %,6( %'( >/#8#-% ,643,2(0 %'4% m#"/,-%
.4- >;422,23 %# 0(8(;#> 4 -(1/(% 6(0,14; >/#1(0$/( .'#-( >4%:
(2%,23 .#$;0 ,21/(4-( m#"/,-%G- 84-% ?#/%$2(@ a% .#$;0 2#% "(
%'( ?,/-% %,6( %'( M#2-#/%,$6 '40 "((2 ',/(0 "9 >4/42#,0
 RYR[VZY
-1,(2%,-%- 420 (23,2((/- .'# >/(?(//(0 .#/*,23 ,2 (B%/(6(
,-#;4%,#2&%#&>/(8(2%&%'(,/&84;$4";(&,0(4-&?/#6&"(,23&-%#;(2@
+,%' %'4% ,2 6,205 %'( >/#8#-% 411(>%(0 %'( 1;,(2% 420 .4-
2#% -$/>/,-(0 .'(2 '( ;(4/2(0 %'4% %'( >(#>;( 4% %'( +#/;0
7(4;%' F/342,K4%,#2 '40 "(3$2 -(4/1',23 ?#/ ',6@ A#/ 0,0 '(
3,8( ,% 4 -(1#20 %'#$3'% .'(2 %'( 0,/(1%#/ #? %'( +7F '(/:
-(;?kH/@ P;,K4"(%' D,2-*(9k-((6(0 %# 64*( ,% '(/ >(/-#24;
6,--,#2&%#&;#14%(&%'(,/&1;,(2%@
1+#%=4'*435.;:%+&*%&,9&)*%-&7#(%649#3-;,%&(8#3*&3.#*/
!- 43/((05 %'( M#2-#/%,$6 14//,(0 #$% %'(,/ 43/((6(2% .,%'
m#"/,-%5 2# I$(-%,#2- 4-*(05 %'.4/%,23 D,2-*(9G- (??#/%- %# ?,20
',6&?#/&%'(&(2%,/(&;(23%'&#?&%'(&-1,(2%,-%G-&1#2%/41%@
>,:4*5 %'(&(2%,/(&;(23%'@
=(-- %'42 4 .((* "(?#/( %'( 1#2%/41% .4- %# (B>,/(5 D,2-*(9
'40 -#6('#. ;#14%(0 m#"/,-% ,2 E;#/(21( 420 6#8(0 ,25 '4/:
4--,23 420 1'4-,23 ',6 $2%,; '( 1#66,%%(0 -$,1,0(@ E#/ %'(
?,/-% %,6( ,2 ',- 14/((/5 %'( >/#8#-% '40 ?4,;(0 %# >/#8,0( %'(
>/#%(1%,#2 '( '40 43/((0 %#5 420 ,% '4$2%(0 ',6 L 4;#23 .,%'
%'(&",K4//(&1,/1$6-%421(-&#?&m#"/,-%G-&0(4%'@
@#%74::.55#(%*;.7.(#%E%3&5+#3%5+&'%D#.'B%7&65;3#(L
O+&5%5+#%+#,,%9&*%n4D3.*5%6345#75.'BL
a2 %'( 4?%(/64%' #? ',- 0(4%'5 D,2-*(9 '40 1#2?,-14%(0 42
,%(6 ?/#6 m#"/,-%G- -4?(:0(>#-,% "#B5 420 2#. %'( M#2-#/%,$6
.4- ;#1*(0 ,2 4 '(40:%#:'(40 "4%%;( .,%' D,2-*(9 ,2
E;#/(21(k4&',3':-%4*(-&%/(4-$/(&'$2%&%#&?,20&L
14%-.'(%9+&5L
N'( >/#8#-% ?(;% ',6-(;? 3;421( ,2-%,21%,8(;9 %#.4/0 %'(
"##*-'(;? 420 %'( '(489 %#6( 3,8(2 %# ',6 %.# .((*- 43# "9
%'(&.,;0:(9(0&m#"/,-%@
1+#%<.8.'#%=4:#()/
N'( >/#8#-% /(%/,(8(0 %'( "##* 420 14//,(0 ,% "41* %# ',-
0(-*5 .'(/( '( 0/#>>(0 ,% .,%' 4 '(489 %'$0@ +,%' $2-%(409
?,23(/-5 '( #>(2(0 %'( 1#8(/ %# %'( ?,/-% >43( 420 434,2 /(40 %'(
,2-1/,>%,#2@
 RYS[VZY
?)%(#&3%-3.#'(C%5+&'$%)4;%-43%+#,6.'B%:#%-.'(%5+#%6&5+/
1+#%943,(%5+&'$*%)4;C%544/

H.3*5%4--5&%'(&>/#8#-%&%'#$3'%5 )4;%&'(%2%9#3#%'#8#3%-3.#'(*/
7( /(40 %'( ,2-1/,>%,#2 %'/(( 6#/( %,6(-@ N'(2 '( %$/2(0 ',-
(9(- %# %'( "/,3'% /(0 1,/1;( ',- 1;,(2% '40 -1/4.;(0 #2 ',- 14;:
(204/5&',3';,3'%,23&%#6#//#.G-&04%(@
1+#%943,(%5+&'$*%)4;L
7(&%$/2(0&420&34K(0&#$%&4%&%'(&'#/,K#2&4&;#23&6#6(2%@
a2 %'( -,;(21(5 '( %'#$3'% 4"#$% %'( 8,0(# 420 '(4/0 %'(
8#,1( #? ?41,;,%4%#/ `2#.;%#2 ?/#6 ',- (4/;,(/ >'#2( 14;;@ 2
5+4;B+5 )4; :.B+5 9&'5 54 63#8.#9 .5 D#-43# ;6,4&( E 5+#
74'5#'5%.*%^;.5#%(.*5;3D.'B/
N'( 14;; -%,;; >$KK;(0 %'( >/#8#-%@ `2#.;%#2 .4- #2( #? ',-
"(-% ?41,;,%4%#/-5 420 64*,23 -$1' 4 /(I$(-% .4- (2%,/(;9 #$% #?
1'4/41%(/@ 7( *2(. "(%%(/ %'42 %# -$33(-% 42 #8(//,0( #? %'(
1#6>4/%6(2%4;,K4%,#2&>/#%#1#;@
!?%(/ /(>;41,23 1+# <.8.'# =4:#() #2 %'( -'(;?5 %'( >/#8#-%
.4;*(0&%#&%'(&D1#%1'&"#%%;(&420&>#$/(0&',6-(;?&'4;?&4&3;4--@
7(&'40&4&8(/9&0,??,1$;%&0(1,-,#2&%#&64*(@
 M7!ONP< UR

`AF+A !D N7P M'$/1' #? H42%(5 %'( -421%$4/9 #? M',(-4 0, D42%4

\4/3'(/,%4 0(, M(/1', ,- 6#/( #? 4 1'4>(; %'42 4 1'$/1'@ N'(
%,295 #2(:/##6 '#$-( #? .#/-',> ,- 4 >#>$;4/ 0(-%,24%,#2 ?#/
0(8#%((- #? H42%( .'# /(8(/( ,% 4- %'( -41/(0 3/#$20 #2 .',1'
%/42->,/(0&%.#&>,8#%4;&6#6(2%-&,2&%'(&3/(4%&>#(%G-&;,?(@
!11#/0,23 %# ;#/(5 ,% .4- '(/( 4% %',- 1'$/1'5 4% %'( 43( #?
2,2(5 %'4% H42%( ?,/-% ;4,0 (9(- #2 )(4%/,1( O#/%,24/,k%'( .#:
642 .,%' .'#6 '( ?(;; ,2 ;#8( 4% ?,/-% -,3'%5 420 ?#/ .'#6 ',-
'(4/% 41'(0 ',- (2%,/( ;,?(@ N# H42%(G- 3/(4% 423$,-'5 )(4%/,1(
64//,(0 42#%'(/ 6425 420 %'(2 0,(0 4% %'( 9#$%'?$; 43( #?
%.(2%9:?#$/@
a% .4- 4;-# ,2 %',- 1'$/1'5 -#6( 9(4/- ;4%(/5 %'4% H42%( 64/:
/,(0 d(664 H#24%,k4 .#642 .'#5 (8(2 "9 %'( 411#$2% #? %'(
3/(4% ./,%(/ 420 >#(% )#11411,#5 .4- 4 >##/ 1'#,1( #? .,?( ?#/
H42%(@ H(->,%( '48,23 1',;0/(25 %'( 1#$>;( -'#.(0 ;,%%;( -,32-
#? 4??(1%,#2 ?#/ (41' #%'(/5 420 4?%(/ H42%(G- (B,;(5 2(,%'(/
->#$-(&-((6(0&(43(/&%#&-((&%'(&#%'(/&(8(/&434,2@
N'( ;#8( #? H42%(G- ;,?( '40 4;.49- "((2 420 .#$;0 4;.49-
/(64,2 %'( 0(>4/%(0 )(4%/,1( O#/%,24/,5 .'#6 H42%( '40
-14/1(;9 *2#.25 420 9(% .'#-( 6(6#/9 .4- -# #8(/>#.(/,23
?#/ ',6 %'4% '(/ 3'#-% "(146( %'( 6$-( %'4% ,2->,/(0 ',-
3/(4%(-%&.#/*-@
H42%(G- 1(;("/4%(0 8#;$6( #? >#(%/9 T& J.5& S;48& #8(/:
?;#.- .,%' ?;4%%(/,23 8(/-(- 4"#$% i%'( ";(--(0 )(4%/,1(@j \#/(
.#/-',>?$; -%,;;5 1+# <.8.'# =4:#() 14-%- )(4%/,1( 4- 2#2( #%':
(/ %'42 %'( -48,#/ .'# 3$,0(- H42%( %'/#$3' >4/40,-(@ a2 "#%'
.#/*-5&H42%(&;#23-&?#/&',-&$24%%4,24";(&;409@
 RYU[VZY
A#.4049-5 %'( M'$/1' #? H42%( '4- "(1#6( 4 -'/,2( ?#/ %'(
"/#*(2'(4/%(0 .'# -$??(/ ?/#6 $2/(I$,%(0 ;#8(@ N'( %#6" #?
9#$23 )(4%/,1( '(/-(;? ,- ,2-,0( %'( 1'$/1'5 420 '(/ -,6>;( -(>:
$;1'/( '4- "(1#6( 4 >,;3/,643( 0(-%,24%,#2 ?#/ "#%' H42%(
?42-&420&'(4/%-,1*&;#8(/-&4;,*(@
N',- 6#/2,235 4- =4230#2 420 D,(224 .#$20 %'(,/ .49
%'/#$3' #;0 E;#/(21( %#.4/0 %'( 1'$/1'5 %'( -%/((%- 1#2%,2$(0
%# 24//#. $2%,; %'(9 "(146( ;,%%;( 6#/( %'42 3;#/,?,(0 >(0(-%/,:
42 .4;*.49-@ !2 #114-,#24; ;#14; 14/ 4>>(4/(05 ,21',23
%'/#$3' %'( 64K( 420 ?#/1,23 >(0(-%/,42- %# ?;4%%(2 %'(6-(;8(-
434,2-%&%'(&"$,;0,23-&4-&,%&>4--(0@
iN'( 1'$/1' ,- C$-% 4/#$20 %'( 1#/2(/5j =4230#2 %#;0 D,(2245
'#>(?$; %'4% #2( #? %'( %#$/,-%- ,2-,0( .#$;0 "( 4";( %# '(;>
%'(6@ 7( *2(. %'(,/ 1'421(- #? ?,20,23 4 3##0 D464/,%42 .(/(
"(%%(/ 2#. %'4% D,(224 '40 %4*(2 "41* '(/ .,3 ,2 (B1'423( ?#/
=4230#2G- C41*(%5 420 "#%' '40 /(8(/%(0 %# %'(,/ 2#/64; -(;8(-5
%/42-?#/6,23 ?/#6 /#1*(/ 420 -*,2'(40 L %# 1#;;(3( >/#?(--#/
420&1;(42:1$%&9#$23&.#642@
=4230#2&.4-&/(;,(8(0&#21(&434,2&%#&?((;&;,*(&',6-(;?@
!- %'(9 -%/#0( ,2%# 42 (8(2 %,3'%(/ 4;;(9.49k%'( g,4 0(;
O/(-%#k=4230#2 -1422(0 %'( 84/,#$- 0##/.49-@ N'( (2%/421(
#? %'( 1'$/1' .4- 4;.49- %/,1*9 %# ;#14%( "(14$-( %'( "$,;0,23
,%-(;? .4- 8(/9 -64;;5 $240#/2(05 420 .(03(0 %,3'%;9 "(%.((2
%.# #%'(/ "$,;0,23-@ F2( 1#$;0 (4-,;9 .4;* >4-% ,% .,%'#$% (8(2
2#%,1,23@ F00;95 ,% .4- #?%(2 (4-,(/ %# ;#14%( %',- 1'$/1' $-,23
2#%&#2(G-&(9(-&L&"$%&#2(G- #&3*@
F2( #? %'( >(1$;,4/,%,(- #? =4 M',(-4 0, D42%4 \4/3'(/,%4 0(,
M(/1', .4- %'4% ,% '#-%(0 ?/(I$(2% 1#21(/%-5 420 .'(2 2# 1#2:
1(/% .4- -1'(0$;(05 %'( 1'$/1' >,>(0 ,2 /(1#/0,23- #? %'#-(
1#21(/%-&-#&8,-,%#/-&1#$;0&(2C#9&%'(&6$-,1&4%&429&%,6(@
!- 42%,1,>4%(05 4- %'(9 408421(0 0#.2 %'( 4;;(9.495 =423:
0#2 "(342 %# '(4/ %'( %',2 -%/4,2- #? /(1#/0(0 6$-,15 .',1'
3/(. -%(40,;9 ;#$0(/5 $2%,; '( 420 D,(224 .(/( -%420,23 "(?#/(
%'( ,21#2->,1$#$- (2%/421(@ N'( #2;9 ,20,14%,#2 %'4% %',- .4-
 RYV[VZY
,20((0 %'( 1#//(1% ;#14%,#2 .4- 4 %,29 -,32k%'( 42%,%'(-,- #?
%'( "/,3'% /(0 "422(/ 4% %'( \$-(# M4-4 0, H42%(k%'4%
'$6";9 422#$21(0 %'4% %',- .4- %'( 1'$/1' #? H42%( 420
)(4%/,1(@
+'(2 =4230#2 420 D,(224 -%(>>(0 #?? %'( -%/((% ,2%# %'(
04/* 1#2?,2(- #? %'( 1'$/1'5 %'( 4,/ 3/(. 1##;(/ 420 %'( 6$-,1
3/(. ;#$0(/@ N'( ,2%(/,#/ .4- -%4/* 420 -,6>;( L -64;;(/ %'42
=4230#2 /(14;;(0@ N'(/( .4- #2;9 4 '420?$; #? %#$/,-%-5 6,23:
;,235 ./,%,23 ,2 C#$/24;-5 -,%%,23 I$,(%;9 ,2 %'( >(.- (2C#9,23 %'(
6$-,15&#/&(B46,2,23&%'(&1$/,#$-&1#;;(1%,#2&#?&4/%.#/*@
+,%' %'( (B1(>%,#2 #? %'( \40#224:%'(6(0 4;%4/>,(1( "9
A(/, 0, ),11,5 4;6#-% 4;; #? %'( #/,3,24; 4/% ,2 %',- 1'4>(; '40
"((2 /(>;41(0 .,%' 1#2%(6>#/4/9 >,(1(- /(>/(-(2%,23 %'( %.#
1(;("/,%,(-kH42%( 420 )(4%/,1(k%'( /(4-#2- 6#-% 8,-,%#/-
-#$3'% #$% %',- %,29 1'4>(;@ \#-% #? %'( >4,2%,23- 0(>,1%(0
H42%(G- ;#23,23 34K( 0$/,23 ',- ?46#$- ?,/-% (21#$2%(/ .,%'
)(4%/,1(5 0$/,23 .',1' %'( >#(%5 "9 ',- #.2 411#$2%5 ,2-%42%;9
?(;; ,2 ;#8(@ N'( >4,2%,23- .(/( #? .,0(;9 84/9,23 I$4;,%95 420
6#-%5 %# =4230#2G- %4-%(5 -((6(0 *,%-1'9 420 #$% #? >;41(@ a2
#2( -$1' /(20(/,235 H42%(G- ,1#2,1 /(0 14> .,%' (4/?;4>- ;##*(0
;,*( -#6(%',23 H42%( '40 -%#;(2 ?/#6 D42%4 M;4$-@ A#2(%'(:
;(--5 %'( /(1$//,23 %'(6( #? %'( >#(%G- 9(4/2,23 34K( 4% ',-
6$-(5 )(4%/,1(5 ;(?% 2# 0#$"% %'4% %',- .4- 4 1'$/1' #? >4,2?$;
;#8(k$2?$;?,;;(05&$2/(I$,%(05&420&$24%%4,2(0@
=4230#2 %$/2(0 ,2-%,21%,8(;9 %# ',- ;(?% 420 34K(0 $>#2 %'(
6#0(-% %#6" #? )(4%/,1( O#/%,24/,@ N',- .4- %'( >/,64/9 /(4-:
#2 >(#>;( 8,-,%(0 %',- 1'$/1'5 4;%'#$3' 2#% -# 6$1' %# -(( %'(
%#6"&,%-(;?&4-&%#&-((&%'(&?46#$-&#"C(1%&%'4%&-4%&"(-,0(&,%@
>%9.7$#3%D&*$#5/
N',- 6#/2,235 4- 4;.49-5 %'( -,6>;( .,1*(/ "4-*(% -4% "(-,0(
)(4%/,1(G- %#6"@ !20 %',- 6#/2,235 4- 4;.49-5 ,% .4- #8(/?;#.:
,23 .,%' ?#;0(0 -;,>- #? >4>(/k(41' 4 '420./,%%(2 ;(%%(/ ?/#6 4
8,-,%#/5&./,%%(2&%#&)(4%/,1(&'(/-(;?@
 RYW[VZY
)(4%/,1( O#/%,24/, '40 "(1#6( -#6(%',23 #? 4 >4%/#2 -4,2% #?
-%4/:1/#--(0 ;#8(/-5 420 411#/0,23 %# ;#23:-%420,23 %/40,%,#25
'420./,%%(2 >/49(/- %# )(4%/,1( 1#$;0 "( 0(>#-,%(0 ,2 %'( "4-:
*(% ,2 %'( '#>( %'4% -'( .#$;0 ,2%(/8(2( #2 %'( ./,%(/G- "(:
'4;?k>(/'4>- ,2->,/,23 -#6(#2( %# ;#8( %'(6 6#/(5 #/ '(;>,23
%'(6 ?,20 %'(,/ %/$( ;#8(5 #/ (8(2 3,8,23 %'(6 %'( -%/(23%' %#
?#/3(%&4&;#8(&.'#&'40&>4--(0&4.49@
=4230#25 6429 9(4/- 43#5 .',;( ,2 %'( %'/#(- #? /(-(4/1',23
4 "##* #2 4/% ',-%#/95 '40 >4$-(0 ,2 %',- 1'$/1' %# ;(48( 4 2#%(
,2 %'( "4-*(%5 (2%/(4%,23 H42%(G- 6$-( 2#% %# 3/42% ',6 %/$(
;#8(5 "$% %# -'(0 #2 ',6 -#6( #? %'( ,2->,/4%,#2 %'4% '40 (2:
4";(0&H42%(&%#&./,%(&',-&64--,8(&%#6(@
".'B%.'%:#C%?;*#C%&'(%5+34;B+%:#%5#,,%5+#%*543)%E
N'( #>(2,23 ;,2( #? 7#6(/G- K()**#) '40 -((6(0 4 .#/%'9
-$>>;,14%,#25 420 =4230#2 -(1/(%;9 "(;,(8(0 ',- 6(--43( '40
,20((0 ->4/*(0 )(4%/,1(G- 0,8,2( ,2->,/4%,#25 ?#/ $>#2 ',- /(:
%$/2&'#6(5&'(&'40&./,%%(2&%'(&"##*&.,%'&$2$-$4;&(4-(@
Q"7;*&5#FR D,(224G- 8#,1( "##6(0 -$00(2;9@ QZ45#5# &*74,V
5&3:.%5;55.LR%A8#3)4'#L
=4230#2 ->$2 %# -(( D,(224 ;#$0;9 400/(--,23 %'( -14%%(/,23
#? %#$/,-%-5 4;; #? .'#6 2#. 3;421(0 #8(/ 4% '(/5 ;##*,23 -#6(:
.'4%&4;4/6(0@
D,(224 -6,;(0 -.((%;9 4% (8(/9#2( 420 4-*(0 ,2 a%4;,42 ,?
429#2( '4>>(2(0 %# '48( 4 1#>9 #? H42%(G- <.8.'# =4:#()@
!?%(/ -#6( -%/423( ;##*- 420 -'4*(- #? %'( '(405 -'( %/,(0 %'(
I$(-%,#2&,2&P23;,-'5&.,%'#$%&429&6#/(&-$11(--@
!2 #;0(/ .#642 .'# .4- -.((>,23 %'( 4;%4/ ',--(0 -'4/>;9
4%&D,(224&420&'(;0&$>&4&?,23(/&%#&'(/&;,>-&?#/&-,;(21(@
D,(224 %$/2(0 "41* %# =4230#2 420 ?/#.2(05 4- ,? %# -495
iA#.&.'4%nj
D,(224G- 14;;,23:4;;:14/- -#;,1,%4%,#2 .4- 2#% I$,%( .'4%
=4230#2 '40 '40 ,2 6,205 "$% '( '40 %# 406,% '(G0 42%,1,>4%(0
4 "(%%(/ /(->#2-( %'42 -'(G0 /(1(,8(0@ F2 >/(8,#$- 8,-,%-5 =423:
0#2 '40 -((2 2# -'#/%43( #? %#$/,-%- /(40,23 1+# <.8.'#
 RYX[VZY
=4:#() ,2 %',- '4;;#.(0 ->41(5 4>>4/(2%;9 (2C#9,23 4 %#%4; ,6:
6(/-,#2&,2&%'(&H42%(&(B>(/,(21(@
S45%*4%54(&)/
=4230#2 -(% ',- -,3'%- #2 42 (;0(/;9 1#$>;( -(4%(0 2(4/ %'(
?/#2% #? %'( 1'$/1'@ N'( #;0 642G- "4;0 '(40 .4- 0,>>(0 ?#/:
.4/05 1',2 %# 1'(-%e 1;(4/;9 '( .4- -%(4;,23 4 24>@ N'( .#642
"(-,0( ',6 -((6(0 8(/9 6$1' 4.4*(5 .,%' 4 >4,/ #? .',%( (4/:
"$0&14";(-&0423;,23&?/#6&"(2(4%'&'(/&3/49&'4,/@
> B,.::#3 4- 634:.*#5 =4230#2 %'#$3'%5 64*,23 ',- .49 $>
%'( 4,-;( $2%,; '( .4- (8(2 .,%' %'( 1#$>;(@ !- =4230#2 '40
'#>(05 %'( .#642G- %(;;%4;( .',%( (4/"$0- -24*(0 0#.2 %# 42
,O'#2( ,2 '(/ ;4>@ D(2-,23 -'( .4- "(,23 .4%1'(05 -'( ;##*(0
$>&420&>$;;(0&%'(&(4/"$0-&?/#6&'(/&(4/-@
=4230#2 '40 2# ,0(4 .'4% ;423$43( %'( .#642 ->#*(5 "$%
%'( 3;#"4; >/#;,?(/4%,#2 #? ,O'#2(-5 ,O40-5 420 ,O#0- '40 /(-$;:
%(0 ,2 4 8#14"$;4/9 4- $2,8(/-4;;9 $20(/-%##0 4- %'( 64;([?(:
64;(&-96"#;-&%'4%&3/41(0&/(-%/##6-&4/#$20&%'(&.#/;0@
i,O'#2(nj&=4230#2&4-*(05&406,/,23&'(/&0(8,1(@
N'( #;0 .#642 "/,3'%(2(0 4% #21(5 2#00,23 >/#$0;9@ iD$1'
4 1;(8(/ ;,%%;( %#95j -'( .',->(/(0 ,2 4 )/,%,-' 411(2%@ i\9 -#2
3#% ,% ?#/ 6(@ aG6 ;,-%(2,23 %# 69 (:64,;@ M42 9#$ "(;,(8(
,%k,.*5#'.'B %# 69 (:64,;n N',- ;,%%;( %/(4-$/( 41%$4;;9 3#&(* ,%
?#/&6(@&+,%'&69&#;0&(9(-5&,%G-&-$1'&4&'(;>@j
ia '48( #2(5 %##5j =4230#2 -4,0 .,%' 4 -6,;( 4- '( -4% 0#.2
"(-,0( '(/5 14/(?$; 2#% %# .4*( $> '(/ -;((>,23 '$-"420@ i)$%
-#6('#.&a&;#-%&,%&;4-%&2,3'%@j
iF'5 %/43(09l H,0 9#$ %/9 %'( o?,20 9#$/ ,O'#2(G ?(4%$/(n \9
-#2&-49-kj
iD%$>,0 6(5 a 2(8(/ 41%,84%(0 %'4% ?(4%$/(@j =4230#2 348(
'(/ 4 -'((>,-' ;##* 420 8(2%$/(0 '(-,%42%;95 ia? ,%G- 2#% %##
6$1' #? 42 ,2%/$-,#25 .#$;0 9#$ 6,20 %(//,";9 ,? a "#//#.(0
9#$/- ?#/ C$-% 4 6#6(2%n a 2((0 %# ;##* $> -#6(%',23 #2;,2(@ a%
.#$;0&"(&4&",3&'(;>&%#&6(@j
 RYY[VZY
iF? 1#$/-(lj D'( >$;;(0 #$% %'( (4/"$0- 420 %'/$-% %'( 0(8,1(
,2%#&',-&'420-@&iA#&>/#";(6&4%&4;;l&O##/&0(4/@j
=4230#2 %'42*(0 '(/ 420 %##* %'( >'#2(@ +',;( -'( >/4%%;(0
#2 "(-,0( ',6 4"#$% '#. %(//,";( -'( .#$;0 ?((; ,? -'( ;#-% '(/
,O'#2(5 =4230#2 >$;;(0 $> d##3;(G- -(4/1' .,20#. 420
>/(--(0 %'( 6,1/#>'#2( "$%%#2@ +'(2 %'( >'#2( "((>(0 #21(5
=4230#2&4/%,1$;4%(0&',-&-(4/1'&-%/,23@
iH42%(5 <.8.'#%=4:#()5 Z&3&(.*#5&M42%#&N.(2%9:?,8(@j
N'( .#642 ;##*(0 464K(05 4>>4/(2%;9 '48,23 9(% %# ;(4/2
4"#$% %',- ?(4%$/(@ !- %'( -(4/1' /(-$;%- "(342 %# 64%(/,4;,K( #2
%'( %,29 -1/((25 =4230#2 -%#;( 4 I$,1* 3;421( "41* 4% D,(2245
.'# .4- %'$6",23 %'/#$3' -#6( >/,2%(0 64%(/,4; 2(4/ %'(
"4-*(%&#?&;(%%(/-&%#&)(4%/,1(@
A#% ?4/ ?/#6 .'(/( D,(224 -%##05 4 642 ,2 4 2(1*%,( .4-
*2((;,23 ,2 %'( -'40#.-5 >/49,23 ,2%(2%;95 ',- '(40 "#.(0 ;#.@
=4230#2 1#$;02G% -(( ',- ?41(5 "$% '( ?(;% 4 >423 #? -402(-- ?#/
%'( -#;,%4/9 6425 .'# '40 >/#"4";9 ;#-% ',- ;#8(0 #2( 420 '40
1#6(&'(/(&?#/&1#6?#/%@
=4230#2 /(%$/2(0 ',- ?#1$- %# %'( ,O'#2(5 420 .,%',2
-(1#20- .4- 4";( %# >$;; $> 4 ;,2* %# 4 0,3,%4; #??(/,23 #? 1+#
<.8.'# =4:#()W ?/((;9 411(--,";( "(14$-( ,% .4- ,2 %'( >$";,1
0#64,2@ +'(2 %'( >43( #>(2(0 >/(1,-(;9 %# M42%# RU5 '( '40
%# 406,% '( .4- ,6>/(--(0 .,%' %'( %(1'2#;#39@ 208# B45 54 *546
D#.'B *;7+ & *'4D &D4;5 ,#&5+#3VD4;'( D44$*5 '( /(6,20(0
',6-(;?@ AVD44$*%(4%+&8#%5+#.3%:4:#'5*/
!- %'( (;0(/;9 .#642 ;##*(0 #25 -'#.,23 4 ",% #? 1#21(/2
420 -49,23 -#6(%',23 4"#$% %'( ',3' 04%4 /4%(- ?#/ -$/?,23 %'(
a2%(/2(% 4"/#405 =4230#2 -(2-(0 %'4% ',- .,20#. #? #>>#/%$2:
,%9 .#$;0 "( "/,(?5 420 '( ?#1$-(0 ,2%(2%;9 #2 %'( +(" >43( "(:
?#/(&',6@
N'( %(B% .4- -64;;5 "$% %'( 0,6 ;,3'%,23 ,2 %'( 1'4>(; 640(
%'( ,;;$6,24%(0 -1/((2 6#/( ;(3,";(@ =4230#2 .4- >;(4-(0 %#
-(( '( '40 /420#6;9 -%$6";(0 ,2%# %'( \420(;"4$6 %/42-;4:
%,#2k4 >#>$;4/ 6#0(/2 /(20,%,#2 "9 %'( ;4%( !6(/,142
 SZZ[VZY
>/#?(--#/ !;;(2 \420(;"4$6@ E#/ ',- 04KK;,23 %/42-;4%,#25
\420(;"4$6 '40 /(1(,8(0 a%4;9G- ',3'(-% '#2#/5 %'( O/(-,0(2:
%,4; M/#-- #? %'( F/0(/ #? %'( D%4/ #? a%4;,42 D#;,04/,%9@ +',;(
406,%%(0;9 ;(-- #8(/%;9 >#(%,1 %'42 =#23?(;;#.G- 8(/-,#25 \42:
0(;"4$6G-&%/42-;4%,#2&%(20(0&%#&"(&?4/&6#/(&1#6>/('(2-,";(@
14(&) 20,, 5&$# 7,&3.5) 48#3 64#*)5 =4230#2 %'#$3'%5 '#>,23
%# I$,1*;9 ->#% ,2 %'( %(B% 4 /(?(/(21( %# 4 ->(1,?,1 ;#14%,#2 ,2
E;#/(21(k%'( ;#14%,#2 .'(/( a324K,# ',0 %'( H42%( 0(4%'
64-*@
N'( ,O'#2(G- %,29 -1/((2 0,->;49(0 #2;9 -,B ;,2(- #? %(B% 4% 4
%,6(5 420 4- =4230#2 "(342 %# /(405 '( /(14;;(0 %'( >4--43(@ a2
%'( #>(2,23 #? M42%# RU5 H42%( /(?(/(21(0 1+# <.8.'# =4:#()
,%-(;?5 %'( >'9-,14; %#;; ,%- ./,%,23 '40 %4*(2 #2 ',65 420 %'(
41',23 '#>( %'4% >(/'4>- ',- '(48(2;9 >#(6 1#$;0 #8(/1#6(
%'( .#;?,-' "/$%4;,%9 #? %'( (B,;( %'4% *(>% ',6 ?/#6 ',- ?4,/
E;#/(21(@

=>S1K%mmJ
a?&,%&-'#$;0&'4>>(2&L&,?&%',-&-41/(0&>#(6k
%',-&.#/*&-#&-'4/(0&"9&'(48(2&420&"9&(4/%'
%'4%&,%&'4-&640(&6(&;(42&%'/#$3'&%'(-(&;#23&9(4/-k
142&(8(/&#8(/1#6(&%'(&1/$(;%9
%'4%&"4/-&6(&?/#6&%'(&?4,/&?#;0&.'(/(&a&-;(>%5
4&;46"&#>>#-(0&%#&.#;8(-&%'4%&.4/&#2&,%&L

+',;( %'( >4--43( .4- 4 /(6,20(/ %'4% ?4,/ E;#/(21( .4- %'(
'#6( ?#/ .',1' H42%( ;#23(0 .',;( ./,%,23 1+# <.8.'# =4:V
#()5 =4230#2 -4. 2# /(?(/(21( %# 429 ->(1,?,1 ;#14%,#2 ,2 %'(
1,%9@
i+'4% 0# 9#$ *2#. 4"#$% 04%4 1'4/3(-nj %'( .#642 ,2%(/:
/$>%(05 (9(,23 '(/ ,O'#2( .,%' -$00(2 1#21(/2@ ia C$-% /(:
6(6"(/(0 69 -#2 %#;0 6( %# "( 14/(?$; 4"#$% +(" -$/?,23
4"/#40@j
 SZQ[VZY
=4230#2 4--$/(0 '(/ '( .#$;0 "( #2;9 4 6,2$%( 420 #??(/(0
%# /(,6"$/-( '(/5 "$% (8(2 -#5 '( -(2-(0 -'( .#$;0 2(8(/ ;(%
',6&/(40&4;;&#2(&'$20/(0&;,2(-&#?&M42%#&RU@
7( I$,1*;9 -1/#;;(0 0#.2 %# %'( 2(B% -,B ;,2(- 420 1#2%,2$(0
/(40,23@

)9&%'(2&.,%'&#%'(/&8#,1(5&.,%'&#%'(/&?;((1(5
a&-'4;;&/(%$/2&4-&>#(%&420&>$%&#25
4%&69&"4>%,-64;&?#2%5&%'(&;4$/(;&1/#.2e
?#/&%'(/(&a&?,/-%&?#$20&(2%/9&%#&%'4%&?4,%'
.',1'&64*(-&-#$;-&.(;1#6(&$2%#&d#05&420&%'(25
?#/&%'4%&?4,%'5&O(%(/&34/;420(0&69&"/#.@

=4230#2 ;##-(;9 /(14;;(0 %',- >4--43(5 %##k42 #";,I$( /(?(/:

(21( %# 4 >#;,%,14; 0(4; #??(/(0 %# H42%( "9 ',- (2(6,(-@ !11#/0:
,23 %# ',-%#/95 %'( i.#;8(-j .'# "42,-'(0 H42%( ?/#6 E;#/(21(
'40 %#;0 ',6 '( 1#$;0 /(%$/2 %# %'( 1,%9 #2;9 ,? '( 43/((0 %# (2:
0$/( 4 >$";,1 -'46,23k%'4% #? -%420,23 "(?#/( 42 (2%,/( 1#2:
3/(34%,#25 4;#2( 4% ',- "4>%,-64; ?#2%5 .(4/,23 #2;9 -41*1;#%'
4-&42&406,--,#2&#?&',-&3$,;%@
a2 %'( >4--43( =4230#2 '40 C$-% /(405 H42%(5 '48,23 0(:
1;,2(0 %'( 0(4;5 >/#1;4,6- %'4% ,? '( (8(/ /(%$/2- %# ',- "4>%,-:
64; ?#2%5 '( .,;; "( .(4/,23 2#% %'( -41*1;#%' #? 4 3$,;%9 642
"$%&%'(&;4$/(;&1/#.2&#?&4&>#(%@
=4230#2 /4,-(0 ',- ,20(B ?,23(/ %# -1/#;; ?4/%'(/5 "$% %'( .#:
642 -$00(2;9 >/#%(-%(05 '#;0,23 #$% '(/ '420 ?#/ %'( ,O'#2(5
4>>4/(2%;9&'48,23&/(1#2-,0(/(0&'(/&;#42@
=4230#2 "4/(;9 '(4/0 '(/@ a2 %'( ->;,% -(1#20 "(?#/( '( '40
%#$1'(0 %'( -1/((25 ',- (9( '40 3;#--(0 #8(/ 4 ;,2( #? %(B% L
-((,23&,%&4&-(1#20&%,6(@

a&-'4;;&/(%$/2&4-&>#(%&420&>$%&#25
4%&69&"4>%,-64;&?#2%5&%'(&;4$/(;&1/#.2e
 SZR[VZY
=4230#2 -%4/(0 4% %'( .#/0-5 -(2-,23 %'4% ,2 ',- (43(/2(-- %#
?,20 6(2%,#2 #? 4 ->(1,?,1 ;#14%,#25 '(G0 4;6#-% 6,--(0 4 3;#.:
,23&>/#->(1%&,2&%'(&8(/9&#>(2,23&;,2(-@

4%&69&"4>%,-64;&?#2%&L

E;#/(21( .4- '#6( %# #2( #? %'( .#/;0G- 6#-% 1(;("/4%(0

"4>%,-64; ?#2%-5 .',1' ?#/ 6#/( %'42 -(8(2 '$20/(0 9(4/- '40
"((2 $-(0 %# >$/,?9 420 1'/,-%(2 9#$23 E;#/(2%,2(-k46#23
%'(65&H42%(&!;,3',(/,@
=4230#2 ,66(0,4%(;9 1#2C$/(0 42 ,643( #? %'( "$,;0,23
1#2%4,2,23 %'( ?#2%@ a% .4- 4 ->(1%41$;4/5 #1%43#24; (0,?,1( %'4%
,2 6429 .49- .4- 6#/( '(48(2;9 %'42 %'( H$#6# ,%-(;?@ 7(
2#.&.#20(/(0&,?&>(/'4>-&'(G0&/(40&4;;&'(&2((0(0&%#&/(40@
=4;,(%5+.*%D;.,(.'B%D#%5+#%6,&7#%2B'&`.4%9&*%3#-#33.'B%54L
! /49 #? 3#;0(2 ;,3'% ";4K(0 2#. ,2 =4230#2G- 6,20 4- 4
"(4$%,?$; ,643( 64%(/,4;,K(0k4 ->(1%41$;4/ -(% #? "/#2K(
0##/-k/40,42%&420&3;,-%(2,23&,2&%'(&6#/2,23&-$2@
2%$'49%9+&5%2B'&`.4%9&*%53).'B%54%5#,,%:#F
!29 ;,23(/,23 0#$"%- (84>#/4%(0 42 ,2-%42% ;4%(/ .'(2 '(
/(4;,K(0 %'4% a324K,# )$-#2, .4- #2( #? %'( 4',) >(#>;( ,2
E;#/(21(&.'#&1#$;0&>#--,";9&$2;#1*&%'#-(&0##/-@
P4D#35C%5+#%B&5#*%&3#%46#'%54%)4;C%D;5%)4;%:;*5%+;33)/
=4230#2 '420(0 %'( ,O'#2( "41* %# %'( #;0 .#642 420
%'42*(0&'(/&>/#?$-(;9@
7( /$-'(0 #8(/ %# D,(224 420 .',->(/(0 (B1,%(0;95 ia *2#.
.'4%&34%(-&a324K,#&.4-&%4;*,23&4"#$%l&N'( I&5#*%4-%Z&3&(.*#lj
D,(224 ;##*(0 0$",#$-@ iN'( 34%(- #? >4/40,-(n !/(2G% %'#-(
L&,2&'(48(2nj
i!1%$4;;95j =4230#2 -4,05 3,8,23 '(/ 4 ./9 -6,;( 420 '(40,23
?#/&%'(&0##/5&i,?&9#$&*2#.&.'(/(&%#&;##*5&E;#/(21( .* '(48(2@j
 M7!ONP< US

2%"@>TT%PA1GPS &*%64#5%E%&5%:)%D&65.*:&,%-4'5/
H42%(G- .#/0- (1'#(0 /(>(4%(0;9 ,2 =4230#2G- 6,20 4- '(
;(0 D,(224 2#/%'.4/0 4;#23 %'( 24//#. >4--43(.49 *2#.2 4-
g,4 0(;;# D%$0,#@ N'(,/ 0(-%,24%,#2 ;49 4'(405 420 .,%' (8(/9
-%(> =4230#2 .4- ?((;,23 6#/( 1#2?,0(2% %'4% %'(9 .(/( #2 %'(
/,3'%&1#$/-(&420&'40&;(?%&%'(,/&>$/-$(/-&"(',20@
1+#%B&5#*%&3#%46#'%54%)4;C%D;5%)4;%:;*5%+;33)/
!- %'(9 2(4/(0 %'( (20 #? %'( 1'4-6;,*( 4;;(9.495 =4230#2
1#$;0 4;/(409 '(4/ %'( ;#. %'/$6 #? 41%,8,%9 4'(40@ !"/$>%;9
%'( 148(/2 #2 (,%'(/ -,0( #? %'(6 348( .495 ->,;;,23 %'(6 #$%
,2%#&4&->/4.;,23&(B>42-(@
N'(&O,4KK4&0(;&H$#6#@
N',- (2#/6#$- >;4K4 .,%' ,%- 1#6>;(B 2(%.#/* #? -%/$1%$/(-
.4- %'( 421,(2% /(;,3,#$- 1(2%(/ #? E;#/(21(@ \#/( #? 4 %#$/,-%
1(2%(/ 2#.4049-5 %'( >,4KK4 .4- 4;/(409 "$-%;,23 .,%' %#$/
"$-(- 420 %'/#23- #? 8,-,%#/- 1/#.0,23 4/#$20 E;#/(21(G-
?46(0&14%'(0/4;@
748,23 4//,8(0 #2 %'( -#$%' -,0( #? %'( >,4KK45 =4230#2 420
D,(224 .(/( 2#. ?41,23 %'( -,0( #? %'( 14%'(0/4; .,%' ,%-
04KK;,23 (B%(/,#/ #? 3/((25 >,2*5 420 .',%( 64/";(@ !- "/(4%':
%4*,23 ,2 ,%- -,K( 4- ,% .4- ,2 %'( 4/%,-%/9 %'4% '40 3#2( ,2%# ,%-
1#2-%/$1%,#25 %'( 14%'(0/4; -%/(%1'(0 #?? ,2 "#%' 0,/(1%,#2- %#
-((6,23;9 ,6>#--,";( 0,-%421(-5 ,%- ?$;; ;(23%' 2(4/;9 (I$4; %#
%'4%&#?&%'(&+4-',23%#2&\#2$6(2%&;4,0&#2&,%-&-,0(@
H(->,%( ,%- 4"420#26(2% #? %/40,%,#24; 6#2#1'/#64%,1
-%#2( ?,;,3/(( ,2 ?48#/ #? 42 $2$-$4;;9 ?;46"#942% 6,B #? 1#;#/-5
%'( -%/$1%$/( .4- >$/( d#%',1k1;4--,15 /#"$-%5 420 (20$/,23@
!06,%%(0;95 =4230#25 #2 ',- ?,/-% %/,> %# E;#/(21(5 '40 ?#$20
 SZT[VZY
%'( 4/1',%(1%$/( 4;6#-% 34$09@ F2 -$"-(I$(2% %/,>-5 '#.(8(/5
'( ?#$20 ',6-(;? -%$09,23 %'( -%/$1%$/( ?#/ '#$/- 4% 4 %,6(5
-%/423(;9 14>%,84%(0 "9 ,%- $2$-$4; 4(-%'(%,1 (??(1%-5 420 ?,24;;9
4>>/(1,4%,23&,%-&->(1%41$;4/&"(4$%9@
a; H$#6#k#/5 6#/( ?#/64;;95 %'( M4%'(0/4; #? D42%4 \4/,4
0(; E,#/(k,2 400,%,#2 %# >/#8,0,23 4 2,1*246( ?#/ a324K,#
)$-#2,5 '40 ;#23 >/#8,0(0 2#% #2;9 4 ->,/,%$4; '(4/% %#
E;#/(21( "$% 1(2%$/,(- #? 0/464 420 ,2%/,3$(@ N'( "$,;0,23G-
8#;4%,;( >4-% /423(0 ?/#6 ;#23 420 8,1,#$- 0("4%(- #8(/ g4-:
4/,G- 6$1':0(->,-(0 ?/(-1# #? 1+# T&*5 _;(B:#'5 #2 %'(
0#6(G- ,2%(/,#/ L %# %'( '#%;9 0,->$%(0 1#6>(%,%,#2 %# -(;(1%
%'(&4/1',%(1%&%#&?,2,-'&%'(&0#6(&,%-(;?@
E,;,>># )/$2(;;(-1', '40 (8(2%$4;;9 -(1$/(0 %'( ;$1/4%,8(
1#2%/41% 420 1#6>;(%(0 %'( 0#6(k%'( ;4/3(-% #? ,%- *,20 4% %'(
%,6(k420 %# %',- 049 )/$2(;;(-1', ',6-(;? 142 "( -((2 ,2
-1$;>%$/(5 -(4%(0 #$%-,0( %'( O4;4KK# 0(, M42#2,1,5 -%4/,23 1#2:
%(2%(0;9&$>&4%&',-&64-%(/>,(1(@
N',- 6#/2,235 4- =4230#2 /4,-(0 ',- (9(- -*9.4/0 %# %'(
?46(0 /(0:%,;(0 0#6( %'4% '40 "((2 42 4/1',%(1%$/4; ?(4% #? ,%-
(/45 '( /(14;;(0 %'( %,6( '( '40 ?##;,-';9 0(1,0(0 %# 4-1(20 %'(
0#6( #2;9 %# 0,-1#8(/ %'4% ,%- 24//#.5 %#$/,-%:1/466(0 -%4,/:
14-(- .(/( 4- 0,-%/(--,23 4- 429 #? %'( 1;4$-%/#>'#",1 ->41(-
'(G0 (8(/ (21#$2%(/(0@ P8(2 -#5 =4230#2 .4- 3/4%(?$; ?#/ %'(
#/0(4; '(G0 (20$/(0 .',;( 1;,6",23 i)/$2(;;(-1',G- H#6(5j
-,21( ,% '40 (21#$/43(0 ',6 %# /(40 42 (2%(/%4,2,23 <#-- `,23
"##*&#?&%'(&-46(&246(@
i<#"(/%nj&D,(224&-4,0@&i!/(&9#$&1#6,23nj
=4230#2 ;#.(/(0 ',- 34K( ?/#6 %'( 0#6(5 /(4;,K,23 '( '40
-%#>>(0 ,2 ',- %/41*- %# 406,/( %'( 4/1',%(1%$/(@ iD#//9 4"#$%
%'4%@j
N'(9 1#2%,2$(0 6#8,235 '$33,23 %'( >(/,6(%(/ #? %'(
-I$4/(@ N'( 14%'(0/4; .4- #2 %'(,/ /,3'% 2#.5 420 =4230#2
2#%(0 %'4% %#$/,-%- .(/( 4;/(409 ?;#.,23 #$% #? ,%- -,0( (B,%-5
1'(1*,23&%'(&-,%(&#??&%'(,/&%#:-((&;,-%-@
 SZU[VZY
h> 4'(40 /#-( %'( $26,-%4*4";( -'4>( #? 4 146>42,;(k%'(
-(1#20 #? %'( %'/(( -%/$1%$/(- ,2 %'( 14%'(0/4; 1#6>;(B@ M#6:
6#2;9 *2#.2 4- d,#%%#G- "(;; %#.(/5 %'( 146>42,;( ;(?% 2#
0#$"% %'4% ,% "(;#23(0 .,%' %'( 14%'(0/4; "(-,0( ,%@ !0#/2(0 ,2
%'( ,0(2%,14; >,2*5 3/((25 420 .',%( ?41,23 -%#2(-5 %'( -I$4/(
->,/( 1;,6"(0 -*9.4/0 %# 4 0,KK9,23 '(,3'% #? 2(4/;9 %'/(( '$2:
0/(0 ?((%@ =4230#2 '40 4;.49- ?#$20 ,% 464K,23 %'4% %',-
-;(20(/ -%/$1%$/( 1#$;0 /(64,2 -%420,23 4;; %'(-( 1(2%$/,(-5
%'/#$3' (4/%'I$4*(- 420 "40 .(4%'(/5 (->(1,4;;9 *2#.,23 '#.
%#>:'(489 ,% .4-5 .,%' ,%- 4>(B "(;?/9 -$>>#/%,23 6#/( %'42
%.(2%9&%'#$-420&>#$20-&#?&"(;;-@
D,(224 .4;*(0 "/,-*;9 "(-,0( ',65 '(/ (9(- 2(/8#$-;9 -142:
2,23 %'( -*,(- "(9#20 %'( 146>42,;(5 1;(4/;9 -(4/1',23 ?#/ %'(
0/#2(5 "$% ,% .4- 2#.'(/( %# "( -((2@ N'( 1/#.0 .4- ?4,/;9
0(2-(5 (8(2 4% %',- (4/;9 '#$/5 420 =4230#2 640( 4 >#,2% #?
-%49,23&,2&%'(&%',1*&#?&,%@
!- %'(9 4>>/#41'(0 %'( 146>42,;(5 %'(9 >4--(0 4 ;,2( #? 14/,:
14%$/( 4/%,-%- -%420,23 4% %'(,/ (4-(;- -*(%1',23 34/,-' 14/%##2-
#? %#$/,-%-k4 %((243( "#9 3/,20,23 #2 4 -*4%("#4/05 4 '#/-(:
%##%'(0 3,/; .,(;0,23 4 ;41/#--( -%,1*5 4 >4,/ #? '#2(96##2(/-
*,--,23 #2 4 $2,1#/2@ =4230#2 ?#$20 ,% 46$-,23 -#6('#. %'4%
%',- 41%,8,%9 .4- >(/6,%%(0 #2 %'( -46( -41/(0 1#"";(- .'(/(
\,1'(;423(;#&'40&-(%&$>&',-&#.2&(4-(;&4-&4&"#9@
M#2%,2$,23 I$,1*;9 4/#$20 %'( "4-( #? d,#%%#G- "(;; %#.(/5
=4230#2 420 D,(224 %$/2(0 /,3'%5 6#8,23 #$% 41/#-- %'( #>(2
-I$4/( 0,/(1%;9 ,2 ?/#2% #? %'( 14%'(0/4;@ 7(/( %'( 1/#.0- .(/(
%',1*(-%5 .,%' %#$/,-%- ?/#6 4/#$20 %'( .#/;0 4,6,23 146(/4
>'#2(-&420&8,0(#&146(/4-&$>.4/0&4%&%'(&1#;#/?$;&64,2&?4140(@
=4230#2 "4/(;9 3;421(0 $>5 '48,23 4;/(409 -(% ',- -,3'%- #2 4
6$1' -64;;(/ "$,;0,23 %'4% '40 C$-% 1#6( ,2%# 8,(.@ O#-,%,#2(0
0,/(1%;9 #>>#-,%( %'( ?/#2% (2%/421( #? %'( 14%'(0/4; -%##0 %'(
%',/0&420&?,24;&-%/$1%$/(&,2&%'(&14%'(0/4;&1#6>;(B@
a%&.4-&4;-#&=4230#2G-&?48#/,%(@
N'(&)4>%,-%/9&#?&D42&d,#8422,@
 SZV[VZY
!0#/2(0 ,2 %'( -46( >#;91'/#64%,1 ?41,23 -%#2(- 420
-%/,>(0 >,;4-%(/- 4- %'( 14%'(0/4;5 %'( "4>%,-%/9 0,-%,23$,-'(0 ,%:
-(;? ?/#6 %'( ;4/3(/ "$,;0,23 "9 ,%- -%/,*,23 -'4>(k4 >(/?(1% #1:
%43#2@ <(-(6";,23 4 ;49(/ 14*(5 -#6( '40 1;4,6(05 %'( (,3'%:
-,0(0 -%/$1%$/( 1#2-,-%(0 #? %'/(( 0,-%,21% %,(/- %'4% 4-1(20(0 %#
4&-'4;;#.&.',%(&/##?@
=4230#2 *2(. %'( #1%43#24; -'4>( '40 2#%',23 %# 0# .,%'
4(-%'(%,1- 420 (8(/9%',23 %# 0# .,%' -96"#;,-6@ a2 M'/,-%,42:
,%95 %'( 2$6"(/ (,3'% /(>/(-(2%(0 /(",/%' 420 /(:1/(4%,#2@ N'(
#1%43#2 -(/8(0 4- 4 8,-$4; /(6,20(/ #? %'( -,B 049- #? d#0G-
1/(4%,#2 #? '(48(2 420 (4/%'5 %'( #2( 049 #? D4""4%'5 420 %'(
(,3'%' 0495 $>#2 .',1' M'/,-%,42- .(/( i/("#/2j #/ i/(:1/(:
4%(0j %'/#$3' "4>%,-6@ F1%43#2- '40 "(1#6( 4 1#66#2 -'4>(
?#/&"4>%,-%/,(-&4/#$20&%'(&.#/;0@
+',;( =4230#2 1#2-,0(/(0 %'( "4>%,-%/9 #2( #? E;#/(21(G-
6#-% -%/,*,23 "$,;0,23-5 '( 4;.49- ?#$20 %'( 1'#,1( #? ,%- ;#14:
%,#2 4 ",% $2?4,/@ N',- "4>%,-%/95 2(4/;9 429.'(/( (;-( #2 (4/%'5
.#$;0 "( %'( 1(2%(/ #? 4%%(2%,#2@ 7(/(5 '#.(8(/5 ,2 %'( -'40#.
#? ,%- %.# 1#;#--4; -,";,23-5 %'( "4>%,-%/9 348( %'( ,6>/(--,#2 #?
"(,23&%'(&/$2%&#?&%'(&;,%%(/@
G'5., )4; *5#6 .'*.(#5 =4230#2 /(6,20(0 ',6-(;?5 >,1%$/,23
%'( 6,20:"#33;,23 6#-4,1 .#/* #? %'( ,2%(/,#/5 .',1' .4- -#
->(1%41$;4/ %'4% (4/;9 406,/(/- 1;4,6(0 %'( "4>%,-%/9 1(,;,23 /(:
-(6";(0 '(48(2 ,%-(;?@ 2- )4; $'49 9+#3# 54 ,44$5 =4230#2
'40&./9;9&%#;0&D,(2245 H,43#'7# ,- +#&8#'@
E#/ 1(2%$/,(-5 %',- (,3'%:-,0(0 -421%$4/9 '40 '#-%(0 %'( "4>:
%,-6-&#?&1#$2%;(--&2#%4";(&?,3$/(-kH42%(&46#23&%'(6@
2%*+&,,%3#5;3'%&*%64#5%E%&5%:)%D&65.*:&,%-4'5/
)(14$-( #? ',- (B,;(5 H42%( '40 2(8(/ "((2 >(/6,%%(0 %# /(:
%$/2 %# %',- -41/(0 -,%(k%'( >;41( #? ',- "4>%,-6k4;%'#$3'
=4230#2 ?(;% 4 /,-,23 '#>( %'4% H42%(G- 0(4%' 64-*5 %'/#$3'
%'( $2;,*(;9 -(/,(- #? (8(2%- %'4% '40 #11$//(0 ;4-% 2,3'%5 '40
?,24;;9&?#$20&,%-&.49&"41*&,2&',-&-%(40@
 SZW[VZY
1+# D&65.*53)5 =4230#2 %'#$3'%@ 1+.* +&* 54 D# 9+#3# 2BV
'&`.4 +.( 5+# :&*$ D#-43# +# (.#(/ 7( /(14;;(0 a324K,#G- 0(-:
>(/4%( >'#2( 6(--43(5 420 ?#/ 4 1',;;,23 6#6(2%5 =4230#2
>,1%$/(0 %'( 1#/>$;(2% 642 1;$%1',23 ',- 1'(-%5 ;$/1',23 41/#--
%'( >,4KK4 ,2%# 42 4;;(95 420 64*,23 ',- ?,24; >'#2( 14;; 4?%(/
;(48,23&%'(&64-*&-4?(;9&,2-,0(&%'(&"4>%,-%/9@
1+#%B&5#*%&3#%46#'%54%)4;/
=4230#2G- (9(- /(64,2(0 ?,B(0 #2 %'( "4>%,-%/9 4- '( 420 D,:
(224 -24*(0 %'/#$3' %'( 1/#.0@ D,(224 .4- 6#8,23 2#. .,%'
-$1' 2,6";( (43(/2(-- %'4% =4230#2 2(4/;9 '40 %# C#3 %# *((>
$>@ P8(2 4% 4 0,-%421(5 '( 1#$;0 -(( %'( "4>%,-%/9G- 64--,8(
64,2&0##/-&3;,-%(2,23&,2&%'(&-$2@
M/4?%(0 #? 3,;0(0 "/#2K( 420 #8(/ ?,?%((2 ?((% %4;;5 %'( 0##/-
'40 %4*(2 =#/(2K# d',"(/%, 6#/( %'42 %.(2%9 9(4/- %# 1#6:
>;(%(@ N'(9 .(/( 40#/2(0 .,%' %(2 ,2%/,14%( >42(;- #? 0(;,14%(
",";,14; ?,3$/(- #? -$1' I$4;,%9 %'4% d,#/3,# g4-4/, '40 14;;(0
%'( 0##/- i$20(2,4";9 >(/?(1% ,2 (8(/9 .49 420 L %'( ?,2(-%
64-%(/>,(1(&(8(/&1/(4%(0@j
a% '40 "((2 \,1'(;423(;#5 '#.(8(/5 .'#-( 3$-',23 %(-%,6#:
2,4; '40 >/#8,0(0 %'( 0##/- .,%' 4 2,1*246( %'4% (20$/(0 (8(2
%#049@ \,1'(;423(;# '40 >/#1;4,6(0 %'(6 -# "(4$%,?$; 4- %# "(
?,%&?#/&$-(&L&4-&%'(&d4%(-&#?&O4/40,-(@
 M7!ONP< UT

1@A N2NTA 2S D34'`#5 =4230#2 %'#$3'%5 406,/,23 %'( "(4$%,?$;

0##/-&"(?#/(&%'(6@
d',"(/%,G- -',66(/,23 I&5#* 4- Z&3&(.*# 1#2-,-%(0 #? %(2
-I$4/( >42(;-5 (41' 0(>,1%,23 42 ,6>#/%42% -1(2( ?/#6 %'( F;0
N(-%46(2%@ <423,23 ?/#6 %'( d4/0(2 #? P0(2 %# \#-(- %# `,23
D#;#6#2G- %(6>;(5 d',"(/%,G- -1$;>%(0 24//4%,8( $2?#;0(0
41/#--&%.#&8(/%,14;&1#;$62-&#?&?,8(&>42(;-&(41'@
N'( -%$22,23 4//49 #? ,20,8,0$4; -1(2(- '40 ->4.2(0 #8(/
%'( 1(2%$/,(- -#6(%',23 #? 4 >#>$;4/,%9 1#2%(-% 46#23 4/%,-%-
420 4/% ',-%#/,42-5 .,%' (8(/9#2( ?/#6 )#%%,1(;;, %# 6#0(/2:049
1/,%,1- 4/3$,23 %'(,/ >/(?(/(21( ?#/ i%'( ?,2(-% >42(;@j N'( .,2:
2(/5 "9 3(2(/4; 1#2-(2-$-5 #8(/ %'( 1(2%$/,(- '40 "((2 _41#"
420 P-4$k%'( 1(2%/4; >42(; #? %'( ;(?%:'420 1#;$62k1'#-(2
4;;(3(0;9 ?#/ %'( ,6>/(--,8( 2$6"(/ #? 4/%,-%,1 6(%'#0- $-(0 ,2
,%- 64*,23@ =4230#2 -$->(1%(05 '#.(8(/5 %'4% %'( 41%$4; /(4-#2
?#/ %'( >42(;G- 0#6,2421( .4- %'4% d',"(/%, '40 1'#-(2 ,% #2
.',1'&%#&-,32&',-&246(@
! ?(. 9(4/- (4/;,(/5 a324K,# )$-#2, '40 >/#$0;9 -'#.2 =423:
0#2 %'(-( 0##/-5 -'((>,-';9 406,%%,23 %'4% 4?%(/ '4;? 4 6,;;(2:
2,$6 #? (B>#-$/( %# ?;##0-5 84204;,-65 420 4,/ >#;;$%,#25 %'(
3,;0(0 0##/- '40 "((2 I$,(%;9 -.4>>(0 #$% ?#/ (B41% /(>;,14-5
%'( #/,3,24;- 2#. -4?(;9 -%#/(0 ,2-,0( %'( \$-(# 0(;;GF>(/4 0(;
H$#6# ?#/ /(-%#/4%,#2@ =4230#2 >#;,%(;9 /(?/4,2(0 ?/#6 %(;;,23
)$-#2, %'4% '( .4- .(;; 4.4/( #? %'( ?41% %'4% %'(9 .(/( 406,/:
,23 ?4*(-5 420 %'4% ,2 41%$4;,%95 %'(-( 1#>,(- .(/( %'( *#74'(
-(% #? i?4*(j d',"(/%, 0##/- =4230#2 '40 (21#$2%(/(0k%'(
?,/-% -(% I$,%( "9 411,0(2% .',;( '( .4- /(-(4/1',23 %'(
;4"9/,2%'- 4% d/41( M4%'(0/4; ,2 D42 E/421,-1# 420 0,-1#8(/(0
 SZY[VZY
%'4% /(>;,14- #? d',"(/%,G- I&5#* 4- Z&3&(.*# '40 -(/8(0 4- %'(
14%'(0/4;G-&?/#2%&0##/-&-,21(&%'(&6,0:%.(2%,(%'&1(2%$/9@
!- =4230#2 -%##0 "(?#/( d',"(/%,G- 64-%(/>,(1(5 ',- (9( .4-
0/4.2 %# %'( -'#/% ,2?#/64%,#24; >;414/0 6#$2%(0 2(4/"95 #2
.',1' 4 -,6>;( >'/4-( ,2 a%4;,42 14$3'% ',- 4%%(2%,#25 -%4/%;,23
',6@
T& 6#*5# '#3&/ N'( >'/4-( 6(42% i%'( );41* H(4%'@j ?) I4(5
=4230#2 %'#$3'%5 .50* #8#3)9+#3# 2 5;3'F !11#/0,23 %# %'(
>;414/05 %'( 0##/- '40 "((2 1#66,--,#2(0 4- 4 i8#%,8(j #??(/:
,23 %# d#0k4 -'#. #? 3/4%,%$0( %'4% E;#/(21( '40 -#6('#.
-$/8,8(0&%'(&>;43$(@
=4230#2 ?#/1(0 ',- (9(- "41* %# %'( I&5#* 4- Z&3&(.*# .',;(
a324K,#G- .#/0- (1'#(0 434,2 ,2 ',- 6,20@ 1+# B&5#* &3# 46#'
54%)4;C%D;5%)4;%:;*5%+;33)/
H(->,%( a324K,#G- >/#6,-(5 %'( I&5#* 4- Z&3&(.*# .(/( 0(?,2:
,%(;9 1;#-(05 4- %'(9 4;.49- .(/(5 (B1(>% ?#/ /4/( /(;,3,#$- '#;,:
049-@ A#/64;;95 %#$/,-%- (2%(/(0 %'( "4>%,-%/9 ?/#6 4 0,??(/(2%
-,0(5&%'/#$3'&%'(&2#/%'&0##/@
D,(224 .4- #2 %,>%#( "(-,0( ',65 %/9,23 %# -(( 4/#$20 %'(
1/#.0@ iN'(/(G- 2# 0##/ '420;(5j -'( -4,0@ iA# *(9'#;(@
A#%',23@j
13;#5 =4230#2 %'#$3'%5 *2#.,23 d',"(/%, .4- 2#% 4"#$% %#
/$,2 ',- 64-%(/>,(1( .,%' -#6(%',23 4- 6$2042( 4- 4
0##/*2#"@&iN'(&0##/-&-.,23 .'@&N'(9&;#1*&?/#6&%'(&,2-,0(@j
D,(224 %'#$3'% 4 6#6(2%5 >$/-,23 '(/ ;,>-@ iD# ?/#6 #$%
'(/(&L&2#"#09&.#$;0&*2#.&,?&%'(&0##/-&.(/(&;#1*(0&#/&2#%@j
=4230#2 2#00(0@ iaG6 '#>,23 %'4%G- >/(1,-(;9 a324K,#G-
%',2*,23@j
7( .4;*(0 4 ?(. -%(>- %# ',- /,3'% 420 3;421(0 4/#$20 %'(
2#/%' -,0( #? %'( "$,;0,23 %# 4 ?4/ ;(-- #/24%( 0##/k%'( %#$/,-%
(2%/421(k.'(/( 4 "#/(0:;##*,23 0#1(2% .4- -6#*,23 4 1,34/:
(%%( 420 /("$??,23 ,2I$,/,23 %#$/,-%- "9 >#,2%,23 %# %'( -,32 #2
%'(&(2%/421(^ !OP<Nh<!&QSZZJQWZZ@
 SQZ[VZY
25 (4#*'05 46#' -43 *#8#3&, +4;3*5 =4230#2 %'#$3'%5 >;(4-(0@
>'(%'4D4()%+&*%D##'%.'*.(#%)#5/
a2-%,21%,8(;95 '( 1'(1*(0 ',- ./,-%.4%1'5 420 .4- 434,2 /(:
6,20(0&%'4%&\,1*(9&\#$-(&.4-&3#2(@
+'(2 '( /(%$/2(0 %# D,(2245 -'( '40 "((2 C#,2(0 "9 4 3/#$>
#? %#$/,-%- .'# .(/( %4*,23 >'#%#- %'/#$3' %'( -,6>;( ,/#2
?(21( %'4% '40 "((2 (/(1%(0 -(8(/4; ?((% ,2 ?/#2% #? %'( I&5#* 4-
Z&3&(.*# %# >/(8(2% %#$/,-%- ?/#6 3(%%,23 %## 1;#-( %# d',"(/%,G-
64-%(/.#/*@
N',- >/#%(1%,8( 34%( .4- 640( #? ";41* ./#$3'% ,/#2 %#>>(0
.,%' -$2/49 ->,*(- 0,>>(0 ,2 3#;0 >4,2%5 420 /(-(6";(0 %'(
-,6>;( (-%4%( ?(21,23 %'4% #?%(2 (21;#-(0 -$"$/"42 '#6(-@
!6",3$#$-;95 %'( ,2?#/64%,#24; >;414/0 0(-1/,",23 %'( I&5#*
4- Z&3&(.*# '40 "((2 6#$2%(0 2#% #2 %'( ->(1%41$;4/ "/#2K(
0##/-&%'(6-(;8(-&"$%&#2&%',-&8(/9&#/0,24/9&>/#%(1%,8(&34%(@
=4230#2 '40 '(4/0 %'4% %'( >;414/0G- >;41(6(2% -#6(%,6(-
14$-(0 1#2?$-,#2 46#23 %#$/,-%-5 420 -$/( (2#$3'5 C$-% %'(2 4
1'$2*9 .#642 ,2 4 _$,19 M#$%$/( -.(4% -$,% >$-'(0 %'/#$3'
%'( 1/#.05 3;421(0 4% %'( >;414/05 ?/#.2(0 4% %'( ./#$3'%:,/#2
34%(5 420 -1#??(05 iI&5#* 4- Z&3&(.*#L 7(;;5 ,% ;##*- ;,*( 69 0#3
?(21( 4% '#6(lj N'(2 -'( %#00;(0 #?? "(?#/( 429#2( 1#$;0
(B>;4,2@
D,(224 /(41'(0 $> 420 3/4->(0 %'( >/#%(1%,8( 34%(5 14-$4;;9
>((/,23 %'/#$3' %'( "4/- 4% %'( ;#1*,23 6(1'42,-6 #2 %'(
"41*@
i=##*5j -'( .',->(/(05 %$/2,23 .,0(:(9(0 %# =4230#2@ iN'(
>40;#1*&#2&%'(&"41*&,-&$2;#1*(0@j
=4230#2 ;##*(0 %'/#$3' %'( "4/- 420 -4. -'( .4- /,3'%@ N'(
>40;#1* .4- >#-,%,#2(0 4- ,? ,% .(/( ;#1*(05 "$% #2 1;#-(/ ,2:
->(1%,#25&'(&1#$;0&-((&%'4%&,%&.4-&0(?,2,%(;9&$2;#1*(0@
1+#%B&5#*%&3#%46#'%54%)4;C%D;5%)4;%:;*5%+;33)/
=4230#2 /4,-(0 ',- (9(- %# %'( I&5#* 4- Z&3&(.*# "(9#20 %'(
?(21,23@ a? a324K,# '40 ,20((0 ;(?% %'( "4>%,-%/9G- '$3( 0##/-
$2"#;%(05 %'(9 -'#$;0 -,6>;9 -.,23 #>(2@ N'( 1'4;;(23(5
 SQQ[VZY
'#.(8(/5 .#$;0 "( 3(%%,23 ,2-,0( .,%'#$% 0/4.,23 %'( 4%%(2%,#2
#? (8(/9 -,23;( >(/-#2 ,2 %'( -I$4/(5 ,21;$0,235 2# 0#$"%5 %'(
>#;,1(&420&H$#6#&3$4/0-@
i=##* #$%lj 4 .#642 -$00(2;9 -1/(46(0 2(4/"9@ i7(G- 3#,23
%# C$6>lj 7(/ 8#,1( .4- ?,;;(0 .,%' %(//#/@ ih> %'(/( #2 %'( "(;;
%#.(/lj
=4230#2 ->$2 2#. ?/#6 %'( 0##/-5 420 -4. %'4% %'( .#642
-'#$%,23 .4- L D,(224@ D'( -%##0 ?,8( 94/0- 4.495 >#,2%,23 $>
,2%# d,#%%#G- "(;; %#.(/ 420 -'#$%,235 iN'(/( 4% %'( %#>l 7(G-
3#,23&%#&C$6>lj
P8(/9 -(% #? (9(- %$/2(0 -*9.4/05 -(4/1',23 %'( %#> #? %'(
"(;; %#.(/@ A(4/"95 #%'(/- "(342 >#,2%,235 -I$,2%,235 14;;,23
#$%&%#&#2(&42#%'(/@
iD#6(#2(&,-&C$6>,23nlj
i+'(/(nlj
ia&0#2G%&-((&',6lj
iF8(/&%'(/(&#2&%'(&;(?%nlj
a% %##* #2;9 -(1#20- ?#/ >(#>;( 41/#-- %'( -I$4/( %# -(2-( %'(
>42,1 420 ?#;;#. -$,%5 -%4/,23 $> 4% %'( %#> #? %'( "(;; %#.(/@
+,%' %'( ?$/9 #? 4 .,;0?,/( 1#2-$6,23 4 >4/1'(0 '49 ?,(;05 %'(
/$-' #? ?(4/ ",;;#.(0 #$% 41/#-- %'( >,4KK4 $2%,; %'( (2%,/(
1/#.0&.4-&1/42,23&%'(,/&2(1*-5&;##*,23&$>.4/05&420&>#,2%,23@
J.3&, :&3$#5.'B5 =4230#2 %'#$3'%5 *2#.,23 '(G0 '48( #2;9
4 6#6(2% %# 41%@ a66(0,4%(;9 '( 3/4""(0 %'( ./#$3'%:,/#2
?(21( 420 -.$23 ,% #>(2 C$-% 4- D,(224 /(%$/2(0 %# ',- -,0( 420
-;,>>(0 .,%' ',6 ,2%# %'( -64;; ->41( "(9#20@ F21( %'( 34%(
.4- 1;#-(0 "(',20 %'(65 %'(9 %$/2(0 %# ?41( %'( ?,?%((2:?##%
"/#2K( 0##/-@ 7#>,23 '( '40 $20(/-%##0 a324K,# 1#//(1%;95
=4230#2 %'/(. ',- -'#$;0(/ ,2%# #2( -,0( #? %'( 64--,8(
0#$";(&0##/-&420&0/#8(&',-&;(3-&'4/0@
A#%',23 '4>>(2(05 420 %'(25 >4,2?$;;9 -;#.;95 %'( 1$6"(/:
-#6( -(1%,#2 "(342 %# 6#8(@ 1+# (443* &3# 46#'F N'( I&5#* 4-
Z&3&(.*# -.$23 #>(2 4"#$% #2( ?##%5 420 D,(224 .4-%(0 2#
%,6( %$/2,23 -,0(.49- 420 -;,>>,23 %'/#$3'@ =4230#2 ?#;;#.(0
 SQR[VZY
-$,%5 ,21',23 -,0(.49- %'/#$3' %'( 24//#. #>(2,23 ,2%# %'(
04/*2(--&#?&%'(&"4>%,-%/9@
N#3(%'(/5 %'(9 %$/2(0 420 '(48(0 %'( 0##/ ,2 %'( #>>#-,%(
0,/(1%,#25 I$,1*;9 1;#-,23 %'( 64--,8( >#/%4; .,%' 4 0(?,2,%,8(
%'$0@ a2-%42%;95 %'( 2#,-( 420 1'4#- #$%-,0( (84>#/4%(05 ;(48:
,23&#2;9&-,;(21(@
D,(224 >#,2%(0 %# 4 ;#23 .##0(2 "(46 #2 %'( ?;##/ 4% %'(,/
?((%5 .',1' 1;(4/;9 '40 "((2 -(% ,2 -,0( "/41*(%- #2 (,%'(/ -,0(
#? %'( 0##/ %# -(/8( 4- 4 "4//,140(@ ia324K,# 6$-% '48( /(6#8(0
,%&?#/&9#$5j&-'(&-4,0@
N#3(%'(/ %'(9 ;,?%(0 %'( "(46 420 0/#>>(0 ,% "41* ,2%# ,%-
"/41*(%-5 (??(1%,8(;9 ;#1*,23 %'( I&5#* 4- Z&3&(.*# L 420 -(4;:
,23&%'(6-(;8(-&-4?(;9&,2-,0(@
E#/ 4 ;#23 6#6(2% =4230#2 420 D,(224 -%##0 ,2 -,;(21(5
;(42,23 434,2-% %'( 0##/ 420 14%1',23 %'(,/ "/(4%'@ M#6>4/(0
%# %'( 2#,-(- #? %'( >,4KK4 #$%-,0(5 %'( ,2%(/,#/ #? %'( "4>%,-%/9
?(;%&4-&>(41(?$;&4-&'(48(2&,%-(;?@

F$%-,0( %'( )4>%,-%/9 #? D42 d,#8422,5 %'( 642 ,2 %'( O;$6(

O4/,- ->(1%41;(- 420 4 >4,-;(9 2(1*%,( 6#8(0 %'/#$3' %'(
1/#.05 ,32#/,23 %'( $2(4-9 -%4/(- #? %'#-( .'# 2#%,1(0 ',-
";##09&/4-'@
7( '40 C$-% /(41'(0 %'( "/#2K( 0##/- %'/#$3' .',1' <#"(/%
=4230#2 420 ',- ";#20 1#6>42,#2 '40 1;(8(/;9 0,-4>>(4/(0e
(8(2 ?/#6 #$%-,0(5 '( '40 '(4/0 %'( '(489 %'$0 #? %'( 0##/-
"(,23&"4//(0&?/#6&.,%',2@
S4%#'53)%5+.*%9&)/
D;#.;95 %'( 46",(21( ,2 %'( >,4KK4 .4- /(%$/2,23 %# 2#/64;@
N'( %#$/,-%- .'# '40 "((2 -%4/,23 $>.4/0 ,2 42%,1,>4%,#2 .(/(
2#.&;#-,23&,2%(/(-%@ S4%X;:6#3/ P8(/9#2(&6#8(0&#2@
N'( 642 .4- ,%1'9 434,25 ',- /4-' 3(%%,23 .#/-(@ A#. ',-
?,23(/%,>- .(/( -.#;;(2 420 1/41*,23 4- .(;;@ 7( -;,0 ',- '420-
 SQS[VZY
,2%# ',- >#1*(%- %# *((> ',6-(;? ?/#6 -1/4%1',23@ 7,- 1'(-% 1#2:
%,2$(0 %# %'/#" 4- '( "(342 1,/1;,23 %'( #1%43#2 ,2 -(4/1' #?
42#%'(/&(2%/421(@
7( '40 "4/(;9 640( ,% 4/#$20 %'( 1#/2(/ .'(2 '( ?(;% 4
-'4/> >4,2 #2 ',- !046G- 4>>;( 420 /(4;,K(0 '( .4- -1/4%1',23
434,2@
 M7!ONP< UU

=PdPAH O<FM=!a\D N7!N ,% ,- >'9-,14;;9 ,6>#--,";(5 $>#2 (2%(/,23

%'( )4>%,-%/9 #? D42 d,#8422,5 2#% %# ;##* $>@ =4230#25 0(->,%(
'48,23 "((2 ,2 %',- /##6 6429 %,6(-5 2#. ?(;% %'( 69-%,14;
>$;;&#?&%'(&->41(5&420&;(%&',-&34K(&1;,6"&-*9.4/0&%#&%'(&1(,;,23@
7,3'5 ',3' #8(/'(405 %'( -$/?41( #? %'( "4>%,-%/9G- #1%43#24;
84$;% ->422(0 6#/( %'42 (,3'%9 ?((% ?/#6 -,0( %# -,0(@ a%
3;,-%(2(0 420 -',66(/(0 4- ,? ,% .(/( 640( #? -6#;0(/,23
1#4;-@ a%- "$/2,-'(0 46"(/:3#;0 -$/?41( /(?;(1%(0 %'( 46",(2%
;,3'% $2(8(2;9 ?/#6 6#/( %'42 4 6,;;,#2 *:&,5. %,;(-k%,29 $2:
3/#$%(0 6#-4,1 >,(1(- '420:1$% ?/#6 4 3;4--9 -,;,14
3;4K(k.',1' .(/( 4//423(0 ,2 -,B 1#21(2%/,1 /,23- ,2 .',1'
-1(2(-&?/#6&%'(&),";(&.(/(&0(>,1%(0@
!00,23 -%4/* 0/464 %# %'( ;$-%/#$- $>>(/ >#/%,#2 #? %'(
/##65 24%$/4; ;,3'% >,(/1(0 %'( 04/* ->41( %'/#$3' 4 1(2%/4;
#1$;$-k6$1' ;,*( %'( #2( ,2 <#6(G- O42%'(#2k4--,-%(0 "9 4
-(/,(- #? ',3'5 -64;;5 0((>;9 /(1(--(0 .,20#.- %'4% %'/(.
-'4?%- #? ,;;$6,24%,#2 %'4% .(/( -# ?#1$-(0 420 %,3'% %'4% %'(9
-((6(0 4;6#-% -#;,05 ;,*( -%/$1%$/4; "(46- >/#>>(0 4% (8(/:
1'423,23&423;(-@
!- =4230#2 .4;*(0 .,%' D,(224 0((>(/ ,2%# %'( /##65 '(
%##* ,2 %'( ;(3(204/9 1(,;,23 6#-4,1k4 6$;%,%,(/(0 /(>/(-(2%4:
%,#2 #? '(48(2 420 '(;;5 8(/9 6$1' ;,*( %'( 0(>,1%,#2 ,2 1+#
<.8.'#%=4:#()@
<&'5# >,.B+.#3. *&9 5+.* &* & 7+.,(5 =4230#2 %'#$3'%@ 2'V
*6.3&5.4'%-34:%&D48#/
=4230#2 ?,B(0 ',- 34K( 2#. #2 %'( 1(2%(/>,(1( #? %'( 6#-4,1@
7#8(/,23 0,/(1%;9 4"#8( %'( 64,2 4;%4/ /#-( 4 %.(2%9:-(8(2:
 SQU[VZY
?##%:%4;; _(-$- M'/,-%5 -(4%(0 ,2 C$036(2% #8(/ %'( -48(0 420
%'(&0462(0@
!% _(-$-G /,3'% '4205 %'( /,3'%(#$- /(1(,8(0 %'( /(.4/0 #?
(8(/;4-%,23&;,?(@
F2 7,- ;(?% '4205 '#.(8(/5 %'( -,2?$; .(/( -%#2(05 /#4-%(0 #2
->,*(-5&420&(4%(2&"9&4;;&6422(/&#?&1/(4%$/(-@
F8(/-((,23 %'( %#/%$/( .4- 4 1#;#--4; 6#-4,1 #? D4%42 >#/:
%/49(0 4- 42 ,2?(/24;5 642:(4%,23 "(4-%@ =4230#2 4;.49-
?;,21'(0 .'(2 '( -4. %',- ?,3$/(5 .',1' 6#/( %'42 -(8(2 '$2:
0/(0 9(4/- 43# '40 -%4/(0 0#.2 4% %'( 9#$23 H42%( !;,3',(/,5
%(//,?9,23 ',6 420 (8(2%$4;;9 ,2->,/,23 ',- 8,8,0 >#/%/494; #?
.'4%&;$/*(0&,2&%'(&?,24;&/,23&#?&'(;;@
N'( ?/,3'%(2,23 6#-4,1 #8(/'(40 0(>,1%(0 4 '#/2(0 0(8,;
%'4% .4- ,2 %'( >/#1(-- #? 1#2-$6,23 4 '$642 "(,23 '(40?,/-%@
N'( 8,1%,6G- ;(3- 0423;(0 ?/#6 D4%42G- 6#$%' ,2 4 .49 %'4% /(:
-(6";(0 %'( ?;4,;,23 ;(3- #? %'( '4;?:"$/,(0 -,22(/- ,2 H42%(G-
\4;("#;3(@
T4 0:6#3&(43 (#, (4,434*4 3#B'45 =4230#2 %'#$3'%5 /(14;;:
,23&H42%(G-&%(B%@ 1+#%#:6#343%4-%5+#%(#*64'(#'5%$.'B(4:/
D;,%'(/,23 ?/#6 %'( (4/- #? D4%42 .(/( %.# 64--,8(5 ./,%',23
-24*(-5 4;-# ,2 %'( >/#1(-- #? 1#2-$6,23 -,22(/-5 3,8,23 %'( ,6:
>/(--,#2 %'4% D4%42 '40 %'/(( '(40-5 (B41%;9 4- H42%( 0(:
-1/,"(0 ',6 ,2 %'( ?,24; 142%# #? ',- 2'-#3'4@ =4230#2 -(4/1'(0
',-&6(6#/9&420&/(14;;(0&?/436(2%-&#?&H42%(G-&,643(/9@
K' +.* +#&( +# +&( 5+3## -&7#* E +.* 5+3## 7+.'* B;*+.'B &
D,44() -345+ E +.* 5+3## :4;5+* ;*#( &* B3.'(#3* E B'&*+.'B
*.''#3*%5+3##%&5%4'7#/
N'4% D4%42G- (8,; .4- %'/((?#;05 =4230#2 *2(.5 .4- ?/4$3'%
.,%' -96"#;,1 6(42,23^ ,% >;41(0 ',6 ,2 >(/?(1% "4;421( .,%'
%'(&%'/((?#;0&3;#/9&#?&%'(&7#;9&N/,2,%9@
!- =4230#2 -%4/(0 $> 4% %'( '#//,?,1 -,3'%5 '( %/,(0 %# ,64:
3,2( %'( (??(1% %'( 6#-4,1 '40 #2 %'( 9#$%'?$; H42%(5 .'# '40
4%%(20(0 -(/8,1(- 4% %',- 1'$/1' 9(4/ 4?%(/ 9(4/5 420 -((2 D4%42
-%4/,23 0#.2 4% ',6 (41' %,6( '( >/49(0@ N',- 6#/2,235
 SQV[VZY
'#.(8(/5 =4230#2 '40 %'( $2(4-9 ?((;,23 %'4% %'( 0(8,; .4-
-%4/,23&0,/(1%;9&4% +.:@
7( I$,1*;9 ;#.(/(0 ',- 34K( %# %'( "4>%,-%/9G- -(1#20:-%#/9
"4;1#29 420 -%420,23 34;;(/9k%'( ;#2( 4/(4 ?/#6 .',1' .#:
6(2 .(/( >(/6,%%(0 %# 8,(. "4>%,-6-k420 %'(2 0#.2 %# %'(
-$->(20(0 %#6" #? !2%,>#>( _#'2 ppaaa5 ',- "#09 ;9,23 ,2 /(:
>#-( ',3' #2 %'( .4;; ;,*( 4 148( 0.(;;(/ #/ 4 -$"C(1% ,2 4 643,:
1,42G-&;(8,%4%,#2&%/,1*@
E,24;;95 ',- 34K( /(41'(0 %'( #/24%(;9 %,;(0 ?;##/5 .',1' 6429
"(;,(8(0 1#2%4,2(0 /(?(/(21(- %# 6(0,(84; 4-%/#2#69@ 7( ;(%
',- (9(- 6#8( 41/#-- %'( ,2%/,14%( ";41*:420:.',%( >4%%(/2- $2:
%,;&%'(9&/(41'(0&%'(&8(/9&1(2%(/&#?&%'(&/##6@
>'( 5+#3# .5 .*5 '( %'#$3'%5 *2#.,23 '( .4- -%4/,23 4% %'( (B:
41% ->#% .'(/( H42%( !;,3',(/, '40 "((2 "4>%,K(0 ,2 %'( ;4%%(/
'4;? #? %'( %',/%((2%' 1(2%$/9@ i oa -'4;; /(%$/2 4- >#(% L 4% 69
"4>%,-64; ?#2%5G j =4230#2 0(1;4/(05 ',- 8#,1( (1'#,23 %'/#$3'
%'(&(6>%9&->41(@&iN',-&,-&,%@j
D,(224 ;##*(0 %/#$";(0 4- -'( (9(0 %'( 1(2%(/ #? %'( ?;##/5
.'(/( =4230#2 .4- 2#. >#,2%,23@ i)$% L %'(/(G- 2#%',23
'(/(@j
iA#%&4296#/(5j&=4230#2&/(>;,(0@
!;; %'4% /(64,2(0 .4- 4 ;4/3( /(00,-':"/#.2 #1%43#2 #?
>48(6(2%@ N',- $2$-$4;;9 >;4,25 (,3'%:-,0(0 4/(4 1;(4/;9 ,2%(/:
/$>%(0 %'( >4%%(/2 #? %'( 6#/( #/24%(;9 0(-,32(0 ?;##/ 420 /(:
-(6";(0 2#%',23 -# 6$1' 4- 4 ;4/3(5 >4%1'(0:$> '#;(5 .',1'5 ,2
?41%5&.4-&>/(1,-(;9&.'4%&,%&.4-@
=4230#2 I$,1*;9 (B>;4,2(0 %'4% %'( "4>%,-%/9G- #/,3,24; "4>:
%,-64; ?#2% '40 "((2 4 ;4/3( #1%43#24; >##; ;#14%(0 4% %'( 8(/9
1(2%(/ #? %',- /##6@ +',;( 6#0(/2 ?#2%- .(/( $-$4;;9 /4,-(0
"4-,2-5 (4/;,(/ ?#2%- .(/( 6#/( 4*,2 %# %'( ;,%(/4; 6(42,23 #?
%'( .#/0 -4'5ki->/,23-j #/ i?#$2%4,2-jk,2 %',- 14-( 4 0((>
>##; #? .4%(/ ,2%# .',1' >4/%,1,>42%- 1#$;0 "( 6#/( 0((>;9 ,6:
6(/-(0@ =4230#2 .#20(/(0 .'4% %',- -%#2( 1'46"(/ '40
-#$20(0 ;,*( 4- 1',;0/(2 -1/(46(0 ,2 ?(4/ .',;( "(,23 ;,%(/4;;9
 SQW[VZY
-$"6(/3(0 ,2 %'( ;4/3( >##; #? ,19 .4%(/ %'4% #21( -%##0 ,2 %'(
6,00;(&#?&%'(&?;##/@
i)4>%,-6- '(/( .(/( 1#;0 420 -14/95j =4230#2 -4,0@ iN/$(
/,%(- #? >4--43(@ H423(/#$- (8(2@ !;;(3(0;9 H42%( #21( C$6>(0
,2%# %'( ?#2% %# -48( 4 0/#.2,23 1',;0@ a2 429 14-(5 %'( #/,3,24;
?#2%&.4-&1#8(/(0&#8(/&4%&-#6(&>#,2%&,2&%'(&-,B%((2%'&1(2%$/9@j
D,(224G- (9(- 2#. "(342 04/%,23 4/#$20 %'( "$,;0,23 .,%'
#"8,#$- 1#21(/2@ i)$% ,? H42%(G- "4>%,-64; ?#2% ,- 3#2( L
.'(/(&0,0&a324K,#&',0(&%'(&64-*nlj
=4230#2 $20(/-%##0 '(/ 4;4/6@ N'(/( .4- 2# -'#/%43( #?
',0,23 >;41(- ,2 %',- 64--,8( 1'46"(/k"(',20 1#;$62-5
-%4%$(-5&%#6"-5&,2-,0(&2,1'(-5&4%&%'(&4;%4/5&(8(2&$>-%4,/-@
A#2(%'(;(--5 =4230#2 ?(;% /(64/*4";9 1#2?,0(2% 4- '(
%$/2(0 420 ?41(0 %'( 0##/ %'/#$3' .',1' %'(9G0 C$-% (2%(/(0@
i+( -'#$;0 -%4/% #8(/ %'(/(5j '( -4,05 >#,2%,23 %# 42 4/(4
434,2-%&%'(&.4;;&C$-%&%#&%'(&/,3'%&#?&%'( I&5#*%4-%Z&3&(.*#@
F2 4 /4,-(0 >;4%?#/65 "(',20 4 0(1#/4%,8( 34%(5 %'(/( -4% 4
%4;; '(B43#24; >;,2%' #? 14/8(0 64/";(5 .',1' /(-(6";(0 4
-64;; 4;%4/ #/ -(/8,1( %4";(@ N'( (B%(/,#/ .4- -# ,2%/,14%(;9
14/8(0 %'4% ,% /(-(6";(0 4 6#%'(/:#?:>(4/; 146(#@ !%#> %'(
64/";( "4-( -4% 4 >#;,-'(0 .##0(2 %#> .,%' 4 0,46(%(/ #?
4"#$%&%'/((&?((%@
D,(224 ;##*(0 $21(/%4,2 4- -'( ?#;;#.(0 =4230#2 #8(/ %# ,%@
!- %'(9 4-1(20(0 %'( -%(>- 420 6#8(0 ,2-,0( %'( >/#%(1%,8(
34%(5 D,(224 ;##*(0 6#/( 1;#-(;9 420 0/(. 4 -%4/%;(0 "/(4%'5
/(4;,K,23&.'4%&-'(&.4-&;##*,23&4%@
=4230#2 -6,;(0@ A\&75,)C .50* '45 &' &,5&3 43 5&D,#/ N'( >#;:
,-'(0 .##0(2 %#> .4- ,2 ?41% 4 ;,0k4 1#8(/,23 ?#/ %'( '#;;#.
-%/$1%$/(@
i!&"4>%,-64;&?#2%nj&-'(&4-*(0@
=4230#2 2#00(0@ ia? H42%( .(/( "4>%,K(0 %#0495 ,% .#$;0 "(
,2 %',- "4-,2 /,3'% '(/(@j +4-%,23 2# %,6(5 '( %##* 4 0((>5 >$/:
>#-(?$; "/(4%' 420 >;41(0 ',- >4;6- #2 %'( .##0(2 1#8(/5 ?((;:
,23&4&%,23;(&#?&42%,1,>4%,#2&4-&'(&>/(>4/(0&%#&/(6#8(&,%@
 SQX[VZY
=4230#2 %,3'%;9 3/,>>(0 %'( (03(- #? %'( 1#8(/ 420 '(48(0 ,%
%# #2( -,0(5 14/(?$;;9 -;,0,23 %'( %#> #?? %'( 64/";( "4-( 420
>;41,23 ,% #2 %'( ?;##/ "(-,0( %'( ?#2%@ N'(2 '( >((/(0 0#.2 ,2:
%#&%'(&%.#:?##%:.,0(5&04/*5&'#;;#.&->41(&.,%',2@
N'(&((/,(&-,3'%&640(&=4230#2&-.4;;#.&'4/0@
E/#6 #$% #? %'( -'40#.-5 %'( 0(40 ?41( #? H42%( !;,3',(/,
.4-&;##*,23&"41*&4%&',6@
 M7!ONP< UV

"AAY%>S<%MA *+&,,%-.'(/
=4230#2 -%##0 4% %'( /,6 #? %'( "4>%,-64; ?#2% 420 -%4/(0
0#.2 4% %'( >4;( 9(;;#. 0(4%' 64-*5 .'#-( ./,2*;(0 1#$2%(2:
421( 34K(0 ";42*;9 $>.4/0@ N'( '##*(0 2#-( 420 >/#%/$0,23
1',2&.(/(&$26,-%4*4";(@
<&'5#%>,.B+.#3./
N'( ;,?(;(-- ?41( .4- 0,-%$/",23 (2#$3'5 420 9(% -#6(%',23
4"#$% ,%- >#-,%,#2 ,2 %'( ?#2% -((6(0 4;6#-% -$>(/24%$/4;@ E#/
4&6#6(2%&=4230#2&.4-&$2-$/(&.'4%&'(&.4-&-((,23@
2*%5+#%:&*$%E%+48#3.'BL
=4230#2 1/#$1'(0 ;#.(/5 >((/,23 6#/( 1;#-(;9 4% %'( -1(2(
"(?#/( ',6@ N'( ?#2% .4- -(8(/4; ?((% 0((>k6#/( #? 4 8(/%,14;
.(;; %'42 4 -'4;;#. "4-,2k,%- -%((> .4;;- 0/#>>,23 0#.2 %# 4
'(B43#24; /(>#-,%#/9 %'4% .4- ?,;;(0 .,%' .4%(/@ D%/423(;95 %'(
64-* -((6(0 %# "( -$->(20(0 >4/%.49 0#.2 %'( ?#2% L
>(/1'(0&C$-%&4"#8(&%'(&-$/?41(&#?&%'(&.4%(/&4-&,?&"9&643,1@
a% %##* 4 6#6(2% ?#/ =4230#2 %# /(4;,K( .'4% .4- 14$-,23
%'( ,;;$-,#2@ N'( ?#2% '40 4 8(/%,14; 1(2%/4; ->,20;( %'4% /#-(
'4;?.49 $> 420 ?;4%%(2(0 ,2%# 4 *,20 #? -64;; 6(%4; >;4%%(/ C$-%
4"#8( %'( .4%(/@ N'( >;4%%(/ 4>>(4/(0 %# "( 4 0(1#/4%,8( ?#$2:
%4,2'(40 420 >(/'4>- 4 >;41( %# /(-% 4 "4"9G- "#%%#65 "$% ,% .4-
1$//(2%;9 -(/8,23 4- 4 >(0(-%4; #2 .',1' %'( 64-* #? H42%( /(-:
%(05&(;(84%(0&-4?(;9&4"#8(&%'(&.4%(/@
A(,%'(/ =4230#2 2#/ D,(224 -4,0 4 .#/0 4- %'(9 -%##0 -,0(
"9 -,0( 34K,23 0#.2 4% %'( 1/4339 ?41( #? H42%( !;,3',(/,5 -%,;;
-(4;(0 ,2 ',- m,>;#1 "435 4- ,? '(G0 "((2 -$??#14%(0@ E#/ 4 6#:
6(2% %'( ,643( #? 4 ?41( -%4/,23 $> #$% #? 4 .4%(/:?,;;(0 "4-,2
 SRZ[VZY
1#2C$/(0 ?#/ =4230#2 ',- #.2 %(//,?9,23 (B>(/,(21( 4- 4 1',;05
-%$1*&4%&%'(&"#%%#6&#?&4&.(;;5&-%4/,23&-*9.4/0&,2&0(->(/4%,#2@
O$-',23 %'( %'#$3'% ?/#6 ',- 6,205 '( 14/(?$;;9 /(41'(0
0#.2 420 3/,>>(0 %'( 64-* #2 (,%'(/ -,0(5 .'(/( H42%(G- (4/-
.#$;0 '48( "((2@ !;%'#$3' %'( ?41( .4- -64;; "9 6#0(/2
-%4204/0-5 %'( 421,(2% >;4-%(/ .4- '(48,(/ %'42 '(G0 (B>(1%(0@
7( -;#.;9 ;,?%(0 %'( 64-* #$% #? %'( ?#2% 420 '(;0 ,% $> -# %'4%
'(&420&D,(224&1#$;0&(B46,2(&,%&6#/(&1;#-(;9@
P8(2 8,(.(0 %'/#$3' %'( >;4-%,1 "435 %'( 64-* .4- /(64/*:
4";9 ;,?(;,*(@ P8(/9 ./,2*;( 420 ";(6,-' #? %'( #;0 >#(%G- ?41(
'40 "((2 14>%$/(0 "9 %'( .(% >;4-%(/@ +,%' %'( (B1(>%,#2 #? 42
#;0 1/41* 0#.2 %'( 1(2%(/ #? %'( 64-*5 ,% .4- ,2 >(/?(1%
1#20,%,#2@
iN$/2&,%&#8(/5j&D,(224&.',->(/(0@&i=(%G-&-((&%'(&"41*@j
=4230#2 .4- 4;/(409 0#,23 C$-% %'4%@ N'( -(1$/,%9 8,0(# ?/#6
%'( O4;4KK# g(11',# '40 1;(4/;9 -'#.2 =4230#2 420 a324K,#
0,-1#8(/,23 -#6(%',23 #2 %'( /(8(/-( -,0( #? %'(
64-*k-#6(%',23 #? -$1' -%4/%;,23 ,2%(/(-% %'4% %'( %.# 6(2
'40&(--(2%,4;;9&.4;*(0&#$%&#?&%'(&>4;41(&.,%'&%'(&4/%,?41%@
N4*,23 (B1(>%,#24; 14/( 2#% %# 0/#> %'( ?/43,;( >;4-%(/5 =423:
0#2 ?;,>>(0 %'( 64-* #8(/ 420 ;4,0 ,% ?41(0#.2 ,2 ',- /,3'%
>4;6 -# %'(9 1#$;0 (B46,2( %'( "41*@ h2;,*( %'( .(4%'(/(05
%(B%$/(0 ?41( #? H42%(5 %'( ,2-,0( #? %'( 64-* .4- -6##%' 420
"4/(@ )(14$-( %'( 64-* .4- 2(8(/ 6(42% %# "( .#/25 ,%- "41*
-,0( '40 "((2 ?,;;(0 ,2 .,%' >;4-%(/ %# 3,8( -#6( -#;,0,%9 %# %'(
0(;,14%( >,(1(5 /(-$;%,23 ,2 4 ?(4%$/(;(--5 1#2148( -$/?41(5 ;,*( 4
-'4;;#.&-#$>&"#.;@
=4230#2 0,02G% *2#. .'4% '( '40 (B>(1%(0 %# ?,20 #2 %'(
"41*&#?&%'(&64-*5&"$%&,%&6#-%&1(/%4,2;9&.4-&2#%&%',-@
A#%',23@
A#%',23&4%&4;;@
_$-%&4&-6##%'5&(6>%9&-$/?41(@
 SRQ[VZY
D,(224 -((6(0 (I$4;;9 1#2?$-(0@ ia%G- ";42* >;4-%(/5j -'(
.',->(/(0@ ia? %'(/(G- 2#%',23 '(/(5 .'4% 0,0 9#$ 420 a324K,#
-((nj
2 +&8# '4 .(#&5 =4230#2 %'#$3'%5 >$;;,23 %'( >;4-%,1 "43 %4$%
41/#-- %'( >;4-%(/ ?#/ 4 1;(4/(/ 8,(.@ 1+#3#0* '45+.'B +#3#F +,%'
6#$2%,23 0,-%/(--5 =4230#2 /4,-(0 %'( 64-* ,2%# 4 -'4?% #?
;,3'% 420 -%$0,(0 ,% 1;#-(;9@ !- '( %,>>(0 %'( #"C(1% #8(/ ?#/ 4
"(%%(/ 8,(.5 '( %'#$3'% ?#/ 42 ,2-%42% %'4% '( 6,3'% '48(
3;,6>-(0 4 ?4,2% 0,-1#;#/4%,#2 2(4/ %'( %#>k4 ;,2( #? 64/*,23-
/$22,23&'#/,K#2%4;;9&41/#--&%'(&,2-,0(&#?&H42%(G-&?#/('(40@
> '&5;3&, D,#:.*+L K3 :&)D# E *4:#5+.'B #,*#/ =4230#2
,66(0,4%(;9 ->$2 420 >#,2%(0 %# 4 ',23(0 >42(; #? 64/";( #2
%'( .4;; "(',20 %'(6@ i=##* ,2 %'(/(5j '( %#;0 D,(224@ iD(( ,?
%'(/(&4/(&%#.(;-@j
D,(224 ;##*(0 -*(>%,14;5 "$% #"(9(05 #>(2,23 %'( 0,-1/((%;9
',00(2 1$>"#4/05 .',1' 1#2%4,2(0 %'/(( ,%(6-k4 84;8( ?#/
1#2%/#;;,23 %'( .4%(/ ;(8(; ,2 %'( ?#2%5 4 ;,3'% -.,%1' ?#/ 1#2:
%/#;;,23 %'( ->#%;,3'% 4"#8( %'( ?#2%5 420 L 4 -%41* #? ;,2(2
%#.(;-@
D,(224 348( =4230#2 4 -$/>/,-(0 ;##*5 "$% =4230#2 '40
%#$/(0 (2#$3' 1'$/1'(- .#/;0.,0( %# *2#. %'4% "4>%,-64;
?#2%- 4;6#-% 4;.49- 4??#/0(0 %'(,/ >/,(-%- (4-9 411(-- %# (6(/:
3(219 *9&((,.'B 7,45+*k%'( $2>/(0,1%4",;,%9 #? ,2?42%-G ";40:
0(/-&4&$2,8(/-4;&/,-*&#?&1'/,-%(2,23-@
id##05j '( -4,05 (9(,23 %'( %#.(;-@ i7#;0 %'( 64-* 4
-(1#20nj 7( 3(2%;9 %/42-?(//(0 %'( 64-* %# D,(224G- '420- 420
%'(2&-(%&%#&.#/*@
E,/-%5 =4230#2 /(%/,(8(0 %'( '(B43#24; ;,0 420 '(48(0 ,%
"41* $> #2%# %'( ?#2% %# /(-%#/( %'( -64;;5 4;%4/;,*( %4";( %'(9
'40 ?,/-% -((2@ N'(2 '( 3/4""(0 -(8(/4; #? %'( ;,2(2 %#.(;- ?/#6
%'( 1$>"#4/0 420 ->/(40 %'(6 #$% ;,*( 4 %4";(1;#%'@ E,24;;95 '(
?;,>>(0 %'( ?#2%G- ;,3'% -.,%1'5 420 %'( ->#%;,3'% 0,/(1%;9 #8(/:
'(40 ->/423 %# ;,?(5 ,;;$6,24%,23 %'( "4>%,-64; 4/(4 420 -',2:
,23&"/,3'%;9&0#.2&#2&%'(&1#8(/(0&-$/?41(@
 SRR[VZY
D,(224 3(2%;9 ;4,0 %'( 64-* #2 %'( ?#2% .',;( =4230#2 /(:
%/,(8(0 6#/( %#.(;-5 .',1' '( $-(0 ;,*( #8(2 6,%%- %# -;,0( %'(
64-* ?/#6 %'( m,>;#1 "435 14/(?$; 2#% %# %#$1' ,% .,%' ',- "4/(
'420-@ \#6(2%- ;4%(/5 H42%(G- 0(4%' 64-* ;49 $2-'(4%'(0 420
24*(05 ?41($> "(2(4%' %'( "/,3'% ;,3'%5 ;,*( %'( '(40 #? 42 42:
(-%'(%,K(0&>4%,(2%&#2&42&#>(/4%,23&%4";(@
N'( 64-*G- 0/464%,1 %(B%$/,23 4>>(4/(0 (8(2 6#/( $2-(%:
%;,23 ,2 %'( ;,3'%5 %'( 1/(4-(- 420 ./,2*;(- #? #;0 43( 411(2%$:
4%(0 "9 %'( 0,-1#;#/(0 >;4-%(/@ =4230#2 .4-%(0 2# %,6( $-,23
',-&64*(-',?%&6,%%-&%#&?;,>&%'(&64-*&#8(/&420&;49&,%&?41(0#.2@
N'( "41* -,0( #? %'( 64-* ;##*(0 64/*(0;9 ;(-- 43(0 %'42
%'(&?/#2%k1;(42&420&.',%(&/4%'(/&%'42&0,239&420&9(;;#.@
D,(224 1#1*(0 '(/ '(405 ;##*,23 >$KK;(0@ iH#(- %',- -,0(
;##* '#9#3 %#&9#$nj
!06,%%(0;95 %'( 1#;#/ 0,??(/(21( .4- 6#/( (6>'4%,1 %'42
=4230#2 .#$;0 '48( ,643,2(05 "$% %',- -,0( .4- 6#-% 1(/%4,2;9
%'( -46( 43( 4- %'( ?/#2%@ ih2(8(2 43,235j '( -4,0@ iN'( "41*
#? %'( 64-* '4- "((2 -',(;0(0 "9 %'( 0,->;49 14-( -# '4- 2(8(/
-$??(/(0 %'( 43,23 (??(1%- #? -$2;,3'%@j =4230#2 640( 4 6(2%4;
2#%(&%#&0#$";(&%'(&DOE&#?&',-&-$2-1/((2@
i7#;0 #25j D,(224 -4,05 ;(42,23 ,2 1;#-( %# %'( 64-*@ i=##*l
F2&%'(&?#/('(40l&N'4%&6$-%&"(&.'4%&9#$&420&a324K,#&-4.@j
=4230#2G- (9(- 6#8(0 I$,1*;9 41/#-- %'( -6##%' .',%( -$/:
?41( %# %'( -46( 0,-1#;#/4%,#2 '( '40 ->,(0 (4/;,(/ %'/#$3' %'(
>;4-%,1k4 ?4,2% ;,2( #? 64/*,23- %'4% /42 '#/,K#2%4;;9 41/#-- %'(
,2-,0( #? H42%(G- ?#/('(40@ A#.5 '#.(8(/5 ,2 %'( -%4/* ;,3'%5
=4230#2 -4. 1;(4/;9 %'4% %'(-( 64/*,23- .(/( 2#% 4 24%$/4;
";(6,-'&L&%'(9&.(/(&642:640(@
ia%G- L ./,%,235j D,(224 .',->(/(05 %'( .#/0- 14%1',23 ,2 '(/
%'/#4%@&i)$%&Lj
=4230#2 -%$0,(0 %'( ,2-1/,>%,#2 #2 %'( >;4-%(/@ a% .4- 4
-,23;( /#. #? ;(%%(/-k'420./,%%(2 ,2 4 ?;#/,0 -1/,>% #? ?4,2%
"/#.2,-'&9(;;#.@
iN'4%G- &,, ,%&-49-nj&D,(224&-4,05&-#$20,23&4;6#-%&423/9@
 SRS[VZY
=4230#2 "4/(;9 '(4/0 '(/@ O+4 9345# 5+.*L '( .#20(/(0@
"4:#4'# .' <&'5#0* #3&L a% -((6(0 $2;,*(;9@ a? -#5 -#6( 4/%
',-%#/,42 .#$;0 '48( ->#%%(0 ,% ;#23 43# 0$/,23 /(3$;4/ 1;(42:
,23 #/ /(-%#/4%,#25 420 %'( ./,%,23 .#$;0 '48( "(1#6( >4/% #?
%'(&;#/(&#?&%'(&64-*@&=4230#2&'40&2(8(/&'(4/0&#?&,%@
!&?4/&6#/(&;,*(;9&-#$/1(&I$,1*;9&64%(/,4;,K(0&,2&',-&6,20@
N#353&'(%n4D3.*5/
m#"/,-% .4- %'( 64-*G- #.2(/ 420 %'(/(?#/( 1#$;0 (4-,;9 '48(
/(I$(-%(0 >/,84%( 411(-- %# ,% .'(2(8(/ '( .42%(0@ 7( 1#$;0
'48( ./,%%(2 %'( %(B% #2 %'( "41* #? %'( 64-* ?4,/;9 /(1(2%;9
420 %'(2 /(>;41(0 ,% ,2 %'( 42%,I$( 14-( .,%'#$% 429#2( (8(/
*2#.,23@ 1+# :&*$0* 49'#35 \4/%4 '40 %#;0 %'(65 94'05 #8#'
6#3:.5%4;3%*5&--%54%46#'%5+#%7&*#%9.5+4;5%+.:%63#*#'5/
=4230#2&I$,1*;9&(B>;4,2(0&',-&%'(#/9@
D,(224 -((6(0 %# 411(>% ',- ;#3,15 420 9(% %'( >/#->(1%
1;(4/;9 %/#$";(0 '(/@ ia% 64*(- 2# -(2-(5j -'( -4,05 ;##*,23
/(-%;(--@ ia? .( "(;,(8( m#"/,-% -(1/(%;9 ./#%( -#6(%',23 #2 %'(
"41* #? %'( H42%( 0(4%' 64-*5 420 '( 4;-# .(2% %# %'( %/#$";(
%# 1/(4%( %'4% ;,%%;( >/#C(1%#/ %# >#,2% %# %'( 64-* L %'(2 .'9
0,02G% '( ./,%( -#6(%',23 6#/( :#&'.'B-;,n a 6(425 ,%G- -(2-(:
;(--l ]#$ 420 a '48( "((2 ;##*,23 4;; 049 ?#/ %'( 64-*5 420 5+.*
,-&4;;&.(&?,20nj
=4230#2 /(0,/(1%(0 ',- ?#1$- %# %'( %(B% #2 %'( "41* #? %'(
64-*@ N'( '420./,%%(2 6(--43( .4- 8(/9 "/,(?k#2;9 -(8(2 ;(%:
%(/-&;#23k420&406,%%(0;9&;##*(0&(2%,/(;9&>$/>#-(;(--@
".#''&0*%-3;*53&5.4'%.*%7#35&.',)%;'(#3*5&'(&D,#/
=4230#25 '#.(8(/5 ?(;% %'( ?46,;,4/ %'/,;; #? ,66,2(2% /(8(;4:
%,#25 '48,23 /(4;,K(0 4;6#-% ,2-%42%;9 %'4% %'(-( -(8(2 ;(%%(/-
.#$;0 %(;; ',6 (8(/9%',23 '( 2((0(0 %# *2#. 4"#$% .'4% '(
420&D,(224&.(/(&%#&0#&2(B%@
E$/%'(/6#/(5 '( '40 0(%(1%(0 4 ?4,2% #0#/ %# %'( 64-*k4 ?4:
6,;,4/ -1(2% %'4% 0,8$;3(0 .'9 %'( >;4-%(/ #2 %'( "41* .4- -#
6$1' .',%(/ %'42 %'( ?/#2% L 420 %'( 0,??(/(21( '40 2#%',23
%#&0#&.,%'&43,23&#/&-$2;,3'%@
 SRT[VZY
ia 0#2G% $20(/-%4205j D,(224 -4,0@ iN'( ;(%%(/- 4/( 4;; %'(
-46(@j
=4230#2 2#00(0 14;6;9 4- '( -%$0,(0 %'( ;,2( #? %(B%k-(8(2
,0(2%,14; ;(%%(/- 14/(?$;;9 ,2-1/,"(0 ,2 14;;,3/4>'9 41/#-- %'( ,2:
-,0(&#?&H42%(G-&?#/('(40@
OOOOOOO

iD(8(2 Z-5j D,(224 -4,0@ i+'4% 4/( .( -$>>#-(0 %# 0# .,%'

5+.*nj
=4230#2 -6,;(0 14;6;9 420 /4,-(0 ',- (9(- %# '(/-@ ia -$33(-%
.(&0#&>/(1,-(;9&.'4%&%',-&6(--43( 5#,,* $-&%#&0#@j
D,(224&-%4/(0@&iD(8(2 Z-&,-&L&4 :#**&B#nj
ia% ,-5j '( -4,0 .,%' 4 3/,2@ i!20 ,? 9#$G8( -%$0,(0 H42%(5 ,%G- 4
8(/9&1;(4/&#2(@j

F$%-,0( %'( )4>%,-%/9 #? D42 d,#8422,5 %'( 642 .,%' %'( 2(1*:
%,( .,>(0 ',- ?,23(/24,;- #2 ',- '420*(/1',(? 420 04""(0 4% %'(
>$-%$;(- #2 ',- 2(1*@ 7( %/,(0 %# ,32#/( %'( "$/2,23 ,2 ',- (9(-
4-&'(&-I$,2%(0&4%&',-&0(-%,24%,#2@
N'(&%#$/,-%&(2%/421(@
F$%-,0( %'( 0##/5 4 .(4/,(0 0#1(2% ,2 4 ";4K(/ -6#*(0 4 1,:
34/(%%( 420 /(0,/(1%(0 %#$/,-%- .'# 4>>4/(2%;9 1#$;02G% 0(:
1,>'(/ %'( "$,;0,23G- -1'(0$;(5 .',1' .4- ./,%%(2 ,2 ,2%(/24:
%,#24;&%,6(@
!OP<Nh<!&QSZZJQWZZ@
N'( 642 .,%' %'( /4-' 1'(1*(0 ',- .4%1'@ a% .4- QZ^ZR !@\@
N'( "4>%,-%/9 .4- 1;#-(0 ?#/ 42#%'(/ ?(. '#$/-@ 7( .4%1'(0
%'( 0#1(2% ?#/ 4 .',;( 420 %'(2 640( $> ',- 6,20@ 7( /(6#8(0
%'( 3#;0 -%$0 ?/#6 ',- (4/ 420 >#1*(%(0 ,%@ N'(2 '( >$;;(0 #$%
',- .4;;(% 420 1'(1*(0 ,%- 1#2%(2%-@ a2 400,%,#2 %# 4--#/%(0
1/(0,% 14/0- 420 4 .40 #? ($/#-5 '( .4- 14//9,23 #8(/ %'/((
%'#$-420&h@D@&0#;;4/-&,2&14-'@
 SRU[VZY
N'42*?$;;95&484/,1(&.4-&42&,2%(/24%,#24;&-,2@
 M7!ONP< UW

ZA==>1G?%E%ZA==>1G?%E%ZA==>1G?%E
N'( -(8(2 Z- ./,%%(2 #2 %'( "41* #? H42%(G- 0(4%' 64-* ,6:
6(0,4%(;9 >$;;(0 =4230#2G- %'#$3'%- "41* ,2%# %'( %(B% #? 1+#
<.8.'# =4:#()@ E#/ 4 6#6(2% '( .4- "41* #2-%43( ,2 g,(2245
>/(-(2%,23&',-&;(1%$/(&iH,8,2(&H42%(^&D96"#;-&#?&7(;;@j
i+( '48( 2#. 0(-1(20(05j ',- 8#,1( /(-#$20(0 #8(/ %'(
->(4*(/-5 i>4--,23 0#.2 %'/#$3' %'( 2,2( /,23- #? '(;; %# %'(
1(2%(/&#?&%'(&(4/%'5&1#6,23&?41(:%#:?41(&.,%'&D4%42&',6-(;?@j
=4230#2 6#8(0 ?/#6 -;,0( %# -;,0( %'/#$3' 4 -(/,(- #? %'/((:
'(40(0 D4%42- ?/#6 84/,#$- .#/*- #? 4/%k)#%%,1(;;,G- ?&66&5
%'( E;#/(21( "4>%,-%/9G- 6#-4,15 420 !20/(4 0, M,#2(G- %(//,?9:
,23 ";41* 0(6#25 ,%- ?$/ -#,;(0 .,%' %'( 1/,6-#2 ";##0 #? ,%-
8,1%,6-@
iN#3(%'(/5j =4230#2 1#2%,2$(05 i.( '48( 1;,6"(0 0#.2 %'(
-'4339 1'(-% #? D4%425 /(8(/-(0 0,/(1%,#2 4- 3/48,%9 -',?%(05 420
(6(/3(0 ?/#6 %'( 3;##69 $20(/.#/;0 L #21( 434,2 %# -(( %'(
-%4/-@j
=4230#2 408421(0 -;,0(- $2%,; '( /(41'(0 42 ,643( '( '40
-'#.2 (4/;,(/k%'( ,1#2,1 H#6(2,1# 0, \,1'(;,2# >4,2%,23
?/#6 ,2-,0( %'( 0$#6#5 .',1' 0(>,1%(0 %'( /(0:/#"(0 H42%(
-%420,23 #$%-,0( %'( .4;;- #? E;#/(21(@ i!20 ,? 9#$ ;##* 14/(:
?$;;9&L&9#$&.,;;&-((&%'#-(&-%4/-@j
=4230#2 >#,2%(0 %# %'( -%4/:?,;;(0 -*9 %'4% 4/1'(0 4"#8(
H42%(G- '(40@ i!- 9#$ -((5 %'( '(48(2- 4/( 1#2-%/$1%(0 ,2 4
-(/,(- #? 2,2( 1#21(2%/,1 ->'(/(- 4/#$20 %'( (4/%'@ N',- 2,2(:
%,(/(0 -%/$1%$/( #? >4/40,-( ,- ,2%(20(0 %# /(?;(1% 420 "4;421(
%'( 2,2( /,23- #? %'( $20(/.#/;0@ !- 9#$G8( >/#"4";9 2#%,1(05
%'(&2$6"(/&2,2(&,-&4&/(1$//,23&%'(6(&?#/&H42%(@j
 SRW[VZY
=4230#2 >4$-(05 %4*,23 4 -,> #? .4%(/ 420 ;(%%,23 %'( 1/#.0
14%1' %'(,/ "/(4%' 4?%(/ %'(,/ '4//#.,23 0(-1(2% 420 ?,24; (B,%
?/#6&'(;;@
iD#5 4?%(/ (20$/,23 %'( '#//#/- #? %'( ,2?(/2#5 9#$ 6$-% 4;;
"( 8(/9 (B1,%(0 %# 6#8( %#.4/0 >4/40,-(@ h2?#/%$24%(;95 ,2 %'(
.#/;0 #? H42%(5 2#%',23 ,- (8(/ -,6>;(@j 7( '(48(0 4 0/464%,1
-,3'@ iN# 4-1(20 %# >4/40,-( .( 4;; 6$-%k"#%' ?,3$/4%,8(;9 420
;,%(/4;;9k1;,6"&4&6#$2%4,2@j
=4230#2 >#,2%(0 %# %'( \,1'(;,2# >4,2%,23@ F2 %'( '#/,K#25
"(',20 H42%(5 %'( 4$0,(21( 1#$;0 -(( 4 -,23;( 1#2(:-'4>(0
6#$2%4,2 /,-,23 ,2%# %'( '(48(2-@ D>,/4;,23 $> %'( 6#$2%4,25 4
>4%'.49 1,/1;(0 %'( 1#2( /(>(4%(0;9k2,2( %,6(-k4-1(20,23 ,2
(8(/:%,3'%(2,23 %(//41(- %#.4/0 %'( %#>@ !;#23 %'( >4%'.495
24*(0 ?,3$/(- %/$03(0 $>.4/0 ,2 6,-(/95 (20$/,23 84/,#$- >(2:
421(-&#2&%'(&.49@
ia 3,8( 9#$ \#$2% O$/34%#/95j =4230#2 422#$21(0@ i!20
-40;95 %',- 3/$(;,235 2,2(:/,23(0 4-1(2% ,- %'( #2;9 /#$%( ?/#6
%'( 0(>%'- #? ,2?(/2# %# %'( 3;#/9 #? >4/40,-(@ F2 %',- >4%'5 9#$
142 -(( %'( /(>(2%42% -#$;- 4-1(20,23 L (41' >49,23 42 4>>/#:
>/,4%( >/,1( ?#/ 4 3,8(2 -,2@ N'( (28,#$- 6$-% 1;,6" .,%' %'(,/
(9(- -(.2 -'$% -# %'(9 1422#% 1#8(%e %'( >/,0(?$; 6$-% 14//9
'$3( -%#2(- #2 %'(,/ "41*- %# "(20 %'(6 ;#. ,2 4 '$6";( 642:
2(/e %'( 3;$%%#2#$- 6$-% 1;,6" .,%'#$% ?##0 #/ .4%(/5 %'(/("9
-$??(/,23 (B1/$1,4%,23 '$23(/e 420 %'( ;$-%?$; 6$-% 4-1(20
%'/#$3' '#% ?;46(- %# >$/3( %'(6-(;8(- #? >4--,#2G- '(4%@j 7(
>4$-(0@ i)$% "(?#/( 9#$ 4/( >(/6,%%(0 %'( 3/(4% >/,8,;(3( #?
1;,6",23 %',- 6#$2%4,2 420 >$/3,23 9#$/ -,2-5 9#$ 6$-% ->(4*
%#&%',-&,20,8,0$4;@j
=4230#2 -.,%1'(0 -;,0(- %# 4 1;#-(:$> #? %'( \,1'(;,2#
>4,2%,235 .'(/(,2 4 .,23(0 423(; -4% #2 4 %'/#2( 4% %'( ?##% #?
\#$2% O$/34%#/9@ !% %'( 423(;G- ?((%5 4 ;,2( #? >(2,%(2% -,22(/-
4.4,%(0 406,%%421( %# %'( $>.4/0 >4%'@ D%/423(;95 %'( 423(;
.4- .,(;0,23 4 ;#23 -.#/05 %'( >#,2% #? .',1' '( -((6(0 %# "(
-%4"",23&,2%#&%'(&?41(&#?&%'(&?,/-%&>(/-#2&,2&;,2(@
 SRX[VZY
i+'# *2#.-5j =4230#2 14;;(0 #$%5 i.'4% %',- 423(; ,-
0#,23nj
iD%4"",23&-#6(#2(&,2&%'(&'(40nj&4&8#,1(&8(2%$/(0@
iA#>(@j
!2#%'(/&8#,1(@&iD%4"",23&-#6(#2(&,2&%'(&(9(nj
=4230#2&-'##*&',-&'(40@&i!29#2(&(;-(nj
! 8#,1( .49 ,2 %'( "41* ->#*( ?,/6;9@ i+/,%,23 #2 ',-
?#/('(40@j
=4230#2 -6,;(0@ ia% 4>>(4/- -#6(#2( "41* %'(/( *2#.- ',-
H42%(@j 7( 6#%,#2(0 434,2 %# %'( >4,2%,23@ ia /(4;,K( ,% ;##*-
;,*( %'( 423(; ,- -%4"",23 %',- >##/ ?(;;#. ,2 %'( ?#/('(405 "$%
'( ,- 2#%@ !11#/0,23 %# H42%(G- %(B%5 %'( 423(; .'# 3$4/0- >$/:
34%#/9 $-(- %'( %,> #? ',- -.#/0 %# ./,%( -#6(%',23 #2 ',- 8,-,%:
#/-G ?#/('(40- "(?#/( %'(9 (2%(/@ o!20 .'4% 0#(- '( ./,%(nG 9#$
4-*@j
=4230#2 >4$-(0 ?#/ (??(1%@ iD%/423(;95 '( ./,%(- 4 -,23;( ;(%:
%(/ L .',1' ,- /(>(4%(0 -(8(2 %,6(-@ H#(- 429#2( *2#. .'4%
;(%%(/&%'(&423(;&./,%(-&-(8(2&%,6(-&#2&H42%(G-&?#/('(40nj
QZFR -'#$%(0&4&8#,1(&,2&%'(&1/#.0@
=4230#2 -6,;(0@ i](-@ N'( ;(%%(/ Z@ N',- Z -,32,?,(- 6#7V
7&5;:k%'( =4%,2 .#/0 ?#/ o-,2@G !20 %'( ?41% %'4% ,% ,- ./,%%(2
-(8(2 %,6(- ,- -96"#;,1 #? %'( D(>%(6 O(114%4 \#/%4;,45 4;-#
*2#.2&4-kj
iN'(&D(8(2&H(40;9&D,2-lj&-#6(#2(&(;-(&-'#$%(0@
i),23#@ !20 -#5 #2;9 "9 4-1(20,23 %'/#$3' (41' ;(8(; #? >$/:
34%#/9 142 9#$ 4%#2( ?#/ 9#$/ -,2-@ +,%' (41' 2(. ;(8(; %'4%
9#$ 4-1(205 42 423(; 1;(42-(- #2( #? %'( Z- ?/#6 9#$/ ?#/('(40
$2%,; 9#$ /(41' %'( %#>5 4//,8,23 .,%' 9#$/ "/#. 1;(42-(0 #? %'(
-(8(2 Z- L 420 9#$/ -#$; >$/3(0 #? 4;; -,2@j 7( .,2*(0@ iN'(
>;41(&,-&14;;(0&>$/34%#/9&?#/&4&/(4-#2@j
=4230#2 (6(/3(0 ?/#6 ',- %'#$3'%- %# -(( D,(224 -%4/,23 4%
',6 #8(/ %'( "4>%,-64; ?#2%@ iN'( -(8(2 Z-nj -'( -4,05 >$;;,23
',6 "41* %# %'( >/(-(2% 420 6#%,#2,23 0#.2 %# H42%(G- 0(4%'
64-*@&i]#$&-49&,%G-&4&6(--43(n&N(;;,23&$-&.'4%&%#&0#nj
 SRY[VZY
=4230#2 I$,1*;9 (B>;4,2(0 H42%(G- 8,-,#2 #? \#$2% O$/34%:
#/95 %'( Z- /(>/(-(2%,23 %'( D(8(2 H(40;9 D,2-5 420 %'( >/#1(--
#?&1;(42-,23&%'(6&?/#6&%'(&?#/('(40@
iF"8,#$-;95j =4230#2 1#21;$0(05 i)(/%/420 m#"/,-%5 4- %'(
H42%( ?424%,1 %'4% '( .4-5 .#$;0 "( ?46,;,4/ .,%' %'( -(8(2 Z-
420 %'( >/#1(-- #? 1;(42-,23 %'(6 ?/#6 %'( ?#/('(40 4- 4
6(42-&#?&6#8,23&?#/.4/0&%#.4/0&>4/40,-(@j
D,(224 ;##*(0 0#$"%?$;@ i]#$ %',2* )(/%/420 m#"/,-% >$%
%'#-( Z- #2 %'( 64-* "(14$-( '( .42%- $- %# L ;,%(/4;;9 .,>(
%'(6 #?? %'( 0(4%' 64-*n N'4%G- .'4% 9#$ %',2* .(G/( -$>:
>#-(0&%#&0#nj
ia&/(4;,K(&,%G-kj
i<#"(/%5 (8(2 ,? .( .,>( #?? %'( ;(%%(/-5 '#. 0#(- %'4% '(;>
$-nl&+(G;;&C$-%&(20&$>&.,%'&4&%#%4;;9&";42*&64-*@j
i\49"(@j =4230#2 #??(/(0 4 '#>(?$; 3/,2@ i\49"( 2#%@ a
%',2* %'(/(G- 6#/( %'(/( %'42 6((%- %'( (9(@j 7( 6#%,#2(0
0#.2 %# %'( 64-*@ i<(6(6"(/ '#. a %#;0 9#$ %'4% %'( "41* #?
%'(&64-*&.4-&;,3'%(/&,2&1#;#/&"(14$-(&#?&$2(8(2&43,23nj
i](-@j
ia 649 '48( "((2 ./#235j '( -4,0@ iN'( 1#;#/ 0,??(/(21(
-((6- %## -%4/* %# "( 43,235 420 %'( %(B%$/( #? %'( "41* '4-
%((%'@j
iN((%'nj
=4230#2 -'#.(0 '(/ %'4% %'( %(B%$/( #2 %'( "41* .4- ?4/
/#$3'(/ %'42 %'4% #? %'( ?/#2% L 420 4;-# ?4/ 3/,%%,(/5 ;,*( -420:
>4>(/@ ia2 %'( 4/% .#/;05 %',- /#$3' %(B%$/( ,- 14;;(0 %((%'5 420
>4,2%(/- >/(?(/ %# >4,2% #2 4 -$/?41( %'4% '4- %((%' "(14$-( %'(
>4,2%&-%,1*-&%#&,%&"(%%(/@j
iaG6&2#%&?#;;#.,23@j
=4230#2&-6,;(0@&iH#&9#$&*2#.&.'4%&3(--#&,-nj
iD$/(5 >4,2%(/- $-( ,% %# >/,6( 14284-(- 420kj D'( -%#>>(0
-'#/%5&',-&6(42,23&4>>4/(2%;9&/(3,-%(/,23@
 SSZ[VZY
iPB41%;95j =4230#2 -4,0@ iN'(9 $-( 3(--# %# 1/(4%( 4 1;(42
.',%( %##%'9 -$/?41(5 420 -#6(%,6(- %# 1#8(/ $> $2.42%(0
>4,2%,23-&,?&%'(9&.42%&%#&/($-(&4&14284-@j
A#. D,(224 ;##*(0 (B1,%(0@ i!20 9#$ %',2* 649"( m#"/,-%
1#8(/(0&%'(&"41*&#?&%'(&0(4%'&64-*&.,%'&3(--#nj
ia% .#$;0 (B>;4,2 %'( %((%' 420 %'( ;,3'%(/ 1#;#/@ a% 4;-#
6,3'%&(B>;4,2&.'9&'(&.#$;0&.42%&$-&%#&.,>(&#??&%'(&-(8(2 Z-@j
D,(224&;##*(0&>$KK;(0&"9&%',-&;4-%&>#,2%@
iD6(;; %',-5j =4230#2 -4,05 /4,-,23 %'( 64-* %# '(/ ?41( ;,*( 4
>/,(-%&#??(/,23&M#66$2,#2@
D,(224&1/,23(0@&id(--#&-6(;;-&;,*(&4&.(%&0#3nj
iA#% 4;; 3(--#@ <(3$;4/ 3(--# -6(;;- ;,*( 1'4;*@ +(% 0#3 ,- 41:
/9;,1&3(--#@j
i\(42,23&Lnj
i\(42,23&,%G-&.4%(/&-#;$";(@j
D,(224 1#1*(0 '(/ '(405 420 =4230#2 1#$;0 -(2-( %'(
.'((;- %$/2,23@ D'( -',?%(0 '(/ 34K( -;#.;9 %# %'( 64-* 420
%'(2 -$00(2;9 "41* %# =4230#25 '(/ (9(- .,0(@ i]#$ %',2*
%'(/(G-&-#6(%',23&$20(/&%'(&3(--#nj
ia%&.#$;0&(B>;4,2&4&;#%@j
D,(224 ,66(0,4%(;9 3/,>>(0 %'( '(B43#24; .##0(2 ?#2% 1#8:
(/,23 420 /#%4%(0 ,% >4/%.49 #??5 (B>#-,23 %'( .4%(/ "(;#.@ D'(
3/4""(0 4 ?/(-' ;,2(2 %#.(; 420 >;$23(0 ,% ,2%# %'( "4>%,-64;
.4%(/@ N'(2 -'( '(;0 #$% %'( 0/,>>,23 1;#%' ?#/ =4230#2@ i]#$
-'#$;0&0#&,%@j
=4230#2 >;41(0 %'( 64-* ?41(0#.2 ,2 ',- ;(?% >4;6 420 %##*
%'( .(% ;,2(2@ D'4*,23 #$% %'( (B1(-- .4%(/5 '( "(342 04"",23
%'( 046> 1;#%' #2 %'( ,2-,0( #? H42%(G- ?#/('(405 6#,-%(2,23
%'( 4/(4 .,%' %'( -(8(2 14;;,3/4>',1 Z-@ !?%(/ -(8(/4; 04"- .,%'
',- ,20(B ?,23(/5 '( /(0,>>(0 %'( 1;#%' ,2 %'( ?#2% 420 1#2%,2:
$(0@&N'(&,2*&"(342&-6(4/,23@
iN'( 3(--# ,- 0,--#;8,235j '( -4,0 (B1,%(0;9@ iN'( ,2* ,- 1#6:
,23&#??&.,%'&,%@j
 SSQ[VZY
!- '( >(/?#/6(0 %'( >/#1(-- 4 %',/0 %,6(5 =4230#2 "(342
->(4*,23 ,2 4 >,#$- 420 -#6"(/ 6#2#%#2(5 .',1' /(-#24%(0 ,2
%'( "4>%,-%/9@ iN'/#$3' "4>%,-65 %'( =#/0 _(-$- M'/,-% '4-
?/((0 9#$ ?/#6 -,2 420 "/#$3'% 9#$ %# 2(. ;,?( %'/#$3' .4%(/
420&%'(&7#;9&D>,/,%@j
D,(224&-%4/(0&4%&=4230#2&;,*(&'(G0&;#-%&',-&6,20@
7(&-'/$33(0@&ia%&-((6(0&4>>/#>/,4%(@j
D'( /#;;(0 '(/ (9(- 420 %$/2(0 "41* %# %'( 64-*@ !- =4230#2
1#2%,2$(0 4>>;9,23 .4%(/5 %'( #/,3,24; >;4-%(/ "(2(4%' %'(
3(--# "(146( 8,-,";(5 ,%- 9(;;#.,-' '$( 6#/( ,2 *((>,23 .,%'
.'4% =4230#2 .#$;0 '48( (B>(1%(0 ?/#6 42 4/%,?41% %',- #;0@
+'(2 %'( ;4-% #? %'( Z- '40 0,-4>>(4/(05 '( 0/,(0 %'( 4/(4 .,%'
4&1;(42&;,2(2&420&'(;0&%'(&64-*&$>&?#/&D,(224&%#&#"-(/8(@
D'(&34->(0&#$%&;#$0@
O/(1,-(;9 4- =4230#2 '40 42%,1,>4%(05 %'(/( .4- ,20((0
-#6(%',23 ',00(2 "(2(4%' %'( 3(--#k4 -(1#20 ;49(/ #? 14;;,:
3/4>'9k2,2( ;(%%(/- ./,%%(2 0,/(1%;9 #2%# %'( >4;( 9(;;#. -$/:
?41(&#?&%'(&#/,3,24;&>;4-%(/@
N',-&%,6(5&'#.(8(/5&%'(&;(%%(/-&?#/6(0&4&.#/0@
 M7!ONP< UX

i&oOFDDPDDPHGnj&DaPAA!&HP\!AHPH@&ia&0#2G%&$20(/-%420@j
20: '45 *;3# 2 (4 #.5+#3/ =4230#2 -%$0,(0 %'( %(B% %'4% '40
64%(/,4;,K(0 "(2(4%' %'( -(8(2 Z-k4 -,23;( .#/0 (6";4K#2(0
41/#--&%'(&,2-,0(&#?&H42%(G-&?#/('(40@

>#--(--(0

i!-&,2&L&>#--(--(0&"9&%'(&0(8,;nj&D,(224&4-*(0@
Z4**.D,)/ =4230#2 %$/2(0 ',- 34K( #8(/'(40 %# %'( 6#-4,1 #?
D4%42 1#2-$6,23 %'( ./(%1'(0 -#$;- .'# '40 2(8(/ "((2 4";(
%# >$/3( %'(6-(;8(- #? -,2@ <&'5# E 64**#**#(L a% 0,02G% -((6
%#&64*(&6$1'&-(2-(@
iN'(/(G- 3#% %# "( 6#/(5j D,(224 1#2%(20(05 %4*,23 %'( 64-*
?/#6 =4230#2G- '420- 420 -%$09,23 ,% 6#/( 1;#-(;9@ !?%(/ 4
6#6(2% -'( "(342 2#00,23@ i](-5 ;##* 4% %'( (20- #? %'( .#/0
L&%'(/(G-&6#/(&%(B%&#2&(,%'(/&-,0(@j
=4230#2 ;##*(0 434,25 2#. -((,23 %'( ?4,2% -'40#. #? 400,:
%,#24; %(B% -'#.,23 %'/#$3' %'( 6#,-% 3(--# 4% (,%'(/ (20 #? %'(
.#/0 64**#**#(@
P43(/;95 D,(224 3/4""(0 %'( 1;#%' 420 1#2%,2$(0 04"",23
4/#$20 %'( .#/0 $2%,; 6#/( %(B% 64%(/,4;,K(05 ./,%%(2 #2 4
3(2%;(&1$/8(@

F&9#$&>#--(--(0&#?&-%$/09&,2%(;;(1%

=4230#2 ;(% #$% 4 ;#. .',-%;(@ Q !KC )4; 64**#**#( 4- *5;3()

.'5#,,#75 E 4D*#38# 5+# 5#&7+.'B* +.((#' +#3# E D#'#&5+ 5+#
8#.,%4-%8#3*#*%*4%4D*7;3#/0%R
D,(224&-%4/(0&4%&',6@&iaG6&-#//9nj
 SSS[VZY
ia%G- %4*(2 ?/#6 #2( #? %'( 6#-% ?46#$- -%42K4- #? H42%(G-
2'-#3'45j =4230#2 -4,0 (B1,%(0;9@ ia%G- H42%( $/3,23 ',-
-64/%(-% /(40(/- %# -((* %'( .,-0#6 ',00(2 .,%',2 ',- 1/9>%,1
8(/-(@j
=4230#2 #?%(2 1,%(0 %',- (B41% ;,2( .'(2 %(41',23 ;,%(/4/9
-96"#;,-6e %'( ;,2( .4- 4- 1;#-( 42 (B46>;( 4- (B,-%(0 %# 42
4$%'#/ .48,23 ',- 4/6- .,;0;9 420 -'#$%,23^ i7(95 /(40(/-l
N'(/(&,-&4&-96"#;,1&0#$";(&6(42,23&'(/(lj
D,(224 "(342 /$"",23 %'( "41* #? %'( 64-*5 6#/( 8,3#/#$-;9
2#.@
iM4/(?$;&.,%'&%'4%lj&=4230#2&$/3(0@
i]#$G/( /,3'%5j D,(224 422#$21(05 K(4;#$-;9 .,>,23 4.49
3(--#@ iN'( /(-% #? H42%(G- I$#%( ,- '(/(kC$-% 4- 9#$ /(14;;(0
,%@j&D'(&>4$-(0&%#&0,>&%'(&1;#%'&"41*&,2&%'(&?#2%&420&/,2-(&,%&#$%@
=4230#2 ;##*(0 #2 ,2 0,-649 4- %'( .4%(/ ,2 %'( "4>%,-64;
?#2% %$/2(0 1;#$09 .,%' 0,--#;8(0 3(--#@ K;3 &64,4B.#* 54 "&'
I.48&''.5 '( %'#$3'%5 $2(4-9 %'4% %',- -41/(0 ?#2% .4- "(,23
$-(0&4-&4&-,2*@
+'(2 D,(224 /4,-(0 %'( 1;#%' ?/#6 %'( .4%(/5 ,% .4- 0/,>:
>,23@ D'( "4/(;9 ./$23 ,% #$% "(?#/( >;41,23 %'( -#339 1;#%' ,2
%'( 1(2%(/ #? %'( 64-* 420 -.,-',23 ,% 4/#$20 4- ,? -'( .(/(
1;(42,23&4&-#$>&"#.;@
iD,(224lj&=4230#2&406#2,-'(0@&iN'4%G-&42&421,(2%kj
iN'( 9+4,# "41* -,0( '4- %(B%lj -'( 422#$21(0 4- -'(
-1#$/(0 %'( ,2-,0( #? %'( 64-*@ i!20 ,%G- ./,%%(2 ,2 Lj D'(
>4$-(05 1#1*,23 '(/ '(40 %# %'( ;(?% 420 /#%4%,23 %'( 64-* %#
%'(&/,3'%5&4-&,?&%/9,23&%#&/(40&-,0(.49-@
i+/,%%(2&,2&.'4%nj&=4230#2&0(6420(05&$24";(&%#&-((@
D,(224 ?,2,-'(0 1;(42,23 %'( 64-* 420 0/,(0 ,% #?? .,%' 4
?/(-' 1;#%'@ N'(2 -'( -(% ,% 0#.2 ,2 ?/#2% #? ',6 -# %'(9 1#$;0
"#%'&-%$09&%'(&/(-$;%@
+'(2 =4230#2 -4. %'( ,2-,0( #? %'( 64-*5 '( 0,0 4 0#$";(
%4*(@ N'( (2%,/( 1#2148( -$/?41( .4- 1#8(/(0 ,2 %(B%5 .'4% '40
%# "( 2(4/;9 4 '$20/(0 .#/0-@ )(3,22,23 4% %'( %#> .,%' %'(
 SST[VZY
;,2( K )4; 64**#**#( 4- *5;3() .'5#,,#755 %'( %(B% 1#2%,2$(0 ,2 4
-,23;(5 $2"/#*(2 ;,2( L 1$/;,23 0#.2 %'( /,3'% -,0( #? %'( 64-*
%# %'( "#%%#65 .'(/( ,% %$/2(0 $>-,0( 0#.2 420 1#2%,2$(0
"41* 41/#-- %'( "#%%#65 /(%$/2,23 $> %'( ;(?% -,0( #? %'( 64-*
%# %'( "(3,22,235 .'(/( ,% /(>(4%(0 4 -,6,;4/ >4%' ,2 4 -;,3'%;9
-64;;(/&;##>@
N'( >4%' #? %'( %(B% .4- ((/,;9 /(6,2,-1(2% #? \#$2% O$/34%:
#/9G- ->,/4;,23 >4%'.49 %# >4/40,-(@ N'( -96"#;#3,-% ,2 =423:
0#2 ,2-%42%;9 ,0(2%,?,(0 %'( >/(1,-( ->,/4;@ ")::#53.7&, 7,47$V
9.*# >37+.:#(#&'/ 7( '40 4;-# 2#%(0 %'4% %'( 2$6"(/ #? /(:
8#;$%,#2- ?/#6 %'( ?,/-% .#/05 K5 %# %'( ?,24; >(/,#0 ,2 %'( 1(2:
%(/&.4-&4&?46,;,4/&2$6"(/@
S.'#/
)4/(;9 "/(4%',235 =4230#2 %$/2(0 %'( 64-* ,2 -;#. 1,/1;(-5
/(40,23 %'( %(B% 4- ,% 1$/;(0 (8(/ ,2.4/0 4/#$20 %'( 1#2148(
"#.;5&?$22(;,23&%#.4/0&%'(&1(2%(/@
 SSU[VZY

iN'( ?,/-% -%42K4 ,- H42%(5 4;6#-% 8(/"4%,65j =4230#2 -4,0@ i

oF 9#$ >#--(--(0 #? -%$/09 ,2%(;;(1%5 #"-(/8( %'( %(41',23 %'4%
,-&',00(2&'(/(&L&"(2(4%'&%'(&8(,;&#?&8(/-(-&-#&#"-1$/(@G&j
i!20&%'(&/(-%nj&D,(224&>/(--(0@
=4230#2 -'##* ',- '(40@ ia 0#2G% %',2* -#@ a%G- ./,%%(2 ,2 4
-,6,;4/ 8(/-( >4%%(/25 "$% a 0#2G% /(1#32,K( %'( %(B% 4- H42%(G-@
a%&;##*-&;,*(&-#6(#2(&,-&,6,%4%,23&',-&-%9;(@j
im#"/,-%5j&D,(224&.',->(/(0@&ia% +&* %#&"(@j
=4230#2 2#00(0@ a% .4- 4- 3##0 4 3$(-- 4- 429@ m#"/,-%5 4?%(/
4;;5 "9 4;%(/,23 )#%%,1(;;,G- ?&66& (#,,02'-#3'45 '40 4;/(409
 SSV[VZY
/(8(4;(0 ',- >/#1;,8,%9 ?#/ 1#;;4"#/4%,23 .,%' %'( 64-%(/- 420
6#0,?9,23&3/(4%&.#/*-&#?&4/%&%#&-$,%&',-&2((0-@
iN'( /(-% #? %'( %(B% ,- 8(/9 -%/423(5j =4230#2 -4,05 434,2 /#:
%4%,23 %'( 64-* 420 /(40,23 ,2.4/0@ ia% %4;*- 4"#$% L -(8(/,23
%'( '(40- ?/#6 '#/-(- L >;$1*,23 $> %'( "#2(- #? %'( ";,20@j
7( -*,66(0 4'(40 %# %'( ?,24; ;,2(5 .',1' .4- ./,%%(2 ,2 4
%,3'% 1,/1;( 4% %'( 8(/9 1(2%(/ #? %'( 64-*@ 7( 0/(. 4 -%4/%;(0
"/(4%'@&ia%&4;-#&6(2%,#2-&o";##0/(0&.4%(/-@G&j
D,(224G- (9("/#.- 4/1'(0@ i_$-% ;,*( 9#$/ 8,-,#2- #? %'(
-,;8(/:'4,/(0&.#642nj
=4230#2 2#00(05 >$KK;,23 #8(/ %'( %(B%@ 1+# D,44(3#( 9&V
5#3*%E%4-%5+#%,&B44'%5+&5%3#-,#75*%'4%*5&3*L
i=##*5j -'( .',->(/(05 /(40,23 #8(/ ',- -'#$;0(/ 420 >#,2%:
,23 %# 4 -,23;( .#/0 >4/%.49 %'/#$3' %'( ->,/4;@ i! ->(1,?,1
;#14%,#2@j
=4230#2G- (9(- ?#$20 %'( .#/05 .',1' '( '40 -*,66(0 #8(/
#2 ',- ?,/-% >4--@ a% .4- %'( 246( #? #2( #? %'( 6#-% ->(1%41$;4/
420 $2,I$( 1,%,(- ,2 %'( .#/;0@ =4230#2 ?(;% 4 1',;;5 *2#.,23 ,%
4;-# '4>>(2(0 %# "( %'( 1,%9 ,2 .',1' H42%( !;,3',(/, ?46#$-;9
"(146(&,2?(1%(0&.,%'&%'(&0(40;9&0,-(4-(&%'4%&*,;;(0&',6@
J#'.7#/
=4230#2 420 D,(224 -%$0,(0 %'( 1/9>%,1 8(/-(- ,2 -,;(21( ?#/
-(8(/4; 6#6(2%-@ N'( >#(6 .4- 0,-%$/",23 420 6414"/(5 420
'4/0 %# 0(1,>'(/@ h-( #? %'( .#/0- (4B# 420 ,&B44' 1#2?,/6(0
?#/ =4230#2 "(9#20 429 0#$"% %'4% %'( >#(6 .4- ,20((0 /(?(/:
(21,23 g(2,1(k4 $2,I$( a%4;,42 .4%(/:.#/;0 1,%9 640( $> #?
'$20/(0- #? ,2%(/1#22(1%(0 ;43##2- 420 /$;(0 ?#/ 1(2%$/,(- "9
4&g(2(%,42&'(40&#?&-%4%(&*2#.2&4-&4&0#3(@
!% 4 3;421(5 =4230#2 1#$;0 2#% 0,-1(/2 (B41%;9 .'(/( ,2
g(2,1( %',- >#(6 .4- >#,2%,235 "$% ,% 0(?,2,%(;9 -((6(0 %# "(
$/3,23&%'(&/(40(/&%#&?#;;#.&,%-&0,/(1%,#2-@
Z,&7# 5+.'# #&3 54 5+# B34;'(C ,.*5#'.'B -43 5+# *4;'(* 4-
53.7$,.'B%9&5#3/
 SSW[VZY
ia%G- >#,2%,23 $20(/3/#$205j D,(224 -4,05 /(40,23 4;#23 .,%'
',6@
=4230#2&348(&42&$2(4-9&2#0&4-&'(&/(40&%'(&2(B%&;,2(@
H4,,49 (##6 .'54 5+# *;'$#' 6&,&7# E -43 +#3#C .' 5+# (&3$V
'#**C%5+#%7+5+4'.7%:4'*5#3%9&.5*/
i<#"(/%nj&D,(224&4-*(0&$2(4-,;9@&i+'4%&*,20&#?&6#2-%(/nj
iM'%'#2,15j =4230#2 /(>;,(0@ iN'( 7V+ ,- -,;(2%@ a% 6(42-
o0.(;;,23&"(2(4%'&%'(&(4/%'@G&j
)(?#/( =4230#2 1#$;0 1#2%,2$(5 %'( ;#$0 1;$2* #? 4 0(40 "#;%
(1'#(0 41/#-- %'( "4>%,-%/9@ N'( %#$/,-% (2%/421( '40 4>>4/:
(2%;9&C$-%&"((2&$2;#1*(0&?/#6&#$%-,0(@

QI3&`.# :.,,#CR -4,0 %'( 642 .,%' %'( /4-' #2 ',- ?41(@ > 5+4;V
*&'(%5+&'$*/
N'( "4>%,-%/9 0#1(2% 2#00(0 2(/8#$-;9 4- '( >#1*(%(0 %'(
?,8( '$20/(0 0#;;4/- 14-' 420 3;421(0 4/#$20 %# 64*( -$/(
2#"#09&.4-&.4%1',23@
Q=.'^;# :.';5.CR %'( 0#1(2% /(6,20(05 0,-1/((%;9 -.,23,23
#>(2 %'( $2"#;%(0 0##/ C$-% .,0( (2#$3' ?#/ %'( 642 .,%' %'(
/4-' %# -;,> ,2-,0(@ N'( 0#1(2% 1;#-(0 %'( 0##/5 -(4;,23 %'( 642
,2-,0(&420&";#1*,23&#$%&4;;&-#$20&?/#6&#$%-,0(@ H.8#%:.';5#*/
a2,%,4;;9 %'( 0#1(2% '40 /(?$-(0 %# %4*( >,%9 #2 %'( 642 .'#
1;4,6(0 %# '48( 1#6( 4;; %'( .49 ?/#6 !6(/,14 %# >/49 4% %'(
)4>%,-%/9 #? D42 d,#8422, ,2 '#>(- #? 1$/,23 ',- %(//,";( -*,2
0,-(4-(@ P8(2%$4;;95 %'#$3'5 '( '40 "((2 ,2->,/(0 %# "(1#6(
-96>4%'(%,15 4,0(0 2# 0#$"% "9 42 #??(/ #? ?,8( '$20/(0 0#;;4/-
?#/ ?,8( 6,2$%(- 4;#2( ,2 %'( "4>%,-%/9 L 1#6",2(0 .,%' %'(
3/#.,23 ?(4/ %'4% %',- 1#2%43,#$-:;##*,23 >(/-#2 .#$;0 -%420
%'(/( "(-,0( ',6 ?#/ %'( 2(B% %'/(( '#$/- $2%,; %'( "$,;0,23
#>(2(0@
A#.5 4- '( 6#8(0 -%(4;%',;9 ,2%# %'( #1%43#24; -421%$4/95
%'( 642 ?(;% ',- (9(- 0/4.2 /(?;(B,8(;9 $>.4/0@ @4,) *+.5/ N'(
 SSX[VZY
1(,;,23 .4- ;,*( 2#%',23 '(G0 (8(/ -((2@ ! %'/((:'(40(0 0(6#2
-%4/(0 0#.2 0,/(1%;9 4% ',65 420 '( I$,1*;9 ;#.(/(0 ',- 34K( %#
%'(&?;##/@
N'(&->41(&4>>(4/(0&%#&"(&0(-(/%(0@
O+#3#%5+#%+#,,%&3#%5+#)L
!- %'( 642 -1422(0 %'( /##65 ',- (9(- ?(;; #2 %'( 64,2 4;%4/@
a% .4- 4 64--,8( /(1%423$;4/ ";#1* #? 64/";(5 -(% "41* ,2 4
2,1'(5 "(',20 4 "4//,(/ #? -%421',#2- 420 -.43- %# *((> ->(1:
%4%#/-&4.49@
N'( 4;%4/ 4>>(4/(0 %# "( %'( #2;9 ',0,23 >;41( ,2 %'( (2%,/(
/##6@ \#/(#8(/5 #2( #? %'( -.43- .4- -.,23,23 -;,3'%;9 L 4- ,?
,%&'40&C$-%&"((2&0,-%$/"(0@

)(',20 %'( 4;%4/5 =4230#2 420 D,(224 1/#$1'(0 ,2 -,;(21(@

N'(9 '40 "4/(;9 '40 %,6( %# 1#;;(1% %'( 0,/%9 %#.(;- 420
-%/4,3'%(2 %'( ?#2% 1#8(/ "(?#/( 0,8,23 #$% #? -,3'% "(',20 %'(
64,2 4;%4/5 .,%' %'( 0(4%' 64-* 14/(?$;;9 ,2 %#.@ N'( >;42 .4-
%# ',0( '(/( $2%,; %'( /##6 ?,;;(0 $> .,%' %#$/,-%-5 420 %'(2 0,-:
1/((%;9&(B,%&46#23&%'(&1/#.0@
N'( "4>%,-%/9G- 2#/%' 0##/ '40 0(?,2,%(;9 C$-% "((2
#>(2(0k4% ;(4-% ?#/ 4 6#6(2%k"(14$-( =4230#2 '40 '(4/0
-#$20- (6424%,23 ?/#6 %'( >,4KK45 "$% %'(2 C$-% 4- 4"/$>%;95
%'(&0##/&'40&"((2&1;#-(05&420&4;;&'40&3#2(&I$,(%&434,2@
A#.5 "41* ,2 %'( -,;(21(5 =4230#2 '(4/0 4 -,23;( -(% #? ?##%:
-%(>-&6#8,23&41/#--&%'(&-%#2(&?;##/@
> (47#'5L =+#7$.'B 5+# 344: D#-43# 46#'.'B .5 54 54;3.*5*
,&5#3%54(&)L
7( '40 2#% '40 %,6( %# (B%,23$,-' %'( ->#%;,3'% #8(/ %'( "4>:
%,-64; ?#2% 420 .#20(/(0 ,? %'( 0#1(2% .#$;0 2#%,1(@ >66&3V
#'5,) '45/ N'( ?##%-%(>- .(/( 6#8,23 "/,-*;9 ,2 %'(,/ 0,/(1%,#25
>4$-,23 C$-% ,2 ?/#2% #? %'( 4;%4/ 4% %'( -.43 %'4% =4230#2 420
D,(224&'40&C$-%&84$;%(0&#8(/@
 SSY[VZY
N'(/(&.4-&4&;#23&-,;(21(@
i<#"(/%5 ,%G- 6(5j 4 642G- 8#,1( -4,0 423/,;9@ ia *2#. 9#$G/(
"41*&%'(/(@&d(%&%'(&'(;;&#$%&'(/(&420&(B>;4,2&9#$/-(;?@j
 M7!ONP< UY

1@APA0"%SK%ZK2S1.'%63#5#'(.'B%20:%'45%+#3#/
=4230#2 6#%,#2(0 ?#/ D,(224 %# /(64,2 1/#$1'(0 -4?(;9 #$%
#? -,3'%5 '#;0,23 %'( H42%( 0(4%' 64-*5 .',1' '( '40 /(-(4;(0
,2&%'(&m,>;#1&"43@
N'(25 -;#.;95 =4230#2 /#-( %# ',- ?((%@ D%420,23 ;,*( 4 >/,(-%
"(',20 %'( 4;%4/ #? %'( "4>%,-%/95 =4230#2 34K(0 #$% 4% ',- 1#2:
3/(34%,#2 #? #2(@ N'( -%/423(/ ?41,23 ',6 '40 -4209:"/#.2
'4,/5 0(-,32(/ 3;4--(-5 420 4 %(//,";( /4-' #2 ',- ?41( 420 2(1*@
7( -1/4%1'(0 2(/8#$-;9 4% ',- ,//,%4%(0 2(1*5 ',- -.#;;(2 (9(-
?;4-',23&0433(/-&#?&1#2?$-,#2&420&423(/@
i]#$ .42% %# %(;; 6( .'4% %'( '(;; 9#$G/( 0#,235 <#"(/%nlj '(
0(6420(05 -%(>>,23 #8(/ %'( -.43 420 408421,23 %#.4/0
=4230#2@&7,-&411(2%&.4-&!6(/,142@
iD$/(5j =4230#2 /(>;,(0 >#;,%(;9@ i)$% ?,/-%5 %(;; 6( .'# 9#$
4/(@j
N'( 642 -%#>>(0 -'#/%5 ;##*,23 ,21/(0$;#$-@ i+'4% 0,0 9#$
-49nlj
=4230#2 -(2-(0 -#6(%',23 843$(;9 ?46,;,4/ ,2 %'( 642G-
(9(- L ',- 8#,1(5 %##5 649"(@ 208# :#5 +.: E *4:#+49C *4:#V
9+#3#/ =4230#2 /(>(4%(0 ',- I$(-%,#2 14;6;9@ iO;(4-( %(;; 6(
.'#&9#$&4/(&420&'#.&a&*2#.&9#$@j
N'( 642 %'/(. $> ',- '420- ,2 0,-"(;,(?@ i_#24%'42 E(//,-n
+#/;0 7(4;%' F/342,K4%,#2n N'( 3$9 .'# ?;(. %# 74/84/0
h2,8(/-,%9&420&>,1*(0&9#$&$>lnj
=4230#2&%/,(0&%#&>/#1(--&.'4%&'(&.4-&'(4/,23@
i+'9 '48(2G% 9#$ 14;;(0 ,2nlj %'( 642 0(6420(05 -%,;;
-1/4%1',23 4% ',- 2(1* 420 1'((*-5 .',1' ;##*(0 /(0 420
 STQ[VZY
";,-%(/(0@ i!20 .'# %'( '(;; ,- %'( .#642 a -4. 9#$ 1#6( ,2
'(/(&.,%'nl&a- *+# %'(&#2(&9#$G/(&.#/*,23&?#/&2#.nj
D,(224 -1/46";(0 %# '(/ ?((% "(-,0( =4230#2 420 ,66(0,:
4%(;9 %##* 1'4/3(@ iH/@ E(//,-n aG6 D,(224 )/##*-@ aG6 4;-# 4
0#1%#/@ a .#/* '(/( ,2 E;#/(21(@ O/#?(--#/ =4230#2 .4- -'#% ,2
%'( '(40 ;4-% 2,3'%@ 7( '4- /(%/#3/40( 462(-,45 420 '( 0#(-2G%
*2#. .'# 9#$ 4/( #/ .'4% '4>>(2(0 %# ',6 #8(/ %'( ;4-% %.#
049-@&aG6&'(/(&"(14$-(&aG6&'(;>,23&',6@j
!- D,(224G- .#/0- (1'#(0 %'/#$3' %'( (6>%9 "4>%,-%/95 %'(
642 1#1*(0 ',- '(405 >$KK;(05 4- ,? '(/ 6(42,23 '40 2#% I$,%(
/(3,-%(/(0@ !?%(/ 4 04K(0 "(4%5 '( -%433(/(0 "41* 4 -%(>5 -%(409:
,23&',6-(;?&#2&#2(&#?&%'(&-%421',#2-@
iF'&L&69&d#05j&'(&-%466(/(0@&iN'4%&(B>;4,2-&(8(/9%',23@j
=4230#2&.4%1'(0&%'(&423(/&0/4,2&?/#6&%'(&642G-&?41(@
i<#"(/%5j %'( 2(.1#6(/ .',->(/(05 i.( %'#$3'% 9#$ '40 Lj
7( -'##* ',- '(40 4- ,? %/9,23 %# 3(% %'( >,(1(- %# ?4;; ,2%# >;41(@
i+( %'#$3'% 9#$ '40 -.,%1'(0 -,0(- L %'4% 649"( %'(9 '40
>4,0&9#$&#??&L&#/&%'/(4%(2(0&9#$&L&+(&C$-%&0,02G%&*2#.lj
iaG6 %'( #2;9 #2( '(G- ->#*(2 %#5j D,(224 -4,0@ i!;; '( *2#.-
,- '( .#*( $> ;4-% 2,3'% ,2 69 '#->,%4; .,%' >(#>;( %/9,23 %# *,;;
',6@ !;-#5 '(G- "((2 '48,23 %(//,";( 8,-,#2-k0(40 "#0,(-5
>;43$( 8,1%,6-5 420 -#6( .#642 .,%' -,;8(/ '4,/ 420 4 -(/>(2%
46$;(%&%(;;,23&',6kj
iP;,K4"(%'lj %'( 642 ";$/%(0@ iN'4%G- H/@ P;,K4"(%' D,2-*(9l
<#"(/%5&-'(G-&%'(&>(/-#2&.'#&/(1/$,%(0&9#$&%#&'(;>&$-lj
i+(;;5 ,? %'4%G- '(/5j D,(224 -4,05 ia '#>( 9#$ *2#. %'4% -'(G-
,2 %/#$";(@ +( -4. '(/ %/4>>(0 ,2 %'( "41* #? 4 842 ?$;; #? -#;:
0,(/-5&420&-'(&;##*(0&;,*(&-'(G0&"((2&0/$33(0&#/&-#6(%',23@j
N'( 642 2#00(0 -;#.;95 1;#-,23 ',- (9(-@ 7,- (9(;,0- ;##*(0
>$??9&420&/(0@
i+'4%G-&./#23&.,%'&9#$/&?41(nj&D,(224&0(6420(0@
7(&#>(2(0&',-&(9(-@&iaG6&-#//9nj
i]#$/ -*,2n a% ;##*- ;,*( 9#$ 1#2%/41%(0 -#6(%',23@ !/( 9#$
,;;nj
 STR[VZY
N'( 642 ;##*(0 %4*(2 4"41*5 420 .',;( D,(224G- I$(-%,#2
.4- 1(/%4,2;9 ";$2% %# %'( >#,2% #? /$0(2(--5 =4230#2 '40
.#20(/(0 %'( -46( %',23@ M#2-,0(/,23 %'( 2$6"(/ #? >;43$(
/(?(/(21(- '(G0 (21#$2%(/(0 %#0495 %'( -,3'% #? /(05 ";,-%(/,23
-*,2&.4-&$2-(%%;,23@
iaG6 ?,2(5j %'( 642 -4,0@ ia% .4- %'( 0462(0 '#%(; -#4>@ aG6
0(4%';9 4;;(/3,1 %# -#95 420 6#-% #? %'(-( >(/?$6(0 a%4;,42
-#4>-&4/(&-#9:"4-(0@&D%$>,0&6(&?#/&2#%&1'(1*,23@j
D,(224 '(48(0 4 -,3' #? /(;,(?5 '(/ -'#$;0(/- /(;4B,23 2#.@
iN'42* d#0 9#$ 0,02G% (4% ,%@ M#2%41% 0(/64%,%,- "(4%- 424:
>'9;41%,1&-'#1*@j
N'(9&-'4/(0&42&4.*.4/0&;4$3'@
iN(;; 6(5j D,(224 8(2%$/(05 i0#(- %'( 246( )(/%/420 m#"/,-%
6(42&429%',23&%#&9#$nj
N'( 642 ?/#K(5 ;##*,23 4- ,? '(G0 C$-% 1#6( ?41(:%#:?41( .,%'
%'(&%'/((:'(40(0&0(8,;@
i+( "(;,(8( .( C$-% ?#$20 4 6(--43( ?/#6 ',65j D,(224 -4,0@
ia% >#,2%- %# -#6(>;41( ,2 g(2,1(@ H#(- %'4% 64*( 429 -(2-( %#
9#$nj
N'( 642G- (9(- .(/( .,;0 2#.@ i_(-$-5 )#*l !"-#;$%(;9l
+'(/(&,-&,%&>#,2%,23lnj
D,(224 0/(. 4 "/(4%'5 1;(4/;9 >/(>4/(0 %# %(;; %',- 642
(8(/9%',23 4"#$% %'( ->,/4;,23 >#(6 -'( 420 =4230#2 '40 C$-%
0,-1#8(/(0 #2 %'( 64-*5 "$% =4230#2 ,2-%,21%,8(;9 >;41(0 4
I$,(%,23 '420 #2 '(/-@ N'( 642 1(/%4,2;9 4>>(4/(0 %# "( 42
4;;95 "$% 4?%(/ %#049G- (8(2%-5 =4230#2G- 3$% %#;0 ',6 %# %/$-% 2#
#2(@ \#/(#8(/5 %'( 642G- %,( /423 4 "(;;5 420 '( -(2-(0 '(
6,3'% 8(/9 .(;; "( %'( -46( 642 '( '40 -((2 >/49,23 ,2 %'(
-64;;&H42%(&1'$/1'&(4/;,(/@ O&*%+#%-4,,49.'B%;*L
i7#.&0,0&9#$&?,20&$-&,2&'(/(nj&=4230#2&0(6420(0@
N'( 642 -%,;; ;##*(0 >$KK;(0 %'4% =4230#2 .4- 2#% /(14;;,23
%',23-@ i<#"(/%5 9#$ 14;;(0 6( ;4-% 2,3'% %# -49 9#$ '40 -(% $> 4
6((%,23 .,%' 4 6$-($6 0,/(1%#/ 246(0 a324K,# )$-#2,@ N'(2
9#$ 0,-4>>(4/(0@ ]#$ 2(8(/ 14;;(0 ,2@ +'(2 a '(4/0 a324K,#
 STS[VZY
)$-#2, '40 "((2 ?#$20 0(405 a 3#% .#//,(0@ aG8( "((2 #8(/ '(/(
;##*,23 ?#/ 9#$ 4;; 6#/2,23@ a -4. %'( >#;,1( 41%,8,%9 #$%-,0(
%'( O4;4KK# g(11',#5 420 .',;( .4,%,23 %# ?,20 #$% .'4%
'4>>(2(05 "9 1'421( a -4. )4; 1/4.;,23 #$% #? 4 %,29 0##/ .,%'
Lj&7(&3;421(0&#8(/&4%&D,(2245&4>>4/(2%;9&0/4.,23&4&";42*@
iD,(2245j&-'(&>/#6>%(0@&i)/##*-@j
iaG6 -#//9 L .,%' H/@ )/##*-@ a ?#;;#.(0 9#$ '#>,23 %# ;(4/2
.'4%&%'(&'(;;&9#$&.(/(&0#,23@j
ia&-4.&9#$&,2&%'(&M(/1',&1'$/1'5&>/49,235&0,02G%&anj
i](-l a .4- %/9,23 %# ?,3$/( #$% .'4% 9#$ .(/( 0#,235 "$% ,%
640( 2# -(2-(l ]#$ -((6(0 %# ;(48( %'( 1'$/1' ;,*( 4 642 #2 4
6,--,#25 420 -# a ?#;;#.(0 9#$@ +'(2 a -4. 9#$ -2(4* ,2%# %'(
"4>%,-%/95 a 0(1,0(0 ,% .4- %,6( %# 1#2?/#2% 9#$@ a >4,0 #?? %'(
0#1(2%&?#/&4&1#$>;(&6,2$%(-&4;#2(&,2&'(/(@j
id$%-9 6#8(5j =4230#2 2#%(05 i,? 9#$ %'#$3'% a '40 %$/2(0
#2&9#$@j
N'( 642 -'##* ',- '(40@ iD#6(%',23 %#;0 6( 9#$ .#$;0
2(8(/ 0# %'4%@ O/#?(--#/ <#"(/% =4230#2n a *2(. %'(/( '40 %#
"( -#6( #%'(/ (B>;424%,#2@ )$% 462(-,4n a21/(0,";(@ a 2(8(/
.#$;0&'48(&3$(--(0@j
N'( 642 .,%' %'( /4-' "(342 -1/4%1',23 2(/8#$-;9 434,2@
i=,-%(25 a .4- 3,8(2 #2;9 ?,8( 6,2$%(-@ +( 2((0 %# 3(% #$% #?
'(/(5 2#.@ a? 2 ?#$20 9#$5 %'(2 %'( >(#>;( %/9,23 %# *,;; 9#$
6,3'% ?,20 9#$5 %##@ N'(/( ,- 4 ;#% 3#,23 #2 %'4% 9#$ 0#2G% $2:
0(/-%420@ +( 2((0 %# 3(% %# g(2,1(@ 2::#(.&5#,)/ N'( %/,1* .,;;
"( 3(%%,23 #$% #? E;#/(21( $2-((2@ N'( >(#>;( .'# '48( H/@
D,2-*(9 L %'( #2(- 1'4-,23 )4; L %'(9 '48( (9(- (8(/9.'(/(@j
7(&6#%,#2(0&%#.4/0&%'(&0##/@
=4230#2 '(;0 ',- 3/#$205 ?,24;;9 ?((;,23 ;,*( '( .4- 4"#$% %#
3(% -#6( 42-.(/-@ i+'# 4/( %'( -#;0,(/- ,2 ";41* -$,%-n +'9
4/(&%'(9&%/9,23&%#&*,;;&6(nj
i=#23&-%#/95j&%'(&642&-4,0@&iaG;;&(B>;4,2&#2&%'(&.49@j
 STT[VZY
=4230#2 ?/#.2(05 2#% (2%,/(;9 ;,*,23 %',- 42-.(/@ 7( 6#:
%,#2(0 %# D,(224 420 $-'(/(0 '(/ #?? %# #2( -,0(5 %4;*,23 %# '(/
,2&'$-'(0&%#2(-@&iH#&9#$&%/$-%&',6n&+'4%&0#&9#$&%',2*nj
D,(224 ;##*(0 4% =4230#2 ;,*( '( .4- 1/4K9 ?#/ 4-*,23@
i+'4% 0# a %',2*n a %',2* '(G- .,%' %'( +#/;0 7(4;%' F/342,K4:
%,#2l&a&%',2*&'(G-&#$/&"(-%&"(%&?#/&3(%%,23&42-.(/-lj
i!20&%'(&/4-'nj
D,(224 -'/$33(0@ ia%G- (B41%;9 .'4% '( -49-k-(8(/( 1#2%41%
0(/64%,%,-@j
i!20 ,? ,%G- 2#% .'4% '( -49-nj =4230#2 .',->(/(0@ ia? ,%G- L
-#6(%',23 #,*#nj
iD#6(%',23 #,*#nj D'( 348( ',6 42 ,21/(0$;#$- ;##*@
i<#"(/%5 ,%G- 2#% %'( >;43$(5 ,? %'4%G- .'4% 9#$G/( 4-*,23@ 7(G- 4
0#1%#/5 ?#/ '(48(2G- -4*(@ a? '( '40 4 0(40;9 0,-(4-( 420 *2(.
'( .4- 1#2%43,#$-5 '( .#$;02G% "( /(1*;(-- (2#$3' %# "( #$% ,2:
?(1%,23&%'(&.#/;0@j
i+'4%&,?&'(&0,02G%&/(4;,K(&'(&'40&%'(&>;43$(nj
D,(224 >$/-(0 '(/ ;,>-5 %',2*,23 4 6#6(2%@ iN'(2 aG6 4?/4,0
9#$ 420 a 4/( 4;/(409 -1/(.(0 L 4;#23 .,%' (8(/9#2( ,2 %'(
3(2(/4;&4/(4@j
i]#$&*2#.5&9#$/&"(0-,0(&6422(/&1#$;0&$-(&-#6(&.#/*@j
i_$-% "(,23 '#2(-%@j D,(224 '420(0 =4230#2 %'( m,>;#1 "43
1#2%4,2,23&%'(&0(4%'&64-*@&i]#$&142&14//9&#$/&;,%%;(&?/,(20@j
!- %'( %.# /(%$/2(0 %# H/@ E(//,-5 %'(9 1#$;0 -(( %'4% '( .4-
C$-%&(20,23&4&I$,(%&>'#2(&14;;@
ia C$-% 14;;(0 69 0/,8(/5j %'( 642 -4,0@ i7(G;; 6((% $- #$% ,2
?/#2% "9 %'(kj H/@ E(//,- -%#>>(0 -'#/%5 -%4/,23 0#.2 4% =423:
0#2G- '420 420 -((,235 ?#/ %'( ?,/-% %,6(5 %'( 0(40 ?41( #? H42%(
!;,3',(/,@
iM'/,-%lj&E(//,-&-4,05&/(1#,;,23@&i+'4%&%'(&'(;;&,-&%'4%nlj
i=#23&-%#/95j&=4230#2&/(>;,(0@&iaG;;&(B>;4,2&#2&%'(&.49@j
 M7!ONP< VZ

AP+ ]F<` PHaNF< _#24- E4$*642 4.#*( %# %'( -#$20 #? ',-

'#6(:#??,1( ;,2( /,23,23@ 7( /#;;(0 #8(/ 420 1'(1*(0 %'( 1;#1*^
T^RX !@\@
a2 %'( .#/;0 #? "##* >$";,-',235 ;4%(:2,3'% (6(/3(21,(- .(/(
4- /4/( 4- #8(/2,3'% -$11(--@ h22(/8(05 E4$*642 -;,>>(0 #$%
#?&"(0&420&'$//,(0&0#.2&%'(&'4;;&,2%#&',-&#??,1(@
i7(;;#nj N'( 8#,1( #2 %'( ;,2( .4- 4 ?46,;,4/ 0((> "4/,%#2(@
i_#24-5 %'42* '(48(2 9#$G/( '#6(@ a%G- <#"(/%@ a '#>( a 0,02G%
.4*(&9#$@j
iF?&1#$/-(&9#$&.#*(&6(l&a%G-&?#$/&#G1;#1*&,2&%'(&6#/2,23lj
iD#//95&aG6&#8(/-(4-@j
1+#)%(4'05%5#&7+%5.:#%`4'#*%&5%@&38&3(L
iaG6 ,2 -#6( %/#$";(5 _#24-5 420 a 2((0 4 ?48#/@j =4230#2G-
8#,1(&-#$20(0&%(2-(@&ia%&,28#;8(-&9#$/&1#/>#/4%(&A(%_(%-&14/0@j
iA(%_(%-nj E4$*642 348( 42 ,21/(0$;#$- ;4$3'@ i<#"(/%5
.(G/(&,2&"##*&>$";,-',23@&+(&0#2G%&'48(&411(--&%#&>/,84%(&C(%-@j
i+(&"#%'&*2#.&9#$G/(&;9,235&69&?/,(20@j
E4$*642 -,3'(0@ iF*495 ;(% 6( /(>'/4-( %'4%@ +( 0#2G% '48(
411(-- %# >/,84%( C(%- ?#/ 4$%'#/- #? %#6(- 4"#$% /(;,3,#$- ',-:
%#/9@ a? 9#$ .42% %# ./,%( H.-5) "+&(#* 4- 274'4B3&6+)5 .( 142
%4;*@j
i_#24-5 .'4%(8(/ %'( ?;,3'% 1#-%-5 aG;; >49 9#$ "41*@ ]#$ '48(
69&.#/0@&748(&a&(8(/&"/#*(2&4&>/#6,-(&%#&9#$nj
K5+#3 5+&' :.**.'B )4;3 ,&*5 (#&(,.'# D) 5+3## )#&3*L
A(8(/%'(;(-- E4$*642 -(2-(0 %'( $/3(219 ,2 =4230#2G- %#2(@
iN(;;&6(&.'4%G-&3#,23&#2@&aG;;&%/9&%#&'(;>@j
ia 0#2G% '48( %,6( %# (B>;4,25 "$% a /(4;;9 2((0 9#$ %# 0# %',-
?#/&6(@&a%G-&4&64%%(/&#?&;,?(&420&0(4%'@j
 STV[VZY
E4$*642 '40 .#/*(0 .,%' =4230#2 ;#23 (2#$3' %# "( ?4:
6,;,4/ .,%' ',- ./9 -(2-( #? '$6#/5 "$% '( '(4/0 2# %/41( #?
C#*,23 ,2 =4230#2G- 42B,#$- %#2( 4% %'4% 6#6(2%@ 1+# :&' .*
(#&( *#3.4;*/ E4$*642 (B'4;(05 420 640( $> ',- 6,20@ ?)
-.'&'7# :&'&B#3 .* B4.'B 54 73;7.-) :#/ N',/%9 -(1#20- ;4%(/5
E4$*642 '40 ./,%%(2 0#.2 %'( 0(%4,;- #? =4230#2G- ->(1,?,1
?;,3'%&/(I$(-%@
ia- (8(/9%',23 #*49nj =4230#2 4-*(05 4>>4/(2%;9 -(2-,23 ',-
(0,%#/G- '(-,%4%,#2 420 -$/>/,-( #8(/ %'( 0(%4,;- #? %'( ?;,3'%
/(I$(-%@
i](4'5 a C$-% %'#$3'% 9#$ .(/( ,2 %'( D%4%(-5j E4$*642 -4,0@
iaG6&-$/>/,-(0&%#&;(4/2&9#$G/(&,2&a%4;9@j
i]#$ 420 6( "#%'5j =4230#2 -4,0@ iN'42*- 434,25 _#24-@ aG6
'(40,23&?#/&%'(&4,/>#/%&2#.@j

A(%_(%-G h@D@ #>(/4%,#2- 1(2%(/ ,- ;#14%(0 ,2 M#;$6"$-5 F',#5

.,%'&4&?;,3'%&-$>>#/%&%(46&#2&14;;&4/#$20&%'(&1;#1*@
F.2(/ -(/8,1(- /(>/(-(2%4%,8( H(" `,(/ '40 C$-% /(1(,8(0 4
14;; ?/#6 4 1#/>#/4%( ?/41%,#24; #.2(/ ,2 A(. ]#/*@ iF2( 6#:
6(2%5 -,/5j -'( -4,05 40C$-%,23 '(/ '(40-(% 420 %9>,23 4% '(/
%(/6,24;@ iN(1'2,14;;9 %'4% .#$;0 "( 4 A(%_(%- P$/#>( ?;,3'%5
"$% a 142 '(;> 9#$ .,%' ,%@j D'( I$,1*;9 >4%1'(0 ,2%# %'(
A(%_(%- P$/#>( -9-%(65 1(2%(/(0 ,2 O4|# 0( !/1#-5 O#/%$34;5
420 1'(1*(0 %'( 1$//(2% >#-,%,#2,23 #? %'(,/ C(%- ,2 420 4/#$20
a%4;9@
iF*495 -,/5j -'( -4,05 i,% ;##*- ;,*( .( '48( 4 M,%4%,#2 PB1(;
>#-,%,#2(0 ,2 \#241#5 .',1' .( 1#$;0 '48( /#$%(0 %# E;#/(21(
,2 C$-% $20(/ 42 '#$/@ +#$;0 %'4% "( 40(I$4%( ?#/ \/@
=4230#2nj
i=(%G- '#>( -#5j %'( 642 ?/#6 %'( >$";,-',23 1#6>429
/(>;,(05 -#$20,23 (B'4$-%(0 420 4 ",% 422#9(0@ i+( 0# 4>>/(:
1,4%(&,%@j
 STW[VZY
iP2%,/(;9 #$/ >;(4-$/(5j H(" -4,0@ i!20 \/@ =4230#2 .#$;0
;,*(&%#&?;9&%#&d(2(84nj
i!>>4/(2%;9@j
H(" *(>% %9>,23@ i!;; -(%5j -'( ?,24;;9 -4,0@ i\/@ =4230#2 ,-
1#2?,/6(0 #$% #? N4--,3242# E)F ,2 =$1145 .',1' ,- 4"#$% ?,?%9
6,;(- .(-% #? E;#/(21(@ 7( .,;; "( 0(>4/%,23 4% (;(8(2:%.(2%9
!@\@ ;#14; %,6(@ \/@ =4230#2 2((0- %# "( 4% %'( E)F %(2
6,2$%(- "(?#/( .'((;- $>@ ]#$G8( /(I$(-%(0 2# 3/#$20 %/42-:
>#/%4%,#25 2# 14%(/,235 420 9#$G8( 3,8(2 6( ',- >4-->#/% ,2:
?#/64%,#25&-#&.(G/(&4;;&-(%@&+,;;&%'(/(&"(&429%',23&(;-(nj
i! 2(. C#"nj '( -4,0 .,%' 4 ;4$3'@ iN'42*-@ ]#$G8( "((2 8(/9
'(;>?$;@j
iF$/ >;(4-$/(@ 748( 4 2,1( 2,3'%@j H(" (20(0 %'( 14;; 420
%$/2(0 "41* %# '(/ -1/((2 %# 1#6>;(%( %'( /(-(/84%,#2@ D'(
(2%(/(0 <#"(/% =4230#2G- >4-->#/% ,2?#/64%,#2 420 .4- 4"#$%
%# 1#2%,2$( .'(2 '(/ -1/((2 "(342 ?;4-',23 4 /(0 4;(/% "#B@
H("&/(40&%'(&6(--43(5&'(/&(9(-&.,0(2,23@
1+.*%:;*5%D#%&%:.*5&$#/
D'( %/,(0 (2%(/,23 =4230#2G- >4-->#/% 434,2@ N'( ";,2*,23
.4/2,23 146( $> 434,2@ N',- -46( 4;(/% .#$;0 '48( -'#.2 $>
#2 429 4,/;,2( 1#6>$%(/ ,2 %'( .#/;0 '40 =4230#2 %/,(0 %#
"##*&4&?;,3'%@
H(" `,(/ -%4/(0 4 ;#23 6#6(2% ,2 0,-"(;,(?@ D'( *2(.
A(%_(%- %##* 1$-%#6(/ >/,8419 8(/9 -(/,#$-;95 420 9(% %',- 4;(/%
%/$6>(0&4;;&#?&%'(,/&1#/>#/4%(&>/,8419&/(3$;4%,#2-@
H("&`,(/&,66(0,4%(;9&14;;(0&%'(&4$%'#/,%,(-@

!3(2% )/t0(/ -24>>(0 ',- 6#",;( >'#2( -'$% 420 "(342 '(/0:
,23&',-&6(2&"41*&,2%#&%'(&842-@
i=4230#2G- #2 %'( 6#8(5j '( 422#$21(0@ i7(G- %4*,23 4
>/,84%( C(% %# d(2(84@ +'((;- $> ,2 C$-% $20(/ 42 '#$/ #$% #?
 STX[VZY
=$114 E)F5 ?,?%9 6,;(- .(-%@ a? .( 6#8(5 .( 142 3(% %'(/( "(:
?#/(&'(&%4*(-&#??@j

!% %'4% -46( 6#6(2% 4 ',/(0 E,4% -(042 .4- /41,23 2#/%'.4/0

4;#23 %'( g,4 0(, O42K42,5 ;(48,23 %'( O,4KK4 0(; H$#6# "(:
',20 420 64*,23 ,%- .49 %#.4/0 E;#/(21(G- D42%4 \4/,4
A#8(;;4&%/4,2&-%4%,#2@
a2 %'( "41*-(4%5 =4230#2 420 D,(224 '$00;(0 ;#. .',;( H/@
E(//,- -4% ,2 ?/#2% .,%' %'( 0/,8(/@ N'( /(-(/84%,#2 .,%' A(%_(%-
'40 "((2 D,(224G- ,0(4@ +,%' ;$1*5 ,% .#$;0 >/#8,0( (2#$3'
6,-0,/(1%,#2 %# 4;;#. %'( %'/(( #? %'(6 %# >4-- -4?(;9 %'/#$3'
%'( E;#/(21( %/4,2 -%4%,#25 .',1' $20#$"%(0;9 .#$;0 #%'(/.,-(
'48( "((2 >41*(0 .,%' >#;,1(@ E#/%$24%(;95 g(2,1( .4- #2;9
%.# '#$/- 4.49 "9 %/4,25 420 0#6(-%,1 %/4,2 %/48(; /(I$,/(0 2#
>4-->#/%@
=4230#2 ;##*(0 %# D,(2245 .'# -((6(0 %# "( -%$09,23 H/@
E(//,- .,%' 1#21(/2@ N'( 642 .4- ,2 #"8,#$- >4,25 ',- "/(4%':
,23&;4"#/(05&4-&,?&,%&'$/%&(8(/9&%,6(&'(&,2'4;(0@
2 +46# *+#0* 3.B+5 &D4;5 +.* &.,:#'55 =4230#2 %'#$3'%5 (9(:
,23 %'( 642G- /4-' 420 >,1%$/,23 4;; %'( 3(/6- ?;#4%,23 4/#$20
,2 %'( 1/46>(0 ;,%%;( 14/@ P8(2 ',- ?,23(/%,>- ;##*(0 ;,*( %'(9
.(/( >$??9 420 /(0@ =4230#2 >$-'(0 %'( 1#21(/2 ?/#6 ',-
6,20&420&;##*(0&#$%&%'(&.,20#.@
!- %'(9 4>>/#41'(0 %'( %/4,2 -%4%,#25 %'(9 >4--(0 %'( d/420
7#%(; )43;,#2,5 .',1' #?%(2 '#-%(0 (8(2%- ?#/ 42 4/% 1#2?(/(21(
=4230#2 4%%(20(0 (8(/9 9(4/@ D((,23 ,%5 =4230#2 /(4;,K(0 '(
.4-&4"#$%&%#&0#&-#6(%',23&'(&'40&2(8(/&"(?#/(&0#2(&,2&',-&;,?(@
20:%,#&8.'B%H,43#'7#%9.5+4;5%8.*.5.'B%5+# H48,0@
+,%' I$,(% 4>#;#3,(- %# \,1'(;423(;#5 =4230#2 %$/2(0 ',-
(9(-&%#&%'(&%/4,2&-%4%,#2&4'(40&L&420&',-&%'#$3'%-&%#&g(2,1(@
 M7!ONP< VQ

T>SI<KS0"%IK2SI%1K I#'#8&L
H/@ P;,K4"(%' D,2-*(9 ?(;% ,21/(4-,23;9 ,;; 4- -'( /#1*(0 3/#3:
3,;9 ,2 %'( "41*-(4% #? %'( 8425 .',1' .4- 2#. /41,23 #$% #?
E;#/(21(5 '(40,23 .(-% %#.4/0 4 >/,84%( 4,/?,(;0 #$%-,0( #? %'(
1,%9@
I#'#8&%:&$#*%'4%*#'*#5&D,2-*(9&%#;0&'(/-(;?@
N'( #2;9 /(;(842% 1#22(1%,#2 %# d(2(84 .4- %'4% ,% .4- %'(
-,%( #? %'( +7FG- .#/;0 '(40I$4/%(/-@ 2* T&'B(4' ,44$.'B -43
:# 5+#3#L a% -((6(0 2#2-(2-,14; 1#2-,0(/,23 %'4% =4230#2
*2(.&D,2-*(9&.4-&'(/(&,2&E;#/(21(@
!2#%'(/&%'#$3'%&2#.&-%/$1*&'(/@
?)%I4(%E%.*%n4D3.*5%5&3B#5.'B%I#'#8&L
m#"/,-% .4- 4 642 .'# .4- 4%%$2(0 %# -96"#;,-65 420 1/(4%:
,23 4 i3/#$20 K(/#j 4% %'( +#/;0 7(4;%' F/342,K4%,#2G-
'(40I$4/%(/- 406,%%(0;9 '40 -#6( (;(3421( %# ,%5 1#2-,0(/,23
',- 9(4/;#23 "4%%;( .,%' D,2-*(9@ N'(2 434,25 ,? m#"/,-% .4-
;##*,23 ?#/ 4 /(1(>%,8( ?;4-' >#,2% ?#/ 4 >;43$(5 d(2(84 .4- 4
>##/ 1'#,1(@ <(;4%,8( %# #%'(/ 6(%/#>#;,-(-5 %'( 1,%9 .4- 3(#:
3/4>',14;;9 ,-#;4%(0 420 .4- /4%'(/ 1#;0 %',- %,6( #? 9(4/@ \#-%
>;43$(- %##* /##% ,2 #8(/1/#.0(05 .4/6(/ (28,/#26(2%-@
d(2(84 .4- 6#/( %'42 4 %'#$-420 ?((% 4"#8( -(4 ;(8(;5 420
'4/0;9 4 -$,%4";( >;41( %# -%4/% 4 >420(6,1@ S4 :&55#3 +49
:;7+%n4D3.*5%(#*6.*#*%:#/
D# %'( I$(-%,#2 /(64,2(0k.'9 .4- =4230#2 3#,23 %'(/(n
N'( !6(/,142 >/#?(--#/G- ",K4//( %/48(; 0(-%,24%,#2 .4- 9(% 42:
#%'(/ (2%/9 ,2 %'( 3/#.,23 ;,-% #? ',- ,2(B>;,14";( "('48,#/- %'4%
"(342 ;4-% 2,3'%5 420 0(->,%( '(/ "(-% (??#/%-5 D,2-*(9 .4-
 SUZ[VZY
'48,23 4 8(/9 '4/0 %,6( 1#6,23 $> .,%' 429 /4%,#24; (B>;424:
%,#2&?#/&%'(6@
O+4*#%*.(#%.*%+#%4'L
!06,%%(0;95 D,2-*(9 '40 *2#.2 =4230#2 #2;9 4 ?(. 049-5
"$% -'( .4- $-$4;;9 4 3##0 C$03( #? 1'4/41%(/5 420 -'( /(?$-(0
%# "(;,(8( %'4% 4 642 ;,*( <#"(/% =4230#2 1#$;0 "( -(0$1(0
.,%' 6#2(9@ >'( )#5C +# D34$# 74'5&75 9.5+ ;* ,&*5 '.B+5/ A#.
'( -((6(0 %# "( /$22,23 4/#$20 ;,*( -#6( *,20 #? /#3$( #>(/:
4%,8(@ O&* +# *4:#+49 6#3*;&(#( 54 5+.'$ 5+&5 n4D3.*50* &7V
5.4'*%:&$#%*4:#%$.'(%4-%59.*5#(%*#'*#L
N'(&%'#$3'%&348(&'(/&4&1',;;@
S45 -'( 4--$/(0 '(/-(;?@ 2 $'49 +.* 3#6;5&5.4' 544 9#,,p +#0*
D#55#3%5+&'%5+&5/
D,2-*(9 '40 ?,/-% 6(% <#"(/% =4230#2 ?#$/ 2,3'%- "(?#/( ,2
%'( 3$%%(0 '$;; #? 4 /(%4-*(0 M:QSZ %/42->#/% >;42(5 .',1'
-(/8(0 4- %'( +#/;0 7(4;%' F/342,K4%,#2G- 6#",;( 1##/0,24%,#2
1(2%(/@
a% '40 "((2 C$-% >4-% -(8(2 .'(2 %'( >;42( ;420(0 4%
742-1#6 E,(;05 ;(-- %'42 ?,?%((2 6,;(- ?/#6 M46"/,03(5 \4-:
-41'$-(%%-@ D,2-*(9 .4- 2#% -$/( .'4% %# (B>(1% ?/#6 %'( 1(;(":
/4%(0 4140(6,1 .'#6 -'( '40 1#2%41%(0 "9 >'#2(5 "$% -'( .4-
>;(4-42%;9 -$/>/,-(0 .'(2 '( -%/#0( 1#2?,0(2%;9 $> %'( 3423:
>;42* ,2%# %'( /(4/ #? %'( >;42( 420 3/((%(0 '(/ .,%' 4 14/(?/((
-6,;(@
iH/@&D,2-*(95&a&>/(-$6(nj&=4230#2&?,/6;9&-'##*&'(/&'420@
iO/#?(--#/5&,%G-&42&'#2#/&%#&6((%&9#$@j
iN'(&'#2#/G-&6,2(@&N'42*-&?#/&4;;&9#$&0#@j
=4230#2 .4- 4 %4;; 6425 .,%' $/"42( 3##0 ;##*- 420 4 0((>
8#,1(@ 7,- 1;#%',23 4% %'( 6#6(2%5 D,2-*(9 '40 %# 4--$6(5 .4-
',- 1;4--/##6 4%%,/(k4 %.((0 C41*(%5 *'4*, -;41*-5 420
;#4?(/-k.',1' 640( -(2-( 1#2-,0(/,23 %'( 642 '40 (--(2%,4;;9
"((2 -1##>(0 #?? ',- 146>$- .,%' 2# .4/2,23@ 7( 4;-# ;##*(0
9#$23(/ 420 ?4/ 6#/( ?,% %'42 -'(G0 ,643,2(05 .',1' #2;9
 SUQ[VZY
-(/8(0 %# /(6,20 P;,K4"(%' #? '(/ #.2 43(@ 2 74;,( &,:4*5 D#
+.*%:45+#3/
D'( 348( ',6 4 %,/(0 -6,;(@ iN'42* 9#$ ?#/ 1#6,235
O/#?(--#/@j
=4230#2 6#%,#2(0 %# %'( '$6#/;(-- 4--#1,4%( .'#6 D,2-*(9
'40 -(2% %# 1#;;(1% ',6@ i]#$/ ?/,(20 '(/( 0,02G% 3,8( 6( 6$1'
1'421(&%#&/(1#2-,0(/@j
id##0@&N'4%G-&.'4%&a&>49&',6&?#/@j
iA,1( 46$;(%5j =4230#2 -4,05 (9(,23 '(/ 2(1*;41(@ i=4>,-
;4K$;,nj
D,2-*(9 2#00(0 420 3;421(0 0#.2 4% '(/ ";$( -%#2( 46$;(%5
?4-',#2(0 ,2%# %'( ,1#2,1 -96"#; #? 4 -24*( ./4>>(0 4/#$20 4
8(/%,14; /#0@ iN'( 6#0(/2 -96"#; ?#/ 6(0,1,2(@ !- aG6 -$/(
9#$&*2#.5&,%G-&14;;(0&4&140$1($-@j
=4230#2 3;421(0 $> -$00(2;95 4- ,? %'(/( .4- -#6(%',23 '(
.42%(0&%#&-49@
D'(&.4,%(0@ M#*L
!>>4/(2%;9 %',2*,23 "(%%(/ #? ',- ,6>$;-(5 '( 348( 4 >#;,%(
-6,;(&420&1'423(0&%'(&-$"C(1%@&iD#&.'9&46&a&'(/(nj
P;,K4"(%' 6#%,#2(0 %# 4 64*(-',?% 1#2?(/(21( 4/(4 4/#$20 4
-%4,2;(--:-%((; %4";(@ iO;(4-(5 -,%@ a '48( -#6(%',23 a 2((0 9#$
%#&;##*&4%@j
=4230#2 46";(0 %#.4/0 %'( %4";(5 420 P;,K4"(%' 2#%(0 %'4%
.',;( %'( >/#?(--#/ -((6(0 ,2%/,3$(0 "9 %'( >/#->(1% #? 4
-(1/(% 6((%,235 '( 0,0 2#% 4>>(4/ 4% 4;; $2-(%%;(0 "9 ,%@ @#3# .*
& :&' 74:-435&D,# .' +.* 49' *$.'/ D'( .#20(/(0 ,? '( .#$;0
4>>(4/ 4- /(;4B(0 #21( '( ?#$20 #$% .'9 '( '40 "((2 "/#$3'%
'(/(@
P;,K4"(%' 3#% =4230#2 -(%%;(0 420 %'(25 .,%' 2# >/(46";(5
-'( >/(-(2%(0 %'( #"C(1% -'( 420 '(/ %(46 '40 1#2?,-14%(0
?/#6&4&E;#/(21(&-4?(:0(>#-,%&"#B&;(--&%'42&%.(;8(&'#$/-&(4/;,(/@
=4230#2 -%$0,(0 %'( -64;; 14/8(0 19;,20(/ ?#/ 4 ;#23 6#:
6(2% "(?#/( 3,8,23 '(/ 4 I$,1* -92#>-,- #? .'4% -'( 4;/(409
*2(.@ N'( #"C(1% .4- 42 421,(2% 19;,20(/ -(4; %'4% 1#$;0 "(
 SUR[VZY
$-(0 ?#/ >/,2%64*,23@ a% "#/( 4 >4/%,1$;4/;9 3/$(-#6( ,643( #?
4&%'/((:'(40(0&D4%42&4;#23&.,%'&4&-,23;(&.#/0^ *&,.B.&@
iD4;,3,45j&=4230#2&-4,05&i,-&4&=4%,2&62(6#2,1&?#/kj
iN'( D(8(2 H(40;9 D,2-5j P;,K4"(%' -4,0@ i](-5 .( ;##*(0 ,%
$>@j
iF*49 Lj =4230#2 -#$20(0 >$KK;(0@ ia- %'(/( -#6( /(4-#2
9#$&.42%(0&6(&%#&;##*&4%&%',-nj
i!1%$4;;95 9(-@j D,2-*(9 %##* %'( 19;,20(/ "41* 420 "(342
-'4*,23&,%&8,#;(2%;95&%'(&43,%4%#/&"4;;&/4%%;,23&"41*&420&?#/%'@
=4230#2 ;##*(0 >$KK;(0 "9 '(/ 41%,#25 "$% "(?#/( '( 1#$;0
4-* .'4% -'( .4- 0#,235 %'( (20 #? %'( 19;,20(/ "(342 %# 3;#.5
420 -'( >#,2%(0 ,% 4% 4 -6##%' >4%1' #? ,2-$;4%,#2 #2 %'( .4;;
#?&%'(&3$%%(0&>;42(@
=4230#2 ;(% #$% 4 ;#. .',-%;( 420 6#8(0 %#.4/0 %'( >/#C(1:
%(0&,643(@
i)#%%,1(;;,G- ?&6 4- @#,,5j =4230#2 422#$21(0@ i)4-(0 #2
H42%(G- 2'-#3'4@ !;%'#$3' aG6 3$(--,23 9#$ >/#"4";9 4;/(409
*2#.&%'4%@j
P;,K4"(%' 2#00(0@ D'( 420 '(/ %(46 '40 $-(0 %'( a2%(/2(% %#
,0(2%,?9 %'( >4,2%,235 .',1' D,2-*(9 '40 "((2 -$/>/,-(0 %#
;(4/2 .4- 4 )#%%,1(;;,5 4 >4,2%(/ "(-% *2#.2 ?#/ ',- "/,3'%5
,0(4;,K(0 64-%(/>,(1(- N.35+ 4- J#';* 420 "63.'B5.:#@ D,2-*(9
;#8(0 "#%' #? %'#-( .#/*- 0(->,%( %'( ?41% %'4% %'(9 >#/%/49(0
?(/%,;,%9 420 %'( 1/(4%,#2 #? ;,?(5 .',1' #2;9 -(/8(0 %# /(6,20
'(/ #? '(/ #.2 %/43,1 ,24",;,%9 %# 1#21(,8(k%'( ;#2( -,32,?,142%
/(3/(%&,2&'(/&#%'(/.,-(&8(/9&>/#0$1%,8(&;,?(@
ia .4- '#>,235j D,2-*(9 -4,05 i%'4% 9#$ 1#$;0 %(;; 6( 4"#$%
%'(&-96"#;,-6&',00(2&,2&%',-&>4,2%,23@j
=4230#2 ;##*(0 ,//,%4%(0 ?#/ %'( ?,/-% %,6( 4;; 2,3'%@ ia- %'4%
.'9&9#$&14;;(0&6(&,2n&a&%'#$3'%&9#$&-4,0&,%&.4-&42&(6(/3(219@j
i7$6#/&6(@j
=4230#2 '(48(0 4 >4%,(2% -,3'@ iH/@ D,2-*(95 3(2(/4;;9
->(4*,235 ,? 9#$ .42% %# *2#. 4"#$% 4 ->(1,?,1 >4,2%,235 9#$
-'#$;0 1#2%41% %'( 6$-($6 %'4% 1#2%4,2- %'( #/,3,24;@ a2 %',-
 SUS[VZY
14-(5 %'4% .#$;0 "( %'( g4%,142G- ),";,#%(14 !>#-%#;,14@ N'(
g4%,142&'4-&4&2$6"(/&#?&-$>(/"&,1#2#3/4>'(/-&.'#kj
iN'(&g4%,142&'4%(-&6(@j
=4230#2 348( '(/ 4 -%4/%;(0 ;##*@ i]#$5 %##n a %'#$3'% a .4-
%'(&#2;9&#2(@j
D'( -6,;(0 -40;9@ iN'( +7F ?((;- -%/#23;9 %'4% %'( .,0(:
->/(40 484,;4",;,%9 #? 1#2%/41(>%,#2 ,- #2( #? %'( *(9- %# 3;#"4;
'(4;%'k"#%' %# 1#6"4% -(B$4;;9 %/42-6,%%(0 0,-(4-(- ;,*( !aHD
420&4;-#&?#/&3(2(/4;&>#>$;4%,#2&1#2%/#;@j
i!20&%'(&g4%,142&?((;-&0,??(/(2%;9@j
iq$,%(@ N'(9 '48( ->(2% (2#/6#$- 46#$2%- #? (2(/39 420
6#2(9 ,20#1%/,24%,23 %',/0:.#/;0 1#$2%/,(- ,2%# 4 "(;,(? ,2 %'(
(8,;-&#?&1#2%/41(>%,#2@j
i!'5 9(-5j =4230#2 -4,0 .,%' 4 *2#.,23 -6,;(@ i+'# "(%%(/
%'42 4 "$21' #? 1(;,"4%( 64;( #1%#3(24/,42- %# %(;; %'( .#/;0
'#.&%#&'48(&-(Bnj
D,2-*(9 .4- ;,*,23 %'( >/#?(--#/ 6#/( 420 6#/( (8(/9
-(1#20@
D'( -'##* %'( 19;,20(/ %# /(1'4/3( ,% 420 %'(2 >/#C(1%(0 %'(
,643(&#2&%'(&.4;;&434,2@&iO/#?(--#/5&%4*(&4&1;#-(/&;##*@j
=4230#2 .4;*(0 %#.4/0 %'( ,643(5 -%$09,23 ,%5 -%,;; 6#8,23
1;#-(/@ D$00(2;9 '( -%#>>(0 -'#/%@ iN'4%G- -%/423(@ a%G- "((2
4;%(/(0@j
1+&5 (.('05 5&$# +.: ,4'B/ i](-5 ,% '4-5 420 a .42% 9#$ %# %(;;
6(&.'4%&%'(&4;%(/4%,#2-&6(42@j
=4230#2 ?(;; -,;(2%5 -1422,23 %'( (2%,/( ,643(5 >4$-,23 %#
%4*( ,2 %'( %(2 ;(%%(/- %'4% ->(;;(0 7&5348&7#3 L 420 %'(2 %'(
>;43$( 64-* L 420 4;-# %'( -%/423( I$#%( 4/#$20 %'( "#/0(/
4"#$%&i%'(&(9(-&#?&0(4%'@j
i+'# 0,0 %',-nj =4230#2 0(6420(0@ i+'(/( 0,0 ,% 1#6(
?/#6nj
i!1%$4;;95 %'( ;(-- 9#$ *2#. /,3'% 2#. %'( "(%%(/@ +'4% aG6
'#>,23 ,- %'4% 9#$G;; "( 4";( %# 424;9K( %'(-( 4;%(/4%,#2- 420 %(;;
$-&.'4%&%'(9&6(42@j&D'(&6#%,#2(0&%#&4&0(-*&,2&%'(&1#/2(/@
 SUT[VZY
i7(/(n&<,3'%&2#.nj
D'( 2#00(0@ ia *2#. ,%G- 42 ,6>#-,%,#25 "$% a 142G% -%/(--
(2#$3' '#. ,6>#/%42% %',- ,- %# $-@j D'( >4$-(0@ ia% 1#$;0 .(;;
"(&4&64%%(/&#?&;,?(&420&0(4%'@j
=4230#2 -%$0,(0 '(/ .,%' 1#21(/2@ iH(1,>'(/,23 %',- 649
%4*(&4&.',;(5&"$%&a&-$>>#-(&,?&,%G-&%'4%&,6>#/%42%&%#&9#$kj
iN'42* 9#$5j D,2-*(9 ,2%(/C(1%(0 "(?#/( '( 1#$;0 1'423( ',-
6,20@&ia-&%'(/(&429#2(&9#$&2((0&%#&14;;nj
=4230#2 -'##* ',- '(40 420 %#;0 '(/ '( '40 "((2 >;422,23
#2&4&I$,(%&.((*(20&4;#2(@
Z#3-#75/ D,2-*(9 3#% ',6 -(%%;(0 4% ',- 0(-* .,%' %'( >/#C(1%:
#/5 >4>(/5 >(21,;5 420 4 ;4>%#> .,%' 4 -(1$/( -4%(;;,%( 1#22(1:
%,#2@ =4230#2 ;##*(0 0((>;9 >$KK;(0 4"#$% .'9 %'( +7F
.#$;0 "( ,2%(/(-%(0 ,2 4 6#0,?,(0 >4,2%,23 "9 )#%%,1(;;,5 "$% '(
0$%,?$;;9&-(%&%#&.#/*@
H/@ D,2-*(9 ,643,2(0 '( 6,3'% (20 $> -%$09,23 %'( ,643(
?#/ '#$/- .,%' 2# "/(4*%'/#$3'5 420 -# -'( -(%%;(0 ,2 %# 3(%
-#6( .#/* #? '(/ #.2 0#2(@ E/#6 %,6( %# %,6( -'( 1#$;0 '(4/
',6 -'4*,23 %'( >/#C(1%#/ 420 -1/,"";,23 #2 ',- 2#%(>40@
)4/(;9 %(2 6,2$%(- '40 >4--(0 .'(2 =4230#2 -(% 0#.2 ',-
>(21,;&420&422#$21(05 Q=#37&%5348&/R
D,2-*(9&3;421(0&#8(/@&i+'4%nj
Q=#37& 5348&CR '( /(>(4%(0@ iD((* 420 9( -'4;; ?,20@ N'4%G-
.'4%&%',-&1#0(&-49-@j
D,2-*(9 '$//,(0 #8(/ 420 -4% 0#.2 1;#-( "(-,0( ',65 ;,-%(2:
,23 .,%' ?4-1,24%,#2 4- =4230#2 (B>;4,2(0 '#. %'( ;(8(;- #?
H42%(G- ,2?(/2# '40 "((2 -1/46";(05 420 %'4%5 .'(2 %'(9 .(/(
/(>;41(0 ,2 %'(,/ >/#>(/ -(I$(21(5 %'(9 ->(;;(0 %'( a%4;,42
>'/4-( 7#37&%5348&/
"##$ &'( -.'(L D,2-*(9 .#20(/(0@ 1+&50* 5+.* ,;'&5.70* :#*V
*&B# 54 :#L N'( >'/4-( -#$20(0 ;,*( 4 0,/(1% 1'4;;(23(@ N'(
0,-%$/",23 6(6#/9 #? %'( 640642G- ?,24; .#/0- %# '(/ 0$/,23
%'(,/ 6((%,23 4% %'( M#$21,; #2 E#/(,32 <(;4%,#2- /(>;49(0 ,2
'(/&6,20^ 1+#'%.5%&66#&3*%4;3%(&'7#%+&*%D#B;'/
 SUU[VZY
i]#$ C$-% .(2% .',%(5j =4230#2 -4,05 -%$09,23 '(/ %'#$3'%:
?$;;9@&ia&%4*(&,%&%',-&,-&2#%&%'(&6(--43(&9#$&.(/(&'#>,23&?#/nj
D,2-*(9 34%'(/(0 '(/-(;?5 -%/4,3'%(2,23 %'( 46$;(% #2 '(/
2(1*@ iA#% (B41%;9@ N(;; 6( L 0# 9#$ "(;,(8( %',- 64> #? '(;; ,-
-$33(-%,23&a *##$ -#6(%',23nj
i](-@ =#37&%5348&/j
i!20&0#(-&,%&-$33(-% 9+#3# a&-((*nj
=4230#2 -%/#*(0 ',- 1',2 4- #%'(/ +7F -%4?? "(342 34%'(/:
,23 4/#$205 ;##*,23 (43(/ ?#/ ,2?#/64%,#2@ iA#% #8(/%;9 L 2#5
4;%'#$3'&aG8(&3#%&4&>/(%%9&3##0&,0(4&.'(/(&9#$G;;&.42%&%#&-%4/%@j
iN(;; 6(5j D,2-*(9 0(6420(05 6#/( ?#/1(?$;;9 %'42 =4230#2
.#$;0&'48(&(B>(1%(0@
i+(;;5&'#.&0#&9#$&?((;&4"#$%&E;#/(21(5&a%4;9nj
D,2-*(9 -(% '(/ C4.5 0#,23 '(/ "(-% 2#% %# /(41%@ 7(/ -%4??
6(6"(/-5 '#.(8(/5 .(/( ;(-- 1#2%/#;;(0@ !;; #? %'(6 (B:
1'423(0 -%4/%;(0 3;421(-@ F2( 3/4""(0 4 >'#2( 420 >;41(0 4
14;;@ !2#%'(/ '$//,(0 %'/#$3' 4 0##/ %#.4/0 %'( ?/#2% #? %'(
>;42(@
=4230#2&;##*(0&"(.,;0(/(0@&i+4-&,%&-#6(%',23&a&-4,0nj
>D*4,;5#,)5 D,2-*(9 %'#$3'%@ i+'4% 64*(- 9#$ -49
E;#/(21(nj
Q=#37& 5348&CR '( /(>;,(05 I$,1*;9 /(1#$2%,23 4 ;#23:-%420,23
69-%(/9&,28#;8,23&4&g4-4/,&?/(-1#&4%&%'(&O4;4KK#&g(11',#@
H,43#'7# .5 .*5 D,2-*(9 %'#$3'%5 '48,23 '(4/0 (2#$3'@ F"8,:
#$-;95 ,% 1#$;0 2#% "( 6(/( 1#,21,0(21( %'4% '(/ 2(6(-,- '40
C$6>(0 %# ',- 0(4%' 2#% 6#/( %'42 %'/(( ";#1*- ?/#6 %'(
O4;4KK#&g(11',#&,2&E;#/(21(@
iO/#?(--#/5j -'( -4,05 i.'(2 a -'#.(0 9#$ 69 46$;(% (4/;,(/
420 14;;(0 ,% 4 140$1($-5 9#$ >4$-(05 4- ,? 9#$ .42%(0 %# -49
-#6(%',235 "$% %'(2 9#$ '(-,%4%(0 420 -((6(0 %# 1'423( 9#$/
6,20@&+'4%&.(/(&9#$&3#,23&%#&-49nj
=4230#2 -'##* ',- '(40@ iA#%',23@ a%G- ?##;,-'@ D#6(%,6(-
%'(&>/#?(--#/&,2&6(&142&"(&4&;,%%;(&#8(/"(4/,23@j
 SUV[VZY
D,2-*(9 -%4/(0 ,2%# ',- (9(-@ ia 4-* "(14$-( a 2((0 %# *2#. a
142&%/$-%&9#$@&+'4%&.(/(&9#$&3#,23&%#&-49nj
=4230#2 -.4;;#.(0 420 1;(4/(0 ',- %'/#4%@ iA#% %'4% ,% 64%:
%(/-5 "$% 9#$ -4,0 9#$/ 46$;(% ,- %'( 421,(2% -96"#; #? 6(0,:
1,2(5 .',1' ,- 1#//(1%@ )$% .'(2 9#$ 14;;(0 ,% 4 140$1($-5 9#$
640( 4 8(/9 1#66#2 6,-%4*(@ N'( 140$1($- '4- %.# -24*(- #2
%'( -%4?? 420 .,23- 4% %'( %#>@ ]#$/ 46$;(% '4- 4 -,23;( -24*(
420&2#&.,23-@&]#$/&-96"#;&,-&14;;(0kj
iN'(&<#0&#?&!-1;(>,$-@j
=4230#2&1#1*(0&',-&'(40&,2&-$/>/,-(@&i](-@&PB41%;9@j
ia&*2#.@&a&.4-&%(-%,23&9#$/&%/$%'?$;2(--@j
iaG6&-#//9nj
ia .4- 1$/,#$- %# *2#. ,? 9#$ .#$;0 %(;; 6( %'( %/$%'5 2#
64%%(/&'#.&$21#6?#/%4";(&,%&6,3'%&64*(&6(@j
iD#$20-&;,*(&a&?4,;(0@j
iH#2G% 0# ,% 434,2@ N#%4; '#2(-%9 ,- %'( #2;9 .49 9#$ 420 a
.,;;&"(&4";(&%#&.#/*&%#3(%'(/&#2&%',-@j
i+#/*&%#3(%'(/n&!/(2G%&.(&0#2(&'(/(nj
iA#5 O/#?(--#/5 .(G/( 2#% 0#2(@ a 2((0 9#$ %# 1#6( %#
E;#/(21(&%#&'(;>&6(&?,20&-#6(%',23@j
=4230#2&-%4/(0&,2&0,-"(;,(?@&iN#2,3'%nj
iaG6 4?/4,0 -#@ a '48( 9(% %# %(;; 9#$ 4"#$% %'( %/$;9 1/,%,14;
24%$/(&#?&%',-&-,%$4%,#2@j
=4230#2 -'##* ',- '(40@ ia% 0#(-2G% 64%%(/ .'4% 9#$ %(;; 6(@
a&0#2G%&.42%&%#&?;9&%#&E;#/(21(@j
iA(,%'(/ 0# a5j -'( -4,0 3/,6;9@ i)$% $2?#/%$24%(;9 #$/ %,6(
,-&/$22,23&#$%@j
 M7!ONP< VR

N7P AFFA DhA 3;,2%(0 #?? %'( -;((* /##? #? a%4;9G- ',3':8(;#1,%9
E/(11,4/3(2%# %/4,2 4- ,% /41(0 2#/%'.4/05 1$%%,23 4 3/41(?$; 4/1
41/#-- %'( N$-142 1#$2%/9-,0(@ H(->,%( %/48(;,23 4.49 ?/#6
E;#/(21( 4% QWT 6,;(- >(/ '#$/5 %'( i-,;8(/ 4//#.j %/4,2 640(
4;6#-% 2# 2#,-(5 ,%- -#?% /(>(%,%,8( 1;,1*,23 420 3(2%;9 -.49,23
6#%,#2&'48,23&42&4;6#-%&-##%',23&(??(1%&#2&%'#-(&.'#&/#0(&,%@
E#/&<#"(/%&=4230#25&%'(&;4-%&'#$/&'40&"((2&4&";$/@
A#.5 4"#4/0 %'( ',3':->((0 %/4,25 =4230#25 D,(2245 420 H/@
E(//,- .(/( -(4%(0 ,2 #2( #? %'( E/(11,4/3(2%#G- >/,84%( *&,45V
5.'.k4 -64;;5 (B(1$%,8(:1;4-- "(/%' .,%' ?#$/ ;(4%'(/ -(4%- 420
4 ?#;0#$% %4";(@ E(//,- '40 /(2%(0 %'( (2%,/( 14",2 $-,23 ',-
1/(0,% 14/05 4;#23 .,%' 42 4--#/%6(2% #? -420.,1'(- 420 6,2:
(/4; .4%(/5 .',1' =4230#2 420 D,(224 '40 /48(2#$-;9 1#2:
-$6(0 4?%(/ 1;(42,23 $> ,2 %'( /(-%/##6 2(B% %# %'(,/ >/,84%(
"(/%'@
!- %'( %'/(( #? %'(6 -(%%;(0 ,2 ?#/ %'( %.#:'#$/ %/4,2 /,0( %#
g(2,1(5 H/@ E(//,- ,66(0,4%(;9 %$/2(0 ',- 34K( %# %'( H42%(
0(4%' 64-*5 .',1' -4% #2 %'( %4";( "(%.((2 %'(6 ,2 ,%- m,>;#1
"43@ i+( 2((0 %# ?,3$/( #$% >/(1,-(;9 .'(/( ,2 g(2,1( %',- 64-*
,-&;(40,23&$-@j
i!20 I$,1*;95j D,(224 400(05 $/3(219 ,2 '(/ 8#,1(@ ia%G-
>/#"4";9&#$/&#2;9&'#>(&#?&>/(8(2%,23&m#"/,-%G-&>;43$(@j
i7#;0 #25j =4230#2 -4,05 >;41,23 4 0(?(2-,8( '420 4%#> %'(
64-*@ i]#$ >/#6,-(0 %'4% #21( .( .(/( -4?(;9 4"#4/0 %',-
%/4,2 9#$ .#$;0 3,8( 6( -#6( 42-.(/- 4"#$% %'( ;4-% ?(. 049-@
D# ?4/5 4;; a *2#. ,- %'4% %'( +7F /(1/$,%(0 6( ,2 M46"/,03(
%# '(;> 0(1,>'(/ m#"/,-%G- 8(/-,#2 #? T& ?&66&@ F%'(/ %'42
%'4%5&9#$G8(&%#;0&6(&2#%',23@j
 SUX[VZY
H/@ E(//,- -',?%(0 $21#6?#/%4";9 420 "(342 -1/4%1',23 434,2
4% %'( /4-' #2 ',- ?41( 420 2(1*@ ia 142 -(( 9#$G/( ?/$-%/4%(05j
'( -4,0@ iaG6 -$/( ,%G- $2-(%%;,23 2#% %# /(6(6"(/ .'4%
'4>>(2(05 "$% 6(0,14;;9 ->(4*,23 Lj 7( 3;421(0 #8(/ 4% D,:
(224 ?#/ 1#2?,/64%,#2 420 %'(2 1#2%,2$(0@ ia -%/#23;9 /(1#6:
6(20 9#$ 2#% (B>(20 (2(/39 %/9,23 %# /(14;; ->(1,?,1- 9#$ 142G%
/(6(6"(/@ +,%' 462(-,4 8,1%,6-5 ,%G- "(-% C$-% %# ;(% %'( ?#/3#%:
%(2&>4-%&/(64,2&?#/3#%%(2@j
i=(% ,% "(nlj =4230#2 ?(;% ',- 423(/ /,-,23@ iN'( '(;; .,%'
%'4%l a 2((0 -#6( 42-.(/-l ]#$/ #/342,K4%,#2 "/#$3'% 6( %#
a%4;95 .'(/( a .4- -'#% 420 ;#-% -(8(/4; 049- #? 69 ;,?(l a .42%
%#&*2#.&'#.&,%&'4>>(2(0lj
i<#"(/%5j D,(224 ,2%(/8(2(05 ->(4*,23 -#?%;9 ,2 4 1;(4/ 4%:
%(6>% %# 14;6 ',6 0#.2@ iH/@ E(//,- ,- /,3'%@ a% 0(?,2,%(;9
.#$;0 2#% "( '(4;%'9 ?#/ 9#$ %# "( #8(/.'(;6(0 "9 4 0(;$3( #?
,2?#/64%,#2 4;; 4% #21(@ N',2* 4"#$% %'( %,29 -2,>>(%- 9#$ (4
/(6(6"(/k%'( -,;8(/:'4,/(0 .#6425 o-((* 420 ?,205G %'(
./,%',23 "#0,(- ?/#6 T& ?&66&k%'#-( ,643(- ?;##0(0 ,2%#
9#$/ 6,20 ,2 4 -(/,(- #? C$6";(05 $21#2%/#;;4";( ?;4-'"41*-
%'4% ;(?% 9#$ 2(4/;9 ,214>41,%4%(0@ a? H/@ E(//,- -%4/%- /(1#$2%:
,23 %'( >4-% ?(. 049-5 '( .,;; 4;6#-% 1(/%4,2;9 0,-;#03( #%'(/
6(6#/,(-5 420 9#$/ '4;;$1,24%,#2- 1#$;0 -%4/% 4;; #8(/ 434,2@
<(%/#3/40( 462(-,4 ,- 4 -(/,#$- 1#20,%,#2@ N/,33(/,23 6,-:
>;41(0&6(6#/,(-&142&"(&(B%/(6(;9&0,-/$>%,8(&%#&%'(&>-91'(@j
N'(&%'#$3'%&'40&2#%&#11$//(0&%#&=4230#2@
i]#$ 6$-% ?((; I$,%( 0,-#/,(2%(05j E(//,- 400(05 i"$% 4% %'(
6#6(2% .( 2((0 9#$/ >-91'( ,2%41% -# .( 142 6#8( ?#/.4/0@
a%G- ,6>(/4%,8( %'4% .( ?,3$/( #$% .'4% %',- 64-* ,- %/9,23 %# %(;;
$-@j
D,(224&2#00(0@
N'(&0#1%#/-5&=4230#2&2#%(0&-,;(2%;95&-((6(0&%#&43/((@
=4230#2 -4% I$,(%;95 %/9,23 %# #8(/1#6( ',- ?((;,23- #? $2:
1(/%4,2%9@ a% .4- 4 -%/423( -(2-4%,#2 %# 6((% 4 %#%4; -%/423(/
420 /(4;,K( 9#$ '40 41%$4;;9 *2#.2 ',6 ?#/ -(8(/4; 049-@ 1+#'
 SUY[VZY
&B&.'5 =4230#2 %'#$3'%5 5+#3# .* *4:#5+.'B 8&B;#,) -&:.,.&3
&D4;5%+.*%#)#*/
iO/#?(--#/5j E(//,- -4,0 -96>4%'(%,14;;95 ia 142 -(( %'4%
9#$G/( 2#% -$/( 9#$ %/$-% 6(5 420 %',- ,- $20(/-%4204";( 1#2:
-,0(/,23 4;; 9#$G8( "((2 %'/#$3'@ F2( #? %'( 1#66#2 -,0( (?:
?(1%-&#?&462(-,4&,-&6,;0&>4/42#,4&420&0,-%/$-%@j
1+&5 :&$#* *#'*#5 =4230#2 %'#$3'%5 74'*.(#3.'B 2 7&'05
#8#'%53;*5%:)%49'%:.'(/
iD>(4*,23 #? >4/42#,45j D,(224 C#*(05 1;(4/;9 %/9,23 %# ;,3'%:
(2 %'( 6##05 i<#"(/% -4. 9#$/ /4-' 420 %'#$3'% 9#$G0 "((2
-%/,1*(2&.,%'&%'(&);41*&O;43$(@j
E(//,-G- >$??9 (9(- .,0(2(05 420 '( ;4$3'(0 #$% ;#$0@ iN',-
/4-'n )(;,(8( 6(5 O/#?(--#/5 ,? a '40 %'( >;43$(5 a .#$;0 2#% "(
%/(4%,23 ,% .,%' 42 #8(/:%'(:1#$2%(/ 42%,',-%46,2(@j 7( >$;;(0
4 -64;; %$"( #? 6(0,1,2( ?/#6 ',- >#1*(% 420 %#--(0 ,% %# =423:
0#2@ D$/( (2#$3'5 ,% .4- 4 '4;?:(6>%9 %$"( #? 42%,:,%1' 1/(46
?#/&4;;(/3,1&/(41%,#2-@
iD#//9&4"#$%&%'4%5j&=4230#2&-4,05&?((;,23&?##;,-'@&i=#23&049@j
iA#&.#//,(-5j&E(//,-&-4,0@
=4230#2 %$/2(0 %#.4/0 %'( .,20#.5 .4%1',23 %'( 6$%(0
'$(- #? %'( a%4;,42 1#$2%/9-,0( ";$/ %#3(%'(/ ,2 4 >(41(?$; 1#;:
;43(@ N'( 8,2(94/0- 420 ?4/6- .(/( "(1#6,23 -14/1(/ 2#. 4-
%'( ?;4%;420- 348( .49 %# %'( ?##%',;;- #? %'( !>(22,2(-@ D##2
%'( %/4,2 .#$;0 248,34%( %'( -,2$#$- 6#$2%4,2 >4-- 420 %'(2
0(-1(20&434,25&>#.(/,23&(4-%.4/0&%#.4/0&%'(&!0/,4%,1&D(4@
20:%+#&(#(%-43%J#'.7#5&'(&%'#$3'%@ 14%,44$%-43%&%6,&B;#/
N',- -%/423( 049 '40 ;(?% =4230#2 ?((;,23 4- ,? '( .(/( 6#8:
,23 %'/#$3' 4 ;420-14>( 1#6>#-(0 #? 2#%',23 "$% 843$( -'4>(-
.,%' 2# >4/%,1$;4/ 0(%4,;-@ =,*( 4 0/(46@ a/#2,14;;95 2,3'%64/(-
$-$4;;9 .#*( >(#>;( $> L "$% =4230#2 ?(;% 4- ,? '( '40 4.#*(2
.'54 #2(@
i=,/4&?#/&9#$/&%'#$3'%-5j&D,(224&.',->(/(0&"(-,0(&',6@
=4230#2 3;421(0 $>5 -6,;,23 .(4/,;9@ ia *((> %',2*,23 aG;;
.4*(&$>&4%&'#6(&420&0,-1#8(/&%',-&.4-&4;;&4&"40&0/(46@j
 SVZ[VZY
D,(224 1#1*(0 '(/ '(405 ;##*,23 0(6$/(@ i]#$ .#$;02G% 6,--
6(&,?&9#$&.#*(&$>&420&?#$20&#$%&a&.4-2G%&/(4;nj
=4230#2 '40 %# 3/,2@ i](-5 41%$4;;95 a 94;,( 6,-- 9#$ 4
;,%%;(@j
D'( >4%%(0 ',- *2((@ iD%#> 0490/(46,235 O/#?(--#/5 420 3(%
%#&.#/*@j
=4230#2 /(;$1%42%;9 %$/2(0 ',- (9(- %# %'( 1/,2*;(0 ?41( #?
H42%( !;,3',(/,5 .',1' -%4/(0 ";42*;9 $> ?/#6 %'( %4";( "(?#/(
',6@ d(2%;95 =4230#2 >,1*(0 $> %'( >;4-%(/ 64-* 420 %$/2(0 ,%
#8(/ ,2 ',- '420-5 34K,23 0#.2 ,2%# %'( 1#2148( ,2%(/,#/ 4% %'(
?,/-%&;,2(&#?&->,/4;&%(B%^

F&9#$&>#--(--(0&#?&-%$/09&,2%(;;(1%&L

=4230#2&0#$"%(0&'(&I$4;,?,(0&4%&%'(&6#6(2%@
A#2(%'(;(--5&'(&-(%&%#&.#/*@

N.# '$20/(0 6,;(- 4'(40 #? %'( ->((0,23 %/4,25 1+# ?#'(&7.V

;: /(64,2(0 421'#/(0 ,2 %'( !0/,4%,1@ )(;#.0(1*-5 ?41,;,%4%#/
=4$/(21( `2#.;%#2 '(4/0 %'( -#?% /4> #? *2$1*;(- #2 ',- 3;4--
1$",1;( 420 %#$1'(0 4 "$%%#2 "(2(4%' ',- 0(-*5 %$/2,23 %'(
#>4I$( .4;; ,2%# 4 %/42->4/(2% #2(@ F$%-,0(5 4 -64;;5 %422(0
?#/6&64%(/,4;,K(0@
1+#%63484*5/
7(&;##*(0&3/,6@
+,%'#$% 4 .#/05 '( (2%(/(05 ;#1*(0 %'( 1$",1;( 0##/5 420
%'/(. %'( -.,%1' %'4% %$/2(0 %'( 3;4-- /##6 #>4I$( 434,2@ 7(
-6(;;(0&#?&4;1#'#;@
iN'(&8,0(#&%'4%&m#"/,-%&;(?%&$-5j&%'(&>/#8#-%&-4,0@
i](-5&-,/nj
ia&.42%&%#&-((&,%@&A#.@j
 M7!ONP< VS

<F)P<N =!AdHFA 7!H 2#. ?,2,-'(0 %/42-1/,",23 %'( ->,/4; %(B%

?/#6 %'( 0(4%' 64-* #2%# >4>(/ -# %'(9 1#$;0 424;9K( ,% 6#/(
1;#-(;9@ D,(224 420 H/@ E(//,- '$00;(0 ,2 1;#-( %# '(;>5 420
=4230#2 0,0 ',- "(-% %# ,32#/( E(//,-G- #23#,23 -1/4%1',23 420
;4"#/(0&"/(4%',23@
@#0* -.'#5 =4230#2 %#;0 ',6-(;?5 ?#/1,23 ',- 4%%(2%,#2 %# %'(
8(/-(&"(?#/(&',6@

F&9#$&>#--(--(0&#?&-%$/09&,2%(;;(1%5
#"-(/8(&%'(&%(41',23&%'4%&,-&',00(2&'(/(&L
"(2(4%'&%'(&8(,;&#?&8(/-(-&-#&#"-1$/(@

i!- a 6(2%,#2(0 (4/;,(/5j =4230#2 "(3425 i%'( #>(2,23

-%42K4 #? m#"/,-%G- >#(6 ,- %4*(2 8(/"4%,6 ?/#6 H42%(G- 2'V
-#3'4k42 406#2,%,#2 %# %'( /(40(/ %'4% %'( .#/0- 14//9 4
0((>(/&6(42,23@j
H42%(G- 4;;(3#/,14; .#/* .4- -# /(>;(%( .,%' 8(,;(0 1#66(2%:
4/9 #2 /(;,3,#25 >#;,%,1-5 420 >',;#-#>'9 %'4% =4230#2 #?%(2
-$33(-%(0 %# ',- -%$0(2%- %'4% %'( a%4;,42 >#(% "( -%$0,(0 6$1'
4- #2( 6,3'% -%$09 %'( ),";(k/(40,23 "(%.((2 %'( ;,2(- ,2 42
(??#/%&%#&$20(/-%420&%'(&0((>(/&6(42,23@
iD1'#;4/- #? 6(0,(84; 4;;(3#/95j =4230#2 1#2%,2$(05 i3(2(/:
4;;9 0,8,0( %'(,/ 424;9-(- ,2%# %.# 14%(3#/,(-ko%(B%G 420 o,643(G
L %(B% "(,23 %'( ;,%(/4; 1#2%(2% #? %'( .#/*5 420 ,643( "(,23
%'(&-96"#;,1&6(--43(@j
iF*495j E(//,- -4,0 (43(/;9@ iD# %'( ?41% %'4% %'( >#(6 "(3,2-
.,%'&%',-&;,2(kj
 SVR[VZY
iD$33(-%-5j D,(224 ,2%(/C(1%(05 i%'4% #$/ -$>(/?,1,4; /(40,23
649 /(8(4; #2;9 >4/% #? %'( -%#/9@ N'( %/$( 6(42,23 649 "(
',00(2@j
iD#6(%',23 ;,*( %'4%5 9(-@j =4230#2 /(%$/2(0 ',- 34K( %# %'(
%(B%&420&1#2%,2$(0&/(40,23&4;#$0@

D((*&%'(&%/(41'(/#$-&0#3(&#?&g(2,1(
.'#&-(8(/(0&%'(&'(40-&?/#6&'#/-(-&L
420&>;$1*(0&$>&%'(&"#2(-&#?&%'(&";,20@

i+(;;5j =4230#2 -4,05 iaG6 2#% -$/( 4"#$% '(40;(-- '#/-(-

420 %'( "#2(- #? %'( ";,205 "$% ,% -#$20- ;,*( .(G/( -$>>#-(0 %#
;#14%(&4&->(1,?,1&0#3(@j
ia 4--$6( L 4 0#3(G- 3/48(nj D,(224 4-*(0@ iF/ 4 -%4%$( #/
>#/%/4,%nj =4230#2 /(>;,(0@ iN'(/( '48(2G% "((2 0#3(- ?#/
1(2%$/,(-@j
N'( 0#3(- #? g(2,1( .(/( -,6,;4/ %# %'( 0$*(- #? %'( #%'(/
a%4;,42 1,%9:-%4%(-5 420 6#/( %'42 4 '$20/(0 #? %'(6 '40 /$;(0
g(2,1( #8(/ %'( 1#$/-( #? 4 %'#$-420 9(4/-5 "(3,22,23 ,2 !@H@
VYW@ N'(,/ ;,2(43( '40 (20(0 ,2 %'( ;4%( (,3'%((2%' 1(2%$/9
.,%' A4>#;(#2G- 1#2I$(-%5 "$% %'(,/ 3;#/9 420 >#.(/ -%,;; /(:
64,2&-$"C(1%-&#?&,2%(2-(&?4-1,24%,#2&?#/&',-%#/,42-@
i!- 9#$ 649 *2#.5j =4230#2 -4,05 ig(2,1(G- %.# 6#-% >#>$:
;4/ %#$/,-% 4%%/41%,#2-k%'( H#3(G- O4;41( 420 D%@ \4/*G- )4:
-,;,14k.(/( "$,;% "9 %'( 0#3(-5 ?#/ %'( 0#3(-@ \429 #? %'(6 4/(
"$/,(0&/,3'%&%'(/(@j
i!20 0# 9#$ *2#.5j D,(224 4-*(05 (9(,23 %'( >#(65 i,? %'(/(
.4-&4&0#3(&.'#&.4-&1#2-,0(/(0&%#&"(&>4/%,1$;4/;9&0423(/#$-nj
=4230#2 3;421(0 0#.2 4% %'( ;,2( ,2 I$(-%,#2@ "##$ 5+#
53#&7+#34;* (4B# 4- J#'.7#/ iA#2( %'4% a *2#. #?5 "$% %'(
>#(6 0#(-2G% $-( %'( .#/0 o0423(/#$-Ge ,% $-(- %'( .#/0
o%/(41'(/#$-@G N'(/(G- 4 0,??(/(21(5 4% ;(4-% ,2 %'( .#/;0 #?
H42%(@ N/(41'(/9 ,- #2( #? %'( D(8(2 H(40;9 D,2-k%'( .#/-% #?
%'(65&41%$4;;9k>$2,-'(0&,2&%'(&2,2%'&420&?,24;&/,23&#?&'(;;@j
 SVS[VZY
N/(41'(/95 4- 0(?,2(0 "9 H42%(5 .4- %'( 41% #? "(%/49,23 4
;#8(0 #2(@ 7,-%#/9G- 6#-% 2#%#/,#$- (B46>;( #? %'( -,2 '40
"((2 _$04-G- "(%/494; #? ',- "(;#8(0 _(-$-5 42 41% H42%( 1#2:
-,0(/(0 -# 8,;( %'4% '( '40 _$04- "42,-'(0 %# %'( ,2?(/2#G- ,2:
2(/6#-% 1#/(k4 /(3,#2 246(0 _$0(1145 4?%(/ ,%- 6#-% 0,-'#2:
#/4";(&/(-,0(2%@
iF*495j E(//,- -4,05 i-# .(G/( ;##*,23 ?#/ 4 0#3( .'# 1#6:
6,%%(0&42&41%&#?&%/(41'(/9@j
D,(224 2#00(0 '(/ 43/((6(2%@ iN'4% .,;; '(;> $- ;,6,% %'(
;,-% #? >#--,",;,%,(-@j D'( >4$-(05 (9(,23 %'( %(B%@ i)$% %',- 2(B%
;,2( L 4 0#3( .'# o-(8(/(0 %'( '(40- ?/#6 '#/-(-Gnj D'( /4,-(0
'(/ (9(- %# =4230#2@ ia- %'(/( 4 0#3( .'# 1$% #?? '#/-(-G
'(40-nj
N'( ,643( D,(224 (8#*(0 ,2 ',- 6,20 /(6,20(0 =4230#2 #?
%'( 3/$(-#6( -1(2( ?/#6 1+# I4(-&5+#3@ iH#(-2G% /,23 4 "(;;@
)$% 411#/0,23 %# %',-5 '( 4;-# o>;$1*(0 $> %'( "#2(- #? %'(
";,20@G j 7( 3;421(0 #8(/ 4% E(//,-@ i]#$/ >'#2( '4- a2%(/2(%5
/,3'%nj
E(//,- I$,1*;9 >$;;(0 #$% ',- >'#2( 420 '(;0 $> ',- -.#;;(25
/4-'9 ?,23(/%,>-@ iN'( "$%%#2- 6,3'% "( 0,??,1$;% ?#/ 6( %#
64243(@j
iaG8( 3#% ,%5j D,(224 -4,05 %4*,23 ',- >'#2(@ iaG;; /$2 4 -(4/1'
?#/ g(2(%,42 0#3(-5 1/#--:/(?(/(21(0 .,%' '(40;(-- '#/-(- 420
%'( "#2(- #? %'( ";,20@j D'( "(342 %9>,23 /4>,0;9 #2 %'( %,29
*(9"#4/0@
=4230#2 -*,66(0 %'( >#(6 42#%'(/ %,6(5 420 %'(2 1#2%,2:
$(0&/(40,23&4;#$0@

`2((;&.,%',2&%'(&3,;0(0 :4;*#.4' #?&'#;9&.,-0#65

420&>;41(&%',2(&(4/&%#&%'(&3/#$205
;,-%(2,23&?#/&%'(&-#$20-&#?&%/,1*;,23&.4%(/@

iaG8(&2(8(/&'(4/0&#?&4 :4;*#.4'5j&E(//,-&-4,0@
ia%G- 42 421,(2% .#/0 6(42,23 4 %(6>;( >/#%(1%(0 "9 6$-(-5j
=4230#2 /(>;,(0@ ia2 %'( 049- #? %'( (4/;9 d/((*-5 4 :4;*#.4'
 SVT[VZY
.4- 4 >;41( .'(/( %'( (2;,3'%(2(0 34%'(/(0 %# -'4/( ,0(4-5 420
0,-1$-- ;,%(/4%$/(5 6$-,15 420 4/%@ N'( ?,/-% 6#$-(,#2 .4- "$,;%
"9 O%#;(69 4% %'( =,"/4/9 #? !;(B420/,4 1(2%$/,(- "(?#/( %'(
",/%' #? M'/,-%5 420 %'(2 '$20/(0- 6#/( 1/#>>(0 $> 4/#$20
%'(&.#/;0@j
iH/@ )/##*-5j E(//,- -4,05 3;421,23 '#>(?$;;9 4% D,(224@ iM42
9#$&;##*&420&-((&,?&%'(/(G-&4&6#$-(,#2&,2&g(2,1(nj
i!1%$4;;9 %'(/( 4/( 0#K(2- #? %'(65j =4230#2 -4,0 .,%' 4
>;49?$;&-6,;(@&iA#.&%'(9G/(&14;;(0&6$-($6-@j
i!''' Lj E(//,- /(>;,(0@ ia 3$(-- .(G;; '48( %# 14-% 4 .,0(/
2(%@j D,(224 *(>% %9>,23 ,2%# %'( >'#2(5 '48,23 2# %/#$";( 6$;:
%,%4-*,23 4- -'( 14;6;9 %##* ,28(2%#/9@ iF*495 -# .(G/( ;##*,23
?#/ 4 6$-($6 .'(/( .( 142 ?,20 4 0#3( .'# -(8(/(0 %'( '(40-
?/#6 '#/-(- 420 >;$1*(0 $> %'( "#2(- #? %'( ";,20@ <#"(/%5 ,-
%'(/(&4&>4/%,1$;4/&6$-($6&%'4%&6,3'%&"(&4&3##0&>;41(&%#&;##*nj
=4230#2 .4- 4;/(409 1#2-,0(/,23 4;; #? g(2,1(G- "(-%:*2#.2
6$-($6-k%'( d4;;(/,( 0(;;G!1140(6,45 %'( M4G <(KK#2,1#5 %'(
O4;4KK# d/4--,5 %'( O(339 d$33(2'(,6 M#;;(1%,#25 %'( \$-(#
M#//(/k"$%&2#2(&#?&%'(6&-((6(0&%#&?,%&%'(&0(-1/,>%,#2@
7(&3;421(0&"41*&4%&%'(&%(B%@

`2((;&.,%',2&%'(&3,;0(0 :4;*#.4' #?&'#;9&.,-0#6&L

=4230#2 -6,;(0 ./9;9@ ig(2,1( 0#(- '48( #2( 6$-($6 %'4%

>(/?(1%;9&I$4;,?,(-&4-&4&o3,;0(0&6#$-(,#2&#?&'#;9&.,-0#6@G&j
)#%'&E(//,-&420&D,(224&;##*(0&4%&',6&(B>(1%42%;9@
iD%@ \4/*G- )4-,;,145j '( 0(1;4/(0@ iN'( ;4/3(-% 1'$/1' ,2
g(2,1(@j
E(//,-&;##*(0&$21(/%4,2@&iN'(&1'$/1'&,-&4&6$-($6nj
=4230#2 2#00(0@ i\$1' ;,*( %'( g4%,142 \$-($6@ !20
.'4%G- 6#/(5 %'( ,2%(/,#/ #? D%@ \4/*G- ,- ?46#$- ?#/ "(,23 40:
#/2(05&,2&,%-&(2%,/(%95&,2&-#;,0&3#;0&%,;(-@j
i! B.,(#( :4;*#.4'5j D,(224 -4,05 -#$20,23 3(2$,2(;9
(B1,%(0@
 SVU[VZY
=4230#2 2#00(05 '48,23 2# 0#$"% %'4% D%@ \4/*G- .4- %'(
3,;0(0 %(6>;( /(?(/(21(0 ,2 %'( >#(6@ E#/ 1(2%$/,(-5 %'( g(2(:
%,42- '40 14;;(0 D%@ \4/*G- =4 M',(-4 0GF/#k%'( M'$/1' #?
d#;0k420 =4230#2 1#2-,0(/(0 ,%- ,2%(/,#/ %'( 6#-% 04KK;,23 #?
429&1'$/1'&,2&%'(&.#/;0@
iN'( >#(6 -49- %# o*2((;G %'(/(5j E(//,- 400(0@ i!20 4
1'$/1'&,-&4&;#3,14;&>;41(&%#&*2((;@j
D,(224 .4- %9>,23 ?$/,#$-;9 434,2@ iaG;; 400 D%@ \4/*G- %# %'(
-(4/1'@&N'4%&6$-%&"(&.'(/(&.(&2((0&%#&;##*&?#/&%'(&0#3(@j
=4230#2 *2(. %'(9 .#$;0 ?,20 2# -'#/%43( #? 0#3(- ,2 D%@
\4/*G-k.',1' .4-5 I$,%( ;,%(/4;;95 %'( "4-,;,14 #? %'( 0#3(-@ 7(
?(;%&(21#$/43(0&4-&'(&/(%$/2(0&',-&(9(-&%#&%'(&>#(6@

`2((;&.,%',2&%'(&3,;0(0 :4;*#.4' #?&'#;9&.,-0#65

420&>;41(&%',2(&(4/&%#&%'(&3/#$205
;,-%(2,23&?#/&%'(&-#$20-&#?&%/,1*;,23&.4%(/@

13.7$,.'B 9&5#3L =4230#2 .#20(/(0@ 2* 5+#3# 9&5#3 ;'(#3

"5/ ?&3$0*L N'( I$(-%,#25 '( /(4;,K(05 .4- ?##;,-'@ N'(/( .4-
.4%(/ $20(/ %'( (2%,/( 1,%9@ P8(/9 "$,;0,23 ,2 g(2,1( .4- -;#.;9
-,2*,23 420 ;(4*,23@ =4230#2 >,1%$/(0 %'( "4-,;,14 420 %/,(0 %#
,643,2( .'(/( ,2-,0( #2( 6,3'% *2((; %# ;,-%(2 ?#/ %/,1*;,23 .4:
%(/@ >'(%4'7#%9#%+#&3%.5%E%9+&5%(4%9#%(4L
=4230#2&/(%$/2(0&%#&%'(&>#(6&420&?,2,-'(0&/(40,23&4;#$0@

E#;;#.&0((>&,2%#&%'(&-$2*(2&>4;41(&L
?#/&'(/(5&,2&%'(&04/*2(--5&%'(&1'%'#2,1&6#2-%(/&.4,%-5
-$"6(/3(0&,2&%'(&";##0/(0&.4%(/-&L
#?&%'(&;43##2&%'4%&/(?;(1%-&2#&-%4/-@

iF*495j =4230#2 -4,05 0,-%$/"(0 "9 %'( ,643(5 i4>>4/(2%;95

.( ?#;;#. %'( -#$20- #? %/,1*;,23 .4%(/ L %# -#6( *,20 #?
-$2*(2&>4;41(@j
E(//,- -1/4%1'(0 4% ',- ?41(5 ;##*,23 $22(/8(0@ i+'4%G- 4
1'%'#2,1&6#2-%(/nj
 SVV[VZY
iD$"%(//42(425j D,(224 #??(/(05 '(/ ?,23(/- -%,;; .#/*,23 %'(
>'#2(@&i&oM'%'#2,1G&6(42-&o"(2(4%'&%'(&(4/%'@G&j
iO4/%;95 9(-5j =4230#2 -4,0@ i!;%'#$3' %'( .#/0 '4- 4 ?$/%'(/
',-%#/,1 ,6>;,14%,#2k#2( 1#66#2;9 4--#1,4%(0 .,%' 69%'- 420
6#2-%(/-@ =+5+4'.7* 4/( 42 (2%,/( 14%(3#/9 #? 69%',14; 3#0-
420 6#2-%(/-kP/,29(-5 7(14%(5 420 \(0$-45 ?#/ (B46>;(@
N'(9G/( 14;;(0 1'%'#2,1- "(14$-( %'(9 /(-,0( ,2 %'( $20(/.#/;0
420 4/( 4--#1,4%(0 .,%' '(;;@j =4230#2 >4$-(0@ i7,-%#/,14;;95
%'(9 (6(/3( ?/#6 %'( (4/%' 420 1#6( 4"#8(3/#$20 %# ./(4*
'48#1&,2&%'(&'$642&.#/;0@j
N'(/( .4- 4 ;#23 -,;(21(5 420 =4230#2 -(2-(0 %'(9 .(/( 4;;
%',2*,23 %'( -46( %',23@ 1+.* 7+5+4'.7 :4'*5#3 E 74;,( 4',)
D#%n4D3.*50*%6,&B;#/

?#/&'(/(5&,2&%'(&04/*2(--5&%'(&1'%'#2,1&6#2-%(/&.4,%-5
-$"6(/3(0&,2&%'(&";##0/(0&.4%(/-&L
#?&%'(&;43##2&%'4%&/(?;(1%-&2#&-%4/-@

i!29.495j =4230#2 -4,05 %/9,23 %# -%49 #2 %/41*5 i.(G/( #"8,:

#$-;9 ;##*,23 ?#/ 42 $20(/3/#$20 ;#14%,#25 .',1' 4% ;(4-% (B:
>;4,2- %'( ;4-% ;,2( #? %'( >#(6 /(?(/(21,23 o%'( ;43##2 %'4% /(:
?;(1%-&2#&-%4/-@G&j
id##0 >#,2%5j D,(224 -4,05 3;421,23 $> 2#. ?/#6 E(//,-G-
>'#2(@ ia? 4 ;43##2 ,- -$"%(//42(425 ,% 1#$;02G% /(?;(1% %'( -*9@
)$%&0#(-&g(2,1(&'48(&-$"%(//42(42&;43##2-nj
iA#2( %'4% a *2#. #?5j =4230#2 /(>;,(0@ i)$% ,2 4 1,%9 "$,;%
#2&.4%(/5&%'(/(&4/(&>/#"4";9&(20;(--&>#--,",;,%,(-@j
i+'4% ,? %'( ;43##2 ,- ,20##/-nj D,(224 4-*(0 -$00(2;95 (9(:
,23 %'(6 "#%'@ iN'( >#(6 /(?(/- %# o%'( 04/*2(--G #? o%'(
-$2*(2 >4;41(@G ]#$ 6(2%,#2(0 (4/;,(/ %'4% %'( H#3(G- O4;41( ,-
1#22(1%(0 %# %'( "4-,;,145 /,3'%n N'4% 6(42- %'#-( -%/$1%$/(-
'48( 4 ;#% #? .'4% %'( >#(6 6(2%,#2-k4 6#$-(,#2 #? '#;9 .,-:
0#65 4 >4;41(5 /(;(8421( %# 0#3(-k420 ,%G- 4;; ;#14%(0 /,3'%
%'(/(&#2&g(2,1(G-&64,2&;43##25&4%&-(4&;(8(;@j
 SVW[VZY
=4230#2 1#2-,0(/(0 %',-@ i]#$ %',2* %'( >#(6G- o-$2*(2
>4;41(G&,-&%'(&H#3(G-&O4;41(nj
i+'9 2#%n N'( >#(6 %(;;- $- ?,/-% %# *2((; 4% D%@ \4/*G- )4:
-,;,145 %'(2 %# ?#;;#. %'( -#$20- #? %/,1*;,23 .4%(/@ \49"( %'(
-#$20- #? .4%(/ ;(40 2(B% 0##/ %# %'( H#3(G- O4;41(@ a% 1#$;0
'48(&4&-$"6(/3(0&?#$204%,#2&#/&-#6(%',23@j
=4230#2 '40 8,-,%(0 %'( H#3(G- O4;41( 6429 %,6(- 420 *2(.
%'4% ,% .4- 4"-#;$%(;9 64--,8(@ ! ->/4.;,23 1#6>;(B #? "$,;0:
,23-5 %'( >4;41( '#$-(0 4 3/420:-14;( 6$-($65 4 8(/,%4";(
;4"9/,2%' #? ,2-%,%$%,#24; 1'46"(/-5 4>4/%6(2%-5 420 1#$/%:
94/0-5 420 4 >/,-#2 2(%.#/* -# 84-% %'4% ,% .4- '#$-(0 ,2 6$;:
%,>;(&"$,;0,23-@
i]#$ 649 "( /,3'%5j =4230#2 -4,05 i"$% 4 ";,20 -(4/1' #? %'4%
>4;41( .#$;0 %4*( 049-@ a -$33(-% .( 0# (B41%;9 4- %'( >#(6
%(;;- $-@ E,/-%5 .( 3# %# D%@ \4/*G- )4-,;,14 420 ?,20 %'( %#6" #/
-%4%$(&#?&%',-&%/(41'(/#$-&0#3(5&420&%'(2&.(&*2((;&0#.2@j
i!20&%'(2nj&D,(224&4-*(0@
i!20 %'(25j =4230#2 -4,0 .,%' 4 -,3'5 i.( >/49 ;,*( '(;; %'4%
.(&'(4/&%/,1*;,23&.4%(/&L&420&,%&;(40-&$-&-#6(.'(/(@j
a2 %'( -,;(21( %'4% ?#;;#.(05 =4230#2 >,1%$/(0 %'( 42B,#$-
?41( #? P;,K4"(%' D,2-*(9 4- '( '40 -((2 ,% ,2 ',- '4;;$1,24%,#2-5
14;;,23 %# ',6 41/#-- %'( .4%(/@ 1.:# .* *+435/ "##$ &'( -.'(F
7( .#20(/(0 .'(/( D,2-*(9 .4- 2#. L 420 ,? -'( .4- 4;;
/,3'%@ N'( -#;0,(/- ,2 ";41* '40 2# 0#$"% /(4;,K(0 "9 2#. %'4%
=4230#2 420 D,(224 '40 (-14>(0@ @49 ,4'B ;'5., 5+#) 74:#
&-5#3%;*L
!- =4230#2 /(%$/2(0 ',- (9(- %# %'( >#(65 '( ?#$3'% #?? 4
.48( #? (B'4$-%,#2@ 7( (9(0 %'( ?,24; ;,2( #? 8(/-(5 420 42#%'(/
%'#$3'% #11$//(0 %# ',6@ 7( .#20(/(0 ,? ,% .4- (8(2 .#/%'
6(2%,#2,23@ 1+# ,&B44' 5+&5 3#-,#75* '4 *5&3*/ a% .4- >/#"4";9
,//(;(842% %# %'(,/ -(4/1'5 "$% '( 0(1,0(0 %# -'4/( ,% 2#2(%'(:
;(--@&iN'(/(G-&42#%'(/&>#,2%&a&-'#$;0&6(2%,#2@j
D,(224&3;421(0&$>&?/#6&%'(&1(;;&>'#2(@
 SVX[VZY
iN'( %'/(( -(1%,#2- #? H42%(G- <.8.'# =4:#()5j =4230#2
-4,0@ i2'-#3'45 Z;3B&543.45 420 Z&3&(.*4@ N'(9 &,, (20 .,%' %'(
(B41%&-46(&.#/0@j
D,(224&;##*(0&-$/>/,-(0@
i+'4%&.#/0&,-&%'4%nj&E(//,-&4-*(0@
=4230#2 >#,2%(0 %# %'( "#%%#6 #? %'( %(B% '( '40 %/42:
-1/,"(0@ iN'( -46( .#/0 %'4% (20- 5+.* >#(6ko-%4/-@G j 7(
>,1*(0 $> H42%(G- 0(4%' 64-* 420 >#,2%(0 %# %'( 8(/9 1(2%(/ #?
%'(&->,/4;&%(B%@
1+#%,&B44'%5+&5%3#-,#75*%'4%*5&3*/
i+'4%G- 6#/(5j =4230#2 1#2%,2$(05 i,2 %'( ?,24;( #? %'( 2'V
-#3'45 .( ?,20 H42%( ;,-%(2,23 %# %'( -#$20 #? %/,1*;,23 .4%(/
,2-,0( 4 1'4-6 420 ?#;;#.,23 ,% %'/#$3' 42 #>(2,23 L .',1'
;(40-&',6&#$%&#?&'(;;@j
E(//,-&";421'(0&-;,3'%;9@&i_(-$-@j
_$-% %'(25 4 0(4?(2,23 /$-' #? 4,/ ?,;;(0 %'( 14",2 4- %'( E/(1:
1,4/3(2%#&>;$23(0&,2%#&4&6#$2%4,2&%$22(;@
a2 %'( 04/*2(--5 =4230#2 1;#-(0 ',- (9(- 420 %/,(0 %# 4;;#.
',- 6,20 %# /(;4B@ n4D3.*5 :&) +&8# D##' & ,;'&5.75 '( %'#$3'%5
D;5%+#%7#35&.',)%+&(%&%*46+.*5.7&5#(%B3&*6%4-%<&'5#/
 M7!ONP< VT

=!h<PAMP&`AF+=NFA&EP=N 4&.48(&#?&/(;,(?&.4-'&#8(/&',6@
1+# 63484*5 7+&'B#( +.* :.'( &D4;5 9&57+.'B n4D3.*50*
8.(#4/
`2#.;%#2 >/41%,14;;9 0#8( ?#/ %'( 1/,6-#2 6(6#/9 -%,1* 420
,2-(/%(0 ,% ,2%# ',- 1#6>$%(/ -# '( 1#$;0 -'4/( ,% .,%' ',- "#--@
N'( .(,3'% #? m#"/,-%G- ",K4//( 2,2(:6,2$%( 6(--43( '40 "((2
'4$2%,23 %'( ?41,;,%4%#/5 420 '( .4- (43(/ %# '48( 42#%'(/ -(%
#?&(9(-&.4%1'&,%@
1+.*%9.,,%'4%,4'B#3%D#%4'%:#/
`2#.;%#2&'(;0&',-&"/(4%'&4-&'(&"(342&%'(&>;49"41*@
N'( -1/((2 04/*(2(05 420 %'( -#$20- #? 3(2%;9 ;4>>,23 .4%(/
?,;;(0 %'( 1$",1;(@ N'( 146(/4 6#8(0 %'/#$3' %'( /(00,-' '4K(
#? %'( $20(/3/#$20 148(/25 420 4;%'#$3' %'( >/#8#-% -'#.(0
2# 8,-,";( /(41%,#25 `2#.;%#2 -(2-(0 %'4% %'( 642 .4- 4-
4;4/6(0&4-&'(&.4-&"(.,;0(/(0@
N'( 146(/4 >4$-(0 ,%- ?#/.4/0 6#%,#2 420 %,>>(0 0#.2.4/0
4% %'( -$/?41( #? %'( ;43##25 .'(/( ,% >;$23(0 "(2(4%' %'( .4:
%(/5 0,8,23 -(8(/4; ?((% %# /(8(4; %'( >#;,-'(0 %,%42,$6 >;4I$(
"#;%(0&%#&%'(&?;##/@

aA&N7aD&O=!MP5&FA&N7aD&H!NP5
N7P&+F<=H&+!D&M7!AdPH&EF<PgP<@

N'( >/#8#-% ?;,21'(0 (8(/ -# -;,3'%;9@ iN#6#//#.5j '(

.',->(/(05 (9(,23 %'( 04%(@ i!20 0# .( *2#. .'(/( o%',- >;41(G
6,3'%&"(nj
`2#.;%#2&-'##*&',-&'(40@
 SWZ[VZY
N'( 146(/4 >422(0 ;(?% 2#.5 /(8(4;,23 %'( -$"6(/3(0
>;4-%,1&-41*&#?&3(;4%,2#$-5&9(;;#.:"/#.2&?;$,0@
i+'4% ,2 d#0G- 246(nlj N'( >/#8#-% >$;;(0 $> 4 1'4,/ 420
-(%%;(0 ,25 -%4/,23 4% %'( $20$;4%,23 "$"";(5 -$->(20(0 ;,*( 4
%(%'(/(0&"4;;##2&"(2(4%'&%'(&.4%(/@
!2 $21#6?#/%4";( -,;(21( -(%%;(0 #8(/ %'( /##6 4- %'( 8,0(#
>/#3/(--(0@ D##2 %'( -1/((2 .(2% 04/*5 420 %'(2 4 -%/423(5
"(4*:2#-(0 -'40#. 4>>(4/(0 #2 %'( 148(/2 .4;; 420 "(342
%4;*,23&,2&,%-&4/142(&;423$43(@

a&46&%'(&D'40(&L
H/,8(2 $20(/3/#$205 a 6$-% ->(4* %# %'( .#/;0 ?/#6 0((>
.,%',2 %'( (4/%'5 (B,;(0 %# %',- 3;##69 148(/2 .'(/( %'(
";##0/(0&.4%(/-&1#;;(1%&,2&%'(&;43##2&%'4%&/(?;(1%-&2#&-%4/-@
)$% %',- ,- 69 >4/40,-( L %'( >(/?(1% .#6" ?#/ 69 ?/43,;(
1',;0@
a2?(/2#@

N'(&>/#8#-%&3;421(0&$>@&ia2?(/2#nj
`2#.;%#2&-'/$33(0@&i!-&a&-4,05&,%G-&0,-%$/",23@j
N'( >/#8#-% /(%$/2(0 ',- (9(- %# %'( -1/((25 .4%1',23
,2%(2%;9@
N'( "(4*:2#-(0 -'40#. 1#2%,2$(0 ->(4*,23 ?#/ -(8(/4;
6,2$%(-5 %4;*,23 #? >;43$(-5 #? %'( >#>$;4%,#2G- 2((0 ?#/ >$/:
3,235 #? ',- #.2 3;#/,#$- /#;( ,2 %'( ?$%$/(5 #? ',- "4%%;( 434,2-%
%'( ,32#/42% -#$;- .'# '40 "((2 %/9,23 %# -%#> ',65 420 #? %'(
?4,%'?$; ?(. .'# /(4;,K(0 %'4% 0/4-%,1 41%,#2 .4- %'( #2;9 .49 %#
-48(&%'(&>;42(%@
+'4%(8(/ %',- .4/ .4- 4"#$%5 `2#.;%#2 '40 "((2 .#20(/,23
4;; 6#/2,23 ,? %'( M#2-#/%,$6 6,3'% "( ?,3'%,23 #2 %'( ./#23
-,0(@
N'(&8#,1(&1#2%,2$(0@
 SWQ[VZY
a '48( ?#/3(0 4 64-%(/>,(1( #? -4;84%,#25 420 9(% 69 (??#/%-
'48( "((2 /(.4/0(0 2#% .,%' %/$6>(%- 420 ;4$/(;- L "$% .,%'
%'/(4%-&#?&0(4%'@
a 0# 2#% ?(4/ 0(4%' L ?#/ 0(4%' %/42-?#/6- 8,-,#24/,(- ,2%#
64/%9/-&L&1#28(/%-&2#";(&,0(4-&,2%#&>#.(/?$;&6#8(6(2%-@
_(-$-@&D#1/4%(-@&\4/%,2&=$%'(/&`,23@
F2(&049&-##2&a&.,;;&C#,2&%'(6@
N'( 64-%(/>,(1( a '48( 1/(4%(0 ,- %'( .#/* #? d#0 7,6-(;?
L 4 3,?% ?/#6 %'( F2( .'# ,6"$(0 6( .,%' %'( ,2%(;;(1%5 %##;-5
420&1#$/43(&/(I$,/(0&%#&?#/3(&-$1'&4&1/(4%,#2@
A#.&%'(&049&3/#.-&2(4/@
a2?(/2# -;((>- "(2(4%' 6(5 >/(>4/,23 %# ->/,23 ?/#6 ,%- .4:
%(/9 .#6" L $20(/ %'( .4%1'?$; (9( #? %'( 1'%'#2,1 6#2-%(/
420&4;;&'(/&E$/,(-@
H(->,%( %'( 8,/%$( #? 69 0((0-5 ;,*( 9#$5 a 46 2# -%/423(/ %#
D,2@ P8(2 a 46 3$,;%9 #? %'( 04/*(-% #? %'( -(8(2k%'4% ;#2(
%(6>%4%,#2&?/#6&.',1'&-#&?(.&?,20&-421%$4/9@
O/,0(@
)9 /(1#/0,23 %',- 8(/9 6(--43( a '48( -$11$6"(0 %# O/,0(G-
3#40,23 >$;; L (43(/ %# (2-$/( %'4% %'( .#/;0 .#$;0 *2#. 69
.#/*@
!20&.'9&2#%n
\42*,20 -'#$;0 *2#. %'( -#$/1( #? ',- #.2 -4;84%,#2 L %'(
246(&#?&'(&.'#&-(4;(0&%'(&94.2,23&34%(-&#?&'(;;&?#/(8(/l
+,%' (41' >4--,23 '#$/5 %'( #$%1#6( 3/#.- 6#/( 1(/%4,2@
\4%'(64%,1-k4- /(;(2%;(-- 4- %'( ;4. #? 3/48,%9k,- 2#22(3#:
%,4";(@ N'( -46( (B>#2(2%,4; ";#--#6,23 #? ;,?( %'4% '4- 2(4/;9
*,;;(0 \42*,20 -'4;; 4;-# "( ',- 0(;,8(/421(@ N'( "(4$%9 #? 4
;,8,23 #/342,-6k"( ,% 3##0 #/ (8,;k,- %'4% ,% .,;; ?#;;#. %'(
;4.&#?&d#0&.,%'&-,23$;4/&8,-,#2@
)(&?/$,%?$;&420&6$;%,>;9@
!20&-#&a&?,3'%&?,/(&L&.,%'&?,/(@

iN'4%G- (2#$3'5j %'( >/#8#-% ,2%(//$>%(0 -# I$,(%;9 %'4%

`2#.;%#2&"4/(;9&'(4/0&',6@
iD,/nj
iD%#>&%'(&8,0(#@j
 SWR[VZY
`2#.;%#2 >4$-(0 %'( >;49"41*@ iD,/5 %'( (20 ,- 41%$4;;9 %'(
6#-%&?/,3'%(2,23&>4/%@j
iaG8( -((2 (2#$3'@j N'( >/#8#-% ;##*(0 ,;;@ 7( >41(0 %'( 1$:
",1;( ?#/ -(8(/4; 6#6(2%- 420 %'(2 %$/2(0 -$00(2;9@ i+( 2((0
%#&64*(&1#2%41%&.,%'&ED:RZXZ@j
`2#.;%#2&1#2-,0(/(0&%'(&6#8(@
ED:RZXZ .4- %'( 1#0( 246( #? #2( #? %'( >/#8#-%G- %/$-%(0
1#2%41%-k%'( -46( 1#2%41% .'# '40 /(?(//(0 m#"/,-% %# %'(
M#2-#/%,$6 4- 4 1;,(2%@ N'( >/#8#-% .4- 2# 0#$"% 4% %',- 8(/9
6#6(2% 1',0,23 ',6-(;? ?#/ %/$-%,23 ED:RZXZG- C$036(2%e %'(
/(1#66(204%,#2 #? )(/%/420 m#"/,-% 4- 4 1;,(2% '40 "/#$3'%
1'4#-&,2%#&%'(&M#2-#/%,$6G-&0(;,14%(;9&-%/$1%$/(0&.#/;0@
H"Vabcb%.*%5+#%3#&*4'%-43%5+.*%73.*.*/
N'( 3/#.,23 1'4,2 #? 14;46,%,(- -$//#$20,23 m#"/,-% #2;9
-((6(0 %# "( 3(%%,23 .#/-(5 2#% 6(/(;9 ?#/ %'( M#2-#/%,$65 "$%
I$,%(&>#--,";9&L&?#/&%'(&.#/;0@
i+( 2((0 %# 0,-1#8(/ m#"/,-%G- %/$( ,2%(2%,#2-5j %'( >/#8#-%
0(1;4/(0@ ia .42% %# *2#. (B41%;9 .'4% '( 1/(4%(05 420 ,? %',-
%'/(4%&,-&/(4;@j
`2#.;%#2 *2(. %'4% ,? 429#2( '40 %'( 42-.(/- %# %'(-(
I$(-%,#2-5 ,% .#$;0 "( ED:RZXZ@ A#"#09 *2(. )(/%/420 m#":
/,-% "(%%(/@ a% .4- %,6( ?#/ %'( M#2-#/%,$6 %# "/(4* >/#%#1#;
420 4--(-- .'4% *,20 #? ,2-42,%9 %'( #/342,K4%,#2 6,3'% '48(
$2.,%%,23;9&-$>>#/%(0&#8(/&%'(&>4-%&9(4/@
`2#.;%#2 1#2-,0(/(0 %'( >#--,";( /46,?,14%,#2- #? 1#2?/#2%:
,23 ED:RZXZ 0,/(1%;9@ N'( 6(/( 41% #? ,2,%,4%,23 1#2%41% 14//,(0
1(/%4,2&/,-*-@
iF"8,#$-;95 -,/5j `2#.;%#2 -4,05 i,? 9#$ /(41' #$% %#
ED:RZXZ5&9#$G;;&2((0&%#&0#&-#&8(/9&0(;,14%(;9@j
N'( >/#8#-%G- (9(- ?;4-'(0 .,%' 423(/ 4- '( >$;;(0 #$% ',- 1(;;
>'#2(@&i+(G/(&.(;;&>4-%&0(;,14%(@j
 SWS[VZY
D(4%(0 .,%' ',- %.# %/48(;,23 >4/%2(/- ,2 %'( E/(11,4/3(2%#G-
>/,84%( 14",25 %'( 642 .,%' %'( >4,-;(9 2(1*%,( 420 O;$6( O4/:
,- 3;4--(- 0,0 ',- "(-% 2#% %# -1/4%1' 4% ',- -%,;;:.#/-(2,23 /4-'@
N'(&>4,2&,2&',-&1'(-%&-((6(0&%#&'48(&,21/(4-(0&4-&.(;;@
!- %'( %/4,2 ?,24;;9 (6(/3(0 ?/#6 %'( %$22(;5 %'( 642 34K(0
#8(/ 4% =4230#25 .'# #>(2(0 ',- (9(- -;#.;95 4>>4/(2%;9 /(:
%$/2,23 ?/#6 ?4/:#?? %'#$3'%-@ )(-,0( ',65 D,(224 "(342 (9(,23
%'( 642G- 1(;; >'#2(5 .',1' -'( '40 -(% 0#.2 4- %'( %/4,2 ->(0
%'/#$3'&%'(&%$22(;5&.',;(&%'(/(&.4-&2#&-,324;@
D,(224 4>>(4/(0 (43(/ %# 1#2%,2$( '(/ a2%(/2(% -(4/1'5 "$%
"(?#/( -'( 1#$;0 /(41' ?#/ %'( >'#2(5 ,% -$00(2;9 "(342 8,"/4%:
,235&(6,%%,23&4&-(/,(-&#?&-%4114%#&>,23-@
`2#.,23 %'( /,23 .(;;5 %'( 642 .,%' %'( /4-' ,66(0,4%(;9
3/4""(0 %'( >'#2( 420 (9(0 %'( ,;;$6,24%(0 -1/((25 0#,23 ',-
"(-%&%#&',0(&',-&-$/>/,-(@
iD#//95j '( -4,05 -%420,23 $>@ i!,;,23 6#%'(/@ aG8( 3#% %# %4*(
%',-@j
D,(224 420 =4230#2 348( ',6 $20(/-%420,23 2#0- 4- %'(
642 (B1$-(0 ',6-(;? 420 (B,%(0 %'( 14",25 6#8,23 I$,1*;9
0#.2&%'(&>4--43(.49&,2%#&4&2(4/"9&/(-%/##6@
N'( 642 .,%' %'( /4-' ;#1*(0 %'( /(-%/##6 0##/ 4- '( %##*
%'(&14;;@&i7(;;#nj
N'(&8#,1(&#2&%'(&;,2(&.4-&3/48(@&ia%G-&%'(&>/#8#-%@j
 M7!ONP< VU

N7P E<PMMa!<dPANFGD <PDN<FF\ .4- 2# ;4/3(/ %'42 %'( /(-%/##6

#2 4 1#66(/1,4; 4,/;,2(/5 .,%' "4/(;9 (2#$3' /##6 %# %$/2
4/#$20@ N'( 642 .,%' %'( -*,2 /4-' ?,2,-'(0 ',- >'#2( 14;;
.,%'&%'(&>/#8#-%&420&>#1*(%(0&',-&>'#2(@
1+# B34;'( +&* *+.-5#(5 '( /(4;,K(0@ N'( (2%,/( ;420-14>(
.4- -$00(2;9 $>-,0( 0#.25 420 '( 2((0(0 4 6#6(2% %# 3(% ',-
"(4/,23-@
?)%-3.#'(*%&3#%'49%:)%#'#:.#*/
N'( 642 ;##-(2(0 ',- >4,-;(9 %,( 420 -%4/(0 4% ',- >$-%$;(0
?41( ,2 %'( 6,//#/@ 7( ;##*(0 .#/-( %'42 '( %'#$3'%@ 7,- ?41(
.4-&#?&;,%%;(&1#21(/25&%'#$3'5&1#6>4/(0&%#&%'(&>4,2&,2&',-&1'(-%@
7(-,%42%;95 '( $2?4-%(2(0 -(8(/4; "$%%#2- 420 >$;;(0 #>(2
',-&-',/%@
7( ?#/1(0 ',- (9(- %# %'( 6,//#/ L 420 -%$0,(0 ',- "4/(
1'(-%@
_#*;*/
N'(&";41*&4/(4&.4-&3/#.,23@
N'( -*,2 #2 %'( 1(2%(/ #? ',- 1'(-% .4- 4 0((> '$( #? ";$,-'
";41*@ N'( 4/(4 '40 "(3$2 ;4-% 2,3'% 4- %'( -,K( #? 4 3#;? "4;;5
"$% 2#. ,% .4- %'( -,K( #? 42 #/423(@ 7( 3(2%;9 %#$1'(0 %'(
%(20(/&?;(-'&420&.,21(0@
7$//,(0;95 '( /("$%%#2(0 ',- -',/%5 '#>,23 '( .#$;0 '48( %'(
-%/(23%'&%#&14//9&#$%&.'4%&'(&2((0(0&%#&0#@
1+# '#\5 +4;3 9.,, D# 73.5.7&,5 '( %'#$3'%@ > (#,.7&5# *#3.#* 4-
:&'#;8#3*/
7( 1;#-(0 ',- (9(- 420 34%'(/(0 ',6-(;?5 .#/*,23 %'/#$3'
.'4% 2((0(0 %# '4>>(2@ ?) -3.#'(* +&8# D#74:# :) #'#:.#*5
'(&%'#$3'%&434,2@
 SWU[VZY
7( %##* -(8(/4; 0((>5 >4,2?$; "/(4%'-5 '#>,23 ,% 6,3'% 14;6
',- 2(/8(-@ 7( *2(. '( 2((0(0 %# -%49 -(/(2( ,? '( .4- 3#,23 %#
*((>&',-&,2%(2%,#2-&',00(2@
2''#3%7&,:%.*%73.5.7&,%54%6#3*;&*.8#%&75.'B/
N'( 642 .4- 2# -%/423(/ %# 0(1(>%,#25 420 9(% ',- '(4/% .4-
>#$20,23 .,;0;9 2#.@ 7( %##* 42#%'(/ 0((>5 %'/#"",23 "/(4%'@
M4;08# D##' (#7#.8.'B 6#46,# -43 )#&3*5 '( /(6,20(0 ',6-(;?@
250*%9+&5%)4;%(4/
D%((;,23 ',6-(;?5 '( >/(>4/(0 %# /(%$/2 %# =4230#2 420
D,(224@
?)%-.'&,%6#3-43:&'7#5&'(&%'#$3'%@
!- 4 ?,24; >/(14$%,#2 "(?#/( (B,%,23 %'( /(-%/##65 '( /(:
6#8(0 %'( "4%%(/9 ?/#6 ',- 1(;; >'#2(5 64*,23 -$/( %'( 0(8,1(
.4-&2#.&,2#>(/4%,8(@

@# ,44$* 6&,#5 D,(224 %'#$3'% 4- %'( 642 .,%' %'( /4-'

/((2%(/(0&%'(&14",2&420&-(%%;(0&,2%#&',-&-(4%&.,%'&4&>4,2(0&-,3'@
ia-&(8(/9%',23&#*49nj&D,(224&4-*(05&3(2$,2(;9&1#21(/2(0@
7(&2#00(0@&iN'42*-5&9(-@&P8(/9%',23G-&?,2(@j
!>>4/(2%;9 '48,23 /(1(,8(0 4;; %'( ,2?#/64%,#2 %'( 642 ,2:
%(20(0 %# -'4/(5 D,(224 1'423(0 %41*-@ ia 2((0 9#$/ >'#2(
434,25j -'( -4,0@ ia? 9#$ 0#2G% 6,205 a .42% %# *((> -(4/1',23
?#/ 6#/( #2 %'( 0#3(@ \49"( .( 142 3(% -#6( 42-.(/- "(?#/(
.(&8,-,%&D%@&\4/*G-@j
iA# >/#";(65j '( -4,05 %4*,23 ',- >'#2( ?/#6 ',- >#1*(% 420
1'(1*,23 %'( 0,->;49@ iF'5 0462@ \9 "4%%(/9 .4- 09,23 0$/,23
%'4% 14;;@ =##*- ;,*( ,%G- 0(40 2#.@j 7( 3;421(0 4% ',- .4%1'@
i+(G;;&"(&,2&g(2,1(&-##2@&+(G;;&C$-%&'48(&%#&.4,%@j

E,8( 6,;(- #?? %'( 1#4-% #? a%4;95 4"#4/0 1+# ?#'(&7.;:5 ?41,;,%:
4%#/ `2#.;%#2 .4%1'(0 ,2 -,;(21( 4- %'( >/#8#-% -%4;*(0 4/#$20
 SWV[VZY
%'( >(/,6(%(/ #? %'( 1$",1;( ;,*( 4 143(0 42,64;@ E#;;#.,23 %'(
>'#2( 14;;5 %'( >/#8#-%G- .'((;- .(/( 1;(4/;9 %$/2,235 420
`2#.;%#2 *2(. "(%%(/ %'42 %# $%%(/ 4 -#$20 .',;( %'( >/#8#-%
.4-&%',2*,23@
E,24;;95 %'( 0((>;9 %422(0 642 ->#*(5 ',- 8#,1( 4- %,3'% 4-
`2#.;%#2 1#$;0 /(6(6"(/@ i+( '48( 2# 1'#,1(@ +( 2((0 %#
-'4/(&%',-&8,0(#&.,%'&H/@&P;,K4"(%'&D,2-*(9@j
`2#.;%#2 -4% -%#1*:-%,;;5 2#% .42%,23 %# -'#. ',- -$/>/,-(@
1+# *.,8#3V+&.3#( (#8.,L 1+# 4'# 9#08# +#,6#( n4D3.*5 #8&(#
&,, )#&3L iF*495 -,/@ D'#$;0 a ?,20 4 .49 %# (:64,; %'( 8,0(# %#
'(/nj
id#05 2#l !20 /,-* ;(4*,23 %'( 8,0(# %# %'( >$";,1n a% .#$;0
"( 64-- '9-%(/,4@ a .42% H/@ D,2-*(9 4"#4/0 %',- -',> 4- -##2
4-&9#$&142&3(%&'(/&'(/(@j
`2#.;%#2 -%4/(0 ,2 0,-"(;,(?@ @# 9&'5* 54 D3.'B 5+# (.3#7543
4- 5+# O@K 4' D4&3( N'( \(2041,$6L iD,/5 %',- "/(41' #? #$/
-(1/(19&>/#%#1#;&#"8,#$-;9&/,-*-kj
i_$-%&0#&,%5&`2#.;%#2l&AF+lj
 M7!ONP< VV

ED:RZXZ d!mPH FhN %'( .,20#. #? %'( ->((0,23 E/(11,4/3(2%#5

.4%1',23 <#"(/% =4230#2G- /(?;(1%,#2 ,2 %'( 3;4--@ N'( >/#?(--:
#/ .4- -%,;; "/4,2-%#/6,23 >#--,";( -#;$%,#2- %# %'( 0(4%':64-*
/,00;(&%'4%&)(/%/420&m#"/,-%&'40&1#6>#-(0@
N#353&'(5&%'#$3'%&ED:RZXZ@ I4(C%2%:.**%+.:/
N'( >423- #? ;#-- ?(;% ?/(-'@ N'( 2,3'% %'( %.# '40 6(% -%,;;
?(;%&;,*(&4&643,14;&0/(46@
=+.7&B4/%1+#%D,.``&3(/
_&';&3)C *.\ )#&3* &B4 E D;5 .5 *5.,, -##,* ,.$# )#*5#3(&)/ 2
&: 53;(B.'B 5+34;B+ *'49D&'$* &,4'B 5+# 9.'(*9#65 ?&BV
'.-.7#'5 ?.,#C 74,,&3 ;65;3'#( &B&.'*5 5+# D,.'(.'B 9+.5#4;5/
<#*6.5# 5+# 74,(C 2 5#,, :)*#,- 5+&5 '45+.'B 9.,, $##6 :# -34:
:) (#*5.'&5.4'/ 14'.B+5 .* :) 7+&'7# 54 +#&3 5+# B3#&5 N#3V
53&'(%n4D3.*5%*6#&$%E%.'%6#3*4'/
2 +&8# 3#&( #8#3)5+.'B 5+# :&' +&* #8#3 93.55#'C &'( 2
$'49 2 &: ,;7$) 54 +&8# 4'# 4- 5+# -.8# +;'(3#( 5.7$#5* 5+&5
9#3#%63.'5#(%-43%5+#%#8#'5/
O+#' 2 &33.8# &5 5+# +&,,C +&,- ';:D -34: 5+# 9.'(C 2 -##, &
*;3B# 4- 6&'.7 54 (.*748#3 5+# 344: '#&3,) #:65)/ @&* 5+#
*6##7+ D##' 7&'7#,#(LF 1+# 7.5) .* .' '#&3 *+;5(49' (;# 54 5+#
9#&5+#3%E%+&*%.5%$#65%n4D3.*5%-34:%74:.'B%54'.B+5LF
1+#'%+#%.*%5+#3#/
>%549#3.'BC%#,#B&'5%-43:%5&$#*%5+#%*5&B#/
@# .* 5&,, E *4 8#3) 5&,, E 9.5+ 8.D3&'5 B3##' #)#* 5+&5 *##:
54 +4,( &,, 5+# :)*5#3.#* 4- 5+# 943,( .' 5+#.3 (#65+*/ @# ,44$*
4;5 48#3 5+# #:65) +&,,W4',) & (4`#' 43 *4 *5&,9&35
-&'*W&'(%2%-##,%&*+&:#(%5+&5%5+#%+&,,%.*%'#&3,)%#:65)/
1+.*%.*%N#353&'(%n4D3.*5F
 SWX[VZY
1+#3# .* & 5#33.D,# :4:#'5 4- *.,#'7# &* +# *5&3#* &5 ;*C +.*
-&7# *5#3'/ 1+#'C 9.5+4;5 9&3'.'BC +# D;3*5* 4;5 ,&;B+.'BC +.*
B3##' #)#* B,.::#3.'B/ Q14 +#,, 9.5+ 5+.* #:65) &;(.543.;:CR
+#%(#7,&3#*/%Q?)%+45#,%.*%'#\5%(443/%T#50*%B4%54%5+#%D&3FR
> 7+##3 B4#* ;6C &'( & *:&,, B34;6 :.B3&5#* '#\5 (443 54 &
+45#, D&35 9+#3# 9# 7349( .'54 & D.B D445+ &'( 43(#3 (3.'$*/
n4D3.*5 3#B&,#* ;* 9.5+ 5&,#* 4- +.* 3#*#&37+C +.* 3.*# 54
7#,#D3.5)C &'( +.* 5+4;B+5* &D4;5 5+# -;5;3# 4- B#'#5.7 #'B.'V
##3.'B/ >* 5+# (3.'$* -,49C 5+# 546.7 5;3'* 54 n4D3.*50* '#9V
-4;'(%6&**.4'%-43%13&'*+;:&'.*5%6+.,4*46+)/
Q2 D#,.#8# 13&'*+;:&'.*: .* :&'$.'(0* 4',) +46# -43 ,4'BV
5#3: *;38.8&,CR n4D3.*5 63#&7+#*C 6;,,.'B &*.(# +.* *+.35 &'(
*+49.'B 5+#: &,, 5+# Q@qR 5&5544 .'*73.D#( 4' +.* *+4;,(#3/
Q>*%)4;%7&'%*##C%20:%-;,,)%74::.55#(/R
2 -##, &* .- 20: +&8.'B & 63.8&5# &;(.#'7# 9.5+ & 347$ *5&3/ 2
'#8#3 .:&B.'#( 5+# ,&;(#( QB#'.;* 4- B#'#5.7*R 94;,( D# *4
7+&3.*:&5.7 43 D#B;.,.'B .' 6#3*4'/ A8#3) 5.:# n4D3.*5
B,&'7#* 48#3 &5 :#C +.* B3##' #)#* .B'.5# & 9+4,,) ;'#\6#75#(
-##,.'B%.'*.(#%:#%E%5+#%(##6%6;,,%4-%*#\;&,%&553&75.4'/
>* 5+# '.B+5 9#&3* 4'C 5+# B34;6 *,49,) 5+.'* &* 5+# B;#*5*
#\7;*# 5+#:*#,8#* 54 B#5 D&7$ 54 3#&,.5)/ N) :.('.B+5C 2 &:
*#&5#(%&,,%&,4'#%9.5+%N#353&'(%n4D3.*5/
Q1+&'$ )4; -43 54'.B+5CR 2 *&) 54 +.:C & ,.55,# 5.6*) -34: 4'#
(3.'$%544%:&')/%QM4;03#%&'%&:&`.'B%5#&7+#3/R
QH,&55#3)LR n4D3.*5 *:.,#* &'( ,#&'* 7,4*#3C 4;3 ,#B* 54;7+V
.'B%'49/%Q25%9.,,%B#5%)4;%#8#3)9+#3#/R
1+# -,.35&5.4' .* 7,#&3,) .'&663463.&5#C D;5 .5 .* & *'49)
'.B+5 .' & (#*#35#( =+.7&B4 +45#,C &'( .5 -##,* &* .- 5+# #'5.3#
943,(%+&*%*5466#(/
Q"4 9+&5 (4 )4; 5+.'$LR n4D3.*5 *&)*/ QS.B+57&6 .' :)
344:LR
2%-3##`#C%$'49.'B%2%:;*5%,44$%,.$#%&%(##3%.'%5+#%+#&(,.B+5*/
n4D3.*50* #)#* 59.'$,# 9&3:,)/ QT#5 :# B;#**CR +# 9+.*6#3*/
QM4;08#%'#8#3%D##'%9.5+%&%-&:4;*%:&'/R
 SWY[VZY
2 -##, :)*#,- -,;*+C -.B+5.'B 54 +.(# & *;3B# 4- #:45.4'*W#:V
D&33&**:#'5C #\7.5#:#'5C -#&3/ Q>75;&,,)C 54 D# +4'#*5CR 2 *&)
54%+.:C%Q208#%'#8#3%D##'%9.5+ 429 :&'/R
n4D3.*5 *:.,#* &'( .'7+#* 7,4*#3/ Q20: '45 *;3# 9+&5 )4;08#
D##'%9&.5.'B%-43C%D;5%6,#&*#%,#5%:#%D#%)4;3%-.3*5/R
2' 5+&5 :4:#'5 &,, 5+# &9$9&3( *#\;&, -#&3* &'( -3;*53&V
5.4'* 4- :) 7+.,(+44( (.*&66#&3 E #8&643&5.'B .'54 5+#
*'49)%'.B+5/
H43 5+# -.3*5 5.:# #8#3C 2 -##, & )#&3'.'B ;'-#55#3#( D)
*+&:#/
2%9&'5%+.:/
1#' :.';5#* ,&5#3C 9# &3# .' n4D3.*50* +45#, 344:C '&$#( .'
#&7+ 45+#30* &3:*/ n4D3.*5 5&$#* +.* 5.:#C +.* 6&5.#'5 +&'(*
74&\.'B *#'*&5.4'* 208# '#8#3 -#,5 D#-43# 4;5 4- :) .'#\6#3.V
#'7#(%D4()/
1+.*%.*%:)%7+4.7#/%@#%(.('05%-437#%:#/
2' 5+# 74744' 4- n4D3.*50* #:D3&7#C 2 -##, &* .- #8#3)5+.'B .*
3.B+5 .' 5+# 943,(/ T).'B 5+#3#C *5&3.'B 4;5 5+# 9.'(49 &5 5+#
*'49)%'.B+5C%2%$'49%2%9.,,%-4,,49%5+.*%:&'%&')9+#3#/
N'( E/(11,4/3(2%# %/4,2 -;#.(0 -$00(2;95 420 ED:RZXZ
(6(/3(0 ?/#6 %'( ";,--?$; 6(6#/9 420 "41* ,2%# %'( 0(>/(--:
,23&>/(-(2%@
N#353&'(%E%)4;03#%B4'#/
N'(,/ ?,/-% 2,3'% %#3(%'(/ '40 "((2 %'( ?,/-% -%(> #? 42 ,21/(0:
,";(&C#$/2(9@
2%D#7&:#%:43#%5+&'%+.*%,48#3/%2%D#7&:#%+.*%(.*7.6,#/
i=,"(/%v&)/,03(5j&=4230#2&-4,0@&i+(G/(&4;6#-%&%'(/(@j
ED:RZXZ 2#00(0 6#$/2?$;;95 -%4/,23 #$% 4% %'( .4%(/- #? %'(
=43$24 g(2(%45 /(6(6"(/,23 -4,;,23 '(/( #21( .,%' )(/%/420
L 4 >(41(?$; ,643( %'4% 0,--#;8(0 2#. ,2%# 4 '#//,?,1 6(6#/9
?/#6&4&.((*&"(?#/(@
2%9&*%5+#3#%9+#'%+#%X;:6#(%4--%5+#%N&(.&%549#3/
?.'#%9#3#%5+#%,&*5%#)#*%+#%#8#3%*&9/
 M7!ONP< VW

N7P APN_PND MaN!NaFA PB1(; "#$21(0 %'/#$3' '(489 %$/"$;(21( 4-

,% /#1*(%(0 -*9.4/0 #$% #? N4--,3242# !,/>#/% 420 "42*(0 %#:
.4/0 g(2,1(@ F2 "#4/05 H/@ P;,K4"(%' D,2-*(9 "4/(;9 2#%,1(0
%'( "$6>9 0(>4/%$/( 4- -'( 4"-(2%;9 -%/#*(0 '(/ 46$;(% 420
34K(0&#$%&%'(&.,20#.&,2%#&(6>%9&->41(@
N'(9 '40 ?,24;;9 -%#>>(0 3,8,23 '(/ %'( ,2C(1%,#2-5 420 D,2-:
*(9G- 6,20 .4- 4;/(409 ?((;,23 1;(4/(/@ a2 %'( -(4% "(-,0( '(/5
!3(2% )/t0(/ /(64,2(0 -,;(2%5 >/#"4";9 >#20(/,23 %'( ",K4//(
%$/2&#?&(8(2%-&%'4%&'40&C$-%&%/42->,/(0@
A8#3)5+.'B .* ;6*.(# (49'5 D,2-*(9 %'#$3'%5 -%,;; -%/$33;,23
%#&"(;,(8(&.'4%&-'(&'40&C$-%&.,%2(--(0@
N',/%9 6,2$%(- 43#5 %'(9 '40 -%#/6(0 %'( %,29 4,/?,(;0 %# ,2:
%(/1(>% =4230#2 4- '( "#4/0(0 %'( >/,84%( C(% '( '40
-$66#2(0@ a2-%(40 #? ?,20,23 %'( >/#?(--#/5 '#.(8(/5 %'(9 0,-:
1#8(/(0 42 ,0;,23 M,%4%,#2 PB1(; 420 %.# A(%_(%- >,;#%- >41,23
%'(&%4/641&420&1'(1*,23&%'(,/&.4%1'(-@
<#"(/%&=4230#2&.4-&4&2#:-'#.@
1+#'%7&:#%5+#%6+4'#%7&,,/
+'(2 %'( 1(;; >'#2( /4235 D,2-*(9 .4- .'(/( -'( '40 "((2
4;; 049k,2 %'( "41*-(4% #? %'( ";41* 842@ !3(2% )/t0(/ (2%(/(0
%'( 8(',1;( .,%' 4 -%$>(?,(0 ;##* #2 ',- ?41( 4- '( '420(0 '(/
',-&>'#2(@
ih/3(2%&14;;&?#/&9#$5&64G46@j
i+'#&,-&,%nj&-'(&4-*(0@
i7( 4-*(0 6( %# %(;; 9#$ #2;9 %'4% '( '4- >/(--,23 ,2?#/64:
%,#2&%#&3,8(&9#$&4"#$%&)(/%/420&m#"/,-%@j
D,2-*(9&3/4""(0&%'(&>'#2(@&iN',-&,-&H/@&P;,K4"(%'&D,2-*(9@j
 SXQ[VZY
iH/@ D,2-*(95 9#$ 420 a '48( 2(8(/ 6(%5 "$% 69 #/342,K4%,#2
'4- "((2 /(->#2-,";( ?#/ ',0,23 )(/%/420 m#"/,-% ?/#6 9#$ ?#/
%'(&;4-%&9(4/@j
D,2-*(9 -4% "#;% $>/,3'%@ i+'#(8(/ %'( '(;; 9#$ 4/(5 9#$G8(
"((2&'4/"#/,23&4&1/,6,24;lj
i+(G8(&0#2(&2#%',23&,;;(34;5&"$%&%'4%G-&2#%kj
iN'(&'(;;&9#$&'48(2G%lj
N'( 642 #2 %'( ;,2( %##* 4 ;#235 >4%,(2% "/(4%'5 ->(4*,23
8(/9 -#?%;9 2#.@ i]#$ 420 a .,;; '48( >;(2%9 #? %,6( %# 0("4%(
%'( (%',1- #? 69 41%,#2-@ a *2#. 9#$ 0#2G% *2#. 6(5 "$% a 0#
*2#. I$,%( 4 ",% 4"#$% 9#$@ \/@ m#"/,-% '4- "((2 >49,23 6(
'420-#6(;9 %# *((> 9#$ 420 #%'(/- 4.49 ?/#6 ',6 ?#/ %'( >4-%
9(4/@ a 46 2#. "/(41',23 69 #.2 -%/,1% >/#%#1#; "9 1#2%41%,23
9#$@ !20 9(%5 a "(;,(8( .( '48( 2# 1'#,1( "$% %# >##; #$/ /(:
-#$/1(-@ )(/%/420 m#"/,-%5 a ?(4/5 649 '48( 0#2( -#6(%',23
%(//,";(@j
D,2-*(9 1#$;0 2#% ?4%'#6 .'# %',- 642 .4-@ i]#$G/( C$-% ?,3:
$/,23&%',-&#$%&2#.nlj
i](-5&%'4%&,-&1#//(1%@&_$-%&2#.@j&7,-&%#2(&.4-&(4/2(-%@
D,2-*(9&%/,(0&%#&-'4*(&#??&%'(&1#".("-@&i+'#&4/(&9#$nj
iD#6(#2( .'# .42%- %# '(;> 9#$ "(?#/( ,%G- %## ;4%(@ aG6 ,2
>#--(--,#2 #? 4 8,0(# 6(--43( 1/(4%(0 "9 )(/%/420 m#"/,-%@ 7(
4-*(0 6( %# /(;(4-( ,% %# %'( .#/;0 L %#6#//#.@ a %',2* 9#$
2((0&%#&-((&,%&,66(0,4%(;9@j
i+'4%&0#(-&,%&-49nj
iA#%&#2&%'(&>'#2(@&+(&2((0&%#&6((%@j
i7#.&0#&a&*2#.&a&142&%/$-%&9#$nj
i)(14$-( aG6 4"#$% %# %(;; 9#$ .'(/( <#"(/% =4230#2 ,- L
420&.'9&'(G-&41%,23&-#&-%/423(;9@j
D,2-*(9 /((;(0 4% %'( 6(2%,#2 #? =4230#2G- 246(5 420 -'(
;,-%(2(0 ,2 4-%#2,-'6(2% %# %'( #$%;420,-' (B>;424%,#2@ N',-
642 -((6(0 %# '48( "((2 1#6>;,1,% .,%' '(/ (2(69 ?#/ %'( ;4-%
9(4/5 420 9(%5 4- -'( ;,-%(2(0 %# %'( 0(%4,;-5 D,2-*(9G- 3$% %#;0
'(/&-'(&2((0(0&%#&%/$-%&.'4%&'(&.4-&-49,23@
 SXR[VZY
2%+&8#%'4%7+4.7#%D;5%54%74:6,)/
N'(,/ 1#6",2(0 /(-#$/1(- 640( -'#/% .#/* #? 1#66420((/:
,23 %'( iC,;%(0j A(%_(%- M,%4%,#2 PB1(;@ D,2-*(9 420 %'( -#;0,(/-
.(/( 2#. ,2 >$/-$,%5 /41,23 %#.4/0 g(2,1(5 .'(/(5 411#/0,23 %#
%',- 642G- ,2?#/64%,#25 =4230#2 420 ',- %.# %/48(;,23 1#6:
>42,#2- .(/( 4% %',- 8(/9 6#6(2% 4//,8,23 "9 %/4,2@ a% .4- %##
;4%( %# -$66#2 %'( ;#14; 4$%'#/,%,(-5 "$% %'( 642 #2 %'( ;,2(
1;4,6(0&%#&*2#.&.'(/(&=4230#2&.4-&'(40(0@
"5/ ?&3$0* "^;&3#L D,2-*(9 ?(;% 4 1',;; 4- -'( ,643,2(0 %'(
1/#.0- ,2 g(2,1(G- 6#-% >#>$;4%(0 4/(4@ i7#. 0# 9#$ *2#.
%',-nj
iA#% #2 %'( >'#2(5j %'( 642 -4,0@ i)$% 9#$ -'#$;0 "( 4.4/(
%'4% <#"(/% =4230#2 ,- $2.,%%,23;9 %/48(;,23 .,%' 4 8(/9 042:
3(/#$-&,20,8,0$4;@j
i+'#nlj&D,2-*(9&0(6420(0@
iF2( #? m#"/,-%G- 1;#-(-% 1#2?,042%-@j N'( 642 -,3'(0 '(48:
,;9@ iD#6(#2( a %/$-%(0@ E##;,-';95 4>>4/(2%;9@ D#6(#2( a "(:
;,(8(&649&2#.&"(&4&-(8(/(&%'/(4%@j
!- %'( >/,84%( C(% '(40(0 ?#/ g(2,1(G- \4/1# O#;# !,/>#/%
14//9,23 D,2-*(9 420 %'( -,B -#;0,(/-5 D,2-*(9G- %'#$3'%- /(:
%$/2(0 %# <#"(/% =4230#2@ @# ,4*5 +.* :#:43)L @# 3#7&,,*
'45+.'BL N'( -%/423( 2(.-5 .',;( (B>;4,2,23 -(8(/4; %',23-5
640( D,2-*(9 ?((; (8(2 .#/-( %'42 -'( 4;/(409 0,0 4"#$% ,2:
8#;8,23&%'(&0,-%,23$,-'(0&4140(6,1&,2&%',-&1/,-,-@
2%,#-5%+.:%'4%7+4.7#/
!;6#-% %.# 049- 43#5 .'(2 D,2-*(9 /(1/$,%(0 =4230#25 -'(
'402G% (8(2 ;(% ',6 3# "41* %# ',- '#$-( ?#/ ',- >4-->#/%@ a2:
-%(405 -'( '40 4//423(0 ?#/ ',- I$,(% >4--43( %'/#$3' %'(
E;#/(21( !,/>#/% 4- 4 ->(1,4; ;,4,-#2 %# %'( +#/;0 7(4;%'
F/342,K4%,#2@
!- %'( M:QSZ ;$6"(/(0 ,2%# %'( 4,/ 420 >#,2%(0 (4-% 41/#--
%'( !%;42%,15 D,2-*(9 '40 3;421(0 4% =4230#2 "(-,0( '(/ 420
2#%,1(0 '( 0,0 2#% ;##* .(;;@ 7( .4- -%4/,23 ,2%(2%;9 4% %'(
-,0(.4;;&#?&%'(&.,20#.;(--&'$;;@
 SXS[VZY
iO/#?(--#/5 9#$ (4 /(4;,K( %',- >;42( '4- 2# .,20#.-n h2%,;
/(1(2%;95&,%&.4-&$-(0&4-&4&6,;,%4/9&%/42->#/%@j
=4230#2 %$/2(05 ',- ?41( 4-'(2@ i](-5 a 2#%,1(0 %'4% %'( 6#:
6(2%&a&-%(>>(0&4"#4/0@&aG6&2#%&-#&3##0&,2&(21;#-(0&->41(-@j
iD#&9#$G/(&>/(%(20,23&%#&;##*&#$%&42&,643,24/9&.,20#.nj
7(&348(&4&-'((>,-'&-6,;(@&iD#6(%',23&;,*(&%'4%5&9(-@j
i+(;;5 ;##* 4% %',- ,2-%(40@j D'( >$;;(0 #$% 4 >'#%# #? '(/
;42*95 3/((2:(9(0 2(6(-,- 420 ;4,0 ,% ,2 ?/#2% #? ',6@ iN',- ,-
)(/%/420&m#"/,-%@j
D,2-*(9 '40 4;/(409 %#;0 =4230#2 4"#$% '(/ 1#2?/#2%4%,#2
.,%' m#"/,-% 4% %'( M#$21,; #2 E#/(,32 <(;4%,#2-5 %'( 642G-
>4--,#2 ?#/ %'( O#>$;4%,#2 !>#14;9>-( PI$4%,#25 ',- .,0(;9 1,/:
1$;4%(0 1#66(2%- 4"#$% %'( 3;#"4; "(2(?,%- #? %'( );41*
O;43$(5 4205 6#-% #6,2#$-;95 ',- %#%4; 0,-4>>(4/421( ?/#6
-,3'%&#8(/&%'(&>4-%&9(4/@
i7#. 0#(- -#6(#2( %'4% >/#6,2(2% -%49 ',00(2 ?#/ -#
;#23nj&=4230#2&4-*(0@
i7( '40 4 ;#% #? '(;>@ O/#?(--,#24; '(;>@ \49"( (8(2 4 ?#/:
(,32&3#8(/26(2%@j
i+'4%&3#8(/26(2%&.#$;0&1#20#2(&%'(&1/(4%,#2&#?&4&>;43$(nj
iN'( -46( 3#8(/26(2%- %'4% %/9 %# #"%4,2 2$1;(4/ .4/'(40-
#2 %'( ";41* 64/*(%@ H#2G% ?#/3(% %'4% 42 (??(1%,8( >;43$( ,- %'(
$;%,64%( ",#1'(6,14; .(4>#25 420 ,%G- .#/%' 4 ?#/%$2(@ m#"/,-%
(4-,;9 1#$;0 '48( ;,(0 %# ',- >4/%2(/- 420 4--$/(0 %'(6 ',- 1/(:
4%,#2 '40 4 ;,6,%(0 /423(@ m#"/,-% .#$;0 "( %'( #2;9 #2( .'#
'40&429&,0(4&.'4%&',-&1/(4%,#2&41%$4;;9&0,0@j
=4230#2&?(;;&-,;(2%@
ia2 429 14-(5j D,2-*(9 1#2%,2$(05 i,? 2#% ?#/ >#.(/ #/ 6#2(95
%'#-( '(;>,23 m#"/,-% 1#$;0 '48( '(;>(0 "(14$-( %'(9 -'4/(0
',- .(#4,4B)@ m#"/,-% '4- 2# -'#/%43( #? 0,-1,>;(- .'# .#$;0 0#
429%',23 ?#/ ',6@ 7( .4- I$,%( 4 1(;("/,%9@ a2 ?41%5 '( 348( 4
->((1'&4%&9#$/&$2,8(/-,%9&2#%&;#23&43#@j
i!%&74/84/0nj
 SXT[VZY
D,2-*(9 %##* #$% 4 >(2 420 ./#%( #2 %'( "#/0(/ #? m#"/,-%G-
>'#%#k%'( ;(%%(/ @ ?#;;#.(0 "9 4 >;$- -,32@ i]#$G/( 3##0 .,%'
-96"#;-5j&-'(&-4,0@&iH#&9#$&/(1#32,K(&%',-&#2(nj

7}

i7:>;$-5j =4230#2 .',->(/(05 2#00,23 843$(;9@ iD$/(5 4 ?(.

-$66(/- 43# ,% .4- >#-%(0 4;; #8(/ 146>$-@ a 4--$6(0 ,% .4-
-#6(&*,20&#?&1'(6,-%/9&1#2?(/(21(@j
D,2-*(9 1'$1*;(0@ iA#5 %'#-( .(/( -,32- ?#/ %'( RZQZ
o7$642,%9:>;$-G D$66,%k#2( #? %'( ;4/3(-% N/42-'$642,-6
34%'(/,23- (8(/@ 7:>;$- ,- %'( -96"#; #? %'( N/42-'$642,-%
6#8(6(2%@j
=4230#2&1#1*(0&',-&'(405&4-&,?&%/9,23&%#&>;41(&%'(&%(/6@
iN/42-'$642,-65j D,2-*(9 -4,05 i,- 42 ,2%(;;(1%$4; 6#8(:
6(2%5 4 >',;#-#>'9 #? -#/%-5 420 ,%G- I$,1*;9 %4*,23 /##% ,2 %'(
-1,(2%,?,1 1#66$2,%9@ a% (--(2%,4;;9 -%4%(- %'4% '$642- -'#$;0
$-( %(1'2#;#39 %# %/42-1(20 %'( .(4*2(--(- ,2'(/(2% ,2 #$/
'$642 "#0,(-@ a2 #%'(/ .#/0-5 %'( 2(B% -%(> ,2 '$642 (8#;$:
%,#2 -'#$;0 "( %'4% .( "(3,2 ",#;#3,14;;9 (23,2((/,23
4;3*#,8#*@j
iD#$20-&#6,2#$-5j&=4230#2&-4,0@
i=,*( 4;; 1'423(5 ,%G- C$-% 4 64%%(/ #? 0(3/((@ N(1'2,14;;95
.(G8( "((2 (23,2((/,23 #$/-(;8(- ?#/ 9(4/- 2#.k0(8(;#>,23
8411,2(- %'4% 64*( 1',;0/(2 ,66$2( %# 1(/%4,2 0,-(4-(- L
>#;,#5 -64;;>#B5 %9>'#,0@ N'( 0,??(/(21( ,- %'4% 2#.5 .,%' m#":
/,-%G- "/(4*%'/#$3'- ,2 3(/6:;,2( 3(2(%,1 (23,2((/,235 .(G/(
;(4/2,23 '#. %# 1/(4%( .'+#3.5&D,# ,66$2,K4%,#2-5 %'#-( %'4%
.#$;0 4??(1% %'( /(1,>,(2% 4% %'( 1#/( 3(/6:;,2( ;(8(;k64*,23
4;;&-$"-(I$(2%&3(2(/4%,#2-&,66$2(&%#&%'4%&0,-(4-(@j
=4230#2 ;##*(0 -%4/%;(0@ iD# %'( '$642 ->(1,(- .#$;0 (-:
-(2%,4;;9 $20(/3# 42 #84,;5.4' %'4% 64*(- ,% ,66$2( %#
%9>'#,05&?#/&(B46>;(nj
 SXU[VZY
ia%G- 6#/( #? 42 &**.*5#( (8#;$%,#25j D,2-*(9 1#//(1%(0@
iA#/64;;95 %'( (8#;$%,#24/9 >/#1(--k.'(%'(/ ,% "( 4 ;$23?,-'
0(8(;#>,23 ?((% #/ 42 4>( 0(8(;#>,23 #>>#-4";( %'$6"-k%4*(-
6,;;(22,4 %# #11$/@ A#. .( 142 64*( /40,14; 3(2(%,1 404>%4:
%,#2- ,2 4 -,23;( 3(2(/4%,#2@ O/#>#2(2%- #? %'( %(1'2#;#39 1#2:
-,0(/ ,% %'( $;%,64%( (B>/(--,#2 #? H4/.,2,42 o-$/8,84; #? %'(
?,%%(-%Gk'$642- "(1#6,23 4 ->(1,(- %'4% ;(4/2- %# ,6>/#8( ,%-
#.2&(8#;$%,#24/9&>/#1(--@j
iD#$20-&6#/(&;,*(&>;49,23&d#05j&=4230#2&/(>;,(0@
ia 43/(( .'#;('(4/%(0;95j D,2-*(9 -4,0@ im#"/,-%5 '#.(8(/5
;,*( 6429 #%'(/ N/42-'$642,-%-5 4/3$(0 -%/#23;9 %'4% ,% ,-
642*,20G- (8#;$%,#24/9 4D,.B&5.4' %# $-( 4;; %'( >#.(/- 4% #$/
0,->#-4;k3(/6:;,2( 3(2(%,1 6$%4%,#25 ?#/ #2(k%# ,6>/#8( 4- 4
->(1,(-@ N'( >/#";(6 ,- %'4% #$/ 3(2(%,1 64*($> ,- ;,*( 4 '#$-(
#? 14/0-k(41' >,(1( 1#22(1%(0 %# 420 -$>>#/%(0 "9 1#$2%;(--
#%'(/-k#?%(2 ,2 .49- .( 0#2G% $20(/-%420@ a? .( %/9 %# /(6#8(
4 -,23;( '$642 %/4,%5 .( 142 14$-( '$20/(0- #? #%'(/- %# -',?%
-,6$;%42(#$-;95&>#--,";9&.,%'&14%4-%/#>',1&(??(1%-@j
=4230#2 2#00(0@ iN'(/(G- 4 /(4-#2 (8#;$%,#2 ,- 4 3/40$4;
>/#1(--@j
iO/(1,-(;9lj D,2-*(9 -4,05 ?((;,23 '(/ 406,/4%,#2 ?#/ %'( >/#:
?(--#/ 3/#.,23 .,%' (41' >4--,23 6#6(2%@ i+(G/( %,2*(/,23
.,%' 4 >/#1(-- %'4% %##* 4(#2- %# "$,;0@ N'(-( 4/( 0423(/#$-
%,6(-@ +( 2#. ;,%(/4;;9 '48( %'( 14>41,%9 %# 41%,84%( 1(/%4,2
3(2( -(I$(21(- %'4% .,;; /(-$;% ,2 #$/ 0(-1(2042%- '48,23 ,2:
1/(4-(0 0(B%(/,%95 -%46,245 -%/(23%'5 (8(2 ,2%(;;,3(21(k(--(2:
%,4;;9 4 -$>(/:/41(@ N'(-( '9>#%'(%,14; o(2'421(0G ,20,8,0$4;-
4/( .'4% N/42-'$642,-%- /(?(/ %# 4- 64*5+;:&'*5 .',1' -#6(
"(;,(8(&.,;;&"(&%'(&?$%$/(&#?&#$/&->(1,(-@j
iD#$20-&((/,;9&;,*(&($3(2,1-5j&=4230#2&/(>;,(0@
N'(&/(?(/(21(&640(&D,2-*(9G-&-*,2&1/4.;@
a2 %'( QYTZ-5 A4K, -1,(2%,-%- '40 04"";(0 ,2 4 %(1'2#;#39
%'(9G0 0$""(0 ($3(2,1-k42 4%%(6>% %# $-( /$0,6(2%4/9 3(2(%:
,1 (23,2((/,23 %# ,21/(4-( %'( ",/%' /4%( #? %'#-( .,%' 1(/%4,2
 SXV[VZY
i0(-,/4";(j 3(2(%,1 %/4,%-5 .',;( 0(1/(4-,23 %'( ",/%' /4%( #?
%'#-(&.,%'&i;(--&0(-,/4";(j&(%'2,1&%/4,%-@
A5+'.7%7,#&'*.'B%&5%5+#%B#'#5.7%,#8#,/
iN'(/( 4/( -,6,;4/,%,(-5j D,2-*(9 406,%%(05 i420 .',;( ,%G-
'4/0 %# ?4%'#6 '#. #2( .#$;0 (23,2((/ 4 2(. '$642 /41(5
%'(/( 4/( 4 ;#% #? -64/% >(#>;( .'# "(;,(8( ,% ,- 1/,%,14; %# #$/
-$/8,84; %'4% .( "(3,2 %'4% 8(/9 >/#1(--@ F2( #? %'( 1#2%/,"$%:
#/- %# %'( N/42-'$642,-% 6434K,2( @q 0(-1/,"(0 3(/6:;,2(
3(2(%,1 (23,2((/,23 4- o%'( 1;(4/ 2(B% -%(>5G 420 1;4,6(0 ,% o(>,:
%#6,K(0 %'( %/$( >#%(2%,4; #? #$/ ->(1,(-@G j D,2-*(9 >4$-(0@
iN'(2 434,25 ,2 %'( 6434K,2(G- 0(?(2-(5 %'(9 4;-# /42 4 <.*748V
#3 6434K,2( >,(1( 14;;(0 oN'( \#-% H423(/#$- a0(4 ,2 %'(
+#/;0@G&j
ia %',2* aG0 -,0( .,%' %'( ;4%%(/5j =4230#2 -4,0@ i!% ;(4-% ?/#6
%'(&-#1,#1$;%$/4;&-%420>#,2%@j
i7#.&-#nj
i+(;;5 a 4--$6( %'4% 3(2(%,1 (2'421(6(2%-k6$1' ;,*( 1#-:
6(%,1&-$/3(/9k1#-%&4&;#%&#?&6#2(95&/,3'%nj
iF? 1#$/-(@ A#% (8(/9#2( 1#$;0 4??#/0 %# ,6>/#8( %'(6-(;8(-
#/&%'(,/&1',;0/(2@j
i+',1' 6(42- %'4% ;(34;,K(0 3(2(%,1 (2'421(6(2%- .#$;0
,66(0,4%(;9 1/(4%( 4 .#/;0 #? '48(- 420 '48(:2#%-@ +( 4;/(409
'48( 4 3/#.,23 1'4-6 "(%.((2 %'( /,1' 420 %'( >##/5 "$% 3(:
2(%,1 (23,2((/,23 .#$;0 1/(4%( 4 /41( #? -$>(/'$642- 420 L
>(/1(,8(0 -$"'$642-@ ]#$ %',2* >(#>;( 4/( 1#21(/2(0 4"#$%
%'( $;%/4/,1' #2( >(/1(2% /$22,23 %'( .#/;0n _$-% ,643,2( ,?
%'4% #2( >(/1(2% .(/( 4;-#5 I$,%( ;,%(/4;;95 4 -$>(/,#/ *6#V
7.#*k-64/%(/5 -%/#23(/5 '(4;%',(/@ a%G- %'( *,20 #? -,%$4%,#2 %'4%
.#$;0&"(&/,>(&?#/&-;48(/9&#/&(%'2,1&1;(42-,23@j
D,2-*(9 -6,;(0 4% %'( '420-#6( 4140(6,1 "(-,0( '(/@ iO/#:
?(--#/5 9#$ '48( 8(/9 I$,1*;9 3/4->(0 .'4% a "(;,(8( %# "( %'(
6#-%&-(/,#$-&>,%?4;;&#?&3(2(%,1&(23,2((/,23@j
i+(;;5 a 649 '48( 3/4->(0 %'4%5 "$% aG6 -%,;; 1#2?$-(0 4"#$%
m#"/,-%@ !;; #? %',- N/42-'$642,-% %',2*,23 -((6- %# "( 4"#$%
 SXW[VZY
"(%%(/,23 '$642*,205 64*,23 $- 6#/( '(4;%'95 1$/,23 ?4%4;
0,-(4-(-5 (B%(20,23 #$/ ;#23(8,%9@ !20 9(% m#"/,-%G- 8,(.- #2
#8(/>#>$;4%,#2 -((6 %# (20#/-( *,;;,23 #?? >(#>;(@ 7,- ,0(4- #2
N/42-'$642,-6 420 #8(/>#>$;4%,#2 -((6 %# "( ,2 1#2?;,1%5
0#2G%&%'(9nj
D,2-*(9 348( 4 -#;(62 -,3'@ a% .4- 4 3##0 I$(-%,#25 420 $2:
?#/%$24%(;9 ,% '40 4 1;(4/ 420 %/#$";,23 42-.(/@ im#"/,-% "(:
;,(8(0 .'#;('(4/%(0;9 ,2 N/42-'$642,-6k,2 "(%%(/,23 %'(
->(1,(- %'/#$3' %(1'2#;#39e '#.(8(/5 '( 4;-# "(;,(8(0 #$/ ->(:
1,(- .#$;0 3# (B%,21% "(?#/( .( 3#% 4 1'421( %# 0# %'4%@ a2 (?:
?(1%5 ,? 2#"#09 %4*(- 41%,#25 #$/ -'((/ 2$6"(/- .,;; *,;; #?? %'(
->(1,(- "(?#/( .( 3(% 4 1'421( %# /(4;,K( %'( >/#6,-( #? 3(2(%,1
(23,2((/,23@j
=4230#2G- (9(- .(2% .,0(@ iD# m#"/,-% .42%(0 %# %',2 %'(
'(/0&L&,2&#/0(/&%#&"$9&6#/(&%,6(nj
D,2-*(9 2#00(0@ i7( #21( 0(-1/,"(0 ',6-(;? 4- "(,23
%/4>>(0 #2 4 -',> .'(/( %'( >4--(23(/- 0#$";( ,2 2$6"(/
(8(/9 '#$/5 .',;( '( ,- 0(->(/4%(;9 %/9,23 %# "$,;0 4 ;,?("#4% "(:
?#/( %'( -',> -,2*- $20(/ ,%- #.2 .(,3'%@j D'( >4$-(0@ i7( 40:
8#14%(0&%'/#.,23&'4;?&%'(&>(#>;(&#8(/"#4/0@j
=4230#2&.,21(0@&iE/,3'%(2,23&%'#$3'%@j
iq$,%(@ \4*( 2# 6,-%4*( 4"#$% ,%5j -'( -4,0@ im#"/,-% ?,/6;9
"(;,(8(0 %'4% 4 0/4-%,1 1$/",23 #? %'( '$642 >#>$;4%,#2 .,;; "(
/(6(6"(/(0 #2( 049 4- %'( $;%,64%( 41% #? '(/#,-6 L %'( 6#:
6(2%&%'(&'$642&/41(&1'#-(&%#&-$/8,8(@j
i!-&a&-4,05&?/,3'%(2,23@j
i\#/( -# "(14$-( m#"/,-% .4- 2#% 4;#2( ,2 ',- %',2*,23@
+'(2 m#"/,-% 0,(05 '( "(146( 4 64/%9/ ?#/ 4 ;#% #? >(#>;(@ a
'48( 2# ,0(4 .'# .(G/( 3#,23 %# /$2 ,2%# .'(2 .( 4//,8( ,2
E;#/(21(5 "$% .(G;; 2((0 %# "( 8(/9 14/(?$;@ +( .#2G% "( %'(
#2;9 #2(- %/9,23 %# ?,20 %',- >;43$(5 420 ?#/ 9#$/ #.2 -4?(%95 .(
142G%&;(%&4&-#$;&*2#.&9#$G/(&,2&a%4;9&;##*,23&?#/&,%@j
=4230#2 %#;0 '(/ 4"#$% ',- ?/,(20 a324K,# )$-#2,5 4 H42%(
->(1,4;,-%5 .'# =4230#2 "(;,(8(0 1#$;0 3(% ',6 ,2%# O4;4KK#
 SXX[VZY
g(11',# ?#/ 4 I$,(% 4?%(/:'#$/- ;##* 4% %'( >4,2%,23 %'4% 1#2:
%4,2(0 %'( .#/0- 7#37& 5348&5 ?/#6 m#"/,-%G- ;,%%;( >/#C(1%#/@
)$-#2, 6,3'% 4;-# "( 4";( %# '(;> =4230#2 $20(/-%420 %'(
-%/423(&I$#%(&4"#$%&%'(&(9(-&#?&0(4%'@
D,2-*(9 >$;;(0 "41* '(/ ;#23 -,;8(/ '4,/ 420 ;##*(0 ,2%(2%;9
4%&=4230#2@&iD((*&420&?,205&O/#?(--#/@&N,6(&,-&/$22,23&#$%@j
D,2-*(9 .(2% %# 42 #2"#4/0 -%#/(/##6 420 /(%/,(8(0 %'(
+7FG- 6#-% -(1$/( '4K64% %$"(k4 6#0(; .,%' ",#6(%/,1 -(4;:
,23&14>4",;,%9@
id,8( 6( 9#$/ %'$6"5j -'( -4,05 -(%%,23 %'( 142,-%(/ ,2 ?/#2%
#?&=4230#2@
=4230#2&;##*(0&>$KK;(0&"$%&#";,3(0@
D,2-*(9 >/#3/466(0 %'( %$"( -# %'4% =4230#2 .#$;0 "( %'(
#2;9 >(/-#2 .'# 1#$;0 #>(2 ,%@ N'(2 -'( %##* %'( ;,%%;( >/#C(1%:
#/&420&>;41(0&,%&-4?(;9&,2-,0(@
iN',2*&#?&,%&4-&4&>#/%4";(&;#1*"#B5j&-'(&-4,0&.,%'&4&-6,;(@
i+,%'&4&",#'4K4/0&-96"#;nj&=4230#2&;##*(0&$2(4-9@
ia%G- 4;; .( '48(@ F2 %'( "/,3'% -,0(5 2#"#09 .,;; 6(-- .,%'
,%@j =4230#2 (B1$-(0 ',6-(;? %# -%/(%1' ',- ;(3- 420 $-( %'( /(:
-%/##6@ +',;( '( .4- 3#2(5 D,2-*(9 %/,(0 %# -;,> %'( -(4;(0 142:
,-%(/&,2%#&',-&C41*(%&>#1*(%@&h2?#/%$24%(;9&,%&0,02G%&?,%@
@# 7&'05 D# 7&33).'B 5+.* 634X#7543 &34;'( .' 6,&.' *.B+5/
D'( %'#$3'% 4 6#6(2% 420 %'(2 '(40(0 "41* %# %'( -%#/(/##6
?#/ 4 -14;>(; 420 4 -%,%1' *,%@ +,%' (B>(/% >/(1,-,#25 -'( 1$% 4
-;,% ,2 %'( ;,2,23 #? =4230#2G- C41*(% 420 14/(?$;;9 -(.(0 4 ',0:
0(2 >#1*(% %'4% .4- %'( (B41% -,K( /(I$,/(0 %# 1#21(4; %'(
",#%$"(@
+'(2 =4230#2 /(%$/2(05 -'( .4- C$-% ?,2,-',23 %'( ?,24;
-%,%1'(-@
N'( >/#?(--#/ -%#>>(0 420 -%4/(0 4- ,? -'( '40 0(?41(0 %'(
?4'&%T.*&@&i]#$&-;,1(0&,2%#&%'(&;,2,23&#?&69&74//,-&N.((0nj
i<(;4B5 O/#?(--#/5j -'( -4,0@ iaG6 4 %/4,2(0 -$/3(#2@ N'(
-%,%1'(-&4/(&I$,%(&>/#?(--,#24;@j
 M7!ONP< VX

gPAaMPGD D!AN! =hMa! N/4,2 D%4%,#2 ,- 42 (;(342%5 ;#.:-;$23 -%/$1:

%$/( 640( #? 3/49 -%#2( 420 1#21/(%(@ a% .4- 0(-,32(0 ,2 4
6#0(/25 6,2,64;,-% -%9;(5 .,%' 4 ?4140( %'4% ,- 3/41(?$;;9
0(8#,0 #? 4;; -,3243( (B1(>% ?#/ #2( -96"#;k%'( .,23(0 ;(%%(/-
H"k%'( ,1#2 #? %'( -%4%( /4,;.49 -9-%(65 %'( E(//#8,( 0(;;#
D%4%#@
)(14$-( %'( -%4%,#2 ,- ;#14%(0 4% %'( .(-%(/26#-% (20 #? %'(
d/420 M424;5 >4--(23(/- 4//,8,23 ,2 g(2,1( 2((0 %4*( #2;9 4
-,23;( -%(> #$% #? %'( -%4%,#2 %# ?,20 %'(6-(;8(- ?$;;9 ,66(/-(0
,2&%'(&0,-%,21%,8(&-,3'%-5&-6(;;-5&420&-#$20-&#?&g(2,1(@
E#/ =4230#25 ,% .4- 4;.49- %'( -4;%9 4,/ %'4% -%/$1* ',6
?,/-%k4 1;(42 #1(42 "/((K( ->,1(0 "9 %'( 4/#64 #? %'( .',%(
>,KK4 -#;0 "9 %'( -%/((% 8(20#/- #$%-,0( %'( -%4%,#2@ N#0495 %'(
.,20 .4- ?/#6 %'( (4-%5 420 %'( 4,/ 4;-# 14//,(0 %'( %423 #?
0,(-(; ?$(; ?/#6 %'( ;#23 ;,2( #? .4%(/ %4B,- ,0;,23 2(4/"9 #2 %'(
%$/3,0 .4%(/- #? %'( d/420 M424;@ H#K(2- #? "#4% 14>%4,2-
.48(0 %'(,/ 4/6- 420 -'#$%(0 %# %#$/,-%-5 '#>,23 %# ;$/( 4 2(.
?4/( #2%# %'(,/ %4B,-5 3#20#;4-5 84>#/(%%,5 420 >/,84%(
->((0"#4%-@
=+&4* 4' 5+# 9&5#35 =4230#2 6$-(05 (9(,23 %'( ?;#4%,23
%/4??,1 C46@ D#6('#.5 %'( 1#23(-%,#2 %'4% .#$;0 "( 6400(2,23
,2&)#-%#2&?(;%&I$4,2%&,2&g(2,1(@
! -%#2(G- %'/#. 41/#-- %'( 1424;5 %'( ,1#2,1 8(/0,3/,- 1$>#;4
#? D42 D,6(#2( O,11#;# /#-( ,2%# %'( 4?%(/2##2 -*9@ N'( 1'$/1'
.4- #2( #? %'( 6#-% 4/1',%(1%$/4;;9 (1;(1%,1 ,2 4;; #? P$/#>(@ a%-
$2$-$4;;9 -%((> 0#6( 420 1,/1$;4/ -421%$4/9 .(/( )9K42%,2( ,2
-%9;(5 .',;( ,%- 1#;$62(0 64/";( >/#24#- .4- 1;(4/;9 6#0(;(0
#2 %'( 1;4--,14; d/((* (2%/9.49 %# <#6(G- O42%'(#2@ N'( 64,2
 SYZ[VZY
(2%/421( .4- %#>>(0 "9 4 ->(1%41$;4/ >(0,6(2% #? ,2%/,14%(
64/";(&/(;,(?&>#/%/49,23&4&'#-%&#?&64/%9/(0&-4,2%-@
J#'.7# .* &' 4;5(443 :;*#;:5 =4230#2 %'#$3'%5 ',- 34K(
0/#>>,23 %# %'( 1424; .4%(/ %'4% ;4>>(0 4% %'( 1'$/1'G- -%4,/-@ >
*,49,) *.'$.'B :;*#;:@ P8(2 -#5 %'( >#%(2%,4; #? ?;##0,23
-((6(0 ,21#2-(I$(2%,4; 1#6>4/(0 %# %'( %'/(4% %'4% =4230#2
?(4/(0&.4-&2#.&;$/*,23&"(2(4%'&%'(&1,%9@
>'(%'4D4()%+&*%&')%.(#&%E
N'( >#(6 #2 %'( "41* #? H42%(G- 0(4%' 64-* -%,;; >;49(0 ,2
=4230#2G- 6,205 420 '( .#20(/(0 .'(/( %'( 8(/-(- .#$;0 ;(40
%'(6@ 7( '40 %'( %/42-1/,>%,#2 #? %'( >#(6 ,2 ',- >#1*(%5 "$%
%'( >;4-%(/ 64-* ,%-(;?k4% D,(224G- -$33(-%,#2k=4230#2 '40
./4>>(0 ,2 2(.->4>(/ 420 0,-1/((%;9 -(4;(0 ,2-,0( 4 -(;?:-(/8(
;#1*(/ ,2 %'( %/4,2 -%4%,#2@ !;%'#$3' 42 (3/(3,#$-;9 ,240(I$4%(
/(-%,23 >;41( ?#/ -$1' 4 >/(1,#$- 4/%,?41%5 %'( ;#1*(/ .4- 1(/:
%4,2;9 ?4/ -4?(/ %'42 14//9,23 %'( >/,1(;(-- >;4-%(/ 64-* 4/#$20
4&.4%(/:?,;;(0&1,%9@
i<#"(/%nj D,(224 .4- $> 4'(40 .,%' E(//,-5 6#%,#2,23 %#:
.4/0&%'(&.4%(/&%4B,-@&i+(&0#2G%&'48(&6$1'&%,6(@j
=4230#2 '$//,(0 %#.4/0 %'(65 4;%'#$3' 4- 42 4/1',%(1%$/(
(2%'$-,4-%5 '( ?#$20 ,% 4;6#-% $2%',2*4";( %# /$-' 4 %/,> 4;#23
%'( d/420 M424;@ E(. g(2(%,42 (B>(/,(21(- .(/( 6#/( >;(4-:
$/4";( %'42 "#4/0,23 84>#/(%%# 2#@ Qk%'( 1,%9G- >/,64/9 #>(2:
4,/ .4%(/ "$-k>/(?(/4";9 4% 2,3'%5 420 -,%%,23 $> ?/#2% ,2 %'(
#>(2&4,/&4-&%'(&?;##0;,%&14%'(0/4;-&420&>4;41(-&0/,?%(0&>4-%@
S4 8&643#554 54(&)5 =4230#2 %'#$3'%@ N'( 84>#/(%%, .4%(/
"$-(- .(/( 2#%#/,#$-;9 -;#.5 420 .4%(/ %4B, .#$;0 "( 4 ?4-%(/
#>%,#2@ h2?#/%$24%(;95 %'( %4B, I$($( #$%-,0( %'( %/4,2 -%4%,#2
;##*(0&,2%(/6,24";(&4%&%'(&6#6(2%@
E(//,-5 ,2 2# 4>>4/(2% 6##0 %# .4,%5 I$,1*;9 %##* 64%%(/- ,2:
%# ',- #.2 '420-@ +,%' 4 3(2(/#$- -%41* #? ",;;-5 '( I$,1*;9
-$66#2(0 #8(/ 4 .4%(/ ;,6#$-,2(k4 ',3';9 >#;,-'(0 g(2(K,:
42# M#28(/%,";( 640( #? D#$%' !?/,142 64'#3429@ +',;( %'(
(;(342% 1/4?% .4- 1(/%4,2;9 #8(/*,;;5 %'( C#$/2(9 .#$;0 "( "#%'
 SYQ[VZY
>/,84%( 420 -.,?%k4 6(/( ?,?%((2 6,2$%(- 4;#23 %'( d/420
M424;&%#&D%@&\4/*G-&DI$4/(@
N'(,/ 0/,8(/ .4- 4 -%/,*,23;9 '420-#6( 642 ,2 4 %4,;#/(0 !/:
642, -$,%@ 7( ;##*(0 6#/( ;,*( 4 6#8,( -%4/ %'42 4 -*,>>(/5 "$%
%',-&.4-5&4?%(/&4;;5&g(2,1(5&%'(&;420&#?&a%4;,42&(;(3421(@
i\4$/,K,# O,6>#2,5j %'( 642 -4,05 .,2*,23 4% D,(224 4- '(
.(;1#6(0 %'(6 4;; 4"#4/0@ iO/#-(11#n =,6#21(;;#n
M'46>432(nj
QS4C B3&`.#CR D,(224 /(>;,(05 ,2-%/$1%,23 ',6 ,2 /4>,0:?,/(
a%4;,42 %# 3(% %'(6 %# D%@ \4/*G- DI$4/( 4- ?4-% 4- '( >#--,";9
1#$;0@
Q?& 7#354FR \4$/,K,# .,2*(0 434,2@ i\9 "#4%5 -'( ,- %'( ?4-%:
(-%&,2&4;;&#?&g(2(K,4&Lj
!- =4230#2 420 %'( #%'(/- -(%%;(0 ,2%# >;$-' -(4%- ,2 %'(
#>(2:4,/ -%(/25 \4$/,K,# /(8(/-(0 %'( "#4%G- g#;8# O(2%4 6#:
%#/5 (B>(/%;9 "41*,23 4.49 ?/#6 %'( "42*@ N'(2 '( ->$2 %'(
.'((; %# %'( /,3'% 420 3$22(0 %'( (23,2(- ?#/.4/05 642($8(/:
,23 ',- ;4/3( 1/4?% %'/#$3' 4 %'/#23 #? 3#20#;4-5 ;(48,23 4 2$6:
"(/ #? -%/,>(:-',/%(0 B4'(4,.#3. -'4*,23 %'(,/ ?,-%- 4- %'(,/ -;((*
";41*&1/4?%-&"#""(0&$>&420&0#.2&,2&',-&.4*(@
Q"7;*&5#FR \4$/,K,#&14;;(0&4>#;#3(%,14;;9@&igaO-lj
+,%',2 -(1#20-5 \4$/,K,# '40 >$;;(0 4.49 ?/#6 %'( 1#23(-:
%,#2 4% D42%4 =$1,4 D%4%,#2 420 .4- -*,66,23 (4-%.4/0 4;#23
%'( d/420 M424;@ !- %'(9 411(;(/4%(0 "(2(4%' %'( 3/41(?$; (B:
>42-( #? %'( O#2%( 0(3;, D14;K,5 =4230#2 -6(;;(0 %'( 0,-%,21%:
,8(;9 -.((% 4/#64 #? %'( ;#14; 0(;,1419 *#66.# &, '#34k-I$,0 ,2
,%- #.2 ,2*k.',1' .4- .4?%,23 #$% #? %'( 142#>,(0 /(-%4$/42%-
4;#23 %'( "42* 2(4/"9@ !- %'(9 /#$20(0 4 "(20 ,2 %'( 1424;5
%'(&64--,8(5&0#6(0&M'$/1'&#?&D42&d(/(6,4&146(&,2%#&8,(.@
iD4,2% =$1,45j =4230#2 .',->(/(05 /(40,23 %'( -4,2%G- 246(
?/#6 %'( ,2-1/,>%,#2 #2 %'( -,0( #? %'( 1'$/1'@ iN'( "#2(- #?
%'(&";,20@j
 SYR[VZY
iaG6 -#//9nj D,(224 3;421(0 #8(/5 ;##*,23 '#>(?$; %'4% =423:
0#2 6,3'% '48( ?,3$/(0 #$% -#6(%',23 6#/( 4"#$% %'( 69-%(/,:
#$-&>#(6@
iA#%',235j =4230#2 -4,0@ iD%/423( %'#$3'%@ O/#"4";9 2#%':
,23@j 7( >#,2%(0 %# %'( 1'$/1'@ iD(( %'( ,2-1/,>%,#2n D4,2% =$:
1,4 ,- "$/,(0 %'(/(@ a -#6(%,6(- ;(1%$/( #2 '43,#3/4>',1
4/%k4/% 0(>,1%,23 M'/,-%,42 -4,2%-k420 ,% C$-% #11$//(0 %# 6(
%'4%&D4,2%&=$1,4&,-&%'(&>4%/#2&-4,2%&#?&%'(&";,20@j
Q"UC *&'5& T;7.&FR \4$/,K,# 1',6(0 ,25 (43(/ %# "( #? -(/8,1(@
iD4,2% ?#/ %'( ";,20l ]#$ *2#. %'( -%#/95 2#nj N'(,/ 0/,8(/
;##*(0 "41* 4% %'(6 420 -'#$%(0 #8(/ %'( -#$20 #? %'( (2:
3,2(-@ i=$1,4 .4- -# "(4$%,?$; %'4% 4;; 6(2 '48( ;$-% ?#/ '(/@ D#5
=$1,45 ?#/ %# "( >$/( %# d#0 420 *((> 8,/3,2,%95 -'( 1$% #$% '(/
#.2&(9(-@j
D,(224&3/#42(0@&iN'(/(G-&1#66,%6(2%@j
i!- /(.4/0 ?#/ '(/ -41/,?,1(5j \4$/,K,# 400(05 id#0 348( =$:
1,4&42&(8(2&6#/(&"(4$%,?$;&-(%&#?&(9(-lj
D,(224 ;##*(0 4% =4230#2@ i7( (4#* *2#. %'4% 64*(- 2#
-(2-(5&/,3'%nj
iN'( =#/0 .#/*- ,2 69-%(/,#$- .49-5j =4230#2 #"-(/8(05
>,1%$/,23 %'( %.(2%9 #/ -# ?46#$- F;0 \4-%(/ >4,2%,23- 0(>,1%:
,23&D4,2%&=$1,4&14//9,23&'(/&#.2&(9("4;;-&#2&4&>;4%%(/@
+',;( %'(/( .(/( 2$6(/#$- 8(/-,#2- #? %'( D4,2% =$1,4 %4;(5
%'(9 4;; ,28#;8(0 =$1,4 1$%%,23 #$% '(/ ;$-%:,20$1,23 (9(- 420
>;41,23 %'(6 #2 4 >;4%%(/ ?#/ '(/ 4/0(2% -$,%#/ 420 0(?,42%;9
0(1;4/,23^ i7(/( '4-% %'#$5 .'4% %'#$ -# 6$1' 0(-,/(0 L 4205
?#/ %'( /(-%5 a "(-((1' %'((5 ;(48( 6( 2#. ,2 >(41(lj P(/,;95 ,%
'40 "((2 7#;9 D1/,>%$/( %'4% '40 ,2->,/(0 =$1,4G- -(;?:6$%,;4:
%,#25 ?#/(8(/ ;,2*,23 '(/ %# M'/,-%G- ?46#$- 406#2,%,#2 ia?
%',2(&(9(&#??(20&%'((5&>;$1*&,%&#$%&420&14-%&,%&?/#6&%'((@j
Z,;7$5 =4230#2 %'#$3'%5 /(4;,K,23 %'( -46( .#/0 .4- $-(0
,2 %'( >#(6@ "##$ 5+# 53#&7+#34;* (4B# 4- J#'.7# 9+4 E
6,;7$#(%;6%5+#%D4'#*%4-%5+#%D,.'(/
 SYS[VZY
O$KK;(0 "9 %'( 1#,21,0(21(5 '( .#20(/(0 ,? >(/'4>- %',- .4-
4 1/9>%,1 ,20,14%,#2 %'4% D4,2% =$1,4 .4- %'( ";,20 >(/-#2 "(,23
/(?(/(21(0&,2&%'(&>#(6@
i\4$/,K,#5j =4230#2 -'#$%(05 >#,2%,23 %# %'( M'$/1' #? D42
d(/(6,4@&iN'(&"#2(-&#?&D4,2%&=$1,4&4/(&,2&%'4%&1'$/1'5&2#nj
i! ?(.5 9(-5j \4$/,K,# -4,05 0/,8,23 -*,;;?$;;9 .,%' #2( '420
420 ;##*,23 "41* 4% ',- >4--(23(/-5 ,32#/,23 %'( "#4% %/4??,1
4'(40@ i)$% 6#-%;9 2#@ D4,2% =$1,4 ,- -# "(;#8(05 '(/ "#09 '4-
->/(40 ,2 1'$/1'(- 4;; #8(/ %'( .#/;0@ g(2(%,42- ;#8( D4,2% =$:
1,4&%'(&6#-%5&#?&1#$/-(5&420&-#&.(&1(;("/4%(kj
i\4$/,K,#lj E(//,- -'#$%(0@ iD4,2% =$1,4 ,- ";,205 2#% 9#$@
P9(-&?/#2%lj
\4$/,K,# ;4$3'(0 3##0:24%$/(0;9 420 %$/2(0 ?#/.4/0 C$-% ,2
%,6(&%#&'420,;9&48#,0&1#;;,0,23&.,%'&42&#21#6,23&"#4%@
D,(224 .4- -%$09,23 =4230#2@ i+'4% 4/( 9#$ 3(%%,23 4%n N'(
%/(41'(/#$-&0#3(&.'#&>;$1*(0&$>&%'(&"#2(-&#?&%'(&";,20nj
=4230#2&>$/-(0&',-&;,>-@&iaG6&2#%&-$/(@j
7( I$,1*;9 %#;0 D,(224 420 E(//,- %'( ',-%#/9 #? D4,2% =$1,4G-
/(;,1-k'(/ "#2(-k.',1' .4- 46#23 %'( -%/423(-% ,2 4;; #? '4:
3,#3/4>'9@ !;;(3(0;95 .'(2 %'( "(4$%,?$; =$1,4 /(?$-(0 %'( 40:
8421(- #? 42 ,2?;$(2%,4; -$,%#/5 %'( 642 0(2#$21(0 '(/ 420 '40
'(/ "$/2(0 4% %'( -%4*(5 .'(/(5 411#/0,23 %# ;(3(205 '(/ "#09
/(?$-(0 %# "$/2@ )(14$-( '(/ ?;(-' '40 "((2 /(-,-%42% %# ?,/(5
'(/ /(;,1- .(/( "(;,(8(0 %# '48( ->(1,4; >#.(/-5 420 .'#(8(/
>#--(--(0&%'(6&.#$;0&(2C#9&42&$2$-$4;;9&;#23&;,?(@
i\43,1&"#2(-nj&D,(224&-4,0@
i)(;,(8(0 %# "(5 9(-5 .',1' ,- %'( /(4-#2 '(/ /(;,1- '48( "((2
->/(40 4;; #8(/ %'( .#/;0@ E#/ %.# 6,;;(22,45 >#.(/?$; ;(40(/-
'48( %/,(0 %# %'.4/% 43,23 420 0(4%' "9 >#--(--,23 %'( "#2(- #?
D4,2% =$1,4@ 7(/ -*(;(%#2 '4- "((2 -%#;(25 /(-%#;(25 /(;#14%(05
420 0,8,0(0 $> 6#/( %,6(- %'42 %'4% #? 429 #%'(/ -4,2% ,2 ',-:
%#/9@ 7(/ "#2(- '48( >4--(0 %'/#$3' %'( '420- #? 4% ;(4-% 4
0#K(2&#?&',-%#/9G-&6#-%&>#.(/?$;&>(#>;(@j
ia21;$0,235j&D,(224&,2I$,/(05&i4&%/(41'(/#$-&0#3(nj
 SYT[VZY
"##$ 5+# 53#&7+#34;* (4B# 4- J#'.7# 9+4 *#8#3#( 5+# +#&(*
-34:%+43*#*%E%&'(%6,;7$#(%;6%5+#%D4'#*%4-%5+#%D,.'(/
iq$,%( >#--,";95j =4230#2 -4,05 2#. /(4;,K,23 %'4% H42%(G-
2'-#3'4 6(2%,#2(0 D4,2% =$1,4 8(/9 >/#6,2(2%;9@ =$1,4 .4-
#2( #? %'( %'/(( ";(--(0 .#6(2k,# i53# (4''# D#'#V
(#55#Rk.'# '(;>(0 -$66#2 g,/3,; %# '(;> H42%( (-14>( %'(
$20(/.#/;0@ !- %'( #%'(/ %.# .#6(2 .(/( %'( g,/3,2 \4/9 420
H42%(G- "(;#8(0 )(4%/,1(5 H42%( '40 >;41(0 D4,2% =$1,4 ,2 %'(
',3'(-%&#?&4;;&1#6>429@
ia? 9#$G/( /,3'% 4"#$% %',-5j D,(224 -4,05 (B1,%(6(2% ,2 '(/
8#,1(5 i%'(2 %'( -46( %/(41'(/#$- 0#3( .'# -(8(/(0 %'( '(40-
?/#6&'#/-(-&Lj
iL&4;-#&-%#;(&%'(&"#2(-&#?&D4,2%&=$1,45j&=4230#2&1#21;$0(0@
D,(224 2#00(0@ i+',1' -'#$;0 24//#. #$/ ;,-% 1#2-,0(/:
4";9@j D'( 3;421(0 #8(/ 4% E(//,-@ i!/( 9#$ -$/( 9#$/ >'#2(G-
2#%&.#/*,23n&+(&6,3'%&"(&4";(&%#&-(4/1'&#2;,2(&?#/kj
iD%#2(&0(405j&E(//,-&-4,0@&ia&C$-%&1'(1*(0@&D#//9@j
i+(G;; "( %'(/( -##25j =4230#2 -4,0@ ia '48( 2# 0#$"% .(G;;
"(&4";(&%#&?,20&-#6(&42-.(/-&4%&D%@&\4/*G-&)4-,;,14@j
D%@ \4/*G- .4- %'( #2;9 >,(1( #? %'( >$KK;( %'4% ?(;% /#1* -#;,0
%# =4230#2@ 1+# :4;*#.4' 4- +4,) 9.*(4:/ =4230#2 .4-
1#$2%,23 #2 %'( "4-,;,14 %# /(8(4; %'( ,0(2%,%9 #? %'(,/ 69-%(/,:
#$- 0#3( L 420 ?/#6 %'(/(5 .,%' ;$1*5 %'( ->(1,?,1 >4;41( %'4%
m#"/,-% '40 1'#-(2 %# /(;(4-( ',- >;43$(@ H43 +#3#C .' 5+# (&3$V
'#**5 5+#%7+5+4'.7%:4'*5#3%9&.5*/
=4230#2 %/,(0 %# >$-' ?/#6 ',- 6,20 429 ,643(- #? %'(
>;43$(5 "$% ,% .4- 2# $-(@ 7( '40 #?%(2 .#20(/(0 .'4% %',- ,2:
1/(0,";( 1,%9 '40 "((2 ;,*( ,2 ,%- '(9049 L "(?#/( %'( >;43$(
.(4*(2(0 ,% (2#$3' ?#/ ,% %# "( 1#2I$(/(0 "9 %'( F%%#642-5
420 %'(2 "9 A4>#;(#2 L "41* .'(2 g(2,1( /(,32(0 3;#/,#$-;9
4- %'( 1#66(/1,4; 1(2%(/ #? P$/#>(@ )9 4;; 411#$2%-5 %'(/( .4-
2# 6#/( "(4$%,?$; 1,%9 ,2 %'( .#/;05 %'( .(4;%' 420 1$;%$/( #?
,%-&>#>$;4%,#2&$2>4/4;;(;(0@
 SYU[VZY
a/#2,14;;95 ,% .4- %'( >#>$;4%,#2G- %4-%( ?#/ ?#/(,32 ;$B$/,(-
%'4% "/#$3'% 4"#$% ,%- 0(6,-(k%'( 0(40;9 >;43$( %/48(;,23
?/#6 M',24 %# g(2,1( #2 %'( "41*- #? /4%- -%#.(0 4.49 #2 %/40:
,23 8(--(;-@ N'( -46( >;43$( %'4% 0(-%/#9(0 42 $2?4%'#64";(
594V5+.3(* #? M',24G- >#>$;4%,#2 4//,8(0 ,2 P$/#>( 420 8(/9
I$,1*;9&*,;;(0&#2(&,2&%'/((k9#$23&420&#;05&/,1'&420&>##/&4;,*(@
=4230#2 '40 /(40 0(-1/,>%,#2- #? ;,?( ,2 g(2,1( 0$/,23 %'(
>;43$( #$%"/(4*-@ +,%' ;,%%;( #/ 2# 0/9 ;420 ,2 .',1' %# "$/9
%'( 0(405 ";#4%(0 "#0,(- ?;#4%(0 ,2 %'( 1424;-5 .,%' -#6( 4/(4-
-# 0(2-(;9 >41*(0 .,%' 1#/>-(- %'4% .#/*(/- '40 %# ;4"#/ ;,*(
;#3 /#;;(/- 420 >/#0 %'( "#0,(- #$% %# -(4@ a% -((6(0 2# 46#$2%
#? >/49,23 1#$;0 0,6,2,-' %'( >;43$(G- ./4%'@ )9 %'( %,6( 1,%9
#??,1,4;- /(4;,K(0 ,% .4- %'( /4%- %'4% .(/( 14$-,23 %'( 0,-(4-(5 ,%
.4- %## ;4%(5 "$% g(2,1( -%,;; (2?#/1(0 4 0(1/(( "9 .',1' 4;; ,2:
1#6,23 8(--(;- '40 %# 421'#/ #??-'#/( ?#/ 4 ?$;; ?#/%9 049- "(:
?#/( %'(9 .#$;0 "( >(/6,%%(0 %# $2;#40@ N# %',- 0495 %'( 2$6:
"(/ ?#/%9k^;&3&'5& ,2 a%4;,42k-(/8(0 4- 4 3/,6 /(6,20(/ #?
%'(&#/,3,2-&#?&%'(&.#/0 ^;&3&'5.'#@
!- %'(,/ "#4% ->(0 #2.4/0 4/#$20 42#%'(/ "(20 ,2 %'( 1424;5
4 ?(-%,8( /(0 4.2,23 ;$??(0 ,2 %'( "/((K(5 >$;;,23 =4230#2G- 4%:
%(2%,#2 4.49 ?/#6 ',- 3/,6 %'#$3'%- #? 0(4%' %#.4/0 42
(;(342%5&%'/((:%,(/(0&-%/$1%$/(&#2&',-&;(?%@
M!DaAu&Ha&gPAPma!^&!A&aAEaAaNP&P\FNaFA@
+',;( =4230#2 '40 2(8(/ I$,%( $20(/-%##0 %'( .#/0- #2 %'(
14-,2#G- "422(/5 %'( ->(1%41$;4/ <(24,--421(:-%9;( >4;41( '40
"((2 >4/% #? %'( g(2(%,42 ;420-14>( -,21( %'( -,B%((2%' 1(2:
%$/9@ F21( 4 >/,84%( 642-,#25 ,% .4- 2#. 4 ";41*:%,( 346,23
'4;; %'4% .4- ?46#$- ?#/ "(,23 %'( -,%( 4% .',1'5 ,2 QXXS5 1#6:
>#-(/ <,1'4/0 +432(/ '40 1#;;4>-(0 0(40 #? 4 '(4/% 4%%41*
-'#/%;9&4?%(/&1#6>#-,23&',-&#>(/4 Z&3*.-&,@
)(9#20 %'( 14-,2# #2 %'( /,3'%5 4 )4/#I$(5 /$-%,14%(0 ?4140(
"#/( 42 (8(2 ;4/3(/ "422(/5 %',- #2( 0((> ";$(5 422#$21,23 %'(
M!G OPD!<F^ d!==P<a! aANP<A!maFA!=P HG!<NP \FHP<A!@ ](4/- 43#5
=4230#2 '40 "((2 ,2-,0( 420 -((2 d$-%48 `;,6%G- 64-%(/>,(1(
 SYV[VZY
1+# Y.** .',;( ,% .4- #2 ;#42 ?/#6 g,(224@ `;,6%G- 04KK;,23
3#;0:;(4? /(20(/,23 #? ,2%(/%.,2(0 ;#8(/- '40 ->4/*(0 ,2 ',6 4
>4--,#2 ?#/ %'( 4/%,-%G- .#/*5 420 %# %',- 0495 =4230#2 1/(0,%(0
g(2,1(G- M4G O(-4/# .,%' 4/#$-,23 ',- ;,?(;#23 3$-%# ?#/ 6#0(/2
4/%@
\4$/,K,#&0/#8(&#25&>#.(/,23&?4-%(/&2#.&,2&%'(&.,0(&1424;@
!'(405 %'( ?46#$- <,4;%# )/,03( ;##6(0k%'( '4;?.49 >#,2%
%# D%@ \4/*G- DI$4/(@ !- %'(9 2(4/(0 %'( "/,03(5 >/(>4/,23 %#
>4-- "(2(4%' ,%5 =4230#2 ;##*(0 $> 420 -4. 4 ;#2( ?,3$/(
-%420,23 6#%,#2;(-- 4% %'( /4,;,235 >((/,23 0#.2 4% %'(6 .,%' 4
-#6"(/&8,-43(@
N'(&?41(&.4-&"#%'&?46,;,4/&L&420&%(//,?9,23@
=4230#2&/(1#,;(0&#2&,2-%,21%@
d/49,-' 420 (;#234%(05 %'( ?41( '40 1#;0 0(40 (9(- 420 4
;#23&"(4*(0&2#-(@
N'( "#4% -;,>>(0 "(2(4%' %'( #6,2#$- ?,3$/( C$-% 4- =4230#2
/(4;,K(0 ,% .4- 2#%',23 6#/( %'42 4 %#$/,-% -'#.,23 #?? 4 /(1(2%
>$/1'4-(k#2( #? %'( '$20/(0- #? >;43$( 64-*- -#;0 (8(/9 049
,2&%'(&2(4/"9&<,4;%#&\4/*(%@
N#0495 '#.(8(/5 %'( 1#-%$6( -((6(0 429%',23 "$%
1'4/6,23@
 M7!ONP< VY

DN@ \!<`GD Dqh!<P =aPD 4% %'( -#$%'(/26#-% %,> #? g(2,1(G- d/420

M424;5 .'(/( %'( -'(;%(/(0 .4%(/.49 6(/3(- .,%' %'( #>(2 -(4@
F8(/;##*,23 %',- >(/,;#$- ,2%(/-(1%,#2 ,- %'( 4$-%(/( %/,423$;4/
?#/%/(-- #? H#3424 04 \4/k%'( \4/,%,6( M$-%#6- F?:
?,1(k.'#-( .4%1'%#.(/ #21( 3$4/0(0 g(2,1( 434,2-% ?#/(,32
,284-,#2@ A#.4049-5 %'( %#.(/ '4- "((2 /(>;41(0 "9 4 64--,8(
3#;0(2 3;#"( 420 4 .(4%'(/ 842( 0(>,1%,23 %'( 3#00(-- #? ?#/:
%$2(5 .'#-( -',?%,23 0,/(1%,#2- #2 %'( "/((K( -(/8( 4- 4 /(:
6,20(/&%#&#1(42:"#$20&-4,;#/-&#?&%'(&$2>/(0,1%4",;,%9&#?&?4%(@
!- \4$/,K,# -%((/(0 %'( -;((* "#4% %#.4/0 %'( (20 #? %'(
1424;5 %'( 1'#>>9 -(4 #>(2(0 #6,2#$-;9 "(?#/( %'(6@ <#"(/%
=4230#2 '40 %/48(;(0 %',- /#$%( 6429 %,6(- "(?#/(5 4;%'#$3'
4;.49- ,2 4 6$1' ;4/3(/ 84>#/(%%#5 420 '( ?(;% $2(4-9 4- %'(,/
;,6#&;$/1'(0&#2&%'(&3/#.,23&-.(;;-@
N# /(41' %'( 0#1*- 4% D%@ \4/*G- DI$4/(5 %'(,/ "#4% .#$;0
2((0 %# 1/#-- 42 (B>42-( #? #>(2 ;43##2 .'#-( .4%(/- .(/(
1#23(-%(0 .,%' '$20/(0- #? 1/4?%k(8(/9%',23 ?/#6 ;$B$/9
941'%-5 %# %42*(/-5 %# >/,84%( -4,;"#4%-5 %# 64--,8( 1/$,-( ;,2(/-@
a% ?(;% 4- ,? %'(9 .(/( ;(48,23 4 1#$2%/9 /#40 420 6(/3,23 #2%#
42&(,3'%:;42(&-$>(/',3'.49@
D,(224 -((6(0 (I$4;;9 $21(/%4,2 4- -'( (9(0 %'( %#.(/,23
%(2:-%#/9 1/$,-( ;,2(/ %'4% .4- 2#. >4--,23 ,2 ?/#2% #? %'(65
#2;9 %'/(( '$20/(0 94/0- #??@ N'( -',>G- 0(1*- .(/( 1/4.;,23
.,%' >4--(23(/-5 4;; >41*(0 434,2-% %'( /4,;,23-5 %4*,23 >'#%#-
#? D%@ \4/*G- DI$4/( ?/#6 %'( .4%(/@ a2 %'( 1'$/2,23 .4*( #?
%',- -',>5 %'/(( #%'(/- .(/( ;,2(0 $>5 4.4,%,23 %'(,/ 1'421( %#
0/,8( >4-% g(2,1(G- "(-%:*2#.2 ;42064/*@ =4230#2 '40 '(4/0
%'4% ,2 /(1(2% 9(4/-5 %'( 2$6"(/ #? -',>- '40 6$;%,>;,(0 -#
 SYX[VZY
I$,1*;9 %'4% 42 (20;(-- ;,2( #? 1/$,-(- >4--(0 4;; 049 420 4;;
2,3'%@
!% %'( '(;65 \4$/,K,# -%$0,(0 %'( ;,2( #? #21#6,23 1/$,-(
;,2(/- 420 %'(2 3;421(0 %# ',- ;(?% 4% 4 142#>,(0 0#1* 2#% ?4/
4.49@ ia >4/* 4% 74//9G- )4/nj 7( 6#%,#2(0 %# %'( /(-%4$/42%
?46#$- ?#/ '48,23 ,28(2%(0 %'( )(;;,2,@ iD%@ \4/*G- DI$4/( ,-
8(/9&-'#/%&.4;*,23@j
iA#5 %4*( $- 4;; %'( .495j E(//,- 1#66420(05 >#,2%,23 41/#--
%'(&;43##2&%#.4/0&%'(&0#1*-&4%&D%@&\4/*G-&DI$4/(@
\4$/,K,#&-'/$33(0&3##0:24%$/(0;9@&i]#$/&1'#,1(@&7#;0&#2lj
N'( (23,2(- /(88(0 420 %'( ;,6# "(342 1$%%,23 %'/#$3' %'(
'(489 1'#>5 ?4;;,23 ,2%# #2( #? %'( %/48(; ;42(- 64/*(0 "9
"$#9-@ N'( >4--,23 1/$,-( ;,2(/- ;##*(0 ;,*( ?;#4%,23 4>4/%6(2%
"$,;0,23-5&%'(,/&.4*(-&%#--,23&%'(&#%'(/&"#4%-&;,*(&1#/*-@
N# =4230#2G- -$/>/,-(5 0#K(2- #? 3#20#;4- .(/( 64*,23 %',-
-46( 1/#--,23@ N'(,/ -;(20(/ '$;;-k4% 2(4/;9 ?#/%9 ?((% ,2
;(23%' 420 4;6#-% ?#$/%((2 '$20/(0 >#$20-k4>>(4/(0 /(:
64/*4";9 -%4";( ,2 %'( /#$3' .4%(/-@ P41' 8(--(; .4- >,;#%(0 "9
4 -$/(:?##%(0 3#20#;,(/ .'# -%##0 #2 4 >;4%?#/6 #2 %'( ;(?%
-,0( #? %'( -%(/2 ,2 ',- %/40,%,#24; ";41*:420:.',%(:-%/,>(0 -',/%
420 /#.(0 4 -,23;( #4/ 4%%41'(0 %# %'( /,3'%:'420 3$2.4;(@
P8(2 ,2 %'( /#$3' .4%(/5 ,% .4- (8,0(2% %'4% (8(/9 3#20#;4 ;,-:
%(0 69-%(/,#$-;9 %# %'( ;(?%5 42 #00,%9 %'4% =4230#2 '40
;(4/2(0 .4- 14$-(0 "9 %'( "#4%G- 4-966(%/,14; 1#2-%/$1%,#2e
(8(/9 3#20#;4G- '$;; .4- 1$/8(0 %# %'( /,3'%5 4.49 ?/#6 %'(
3#20#;,(/5 %# /(-,-% %'( "#4%G- %(20(219 %# %$/2 ;(?% ?/#6 %'(
/,3'%:-,0(0&/#.,23@
\4$/,K,# >#,2%(0 >/#$0;9 %# #2( #? %'( 3#20#;4- 4- %'(9
>#.(/(0 >4-% ,%@ i]#$ -(( %'( 6(%4; 0(-,32 #2 %'( ?/#2%nj '(
14;;(0 #8(/ ',- -'#$;0(/5 6#%,#2,23 %# %'( (;(342% #/246(2%
>/#%/$0,23 ?/#6 %'( "#.@ ia%G- %'( #2;9 6(%4; #2 4 3#2:
0#;4k14;;(0 -#334 (. 63;&k%'( ,/#2 #? %'( >/#.@ a% ,- 4 >,1%$/(
#?&g(2,1(lj
 SYY[VZY
\4$/,K,# (B>;4,2(0 %'4% %'( -19%'(;,*( 0(1#/4%,#2 %'4% >/#:
%/$0(0 ?/#6 %'( "#. #? (8(/9 3#20#;4 ,2 g(2,1( '40 4 -96"#;,1
6(42,23@ N'( -#334G- 1$/8(0 -'4>( /(>/(-(2%(0 %'( d/420
M424;5 ,%- -,B %((%' /(?;(1%(0 %'( -,B *#*5.#3. #/ 0,-%/,1%- #?
g(2,1(5 420 ,%- #";#23 ";40( .4- %'( -%9;,K(0 '(40>,(1( #? %'(
g(2(%,42&0#3(@
1+# (4B#5 =4230#2 %'#$3'%5 ',- %'#$3'%- /(%$/2,23 %# %'(
%4-* 4'(40@ "##$ 5+# 53#&7+#34;* (4B# 4- J#'.7# 9+4 *#8#3#(
5+# +#&(* -34: +43*#* E &'( 6,;7$#( ;6 5+# D4'#* 4- 5+#
D,.'(/
=4230#2 /4,-(0 ',- 34K( %# %'( -'#/(;,2( 4'(405 .'(/( 4
-64;; .##0(0 >4/* 6(% %'( .4%(/G- (03(@ !"#8( %'( %/((-5 -,;:
'#$(%%(0 434,2-% 4 1;#$0;(-- -*95 /#-( %'( /(0"/,1* ->,/( #? D%@
\4/*G- "(;; %#.(/5 4%#> .',1' 4 3#;0(2 !/1'423(; d4"/,(;
>((/(0&0#.2&?/#6&4&0,KK9,23&%'/((&'$20/(0&?((%@
a2 4 1,%9 .'(/( ',3':/,-(- .(/( 2#2(B,-%(2% 4- 4 /(-$;% #?
%'(,/ %(20(219 %# -,2*5 %'( %#.(/,23 M46>42,;( 0, D42 \4/1#
-(/8(0 4- 4 248,34%,#24; "(41#2 %# 4;; .'# 8(2%$/(0 ,2%#
g(2,1(G- 64K( #? 1424;- 420 >4--43(.49-e 4 ;#-% %/48(;(/5 .,%' 4
-,23;( 3;421( -*9.4/05 .#$;0 -(( %'( .49 "41* %# D%@ \4/*G-
DI$4/(@ =4230#2 -%,;; ?#$20 ,% '4/0 %# "(;,(8( %'4% %',- 64--,8(
%#.(/ '40 1#;;4>-(0 ,2 QYZR5 ;(48,23 42 (2#/6#$- >,;( #?
/$"";( #2 D%@ \4/*G- DI$4/(@ <(64/*4";95 %'( ;#2( 14-$4;%9 ,2
%'(&0,-4-%(/&'40&"((2&4&14%@
g,-,%#/- %# g(2,1( 1#$;0 (B>(/,(21( %'( 1,%9G- ,2,6,%4";( 4%:
6#->'(/( ,2 429 2$6"(/ #? "/(4%'%4*,23 ;#14;(-5 420 9(% =423:
0#2G- ?48#/,%( '40 4;.49- "((2 %'( <,84 0(3;, D1',48#2,@ N'(
.,0( -%#2( >/#6(240( %'4% -4% 4;#23 %'( .4%(/G- (03( '40 "((2
"$,;% ,2 %'( 2,2%' 1(2%$/9 ?/#6 0/(03(0 -,;% 420 /42 ?/#6 %'(
#;0&!/-(24;&4;;&%'(&.49&%#&D%@&\4/*G-&DI$4/(@
=,2(0 .,%' ?,2( 14?s-5 (;(342% '#%(;-5 420 (8(2 %'( '#6(
1'$/1' #? !2%#2,# g,84;0,5 %'( <,84 "(342 ,%- 1#$/-( 4% %'(
!/-(24;kg(2,1(G- 421,(2% -',>"$,;0,23 94/0-k.'(/( %'( >,2(9
-1(2% #? "#,;,23 %/(( -4> '40 #21( ?,;;(0 %'( 4,/ 4- "#4%"$,;0(/-
 TZZ[VZY
-6(4/(0 '#% >,%1' #2 %'(,/ $2-#$20 8(--(;- %# >;$3 %'( '#;(-@
!;;(3(0;9 ,% '40 "((2 4 8,-,% %# %'(-( 8(/9 -',>94/0- %'4% '40 ,2:
->,/(0 H42%( !;,3',(/, %# ,21;$0( /,8(/- #? "#,;,23 >,%1' 4- 4 %#/:
%$/(&0(8,1(&,2&',- 2'-#3'4@
=4230#2G- 34K( 6#8(0 %# %'( /,3'%5 %/41,23 %'( <,84 4;#23
%'( .4%(/?/#2%5 420 1#6,23 %# /(-% #2 %'( >/#6(240(G- 0/464%:
,1 (20,23@ 7(/(5 4% %'( -#$%'(/26#-% (03( #? D%@ \4/*G- DI$4/(5
%'( 84-% (B>42-( #? >48(6(2% 6(% %'( #>(2 -(4@ H$/,23
g(2,1(G- 3#;0(2 43(5 %',- -%4/* >/(1,>,1( '40 "((2 >/#$0;9
0$""(0&i%'(&(03(&#?&4;;&1,8,;,K4%,#2@j
N#0495 %'( %'/((:'$20/(0:94/0:;#23 -%/(%1' .'(/( D%@
\4/*G- DI$4/( 6(% %'( -(4 .4- ;,2(05 4- ,% 4;.49- .4-5 .,%' 2#
?(.(/ %'42 4 '$20/(0 ";41* 3#20#;4-5 .',1' "#""(0 434,2-%
%'(,/ 6##/,23-5 %'(,/ -19%'(;,*( "#. #/246(2%- /,-,23 420 ?4;;:
,23&434,2-%&%'(&.',%(&64/";(&"$,;0,23-&#?&%'(&>,4KK4@
=4230#2 -%,;; ?#$20 ,% '4/0 %# ?4%'#6 %'4% %',- %,29 1,%9kC$-%
%.,1( %'( -,K( #? M(2%/4; O4/* ,2 A(. ]#/*k'40 -#6('#. /,-(2
#$% #? %'( -(4 %# "(1#6( %'( ;4/3(-% 420 /,1'(-% (6>,/( ,2 %'(
.(-%@
!- \4$/,K,# >#.(/(0 %'( "#4% 1;#-(/5 =4230#2 1#$;0 -(( %'4%
%'( 64,2 -I$4/( .4- 4"-#;$%(;9 6#""(0 .,%' >(#>;(@ A4>#;(#2
'40 #21( /(?(//(0 %# D%@ \4/*G- DI$4/( 4- i%'( 0/4.,23 /##6 #?
P$/#>(5j 420 ?/#6 %'( ;##*- #? %',23-5 %',- i/##6j .4- '#-%,23
4 >4/%9 ?#/ ?4/ %## 6429 3$(-%-@ N'( (2%,/( >,4KK4 ;##*(0 4;6#-%
4-&,?&,%&.#$;0&-,2*&"(2(4%'&%'(&.(,3'%&#?&,%-&406,/(/-@
i\9 d#05j D,(224 .',->(/(05 34K,23 #$% 4% %'( %'/#23- #?
>(#>;(@
=4230#2 .4-2G% -$/( .'(%'(/ -'( .4- -49,23 %',- #$% #? ?(4/
%'4% m#"/,-% 6,3'% '48( 1'#-(2 -$1' 4 '(48,;9 >#>$;4%(0 ;#14:
%,#2 %# /(;(4-( ',- >;43$( L #/ "(14$-( -'( -(2-(0 %'4% m#"/,-%
6,3'% 41%$4;;9 '48( '40 4 >#,2% ,2 .4/2,23 4"#$% %'( 0423(/-
#?&#8(/>#>$;4%,#2@
g(2,1( '#-%(0 4 -%433(/,23 2$6"(/ #? %#$/,-%- (8(/9 9(4/k42
(-%,64%(0 #2(:%',/0 #? Q >(/1(2% #? %'( .#/;0G-
 TZQ[VZY
>#>$;4%,#2k-#6( %.(2%9 6,;;,#2 8,-,%#/- ,2 %'( 9(4/ RZZZ@
+,%' %'( 400,%,#24; ",;;,#2 400(0 %# %'( (4/%'G- >#>$;4%,#2
-,21( %'4% 9(4/5 %'( 1,%9 .4- 2#. 3/#42,23 $20(/ %'( .(,3'% #?
%'/(( 6,;;,#2 6#/( %#$/,-%- >(/ 9(4/@ g(2,1(5 ;,*( %'( >;42(% ,%:
-(;?5 '40 #2;9 4 ?,2,%( 46#$2% #? ->41(5 420 4% -#6( >#,2%
.#$;0 2# ;#23(/ "( 4";( %# ,6>#/% (2#$3' ?##05 0,->#-( #?
(2#$3' .4-%(5 #/ ?,20 (2#$3' "(0- ?#/ 4;; %'#-( .'# .42%(0 %#
8,-,%&,%@
E(//,- -%##0 2(4/"95 ',- (9(- %$/2(0 2#% %#.4/0 %'( 64,2:
;4205&"$%&#$%&%#&-(45&.4%1',23&4;;&%'(&,21#6,23&-',>-@
i]#$&#*49nj&D,(224&4-*(05&(9(,23&',6&1$/,#$-;9@
E(//,- %$/2(0 4"/$>%;9@ i](4'5 ?,2( L C$-% %',2*,23@j 7( ?41(0
?/#2% 420 14;;(0 $> %# \4$/,K,#^ iO4/* 4- 1;#-( %# D%@ \4/*G- 4-
9#$&142@j
iA#&>/#";(6lj&N'(,/&0/,8(/&348(&4&.48(@&iN.#&6,2$%(-lj
N'( ;,6# '40 2#. 1#6( (8(2 .,%' D%@ \4/*G- DI$4/(5 420 %'(
H#3(G- O4;41( /#-( 64C(-%,14;;9 %# %'(,/ /,3'%5 0#6,24%,23 %'(
-'#/(;,2(@
! >(/?(1% (B46>;( #? g(2(%,42 d#%',1 4/1',%(1%$/(5 %'(
>4;41( .4- 42 (B(/1,-( ,2 $20(/-%4%(0 (;(3421(@ +,%' 2#2( #?
%'( %$//(%- #/ ->,/(- 2#/64;;9 4--#1,4%(0 .,%' %'( >4;41(- #?
E/421( #/ P23;4205 ,% .4- 1#21(,8(0 4- 4 64--,8( /(1%423$;4/
>/,-65 .',1' >/#8,0(0 ?#/ %'( ;4/3(-% >#--,";( 46#$2% #? ,2:
%(/,#/ -I$4/( ?##%43( ,2 .',1' %# '#$-( %'( 0#3(G- -$"-%42%,4;
3#8(/26(2%&420&-$>>#/%&-%4??@
g,(.(0 ?/#6 %'( #1(425 %'( >4;41(G- 64--,8( (B>42-( #?
.',%( ;,6(-%#2( .#$;0 '48( "((2 #8(/"(4/,23 '40 %'( (??(1%
2#% "((2 14/(?$;;9 6$%(0 "9 %'( 400,%,#2 #? >#/%,1#-5 1#;$62-5
4 ;#33,45 420 I$4%/(?#,; >(/?#/4%,#2-@ d(#6(%/,1 >4%%(/2- #?
>,2* ;,6(-%#2( /42 %'/#$3'#$% %'( (B%(/,#/5 /(6,20,23 =423:
0#2&#?&%'(&!;'46"/4&,2&D>4,2@
!- %'( "#4% >$;;(0 1;#-(/ %# %'( 6##/,23-5 E(//,- -((6(0
1#21(/2(0 "9 4 34%'(/,23 #? >(#>;( ,2 ?/#2% #? %'( >4;41(@ !
0(2-( 1/#.0 '40 34%'(/(0 #2 4 "/,03(5 420 4;; #? ,%- 6(6"(/-
 TZR[VZY
.(/( >#,2%,23 0#.2 4 24//#. 1424; %'4% -;,1(0 "(%.((2 %.#
;4/3(&-(1%,#2-&#?&%'(&H#3(G-&O4;41(@
i+'4% 4/( %'(9 ;##*,23 4%nj E(//,- 0(6420(05 -#$20,23
2(/8#$-@
ia; O#2%( 0(, D#->,/,5j D,(224 /(>;,(0@ i! ?46#$- g(2(%,42
"/,03(@j
=4230#2 >((/(0 0#.2 %'( 1/46>(0 .4%(/.49 420 -4. %'(
"(4$%,?$;;9 14/8(05 (21;#-(0 %$22(; %'4% 4/1'(0 "(%.((2 %'(
%.# "$,;0,23-@ 1+# N3.(B# 4- ".B+*5 '( %'#$3'%5 /(14;;,23 #2( #?
',- ?48#/,%( "#9'##0 6#8,(-5 > T.55,# P4:&'7#5 .',1' .4-
"4-(0 #2 %'( ;(3(20 %'4% ,? %.# 9#$23 ;#8(/- *,--(0 "(2(4%'
%',- "/,03( 4% -$2-(% .',;( %'( "(;;- #? D%@ \4/*G- .(/( /,23,235
%'(9 .#$;0 ;#8( (41' #%'(/ ?#/(8(/@ N'( 0((>;9 /#642%,1 2#%,#2
'40 -%49(0 .,%' =4230#2 ',- (2%,/( ;,?(@ F? 1#$/-(5 ,% '402G%
'$/% %'4% %'( ?,;6 4;-# -%4//(0 42 40#/4";( ?#$/%((2:9(4/:#;0
2(.1#6(/ 246(0 H,42( =42(5 #2 .'#6 =4230#2 '40 ,66(0,:
4%(;9 0(8(;#>(0 4 "#9'##0 1/$-' L 4 1/$-' %'4%5 406,%%(0;95 '(
'40&2(8(/&I$,%(&-'4*(2@
](4/- ;4%(/5 =4230#2 '40 "((2 '#//,?,(0 %# ;(4/2 %'4% %'(
)/,03( #? D,3'- 0/(. ,%- 246( 2#% ?/#6 -,3'- #? >4--,#2 L "$%
,2-%(40 ?/#6 -,3'- #? 6,-(/9@ !- ,% %$/2(0 #$%5 %'( (21;#-(0
.4;*.49 -(/8(0 4- %'( 1#22(1%#/ "(%.((2 %'( H#3(G- O4;41(
420 %'( 0#3(G- >/,-#25 .'(/( %'( ,214/1(/4%(0 ;423$,-'(0 420
0,(05 %'(,/ 3/#42- #? 423$,-' (1'#,23 #$% #? %'( 3/4%(0 .,2:
0#.-&4;#23&%'(&24//#.&1424;@
=4230#2 '40 8,-,%(0 %'( >/,-#2 #21(5 420 .4- -$/>/,-(0 %#
;(4/2 %'4% %'( 6#-% %(//,?9,23 1(;;- .(/( 2#% %'#-( 4% .4%(/
;(8(;5 .',1' #?%(2 ?;##0(05 "$% %'#-( 2(B% 0##/ #2 %'( %#> ?;##/
#? %'( >4;41( >/#>(/k14;;(0 6.4:D. 4?%(/ %'(,/ ;(40:%,;(0
/##?-k.',1' 640( %'(6 %#/%$/#$-;9 '#% ,2 %'( -$66(/ 420
?/((K,23 1#;0 ,2 %'( .,2%(/@ N'( 3/(4% ;#8(/ M4-42#84 '40 #21(
"((2 4 >/,-#2(/ ,2 %'( 6.4:D.e 1'4/3(0 "9 %'( a2I$,-,%,#2 .,%'
40$;%(/9 420 ->9,235 '( '40 -$/8,8(0 ?,?%((2 6#2%'- #? ,214/:
1(/4%,#2&#2;9&%#&(-14>(&"9&"(3$,;,23&',-&*((>(/@
 TZS[VZY
Q"5&0 &55#'54FR \4$/,K,# -'#$%(0 %# %'( >,;#% #? 4 3#20#;4 4-
%'(,/ ;,6# -;,0 ,2%# %'( "(/%' %'( 3#20#;4 .4- C$-% 8414%,23@ 7(
'40 ?#$20 4 ->#% ,2 ?/#2% #? %'( 7#%(; H42,(;,5 #2;9 4 '$20/(0
94/0-&?/#6&D%@&\4/*G-&DI$4/(&420&%'(&H#3(G-&O4;41(@
\4$/,K,# %'/(. 4 ;,2( 4/#$20 4 6##/,23 >#-% 420 ;(4>(0
4-'#/( 4- ,? '( .(/( 4$0,%,#2,23 ?#/ 4 -.4-'"$1*;,23 6#8,(@
F21( '( '40 -(1$/(0 %'( "#4%5 '( %$/2(0 420 (B%(20(0 4 '420
0#.2&,2%#&%'(&"#4%5&#??(/,23&%#&'(;>&',-&>4--(23(/-&#$%@
iN'42*-5j =4230#2 -4,0 4- %'( 6$-1$;4/ a%4;,42 >$;;(0 ',6
4-'#/(@
E(//,- ?#;;#.(05 ;##*,23 843$(;9 0,-%/41%(0 420 434,2 3;42:
1,23&#$%&%#&-(4@
D,(224 .4- %'( ;4-% %# 0,-(6"4/*@ !- %'( 0(8,;,-';9 '420:
-#6( \4$/,K,# '#,-%(0 '(/ 4-'#/(5 '( ?,B(0 '(/ .,%' 4 0((>
-%4/( %'4% -((6(0 %# ,6>;9 %'4% -'(G0 '48( 4 "(%%(/ %,6( ,? -'(
0,%1'(0 '(/ %.# 1#6>42,#2- 420 -%49(0 4"#4/0 .,%' ',6@ D,:
(224&-((6(0&2#%&%#&2#%,1(@
iI3&`.#5 \4$/,K,#5j -'( -4,0 4"-(2%;95 '(/ 34K( ?#1$-(0 #2
%'(&2(4/"9&H#3(G-&O4;41(@
N'(25 .,%'#$% 6,--,23 4 -%/,0(5 -'( ;(0 =4230#2 420 E(//,-
,2%#&%'(&1/#.0@
 M7!ONP< WZ

!ON=] A!\PH !ENP< #2( #? ',-%#/9G- 6#-% ?46(0 %/48(;(/-5 %'(

\4/1# O#;# a2%(/24%,#24; !,/>#/% ,- ;#14%(0 ?#$/ 6,;(- 2#/%' #?
D%@&\4/*G-&DI$4/(&#2&%'(&.4%(/-&#?&%'(&=43$24&g(2(%4@
)(14$-( #? %'( ;$B$/,(- #? >/,84%( 4,/ %/48(;5 P;,K4"(%' D,2-:
*(9 '40 0(>;42(0 #2;9 %(2 6,2$%(- (4/;,(/ 420 .4- 4;/(409
-*,66,23 41/#-- %'( ;43##2 ,2 4 ?$%$/,-%,1 ";41* %(20(/k4
H$"#,- D<UR );41*",/0k.',1' '40 "((2 -(2% "9 %'( -%/423(/
.'#&'40&>'#2(0&(4/;,(/@
1+#%63484*5/
E#/ D,2-*(95 4?%(/ "(,23 ,66#",;,K(0 ,2 %'( "41* #? %'( 842
4;; 0495 %'( #>(2 4,/ #? %'( #1(42 ?(;% ,28,3#/4%,23@ D'( %$/2(0
'(/ ?41( %# %'( -4;%9 .,20 420 ;(% '(/ -,;8(/ '4,/ -%/(46 #$% "(:
',20 '(/@ A(4/;9 %.# '#$/- '40 >4--(0 -,21( '(/ ;4-% ,2C(1%,#25
420 -'( .4- ?,24;;9 ?((;,23 4;(/%@ E#/ %'( ?,/-% %,6( -,21( ;4-%
2,3'%5&P;,K4"(%'&D,2-*(9&.4-&'(/-(;?@
!3(2% )/t0(/ .4- -(4%(0 "(-,0( '(/ 4;#23 .,%' ',- %(46 #?
6(2@ A#2( #? %'(6 -4,0 4 .#/0@ a? %'(9 '40 1#21(/2- 4"#$% %',-
$2$-$4; /(20(K8#$-5 %'(9 *2(. %'(,/ %'#$3'%- .(/( ,//(;(842%e
%'(&0(1,-,#2&.4-&2#%&%'(,/-&%#&64*(@
!- %'( %(20(/ /41(0 #25 4 ;4/3( ,-;420 ;##6(0 $> %# %'(6 #2
%'( /,3'%5 ,%- -'#/(;,2( 0#%%(0 .,%' -I$4% "/,1* "$,;0,23- 420
-6#*(-%41*-@ ?;3&'45 P;,K4"(%' /(4;,K(05 /(1#32,K,23 %'( ,;;$-:
%/,#$-&3;4--";#.,23&?41%#/,(-@
2 7&'05 D#,.#8# 20: D&7$5 -'( %'#$3'%5 (20$/,23 4 -'4/> >423
#?&-402(--@ H;,,%7.37,#/
](4/- 43#5 .',;( ,2 6(0 -1'##;5 -'( '40 1#6( %# g(2,1( .,%'
'(/ ?,421s 420 -%#>>(0 %# 8,-,% %'( \$/42# d;4-- \$-($6@
N'(/(5 '(/ ?,421s '40 ->,(0 4 "(4$%,?$; '420";#.2 6#",;( 420
 TZU[VZY
,22#1(2%;9 1#66(2%(0 %'4% '( .42%(0 %# '423 #2( C$-% ;,*( ,%
-#6(049 ,2 %'(,/ "4"9G- 2$/-(/9@ F8(/1#6( .,%' 3$,;% ?#/ '48:
,23 *(>% 4 >4,2?$; -(1/(% ?4/ %## ;#235 P;,K4"(%' ?,24;;9 ;(8(;(0
.,%' ',6 4"#$% '(/ 1',;0'##0 4-%'64 420 %'( %/43,1 3;$1#1#/:
%,1#,0&%/(4%6(2%-&%'4%&'40&0(-%/#9(0&'(/&/(>/#0$1%,8(&-9-%(6@
+'(%'(/ ,% '40 "((2 '(/ 0,-'#2(-%9 #/ '(/ ,2?(/%,;,%9 %'4%
%$/2(0 %'( 9#$23 642G- '(4/% %# -%#2(5 P;,K4"(%' .#$;0 2(8(/
*2#.@ )$% #2( .((* ;4%(/5 -'( ;(?% g(2,1( .,%'#$% '(/ (2343(:
6(2%&/,23@
7(/ #2;9 6(6(2%# #? %'( '(4/%"/(4*,23 %/,> '40 "((2 4 ;4>,-
;4K$;, 46$;(%@ N'( <#0 #? !-1;(>,$- .4- 4 ?,%%,23 -96"#; #?
6(0,1,2(k",%%(/ 6(0,1,2( ,2 %',- 14-(k"$% -'( '40 .#/2 ,%
(8(/9&049&-,21(@
?) 63#7.4;* &:;,#55 -'( %'#$3'%@ > 6&35.'B B.-5 -34: 5+#
:&'%9+4%9&'5#(%:#%54%D#&3%+.*%7+.,(3#'/
A#.4049-5 %'( g(2(%,42 ,-;420- 14//,(0 2# /#6421( ?#/ '(/
4% 4;;5 %'(,/ ,-#;4%(0 8,;;43(- ->4/*,23 %'#$3'%- 2#% #? ;#8( "$%
#? %'( I$4/42%,2( 1#;#2,(- %'4% '40 #21( "((2 (-%4";,-'(0 #2
%'(6&,2&42&(??#/%&%#&1$/"&%'(&);41*&H(4%'@
!- %'( );41*",/0 %(20(/ /41(0 #2 >4-% a-#;4 D42 O,(%/#5 P;,K4:
"(%' /(4;,K(0 %'(9 .(/( '#6,23 ,2 #2 4 64--,8( 3/49 941'%5
.',1' -((6(0 %# "( 421'#/(0 ,2 4 0((> 1'422(;5 4.4,%,23 %'(,/
4//,84;@
N'( 3$26(%4;:3/49 -',> ;##*(0 ;,*( -#6(%',23 #$% #? %'(
h@D@ 6,;,%4/9G- -%(4;%' >/#3/46@ N'( 246( (6";4K#2(0 41/#--
%'(&"41*&#??(/(0&2#&1;$(&4-&%#&.'4%&*,20&#?&-',>&,%&6,3'%&"(@
1+#%?#'(&7.;:L
N'( -',> ;##6(0 ;4/3(/ 420 ;4/3(/5 420 -##2 D,2-*(9 1#$;0
-(( 4 ;#2( ?,3$/( #2 %'( /(4/ 0(1*k4 -64;;5 -#;,%4/9 6425 0((>;9
%422(05 .4%1',23 %'(6 %'/#$3' ",2#1$;4/-@ !- %'( %(20(/ 4/:
/,8(0 4% 1+# ?#'(&7.;:G- (B>42-,8( /(4/ 0#1*,23 >;4%?#/65 %'(
642&0(-1(20(0&%'(&-%4,/-&%#&3/((%&%'(6@
iH/@ D,2-*(95 .(;1#6( 4"#4/0@j N'( -$2:0/(21'(0 642 >#:
;,%(;9 -'##* '(/ '4205 ',- >4;6- -#?% 420 -6##%'5 '4/0;9 %'(
 TZV[VZY
'420- #? 4 "#4%642@ ia 4>>/(1,4%( 9#$/ 1#6,23@ E#;;#. 6(5
>;(4-(@j
!- %'( 3/#$> 4-1(20(0 -(8(/4; 0(1*-5 D,2-*(9 14$3'% ?;((%,23
3;,6>-(- #? .'4% ;##*(0 ;,*( "$-9 1$",1;( ?4/6-@ N',- -%/423(
-',> .4- 41%$4;;9 >41*(0 .,%' >(#>;(5 "$% 2#2( .(/( /(;4B:
,23k%'(9&.(/(&4;;&.#/*,23@
O43$.'B%4'%9+&5L
!- %'(9 1#2%,2$(0 1;,6",235 D,2*-(9 1#$;0 '(4/ %'( -',>G-
64--,8( (23,2(- >#.(/ $>5 1'$/2,23 4 0((> .4*( 4- %'( 941'%
"(342&6#8,23&434,2@
O+#3#%&3#%9#%B4.'BL -'(&.#20(/(05&4;4/6(0@
iaG0 ;,*( %# ->(4* %# H/@ D,2-*(9 4;#2(5j %'( 642 -4,0 %# %'(
-#;0,(/-5&>4$-,23&%#&3;421(&4%&D,2-*(9@&ia?&%'4%G-&#*49&.,%'&9#$nj
P;,K4"(%'&2#00(0@
iD,/5j )/t0(/ -4,0 ?#/1(?$;;95 iaG0 ;,*( %# /(1#66(20 H/@ D,2:
-*(9 "( (B46,2(0 "9 9#$/ #2"#4/0 >'9-,1,42@ D'(G- '40 -#6(
6(0,14;kj
iaG6&?,2(5j&D,2-*(9&,2%(/C(1%(0@&iN/$;9@&N'42*&9#$5&%'#$3'@j
N'( >/#8#-% (9(0 )/t0(/ 4 ;#23 6#6(2% 420 %'(2 6#%,#2(0
%# 4 %4";( #? ?##0 420 0/,2* "(,23 -(% $> #2 %'( 0(1*@ iM4%1'
9#$/ "/(4%'@ ]#$G/( 3#,23 %# 2((0 ,%@ ]#$G;; "( 3#,23 "41*
4-'#/(&8(/9&-'#/%;9@j
+,%'#$% ?$/%'(/ 40#5 %'( >/#8#-% %$/2(0 ',- "41* #2 %'(
43(2% 420 $-'(/(0 D,2-*(9 ,2%# 42 (;(342% -%4%(/##6 420
-%$095&1;#-,23&%'(&0##/&"(',20&',6@
iH/,2*nj&'(&4-*(05&6#%,#2,23&%#&4&"4/@
D'( -'##* '(/ '(405 -%,;; %/9,23 %# %4*( ,2 '(/ ",K4//( -$/:
/#$20,23-@ O+4%.*%5+.*%:&'L%O+&5%(4#*%+#%(4%+#3#L
7(/ '#-% .4- -%$09,23 '(/ 2#.5 ',- ?,23(/- -%((>;(0 "(2(4%'
',- 1',2@ i!/( 9#$ 4.4/( %'4% 69 1;,(2% )(/%/420 m#"/,-% /(:
?(//(0&%#&9#$&4-&o%'(&-,;8(/:'4,/(0&0(8,;Gnj
ia&'48(&4&?(.&1'#,1(&246(-&?#/&',6&4-&.(;;@j
N'( 642 -'#.(0 2# (6#%,#2 4- '( .4;*(0 #8(/ %# ',- 0(-*
420&>#,2%(0&0#.2&4%&4&;4/3(&"##*@&iaG0&;,*(&9#$&%#&;##*&4%&%',-@j
 TZW[VZY
D,2-*(9 .4;*(0 #8(/ 420 (9(0 %'( %#6(@ <&'5#0* 2'-#3'4n
D'( /(14;;(0 %'( '#//,?9,23 ,643(- #? 0(4%' %'4% m#"/,-% '40
-'#.2 '(/ 0$/,23 %'(,/ (21#$2%(/ 4% %'( M#$21,; #2 E#/(,32
<(;4%,#2-@
im#"/,-% 348( %',- %# 6( %.# .((*- 43#@ N'(/(G- 42
,2-1/,>%,#2@j
D,2-*(9 -%$0,(0 %'( '420./,%%(2 %(B% #2 %'( %,%;( >43(@ a% .4-
-,32(0&"9&m#"/,-%@

?)%(#&3%-3.#'(C%5+&'$%)4;%-43%+#,6.'B%:#%-.'(%5+#%6&5+/
1+#%943,(%5+&'$*%)4;C%544/

D,2-*(9&?(;%&4&1',;;@&i+'4%&>4%'&0,0&9#$&'(;>&',6&?,20nj
ia '48( 2# ,0(4@ F/ /4%'(/5 $2%,; 4 ?(. '#$/- 43# a '40 2#
,0(4@j
i!20&2#.nj
iA#. aG8( 640( 4 /4/( (B1(>%,#2 %# 69 >/#%#1#; L 420 aG8(
/(41'(0&#$%&%#&9#$@j
D,2-*(9 '40 %/48(;(0 4 ;#23 .49 420 .4- ,2 2# 6##0 ?#/ 4
1/9>%,1 1#28(/-4%,#2@ iD,/5 a 0#2G% *2#. .'# 9#$ 4/(5 #/ .'4%
%'( '(;; 9#$ 0# #2 %',- -',>5 "$% 9#$ #.( 6( 42 (B>;424%,#2@
N(;; 6( .'9 9#$ '4/"#/(0 4 642 .'# .4- "(,23 41%,8(;9 >$/:
-$(0&"9&%'(&+#/;0&7(4;%'&F/342,K4%,#2@j
H(->,%( D,2-*(9G- '(4%(0 %#2(5 %'( 642 /(>;,(0 ,2 4 6(4-:
$/(0 .',->(/^ ia /(4;,K( 9#$ 420 a '48( "((2 .#/*,23 4% 1/#--:
>$/>#-(-5 "$% a .#$;0 -$33(-% %'4% .( ?#/3(% %'( >4-%@ N'( >4-%
,- %'( >4-%@ N'( ?$%$/(5 a -(2-(5 ,- .'4% 0(6420- #$/ ,66(0,4%(
4%%(2%,#2@j
+,%' %'4%5 %'( 642 >/#0$1(0 4 %,29 /(0 ?;4-' 0/,8( 420 ,2-(/:
%(0 ,% ,2%# ',- 1#6>$%(/5 6#%,#2,23 ?#/ '(/ %# -,% 0#.2@ i)(/:
%/420 m#"/,-% 640( %',- 8,0(#@ 7( .4- '#>,23 a .#$;0 /(;(4-( ,%
?#/&',6&%#6#//#.@j
)(?#/( D,2-*(9 1#$;0 /(->#205 %'( 1#6>$%(/ 6#2,%#/
0,66(05 420 -'( '(4/0 %'( -#?% -#$20- #? ;4>>,23 .4%(/@
 TZX[VZY
P6(/3,23 ?/#6 %'( ";41*2(--5 4 -1(2( "(342 %# %4*( -'4>( L
%'( ,2%(/,#/ #? 4 .4%(/:?,;;(0 148(/2 L ;,*( 4 -$"%(//42(42
>#20@ D%/423(;95 %'( .4%(/ 4>>(4/(0 %# "( ,;;$6,24%(0 ?/#6
.,%',2&L&3;#.,23&.,%'&42&#00&1/,6-#2&;$6,2(-1(21(@
!- %'( ;4>>,23 1#2%,2$(05 %'( 146(/4 %,;%(0 0#.2.4/0 420
0(-1(20(0 ,2%# %'( .4%(/5 ?#1$-,23 ,2 #2 %'( 148(/2G- -,;%:
1#8(/(0 ?;##/@ )#;%(0 %# %'( ?;##/ .4- 4 -',29 /(1%423$;4/
>;4I$(&"(4/,23&42&,2-1/,>%,#25&4&04%(5&420&4&246(@

aA&N7aD&O=!MP5&FA&N7aD&H!NP5
N7P&+F<=H&+!D&M7!AdPH&EF<PgP<@

N'(&04%(&.4-&%#6#//#.@&N'(&246(&.4-&)(/%/420&m#"/,-%@
P;,K4"(%' D,2-*(9 ?(;% '(/-(;? -'$00(/@ i+'4% ,- %',- >;41(nlj
-'(&0(6420(0@&iO+#3# ,-&%',-&>;41(nlj
a2 /(->#2-(5 %'( >/#8#-% -'#.(0 ',- ?,/-% ",% #? (6#%,#2k4
0((> -,3' #? 0,-4>>#,2%6(2% 420 1#21(/2@ iH/@ D,2-*(95j '(
/(>;,(05 ia .4- '#>,23 9#$ 6,3'% *2#. %'( 42-.(/ %# %'4% -46(
I$(-%,#2@j

F2( 6,;( 4.495 #2 %'( .4%(/?/#2% .4;*.49 #? <,84 0(3;,

D1',48#2,5 %'( 8,(. #$% %# -(4 '40 1'423(0 (8(/ -# -;,3'%;9@ N#
429#2( ;##*,23 14/(?$;;95 42 (2#/6#$- 3/49 941'% '40 C$-%
(4-(0 4/#$20 4 ->,% #? ;420 %# %'( (4-%@ a% .4- 2#. "(4/,23
0#.2&#2&D%@&\4/*G-&DI$4/(@
1+#%?#'(&7.;:5&ED:RZXZ&/(4;,K(0&.,%'&4&-$/3(&#?&?(4/@
a%-&3/49&'$;;&.4-&$26,-%4*4";(@
1+#%63484*5%.*%74:.'B%E%&'(%5.:#%.*%3;''.'B%4;5/
 M7!ONP< WQ

DA!`aAd N7<Fhd7 7P!g] 1/#.0- #2 %'( <,84 0(3;, D1',48#2,5

=4230#25 D,(2245 420 E(//,- '$33(0 %'( .4%(/G- (03(5 64*,23
%'(,/ .49 ,2%# D%@ \4/*G- DI$4/( 420 4//,8,23 4% ,%- -#$%'(/2:
6#-%&"#/0(/5&%'(&(03(&.'(/(&%'(&>,4KK4&6(%&%'(&-(4@
7(/( %'( %'/#23 #? %#$/,-%- .4- 4;6#-% ,6>(2(%/4";(5 1/(4%:
,23 4 1;4$-%/#>'#",1 1/$-' 4/#$20 =4230#2 4- %'( 6$;%,%$0(-
3/48,%4%(0 #8(/ %# >'#%#3/4>' %'( %.# 64--,8( 1#;$62- %'4%
-%##0&'(/(5&?/46,23&%'(&-I$4/(@
1+# 4--.7.&, B&5#9&) 54 5+# 7.5)5 =4230#2 %'#$3'% ,/#2,14;;95
*2#.,23 %'( ->#% '40 4;-# "((2 $-(0 ?#/ >$";,1 (B(1$%,#2- $2%,;
4-&;4%(&4-&%'(&(,3'%((2%'&1(2%$/9@
!%#> #2( #? %'( 34%(.49G- 1#;$62- '( 1#$;0 -(( 4 ",K4//(
-%4%$( #? D%@ N'(#0#/(5 >#-,23 >/#$0;9 .,%' ',- -;4,2 0/43#2 #?
;(3(204/9 /(>$%(5 .',1' 4;.49- ;##*(0 %# =4230#2 6$1' 6#/(
;,*(&4&1/#1#0,;(@
!%#> %'( -(1#20 1#;$62 -%##0 %'( $",I$,%#$- -96"#; #?
g(2,1(k%'( .,23(0 ;,#2@ N'/#$3'#$% %'( 1,%95 %'( .,23(0 ;,#2
1#$;0 "( -((2 .,%' ',- >4. /(-%,23 >/#$0;9 #2 42 #>(2 "##*
"(4/,23 %'( =4%,2 ,2-1/,>%,#2 Z&\ 5.D. ?&37#5 #8&'B#,.*5& :#;*
b?&) Z#&7# N# 9.5+ M4;C ?&3$C ?) A8&'B#,.*5c@ !11#/0,23 %#
;(3(205 %'(-( .#/0- .(/( ->#*(2 "9 42 423(; $>#2 D%@ \4/*G-
4//,84; ,2 g(2,1(5 4;#23 .,%' %'( >/(0,1%,#2 %'4% ',- "#09 .#$;0
#2( 049 /(-% '(/(@ N',- 4>#1/9>'4; ;(3(20 .4- ;4%(/ $-(0 "9
g(2(%,42- %# C$-%,?9 >;$20(/,23 D%@ \4/*G- "#2(- ?/#6 !;(B42:
0/,4 ?#/ /("$/,4; ,2 D%@ \4/*G- )4-,;,14@ N# %',- 0495 %'( .,23(0
;,#2 (20$/(- 4- %'( 1,%9G- -96"#; 420 ,- 8,-,";( 4% 2(4/;9 (8(/9
%$/2@
 TQZ[VZY
=4230#2 6#%,#2(0 %# ',- /,3'%5 >4-% %'( 1#;$62-5 41/#-- D%@
\4/*G- DI$4/(@ ia? .( 3(% -(>4/4%(05 6((% 4% %'( ?/#2% 0##/ #?
%'(&"4-,;,14@j
N'( #%'(/- 43/((0 420 I$,1*;9 "(342 -*,/%,23 %'( (03(- #?
%'( 1/#.0 420 ?#;;#.,23 %'( .(-%(/2 .4;; #? %'( H#3(G- O4;41(
,2%# %'( -I$4/(@ H(->,%( %'( ;4.- ?#/",00,23 ?((0,23 %'(65 %'(
1(;("/4%(0 >,3(#2- #? g(2,1( 4>>(4/(0 %# "( 4;,8( 420 .(;;5
-#6( >(1*,23 4"#$% 4% %'( ?((% #? %'( 1/#.0- 420 #%'(/- -.##>:
,23 ,2%# %'( #$%0##/ 14?s- %# >,;;43( $2>/#%(1%(0 "/(40 "4-*(%-
420&%#/6(2%&%'(&%$B(0#(0&.4,%(/-@
N',- 3/420 >,4KK45 $2;,*( 6#-% ,2 P$/#>(5 .4- -'4>(0 2#% ,2
%'( ?#/6 #? 4 -I$4/( "$% /4%'(/ ,2 %'4% #? %'( ;(%%(/ T@ N'(
-'#/%(/ ;(3k*2#.2 4- %'( 6.&``#55&k1#22(1%(0 %'( #1(42 %#
D%@ \4/*G- )4-,;,14@ h> 4'(405 %'( -I$4/( %##* 4 2,2(%9:0(3/((
;(?% %$/2 ,2%# ,%- ;4/3(/ ;(35 .',1' /42 ?/#6 %'( "4-,;,14 %#.4/0
%'( \$-(# M#//(/@ D%/423(;95 /4%'(/ %'42 "(,23 /(1%,;,2(4/5 %'(
-I$4/( .4- 42 ,//(3$;4/ %/4>(K#,05 24//#.,23 -$"-%42%,4;;9 4%
#2( (20@ N',- ?$2:'#$-(:%9>( ,;;$-,#2 640( %'( >,4KK4 ;##* ?4/
;#23(/ %'42 ,% .4-5 42 (??(1% %'4% .4- 411(2%$4%(0 "9 %'( 3/,0 #?
%,;(- .'#-( >4%%(/2- #$%;,2(0 %'( #/,3,24; -%4;;- #? ?,?%((2%':
1(2%$/9&-%/((%&6(/1'42%-@
!- =4230#2 1#2%,2$(0 #2 %#.4/0 %'( (;"#. #? %'( -I$4/(5 '(
1#$;0 -((5 0,/(1%;9 4'(40 ,2 %'( 0,-%421(5 %'( -',66(/,23 ";$(
3;4-- 0,4; #? %'( D%@ \4/*G- M;#1* N#.(/k%'( -46( 4-%/#2#6,1:
4; 1;#1* %'/#$3' .',1' _46(- )#20 '40 %'/#.2 4 8,;;4,2 ,2 %'(
?,;6 ?44'3&$#3@
a% .4- 2#% $2%,; %',- 6#6(2%5 4- '( (2%(/(0 %'( -'(;%(/(0
-I$4/(5 %'4% =4230#2 1#$;0 ?$;;9 4>>/(1,4%( %',- 1,%9G- 6#-%
$2,I$(&#??(/,23@
"4;'(/
+,%' 8,/%$4;;9 2# 14/- #/ 6#%#/,K(0 8(',1;(- #? 429 *,205
g(2,1( (2C#9(0 4 ";,--?$; 4"-(21( #? %'( $-$4; 1,8,1 %/4??,15 -$":
.49-5 420 -,/(2-5 ;(48,23 -#2,1 ->41( ?#/ %'( 0,-%,21%;9 $26(1':
42,14; %4>(-%/9 #? '$642 8#,1(-5 1##,23 >,3(#2-5 420 ;,;%,23
 TQQ[VZY
8,#;,2- -(/(240,23 >4%/#2- 4% %'( #$%0##/ 14?s-@ g(2,1( -#$2:
0(0&;,*(&2#&#%'(/&6(%/#>#;,%42&1(2%(/&,2&%'(&.#/;0@
!- %'( ;4%(:4?%(/2##2 -$2 -%/(46(0 ,2%# D%@ \4/*G- ?/#6 %'(
.(-%5 14-%,23 ;#23 -'40#.- 41/#-- %'( %,;(0 -I$4/(5 =4230#2
3;421(0 $> 4% %'( %#.(/,23 ->,/( #? %'( 146>42,;(5 .',1' /#-(
',3' #8(/ %'( -I$4/( 420 0#6,24%(0 %'( 421,(2% g(2(%,42 -*9:
;,2(@ N'( $>>(/ ;#33,4 #? %'( %#.(/ .4- >41*(0 .,%' '$20/(0-
#? >(#>;(@ P8(2 %'( 6(/( %'#$3'% #? "(,23 $> %'(/( 640( ',6
-',8(/5 420 '( >$% ',- '(40 "41* 0#.2 420 1#2%,2$(0 %'/#$3'
%'(&-(4&#?&'$642,%9@

D,(224 1#$;0 (4-,;9 '48( *(>% $> .,%' =4230#25 "$% E(//,- .4-
;433,23 "(',205 420 D,(224 '40 0(1,0(0 %# ->;,% %'( 0,??(/(21(
,2 #/0(/ %# *((> "#%' 6(2 ,2 -,3'%@ A#.5 '#.(8(/5 4- %'( 0,-:
%421( "(%.((2 %'(6 3/(. 6#/( >/#2#$21(05 -'( ;##*(0 "41*
,6>4%,(2%;9@ E(//,- >#,2%(0 %# ',- 1'(-%5 ,20,14%,23 '( .4- .,2:
0(05&420&6#%,#2(0&?#/&'(/&%#&3#&#2&4'(40@
D,(224 1#6>;,(05 6#8,23 I$,1*;9 4?%(/ =4230#2 420 ;#-,23
-,3'% #? E(//,-@ ](% 4- -'( .#8( '(/ .49 %'/#$3' %'( 1/#.05 4
2433,23 ?((;,23 '(;0 '(/ "41*k%'( -%/423( -$->,1,#2 %'4% E(/:
/,- .4- ;433,23 "(',20 ,2%(2%,#24;;9 L 4- ,? '( .(/( %/9,23 %#
>$%&0,-%421(&"(%.((2&%'(6@
748,23 ;(4/2(0 ;#23 43# %# %/$-% '(/ ,2-%,21%-5 D,(224 0$1*(0
,2%# 42 4;1#8( 420 ;##*(0 #$% ?/#6 %'( -'40#.-5 -1422,23 %'(
1/#.0&"(',20&'(/&420&;##*,23&?#/&E(//,-@
O+#3#%(.(%+#%B4LF
a% .4- 4- ,? '( .(/( 2# ;#23(/ (8(2 %/9,23 %# ?#;;#. %'(6@ D,:
(224 -%$0,(0 %'( ?41(- ,2 %'( 1/#.05 420 ?,24;;9 -'( -4. ',6@
N# '(/ -$/>/,-(5 E(//,- '40 -%#>>(0 420 .4- 1/#$1'(0 ;#.5 %9>:
,23&,2%#&',-&>'#2(@
1+#%*&:#%6+4'#%+#%54,(%:#%+&(%&%(#&(%D&55#3)/
 TQR[VZY
! 8,-1(/4; ?(4/ 3/,>>(0 '(/5 420 434,2 -'( *2(. -'( -'#$;0
%/$-%&,%@
@#%,.#(%54%:#%4'%5+#%53&.'/
!- D,(224 .4%1'(0 ',65 -'( %/,(0 %# ,643,2( .'4% '( .4- 0#:
,23@ D(1/(%;9 %(B%,23 -#6(#2(n <(-(4/1',23 "(',20 '(/ "41*n
N/9,23 %# -#;8( %'( 69-%(/9 #? m#"/,-%G- >#(6 "(?#/( =4230#2
420&D,(224&1#$;0&0#&-#n
+'4%(8(/&',-&/4%,#24;(5&'(&'40&";4%42%;9&;,(0&%#&'(/@
2%7&'05%53;*5%+.:/
D,(224 .#20(/(0 ,? -'( -'#$;0 -%#/6 #8(/ 420 1#2?/#2% ',65
"$% -'( I$,1*;9 0(1,0(0 %# -;,> "41* ,2%# %'( 1/#.0 "(?#/( '(
->#%%(0 '(/@ D'( '(40(0 434,2 %#.4/0 %'( "4-,;,145 -(4/1',23
?#/ =4230#2@ 208# B45 54 9&3' +.: '45 54 3#8#&, &')5+.'B #,*#
54%H#33.*/
D'( .4- #2;9 ?,?%9 94/0- ?/#6 %'( "4-,;,14 .'(2 -'( ?(;% 4
-%/#23&'420&%$33,23&#2&'(/&-.(4%(/&?/#6&"(',20@
D'(&->$2&4/#$20&420&?#$20&'(/-(;?&?41(:%#:?41(&.,%'&E(//,-@
N'( 642 .,%' %'( /4-' .4- >42%,23 '(48,;95 1;(4/;9 '48,23
04-'(0 %'/#$3' %'( 6#" %# 14%1' $> .,%' '(/@ N'(/( .4- 4
?/42%,1&I$4;,%9&4"#$%&',6&%'4%&D,(224&'402G%&-((2&"(?#/(@
iD#//95j '( -4,05 "4/(;9 4";( %# "/(4%'(@ ia 3#% ;#-% ,2 %'(
1/#.0@j
N'(&,2-%42%&D,(224&;##*(0&,2&',-&(9(-5&-'(&*2(.@
@#0*%+.(.'B%*4:#5+.'B/

+'(2 =4230#2 4//,8(0 ,2 ?/#2% #? D%@ \4/*G- )4-,;,145 '( .4-

-$/>/,-(0 %# 0,-1#8(/ %'4% ',- %.# 1#6>42,#2- .(/( 2# ;#23(/
"(',20 ',6@ !;-# #? -$/>/,-( %# =4230#2 .4- %'( 4"-(21( #? 4
;,2( #? %#$/,-%- .4,%,23 %# (2%(/ %'( 1'$/1'@ N'(2 434,25 =423:
0#2 /(4;,K(05 %',- .4- ;4%( 4?%(/2##2 ,2 g(2,1(5 %'( '#$/ .'(2
6#-% %#$/,-%-k%'(,/ (2(/39 ?;433,23 ?/#6 '(489 ;$21'(- #?
 TQS[VZY
>4-%4 420 .,2(k0(1,0(0 %# -%/#;; %'( >,4KK4- #/ -,> 1#??((
/4%'(/&%'42&%/9,23&%#&4"-#/"&429&6#/(&',-%#/9@
!--$6,23 %'4% D,(224 420 E(//,- .#$;0 "( 4//,8,23 4% 429
6#6(2%5 =4230#2 %$/2(0 ',- (9(- %# %'( (2%/421( #? %'( "4:
-,;,14 "(?#/( ',6@ D#6(%,6(- 411$-(0 #? #??(/,23 i42 (6"4/:
/4--,23 -$/?(,% #? ,23/(--5j %'( "$,;0,23G- ;#.(/ ?4140( .4- 4;:
6#-% (2%,/(;9 %4*(2 $> "9 4 >'4;42B #? ?,8( /(1(--(0 (2%/421(-
.'#-( 1;$-%(/(0 1#;$62-5 84$;%(0 4/1'.49-5 420 34>,23 "/#2K(
0##/- 4/3$4";9 640( %'( "$,;0,235 ,? 2#%',23 (;-(5 (6,2(2%;9
.(;1#6,23@
F2( #? P$/#>(G- ?,2(-% ->(1,6(2- #? )9K42%,2( 4/1',%(1%$/(5
D%@ \4/*G- '40 4 0(1,0(0;9 -#?% 420 .',6-,14; 4>>(4/421(@ a2
1#2%/4-% %# %'( 4$-%(/( 3/49 %#.(/- #? A#%/(:H46( #/ M'4/%/(-5
D%@ \4/*G- -((6(0 ,6>#-,23 420 9(%5 -#6('#.5 ?4/ 6#/( 0#.2:
%#:(4/%'@ +,0(/ %'42 ,% .4- %4;;5 %'( 1'$/1' .4- %#>>(0 "9 ?,8(
"$;3,23 .',%(.4-'(0 0#6(- %'4% (B$0(0 42 4,/95 4;6#-% ?(-%,8(
4>>(4/421(5 14$-,23 6#/( %'42 4 ?(. #? %'( 3$,0("##*- %#
1#6>4/(&D%@&\4/*G-&%#&4&6(/,23$(:%#>>(0&.(00,23&14*(@
7,3' 4%#> %'( 1(2%/4; >(4* #? %'( 1'$/1'5 4 -;(20(/ -%4%$( #?
D%@ \4/* 34K(0 0#.2 ,2%# %'( -I$4/( %'4% "#/( ',- 246(@ 7,-
?((% /(-%(0 4%#> 4 1/(-%(0 4/1' %'4% .4- >4,2%(0 6,02,3'% ";$(
420 0#%%(0 .,%' 3#;0(2 -%4/-@ !34,2-% %',- 1#;#/?$; "41*0/#>5
%'( 3#;0(2 .,23(0 ;,#2 #? g(2,1( -%##0 4- %'( -',66(/,23 64-:
1#%&#?&%'(&1,%9@
a% .4- "(2(4%' %'( 3#;0(2 ;,#25 '#.(8(/5 %'4% D%@ \4/*G- 0,-:
>;49(0 #2( #? ,%- 6#-% ?46#$- %/(4-$/(-k?#$/ 6466#%' 1#>:
>(/ -%4;;,#2-k.',1' 4% %'( 6#6(2% .(/( 3;,2%,23 ,2 %'( 4?%(/:
2##2&-$2@
1+#%@43*#*%4-%"5/%?&3$0*/
O#,-(0 4- ,? >/(>4/(0 %# ;(4> 0#.2 4% 429 6#6(2% ,2%# %'(
-I$4/(5 %'(-( ?#$/ >/,1(;(-- -%4;;,#2-k;,*( -# 6429 %/(4-$/(-
'(/( ,2 g(2,1(k'40 "((2 >,;;43(0 ?/#6 M#2-%42%,2#>;( 0$/,23
%'( M/$-40(-@ !2#%'(/ -,6,;4/;9 ;##%(0 .#/* #? 4/% .4- #2 0,-:
>;49 "(2(4%' %'( '#/-(- 4% %'( -#$%'.(-% 1#/2(/ #? %'(
 TQT[VZY
1'$/1'k4 >$/>;( >#/>'9/9 14/8,23 *2#.2 4- 1+# 1#53&37+*@
N'( -%4%$( .4- .(;; *2#.2 ?#/ ,%- 6,--,23 ?##%5 "/#*(2 #??
.',;( ,% .4- "(,23 >;$20(/(0 ?/#6 M#2-%42%,2#>;( ,2 %'( %',/:
%((2%' 1(2%$/9@ \,/41$;#$-;95 ,2 %'( QYVZ-5 %'( ?##% .4- $2:
(4/%'(0 ,2 a-%42"$;@ g(2,1( >(%,%,#2(0 ?#/ %'( 6,--,23 >,(1( #?
-%4%$(5 "$% %'( N$/*,-' 4$%'#/,%,(- /(>;,(0 .,%' 4 -,6>;( 6(-:
-43(^ M4;%*54,#%5+#%*5&5;#W9#03#%$##6.'B%4;3%-445/
i\,-%(/5 9#$ "$9nj 4 .#642G- 8#,1( -4,05 0/4.,23 =4230#2G-
34K(&0#.2.4/0@
! '(489-(% d9>-9 .#642 .4- '#;0,23 $> 4 %4;; >#;( #2 .',1'
'$23 4 1#;;(1%,#2 #? g(2(%,42 64-*-@ \#-% .(/( ,2 %'( >#>$;4/
84,54 .'5#34 -%9;(k%'( -%9;,K(0 ?$;;:?41(05 .',%( 64-*- #?%(2
.#/2 "9 .#6(2 0$/,23 M4/2(84;(@ 7(/ 1#;;(1%,#2 4;-# 1#2:
%4,2(0 -#6( >;49?$; '4;?:?41(0 M#;#6",24 64-*-5 4 ?(.
%/,423;(:1',22(0 "4$%4-5 420 4 -%/4>;(-- \#/(%%4@ H(->,%( '(/
1#;#/?$; #??(/,23-5 %'#$3'5 ,% .4- 4 -,23;(5 3/49,-':";41* 64-*
4% %'( %#> #? %'( >#;( %'4% -(,K(0 =4230#2G- 4%%(2%,#25 ,%- 6(2:
41,23 0(40 (9(- -((6,23 %# -%4/( 0,/(1%;9 0#.2 4% ',6 #8(/ 4
;#235&"(4*(0&2#-(@
1+# 6,&B;# (47543/ =4230#2 48(/%(0 ',- (9(-5 2((0,23 2# /(:
6,20(/&#?&.'4%&'(&.4-&0#,23&'(/(&,2&g(2,1(@
i]#$&"$9nj&%'(&d9>-9&/(>(4%(0@
=4230#2 -6,;(0 .(4*;9 420 -'##* ',- '(40@ Q"4'4 :4,54
D#,,#C%:&%'4C%B3&`.#/R
!- %'( .#642 0(>4/%(05 =4230#2G- 34K( ?#;;#.(0 %'( #6,2:
#$- >;43$( 64-* 4- ,% "#""(0 4"#8( %'( 1/#.0@ 7( -,3'(0 '(48:
,;9 420 /4,-(0 ',- (9(- "41* %# %'( ?#$/ 1#>>(/ -%4;;,#2- #2 %'(
-(1#20:?;##/&"4;1#29@
a2&4&?;4-'5&,%&',%&',6@
=4230#2 ?(;% 4 -$00(2 /$-' #? (;(6(2%- 1/4-',23 %#3(%':
(/k7#/-(- #? D%@ \4/*G-5 g(2(%,42 64-*-5 420 >,;;43(0 %/(4-:
$/(-&?/#6&M#2-%42%,2#>;(@
i\9&d#05j&'(&.',->(/(0@&iN'4%G-&,%lj
 M7!ONP< WR

<F)P<N&=!AdHFA&+!D %/42-?,B(0@
1+#%@43*#*%4-%"5/%?&3$0*F
N'(-( ?#$/ 6432,?,1(2% '#/-(-k.,%' %'(,/ /(34; 2(1*- 420
"#;0 1#;;4/-k'40 ->4/*(0 ,2 =4230#2 4 -$00(2 420 $2(B>(1:
%(0 6(6#/95 #2( '( 2#. /(4;,K(0 '(;0 %'( (B>;424%,#2 #? 4 1/,%:
,14; (;(6(2% #? %'( 69-%(/,#$- >#(6 >/,2%(0 #2 H42%(G- 0(4%'
64-*@
=4230#2 '40 #21( 4%%(20(0 4 1(;("/,%9 .(00,23 /(1(>%,#2 4%
A(. 746>-',/(G- ',-%#/,1 <$2296(0( E4/6k'#6( %# `(2:
%$1*9 H(/"9 .,22(/ H421(/G- a643(@ !- >4/% #? %'( ;48,-' (2:
%(/%4,26(2%5 %'( 3$(-%- .(/( %/(4%(0 %# 4 >(/?#/6421( "9 %'(
>/#6,2(2% (I$,2( %'(4%/,14; %/#$>( )(',20 %'( \4-*k4 -%$2:
2,23 ->(1%41;( ,2 .',1' /,0(/- >(/?#/6(0 ,2 04KK;,23 g(2(%,42
1#-%$6(- .,%' %'(,/ ?41(- ',00(2 "(',20 84,54 .'5#34 64-*-@
N'( %/#$>(G- C(%:";41* E/,(-,42 6#$2%- .(/( %'( ;4/3(-% '#/-(-
=4230#2 '40 (8(/ -((2@ M#;#--4; ,2 -%4%$/(5 %'(-( -%$22,23 42:
,64;- %'$20(/(0 41/#-- %'( ?,(;0 ,2 4 ";$/ #? /,>>;,23 6$-1;(-5
?(4%'(/(0 '##8(-5 420 %'/((:?##% 642(- ?;#.,23 .,;0;9 "(',20
%'(,/&;#235&3/41(?$;&2(1*-@
N'( "(4$%9 #? %'(-( 1/(4%$/(- ;(?% -$1' 42 ,6>/(--,#2 #2
=4230#2 %'4% $>#2 /(%$/2,23 '#6(5 '( /(-(4/1'(0 %'(6 #2:
;,2(5 0,-1#8(/,23 %'( "/((0 '40 #21( "((2 4 ?48#/,%( #? 6(0,(8:
4; *,23- ?#/ $-( 4- .4/'#/-(- 420 '40 "((2 "/#$3'% "41* ?/#6
%'( "/,2* #? (B%,21%,#2 ,2 /(1(2% 9(4/-@ F/,3,24;;9 *2#.2 4-
A^;;* 34D;*5;*5 %'( "/((0G- 6#0(/2 246(5 E/,(-,425 .4- 4
%/,"$%( %# %'(,/ '#6(;420 #? E/,(-;4205 %'( H$%1' >/#8,21( %'4%
.4-&%'(&",/%'>;41(&#?&%'(&"/,;;,42%&3/4>',1&4/%,-%&\@&M@&P-1'(/@
 TQV[VZY
!- ,% %$/2(0 #$%5 %'( >#.(/?$; "#0,(- #? %'( (4/;9 E/,(-,42
'#/-(- '40 ,2->,/(0 %'( /#"$-% 4(-%'(%,1 #? %'( 7#/-(- #? D%@
\4/*G- ,2 g(2,1(@ !11#/0,23 %# %'( +(" -,%(5 %'( 7#/-(- #? D%@
\4/*G- .(/( -# "(4$%,?$; %'4% %'(9 '40 "(1#6( i',-%#/9G- 6#-%
?/(I$(2%;9&-%#;(2&>,(1(-&#?&4/%@j
=4230#2 '40 4;.49- "(;,(8(0 %'4% %',- 0$",#$- '#2#/ "(:
;#23(0 %# %'( I+#'5 >,5&36.#7# 420 >4,0 4 I$,1* 8,-,% %# %'(
!<M! +(" -,%( %# 1#2?,/6 ',- %'(#/9@ N'( !--#1,4%,#2 ?#/ <(:
-(4/1' ,2%# M/,6(- !34,2-% !/% #??(/(0 2# 0(?,2,%,8( /42*,235
"$% %'(9 0,0 #??(/ 4 1#21,-( ',-%#/9 #? %'( -1$;>%$/(-G %/#$";(0
;,?(&4-&4&%4/3(%&#?&>,;;43(&420&>;$20(/@
N'( ?#$/ 1#>>(/ '#/-(- '40 "((2 14-% ,2 %'( ?#$/%' 1(2%$/9
"9 42 $2*2#.2 d/((* -1$;>%#/ #2 %'( ,-;420 #? M',#-5 .'(/(
%'(9 /(64,2(0 $2%,; N'(#0#-,$- aa .',-*(0 %'(6 #?? %# M#2:
-%42%,2#>;( ?#/ 0,->;49 4% %'( 7,>>#0/#6(@ N'(25 0$/,23 %'(
E#$/%' M/$-40(5 .'(2 g(2(%,42 ?#/1(- -41*(0 M#2-%42%,2#>;(5
%'( /$;,23 0#3( 0(6420(0 %'( ?#$/ >/(1,#$- -%4%$(- "( %/42-:
>#/%(0 8,4 -',> 4;; %'( .49 "41* %# g(2,1(5 4 2(4/;9 ,6>#--,";(
?(4% "(14$-( #? %'(,/ -,K( 420 .(,3'%@ N'( '#/-(- 4//,8(0 ,2
g(2,1( ,2 QRUT5 420 .(/( ,2-%4;;(0 ,2 ?/#2% #? %'( ?4140( #? D%@
\4/*G-&M4%'(0/4;@
\#/( %'42 '4;? 4 6,;;(22,$6 ;4%(/5 ,2 QWYW5 A4>#;(#2
1#2I$(/(0 g(2,1( 420 %##* %'( '#/-(- ?#/ ',6-(;?@ N'(9 .(/(
%/42->#/%(0 %# O4/,- 420 >/#6,2(2%;9 0,->;49(0 4%#> %'( !/1 0(
N/,#6>'(@ E,24;;95 ,2 QXQU5 ?#;;#.,23 A4>#;(#2G- 0(?(4% 4%
+4%(/;## 420 ',- (B,;(5 %'( '#/-(- .(/( .,21'(0 0#.2 ?/#6 %'(
!/1 0( N/,#6>'( 420 -',>>(0 #2 4 "4/3( "41* %# g(2,1(5 .'(/(
%'(9 .(/( /(,2-%4;;(0 #2 %'( ?/#2% "4;1#29 #? D%@ \4/*G-
)4-,;,14@
!;%'#$3' =4230#2 '40 "((2 ?4,/;9 ?46,;,4/ .,%' %'( ',-%#/9
#? %'( '#/-(-5 %'( !<M! -,%( 1#2%4,2(0 4 >4--43( %'4% -%4/%;(0
',6@
 TQW[VZY
N'( 0(1#/4%,8( 1#;;4/- .(/( 400(0 %# %'( '#/-(-G 2(1*- ,2 QRZT
"9 %'( g(2(%,42- %# 1#21(4; .'(/( %'( '(40- '40 "((2 -(8(/(0
%# ?41,;,%4%( %'(,/ %/42->#/%4%,#2 "9 -',> ?/#6 M#2-%42%,2#>;(
%#&g(2,1(@

1+# (4B# 43(#3#( 5+# +#&(* 7;5 4-- 5+# @43*#* 4- "5/ ?&3$0*L
a%&-((6(0&$2%',2*4";(&%#&=4230#2@
i<#"(/%nlj&D,(224G-&8#,1(&.4-&14;;,23@
=4230#2 (6(/3(0 ?/#6 ',- %'#$3'%-5 %$/2,23 %# -(( D,(224
>$-',23 '(/ .49 %'/#$3' %'( 1/#.0 .,%' E(//,- 1;#-( 4% '(/
-,0(@
iN'( '#/-(- ,2 %'( >#(6lj =4230#2 -'#$%(0 (B1,%(0;9@ ia
?,3$/(0&,%&#$%lj
i+'4%nj&D,(224&;##*(0&1#2?$-(0@
i+(G/( ;##*,23 ?#/ 4 %/(41'(/#$- 0#3( .'# -(8(/(0 %'( '(40-
?/#6&'#/-(-lj
i](-nj
iN'( >#(6 ,-2G% /(?(//,23 %# ,.8# '#/-(-@j =4230#2 >#,2%(0
',3' #2 %'( ?4140( #? D%@ \4/*G-5 .'(/( 4 -'4?% #? "/,3'% -$2
.4- ,;;$6,24%,23 %'( ?#$/ 1#>>(/ -%4%$(-@ ia%G- /(?(//,23 %# 5+4*#
'#/-(-lj
 M7!ONP< WS

FA )F!<H 1@A ?#'(&7.;:5 H/@ P;,K4"(%' D,2-*(9G- '420- .(/(

%/(6";,23@ D'( .4%1'(0 %'( 8,0(# ,2 %'( >/#8#-%G- -%$095 420
4;%'#$3' -'( '40 -((2 -#6( %(//,?9,23 %',23- ,2 '(/ ;,?(5 %',- ,2:
(B>;,14";( 6#8,( %'4% )(/%/420 m#"/,-% '40 640( "(?#/( ',-
-$,1,0(&;(?%&'(/&?((;,23&4-&1#;0&4-&0(4%'@
F2 %'( -1/((2 "(?#/( '(/5 %'( -'40#. #? 4 "(4*(0 ?41(
.48(/(05 >/#C(1%(0 #2 %'( 0/,>>,23 .4;; #? 42 $20(/3/#$20
148(/2@ N'( -,;'#$(%%( 1#2%,2$(0 ->(4*,235 >/#$0;9 0(-1/,",23
',- 64-%(/>,(1(k%'( 1/(4%,#2 14;;(0 a2?(/2#k.',1' .#$;0
-48(&%'(&.#/;0&"9&1$;;,23&%'(&>#>$;4%,#2@
I4( *&8# ;*5 D,2-*(9 %'#$3'%@ i+( 6$-% Lj -'( -4,05 '(/
8#,1( I$48(/,23@ i+( :;*5 ?,20 %'4% $20(/3/#$20 ;#14%,#2@ a%
649&2#%&"(&%##&;4%(@j
i`((>&.4%1',235j&%'(&>/#8#-%&/(>;,(0@&ia%&3(%-&-%/423(/@j
D$00(2;9 %'( -'40#. #? %'( 64-* 3/(. ;4/3(/ #2 %'( .(%
.4;;5 ;##6,23 '$3(;9 "(?#/( '(/5 $2%,; 4 ?,3$/( -%(>>(0 -$0:
0(2;9&,2%#&%'(&?/46(@
@4,)%*+.5/
D,2-*(9 .4- -%4/,23 4% 4 ?$;;9 #$%?,%%(0 >;43$( 0#1%#/k1#6:
>;(%( .,%' %'( ";41* 1;#4* 420 1',;;,23 "(4*(0 64-*@ N'(
>;43$( 0#1%#/ .4- .4;*,23 0,/(1%;9 %#.4/0 %'( 146(/45 ',-
64-*&?,;;,23&%'(&(2%,/(&-1/((2&%#&%(//,?9,23&(??(1%@
i oN'( 04/*(-% >;41(- ,2 '(;;5G j '( .',->(/(05 i o4/( /(-(/8(0
?#/ %'#-( .'# 64,2%4,2 %'(,/ 2($%/4;,%9 ,2 %,6(- #? 6#/4;
1/,-,-@G&j
D,2-*(9 ?(;% 3##-( "$6>- #2 '(/ 2(1*@ a% .4- %'( -46( I$#:
%4%,#2 %'4% m#"/,-% '40 ;(?% ?#/ '(/ 4% %'( 4,/;,2( 1#$2%(/ .'(2
-'(&'40&(;$0(0&',6&,2&A(.&]#/*&4&9(4/&43#@
 TQY[VZY
ia *2#.5j %'( >;43$( 0#1%#/ 1#2%,2$(05 i%'4% %'(/( 4/( %'#-(
.'# 14;; 6( 6#2-%(/@j 7( >4$-(05 420 D,2-*(9 -(2-(0 ',-
.#/0- .(/( 0,/(1%(0 4% '(/@ ia *2#. %'(/( 4/( %'#-( .'# %',2*
6( 4 '(4/%;(-- "(4-% .'# ',0(- "(',20 4 64-*@j 7( >4$-(0
434,25 -%(>>,23 1;#-(/ -%,;; %# %'( 146(/4@ i)$% a 46 2#% ?41(:
;(--@&A#/&46&a&'(4/%;(--@j
+,%' %'4%5 m#"/,-% >$;;(0 #?? ',- 64-* 420 ;#.(/(0 %'( '##0
#? ',- 1;#4*k',- ?41( ;4,0 "4/(@ D,2-*(9 -%,??(2(05 -%4/,23 ,2%#
%'( ?46,;,4/ 3/((2 (9(- -'( '40 ;4-% -((2 ,2 %'( 04/*2(-- #? %'(
ME<@ 7,- (9(- ,2 %'( 8,0(# '40 %'( -46( >4--,#2 420 ?,/(5 "$%
%'(/( .4- -#6(%',23 (;-( ,2 %'(6 2#.k%'( .,;0 K(4; #? 4
640642@
i\9 246( ,- )(/%/420 m#"/,-%5j '( -4,05 -%4/,23 ,2%# %'( 146:
(/4@ i!20 %',- ,- 69 ?41(5 $28(,;(0 420 24*(0 ?#/ %'( .#/;0 %#
-((@ !- ?#/ 69 -#$; L ,? a 1#$;0 '#;0 4;#?% 69 ?;46,23 '(4/%5 4-
0,0 H42%(G- =#/0 ?#/ ',- "(;#8(0 )(4%/,1(5 9#$ .#$;0 -(( a 46
#8(/?;#.,23 .,%' ;#8(@ N'( 0((>(-% *,20 #? ;#8(@ E#/ 4;; #? 9#$@
!205&4"#8(&4;;5&?#/ 4'# #?&9#$@j
m#"/,-% -%(>>(0 1;#-(/ -%,;;5 34K,23 0((> ,2%# %'( 146(/4 420
->(4*,23&-#?%;95&4-&,?&%#&4&;#8(/@
i\9 ;#8(5j '( .',->(/(05 i69 >/(1,#$- ;#8(@ ]#$ 4/( 69
"(4%,%$0(5 69 0(-%/#9(/ #? 4;; 8,1(-5 69 (20#/-(/ #? 4;; 8,/%$(5
69 -4;84%,#2@ ]#$ 4/( %'( #2( .'# ;49 24*(0 4% 69 -,0( 420
$2.,%%,23;9 '(;>(0 6( 41/#-- %'( 4"9--5 3,8,23 6( %'( -%/(23%'
%#&0#&.'4%&a&2#.&'48(&0#2(@j
D,2-*(9&;,-%(2(0&.,%'&/(>$;-,#2@
i\9 ;#8(5j m#"/,-% 1#2%,2$(0 ,2 4 0#;(?$; .',->(/ %'4%
(1'#(0 ,2 %'( 3'#-%;9 -$"%(//42(42 148(/2 ,2 .',1' '( ->#*(@
i]#$ 4/( 69 ,2->,/4%,#2 420 69 3$,0(5 69 g,/3,; 420 69 )(:
4%/,1( 4;; ,2 #2(5 420 %',- 64-%(/>,(1( ,- 4- 6$1' 9#$/- 4- ,% ,-
6,2(@ a? 9#$ 420 a5 4- -%4/:1/#--(0 ;#8(/-5 2(8(/ %#$1' 434,25 a
-'4;; ?,20 69 >(41( ,2 *2#.,23 %'4% a '48( ;(?% %'( ?$%$/( ,2
9#$/ 3(2%;( '420-@ \9 .#/* "(;#. ,- 0#2(@ !20 2#. %'( '#$/
 TRZ[VZY
'4- 1#6( ?#/ 6( %# 1;,6" 434,2 %# %'( .#/;0 4"#8( L 420 /("(:
'#;0&%'(&-%4/-@j
m#"/,-% -%#>>(0 %4;*,235 420 %'( .#/0 *5&3* (1'#(0 4 6#:
6(2% ,2 %'( 148(/2@ N'(25 8(/9 14;6;95 m#"/,-% /(41'(0 #$% 420
%#$1'(0&%'(&146(/45&(20,23&',-&%/42-6,--,#2@
N'(&-1/((2&.(2%&";41*@
iN'( $20(/3/#$20 ;#14%,#25j %'( >/#8#-% -4,05 %$/2,23 #?? %'(
6#2,%#/@&i+(&0#2G%&/(1#32,K(&,%@&H#&9#$nj
D,2-*(9 -'##* '(/ '(40@ 208# '#8#3 *##' &')5+.'B ,.$# .5/ D'(
%'#$3'% #? <#"(/% =4230#25 .#20(/,23 ,? '( '40 640( 429
6#/(&'(40.49&,2&0(1,>'(/,23&m#"/,-%G-&1;$(-@
ia? ,%G- #? 429 '(;>5j %'( >/#8#-% -4,05 ia "(;,(8( a *2#. .'#
m#"/,-%G- ;#8(/ ,-@j 7( >4$-(0@ i!2 ,20,8,0$4; 1#0(:246(0
ED:RZXZ@j
D,2-*(9 C$6>(0 $>@ iED:RZXZnlj D'( -%4/(0 4% %'( >/#8#-% ,2
-'#1*@
N'( >/#8#-% ;##*(0 (I$4;;9 -%4/%;(0@ iN'4% 6(42- -#6(%',23
%#&9#$nj
D,2-*(9&348(&42&,21/(0$;#$-&2#0@&ia%&6#-%&1(/%4,2;9&0#(-@j
D,2-*(9G- '(4/% .4- >#$20,23@ H"Vabcb@ +',;( -'( 0,02G%
*2#. %'( ,0(2%,%9 #? %'( ,20,8,0$4;5 -'( 1(/%4,2;9 *2(. .'4%
%'( 1#0( 246( -%##0 ?#/@ N'( +7F '40 "((2 6#2,%#/,23 -,6,;:
4/&1#0(&246(-&?#/&9(4/-@
iN'( N/42-'$642,-% 6#8(6(2%5j -'( -4,0@ i!/( 9#$ ?46,;,4/
.,%'&,%nj
N'(&>/#8#-%&-'##*&',-&'(40@
ia2 %'( -,6>;(-% %(/6-5j D,2-*(9 (B>;4,2(05 iN/42-'$642,-6
,- 4 >',;#-#>'9 -%4%,23 %'4% '$642- -'#$;0 $-( 4;; 484,;4";(
%(1'2#;#3,(- %# (23,2((/ #$/ #.2 ->(1,(- %# 64*( ,% -%/#23(/@
D$/8,84;&#?&%'(&?,%%(-%@j
N'(&>/#8#-%&-'/$33(0&4-&,?&$26#8(0@
id(2(/4;;9 ->(4*,235j -'( 1#2%,2$(05 i%'( N/42-'$642,-%
6#8(6(2% ,- 640( $> #? /(->#2-,";( ,20,8,0$4;-k(%',14;;9 41:
1#$2%4";( -1,(2%,-%-5 ?$%$/,-%-5 8,-,#24/,(-k"$%5 4- ,2 6429
 TRQ[VZY
6#8(6(2%-5 %'(/( (B,-%- 4 -64;; "$% 6,;,%42% ?41%,#2 %'4% "(:
;,(8(- %'( 6#8(6(2% ,- 2#% 6#8,23 ?4-% (2#$3'@ N'(9 4/( 4>#:
14;9>%,1 %',2*(/- .'# "(;,(8( %'( (20 ,- 1#6,23 420 %'4%
-#6(#2( 2((0- %# %4*( 0/4-%,1 41%,#2 %# -48( %'( ?$%$/( #? %'(
->(1,(-@j
i!20 aG6 3$(--,235j %'( >/#8#-% -4,05 i%'4% )(/%/420 m#"/,-%
.4-&#2(&#?&%'(-(&>(#>;(nj
i!"-#;$%(;95j D,2-*(9 -4,0@ i! ;(40(/ #? %'( 6#8(6(2%@ a2 40:
0,%,#2 %# "(,23 ',3';9 ,2%(;;,3(2%5 '( .4- (2#/6#$-;9 1'4/,-:
64%,1 420 >(22(0 0##6-049 4/%,1;(- %'4% ->4.2(0 42 (2%,/(
1$;% #? K(4;#%- ?#/ N/42-'$642,-6@ N#0495 6429 #? ',- ?424%,1:
4; 0,-1,>;(- $-( %'(-( 1#0( 246(-5 4;; #? .',1' %4*( 4 -,6,;4/
?#/6k%.# ;(%%(/- 420 4 ?#$/:0,3,% 2$6"(/k?#/ (B46>;(5
Hd:RZVT5&)!:RQZU5&#/&%'(&#2(&9#$&C$-%&6(2%,#2(0@j
iED:RZXZ@j
D,2-*(9 2#00(0@ iN'4% 1#$;0 4',) "( 4 N/42-'$642,-% 1#0(
246(@j
iH#&%'(&2$6"(/-&420&;(%%(/-&'48(&6(42,23nj
D,2-*(9 6#%,#2(0 %# ',- 1#6>$%(/@ iO$;; $> 9#$/ "/#.-(/@ aG;;
-'#.&9#$@j
N'( >/#8#-% ;##*(0 $21(/%4,2 "$% .(2% %# ',- 1#6>$%(/ 420
;4$21'(0&4&-(4/1'&(23,2(@
iD(4/1' ?#/ oE\:RZSZ5G j D,2-*(9 -4,05 -(%%;,23 ,2 "(',20
',6@
N'( >/#8#-% %9>(0 H?Vabhb5 420 %'#$-420- #? +(" >43(-
4>>(4/(0@
iM;,1*&429&#?&%'(65j&D,2-*(9&-4,0@
N'( >/#8#-% 1;,1*(0 %'( %#> ',%5 .',1' /(%$/2(0 4 +,*,>(0,4
>43( -'#.,23 4 >,1%$/( #? 4 '420-#6( a/42,42 642kH#3V
#.(4;' ?/ A*-&'(.&3)k.'#6 ,% 0(-1/,"(0 4- 42 4$%'#/5 >',;#:
-#>'(/5 ?$%$/,-%5 420 ?#/(?4%'(/ #? %'( N/42-'$642,-% 6#8(:
6(2%@ )#/2 ,2 QYSZ5 '( .4- 1/(0,%(0 .,%' ,2%/#0$1,23
N/42-'$642,-% >',;#-#>'9 %# %'( 6$;%,%$0(-5 4- .(;; 4-
 TRR[VZY
>/(-1,(2%;9 >/(0,1%,23 ,2 8,%/# ?(/%,;,K4%,#25 3(2(%,1 (23,2((/,235
420&%'(&3;#"4;,K4%,#2&#?&1,8,;,K4%,#2@
!11#/0,23 %# +,*,>(0,45 P-?420,4/9G- "#;0(-% 1;4,6 .4- %'4%
2(. %(1'2#;#3,(- .#$;0 (24";( ',6 %# ;,8( %# "( 4 '$20/(0
9(4/- #;05 4 /4/,%9 ?#/ ',- 3(2(/4%,#2@ !- 4 0,->;49 #? ',- 1#2?,0:
(21( ,2 ?$%$/( %(1'2#;#395 E(/(,0#$2 \@ P-?420,4/9 1'423(0
',- 246( %# E\:RZSZ5 4 1#0( 246( 1/(4%(0 "9 1#6",2,23 ',-
?,/-% 420 6,00;( ,2,%,4;- 4;#23 .,%' %'( 9(4/ ,2 .',1' '( .#$;0
%$/2 #2( '$20/(0@ D40;95 '( -$11$6"(0 %# >421/(4%,1 1421(/ 4%
43( -(8(2%9 420 2(8(/ /(41'(0 ',- 3#4;5 "$% ,2 '#2#/ #? ',-
6(6#/95 K(4;#$- N/42-'$642,-% ?#;;#.(/- -%,;; >4,0 %/,"$%( %#
E\:RZSZ&"9&40#>%,23&',-&246,23&%(1'2,I$(@
+'(2 %'( >/#8#-% ?,2,-'(0 /(40,235 '( -%##0 $> 420 .4;*(0
%# %'( .,20#.5 -%4/,23 ";42*;9 #$% 4% %'( #1(42 ?#/ 4 ;#23
6#6(2%@
iD#5j '( ?,24;;9 .',->(/(05 4- ,? %',2*,23 4;#$0@ i)(/%/420
m#"/,-%G- ;#8(/k%',- ED:RZXZk,- #"8,#$-;9 #2( #? %'(-( L
13&'*+;:&'.*5*@j
i+,%'#$% 4 0#$"%5j D,2-*(9 /(>;,(0@ iaG6 -#//9 a 0#2G% *2#.
(B41%;9&.'#&%',-&ED:RZXZ&,-5&"$%kj
iN'4% .4- 69 >#,2%5j %'( >/#8#-% ,2%(//$>%(05 -%,;; -%4/,23
#$%&%#&-(4@&ia (4 *2#.@&a&*2#.&(B41%;9&.'#&,%&,-@j
 M7!ONP< WT

1@A%>2P%21"ATH*##:*%-&*+.4'#(%4-%B4,(/
<#"(/% =4230#2 '40 8,-,%(0 6429 6432,?,1(2% 14%'(0/4;- ,2
',- ;,?(5 "$% %'( 46",(21( #? D%@ \4/*G- M',(-4 0GF/# 4;.49-
-%/$1* ',6 4- %/$;9 -,23$;4/@ E#/ 1(2%$/,(- ,% '40 "((2 1;4,6(0
%'4% -,6>;9 "/(4%',23 %'( 4,/ #? D%@ \4/*G- .#$;0 64*( 9#$ 4
/,1'(/ >(/-#2@ N'( -%4%(6(2% .4- ,2%(20(0 %# "( $20(/-%##0
2#%&#2;9&6(%4>'#/,14;;95&"$%&4;-#&;,%(/4;;9@
+,%' 42 ,2%(/,#/ 8(2((/ 1#2-,-%,23 #? -(8(/4; :.,,.4' 421,(2%
3#;0 %,;(-5 6429 #? %'( 0$-% >4/%,1;(- '#8(/,23 ,2 %'( 4,/ .(/(
-4,0 %# "( 41%$4; ?;(1*- #? 3#;0@ N',- -$->(20(0 3#;0 0$-%5 1#6:
",2(0 .,%' %'( "/,3'% -$2;,3'% %'4% -%/(46(0 %'/#$3' %'( ;4/3(
.(-%(/2 .,20#.5 640( ?#/ 4 8,"/42% 4%6#->'(/( %'4% '(;>(0
%'( ?4,%'?$; 4%%4,2 "#%' ->,/,%$4; .(4;%' 4205 >/#8,0(0 %'(9 ,2:
'4;(0 0((>;95 4 6#/( .#/;0;9 (2/,1'6(2% ,2 %'( ?#/6 #? 3,;0,23
%'(,/&;$23-@
!% %',- '#$/5 %'( ;#. -$2 >,(/1,23 %'( .(-% .,20#. ->/(40
#$% #8(/ =4230#2G- '(40 ;,*( 4 "/#405 3;(46,23 ?425 #/ 42 4.2:
,23 #? /40,42% -,;*@ =4230#2 1#$;0 2#% '(;> "$% 0/4. 42 4.(:
-%/$1* "/(4%'5 420 '( -(2-(0 D,(224 420 E(//,- 0# %'( -46( "(:
-,0(&',6@
i+',1'&.49nj&D,(224&.',->(/(0@
=4230#2 6#%,#2(0 %#.4/0 4 -(% #? 4-1(20,23 -%4,/-@ N'( 6$:
-($6 -(1%,#2 #? %'( 1'$/1' .4- #2 %'( $>>(/ ;(8(; 420 1#2:
%4,2(0 42 (B%(2-,8( (B',",% 0(8#%(0 %# %'( 7#/-(- #? D%@ \4/*G-5
.',1' =4230#2 "(;,(8(0 .#$;0 I$,1*;9 /(8(4; %'( ,0(2%,%9 #?
%'(&69-%(/,#$-&0#3(&.'#&'40&-(8(/(0&%'(&42,64;-G&'(40-@
!- %'(9 1;,6"(0 %'( -%4,/-5 '( 1#$;0 -(( %'4% E(//,- .4- -%/$3:
3;,23 434,2 .,%' ',- "/(4%',235 420 D,(224 14$3'% =4230#2G-
 TRT[VZY
(9(5 .',1' -'( '40 "((2 %/9,23 %# 0# ?#/ -(8(/4; 6,2$%(- 2#.@
7(/ (B>/(--,#2 .4- 14$%,#24/9 4- -'( 2#00(0 0,-1/((%;9 %#.4/0
E(//,- 420 6#$%'(0 -#6(%',23 =4230#2 1#$;02G% $20(/-%420@
)(?#/( '( 1#$;0 4-* '(/ ?#/ 1;4/,?,14%,#25 %'#$3'5 E(//,- 3;421(0
"41*5 4 ->;,% -(1#20 %## ;4%(5 ?#/ D,(224 '40 4;/(409 48(/%(0 '(/
(9(-&420&.4-&-%4/,23&0,/(1%;9&4%&E(//,-@
i]#$&#*495&H#1%#/nj&-'(&4-*(0&,22#1(2%;9@
E(//,-&2#00(0&420&1;,6"(0&?4-%(/@
1+# 5&,#'5#( &753#**5 =4230#2 %'#$3'%5 D;5 9+&5 9&* *+#
53).'B%54%5#,,%:#L
+'(2 %'(9 /(41'(0 %'( -(1#20 %,(/5 %'(9 1#$;0 -(( %'( (2%,/(
"4-,;,14 ->/(40 #$% "(2(4%' %'(6@ N'( -421%$4/9 '40 "((2 1#2:
-%/$1%(0 ,2 %'( ?#/6 #? 4 d/((* M/#--5 ?4/ 6#/( -I$4/( ,2 4>:
>(4/421( %'42 %'( (;#234%(0 /(1%423;(- #? D%@ O(%(/G- #/ A#%/(:
H46(@ +,%' 4 -'#/%(/ 0,-%421( ?/#6 24/%'(B %# 4;%4/5 D%@ \4/*G-
(B$0(0 4 /#"$-%5 -%$/09 I$4;,%95 4- .(;; 4- 4 ?((;,23 #? 3/(4%(/
411(--,",;,%9@
A#% %# 4>>(4/ 544 411(--,";(5 '#.(8(/5 %'( 1'$/1'G- 4;%4/
/(-,0(0 "(',20 4 1#;$62(0 -1/((2 %#>>(0 "9 42 ,6>#-,23 1/$:
1,?,B@ a% .4- -'(;%(/(0 "9 42 (;(342% 1,"#/,$6 420 "#4-%(0 #2(
#? %'( 6#-% 84;$4";( 4;%4/>,(1(- ,2 %'( .#/;0k%'( ?46(0 Z&,&
(0K34/ !2 (B>42-,8( "41*0/#> #? 3,;0(0 -,;8(/5 %',- i3#;0(2
1;#%'j .4- 4 ?4"/,1 #2;9 ,2 %'( -(2-( %'4% ,% .4- 4 ?$-(0 %4>(-%/9
#? >/(8,#$- .#/*-k>/,64/,;9 )9K42%,2( (246(;k4;; ,2%(/:
.#8(2 ,2%# 4 -,23;( d#%',1 ?/46(@ !0#/2(0 .,%' -#6( %',/%((2
'$20/(0 >(4/;-5 ?#$/ '$20/(0 34/2(%-5 %'/(( '$20/(0 -4>:
>',/(-5 4- .(;; 4- (6(/4;0-5 46(%'9-%-5 420 /$",(-5 %'( Z&,&
(0K34 .4- 1#2-,0(/(05 4;#23 .,%' %'( 7#/-(- #? D%@ \4/*G-5 %#
"(&#2(&#?&%'(&?,2(-%&%/(4-$/(-&,2&g(2,1(@
!/1',%(1%$/4;;9 ->(4*,235 %'( .#/0 D&*.,.7& 0(?,2(0 429
(4-%(/25 )9K42%,2(:-%9;( 1'$/1' (/(1%(0 ,2 P$/#>( #/ %'( +(-%@
)(,23 4 /(>;,14 #? _$-%,2,42G- )4-,;,14 #? %'( 7#;9 !>#-%;(- ,2
M#2-%42%,2#>;(5 D%@ \4/*G- .4- -# (4-%(/2 ,2 -%9;( %'4% 3$,0(:
"##*- #?%(2 -$33(-%(0 ,% 4- 4 8,4";( 4;%(/24%,8( %# 8,-,%,23
 TRU[VZY
N$/*,-' 6#-I$(-5 6429 #? .',1' .(/( )9K42%,2( 14%'(0/4;-
%'4%&'40&"((2&%$/2(0&,2%#&\$-;,6&'#$-(-&#?&.#/-',>@
+',;( =4230#2 .#$;0 2(8(/ 1#2-,0(/ D%@ \4/*G- 4 -%420:,2
?#/ %'( ->(1%41$;4/ 6#-I$(- #? N$/*(95 '( 0,0 '48( %# 406,%
%'4% #2(G- >4--,#2 ?#/ )9K42%,2( 4/% 1#$;0 "( -4%,-?,(0 .,%' 4
8,-,% %# %'( -(1/(% -$,%( #? /##6- C$-% #?? %'( /,3'% %/42-(>% ,2
%',- 1'$/1'5 ,2 .',1' .4- ',00(2 %'( -#:14;;(0 N/(4-$/( #? D%@
\4/*k4 3;,%%(/,23 1#;;(1%,#2 #? RXS >/(1,#$- ,1#2-5 C(.(;-5 420
1'4;,1(-&41I$,/(0&0$/,23&%'(&;##%,23&#?&M#2-%42%,2#>;(@
=4230#2 .4- >;(4-(0 %# ?,20 %'( "4-,;,14 /(;4%,8(;9 I$,(% %',-
4?%(/2##2@ N'(/( .(/( -%,;; %'/#23- #? >(#>;(5 "$% 4% ;(4-% %'(/(
.4- /##6 %# 642($8(/@ +(48,23 ,2 420 #$% #? 84/,#$- 3/#$>-5
=4230#2 3$,0(0 E(//,- 420 D,(224 %#.4/0 %'( .(-% .,20#.5
.'(/( 8,-,%#/- 1#$;0 -%(> #$%-,0( 420 -(( %'( '#/-(- #2 %'( "4;:
1#29@ H(->,%( =4230#2G- 1#2?,0(21( ,2 %'(,/ 4",;,%9 %# ,0(2%,?9
%'( 0#3( ,2 I$(-%,#25 '( /(64,2(0 1#21(/2(0 4"#$% %'( -%(>
%'(9G0 '48( %# %4*( &-5#3 %'4%k;#14%,23 %'( 0#3( ',6-(;?@ @.*
54:DL @.* *5&5;#L N',- .#$;0 >/#"4";9 /(I$,/( -#6( ?#/6 #?
4--,-%421(5 1#2-,0(/,23 %'( '$20/(0- #? -%4%$(- '#$-(0 ,2 %'(
1'$/1' >/#>(/5 %'( ;#.(/ 1/9>%5 420 %'( 0#6(0 %#6"- 4;#23 %'(
1'$/1'G-&2#/%'&4/6@
=4230#2 ->#%%(0 4 9#$23 ?(64;( 0#1(2% 3,8,23 4 %#$/5 420 '(
>#;,%(;9 ,2%(//$>%(0 '(/ %4;*@ iPB1$-( 6(5j '( -4,0@ ia- P%%#/(
g,#&'(/(&%',-&4?%(/2##2nj
iP%%#/( g,#nj N'( .#642 348( =4230#2 42 #00 ;##*@ Q"UC
7#354C :&WR D'( -%#>>(0 -'#/%5 '(/ (9(- "/,3'%(2,23@ QT#. f
P4D#35%T&'B(4'C%8#34LFR%M4;03#%P4D#35%T&'B(4'C%&3#'05%)4;L
=4230#2 -6,;(0 >4%,(2%;9@ i"UC *4'4 .4/ a- ,% >#--,";( %# ->(4*
.,%'&P%%#/(nj
Q"UC *UFR N'( .#642 6#%,#2(0 ?#/ '(/ %#$/ 3/#$> %# .4,% 4
6#6(2%&420&'$//,(0&#??@
=4230#2 420 %'( 6$-($6G- 1$/4%#/5 P%%#/( g,#5 '40 #21( 4>:
>(4/(0 %#3(%'(/ ,2 4 -'#/% 0#1$6(2%4/9 4"#$% %'( "4-,;,145 420
%'(9 '40 *(>% ,2 %#$1' (8(/ -,21(@ iP%%#/( ./#%( %'( "##* #2
 TRV[VZY
%',- "4-,;,145j =4230#2 (B>;4,2(0 %# D,(224@ iD(8(/4; #? %'(65
41%$4;;9@j
D,(224 -%,;; ;##*(0 -%/423(;9 $22(/8(0 "9 E(//,-5 .'# -%49(0
1;#-( .',;( =4230#2 ;(0 %'( 3/#$> 41/#-- %'( $>>(/ /(3,-%(/ %#:
.4/0 %'( .(-% .,20#.5 ?/#6 .',1' %'( '#/-(- 1#$;0 "( -((2@
!- %'(9 /(41'(0 %'( .,20#.5 %'( -%4;;,#2-G 6$-1$;4/ ',20I$4/:
%(/- "(146( 8,-,";( ,2 -,;'#$(%%( 434,2-% %'( 4?%(/2##2 -$2@ F$%
#2 %'( "4;1#295 .420(/,23 %#$/,-%- (2C#9(0 1;#-( 1#2%41% .,%'
%'( '#/-(- 4- .(;; 4- 4 ->(1%41$;4/ >42#/464 #? D%@ \4/*G-
DI$4/(@
iN'(/( %'(9 4/(lj D,(224 (B1;4,6(05 6#8,23 %#.4/0 %'( 0##/
%'4%&;(0&%#&%'(&"4;1#29@
iA#% (B41%;95j =4230#2 -4,0@ iN'( '#/-(- .( -(( #2 %'( "4;:
1#29 4/( 41%$4;;9 C$-% /(>;,14-@ N'( 3#&, 7#/-(- #? D%@ \4/*G-
4/(&*(>%&,2-,0(&?#/&-4?(%9&420&>/(-(/84%,#2@j
=4230#2 3$,0(0 D,(224 420 E(//,- 4;#23 4 1#//,0#/ %#.4/0 4
.(;;:;,% 4;1#8( .'(/( 42 ,0(2%,14; 3/#$>,23 #? ?#$/ -%4;;,#2- 4>:
>(4/(0 %# "( %/#%%,23 %#.4/0 %'(6 #$% #? 4 "41*0/#> #? "/,1*
4/1'.49-@
=4230#2 6#%,#2(0 406,/,23;9 %# %'( -%4%$(-@ i7(/( 4/( %'(
#/,3,24;-@j
P8(/9 %,6( =4230#2 -4. %'(-( '#/-(- $> 1;#-(5 '( 1#$;02G%
'(;> "$% 64/8(; 4% %'( %(B%$/( 420 0(%4,; #? %'(,/ 6$-1$;4%$/(@
F2;9 ,2%(2-,?9,23 %'( 0/464%,1 4>>(4/421( #? %'(,/ /,>>;,23
-*,2 .4- %'( -$6>%$#$-5 3#;0(2:3/((2 8(/0,3/,- %'4% (2%,/(;9
1#8(/(0 %'(,/ -$/?41(@ E#/ =4230#25 -((,23 %'(-( ?#$/ -%4;;,#2-
>(/?(1%;9 64,2%4,2(0 0(->,%( %'(,/ %$6$;%$#$- >4-% .4- 4;.49-
4&/(6,20(/&#?&%'(&,6>#/%421(&#?&>/(-(/8,23&3/(4%&4/%@
iN'(,/ 1#;;4/-5j D,(224 -4,05 6#%,#2,23 %# %'( 0(1#/4%,8(
"/(4-% 1#;;4/- 4/#$20 %'(,/ 2(1*-@ i]#$ -4,0 %'#-( .(/( 400(0n
N#&1#8(/&%'(&-(46nj
=4230#2 '40 %#;0 D,(224 420 E(//,- 4"#$% %'( -%/423(
i-(8(/(0&'(40j&0(%4,;&'(&'40&/(40&4"#$%&#2&%'(&!<M!&+("&-,%(@
 TRW[VZY
i!>>4/(2%;95 9(-5j =4230#2 -4,05 6#8,23 %#.4/0 42 ,2?#/64:
%,#24;&>;414/0&>#-%(0&2(4/"9@
i<#"(/%#lj 4 ?/,(20;9 8#,1( "(;;#.(0 "(',20 %'(6@ i]#$ ,2:
-$;% 6(lj =4230#2 %$/2(0 %# -(( P%%#/( g,#5 4 C#8,4;:;##*,235
.',%(:'4,/(0 642 ,2 4 ";$( -$,%5 .,%' (9(3;4--(- #2 4 1'4,2
4/#$20 ',- 2(1*5 >$-',23 ',- .49 %'/#$3' %'( 1/#.0@ i]#$ 04/(
%#&1#6(&%#&69&g(2,1(&420&2#%&14;;&6(nj
=4230#2 -6,;(0 420 -'##* %'( 642G- '420@ ia ;,*( %# -$/:
>/,-( 9#$5 P%%#/(@ ]#$ ;##* 3##0@ N'(-( 4/( 69 ?/,(20- H/@
)/##*-&420&H/@&E(//,-@j
P%%#/( 3/((%(0 %'(6 420 %'(2 -%##0 "41*5 4>>/4,-,23 =423:
0#2@ iN/48(;,23 .,%' 0#1%#/-n !/( 9#$ -,1*n !20 9#$/ 1;#%',23n
!/(&9#$&%$/2,23&a%4;,42nj
iA(,%'(/5j =4230#2 -4,05 1'$1*;,23@ iaG8( 1#6( ?#/ -#6( ,2:
?#/64%,#2&#2&%'(&'#/-(-@j
P%%#/( ;##*(0 ,2%/,3$(0@ iN'(/( ,- -#6(%',23 %'( ?46#$-
>/#?(--#/&0#(-&2#%&4;/(409&*2#.nj
=4230#2 ;4$3'(0@ ia 2((0 %# ;(4/2 4"#$% %'( -(8(/,23 #?
%'(-(&'#/-(-G&'(40-&?#/&%/42->#/%&0$/,23&%'(&M/$-40(-@j
P%%#/( g,# ;##*(0 4- ,? =4230#2 '40 C$-% ,2I$,/(0 4"#$% %'(
q$((2G- '(6#//'#,0-@ i7(48(2-5 <#"(/%5j '( .',->(/(05 i.(
0#2G% ->(4* #? %'4%@ a? 9#$ .42% %# -(( -(8(/(0 '(40-5 a 142
-'#.&9#$&%'(&?46(0&0(14>,%4%(0 =&3:&B'4,& #/kj
iP%%#/(5 a 2((0 %# *2#. 9+.7+ g(2(%,42 0#3( 1$% #?? %'(-(
'(40-@j
ia% 2(8(/ '4>>(2(05j P%%#/( 1#$2%(/(0 0(?(2-,8(;9@ iaG8(
'(4/0 %'( %4;(-5 #? 1#$/-(5 "$% ',-%#/,14;;9 %'(/( ,- ;,%%;( %# -$3:
3(-%&%'4%&429&0#3(&1#66,%%(0kj
iP%%#/(5 >;(4-(5 '$6#/ 6(5j =4230#2 -4,0@ i!11#/0,23 %# %'(
%4;(5&.',1'&0#3(&.4-&,%nj
P%%#/( >$% #2 ',- 3;4--(- 420 (9(0 =4230#2@ i+(;;5 411#/0,23
%# %'( 5&,#5 #$/ "(;#8(0 '#/-(- .(/( %/42->#/%(0 "9 g(2,1(G-
6#-%&1;(8(/&420&0(1(,%?$;&0#3(@j
iH(1(,%?$;nj
 TRX[VZY
i](-5 %'( 0#3( .'# %/,1*(0 (8(/9#2( ,2%# %'( M/$-40(-@j 7(
(9(0 =4230#2 (B>(1%42%;9@ iN'( 0#3( .'# %##* -%4%( 6#2(9 %#
-4,; %# P39>% L "$% /(0,/(1%(0 ',- %/##>- 420 -41*(0 M#2:
-%42%,2#>;(&,2-%(40@j
"4;'(* ,.$# 53#&7+#3)5 =4230#2 6$-(0@ i!20 .'4% .4- ',-
246(nj
P%%#/( ?/#.2(0@ i<#"(/%5 a %'#$3'% 9#$ .(/( 4 -%$0(2% #?
.#/;0&',-%#/9@j
i](-5 "$% %'( .#/;0 ,- ;4/3(5 420 ',-%#/9 ,- ;#23@ a 1#$;0 $-(
-#6(&'(;>@j
ig(/9&.(;;&%'(25&4&?,24;&1;$(@j
=4230#2 .4- 3#,23 %# >/#%(-%5 "$% '( -(2-(0 %'4% '(G0 "(
.4-%,23&',-&"/(4%'@
i]#$/ 0#3( ;,8(0 ?#/ 2(4/;9 4 1(2%$/95j P%%#/( -4,0@ i! 6,/:
41;( ,2 ',- 049@ D$>(/-%,%,#2 4%%/,"$%(0 ',- ;#23(8,%9 %# ',-
"/48( 41% #? /(-1$,23 %'( "#2(- #? D4,2% =$1,4 ?/#6 M#2:
-%42%,2#>;( 420 "/,23,23 %'(6 "41* %# g(2,1(@ D4,2% =$1,4 ;#-%
'(/&(9(-&%#kj
i7( >;$1*(0 $> %'( "#2(- #? %'( ";,20lj D,(224 ";$/%(05 3;42:
1,23&4%&=4230#25&.'#&'40&C$-%&'40&%'(&-46(&%'#$3'%@
P%%#/( 348( D,(224 42 #00 ;##*@ ia2 4 6422(/ #? ->(4*,235 a
-$>>#-(@j
E(//,- ;##*(0 -$00(2;9 .425 4- ,? '( '40 2#% 9(% 14$3'% ',-
"/(4%' ?/#6 %'( ;#23 .4;* 41/#-- %'( >;4K4 420 %'( 1;,6" $>
%'(&-%4,/-@
ia -'#$;0 4005j P%%#/( -4,05 i%'4% %'( 0#3( ;#8(0 D4,2% =$1,4
-# 6$1' "(14$-( %'( 0#3( ',6-(;? .4- ";,20@ !% %'( 43( #?
2,2(%95 '( -%##0 #$% ,2 %',- 8(/9 -I$4/(5 $24";( %# -(( 4 %',235
420&>/(41'(0&%'(&M/$-40(@j
ia&*2#.&.'#&,%&,-5j&=4230#2&-4,0@
i+(;;5&a&-'#$;0&'#>(&-#lj&P%%#/(&/(>;,(0&.,%'&4&-6,;(@
)(14$-( ',- (,0(%,1 6(6#/9 .4- "(%%(/ -$,%(0 %# ,643(-
/4%'(/ %'42 $21#2%(B%$4;,K(0 ,0(4-5 =4230#2G- /(8(;4%,#2 '40
4//,8(0 ,2 %'( ?#/6 #? 4 >,(1( #? 4/%.#/*k4 ?46#$- ,;;$-%/4%,#2
 TRY[VZY
"9 d$-%48( H#/s 0(>,1%,23 4 .,K(2(05 ";,20 0#3(5 4/6- /4,-(0
',3' #8(/'(40 4- '( ,21,%(0 4 34%'(/(0 1/#.0 %# C#,2 %'( M/$:
-40(@ N'( 246( #? H#/sG- ,;;$-%/4%,#2 .4- 1;(4/ ,2 ',- 6,20^
<&'(4,4%Z3#&7+.'B%5+#%=3;*&(#/
iP2/,1# H420#;#5j =4230#2 0(1;4/(0@ iN'( 0#3( .'# ;,8(0
?#/(8(/@j
QH.'&,:#'5#FR P%%#/( -4,0@ ia ?(4/ 9#$/ 6,20 '4- 43(05 69
?/,(20@j
i!;#23&.,%'&%'(&/(-%&#?&6(@&a-&'(&"$/,(0&'(/(nj
iH420#;#nj&P%%#/(&-'##*&',-&'(40@&iA#5&2#%&'(/(@j
i+'(/(nj&D,(224&0(6420(0@&i!%&%'(&H#3(G-&O4;41(nj
P%%#/( %##* #?? ',- 3;4--(-5 %',2*,23 4 6#6(2%@ id,8( 6( 4
6#6(2%@&N'(/(&4/(&-#&6429&0#3(-5&a&142G%&/(14;;kj
)(?#/( P%%#/( 1#$;0 ?,2,-'5 4 ?/,3'%(2(0:;##*,23 0#1(2% 146(
/$22,23 #8(/ 420 $-'(/(0 ',6 4-,0(5 .',->(/,23 ,2 ',- (4/@ P%:
%#/( -%,??(2(05 ;##*,23 4;4/6(05 420 ,66(0,4%(;9 '$//,(0 #8(/
%# 4 /4,;,235 .'(/( '( >((/(0 0#.2 ,2%# %'( -421%$4/9 "(;#.@
!?%(/&4&6#6(2%&'(&%$/2(0&"41*&%#.4/0&=4230#2@
iaG;; "( /,3'% "41*5j P%%#/( -'#$%(05 420 %'(2 '$//,(0 #??
.,%'#$%&42#%'(/&.#/0@
O$KK;(05 =4230#2 .(2% #8(/ %# %'( /4,;,23 420 >((/(0 #8(/@
O+&50*%B4.'B%4'%(49'%5+#3#L
!% ?,/-% '( -4. 2#%',23 4% 4;;5 C$-% %#$/,-%- 6,;;,23 4/#$20@
!?%(/ 4 6#6(2%5 %'#$3'5 '( /(4;,K(0 %'4% 6429 #? %'( 8,-,%#/-
.(/( -%4/,23 ,2 %'( -46( 0,/(1%,#25 %#.4/0 %'( 64,2 (2%/421(5
%'/#$3' .',1' 42 ,6>#-,23 3/#$> #? ";41*:1;40 -#;0,(/- '40
C$-% (2%(/(0 %'( 1'$/1' 420 .4- ?422,23 #$% 41/#-- %'(
24/%'(B5&";#1*,23&4;;&%'(&(B,%-@
1+# *4,(.#3* .' D,&7$/ =4230#2 ?(;% ',- '420- %,3'%(2 #2 %'(
/4,;,23@
i<#"(/%lj&D,(224&14;;(0&#$%&"(',20&',6@
=4230#2 /(64,2(0 ?,B4%(0 #2 %'( -#;0,(/-@ @49 (.( 5+#)
-.'( ;*LF i<#"(/%5j -'( 14;;(0 6#/( $/3(2%;9@ iD#6(%',23G-
 TSZ[VZY
./#23l 7(;> 6(lj =4230#2 %$/2(0 ?/#6 %'( /4,;,235 >$KK;(0 "9
'(/&1/,(-&?#/&'(;>@
O+#3#%(.(%*+#%B4L
!2 ,2-%42% ;4%(/5 ',- (9(- ?#$20 "#%' D,(224 420 E(//,-@ F2
%'( ?;##/ ,2 ?/#2% #? %'( 7#/-(- #? D%@ \4/*G-5 D,(224 .4- *2((;:
,23 #8(/ H/@ E(//,- L .'# '40 1#;;4>-(0 ,2 1#28$;-,#2-5 1;$%1':
,23&',-&1'(-%@
 M7!ONP< WU

a&N7aA`&7PGD'48,23&4&'(4/%&4%%41*lj&D,(224&-'#$%(0@
=4230#2 '$//,(0 #8(/ %# .'(/( H/@ E(//,- ;49 ->/4.;(0 #2
%'(&?;##/@&N'(&642&.4-&34->,235&$24";(&%#&14%1'&',-&"/(4%'@
O+&5 +&66#'#( 54 +.:LF E#/ =4230#25 (8(/9%',23 '40 1#6(
%# 4 '(40 ,2 4 -,23;( 6#6(2%@ +,%' %'( -#;0,(/-G 4//,84; 0#.2:
-%4,/- 420 E(//,- %'/4-',23 #2 %'( ?;##/5 =4230#2 ?(;% 6#6(2%:
4/,;9&>4/4;9K(05&$2-$/(&.',1'&.49&%#&%$/2@
D,(224 1/#$1'(0 0#.2 #8(/ E(//,- 420 ;##-(2(0 ',- 2(1*%,(5
%(4/,23 #>(2 %'( %#> ?(. "$%%#2- #? ',- -',/% %# '(;> ',6
"/(4%'(@ )$% 4- %'( 642G- -',/% >4/%(05 D,(224 /(1#,;(0 420 ;(%
#$% 4 -'4/> 1/9 #? 4;4/65 1#8(/,23 '(/ 6#$%' 4- -'( -%433(/(0
"41*.4/05&-%4/,23&0#.2&4%&%'(&"4/(&?;(-'&#?&',-&1'(-%@
=4230#2&-4.&,%5&%##@
N'( -*,2 #? E(//,-G- 1'(-% .4- 0((>;9 0,-1#;#/(0@ !2
#6,2#$-:;##*,23 ";$,-':";41* ";(6,-' %'( 1,/1$6?(/(21( #? 4
3/4>(?/$,% ->/(40 #$% 41/#-- ',- -%(/2$6@ E(//,- ;##*(0 ;,*(
'(G0&"((2&',%&,2&%'(&1'(-%&.,%'&4&1422#2"4;;@
iN'4%G- ,2%(/24; ";((0,235j D,(224 -4,05 3;421,23 $> 4% =423:
0#2 .,%' 4 ;##* #? -'#1*@ iA# .#20(/ '(G- "((2 '48,23 %/#$";(
"/(4%',23&4;;&049@j
E(//,- %.,-%(0 ',- '(405 1;(4/;9 %/9,23 %# ->(4*5 "$% '( 1#$;0
#2;9 64*( ?4,2% .'((K,23 -#$20-@ N#$/,-%- '40 -%4/%(0 34%'(/:
,23 4/#$205 420 =4230#2 -(2-(0 %'4% %'( -,%$4%,#2 .4- 4"#$%
%#&3(%&1'4#%,1@
iN'( -#;0,(/- 4/( 0#.2-%4,/-5j =4230#2 .4/2(0 D,(224@ ia
0#2G%&*2#.&'#.&%'(9&?#$20&$-@j
 TSR[VZY
N'( ;##* #? -$/>/,-( 420 ?(4/ #2 D,(224G- ?41( %$/2(0 I$,1*;9
%# 423(/5 420 -'( 3;4/(0 "41* 0#.2 4% E(//,-@ i]#$G8( "((2 ;9:
,23&%#&$-5&'48(2G%&9#$nj
E(//,- 4%%(6>%(0 %# ->(4* 434,25 "$% '( 1#$;0 "4/(;9 64*( 4
-#$20@ D,(224 /#$3';9 -(4/1'(0 E(//,-G- >#1*(%- 420 >$;;(0 #$%
',- .4;;(% 420 >'#2(5 .',1' -'( -;,>>(0 ,2%# '(/ #.2 >#1*(%5
-%420,23&#8(/&',6&2#.&.,%'&42&411$-4%#/9&3;#.(/@
!% %'4% 6#6(2% 42 (;0(/;9 a%4;,42 .#642 >$-'(0 %'/#$3'
%'( 1/#.05 -'#$%,23 423/,;9 4% D,(224@ QT0+&. 74,6.54 &, 6#554FR
D'(&640(&4&?#/1(?$;&6#%,#2&.,%'&'(/&?,-%&434,2-%&'(/&#.2&1'(-%@
QS4FR D,(224 -24>>(0@ iMO< .,;; *,;; ',6l =##* 4% ',- 1'(-%lj
D'( %$/2(0 %# =4230#2@ i<#"(/%5 .( 2((0 %# 3(% #$% #? '(/(@
A#.@j
=4230#2 ;##*(0 0#.2 4% E(//,-5 .'# 0(->(/4%(;9 ;#1*(0 (9(-
.,%'&',65&>;(40,235&4-&,?&'(&.42%(0&%#&1#66$2,14%(&-#6(%',23@
i+(&142G%&C$-%&;(48(&',6lj&=4230#2&-4,0&?/42%,14;;9@
iN/$-% 6(5j D,(224 -4,0@ iN'4%G- 2#% 4 '(4/% 4%%41*@ !20 .(G/(
;(48,23@ S49@j
!- %'( 1/#.0 1;#-(0 ,25 %#$/,-%- "(342 -'#$%,23 ?#/ '(;>@ D,:
(224 3/,>>(0 =4230#2G- 4/6 .,%' -%4/%;,23 ?#/1( 420 0/433(0
',6&4.49&?/#6&%'(&1'4#-5&#$%&,2%#&%'(&?/(-'&4,/&#?&%'(&"4;1#29@
E#/ 4 6#6(2% =4230#2 .4- ";,20(0@ N'( -$2 .4- 0,/(1%;9 ,2
?/#2% #? ',- (9(-5 -,2*,23 ;#. #8(/ %'( .(-%(/2 (20 #? D%@ \4/*G-
DI$4/(5 "4%',23 %'( (2%,/( "4;1#29 ,2 4 3#;0(2 ;,3'%@ D,(224 ;(0
=4230#2 %# %'(,/ ;(?% 4;#23 %'( -(1#20:-%#/9 %(//41(5 -24*,23
%'/#$3' %'( %#$/,-%- .'# '40 -%(>>(0 #$%-,0( %# 406,/( %'(
>,4KK4&420&%'(&/(>;,14-&#?&%'(&7#/-(-&#?&D%@&\4/*G-@
!- %'(9 /$-'(0 4;#23 %'( ?/#2% #? %'( "4-,;,145 %'( ;43##2 .4-
-%/4,3'% 4'(40@ F$% #2 %'( .4%(/5 4 -%/423( -,;'#$(%%( 14$3'%
=4230#2G- (9(k42 $;%/46#0(/2 941'% %'4% ;##*(0 ;,*( -#6(
*,20&#?&?$%$/,-%,1&.4/-',>@
)(?#/( '( 1#$;0 3,8( ,% 4 -(1#20 %'#$3'%5 '( 420 D,(224 '40
1$% ;(?% 434,25 ?#;;#.,23 %'( "4;1#29 4/#$20 %'( -#$%'.(-%
1#/2(/ #? %'( "4-,;,14 %#.4/0 %'( iO4>(/ H##/jk%'( 422(B
 TSS[VZY
1#22(1%,23 %'( "4-,;,14 %# %'( H#3(G- O4;41(k-# 246(0 "(:
14$-(&%'(&0#3(-&>#-%(0&0(1/((-&%'(/(&?#/&%'(&>$";,1&%#&/(40@
S45 & +#&35 &55&7$L N'( ,643( #? E(//,-G- ";41*:420:";$(
1'(-% .4- ,6>/,2%(0 ,2 =4230#2G- 6,205 420 '( -$00(2;9 ?(;%
?(4/?$; 4% %'( >/#->(1% #? '(4/,23 D,(224G- 0,432#-,- #? %'(
642G- 41%$4; ,;;2(--@ \#/(#8(/5 ,% -((6(0 -#6(%',23 '40 -',?:
%(05 420 D,(224 2# ;#23(/ %/$-%(0 E(//,-@ O&* 5+&5 9+) *+#
9&*%53).'B%54%7&57+%:)%#)#%#&3,.#3L
D,(224 -$00(2;9 -*,00(0 %# 4 -%#> 420 ;(42(0 #$% #8(/ %'(
(;(342% "4;$-%/40(5 >((/,23 0#.2 ,2%# 4 1;#,-%(/(0 1#/2(/ #? D%@
\4/*G-&DI$4/(&?4/&"(;#.@
iH462&,%5j&-'(&-4,0@&i+(G/(&',3'(/&$>&%'42&a&%'#$3'%@j
=4230#2&-%4/(0&4%&'(/@ M4;%9#3#%5+.'$.'B%4-%X;:6.'BLF
D,(224 ;##*(0 ?/,3'%(2(0@ i+( 142G% ;(% %'(6 14%1' $-5
<#"(/%@j
=4230#2 %$/2(0 "41* %#.4/0 %'( "4-,;,145 (9(,23 %'( '(489
0##/ #? ./#$3'% ,/#2 420 3;4-- 0,/(1%;9 "(',20 %'(6@ N#$/,-%-
.(/( (2%(/,23 420 (B,%,235 420 ,? =4230#2G- (-%,64%( .4- 1#/:
/(1%5 >4--,23 %'/#$3' %'( 0##/ .#$;0 0(>#-,% %'(6 "41* ,2-,0(
%'(&6$-($6&2(4/&%'(&"41*&#?&%'(&1'$/1'@
iN'(9G;;&'48(&4;;&%'(&(B,%-&1#8(/(05j&D,(224&-4,0@
=4230#2 1#2-,0(/(0 %'(,/ (-14>( #>%,#2- 420 4//,8(0 4% #2;9
#2(@ ia %',2* a -4. -#6(%',23 ,2-,0( %'4% 1#$;0 -#;8( %'4%
>/#";(6@j
)4/(;9 4";( %# ?4%'#6 .'4% '( .4- (8(2 2#. 1#2-,0(/,235
=4230#2 3$,0(0 D,(224 "41* ,2-,0( %'( "4-,;,14@ N'(9 -*,/%(0
%'( >(/,6(%(/ #? %'( 6$-($65 %/9,23 %# -%49 #$% #? -,3'% 46#23
%'( 1/#.05 6429 #? .'#6 .(/( 2#. ;##*,23 0,43#24;;9 41/#--
%'( 84-% #>(2 ->41( #? %'( 1(2%/4; 248( %#.4/0 %'( 1#66#%,#2
3#,23 #2 4/#$20 E(//,-@ =4230#2 ->,(0 %'( 423/9 #;0 a%4;,42
.#642 0,/(1%,23 4 >4,/ #? ";41*:1;40 -#;0,(/- #$% #2%# %'( "4;:
1#295&/(8(4;,23&=4230#2&420&D,(224G-&(-14>(&/#$%(@
 TST[VZY
O#0,, +&8# 54 +;33)5 =4230#2 %'#$3'%5 -1422,23 %'( .4;;-
420 ?,24;;9 ->#%%,23 .'4% '( .4- ;##*,23 ?#/ 2(4/ 4 ;4/3( 0,-:
>;49&#?&%4>(-%/,(-@
N'( 0(8,1( #2 %'( .4;; .4- "/,3'% 9(;;#. .,%' 4 /(0 .4/2,23
-%,1*(/^ !==!<\P&!ANaAMPAHaF@
i!&?,/(&4;4/6nj&D,(224&-4,0@&iN'4%G-&9#$/&>;42nj
i+( 142 -;,> #$% .,%' %'( 1/#.0@j =4230#2 /(41'(0 $> 420
3/4""(0 %'( 4;4/6 ;(8(/@ @#3# B4#* '45+.'B@ !1%,23 I$,1*;9 "(:
?#/( '( 1#$;0 %',2* "(%%(/ #? ,%5 '( >$;;(0 0#.2 '4/05 -((,23 %'(
6(1'42,-6&1;(42;9&-'4%%(/&%'(&-64;;&3;4--&19;,20(/&,2-,0(@
N'( -,/(2- 420 >420(6#2,$6 %'4% =4230#2 (B>(1%(0 2(8(/
146(@
F2;9&-,;(21(@
7(&>$;;(0&434,2@
A#%',23@
D,(224 -%4/(0 4% ',6 ;,*( '( .4- 1/4K9@ i<#"(/%5 .(G/( ,2 4
-%#2( 14%'(0/4; >41*(0 .,%' %#$/,-%-l ]#$ %',2* %'(-( >$";,1
?,/(&4;4/6-&4/( &75.8# .'(2&4&-,23;(&>/42*-%(/&1#$;0kj
iF?&1#$/-(l&E,/(&;4.-&,2&%'(&h@D@kj
i]#$G/( ,2 P$/#>(@ +( '48( ?(.(/ ;4.9(/-@j D'( >#,2%(0 #8(/
=4230#2G-&-'#$;0(/@&i!20&.(G/(&4;-#&#$%&#?&%,6(@j
=4230#2 %$/2(0 %#.4/0 %'( 3;4-- 0##/ %'/#$3' .',1' %'(9G0
C$-% (2%(/(0 420 -4. %.# -#;0,(/- '$//9,23 ,2 ?/#6 %'( "4;1#295
%'(,/ '4/0 (9(- -1422,23 %'( 4/(4@ =4230#2 /(1#32,K(0 #2( 4-
%'( -46( 6$-1$;4/ 43(2% .'# '40 ?,/(0 4% %'(6 #2 %'( N/,*( 4-
%'(9&.(/(&?;((,23&D,(224G-&4>4/%6(2%@
+,%' >/(1,#$- ?(. #>%,#2-5 =4230#2 420 D,(224 -;,>>(0 #$%
#? -,3'% ,2 42 (21;#-(0 ->,/4; -%4,/.(;;5 0(-1(20,23 "41* %# %'(
3/#$20 ?;##/@ +'(2 %'(9 /(41'(0 %'( ;420,235 %'(9 >4$-(0 ,2
%'( -'40#.- #? %'( -%4,/.(;;@ !1/#-- %'( -421%$4/95 -(8(/4; -#;:
0,(/- -%##0 3$4/0,23 %'( (B,%-5 %'(,/ (9(- ,2%(2%;9 -.((>,23 %'(
(2%,/(&/##6@
ia?&.(&-%(>&#$%&#?&%',-&-%4,/.(;;5&%'(9G;;&-((&$-5j&=4230#2&-4,0@
 TSU[VZY
iN'( -%4,/- 3# ?4/%'(/ 0#.25j D,(224 .',->(/(05 6#%,#2,23
%# 42 !MMPDDF gaPN!NF -.43 %'4% 1#/0#2(0 #?? %'( -%4,/- "(:
2(4%' %'(6@ )(9#20 %'( -.435 %'( -%4,/- 0(-1(20(0 ,2 42 (8(2
%,3'%(/&->,/4;&%#.4/0&>,%1'&";41*2(--@
N&( .(#&5 =4230#2 %'#$3'%@ ";D5#33&'#&' 73)65 9.5+ '4
#\.5/
D,(224 '40 4;/(409 -%(>>(0 #8(/ %'( -.43 420 .4- 3/#>,23
'(/&.49&0#.2&%'(&->,/4;&%$22(;5&0,-4>>(4/,23&,2%#&%'(&8#,0@
ia%G-&#>(25j&D,(224&.',->(/(0&?/#6&"(;#.@
=4230#2 .4- 2#% -$/>/,-(0@ N'( 1/9>% #? D%@ \4/*G- .4- 0,?:
?(/(2% ?/#6 6429 #%'(/ -$1' >;41(- ,2 %'4% ,% .4- 4;-# 4 .#/*:
,23 1'4>(;5 .'(/( /(3$;4/ -(/8,1(- .(/( '(;0 ,2 %'( >/(-(21( #?
%'(&"#2(-&#?&D%@&\4/*@
ia&%',2*&a&-((&24%$/4;&;,3'%lj&D,(224&.',->(/(0@
@49 .* 5+&5 64**.D,#L =4230#2 %/,(0 %# /(14;; ',- >/(8,#$-
8,-,%- %# %',- -41/(0 $20(/3/#$20 ->41( 420 3$(--(0 %'4% D,:
(224 .4- >/#"4";9 -((,23 %'( ,;\ #5#3'&k42 (;(1%/,1 ;,3'% %'4%
/(64,2(0 ;,% #2 D%@ \4/*G- %#6" ,2 %'( 1(2%(/ #? %'( 1/9>%@ +,%'
?##%-%(>- 4>>/#41',23 ?/#6 4"#8( ',65 %'#$3'5 =4230#2 0,02G%
'48( %,6( %# %',2*@ 7( I$,1*;9 -%(>>(0 #8(/ %'( -.435 64*,23
-$/( '( 0,02G% 6#8( ,%5 420 %'(2 '( >;41(0 ',- >4;6 #2 %'(
/#$3':'(.2 -%#2( .4;;5 ?((;,23 ',- .49 0#.2 4/#$20 %'( 1$/8(
420&#$%&#?&-,3'%@
D,(224 .4- .4,%,23 ?#/ ',6 4% %'( "#%%#6 #? %'( -%4,/-@ )(:
',20 '(/5 %'( 1/9>% .4- "4/(;9 8,-,";( ,2 %'( 04/*2(--@ a% .4- 4
-I$4% -$"%(//42(42 1'46"(/ .,%' 42 4;4/6,23;9 ;#. -%#2( 1(,;:
,23 -$>>#/%(0 "9 421,(2% >,;;4/- 420 "/,1*:84$;%(0 4/1'.49-@
1+# 9#.B+5 4- 5+# #'5.3# D&*.,.7& 3#*5* 4' 5+#*# 6.,,&3*5 =423:
0#2&%'#$3'%5&4;/(409&?((;,23&1;4$-%/#>'#",1@
iN#;0 9#$5j D,(224 .',->(/(05 '(/ >/(%%9 ?41( ?4,2%;9 ,;;$6,2:
4%(0 "9 %'( ',2% #? 6$%(0 24%$/4; ;,3'%@ D'( >#,2%(0 %# -(8(/4;
-64;;5&4/1'(0&%/42-#6-5&',3'&#2&%'(&.4;;@
T.B+5 9#,,*5 =4230#2 /(4;,K(05 '48,23 ?#/3#%%(2 %'(9 .(/(
'(/(@ N'( .(;;-k0(-,32(0 %# "/,23 ;,3'% 420 ?/(-' 4,/ ,2%# %',-
 TSV[VZY
1/46>(0 1/9>%k#>(2(0 ,2%# 0((> -'4?%- %'4% 0/#>>(0 0#.2
?/#6 D%@ \4/*G- DI$4/( 4"#8(@ N'( .,20#. 3;4-- .4- /(,2:
?#/1(0 .,%' 4 %,3'% ,/#2.#/* >4%%(/2 #? ?,?%((2 ,2%(/;#1*,23
1,/1;(-5 420 4;%'#$3' =4230#2 -$->(1%(0 %'4% %'(9 1#$;0 "(
#>(2(0 ?/#6 ,2-,0(5 %'(9 .(/( -'#$;0(/ '(,3'% 420 .#$;0 "( 4
%,3'% ?,%@ P8(2 ,? %'(9 -#6('#. 64243(0 %# 3(% %'/#$3' %'(
.,20#. ,2%# %'( -'4?%5 1;,6",23 #$% #? %'( -'4?%- .#$;0 "( ,6:
>#--,";(5 -,21( %'(9 .(/( %(2 ?((% 0((> 420 1#8(/(0 "9 '(489
-(1$/,%9&3/4%(-&4%&%'(&%#>@
a2 %'( 0,6 ;,3'% %'4% ?,;%(/(0 %'/#$3' %'( .(;;-5 D%@ \4/*G-
1/9>% /(-(6";(0 4 6##2;,% ?#/(-%k4 0(2-( 3/#8( #? %/$2*;,*(
>,;;4/- %'4% 14-% ;#23 420 '(489:;##*,23 -'40#.- 41/#-- %'(
3/#$20@ =4230#2 %$/2(0 ',- 34K( %# %'( 1(2%(/ #? %'( 1/9>%5
.'(/( 4 ;#2( ;,3'% "$/2(0 4% D%@ \4/*G- %#6"@ N'( "4-,;,14G-
246(-4*( /(-%(0 ,2 4 -%#2( -4/1#>'43$- "(',20 42 4;%4/5 "(?#/(
.',1' %'(/( .(/( ;,2(- #? >(.- ?#/ %'#-( ;$1*9 ?(. ,28,%(0 %#
.#/-',>&'(/(&4%&%'(&'(4/%&#?&g(2(%,42&M'/,-%(20#6@
! %,29 ;,3'% -$00(2;9 ?;,1*(/(0 %# ;,?( "(-,0( ',6 420 =423:
0#2 %$/2(0 %# -(( D,(224 '#;0,23 %'( ,;;$6,24%(0 -1/((2 #? E(/:
/,-G-&>'#2(@
=4230#2 0,0 4 0#$";( %4*(@ ia %'#$3'% E(//,- -4,0 ',- "4%%(/9
.4-&0(40lj
i7( ;,(05j D,(224 -4,05 -%,;; %9>,23@ i!"#$% 4 ;#% #? %',23-@j
D'( ?/#.2(0 4% %'( >'#2( 420 -'##* '(/ '(40@ iA# -,324;@ a
%'#$3'% 649"( a 1#$;0 ?,20 %'( ;#14%,#2 #? P2/,1# H420#;#G-
%#6"@j D'( '$//,(0 #8(/ %# %'( ;,3'% .(;; 420 '(;0 %'( >'#2(
',3'&#8(/'(40&2(4/&%'(&3;4--5&%/9,23&%#&3(%&4&-,324;@
A'3.74 <&'(4,45 =4230#2 %'#$3'%5 '48,23 "4/(;9 '40 4
1'421( %# 1#2-,0(/ %'( 0#3( "(?#/( '48,23 %# ?;(( %'( 4/(4@ H(-:
>,%( %'(,/ 1$//(2% >/(0,146(2%5 %'(,/ 8,-,% %# D%@ \4/*G- '40 ,2:
0((0 -(/8(0 ,%- >$/>#-(k/(8(4;,23 %'( ,0(2%,%9 #? %'( %/(41'(/:
#$- 0#3( .'# -(8(/(0 %'( '(40- ?/#6 '#/-(- L 420 >;$1*(0 $>
%'(&"#2(-&#?&%'(&";,20@
 TSW[VZY
h2?#/%$24%(;95 =4230#2 '40 2# ,0(4 .'(/( P2/,1# H420#;#G-
%#6" .4- ;#14%(05 420 4>>4/(2%;9 2(,%'(/ 0,0 P%%#/( g,#@ @#
$'49* #8#3) .'7+ 4- 5+.* D&*.,.7& E 634D&D,) 4- 5+# <4B#0*
Z&,&7#C 544/ N'( ?41% %'4% P%%#/( '402G% ,66(0,4%(;9 ;#14%(0
H420#;#G- %#6" -$33(-%(0 %# =4230#2 %'4% %'( %#6" .4- >/#":
4";9&2#.'(/(&2(4/&D%@&\4/*G-&#/&%'(&H#3(G-&O4;41(@
"4%9+#3#%.*%.5L
=4230#2 3;421(0 #8(/ 4% D,(2245 .'# .4- 2#. -%420,23 #2 4
>(. %'4% -'( '40 6#8(0 $20(/ #2( #? %'( ;,3'% .(;;-@ D'( $2:
;4%1'(0 %'( .,20#.5 -.$23 ,% #>(25 420 '(;0 E(//,-G- >'#2( #$%
,2%#&%'(&#>(2&4,/&#?&%'(&-'4?%&,%-(;?@
N'( #$%0##/ -#$20- #? D%@ \4/*G- DI$4/( ?,;%(/(0 0#.2 ?/#6
4"#8(5 420 =4230#2 -$00(2;9 .#20(/(0 ,? 649"( %'(/( 9&*
-#6( .49 #$% #? '(/( 4?%(/ 4;;@ N'(/( .4- 4 ;,2( #? ?#;0,23
1'4,/- "(',20 %'( >(.-5 420 =4230#2 -(2-(0 %'4% '( 6,3'% "(
4";( %# '#,-% #2( $> ,2%# %'( ;,3'% .(;;@ ?&)D# 5+# ;66#3 B3&5#*
;',&57+%-34:%.'*.(#%&*%9#,,L
=4230#2 '$//,(0 %'/#$3' %'( 04/*2(-- %#.4/0 D,(224@ 7(
'40 %4*(2 #2;9 4 ?(. -%(>- .'(2 4 >#.(/?$; ";#. %# ',- ?#/(:
'(40 *2#1*(0 ',6 "41*.4/0@ M/$6>;,23 %# ',- *2((-5 '(
%'#$3'% ?#/ 42 ,2-%42% %'4% '( '40 "((2 4%%41*(0@ 7( '40 2#%5
'( I$,1*;9 /(4;,K(05 1$/-,23 ',6-(;? ?#/ 2#% 42%,1,>4%,23 %'4% ',-
-,B:?##% ?/46( ?4/ (B1((0(0 %'( '(,3'% #? 84$;%- "$,;% ?#/ %'( 48:
(/43(&'$642&'(,3'%&#?&6#/(&%'42&4&%'#$-420&9(4/-&43#@
!- '( *2(;% %'(/( #2 %'( '4/0 -%#2( 420 ;(% %'( -%4/- 1;(4/5 '(
?#$20&',6-(;?&34K,23&4%&42&,2-1/,>%,#2&#2&%'(&?;##/@
"&'75;*%?&37;*/
7( -%4/(0 4% ,% 4 ;#23 6#6(2%@ a% .4- 2#% D%@ \4/*G- 246( ,2
%'( ,2-1/,>%,#2 %'4% -%/$1* ',6 "$% /4%'(/ %'( ;423$43( ,2
.',1'&,%&.4-&./,%%(2@
T&5.'/
!?%(/ ',- 049;#23 ,66(/-,#2 ,2 6#0(/2 a%4;,425 =4230#2
?#$20 ',6-(;? 843$(;9 0,-#/,(2%(0 %# -(( D%@ \4/*G- 246( ./,%:
%(2 ,2 =4%,25 4 I$,1* /(6,20(/ %'4% %'( 0(40 ;423$43( .4- %'(
 TSX[VZY
;,23$4 ?/4214 #? %'( <#642 P6>,/( 4% %'( %,6( #? D%@ \4/*G-
0(4%'@
N'(2&4&-(1#20&%'#$3'%&',%&=4230#2@
H$/,23 %'( (4/;9 %',/%((2%' 1(2%$/9k%'( %,6( #? P2/,1# H42:
0#;# 420 %'( E#$/%' M/$-40(k%'( ;423$43( #? >#.(/ .4- -%,;;
8(/9 6$1' =4%,2@ ! g(2(%,42 0#3( .'# '40 "/#$3'% 3/(4% 3;#/9
%# %'( <#642 P6>,/( "9 /(14>%$/,23 M#2-%42%,2#>;( .#$;0
2(8(/ '48( "((2 "$/,(0 $20(/ %'( 246( #? P2/,1# H420#;# L
,2-%(40&',-&=4%,2&246(&.#$;0&'48(&"((2&$-(0@
@#'3.7;*%<&'(4,4/
!20 .,%' %'4%5 4 ;#23:?#/3#%%(2 ,643( -%/$1* ',6 ;,*( 4 C#;%
#? (;(1%/,1,%9@ !;%'#$3' %'( /(8(;4%,#2 '40 1#6( .',;( '( .4-
*2((;,23 ,2 4 1'4>(;5 '( *2(. ,% .4- 2#% 0,8,2(;9 ,2->,/(0@
\#/( ;,*(;95 ,% .4- 2#%',23 6#/( %'42 4 8,-$4; 1$( %'4% ->4/*(0
',- 6,20 %# 64*( 4 -$00(2 1#22(1%,#2@ N'( ,643( %'4% ;(4>(0
-$00(2;9 ?/#6 %'( 0(>%'- #? =4230#2G- 6(6#/9 .4- %'4% #?
H420#;#G- =4%,2 246( L (23/48(0 ,2 4 .#/2 64/";( -;4"5 (6:
"(00(0&,2&42&#/24%(&%,;(&?;##/@
@#'3.7;*%<&'(4,4/
=4230#2 1#$;0 "4/(;9 "/(4%'( 4- '( >,1%$/(0 %'( 0#3(G-
-,6>;( %#6" 64/*(/@ 208# D##' 5+#3#/ O/(1,-(;9 4- %'( >#(6 '40
>/#6,-(05 P2/,1# H420#;# .4- ,20((0 "$/,(0 ,2 4 3,;0(0 6$:
-($6k4 6#$-(,#2 #? '#;9 .,-0#6k"$% ,% .4- 2#% D%@ \4/*G-
)4-,;,14@
!-&%'(&%/$%'&-(%%;(0&,25&=4230#2&1;46"(/(0&-;#.;9&%#&',-&?((%@
ia 142G% 3(% 4 -,324;5j D,(224 -4,05 1;,6",23 0#.2 ?/#6 %'(
;,3'%&.(;;&420&1#6,23&%#.4/0&',6@
i]#$ 0#2G% 2((0 #2(5j =4230#2 64243(0@ iN'( 3,;0(0 6#$:
-(,#2 #? '#;9 .,-0#6 Lj 7( %##* 4 0((> "/(4%'@ ia L 640( 4
6,-%4*(@j
D,(224 .(2% >4;(@ iH#2G% %(;; 6( .(G/( ,2 %'( ./#23
6$-($6@j
iD,(2245j =4230#2 .',->(/(05 ?((;,23 ,;;@ i+(G/( ,2 %'(
./#23&1#$2%/9@j
 M7!ONP< WV

FhN aA DN@ \!<`GD DI$4/(5 %'( d9>-9 .#642 -(;;,23 g(2(%,42

64-*- .4- %4*,23 4 "/(4*5 ;(42,23 434,2-% %'( #$%(/ .4;; #? %'(
"4-,;,14 %# /(-%@ !- 4;.49-5 -'( '40 1;4,6(0 '(/ ?48#/,%( ->#%k4
-64;; 2,1'( "(%.((2 %.# 6(%4; 3/4%(- ,2 %'( >48(6(2%k42
,0(4; ->#% %# -(% 0#.2 '(/ '(489 .4/(- 420 .4%1' %'( -(%%,23
-$2@
D'( '40 .,%2(--(0 6429 %',23- ,2 D%@ \4/*G- DI$4/( #8(/ %'(
9(4/-5 420 9(% %'( ",K4//( (8(2% %'4% 2#. 0/(. '(/ 4%%(2%,#2
.4- 2#% %/42->,/,23 .' %'( -I$4/( L ,% .4- '4>>(2,23 ,2-%(40
"(2(4%' ,%@ D%4/%;(0 "9 4 ;#$0 -#$20 4% '(/ ?((%5 %'( .#642
>((/(0 0#.2 %'/#$3' 4 3/4%( ,2%# 4 24//#. .(;;5 649"( %(2 ?((%
0((>@ N'( .,20#. 4% %'( "#%%#6 .4- #>(2 420 4 ?#;0,23 1'4,/
'40 "((2 -'#8(0 #$% ,2%# %'( "#%%#6 #? %'( .(;;5 -1/4>,23
434,2-%&%'(&>48(6(2%@
N# %'( d9>-9G- -$/>/,-(5 %'( 1'4,/ .4- ?#;;#.(0 "9 4 >/(%%9
.#642 .,%' 4 ";#20 >#29%4,; .'# .4- 4>>4/(2%;9 "(,23 '#,-:
%(0 ?/#6 .,%',2 420 .4- 2#. 1;46"(/,23 %'/#$3' %'( .,20#.
,2%#&%'(&%,29&#>(2,23@
N'( ";#20 .#642 -1/46";(0 %# '(/ ?((% 420 ,66(0,4%(;9
;##*(0 $>5 1;(4/;9 -%4/%;(0 %# -(( %'( d9>-9 -%4/,23 0#.2 4% '(/
%'/#$3' %'( 3/4%(@ N'( ";#20 .#642 /4,-(0 4 ?,23(/ %# '(/ ;,>-
420 348( 4 %,3'% -6,;(@ N'(2 -'( $2?#;0(0 %'( 1'4,/ 420
1;,6"(0&#2%#&,%5&/(41',23&$>&%#.4/0&%'(&3/4%(@
M4;03# -&3 544 *+4355 %'( d9>-9 %'#$3'%@ >'( X;*5 9+&5 &3#
)4;%(4.'BL
N'( ";#20 .#642 1;,6"(0 "41* 0#.2 #?? %'( 1'4,/ 420
->#*( %# -#6(#2( ,2-,0( %'( "$,;0,23@ !;%'#$3' -'( "4/(;9 '40
/##6 %# -%420 ,2 %'( 24//#. .(;; "(-,0( %'( 1'4,/5 -'( 2#.
 TTZ[VZY
-%(>>(0 4-,0( 4- 4 -(1#20 >(/-#2k4 %4;;5 04/*:'4,/(0 642 ,2 4
?4219 -$,%k'(48(0 ',6-(;? $> #$% #? %'( "4-,;,14 "4-(6(2% 420
,2%#&%'(&1/#.0(0&-'4?%@
7(5 %##5 ;##*(0 $>5 64*,23 (9( 1#2%41% .,%' %'( d9>-9
%'/#$3' %'( ,/#2 3/4%(@ N'(25 ,2 42 4.*.4/0 %.,-% #? ;,6"-5 '(
(B1'423(0 >#-,%,#2- .,%' %'( ";#20 .#642 420 1;,6"(0 $> #2
%#> #? %'( /,1*(%9 1'4,/@ 7( .4- %4;;(/5 420 .'(2 '( /(41'(0 $>5
'( .4- 4";( %# $2;4%1' %'( -(1$/,%9 "4/ "(2(4%' %'( 3/4%(@
D%420,23 #2 %,>%#(5 '( >;41(0 ',- '420- #2 %'( 3/4%( 420
'(48(0 $>.4/0@ N'( 3/4%( /#-( 42 ,21' #/ -# "(?#/( '( '40 %#
-(%&,%&0#.2@
QZ;] (&37. ;'& :&'4LR %'( ";#20 .#642 14;;(0 $> %# %'(
d9>-9@
I.8# )4; & +&'(L %'( d9>-9 .#20(/(05 '48,23 2# ,2%(2%,#2
#?&3(%%,23&,28#;8(0@ O+&5%&3#%)4;%(4.'BL
N'( ";#20 .#642 >$;;(0 #$% 4 642G- .4;;(% 420 (B%/41%(0 4
'$20/(0:($/# ",;;5 .48,23 ,% 4- 42 #??(/,23@ a% .4- 6#/( 6#2(9
%'42 %'( 8(20#/ 640( .,%' '(/ 64-*- ,2 %'/(( 049-@ A#
-%/423(/ %# 2(3#%,4%,#25 -'( -'##* '(/ '(40 420 '(;0 $> %.#
?,23(/-@&N'(&";#20&.#642&>/#0$1(0&4&-(1#20&",;;@
H,-"(;,(8,23 #? '(/ 3##0 ?#/%$2(5 %'( d9>-9 -'/$33(0 4 /(:
;$1%42% 9(-5 %/9,23 %# ;##* ,20,??(/(2% 4- -'( 1/#$1'(0 0#.2
420 3/4""(0 %'( "4/-5 ;##*,23 ,2%# %'( 642G- (9(- -# %'(9 1#$;0
-921'/#2,K(&%'(,/&(??#/%-@
!- %'( 642 '(48(0 434,25 %'( d9>-9 >$;;(0 $>.4/0 .,%'
4/6- 640( -%/#23 ?/#6 9(4/- #? 14//9,23 '(/ .4/(-5 420 %'(
3/4%( -.$23 $>.4/0 L '4;?.49@ _$-% 4- -'( %'#$3'% %'(9 '40 ,%5
%'(/( .4- 4 ;#$0 1/4-' "(2(4%' '(/5 420 %'( 642 0,-4>>(4/(05
>;$66(%,23 "41* 0#.2 ,2%# %'( .(;; 4- %'( ?#;0,23 1'4,/ 1#;:
;4>-(0&"(2(4%'&',6@
N'( ,/#2 3/4%( 3/(. ,2-%42%;9 '(48,(/ ,2 '(/ '420-5 420 -'(
%'#$3'% -'( .#$;0 '48( %# 0/#> ,%5 "$% %'( >/#6,-( #? %.# '$2:
0/(0 ($/#- 348( '(/ -%/(23%'5 420 -'( 64243(0 %# '(48( %'(
 TTQ[VZY
3/4%( $> 434,2-% %'( -,0( #? %'( "4-,;,145 .'(/( ,% 146( %# /(-%
.,%'&4&;#$0&1;423@
)/(4%';(--5 %'( d9>-9 >((/(0 0#.2 ,2%# %'( .(;; 4% %'( %.,-%
#? "#0,(- 420 "/#*(2 ?$/2,%$/(@ !- %'( 642 3#% "41* $> 420
"/$-'(0 ',6-(;? #??5 -'( /(41'(0 0#.2 ,2%# %'( .(;;5 '#;0,23
#$%&'(/&'420&?#/&'(/&6#2(9@
N'( >#29%4,;(0 .#642 2#00(0 4>>/(1,4%,8(;9 420 /4,-(0 %'(
%.# ",;;- #8(/ '(/ '(40@ N'( d9>-9 /(41'(0 0#.25 "$% ,% .4-
%##&?4/@
I.8#%5+#%:4'#)%54%5+#%:&'/
D$00(2;9 %'(/( .4- 4 1#66#%,#2 ,2 %'( -'4?%k423/9 8#,1(-
-'#$%,23 ?/#6 ,2-,0( %'( "4-,;,14@ N'( 642 420 .#642 "#%'
->$2&,2&?(4/5&/(1#,;,23&?/#6&%'(&.,20#.@
N'(2&(8(/9%',23&%$/2(0&%#&1'4#-@
N'( 04/*:'4,/(0 642 %##* 1'4/3(5 1/#$1',23 0#.2 420
?,/6;9 #/0(/,23 %'( .#642 %# >;41( '(/ ?##% ,2%# 4 1/40;(
?#/6(0 "9 ',- ?,23(/-@ D'( -%(>>(0 ,25 420 '( '(48(0 $>.4/0@
D'( -*,66(0 $> %'( -,0( #? %'( -'4?%5 -%$??,23 %'( ",;;- ,2 '(/
%((%' %# ?/(( '(/ '420- 4- -'( -%/4,2(0 %# /(41' %'( ;,>@ N'(
642 '(48(05 ',3'(/ L ',3'(/ L ;,?%,23 '(/ $2%,; '(/ '420-
1$/;(0&#8(/&%'(&(03(@
+,%' (2#/6#$- (??#/%5 -'( '(48(0 '(/-(;? $> ,2%# %'( -I$4/(
;,*( 4 .#642 1;,6",23 #$% #? 4 -.,66,23 >##;@ D'( -'#8(0 %'(
6#2(9 ,2%# %'( d9>-9G- '420- 420 ,66(0,4%(;9 ->$2 4/#$20
420 *2(;% 4% %'( (03( #? %'( .(;;5 /(41',23 "41* 0#.2 ?#/ %'(
642@
a%&.4-&%##&;4%(@
O#.(/?$; 4/6- ,2 ;#23 ";41* -;((8(- .(/( /(41',23 ,2%# %'(
.(;; ;,*( %'( %'/4-',23 %(2%41;(- #? -#6( '$23/9 6#2-%(/5
3/4->,23 4% %'( 642G- ;(3-5 >$;;,23 ',6 "41* %#.4/0 %'(
.,20#.@
i<$25&D,(224lj&-'#$%(0&%'(&-%/$33;,23&642@&iA#.lj
N'( d9>-9 -4. %'(,/ (9(- ;#1* ,2 42 (B1'423( #? >4,2(0 /(:
3/(%&L&420&%'(2&,%&.4-&#8(/@
 TTR[VZY
N'( 642 .4- 0/433(0 /#$3';9 0#.2 %'/#$3' %'( .,20#.
420&"41*&,2%#&%'(&"4-,;,14@
N'( ";#20 .#642 -%4/(0 0#.2 ,2 -'#1*5 '(/ (9(- .(;;,23
.,%' %(4/-@ iaG6 -# -#//95 <#"(/%5j -'( .',->(/(0@ N'(25 4?%(/ 4
>4$-(5&-'(&400(05&iE#/&(8(/9%',23@j
! 6#6(2% ;4%(/5 %'( .#642 ->/,2%(0 #?? ,2%# %'( 1/#.05 '(/
>#29%4,; -.,23,23 4- -'( /41(0 0#.2 %'( 24//#. 4;;(9.49 #?
%'( \(/1(/,4 0(;;GF/#;#3,# L 0,-4>>(4/,23 ,2%# %'( '(4/% #?
g(2,1(@
 M7!ONP< WW

N7P DFEN DFhAHD #? ;4>>,23 .4%(/ (4-(0 <#"(/% =4230#2 3(2%;9

"41* %# 1#2-1,#$-2(--@ 7( -6(;;(0 %'( -%(/,;( %423 #? 42%,-(>:
%,1- 6,B(0 .,%' -4;%9 -(4 4,/ 420 ?(;% %'( .#/;0 -.49,23 "(2(4%'
',6@
O+#3#%&:%2L
F2;9 6#6(2%- "(?#/(5 ,% -((6(05 '( '40 "((2 ;#1*(0 ,2 4
0(4%' -%/$33;( 434,2-% >#.(/?$; '420- %'4% .(/( 0/433,23 ',6
#$% #? %'( ;,3'% .(;; 420 "41* ,2%# %'( 1/9>%@ A#.5 -%/423(;95 '(
2# ;#23(/ ?(;% %'( 1#;0 -%#2( ?;##/ #? D%@ \4/*G- "(2(4%' ',6 L
,2-%(40&'(&?(;%&4&-#?%&64%%/(--@
=4230#2 #>(2(0 ',- (9(- 420 %##* ,2 ',- -$//#$20,23-k4
-64;;5 '93,(2,1:;##*,23 /##6 .,%' 4 -,23;( >#/%4; .,20#.@ N'(
/#1*,23&6#%,#2&1#2%,2$(0@
20:%4'%&%D4&5L
=4230#2G- ;4-% /(1#;;(1%,#2 .4- #? "(,23 >,22(0 %# %'( 1/9>%
?;##/ "9 #2( #? %'( ";41*:1;40 -#;0,(/-5 .'# ',--(0 423/,;9 4%
',65&iD%#>&%/9,23&%#&(-14>(lj
=4230#2 '40 -'#$%(0 .,;0;95 14;;,23 ?#/ '(;> 4- %'( -#;0,(/-
%/,(0&%#&6$??;(&',-&8#,1(@
i+( 2((0 %# 3(% ',6 #$% #? '(/(5j #2( -#;0,(/ '40 -4,0 %#
42#%'(/@
7,-&>4/%2(/&348(&4&/(;$1%42%&2#0@&iH#&,%@j
=4230#2 ?(;% >#.(/?$; ?,23(/%,>- (B>(/%;9 >/#",23 %'( 4/%(/:
,(- 420 8(,2- #2 ',- 2(1*@ N'(25 '48,23 ;#14%(0 4 >/(1,-( ->#%
#2 %'( 14/#%,05 %'( ?,23(/- "(342 4>>;9,23 4 ?,/65 ?#1$-(0 >/(-:
-$/(@ +,%',2 -(1#20-5 =4230#2G- 8,-,#2 "(342 %# ";$/5 420 '(
?(;%&',6-(;?&-;,>>,23&4.495&',-&"/4,2&"(,23&-%4/8(0&#?&#B93(2@
 TTT[VZY
1+#)03# $.,,.'B :#5 =4230#2 %'#$3'%@ P.B+5 +#3# D#*.(# 5+#
54:D%4-%"5/%?&3$/
N'( ";41*2(-- 146(5 "$% ,% -((6(0 ,21#6>;(%( L 6#/( #? 4
.4-'&#?&3/49-&>$21%$4%(0&"9&6$%(0&-'4>(-&420&-#$20-@
=4230#2 '40 ;,%%;( -(2-( #? '#. 6$1' %,6( '40 >4--(05 "$%
%'( .#/;0 .4- 2#. -%4/%,23 %# 1#6( "41* ,2%# ?#1$- ?#/ ',6@
E/#6 4;; '( 1#$;0 %(;;5 '( .4- ,2 42 #2"#4/0 ,2?,/64/9 #? -#6(
-#/%@ 7,- -%(/,;( -$//#$20,23- 420 %'( -1(2% #? ,-#>/#>9; 4;1#:
'#; 1/(4%(0 4 -%/423( -(2-( #? 0sCv 8$k4- ,? =4230#2 '40 1#6(
?$;; 1,/1;(5 4.4*(2,23 4- '( '40 %'( >/(8,#$- 2,3'%5 ,2 4 -%/423(
'#->,%4;&"(0&.,%'&#2;9&6$%(0&6(6#/,(-@
7,- %'#$3'%- %$/2(0 ,2-%42%;9 %# D,(224 420 '(/ -4?(%9@ 7(
1#$;0 -%,;; -(( '(/ -#?% "/#.2 (9(- 34K,23 0#.2 4% ',65 ?,;;(0
.,%' /(6#/-( 420 ?(4/@ =4230#2 >/49(0 %'4% -'( '40 (-14>(0
420&.#$;0&?,20&'(/&.49&-4?(;9&#$%&#?&g(2,1(@
O#03# .' 5+# 934'B 74;'53)5 =4230#2 '40 %#;0 '(/5 '48,23
/(4;,K(0 %# ',- -'#1* %'( 41%$4; ;#14%,#2 #? P2/,1# H420#;#G-
%#6"@ N'( >#(6G- 69-%(/,#$- 6#$-(,#2 #? '#;9 .,-0#6 .4-
2#% ,2 g(2,1( 4?%(/ 4;; L "$% 4 .#/;0 4.49@ O/(1,-(;9 4- H42%(G-
%(B% '40 .4/2(05 %'( 1/9>%,1 >#(6G- 6(42,23 '40 "((2 ',00(2
i"(2(4%'&%'(&8(,;&#?&8(/-(-&-#&#"-1$/(@j
=4230#2 '40 ,2%(20(0 %# (B>;4,2 (8(/9%',23 %# D,(224 4-
-##2 4- %'(9G0 (-14>(0 %'( 1/9>%5 "$% '(G0 2(8(/ '40 %'(
1'421(@
"+#%3&'%4--%$'49.'B%4',)%5+&5%2%-&.,#(/
=4230#2&?(;%&4&*2#%&%,3'%(2&,2&',-&-%#641'@
1+#%6,&B;#%.*%*5.,,%4;5%5+#3#%E%&%943,(%&9&)/
E/#6 #$%-,0( %'( ,2?,/64/95 '( '(4/0 ;#$0 "##% -%(>- ,2 %'(
'4;;5 420 =4230#2 %$/2(0 %# -(( 4 642 ,2 ";41* (2%(/,23 ',-
"(/%'@ a% .4- %'( -46( 6$-1$;4/ -#;0,(/ .'# '40 >,22(0 ',6 %#
%'( 1/9>% ?;##/@ 7,- (9(- .(/( ,1( 1#;0@ =4230#2G- ,2-%,21% .4-
%# /(1#,; 4- %'( 642 4>>/#41'(05 "$% %'(/( .4- 2#.'(/( %# /$2@
O+&5#8#3%5+#*#%6#46,#%9&'5%54%(4%54%:#C%5+#)%7&'%(4/
 TTU[VZY
i+'(/( 46 anj =4230#2 0(6420(05 >$%%,23 4- 6$1' 0(?,:
421(&,2%#&',-&8#,1(&4-&'(&1#$;0&6$-%(/@
iF2&4&941'%&421'#/(0&#??&g(2,1(@j
=4230#2 (9(0 %'( 3/((2 6(04;;,#2 #2 %'( 642G- $2,?#/6k4
3;#"( #? %'( .#/;05 (21,/1;(0 "9 %'( ;(%%(/- A=<=@ =4230#2 '40
2(8(/&-((2&%'(&-96"#;&#/&%'(&41/#296@
i+( 2((0 ,2?#/64%,#2 ?/#6 9#$5j %'( -#;0,(/ -4,05 i420 .(
0#2G%&'48(&6$1'&%,6(@j
i+'9 .#$;0 a %(;; 9#$ 429%',23nj =4230#2 4-*(0@ i]#$ 4;:
6#-%&*,;;(0&6(@j
iA#% (8(2 1;#-(@ +( $-(0 4 C$0# 0(6#",;,K4%,#2 %(1'2,I$(
14;;(0 *+.:#%9&`&@&+(&'40&2#&,2%(2%,#2&#?&'4/6,23&9#$@j
i]#$ *+45 4% 6( %',- 6#/2,23lj =4230#2 0(1;4/(05 1;(4/;9 /(:
14;;,23 %'( 1;423 #? %'( "$;;(% #2 %'( ?(20(/ #? D,(224G- ->((0:
,23&N/,*(@&i]#$/&"$;;(%&"4/(;9&6,--(0&%'(&"4-(&#?&69&->,2(lj
N'( 642G- (9(- 24//#.(0@ ia? a '40 9&'5#( %# ',% %'( "4-( #?
9#$/ ->,2(5 a .#$;0 '48( ',% ,%@ a %##* 4 -,23;( -'#% %/9,23 %#
>$21%$/( 9#$/ 6#>(0G- /(4/ %,/( -# a 1#$;0 -%#> 9#$ ?/#6 /$2:
2,23 4.49@ a .4- $20(/ #/0(/- %# (-%4";,-' 1#2%41% .,%' 9#$
420&?,3$/(&#$%&.'9&%'(&'(;;&9#$&.(/(&41%,23&-#&(//4%,14;;9@j
)(?#/( =4230#2 1#$;0 ?$;;9 >/#1(-- ',- .#/0-5 %.# 6#/( -#;:
0,(/-&146(&%'/#$3'&%'(&0##/5&6#8,23&%#.4/0&',-&"(0@
+4;*,23&"(%.((2&%'(6&.4-&4&.#642@
!2&4>>4/,%,#2@
P%'(/(4;&420&#%'(/.#/;0;9@
=4230#2 ,66(0,4%(;9 /(1#32,K(0 '(/ 4- %'( 8,-,#2 ?/#6 ',-
'4;;$1,24%,#2-@ N'( .#642 "(?#/( ',6 .4- "(4$%,?$;5 .,%' ;#23
-,;8(/ '4,/ 420 4 ";$( ;4>,- ;4K$;, 46$;(%@ )(14$-( -'( '40 >/(:
8,#$-;9 4>>(4/(0 434,2-% 4 '#//,?9,23 ;420-14>( #? 09,23 "#0:
,(-5 =4230#2 2((0(0 4 6#6(2% %# "(;,(8( -'( .4- %/$;9 -%420:
,23&"(?#/(&',6&,2&%'(&?;(-'@
iO/#?(--#/ =4230#25j %'( .#642 -4,05 -6,;,23 .(4/,;9 4- -'(
4//,8(0 4% ',- "(0-,0(@ iaG6 /(;,(8(0 %'4% 9#$G/( #*49@j D'( -4%
 TTV[VZY
0#.2 420 %##* ',- >$;-(@ iaG8( "((2 408,-(0 %'4% 9#$ '48( 46:
2(-,4@&H#&9#$&/(6(6"(/&6(nj
=4230#2 -%$0,(0 %'( .#642 ?#/ 4 6#6(2%@ iaG8( '40 L 8,-:
,#2-&#?&9#$5&4;%'#$3'&a&0#2G%&/(6(6"(/&6((%,23@j
N'( .#642 ;(42(0 %#.4/0 ',65 '(/ (B>/(--,#2 (6>4%'(%,1@
i\9 246( ,- P;,K4"(%' D,2-*(9@ aG6 0,/(1%#/ #? %'( +#/;0
7(4;%'&F/342,K4%,#25&420&a&/(1/$,%(0&9#$&%#&'(;>&6(&?,20kj
i! >;43$(5j =4230#2 64243(0@ iM/(4%(0 "9 )(/%/420
m#"/,-%@j
D,2-*(9&2#00(05&;##*,23&(21#$/43(0@&i]#$&/(6(6"(/nj
iA#5 a .#*( $> ,2 4 '#->,%4; .,%' 4 -%/423( ;,%%;( >/#C(1%#/
420 8,-,#2- #? )4; %(;;,23 6( %# -((* 420 ?,20@ N'4%G- .'4% a
.4- %/9,23 %# 0# .'(2 %'(-( 6(2 %/,(0 %# *,;; 6(@j =4230#2
6#%,#2(0&%#&%'(&-#;0,(/-@
N'( 6$-1$;4/ #2( "/,-%;(05 1;(4/;9 /(409 %# /(->#205 "$% P;:
,K4"(%'&D,2-*(9&-,;(21(0&',6&.,%'&4&.48(@
iO/#?(--#/5j -'( -4,0 -#?%;95 ia '48( 2# 0#$"% 9#$ 4/( 8(/9
1#2?$-(0@ !- %'( >(/-#2 .'# >$;;(0 9#$ ,2%# 4;; %',-5 aG6 '#//,:
?,(0&"9&.'4%&'4-&%/42->,/(05&420&aG6&%'42*?$;&9#$G/(&-4?(@j
iD4?(nj =4230#2 /(>;,(0@ iaG6 14>%,8( #2 4 -',>lj >'( *4 &3#
)4;F
N'( -,;8(/:'4,/(0 .#642 348( 42 $20(/-%420,23 2#0@ iaG6
4?/4,0 %'4% 0$( %# 9#$/ 462(-,45 6429 4->(1%- #? .'4% a 46
4"#$% %# %(;; 9#$ .,;; "( 0,-#/,(2%,23@ A#2(%'(;(--5 #$/ %,6( ,-
-'#/%5&420&4&;#%&#?&>(#>;(&2((0&9#$/&'(;>@j
D,2-*(9 '(-,%4%(05 4- ,? $21(/%4,2 '#. %# 1#2%,2$(@ iE,/-% #??5j
-'( "(3425 ia 2((0 9#$ %# $20(/-%420 %'4% !3(2% )/t0(/ 420
',- %(46 2(8(/ %/,(0 %# '4/6 9#$@ N'(9 .(/( $20(/ 0,/(1% #/:
0(/- %# /((-%4";,-' 1#2%41% .,%' 9#$ "9 .'4%(8(/ 6(42- .(/(
2(1(--4/9@j
i<((-%4";,-'n&a&0#2G%kj
iO;(4-(5 O/#?(--#/5 C$-% ;,-%(2@ P8(/9%',23 .,;; "( 640( 1;(4/@
a&>/#6,-(@j
 TTW[VZY
=4230#2 -(%%;(0 "41* ,2%# %'( ,2?,/64/9 "(05 ',- %'#$3'%-
->,22,23&4-&H/@&D,2-*(9&1#2%,2$(0@
i!3(2% )/t0(/ 420 ',- 6(2 4/( 42 D<D %(46kD$/8(,;;421(
420 <(->#2-( D$>>#/%@ N'(9 .#/* $20(/ %'( 4$->,1(- #? %'(
P$/#>(42&M(2%/(&?#/&H,-(4-(&O/(8(2%,#2&420&M#2%/#;@j
=4230#2 3;421(0 #8(/ 4% %'( PMHM 6(04;;,#2- #2 %'(,/ $2,:
?#/6-@ <.*#&*#%Z3#8#'5.4'%&'(%=4'534,L
i7,- 3/#$>5j -'( 1#2%,2$(05 i->(1,4;,K(- ,2 0(%(1%,23 420
1#2%4,2,23 1#66$2,14";(:0,-(4-( %'/(4%-@ P--(2%,4;;95 %'(9 4/(
4 D+!N %(46 ?#/ %'( 6,%,34%,#2 #? 41$%(5 ;4/3(:-14;( '(4;%'
/,-*-@ ]#$ .(/( 69 64,2 '#>( #? ;#14%,23 %'( 1#2%43,#2 m#"/,-%
'4- 1/(4%(05 420 -# .'(2 9#$ 842,-'(05 a %4-*(0 %'( D<D %(46
.,%' ;#14%,23 9#$ L 2 -$66#2(0 %'(6 %# E;#/(21( %# -$>>#/%
6(@j
=4230#2&.4-&-%$22(0@&iN'#-(&-#;0,(/-&.#/*&?#/ )4;nj
D'( 2#00(0@ iF2 ;#42 ?/#6 %'( PMHM@ =4-% 2,3'%5 .'(2 9#$
0,-4>>(4/(0 420 -%#>>(0 14;;,23 ,25 .( %'#$3'% -#6(%',23 '40
'4>>(2(0 %# 9#$@ a% .4- 2#% $2%,; (4/;9 %',- 6#/2,235 .'(2 #$/
%(1' -$>>#/% %(46 -4. %'4% 9#$ '40 1'(1*(0 9#$/ 74/84/0 (:
64,; 411#$2%5 %'4% .( *2(. 9#$ .(/( 4;,8(@ !% %'4% >#,2% #$/
#2;9 (B>;424%,#2 ?#/ 9#$/ -%/423( "('48,#/ .4- %'4% 9#$ '40
-.,%1'(0 -,0(- L >#--,";9 '48,23 "((2 #??(/(0 ;4/3( -$6- #?
6#2(9&%#&;#14%(&%'(&1#2%43,#2&?#/&-#6(#2(&(;-(@j
=4230#2&-'##*&',-&'(40@&iN'4%G-&>/(>#-%(/#$-lj
i](-5 ,% -((6(0 42 $2;,*(;9 -1(24/,#5 "$% ,% .4- %'( #2;9 ;#:
3,14; (B>;424%,#2k420 .,%' %'( -%4*(- "(,23 -# ',3'5 .(
1#$;02G% %4*( 429 1'421(-@ F? 1#$/-(5 .( 2(8(/ ,643,2(0 9#$
.(/( -$??(/,23 ?/#6 462(-,4@ +'(2 #$/ %(1' -$>>#/% -4. 9#$/
74/84/0 (:64,; 411#$2% -$00(2;9 41%,84%(5 .( %/41*(0 %'( 1#6:
>$%(/ aO 400/(-- %# %'( 4>4/%6(2% ,2 E;#/(21( 420 6#8(0 ,2@
)$% 9#$ ?;(0 #2 4 6#>(05 .,%' %'( .#6425 .',1' ,21/(4-(0 #$/
-$->,1,#2-&%'4%&9#$&.(/(&2#.&.#/*,23&?#/&-#6(#2(&(;-(@j
i+( 0/#8( /,3'% >4-% 9#$lj =4230#2 1'#*(0@ ia -4. 9#$ ,2
%'( "41* #? 4 ";41* 8425 -$//#$20(0 "9 -#;0,(/-@ a %'#$3'% 9#$
 TTX[VZY
.(/( 4 7&65.8#@ ]#$ -((6(0 0(;,/,#$-5 ;,*( %'(9 '40 0/$33(0
9#$@j
i]#$ -4. $-nj H/@ D,2-*(9 ;##*(0 -$/>/,-(0@ iD%/423(;95
9#$G/( /,3'% L %'(9 +&( 6(0,14%(0 6(@j D'( >4$-(0@ i)$% #2;9
"(14$-(&a&#/0(/(0&%'(6&%#@j
=4230#2 .4- 2#. .'#;;9 1#2?$-(0@ "+# 54,( 5+#: 54 (3;B
+#3L
i]#$ 649 2#% /(6(6"(/ %',-5j D,2-*(9 -4,05 i"$% 4- #$/
M:QSZ ;420(0 ,2 E;#/(21(5 %'( >/(--$/( 1'423(05 420 a -$??(/(0
42 (>,-#0( #? .'4% ,- *2#.2 4- >4/#B9-64; >#-,%,#24; 8(/:
%,3#k4 -(8(/(;9 0(",;,%4%,23 ,22(/:(4/ 1#20,%,#2 %'4% aG8( (B:
>(/,(21(0 ,2 %'( >4-%@ a%G- %(6>#/4/9 420 2#% -(/,#$-5 "$% ,%
14$-(- 8,1%,6- %# "(1#6( -# 0,KK9 420 24$-(4%(0 %'(9 142
"4/(;9 '#;0 %'(,/ '(40- $>@ A#/64;;9 aG0 3# %# "(0 420 (20$/(
,2%(2-( 24$-(45 "$% .( .(/( ?41,23 %'( m#"/,-% 1/,-,-5 420 -# a
>/(-1/,"(0 69-(;? '#$/;9 ,2C(1%,#2- #? 6(%#1;#>/46,0( %# *((>
6( ?/#6 8#6,%,23@ N'( 0/$3 '4- %'( -(/,#$- -,0( (??(1% #? 14$-:
,23 ,2%(2-( 0/#.-,2(--5 "$% ,% (24";(0 6( 4% ;(4-% %# /$2 #>(/4:
%,#2- "9 >'#2( ?/#6 %'( "41* #? %'( 842@ N'( D<D %(46 .42%(0
%# %4*( 6( %# 4 '#->,%4;5 "$% a #/0(/(0 %'(6 2#% %# 0# -# $2%,;
.( '40 1#6>;(%(0 #$/ 6,--,#2 #? /(41I$,/,23 9#$@ E#/%$24%(;95
%'(&8(/%,3#&?,24;;9&>4--(0&0$/,23&%'(&?;,3'%&$>&%#&g(2,1(@j
=4230#2 -;$6>(0 ,2%# %'( "(05 $22(/8(0@ 208# D##' 3;''.'B
&,, (&) -34: 5+# O43,( @#&,5+ K3B&'.`&5.4'W5+# 8#3) 6#46,#
9+4%3#73;.5#(%:#%.'%5+#%-.3*5%6,&7#/
iA#. .( '48( %# ?#1$-5 O/#?(--#/5j D,2-*(9 0(1;4/(05 '(/
%#2( $/3(2%@ im#"/,-%G- >;43$( L 0# 9#$ '48( 429 ,0(4 .'(/( ,%
,-nj D'( 34K(0 0#.2 4% ',6 .,%' 42 (B>/(--,#2 #? ,2%(2-( (B:
>(1%4%,#2@&i+(&'48(&8(/9&;,%%;(&%,6(@j
250* -&3 &9&)5 =4230#2 .42%(0 %# -495 "$% -#6(%',23
-%#>>(0 ',6@ 7( 3;421(0 $> 4% )/t0(/5 4 642 .'# '40 ?,/(0 4
3$2 4% ',6 %',- 6#/2,23 420 2(4/;9 -%/423;(0 ',6 4 ;,%%;( .',;(
(4/;,(/@ E#/ =4230#25 %'( 3/#$20 '40 "((2 -',?%,23 -# I$,1*;9
"(2(4%'&',6&%'4%&'(&'40&2#&,0(4&.'#6&%#&"(;,(8(&4296#/(@
 TTY[VZY
D,2-*(9 ;(42(0 ,25 '(/ (B>/(--,#2 -%,;; 6#/( ,2%(2-(@ i+( 4/(
$20(/ %'( ,6>/(--,#2 %'4% %'( 1#2%43,#2 ,- '(/( ,2 g(2,1(@ a-
%'4%&1#//(1%n&N(;;&$-&.'(/(5&420&aG;;&-(20&4&%(46&4-'#/(@j
=4230#2&'(-,%4%(0@
iD,/lj )/t0(/ "4/*(0 ,6>4%,(2%;9@ i]#$ #"8,#$-;9 *2#.
*4:#5+.'B L %(;; $- .'(/( ,% ,-l H#2G% 9#$ $20(/-%420 .'4%G-
4"#$%&%#&'4>>(2nj
i!3(2% )/t0(/lj D,2-*(9 ->$2 423/,;9 #2 %'( 642@ iN'4%G-
(2#$3'5j -'( 1#66420(05 %'(2 %$/2(0 "41* %# =4230#2 420
->#*( I$,(%;9@ iM#2-,0(/,23 .'4% 9#$G8( "((2 %'/#$3'5 ,%G- (2:
%,/(;9 $20(/-%4204";( %'4% 9#$G/( 0,-#/,(2%(05 420 $21(/%4,2
.'#6 %# %/$-%@j D'( >4$-(05 -%4/,23 0((> ,2%# ',- (9(-@ i)$%
#$/&%,6(&,-&-'#/%5&420&aG6&4-*,23&9#$&%#&%/$-% :#@j
iM42&=4230#2&-%420nj&4&2(.&8#,1(&4-*(0@
! -64;;5 .(;;:%(20(0 642 .,%' 4 0((> %42 4>>(4/(0 ,2 %'(
0##/.49@ 7( -%$0,(0 =4230#2 .,%' 4 >/41%,1(0 14;65 "$% =423:
0#2&-4.&0423(/&,2&',-&(9(-@
D,2-*(9 6#%,#2(0 ?#/ =4230#2 %# -%420 $>@ iO/#?(--#/5 %',-
,- 4 642 .,%' .'#6 aG0 >/(?(/ 2#% %# 1#;;4"#/4%(5 "$% %'( -,%$:
4%,#2&,-&-(/,#$-&(2#$3'&%'4%&.(&'48(&2#&1'#,1(@j
h21(/%4,25 =4230#2 -.$23 ',- ;(3- #8(/ %'( -,0( #? %'( "(0
420&-%##0&(/(1%5&%4*,23&4&6#6(2%&%#&3(%&',-&"4;421(&"41*@
iE#;;#. 6(5j %'( 642 -4,05 6#8,23 %#.4/0 %'( 0##/@ iN'(/(G-
-#6(%',23&9#$&2((0&%#&-((@j
=4230#2&'(;0&',-&3/#$20@&i+'#&4/(&9#$nj
N'( 642 >4$-(0 420 -%((>;(0 ',- ?,23(/-@ iA46(- 4/( 2#%
,6>#/%42%@ ]#$ 142 14;; 6( %'( >/#8#-%@ a /$2 42 #/342,K4%,#2
L .',1'5 aG6 -#//9 %# -495 640( %'( 6,-%4*( #? '(;>,23 )(/:
%/420 m#"/,-% 41',(8( ',- 3#4;-@ A#. a 46 %/9,23 %# ?,B %'4% 6,-:
%4*(&"(?#/(&,%G-&%##&;4%(@j
i+'4%&,-&,%&9#$&.42%&%#&-'#.&6(nj&=4230#2&4-*(0@
N'( 642 ?,B(0 =4230#2 .,%' 42 $29,(;0,23 -%4/(@ iD#:
6(%',23 %'4% .,;; ;(48( 2# 0#$"% ,2 9#$/ 6,20 %'4% .(G/( 4;; #2
%'(&-46(&-,0(@j
 M7!ONP< WX

=!AdHFA EF==F+PH N7P %422(0 642 %'/#$3' 4 64K( #? 1;4$-%/#:

>'#",1 1#//,0#/- "(;#.0(1*- .,%' H/@ D,2-*(9 420 %'( PMHM
-#;0,(/- %/4,;,23 "(',20 ,2 4 -,23;( ?,;(@ !- %'( 3/#$> 2(4/(0 4
-%4,/14-(5 =4230#2 '#>(0 %'(9 .(/( 4"#$% %# 4-1(20 %#.4/0
049;,3'%5&"$%&,2-%(40&%'(9&0(-1(20(0&0((>(/&,2%#&%'(&-',>@
H((> ,2 %'( "#.(;- #? %'( 8(--(; 2#.5 %'(,/ 3$,0( ;(0 %'(6
%'/#$3' 4 1$",1;( ?4/6 #? -(4;(0 3;4-- 1'46"(/-k-#6( .,%'
%/42->4/(2% .4;;- 420 -#6( .,%' #>4I$( #2(-@ a2-,0( (41'
-#$20>/##?(0 /##65 84/,#$- (6>;#9((- .(/( '4/0 4% .#/* %9>:
,23 #2 1#6>$%(/- #/ ->(4*,23 #2 %(;(>'#2(-@ N'#-( .'#
3;421(0 $> 420 2#%,1(0 %'( 3/#$> >4--,23 %'/#$3' ;##*(0 -(/,:
#$-;9 4;4/6(0 %# -(( -%/423(/- ,2 %',- >4/% #? %'( -',>@ N'(
%422(0&642&348(&%'(6&4&2#0&#?&/(4--$/421(&420&>/(--(0&#2@
O+&5 .* 5+.* 6,&7#L =4230#2 .#20(/(0 4- %'(9 1#2%,2$(0
%'/#$3'&42#%'(/&-(/,(-&#?&%,3'%;9&1#2?,3$/(0&.#/*&4/(4-@
E,24;;95 %'(,/ '#-% 4//,8(0 4% 4 ;4/3( 1#2?(/(21( /##65 420
%'(9 4;; ?,;(0 ,2@ !- %'( 3/#$> -4% 0#.25 %'( 642 >/(--(0 4 "$%:
%#25 420 %'( 3;4-- .4;;- -$00(2;9 ',--(0 420 %$/2(0 #>4I$(5
-(4;,23 %'(6 ,2-,0(@ =4230#2 -%4/%;(05 '48,23 2(8(/ -((2 429:
%',23&;,*(&,%@
i+'(/(&4/(&.(nj&=4230#2&?,24;;9&0(6420(0@
iN',-&,-&69&-',>k1+#%?#'(&7.;:@j
Q?#'(&7.;:LR =4230#2 4-*(0@ i!- ,2 L %'( =4%,2 .#/0 ?#/
O-($0#;#3#-k%'(&d/((*&3#0&#?&0(1(>%,#2nj
N'(&642&;##*(0&,6>/(--(0@&iA#%&6429&>(#>;(&*2#.&%'4%@j
@&3(,) & '4D,# &66#,,&5.4'5 =4230#2 %'#$3'%@ \(2041,$6
.4- %'( -'40#.9 0(,%9 .'# /(,32(0 #8(/ 4;; %'(
 TUQ[VZY
6*#;(4,4B4.k%'( 04,6#2(- ->(1,4;,K,23 ,2 ?4;-('##0-5 ;,(-5 420
?4"/,14%,#2-@
N'( 642 >/#0$1(0 4 %,29 /(0 ?;4-' 0/,8( 420 ,2-(/%(0 ,% ,2%#
4 /41* #? (;(1%/#2,1 3(4/ 4% %'( "41* #? %'( /##6@ ! '$3( ?;4%:
>42(;&=MH&?;,1*(/(0&%#&;,?(5&420&%'(&#8(/'(40&;,3'%-&0,66(0@
a2 %'( (B>(1%42% -,;(21(5 =4230#2 '(4/0 -#?% ;4>>,23 -#$20-
#? .4%(/@ !% ?,/-%5 '( %'#$3'% %'(9 .(/( 1#6,23 ?/#6 #$%-,0(
%'( -',>5 "$% %'(2 '( /(4;,K(0 %'( -#$20 .4- 1#6,23 %'/#$3'
%'( ->(4*(/- #2 %'( =MH -1/((2@ D;#.;95 4 >,1%$/( 64%(/,4;:
,K(0k4 0/,>>,23 148(/2 .4;;5 ,;;$6,24%(0 "9 .48(/,23 /(00,-'
;,3'%@
i)(/%/420 m#"/,-% 1/(4%(0 %',- 8,0(#5j %'(,/ '#-% -4,0@ i!20
'(&4-*(0&6(&%#&/(;(4-(&,%&%#&%'(&.#/;0&%#6#//#.@j
a2 6$%( 0,-"(;,(?5 =4230#2 .4%1'(0 %'( ",K4//( '#6( 6#8,(
L 4 148(/2#$- ->41( .,%' 4 /,>>;,23 ;43##2 L ,2%# .',1' %'(
146(/4 >;$23(0 L 0,8,23 "(2(4%' %'( -$/?41( %# 4 -,;%:1#8(/(0
%,;( ?;##/ #2 .',1' .4- "#;%(0 4 >;4I$( %'4% /(40 aA N7aD O=!MP5 FA
N7aD&H!NP5&N7P&+F<=H&+!D&M7!AdPH&EF<PgP<@
N'(&>;4I$(&.4-&-,32(0^ )P<N<!AH&mF)<aDN@
N'(&04%(&.4- 54:43349@
?) I4(F =4230#2 %$/2(0 %# D,2-*(9 ,2 %'( 04/*2(--5 "$% -'(
.4- C$-% -%4/,23 ";42*;9 4% %'( ?;##/5 4>>4/(2%;9 '48,23 -((2 %'(
?,;6&4;/(4095&420&1;(4/;9&$24";(&%#&.4%1'&,%&434,2@
N'( 146(/4 >422(0 ;(?% 2#.5 420 =4230#2 .4- "4??;(0 %#
-((5 '#8(/,23 "(2(4%' %'( .4%(/5 42 $20$;4%,23 "$"";( #?
%/42->4/(2% >;4-%,1 1#2%4,2,23 4 3(;4%,2#$-5 9(;;#.:"/#.2 ;,:
I$,0@ N'( 0(;,14%( ->'(/( 4>>(4/(0 %# "( %(%'(/(0 %# %'( ?;##/
-#&,%&1#$;0&2#%&/,-(&%#&%'(&-$/?41(@
O+&5 5+# +#,,L =4230#2 -%$0,(0 %'( 0,-%(20(0 "43@ N'( 8,-:
1#$- 1#2%(2%- -((6(0 %# "( -;#.;9 -.,/;,23 L -6#;0(/,23
4;6#-%@
+'(2 ,% ',% ',65 =4230#2 -%#>>(0 "/(4%',23@ n4D3.*50*
6,&B;#/
iD%#>&%'(&>;49"41*5j&D,2-*(9&-4,0&,2&%'(&04/*2(--@
 TUR[VZY
N'( ,643( ?/#K(k4 %(%'(/(0 >;4-%,1 -41 '#8(/,23 "(2(4%' %'(
.4%(/k4&-(4;(0&1;#$0&#?&;,I$,0&-$->(20(0&,2&->41(@
ia %',2* 9#$ 142 3$(-- .'4% %'4% ,-5j D,2-*(9 -4,0@ iN'( I$(-:
%,#2 ,-5 '#. ;#23 .,;; ,% /(64,2 1#2%4,2(0nj D'( .4;*(0 $> %#
%'( =MH 420 >#,2%(0 %# 4 %,29 64/*,23 #2 %'( %/42->4/(2% "43@
ih2?#/%$24%(;95 %',- %(;;- $- .'4% %'( "43 ,- 640( #?@ M42 9#$
/(40&%'4%nj
O$;-( /41,235 =4230#2 -I$,2%(0 4% %'( %(B%5 .',1' 4>>(4/(0
%#&"(&4&642$?41%$/(/G-&%/40(64/*&2#%,1(^&D#;$";#2~@
i+#/;0G- ;4/3(-% 642$?41%$/(/ #? .4%(/:-#;$";( >;4-%,1-5j
D,2-*(9&-4,0@
=4230#2 ?(;% ',- -%#641' *2#%@ i]#$G/( -49,23 %',- "43 ,- L
(.**4,8.'Bnlj
D,2-*(9 348( ',6 4 3/,6 2#0@ i+(G8( "((2 ,2 %#$1' .,%' %'(
642$?41%$/(/5 ?/#6 .'#6 .( ;(4/2(05 $2?#/%$24%(;95 %'4% %'(9
64*( 0#K(2- #? 0,??(/(2% 3/40(- #? %',- >;4-%,15 0,--#;8,23 ,2
429.'(/( ?/#6 %(2 6,2$%(- %# %(2 .((*-5 0(>(20,23 #2 %'( 4>:
>;,14%,#2@ H(149 /4%(- 84/9 -;,3'%;9 "4-(0 #2 .4%(/ %9>( 420
%(6>(/4%$/(5 "$% .( '48( 2# 0#$"% %'4% m#"/,-% %##* %'#-(
?41%#/- ,2%# 14/(?$; 411#$2%@j D'( >4$-(0@ iN',- "435 .( "(;,(8(5
.,;;&0,--#;8(&"9kj
iN#6#//#.5j %'( >/#8#-% ,2%(//$>%(0@ iN#6#//#. ,- %'( 04%(
m#"/,-% 1,/1;(0 ,2 69 14;(204/@ !20 4;-# %'( 04%( #2 %'(
>;4I$(@j
=4230#2&-4%&->((1';(--&,2&%'(&04/*@
iD'#.&',6&%'(&/(-%5j&D,2-*(9&-4,0@
F2 %'( =MH -1/((25 %'( 8,0(# ,643( /(?/(-'(05 %'( 146(/4
2#. >422,23 4;#23 %'( 3;#.,23 .4%(/- 420 148(/2#$- 04/*:
2(--@ =4230#2 '40 2# 0#$"% %'4% %',- .4- %'( ;#14%,#2 /(?(/:
(21(0&,2&%'(&>#(6@ 1+#%,&B44'%5+&5%3#-,#75*%'4%*5&3*/
N'( -1(2( 1#2C$/(0 ,643(- #? H42%(G- 8,-,#2- #? '(;; L %'(
/,8(/&M#19%$-&?;#.,23&%'/#$3'&%'(&148(/2-&#?&%'(&$20(/.#/;0@
+'(/(8(/ %',- ;43##2 .4- ;#14%(05 ,%- .4%(/- .(/( 1#2%4,2(0
"9 -%((>5 6#--9 .4;;-5 .',1'5 =4230#2 -(2-(05 '40 %# "( 642:
 TUS[VZY
640(@ 7( 4;-# -(2-(0 %'4% %'( 146(/4 .4- /(8(4;,23 #2;9 4
-64;; 1#/2(/ #? %'( 64--,8( ,2%(/,#/ ->41(5 420 %',- 2#%,#2 .4-
-$>>#/%(0 "9 %'( >/(-(21( #? 8(/9 ?4,2% 8(/%,14; -'40#.- #2 %'(
.4;;@&N'(&-'40#.-&.(/(&"/#405&1#;$624/5&420&(8(2;9&->41(0@
Z.,,&3*5&=4230#2&/(4;,K(0@
N'(&1(,;,23&#?&%',-&148(/2&,-&-$>>#/%(0&"9&>,;;4/-@
N',-&;43##2&.4-&2#%&,2&4&148(/25&,%&.4-&,2&4&64--,8(&/##6@
H4,,49%(##6%.'54%5+#%*;'$#'%6&,&7#%E
)(?#/( '( 1#$;0 -49 4 .#/05 ',- 4%%(2%,#2 -',?%(0 %# %'( 4/:
/,84; #? 4 2(. -'40#. #2 %'( .4;; L 4 '$642#,0 -'4>( .,%' 4
;#235&"(4*(0&2#-(@
K+C%(#&3%I4(%E
N'( -'40#. "(342 ->(4*,23 2#.5 ,%- .#/0- 6$??;(05 .',-:
>(/,23&41/#--&%'(&.4%(/&.,%'&42&((/,;9&>#(%,1&/'9%'6@

ia&46&9#$/&-4;84%,#2@&a&46&%'(&D'40(@j

E#/ %'( 2(B% -(8(/4; 6,2$%(-5 =4230#2 .4%1'(0 %'( 6#-% %(/:
/,?9,23 ?,;6 '( '40 (8(/ .,%2(--(0@ M;(4/;9 %'( /48,23- #? 4 ;$2:
4%,1 3(2,$-5 %'( -#;,;#I$9 #? )(/%/420 m#"/,-%k0(;,8(/(0 ,2 %'(
3$,-( #? %'( >;43$( 0#1%#/k.4- ;40(2 .,%' /(?(/(21(- %#
H42%(G- 2'-#3'4 420 14//,(0 4 8(/9 1;(4/ 6(--43(^ '$642 >#>:
$;4%,#2 3/#.%' .4- #$% #? 1#2%/#;5 420 %'( 8(/9 -$/8,84; #?
642*,20&.4-&'423,23&,2&%'(&"4;421(@
F2-1/((25&%'(&8#,1(&,2%#2(0^

iN# 0# 2#%',23 ,- %# .(;1#6( H42%(G- '(;; L 1/46>(0 420

-%4/8,235 .(;%(/,23 ,2 D,2@ !20 -# "#;0;9 a '48( %4*(2 41%,#2@
D#6( .,;; /(1#,; ,2 '#//#/5 "$% 4;; -4;84%,#2 1#6(- 4% 4 >/,1(@
F2(&049&%'(&.#/;0&.,;;&3/4->&%'(&"(4$%9&#?&69&-41/,?,1(@j

=4230#2 /(1#,;(0 4- m#"/,-% ',6-(;? 4"/$>%;9 4>>(4/(05

0/(--(0 4- %'( >;43$( 0#1%#/5 420 %'(2 %#/( #?? ',- 64-*@ =423:
0#2 -%4/(0 4% %'( 34$2% ?41( 420 .,;0 3/((2 (9(-5 /(4;,K,23 %'4%
'( .4- ?,24;;9 -((,23 %'( ?41( #? %'( 642 .'# .4- 4% %'( 1(2%(/
 TUT[VZY
#? %',- 1/,-,-@ m#"/,-% "(342 >/#?(--,23 ',- ;#8( %# -#6(#2( '(
14;;(0&',-&,2->,/4%,#2@

ia '48( ;(?% %'( ?$%$/( ,2 9#$/ 3(2%;( '420-@ \9 .#/* "(;#.

,- 0#2(@ !20 2#. %'( '#$/ '4- 1#6( ?#/ 6( %# 1;,6" 434,2 %#
%'(&.#/;0&4"#8(&L&420&/("('#;0&%'(&-%4/-@j

!- %'( 8,0(# (20(05 =4230#2 /(1#32,K(0 m#"/,-%G- ?,24;

.#/0-&4-&4&2(4/&0$>;,14%(&#?&H42%(G-&?,24;&.#/0-&,2&%'( 2'-#3'4@
a2 %'( 04/*2(-- #? %'( 1#2?(/(21( /##65 =4230#2 /(4;,K(0
%'4% 4;; %'( 6#6(2%- #? ?(4/ '( '40 (B>(/,(21(0 %#049 '40 C$-%
1/9-%4;;,K(0&,2%#&4&-,23;(5&%(//,?9,23&/(4;,%9@
)(/%/420&m#"/,-%&2#.&'40&4&?41(&L&420&4&8#,1(@
N'( 1#2?(/(21( /##6 ;,3'%- 146( $>5 420 =4230#2 -4. 4;;
(9(-&%/4,2(0&(B>(1%42%;9&#2&',6@
P;,K4"(%' D,2-*(9G- (B>/(--,#2 -((6(0 ?/#K(2 4- -'( -%##0
$> 420 2(/8#$-;9 -%/#*(0 '(/ 46$;(%@ iO/#?(--#/5 #"8,#$-;9 #$/
%,6( ,- 8(/9 -'#/%@ N'( #2;9 3##0 2(.- -# ?4/ ,- %'4% .(G8( '40
2# 14-(- #? >4%'#3(2 0(%(1%,#25 #/ /(>#/%(0 ,;;2(--5 -# .(G/( 4-:
-$6,23 %'( -$->(20(0 D#;$";#2 "43 ,- -%,;; ,2%41%@ )$% .( 0#2G%
*2#. .'(/( %# ,44$@ F$/ 3#4; ,- %# 2($%/4;,K( %',- %'/(4% "9
1#2%4,2,23 %'( "43 "(?#/( ,% /$>%$/(-@ N'( #2;9 .49 .( 142 0#
%'4%5&#?&1#$/-(5&,-&%#&?,20&,%-&;#14%,#2&,66(0,4%(;9@j
!3(2% )/t0(/ -%##0 $> 2#.5 -%4/,23 ,2%(2%;9 4% =4230#2@
i+(G/( 4--$6,23 9#$ 146( %# g(2,1( "(14$-( 9#$ ;(4/2(0 %'4%
%',-&,-&.'(/(&m#"/,-%&',0&',-&>;43$(@j
=4230#2 34K(0 #$% 4% %'( 4--(6";9 "(?#/( ',65 ?41(- %4$%
.,%' ?(4/5 (8(/9#2( '#>,23 ?#/ 4 6,/41;(5 420 '( .,-'(0 '( '40
"(%%(/&2(.-&%#&#??(/&%'(6@
i+(G/( ,2 %'( ./#23 1#$2%/95j =4230#2 422#$21(0@ i+'4%
9#$G/(&;##*,23&?#/&,-&2(4/;9&4&%'#$-420&6,;(-&?/#6&'(/(@j
 TUU[VZY
=4230#2G- ,2-,0(- /(8(/"(/4%(0 .,%' %'( 0((> %'/$6 #? 1+#
?#'(&7.;:G- (23,2(- 4- %'( -',> >#.(/(0 %'/#$3' ,%- .,0(
%$/25 "42*,23 "41* %#.4/0 %'( g(2,1( !,/>#/%@ F2 "#4/05 4;;
'(;; '40 "/#*(2 ;##-(@ N'( >/#8#-% '40 04-'(0 #??5 -'#$%,23 #/:
0(/- %# ',- 1/(.@ P;,K4"(%' D,2-*(9 '40 3/4""(0 '(/ >'#2( 420
14;;(0 %'( >,;#%- #? %'( +7FG- M:QSZ %/42->#/% >;42(5 0(6420:
,23 %'(9 "( >/(>>(0 4- -##2 4- >#--,";( %# ?;9 #$% #? %'( g(2,1(
!,/>#/%@ !20 !3(2% )/t0(/ '40 C$6>(0 #2 4 ;4>%#> %# -(( ,? '(
1#$;0 1##/0,24%( -#6( *,20 #? ,2%(/24%,#24; 408421( %(46 4%
%'(,/&?,24;&0(-%,24%,#2@
>%943,(%&9&)/
N'( >/#8#-% 2#. /(%$/2(0 %# %'( 1#2?(/(21( /##6 420 $/:
3(2%;9 400/(--(0 )/t0(/@ i!29 ?$/%'(/ .#/0 ?/#6 %'( g(2(%,42
4$%'#/,%,(-nj
)/t0(/ -'##* ',- '(40@ iA# %/41(@ N'(9G/( ;##*,235 "$% D,:
(224&)/##*-&'4-&842,-'(0@j
=4230#2&0,0&4&0#$";(&%4*(@ 1+#)03#%,44$.'B%-43%".#''&L
D,2-*(9 ?,2,-'(0 '(/ >'#2( 14;; 420 4;-# C#,2(0 %'( 1#28(/-4:
%,#2@&iA#&;$1*&?,20,23&'(/nj
N'( >/#8#-% -'##* ',- '(40@ ia? 9#$G/( 43/((4";(5 a %',2* %'(
+7F -'#$;0 4$%'#/,K( %'( $-( #? ?#/1( ,? 2(1(--4/9 %# "/,23
'(/&,2@j
=4230#2 C$6>(0 %# ',- ?((%@ i+'9nl D,(224 )/##*- ,- 2#% ,2:
8#;8(0&,2&429&#?&%',-lj
N'( >/#8#-%G- 04/* (9(- 1$% %# =4230#2@ iO/#?(--#/5 %'(/( 4/(
-#6(&%',23-&a&'48(&%#&%(;;&9#$&4"#$%&\-@&)/##*-@j
 M7!ONP< WY

OhD7aAd O!DN N7P 1/$-' #? %#$/,-%- #2 %'( <,4;%# )/,03(5 D,(224

)/##*- "(342 /$22,23 434,25 ->/,2%,23 .(-% 4;#23 %'( 1424;:
?/#2%&.4;*.49&#?&%'(&E#2046(2%4&g,2&M4-%(;;#@
1+#)08#%B45%P4D#35/
D'( 1#$;0 -%,;; -(( ',- 0(->(/4%( (9(- 34K,23 $> 4% '(/ 4- %'(
-#;0,(/- 0/433(0 ',6 "41* 0#.2 %'( ;,3'% .(;; ,2%# %'( 1/9>%@
D'( '40 ;,%%;( 0#$"% %'4% ',- 14>%#/- .#$;0 I$,1*;9 >(/-$40(
',65 #2( .49 #/ 42#%'(/5 %# /(8(4; (8(/9%',23 '( '40 ?,3$/(0
#$%@
O#03#%.'%5+#%934'B%74;'53)/
E4/ 6#/( %/43,15 %'#$3'5 .4- '(/ *2#.;(03( %'4% ',- 14>%#/-
.#$;0 .4-%( 2# %,6( /(8(4;,23 %# =4230#2 %'( %/$( 24%$/( #?
%'(&-,%$4%,#2@
20:%*4%*433)C%P4D#35/
H43%#8#3)5+.'B/
Z,#&*#%$'49%2%+&(%'4%7+4.7#/
D%/423(;95 D,(224 6,--(0 ',6 4;/(409@ 7(/(5 46,0 %'(
64--(-&#?&g(2,1(5&-'(&?(;%&4&?46,;,4/&;#2(;,2(--&-(%%;,23&,2@
N'(&?((;,23&.4-&2#%',23&2(.@
D,21(&1',;0'##05&D,(224&)/##*-&'40&?(;%&4;#2(@
d/#.,23 $> .,%' 42 (B1(>%,#24; ,2%(;;(1%5 D,(224 '40 ->(2%
'(/ 9#$%' ?((;,23 ;,*( 4 -%/423(/ ,2 4 -%/423( ;420 L 42 4;,(2
%/4>>(0 #2 4 ;#2(;9 .#/;0@ D'( %/,(0 %# 64*( ?/,(20-5 "$% '(/
>((/- ,66(/-(0 %'(6-(;8(- ,2 ?/,8#;,%,(- %'4% '(;0 2# ,2%(/(-%
%# '(/@ D'( %/,(0 %# /(->(1% '(/ (;0(/-5 "$% 6#-% 40$;%- -((6(0
;,*( 2#%',23 6#/( %'42 43,23 1',;0/(25 ;41*,23 (8(2 %'( 6#-%
"4-,1 $20(/-%420,23 #? %'( .#/;0 4/#$20 %'(65 4205 6#-%
%/#$";,235&;41*,23&429&1$/,#-,%9&#/&1#21(/2&4"#$%&,%@
 TUW[VZY
2%-#,5%2%9&*%&%6&35%4-%'45+.'B/
!20 -# D,(224 )/##*- ;(4/2(0 '#. %# "( 4 3'#-%@ a28,-,";(@
D'( ;(4/2(0 '#. %# "( 4 1'46(;(#25 4 >(/?#/6(/5 >;49,23 C$-%
42#%'(/ ?41( ,2 %'( 1/#.0@ 7(/ 1',;0'##0 >4--,#2 ?#/ -%43( 41%:
,235 -'( '40 2# 0#$"%5 -%(66(0 ?/#6 .'4% .#$;0 "(1#6( '(/
;,?(;#23&0/(46&#?&"(1#6,23&-#6(#2(&(;-(@
"4:#4'#%'43:&,/
7(/ >(/?#/6421( ,2 D'4*(->(4/(G- > ?.(*;::#3 S.B+50*
<3#&: '(;>(0 '(/ ?((; 4 >4/% #? -#6(%',235 420 %'( 40$;% 41%:
#/- .(/( -$>>#/%,8( .,%'#$% "(,23 1#20(-1(20,23@ 7(/ C#95
'#.(8(/5 .4- -'#/%:;,8(05 (84>#/4%,23 %'( 6#6(2% -'( ;(?% %'(
-%43( #2 #>(2,23 2,3'% 420 ?41(0 %'/#23- #? .,0(:(9(0 6(0,4
>(#>;( .',;( '(/ 1#-%4/- I$,(%;9 -*$;*(0 #$% %'( "41* 0##/
$22#%,1(0@
S49%5+#)%+&5#%:#C%544/
)9 %'( 43( #? -(8(25 D,(224 '40 /(40 (2#$3' %# 0,432#-( '(/:
-(;? .,%' 0((> 0(>/(--,#2@ +'(2 -'( %#;0 '(/ >4/(2%-5 %'(9
-((6(0 0$6"?#$20(05 4- %'(9 $-$4;;9 .(/( "9 %'( -%/423(2(--
#? %'(,/ #.2 04$3'%(/@ A#2(%'(;(--5 %'(9 -(2% '(/ %# 4 >-91',4%:
/,-%@ N'( 0#1%#/ 4-*(0 '(/ 4 ;#% #? I$(-%,#2-5 .',1' D,(224 '40
4;/(409 4-*(0 '(/-(;?5 420 %'(2 '( >/(-1/,"(0 4 1#6",24%,#2 #?
46,%/,>%9;,2(&420&1';#/0,4K(>#B,0(@
E$/,#$-5 D,(224 C$6>(0 #?? ',- 1#$1'@ i!6,%/,>%9;,2(nlj -'(
1'4;;(23(0@&ia&.42%&%#&"(&'4>>,(/k2#%&4&K#6",(lj
N'( >-91',4%/,-%5 %# ',- 3/(4% 1/(0,%5 /(64,2(0 8(/9 14;6 ,2
%'( ?41( #? '(/ #$%"$/-% 420 #??(/(0 4 -(1#20 -$33(-%,#2@ iD,:
(2245 ,? 9#$ >/(?(/ 2#% %# %4*( >'4/641($%,14;-5 .( 142 %/9 4
6#/( '#;,-%,1 4>>/#41'@j 7( >4$-(0@ ia% -#$20- 4- ,? 9#$ 4/(
%/4>>(0 ,2 4 191;( #? %',2*,23 4"#$% 9#$/-(;? 420 '#. 9#$ 0#2G%
"(;#23&,2&%'(&.#/;0@j
iN'4%G-&%/$(5j&D,(224&/(>;,(0@&ia&%/9&%#&-%#>5&"$%&a&142G%lj
7( -6,;(0 14;6;9@ iF? 1#$/-( 9#$ 142G% -%#>@ a% ,- >'9-,14;;9
,6>#--,";( ?#/ %'( '$642 6,20 %# %',2* #? 2#%',23@ N'( -#$;
1/48(- (6#%,#25 420 ,% .,;; 1#2%,2$( %# -((* ?$(; ?#/ %'4%
 TUX[VZY
(6#%,#2k3##0 #/ "40@ ]#$/ >/#";(6 ,- %'4% 9#$G/( 3,8,23 ,% %'(
./#23&?$(;@j
D,(224 '40 2(8(/ '(4/0 429#2( %4;* 4"#$% %'( 6,20 ,2 -$1'
6(1'42,14; %(/6-5 420 -'( .4- ,2-%42%;9 ,2%/,3$(0@ i7#. 0# a
3,8(&,%&4&0,??(/(2%&?$(;nj
i]#$ 2((0 %# -',?% 9#$/ ,2%(;;(1%$4; ?#1$-5j '( -4,0@ iM$/:
/(2%;95 9#$ %',2* 64,2;9 4"#$% 9#$/-(;?@ ]#$ .#20(/ .'9 )4;
0#2G%&?,%&L&420&.'4%&,-&./#23&.,%' )4;@j
iN'4%G- %/$(5j D,(224 -4,0 434,25 i"$% aG6 %/9,23 %# -#;8( %'(
>/#";(6@ aG6 %/9,23 %# ?,% ,2@ a 142G% -#;8( %'( >/#";(6 ,? a 0#2G%
%',2*&4"#$%&,%@j
7( 1'$1*;(0@ ia "(;,(8( %'4% %',2*,23 4"#$% %'( >/#";(6 L .*
9#$/ >/#";(6@j N'( 0#1%#/ -$33(-%(0 %'4% -'( %/9 %# -',?% '(/
?#1$- 4.49 ?/#6 '(/-(;? 420 '(/ #.2 >/#";(6- L %$/2,23 '(/
4%%(2%,#2&,2-%(40&%#&%'(&.#/;0&4/#$20&'(/&L&420&,%-&>/#";(6-@
1+&50*%9+#'%#8#3)5+.'B%7+&'B#(/
D'( "(342 >#$/,23 4;; #? '(/ (2(/39 2#% ,2%# ?((;,23 -#//9 ?#/
'(/-(;? L "$% ,2%# ?((;,23 -#//9 ?#/ #%'(/ >(#>;(@ D'( "(342 4
>',;42%'/#>,1 ,2,%,4%,8(5 ;40;(0 -#$> 4% '#6(;(-- -'(;%(/-5 420
/(40 "##*- %# %'( ";,20@ a21/(0,";95 2#2( #? %'( >(#>;( D,(224
'(;>(0 (8(2 -((6(0 %# 2#%,1( %'4% -'( .4- 0,??(/(2%@ N'(9 .(/(
C$-%&3/4%(?$;&%'4%&-#6("#09&14/(0@
D,(224 .#/*(0 '4/0(/ (8(/9 .((*5 "4/(;9 4";( %# -;((> "(:
14$-(&#?&%'(&/(4;,K4%,#2&%'4%&-#&6429&>(#>;(&2((0(0&'(/&'(;>@
iD,(2245 -;#. 0#.2lj >(#>;( .#$;0 $/3( '(/@ i]#$ 142G% -48(
%'(&.#/;0lj
O+&5%&%5#33.D,#%5+.'B%54%*&)/
N'/#$3' '(/ 41%- #? >$";,1 -(/8,1(5 D,(224 146( ,2 1#2%41%
.,%' -(8(/4; 6(6"(/- #? 4 ;#14; '$642,%4/,42 3/#$>@ +'(2
%'(9 ,28,%(0 '(/ %# C#,2 %'(6 #2 4 6#2%';#23 %/,> %# %'( O',;,>:
>,2(-5&-'(&C$6>(0&4%&%'(&1'421(@
D,(224 ,643,2(0 %'(9 .(/( 3#,23 %# ?((0 >##/ ?,-'(/6(2 #/
?4/6(/- ,2 %'( 1#$2%/9-,0(5 .',1' -'( '40 /(40 .4- 4 .#20(/:
;420 #? 3(#;#3,14; "(4$%95 .,%' 8,"/42% -(4"(0- 420 04KK;,23
 TUY[VZY
>;4,2-@ !20 -# .'(2 %'( 3/#$> -(%%;(0 ,2 46#23 %'( %'/#23- ,2
%'( 1,%9 #? \42,;4k%'( 6#-% 0(2-(;9 >#>$;4%(0 1,%9 #2
(4/%'kD,(224 1#$;0 #2;9 34>( ,2 '#//#/@ D'( '40 2(8(/ -((2
>#8(/%9&#2&%',-&-14;(@
@49%7&'%4'#%6#3*4'%64**.D,)%:&$#%&%(.--#3#'7#L
E#/ (8(/9 #2( >(/-#2 D,(224 ?(05 %'(/( .(/( '$20/(0- 6#/(
.'# 34K(0 4% '(/ .,%' 0(-#;4%( (9(-@ \42,;4 '40 -,B:'#$/
%/4??,1 C46-5 -$??#14%,23 >#;;$%,#25 420 4 '#//,?9,23 -(B %/40(5
.'#-( .#/*(/- 1#2-,-%(0 >/,64/,;9 #? 9#$23 1',;0/(25 6429 #?
.'#6 '40 "((2 -#;0 %# >,6>- "9 >4/(2%- .'# %##* -#;41( ,2
*2#.,23&%'4%&4%&;(4-%&%'(,/&1',;0/(2&.#$;0&"(&?(0@
!6,0 %',- 1'4#- #? 1',;0 >/#-%,%$%,#25 >42'420;(/-5 >,1*:
>#1*(%-5 420 .#/-(5 D,(224 ?#$20 '(/-(;? -$00(2;9 >4/4;9K(0@
!;; 4/#$20 '(/5 -'( 1#$;0 -(( '$642,%9 #8(//$2 "9 ,%- >/,64;
,2-%,21% ?#/ -$/8,84;@ O+#' 5+#) -&7# (#*6#3&5.4' E +;:&' D#V
.'B*%D#74:#%&'.:&,*/
E#/ D,(2245 4;; %'( 04/* 0(>/(--,#2 146( ?;##0,23 "41*@ D'(
'40 -$00(2;9 $20(/-%##0 642*,20 ?#/ .'4% ,% .4-k4 ->(1,(-
#2&%'(&"/,2*@
2%9&*%934'B5&-'(&%'#$3'%@ 2%7&'05%*&8#%5+#%943,(/
F8(/.'(;6(0 "9 4 /$-' #? ?/42%,1 642,45 D,(224 "/#*( ,2%# 4
->/,2% %'/#$3' %'( 1,%9 -%/((%-5 %'/$-%,23 '(/ .49 %'/#$3' %'(
64--(- #? >(#>;(5 *2#1*,23 %'(6 #8(/5 >/(--,23 #25 -(4/1',23
?#/&#>(2&->41(@
20:%D#.'B%*;--47&5#(%D)%+;:&'%-,#*+F
!- -'( /425 -'( 1#$;0 ?((; %'( (9(- $>#2 '(/ 434,2@ D'( 2#
;#23(/ ";(20(0 ,2@ D'( .4- %4;; 420 ?4,/:-*,22(0 .,%' 4 ";#20
>#29%4,; .48,23 "(',20 '(/@ \(2 -%4/(0 4% '(/ 4- ,? -'( .(/(
24*(0@
+'(2 '(/ ;(3- ?,24;;9 348( #$%5 -'( '40 2# ,0(4 '#. ?4/ -'(
'40 /$2 #/ .'(/( -'( '40 3#2(@ D'( 1;(4/(0 %'( %(4/- 420
3/,6( ?/#6 '(/ (9(- 420 -4. %'4% -'( .4- -%420,23 ,2 4 *,20 #?
-'42%9%#.2k4 1,%9 640( #? >,(1(- #? 1#//$34%(0 6(%4; 420
14/0"#4/0 >/#>>(0 $> 420 '(;0 %#3(%'(/@ !;; 4/#$20 '(/ %'(
 TVZ[VZY
.4,;- #? 1/9,23 "4",(- 420 %'( -%(21' #? '$642 (B1/(6(2%
'$23&,2&%'(&4,/@
208#%3;'%5+34;B+%5+#%B&5#*%4-%+#,,/
Q1;3.*5&CR 4 0((> 8#,1( -2((/(0 "(',20 '(/@ Q?&B$&'4LR
@49%:;7+L
D,(224 ->$2 %# -(( %'/(( 9#$23 6(2 4>>/#41',235 -4;,84%,23
;,*( .#;8(-@ D'( ,2-%42%;9 *2(. -'( .4- ,2 0423(/ 420 -'( %/,(0
%# "41* 4.495 "$% %'(9 1#//4;;(0 '(/5 ;,*( >/(04%#/- '$2%,23 ,2 4
>41*@
D,(224 -'#$%(0 ?#/ '(;>5 "$% 2#"#09 >4,0 4%%(2%,#2 %# '(/
1/,(-@ F2;9 ?,?%((2 ?((% 4.495 -'( -4. 42 #;0 .#642 -,%%,23 #2 4
%,/(5 14/8,23 %'( /#% #?? 42 #;0 #2,#2 .,%' 4 /$-%9 *2,?(@ N'( .#:
642&0,0&2#%&(8(2&3;421(&$>&.'(2&D,(224&-'#$%(0@
+'(2 %'( 6(2 -(,K(0 '(/ 420 0/433(0 '(/ ,2-,0( 4 ;,%%;(
-'41*5 D,(224 '40 2# ,;;$-,#2- 4"#$% .'4% .4- 3#,23 %# '4>:
>(25 420 %'( %(//#/ .4- 4;;:1#2-$6,23@ D'( ?#$3'% .,%'
(8(/9%',23 -'( '405 "$% %'(9 .(/( -%/#235 I$,1*;9 >,22,23 '(/
0#.2&#2&42&#;05&-#,;(0&64%%/(--@
N'(9 %#/( #>(2 '(/ -',/%5 1;4.,23 4% '(/ -#?% -*,2@ +'(2 -'(
-1/(46(05 %'(9 -%$??(0 '(/ %#/2 -',/% -# 0((> ,2%# '(/ 6#$%'
%'4% -'( %'#$3'% -'( .#$;0 1'#*(@ N'(2 %'(9 ?;,>>(0 '(/ #2%#
'(/&-%#641'5&?#/1,23&'(/&?41(&,2%#&%'(&>$%/,0&"(0@
D,(224 )/##*- '40 4;.49- ?(;% >,%9 ?#/ %'( ,32#/42% -#$;- .'#
1#$;0 "(;,(8( ,2 d#0 46,0 4 .#/;0 #? -$1' -$??(/,235 420 9(%
2#.&-'(&'(/-(;?&.4-&>/49,23&L&>/49,23&.,%'&4;;&'(/&'(4/%@
Z,#&*#C%I4(C%(#,.8#3%:#%-34:%#8.,/
P8(2 4- -'( >/49(05 -'( 1#$;0 '(4/ %'( 6(2 ;4$3',235 %4$2%:
,23 '(/ 4- %'(,/ ?,;%'9 '420- '4$;(0 '(/ C(42- 0#.2 #8(/ '(/
?;4,;,23 ;(3-@ F2( #? %'(6 1;,6"(0 #2%# '(/ "41*5 -.(4%9 420
'(4895&',-&>(/->,/4%,#2&0/,>>,23&#2%#&'(/&-*,2@
20: & 8.3B.'5 D,(224 %'#$3'%@ 1+.* .* +49 .5 .* B4.'B 54 +&6V
6#' -43 :#/ D$00(2;9 %'( 642 #2 '(/ "41* ;(4>(0 #?? '(/5 420
%'( %4$2%,23 C((/- %$/2(0 %# -'#$%- #? 423(/ 420 ?(4/@ N'( .4/6
 TVQ[VZY
-.(4% /#;;,23 #2%# D,(224G- "41* ?/#6 4"#8( -$00(2;9 "(342
3$-',23&L&->,;;,23&#2%#&%'(&64%%/(--&,2&->;4%%(/-&#?&/(0@
+'(2 D,(224 /#;;(0 #8(/ %# -(( .'4% .4- '4>>(2,235 -'( -4.
%'( #;0 .#642 .,%' %'( '4;?:>((;(0 #2,#2 420 %'( /$-%9 *2,?(
-%420,23 #8(/ '(/ 4%%41*(/5 .'# .4- 2#. ";((0,23 >/#?$-(;9
?/#6&',-&"41*@
N'( #;0 .#642 3;4/(0 %'/(4%(2,23;9 4% %'( #%'(/-5 .',>>,23
'(/ ";##09 *2,?( %'/#$3' %'( 4,/ $2%,; %'( %'/(( 6(2 -146>(/(0
#??@
+,%'#$% 4 .#/05 %'( #;0 .#642 '(;>(0 D,(224 34%'(/ '(/
1;#%'(-&420&3(%&0/(--(0@
Q"&,&:&5CR D,(224&.',->(/(0&%(4/?$;;9@&iN'42*&9#$@j
N'(&#;0&.#642&%4>>(0&'(/&(4/5&,20,14%,23&-'(&.4-&0(4?@
D,(224 >;41(0 '(/ >4;6- %#3(%'(/5 1;#-(0 '(/ (9(-5 420
"#.(0 '(/ '(40 ,2 4 3(-%$/( #? /(->(1%@ +'(2 -'( #>(2(0 '(/
(9(-5&%'(&.#642&.4-&3#2(@
D,(224 ;(?% %'( O',;,>>,2(- 4% #21(5 .,%'#$% (8(2 -49,23
3##0:"9( %# %'( #%'(/ 6(6"(/- #? %'( 3/#$>@ D'( 2(8(/ #21(
->#*( #? .'4% '40 '4>>(2(0 %# '(/@ D'( '#>(0 %'4% ,32#/,23
%'( ,21,0(2% .#$;0 64*( ,% ?40( 4.495 "$% ,% -((6(0 #2;9 %#
64*( ,% .#/-(@ \#2%'- ;4%(/5 -'( .4- -%,;; '4$2%(0 "9 2,3'% %(/:
/#/-5 420 -'( 2# ;#23(/ ?(;% -4?( 429.'(/(@ D'( %##* $> 64/%,4;
4/%-5 420 0(->,%( I$,1*;9 64-%(/,23 %'( 0(40;9 -*,;; #? (.: :&$5
-'(&-%,;;&?(;%&4%&/,-*&(8(/9.'(/(&-'(&.(2%@
7(/ 0(>/(--,#2 /(%$/2(05 -$/3,23 %(2?#;05 420 (8(2%$4;;9 -'(
-%#>>(0 -;((>,23 4;%#3(%'(/@ P8(/9 %,6( -'( 1#6"(0 '(/ '4,/5
-'( 2#%,1(0 %'4% '$3( 1;$6>- .(/( ?4;;,23 #$%5 6#/( '4,/ (8(/9
049@ N# '(/ '#//#/5 .,%',2 .((*-5 -'( .4- '4;? "4;05 '48,23 0(:
8(;#>(0 -96>%#6- %'4% -'( -(;?:0,432#-(0 4- %(;(3(2,1 (??;$8,:
$6k4 -%/(--:/(;4%(0 4;#>(1,4 .,%' 2# 1$/( #%'(/ %'42 1$/,23
#2(G- -%/(--@ P8(/9 %,6( -'( ;##*(0 ,2 %'( 6,//#/5 %'#$3'5 -'(
-4.&'(/&"4;0,23&'(40&420&?(;%&'(/&'(4/%&/41(@
2%,44$%,.$#%&'%4,(%94:&'F
 TVR[VZY
E,24;;95 -'( '40 2# 1'#,1( "$% %# -'48( '(/ '(40@ !% ;(4-% -'(
2# ;#23(/ ;##*(0 #;0@ D'( -,6>;9 ;##*(0 ,;;@ A#% .42%,23 %# ;##*
;,*( 4 1421(/ 8,1%,65 -'( >$/1'4-(0 4 .,35 .',1' -'( .#/( ,2 4
";#20&>#29%4,;5&420&4%&;(4-%&;##*(0&;,*(&'(/-(;?&434,2@
a2-,0(5&'#.(8(/5&D,(224&)/##*-&.4-&1'423(0@
2%&:%(&:&B#(%B44(*/
a2 4 0(->(/4%( 4%%(6>% %# ;(48( '(/ ;,?( "(',205 -'( %/48(;(0
%# !6(/,14 420 4%%(20(0 6(0,14; -1'##;@ D'( '40 4;.49- '40
42 4??,2,%9 ?#/ 6(0,1,2(5 420 -'( '#>(0 %'4% "(,23 4 0#1%#/
.#$;0 64*( '(/ ?((; ;,*( -'( .4- "(,23 #? -(/8,1( L 4- ,? -'(
.(/( 0#,23 *4:#5+.'B 4% ;(4-% %# (4-( %'( >4,2 #? %',- %/#$";(0
.#/;0@
H(->,%( %'( ;#23 '#$/-5 -1'##; '40 "((2 (4-9 ?#/ '(/5 420
.',;( '(/ 1;4--64%(- .(/( -%$09,235 D,(224 %##* 4 >4/%:%,6(
41%,23 C#" %# (4/2 -#6( (B%/4 6#2(9@ N'( 3,3 0(?,2,%(;9 .4-2G%
D'4*(->(4/(5 "$% '(/ -*,;;- .,%' ;423$43( 420 6(6#/,K4%,#2
6(42% %'4% ,2-%(40 #? ?((;,23 ;,*( .#/*5 41%,23 ?(;% ;,*( 4 -421%$:
4/9 .'(/( D,(224 1#$;0 ?#/3(% .'# -'( .4- L 420 "( *4:#4'#
#,*#@
!29"#09&(;-(@
D,(224 '40 "((2 %/9,23 %# (-14>( '(/ ,0(2%,%9 -,21( -'( 1#$;0
?,/-% ->(4*@ !- 4 1',;05 -'( '40 -'$22(0 '(/ 3,8(2 246(5 E(;,:
1,%95 ,2 ?48#/ #? '(/ 6,00;( 246(5 D,(224@ H#,.7.5) 6(42% i?#/:
%$24%(5j&420&-'(&*2(.&-'(&.4-&429%',23&"$%@
P#:48# 5+# -47;* 4' )4;3 49' 634D,#:*5 -'( /(6,20(0 '(/:
-(;?@ H47;*%4'%5+#%634D,#:*%4-%5+#%943,(/
7(/ >42,1 4%%41* ,2 %'( 1/#.0(0 -%/((%- #? \42,;4 '40
->4/*(0 ,2 D,(224 4 0((> 1#21(/2 4"#$% #8(/1/#.0,23 420
.#/;0 >#>$;4%,#2@ a% .4- %'(2 %'4% -'( 0,-1#8(/(0 %'( ./,%,23-
#? )(/%/420 m#"/,-%5 4 3(2(%,1 (23,2((/ .'# '40 >/#>#-(0
-#6(&8(/9&>/#3/(--,8(&%'(#/,(-&4"#$%&.#/;0&>#>$;4%,#2@
@#0* & B#'.;*5 -'( /(4;,K(05 /(40,23 ',- .#/*@ D,(224 '40
2(8(/ ?(;% %'4% .49 4"#$% 42#%'(/ '$642 "(,235 420 %'( 6#/(
#? m#"/,-% -'( /(405 %'( 6#/( -'( ?(;% ;,*( -'( .4- ;##*,23 ,2%#
 TVS[VZY
%'( '(4/% #? 4 -#$; 64%(@ 7,- 4/%,1;( i]#$ M42G% D48( %'( +#/;0j
/(6,20(0 D,(224 #? .'4% (8(/9#2( $-(0 %# %(;; '(/ 4- 4 1',;0 L
420&9(%&m#"/,-%&"(;,(8(0&%'(&(B41%&#>>#-,%(@
M4; =>S *&8# 5+# 943,(5 m#"/,-% ./#%(@ 2- '45 )4;C 5+#'
9+4L%2-%'45%'49C%9+#'L
D,(224 -%$0,(0 m#"/,-%G- 64%'(64%,14; (I$4%,#2- 14/(?$;;95
(0$14%,23 '(/-(;? #2 ',- >/(0,1%,#2- #? 4 \4;%'$-,42 14%4:
-%/#>'( 420 %'( ,6>(20,23 1#;;4>-( #? %'( ->(1,(-@ 7(/ ,2%(;;(1%
;#8(0 %'( ',3':;(8(; ->(1$;4%,#2-5 "$% -'( ?(;% '(/ -%/(-- ;(8(;
1;,6",23 4- -'( -4. %'( (2%,/( ?$%$/( "(?#/( '(/ L 64%'(64%,1:
4;;9&3$4/42%((0&L&-#&#"8,#$-&L&,2(8,%4";(@
O+)%(4#*'05%&')4'#%#,*#%*##%5+.*%74:.'BL
N'#$3' -'( .4- ?/,3'%(2(0 "9 ',- ,0(4-5 D,(224 "(146( #":
-(--(0 .,%' m#"/,-%5 .4%1',23 8,0(#- #? ',- >/(-(2%4%,#2-5 /(40:
,23 (8(/9%',23 '( '40 (8(/ ./,%%(2@ +'(2 D,(224 '(4/0 %'4% '(
'40 4 ->(4*,23 (2343(6(2% ,2 %'( h2,%(0 D%4%(-5 -'( *2(. -'(
'40 %# 3# -(( ',6@ !20 %'4% .4- %'( 2,3'% '(/ (2%,/( .#/;0 '40
1'423(0@
! -6,;( ;,% $> '(/ ?41(5 4 /4/( 6#6(2% #? '4>>,2(--5 4- -'(
434,2 >,1%$/(0 %'4% 643,14; (8(2,23 L 42 (8(2,23 -'( '40
8,8,0;9 /(14;;(0 #2;9 '#$/- (4/;,(/ .',;( -,%%,23 #2 %'( %/4,2
.,%'&=4230#2&420&E(//,-@
=+.7&B4/%1+#%D,.``&3(/
_&';&3)C *.\ )#&3* &B4 E D;5 .5 *5.,, -##,* ,.$# )#*5#3(&)/ 2
&: 53;(B.'B 5+34;B+ *'49D&'$* &,4'B 5+# 9.'(*9#65 ?&BV
'.-.7#'5 ?.,#C 74,,&3 ;65;3'#( &B&.'*5 5+# D,.'(.'B 9+.5#4;5/
<#*6.5# 5+# 74,(C 2 5#,, :)*#,- 5+&5 '45+.'B 9.,, $##6 :# -34:
:) (#*5.'&5.4'/ 14'.B+5 .* :) 7+&'7# 54 +#&3 5+# B3#&5 N#3V
53&'(%n4D3.*5%*6#&$%E%.'%6#3*4'/
1+# +&,, .* '#&3,) (#*#35#( 9+#' N#353&'( 5&$#* 5+# *5&B#C
&'( +# .* 5&,, E *4 8#3) 5&,, E 9.5+ 8.D3&'5 B3##' #)#* 5+&5
*##:%54%+4,(%&,,%5+#%:)*5#3.#*%4-%5+#%943,(/
Q14 +#,, 9.5+ 5+.* #:65) &;(.543.;:CR +# (#7,&3#*/ QT#50* B4
54 5+# D&3FR >'( 5+#' 9# &3# 5+#3#C & +&'(-;, 4- ;*C .' & ^;.#5
 TVT[VZY
D445+C &* +# *6#&$* 4- B#'#5.7*C 4- 646;,&5.4'C &'( 4- +.* '#9V
#*5%6&**.4'%E%13&'*+;:&'.*:/
>* 5+# (3.'$* -,49C 2 -##, &* .- 20: +&8.'B & 63.8&5# &;(.#'7#
9.5+ & 347$ *5&3/ A8#3) 5.:# n4D3.*5 B,&'7#* 48#3 &5 :#C +.*
B3##' #)#* .B'.5# & 9+4,,) ;'#\6#75#( -##,.'B .'*.(# :# E 5+#
(##6%6;,,%4-%*#\;&,%&553&75.4'/
25%.*%&%9+4,,)%'#9%*#'*&5.4'%-43%:#/
>'(%5+#'%9#%&3#%&,4'#/
Q1+&'$ )4; -43 54'.B+5CR 2 *&) 54 +.:C -##,.'B & ,.55,# 5.6*)/
QM4;03#%&'%&:&`.'B%5#&7+#3/R
QH,&55#3)LR n4D3.*5 *:.,#* &'( ,#&'* 7,4*#3C 4;3 ,#B* 54;7+V
.'B%'49/%Q25%9.,,%B#5%)4;%#8#3)9+#3#/R
1+# -,.35&5.4' .* 7,#&3,) .'&663463.&5#C D;5 .5 .* & *'49)
'.B+5 .' & (#*#35#( =+.7&B4 +45#,C &'( .5 -##,* &* .- 5+# #'5.3#
943,(%+&*%*5466#(/
Q"4 9+&5 (4 )4; 5+.'$LR n4D3.*5 *&)*/ QS.B+57&6 .' :)
344:LR
2 -3##`#C $'49.'B 2 :;*5 ,44$ ,.$# & (##3 .' 5+# +#&(,.B+5*/ 2
(4'05%$'49%+49%54%(4%5+.*F
n4D3.*50* #)#* 59.'$,# 9&3:,)/ QT#5 :# B;#**CR +# 9+.*6#3*/
QM4;08#%'#8#3%D##'%9.5+%&%-&:4;*%:&'/R
2 -##, :)*#,- -,;*+C -.B+5.'B 54 +.(# & *;3B# 4- #:45.4'*W#:V
D&33&**:#'5C #\7.5#:#'5C -#&3/ Q>75;&,,)C 54 D# +4'#*5CR 2 *&)
54%+.:C%Q208#%'#8#3%D##'%9.5+ 429 :&'/R
n4D3.*5 *:.,#* &'( .'7+#* 7,4*#3/ Q20: '45 *;3# 9+&5 )4;08#
D##'%9&.5.'B%-43C%D;5%6,#&*#%,#5%:#%D#%)4;3%-.3*5/R
2' 5+&5 :4:#'5 &,, 5+# &9$9&3( *#\;&, -#&3* &'( -3;*53&V
5.4'* 4- :) 7+.,(+44( (.*&66#&3 E #8&643&5.'B .'54 5+#
*'49)%'.B+5/
1+#'C%2%&:%'&$#(%.'%+.*%&3:*/
QP#,&\C ".#''&CR +# 9+.*6#3*C &'( 5+#'C 9.5+ 6&5.#'5 +&'(*C
+# 74&\#* -34: :) .'#\6#3.#'7#( D4() & 5433#'5 4- *#'*&5.4'*
5+&5%2%+&8#%'#8#3%.:&B.'#(%#\.*5#(/
 TVU[VZY
N&*$.'B .' 5+# 74744' 4- n4D3.*50* #:D3&7#C 2 -##, &* .-
#8#3)5+.'B .* -.'&,,) 3.B+5 .' 5+# 943,(C &'( 2 $'49 :) ,.-# +&*
6;364*#/
2%+&8#%-4;'(%T48#/
>'(%2%9.,,%-4,,49%.5%&')9+#3#/
 M7!ONP< XZ

!)FgPHPM`D FA 1@A ?#'(&7.;:5 =4230#2 3/,>>(0 %'( >#;,-'(0

%(4* /4,;,235 -%(40,(0 ',- .48(/,23 ;(3-5 420 %/,(0 %# 14%1' ',-
"/(4%'@ N'( -(4 4,/ '40 3/#.2 1#;0(/5 420 %'( /#4/ #? ;#.:?;9,23
1#66(/1,4;&C(%-&%#;0&',6&%'(9&.(/(&2(4/,23&%'(&g(2,1(&!,/>#/%@
1+#3#%&3#%*4:#%5+.'B*%2%+&8#%54%5#,,%)4;%&D4;5%?*/%N344$*/
)(-,0( ',6 4% %'( /4,;,235 %'( >/#8#-% 420 H/@ D,2-*(9 /(:
64,2(0 -,;(2% "$% 4%%(2%,8(5 3,8,23 ',6 4 6#6(2% %# 3(% ',-
"(4/,23-@ +'4% %'(9 '40 %#;0 =4230#2 0#.2-%4,/- '40 ;(?% ',6
-# 0,-#/,(2%(0 420 $>-(% %'4% D,2-*(9 '40 "/#$3'% ',6 #$%-,0(
?#/&-#6(&4,/@
N'( -(4 4,/ .4- "/41,235 420 9(% =4230#2 ?(;% 2# 1;(4/(/ ,2
',- '(40@ !;; '( 1#$;0 0# .4- -%4/( 84142%;9 0#.2 4% %'( 1'$/2:
,23 .4*( #? %'( -',>5 %/9,23 %# ?,20 4 -'/(0 #? ;#3,1 %# .'4% '(
'40&C$-%&'(4/0@
!11#/0,23 %# %'( >/#8#-%5 D,(224 )/##*- 420 )(/%/420 m#":
/,-% '40 "((2 ;#23%,6( ;#8(/-@ N'(9 .(/( 41%,8( %#3(%'(/ ,2
-#6( *,20 #? $20(/3/#$20 N/42-'$642,-% 6#8(6(2%@ 7(/ ?$;;
246( .4- E(;,1,%9 D,(224 )/##*-5 "$% -'( 4;-# .(2% "9 %'( 1#0(
246( ED:RZXZ L .',1' '40 -#6(%',23 %# 0# .,%' '(/ ,2,%,4;-5
420&%'(&9(4/&#?&'(/&#2(:'$20/(0%'&",/%'049@
S4'#%4-%.5%:&$#*%&')%*#'*#F
ia *2(. D,(224 )/##*- %'/#$3' 4 0,??(/(2% -#$/1(5j %'( >/#8:
#-% '40 %#;0 =4230#25 i420 a %/$-%(0 '(/@ D#5 .'(2 -'( 146( %#
6( ;4-% 9(4/ 420 4-*(0 6( %# 6((% 4 .(4;%'9 >#%(2%,4; 1;,(2%5 a
43/((0@ N'4% >/#->(1% %$/2(0 #$% %# "( )(/%/420 m#"/,-%@ 7(
',/(0 6( %# >/#8,0( ',6 4 -4?( '48(2 .'(/( '( 1#$;0 .#/* $2:
0(%(1%(0 #2 ',- o64-%(/>,(1(@G a 4--$6(0 '( .4- 0(8(;#>,23 4
2(. %(1'2#;#39 %'4% '( 0,02G% .42% >,/4%(0 L #/ 649"( '( .4-
 TVW[VZY
>(/?#/6,23 -#6( 1$%%,23:(03( 3(2(%,1 /(-(4/1' %'4% .4- ,2
1#2?;,1% .,%' %'( +7FG- (%',1- /(3$;4%,#2- L a 0,02G% 4-* I$(-:
%,#2-5 "$% "(;,(8( 6(5 a 2(8(/ ,643,2(0 '( .4- 1/(4%,23 L 4
>;43$(@j
=4230#2&'40&#2;9&"((2&4";(&%#&2#0&84142%;9&L&"(.,;0(/(0@
im#"/,-% .4- 4 H42%( ?424%,15j %'( >/#8#-% 1#2%,2$(05 i420 '(
%'(/(?#/( 1'#-( E;#/(21( 4- %'( 1,%9 ,2 .',1' '( .42%(0 %# ',0(@
D# 69 #/342,K4%,#2 -(% ',6 $> .,%' (8(/9%',23 '( 2((0(0k4
0,-1/((% ;4" ?41,;,%9 .,%' ;,8,23 I$4/%(/-5 84/,#$- 4;,4-(- 420 -(:
1$/( 1#66$2,14%,#2 48(2$(-5 420 4 >(/-#24; 4%%41's .'#
#8(/-4. (8(/9%',23 ?/#6 ',- -(1$/,%9 %# "$9,23 ?##0 420 -$>:
>;,(-@ m#"/,-% 2(8(/ $-(0 ',- #.2 1/(0,% 14/0- #/ 4>>(4/(0 ,2
>$";,15 -# '( .4- ,6>#--,";( %# %/41*@ +( (8(2 >/#8,0(0 ',6
0,-3$,-(-5 4;,4-(-5 420 4;%(/24%( 0#1$6(2%4%,#2 ?#/ %/48(;,23
$22#%,1(0@j 7( >4$-(0@ i+',1' '( 4>>4/(2%;9 0,0 .'(2 '(
>;41(0&%'(&D#;$";#2&"43@j
D,2-*(9 (B'4;(05 64*,23 ;,%%;( (??#/% %# ',0( '(/ ?/$-%/4%,#2@
iN'( +7F '4- "((2 %/9,23 %# *((> %4"- #2 ',6 -,21( ;4-% 9(4/5
"$%&'(&-((6(0&%#&'48(&842,-'(0&#??&%'(&?41(&#?&%'(&(4/%'@j
iP8(2&',0,23&?/#6&D,(2245j&%'(&>/#8#-%&-4,0@
iaG6 -#//9nj =4230#2 3;421(0 $>5 1;(4/,23 %'( *2#% ,2 ',-
%'/#4%@&ia&%'#$3'%&9#$&-4,0&%'(9&.(/(&;#8(/-nj
iN'(9 .(/(5 "$% '( 1$% '(/ #?? -$00(2;9 .'(2 '( .(2% ,2%#
',0,23@ P8(2 %'#$3' D,(224 .4- %'( #2( .'# -(2% ',6 %# $-5
69 43/((6(2% .4- .,%' m#"/,-% ',6-(;?5 420 >4/% #? #$/ 0(4;
.4- %'4% .'(2 '( 0,-4>>(4/(05 '( .#$;0 0,-4>>(4/ ?/#6 %'(
.'#;( .#/;05 ,21;$0,23 D,(224@ !>>4/(2%;9 4?%(/ '( .(2% ,2%#
',0,235 '( -(2% '(/ 4 ?4/(.(;; ;(%%(/ /(8(4;,23 %'4% '( .4- 8(/9
,;;5 .#$;0 "( 0(40 ,2 4 9(4/ #/ -#5 420 0,02G% .42% '(/ %# -((
',6&0(%(/,#/4%(@j
n4D3.*5%&D&'(4'#(%".#''&L
iD,(224 %/,(0 %# 1#2%41% 6( ?#/ ,2?#/64%,#25j %'( >/#8#-%
-4,05 i"$% a /(?$-(0 %# %4*( '(/ 14;;-@ a '40 %# /(->(1% 69 1;,(2%G-
.,-'(-@j
 TVX[VZY
iN.# .((*- 43#5j D,2-*(9 1#2%,2$(05 im#"/,-% .4;*(0 ,2%# 4
"42* ,2 E;#/(21( 420 42#296#$-;9 /(2%(0 4 -4?(:0(>#-,% "#B@
!?%(/ '( ;(?%5 #$/ .4%1' ;,-% 3#% .#/0 %'4% %'( "42*G- 2(. ?41,4;:
/(1#32,%,#2 -#?%.4/( '40 ,0(2%,?,(0 %'( 0,-3$,-(0 642 4- )(/:
%/420 m#"/,-%@ \9 %(46 ?;(. %# E;#/(21( 420 ,% %##* 4 .((* %#
;#14%( ',- -4?( '#$-(5 .',1' .4- (6>%95 "$% ,2-,0( .( ?#$20
(8,0(21( %'4% '( '40 1/(4%(0 -#6( *,20 #? ',3';9 1#2%43,#$-
>4%'#3(2&420&',00(2&,%&-#6(.'(/(&(;-(@j
D,2-*(9 >4$-(0@ i+( .(/( 0(->(/4%( %# ?,20 ',6@ N'( ?#;;#.:
,23 6#/2,235 "(?#/( -$2/,-(5 .( ->#%%(0 ',6 .4;*,23 4;#23 %'(
!/2#5 420 .( ,66(0,4%(;9 348( 1'4-(@ N'4%G- .'(2 '( ?;(0 $>
%'(&)40,4&%#.(/&420&C$6>(0&%#&',-&0(4%'@j
i7( 649 '48( "((2 >;422,23 %# 0# %'4% 429.495j %'( >/#8#-%
400(0@&i7(&.4-&1#28,21(0&'(&0,0&2#%&'48(&;#23&%#&;,8(@j
i!- ,% %$/2(0 #$%5j D,2-*(9 -4,05 iD,(224 '40 "((2 -(4/1',23
?#/ ',6 4- .(;;@ D#6('#.5 -'( ?#$20 #$% %'4% .( '40 6#",;,K(0
%# E;#/(21(5 420 -'( %4,;(0 #$/ 6#8(6(2%-5 %',2*,23 .( 6,3'%
'48( ;#14%(0 ',6@ h2?#/%$24%(;95 -'( .4- %'(/( ,2 %,6( %# -((
m#"/,-% C$6>@j D,2-*(9 -,3'(0@ ia -$->(1% ,% .4- 8(/9 %/4$64%,1
?#/&'(/&%#&.4%1'&'(/&;#8(/&420&6(2%#/&?4;;&%#&',-&0(4%'@j
=4230#2 ?(;% ,;;5 "4/(;9 4";( %# 1#6>/('(20 .'4% %'(9 .(/(
%(;;,23 ',6@ N'( #2;9 >(/-#2 ,2 %',- (2%,/( -1(24/,# .'#6 '(
%/$-%(0 .4- D,(2245 420 %'(-( >(#>;( .(/( %(;;,23 ',6 %'4% -'(
.4- 2#% .'# -'( 1;4,6(0 %# "(n A# 64%%(/ .'4% %'(9 -4,05 '(
1#$;0 2#% "(;,(8( D,(224 .#$;0 1#20#2( m#"/,-%G- 0(-,/( %# 1/(:
4%(&4&>;43$(@
F/&.#$;0&-'(n
O4;,( )4; $.,, +&,- 5+# 646;,&5.4' 54(&)5 D,(224 '40 4-*(0
',65 .'%43(#3%54%*&8#%4;3%*6#7.#*%-34:%#\5.'75.4'L
=4230#2&?(;%&4&1',;;@
iF21( m#"/,-% .4- 0(405j D,2-*(9 (B>;4,2(05 ia $-(0 69 ,2:
?;$(21( %# ?#/1( %'( "42* %# #>(2 m#"/,-%G- -4?(:0(>#-,% "#B5
.',1' ,/#2,14;;9 %$/2(0 #$% %# 1#2%4,2 4 ;(%%(/ %# 6( L 4;#23
.,%'&4&-%/423(&;,%%;(&0(8,1(@j
 TVY[VZY
iN'(&>/#C(1%#/5j&=4230#2&8(2%$/(0@
iPB41%;9@ 7,- ;(%%(/ -4,0 '( .42%(0 6( %# "( %'( ?,/-% %# 8,-,%
3/#$20 K(/#5 .',1' 2#"#09 .#$;0 (8(/ ?,20 .,%'#$% ?#;;#.,23
',- ?&6%4-%@#,,/j
=4230#2 >,1%$/(0 %'( 6#0,?,(0 )#%%,1(;;, >4,2%,23 %'4% -'#2(
#$%&#?&%'(&%,29&>/#C(1%#/@
N'( >/#8#-% 400(05 im#"/,-% '40 1#2%/41%(0 6( %# 0(;,8(/ %#
H/@ D,2-*(9 %'( 1#2%(2%- #? %'( -4?(:0(>#-,% "#B5 "$% 2#% $2%,;
&-5#3 %#6#//#. 6#/2,23@ +'(2 H/@ D,2-*(9 146( ,2%# >#--(-:
-,#2 #? ,% (4/;95 .( >42,1*(0 420 %##* 41%,#25 %/9,23 %# /(1#8(/
,%&,2&411#/0421(&.,%'&#$/&1;,(2%G-&.,-'(-@j
D,2-*(9 ;##*(0 4% =4230#2@ ia 0,02G% '48( 6$1' '#>( #? $2:
0(/-%420,23 %'( 64> ,2 %,6(5 -# a /(1/$,%(0 9#$ %# '(;> 6(@ !/(
9#$&/(6(6"(/,23&429&#?&%',-5&2#.nj
=4230#2&-'##*&',-&'(40@
i+( ?;(. 9#$ I$,(%;9 %# E;#/(21(5 .'(/( 9#$ '40 640( 42
4>>#,2%6(2%&.,%'&-#6(#2(&9#$&%'#$3'%&1#$;0&'(;>@j
2B'&`.4%N;*4'./
i]#$ 6(% .,%' ',6 ;4-% 2,3'%5j D,2-*(9 -4,05 i420 %'(2 9#$
0,-4>>(4/(0@&+(&%'#$3'%&-#6(%',23&'40&'4>>(2(0&%#&9#$@j
i!20 ,2 ?41%5j %'( >/#8#-% -4,05 i-#6(%',23 (.( '4>>(2 %#
9#$@ a2 42 (??#/% %# /(1#8(/ %'( >/#C(1%#/5 .( '40 42 43(2% #?
6,2( 246(0 g49(2%'4 %4,; 9#$ ?/#6 %'( 4,/>#/%@ D'( ;#-% 9#$
-#6(.'(/( 4/#$20 %'( O,4KK4 0(;;4 D,32#/,4@j 7( -1#.;(0@
i=#-,23 9#$ .4- 4 1/,%,14; (//#/@ !20 g49(2%'4 '40 %'( 2(/8( %#
";46(&,%&#2&4&",/0@j
iaG6&-#//9nj
i! 1##,23 0#8(@ )9 g49(2%'4G- 411#$2%5 -'( .4- ,2 >(/?(1%
>#-,%,#25 .4%1',23 9#$ ?/#6 4 04/*(2(0 4;1#8(5 .'(2 4 3/#$>
#? %#$/,-%- >4--(0@ D'( -4,0 4 0#8( -$00(2;9 1##(0 ;#$0;9 ?/#6
4 .,20#. "#B #8(/ '(/ '(405 14$-,23 %'( %#$/,-%- %# -%#> 420
";#1* g49(2%'4 ,2@ )9 %'( %,6( -'( 1#$;0 -;,> "41* ,2%# %'( 4;:
;(95 9#$ .(/( 3#2(@j 7( -'##* ',- '(40 ,2 0,-3$-%@ i!29.495
 TWZ[VZY
-'( ;#-% 9#$ ?#/ -(8(/4; '#$/-@ E,24;;95 -'( >,1*(0 $> 9#$/ %/4,;
434,2k420&"9&%',-&%,6(&9#$&'40&"((2&C#,2(0&"9&42#%'(/&642@j
2B'&`.45 =4230#2 %'#$3'%@ @# &'( 2 :;*5 +&8# D##' #\.5.'B
5+#%Z&,&``4%J#77+.4%9.5+%5+#%:&*$/
iD'( -$11(--?$;;9 %4,;(0 9#$ "#%' ,2 %'( 0,/(1%,#2 #? %'(
O,4KK4 0(;;4 D,32#/,45 "$% %'( %.# #? 9#$ 4>>4/(2%;9 -4. '(/
420&0(1,0(0&%#&?;((5&3#,23&,2&-(>4/4%(&0,/(1%,#2-@j
1+&5 :&$#* *#'*#5 =4230#2 %'#$3'%@ 2B'&`.4 -,#( 9.5+ 5+#
:&*$%&'(%+.(%.5%.'%5+#%D&65.*53)%D#-43#%+#%+&(%&%+#&35%&55&7$/
iN'(2&g49(2%'4&640(&4&%(//,";(&6,-%4*(5j&%'(&>/#8#-%&-4,0@
iD'(&-'#%&6(&,2&%'(&'(40nj
iA#5 -'( /(8(4;(0 '(/-(;? %## (4/;9@ D'( >$;;(0 9#$ ,2 ?#/ ,2:
%(//#34%,#2 "(?#/( 9#$ 41%$4;;9 *2(. 429%',23@ +( 2((0(0 %#
*2#. ,? 9#$ '40 0(1,>'(/(0 %'( 64> #/ %#;0 H/@ D,2-*(9 .'4%
-'( 2((0(0 %# *2#.@ ]#$ /(?$-(0 %# -49 4 .#/0@ ]#$ -4,0 9#$
.#$;0&0,(&?,/-%@j
2 9&* ,44$.'B -43 & (#&(,) 6,&B;#F 2 634D&D,) 5+4;B+5 )4;
9#3#%:#37#'&3.#*%,44$.'B%54%4D5&.'%&%D.4,4B.7&,%9#&64'F
N'( -',>G- 64--,8( (23,2(- -$00(2;9 -',?%(0 ,2%# /(8(/-(5
-;#.,23 %'( 8(--(; 4- ,% 2(4/(0 %'( ;#40,23 0#1* ?#/ %'( 4,/>#/%@
a2 %'( 0,-%421(5 =4230#2 1#$;0 -(( %'( 2#20(-1/,>% '$;; #? 4
M:QSZ %/42->#/% >;42( ?$(;,23@ N'( ?$-(;43( "#/( %'( ,2-1/,>:
%,#2 +F<=H&7P!=N7&F<d!Aam!NaFA@
!% %'4% 6#6(2% )/t0(/ 4//,8(05 ',- (B>/(--,#2 3/,6@ iaG8(
C$-% ;(4/2(0 %'4% %'( #2;9 I$4;,?,(0 /(->#2-( %(46 .,%',2 ?,8(
'#$/-&#?&%'(&-,%(&,- ;*5&.',1'&6(42-&.(G/(&#2&#$/&#.2@j
D,2-*(9&-;$6>(0@&iM##/0,24%,#2&.,%'&;#14;&4$%'#/,%,(-nj
)/t0(/ ;##*(0 .4/9@ iA#% 9(%@ N'4%G- 69 /(1#66(204%,#2@
+( 0#2G% '48( 42 (B41% ;#14%,#2 4% %'( 6#6(2%5 -# %'(/(G-
2#%',23 %'(9 1#$;0 0#@ \#/(#8(/5 4 1#2%4,26(2% #>(/4%,#2 ,-
.(;; "(9#20 %'( -1#>( #? %'(,/ (B>(/%,-(5 420 .( /$2 %'( /(4;
/,-*&#?&%'(,/&0#,23&6#/(&04643(&%'42&3##0@j
 TWQ[VZY
QZ3.:;: '4' '47#3#CR D,2-*(9 .',->(/(0 .,%' 4 2#05 /(:
>(4%,23 %'( ?$2046(2%4; >/(1(>% #? 6(0,14; (%',1-^ H.3*5C (4 '4
+&3:/
i=4-%;95j )/t0(/ -4,05 i.( -%,;; '48( 2# .#/0 #2 D,(224
)/##*-@j 7( (9(0 %'( >/#8#-%@ iH# 9#$ *2#. ,? D,(224 '4- 1#2:
%41%-&,2&g(2,1(&.'#&6,3'%&4--,-%&'(/nj
ia% .#$;02G% -$/>/,-( 6(5j '( /(>;,(0@ im#"/,-% '40 0,-1,>;(-
(8(/9.'(/(5 420 ,? a *2#. D,(2245 -'(G;; "( $-,23 4;; 484,;4";(
/(-#$/1(-&%#&14//9&#$%&'(/&0,/(1%,8(@j
i]#$ 142G% ;(% '(/ 3(% #$% #? g(2,1(5j D,2-*(9 -4,0@ i+( '48(
2# ,0(4 .'4% 1#20,%,#2 %'4% D#;$";#2 "43 ,- 1$//(2%;9 ,2@ a? 429:
#2( 0,-1#8(/- ,%5 4;; %'4% .#$;0 "( 2((0(0 4% %',- >#,2% ,- 4
-;,3'% %#$1' %# "$/-% %'( >;4-%,1 420 /(;(4-( %'( 1#2%43,#2 ,2%#
%'(&.4%(/@j
N'(/( .4- 4 6#6(2% #? -,;(21( 4- %'( 3/48,%9 #? %'( -,%$4%,#2
-(%%;(0&,2@
iaG6 4?/4,0 aG8( 3#% 6#/( "40 2(.-5j =4230#2 -4,0@ iN'( 3,;:
0(0 6#$-(,#2 #? '#;9 .,-0#6@j 7( >4$-(0@ iD,(224 *2#.-
.'(/(&,%&,-@&D'( $'49* .'(/(&.(G/(&3#,23@j
i+'4%nlj D,2-*(9G- 8#,1( /#-( ,2 4;4/6@ ia %'#$3'% 9#$ -4,0
9#$ 0,02G% '48( 4 1'421( %# %(;; D,(224 .'4% 9#$G0 ?,3$/(0 #$%l
]#$ -4,0 4;; 9#$ %#;0 '(/ ,- %'4% 9#$ .(/( ,2 %'( ./#23
1#$2%/9lj
iN'4%G- %/$(5j =4230#2 -4,05 i"$% -'( *2(. .( .(/( ;##*,23
?#/ %'( %#6" #? P2/,1# H420#;#@ ! I$,1* +(" -(4/1' 142 %(;;
'(/ .'(/( %'4% ,-@ !20 #21( -'( ?,20- H420#;#G- %#6" L %'(
0,--#;8,23 142,-%(/ 142G% "( ?4/ 4.49@ N'( >#(6 -4,0 %# ?#;;#.
%'(&-#$20-&#?&%/,1*;,23&.4%(/&%#&%'(&-$2*(2&>4;41(@j
iH462&,%lj&)/t0(/&(/$>%(05&420&-%#/6(0&#??@
iD'(G;; 2(8(/ "(4% $- %'(/(5j %'( >/#8#-% -4,0@ i+( '48( 4
'(40 -%4/%@j D,2-*(9 -,3'(0 '(48,;9@ ia .#$;02G% "( -# -$/(@ F$/
%/42->#/% ,- -;#.5 420 ,% 4>>(4/- D,(224 )/##*- ,- (B%/(6(;9
/(-#$/1(?$;@j
 TWR[VZY
!- 1+# ?#'(&7.;: 0#1*(05 =4230#2 ?#$20 ',6-(;? -%4/,23
$2(4-,;9 4% %'( 1$6"(/-#6( M:QSZ #2 %'( /$2.49@ a% "4/(;9
;##*(0 4,/.#/%'9 420 '40 2# .,20#.-@ 208# D##' 4' 5+.* 5+.'B
&,3#&()L =4230#2&0,02G%&/(6(6"(/&4&%',23@
+'(%'(/ ,% .4- "(14$-( #? %'( 6#8(6(2% #? %'( 0#1*,23
"#4%5 #/ 3/#.,23 /(-(/84%,#2- 4"#$% %'( 1;4$-%/#>'#",1 4,/1/4?%5
=4230#2 0,02G% *2#.5 "$% '( .4- -$00(2;9 ',% "9 42 $>-$/3( #?
24$-(4@
7(&%$/2(0&%#&D,2-*(9@&iaG6&2#%&-$/(&a&?((;&.(;;&(2#$3'&%#&?;9@j
i]#$G/( ?,2(5j -'( -4,0@ i]#$G8( "((2 %'/#$3' %'( ./,23(/
%#0495&420&#?&1#$/-(5&9#$G8(&3#%&%'(&%#B,2-&,2&9#$/&"#09@j
Q14\.'*LR =4230#2 %##* 4 .48(/,23 -%(> "41*.4/0@ i+'4%
4/(&9#$&%4;*,23&4"#$%nj
D,2-*(9 3;421(0 4.495 1;(4/;9 '48,23 -4,0 6#/( %'42 -'(
,2%(20(0@
iO/#?(--#/5 aG6 -#//9@ h2?#/%$24%(;95 aG8( C$-% ;(4/2(0 %'4%
9#$/ 6(0,14; 1#20,%,#2 ,- 4 ",% 6#/( 1#6>;,14%(0 %'42 4 -,6>;(
'(40&.#$20@j
=4230#2 ?(;% 4 ->,*( #? ?(4/ 4- '( >,1%$/(0 %'( ";41* ?;(-' #2
E(//,-G-&1'(-%&.'(2&%'(&642&1#;;4>-(0&,2&%'(&"4-,;,14@
i+'4%G-&./#23&.,%'&6(nj&=4230#2&0(6420(0@
D,2-*(9 '(-,%4%(05 4- ,? $21(/%4,2 '#. %# >/#1((0@ i=(%G- 3(%
9#$&#2%#&%'(&>;42(&?,/-%@j
 M7!ONP< XQ

=FM!NPH _hDN P!DN #? %'( ->(1%41$;4/ E/4/, 1'$/1'5 %'( !%(;,(/ O,:
(%/# =#23', '4- 4;.49- "((2 #2( #? g(2,1(G- >/(6,(/ >/#8,0(/-
#? ',-%#/,14; 1#-%$6(-5 .,3-5 420 411(--#/,(-@ a%- 1;,(2% ;,-% ,2:
1;$0(- ?,;6 1#6>42,(- 420 %'(4%/,14; %/#$>(-5 4- .(;; 4- ,2?;$:
(2%,4; 6(6"(/- #? %'( >$";,1 .'# /(;9 #2 %'( -%4??G- (B>(/%,-( %#
0/(--&%'(6&?#/&M4/2(84;(G-&6#-%&(B%/484342%&"4;;-@
N'( 1;(/* .4- C$-% 4"#$% %# ;#1* $> ?#/ %'( (8(2,23 .'(2 %'(
0##/ C,23;(0 ;#$0;9@ 7( 3;421(0 $> %# -(( 42 4%%/41%,8( .#642
.,%' 4 ";#20 >#29%4,; 1#6( "$/-%,23 ,2@ D'( .4- "/(4%';(--5 4-
,? -'(G0 "((2 /$22,23 ?#/ 6,;(-@ D'( '$//,(0 %# %'( 1#$2%(/5 '(/
"/#.2&(9(-&.,;0&420&0(->(/4%(@
ia&.42%&%#&->(4*&%#&d,#/3,#&g(21,5j&-'(&'40&-4,05&>42%,23@
<4'05 9# &,,5 %'( 1;(/* %'#$3'%@ N;5 '4D4() B#5* 54 *## 5+#
9.`&3(/
d,#/3,# g(21,k%'( 4%(;,(/G- 1',(? 0(-,32(/k.#/*(0 ',- 64:
3,1 ?/#6 "(',20 %'( 1$/%4,25 ->(4*,23 %# 1;,(2%- 8(/9 /4/(;9 420
2(8(/ .,%'#$% 42 4>>#,2%6(2%@ !- 4 642 #? 3/(4% .(4;%' 420
,2?;$(21(5 d,#/3,# .4- 4;;#.(0 1(/%4,2 (11(2%/,1,%,(-5 ,21;$0,23
',- >4--,#2 ?#/ -#;,%$0(@ 7( 0,2(0 >/,84%(;95 ?;(. >/,84%(;95 420
1#2-%42%;9 1#6>;4,2(0 4"#$% %'( /,-,23 2$6"(/ #? %#$/,-%- ,2
g(2,1(@&7(&.4-&2#%&#2(&.'#&;,*(0&1#6>429@
iaG6 -#//95j %'( 1;(/* -4,0 .,%' 4 >/41%,1(0 -6,;(@ iaG6 4?/4,0
D,32#/&g(21,&,-&2#%&'(/(@&O(/'4>-&a&142&'(;>&9#$nj
id,#/3,#G- '(/(5j -'( 0(1;4/(0@ i7,- ?;4% ,- $>-%4,/-@ a -4. ',-
;,3'%&#2@&aG6&4&?/,(20@&a%G-&42&(6(/3(219@j
N'(/( .4- 4 "$/2,23 ,2%(2-,%9 4"#$% %'( .#642@ > -3.#'(L
*+#%7,&.:*/ i\,3'%&a&%(;;&d,#/3,#&9#$/&246(nj
 TWT[VZY
N'( .#642 %##* 4 -1/4> #? >4>(/ #?? %'( 1#$2%(/ 420 C#%%(0
0#.2&4&-(/,(-&#?&;(%%(/-&420&2$6"(/-@
i_$-% 3,8( ',6 %',-5j -'( -4,05 '420,23 %'( 1;(/* %'( >4>(/@
i!20&>;(4-(&'$//9@&a&0#2G%&'48(&6$1'&%,6(@j
N'( 1;(/* '(-,%42%;9 14//,(0 %'( >4>(/ $>-%4,/- 420 ;4,0 ,% #2
%'( ;#23 4;%(/,23 %4";(5 .'(/( d,#/3,# .4- '$21'(0 ,2%(2%;9 4%
',-&-(.,23&641',2(@
Q".B'43#CR '( .',->(/(0@ iD#6(#2( ,- '(/( %# -(( 9#$@ D'(
-49-&,%G-&42&(6(/3(219@j
+,%'#$% "/(4*,23 #?? ?/#6 ',- .#/* #/ ;##*,23 $>5 %'( 642
/(41'(0 #$% .,%' #2( '420 420 %##* %'( >4>(/5 /(40,23 %'(
%(B%@
7,-&-(.,23&641',2(&/4%%;(0&%#&4&-%#>@
iD(20 '(/ $> ,66(0,4%(;95j d,#/3,# 1#66420(0 4- '( %#/(
%'(&>4>(/&,2%#&%,29&-'/(0-@
 M7!ONP< XR

N7P \!DDagP M:QSZ %/42->#/% >;42( .4- -%,;; 4-1(20,23 4- ,% "42*(0

-#$%'(4-%5 %'$20(/,23 #$% 41/#-- %'( !0/,4%,1@ F2 "#4/05
<#"(/% =4230#2 .4- ?((;,23 -,6$;%42(#$-;9 1/46>(0 420
40/,?%k#>>/(--(0 "9 %'( 4"-(21( #? .,20#.- ,2 %'( 4,/1/4?% 420
"(.,;0(/(0 "9 4;; #? %'( $242-.(/(0 I$(-%,#2- -.,/;,23 4/#$20
,2&',-&"/4,2@
M4;3 :#(.7&, 74'(.5.4'5 D,2-*(9 '40 %#;0 ',65 .* & D.5 :43#
74:6,.7&5#(%5+&'%&%*.:6,#%+#&(%94;'(/
=4230#2G- >$;-( I$,1*(2(0 4% %'( %'#$3'% #? .'4% -'( 6,3'%
%(;; ',65 420 9(% 4% %'( 6#6(2% -'( .4- "$-9 0,-1$--,23 1#2:
%4,26(2% -%/4%(3,(- .,%' %'( D<D %(46@ )/t0(/ .4- #2 %'(
>'#2( 2(4/"95 ->(4*,23 .,%' 3#8(/26(2% 43(21,(- 4"#$% D,:
(224&)/##*-5&?#;;#.,23&$>&#2&(8(/9#2(G-&4%%(6>%-&%#&;#14%(&'(/@
".#''&%E
=4230#2 .4- -%,;; %/9,23 %# 64*( -(2-( #? %'( 1;4,6 %'4% -'(
.4- ,2%/,14%(;9 ,28#;8(0 ,2 4;; #? %',-@ !- %'( >;42( ;(8(;(0 #$%
?/#6 ,%- 4-1(2%5 %'( -64;; 642 .'# 14;;(0 ',6-(;? %'( >/#8#-%
.4;*(0 41/#-- %'( 14",2 420 -4% 0#.2 #>>#-,%( =4230#2@ 7(
-%((>;(0 ',- ?,23(/- "(2(4%' ',- 1',2 420 >$/-(0 ',- ;,>-@ iH/@
D,2-*(9 4-*(0 6( %# ?,;; 9#$ ,2 L 64*( 42 4%%(6>% %# "/,23
1;4/,%9&%#&9#$/&-,%$4%,#2@j
=4230#2 .#20(/(0 .'4% %',- 642 1#$;0 >#--,";9 -49 %#
64*(&429&#?&%',-&1#2?$-,#2&(8(2&/(6#%(;9&1;(4/@
i!- a "(342 %# -49 (4/;,(/5j %'( >/#8#-% -4,05 i6$1' #? %',-
-%4/%(0 4?%(/ 69 43(2% g49(2%'4 >$;;(0 9#$ ,2 >/(64%$/(;9@ +(
'40 2# ,0(4 '#. 6$1' >/#3/(-- 9#$ '40 640( #2 H/@ D,2-*(9G-
"('4;?5 #/ '#. 6$1' 9#$ '40 -'4/(0 .,%' '(/@ )$% .( .(/(
4?/4,0 ,? -'( ;(4/2(0 %'( ;#14%,#2 #? %'( >/#C(1% #$/ 1;,(2% '40
 TWV[VZY
',/(0 $- %# >/#%(1%5 -'( .4- 3#,23 %# 1#2?,-14%( #/ 0(-%/#9 ,%@
+( '40 %# ?,20 ,% "(?#/( -'( 0,05 420 -# .( 2((0(0 9#$ %# .#/*
#2 4;3 "('4;? L /4%'(/ %'42 #2 D,2-*(9G-@j N'( >/#8#-% >4$-(05
%4>>,23 ',- ?,23(/%,>- %#3(%'(/@ ih2?#/%$24%(;95 .( '40 4;/(409
-'#.2&#$/&14/0-&L&420&9#$&6#-%&1(/%4,2;9&0,0&2#%&%/$-%&$-@j
iD#&9#$&-'#%&6(&,2&%'(&'(40nj&=4230#2&/(>;,(0&423/,;9@
i+(&146(&$>&.,%'&4&>;42&%#&64*(&9#$ 53;*5 $-@j
=4230#2 ?(;% ;#-%@ i7#. 0# 9#$ :&$# -#6(#2( %/$-% 9#$ L
4?%(/&9#$G8(&*,024>>(0&420&,2%(//#34%(0&',6nj
N'( 642 -',?%(0 $21#6?#/%4";9 2#.@ iO/#?(--#/5 4/( 9#$ ?4:
6,;,4/ .,%' %'( ?46,;9 #? 1'(6,14;- *2#.2 4-
"(2K#0,4K(>,2(-nj
=4230#2&-'##*&',-&'(40@
iN'(9 4/( 4 "/((0 #? >'4/641($%,14; %'4% 4/( $-(0 ?#/5 46#23
#%'(/ %',23-5 %'( %/(4%6(2% #? >#-%:%/4$64%,1 -%/(--@ !- 9#$
649 *2#.5 .'(2 -#6(#2( (20$/(- 4 '#//,?,1 (8(2% ;,*( 4 14/
411,0(2% #/ 4 -(B$4; 4--4$;%5 %'( ;#23:%(/6 6(6#/,(- 142 "(
>(/642(2%;9 0(",;,%4%,23@ N'/#$3' %'( $-( #? "(2K#0,4K(>,2(-5
2($/#-1,(2%,-%- 4/( 2#. 4";( %# %/(4% >#-%:%/4$64%,1 -%/(--5 4- ,%
.(/(5&"(?#/(&,%&'4>>(2-@j
=4230#2 ;,-%(2(0 ,2 -,;(21(5 $24";( %# ,643,2( .'(/( %',-
1#28(/-4%,#2&6,3'%&"(&3#,23@
i+'(2 2(. 6(6#/,(- 4/( ?#/6(05j %'( >/#8#-% 1#2%,2$(05
i%'#-( (8(2%- 4/( -%#/(0 ,2 9#$/ -'#/%:%(/6 6(6#/9 ?#/ 4"#$%
?#/%9:(,3'% '#$/- "(?#/( %'(9 6,3/4%( %# 9#$/ ;#23:%(/6
6(6#/9@ h-,23 2(. ";(20- #? "(2K#0,4K(>,2(-5 #2( 142 (4-,;9
3#-3#*+ %'( -'#/%:%(/6 6(6#/9 L (--(2%,4;;9 0(;(%,23 ,%- 1#2:
%(2% "(?#/( %'#-( /(1(2% 6(6#/,(- 6,3/4%(5 -# %# ->(4*5 ,2%#
;#23:%(/6 6(6#/,(-@ ! 8,1%,6 #? 4--4$;%5 ?#/ (B46>;(5 ,? 40:
6,2,-%(/(0 4 "(2K#0,4K(>,2( .,%',2 4 ?(. '#$/- 4?%(/ %'( 4%:
%41*5 142 '48( %'#-( 6(6#/,(- (B>$23(0 ?#/(8(/5 420 %'(
%/4$64 2(8(/ "(1#6(- >4/% #? '(/ >-91'(@ N'( #2;9 0#.2-,0( ,-
%'4%&-'(&;#-(-&4;;&/(1#;;(1%,#2&#?&-(8(/4;&049-&#?&'(/&;,?(@j
 TWW[VZY
=4230#2 -%4/(0 4% %'( %,29 642 ,2 0,-"(;,(?@ i]#$ B&8# 6(
462(-,4lj
N'( >/#8#-% ;(% #$% 42 4>#;#3(%,1 -,3'@ iaG6 4?/4,0 -#@ M'(6:
,14;;9 ,20$1(0@ g(/9 -4?(@ )$% 9(-5 4 0(;(%,#2 #? 9#$/ -'#/%:%(/6
6(6#/9@j 7( >4$-(0@ i+',;( 9#$ .(/( #$%5 9#$ 6$6";(0
-#6(%',23 4"#$% 4 >;43$(5 .',1' .( 4--$6(0 .4- #2 411#$2%
#? 9#$/ 8,(.,23 %'( >/#C(1%#/ ,643(-@ +( 2(8(/ ,643,2(0 %'4%
m#"/,-% '40 1/(4%(0 4 /(4; >;43$(@j 7( >4$-(0@ i]#$ 4;-# *(>%
6$6";,23 4 >'/4-( %'4% -#$20(0 %# $- ;,*( og(/9 -#//9@ g(/9
-#//9@G&j
J&*&3.@ a% 6$-% '48( "((2 4;; '( '40 ?,3$/(0 #$% 4"#$% %'(
>/#C(1%#/ 4% %'4% >#,2%@ =#37& 5348&/ i)$% L a %'#$3'% 69 46:
2(-,4&.4-&14$-(0&"9&69&'(40&.#$20@&D#6("#09&-'#%&6(@j
N'( >/#8#-% -'##* ',- '(40@ iA#"#09 -'#% 9#$5 O/#?(--#/@
N'(/(&.4-&2#&'(40&.#$20@j
i+'4%nlj =4230#2G- ?,23(/- 3/#>(0 ,2-%,21%,8(;9 ?#/ %'(
-%,%1'(- 420 %'( -.#;;(2 ,2C$/9 #2 %'( "41* #? ',- '(40@ iN'(2
.'4% %'( '(;; ,- %',-lj 7( /4,-(0 ',- '4,/ %# /(8(4; %'( -'48(0
4/(4@
iO4/% #? %'( ,;;$-,#2@ +( 640( 4 -64;; ,21,-,#2 ,2 9#$/ -14;>
420 %'(2 ,66(0,4%(;9 1;#-(0 ,% $> .,%' -%,%1'(-@ ]#$ '40 %# "(:
;,(8(&9#$&'40&"((2&4%%41*(0@j
1+.*%.*'05%&%D;,,#5%94;'(LF
i+'(2 9#$ .#*( $>5j %'( >/#8#-% -4,05 i.( .42%(0 9#$ %#
"(;,(8( %'4% >(#>;( .(/( %/9,23 %# *,;; 9#$ L %'4% 9#$ .(/( ,2
>(/,;@j
iO(#>;( 9#3# %/9,23 %# *,;; 6(lj =4230#2 -'#$%(05 ',- #$%:
"$/-% 0/4.,23 34K(- ?/#6 (;-(.'(/( ,2 %'( >;42(@ ia -4. %'(
'#->,%4;G-&0#1%#/kH/@&\4/1#2,k3$22(0&0#.2&,2&1#;0&";##0lj
iN'4%G- .'4% 9#$ *&95j %'( >/#8#-% -4,0 (8(2;95 i"$% %'4%G-
2#% .'4% '4>>(2(0@ g49(2%'4 .#/*(0 ?#/ 6(@ D'( '40 4 -$>(/"
-*,;;&-(%&?#/&%',-&*,20&#?&.#/*@j
i`,;;,23&>(#>;(nj&=4230#2&0(6420(0@
iA#5j&%'(&>/#8#-%&-4,0&14;6;9@&iZ3#5#'(.'B %#&*,;;&>(#>;(@j
 TWX[VZY
=4230#2 -%4/(0 4% %'( 642 ?#/ 4 ;#23 6#6(2%5 >,1%$/,23 %'(
3/49:"(4/0(0 0#1%#/ .,%' %'( "$-'9 (9("/#.- .'# '40 1#;:
;4>-(0&#2&%'(&?;##/5&";##0&3$-',23&?/#6&',-&1'(-%@
ig49(2%'4G- 3$2 .4- ;#40(0 .,%' ";42*-5j %'( >/#8#-% -4,0@
ia% %/,33(/(0 4 /40,#:1#2%/#;;(0 -I$," %'4% 0(%#24%(0 4 ";##0
>41*&#2&H/@&\4/1#2,G-&1'(-%@&7(&,-&?,2(5&"9&%'(&.49@j
=4230#2 1;#-(0 ',- (9(-5 0$6"-%/$1* "9 .'4% '( .4- '(4/:
,23@&i!20&%'(&L&'#->,%4;&/##6nj
i! I$,1*;9 ,6>/#8,-(0 -(%5j %'( >/#8#-% -4,0@ iO/#?(--#/5 a
*2#. %',- ,- 4;; 8(/9 0,??,1$;% %# 4"-#/"@ +( .(/( .#/*,23
I$,1*;95 420 9#$ .(/( 3/#3395 -# ,% 0,02G% 2((0 %# "( >(/?(1%@
+'(2 9#$ .#*( $>5 9#$ -4. .'4% .( .42%(0 9#$ %# -((k'#-:
>,%4;&>/#>-5&4&?(.&41%#/-5&420&4&1'#/(#3/4>'(0&4%%41*&-1(2(@j
=4230#2&.4-&/((;,23@
iN',- ,- .'4% 69 1#6>429 0#(-5j %'( >/#8#-% -4,0@ i+(G/(
8(/9&3##0&4%&1/(4%,23&,;;$-,#2-@j
i+'4%&4"#$%&D,(224nj&=4230#2&4-*(05&/$"",23&',-&(9(-@
ia 2((0(0 %# 64*( 4 C$036(2% 14;;5 420 a 1'#-( %# .#/* .,%'
'(/@ \9 >/,#/,%9 .4- %# >/#%(1% 69 1;,(2%G- >/#C(1% ?/#6 H/@ D,2:
-*(95 420 D,(224 420 a -'4/(0 %'4% 0(-,/(@ N# 34,2 9#$/ %/$-%5
D,(224 -48(0 9#$ ?/#6 %'( 4--4--,2 420 '(;>(0 9#$ (-14>( ,2%#
4 /(4/ 4;;(9.49@ N'( .4,%,23 %4B, .4- 4;-# #$/-5 .,%' 42#%'(/
/40,#:1#2%/#;;(0 -I$," #2 %'( /(4/ .,20-',(;0 %# 1/(4%( %'( ?,:
24; (??(1% 4- 9#$ ?;(0@ N'( %4B, %##* 9#$ %# 42 4>4/%6(2% %'4% .(
'40&'4-%,;9&>$%&%#3(%'(/@j
".#''&0* :#&B#3 &6&35:#'55 =4230#2 %'#$3'%5 2#. $20(/:
-%420,23 .'9 ,% ;##*(0 ;,*( ,% '40 "((2 ?$/2,-'(0 ?/#6 4 94/0
-4;(@ !20 ,% 4;-# (B>;4,2(0 %'( 1#28(2,(2% 1#,21,0(21( #? D,:
(224G-&i2(,3'"#/j&'48,23&1;#%',23&%'4%&?,%&',6&>(/?(1%;9@
N'(&(2%,/(&%',23&'40&"((2&-%43(0@
P8(2 %'( 0(->(/4%( >'#2( 14;; ?/#6 D,(224G- ?/,(20 4% %'(
'#->,%4;&'40&"((2&>'#29@ ".#''&C%##`%<&'.$48&F
 TWY[VZY
i+'(2 9#$ >'#2(0 %'( h@D@ M#2-$;4%(5j %'( >/#8#-% -4,05
i9#$ >'#2(0 4 2$6"(/ %'4% D,(224 ;##*(0 $> ?#/ 9#$@ a% .4- 4
2$6"(/&%'4%&/423&#2 1+#%?#'(&7.;:@j
ia&2(8(/&/(41'(0&%'(&1#2-$;4%(&Lj
iA#5&9#$&0,02G%@j
"5&) 9+#3# )4; &3#5 %'( ?4*( 1#2-$;4%( (6>;#9(( '40 $/3(0
',6@ 20,, *#'( *4:#4'# -43 )4; 3.B+5 &9&)/ N'(25 .'(2 g49:
(2%'4 -'#.(0 $>5 D,(224 '40 1#28(2,(2%;9 ->#%%(0 '(/ 41/#--
%'( -%/((% 420 1#22(1%(0 %'( 0#%-@ P4D#35C )4;3 49' B48#3'V
:#'5 .* 53).'B 54 $.,, )4;F M4; 7&'05 .'84,8# &') &;5+43.5.#*F
M4;3%4',)%+46#%.*%54%-.B;3#%4;5%9+&5%5+&5%634X#7543%:#&'*/
N'( >/#8#-% 420 ',- 69-%(/,#$- #/342,K4%,#2k.'4%(8(/ %'(
'(;; ,% .4-k'40 (??(1%,8(;9 /(%4-*(0 =4230#2 %# -%#> .#/*,23
?#/ D,2-*(9 420 -%4/% .#/*,23 ?#/ %'(6@ N'(,/ ,;;$-,#2 .4-
1#6>;(%(@
".#''& 6,&)#( :# 6#3-#75,)5 '( %'#$3'%5 ?((;,23 6#/( -40
%'42 423/9@ 7( '40 3/#.2 ?#20 #? '(/ ,2 %'( -'#/% %,6( %'(9G0
"((2 %#3(%'(/@ \#-% %/#$";,23 %# =4230#2 .4- %'( 0,-%/(--,23
I$(-%,#2 #? '#. 4 -#$; 4- "/,3'% 420 .4/6 4- D,(224G- 1#$;0
3,8( ,%-(;? #8(/ (2%,/(;9 %# m#"/,-%G- 642,414; -#;$%,#2 ?#/
#8(/>#>$;4%,#2@
2 7&' 5#,, )4; 9.5+4;5 & (4;D55 D,(224 '40 -4,0 %# ',6 (4/;,:
(/5 5+&5 9.5+4;5 *4:# $.'( 4- (3&*5.7 7+&'B#C 5+# #'( 4- 4;3
*6#7.#*%.*%74:.'B%E%1+#%:&5+#:&5.7*%.*%.'(.*6;5&D,#/
i!20 %'( 4/%,1;(- 4"#$% D,(224nj =4230#2 4-*(05 /(14;;,23
%'( D'4*(->(4/( >;49",;; 420 %'( >,(1(- 4"#$% '(/ -%433(/,23;9
',3'&aq@
i!$%'(2%,15j %'( >/#8#-% /(>;,(0@ iN'( "(-% ,;;$-,#2- ,28#;8(
4- 6$1' #? %'( /(4; .#/;0 4- >#--,";(@ +( 0,02G% '48( 6$1'
%,6( %# -(% $>5 420 -# D,(224G- 1#6>$%(/ 420 /(4;:.#/;0 >(/:
-#24; ?,;(- .(/( 4;6#-% 4;; .( '40 %# .#/* .,%'@ ]#$ .(/( 2(8(/
/(4;;9 ,2%(20(0 %# -(( 429 #? %'4% $2;(-- 9#$ "(342 0#$"%,23
'(/&4$%'(2%,1,%9@j
iA#/&$-(&'(/&1#6>$%(/5j&=4230#2&-4,0@
 TXZ[VZY
i](-5 %'4% .4- .'(/( .( ;#-% 1#2%/#;@ D,(224 2(8(/ (B>(1%(0
D,2-*(9G- D<D %(46 %# ?,20 %'( 4>4/%6(2%5 -# .'(2 %'( -#;0,(/-
6#8(0 ,25 D,(224 >42,1*(0 420 '40 %# ,6>/#8,-(@ D'( ?;(0 #2
%'( 6#>(0 .,%' 9#$5 %/9,23 %# *((> %'( ,;;$-,#2 4;,8(@ !- %'( (2:
%,/( 6,--,#2 $2/48(;(05 a '40 2# 1'#,1( "$% %# 0,-48#. g49:
(2%'45&4;%'#$3'&-'(&"/#*(&>/#%#1#;&420&>$/-$(0&9#$@j
iD'( 4;6#-% *,;;(0 6(5j =4230#2 -4,05 /(1#$2%,23 ?#/ %'(
>/#8#-% %'( -'#.0#.2 ,2 %'( 4%%,1 #? %'( O4;4KK# g(11',#5 .'(2
g49(2%'4 /4,-(0 '(/ '4203$2 420 4,6(0 >#,2%:";42* 4% =423:
0#2G- 1'(-%@ 1+.* 9.,, 4',) +;35 -43 &' .'*5&'5 E D;5 .50* :)
4',) 7+4.7#/ D,(224 '40 %'(2 04/%(0 #$% 420 >$-'(0 '(/ #8(/
%'(&/4,;,235&.'(/(&g49(2%'4&>;$23(0&%#&'(/&0(4%'@
N'( >/#8#-% -,3'(0 4$0,";95 1#2-,0(/,23 .'4% =4230#2 '40
C$-% -4,0@ ia 0#$"% g49(2%'4 .4- %/9,23 %# *,;; 9#$ L '(/ 3$2
?,/(- #2;9 ";42*-@ 7(/ #2;9 '#>( #? /(0(6>%,#2 4% %'4% >#,2%
.4- %# %4*( 1#2%/#; #? 9#$@ D'( >/#"4";9 %'#$3'% ,? -'( -'#% 9#$
.,%' 4 ";42*5 -'( 1#$;0 64*( 9#$ $20(/-%420 -'( .4- 2#% 42
4--4--,2&4?%(/&4;;&420&%'4%&9#$&.(/(&14$3'%&$>&,2&42&,;;$-,#2@j
N'( >/#8#-% >4$-(05 %',2*,23 4 ",%5 420 %'(2 1#2%,2$(0@
i+'(%'(/ D,(224 41%$4;;9 6(42% %# *,;; g49(2%'4 #/ .4- #2;9
%/9,23 %# ,2%(/?(/( .,%' %'( -'#%5 a .#2G% 8(2%$/( %# 3$(--@ aG6
"(3,22,23 %# /(4;,K( %'4% a 0#2G% *2#. D,(224 )/##*- 4- .(;; 4-
a&%'#$3'%@j
?# '#.5+#35 =4230#2 43/((05 4;%'#$3' 4- '( /(14;;(0 %'( ;##*
#? -'#1* 420 /(6#/-( #2 %'( 9#$23 .#642G- ?41(5 '( -(2-(0
%'4% .'4% -'( '40 0#2( %# %'( ->,*(:'4,/(0 #>(/4%,8( .4- 8(/9
;,*(;9&4&6,-%4*(@
=4230#2 ?(;% $26##/(0 L 420 $%%(/;9 4;#2(@ 7( %$/2(0 %#:
.4/0 %'( .,20#.5 ;#23,23 %# 34K( #$% 4% %'( .#/;0 "(;#.5 "$%
4;;&'(&1#$;0&-((&.4-&%'(&.4;;&#?&%'(&?$-(;43(@
208#%B45%54%B#5%4;5%4-%+#3#/
i!/( 9#$ #*49nj %'( >/#8#-% 4-*(05 (9(,23 =4230#2 .,%'
1#21(/2@
iA#5j&=4230#2&/(>;,(0@&iA#%&(8(2&1;#-(@j
 TXQ[VZY

@#0,, *;38.8#5 %'( >/#8#-% %'#$3'%@ @#0* :#3#,) 53).'B 54 634V

7#**%+.*%'#9%3#&,.5)/
N'( !6(/,142 >/#?(--#/ ;##*(0 4- ,? '( '40 C$-% "((2
-24%1'(0 $> #?? %'( 3/#$20 "9 4 %#/240#5 ->$2 4/#$205 420
0$6>(0 ,2 4 ?#/(,32 ;4205 ;(48,23 ',6 -'(;;:-'#1*(0 420
0,-#/,(2%(0@
a20,8,0$4;- %4/3(%(0 "9 %'( M#2-#/%,$6 -(;0#6 /(4;,K(0 %'(
%/$%' "(',20 %'( -%43(0 (8(2%- %'(9 '40 .,%2(--(05 420 ,? %'(9
0,05 %'( >/#8#-% 1(/%4,2;9 .4- 2(8(/ >/(-(2% %# 8,(. %'( 4?%(/:
64%'@ N#0495 ,2 400,%,#2 %# %'( 3$,;% '( ?(;% 4% -((,23 ?,/-%'420
=4230#2G- "(.,;0(/6(2%5 %'( 642 .4- "$/0(2(0 "9 42 #8(/:
.'(;6,23&-(2-(&#?&/(->#2-,",;,%9&?#/&%'(&1$//(2%&1/,-,-@
2%&77#65#(%5+#%934'B%7,.#'5/%N#353&'(%n4D3.*5/
2%53;*5#(%5+#%934'B%6#3*4'/%".#''&%N344$*/
A#. %'( >/#8#-% .4- ?;9,23 %#.4/0 %'( (9( #? %'( -%#/6k%'(
(>,1(2%(/ #? .'4% 6,3'% .(;; "( 4 0(40;9 >;43$( %'4% '40 %'(
>#%(2%,4; %# ./(4* '48#1 41/#-- %'( (2%,/( .#/;0@ a? '( (6(/3(0
4;,8( ?/#6 4;; %',-5 '( -$->(1%(0 %'4% ',- M#2-#/%,$6 .#$;0
2(8(/ -$/8,8( %'( ?4;;#$%@ N'(/( .#$;0 "( (20;(-- ,2I$,/,(- 420
411$-4%,#2-@
2*%5+.*%+49%.5%&,,%#'(*%-43%:#L
 M7!ONP< XS

2%SAA<%>2P5&<#"(/%&=4230#2&%'#$3'%@ >%8.*5&%E%&')5+.'B/
N'( .,20#.;(-- ?$-(;43( ?(;% 4- ,? ,% .(/( 1;#-,23 ,2 4/#$20
',6@ F? 1#$/-(5 %'( -%/423( %4;( #? .'4% '40 41%$4;;9 '4>>(2(0
%# ',6 %#049 .4- 2#% '(;>,23 4% 4;;@ 7,- "/4,2 %'/#""(0 .,%'
$242-.(/(0&I$(-%,#2-&L&6#-%&#?&%'(6&4"#$%&D,(224@
D%/423(;95&'(&6,--(0&'(/@
"+#%9&*%&75.'B5&'(&/(6,20(0&',6-(;?@ G*.'B%:#/
+,%'#$% 4 .#/05 =4230#2 ;(?% %'( >/#8#-% 420 .4;*(0 %#.4/0
%'( ?/#2% #? %'( >;42(@ N'( 1#1*>,% 0##/ .4- #>(25 420 %'( 24%:
$/4; ;,3'% -%/(46,23 %'/#$3' ,% >$;;(0 ',6 ;,*( 4 "(41#2@ D%420:
,23 ,2 %'( 0##/.495 $20(%(1%(0 "9 %'( >,;#%-5 =4230#2 ;(% %'(
-$2;,3'% .4/6 ',- ?41(@ N'( .,0(:#>(2 ->41( "(?#/( ',6 ?(;%
;,*( 64224 ?/#6 '(48(2@ N'( 1;(4/ ";$( -*9 ;##*(0 -# >(41(?$;
L&-#&>(/642(2%@
S45+.'B .* 6#3:&'#'55 '( /(6,20(0 ',6-(;?5 -%,;; -%/$33;,23
%#&411(>%&%'(&>#%(2%,4;&14%4-%/#>'(&%'(9&.(/(&?41,23@
iO/#?(--#/nj&4&I$,(%&8#,1(&-4,0&"(',20&',65&420&'(&%$/2(0@
=4230#2 %##* 4 -%4/%;(0 -%(> "41*.4/0@ D%420,23 "(?#/( ',6
.4- H/@ E(//,-@ N'( ;4-% %,6( =4230#2 '40 -((2 %'( 6425 '(
.4- ./,%',23 #2 %'( ?;##/ #? D%@ \4/*G- )4-,;,145 $24";( %#
"/(4%'(@ A#. '(/( '( .4- ,2 %'( 4,/1/4?% ;(42,23 434,2-% %'(
"$;*'(405 .(4/,23 4 "4-("4;; 14>5 ',- ?41(5 1#8(/(0 ,2 14;46,2(
;#%,#25 4 >4-%9 >,2*@ 7,- 1'(-% 420 %#/-# .(/( '(48,;9 "420:
43(05 420 ',- "/(4%',23 .4- -'4;;#.@ a? E(//,- '40 %'( >;43$(5
2#"#09&-((6(0&%##&1#21(/2(0&%'4%&'(&.4-&3#,23&%#&->/(40&,%@
i]#$G/(&L &,.8#nj&=4230#2&-4,05&-%4/,23&4%&%'(&642@
E(//,- 348( 4 %,/(0 2#0@ i\#/( #/ ;(--@j N'( 642G- 0(6(42#/
'40&1'423(0&0/464%,14;;95&-((6,23&?4/&6#/(&/(;4B(0@
 TXS[VZY
i)$% a %'#$3'%kj =4230#2 -%#>>(0@ i!1%$4;;9 L aG6 2#% -$/(
.'4%&%#&%',2*&4296#/(@j
E(//,- 348( ',6 42 (6>4%'(%,1 -6,;(@ i]#$G8( '(4/0 4 ;#% #?
;,(- %#049@ a %'#$3'% aG0 %4*( 4 6#6(2% %# 4>#;#3,K(@ !- 9#$
649 '48( 3$(--(05 a 0#2G% .#/* ?#/ %'( +7F5 420 a 0,02G% 3# %#
/(1/$,%&9#$&,2&M46"/,03(@j
=4230#2 2#00(05 %## %,/(0 %# "( -$/>/,-(0 "9 429%',23 4%
%',-&>#,2%@&i]#$&.#/*&?#/&%'(&>/#8#-%@j
ia 0#@ 7( -(2% 6( ,2 %# #??(/ (6(/3(219 ?,(;0 -$>>#/% %# 9#$
420&D,(224&L&420&'(;>&9#$&(-14>(&%'(&D<D&%(46@j
iN'(2 a 3$(-- 9#$ 0,0 9#$/ C#" >(/?(1%;95j =4230#2 -4,05 /(:
14;;,23 '#. E(//,- '40 -'#.2 $> 4% %'( "4>%,-%/95 1#28,21(0
=4230#2 '( .4- 4 +7F (6>;#9((5 420 %'(2 ?41,;,%4%(0 ',- 420
D,(224G- %/42->#/%4%,#2 #$% #? E;#/(21( 420 4.49 ?/#6 D,2-:
*(9G-&%(46@&iF"8,#$-;9&9#$G/(&2#%&4&0#1%#/@j
N'( 642 -'##* ',- '(40@ iA#5 "$% a >;49(0 %'4% >4/% %#049@
\9 C#" .4- %# '(;> D,(224 *((> %'( ,;;$-,#2 3#,23 -# 9#$ 1#$;0
?,3$/( #$% .'(/( %'( >/#C(1%#/ .4- >#,2%,23@ N'( >/#8#-% .4-
,2%(2% #2 ?,20,23 m#"/,-%G- 1/(4%,#2 -# '( 1#$;0 >/#%(1% ,% ?/#6
D,2-*(9@j
i]#$ '40 2# ,0(4 ,% .4- 4 >;43$(nj =4230#2 -4,05 -%,;; 1$/,:
#$-&4"#$%&E(//,-G-&-%/423(&/4-'&420&,2%(/24;&";((0,23@
iF? 1#$/-( 2#%l +'(2 9#$ 6(2%,#2(0 %'( >;43$(5 a ?,3$/(0 ,%
.4- C$-% 4 -%#/9 D,(224 '40 %#;0 9#$ %# *((> 9#$ 6#%,84%(0@ D#
a >;49(0 4;#23@ a 3#% $- 4;; #2%# %'( %/4,2 %# g(2,1( L 420 %'(25
(8(/9%',23&1'423(0@j
i7#.&-#nj
iN'(&>/#8#-%&-4.&m#"/,-%G-&",K4//(&8,0(#@j
1+&5%74;,(%(4%.5/ i7(&/(4;,K(0&m#"/,-%&.4-&4&640642@j
iPB41%;9@ N'( >/#8#-% -$00(2;9 1#6>/('(20(0 .'4% %'(
M#2-#/%,$6 '40 "((2 ,28#;8(0 ,25 420 '( .4- '#//,?,(0@ 7( ,6:
6(0,4%(;9 0(6420(0 %# ->(4* %# %'( >(/-#2 .'# *2(. m#"/,-%
"(-%kED:RZXZk%#&-((&,?&-'(&*2(.&.'4%&m#"/,-%&'40&0#2(@j
iED:RZXZnj
 TXT[VZY
iD#//95 D,(224 )/##*-@ N'4% .4- %'( 1#0( 246( -'( 1'#-( ?#/
%',- #>(/4%,#2@ a%G- 4>>4/(2%;9 4 N/42-'$642,-% %',23@ !20 %'(
>/#8#-%&'40&2#&.49&%#&/(41'&D,(224&(B1(>%&%'/#$3'&6(@j
iN'( >'#2( 14;; #2 %'( %/4,25j =4230#2 -4,0@ i]#$/ o4,;,23
6#%'(/@G&j
i+(;;5 a #"8,#$-;9 1#$;02G% %4*( %'( >/#8#-%G- 14;; ,2 ?/#2% #?
9#$5 -# a -%(>>(0 #$%@ 7( %#;0 6( 4"#$% %'( 8,0(#5 420 a .4-
%(//,?,(0@ 7( .4- '#>,23 D,(224 '40 "((2 0$>(0 4- .(;;5 "$%
.'(2 a %#;0 ',6 9#$ 420 D,(224 '40 "((2 %4;*,23 4"#$%
>;43$(- 420 -((6(0 %# '48( 2# ,2%(2%,#2 #? "/(4*,23 #?? %'(
6,--,#25 '( *2(. D,(224 420 m#"/,-% .(/( ,2 %',- %#3(%'(/@ D,:
(224 ,2-%42%;9 "(146( 42 408(/-4/9@ 7( %#;0 6( %# *((> ',6
4"/(4-% #? #$/ >#-,%,#2 ,2 g(2,1( L 420 %'4% '( .4- -(20,23 ,2
4 %(46 %# 0(%4,2 '(/@ !3(2% )/t0(/G- %(46 4;6#-% '40 '(/ 4% D%@
\4/*G-&)4-,;,14&L&"$%&-'(&64243(0&%#&(-14>(@j
=4230#2 -%4/(0 ";42*;9 4% %'( ?;##/5 -%,;; 4";( %# -(( D,(224G-
>/(%%9&"/#.2&(9(-&34K,23&0#.2&4%&',6&"(?#/(&-'(&?;(0@
20:%*4%*433)C%P4D#35/%H43%#8#3)5+.'B/
iD'(G- %#$3'5j %'( 642 -4,0@ i]#$ >/#"4";9 0,02G% -(( '(/ 4%:
%41*&6(&4%&%'(&"4-,;,14@j
i!%%41*&9#$nj
i](-5 .'(2 %'( -#;0,(/- (2%(/(05 a .4- 4"#$% %# -'#$% #$% 420
/(8(4; D,(224G- ;#14%,#25 "$% -'( 6$-% '48( -(2-(0 ,% 1#6,23@
D'( 0/#8( %'( '((; #? '(/ '420 -%/4,3'% ,2%# %'( 1(2%(/ #? 69
1'(-%@j
i+'4%nlj
ia 0,02G% *2#. .'4% ',% 6(@ D#6( *,20 #? 64/%,4;:4/%- 6#8(5
a 3$(--@ )(14$-( a .4- 4;/(409 "40;9 "/$,-(0 %'(/(5 %'( >4,2
.4- (B1/$1,4%,23@ a% %##* 6( ?,8( 6,2$%(- %# 3(% 69 .,20 "41*@
D,(224 0/433(0 9#$ #$% #2%# %'( "4;1#29 "(?#/( 429 .,%2(--(-
1#$;0&/(8(4;&.'4%&'40&'4>>(2(0@j
D%$22(05 =4230#2 %'#$3'% "41* %# %'( (;0(/;9 a%4;,42 .#642
.'# '40 -'#$%(0 4% D,(224kQT0+&. 74,6.54 &, 6#554FRk420
640(&4&?#/1(?$;&6#%,#2&#?&'(/&?,-%&#2&'(/&#.2&1'(-%@
 TXU[VZY
2 7&'05F D,(224 '40 /(>;,(0@ =ZP 9.,, $.,, +.:F T44$ &5 +.*
7+#*5F
!- =4230#2 /(>;49(0 %'( -1(2( ,2 ',- 6,205 '( /(4;,K(0 C$-%
'#. I$,1*;9 D,(224 )/##*- %'#$3'% #2 '(/ ?((%@ D,(224 '40
1;(8(/;9 6,-%/42-;4%(0 %'( #;0 .#642G- a%4;,42@ T0+&. 74,6.54 &,
6#554 .4- 2#% 4 -$33(-%,#2 %'4% D,(224 4>>;9 1'(-% 1#6>/(-:
-,#2- L ,% .4- 42 423/9 411$-4%,#2^ M4; 6;'7+#( +.: .' 5+#
7+#*5F
+,%' 4;; %'( 1'4#- #? %'( 6#6(2%5 =4230#2 '40 2#% (8(2
2#%,1(0@
E(//,- 348( ',6 4 >4,2(0 -6,;(@ i!- 9#$ 649 '48( '(4/05 D,:
(224&)/##*-&,-&>/(%%9&-'4/>@j
=4230#2&2#00(0@ 208#%+#&3(/
iD,2-*(9G- 6(2 "/#$3'% 6( "41* %# 1+# ?#'(&7.;: 420
"42043(0 6( $>@ N'( >/#8#-% 4-*(0 6( %# 1#6( 4;#23 ?#/ ,2%(;
-$>>#/% "(14$-( aG6 %'( #2;9 >(/-#2 #%'(/ %'42 9#$ .'# ->(2%
%,6(&.,%'&D,(224&%#049@j
=4230#2 2#00(05 0,-%/41%(0 "9 %'( 642G- /4-'@ i]#$/ ?41(nj
=4230#2&4-*(0@&i!20&%'(&"/$,-(&#2&9#$/&1'(-%n&a%G-&2#%&Lj
iN'( >;43$(nj E(//,- ;4$3'(0 420 -'##* ',- '(40@ iaG6 2#%
-$/( ,? 9#$G8( "((2 %#;0 9(%5 "$% a 41%$4;;9 >;49(0 %'( >4/% #?
594 0#1%#/-&%#049@j
iaG6&-#//9nj
i+'(2 a -'#.(0 $> 4% %'( "4>%,-%/95 9#$ -4,0 a ;##*(0
843$(;9&?46,;,4/@j
i]#$ 0,0@ g43$(;9@ ]#$/ (9(-5 a %',2*@ ]#$ %#;0 6( %'4%G- "(:
14$-( 9#$ .(/( %'( #2( .'# /(1/$,%(0 6( ,2 M46"/,03( Lj
=4230#2&>4$-(0@&i+',1'&a&*2#.&2#.&,-&$2%/$(5&-#&Lj
ia ;##*(0 ?46,;,4/ "(14$-( .( '40 4;/(409 6(%@ )$% 2#% ,2
M46"/,03(@j N'( 642G- (9(- >/#"(0 =4230#2G- ?#/ 429 ',2% #?
/(1#32,%,#2@ ia .4- 41%$4;;9 %'( ?,/-% >(/-#2 9#$ -4. .'(2 9#$
.#*(&$>&%',-&6#/2,23&,2&%'(&'#->,%4;@j
=4230#2 >,1%$/(0 %'( 3/,6 ;,%%;( '#->,%4; /##6@ 7( '40 "((2
3/#339 420 ',- (9(-,3'% .4- 1#6>/#6,-(05 -# '( .4- >/(%%9
 TXV[VZY
1(/%4,2 %'4% %'( ?,/-% >(/-#2 '( -4. .'(2 '( 4.#*( .4- 4 >4;(5
#;0(/ 0#1%#/ .,%' "$-'9 (9("/#.- 420 4 -'4339 3/49,23 "(4/0
.'#&->#*(&#2;9&a%4;,42@
iA#5j =4230#2 -4,0@ iH/@ \4/1#2, .4- %'( ?,/-% >(/-#2 a -4.
.'(2kj
Q"7;*.C 634-#**43#CR %'( 642 ,2%(//$>%(0 .,%' 4 ?;4.;(-- a%4;,:
42 411(2%@ Q?& '4' *. 3.743(& (. :#LR 7( '$21'(0 #8(/ ;,*( 42
#;0(/ 6425 -6##%',23 "41* ,643,24/9 "$-'9 (9("/#.- 420
-%/#*,23&4&2#2(B,-%(2%&3/49,23&"(4/0@ Q"4'4%.,%(45543%?&374'./R
=4230#2G-&6#$%'&?(;;&#>(2@&iH/@&\4/1#2,&.4-&L )4;nj
iN'4%G- .'9 69 (9(- ;##*(0 ?46,;,4/@ a '40 2(8(/ .#/2 4 ?4*(
"(4/0 420 (9("/#.-5 420 $2?#/%$24%(;9 '40 2# ,0(4 $2%,; ,% .4-
%## ;4%( %'4% a .4- -(8(/(;9 4;;(/3,1 %# %'( "#20,23 1(6(2%k4
;4%(B ->,/,% 3$6k.',1' ;(?% 69 -*,2 /4. 420 "$/2,23@ aG6 -$/(
9#$ .(/( '#//,?,(0 .'(2 9#$ -4. 6( L 1#2-,0(/,23 9#$ .(/(
#2&4;(/%&?#/&4&>#--,";(&>;43$(@j
=4230#2 1#$;0 #2;9 -%4/(5 /(14;;,23 2#. '#. H/@ \4/1#2,
'40 -1/4%1'(0 4% ',- "(4/0 "(?#/( g49(2%'4G- 4%%41* ;(?% ',6 ;9:
,23&#2&%'(&'#->,%4;&?;##/5&";((0,23&?/#6&%'(&1'(-%@
iN# 64*( 64%%(/- .#/-(5j %'( 642 -4,05 6#%,#2,23 %# %'(
"42043(- 4/#$20 ',- 1'(-%5 i69 -I$," -',?%(0 .',;( %'( #>(/4:
%,#2 .4- 4;/(409 $20(/ .49@ a 1#$;02G% 3(% ,% "41* ,2%# >#-,%,#2
,2 %,6(5 420 .'(2 ,% 0(%#24%(05 ,% .4- 4% 42 423;(@ )/#*( 4 /,"
420 ;(?% 6( "40;9 "/$,-(0@ aG8( "((2 '48,23 %/#$";( "/(4%',23
4;;&049@j
>'(%+#3#%2%5+4;B+5%)4;%+&(%5+#%6,&B;#/
N'( 642 ,2'4;(0 0((>;9 420 .,21(0@ ia2 ?41%5 a %',2* ,%G- %,6(
?#/ 6( %# -,% 0#.2 434,2@j !- '( 0(>4/%(05 '( 6#%,#2(0 "(',20
=4230#2@&ia%&;##*-&;,*(&9#$&'48(&1#6>429&429.49@j
=4230#2 %$/2(0 %# -(( H/@ D,2-*(9 -%/,0,23 $> %'( 14",25 '(/
;#23 -,;8(/ '4,/ -%/(46,23 "(',20 '(/@ iO/#?(--#/5 %'(/( 9#$
4/(lj
 TXW[VZY
N'( 0,/(1%#/ #? %'( +7F ;##*(0 (B'4$-%(05 420 9(%
-%/423(;95 =4230#2 0(%(1%(0 4 ?/(-' 3;,2% #? '#>( ,2 '(/ (9(-@
"+#0*%-4;'(%*4:#5+.'B/
iaG6 -#//9 %# '48( ;(?% 9#$5j D,2-*(9 -4,05 4//,8,23 "(-,0(
=4230#2@ i+(G8( "((2 1##/0,24%,23 420 0#,23 -#6( /(-(4/1'@j
D'( 6#%,#2(0 %# %'( #>(2 1#1*>,% 0##/@ ia -(( 9#$G/( 3(%%,23
-#6(&-$2;,3'%nj
=4230#2&-'/$33(0@&i]#$/&>;42(&2((0-&.,20#.-@j
D'( 348( ',6 4 1#6>4--,#24%( -6,;(@ iF2 %'( %#>,1 #? ;,3'%5 a
'#>( %'( >/#8#-% .4- 4";( %# -'(0 -#6( ?#/ 9#$ #2 /(1(2%
(8(2%-nj
i](-5&4;%'#$3'&2#%',23&aG6&>;(4-(0&4"#$%@j
iA#/ a5j -'( 1#21$//(05 3;421,23 4/#$20 %# 64*( -$/( %'(9
.(/( 4;#2(@ iN/$-% 6(5j -'( .',->(/(05 i%'(/( 9.,, "( -(/,#$-
/46,?,14%,#2- ?#/ ',6 420 ?#/ ',- #/342,K4%,#2@ a .,;; -(( %# ,%@
!% %'( 6#6(2%5 '#.(8(/5 .( 4;; 2((0 %# /(64,2 ?#1$-(0 #2 ;#1:
4%,23 %'4% 1#2%4,2(/ "(?#/( ,% 0,--#;8(- 420 %'( 1#2%43,#2 ,-
/(;(4-(0@j
K3%D#-43#%".#''&%B#5*%5+#3#%&'(%+#,6*%.5%(.**4,8#/
ia 2((0 %# %4;* %# 9#$ 4"#$% %'( "$,;0,23 %'4% '#$-(- H42:
0#;#G-&%#6"@j
=4230#2 '40 "((2 >,1%$/,23 %'( ->(1%41$;4/ -%/$1%$/( (8(/
-,21( '( /(4;,K(0 ,% .4- %'(,/ 0(-%,24%,#2@ N'( 6#$-(,#2 #? '#;9
.,-0#6@
ia C$-% ;(4/2(0 -#6(%',23 (B1,%,235j D,2-*(9 -4,0@ i+(G8(
"((2 #2 %'( >'#2( .,%' 4 ;#14; ',-%#/,425j -'( -4,0@ i7( '4- 2#
,0(4 .'9 .(G/( ,2I$,/,23 4"#$% H420#;#G- %#6"5 #? 1#$/-(5 "$%
a 4-*(0 ',6 ,? '( '40 429 ,0(4 .'4% .4- "(2(4%' %'( %#6"5 420
3$(--&.'4%&'(&-4,0@j&D'(&-6,;(0@&i+4%(/@j
=4230#2&.4-&-$/>/,-(0@&i<(4;;9nj
i](-5 ,% -#$20- ;,*( %'( "$,;0,23G- ;#.(/ ;(8(;- 4/( ?;##0(0@
F8(/ %'( 1(2%$/,(- %'( .4%(/ %4";( "(2(4%' %'( "$,;0,23 '4- /,-:
(25 -$"6(/3,23 4% ;(4-% %.# ;#.(/ ;(8(;-@ 7( -4,0 %'(/( 4/(
 TXX[VZY
0(?,2,%(;9 4;; *,20- #? 4,/ >#1*(%- 420 >4/%,4;;9 -$"6(/3(0
->41(-&0#.2&%'(/(@j
?) I4(/ =4230#2 >,1%$/(0 m#"/,-%G- 8,0(# 420 %'( -%/423(;9
;,% $20(/3/#$20 148(/2 #2 .'#-( 6#--9 .4;;- '( '40 -((2 %'(
?4,2%&8(/%,14;&-'40#.-&#?&>,;;4/-@&ia%G-&4&-$"6(/3(0&/##6@j
iPB41%;9@j
i)$%&%'(2&L&'#.&0,0&m#"/,-%&3(%&0#.2&%'(/(nj
D,2-*(9G- (9(- %.,2*;(0@ iN'4%G- %'( 464K,23 >4/%@ ]#$ .#2G%
"(;,(8(&.'4%&.(&C$-%&0,-1#8(/(0@j

!% %'4% 6#6(2%5 ;(-- %'42 4 6,;( #?? %'( 1#4-% #? g(2,1(5 #2 %'(
-;(20(/ ,-;420 *2#.2 4- %'( =,0#5 4 -;((* M(--24 M,%4%,#2 \$-:
%423 ;,?%(0 #?? %'( %4/641 #? A,1(;;, !,/>#/% 420 -%/(4*(0 ,2%#
%'(&04/*(2,23&%.,;,3'%&-*9@
N'( C(%G- #.2(/5 >/#6,2(2% 1#-%$6( 0(-,32(/ d,#/3,# g(21,5
.4- 2#% #2 "#4/05 "$% '( '40 #/0(/(0 ',- >,;#%- %# %4*( %'(,/ 4%:
%/41%,8(&9#$23&>4--(23(/&.'(/(8(/&-'(&2((0(0&%#&3#@
 M7!ONP< XT

Aad7N&7!H&E!==PA #2&%'(&421,(2%&)9K42%,2(&14>,%4;@
!;; 4;#23 %'( "42*- #? %'( D(4 #? \4/64/45 ?;##0;,3'%-
?;,1*(/(0 %# ;,?(5 ,;;$6,24%,23 4 -*9;,2( #? 3;,-%(2,23 6#-I$(-
420 -;(20(/ 6,24/(%-@ N',- .4- %'( '#$/ #? %'( &$r&:5 420
;#$0->(4*(/- 41/#-- %'( 1,%9 /(8(/"(/4%(0 .,%' %'( '4$2%,23 ,2:
%#24%,#2-&#?&%'( &(+s'5&%'(&14;;&%#&>/49(/@
T&V.,&+&V.,,&V>,,&+/
1+#3#%.*%'4%B4(%D;5%5+#%I4(/
+',;( %'( ?4,%'?$; -1$//,(0 %# 6#-I$(-5 %'( /(-% #? %'( 1,%9
14//,(0 #2 .,%'#$% 4 3;421(e /4$1#$- $2,8(/-,%9 -%$0(2%- 0/42*
"((/5 "$-,2(--6(2 1;#-(0 0(4;-5 6(/1'42%- '4.*(0 ->,1(- 420
/$3-5&420&%#$/,-%-&.4%1'(0&,%&4;;&,2&.#20(/@
N',- .4- 4 .#/;0 0,8,0(05 4 1,%9 #? #>>#-,23
?#/1(-k/(;,3,#$-5 -(1$;4/e 421,(2%5 6#0(/2e P4-%(/25 +(-%(/2@
D%/400;,23 %'( 3(#3/4>',1 "#$204/9 "(%.((2 P$/#>( 420 !-,45
%',- %,6(;(-- 1,%9 .4- I$,%( ;,%(/4;;9 %'( "/,03( ?/#6 %'( F;0
+#/;0&L&%#&4&.#/;0&%'4%&.4-&(8(2&#;0(/@
2*5&'D;,/
+',;( 2# ;#23(/ %'( 14>,%4; #? N$/*(95 ,% '40 -(/8(0 #8(/ %'(
1(2%$/,(- 4- %'( (>,1(2%(/ #? %'/(( 0,-%,21% (6>,/(-k%'( )9K:
42%,2(5 %'( <#6425 420 %'( F%%#642@ E#/ %',- /(4-#25 a-%42"$;
.4- 4/3$4";9 #2( #? %'( 6#-% ',-%#/,14;;9 0,8(/-( ;#14%,#2- #2
(4/%'@ E/#6 N#>*4>, O4;41( %# %'( );$( \#-I$( %# %'( M4-%;( #?
%'( D(8(2 N#.(/-5 %'( 1,%9 ,- %((6,23 .,%' ?#;*;#/,1 %4;(- #?
"4%%;(5&3;#/95&420&0(?(4%@
N#2,3'%5 ',3' ,2 %'( 2,3'% -*9 4"#8( ,%- "$-%;,23 64--(-5 4
M:QSZ %/42->#/% >;42( .4- 0(-1(20,23 %'/#$3' 4 34%'(/,23
-%#/6 ?/#2%5 #2 ?,24; 4>>/#41' %# !%4%t/* !,/>#/%@ a2-,0( %'(
 TYZ[VZY
1#1*>,%5 "$1*;(0 ,2%# %'( C$6> -(4% "(',20 %'( >,;#%-5 <#"(/%
=4230#2 >((/(0 #$% %'/#$3' %'( .,20-',(;05 /(;,(8(0 %'4% '(
'40&"((2&#??(/(0&4&-(4%&.,%'&4&8,(.@
7( .4- ?((;,23 -#6(.'4% /(?/(-'(0 4?%(/ '48,23 '40
-#6(%',23 %# (4% 420 %'(2 0#K,23 4% %'( /(4/ #? %'( >;42( ?#/
2(4/;9&42&'#$/&#?&6$1':2((0(0&/(-%@
A#.5 #?? %# ',- /,3'%5 =4230#2 1#$;0 -(( %'( ;,3'%- #? a-%42:
"$;5 4 3;,-%(2,235 '#/2:-'4>(0 >(2,2-$;4 C$%%,23 ,2%# %'( ";41*:
2(-- #? %'( D(4 #? \4/64/4@ N',- .4- %'( P$/#>(42 -,0(5 -(>4/:
4%(0&?/#6&,%-&!-,42&-,-%(/&"9&4&-,2$#$-&/,""#2&#?&04/*2(--@
1+#%N4*643;*%9&5#39&)/
!% 4 3;421(5 %'( )#->#/$- 4>>(4/(0 4- 4 .,0( 34-' %'4%
-(8(/(0 a-%42"$; ,2 %.#@ a2 ?41%5 =4230#2 *2(. %'( 1'422(;
.4- %'( ;,?(";##0 #? a-%42"$;G- 1#66(/1(@ a2 400,%,#2 %#
>/#8,0,23 %'( 1,%9 .,%' %.# 1#4-%;,2(- /4%'(/ %'42 #2(5 %'(
)#->#/$- (24";(0 -',> >4--43( ?/#6 %'( \(0,%(//42(42 %# %'(
);41* D(45 4;;#.,23 a-%42"$; %# -(/8( 4- 4 .49 -%4%,#2 "(%.((2
%.#&.#/;0-@
!- %'( >;42( 0(-1(20(0 %'/#$3' 4 ;49(/ #? 6,-%5 =4230#2G-
(9(- ,2%(2%;9 -1422(0 %'( 0,-%42% 1,%95 %/9,23 %# 14%1' 4 3;,6>-(
#?&%'(&64--,8(&"$,;0,23&%'(9&'40&1#6(&%#&-(4/1'@
1+#%*.5#%4-%A'3.74%<&'(4,40*%54:D/
!- ,% %$/2(0 #$%5 P2/,1# H420#;#k%'( %/(41'(/#$- 0#3( #?
g(2,1(k'40 2#% "((2 "$/,(0 ,2 g(2,1(e /4%'(/5 ',- /(64,2- '40
"((2 ,2%(//(0 ,2 %'( '(4/% #? %'( -%/#23'#;0 '( '40 1#2I$(/(0
,2 QRZR L %'( ->/4.;,23 1,%9 "(2(4%' %'(6@ E,%%,23;95 H420#;#
'40 "((2 ;4,0 %# /(-% ,2 %'( 6#-% ->(1%41$;4/ -'/,2( ',- 14>:
%$/(0 1,%9 '40 %# #??(/k4 "$,;0,23 %'4% %# %',- 049 /(64,2(0 %'(
1/#.2&C(.(;&#?&%'(&/(3,#2@
743,4&D#>',4@
F/,3,24;;9 "$,;% ,2 !@H@ SVZ5 743,4 D#>',4 '40 -(/8(0 4- 42
P4-%(/2 F/%'#0#B 14%'(0/4; $2%,; QRZT5 .'(2 P2/,1# H420#;#
420 %'( E#$/%' M/$-40( 1#2I$(/(0 %'( 1,%9 420 %$/2(0 ,% ,2%# 4
M4%'#;,1 1'$/1'@ =4%(/5 ,2 %'( ?,?%((2%' 1(2%$/95 ?#;;#.,23 %'(
 TYQ[VZY
1#2I$(-% #? M#2-%42%,2#>;( "9 E4%,' D$;%42 \('6(05 ,% '40 "(:
1#6( 4 6#-I$(5 /(64,2,23 42 a-;46,1 '#$-( #? .#/-',> $2%,;
QYSU5 .'(2 %'( "$,;0,23 .4- -(1$;4/,K(0 420 "(146( 4
6$-($6@
>%B.,(#(%:4;*#.4'%4-%+4,)%9.*(4:5&=4230#2&%'#$3'%@
A#% #2;9 .4- 743,4 D#>',4 40#/2(0 .,%' 6#/( 3#;0 %,;( %'42
D%@ \4/*G-5 ,%- 246(k743,4 D#>',4k;,%(/4;;9 6(42% i7#;9
+,-0#6@j
=4230#2 >,1%$/(0 %'( 1#;#--4; "$,;0,23 420 %/,(0 %# ?4%'#6
%'( ?41% %'4% -#6(.'(/( "(2(4%' ,%5 4 04/*(2(0 ;43##2 1#2:
%4,2(0 4 %(%'(/(05 $20$;4%,23 -415 '#8(/,23 $20(/.4%(/5 -;#.;9
0,--#;8,23&420&>/(>4/,23&%#&/(;(4-(&,%-&1#2%(2%-@
=4230#2&>/49(0&%'(9&.(/(&2#%&%##&;4%(@
iN'( "$,;0,23G- ;#.(/ ;(8(;- 4/( ?;##0(05j D,2-*(9 '40 42:
2#$21(0 (4/;,(/ ,2 %'( ?;,3'%5 (B1,%(0;9 6#%,#2,23 ?#/ =4230#2
%# ?#;;#. '(/ "41* %# '(/ .#/* 4/(4@ i]#$ .#2G% "(;,(8( .'4% .(
C$-% 0,-1#8(/(0@ 748( 9#$ (8(/ '(4/0 #? 4 0#1$6(2%4/9 ?,;6
0,/(1%#/&246(0&d•*-(;&dt;(2-#9nj
=4230#2&-'##*&',-&'(40@
i+',;( a .4- /(-(4/1',23 743,4 D#>',45j D,2-*(9 (B>;4,2(05
ia 0,-1#8(/(0 %'4% 4 ?,;6 '40 "((2 640( 4"#$% ,%@ ! 0#1$6(2%:
4/9&640(&"9&dt;(2-#9&4&?(.&9(4/-&"41*@j
iH#K(2-&#?&?,;6-&'48(&"((2&640(&4"#$%&743,4&D#>',4@j
i](-5j -'( -4,05 4//,8,23 4% '(/ .#/* 4/(45 i"$% 2#2( ;,*(
%',-@j&D'(&->$2&'(/&;4>%#>&-#&'(&1#$;0&-((&,%@&i<(40&%',-@j
=4230#2 -4% 0#.2 420 (9(0 %'( 4/%,1;(k4 1#6>#-,%( #? 84/,:
#$- 2(.- -#$/1(- ,21;$0,23 %'( @j33.)#5 <&.,) S#9*k0,-1$--:
,23&dt;(2-#9G-&2(.(-%&?,;6^ 2'%5+#%<#65+*%4-%@&B.&%"46+.&@
!- =4230#2 "(342 %# /(405 '( ,66(0,4%(;9 /(4;,K(0 .'9 D,2:
-*(9 .4- (B1,%(0@ N'( ?,/-% %.# .#/0- 4;#2( 640( =4230#2
3;421(&$>&4%&'(/&,2&-$/>/,-(@ "7;D&%(.8.'BL
ia&*2#.5j&-'(&-4,0@&i_$-%&/(40@j
=4230#2&%$/2(0&',-&(9(-&"41*&%#&%'(&4/%,1;(@
 TYR[VZY
DMh)! HagaAd )PAP!N7 7!da! DFO7a!^ H#1$6(2%4/9 ?,;664*(/
d•*-(; dt;(2-#9 420 ',- (B>;#/4%#/9 -1$"4 %(46 '48( ;#14%(0
/(6#%( ?;##0(0 "4-,2- ;9,23 '$20/(0- #? ?((% "(2(4%' a-%42:
"$;G-&'(48,;9&%#$/,-%(0&/(;,3,#$-&-%/$1%$/(@
a2 %'( >/#1(--5 %'(9 0,-1#8(/(0 2$6(/#$- 4/1',%(1%$/4;
.#20(/-5 ,21;$0,23 %'( XZZ:9(4/:#;0 -$"6(/3(0 3/48(- #?
64/%9/(0 1',;0/(25 4- .(;; 4- -$"6(/3(0 %$22(;- 1#22(1%,23
743,4 D#>',4 %# N#>*4>, O4;41(5 N(*?$/ O4;41(5 420 %'(
/$6#/(0&-$"%(//42(42&(B%(2-,#2-&#?&%'(&!2(64-&H$23(#2-@
ia "(;,(8( .'4% ,- "(2(4%' 743,4 D#>',4 ,- 6$1' 6#/( (B1,%:
,23 %'42 .'4% ,- 4"#8( %'( -$/?41(5j dt;(2-#9 (B>;4,2(05 0(:
-1/,",23 '#. '( '40 "((2 ,2->,/(0 %# 64*( %'( ?,;6 4?%(/ -((:
,23 42 #;0 >'#%#3/4>' #? /(-(4/1'(/- (B46,2,23 %'( ?#$204:
%,#2- #? 743,4 D#>',4 "9 "#4%5 >400;,23 %'/#$3' 4 ;4/3(5 >4/:
%,4;;9&-$"6(/3(0&'4;;@

i]#$G8( #"8,#$-;9 ?#$20 %'( /,3'% "$,;0,23lj D,2-*(9 (B:

1;4,6(0@ i!20 ,% -#$20- ;,*( %'(/( 4/( '$3( >#1*(%- #? 248,3:
4";( ->41( "(2(4%' %'4% "$,;0,235 6429 #? %'(6 411(--,";(
.,%'#$% -1$"4 3(4/ L .',1' 649 (B>;4,2 .'4% .(G/( -((,23 ,2
m#"/,-%G-&8,0(#@j
!3(2% )/t0(/ -%##0 "(',20 %'(65 -%$09,23 %'( ;4>%#> -1/((2@
ia% 4;-# -#$20- ;,*( %'( .4%(/.49- "(2(4%' %'( "$,;0,23 ->,0(/
#$%.4/0 %# 4;; *,20- #? #%'(/ 4/(4-@ a? %'4% D#;$";#2 "43 0,-:
-#;8(- "(?#/( .( 4//,8(5 %'(/( .,;; "( 2# .49 %# -%#> %'( 1#2:
%(2%-&?/#6&->/(40,23@j
iN'( 1#2%(2%- Lj =4230#2 8(2%$/(0@ iH# 9#$ '48( 429 ,0(4
.'4% ,% ,-n a 6(42 #\&75,)n a *2#. .(G/( 0(4;,23 .,%' 4 >4%'#:
3(25&"$%kj
i+(G8( "((2 424;9K,23 %'( ?##%43(5j )/t0(/ -4,05 i.',1' -$3:
3(-%- %'4% ,%G- ,20((0 ",#;#3,14; /4%'(/ %'42 1'(6,14; L %'4% ,-
%# -495 -#6(%',23 ,.8.'B@ M#2-,0(/,23 %'( -64;; 46#$2% ,2 %'(
"435 .( 4--$6( ,%G- ',3';9 1#2%43,#$- 420 '4- %'( 4",;,%9 %#
/(>;,14%(@ +'(%'(/ ,%G- 4 .4%(/"#/2( 1#2%43,#2 ;,*( 4 "41%(/,:
$65 #/ .'(%'(/ ,% '4- %'( >#%(2%,4; %# 3# 4,/"#/2( ;,*( 4 8,/$-
#21(&,%G-&/(;(4-(05&.(G/(&2#%&-$/(5&"$%&(,%'(/&,-&>#--,";(@j
 TYS[VZY
D,2-*(9 -4,05 i+(G/( 2#. 34%'(/,23 04%4 #2 .4%(/:%4";( %(6:
>(/4%$/(- ,2 %'( 4/(45 %/9,23 %# 4--(-- .'4% *,20- #? 1#2%43,#$-
-$"-%421(- 6,3'% %'/,8( ,2 %'#-( -$"%(//42(42 4/(4-5 "$% m#":
/,-% .4- (B1(>%,#24;;9 %4;(2%(0 420 (4-,;9 1#$;0 '48( (23,2:
((/(0 -#6(%',23 .,%' $2,I$( 14>4",;,%,(-@ !20 a '48( %# -$-:
>(1%&%'4%&%'(/(&.4-&4&/(4-#2&m#"/,-%&1'#-(&%',-&;#14%,#2@j
)/t0(/ 348( 4 /(-,32(0 2#0 420 I$,1*;9 /(;49(0 ',- 4--(--:
6(2% #? %'( $2$-$4; 0,->(/-4; 6(1'42,-6k%'( -$"6(/3(0 D#;:
$";#2 "43k%'( -,6>;( "/,;;,421( #? .',1' .4- C$-% -%4/%,23 %#
04.2 #2 %'(6 4;;@ )9 -$->(20,23 %'( "43 $20(/3/#$20 420 $2:
0(/.4%(/5 m#"/,-% '40 1/(4%(0 42 (B1(>%,#24;;9 -%4";( ,21$"4:
%,#2 (28,/#26(2%^ #2( .,%' 1#2-,-%(2% .4%(/ %(6>(/4%$/(5 2#
-#;4/ /40,4%,#25 4 *,2(%,1 "$??(/5 420 %#%4; >/,8419@ )9 1'##-,23
4 "43 #? %'( 1#//(1% 0$/4",;,%95 m#"/,-% 1#$;0 ;(48( %'( 1#2%4:
3,#2 $24%%(20(0 %# 64%$/( ?#/ 4 ->(1,?,1 0$/4%,#2 "(?#/( ,% -(;?:
/(;(4-(0&#2&-1'(0$;(@
A8#'%.-%n4D3.*5%'#8#3%3#5;3'#(%54%5+#%*.5#/
N'( -$00(2 C#;% #? %'( >;42( %#$1',23 0#.2 C4//(0 =4230#2
"41* %# ',- C$6> -(4% ,2 %'( 1#1*>,%@ N'( >,;#%- "/4*(0 '4/0
420 %'(2 %4B,(0 %# 4 /(6#%( '4234/5 .'(/( %'(9 "/#$3'% %'(
64--,8(&>;42(&%#&4&-%#>@
=4230#2 '4;? (B>(1%(0 %# "( 3/((%(0 "9 42 4/69 #? +7F
(6>;#9((- ,2 '4K64% -$,%-@ D%/423(;95 %'( #2;9 >4/%9 4.4,%,23
%'(,/ 4//,84; .4- %'( 0/,8(/ #? 4 ;4/3( .',%( 842 %'4% "#/( %'(
(6";(6&#?&4&"/,3'%&/(05&(I$4;:4/6(0&1/#--@
1+# P#( =34** .* +#3#L =4230#2 ;##*(0 434,25 /(4;,K,23 ,%
.4- %'( #%'(/ (2%,%9 %'4% $-(0 %'( /(0 1/#--@ 1+# "9.**
#:D&**)/
7( $2"$1*;(0 420 ;#14%(0 D,2-*(9 4- (8(/9#2( >/(>4/(0 %#
0(>;42(@ i+'(/( ,- (8(/9#2(nj =4230#2 0(6420(0@ iN'( +7F
%(46n N'( N$/*,-' 4$%'#/,%,(-n a- (8(/9#2( 4;/(409 #8(/ 4% 74:
3,4&D#>',4nj
D,2-*(9 348( ',6 42 $2(4-9 3;421(@ i!1%$4;;95j -'( (B:
>;4,2(05 i.( '48( 0(1,0(0 434,2-% 4;(/%,23 ;#14; 4$%'#/,%,(-@ +(
 TYT[VZY
4;/(409 '48( %'( PMHMG- ?,2(-% D<D %(46 .,%' $-5 420 ,% -((6-
>/(?(/4";( %# *((> %',- 4 I$,(% #>(/4%,#2 ?#/ %'( 6#6(2%5
/4%'(/&%'42&1/(4%,23&4&>#--,";(&.,0(->/(40&>42,1@j
A(4/"95 =4230#2 1#$;0 -(( )/t0(/ 420 ',- %(46 K,>>,23 $>
;4/3( ";41* 0$??(; "43- %'4% 1#2%4,2(0 4;; *,20- #? '4K64%
3(4/k",#-$,%-5 /(->,/4%#/-5 420 (;(1%/#2,1 0(%(1%,#2
(I$,>6(2%@
)/t0(/ '(48(0 ',- "43 #8(/ ',- -'#$;0(/ 420 146( #8(/@
i+(G/( 4 3#@ +(G;; (2%(/ %'( "$,;0,235 ?,20 H420#;#G- %#6"5
;,-%(2 ?#/ .4%(/ 4- %'( >#(6 -$33(-%-5 420 %'(2 69 %(46 420 a
.,;; /(4--(-- 420 0(1,0( .'(%'(/ %# 14;; ,2 #%'(/ 4$%'#/,%,(- ?#/
-$>>#/%@j
=4230#2 4;/(409 -4. >/#";(6- .,%' %'( >;42@ i743,4 D#>',4
1;#-(- 4% -$2-(%5 -# .,%'#$% ;#14; 4$%'#/,%,(-5 .( 142G% (8(2 3(%
,2@j
i+(G/( ?,2(5j D,2-*(9 -4,0@ ia '48( 4 1#2%41% ,2 %'( D.,-- (6:
"4--9 .'# 1#2%41%(0 %'( 743,4 D#>',4 \$-($6 1$/4%#/ 420
4-*(0 ?#/ 4 >/,84%( gaO %#$/ 4- -##2 4- .( 4//,8(@ N'( 1$/4%#/
43/((0@j
=4230#2 4;6#-% ;4$3'(0 #$% ;#$0@ i! gaO %#$/ ?#/ %'( 0,/(1%:
#/ #? %'( +#/;0 7(4;%' F/342,K4%,#2n !20 42 4/69 #? -#;0,(/-
14//9,23 '4K64% 0$??(;-n ]#$ 0#2G% %',2* %'4% 6,3'% /4,-( 4 ?(.
(9("/#.-nj
iN'( D<D %(46 420 3(4/ .,;; -%49 ,2 %'( 14/ .',;( )/t0(/5
9#$5 420 a 4--(-- %'( -,%$4%,#25j D,2-*(9 -4,0@ i!;-#5 ?#/ %'( /(:
1#/05&aG6&2#%&%'(&gaO@ M4; 4/(@j
ia&"(3&9#$/&>4/0#2nlj
i+( %#;0 %'( 6$-($6 %'4% 4 ?46#$- !6(/,142 >/#?(--#/ '40
?;#.2 ,2 .,%' 4 /(-(4/1' %(46 %# ./,%( 42 4/%,1;( #2 %'( -96"#;-
#? 743,4 D#?,45 "$% %'(,/ >;42( .4- 0(;49(0 ?,8( '#$/- 420 '(
6,--(0 ',- .,20#. %# -(( %'( "$,;0,23@ D,21( '( 420 ',- %(46
.(/(&;(48,23&%#6#//#.&6#/2,235&.(&.(/(&'#>,23kj
iF*495j&=4230#2&-4,0@&ia&3(%&%'(&3,-%@j
 TYU[VZY
iN'( 6$-($6 ,- -(20,23 42 (6>;#9(( %# 6((% $- %'(/( >(/:
-#24;;9@ !- ,% %$/2- #$%5 '(G- 4 ",3 ?42 #? 9#$/ ./,%,23- #2 a-;46:
,1 4/%@j D,2-*(9 348( ',6 4 %,/(0 -6,;(5 1;(4/;9 %/9,23 %# ;##* #>:
%,6,-%,1@ i+(G8( "((2 4--$/(0 %'4% 9#$G;; '48( 411(-- %# (8(/9
1#/2(/&#?&%'(&"$,;0,23@j
i!20 6#/( ,6>#/%42%5j )/t0(/ 0(1;4/(05 i.(G;; '48( %'( (2:
%,/(&>;41(&%#&#$/-(;8(-@j
 M7!ONP< XU

<F)P<N =!AdHFA d!mPH ";42*;9 #$% %'( .,20#. #? %'( 842 4- ,%

->(0 4;#23 %'( .4%(/?/#2% ',3'.49 1#22(1%,23 !%4%t/* !,/>#/%
%# %'( 1(2%(/ #? a-%42"$;@ N'( D.,-- #??,1,4;- '40 -#6('#. ?4:
1,;,%4%(0 4 6#0,?,(0 1$-%#6- >/#1(--5 420 =4230#25 D,2-*(95
420 %'( #%'(/- ,2 %'( 3/#$> '40 "((2 (2 /#$%( ,2 4 64%%(/ #?
6,2$%(-@
D,2-*(9 '40 #/0(/(0 %'( >/#8#-% 420 E(//,- %# /(64,2 4"#4/0
%'( M:QSZ .,%' -(8(/4; +7F -%4?? 6(6"(/- 420 %# 1#2%,2$(
%/9,23&%#&%/41*&%'(&.'(/(4"#$%-&#?&D,(224&)/##*-@
+',;( 2#"#09 %/$;9 "(;,(8(0 D,(224 1#$;0 /(41' a-%42"$; ,2
%,6(5 %'(/( .(/( ?(4/- -'( 6,3'% >'#2( #2( #? m#"/,-%G- 0,-:
1,>;(- ,2 N$/*(9 420 4-* ?#/ 4--,-%421( ,2 /(4;,K,23 m#"/,-%G- 0(:
;$-,#24;&>;42&"(?#/(&D,2-*(9G-&%(46&1#$;0&,2%(/?(/(@
O4;,( ".#''& 3#&,,) 74::.5 :&** :;3(#3L =4230#2 .4-
-%,;; -%/$33;,23 %# 411(>% 4;; %'4% '40 '4>>(2(0 %#049@ a% >4,2(0
',6 %# 0# -#5 "$% '( .4- ?#/1(0 %# 411(>% %'( %/$%'@ M4; '#8#3
$'#9%+#3C%P4D#35/%"+#%6,&)#(%)4;/
! ;,3'% /4,2 '40 "(3$2 %# ?4;; #8(/ %'( 1,%95 420 =4230#2 ?(;%
-$00(2;9 .(4/9 4- '( ;,-%(2(0 %# %'( /(>(%,%,8( -.,-' #? %'(
.,20-',(;0 .,>(/-@ N# ',- /,3'%5 #$% #2 %'( D(4 #? \4/64/45 '(
1#$;0 -(( %'( /$22,23 ;,3'%- #? ;$B$/9 941'%- 420 64--,8(
%42*(/- >#.(/,23 %# 420 ?/#6 %'( 1,%9 >#/% $> 4'(40@ !;; 4;#23
%'( .4%(/?/#2%5 ,;;$6,24%(0 6,24/(%- /#-( -;(20(/ 420 (;(342%
4"#8( %'(,/ 0#6(0 6#-I$(-5 -,;(2% /(6,20(/- %'4% .',;( a-%42:
"$; .4- 4 6#0(/25 -(1$;4/ 1,%95 ,%- 1#/( .4- 3/#$20(0 ,2
/(;,3,#2@
=4230#2 '40 4;.49- ?#$20 %',- %(2:6,;( -%/,> #? ',3'.49 #2(
#? %'( >/(%%,(-% 0/,8(- ,2 P$/#>(@ ! >(/?(1% (B46>;( #?
 TYW[VZY
a-%42"$;G- 1;4-' #? #;0 420 2(.5 %'( /#40 ?#;;#.(0 >4/% #? M#2:
-%42%,2(G- .4;;5 .',1' '40 "((2 "$,;% 6#/( %'42 -,B%((2 1(2%$/:
,(- "(?#/( %'( ",/%' #? %'( 642 ?#/ .'#6 %',- 48(2$( .4- 2#.
246(0k_#'2 E@ `(22(09@ N'( h@D@ >/(-,0(2% '40 "((2 4 3/(4%
406,/(/ #? `(64; !%4%t/*G- 8,-,#2 ?#/ 4 N$/*,-' /(>$";,1
->/,23,23&?/#6&%'(&4-'(-&#?&4&?4;;(2&(6>,/(@
O/#8,0,23 $2>4/4;;(;(0 8,(.- #? %'( -(45 `(22(09 !8(2$(
.#$20 %'/#$3' ->(1%41$;4/ 3/#8(- 420 ',-%#/,1 >4/*-5 >4-% %'(
'4/"#/ ,2 ](2,*4>,5 420 (8(2%$4;;9 %'/(40(0 ,%- .49 "(%.((2
%'( 1,%9 ;,6,%- 420 %'( D%/4,% #? )#->#/$-5 .'(/( ,% 1#2%,2$(0
2#/%'.4/0 4;; %'( .49 4/#$20 %'( d#;0(2 7#/2@ N'(/(5 ',3'
4"#8( %'( 1,%95 /#-( %'( F%%#642 -%/#23'#;0 #? N#>*4>, O4;41(@
+,%' ,%- -%/4%(3,1 8,(. #? %'( )#->#/$- .4%(/.495 %'( >4;41(
.4- 4 ?48#/,%( 46#23 %#$/,-%-5 .'# 8,-,%(0 %# 406,/( "#%' %'(
8,-%4- 420 %'( -%433(/,23 1#;;(1%,#2 #? F%%#642 %/(4-$/( %'4%
,21;$0(0 %'( 1;#4* 420 -.#/0 -4,0 %# '48( "(;#23(0 %# %'(
O/#>'(%&\$'46640&',6-(;?@
O# 94'05 D# B4.'B 5+&5 -&35 =4230#2 *2(.5 >,1%$/,23 %'(,/
0(-%,24%,#25 743,4 D#>',45 .',1' /#-( #$% #? %'( 1,%9 1(2%(/ 2#%
?4/&4'(40@
!- %'(9 >$;;(0 #?? `(22(09 !8(2$( 420 "(342 -24*,23 ,2%#
%'( 0(2-(;9 >#>$;4%(0 1,%95 =4230#2 -%4/(0 #$% 4% %'( 1/#.0- #?
>(#>;( #2 %'( -%/((%- 420 -,0(.4;*- 420 ?(;% '4$2%(0 "9 %'(
049G-&1#28(/-4%,#2-@
F8(/>#>$;4%,#2@
N'(&>;43$(@
m#"/,-%G-&%.,-%(0&4->,/4%,#2-@
P8(2 %'#$3' =4230#2 '40 $20(/-%##0 4;; 4;#23 (B41%;9
.'(/( %',- D<D 6,--,#2 .4- '(40(05 '( '40 2#% ?$;;9 >/#1(--(0
,% $2%,; %',- 6#6(2%@ O# &3# B4.'B 54 B34;'( `#34/ 7( >,1%$/(0
%'( -;#.;9 0,--#;8,23 "43 #? 9(;;#.:"/#.2 ?;$,0 420 .#20(/(0
'#.&'(&'40&;(%&',6-(;?&3(%&,2%#&%',-&>#-,%,#2@
N'( -%/423( >#(6 %'4% =4230#2 420 D,(224 '40 $28(,;(0 #2
%'( "41* #? H42%(G- 0(4%' 64-* '40 (8(2%$4;;9 3$,0(0 ',6
 TYX[VZY
'(/(5 %# a-%42"$;@ =4230#2 '40 0,/(1%(0 %'( D<D %(46 %# 743,4
D#>',45&420&*2(.&%'(/(&.#$;0&"(&6#/(&%#&0#&#21(&%'(9&4//,8(0@

`2((;&.,%',2&%'(&3,;0(0 :4;*#.4' #?&'#;9&.,-0#65

420&>;41(&%',2(&(4/&%#&%'(&3/#$205
;,-%(2,23&?#/&%'(&-#$20-&#?&%/,1*;,23&.4%(/@
E#;;#.&0((>&,2%#&%'(&-$2*(2&>4;41(&L
?#/&'(/(5&,2&%'(&04/*2(--5&%'(&1'%'#2,1&6#2-%(/&.4,%-5
-$"6(/3(0&,2&%'(&";##0/(0&.4%(/-&L
#?&%'(&;43##2&%'4%&/(?;(1%-&2#&-%4/-@

=4230#2 434,2 ?(;% %/#$";(0 %# *2#. %'4% %'( ?,24; 142%# #?

H42%(G- 2'-#3'4 (20(0 ,2 4 2(4/;9 ,0(2%,14; -1(2(^ !?%(/ 4 ;#23
0(-1(2% %'/#$3' %'( $20(/.#/;05 H42%( 420 g,/3,; /(41' %'(
;#.(-% >#,2% #? '(;;@ 7(/(5 .,%' 2# .49 #$%5 %'(9 '(4/ %'(
-#$20- #? %/,1*;,23 .4%(/ /$22,23 %'/#$3' -%#2(- "(2(4%'
%'(65 420 %'(9 ?#;;#. %'( /,8$;(% %'/#$3' 1/41*- 420 1/(8,1(- L
$;%,64%(;9&?,20,23&-4?(%9@
H42%( ./#%(^ Q> 6,&7# .* 5+#3# D#,49 E 9+.7+ '45 D) *.B+5 .*
$'49'C D;5 D) 5+# *4;'( 4- & 3.8;,#5C 9+.7+ (#*7#'(* &,4'B
5+# +4,,49 4- & 347$ E &'( D) 5+&5 +.((#' 9&)C :) B;.(# &'(
2%(.(%#'5#3C%54%3#5;3'%54%5+#%-&.3%943,(/R
H42%(G- -1(2( '40 1;(4/;9 "((2 %'( ,2->,/4%,#2 ?#/ m#"/,-%G-
>#(65 4;%'#$3' ,2 %',- 14-(5 ,% -((6(0 m#"/,-% '40 ?;,>>(0
(8(/9%',23 $>-,0( 0#.2@ =4230#2 420 %'( #%'(/- .#$;0 ,20((0
"( ?#;;#.,23 %'( -#$20- #? %/,1*;,23 .4%(/5 "$% $2;,*( H42%(5
%'(9 .#$;0 2#% "( '(40,23 4.49 ?/#6 %'( ,2?(/2# L "$% 0,/:
(1%;9 .'54 ,%@
!- %'( 842 642($8(/(0 %'/#$3' %,3'%(/ -%/((%- 420 6#/(
0(2-(;9 >#>$;4%(0 2(,3'"#/'##0-5 =4230#2 "(342 %# 3/4-> %'(
>(/8(/-( ;#3,1 %'4% '40 ;(0 m#"/,-% %# 1'##-( 0#.2%#.2 a-%42:
"$;&4-&%'(&(>,1(2%(/&#?&4&>420(6,1@
A&*5%:##5*%O#*5/
1+#%734**34&(*%4-%5+#%943,(/
 TYY[VZY
a-%42"$; '405 4% 2$6(/#$- %,6(- ,2 ',-%#/95 -$11$6"(0 %#
0(40;9 >;43$(- %'4% *,;;(0 #?? (2#/6#$- >#/%,#2- #? ,%- >#>$;4:
%,#2@ a2 ?41%5 0$/,23 %'( ?,24; >'4-( #? %'( );41* H(4%'5 %',- 8(/9
1,%9 '40 "((2 14;;(0 %'( i>;43$( '$"j #? %'( (6>,/(5 420 %'(
0,-(4-( .4- -4,0 %# '48( *,;;(0 6#/( %'42 %(2 %'#$-420 /(-,0:
(2%- 4 049@ D(8(/4; ?46#$- F%%#642 >4,2%,23- 0(>,1%(0
%#.2->(#>;( 0(->(/4%(;9 0,33,23 >;43$( >,%- %# "$/9 6#$20- #?
1#/>-(-&,2&%'(&2(4/"9&?,(;0-&#?&N4*-,6@
=4230#2 '#>(0 `4/; \4/B .4- ./#23 .'(2 '( -4,05 i7,-%#/9
/(>(4%-&,%-(;?@j
!;; 4;#23 %'( /4,29 -%/((%-5 $2-$->(1%,23 -#$;- .(/( "$-%;,23
4"#$% %'(,/ (8(2,23G- "$-,2(--@ ! >/(%%9 N$/*,-' .#642 14;;(0
'(/ 1',;0/(2 ,2 %# 0,22(/e %.# #;0 6(2 -'4/(0 4 0/,2* 4% 42
#$%0##/ 14?se 4 .(;;:0/(--(0 1#$>;( .4;*(0 '420 ,2 '420 "(:
2(4%' 42 $6"/(;;4e 420 4 %$B(0#(0 642 ;(4>(0 #?? 4 "$- 420
/42 0#.2 %'( -%/((%5 -'(;%(/,23 ',- 8,#;,2 14-( "(2(4%' ',- C41*:
(%5&4>>4/(2%;9&;4%(&?#/&4&1#21(/%@
=4230#2 ?#$20 ',6-(;? -%$09,23 %'( ?41(- 4/#$20 ',65 %/9:
,23&%#&,643,2(&%'(&,2%/,141,(-&#?&(41'&>(/-#2G-&;,?(@
1+#%:&**#*%&3#%:&(#%;6%4-%.'(.8.(;&,*/
7( 1;#-(0 ',- (9(-5 %$/2,23 ?/#6 %'( .,20#. 420 %/9,23 %#
4"420#2 %'( 6#/",0 %$/2 ',- %'#$3'%- '40 %4*(2@ )$% %'( 046:
43( .4- 0#2(@ a2 %'( 04/*2(-- #? ',- 6,205 42 $2.42%(0 ,643(
64%(/,4;,K(0k%'( 0(-#;4%( ;420-14>( #? )/$(3(;G- 13.;:6+ 4-
<#&5+k4 ',0(#$- >42#/464 #? >(-%,;(21(5 6,-(/95 420 %#/%$/(
;49,23&/$,2&%#&4&-(4-,0(&1,%9@
N'( 842 %$/2(0 %# %'( /,3'% #2%# N#/$2 !8(2$(5 420 ?#/ 4
6#6(2% =4230#2 %'#$3'% %'(9 '40 4//,8(0 4% %'(,/ 0(-%,24:
%,#2@ F2 ',- ;(?%5 /,-,23 #$% #? %'( 6,-%5 4 3/(4% 6#-I$(
4>>(4/(0@
)$%&,%&.4-&2#%&743,4&D#>',4@
1+# N,;# ?4*^;#5 '( I$,1*;9 /(4;,K(05 ->#%%,23 %'( "$,;0,23G-
-,B ?;$%(05 >(21,;:-'4>(0 6,24/(%-5 .',1' '40 6$;%,>;( r#3#-#
"4;1#2,(- 420 1;,6"(0 -*9.4/0 %# (20 ,2 >,(/1,23 ->,/(-@
 UZZ[VZY
=4230#2 '40 #21( /(40 %'4% %'( (B#%,15 ?4,/9:%4;( I$4;,%9 #? %'(
);$( \#-I$(G- "4;1#2,(0 6,24/(%- '40 ,2->,/(0 %'( 0(-,32 ?#/
M,20(/(;;4G- ,1#2,1 14-%;( 4% H,-2(9 +#/;0@ N'( );$( \#-I$(
0/(. ,%- 246( ?/#6 %'( 04KK;,23 -(4 #? ";$( %,;(- %'4% 40#/2(0
,%-&,2%(/,#/&.4;;-@
O#03# 7,4*#5 =4230#2 %'#$3'% 4- %'( 842 ->(0 #2.4/05 %$/2:
,23 #2%# `4"4-4*4; !8(2$( 420 /$22,23 4;#23 %'( (B>42-,8(
>;4K4 #? D$;%424'6(% O4/*5 .',1' .4- -,%$4%(0 '4;?.49
"(%.((2 %'( );$( \#-I$( 420 743,4 D#>',4 420 ?46#$- ?#/ ,%-
8,(.-&#?&"#%'@
=4230#2 -I$,2%(0 %'/#$3' %'( /4,2:-.(>% .,20-',(;05
-(4/1',23 %'( '#/,K#2 ?#/ %'( #$%;,2( #? 743,4 D#?,45 "$% %'(
/4,2 420 '(40;,3'%- 640( 8,-,",;,%9 0,??,1$;%@ +#/-( -%,;;5 %/4??,1
4;#23&%'(&48(2$(&-((6(0&%#&'48(&-%#>>(0@
h> 4'(405 =4230#2 -4. 2#%',23 "$% 4 ;,2( #? 3;#.,23 "/4*(
;,3'%-@
i!2 (8(2% #? -#6( -#/%5j %'( 0/,8(/ 422#$21(0@ i! 1#21(/%5 a
%',2*@&a%&649&"(&?4-%(/&#2&?##%@j
i7#.&?4/nj&D,2-*(9&0(6420(0@
i_$-%&%'/#$3'&%'(&>4/*&'(/(@&N'/((&6,2$%(-@&g(/9&-4?(@j
D,2-*(9 2#00(0 %# )/t0(/ 420 %'(2 %$/2(0 %# %'( D<D %(46@
iD%49 ,2 %'( 842@ d(% 4- 1;#-( 4- 9#$ 142 %# %'( "$,;0,23@ !3(2%
)/t0(/&.,;;&"(&,2&%#$1'&8(/9&-##2@j
+,%' %'4%5 D,2-*(95 )/t0(/5 420 =4230#2 C$6>(0 #$% #? %'(
842&,2%#&%'(&-%/((%&420&'(40(0&41/#--&%'(&>4/*@
N'( "/#40:;(48(0 %/((- ,2 D$;%424'6(% O4/* #??(/(0 4 ",% #?
1#8(/ ?/#6 %'( .#/-(2,23 .(4%'(/ 4- %'( 3/#$> '$//,(0 4;#23
,%- 142#>,(0 >4%'-@ N'( .4;*.49- .(/( 0#%%(0 .,%' -,3243( 0,/:
(1%,23 8,-,%#/- %# %'( >4/*G- 6429 4%%/41%,#2-k42 P39>%,42 #":
(;,-* ?/#6 =$B#/5 %'( D(/>(2% M#;$62 ?/#6 %'( N(6>;( #?
!>#;;# 4% H(;>',5 420 %'( \,;,#2 M#;$62 %'4% #21( -(/8(0 4-
%'( i>#,2% K(/#j ?/#6 .',1' 4;; 0,-%421(- .(/( 6(4-$/(0 ,2 %'(
)9K42%,2(&P6>,/(@
 UZQ[VZY
E,24;;95 %'(9 (6(/3(0 ?/#6 %'( %/((- 4% %'( ?##% #? 4 1,/1$;4/
/(?;(1%,23 >##; %'4% 64/*(0 %'( 1(2%(/ #? %'( >4/*@ =4230#2
-%(>>(0&,2%#&%'(&#>(2,23&420&/4,-(0&',-&(9(-&%#&%'(&(4-%@
@&B.&%"46+.&/
A#%&-#&6$1'&4&"$,;0,23&L&4-&4&6#$2%4,2@
d;,-%(2,23 ,2 %'( /4,25 %'( 1#;#--4; -,;'#$(%%( #? 743,4 D#>',4
4>>(4/(0 %# "( 4 1,%9 $2%# ,%-(;?@ a%- 1(2%/4; 0#6(k,6>#--,";9
"/#40 420 /,""(0 ,2 -,;8(/ 3/49k-((6(0 %# /(-% $>#2 4 1#2:
3;#6(/4%,#2 #? #%'(/ 0#6(0 "$,;0,23- %'4% '40 "((2 >,;(0 $>
4/#$20 ,%@ E#$/ %#.(/,23 6,24/(%-k(41' .,%' 4 -,23;( "4;1#29
420 4 -,;8(/:3/49 ->,/(k/#-( ?/#6 %'( 1#/2(/- #? %'( "$,;0,235
-# ?4/ ?/#6 %'( 1(2%/4; 0#6( %'4% #2( 1#$;0 "4/(;9 0(%(/6,2(
%'4%&%'(9&.(/(&>4/%&#?&4&-,23;(&-%/$1%$/(@
D,2-*(9 420 )/t0(/5 .'# $2%,; %',- >#,2% '40 "((2 64,2%4,2:
,23 4 -%(409 ?#1$-(0 C#35 "#%' >$;;(0 $> -$00(2;95 %'(,/ (9(-
1/42,23 $>.4/0 L $>.4/0 L 4- %'(,/ 6,20- -%/$33;(0 %# 4":
-#/" %'( ?$;; '(,3'% 420 "/(40%' #? %'( -%/$1%$/( ;##6,23 "(?#/(
%'(6@
iH(4/ d#0@j )/t0(/ ;(% #$% 4 -#?% 3/#42 #? 0,-"(;,(?@ i+(G/(
3#,23&%#&"(&-(4/1',23&L 5+&5nj
 M7!ONP< XV

20? NA2SI @AT< 7&65.8#5 %'( >/#8#-% -(2-(0 4- '( >41(0 %'( ,2%(/,:
#/ #? %'( >4/*(0 M:QSZ %/42->#/% >;42(@ 7( '40 43/((0 %# 3# %#
a-%42"$; %# '(;> D,2-*(9 48(/% %',- 1/,-,- "(?#/( ,% .(2% 1#6:
>;(%(;9&#$%&#?&1#2%/#;@
A#% ;#-% #2 %'( >/#8#-% .4- %'( ?41% %'4% 1##>(/4%,23 .,%'
D,2-*(9 6,3'% '(;> 6,%,34%( 429 >$2,%,8( "41*;4-' '( 6,3'%
-$??(/ ?#/ ',- ,2408(/%(2% ,28#;8(6(2% ,2 %',- 1/,-,-@ N;5 '49
".'*$#)%+&*%:#%.'%7;*54()/
!- -##2 4- %'( >;42( '40 >4/*(0 ,2-,0( %'( 3#8(/26(2%
'4234/ 4% !%4%t/* !,/>#/%5 D,2-*(9 420 '(/ %(46 '40 0(>;42(05
420 %'( '(40 #? %'( +7F #/0(/(0 %'( >/#8#-% 420 ',- ?(. M#2:
-#/%,$6&-%4??&6(6"(/-&%#&-%49&4"#4/0@
N'( >/#8#-% '40 4%%(6>%(0 %# -%(> #$%-,0( ?#/ 4 "/(4%' #? 4,/
"$% '40 "((2 ";#1*(0 "9 %'( -%#2(:?41(0 >,;#%-5 .'# /(6,20(0
',6 %'4% H/@ D,2-*(9 '40 /(I$(-%(0 %'4% (8(/9#2( /(64,2
4"#4/0@
S45 B44(5 %'( >/#8#-% %'#$3'%5 %4*,23 4 -(4% 4- %'( $21(/:
%4,2%9&#?&',-&?$%$/(&%/$;9&"(342&%#&-(%%;(&,2@
N'( >/#8#-% '40 ;#23 "((2 411$-%#6(0 %# "(,23 %'( >$>>(%
64-%(/5 %'( $;%,64%( ?#/1( %'4% >$;;(0 %'( -%/,23-5 420 9(% -$0:
0(2;9&4;;&#?&',-&>#.(/&'40&"((2&-24%1'(0&?/#6&',6@
n4D3.*5C%".#''&C%".'*$#)/
N'(9&'40&4;;&0(?,(0&',6&L&642,>$;4%(0&',6&(8(2@
A#.5 %/4>>(0 ,2 %'( -%/423( .,20#.;(-- '#;0,23 1(;; #? %'(
+7FG- %/42->#/% C(%5 '( "(342 %# .#20(/ ,? ',- ;$1* '40 /$2
#$% L ,? ',- 1$//(2% -,%$4%,#2 6,3'% "( 4 *,20 #? *4/6,1 /(%/,"$:
%,#2&?#/&4&;,?(%,6(&#?&0,-'#2(-%9@
2%,.#%-43%&%,.8.'B/
 UZS[VZY
2%&:%&%6;38#)43%4-%(.*.'-43:&5.4'/
+',;( %'( >/#8#-% .4- 2#% %'( #2;9 #2( -(;;,23 ;,(- ,2 %',-
.#/;05 '( '40 (-%4";,-'(0 ',6-(;? 4- %'( ",33(-% ?,-' ,2 %'(
>#20@ N'( -64;;(/ ?,-' .(/( 4 0,??(/(2% "/((0 4;%#3(%'(/5 420
%'(&>/#8#-%&0,-;,*(0&(8(2&%#&"(&4--#1,4%(0&.,%'&%'(6@
!84,;4";( #2;,2(5 "$-,2(--(- .,%' 246(- ;,*( %'( !;,", M#6:
>429 420 !;,", A(%.#/* 640( ?#/%$2(- 4;; #8(/ %'( .#/;0 "9
>/#8,0,23 $2?4,%'?$; ->#$-(- .,%' 4 .49 %# 1'(4% 420 2#% 3(%
14$3'%@ O/#6,-,23 %# "/,(?;9 i-%#> %,6(j -# %'(,/ 1;,(2%- 1#$;0
-;,> 4.49 ?/#6 '$-"4205 .,?(5 #/ *,0-5 %'(-( #/342,K4%,#2- .(/(
64-%(/- 4% 1/(4%,23 ,;;$-,#2-k?4*( "$-,2(-- 1#28(2%,#2-5 ?4*(
0#1%#/G- 4>>#,2%6(2%-5 (8(2 ?4*( .(00,23-k4;; #? .',1' ,2:
1;$0(0 >'#29 ,28,%4%,#2-5 "/#1'$/(-5 >;42( %,1*(%-5 '#%(; 1#2:
?,/64%,#2 ?#/6-5 420 (8(2 ->(1,4; 1#2%41% 2$6"(/- %'4% /423 4%
!;,", M#6>429 -.,%1'"#4/0-5 .'(/( %/4,2(0 >/#?(--,#24;- >/(:
%(20(0 %# "( .'4%(8(/ /(1(>%,#2,-% #/ 1#2%41% %'( ,;;$-,#2
/(I$,/(0@
N'( >/#8#-%5 '#.(8(/5 '40 2(8(/ .4-%(0 ',- %,6( .,%' -$1'
>(%%9 4/%,?,1(@ 7( 0(4;% -#;(;9 .,%' ;4/3(:-14;( 0(1(>%,#25 >;9,23
',- %/40( ?#/ %'#-( .'# 1#$;0 4??#/0 %# >49 6,;;,#2- #? 0#;;4/-
,2&#/0(/&%#&/(1(,8(&%'(&"(-%&-(/8,1(@
d#8(/26(2%-@
\4C#/&1#/>#/4%,#2-@
N'(&#114-,#24;&$;%/4.(4;%'9&gaO@
N# 41',(8( %'(,/ 3#4;-5 %'(-( 1;,(2%- .#$;0 '48( 4% %'(,/ 0,-:
>#-4; 4;; #? %'( M#2-#/%,$6G- 4--(%-5 >(/-#22(;5 (B>(/,(21(5 420
1/(4%,8,%9@ !"#8( 4;;5 %'#$3'5 %'(9 .(/( 3,8(2 0(2,4",;,%9k%'(
4--$/421( %'4% .'4%(8(/ ,;;$-,#2 .4- ?4"/,14%(0 ,2 -$>>#/% #?
%'(,/&0(1(>%,#2&1#$;0&2(8(/&"(&%/41(0&%#&%'(6@
+'(%'(/ %/9,23 %# >/#> $> 4 -%#1* 64/*(%5 C$-%,?9 4 .4/5 .,2
42 (;(1%,#25 #/ ;$/( 4 %(//#/,-% #$% #? ',0,235 %'( .#/;0G- >#.(/
"/#*(/- /(;,(0 #2 64--,8( 0,-,2?#/64%,#2 -1'(6(- %# '(;>
-'4>(&>$";,1&>(/1(>%,#2@
a%&'40&4;.49-&"((2&%',-&.49@
 UZT[VZY
a2 %'( -,B%,(-5 %'( <$--,42- "$,;% 42 (2%,/( ?4*( ->9 2(%.#/*
%'4% 0(40:0/#>>(0 "40 ,2%(; %'4% %'( )/,%,-' ,2%(/1(>%(0 ?#/
9(4/-@ a2 QYTW5 %'( h@D@ !,/ E#/1( 642$?41%$/(0 42 (;4"#/4%(
hEF '#4B %# 0,8(/% 4%%(2%,#2 ?/#6 4 1;4--,?,(0 >;42( 1/4-' ,2
<#-.(;;5 A(. \(B,1#@ !20 6#/( /(1(2%;95 %'( .#/;0 '40 "((2
;(0&%#&"(;,(8(&%'4%&.(4>#2-&#?&64--&0(-%/$1%,#2&(B,-%(0&,2&a/4I@
E#/ 2(4/;9 %'/(( 0(140(-5 %'( >/#8#-% '40 '(;>(0 >#.(/?$;
>(#>;( >/#%(1%5 /(%4,25 420 ,21/(4-( %'(,/ >#.(/@ !;%'#$3' '(
.4- (B1(>%,#24;;9 14/(?$; 4"#$% %'( C#"- '( 411(>%(05 %'( >/#8:
#-% '40 4;.49- ?(4/(0 %'4% #2( 049 '( .#$;0 %4*( %'( ./#23
C#"@
>'(%'49%5+&5%(&)%+&*%&33.8#(/
P8(/9 (>,1 1#;;4>-(5 %'( >/#8#-% "(;,(8(05 1#$;0 "( %/41(0
"41* %# 4 -,23;( 6#6(2%k4 1'421( 6((%,235 4 "40 0(1,-,#25 42
,20,-1/((%&3;421(@
a2 %',- 14-(5 '( /(4;,K(05 %'4% ,2-%42% '40 1#6( 4;6#-% 4
0#K(2 9(4/- "(?#/(5 .'(2 '( 43/((0 %# ',/( 4 9#$23 6(0 -1'##;
-%$0(2% .'# .4- ;##*,23 ?#/ -#6( (B%/4 6#2(9@ N'( .#642G-
*((2 ,2%(;;(1%5 04KK;,23 ;423$43( -*,;;-5 420 *241* ?#/ ,6>/#:
8,-4%,#2 640( '(/ 42 ,2-%42%42(#$- -%420#$% 4% %'(
M#2-#/%,$6@
".#''&%N344$*%9&*%&%'&5;3&,/
D,(224 '40 ,66(0,4%(;9 $20(/-%##0 ',- #>(/4%,#25 420 %'(
>/#8#-% -(2-(0 %'4% %'( 9#$23 .#642 .4- 2# -%/423(/ %# *((>:
,23 -(1/(%- '(/-(;?@ D,(224 .#/*(0 ?#/ ',6 ?#/ 4;6#-% %.# 9(4/-5
(4/2(0 4 3(2(/#$- >491'(1* %'4% '(;>(0 '(/ >49 '(/ 6(0
-1'##; %$,%,#25 420 %'(25 .,%'#$% .4/2,235 -'( 422#$21(0 %'4%
-'( .4- 0#2(@ D'( .42%(0 %# -48( %'( .#/;05 420 4- -'( '40
%#;0&',65&-'(&1#$;02G%&0#&,%&%'(/(@
N'( >/#8#-% 2(8(/ ,643,2(0 D,(224 )/##*- .#$;0 /(-$/?41(
2(4/;9 4 0(140( ;4%(/5 "/,23,23 .,%' '(/ 4 3,?% #? -#/%-k42 $;:
%/4.(4;%'9&>/#->(1%,8(&1;,(2%@
)(/%/420&m#"/,-%@
N'(&>/#8#-%&"/,-%;(0&4%&%'(&6(6#/9@
 UZU[VZY
1+.*%.*%".#''&0*%-&;,5/
"+#%9&*%6&35)%54%n4D3.*50*%6,&'%&,,%&,4'B/
A(4/"95 4% %'( M:QSZG- 64*(-',?% 1#2?(/(21( %4";(5 %'( 1#2:
8(/-4%,#2 .4- "(1#6,23 '(4%(05 .,%' +7F #??,1,4;- %4;*,23 #2
>'#2(-&420&4/3$,23@
iD,(224 )/##*-nlj #2( 0(6420(05 -'#$%,23 ,2%# %'( >'#2(@
i!/( 9#$ -$/(nj N'( #??,1,4; ;,-%(2(0 4 6#6(2%5 ?/#.2,23@
iF*495&3(%&6(&%'(&0(%4,;-@&aG;;&'#;0@j
7( 1#8(/(0 %'( /(1(,8(/ 420 %$/2(0 %# ',- 1#;;(43$(-@ ia%
-#$20-&;,*(&D,(224&)/##*-&0(>4/%(0&a%4;9&-'#/%;9&4?%(/&.(&0,0@j
P8(/9#2(&4%&%'(&%4";(&-%,??(2(0@
i7#.nj #2( ?(64;( (6>;#9(( 0(6420(0@ i+( 1#8(/(0 %'(
4,/>#/%5&"/,03(-5&%/4,2&-%4%,#2&Lj
iA,1(;;,&4,/?,(;05j&'(&/(>;,(0@&iF2&%'(&=,0#@j
iA#% >#--,";(5j %'( .#642 1#$2%(/(05 -'4*,23 '(/ '(40@ iA,:
1(;;, ,- %,29@ N'(/( 4/( 2# ?;,3'%- #$%@ a% '420;(- #2;9 ;#14; '(;,:
1#>%(/&%#$/-&420kj
iD#6('#. D,(224 )/##*- '40 411(-- %# 4 >/,84%( C(% %'4% .4-
'4234/(0 4% A,1(;;,@ N'(9G/( -%,;; ;##*,23 ,2%# ,%@j 7( /4,-(0 %'(
/(1(,8(/ %# ',- 6#$%' 434,2@ i](-5 aG6 '(/(@ +'4% 0# 9#$
'48(nj !- '( ;,-%(2(0 %# %'( $>04%(5 ',- -'#$;0(/- -;$6>(0
;#.(/ 420 ;#.(/ $2%,; ?,24;;9 '( %##* 4 -(4%@ ia $20(/-%420@
N'42*&9#$@j&7(&(20(0&%'(&14;;@
7,-&1#;;(43$(-&4;;&-%4/(0&4%&',6&(B>(1%42%;9@
iD,(224G- C(% .4- '(40(0 ?#/ N$/*(95j %'( 642 -4,05 /$"",23
',-&(9(-@
iN'(2 14;; P$/#>(42 !,/ N/42->#/% M#66420lj -#6(#2( 0(:
1;4/(0@&i748(&%'(6&%$/2&%'(&C(%&4/#$20lj
ia 142G%5j %'( 642 -4,0@ ia% ;420(0 %.(;8( 6,2$%(- 43# 4% 7(K:
4/?(2 >/,84%( 4,/?,(;05 #2;9 ?,?%((2 6,;(- ?/#6 '(/(@ D,(224
)/##*-&,-&3#2(@j
 M7!ONP< XW

<!aA&+!D&AF+ >(;%,23&%'(&421,(2%&0#6(&#?&743,4&D#>',4@
E#/ 2(4/;9 4 %'#$-420 9(4/-5 ,% '40 "((2 %'( ;4/3(-% 1'$/1'
,2 %'( .#/;05 420 (8(2 2#. ,% .4- '4/0 %# ,643,2( 429%',23 ;4/:
3(/@ D((,23 ,% 434,25 =4230#2 .4- /(6,20(0 %'4% %'( P6>(/#/
_$-%,2,425 $>#2 %'( 1#6>;(%,#2 #? 743,4 D#>',45 '40 -%(>>(0
"41*&420&>/#$0;9&>/#1;4,6(05&iD#;#6#25&a&'48(&#$%0#2(&%'((lj
D,2-*(9 420 )/t0(/ .(/( 64/1',23 .,%' ,2%(2-,?9,23 >$/:
>#-( %#.4/0 %'( 6#2$6(2%4; "$,;0,235 .',1' #2;9 -((6(0 %#
-.(;;&,2&-,K(&4-&%'(9&4>>/#41'(0@
N'( .4;*.49- '(/( .(/( ;,2(0 .,%' %'( 421,(2% 1422#2"4;;-
$-(0 "9 %'( ?#/1(- #? \('6(% %'( M#2I$(/#/k4 0(1#/4%,8( /(:
6,20(/ %'4% %'( ',-%#/9 #? %',- "$,;0,23 '40 "((2 ?,;;(0 .,%' 8,:
#;(21( 4- ,% .4- 1#2I$(/(0 420 %'(2 /(%4-*(0 %# -(/8( %'( ->,/:
,%$4;&2((0-&#?&4--#/%(0&8,1%#/,#$-&>#.(/-@
!- %'(9 2(4/(0 %'( -#$%'(/2 ?4140(5 =4230#2 3;421(0 %# ',-
/,3'% 4% %'( %'/(( 0#6(05 -,;#;,*( 4>>(2043(- C$%%,23 #?? %'(
"$,;0,23@ N'(-( .(/( %'( \4$-#;($6- #? %'( D$;%42-5 #2( #?
.'#6k\$/40 aaak.4- -4,0 %# '48( ?4%'(/(0 #8(/ 4 '$20/(0
1',;0/(2@
N'( /,23 #? 4 1(;; >'#2( 1$% %'( 2,3'% 4,/5 420 )/t0(/ ?,-'(0
',- #$%5 1'(1*,23 %'( 14;;(/ aH5 420 42-.(/(0 %(/-(;9^
i!29%',23nj
!- '( ;,-%(2(0 %# %'( /(>#/%5 '( -'##* ',- '(40 ,2 0,-"(;,(?@
i7#. ,- %'4% >#--,";(nj 7( ;,-%(2(0 ?$/%'(/ 420 -,3'(0@ iF*495
*((>&6(&>#-%(0@&+(G/(&4"#$%&%#&3#&,2-,0(@j&7(&'$23&$>@
i+'4%&,-&,%nj&D,2-*(9&0(6420(0@
 UZW[VZY
i`((> 9#$/ (9(- #>(25j )/t0(/ -4,05 3;421,23 4/#$20 %'(
4/(4@ i+( 649 '48( 1#6>429@j 7( /(%$/2(0 ',- 34K( %# D,2-:
*(9@&ia%&-#$20-&;,*(&D,(224&)/##*-&,-&,2&a-%42"$;@j
=4230#2 -%4/(0 4% %'( 6425 ,21/(0$;#$- %# '(4/ "#%' %'4% D,:
(224 '40 ?#$20 4 .49 %# 3(% %# N$/*(95 420 4;-# %'4%5 '48,23
-$11(--?$;;9 (-14>(0 ?/#6 g(2,1(5 -'( .#$;0 /,-* 14>%$/( 420
>#--,";( 0(4%' %# (2-$/( %'4% )(/%/420 m#"/,-%G- >;42
-$11((0(0@
D,2-*(9 ;##*(0 (I$4;;9 4;4/6(0 420 0/(. 4 "/(4%' 4- ,? >/(:
>4/,23 %# ,2%(//#34%( )/t0(/ ?$/%'(/5 "$% -'( 4>>4/(2%;9
%'#$3'%&"(%%(/&#?&,%5&%$/2,23&,2-%(40&%#&=4230#2@&i+',1'&.49nj
=4230#2 >#,2%(0 %# %'(,/ ;(?% 4/#$20 %'( -#$%'.(-% 1#/2(/ #?
%'(&"$,;0,23@&iN'(&E#$2%4,2&#?&!";$%,#2-&,-&#8(/&'(/(5j&'(&-4,0@
N'(,/ /(20(K8#$- >#,2% .,%' %'( 6$-($6 1#2%41% .4- 42 #/:
24%(;9 ;4%%,1(0 .(;;'(40 %'4% '40 #21( "((2 $-(0 ?#/ /,%$4;
.4-',23&"(?#/(&\$-;,6&>/49(/@
iO/#?(--#/ =4230#2lj 4 642G- 8#,1( -'#$%(0 4- %'(9 0/(.
2(4/@
! -6,;,23 N$/*,-' 642 -%(>>(0 #$% ?/#6 $20(/ %'( #1%43#2:
4; 1$>#;4 %'4% 1#8(/(0 %'( ?#$2%4,2@ 7( .4- .48,23 ',- 4/6-
(B1,%(0;9@&iO/#?(--#/5&#8(/&'(/(lj
=4230#2&420&%'(&#%'(/-&'$//,(0&#8(/@
i7(;;#5 69 246( ,- \,/-4%5j '( -4,05 ',- 411(2%(0 P23;,-'
8#,1( "/,66,23 .,%' (2%'$-,4-6@ 7( .4- 4 -;,3'% 642 .,%'
%',22,23 '4,/5 -1'#;4/;9:;##*,23 3;4--(-5 420 4 3/49 -$,%@ iN',-
,-&4&3/(4%&'#2#/&?#/&6(@j
iN'( '#2#/ ,- #$/-5j =4230#2 /(>;,(05 -'4*,23 \,/-4%G- '420@
iN'42*&9#$&?#/&9#$/&'#->,%4;,%9&#2&-$1'&-'#/%&2#%,1(@j
i](-5&9(-lj
iaG6 P;,K4"(%' D,2-*(95j H/@ D,2-*(9 -4,05 -'4*,23 \,/-4%G-
'420 420 %'(2 6#%,#2,23 %# )/t0(/@ i!20 %',- ,- M/,-%#>'
)/t0(/@ +(G/( '(/( %# 4--,-% O/#?(--#/ =4230#2@ aG6 -# -#//9
#$/&>;42(&.4-&0(;49(0@&]#$G/(&8(/9&*,20&%#&411#66#04%(&$-@j
 UZX[VZY
iO;(4-(l N',2* 2#%',23 #? ,%lj \,/-4% 3$-'(0@ iE#/ O/#?(--#/
=4230#2 a .#$;0 3,8( 4 >/,84%( %#$/ 4% 429 '#$/@ 7,- ;,%%;( "##*
=+3.*5.&' "):D4,* .' 5+# ?;*,.: O43,( ,- 4 ?48#/,%( ,2 #$/
6$-($6&3,?%&-'#>@j
P#&,,)L =4230#2 %'#$3'%@ S49 2 $'49 5+# #2( 6,&7# 4'
#&35+%5+&5%7&33.#*%5+&5%D44$/
iD'4;;&.(nj&\,/-4%&-4,05&6#%,#2,23&?#/&%'(6&%#&?#;;#.@
N'( 3/#$> '$//,(0 41/#-- 4 -64;; #>(2 ->41(5 >4--,23 %'(
/(3$;4/ %#$/,-% (2%/421( 420 1#2%,2$,23 #2 %# .'4% '40 #/,3,2:
4;;9 "((2 %'( "$,;0,23G- 64,2 (2%/421(k%'/(( 0((>;9 /(1(--(0
4/1'.49-&.,%'&64--,8(&"/#2K(&0##/-@
N.# 4/6(0 -(1$/,%9 3$4/0- .(/( .4,%,23 %# 3/((% %'(6@ h>#2
-((,23 \,/-4%5 %'( 3$4/0- $2;#1*(0 #2( #? %'( 0##/- 420 -.$23
,%&#>(2@
Q"&t 4,;'CR \,/-4% -4,05 $%%(/,23 #2( #? 4 '420?$; #? N$/*,-'
>'/4-(- =4230#2 .4- ?46,;,4/ .,%'k42 (->(1,4;;9 >#;,%( ?#/6
#?&i%'42*&9#$@j
N'( 3/#$> -%(>>(0 %'/#$3'5 420 %'( 3$4/0- 1;#-(0 %'( '(489
0##/- "(',20 %'(65 %'( %'$0 /(-#24%,23 %'/#$3' %'( -%#2(
,2%(/,#/@
=4230#2 420 %'( #%'(/- .(/( 2#. -%420,23 ,2 743,4
D#>',4G- 24/%'(Bk4 24//#. 42%(1'46"(/ %'4% .4- 1#66#2 ,2
M'/,-%,42 1'$/1'(- 420 -(/8(0 4- 42 4/1',%(1%$/4; "$??(/
"(%.((2&%'(&0,8,2(&420&%'(&>/#?42(@
"6.3.5;&,%:4&5*5&=4230#2&#?%(2&14;;(0&%'(6@
N'( 3/#$> 1/#--(0 %#.4/0 42#%'(/ -(% #? 0##/-5 420 \,/-4%
>$;;(0 #2( #>(2@ )(9#20 ,%5 ,2-%(40 #? %'( -421%$4/9 '( '40 42:
%,1,>4%(0 -((,235 =4230#2 "('(;0 4 -(1#204/9 24/%'(B5 -;,3'%;9
;4/3(/&%'42&%'(&?,/-%@
>' #*4'&35+#\5 =4230#2 /(4;,K(05 '48,23 ?#/3#%%(2 %'4% 74:
3,4 D#>',4G- -421%$4/9 (2C#9(0 %.# ;(8(;- #? >/#%(1%,#2 ?/#6
%'(&#$%-,0(&.#/;0@
!- ,? %# >/(>4/( %'( 8,-,%#/ ?#/ .'4% ;49 4'(405 %'( (-#24/%'(B
.4- -,32,?,142%;9 6#/( #/24%( %'42 %'( 24/%'(B5 ,%- .4;;- 640(
 UZY[VZY
#? "$/2,-'(0 -%#2( %'4% 3;#.(0 ,2 %'( ;,3'% #? (;(342% 1'42:
0(;,(/-@ F2 %'( ?4/ -,0( #? %'( -(/(2( ->41( -%##0 ?#$/ 0##/-5
4"#8( .',1' .(/( ->(1%41$;4/ 6#-4,1-5 .',1' =4230#2 ?#$20
',6-(;?&,2%(2%;9&406,/,23@
\,/-4% .4;*(0 %# %'( ;4/3(-% 0##/k4 1#;#--4;5 "/#2K(:>;4%(0
>#/%4;@ iN'( a6>(/,4; H##/.495j \,/-4% .',->(/(05 ',- 8#,1( 4;:
6#-% 3,009 .,%' (2%'$-,4-6@ ia2 )9K42%,2( %,6(-5 %',- 0##/
.4- /(-(/8(0 ?#/ -#;( $-( #? %'( (6>(/#/@ N#$/,-%- 0#2G% $-$4;;9
3#&%'/#$3'&,%5&"$%&%',-&,-&4&->(1,4;&2,3'%@j
\,/-4% /(41'(0 ?#/ %'( 0##/5 "$% >4$-(0@ i)(?#/( .( (2%(/5j
'( .',->(/(05 i;(% 6( 4-*5 ,- %'(/( -#6(%',23 ,2 >4/%,1$;4/ 9#$
.#$;0&;,*(&%#&-((&,2-,0(nj
=4230#25&D,2-*(95&420&)/t0(/&4;;&3;421(0&4%&#2(&42#%'(/@
i](-5j =4230#2 -4,0@ iN'(/(G- -# 6$1' %# -((5 #? 1#$/-(5 "$%
,? .( 1#$;05 .(G0 ;,*( %# "(3,2 .,%' %'( %#6" #? P2/,1#
H420#;#@j
\,/-4% 1#1*(0 ',- '(40 4- ,? '( '40 6,-$20(/-%##0@ iaG6
-#//9n&]#$&.42%&%#&-((&L&H420#;#G-&%#6"nj
i+(&0#@j
\,/-4% ;##*(0 0#.214-%@ i)$%5 -,/ L H420#;#G- %#6" ,- 8(/9
>;4,2@&A#&-96"#;-&4%&4;;@&A#%&#$/&?,2(-%&#??(/,23@j
ia /(4;,K( %'4%5j =4230#2 -4,0 >#;,%(;9@ i!;; %'( -46(5 .(G0 "(
6#-%&3/4%(?$;&,?&9#$&1#$;0&%4*(&$-&%#&,%@j
\,/-4% -%$0,(0 =4230#2 4 ;#23 6#6(2%5 420 %'(2 ',- (9(-
0/,?%(0 $>.4/0 %# %'( 6#-4,1 0,/(1%;9 #8(/ %'( 0##/5 .',1'
=4230#2 '40 C$-% "((2 406,/,23@ N'( 6#-4,1 .4- 4 2,2%':1(2:
%$/9 ,643( #? %'( O42%#1/4%#/ M'/,-%k%'( ,1#2,1 ,643( #?
M'/,-% '#;0,23 %'( A(. N(-%46(2% ,2 ',- ;(?% '420 .',;( 64*:
,23&4&";(--,23&.,%'&',-&/,3'%@
N'(25 4- ,? 4 ;,3'% '40 -$00(2;9 04.2(0 ?#/ %'(,/ 3$,0(5 %'(
1#/2(/- #? \,/-4%G- ;,>- 1$/;(0 ,2%# 4 *2#.,23 -6,;(5 420 '(
"(342&.433,23&',-&?,23(/@&iM;(8(/&642l&g(/9&1;(8(/lj
=4230#2&-%4/(0@&iaG6&-#//9nj
 UQZ[VZY
iH#2G% .#//95 O/#?(--#/5j \,/-4% -4,0 ,2 4 1#2->,/4%#/,4;
.',->(/@&ia&.#2G%&%(;;&429#2(&.'9&9#$G/( 3#&,,) '(/(@j
D,2-*(9&420&)/t0(/&-'#%&=4230#2&4&>$KK;(0&;##*@
!;; =4230#2 1#$;0 0# .4- -'/$3 4- \,/-4% '(48(0 #>(2 %'(
0##/&420&$-'(/(0&%'(6&,2-,0(@
 M7!ONP< XX

N7P Pad7N7 +FAHP< #? %'( +#/;05 -#6( '40 14;;(0 %',- ->41(5
420 -%420,23 ,2 ,% 2#.5 =4230#2 .4- 2#% 4"#$% %# 4/3$( .,%'
%'4%&4--(--6(2%@
!- %'( 3/#$> -%(>>(0 41/#-- %'( %'/(-'#;0 ,2%# %'( 1#;#--4;
-421%$4/95 =4230#2 .4- /(6,20(0 %'4% 743,4 D#>',4 /(I$,/(0
#2;9 42 ,2-%42% %# ,6>/(-- $>#2 ,%- 8,-,%#/- %'( -'((/ 643:
2,%$0(&#?&,%-&>/#>#/%,#2-@
D# 84-% .4- %',- /##6 %'4% ,% -((6(0 %# 0.4/? (8(2 %'( 3/(4%
14%'(0/4;- #? P$/#>(@ N'( -%433(/,23 ?#/1( #? ,%- (2#/6,%9 .4-5
=4230#2 *2(.5 >4/%;9 42 ,;;$-,#25 4 0/464%,1 -,0( (??(1% #? ,%-
)9K42%,2( ?;##/ >;425 .,%' 4 1(2%/4;,K(0 '&4* %'4% 1#21(2%/4%(0
4;; #? ,%- ,2%(/,#/ ->41( ,2 4 -,23;( -I$4/( /##6 /4%'(/ %'42 (B:
%(20,23 ,% 4;#23 %'( ?#$/ 4/6- #? 4 1/$1,?#/65 4- .4- %'( -%9;(
40#>%(0&,2&;4%(/&14%'(0/4;-@
1+.* D;.,(.'B .* *#8#' +;'(3#( )#&3* 4,(#3 5+&' S453#V
<&:#5&=4230#2&%'#$3'%@
!?%(/ %4*,23 4 6#6(2% %# 4"-#/" %'( "/(40%' #? %'( /##6G-
0,6(2-,#2-5 =4230#2 ;(% ',- (9(- 1;,6" -*9.4/05 6#/( %'42 4
'$20/(0 420 ?,?%9 ?((% #8(/'(405 %# %'( ->/4.;,235 3#;0(2 0#6(
%'4% 1/#.2(0 %'( /##6@ E/#6 ,%- 1(2%/4; >#,2%5 ?#/%9 /,"- /40,:
4%(0 #$%.4/0 ;,*( /49- #? %'( -$25 (B%(20,23 %# 4 1,/1$;4/ 4/140(
#? ?#/%9 4/1'(0 .,20#.-@ H$/,23 049;,3'% '#$/-5 %'( ;,3'% %'4%
-%/(46(0 %'/#$3' %'(-( .,20#.- /(?;(1%(0k420 /(:/(?;(1:
%(0k#?? 3;4-- -'4/0- (6"(00(0 ,2 %'( 3#;0(2 %,;( .#/*5 1/(4%:
,23 %'( i69-%,14; ;,3'%j ?#/ .',1' 743,4 D#>',4 .4- 6#-%
?46#$-@
=4230#2 '40 -((2 %'( 3,;0(0 46",(21( #? %',- /##6 14>%$/(0
411$/4%(;9 ,2 >4,2%,23 #2;9 #21(@ _4+' ".'B#3 "&3B#'5@ A#%
 UQR[VZY
-$/>/,-,23;95 ,2 1/(4%,23 ',- ?46#$- >4,2%,23 #? 743,4 D#>',45
%'( !6(/,142 4/%,-% '40 ;,6,%(0 ',- >4;(%%( #2;9 %# 6$;%,>;(
-'40(-&#?&4&-,23;(&1#;#/@
I4,(/
N'( 3;,-%(2,23 3#;0(2 1$>#;4 .4- #?%(2 14;;(0 i%'( 0#6( #?
'(48(2 ,%-(;?j 420 .4- -$>>#/%(0 "9 ?#$/ %/(6(20#$- 4/1'(-5
.',1' ,2 %$/2 .(/( -$-%4,2(0 "9 4 -(/,(- #? -(6,0#6(- 420
%96>424@ N'(-( -$>>#/%- .(/( %'(2 14//,(0 "9 9(% 42#%'(/ 0(-:
1(20,23 %,(/ #? -64;;(/ -(6,0#6(- 420 4/140(-5 1/(4%,23 %'( (?:
?(1% #? 4 14-140( #? 4/1',%(1%$/4; ?#/6- .#/*,23 %'(,/ .49 ?/#6
'(48(2&%#.4/0&(4/%'@
\#8,23 ?/#6 '(48(2 %# (4/%'5 4;"(,% "9 4 6#/( 0,/(1% /#$%(5
;#23 14";(- 0(-1(20(0 -%/4,3'% 0#.2 ?/#6 %'( 0#6( 420 -$>:
>#/%(0 4 -(4 #? 3;(46,23 1'420(;,(/-5 .',1' -((6(0 %# '423 -#
;#. %# %'( ?;##/ %'4% %4;; 8,-,%#/- /,-*(0 1#;;,0,23 .,%' %'(6@ a2
/(4;,%95 %',- .4- 42#%'(/ ,;;$-,#2 1/(4%(0 "9 %'( -'((/ 643:
2,%$0( #? %'( ->41(5 ?#/ %'( ?,B%$/(- '$23 6#/( %'42 %.(;8( ?((%
#??&%'(&?;##/@
!- .,%' 4;; 3/(4% -'/,2(-5 743,4 D#>',4G- >/#0,3,#$- -,K(
-(/8(0 %.# >$/>#-(-@ E,/-%5 ,% .4- >/##? %# d#0 #? %'( 3/(4%
;(23%'- %# .',1' \42 .#$;0 3# %# >49 %/,"$%( %# 7,6@ !20
-(1#205 ,% -(/8(0 4- 4 *,20 #? -'#1* %/(4%6(2% ?#/ .#/-',>:
>(/-k4 >'9-,14; ->41( -# ,6>#-,23 %'4% %'#-( .'# (2%(/(0 ?(;%
0.4/?(05 %'(,/ (3#- (/4-(05 %'(,/ >'9-,14; "(,23 420 1#-6,1 ,6:
>#/%421( -'/,2*,23 %# %'( -,K( #? 4 6(/( ->(1* ,2 %'( ?41( #?
d#0&L&42&4%#6&,2&%'(&'420-&#?&%'(&M/(4%#/@
G'5., & :&' .* '45+.'BC I4( 7&' :&$# '45+.'B 4;5 4- +.:/
\4/%,2 =$%'(/ '40 ->#*(2 %'#-( .#/0- ,2 %'( -,B%((2%' 1(2:
%$/95 "$% %'( 1#21(>% '40 "((2 >4/% #? %'( 6,20:-(% #? "$,;0(/-
-,21(&%'(&(4/;,(-%&(B46>;(-&#?&/(;,3,#$-&4/1',%(1%$/(@
=4230#2 3;421(0 #8(/ 4% )/t0(/ 420 D,2-*(95 .'# '40 "((2
-%4/,23&$>.4/0&420&.'#&2#.&;#.(/(0&%'(,/&(9(-&%#&(4/%'@
i_(-$-5j&)/t0(/&-4,0@
 UQS[VZY
i](-lj \,/-4% -4,0 (B1,%(0;9@ i!20 !;;4' 420 \$'466405
%##lj
=4230#2 1'$1*;(0 4- %'(,/ 3$,0( 0,/(1%(0 )/t0(/G- 34K( %#
%'( 64,2 4;%4/5 .'(/( 4 %#.(/,23 6#-4,1 #? _(-$- .4- ?;42*(0
"9 %.# 64--,8( 0,-*- "(4/,23 %'( !/4",1 246(- #? \$'46640
420&!;;4'&,2&#/24%(&14;;,3/4>'9@
iN',- 6$-($65j \,/-4% (B>;4,2(05 i,2 42 (??#/% %# /(6,20
8,-,%#/- #? %'( 0,8(/-( $-(- #? %',- -41/(0 ->41(5 0,->;49- ,2 %42:
0(6 "#%' %'( M'/,-%,42 ,1#2#3/4>'95 ?/#6 %'( 049- .'(2 74:
3,4 D#>',4 .4- 4 "4-,;,145 420 %'( a-;46,1 ,1#2#3/4>'95 ?/#6 ,%-
049- 4- 4 6#-I$(@j 7( 348( 4 >/#$0 -6,;(@ iH(->,%( %'( ?/,1%,#2
"(%.((2 %'( /(;,3,#2- ,2 %'( /(4; .#/;05 .( %',2* %'(,/ -96"#;-
.#/*&I$,%(&2,1(;9&%#3(%'(/@&a&*2#.&9#$&43/((5&O/#?(--#/@j
=4230#2 348( 4 '(4/%?(;% 2#05 /(14;;,23 %'4% 4;; #? %'( M'/,-%,:
42 ,1#2#3/4>'9 '40 "((2 1#8(/(0 ,2 .',%(.4-' .'(2 %'(
"$,;0,23 "(146( 4 6#-I$(@ N'( /(-%#/4%,#2 #? %'( M'/,-%,42
-96"#;- 2(B% %# %'( \$-;,6 -96"#;- '40 1/(4%(0 4 6(-6(/,K:
,23 (??(1%5 >4/%,1$;4/;9 "(14$-( %'( -%9;(- 420 -(2-,",;,%,(- #? %'(
%.#&,1#2#3/4>',(-&4/(&>#;4/&#>>#-,%(-@
+',;( M'/,-%,42 %/40,%,#2 ?48#/(0 ;,%(/4; ,643(- #? ,%- 3#0-
420 -4,2%-5 a-;46 ?#1$-(0 #2 14;;,3/4>'9 420 3(#6(%/,1 >4%:
%(/2- %# /(>/(-(2% %'( "(4$%9 #? d#0G- $2,8(/-(@ a-;46,1 %/40,:
%,#2 '(;0 %'4% #2;9 d#0 1#$;0 1/(4%( ;,?(5 420 %'(/(?#/( 642 '4-
2# >;41( 1/(4%,23 ,643(- #? ;,?(k2#% 3#0-5 2#% >(#>;(5 2#% (8(2
42,64;-@
=4230#2 /(14;;(0 #21( %/9,23 %# (B>;4,2 %',- 1#21(>% %# ',-
-%$0(2%-^ i! \$-;,6 \,1'(;423(;#5 ?#/ (B46>;(5 .#$;0 2(8(/
'48( >4,2%(0 d#0G- ?41( #2 %'( 1(,;,23 #? %'( D,-%,2( M'4>(;e '(
.#$;0 '48( ,2-1/,"(0 %'( '&:# #? d#0@ H(>,1%,23 d#0G- ?41(
.#$;0&"(&1#2-,0(/(0&";4->'(69@j
=4230#2&'40&3#2(&#2&%#&(B>;4,2&%'(&/(4-#2&?#/&%',-@
i)#%' M'/,-%,42,%9 420 a-;46 4/( ;#3#1(2%/,15j '( %#;0 ',- -%$:
0(2%-5 i6(42,23 %'(9 4/( ?#1$-(0 #2 5+# O43(/ a2 M'/,-%,42
%/40,%,#25 %'( +#/0 "(146( ?;(-' ,2 %'( "##* #? _#'2^ o!20 %'(
 UQT[VZY
+#/0 .4- 640( ?;(-'5 420 7( 0.(;% 46#23 $-@G N'(/(?#/(5 ,%
.4- 411(>%4";( %# 0(>,1% %'( +#/0 4- '48,23 4 '$642 ?#/6@ a2
a-;46,1 %/40,%,#25 '#.(8(/5 %'( +#/0 0,0 '45 "(1#6( ?;(-'5 420
%'(/(?#/( %'( +#/0 2((0- %# /(64,2 ,2 %'( ?#/6 #? 4 943( L ,2
6#-% 14-(-5 14;;,3/4>',1 /(20(/,23- #? %'( 246(- #? %'( '#;9
?,3$/(-&#?&a-;46@j
F2( #? =4230#2G- -%$0(2%- '40 -$66(0 $> %'( 1#6>;(B ',-:
%#/9 .,%' 42 46$-,23;9 411$/4%( 64/3,24; 2#%(^ iM'/,-%,42- ;,*(
?41(-e&\$-;,6-&;,*(&.#/0-@j
i7(/( "(?#/( $-5j \,/-4% .(2% #25 6#%,#2,23 41/#-- %'( ->(1:
%41$;4/ /##65 i9#$ -(( 4 $2,I$( ";(20,23 #? M'/,-%,42,%9 .,%'
a-;46@j
7( I$,1*;9 >#,2%(0 #$% %'( ?$-,#2 #? -96"#;- ,2 %'( 64--,8(
4>-(5 6#-% 2#%4";9 %'( g,/3,2 420 M',;0 34K,23 0#.2 $>#2 4
:.+3&Dk%'( -(6,1,/1$;4/ 2,1'( ,2 4 6#-I$( %'4% ,20,14%(- %'(
0,/(1%,#2 #? \(114@ A(4/"95 4 -%4,/14-( /#-( $> %# 42 #/4%#/G-
>$;>,%5 .',1' /(-(6";(0 %'( *,20 ?/#6 .',1' M'/,-%,42 -(/:
6#2- 4/( 0(;,8(/(05 "$% ,2 ?41% .4- 4 :.'D&35 %'( '#;9 >;4%?#/6
?/#6 .',1' 42 ,646 ;(40- E/,049 -(/8,1(-@ D,6,;4/;95 %'( 04,-:
;,*( -%/$1%$/( 2(4/"9 /(-(6";(0 4 M'/,-%,42 1'#,/ -%4;; "$% ,2
/(4;,%9 .4- 4 :j#``.' :&+-.,.5 4 /4,-(0 >;4%?#/6 .'(/( 4
6$(KK,2&*2((;-&420&1'42%-&,2&/(->#2-(&%#&%'(&,646G-&>/49(/-@
i\#-I$(- 420 14%'(0/4;- 4/( -%4/%;,23;9 -,6,;4/5j \,/-4% >/#:
1;4,6(0@ iN'( %/40,%,#2- #? P4-% 420 +(-% 4/( 2#% 4- 0,8(/3(2%
4-&9#$&6,3'%&%',2*lj
i\,/-4%nj )/t0(/ >/(--(05 -#$20,23 ,6>4%,(2%@ i+(G0 /(4;;9
;,*(&%#&-((&H420#;#G-&%#6"5&,?&.(&649nj
\,/-4% ;##*(0 6,;0;9 422#9(05 4- ,? %'( 642G- '4-%( .(/(
-#6('#.&4&0,->;49&#?&0,-/(->(1%&%#&%'(&"$,;0,23@
i](-5j =4230#2 -4,0@ iaG6 -#//9 %# /$-'5 "$% .(G/( #2 4 8(/9
%,3'%&-1'(0$;(@j
ig(/9 .(;;5 %'(25j \,/-4% -4,05 >#,2%,23 %# 4 ',3' "4;1#29 %#
%'(,/&/,3'%@&i=(%G-&'(40&$>-%4,/-&420&-((&%'(&%#6"@j
 UQU[VZY
ih>nj =4230#2 /(>;,(05 -%4/%;(0@ ia-2G% P2/,1# H420#;# "$/:
,(0 0#.2 ,2 %'( 1/9>%nj =4230#2 /(14;;(0 %'( %#6" ,%-(;?5 "$%
2#% %'( >/(1,-( >;41( ,2 %'( "$,;0,23 .'(/( ,% .4- ;#14%(0@ 7(
'40&"((2&>,1%$/,23&%'(&04/*&$20(/3/#$20&4/(4-&#?&%'(&"$,;0,23@
\,/-4% -((6(0 1#2?#$20(0 "9 %'( I$(/9@ iA#5 O/#?(--#/5 %'(
%#6"&#?&P2/,1#&H420#;#&,-&6#-%&1(/%4,2;9&$>-%4,/-@j

O+&5%5+#%(#8.,%.*%B4.'B%4'%+#3#L \,/-4%&.#20(/(0@
+'(2 =4230#2 '40 4-*(0 %# -(( H420#;#G- %#6"5 \,/-4% '40
-(2-(0 %'4% %'( /(I$(-% .4- 4 *,20 #? 0(1#9@ S4D4() 9&'5* 54
*## <&'(4,40* 54:D/ \,/-4% '40 4--$6(0 .'4% =4230#2 /(4;;9
.42%(0 %# -(( .4- %'( (2,364%,1 %/(4-$/( 0,/(1%;9 "(-,0( H42:
0#;#G- %#6"k%'( <##*.* ?4*&.7k42 421,(2% O42%#1/4%#/ M'/,-%
%'4% .4- 4/3$4";9 #2( #? %'( 6#-% 69-%(/,#$- >,(1(- #? 4/% ,2
%'(&"$,;0,23@
T&'B(4' .* 3#*#&37+.'B 5+# :4*&.7C &'( 53).'B 54 D# (.*V
73##5 &D4;5 .55 \,/-4% '40 3$(--(05 ,643,2,23 %'4% %'( >/#?(--:
#/&.4-&>/#"4";9&./,%,23&4&-(1/(%&>,(1(&#2&%'( <##*.*@
A#.5 '#.(8(/5 \,/-4% .4- 1#2?$-(0@ M(/%4,2;9 =4230#2
*2(. %'( <##*.* ?4*&.7 .4- #2 %'( -(1#20 ?;##/5 -# .'9 .4- '(
41%,23&-#&-$/>/,-(0n
G',#**%+#%.*%.'(##(%,44$.'B%-43%<&'(4,40*%54:DL
O$KK;(05 \,/-4% 3$,0(0 %'(6 %#.4/0 %'( -%4,/14-(5 >4--,23
#2( #? 743,4 D#>',4G- %.# ?46#$- $/2-k4 SSZ:34;;#2 "(:
'(6#%' 14/8(0 #$% #? 4 -,23;( >,(1( #? 64/";( 0$/,23 %'( 7(;:
;(2,-%,1&>(/,#0@
M;,6",23 ,2 -,;(21( 2#. .,%' ',- (2%#$/43(5 \,/-4% ?#$20
',6-(;? ?((;,23 $2-(%%;(0@ =4230#2G- 1#;;(43$(- 0,0 2#% -((6
;,*( 4140(6,1- 4% 4;;@ F2( #? %'(6 ;##*(0 ;,*( 4 -#;0,(/ #? -#6(
-#/%5 6$-1$;4/ 420 /,3,05 0/(--(0 4;; ,2 ";41*@ !20 %'( .#642
.,%' %'( -,;8(/ '4,/5 \,/-4% -(2-(0 L '( '40 -((2 '(/ "(?#/(@
?&)D#%4'%5#,#8.*.4'L
 UQV[VZY
7( .4- -%4/%,23 %# -$->(1% %'4% %'( >$/>#-( #? %',- 8,-,% .4-
2#%&.'4%&,%&4>>(4/(0&%#&"(@ O+)%&3#%5+#)%3#&,,)%+#3#L
iF2( 6#/( ?;,3'%5j \,/-4% 422#$21(0 1'((/,;9 4- %'(9
/(41'(0 %'( ;420,23@ ih>-%4,/- .( -'4;; ?,20 %'( %#6" #? P2/,1#
H420#;#5 420 #? 1#$/-(jk'( >4$-(05 (9(,23 =4230#2ki%'(
?46(0 <##*.*%?4*&.7@j
A#%&(8(2&4&?;,21'@
=4230#25 ,% 4>>(4/(05 .4- 2#%5 ,2 ?41%5 '(/( ?#/ %'( <##*.*
?4*&.7 4% 4;;@ 7( 420 ',- 3$(-%- -((6(0 ,2(B>;,14";9 ?,B4%(0 #2
H420#;#G-&%#6"@
 M7!ONP< XY

!D \a<D!N =PH %'( .49 $> %'( -%4,/-5 =4230#2 1#$;0 %(;; %'4%
)/t0(/ 420 D,2-*(9 .(/( .#//,(0@ !06,%%(0;95 4-1(20,23 %# %'(
-(1#20 ?;##/ -((6(0 %# 64*( 2# -(2-(@ =4230#2 *(>% >,1%$/,23
m#"/,-%G- -$"%(//42(42 8,0(# L 420 %'( 0#1$6(2%4/9 ?,;6
4"#$%&%'(&-$"6(/3(0&4/(4-&"(2(4%'&743,4&D#>',4@
O#%'##(%54%B4%(49'F
P8(2 -#5 ,? %',- .4- %'( ;#14%,#2 #? H420#;#G- %#6"5 %'(9 '40
2# 1'#,1( "$% %# ?#;;#. m#"/,-%G- 0,/(1%,#2-@ Y'##, 9.5+.' 5+#
B.,(#( :4;*#.4' 4- +4,) 9.*(4:C &'( 6,&7# 5+.'# #&3 54 5+#
B34;'(C%,.*5#'.'B%-43%5+#%*4;'(*%4-%53.7$,.'B%9&5#3/
+'(2 %'(9 ?,24;;9 /(41'(0 %'( -(1#20 ;(8(;5 \,/-4% ;(0 %'(6
%# %'( /,3'% 4;#23 %'( "4;1#29G- (03(5 .',1' #??(/(0 "/(4%'%4*:
,23 8,(.- #? %'( -421%$4/9 "(;#.@ =4230#2 ?41(0 ?/#2%5 /(64,2:
,23&?#1$-(0@
\,/-4% .4- %4;*,23 ?(/8(2%;9 4"#$% %'( <##*.* ?4*&.7 434,25
"$%&=4230#2&%$2(0&',6&#$%@
7(&1#$;0&2#.&-((&',-&%4/3(%@
H420#;#G-&%#6"@
N'( %#6" 4>>(4/(0 (B41%;9 4- =4230#2 /(6(6"(/(0 ,%k4
/(1%423$;4/ >,(1( #? .',%( 64/";(5 ,2;4,0 ,2 %'( >#;,-'(0 -%#2(
?;##/&420&1#/0#2(0&#??&"9&-%421',#2-&420&1'4,2-@
=4230#2&/$-'(0&#8(/&420&(B46,2(0&%'(&14/8(0&,2-1/,>%,#2@

7PA<aMhD&H!AHF=F

!- %'( #%'(/- 4//,8(0 "(',20 ',65 =4230#2 ->/423 ,2%# 41:

%,#25 -%(>>,23 #8(/ %'( >/#%(1%,8( 1'4,2 420 >;41,23 ',- ?((% 0,/:
(1%;9&,2&?/#2%&#?&%'(&%#6"-%#2(@
 UQX[VZY
\,/-4% >/#%(-%(0 ;#$0;95 "$% =4230#2 1#2%,2$(05 0/#>>,23
I$,1*;9 %# ',- *2((- 4- ,? >/(>4/,23 %# >/49 4% %'( ?((% #? %'(
%/(41'(/#$-&0#3(@
A(B%5 ,2 4 6#8( %'4% (;,1,%(0 -'#$%- #? '#//#/ ?/#6 \,/-4%5
=4230#2 >;41(0 ',- >4;6- ?;4% #2 %'( %#6" 420 >/#-%/4%(0 ',6:
-(;?@ !- '( ;#.(/(0 ',- ?41( %# %'( 3/#$205 =4230#2 /(4;,K(0
%'4% '( ;##*(0 ;,*( '( .4- "#.,23 %# \(114@ N'( 642($8(/ 4>:
>4/(2%;9 -%$22(0 \,/-4%5 .'# ?(;; 6$%(5 420 4 -$00(2 '$-'
-((6(0&%#&>(/840(&%'(&(2%,/(&"$,;0,23@
N4*,23 4 0((> "/(4%'5 =4230#2 %$/2(0 ',- '(40 %# %'( /,3'%
420 3(2%;9 >/(--(0 ',- ;(?% (4/ %# %'( %#6"@ N'( -%#2( ?(;% 1#;0
#2&',-&?;(-'@
N'( -#$20 '( '(4/0 (1'#,23 $> %'/#$3' %'( -%#2( .4- 4-
1;(4/&4-&049@
?)%I4(/
N'( ?,24;( #? H42%(G- 2'-#3'4 -((6(0 %# "( (1'#,23 $> ?/#6
"(;#.@
D;#.;95 =4230#2 %$/2(0 ',- '(405 34K,23 $> 4% )/t0(/ 420
D,2-*(9@
ia&'(4/&,%5j&'(&.',->(/(0@&iN'(&-#$20-&#?&%/,1*;,23&.4%(/@j
)/t0(/ 84$;%(0 %'( 1'4,2 420 1/#$1'(0 0#.2 "(-,0( =423:
0#2&%#&;,-%(2@&!?%(/&4&6#6(2%&'(&.4-&2#00,23&,2%(2%;9@
A#. %'4% %'(9 1#$;0 '(4/ %'( .4%(/ ?;#.,23 0#.2.4/05 #2(
I$(-%,#2&/(64,2(0@ O+#3#%.*%.5%-,49.'BL
=4230#2G- 6,20 .4- -$00(2;9 ?;##0(0 .,%' ,643(- #? 4 '4;?:
-$"6(/3(0 148(/25 "4%'(0 ,2 42 ((/,( /(0 ;,3'% L -#6(.'(/(
"(2(4%'&%'(6@

E#;;#.&0((>&,2%#&%'(&-$2*(2&>4;41(&L
?#/&'(/(5&,2&%'(&04/*2(--5&%'(&1'%'#2,1&6#2-%(/&.4,%-5
-$"6(/3(0&,2&%'(&";##0/(0&.4%(/-&L
#?&%'(&;43##2&%'4%&/(?;(1%-&2#&-%4/-@

+'(2 =4230#2 -%##0 420 -%(>>(0 "41* #8(/ %'( -%421',#2-5

\,/-4% .4- 3;4/,23 $> 4% ',6 .,%' 4 ;##* #? 4;4/6 420 "(%/494;
 UQY[VZY
#2 ',- ?41(@ =4230#2 -%##0 4;6#-% 4 ?##% %4;;(/ %'42 %'( N$/*,-'
3$,0(@
i\,/-4%5j =4230#2 "(342@ iaG6 -#//9@ !- 9#$ 142 -((5 %',- ,- 4
8(/9 $2$-$4; -,%$4%,#2@ a 0#2G% '48( %,6( %# (B>;4,25 "$% a '48(
4&8(/9&,6>#/%42%&I$(-%,#2&%#&4-*&9#$&4"#$%&%',-&"$,;0,23@j
\,/-4%&64243(0&4&.(4*&2#0@&iF*49@j
i7(/( 4% H420#;#G- %#6"5 .( 142 '(4/ 4 /,8$;(% #? .4%(/ ?;#.:
,23 -#6(.'(/( $20(/ %'( -%#2(@ +( 2((0 %# *2#. 9+#3# %',-
.4%(/&?;#.-@j
\,/-4% -'##* ',- '(40@ ia 0#2G% $20(/-%420@ +4%(/ 142 "(
'(4/0&"(2(4%'&%'(&?;##/-&(8(/9.'(/(&,2&743,4&D#>',4@j
P8(/9#2(&-%,??(2(0@
i](-5j \,/-4% %#;0 %'(65 i(->(1,4;;9 .'(2 ,% /4,2-@ 743,4
D#>',4 '4- 4>>/#B,64%(;9 #2( '$20/(0 %'#$-420 -I$4/( ?((% #?
/##?%#>- %'4% 2((0 %# 0/4,25 420 ,% #?%(2 %4*(- 049-@ !20 $-$:
4;;9 ,% /4,2- 434,2 "(?#/( %'( 0/4,243( ,- 1#6>;(%(@ N'( -#$20-
#? %/,1*;,23 .4%(/ 4/( I$,%( 1#66#2 '(/(@ O(/'4>- 9#$ 4/(
4.4/( %'4% 743,4 D#?,4 -,%- #2 84-% 148(/2- #? .4%(/@ N'(/( .4-
4&0#1$6(2%4/9&(8(25&.',1'kj
i](-5 9(-5j =4230#2 -4,05 i"$% 0# 9#$ *2#. ,? %'( .4%(/ %'4%
,-&4$0,";(&'(/(&4%&H420#;#G-&%#6"&?;#.-&-#6(.'(/( *6#7.-.7nj
iF? 1#$/-(5j \,/-4% -4,0@ ia% ?;#.- %# %'( -46( >;41( %'4% &,,
%'( .4%(/ -'(00,23 ?/#6 743,4 D#>',4 ?;#.-@ N# %'( 1,%9
1,-%(/2@j
iA#5j )/t0(/ 0(1;4/(05 -%(>>,23 "41* #8(/ %'( -%421',#2@
i+(G/( 2#% ;##*,23 ?#/ 4 1,-%(/2@ +(G/( ;##*,23 ?#/ 4 ;4/3(5 $2:
0(/3/#$20&->41(5&>(/'4>-&.,%'&1#;$62-nj
i](-5j \,/-4% -4,0@ iN'( 1,%9G- 421,(2% 1,-%(/2 ,- >/(1,-(;9
%'4%k4 ;4/3( $20(/3/#$20 ->41( .,%' 1#;$62-@ q$,%( ,6>/(--:
,8( 41%$4;;9@ a% .4- "$,;% ,2 %'( -,B%' 1(2%$/9 %# '#$-( %'( 1,%9G-
.4%(/ -$>>;9@ A#.4049- ,% 1#2%4,2- #2;9 4"#$% ?#$/ ?((% #? .4:
%(/5&"$%kj
i+'(/( ,- ,%lj )/t0(/ 0(6420(05 ',- 8#,1( (1'#,23 41/#-- %'(
(6>%9&'4;;@
 URZ[VZY
iN'( L 1,-%(/2nj \,/-4% 4-*(05 ;##*,23 ?/,3'%(2(0@ ia%G- 4
";#1* 4.495 C$-% (4-% #? %',- "$,;0,23@j 7( >#,2%(0 #$%-,0(@ ia%G-
14;;(0&](/("4%42&D4/49,@j
"&3&).L =4230#2 .#20(/(0@ >* .' 146$&6. "&3&).L D,3243(
?#/ %'( N#>*4>, O4;41( '40 "((2 $",I$,%#$- 4- %'(9 .(/( 0/,8:
,23&,2@&i)$%&L&0#(-2G% *&3&). 6(42&o>4;41(Gnj
\,/-4% 2#00(0@ i](-@ N'( 246( #? #$/ 421,(2% 1,-%(/2 ,-
](/("4%42&D4/49,@&a%&6(42-k5+#%*;'$#'%6&,&7#@j
 M7!ONP< YZ

N7P <!aA +!D ?4;;,23 ,2 -'((%- 4- H/@ P;,K4"(%' D,2-*(9 "$/-% #$%
#? 743,4 D#>',4 .,%' =4230#25 )/t0(/5 420 %'(,/ "(.,;0(/(0
3$,0(5&\,/-4%@
H4,,49%(##6%.'54%5+#%*;'$#'%6&,&7#5&D,2-*(9&%'#$3'%@
N'( -,%( #? %'( 1,%9G- 1,-%(/2k](/("4%42 D4/49,k.4- 4>>4/:
(2%;9&"41*&%#.4/0&%'(&);$(&\#-I$(&420&4&",%&%#&%'(&2#/%'@
\,/-4%&;(0&%'(&.49@
D,2-*(9 '40 -((2 2# #%'(/ #>%,#2 "$% %# %(;; \,/-4% .'# %'(9
.(/( 420 %'4% %'(9 .(/( /41,23 %# %'.4/% 4 >#--,";( '(4;%'
1/,-,-&.,%',2&%'(&-$2*(2&>4;41(@
iN',- .49lj \,/-4% 14;;(05 ;(40,23 %'(6 41/#-- %'( 04/*(2(0
>4/*@ N'( 6#$2%4,2 #? 743,4 D#>',4 .4- "(',20 %'(6 2#.5
420&%'(&?4,/9:%4;(&->,/(-&#?&%'(&);$(&\#-I$(&3;,-%(2(0&4'(40@
7$//9,23 "(-,0( D,2-*(95 !3(2% )/t0(/ .4- -'#$%,23 ,2%# ',-
>'#2(5 $>04%,23 %'( D<D %(46 420 #/0(/,23 %'(6 %# /(20(K:
8#$- 4% %'( 1,-%(/2G- (2%/421(@ ia% -#$20- ;,*( m#"/,-% ,- %4/3(%:
,23 %'( 1,%9G- .4%(/ -$>>;95j )/t0(/ -4,05 "/(4%';(--@ iaG6 3#,23
%# 2((0 -1'(64%,1- #? 4;; 1#20$,%- ,2 420 #$% #? %'( 1,-%(/2@
+(G;; /$2 ?$;; ,-#;4%,#2 420 1#2%4,26(2% >/#%#1#;-@ +(G;; 2((0
>'9-,14;&420&1'(6,14;&"4//,(/-&4;#23&.,%'&841$$6kj
i+4,%5j \,/-4% 14;;(0 #8(/ %# ',6@ i]#$ 6,-$20(/-%##0 6(@
N'(&1,-%(/2&,-&2#%&%'(&1,%9&.4%(/&-$>>;9@&A#%&4296#/(lj
)/t0(/&;#.(/(0&',-&>'#2(5&3;4/,23&4%&%'(,/&3$,0(@&i+'4%nj
ia2 421,(2% %,6(-5 %'( 1,-%(/2 '(;0 %'( .4%(/ -$>>;95j \,/-4%
1;4/,?,(0@&i)$%&2#&;#23(/@&+(&6#0(/2,K(0@j
)/t0(/ 146( %# 4 -%#> $20(/ 4 -'(;%(/,23 %/((5 420 (8(/9#2(
'4;%(0&.,%'&',6@
 URR[VZY
i\,/-4%5j D,2-*(9 -4,05 i9#$G/( -$/( %'4% 2#"#09 0/,2*- %'(
.4%(/&#$%&#?&%'(&1,-%(/2nj
i7(48(2- 2#5j \,/-4% -4,0@ iN'( .4%(/ >/(%%9 6$1' C$-% -,%-
%'(/(&L&(8(2%$4;;9&?,;%(/,23&0#.2&,2%#&%'(&(4/%'@j
D,2-*(95 =4230#25 420 )/t0(/ 4;; (B1'423(0 $21(/%4,2 ;##*-@
D,2-*(9 0,02G% *2#. .'(%'(/ %# ?((; /(;,(8(0 #/ 4;4/6(0@ 2-
'4D4() 74:#* .' 3#B;,&3 74'5&75 9.5+ 5+# 9&5#3C 9+) 94;,(
n4D3.*5%7+44*#%54%74'5&:.'&5#%.5L
i+'(2 .( 6#0(/2,K(0 #$/ .4%(/ -$>>;9 0(140(- 43#5j
\,/-4% (B>;4,2(05 i%'( 1,-%(/2 ?(;; #$% #? $-( 420 "(146( C$-% 4
",3 >#20 ,2 42 $20(/3/#$20 /##6@j 7( -'/$33(0@ iN'(-( 049-
,%G-&2#%',23&6#/(&%'42&4&%#$/,-%&4%%/41%,#2@j
D,2-*(9 ->$2 %#.4/0 \,/-4%@ > 54;3.*5 &553&75.4'L i7#;0 #2
L&>(#>;(&142&3# (49' %'(/(n&a2%#&%'(&1,-%(/2nj
iF? 1#$/-(5j '( -4,0@ i\429 %'#$-420- 8,-,% (8(/9 049@ N'(
148(/2 ,- I$,%( -%/,*,23@ N'(/( 4/( "#4/0.4;*- #8(/ %'( .4%(/ L
420 (8(2 4 -64;; 14?s@ N'(/(G- ;,6,%(0 8(2%,;4%,#25 -# %'( 4,/ ,-
I$,%(&-%$??9&420&'$6,05&"$%&,%G-&-%,;;&8(/9&>#>$;4/@j
D,2-*(9G- (9(- ;#1*(0 #2 )/t0(/5 420 -'( 1#$;0 %(;; %'4% -'(
420 %'( %/4,2(0 D<D 43(2% .(/( >,1%$/,23 %'( -46( %',23k4
04/*5 '$6,0 148(/2 ?,;;(0 .,%' -%43242% .4%(/ ,2 .',1' 4
>4%'#3(2 .4- ,21$"4%,23@ M#6>;(%,23 %'( 2,3'%64/( .4- %'(
>/(-(21( #? "#4/0.4;*- #8(/ .',1' %#$/,-%- 6#8(0 4;; 049 ;#235
C$-%&4"#8(&%'(&.4%(/G-&-$/?41(@
i7(&1/(4%(0&4&",#4(/#-#;5j&)/t0(/&0(1;4/(0@
D,2-*(9&2#00(05&-;$6>,23@
i\(42,23nj&=4230#2&0(6420(0@
i\(42,235j&)/t0(/&/(>;,(05&i%'4%&,%&142&3# &.3D43'#@j
=4230#2 ?(;; -,;(2%5 420 D,2-*(9 1#$;0 -(( %'4% '( .4- 2#.
3/4->,23&%'(&>#%(2%,4;&6432,%$0(&#?&%',-&1/,-,-@
!2 4,/"#/2( >4%'#3(2 '40 "((2 #2 D,2-*(9G- 6,20 4- 4 >#-:
-,";( -1(24/,# ?#/ -#6( %,6(5 420 9(% .'(2 -'( "(;,(8(0 %'4%
%'( 1,-%(/2 .4- %'( 1,%9G- .4%(/ -$>>;95 -'( '40 '#>(0 649"(
%',- 6(42% %'4% m#"/,-% '40 1'#-(2 4 .4%(/:"#$20 ",#?#/6@
 URS[VZY
+4%(/:0.(;;,23 "41%(/,4 .(/( /#"$-% 420 .(4%'(/:/(-,-%42%5
"$%&%'(9&.(/(&4;-#&-;#.&%#&>/#>434%(@
!,/"#/2(&>4%'#3(2-&->/(40&?4-%@
g(/9&?4-%@
ia?&,%G-&4,/"#/2(5j&)/t0(/&-4,05&i,%G-&>/#"4";9&8,/4;@j
> 8.3;*5 D,2-*(9 43/((0@ 1+# -&*5#*5V*63#&(.'B 6&5+4B#'
n4D3.*5%74;,(%7+44*#/
<(;(4-,23 42 4,/"#/2( 8,/$- $20(/.4%(/ .4- 406,%%(0;9 $2:
$-$4;5 420 9(% %'(/( .(/( 6429 ;,?(:?#/6- %'4% ,21$"4%(0 ,2 ;,:
I$,0 420 %'(2 '4%1'(0 ,2%# %'( 4,/k6#-I$,%#(-5 6#;0 ->#/(-5
%'( "41%(/,$6 %'4% 14$-(0 =(3,#224,/(-G 0,-(4-(5 691#%#B,2-5
/(0 %,0(5 (8(2 '$642 "(,23-@ D,2-*(9 3/,6;9 >,1%$/(0 %'( 8,/$-
>(/6(4%,23 %'( 1,-%(/2G- ;43##2 L 420 %'(2 %'( ,2?(1%(0 6,1/#:
0/#>;(%-&/,-,23&,2%#&%'(&046>&4,/@
\,/-4% .4- 2#. -%4/,23 41/#-- 4 %/4??,1:C466(0 -%/((% .,%' 4
;##* #? 4>>/('(2-,#2 #2 ',- ?41(@ D,2-*(9 ?#;;#.(0 ',- 34K( %# 4
-I$4%5 /(0:420:.',%( "/,1* "$,;0,23 .'#-( -,23;( 0##/ .4-
#>(25 /(8(4;,23 .'4% ;##*(0 %# "( 4 -%4,/.(;;@ ! -14%%(/,23 #?
.(;;:0/(--(0 >(#>;( -((6(0 %# "( .4,%,23 #$%-,0( $20(/ $6:
"/(;;4- .',;( 4 0##/642 1#2%/#;;(0 %'( ?;#. #? 3$(-%- .'# .(/(
0(-1(20,23&%'(&-%4,/-@
"4:#%$.'(%4-%;'(#3B34;'(%(&'7#%7,;DL
D,2-*(9 -4. %'( 3#;0 ;(%%(/,23 #2 %'( "$,;0,23 420 ?(;% 4 -$0:
0(2 %,3'%2(-- ,2 '(/ 1'(-%@ h2;(-- %',- 1;$" .4- 14;;(0 %'(
M,-%(/2 420 '40 "((2 "$,;% ,2 !@H@ URS5 -'( /(4;,K(0 .'9 \,/-4%
.4-&;##*,23&-#&1#21(/2(0@
iN'( -$2*(2 >4;41(5j \,/-4% -%466(/(0@ ia% -((6- L %'(/( ,-
4&1#21(/%&%#2,3'%@j
D,2-*(9&.4-&,21/(0$;#$-@&i!&1#21(/%&,2&4&1,-%(/2nlj
ia%G- 4 ;4/3( ,20##/ ->41(5j '( /(>;,(0@ ia% ,- #?%(2 $-(0 4- 4
1$;%$/4;&1(2%(/@j
)/t0(/ '40 4>>4/(2%;9 '(4/0 (2#$3'@ 7( 04-'(0 %#.4/0 %'(
"$,;0,235 -,0(-%(>>,23 ',- .49 %'/#$3' -24/;(0 %/4??,1 #2
 URT[VZY
!;(604/ !8(2$(@ D,2-*(9 420 %'( #%'(/- "/#*( ,2%# 4 /$2 4-
.(;;5&1;#-(&#2&%'(&43(2%G-&'((;-@
+'(2 %'(9 4//,8(0 4% %'( 1,-%(/2 (2%/421(5 %'( 0##/.49 .4-
";#1*(0 "9 4 '420?$; #? 1#21(/%3#(/- .'# .(/( .4,%,23 %# "( ;(%
,2k4 %/,# #? .#6(2 ,2 "$/*4-5 4 >4,/ #? %#$/,-%- '#;0,23 '420-5
4 642 ,2 4 %$B(0#@ N'(9 .(/( 4;; 1;$-%(/(0 %#3(%'(/ ,2 %'( 0##/:
.495&%/9,23&%#&*((>&#$%&#?&%'(&/4,2@
D,2-*(9 1#$;0 '(4/ %'( 6(;#0,1 -%/4,2- #? 4 1;4--,14; 6$-,1
1#6>#-,%,#2 ;,;%,23 $> ?/#6 "(;#.@ N#3,.4`5 -'( 3$(--(0 ?/#6
%'( ,0,#-921/4%,1 #/1'(-%/4%,#25 "$% .'4%(8(/ ,% .4-5 ,% ?(;% #$%
#?&>;41(&'(/(&,2&%'(&-%/((%-&#?&a-%42"$;@
!- %'(9 0/(. 1;#-(/ %# %'( 0##/.495 -'( ?(;% 4 .4/6 .,20
/$-',23 $> %'( -%4,/-5 ",;;#.,23 ?/#6 0((> ,2-,0( %'( (4/%' 420
(-14>,23 ?/#6 %'( (21;#-(0 148(/2@ N'( .,20 "/#$3'% %# %'(
-$/?41( 2#% #2;9 %'( -#$20 #? 8,#;,2-5 "$% %'( $26,-%4*4";(
-1(2%-&#?&'$6,0,%9&420&64--(-&#?&>(#>;(@
a%&4;-#&"/#$3'%&%#&D,2-*(9&4&0((>&-(2-(&#?&?#/("#0,23@
!- 4 3/#$> #? %#$/,-%- (6(/3(0 ?/#6 %'( -%4,/-5 1'4%%,23 '4>:
>,;9 4- %'(9 (B,%(0 %'( "$,;0,235 %'( 0##/642 4;;#.(0 %'( 2(B%
3/#$>&%#&0(-1(20@
)/t0(/ ,66(0,4%(;9 6#8(0 %# (2%(/5 "$% %'( 0##/642
-%#>>(0 ',6 .,%' 4 >;(4-42% .48(@ iF2( 6#6(2%5 -,/@ N'(
1,-%(/2 ,- 4% 14>41,%9@ a% -'#$;0 "( ;(-- %'42 4 6,2$%( $2%,; 42:
#%'(/&8,-,%#/&(B,%-@&N'42*&9#$@j
)/t0(/ ;##*(0 /(409 %# ?#/1( ',- .49 ,25 "$% D,2-*(9 >;41(0 4
'420&#2&',-&-'#$;0(/&420&>$;;(0&',6&#??&%#&#2(&-,0(@
i+4,%5j -'( 1#66420(0@ i]#$/ %(46 ,- #2 %'( .49 420 9#$
142G% -(4/1' %',- >;41( 4;#2(@j D'( 6#%,#2(0 %# %'( >;4I$( #2
%'(&.4;;&"(-,0(&%'(&0##/@&iN'(&1,-%(/2&,-&(2#/6#$-@j
N'( ,2?#/64%,#24; >;4I$( 0(-1/,"(0 4 14%'(0/4;:-,K( -$"%(/:
/42(42 /##6k2(4/;9 %.# ?##%"4;; ?,(;0- ,2 ;(23%'k.,%' 4 1(,;:
,23 ->422,23 6#/( %'42 4 '$20/(0 %'#$-420 -I$4/( ?((% 420
-$>>#/%(0&"9&4&?#/(-%&#?&SSV&64/";(&1#;$62-@
 URU[VZY
i=##* 4% %',-5j =4230#2 -4,05 -%420,23 4 ?(. 94/0- 4.49@
i]#$G/(&2#%&3#,23&%#&"(;,(8(&,%@j
D,2-*(9 %$/2(0@ =4230#2 6#%,#2(0 %# 4 1#21(/% >#-%(/ #2
%'(&.4;;@ K+C%(#&3%I4(/
N'( +7F 0,/(1%#/ '40 "((2 1#//(1% ,2 ,0(2%,?9,23 %'( -%9;(
#? %'( 6$-,1 4- <#642%,15 "$% %'( >,(1( %'4% .4- "(,23 >(/:
?#/6(0 '40 2#% "((2 1#6>#-(0 "9 )(/;,#K@ a% .4- "9 4 0,??(/(2%
<#642%,1&1#6>#-(/kE/42K&=,-K%@
N#2,3'%5 0((> .,%',2 %'( (4/%'5 %'( a-%42"$; D%4%( D96>'#29
F/1'(-%/4 .4- >(/?#/6,23 #2( #? E/42K =,-K%G- 6#-% ?46#$-
.#/*-k%'( H42%( D96>'#29k42 (2%,/( 1#6>#-,%,#2 ,2->,/(0
"9&H42%(G-&0(-1(2%&,2%#&420&/(%$/2&?/#6&'(;;@
ia%G- "(,23 >(/?#/6(0 '(/( ?#/ 4 .((*5j =4230#2 -4,05 -1/$:
%,2,K,23 %'( >#-%(/G- ?,2( >/,2%@ i! ?/(( 1#21(/%@ h20(/./,%%(2
"9&42&42#296#$-&0#2#/@j
D,2-*(9 -$->(1%(0 %'4% -'( 1#$;0 3$(-- %'( ,0(2%,%9 #? %'( 42:
#296#$- 0#2#/@ )(/%/420 m#"/,-%G- ?;4,/ ?#/ %'( 0/464%,15 ,%
-((6(05 .4- 4;-# 4 /$%';(-- >/41%,14; -%/4%(39@ N',- .((* #? ?/((
1#21(/%- .#$;0 ;$/( %'#$-420- 6#/( %#$/,-%- %'42 $-$4; 0#.2
,2%# %'( 1,-%(/2 420 >;41( %'(6 ,2 4 1#23(-%(0 4/(4 L .'(/(
%'(9 .#$;0 "/(4%'( %'( 1#2%46,24%(0 4,/5 %'(2 %/48(; "41* %#
%'(,/&'#6(-&"#%'&'(/(&420&4"/#40@
iD,/nj %'( 0##/642 14;;(0 %# )/t0(/@ i+( '48( /##6 ?#/ 4
1#$>;(&6#/(@j
)/t0(/ %$/2(0 %# D,2-*(9@ iM4;; %'( ;#14; 4$%'#/,%,(-@
+'4%(8(/ .( ?,20 0#.2 %'(/(5 .(G;; 2((0 -$>>#/%@ +'(2 69
%(46 4//,8(-5 '48( %'(6 /40,# 6( ?#/ 42 $>04%(@ aG;; 3# 0#.2
420 -(( ,? a 142 3(% 4 -(2-( #? .'(/( m#"/,-% 6,3'% '48(
%(%'(/(0&%',-&%',23@j
i+,%'#$% 4 /(->,/4%#/nj D,2-*(9 4-*(0@ i]#$ 0#2G% *2#. ?#/ 4
?41%&%'(&D#;$";#2&"43&,-&,2%41%@j
)/t0(/ ?/#.2(05 '#;0,23 ',- '420 $> ,2 %'( .4/6 .,20 %'4%
.4- ";#.,23 #$% #? %'( 0##/.49@ ia '4%( %# -49 %',-5 "$% ,? %',-
 URV[VZY
1#2%43,#2 ,- #$%5 aG6 3$(--,23 (8(/9#2( ,2 %',- 1,%9 ,- >/#"4";9
,2?(1%(0@j
D,2-*(9 '40 "((2 %',2*,23 %'( -46( %',23 "$% '402G% .42%(0
%#&-49&,%&,2&?/#2%&#?&=4230#2&420&\,/-4%@
i)(-,0(-5j )/t0(/ 400(05 iaG8( -((2 .'4% '4>>(2- %# 1/#.0-
.'(2 69 %(46 64/1'(- ,2 .(4/,23 '4K64% -$,%-@ +(G0 '48(
?$;;:-14;(&>42,1&420&4&-%46>(0(@j
D,2-*(9 0(1,0(0 %# 0(?(/ %# )/t0(/e '( .4-5 4?%(/ 4;;5 %'( ->(:
1,4;,-%&420&'40&"((2&,2&-,%$4%,#2-&;,*(&%',-&"(?#/(@
iF$/ #2;9 /(4;,-%,1 #>%,#25j )/t0(/ %#;0 '(/5 i,- %# 4--$6( ,%G-
-%,;;&-4?(&0#.2&%'(/(5&420&64*(&4&>;49&%#&1#2%4,2&%',-@j
iF*495j&D,2-*(9&-4,0@&iH#&,%@j
iN'(/(G- 42#%'(/ >/#";(65j =4230#2 ,2%(/C(1%(0@ i+'4%
4"#$%&D,(224nj
i+'4% 4"#$% '(/nj )/t0(/ 0(6420(0@ i+'4%(8(/ '(/ ,2%(2:
%,#2- 649 "( '(/( ,2 a-%42"$;5 -'(G- 8(/9 3##0 .,%' ;423$43(-
420&>#--,";9&->(4*-&-#6(&N$/*,-'@j
iD#nj
iD,(224 *2#.- %'( >#(6 /(?(/(21(- %'( o-$2*(2 >4;41(5G j
=4230#2 -4,0@ i!20 ,2 N$/*,-'5 o-$2*(2 >4;41(G ;,%(/4;;9 >#,2%-
Lj 7( 6#%,#2(0 %# %'( i](/("4%42 D4/49,j -,32 #8(/ %'( 0##/:
.49@&iL&'(/(@j
iN'4%G- %/$(5j D,2-*(9 43/((0 .(4/,;9@ iD'( 649 '48( ?,3$/(0
%',-&#$%&420&"9>4--(0&743,4&D#>',4&4;%#3(%'(/@j
)/t0(/ 3;421(0 4% %'( ;#2( 0##/.49 420 1$/-(0 $20(/ ',-
"/(4%'@ iF*495 ,? -'(G- 0#.2 %'(/( 420 >;42- %# "/(4* %'( D#;:
$";#2 "43 "(?#/( .( 142 1#2%4,2 ,%5 4% ;(4-% -'( '4-2G% "((2
%'(/( ;#23@ a%G- 4 '$3( 4/(45 420 -'( >/#"4";9 '4- 2# ,0(4 .'(/(
%# ;##*@ !20 .,%' 4;; %'#-( >(#>;( 4/#$205 -'( >/#"4";9 142G%
C$-%&0,8(&,2%#&%'(&.4%(/&$22#%,1(0@j
iD,/nj %'( 0##/642 14;;(0 434,2 %# )/t0(/@ i+#$;0 9#$ ;,*(
%#&(2%(/&2#.nj
 URW[VZY
)/t0(/ 1#$;0 -(( 42#%'(/ 3/#$> #? 1#21(/%3#(/- 4>>/#41',23
?/#6 41/#-- %'( -%/((%5 420 2#00(0 %# %'( 0##/642 %'4% '( .4-
,20((0&1#6,23@
iaG6&1#6,23&.,%'&9#$5j&=4230#2&-4,05&?#;;#.,23@
)/t0(/&%$/2(0&420&?41(0&',6@&iA#&1'421(@j
=4230#2G- %#2( .4- $29,(;0,23@ i!3(2% )/t0(/5 #2( #? %'(
/(4-#2- .(G/( ,2 %',- -,%$4%,#2 ,- %'4% D,(224 )/##*- '4- "((2
>;49,23 6( 4;; 049@ !20 4- 9#$ -4,05 .( 649 4;; "( ,2?(1%(0
4;/(409@&aG6&'(;>,23&9#$&.'(%'(/&9#$&;,*(&,%&#/&2#%@j
)/t0(/&-%4/(0&4%&',6&4&6#6(2%&420&%'(2&/(;(2%(0@

!- =4230#2 >4--(0 %'/#$3' %'( 0##/.49 420 "(342 0(-1(20:

,23 %'( -%((> -%4,/14-( "(',20 )/t0(/5 '( 1#$;0 ?((; %'( .4/6
.,20 /$-',23 >4-% %'(6 ?/#6 %'( "#.(;- #? %'( 1,-%(/2@ N'( '$:
6,0 "/((K( 14//,(0 #2 ,% %'( -%/4,2- #? =,-K%G- H42%( D96>'#29
4- .(;; 4- 4 ?46,;,4/5 9(% ,2(??4";( -1(2% L %'4% #? 4 64--,8(
1/$-'&#?&>(#>;(&1#23/(34%(0&%#3(%'(/&,2&42&(21;#-(0&->41(@
=4230#2 -$00(2;9 ?(;% 4 3'#-%;9 >4;; (28(;#> ',65 4- ,? %'(
;#23 ?,23(/- #? 42 $2-((2 '420 .(/( /(41',23 #$% #? %'( (4/%'
420&/4*,23&',-&?;(-'@
1+#%:;*.7@
N'( -96>'#29 1'#/$-k4 '$20/(0 8#,1(- -%/#23k.4- 2#.
-,23,23 4 .(;;:*2#.2 >4--43(5 4/%,1$;4%,23 (8(/9 -9;;4";( #?
H42%(G-&3;##69&%(B%@
QT&*7.&5# 4B'# *6#3&'`&CR %'(9 .(/( 2#. 1'42%,235 Q84.
7+0#'53&5#/R
N'(-( -,B .#/0-k%'( 6#-% ?46#$- ;,2( ,2 4;; #? H42%(G- 2'V
-#3'4k.(;;(0 $> ?/#6 %'( "#%%#6 #? %'( -%4,/- ;,*( %'( #6,2:
#$-&-%(21'&#?&0(4%'@
!11#6>42,(0 "9 4 -.(;; #? %/$6>(%- 420 '#/2-5 %'( 1'#,/ ,2:
%#2(0 %'( .4/2,23 434,2@ QT&*7.&5# 4B'# *6#3&'`& 84.
7+0#'53&5#FR
 URX[VZY
>D&'(4'%&,,%+46#5 )#%9+4%#'5#3%+#3#F
 M7!ONP< YQ

)!N7PH aA <PH ;,3'%5 %'( -$"%(//42(42 148(/2 /(-#24%(0 .,%' %'(

-#$20- #? '(;;:,2->,/(0 6$-,1k%'( .4,; #? 8#,1(-5 %'( 0,--#242%
>,21' #? -%/,23-5 420 %'( 0((> /#;; #? %,6>42,5 .',1' %'$20(/(0
%'/#$3'&%'(&3/#%%#&;,*(&4&-(,-6,1&%/(6#/@
!- ?4/ 4- =4230#2 1#$;0 -((5 %'( ?;##/ #? %',- $20(/3/#$20
.#/;0 .4- 4 3;4--9 -'((% #? .4%(/k04/*5 -%,;;5 -6##%'k;,*(
";41*&,1(&#2&4&?/#K(2&A(.&P23;420&>#20@
1+#%,&B44'%5+&5%3#-,#75*%'4%*5&3*/
<,-,23 #$% #? %'( .4%(/5 6(%,1$;#$-;9 4//423(0 ,2 -((6,23;9
(20;(-- /#.-5 .(/( '$20/(0- $>#2 '$20/(0- #? %',1* H#/,1
1#;$62-5 (41' 1;,6",23 %',/%9 ?((% %# -$>>#/% %'( 148(/2G- 84$;:
%(0 1(,;,23@ N'( 1#;$62- .(/( ;,% ?/#6 "(;#. "9 4 -(/,(- #? ,20,:
8,0$4; /(0 ->#%;,3'%-5 1/(4%,23 4 -$//(4; ?#/(-% #? ,;;$6,24%(0
%/$2*- %'4% %(;(-1#>(0 #?? ,2%# %'( 04/*2(-- ;,*( -#6( *,20 #?
6,//#/(0&,;;$-,#2@
=4230#2 420 )/t0(/ >4$-(0 4% %'( "#%%#6 #? %'( -%4,/-5 6#:
6(2%4/,;9 -%4;;(0 #2 %'( %'/(-'#;0 #? %'( ->(1%/4; '#;;#. "(?#/(
%'(6@ N'( 148(/2 ,%-(;? -((6(0 %# 3;#. .,%' 4 /(00,-' '$(5 420
4- =4230#2 %##* ,% 4;; ,25 '( 1#$;0 ?((; ',6-(;? "/(4%',23 4-
-'4;;#.;9&4-&>#--,";(@
N'(&4,/&0#.2&'(/(&.4-&'(48,(/&%'42&'(G0&,643,2(0@
=4230#2 1#$;0 -(( %'( 1/#.0 ,2 %'( 0,-%421( %# %'(,/ ;(?%@ N'(
1#21(/% .4- %4*,23 >;41( 0((> ,2 %'( $20(/3/#$20 ->41(5
'4;?.49 "41* 434,2-% %'( ?4/ .4;;5 ,%- 4$0,(21( -(4%(0 #2 42 (B:
>42-( #? >;4%?#/6-@ D(8(/4; '$20/(0 ->(1%4%#/- -4% ,2 1#21(2%:
/,1 /,23- %'4% '40 "((2 4//423(0 4/#$20 %'( #/1'(-%/4 .',;( 4
'$20/(0 6#/( -%##0 4/#$20 %'( >(/,6(%(/@ D%,;; #%'(/- '40
%4*(2 $> >#-,%,#2- #$% #2 %'( 2(4/ "#4/0.4;*-5 ;(42,23 #2 %'(
 USZ[VZY
-%$/09 /4,;,23- 420 34K,23 0#.2 ,2%# %'( .4%(/ 4- %'(9 ;,-%(2(0
%#&%'(&6$-,1@
=4230#2 ?#$20 ',6-(;? -1422,23 %'( -(4 #? 46#/>'#$- -,;:
'#$(%%(-5 ',- (9(- -(4/1',23 ?#/ D,(224@ D'( .4- 2#.'(/( ,2
-,3'%@ a2-%(40 '( -4. ?,3$/(- ,2 %$B(0#-5 3#.2-5 D.*+5-5 "$/*4-5
420 (8(2 %#$/,-%- ,2 -'#/%- 420 -.(4%-',/%-@ N'( 1/#-- -(1%,#2
#? '$642,%95 34%'(/(0 ,2 %'( 1/,6-#2 ;,3'%5 ;##*(0 %# =4230#2
;,*(&1(;("/42%-&,2&-#6(&*,20&#?&#11$;%&64--@
2- ".#''&0* (49' +#3#5 '( /(4;,K(05 .5 9.,, D# '#&3,) .:V
64**.D,#%54%*645%+#3/
!% %'4% 6#6(2% 4 '(489-(% 642 6#8(0 >4-% %'(65 (B,%,23 $>
%'( -%4,/-5 1#$3',23 4- '( .(2%@ )/t0(/ ->$2 420 .4%1'(0 ',6
3#5 -1/$%,2,K,23 ',6 14/(?$;;9@ =4230#2 ?(;% 4 ?4,2% %,1*;( ,2 ',-
#.2&%'/#4%&"$%&%#;0&',6-(;?&,%&.4-&',-&,643,24%,#2@
)/t0(/ 2#. %##* 4 %(2%4%,8( -%(> ?#/.4/0 #2 %'( "#4/0.4;*5
(9(,23 %'(,/ 2$6(/#$- #>%,#2-@ N'( >4%' "(?#/( %'(6 ;##*(0
;,*( %'( (2%/421( %# %'( \,2#%4$/G- ;4"9/,2%'@ N'( -,23;( "#4/0:
.4;* I$,1*;9 ?#/*(0 ,2%# %'/((5 (41' #? %'#-( "/421',23 #??
434,25 1/(4%,23 4 -$->(20(0 64K(5 '#8(/,23 #8(/ %'( .4%(/5
.(48,23 ,2 420 #$% #? %'( 1#;$62- 420 -24*,23 ,2%# %'(
04/*2(--@
2 -4;'( :)*#,- 9.5+.' & -43#*5 (&3$5 =4230#2 %'#$3'%5 /(:
14;;,23 %'( #6,2#$- ?,/-% 142%# #? H42%(G- 64-%(/.#/*5 -43 5+#
*53&.B+5-439&3(%6&5+9&)%+&(%D##'%,4*5/
=4230#2 >((/(0 #8(/ %'( .4;*.49G- /4,;,23 ,2%# %'( .4%(/@ a%
.4- 4"#$% ?#$/ ?((% 0((> 420 -$/>/,-,23;9 1;(4/@ N'( -%#2( %,;(
?;##/&.4-&8,-,";(5&";42*(%(0&"9&4&?,2(&;49(/&#?&-,;%@
)/t0(/ %##* 4 I$,1* ;##* 0#.25 348( 4 2#21#66,%%4; 3/$2%5
420 %'(2 /4,-(0 ',- (9(- "41* %# %'( /##6@ iH# 9#$ -(( 429:
%',23&%'4%&;##*-&;,*(&%'(&4/(4&,2&m#"/,-%G-&8,0(#nj
A8#3)5+.'B5 =4230#2 %'#$3'%5 -$/8(9,23 %'( -%((>5 046>
.4;;- 4/#$20 %'(6@ 7( 6#%,#2(0 %# %'( 6#-% /(6#%( 1#/2(/ #?
%'( 148(/25 ?4/ #?? %# %'( /,3'%5 4.49 ?/#6 %'( 1#23(-%,#2 #? %'(
#/1'(-%/4;&>;4%?#/6@&iaG6&3$(--,23&"41*&%'(/(&-#6(.'(/(@j
 USQ[VZY
)/t0(/&2#00(0@&i\9&,2-%,21%&4-&.(;;@j
N'( %.# #? %'(6 '$//,(0 0#.2 %'( "#4/0.4;*5 1'##-,23 %'(
/,3'%:'420 ?#/*5 .',1' 14//,(0 %'(6 4.49 ?/#6 %'( 1/#.05 ,2
%'(&0,/(1%,#2&#?&%'(&?4/%'(-%&/(41'(-&#?&%'(&-$2*(2&>4;41(@
!- %'(9 .4;*(05 =4230#2 /(4;,K(0 '#. (4-9 ,% .#$;0 "( %#
',0( #8(/2,3'% ,2 %',- ->41(5 $20(%(1%(0@ m#"/,-% 1#$;0 '48(
0#2( C$-% %'4% %# 64*( ',- 8,0(#@ F? 1#$/-(5 ,? '( '40 3(2(/:
#$-;9 $20(/./,%%(2 %',- .((*:;#23 1#21(/% -(/,(-5 '( 4;-# 1#$;0
'48(&-,6>;9&/(I$(-%(0&-#6(&>/,84%(&%,6(&,2&%'(&1,-%(/2@
S45%5+&5%.5%:&55#3*%&'):43#/
)/t0(/ .4- -%/,0,23 ?4-%(/ 2#.5 4- ,? -$"1#2-1,#$-;9 *((>,23
>41( .,%' %'( -96>'#29G- %(6>#5 .',1' '40 ,21/(4-(0 ,2%# 4
14-140,23&-(/,(-&#?&0(-1(20,23&-(6,%#2(&-$->(2-,#2-@
<&'5#%&'(%J.3B.,0*%(#*7#'5%.'54%+#,,/
=4230#2 ,2%(2%;9 -1422(0 %'( -%((>5 6#--9 .4;;- ,2 %'( 0,-:
%421( %# %'(,/ /,3'%5 %/9,23 %# 64%1' %'(6 $> .,%' .'4% %'(9
'40 -((2 ,2 %'( 8,0(#@ !% (41' 2(. ?#/* ,2 %'( "#4/0.4;*5 %'(9
%$/2(0 /,3'%5 6#8,23 ?4/%'(/ ?/#6 %'( 1/#.05 '(40,23 ?#/ %'(
148(/2G- 6#-% /(6#%( 1#/2(/@ =4230#2 ;##*(0 "41* 420 .4-
4-%#$20(0&"9&%'(&0,-%421(&%'(9&'40&1#8(/(0@
N'(9 408421(0 4% 4;6#-% 4 C#3 2#.5 >4--,23 4 '420?$; #? 6(:
420(/,23 8,-,%#/-5 "$% "9 %'( %,6( %'(9 (2%(/(0 %'( 0((>(-%
>4/%- #? %'( 1,-%(/25 %'( 2$6"(/ #? >(#>;( '40 %',22(0 %#
2#%',23@
)/t0(/&420&=4230#2&.(/(&4;#2(@
ia% 4;; ;##*- %'( -46(5j )/t0(/ 0(->4,/(0@ i+'(/( 0# .(
-%4/%nj =4230#2 -'4/(0 ',- ?/$-%/4%,#2@ 7( /(6(6"(/(0 %'(
8,0(# 8,8,0;95 "$% 2#%',23 0#.2 '(/( ;(4>(0 #$% 4- 4 /(1#32,K:
4";(&?(4%$/(@
=4230#2 -%$0,(0 %'( -#?%;9 ;,% ,2?#/64%,#24; -,32- %'4% 0#%%(0
%'( "#4/0.4;* 4- %'(9 6#8(0 4'(40@ F2( 0(-1/,"(0 %'( %.(2%9:
#2(:6,;;,#2:34;;#2 14>41,%9 #? %'( /##6@ !2#%'(/ >#,2%(0 #$% 4
2#264%1',23 >,;;4/ %'4% '40 "((2 ;##%(0 ?/#6 4 2(4/"9 -%/$1:
%$/( 0$/,23 1#2-%/$1%,#2@ !20 -%,;; 42#%'(/ #??(/(0 4 0,43/46 #?
 USR[VZY
42 421,(2% 14/8,23 2#. ?40(0 ?/#6 8,(.k%'( M/9,23 7(2G- P9(
-96"#;5 .',1' .(>% ?#/ 4;; %'( -;48(- .'# 0,(0 .',;( "$,;0,23
%'(&1,-%(/2@
D%/423(;95 ,% .4- 4 -,32 %'4% "#/( 4 -,23;( .#/0 %'4% 2#.
-%#>>(0&=4230#2&0(40&,2&',-&%/41*-@
)/t0(/&'4;%(05&%##5&%$/2,23@&i+'4%G-&./#23nj
=4230#2&>#,2%(0@
F2 %'( -,325 411#6>42,(0 "9 4 0,/(1%,#24; 4//#.5 .4- %'(
246(&#?&4&?(4/-#6(&d#/3#2k42&,2?46#$-&?(64;(&6#2-%(/@

\PHhD!n

)/t0(/&/(40&%'(&-,32&420&-'/$33(0@&iD#&.'4%nj
=4230#2G- '(4/% .4- >#$20,23@ 7( *2(. \(0$-4 .4- 2#%
#2;9 %'( ?(4/-#6( -24*(:'4,/(0 ->,/,% .'#-( 34K( 1#$;0 %$/2
429#2( .'# ;##*(0 4% '(/ %# -%#2(5 "$% .4- 4;-# 4 >/#6,2(2%
6(6"(/ #? %'( d/((* >42%'(#2 #? -$"%(//42(42 ->,/,%- L 4 ->(:
1,?,1&14%(3#/9&*2#.2&4-&%'(&1'%'#2,1&6#2-%(/-@

E#;;#.&0((>&,2%#&%'(&-$2*(2&>4;41(&L
?#/&'(/(5&,2&%'(&04/*2(--5&%'(&1'%'#2,1&6#2-%(/&.4,%-&L

"+#0* 64.'5.'B 5+# 9&)5 =4230#2 /(4;,K(05 "/(4*,23 ,2%# 4

/$2 4;#23 %'( "#4/0.4;*@ )/t0(/ 1#$;0 "4/(;9 *((> $> .,%'
',6 4- =4230#2 K,3K433(0 ,2%# %'( 04/*2(--5 ?#;;#.,23 %'(
-,32- ?#/ \(0$-4@ E,24;;95 '( /(41'(0 4 0(40 (20 4% 4 -64;;
8,(.,23&>;4%?#/6&2(4/&%'(&"4-(&#?&%'(&1,-%(/2G-&/,3'%6#-%&.4;;@
N'(/(&"(?#/(&',6&.4-&42&,21/(0,";(&-,3'%@
<,-,23 #$% #? %'( .4%(/ .4- 4 1#;#--4; 14/8(0 64/";(
";#1*k%'( '(40 #? \(0$-4k'(/ '4,/ ./,%',23 .,%' -24*(-@
\4*,23 '(/ >/(-(21( '(/( (8(2 6#/( ",K4//( .4- %'( ?41% %'4%
'(/&'(40&'40&"((2&>;41(0&#2&'(/&2(1*&$>-,0(&0#.2@
2'8#35#( &* 5+# (&:'#(5 =4230#2 /(4;,K(05 >,1%$/,23 )#%%,:
1(;;,G- ?&6 4- @#,, 420 %'( ,28(/%(0 -,22(/- '( '40 >;41(0 ,2
%'(&\4;("#;3(@
 USS[VZY
)/t0(/ 4//,8(0 "/(4%';(-- "(-,0( =4230#2 4% %'( /4,;,235
-%4/,23 #$% 4% %'( $>-,0(:0#.2 \(0$-4 .,%' 4 ;##* #?
"(.,;0(/6(2%@
=4230#2 -$->(1%(0 %'4% %',- 14/8(0 '(405 .',1' 2#. -(/8(0
4- 4 >;,2%' -$>>#/%,23 #2( #? %'( 1#;$62-5 '40 >/#"4";9 "((2
>,;;43(0 ?/#6 (;-(.'(/( 420 $-(0 '(/( 4- 42 ,2(B>(2-,8( "$,;0:
,23 -$>>;9@ N'( /(4-#2 ?#/ \(0$-4G- ,28(/%(0 >#-,%,#2 .4- 2#
0#$"% %'( -$>(/-%,%,#$- "(;,(? %'4% %'( ,28(/-,#2 .#$;0 /#" '(/
#? '(/ (8,; >#.(/-@ P8(2 -#5 =4230#2 1#$;0 2#% -'4*( #?? %'(
"4//43(&#?&'4$2%,23&%'#$3'%-&%'4%&4--4,;(0&',6@
<&'5#0* a2?(/2#@ 1+# -.'&,#/ 1+# 7#'5#3 4- 5+# #&35+/ O+#3#
B3&8.5)%.'8#35*%.5*#,-/%O+#3#%;6%D#74:#*%(49'/
7,- -*,2 2#. >/,1*;,23 .,%' ?#/("#0,235 =4230#2 -I$,2%(0
%'/#$3' %'( /(00,-' '4K( %'4% -$//#$20(0 %'( -1$;>%(0 '(40@
\#-% #? \(0$-4G- -(/>(2%:,2?(-%(0 '4,/ .4- -$"6(/3(0 $20(/:
.4%(/5 "$% '(/ (9(- .(/( 4"#8( %'( -$/?41(5 ?41,23 %# %'( ;(?%5
-%4/,23&#$%&41/#--&%'(&;43##2@
E(4/?$;;95 =4230#2 ;(42(0 #8(/ %'( /4,;,23 420 %$/2(0 ',-
'(405 ;(%%,23 ',- 34K( ?#;;#. %'( -%4%$(G- #$% ,2%# %'( ?46,;,4/
(6>%9&1#/2(/&#?&%'(&-$2*(2&>4;41(@
a2&42&,2-%42%5&'(&*2(.@
N',-&.4-&%'(&->#%@
m#"/,-%G-&3/#$20&K(/#@
 M7!ONP< YR

!dPAN )<wHP< =F+P<PH ',6-(;? -%(4;%',;95 -;,0,23 "(2(4%' %'(

/4,;,23 420 0/#>>,23 0#.2 ,2%# %'( 1'(-%:0((> .4%(/@ !- %'(
/$-' #? 1##; ;,I$,0 >(/6(4%(0 ',- 1;#%',235 ',- 6$-1;(- %(2-(0
434,2-% %'( 1',;;@ N'( ?;##/ #? %'( 1,-%(/2 .4- -;,>>(/9 "(2(4%'
',- "##%-5 "$% ,% ?(;% -#;,0@ 7( -%##0 4 6#6(2%5 %4*,23 -%#1*5
.4%1',23 %'( 1#21(2%/,1 1,/1;(- #? .4%(/ /,>>;,23 4.49 ?/#6 ',-
"#09&;,*(&-'#1*&.48(-&41/#--&%'(&;43##2@
E#/ 4 6#6(2% )/t0(/ 0,02G% "/(4%'(@ ?48# *,49,)5 '( %#;0
',6-(;?@ =3#&5#%'4%5;3D;,#'7#/
!"#8( ',6 #2 %'( "#4/0.4;*5 =4230#2 -%##0 4% %'( /4,;,235
-1422,23&%'(&-$//#$20,23&"#4/0.4;*-@
i!;;&-(%5j&=4230#2&.',->(/(0@&iA#"#09&-((-&9#$@j
)/t0(/ %$/2(0 420 ?41(0 %'( '$3( $>-,0(:0#.2 '(40 #? \(:
0$-45 .',1' .4- "/,3'%;9 ;,% "9 4 /(0 ->#%;,3'%@ N'( ,28(/%(0
6#2-%(/ ;##*(0 (8(2 ;4/3(/ 2#. %'4% )/t0(/ .4- 0#.2 4% '(/
;(8(;@
iE#;;#. \(0$-4G- 34K( 41/#-- %'( ;43##25j =4230#2
.',->(/(0@ im#"/,-% '40 4 ?;4,/ ?#/ -96"#;,-6 420 0/464%,1- L
a .#$;02G% "( -$/>/,-(0 ,? '( >;41(0 ',- 1/(4%,#2 0,/(1%;9 ,2 %'(
;(%'4;&-,3'%&;,2(&#?&\(0$-4@j
I3#&5 :.'(* 5+.'$ &,.$#/ )/t0(/ ?(;% 3/4%(?$; %'4% %'( !6(/:
,142 >/#?(--#/ '40 ,2-,-%(0 #2 64*,23 %'( 0(-1(2% .,%' ',6e
=4230#2G- (B>(/%,-( '40 3$,0(0 %'(6 4;6#-% ,66(0,4%(;9 %#
%',-&0,-%42%&1#/2(/&#?&%'(&1,-%(/2@
!- %'( -%/4,2- #? %'( H42%( D96>'#29 1#2%,2$(0 %# /(8(/"(/:
4%( ,2 %'( 0,-%421(5 )/t0(/ %##* #$% ',- .4%(/>/##? N#84%(1
>(2;,3'% 420 -$"6(/3(0 ,% "(2(4%' %'( .4%(/5 ?;,>>,23 %'(
 USU[VZY
-.,%1'@ ! "/,3'% '4;#3(2 "(46 >,(/1(0 %'( .4%(/5 ,;;$6,24%,23
%'(&1,-%(/2&?;##/&"(?#/(&',6@
A&*)5&)/t0(/&/(6,20(0&',6-(;?@ <4'05%(.*5;3D%&%5+.'B/
+,%'#$% 42#%'(/ .#/05 '( "(342 ',- 14/(?$; C#$/2(9 #$% ,2%#
%'( ;43##25 .40,23 ,2 -;#. 6#%,#2 %'/#$3' %'( .4%(/5 6#8,23
',- ?;4-';,3'% 6(%'#0,14;;9 "41* 420 ?#/%' ;,*( 42 $20(/.4%(/
6,2(-.((>(/@

!% %'( /4,;,235 =4230#2 '40 "(3$2 %# ?((; 42 $2-(%%;,23 %,3'%:

2(-- ,2 ',- %'/#4%@ N'( 4,/ ,2 %'( 1,-%(/25 0(->,%( %'( '$6,0,%95
%4-%(0 -%4;( 420 #B93(2:0(>;(%(0 %# ',6@ !- )/t0(/ .40(0
14/(?$;;9 #$% ,2%# %'( ;43##25 %'( >/#?(--#/ /(4--$/(0 ',6-(;?
%'4%&(8(/9%',23&.#$;0&"(&?,2(@
O#%&33.8#(%.'%5.:#/
250*%&,,%.'5&75/
N3j(#30*%5#&:%7&'%74'5&.'%5+.*/
P8(2 -#5 =4230#2 ?(;% C$6>9@ !- 4 ;,?(;#23 1;4$-%/#>'#"(5 '(
*2(. '( .#$;0 "( 42B,#$- 0#.2 '(/( $20(/ 429 1,/1$6:
-%421(-@ "4:#5+.'B &D4;5 5+4;*&'(* 4- 54'* 4- #&35+ +48#3.'B
48#3+#&(%E%*;66435#(%D)%'45+.'B%D;5%(#7&).'B%6.,,&3*/
7( >$-'(0 %'( %'#$3'% ?/#6 ',- 6,20 420 %##* 42#%'(/
3;421(&"(',20&',6&?#/&429#2(&%4*,23&$20$(&,2%(/(-%@
S45+.'B/
N'( #2;9 >(#>;( 2(4/"9 .(/( -%420,23 #2 84/,#$- #%'(/
"#4/0.4;*-5 420 %'(9 .(/( 4;; ;##*,23 ,2 %'( #>>#-,%( 0,/(1%,#25
%#.4/0 %'( #/1'(-%/4@ A# #2( -((6(0 %# '48( 2#%,1(0 )/t0(/
-;#.;9 .40,23 41/#-- %'( .4%(/ ,2 %',- 0((> 1#/2(/ #? %'(
1,-%(/2@
=4230#2 /(%$/2(0 ',- 34K( %# %'( D<D %(46 ;(40(/5 .'#-(
-$"6(/3(0 '4;#3(2 "(46 -%,;; #-1,;;4%(0 ((/,;9 ,2 ?/#2% #? ',65
;,3'%,23&%'(&.49@
 USV[VZY
!- =4230#2 ;##*(0 #25 ',- >(/,>'(/4; 8,-,#2 -$00(2;9 >,1*(0
$> 6#8(6(2% %# ',- ;(?%k42 #6,2#$- ";41* ?#/6 /,-,23 #$% #?
%'( .4%(/ ,2 ?/#2% #? )/t0(/@ =4230#2 .'((;(0 420 -%4/(0 ,2%#
%'( ;##6,23 04/*2(--5 '4;? (B>(1%,23 %# -(( -#6( *,20 #? ;(:
8,4%'42&/(4/,23&$>&?/#6&"(2(4%'&%'(&-$/?41(@
)/t0(/&'40&-%#>>(0&-'#/%5&4>>4/(2%;9&'48,23&-((2&,%5&%##@
a2 %'( ?4/ 1#/2(/5 4 .48(/,23 ";41* -'4>( /#-( -#6( %',/%9
?((% $> %'( .4;;@ N'( 3'#-%;9 -,;'#$(%%( ;##*(0 2(4/;9 ,0(2%,14;
%#&%'4%&#?&%'(&>;43$(&0#1%#/&.'#G0&4>>(4/(0&,2&m#"/,-%G-&8,0(#@
250*%&%*+&(495&=4230#2&/(4;,K(05&(B'4;,23@ N3j(#30*%*+&(49/
N'( -'40#. '40 "((2 14-% 4- )/t0(/ 6#8(0 >4-% 4 -$":
6(/3(0 ->#%;,3'% ,2 %'( ;43##25 (B41%;95 ,% -((6(05 4- m#"/,-%G-
-'40#.&'40&0#2(&,2&%'(&8,0(#@
iN',- ,- %'( ->#%5j =4230#2 14;;(0 #$% %# )/t0(/@ i]#$G/(
1;#-(@j
)/t0(/ 2#00(0 420 1#2%,2$(0 ,21',23 ',- .49 #$% ,2%# %'(
;43##2@ =4230#2 6#8(0 4;#23 %'( /4,;,235 -%49,23 (8(2 .,%'
',6@ !- %'( 43(2% 6#8(0 ?4/%'(/ 420 ?4/%'(/ 4.495 =4230#2
-%#;( 42#%'(/ I$,1* 3;421( %#.4/0 %'( #/1'(-%/4 %# 64*( -$/(
)/t0(/&'40&2#%&"((2&2#%,1(0@
A#%',23@
!- =4230#2 434,2 /(%$/2(0 ',- 34K( %# %'( ;43##25 4 3;,2% #?
/(?;(1%(0&;,3'%&14$3'%&',-&(9(&#2&%'(&"#4/0.4;*&4%&',-&?((%@
7(&;##*(0&0#.2&420&-4.&4&%,29&>$00;(&#?&/(0&;,I$,0@
);##0@
D%/423(;95&=4230#2&.4-&-%420,23&,2&,%@
>:%2%D,##(.'BL
=4230#2 ?(;% 2# >4,25 420 9(% '( ?/42%,14;;9 "(342 -(4/1',23
',6-(;? ?#/ -#6( ,2C$/9 #/ >#--,";( /(41%,#2 %# 42 $2-((2 %#B,2
,2 %'( 4,/@ 7( 1'(1*(0 ',- 2#-( ?#/ 4 >#--,";( ";((05 ',- ?,23(/:
24,;-5&',-&(4/-@
)4??;(0 4- %# .'(/( %'( ";##0 '40 1#6( ?/#65 =4230#2
3;421(0 4/#$205 1#2?,/6,23 %'4% '( .4- ,20((0 4;#2( #2 %'(
0(-(/%(0&.4;*.49@
 USW[VZY
=4230#2 ;##*(0 0#.2 4% %'( >$00;( 434,25 420 %',- %,6( '(
2#%,1(0 4 %,29 /,8$;(% ?;#.,23 4;#23 %'( "#4/0.4;* 420 1#;;(1%:
,23 ,2 %'( ;#. ->#% 4% ',- ?((%@ N'( /(0 ;,I$,05 ,% -((6(05 .4-
1#6,23 ?/#6 -#6(.'(/( $> 4'(40 420 %/,1*;,23 0#.2 42 ,2:
1;,2(&,2&%'(&"#4/0.4;*@
"4:#4'# .* .'X;3#( ;6 5+#3#5 =4230#2 -(2-(0@ 7( 3;421(0
I$,1*;9 #$% 4% )/t0(/5 .'# .4- 2(4/,23 %'( 1(2%(/ #? %'(
;43##2@
=4230#2 -%/#0( I$,1*;9 $> %'( "#4/0.4;*5 ?#;;#.,23 %'(
/,8$;(%@ !- '( 408421(0 %#.4/0 %'( 0(40 (205 %'( /,8$;(% "(:
146( .,0(/5 ?;#.,23 ?/((;9@ O+&5 .' 5+# 943,(L !% %',- >#,2% ,%
%$/2(0 ,2%# 4 -64;; -%/(46@ 7( "/#*( ,2%# 4 C#35 ?#;;#.,23 %'(
?;#.,23 ;,I$,0 4;; %'( .49 %# %'( .4;;5 .'(/( %'( "#4/0.4;* -$0:
0(2;9&(20(0@
H(40&(20@
a2 %'( 6$/*9 04/*2(--5 '( ?#$20 4 ;4/3( >##;5 .',1' .4-
3;,-%(2,23&/(05&4-&,?&-#6(#2(&'40&C$-%&"((2&-;4$3'%(/(0&'(/(@
a2 %'4% ,2-%42%5 4- =4230#2 .4%1'(0 %'( /(0 ;,I$,0 0/,>>,23
#?? %'( "#4/0.4;* ,2%# %'( 1,-%(/25 '( /(4;,K(0 %'4% ',- #/,3,24;
4--(--6(2%&.4-&6,-%4*(2@
250*%'45%D,44(/
N'( /(0 ;,3'%- #? %'( 84-% ->41(5 1#6",2(0 .,%' %'( /(0 '$(
#? %'( "#4/0.4;*5 '40 1/(4%(0 42 ,;;$-,#25 3,8,23 %'(-( 1;(4/
0/#>;(%-&4&/(00,-':";41*&%,2%@
250*%X;*5%9&5#3/
a2-%(40 #? "/,23,23 4 -(2-( #? /(;,(?5 %'( /(8(;4%,#2 ,2?$-(0
',6 .,%' ";$2% ?(4/@ 7( -%4/(0 0#.2 4% %'( >$00;( #? .4%(/5
2#.&-((,23&->;4-'(-&#2&%'(&"42,-%(/&L&420&?##%>/,2%-@
"4:#4'#%7,.:D#(%4;5%4-%5+#%9&5#3%+#3#/
=4230#2 ->$2 %# 14;; #$% %# )/t0(/5 "$% '( .4- %## ?4/ 4.49
420 %'( 6$-,1 '40 >/#3/(--(0 ,2%# 4 ?#/%,--,6# #? "/4-- 420
%,6>42,@ a% .4- 0(4?(2,23@ =4230#2 -$00(2;9 ?(;% 4 >/(-(21(
"(-,0(&',6@
20:%'45%&,4'#%4;5%+#3#/
 USX[VZY
a2 -;#. 6#%,#25 =4230#2 %$/2(0 %#.4/0 %'( .4;; .'(/( %'(
"#4/0.4;* 0(40:(20(0@ N(2 ?((% 4.495 -'/#$0(0 ,2 04/* -'40:
#.-5 '( .4- 4";( %# 0,-1(/2 4 /#$20(0 ?#/65 ;,*( 4 ;4/3( -%#2(
1;#4*(0 ,2 ";41* 1;#%'5 0/,>>,23 ,2 4 >##; #? .4%(/@ N'( ?#/6
.4-&6#%,#2;(--@
!20&%'(2&,%&6#8(0@
N'( ?#/6 (;#234%(05 ,%- ?(4%$/(;(-- '(40 /#%4%,23 $>.4/0
?/#6&,%-&"#.(0&>#-,%,#2@
>%6#3*4'%+;((,#(%.'%&%D,&7$%D;3$&5&=4230#2&/(4;,K(0@
N'( %/40,%,#24; a-;46,1 "#09 1#8(/,23 ;(?% 2# -*,2 -'#.,235
"$% 4- %'( 8(,;(0 '(40 %$/2(0 %#.4/0 =4230#25 %.# 04/* (9(-
64%(/,4;,K(05 -%4/,23 #$% %'/#$3' %'( 24//#. -;,% #? %'( "$/*4G-
?41(&1#8(/,235&;#1*,23&,2%(2%;9&#2&=4230#2@
a2&42&,2-%42%5&'(&*2(.@
D,(224 )/##*- (B>;#0(0 ?/#6 '(/ ',0,23 >;41(@ D'( 411(;(/:
4%(0 %# 4 ->/,2% ,2 4 -,23;( -%/,0(5 >;#.,23 ,2%# =4230#2 420
0/,8,23&',6&%#&%'(&3/#$20&4-&-'(&/41(0&#??&0#.2&%'(&"#4/0.4;*@
 M7!ONP< YS

FhN aA N7P ;43##25 !3(2% )/t0(/ '40 -%#>>(0 ,2 ',- %/41*-@ N'(
'4;#3(2 "(46 #? ',- N#84%(1 >(2;,3'% '40 C$-% >,1*(0 $> %'(
-'4/>&3;,2%&#?&6(%4;&$>&4'(40&#2&%'(&-$"6(/3(0&1,-%(/2&?;##/@
)4/(;9 "/(4%',235 )/t0(/ %##* 4 0(;,14%( -%(> 1;#-(/5 14$%,#$-
2#% %# 1/(4%( 429 %$/"$;(21( ,2 %'( .4%(/@ N'/#$3' %'( 3;4--9
-$/?41(5 '( 1#$;0 2#. 64*( #$% 4 -;((* /(1%423;( #? %,%42,$65
"#;%(0&%#&%'(&?;##/@
n4D3.*50*%6,&^;#/
N'( .4%(/ .4- -# 1;(4/ '( 1#$;0 4;6#-% /(40 %#6#//#.G- 04%(
420&411#6>429,23&%(B%^

aA&N7aD&O=!MP5&FA&N7aD&H!NP5
N7P&+F<=H&+!D&M7!AdPH&EF<PgP<@

1+.'$ &B&.'5 )/t0(/ 6$-(05 ',- 1#2?,0(21( /,-,23@ O# +&8#

*#8#3&,%+4;3*%54%*546%5+.*%D#-43#%54:43349/
O,1%$/,23 m#"/,-%G- 8,0(#5 )/t0(/ 3(2%;9 ,21'(0 %'( ?;4-';,3'%
"(46 %# %'( ;(?% #? %'( >;4I$(5 -(4/1',23 ?#/ %'( %(%'(/(0 D#;$":
;#2 "43@ !- %'( "(46 ,;;$6,24%(0 %'( 04/*(2(0 .4%(/5 )/t0(/
-%/4,2(0&',-&34K(&,2&1#2?$-,#2@
S4%D&B/
7( 6#8(0 %'( "(46 ?4/%'(/ %# %'( ;(?%5 %# %'( >/(1,-( ->#%
.'(/(&%'(&"43&'40&4>>(4/(0&#2&%'(&8,0(#@
D%,;;&2#%',23@
N;5%E%.5%9&*%3.B+5%+#3#F
)/t0(/G- C4. 1;(21'(0 4- '( %##* 42#%'(/ %(2%4%,8( -%(>
1;#-(/5&-.((>,23&%'(&"(46&-;#.;9&4/#$20&%'(&(2%,/(&4/(4@
N'(/(&.4-&2#&"43@&F2;9&%'(&>;4I$(@
 UTZ[VZY
E#/ 4 "/,(?5 '#>(?$; ,2-%42%5 )/t0(/ .#20(/(0 ,? >(/'4>- %',-
%'/(4%5 ;,*( -# 6429 %',23- %#0495 '40 "((2 2#%',23 "$% 42
,;;$-,#2@
O&*%.5%&,,%&%+4&\LF
<.(%n4D3.*5%X;*5%9&'5%54%*7&3#%;*LF
!20&%'(2&'(&-4.&,%@
N# %'( ;(?% #? %'( >;4I$(5 "4/(;9 8,-,";( #2 %'( ;43##2 ?;##/5
;49 4 ;,6> %(%'(/@ N'( ?;411,0 -%/,23 ;##*(0 ;,*( 4 ;,?(;(-- .#/6
,2 %'( .4%(/@ !% %'( ?4/ (20 #? %'( -%/,23 .4- 4 %,29 >;4-%,1 1;4->5
?/#6&.',1'&'$23&4&?(.&%4%%(/-&#?&D#;$";#2&>;4-%,1@
)/t0(/ -%4/(0 0#.2 4% %'( ?/49(0 /(;,1 #? %'( %/42->4/(2%
"43@ a% 1;$23 %# %'( (20 #? %'( %(%'(/ ;,*( %'( %4%%(/(0 *2#% #? 4
>#>>(0&>4/%9&"4;;##2@
N'(&%/$%'&-(%%;(0&-;#.;9&,2&',-&3$%@
O#03#%544%,&5#/
7( >,1%$/(0 %'( -$"6(/3(0 "43 0,--#;8,23 420 "/(4*,23
4>4/% L ,%- 0(40;9 1#2%(2%- ->/(40,23 #$% ,2%# %'( .4%(/ L 420
"$"";,23&$>&%#&%'(&-$/?41(&#?&%'(&;43##2@
+,%' 4 %/(6$;#$- ?,23(/5 '( ?;,1*(0 #?? ',- ?;4-';,3'% 420
-%##0&4&6#6(2%&,2&%'(&04/*2(--5&%/9,23&%#&34%'(/&',-&%'#$3'%-@
N'#-(&%'#$3'%-&%$/2(0&I$,1*;9&%#&>/49(/@
I4(%+#,6%;*%&,,/

i!3(2% )/t0(/5 /(>(4%lj D,2-*(9 -'#$%(0 ,2%# '(/ /40,#5 0(-:

1(20,23 '4;?.49 0#.2 %'( -%4,/.(;; ,2%# %'( 1,-%(/25 %/9,23 %#
3(%&"(%%(/&/(1(>%,#2@&ia&0,02G%&1#>9&%'4%lj
N'( .4/6 .,20 /$-'(0 >4-% '(/5 $> %'( -%4,/- %#.4/0 %'(
#>(2 0##/.49 4"#8(@ F$%-,0(5 %'( D<D %(46 '40 4//,8(0 420
,%- 6(6"(/- .(/( >/(>>,23 "(',20 %'( "$,;0,23 ,2 42 (??#/% %#
*((> %'(,/ '4K64% 3(4/ #$% #? -,3'% .',;( %'(9 .4,%(0 %# /(1(,8(
)/t0(/G-&4--(--6(2%@
 UTQ[VZY
iL /$>%$/(0 "43 Lj )/t0(/G- 8#,1( 1/41*;(0 ,2 D,2-*(9G-
1#66@&iL&420&L&/(;(4-(0@j
O+&5LF D,2-*(9 >/49(0 -'( .4- 6,-$20(/-%420,23 4- -'(
/$-'(0 ?4/%'(/ 0#.2 %'( -%4,/-@ i<(>(4%lj -'( 1#66420(05
2(4/,23 %'( "4-( #? %'( -%4,/.(;;5 .'(/( %'( #/1'(-%/4; 6$-,1
3/(.&;#$0(/@
)/t0(/G- 8#,1( .4- 6$1' 1;(4/(/ %',- %,6(@ iL 420 a /(>(4% L
%'(&1#2%43,#2&'4-&"((2&0,->(/-(0lj
D,2-*(9 ;$/1'(0 ?#/.4/05 2(4/;9 ?4;;,23 ,2%# %'( 1,-%(/2G-
(2%/9.49&4%&%'(&"4-(&#?&%'(&-%4,/.(;;@ @49%7&'%5+&5%D#LF
iN'( "43 '4- 0,--#;8(05j )/t0(/G- 8#,1( -24>>(0 ;#$0;9@ iN'(
1#2%43,#2&,-&,2&%'(&.4%(/lj
! 1#;0 -.(4% 3/,>>(0 H/@ D,2-*(9 4- -'( /4,-(0 '(/ (9(- 420
%/,(0 %# >/#1(-- %'( ->/4.;,23 $20(/3/#$20 .#/;0 2#. ->/(40
#$% "(?#/( '(/@ N'/#$3' %'( /(00,-' '4K(5 -'( -4. 4 84-% (B:
>42-( #? .4%(/ ?/#6 .',1' ->/423 '$20/(0- #? 1#;$62-@ \#-%
#?&4;;5&'#.(8(/5&-'(&-4.&>(#>;(@
7$20/(0-&#?&>(#>;(@
D,2-*(9 -%4/(0 #$% 4% %'( $2-$->(1%,23 1/#.05 4;; #? %'(6
1#2?,2(0 ,2 m#"/,-%G- $20(/3/#$20 0(4%' %/4>@ D'( /(41%(0 #2
,2-%,21%@ i!3(2% )/t0(/5 1#6( $> 4% #21(@ +(G;; "(3,2 (841$4%:
,23&>(#>;(&,66(0,4%(;9@j
)/t0(/G- /(>;9 .4- ,2-%42%42(#$-@ i!"-#;$%(;9 2#%l D(4; %'(
0##/-l&A#"#09&3(%-&#$%&#?&'(/(lj
!- 0,/(1%#/ #? %'( +#/;0 7(4;%' F/342,K4%,#25 P;,K4"(%' D,2:
-*(9 .4- 411$-%#6(0 %# '48,23 '(/ #/0(/- ?#;;#.(0 .,%'#$%
I$(-%,#2@ E#/ 42 ,2-%42%5 -'( %'#$3'% -'( '40 6,-$20(/-%##0
%'(&;(40&D<D&43(2%G-&.#/0-@ "#&,%5+#%(443*LF
iH/@ D,2-*(9lj )/t0(/ -'#$%(0 #8(/ %'( 6$-,1@ iH# 9#$ /(40
6(nl&M;#-(&%'(&3#00462&0##/-lj
)/t0(/ /(>(4%(0 %'( 1#664205 "$% ,% .4- $22(1(--4/9@ D,2-:
*(9 *2(. '( .4- 1#//(1%@ a2 %'( ?41( #? 4 >#--,";( >420(6,15
1#2%4,26(2%&.4-&%'(&#2;9&8,4";(&#>%,#2@
 UTR[VZY
D,2-*(9 /(?;(B,8(;9 /(41'(0 $> 420 3/,>>(0 '(/ ;4>,- ;4K$;,
46$;(%@ "&73.-.7# 5+# -#9 54 *&8# 5+# :&')@ +,%' 4 '4/0(2,23
/(-#;8(5 -'( /4,-(0 %'( /40,# %# '(/ ;,>-@ iM#2?,/6(05 !3(2%
)/t0(/@&aG;;&3,8(&%'(&#/0(/&%#&-(4;&%'(&0##/-@j
D,2-*(9 .4- 4"#$% %# %$/2 4.49 ?/#6 %'( '#//#/ #? %'(
1,-%(/2 420 3,8( %'( 1#66420 %# -(4; %'( 4/(4 .'(2 -'( -(2-(0
4&-$00(2&1#66#%,#2&,2&%'(&1/#.0@
A#% ?4/ 4.495 4 .#642 ,2 4 ";41* "$/*4 .4- 04-',23 %#.4/0
'(/ 4;#23 4 1/#.0(0 "#4/0.4;*5 *2#1*,23 >(#>;( #$% #? %'(
.49 4- -'( /42@ N'( 8(,;(0 .#642 -((6(0 %# "( '(40(0 0,/:
(1%;9&?#/&D,2-*(9&420&%'(&(B,%@
"+#0* D#.'B 7+&*#(5 D,2-*(9 /(4;,K(05 ->#%%,23 4 642 /$22,23
"(',20&'(/@
N'(2&D,2-*(9&?/#K(@ 1+&50*%T&'B(4'F
D,2-*(9G- (9(- .',>>(0 "41* %# %'( .#642 ,2 %'( "$/*45 .'#
.4- 4>>/#41',23 ?4-% 420 2#. -'#$%,23 -#6(%',23 ,2 N$/*,-'
%# 4;; %'( >(#>;( #2 %'( "#4/0.4;*@ D,2-*(9 0,02G% ->(4* N$/*:
,-'5 "$% C$03,23 ?/#6 %'( >42,1*(0 /(41%,#2 #? %'( >(#>;(5 %'(
.#642G- .#/0- .(/( %'( (I$,84;(2% #? -'#$%,23 iE,/(lj ,2 4
1/#.0(0&%'(4%(/@
! /,>>;( #? >42,1 -.(>% %'/#$3' %'( 1/#.05 420 -$00(2;9 ,%
.4- 2#% #2;9 %'( 8(,;(0 .#642 420 =4230#2 .'# .(/( 04-',23
?#/&%'(&-%4,/-@&P8(/9#2(&.4-@
D,2-*(9 %$/2(0 '(/ "41* %# %'( #21#6,23 -%46>(0( 420
"(342&-'#$%,23&0(->(/4%(;9&$>&%'(&-%4,/-&%#&'(/&%(46@
i=#1* %'( 0##/-lj D,2-*(9 -1/(46(0@ iD(4; %'( 1,-%(/2l
AF+lj

)9 %'( %,6( =4230#2 -*,00(0 4/#$20 %'( 1#/2(/ ,2%# %'( -%4,/:
.(;;5 D,2-*(9 .4- '4;?.49 $> %'( -%4,/-5 1;46"(/,23 %#.4/0 %'(
-$/?41(5 -'#$%,23 .,;0;9 %# 1;#-( %'( 0##/-@ D,(224 )/##*- .4-
 UTS[VZY
1;#-( #2 '(/ '((;-5 -%/$33;,23 .,%' '(/ '(4895 .(% "$/*4 4- -'(
;$6"(/(0&$>&%'(&-%4,/-@
)#$20,23 4?%(/ %'(65 =4230#2 1#$;0 ?((; 4 %,04; .48( #? %(/:
/,?,(0&1#21(/%3#(/-&-$/3,23&$>&"(',20&',6@
iD(4;&%'(&(B,%lj&D,2-*(9&-'#$%(0&434,2@
=4230#2G- ;#23 ;(3- 14//,(0 ',6 %'/(( -%(>- 4% 4 %,6(5 34,2:
,23 ?4-% #2 D,(224@ !"#8(5 '( 1#$;0 -(( %'( 1,-%(/2G- '(489
0#$";(&0##/-&"(3,2&%#&-.,23&,2.4/0@
144%*,49/
D,(224 #8(/%##* D,2-*(95 3/4"",23 '(/ -'#$;0(/ 420 $-,23 ,%
4- ;(8(/43( %# ;4$21' >4-% '(/5 1;46"(/,23 .,;0;9 #8(/ '(/ %#:
.4/0 %'( (B,%@ D,2-*(9 -%$6";(0 ?#/.4/0 #2%# '(/ *2((-5 '(/
"(;#8(0&46$;(%&',%%,23&%'(&1(6(2%&-%4,/-&420&"/(4*,23&,2&'4;?@
=4230#2 ?#$3'% %'( ,2-%,21% %# -%#> 420 '(;> %'( ?4;;(2 .#:
6425 "$% ,2-%(405 '( '$/%;(0 >4-% '(/5 ->/,2%,23 %#.4/0 %'( %#>
;420,23@
D,(224 .4- #2;9 4 ?(. ?((% 4.49 2#.5 4;6#-% .,%',2 /(41'5
"$% -'( '40 4%%4,2(0 %'( ;420,235 420 %'( 0##/- .(/( 2#% 1;#-:
,23 ?4-% (2#$3'@ +,%'#$% "/(4*,23 -%/,0(5 D,(224 0(?%;9 423;(0
'(/ -;(20(/ "#09 420 ;(4>(0 -,0(.49- %'/#$3' %'( 24//#.
#>(2,23@
D'( .4- '4;?.49 %'/#$3' %'( 0##/- .'(2 '(/ "$/*4 -2433(0
#2 4 ;4%1'5 '4;%,23 '(/ ,2 '(/ %/41*-5 .(03(0 ,2 %'( 6,00;( #?
%'( 0##/.495 6(/( ,21'(- ?/#6 ?/((0#6@ !- -'( ./,%'(0 %# (-:
14>(5 =4230#2G- '420 -'#% #$% 420 -(,K(0 4 1;$6> #? '(/
"$/*4@ 7( '(;0 ?4-%5 >$;;,23 "41*5 %/9,23 %# /((; '(/ ,25 "$% -'(
./,33;(0 ?/42%,14;;9 420 -$00(2;9 =4230#2 .4- '#;0,23 #2;9 4
.(%&1;$6>&#?&?4"/,1@
N'( 0##/- -;466(0 #2%# %'( ?4"/,15 "4/(;9 6,--,23 =423:
0#2G- '420-@ N'( .400(0 1;#%' .4- 2#. >,21'(0 ,2 %'( 0##/:
.495 64*,23 ,% ,6>#--,";( ?#/ %'( 6(2 #$%-,0( %# >$-' %'(
0##/-&4;;&%'(&.49&1;#-(0@
N'/#$3' %'( 24//#. -;,%5 =4230#2 1#$;0 -(( D,(224 )/##*-
->/,2%,23 41/#-- 4 "$-9 -%/((%5 '(/ "4;0 '(40 -',2,23 ,2 %'(
 UTT[VZY
-%/((%;,3'%-@ D'( .4- .(4/,23 %'( -46( -.(4%(/ 420 ";$( C(42-
-'( '40 "((2 .(4/,23 4;; 0495 420 =4230#2 -$00(2;9 ?(;% 4
?,(/95&$>.(;;,23&-(2-(&#?&"(%/494;@
N'( ?((;,23 ;4-%(0 #2;9 42 ,2-%42%@ ! -$00(25 1/$-',23 .(,3'%
/466(0&=4230#2&'4/0&434,2-%&%'(&0##/@
N'(&-%46>(0(&'40&4//,8(0&"(',20&',6@
N'( -%4,/.(;; (1'#(0 .,%' -'#$%- #? %(//#/ 420 1#2?$-,#2 4-
%'( -#$20- #? %'( -96>'#29 #/1'(-%/4 0(%(/,#/4%(0 ,2%# 4 1#2:
?$-(0 141#>'#29 "(;#.@ =4230#2 1#$;0 ?((; %'( >/(--$/( #2 ',-
"41* ,21/(4-,23 4- %'( "#%%;(2(1* %',1*(2(0@ 7,- /," 143( "(342
%#&1#6>/(--&>4,2?$;;9&434,2-%&%'(&0##/@
N'(2 %'( 0##/- (B>;#0(0 #$%.4/05 420 =4230#2 .4-
;4$21'(0 ,2%# %'( 2,3'% ;,*( 4 1#/* ?/#6 4 "#%%;( #? 1'46>432(@
7( -%$6";(0 41/#-- %'( -,0(.4;*5 2(4/;9 ?4;;,23 ,2%# %'( -%/((%@
)(',20 ',65 4 -%/(46 #? '$642,%9 .4- ?;#.,23 $> #$% #? %'(
(4/%'&;,*(&42%-&(-14>,23&?/#6&4&>#,-#2(0&42%',;;@
N'( D<D 43(2%-5 '(4/,23 %'( -#$20- #? 1'4#-5 2#. (6(/3(0
?/#6 "(',20 %'( "$,;0,23@ N'(,/ 4>>(4/421( ,2 ?$;; '4K64% 3(4/
420&/(->,/4%#/-&,66(0,4%(;9&46>;,?,(0&%'(&>42,1@
=4230#2 %$/2(0 4.49 420 >((/(0 41/#-- %'( -%/((% 4?%(/ D,:
(224@&!;;&'(&1#$;0&-((&.4-&%/4??,1&420&;,3'%-&420&1#2?$-,#2@
N'(25 ?#/ 4 ?;((%,23 ,2-%42%5 0#.2 %'( -%/((% %# ',- ;(?%5 %'(
>4;( ?;4-' #? 4 "4;0 '(40 -'#2( ,2 %'( 2,3'%5 04/%,23 4;#23 4
1/#.0(0&-,0(.4;*&420&0,-4>>(4/,23&4/#$20&4&1#/2(/@
=4230#2 -'#% 4 0(->(/4%( 3;421( "(',20 ',65 -(4/1',23 ?#/
D,2-*(95 #/ %'( >#;,1(5 #/ 42 D<D 43(2% .'# .4- 2#% .(4/,23 4
"$;*9&'4K64%&-$,%@
A#%',23@
=4230#2&*2(.&'(&.4-&#2&',-&#.2@
+,%'#$%&'(-,%4%,#25&'(&->/,2%(0&4?%(/&D,(224@
 UTU[VZY
E4/ "(;#.5 ,2 %'( 0((>(-% /(1(--(- #? %'( 1,-%(/25 !3(2% )/t0(/
-%##0 4;; 4;#2( ,2 %'( .4,-%:0((> .4%(/@ N'( -#$20- #? >420(:
6#2,$6 (1'#(0 %'/#$3' %'( 04/*2(-- 4- ?/(2K,(0 %#$/,-%- 420
6$-,1,42- -'#8(0 %'(,/ .49 %#.4/0 %'( (B,% 420 0,-4>>(4/(0
$>&%'(&-%4,/-@
1+# (443* 9#3# '#8#3 *#&,#(5 )/t0(/ /(4;,K(0 %# ',- '#//#/@
=4'5&.':#'5%+&*%-&.,#(/
 M7!ONP< YT

<F)P<N =!AdHFA +!D 2#% 4 /$22(/5 "$% 9(4/- #? -.,66,23 640(

?#/ >#.(/?$; ;(3-5 420 ',- -%/,0( .4- ;#23@ 7( /(41'(0 %'(
1#/2(/ ,2 4 64%%(/ #? -(1#20- 420 /#$20(0 ,%5 ?,20,23 ',6-(;?
#2&4&.,0(/&48(2$(@&7,-&(9(-&$/3(2%;9&-1422(0&%'(&-,0(.4;*-@
"+#0*%B45%54%D#%+#3#F
N'( /4,2 '40 -%#>>(05 420 ?/#6 %',- 1#/2(/5 =4230#2 1#$;0
1;(4/;9&-((&%'(&(2%,/(&.(;;:;,%&-%/((%@&N'(/(&.4-&2#.'(/(&%#&',0(@
!20&9(%&D,(224&-((6(0&%#&'48(&842,-'(0@
=4230#2 146( %# 4 -%#>5 '420- #2 ',- ',>-5 >42%,23 4- '(
-$/8(9(0 %'( /4,2:-#4*(0 -%/((% "(?#/( ',6@ N'( #2;9 6#8(:
6(2% '( -4. .4- ?,?%9 94/0- 4'(405 .'(/( #2( #? a-%42"$;G-
6#0(/2 454Dj*(- .4- >$;;,23 4.49 ?/#6 %'( 1$/" 420 >#.(/:
,23&$>&%'(&48(2$(@
<.(%".#''&%X;:6%4'%&%7.5)%D;*L
a% -((6(0 ?4/ %## /,-*9@ +#$;0 -'( /(4;;9 %/4> '(/-(;? #2 4
"$- .'(2 -'( *2(. (8(/9#2( .#$;0 "( ;##*,23 ?#/ '(/n N'(2
434,25 ,? -'( "(;,(8(0 2#"#09 '40 -((2 '(/ /#$20 %'( 1#/2(/5
420 ,? %'( "$- '40 "((2 C$-% >$;;,23 4.49 "9 1'421(5 #??(/,23 4
>(/?(1%;9&%,6(0&#>>#/%$2,%9&L
?&)D#/
!??,B(0 %# %'( %#> #? %'( "$- .4- 4 0(-%,24%,#2 -,32k4 >/#:
3/4664";(&64%/,B&#?&;,3'%-&0,->;49,23&4&-,23;(&.#/0^ d!=!N!@
=4230#2 /$-'(0 $> %'( -%/((% %#.4/0 42 (;0(/;9 642 .'#
.4- -%420,23 #$%-,0( 4 /(-%4$/42% $20(/ 42 4.2,23@ 7( .4-
2,1(;9&0/(--(0&,2&42&(6"/#,0(/(0&%$2,1&420&4&.',%(&%$/"42@
iPB1$-( 6(5j =4230#2 -4,0 "/(4%';(--5 4//,8,23 "(?#/( ',6@
iH#&9#$&->(4*&P23;,-'nj
 UTW[VZY
iF? 1#$/-(5j %'( 642 -4,05 ;##*,23 $22(/8(0 "9 %'( $/3(219
#?&=4230#2G-&%#2(@
iI&,&5&LF N'4%G-&4&>;41(nj
id4;4%4nj %'( 642 /(>;,(0@ id4;4%4 )/,03(n d4;4%4 N#.(/n
d4;4%4>#/%nj
=4230#2 >#,2%(0 %# %'( 0(>4/%,23 454Dj*@ id4;4%4l +'(/( ,-
%'(&"$-&3#,23lj
N'( 642 ,2 %'( %$/"42 ;##*(0 4?%(/ %'( 0(>4/%,23 "$- 420
1#2-,0(/(0 ,% 4 6#6(2%@ id4;4%4 )/,03(5j '( /(>;,(0@ ia% 0(>4/%-
%'(&#;0&1,%9&420&1/#--(-&%'(&.4%(/.49@j
=4230#2 3/#42(05 ',- (9(- 64*,23 42#%'(/ ?/42%,1 >4-- #?
%'( -%/((% "$% -((,23 2# ',2% #? D,(224@ D,/(2- ";4/(0 (8(/9:
.'(/( 2#.5 4- (6(/3(219 /(->#2-( 8(',1;(- %#/( >4-% %'(6 ,2
%'(&0,/(1%,#2&#?&%'(&1,-%(/2@
i+'4%G- '4>>(2,23nj %'( 642 0(6420(05 ;##*,23 4;4/6(0@
ia-&(8(/9%',23&#*49nj
=4230#2 %##* 42#%'(/ ;##* 4% %'( 0(>4/%,23 "$- 420 *2(. ,%
.4-&4&346";(5&"$%&'(&'40&2#&#%'(/&1'#,1(@
iA#5 -,/5j =4230#2 /(>;,(0@ iN'(/(G- 42 (6(/3(2195 420 a
2((0 9#$/ '(;>@j 7( 6#%,#2(0 %# %'( 1$/"5 .'(/( 4 84;(% '40
C$-%&0(;,8(/(0&4&-;,1*5&-,;8(/&)(2%;(9@&ia-&%'4%&9#$/&14/nj
ia%&,-5&"$%kj
ia 2((0 4 /,0(5j =4230#2 -4,0@ ia *2#. .(G8( 2(8(/ 6(%5 "$%
-#6(%',23 14%4-%/#>',1 ,- '4>>(2,23@ a%G- 4 64%%(/ #? ;,?( 420
0(4%'@j
N'( %$/"42(0 642 -%4/(0 ,2%# %'( >/#?(--#/G- (9(- 4 ;#23
6#6(2%5 4- ,? -(4/1',23 ',- -#$;@ E,24;;9 '( 2#00(0@ iN'(2
9#$G0&"(%%(/&3(%&,2@j
!- %'( )(2%;(9 /#4/(0 4.49 ?/#6 %'( 1$/"5 =4230#2 ?#$20
',6-(;? 3/,>>,23 ',- -(4%@ N'( 642 .4- 1;(4/;9 42 (B>(/,(21(0
0/,8(/ 420 -((6(0 %# (2C#9 %'( 1'4;;(23( #? .(48,23 ,2 420 #$%
#?&%/4??,15&>;49,23&14%1':$>&.,%'&%'(&"$-@
a% %##* ',6 ;(-- %'42 %'/(( ";#1*- %# >#-,%,#2 ',- )(2%;(9 0,/:
(1%;9 "(',20 %'( 454Dj*@ =4230#2 ;(42(0 ?#/.4/0 ,2 ',- -(4%5
 UTX[VZY
-I$,2%,23 4% %'( /(4/ .,20#.@ N'( ,2%(/,#/ ;,3'%- .(/( 0,65 420
%'( #2;9 %',23- =4230#2 1#$;0 64*( #$% .(/( %'( 843$( -,;'#$:
(%%(-&#?&%'(&>4--(23(/-@
iD%49 .,%' %'( "$-5 >;(4-(5j =4230#2 -4,0@ i!20 0# 9#$ '48(
4&>'#2(nj
N'( 642 >/#0$1(0 4 1(;; >'#2( ?/#6 ',- >#1*(% 420 '420(0
,% %# ',- >4--(23(/5 .'# %'42*(0 ',6 >/#?$-(;9 "(?#/( /(4;,K,23
%'4% '( '40 2# ,0(4 .'#6 %# 14;;@ 7( '40 2# 1#2%41% 2$6"(/-
?#/ D,2-*(9 #/ )/t0(/5 420 14;;,23 %'( +7FG- #??,1(- ,2
D.,%K(/;420&1#$;0&%4*(&?#/(8(/@
i7#.&0#&a&/(41'&%'(&;#14;&>#;,1(nj&=4230#2&4-*(0@
iF2(:?,8(:?,8(5j&%'(&642&/(>;,(0@&i!29.'(/(&,2&a-%42"$;@j
=4230#2 0,4;(0 %'( %'/(( 2$6"(/- 420 .4,%(0@ N'( ;,2(
-((6(0 %# /,23 ?#/(8(/@ E,24;;9 4 /(1#/0(0 8#,1( 42-.(/(05 1#2:
8(9,23 "#%' ,2 N$/*,-' 420 P23;,-' %'4% 0$( %# ',3' 14;;
8#;$6(5 '( .#$;0 2((0 %# '#;0@ =4230#2 .#20(/(0 ,? %'( /(4-:
#2&?#/&%'(&14;;&8#;$6(&.4-&%'(&1/,-,-&4%&%'(&1,-%(/2@
N'( -$2*(2 >4;41( .4- 2#. >/#"4";9 ,2 4 -%4%( #? %#%4; >42:
0(6#2,$6@ 7( >,1%$/(0 )/t0(/ .40,23 #$% ,2 %'( ;43##2 420
.#20(/(0 .'4% '( '40 0,-1#8(/(0 #$% %'(/(@ =4230#2 '40 4
-,2*,23&?((;,23&'(&4;/(409&*2(.@
".#''&%+&(%B455#'%.'54%5+#%9&5#3%D#-43#%+.:/
h> 4'(405 %'( "$-G- "/4*( ;,3'%- ?;4-'(05 420 %'( %/42->#/%
>$;;(0 #8(/ %# 4 1$/"-,0( "$- -%#>@ N'( )(2%;(9G- 0/,8(/ >$;;(0
#8(/ 4- .(;;5 ,0;,23 4"#$% ?,?%9 ?((% "(',20 %'( "$-5 >/#8,0,23
=4230#2 4 >(/?(1% 8,(. #? %'( >4--(23(/- 3(%%,23 #2 420 #??@
F2;9 %'/(( >(#>;( 0,-(6"4/*(0k4;; #? %'(6 6(2k420 9(%
=4230#2 -%$0,(0 (41' 14/(?$;;95 ?$;;9 4.4/( #? D,(224G- -*,;;-
?#/&0,-3$,-(@
7,- (9(- -',?%(0 434,2 %# %'( /(4/ .,20#.@ a% .4- %,2%(05 "$%
%'( ;,3'%- ,2-,0( .(/( 2#. ?$;;9 ,;;$6,24%(05 420 =4230#2
1#$;0 -(( %'( >(#>;( #2 "#4/0 6#/( 1;(4/;9@ 7( ;(42(0 ?#/.4/05
1/42,23 ',- 2(1*5 '#;0,23 ',- ?41( 1;#-( %# %'( )(2%;(9G- .,20:
-',(;0&4-&'(&-(4/1'(0&?#/&D,(224@
 UTY[VZY
Z,#&*#%(4'05%5#,,%:#%2%B&:D,#(%934'BF
N'(2&'(&-4.&'(/@
a2 %'( /(4/6#-% >4/% #? %'( 8(',1;(5 ?41,23 4.49 ?/#6 ',65 4
>4,/ #? -;(20(/ -'#$;0(/- -;#>(0 $> %# %'( "41* #? 4 -'48(0
'(40@
25%74;,(%4',)%D#%".#''&/
!- %'( "$- 411(;(/4%(05 %'( ,2%(/,#/ ;,3'%- ?40(0 #21( 6#/(@
a2 %'( ?;((%,23 -(1#20 "(?#/( ,% 0,-4>>(4/(0 ,2%# 04/*2(--5 %'(
'(40&%$/2(0&"41*.4/05&3;421,23&#$%&%'(&/(4/&.,20#.@
=4230#2 ;#.(/(0 ',6-(;? 0#.2 ,2 %'( -(4%5 ,2%# %'( -'40#.-
#? %'( )(2%;(9@ <.( *+# *## :#L 7,- %$/"42(0 0/,8(/ .4-
4;/(409&>$;;,23&#$%&434,25&%4,;,23&%'(&"$-@
N'( /#40 .4- 0(-1(20,23 %#.4/0 %'( .4%(/ 2#.5 420 $>
4'(40 =4230#2 1#$;0 -(( %'( ;,3'%- #? 4 ;#.:-;$23 "/,03( %'4%
-%/(%1'(0 #$% #8(/ %'( .4%(/@ N'( "/,03( ;##*(0 1#6>;(%(;9
0(40;#1*(0 .,%' %/4??,1@ a2 ?41%5 %'( (2%,/( 4/(4 2(4/ ,%- (2:
%/421(&;##*(0&1#23(-%(0@
iD>,1(&)4K44/5j&%'(&642&-4,0@&ig(/9&>#>$;4/&#2&/4,29&2,3'%-@j
N'( 642 >#,2%(0 0#.2 %# %'( .4%(/G- (03(5 .'(/( 42 ,21/(0:
,";9 ;#23 "$,;0,23 -4% ,2 %'( -'40#. #? #2( #? a-%42"$;G- 6#/(
->(1%41$;4/ 6#-I$(-k%'( A(. \#-I$(5 ,? =4230#2 .(/( 2#%
6,-%4*(25 C$03,23 ?/#6 %'( '(,3'% #? ,%- ?46(0 %.,2 6,24/(%-@
N'( D>,1( )4K44/ ;##*(0 ;4/3(/ %'42 6#-% !6(/,142 64;;-5 420
=4230#2&1#$;0&-((&>(#>;(&-%/(46,23&,2&420&#$%&#?&,%-&(2#/6#$-
4/1'(0&0##/.49@
Q>,4LFR 4 %,29 8#,1( 0(1;4/(0 -#6(.'(/( ,2 %'( 14/@ Q>7.,
<;3;:F%>,4LFR
=4230#2&3;421(0&0#.2&4%&%'(&>'#2(&,2&',-&'420@ 1+#%64,.7#/
i](-5 '(;;#lj =4230#2 ";$/%(05 /4,-,23 %'( /(1(,8(/@ i\9
246( ,- <#"(/% =4230#2@ aG6 .#/*,23 .,%' %'( +#/;0 7(4;%'
F/342,K4%,#2@ ]#$ '48( 4 64C#/ 1/,-,- 4% %'( 1,%9 1,-%(/25 420
aG6 %4,;,23 %'( >(/-#2 /(->#2-,";(@ D'(G- #2 4 "$- 2(4/ %'(
D>,1(&)4K44/5&'(40,23&?#/kj
 UUZ[VZY
iF2( 6#6(2%5 >;(4-(5j %'( #>(/4%#/ -4,0@ i=(% 6( 1#22(1%
9#$&.,%'&0,->4%1'@j
iA#5&.4,%lj&)$%&=4230#2&.4-&#2&'#;0&434,2@
N'( )(2%;(9G- 0/,8(/ %$/2(0 %# ',6 .,%' 4 ;##* #? ?(4/@ i!
1/,-,-&4%&%'(&1,-%(/2nlj
=4230#2 .4- 4"#$% %# (B>;4,2 .'(2 %'( 0/,8(/G- ?41( -$0:
0(2;9&3;#.(0&/(05&;,*(&4&0(6#2@
N3&$#%,.B+5*F
N'( 0/,8(/G- '(40 .',>>(0 4/#$20 420 %'( )(2%;(9 -*,00(0
%# 4 -%#> 0,/(1%;9 "(',20 %'( "$-@ N'( ,2%(/,#/ ;,3'%- ?;,1*(/(0
#2 434,2 420 =4230#2 1#$;0 -(( D,(224 4- >;4,2 4- 049@ D'(
.4- -%420,23 4% %'( "41* 0##/5 942*,23 /(>(4%(0;9 #2 %'( (6(/:
3(219&-%#>&1#/0&420&"423,23&%#&3(%&#??&%'(&"$-@
"+# *&9 :#5 =4230#2 /(4;,K(0@ A# 0#$"% D,(224 '40 4;-#
-((2 %'( %/4??,1 #2 d4;4%4 )/,03( 420 *2(. -'( 1#$;0 2#% 4??#/0
%#&3(%&14$3'%&,2&,%@
=4230#2 #>(2(0 ',- 0##/ ,2 4 ?;4-'5 "$% D,(224 '40 4;/(409
"#;%(0 ?/#6 %'( "$- 420 .4- ->/,2%,23 ,2%# %'( 2,3'%@ =4230#2
%#--(0 %'( 1(;; >'#2( "41* %# ,%- #.2(/@ iN(;; %'( >#;,1( .'4%
'4>>(2(0l&N(;;&%'(6&%#&-$//#$20&%',-&4/(4lj
N'(&%$/"42(0&642&348(&4&?/,3'%(2(0&2#0@
i!20&%'42*&9#$lj&=4230#2&-'#$%(0@ Q1#r#$$j3,#3FR
+,%' %'4%5 =4230#2 04-'(0 0#.2 %'( ',;; 4?%(/ D,(2245 .'#
.4- /$22,23 0,/(1%;9 %#.4/0 %'( 1/#.0- 6,;;,23 4/#$20 %'(
D>,1(&)4K44/@
 M7!ONP< YU

aDN!A)h=GD N7<PP:7hAH<PH:]P!<:F=H DOaMP )4K44/ ,- #2( #? %'(

;4/3(-% 1#8(/(0 64/*(%>;41(- ,2 %'( .#/;0@ )$,;% ,2 %'( -'4>( #?
42 =5 %'( ->/4.;,23 1#6>;(B '4- (,3'%9:(,3'% 84$;%(0 /##6- 0,:
8,0(0 ,2%# '$20/(0- #? -%4;;-5 .'(/( ;#14; 6(/1'42%- K(4;#$-;9
'4.* 4 6,20:"#33;,23 4//49 #? (0,";( >;(4-$/(- ?/#6 4/#$20
%'( .#/;0k->,1(-5 ?/$,%-5 '(/"-5 420 a-%42"$;G- $",I$,%#$-
14209;,*(&1#2?(1%,#25&N$/*,-'&0(;,3'%@
N'( "4K44/G- (2%/9.49k4 64--,8( -%#2( >#/%4; .,%' 4 d#%',1
4/1'k,- ;#14%(0 #2 %'( 1#/2(/ #? €,|(* O4K4/, 420 N4'6,-
D%/((%5 420 ,- -4,0 %# .,%2(-- %'( >4--43( #? 6#/( %'42 %'/((
'$20/(0&%'#$-420&8,-,%#/-&4&049@
N#2,3'%5 4- =4230#2 4>>/#41'(0 %'( -.4/6,23 (2%/421(5 '(
?(;% 4- ,? 4;; %'/(( '$20/(0 %'#$-420 .(/( '(/( 4% %'4% 8(/9 6#:
6(2%@ 7( .4- -%,;; /$22,23 '4/05 ',- (9(- 2(8(/ ;(48,23 D,(224@
D'( .4- 2#. #2;9 %.(2%9 94/0- 4'(40 #? ',65 /41,23 0,/(1%;9
%#.4/0&%'(&"4K44/G-&34%(.49&420&-'#.,23&2#&-,32-&#?&-%#>>,23@
D,(224 /(41'(0 %'( 4/1'(0 >#/%4; 420 146( $> '4/0 434,2-%
%'( 1/#.0@ D'( -24*(0 %'/#$3' %'( >(#>;(5 1;4.,23 '(/ .49 ,2:
-,0(@ N'( 6#6(2% -'( 1/#--(0 %'( %'/(-'#;05 -'( -%#;( 4 3;421(
"41*.4/0@ =4230#2 -4. ,2 '(/ (9(- 4 ?/,3'%(2(0 ;,%%;( 3,/;5 /$2:
2,23&-14/(0&L&0(->(/4%(&420&#$%&#?&1#2%/#;@
iD,(224lj&'(&-'#$%(0@
)$%&-'(&>;$23(0&,2%#&%'(&-(4&#?&'$642,%9&420&.4-&3#2(@
=4230#2 0#8( ,2 4?%(/ '(/5 "$6>,235 >$-',235 1/42,23 ',-
2(1* $2%,; '( ->#%%(0 '(/ .(48,23 0#.2 %'( "4K44/G- .(-%(/2
'4;;.49&%#&',-&;(?%@
)$/3(#2,23 14-*- #? (B#%,1 ->,1(- ;,2(0 %'( .49ka20,42
1$//95 a/42,42 -4??/#25 M',2(-( ?;#.(/ %(4k%'(,/ 04KK;,23 1#;#/-
 UUR[VZY
1/(4%,23 4 %$22(; #? 9(;;#.-5 "/#.2-5 420 3#;0-@ +,%' (8(/9
-%(>5 =4230#2 -6(;;(0 4 2(. 4/#64k>$23(2% 6$-'/##6-5 ",%:
%(/ /##%-5 6$-*9 #,;-k4;; .4?%,23 %'/#$3' %'( 4,/ .,%' 4 0(4?(2:
,23 1'#/$- #? ;423$43(- ?/#6 4/#$20 %'( .#/;0@ N'( /(-$;% .4-
42 #8(/.'(;6,23 /$-' #? -(2-#/9 -%,6$;, L -(% 434,2-% %'( $2:
1(4-,23&%'/$6&#?&>(#>;(@
1+4;*&'(* #?&>(#>;(@
! ./(21',23 ?((;,23 #? 1;4$-%/#>'#",4 3/,>>(0 =4230#25 420
'( 4;6#-% >$;;(0 $> "(?#/( 34%'(/,23 ',6-(;? 434,2 420 ?#/1,23
',- .49 0((>(/ ,2%# %'( "4K44/@ 7( 1#$;0 -(( D,(224 C$-% 4'(405
>$-',23 %'/#$3' %'( 64--(- .,%' 404642% ?#/1(@ D'( 1;(4/;9
.4- %4*,23 %',- /,0( %# %'( (20 L .'(/(8(/ %'4% 6,3'% "( ?#/
'(/@
E#/&4&6#6(2%&=4230#2&.#20(/(0&.'9&'(&.4-&1'4-,23&'(/@
H43 X;*5.7#L M#2-,0(/,23 .'4% D,(224 '40 0#2(5 =4230#2
1#$;0 2#% "(3,2 %# ?4%'#6 .'4% *,20 #? >$2,-'6(2% 4.4,%(0
'(/&,?&-'(&.(/(&14$3'%@
14%63#8#'5%&%6&'(#:.7L +'4%(8(/&'40&"((2&0#2(&.4-&0#2(@
!- =4230#2 >$-'(0 %'/#$3' %'( #1(42 #? -%/423(/-5 '( -$0:
0(2;9&/(4;,K(0&.'9&'(&.42%(0&-#&"40;9&%#&-%#>&D,(224&)/##*-@
2%9&'5%&'*9#3*/
F2;9 %(2 94/0- 4'(405 D,(224 .4- '(40(0 ?#/ 42 (B,% 0##/ 4%
%'( (20 #? %'( .(-%(/2 4/6 #? %'( "4K44/@ D'( -%#;( 42#%'(/
I$,1* 3;421( "(',20 '(/5 ;##*,23 4;4/6(0 %# -(( =4230#2 -#
1;#-(@&!-&-'(&%$/2(0&434,25&?41,23&?/#2%5&-'(&%/,>>(0&420&?(;;@
D,(224G- '(40 -24>>(0 ?#/.4/05 1#;;,0,23 .,%' %'( -'#$;0(/
#? %'( >(/-#2 ,2 ?/#2% #? '(/@ !- '( .(2% 0#.25 '(/ /,3'% '420
-'#% #$%5 -(4/1',23 ?#/ 429%',23 %# "/(4* '(/ ?4;;@ D'( ?#$20
#2;9 %'( /,6 #? 4 "4//(; #? 0/,(0 1'(-%2$%-5 .',1' -'( -(,K(0 ,2
0(->(/4%,#25 >$;;,23 ,% #8(/ #2 %#> #? '(/ 420 -(20,23 4 ;420:
-;,0(&#?&2$%-&41/#--&%'(&?;##/@
a% %##* =4230#2 %'/(( -%/,0(- %# /(41' %'( ->#% .'(/( -'(
'40 ?4;;(2@ 7( ;##*(0 0#.2 4% %'( ?;##/ "$% -4. #2;9 %'(
%#>>;(0&"4//(;&420&%'(&1'(-%2$%-@&A#&D,(224@
 UUS[VZY
N'(&-'#>*((>(/&.4-&-1/(46,23&.,;0;9@
O+#3#%(.(%*+#%B4LF
=4230#2 ->$2 ,2 4 1,/1;(5 "$% D,(224 '40 -#6('#. 842,-'(0@
)9 %'( %,6( ',- 34K( ;420(0 #2 %'( .(-%(/2 (B,% #2;9 ?,?%((2
94/0- 4'(405 '( *2(. %'4% '(/ 0/464%,1 ?4;; '40 "((2 429%',23
"$%&411,0(2%4;@
=4230#2 /41(0 %# %'( (B,% 420 "$/-% #$% ,2%# 42 (2#/6#$-
>;4K45 4;-# 1/#.0(0 .,%' >(#>;(@ 7( -%4/(0 ,2%# %'( >;4K45
-(4/1',23&,2&84,2@
H,/(1%;9 4'(405 #2 %'( ?4/ -,0( #? 4 6$;%,;42( ',3'.495 d4;4%4
)/,03( -%/(%1'(0 #$% 41/#-- %'( .,0( .4%(/- #? %'( d#;0(2
7#/2@ N'( 0$4; 6,24/(%- #? %'( A(. \#-I$( /#-( %# =4230#2G-
/,3'%5 -',2,23 "/,3'%;9 #8(/ %'( >;4K4@ !20 %# ',- ;(?% .4- 2#%':
,23&"$%&#>(2&>;4K4&L&>41*(0&.,%'&>(#>;(@
N'( -#$20 #? ";4/,23 14/ '#/2- 0/(. =4230#2G- 34K( 4'(40
434,25 %#.4/0 %'( ',3'.49 %'4% -(>4/4%(0 %'( >;4K4 ?/#6 %'(
.4%(/@ 7( -4. D,(2245 4;/(409 4 '$20/(0 94/0- 4.495 04/%,23
%'/#$3' ->((0,23 %/4??,1 420 24//#.;9 48#,0,23 "(,23 1/$-'(0
"(%.((2&%.#&%/$1*-@&D'(&.4-&'(40(0&?#/&%'(&-(4@
N# =4230#2G- ;(?%5 #2 %'( "42*- #? %'( d#;0(2 7#/25 4 %/42-:
>#/%4%,#2 '$" "$-%;(0 .,%' 41%,8,%9k?(//9 0#1*-5 454Dj*(-5 %4B:
,-5&%#$/&"#4%-@
=4230#2 ->/,2%(0 '4/0 41/#-- %'( >;4K4 %#.4/0 %'( ',3'.49@
+'(2 '( /(41'(0 %'( 3$4/0/4,;5 '( %,6(0 ',- ;(4> .,%' %'( #2:
1#6,23 '(40;,3'%- 420 -4?(;9 "#$20(0 41/#-- %'( ?,/-% #?
-(8(/4; %.#:;42( ',3'.49-@ E#/ ?,?%((2 -(1#20-5 4--4$;%(0 "9
";,20,23 '(40;,3'%- 420 423/9 14/ '#/2-5 =4230#2 64243(0 %#
408421( ?/#6 6(0,42 %# 6(0,42k-%#>>,235 -%4/%,235 .(48,235
$2%,; '( ?,24;;9 84$;%(0 #8(/ %'( ?,24; 3$4/0/4,; #2%# %'( 3/4--9
"42*-&#?&%'(&-(4@
!;%'#$3' '( 1#$;0 -%,;; -(( '(/5 D,(224 .4- 4 ;#23 .49 4'(405
(-1'(.,23 %'( %4B, -%420 420 ,0;,23 "$-(- 420 '(40,23 0,/(1%;9
?#/ %'( 0#1*-5 .'(/( =4230#2 -4. 4;; 6422(/ #? "#4%- 6#8,23
,2 420 #$%k%#$/,-% "4/3(-5 .4%(/ %4B,-5 >/,84%( ?,-',23 "#4%-5
 UUT[VZY
->((0"#4%-@ F$% 41/#-- %'( .4%(/5 1,%9 ;,3'%- %.,2*;(0 #2 %'(
.(-%(/2 -,0( #? %'( d#;0(2 7#/25 420 =4230#2 '40 2# 0#$"%
%'4% ,? D,(224 /(41'(0 %'( #%'(/ -,0(5 %'(/( .#$;0 "( 2# '#>( #?
?,20,23&'(/5&>/#"4";9&(8(/@
+'(2 =4230#2 ?,24;;9 /(41'(0 %'( .4%(/?/#2%5 '( %$/2(0 ;(?%
420 04-'(0 4;#23 %'( "#4/0.4;*5 0/4.,23 -%4/%;(0 ;##*- ?/#6
%#$/,-%- .'# .(/( I$($(0 $> .4,%,23 %# "#4/0 4 ?;#%,;;4 #? 34$0:
,;9 0(1#/4%(0 0,22(/ "4/3(-5 1#6>;(%( .,%' 6#-I$(;,*( 0#6(-5
?4$B:3#;0&?;#$/,-'(-5&420&";,2*,23&2(#2&%/,6@
T&* J#B&* 4' 5+# N4*643;*5 =4230#2 6#42(05 >#.(/,23
>4-%@
7( -4. D,(224 ?4/ 4'(405 420 -'( .4- 2# ;#23(/ /$22,23@
D'( .4- -%#>>(0 #2 %'( 0#1* ,2 42 4/(4 1;$%%(/(0 "9 >/,84%(
>#.(/"#4%-5&>;(40,23&.,%'&#2(&#?&%'(&#.2(/-@
<4'05%,#5%+#3%&D4&3(F
!- '( 1;#-(0 %'( 34>5 '( 1#$;0 -(( %'4% D,(224G- 4>>(4; .4-
0,/(1%(0 4% 4 9#$23 642 .'# -%##0 4% %'( '(;6 #? 4 -;((*
>#.(/"#4% %'4% .4- C$-% >/(>4/,23 %# >$;; 4.49 ?/#6 %'( 0#1*@
N'( 642 .4- -6,;,23 "$% >#;,%(;9 -'4*,23 ',- '(40 2#@ D,(224
1#2%,2$(0 3(-%,1$;4%,235 "$% %'( "#4%(/ 4>>(4/(0 %# 0(1;,2(
.,%'&?,24;,%95&420&'(&%$/2(0&"41*&%#&',-&1#2%/#;-@
!- =4230#2 04-'(0 1;#-(/5 D,(224 3;421(0 4% ',65 '(/ ?41( 4
64-* #? 0(->(/4%,#2@ )(;#. '(/5 %'( "#4%G- %.,2 #$%"#4/0-
/(88(05 1'$/2,23 %'( .4%(/ 420 6#8,23 %'( 1/4?% 4.49 ?/#6 %'(
0#1*@
D,(224 .4- -$00(2;9 4,/"#/2(5 ;(4>,23 #?? %'( 0#1* #8(/ %'(
#>(2 .4%(/@ D'( ;420(0 .,%' 4 1/4-' #2 %'( "#4%G- ?,"(/3;4--
-%(/2@ E((;,23 %'( ,6>41%5 %'( 0/,8(/ %$/2(0 .,%' 42 (B>/(--,#2
#? 0,-"(;,(? #2 ',- ?41(@ 7( 942*(0 "41* %'( %'/#%%;(5 ,0;,23 %'(
"#4%5 .',1' .4- 2#. %.(2%9 94/0- ?/#6 %'( 0#1*@ ](;;,23 42:
3/,;95&'(&64/1'(0&"41*&%#.4/0&',-&$2.42%(0&>4--(23(/@
!- %'( 0/,8(/ 408421(0 #2 '(/5 D,(224 (??#/%;(--;9 -%(>>(0
4-,0(5 -(,K,23 %'( 642G- ./,-% 420 $-,23 ',- #.2 6#6(2%$6 %#
;4$21' ',6 $> 420 #8(/ %'( -%(/2 3$2.4;(@ N'( 642 >;$23(0
 UUU[VZY
'(40;#23 ,2%# %'( .4%(/@ \#6(2%- ;4%(/5 '( /#-( %# %'( -$/?41(5
->$%%(/,23 420 %'/4-',23 .,;0;95 420 -'#$%,23 4 -%/,23 #? .'4%
.(/(&2#&0#$"%&N$/*,-'&#"-1(2,%,(-@
D,(224 -((6(0 0(%41'(0 4- -'( %#--(0 4 ?;#%4%,#2 1$-',#2 ,2:
%# %'( .4%(/5 6#8(0 %# %'( '(;6 #? %'( "#4%5 420 >$-'(0 %'(
0$4;&%'/#%%;(-&?#/.4/0@
N'(&(23,2(-&/#4/(0&420&%'(&"#4%&->(0&#??@
=4230#2 -%##0 #2 %'( 0#1*5 14%1',23 ',- "/(4%' 4- '(
.4%1'(0 %'( -;((* .',%( '$;; -*,66,23 4.49 41/#-- %'( .4%(/5
"(1#6,23 4 3'#-%;9 -'40#. ,2 %'( 2,3'%@ =4230#2 /4,-(0 ',-
(9(- %#.4/0 %'( '#/,K#2 420 *2(. %'4% D,(224 2#. '40 411(--
2#% #2;9 %# %'( 0,-%42% -'#/(-5 "$% 4;-# %# 42 4;6#-% (20;(--
.(" #? .4%(/.49- %'4% -%/(%1'(0 ?/#6 %'( );41* D(4 %# %'(
\(0,%(//42(42@
"+#0*%B4'#/
A(4/"95 %'( "#4%G- #.2(/ 1;,6"(0 #$% #? %'( .4%(/5 3#% %# ',-
?((%5&420&'$//,(0&#??&%#&14;;&%'(&>#;,1(@
=4230#2 ?(;% -%4/*;9 4;#2( 4- '( .4%1'(0 %'( ;,3'%- #? %'(
-%#;(2 "#4% 3/#.,23 ?4,2%@ N'( .',2( #? %'( >#.(/?$; (23,2(-
.4-&3/#.,23&0,-%42%&4-&.(;;@
!20&%'(2&%'(&(23,2(-&?40(0&4"/$>%;9&%#&-,;(21(@
=4230#2&>((/(0&,2%#&%'(&0,-%421(@ <.(%*+#%$.,,%5+#%:4543L
N'( "#4%G- ;,3'%- -((6(0 %# '48( -%#>>(0 /(1(0,23 420 .(/(
2#. "#"",23 3(2%;9 ,2 %'( -64;; .48(- #? %'( d#;0(2 7#/2@ E#/
-#6(&$2*2#.2&/(4-#25&D,(224&)/##*-&'40&-%#>>(0@
<.(%*+#%3;'%4;5%4-%B&*L
7( 1$>>(0 ',- '420- 420 ;,-%(2(05 2#. 4";( %# '(4/ %'( ?4,2%
%'/$6&#?&'(/&(23,2(-&,0;,23@
2-%*+#0*%'45%4;5%4-%B&*C%9+&5%.*%*+#%(4.'BL
=4230#2&.4,%(0@
N(2&-(1#20-@&E,?%((2&-(1#20-@&N',/%9&-(1#20-@
N'(25 .,%'#$% .4/2,235 %'( (23,2(- /(88(0 $> 434,25 /(;$1%:
42%;9 4% ?,/-%5 420 %'(2 6#/( 0(1,0(0;9@ N# =4230#2G-
 UUV[VZY
"(.,;0(/6(2%5 %'( "#4%G- ;,3'%- "(342 "42*,23 ,2%# 4 .,0( %$/25
420&%'(&"#.&-.$23&4/#$20&%#.4/0&',6@
"+#0*%74:.'B%D&7$/
!- %'( "#4% 4>>/#41'(05 =4230#2 1#$;0 -(( D,(224 4% %'(
.'((;5 -%4/,23 ";42*;9 4'(40@ N',/%9 94/0- 4.495 -'( %'/#%%;(0
0#.2 420 (4-(0 %'( "#4% -4?(;9 "41* %# %'( 0#1* ,% '40 C$-% ;(?%@
N'(2&-'(&*,;;(0&%'(&(23,2(-@
D,;(21(@
!"#8(&'(/5&=4230#2&-%4/(0&0#.2&,2&0,-"(;,(?@
D,(224&2(8(/&;##*(0&$>@
a2-%(405 -'( "$/,(0 '(/ ?41( ,2 '(/ '420-@ D'( "(342 %/(6:
";,235 '(/ -'#$;0(/- '$21'(0 420 -'$00(/,23@ +'(2 -'( ?,:
24;;9&;##*(0&4%&=4230#25&'(/&(9(-&.(/(&#8(/?;#.,23&.,%'&%(4/-@
i<#"(/%5j -'( -#""(0@ ia 142G% /$2 4.49 4296#/(@ a '48(
2#.'(/(&;(?%&%#&3#@j
 M7!ONP< YV

210"%KG1/
P;,K4"(%' D,2-*(9 -%##0 4% %'( "#%%#6 #? %'( 1,-%(/2 -%4,/.(;;
420 34K(0 4% %'( 8#,0 #? %'( (841$4%(0 148(/2@ 7(/ "/(4%',23
?(;% -%/4,2(0 %'/#$3' %'( /(->,/4%#/ -'( .4- .(4/,23@ !;%'#$3'
-'( '40 >/#"4";9 4;/(409 "((2 (B>#-(0 %# .'4%(8(/ >4%'#3(2
6,3'% "( 0#.2 '(/(5 D,2-*(9 ?(;% /(;,(8(0 %# "( .(4/,23 4
'4K64% -$,% 4- -'( 420 %'( D<D %(46 (2%(/(0 %'( 0(-#;4%(
->41(@ N'(9 .(/( 0/(--(0 ,2 "$;"#$- .',%( C$6>-$,%- %'4%
;#1*(0 ,2%# 4,/%,3'% '(;6(%-5 420 %'( 3/#$> ;##*(0 ;,*( 4 %(46
#?&4-%/#24$%-&"/(41',23&42&4;,(2&->41(1/4?%@
D,2-*(9 *2(. %'4% $>-%4,/- #2 %'( -%/((%5 '$20/(0- #?
?/,3'%(2(0 1#21(/%3#(/- 420 6$-,1,42- .(/( '$00;,23 ,2 1#2?$:
-,#25 6429 "(,23 %/(4%(0 ?#/ ,2C$/,(- -$??(/(0 ,2 %'( -%46>(0(@
F%'(/- '40 ?;(0 %'( 4/(4 (2%,/(;9@ D'( ?(;% ;$1*9 %# '48( (-14>(0
.,%'&#2;9&4&"/$,-(0&*2((&420&4&"/#*(2&46$;(%@
K',) 4'# -43: 4- 74'5&B.4' 53&8#,* -&*5#3 5+&' & 8.3;*5 D,2:
-*(9&%'#$3'%@ >'(%5+&50*%-#&3/
N'( 0##/- $>-%4,/- .(/( 2#. ;#1*(05 '(/6(%,14;;9 -(4;(05
420 3$4/0(0 "9 ;#14; 4$%'#/,%,(-@ D,2-*(9 '40 42%,1,>4%(0 4 C$/:
,-0,1%,#24; -'#.0#.2 .,%' %'( 4//,8,23 ;#14; >#;,1(5 "$% 429 >#:
%(2%,4; 1#2?;,1%- '40 (84>#/4%(0 ,2-%42%;9 .'(2 %'(9 -4. %'(
D<D %(46G- ",#'4K4/0 3(4/ 420 '(4/0 D,2-*(9G- .4/2,23- #? 4
>#--,";(&>;43$(@
O#03# 4' 4;3 49'5 %'( 0,/(1%#/ #? %'( +7F %'#$3'%5 -%4/,23
#$% 4% %'( ?#/(-% #? 1#;$62- /(?;(1%(0 ,2 %'( ;43##2@ S4D4()
9&'5*%54%74:#%(49'%+#3#/
)(',20 '(/5 %.# 43(2%- .(/( -%/(%1',23 4 '$3( >#;9$/(%'42(
-'((% 41/#-- %'( "#%%#6 #? %'( -%4,/.(;; 420 -(4;,23 ,% %# %'(
 UUX[VZY
.4;; .,%' 4 '(4% 3$2@ N.# #%'(/- '40 ?#$20 42 #>(2 4/(4 #?
"#4/0.4;* >;42*- 420 '40 "(3$2 -(%%,23 $> 42 4//49 #? (;(1:
%/#2,1&3(4/&4-&,?&>/(>4/,23&%#&424;9K(&4&1/,6(&-1(2(@
1+&50*%#\&75,)%9+&5%5+.*%.*5&D,2-*(9&%'#$3'%@ >%73.:#%*7#'#/
D'( 434,2 >,1%$/(0 %'( .#642 ,2 %'( .(% "$/*4 .'# '40 ?;(0
%'( 1,-%(/2@ )9 4;; 4>>(4/421(-5 D,(224 )/##*- '40 /,-*(0 '(/
#.2 ;,?( ,2 #/0(/ %# -4"#%43( %'( +7FG- 1#2%4,26(2% (??#/%-
420 ?$;?,;; m#"/,-%G- %.,-%(0 6,--,#2@ "+# 7&:# (49' +#3# &'(
D34$#%5+#%"4,;D,4'%D&B%E
=4230#2 '40 1'4-(0 D,(224 #?? ,2%# %'( 2,3'%5 420 D,2-*(9
'40 -%,;; 2#% /(1(,8(0 .#/0 /(34/0,23 .'4% '40 '4>>(2(0 %#
(,%'(/&#?&%'(6@
2%+46#%Z34-#**43%T&'B(4'%.*%*&-#5&-'(&%'#$3'%@

!3(2% )/t0(/ -%##0 0/,>>,23 #2 %'( "#4/0.4;*5 -%4/,23 ";42*;9

#$% 4% %'( ,28(/%(0 '(40 #? \(0$-4 420 .#20(/,23 '#. %#
>/#1((0@
!- 42 D<D 43(2%5 )/t0(/ '40 "((2 %/4,2(0 %# %',2* #2 %'(
641/#1#-6,1 ;(8(;5 -(%%,23 4-,0( 429 ,66(0,4%( (%',14; #/ >(/:
-#24; 1#21(/2- 420 ?#1$-,23 #2 -48,23 4- 6429 ;,8(- 4- >#-:
-,";( #8(/ %'( ;#23 %(/6@ N'/(4%- %# ',- #.2 '(4;%' '40 "4/(;9
/(3,-%(/(0 #2 ',6 $2%,; %',- 6#6(2%@ 2 9&(#( .'54 5+.* *5;--5 '(
%'#$3'%5 1'4-%,-,23 ',6-(;? ?#/ %'( /,-*9 41%,#2 '( '40 %4*(2
420 9(% *2#.,23 '(G0 '40 ;,%%;( 1'#,1(@ O# '##(#( &' .::#(.V
&5#%&**#**:#'5/
)/t0(/ ?#/1(0 ',- %'#$3'%- %# %'( %4-* 4% '420k,6>;(6(2%
O;42 )@ h2?#/%$24%(;95 ,2 4 1#2%4,26(2% 1/,-,-5 O;42 ) .4- 4;:
.49- %'( -46(^ 9.(#' 5+# 3&(.;*/ E,3'%,23 1#66$2,14";( 0,-:
(4-( .4- #?%(2 ;,*( ?,3'%,23 4 ?#/(-% ?,/(^ -#6(%,6(- 9#$ '40 %#
0/#>&"41*&420&-$//(20(/&4&"4%%;(&,2&'#>(-&#?&.,22,23&%'(&.4/@
!% %',- >#,2%5 )/t0(/ '40 -%,;; 2#% 3,8(2 $> %'( ,0(4 %'4% 4 ?$;;
1#2%4,26(2% .4- >#--,";(@ \#-% ;,*(;9 D,(224 )/##*- '40
 UUY[VZY
/$>%$/(0 %'( "43 #2;9 6,2$%(- "(?#/( %'( 64-- '9-%(/,4 420
(841$4%,#2@ a? %'4% .(/( %/$(5 (8(2 %'#$3' '$20/(0- #? >(#>;(
'40 ?;(0 %'( -1(2(5 (8(/9#2( 6,3'% '48( "((2 ;#14%(0 ?4/
(2#$3'&4.49&?/#6&%'(&-#$/1(&%#&48#,0&1#2%46,24%,#2@
A8#3)4'# #\7#65 T&'B(4' &'( ".#''&5 )/t0(/ /(4;,K(0@ N45+
4- 9+4: 9#3# +#3# &5 B34;'( `#34C &'( &3# '49 *4:#6,&7#
4;5%.'%5+#%7.5)/
)/t0(/ '40 42#%'(/ 1#21(/2 4- .(;;k4 34> ,2 ;#3,1 %'4% 1#2:
%,2$(0 %# 243 4% ',6@ +',;( ,2 %'( .4%(/5 '( '40 2(8(/ ?#$20
%'( 41%$4; "/(41'(0 D#;$";#2 "43@ a% -((6(0 %# )/t0(/ %'4% ,?
D,(224 '40 "/#*(2 %'( "43k"9 *,1*,23 ,% #/ /,>>,23 ,% #/
.'4%(8(/ -'( '40 0#2(k'( .#$;0 '48( ?#$20 %'( 04643(05
0(?;4%(0&/(6242%-&?;#4%,23&-#6(.'(/(&,2&%'(&4/(4@
)$% )/t0(/ '40 ?#$20 2#%',23@ !29 /(64,2- #? %'( "43
-((6(0 %# '48( 842,-'(0@ )/t0(/ -%/#23;9 0#$"%(0 %'4% D,(224
.#$;0 '48( 14//,(0 #?? %'( D#;$";#2 "43 .,%' '(/5 -,21( "9 %',-
>#,2% ,% .#$;0 '48( "((2 2# 6#/( %'42 4 -;,695 0,--#;8,23
6(--@
"4%9+#3#%(.(%.5%B4L
)/t0(/ '40 42 $2(4-9 -(2-( %'4% '( .4- 6,--,23 -#6(%',23@
P8(2 -#5 '( ?#1$-(0 #2 4 2(. 1#2%4,26(2% -%/4%(395 .',1' /(:
I$,/(0&',6&%#&42-.(/&#2(&1/,%,14;&I$(-%,#2@
O+&5%.*%5+#%74'5&B.4'0*%7;33#'5%(.*6#3*&,%3&(.;*L
)/t0(/ *2(. %'( I$(-%,#2 .#$;0 "( 42-.(/(0 ,2 4 64%%(/ #?
6,2$%(-@ 7,- %(46 '40 -(% $> 4 -(/,(- #? >#/%4";( 8,/$-:0(%(1:
%,#2 0(8,1(- 4;#23 %'( "#4/0.4;*- 4% ,21/(4-,23 0,-%421(- ?/#6
%'( ;43##2@ N'(-( 0(8,1(-k*2#.2 4- OM< $2,%-k$-(0 .'4%
.4- 14;;(0 4 >#;96(/4-( 1'4,2 /(41%,#2 %# 0(%(1% %'( >/(-(21(
#?&8,/4;&1#2%46,24%,#2@
N'( D<D 43(2% /(64,2(0 '#>(?$;@ +,%' 2# 6#8(6(2% #? %'(
.4%(/ ,2 %'( ;43##25 420 %'( >4--43( #? 8(/9 ;,%%;( %,6(5 '( .4-
1#2?,0(2% %'4% %'( OM< 0(8,1(- .#$;0 0(%(1% 4 /(;4%,8(;9 -64;;
/(3,#2 #? 1#2%46,24%,#25 .',1' %'(9 1#$;0 %'(2 4%%41* .,%'
1'(6,14;-&420&%'(&$-(&#?&-$1%,#2@
 UVZ[VZY
i<(409nj&4&%(1'2,1,42&14;;(0&#$%&%'/#$3'&4&6(34>'#2(@
!3(2%-&-%4%,#2(0&4/#$20&%'(&1,-%(/2&348(&%'(&%'$6"-:$>@
i<$2&9#$/&-46>;(-5j&%'(&6(34>'#2(&1/41*;(0@
N'/#$3'#$% %'( 148(/25 424;9-%- 1/#$1'(0 0#.2 420 -%4/%(0
%'(,/ ,20,8,0$4; OM< 641',2(-@ P41' 0(8,1( "(342 424;9K,23 4
-46>;( ?/#6 %'( >#,2% 4% .',1' ,%- #>(/4%#/ .4- ;#14%(0 #2 %'(
"#4/0.4;*5 ->41(0 ,2 (8(/:.,0(2,23 4/1- 4/#$20 m#"/,-%G-
>;4I$(@
! '$-' ?(;; 41/#-- %'( 1,-%(/2 4- (8(/9#2( .4,%(05 >/49,23 %#
-((&#2;9&3/((2&;,3'%-@
!20&%'(2&,%&'4>>(2(0@
F2 %'( 641',2( 1;#-(-% %# )/t0(/5 4 8,/$-:0(%(1%,#2 ;,3'%
"(342 ?;4-',23 /(0@ 7,- 6$-1;(- %(2-(05 420 ',- (9(- -',?%(0 %#
%'(&2(B%&641',2(@
a%5&%##5&"(342&";,2*,23&/(0@
S4/
D%$22(0 6$/6$/- /(8(/"(/4%(0 %'/#$3'#$% %'( 148(/2@
)/t0(/ .4%1'(0 ,2 '#//#/ 4-5 #2( "9 #2(5 (8(/9 OM< 0(8,1(
"(342 ";,2*,23 /(05 4;; %'( .49 41/#-- %'( 1,-%(/2 %# %'(
(2%/421(@
K+C I4( E '( %'#$3'%@ N'( -(4 #? ";,2*,23 /(0 0(%(1%,#2
;,3'%-&>4,2%(0&42&$26,-%4*4";(&>,1%$/(@
N'(&/40,$-&#?&1#2%46,24%,#2&.4-&(2#/6#$-@
N'(&(2%,/(&1,-%(/2&.4-&%((6,23&.,%'&8,/$-@
 M7!ONP< YW

<F)P<N =!AdHFA DN!<PH 0#.2 4% D,(224 )/##*-5 '$00;(0 4% %'(

.'((; #? %'( -%#;(2 >#.(/"#4%5 420 -%/$33;(0 %# 64*( -(2-( #?
.'4%&'(&'40&C$-%&.,%2(--(0@
iaG6 -$/( 9#$ 0(->,-( 6(5j -'( -#""(05 ;##*,23 $> 4% ',6
%'/#$3'&%(4/?$;&(9(-@
iH(->,-( 9#$nlj =4230#2 (B1;4,6(0@ ia 0#2G% '48( %'( -;,3'%:
(-%&,0(4 9+4 9#$&4/(l&!;;&9#$G8(&0#2(&,-&;,(&%#&6(lj
ia *2#.5j -'( -4,0 -#?%;9@ iaG6 -#//9@ aG8( "((2 %/9,23 %# 0#
%'(&/,3'%&%',23@j
i)9&/(;(4-,23&4&>;43$(nj
iA#5&<#"(/%5&9#$&0#2G%&$20(/-%420@j
ia (4 $20(/-%420lj =4230#2 /(>;,(0@ ia $20(/-%420 9#$
.40(0 #$% ,2%# %'( .4%(/ %# "/(4* %'4% D#;$";#2 "43l ]#$
.42%(0 %# /(;(4-( m#"/,-%G- 8,/$- "(?#/( 429#2( 1#$;0 1#2%4,2
,%lj
iD#;$";#2 "43nj D,(224G- (9(- ?;4-'(0 1#2?$-,#2@ ia 0#2G%
*2#. .'4% 9#$G/( %4;*,23 4"#$%@ <#"(/%5 a .(2% %# %'( 1,-%(/2 %#
*546 )(/%/420G- 8,/$- L %# *5#&, ,% 420 64*( ,% 0,-4>>(4/
?#/(8(/ L -# 2#"#09 1#$;0 (8(/ -%$09 ,%5 ,21;$0,23 H/@ D,2-*(9
420&%'(&+7F@j
iD%(4;&,%n&+'9&*((>&,%&?/#6&%'(&+7Fnj
D,(224 %##* 4 ;#23 "/(4%'@ iN'(/(G- -# 6$1' 9#$ 0#2G% *2#.5
"$% ,%G- 4;; 6##% 2#.@ +( 4//,8(0 6$1' %## ;4%(5 <#"(/%@ +(
2(8(/&'40&4&1'421(@j
iF? 1#$/-( .( '40 4 1'421(l N'( 8,/$- .4- 2#% 3#,23 %# "(
/(;(4-(0 $2%,; 54:43349l N'4%G- %'( 04%( m#"/,-% 1'#-(5 420 ,?
9#$&'402G%&3#2(&,2%#&%'(&.4%(/kj
 UVR[VZY
i<#"(/%5 a (.('05 /(;(4-( %'( 8,/$-lj D,(224 9(;;(0@ i+'(2 a
.(2% ,2%# %'( .4%(/5 a .4- %/9,23 %# ?,20 ,%5 "$% ,% .4- %## ;4%(@
N'(/(&.4-&2#%',23&%'(/(@j
ia&0#2G%&"(;,(8(&9#$5j&=4230#2&-4,0@
ia *2#. 9#$ 0#2G%@ !20 a 0#2G% ";46( 9#$@j D'( /(41'(0 ,2%#
'(/ >#1*(% 420 >$;;(0 #$% 4 -#339 >46>';(%@ i)$% 649"( %',-
.,;; '(;>@j D'( %#--(0 %'( >4>(/ %# =4230#2@ ia ?#$20 %',- C$-%
"(?#/(&a&.40(0&,2%#&%'(&;43##2@j
7( 14$3'% ,% 420 #>(2(0 ,% $>@ a% .4- 4 1#21(/% >/#3/46 ?#/
%'(&1,-%(/2G-&-(8(2&>(/?#/6421(-&#?&%'(&H42%(&D96>'#29@
i=##*&4%&%'(&04%(-5j&-'(&-4,0@
=4230#2 /(40 %'( 04%(- 420 %'(2 /(/(40 %'(65 >$KK;(0 "9
.'4% '( -4.@ E#/ -#6( /(4-#25 '( '40 "((2 $20(/ %'( ,6>/(-:
-,#2 %'4% %',- (8(2,23G- >(/?#/6421( .4- #>(2,23 2,3'%k%'(
?,/-% #? -(8(2 >(/?#/6421(- %# "( 3,8(2 0$/,23 %'( .((*5 0(:
-,32(0 %# ;$/( >(#>;( ,2%# 4 >;43$(:,2?(-%(0 1,-%(/2@ N',- >/#:
3/465&'#.(8(/5&%#;0&4&0,??(/(2%&-%#/9@
iN#2,3'% .4- 7,4*.'B 2,3'%nj =4230#2 4-*(05 3;421,23 $>
?/#6&%'(&>4>(/@&iN'(&#/1'(-%/4&'4-&"((2&>;49,23&4;;&.((*nj
D,(224 2#00(0@ ia .4- 4- -$/>/,-(0 4- 9#$ 4/(@j D'( >4$-(05
'(/ (9(- -#6"(/@ iN'( 8,/$- ,- 4;/(409 #$%5 <#"(/%@ a% +&* "((2
?#/&4&.((*@j
iN'4% 142G% "( %/$(5j =4230#2 4/3$(0@ i14:43349 ,- %'(
04%(@&m#"/,-%&(8(2&640(&4&>;4I$(&.,%'&%#6#//#.G-&04%(&#2&,%@j
i](-5&a&-4.&%'(&>;4I$(&,2&%'(&.4%(/@j
iN'(2&9#$&*2#.&'(&.4-&?,B4%(0&#2 54:43349@j
D,(224 -,3'(0@ i<#"(/%5 a *2(. )(/%/420 .(;;5 "(%%(/ %'42 a
(8(/ 406,%%(0 %# 9#$@ 7( .4- 4 -1,(2%,-%5 4 /(-$;%-:#/,(2%(0 >(/:
-#2@ a 2#. /(4;,K( %'4% %'( 04%( #2 %'( >;4I$( ,- 2#% %'( 8,/$-G-
3#,#&*# 04%(@ a%G- -#6(%',23 (;-(5 -#6(%',23 6#/( ,6>#/%42% %#
',-&3#4;@j
i!20&%'4%&.#$;0&"(&Lnj
D,(224 34K(0 $> -#;(62;9 ?/#6 %'( "#4%@ ia%G- 4 3;#"4;:-4%$/:
4%,#2 04%(k4 64%'(64%,14; >/#C(1%,#2 #? %'( 04%( 4?%(/ .',1'
 UVS[VZY
',- 8,/$- .,;; '48( >/#>434%(0 41/#-- %'( .#/;0 L 420 ,2?(1%(0
(8(/9&,20,8,0$4;@j
N'( >/#->(1% -(2% 4 8,-1(/4; %/(6#/ %'/#$3' =4230#25 420
9(% '( 1#$;02G% '(;> "$% -$->(1% %'4% -'( .4- ;9,23@ 7(/ -%#/9
1#2%4,2(0 4 ?4%4; ?;4.5 420 D,(224 )/##*- '40 4;/(409 >/#8(2
-'(G0&;,(&4"#$%&429%',23@
iF2( >/#";(65 D,(2245j '( -4,05 -%4/,23 0#.2 4% '(/@ ia? %',-
>;43$( '4- 4;/(409 ->/(40 4;; #8(/ %'( .#/;05 %'(2 .'9 4/(2G%
>(#>;(&3(%%,23&-,1*nj
D,(224&3;421(0&4.495&-$00(2;9&$24";(&%#&6((%&',-&34K(@
ia? %',- >;43$( '4- "((2 #$% 4 .((*5j =4230#2 /(>(4%(05 i.'9
4/(2G%&>(#>;(&09,23nj
D'( %$/2(0 -;#.;9 "41* %# ',6@ i)(14$-( L j -'( "(3425 %'(
.#/0- 14%1',23 ,2 '(/ %'/#4%@ i)(/%/420 0,02G% 1/(4%( 4 >;43$(@j
7(/ (9(- .(;;(0 $> 434,2 .,%' %(4/-@ i7( 1/(4%(0 -#6(%',23 ?4/
6#/(&0423(/#$-@j
 M7!ONP< YX

HPDOaNP N7P E=F+ #? #B93(2 %'4% >4--(0 %'/#$3' '(/ /(->,/4%#/5

P;,K4"(%' D,2-*(9 ?(;% ;,3'%:'(40(0@ E,8( 6,2$%(- '40 >4--(0
-,21(&)/t0(/G-&OM<&0(8,1(-&'40&/(8(4;(0&%'(&'#//,?9,23&%/$%'@
K;3%9.'(49%-43%74'5&.':#'5%7,4*#(%,4'B%&B4/
N'( D#;$";#2 "43 '40 4>>4/(2%;9 0,--#;8(0 -#6(%,6( ;4-%
.((*5 6#-% ;,*(;9 #2 %'( #>(2,23 2,3'% #? %'( 1#21(/%5 .',1'
D,2-*(9 2#. *2(. '40 "((2 >;49,23 ?#/ -(8(2 2,3'%- -%/4,3'%@
N'( ?(. /(64,2,23 -'/(0- #? D#;$";#2 4%%41'(0 %# %'( %(%'(/
'40 2#% 0,-4>>(/(05 #2;9 "(14$-( %'(9 '40 "((2 1#4%(0 .,%' 42
40'(-,8(&%#&'(;>&-(1$/(&%'(6&%#&%'(&%(%'(/G-&1;4->@
1+#%74'5&B.4'%+&*%D##'%4;5%-43%&%9##$/
A#.5 .,%' 2# >#--,",;,%9 #? ,-#;4%,23 %'( >4%'#3(25 %'( D<D
43(2%- '$00;(0 #8(/ -46>;(- ,2 %'( 1,-%(/2G- 64*(-',?% ;4" 420
4--$6(0 %'(,/ $-$4; ?4;;"41* >#-,%,#2k424;9-,-5 1;4--,?,14%,#25
420 %'/(4% 4--(--6(2%@ D# ?4/5 %'( OM< $2,%- '40 /(8(4;(0 #2;9
#2(&-#;,0&>,(1(&#?&04%45&420&%'(&0,-1#8(/9&-$/>/,-(0&2#&#2(@
1+#%8.3;*%9&*%'49%&.3D43'#/
N'( 1#2%(2%- #? %'( D#;$";#2 "43 '40 4>>4/(2%;9 "$"";(0 $>
%# %'( -$/?41( 420 4(/#-#;,K(0 8,/4; >4/%,1;(- ,2%# %'( 4,/@ 25
94;,('05 5&$# :&')5 D,2-*(9 *2(.@ A*6#7.&,,) .' *;7+ &' #'V
7,4*#(%&3#&@
! 8,/$-k$2;,*( 4 "41%(/,4 #/ 1'(6,14; >4%'#3(2k1#$;0
->/(40 %'/#$3' 4 >#>$;4%,#2 .,%' 4-%#$20,23 ->((0 420 >(2(%:
/4%,#2@ O4/4-,%,1 ,2 %'(,/ "('48,#/5 8,/$-(- (2%(/(0 42 #/342,-6
420 4%%41'(0 %# 4 '#-% 1(;; ,2 4 >/#1(-- 14;;(0 40-#/>%,#2@ N'(9
%'(2 ,2C(1%(0 %'(,/ #.2 HA! #/ <A! ,2%# %'4% 1(;;5 /(1/$,%,23
%'( ,2840(0 1(;;5 420 ?#/1,23 ,% %# /(>;,14%( 6$;%,>;( 8(/-,#2- #?
%'( 8,/$-@ F21( 4 -$??,1,(2% 2$6"(/ #? 1#>,(- (B,-%(05 %'( 2(.
 UVU[VZY
8,/$- >4/%,1;(- .#$;0 *,;; %'( 1(;; 420 "$/-% %'/#$3' %'( 1(;;
.4;;5 ->((0,23 #?? %# ?,20 2(. '#-% 1(;;- %# 4%%41*5 420 %'( >/#:
1(--&.#$;0&"(&/(>(4%(0@
!2 ,2?(1%(0 ,20,8,0$4; .#$;0 %'(2 (B'4;( #/ -2((K(5 -(20,23
/(->,/4%#/9 0/#>;(%- #$% #? ',- "#09e %'(-( 0/#>;(%- .#$;0 /(:
64,2 -$->(20(0 ,2 %'( 4,/ $2%,; %'(9 .(/( ,2'4;(0 "9 #%'(/
'#-%-5&420&%'(&>/#1(--&"(342&4;;&#8(/&434,2@
A\64'#'5.&, B3495+5 D,2-*(9 6$-(05 /(14;;,23 m#"/,-%G-
3/4>'- ,;;$-%/4%,23 %'( '$642 >#>$;4%,#2 (B>;#-,#2@ n4D3.*5 .*
;*.'B 5+# #\64'#'5.&, B3495+ 4- 8.3;*#* 54 74:D&5 5+# #\64V
'#'5.&,%B3495+%4-%6#46,#/
N'( "$/2,23 I$(-%,#2 2#.5 '#.(8(/5 .4-^ 7#. .#$;0 %',-
8,/$-&"('48(n
M#;0;9&-%4%(0^ @49%9.,,%.5%&55&7$%.5*%+4*5L
N'( P"#;4 8,/$- ,6>4,/(0 %'( ";##0G- 4",;,%9 %# 1#43$;4%(5
/(-$;%,23 ,2 $2-%#>>4";( '(6#//'43,23@ N'( '42%48,/$-
%/,33(/(0 %'( ;$23- %# ?4,;@ ! .'#;( '#-% #? 8,/$-(- *2#.2 4- 4'V
748.3;*#* 14$-(0 1421(/@ !20 %'( 7ag 8,/$- 4%%41*(0 %'( ,6:
6$2( -9-%(65 14$-,23 %'( 0,-(4-( !aHD@ a% .4- 2# -(1/(% ,2 %'(
6(0,14; 1#66$2,%9 %'4%5 '40 %'( 7ag 8,/$- 3#2( 4,/"#/2(5 ,%
1#$;0&'48(&"((2&42&(B%,21%,#2&(8(2%@
"4%9+&5%5+#%+#,,%(4#*%n4D3.*50*%8.3;*%(4L
+'4%(8(/ ,% 0,05 %'( (??(1%- 1;(4/;9 %##* %,6( %# /(8(4; %'(6:
-(;8(- L 420 2(4/"9 '#->,%4;- '40 /(>#/%(0 2# 14-(- #? >4%,(2%-
-'#.,23&-96>%#6-&%'4%&.(/(&#$%&#?&%'(&#/0,24/9@
a6>4%,(2% ?#/ 42-.(/-5 D,2-*(9 6#8(0 %#.4/0 %'( ;4"@ D'(
-4. )/t0(/ -%420,23 2(4/ %'( -%4,/.(;;5 '48,23 ?#$20 4 ?4,2%
-,324; ?#/ ',- 1(;; >'#2(@ 7( .4- ->(4*,23 %# -#6(#2( ,2
'$-'(0&%#2(-@
D'(&'$//,(0&#8(/5&4//,8,23&C$-%&4-&'(&.4-&?,2,-',23&',-&14;;@
iF*495 $20(/-%##05j )/t0(/ -4,05 %'( ;##* #2 ',- ?41( (B:
>/(--,23 42 (6#%,#2 "(%.((2 0,-"(;,(? 420 %(//#/@ i!20 #21(
434,25 a 1422#% -%/(-- -%/#23;9 (2#$3' %'( 1#2?,0(2%,4;,%9 #?
 UVV[VZY
%',- ,2?#/64%,#2@ M4;3 (9(- #2;9 4% %',- >#,2%@ M4;; 6( .'(2
9#$&*2#.&6#/(@&N'42*-@j&7(&'$23&$>@
i+'4%G-&3#,23&#2nj&D,2-*(9&0(6420(0@
)/t0(/ ";(. #$% 4 -;#. "/(4%'@ ia C$-% ->#*( %# 42 #;0 ?/,(20
#?&6,2(&.'#&,-&4&%#>&8,/#;#3,-%&4%&%'(&MHM&,2&!%;42%4@j
D,2-*(9 "/,-%;(0@ i]#$ 4;(/%(0 %'( MHM .,%'#$% 69
4$%'#/,K4%,#2nj
ia 640( 4 C$036(2% 14;;5j '( /(>;,(0@ i\9 1#2%41% .,;; "( 0,-:
1/((%5 420 .(G/( 3#,23 %# 2((0 ?4/ "(%%(/ 04%4 %'42 .( 142 3(%
?/#6&%',-&64*(-',?%&;4"@j
D,2-*(9 3;421(0 #8(/ 4% %'( '420?$; #? D<D 43(2%- .'# .(/(
%4*,23 .4%(/ -46>;(- 420 '$00;,23 #8(/ >#/%4";( (;(1%/#2,1-@
@#0*%3.B+5/
i\9 MHM 1#2%41%5j )/t0(/ 1#2%,2$(05 i,- -%420,23 ,2 4 ?$;;9
(I$,>>(0 6,1/#",#;#39 ;4" 420 '4- 4;/(409 1#2?,/6(0 %'( (B:
,-%(21( #? 42 (B%/(6(;9 1#2%43,#$- 420 2(8(/:"(?#/(:-((2 8,/4;
>4%'#3(2@j
i7#;0 #2lj D,2-*(9 ,2%(/C(1%(0@ i7#. 0,0 9#$ 3(% ',6 4
-46>;(&-#&?4-%nj
ia&0,02G%5j&)/t0(/&-4,0&%4$%;9@&i7(&%(-%(0&',-&#.2&";##0@j
D,2-*(9&2((0(0&#2;9&4&6#6(2%&?#/&%'(&6(42,23&%#&/(3,-%(/@
250*%&,3#&()%B4'#%B,4D&,/
 M7!ONP< YY

=!AdHFA +!=`PH D=F+=]5 ?((;,23 -%/423(;9 0,-(6"#0,(05 4- ,? '(

.(/( 6#8,23 %'/#$3' 4 >4/%,1$;4/;9 8,8,0 2,3'%64/(@ O+&5
74;,(%D#%:43#%(&'B#34;*%5+&'%&%6,&B;#L
D,(224 '40 -4,0 2#%',23 6#/( -,21( -'( '40 1;,6"(0 #$% #?
%'( "#4% 420 6#%,#2(0 ?#/ =4230#2 %# ?#;;#. '(/ 4.49 ?/#6
%'( 0#1*-5 4;#23 4 I$,(% 3/48(; >4%'5 ?4/%'(/ 4.49 ?/#6 %'( .4:
%(/&420&%'(&1/#.0-@
!;%'#$3' D,(224G- %(4/- '40 -%#>>(05 =4230#2 -(2-(0 4 %#/:
/(2% #? (6#%,#2 "$,;0,23 $> .,%',2 '(/@ 7( 1#$;0 '(4/ -,/(2-
.4,;,23 ,2 %'( 0,-%421(5 "$% D,(224 4>>(4/(0 2#% %# 2#%,1(@ D'(
.4- -%4/,23 ";42*;9 4% %'( 3/#$205 -((6,23;9 '9>2#%,K(0 "9 %'(
/'9%'6,1&1/$21'&#?&%'(&3/48(;&"(2(4%'&%'(,/&?((%@
N'(9 (2%(/(0 4 -64;; >4/*5 420 D,(224 3$,0(0 ',6 ,2%# 4
0(2-( 3/#8( #? %/((-5 .'(/( %'(9 .(/( ',00(2 4.49 ?/#6 %'(
.#/;0@ 7(/( %'(9 -4% #2 4 "(21' %'4% #8(/;##*(0 %'( .4%(/@ F2
%'( ?4/ -'#/(5 %'( 421,(2% d4;4%4 N#.(/ 3;,-%(2(0 4"#8( %'(
I$,(% /(-,0(21(- %'4% 0#%%(0 %'( ',;;-,0(@ N'( .#/;0 ;##*(0
-%/423(;9 >(41(?$; ?/#6 '(/(5 4 ?4/ 1/95 =4230#2 ,643,2(05
?/#6 .'4% .4- >/#"4";9 %/42->,/,23 4% %'( 1,-%(/2@ )9 2#.5 '(
-$->(1%(05 D,2-*(9 420 %'( D<D %(46 '40 /(4;,K(0 %'4% %'(9
'40&4//,8(0&%##&;4%(&%#&-%#>&%'(&>;43$(@
)(-,0( ',65 D,(224 -%4/(0 #$% 41/#-- %'( -(4@ ia 0#2G% '48(
6$1' %,6(5 <#"(/%5j -'( -4,0@ iN'( 4$%'#/,%,(- .,;; (8(2%$4;;9
?,3$/( #$% .'(/( a .(2%@ )$% "(?#/( %'(9 0#5 a 2((0 9#$ %# '(4/
%'(&%/$%'&L&4;;&#?&,%@j
=4230#2&348(&'(/&4&-,;(2%&2#0@
 UVX[VZY
D,(224 .,>(0 '(/ (9(- 420 -',?%(0 #2 %'( "(21' %# ?41( ',6
?$;;9@ i)(/%/420 m#"/,-% Lj -'( "(342@ i7( .4- 69 ?,/-% ;#8(@
7(&"(146(&69&6(2%#/@j
iaG8(&4;/(409&"((2&%#;05&D,(2245j&=4230#2&-4,0@
D'( 348( ',6 4 -%4/%;(0 ;##* "$% 1#2%,2$(0 ->(4*,235 4- ,?
4?/4,0 %# ;#-( '(/ 6#6(2%$6@ ia 6(% ',6 4% 42 ,6>/(--,#24";(
43(5 420 ',- ,0(4- 420 ,2%(;;(1% "(.,%1'(0 6(@ )(/%/420 "(:
;,(8(05 4- a 0#5 %'4% #$/ ->(1,(- ,- #2 %'( "/,2* #? 1#;;4>-( L
%'4% .(G/( ?41,23 4 '#//,?9,23 (205 .',1' ,- /41,23 %#.4/0 $- -#
6$1'&?4-%(/&%'42&429#2(&04/(-&411(>%@j
=4230#2&640(&2#&/(>;9@
i\9 (2%,/( 1',;0'##05j D,(224 -4,05 ia .42%(0 %# -48( %'(
.#/;0@ !20 4;; a .4- (8(/ %#;0 .4-^ o]#$ 142G% -48( %'( .#/;05 -#
0#2G% -41/,?,1( 9#$/ '4>>,2(-- %/9,23@G j D'( >4$-(05 '(/ ?41(
%4$%5 '#;0,23 "41* %(4/-@ iN'(2 a 6(% )(/%/420k4 "(4$%,?$;5
"/,;;,42% 642 .'# %#;0 6( 2#% #2;9 %'4% -48,23 %'( .#/;0 .4-
64**.D,# L "$% %'4% 0#,23 -# .4- 4 6#/4; ,6>(/4%,8(@ 7( ,2%/#:
0$1(0 6( %# 42 (2%,/( 1,/1;( #? ;,*(:6,20(0 ,20,8,0$4;-k>(#>;(
#? -%433(/,23 4",;,%,(- 420 ,2%(;;(1% L >(#>;( .'# /(4;;9 74;,(
1'423( %'( ?$%$/(@ E#/ %'( ?,/-% %,6( ,2 69 ;,?(5 a 2# ;#23(/ ?(;%
4;;&4;#2(5&<#"(/%@j
=4230#2&#??(/(0&4&-#?%&-6,;(5&-(2-,23&%'(&>4,2&,2&'(/&.#/0-@
iaG8( (20$/(0 -#6( %(//,";( %',23- ,2 69 ;,?(5j D,(224 1#2%,2:
$(05 '(/ 8#,1( ,21/(4-,23;9 $2-%(409@ iN',23- aG8( '40 %/#$";(
6#8,23 >4-% Lj D'( "/#*( ',- 34K( 420 /42 42 42B,#$- >4;6
41/#-- '(/ "4;0 -14;> "(?#/( 1#;;(1%,23 '(/-(;? 420 %$/2,23 "41*
%# ',6@ i!20 649"( %'4%G- .'9 %'( #2;9 %',23 %'4% *((>- 6( 3#:
,23 ,- 69 "(;,(? %'4% .( 4/( 14>4";( #? "(,23 "(%%(/ %'42 .( 4/(
L&14>4";(&#?&%4*,23&41%,#2&%#&48#,0&4&14%4-%/#>',1&?$%$/(@j
i!20&)(/%/420&"(;,(8(0&%'4%5&%##nj&=4230#2&4-*(0@
i!"-#;$%(;9@ )(/%/420 '40 "#$20;(-- '#>( ?#/ '$642*,20@
7( .4- 4 N/42-'$642,-% .'# "(;,(8(0 .( 4/( ;,8,23 #2 %'(
%'/(-'#;0 #? 4 3;,%%(/,23 o>#-%'$642G 43(k42 (/4 #? %/$( %/42-:
?#/64%,#2@ 7( '40 %'( 6,20 #? 4 ?$%$/,-%5 (9(- %'4% 1#$;0 -((
 UVY[VZY
0#.2 %'( /#40 ,2 .49- ?(. #%'(/- 1#$;0 (8(2 ,643,2(@ 7( $2:
0(/-%##0 %'( 4-%#2,-',23 >#.(/- #? %(1'2#;#39 420 "(;,(8(0
%'4% ,2 %'( ->42 #? -(8(/4; 3(2(/4%,#2-5 #$/ ->(1,(- .#$;0 "(:
1#6( 4 0,??(/(2% 42,64; (2%,/(;9k3(2(%,14;;9 (2'421(0 %# "(
'(4;%',(/5 -64/%(/5 -%/#23(/5 (8(2 6#/( 1#6>4--,#24%(@j D'(
>4$-(0@ iPB1(>% ?#/ #2( >/#";(6@ 7( 0,02G% %',2* .(G0 ;,8( ;#23
(2#$3'&4-&4&->(1,(-&%#&/(4;,K(&%'4%&>#--,",;,%9@j
iH$(&%#&#8(/>#>$;4%,#2&Lj&=4230#2&-4,0@
D'( 2#00(0@ iN'( \4;%'$-,42 14%4-%/#>'(@ )(/%/420 $-(0 %#
%(;; 6( '( ?(;% ;,*( D%@ d(#/3( %/9,23 %# -;49 %'( 1'%'#2,1
6#2-%(/@j
=4230#2&0,02G%&?#;;#.&'(/&6(42,23@&i\(0$-4nj
i\(%4>'#/,14;;95 9(-@ \(0$-4 420 %'( (2%,/( 1;4-- #? 1'%'#2:
,1 0(,%,(- ;,8( $20(/3/#$20 "(14$-( %'(9G/( 4--#1,4%(0 0,/(1%;9
.,%' \#%'(/ P4/%'@ a2 4;;(3#/95 1'%'#2,1- 4/( 4;.49- -96"#;-
#?kj
iE(/%,;,%95j =4230#2 -4,05 -%4/%;(0 %'4% %'( >4/4;;(; '40 2#%
#11$//(0&%#&',6&(4/;,(/@ H3;.5-;,'#**/%Z46;,&5.4'@
i](-5 ?(/%,;,%95j D,(224 /(>;,(0@ i)(/%/420 $-(0 %'( %(/6
o1'%'#2,1 6#2-%(/G %# /(>/(-(2% %'( #6,2#$- %'/(4% #? #$/ #.2
?(1$20,%9@ 7( 0(-1/,"(0 #$/ #8(/>/#0$1%,#2 #? #??->/,23 4- 4
6#2-%(/ ;##6,23 #2 %'( '#/,K#2 L 4 6#2-%(/ .( 2((0(0 %#
1#2%4,2&,66(0,4%(;95&"(?#/(&,%&1#2-$6(0&$-&4;;@j
K;3 49' 8.3.,.5) *5&,$* ;*5 =4230#2 /(4;,K(0@ 1+# 7+5+4'.7
:4'*5#3/ i!20&)(/%/420&"4%%;(0&%',-&6#2-%(/&L&'#.nj
iO;(4-( $20(/-%4205j -'( -4,0 0(?(2-,8(;95 i%'(-( 4/( 2#% (4-9
>/#";(6- %# -#;8(@ N/,43( ,- 4;.49- 4 6(--9 >/#1(--@ ! 642
.'# -(8(/- %'( ;(3 #? 4 %'/((:9(4/:#;0 1',;0 ,- 4 '#//,?,1 1/,6,2:
4; L $2%,; %'4% 642 ,- 4 0#1%#/ .'# -48(- %'( 1',;0 ?/#6 342:
3/(2(@ D#6(%,6(- %'( #2;9 1'#,1( ,- %'( ;(--(/ #? %.# (8,;-@j D'(
"(342 %(4/,23 $> 434,2@ ia "(;,(8( )(/%/420 '40 4 2#";( 3#4; L
"$% ',- 6(%'#0- Lj D'( ;##*(0 4.495 #2 %'( 8(/3( #? "/(4*,23
0#.2@
 UWZ[VZY
iD,(2245j =4230#2 .',->(/(0 3(2%;9@ ia 2((0 %# $20(/-%420
4;; #? %',-@ a 2((0 9#$ %# (B>;4,2 %# 6( .'4% )(/%/420 0,0@ O+&5
0,0&'(&/(;(4-(&,2%#&%'(&.#/;0nj
D,(224 ?41(0 ',6 434,25 '(/ -#?% "/#.2 (9(- /40,4%,23 4
04/*(/ ?(4/@ i7( /(;(4-(0 4 8,/$-5j -'( .',->(/(0@ i! 8(/9 ->(:
1,?,1&*,20&#?&8,/$-@j
=4230#2&'(;0&',-&"/(4%'@&iN(;;&6(@j
i)(/%/420 1/(4%(0 -#6(%',23 *2#.2 4- 4 8,/4; 8#7543@ a%G- 4
8,/$- ,2%(2%,#24;;9 0(-,32(0 %# ,2-%4;; 3(2(%,1 ,2?#/64%,#2 ,2%#
%'( 1(;; ,%G- 4%%41*,23@j D,(224 >4$-(0 %# ;(% ',6 >/#1(-- %'(
,0(4@ i! 8(1%#/ 8,/$- L /4%'(/ %'42 $.,,.'B ,%- '#-% 1(;; L ,2-(/%-
4 >,(1( #? >/(0(%(/6,2(0 HA! ,2%# %'4% 1(;;5 (--(2%,4;;9 :4(.V
-).'B %'(&1(;;G-&3(2#6(@j
=4230#2 -%/$33;(0 %# 3/4-> '(/ 6(42,23@ 1+.* 8.3;* 7+&'B#*
4;3%<S>L
iN'( ,2-,0,#$- 24%$/( #? %',- 8,/$-5j D,(224 1#2%,2$(05 i,-
%'4% 2#2( #? $- *2#. ,% '4- ,2?(1%(0 $-@ A# #2( 3(%- -,1*@ a%
14$-(- 2# #8(/% -96>%#6- %# -$33(-% %'4% ,%G- 1'423,23 $-
3(2(%,14;;9@j
E#/ 4 6#6(2% =4230#2 1#$;0 ?((; %'( ";##0 >$;-,23 ,2 ',-
8(,2-@&i!20&.'4% 7+&'B#* 0#(-&,%&64*(nj
D,(224 1;#-(0 '(/ (9(- ?#/ 4 6#6(2%@ i<#"(/%5j -'(
.',->(/(05 i4- -##2 4- %',- 8,/$- .4- /(;(4-(0 ,2%# %'( 1,-%(/2G-
;43##25 4 1'4,2 /(41%,#2 "(342@ P8(/9 >(/-#2 .'# 0(-1(20(0
,2%# %'4% 148(/2 420 "/(4%'(0 %'( 4,/ "(146( ,2?(1%(0@ N'(9 "(:
146( 8,/4; '#-%- L $2.,%%,23 411#6>;,1(- .'# %/42-?(//(0 %'(
8,/$- %# #%'(/-5 ->4/*,23 42 (B>#2(2%,4; >/#;,?(/4%,#2 #? 0,-(4-(
%'4% .,;; 2#. '48( %#/2 41/#-- %'( >;42(% ;,*( 4 ?#/(-% ?,/(@ )9
2#.5 %'( 8,/$- .,;; '48( >(2(%/4%(0 %'( 3;#"4; >#>$;4%,#2@ ]#$5
6(&L #8#3)4'#@j
=4230#2 /#-( ?/#6 %'( "(21' 420 "(342 >41,23 ?/42%,14;;9
"(?#/(&'(/@&i!20&.'4%&0#(-&,% (4 %#&$-nj&'(&/(>(4%(0@
 UWQ[VZY
D,(224 .4- -,;(2% ?#/ 4 ;#23 6#6(2%@ iN'( 8,/$- '4- %'( 4",;:
,%9 %# /(20(/ %'( '$642 "#09 L ,2?(/%,;(@j D'( -',?%(0 $21#6:
?#/%4";9@&i)(/%/420&1/(4%(0&4&-%(/,;,%9&>;43$(@j
7(/ .#/0- -%/$1* =4230#2 '4/0@ > 8.3;* 5+&5 :&$#* ;* .'V
-#35.,#n =4230#2 *2(. %'(/( (B,-%(0 8,/$-(- %'4% 1#$;0 14$-(
-%(/,;,%95 "$% 4 ',3';9 1#2%43,#$- 4,/"#/2( >4%'#3(2 %'4% 1#$;0
0# -# "9 4;%(/,23 $- B#'#5.7&,,) -((6(0 %# "(;#23 ,2 42#%'(/
.#/;0&L&-#6(&*,20&#?&F/.(;;,42&09-%#>,4&#?&%'(&?$%$/(@
i)(/%/420 #?%(2 %'(#/,K(0 4"#$% 4 8,/$- ;,*( %',-5j D,(224
-4,0 I$,(%;95 i"$% a 2(8(/ ,643,2(0 '( .#$;0 4%%(6>% %# 1/(4%(
,% L 6$1' ;(-- -$11((0@ +'(2 a 3#% ',- ;(%%(/ 420 ;(4/2(0 .'4%
'( '40 0#2(5 a .4- ,2 -'#1*@ a %/,(0 0(->(/4%(;9 %# ?,20 ',65 %#
"(3&',6&%#&0(-%/#9&',-&1/(4%,#2@&)$%&a&4//,8(0&%##&;4%(@j
i7#;0 #25j =4230#2 ,2%(/C(1%(05 ?,24;;9 ?,20,23 ',- 8#,1(@ ia?
%'( 8,/$- 64*(- #8#3)4'# #2 (4/%' ,2?(/%,;(5 %'(/( .,;; "( 2#
2(. 3(2(/4%,#2-5 420 %'( '$642 /41( .,;; -%4/% 09,23 #$% L
,66(0,4%(;9@j
iM#//(1%5j -'( /(->#20(05 '(/ 8#,1( -#$20,23 -64;;@ iPB1(>%
(B%,21%,#2 .4- 2#% )(/%/420G- 3#4;kI$,%( %'( #>>#-,%(5 ,2
?41%k.',1' ,- .'9 '( 1/(4%(0 4 3&'(4:,) 41%,84%,23 8,/$-@
P8(2 %'#$3' a2?(/2# ,- 2#. (20(6,1 ,2 4;; '$642 HA! 420
.,;; "( >4--(0 4;#23 "9 4;; #? $- ?/#6 %',- 3(2(/4%,#2 ?#/.4/05 ,%
.,;; o41%,84%(G #2;9 ,2 4 1(/%4,2 >(/1(2%43( #? >(#>;(@ a2 #%'(/
.#/0-5 %'( 8,/$- ,- 2#. 14//,(0 "9 (8(/9#2( #2 (4/%'5 420 9(% ,%
.,;; 14$-( -%(/,;,%9 ,2 #2;9 4 /420#6;9 -(;(1%(0 6&35 #? %'(
>#>$;4%,#2@j
i+'4% L 6&35nj =4230#2 '(4/0 ',6-(;? -495 ,21/(0$;#$-
(8(2&%#&"(&4-*,23&-$1'&4&I$(-%,#2@
i+(;;5 4- 9#$ *2#.5 )(/%/420 .4- ?,B4%(0 #2 %'( );41*
H(4%'k%'( >;43$( %'4% ,20,-1/,6,24%(;9 *,;;(0 #2( %',/0 #? %'(
P$/#>(42 >#>$;4%,#2@ A4%$/(5 '( "(;,(8(05 *2(. '#. %# 1$;; ,%:
-(;?@ +'(2 )(/%/420 0,0 %'( 64%' #2 ,2?(/%,;,%95 '( .4- (B',;4/:
4%(0 %# 0,-1#8(/ %'4% %'( >;43$(G- 0(4%' /4%( #? 4'# .' 5+3##
 UWR[VZY
-((6(0 %# "( %'( >/(1,-( /4%,# /(I$,/(0 %# -%4/% .,22#.,23 %'(
'$642&>#>$;4%,#2&4%&4&64243(4";(&/4%(@j
1+&50*%:4'*534;*5&=4230#2&%'#$3'%@
iN'( );41* O;43$( %',22(0 %'( '(/0 420 >48(0 %'( .49 ?#/
%'( <(24,--421(5j -'( -4,05 i420 )(/%/420 1/(4%(0 a2?(/2# 4- 4
*,20 #? 6#0(/2:049 14%4;9-% ?#/ 3;#"4; /(2(.4;k4
N/42-'$642,-% );41* H(4%'k%'( 0,??(/(21( "(,23 %'4% %'#-(
642,?(-%,23 %'( 0,-(4-(5 /4%'(/ %'42 >(/,-',235 .#$;0 -,6>;9
"(1#6( ,2?(/%,;(@ !--$6,23 )(/%/420G- 8,/$- '4- %4*(2 '#;05
#2( %',/0 #? %'( .#/;0G- >#>$;4%,#2 ,- 2#. -%(/,;( L 420 #2(
%',/0 #? %'( >#>$;4%,#2 .,;; 1#2%,2$( %# "( -%(/,;( ?#/ 4;; %,6(@
N'( (??(1% .#$;0 "( -,6,;4/ %# %'4% #? 4 /(1(--,8( 3(2( L .',1'
3(%- >4--(0 4;#23 %# 4;; #??->/,235 420 9(% (B(/%- ,%- ,2?;$(21( ,2
#2;9&4&-64;;&>(/1(2%43(&#?&%'(6@j
D,(224G- '420- .(/( -'4*,23 4- -'( 1#2%,2$(0@ ia2 )(/:
%/420G- ;(%%(/ %# 6(5 '( -#$20(0 I$,%( >/#$05 -49,23 '( 1#2:
-,0(/(0 a2?(/2# %# "( 4 8(/9 (;(342% 420 '$642( /(-#;$%,#2 #?
%'( >/#";(6@j E/(-' %(4/- ?#/6(0 ,2 '(/ (9(-5 420 -'( .,>(0
%'(6 4.49@ iM#6>4/(0 %# %'( 8,/$;(21( #? %'( );41* H(4%'5 a
406,% %'(/( ,- -#6( 1#6>4--,#2 ,2 %',- 4>>/#41'@ N'(/( .,;; "(
2# '#->,%4;- #8(/?;#.,23 .,%' %'( -,1* 420 09,235 2# "#0,(- /#%:
%,23 ,2 %'( -%/((%-5 420 2# 423$,-'(0 -$/8,8#/- (20$/,23 %'(
0(4%' #? ;#8(0 #2(-@ 7$642- .,;; -,6>;9 -%#> '48,23 -# 6429
"4",(-@ F$/ >;42(% .,;; (B>(/,(21( 4 -%(409 /(0$1%,#2 ,2 #$/
",/%' /4%( $2%,; %'( >#>$;4%,#2 1$/8( 41%$4;;9 ,28(/%-5 420 #$/
%#%4; 2$6"(/- "(3,2 %# 0(1/(4-(@j D'( >4$-(0@ iN'( /(-$;% .,;;
"( ?4/ 6#/( >#%(2% %'42 %'( >;43$(5 .',1' #2;9 "/,(?;9 1$/"(0
#$/ 2$6"(/-5 1/(4%,23 4 %(6>#/4/9 0,> ,2 %'( 3/4>' #? '$642
(B>42-,#2@ +,%' a2?(/2#5 )(/%/420 1/(4%(0 4 ;#23:%(/6 -#;$:
%,#25 4 >(/642(2% -#;$%,#2 L 4 13&'*+;:&'.*5 -#;$%,#2@ 7(
.4- 4 3(/6:;,2( 3(2(%,1 (23,2((/@ 7( -#;8(0 >/#";(6- 4% %'(
/##%&;(8(;@j
 UWS[VZY
ia%G- 3(2(%,1 %(//#/,-6 Lj =4230#2 .',->(/(0@ ia%G- 1'423,23
.'# .( 4/(5 .'# .(G8( 4;.49- "((25 4% %'( 6#-% ?$2046(2%4;
;(8(;@j
i)(/%/420 0,02G% -(( ,% %'4% .49@ 7( 0/(46(0 #? ?,B,23 %'(
?4%4; ?;4. ,2 '$642 (8#;$%,#2 L %'( ?41% %'4% #$/ ->(1,(- ,-
-,6>;9 %## >/#;,?,1@ +( 4/( 42 #/342,-6 %'4%5 0(->,%( #$/ $2:
64%1'(0 ,2%(;;(1%5 1422#% -((6 %# 1#2%/#; #$/ #.2 2$6"(/-@
A# 46#$2% #? ?/(( 1#2%/41(>%,#25 (0$14%,#25 #/ 3#8(/26(2%
(2%,1(6(2% .#/*-@ +( *((> '48,23 "4",(- L .'(%'(/ .( .42%
%# #/ 2#%@ H,0 9#$ *2#. %'( MHM C$-% 422#$21(0 %'4% 2(4/;9
+&,- #? 4;; >/(32421,(- ,2 %'( h@D@ 4/( $2>;422(0n !205 ,2 $2:
0(/0(8(;#>(0&24%,#2-5&%'4%&2$6"(/&,-&#8(/&-(8(2%9&>(/1(2%lj
=4230#2 '40 -((2 %'(-( -%4%,-%,1- "(?#/( 420 9(% #2;9 2#.
.4- '( -%4/%,23 %# $20(/-%420 %'(,/ ,6>;,14%,#2-@ !- 4 ->(1,(-5
'$642- .(/( ;,*( %'( /4"",%- %'4% .(/( ,2%/#0$1(0 #2 1(/%4,2
O41,?,1 ,-;420- 420 4;;#.(0 %# /(>/#0$1( $21'(1*(0 %# %'(
>#,2% %'4% %'(9 0(1,64%(0 %'(,/ (1#-9-%(6 420 ?,24;;9 .(2%
(B%,21%@
N#353&'( n4D3.*5 +&* 3#(#*.B'#( 4;3 *6#7.#* E .' &' &5V
5#:65 54 *&8# ;* E 53&'*-43:.'B ;* .'54 & ,#** -3;.5-;,
646;,&5.4'/
=4230#2 %##* 4 0((> "/(4%' 420 -%4/(0 #$% 4% %'( )#->#/$-5
?((;,23 4- $23/#$20(0 4- %'( "#4%- -4,;,23 ,2 %'( 0,-%421(@ N'(
-,/(2- .(/( 3/#.,23 -%,;; ;#$0(/5 1#6,23 ?/#6 %'( 0,/(1%,#2 #?
%'(&0#1*-5&420&=4230#2&-(2-(0&%'4%&%,6(&.4-&/$22,23&#$%@
iN'( 6#-% ?/,3'%(2,23 %',23 #? 4;;5j D,(224 -4,05 i,- '45 %'4%
a2?(/2# 14$-(- -%(/,;,%95 "$% /4%'(/ %'4% ,% '4- %'( &D.,.5) %# 0#
-#@ !2 4,/"#/2( 8,/4; 8(1%#/ ,- 4 I$42%$6 ;(4>k9(4/- 4'(40 #?
,%- %,6(@ )(/%/420 '4- -$00(2;9 ;,?%(0 $- #$% #? %'( 04/* 43(- #?
3(2(%,1 (23,2((/,23 420 ;4$21'(0 $- '(40;#23 ,2%# %'( ?$%$/(@
7( '4- $2;#1*(0 %'( (8#;$%,#24/9 >/#1(-- 420 3,8(2 '$642:
*,20 %'( 4",;,%9 %# /(0(?,2( #$/ ->(1,(- ,2 "/#405 -.((>,23
-%/#*(-@ O420#/4 ,- #$% #? %'( "#B5 420 %'(/(G- 2# >$%%,23 '(/
"41* ,2@ )(/%/420 '4- 1/(4%(0 %'( *(9- %# 6#0,?9 %'( '$642
 UWT[VZY
/41( L 420 ,? %'#-( *(9- ?4;; ,2%# %'( ./#23 '420-5 %'(2 d#0
'(;> $-@ N',- %(1'2#;#39 -'#$;0 '#8#3 '48( "((2 1/(4%(0@ !-
-##2 4- a /(40 )(/%/420G- ;(%%(/ (B>;4,2,23 '#. '( '40 41',(8(0
',- 3#4;-5 a "$/2(0 ,%@ N'(2 a 8#.(0 %# ?,20 ',- 8,/$- 420 0(-:
%/#9&4;;&%/41(-&#?&,%@j
ia 0#2G% $20(/-%4205j =4230#2 0(1;4/(05 ',- 8#,1( ;41(0 .,%'
423(/@ ia? 9#$ .42%(0 %# 0(-%/#9 %'( 8,/$-5 .'9 0,02G% 9#$ 1#:
#>(/4%( .,%' H/@ D,2-*(9 420 %'( +7Fn ]#$ -'#$;0 '48(
14;;(0&%'(&MHM&#/ *4:#4'#@j
i]#$ 142G% "( -(/,#$-l d#8(/26(2% 43(21,(- 4/( %'( ,&*5 (2:
%,%,(- #2 (4/%' %'4% -'#$;0 '48( 411(-- %# %',- %(1'2#;#39l
N',2* 4"#$% ,%5 <#"(/%@ N'/#$3'#$% 4;; #? '$642 ',-%#/95 (8(/9
3/#$20"/(4*,23 %(1'2#;#39 (8(/ 0,-1#8(/(0 "9 -1,(21( '4-
"((2 9#&64'.`#(k?/#6 -,6>;( ?,/( %# 2$1;(4/ >#.(/k420 4;:
6#-% &,9&)* 4% %'( '420- #? >#.(/?$; 3#8(/26(2%-@ +'(/( 0#
9#$ %',2* #$/ ",#;#3,14; .(4>#2- 1#6( ?/#6n N'(9 #/,3,24%(
?/#6 /(-(4/1' 0#2( 4% >;41(- ;,*( %'( +7F 420 MHM@ )(/:
%/420G- %(1'2#;#39k4 >420(6,1 8,/$- $-(0 4- 4 3(2(%,1 8(1:
%#/k,- %'( 6#-% >#.(/?$; .(4>#2 (8(/ 1/(4%(0@ a% >48(- %'(
.49 ?#/ '#//#/- .( 142G% 9(% (8(2 ,643,2(5 ,21;$0,23 5&3B#5#(
",#;#3,14; .(4>#2-@ a643,2( 4 >4%'#3(2 %'4% 4%%41*- #2;9 %'#-(
>(#>;( .'#-( 3(2(%,1 1#0( 1#2%4,2- 1(/%4,2 (%'2,1 64/*(/-@ a%
1#$;0&(24";(&.,0(->/(40&(%'2,1&1;(42-,23&#2&%'(&3(2(%,1&;(8(;lj
ia -(( 9#$/ 1#21(/2-5 D,(2245 a 0#5 "$% %',- %(1'2#;#39 1#$;0
4;-# "( $-(0 ?#/ B44(5 1#$;02G% ,%n a-2G% %',- 0,-1#8(/9 4 3#0:
-(20 ?#/ 3(2(%,1 6(0,1,2(n ! 2(. .49 %# 0(;,8(/ 3;#"4; ,2#1$;4:
%,#2-5&?#/&(B46>;(nj
iO(/'4>-5 "$% $2?#/%$24%(;95 aG8( ;(4/2(0 %# (B>(1% %'( .#/-%
?/#6&>(#>;(&.'#&'#;0&>#.(/@j
a2 %'( 0,-%421( =4230#2 1#$;0 '(4/ %'( .',2( #? 4 '(;,1#>%(/
-'4%%(/ %'( 4,/@ 7( >((/(0 %'/#$3' %'( %/((- "41* ,2 %'( 0,/(1:
%,#2 #? %'( D>,1( )4K44/ 420 -4. %'( /$22,23 ;,3'%- #? 42 4,/:
1/4?%&-*,66,23&$>&#8(/&%'(&',;;&420&-%/(4*,23&%#.4/0&%'(&0#1*-@
 UWU[VZY
D,(224 %(2-(0@ ia 2((0 %# 3#5j -'( -4,05 -%420,23 $> 420 3;42:
1,23 %# %'( .(-% %#.4/0 !%4%t/* )/,03(@ ia %',2* a 142 3(% 41/#--
%'(&"/,03(&#2&?##%5&420&?/#6&%'(/(&/(41'kj
i]#$G/(&2#%&;(48,235&D,(2245j&'(&-4,0&?,/6;9@
i<#"(/%5 a 146( "41* "(14$-( a ?(;% a #.(0 9#$ 42 (B>;424:
%,#2@&A#.&9#$&'48(&,%@j
iA#5 D,(2245j =4230#2 -4,0@ i]#$ 146( "41* "(14$-( 9#$G8(
"((2 /$22,23 9#$/ .'#;( ;,?(5 420 9#$ ?,24;;9 /(4;,K(0 9#$ 142G%
/$2&4296#/(@j
D,(224 -((6(0 %# -'/,2* "(?#/( ',6@ i+'4% 1'#,1( 0# a
'48(nj -'( 4-*(05 .4%1',23 %'( '(;,1#>%(/ -142 %'( .4%(/@
iN'(9G;;&>$%&6(&,2&>/,-#2&4-&-##2&4-&%'(9&?,20&6(@j
i]#$G8( 0#2( 2#%',23 ./#235 D,(224@ ]#$ 0,02G% 1/(4%( %',-
8,/$-&L&2#/&0,0&9#$&/(;(4-(&,%@j
iN/$(5 "$% a .(2% %# 3/(4% ;(23%'- %# >/(8(2% %'( +#/;0
7(4;%' F/342,K4%,#2 ?/#6 ?,20,23 ,%@ a? a 0#2G% (20 $> ,2 4
N$/*,-' >/,-#25 aG;; ?41( -#6( *,20 #? ,2%(/24%,#24; %/,"$24; #2
1'4/3(-&#?&",#;#3,14;&%(//#/,-6@j
!- %'( %'/$6 #? %'( '(;,1#>%(/ 3/(. ;#$0(/5 =4230#2 ;##*(0
%#.4/0 %'( 0#1*- ,2 %'( 0,-%421(@ N'( 1/4?% .4- '#8(/,23 ,2
>;41(5 /#%#/- 1'$/2,23 %'( .4%(/ 4- ,%- -(4/1';,3'% -%/4?(0 %'(
"#4%-@
D,(224&;##*(0&/(409&%#&"#;%&4%&429&,2-%42%@
iO;(4-( ;,-%(25j =4230#2 -4,05 -#?%(2,23 ',- %#2(@ ia *2#.
9#$G8( "((2 %'/#$3' 4 ;#%5 420 a *2#. 9#$G/( -14/(05 "$% 9#$
2((0 %# %',2* #? %'( ",3 >,1%$/(@ )(/%/420 1/(4%(0 %',- 8,/$-@
M4; %/,(0&%#&-%#>&,%@j
i)$%&a&?4,;(0@j
i](-5 420 2#. %'4% %'( 8,/$- ,- #$%5 %'( -1,(2%,?,1 420 6(0,14;
1#66$2,%,(- .,;; 2((0 %# $20(/-%420 ,% ?$;;9@ ]#$G/( %'( 4',)
>(/-#2 .'# *2#.- 429%',23 4% 4;; 4"#$% ,%@ \49"( %'(/(G- 4 .49
%# 2($%/4;,K( ,% L #/ 0# -#6(%',23 %# >/(>4/(@j =4230#2G- >(2:
(%/4%,23 34K( "#/( ,2%# '(/@ iD,(2245 %'( .#/;0 '##(* %# *2#.
.'4%&9#$&*2#.@&]#$&142G%&C$-%&0,-4>>(4/@j
 UWV[VZY
D,(224G- -;,6 ?/46( .4- -'4*,23 2#.5 4- ,? %'( ?;##034%(- #?
-#//#. 420 $21(/%4,2%9 .(/( 4"#$% %# "$/-% .,0(@ i<#"(/%5 a L
a 0#2G% *2#. .'4% %# 0#@ a 0#2G% (8(2 *2#. .'# a 46 4296#/(@
=##* 4% 6(@j D'( >$% 4 '420 #2 '(/ "4;0 -14;>@ iaG8( %$/2(0 ,2%#
4&6#2-%(/@&7#.&142&a&>#--,";9&?41(kj
=4230#2 -%(>>(0 ?#/.4/0 420 ./4>>(0 ',- 4/6- 4/#$20 '(/@
7( 1#$;0 ?((; '(/ "#09 %/(6";,235 ?((; '(/ ?/4,;%9 434,2-% ',-
1'(-%@&7(&.',->(/(0&-#?%;9&,2&'(/&(4/@
iD,(2245 a *2#. 9#$ .42% %# /$25 "$% aG6 2#% 3#,23 %# ;(% 9#$@
D##2(/&#/&;4%(/&9#$&2((0&%#&-%4/%&%/$-%,23 *4:#4'#@j
ia&142G%&Lj&D'(&.4-&-#"",23@&iaG6&2#%&-$/(&a&*2#.&'#.@j
=4230#2 '(;0 '(/ %,3'%(/@ i]#$ -%4/% -64;;@ ]#$ %4*( %'4%
?,/-%&%,29&-%(>@&]#$&%/$-% :#@j
 M7!ONP< QZZ

N7P D7!<O M=!Ad #? 6(%4; #2 6(%4; /423 %'/#$3' %'( ?$-(;43( #?

%'( .,20#.;(-- M:QSZ %/42->#/%5 14$-,23 %'( >/#8#-% %# C$6>@
F$%-,0(5 -#6(#2( .4- "423,23 %'( "$%% #? 4 >,-%#; 434,2-% %'(
4,/1/4?%G-&'4%1'&420&0(6420,23&(2%/9@
iP8(/9#2( -%49 -(4%(05j %'( M:QSZ >,;#% 1#66420(05 6#8,23
%#.4/0 %'( 0##/@ ia%G- %'( N$/*,-' >#;,1(@ N'(9 C$-% 0/#8( #$% %#
%'(&>;42(@j
N'(&>/#8#-%&420&E(//,-&(B1'423(0&4&I$,1*&3;421(@
E/#6 %'( ?;$//9 #? >42,1*(0 14;;- 46#23 %'( +7F -%4?? #2
"#4/05 %'( >/#8#-% -(2-(0 %'4% %'(,/ 1#2%4,26(2% 6,--,#2 '40
?4,;(0@ n4D3.*5 7&33.#( 4;5 +.* 6,&'5 '( %'#$3'%@ >'( :) 74:V
6&')%:&(#%.5%64**.D,#/
F$%-,0( %'( '4%1'5 4$%'#/,%4%,8(:-#$20,23 8#,1(- "(342
-'#$%,23&,2&N$/*,-'@
N'( >/#8#-% C$6>(0 %# ',- ?((%@ iH#2G% #>(2 %'( 0##/lj '(
#/0(/(0&%'(&>,;#%@
N'( >,;#% -%#>>(0 -'#/%5 3;4/,23 4% %'( >/#8#-%@ i+'9 %'( '(;;
2#%nj
iN'( +7F ,- 42 ,2%(/24%,#24; /(;,(? #/342,K4%,#25j %'( >/#8:
#-%&/(>;,(05&i420&%',-&>;42(&,-&-#8(/(,32&%(//,%#/9lj
N'( >,;#% -'##* ',- '(40@ iD,/5 %',- >;42( ,- >4/*(0 4% 4 N$/*:
,-' 4,/>#/%5 420 $2%,; ,% ;(48(- N$/*,-' 4,/->41(5 ,% ,- -$"C(1% %#
%'( ;4.- #? %'( ;420@j N'( >,;#% 6#8(0 %# %'( (B,% 420 %'/(.
#>(2&%'(&'4%1'@
N.# $2,?#/6(0 6(2 -%4/(0 ,2@ N'(,/ '$6#/;(-- (9(- -'#.(0
2#% %'( -;,3'%(-% ',2% #? ;(2,(219@ i+'# ,- %'( 14>%4,2 #? %',-
4,/1/4?%nj&#2(&#?&%'(6&0(6420(0&,2&4&'(489&411(2%@
ia&465j&%'(&>,;#%&-4,0@
 UWX[VZY
!2 #??,1(/ '420(0 %'( >,;#% %.# -'((%- #? >4>(/@ i!//(-% 0#1:
$6(2%-@&N'(-(&%.#&>4--(23(/-&6$-%&1#6(&.,%'&$-@j
N'( >,;#% -*,66(0 %'( >43(- 420 3;421(0 #8(/ 4% %'( >/#8#-%
420&E(//,-@
iM4;; H/@ D,2-*(95j %'( >/#8#-% #/0(/(0 %'( +7F >,;#%@
i+(G/(&#2&42&,2%(/24%,#24;&(6(/3(219&6,--,#2@j
F2( #? %'( #??,1(/- (9(0 %'( >/#8#-% .,%' 42 46$-(0 -2((/@
iH/@ A,.`&D#5+ D,2-*(9n H,/(1%#/ #? %'( +#/;0 7(4;%' F/342,K:
4%,#2n "+# ,-&%'(&#2(&.'#&#/0(/(0&9#$/&4//(-%@j
iN'4% 142G% "(5j %'( >/#8#-% /(>;,(0@ i\/@ E(//,- 420 a 4/(
'(/(&,2&N$/*(9&%/9,23&%# +#,6 H/@&D,2-*(9@j
iN'(2 9#$ 4/( 2#% 0#,23 4 8(/9 3##0 C#"5j %'( -(1#20 #??,1(/
/(>;,(0@ iH/@ D,2-*(9 1#2%41%(0 $- 420 246(0 9#$ "#%' 4- 1#2:
->,/4%#/- ,2 4 ",#:%(//#/,-6 >;#% #2 N$/*,-' -#,;@j 7( >$;;(0 #$%
'4201$??-@ i]#$ "#%' 4/( 1#6,23 %# '(40I$4/%(/- ?#/
I$(-%,#2,23@j
ia&0(6420&42&4%%#/2(9lj&%'(&>/#8#-%&-'#$%(0@
N',/%9 -(1#20- ;4%(/5 '( 420 E(//,- .(/( -'41*;(05 6$-1;(0
0#.2 %'( 3423.495 420 -'#8(0 /#$3';9 ,2%# %'( "41*-(4% #? 4
";41* -(042@ N'( -(042 /41(0 4.495 -*,66,23 41/#-- %'( %4/:
641 %# 4 /(6#%( 1#/2(/ #? %'( 4,/>#/%5 .'(/( ,% -%#>>(0 4% 4
1',1*(2:.,/( ?(21( %'4% '40 "((2 1$% 420 >$;;(0 4>4/% %# 4;;#.
%'(,/ 14/ %# >4--@ F21( %'/#$3' %'( >(/,6(%(/ ?(21(5 %'( 14/
"#$21(0 41/#-- 4 0$-%9 .4-%(;420 #? "/#*(2 4,/>#/% 641',2(/9
420&146(&%#&4&'4;%&2(4/&42&#;0&-(/8,1(&"$,;0,23@
N'( %.# $2,?#/6(0 6(2 3#% #$% #? %'( -(042 420 -1422(0
%'( 4/(4@ !>>4/(2%;9 -4%,-?,(0 %'4% %'(9 '40 2#% "((2 ?#;;#.(05
%'(9 -%/,>>(0 #?? %'(,/ >#;,1( $2,?#/6- 420 %#--(0 %'(6 4-,0(@
N'(2 %'(9 '(;>(0 E(//,- 420 %'( >/#8#-% #$% #? %'( 14/ 420 /(:
6#8(0&%'(,/&'4201$??-@
N'( >/#8#-% /$""(0 ',- ./,-%-5 /(4;,K,23 %'4% '( .#$;0 2#% 0#
.(;;&,2&14>%,8,%9@
iN'( 14/ *(9- 4/( $20(/ %'( 64%5j #2( #? %'( 43(2%- -4,05 6#:
%,#2,23 %# 4 .',%( 842 >4/*(0 2(4/"9@ iN'(/(G- 4 0$??(; ,2 %'(
 UWY[VZY
"41*-(4% .,%' (8(/9%',23 9#$ /(I$(-%(0k%/48(; 0#1$6(2%-5
14-'5 >/(>4,0 >'#2(-5 1;#%',235 4- .(;; 4- 4 ?(. #%'(/ ,%(6- .(
%'#$3'%&9#$&6,3'%&4>>/(1,4%(@j
iN'42*&9#$5j&%'(&>/#8#-%&-4,0@&i]#$&3$9-&4/(&3##0@j
i_$-%&.(;;&%/4,2(05&-,/@j
+,%' %'4%5 %'( %.# N$/*,-' 6(2 3#% "41* ,2%# %'( ";41* -(042
420&0/#8(&#??@
".'*$#) 9&* '#8#3 B4.'B 54 ,#5 :# 9&,$ &9&)5 %'( >/#8#-%
/(6,20(0 ',6-(;?@ 748,23 -(2-(0 4- 6$1' .',;( ?;9,23 %#
a-%42"$;5 %'( >/#8#-% '40 (:64,;(0 42 4;(/% %# %'( M#2-#/%,$6G-
;#14; "/421'5 ,20,14%,23 %'4% '( 420 E(//,- 6,3'% 2((0 42
(B%/41%,#2@
i]#$&%',2*&-'(G;;&1#6(&4?%(/&$-nj&E(//,-&4-*(0@
iD,2-*(9nj N'( >/#8#-% 2#00(0@ i!"-#;$%(;9@ !;%'#$3' a -$-:
>(1%&-'(&'4-&#%'(/&1#21(/2-&4%&%'(&6#6(2%@j
N'( %.# 6(2 1;,6"(0 ,2%# %'( .',%( 8425 420 %'( >/#8#-%
/$6643(0 %'/#$3' %'( 1#2%(2%- #? %'( 0$??(;5 3(%%,23 %'(,/
0#1$6(2%4%,#2 ,2 #/0(/@ 7( >$;;(0 #$% 4 "4-("4;; 14> 420
-;,>>(0 ,% #2@ +/4>>(0 ,2-,0( %'( 14>5 '( ?#$20 4 -64;; "#%%;(
#?&7,3';420&O4/*&-,23;(&64;%@
1+#*#%B;)*%&3#%B44(/
N'( >/#8#-% (9(0 %'( 46"(/ ;,I$,05 %(;;,23 ',6-(;? '( -'#$;0
.4,% $2%,; %#6#//#.@ N'(2 434,25 '( >,1%$/(0 m#"/,-%G- D#;$":
;#2&"43&420&.#20(/(0&.'4%&%#6#//#.&.#$;0&(8(2&;##*&;,*(@
2%D34$#%:)%7&3(.'&,%3;,#5&'(&%'#$3'%@ 2%B&8#%;6%:)%7,.#'5/
N'( >/#8#-% ?(;% -%/423(;9 40/,?%5 *2#.,23 %'4% ,2 %'( 1#6,23
049- %'( .#/;0 .#$;0 "( ";42*(%(0 .,%' 2(.- #? 4 14%4-%/#>'(
,2 .',1' '( '40 >;49(0 4 8(/9 -,32,?,142% /#;(@ 1+.* 94;,( '45
+&8#%+&66#'#(%9.5+4;5%:#/
E#/ %'( ?,/-% %,6( ,2 ',- ;,?(5 ,32#/421( 2# ;#23(/ ?(;% ;,*( %'(
6#/4; ',3' 3/#$20@ 7,- ?,23(/- "/#*( %'( -(4; #2 %'( "#%%;( #?
D1#%1'@
A'X4) .55 '( %#;0 ',6-(;?@ K'# 9&) 43 &'45+#3C )4;3 (&)* &3#
';:D#3#(/
 UXZ[VZY
N'( >/#8#-% %##* 4 0((> >$;; #2 %'( "#%%;(5 /(;,-',23 %'(
.4/6%'&,2&',-&%'/#4%@
D$00(2;9 %'( 04/*2(-- ;,% $> .,%' ->#%;,3'%- 420 %'( ";$(
?;4-',23 -%/#"(- #? >#;,1( 14/-5 .',1' -$//#$20(0 %'(6 #2 4;;
-,0(-@
N'( >/#8#-% ;##*(0 ?/42%,14;;9 ,2 (8(/9 0,/(1%,#2 L 420 %'(2
-4%&4-&-%,;;&4-&-%#2(@
S4%#*7&6#/
!- 4/6(0 N$/*,-' >#;,1( #??,1(/- 4>>/#41'(0 %'( 8425 /,?;(-
(B%(20(05 %'( >/#8#-% %##* 4 ?,24; -,> #? 7,3';420 O4/* 420
I$,(%;9&/4,-(0&',-&'420-&#8(/&',-&'(40@
N',-&%,6(5&'(&*2(.5&%'(&#??,1(/-&.(/(&2#%&',-&#.2@
 M7!ONP< QZQ

N7P D+aDD MFADh=!NP ,2 a-%42"$; ,- ;#14%(0 4% F2( =(8(2% O;4K4 ,2

4 -;((*5 $;%/46#0(/2 -*9-1/4>(/@ N'( "$,;0,23G- 1#2148(5 ";$(:
3;4-- ?4140( /(-(6";(- 4 ?$%$/,-%,1 6#2#;,%' 4;#23 %'( -*9;,2(
#?&%'(&421,(2%&6(%/#>#;,-@
A(4/;9 42 '#$/ '40 >4--(0 -,21( D,2-*(9 '40 ;(?% %'( 1,-%(/2
%# -(% $> 4 %(6>#/4/9 1#66420 >#-% ,2 %'( 1#2-$;4%( #??,1(-@
N'( ;#14; 2(.- -%4%,#2- '$66(0 .,%' /(>#/%- #? %'( >42,1*(0
-%46>(0( 4% %'( 1,-%(/2G- ?,24; >(/?#/6421( #? =,-K%G- H42%(
D96>'#29@ A# ->(1,?,1- '40 "((2 /(>#/%(0 9(%5 "$% %'( >/(-:
(21( #? 42 ,2%(/24%,#24; 6(0,14; %(46 .(4/,23 '4K64% -$,%-
'40&->4/*(0&.,;0&->(1$;4%,#2@
D,2-*(9 -%4/(0 #$% %'( .,20#. 4% %'( ;,3'%- #? %'( 1,%9 420
?(;% $%%(/;9 4;#2(@ <(?;(B,8(;95 -'( /(41'(0 %# '(/ 2(1* ?#/ '(/
46$;(% 2(1*;41(5 "$% %'(/( .4- 2#%',23 %# 3/4->@ N'( "/#*(2
%4;,-642&2#.&;49&#2&'(/&0(-*&,2&%.#&?/41%$/(0&'4;8(-@
N'( +7F 0,/(1%#/ '40 C$-% ?,2,-'(0 1##/0,24%,23 42 4//49 #?
(6(/3(219 6((%,23- %# "( '(;0 ,2 d(2(84 ,2 -(8(/4; '#$/-@
D>(1,4;,-%- ?/#6 84/,#$- 43(21,(- .(/( 4;/(409 (2 /#$%(5 420
D,2-*(9 '(/-(;? >;422(0 %# ?;9 %'(/( -'#/%;9 %# "/,(? %'(6@ \(/:
1,?$;;95 -#6(#2( #2 %'( 2,3'% -%4?? '40 0(;,8(/(0 4 >,>,23:'#%
6$3 #? 4$%'(2%,1 N$/*,-' 1#??((5 .',1' D,2-*(9 '40 I$,1*;9
0/4,2(0@
! 9#$23 642 #2 %'( 1#2-$;4%( -%4?? >((/(0 ,2 '(/ #>(2 0##/@
i\4G46n&<#"(/%&=4230#2&,-&'(/(&%#&-((&9#$@j
iN'42*&9#$5j&-'(&/(>;,(0@&i]#$&142&-(20&',6&,2@j
N.(2%9 6,2$%(- (4/;,(/5 =4230#2 '40 1#2%41%(0 D,2-*(9 "9
>'#2( 420 (B>;4,2(0 %'4% D,(224 )/##*- '40 (;$0(0 ',65 '48:
,23 -%#;(2 4 "#4% 420 ?;(0 #$% %# -(4@ D,2-*(9 '40 4;/(409 '(4/0
 UXR[VZY
%',- 2(.- ?/#6 %'( 4$%'#/,%,(-5 .'# .(/( -%,;; -(4/1',23 %'(
4/(45&"$%&-#&?4/&'40&1#6(&$>&(6>%9:'420(0@
A#.5 4- =4230#2G- %4;; ?/46( 64%(/,4;,K(0 ,2 %'( 0##/.495
-'( "4/(;9 /(1#32,K(0 ',6@ 7,- -$,% .4- 0,/%95 ',- 04/* '4,/
%#$-;(05&420&',-&(9(-&;##*(0&.(4/9&420&-$2*(2@
iO/#?(--#/5&4/(&9#$&#*49nj&D,2-*(9&-%##0&$>@
=4230#2&348(&'(/&4&%,/(0&-6,;(@&iaG8(&'40&(4-,(/&2,3'%-@j
iO;(4-(5j&-'(&-4,05&6#%,#2,23&%#&4&1'4,/@&i748(&4&-(4%@j
im#"/,-%G- 1#2%43,#25j =4230#2 "(342 .,%'#$% >/(46";( 4-
'(&-4%&0#.2@&ia&%',2*&,%&649&'48(&"((2&/(;(4-(0&4&.((*&43#@j
D,2-*(9 348( 4 >4%,(2% 2#0@ i](-5 .(G8( 1#6( %# %'( -46(
1#21;$-,#2@ A# -96>%#6- '48( "((2 /(>#/%(0 9(%5 "$% .(G8(
,-#;4%(0 -46>;(- 420 4/( 4;/(409 3(4/,23 $> ?#/ ,2%(2-,8( %(-%:
,23@ h2?#/%$24%(;95 ,% 1#$;0 %4*( 049- #/ .((*- %# 3(% 4 /(4; 3/,>
#2&.'4%&%',-&8,/$-&,-&L&420&.'4%&,%&6,3'%&0#@j
ia%G-&4&8(1%#/&8,/$-5j&=4230#2&-4,0@
D,2-*(9 1#1*(0 '(/ '(40 ,2 -$/>/,-(5 -%4/%;(0 %# '(4/ %'4% '(
(8(2&*2(.&%'(&%(/6@&ia&"(3&9#$/&>4/0#2nj
im#"/,-% 1/(4%(0 42 4,/"#/2( 8(1%#/ 8,/$- 14>4";( #? 6#0,?9:
,23&'$642&HA!@j
D,2-*(9 /#-( 4"/$>%;95 *2#1*,23 '(/ 1'4,/ #8(/ ,2 %'( >/#:
1(--@ 1+&50* '45 #8#' 64**.D,#F i+'4% .#$;0 (8(/ 64*( 9#$
1;4,6&-$1'&4&%',23nj
iD,(2245j =4230#2 /(>;,(0 I$,(%;9@ iD'( %#;0 6(@ 74;? 42
'#$/&43#@j
D,2-*(9 ;(42(0 '(/ '420- #2 '(/ 0(-* 420 -%4/(0 41/#-- 4%
=4230#2&.,%'&-$00(2&0,-%/$-%@&iD'(&0,02G%&(-14>(nj
iD'( 1(/%4,2;9 (.(5j '( /(>;,(0@ iD'( .4- ?/((5 ,2 4 "#4%
->((0,23 #$% %# -(45 420 -'( (4-,;9 1#$;0 '48( 0,-4>>(4/(0
?#/(8(/@ )$% -'( %'#$3'% "(%%(/ #? ,%@ D'( 146( "41* #? '(/ #.2
8#;,%,#2@&D,(224&.42%-&%#&'(;>&.,%'&%',-&1/,-,-@j
! '4/-' ;4$3' (-14>(0 D,2-*(9G- ;,>-@ iE#/3,8( 6( ,? aG6 2#%
,21;,2(0 %# %/$-% \-@ )/##*-5 (->(1,4;;9 .'(2 -'(G- 64*,23 -$1'
4&?4/:?(%1'(0&1;4,6@j
 UXS[VZY
ia "(;,(8( '(/5j =4230#2 -4,05 ',- %#2( $2.48(/,23@ i!20 ,?
-'( 1;4,6- %'4% %',- ,- 4 8(1%#/ 8,/$-5 a %',2* 9#$G0 "(%%(/ %4*(
'(/&-(/,#$-;9@j
D,2-*(9 ?(;% -$00(2;9 (B'4$-%(05 '(/ 6,20 -%/$33;,23 %# 424:
;9K( =4230#2G- .#/0-@ D'( 6#8(0 %# %'( .,20#. 420 -%4/(0
#$%@ > <S>V&,5#3.'B 8.3&, 8#7543L !- ,6>/#"4";( 420 '#//,?9:
,23 4- %'( >/#->(1% -#$20(05 -'( '40 %# 406,% %'(/( .4- 42
((/,( ;#3,1 %# ,%@ !?%(/ 4;;5 m#"/,-% .4- 4 3(2(%,1 (23,2((/ 420
*2(. ?,/-%'420 %'4% %'( -64;;(-% 6$%4%,#2 ,2 4 -,23;( 3(2(
1#$;0 '48( 14%4-%/#>',1 (??(1%- #2 %'( "#09k1421(/-5 #/342
?4,;$/(5 420 ";##0 0,-#/0(/-@ P8(2 4 0,-(4-( 4- 4"'#//(2% 4-
19-%,1 ?,"/#-,-k.',1' 0/#.2- ,%- 8,1%,6 ,2 6$1$-k.4- 14$-(0
"9 2#%',23 6#/( %'42 4 6,2$-1$;( ',11$> ,2 4 /(3$;4%#/ 3(2(
#2&1'/#6#-#6(&-(8(2@
D>(1,4;,-%- '40 2#. -%4/%(0 %/(4%,23 %'(-( 3(2(%,1 1#20,%,#2-
.,%' /$0,6(2%4/9 8(1%#/ 8,/$-(- %'4% .(/( ,2C(1%(0 0,/(1%;9 ,2%#
%'( >4%,(2%@ N'(-( 2#21#2%43,#$- 8,/$-(- .(/( >/#3/466(0 %#
%/48(; %'/#$3' %'( >4%,(2%G- "#09 420 ,2-%4;; /(>;41(6(2% HA!
%'4% ?,B(0 %'( 04643(0 -(1%,#2-@ N',- 2(. -1,(21(5 '#.(8(/5
;,*( 4;; -1,(21(-5 '40 4 04/* -,0(@ N'( (??(1%- #? 4 8(1%#/ 8,/$-
1#$;0 "( (,%'(/ ?48#/4";( #/ 0(-%/$1%,8( L 0(>(20,23 #2 %'( (2:
3,2((/G- ,2%(2%,#2-@ a? 4 8,/$- .(/( 64;,1,#$-;9 >/#3/466(0 %#
,2-(/% (&:&B#( HA! ,2%# '(4;%'9 1(;;-5 %'( /(-$;%- .#$;0 "(
0(84-%4%,23@ \#/(#8(/5 ,? %'4% 0(-%/$1%,8( 8,/$- .(/( -#6('#.
(23,2((/(0&%#&"(&',3';9&1#2%43,#$-&420&4,/"#/2(&L
N'( >/#->(1% 640( D,2-*(9 -'$00(/@ O+&5 B#'#5.7 +43343
+&* n4D3.*5 (3#&:#( ;6L @49 (4#* +# 6,&' 54 5+.' 5+# +;:&'
+#3(L
D,2-*(9 *2(. %'4% ?,20,23 %'( 42-.(/ 1#$;0 %4*( .((*-@ N'(
'$642 3(2(%,1 1#0( 1#2%4,2(0 4 -((6,23;9 ,2?,2,%( ;4"9/,2%' #?
1'(6,14; >(/6$%4%,#2-@ N'( >/#->(1% #? -(4/1',23 ,%- (2%,/(%9
,2 '#>(- #? ?,20,23 m#"/,-%G- #2( ->(1,?,1 4;%(/4%,#2 .#$;0 "(
;,*( ;##*,23 ?#/ 4 2((0;( ,2 4 '49-%41* L .,%'#$% (8(2 *2#.,23
#2&.'4%&>;42(%&%'4%&>4/%,1$;4/&'49-%41*&.4-&;#14%(0@
 UXT[VZY
iP;,K4"(%'nj&=4230#2G-&0((>&8#,1(&>$;;(0&'(/&"41*@
D,2-*(9&%$/2(0&?/#6&%'(&.,20#.&420&;##*(0&4%&',6@
iH,0 9#$ '(4/ 6(nj '( 4-*(05 -%,;; -(4%(0 14;6;9@ iD,(224
.42%(0&%#&0(-%/#9&%',-&8,/$-&4-&6$1'&4-&9#$&0,0@j
ia&-,21(/(;9&0#$"%&%'4%@j
=4230#2 (B'4;(05 -%420,23 2#.@ ia %',2* 9#$ -'#$;0 ;,-%(2 %#
6(@ D'#/%;9 "(?#/( ',- 0(4%'5 m#"/,-% ./#%( 4 ;(%%(/ %# D,(2245
%(;;,23 '(/ .'4% '( '40 0#2(@ 7( #$%;,2(0 (B41%;9 .'4% %',- 8,/:
$- .#$;0 0# L '#. ,% .#$;0 4%%41* $- L '#. ,% .#$;0 41',(8(
',-&3#4;-@j
D,2-*(9&?/#K(@ 1+#3#0*%&%,#55#3LF
i+'(2 D,(224 /(40 m#"/,-%G- 0(-1/,>%,#2 #? .'4% '( '40 1/(:
4%(05 -'( .4- '#//,?,(0@ D'( .42%(0 %# -%#> ',6@ D'( 1#2:
-,0(/(0 ',- 8,/$- -# 0423(/#$- %'4% -'( 0,02G% .42% &')D4() %#
34,2 411(-- %# ,%5 ,21;$0,23 %'( +#/;0 7(4;%' F/342,K4%,#2@
H#2G% 9#$ -((n D,(224 '4- "((2 %/9,23 %# (#*534) %'( 8,/$- L
2#%&/(;(4-(&,%@j
iN'(/(G- 4 ;(%%(/nj D,2-*(9 0(6420(05 '(/ ?#1$- 2#. -,23$:
;4/@&i+,%' *6#7.-.7*nj
iN'4%G-&.'4%&D,(224&%#;0&6(5&9(-@j
i+( '##( %'4% ;(%%(/l 748,23 ->(1,?,1- 1#$;0 -48( $- 6#2%'-
,2 $20(/-%420,23 .'4% %',- %',23 ,- 420 *2#.,23 '#. %# '420;(
,%@j
=4230#2 -'##* ',- '(40@ i]#$ 0#2G% $20(/-%420@ +'(2 D,:
(224 /(40 m#"/,-%G- ;(%%(/5 -'( .4- 5#33.-.#(@ D'( "$/2(0 ,% ,6:
6(0,4%(;9@&D'(&.42%(0&%#&"(&-$/(&2#"#09kj
D,2-*(9 -641*(0 '(/ '420 0#.2 #2 %'( 0(-*@ iD'( 0(-%/#9(0
%'( #2( %',23 %'4% 1#$;0 '(;> $- >/(>4/( ?#/ %',- 1/,-,-n !20
9#$&.42%&6(&%#&%/$-%&'(/nj
ia *2#. ,%G- 4-*,23 4 ;#%5 ,2 ;,3'% #? '(/ 41%,#2-5 "$% /4%'(/
%'42 14-%,34%,23 '(/5 ,% 6,3'% "( '(;>?$; %# /(6(6"(/ %'4% D,:
(224 '4- 4 $2,I$( ,2%(;;(1%5 ,21;$0,23 4 /4%'(/ -%4/%;,23 14>4:
1,%9 ?#/ /(14;;@j =4230#2 >4$-(0@ i+'4% ,? -'( 142 /(:1/(4%(
(2#$3'&#?&m#"/,-%G-&;(%%(/&%#&"(&'(;>?$;&%#&9#$nj
 UXU[VZY
D,2-*(9 24//#.(0 '(/ 34K(5 2#00,23 -;,3'%;9@ i+(;;5 O/#?(--:
#/5&,2&%'4%&14-(5&.'4%&0#&9#$&-$33(-%&a&0#nj
=4230#2 6#%,#2(0 %# '(/ (6>%9 1#??(( 1$>@ ia -$33(-% 9#$
#/0(/ 6#/( 1#??(( L 420 ;,-%(2 %# %'( #2( 1#20,%,#2 %'4% D,(224
'4-&/(I$(-%(0@j
D,2-*(9G- >$;-( I$,1*(2(05 420 -'( 3;421(0 4% %'( >'#2(@
i]#$&*2#.&'#.&%#&/(41'&'(/nj
ia&0#@j
iN(;;&6(&.'4%&-'(&/(I$(-%(0@j
=4230#2 %#;0 '(/5 420 D,2-*(9 ?(;; -,;(2%5 1#2-,0(/,23 %'(
>/#>#-4;@
ia %',2* ,%G- %'( /,3'% %',23 %# 0#5j =4230#2 400(0@ i!20
.'4%&0#&9#$&'48(&%#&;#-(nj
ia? (8(/9%',23 9#$G/( -49,23 ,- %/$(5 %'(2 9#$ '48( 69 .#/0@j
D,2-*(9&>$-'(0&%'(&>'#2(&%#.4/0&',6@&iO;(4-(&64*(&%'(&14;;@j
N# D,2-*(9G- -$/>/,-(5 =4230#2 ,32#/(0 %'( >'#2(@ a2-%(405
'( -%##0 $> 420 '(40(0 #$% %'( 0##/5 -%4%,23 %'4% '( .#$;0 "(
"41* ,2 4 6,2$%(@ O$KK;(05 D,2-*(9 .4;*(0 ,2%# %'( '4;; 420 #":
-(/8(0 ',6 -%/,0,23 %'/#$3' %'( 1#2-$;4%(G- .4,%,23 4/(45 >$-':
,23 #>(2 %'( 3;4-- 0##/-5 420 (B,%,23 ,2%# %'( (;(84%#/ ?#9(/
"(9#20@ E#/ 4 6#6(2%5 -'( %'#$3'% '( .4- ;(48,235 "$% %'(25
/4%'(/ %'42 -$66#2,23 %'( (;(84%#/5 '( -;,>>(0 I$,(%;9 ,2%#
%'(&.#6(2G-&/(-%/##6@
! ?(. 6#6(2%- ;4%(/5 '( (6(/3(0 .,%' 4 .#642 .'# ;##*(0
%# "( ,2 '(/ (4/;9 %',/%,(-@ D,2-*(9 2((0(0 4 ;#23 6#6(2% %# 41:
1(>% %'( ?41% %'4% %',- .4- %/$;9 D,(224 )/##*-@ N'( >/(%%9
>#29%4,;(0 .#642 -'( '40 -((2 (4/;,(/ ,2 %'( 049 '40 "((2 $%:
%(/;9 %/42-?#/6(0@ D'( .4- %#%4;;9 "4;05 4- ,? '(/ -14;> '40 "((2
-'48(0&1;(42@
+'(2 %'( %.# (2%(/(0 '(/ #??,1(5 %'(9 -,;(2%;9 %##* -(4%- ?4:
1,23&%'(&0(-*@
iE#/3,8( 6(5j D,(224 -4,0 I$,1*;9@ ia *2#. .( '48( 4 ;#% %#
0,-1$--5 "$% ?,/-%5 a .4- '#>,23 9#$ .#$;0 >(/6,% 6( %# -49
-#6(%',23&%'4%&a&/(4;;9&2((0&%#&-49@j
 UXV[VZY
D,2-*(9&2#%(0&%'(&-402(--&,2&D,(224G-&8#,1(@&iF?&1#$/-(@j
i\4G465j -'( "(3425 '(/ 8#,1( ?/4,;5 i9#$ 4/( %'( 0,/(1%#/ #?
%'( +#/;0 7(4;%' F/342,K4%,#2@ ]#$ *2#. "(%%(/ %'42 429#2(
%'4% .( 4/( 4 ->(1,(- #2 %'( (03( #? 1#;;4>-( L 4 >#>$;4%,#2 #$%
#? 1#2%/#;@ E#/ 9(4/-5 )(/%/420 m#"/,-% 4%%(6>%(0 %# (2343(
.,%' ,2?;$(2%,4; >(#>;( ;,*( 9#$/-(;? %# 0,-1$-- %'( ,6>(20,23
1/,-,-@ 7( 8,-,%(0 1#$2%;(-- #/342,K4%,#2- %'4% '( "(;,(8(0 1#$;0
(??(1% 1'423(k+#/;0.4%1' a2-%,%$%(5 %'( M;$" #? <#6(5 O#>$:
;4%,#2 \4%%(/-5 %'( M#$21,; #2 E#/(,32 <(;4%,#2-k"$% '( 2(8(/
?#$20 429#2( .'# 04/(0 (2343( ,2 4 6(42,23?$; 1#28(/-4%,#2
4"#$% 4 3#&, -#;$%,#2@ ]#$ 4;; /(->#20(0 .,%' >;42- ?#/ "(%%(/
1#2%/41(>%,8( (0$14%,#25 %4B ,21(2%,8(- ?#/ -64;;(/ ?46,;,(-5
420 (8(2 %4;* #? 1#;#2,K,23 %'( 6##2l a%G- 2# .#20(/ )(/%/420
;#-%&',-&6,20@j
D,2-*(9&-%4/(0&4%&'(/5&#??(/,23&2#&/(41%,#2@
D,(224 %##* 4 0((> "/(4%'@ iH/@ D,2-*(95 )(/%/420 146( %#
9#$ >(/-#24;;9@ 7( "(33(0 9#$ %# 41*2#.;(03( %'4% .( 4/( #2
%'( "/,2* L "(33(0 9#$ %# (2343( ,2 -#6( *,20 #? 0,4;#3$(@ )$%
/4%'(/ %'42 ;,-%(2,23 %# ',- ,0(4-5 9#$ 14;;(0 ',6 4 6406425
>$% ',6 #2 4 .4%1' ;,-%5 420 0/#8( ',6 $20(/3/#$20@j D,(224G-
8#,1( 3/(. '(489 .,%' (6#%,#2@ i)(/%/420 0,(0 4;; 4;#2( "(:
14$-( >(#>;( ;,*( 9#$/-(;? /(?$-(0 %# #>(2 9#$/ 6,20- (2#$3'
(8(2 %# 406,% %'4% #$/ 14%4-%/#>',1 1,/1$6-%421(- 6,3'% 41%$:
4;;9 /(I$,/( 42 $21#6?#/%4";( -#;$%,#2@ !;; )(/%/420 (8(/ 0,0
.4- ->(4* %'( %/$%' L 420 ?#/ %'4%5 '( .4- #-%/41,K(0@j D,(224
.,>(0 '(/ (9(- 420 34K(0 41/#-- %'( 0(-* 4% D,2-*(9@ i)(;,(8(
6(5 a *2#. .'4% ,%G- ;,*( %# ?((; 4;; 4;#2( L %'( .#/-% *,20 #?
;#2(;,2(-- ,2 %'( .#/;0 ,- %'( ,-#;4%,#2 %'4% 1#6(- ?/#6 "(,23
6,-$20(/-%##0@&a%&142&64*(&>(#>;(&;#-(&%'(,/&3/4->&#2&/(4;,%9@j
D,(224&-%#>>(0&%4;*,235&420&4&-%/4,2(0&-,;(21(&?#;;#.(0@
iN'4%G-&4;;&a&.42%(0&%#&-495j&-'(&.',->(/(0@
D,2-*(9 -%$0,(0 '(/ ?#/ 4 ;#23 .',;( 420 %'(2 -4% 0#.2@ i\-@
)/##*-5j -'( -4,05 4- 14;6;9 4- >#--,";(5 i9#$G/( /,3'%@ a 649
 UXW[VZY
2#% '48( ;,-%(2(0 "(?#/( Lj D'( ?#;0(0 '(/ '420- #2 %'( 0(-*
420&;##*(0&0,/(1%;9&4%&D,(224@&i)$%&aG6&;,-%(2,23&2#.@j
 M7!ONP< QZR

N7P M=FM` aA %'( D.,-- M#2-$;4%(G- ;#""9 '40 ;#23 -,21( 1',6(0
Q !@\@
N'( 2#%(>40 #2 D,2-*(9G- 0(-* .4- 2#. 4 >4%1'.#/* #?
'420./,%%(2 %(B%5 I$(-%,#2-5 420 0,43/46-@ N'( 0,/(1%#/ #? %'(
+#/;0 7(4;%' F/342,K4%,#2 '40 2(,%'(/ 6#8(0 2#/ ->#*(2 ,2
6#/( %'42 ?,8( 6,2$%(-@ D'( -%##0 4% %'( .,20#.5 -%4/,23 #$%
,2%#&%'(&2,3'%@
)(',20 '(/5 =4230#2 420 D,(224 .4,%(05 -(4%(0 ,2 -,;(21(5
1/40;,23 %'( ;4-% #? %'(,/ N$/*,-' 1#??((5 %'( '(489 4/#64 #? ,%-
>$;8(/,K(0&3/#$20-&420&>,-%41',#&3/4,2-&?,;;,23&%'(&/##6@
N'( #2;9 -#$20 .4- %'( "$KK #? %'( ?;$#/(-1(2% ;,3'%-
#8(/'(40@
D,(224 1#$;0 ?((; '(/ #.2 '(4/% >#$20,235 420 -'(
.#20(/(0 .'4% D,2-*(9 .4- %',2*,235 '48,23 2#. '(4/0 %'(
%/$%' ,2 "/$%4; 0(%4,;@ N#353&'(0* 8.3;* .* & *5#3.,.5) 6,&B;#/
K'#%5+.3(%4-%5+#%+;:&'%646;,&5.4'%9.,,%D#%.'-#35.,#/
N'/#$3'#$% %'( (B>;424%,#25 D,(224 '40 .4%1'(0 D,2-*(9G-
/423( #? (6#%,#2-5 .',1'5 .',;( /(-%/4,2(05 '40 "((2 >4;>4";(@
E,/-%5 %'(/( .4- 4 -%$22(0 411(>%421( #? %'( ?41% %'4% m#"/,-%
'40 41%$4;;9 1/(4%(0 42 4,/"#/2( 8(1%#/ 8,/$-@ A(B% -'( '40 0,-:
>;49(0 ?;((%,23 '#>( .'(2 -'( ;(4/2(0 %'4% %'( 8,/$- .4- 2#%
0(-,32(0 %# $.,, >(#>;(@ N'(2 L -;#.;95 %'(/( '40 "((2 %'(
->,/4;,23 '#//#/ 4- %'( %/$%' -(% ,25 420 -'( /(4;,K(0 %'4% 84-%
>#/%,#2- #? %'( (4/%'G- >#>$;4%,#2 .#$;0 "( /(20(/(0 -%(/,;(@ a%
.4- 1;(4/ %'4% %'( /(8(;4%,#2 %'4% %'( 8,/$- 4%%41*(0 '$642 -#3V
5.,.5) 4??(1%(0&D,2-*(9&#2&4&0((>;9&>(/-#24;&;(8(;@
 UXY[VZY
a2 D,(224G- 14-(5 %'( #8(/.'(;6,23 (6#%,#2 .4- /(;,(?@ D'(
'40 -'4/(0 %'( 1#6>;(%( 1#2%(2%- #? )(/%/420G- ;(%%(/ .,%' %'(
+7F&0,/(1%#/@ 2%+&8#%'4%:43#%*#73#5*/
iP;,K4"(%'nj&=4230#2&8(2%$/(0@
D,2-*(9 (6(/3(0 -;#.;9 ?/#6 '(/ %'#$3'%-@ +'(2 -'( /(:
%$/2(0 '(/ 34K( %# %'(65 '(/ ?41( .4- 0/4.2@ iD,(2245j -'(
"(3425 ->(4*,23 ,2 4 ?;4% %#2(5 i%'( ,2?#/64%,#2 9#$ '48(
>/#8,0(0 .,;; "( 8(/9 '(;>?$; ,2 >/(>4/,23 4 -%/4%(39 %# 0(4;
.,%' %',- 1/,-,-@ a 4>>/(1,4%( 9#$/ 1420#/@ !- 9#$ *2#.5 >42:
0(6,1 8(1%#/ 8,/$-(- '48( "((2 0,-1$--(0 5+#43#5.7&,,) 4- 4
>#--,";( .49 %# ,66$2,K( ;4/3( >#>$;4%,#2-5 "$% (8(/9#2( "(:
;,(8(0&%'4%&%'(&%(1'2#;#39&.4-&-%,;;&6429&9(4/-&4.49@j
D,2-*(9&/(%$/2(0&%#&'(/&0(-*5&.'(/(&-'(&-4%&0#.2@
iE#/3,8( 6(5j -'( -4,05 -'4*,23 '(/ '(40@ iN',- 4;; ?((;- ;,*(
-1,(21(&?,1%,#2&%#&6(&4%&%'(&6#6(2%@j
S45 *;363.*.'B5 D,(224 %'#$3'%@ P8(/9 I$42%$6 ;(4> ,2
6(0,1,2( '40 4;.49- ?(;% %',- .49k>(2,1,;;,25 42(-%'(-,45 p:
/49-5 %'( ?,/-% %,6( '$642- ;##*(0 %'/#$3' 4 6,1/#-1#>( 420
-4.&4&1(;;&0,8,0(@
H/@ D,2-*(9 34K(0 0#.2 4% '(/ 2#%(>40@ ia2 4 ?(. '#$/-5 a
.,;; 4//,8( ,2 d(2(84 %# 4 ?,/(-%#/6 #? I$(-%,#2-@ a '48( 2#
0#$"% %'4% %'( ?,/-% I$(-%,#2 .,;; "( .'(%'(/ %'(/( ,- 429 .49 %#
1#$2%(/41%&%',-&8,/$-@j
D,(224&-$->(1%(0&-'(&.4-&/,3'%@
i!205j D,2-*(9 1#2%,2$(05 ia ,643,2( %'( ?,/-% >/#>#-(0 -#;$:
%,#2 .,;; "( %# 424;9K( )(/%/420G- 8,/$-5 $20(/-%420 ,% 4- "(-% 4-
.( 1425 420 %'(2 4%%(6>% %# (23,2((/ 4 -(1#20 -%/4,2 #? ,%k4
-%/4,2 %'4% .( 3#634B3&: ,2 #/0(/ %# 1'423( #$/ HA! "41* %#
,%- #/,3,24; ?#/6@j D,2-*(9 0,0 2#% ;##* #>%,6,-%,1 4- -'( %$/2(0
'(/ 34K( %# D,(224@ i+'(%'(/ 4 1#$2%(/8,/$- ,- (8(2 >#--,";(
/(64,2- %# "( -((25 "$% '9>#%'(%,14;;9 ->(4*,235 aG0 ;,*( %# '(4/
9#$/&%'#$3'%-&#2&%'4%&4>>/#41'@j
?) 5+4;B+5*L D,(224 ?(;% '(/-(;? 3;421( /(?;(B,8(;9 4% =423:
0#2@ N'( >/#?(--#/ 348( '(/ 4 2#05 -(20,23 4 8(/9 1;(4/
 UYZ[VZY
6(--43(^ M4;08# 74:# 5+.* -&3/ "6#&$ )4;3 :.'(/ 1#,, 5+# 53;5+
&*%)4;%*##%.5/
D,(224 1;(4/(0 '(/ %'/#4%5 %$/2(0 %# D,2-*(95 420 ->#*( ,2 4
1;(4/5 -%/#23 8#,1(@ i\4G465 %'( .#/;0 #? 3(2(%,1 (23,2((/,23 ,-
#2( aG8( ,2'4",%(0 .,%' )(/%/420 ?#/ 6429 9(4/-@ !- 9#$ *2#.5
%'( '$642 3(2#6( ,- 42 (B%/(6(;9 0(;,14%( -%/$1%$/( L 4
'#$-( #? 14/0-@ N'( 6#/( 40C$-%6(2%- .( 64*(5 %'( 3/(4%(/ %'(
1'421(- .( 6,-%4*(2;9 4;%(/ %'( ./#23 14/0 420 "/,23 %'( (2:
%,/( %',23 1/4-',23 0#.2@ \9 >(/-#24; "(;,(? ,- %'4% %'(/( ,-
(2#/6#$- 0423(/ ,2 4%%(6>%,23 %# $20# .'4% '4- 4;/(409 "((2
0#2(@ )(/%/420 .4- 4 3(2(%,1 (23,2((/ #? (B1(>%,#24; -*,;; 420
8,-,#2@ 7( .4- 9(4/- 4'(40 #? ',- >((/-@ !% %',- >#,2% ,2 %,6(5
aG6 2#% -$/( a .#$;0 %/$-% 429#2( (;-( %# 3# >#*,23 4/#$20 ,2
%'( '$642 3(2#6(5 '#>,23 %# 3(% ,% /,3'%@ P8(2 ,? 9#$ 0(-,32(0
-#6(%',23 9#$ %'#$3'% 6,3'% .#/*5 %/9,23 ,% .#$;0 ,28#;8( 3#V
.'-#75.'B %'(&(2%,/(&>#>$;4%,#2&.,%'&-#6(%',23&2(.@j
ig(/9 %/$(5j D,2-*(9 -4,05 -((6,23 $2-$/>/,-(0 "9 .'4% -'(
'40 C$-% '(4/0@ i)$% #? 1#$/-(5 %'(/( ,- %'( ",33(/ ,--$(@ +(
6,3'%&2#%&(8(2 9&'5 %#&1#$2%(/41%&,%@j
7(/&.#/0-&14$3'%&D,(224&#??&3$4/0@&iaG6&-#//9nj
i\-@ )/##*-5 a 649 0,-43/(( .,%' )(/%/420G- 6(%'#0-5 "$%
',- 4--(--6(2% #? %'( -%4%( #? %'( .#/;0 ,- 411$/4%(@ N',- >;42(%
,- ?41,23 4 -(/,#$- #8(/>#>$;4%,#2 ,--$(@ a? .( 64243( %# 2($%:
/4;,K( )(/%/420G- 8,/$- .,%'#$% 4 8,4";( 4;%(/24%( >;42 L .( 4/(
-,6>;9&"41*&4%&-I$4/(&#2(@j
D,(224G- -'#1* 6$-% '48( "((2 4>>4/(2%5 "(14$-( D,2-*(9
348( '(/ 4 %,/(0 1'$1*;( 420 400(05 iA#% 4 8,(.>#,2% 9#$ (B:
>(1%(0&%#&'(4/&?/#6&6(nj
D,(224 -'##* '(/ '(40@ ia 3$(-- aG6 2#% -$/( .'4% %# (B>(1%
4296#/(@j
iN'(2 >(/'4>- a 142 -$/>/,-( 9#$ 434,25j D,2-*(9 .(2% #2@
i!- a 6(2%,#2(0 (4/;,(/5 ;(40(/- ?/#6 %#> '(4;%' 43(21,(-
4/#$20 %'( .#/;0 .,;; "( 34%'(/,23 ,2 d(2(84 ,2 4 64%%(/ #?
'#$/- %# 0,-1$-- %',- 1/,-,- 420 >/(>4/( 42 41%,#2 >;42@ a 142G%
 UYQ[VZY
/(14;; 4 34%'(/,23 #? 3/(4%(/ -,32,?,1421( ,2 4;; 69 9(4/- 4% %'(
+7F@j D'( ;(8(;(0 '(/ 34K( 4% %'( 9#$23 0#1%#/@ iD,(2245 a
.#$;0&;,*( )4; %#&'48(&4&-(4%&4%&%'4%&%4";(@j
i\(nj D,(224 /(1#,;(0@ iaG6 2#% 4 3(2(%,1 (23,2((/@ aG8( %#;0
9#$ (8(/9%',23 a *2#.@j D'( >#,2%(0 %# D,2-*(9G- 2#%(>40@
iP8(/9%',23&a&'48(&%#&#??(/&,-&/,3'%&%'(/(&,2&9#$/&2#%(-@j
iA#% "9 4 ;#23 -'#%5j =4230#2 ,2%(/C(1%(0@ iD,(2245 429
6(42,23?$; 0("4%( 4"#$% %',- 8,/$- .,;; /(I$,/( 74'5#\5@ H/@
D,2-*(9 420 '(/ %(46 .,;; 2((0 %# 0(8(;#> 4 6#/4; ?/46(.#/*
%# 4--(-- %'(,/ /(->#2-( %# %',- 1/,-,-@ D'( #"8,#$-;9 "(;,(8(-
9#$&4/(&,2&4&$2,I$(&>#-,%,#2&%#&400&%#&%'4%&0,4;#3$(@j
i\9&6#/4;&?/46(.#/*5&a&-$->(1%5&.,;;&2#%&>;(4-(&%'(&+7F@j
iO/#"4";9 2#%5j =4230#2 /(>;,(05 i.',1' ,- 4;; %'( 6#/( /(4-:
#2 ?#/ 9#$ %# "( %'(/(@ ]#$ 4/( 4 6(6"(/ #? 4 2(. "/((0 #?
%',2*(/-@ ]#$ >/#8,0( 1#$2%(/>#,2%@ ]#$ 142 '(;> %'(6 $20(/:
-%420 %'( 6,20:-(% #? 8,-,#24/,(- ;,*( )(/%/420k"/,;;,42% ,20,:
8,0$4;- .'#-( 1#28,1%,#2- 4/( -# -%/#23 %'4% %'(9 %4*( 64%%(/-
,2%#&%'(,/&#.2&'420-@j
i)(/%/420&.4-&'4/0;9&%'(&?,/-%@j
iA#5j D,2-*(9 ,2%(/C(1%(05 i420 '( .#2G% "( %'( ;4-%@ P8(/9
6#2%'5 %'( +7F $21#8(/- ;4"- .'(/( -1,(2%,-%- 4/( 04"";,23
,2 %'( 3/49 4/(4- #? -1,(21(k(8(/9%',23 ?/#6 642,>$;4%,23 '$:
642 -%(6 1(;;- %# "/((0,23 1',6(/4- L ";(20(0 ->(1,(- %'4%
0#2G% (B,-% ,2 24%$/(@ a%G- 0,-%$/",23@ D1,(21( ,- >/#3/(--,23 -#
?4-%&%'4%&2#"#09&*2#.-&.'(/(&%'(&;,2(-&4/(&0/4.2&4296#/(@j
D,(224 '40 %# 43/((@ _$-% /(1(2%;95 %.# 8(/9 /(->(1%(0 8,/#;#:
3,-%-kE#$1',(/ 420 `4.4#*4k'40 1/(4%(0 4 ',3';9 >4%'#3(2,1
6$%42% 7UAQ 8,/$-@ H(->,%( %'( /(-(4/1'(/-G >$/(;9 4140(6,1
,2%(2%5 %'(,/ 2(. 1/(4%,#2 >#--(--(0 1(/%4,2 14>4",;,%,(- %'4%
'40 4;4/6(0 ",#-(1$/,%9 ->(1,4;,-%- 420 '40 1/(4%(0 4 ?,/(-%#/6
#?&1#2%/#8(/-9&#2;,2(@
iaG6 4?/4,0 ,%G- #2;9 3#,23 %# 3(% 6$/*,(/5j D,2-*(9 -4,0@
i+(G/( #2 %'( 8(/3( #? 2(. %(1'2#;#3,(- %'4% .( 142G% 9(% (8(2
,643,2(@j
 UYR[VZY
i!20 2(. >',;#-#>',(- 4- .(;;5j D,(224 400(0@ iN'(
N/42-'$642,-% 6#8(6(2% ,- 4"#$% %# (B>;#0( ?/#6 %'( -'40:
#.- ,2%# %'( 64,2-%/(46@ F2( #? ,%- ?$2046(2%4; %(2(%- ,- %'4%
.( 4- '$642- '48( 4 6#/4; #";,34%,#2 %# 6&35.7.6&5# ,2 #$/
(8#;$%,#24/9 >/#1(-- L %# $-( #$/ %(1'2#;#3,(- %# 408421( %'(
->(1,(-5 %# 1/(4%( "(%%(/ '$642-k'(4;%',(/5 -%/#23(/5 .,%'
',3'(/:?$21%,#2,23&"/4,2-@&P8(/9%',23&.,;;&-##2&"(&>#--,";(@j
i!20 9#$ 0#2G% %',2* %'4% -$1' "(;,(?- 4/( ,2 1#2?;,1% .,%' %'(
(8#;$%,#24/9&>/#1(--nj
iA#5j D,(224 /(->#20(0 .,%'#$% '(-,%4%,#2@ i7$642- '48(
(8#;8(0 ,21/(6(2%4;;9 #8(/ 6,;;(22,45 ,28(2%,23 2(. %(1'2#;#:
3,(- 4;#23 %'( .49k/$"",23 -%,1*- %#3(%'(/ ?#/ .4/6%'5 0(8(;:
#>,23 43/,1$;%$/( %# ?((0 #$/-(;8(-5 ,28(2%,23 8411,2(- %# ?,3'%
0,-(4-(5 420 2#.5 1/(4%,23 3(2(%,1 %##;- %# '(;> (23,2((/ #$/
#.2 "#0,(- -# .( 142 -$/8,8( ,2 4 1'423,23 .#/;0@j D'(
>4$-(0@ ia "(;,(8( 3(2(%,1 (23,2((/,23 ,- C$-% 42#%'(/ -%(> ,2 4
;#23&;,2(&#?&'$642&408421(-@j
D,2-*(9 .4- -,;(2%5 0((> ,2 %'#$3'%@ iD# 9#$ "(;,(8( .(
-'#$;0&(6"/41(&%'(-(&%##;-&.,%'&#>(2&4/6-@j
ia? .( (4'05 (6"/41( %'(65j D,(224 /(>;,(05 i%'(2 .( 4/( 4-
$20(-(/8,23 #? ;,?( 4- %'( 148(642 .'# ?/((K(- %# 0(4%' "(:
14$-(&'(G-&4?/4,0&%#&-%4/%&4&?,/(@j
7(/ .#/0- -((6(0 %# '423 ,2 %'( /##6 ?#/ 4 ;#23 %,6( "(?#/(
429#2(&->#*(@
a% .4- =4230#2 .'# "/#*( %'( -,;(21(@ iA#% %# -#$20 #;0:
?4-',#2(05j '( "(3425 i"$% a .4- /4,-(0 #2 %'( %'(#/,(- #? H4/:
.,25 420 a 142G% '(;> "$% I$(-%,#2 %'( .,-0#6 #? 4%%(6>%,23 %#
&77#,#3&5# %'(&24%$/4;&>/#1(--&#?&(8#;$%,#2@j
i<#"(/%5j D,(224 -4,0 (6>'4%,14;;95 i3(2(%,1 (23,2((/,23 ,-
2#% 42 411(;(/4%,#2 #? %'( (8#;$%,#24/9 >/#1(--@ a% ,- %'( 24%$/4;
1#$/-( #? (8(2%-l +'4% 9#$ ?#/3(% ,- %'4% ,% .4- #84,;5.4' %'4%
1/(4%(0 )(/%/420 m#"/,-%@ 7,- -$>(/,#/ ,2%(;;(1% .4- %'(
>/#0$1% #? %'( 8(/9 >/#1(-- H4/.,2 0(-1/,"(0 L 42 (8#;$%,#2
#8(/ %,6(@ )(/%/420G- /4/( ,2-,3'% ,2%# 3(2(%,1- 0,0 2#% 1#6( 4-
 UYS[VZY
4 ?;4-' #? 0,8,2( ,2->,/4%,#2 L ,% .4- %'( >/#0$1% #? 9(4/- #? '$:
642&,2%(;;(1%$4;&>/#3/(--@j
=4230#2&?(;;&-,;(2%5&4>>4/(2%;9&1#2-,0(/,23&%'(&2#%,#2@
i!20 4- 4 H4/.,2,-%5j -'( 1#2%,2$(05 i9#$ *2#. %'4% 24%$/(
'4- 4;.49- ?#$20 4 .49 %# *((> %'( '$642 >#>$;4%,#2 ,2
1'(1*k>;43$(-5 ?46,2(-5 ?;##0-@ )$% ;(% 6( 4-* 9#$ %',-k,-2G%
,% >#--,";( %'4% 24%$/( ?#$20 4 0,??(/(2% .49 %',- %,6(n a2-%(40
#? -(20,23 $- '#//,?,1 0,-4-%(/- 420 6,-(/9 L 649"( 24%$/(5
%'/#$3' %'( >/#1(-- #? (8#;$%,#25 1/(4%(0 4 -1,(2%,-% .'# ,28(2:
%(0 4 0,??(/(2% 6(%'#0 #? 0(1/(4-,23 #$/ 2$6"(/- #8(/ %,6(@
A# >;43$(-@ A# 0(4%'@ _$-% 4 ->(1,(- 6#/( ,2 %$2( .,%' ,%-
(28,/#26(2%kj
iD,(2245j D,2-*(9 ,2%(//$>%(0@ ia%G- ;4%(@ +( 2((0 %# 3#@ )$%
"(?#/( .( 0#5 a 2((0 %# 1;4/,?9 #2( 6#/( %',23@ ]#$ '48( %#;0
6( /(>(4%(0;9 %#2,3'% %'4% )(/%/420 .4- 2#% 42 (8,; 642 L
%'4% '( ;#8(0 '$642*,205 420 %'4% '( -,6>;9 ;#23(0 -# 0((>;9
%# -48( #$/ ->(1,(- %'4% '( .4- 4";( %# /4%,#24;,K( %4*,23 -$1'
0/4-%,1&6(4-$/(-@j
D,(224 2#00(0@ iN'( (20- C$-%,?9 %'( 6(42-5j -'( -4,05 I$#%:
,23&%'(&2#%#/,#$-&E;#/(2%,2(&>#;,%,14;&%'(#/,-%&\41',48(;;,@
iD# %(;; 6(5j D,2-*(9 -4,05 i0# 9#$ "(;,(8( %'4% %'( (20- C$-%,:
?9 %'( 6(42-n H# 9#$ "(;,(8( %'4% )(/%/420G- 3#4; %# -48( %'(
.#/;0&.4-&-#&2#";(&%'4%&,%&.4//42%(0&',-&/(;(4-,23&%',-&8,/$-nj
!&%(2-(&-,;(21(&-(%%;(0&,2&%'(&/##6@
D,(224 ;(42(0 ,25 1;#-( %# %'( 0(-*5 '(/ (B>/(--,#2 ?#/1(?$;@
iH/@ D,2-*(95 4- a %#;0 9#$5 a "(;,(8( )(/%/420G- 41%,#2- .(/(
3#7$,#** 420 (B%/(6(;9 0423(/#$-@ a? a 1#$;0 '48( -%#>>(0 ',65
a&.#$;0&'48(&0#2(&-#&,2&4&'(4/%"(4%@&a '##( 9#$&%#&"(;,(8(&6(@j
P;,K4"(%' D,2-*(9 /(41'(0 41/#-- %'( 0(-* 420 3(2%;9
3/4->(0 "#%' #? D,(224G- '420- ,2 '(/ #.2@ ia 0# "(;,(8( 9#$5
D,(224@&a&"(;,(8(&(8(/9&.#/0&9#$G8(&%#;0&6(@j
 M7!ONP< QZS

N7P O<PH!+A !a< 4% !%4%t/* !,/>#/% .4- 1#;0 420 ;41(0 .,%'
6,-%@ ! ;,3'% ?#3 '40 -(%%;(05 '$33,23 %'( %4/641 4/#$20 %'(
>/,84%(&%(/6,24;@
=4230#25 D,(2245 420 D,2-*(9 4//,8(0 "9 %#.2 14/ 420 .(/(
6(% #$%-,0( "9 4 +7F -%4??(/ .'# '(;>(0 %'(6 #$% #? %'(
8(',1;(@
i+(G/( /(409 .'(2(8(/ 9#$ 4/(5 64G465j %'( 642 -4,05 $-':
(/,23&%'(&%/,#&,2%#&4&6#0(-%&%(/6,24;&"$,;0,23@
i!20&\/@&=4230#2G-&4//423(6(2%-nj&D,2-*(9&4-*(0@
iO/,84%( >;42( %# E;#/(21(@ 7,- %(6>#/4/9 %/48(; 0#1$6(2%-
4/(&4;/(409&#2&"#4/0@j
D,2-*(9 2#00(0 '(/ 4>>/(1,4%,#2@ i!20 %'( #%'(/ 64%%(/ .(
0,-1$--(0nj
i!;/(409 ,2 6#%,#2@ N'( >41*43( .,;; "( -',>>(0 4- -##2 4-
>#--,";(@j
D,2-*(9 %'42*(0 %'( 6425 .'# 2#. '(40(0 #$% 41/#-- %'(
%4/641 %#.4/0 %'( >;42(@ D'( %$/2(0 %# =4230#2@ i!/( 9#$ -$/(
9#$ 0#2G% .42% %# C#,2 $-nj D'( 348( ',6 4 %,/(0 -6,;( 420
>$;;(0&"41*&'(/&;#23&-,;8(/&'4,/5&%$1*,23&,%&"(',20&'(/&(4/-@
iM#2-,0(/,23 %'( -,%$4%,#25j =4230#2 -4,0 >;49?$;;95 iaG6 2#%
-$/(&42&4/%&>/#?(--#/&'4-&6$1'&%#&#??(/@j
i]#$G8( #??(/(0 >;(2%95j D,2-*(9 -4,0@ i\#/( %'42 9#$ *2#.@
A#% %'( ;(4-% #? .',1' "(,23 Lj D'( 6#%,#2(0 "(-,0( '(/ %# D,:
(2245 "$% %'( 9#$23 .#642 .4- 2# ;#23(/ .,%' %'(6@ D,(224
.4- %.(2%9 94/0- "41*5 '48,23 >4$-(0 4% 4 ;4/3( .,20#. .'(/(
-'( .4- -%4/,23 #$% 4% %'( .4,%,23 M:QSZ5 4>>4/(2%;9 0((> ,2
%'#$3'%@
 UYU[VZY
iN'42*- ?#/ %/$-%,23 '(/5j =4230#2 -4,0 I$,(%;9@ ia -(2-( -'(
'4-2G%&'40&4&;#%&#?&%'4%&,2&'(/&;,?(@j
ia -$->(1% D,(224 )/##*- 420 a .,;; ?,20 >;(2%9 #? %',23- %#
;(4/2 ?/#6 (41' #%'(/@j D,2-*(9 (B%(20(0 '(/ >4;6@ id#0->((05
O/#?(--#/@j
i!20 %# )4;5j =4230#2 -4,0 4- %'(9 -'##* '420-@ i)(-% #?
;$1*&,2&d(2(84@j
i+(G;; 2((0 ,%5j -'( -4,05 420 %'(2 2#00(0 %#.4/0 D,(224@
iaG;; 3,8( 9#$ %.# 4 6#6(2%@ _$-% -(20 '(/ #$% .'(2 9#$G/(
/(409@j
!- D,2-*(9 '(40(0 41/#-- %'( %(/6,24;5 -'( /(41'(0 4"-(2%;9
,2%# '(/ >#1*(% 420 >$;;(0 #$% %'( %.# '4;8(- #? '(/ "/#*(2
46$;(%5&1;$%1',23&%'(6&%,3'%;9&,2&#2(&>4;6@
iH#2G% 3,8( $> #2 %'4% /#0 #? !-1;(>,$-5j =4230#2 14;;(0 #$%
"(',20&'(/@&ia%G-&?,B4";(@j
iN'42*-5j D,2-*(9 /(>;,(0 .,%' 4 .48(@ iaG6 '#>,23
(8(/9%',23&,-@j

D,(224 )/##*- -%##0 4;#2( 4% %'( .,20#.5 34K,23 #$% 4% %'(

;,3'%- #? %'( /$2.495 .',1' ;##*(0 3'#-%;9 ,2 %'( ;#.:;9,23 ?#3
420 34%'(/,23 1;#$0-@ !%#> 4 1#2%/#; %#.(/ ,2 %'( 0,-%421(5 %'(
N$/*,-' ?;43 ?;$%%(/(0 >/#$0;9k4 ?,(;0 #? /(0 (6";4K#2(0 .,%'
%'( 421,(2% -96"#;- #? %'( 1/(-1(2% 420 -%4/k8(-%,3(- #? %'(
F%%#642&P6>,/(5&-%,;;&?;9,23&>/#$0;9&,2&%'(&6#0(/2&.#/;0@
i! N$/*,-' ;,/4 ?#/ 9#$/ %'#$3'%-nj 4 0((> 8#,1( -4,0 "(',20
'(/@
D,(224&0,0&2#%&%$/2@&i!&-%#/6&,-&1#6,23@j
ia&*2#.5j&=4230#2&/(->#20(0&I$,(%;9@
!?%(/ 4 ;#23 6#6(2%5 D,(224 %$/2(0 %# ',6@ i!20 a .,-' 9#$
.(/(&1#6,23&%#&d(2(84@j
 UYV[VZY
iA,1( #? 9#$ %# -49 -#5j '( /(>;,(0@ i)$% 9#$G;; "( "$-9 %4;*,23
4"#$% %'( ?$%$/(@ N'( ;4-% %',23 9#$ 2((0 ,- -#6( #;0:?4-',#2(0
1#;;(3(&>/#?(--#/&-;#.,23&9#$&0#.2@j
D'( 348( ',6 4 >$KK;(0 ;##*@ i]#$ %',2* 9#$G/( %## #;0 ?#/
6(5&0#2G%&9#$nj
=4230#2 ;4$3'(0 #$% ;#$0@ iD,(2245 a 46 (#-.'.5#,) %## #;0
?#/&9#$lj
D'( -',?%(0 $21#6?#/%4";95 ?((;,23 (6"4//4--(0@ iF*49 L
"$% 4% ;(4-% 9#$G;; *2#. .'(/( %# ?,20 6(@j D'( 64243(0 4 3,/;:
,-'&-'/$3@&ia&6(42&L&,?&9#$&(8(/&.42%&%#&-((&6(&434,2@j
7(&-6,;(0&4%&'(/@&iaG0&(2C#9&%'4%@j
D'( ?(;% '(/ ->,/,%- ;,?% 4 ",%5 420 9(% 4 ;#23 -,;(21( 3/(.
"(%.((2 %'(65 2(,%'(/ #? %'(6 I$,%( 1(/%4,2 '#. %# -49 3##0:
"9(@
!- D,(224 -%4/(0 $> 4% %'( !6(/,142 >/#?(--#/5 -'( ?(;% 4
-$/3( #? (6#%,#2 -'( .4-2G% 411$-%#6(0 %# ?((;,23@ +,%'#$%
.4/2,235 -'( -%##0 #2 '(/ %,>%#(- 420 *,--(0 ',6 ?$;; #2 %'(
;,>-@ +'(2 -'( >$;;(0 4.495 '(/ (9(- .(/( 6#,-% .,%' %(4/-@ iaG;;
6,--&9#$5j&-'(&.',->(/(0@
=4230#2 -6,;(0 4??(1%,#24%(;9 420 ./4>>(0 ',- 4/6- 4/#$20
'(/@&iaG;;&6,--&9#$5&%##@j
N'(9 -%##0 ?#/ 4 ;#23 .',;(5 ;#1*(0 ,2 42 (6"/41( %'4%
2(,%'(/ -((6(0 .,;;,23 %# (20@ E,24;;95 =4230#2 ->#*(@
iN'(/(G- 42 421,(2% -49,23 L #?%(2 4%%/,"$%(0 %# H42%( ',6-(;?
Lj 7( >4$-(0@ io<(6(6"(/ %#2,3'% L ?#/ ,%G- %'( "(3,22,23 #?
?#/(8(/@G&j
iN'42* 9#$5 <#"(/%5j -'( -4,05 4- %'( %(4/- "(342 %# ?;#.@ ia
?,24;;9&?((;&;,*(&a&'48(&4&>$/>#-(@j
=4230#2 >$;;(0 '(/ 1;#-(/@ i]#$ 4;.49- -4,0 9#$ .42%(0 %#
-48(&%'(&.#/;05&D,(224@&N',-&6,3'%&C$-%&"(&9#$/&1'421(@j
D,(224 -6,;(0 -#?%;9 420 %$/2(0 4.49@ !- -'( .4;*(0 4;#2(
%#.4/0 %'( .4,%,23 M:QSZ5 D,(224 1#2-,0(/(0 (8(/9%',23 %'4%
'40 '4>>(2(0 L (8(/9%',23 %'4% 6,3'% -%,;; '4>>(2 L 420 4;;
%'(&>#--,";(&?$%$/(-@
 UYW[VZY
P#:#:D#3 54'.B+55 -'( /(>(4%(0 %# '(/-(;?5 -43 .50* 5+# D#V
B.''.'B%4-%-43#8#3/
!- D,(224 1;,6"(0 ,2%# %'( >;42(5 -'( >/49(0 %'4% H42%( .4-
/,3'%@
 M7!ONP< QZT

N7P O!=P !ENP<AFFA -$2 0,>>(0 ;#. #8(/ %'( O,4KK4 0(; H$#6#5
3;,2%,23 #?? %'( .',%( %,;(- #? d,#%%#G- "(;; %#.(/ 420 14-%,23
;#23 -'40#.- 41/#-- E;#/(21(G- 6432,?,1(2% M4%'(0/4; #? D42%4
\4/,4&0(;&E,#/(@
N'( ?$2(/4; ?#/ a324K,# )$-#2, .4- C$-% 3(%%,23 $20(/ .49 4-
<#"(/% =4230#2 -;,>>(0 ,2%# %'( 14%'(0/4; 420 ?#$20 4 -(4%5
>;(4-(0 %'4% a324K,#G- ;,?( .4- %# "( 6(6#/,4;,K(0 '(/(5 ,2 %'(
%,6(;(--&"4-,;,14&%'4%&'(&'40&;##*(0&4?%(/&?#/&-#&6429&9(4/-@
H(->,%( ,%- 8,"/42% ?4140(5 %'( ,2%(/,#/ #? E;#/(21(G- 14%'(0:
/4; .4- -%4/*5 (6>%95 420 4$-%(/(@ A#2(%'(;(--5 %'( 4-1(%,1
-421%$4/9 -((6(0 %# /40,4%( 42 4,/ #? 1(;("/4%,#2 %#049@ E/#6
4;; #8(/ a%4;95 3#8(/26(2% #??,1,4;-5 ?/,(20-5 420 4/%:.#/;0 1#;:
;(43$(- '40 ?;##0(0 ,2%# %'( 1'$/1' %# /(6(6"(/ %'( C#8,4;
6#$2%4,2&#?&4&642&%'(9&'40&;#8,23;9&14;;(0 .,%<;4:.'4@
N'( 6(0,4 '40 /(>#/%(0 %'4% )$-#2, >4--(0 4.49 .',;( 0#:
,23 .'4% '( ;#8(0 6#-%k%4*,23 4 ;4%(:2,3'% -%/#;; 4/#$20 %'(
H$#6#@
N'( %#2( #? %'( ?$2(/4; .4- -$/>/,-,23;9 $>"(4%5 .,%' '$6#/:
#$- 1#66(2%4/9 ?/#6 ?/,(20- 420 ?46,;95 #2( 1#;;(43$( 2#%,23
%'4% )$-#2,G- ;#8( #? <(24,--421( 4/%5 "9 ',- #.2 406,--,#25
'40 "((2 64%1'(0 #2;9 "9 ',- ;#8( #? ->43'(%%, )#;#32(-( 420
14/46(; D;(.'4@
!?%(/ %'( -(/8,1(5 4- %'( 6#$/2(/- 6,23;(0 420 ?#20;9 /(:
1#$2%(0 ,21,0(2%- ?/#6 a324K,#G- ;,?(5 =4230#2 .420(/(0
4/#$20 %'( ,2%(/,#/ #? %'( H$#6#5 406,/,23 %'( 4/%.#/* %'4%
a324K,# '40 -# 0((>;9 ;#8(0 L g4-4/,G- T&*5 _;(B:#'5 "(2(4%'
%'( 0#6(5 H#24%(;;# 420 d',"(/%,G- -%4,2(0:3;4-- .,20#.-5
 UYY[VZY
h11(;;#G- 1;#1*5 420 %'( #?%(2:#8(/;##*(0 6#-4,1 >48(6(2%-
%'4%&40#/2(0&%'(&?;##/@
!% -#6( >#,2% =4230#2 ?#$20 ',6-(;? -%420,23 "(?#/( 4 ?4:
6,;,4/ ?41(k%'4% #? H42%( !;,3',(/,@ H(>,1%(0 ,2 %'( ;(3(204/9
?/(-1# "9 \,1'(;,2#5 %'( 3/(4% >#(% -%##0 "(?#/( \#$2% O$/34%:
#/9 420 '(;0 ?#/%' ,2 ',- '420-5 4- ,? ,2 '$6";( #??(/,235 ',-
64-%(/>,(1( 1+#%<.8.'#%=4:#()/
=4230#2 1#$;02G% '(;> "$% .#20(/ .'4% H42%( .#$;0 '48(
%'#$3'% ,? '( '40 *2#.2 %'( (??(1% ',- (>,1 >#(6 .#$;0 '48(
#2 %'( .#/;05 1(2%$/,(- ;4%(/5 ,2 4 ?$%$/( (8(2 %'( E;#/(2%,2(
>#(%&',6-(;?&1#$;0&2(8(/&'48(&(28,-,#2(0@
@# -4;'( #5#3'&, ,.-#5 =4230#2 %'#$3'%5 /(14;;,23 %'( (4/;9
d/((* >',;#-#>'(/-G 8,(.- #2 ?46(@ "4 ,4'B &* 5+#) *6#&$ )4;3
'&:#C%)4;%*+&,,%'#8#3%(.#@
a% .4- (4/;9 (8(2,23 .'(2 =4230#2 640( ',- .49 41/#--
O,4KK4 D42%GP;,-4"(%%4 420 /(%$/2(0 %# E;#/(21(G- (;(342% 7#%(;
)/$2(;;(-1',@ h>-%4,/- ,2 ',- /##65 '( .4- /(;,(8(0 %# ?,20 42
#8(/-,K(&>41*43(&.4,%,23&?#/&',6@
!%&;4-%5&%'(&0(;,8(/9&'40&4//,8(0@
1+#%6&7$&B#%2%3#^;#*5#(%-34:%".'*$#)/
7$//,(0;95 =4230#2 1$% %'( %4>( -(4;,23 %'( "#B 420 ;,?%(0
#$% %'( >/(1,#$- 1#2%(2%-5 /(4--$/(0 %# -(( %'4% ,% '40 "((2 6(:
%,1$;#$-;9&>41*(0&420&.4-&1$-',#2(0&,2&"$"";(&./4>>,23@
N# =4230#2G- -$/>/,-(5 '#.(8(/5 %'( "#B 1#2%4,2(0 -#6( 40:
0,%,#24; ,%(6-@ P;,K4"(%' D,2-*(95 ,% -((6(05 '40 $-(0 '(/ -$":
-%42%,4; ,2?;$(21( %# /(1#8(/ 4 ",% 6#/( %'42 '( '40 /(I$(-%(0@
N'( "#B 1#2%4,2(0 =4230#2G- #.2 1;#%',23k"$%%#2:0#.2
-',/%5 *'4*, >42%-5 420 ',- ?/49(0 74//,- N.((0 C41*(%k4;;
14/(?$;;9 1;(42(0 420 >/(--(0@ P8(2 ',- 1#/0#842 ;#4?(/- .(/(
'(/(5 2(.;9 >#;,-'(0@ a2-,0( %'( "#B5 '( .4- 4;-# >;(4-(0 %#
?,20&',-&.4;;(%@
a% .4- %'( 0,-1#8(/9 #? #2( ?,24; ,%(65 '#.(8(/5 %'4% 640(
=4230#2 1'$1*;(@ 7,- /(41%,#2 .4- >4/% /(;,(? %'4% %'( ,%(6 '40
 VZZ[VZY
"((2 /(%$/2(0 L 420 >4/% -'((>,-'2(-- %'4% '( 14/(0 -# 0((>;9
4"#$%&,%@
?)%?.7$#)%?4;*#%9&57+/
=4230#2 ,66(0,4%(;9 ?4-%(2(0 %'( 1#;;(1%#/G- (0,%,#2
%,6(>,(1( #2 ',- ./,-%@ N'( ?((; #? %'( .#/2 ;(4%'(/ "420
434,2-% ',- -*,2 640( ',6 ?((; -%/423(;9 -(1$/(@ )9 %'( %,6( '(
'40 3#%%(2 0/(--(0 ,2 ',- #.2 1;#%'(- 420 -;,>>(0 ',- ?((% "41*
,2%# ',- #.2 ;#4?(/-5 <#"(/% =4230#2 .4- ?((;,23 4;6#-% ;,*(
',6-(;?&434,2@
=4230#2 (B,%(0 %'( '#%(;5 14//9,23 %'( 0(;,14%( >41*43( .,%'
',6 ,2 4 7#%(; )/$2(;;(-1', %#%( "435 .',1' '( '40 "#//#.(0
?/#6 %'( 1#21,(/3(@ N'( (8(2,23 .4- $2$-$4;;9 .4/65 400,23
%# %'( 0/(46;,*( I$4;,%9 #? ',- .4;* 4;#23 %'( g,4 0(, M4;K4,$#;,
%#.4/0&%'(&;#2(&->,/(&#?&%'(&O4;4KK#&g(11',#@
+'(2 '( 4//,8(05 =4230#2 1'(1*(0 ,2 4% %'( -(1$/,%9 #??,1(5
.'(/( ',- 246( .4- #2 4 ;,-% %# -(( \4/%4 !;84/(K@ 7( .4- 0,/:
(1%(0 %# %'( 74;; #? %'( E,8( 7$20/(05 .',1' .4- -%,;; "$-%;,23
.,%' %#$/,-%-@ =4230#2 '40 4//,8(0 /,3'% #2 %,6(5 (B>(1%,23
\4/%4 %# 6((% ',6 '(/( ,2 %'( (2%/9.495 "$% -'( .4- 2#.'(/(
%#&"(&-((2@
7(&?;433(0&0#.2&4&>4--,23&0#1(2%@
Q"7;*.LR =4230#2 14;;(0@ Q<48# 6&**4 5348&3# ?&35&
>,8&3#`LR
N'( 0#1(2% "/#*( ,2%# 4 "/#40 3/,2@ Q".B'43& >,8&3#`LF "+#
'4%+#3#F%"+#%+&8#%D&D)F%=&5&,.'&F%?4,54%D#,,&FR
=4230#2 .4- >;(4-(0 %# '(4/ \4/%4G- 3##0 2(.-@ Q>++ E 7+#
D#,,4CR '(&/(>;,(0@ Q"5;6#'(4FR
!- %'( 0#1(2% '$//,(0 #??5 =4230#2 .#20(/(0 .'4% '( .4-
-$>>#-(0&%#&0#&.,%'&%'(&>41*43(&'(&.4-&14//9,23@
q$,1*;9 64*,23 $> ',- 6,205 '( 1/#--(0 %'( 1/#.0(0 74;; #?
%'( E,8( 7$20/(05 >4--,23 "(2(4%' g4-4/,G- 6$/4; 420 '(40,23
$> ,2%# %'( >4;4KK# 6$-($65 -%49,23 #$% #? -,3'% #? 429 -(1$/:
,%9&3$4/0-@
 VZQ[VZY
E,24;;95 '( 4//,8(0 #$%-,0( %'( 6$-($6G- 24//#. &'(.54@ N'(
>4--43( .4- 04/*5 -(4;(0 #?? .,%' -%421',#2-5 4 -.435 420 4
-,32^ M7ahDF[M=FDPH@
=4230#2 %##* 4 14/(?$; 3;421( 4/#$20 420 %'(2 -;,>>(0 $2:
0(/ %'( -.43 420 ,2%# %'( 04/*(2(0 ->41(@ 7( /(41'(0 ,2%# ',-
%#%( "43 420 14/(?$;;9 (B%/41%(0 %'( 0(;,14%( >41*43(5 >((;,23
4.49&%'(&"$"";(&./4>>,23@
+'(2 %'( >;4-%,1 ?(;; 4.495 H42%(G- 0(4%' 64-* -%4/(0 $> 4%
',6 #21( 434,2@ N'( ?/43,;( >;4-%(/ .4- -%,;; ,2 ,%- #/,3,24; m,>:
;#1 "435 '48,23 "((2 /(%/,(8(0 4- =4230#2 '40 /(I$(-%(0 ?/#6
%'( ;#1*(/- 4% %'( g(2,1( %/4,2 -%4%,#2@ N'( 64-* 4>>(4/(0 %#
"( ,2 ?;4.;(-- 1#20,%,#2 .,%' #2( -64;; (B1(>%,#2k%'( 400,%,#2
#? 4 >#(65 ,2-1/,"(0 ,2 42 (;(342% ->,/4; -'4>(5 #2 ,%- /(8(/-(
-,0(@
=4230#2 3;421(0 4% %'( 42%,I$( 0,->;49 14-(@ 1+# <&'5#
(#&5+%:&*$%.*%(.*6,&)#(%-&7#%-34'5%E%'4D4()%9.,,%'45.7#/
7( 14/(?$;;9 /(6#8(0 %'( 64-* ?/#6 %'( m,>;#1 "43@ N'(25
8(/9 3(2%;95 '( ;,?%(0 ,% "41* #2%# %'( >(3 ,2-,0( %'( 0,->;49
14-(@ N'( 64-* -42* ,2%# >;41(5 2(-%;,23 434,2-% ,%- ?46,;,4/ /(0
8(;8(%&-(%%,23@
=4230#2 1;#-(0 %'( 14-( 420 -%##0 4 6#6(2%5 34K,23 4%
H42%(G- >4;( 8,-43(5 4 3'#-%;9 >/(-(21( ,2 %'( 04/*(2(0 /##6@
@4:#%&5%,&*5/
)(?#/( (B,%,23 %'( /##65 =4230#2 0,-1/((%;9 /(6#8(0 %'(
-%421',#2-5 -.435 420 -,32 ?/#6 %'( 0##/.49@ !- '( 1/#--(0 %'(
34;;(/95&'(&>4$-(0&%#&->(4*&%#&4&9#$23&?(64;(&0#1(2%@
Q".B'43.'&LR =4230#2 -4,0@ iN'( ;,3'%- 4"#8( %'( H42%(
0(4%' 64-* 2((0 %# "( %$/2(0 #2@ a%G- 8(/9 '4/0 %# -(( ,2 %'(
04/*@j
iaG6 -#//95j %'( 9#$23 .#642 -4,05 i"$% %'4% (B',",% ,-
1;#-(0@&N'(&H42%(&0(4%'&64-*&,-&2#&;#23(/&'(/(@j
iN'4%G- #00@j =4230#2 ?(,32(0 4 ;##* #? -$/>/,-(@ ia .4- C$-%
406,/,23&,%@j
N'(&.#642G-&?41(&/(3,-%(/(0&1#2?$-,#2@
 VZR[VZY
!- -'( /$-'(0 #?? %#.4/0 %'( &'(.545 =4230#2 I$,(%;9 -;,>>(0
#$%&#?&%'(&6$-($6@
 POa=FdhP

N7a<N]:EFh< N7FhD!AH EPPN 4"#8( %'( 04/* (B>42-( #? %'( )49 #?

),-1495 !;,%4;,4G- /(0:(9( %# )#-%#2 1/$,-(0 .(-%.4/0 %'/#$3' 4
6##2;,%&2,3'%@
F2 "#4/05 <#"(/% =4230#2 -4% (23/#--(0 ,2 4 >4>(/"41*
1#>9 #? 1+# <.8.'# =4:#()@ N'( /'9%'6 #? %'( >#(6G- ;,;%,23
5#3`& 3.:& /'96( -1'(6(5 4;#23 .,%' %'( '$6 #? %'( C(% (2:
3,2(-5 '40 ;$;;(0 ',6 ,2%# 4 2(4/:'9>2#%,1 -%4%(@ H42%(G- .#/0-
-((6(0 %# ?;#. #?? %'( >43(5 /(-#24%,23 ,2 ',- '(4/% 4- ,? %'(9
'40&"((2&./,%%(2&->(1,?,14;;9&?#/&',6&,2&%',-&8(/9&6#6(2%@
H42%(G- >#(65 =4230#2 .4- 2#. /(6,20(05 .4- 2#% -# 6$1'
4"#$% %'( 6,-(/9 #? '(;; 4- ,% .4- 4"#$% %'( >#.(/ #? %'( '$642
->,/,%&%#&(20$/(&429&1'4;;(23(5&2#&64%%(/&'#.&04$2%,23@
F$%-,0( %'( .,20#.5 4 ?$;; 6##2 '40 /,-(25 04KK;,23 420
"/,3'%5 ";#%%,23 #$% 4;; #%'(/ '(48(2;9 "#0,(-@ =4230#2 34K(0
#$% 4% %'( (B>42-(5 ;#-% ,2 ',- %'#$3'%- #? 4;; %'4% '40 %/42:
->,/(0&,2&%'(&;4-%&?(.&049-@
1+# (&3$#*5 6,&7#* .' +#,, &3# 3#*#38#( -43 5+4*# 9+4 :&.'V
5&.' 5+#.3 '#;53&,.5) .' 5.:#* 4- :43&, 73.*.*/ E#/ =4230#25 %'(
6(42,23 #? %'(-( .#/0- '40 2(8(/ ?(;% -# 1;(4/^ 2' (&'B#34;*
5.:#*C%5+#3#%.*%'4%*.'%B3#&5#3%5+&'%.'&75.4'/
=4230#2 *2(. %'4% '( ',6-(;?5 ;,*( 6,;;,#2-5 .4- 3$,;%9 #?
%',-@ +'(2 ,% 146( %# %'( 1,/1$6-%421(- #? %'( .#/;05 0(2,4;
'40 "(1#6( 4 3;#"4; >420(6,1@ =4230#2 >/#6,-(0 ',6-(;?
%'4%&'(&.#$;0&2(8(/&?#/3(%&%',-@
!- %'( >;42( -%/(4*(0 .(-%5 =4230#2 %'#$3'% #? %'( %.#
1#$/43(#$- .#6(2 .'# .(/( 2#. ,2 d(2(845 6((%,23 %'(
?$%$/( '(40:#2 420 248,34%,23 %'( 1#6>;(B,%,(- #? 4 1'423(0
.#/;0@
 VZT[VZY
F$%-,0( %'( .,20#.5 4 "42* #? 1;#$0- 4>>(4/(0 #2 %'( '#/,:
K#25 ,21',23 -;#.;9 41/#-- %'( -*95 ?,24;;9 -;,>>,23 41/#-- %'(
6##2&420&";#1*,23&#$%&,%-&/40,42%&;,3'%@
<#"(/% =4230#2 (4-(0 "41* ,2 ',- -(4%5 -(2-,23 %'4% ,% .4-
%,6(&%#&-;((>@
!- '( 1;,1*(0 #?? ',- #8(/'(40 ;,3'%5 '( %$/2(0 ',- (9(- #2(
;4-% %,6( %# %'( '(48(2-@ F$%-,0(5 ,2 %'( 2(.;9 ?4;;(2 04/*2(--5
%'( .#/;0 '40 "((2 %/42-?#/6(0@ N'( -*9 '40 "(1#6( 4
3;,-%(2,23&%4>(-%/9&#?&-%4/-@
 !"#$%&%'(&!$%'#/

&'( )*+,( ,- %'( 4$%'#/ #? 1+# <& J.'7. =4(#5 #2( #? %'(
6#-% .,0(;9 /(40 2#8(;- #? 4;; %,6(5 4- .(;; 4- %.# #%'(/ ,2%(/:
24%,#24; "(-%-(;;(/- ?(4%$/,23 74/84/0 -96"#;#3,-% <#"(/%
=4230#25 1+# T4*5 "):D4, 420 >'B#,* u <#:4'*@ 7( '4- 4;-#
./,%%(2 %.# -%420 4;#2( %'/,;;(/-5 <#7#65.4' Z4.'5 420 <.B.5&,
H4353#**@&7(&;,8(-&,2&A(.&P23;420&.,%'&',-&.,?(@
!=DF&)]&H!A&)<F+A

H#&5;3.'B%P4D#35%T&'B(4'
N'(&=#-%&D96"#;
N'(&H4&g,21,&M#0(
!23(;-&•&H(6#2-

H(1(>%,#2&O#,2%
H,3,%4;&E#/%/(--
 N<!AD+F<=H&Oh)=aD7P<D
VQJVS&hB"/,03(&<#405&=#20#2&+U&UD!
!&<420#6&7#$-(&d/#$>&M#6>429
...@%/42-.#/;0"##*-@1#@$*

E,/-%&>$";,-'(0&,2&d/(4%&)/,%4,2
,2&RZQS&"9&)42%46&O/(--
42&,6>/,2%&#?&N/42-.#/;0&O$";,-'(/-

M#>9/,3'%&‚&H42&)/#.2&RZQS

d/4>'&iD>(1,4;&<(>#/%^&7#.&F$/&P1#2#69&a-&`,;;,23&%'(&P4/%'j&bS#9
"7.#'5.*55
QZ[QV[ZXc&1#>9/,3'%&‚&RZZX&<((0&)$-,2(--&a2?#/64%,#2Jh`
!;;&/,3'%-&/(-(/8(0@&H,-%/,"$%(0&"9&N/,"$2(&\(0,4&D(/8,1(-

H42&)/#.2&'4-&4--(/%(0&',-&/,3'%&$20(/&%'(&M#>9/,3'%5&H(-,32-&420
O4%(2%-&!1%&QYXX&%#&"(&,0(2%,?,(0&4-&%'(&4$%'#/&#?&%',-&.#/*@

N',-&"##*&,-&4&.#/*&#?&?,1%,#2&4205&(B1(>%&,2&%'(&14-(&#?&',-%#/,14;&?41%5
429&/(-(6";421(&%#&41%$4;&>(/-#2-5&;,8,23&#/&0(405&,-&>$/(;9
1#,21,0(2%4;@

!&MaO&14%4;#3$(&/(1#/0&?#/&%',-&"##*&,-&484,;4";(&?/#6&%'(&)/,%,-'
=,"/4/9@

g(/-,#2&Q@Z&P>$"&aD)A&YWXQTTXQVYWYU
aD)A&YWXZUYSZWRTYS

N',-&("##*&,-&1#>9/,3'%&64%(/,4;&420&6$-%&2#%&"(&1#>,(05&/(>/#0$1(05
%/42-?(//(05&0,-%/,"$%(05&;(4-(05&;,1(2-(0&#/&>$";,1;9&>(/?#/6(0&#/
$-(0&,2&429&.49&(B1(>%&4-&->(1,?,14;;9&>(/6,%%(0&,2&./,%,23&"9&%'(&>$":
;,-'(/-5&4-&4;;#.(0&$20(/&%'(&%(/6-&420&1#20,%,#2-&$20(/&.',1'&,%&.4-
>$/1'4-(0&#/&4-&-%/,1%;9&>(/6,%%(0&"9&4>>;,14";(&1#>9/,3'%&;4.@&!29
$24$%'#/,K(0&0,-%/,"$%,#2&#/&$-(&#?&%',-&%(B%&649&"(&4&0,/(1%&,2?/,23(:
6(2%&#?&%'(&4$%'#/G-&420&>$";,-'(/G-&/,3'%-&420&%'#-(&/(->#2-,";(&649
"(&;,4";(&,2&;4.&411#/0,23;9@
 VZX[VZY
!00/(--(-&?#/&<420#6&7#$-(&d/#$>&=%0&1#6>42,(-&#$%-,0(&%'(&h`
142&"(&?#$20&4%^
N'(&<420#6&7#$-(&d/#$>&=%0&<(3@&A#@&RTVZQ

R&T&V&X&QZ&Y&W&U&S&Q
ƒM/(4%(0&"9 OHE&%#&(O$"