Vous êtes sur la page 1sur 40

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

/ 01)+"2 (",,-($,-)3-(#2 )%&


4"$4,)15-+)3 '+)3" -% 43$6)3-7)(-$% '(8&-"'

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

'( )*+,-.(/ 0)( 1. -)2. /3)/ 4506)7 406.(0. 3)4


1..( (** +.5+*)8360)7 )(2 (5/ 4,906.(/7: 364/5*60)7;
6( /3. 4.(4. /3)/ +.5+*)8360)7 )44,-8/65(4 3)<.
/*)88.2 05(462.*)/65( 5= 4506)7 )(2 8576/60)7>.05>
(5-60 8*50.44.4 6( +.5+*)8360)7 4/*,0/,*.4 )(2
05(/)6(.*4 /3)/ 2.=: 364/5*60)7 03)(+.?
1*-" 20"%3 @

A6(0. /3. .)*7: @BCD4; 2.1)/.4 3)<. *)+.2 /3*5,+35,/ /3. 4506)7 406.(0.4
05(0.*(6(+ /3. 8*50.44 5= EE+751)76F)/65(GG H )( .44.(/6)77: 05(/.4/.2
/.*- I354. -.)(6(+ 64 )4 -,03 ) 45,*0. 5= 05(/*5<.*4: /52): )4 6/ I)4
5<.* /I5 2.0)2.4 )+5; I3.( 4:4/.-)/60 *.4.)*03 J*4/ 1.+)( 5( /3.
/5860? K5(/.-85*)*: +751)76F)/65( *.4.)*03 .(05-8)44.4 )( 6--.(4.7:
1*5)2 *)(+. 5= /3.-.4; =*5- /3. (.I 6(/.*()/65()7 26<6465( 5= 7)15*;
03)(+6(+ =5*-4 5= 6(2,4/*6)7 5*+)(6F)/65(; )(2 8*50.44.4 5= ,*1)(>
*.+65()7 *.4/*,0/,*6(+ /5 /*)(4=5*-)/65(4 6( /3. ()/,*. 5= 4/)/. 85I.*;
06<67 4506./:; 06/6F.(4368; 2.-50*)0:; 8,1760 483.*.4; ()/65()764-;
8576/605>0,7/,*)7 62.(/6/6.4; 750)76/6.4; )(2 )*036/.0/,*)7 =5*-4; )-5(+
-)(: 5/3.*4?L M./ 2.486/. /364 8*576=.*)/65( 5= +751)76F)/65( *.4.)*03;
76//7. /3.5*./60)7 05(4.(4,4 3)4 1..( .4/)17643.2 6( /3. 4506)7 406.(0.4
05(0.*(6(+ /3. 6(/.*8*./)/65( 5= .<.( /3. -54/ *,26-.(/)*: .7.-.(/4
5= /3. +751)76F)/65( 8*50.44 H .?+?; 6/4 364/5*60)7 8.*6526F)/65(; 6/4
0),4)7 2./.*-6()(/4; )(2 6/4 45065>8576/60)7 6-8760)/65(4?N

!.<.*/3.7.44; I6/36( /364 I36*7I6(2 5= 588546(+ 8.*48.0/6<.4; ) *.>


-)*O)17: 1*5)2 *)(+. 5= 4/,26.4 5= +751)76F)/65( 3)<. 2.<5/.2 2./)67.2
)//.(/65( /5 /3. 8*517.-)/60 5= 48)0.; 6/4 4506)7 8*52,0/65(; )(2 6/4
364/5*60)7 /*)(4=5*-)/65(? P)Q5* 4/*)(24 5= 05(/.-85*)*: +751)76F)>
/65( *.4.)*03 3)<. 1..( 8.*-.)/.2 1: +.5+*)8360)7 05(0.8/4 H .?+?;
EE48)0.>/6-. 05-8*.4465(;GG EE48)0. 5= R5I4;GG EE48)0. 5= 87)0.4;GG EE2.>
/.**6/5*6)76F)/65(;GG EE+750)76F)/65(;GG /3. EE+751)7>750)7 (.S,4;GG EE4,8*)>

4-%*&) /"5 6*.#%() 9:T NBHCU; @BBB?


V @BBB 7893%& 2./5%:#. ;9<8#'-%&'= ;&#"(%5 #" (-% >%(-%&8/"5'=
ZD

/.**6/5*6)76/:;GG EE26)485*)4;GG EE/*)(4750)76/6.4;GG )(2 EE40)8.4;GG )-5(+


-)(: 5/3.* /.*-4? P.)(I367. +751)76F)/65( *.4.)*03.*4 3)<. 1.+,( /5
2.875: ) 1)**)+. 5= 264/6(0/6<.7: +.5+*)8360)7 8*.JS.4 H .?+? EE4,1>;GG
EE4,8*)>;GG EE/*)(4>;GG EE-.45>;GG )(2 EE6(/.*>;GG H /5 2.40*61. <)*65,4 .-.*+.(/
4506)7 8*50.44.4 /3)/ )88.)* /5 58.*)/. 1.75I; )15<.; 1.:5(2; 5* 1.>
/I..( .(/*.(03.2 +.58576/60)7 15,(2)*6.4? W3. *.05+(6/65( /3)/ 4506)7
*.7)/65(4 )*. 1.05-6(+ 6(0*.)46(+7: 6(/.*05((.0/.2 5( ) +751)7 40)7.
(.0.44)*67: 8*517.-)/6F.4 /3. 48)/6)7 8)*)-./.*4 5= /354. *.7)/65(4;
)(2 /3.*.=5*.; /3. +.5+*)8360)7 05(/.S/ 6( I3603 /3.: 500,*? X(2.*
/3.4. 06*0,-4/)(0.4; 48)0. (5 75(+.* )88.)*4 )4 ) 4/)/60 87)/=5*- 5=
4506)7 *.7)/65(4; 1,/ *)/3.* )4 5(. 5= /3.6* 05(4/6/,/6<. 26-.(465(4;
6/4.7= 364/5*60)77: 8*52,0.2; *.05(J+,*.2; )(2 /*)(4=5*-.2?

W3. O.: -./352575+60)7 76(O 1./I..( /3.4. -)Q5* *.5*6.(/)/65(4 6( /3.


05(/.-85*)*: 4506)7 406.(0.4 H /3. .S875465( 5= 6(/.*.4/ 6( +751)76F)>
/65( 4/,26.4Y )(2 /3. *.0.(/ EE*.)44.*/65( 5= 48)0. 6( 0*6/60)7 4506)7
/3.5*:GG Z H 3)4 1..( /3. 8.*<)46<. [,.4/65(6(+ 5= /3. /.**6/5*6)7 ()/65(>
4/)/. )4 ) 8*.05(4/6/,/.2 +.5+*)8360)7 ,(6/ 5= )()7:464 =5* 4506)7
*.4.)*03? '4 <)*65,4 ),/35*4 3)<. *.0.(/7: )*+,.2; 46+(6J0)(/ 4/*)(24
5= /3. 4506)7 406.(0.4 3)<. 75(+ 1..( 750O.2 6(/5 ) 4/)/.>0.(/*60 EE/.**6>
/5*6)7 /*)8GG 6( I3603 4/)/.4 )*. <6.I.2 )4 /3. 4.7=>.(0754.2 +.5+*)8360)7
05(/)6(.*4 5= 45065.05(5-60 )(2 8576/605>0,7/,*)7 *.7)/65(4?\ ]5I.<.*;
/5 /3. .S/.(/ /3)/ /3. 0,**.(/ *5,(2 5= +751)76F)/65( 3)4 46+(6J0)(/7:
*.05(J+,*.2; )(2 )/ 7.)4/ 8)*/6)77: ,(2.*-6(.2; /3. 05(/)6(.*>76O.
[,)76/6.4 5= 4/)/.4; /364 6(3.*6/.2 -52.7 5= /.**6/5*6)77: 4.7=>.(0754.2;
4/)/.>2.J(.2 4506./6.4; .05(5-6.4; 5* 0,7/,*.4 3)4 1.05-. 36+37:
8*517.-)/60? W3,4 )*64.4 /3. (..2 =5* (.I -52.4 5= )()7:464 /3)/ 25
(5/ ()/,*)76F. 4/)/. /.**6/5*6)76/: )(2 6/4 )44506)/.2; K)*/.46)( 6-)+.
5= 48)0. )4 ) 4/)/60; 15,(2.2 1750O? ^)*/60,7)*7: 46(0. /3. .)*7: @BUD4;
+751)76F)/65( *.4.)*03.*4 3)<. 05(4/*,0/.2 ) <)*6./: 5= 3./.*525S;
6(/.*26406876()*:; )(2 .<.( 854/>26406876()*: -./352575+6.4 /3)/ 3)<.
1.+,( /5 03)77.(+. /3. EE6*5( +*68 5= /3. ()/65(>4/)/. 5( /3. 4506)7
6-)+6()/65(?GG _ # <6.I /364 I62.>*)(+6(+ .`5*/ /5 /*)(40.(2 4/)/.>
0.(/*60 .864/.-575+6.4 )4 /3. ,(6=:6(+ /3.-. 5= 05(/.-85*)*: +751)7>
6F)/65( *.4.)*03?

'+)6(4/ /3. 1)0O+*5,(2 5= /3. )88)*.(/ EE48)/6)7 /,*(GG 6( 05(/.-85*)*:


+751)76F)/65( 4/,26.4; /3. 8*.4.(/ )*/607. .S)-6(.4 0*6/60)77: /3. .`5*/4
5= +751)76F)/65( *.4.)*03.*4 /5 )036.<. /3.6* +5)7 5= EE,(/36(O6(+GG a/5
15**5I #--)(,.7 b)77.*4/.6(G4 /.*-6(575+:c C 4/)/.>0.(/*60 -52.4 5=
4506575+60)7 6([,6*:?U # 1.76.<. /3)/ 5(. 5= /3. 0.(/*)7 6(/.77.0/,)7 1)*>
*6.*4 /5 ) -5*. )2.[,)/. ,(2.*4/)(26(+ 5= +751)76F)/65( 64 /3)/ I.
Z@

0,**.(/7: 7)0O )88*58*6)/.7: -#'(*&#./8 05(0.8/,)76F)/65(4 5= 4506)7 )(2


8576/60)7 48)0.? #(2..2; 2.486/. /3. .`5*/4 5= 0*6/60)7 3,-)( +.5+*)83.*4
6( *.0.(/ 2.0)2.4 /5 0*6/6[,. 4,03 )44,-8/65(4; 48)0. 64 4/677 05--5(7:
,(2.*4/552 /3*5,+35,/ /3. 4506)7 406.(0.4 )4 ) *.)7- 5= 4/)464; )4 )
8*.+6<.(; ,(03)(+6(+ /.**6/5*6)7 87)/=5*- ,85( I3603 4506)7 )0/65(
500,*4?B "<.( I6/36( 05(/.-85*)*: +751)76F)/65( 4/,26.4; # 43)77 )*+,.;
-)Q5* 4/*)(24 5= *.4.)*03 )*. +*5,(2.2 ,85( 6-87606/; *.7)/6<.7: ,(364>
/5*60)7 +.5+*)8360)7 )44,-8/65(4 /3)/ )*. 2.*6<.2 =*5- )( .)*76.*; (5I
7)*+.7: 4,8.*4.2.2 4/)/.>0.(/*60 05(J+,*)/65( 5= 0)86/)764/ 2.<.758-.(/?
P.)(I367.; /354. +751)76F)/65( *.4.)*03.*4 I35 3)<. -5<.2 1.:5(2
4,03 4/)/.>0.(/*60 +.5+*)8360)7 )44,-8/65(4 3)<. +.(.*)77: 25(. 45 1:
)*+,6(+ /3)/ 4/)/. /.**6/5*6)76/: )(2 .<.( +.5+*)83: 6/4.7= )*. 43*6(O6(+;
05(/*)0/6(+; 5* 264457<6(+ )4 ) 05(4.[,.(0. 5= 8*50.44.4 5= EE2./.**6>
/5*6)76F)/65(?GG ' 1*.)O I6/3 4/)/.>0.(/*64- 64 /3,4 4.0,*.2 /3*5,+3 /3.
4/)/.G4 05(0.8/,)7 (.+)/65(; ) -5<. /3)/ 462.4/.84 /3. )()7:464 5= (.I7:
.-.*+.(/; *./.**6/5*6)76F.2 =5*-4 5= 4/)/. 85I.* )(2 /3.6* )44506)/.2
8576/60)7 +.5+*)836.4?

#( 05(/*)4/ /5 /3.4. 8546/65(4; # )*+,. /3)/ /3. 0,**.(/ I)<. 5= +751)7>


6F)/65( 64 7.)26(+ /5T @c /3. /*)(40.(2.(0. 5= /3. 4/)/.>0.(/*60 05(J+>
,*)/65( 5= 0)86/)764/ /.**6/5*6)7 5*+)(6F)/65( /3)/ 8*.<)67.2 /3*5,+35,/
-,03 5= /3. /I.(/6./3 0.(/,*:Y )(2 Lc /3. 8*52,0/65( 5= (.I 05(J+>
,*)/65(4 5= /.**6/5*6)76/: 5( 15/3 4,1> )(2 4,8*)>()/65()7 +.5+*)8360)7
40)7.4? ' 0*,06)7 6= )88)*.(/7: 8)*)25S60)7 05*577)*: 5= /364 /3.464 64
/3)/ 4/)/.>0.(/*60 -)886(+4 5= 48)/6)76/: 4.<.*.7: 76-6/ 5,* ,(2.*4/)(2>
6(+ 5= /3. /.**6/5*6)7 4/)/.G4 *3" -)Q5* *57. )/ 5(0. )4 ) 46/.; -.26,-;
)(2 )+.(/ 5= +751)76F)/65(; )4 I.77 )4 /3. I):4 6( I3603 /364 *57. 64
0,**.(/7: /*6++.*6(+ ) *./.**6/5*6)76F)/65( 5= /3. 4/)/. 6/4.7=? W3.*.=5*.;
/3. .`5*/ /5 .40)8. /3. EE/.**6/5*6)7 /*)8GG 5= 4/)/.>0.(/*64- 25.4 (5/ .(/)67
) 2.(6)7 5= /3. 4/)/.G4 05(/6(,.2 *.7.<)(0. )4 ) -)Q5* +.5+*)8360)7 750,4
5= 4506)7 85I.*; 1,/ *)/3.* ) *./36(O6(+ 5= /3. -.)(6(+ 5= 15/3 4/)/.
/.**6/5*6)76/: )(2 8576/60)7 48)0. 6( )( .*) 5= 6(/.(46J.2 +751)76F)/65(?

P: )*+,-.(/ 8*50..24 )4 =5775I4? d6*4/; # 4,--)*6F. /3. 05(0.8/,)7>


6F)/65( 5= +751)76F)/65( /3)/ I677 1. 2.875:.2 6( /364 2640,4465(? e( /364
1)464; # )()7:F. /3. .864/.-575+: 5= 4/)/.>0.(/*64- )(2 6/4 1)460 +.5>
+*)8360)7 )44,-8/65(4? #( /3. -)6( 8)*/ 5= /3. .44):; # 6(260)/. <)*65,4
I):4 6( I3603 /3. 05(/.-85*)*: *5,(2 5= +751)76F)/65( 3)4 ,(2.*>
-6(.2 4/)/.>0.(/*60 -52.4 5= )()7:464? W3*5,+3 )( 6--)(.(/ 0*6/6[,.
5= /I5 -)Q5* 4/*)(24 5= +751)76F)/65( *.4.)*03 H 7)1.7.2; *.48.0/6<.7:;
EE+751)7 /.**6/5*6)764/GG )88*5)03.4 )(2 EE2./.**6/5*6)76F)/65(GG )88*5)03.4
H # .7)15*)/. )( )7/.*()/6<. )()7:464 5= /3. 05(/.-85*)*: *5,(2 5=
ZL

+751)76F)/65( )4 ) -,7/6>40)7)* 8*50.44 5= *./.**6/5*6)76F)/65( 6( I3603


4/)/.4 87): 0*,06)7 *57.4? ' 1*6.= 05(07,26(+ 4.0/65( 5,/76(.4 /3*.. 0.(>
/*)7 -./352575+60)7 03)77.(+.4 =5* =,/,*. *.4.)*03 5( /3. +.5+*)836.4
5= +751)76F)/65(?

;3$6)3-7)(-$% )%& (5" 1,$&8+(-$% $< '1)+"

'4 )7*.)2: (5/.2; EE+751)76F)/65(GG 64 ) 36+37: 05(/.4/.2 /.*-? A5-.


*.4.)*03.*4 8*6<67.+. 436=/4 6( /3. I5*72 .05(5-: 4,03 )4 /3. +*5I6(+
*57. 5= /*)(4()/65()7 05*85*)/65(4; /3. 2.*.+,7)/65( 5= J()(0. 0)86/)7;
/3. .S8)(465( 5= =5*.6+( 26*.0/ 6(<.4/-.(/; /3. 6(/.(46J.2 2.875:-.(/
5= 6(=5*-)/65( /.03(575+6.4; )(2 /3. 264457,/65( 5= /3. %*.//5( b5524
-5(./)*: *.+6-. 46(0. /3. .)*7: @BCD4?@D e/3.*4 .-83)46F. <)*65,4
(.I7: .-.*+.(/ =5*-4 5= 0577.0/6<. 62.(/6/:; 8576/60)7 05(4065,4(.44;
)(2 26)485*) /3)/ )88.)* /5 3)<. ,(4.//7.2 /3. 8*6(0687. 5= ()/65()76/:
)4 ) 750,4 5= .<.*:2): 4506)7 *.7)/65(4; )4 I.77 )4 (.I =5*-4 5= /.03(5>
75+60)77: -.26)/.2 450650,7/,*)7 6(/.*)0/65( /3)/ 4..- 5176<65,4 /5
()/65()7 /.**6/5*6)7 15,(2)*6.4?@@ d6()77:; 45-. ),/35*4 3)<. 2.J(.2
+751)76F)/65( -5*. )14/*)0/7:; )4 ) 8*50.44 /3*5,+3 I3603 6(/.*2.8.(>
2.(06.4 )-5(+ +.5+*)8360)77: 264/)(/ 750)76/6.4; 87)0.4; )(2 /.**6/5*6.4
)*. )/ 5(0. .S/.(2.2; 2..8.(.2; )(2 6(/.(46J.2?@L K7.)*7: /3. *.7)/6<.
-.*6/4 5= /3.4. )(2 5/3.* 2.J(6/65(4 5= +751)76F)/65( 36(+. ,85( /3.6*
,4.=,7(.44 )4 /5574 5= )()7:464 I6/3 *.=.*.(0. /5 8)*/60,7)* *.4.)*03
[,.4/65(4? #( I3)/ =5775I4 # )- 05(0.*(.2 /5 .S875*. /3. 6-8760)/65(4
5= /3. 0,**.(/ *5,(2 5= +751)76F)/65( =5* /3. 0%*0&/?-#./8 5*+)(6F)/65(
5= I5*72 0)86/)764-? K5(4.[,.(/7:; +751)76F)/65( 64 /3.5*6F.2 3.*. )4
) *.05(J+,*)/65( 5= 4,8.*6-854.2 4506)7 48)0.4 /3)/ ,(=5724 46-,7/)>
(.5,47: ,85( -,7/687. +.5+*)8360)7 40)7.4?

# <6.I /3. 05(/.-85*)*: *5,(2 5= +751)76F)/65( )4 /3. -54/ *.0.(/


364/5*60)7 .S8*.4465( 5= ) 8*"09% 59&%@% 2:()-60 5= 05(/6(,)7 2./.**6/5*6>
)76F)/65( )(2 *./.**6/5*6)76F)/65( /3)/ 3)4 ,(2.*86((.2 /3. 8*52,0/65(
5= 0)86/)764/ 48)/6)76/: 46(0. /3. J*4/ 6(2,4/*6)7 *.<57,/65( 5= /3. .)*7:
(6(./..(/3 0.(/,*:? e( /3. 5(. 3)(2; 0)86/)764- 64 ,(2.* /3. 6-8,7465(
/5 .76-6()/. )77 +.5+*)8360)7 1)**6.*4 /5 /3. )00,-,7)/65( 8*50.44 6(
4.)*03 5= 03.)8.* *)I -)/.*6)74; =*.43 45,*0.4 5= 7)15*>85I.*; (.I
-)*O./4 =5* 6/4 8*52,0/4; )(2 (.I 6(<.4/-.(/ 5885*/,(6/6.4? W364 .S>
8)(465()*:; 2./.**6/5*6)76F6(+ /.(2.(0: I6/36( 0)86/)764- I)4 07.)*7:
*.05+(6F.2 1: P)*S; I35 =)-5,47: 2.40*61.2 0)86/)7G4 +751)76F6(+ 2:>
()-60 )4 ) 2*6<. /5 EE)((6367)/. 48)0. 1: /6-.GG )(2 )()7:F.2 /3. I5*72
-)*O./ )/ 5(0. )4 6/4 364/5*60)7 8*52,0/ )(2 6/4 +.5+*)8360)7 .S8*.4>
ZN

465(?@N e( /3. 5/3.* 3)(2; )4 f)<62 ])*<.: 3)4 )*+,.2 )/ 7.(+/3; /3.
*.4,7/)(/ 8*50.44.4 5= EE48)0.>/6-. 05-8*.4465(GG -,4/ 1. <6.I.2 )4 5(.
-5-.(/ I6/36( ) 05(/*)260/5*: 4506548)/6)7 26)7.0/60 /3)/ 05(/6(,)77:
-5724; 26`.*.(/6)/.4; 2.05(4/*,0/4; )(2 *.I5*O4 0)86/)764-G4 +.5>
+*)8360)7 7)(240)8.?@Z '005*26(+ /5 ])*<.:; 6/ 64 5(7: /3*5,+3 /3.
8*52,0/65( 5= *.7)/6<.7: JS.2 )(2 6--5167. 05(J+,*)/65(4 5= /.**6/5>
*6)7 5*+)(6F)/65( H 6(07,26(+ ,*1)( 1,67/ .(<6*5(-.(/4; 6(2,4/*6)7
)++75-.*)/65(4; *.+65()7 8*52,0/65( 05-87.S.4; 7)*+.>40)7. /*)(485*>
/)/65( 6(=*)4/*,0/,*.4; 75(+>264/)(0. 05--,(60)/65(4 (./I5*O4; )(2
4/)/. *.+,7)/5*: 6(4/6/,/65(4 H /3)/ 0)86/)7G4 06*0,7)/65( 8*50.44 0)(
1. 05(/6(,)77: )00.7.*)/.2 /.-85*)77: )(2 .S8)(2.2 48)/6)77:? ")03
4,00.446<. *5,(2 5= 0)86/)764/ 6(2,4/*6)76F)/65( 3)4 /3.*.=5*. 1..(
8*.-64.2 ,85( 4506)77: 8*52,0.2 +.5+*)8360)7 6(=*)4/*,0/,*.4 /3)/
.()17. /3. )00.7.*)/.2 06*0,7)/65( 5= 0)86/)7 /3*5,+3 +751)7 48)0.? #(
/364 4.(4.; )4 ])*<.: (5/.4; EE48)/6)7 5*+)(64)/65( 64 (.0.44)*: /5 5<.*>
05-. 48)0.?GG @\

W364 /3.5*./60)7 6(46+3/ .()17.4 ])*<.: /5 6(/.*8*./ /3. 364/5*60)7 +.5+>


*)83: 5= 0)86/)764- )4 ) EE*.4/7.44 =5*-)/65( )(2 *.>=5*-)/65( 5= +.5>
+*)8360)7 7)(240)8.4GG 6( I3603 05(J+,*)/65(4 5= 0)86/)764/ /.**6/5*6)7
5*+)(6F)/65( )*. 6(0.44)(/7: 0*.)/.2; 2.4/*5:.2; )(2 *.05(4/6/,/.2 )4
8*5<6465()77: 4/)1676F.2 EE48)/6)7 JS.4GG =5* .)03 4,00.446<. *.+6-. 5=
)00,-,7)/65(?@_ d*5- /364 8.*48.0/6<.; 4506)7 48)0. 58.*)/.4 )/ 5(0.
)4 ) 8*.4,88546/65(; -.26,-; )(2 5,/05-. 5= 0)86/)764-G4 +751)76F6(+
2.<.758-.(/)7 2:()-60? A8)0. 64 (5/ -.*.7: ) 83:460)7 05(/)6(.* I6/36(
I3603 0)86/)764/ 2.<.758-.(/ ,(=5724; 1,/ 5(. 5= 6/4 05(4/6/,/6<. '*.#/8
26-.(465(4; 05(/6(,)77: 05(4/*,0/.2; 2.05(4/*,0/.2; )(2 *.05(4/*,0/.2
/3*5,+3 )( 364/5*60)77: 48.06J0; -,7/6>40)7)* 26)7.0/60 5= 2.> )(2 *.>
/.**6/5*6)76F)/65(?

%,6726(+ ,85( /364 /3.5*6F)/65(; # ,(2.*4/)(2 +751)76F)/65( )4 ) 25,17.>


.2+.2; 26)7.0/60)7 8*50.44 /3*5,+3 I3603T @c /3. -5<.-.(/ 5= 05->
-526/6.4; 0)86/)7; -5(.:; 8.587.; 6-)+.4; )(2 6(=5*-)/65( /3*5,+3
+.5+*)8360)7 48)0. 64 05(/6(,)77: .S8)(2.2 )(2 )00.7.*)/.2Y )(2 Lc
*.7)/6<.7: JS.2 )(2 6--5167. 45065/.**6/5*6)7 6(=*)4/*,0/,*.4 )*. 8*5>
2,0.2; *.05(J+,*.2; *.26`.*.(/6)/.2; )(2 /*)(4=5*-.2 /5 .()17. 4,03
.S8)(2.2; )00.7.*)/.2 -5<.-.(/? g751)76F)/65( /3.*.=5*. .(/)674 )
26)7.0/60)7 6(/.*87): 1./I..( /3. .(2.-60 2*6<. /5I)*24 48)0.>/6-.
05-8*.4465( ,(2.* 0)86/)764- a/3. -5-.(/ 5= 5%(%&&#(*&#/8#A/(#*"c )(2
/3. 05(/6(,)7 8*52,0/65( 5= *.7)/6<.7: JS.2; 8*5<6465()77: 4/)1676F.2
05(J+,*)/65(4 5= /.**6/5*6)7 5*+)(6F)/65( 5( -,7/687. +.5+*)8360)7
40)7.4 a/3. -5-.(/ 5= &%(%&&#(*&#/8#A/(#*"c?
ZZ

W3,4 05(0.6<.2; +751)76F)/65( 64 )( 5(+56(+; 05(R60/,)7 )(2 26)7.0/60)7


8*50.44 *)/3.* /3)( ) 4/)/60 46/,)/65( 5* ) /.*-6()7 05(26/65(? P5*.>
5<.*; +751)76F)/65( 64 15/3 48)/6)7 a1)4.2 ,85( /3. 05(/6(,)7 .S/.(465(;
*.05(J+,*)/65(; )(2 *.4/*,0/,*6(+ 5= 0)86/)764/ /.**6/5*6)7 5*+)(6F)>
/65(c )(2 /.-85*)7 a1)4.2 ,85( /3. 05(/6(,)7 )00.7.*)/65( 5= 0)86/)7G4
4506)77: )<.*)+. /,*(5<.* /6-.c? d6()77:; +751)76F)/65( ,(=5724 46-,7/)>
(.5,47: ,85( -,7/687.; 6(/.*/I6(.2 +.5+*)8360)7 40)7.4 H (5/ 5(7:
I6/36( +751)7 48)0.; 1,/ /3*5,+3 /3. 8*52,0/65(; 26`.*.(/6)/65(; *.05(>
J+,*)/65(; )(2 /*)(4=5*-)/65( 5= 4,1>+751)7 48)0.4 4,03 )4 /.**6/5*6)7
4/)/.4; *.+65(4; 06/6.4; )(2 750)76/6.4?

WI5 O.: 6-8760)/65(4 5= /364 /3.5*6F)/65( 2.4.*<. 8)*/60,7)* .-83)464?


d6*4/; )4 2.J(.2 3.*.; +751)76F)/65( 25.4 (5/ 500,* 46-87: /3*5,+3 /3.
+.5+*)8360)7 .S/.(465( 5= 0)86/)764- /5 .(05-8)44 8*5+*.446<.7: 7)*+.*
F5(.4 5= /3. +751.? W35,+3 ) 0)86/)764/ I5*72 .05(5-: 3)4 .S64/.2
46(0. /3. .)*76.4/ *5,(2 5= 0)86/)764/ +*5I/3 2,*6(+ /3. 75(+ 46S/..(/3
0.(/,*:; 6/ I)4 (5/ ,(/67 /3. 436=/ =*5- -.*0)(/67. /5 6(2,4/*6)7 0)86/)764-
2,*6(+ /3. (6(./..(/3 0.(/,*: /3)/ 0)86/)7 )00,-,7)/65( 1.0)-. #"B
(&#"'#./88) 8*.-64.2 ,85( 7)*+.>40)7.; 4506)77: 8*52,0.2 /.**6/5*6)7 6(>
=*)4/*,0/,*.4 =5* 8*52,0/65(; .S03)(+.; 264/*61,/65(; 05(4,-8/65(;
/*)(485*/)/65(; 05--,(60)/65(; )(2 /3. 76O.? '4 ].(*6 $.=.1<*. )*+,.4;
6/ 64 5(7: 6( /3. I)O. 5= /364 .8503)7 /*)(4=5*-)/65( EE=*5- /3. 8*52,0>
/65( 5= /36(+4 6( 48)0. /5 /3. 8*52,0/65( 5= 48)0.GG /3)/ /3. +.5+*)83>
60)7 =5,(2)/65(4 =5* .)03 4,00.446<. I)<. 5= 0)86/)764/ 6(2,4/*6)76F)/65(
3)<. 1..( /3.-4.7<.4 05(/6(,)77: 8*52,0.2; *.5*+)(6F.2; )(2 /*)(4>
=5*-.2 /3*5,+3 0)86/)7G4 *3" 05(/*)260/5*: 2.<.758-.(/)7 2:()-60?@C
W3. *.4,7/)(/; 6(0.44)(/7: 03)(+6(+ EE4.05(2 ()/,*.GG 5= 0)86/)764/ /.**6>
/5*6)7 5*+)(6F)/65( -,4/ /3.*.=5*. 1. <6.I.2 )/ 5(0. )4 ) 8*.4,88546>
/65(; -.26,-; )(2 5,/05-. 5= /3. +751)76F)/65( 8*50.44? @U

A.05(2; )+)6(4/ 05(0.8/65(4 5= +751)76F)/65( )4 ) 8*50.44 5= 4/)/.


2.-64. 5* .*5465(; /.**6/5*6)7 4/)/.4 )*. 05(0.6<.2 3.*. )4 .44.(/6)7
+.5+*)8360)7 .*:?*"%"(' 5= /3. +751)76F)/65( 8*50.44? P,03 76O. ,*1)(>
*.+65()7 )++75-.*)/65(4; /.**6/5*6)7 4/)/.4 3)<. 58.*)/.2 )4 8*5<6465(>
)77: 4/)1676F.2 =5*-4 5= /.**6/5*6)76F)/65( =5* 4,00.446<. *5,(24 5= 0)8>
6/)7 )00,-,7)/65(; 8)*/60,7)*7: 46(0. /3. 4.05(2 6(2,4/*6)7 *.<57,/65(
5= /3. 7)/. (6(./..(/3 0.(/,*:? b6/3 /3. 05(45762)/65( 5= ()/65()7>
2.<.758-.(/)764/ 8576/60)7 *.+6-.4 2,*6(+ /364 8.*652; 4/)/.4 1.0)-.
.<.* -5*. 0.(/*)7 /5 /3. 8*5-5/65(; *.+,7)/65(; )(2 J()(06(+ 5=
0)86/)764/ 6(2,4/*6)7 2.<.758-.(/ H )15<. )77 /3*5,+3 /3.6* *57. 6(
/3. 05(4/*,0/65( 5= 7)*+.>40)7. /.**6/5*6)7 6(=*)4/*,0/,*.4 =5* 6(2,4/*6)7
8*52,0/65(; 0577.0/6<. 05(4,-8/65(; /*)(485*/)/65(; )(2 05--,(60)>
Z\

/65(?@B '005*26(+ /5 $.=.1<*.; /3. 4/)/.G4 6(0*.)46(+ *57. 6( /3. /.**6>


/5*6)76F)/65( 5= 0)86/)7 46(0. /3. 7)/. (6(./..(/3 0.(/,*: 46+()7.2 /3.
.-.*+.(0. 5= ) (.I; +751)77: )*/60,7)/.2 4/)/. =5*-; /3. EE4/)/. -52. 5=
8*52,0/65(GG a8% :*5% 5% ?&*59.(#*" %@(/(#C9%c; 5*6.(/.2 46-,7/)(.5,47:
/5I)*2T @c /3. 6(/.(46J0)/65( 5= ()/65()77: 48.06J0 8)//.*(4 5= 0)86>
/)764/ 6(2,4/*6)76F)/65(Y )(2 Lc /3. 6(4/6/,/65()7 *.+,7)/65( 5= /3. (.I
=5*-4 5= ,(.<.( +.5+*)8360)7 2.<.758-.(/ 6(2,0.2 /3*5,+3 /364 J*4/;
4/)/.>0.(/*60 *5,(2 5= +751)76F)/65(?LD d*5- /364 8.*48.0/6<.; /3. I)<.
5= +751)76F)/65( /3)/ ,(=572.2 2,*6(+ /3. 7)/. (6(./..(/3 )(2 .)*7:
/I.(/6./3 0.(/,*6.4 )0/,)77: .(/)67.2 /3. .*"'*8#5/(#*" 5= /3. 4/)/.G4
*57. )/ 5(0. )4 ) /.**6/5*6)76F.2 40)`5726(+ =5* )00.7.*)/.2 0)86/)764/
.S8)(465( )(2 )4 )( 6(4/6/,/65()7 6(/.*=)0. 1./I..( 4,1> )(2 4,8*)>
()/65()7 40)7.4? W3*5,+35,/ /364 8.*652; +751)76F)/65( )(2 ()/65()76F)>
/65( 8*50..2.2 6( /)(2.- )4 -,/,)77: 05(4/6/,/6<. 8*50.44.4 5= 45065>
48)/6)7 *.4/*,0/,*6(+?L@ %.75I # )*+,. /3)/ 05(/.-85*)*: 4/)/.4 05(/6(,.
/5 58.*)/. )4 O.: =5*-4 5= /.**6/5*6)76F)/65( =5* 0)86/)7; 1,/ /3)/ /3.
8576/60)7 +.5+*)83: 5= /364 4/)/.>5*+)(6F.2 /.**6/5*6)76F)/65( 8*50.44 64
1.6(+ *.05(J+,*.2 6( I):4 /3)/ ,(2.*-6(. 4/)/.>0.(/*60 05(0.8/65(4
5= 0)86/)764/ /.**6/5*6)7 5*+)(6F)/65(?

=5" "1-'(".$3$4# $< '()("*+"%(,-'.

h53( '+(.I 3)4 *.0.(/7: [,.4/65(.2 I3./3.* 2640,4465(4 5= 48)0.;


/.**6/5*:; )(2 87)0. 6( /3. 05(/.-85*)*: 4506)7 406.(0.4 )-5,(/ /5 )
=,77:>R.2+.2 EE4506548)/6)7 /,*(?GG #(45=)* )4 4506)7 406.(0. 3)4 )7I):4
1..( 8.*-.)/.2 1: 364/5*60)77: 48.06J0 +.5+*)8360)7 )44,-8/65(4;
'+(.I )*+,.4; /3. (5/65( 5= ) EE*.4,*+.(0.GG 5* EE*.)44.*/65(GG 5= 48)/6)7
6(R,.(0.4 -)O.4 76//7. 4.(4.?LL '7/35,+3 # 1.76.<. /3)/ 05(/.-85*)*:
4/,26.4 5= +751)76F)/65( 3)<. 6(2..2 05(=*5(/.2 /3. 8*517.-)/60 5=
48)/6)76/: I6/3 ) *.(.I.2 6(/.(46/:; /364 4.0/65( 8*5<62.4 4,885*/ =5*
'+(.IG4 )*+,-.(/? A/)/.>0.(/*60 )88*5)03.4 25 (5/ .S07,2. +.5+*)83>
60)7 05(462.*)/65(4 /5 05(4/6/,/. ) EE2.48)/6)76F.2GG 5* EE48)0.7.44GG 4506)7
406.(0.T ) 264/6(0/6<.7: )364/5*60)7 48)/6)7 5(/575+:; /3. (5/65( 5=
EE48)0.>)4>05(/)6(.*;GG 76.4 )/ /3.6* <.*: 3.)*/? A/)/.>0.(/*64- 0)( 1.
2.J(.2 6( /.*-4 5= 6/4 /I5 -54/ .44.(/6)7; 6= 6-87606/; +.5+*)8360)7
)44,-8/65(4T @c /3. 05(0.8/65( 5= 48)0. )4 ) 4/)/60 87)/=5*- 5= 4506)7
)0/65( /3)/ 64 (5/ 6/4.7= 05(4/6/,/.2 5* -526J.2 4506)77:Y )(2 Lc /3.
05(0.8/65( 5= 4/)/. /.**6/5*6)76/: )4 ) 8*.05(4/6/,/.2; ()/,*)76F.2; 5*
,(03)(+6(+ 40)7. 5= )()7:464?LN W3. J*4/ )44,-8/65( *.4,7/4 6( ) '?/(#/8
+%(#'-#': 6( I3603 48)0. 64 4..( )4 1.6(+ /6-.7.44; )(2 /3.*.=5*.;
6--,(. /5 364/5*60)7 03)(+.? W3. 4.05(2 )44,-8/65( *.4,7/4 6( )
Z_

:%(-*5*8*0#./8 (%&&#(*&#/8#': /3)/ )()7:F.4 )77 48)/6)7 =5*-4 )(2 40)7.4


)4 1.6(+ 4.7=>.(0754.2 )(2 /.**6/5*6)77: 15,(2.2 +.5+*)8360)7 ,(6/4?
W)O.( /5+./3.*; /3.4. )44,-8/65(4 8*52,0. )( 6(/.*()764/ -52.7 5=
4506./)7 2.<.758-.(/ 6( I3603 /.**6/5*6)76/: 58.*)/.4 )4 /3. 4/)/60; /6-.>
7.44 05(/)6(.* 5= 364/5*606/:?

f.J(.2 6( /364 -)((.*; ) 4/)/.>0.(/*60 .864/.-575+: 3)4 25-6()/.2


/3. -52.*( 4506)7 406.(0.4 46(0. /3.6* 6(0.8/65( 2,*6(+ /3. 7)/. (6(.>
/..(/3 0.(/,*:?LZ !5/ 4,*8*646(+7:; 8576/60)7 406.(0. 3)4 1..( /3. -54/
.S87606/7: 4/)/.>0.(/*60 )-5(+ /3. 4506)7 406.(0.4? A/)/.4 3)<. 1..(
<6.I.2 )4 8576/60)77: 45<.*.6+( )(2 .05(5-60)77: 4.7=>8*58.77.2 .(/6/6.4;
I6/3 4/)/. /.**6/5*6)76/: ,(2.*4/552 )4 /3. 1)460 *.=.*.(0. 856(/ 6( /.*-4
5= I3603 )77 4,1> )(2 4,8*)>4/)/. 8*50.44.4 )*. /5 1. 07)446J.2? e( /364
1)464; /3. 4/)/. 64 <6.I.2 )4 /3. 05(/)6(.* 5= 4506./:; I367. /3. 6(/.*4/)/.
4:4/.- 64 -)88.2 6( /.*-4 5= ) 264/6(0/65( 1./I..( EE25-.4/60GG 8576/604
)(2 EE=5*.6+(GG *.7)/65(4 /3)/ *.6(=5*0.4 /3. 4/)/.G4 05(/)6(.*>76O. 03)*>
)0/.* )4 /3. 15,(2)*: 4.8)*)/6(+ EE6(462.GG =*5- EE5,/462.?GG L\ ]5I.<.*;
/3. )15<. 2.J(6/65( .S/.(24 /3. 8*517.-)/60 5= 4/)/.>0.(/*64- I.77
1.:5(2 /354. J.724 5= 6([,6*: /3)/ )*. =50,4.2 26*.0/7: ,85( 4/)/.>7.<.7
8*50.44.4 a.?+?; 6(/.*()/65()7 *.7)/65(4 /3.5*:Y 8576/60)7 4506575+:Y 05->
8)*)/6<. 8576/604Y 2.<.758-.(/ 4/,26.4c /5 <)*65,4 -52.4 5= )(/3*585>
75+60)7; 4506575+60)7; )(2 .05(5-60 )()7:464 6( I3603 /3. 05(0.8/ 5=
/3. 4/)/. 64 (5/ .S87606/7: 2.875:.2? '4 2.J(.2 )15<.; 6/ 0)( 1. )*+,.2
/3)/ ) 4/)/.>0.(/*60 .864/.-575+: 3)4 ,(2.*86((.2 46+(6J0)(/ 4/*)(24
5= 4506575+: aI6/3 6/4 =50,4 5( +.5+*)8360)77: JS.2 4506./6.4 )(2 05->
-,(6/6.4c; )(/3*58575+: aI6/3 6/4 =50,4 5( 15,(2.2; /.**6/5*6)76F.2
0,7/,*.4c )(2 -)0*5>.05(5-604 aI6/3 6/4 =50,4 5( 8,*85*/.27: 4.7=>
05(/)6(.2 ()/65()7 .05(5-6.4c?

d6*4/; )4 6/ 3)4 /*)26/65()77: 1..( 2.875:.2; /3. 05(0.8/ 5= 4506./: 3)4


6-876.2 /3)/ /3. 15,(2)*6.4 5= 4506)7 *.7)/65(4 )*. 48)/6)77: 05(+*,.(/
I6/3 /354. 5= /3. /.**6/5*6)7 ()/65(>4/)/.?L_ "<.( I3.( 4506./: 3)4 (5/
1..( 2.J(.2 .S87606/7: 6( /.*-4 5= /3. 4/)/.G4 /.**6/5*6)7 15,(2)*6.4; 6/
3)4 4/677 1..( I62.7: ,(2.*4/552 )4 ) /.**6/5*6)77: 4.7=>.(0754.2 .(/6/:;
.44.(/6)77: )4 ) 4,1>()/65()7 *.8760)/65( 5= /3. 4/)/.>2.J(.2 4506./:; 6/4
+.5+*)8360)7 )()75+ 5( ) 4-)77.* 48)/6)7 40)7.?LC '7/35,+3 )(/3*5>
8575+: )<562.2 /364 .S87606/ =5*- 5= 4/)/.>0.(/*64- 8*65* /5 /3. )2<.(/
5= )*.) 4/,26.4 2,*6(+ /3. 854/I)* .*); /3*5,+35,/ 6/4 364/5*: -54/ 5=
/3. 26406876(. 3)4 4/677 8*.4,8854.2 ) /.**6/5*6)76F.2 05(0.8/ 5= 0,7/,*.
)4 ) 750)76F.2; 48)/6)77: JS.2 EE05--,(6/:?GG LU d6()77:; =*5- A-6/3 )(2
&60)*25 /5 $64/; i.:(.4; )(2 /3. 05(/.-85*)*: -5(./)*64/4; -)0*5>
.05(5-60 /3.5*: 3)4 05(0.6<.2 /3. /.**6/5*6)76F.2 ()/65()7 .05(5-: )4
ZC

6/4 -54/ 1)460 ,(6/ 5= )()7:464; /3. 8*.05(4/6/,/.2 05(/)6(.* 5= 8*52,0>


/65(; .S03)(+.; )(2 05(4,-8/65( /3)/ 64 76O.I64. 4)62 /5 1. 48)/6)77:
05.S/.(46<. I6/3 /3. 4/)/.G4 /.**6/5*6)7 15,(2)*6.4?LB W*)2. /3.5*: 3)4
75(+ 05(/)6(.2 )( .S87606/7: 6(/.*()/65()7 26-.(465(; 1,/ /364 /55 3)4
*.-)6(.2 4/)/.>0.(/*60 6(45=)* )4 4/)/.4 3)<. 1..( <6.I.2 )4 /3. 8*6>
-)*: +.5+*)8360)7 1750O4 1./I..( I3603 /3. =)0/5*4 5= 8*52,0/65( )*.
-5<.2 )(2 6( /.*-4 5= I3603 05-8)*)/6<. )2<)(/)+. 64 -.)4,*.2?ND

W364 ,(364/5*60)7 05(0.8/65( 5= 48)/6)76/: 0)( 1. ,4.=,77: 03)*)0/.*6F.2


)4 ) 4/)/.>0.(/*60 .864/.-575+: 1.0),4. 6/4 I62.48*.)2 6(/.77.0/,)7
87),461676/: 3)4 1..( 8*.-64.2 ,85( ) ()/,*)76F)/65( 5= /3. -52.*(
4/)/.G4 48.06J0)77: /.**6/5*6)7 =5*-? '-5(+ /3. -54/ *,26-.(/)*: =.)>
/,*.4 5= /.**6/5*6)76/: 6( 4506)7 76=. 64 6/4 *57. )4 ) 4/*)/.+: +*5,(2.2
,85( /3. 8)*0.76F)/65( )(2 .(0754,*. 5= 48)0.?N@ ]5I.<.*; 6( /3.
-52.*( 6(/.*4/)/. 4:4/.-; /.**6/5*6)76/: 3)4 )44,-.2 )( 364/5*60)77:
48.06J0 +.5+*)8360)7 46+(6J0)(0. /3)/ ^./.* W):75* 3)4 05(064.7: 03)*>
)0/.*6F.2 6( /.*-4 5= EE.S3),4/6<. -,7/687606/:?GG NL b6/3 /3. 264457,/65(
5= =.,2)7 36.*)*036.4 6( 7)/. -.26.<)7 ",*58.; 8576/60)7 48)0. 0)-. /5
1. 5*+)(6F.2 6( /.*-4 5= .S07,46<. 4/)/. 05(/*57 5<.* 4.7=>.(0754.2 /.**6>
/5*6)7 25-)6(4? W364 2.<.758-.(/ I)4 6(4/6/,/65()76F.2 6( /3. W*.)/: 5=
b.4/83)76) 5= @_ZU; I3603 *.05+(6F.2 /3. .S64/.(0. 5= )( 6(/.*4/)/.
4:4/.- 05-854.2 5= 05(/6+,5,4; 15,(2.2 /.**6/5*6.4 *,7.2 1: 45<.*.6+(
4/)/.4 05--6//.2 /5 /3. 8*6(0687. 5= (5(6(/.*=.*.(0. 6( .)03 5/3.*G4
6(/.*()7 )`)6*4? W3. 05(4.[,.(0. 5= /364 /*)(4=5*-)/65( 3)4 1..( /3.
75(+>/.*- .(0754,*. 5= 8576/60)7; .05(5-60; )(2 -676/)*: 85I.* I6/36(
) +751)7 8)/03I5*O 5= -,/,)77: .S07,46<. :./ 05(/6+,5,4 4/)/. /.**6/5>
*6.4? W364 1,(276(+ 5= /.**6/5*6)76/: /5 4/)/. 45<.*.6+(/: 64 /3. .44.(/6)7
03)*)0/.*64/60 5= /3. -52.*( 6(/.*4/)/. 4:4/.-?NN EE"S3),4/6<. -,7/6>
87606/:GG *.=.*4 /5T @c /3. (%&&#(*&#/8#A/(#*" 5= 4/)/. 85I.*; /3*5,+3 I3603
.)03 4/)/. 4/*6<.4 /5 .S.*064. .S07,46<. 45<.*.6+(/: 5<.* ) 2.76(.)/.2;
4.7=>.(0754.2 +.5+*)8360)7 48)0.Y )(2 Lc /3. 08*</8#A/(#*" 5= /3. 4/)/.
=5*-; /3*5,+3 I3603 /3. .(/6*. +751. 64 4,126<62.2 6(/5 ) 46(+7. +.5>
8576/60)7 +*62 05-854.2 5= -,7/687.; 05(/6+,5,4 4/)/. /.**6/5*6.4?NZ

W3. (5/65( 5= /.**6/5*6)76/: 64 ) 857:4.-60 0)/.+5*: )(2 (5/ )77 5= 6/4


-.)(6(+4 *.=.* /5 /364 4/)/64/ +751)7 +.5+*)83:? ]5I.<.*; 46(0. /3. 7)/.
(6(./..(/3 0.(/,*: /3. 4506)7 406.(0.4 3)<. 05-. /5 8*.4,8854. )
/.**6/5*6)764/ 6-)+. 5= 4506)7 48)0. 2.*6<.2 =*5- /3. =5*- 5= /.**6/5*:>
45<.*.6+(/: (.S,4 8*52,0.2 )(2 05(/6(,)77: *.6(40*61.2 I6/36( /3.
-52.*( 6(/.*4/)/. 4:4/.-? %: /3. -62>/I.(/6./3 0.(/,*:; .)03 5= /3.
05(0.8/,)7 1,6726(+ 1750O4 5= /3. -52.*( 4506)7 406.(0.4 H 6( 8)*/60,7)*
/3. (5/65(4 5= 4/)/.; 4506./:; .05(5-:; 0,7/,*.; )(2 05--,(6/: H 3)2
ZU

05-. /5 8*.4,8854. /364 /.**6/5*6)76F)/65( 5= 4506)7 *.7)/65(4 I6/36(


) 8)*0.76F.2; JS.2; )(2 .44.(/6)77: /6-.7.44 +.5+*)8360)7 48)0.? W3.
*.4,7/)(/ /.**6/5*6)764/ .864/.-575+: 3)4 .(/)67.2 /3. /*)(48546/65( 5=
/3. 364/5*60)77: ,(6[,. /.**6/5*6)7 4/*,0/,*. 5= /3. -52.*( 6(/.*4/)/.
4:4/.- 6(/5 ) +.(.*)76F.2 -52.7 5= 4506548)/6)7 5*+)(6F)/65(; I3./3.*
I6/3 *.=.*.(0. /5 8576/60)7; 4506./)7; .05(5-60; 5* 0,7/,*)7 8*50.44.4?N\
b6/36( /364 =*)-.I5*O; 45065>364/5*60)7 03)(+. 64 4)62 /5 500,* I6/36(
/3. JS.2 /.**6/5*6)7 15,(2)*6.4 5= ) 4/)/.; 4506./:; 0,7/,*.; 5* .05(5-:
*)/3.* /3)( /3*5,+3 /3. 05(/6(,)7 8*52,0/65(; *.05(4/6/,/65(; 5*
/*)(4=5*-)/65( 5= /354. 15,(2)*6.4 )(2 /3. 48)/6)7 8*)0/60.4 /3.:
.(0754.?

^)*/60,7)*7: =*5- ) 7)/. /I.(/6./3>0.(/,*: <)(/)+. 856(/; 6/ 64 0*,06)7


/5 *.05+(6F. /3)/ /3. .864/.-575+: 5= 4/)/.>0.(/*64- I)4 (5/ -.*.
=)(/)4:? #/4 I62.48*.)2 6(/.77.0/,)7 87),461676/: I)4 2.*6<.2 =*5- /3.
7)/. (6(./..(/3> )(2 .)*7: /I.(/6./3>0.(/,*: 364/5*60)7>+.5+*)8360)7
05(/.S/ 6( I3603 /3. 4506)7 406.(0.4 J*4/ .-.*+.2; 2,*6(+ I3603 /3.
/.**6/5*6)7 4/)/.G4 *57. 6( EE.(0)+6(+GG 45065.05(5-60 )(2 8576/605>0,7/,*)7
*.7)/65(4 I6/36( 6/4 15,(2)*6.4 2*)-)/60)77: 6(/.(46J.2?N_ '7/35,+3 /3.
76(.)+.4 5= /364 4/)/64/ 2.<.758-.(/)7 05(J+,*)/65( 0)( 1. /*)0.2 /5 /3.
7)/. .6+3/..(/3 0.(/,*:; I3.( "(+7)(2G4 EE/.**6/5*6)7 .05(5-:GG 4,8.*>
4.2.2 /3. EE06/:>0.(/.*.2 .05(5-:GG 5= '-4/.*2)-; 6/ I)4 )15<. )77
2,*6(+ /3. /I.(/6./3 0.(/,*: /3)/ /3. 6(/.*4/)/. 4:4/.- 0)-. /5 58.*)/.
6(0*.)46(+7: 76O. EE) <5*/.S 4,0O6(+ 6( 4506)7 *.7)/65(4 /5 -5,72 /3.-
/3*5,+3 6/4 /.**6/5*6)76/:?GG NC '4 i)*7 ^57)(:6 =)-5,47: )*+,.2; %*6/)6(G4
)//.-8/ /5 6(4/6/,/65()76F. ) EE4.7=>*.+,7)/6(+GG I5*72 -)*O./ 2,*6(+
/3. (6(./..(/3 0.(/,*: 1: 05-16(6(+ 6-8.*6)764/ .S8)(465( I6/3 /*)2.
761.*)76F)/65( .<.(/,)77: *.4,7/.2 6( ) 05,(/.*<)676(+ EE+*.)/ /*)(4>
=5*-)/65(GG 6( I3603 6(0*.)46(+7: ),/)*O60; 8*5/.0/65(64/ *.+,7)/5*:
=*)-.I5*O4 I.*. 05(4/*,0/.2 /3*5,+35,/ I.4/.*( ",*58. )(2 !5*/3
'-.*60)?NU $)43 )(2 X**: 6(/.*8*./ /3. ()/65()77: 5*+)(6F.2 =5*-4 5=
4/)/. *.+,7)/65( /3)/ I.*. 4,14.[,.(/7: 6(/*52,0.2 )4 /3. 45065>6(4/6/,>
/65()7 1)464 =5* EE5*+)(6F.2 0)86/)764-;GG /3. +751)7 *.+6-. 5= )00,-,>
7)/65( /3)/ 8*.<)67.2 =*5- /3. .)*7: /I.(/6./3 0.(/,*: ,(/67 /3. I5*72
.05(5-60 0*64.4 5= /3. .)*7: @BCD4?NB f,*6(+ /3. 854/I)* 8.*652; ,(2.*
/3. *,1*60 5= X?A? +751)7 3.+.-5(: )(2 /3. %*.//5( b5524 +751)7
-5(./)*: *.+6-.; ()/65()7>2.<.758-.(/)764/ 8*)0/60.4 )(2 62.575+6.4
I.*. =,*/3.* 05(45762)/.2 /3*5,+35,/ /3. I5*72 .05(5-:; +*5,(2.2
,85( /3. (5/65( /3)/ .)03 4/)/. I5,72 +,62. 6/4 4506./: /3*5,+3 )
76(.)*; 6(/.*()77:>2.J(.2; )(2 4.7=>8*58.77.2 8*50.44 5= EE-52.*(6F)>
/65(?GG A)-6* '-6( 2.40*61.4 /3. *.4,7/)(/; ()/65()7>2.<.758-.(/)764/
05(J+,*)/65( 5= 0)86/)764/ +751)76F)/65( )4 ) =5*- 5= EE),/50.(/*64-GG
ZB

5*6.(/.2 /5I)*2 ) ()/65()77: 40)7.2 48)/6)7 05(+*,.(0. 1./I..( 8576/6>


0)7 )(2 .05(5-60 4/*,0/,*.4?ZD

W364 6(/.(46J.2 /.**6/5*6)76F)/65( 5= 4506)7 *.7)/65(4 5( /3. ()/65()7


40)7. 4,++.4/4 /3)/ EE/3. 4/)/.>0.(/*60 ()/,*. 5= 4506)7 406.(0. =)6/3=,77:
*.R.0/.2 /3. 85I.* 05(/)6(.*4 /3)/ 25-6()/.2 /3. 4506)7 I5*72 6/ I)4
4/,2:6(+?GG Z@ ]5I.<.*; /3. /3.5*6F)/65( 5= +751)76F)/65( 5,/76(.2 8*.>
<65,47: 856(/4 /5I)*2 ) 45-.I3)/ 26`.*.(/ 6(/.*8*./)/65(T /3. .864/.>
-575+: 5= 4/)/.>0.(/*64- 64 /5 1. <6.I.2 7.44 )4 ) EE=)6/3=,7 *.R.0/65(GG
5= 6/4 364/5*60)7>+.5+*)8360)7 05(/.S/ /3)( )4 ) 4/)/.>6(2,0.2 :#'&%.*0B
"#(#*" 5= /3)/ 05(/.S/? #( 5,* /.*-4; /3. .864/.-575+: 5= 4/)/.>0.(/*64-
I)4 /6+3/7: .(-.43.2 I6/36( /3. ()/65()7>2.<.758-.(/)764/ *5,(2 5=
+751)76F)/65( /3)/ ,(=572.2 2,*6(+ /3. 7)/. (6(./..(/3 )(2 .)*7: /I.(>
/6./3 0.(/,*6.4? e( /3. 5(. 3)(2; 8*50.44.4 5= 48)0.>/6-. 05-8*.4465(
6(/.(46J.2 6( 05(Q,(0/65( I6/3 /3. 4.05(2 6(2,4/*6)7 *.<57,/65(; /3.
+751)76F6(+ .S8)(465( 5= /3. I5*72 .05(5-:; )(2 /3. .*) 5= 36+3
6-8.*6)764-? e( /3. 5/3.* 3)(2; /364 46-,7/)(.5,4 .S/.(465( )(2
)00.7.*)/65( 5= 0)86/)764- I)4 8*.-64.2 ,85( /3. 05(4/*,0/65( 5=
7)*+.>40)7. /.**6/5*6)7 05(J+,*)/65(4; )15<. )77 /3. 8*52,0/65(; /*)(4>
85*/)/65(; )(2 05--,(60)/65(4 6(=*)4/*,0/,*.4 5= -)Q5* 6(2,4/*6)7
06/6.4 )(2 /3. 36+37: 1,*.),0*)/6F.2 6(4/6/,/65()7>*.+,7)/5*: 4:4/.-4 5=
/.**6/5*6)7 4/)/.4? ]5I.<.*; 4/)/.>0.(/*60 -52.4 5= )()7:464 =50,4 ,85(
5(7: 5(. 857. 5= /364 26)7.0/60 5= 2.> )(2 *./.**6/5*6)76F)/65(; /3)/ 5=
/.**6/5*6)7 JS6/:; )4 .-1526.2 6( /3. 4/)/.G4 15,(2.2; /.**6/5*6)76F.2
=5*-?

].(*6 $.=.1<*.G4 )()7:464 5= /3. -52.*( 4/)/. )4 ) =5*- 5= EE<657.(0.


26*.0/.2 /5I)*24 ) 48)0.GG 43.24 76+3/ ,85( /364 /.**6/5*6)764/ -64*.05+>
(6/65(?ZL #( $.=.1<*.G4 <6.I; /3. -52.*( 4/)/. 64 +*5,(2.2 6(/*6(460)77:
5( /3. 2*6<. /5 *)/65()76F.; ,(6=:; )(2 35-5+.(6F. 4506)7 *.7)/65(4
I6/36( 6/4 /.**6/5*6)7 48)0.T EE")03 4/)/. 07)6-4 /5 8*52,0. ) 48)0.
I3.*.6( 45-./36(+ 64 )005-87643.2; ) 48)0.; .<.(; I3.*. 45-./36(+
64 1*5,+3/ /5 8.*=.0/65(T ()-.7:; ) ,(6J.2 )(2 3.(0. 35-5+.(5,4
4506./:?GG ZN %,/ )4 $.=.1<*. 64 [,60O /5 )22T EEW3. 48)0. /3)/ 35>
-5+.(6F.4 ??? 3)4 (5/36(+ 35-5+.(5,4 )15,/ 6/?GG ZZ e(. 5= /3. 1)460
=.)/,*.4 5= 4/)/.>0.(/*60 -52.4 5= )()7:464 64 /5 05(R)/. /3. 364/5*60)7
(%"5%".) /5I)*2 /3. /.**6/5*6)76F)/65( 5= 4506)7 *.7)/65(4 5( ) ()/65()7
40)7. H I3603 3)4 ,(25,1/.27: 6(/.(46J.2 2,*6(+ -,03 5= /3. /I.(/6./3
0.(/,*: H I6/3 6/4 364/5*60)7 &%/8#A/(#*"? W.**6/5*6)76F)/65( 64 /3,4 *.8>
*.4.(/.2 )4 ) ()/,*)7 8*.05(26/65( 5= 4506)7 )(2 8576/60)7 .S64/.(0.
*)/3.* /3)( 1.6(+ 4..( )4 ) 8*52,0/ 5= 364/5*60)77: 2./.*-6()/. 4/*)/>
.+6.4 5= 8)*0.76F)/65(; 0.(/*)76F)/65(; .(0754,*.; )(2 .(0)+6(+? '4
\D

$.=.1<*. .7)15*)/.4 I6/3 *.=.*.(0. /5 /3. EE)14/*)0/ 48)0.GG 5= -52.*(


0)86/)764-T

'14/*)0/ 48)0. #' "*( 35-5+.(5,4Y 6/ 46-87: -/' 35-5+.(.6/: )4 6/4 +5)7; 6/4
5*6.(/)/65(; 6/4 EE7.(4?GG '(2; 6(2..2; 6/ *.(2.*4 35-5+.(5,4? %,/ 6( 6/4.7= 6/ 64
-,7/6=5*- ???? W3,4 /5 755O ,85( )14/*)0/ 48)0. )4 35-5+.(.5,4 64 /5 .->
1*)0. ) *.8*.4.(/)/65( /3)/ /)O.4 /3. .`.0/ =5* /3. 0),4.; )(2 /3. +5)7 =5* /3.
*.)45( I3: /3. +5)7 I)4 8,*4,.2? ' *.8*.4.(/)/65( I3603 8)44.4 6/4.7= 5` )4 )
.*".%?(; I3.( 6/ 64 -.*.7: )( 6-)+.; ) -6**5* )(2 ) -6*)+.Y )(2 I3603 6(4/.)2
5= 03)77.(+6(+; 6(4/.)2 5= *.=,46(+; -.*.7: &%D%.('? '(2 I3)/ 25.4 4,03 )
48.0,7)* *.8*.4.(/)/65( *.R.0/j #/ *.R.0/4 /3. *.4,7/ 45,+3/?Z\

e(7: 6( /364 48.06J0 4.(4.; /3.(; 262 /3. .864/.-575+: 5= 4/)/.>0.(/*64-


EE*.R.0/GG 6/4 364/5*60)7>+.5+*)8360)7 05(/.S/ H (5/ /3*5,+3 )( )0/ 5=
-6-.464; 1,/ /3*5,+3 ) =5*- 5= *.6J0)/65( 6( I3603 /3. EE*.4,7/ 45,+3/;GG
/3. EE=./6436F)/65( 5= 48)0. 6( /3. 4.*<60. 5= /3. 4/)/.;GG 64 /*.)/.2 )4 )(
)0/,)76F.2 *.)76/: *)/3.* /3)( )4 ) /.(2.(0: I6/36( )( 5(+56(+ 26)7.0>
/60?Z_

W3. 0*,06)7 856(/ 6( /3. 8*.4.(/ 05(/.S/; /3.*.=5*.; 64 /3)/ /.**6/5*6)76>


F)/65( H I3./3.* 5( ()/65()7; 4,1>()/65()7; 5* 4,8*)>()/65()7 40)7.4 H
-,4/ 1. <6.I.2 )4 )( 364/5*60)77: 48.06J0; 05(/*)260/5*:; )(2 05(R60>
/,)7 ?&*.%'' *)/3.* /3)( )4 ) 8*.+6<.(; JS.2; 5* ()/,*)7 05(26/65(? %:
05(/*)4/; 4/)/.>0.(/*60 .864/.-575+6.4 =*..F. /3. 6-)+. 5= 4/)/. /.**6/5*>
6)76/: 6(/5 ) +.(.*)76F.2 5(/575+60)7 =.)/,*. 5= 4506)7 76=.; )(2 /3.*.1:
(.+7.0/ /3. I):4 6( I3603 /3. 7)//.* 3)4 1..( 05(/6(,)77: 8*52,0.2;
*.05(J+,*.2; )(2 /*)(4=5*-.2 )4 ) O.: +.5+*)8360)7 6(=*)4/*,0/,*. =5*
0)86/)7G4 2.<.758-.(/)7 2:()-60?

>$%+"1(8)3-7-%4 43$6)3-7)(-$%? =5" ,"*'+)3-%4 $< (",,-($,-)3-(#

A6(0. /3. .)*7: @BCD4; /3. +.5+*)836.4 5= 0)86/)764- 3)<. 1..( /*)(4>
=5*-.2 6( I):4 /3)/ 26*.0/7: ,(2.*405*. /3. 4506)77: 8*52,0.2; 364/5*>
60)7 03)*)0/.* 5= 48)0.? '4 !.67 A-6/3 6(260)/.4; /3. .(/*.(03.2 +.5>
8576/60)7 )(2 +.5.05(5-60 4/*,0/,*.4 5= /I.(/6./3>0.(/,*: 0)86/)764-
3)<. 1..( *)260)77: *.05(J+,*.2 )/ 5(0. 5( +751)7; ()/65()7; *.+65()7;
)(2 ,*1)( 40)7.4?ZC e( /3. 08*</8 40)7.; ) EE(.I 6(/.*()/65()7 26<6465( 5=
7)15*GG 3)4 1..( 05(45762)/.2 6( 05(Q,(0/65( I6/3 /3. +751)76F)/65( 5=
8*52,0/6<. 0)86/)7 )(2 /3. 05(05-6/)(/ 6(2,4/*6)76F)/65( 5= <)*65,4
.*4/I367. W36*2 b5*72 05,(/*6.4? %: @BUB; I6/3 /3. 264-)(/76(+ 5= /3.
A.05(2 b5*72; /3. 854/I)* +.58576/60)7 26<6465( 5= /3. +751. 3)2 1..(
/35*5,+37: *.26`.*.(/6)/.2; =*)+-.(/.2; )(2 *.)**)(+.2? e( /3. "/B
\@

(#*"/8 40)7.; /.**6/5*6)7 15*2.*4 3)<. 1.05-. 6(0*.)46(+7: 85*5,4 /5


6(/.*()/65()7 0)86/)7; 8)*/60,7)*7: 6( 6/4 J()(06)7 )(2 -5(./)*: =5*-4Y
)(2 46(0. /3. 264457,/65( 5= /3. %*.//5( b5524 0,**.(0: 4:4/.- 6( /3.
.)*7: @BCD4; /3. <6)1676/: 5= ()/65()77: 5*+)(6F.2 -5(./)*: 857606.4 3)4
1..( 2.0646<.7: ,(2.*-6(.2? '/ /3. 4)-. /6-.; 35I.<.*; /3. ()/65(>
4/)/. =5*- 3)4 1..( =,*/3.* .(/*.(03.2 /3*5,+3 ) 1,*4/ 5= *.4,*+.(/
()/65()764-4 )(2 /3. 8*576=.*)/65( 5= ./3(60 I)*=)*. )-5(+ 858,7)>
/65(4 4/*,++76(+ /5 *.2*)I ()/65()7 /.**6/5*6)7 15,(2)*6.4? e( &%0#*"/8
40)7.4; /3. 6(2,4/*6)7 3.)*/7)(24 5= !5*/3 '/7)(/60 d5*264- 3)<. .S8.>
*6.(0.2 2*)-)/60 2.6(2,4/*6)76F)/65(; I367. )( )**): 5= (.I 6(2,4/*6)7
48)0.4 3)<. 48*5,/.2 ,8 6( ,*1)(6F.2 *.+65(4 =*5- A67605( k)77.: )(2
e*)(+. K5,(/: /5 45,/3.*( "(+7)(2; %)2.(>b,l*//.-1.*+; )(2 /3.
W36*2 #/)7:? #(3.*6/.2 8)//.*(4 5= ,*1)(>*,*)7 857)*6F)/65( )*. 1.6(+
4,8.*6-854.2 ,85( ) 264/6(0/6<.7: 854/>d5*264/ 7)(240)8. 5= +.5>
+*)8360)7 ,(.<.((.44 6( I3603 *.+65()7 6(2,4/*6)7 05*.4 /3*5,+35,/
/3. I5*72 .05(5-: 05-8./. .<.* -5*. 26*.0/7: I6/3 5(. )(5/3.*?
d6()77:; 5( /3. 9&</" 40)7.; 8*50.44.4 5= ,*1)( *.2.<.758-.(/ )(2
+.(/*6J0)/65( 3)<. *.2.J(.2 /3. -)8 5= -./*58576/)( )(2 4,*1,*1)(
+*5I/3 /3)/ ,(2.*86((.2 /3. 854/I)* I)<. 5= ,*1)(6F)/65(? #( /364
05(/.S/; (.I =5*-4 5= 750)7 )(2 *.+65()7 4/)/. *.+,7)/65( )*. 1.6(+
-51676F.2 )/ 5(0. /5 8*5-5/. /364 +.5+*)8360)7 *.05(0.(/*)/65( 5=
0)86/)7 )(2 /5 .S.*064. 05(/*57 5<.* /3. ,*1)( 48)0.4 6( I3603 6/ 500,*4?
#( /3. =)0. 5= /364 O)7.6254058. 5= 6(/.*/I6(.2 +.5+*)8360)7 /*)(4=5*>
-)/65(4; !.67 A-6/3 05(07,2.4T

W3. 457626/: 5= /3. +.5+*)83: 5= /I.(/6./3 0.(/,*: 0)86/)764- )/ <)*65,4 40)7.4


3)4 -.7/.2Y 3)16/,)7 48)/6)7 )44,-8/65(4 )15,/ /3. I5*72 3)<. .<)85*)/.2 ????
#/ 64 )4 6= /3. I5*72 -)8 )4 Q6+>4)I 8,FF7. 3)2 1..( /544.2 6( /3. )6* /3.4. 7)4/
/I5 2.0)2.4; 7.)<6(+ ,4 /5 *.05(4/*,0/ ) <6)17. -)8 5= .<.*:/36(+ =*5- 15267:
)(2 750)7 03)(+. /5 +751)7 62.(/6/:? X(2.* /3.4. 06*0,-4/)(0.4; /3. /)O.(>=5*>
+*)(/.2(.44 5= 48)0. 64 6-8544617. /5 4,4/)6(? A8)0. 64 6(0*.)46(+7: *.<.)7.2
)4 ) *6037: 8576/60)7 )(2 4506)7 8*52,0/; )(2 8,//6(+ /3. Q6+>4)I 8,FF7. 1)0O
/5+./3.* H 6( 8*)0/60. )4 I.77 )4 6( /3.5*: H 64 ) 36+37: 05(/.4/.2 )`)6*?ZU

A-6/3G4 =5*-,7)/65( 8,/4 6(/5 *.76.= 5(. 5= /3. 0.(/*)7 -./352575+60)7


03)77.(+.4 5= 05(/.-85*)*: +751)76F)/65( *.4.)*03T /5 -)8 /3. +.5+*)>
836.4 5= 05(/.-85*)*: 0)86/)764- 6( I):4 /3)/ /*)(40.(2 /3. EE3)16/,)7
48)/6)7 )44,-8/65(4GG 5= 4/)/.>0.(/*60 .864/.-575+6.4? '4 /3. +.5+*)83>
60)7 =5,(2)/65(4 5= /I.(/6./3>0.(/,*: 0)86/)764- )*. 8*5=5,(27: ,(4./>
/7.2; 2.05(4/*,0/.2; )(2 *.I5*O.2; )( ,*+.(/ (..2 )*64.4 =5* )()7:/60)7
=*)-.I5*O4 /3)/ 25 (5/ 6-8*645( /3. 4506)7 406.(0.4 I6/36( /6-.7.44;
/.**6/5*6)764/; )(2 ,(364/5*60)7 *.8*.4.(/)/65(4 5= 4506)7 48)0.?
\L

W5 2)/.; 35I.<.*; -54/ +751)76F)/65( *.4.)*03.*4 3)<. 05(=*5(/.2 /364


-./352575+60)7 03)77.(+. 6( 5(. 5= /I5 I):4 H .6/3.* /3*5,+3 )( )()7:>
464 5= /3. +751)7 40)7. 6( 6-87606/7: 4/)/.>0.(/*60 /.*-4; )4 ) +751)77:
4/*./03.2 /.**6/5*6)7 +*62Y 5* /3*5,+3 )( .-83)464 5( 8*50.44.4 5=
EE2./.**6/5*6)76F)/65(;GG I3603 8,*85*/.27: /*6++.* /3. 2.-64.; .*5465(;
5* 05(/*)0/65( 5= 4/)/. /.**6/5*6)76/:? W3. =5*-.* )88*5)03 /*)(4854.4
4/)/.>0.(/*60 -)886(+4 5= 48)0. 5(/5 /3. +751)7 40)7.; )(2 /3,4 *.-)6(4
/*)88.2 I6/36( ) ()**5I7: /.**6/5*6)764/ ,(2.*4/)(26(+ 5= 05(/.-85>
*)*: 0)86/)764-? W3. 7)//.* )88*5)03 /*)(40.(24 /3. /.**6/5*6)764/ .864>
/.-575+: 5= 4/)/.>0.(/*64- 5( /3. 1)464 5= /I5 .[,)77: 8*517.-)/60
)44,-8/65(4T @c /3. (5/65( /3)/ +751)76F)/65( 64 )( .44.(/6)77: (5(>
/.**6/5*6)7; 15*2.*7.44; 4,8*)>/.**6/5*6)7; 5* /.**6/5*6)77: 264.-1.22.2
8*50.44Y )(2 Lc /3. (5/65( /3)/ +751)76F)/65( .(/)674 /3. .*5465( 5= /3.
4/)/.? P: +5)7 /3*5,+35,/ /3. *.4/ 5= /364 )*/607. 64 /5 6(260)/. I3:
(.6/3.* 5= /3.4. -./352575+60)7 4/*)/.+6.4 0)( 8*5<62. )( )2.[,)/.
-)886(+ 5= /3. 05(/.-85*)*: *5,(2 5= +751)76F)/65(; )(2 /5 1.+6( /5
5,/76(. /3. 1)460 .7.-.(/4 5= )( )7/.*()/6<. -./352575+: =5* +751)7>
6F)/65( 4/,26.4?

W3. 05*. 5= -: )*+,-.(/ 64 /3. 07)6- /3)/ /3. 05(/.-85*)*: *5,(2


5= +751)76F)/65( 3)4 *)260)77: *.05(J+,*.2 /3. 40)7)* 5*+)(6F)/65( 5=
/.**6/5*6)76F)/65( 8*50.44.4 ,(2.* 0)86/)764-; &%8/(#$#A#"0 /3. 46+(6J0)(0.
5= /3. ()/65()7 40)7. I367. 46-,7/)(.5,47: #"(%"'#+)#"0 /3. *57. 5= 15/3
4,1> )(2 4,8*)>()/65()7 =5*-4 5= /.**6/5*6)7 5*+)(6F)/65(? e( /3. 5(.
3)(2; /3. 05(/.-85*)*: *5,(2 5= +751)76F)/65( -,4/ 1. <6.I.2 )4 :./
)(5/3.* I)<. 5= 2.> )(2 *./.**6/5*6)76F)/65( /3*5,+3 I3603 +751)7
45065.05(5-60 6(/.*2.8.(2.(06.4 )*. 1.6(+ 6(/.(46J.2; 2..8.(.2; )(2
.S8)(2.2 6( 05(Q,(0/65( I6/3 /3. 8*52,0/65(; *.05(J+,*)/65(; )(2
/*)(4=5*-)/65( 5= *.7)/6<.7: JS.2 =5*-4 5= /.**6/5*6)7 5*+)(6F)/65( 5(
4,1>+751)7 +.5+*)8360)7 40)7.4? e( /3. 5/3.* 3)(2; 35I.<.*; /3. 4506)7;
.05(5-60; )(2 8576/60)7 +.5+*)836.4 5= /364 2:()-60 5= 2.> )(2 *./.**6>
/5*6)76F)/65( )*. 1.6(+ *)260)77: *.5*+)(6F.2 *.7)/6<. /5 /3. .(/*.(03.2;
4/)/.>0.(/*60 8)//.*(4 /3)/ 3)<. 8*.<)67.2 46(0. /3. 7)/. (6(./..(/3
0.(/,*:? b3.*.)4 8*.<65,4 *5,(24 5= 2.> )(2 *./.**6/5*6)76F)/65( 50>
0,**.2 7)*+.7: 3#(-#" /3. +.5+*)8360)7 =*)-.I5*O 5= 4/)/. /.**6/5*6)76/:;
05(/.-85*)*: 8*50.44.4 5= +751)76F)/65( 3)<. 46+(6J0)(/7: 2.0.(/.*.2
/3. *57. 5= /3. ()/65()7 40)7. 15/3 )4 ) 4.7=>.(0754.2 05(/)6(.* 5= 45065>
.05(5-60 *.7)/65(4 )(2 )4 )( 5*+)(6F)/65()7 6(/.*=)0. 1./I..( 4,1>
)(2 4,8*)>()/65()7 40)7.4? '4 /364 EE2.()/65()76F)/65( 5= /3. 4/)/.GG 3)4
8*50..2.2 )8)0.; ) I62. *)(+. 5= 4,1> )(2 4,8*)>()/65()7 =5*-4 5=
/.**6/5*6)7 5*+)(6F)/65( H =*5- +751)7 06/:>*.+65(4; 6(2,4/*6)7 264/*60/4;
)(2 *.+65()7 4/)/. 6(4/6/,/65(4 /5 /*)(4()/65()7 .05(5-60 1750O4 )(2
\N

*.+,7)/5*: 4:4/.-4 4,03 )4 !'dW'; 'A"'!; )(2 /3. "X H 3)<.


)0[,6*.2 6(0*.)46(+7: 0*,06)7 *57.4 )4 +.5+*)8360)7 6(=*)4/*,0/,*.4 =5*
0)86/)764-?ZB

W3.4. 436=/4 6( /3. 40)7)* 5*+)(6F)/65( 5= 0)86/)764- 3)<. 1..( <)*65,47:


2.40*61.2 )4 8*50.44.4 5= EE*.>40)76(+GG 5* EEQ,-86(+ 40)7.4?GG \D W3.6*
0.(/*)7 05(4.[,.(0. 3)4 1..( /5 /3*,4/ /3. )88)*.(/7: 5446J.2; .(>
/*.(03.2 JS6/: 5= 4/)/. /.**6/5*6)76/: )1*,8/7: )(2 2*)-)/60)77: 6(/5
364/5*60)7 :*(#*"; *)260)77: *.2.J(6(+ 6/4 +.5+*)8360)7 46+(6J0)(0.; 6/4
5*+)(6F)/65()7 4/*,0/,*.4; )(2 6/4 6(/.*05((.0/65(4 /5 15/3 4,1> )(2
4,8*)>()/65()7 40)7.4? ^*50.44.4 5= /.**6/5*6)76F)/65( *.-)6( .(2.-60
/5 0)86/)764-; 1,/ /52): /3.: )*. Q,-86(+ )/ 5(0. )15<.; 1.75I; )(2
)*5,(2 /3. ()/65()7 40)7. ,85( I3603 /3.: 05(<.*+.2 /3*5,+35,/
-,03 5= /3. 7)4/ 0.(/,*:? K5(4.[,.(/7:; 4/)/. /.**6/5*6)76/: 0,**.(/7:
58.*)/.4 7.44 )4 )( 645-5*8360; 4.7=>.(0754.2 1750O 5= )1457,/. 48)0.
/3)( )4 ) 857:-5*8360 6(4/6/,/65()7 -54)60 05-854.2 5= -,7/687.;
8)*/6)77: 5<.*7)886(+ 7.<.74 /3)/ )*. (.6/3.* 05(+*,.(/; 05(/6+,5,4;
(5* 05.S/.(46<. I6/3 5(. )(5/3.*?\@ # <6.I /364 *.>40)76(+ 5= /.**6>
/5*6)76/: )4 /3. 5#E%&%"(#/ '?%.#F./ 5= /3. 0,**.(/7: ,(=5726(+ *5,(2 5=
+751)76F)/65(? K*,06)77:; /364 *.>40)76(+ 5= /.**6/5*6)76/: 25.4 (5/ .(/)67
/3. 4/)/.G4 .*5465( 1,/ *)/3.* 6/4 &%(%&&#(*&#/8#A/(#*" 5(/5 15/3 4,1> )(2
4,8*)>()/65()7 40)7.4? A/)/.4 05(/6(,. /5 58.*)/. )4 .44.(/6)7 46/.4 5=
/.**6/5*6)76F)/65( =5* 4506)7; 8576/60)7; )(2 .05(5-60 *.7)/65(4; .<.( 6=
/3. 8576/60)7 +.5+*)83: 5= /364 /.**6/5*6)76F)/65( 8*50.44 (5 75(+.* 05(>
<.*+.4 8*.25-6()(/7: 5* .S07,46<.7: ,85( )(: 46(+7.; 4.7=>.(0754.2 +.5>
+*)8360)7 40)7.?

' 2./)67.2 .-86*60)7>364/5*60)7 )005,(/ 5= /3.4. 5(+56(+ +.5+*)8360)7


/*)(4=5*-)/65(4 76.4 1.:5(2 /3. 4058. 5= /364 )*/607.?\L P: 05(0.*(
3.*. 64 /5 .7)15*)/. /3. (5/65( 5= ) *.>40)76(+ 5= /.**6/5*6)76/: /3*5,+3
)( 6--)(.(/ 0*6/6[,. 5= /3. /I5 -)Q5* 4/*)(24 5= +751)76F)/65( *.4.)*03
-.(/65(.2 )15<.? %.0),4. 45 -,03 5= 05(/.-85*)*: +751)76F)/65( *.>
4.)*03 *.-)6(4 +*5,(2.2 ,85( 4/)/.>0.(/*60 5* 5/3.*I64. 8*517.-)/60
+.5+*)8360)7 )44,-8/65(4; # 05(462.* /364 /:8. 5= .864/.-575+60)7 0*6>
/6[,. /5 1. ) 0*,06)7 8*.*.[,646/. =5* /3. /)4O 5= )()7:F6(+ /3. 0,**.(/7:
.-.*+.(/ +.5+*)836.4 5= +751)76F)/65(?

;3$6)3 (",,-($,-)3-'.? 0()("*+"%(,-'. $% ) @$,3& '+)3"

'77 )005,(/4 5= +751)76F)/65( .(/)67 45-. <.*465( 5= /3. 07)6- /3)/ /3.
+751)7 40)7. 3)4 1.05-. 6(0*.)46(+7: 6-85*/)(/ )4 )( 5*+)(6F6(+ 750,4
\Z

5= 4506)7 *.7)/65(4? ]5I.<.*; /364 .-83)464 5( /3. +751)7 40)7. 3)4 1..(
6(/.*/I6(.2 I6/3 .S/*.-.7: 26<.*4. 05(0.8/,)76F)/65(4 5= +751)7 4506)7
48)0.? W364 4.0/65( 05(462.*4 )88*5)03.4 /5 +751)76F)/65( *.4.)*03 /3)/
05(0.6<. +751)7 48)0. 6( .44.(/6)77: 4/)/.>0.(/*60 /.*-4; .6/3.* )4 )
8*.+6<.( +.5+*)8360)7 05(/)6(.* 5* )4 ) =5*- 5= /.**6/5*6)76/: 4/*./03.2
5(/5 /3. +751)7 40)7.?

W3. 2.875:-.(/ 5= /364 /:8. 5= EE+751)7 /.**6/5*6)764/GG -./352575+: 64


=*.[,.(/7: [,6/. .S87606/; )4 6( '71*5IG4 2.J(6/65( 5= +751)76F)/65( )4
EE/354. 8*50.44.4 1: I3603 /3. 8.587.4 5= /3. I5*72 )*. 6(05*85*)/.2
6(/5 ) 46(+7. I5*72 4506./:; ) +751)7 4506./:?GG \N #(2..2; /3. 05(0.8/ 5=
EEI5*72 4506./:GG 3)4 87):.2 ) 2.J(6(+ *57. I6/36( ) -)Q5* 4/*)(2 5=
+751)76F)/65( *.4.)*03; )005*26(+ /5 I3603 +751)76F)/65( .(/)674 (5/
5(7: /3. +*5I6(+ 6(/.*05((.0/.2(.44 5= 264/6(0/ 8)*/4 5= /3. +751.; 1,/
6( b)/.*4G4 03)*)0/.*64/60 =5*-,7)/65(; /3. 05(4/*,0/65( 5= EE) '#"08%
4506./: )(2 0,7/,*. 500,8:6(+ /3. 87)(./?GG \Z e/3.* +751)76F)/65( *.>
4.)*03.*4 3)<. .7)15*)/.2 )()75+5,4 )005,(/4 5= EE+751)7 0,7/,*.GG )(2
EE/*)(4()/65()7 06<67 4506./:?GG \\

#( .)03 0)4. /3. -526J.* EE+751)7GG 64 8546/65(.2 1.=5*. ) /*)26/65()77:


4/)/.>0.(/*60 /.*- H EE4506./:;GG EE06<67 4506./:;GG 5* EE0,7/,*.GG H /5 2.-)*>
0)/. ) *.)7- 5= 450650,7/,*)7 6(/.*)0/65( /3)/ /*)(40.(24 /3. 15*2.*4 5=
)(: 46(+7. 4/)/. /.**6/5*:? b3./3.* /364 483.*. 5= 6(/.*)0/65( 64 ,(2.*>
4/552 6( (5*-)/6<. /.*-4 a.?+?; )4 ) 46/. 5= ,(6<.*4)764/60 <)7,.4 4,03 )4
3,-)( *6+3/4; .[,)76/:; 8.)0.; )(2 2.-50*)0:c; 6(4/6/,/65()77: a.?+?; )4
) =*)-.I5*O 5= +751)77: 4/)(2)*26F.2 .05(5-60; 8576/60)7; .2,0)/65()7;
)(2 406.(/6J0 8*)0/60.4c 5* .S8.*6.(/6)77: a.?+?; )4 ) I5*72I62. 26`,465(
5= '-.*60)(; ",*58.)(; 5* b.4/.*( 0,7/,*)7 6(R,.(0.4c; /3.4. EEI5*72
4506./:GG )88*5)03.4 43)*. ) 05(0.8/65( 5= +751)7 48)0. )4 ) 4/*,0/,*)7
)()75+ /5 4/)/. /.**6/5*6)76/:? #(45=)* )4 /3. 6(/.*8*./)/65( 5= +751)7
48)0. 64 2.*6<.2 26*.0/7: =*5- )( ,(2.*4/)(26(+ 5= /3. /.**6/5*6)77:
05(J+,*.2; ()/65()7 48)0.4 5= EE4506./6.4GG )(2 EE0,7/,*.4;GG /3. [,.4/65(
5= /3. [,)76/)/6<. 4506548)/6)7 5*+)(6F)/65( 5= I5*72>40)7. 8*50.44.4 64
.44.(/6)77: =5*.0754.2 /3*5,+3 ) 03560. 5= 05(0.8/,)7 +*)--)*? W3.
26`.*.(0. 1./I..( +751)7 )(2 ()/65()7 05(J+,*)/65(4 5= 4506)7 48)0. 64
/3.*.1: *.2,0.2 /5 ) -)//.* 5= +.5+*)8360)7 46F.? P.)(I367.; 1.0),4.
+751)76F)/65( 64 ,(2.*4/552 8*6-)*67: )4 ) I5*72>40)7. 8*50.44; /3. *57.
5= ()/65()7 )(2 4,1>()/65()7 /.**6/5*6)7 /*)(4=5*-)/65(4 6( /3. +751)7>
6F)/65( 8*50.44 0)((5/ 1. .S87606/7: )()7:F.2? #( /364 4.(4.; .<.( )4
/3.6* ,(6/ 5= )()7:464 64 .S/.(2.2 1.:5(2 ()/65()7 /.**6/5*6)7 15,(2)*6.4;
EEI5*72 4506./:GG )88*5)03.4 *.-)6( 2..87: .-1.22.2 I6/36( ) 4/)/.>
0.(/*60 .864/.-575+: /3)/ 05(0.6<.4 48)0. H 5( 15/3 +751)7 )(2 ()/65()7
\\

40)7.4 H )4 ) /6-.7.44; /.**6/5*6)7 05(/)6(.* 5= 4506)7 *.7)/65(4? W3.


8*.05(4/6/,/.2 +.5+*)8360)7 48)0. 5= /3. +751. 64 8*.4,-.2 /5 1. 46-87:
F88%5 1: /3. 450650,7/,*)7 8*)0/60.4 )44506)/.2 I6/3 /3. +751)76F)/65(
8*50.44 *)/3.* /3)( 1.6(+ 8*52,0.2; *.05(J+,*.2; 5* /*)(4=5*-.2
/3*5,+3 /3. 7)//.*?

&57)(2 &51.*/45(G4 (.5>^)*45(46)( 0,7/,*)7 4506575+: 5= +751)76F)/65(


6(4/)(/6)/.4 ) 45-.I3)/ 7.44 .S87606/ <.*465( 5= /364 +751)7 /.**6/5*6)764/
)88*5)03?\_ ].*. +751)7 48)0. 64 (5/ 2.J(.2 6( 26*.0/7: 4/)/.>0.(/*60
/.*-4 4,03 )4 EE4506./:GG 5* EE0,7/,*.;GG 1,/ *)/3.* /3*5,+3 /3. -5*. +.5>
+*)8360)77: )-16+,5,4 0)/.+5*6.4 5= EE87)0.GG )(2 EEJ.72?GG d5* &51.*/45(;
+751)76F)/65( 64 ) -,7/6>=)0./.2 8*50.44 /3)/ 3)4 7.2 /5 /3. =5*-)/65( 5=
I3)/ 3. /.*-4 ) 46/,)/65( 5= EE+751)7 ,(606/:GG H /3. 2.<.758-.(/ 5= /3.
I5*72 EE)4 ) 46(+7. 87)0.;GG 5* EE/3. 05(0*./. 4/*,0/,*)/65( 5= /3. I5*72 )4
) I357.?GG \C &51.*/45(G4 )()7:464 5= +751)76F)/65( 05(464/4 5= ) 4:(03*5(60
)48.0/ a) EE26-.(465()7 -52.7GG 5= /3. EE+751)7 J.72GGc )(2 ) 26)03*5(60
)48.0/ a) EE4.[,.(/6)7 83)4. -52.7 5= +751)76F)/65(GGc? '005*26(+ /5
&51.*/45(; /3. EE+751)7 J.72GG 64 )( 6(<)*6)(/ 4/*,0/,*)7 -)/*6S ,85(
I3603 450650,7/,*)7 05(0.8/65(4 5= /3. I5*72 )*. 5*+)(6F.2Y 6/4 05->
85(.(/4 )*. /3. EE[,6(/.44.(/6)7 =.)/,*.4 5= /3. /.*-4 6( I3603 6/ 64
8544617. /5 05(0.6<. 5= /3. I5*72?GG \U &51.*/45( 07)446J.4 /3. 7)//.*
)005*26(+ /5 =5,* 1)460 26-.(465(4; EE4506./6.4; 6(26<62,)74; /3. 4:4/.-
5= 4506./6.4 )(2 -)(O6(2;GG I3603 )*. /5+./3.* 4)62 /5 05(4/6/,/. /3.
EE+751)7>3,-)( 05(26/65(?GG \B g751)76F)/65( 64 /3.( 2.J(.2 )4 ) 3.6+3/>
.(.2 EE4.7=>05(4065,4(.44GG 5= /3. *.7)/65(4 )-5(+ /3.4. 26-.(465(4;
I3603 7.)24 6( /,*( /5 )( 6(0*.)46(+ EE26`.*.(/6)/65( 5= /3. -)6(
483.*.4 5= +751)76/:?GG _D &51.*/45( .7)15*)/.4 ) J<.>4/)+. 8.*6526F)/65(
/5 2.40*61. /364 I5*72>364/5*60)7 /*.(2 /5I)*24 6(/.(46J.2 EE+751)7 ,(60>
6/:GGT /3. EE+.*-6()7GG 83)4. aJ=/..(/3 /5 .6+3/..(/3 0.(/,*6.4cY /3. EE6(>
0686.(/GG 83)4. a-62>.6+3/..(/3 0.(/,*: /5 @UCD4c /3. EE/)O.>5`GG 83)4.
a@UCD4H@BLD4cY /3. EE4/*,++7.>=5*>3.+.-5(:GG 83)4. a@BLD4H@B_D4cY )(2
/3. EE,(0.*/)6(/:GG 83)4. a@B_D4H8*.4.(/c?_@

]5I.<.*; 2.486/. 364 05(0.*( /5 )()7:F. I5*72>40)7. 8*50.44.4;


&51.*/45(G4 )()7:464 *.8*52,0.4 ) 4/)/.>0.(/*60 6-)+. 5= +751)7 48)0.
)4 ) /6-.7.44; /.**6/5*6)7 =*)-.I5*O /3)/ 05(/)6(4 364/5*606/: I6/35,/
6/4.7= .<57<6(+ 364/5*60)77:? d6*4/; &51.*/45( 05(0.6<.4 /3. +751)7 40)7.
)4 ) 4.7=>.(0754.2 /.**6/5*6)7 05(/)6(.* 6( I3603 /3. 4/*,0/,*)7 26`.*>
.(/6)/65( 5= 6(26<62,)74; 4506./6.4; 6(/.*>4506./)7 *.7)/65(4; )(2 3,-)(6/:
500,*4T EE+751)76/:GG 64 <6.I.2 )4 ) -)0*5>+.5+*)8360)7 =5*- 5= 4/)/.
/.**6/5*6)76/:? W3,4 05(0.6<.2; )4 6( /3. EEI5*72 4506./:GG )88*5)03.4
2640,44.2 )15<.; +751)76F)/65( .(/)674 )( 6(/.*-.436(+ 5= 8*.05(4/6>
\_

/,/.2 G%'%88'.-/+( )(2 G%:%#"'.-/+( 4/*,0/,*.4 5( /3. 40)7. 5= /3.


EEI5*72>)4>)>I357.GG *)/3.* /3)( ) [,)76/)/6<. *.4/*,0/,*6(+ 5= /3.4.
6(3.*6/.2; 4/)/64/ =5*-4 5= /.**6/5*6)7 5*+)(6F)/65(? A.05(2; &51.*/45(G4
05(0.8/65( 5= +751)7 48)0. 64 .44.(/6)77: ,(364/5*60)7? &51.*/45( )()>
7:F.4 /3. 03)(+6(+ 6(/.*2.8.(2.(06.4 )-5(+ 6(26<62,)74; 4/)/.4; 4506>
./6.4; )(2 /3. EE+751)7>3,-)( 05(26/65(GG 6( 5*/3525S ^)*45(46)( /.*-4;
)4 ) ,(676(.)*; .<57,/65()*: 8*50.44 5= 4/*,0/,*)7 26`.*.(/6)/65( )-5(+
8*.05(4/6/,/.2 48)/6)7 40)7.4?_L W364 26`.*.(/6)/65( 64 4)62 /5 500,*
I6/36( /3. 8*.+6<.( 48)0. 5= EE+751)76/:GGY :./ /364 +751)7 48)0. 64 (5/ 4)62
/5 1. 05(4/6/,/.2; -526J.2; 5* /*)(4=5*-.2 364/5*60)77:? #(4/.)2 /3.
EE+751)7 J.72GG 64 <6.I.2 )4 )( 6(<)*6)(/; 4:4/.-60 36.*)*03:; 4/*./036(+
=*5- /3. 6(26<62,)7 )(2 4506./: /5 /3. 6(/.*4/)/. 4:4/.- )(2 /3. EE+751)7
3,-)( 05(26/65(?GG #( &51.*/45(G4 /3.5*6F)/65(; /3. +751)76F)/65(
8*50.44 8)44.4 (-&*90- .)03 5= /3.4. 05-85(.(/4 I6/35,/ [,)76/)/6<.7:
/*)(4=5*-6(+ /3.- 5* /3. 36.*)*03: 6( I3603 /3.: )*. .-1.22.2? %:
4,14,-6(+ 0,**.(/7: ,(=5726(+ +751)7 /*)(4=5*-)/65(4 I6/36( /364
,(6<.*4)7; 364/5*60)77: 6(<)*6)(/ 8*50.44 5= 4/*,0/,*)7 26`.*.(/6)/65(;
&51.*/45(G4 )()7:464 .S07,2.4 / ?&#*&# /3. 854461676/: 5= [,)76/)/6<.
4506548)/6)7 /*)(4=5*-)/65(4 5( )(: +.5+*)8360)7 40)7.? &51.*/45(G4
0,7/,*)7 4506575+: 5= +751)76F)/65( /3.*.=5*. .(/)674 /3. /*)(48546/65(
5= 4/)/.>0.(/*64- 5(/5 ) I5*72 40)7. *)/3.* /3)( 6/4 /*)(40.(2.(0.?

e(. =,*/3.* 6(4/)(0. 5= ) +751)7 /.**6/5*6)764/ )88*5)03 /5 +751)76F)/65(


*.4.)*03 0)( 1. .S0)<)/.2 =*5- #--)(,.7 b)77.*4/.6(G4 )88*5)03 /5
I5*72>4:4/.- )()7:464; I3603 64 5/3.*I64. )-5(+ /3. -54/ 85I.*=,7;
4,4/)6(.2 0*6/6[,.4 5= .S87606/7: 4/)/.>0.(/*60 =*)-.I5*O4 :./ /5 1.
2.<.758.2 6( /3. 4506)7 406.(0.4? %: 2.-5(4/*)/6(+ /3. 75(+>*,( )(2
-)0*5>+.5+*)8360)7 8)*)-./.*4 5= 0)86/)764-; b)77.*4/.6(G4 865(..*6(+
4/,26.4 3)<. )745 4.*<.2 )4 ) ,4.=,7 05**.0/6<. /5 .S0.446<.7: 8*.4.(/64/
6(/.*8*./)/65(4 5= /3. 854/>@BCD4 I)<. 5= +751)76F)/65( /3)/ .S)++.*)/.
6/4 26405(/6(,6/: I6/3 .)*76.* 364/5*60)7 05(J+,*)/65(4 5= 0)86/)764/ 2.>
<.758-.(/?_N !5(./3.7.44; 2.486/. /3.4. 4,14/)(/6)7 )036.<.-.(/4; #
1.76.<. /3)/ b)77.*4/.6(G4 /3.5*./60)7 =*)-.I5*O *.8760)/.4 5( ) +751)7
40)7. /3. -./352575+60)7 /.**6/5*6)764- 5= /3. <.*: 4/)/.>0.(/*60 .864/.>
-575+6.4 3. 3)4 5/3.*I64. 0*6/606F.2 45 .`.0/6<.7:? W5 .7)15*)/. /364
07)6-; /3. 6(/.*4.0/65( 5= +751)7 48)0. )(2 4/)/. /.**6/5*6)76/: 6(
b)77.*4/.6(G4 )88*5)03 /5 I5*72>4:4/.- )()7:464 -,4/ 1. .S)-6(.2
-5*. 0754.7:?

b)77.*4/.6( 05(0.8/,)76F.4 0)86/)764- )4 ) +.5+*)8360)77: 6(/.+*)/.2


364/5*60)7 4:4/.- +*5,(2.2 ,85( ) 46(+7. 26<6465( 5= 7)15*? g751)7
48)0. 64 05(0.6<.2 (.6/3.* )4 EE4506./:;GG EE0,7/,*.;GG (5* )4 EE87)0.;GG 1,/
\C

*)/3.* 6( /.*-4 5= /3. -5*. +.5+*)8360)77: )(2 364/5*60)77: 48.06J0


(5/65( 5= /3. EE-52.*( I5*72>4:4/.-?GG '7/35,+3 b)77.*4/.6( 2.J(.4
/364 0)86/)764/ I5*72>4:4/.- 5( -,7/687. 7.<.74 H .?+? 6( /.*-4 5= /3.
2*6<. /5I)*2 0.)4.7.44 )00,-,7)/65(Y /3. 05--526J0)/65( 5= 8*52,0>
/65(; 264/*61,/65(; )(2 6(<.4/-.(/ 8*50.44.4Y )(2 /3. )(/)+5(64/60 07)44
*.7)/65( 1./I..( 0)86/)764/4 )(2 I)+.>7)15*.*4 H 3. )*+,.4 *.8.)/.27:
/3)/ 6/4 ,(6[,. './8/& =5*- 64 5(. 5= 6/4 05(4/6/,/6<. =.)/,*.4?_Z #(
05(/*)264/6(0/65( /5 8*.<65,4 364/5*60)7 4:4/.-4 aEEI5*72>.-86*.4GGc; 6(
I3603 /3. 26<6465( 5= 7)15*; 4/)/. 85I.*; )(2 0,7/,*)7 =5*-4 5<.*7)88.2
-5*. 5* 7.44 05(+*,.(/7: I6/36( /3. 4)-. /.**6/5*6)7 25-)6(4; 0)86/)764-
64 05-854.2 5= EE) '#"08% 26<6465( 5= 7)15* 1,/ :98(#?8% 8576/6.4 )(2
0,7/,*.4?GG _\ #/ 64 /3*5,+3 /364 )14/*)0/ 05(/*)4/ 1./I..( /I5 +.5-./*6>
0)7 6-)+.4 H I5*72>.-86*.4 6( I3603 /3. .05(5-60 26<6465( 5= 7)15* 64
48)/6)77: 05(+*,.(/ I6/3 4/*,0/,*.4 5= 8576/605>0,7/,*)7 5*+)(6F)/65(Y
)(2 I5*72>.05(5-6.4 6( I3603 ) 46(+7. 26<6465( 5= 7)15* .(05-8)44.4
-,7/687. 4/)/.4 )(2 -,7/687. 0,7/,*)7 =5*-)/65(4 H /3)/ b)77.*4/.6(
2.76(.)/.4 /3. +.5+*)8360)7 =5,(2)/65(4 5= 0)86/)764-? #( .44.(0.;
b)77.*4/.6( +*)484 /3. 48.06J06/: 5= 0)86/)764/ 48)/6)76/: 6( /.*-4 5= /3.
(%&&#(*&#/8 "*"B.*"0&9%".% 5= .05(5-60 4/*,0/,*.4 aEE46(+,7)*GGc I6/3
8576/605>6(4/6/,/65()7 )(2 0,7/,*)7 =5*-4 aEE-,7/687.GGc? '005*26(+ /5
b)77.*4/.6(; /3. 75(+>*,( *.8*52,0/65( 5= 0)86/)764- 3)4 36(+.2 0*,>
06)77: ,85( /3. 2,*)1676/: 5= /364 4506548)/6)7 )**)(+.-.(/; I3603 3)4
8*5<62.2 0)86/)7 I6/3 EE) =*..25- 5= -)(.,<.* /3)/ 64 4/*,0/,*)77: 1)4.2
m)(2 /3.*.1:n -)2. 8544617. /3. 05(4/)(/ .05(5-60 .S8)(465( 5= /3.
I5*72>4:4/.-?GG __ e( /364 1)464; b)77.*4/.6( 5,/76(.4 /3. 75(+>*,( 364>
/5*: 5= I5*72 0)86/)764- I6/3 *.=.*.(0. /5 /3*.. 6(/.*4.0/6(+ 48)/65>
/.-85*)7 8*50.44.4 H J*4/; /3. i5(2*)/6.` 0:07.4; 4.0,7)* /*.(24; )(2
4:4/.-60 0*64.4 5= /3. I5*72>40)7. )00,-,7)/65( 8*50.44Y 4.05(2; /3.
0:07.4 5= 3.+.-5(60 )40.(465( )(2 2.076(. )-5(+ /3. 05*. 4/)/.4Y )(2
/36*2; /3. +.5+*)8360)7 6(05*85*)/65( 5= EE.S/.*()7 )*.)4GG ,(/67; 1: /3.
7)/. @B/3 0.(/,*:; /3. 6(/.*()/65()7 26<6465( 5= 7)15* 3)2 1.05-. 05>
.S/.(46<. I6/3 -54/ 5= /3. 87)(./G4 83:460)7>+.5+*)8360)7 4,*=)0.?_C

]5I.<.*; 05(462.*6(+ b)77.*4/.6(G4 )<5I.2 05(0.*( /5 /*)(40.(2 4/)/.>


0.(/*60 -52.74 5= -52.*(6/:; 4/)/.4 500,8: ) 4,*8*646(+7: 86<5/)7 /3.5>
*./60)7 8546/65( I6/36( 364 05(0.8/,)7 =*)-.I5*O? '7/35,+3 /3. 26<6465(
5= 7)15* 6( /3. 0)86/)764/ I5*72>.05(5-: 64 4)62 /5 1. 4/*)/6J.2 6(/5
/3*.. 4,8*)>4/)/. F5(.4 a05*.; 4.-6>8.*683.*:; )(2 8.*683.*:c; b)77.*>
4/.6( )*+,.4 /3)/ 6/4 -54/ .7.-.(/)7 +.5+*)8360)7 ,(6/4 )*. (.<.*/3.7.44
4/)/.4; 5* -5*. 8*.064.7:; /3. 15,(2.2 /.**6/5*6.4 5<.* I3603 4/)/.4
.S.*064. 45<.*.6+(/:? W5 1. 4,*.;b)77.*4/.6( -)6(/)6(4 /3)/ /3. .05(5-60
26<6465( 5= 7)15* I6/36( /3. I5*72>4:4/.- /*)(40.(24 /3. /.**6/5*6)7
\U

15,(2)*6.4 5= .)03 6(26<62,)7 4/)/.Y :./ 3. 05(464/.(/7: 2.40*61.4 /3.


364/5*60)7 2:()-604 5= /3. I5*72 .05(5-: 6( /.*-4 5= /3. 26`.*.(/6)7
8546/65(4 5= /3. '(/(%' I6/36( 6/4 4/*)/6J.2 05*.>8.*683.*: 4/*,0/,*.;
*)/3.* /3)(; =5* 6(4/)(0.; I6/3 *.=.*.(0. /5 J*-4; 6(2,4/*6.4; 06*0,6/4 5=
0)86/)7; 5* ,*1)( 4:4/.-4? d5* b)77.*4/.6(; /3. .05(5-60 26<6465( 5=
7)15* 64 #"(&#"'#./88) 05-854.2 5= 4/)/.4Y 0)86/)764/ .(/.*8*64.4 )*. 6(
/,*( 4)62 /5 1. EE25-6067.2GG I6/36( /3.6* )44506)/.2 ()/65()7 4/)/. 4/*,0>
/,*.4?_U b)77.*4/.6(G4 05(0.8/65( 5= +751)7 48)0. 64 /3,4 -54/ 8*.064.7:
2.40*61.2 )4 )( #"(%&B'(/(% 26<6465( 5= 7)15*T 4/)/. /.**6/5*6)76/: 4.*<.4
)4 /3. 1)460 +.5+*)8360)7 ,(6/ 5= /3. I5*72 .05(5-:Y -.)(I367. +751)7
48)0. 64 8)*0.76F.2 )-5(+ /3*.. F5()7 8)//.*(4 a05*.; 4.-6>8.*683.*:;
8.*683.*:c; I3603 )*. 6( /,*( 05-854.2 5= ()/65()77: 40)7.2 /.**6/5*6)7
.05(5-6.4? A/)/. /.**6/5*6)76/: )(2 +751)7 48)0. )*. /3.*.1: =,4.2 /5>
+./3.* 6(/5 ) 4.)-7.44 ()/65()7>+751)7 /585+*)83: 6( I3603 /3. 6(/.*>
4/)/. 4:4/.- )(2 /3. I5*72 .05(5-: 58.*)/. )4 ) 46(+7.; 6(/.+*)/.2
4:4/.-?_B

#( /364 4.(4.; 6/ 0)( 1. )*+,.2 /3)/ b)77.*4/.6(G4 05(0.*( /5 )()7:F.


/3. +751)7 40)7. )4 ) 264/6(0/6<. ,(6/ 5= )()7:464 25.4 (5/ 7.)2 /5 )(:
[,)76/)/6<. -526J0)/65( 6( /3. I): 6( I3603 /364 48)0. 64 05(0.8/,)7>
6F.2? #( b)77.*4/.6(G4 =*)-.I5*O; /3. 8*6-)*: +.5+*)8360)7 ,(6/4 5=
+751)7 48)0. )*. 2.J(.2 1: /3. /.**6/5*6)7 15,(2)*6.4 5= 4/)/.4; I3603
6( /,*( 05(4/6/,/. ) 46(+7.; .(05-8)446(+ -)0*5>/.**6/5*6)76/:; /3. I5*72
6(/.*4/)/. 4:4/.-? W3. ()/65()7 40)7. 64 /3.*.1: 17.(2.2 6(/5 /3. +751)7
40)7. I367. /3. +751)7 40)7. 64 R)//.(.2 6(/5 6/4 ()/65()7 05-85(.(/4?
'4 6( /3. /)7. 5= /3. /*)<.7.* g,776<.* I35 .(05,(/.*4 62.(/60)7 -60*5>
)(2 -)0*5>405860 *.8760)/65(4 5= 3,-)( 4506./:; ) EE4506./: 5= -62+./4GG
)(2 ) EE4506./: 5= +6)(/4;GG /3. +751)7 )(2 /3. ()/65()7 40)7.4 )*. <6.I.2 )4
4/*,0/,*)7 )()75+4 5= ) 46(+7. 48)/6)7 =5*- H /.**6/5*6)76/:?CD W3. +751)7
-.*.7: -,7/6876.4 ()/65()7 /.**6/5*6)76/: I6/35,/ -526=:6(+ 6/4 .44.(/6)7
=.)/,*.4? W3,4 b)77.*4/.6(G4 )88*5)03 /5 I5*72>4:4/.- )()7:464 .(/)674
/3. *.8760)/65( 5= ) /.**6/5*6)764/ -52.7 5= 48)0. (5/ 5(7: 5( /3. ()/65()7
40)7. 5= /3. /.**6/5*6)7 4/)/. 1,/ 5( /3. +751)7 40)7. 5= /3. I5*72 4:4/.-?

b)77.*4/.6(G4 -./352575+60)7 =,465( 5= /3. +751)7 )(2 /3. ()/65()7


40)7.4 )745 7.)24 /5 )( 6(/.*8*./)/65( 5= +751)76F)/65( 8*6-)*67: )4 )
83:460)7>+.5+*)8360)7 .S8)(465( 5= 0)86/)764- *)/3.* /3)( )4 ) *.05(>
4/6/,/65( 5* /*)(4=5*-)/65( 5= /3. 4506)7 )(2 8576/60)7 48)0.4 ,85(
I3603 6/ 64 1)4.2? W5 1. 4,*.; b)77.*4/.6( 05(0.6<.4 +751)7 48)0. )4 )
364/5*60)7 8*52,0/ 5= 0)86/)764/ .S8)(465(; 1,/ 3. )0O(5I7.2+.4 6/4 364>
/5*606/: 5(7: 6( ) 76-6/.2 4.(4.; 6( 05(/*)4/ /5 8*.<65,4 364/5*60)7 4:4/.-4
4,03 )4 I5*72>.-86*.4? d5* 3#(-#" /3. 0)86/)764/ 364/5*60)7 4:4/.-; 48)0.
\B

)88.)*4 /5 1. =*5F.( 6(/5 ) 46(+7. +.5-./*60 0*:4/)776F)/65( H EE5(.


.05(5-:; -,7/687. 4/)/.4GG H /3)/ 0)((5/ 03)(+. [,)76/)/6<.7: I6/35,/
.S87526(+ 0)86/)764-G4 62.(/6/: )4 ) 264/6(0/6<. ()?% 5= 364/5*60)7 4:4/.-?
")03 75(+ I)<. 5= 0)86/)764/ .S8)(465( *.8*52,0.4 /3. 4/*,0/,*)77:
6(<)*6)(/ +.5+*)8360)7 8)//.*( ,85( I3603 0)86/)764- 64 +*5,(2.2; )
+*62 5= ()/65()77: 5*+)(6F.2 4/)/. /.**6/5*6.4 76(O.2 /3*5,+3 ) 05*.>
8.*683.*: 4/*,0/,*. /5 ) 46(+7.; +751)7 26<6465( 5= 7)15*? ^)*)25S60)77:;
b)77.*4/.6(G4 2.J(6/65( 5= /3. -52.*( I5*72>4:4/.- )4 ) +751)7 )-)7+)>
-)/65( 5= ()/65()7 48)0.4 +.(.*)/.4 /3. 4/)/.>0.(/*60 -./352575+60)7
05(4.[,.(0. /3)/ ) 48.06J0)77: ./?#(/8#'( =5*- 5= +751)76F)/65( 0)(
,(=572 5(7: )-5(+ "/(#*"/88) './8%5 =5*-4 5= 8576/60)7 )(2 .05(5-60
5*+)(6F)/65(? W3. 854461676/: /3)/ /3. +751)76F)/65( 8*50.44 -6+3/ ,(>
36(+. 6/4.7= =*5- /364 .(/*.(03.2 ()/65()7>+751)7 05,87./ /5 8*6<67.+.
5/3.* 4,1> 5* 4,8*)>()/65()7 =5*-4 5= 0)86/)764/ /.**6/5*6)7 5*+)(6F)/65(
64 /3.*.1: .S07,2.2 1: 2.J(6/65()7 J)/?C@

WI5 +.(.*)7 -./352575+60)7 05(07,465(4 0)( 1. 2.*6<.2 =*5- /364


0*6/60)7 )()7:464 5= +751)7 /.**6/5*6)764/ )88*5)03.4? d6*4/; /3. .-83)464
5( +751)7 48)0. 25.4 (5/ (.0.44)*67: 7.)2 /5 )( 5<.*05-6(+ 5= 4/)/.>
0.(/*60 .864/.-575+6.4? g751)7 /.**6/5*6)764/ )88*5)03.4 *.8*.4.(/ +751)7
48)0. 6( ) 4/)/.>0.(/*60 -)((.*; )4 ) 8*.+6<.( /.**6/5*6)7 05(/)6(.*
I6/36( I3603 +751)76F)/65( ,(=5724; *)/3.* /3)( )()7:F6(+ /3. 364/5*6>
0)7 8*52,0/65(; *.05(J+,*)/65(; )(2 /*)(4=5*-)/65( 5= /364 48)0.? '4
(5/.2; 5(. 5= /3. -)Q5* 2.J06.(06.4 5= 4/)/.>0.(/*60 -52.4 5= )()7:464
64 /5 05(0.6<. /.**6/5*6)76F)/65( )4 ) 4/)/60 05(26/65( *)/3.* /3)( )4 )(
5(+56(+; 26)7.0/60)7 8*50.44? g751)7 /.**6/5*6)764/ )88*5)03.4 /*)(4854.
/364 4/)/.>0.(/*60 -64*.05+(6/65( =*5- /3. ()/65()7 /5 /3. +751)7 40)7.?
W3. 0,**.(/ *5,(2 5= +751)76F)/65( 25.4 6(2..2 )88.)* /5 1. 6(/.(46=:>
6(+ +751)77: 40)7.2 =5*-4 5= 6(/.*)0/65( )(2 6(/.*2.8.(2.(0.? ]5I>
.<.*; +751)7 /.**6/5*6)764/ )88*5)03.4 *.6=: /364 .-.*+.(/ /.(2.(0: 6(/5
)( )0/,)76F.2; +751)77: 40)7.2 /.**6/5*6)76/: )(2 /3,4 06*0,-<.(/ /3.
-./352575+60)7 /)4O 5= )()7:F6(+ +751)7 48)0. )4 )( 364/5*60)77: 05(>
4/6/,/.2 )*.() 5= -,7/687.; 4,8.*6-854.2 48)/6)7 =5*-4?

A.05(2; 4/)/.>0.(/*60 05(0.8/65(4 5= +751)7 48)0. -)4O /3. /.**6/5*6)7


4/)/.G4 *3" 0*,06)7 *57. )4 ) 46/. )(2 )+.(/ 5= /3. +751)76F)/65( 8*50.44?
W3. +751)7 /.**6/5*6)764/ )88*5)03.4 2640,44.2 )15<. /*.)/ 4/)/. /.**6>
/5*6)76/: )4 ) 4/)/60 6(4/6/,/65()7 =*)-.I5*O 5<.* )(2 )15<. I3603 /3.
+751)76F)/65( 8*50.44 500,*4; )(2 /3.*.1: 1*)0O./ /3. -)446<. /*)(4>
=5*-)/65(4 5= 4/)/. /.**6/5*6)7 5*+)(6F)/65( /3)/ 3)<. 87):.2 ) 0*,06)77:
.()176(+ *57. 6( /3. 05(/.-85*)*: *5,(2 5= +751)76F)/65(? W3. 8.*>
464/.(0. 5= 4/)/.>0.(/*60 .864/.-575+6.4 6( +751)76F)/65( 4/,26.4 /3,4
_D

8*.4.(/4 ) -)Q5* 6(/.77.0/,)7 1)**6.* /5 ) -5*. )2.[,)/. ,(2.*4/)(26(+


5= 0,**.(/7: .-.*+.(/ =5*-4 5= 4/)/. /.**6/5*6)76/: )(2 8576/60)7 48)0.?

'4 (5/.2; # 05(0.6<. /3. 05(/.-85*)*: *5,(2 5= +751)76F)/65( )4 )


05(R60/,)7 *.05(J+,*)/65( 5= 4506)7 48)0. /3)/ ,(=5724 46-,7/)(.5,47:
,85( -,7/687.; 4,8.*6-854.2 +.5+*)8360)7 40)7.4? # (5I *./,*( /5 /3.4.
5(+56(+ *.>40)76(+4 /3*5,+3 ) 0*6/60)7 2640,4465( 5= EE2./.**6/5*6)76F)>
/65(GG )88*5)03.4 /5 +751)76F)/65( 4/,26.4?

A8.1-%4 '+)3"'? B"(",,-($,-)3-7)(-$% )' ,"*'+)3-%4

#( 05(/*)4/ /5 +751)7 /.**6/5*6)764/ )88*5)03.4; )()7:4.4 5= 2./.**6/5*6>


)76F)/65( 05(=*5(/ .S87606/7: /3. /)4O 5= )()7:F6(+ 48)/6)76/: 6( ) 364/5*>
60)77: 48.06J0 -)((.*? d*5- /364 8.*48.0/6<.; /.**6/5*6)76/: 64 <6.I.2 )4
)( 364/5*60)77: 48.06J0 =5*- 5= 4506548)/6)7 5*+)(6F)/65( /3)/ 64 1.6(+
,(2.*-6(.2 6( /3. 05(/.-85*)*: *5,(2 5= +751)76F)/65(? !.I +.5+*)>
836.4 5= (./I5*O4 )(2 R5I4 )*. 4)62 /5 1. 4,887)(/6(+ /3. 6(3.*6/.2
+.5+*)83: 5= 4/)/. /.**6/5*6.4 /3)/ 3)4 75(+ 8*.500,86.2 /3. 4506575+60)7
6-)+6()/65(? f./.**6/5*6)76F)/65( *.4.)*03.*4 3)<. )()7:F.2 /3.4. .-.*>
+.(/; 8,*85*/.27: EE854/>/.**6/5*6)7GG +.5+*)836.4 )4 .S8*.4465(4 5= <)*6>
5,4 =)0/5*4; 6(07,26(+ /3. 2.875:-.(/ 5= (.I 6(=5*-)/65()7; -676/)*:;
)(2 /*)(485*/)/65( /.03(575+6.4Y /3. 6(/.*()/65()76F)/65( 5= 0)86/)7
)(2 J()(06)7 -)*O./4Y /3. <6*/,)76F)/65( 5= .05(5-60 )0/6<6/: /3*5,+3
.7.0/*5(60)77: -.26)/.2 -5(./)*: /*)(4)0/65(4Y /3. +751)7 0*6464 5= /.**6>
/5*6)76F.2 2.J(6/65(4 5= 06/6F.(4368Y /3. 6(/.(46J.2 *57. 5= .7.0/*5(60
-.26) 6( 5*+)(6F6(+ 45065>0,7/,*)7 62.(/6/6.4Y )(2 /3. 6(0*.)46(+ 2.(>
46/: )(2 <.7506/: 5= /*)(4()/65()7 26)485*60 858,7)/65( -5<.-.(/4?

P54/ 2./.**6/5*6)76F)/65( *.4.)*03 3)4 *.8*.4.(/.2 /3. 48)0.4 5= +751>


)76F)/65( a1)4.2 ,85( 06*0,7)/65(; R5I4; )(2 +.5+*)8360)7 -51676/:c
)(2 /3. 48)0.4 5= /.**6/5*6)76F)/65( a1)4.2 ,85( .(0754,*.; 15*2.*4;
)(2 +.5+*)8360)7 JS6/:c )4 -,/,)77: 58854.2 4:4/.-4 5= 6(/.*)0/65(?
#( A0357/.G4 03)*)0/.*64/60 =5*-,7)/65(T

g751)7 48)0. 64 87)0.7.44; 264/)(0.7.44 )(2 15*2.*7.44 H )(2 6( /364 4.(4.


EE4,8*)/.**6/5*6)7?GG #( +751)7 *.7)/65(4; 8.587. )*. 05((.0/.2 I6/3 5(. )(5/3.*
8*.//: -,03 6**.48.0/6<. 5= /3.6* /.**6/5*6)7 8546/65(? W5 /3)/ .S/.(/ /3.: .`.0>
/6<.7: 25 (5/ 3)<. ) /.**6/5*6)7 750)/65(; )8)*/ =*5- /3. 1*5)2 4.(4. 5= 1.6(+
46/,)/.2 5( /3. 87)(./ .)*/3? g751)7 *.7)/65(4 /3,4 =5*- ) (5(>; .S/*)>; 854/>;
4,8*)>/.**6/5*6)7 )48.0/ 5= /3. I5*72 4:4/.-? #( /3. +751)7 25-)6(; /.**6/5*6)7
15,(2)*6.4 8*.4.(/ (5 8)*/60,7)* 6-8.26-.(/ )(2 264/)(0. 64 05<.*.2 6(
.`.0/6<.7: (5 /6-.?CL
_@

W364 6-)+. 5= +751)7 48)0. )4 ) EE87)0.7.44; 264/)(0.7.44; )(2 15*2.*7.44GG


*.)7- 64 /3. +.5+*)8360)7 .44.(0. 5= 2./.**6/5*6)76F)/65( )88*5)03.4?
d*5- K)4/.774G4 )005,(/ 5= /3. EE48)0. 5= R5I4;GG h)-.45(G4 /3.5*6F)/65(
5= EE854/-52.*( 3:8.*48)0.;GG &,++6.G4 6(/.*8*./)/65( 5= /3. "X )4 /3.
I5*72G4 EEJ*4/ 854/-52.*( 8576/60)7 =5*-GG )(2 '88)2,*)6G4 05(0.8/ 5=
EE./3(540)8.4GG /5 e3-).G4 (5/65( 5= ) EE15*2.*7.44 I5*72GG )(2 eG%*6.(G4
4/677 -5*. *)260)7 /3.464 5= )( EE.(2 5= +.5+*)83:;GG )()7:4.4 5= 2./.**6>
/5*6)76F)/65( 3)<. +.(.*)77: 1..( 8*.-64.2 ,85( /364 1)460 05(0.8/,)7
588546/65( 1./I..( /3. EE4,8*)>/.**6/5*6)7GG 5* EE2./.**6/5*6)76F.2GG 48)0.4
6( I3603 +751)76F)/65( 500,*4 )(2 4,1>+751)7 /.**6/5*6.4; 750)76/6.4; )(2
87)0.4?CN

W3. 75+60)7 05**577)*: 5= /364 05(0.8/,)76F)/65( 64 /3. )44.*/65( /3)/


+751)76F)/65( 46+()74 /3. 2.076(.; .*5465(; 5* 264.-85I.*-.(/ 5= /3.
/.**6/5*6)7 4/)/.? b3.*.)4 +751)7 /.**6/5*6)764/ )88*5)03.4 -)8 +751)7
48)0. .44.(/6)77: )4 ) /.**6/5*6)7 4/)/. I*6/>7)*+.; 4/,26.4 5= 2./.**6/5*6>
)76F)/65( 6(<.*/ /364 6-)+. /5 .-83)46F. /3. 6(0*.)46(+ 8.*-.)1676/: 5*
.<.( /5/)7 (.+)/65( 5= 4/)/. /.**6/5*6)76/:? W3. 2.076(. 5= 4/)/. /.**6/5*6)7
85I.* 64 <6.I.2 )/ 5(0. )4 /3. -.26,- )(2 /3. *.4,7/ 5= 8*50.44.4 5=
2./.**6/5*6)76F)/65(? e( /3. 5(. 3)(2; /3. .*5465( 5= ()/65()77: 40)7.2
=5*-4 5= /.**6/5*6)7 .(0754,*. 64 4)62 /5 58.( ,8 ) 48)0. =5* 6(0*.)46(+7:
(5(>/.**6/5*6)7 =5*-4 5= 4506)7 6(/.*)0/65( )(2 6(/.*2.8.(2.(0. 5( )
+751)7 40)7.? e( /3. 5/3.* 3)(2; /3.4. +751)77: 40)7.2 8*50.44.4 5=
2./.**6/5*6)76F)/65( )*. 6( /,*( 4)62 /5 )00.7.*)/. /3. 4/)/.G4 7544 5=
05(/*57 5<.* 6/4 ()/65()7 15*2.*4 )(2 /3,4 =,*/3.* ,(2.*-6(. 6/4 /.**6>
/5*6)76/:? #( /364 4.(4.; /3. 4/)/. 2.076(. /3.464 )(2 /3. (5/65( 5= 2./.*>
*6/5*6)76F)/65( .(/)67 0,-,7)/6<.; -,/,)77: *.6(=5*06(+ *)/3.* /3)(
-.*.7: )226/6<.; .S/.*()77: *.7)/.2 05(0.8/65(4 5= +751)7 48)/6)7 /*)(4>
=5*-)/65(? g751)7 48)0. 0)( 1. <6.I.2 )4 (5(>/.**6/5*6)7 6( =5*-
8*.064.7: 1.0),4. 6/ 64 2.J(.2 /3*5,+3 /3. /*58. 5= )( .*526(+ 5*
264)88.)*6(+ ()/65()7 40)7.Y -.)(I367. /3. /3.464 5= 4/)/. 2.076(. 64
.7)15*)/.2 (5/ /3*5,+3 )( )005,(/ 5= /3. ()/65()7 40)7. 1,/ 5= <)*65,4
+751)77: 40)7.2; 8,*85*/.27: 4,8*)>/.**6/5*6)7 48)/6)7 =5*-4 )44506)/.2
I6/3 8*50.44.4 5= 2./.**6/5*6)76F)/65(?

%: .-83)46F6(+ /3. 364/5*606/: 5= /.**6/5*6)76/:; 2./.**6/5*6)76F)/65(


)88*5)03.4 3)<. 1.+,( /5 )*/60,7)/. )( 6-85*/)(/ 03)77.(+. /5 /3.
.864/.-575+: 5= 4/)/.>0.(/*64-? W364 -./352575+60)7 2.()/,*)76F)/65(
5= /.**6/5*6)76/: 3)4 )745 .()17.2 2./.**6/5*6)76F)/65( *.4.)*03.*4 /5
05(4/*,0/ )7/.*()/6<. +.5+*)8360)7 0)/.+5*6.4 =5* 2.40*616(+ 0,**.(/7:
.-.*+.(/ 48)/6)7 =5*-4 /3)/ (5 75(+.* 8*.4,8854. /3.6* .(0754,*.
I6/36( /.**6/5*6)77: 15,(2.2 +.5+*)8360)7 48)0.4? !.<.*/3.7.44; <6.I.2
_L

/3*5,+3 /3. 7.(4 5= /3. 05(0.8/65( 5= +751)76F)/65( 5,/76(.2 )15<.;


2./.**6/5*6)76F)/65( )88*5)03.4 05(/)6( /3*.. -)Q5* 2.J06.(06.4?

d6*4/; /3. 364/5*606/: 5= /.**6/5*6)76/: 64 *.2,0.2 /5 )( .6/3.*>5* 03560.


1./I..( /I5 58/65(4; 6/4 8*.4.(0. 5* 6/4 )14.(0.? K5(4.[,.(/7:; /3.
854461676/: /3)/ /.**6/5*6)76/: 64 1.6(+ *.05(J+,*.2 )(2 *.>40)7.2 *)/3.*
/3)( .*52.2 0)((5/ 1. )2.[,)/.7: .S875*.2? A.05(2; /3. *.7)/65( 1.>
/I..( +751)7 48)0. )(2 /.**6/5*6)76/: 64 <6.I.2 )4 ) F.*5>4,- +)-. 6(
I3603 /3. +*5I6(+ 6-85*/)(0. 5= /3. =5*-.* (.0.44)*67: .(/)674 /3.
2.076(. 5= /3. 7)//.*? %: 05(0.6<6(+ +.5+*)8360)7 40)7.4 )4 -,/,)77:
.S07,46<. *)/3.* /3)( -,/,)77: 05(4/6/,/6<. 7.<.74 5= 4506)7 6(/.*)0/65(;
/364 2,)764/60 05(0.8/,)76F)/65( 0)((5/ .S875*. /3. .44.(/6)7 *57. 5=
4,1>+751)7 /*)(4=5*-)/65(4 H 5= 4/)/. /.**6/5*6.4; *.+65(4; 06/6.4; 750)7>
6/6.4; )(2 87)0.4 H 6( /3. +751)76F)/65( 8*50.44? W36*2; )(2 -54/ 0*,>
06)77:; 2./.**6/5*6)76F)/65( )88*5)03.4 1*)0O./ /3. <)*65,4 =5*-4 5=
48)/6)7 JS6/:; 750)76F)/65(; )(2 a*.c/.**6/5*6)76F)/65( ,85( I3603 +751)7
R5I4 )*. (.0.44)*67: 8*.-64.2? ^*50.44.4 5= 2./.**6/5*6)76F)/65( )*. (5/
2.76(O.2 =*5- /.**6/5*6)76/:; =5* /3.6* <.*: .S64/.(0. 8*.4,8854.4 /3.
8*52,0/65( 5= JS.2 45065/.**6/5*6)7 6(=*)4/*,0/,*.4 I6/36(; ,85(; )(2
/3*5,+3 I3603 +751)7 R5I4 0)( 06*0,7)/.? W3,4 /3. 2./.**6/5*6)76F)/65(
5= 4506)7 *.7)/65(4 5( ) +751)7 40)7. 36(+.4 6(/*6(460)77: ,85( /3.6*
46-,7/)(.5,4 &%(%&&#(*&#/8#A/(#*" 5( 4,1>+751)7 40)7.4 I6/36( *.7)/6<.7:
JS.2 )(2 6--5167. 05(J+,*)/65(4 5= /.**6/5*6)7 5*+)(6F)/65(?

W3.4. )*+,-.(/4 0)( 1. 05(0*./6F.2 /3*5,+3 ) 0*6/60)7 *.6(/.*8*./)/65(


5= /I5 05--5(7: 6(<5O.2 =5*-4 5= 2./.**6/5*6)76F)/65( H /3. 2./.**6>
/5*6)76F)/65( 5= 0)86/)7; )(2 /3. 2./.**6/5*6)76F)/65( 5= /3. 4/)/.? '4
(5/.2; # 05(0.6<. /3. 05(/.-85*)*: *5,(2 5= +751)76F)/65( )4 ) *.>
40)76(+ 5= /3. ()/65()77: 5*+)(6F.2 =5*-4 5= /.**6/5*6)76/: /3)/ 3)<. 75(+
4.*<.2 )4 /3. 1)460 +.5+*)8360)7 40)`5726(+ =5* 0)86/)764/ .S8)(465(? #(
/3. 05(/.S/ 5= /364 5(+56(+ 40)7)* 436=/; 8*50.44.4 5= 2./.**6/5*6)76F)>
/65( 0)( 1. 053.*.(/7: *.6(/.*8*./.2 )4 05(0.*/.2 :./ ,(055*26()/.2
4/*)/.+6.4 5= 5%"/(#*"/8#A/(#*" /3*5,+3 I3603 /3. ()/65()7 40)7. 5= 4/)/.
/.**6/5*6)7 5*+)(6F)/65( 64 1.6(+ )/ 5(0. 2.0.(/.*.2; *.7)/6<6F.2; )(2
*.05(J+,*.2? #= /.**6/5*6)76/: 58.*)/.4 )4 ) 4/*)/.+: +*5,(2.2 ,85( /3.
.(0754,*. 5= 4506)7 *.7)/65(4 I6/36( ) 15,(2.2 48)0.; 2./.**6/5*6)76F)>
/65( 0)( 1. *.6(/.*8*./.2 )4 ) 05,(/.*<)676(+ 4/*)/.+: /5 EEQ,-8 40)7.4;GG
6?.?; /5 06*0,-<.(/ 5* 264-)(/7. 364/5*60)77: .(/*.(03.2 =5*-4 5= /.**6>
/5*6)7 5*+)(6F)/65( )(2 /3.6* )44506)/.2 40)7)* -5*83575+6.4? K,**.(/7:
,(=5726(+ 8*50.44.4 5= 2./.**6/5*6)76F)/65( )*. *.43,o6(+ /3. .(/*.(03.2;
()/65()77: 40)7.2 05(J+,*)/65(4 5= /.**6/5*6)7 5*+)(6F)/65( ,85( I3603
0)86/)764/ 6(2,4/*6)76F)/65( 3)4 1..( +*5,(2.2 46(0. /3. 7)/. (6(./..(/3
_N

0.(/,*:? W364 2.()/65()76F6(+ 4/*)/.+: 5= EEQ,-86(+ 40)7.4GG 3)4 )745


1..( /6+3/7: 6(/.*/I6(.2 I6/3 <)*65,4; 36+37: 05(R60/,)7 =5*-4 5= *./.**6>
/5*6)76F)/65( /3*5,+3 I3603 (.I 4,1> )(2 4,8*)>()/65()7 =5*-4 5= 4/)/.
/.**6/5*6)7 5*+)(6F)/65( )*. 1.6(+ 05(4/*,0/.2? '4 6( /3. 8*.<65,4 4/)/.>
0.(/*60 *5,(2 5= +751)76F)/65(; 35I.<.*; 6/ 0)( 1. )*+,.2 /3)/ /3.
/.**6/5*6)7 4/)/. *.-)6(4 ) 0*,06)7 +.5+*)8360)7 6(=*)4/*,0/,*. ,85(;
I6/36(; )(2 /3*5,+3 I3603 /364 -,7/6>40)7)* 26)7.0/60 5= 2.> )(2 *./.**6>
/5*6)76F)/65( 64 0,**.(/7: ,(=5726(+?

@? 4-% &%B'./8#"0 *+ ./?#(/8? W3. 05(0.8/ 5= 2./.**6/5*6)76F)/65( I)4 J*4/


2.<.758.2 6( /3. .)*7: @BCD4 /5 2.40*61. /3. )88)*.(/7: =55/7554. )0/6<>
6/6.4 5= /*)(4()/65()7 05*85*)/65(4 6( 055*26()/6(+ +751)77: 2648.*4.2
8*52,0/65( (./I5*O4? A6(0. /364 8.*652; /3. (5/65( 5= 2./.**6/5*6)76F)>
/65( 3)4 )0[,6*.2 ) 1*5)2.* -.)(6(+ /5 .(05-8)44 )4 I.77 /3. *57.
5= (.I 6(=5*-)/65( )(2 05--,(60)/65(4 /.03(575+6.4 6( 76(O6(+
+.5+*)8360)77: 2648.*4.2 8)*/4 5= /3. +751. /5 0*.)/. ) /.-85*)77:
6(/.+*)/.2 I5*72 .05(5-:? W3. -)446<. .S8)(465( 6( /3. *57. 5= /*)(4>
()/65()7 J()(0. 0)86/)7 46(0. /3. 2.-64. 5= /3. %*.//5( b5524 0,**.(0:
05(/*574 6( /3. .)*7: @BCD4 8*.4.(/4 ) =,*/3.* 6(260)/65( 5= 0)86/)7G4
6(0*.)46(+ <.7506/: )(2 +.5+*)8360)7 -51676/: 6( /3. I5*72 .05(5-:?
X(2.* /3.4. 06*0,-4/)(0.4; /3. I5*72I62. 06*0,7)/65( 5= 0)86/)7 0)((5/
1. )2.[,)/.7: 05(0.6<.2 6( /.*-4 5= 4/*60/7: /.**6/5*6)7 *.8*.4.(/)/65(4
5= 48)0.; I6/3 *.=.*.(0. /5 ),/50.(/*60 ()/65()7 .05(5-6.4 5* /3.
6-)+. 5= ) I5*72 .05(5-: 8)*0.76F.2 6(/5 264/6(0/; 4.7=>.(0754.2 ()>
/65()7>/.**6/5*6)7 48)0.4?

]5I.<.*; 2.486/. 6/4 *)8627: )00.7.*)/6(+ /,*(5<.* /6-.4; 0)86/)7 *.-)6(4


)4 2.8.(2.(/ )4 .<.* ,85( *.7)/6<.7: JS.2; 750)76F.2; )(2 /.**6/5*6)77:
.-1.22.2 /.03(575+60)7>6(4/6/,/65()7 .(4.-17.4 6( I3603 /.03(575+:;
/3. -.)(4 5= 8*52,0/65(; =5*-4 5= 6(2,4/*6)7 5*+)(6F)/65( )(2 7)15*>
85I.* )*. 8*52,0/6<.7: 05-16(.2 /5 0*.)/. )(2 .S/*)0/ 4,*87,4><)7,.?
W3. 8*50.44.4 5= 2./.**6/5*6)76F)/65( )44506)/.2 I6/3 /3. 0,**.(/ *5,(2
5= .05(5-60 +751)76F)/65( )*. /3.*.=5*. 5(7: 5(. -5-.(/ 5= ) 1*5)2.*
*.4/*,0/,*6(+ 8*50.44 6( I3603 /3. *.6(2,4/*6)76F)/65( 5= ,*1)(>*.+65()7
)++75-.*)/65(4 H .?+?; +751)7 06/6.4; 6(2,4/*6)7 264/*60/4; /.03(5857.4;
5`435*. J()(06)7 0.(/.*4; )(2 5/3.* R.S617. 8*52,0/65( 05-87.S.4 H
3)4 87):.2 ) 05(4/6/,/6<. *57.?CZ #( /364 05(/.S/ AI:(+.25,I 3)4 )()>
7:F.2 /3. 8*576=.*)/65( 5= (.I EE+750)7GG )00,-,7)/65( 4/*)/.+6.4 /3*5,+3
I3603 O.: =5*-4 5= 6(2,4/*6)7; J()(06)7; )(2 4.*<60. 0)86/)7 )//.-8/ /5
4.0,*. 05-8./6/6<. )2<)(/)+.4 I6/36( +751)7 8*52,0/65( J76.p*.4 8*.>
064.7: /3*5,+3 /3. 8*5-5/65( )(2 .S8756/)/65( 5= 750)77: )(2 *.+65()77:
48.06J0 05(26/65(4 5= 8*52,0/65(?C\ '7/35,+3 /3. +*5I/3 5= /3.4.
_Z

2.(4.7: (./I5*O.2 *.+65()7 6(2,4/*6)7 8*52,0/65( 05-87.S.4 3)4 1..(


0*,06)77: 05(26/65(.2 1: /3. ()/65()7 8576/60)7>.05(5-60 =*)-.I5*O4
6( I3603 /3.: )*. .-1.22.2; 6/ 0)( 1. )*+,.2 /3)/ ,*1)(6F.2 *.+65(4
)*. 0,**.(/7: 4,8.*4.26(+ ()/65()7 .05(5-6.4 )4 /3. -54/ *,26-.(/)*:
+.5+*)8360)7 ,(6/4 5= I5*72 0)86/)764-?C_ #( /364 4.(4.; 0)86/)7G4 2*6<.
/5 26-6(643 6/4 87)0.>2.8.(2.(0: 25.4 (5/ .(/)67 /3. 05(4/*,0/65( 5= )
[,)46>),/5(5-5,4; 87)0.7.44 EE48)0. 5= R5I4;GG )4 I*6/.*4 4,03 )4 K)4/.774
3)<. )*+,.2; 1,/ *)/3.* ) 05-87.S *.>40)76(+ )(2 *./.**6/5*6)76F)/65( 5=
/3. 364/5*60)77: .(/*.(03.2; 4/)/.>0.(/*60 +.5+*)8360)7 6(=*)4/*,0/,*.4
/3)/ 3)<. ,(2.*86((.2 /3. 7)4/ 0.(/,*: 5= 0)86/)764/ 6(2,4/*6)76F)/65(?
'4 !.67 A-6/3 (5/.4T

K)86/)7 ??? -): .(/.*/)6( /3. =)(/)4: 5= 48)0.7.44(.44 )(2 )0/ )005*26(+7:; 1,/
6( 8*)0/60.; .<.*: 4/*)/.+: /5 )<562 )(2 4,8.*4.2. EE364/5*60)77: .4/)17643.2
-.03)(64-4GG m6?.?; 87)0.4n )(2 /.**6/5*6.4 5= 4506)7 05(/*57 6(<57<.4 (5/ /3.
.S/6(0/65( 5= 87)0. 8.* 4. 1,/ (-% &%#"$%"(#*" *+ ?8/.% /( / 5#E%&%"( './8% H )
0)86/)7>0.(/.*.2 Q,-86(+ 5= 40)7.? #(2..2; /3. 8.*8./,)/65( 5= 05(/*57 1:
/3.4. 5*+)(6F)/65(4 a)(2 07)44.4c 2.8.(24 8*.064.7: 5( /364 *.6(<.(/65( 5=
2640*./. 87)0.4 I3.*. 85I.* 5<.* )(2 /3*5,+3 /3. 48)0. 5= R5I4 64 *55/.2?CC

f./.**6/5*6)76F)/65(; 6( 5/3.* I5*24; -,4/ 1. <6.I.2 )4 ) 264/6(0/6<.7:


+.5+*)8360)7 )00,-,7)/65( 4/*)/.+:; ) -.03)(64- 5= EE+751)7 750)76F)>
/65(;GG /3*5,+3 I3603 +751)77: 5*6.(/.2 0)86/)764/ J*-4 )*. )//.-8/6(+
/5 06*0,-<.(/ )(2 *.4/*,0/,*. /3. ()/65()77: 5*+)(6F.2 4:4/.-4 5=
4506)7; -5(./)*:; )(2 7)15* *.+,7)/65( /3)/ 8*.<)67.2 /3*5,+35,/ /3.
d5*264/>i.:(.46)( *.+6-. 5= )00,-,7)/65(? W5 1. 4,*.; 0)86/)764/ 4/*)/>
.+6.4 5= 2./.**6/5*6)76F)/65( -): I.77 4,00..2 6( 06*0,-<.(/6(+ /3.
05(4/*)6(/4 6-854.2 1: ()/65()7 /.**6/5*6)7 15,(2)*6.4 1,/ /364 3)*27:
/*)(47)/.4 6(/5 3:8.*-51676/: 5* 87)0.7.44(.44? '4 0)86/)7 4/*6<.4 /5
EEQ,-8 40)7.;GG 6/ 64 =5*0.2 46-,7/)(.5,47:; 5( 5/3.* +.5+*)8360)7 40)7.4;
/5 *.05(4/6/,/. 5* 0*.)/. )(.I <6)17. /.**6/5*6)7 6(=*)4/*,0/,*.4 =5* 6/4
06*0,7)/65( 8*50.44 H I3./3.* /3*5,+3 /3. *.6(2,4/*6)76F)/65( )(2 *.>
/.**6/5*6)76F)/65( 5= .S64/.(/ 40)7.4 5* /3*5,+3 /3. 05(4/*,0/65( 5= [,)7>
6/)/6<.7: (.I 40)7.4? #( /364 4.(4.; 0)86/)7G4 )88)*.(/ /*)(40.(2.(0. 5=
()/65()77: 40)7.2 *.+,7)/5*: 4:4/.-4 6( *.0.(/ 2.0)2.4 3)4 1..( 15,(2
6(.S/*60)17: /5 /3. 8*52,0/65( 5= (.I 4,1> )(2 4,8*)()/65()7 48)0.4 5=
)00,-,7)/65( )(2 4/)/. *.+,7)/65(? W3. 2*6<. /5I)*2 2./.**6/5*6)76>
F)/65( 6(0.44)(/7: *.6(40*61.4 /3. *57. 5= 87)0.4 )(2 /.**6/5*6.4 5(
0)86/)764-G4 +.5+*)8360)7 7)(240)8. I367.; )/ /3. 4)-. /6-.; *)260)77:
*.05(J+,*6(+ /364 7)(240)8. /5 .(3)(0. 6/4 750)/65()77: 48.06J0 8*5>
2,0/6<. 0)8)06/6.4?
_\

L? H%B'./8#"0 (-% '(/(%? '4 (5/.2; -54/ )005,(/4 5= 2./.**6/5*6)76F)/65(


05(0.8/,)76F. /3. .-.*+.(0. 5= +751)7 48)0. /3*5,+3 /3. /*58. 5= )
2.076(6(+ 5* .*526(+ 4/)/. /.**6/5*6)76/:? '7/35,+3 /3. 0,**.(/ *5,(2 5=
+751)76F)/65( 3)4 6(2..2 *.(2.*.2 4/)/.4 6(0*.)46(+7: 8.*-.)17. /5
/*)(4()/65()7 R5I4 5= <)*65,4 /:8.4; /364 2.<.758-.(/ 3)4 (5/ /*6++.*.2
/3. 4/)/.G4 2.-64. 1,/ *)/3.* 6/4 *./.**6/5*6)76F)/65( 5(/5 15/3 4,1> )(2
4,8*)>()/65()7 +.5+*)8360)7 40)7.4? '4 /*)26/65()7 i.:(.46)( -)0*5>
.05(5-60 85760: 6(4/*,-.(/4 8*5<.2 6(0*.)46(+7: 6(.`.0/,)7 2,*6(+
/3. +751)7 .05(5-60 0*6464 5= /3. @BCD4; ) I62. *)(+. 5= 4,887:>462.
*.+,7)/5*: 4/*)/.+6.4 I.*. 2.875:.2 )/ 5(0. /5 .(3)(0. /3. +751)7
05-8./6/6<. )2<)(/)+. 5= ()/65()77: 1)4.2 J*-4 )(2 /5 8*5-5/. 4506)7
)(2 6(2,4/*6)7 *.4/*,0/,*6(+ I6/36( .)03 4/)/.G4 -)Q5* +*5I/3 857.4?
A6(0. /364 8.*652; /3. 572.* 6(2,4/*6)7 4/)/.4 5= /3. e"Kf F5(. 3)<.
)0/6<.7: =)0676/)/.2 +751)76F)/65( (5/ 5(7: 1: 264-)(/76(+ -)Q5* .7.-.(/4
5= /3. 854/I)* d5*264/>i.:(.46)( *.+,7)/5*: 5*2.* a.?+?; ()/65()7 I.7>
=)*. *.+6-.4Y ()/65()77: 5*+)(6F.2 0577.0/6<. 1)*+)6(6(+ )**)(+.-.(/4c;
I3603 )*. 6(0*.)46(+7: <6.I.2 )4 ) 36(2*)(0. /5 +751)7 .05(5-60 05->
8./6/6<.(.44; 1,/ /3*5,+3 /3. 0*.)/65( 5= ) I62. *)(+. 5= (.I 85760:
6(4/*,-.(/4 )(2 6(4/6/,/65()7 =5*-4 /5 )//*)0/ 0)86/)7 6(<.4/-.(/ )(2
/5 .(05,*)+. R.S61676/: )(2 /.03(575+60)7 6((5<)/65(? &51.*/ K5S 3)4
2.40*61.2 /3.4. 5(+56(+ 436=/4 )4 )( EE6(/.*()/65()76F)/65( 5= /3. 4/)/.GG
/3*5,+3 I3603 EE)2Q,4/-.(/ /5 +751)7 05-8./6/6<.(.44 m1.05-.4n /3.
(.I 0)/.+5*60)7 6-8.*)/6<.?GG CU #( /364 4.(4.; /3. (.5761.*)7 8*5Q.0/ 5=
2.*.+,7)/65( )(2 761.*)76F)/65(; I3603 3)4 1..( 8,*4,.2 46(0. /3.
@BUD4; 3)4 1..( 0754.7: 6(/.*/I6(.2 I6/3 <)*65,4 =5*-4 5= &%&%098/(#*"
/3*5,+3 I3603 4/)/.4 3)<. )0/6<.7: 8*5-5/.2 /3. +751)76F)/65( 8*50.44?
W3.4. 6(/.*()/65()76F6(+; *.*.+,7)/5*: 4/*)/.+6.4 3)<. 6(07,2.2 /3.
2.875:-.(/ 5= (.I =5*-4 5= 6(2,4/*6)7; /.03(575+:; )(2 ,*1)(>*.+65()7
85760:Y /3. 05(4/*,0/65( 5= (.I 7.+)7 *.+6-.4 )(2 J()(06)7 *.+,7)/65(4Y
)(2 /3. .4/)17643-.(/ 5= (.I .(/*.8*.(.,*6)7 6(4/6/,/65()7 =5*-4 /5
.(3)(0. /3. 8*52,0/6<. =5*0. 5= 4.7.0/.2 ,*1)(>*.+65()7 +*5I/3 857.4
I6/36( .)03 4/)/.G4 /.**6/5*:?CB W3,4 .-.*+.4; )4 K.*(: )*+,.4; ) (.I
/:8. 5= EE05-8./6/65( 4/)/.GG I354. 0.(/*)7 8*65*6/: 64 /5 0*.)/. ) =)<5*>
)17. 6(<.4/-.(/ 076-)/. =5* /*)(4()/65()7 0)86/)7Y 05(4.[,.(/7:; EE/3.
4/)/. 6/4.7= 1.05-.4 )( )+.(/ =5* /3. 05--526J0)/65( 5= /3. 0577.0/6<.;
46/,)/.2 6( ) I62.*; -)*O./>25-6()/.2 87):6(+ J.72?GG UD

W364 [,)76/)/6<. *.5*6.(/)/65( 5= 4/)/. 857606.4 /5I)*2 /3. 8*5-5/65( 5=


+751)7 .05(5-60 05-8./6/65( 3)4 1..( 0754.7: 6(/.*/I6(.2 I6/3 ) *.>
/.**6/5*6)76F)/65( )(2 *.>40)76(+ 5= /3. 4/)/. 6/4.7= H ) 8*50.44 /3)/ 3)4
1..( 2.40*61.2 )4 ) EE35775I6(+ 5,/GG 5* EE+750)76F)/65(GG 5= 4/)/. /.**6/5*>
6)76/:?U@ W364 *.>40)76(+ 5= /3. 4/)/. 64 (5/ -.*.7: ) 2.=.(46<. *.485(4.
__

/5 6(/.(46J.2 +751)7 .05(5-60 05-8./6/65(; 1,/ ) 05(0.*/.2 4/*)/.+: /5


0*.)/. (.I 40)7.4 5= 4/)/. *.+,7)/65( /5 =)0676/)/. )(2 055*26()/. /3.
+751)76F)/65( 8*50.44? e( 5(. 40)7.; 4/)/.4 3)<. 8*5-5/.2 .05(5-60
+751)76F)/65( 1: =5*-6(+ 4,8*)>()/65()7 .05(5-60 17504 4,03 )4 /3.
"X; !'dW'; 'A"'!; )(2 /3. 76O.; I3603 58.*)/. )/ 5(0. /5 .(=5*0.
*.+65()7 4/*,0/,*)7 05-8./6/6<.(.44 )(2 )4 8*5/.0/6<. 1)**6.*4 /5 +751)7
05-8./6/65(? A,8*)>()/65()7 )+.(06.4 4,03 )4 /3. #Pd )(2 /3. b5*72
%)(O 3)<. 76O.I64. )0[,6*.2 )( .S8)(26(+ *57. 6( .(=5*06(+ -)*O./>7.2
4/*)/.+6.4 5= 45065.05(5-60 *.4/*,0/,*6(+? e( 4,1>4/)/. 40)7.4; -.)(>
I367.; 4/)/.4 3)<. 2.<57<.2 4,14/)(/6)7 )48.0/4 5= /3.6* +5<.*()(0.
0)8)06/6.4 /5 *.+65()7 )(2 750)7 6(4/6/,/65(4; I3603 )*. 1.//.* 8546/65(.2
/5 *.4/*,0/,*. -)Q5* ,*1)( *.+65(4?UL W364 25I(I)*2 2.<57,/65( 5=
4/)/. 85I.* 3)4 )745 =*.[,.(/7: 4.*<.2 )4 ) 0.(/*)77: 5*+)(6F.2 4/*)/.+:
/5 8*5-5/. .906.(/ 0)86/)7 6(<.4/-.(/ 5( ,*1)( )(2 *.+65()7 40)7.4;
I3./3.* /3*5,+3 7)*+.>40)7. 6(=*)4/*,0/,*)7 8*5Q.0/4; 750)77: 5*+)(6F.2
EEI5*O=)*.GG 857606.4; 5* /3*5,+3 5/3.* .(/*.8*.(.,*6)7 6(6/6)/6<.4 4,03
)4 8,1760>8*6<)/. 8)*/(.*43684? W3. 0,**.(/ I)<. 5= 4/)/. *.>40)76(+ 0)(
/3.*.=5*. 1. 6(/.*8*./.2 )4 ) 4/*)/.+: 5= 8576/60)7 *.4/*,0/,*6(+ /3)/
)6-4 /5 .(3)(0. /3. 750)/65()77: 48.06J0 8*52,0/6<. =5*0.4 5= .)03 7.<.7
5= 4/)/. /.**6/5*6)7 5*+)(6F)/65(?

K.*(: 3)4 <6<627: 2.40*61.2 /364 46-,7/)(.5,4 6(4/6/,/65()7 =*)+-.(/)>


/65( )(2 *.>40)76(+ 5= 4/)/. 85I.* )4 ) EEI3684)I .`.0/GG /3*5,+3 I3603
.)03 7.<.7 5= /3. 4/)/. )//.-8/4 /5 *.)0/ /5 )( 5<.*I3.7-6(+ *)(+. 5=
8*.44,*.4; =5*0.4; )(2 05(4/*)6(/4?UN ' 0.(/*)7 +.5+*)8360)7 05(4.[,.(0.
5= /364 EEI3684)I .`.0/GG 3)4 1..( /3. 05(4/*,0/65( 5= EE87,*6>7)/.*)7GG
=5*-4 5= 4/)/. 85I.* /3)/ (5 75(+.* 05(<.*+. ,85( )(: 5(. 58/6-)7
40)7. 5* 05)7.40. /5+./3.* I6/36( ) ()/65()77: 40)7.2 1,*.),0*)/60
36.*)*03:?UZ '4 h53( &,++6. 3)4 )*+,.2; /3. *64. 5= /3.4. (.I; EE-,7/6>
8.*48.0/6<)7GG 6(4/6/,/65()7 =5*-4 )745 )88.)*4 /5 46+()7 )( EE,(1,(276(+GG
5= /3. 645-5*8360 76(O 1./I..( /.**6/5*: )(2 45<.*.6+(/: /3)/ 3)4 75(+
,(2.*86((.2 /3. -52.*( 6(/.*4/)/. 4:4/.-?U\ K*,06)77:; 35I.<.*; /364
,(1,(276(+ 5= /.**6/5*: )(2 45<.*.6+(/: 25.4 (5/ 3.*)72 /3. .(2 5=
4/)/. /.**6/5*6)76/:; )4 &,++6.G4 )()7:464 5= /3. EE854/-52.*( 48)0. 5=
R5I4GG 6-876.4; 1,/ *)/3.* /3. 05(45762)/65( 5= 6(0*.)46(+7: 857:>
-5*8360 8576/60)7 +.5+*)836.4 6( I3603 /.**6/5*6)76/: 64 *.26`.*.(/6)/.2
)(2 *.8)*0.76F.2 )-5(+ -,7/687. 6(4/6/,/65()7 =5*-4 /3)/ )*. (5/ 07,4>
/.*.2 )*5,(2 ) 46(+7. 8*.25-6()(/ 0.(/.* 5= +*)<6/:? #= /3. /*)26/65()7
b.4/83)76)( 6-)+. 5= 8576/60)7 48)0. )4 ) 4.7=>.(0754.2 +.5+*)8360)7
05(/)6(.* 64 /52): 1.05-6(+ 6(0*.)46(+7: 51457./.; /.**6/5*6)76/: *.-)6(4
) =,(2)-.(/)7 05-85(.(/ 5= 4/)/. 85I.* )(2 )( .44.(/6)7 +.5+*)8360)7
40)`5726(+ =5* /3. +751)76F)/65( 8*50.44? W.**6/5*6)76/: 64 (5 75(+.*
_C

5*+)(6F.2 8*.25-6()(/7: 5* .S07,46<.7: 5( /3. ()/65()7 40)7.; 1,/ 4,1>


)(2 4,8*)>()/65()7 05(J+,*)/65(4 5= 4/)/. /.**6/5*6)7 5*+)(6F)/65( 05(>
/6(,. /5 87): 0*,06)7 *57.4 )4 JS.2 +.5+*)8360)7 6(=*)4/*,0/,*.4 ,85(;
I6/36(; )(2 /3*5,+3 I3603 +751)7 R5I4 06*0,7)/.? K5(4.[,.(/7:; )4
h)-.4 '(2.*45( 3)4 )*+,.2; (.I +.5+*)8360)7 -./)835*4 )(2 05(>
0.8/4 )*. (..2.2 /5 +*)48 /3.4. .-.*+.(/; 854/>b.4/83)76)( 8576/60)7
+.5+*)836.4T

W3. 05(/.-85*)*: I5*72 64 (5/ ) 7)22.* ,8 5* 25I( I3603 8*50.44.4 -5<.


=*5- 5(. *,(+ /5 /3. (.S/ 6( )( 5*2.*7: =)4365(; /3. 0.(/*)7 4/)/. -.26)/6(+
)77 76(O4 1./I..( /3. .S/.*()7 5* 36+3.* 7.<.74 )(2 /3. 6(/.*()7 5* 75I.* 5(.4?
W3)/ I)4 (.<.* /3. 0)4.; 1,/ 6/ 64 .<.( 7.44 /*,. /52):? !5/ 5(7: )*. /3.*. (5I
-5*. *,(+4 1,/ [,)76/)/6<.7: /3.: )*. -5*. 3./.*5+.(5,4Y )(2 26*.0/ -5<.>
-.(/4 1./I..( 36+3 )(2 75I 7.<.74; -6446(+ 5,/ 5* 1:8)446(+ EE6(/.*-.26)/.GG
*,(+4; )*. (5I ) 2.J(6(+ 03)*)0/.*64/60 5= 05(/.-85*)*: 76=.? ' 05-87.S 4./
5= 076-16(+ =*)-.4; 4762.4; 4I6(+4; *58.4 )(2 *58. 7)22.*4; 05-87./. I6/3
I.)O 5* 1*5O.( 8)*/4 ??? -6+3/ 1. (.)*.* /3. -)*O? W3. -./)835* 5= )2<.(>
/,*. 87):+*5,(24; I6/3 /3.6* -6S/,*. 5= 05(4/*,0/65(4; -,7/687. 7.<.74 )(2
.(05,*)+.-.(/ 5= -5<.-.(/ H ,8; 25I(; 462.I):4; 26)+5()77:; 26*.0/7: =*5-
36+3 /5 75I; 5* 75I /5 36+3 H 0)8/,*.4 /3. 05(/.-85*)*: -6S/,*. 5= =5*-4
)(2 8*50.44.4 -,03 1.//.* /3)( /3. 7)22.* -./)835*?U_

%: 6(260)/6(+ /3. I):4 6( I3603 ) 364/5*60)77: .(/*.(03.2 =5*- 5=


4/)/. /.**6/5*6)76/: 64 0,**.(/7: 1.6(+ 4,8.*4.2.2; 2./.**6/5*6)76F)/65(
*.4.)*03.*4 3)<. -)2. )( 6-85*/)(/ 05(/*61,/65( /5 /3. 8*5Q.0/ 5=
/3.5*6F6(+ 4506)7 48)0. 6( )( .S87606/7: 364/5*60)7 -)((.*? ]5I.<.*;
1.0),4. /3.: *.05+(6F. /3. 364/5*606/: 5= /.**6/5*6)76/: 8*6-)*67: 6(
/.*-4 5= 6/4 264)88.)*)(0.; 51457.4.(0.; 5* 2.-64.; 2./.**6/5*6)76F)/65(
)88*5)03.4 /5 +751)76F)/65( *.4.)*03 0)((5/ )()7:F. /3. /:8.4 5= [,)7>
6/)/6<. *.05(J+,*)/65(4 )(2 *.>40)76(+4 5= /.**6/5*6)76/: /3)/ 3)<. 1..(
1*6.R: 4O./03.2 )15<.? #= /3. *57. 5= /3. ()/65()7 40)7. )4 )( ),/5>
0.(/*60 45065.05(5-60 05(/)6(.* 3)4 1..( ,(2.*-6(.2 2,*6(+ /3. 7)4/
/3*.. 2.0)2.4; /3. 6-85*/)(0. 5= /.**6/5*6)76/: 3)4 )0/,)77: 6(/.(46J.2T
=5* 6/ 64 5(7: /3*5,+3 /3. 05(4/*,0/65( 5= JS.2 +.5+*)8360)7 6(=*)4/*,0>
/,*.4 /3)/ /3. +751)7 06*0,7)/65( 5= 0)86/)7; -5(.:; 05--526/6.4; )(2
8.587. 0)( 1. 05(/6(,)77: )00.7.*)/.2 )(2 .S8)(2.2? W3. *./.**6/5*6)7>
6F)/65( )(2 *.>40)76(+ 5= ()/65()77: 5*+)(6F.2 05(J+,*)/65(4 5= 4/)/.
85I.* 3)4 8*5<.2 /5 1. ) -)Q5* 4/*)/.+: =5* 4.0,*6(+ /364 -5-.(/ 5=
/.**6/5*6)76F)/65( ,(2.* 05(/.-85*)*: +751)7 05(26/65(4?
_U

=5" +5)33"%4"' $< 43$6)3-7)(-$%

$6O. /3. =5*-4 5= 4/)/.>0.(/*64- /3)/ 3)<. 25-6()/.2 /3. 4506)7 406.(0.4
=5* -,03 5= /3. 7)4/ 0.(/,*:; /3. -./352575+60)7 588546/65( 1./I..(
+751)7 /.**6/5*6)764/ )(2 2./.**6/5*6)76F)/65( )88*5)03.4 /5 +751)76F)/65(
4/,26.4 0)( 1. <6.I.2 )4 ) *.)7 )14/*)0/65( 5= 05(/.-85*)*: 4506)7
*.7)/65(4? W3*5,+35,/ /3. 8*.0.26(+ 2640,4465( # 3)<. )*+,.2 /3)/ .)03
5= /3.4. )88*5)03.4 +*)484 *.)7 26-.(465(4 5= 05(/.-85*)*: 4506)7
*.)76/:? '4 (5/.2; 0)86/)7 3)4 75(+ 8*.4,8854.2 ) -5-.(/ 5= /.**6/5*6)7
JS6/: 5* 87)0.>15,(2.2(.44 )4 ) 1)460 8*.*.[,646/. =5* 6/4 06*0,7)/65(
8*50.44? b3.*.)4 4/)/.>0.(/*60 .864/.-575+6.4 =./6436F. /364 /.**6/5*6)7>
64/ -5-.(/ 5= 0)86/)764-; 2./.**6/5*6)76F)/65( )88*5)03.4 .-1*)0. )(
6(<.*4. 8546/65(; 6( I3603 /.**6/5*6)76/: 64 4)62 /5 .*52. 6( /3. =)0. 5=
+751)76F)/65(? W3. 16=,*0)/65( 5= 05(/.-85*)*: +751)76F)/65( 4/,26.4
6(/5 /3.4. 58854.2 -./352575+60)7 )88*5)03.4 *.R.0/4 /3.4. 05(/*)>
260/5*: )48.0/4 5= 05(/.-85*)*: 48)/6)7 8*)0/60.4 I6/35,/ 0*6/60)77:
.S87)6(6(+ /3.-?

W3. /3.5*6F)/65( 5= +751)76F)/65( 2.<.758.2 3.*. 4,++.4/4 /3)/ 15/3


/.**6/5*6)76F)/65( )(2 2./.**6/5*6)76F)/65( )*. 05(4/6/,/6<. -5-.(/4 5=
)( 5(+56(+ 26)7.0/60 /3*5,+3 I3603 4506)7 48)0. 64 05(/6(,)77: 8*52,0.2;
*.05(J+,*.2; )(2 /*)(4=5*-.2 ,(2.* 0)86/)764-? W3,4 05(0.6<.2; /3.
05(/.-85*)*: *5,(2 5= +751)76F)/65( .(/)674 (.6/3.* /3. )1457,/. /.**6>
/5*6)76F)/65( 5= 4506./6.4; .05(5-6.4; 5* 0,7/,*.4 5( ) +751)7 40)7. (5*
/3.6* 05-87./. 2./.**6/5*6)76F)/65( 6(/5 ) 4,8*)>/.**6/5*6)7; 264/)(0.7.44;
15*2.*7.44 48)0. 5= R5I4; 1,/ *)/3.* ) -,7/6>40)7)* &%'(&9.(9&#"0 5=
0)86/)764/ /.**6/5*6)7 5*+)(6F)/65(? #( -: <6.I; ) 0*,06)7 03)77.(+. =5*
=,/,*. +751)76F)/65( *.4.)*03 64 /5 2.<.758 )( .864/.-575+: 5= 4506)7
48)0. /3)/ 0)( +*)48 15/3 /3.4. 26-.(465(4 5= 05(/.-85*)*: 48)/6)7
8*)0/60.4? W3. 8*.4.(/ )*/607. 3)4 )//.-8/.2 /5 5,/76(. 45-. 1*5)2
-./352575+60)7 +,62.76(.4 =5* /364 /)4O? #( 8)*/60,7)*; /3*.. 0.(/*)7
-./352575+60)7 03)77.(+.4 0)( 1. .-83)46F.2?

@c 4-% -#'(*&#.#() *+ '*.#/8 '?/.%? g751)76F)/65( 3)4 8,/ 6(/5 *.76.= /3.
364/5*606/: 5= 4/)/. /.**6/5*6)76/: )4 ) =5*- 5= 4506548)/6)7 5*+)(6F)/65(?
'4 /3. *57. 5= 4/)/. /.**6/5*6)76/: )4 )( 5*+)(6F)/65()7 =*)-.I5*O =5*
4506)7 *.7)/65(4 64 2.0.(/.*.2; *.7)/6<6F.2; )(2 /*)(4=5*-.2; /3. 364/5*>
60)7; 2:()-60 03)*)0/.* 5= 4506)7 48)0. 1.05-.4 -)(6=.4/ 15/3 6( .<.*:>
2): 76=. )(2 6( 4506575+60)7 )()7:464? W3. 5<.*)*036(+ -./352575+60)7
03)77.(+. /3)/ R5I4 =*5- /364 06*0,-4/)(0. 64 /5 )()7:F. +751)76F)/65(
)4 )( 5(+56(+ 364/5*60)7 8*50.44 6( I3603 /3. 48)/6)76/: 5= 4506)7 *.7)>
/65(4 64 05(/6(,)77: *.05(J+,*.2 )(2 /*)(4=5*-.2?
_B

Lc 4-% -#'(*&#./8 0%*0&/?-) *+ '?/(#/8 './8%'? g751)76F)/65( 3)4 2.>


0.(/.*.2 /3. ()/65()7 40)7. 5= 4506)7 *.7)/65(4 )(2 6(/.(46J.2 /3.
6-85*/)(0. 5= 15/3 4,1> )(2 4,8*)>()/65()7 40)7.4 5= /.**6/5*6)7 5*+)(>
6F)/65(? W3.4. /*)(4=5*-)/65(4 ,(2.*-6(. 05(0.8/65(4 5= +.5+*)8360)7
40)7. )4 ) 4/)/60; JS.2 87)/=5*- )(2 *.<.)7 6/4 4506)77: 8*52,0.2 )(2
8576/60)77: 05(/.4/.2 03)*)0/.*? g.5+*)8360)7 40)7.4 )*. (5/ 5(7: )
8*52,0/ 5= 8576/60)7>.05(5-60 8*50.44.4 1,/ 4.*<. )/ 5(0. )4 /3.6*
8*.4,88546/65( )(2 /3.6* -.26,-? '4 /3. /.**6/5*6)7 5*+)(6F)/65( 5=
40)7.4 64 /*)(4=5*-.2; (.I 40)7)* 05(J+,*)/65(4 .-.*+. /3)/ 6( /,*(
8*5<62. *.7)/6<.7: 4/)1676F.2; /.**6/5*6)7 =*)-.I5*O4 =5* 4506)7 *.7)/65(4
,(/67 /3. (.S/ *5,(2 5= *.>40)76(+ )(2 *./.**6/5*6)76F)/65(? W3. *.4,7/)(/
-./352575+60)7 03)77.(+.; /3.*.=5*.; 64 /5 05(0.6<. 05(J+,*)/65(4 5=
+.5+*)8360)7 40)7.4 )/ 5(0. )4 /3. /.**6/5*6)7 40)`5726(+ I6/36( I3603
/3. 26)7.0/60 5= 2.> )(2 *./.**6/5*6)76F)/65( ,(=5724 )(2 )4 /3. 364/5*>
60)77: 8*52,0.2; 6(0.44)(/7: 03)(+6(+ -.26,- 5= /3)/ 26)7.0/60?

Nc 4%&&#(*&#/8 *&0/"#A/(#*"I (%&&#(*&#/8#()I /"5 '*.#*'?/(#/8 +*&:? W52):


4/)/. /.**6/5*6)76/: 64 6(0*.)46(+7: 6(/.*/I6(.2 I6/3 )(2 4,8.*6-854.2
,85( <)*65,4 .-.*+.(/ 48)/6)7 =5*-4 H =*5- /3. 6(4/6/,/65()7 4/*,0/,*.4
5= /3. "X )(2 !'dW' /5 +751)7 J()(06)7 R5I4; 854/>d5*264/ =5*-4 5=
6(2,4/*6)7 5*+)(6F)/65(; +751)7 ,*1)( 36.*)*036.4; )(2 /*)(4()/65()7
26)485*60 (./I5*O4 H /3)/ 0)((5/ 1. 2.40*61.2 )2.[,)/.7: )4 05(/6+,5,4;
-,/,)77: .S07,46<.; )(2 4.7=>.(0754.2 1750O4 5= 48)0.? P.)(I367. 4/)/.
6(4/6/,/65(4 )*. /3.-4.7<.4 1.6(+ *)260)77: *.>40)7.2 )/ 5(0. ,8I)*2;
25I(I)*2; )(2 5,/I)*2 /5 0*.)/. 857:-5*8360 7):.*4 5= 4/)/. /.**6/5>
*6)7 5*+)(6F)/65( /3)/ (5 75(+.* 5<.*7)8 .<.(7: I6/3 5(. )(5/3.* 5*
05(<.*+. ,85( ) 46(+7.; 25-6()(/ +.5+*)8360)7 40)7.? X(2.* /3.4.
06*0,-4/)(0.4; /3. 6-)+. 5= +751)7 4506)7 48)0. )4 ) 05-87.S -54)60
5= 4,8.*6-854.2 )(2 6(/.*8.(./*)/6(+ (52.4; 7.<.74; 40)7.4; )(2 -5*>
83575+6.4 3)4 1.05-. -5*. )88*58*6)/. /3)( /3. /*)26/65()7 K)*/.46)(
-52.7 5= 35-5+.(5,4; 6(/.*76(O.2 1750O4 5= /.**6/5*: )44506)/.2 I6/3
/3. -52.*( 6(/.*4/)/. 4:4/.-?UC !.I *.8*.4.(/)/65(4 5= 4506548)/6)7
=5*- )*. (..2.2 /5 )()7:F. /3.4. .-.*+.(/ 87,*6>/.**6/5*6)7; 857:0.(/*60;
)(2 -,7/6>40)7)* +.5+*)836.4 5= +751)76F)/65(? ' 0*,06)7 -./352575+>
60)7 03)77.(+. =5* +751)76F)/65( 4/,26.4 64 /3.*.=5*. /5 )()7:F. 0,**.(/7:
.-.*+.(/ +.5+*)836.4 6( I):4 /3)/ /*)(40.(2 /3. 6-8.*)/6<. /5 03554.
1./I..( 8,*.7: /.**6/5*6)764/ )(2 (5(>/.**6/5*6)764/ 5* 2./.**6/5*6)76F.2
-)886(+4 5= 4506)7 )(2 8576/60)7 48)0.?
CD

C+D%$@3"&4."%('

P: /3)(O4 /5 P)(, g54I)-6 =5* 3.78=,7 2640,4465(4 )(2 05--.(/4?


d5* 6(0646<. 0*6/6064-4 )(2 4,++.4/65(4 5( .)*76.* 2*)=/4; # )- )745 +*)/.>
=,7 /5 %.)/. d6./F.; h,76)( g5; k60/5*6) A? h53(45(; P5643. ^54/5(.;
%677 A.I.77; )(2 /3. "26/5*4 5= 4-%*&) /"5 6*.#%()? d6()77:; # I5,72 76O.
/5 /3)(O /3. 8)*/6068)(/4 6( /3. A506)7 W3.5*: b5*O4358 )/ /3. X(6<.*>
46/: 5= K360)+5 =5* /3.6* 0*6/60)7 .(+)+.-.(/ I6/3 /364 8*5Q.0/? W3. ,4,)7
26407)6-.*4 )887:?

E$("'

@? h53( '+(.I; EEW3. 3622.( +.5+*)836.4 5= 4506)7 406.(0. )(2 /3. -:/3 5= /3. E+.5>
+*)8360 /,*(;G GG J"$#&*":%"( /"5 ;8/""#"0 KL 6*.#%() /"5 6?/.% @N a@BB\cT NCB?
L? W3. 4506)7>406.(/6J0 76/.*)/,*.4 5( +751)76F)/65( 3)<. +*5I( 6--.(4.7: 2,*6(+ /3.
7)4/ /I5 2.0)2.4? d5* *.0.(/ +.(.*)7 5<.*<6.I4; 4.. .?+?; X7*603 %.0O; M/' #'(
G8*</8#'#%&9"0N ad*)(O=,*/ )- P)6(T A,3*O)-8; @BBCcY h54.83 K)-677.*6 )(2 h6-
d)7O; 4-% J"5 *+ 6*$%&%#0"()N 4-% ;*8#(#.' *+ / 6-&#"O#"0 /"5 P&/0:%"(#"0 M*&85
a%*55OJ.72; k/?T "2I)*2 "7+)*; @BBLcY f)<62 ].72; K%:*.&/.) /"5 (-% G8*</8
Q&5%& a$5(25(T ^576/:; @BB\cY ,98(9&%I G8*</8#A/(#*" /"5 (-% M*&85B6)'(%:; .2?
'(/35(: i6(+ a$5(25(T P)0-677)(; @BB@cY G8*</8#A/(#*"L 4-%*&) /"5 ;&/.(#.%; .2?
"7.5(5*. i5=-)( )(2 g6776)( M5,(+4 a$5(25(T ^6(/.*; @BB_cY G8*</8#A/(#*" /"5
4%&&#(*&#/8 R5%"(#(#%'; .2? q2*)<O5 P76()* a%*55OJ.72T '<.*1,*:; @BBLcY G8*</8#A/B
(#*"L ,&#(#./8 H%D%.(#*"'; .2? h)-.4 P6//.7-)( a%5,72.*T $:((. &6.((.*; @BBCcY
$.476. AO7)6*; 6*.#*8*0) *+ (-% G8*</8 6)'(%: a$5(25(T ])*<.4/.* b3.)/43.)=;
@BB@cY )(2 P)705- b)/.*4; G8*</8#A/(#*" a!.I M5*OT &5,/7.2+.; @BB\c?
N? e( /3.4. )(2 5/3.* 05(/*5<.*46.4 )-5(+ +751)76F)/65( *.4.)*03.*4; 4..; .?+?; '43
'-6(; EE^7)06(+ +751)76F)/65(;GG 4-%*&)I ,98(9&% S 6*.#%() @ZrL a@BBCcT @LNH@NCY
A)-6* '-6(; EEW3. 03)77.(+. 5= +751)76F)/65(;GG H%$#%3 *+ R"(%&"/(#*"/8 ;*8#(#./8
J.*"*:) NrL a@BB_cT L@_HL\BY 1%"'%#(' 5%& >/(#*"/8*TO*"*:#%N M%8(3#&('.-/+( 9"5
>/(#*"/8'(//( A3#'.-%" G8*</8#'#%&9"0 9"5 H%0#*"/8#'#%&9"0; .2? A/.`.( %.0O.* ./
)7? a])-1,*+T '*+,-.(/ k.*7)+; @BBCcY f)<62 ])*<.:; EEg751)76F)/65( 6( [,.4/65(;GG
H%(-#"O#"0 U/&V#': UrZ a@BB\cT @H@CY ^),7 ]6*4/ )(2 g*)3)-. W35-845(; G8*</8B
#A/(#*" #" W9%'(#*" a$5(25(T ^576/:; @BB_cY P603).7 P)((; EE])4 +751)76F)/65( .(2.2
/3. *64. )(2 *64. 5= /3. ()/65(>4/)/.jGG H%$#%3 *+ R"(%&"/(#*"/8 ;*8#(#./8 J.*"*:) ZrN
a@BBCcT ZCLHZB_Y h)( ')*/ A0357/.; EEg751)7 0)86/)764- )(2 /3. 4/)/.;GG R"(%&"/(#*"/8
2E/#&' CNrN a@BBCcT ZLCHZ\LY 4-% X#:#(' (* G8*</8#A/(#*"; .2? '7)( A05// a$5(25(T
&5,/7.2+.; @BBCcY &51.*/ b)2.; EEg751)76F)/65( )(2 6/4 76-6/4T *.85*/4 5= /3. 2.)/3 5=
/3. ()/65()7 .05(5-: )*. +*.)/7: .S)++.*)/.2;GG 6( >/(#*"/8 K#$%&'#() /"5 G8*</8
,/?#(/8#':; .2? A,4)((. %.*+.* )(2 &51.*/ f5*. a#/3)0)T K5*(.77 X(6<.*46/: ^*.44;
@BB_c?
Z? W364 83*)4. 64 /3. 4,1/6/7. 5= "2I)*2 A5Q)G4 ;*'(:*5%&" G%*0&/?-#%' a!.I M5*OT
k.*45; @BUBc?
\? A.. .?+?; h53( '+(.I; EEW3. /.**6/5*6)7 /*)8T /3. +.5+*)8360)7 )44,-8/65(4 5= 6(/.*>
()/65()7 *.7)/65(4 /3.5*:;GG H%$#%3 *+ R"(%&"/(#*"/8 ;*8#(#./8 J.*"*:) @r@ a@BBZcT
\NHUDY ^./.* h? W):75*; EE"-1.22.2 4/)/64- )(2 /3. 4506)7 406.(0.4T 58.(6(+ ,8 /5
C@

(.I 48)0.4;GG J"$#&*":%"( /"5 ;8/""#"0 2 LUr@@ a@BB_cT @B@CH@BLUY &? %? h? b)7O.*
R"'#5%YQ9('#5%L R"(%&"/(#*"/8 H%8/(#*"' /' ;*8#(#./8 4-%*&) a!.I M5*OT K)-1*62+.
X(6<.*46/: ^*.44; @BBNcY Q?%" (-% 6*.#/8 6.#%".%'L H%?*&( *+ (-% G98<%"O#/" ,*:B
:#''#*" *" (-% H%'(&9.(9&#"0 *+ (-% 6*.#/8 6.#%".%'; .2? #--)(,.7 b)77.*4/.6( ./ )7?
aA/)(=5*2; K)7?T A/)(=5*2 X(6<.*46/: ^*.44; @BB_c?
_? ^? W):75*; EE"-1.22.2 4/)/64-;GG @BLN?
C? A.. #--)(,.7 b)77.*4/.6(; !"(-#"O#"0 6*.#/8 6.#%".%= 4-% X#:#(' *+ Z[(- ,%"(9&)
;/&/5#0:' a!.I M5*OT K)-1*62+. X(6<.*46/: ^*.44; @BB@c; @T EE#/ 64 [,6/. (5*-)7 =5*
40357)*4 )(2 406.(/64/4 /5 *./36(O 644,.4? b3.( 6-85*/)(/ (.I .<62.(0. ,(2.*-6(.4
572 /3.5*6.4 )(2 8*.260/65(4 25 (5/ 3572; I. )*. 8*.44.2 /5 *./36(O 5,* 8*.-64.4? #(
/3)/ 4.(4.; -,03 5= (6(./..(/3>0.(/,*: 4506)7 406.(0.; 6( /3. =5*- 5= 48.06J0
3:85/3.4.4; 64 05(4/)(/7: 1.6(+ *./35,+3/? %,/; 6( )226/65( /5 *./36(O6(+; I3603 64
E(5*-)7;G # 1.76.<. I. (..2 /5 E,(/36(OG (6(./..(/3 0.(/,*: 4506)7 406.(0.; 1.0),4.
-)(: 5= 6/4 8*.4,-8/65(4 H I3603; 6( -: <6.I; )*. -647.)26(+ )(2 05(4/*60/6<. H
4/677 3)<. =)* /55 4/*5(+ ) 3572 5( 5,* -.(/)76/6.4? W3.4. 8*.4,-8/65(4; 5(0.
05(462.*.2 761.*)/6(+ 5= /3. 486*6/; 4.*<. /52): )4 /3. 0.(/*)7 6(/.77.0/,)7 1)**6.* /5
,4.=,7 )()7:464 5= /3. 4506)7 I5*72?GG
U? W364 05(/*61,/65( 64 8)*/ 5= ) 7)*+.* 8*5Q.0/ 5( +751)76F)/65(; 4/)/. /.**6/5*6)7
*.4/*,0/,*6(+; )(2 /3. 8*52,0/65( 5= 48)0. /3)/ )//.-8/4 /5 2.875: /3. -./3525>
75+60)7 )(2 .864/.-575+60)7 4/*)/.+6.4 8*5854.2 3.*. /5 )()7:F. <)*65,4 5(+56(+
/*)(4=5*-)/65(4 5= 4/)/. 48)/6)76/: 6( 05(/.-85*)*: ",*58.)( +751)7 06/:>*.+65(4?
d5* ) -5*. .-86*60)77: 5*6.(/.2 2640,4465( 5= /3. 4)-. 05(4/.77)/65( 5= 644,.4; 4..
!.67 %*.((.*; EEg751)7 06/6.4; +750)7 4/)/.4T g751)7 06/: =5*-)/65( )(2 4/)/. /.**6>
/5*6)7 *.4/*,0/,*6(+ 6( 05(/.-85*)*: ",*58.;GG H%$#%3 *+ R"(%&"/(#*"/8 ;*8#(#./8
J.*"*:) \r@ a@BBUcT @HNC?
B? d5* ) /*.(03)(/ 0*6/6[,. 5= /364 EE/6-.7.44G 05(0.8/65( 5= 48)0.; 4.. ].(*6 $.=.1<*.;
4-% ;&*59.(#*" *+ 6?/.%; /*)(4? f5()72 !6035745(>A-6/3 aK)-1*62+.; P)44?T
%7)0OI.77; @BB@ m@BCZnc? d5* 5/3.* 0*6/6[,.4 1: 0*6/60)7 3,-)( +.5+*)83.*4; 4..;
.?+?; h53( '+(.I; EEW3. 2.<)7,)/65( 5= 87)0. 6( 4506)7 406.(0.;GG 6( 4-% ;*3%& *+
;8/.%; .2? h53( '+(.I )(2 h)-.4 f,(0)( a$5(25(T X(I6( ]:-)(; @BUBc; BHLBY
h? '+(.I; ;8/.% /"5 ;*8#(#.'= 4-% G%*0&/?-#./8 U%5#/(#*" *+ 6(/(% /"5 6*.#%()
a%54/5(T '77.( s X(I6(; @BUCcY f.*.O g*.+5*:; G%*0&/?-#./8 R:/0#"/(#*"' aK)->
1*62+.; P)44?T %7)0OI.77; @BBZcY 6*.#/8 H%8/(#*"' /"5 6?/(#/8 6(&9.(9&%'; .2? f.*.O
g*.+5*: )(2 h53( X**: a$5(25(T P)0-677)(; @BU\cY f)<62 ])*<.:; 4-% ,*"5#(#*"
*+ ;*'(:*5%&"#() aK)-1*62+.; P)44?T %7)0OI.77; @BUBcY f5*..( P)44.:; EE^576/604
)(2 48)0.r/6-.;GG 6( 6?/.%I ;8/.%I G%"5%& aP6((.)85764T X(6<.*46/: 5= P6((.45/)
^*.44; @BBZcY f? P)44.:; 6?/(#/8 K#$#'#*"' *+ X/<*& a$5(25(T P)0-677)(; @BUZcY
;&*59.(#*"I M*&OI 4%&&#(*&)L 4-% G%*0&/?-#./8 2"/(*:) *+ R"59'(&#/8 ,/?#(/8#':;
.2? '77.( h? A05// )(2 P603).7 A/5*8.* a%54/5(T '77.( s X(I6(; @BU_cY "? A5Q);
;*'(:*5%&" G%*0&/?-#%'Y )(2 4-% ;*3%& *+ G%*0&/?-)L \*3 4%&&#(*&) 6-/?%'
6*.#/8 X#+%; .2? h.((6=.* b5703 )(2 P603).7 f.)* a%54/5(T X(I6( ]:-)(; @BUBc?
@D? e( /364 )48.0/ 5= +751)76F)/65(; 4..; .?+?; 6(/(%' 20/#"'( U/&O%('L 4-% X#:#(' *+
G8*</8#A/(#*"; .2? &51.*/ %5:.* )(2 f)(6.7 f*)03. a$5(25(T &5,/7.2+.; @BB_cY
^./.* f60O.(; G8*</8 6-#+(L 4-% R"(%&"/(#*"/8#A/(#*" *+ J.*"*:#. 2.(#$#() a$5(25(T
g,67=5*2 ^*.44; @BB@cY )(2 b6- &,6+*5O )(2 &51 <)( W,72.*; 4-% X*0#. *+ R"(%&"/B
(#*"/8 H%'(&9.(9&#"0 a!.I M5*OT &5,/7.2+.; @BB\c? d5* <)*65,4 2644.(/6(+ <6.I4;
4..; .?+?; f)<62 g5*25(; EEW3. +751)7 .05(5-:T (.I .26J0. 5* 0*,-176(+ =5,(2)>
/65(4jGG >%3 X%+( H%$#%3; @_U a@BUUcT LZH_\Y ^? ]6*4/ )(2 g? W35-845(; G8*</8B
#A/(#*" #" W9%'(#*"Y )(2 &? b)2.; EEg751)76F)/65( )(2 6/4 76-6/4?GG
@@? A.. '*Q,( '88)2,*)6; U*5%&"#() /( X/&0%= ,98(9&/8 K#:%"'#*"' *+ G8*</8#A/(#*"
CL

aP6((.)85764; P6((?T X(6<.*46/: 5= P6((.45/) ^*.44; @BB_cY G8*</8 ,98(9&%; .2?


P6O. d.)/3.*4/5(. a$5(25(T A)+.; @BBDcY A/,)*/ ])77; EEW3. $50)7 )(2 /3. g751)7T
g751)76F)/65( )(2 "/3(606/:;GG 6( ,98(9&%I G8*</8#A/(#*" /"5 (-% M*&85 6)'(%:; @BH
ZDY b)**.( P)+(,445(; 4-% 6%/&.- +*& ;*8#(#./8 6?/.% aW5*5(/5T X(6<.*46/: 5=
W5*5(/5 ^*.44; @BB_cY ^./.* P)*2.(; EEg.5+*)836.4 5= 2644.(/T +751)76F)/65(; 62.(>
/6/: )(2 /3. ()/65(;GG ;*8#(#./8 G%*0&/?-) @_r@ a@BBCcT NCH_ZY h)( ')*/ A0357/.; EEW3.
+.5+*)83: 5= 0577.0/6<. 62.(/6/6.4 6( ) +751)76F6(+ I5*72;GG H%$#%3 *+ R"(%&"/(#*"/8
;*8#(#./8 J.*"*:) NrZ a@BB_cT \_\H_DC?
@L? W364 2.J(6/65( 64 2.<.758.2 1: '(/35(: g622.(4 6( 4-% ,*"'%C9%".%' *+ U*5%&"#()
aA/)(=5*2; K)7?T A/)(=5*2 X(6<.*46/: ^*.44; @BBDc? A.. )745 ].72; K%:*.&/.) /"5 (-%
G8*</8 Q&5%&Y )(2 '(/35(: P0g*.I; EE' +751)7 4506./:jGG 6( U*5%&"#() /"5 #('
P9(9&%'; .2? A/,)*/ ])77 ./ )7? aK)-1*62+.T e8.( X(6<.*46/: ^*.44; @BBLc; _@H@@_?
@N? i)*7 P)*S; G&9"5&#''%= P*9"5/(#*"' *+ (-% ,&#(#C9% *+ ;*8#(#./8 J.*"*:); /*)(4?
P)*/6( !6057),4 a!.I M5*OT ^.(+,6(; @BCN m@U\Cnc; \NB?
@Z? A.. f)<62 ])*<.:; 4-% X#:#(' (* ,/?#(/8 aK360)+5T X(6<.*46/: 5= K360)+5 ^*.44;
@BULcY f? ])*<.:; 4-% !&</"#A/(#*" *+ ,/?#(/8L 6(95#%' #" (-% \#'(*&) /"5 4-%*&)
*+ ,/?#(/8#'( !&</"#A/(#*" a%)7/6-5*.T h53(4 ]58O6(4 X(6<.*46/: ^*.44; @BU\cY )(2
f? ])*<.:; EEW3. +.58576/604 5= 0)86/)764-;GG 6( f? g*.+5*: )(2 h? X**:; .26/5*4;
6*.#/8 H%8/(#*"' /"5 6?/(#/8 6(&9.(9&%'; @LUH@_N? W3. /.*- EE48)0.>/6-. 05-8*.4>
465(GG 64 6(/*52,0.2 6( ])*<.:; 4-% ,*"5#(#*" *+ ;*'(:*5%&"#()? e( /3. 4506548)/6)7
26)7.0/60 ,(2.* 0)86/)764-; 4.. "2I)*2 A5Q); EEW3. 45065>48)/6)7 26)7.0/60;GG2""/8' *+
(-% 2''*.#/(#*" *+ 2:%&#./" G%*0&/?-%&' CD a@BUDcT LDCHL\\?
@\? f? ])*<.:; EEW3. +.58576/604 5= 0)86/)764-;GG @Z\?
@_? #162?; @\D; 8)446-Y f? ])*<.:; 4-% !&</"#A/(#*" *+ ,/?#(/8?
@C? A.. ]? $.=.1<*.; 4-% ;&*59.(#*" *+ 6?/.%; NC; 8)446-Y $.=.1<*.; K% 8]J^(/(L X%'
.*"(&/5#.(#*"' 5% 8]J^(/( :*5%&"%; <57,-. Z a^)*64T X(65( g.t(.t*)7. 2G"u26/65(4?
@BCUcY $.=.1<*.; K% 8]J^(/(L X% :*5% 5% ?&*59.(#*" %@(/(#C9%; <57,-. N a^)*64T X(65(
g.t(.t*)7. 2G"u26/65(4; @BCCc?
@U? e( /3. (5/65( 5= 48)0. )4 ) EE4.05(2 ()/,*.;GG 4.. $.=.1<*.; 4-% ;&*59.(#*" *+ 6?/.%;
NZ\; NZU; 8)446-?
@B? W364 05(0.8/65( 5= /3. 4/)/. )4 ) =5*- 5= /.**6/5*6)76F)/65( =5* 0)86/)7 64 .7)15*)/.2
)/ +*.)/.* 7.(+/3 6( !.67 %*.((.*; EE%./I..( JS6/: )(2 -5/65(T )00,-,7)/65(; /.**6>
/5*6)7 5*+)(6F)/65( )(2 /3. 364/5*60)7 +.5+*)83: 5= 48)/6)7 40)7.4;GG J"$#&*":%"( /"5
;8/""#"0 KL 6*.#%() /"5 6?/.% @_ a@BBUcT Z\BHZU@Y )(2 !? %*.((.*; EEg751)7;
=*)+-.(/.2; 36.*)*0360)7T ].(*6 $.=.1<*.G4 +.5+*)836.4 5= +751)76F)/65(;GG ;9<8#.
,98(9&% @Dr@ a@BBCcT @NCH@_B?
LD? $.=.1<*.; K% 8]J^(/(L X% :*5% 5% ?&*59.(#*" %@(/(#C9%?
L@? A.. P)(, g54I)-6; EEW36(O6(+ /3*5,+3 -52,7)*6/:T 1.:5(2 51Q.0/6<64/ )(2 4,1>
Q.0/6<64/ )88*5)03.4 /5 ()/65()764-;GG f.8)*/-.(/ 5= ^576/60)7 A06.(0.; X(6<.*46/: 5=
K360)+5; -)(,40*68/?
LL? A.. h53( '+(.I; EEA8)0.7.44(.44 <.*4,4 /6-.7.44 48)0. 6( 4/)/.>0.(/.*.2 4506)7
406.(0.;GG J"$#&*":%"( /"5 ;8/""#"0 2 LUr@@ a@BB_cT @BLBH@BNLY h? '+(.I; EEW3.
3622.( +.5+*)836.4 5= 4506)7 406.(0.?GG W3. -)6( /)*+./ 5= '+(.IG4 0*6/6[,. 64 )88)>
*.(/7: "2I)*2 A5Q)G4 ;*'(:*5%&" G%*0&/?-#%'; I3603 )*+,.4 =5* ) 25-6()/65( 5=
EE364/5*6064-GG 5<.* 48)/6)7 05(462.*)/65(4 6( -,03 5= 854/I)* 4506)7 406.(0.? A5Q)G4
*.0.(/ I5*O 8*.4.*<.4 364 .)*76.* .-83)464 5( /3. EE*.)44.*/65( 5= 48)0. 6( 4506)7
/3.5*:GG I367. *.05+(6F6(+ /3. .S64/.(0. 5= +.5+*)8360)7 )44,-8/65(4 .<.( 6( EE364>
/5*6064/GG -52.4 5= )()7:464? A.. "2I)*2 A5Q); 4-#&5'?/.% aK)-1*62+.; P)44?T
%7)0OI.77; @BB_c?
LN? W3. /.*- EE4/)/.>0.(/*60GG 3)4 ) <.*: 26`.*.(/ -.)(6(+ 6( /3. 76/.*)/,*. 5( EE1*6(+6(+
CN

/3. 4/)/. 1)0O 6(;GG 6( I3603 EE4/)/.>0.(/.*.2GG )88*5)03.4 )*. 05(/*)4/.2 /5 EE4506./:>
0.(/.*.2GG )88*5)03.4? #( /3.4. 2640,4465(4; -)(: 5= I3603 3)<. 1..( 6(486*.2 1:
/3. I5*O 5= W3.2) AO50857 )(2 3.* =5775I.*4; 4/)/.>0.(/.*.2 /3.5*6.4 .-83)46F.
/3. ),/5(5-5,4 6(4/6/,/65()7 85I.* 5= /3. 4/)/. 5<.* )(2 )+)6(4/ 4506./)7 5* 07)44>
1)4.2 =5*0.4? e( /364 76/.*)/,*.; 4.. %51 h.4458; EE'(/6>P)*S64/ &.6(4/)/.-.(/ )(2
854/>P)*S64/ f.05(4/*,0/65(;GG 6( 6(/(% 4-%*&)= ;9((#"0 (-% ,/?#(/8#'( 6(/(% #" #('
;8/.% aX(6<.*46/: ^)*O; ^.((?T ^.((4:7<)(6) A/)/. X(6<.*46/: ^*.44; @BBDc; LCUHND_?
#( 05(/*)4/ /5 /364 76/.*)/,*.; /3. (5/65( 5= 4/)/.>0.(/*64- 2.<.758.2 3.*. *.=.*4 /5 )
-5*. +.(.*)76F.2 48)/6)7 5(/575+: /3)/ 3)4 1..( 6-87606/ I6/36( ) I62. *)(+. 5=
*.4.)*03 8)*)26+-4 /3*5,+35,/ /3. 4506)7 406.(0.4?
LZ? A..; .?+?; W):75*; EE"-1.22.2 4/)/64-GGY )(2 b)77.*4/.6(; .26/5*; Q?%" (-% 6*.#/8
6.#%".%'?
L\? A..; .?+?; '+(.I; EEW3. /.**6/5*6)7 /*)8GGY '+(.I; ;8/.% /"5 ;*8#(#.'Y b6776)- K5((577:;
EEf.-50*)0: )(2 W.**6/5*6)76/:;GG U#88%"#9: LDrN a@BB@cT Z_NHZUZY )(2 b)7O.*; R"B
'#5%YQ9('#5%?
L_? A..; .?+?; '(/35(: g622.(4; 2 ,*"(%:?*&/&) ,&#(#C9% *+ \#'(*&#./8 U/(%&#/8#':
a%.*O.7.: )(2 $54 '(+.7.4T X(6<.*46/: 5= K)76=5*(6) ^*.44; @BUNcY P603).7 P)((;
4-% 6*9&.%' *+ 6*.#/8 ;*3%&I _*89:% ZL 2 \#'(*&) *+ ;*3%& +&*: (-% `%0#""#"0 (*
2=K= Zabc a!.I M5*OT K)-1*62+. X(6<.*46/: ^*.44; @BU_c?
LC? d5* <)*65,4 .S)-87.4; 4.. h53( '+(.I; EE&.8*.4.(/6(+ 48)0.T 48)0.; 40)7. )(2
0,7/,*. 6( 4506)7 406.(0.;GG 6( h)-.4 f,(0)( )(2 f)<62 $.:; .26/5*4; ;8/.%Y,98(9&%Y
H%?&%'%"(/(#*" a$5(25(T &5,/7.2+.; @BBNc; L\@HLC@Y #*) i)/F(.745(; U/&V#': /"5
(-% ,#() a!.I M5*OT eS=5*2 X(6<.*46/: ^*.44; @BBLc; @_HLCY )(2 K)*7 ^7./403; EEW3.
/3*.. I5*724; 5* /3. 26<6465( 5= 4506)7 406.(/6J0 7)15*; 06*0) @B\DH@BC\;GG ,*:?/&/(#$%
6(95#%' *+ 6*.#%() /"5 \#'(*&) LNrZ a@BU@cT \_\H\BD?
LU? A.. 'O367 g,8/) )(2 h)-.4 d.*+,45(; EE%.:5(2 E0,7/,*.GT 48)0.; 62.(/6/: )(2 /3.
8576/604 5= 26`.*.(0.;GG ,98(9&/8 2"(-&*?*8*0) Cr@ a@BBLcT _HLNY $664) P)7OO6; EE!)>
/65()7 +.5+*)8360T W3. *55/6(+ 5= 8.587.4 )(2 /3. /.**6/5*6)76F)/65( 5= ()/65()7
62.(/6/: )-5(+ 40357)*4 )(2 *.=,+..4GG ,98(9&/8 2"(-&*?*8*0) Cr@ a@BBLcT LZHZZY
)(2 "*60 b57=; J9&*?% /"5 (-% ;%*?8% 3#(-*9( \#'(*&) a%.*O.7.: )(2 $54 '(+.7.4T
X(6<.*46/: 5= K)76=5*(6) ^*.44; @BULc; @NH@B?
LB? A.. P)(, g54I)-6; EEd*5- '3/5%'-# /5 '3/&/dT ()/65(; .05(5-: )(2 /.**6/5*: 6(
0575(6)7 A5,/3 '46);GG ,*:?/&/(#$% 6(95#%' #" 6*.#%() /"5 \#'(*&) ZDrZ a@BBUcY
],+5 &)260.; EEW3. ()/65()7 .05(5-:T ) i.:(.46)( -:/3jGG ,/?#(/8 /"5 ,8/'' LL
a@BUZcT @@@H@ZDY )(2 ^? W):75*; EE"-1.22.2 4/)/64-?GG
ND? W):75*; EE"-1.22.2 4/)/64-;GG @BL\? '4 W):75* (5/.4 a6162?; @BLLH@BLNc; ,(/67 *.7)/6<.7:
*.0.(/7: .<.( /3. 26406876(. 5= 3,-)( +.5+*)83: 3)4 *.8760)/.2 /364 /.**6/5*6)76F.2;
4/)/.>0.(/*60 05(0.8/,)7 5*6.(/)/65(; .6/3.* I6/3 *.=.*.(0. /5 /3. ,*1)( 40)7. a,*1)(
.0575+: )(2 /3. 4/,2: 5= ,*1)( EE4:4/.-4GGc; /3. 4/)/. 40)7. a8576/60)7 +.5+*)83:c 5*
/3. /*)(4>4/)/. 40)7. a+.58576/604c? f,. /5 6/4 )()*0364/; )(/6>4/)/64/ *55/4 6( /3. I5*O
5= /3.5*64/4 4,03 )4 "764.t. &.07,4 )(2 ^./.* i*585/O6(; *.+65()7 +.5+*)83: 8*5<62.4
)( .S0.8/65( /5 /364 /.(2.(0: 6(45=)* )4 *.+65(4 I.*. <6.I.2 )4 .0575+60)77: 2.76->
6/.2; 05(/.S/,)77: 48.06J0 .(<6*5(-.(/4 *)/3.* /3)( )4 /.**6/5*6)7 4,1>,(6/4 5= /3.
4/)/.? $6O.I64.; 6( -)Q5* 4/)(24 5= /3. 26406876(. 5= 364/5*:; /364 6265+*)8360 (5/65(
5= EE48)0.>)4>05(/.S/GG 8*5<62.2 )( 6-85*/)(/ )7/.*()/6<. /5 /3)/ 5= EE48)0.>)4>05(>
/)6(.*;GG I3603 25-6()/.2 /3. 5/3.*; -5*. (5-5/3./60)77: 5*6.(/.2 4506)7 406.(0.4?
N@? A.. &51.*/ A)0O; \9:/" 4%&&#(*&#/8#()= R(' 4-%*&) /"5 \#'(*&) a!.I M5*OT K)->
1*62+. X(6<.*46/: ^*.44; @BU_c?
NL? A.. ^./.* h? W):75*; EEW3. 4/)/. )4 05(/)6(.*T /.**6/5*6)76/: 6( /3. -52.*( I5*72>
4:4/.-;GG ;&*0&%'' #" \9:/" G%*0&/?-) @U a@BBZcT \@H@_L?
CZ

NN? A.. )745 h.)( g5//-)(; 4-% 6#0"#F./".% *+ 4%&&#(*&) aK3)*75//.4<677.T X(6<.*46/: 5=
k6*+6(6) ^*.44; @BUNcY h53( &,++6.; EEW.**6/5*6)76/: )(2 1.:5(2T 8*517.-)/6F6(+
-52.*(6/: 6( 6(/.*()/65()7 *.7)/65(4;GG R"(%&"/(#*"/8 Q&0/"#A/(#*" ZCr@ a@BBNcT @NBH
@CZY )(2 b)7O.*; R"'#5%YQ9('#5%?
NZ? W):75*; EEW3. 4/)/. )4 05(/)6(.*?GG
N\? W364 64 (5/ /3. 87)0. /5 )()7:F. /3. 05-87.S 6(4/6/,/65()7 364/5*6.4 /3*5,+3 I3603
/364 4/)/.>0.(/*60 .864/.-575+: +*)2,)77: 1.0)-. 3.+.-5(60 )4 ) -52. 5= 4506)7>
406.(/6J0 6([,6*:; 8)*/60,7)*7: 6( /3. 854/I)* X(6/.2 A/)/.4 1,/ )745 6( ",*58.; /3.
A5<6./ X(65(; )(2 -,03 5= /3. W36*2 b5*72? P: 05(0.*( 3.*. 64 7.44 /5 .S)-6(. /3.
6(4/6/,/65()7 05(45762)/65( 5= 4/)/.>0.(/*64- /3)( /5 03)*)0/.*6F. )()7:/60)77: 6/4
.44.(/6)7 +.5+*)8360)7 8*.4,88546/65(4? d5* <)*65,4 )005,(/4 5= /3. 6(4/6/,/65()7
364/5*6.4 5= 4/)/.>0.(/*64-; 4..; .?+?; ^7./403; EEW3. /3*.. I5*724GGY &)<6 '*<6(2 ^)7)/;
EEd*)+-.(/.2 <6465(4T "S0)<)/6(+ /3. =,/,*. 5= )*.) 4/,26.4 6( ) 854/>'-.*60)(
I5*72;GG H%$#%3; v#v; N a@BB_cT L_BHN@\Y W):75*; EE"-1.22.2 4/)/64-GGY )(2
b)77.*4/.6(; .26/5*; Q?%" (-% 6*.#/8 6.#%".%'? #( /364 05(/.S/; 6/ 64 )745 0*,06)7 /5
(5/. /3)/ /3.4. 4/)/.>0.(/*60 /.(2.(06.4 6( /3. 07)4460)7 4506)7 406.(0.4 05>.S64/.2
,(.)467: I6/3 )( 588546(+; 6= 4,1/.**)(.)(; EE+751)764/GG 4/*)(2 5= /3.5*: )(2 *.4.)*03?
W364 +751)764/ -52. 5= )()7:464 I)4 .7)15*)/.2 2,*6(+ /3. (6(./..(/3 )(2 .)*7:
/I.(/6./3 0.(/,*6.4 )15<. )77 6( P)*SG4 /3.5*: 5= 0)86/)7 )00,-,7)/65( )(2 6( /3.
/3.5*6.4 5= 6-8.*6)764- 2.<.758.2 1: $.(6(; $,S.-1,*+; )(2 %,O3)*6(? W35,+3
-)Q5* 4/*)(24 5= P)*S6)( 4506)7 /3.5*: I.*. )745 .<.(/,)77: 6(=,4.2 I6/3 4/)/.>
0.(/*60 )44,-8/65(4 a.?+?; /3. (5/65( /3)/ /3. ()/65()7 40)7. I)4 /3. -)6( 4/*)/.+60
750,4 5= 07)44 4/*,++7.c; # <6.I /364 6(/.77.0/,)7 /*)26/65( )4 /3. -54/ 6-85*/)(/
)7/.*()/6<. /5 4/)/.>0.(/*64- I6/36( 07)4460)7 4506575+60)7 26405,*4.? d5775I6(+
/3. A.05(2 b5*72 b)*; <)*65,4 (5(>P)*S64/ )7/.*()/6<.4 /5 4/)/.>0.(/*64- )745
.-.*+.2; 6(07,26(+ /3. 2""/8%' 403557 5= 364/5*65+*)83: )(2 /3. J+,*)/65()7 4506>
575+: 5= !5*1.*/ "76)4? #( )226/65( /5 /3.4. 4/*)(24 5= *.4.)*03; W):75* aEE"-1.22.2
4/)/64-;GG @B@UH@B@Bc 2./.0/4 <)*65,4 7)/. (6(./..(/3>0.(/,*: EE05(/.S/,)764/GG )7/.*>
()/6<.4 /5 4/)/.>0.(/*60 05(0.8/65(4 5= 48)0.; 4,03 )4 6265+*)8360 )88*5)03.4 /5
364/5*65+*)83: )(2 P)*43)776)(>6(486*.2 .05(5-60 )()7:4.4 =50,4.2 5( /3. 8*51>
7.- 5= ,*1)(>*.+65()7 )++75-.*)/65(?
N_? e( /3.4. EE.(0)+6(+GG 8*50.44.4 4.. P603).7 P)((; 4-% 6*9&.%' *+ 6*.#/8 ;*3%&I
_*89:% eL 4-% H#'% *+ ,8/''%' /"5 >/(#*"B6(/(%' a!.I M5*OT K)-1*62+. X(6<.*46/:
^*.44; @BBNc?
NC? W):75*; EEW3. 4/)/. )4 05(/)6(.*;GG @\L? e( /3. 436=/ =*5- EE06/:>0.(/.*.2GG /5 EE/.**6/5>
*6)7GG .05(5-60 4:4/.-4; 4.. d.*()(2 %*),2.7; 4-% ;%&'?%.(#$% *+ (-% M*&85; /*)(4?
Awx )( &.:(5724 a%.*O.7.: )(2 $54 '(+.7.4T X(6<.*46/: 5= K)76=5*(6) ^*.44; @BUNc;
LB\; N\LHNU\?
NU? A.. i)*7 ^57)(:6; 4-% G&%/( 4&/"'+*&:/(#*" a%54/5(T %.)05( ^*.44; @B\CcY )4 I.77
)4 g65<)((6 '**6+36; 4-% X*"0 43%"(#%(- ,%"(9&) a!.I M5*OT k.*45; @BBZc; LNBH
NDDY )(2 &51.*/ K5S; ;&*59.(#*"I ;*3%& /"5 M*&85 Q&5%& a!.I M5*OT K57,-16)
X(6<.*46/: ^*.44; @BUCc; @@@HL@D?
NB? A05// $)43 )(2 h53( X**:; 4-% J"5 *+ Q&0/"#A%5 ,/?#(/8#': aP)2645(; b64?T
X(6<.*46/: 5= b6405(46( ^*.44; @BUCc?
ZD? A? '-6(; EEW3. 03)77.(+. 5= +751)76F)/65(;GG LN_; 8)446-Y A? '-6(; H%B&%/5#"0 (-%
;*'(BM/& ;%&#*5L 2" R"(%88%.(9/8 R(#"%&/&) a!.I M5*OT P5(/37: &.<6.I ^*.44T @BBZc?
Z@? W):75*; EE"-1.22.2 4/)/64-;GG @BLD?
ZL? ]? $.=.1<*.; 4-% ;&*59.(#*" *+ 6?/.%; LUD?
ZN? #162?; LU@?
ZZ? #162?; NDU?
C\

Z\? #162?; LUCY 6/)7604 6( 5*6+6()7?


Z_? #162?; L@?
ZC? A.. !.67 A-6/3; EE'(/6(5-6.4 5= 48)0. )(2 ()/,*. 6( ].(*6 $.=.1<*.G4 4-% ;&*59.B
(#*" *+ 6?/.%;GG ;-#8*'*?-) /"5 G%*0&/?-) L a@BBCcT \DH\@; 8)446-Y )4 I.77 )4; -5*.
+.(.*)77:; h53( '+(.I )(2 A/,)*/ K5*1*62+.; U/'(%&#"0 6?/.%L \%0%:*")I 4%&&#B
(*&) /"5 R"(%&"/(#*"/8 ;*8#(#./8 J.*"*:) a!.I M5*OT &5,/7.2+.; @BB\c?
ZU? A-6/3; EE'(/6(5-6.4;GG \DH\@?
ZB? e( /3. 2.()/65()76F)/65( 5= /3. 4/)/.; 4.. %51 h.4458; EEK)86/)764- )(2 6/4 =,/,*.T
&.-)*O4 5( *.+,7)/65(; +5<.*(-.(/ )(2 +5<.*()(0.;GG H%$#%3 *+ R"(%&"/(#*"/8
;*8#(#./8 J.*"*:) ZrN a@BBCcT \_@H\U@Y %? h.4458; EEf6. q,O,(=/ 2.4 !)/65()74/))/4
H "*5465( 52.* &.5*+)(64)/65(j g*,(24)l/F7603. Xy1.*7.+,(+.( F, b.4/.,*58);GG
1%"'%#(' 5%& >/(#*"/8*TO*"*:#%; \DHB\Y )(2 A)4O6) A)44.(; EEW3. 4/)/. )(2 /3. (.I
+.5+*)83: 5= 85I.*;GG 6( X*'#"0 ,*"(&*8N 6*$%&%#0"() #" /" 20% *+ G8*</8#A/(#*"
a!.I M5*OT K57,-16) X(6<.*46/: ^*.44; @BB_c; @HND?
\D? e( EE*.>40)76(+;GG 4.. "*6O AI:(+.25,I; EE!.6/3.* +751)7 (5* 750)7T E+750)76F)/65(G
)(2 /3. 8576/604 5= 40)7.;GG 6( 6?/.%' *+ G8*</8#A/(#*"; .2? i.<6( K5S a!.I M5*OT
g,67=5*2 ^*.44; @BBCc; @NCH@__Y )(2 "? AI:(+.25,I; EEW3. P)--5( [,.4/T
Eg750)764)/65(;G 6(/.*48)/6)7 05-8./6/65( )(2 /3. -5(./)*: 5*2.*T /3. 05(4/*,0/65(
5= (.I 40)7.4;GG 6( ,#(#%' /"5 H%0#*"' #" (-% >%3 J9&*?%; .2? P60O f,(=5*2 )(2
g*6+5*64 i)=O)7)4 a$5(25(T %.73)<.( ^*.44; @BBLc; NBH_U? e( EEQ,-86(+ 40)7.4;GG
4.. !.67 A-6/3; EE]5-.7.44r+751)7T 40)76(+ 87)0.4;GG 6( U/??#"0 (-% P9(9&%'I X*./8
,98(9&%'I G8*</8 ,-/"0%; .2? h5( %6*2 ./ )7? a$5(25(T &5,/7.2+.; @BBNc; UCH@@BY
!? A-6/3; EE&.-)O6(+ 40)7.T 05-8./6/65( )(2 0558.*)/65( 6( 8*.()/65()7 )(2 854/>
()/65()7 ",*58.;GG 6( ,*:?%(#(#$% J9&*?%/" ;%&#?-%&#%'; .2? ].6OO6 "4O.76(.( )(2
d57O. A(60O)*4 a%.*76(T A8*6(+.* k.*7)+; @BBNc; \BHCZ? '(5/3.* 6-85*/)(/ *.0.(/
)()7:464 5= 436=/4 6( /3. 40)7)* 5*+)(6F)/65( 5= 05(/.-85*)*: 0)86/)764- 64 ^36768
K.*(:; EEg751)76F)/65( )(2 /3. 03)(+6(+ 75+60 5= 0577.0/6<. )0/65(;GG R"(%&"/(#*"/8
Q&0/"#A/(#*" ZBrZ a@BB\cT \B\H_L_?
\@? A.. h)-.4 '(2.*45(; EEW3. 436=/6(+ 4/)+. 5= 8576/604T !.I P.26.<)7 )(2 854/>
-52.*( /.**6/5*6)76/6.4;GG J"$#&*":%"( /"5 ;8/""#"0 KL 6*.#%() /"5 6?/.% @Z a@BB_cT
@NNH@\\?
\L? d5* -5*. .-86*60)77: 2./)67.2 )()7:4.4 5= /364 5(+56(+ *.>40)76(+ 5= /.**6/5*6)76/:;
4.. %*.((.*; EEg751)7 06/6.4; +750)7 4/)/.4GGY K.*(:; EEg751)76F)/65(GGY h.4458; EEf6.
q,O,(=/ 2.4 !)/65()74/))/.4GGY A-6/3; EE&.-)O6(+ 40)7.GGY )(2 AI:(+.25,I;
EE!.6/3.* +751)7 (5* 750)7?GG
\N? P)*/6( '71*5I; EE#(/*52,0/65(;GG 6( G8*</8#A/(#*"I 7"*38%50% /"5 6*.#%(); .2?
P? '71*5I )(2 "? i6(+ aA)+.T $5(25(; @BBDc; B? W364 05(0.8/,)76F)/65( 64 .7)15>
*)/.2 )/ +*.)/.* 7.(+/3 6( P)*/6( '71*5I; 4-% G8*</8 20%L 6(/(% /"5 6*.#%() `%)*"5
U*5%&"#() aeS=5*2T ^576/:; @BB_c?
\Z? A.. P? b)/.*4; G8*</8#A/(#*"; N; 6/)7604 )22.2? d5* 5/3.* .S.-87)*: ,4.4 5= /3.
05(0.8/ 5= EEI5*72 4506./:GG )-5(+ +751)76F)/65( *.4.)*03.*4; 4..; .?+?; W5(: A8:1.:;
G8*</8#A/(#*" /"5 M*&85 6*.#%() aeS=5*2T ^576/:; @BB_cY i)*7 e//5 ]5(2*603;
EEb5*72 4506./6.4 <.*4,4 (603. 4506./6.4;GG 6( 6*.#/8 ,-/"0% /"5 U*5%&"#(); .2? ])(4
])=.*O)-8 )(2 !.67 A-.74.* a%.*O.7.:T X(6<.*46/: 5= K)76=5*(6) ^*.44; @BBLc;
N\@HN__Y h53( P.:.*; EEW3. 03)(+6(+ 0,7/,*)7 05(/.(/ 5= /3. ()/65(>4/)/.T ) I5*72
4506./: 8.*48.0/6<.;GG 6( >%3 2??&*/.-%' (* (-% 6(/(% #" (-% 6*.#/8 6.#%".%'; .2?
g.5*+. A/.6(-./F a#/3)0); !?M?T K5*(.77 X(6<.*46/: ^*.44; @BBUcY h53( P.:.*;
h53( %576; g.5*+. W35-)4; )(2 d*)(06405 &)-6*.F; EEb5*72 A506./: )(2 /3.
!)/65(>A/)/.;GG 2:%&#./" 1*9&"/8 *+ 6*.#*8*0) GG @DNr@ a@BBCcT @ZZH@U@Y P)*/6(
A3)I; EEg751)7 4506./: )(2 +751)7 *.485(461676/:T W3. /3.5*./60)7; 364/5*60)7 )(2
C_

8576/60)7 76-6/4 5= 6(/.*()/65()7 4506./:;GG U#88%"#9: L@ a@BBLcT ZL@HZNZY )(2 b)/.*4;


G8*</8#A/(#*"; 8)446-? d5* 0*6/60)7 2640,4465(4; 4..; .?+?; '? P0g*.I; EE' +751)7
4506./:jGGY )(2 "7-)* '7/<)/.* )(2 %6*+6/ P)3(O58=; G&%"A%" 5%& G8*</8#'#%&9"0=
QfO*"*:#%I QfO*8*0#% 9"5 ;*8#(#O #" 5%& M%8(0%'%88'.-/+( aP,l(4/.*T b.4/=)l76403.4
f)-8=155/; @BBCc; ZZHC_?
\\? A..; .?+?; &5((6. $68403,/F; EE&.4/*,0/,*6(+ I5*72 8576/604T /3. .-.*+.(0. 5= +751)7
06<67 4506./:;GG U#88%"#9: L@ a@BBLcT NUBHZL@Y P6O. d.)/3.*4/5(.; EEg751)7 0,7/,*.T
)( 6(/*52,0/65(;GG 6( d.)/3.*4/5(.; .26/5*; G8*</8 ,98(9&%; @H@ZY P? h? ^./.*45(;
EEW*)(4()/65()7 )0/6<6/:; 6(/.*()/65()7 4506./: )(2 I5*72 8576/604;GG U#88%"#9: L@rN;
a@BBLcT NC@HNUUY '(/35(: A-6/3; EEW5I)*24 ) +751)7 0,7/,*.jGG 6( G8*</8 ,98(9&%
@C@H@BLY A8:1.:; G8*</8#A/(#*" /"5 M*&85 6*.#%()Y )(2 ^),7 b)8(.*; EE^576/604
1.:5(2 /3. 4/)/.T .(<6*5(-.(/)7 )0/6<64- )(2 I5*72 06<67 8576/604;GG M*&85 ;*8#(#.'
ZC a@BB\c; N@@HNZD? d5* ) 0*6/60)7 2640,4465(; 4.. ^? P)*2.(; EEg.5+*)836.4 5= 264>
4.(/?GG
\_? &57)(2 &51.*/45(; G8*</8#A/(#*"L 6*.#/8 4-%*&) /"5 G8*</8 ,98(9&% a$5(25(T
A)+.; @BBLc?
\C? #162?; _; \N; 8)446-?
\U? #162?; L\?
\B? #162?; L_; CCHCU?
_D? #162?; L_HLB; \DH\@?
_@? #162?; \UH_D?
_L? A.. W)705// ^)*45(4; 4-% 6)'(%: *+ U*5%&" 6*.#%(#%' a"(+7.I552 K76`4; !?h?T
^*.(/60. ])77; @BC@c?
_N? A.. #--)(,.7 b)77.*4/.6(; 4-% U*5%&" M*&85B6)'(%: RL ,/?#(/8#'( 20&#.98(9&% /"5
(-% Q&#0#"' *+ (-% J9&*?%/" M*&85BJ.*"*:) #" (-% 6#V(%%"(- ,%"(9&) a!.I M5*OT
'0)2.-60 ^,17643.*4T !.I M5*O; @BCZcY b)77.*4/.6(; 4-% U*5%&" M*&85B6)'(%: RRL
U%&./"(#8#': /"5 (-% ,*"'*8#5/(#*" *+ (-% J9&*?%/" M*&85BJ.*"*:)I ZbccgZahc
a!.I M5*OT '0)2.-60 ^*.44; @BUDcY )(2 b)77.*4/.6(; 4-% U*5%&" M*&85 6)'(%: RRR=
4-% 6%.*"5 J&/ *+ G&%/( JV?/"'#*" *+ (-% ,/?#(/8#'( M*&85BJ.*"*:)I ZaicgZ[jc'
a!.I M5*OT '0)2.-60 ^*.44; @BUBc? e( /3. 48.06J0 8*517.-)/60 5= 48)0. 6( I5*72>
4:4/.- )()7:464; 4.. b)77.*4/.6(; EE#(<.(/65(4 5= W6-.A8)0. *.)76/6.4T W5I)*24 )(
,(2.*4/)(26(+ 5= 5,* 364/5*60)7 4:4/.-4;GG G%*0&/?-) CNrZ a@BUUcT LUBHLBC?
_Z? d5* <)*65,4 2.J(6/65(4 5= 0)86/)764- 6( b)77.*4/.6(G4 I5*O; 4.. .?+?; EEW3. b.4/;
0)86/)764- )(2 /3. -52.*( I5*72>4:4/.-;GG H%$#%3 @\rZ a@BBLcT \__H\UDY \#'(*&#./8
,/?#(/8#': a!.I M5*OT k.*45; @BUNc; @NH@BY EEW3. *64. )(2 =,/,*. 2.-64. 5= /3.
I5*72 0)86/)764/ 4:4/.-T 05(0.8/4 =5* 05-8)*)/6<. )()7:464;GG 6( 4-% ,/?#(/8#'(
M*&85BJ.*"*:) a!.I M5*OT K)-1*62+. X(6<.*46/: ^*.44; !.I M5*O; @BCBc; CH@BY
)(2 4-% U*5%&" M*&85 6)'(%: R; NCHNU; NZU?
_\? b)77.*4/.6(; EEW3. *64. )(2 =,/,*. 2.-64.;GG _; 6/)7604 )22.2? A.. )745 b)77.*4/.6(; 4-%
U*5%&" M*&85B6)'(%: R; _C; NZUHNZB?
__? b)77.*4/.6(; 4-% U*5%&" M*&85B6)'(%: R; NZU?
_C? #( )226/65( /5 /3. /3*.. <57,-.4 5= 4-% U*5%&" M*&85B6)'(%:; 4.. )745 /3. .44):4 6(
4-% ,/?#(/8#'( M*&85BJ.*"*:)Y )(2 b)77.*4/.6(; 4-% ;*8#(#.' *+ (-% M*&85BJ.*"*:)
a!.I M5*OT K)-1*62+. X(6<.*46/: ^*.44; @BUZc?
_U? A..; .?+?; b)77.*4/.6(; EEW3*.. 6(4/)(0.4 5= 3.+.-5(: 6( /3. 364/5*: 5= /3. 0)86/)764/
I5*72>.05(5-:;GG 6( 4-% ;*8#(#.' *+ (-% M*&85BJ.*"*:); NBY EEA/)/.4 6( /3. 6(4/6/,>
/65()7 <5*/.S 5= /3. 0)86/)764/ I5*72 .05(5-:;GG 6( 6162?; LCHN_Y )(2 \#'(*&#./8
,/?#(/8#':; 8)446-?
_B? #/ 64 (5/ )00,*)/.; /3.*.=5*.; /5 *.8*5)03 b)77.*4/.6( =5* *.2,06(+ 4/)/. 85I.* /5
.05(5-60 4/*,0/,*.; 1.0),4. 6( 364 =*)-.I5*O /3. 7)//.* )*. =,(2)-.(/)77: 62.(/6>
CC

0)7? W364 EE*.2,0/65(64/GG 0*6/6[,. 5= b)77.*4/.6( 3)4 1..( )*/60,7)/.2; =5* .S)-87.; 6(
W3.2) AO50857; EEb)77.*4/.6(G4 I5*72 0)86/)764/ 4:4/.-T ) /3.5*./60)7 )(2 364/5*60)7
0*6/6[,.;GG2:%&#./" 1*9&"/8 *+ 6*.#*8*0) ULr\ a@BCCcT @DC\H@@DL?
CD? e( /364 EEg,776<.* =)77)0:;GG 4.. b)7O.*; R"'#5%YQ9('#5%; @NNH@ZD?
C@? b)77.*4/.6( 6(/.*8*./4 /3. +751)7 0*64.4 5= /3. 854/>@BCD4 8.*652 8*6-)*67: 6( 62.5>
75+60)7 /.*-4; )4 /3. EE.(2 5= 761.*)764-?GG A.. b)77.*4/.6(; 2+(%& X#<%&/8#': a!.I
M5*OT W3. d*.. ^*.44; @BB\c? #/ 64 )745 I5*/3 (5/6(+ 3.*. /3)/ /3.4. 8*517.-4 I6/3
b)77.*4/.6(G4 /3.5*: )*. (5/ (.0.44)*67: 6(/*6(460 /5 I5*72>4:4/.- )()7:464? d5*
)//.-8/4 /5 2.<.758 -5*. 364/5*60)77: 48.06J0 )()7:4.4 5= 0)86/)764/ 48)/6)76/: I6/36(
/3. 8)*)-./.*4 5= I5*72>4:4/.- -./352575+6.4; 4..; .?+?; '**6+36; 4-% X*"0 43%"B
(#%(- ,%"(9&)Y )4 I.77 )4 W):75*; EEW3. 4/)/. )4 05(/)6(.*GGY )(2 W):75*; EEb5*72 06/6.4
)(2 /.**6/5*6)7 4/)/.4T /3. *64. )(2 =)77 5= /3.6* -,/,)76/:;GG 6( M*&85 ,#(#%' #" / M*&85B
6)'(%:; .2? ^),7 i(5S )(2 ^./.* h? W):75* a!.I M5*OT K)-1*62+. X(6<.*46/: ^*.44;
@BB\c; ZUH_L?
CL? h)( ')*/ A0357/.; EEb3)/ )*. /3. (.I 48)0.4jGG J"$#&*":%"( /"5 ;8/""#"0 2 LU
a@BB_cT @B_U?
CN? A..; .?+?; P)(,.7 K)4/.774; EE' 85I.*7.44 4/)/.jGG 6( 4-% ;*3%& *+ R5%"(#() aK)->
1*62+.; P)44?T %7)0OI.77; @BBCc; LZNHNDBY K)4/.774; 4-% H#'% *+ (-% >%(3*&O 6*.#%()
aK)-1*62+.; P)44?T %7)0OI.77; @BB_cY K)4/.774; 4-% R"+*&:/(#*"/8 ,#() aK)-1*62+.;
P)44?T %7)0OI.77; @BUBcY d*.2.*60 h)-.45(; ;*'(:*5%&"#':I *&I 4-% ,98(9&/8 X*0#.
*+ X/(% ,/?#(/8#': af,*3)-; !?K?; @BB@Y '88)2,*)6; U*5%&"#() /( X/&0%Y i.(6036
e3-).; 4-% J"5 *+ (-% >/(#*"/8 6(/(% a!.I M5*OT W3. d*.. ^*.44; @BB\cY e3-).;
4-% `*&5%&8%'' M*&85 a!.I M5*OT ])*8.* K5776(4; @BBDcY &,++6.; EEW.**6/5*6)76/: )(2
1.:5(2GGY )(2 &51.*/ eG%*6.(; G8*</8 P#"/".#/8 R"(%0&/(#*"L 4-% J"5 *+ G%*0&/?-)
a$5(25(T ^6(/.*; @BBLc? d5* .S/*.-. <.*465(4 5= /364 EE.(2 5= +.5+*)83:GG /3.464; 4..
)745 h)-.4 f.* f.*6)(; EEW3. a4c8)0. 5= 6(/.*()/65()7 *.7)/65(4T 46-,7)/65(; 4,*<.67>
7)(0. )(2 48..2;GG R"(%&"/(#*"/8 6(95#%' W9/&(%&8) NZ a@BBDcT LB\HN@DY )(2 ^),7
k6*6765; 6?%%5 /"5 ;*8#(#.' a!.I M5*OT A.-65/.S/.; @BUZc?
CZ? W3. 76/.*)/,*. 5( /3.4. EE854/>d5*264/GG =5*-4 5= ,*1)( )(2 *.+65()7 *.4/*,0/,*6(+
3)4 .S8)(2.2 -)446<.7: 6( *.0.(/ 2.0)2.4? d5* *.0.(/ 5<.*<6.I4 4..; .?+?; '43
'-6(; EE^54/>d5*264-T P52.74; d)(/)46.4 )(2 ^3)(/5-4 5= W*)(46/65(;GG 6( ;*'(B
P*&5#':L 2 H%/5%&; .2? '43 '-6( aK)-1*62+.; P)44?T %7)0OI.77; @BBZc; @HZDY
'7)6( $686./F; EEW3. 750)7 )(2 /3. +751)7T *.+65()7 6(26<62,)76/: 5* 6(/.**.+65()764-jGG
4&/"'/.(#*"' *+ (-% R"'(#(9(% *+ `&#(#'- G%*0&/?-%&' @Ur@ a@BBNcT UH@UY )(2 P603).7
A/5*8.*; EEW3. *.4,*+.(0. 5= *.+65()7 .05(5-6.4; /.( :.)*4 7)/.*T /3. *.+65( )4 ) (.S,4
5= ,(/*)2.2 6(/.*2.8.(2.(06.4;GG J9&*?%/" !&</" /"5 H%0#*"/8 6(95#%' LrN a@BB\cT
@B@HLL@?
C\? AI:(+.25,I; EE!.6/3.* +751)7 (5* 750)7GGY )(2 AI:(+.25,I; EEW3. 3.)*/ 5= /3. 87)0.T
/3. *.4,**.0/65( 5= 750)76/: 6( )( )+. 5= 3:8.*48)0.;GG G%*0&/F'O/ 2""/8%& %; C@r@
a@BUBcT N@HZL? A.. )745 '43 '-6( )(2 !6+.7 W3*6=/; EE!.5>P)*43)776)( (52.4 6(
+751)7 (./I5*O4;GG R"(%&"/(#*"/8 1*9&"/8 *+ !&</" /"5 H%0#*"/8 H%'%/&.- @_rZ
a@BBLcT \C@H\UC?
C_? A..; .?+?; X%' &%@0#*"' C9# 0/0"%"(= K#'(&#.(' %( &%@'%/9VL 8%' "*9$%/9V ?/&/5#0:%' 5%
8/ 0%@*0&/?-#% %@.*"*:#C9%; .2? g.5*+.4 %.(O5 )(2 '7)6( $686./F a^)*64T ^Xd; @BBLcY
R"59'(&#/8 ,-/"0% /"5 H%0#*"/8 K%$%8*?:%"(; .2? g.5*+.4 %.(O5 )(2 P60O f,(=5*2
a!.I M5*OT %.73)<.( ^*.44; @BBLcY '77.( A05//; EE&.+65()7 -5/5*4 5= /3. +751)7
.05(5-:;GG P9(9&%' LUr\ a@BB_cT NB@HZ@@Y ;/(-3/)' (* R"59'(&#/8#A/(#*" /"5 H%0#*"/8
K%$%8*?:%"(I .2? '77.( A05// )(2 P603).7 A/5*8.* a!.I M5*OT &5,/7.2+.; @BBLcY
K3*64/6)( A03-62; EEX*1)(. &.+65( ,(2 W.**6/5*6)7<.*3)l7/(64 H q,* &.+,7)/65( 2.4
X*1)(646.*,(+48*5F.44.4;GG 6( !"(%&"%-:%" G8*<9'; .2? P603).7 %*,03 )(2 ])(4>
CU

^./.* i*.14 aP,l(4/.*T b.4/=)l76403.4 f)-8=155/; @BB_c; LLZHL\ZY )(2 A/.=)( i*)t/O.;
EEg751)7646.*,(+ ,(2 &.+65()7646.*,(+;GG G%*0&/?-#'.-% k%#('.-&#+( UNrN a@BB\cT LDCH
LL@?
CC? !.67 A-6/3; EEA8)0.4 5= <,7(.*)1676/:T /3. 48)0. 5= R5I4 )(2 /3. 8576/604 5= 40)7.;GG
,&#(#C9% *+ 2"(-&*?*8*0) @_r@ a@BB_cT CLY 6/)7604 6( 5*6+6()7?
CU? &51.*/ K5S; EEA/*,0/,*)7 644,.4 5= +751)7 +5<.*()(0.T 6-8760)/65(4 =5* ",*58.GG 6(
G&/:'.#I \#'(*&#./8 U/(%&#/8#': /"5 R"(%&"/(#*"/8 H%8/(#*"'; .2? A/.83.( g677 a!.I
M5*OT K)-1*62+. X(6<.*46/: ^*.44; @BBNc; L\BHLUB?
CB? A.. $.5 ^)(/603; EEg751)76F)/65( )(2 /3. 4/)/.;GG 6( 4-% 6*.#/8#'( H%0#'(%& Z[[j; .2?
&)783 P6761)(2 )(2 $.5 ^)(6/03 a$5(25(T P.*76(; @BBZc; _DHBN? A.. )745; .?+?;
A)44.(; X*'#"0 ,*"(&*8Y b.644; EEW3. -:/3 5= /3. 85I.*7.44 4/)/.GGY )(2 A0357/.;
EEg751)7 0)86/)764- )(2 /3. 4/)/.?GG
UD? K.*(:; EEg751)76F)/65(;GG _LD? A.. )745 h5)036- ]6*403; K%& "/(#*"/8% M%((<%3%&<'B
'(//( a%.*76(T #f>'*036<; @BB\cY )(2 %51 h.4458; EE^54/>d5*264- )(2 /3. A/)/.;GG 6(
;*'(BP*&5#':L 2 H%/5%&; L\@HLCB?
U@? e( /3. 4/)/.G4 EE35775I6(+ 5,/GG 4.. h.4458; EE^54/>d5*264- )(2 /3. A/)/.?GG e( /3.
EE+750)76F)/65(GG 5= /3. 4/)/.; 4.. AI:(+.25,I; EE!.6/3.* +751)7 (5* 750)7GGY %*.((.*;
EEg751)7 06/6.4; +750)7 4/)/.4GGY )(2 %*.((.*; EEg751)7646.*,(+ ,(2 &./.**6/5*6)76>
46.*,(+T A/)l2/.; A/))/.( ,(2 *),l-7603. &.4/*,O/,*6.*,(+ 6- 3.,/6+.( ",*58);GG
M%8(4&%"5'= R"(%&"/(#*"/8% ;*8#(#O 9"5 $%&08%#.-%"5% 6(95#%" @CrZ a@BBCcT CHND?
UL? A..; .?+?; P)*+6/ P):.*; EEW3. 436=/6(+ 750)7 8576/60)7 4:4/.- 6( ",*58.)( 06/6.4;GG 6(
,#(#%' /"5 H%0#*"' #" (-% >%3 J9&*?%; L\\HLC_Y h)-6. ^.0O )(2 '2)- W60O.77;
EEA.)*036(+ =5* ) (.I 6(4/6/,/65()7 JST /3. /+(%&>d5*264/ 0*6464 )(2 /3. +751)7>750)7
2645*2.*;GG 6( ;*'(BP*&5#':L 2 H%/5%&; LUDHN@\Y &603)*2 "<)(4 )(2 '7)( ])*26(+;
EE&.+65()764)/65(; *.+65()7 6(4/6/,/65(4 )(2 .05(5-60 2.<.758-.(/;GG ;*8#.) /"5
;*8#(#.' L\r@ a@BBCcT @BHNDY ].7-,/ k5.7FO5I; EEf.* q,+ 6( 26. &.+65(.(? ^576/6403.
&.+65()7646.*,(+ )74 '(/I5*/ ),= 26. g751)7646.*,(+ 2.* eyO5(5-6.;GG `%&8#"%&
K%</((% R"#(#/8 \ a@BB_cT _UHCU?
UN? K.*(:; EEg751)76F)/65(;GG _@U?
UZ? #162?; _LDH_L@?
U\? &,++6.; EEW.**6/5*6)76/: )(2 1.:5(2?GG
U_? '(2.*45(; EEW3. 436=/6(+ 4/)+. 5= 8576/604;GG @\@?
UC? A.. $.=.1<*.; 4-% ;&*59.(#*" *+ 6?/.%; UCHUU?

Vous aimerez peut-être aussi