Vous êtes sur la page 1sur 129

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

/
0(+,$5$*"-' +'" ;4 4&#',$-4- -* 6<( -* +&4,*"#4 = +$"+' 42'( -* *39*,$*"+$4 +'"#$"&4 -*
*(#4-'( +'"(+$*"#*( (&9*,$',*(? >JA7 .H7GD:! K4 9,'9',+$'"4-' 4; 6&"-' &" #*(','
;$#*,4; -* *(+,$#'( = -$(+&,('( ('5,* ;'( E4(#'( #*64( -* ;4 +'"+$*"+$4 = ;4 *E';&+$@"F
1&,4"#* ;'( L;#$6'( E*$"#* 42'( -* (& E$-4? >'9$ .,$(K"4 -*-$+@ (&( *"*,%M4( 4 9,*(*"#4,
4; 6&"-' (&( $-*4( ('5,* ;4 +'"-$+$@" 4+#&4; -*; 6&"-' = ;4 *E';&+$@" B&#&,4 -* ;4 ,4C4
K&64"4F I&4"-' B4;;*+$@ *" O&;$' -* NZQX 4 ;4 *-4- -* QN 42'(? B&* 4+;464-' +'6' &"4
4&#',$-4- ;M-*, *" ;4 +$*"+$4 -* .&"-4;$"$ = ;4 7"E*(#$%4+$@" -* ;4 I'"+$*"+$4F

84 5L(W&*-4 -* >'9$ .,$(K"4 B&* +,*4, +'"+$*"+$4 = +'69,*"($@" -* ;4 9*;$%,'(4 ($#&4+$@"


*" ;4 W&* (* *"+&*"#,4 ;4 K&64"$-4- *" ;4 4+#&4;$-4-F T; +,*M4 W&* ;4 ,4C4 *(#< *" &"
*(#4-' +'"#$"&' -* *E';&+$@"? 9*,' 4K',4 K4 4;+4"C4-' &"4 *#494 +,&+$4; *" *(#*
-*(4,,';;'F 84 K&64"$-4- *(#< 4; 5',-* -* &" (4;#' %$%4"#* K4+$4 *(#4-'( (&9*,$',*( -*
+'"+$*"+$4? 9*,' 4; 6$(6' #$*69' #$*"* *; +'"'+$6$*"#' = ;'( 6*-$'( 94,4 -*(#,&$,(* 4 (M
6$(6' = 4; 9;4"*#4 +'" (';' 9,*($'"4, &" 5'#@"F

!B$,64 W&* K4= ;*=*( -$E$"4( W&* ,$%*" "&*(#,' 9,'%,*('F D4 ;;*%4-' *; 6'6*"#' -* W&*
;4 K&64"$-4- +'69,*"-4 *(#4( 8*=*( $"E$';45;*( = 49,*"-4 4 E$E$, *" 4,6'"M4 +'" (&(
(*6*O4"#*( 94,4 W&* "&*(#,4 *E';&+$@" 9&*-4 9,'+*-*, -* 64"*,4 (4;&-45;*F

J#,'( ;$5,'( -*; 4&#', *" /[GA1

NF .&"-4;$"$ U 0; (*+,*#' -*; ='%4

PF 0; 9,'9@($#' -*; ='%4

VF 84 *E';&+$@" -* ;4 +'"+$*"+$4 (&9*,$',

XF \,*( 9*,(9*+#$E4( -* .&"-4;$"$

]F 84 64,4E$;;4 -*; +*,*5,'

RF 84( 9'($5$;$-4-*( -$E$"4( *" *; K'65,*


:)%/1#&- -("8(%&- 7( 4;50:6<5< =!"#$%& () *+)",+-%+./2 3 9&?/ 48/-,)+
;>J *#A$/-,(8-H 0/-%8/A#%&8- 6%7G
D :)-+8/ K&+7E 5#(.+ 0($,/3HH@ @@F
6&- %($(L&)&-G MFBMC@HE MFCCCIC O N+A$(Z Q!0!J 6!J 6<>K!J O X+WZ T[HU HH3MFB3CD[M
"&88(& ($("%8P)/"&Z #A-?7 7($V-\]G-?8/)%8?1G(\-G.-)$G)(% ()
:?((R+] N,+\A(8-E D S+$$+"( J%8((%E Y#\A+/3I@@ @@H
Q($_L&)&- F@BC[BHEF@BBB@@ O N+A$(Z ;>J<*;> : X+WZ F@B@^FB
H@ *8/\(8+ "+88(%(8+ ?8/)"/?+$E 9+)7,/ 5+1+8E >+)1+$&8(3DC@ @@[
Q($_L&)&-Z FFCM[@HE FFCM[@FE FFDM[@M O N+A$(Z Q!0!J 6!J 6<>K!J O X+WZ FFCM[@I
CE J/.+1+)1+ K&+7E 5#)1+\A+jj+\E N,())+/3C@@ @MI
Q($_L&)&Z ^FBCMDDE ^FB@H^[ O N+A$(Z ;>J<*;> O X+WZ ^FB^[F@
^aH3>G N,&h8/)1,(( 6+)(E N+$"#%+3B@@ @HC
Q($_L&)&-Z FIIH^FHE FIIF[H@E FII[IBM O N+A$(Z ;>J<*;>J O X+WZ FID@@FB D :E
K+R()78+ 5+1+8E *+%)+3^@@ @HC Q($_L&)&- CBF^DCE CBM[BME C DCHB@ O
N+A$(Z ;>J*;> O X+WZ CDCHC[ ^@E 5&8&),+ K&+7E N+)%&)\()%E
4+)?#83F@^ @@I Q($_L&)&-Z MC[HFIE MCFCCDE MDBI^^ O X+WZ MHDHFF
0(8(",&- 7( +#%&8 g 9&?/ 48/-,)+
*8/\(8+ ?#A$/"+"/P) H[[D *8/\(8+ 8(/\?8(-/P) H[[C J(1#)7+ 8(/\?8(-/P) H[[B
<J>5Z ^H3BIBC3@IM3H
\'-'( ;'( -*,*+K'( ,*(*,E4-'(F :$"%&"4 94,#* -* *(#4 9&5;$+4+$@" 9&*-* ,*9,'-&+$,(* '
#,4"(6$#$,(* -* "$"%&"4 B',64 "$ 9', "$"%L" 6*-$'? =4 (*4 *;*+#,@"$+' ' 6*+<"$+'?
$"+;&=*"-' B'#'+'9$4(? %,454+$'"*( ' +&4;W&$*, ($(#*64 -* 4;64+*"46$*"#' =
,*+&9*,4+$@" -* $"B',64+$@"? ($" *; 9*,6$(' 9', *(+,$#' -*; *-$#',F

A&5;$+4-' *" 4+&*,-' +'"

0:IJ:\H!HF S$-*$+'6$(' -* $"E*(#$%4+$@"

HFHF] S;*(K*,#'"? J"#4,$'? I4"4-<? :JI N0J

84 S&"-4+$@" -* 7"E*(#$%4+$@" .&"-4;$"$? 8#-F AFJF ['3 PPXQ

!;#&,4( -* :','#'"? I\F YRQPY? / GF!F

S&"-4+$@" -* 7"E*(#$%4+$@" -* [$'*"*,%M4

I4,'; 8 G#,'9 IA!? NX_ G >,4"4-'( !E*"&*

G';4"4 [*4+K? I! ZPY_]? 00F //F

1$(*2' -* 9',#4-4^ /[G !,# G#&-$'

1$(*24-' = +'69&*(#' *" /[GA1 *" NN 9#F :&*E' [4(j*,E$;;* 769,*(' *" H4Oj464;
0;*+#,$+ A,*((? 1*;K$

NF I'"'+$6$*"#' 6M(#$+'

84 4"#$%a*-4- -* ;4( -'+#,$"4( -* GK4j#$ .&"-4;$"$ *" '#,4( +&;#&,4( 84 *"*,%M4 E$#4;
+@(6$+4

PF GK$E4 = GK4j#$

0; E*;' -* 64=4

I@6' B&"+$'"4 *; j4,64

A*,+*9+$@" "',64; = 94,4"',64;

84 64,4E$;;4 -* ;4 +'"+$*"+$4 (&9*,$',

VF 039*,$*"+$4 6M(#$+4 = +$*"+$4 6'-*,"4

h*"#* = +*,*5,' G$*#* "$E*;*( -* +'"+$*"+$4 I$*"+$4 = B$;'('BM4 $"-$4 84( ;$6$#4+$'"*( -*;
$"#*;*+#'

XF 84 "4#&,4;*C4 -* ;4 ,*4;$-4-F

g$($@" 6M(#$+4^ &"4 B',64 -* %*"$' g*,-4-*,4 *39*,$*"+$4 6M(#$+4 .&"-4;$"$ +'6' *;
,*(9;4"-', $;&6$"4-', I,*4#,$3 = &" ('"$-' +@(6$+'
]F 0; &"$E*,(' $"#*,"'

0(#4-'( 4;#*,4-'( -* +'"+$*"+$4 0; d3#4($( 9*,*""* .&"-4;$"$ +'6' *; $-*4; -* ;4 5*;;*C4


0; 9'-*, 64%"d#$+' -* ;'( 7;&6$"4-'(
7 ;&6$"4-'(

H*B*,*"+$4(

A4"+K4(#4E$

A,$6*, I4"#'

G*%&"-' I4"#'

\*,+*, I4"#'

I&4,#' I4"#'

k&$"#' I4"#'

I'6' &"4 %*64 $"E4;&45;*? *(+'"-$-4 *" *; $"#*,$', +4E*,"'(' -* &"4 6'"#424?
A4"+K4(#4E$? &" K$6"' -* 4;454"C4 ($" $%&4; -$,$%$-' 4 .&"-4;$"$? (* K4 9,'#*%$-' -* ;'(
'O'( -*; 6&"-' 9', ;'( 9$+'( -* ;4( 6'"#424( "*E4-4( W&* ,'-*4" *; K*,6'(' E4;;* -*
I4+K*6$,4F ? &"4 E*C W&* (* -$+* W&* *( &" ;4%' +'"'+$-' 9', *; *"+4"#4-', "'65,* -*
G4#$UG4,F 03+*9#' 9', &"' -* ;'( +$"+' I4"#'(? W&* +'69,*"-*" #'-' *; ;$5,'?
9,<+#$+46*"#* "' (* (45* "4-4 ('5,* *(#4 64%"MB$+4 +'69'($+$@"? '5E$46*"#* -* &"
9'*#4 +4+K*6$, 4 ;'( *,&-$#'( *" '#,4( 94,#*( -*; 94M(F

I@6' &" ;$5,' #4" ,4,' 9'-,M4 9*,64"*+*, -*(+'"'+$-' = "' 49,*+$4-' 6<( 4;;< -* ;'(
+'"B$"*( -*; E4;;*? -&,4"#* &" 9*,M'-' -* 6<( -* 6$; 42'(? ($%&*
( $%&* ($*"-' &" 6$(#*,$' 94,4
*; W&* "' #*"*6'( *39;$+4+$@" *" *(#* 6'6*"#'F I'"6'+$'"*( 9';M#$+4( +'"E&;($E4( = ;4
'9,*($@" 5<,54,4? 4 #,4Ed( -* ;4( +&4;*( 94(4,'" ;'( 5,4K64"*( -* I4+K*6$,4 -&,4"#*
($%;'(? +'65$"4-4( +'" ;4( -$B$+&;#4-*( -* +'6&"$+4+$@" = ;4 9'($+$@" 4$(;4-4 -*; E4;;*?
-*5* K45*, +'"#,$5&$-' *" %,4" 6*-$-4 4 ,*;*%4, *; #,454O' 4; ';E$-' *" *; W&* ;'
*"+'"#,46'( 4+#&4;6*"#*F 0(#' "' *( +$*,#' (';' 94,4 A4"+K4(#4E$F D4= '#,4( %*64(
$"+'694,45;*( -* ;4 ;$#*,4#&,4 ,*;4+$'"4-4( +'" ;4( -'+#,$"4( GK4$E4? 9*+&;$4,*( -*
I4+K*6$,4? = *3+*;*"#*( +'69'($+$'"*( (&BM*( W&* 4L" *(9*,4" ;4 #,4-&++$@" 4 &" $-$'64
6&"-$4; 94,4 +'"#,$5&$, 4 ;'( #*(','( ;$#*,4,$'( +'694,#$-'( *" +'6L" 9', #'-4 ;4
K&64"$-4-F
0; L"$+' '#,' #,454O' *" #'-4 ;4 %464 -* GK4j#$ GK4(#,4 *" 7"-$4 +'694,45;* 4 A4"+K4(#4E$
*( *; B46'(' #,454O'? +'"'+$-' +'6' G4&"-4,=4 84K4,$? 4#,$5&$-' 9', 4;%&"'( *,&-$#'( 4;
B46'(' B$;@('B' 6M(#$+' GK4"j4,4+K4,=4 W&$*"? (*%L" (* -$+*? B;',*+$@ *" *; ($%;' g777F !1
0; #*64 -* ;4 4&#',M4 -* -$+K' #,454O' 4L" "' (* K4 ,*(&*;#' B$"4;6*"#* = '#,'( *(+,$#',*(
+&*(#$'"4" ;4 9'($+$@"F G4&"-4,=4 84K4,$ (* -$E$-* *" -'( 94,#*(F 84 9,$6*,4 94,#*?
+'"'+$-4 +'6' !"4"-4 84K4,$? ' ;4 J;4 -* ;4 S*;$+$-4-? +'"(#4 -* XN E*,('( = ;4 (*%&"-4?
W&* *( -* RP E*,('(? (* +'"'+* +'6' G4&"-4,=4 84K4,$ 9,'9$46*"#* -$+K'? W&* ($%"$B$+4
;4 J;4 -* ;4 [*;;*C4F 8'( -'( O&"#'( K4+*" &" #'#4; -* NYV (;'j4(F 03$(#* &" +'"B;$+#' -*
9&"#'( -* E$(#4 ('5,* *; "L6*,' -* E*,('( #465$d"F 84 *(#$64 = ;4 $69',#4"+$4 *" W&* (*
K4 64"#*"$-' *(#* ;$5,' (* 9&*-* *E4;&4, B<+$;6*"#* 9', *; K*+K' -* W&* "' 6*"'( -*
#,*$"#4 = (*$( +'6*"#4,$'( 5$*" +'"'+$-'( (* K4" *(+,$#' ('5,* d;? = +4($ #'-4( ;4( (M;454(
(* K4" +'"E*,#$-' *" *; #*64 -* ;4,%4( -$(+&($'"*( 9', 94,#* -* ;'( *,&-$#'(F
I'6*"#4,$(#4(F

8'( +'6*"#4,$'(? 4&"W&* "' ('" ,4-$+4;6*"#* -$B*,*"#*( *"#,* (M? 4 6*"&-' 9,*(*"#4"
9&"#'( -* E$(#4 = #*',M4( -$E*,%*"#*( * $"#*"#4" -$E*,(4( $"#*,9,*#4+$'"*( -* ;'( K$6"'(
-* 4+&*,-' +'" *;;'(F G* -$+* W&* GK4"j4,4+K4,=4 54(@ 4 !"4"-4 84K4,$ *" '#,4 '5,4
B46'(4? G&5K4%'-4=4? 4#,$5&$-4 4; %&,& -* (& %&,&? +'"'+$-' +'" *; "'65,* -*
>4&-494-4F 0(#< K*+K' -*"#,'? +'"($-*,4-' +'6' (';' &"4 *3#*"($@" -* *(#* L;#$6'F
0(#* 9*W&*2' -*#4;;* (* K4 -4-' 94,4 6'(#,4, *; *(#,*+K' 94,*"#*(+' *"#,* ;4 B$;'('BM4
-* g*-4"#4? (*%L" ;' *39&*(#' 9', GK4"j4,4? = G,$ g$-=4 ' ;4 -'+#,$"4 -* ;4 *"*,%M4
+@(6$+4 W&* B',64 ;4 54(* -* ;4 #,4-$+$@" #<"#,$+4F

D4= ($6$;$#&-*( (',9,*"-*"#*( *"#,* A4"+K4(#4E$ = G4&"-4,=4 84K4,$F !;%&"4( -* ;4(


'9$"$'"*( *39,*(4-4( ('" $-d"#$+4( * $"+;&(' ;4 *39,*($@" *(? *" 4;%&"'( ;&%4,*(? 4;%'
($6$;4,F 84 ,$W&*C4 -*; +'"'+$6$*"#' = ;4 9,'B&"-$-4- -* '5(*,E4+$@" 6'(#,4-4?
+'65$"4-4 +'" ;4 5*;;*C4 -* ;4 *39,*($@" 9'd#$+4 = *; &(' -* 94;45,4( = B,4(*( 49,'9$4-4(?
('" #4" "'#45;*( W&* "' *( -* *3#,424, W&* ;4 4&#',M4 -* G4&"-4,=4 84K4,$? 4; 6*"'(? (*
K4=4 4#,$5&$-' 4 8',- GK$E4 6$(6'? = (* -$+* W&* GK4"j4,4+K4,=4 B&* (';' *; h4"#,4U
-,4(K#4 ' H$(K$? ;' W&* ($%"$B$+4 W&* *; #,454O' ;* B&* ,*E*;4-'F

0; 6$(6' ',$%*" ,*E*;4-', (* 9&*-* 4#,$5&$, 4 A4"+K4(#4E$ #465$d"F G& 4&#',M4 *(#<
*"E&*;#4 *" 6$(#*,$'? 9*,' "' +45* -&-4 -* W&* *( ;4 +'69'($+$@" $"(9$,4-4 -* &" ='%&$
W&* K45M4 4;+4"C4-' ;4 *#494 6<( 4;#4 -* ,*4;$C4+$@"F 0; #,454O' K4 ($-' +$#4-' +'6' ;$5,'
B&*"#* 9', E4,$'( *(#&-$'('( *6$"*"#*( -* I4+K*6$,4? 9*,' *; "'65,* -*; 4&#', ($*69,*
K4 9*,64"*+$-' ($" (*, ,*E*;4-'F G$" ,*E*;4, (& $-*"#$-4-? *; 4&#', (* K4 ,*B*,$-' 4 (M
6$(6' *" #d,6$"'( 6&= K&6$;-*( *" 4;%&"'( -* ;'( E*,('( = *" &"' -*B$"$#$E46*"#*
,*+'"'+$@ (& -*&-4 $694%45;* +'" ;4 1$'(4 9', #'-4( ;4( 5*"-$+$'"*( -* *(#* 6&"-' W&*
K45M4" *",$W&*+$-' (& E$-4F

!; +'6*"#4, ('5,* ;4 4&#',M4 = ;4 B*+K4 -* +'69'($+$@" -* A4"+K4(#4E$? *; 9,'B*(', .F:F


1K4, *(+,$5*^
e0" 4;%&"'( 64"&(+,$#'( -* ;4 [$5;$'#*+4 -* 7"E*(#$%4+$@" -*; >'5$*,"' -* I4+K*6$,4? *;
"'65,* -*; 4&#', (* K4 -4-' +'6' 84%K4E4+K4,=4 = *" 4;%&"'( +'6' !+K4,=4
A,$#KE$-K4,4? &" -$(+M9&;' -* GK465&"4#K4F 0" &" 64"&(+,$#'? *; "'65,* -*; 9'*#4 (* K4
*(+,$#' +'6' GK,$ H46+K4"-,4+K4,=4F 84 #,4-$+$@" -* I4+K*6$,4 $"+;&(' 4#,$5&=* *;
#,454O' 4 !5K$"4E4%&9#4F 0" E*,('( -* A4"+K4(#4E$ +$#4-'( 9', ;'( +'6*"#4,$(#4( -*
g$-=4,"4E4 = G4&5K4%=4 H4#"4j4,4? *; 4&#', K4 ($-' 6*"+$'"4-' +'6' 1K4,64+K4,=4F
:$#=4"4"-4? *; +'6*"#4,$(#4 -* \,$9&,4Uh4K$64UG#'#,4? +',,'5',4 *(#4 '9$"$@"F 0"
"&*(#,' 9,'9$' #$*69'? D4,45K4##4 GK4(#,$ \465$d" #'6@ 1K4,64+K4,=4 94,4 (*, *;
4&#', -* A4"+K4(#4E$F

e0; K*+K' 6$(6' -* W&* "' K4=4 &"4"$6$-4- -* '9$"$@" ('5,* ;4 4&#',M4 -* A4"+K4(#4E$
;;*E4 4 ;4 +'"+;&($@" -* W&* *" ,*4;$-4- *; 9,'9$' 4&#', *;$%$@ 9*,64"*+*, *" *;
4"'"$64#'F 0; L;#$6' E*,(' -*; 9,$6*, +49M#&;' 94,*+* (&(+,$5$,(* 4 *(#* 9&"#' -* E$(#4F
0; &(' -* ;4%K&(#E4#64"$ `$"($%"$B$+4"+$4 9', (M 6$(6'f ;* $69$-* 9,'+;464, (& "'65,*F
0(#' -*"'#4 *; 6<( 4;#' %,4-' -* K&6$;-4-F D$#'94-*(K4 4+;464 4; I'"'+$6$*"#' +'6'
*; W&* '#',%4 ;4 K&6$;-4-F 0" +&4"#' 4 ;'( "'65,*( !+K4,=4? .4;$-4(4 = 1K4,64+K4,=4?
(* 9&*-* -*+$, W&* *" ,*4;$-4- *(#'( "'65,*( "' ('" 49,'9$4-'(? ($ "' (';' #M#&;'(F
!+K4,=4 ($%"$B$+4 &" 9,*+*9#', = 1K4,64+K4,=4 ($%"$B$+4 &" 9,*+*9#', -*; -K4,64l 4W&M?
'5E$46*"#*? (* *"#$*"-* GK4$E4 -K4,64F ! E*+*(? $"+;&(' ;'( *(+,$54(? +&4"-' "'
+'"'+*" *; "'65,* -* &" 4&#',? 9'"*" &" "'65,* B$+#$+$' ' #$#&;4, *" ;&%4, -* *; *(+,$#',
,*4;F A', ;' #4"#'? "'( E*6'( '5;$%4-'( 4 +'"+;&$, W&* ;4 4&#',M4 -* A4"+K4(#4E$ ($%&*
($*"-' &" 6$(#*,$' ($" ,*(';E*,F

eA4"+K4(#4E$ +'"#$*"* *" d; ;4 W&$"#4*(*"+$4 -*; "' -&4;$(6' #<"#,$+'F 84 9,$6*,4


,*B*,*"+$4 *3$(#*"#* 4 d; (* *"+&*"#,4 *" *; G4,4(m4#$ .4"#K45K4,"4 -*; ,*= [K'O4F 84
B*+K4 9,'545;* -* ;4 +'69'($+$@" -* G4,4(m4#$ .4"#K45K4,"4
.4"#K45K4,"4 *( *"#,* NYVY = NY]Y -FIF?
9', ;' #4"#'? A4"+K4(#4E$ -*5* K45*, ($-' +'69&*(#' 6&+K' 4"#*( W&* d; 9', ;4 ,4C@" -*
W&* *" ;4 d9'+4 -* [K'O4 (& 6d,$#' 9'd#$+' -*5* K45*,(* *(#45;*+$-' ('5,* &"4 54(*
B$,6*? =4 W&* (';' *"#'"+*( 9'-,M4 6*,*+*, &" ;&%4, *" &"4 '5,4 ('5,* 9'd#$+4F

eG* 9&*-* -*+$, W&* G4&"-4,=4 84K4,$? 4-(+,$#' 4 GK4"j4,4+K4,=4? *( &" E';&6*"
K*,64"' -* A4"+K4(#4E$F A', *(#4 ,4C@"? 84j(K6$-K4,4 *" (& +'6*"#4,$' ('5,* *;
9,$6*,' K4 +$#4-' 9,'B&(46*"#*F 0( 6&= -$BM+$; -*+$, W&d +'69'($+$@" -* ;'( -'( *(
4"#*,$',? W&d -*&-4 #$*"*" *"#,* (M = +&<; *( ;4 B&*"#* +'6L" -*#,<( -* ;'( -'(F G$"
*654,%'? (* 9&*-* -*+$,? ($" #*6', 4 +'"#,4-$++$'"*(? W&* *; #*64 -* *(#4( -'(
+'69'($+$'"*( *( ($6$;4,*(? +'6' #465$d" ;4 B,4(* = *; $-$'64 *" 6&+K'( ;&%4,*(? *(
9'($5;* W&* 465'( K4=4" ($-' +'69&*(#'( ($6&;#<"*46*"#* FFF G* -$+* W&*
GK4"j4,4+K4,=4 (* +'"E$,#$@ *" &" 4-',4-', -* GK4j#$ -&,4"#* (& *(#4"+$4 *"
I4+K*6$,4FN 84 #,4-$+$@" ;'+4; -* I4+K*6$,4 +'"B$,64 *(#4 '9$"$@"F 84( B*+K4( -*
GK4"j4,4 (* K4" B$O4-' *"#,* _QQ = QVY -I? P 4(M A4,*+* 9,'545;* W&* A4"+K4(#4E$
#465$d" (* +'69&(' -&,4"#* *(#* 9*,M'-'F
eG$ (* 4,%&6*"#4 W&* A4"+K4(#4E$ *( 9'(#*,$', 4 G4&"-4,=4 84K4,$? 4L" 4(M "' 9'-,M4
K45*,(* +'69&*(#' -*(9&d( -* NYVY 4 NY]Y 1IF 0" +&4;W&$*, +4('? *; ;M6$#* (&9*,$',
9&*-* B$O4,(* *" _QQ 4 QPY 1I `84 E$($#4 -* GK4"j4,4 4 I4+K*6$,4 = ;4 +'69'($+$@" -*
G4&"-4,=4 84K4,$ 9', d;b? = *; ;M6$#* $"B*,$', 9', ;4 B*+K4 -*; #,4#4-' -* [K'O4 ('5,*
9'd#$+4 .4"#K45K4,"4?
.4"#K45K4,"4? *( -*+$,? NYVY 4 NY]Y -FIFbF A4,4 (*, O&(#'( +'" *; 4&#',? (* 9&*-*
+'"+;&$, W&* A4"+K4(#4E$ -*5* K45*, ($-' +'69&*(#' *" ;4 (*%&"-4 6$#4- -*; ($%;'
"'E*"' = *" ;4 d9'+4 -* [K'O4? (&( E*,('( -*5*" K45*, 4;+4"C4-' &" 4;#' %,4-' -* B464
eF P

G*%L" ;'( +'"+*9#'( #<"#,$+'(? ;4 ,*4;$-4- L;#$64 `G4-4GK$E4b (* 64"$B$*(#4 *" &" -'5;*
949*; +'6' +'"+$*"+$4? ' (&O*#'? = +'6' *"*,%M4? #,4-&+$-4 4; &"$E*,(' E$($5;*F I'6'
+'"+$*"+$4? T; *( 64(+&;$"' = +'6' *"*,%M4 B*6*"$"4 =? 9', ;' #4"#'? *( -*($%"4-' +'6'
!,-K4U:4,$(Km4,*F 0(#* +'"+*9#' -* ;4 #'#4;$-4- -* ;4 *3$(#*"+$4? *" 94,#* 64(+&;$"' =
*" 94,#* B*6*"$"'? *(#< ,*9,*(*"#4-4( *" ;4 +'(6'%'"M4 +K$"4 9', ;'( #d,6$"'( =$" =
=4"%? *" *; ($(#*64 -* B$;'('BM4 G46jK=4 9', A&,&(K4 = A,4j,$#$? *" *; 94"#*@" K$"-L 9',
g$(K"& = 84j(K6$? H&-,4 = H&-,4"$F ? GK$E4 = A4,E4#$? [,4K64 = G4,4(m4#$? = *" *; +&;#'
E4$(K"4E$#4 -* ;4 7"-$4 +'6' .,$(K"4 = H4-K4 ' H464 = G$#4F 0" ;4 #*'B4"M4 4($,$4?
545$;@"$+4 = *%$9+$4? *(#4 +'65$"4+$@" (* -*($%"4 +'" ;'( "'65,*( -* \46&C * 7(K#4, '
7($(? = #465$d" *"+'"#,46'( (&( +'"#,494,#*( *" ;4( 4"#$%&4( ,*;$%$'"*( %,$*%4 = ,'64"4F
A', ;' #4"#'? *( *E$-*"#* W&* ;4 +,**"+$4 *" &" 4(9*+#' -&4; -*; I,*4-', = ;' I,*4-' K4
*(#4-' 6&= *3#*"-$-4 *" *; 94(4-' = 9&*-* ,4(#,*4,(* $"+;&(' 4 +,**"+$4( = 6$#'(
9,$6$#$E'( 9,*K$(#@,$+'(F 84 -$E$($@" (*3&4; -* ;4( +,$4#&,4( E$E$*"#*( *" K'65,*( =
6&O*,*(? = ;4 4#,4++$@" $,,*($(#$5;* W&* &" (*3' #$*"* 94,4 *; '#,' "' 9&*-* -*O4, -*
$69,*($'"4, 4 ;4 6*"#* 9,$6$#$E4 +'" ;4 $-*4 -* W&* ;' W&* 9,*(*"+$@ *" ;'( (*,*( +,*4-'(
#465$d" -*5* 49;$+4,(* 4 ;4( B&*,C4( ('5,*"4#&,4;*( ' -$'(*( ,*(9'"(45;*( -* ;4 +,*4+$@"F
:' K4= -&-4 -* W&* -*5* K45*, &" 9,'B&"-' ($%"$B$+4-' '"#';@%$+' 4('+$4-' 4 *(#4
-$E$($@" (*3&4; -* ;4( +,$4#&,4( E$E$*"#*( *" K'65,*( = 6&O*,*(F 8' W&* K4= -*#,<( -* *(#*
6$(#*,$' 4L" *( $"$"#*;$%$5;* 94,4 "'('#,'(F 0; 9,'9@($#' -* ;4 9,'94%4+$@" 9'-,M4
+&69;$,(* #465$d" -* '#,4( 64"*,4(F :' *,4 "*+*(4,$' 94,4 ;4 +'"#$"&4+$@" -* ;4( B',64(
-* E$-4 W&* -*5M4" (*, 5$(*3&4;*(? =4 W&* +4-4 (*3' "*+*($#454 4; '#,' 94,4 +&69;$, *;
$69&;(' ,*9,'-&+#$E'F

84( B',64( 9,$64,$4( -* E$-4 (* 9,'94%4,'" 9', -$E$($@"^ &"4 +d;&;4 -$E$-$-4 *" -'(? -'(
*" +&4#,'? *#+F 84( ',%4"$C4+$'"*( +*;&;4,*( -* #'-'( ;'( 4"$64;*( = 9;4"#4( +,*+*" 9', *;
9,'+*(' 9,$6',-$4; -* -$E$($@" +*;&;4,F 0; 6$(6' B*"@6*"' (* ,*9$#* *" *; L#*,' -*(9&d(
-* ;4 +'"+*9+$@"F 0; 9,'-&+#' B$"4; -* *(#* 9,'+*(' -* 6&;#$9;$+4+$@" +*;&;4, ,<9$-4 (*
,*(&*;E*? =4 (*4 +'6' &"4 6&O*, ' &" K'65,*? 9', &" $69&;(' 6$(#*,$'(' 9,*(*"#* *" *;
@E&;' B*,#$;$C4-'? ' *" 4654( +d;&;4( 94,*"#4;*(? $"B;&*"+$4-' -* &"4 64"*,4 & '#,4 9',
*; 6d#'-' -* (& +'65$"4+$@"F 0(#* 9,'-&+#' #*,6$"4-'? W&* *6*,%* +'6' &" K'65,* '
&"4 6&O*,? 4 #,4Ed( -*; $69&;(' $"*39;$+45;* 6<( 9'-*,'(' W&* ;;*%4 K4(#4 ;' 6<(
9,'B&"-' -*; (*,? (* E* 4#,4M-' K4+$4 (& '9&*(#' +'" &"4 B&*,C4 64%"d#$+4? +'6' ($ ;4(
-'( 94,#*( 9*,#*"*+$*,4" 4 &"4 +',,$*"#* -* (*,? = K45M4" ($-' -*(#,'C4-'( 9', *; K465,*
*; &"' -*; '#,' K4(#4 W&* (* +'65$"4,'" *" &"' '#,4 E*CF \'-' *; 9,'+*(' -* 46', =
&"$@" (*3&4; *" *; W&* ;'( -'( 94,#$+$94"#*( &"*" "' (';' (&( +&*,9'(? ($"' W&* $"+;&('
B&($'"4" (&( $"-$E$-&4;$-4-*( =? *" *3+*(' -* *6'+$@"? -*(*4" +'"E*,#$,(* *" &"' +'"
#'-' *; (*, -*; '#,'? *( &" #*(#$6'"$' -* *(#4 +'69&;($@"F F
0(#4 9';4,$-4- 64(+&;$"4 = B*6*"$"4? 4+#$E4 = 94($E4? 9*"*#,4 "' (';' *" ;'( "$E*;*( 6<(
9,'B&"-'( -*; ',%4"$(6' K&64"'? ($"' #465$d" *" ;4( +494( 6<( 9,'B&"-4( -* ;4
64#*,$4F 0; "L+;*' = ;4 64(4 ,*(#4"#* -* 9,'#'9;4(64 *" +4-4 +d;&;4 E$E4? 4+#$E4 = 94($E4
' *3+$#4-',4 = ;4( +',,$*"#*( "*,E$'(4( $"K$5$#',$4( W&* B;&=*" 4 #,4Ed( -* ;'( ($(#*64(
"*,E$'('( ($69<#$+' = 94,4($69<#$+'? *; +4,<+#*, 4+#$E' = 94($E' -* ;'( K*6$(B*,$'(
+*,*5,4;*(? ;4 4#,4++$@" = ,*9&;($@" *" ;'( <#'6'( -* ;4 64#*,$4? ;'( +'69'"*"#*( -*;
<#'6' +'" +4,%4 9'($#$E4 = "*%4#$E4? ' ;4( B',64( 9'($#$E4( = "*%4#$E4( -* *;*+#,$+$-4- ('"
#'-4( $"-$+4+$'"*( -* *(#4 5$9';4,$-4- *" ;4 (&(#4"+$4 5<($+4 -* #'-'( ;'( '5O*#'( +,*4-'(F
84 $"E*(#$%4+$@" 4-$+$'"4; 9&*-* $"+;&(' ,4(#,*4, *(#4 9';4,$-4- K4(#4 4W&*;;'( "$E*;*( -*
64#*,$4 4;#46*"#* -$B&('( = 4L" $"-*#*,6$"4-'( -* ;'( W&* (* ',$%$"4" ;'( ($(#*64(
"*5&;4,*( = ;'( &"$E*,('( *(#*;4,*(F 1* K*+K'? ;'( 6'E$6$*"#'( 6&= B&"-46*"#4;*( *" *;
6*-$' $"E$($5;* -*; W&* "4+* *; &"$E*,(' 64#*,$4; 9'-,M4" (*, *; ,*(&;#4-' -* &"4
+'"6'+$@" +4&(4-4 9', ;4 &"$@" -* -'( B&*,C4( +'69;*6*"#4,$4( *3#,*64-46*"#*
(&#$;*(? +'6' *; B*,6*"#' +4&(4-' 9', ;4 &"$@" -*; K'65,* = ;4 6&O*, +'" *; 9,'9@($#'
-* 9,'+,*4+$@"F

k&$d" (45* W&* *; -,464 6$+,'+@(6$+' -*; 46',? ,*9,*(*"#4-'


,*9,*(*"#4-' 9', *; K'65,* = ;4 6&O*,
*" *; *(+*"4,$' *" 6$"$4#&,4 -* ;4 #$*,,4? 9'-,M4 (*, ;4 ,d9;$+4 -$6$"&#4 -*; O&*%'
64+,'+@(6$+' ,*9,*(*"#4-' 9', ;4( B&*,C4( %$%4"#*(+4( 9,$64,$4( -* ;4 +,*4+$@"^ &"4
I'"+$*"+$4 >$%4"#* 7"B$"$#4 = (& 0"*,%M4 $;$6$#4-4? -*($%"4-4 +'6' GK$E4 = GK4j#$ *" ;4
#,4-$+$@" #<"#,$+4 -* ;4 7"-$4F :' K4= "4-4 #4" 6$(#*,$'(' = (',9,*"-*"#* *" *; &"$E*,('
+'6' ;4 +'"+$*"+$4F 84 9*W&*24 = 94,94-*4"#* ;;464 -* ;4 +'"+$*"+$4 *" +4-4 &"' -*
"'('#,'(? W&* 94,*+* #4" -d5$; = E4+$;4"#* *" ;4 E$-4 *"+4,"4-4? &"4 E*C ;$5*,4-4 -* ;4
9,$($@" -* ;'( (*"#$-'(? (* +'"E$*,#* *" &" +';'('? ;4 H*4;$-4- 9,*-'6$"4"#*
9,*-'6$"4"#* -*; &"$E*,('
W&* "$"%L" 9'-*, 9&*-* E*"+*,? "$"%&"4 B&*,C4 -'6$"4, ' -*(#,&$,F H4,46*"#* ;'
*39*,$6*"#46'( *" (& B',64 64+,'+@(6$+4
64+,'+@(6$+4 =? 9', ;' #4"#'? "' ('6'( +494+*(? (4;E'
( 4;E' *"
,4,4( '+4($'"*(? -* +'69,*"-*, (& 6$(#*,$'F

G*%L" ;'( \4"#,4(? K4= &" 9,$"+$9$' B*6*"$"' = 64(+&;$"' *" +4-4 (*, K&64"'? 4;%'
6&+K' 6<( 9,'B&"-' = B&"-46*"#4;
B&"-46*"#4; W&* *; <"$64 = *; <"$6' -* ;4 9($+';'%M4 O&"%&$4"4F
0; 9,$"+$9$' 64(+&;$"' *(#< -*($%"4-' 9', &" 9&"#' c5$"-&f
c5$"-&f *" ;4 +','"$;;4 -* ;4 +45*C4? =
*; 9,$"+$9$' B*6*"$"' 9', &" #,$<"%&;' c#,$j'"4f? *65;*6<#$+' -*; @,%4"' B*6*"$"' -*
%*"*,4+$@"? +*,+4 -* ;4 54(* -* ;4 +';&6"4 -'"-* .&"-4;$"$ -&*,6*? *",';;4-'F #,*( E*+*(
= 6*-$4? +*,,4"-' ;4 45*,#&,4 W&* +'"-&+* 4 [,4K64U,4"-K,4 ' ;4 +4E$-4- -* [,4K64 *"
;4 +45*C4F G& -*(9*,#4, $69;$+4 *; B;&O' 4(+*"-*"#* -* ;4 *"*,%M4 &#$;$C4-4 94,4 ;4
,*9,'-&++$@" 94,4 &"$,(* +'" *; 9,$"+$9$' +'"(+$*"#* ' 5$"-& *" ;4 +45*C4F 0" '#,4(
94;45,4(? ;4 +'"+$*"+$4 = (& 0"*,%M4 +,*4#$E4? W&* (* 5$B&,+4" *" "'('#,'( *" *;
e+'"'+*-',e = (& eA'-*, I,*4#$E'e? (* &"*" "&*E46*"#* 94,4 $;&6$"4, ;4 "4#&,4;*C4
#'-'9'-*,'(4 * $;$6$#4-4 -*; 9,$6*,'F
I'"($-*,4-' -*(-* *; <"%&;' 5$';@%$+'? ;4 *3+$#4+$@" -* .&"-4;$"$ $69;$+4 *; +'6$*"C' -*
&"4 "&*E4 4+#$E$-4- 6*#45@;$+4 *" ;4 54(* -* ;4 +';&6"4 E*,#*5,4; *" ;4 W&* #'-' *;
($(#*64 ,*9,'-&+#$E' +'" (&( E4('( (4"%&M"*'(? 4,#*,$4(? E*"4(? "*,E$'( = '#,'( #*O$-'(
*(#< 9,'B&"-46*"#* $"E';&+,4-'F 84 $69,*($@" %*"*,4; W&* 9,*E4;*+* -* W&* .&"-4;$"$
9&*-* -*(9*,#4,(* 4 ;4 4+#$E$-4- ($69;*6*"#* +'" +$*,#4( 9,<+#$+4( -* D4#K4Ui'%4? +'6'
;4 +'"+*"#,4+$@"? 9,4"4=464 ' 54"-K4(? "' *( +',,*+#4F G$ 4(M B&*,4? *"#'"+*( #'-'( ;'(
W&* 9*,($(#$*,4" '5(#$"4-46*"#* *" *(#4( -$(+$9;$"4( *; #$*69' (&B$+$*"#* 9'-,M4" %4"4,
*" ;4 *69,*(4F A*,' *; K*+K' -$BM+$; -* W&* (';' &"'( 9'+'( #*"%4" d3$#' *" &"4 d9'+4
9,*(*"#4 &" *"$%64 4; W&* 4W&*;;'( W&* (* K4+*" 94(4, 9', 64*(#,'( +'"(&64-'( -* ;4
+$*"+$4 "' #$*"*" ,*(9&*(#4? *3+*9#' -*O4, *; B,4+4(' *" ;4 9&*,#4 -*; j4,64 -*; -$(+M9&;'F

84( -*+;4,4+$'"*( +'6' e0;;4 -*5* (*, %&$4-4 +'6' &" O$"*#* +'"-&+* &" +454;;'e? ' W&*
e0;;4 -*5* (*, -*(9'O4-4 9', ;4 B&*,C4e? +'"#*"$-4 *" ;'( #,4#4-'( ('5,* D4#K4Ui'%4?
#469'+' (* 54(4" *" &"4 49,*+$4+$@" +',,*+#4 -* ;4 9'($+$@"F 0( '5E$' W&* 4;%&"'( -*
;'( 4&#',*( -* ;'( 64"&4;*( -* ='%4 ('" ($69;*( 64*(#,'( 9,'B*($'"4;*(? #4" 4;*O4-'( -*
;4 $;&6$"4+$@" +'6' (&( -$(+M9&;'( ;4$+'(F 0( $69',#4"#* #*"*, ($*69,* 9,*(*"#* *(#*
K*+K' 4; K4+*, $"B*,*"+$4( ('5,* 4(&"#'( *(9$,$#&4;*(F D4= &" 6&"-' -* -$B*,*"+$4 *"#,*
;4( +'69'($+$'"*( $"(9$,4-4( -* ;'( $;&6$"4-'( = ;4 9,'-&++$@" ;45',$'(4 -*; 9,'B*($'"4;
= *; *,&-$#'F 0; L"$+' *B*+#' 9'($5;* -* #'-'( ;'( *O*,+$+$'( = -$(+$9;$"4( =@%&$+4(? ($"
$69',#4, +&<" *3#*"&4"#*( ' +'69;*O'( 9&*-4" (*,? *( *(#$6&;4, ' *"%4#&(4, *; 9'-*,
;4#*"#* 4 ;4 4+#$E$-4- 9', *(#* 6*-$' ' 9', '#,'F A*,' ($ ;4 *(#$6&;4+$@" #*"-,M4 *; *B*+#'
-*(*4-' -* %*"*,4, ;'( 9,'+*('( 6*#45@;$+'(? W&* -4" +'6' ,*(&;#4-' ;4 +$,+&;4+$@" -*
&"4 "&*E4 B',64 -* *"*,%M4 "*,E$'(4 *" *; +&*,9' = *; B;&O' -* ;4( (*+,*+$'"*(
,*9,'-&+#$E4( *" ;'( -$E*,('( @,%4"'( = *; +*,*5,'? ;' W&* ;;*E4 4 &" "&*E' 94#,@" -*
+'"+$*"+$4? *( &" 4(&"#' +'69;*#46*"#* -$B*,*"#*F

D4= 6&+K4( 9*,('"4( W&*? 6$*"#,4( 9,4+#$+4" -$E*,(4( B',64( -* 6*-$#4+$@" +'" ' ($"
9,4"4=464 & '#,'( *O*,+$+$'(? 9,'9$'( -*; D4#K4Ui'%4? *39*,$6*"#4" E4,$'( #$9'( -*
(*"(4+$'"*( *" ;4 ,*%$@" -* .&"-4;$"$ ' .4"-4? +'6*"C4"-' &" 9'+' 9', -*54O' -*;
'65;$%' 4; 9*,$"*'? 465'( -*;4"#* ' -*#,<( 0(#4( (*"(4+$'"*( E4" -*(-* *; ($69;* ;4#$-'
' ;4 (*"(4+$@" -* &"4 +',,$*"#* W&* (* 6&*E* K4+$4 4,,$54 K4(#4 &" +'(W&$;;*' 9;4+*"#*,'
' 9$+4C@" *,@#$+4 *" ;4 ,*%$@" ,*9,'-&+#$E4 +'" -*(#*;;'( $"#*,6$#*"#*( -* ;&C -* E4,$'(
#'"'( *" ;4 +45*C4F \'-4( *(#4( (*"(4+$'"*( * $69,*($'"*( -* ;4 ;&C? ($ ('" ,*4;*(? = "' ;4(
+,*4+$'"*( -* B4"#4(M4 *" $"-$E$-&'( (&%*(#$'"45;*( (* 9&*-*" ,4(#,*4, -*B$"$#$E46*"#*
4 ;4 *(#$6&;4+$@" -*; A'-*, -* ;4 G*,9$*"#*F G$" *654,%'? "' ('" $"-$+4#$E'( -* &"4
4+#$E$-4- ('(#*"$-4 -*; 6*+4"$(6' W&* *( 45(';&#46*"#* "*+*(4,$4 94,4 *;
B&"+$'"46$*"#' -* ;'( 9,'+*('( W&* +'"-&+*" 4 ;4 #,4"(B',64+$@" -* ;4 +'"+$*"+$4F
1* 4+&*,-' +'" ;'( 64"&4;*( +;<($+'( -* D4#K4Ui'%4? *; (4-K4j4 (* E* '5;$%4-' *" (&
9,<+#$+4 -$4,$4 4 $64%$"4, #'-' *; 9,'+*(' -* 4+#$E4+$@" -*; A'-*, 1$E$"' -*(-*
h&;4-K4,4? *; +*"#,' ,4MC *" ;4 54(* -* ;4 +';&6"4 E*,#*5,4;? K4(#4 [,4K64U,4"-K,4? *;
;'#' -* -'+* 9d#4;' -*#,<( -*; #*+K' -*; 94;4-4,? 94(4"-' 4 #,4Ed( -* ;'( (*$( ;'#'( *" *;
*O* +*,*5,'*(9$"4; W&* (* *"+&*"#,4" *" *; +46$"'F 84 E$(&4;$C4+$@" (* ,*4;$C4,< -*
4+&*,-' +'" ;4( -*(+,$9+$'"*( 9,'9',+$'"4-4( 9', *; 9,*+*9#', ('5,* ;4 B',64+$@" -* ;'(
;'#'(? (& +';',? "L6*,' -* 9d#4;'(? ;4( ;*#,4( -* ;'( *; 4;B45*#' (* 6&*(#,4 *" +4-4 9d#4;'
= '#,'( 4++*(',$'(? +'6' #465$d" *" ;4 "4#&,4;*C4 -* ;4 0"*,%M4 1$E$"4 6$(64F \$*"* W&*
(*, $64%$"4-4 +'6' &" ,*;<694%'? +'" *; 5,$;;' -* 6$;*( -* (';*(? E*,#$d"-'(* *" *;
+*,*5,' +'" *; 5,$;;' 5;4"+' ;*+K'(' -* ;4 ;&"4? 4(&6$*"-' +';',*( -$E*,%*"#*( *"
-$B*,*"#*( ;&%4,*(? +'6' 9', *O*69;'? ;'( #'"'( -* &" 4,+' $,$( *" ;4 B,*"#*? *; ,*(9;4"-',
-*; ('; *" *; +',4C@"? 494,*+$*"-' +'6' &"4 B$5,4 -* ;'#' -* +';', 5*,6*;;@" *" (& 94('
4 #,4Ed( -* ;4 E4$"4 6<( $"#*,"4 c[,4K64U"4-$f -* ;4 6d-&;4 *(9$"4;F 0; 9,4+#$+4"#*
#465$d" #$*"* W&* +'"+*"#,4,(* *" ;'( ('"$-'( W&* (* 9,'-&+*" *" ;4 *3+$#4+$@" -*;
A'-*,? +'6' ;4 6L($+4 K*+K4 9', &" *"O465,* -* 45*O4( *" E&*;' ' &"4 +4(+4-4 ;*O4"4?
&"4 +4,4+';4? &"4 +',,$*"#* 6&,6&,4"#*? &" ;*O4"' #$"#$"*' -* +4694"4( ' &"
$"#*,6$"45;* #$"#$"*'F o!&6o "4(4; 9,';'"%4-'F

0" *(#4 *,4 -* ;4 E*;'+$-4- -*; ,4=' = ;4( $-*4( -* B<+$; ;'%,' 49;$+4-4( 4 +4($ #'-4( ;4(
*69,*(4(? $"+;&$-4 ;4 $;&6$"4+$@"? *( *3#,*64-46*"#* -$BM+$; $64%$"4, ;4 E$-4 -* &"
9,*(*"#4-', W&* (* -*-$+@ 4 ;4 B',6$-45;* #4,*4 -* -*(9*,#4, *; A'-*, -* ;4 G*,9$*"#* *"
*; 94(4-'F 1M4 = "'+K*? +'" (';' 5,*E*( $"#*,E4;'( 94,4 ;4( +'6$-4( = '#,4( "*+*($-4-*(
5<($+4( -* ;4 E$-4? (* +'"(4%,@ *" *,6$#4( = 4(K,46( (';$#4,$'( 4 ;4 *69,*(4?
('6*#$d"-'(* 4 -$E*,(4( 9,<+#$+4( = -$(+$9;$"4(? 4;%&"4( -* *;;4( *3#,*64-46*"#*
9*;$%,'(4( = -';','(4(? ($" 9*"(4, *" *; 6&"-'? 4 ;*($'"*( +',9',4;*(? #,4(#',"'(
6*"#4;*( ' $"+;&(' ;4 6&*,#*F A4(4,'" 42'( * $"+;&(' #'-4 ;4 E$-4 -* *(#4 64"*,4? +'"
*(#* '5O*#$E' 4"#*( -* (& K',$C'"#* 6*"#4;? $"-$B*,*"#* 4; +&*,9' = ;4 +'6'-$-4- BM($+4?
K4(#4 W&* (& 6*O', 6'6*"#' (* %4(#@ ($" ,*4;$C4, *; (&*2'F 0(#' (&+*-* $"+;&(' 4K',4 =
6$;;'"*( -* 4(+*#4( *" ;4 7"-$4 94(4" E$-4( -* *3#,*64 4&(#*,$-4- = #,454O' -&,' K4(#4 *;
B$"4; ($" 4;+4"C4, *; *(#4-' 5*4#MB$+'F 14-' W&* *; -*(9*,#4, -*; A'-*, -*9*"-* -* &"4
(*,$* -* B4+#',*( 5$';@%$+'(? &"' -* ;'( +&4;*( *( ;4 K*,*"+$4 B4E',45;* 6<( $69',#4"#*?
(* 9&*-* (&9'"*, +'" (*%&,$-4- W&* &"4 %,4" 9,'9',+$@" -* ;'( 4(9$,4"#*( #$*"*" W&*
-*(+4"(4, +'"#*"#'( +'" ;4( (*"(4+$'"*( +',9',4;*(? W&* (* 4(*6*O4" 4 ;4( -* ;'( (*,*(
K&64"'(F -*(9*,#4, ,*4;? -*(#*;;'( -* ;&C 4;*4#',$'(? ' *39*,$*"+$4( E$($'"4,$4( -*
*"(&*2'? *" 94,#* ,*4;*( = *" 94,#* $64%$"4,$4(? *E'+4-4( 9', (& +'"(#4"#* 9,*'+&94+$@"
9', *; #*64F

g*6'( W&* *(#' ,*4;6*"#* (&+*-* *" *; +4(' -* ;'( 5&(+4-',*( +'"#*69',<"*'( W&* (*
-*-$+4" 4 -$E*,(4( 9,<+#$+4( = -$(+$9;$"4( ,*;$%$'(4( *" "&*(#,' 9,'9$' #$*69'F 0"#,* ;'(
6$;;'"*( = 6$;;'"*( -* 9*,('"4( W&* 9,4+#$+4" -$E*,('( #$9'( -* ='%4 & '#,4( 9,<+#$+4( -*
6*-$#4+$@"? *3$(#* &"4 #*"-*"+$4 %*"*,4; 4 4#,$5&$, &"4 $69',#4"+$4 *34%*,4-4 4 ;'(
($%"'( (&5O*#$E'( +'6'? 9', *O*69;'? -*(#*;;'( -* ;&C 4"#* ;'( 'O'(? ('"$-'( *" ;'( 'M-'(
' (*"(4+$'"*( (*"#$-4( *" E4,$4( 94,#*( -*; +&*,9'? 54O' ;4 $69,*($@" -* W&* ('" ;'(
9,*+&,(',*( -*; d3$#' *" ;4 *69,*(4F 0(#* #$9' -* $;&($'"*( #$*"*? "' +'" B,*+&*"+$4? *;
*B*+#' 6&= $"E*,(' -* 4%,4"-4, *; *%' * $"+&;+4, $-*4( -* $69',#4"+$4 9*,('"4;F 8'(
L"$+'( ($%"'( (*%&,'( -* +'"+$*"+$4 $;&6$"4-4 ('" ;4 $;&6$"4+$@" $"#*,$',? *; 9*"(46$*"#'
= ;4 -$++$@" $"(9$,4-'(? *; 46', 45&"-4"#*? ;4 K&6$;-4- = &"4 9*,+*9+$@" 4;#*,4-4 -*;
6&"-' '5O*#$E'F
84 ,4C@" -* *(#* *(#4-' 6*"#4; *,,@"*' +'6L"6*"#* +'"'+$-' *( W&* *; 4(9*+#'
5$';@%$+' -* ;4( -$(+$9;$"4( 4 6*"&-' (* 94(4 9', 4;#' 9', +'69;*#'F /"4 E*C W&* (*
+'69,*"-4 +;4,46*"#* ;4 "4#&,4;*C4 9($+'('6<#$+4 -*; -*9@($#' -* *"*,%M4 -* .&"-4;$"$?
#'-' *; +'"+*9#' -* ,*;$%$@" = ;' #,4(+*"-*"#4; (&B,$,< &" +465$' ,4-$+4;? = #'-'( ;'(
($%"'( = (M"#'64( W&* 4+'69424" 4 ;4 9,<+#$+4 -*; ='%4 & '#,4( -$(+$9;$"4( ,*;$%$'(4( (*
*E4;&4,<" *" *; +'"#*3#' -* (& $694+#' 5$';@%$+' *" *; ',%4"$(6' = "' ($69;*6*"#* *"
B&"+$@" -*; ,*"-$6$*"#' (&5O*#$E'F 8' W&* *; 4&#', -* A4"+K4(#4E$ 4#,$5&=* 4; GK4j#$ *( ;4
*39*,$*"+$4 +'#$-$4"4 -*; ='%&$ +'"(&64-'F 84 6$(64 *39*,$*"+$4? +'" 9*W&*24(
E4,$4+$'"*(? *(

,*9*#$-' *" +$*"#'(? $"+;&(' 6$;*(? -* +'69'($+$'"*( $"(9$,4-4( -* ;'( $;&6$"4-'( -* ;4


7"-$4 "4+$-'( *" -$B*,*"#*( 94,#*( -*; 94M(F

0; 6*+4"$(6' -*; +&*,9' K&64"' *(#< +'"(#$#&$-' -* #4; 64"*,4 W&* *; $"-$E$-&' "'
#$*"* +'"#,'; ('5,* (&( B&"+$'"*( $"E';&"#4,$4( ' 4&#@"'64( =? 4 6*"&-'? "' ;* 9,*'+&94
W&d #,4"(9$, *( *" (& 9,'9$' $"#*,$', +'6' d; *( -* ;' W&* (&+*-* *" ;4( *"#,424( -* ;4
#$*,,4F ! E*+*(? ;4 4+#$E$-4- $"B$"$#46*"#* E4,$4-4 -* (& *(#,&+#&,4 6',#4; c*; B;&O' -*
(4"%,*? *; 5'65*' -*; +',4C@"? *; B&"+$'"46$*"#' -*; *(#@64%'? *; KM%4-' ' ;'(
$"#*(#$"'(f (* K4+* "'#4, 5,&(+46*"#* *" &" 4#4W&* -* *"B*,6*-4-? +&4"-' 4;%' (4;*
64; *" *; ($(#*64? = (* ,*#&*,+* -* -';', K4(#4 W&* (* ,*(#45;*+* ;4 "',64;$-4- = (* E&*;E*
4 +';'+4, &"4 #494 ('5,* *(#4( 9*,#&,54+$'"*(F 0(#' (&+*-* -* ;4 6$(64 64"*,4 W&* &"
#*,,*6'#' "'( K4+* "'#4, ;4 "4#&,4;*C4 ($*69,* B;&+#&4"#* -*; 4,-$*"#* $"#*,$', -* ;4
#$*,,4 -* E*C *" +&4"-' 94,4 W&* ;4 ';E$-*6'( #4" 9,'"#' +'6' #*,6$"*" ;'( #*65;',*(F
:' #*"*6'( "$"%L" +'"'+$6$*"#' -* +@6' ;4 ;;464 -* "&*(#,4 +'"+$*"+$4 (&9*,B$+$4; +'"
#'-4 (& $"-$E$-&4;$-4-? 6*6',$4 *3#*"(4 = 9*,(9$+4+$4 $"#*;*+#&4; (* 64"#$*"* *"+*"-$-4
9', ;4 4+#$E$-4- +'65$"4-4 -* "&*(#,'( @,%4"'( = +d;&;4( = W&d 6*+4"$(6'
$"+,*M5;*6*"#* 9,*+$(' 64"#$*"* *; *W&$;$5,$' *3#,*64-46*"#* -*;$+4-' -* K',6'"4( =
'#,4( (&(#4"+$4( W&M6$+4( +'69;*O4(F +'69&*(#'( *" "&*(#,' ($(#*64F

84 +'69;*O$-4- -*; +&*,9' = ;4 "4#&,4;*C4 $"#,$"+4-4 -* +4-4 94,#*? @,%4"'? %;<"-&;4 =


(&( #*O$-'( -*(4BM4" ;4 -*(+,$9+$@"F 84 B',64 4,6'"$'(4 *" ;4 W&* $""&6*,45;*( 6$;;'"*(
-* +d;&;4( +'"(#$#&$-4( -* 64"*,4 -$B*,*"#* = +$*"#'( -* @,%4"'( = (&( 94,#*( #,454O4"
 O&"#4(? +'6' &" #'-' 4,6'"$'('? *( &" 6$;4%,' -* *B$+$*"+$4 = ',-*"F 0; +*,*5,' *( ;4
94,#* 6<( 64,4E$;;'(4 -* *(#4 $"#,$"+4-4 6<W&$"4? ;;*"4 -* 4('65,' -*(-* ;4 +d;&;4 L"$+4
K4(#4 ;4 ',%4"$C4+$@" 6<( +'69;*O4 W&* +'"#$*"*F e:&*(#,4 $"#*;$%*"+$4 "' 9&*-* -4,(*
+&*"#4 6<( -* ;4 $"6*"($-4- -*; +*,*5,' W&* ;4 *3#*"($@" -*; &"$E*,(' ($-*,4;e? -$+* *;
1,F !;*3$( I4,,*;;F e84 (&(#4"+$4 +*,*5,4; +'"#$*"* 6<( -* -'+* 6$; 6$;;'"*( -* +d;&;4(F
0(#4( +d;&;4( *(#<" +'"*+#4-4( *"#,* (M 9', B$5,$;;4(? = +4-4 B$5,$;;4 9'(** E4,$4( ,464(F A',
6*-$' -* *(#4( B$5,$;;4( (* 4('+$4" E4,$'( 6$;*( -* 6$;;'"*( -* E*+*(F i *(#4 6&;#$#&- -*
$"-$E$-&'( 9*W&*2'( * $"E$($5;*( 84( B$5,$;;4(? 4 9*(4, -* (& +'69;*O$-4- $"$64%$"45;*?
B&"+$'"4" +'6' ($ B&*,4 *(*"+$4;6*"#* &"4F A4,4 ;'( '5(*,E4-',*( 4+'(#&65,4-'( 4 ;4
($69;$+$-4- -* ;'( 6&"-'( 6';*+&;4, = 4#@6$+'? *; +*,*5,' 494,*+* +'6' &" B*"@6*"'
$"$"#*;$%$5;* = 64,4E$;;'(' eXF
0" &"4 6<W&$"4 -*;$+4-4 #4" $"#,$"+4-4 = (*"($5;* +'6' *; +&*,9' K&64"'? *" (&
+'"O&"#' = #465$d" *" #'-'( (&( +'69'"*"#*(? n+@6' 9&*-*" '+&,,$, #'-'( ;'(
B*"@6*"'( (&9*,"',64;*( = *3#,42'(? 4('+$4-'( +'" .&"-4;$"$? ($" +465$4,
-,<(#$+46*"#* (& ,$#6' ' +4&(4, -*(',-*" *" (& B&"+$'"46$*"#' "',64;p n1* &"4 & '#,4
B',64p 0; 9&"#' 4 ,*+',-4, 4W&M *( W&* *; -*(9*,#4, -* .&"-4;$"$ *( &"4 4+#$E$-4- 94,4 ;4
+&4; =4 *3$(#* &"4 9,'E$($@" *" *; 64,+' K&64"'? -* ;4 6$(64 64"*,4 W&* *3$(#* &"4
9,'E$($@" *" *; +&*,9' -* &"4 6&O*, 94,4 ;4 +'"+*9+$@" = *; 94,#' -* &" "$2'F A', *3#,424(
W&* 9&*-4" (*, ;4( 64"$B*(#4+$'"*(? ('" ;4( ,464( -* &" -*(4,,';;' 94,4 *; +&4; *;
',%4"$(6' =4 *(#< *W&$94-'? +'6' ,*(&;#4-' -* 9,'+*('( "4#&,4;*( ('5,* ;'( W&* #'-4EM4
*(#46'( *" ;4 '(+&,$-4-F A*,' ($ "' *3$(#* #4; -$(9'($+$@"? = *; +&*,9' (* E* '5;$%4-' 4
,*4;$C4, &" #$9' -* 4+#$E$-4- 94,4 ;4 +&4; "' K4= (4"+$@" -* ;4 "4#&,4;*C4? *"#'"+*(
($%"$B$+4 W&* +&4;W&$*, $"#*"#' -* -*(9*,#4, *; A'-*, (';' 9&*-* +'"-&+$, 4 +'"-$+$'"*(
4"#$"4#&,4;*( 94,4 ;4( +&4;*( ;'( (*,*( K&64"'( "' *(#<" %*"d#$+46*"#* -$(*24-'(F

0(#* *( &" #*64 $69',#4"#* W&* "*+*($#4 $"E*(#$%4+$@" *69M,$+4 94,4 (& (';&+$@" -* &"4
B',64 & '#,4F G$ *; +'"+*9#' +4"'(' -* .&"-4;$"$ #$*"* &"4 54(* *" ;4 ,*4;$-4-? *"#'"+*(
#'-' ;' W&* (* ,*+;464 9', d;? *" A4"+K4(#4E$ = *" '#,'( -'+&6*"#'( +;<($+'(? -*5* (*,
E*,$B$+45;* 9', *39*,$6*"#'F \4"#' *" *; +4(' -*; &"$E*,(' +'6' *" "&*(#,'( 9,'9$'(
+&*,9'(? E*6'( ;4 ,*%;4 -*; ',-*"? -*(-* ;'( <#'6'( K4(#4 ;'( (';*( = -*(-* ;4 +d;&;4
$"-$E$-&4; K4(#4 *; ',%4"$(6' +'69;*#'F /" ;$%*,' -';', ' 9*"4 $"$+$4 &"4 ,*4++$@" *"
+4-*"4 *" "&*(#,' ($(#*64 -* ;4 +&4; %*"*,4;6*"#* "&"+4 (45*6'( *; 4;+4"+* +'69;*#'F
A', ;' #4"#'? *( $"+'"+*5$5;* W&* ;4 ;$5*,4+$@" ,*9*"#$"4 -* &" 9'-*, W&* 9&*-* 4;#*,4,
-,<(#$+46*"#* ;4 4+#$E$-4- -*; +*,*5,' = *;*E4, ;4 +'"+$*"+$4 4 4;#&,4( +'69;*#46*"#*
$"$64%$"45;*( "' 9&*-4 #*"*, $694+#' *" *; ',%4"$(6' = "' -*O4, K&*;;4 *" ;4( +d;&;4(
+*,*5,4;*( & '#,'( @,%4"'( = #*O$-'( W&* ;' B',64"F G$ "' K4= &" *B*+#' 49,*+$45;* *" *;
+&*,9'? ($%"$B$+4 W&* #'-' *; B*"@6*"' c;4( ;&+*( E$(#4(? ;4( E'+*( *(+&+K4-4(? ;4 4;*%,M4
*39*,$6*"#4-4? *; +'"'+$6$*"#' 4-W&$,$-'? ;4 (45$-&,M4 4-W&$,$-4 = *; +'"#4+#' +'" ;4
1$E$"$-4- *39*,$6*"#4-4f ('" #'-'( K*+K'( 9&,46*"#* 6*"#4;*( ' *(9$,$#&4;*(F ($"
"$"%&"4 ,*;4+$@" +'" *; 64,+' BM($+' -*; K'65,*F 0" #4; +4('? ;4 E*,$B$+4+$@" '5O*#$E4 -*;
B*"@6*"' "&"+4 9&*-* (*, 9'($5;* = ;'( $"E*(#$%4-',*( ($*69,* (*%&$,<" #*"$*"-' -&-4(
('5,* ($ ;4 +'"-$+$@" *( 9&,46*"#* $64%$"4,$4 = *"%42'(4 ' ($ ($%"$B$+4 ;4 9*,+*9+$@"
(&9,4(*"(',$4; -* &"4 H*4;$-4- W&* "' #*"*6'( '#,'( 6*-$'( 94,4 +'"'+*,F

0(#' "' *( #'-'F G$ ;4( *39*,$*"+$4( *39*,$6*"#4-4( *" *; "&*E' *(#4-' 4;#*,4-' -*
+'"+$*"+$4 "' +4&(4" ,*4++$@" *" *; +*,*5,' = "' #$*"*" $694+#' *" *; +&*,9'? ($%"$B$+4,M4
W&* ;4 +'"-$+$@" *( ($69;*6*"#* &" *(#4-' 4,#$B$+$4; 9,'E'+4-' 9', "&*(#,'( 9,'9$'(
*(B&*,C'( = "' &" '5O*#$E' "4#&,4; 94,4 *; W&* *3$(#*F i4 *3$(#* &"4 -$(9'($+$@" *" ;4
-'#4+$@" 9($+'('6<#$+4 -* ;'( (*,*( K&64"'(F 0"#'"+*( ;4 -'+#,$"4 -* ;4 ,**"+4,"4+$@"
9$*,-* (& 9,'9@($#' = ;4( $-*4( -* -$E$"$-4- 4('+$4-4( +'" #4;*( *39*,$*"+$4( #'-' (& 9*('F
0"#'"+*( #465$d" (&,%$,< ;4 9,*%&"#4 -* ($ ;4( 9,<+#$+4( = -$(+$9;$"4( -*; #$9' W&*
+'"-&+*" 4 *(#* *(#4-' (&5O*#$E' *3#,4',-$"4,$' =? -* K*+K'? #'-4 ;4 *(B*,4 -* ;4 ,*;$%$@"
*" (M 6$(64? +'"-&+*" 4; 5$*"*(#4, K&64"'F A',W&* ($ ;4 *39*,$*"+$4 "' #$*"* &"4 (4"+$@"
"4#&,4; -*#,<( -* *;;4 -*5$-' 4 (& -$('+$4+$@" #'#4; +'" B4+#',*( 5$';@%$+'( = ;4 +'"-$+$@"
6*"#4; "',64; -*; K'65,*? n+@6' 9'-*6'( (45*, W&* "' #*"-,M4 &" *B*+#' 4"#$"4#&,4;
= 9'+' (4;&-45;* 4 ;4,%' 9;4C' #4"#' *" *; $"-$E$-&' +'6' *" ;4 ,4C4pF
:' K4= -&-4 -* W&* -* &"4 B',64 & '#,4 *; (*+,*#' -* .&"-4;$"$ *,4 +'"'+$-' *" 6&+K4(
94,#*( -*; 6&"-'? $"+;&(' *" #$*69'( 9,*K$(#@,$+'(F D4= $"-$+4+$'"*( $"*W&ME'+4( 94,4
-*6'(#,4, W&* ;'( 9,$"+$9$'( 5<($+'( -*; ='%4 #<"#,$+' -*5*" K45*, ($-' +'"'+$-'( 9',
;4( 9'5;4+$'"*( -* ;4 +$E$;$C4+$@" -*; E4;;* -*; 7"-'? W&* B;',*+$@ *"#,* 49,'3$64-46*"#*
VFYYY = NF]YY 4FIF 0; 4;#' %,4-' -* +$E$;$C4+$@" 4;+4"C4-'? +'" (&( +$&-4-*( 9;4"$B$+4-4(?
+4;;*( 4"+K4(? ,*%&;4,6*"#* 4;$"*4-4(? 9'C'( 9L5;$+'(? 9'(#*( -* ;&C? +4O4( -* +*"#$"*;4?
*;45',4-'( ($(#*64( -* -,*"4O*? 469;$'( 542'( 9L5;$+'(? E4(#'( %,4"*,'(? (4;4( +'"
+';&6"4(? +*,<6$+4 5*;;46*"#* 9$"#4-4? 6&*5;*( -* 4;#4 +;4(*? 4;#'( U 4,64( *
$69;*6*"#'( -* +4;$-4- -* 5,'"+* = +'5,*? O&%&*#*( 4,#M(#$+'( 94,4 "$2'(? O'=4( =
4-',"'(? = 9*(4( = 6*-$-4( 9,*+$(4(? #'-'( -4" #*(#$6'"$' -* &" "$E*; -* E$-4 +4($ #4"
4;#' +'6' *; -* ;'( 94M(*( *" -*(4,,';;' *" ;'( #$*69'( 6'-*,"'(F 8'( +4,,'( [&;;'+j *"
&(' *" *(* *"#'"+*(? K4+* 6<( -* XF]YY 42'(? #'-4EM4 (* 64"*O4" +'" 9'+'( +465$'( *"
*; -$(*2' *" 6&+K4( 94,#*( -* ;4 7"-$4 4+#&4;F

A', ;' #4"#'? "' *( (',9,*"-*"#* W&* ;4( 9*,('"4( +'" &"4 E$-4 &,54"4 #4" ('B$(#$+4-4?
W&* 9*,($(#*" -&,4"#* "' 6*"'( -* NF]YY 42'(? *(#d" 9,'B&"-46*"#* $"#*,*(4-4( *" *;
6$(#*,$' -* ;4 E$-4 = ;4 6&*,#*F [$*" 9&*-* (*, W&*? *" (& 4,-$*"#* 5L(W&*-4 -* &"4
,*(9&*(#4 4; *"$%64? (* K4=4" #'94-' +'" *; (*+,*#' -* .&"-4;$"$ ' ;' K4=4" 49,*"-$-'
-* &"4 +$E$;$C4+$@" 4"#*,$',F I&4"-' &"4 E*C -*(9'O46'( 4 ;4 ,*;$%$@" = ;4 *39*,$*"+$4
,*;$%$'(4 -* ;' ('5,*"4#&,4; = 6$;4%,'(' = ;' #,4#46'( +'6' &" $69&;(' $"K*,*"#* *" *;
',%4"$(6' 9($+'('6<#$+' -*; K'65,*? 4#,4=d"-';' K4+$4 &"4 E$-4 6<( *;*E4-4 -*;
*(9M,$#&? #465$d" #*"*6'( W&* 4-6$#$, W&* -$+K' $69&;(' -*5* ,*&"$,(* *" B&*,C4 = ;;*E4,
4 *(B&*,C'( $"#*"('( 94,4 ,*(';E*, *; 6$(#*,$' +4-4 E*C? +&4"-' ;'( B4+#',*( *+';@%$+'(
('" B4E',45;*( 94,4 (& +,*+$6$*"#'F 0( &" %,4" *,,', $"B,4E4;',4, ;4 %,4" +'"#,$5&+$@" -*;
6&"-' 4"#$%&' 4 ;4 +$*"+$4 -* ;4 E$-4F 8' W&* (* "*+*($#4 *( &" +'"'+$6$*"#' -* ;4 +;4E*
-* ;'( O*,'%;MB$+'( ,*;$%$'('( -*; 94(4-'F I&4"-' (* *"+&*"#,* *(#4 ;;4E*? 9*,-$-4 *" *;
;45*,$"#' -* 6$(#*,$'(? 64%$4 = 4;W&$6$4? "' (*,< -$BM+$; *"+'"#,4, *; +46$"' +*"#,4; W&*?
4; %$,4, = %$,4, ('5,* (M 6$(6'? K4 B',64-' &" ;45*,$"#' -*(+'"+*,#4"#* = 4K',4 94,*+*
$69'($5;* -* -$(#$"%&$,F
/"' -* ;'( K4;;4C%'( 6<( "'#45;*( -* ;4 +$E$;$C4+$@" -*; E4;;* -*; 7"-' *( &" (*;;' +'" ;4
B$%&,4 -* &"4 -*$-4- -* #,*( +4,4(? (*"#4-' *" 9'(#&,4 -* ='%4 = '%4 +'" &" @,%4"' *,*+#' -*
%*"*,4+$@"? ,'-*4-' -* E4,$'( 4"$64;*( +'6' &" #$%,*? &" 5LB4;' = &" ,$"'+*,'"#*? +'"
&"4 9$*; -* E*"4-' -*54O' -*; 4($*"#'F J5E$46*"#*? *(#4 *( &"4 ,*9,*(*"#4+$@" -*; 1$'(
GK$E4 W&* (* -$+* W&* #$*"* #,*( +4,4( = #465$d" (* ;;464 A4(K&94#$? ' G*2', -* ;'(
!"$64;*(F :&*(#,4 $"+494+$-4- 94,4 -*(+$B,4, *; %&$@" -*; g4;;* -*; 7"-' 64"#$*"* ;4(
+,**"+$4( ,*;$%$'(4( -* ;4( 9*,('"4( 4L" *"E&*;#4( *" ;4 '(+&,$-4-F !-*6<( -* *(#4 +;4,4
,*9,*(*"#4+$@" -* 1$'( GK$E4? #465$d" K4= &"4 (*,$* -* B$%&,4( (*6$-*("&-4( -* 1$'(4(
*" '#,'( (*;;'(F !;%&"'( -* *;;'( ,*9,*(*"#4" *(+*"4( -* (4+,$B$+$'( K&64"'( = 4"$64;*(F
0( '5E$' W&* &"4 B',64 -* 4-',4+$@"? 4"<;'%4 4 ;'( +&;#'( GK$E4UGK4j#$ -* ;4 7"-$4 -*
"&*(#,'( -M4(? *(#454 -* 6'-4 *"#,* ;4 %*"#* -* ;4 +$E$;$C4+$@" -*(494,*+$-4F 0(#' (*
+'"B$,64 +'" *; -*(+&5,$6$*"#' -* 9$*-,4( +@"$+4( = +$;M"-,$+4( W&* (';' 9&*-*"
+'"($-*,4,(* (M65';'( B<;$+'( ' ;$"%4(? = #465$d" 9*W&*24( 9$*-,4( ,*9,*(*"#4#$E4( -*;
@,%4"' B*6*"$"' -* %*"*,4+$@" ' ='"$(F A', ;' #4"#'? "' #*"*6'( -&-4( -* W&* *; +&;#'
-* .&"-4;$"$? +'" (& d"B4($( *" ;'( @,%4"'( 64(+&;$"'( = B*6*"$"'( -* %*"*,4+$@"? = (&
,*9,*(*"#4+$@" ($65@;$+4? #4"#' *" ;'( 6'-'( -* +&;#' *3#*,"' +'6' $"#*,"'? *,4
+'"'+$-' 9', ;'( K45$#4"#*( -*; g4;;* -*; 7"-'F \465$d" *( 6&= 9'($5;* W&* ;4 *E';&+$@"
-* (& 4;#4 +4;$-4- -* +$E$;$C4+$@" (* K4=4 -*5$-'? *" %,4" 6*-$-4? 4; +&;#$E' E';&"#4,$' -*
;4( B4+&;#4-*( 6*"#4;*( (&9*,$',*( 9', ;4 *3+$#4+$@" -* .&"-4;$"$ *"#,* ;4 O*,4,W&M4
*(9$,$#&4; W&* -'6$"454 ;4( 9'5;4+$'"*(F I'" *; -*(+$B,46$*"#' -*; '(+&,' %&$@"? *(
9,'545;* W&* (* 4,,'O* &" #',,*"#* -* ;&C ('5,* ;4( +,**"+$4( = 9,<+#$+4( ,*;$%$'(4( -*
*(#4( 9*,('"4(? ;' W&* #,4*,< 4 ;4 ;&C K*+K'( $"#*,*(4"#*( ('5,* *; A'-*, -* ;4 G*,9$*"#*
W&* +'"'+*"F 0" #d,6$"'( %*"*,4;*(? 4 94,#$, -*; 64#*,$4; 9,'E$(#' 9', ;'( (*;;'( = '#,4(
,*;$W&$4(? +4($ "' 9&*-* K45*, "$"%&"4 -$(9&#4 ('5,* *; K*+K' -* W&* &" ($(#*64 -*
4-',4+$@" = ,$#&4;? ($6$;4, 4; ($(#*64 #<"#,$+' = 4; ='%4? 9,*E4;*+$@ *" ;4 7"-$4 6&+K' 4"#*(
-* ;4 ;;*%4-4 -* ;'( 4,$'(F &"'( PFYYY
PFYY Y 42'( 4"#*( -*; "4+$6$*"#' -* I,$(#'F

/" #',(' -* 9$*-,4 -* D4,4994 *( K$9<;$+'F G*;;'( $"(+,$#'( +'" &" 9$+#'%,464 -* #','?
($6$;4,*( 4 4;%&"4( *3+4E4-4( *" ;'( ($#$'( -*; E4;;* -*; 7"-'? (* K4" *"+'"#,4-' *" ;4(
$(;4( -* [4K,*$" = S4$;4j4 *" *; >';B' Ad,($+'F 1*5* K45*, *3$(#$-' &"4 ,*;4+$@" E$E4 *" *;
+'6*,+$' = ;4 +&;#&,4 *"#,* ;4 %*"#* -*; E4;;* -*; 7"-' = ;'( -* h*('9'#46$4 = 0%$9#'F 0"
*; G4"#&4,$' -* ;'( G4"#&4,$'( *" *; \*69;' -* .4,"4j? K4= &"4 B$;4 -* B$%&,4( 64(+&;$"4(
+'" B4;' *,*+#'? &" +;4,' (M65';' -* .&"-4;$"$F 84 B$%&,4 *( -* jK*6? W&* ($%"$B$+4 ;4
; 4 B&*,C4
*,d+#$;? #465$d" ;;464-4 !6(' D',&(? W&* ($%"$B$+4 B4;'
B 4;' *,*+#'F

G$" *654,%'? +4-4 &"4 -* *(#4( +$E$;$C4+$'"*( #*"M4 (&( 9,'9$4( +4,4+#*,M(#$+4(^

e84 64=',M4 -* ;4( B'+4( `-*; E4;;* -*; 7"-'b #465$d" #$*"*" &"4 5,*E* $"(+,$9+$@" *"
*(+,$#&,4 9$+#'%,<B$+4e? -$+* G$, h',#$6*, qK**;*,? eW&*? 4 9*(4, -* ;'( E4;$*"#*( $"#*"#'(?
"' K4 ($-' $"#*,9,*#4-4F 84( 9$+#'%,4BM4( ('" #4" -$B*,*"#*( -* ;4( -* h*('9'#46$4 =
0%$9#'? =4 W&* ('" &"'( -* '#,'(F 0( &" B*"@6*"' $"#*,*(4"#* W&*? -*"#,' -* &" +',#'
,4"%' -* #$*69' = *(94+$'? #,*( %,4"-*( +$E$;$C4+$'"*( 9,'-&O*,'" #,*( ($(#*64( -*
"'#4+$@" +'69;*#46*"#* -$E*,%*"#*( eF ]
84 +,**"+$4 *" ;4 *3$(#*"+$4 -* &"4 B&*,C4 "4#&,4; B*6*"$"4? ;4 B&*"#* -* ;4 B*,#$;$-4-? *;
9'-*, %*"*,4#$E'? ;4 ;'"%*E$-4-? *; +'"'+$6$*"#'? ;4 $"(9$,4+$@"? ;4 9,'(9*,$-4-? ;4
64"$B*(#4+$@" -* ;' -$E$"' = +'(4( ($6$;4,*(? K4 *(#4-' 6&= *3#*"-$-4 -*(-* *; 94(4-'
6<( ,*6'#'F 0( -$%"' -* 6*"+$@" W&* ;4 4-',4+$@" -* *(#* 9'-*, 1$E$"' 54O' -$E*,(4(
B',64(? M"#$646*"#* ,*;4+$'"4-4 +'" 6$(#*,$'( = 6$#'(? 9,*E4;*+$@ 469;$46*"#* *"
#'-4( ;4( +$E$;$C4+$'"*( -*(494,*+$-4( -* ;4( +&4;*( (* K4 -*O4-' 4;%L" ,*%$(#,'F 03$(#* &"
94,4;*;$(6' *"#,* ;4 +&;#&,4 GK4j#$ -* A4"+K4(#4E$ = ;4 +&;#&,4 7(K#4, -* !($,$' [45$;'"$4
W&* "' *( &" 9'+' (',9,*"-*"#*F 7(K#4, *( *; +@"=&%* -* \466&C? W&* (* -*(+,$5* -*
-$E*,(4( 64"*,4( +'6' +4C4-',? 94(#',? -$'( -*; (';? -$'( -* ;4 O&(#$+$4? -$'( -* ;4
B*,#$;$-4-? *#+F

1$'( GK$E4? #465$d"? *( ,*9,*(*"#4-' +'6' &" +4C4-',F eY GK4E4,$? ;4 *(9'(4 -*; +4C4-',
GK$E4e? -$+* A4"+K4(#4E$ c7gF N]f? e+'" ;4 +,*(#4 -* 9;&64( -* 94E' ,*4; *" \& +45*C4? +'"
6*+K'"*( ,$C4-'( -* +45*;;' (&4E*? 5,$;;4"#* = -* +';', 64,,@" '(+&,'? &" ,'(4,$' -*
54=4( ,'O4( -*(+4"(4"-' ('5,* \&( (*"'( 9*(4-'(? -* +';', +'6' *; +$*;' -* ;4 #4,-*? +'"
&"4 +4,4 -* +',4; ,'O' = 64"'( (&4E*( = #$*,"4(? JK GK4j#$ -* GK4"j4,4 cGK$E4f 6* $"+;$"'
4"#* \$ eF :&*E46*"#* *" *; E*,(M+&;' V -*; +4"#' g -$+*^ e\L? E*(#$-' +'6' &"4 +4C4-',4
cGK4E4,$f? (*%&$(#* 4 GK$E4? ;$(#' *" (& 949*; -* +4C4-',? 94,4 5,$"-4, 9,'#*++$@"
9,'#*++$@" 4 !,O&"4F
h$ ,*E*,*"+$4 4 \$ &"4 = '#,4 E*CeF 0" 4;%&"4( $"(+,$9+$'"*( 4"#$%&4(? \466&C *(#< *"#,*
+',+K*#*( +'" GK46(? W&* ($%"$B$+4 1$'( -*; G';F GK$E4 #465$d" *( *; G4E$#4, -*; 1$'( G';
W&* $;&6$"4 *; !;64? $"E'+4-' *" *; >4=4#,$ h4"#,4? = .&"-4;$"$ *( G4E$#,$? (& +@"=&%*F
GK46( #$*"* -'( 4($(#*"#*(^ .*##& = h*(4,&F H4K& = .*##& ('" -'( -*6'"$'( W&* +4&(4"
*; *+;$9(* -*; (';? (*%L" ;4 6$#';'%M4 $"-$4F

!;%&"4( -* ;4( ;*=*"-4( ,*;4+$'"4-4( +'" \46&C +'6' -$'( 4($,$' = 545$;@"$+' (*
,*6'"#4" 4 XFYYY 42'( 4"#*( -*; "4+$6$*"#' -* I,$(#'F G* ('(#&E' W&*? +'6' 1$'( -*;
G';? 94(@ ;'( (*$( 6*(*( *"#,* *; +'6$*"C' -*; '#'2' = *; B$"4; -*; $"E$*,"' *" *;
$"B,46&"-'F I'694,* *(#' +'" *; E*,(M+&;' Z -*; +4"#' 7g -* A4"+K4(#4E$ *" *; W&* (*
-$+*^ eA4,4 4;%&$*" +'6' GK$E4? E*(#$-' +'" 9$*;*(F G& +&*,9' +&5$*,#' -* +*"$C4( -*
+4-<E*,*( c$"+$"*,4-'(f? E4%4"-' 9', ;$6'("4(? 54$;4"-' *" ;4( K45$#4+$'"*( -* ;'(
B4"#4(64(? = ,*&"$*"-' K&*(#*( -* *(9M,$#&( -* ;4 #$*,,4 4;,*-*-', -* GM 6$(6'? *( (';'
\& 4('+$4+$@" +'" T; ;4 W&* ;* -4 *"+4"#' 4 #'-'( *(#'( 4#,$5&#'( eF /"4 E*C 6<(? &"' -*
;'( "'65,*( -* GK$E4 *( A4(K&94#$? G*2', -* ;4( [*(#$4(? *" +&=4 B',64 (* ;* 6&*(#,4 *"
&"' -* ;'( 4"#$%&'( (*;;'( -* ;4 +&;#&,4 7"-'? \466&C *( &" 94(#', = 94(#',? +&$-4-', -*
,*542'( -* 'E*O4( = ,*542'( -* 4"$64;*(F 84 $"B4"+$4 -* .,$(K"4 (* %4(#4 +'6' &" 94(#',
= (* -*;*$#4 *" ;4 +'6942M4 -* ;'( "$2'( = "$24( -*; 94(#',F

0" '#,4( $"(+,$9+$'"*(? 7(K#4, (* +'"'+* +'6' r4,94"$#? ;4 +'"(',#* -* h4,-&j? *; -$'(
9,$"+$94; -* ;'( 545$;'"$'(F 0(#* "'65,* *" G&6*, ($%"$B$+454 e5,$;;' 9;4#*4-'e? = 6<(
#4,-* B&* $"#*,9,*#4-' 9', ;'( (*6$#4( +'6' e9,'-&+#', -* (*6$;;4(e? 465'( #d,6$"'(
W&* #465$d" ('" 49;$+45;*( 4 GK4j#$ c.&"-4;$"$fF G* -*+M4 W&* *,4 ;4 eI,*4#,$C -* #'-4( ;4(
+,$4#&,4(e? = #465$d" ;4 ;;464,'"

7(K#4, -* ;4 G45$-&,M4F 0"#,* ;4( 4E*(? ;4 94;'64 *,4 *(9*+$4;6*"#* (4%,4-4 94,4 *;;4?
9,'545;*6*"#* -*5$-' 4 (& #*69*,46*"#' *,@#$+'F 0" &" K$6"' #$*"* -*,*+K' 4 (*, ;4
e1$'(4 -*; 1*(*' -* 'O'( 4;*%,*(e = *" '#,' K$6"' +'6' e;4 1$'(4 h4-,* 46','(4 4 +&='
;4-' "$"%L" -$'( (* 4+*,+4eF 0" '#,' ;&%4,? (* ;4 ;;464 e&"4 +',#*(4"4 46','(4e =? 4 *(#*
,*(9*+#'? (* ;4 ,*9,*(*"#4 +'" ,4(%'( (*3&4;*( *"B4#$C4-'(F
0" &" K$6"'? *;;4 -$+*^ e8* -'= ;4 E&*;#4 4; 64+K' 4 ;4 K*65,4? ;* %$,' ;4 K*65,4 4;
64+K'eF 0;;4 *( ;4 -*(9*,#4-',4 -*; $69&;(' (*3&4; #4"#' *" (*,*( K&64"'( +'6' *"
4"$64;*(? = ;4 +4&(4 -* ;4 &"$@" (*3&4;F G*%L" D*,@-'#'? (* ;;46454 h=;$##4 *" [45$;'"$4?
W&* ($%"$B$+454 e;4 W&* -4 4 ;&CeF 0" (& ;$(#4 -* 64,*4( (* ;4 -*"'6$"4 e;4 W&* 45,* ;'(
;'6'(e? +'6' e;4 h4-,* -* ;'( 1$'(*(e = +'6' e;4 +,*4-',4 -* ;4 K&64"$-4- W&* K4+*
B;',*+*, #'-4( ;4( +'(4( +,*4-4(eF 0,4 +'"($-*,4-4 ;4 464"#* -* ;4( 4,#*( 6<%$+4( +'" ;4(
W&* +'"#,4,,*(#454 ;'( 64;E4-'( -$(*2'( -* ;'( -*6'"$'(F 0;;4 #465$d" *( ;4 e,*$"4 -*
#'-4( ;4( E$E$*"-4(e? $694,#$*"-' #'-4( ;4( 8*=*(? e"'('#,'( 4,$"% ;4 +','"4 -*;
%'5*,"4"#*F e0;;4 *( ;4 $"(9$,4-',4 -* ;'( 9,'B*#4( = ;4 B&*"#* -* (&( 6*"(4O*(? #465$d"
;4 +4&(4 -* ;4( ,*E*;4+$'"*( = *; 9'-*, -*#,<( -* ;'( ',<+&;'(F

I'" #'-4( (&( 9,'9$*-4-*( E$E$B$+4"#*(? 7(K#4, *( #465$d" ;4 1$'(4 -* ;4 1*(#,&++$@"? ;4


1$'(4 -* ;4 \',6*"#4 = ;4 1$'(4 -* ;4 >&*,,4F e0;;4 *( ;4 "'5;* W&* K4+* #*65;4, ;'( +$*;'(?
;4 #$*,,4 #$*65;4? *; B&*%' K4+* B&,',? K4+* W&* r& c;4 "&5* -* #',6*"#4f 94,*C+4 &" 9<O4,'
W&* E&*;4 -*(-* ;4 +4(4? W&* 4,,'O4 6'"#424( +'6' +4-<E*,*(eF 0" *; 4,#*? 4 6*"&-' (*
;4 ,*9,*(*"#454 ('(#*"$*"-' &" +4-&+*' -* -'( (*,9$*"#*(F i4 *" ;4 d9'+4 -*
D466&,45$? (* ;4 6'(#,@ *" &"4 #,M4-4 +'" ;4 ;&"4 = *; (';F 0; (';? ;4 ;&"4 * 7(K#4, -*; +&;#'
545$;@"$+' +',,*(9'"-*"
+',,*(9'"-*" 4; (';? ;4 ;&"4 = *; B&*%' c9M"%4;4? $-4 = (&(K&6"4f -* ;'( #4"#,4(F
\465$d" *( ,*9,*(*"#4-4 +'6' ;4 *(#,*;;4 -* ;4 6424"4 = ;4 #4,-*? g*"&(F 0" &" K$6"'?
*;;4 -$+*^ e7(K#4,? ;4 -$'(4 -* ;4 6424"4 * 7(K#4,? ;4 -$'(4 -* ;4 #4,-* ('= ='eF 7(K#4, 94,*+*
K45*, ($-' ;4 -$E$"$-4- 6<( $69',#4"#* -*; 94"#*@" 4($,$'U545$;@"$+'F 0;;4 45(',5$@ #4"#4(
'#,4( -$'(4( = *O*,+$@ &"4 E4,$*-4- -* B&"+$'"*( W&* (* +'"E$,#$@ +4($ *" ;4 -$E$"$-4-
(&9,*64F

nA&*-* K45*, -'( '9$"$'"*( ('5,* *; #*64 ($ 7(K#4, -*; 94"#*@" 4($,$'U545$;@"$+'? +4(4-'
+'" *; 1$'( -*; G';? W&* #465$d" *( +4C4-',? 94(#', = -$'( -*; 6&"-' $"B*,$',? -*
B4"#4(64( = -&*"-*(? #$*"* &"4 $-*"#$-4- +;4,46*"#* 64,+4-4 +'" ;4 1$'(4 h4-,* -*;
g4;;* -*; 7"-'? 6'(#,4-4 (*6$-*("&-4 *" 4;%&"'( -* ;'( (*;;'(p h<( #4,-* (* ;4 ;;46@
GK4j#$? ;4 +'"(',#* -* A4(K&94#$? G*2', -* ;4( [*(#$4(? (*"#4-4 *" &"4 9'(#&,4 -* ='%4
'5E$46*"#* *" &" *(#4-' -* (464-K$? +'" &,-K4E4U7$"%4 ' &" @,%4"' *,*+#' -*
%*"*,4+$@"F G* -$+* W&* 8',- GK$E4 *( &,-K4E4U,*#4( c+'" *"*,%M4 ,*9,'-&+#$E4 -$,$%$-4
K4+$4 4,,$54f = &,-K4E4U7$"%4 c+'" B4;' *,*+#'f 465'(F 0; 4(9*+#' $""*%45;*6*"#*
5$';@%$+' -*; +&;#' *( -* *(#4 B',64 9,'6$"*"#* * $"+'"B&"-$5;*F D4= 6&+K4( ,4C'"*(
94,4 (&9'"*, W&* ;'( '#,'( 4#,$5&#'( -* 7(K#4,? 6*"+$'"4-'( *" ;'( ,*%$(#,'(? 6$#'( =
;*=*"-4( -* [45$;'"$4 ' ,*9,*(*"#4-'( *" *; 4,#*? #465$d" -*5*" (*, ($6$;4,*( '
49,'3$64-46*"#*
49,'3$64-46*"#* ($6$;4,*( 4 ;4 1$'(4 h4-,* -*; g4;;* -*; 7"-'F 0;;4 *( ;4 1$'(4 -*; 46',?
;4 B*+&"-$-4-? *; 49,*"-$C4O* = ;4( 4,#*(? ;4 *(#,*;;4 -* ;4 6424"4 = ;4 #4,-*? ;4 B&*"#* -*
;4 ,*E*;4+$@" = *; +'"'+$6$*"#' '+&;#'? -*; -$(+&,(' $"(9$,4-' = ;4 9,'B*+M4? #465$d" ;4
1$'(4 -* ;4 9,'(9*,$-4- = *; d3$#'? = ;4 I,*4#,$C -* #'-'( ;'( (*,*(F 8' W&* *( 6<( ,*;*E4"#*
94,4 "&*(#,' #*64 *( W&* 4 6*"&-' (* ;4 ,*9,*(*"#4 ('(#*"$*"-' &" +4-&+*' *" ;4 64"'?
&" ($%"' $"+'"B&"-$5;* -* .&"-4;$"$F
I&4"-' E*6'( +@6' (* ,*9,*(*"#4 4 GK4j#$ ' .&"-4;$"$ *" A4"+K4(#4E$ = '#,'( 64"&4;*(
4"#$%&'(? 9,<+#$+46*"#* "' W&*-4 "$"%&"4 -&-4 ('5,* (& $-*"#$-4- +'" 7(K#4,F 0;;4 *(
1&,%4? ;4 I,*4#,$3 5*"$%"4 -* #'-'( ;'( '5O*#'( 4"$64-'( * $"4"$64-'(? IK4"-$? ;4 B*,'C
1$'(4 -* ;4 >&*,,4? 4,64-4 +'" *(94-4? ;4"C4? -$(+'? 4%&$O@"? *#+F? (* 4(*6*O4 4; 7(K#4,
5$*" 4,64-4 = *3#$*"-* ;4 -*(#,&++$@" *"#,* ;'( !(&,4( c-*6'"$'( f 0;;4 *( G4,4(m4#$? ;4
1$'(4 -*; !9,*"-$C4O* = ;4 G45$-&,M4? ;4 B&*"#* -* $"(9$,4+$@" = *;'+&*"+$4? ;4 -$(9*"(4-',4
-* 9'-*,*( 9(MW&$+'( = -'"*( 6<%$+'(? +'6' #465$d" ;4 1$'(4 -* ;4 1*(#,&++$@" = ;4(
+4;46$-4-*( "4#&,4;*(F 0;;4 ;;*E4 &"4 +,*(#4 -* 9;&64( -* 94E' ,*4; *" ;4 +45*C4F 0"
4;%&"4( ,*9,*(*"#4+$'"*(? 7(K#4, #465$d" (* 6&*(#,4 +'" &"4 +,*(#4 9;&6'(4F I'6' *;;4?
7(K#4, #465$d" (* 94,*+* 4; +$*;'F 0; E*,(M+&;' NQ -*; +4"#' 7g -* A4"+K4(#4E$ K4+* W&* ;4
($6$;$#&- (*4 #4" (',9,*"-*"#* W&* ;'( -'( 94,*+*" (*, "'65,*( -$B*,*"#*( -* ;4 6$(64
*"#$-4- -$E$"4F eY [K4%E4#$ cG'5*,4"' -*; /"$E*,('fe? -$+*? e4&"W&* *" \& 4(9*+#'
#,4(+*"-*"#4; *,*( &"' ($" &" (*%&"-' c;4 9'($+$@" -* ;4 1*$-4- G&9,*64 4($%"4-4 4
7(K#4,f? 9*,' *,*( ;4 K$O4 -* A,4O494#$ cG*2', -*; /"$E*,('f f? #465$d" ;4 (*,9*"#$"4
.&"-4;$"$? K45$#4"#* -* ;4 +4E$-4- -*; +',4C@"? +'6' #465$d" .4#=4=4"$ cE*(#$-4 -* ,'O'f?
#465$d" .46;4 c84j(K6$? ;4 1$'(4 -* ;4 H$W&*C4f = .4;4E4#$ c;4 1$'(4 -* ;4( !,#*(f? -* *(#4
64"*,4 *" E*,-4-? +'6' &" 54$;4,$"4? *,*( E$(#4 *" $""&6*,45;*( B',64( c= ,';*(f eF 7(K#4,
*( ,*9,*(*"#4-' +'6' &"4 +',#*(4"4 = #465$d" +'6' ;4 1$'(4 -* ;4 A,'(9*,$-4- = *; !,#*F

84 *"*,%M4 E$#4; +@(6$+4

!; #,4#4, -* 4($%"4, &" ',-*" +,'"';@%$+' 94,4 ;4( $-*4( *39,*(4-4( *" ;4( *(+,$#&,4( -*
!%464 = GK4j#$ GK4(#,4(? $"+;&$-' A4"+K4(#4E$? "'( *"B,*"#46'( 4 ;4 (',9,*"-*"#*
9'($+$@" -* W&* *; +'"+*9#' -* &" 9'-*, -$E$"' B*6*"$"' W&* 9&*-* '#',%4, (45$-&,M4?
$"(9$,4+$@"? K45$;$-4- 6<%$+4? #4;*"#' 4,#M(#$+' = 84 9,'B*+M4? W&* *(#< +4(4-4 +'" *; 1$'(
-*; G'; cG4E$#4,f? *( 6&= 4"#$%&4? #4; E*C 6<( 4"#$%&4 W&* ;4( +&;#&,4( 4($,$'U*%$9+$4( W&*
B;',*+$*,'" 6<( -* XFYYY 42'( 4"#*( -*; "4+$6$*"#' -* I,$(#'F 84 *-4- 4($%"4-4 4 ;'(
g*-4(? ;4( *(+,$#&,4( ,*;$%$'(4( *(+,$#4( 6<( 4"#$%&4( -*; 6&"-'? (*%L" ;4 64=',M4 -* ;'(
*(#&-$'('(? "' (&9*,4 *(#* 9*,M'-' K4(#4 ;4 B*+K4F \465$d" *" ;'( g*-4(? (* ;4 +'"'+*
+'6' /(K4 c*; 464"*+*,f? G4,4(m4#$ c;4 1$'(4 -*; !9,*"-$C4O* = *; !,#*f? A,$#KE$ c;4 h4-,*
\$*,,4? +4(4-4 +'" ;'( I$*;'( -*; A4-,*f? = *" E4,$'( E*,('( (* 4;&-* 4 *;;4 +'6'
1=4E49,$#KE$F 0; B46'(' >4=4#,$ h4"#,4 -*; H$% g*-4 -*B$"$#$E46*"#* (* ,*B$*,* 4
.&"-4;$"$ +'6' ;4 B&*"#* -* $;&6$"4+$@" *(9$,$#&4; = 6*"#4;F ek&* 9'-46'( 4;+4"C4, ;4
;&C %;',$'(4 -*; -$'( G4E$#4,e? -$+* *; h4"#,4? ek&* d; $"(9$,* "&*(#,4( ',4+$'"*(eF G4E$#4,
"' *( ($69;*6*"#* *; 1$'( -*; G';? ($"' 4;%' 6<( W&* *; ',5* -* ;&C 6&"-4"'? *( -*+$,? *;
A'-*, 1$E$"' -*#,<( -* d;F G4E$#4, $;&6$"4 *; 6&"-' = -*(9$*,#4 ;4 $"6',#4;$-4-F

e:&"+4 (* K4 -4-' &"4 *39;$+4+$@" 5&*"4 = (&B$+$*"#* -* ;4 9*+&;$4, (4"#$-4- 4('+$4-4 4


*(#* E*,(' c*; >4=4#,$ h4"#,4fe? -$+* I';*5,''jF e:' (* K4+* "'#45;* "$ 9', *;
9*"(46$*"#' ' ;4 -$++$@" *"#,* 6&+K'( '#,'( E*,('( Ed-$+'( -* #*"', ($6$;4,eF G* -$+*
W&* >4=4#,$ h4"#,4 *( ;4 W&$"#4*(*"+$4 -* ;'( g*-4( = *; h4"#,4 6<( *;*E4-' -* #'-'(
9',W&* >4=4#,$ +'6' .&"-4;$"$ *"+4,"4 *; 6$(#*,$' 6<( 9,'B&"-' -*; (*, K&64"'F
*3$(#*"+$4l 9',W&* #'-4 ;4 *"(*24"C4 -* ;'( g*-4( %$,4 *" #',"' 4 *(#* (*+,*#' (&9,*6'
-* ;4 "4#&,4;*C4F 0; +'6*"#4,$' -* I';*5,''j (* '+4($'"4 9',W&* "' (* K4 *"#*"-$-' *;
($%"$B$+4-' *('#d,$+' -*; h4"#,4? = 9',W&* *; 6*+4"$(6' 5$';@%$+' -* $;&6$"4+$@"? W&*
9,'9',+$'"4 *; L"$+' +46$"' 94,4 4;+4"C4, ;4( B&*,C4( $"#*;$%*"#*( -* ;4 +,*4+$@"? ($%&*
($*"-' &" ;$5,' +*,,4-' 94,4 4+4-d6$+'( = +$*"#MB$+'(F
1*(-* #$*69'( $"6*6',$4;*(? *; %&,L K4 $"(9$,4-' >4=4#,$ h4"#,4 4; 'M-' -*; -$(+M9&;'
*" *; 6'6*"#' -* ;4 +*,*6'"$4 -* $"E*(#$-&,4 -*; D$;' G4%,4-'? 64,+4"-' *; +'6$*"C'
-*; 4(K,46 -* [,4K64+K4,$ c9*,M'-' -* -$(+$9&;4-'f *"#,* ;4( #,*( +4(#4( "4+$-4( -'(
E*+*(F D$"-L*( 84 $"E*(#$-&,4 (* ,*4;$C4 &#$;$C4"-' &" K$;' #,$9;* +'" &" "&-' 4#4-' 9', *;
%&,L cW&* ,*9,*(*"#4 ;'( #,*( +4"4;*( $-4? 9M"%4;4 = (&(K&6"4? +'" &" "&-' -$BM+$; -*
9*,B',4, *" ;'( +K4j,4( -*; '65;$%'? +',4C@" = 4O"4fF 0; $"$+$4-' ;;*E4 *; K$;' 4;,*-*-', -*;
+&*;;' -*(-* *; K'65,' $CW&$*,-' = +&*;%4 -*; ;4-' -*,*+K' -*54O' -*; 5,4C'F !K',4? *"
*(#4 *,4 -* +'"'+$6$*"#' 469;$46*"#* *3#*"-$-'? +'" (& d"B4($( 6<( *" *; 64#*,$4; W&*
*" *; ;4-' *(9$,$#&4;? 9'+' (45*" ;'( %&,L(? W&* ,*4;$C4" ;4 +*,*6'"$4? = (&( -$(+M9&;'( W&*
(* ('6*#*" 4 ;4 $"$+$4+$@"? (45*" W&* 465'( ('" 94,#$+$94"#*( *" &"4 B&"+$@" W&* ? ($"
W&* (* -*" +&*"#4? (* +*"#,4 *" &"' -* ;'( (*+,*#'( -* ;4 "4#&,4;*C4 6<( +*;'(46*"#*
%&4,-4-'(? +'"'+$-' -*(-* ;4 4"#$%a*-4- 6<( ,*6'#4 9*,' "&"+4 *"#*"-$-' *" #'-4 (& (&
$69',#4"+$4 K4(#4 *; -M4 -* K'=F

0; >4=4#,$ h4"#,4 ,*9,*(*"#4 ;4 +,*64 -* ;'( g*-4(? 9',W&* *( *; s,5'; -*; A4,4M(' W&*
+&69;* #'-'( ;'( -*(*'( = 9&*-* '#',%4, #'-'( ;'( 5*"*B$+$'( 5&(+4-'( 4,-$*"#*6*"#*
4; +',4C@" -* +4-4 6',#4;^ ;'"%*E$-4-? B&*,C4 +',9',4;? 9,**6$"*"+$4 $"#*;*+#&4;? %*"$'?
-'"*( 9(MW&$+'( = ? 9', L;#$6'? ;4 %;',$'(4 +','"4 -* ;4 E$-4 K&64"4? *; +'"'+$6$*"#' -*;
G*,F G4E$#,$ *( ;' 6$(6' W&* >4=4#,$? *( -*+$,? *; 9'-*, $"E'+4-' *" *; K$6"' 4 G4E$#4, *"
*; H$% g*-4F 0( *" *(#* (*"#$-' -* >4=4#,$ ' .&"-4;$"$ W&* 0;;4 K4 ($-' 49'(#,'B4-4 *"
G4&"-4,=4 84K4,$F A4,E4#$? ;4 *(9'(4 -* GK$E4? #465$d" (* +'"'+* +'6' G4E$#,$F A', '#,'
;4-'? GK$E4 *( +'"'+$-4 +'6' >4=4#,$Ug4;;45K? ;4 464-4 -* >4=4#,$F 0(#' ($%"$B$+4
+;4,46*"#* W&* >4=4#,$ *( ;' 6$(6' W&* A4,E4#$? K$O4 -* ;4 6'"#424 c' ;4 1$'(4 -* ;4
h'"#424 -* ;4 4"#$%a*-4-f = #465$d" ;' 6$(6' W&* G4E$#,$F :' 9&*-* K45*, -$(9&#4(
('5,* *; K*+K' -* W&*? $"+;&(' -* 4+&*,-' +'" ;4 +'""'#4+$@" Ed-$+4? ;4 94;45,4 >4=4#,$
($%"$B$+4 ;4 *"*,%M4 E$#4; +@(6$+4 ' .&"-4;$"$F 84( (*6$;;4( -* ;'( +'"+*9#'( #<"#,$+'( *(#<"?
9', ;' #4"#'? 9,'B&"-46*"#* 4,,4$%4-4( *" ;'( g*-4(F 84 -$(#$"+$@" *"#,* *; gd-$+' >4=4#,$
= *; \<"#,$+' >4=4#,$? 4;&-$-' 9', !,#K&, !E4;'" *" (& 7"#,'-&++$@" 4; \4"#,4 GK4(#,4? *(
6*,46*"#* (*6<"#$+4F 1* K*+K'? #4"#' *" ;4( B',64( Ed-$+4( +'6' #<"#,$+4( -* (4-K4"4?
>4=4#,$ *( $-d"#$+' = ($%"$B$+4 .&"-4;$"$? ;4 0"*,%M4 1$E$"4 W&* +'"-&+* 4 ;4 $;&6$"4+$@"
$"#*,$',F I'6' &" +45;* *;d+#,$+' E$E'? ,*#',+$-' *" $""&6*,45;*( 5&+;*( = 9;$*%&*(? +4-4
&"' *3#*,$',6*"#* +'69;*#46*"#* -$B*,*"#* -*; '#,' 9*,' +4,%4-' +'" ;4 6$(64
+',,$*"#*? #'-4( ;4( ,*;$%$'"*(? +,*-'( = (*+#4( -* ;4 K&64"$-4-? #'-'( ;'( 6d#'-'(
(*+,*#'( -* *"#,*"46$*"#' 6*"#4;? 64%$4 ' K*+K$+*,M4 = #'-4( ;4( -$(+$9;$"4(F 94,4
4;+4"C4, *; d3#4($( 6M(#$+' ' ;4 5$*"4E*"#&,4"C4 ,*;$%$'(4? W&* 4;%&"4 E*C +'"-&O' 4 4;%L"
,*(&;#4-' #4"%$5;*? #'-'( = +4-4 &"' #*"M4" (&( ,4M+*( *" .&"-4;$"$F :' K4= -&-4 -* W&*
;' W&* *(#'= 4B$,64"-' *,4 +'"'+$-' *" +4($ #'-4( ;4( +$E$;$C4+$'"*( -*(494,*+$-4( -*;
94(4-'F 84 54(* -* #'-'( ;'( 6$(#*,$'(? =4 (*4 545$;@"$+'? *%$9+$' ' %,$*%'? (* 9&*-*
,4(#,*4, -*B$"$#$E46*"#* K4(#4 .&"-4;$"$F 1$(+&#$,*6'( *(#* #*64 &" 9'+' 6<( *" -*#4;;*
*" '#,' E';&6*"F !W&M *( (&B$+$*"#* 6*"+$'"4, W&* ;4 4-',4+$@" -* ;4 B&*,C4 B*6*"$"4
-* ;4 "4#&,4;*C4? -*; B4;' = *; @,%4"' B*6*"$"' -* %*"*,4+$@"? W&* (* *3#$*"-* K4(#4
9*,M'-'( ,*6'#'(? #&E' (& ',$%*" *" *; ,*+'"'+$6$*"#' $"(#$"#$E' 9', 94,#* -* ;'(
4"#$%&'( -* ;4 4+#$E$-4- 5$;4#*,4; -* ;4 ,*9,'-&++$@"F 6*+4"$(6'? W&* +'"-&+* 4 ;4
9,'+,*4+$@" 9', &" ;4-' = 4 ;4 *E';&+$@" 6*"#4; = *(9$,$#&4; 9', *; '#,'F
84 $"%*"&4 *39;$+4+$@" -* ;'( *(#&-$'('( -* W&* *; +&;#' 4; B4;' *( *; ,*(&;#4-' -* ;4
(&9*,(#$+$@" 9,$6$#$E4 ('5,* ;4 B*,#$;$-4- = *; "4+$6$*"#' *( *" (M 6$(6' *; 9,'-&+#' -* ;4
(&9*,(#$+$@" +$*"#MB$+4 -*; ($%;' t7tF 84 #,4-$+$@" $"-$4 -* .&"-4;$"$ #$*"* &" #,4(B'"-'
*69M,$+' -* 6<( -* #,*( 6$; 42'(? ,*(94;-4-' 9', *; #*(#$6'"$' -* (45$'( -$(+$9;$"4-'(
+&='(

84 E*,4+$-4- *(#< B&*,4 -* #'-4 -&-4F 84 $"E*(#$%4+$@" 4+#&4; ('5,* ;4 +'"+$*"+$4 = ;'(
B*"@6*"'( 9($ ,*E*;4,M4 &" -M4 +'" +&<"#' #$*69' -* 4"#$+$94+$@" " 4 ;'( (45$'(
6'-*,"'( -* ;4 +$*"+$4 -* ;4 E$-4F !K',4 9'-*6'( B',6&;4, *(#4 +'"+;&($@" 4 +4&(4 -*;
%,4" 4&6*"#' *" *; +'"'+$6$*"#' -*; ',%4"$(6' K&64"' W&* K4 '+&,,$-' *" ;'( L;#$6'(
#$*69'(F A*,' 94,4 *(#* ,*+'"'+$6$*"#'? ;4 '(+&,$-4- W&* 4+'69424 4; ',$%*" -*;
$69&;(' ,*;$%$'(' "&"+4 -*O4,M4 -* *3$(#$,F

A4,4 *E4;&4, ;4 $69',#4"+$4 -* A4"+K4(#4E$ =? -* K*+K'? -* #'-4 ;4 ;$#*,4#&,4 #<"#,$+4 *"


%*"*,4;? *( "*+*(4,$' -*#*"*,(* 5,*E*6*"#* *" *; $"*E$#45;* $694+#' 6L;#$9;* -*;
+'"'+$6$*"#' -* .&"-4;$"$ *" #'-4( ;4( *(B*,4( -* ;4 E$-4 K&64"4? &"4 E*C W&* ;4
*3$(#*"+$4 -* *(#4 9'#*"+$4 *(#< *69M,$+46*"#* *(#45;*+$-'F 0; 9,$6*, ,*(&;#4-' -* ;4
$"E*(#$%4+$@" (*,M4 ;4 494,$+$@" -* &"4 "&*E4 GL9*, I$*"+$4 W&* #,4#4 +'" ;4 6*"#* = ;4
+'"+$*"+$4F ! #,4Ed( -* *(#4 +$*"+$4? *; 9,*(*"#* $"#*;*+#' K&64"' 4;#46*"#*
-*(4,,';;4-' '5#*"-,M4 ;4( 9,$6*,4( $-*4( ('5,* *; &"$E*,(' -* +'"+$*"+$4 4K',4
#'#4;6*"#* '+&;#'F 0(#' ;;*E4,M4 4 4('65,'(4( ,*E*;4+$'"*( 6<( 4;;< -* +&4;W&$*, +'(4
+'"'+$-4 ' +'"+*5$-4 9', ;4 +$*"+$4 *" ;4 4+#&4;$-4-F

0; 9'-*, -*#,<( -* ;4 E$-4 *( $"+'69,*"($5;* 94,4 *; $"#*;*+#' K&64"'F 84 4+#$#&- -*


4-',4+$@"? (&6$($@"? ,*"-$+$@"? 4('65,' = 6$(#$B$+4+$@"? 64"$B*(#4-4 *" #'-'
A4"+K4(#4E$ = '#,4( '5,4( ('5,* GK,$ g$-=4 `;4 +$*"+$4 -* ;4 *"*,%M4 E$#4; +@(6$+4b? *( *;
,*(&;#4-' -* *(#4 "4#&,4;*C4 $"+'69,*"($5;* -* GK4j#$F 0; &"$E*,(' -* ;4 64#*,$4?
$"#*;$%$5;* 94,4 "'('#,'( 4 #,4Ed( -* "&*(#,' $"#*;*+#'? "' *( 6<( W&* &" +'694,#$6*"#'
-* &"4 +,*4+$@" $"B$"$#4 *" (& E4,$*-4- = ;4( B&*,C4( = *;*6*"#'( $"E';&+,4-'(F 84 64#*,$4
*( &"4F 84 *"*,%M4 E$#4; +@(6$+4 *( '#,4F A&*-* K45*, 94#,'"*( E4,$4-'( -* *"*,%M4 E$#4;
+@(6$+4 W&* '9*,4" *" '#,'( 9;4"*#4( = *" '#,4( ,*%$'"*( -*; &"$E*,('? +'69;*#46*"#*
-$B*,*"#*( -* ;4 *"*,%M4 E$#4; W&* '9*,4 *" ;4 #$*,,4F A&*-* K45*, '#,4( B&*,C4( -* ;4(
+&4;*( "' #*"*6'( 9*,+*9+$@" ' +'"'+$6$*"#' 4+#$E' *" '#,4( <,*4( -*; +'(6'(F G';'
E*6'( ;' W&* "'( ,*E*;4" "&*(#,'( +$"+' (*"#$-'( = ;4 6*"#*F :$"%L" $"(#,&6*"#' O46<(
+,*4-' 9&*-* #,4*,"'( ;4 9*,+*9+$@" -* &"4 B&*,C4? (&(#4"+$4 ' *"#$-4- 6<( 4;;< -*;
9'-*, +'%"$#$E' -* "&*(#,4 6*"#*F

84 #,4"(B',64+$@" -* ;4 +'"+$*"+$4? 9,'E'+4-4 9', ;4 *3+$#4+$@" -* .&"-4;$"$? $"#,'-&+*


&" "&*E' *;*6*"#' *" "&*(#,' +469' -* 9*,+*9+$@"F 0; 6&"-' -* ;4 6*"#*? 4"#*(
$69*,+*9#$5;*? (* E&*;E* ,*+'"'+$5;*? #,4=*"-' '#,4 <,*4 -* +,*4+$@" 4; 4;+4"+* -*
"&*(#,4 +'"+$*"+$4F 0; $694+#' -* ;4 %;',$4? ;4 64,4E$;;4 = ;4 4;*%,M4 -* *(#4 "&*E4
*39*,$*"+$4 *( ;4 +4&(4 -*; d3#4($(F 0(? 9', 4(M -*+$,;'? W&* (* K4 4%,*%4-' &" 9'#*"#*
#*;*(+'9$' -* ;4,%' 4;+4"+* 4 "&*(#,4 E$($@" 6*"#4; "',64;6*"#* -d5$;? #,4=*"-' 4 ;4
E$(#4 &"4 ,*%$@" -* +,*4+$@" K4(#4 4K',4 '+&;#4 W&* *( ;4 4"#M#*($( -*; 6&"-' *" *; W&*
"'( *"+'"#,46'( 4K',4F
!W&M E$E$6'(? ,'-*4-'( -* B&*,C4( $69;4+45;*( = 6&*,#4( -* ;4 "4#&,4;*C4l 4KM #'-' *(
E$-4F !W&M K4= 6&*,#* = #,$(#*C4l D4= E$-4 *#*,"4 = 4;*%,M4 $"+'"6*"(&,45;*F !W&M *;
*(9M,$#& E$E* 49,*#4-' *" +4,"*? $"*3#,$+45;*6*"#* *"+4-*"4-' 4 ;4 #$*,,4? -*(+'"+*,#4-'
9', *; 6$(#*,$' -* (& (*, = 4#',6*"#4-' 9', ;4 -&-4l K4= ;$5*,#4- ($" ,*(#,$++$'"*(? *;
&"$E*,(' 4(&6* &" 4(9*+#' ('",$*"#*? ;4 -&-4 (* #,4"(B',64 *" +*,#*C4 = ;4 (*"(4+$@" -*
-*(+'"+$*,#' *" 4('65,' +4-4 E*C 64=', 4"#* ;4 *(#&9*"-4 H*4;$-4-? $69*"(45;* *
$"*39,*(45;*? W&* 4K',4 45(',5* #'-4 ;4 4#*"+$@" -* ;4 6*"#* $;&6$"4-4F I'" *(#4
#,4"(B',64+$@" *" ;4 +'"+$*"+$4? *; K'65,* 4K',4 4#*,,$C4 *" '#,4 <,*4 -*; &"$E*,('?
-'"-* +'6$*"C4 4 4-W&$,$, &"4 +'"+$*"+$4 $"#*;$%*"#* -*; 6&"-' -* ;4 g$-4? =4 W&* +'"
*; 464"*+*, -*; $"#*;*+#' +'6*"C@ 4 4-W&$,$, &"4 +'"+$*"+$4 $"#*;$%*"#* -*

0; 6&"-' -* ;4 64#*,$4F 0(#4 +'"+$*"+$4 $"#*;*+#&4;? 4&"W&* #'-4EM4 6&=? 6&=


$69*,B*+#4? 4"&"+$4 &" #,*6*"-' 4E4"+* ('5,* #'-4( ;4( -*6<( B',64( -* E$-4 *" ;4
#$*,,4F 1*; 6$(6' 6'-'? *; ;'%,' -* ;4 +'"+$*"+$4 $;&6$"4-4 4"&"+$4 &" 4E4"+* 6<( 4;;<
-* ;4 9,'E$"+$4 +&5$*,#4 9', *; $"#*;*+#'F 0( *; ,*+'"'+$6$*"#' $"(#$"#$E' -* *(#* K*+K' ;'
W&* ,'-*4 4 ;'( %,4"-*( 64*(#,'( ,*;$%$'('( -* ;4 K&64"$-4- +'" &" K4;' -* %;',$4 W&*
,4,4 E*C +4* *" 64"'( -* '#,'( (*,*( K&64"'(F

!W&*;;'( W&* +,**" W&* ;4 *3+$#4+$@" -* .&"-4;$"$ ($%"$B$+4 ;4 4+#$E4+$@" -* &"4 B&*,C4
'+&;#4 ' 6<%$+4? ;4#*"#* *" *; +&*,9'? W&* 9&*-*" 64"$9&;4, -* E4,$4( 64"*,4( 94,4
'5#*"*, &"4 64=', +'"+$*"+$4 ' 9'-*,*( 6$;4%,'('(? ($69;*6*"#* *3K$5*" (& $ %"',4"+$4
= 9*,9*#L4" (& 9,'9$4 *(+;4E$#&- 4 ;4 (&9*,(#$+$@"F 0; -*(9*,#4, -* .&"-4;$"$ $69;$+4 ;4
4+#$E$-4- ,*"'E4-4 -* ;4 6$(64 S&*,C4 -* g$-4 94,4 ,*6'-*;4, *; +*,*5,' 4 &"4
-$6*"($@" (&9*,$', -* +'"+$*"+$4? W&* ;' 6';-*4 *" *; L#*,' = ;' 64"#$*"* E$E' = +&*,-'
*" +4-4 6'6*"#' -* "&*(#,4 E$-4F G45*6'( 6&= 5$*" W&* "' *( 9'($5;* $"#*,B*,$,?
$69&"*6*"#*? +'" *; B&"+$'"46$*"#' -* ;4 B&*,C4 6$(#*,$'(4 W&* K4+* W&* "&*(#,'
+',4C@" ($%4 ;4#$*"-'? W&* "&*(#,' *(#@64%' B&"+$'"*? W&* "&*(#,'( $"#*(#$"'( (*
6&*E4" = W&* *(#< -*#,<( -* ;4 4+#$E$-4- *3#,*64-46*"#*
*3#,*64-46*"#* +'69;*O4 -*; +*,*5,'F 0(#4 *(
;4 B&*,C4 W&* .&"-4;$"$ +'"#,';4 = ',-*"4F

8'( ='%&$( W&*? -*(9&d( -* 42'( = 42'( -* 9,<+#$+4( -&,4( = 4;#46*"#* 9*;$%,'(4(? ;'%,4"
'5#*"*, &" +'"#,'; 94,+$4; ('5,* (& ($(#*64 "*,E$'(' 4&#@"'6' = *3K$5*" (& -*(#,*C4
6*-$4"#* -$E*,(4( K4C424(? +'6' ;4 -*#*"+$@" -*; B;&O' -* (4"%,* ' *; *"#$*,,'
(&5#*,,<"*' -&,4"#* -M4( * $"+;&(' (*64"4(? K<%4;' +'" %,4" ,$*(%' = +'" B,*+&*"+$4
+4&(4, -42'( $,,*94,45;*( 4 *;;'( 6$(6'( *" *; 9,'+*('F 0" ;'( *(#4-'( -* #,4"+*
4&#'$"-&+$-'(? #4;*( ='%&$( 4 6*"&-' 9$*,-*" *; +'"'+$6$*"#' =? -* ;' +'"#,4,$'? "&"+4
9&*-*" ,*4;$C4, *(4( K4C424( -* 9*"(46$*"#' 45(#,4+#' = K45$;$-4- 4,#M(#$+4 W&* K4" ($-'
*; 64"4"#$4; -* #'-4( ;4( +,*4+$'"*( = ;'%,'( ',$%$"4;*( -*; K'65,*F :' 9&*-* K45*, "4-4
6<( #'"#' W&* -*(9*,-$+$4, 6&+K'( 42'( 9,*+$'('( -* ;4 E$-4 -* &"' 94,4 4-W&$,$, ;4
+494+$-4- -* +4&(4, +'"-$+$'"*( 4"',64;*( -*; +&*,9' 9', &" 6*,' *B*+#' *(9*+#4+&;4,?
4 +'(#4 -* ;'( #*(','( 6<( ,$+'( -* ;4 6*"#*F

84 B&*,C4 6$(#*,$'(4 -* ;4 E$-4 W&* *(#< -*#,<( -* #'-4 ',%4"$C4+$@" +*;&;4, "&"+4 9&*-*
(*, 49,*K*"-$-4 & '5(*,E4-4 -* ;4 6$(64 64"*,4 W&* &" '5O*#' 64#*,$4;F 0; *W&$9'
+*,*5,4; "',64; *(#< #'#4;6*"#* 6&*,#' 4 *(#4 ,4-$4+$@" *3#,4',-$"4,$4F !;%&"'(
$"-$E$-&'( -'#4-'( ;' E$(;&65,4" -* E*C *" +&4"-' = (* +'"E$*,#*" *" +4"4;*( 94,4 (&
64"$B*(#4+$@" *" B',64 -* 9*,+*9+$@" (*"(',$4; (&9*,"',64; ' -'"*( 9(MW&$+'(F A*,'
*;;'( #469'+' #$*"*" $-*4 -* (& 6$(#*,$'F
D4(#4 4K',4 "' K*6'( 9'-$-' 4($%"4, &" "'65,* 4 *(#4 B&*,C4 *E4($E4? W&d -*+$, -*
-*#*,6$"4, (& "4#&,4;*C4 ' $"+;&(' -* +'69,*"-*, 4 -$(#4"+$4 +@6' B&"+$'"4F 0(#< #4"
4;*O4-' -* #'-'( "&*(#,'( +'"+*9#'( W&*? *" ;&%4, -* 4+*9#4, ;4 *3$(#*"+$4 -* &"4 *"#$-4-
#4" (&#$; = +'69;*O4 $"$64%$"45;*? *; 6&"-' -* ;4 +$*"+$4 K4 *(#4-' $"#*"#4"-'? -&,4"#*
;'( L;#$6'( 6<( -* &" ($%;'? B',6&;4, #*',M4( 6*+<"$+4( = +'"-&+#&4;*( 94,4 #*"*, *"
+&*"#4 0; B*"@6*"' -* ;4 E$-4? 9*,' #'-' *" E4"'F

0; 4&#', -* A4"+K4(#4E$ K4 #,4#4-' -* *39,*(4, *(#* 4(9*+#' $"+'69,*"($5;* -* ;4 *"*,%M4


E$#4; +@(6$+4 *" E4,$'( E*,(M+&;'(F 0" &"' cgFPf? -$+*^ U e`Y 1$'(4b W&* *(#<( 6<( 4;;< -*;
4;+4"+* -*; D45;4 = ;4 8@%$+4? +494C 9', \& 9,'9$4 *(*"+$4 -* -*(9*,#4, c\&( -*E'#'(f 4;
,*$"' c$"#*,"'f -* ;4 [$*"4E*"#&,4"C4 G&9,*64 cGK$E4U I'"+$*"+$4f? 5,$;;4"-' 9', #'-4(
94,#*( +'" *; 5,$;;' -*

*; ;'#' 4C&;? -$%"' -* 4-',4+$@" $"+;&(' 9', ;4 1*$-4- G&9,*64? GK$E4? $"+;$"4-' +'" *;
9*(' -* \&( %,4"-*( = 9*(4-'( (*"'(? K4+*6'( ,*E*,*"+$4 4 \& B4(+$"4"#* *(9;*"-', W&*
*(#< 6<( 4;;< -*; 4;+4"+* -* ;4 6*"#* = 6<( 4;;< -*; 9'-*, -*; ;*"%&4O* 94,4 -*(+,$5$, eF !
;4 ;&C -* *(#4 -*+;4,4+$@" K'"*(#4 = (45$*"-' 5$*" W&d -$B$+&;#4-*( +';'(4;*( *(#<"
$"E';&+,4-4( *" &"4 #,4"(B',64+$@" 5$';@%$+4 -*; +*,*5,'? K4(#4 (&( +494( 6<(
9,'B&"-4(? ;' W&* (* 9&*-* -*+$, -* ;4( 4B$,64+$'"*( -* 4W&*;;'( W&* -*+;4,4" W&* ('"
eh4*(#,'( -* .&"-4;$"$e = 9&*-*" I'69<( (& *3+$#4+$@" ($69;*6*"#* +'" &" #'W&*? &"
%*(#' ' &"4 6$,4-4p

!W&*;;'( W&* ';E$-4" W&* ('" 9*,' +4*" *" *; '+d4"' -* ;4 0"*,%M4 g$#4; I@(6$+4? ;4
I,*4#,$C -* #'-'( ;'( (*,*( E$E'(? "*+*($#4" >,4+$4 94,4 9&,%4, (&( 6*"#*( -*; *%' W&*
-$(#',($'"4 (& E$($@" 94,4 W&* #*"%4" &"4 $64%*" -*64($4-' 4;#4F -* *;;'( 6$(6'(F :&"+4
*( *; 64*(#,' ' *; %&,L? ($"' *; A'-*, 1$E$"' *" 465'(? ;' W&* +'"-&+* 4 ;4 *3+$#4+$@" -*;
A'-*, = ;4 ;$5*,4+$@" -*; !;64F 0(#' *( ;' W&* "&*(#,' 4&#', W&$*,* -*+$, c7gF;;f^ U eY \L?
[*"*B4+#',4? c$"+;&('f 94,4 4W&*;;'( 5&(+4-',*( -*(9&d( -* ;4 (4;E4+$@"? +&=4( 4++$'"*(
('" *W&$;$5,4-4( = W&* (* ,*B&%$4" 4 B4E', -* &" %&,&? *,*( \L? Y 1$'(4? W&$*" ? *" &"
6'6*"#'? ,'694 *" 9*-4C'( ;4( +4-*"4( c-* j4,64f W&* ;'( &"*"? = ;'( $"$+$4 *" ;4
*"(*24"C4 (*+,*#4 -* ;4( 0(+,$#&,4( GK4$E4 eF

/"4 'B$+$"4 6&= $69',#4"#* -*; ='%4 = *; d3#4($( 6M(#$+' *( K&6$;;4, *; ',%&;;' -*;
$"#*;*+#'? W&* -* '#,' 6'-' (*,M4 $"*E$#45;*F

I'6' *; L"$+' 4%,$6*"(', $"#*;$%*"#* -* &" &"$E*,(' 494,*"#*6*"#* *(#d,$;? *; K'65,*


*( 9,'9*"(' 4 #*"*, &"4 '9$"$@" -*64($4-' 4;#4 -* (M 6$(6'F 1* K*+K'? ;4 K&64"$-4-?
*" *(#4 *#494? *( +'6' &" "$2' "<&B,4%' W&* #,4#4? ($" (45*,;'? -* 9,*94,4,(* 94,4 &"
949*; ('5,*K&64"' *" ;'( *'"*( 9', E*"$,F A*,' *; 6'-*,"$(#4 +,** W&* +4($ K4 4;+4"C4-'
*; +*"$# -* (& 4(+*"('F 84 *39*,$*"+$4 -*; (464-K$ ' *; *(#4-' &"$#$E' *" ;4( 6*"#*(
%'5*,"4"#*( *( ;' W&* (* "*+*($#4 94,4 $"B&"-$, (*"#$6$*"#'( -* 4('65,' = E*"*,4+$@"
-* ;4 H*4;$-4- $69*"(45;* W&* (* -*(4,,';;4 *" ;4( 9,'B&"-$-4-*( -* ;4 +'"+$*"+$4F 0(#4
*39*,$*"+$4 9,'9',+$'"4 ;4 L"$+4 EM4 45$*,#4 4 ;'( 9,$"+$94;*( $"#*;*+#'( 94,4 '5#*"*, &"4
6*O', +'69,*"($@" -*; 64,4E$;;'(' 6$(#*,$' -* ;4 +,*4+$@" = #465$d" -* ;4 (';$-*C -* (&
9,'9$' 9*"(46$*"#' = 4++$@"? &"4 6*-$-4 "*+*(4,$4 94,4 ;4 (*%&,$-4- -* ;4 ,4C4 *" ;4 *,4
4#@6$+4F
A', ;' #4"#'? *( "*+*(4,$' &" +'"'+$6$*"#' -*; 6*+4"$(6' -* .&"-4;$"$ 94,4 +465$4, ;4
-$,*++$@" -* ;4 6*"#* K&64"4F 1*5* +'"'+*, (&( 9'($5$;$-4-*( = ;$6$#4+$'"*( #4"#'F 84(
#*"-*"+$4( 4+#&4;*( *" ;4 +$*"+$4 *69M,$+4 K4+*" W&* (*4 4O*"' 4 ;4 7"#*;$%*"+$4 I@(6$+4
W&* %'5$*,"4 +4-4 <#'6' = 6';d+&;4 -* 64#*,$4F 0; +'"+*9#' 6$(6' -* &"4 I'"+$*"+$4
W&* #'-' ;' (45* = #'-' ;' 9*"*#,4 *( $"4+*9#45;* * $"+'69,*"($5;* 94,4 *;;4F G$ (* 4+*9#4?
,*-&+* 4 #'-4 ;4 K&64"$-4- = #'-'( (&( ;'%,'( 4 &"4 9'($+$@" (&5',-$"4-4 = "' -*O4 ;&%4,
94,4 ;4 4&#' 4-&;4+$@" = *; *"%,*$6$*"#' -*; K'65,*F

0( K4+$4 ;4 ,*4;$C4+$@" -* *(#4 4('65,'(4 E*,-4- W&* ;'( 9,'+*('( *E';&#$E'( *(#<"
#,454O4"-' *" *; 64,+' K&64"'F \'-' (*, K&64"' "4+* 94,4 -4,(* +&*"#4 -* W&* *( &"4
%'#4 -* &" '+d4"' $;$6$#4-' -* $"#*;$%*"+$4 W&* #'-' ;' 454,+4 = #'-' ;' (45*F 0( (';'
*"#'"+*( W&* (& 4"($4 -* 9'-*, = 9'(*($@" 9&*-* +*(4, = ;4 94C ,*$"4,< *" ;4 #$*,,4F :4+$@
94,4 +'"'+*,(* 4 (M 6$(6' 94,4 -4,(* +&*"#4 -* ;4 >;',$4 I*;*(#$4; W&* K4 ( (* E$(#$@ -*
64#*,$4 94,4 K45$#4, ;4 #$*,,4F :' K4= *(+494#',$4 -*; +46$"' -* ;4 *E';&+$@" 4;$"*4-'
94,4 d; = ;4( (*E*,4( ;*=*( W&* %'5$*,"4" (& E$-4F G& L"$+' +46$"' K4+$4 ;4 94C = ;4 B*;$+$-4-
+'"($(#* *" +''9*,4, +'"

B&*,C4( ,*%*"*,4#$E4( W&* #,454O4" 94,4 4#,4*,;' K4+$4 (& *(#4#&,4 9$4-'(4 ' 94%4, ;4
9d,-$-4 -* (& ,*E&*;#4 *" ;4 -*(4,6'"M4? ;4 -*%*"*,4+$@" = ;4 -*+4-*"+$4 $"#*,"4( =
*3#*,"4(F 0(#' K4+* W&* *; +'"'+$6$*"#' -* .&"-4;$"$ (*4 ;4 "*+*($-4- 6<( $69*,4#$E4 -*
"&*(#,' #$*69'F

0; '5O*#$E' ,*4; -*; ='%4 "' (* -*(+,$5* ' (* *"#$*"-* $"+',,*+#46*"#* +'" B,*+&*"+$4F 0;
46', *34%*,4-' 9', &"' 6$(6' #$*"-* 4 9$"#4, &"4 $64%*" +'69;*#46*"#* '9&*(#4 -*
;4 +'(*+K4 W&* ;4 9,<+#$+4 -* ;4 -$(+$9;$"4 9,'545;*6*"#* 9,'-&+$,<
9,'-&+$,< 94,4 *; 4(9$,4"#*F G*
$64%$"4 #'-' #$9' -* 5*"*B$+$'( W&* (* ;* '+&,,*"^ 94C 6*"#4;? #,4(+*"-*"+$4? B*;$+$-4-?
9'-*,*( 6$;4%,'('(? &"$@" +'" ;' 1$E$"' = *; ,*(#'F H4,4 E*C (* $64%$"4 W&* *" *;
6'6*"#' *" W&* (* ;'%,* *; '5O*#$E' -*; i'%4? -*O4,< -* (*, ;' W&* *( ' +,** (*,F
\'#4;6*"#* K&6$;;4-' = (&5=&%4-'? (* -4,< +&*"#4 -* W&* "' *( 6<( W&* &"4 ('65,4 '
($69;*6*"#* &"4 9*;M+&;4 -*;%4-4 -* *%'? +,*=d"-'(* B4;(46*"#* +'6' *; K4+*-', -*
;'( K*+K'( = *; 9*"(4-', -* ;'( 9*"(46$*"#'(F 1* K*+K'? #'-' ;' W&* (&+*-* *" *;
&"$E*,('? 4; 6<( 6M"$6' 6'E$6$*"#' *" *; <#'6'? E*,< E*"$, -* &"4 7"#*;$%*"+$4
#'-'9'-*,'(4 * $"+,*M5;* W&*? -* K*+K'?
K*+K'? *( d;? = ;' W&* d; +,** W&* *( "' *( 6<( W&* &"4
B$"4 +494 -* +';',F *" *(*F

0(#' *( ;' W&* *; [K4%4E4- >$#4 $"+&;+4 4W&M `NQFRNb^ e0; G*2',? Y !,O&"4? ,*($-* *" *;
+',4C@" -* #'-'( ;'( (*,*( = ;'( K4+* %$,4, *" *; 4&#@64#4 -*; +&*,9' 9', G& A'-*, $;&(',$'
c64=4feF *; E*;' $;&(',$' *( *; i'%4F 84 +'"+$*"+$4 4K',4 (* K4+* (*"#$, +'6' *;
'6"$9'#*"#* G*2', -* #'-'F 84 -*(+'"+*,#4"#* -$E*,($-4- +,*4-4 9', ;'( (*"#$-'( = ;4
6*"#* (* -$(&*;E* = 494,*+* &"4 "&*E4 = 64,4E$;;'(4 $64%*" -*; +'(6'(F 0(#4 *( ;4
6'j(K4 -*; $"-$' (45$'( -* ;'( +&4;*( ,4,4 E*C (* +'69,*"-* *; E*,-4-*,' ($%"$B$+4-'F 0(
*" *(#* (*"#$-' W&* GK4j#$ *( 45',-4-' +'6' *; e7"(#,&6*"#' -* 8$5*,4+$@"e *"
A4"+K4(#4E$F GK$E4 = GK4j#$

0; E*;' -* 64=4
GK$E4 *( ;' 6$(6' W&* [,4K64" -* ;'( /94"$(K4-(? ;4 I4&(4 9,$6',-$4; -*#,<( -* ;4
I,*4+$@"F GK4j#$ *( (& 9'-*, 94,4 +,*4, *; &"$E*,('F 0" ;4 B',64 "' 64"$B*(#4-4? *( -*+$,?
4"#*( -* W&* *; &"$E*,(' *"#,* *" *3$(#*"+$4? GK$E4 = GK4j#$ ('" &"' *" *; G4-4UGK$E4 "'
64"$B*(#4-'F 0; [K4%4E4- >$#4 ;' ;;464 ;' "' 64"$B*(#4-'F e1* ;' 7"64"$B*(#4-'e? -$+*
`QFNQb? e#'-4 ;4 +',,$*"#* 64"$B*(#4-4 4 ;4 ;;*%4-4 -*; -M4l 4 ;4 ;;*%4-4 -* ;4 "'+K* (*
-$(&*;E*" $"+;&(' *" 0('? ;;464-' 7"64"$B*(#4-'eF 0( ;4 +,*4+$@" ;4 W&* +4&(4 ;4 -&4;$-4-
494,*"#*F A,*(*"#4 4 GK$E4 +'6' ;4 +'"+$*"+$4 (&5O*#$E4 = 4 GK4j#$ +'6' *; &"$E*,('
'5O*#$E' -* "'65,* = B',64 ,*B;*O4-' 9', *; 9,$6*,'F 0; -&4;$(6' -* ;4 6*"#* = ;4 64#*,$4
(* *39,*(4 *" *; [K4%4E4- >$#4 `NVFPYb *" *(#4( 94;45,4(^ eG45* W&* ;4 64#*,$4 = *;
*(9M,$#& "' #$*"*" 9,$"+$9$'? = #465$d" (45*( W&* ;4 6'-$B$+4+$@" = ;4( +&4;$-4-*( "4+*"
-* ;4 64#*,$4eF 0; A,4j,$#$ -* >$#4 *( 9,<+#$+46*"#* *; 6$(6' W&* *; GK4j#$ -* ;'( \4"#,4(F

G*%L" ;4 B$;'('BM4 GK4$E4? +'6' #465$d" (*%L" g*-4"#4? ;'( -'( ('" &"'F 0" *; 9,$6*,'?
;4 -&4;$-4- *( +4&(4-4 9', *; GK4j#$ ' 0"*,%M4 I,*4#$E4 -* ;4 A,$6*,4 I4&(4 =? *" *;
(*%&"-'? 9', &" E*;' $;&(',$' -* $%"',4"+$4 +'"'+$-' +'6' 64=4 W&* K4+* W&* *; !#64"
';E$-* (& 9,'9$4 "4#&,4;*C4 1$E$"4 = (* 9*,+$54 *" $""&6*,45;*( B',64( +'6' &"
$"($%"$B$+4"#*F 4+#', *" *; +';'(4; -,464 -* ;4 +,*4+$@"F e!(M +'6' *; 9'-*, = *; 9'(**-',
-*; 9'-*, 9*,64"*+*" ($*69,* (*94,4-'(?
(*94,4-'(? -* ;4 6$(64 64"*,4? *" E$,#&- -* *(#4 ;*=? *;
G*2', G&9,*6' = G& 0"*,%M4 G&9,*64 ('" 465'(e? -$+* g$O"4"4 [K4$,4E4 `NQb? = 4%,*%4
cNZf^ U e0; :' (* 9&*-* 9*"(4, W&* *; 9'-*, 4,-$*"#* -*; B&*%' *(#d (*94,4-' -*; B&*%'
6$(6'F G';' +&4"-' (* '5#$*"* *(#4 9*,+*9+$@"? *(' 64,+4 *; +'6$*"C' -* ;4 $"$+$4+$@"
c+'"'+$6$*"#' E*,-4-*,'f eF 84 494,*"#* -$(94,$-4- *"#,* ;'( -'( ($(#*64( ('5,* ;4
"4#&,4;*C4 -* A,4j,$#$ c;4 64#*,$4 = (&( B',64+$'"*(f (&,%* 9,$"+$94;6*"#* -*5$-' 4 -'(
E*,($'"*( -$B*,*"#*( -* ;4 6$(64 *39*,$*"+$4F A', W&d *(#' *( 4(M (* 4+;4,4,< *" '#,' ;&%4,
6$*"#,4( (* -$(+&#* ('5,* (464-K$F

0; 9&"#' W&* (&,%* 4W&M *( 9', W&d? *" g*-4"#4? *; ;&%4, -* 9,*+*-*"+$4 (* 4($%"4 4
[,4K64" = *" *; GK4j#4 4 ;4 0"*,%M4 I,*4#$E4 ' GK4j#$F G*%L" g*-4"#4? [,4K64" "' #$*"*
4#,$5&#'( = 64=4 *( &" B4+#', $"*39;$+45;* W&* '+&;#4 *(#4 I4&(4 -* I,*4+$@" ($" 4#,$5&#'(F
0; ,*(&;#4-' -* *(#4 (&9*,9'($+$@" *( W&* *; 4;64 $"-$E$-&4; c!#64"f? W&* *( *; 9,'9$'
[,4K64"? 9*,+$5* &"4 -&4;$-4-?
-&4;$-4-? *( -*+$,? 4 (M 6$(64 +'6' *; '5(*,E4-', *"+4,"4-'? = *;
6&"-' +';'(4; *" *; W&* (* *"+&*"#,4 +'6' *; '5O*#' '5(*,E4-'? (*94,4-'( = -$(#$"#'(
*"#,* (MF F

1* K*+K'? "' K4= -&4;$-4-F 8' W&* *; !#64" 9*,+$5* *( (& 9,'9$4 9,'=*++$@" E*;4-4 9',
64=4? W&* ;' K4+* 494,*+*, +'6' *; /"$E*,('? -* ;4 6$(64 64"*,4 W&* &"4 +&*,-4 (*
+'"B&"-* +'" &"4 (*,9$*"#*? ' &"4 64-,*9*,;4 +'" &" #,'C' -* 9;4#4F A', ;' #4"#'? $"+;&('
(*%L" g*-4"#4? *; &"$E*,(' "' *( &" 6$#' "$ &"4 6*,4 $;&($@" ($" &"4 54(* (&(#4"+$4;?
+'6' ;' K4" ,*9,*(*"#4-' *,,@"*46*"#* 4;%&"'( *(+,$#',*(F 0( 9,'-&+#' -* &"4 "*5;$"4
9*,+*9+$@" 9*,+*9#$E4 -* &"4 +'(4 9', ;4 '#,4F !(M? 6$*"#,4( W&* #'-' *; /"$E*,(' *(
[,4K64"? *#*,"' * $"-$B*,*"+$4-'F

;4 6*"#* K&64"4 ;' 9*,+$5* +'6' &"4 6&;#$9;$+$-4- *3$(#*"#* *" *; #$*69' = *; *(94+$'F
G* -$+* W&* *(#* *,,', *" ;4 9*,+*9+$@" *( +4&(4-' 9', 4E$-=4? *( -*+$,? ;4 B4;#4 -*
+'"'+$6$*"#' ,*4; ' B4;#4 -* +'"'+$6$*"#'F
D4= &" 6&"-' -* -$B*,*"+$4 *"#,* ('(#*"*, W&* *; 6&"-' *( B4;(' ' $,,*4;? +'6' ;4
$"E*"+$@" -* &" (&*2'? ' W&* *( ;4 9*,+*9+$@" *,,@"*4 -* &"4 ,*4;$-4- (&5=4+*"#*F 84
L;#$64 E*,($@"? *" *; +'"#*3#' -* "&*(#,' +'"'+$6$*"#' 4+#&4;? K4+* W&* ;4 $"#*,9,*#4+$@"
E*-<"#$+4 (*4 6&= ($%"$B$+4#$E4F G$%"$B$+4 W&* *; +'(6'( W&* 9*,+$5$6'( 4 #,4Ed( -*
"&*(#,'( (*"#$-'( ,*9,*(*"#4 &"4 $64%*" +'69;*#46*"#* 4;#*,4-4 -* &"4 (&(#4"+$4
-*54O' -* ;4 (&9*,B$+$* W&*? 4&"W&* *" ,*4;$-4- *( &"4? (* E* B,4%6*"#4-4 *" &"4
E4,$*-4- $"B$"$#4 -* B',64( *" ;4 $64%*"F 0(#'? 4 (& E*C? $69;$+4 W&* "' *( &"4 4%*"+$4
*3#*,"4 ($"' ;4 9,'9$4 +'"(#$#&+$@" -* "&*(#,' *W&$9' (*"(',$4; ;' W&* ;* -4 *(#4 B',64
$"+'"B&"-$5;*6*"#* 6L;#$9;* 4 &"4 64#*,$4 K'6'%d"*4 W&* B',64 *; (&5(#,4#' -*;
/"$E*,('F 0(#' ($%"$B$+4 +;4,46*"#* W&* ;4 J9*,4+$@" \*4#,' -*; 64=4 E*-<"#$+4 "' *(#<
&5$+4-4 *" *; +'(6'( W&* 9*,+$5$6'(? ($"' *" *; 6$(6' $"(#,&6*"#' -* 9*,+*9+$@"? W&*
*( "&*(#,' +*,*5,'F

1* 4+&*,-' +'" ;4( -'+#,$"4( -* GK4j#4? GK4j#$ "' #$*"* 4#,$5&#'(? ($" "'65,* = B',64 *"
(& B',64 $"#,M"(*+4? = #465$d" *(#< ;;*"4 -* 4#,$5&#'(? "'65,*( = B',64(? +&4"-' (*
64"$B$*(#4 +'6' *; &"$E*,('F !; 6$(6' #$*69'? ($*"-' ;4 6$#4- $"(*94,45;* -* GK$E4? 0;;4
*(? *" *(* (*"#$-'? *; &"$E*,(' +,*4-' = ;4 +4&(4 9,$6',-$4;? *( -*+$,? [,4K64" -*;
g*-4"#4? *" &"'F 0; 9&"#' -* E$(#4 -* GK4j#4 =? -* K*+K'? GK4$E4? #465$d" 4#,$5&=* *;
B*"@6*"' -* ;4 +,*4+$@" 4 &" G*, $"B$"$#' 6<( 4;;< -*; 4;+4"+* -*; 9*"(46$*"#'? 9'(*M-'
-* 0"*,%M4 $"B$"$#4 W&* (* #,4"(B',64 *" *; /"$E*,('F 0; G*, G&9,*6'? *( -*+$,? GK$E4? "'
(&B,* "$"%L" +465$' *" #'-4( *(#4( %$%4"#*(+4( 64"$B*(#4+$'"*( -* 4+#$E$-4-? +'6' *;
[,4K64" -* ;'( /94"$(K4-(? = +'"#$"L4 $"4;#*,4-' 4 #,4Ed( -* ;'( +$+;'( $"#*,6$"45;*( -*
+,*4+$@" (*%&$-'(? *" *; #,4"(+&,(' -*; #$*69'? 9', ;4 -$(';&+$@"F .,$(K"4 ;' 4+;4,4 +&4"-'
6&*(#,4 G& 9,'9$4 S',64 /"$E*,(4; 4 !,O&"4F enA*,' +&<; *( *; +'"'+$6$*"#' -* #'-'(
*(#'( -*#4;;*( 94,4 \$? Y !,O&"4p D45$*"-' $69,*%"4-' #'-' *(#* /"$E*,(' +'" &"
B,4%6*"#' -* 6M 6$(6'? 9*,64"*C+'eF c[K4%4E4- >$#4 NYFXPfF

I4-4 u$E4 c4;64 *"+4,"4-4f *( *(*"+$4;6*"#* GK$E4 *" G& h4O*(#4-? (';' E*;4-4 9', *;
6'6*"#' 9', *; 9'-*, $;&(',$' -* G& 9,'9$4 GK4j#$ ' 0"*,%M4 I,*4#$E4F G& ;$5*,4+$@" -* ;4
I'"+$*"+$4 $"-$E$-&4; -* &" u$E4 = ;4 +'"+$*"+$4 -* GM 6$(6' +'6' *; GK$E4 '6"$9,*(*"#*
#465$d" (* 9,'-&+* 9', ;4 6$(64 0"*,%M4 54O' *; ('5,*"'65,* -* .&"-4;$"$F I'" ;4
#,4"(6$($@" -* *"*,%M4 4; (4K4(,4,4 c+',#*C4 +*,*5,4;f? (* 9,'-&+* &"4 ,*E';&+$@" *" ;4
+'"+$*"+$4 *(#,$+#46*"#* ;$6$#4-4 -*; $"-$E$-&'? ;' W&* ,*(&;#4 *" ;4 49*,#&,4 -* &" "&*E'
+4"4; -* 9*,+*9+$@"? *; \*,+*, JO'? = ;4 9*,+*9+$@" -* &" 6&"-' "&*E' * $"-*(+,$9#$5;*
-* G*, W&* *( &" '+d4"' +'"+*"#,4-' -* 03$(#*"+$4? I'"+$*"+$4? S*;$+$-4- = [*;;*C4
9*,('"$B$+4-4F
G* 4#,$5&=* %,4" $69',#4"+$4 4; +&*,9' *" *; GK4j#$ GK4(#,4F 0( *; \*69;' -* ;' 1$E$"' o=
;4o A&*,#4 -*; I$*;' oF 0( *; .(K&-,4U[,4K64"-4
.(K&-,4U[,4K64"-4 ' o6$+,'+'(6'(o +'" ;4 6$(64 9';4,$C4+$@"
W&* E*6'( *" *; &"$E*,('? ;4 6',4-4 -* GK$E4 = GK4j#$F 0; +'"+*9#' 6$(6' -* o.4=4U
G4-K4"4o ' -$(+$9;$"4 -*; +&*,9'? W&* +'"(#$#&=* *; *O* +*"#,4; -* ;4( 9,<+#$+4( -* D4#K4U
i'%4? $69;$+4 +;4,46*"#* ;4 94,#$+$94+$@" -* ;'( @,%4"'( E$#4;*(? *; ($(#*64 "*,E$'(' = *;
+*,*5,' *" ;4 #,4"(B',64+$@" W&* +'"-&+* 4 &"4 "&*E4 E$($@" -* *; 6&"-' '? *" '#,4(
94;45,4(? 4 ;4 I'"+$*"+$4 -* GK$E4F /"4 9*,('"4 +'"-*"4-4 4 ;4 +*%&*,4? +'6' ;4 +'(*+K4
-* (& j4,64 4"#*,$',? "4+* "4#&,4;6*"#* +$*%4? '#,4 +'"-*"4-4 4 ;4 (',-*,4 "4+* (',-4?
= '#,4 +'"-*"4-4 4 &" +$*,#' #$9' -* $"*9#$#&- *( "4+$@ +'" *(4 B4;#4 94,#$+&;4, *" (&
*W&$9' 6*"#4; ' BM($+'F J#,' 6<(? +'" -*,*+K' 4 +'"E*,#$,(* *" %'5*,"4"#* ' 94(4, &"4
E$-4 -* ,$W&*C4? "4+* *" &" K'%4, ,*4; ' *" &"4 B46$;$4 ,$+4 ' #$*"* 4#,$5&#'( 6*"#4;*(
W&* ;' *;*E4" 4 #4; 9'($+$@"F eG$ (4##E4 ,*4;6*"#* 9,*E4;*+* +&4"-' *; +&*,9' *"+4,"4-'
(* -$(&*;E*e? -$+* *; [K4%4E4- >$#4 cNXFNXf? e*"#'"+*( d; (* -$,$%* 4 ;'( 6&"-'( ($"
64"+K4 -* ;'( %,4"-*( (45$'(eF i 4-*6<(? eD45$*"-' $-' 4 ;4 -$(';&+$@" *" ,4O4(? d; "4+*
*"#,* 4W&*;;'( 49*%4-'( 4 ;4 4++$@"F G$ (* -$(&*;E* *" #464(? "4+* *" ;'( E$*"#,*( -* ;'(
($" (*"#$-'eF cNXFN]f

0; ,*+'"'+$6$*"#' -*; K*+K' -* W&* ;4 B46$;$4 *" ;4 +&4; = ;'( 4#,$5&#'( 6*"#4;*( ' BM($+'(
+'" ;'( W&* &"' "4+* *(#<" -*#*,6$"4-'( 9', (& j4,64 4"#*,$', "' (';' *( 9*+&;$4, -*
>$#4 ($"' W&* *( %*"*,4;6*"#* 4+*9#4-' 9', #'-'( ;'( #*3#'( +4"@"$+'( -* ;4 7"-$4F
7"+;&(' +&4"-' K4= &"4 -$B*,*"+$4 -* '9$"$@" ('5,* ;4 "4#&,4;*C4 -* ;4 H*4;$-4- v;#$64 '
;4 *3$(#*"+$4 -* &" I,*4-', 1$E$"' ' $"+;&(' -'"-* "' (* 4+*9#4 ;4 4&#',$-4- -* ;'( g*-4(?
+'6' 9', *O*69;' *" *; 5&-$(6'? ;4 B&"+$@" +4&(4; -*; j4,64 *( B<+$;6*"#* 4-6$#$-4F G*
+'"($-*,4 W&* *( *; -*#*,6$"4"#* -*; B&#&,' "4+$6$*"#'? $"E';&+,4"-' ;4( -'#4+$'"*(
9($+'('6<#$+4( = *; *"#',"' -* &" (*, K&64"'F k&* +$*,#'( B4+#',*( 5$';@%$+'( 0;
[K4%4E4- >$#4 4-6$#* +;4,46*"#* W&* *( "*+*(4,$' 94,4 *; d3$#' *" ;4 ;&+K4 *(9$,$#&4;
6$*"#,4( (* -$(+&#* *; -*(#$"' -* 4;%&$*" W&* +4* -*; +46$"' -*; i'%4 -&,4"#* ;4 E$-4F eJ
$"+;&(' 9&*-* "4+*, *" &"4 B46$;$4 -* (45$'( ='%&$(? 9*,' *(* "4+$6$*"#' *( *; 6<( -$BM+$;
-* '5#*"*, *" *(#* 6&"-'e? -$+* .,$(K"4 4 !,O&"4F e!;;M ,*+$5* +4,4+#*,M(#$+4( W&*
9*,#*"*+*" 4 (& 4"#$%&' +&*,9' = +'" *;;4( #,454O4 "&*E46*"#* 94,4 ;4 9*,B*++$@"? Y
4;*%,M4 -* ;'( .&,&(eF cRFVPUXVf

84 $"B*,*"+$4 *( +;4,4^ *; +'"+*9#' 6$(6' -* j4,64 +'";;*E4 ;4 $69;$+4+$@" -* W&* ;4(


(*6$;;4( j<,6$+4( *" 4;%&"4 B',64 (&#$; ('5,*E$E*" 4 ;4 6&*,#* -*; #45*,"<+&;' 94,4
-*#*,6$"4, *; B&#&,' *W&$9' +',9',4; = *; *"#',"' *3#*,"' -*; u$E4 c4;64 *"+4,"4-4fF A',
;' #4"#'? -*5* K45*, 4;%' *" ;4( +494( 6<( (&#$;*( -* "&*(#,' ',%4"$(6'? 6<( 4;;< -* ;4
$"E*(#$%4+$@" -*; $"#*;*+#'? *" *; W&* ;4( (*6$;;4( -*; j4,64 *+K4" ,4M+*(? +,*+*" = -4"
B,&#' &"4 = '#,4 E*CF 1*5* K45*, 4;%' *" ;4 *(#,&+#&,4 -*; 6&"-' *(9$,$#&4; ('5,* *; +&4;
;'( 9*"(46$*"#'( = ;'( K*+K'( -* ;'( 6',#4;*( -*O4" &"4 64,+4 $"-*;*5;*F
0" *; +'"#*3#' -* "&*(#,' +'"'+$6$*"#' 4+#&4; ('5,* *; +&*,9' K&64"'? nW&d 9&*-*
($%"$B$+4, *(#4 4"#$%&4 +,**"+$4 *" ;4 ,**"+4,"4+$@"? 54(4-4 *" *; B,&#' -*; j4,64p /"
$"-$E$-&' -$(&*;#' *" #464(? *( -*+$,? *" &" *(#4-' -* *"%42'? W&* (* 4B*,,4 +$*%46*"#*
4 ;4( 94($'"*( = -*(*'( -* ;4 +4,"*? #$*"* W&* "4+*, *" *; L#*,' -* ;'( ($" (*"#$-' '? *"
'#,4( 94;45,4(? #$*"* W&* E*"$, 64; *W&$94-' 4; 6&"-'? (*%L" 4 >$#4 G45*6'( 5$*" W&*
;4 K*,*"+$4 = *; *"#',"' *" *; W&* "4+* &"4 9*,('"4 O&*%4" &" 949*; -*+$($E' *" ;4
,*%&;4+$@" -* (& E$-4 = +4,,*,4 -*(9&d( -*; "4+$6$*"#'F 1* *(#4 64"*,4 +'(*+K4 ;4
+'(*+K4 -* j4,64 '5#*"$-4 *" *"+4,"4+$'"*( 4"#*,$',*(F 0" *; 6'6*"#' *" W&*
$"#*,E$*"* ;4 K*,*"+$4? $9('UB4+#' $69;$+4 ;4 94,#$+$94+$@" -* %*"*( = -* ;'( %*"*( #'-' *;
',%4"$(6' 9($+'('6<#$+' -*; K'65,*? *( -*+$,? (& 6*"#* = (& +&*,9'F

84( (*6$;;4( -*; 64; j4,64 W&* +'"-*"4" 4 &" (*, K&64"' 4 &"4 E$-4 -* *"%42'?
(&B,$6$*"#' = #,$(#*C4 -*5*"? 9', ;' #4"#'? *(#4, 9,*(*"#*( *" (&( %*"*(? W&* *3$(#*" *"
;4( +d;&;4( -* (& +*,*5,' = *" +4-4 +d;&;4 = B$5,4 -* (& (*,F 1*; 6$(6' 6'-'? *; 6d,$#'
'5#*"$-' 9', 6*-$' -* 4++$'"*( O&(#4( W&* ;* -4" -*,*+K' 4 ;4 ;$5*,4+$@"? ' 4 &"4 9'($+$@"
-* 9'-*, ' ,$W&*C4 #465$d" -*5*? *" *; 6$(6'

4(M? *(#4, 9,*(*"#* *" (& *W&$9' 5$';@%$+' = *; 6*-$' 465$*"#* 94,4 W&* 9&*-4 %4"4, ;4
,*+'69*"(4 '5#*"$-4F

I&4"-' *(#' (* 4-6$#*? = "' 94,*+* K45*, '#,4 4;#*,"4#$E4 W&* 4-6$#$,;'? #465$d" (* -*5*
4-6$#$, W&* 4W&*;;'( W&* 4;%&"4 E*C %4"4,'" 4 ;4 $;&6$"4+$@" ' 9'-,<" %4"4,;4 *" *;
B&#&,'? -*5*" +'"(#$#&$,(* -* *(4 64"*,4 +'" &" $"#*,$', B4E',45;*F = 465$*"#* *3#*,$',F
0(#' ($%"$B$+4? *" '#,4( 94;45,4(? W&* -*5*" #*"*, &"4 9,*-$(9'($+$@"? #4"#' 6*"#4; +'6'
B$($';@%$+4? 94,4 4;+4"C4, &" *(#4-' -* +'"+$*"+$4 $;&6$"4-' *(9'"#<"*46*"#* ' +'"
*(B&*,C'( -$,$%$-'( 4 *(* B$"F

A*,'? n+@6' +,*4 *; j4,64 +$,+&"(#4"+$4( B4E',45;*( ' -*(B4E',45;*( ' +,*4 ;'( B4+#',*(
+'"%d"$#'( "*+*(4,$'( 94,4 ;4 $;&6$"4+$@"p :' K4= ,*(9&*(#4 4 *(#* *"$%64 "$ *" *;
4"#$%&' (45*, *(9$,$#&4; -* ;4 K&64"$-4- "$ *" ;'( 64"&4;*( 4+#&4;*( -* ;4 +$*"+$4F :'
(45*6'( W&d -*#*,6$"4 ;4 *3+*;*"+$4 6*"#4; -* &" $"#*;*+#&4; -* 4;#' ,4"%' ' ;4
E*,(4#$;$-4- -* &" %*"$' = +&<; *( *; 9*"(46$*"#' "&5;4-' -* &" $-$'#4 ' *; ,4C'"46$*"#'
9*,E*,#$-' -* &" +,$6$"4; ' #,469'(' "4+$-'F 1*5* K45*, 4;%' *" *; +*,*5,' -* &" g=4(4?
GK4"j4,4+K4,=4? I'"B&+$'? !E$+*"4? GK4j*(9*4,*? G4"#4 \*,*(4 ' A4,464K46(4
H464j,$(K"4 W&* ;'( ;;*E@ 4; 9$"<+&;' -*; 9*"(46$*"#' K&64"' ' 4; +*"$# -* ;4 %;',$4
*(9$,$#&4;F
1*5* K45*, 4;%' *" ;'( +*,*5,'( -* #'-'( ;'( K'65,*( = 6&O*,*( #4;*"#'('( *" +4-4
*(B*,4 -* 9*"(46$*"#' = K45$;$-4- W&* (*4 ,*(9'"(45;* -* (& -*(*69*2' ('5,*(4;$*"#*?
*;*E<"-';'( #4" 9', *"+$64 -*; (*, K&64"' 9,'6*-$' W&* 94,*+*" 9*,#*"*+*, 4 &"4
+;4(* 494,#*F 1*5* K45*, 4;%L" 6$(#*,$' -*#,<( -* #'-4( ;4( *(+,$#&,4( ,*E*;4-4( -* ;4
#$*,,4 W&* 64"#&E$*,'" 6$;;'"*( = 6$;;'"*( 54O' (& -'6$"$' -&,4"#* 6$;*( -* 42'(? =
+,*4,'" #4;*( ,*E';&+$'"*( *" *; 9*"(46$*"#' *"#,* ;4( 6&;#$#&-*( W&* "&"+4 9&-$*,'"
;'%,4, ;'( ,*=*( = *69*,4-',*( 6<( 9'-*,'('( *" *; 94(4-'F F !; 6$(6' #$*69'? -*5*
K45*, 4;%&"4 9*+&;$4,$-4- *" ;'( +*,*5,'( -* %*"'+$-$'(? 4(*($"'( = (<-$+'( W&* -$(B,&#4"
-$45@;$+46*"#* -* 64#4, ' +4&(4, -';',F 1*5* K45*, K45$-' 4;%&"4 B4;;4 *" *; +*,*5,' =
;4 +'69'($+$@" 9(MW&$+4 -* #'-'( ;'( 45'6$"45;*( 4(*($"'( *" 64(4 -* ;4 K$(#',$4F 0( B<+$;
-*+$, W&* *,4" 6',5'('( ' 9*,E*,#$-'(? 6*%4;@64"'( ' 94,4"'$+'(? 9*,' 4($%"4, &"
"'65,* "' *39;$+4 ;4( ,4C'"*( 5$';@%$+4( -*#,<( -* ;4 *"B*,6*-4-F

A4"+K4(#4E$ = '#,'( 4"#$%&'( #,4#4-'( #,4-$+$'"4;*( W&* #,4#4" ('5,* *; 9'-*, -* ;4


(*,9$*"#* 9,'9',+$'"4" &"4 9$(#4 94,4 ;4 (';&+$@" -* *(#* 9,'B&"-' 6$(#*,$'? W&* *( -*
;4 64=', $69',#4"+$4 94,4 ;4 K&64"$-4-F I'"#$*"*" 9$(#4( 9,*+$'(4( W&* 9&*-*" (*, -*
%,4" E4;', *" ;4 $"E*(#$%4+$@" -$,$%$-4 4 *39;',4, ;4( ,46$B$+4+$'"*( -* *(#4 64,4E$;;'(4
B&*"#* -* *"*,%M4 9(MW&$+4 *" ;'( (*,*( K&64"'(F u&C%4-' -*(-* *(#* 9&"#' -* E$(#4? *(#*
9*W&*2' ;$5,'? W&* "' +'"#$*"* 6<( -* NXR E*,('(? ,*-4+#4-' *" &"4 E*"4 6*#4B@,$+4?
;;*"' -* %*"#* 4,+4$+4 = 6M#$+4 *9#( 4"- "'#$'"( *( &"4 E4;$'(4 %&M4 94,4 &"4
&"4 +$*"+$4? 4L"
*" 9,'+*('? 9,*'+&94-4 9', *; -*(+'"+*,#4"#* 6$(#*,$' -* ;4 +'"+$*"+$4F 0; 4&#',
-*(+'"'+$-' -* *(#* #,454O' -*(9;$*%4 *" ;*"%&4O* B$%&,4-' ;'( %d,6*"*( -* W&d #$*69'
-*6'(#,4,< (*, *; 64=', -*(+&5,$6$*"#' O46<( K*+K' 9', ;4 K&64"$-4-F 0(#*
-*(+&5,$6$*"#'? +&4"-' (* +'"#$"L4 +'" ;'( 6d#'-'( +'"'+$-'( 9', ;4 +$*"+$4? "' (';'
4,,'O4,< ;&C ('5,* ;'( 9,'5;*64( 4L" '(+&,'( -* ;4 6*"#*? ($"' W&* #465$d" +'6*"C4,<
&"4 +4-*"4 -* 9*"(46$*"#' ,*E';&+$'"4,$' K4(#4 W&* #'-4 *; <,*4 -* ;4 E$-4 K&64"4 (*
#,4"(B',6* *" +'"('"4"+$4 +'" ;4( ;*=*( 4L" '+&;#4(F %'5*,"4"-' *; -*(#$"' *(9$,$#&4; -*
;4 ,4C4 K&64"4F

A*,+*9+$@" "',64; = 94,4"',64;

0(#4 9*W&*24 -$%,*($@" 94,4 6'(#,4, ;4 *(#,*+K4 +'"*3$@" *"#,* ;4 -'+#,$"4 -*; j4,64 =
;4 -'#4+$@" 5$';@%$+4 -*; K'65,* (* K4 K*+K' 94,4 4,,'O4, ;&C ('5,* ;4 9'($+$@" -* W&*
K4= '#,' 6&"-' -*; (*,? ($*69,* ,*-'"-' = 9', *"+$64 -* "'('#,'(? -*; +&4;
9*,64"*+*6'( *" ;4 '(+&,$-4- #'-' *; 9*,M'-' -* "&*(#,4 *3$(#*"+$4 #*,,*"4;F 0" 4;%L"
;&%4, *" *; "$E*; (&54#@6$+' -* "&*(#,'( +&*,9'( K4= &"4 6$(#*,$'(4 $"#*,+'"*3$@" *"#,*
*(* 6&"-' = "&*(#,4( 5'5$"4( 6',#4;*( W&* ($*69,* *(#< 6<( 4;;< -*; 4;+4"+* -* "&*(#,4
9*,+*9+$@"F :' #*"*6'( $-*4 -* W&d B&*,C4( 4+#L4" = W&d ;*=*( '9*,4" *" *(#4(
9,'B&"-$-4-*( (&5;$6$"4;*( = +@6' $"B;&=*" *" "&*(#,' 9*"(46$*"#' = 4++$@" 94,4 W&*
9'-46'( +'(*+K4, E';&"#4,$46*"#* *; B,&#' -* ;' W&* K*6'( (*65,4-'F :&*(#,'(
9,'9$'( +'"+*9#'( -* ;*= = O&(#$+$4? 9*+4-' = +4(#$%'? (* ;'( -*5*6'( 4; 6$(6' -*9@($#'
$;$6$#4-' -* 9*"(46$*"#' -*; W&* 9,'E$*"*" #'-4( "&*(#,4( "'+$'"*( * $-*4(F A', ;'
#4"#'? n+@6' 9'-*6'( (&9'"*, W&* ;4 S&*"#* -* ;4 +&4; *3#,4*6'( "&*(#,' (*, = "&*(#,4
$"(9$,4+$@" *(#4,M4 -*(9,'E$(#4 -* ;4 ;*= = *; ',-*" W&* #'646'( 9,*(#4-'( -* *;;4p 1*5*
K45*, &" ($(#*64 -* O&(#$+$4 45(';&#4 W&* %'5$*,"* ;4( B&*,C4( -* ;4 E$-4? =4 W&* K4= ;*=*(
(*E*,4( W&* %'5$*,"4" ;4( B&*,C4( -* ;4 64#*,$4 *" *; &"$E*,('F
/" 9*C *" *; 4%&4 "&"+4 9&*-* $64%$"4, *; 94"',464 *"+4"#4-', = 6&= *3#*"-$-'
45$*,#' 4 ;'( 'O'( -* &" 9<O4,'F 1* ;4 6$(64 64"*,4? &"4 6*"#* "',64; "&"+4 9&*-*
*"64,+4, &"4 $64%*" -* ;4 64,4E$;;'(4 E$(#4 45$*,#4 4; 'O' $"#*,"' -* &" ='%&$? +&='
+*,*5,' *(#< *" ($"#'"M4 +'" ;4( E$5,4+$'"*( 6<( B$"4( -* ;4 E$-4F D4= 6&"-'( -*"#,' -*
6&"-'( = ,&*-4( -*"#,' -* ,&*-4( *" ;4 +,*4+$@" W&* ('" +'69;*#46*"#* $69*,6*45;*(
4 "&*(#,'( (*"#$-'(F 7"#*;*+#&4;6*"#*? K*6'( (&9*,4-' *; *(+*"4,$' +&4"-' (* 9'-,M4
-*+$, W&* &" s"%*; -* ;4 %,454+$@" & '#,4 *"#$-4- ('5,*"4#&,4; ($*69,* *(#< '+&94-' *"
64"#*"*, &" $"E*"#4,$' $"-*;*5;* -* "&*(#,4( 4++$'"*( 5&*"4( ' 64;4(F 84 B$%&,4 6M#$+4
-* i464 ' &" B&"+$'"4,$' -$E$"' =4 "' *( "*+*(4,$4 94,4 *39;$+4, +@6' (* ,*%$(#,4" = (*
(*;*++$'"4" ;4( 4++$'"*( -* ;'( (*,*( K&64"'( 94,4 +&69;$, +'" ;'( B$"*( -* ;4 ;*= = ;4
 O&(#$+$4 +*;*(#$4;*(F 8'(
8'( 6*+4"$(6'(
6*+4"$(6'( (&#$;*( -* ;4 E$-4? *" B&"+$'"46$*"#'
B&"+$'"46$*"#' *" ;4 *(#,&+#&,4
*(#,&+#&,4
9($+'('6<#$+4 -* +4-4 $"-$E$-&'? 9&*-*" ,*4;$C4, ;4 #4,*4 -* 64"*,4 6<( *B$+$*"#* =
+'69;*#4 W&* +&4;W&$*, <"%*; ' (*, ('5,*"4#&,4;F 8'( 6$(6'( -$(9'($#$E'( W&* %'5$*,"4"
;4 K*,*"+$4 #465$d" '9*,4" ;4 ;*= -*; .4,64F \'-' *(#' (&+*-* *" &" 6&"-'
+'69;*#46*"#* *3+;&$-' -* "&*(#,4 E$(#4F !W&*;;'( W&* +,**" *" *; j4,64 ' ;4 O&(#$+$4
(&9,*64 #465$d" -*5*" +,**, *" 6&"-'( 6<( 4;;< -* "&*(#,' +'"'+$6$*"#'F

:' #*"*6'( 45(';&#46*"#* "$"%L" +'"#,'; "$ +'"+$*"+$4 -* ;4( (&#$;*( B&*,C4( ',%<"$+4(
W&* #,454O4" *" "&*(#,' +&*,9'F D4(#4 4K',4? ;4 +$*"+$4 "' K4 ($-' +494C -* ;'+4;$C4, '
$"+;&(' 4+&24, "'65,*( 94,4 *;;'(F 0( (';' 4K',4 W&* *; *(#&-$' -* ;4 ;;464-4 5$'*"*,%M4
' 5$'9;4(64 (* K4 ;;*E4-' 4 +45' *" 4;%&"'( ;&%4,*(F A*,' ;4 *3#,*64 (&#$;*C4 = ;4
"4#&,4;*C4 *E4($E4 -* ;4( +'(4( -$B$+&;#4" ;4 #4,*4 *" *3#,*6'F A', ;' #4"#'? 4; #,4#4, +'"
.&"-4;$"$? #,4#46'( &" #*64 64,%$"4; W&* *(#< 6<( 4;;< -* ;4 9,'E$"+$4 -* ;4 +$*"+$4
6'-*,"4F 0; K*+K' -* W&* ;4 G'+$*-4- 94,4 ;4 7"E*(#$%4+$@" A(MW&$+4 =? 6<(
,*+$*"#*6*"#*? ;4 A4,49($+';'%M4 K4=4" 4+&6&;4-' E';L6*"*( -* *E$-*"+$4 94,4
-*6'(#,4, W&* ;'( B*"@6*"'( 9($ ('" &"4 ,*4;$-4- "' ($%"$B$+4 W&* K4=4" '5#*"$-' *;
6*"', +'"'+$6$*"#' ('5,* ;4 B&*,C4 *" ;4 94,#* 9'(#*,$',F 1*; 6$(6' 6'-'? ;'(
6'"#'"*( -* E';L6*"*( ('5,* +$*"+$4( 5$';@%$+4( "' "'( K4+*" (*, 6*"'( ( 45$'( 4+*,+4
-* ;4 6$(#*,$'(4 +4&(4 -*#,<( -* ;'( B*"@6*"'( -* ;4 E$-4F

e:' 49,*K*"-*6'( 4; K'65,* *" (& +'"O&"#'e? -$+* !;*3$( I4,,*;;? e+4-4 &"' -* "'('#,'(
*(#< B',64-' 9', &"4 9,'+*($@" -* B4"#4(64(? *" 6*-$' -* ;'( +&4;*( (* +,&C4 &"4
,*4;$-4- $"+'%"'(+$5;*e FX :4-$* 9&*-*

"$*%&* W&* &" 6&,' $69*"*#,45;* (*94,* ;4 +'"+$*"+$4 (&9*,B$+$4; -*; K'65,* -* ;4(
B&*,C4( (&5;$6$"4;*( $"*(+,&#45;*( W&* 64"#$*"*" ;4 ;;464 -* ;4 E$-4 *" (& +&*,9'F :$
($W&$*,4 (45*6'( +@6' E$E$6'(F 0(#' *( ;' W&* W&$*,* -*+$, >'*#K* +&4"-' -$+*^ eA*,'?
*" %*"*,4;? *; K'65,* #$*"* W&* 4"-4, 4 #$*"#4(F :' (45* -* -@"-* E$"' "$ 4 -@"-* E4F
G45* 6&= 9'+' -*; 6&"-' = 6*"'( W&* "4-$*eF
8'( *39*,$6*"#'( -* /,$ >*;;*,? 4&"W&* *(#<" 45$*,#'( 4 ;4 -&-4 *" ;' W&* ,*(9*+#4 4 ;4
9($+'W&$"*($(? 9,'9',+$'"4" 9,&*54( 6&= (@;$-4( -* #*;*94#M4 FFF 84 ,4C@" 9', ;4 +&4; ;4
'9$"$@" +$*"#MB$+4 #'-4EM4 *(#< -$E$-$-4 ('5,* ;'( B*"@6*"'( 94,4"',64;*(
94,4"',64;*( *( 9',W&* ('"
,4,'(? *,,<#$+'( * $69,*-*+$5;*(F A*,' *; E';&6*" -* *E$-*"+$4 ,*&"$-' K4(#4 4K',4 *"
"&*(#,' #$*69' = ;4 9*,($(#*"#* 494,$+$@" -* ;4 B4+&;#4- *" 4;%&"4( 9*,('"4(? 4 ;' ;4,%'
-* #'-' *; +&,(' -* ;4 K$(#',$4? "' -*O4" ;&%4, 4 -&-4( ('5,* (& '+&,,*"+$4F H*+K4C4,;'(
*( 9,'9',+$'"4, *E$-*"+$4 "' -* ;4 4+#$#&- 45$*,#4 -* $"E*(#$%4+$@" +$*"#MB$+4 ($"' -*
9,*O&$+$'( *(#,*+K'( +* -* &" #$9' #*,+'F 0; 9*(' ;*"#46*"#* +,*+$*"#* -* ;4 *E$-*"+$4
$"+&*(#$'"45;* *(#< +,*4"-' &"4 9,*($@" ('5,* ;4 6*"#* +$*"#MB$+4 ,*+4;+$#,4"#* W&* 4K',4
"' (* 9&*-* ,*($(#$, 9', 6&+K' #$*69'F >,4"-*( %,$*#4( *" ;4 *(#,&+#&,4 =4 ('" E$($5;*(
94,4 *; 'O' W&* -$(+$*,"*F

84 4+*9#4+$@" &"$E*,(4; -* ;'( B*"@6*"'( 94,4"',64;*( 9;4"#*4 &" 9,'5;*64 94,4 ;4


+$*"+$4 6'-*,"4 94,4 ;4 W&* "' K4= (';&+$@"? *3+*9#' &" +465$' ,4-$+4; *" (&( +'"+*9#'(
4+#&4;*( ('5,* ;4 6*"#* = *; &"$E*,(' *" (& +'"O&"#'F 0(#' $69;$+4,M4 &"4 ,*6'-*;4+$@"
*3K4&(#$E4 -*; 6&"-' *3$(#*"#* -*; 9*"(46$*"#' 6'-*,"' K4(#4 (&( +$6$*"#'(F 84(
6$(64( ;*=*( = B&*,C4( ('5,* ;4( W&* (* +'"(#,&=* #'-4 ;4 *(#,&+#&,4 64($E4 -* ;4 +$*"+$4
(*,<" +,$#$+4-4(F :$"%L" *(#&-$' -*; +*,*5,' K&64"' (* +'"($-*,4,M4 +'69;*#' 4 6*"'(
W&*? 4-*6<( -* ;4 $"#*;$%*"+$4 = *; #4;*"#'? #465$d" $"+;&=*,4 ;4 9*,+*9+$@"
*3#,4(*"(',$4;F G';' *"#'"+*( +'6*"C4,< 4 (&,%$, &"4 $64%*" +'69;*#4 -* ;4 +'69;*O4
9*,('"4;$-4- K&64"4F

0; %*"$' *( ,4,'F \465$d" ;' ('" ;'( ,*%4;'( 94,4"',64;*( ('5,*(4;$*"#*(F 8'( 6*-$'(
,*4;6*"#* 5&*"'( ('" #4" *(+4('( +'6' ;'( %,4"-*( 9'*#4(? 4,#$(#4( ' 9*"(4-',*(F A*,'
($ 5$*" *; +*,*5,' *3+*9+$'"4;6*"#* $"#*;$%*"#* K4 ($-' ('6*#$-' 4 &" *346*"
6$"&+$'('? ($*69,* W&* (*4 9'($5;* -&,4"#* ;4( L;#$64( -d+4-4( 94,4 ;'+4;$C4, ;4 +4&(4
-*#,<( -* *;;'(? ;'( -'"*( 9(MW&$+'( "&"+4 (* K4" #'64-' ;' (&B$+$*"#*6*"#* *" (*,$'
+'6' 94,4 4#,4*, ;4 6$(64 4#*"+$@"F 0(#' 6&*(#,4 +&<" *,,<#$+46*"#* B&"+$'"4 ;4 6*"#*
K&64"4 $"+;&(' *" *(#4 *,4 -* ;$5*,#4- ($" ,*(#,$++$'"*( -* $"E*(#$%4+$@" * $"E*(#$%4+$@"F

eG$ ;4 +'%"$+$@" 94,4"',64; = ;4 +4&(4;$-4- 94,4"',64; ('" K*+K'(e? -$+* *; 9,'B*(',


[,'4- *" &" 4,#M+&;'? e*"#'"+*( *( 54(#4"#* 9,'545;* W&* "' (* ;$6$#*" 4 *(4( ,4,4(
'+4($'"*( *" ;4( W&* (* 64"$B$*(#4" *(9',<-$+46*"#* -* &"4 64"*,4 *(9*+#4+&;4,? ' 4
4W&*;;4( +'"-$+$'"*( *(9*+$4;*( *" ;4( W&* (& 9,*(*"+$4 9&*-* *(#45;*+*,(*
*39*,$6*"#4;6*"#*F 0( 6&= 9'($5;* W&* '9*,*" +'"#$"&46*"#* *" *; +'"#*3#' -*
"&*(#,4( E$-4( "',64;*( eF 0(#' ($%"$B$+4? *" '#,4( 94;45,4(? W&* ;4
; 4 +'%"$+$@" 94,4"',64;
= ;4 +4&(4;$-4- 9'-,M4" (*, &"4 94,#* -*54O' -* ;4 (&9*,B$+$* -* "&*(#,4 -'#4+$@" 6*"#4;F
:' *( "*+*(4,$' 9,*(*"#4, &"4 9,&*54 *69M,$+4 *(9*+$4; 94,4 ;4 (&9'($+$@"F 0;
(&,%$6$*"#' -* B4+&;#4-*( 94,4"',64;*( *" #,4"+* K$9"@#$+'? *" (&*2'( = +'"-$+$'"*(
(*6$U-*(9$*,#4(? *" $"-$E$-&'( W&* "' ;4( *E$-*"+$4" *" *; *(#4-' -* E$%$;$4? *( (&B$+$*"#*
94,4 *(#45;*+*, *; K*+K'F A*,' ($ ;4 +'%"$+$@" 94,4"',64; *( &"4 9,'9$*-4- -* ;4 6*"#*
K&64"4? #465$d" -*5* 9,*E*,(* *" *; +*,*5,'F

A*,'? n+&<; *( *; 6$(#*,$' -*#,<( -* *(#'( *3#,42'( (&+*('( W&* "' (* 4O&(#4" 4 "&*(#,4
$64%*" +'#$-$4"4 -*; &"$E*,(' =? ($ (* 4+*9#4" +'6' E<;$-'(? "'( '5;$%4" 4 ,*E$(4, ;4
$64%*" 9,*(*"#4-4 9', "&*(#,'( (*"#$-'(p !; #,4#4, -* *39;$+4, ;4 "4#&,4;*C4 94,4-@O$+4
-* ;4 9*,+*9+$@" +;4,$E$-*"#*F G$, I=,$; [&,# *(+,$5*^
e:&*(#,'( @,%4"'( (*"(',$4;*( = "&*(#,' +*,*5,' B&"+$'"4" +'6' &" #$9' $"#,$"+4-' -*
B$;#,' W&* ;$6$#4 = -$,$%* ;'( 9'-*,*( +;4,$E$-*"#*( -* ;4 6*"#*? -* 6'-' W&* *"
+'"-$+$'"*( "',64;*( ;4 4#*"+$@" (* +'"+*"#,4 (';' *" 4W&*;;'( '5O*#'( ' ($#&4+$'"*( W&*
('" -* $69',#4"+$4 5$';@%$+4 94,4 ;4 (&9*,E$E*"+$4 -*; ',%4"$(6' = (&( *(9*+$*( FFF I'6'
,*%;4 %*"*,4;? 94,*+* W&* ;4 6*"#* ,*+K4C4 ;4( $-*4( W&* 9,'E$*"*" -* '#,4 6*"#* +'6'
*; +&*,9' ,*+K4C4 ;'( $"O*,#'( W&* 9,'E$*"*" -* '#,' +&*,9' eF

I'" ;$%*,4( 6'-$B$+4+$'"*(? E4,$'( *,&-$#'( *39,*(4" ;4 6$(64 $-*4? $"+;&$-'( q$;;$46
u46*( = D*",$ [*,%('"F 0" '9$"$@" -* !;-'&( D&3;*=? *; +*,*5,' 4+#L4 +'6' &"4 E<;E&;4
,*-&+#',4 +'" ,*(9*+#' 4 ;' 94,4"',64; 94,4 *;$6$"4, ;4 4E4;4"+K4 -* $69,*($'"*( W&*
9&*-*"? 4; +4&(4, +'"B&($@"? 9'"*, *" 9*;$%,' ;4 (&9*,E$E*"+$4F 0( 54(#4"#* *3#,42' W&*
$"+;&(' 4W&*;;'( (45$'( E4;$*"#*( W&*? =4 (*4 9', (&( 9,'9$4( *39*,$*"+$4( ' 9', ;4 B&*,C4
-* ;4 *E$-*"+$4 ,*&"$-4? +,*4" *" ;4 ,*4;$-4- -* ;'( B*"@6*"'( 9(MW&$+'(? 4L" (* 4B*,,*"
4 ;4 -&4;$-4- -* ;' "',64; = ;' 94,4"',64;? +'6' ($ ;' B&*,4"? -* K*+K'? -'( *"#$-4-*(
-$B*,*"#*( = -$(#$"#4(F /"4 *E4;&4+$@" 6<( ,4+$'"4; (*,M4 #,4#4, ;4( *39*,$*"+$4( 6M(#$+4(?
;'( (*"#$6$*"#'( '+*<"$+'( = ;'( -'"*( 94,4"',64;*( +'6' ;4( *39,*($'"*( -* &"4
B4+&;#4- $"4+#$E4 W&* 4L" *(#< *" 9,'+*(' -* (&,%$6$*"#'? 9,'9',+$'"4-4 9', ;4
"4#&,4;*C4 94,4 +'69;*6*"#4, *; +'"'+$6$*"#' ,*&"$-' 4 #,4Ed( -* ;'( +4"4;*(
(*"(',$4;*( =4 *3$(#*"#*( = *; $"#*;*+#'F

e/"4 B',64 -* *(#45;*+*, ;4 ($#&4+$@"e? -$+* >4,-"*, h&,9K=? e*( W&* ;'( 9,'+*('(
94,4"',64;*( "' ,*9,*(*"#4" &"4 94,#* -*; ($(#*64 -* *E*"#'( *(94+$'U#$*69' W&*
-*(+,$5* ;4 +$*"+$4 BM($+4F I'6' K*6'( (&%*,$-' 4"#*,$',6*"#*? K4= &" +$*,#' #$*69'?
*(94+$' ' 9'-,M46'( -*+$, *; +4,<+#*, #,4"(#*69',4; = #,4"(94,*"#* *" *; +',4C@" 6$(6'
-* ;' 94,4"',64;F 0(#4 *(? -* K*+K'? &"4 -* ;4( 9,$"+$94;*( ,4C'"*( 9', ;4( +&4;*( ;'(
B*"@6*"'( "' 9*,#*"*+*" = ('" ,*+K4C4-'( 9', ;4 +$*"+$4 'B$+$4; eF N w N 0(#' "'( ;;*E4 4;
+*"#,' 6$(6' -*; 9,'5;*64 W&* 4#,4O' ;4 4#*"+$@" -* ;'( (45$'( $"-$'( -&,4"#* ($%;'(? W&*
+&;6$"@ *" *('( ($(#*64( -* -$(+$9;$"4 9($+'('6<#$+4 W&* (* 4%,&94" 54O' *; "'65,*
%*"*,4; -* i'%4F 0; '5O*#$E' -* *(#4( -$(+$9;$"4( *( B',C4, ;4 '9*,4+$@" -* &" +4"4; -*
+'%"$+$@" (&9*,(*"(',$4; 4L" *" -*(4,,';;' *" *; +*,*5,' K&64"' 94,4 $"%,*(4, 4; 9;4"'
#,4"(#*69',4; = #,4"(94,*"#*? $69*,+*9#$5;* 94,4 ;4 6*"#* "',64;F

!;%&"'( -* ;'( 94(4O*( 6<( $"(9$,4-',*( -*; [K4%4E4- >$#4 (* ,*;4+$'"4" +'" ;4 E$($@" -*
;' I@(6$+' S',64 6'(#,4-4 9', .,$(K"4 4 !,O&"4 +'6' *; G*2', -*; /"$E*,('F 0(#' (*
,*B$*,* $"*W&ME'+46*"#* 4 ;4 $69,*($'"4"#* *39*,$*"+$4 -* ;4 GL9*, I'"+$*"+$4 W&* (*
*"+&*"#,4 *" *; (464-K$F e!W&M? K'=? -*#,<( -* #'-' *; /"$E*,('? 6'E$5;* * $"46'E$5;*e?
-$+* .,$(K"4 cPF_UQb? e94,4-' *" &"' *" 6$ +&*,9'? Y >&-4j*(K4 c!,O&"4f? +'" 4;%' 6<(
W&* -*(*4( E*, FFF A*,' *" E*,-4- "' *,*( +494C -* +'"#*69;4,6* +'" *(#'( 'O'( #&='(l
;'( 'O'( -$E$"'( W&* #* -'=F h$,4 h$ G'5*,4"' i'%4 eF 0(#* o'O' -$E$"'o (* ,*B$*,* 4; +4"4;
*3#,4',-$"4,$' -* 9*,+*9+$@" W&* *( *; '5O*#$E' B$"4; -* +4-4 B',64 -* i'%4 = +4-4
-$(+$9;$"4 *(9$,$#&4;F 0(#' 9,*(&9'"* ;4 *E';&+$@" -*; +*,*5,' =? +'"(*+&*"#*6*"#*? ;4
#,4"(B',64+$@" -* ;4 +'"+$*"+$4 K&64"4 K4+$4 &"4 "&*E4 -$6*"($@" *" ;4 +&4; ;4
+'%"$+$@" 94,4"',64;
94,4"',64; = &"4 "&*E4 E$($@"

-*; /"$E*,('? +'6' (* *39*,$6*"#4 *" d3#4($( 6M(#$+'? (* K4+*" 9'($5;*(F 0; 6&"-'
64,4E$;;'(' 4; W&* 9*,#*"*+*" ;4 6*"#* = ;4 +'"+$*"+$4 4K',4 (* ,*E*;4 4; $"$+$4-'F
e8'( K'65,*( W&* "' #$*"*" ,$W&*C4(? W&* E$E*" -* 4;$6*"#'( ,*+'"'+$-'(? W&* K4"
9*,+$5$-' *; og4+M'o = ;4 o8$5*,#4- $"+'"-$+$'"4;o c"$,E4"4f? (& +46$"' *( -$BM+$; -* *"#*"-*,?
+'6' *; -* ;4( 4E*( *" *; 4$,*e? -$+* [&-4 *" 1K466494-4 c g77FVf? 6$*"#,4( -*(+,$5* *;
!,K4#F 0; +46$"' -* ;'( $;&6$"4-'( *( -$BM+$; -* *"#*"-*, 9',W&* *(#<" +'"(#$#&$-'( -*
64"*,4 -$B*,*"#*? 9',W&* (& +'"'+$6$*"#' -*; 6&"-' '5O*#$E' K4 (&B,$-' &" +465$'?
9',W&*? 4-*6<( -* ;'( *(#M6&;'( W&* 9,'E$*"*" -* ;'( (*"#$-'(? K4= E$*,#* *" ;4 6*"#*
&"4 %,4" +4"#$-4- -* $69,*($'"*( -* '#,4( +494( -* +,*4+$@" -* #4; $"-*(+,$9#$5;* %;',$4
= 5$*"4E*"#&,4"C4 W&* #'-4( ;4( -*;$+$4( -* ;4 #$*,,4 94,*+*" #,$E$4;*( *" +'694,4+$@"F

8'( -'"*( 94,4"',64;*( W&*? *" *(#* 6'6*"#'? ('" '5O*#' -* &"4 *3#*"(4 $"E*(#$%4+$@"
$ "E*(#$%4+$@"
*" #'-' *; 6&"-'? "' ('" 6<( W&* (M"#'64( *(9',<-$+'( = *(+&,,$-$C'( -* &" "&*E'
-*(4,,';;' W&* *(#< '+&,,$*"-' *" *; +*,*5,' K&64"'F A4,*+*" $"*39;$+45;*(? *3#,42'( =
*,,<#$+'( 9',W&* "&*(#,4 E$($@" *(#< "&5;4-4 = 9',W&* "&*(#,4 6*"#* 4L" "' K4
4;+4"C4-' *; *(#4-' -* +'"'+$6$*"#' *" *; W&* *(#4( B&*,C4( #,4"(BM($+4( 9&*-*" (*,
,*+'"'+$-4( = +4#4;'%4-4(F /" 4E$@" 6'-*,"' +'" &"4 6&;#$#&- -* 94(4O*,'( +'"
4#&*"-' 4;*%,*? W&* 94(454 -* E*C *" +&4"-' 9', &"4 K45$#4+$@" 9,$6$#$E4 -* ;4 *,4
"*';M#$+4? (*,M4 +'"($-*,4-' +'" &" #*6', *3#,*64-46*"#* (&9*,(#$+$'(' +'6' &"4 E$($#4
-* '#,' 6&"-'F :' 4#,$5&$6'( "&*(#,4 $"+494+$-4- 94,4 *39;$+4, ;'( B*"@6*"'( 9(MW&$+'(
9', +&;94 -*; $"#*;*+#' 9',W&*? 4; $%&4; W&* ;'( 9,$6$#$E'(? "' #*"*6'( +'"'+$6$*"#' -*
W&* K4=4 '#,'( (*,*( = '#,4( B&*,C4( *" ;4 +,*4+$@" W&* 9&*-4" K4+*, 94(4, ;' W&* "'(
94,*+*" $69'($5$;$-4-*(F

! 9*(4, -* #'-4( ;4( 64,4E$;;4( -* ;4 #*+"';'%M4 6'-*,"4? ;4 E$($@" ,4+$'"4;$(#4 -*; +'(6'(
*( ;4 4"#M#*($( -* ;4
; 4 9'($+$@" ,*4;F :' *( ;4 64#*,$4 ($"' ;4 +'"+$*"+$4 ;4 ,*4;$-4- L;#$64 -*;
/"$E*,('F 0(#* *( *; 9,$"+$9$' 5<($+' -* ;4( B$;'('BM4( -* g*-4"#4 = GK4$E4F 0(#* *( #465$d"
*; -4#' 5<($+' -* '5(*,E4+$@" *" (464-K$F 0; 6&"-' W&* E*6'( *( ;4 +,*4+$@" -* ;'(
(*"#$-'( = ;4 6*"#*F :&"+4 9'-,*6'( -*#*+#4, *(#4 $;&($@" 4 6*"'( W&* *; $"(#,&6*"#'
-* 9*,+*9+$@"? *( -*+$,? ;4 +'"+$*"+$4? (&B,4 &" +465$'F 0(#' *( ;' W&* *; i'%4 *(#<
-$(*24-' 94,4 ;'%,4,F 0; +465$' *" ;4 +'"+$*"+$4 $69;$+4 "*+*(4,$46*"#* &" +465$' *" ;4
*(#,&+#&,4 5<($+4 -*; +*,*5,'F 0(#' "' (* 9&*-* ;'%,4, -* "$"%&"4 64"*,4? (4;E' 9', ;4
*3+$#4+$@" = ;4 4+#$E$-4- 6*#45@;$+4 -* .&"-4;$"$F

8'( *E*"#'( 94,4"',64;*( "' *(#<"? *" ,*4;$-4-? 6<( 4;;< -*; 4;+4"+* -* ;' "',64; "$
(&5E$*,#*" ;4( ;*=*( +'"'+$-4( -* ;4 BM($+4? ($"' W&* ($,E*" ($69;*6*"#* +'6' &"
,*+',-4#',$' -* ;4 "4#&,4;*C4 $"('(#*"$5;* -* "&*(#,'( 9,'9$'( (&9&*(#'(F 8'( 9'-*,*(
9(MW&$+'( ($*69,* (* K4" +'"($-*,4-' &"4 9'(*($@" ($"%&;4, -*; (4"#'? *; E$-*"#* = *;
9,'B*#4F A*,' ;4 +4,4+#*,M(#$+4 -$(#$"#$E4 ,*4; -* #'-4( *(#4( +;4(*( -* 9*,('"4( (4"#4( K4
($-' *; d3#4($(? 4 6*"&-' +'" 9,'B*,$-4( ',4+$'"*( ',4+&;4,*( $"(9$,4-4(F

0( $,@"$+' W&* *" *(#4 *,4 -* +'"'+$6$*"#' 469;$46*"#* *3#*"-$-'? *(#4 +4,4+#*,M(#$+4
($"%&;4, -* ;4 $;&6$"4+$@"? ($*69,* ,*+'"'+$-4 *" #'-' *; 94(4-'? (* 9$*,-4 +4($ 9',
+'69;*#' -* E$(#4 *" *; *(#&-$' -* ;'( B*"@6*"'( 6M(#$+'( ' 9(MW&$+'(F 0(#* B,4+4(' *"
+49#4, ;4 +4,4+#*,M(#$+4 6<( "'#45;* -* ;4 +'"+$*"+$4 (&9*,$', (* ,*B;*O4? 4 (& E*C?
#,$(#*6*"#* *" *; B,4+4(' -* ;4( 6&;#$#&-*( -* 5&(+4-',*( 94,4 -$(#$"%&$, 4; E*,-4-*,'
4-*9#' -* ;' B4;('F 0(#' K4 ;;*E4-' 4 ;4 9'($+$@" 4"@64;4 W&* ;'( 4(9$,4"#*( 6'-*,"'( =
5$*" $"B',64-'( '6$#*" 9', +'69;*#' 94,4 -4,(* +&*"#4 -* ;4
4#,$5&#' ('5,*(4;$*"#* -* &" 64*(#,' *(9$,$#&4; W&* (* +'"($-*,454 &"4 +4,4+#*,M(#$+4
$"E4,$45;* -* ;4 $;&6$"4+$@" $"+;&(' *" ;4 *-4- '(+&,4? *( -*+$,? &"4 9*,('"4;$-4-
$"(9$,4-4F

e0(#4 (&9*,4+$@" -* #'-4( ;4( 54,,*,4( K45$#&4;*( *"#,* *; $"-$E$-&' = *; !5(';&#'e? -$+*
q$;;$46 u46*(? e*( *; %,4" ;'%,' 6M(#$+'F 0" ;'( *(#4-'( 6M(#$+'(? 465'( "'( +'"E*,#$6'(
*" &"' +'" *; !5(';&#' = "'( -46'( +&*"#4 -* "&*(#,4 &"$-4-F 0(#' *( ;' *#*,"' = 84
#,4-$+$@" 6M(#$+4 #,$&"B4"#* 49*"4( (* E* 4;#*,4-4 9', ;4( -$B*,*"+$4( -* +;$64 ' +,*-'F 0"
*; K$"-&$(6'? *" *; "*'9;4#'"$(6'? *" *; (&B$(6'? *" *; 6$(#$+$(6' +,$(#$4"'? *" *;
mK$#64"$(6'? *"+'"#,46'(
*"+'"#,46'( ;4 6$(64 "'#4 ,*+&,,*"#*? 9', ;' W&* (* #,4#4 -* *39,*($'"*(
6M(#$+4( &"4 &"4"$6$-4- *#*,"4 W&* -*5* K4+*, &"4 94,4-4 +,M#$+4 = #K #$"#4? = ;' W&*
K4+* W&* ;'( +;<($+'( 6M(#$+'( "' #*"%4"? +'6' (* K4 -$+K'? "$ +&69;*42'( "$ #$*,,4 "4#4;F
A*,9*#&46*"#* K45;4"-' -* ;4 &"$-4- -*; K'65,* +'" 1$'(? (& -$(+&,(' 4"#$-4 *;
;*"%&4O* = "' *"E*O*+*" eF

e0; %,4" +469' 94,4 *(#4 (*"(4+$@" -* (*, *; $"(#,&6*"#' -* &" 9'-*, (&9*,$',e? 4%,*%4
u46*( *" '#,' ;&%4,? e*(? 9', (&9&*(#'? o$"(9$,4+$@"oF 0( B<+$; -$(+,$6$"4, *"#,* ;'( ;M-*,*(
,*;$%$'('( W&* K45$#&4;6*"#* K4" ($-' $"(9$,4-'( = ;'( W&* "'F 0" ;4( *"(*24"C4( -*;
[&-4? -* u*(L(? -* G4" A45;' c494,#* -* (& -'" -* ;*"%&4(f? -* G4" !%&(#M"? -* D&((? -*
8&#*,'? -* q*(;*=? ;4 +'69'($+$@" 4&#'6<#$+4 ' (*6$4&#'6<#$+4
(*6$4&#'6<#$+4 94,*+* K45*, ($-' (';'
'+4($'"4;F 8'( 9,'B*#4( K*5,*'(? 9', *; +'"#,4,$'? *" h4K'64? *" 4;%&"'( -* ;'(
4;*O4"-,$"'(? *" 6&+K'( (4"#'( +4#@;$+'( 6*"',*(? *" S'3? *" u'(d G6$#K? 4;%' 4(M 94,*+*
K45*, ($-' B,*+&*"#*? 4 E*+*( K45$#&4; eF NN

0; ,*;4#' -* q$;;$46 u46*( "' 6*"+$'"4 +4('( *" 7"-$4 *" ;'( W&* ;4 B4+&;#4- -* *39,*($@"
$"(9$,4-4 (* -*(4,,';;@ +'" ;4 9,<+#$+4 -*; ='%4 = *; -*(4,,';;' -* .&"-4;$"$? +'6' *" ;'(
+4('( -* .45$,? >&,& :4"4j? H464j,$(K"4 = '#,'(F 8'( 4&#',*( -* A4"+K4(#4E$ = G4&"-4,=4
84K4,$ +;4,46*"#* 4#,$5&=*" *; B;',*+$6$*"#' -* (& 9,'9$' #4;*"#' 9'd#$+' 4 ;'(
6$"$(#*,$'( -*; A'-*, 1$E$"'F 1* K*+K'? ;4 4;&($@" +'"(#4"#* 4; o-$(+&,('o = 4; o('"$-'o =
o;4( ;*#,4( -*; 4;B45*#'o *" ;'( ;$5,'( ('5,* GK,$ g$-=4 49&"#4 +;4,46*"#* 4 ;4 +'"+;&($@"
-* W&* ;4 *39,*($@" $"(9$,4-4 = ;4 *39,*($@" ',4+&;4, *,4" 49,*+$4-4( +'6' ;4 64=',
5*"-$+$@" 9'($5;* +'" ;4( -$(+$9;$"4( -$,$%$-4( 94,4 -*(9*,#4, *; 9'-*, -* ;4 (*,9$*"#*F

0; #d,6$"' xx 4&#'6<#$+' oo 4+&24-' 9', ;4 9($+';'%M4 6'-*,"4 94,4 -*"'#4, ;4 +;4(* -*


*39,*($@" ' *(+,$#&,4 W&* (* 9,'-&+* ($" &" *(B&*,C' +'"(+$*"#* *( $"4+#$E' $"+;&(' +'"
,*(9*+#' 4 ;'( +4('( ',-$"4,$'( -* *(#* #$9'? = 6&= *"%42'(' +&4"-' (* 49;$+4 4 ;4(
*39,*($'"*( $"(9$,4-4( -* %,4"-*( 9,'B*#4( = E$-*"#*(F >*"*,4;6*"#* (* ('(#$*"* W&*
#'-4( ;4( *39,*($'"*( -* *(#* #$9' 9,'E$*"*" -*; e$"+'"(+$*"#*eF A*,'? nW&d *( *" ,*4;$-4-
*; e$"+'"(+$*"#*e ' e(&5+'"(+$*"#*ep n0( &"4 *"#$-4- *3#,424 ' ;4 94,#* (&6*,%$-4 -*
"&*(#,4 9,'9$4 9*,('"4;$-4- W&*?
W&*? -*5$-' 4 &"4 +$*,#4 B4;#4 -* 4O&(#* *" *; 6*+4"$(6' -*;
+*,*5,'? 9*,64"*+* $"4++*($5;* 4; *(B&*,C' +'"(+$*"#* -*; $"-$E$-&' 9,'6*-$'F G$
9,*-$+46'( ;4 *3$(#*"+$4 -* &"4 eh*"#* I@(6$+4e? *"#'"+*( eI'"+$*"+$4 G&9*,$',e
($%"$B$+4 +;4,46*"#* &"4 e+'"+$*"+$4 6*O',4-4e 9,'E'+4-4 9', &" 64=', *";4+* *"#,* *;
+*,*5,' = *; e1*9@($#' I@(6$+'eF
:' K4= -$B*,*"+$4 -* '9$"$@" *"#,* ;4( -$E*,(4( *(+&*;4( -* 9($+@;'%'( ('5,* *; *"',6*
9'#*"+$4; 9,*(*"#* *" *; e$"+'"(+$*"#*eF G* ('(#$*"* W&* "&*(#,4 +'"+$*"+$4 "',64; -*
E$%$;$4 ,*9,*(*"#4 (';' *; 9$+' E$($5;* -* &"4 %,4" 6'"#424 (&6*,%$-4 54O' ;4( 4%&4( -*
&" '+d4"'F A*,' ;4 94,#* (&6*,%$-4
( &6*,%$-4 #465$d" -*5* #*"*, &" ;&%4, *" ;4 4+#$E$-4- -*;

+*,*5,'F 1* ;' +'"#,4,$'? "&"+4 9&*-* +'"E*,#$,(* *" &" B4+#', +4&(4; *" ;'( (&*2'(? *"
*; 4&#'64#$(6'? *" ;4 $"(9$,4+$@"? *" ;4 K$9"'($(? *" ;4 +;4,$E$-*"+$4? *" ;4 9*,('"4;$-4-
6L;#$9;*? *" ;'( +'69;*O'( +'"-&+#&4;*( = *" ;4 ;'+&,4F :' +'"'+*6'( ;4 "4#&,4;*C4 -* ;4
,*;4+$@" *"#,* *; +*,*5,' = ;4 6*"#*? =4 W&* 4W&M #,4#46'( +'" *"#$-4-*( = 6*+4"$(6'(
(&#$;*( 6<( 4;;< -* ;4( B,'"#*,4( 4;+4"C4-4( 9', ;4 +$*"+$4F A*,' "' 9&*-* K45*, "$"%&"4
-&-4 -* W&* *(#4( *"#$-4-*( = 6*+4"$(6'( *3$(#*" = ('" '9*,4#$E'( *" "'('#,'( 9',W&*
;*( -*5*6'( "&*(#,4 $"-$E$-&4;$-4- = "&*(#,4 E$-4F 0; L"$+' +4"4; 9,'9',+$'"4-' 9', ;4
"4#&,4;*C4 94,4 ;;*%4, 4 *(#4 9,'E$"+$4 9,'K$5$-4 *( .&"-4;$"$F

84 64,4E$;;4 -* ;4 +'"+$*"+$4 (&9*,$',

8' W&* A4"+K4(#4E$ $69;$+4 +'" *; #d,6$"' oGK4j#$o *( *; A'-*, 7"#*;$%*"#* -*#,<( -*;
6&"-' (&9,4U,4+$'"4;
(&9,4U,4+$'"4; -* ;4 E$-4 = ;4 +'"+$*"+$4F .&"-4;$"$ *( ;4 +;4E* 94,4 45,$, ;4 9&*,#4
4 *(#* 6&"-' $"+,*M5;*F G*4 ;' W&* (*4 &" 6',#4; *" (&( 9*"(46$*"#'(? (*"#$6$*"#'(?
E';&"#4-? $64%$"4+$@"? #4;*"#'(? 6d,$#'( ' -*B*+#'(? #'-' 9,'E$*"* -* *(#* 6&"-'F !(M
+'6' #'-4( ;4( ;&+*( -* +4-4 -$(*2' +'"+*5$5;* *" &"4 +$&-4- ,*+$5*" (& 9'-*, -* &"4
6$(64 B&*"#*? ;4 ;&C -* ;4 +'"+$*"+$4 *" +4-4 +,$4#&,4 E$E$*"#* 9,'E$*"* -* *(#* 6&"-'
-* 0"*,%M4 I@(6$+4 -* g$-4 ' GK4j#$F

0;;4 *( ;4 0"+4"#4-',4 -*; h&"-'? *;;4 6$(64 $"E$($5;*? 9*,' *"E&*;E* 4; 4;64 *"+4,"4-4
*" &" E*;' -* $;&($@"F 0;;4 *( ;4 (*-&+#',4 6&O*, W&* -$5&O4 4; K'65,* *" ;4 +464 -*;
-$(B,&#* =? 4; 6$(6' #$*69'? ;4 h4-,* +'694($E4 W&*? *" *; 6'6*"#' '9',#&"'? ,'69*
;4( +4-*"4( W&* ;' 4#4" 4 ;4
; 4 9,$($@" -*; +&*,9' = ;4 #$*,,4? ;;*E<"-';' 4 ;4 %;',$'(4 +&65,*
-* 4&#',,*4;$C4+$@"F 0;;4 *(? *" ,*(&6*"? *; <,5$#,' -*; -*(#$"' K&64"'F 0( 4 #,4Ed( -* (&(
9'-*,*( (*-&+#',*( W&* ;'( 6',#4;*( (* *",*-4" *" ;4 ,*- -* ;4 $;&($@" = 4 #,4Ed( -* (&
'B$+$"4 ;$5*,4-',4 W&* (* ;$5*,4" -* *;;4F

ek&d *3#,42' *(? Y h4-,*e? -$+* A4"+K4(#4E$ c7gFN_f? eW&* *(#* '+d4"' -* $;&($@" c*( -*+$,?
*(#4 +,*4+$@" "4+$-4 -* 64=4f (* ;;*"* +'"B&(46*"#* +'" $""&6*,45;*( K&d(9*-*(
+@(6$+'( +'6' 5&,5&O4( `*" (& (&9*,B$+$*b? ;;*"4( -* ';4( -* c$"+'"#45;*(f -$E*,('( #$9'(
-* 4B;$++$@"? +'" *; B&*%' (&564,$"'? %*"*,4-' 9', ;4 6*-$#4+$@" +'"(#4"#* *" \$? (*
-*(#,&=* *" &" $"(#4"#* c*( -*+$,? (* -$(&*;E* *" ;4 +'"+$*"+$4f eF 0; +'"+*9#' -* o64=4o '
*; 9'-*, $;&(',$' -* oGK4j#$o *( *3#,*64-46*"#* -$BM+$; -* 4+*9#4, 9', *; $"#*;*+#'?
*(9*+$4;6*"#* &"' -*-$+4-' 4; *(#&-$' *69M,$+' -* ;4 E$-4 ',%<"$+4F A*,' *; +'"+*9#' *(?
4; 6*"'(? #4" 4"#$%&' +'6' ;'( g*-4( = K4 ($-' 9,'54-' = 9,'54-' *" *; +,$('; -* ;4
*39*,$*"+$4 =@%&$+4 -&,4"#* 6$;*( -* 42'(F
!K',4 *( $69'($5;* K4+*,(* &"4 $-*4 -*; *(B&*,C' +';'(4; W&* (* K4 $"E*,#$-' *" ;4
B',64+$@" -* *(#* +'"+*9#' = (& 9'($+$@" 4+#&4; +'6' &"4 +,**"+$4 +4($ &"$E*,(4; *"#,*
;4 9'5;4+$@" K$"-L -* ;4 7"-$4F 8'( %d,6*"*( -* ;4 #*',M4 *3$(#*" *" ;'( g*-4(? 9*,' ;4
9,$6*,4 *39,*($@" +;4,4 -* *(#' *(#< +'"#*"$-4 *" ;'( /94"$(K4-(F /" *E*"#' *" ;4 E$-4
-* u4"4j4? &" B$;@('B'U,*= 9', *3+*;*"+$4? = &"4 -* ;4( B$%&,4( +;4E* *"#,* ;4 O*,4,W&M4?
$;&(#,4" W&d #4" 4#,<( (* -*(4,,';;@ *; +'"+*9#' = 4 W&d -$(#4"+$4 -*5* K45*, E$4O4-'? *"
*; 9*,M'-' 9,'#'K$(#@,$+'F -* (45$'( $;&6$"4-'( 6*"+$'"4-'( *" ;'( /94"$(K4-(F

G*%L" *; 1,F GF[F H'=? &" "'#45;* $"-@;'%'? ;4 B46'(4 ,*$"4 \K*=$ -* ;4 NQ4 -$"4(#M4 -*
0%$9#' cNXNRUNV_Y 4FIFf? "' (';' +'"'+M4? ($"' W&* #465$d" (* (&(+,$5M4 4 ;4 B$;'('BM4 -*
u4"4j4F S&* 54O' (& $"B;&*"+$4 W&* (& K$O'? *; %,4" !jK*"4#'"?

6'-*;@ (& 9,'9$4 E$-4 -*(9&d( -* u4"4j4? *; B$;@('B'U,*= -* ;4 7"-$4F \'-4EM4 *3$(#* K'=?
-$+* *; 1,F H'=? ;'( ,*(#'( -*; B46'(' <,5'; -* K$%&*,4 54O' *; +&4; u4"4j4 +'"E'+@ (&(
+'"B*,*"+$4( B$;'(@B$+4(F 1*(-* 0%$9#'? ;4 $"B;&*"+$4 -* ;4 B$;'('BM4 -*5* K45*, E$4O4-' 4
>,*+$4F 84 *(#,&+#&,4 5<($+4 ('5,* ;4 +&4; (* K4 +'"(#,&$-' *; +'"+*9#' -* o64=4o ' o64=4U
GK4j#$o *( 9,'9',+$'"4-4 9', ;4 *39*,$*"+$4 -* (464-K$F 0; 6&"-' -*; "'65,* = ;4 B',64
*39*,$6*"#4 &" ,4-$+4;

#,4"(B',64+$@" *" *; #&,$=4 ' +&4,#' *(#4-' -* +'"+$*"+$4F

D4= &" 45$(6' *"#,* ;4 +'"+$*"+$4 K&64"4 "',64; = *; *(#4-' #&,$=4 W&* "$ ($W&$*,4 ;4
$64%$"4+$@" 6<( Bd,#$; 9&*-* ;;*"4,F 84 64,4E$;;4? $;$6$#4-4 * $"#*,6$"45;*? *( &"4
+4,4+#*,M(#$+4 9,'"&"+$4-4
9,'"&"+$4-4 -* ;4 6$(64F eJK? \L? hM' -* ;4( h4,4E$;;4(e? -$+* *; 4&#', -*
A4"+K4(#4E$ -$,$%$d"-'(* 4; GK4j#$ cgFPNuF e0(#4 64,4E$;;4? *(#4? 4 ;4 W&* *" E*,-4- "' (*
;* 9&*-* -4, "'65,*e? *( +@6' A;'#$"' -*(+,$5* *; *(#4-'F NP 0( $69'($5;* 94,4 -*(+,$5$,
*; 45,&64-', *(#4-' -* 4('65,' W&* ;;*"4 *; 4;64 +&4"-'? +'" ;4 *"#,4-4 -* ;4( "&*E4(
+',,$*"#*( 9(MW&$+4( *" *; +*,*5,'? *; <,*4 -* ;4 +'"+$*"+$4 $"-$E$-&4; +'6$*"C4 4
469;$4,(* K4(#4 W&*? +'6' &" '+d4"'? (* *3#$*"-* 9', #'-4( 94,#*( K4(#4 -'"-* ;4 6*"#*
9&*-* ;;*%4,F 84 (',9,*(4 = ;4 (*"(4+$@" +'"+'6$#4"#* -* B*;$+$-4- $"-*(+,$9#$5;* "'
#*,6$"4" -*(9&d( -* &"4 *39*,$*"+$4? ($"' W&*? +'6' &"4 (&+*($@" $"+*(4"#* -* ';4( W&*
+,&C4" &" '+d4"'? E$*"*" &"4 = '#,4 E*C *" &"4 +4-*"4 $"#*,6$"45;* 94,4 54,,*, 4; ='%&$
*" #,4"+* -&,4"#* #'-' *; 9*,M'-' -* +'"#*69;4+$@" *3#<#$+4

:' *( -$BM+$; $64%$"4, *; *(#4-' 6*"#4; -* 4;%&$*" W&*? *" 9;*"4 E$%$;$4? (* *"+&*"#,4
;*E4"#4-' 9', &"4 B&*,C4 $"E$($5;*? ;;*E4-' 4 #,4Ed( -*; *(94+$' 4 &"4 E*;'+$-4- $"+,*M5;*
= 4,,'O4-' ,*9*"#$"46*"#* ('5,* ;4( 4%&4( -* ;4( I4#4,4#4( -*; :$<%4,4F G& 4('65,' 4"#*
;4 $"*39;$+45;* '+&,,*"+$4 = (& #*,,',? +&4"-' 4#*,,$+* *" *; #',,*"#* 4 9&"#' -*
(&6*,%$,(* *" *; 4#,'"4-',? K$,E$*"#* = #*6$5;* +4;-*,' -* 454O'? "' +'"'+*,< ;M6$#*(F
A*,' (& 4('65,' (*,M4 $"*39,*(45;* +&4"-' -*(+&5,* W&* *( +494C -* 9$(4, <%$;6*"#*?
;$%*,' +'6' &"4 9;&64? ('5,* ;4 +494 -*(+*"-*"#* -* 4%&4 ,&%$*"#* = +46$"4,
,<9$-46*"#* ('5,* ;'( ,*6';$"'( -* *(9&64 *" ;4 94,#* $"B*,$',? +'6' ($ *(#&E$*,4 *"
&"4 (&9*,B$+$* B$,6*? $69*,6*45;* 4 84 B&,$4 -* ;4 64(4 K$,E$*"-' B&,$'(4 =
4,,*6';$"<"-'(*
4,,*6';$"<"-'(* 4 (& 4;,*-*-',F
0; (*"#$6$*"#' -* #*,,', 45(';&#'? *39*,$6*"#4-' 4; 9,$"+$9$'? -4,M4 ;&%4, 4 &"4 (*"(4+$@"
-* 4('65,' 45,&64-', 9', ;4 "4#&,4;*C4 *3#,424 -* #'-4 ;4 4E*"#&,4 = ;4 9*,('"4
$"E';&+,4-4 9&*-* 9*;;$C+4,(* 94,4 4(*%&,4,(* -* ($ *(#< ('24"-' ' ($ ;' W&* *(#<
9,*(*"+$4"-' *( ,*4;6*"#* +$*,#'F F A*,' (& 4('65,' +,*+*,M4 = +,*+*,M4 6$*"#,4(
+'"#$"&454 '5(*,E4"-' (& 9,'9$4 4+#&4+$@" $"+,*M5;* *" *(#* -,464 ('5,*"4#&,4;?
;4"C<"-'(* 4W&M = 4;;<? E$E' = 94#*4"-'? *" ;4 #*,,$5;* E',<%$"* -* 4%&4? O&(#' -*54O' -*
;4( +4#4,4#4(? +'6' &" ,4=' -* ;&C -4"C4"#*? +'6' ($ 6<( 4;;< -*; 9<;$-' -* ;4( ;*=*( -* ;4
#$*,,4F

8' 6$(6' (*,M4 *; *(#4-' -* (',9,*(4 ($" 4;$*"#' -* &"' W&* (* -*O4 +4*, ('5,* ;4 %',,4
"*E4-4 9*,9*#&4 -*; h'"#* 0E*,*(#? +494C -* -*465&;4, = (4;#4, 4;*%,*6*"#* -* &" 9$+'
4 '#,' +'6' ($ &" 64#*,$4; B;'#4"#* $"E$($5;* 4=&-4,4 4 64"#*"*, (& +&*,9' 4 B;'#* = ;'
$69&;(4,4 -*(-* &"'F I&65,* 4 '#,4F I&4"-' #*,6$"4 ;4 9,$6*,4 +'"6'+$@"? 4;%&$*" W&*
(* *"+&*"#,4 *" &"4 ($#&4+$@" #4" *3#,424? +4-4 E*C 6<( +'"(+$*"#* -* W&* ;' W&* 9*,+$5*
*( ,*4;? +4"#4,M4 *3#4($4-' 9', 9&,4 *&B',$4 4"#* ;4 *(#&9*"-4 K4C424F J? ($ #&E$*,4 &"4
$"+;$"4+$@" 6*"#4; +'"#*69;4#$E4? 9*,64"*+*,M4
9*,64"*+*,M4 45(',#' *" *; *346*" -* ;4 64,4E$;;'(4
E$(#4 45$*,#4 4 (&( 'O'( 9', #'-'( ;4-'(F [4$;4"-' -* 4;*%,M4 4"#* *(#4 ,*9*"#$"4 ;$5*,4+$@"
-* ;'( 9$*( -* ;4 #$*,,4? "&"+4 -*O4,< -* 9,*%&"#4,(* 4"#* *(#* %';9* -* (&*,#* ($" $%&4;?
+&4"-' -*(+&5,4 W&* 4K',4 9&*-* 6'E*,(* 4;,*-*-', -* ;4 #$*,,4? *"

= E$($#4,< (&( 4"#$%&4( %&4,$-4(? $"E$($5;*( 94,4 #'-'(? $69*,6*45;*( 4; K465,*? ;4 (*-? *;
(&*2' = '#,4( "*+*($-4-*( -*; +&*,9'? +'6' #,4"(B',64-4( *" '#,' (*, = #,4"(B*,$-4( 4
'#,4 B',64 -* E$-4F

A'-*6'( 6&;#$9;$+4, #4;*( *O*69;'( $"-*B$"$-46*"#* 94,4 $;&(#,4, *; 9&"#'F 84 6*"#*


K&64"4? 4+&(# J6$#$-' -*(-* *; "4+$6$*"#' K4(#4 *; +4($;;*,' -*; +&*,9'? (&(+*9#$5;* 4
(&( "*+*($-4-*( = ,*(#,$"%$-' 9', ;4( ;$6$#4+$'"*( -* (&( (*"#$-'(? +&4"-' -* ,*9*"#* (*
*"+&*"#,4 +4,4 4 +4,4 +'" (& *(#4-' "4#$E' -* ;$5*,#4-? W&*-4 64,4E$;;4-' = #4"
*6'+$'"4-' 9', *; "L+;*'F :&*E4 *39*,$*"+$4 -* W&* *; ;*"%&4O* "' 9&*-* -*(+,$5$, *;
#,4"(9',#* = ;4( *6'+$'"*( W&* (* ($*"#*"F 0; +'"+*9#' *,,@"*' 4+#&4; ('5,* *; ='%4 = ;4(
-$(#',($'"*( 4 ;4( W&* *(#< (&O*#'
( &O*#' (* -*5* 4; K*+K' -* W&* ;'( $"#*,*(4-'( *" *; B*"@6*"'
#'-4EM4 "' +'69,*"-*" +;4,46*"#* ;4 "4#&,4;*C4 *(#&9*"-4 -* ;4 #,4"(B',64+$@" W&* *;
(&9,*6' B',O@ *" #'-' *; (*, -* &" $"$+$4-' 9', ;4 *39*,$*"+$4 (&9,*64F

84 *39*,$*"+$4 -* E';4, *" (&*2'( *( +'6L" 94,4 6&+K4( 9*,('"4(F 8' 6$(6' '+&,,* +'"
;4 +4M-4 -*(-* &"4 4;#&,4 ' *; (4;#' -*(-* &"4 +&65,* ' *; #*+K' -* &" *-$B$+$' 4; (&*;'? '
-* &"4 +494 -* 4%&4 W&* +4* *" &" E4+M' -*54O'F h&+K4( 9*,('"4( (* -*(9$*,#4"
,*9*"#$"46*"#* -* #4; (&*2'? $"+;&(' 4"#*( -*; $694+#' -* ;4 +4M-4? +'" ;4#$-'( ,<9$-'(
-* +',4C'"*( = &"4 (*"(4+$@" -* 6$*-'? 4 E*+*( 6*C+;4-' +'" (',9,*(4 4"#* *; *(+49*
*3#,4',-$"4,$' -*; -42'F 14-' W&* *; O&$+$' %*"*,4;6*"#* *(#< *65'#4-' *" ;4 +'"-$+$@"
-*; (&*2' = *; $"#*;*+#' +'"B&('? *; *%' ('24"#* "' *E4;L4 +',,*+#46*"#* *; $694+#' -*
;4 *39*,$*"+$4F 0" ;4 E$-4 ,*4;? ;4 6$(64 *39*,$*"+$4 9&*-* (*, -*E4(#4-',4 *" *3#,*6'F
G*,M4 &"4 4+#&4+$@" $"+,*M5;* * $"+,*M5;*F ! 94,#$, -* *(#* +4('? 9'-*6'( *"64,+4, &"4
$64%*" "*5&;'(4 -*; *B*+#' 45,&64-', *" ;4 6*"#* +4&(4-' 9', ;4( 9*,*%,$"4+$'"*( ($"
+&*,9' -*; 4;64 *" *; *(#4-' -* (464-K$ +'" #'-4( ;4( B4+&;#4-*( #'#4;6*"#* 4;*,#4(? *
$"+;&(' 6<( 4%&-4( W&* *" *; *(#4-' "',64; -* E$%$;$4F
8'( +'"+*9#'( *,,@"*'( 4+#&4;*( ('5,* *; *(#4-' *3#<#$+' (* -*5*" 4; K*+K' -* W&*
*(#46'( 4+'(#&65,4-'( 4 #,4#4, *; *(#4-' "',64; -* E$%$;$4 -* ;4 6*"#* K&64"4 +'6' *;
*(#<"-4, -* 6*-$+$@" 94,4 O&C%4,;'F 0(#' *(#< 64;? =4 W&* "&"+4 *( 9'($5;* ;;*%4, 4 ;4
*E4;&4+$@" +',,*+#4 -* &" '5O*#' +'" &" +,$#*,$' -* 6*-$+$@" -*B*+#&'('F 84 +'"+$*"+$4
K&64"4 "',64; *( &"4 B',64 +'"#,4M-4 = ,*#',+$-4 -* ;4 +'"+$*"+$4 #,4(+*"-*"#4; W&* *(
*; '5O*#$E' *E';&#$E' -* ;4 ,4C4 K&64"4F 0" +'694,4+$@" +'" ;4 B;',4+$@" W&* #$*"* W&*
'+&,,$, *" d; 4;%L" -M4? *; *(#4-' 4+#&4; -* +'"+$*"+$4 *( +'6' *; 9,$6*, ,*(9;4"-', %,$(
-*; 464"*+*, *" +'694,4+$@" +'" *; 5,$;;' 5,$;;4"#* *6$#$-' 9', *; ('; -* ;4 6424"4
#'#4;6*"#* ,*(&+$#4-'F

1*(;&65,4-'( 9', ;4 $"#*"($-4- -* (& 9,'9$4 E$($@"? ;'( 6M(#$+'( -* #'-4( ;4( *-4-*(
"&"+4 9&-$*,'" K4+*, -* ;4( 6&;#$#&-*( +&,$'(4( (&( ('+$'( *" *; (*+,*#'F G$*69,* (*
64"#&E$*,'" (*94,4-'( -* &"4 +;4(*? +494+*( -* ',-*"4, (& K'6*"4O*? 9*,' $"+494+*(
-* *;*E4,;'( 4 (& 9,'9$' "$E*;F 84 $,'"M4 *( W&* *; $"#*;*+#&4;? 5$*" E*,(4-' *" *;
+'"'+$6$*"#' -*; -M4 = +'"B$4-' *" (& 469;$4 %464 -* $"B',64+$@"? *(#< #4" *"
-*(E*"#4O4 4W&M +'6' &" (*, $%"',4"#*F 84 ,4C@" -* *(#' *( W&* *( &" #*,,$#',$'
+'69;*#46*"#* *3#,42' 94,4 465'(F

84( "4,,4+$'"*( 5,$;;4"#*( -* ;'( 6M(#$+'( -* #'-'( ;'( +;$64( ('5,* (&( *(#4-'(
*3#,4',-$"4,$'(? ;4( -*(+,$9+$'"*( (&5;$6*( -* [,4K64" *" ;'( /94"$(K4-(? ;4 %;',$'(4
E$($@" -*; G*, /"$E*,(4; ,*#,4#4-4 *" *; >$#4? ;'( 94"*%M,$+'( +4"#4-'( 4 .&"-4;$"$ cGK4j#$f
*" A4"+K4(#4E$ = G4&"-4,=4 84K4,$ = *; ',4+$'"*( $"(9$,4-',4( = 4;454"C4( -$,$%$-4( 4 1$'(?
GK$E4? I,$(#'?

.,$(K"4? !;;4K = #'-4( ;4( -*6<( -*$-4-*( *" #'-4 ;4 ;$#*,4#&,4 ,*;$%$'(4 -* ;4 K&64"$-4-
"' ('" 6<( W&* #,$5&#'( B*,E$*"#*( W&* (* ,$"-*" 4 *(#* *(#4-' (&9,*6' -* +'"+$*"+$4^
;4 K*,*"+$4 "4#&,4; -*; B&#&,' K'65,* = 6&O*,F

0" ;4 E*,-4-*,4 *39*,$*"+$4 6M(#$+4? &"4 (*"(4+$@" -* 4('65,' $;$6$#4-' = 9,'B&"-'


#*6', ;;*"4 ;4 6*"#* -&,4"#* #'-' *; 9*,M'-' -* (& -&,4+$@"F 8'( 9*;'( ;$#*,4;6*"#* (*
9'"*" -* 9&"#4 4"#* ;4 (';*6"* "4#&,4;*C4 $69,*($'"4"#* -*; *(9*+#<+&;'F 0; *%'?
',%&;;'(' -* (&( ;'%,'( c49,*"-$C4O*? (45$-&,M4? 9'-*,? 9'(*($@"? ,$W&*C4 ' 5*;;*C4f (*
+'"E$*,#* *" 9';E'? +'69;*#46*"#* -'6$"4-' = *+;$9(4-' 9', *; 4(9*+#'
$"-*(+,$9#$5;*6*"#* 64O*(#&'(' -* ;4 E$($@" -*(9;*%4-4 4"#* *; 'O' $"#*,"'F !#,<(
W&*-4,'" ;4( $-*4( -* %,4"-*C4? -* 64"-'? -* ,$W&*C4? -* 9$*-4-? (&9*,$',$-4- = -*
#'-4( ;4( -*6<( +'"($-*,4+$'"*( W&* *; 46', 9,'9$' = *; ',%&;;' *"%*"-,4" *" "'('#,'(F
0; 4;64? 4K',4 -*(9'O4-4 -* #'-'( ;'( 49d"-$+*( $69&*(#'( 9', *; +&*,9'? ;'( (*"#$-'( =
;4 6*"#*? +4,4 4 +4,4 +'" (& 9,'9$4 (&(#4"+$4 -$E$"4? 6<( 4;;< -* #'-' ;' W&* (* K45M4
*"+'"#,4-' 4"#*(? W&*-4 B4(+$"4-4 9', ;4 *(#&9*"-4 #,4"(B',64+$@" = (* (&6*,%* *" #4;
*(#4-' -* 4('65,' = d3#4($( -* W&* *(#< 6<( 4;;< -*; 9'-*, -* ;4 9;&64 -*(+,$5$,;'F
0( ;4 "4#&,4;*C4 $"+,*M5;* -* ;4( +'(4( -*#,<( -*; B*"@6*"' -* ;4 E$-4 ;' W&* K4+* W&* (*4
#4" -$BM+$; 94,4 ;'( ,*4;$(#4( 4+*9#4, (& *3$(#*"+$4F 0" *; 6'6*"#' *" W&* ;' K4+*?
*"+&*"#,4 ;4 #$*,,4 (@;$-4 W&* ('(#$*"* *; 9*(' -* #'-' (& 6&"-' -* 9*"(46$*"#'
-*(;$C<"-'(* 54O' (&( 9$*(F A*,' 94,4 W&* +&4;W&$*, $64%*" -*; +'(6'( (*4 +'69;*#4?
-*5* K45*, &"4 *39;$+4+$@" 9;4&($5;* 94,4 ;4 *39*,$*"+$4 ,*;$%$'(4 = ;'( B*"@6*"'(
9(MW&$+'( #465$d"F :$"%L" ($(#*64 -* B$;'('BM4 6'-*,"4 = "$"%&"4 *39;$+4+$@"
9,'9',+$'"4-4 9', ;4 +$*"+$4 9,*(*"#4 &"4 (';&+$@" +'69;*#4 4; *"$%64 -* ;4 E$-4F 84
#*',M4 -4,m$"$4"4 -* ;4 *E';&+$@" 9&*-* +'694,4,(* +'" *; $"#*"#' -* &" 6';$"*,' -*
*39;$+4, #'-' *; 6&"-' -* ;'( B*"@6*"'( 6*#*',';@%$+'( *" #d,6$"'( -* (& 9,'9$'
6';$"' -* E$*"#'F /" '+d4"' *(#&9*"-' -* 4+#$E$-4- $"E$($5;* (* *(+'"-* -*#,<( -* +4-4
+,$4#&,4 E$E$*"#* *" ;4 #$*,,4F 0( ;4 E$($@" -* *(#* 64,4E$;;'(' 9*,' $"E$($5;* '#,' 6&"-' ;'
W&* K4+* W&* *; (464-K$ (*4 ;4 *39*,$*"+$4 6<( $69,*($'"4"#* 9'($5;* 94,4 *; K'65,*F
\'-' *; #*O$-' -* A4"+K4(#4E$ *( E$5,4"#* +'" *; (',9,*"-*"#* *B*+#' -* *(#* *"+&*"#,'
*" ;4 6*"#* -*; 4&#',F

7"+;&(' *" #d,6$"'( -* ;4 K$9@#*($( -4,m$"$4"4? *; -,464? ,*9,*(*"#4-' 9', ;4 E$-4 *" ;4
#$*,,4? *( &"4 4+#&4+$@" $"+,*M5;* 6<( 4;;< -* ;' W&* "&*(#,4 6*"#* 9&*-* E$(&4;$C4,F :'
"'( -46'( +&*"#4 -* (& +4,<+#*, (&5;$6* 9',W&* (* K4 K*+K' #'-' ;' 9'($5;* 94,4
6$"$6$C4, *(#* ,*"-$6$*"#' 94,4 9'"*,;' -*"#,' -* ;4 @,5$#4 -* &"4 B',6&;4+$@"
$"#*;*+#&4; *(#,*+K4F 0; 6$(6' $"#*;*+#' W&* B',6@ ;4 K$9@#*($( 4K',4 *(#< ,*&"$*"-' ;'(
-4#'( 94,4 -*6';*,;'F 84 ,*B&#4+$@" -$,*+#4 -* ;4 #*',M4 ,4-$+4 *" ;4 9,'9$4 +'"(#$#&+$@"
-* ;4 6*"#* K&64"4F G& +494+$-4- 94,4 -$(*24, = 9;4"$B$+4,? 94,4 $"E*"#4, = -*(+&5,$,? (&
(*"#$-' 4,,4$%4-' -* ;4 ;*= = *; ',-*"? (& 46', 9', *; ,4C'"46$*"#' = *; 9*"(46$*"#'? ;4
*(#d#$+4 = ;'( $-*4;*( = (& (*- $"(4+$45;* -* +'"'+$6$*"#' = *; 4"($4 $"(4+$45;* -*
+'"'+*,(* 4 (M 6$(6' ('" #4" 4O*"'( 4 ;4( B&*,C4(F W&*? (*%L" 14,m$"? +'694,@ *;
"4+$6$*"#' = ;4 *E';&+$@" -* ;4 E$-4 W&* "' *( "*+*(4,$' 6<( 4,%&6*"#' 94,4 ,*B&#4,;'F

/"4 ,*#,'(9*+#$E4 -*; -,464? $"+;&(' *" ;4( ;M"*4( *(#45;*+$-4( 9', ;'( *E';&+$'"$(#4(?
9,*(*"#4 &"4 $64%*" W&*? 4 ;4 ;&C -* ;' W&* 4K',4 (45*6'( ('5,* ;'( *(#4-'(
E$';*"#46*"#* +465$4"#*( -* ;4 #$*,,4? K4+* W&* ;4 K$(#',$4 4+4-d6$+4 (*4 $"+,*M5;*F

84 E$-4 #*,,*(#,* "4+$@ -* ;4 54#4;;4 -* *;*6*"#'( +'6' ;4( +K$(94( "4+*" -* ;4 B,$++$@"
-* ;4( 9$*-,4(F 0( $69'($5;* $64%$"4,? 4 *(#4 -$(#4"+$4 -* 6$;*( -* 6$;;'"*( -* 42'(? ;4
#',6*"#4

+'"-$+$@" -* ;4 +',#*C4 #*,,*(#,* +&4"-' (* -$+* W&* ;4( B',64( -* E$-4 $"$+$4;*(
494,*+$*,'" 9', 9,$6*,4 E*C *" ;4( 4%&4( 9'+' 9,'B&"-4( = E$(+'(4( -* ;'( 64,*( = ;4%'(F
8'( 4,-$*"#*( ,4='( -*; ('; W&* 5,$;;454" ('5,* *(4( 4%&4(? ;'( #*69*(#&'('( E*"-4E4;*(
W&* ;'( 4C'#454" +'" 6'E$6$*"#'( E$';*"#'( = ;4( ;;&E$4( #',,*"+$4;*( W&* ;'( 4C'#454"
B&,$'(46*"#* *(#<" 6<( 4;;< -* "&*(#,4 $64%$"4+$@" 4K',4F /"4 $64%*" #*"&* -* *(#4
*(+*"4 9&*-* *E'+4,(* +'694,<"-';4 +'" &"4 B&,$'(4 #',6*"#4 -*; -*($*,#'? #4" +4;$*"#*
W&* 469';;4 ;4 9$*;? #4" E$';*"#4 W&* 4,,4"+4 <,5';*( *"',6*( = *( #< #4" +4,%4-4 -* 9';E'
W&* *"#$*,,4 +$&-4-*( *"#*,4( 54O' 6'"#M+&;'( -* 4,*"4 +'6' ($ "&"+4 K45M4 *3$( #$-' *"
45(';&#'F 84 ;&+K4 9', ;4 *3$(#*"+$4 *(? 9', ;' #4"#'? $"K*,*"#* 4 ;4 "4#&,4;*C4 6$(64 -*
;4 E$-4 -*(-* *; 6'6*"#' -* (& 9,$6*,4 494,$+$@" *" ;4 #$*,,4F
84 *(*"+$4 E$E4 W&* ('5,*E$E$@ 4; 4#4W&* -* 6$;;'"*( -* 42'(? ,*($(#$@ ;4 B&,$4 -* ;4 $,4
*;*6*"#4; = ('9',#@ ;'( ,$%',*( -*; +;$64 W&* "$ ($W&$*,4 (* 9&*-*" $64%$"4, 4K',4? -*5*
K45*, #*"$-' &" 9'-*, -* ,*($(#*"+$4 W&* "$"%&"4 4-E*,($-4- 9'-,M4 49;4(#4,F 8' W&* *(#4
*(*"+$4 $"E$($5;* = 494,*"#*6*"#* B,<%$;? ;&+K4"-' K*,'$+46*"#* +'" ;'( *;*6*"#'(
$69;4+45;*( = 5*;$%*,4"#*( -* ;4 "4#&,4;*C4 *" +4-4 6'6*"#' -* (& *3$(#*"+$4? K4 ;'%,4-'
-&,4"#* *(#'( 6$;*( -* 6$;;'"*( -* 42'( *( #4" 4('65,'(' +'6' $"+'"+*5$5;*? "' B&*,'"
;4 9,&*54 4"#* "&*(#,'( 'O'( 9', #'-'( ;4-'(F F I'"($-*,4-' *" *; +'"#*3#' -* (& K$(#',$4
4 #,4Ed( -*; #',6*"#'(' 94(4-'? W&* (* *3#$*"-* 4 &" ;49(' -* #$*69' #4" E4(#' W&* #'-'
*; 9*,M'-' -* ;4 *3$(#*"+$4 -*; K'65,* +'"(#$#&=* (';' &"4 9*W&*24 B,4++$@"? "' K4=
*E*"#' #4" 64,4E$;;'(' *" #'-4 ;4 +,*4+$@" +'6' ;4 64,+K4 -* ;4 E$-4 -*(-* ;4 +d;&;4
9,$64,$4 K4(#4 *; K'65,*? 4K',4 $-*4"-' B',64( = 6*-$'(? -*(9&d( -* ;4 +'"W&$(#4 -* ;4
#$*,,4? 94,4 -'6$"4, '#,'( 9;4"*#4( -$(#4"#*( *" *; *(94+$'F

I&4"-' &"' +'"#*69;4 ;4 #$*,,4 +'" #'-4( (&( $""&6*,45;*( E4,$*-4-*( -* *(#,&+#&,4(
',%<"$+4( *" ;4 #$*,,4? *" ;4( 9,'B&"-$-4-*( -*; '+d4"' = *" *; 4$,*? 94,*+* $"+'"+*5$5;*
W&* +&4;W&$*, 6*"#* $"#*;$%*"#* $694,+$4; 9&*-4 49,*(&,4,(* 4 +,**, +'" &"
4-'+#,$"46$*"#' 4($-&' -*(-* #*69,4"4 *-4- W&* *(#' *( *(#&9*"-' 84 E$(&4;$C4+$@"
9'-,M4 (*, *; ,*(&;#4-' -* &"4 ',%4"$C4+$@" W&M6$+4 -* ;4 64#*,$4 "' 9;4"$B$+4-4 = ($"
,&65'? ($" (45*, #4"#' (& +'6$*"C' +'6' (& B$"4;F 84 %;',$4 (&9,*64 -* *(#4 54#4;;4 9',
;4 (&9*,E$E*"+$4 W&* (* ;$5,@ *" ;4 #$*,,4? *" *; 64, = *" *; 4$,* -&,4"#* 6$;;'"*( -* 42'(?
*( *; K'65,* +'" (& 9,'B&"-$-4- -* $64%$"4+$@" = 9*"(46$*"#' 4L" ($" *39;'#4,F 8' W&*?
9', ;' #4"#'? +'6*"C@ +'6' &"4 +K$(94 $"B$"$#46*"#* -$6$"&#4 -* (*"($5$;$-4- *" ;4(
B',64( 9,$64,$4( -* E$-4 = +&;6$"@ *" *; 64,4E$;;'(' 6&"-' -*; 9*"(46$*"#' *" *;
K'65,* 4 #,4Ed( -* &"4 ;&+K4 K*,+L;*4 W&* -&,@ ($%;'(? 9', ;' #4"#'? -*5* (*, 4;%' #4"
-&,'? #4" $"-'645;*? #4" 9*,($(#*"#* = #4" 4;*O4-'( -* ;'( E&*;'( 6<( (4;E4O*( -* "&*(#,'
9*"(46$*"#' W&* "' 9'-*6'( +'69,*"-*,
+'69,*"-*, (& *3$(#*"+$4 *" 45(';&#'F e84 "4#&,4;*C4 -*
;4 9($W&* ;;*%4 4 '(+&,4( 6<( 4;;< -*; 4;+4"+* -* "&*(#,4 +'69,*"($@"e? -$+* u&"%F
eI'"#$*"* #4"#'( *"$%64( +'6' *; &"$E*,(' +'" (&( ($(#*64( %4;<+#$+'(? 4"#* +&=4(
+'"B$%&,4+$'"*( 64O*(#&'(4( (';' &"4 6*"#* +4,*"#* -* $64%$"4+$@" 9&*-* -*O4, -*
4-6$#$, (& 9,'9$4 $"(&B$+$*"+$4F 0(#4 *3#,*64 $"+*,#$-&65,* -* ;4 +'69,*"($@" K&64"4
K4+* W&* *; 5&;;$+$' $"#*;*+#&4;$(#4 "' (';' (*4 ,$-M+&;'? ($"' #465$d" -*9;',45;*6*"#*
45&,,$-' eF

0; 6*-$' $"E$($5;* = #*"&* W&* K4 ($-' ,*(9'"(45;* -* *(#4 64,4E$;;'(4 #,4"(B',64+$@" -*


;4 (&9*,B$+$* ,'+'(4? *(#d,$;? 4C'#4-4 9', ;4 #',6*"#4 = W&*64-4 9', *; ('; -* ;4 #$*,,4? 4
#,4Ed( -* 9*,M'-'( -* #$*69' *'"$4"'(? *; 4,W&$#*+#' -* $""&6*,45;*( B',64( -* 6'-4
$"#*;$%*"#*? W&* E4,M4" *" #4642' -*(-* ;'( -$"'(4&,$'( %$%4"#*( 4 54+#*,$4( $"E$($5;*(?
"' 9&*-*" (*, -* "4#&,4;*C4 +49,$+K'(4 ' *BM6*,4? ($"' W&* -*5*" (*, #*"*, +'"#,';
('5,* ;4 64#*,$4? &"4 -&,4+$@" *" *; #$*69'? (45$-&,M4 $;$6$#4-4 = 9'#*"+$4 $;$6$#4-4 6<(
4;;< -* +&4;W&$*, +'(4 W&* *; $"#*;*+#' $"($%"$B$+4"#* 9&*-4 +'"+*5$,F /"4 6*"#* W&* "'
#$*"* +'"'+$6$*"#' ('5,* (& 9,'9$4 "4#&,4;*C4 = W&* "$ ($W&$*,4 *( +494C -* +'69,*"-*,
(& 9,'9$' (&5;$6$"4;F

84( 9,'B&"-$-4-*( "$ +'69,*"-*, ;4( +'69;*O$-4-*( -*; +&*,9' *" *; W&* E$E* "' *(#< *"
+'"-$+$'"*(? -*5$-' 4 (&( ;$6$#4+$'"*( $"K*,*"#*(? 94,4 49,*K*"-*, ;4( 9,'9',+$'"*(
$"+'"+*5$5;*( -* ;4 B&*,C4 (&9*,$"#*;$%*"#* W&* 4#,4E$*(4 +4-4 +,$4#&,4? %,4"-* =
9*W&*24? -'"-*W&$*,4 W&* (* *"+&*"#,* ;4 E$-4? -*(-* &"' B$" -*; &"$E*,(' 4; '#,'F
0; 9,'5;*64 W&* "'( 9,*'+&94 4W&M *( ($ ;4( #*"-*"+$4( $"K*,*"#*( -* *(#4 S&*,C4 -* g$-4
W&* K4 +'"(#,&$-' &" ,*$"' 64,4E$;;'(' ('5,* #'-4 ;4 (&9*,B$+$* -* ;4 #$*,,4? K4(#4 ;4(
9,'B&"-$-4-*( 6<( 9,'B&"-4( -*; '+d4"' = ;4( +&65,*( 6<( 4;#4( -* 4;#4( 6'"#424(?
9&*-*" K4+*,(* -*(E$4,(* -* (& +&,(' 9', ;'( *(B&*,C'( E';&"#4,$'( -*; K'65,*F A',
*O*69;'? ($ *; K'65,* *(#< -*(#$"4-' 4 4;+4"C4, &" B;',*+$6$*"#' 6*"#4; 6&+K' 6<( ,$+'?
6<( 4;;< -* ;'( (&*2'( 6<( (4;E4O*( -* "&*(#,'( 9,$"+$94;*( 9*"(4-',*(? 9', *; 6$(6'
9,'+*(' -* *E';&+$@" ',%<"$+4 9', *; +&4; '+&94 ;4 9'($+$@" 9,**6$"*"#* 4+#&4; *"#,*
#'-4( ;4( '#,4( B',64( -* E$-4 #*,,*"4; ? n9&*-* +&4;W&$*, $"-$E$-&' ' ;4 ,4C4 *" (&
+'"O&"#'? 9', (&( 9,'9$'( *(B&*,C'(? ;'%,4, ,*#,4(4, *(#* 9,'+*(' = -*,,'#4, *; '5O*#$E'
-* ;4 "4#&,4;*C4 4 ;4,%' 9;4C'p 0( &" #*64 #,4(+*"-*"#4; -*; W&* 9&*-* -*9*"-*, *;
B&#&,' -* ;4 K&64"$-4-F

A4,4 ,*(9'"-*, 4 *(#4 9,*%&"#4? ;' 9,$6*,' W&* -*5* -*#*,6$"4, *( ($ ;'( (*,*( K&64"'(?
$"-$E$-&4; ' +';*+#$E46*"#*? #$*"*" ;4 +494+$-4- -* 64#4, 9', +'69;*#' ' 4;#*,4, ;4
-$,*++$@" -* (&( 9,'9$4( #*"-*"+$4( $"K*,*"#*(F n\$*"*" *; 9'-*, -* -'6$"4, (&( -*(*'(
= 94($'"*( $""4#4( 4 (& 9,'9$4 E';&"#4- = *;*++$@"p G45*6'( W&* %&4,-4,? W&$C<(? *" &"
"L6*,' *3#,*64-46*"#*
*3#,*64-46*"#* ;$6$#4-' -* +4('(? *(#' "&"+4 K4 ($-' 9'($5;* K4(#4 4K',4F 8'(
*(B&*,C'( -$,$%$-'( 4 $"K$5$, &" $"(#$"#' "4#&,4;? *"+'"#,46'(? ,*#,'+*-*" "*%4#$E46*"#*
*" *; $"-$E$-&'F \465$d" (45*6'( W&*? 94,4 64"#*"*, &" B;&O' &"$B',6* -* ;4 +',,$*"#*
-* ;4 E$-4? *3$(#*"
*3$( #*" 9';4,$-4-*( "' (';' *" *; $"-$E$-&' ($"' #465$d" +';*+#$E46*"#* *" ;4
,4C4 W&* #465$d" +',,$%*" ' "*&#,4;$C4" ;4( #*"-*"+$4( -*($%&4;*( 9', ,*4++$@" 6&#&4F

0(#* +'"B;$+#' -* #*"-*"+$4( = 49#$#&-*( *"#,* ;'( (*,*( K&64"'( (* 9&*-* +'694,4, +'"
*; %';9*#*' = *; +K'W&* -* $""&6*,45;*( ';4( *" ;4 (&9*,B$+$* -* &" '+d4"' +&4"-' ;'(
E$*"#'( +'"#,4,$'( %';9*4" ('5,* d; -*(-* #'-'( ;'( ;4-'(F A', *O*69;'? ;4 "' E$';*"+$4
#$*"* W&* ;$-$4, +'" ;4 E$';*"+$4? *; 94+$B$(6' +'" ;4 4%,*($@"? ;4 45(#*"+$@" +'" ;4
$"-&;%*"+$4? ;4 +4,$-4- +'" ;4 *3#',($@"? ;4 9'5,*C4 +'" ;4 ,$W&*C4? ;4 E$,#&- +'" *; E$+$'? ;4
465$+$@" +'" *; +'"#*"$-'? ;4 +,&*;-4- +'" ;4 6$(*,$+',-$4? ;4 4&(#*,$-4- +'" *; ;&O'? ;4
+4(#$-4- +'" *; ;$5*,#$"4O*? *#+F nI&<; 9&*-* (*, ;4 "4#&,4;*C4 $"+,*M5;* -* ;4 7"#*;$%*"+$4
'6"$(+$*"#* +&=4 64"$9&;4+$@" -* *(#4( $""&6*,45;*( +'(4( 64"#$*"* 4 &"4 %,4"
+4"#$-4- -* 6$;*( -* 6$;;'"*( -* 9*,('"4( *" ;4 +4,,*#*,4 9,*(+,$#4 94,4 *;;'p 84 -$E$($@"
4+#&4; -*; 6&"-' K&64"' *" +469'( $-*';@%$+'( *" %&*,,4 9,'9',+$'"4 &"4 9,&*54
#4"%$5;* -* *(#* K*+K'F \'-4 ;4 K&64"$-4- *(#< $"-*B*"(4 4"#* *(#4 '6$"'(4 %,$*#4F nA',
W&d? +'" #'-4 "&*(#,4 ,4+$'"4;$-4-? +'"'+$6$*"#' = ,$W&*C4 -* ,*+&,('(? "' 9'-*6'(
+&,4,;'p i? ($" *654,%'? ;4 -$(+',-$4 9'-,M4 *(#4, -*(#$"4-4 4 +&69;$, &" 9,'9@($#'
*(*"+$4; 94,4 ;4 *E';&+$@" -* ;4 ,4C4F

D4= B&*,C4( ;4#*"#*( *" ;4 9($W&* K&64"4 W&* "' (';' ,*%&;4" *; +'69',#46$*"#'
+'69',#46$*"#' -* ;4(
9*,('"4( *" (& E$-4 -$4,$4 = +,*4" +'"B;$+#'( = 9,*($'"*( W&* $"B;&=*" *" (& +&,(' -*
4++$@"? ($"' W&* #465$d" (4;*" 4 ;4 (&9*,B$+$* *" ,*E&*;#4( = ,*E';&+$'"*( 4 %,4" *(+4;4
*" #'-' *; 94M( ' 4%$#4+$'"*( %;'54;*(F F 0( *" *(#*
*( #* -,464 +';'(4; -*; 6&"-' $"#*,$', W&*
.&"-4;$"$ ;*E4"#4 *; #*;@"F :&"+4 (45*6'( W&* *3$(#* &" '+d4"' -* 9*"(46$*"#'
$;$6$#4-' *" *; W&* ;'( &"$E*,('( *(#*;4,*( = ;4( $""&6*,45;*( K&*(#*( -* +,$4#&,4(
E$E$*"#*( #$*"*" (& (*,? +'6' 5&,5&O4( *" ;4 (&9*,B$+$* -* &" 64,? = W&* *( ;4 E$($@" -*
*(#4 H*4;$-4- $"+'"+*5$5;* ;4 W&* (* -*(4,,';;4 4"#*( ;'( 5*"-*+$-'( *" (464-K$F 84
*39*,$*"+$4 9&*-* (*, $"B$"$#46*"#* E4,$4-4F
9',W&* $"#*,E$*"*" B4+#',*( 5$';@%$+'( = +'"(#$#&+$'"4;*(F A*,' *( K4+$4 &" -*(4,,';;'
9*,B*+#' -* *(#4 g$($@" I@(6$+4 W&* *; +*,*5,' K&64"' (* *(#< 6'-*;4"-' 4 (M 6$(6'F
84( $-*4( *39,*(4-4( "'( 94,*+*" *3#,424( = *; *;'%$' -* "&*(#,' 4&#', ('5,* ;4 1$'(4
94,*+* *34%*,4-' 9',W&* "' 9'-*6'( $64%$"4, "$ ($W&$*,4 4 -$(#4"+$4 *; 9'-*,
4('65,'(' = *(#&9*"-' 4; W&* 4;&-*F 039*,$*"+$4 6M(#$+4 = +$*"+$4 6'-*,"4

h*"#* = +*,*5,'

0" A4"+K4(#4E$? +'6' *" '#,'( K$6"'( -* 4;454"C4 4 GK4j#$ c0"*,%M4 I@(6$+4f? ;4 9'($+$@"
-* 9'($+$@" -* ;4 O*,4,W&M4 +*;*(#$4; (* $"E$*,#*F [,4K64 *; I,*4-',? g$(K"& *; I'"(*,E4-',
= GK$E4 *; 1*(#,&+#', =4 "' ('" ;'( %'5*,"4"#*( 4&#'+,<#$+'( (&9,*6'( -*; &"$E*,('F ?
9*,' 4K',4 '+&94" &"4 9'($+$@" (&5',-$"4-4 4 ;4 GK4j#$ 9,$6',-$4;F 0" 4;%&"4(
,*9,*(*"#4+$'"*( -* ;4 1$'(4 (* ;*( 6&*(#,4 +4,%4"-' G& #,'"' ('5,* (&( K'65,'(? +'6'
4($(#*"#*( W&* ;;*E4" 64"(46*"#* *; 94;4"W&M" -* &"4 ,*$"4F G& $69'"*"#* B$%&,4 (*
6&*(#,4 (*"#4-4 *" *; #,'"' *" *(#$;' ,*4; ? 6$*"#,4( ;'( 9'-*,'('( -$'(*( (* 64"#$*"*"
K&6$;-*( 94,4 +&69;$, G&( 64"-46$*"#'(F

0" '#,4( ,*9,*(*"#4+$'"*(? (* ;4 6&*(#,4 54$;4"-' *" ;4 B',64 9'(#,4-4 -* GK$E4? -*


4(9*+#' *(94"#'('? +'" &"4 %&$,"4;-4 -* +,<"*'( K&64"'( 4;,*-*-', -* (& "d+ j? (& 5'+4
%'#*454 (4"%,*? &"4 +45*C4 K&64"4 +',#4-4 *" &"4 -* (&( 64"'( = &"4 *(94-4
;*E4"#4-4 *" ;4 '#,4? +'" *; 4(9*+#' -* &"4 B&,$4 -*(#,&+#$E4 ' E*"%4#$E4 +&=' #*,,$5;*
9'-*, "$"%L" -$'( 9&*-* ,*($(#$,F 0;;4 *( .4;$? *; *65;*64 -* ;4 1*(#,&++$@" = ;4
9*,('"$B$+4+$@" -*; \$*69' W&* (* ;' #,4%4 #'-'F 0(#4 4"#$%&4 ,*9,*(*"#4+$@" -* ;4
0"*,%M4 I@(6$+4 +'6' .4;$? $"#*,9,*#4-4 *" *; ;*"%&4O* -* ;4 +$*"+$4? ($65';$C4 *; 9,$"+$9$'
-* *"#,'9M4? 9', *; +&4; #'-4( ;4( B',64( ',%4"$C4-4( -* ;4 64#*,$4 #$*"-*" 4
-*($"#*%,4,(* *" "$E*;*( -* ',%4"$C4+$@" 6<( 54O'( * $"+;&(' 6<( 54O'( K4(#4 W&*? +'6'
&"4 6<W&$"4 %$%4"#*? #'-' *; &"$E*,(' (* -$(';E*,M4 *" (&( +'69'"*"#*( 9,$64,$'( +&=4
"4#&,4;*C4 "$ ($W&$*,4 (* K4 -*#*,6$"4-' K4(#4 4K',4F

I'6' 1&,%4? ;4 0"*,%M4 I@(6$+4 ' GK4j#$ ($65';$C4 *; 9,$"+$9$' -* ($"#,'9M4 W&* (* '9'"*
4 ;4 *"#,'9M4F [4O' ;4 $"B;&*"+$4 -* *(#* 9,$"+$9$'? ;4 64#*,$4 #$*"-* 4 4;+4"C4, "$E*;*( +4-4
E*C 6<( 4;#'( -* ',%4"$C4+$@"? ',-*" = 4,6'"M4F 84 *E';&+$@" -* ;4 E$-4 *" ;4 #$*,,4 =? #4;
E*C? $"+;&(' *" '#,'( 9;4"*#4( -*; &"$E*,(' *( *; ,*(&;#4-' -* *(#* 9,$"+$9$' -* ($"#,'9M4
*" ;4 64#*,$4F g$(#' -*(-* *(#* <"%&;'? 1&,%4 *( *; 4(9*+#' +,*4#$E' = .4;$ *; -*(#,&+#$E'
-* ;4 0"*,%M4 I@(6$+4F A', ;4 ;*= &"$E*,(4; -* ;4 -*(+'69'($+$@"? *; &"$E*,(' =4 *3$(#*"#*
#$*"-* 4 ;4 -$(';&+$@"? 9*,'? *" 6*-$' -* *(#* 9,'+*(' '6"$9,*(*"#* -* -*(+'69'($+$@"?
-*(+'69'($+$@"?
;4 E$-4 (* K4 +'"E*,#$-' *" &" ,*$"' ',%<"$+' -* *3#,*64 +'69;*O$-4- = 64,4E$;;'(4
',%4"$C4+$@" *" ;4 #$*,,4F 0; +*,*5,' K&64"' ,*9,*(*"#4 *; 9,'-&+#' 6<( #*,6$"4-' -*
*(#* 9,'+*('F I'" *; -*(9*,#4, -* .&"-4;$"$? *(#4 '5,4 64*(#,4 ',%<"$+4 4;+4"C4 &"4
',%4"$C4+$@" 4L" 6<( 4;#4? W&* +'"-&+* 4 '#,4 -$6*"($@" -* +'"+$*"+$4 *" ;4 W&* '#,4(
64,4E$;;4( -* ;4 +,*4+$@" (* 45,*" 4 ;4 E$($@" -*; K'65,*F
84 -'+#,$"4 -* GK4j#$ *(? 9&*(? -* 9,'B&"-' ($%"$B$+4-' +@(6$+'F 0" ;4 B',64
6$+,'+@(6$+4? *; 9,$"+$9$' &"$E*,(4; -* ;4 *"#,'9M4 #465$d" B&"+$'"4 *" *; ,*$"' ',%<"$+'F
1*(9&d( -* ;4 *39$,4+$@" -* &" 9*,M'-' -* #$*69' 9,*(+,$#'? +&4"-' &" +&*,9' E$E' K4
4;+4"C4-' &" +$*,#' *(#4-' -* 64-&,*C? *; 9,'+*(' -* -*+;$"4+$@" #*,6$"4 *" 6&*,#*F 0;
9,'+*(' *(? +'6' ,*%;4? $,,*E*,($5;* = ;4 6&*,#* *( $"*E$#45;* 94,4 +4-4 +,$4#&,4 "4+$-4F
A*,' $"+;&(' *" *(#4 #*"-*"+$4 4 ;4 -*(+'69'($+$@" = -$(';&+$@"? *E$-*"+$4-4 9', *;
+&*,9' K&64"' -*(9&d( -* ;4 64-&,*C? ;4 *3+$#4+$@" -* .&"-4;$"$ ;;*E4 4 ;4 4+#$E$-4-
,*"'E4-4 -* 1&,%4 94,4 ,*(+4#4, 4 ;4 +,$4#&,4 -*; 6$*-' 4 ;4 *3#$"+$@" = ;4 6&*,#*F 0;
+*,*5,' (* 9,'+*(4 K4(#4 W&* ;4 %;',$4 $"6',#4; -*; 4;64 (* 64"$B$*(#*F

0; 9,$6*, E*,(' -*; (*%&"-' +4"#' -* A4"+K4(#4E$ (* ,*B$*,* 4 *(#* +4,%' (&9,*6' -*
GK4j#$ ' .&"-4;$"$F 7"-,4 *( *; 4;64? *; O*B* -* ;'( 1*E4#4(? *( -*+$,? ;4( #*"-*"+$4( "'5;*(
*" ;4 9($W&* K&64"4F h4K$(K4(&,4 *( ;4 +45*C4 -* ;4( 9,'9*"($'"*( 4"$64;*( '
-*6'"M4+4( W&* -'6$"4 4 ;'( -$'(*( = +'" (& 64;E4-' 4"B$#,$@" (* E&*;E* 94,4 ;&+K4,
+'"#,4 1&,%4 W&* E$*"* 4 ,*(+4#4,;'(F 84 *"*,%M4 +@(6$+4? 4 K',+4O4-4( ('5,* &" ;*@"?
64#4 4 ;'( -*6'"$'(? ;' W&* ,*(&;#4 *" ;4 E$+#',$4 -* ;'( -$'(*(F 84 -*"'6$"4+$@"? [&BB4;'?
49;$+4-4 4 ;4 +45*C4 -* ;'( -*6'"$'( *( ($%"$B$+4#$E4F 0( ($65@;$+' -* ;4 6*"#* "*%;$%*"#*
* $"-';*"#* 6&*,#4 9', ;'( E4;',*( * $-*4;*( *(9$,$#&4;*(? ,*E';+<"-'(* *" *; B4"%' -*;
9;4+*, (*"(&4;? 4,,4(#,4"-' *; 4;64 6<( = 6<( 9,'B&"-46*"#* *" ;4 '(+&,$-4- ($" 4;$E$'
-* ;4 E$-4 +4,"4;F

0(#4 54#4;;4 d9$+4 *"#,* ;'( 1*E4( = ;'( !(&,4( `;'( -$'(*( = ;'( -*6'"$'(b (* ;$5,4 *" *;
+&*,9' -* +4-4 (*, K&64"'F G';' 4 #,4Ed( -* ;4 >,4+$4 -* 1&,%4 `.&"-4;$"$b (* 9&*-*"
+&,4, ;4( B4;;4( *" *; +&*,9' 9,<"$+'F I&4"-' *(#< ;$5,* -*; 64;? *; K'65,* 9&*-* 64,+K4,
K4+$4 *; $-*4; -* 9*,B*++$@" 9,*(+,$#' 94,4 d;F I4-4 9,'B*#4? (4"#' = (4;E4-', W&* K4=4
"4+$-'? +4-4 ,*B',64-', = +4-4 (*, K&64"' -* "'5;* E$,#&- = -$(9'($+$@" 5*"*E';*"#*
W&* 4;%&"4 E*C +'"#,$5&=@ 4 K4+*, -* ;4 #$*,,4 &" ;&%4, 6*O', = 6<( B*;$C 94,4 E$E$,? -*5M4
#'-' *; 6d,$#' W&* 9'(*M4 4 ;'( 6$"$(#,'( -* 1&,%4F ;4 *"*,%M4 E$#4; +@(6$+4 5*"$%"4 W&*
#,454O4 *" +4-4 64,+' K&64"'F

84 *E4;&4+$@" $694,+$4; -* ;'( 6'"&6*"#'( W&* -*O4,'" ;'( 4"#$%&'( *%$9+$'( -*O4 +4-4
E*C 6<( +;4,' W&* 9'(*M4" &" +'"'+$6$*"#' $"#&$#$E' (*%&,' -* ;4( ;*=*( = B&*,C4( -* ;4
"4#&,4;*C4 W&* ;4 +$*"+$4 4K',4 *(#< -*(+&5,$*"-' 4 #,4Ed( -* #,454O'(4( '5(*,E4+$'"*(
= *39*,$6*"#'(F :' K4= '#,4 *39;$+4+$@" 94,4 ;4 "'#45;* K45$;$-4- * $"%*"$' W&* (*
6&*(#,4 *" ;4 +'"(#,&++$@" -* ;4 >,4" A$,<6$-* = '#,4( 64,4E$;;4( 4,W&*';@%$+4( -* ;4
d9'+4F /" *(#&-$' +$*"#MB$+' -* .&"-4;$"$ +'"-&+$,< B$"4;6*"#* 4 ;4 6$(64 +'"+;&($@"F
0"#'"+*( (* -*(+&5,$,< W&* ;4 +$*"+$4 -*; ($%;' t7t (* *W&$E'+@ %,4E*6*"#* 4; (4+4,
+'"+;&($'"*( -*64($4-' 49,*(&,4-4( ('5,* ;4 E$-4 = *; *(#4-' -*; +'"'+$6$*"#' *" *;
6&"-' 4"#$%&'F 8'( +$*"#MB$+'( -* "&*(#,'( -M4(? $"B;&*"+$4-'( 9', ;4 4#6@(B*,4 *(+d9#$+4
W&* 4L" 9,*E4;*+* *" 6&+K4( -* ;4( &"$E*,($-4-*(? *"+&*"#,4" -$BM+$; 4+*9#4, ;' W&* (*
*(#< E';E$*"-' +4-4 E*C 6<( 64"$B$*(#'^ W&* ;4 E$-4 = ;4 +'"+$*"+$4 "' 9&*-*" *39;$+4,(*
*" #d,6$"'( -* ;4( 9,'9$*-4-*( W&M6$+4( = BM($+4( +'"'+$-4( -* ;4 64#*,$4F G* -*5*
9'(#&;4, 4;%&"4 '#,4 B',64 -* *"*,%M4 4L" $"('(9*+K4-4? W&* "' (* 4O&(#* 4 ;4( ;*=*(
+'"'+$-4( -* ;4 BM($+4? 94,4 -4, +&*"#4 -*; B*"@6*"' -* ;4 6*"#*F
/" E$*"#' -* +465$' =4 K4 +'6*"C4-' 4 ('9;4, *" ;4 9,'E$"+$4 -* 5$';'%M4 = 9($+';'%M4
W&* 4&%&,4 &"4 9*,(9*+#$E4 6<( 469;$4 ('5,* *; B*"@6*"' 4L" $"*39;$+4-' -* ;4 E$-4 *"
*; B&#&,' 0(+,$5$*"-' 54O' *; #M#&;'? e/"4 46*"4C4 94,4 *; -4,m$"$(6'e? G#*9K*" u4= >'&;-
-$+* *" &" 4,#M+&;' ,*+$*"#*^

eA*,' 4;%' 4L" 6<( B&"-46*"#4; *(#< 46*"4C4-'? 4 (45*,? *; -4,m$"$(6' *" (MF 84 #*',M4
-* ;4 *E';&+$@" -4,m$"$4"4 (* 54(4 *" ;4 (*;*++$@" "4#&,4; 94,4 9,*(*,E4, ;4( E4,$4"#*(
B4E',45;*( = *;$6$"4, ;4( -*(B4E',45;*(F I'" *; "*&#,4;$(6' "' #*"*6'( +'"#,'; 9',
(*;*++$@"? =4 W&* ;'( 4;*;'( "*&#,'( ('" $"E$($5;*( 94,4 ;4 (*;*++$@" "4#&,4;F h$*"#,4( W&*
;'( "*&#,4;$(#4( ,*+'"'+*" W&* 4;%&"'( 4;*;'( #$*"*" &" ($%"$B$+4-' (*;*+#$E'? g 4B$,64"
W&* (';' &"4 9*W&*24 9,'9',+$@" -* ;4 E4,$4+$@" #'#4; *" ;4( 9'5;4+$'"*( "4#&,4;*( ,*B;*O4
&" +'"#,'; 9', (*;*++$@"F 84 (*;*++$@" -4,m$"$4"4? 6*#4B@,$+46*"#* K45;4"-'? *( &"
E$*"#' W&* (';' 9&*-* 6'E*, ;4 9$*; (&9*,B$+$4; -* &" '+d4"' 9,'B&"-'F E4,$45$;$-4- eF NP

0" *; -*94,#46*"#' -* 9($+';'%M4? &" 4,#M+&;' -*; 1,F q$;-*, A*"B$*;- ,*(&6* ;4 9'($+$@"
4+#&4; ('5,* *; +*,*5,' = ;4 6*"#* *" ;4( ;M"*4( B$"4;*(F
B$ "4;*(F eA',W&* 6* 94,*+* +$*,#'e? -$+*?
eW&* ($*69,* (*,< 54(#4"#* $69'($5;* *39;$+4, ;4 6*"#* ('5,* ;4 54(* -* ;4 4++$@"
"*&,'"4; -*"#,' -*; +*,*5,'? = 9',W&* 6* 94,*+* W&* ;4 6*"#* (* -*(4,,';;4 = 64-&,4
$"-*9*"-$*"#*6*"#* 4 #,4Ed( -*; $"-$E$-&' E$-4? +'6' ($ B&*,4 &" *;*6*"#' +'"#$"&' =
-*5$-' 4 W&* &"4 +'69&#4-',4 cW&* *( *; +*,*5,'f -*5* (*, 9,'%,464-4 = '9*,4-4 9',
&"4 4%*"+$4 +494C -* +'69,*"-*, -* 64"*,4 $"-*9*"-$*"#*? 6* E*' '5;$%4-' 4 *;*%$, ;4
9,'9'($+$@" -* W&* "&*(#,' (*, -*5* *39;$+4,(* ('5,* ;4 54(* -* -'( *;*6*"#'(
B&"-46*"#4;*(F 0(#'? *" 6$ '9$"$@"? 'B,*+* ;4 64=', 9,'545$;$-4- -* ;;*E4,"'( 4 ;4
+'69,*"($@" B$"4; K4+$4 ;4 W&* (* *(B&*,C4" #4"#'( +$*"#MB$+'( $"+'"-$+$'"4;*( eF NN 84
!%*"+$4 +494C -* +'69,*"-*, -* 64"*,4 $"-*9*"-$*"#* ;' W&* '9*,4 *; +*,*5,'? *"
94;45,4( -* A*"B$*;-? =4 -*(+&5,$@ 9', ;'( 4-*9#'( -*; i'%4 -* ;4 7"-$4 = #,4#4-'( *"
$""&6*,45;*( #,454O'(? "' *( '#,' W&* A,4"4UGK4j#$? ;4 0"*,%M4 I@(6$+4U0"*,%M4 -*#,<(
-* #'-'( ;'( B*"@6*"'( -* ;4 6*"#* = ;4 +'"+$*"+$4F .&"-4;$"$ *( ;4 +;4E* -*; 6$(#*,$' -*
*(#* 9'-*, #'-'9'-*,'(' 6<( 4;;< -*; *(+,&#$"$' -*; $"#*;*+#'F

0; 1,F H'%*, qF G9*,,=? 9,'B*(', -* A($+'5$';'%M4? *( $%&4;6*"#* *39;M+$#' *" &" 4,#M+&;'
('5,* E4;',*( K&64"'(^

eA*,' *(#* #$9' -* ,4C'"46$*"#'e? -$+*? ,*B$,$d"-'(* 4 ;4 E$($@" 64#*,$4;$(#4 -* W&* ;'(
 O&$+$'( -* E4;', (* *"+&*"#,4" B&*,4 -* ;4 +$*"+$4? e=4 "' (* +&69;* *" #d,6$"'( -* ;4
#*',M4 6*"#*U+*,*5,' W&* *( 6<( 6*"#4;$(#4 = 4K',4 9*,6$#*? *" 9,$"+$9$'? &"
#,4#46$*"#' +$*"#MB$+' -* ;4 (&5O*#$E$-4- B*"@6*"'( 6*"#4;*(? $"+;&$-'( ;'( E4;',*( +'6'
4%*"#*( +4&(4;*(F!-*6<(? 4K',4 ,*+'"'+*6'( W&* ;'( K*+K'( ($*69,* ('" $"#*,9,*#4-'(
9', 9,'+*('( +*,*5,4;*(? W&* =4 *(#<" $"K*,*"#*6*"#* -$,$%$-'( 4 '5O*#$E'(? +'"
,*(#,$++$'"*( -* E4;', $"+',9',4-4( FFF 0; +'"+*9#' 6'-$B$+4-' 4+#&4; -* B&"+$@" 9*,6$#*
;4 $"#*,4++$@" 6*"#*U64#*,$4 -*"#,' -*; +*,*5,'F 1*(+,$5' *(#4 E$($@" +'6' &"4 W&*
+';'+4 ;4 6*"#* *" *; 4($*"#' -*; +'"-&+#', 4; 64"-' ('5,* ;4 64#*,$4F 7-*4;$C4 $-*4( *
$-*4;*( ('5,* ;4( $"#*,4++$'"*( B$($+'W&M6$+4(? = ,*+'"'+* ;4( B&*,C4( 6*"#4;*(
+'"(+$*"#*( +'6' *; 64=', ;'%,' -* ;4 *E';&+$@" eF N]
8' W&* G$, IK4,;*( GK*,,$"%#'"? ;4 +'"'+$-4 4&#',$-4- ('5,* *; +*,*5,'? K45M4 '9$"4-' *"
NZX_? eW&* "&*(#,' (*, -*5*,M4 +'"($(#$, *" -'( *;*6*"#'( B&"-46*"#4;*( c+*,*5,' =
6*"#*f "' 'B,*+*? (&9'"%'? 64=', $69,'545$;$-4- $"K*,*"#* W&* ;4 W&* -*5*,M4
-*(+4"(4, *" &"' (';' W&* e4K',4 ,*+$5* *; 49'=' -* 6&+K'( '#,'( *6$"*"#*( +$*"#MB$+'(F
A*,' ;' W&* 4L" *( -$BM+$; -* 4+*9#4, 94,4 *;;'( *( *; K*+K' -* W&* *(#* (*%&"-' *;*6*"#'
*" ;4 +'69'($+$@" -* ;4 E$-4 K&64"4? 4 (45*,? ;4 +'"+$*"+$4? *" +'"#,4(#* +'" *; +*,*5,'?
"&"+4 9&*-* +'"E*,#$,(* *" &" #*64 -* *(#&-$' +'6' ;4 64#*,$4 = (&( -*,$E4-'(? = &"4
"&*E4 B',64 -* 4+*,+46$*"#' *( "*+*(4,$' 94,4 +'69,*"-*, (& "4#&,4;*C4 = (&( ;*=*(F
0(#* *"B'W&* "' 9&*-* K4+*,(* 4 #,4Ed( -*; $"#*;*+#'F 1*5* (*, K*+K' 9', ;4 +'"+$*"+$4
6$(64 4 #,4Ed( -* 6d#'-'( -* $"#,'(9*++$@" = 6*-$#4+$@" $-*4-'( *" *; 94(4-'F !K',4
(';' W&*-4 &" 9*W&*2' 64,%*" *" *; ,*+'"'+$6$*"#' 9', 94,#* -* ;4 +$*"+$4 -* ;4 -&,4
E*,-4- -* W&* #'-4 ;4 ;$#*,4#&,4 6M(#$+4 9,'9',+$'"4 ;'( 9,$6*,'( -4#'( ,&-$6*"#4,$'( -*
*39;',4+$@" $"#*,"4 = W&* #465$d" #*"-,< W&* #,4"($#4, *; 6$(6' I46$"' W&* B&*
4#,4E*(4-' 9', ;'( 6M(#$+'( -* 4"#42'F 1* 64"*,4 6<( ,4+$'"4;F

84 *39;',4+$@" -* ;4 6*"#*? *" ;4 *#494 4+#&4; -* "&*(#,' +'"'+$6$*"#'? "' *( 6*"'(


-$BM+$; = 9*;$%,'(4 W&* ;4 *39;',4+$@" -* 9;4"*#4( -$(#4"#*( *" *; *(94+$'F !;%&"4 $-*4 -*;
#,454O' $"E';&+,4-' 94,4 ($"#'"$C4, *; $"(#,&6*"#' +&*,9'U6*"#* +'" "$E*;*( 6<( 4;#'(
-* +'"+$*"+$4? K4(#4 W&* (* E*4 &"4 E$-4 W&* $69,*%"4 *; &"$E*,('? 9&*-* *"64,+4,(*
*" *; #,454O' $"E';&+,4-' *" %4"4, 6&"-'

+469*'"4#' *" &" -*9',#* BM($+' *3#*"&4"#*F !-*6<( -*; #,454O'? &"4 K*,*"+$4
B4E',45;* = ;4 %,4+$4 ('" '#,'( -'( B4+#',*( $"-$(9*"(45;*( "*+*(4,$'( 94,4 *; d3$#'F 0(#4
9'($+$@" *(#< +;4,46*"#* ,*+'"'+$-4 *" ;4 #,4-$+$@" =@%&$+4 -* ;4 7"-$4 -*(-* ;'(
9,$6*,'( #$*69'(F 0( "*+*(4,$4 &"4 ,*6'-*;4+$@" +'69;*#4 -*; ($(#*64 +*,*5,'*(9$"4;
*" (&( +494( 6<( 9,'B&"-4(? +'6' ;4 4-$+$@" -* "&*E4( +494( -* 6L(+&;'( 4; +&*,9' -*
&" 4#;*#4 +469*@"? 4"#*( -* W&* ;4 +'"+$*"+$4 K&64"4 9&*-4 9*"*#,4, *" ,*%$'"*( W&*
*(#<" 6<( 4;;< -* (& 4;+4"+* *" ;4 4+#&4;$-4-F

84 B4;#4 -* &"4 49,*+$4+$@" 4-*+&4-4 -* *(#* 9&"#' K4 ;;*E4-' 4 ;4 9'($+$@" 94,4-@O$+4 -*


W&* #'-'(? +'" 4;%L" +'"'+$6$*"#' -*; #*64 = &" -'6$"$' 9,<+#$+' ('5,* *; ;*"%&4O*?
*(+,$5$*"-' ('5,* *; d3#4($( 6M(#$+'? (* +'"($-*,4" &" 4& \K',$#=? *(9*+$4;6*"#* ($ (&
#,4#4-' +'"#$*"* &"4 %,4" -'($( -* #d,6$"'( +$*"#MB$+'( = #d+"$+'( -* 4;#' ('"$-'F 0(#' ;*
-4 4; #,454O' &" 9*(' 4"#* *; +&4; ;'( +,M#$+'( = +,M#$+'( -'5;4" ;4( ,'-$;;4(F 0; K*+K'
%*"*,4;6*"#* (* 94(4 9', 4;#' W&* *; *(#4-' &"$#$E' ,*9,*(*"#4 &"4 *3+&,($@" 4 &"
#*,,$#',$' #'#4;6*"#* *3#,42' 4; $"#*;*+#'F 84 -$(+&($@" 4+4-d6$+4 -* ;4 +'"-$+$@" = *;
+'"'+$6$*"#' ,*4; -* ;4 6$(64 ('" -'( +'(4( -$B*,*"#*(F A4,4 &" +$*"#MB$+'? W&* "' #$*"*
*39*,$*"+$4 *" *; *(#4-' 6$(6'? *(+,$5$, ('5,* *; d3#4($( 6M(#$+' *( +'6' &" 5'#<"$+' W&*
"&"+4 K4 49;$+4-' (& 'O' 4 &" #*;*(+'9$'? *(+,$5$*"-' ('5,* 4(#,'"'6M4F 84 ,4C@" 9', ;4
+&4; *; 6$(#$+$(6' *( #,4#4-' +'6' &"4 *(9*+$* -* e#$*,,4 -* "4-$*e "' *( -$BM+$; -*
*"#*"-*,F D4= 4&(*"+$4 -* +'"'+$6$*"#' *34+#' = B4;#4 -* &"4"$6$-4- *" ;'( *(+,$#'(
('5,* *; *(#4-' 6$(6'F
0( 54(#4"#* 5$*" (45$-' W&* *; ='%&$ 6<( +'"(&64-' = *; 6M(#$+' 6<( %,4"-* O46<(
"4+$-' "' 9&-' *"+'"#,4, ;4( 94;45,4( 94,4 K4+*, W&* (& $"+,*M5;* *39*,$*"+$4 *" '#,'
9;4"' -* +'"+$*"+$4 (*4 $"#*;$%$5;* 94,4 ;'( -*6<(F A4,*+M4" $"+'K*,*"#*(? =4 W&* &"
;*"%&4O* -$(*24-' 94,4 ;4 *39*,$*"+$4 "',64; "' 9&*-* (*,E$, +'6' E*KM+&;' 94,4 ;4
*39,*($@" -* ;' W&* *(#< 6<( 4;;< -* (& 9,'E$"+$4F /" *,&-$#' *,&-$#' -*; ($%;' -$*+$(d$(
W&* ;** &" #,454O' *(#<"-4, 6'-*,"' ('5,* +&4;W&$*, #*64 -* +$*"+$4( (* *"+'"#,4,M4
+'69;*#46*"#* 9*,-$-' 94,4 +'69,*"-*,;'F
+'69,*"-*,;'F I4-4 ,464 -* ;4 +$*"+$4 K4 4+&24-' "&*E4(
94;45,4( = B,4(*( 94,4 *39,*(4, "&*E4( $-*4( = +'"+*9#'( = 64"#*"*, *; ,$#6' -* ;'(
"&*E'( +'"'+$6$*"#'( 4-W&$,$-'(F
4-W&$,$-'(F :' *( -$BM+$; $64%$"4, +&<; (*,M4 *; *(#4-' -* ;4 BM($+4 '
;4 W&M6$+4 ($ #'-'( ;'( "'65,*( = #d,6$"'( 4+&24-'( -&,4"#* ;'( L;#$6'( #,*( ($%;'(
B&*,4" -*(+4,#4-'( = (* K$+$*,4 &" *(B&*,C' 94,4 +'69$;4, #,4#4-'( 6'-*,"'(
*3+;&($E46*"#* *" *; $-$'64 *" &(' 4"#*( -* *(#* 9*,M'-'F 84 *39*,$*"+$4 6M(#$+4 *( &"
#*64 9,'B&"-' =? 4 6*"'( W&* (*4 #,4#4-4 +'6' &"4 ,464 *(9*+$4; -* ;4 +$*"+$4 = ;'(
*W&$9'( -* (45$'( (* -*-$W&*" 4 (& *(#&-$' = *39*,$6*"#4+$@" -* 9,$6*,4 64"'? (*%&$,<
($*"-' &" #*,,$#',$' *" -$(9&#4 +'6' ;' *( 4K',4F 8' 9,$6*,' W&* -*5* K4+*,(* *(
9,*94,4, &" 9;4" 5<($+'? &"4 #*',M4 -* +469' = &"4 "&*E4 #*,6$"';'%M4 ('5,* ;4 54(* -*;
64#*,$4; W&* =4 #*"*6'( 4"#* "'('#,'(F G';' -*(9&d( -* *(#'? -*5*,M4" +'6*"C4, ;'(
-*54#*( 4+4-d6$+'( = ;4 *39;',4+$@"F

0; ;*+#', 9,'6*-$' -* ;$5,'( ('5,* i'%4 & '+&;#$(6' W&$*,* '5#*"*, +'"'+$6$*"#' -*;
#*,,$#',$' +&5$*,#'? ;4( B&*,C4( $"E';&+,4-4( ' ;4 +'69,*"($@" -* ;'( 6d#'-'( 9', ;'(
+&4;*( (* 9&*-* 4;+4"C4, *; *(#4-' +'" *; 6M"$6' *(B&*,C'F 0; E';&6*" -* ;$#*,4#&,4 ('5,*
*; d3#4($( 6M(#$+' (';' *" ;4 7"-$4? W&* -4#4 -* ;'( #$*69'( Ed-$+'(? *( #4" E4(#' W&* &"4
E$-4 *( &" 9*,M'-' -*64($4-' +',#' 94,4 4#,4E*(4,;'F G$ 4 *(#' (* 4%,*%4 ;4 64(4 -* ;$5,'(
-* ;4( 9;&64( -* 6M(#$+'( +,$(#$4"'(? (&BM*(? #4'M(#4( = '#,'(? ;4 +4,%4 (* E&*;E* -*64($4-'
9*(4-4 94,4 W&* *; +*,*5,' K&64"' 9&*-4 -$%*,$,;4 = 4($6$;4,;4F A*,' +4-4 42' -*+*"4(
-* "&*E'( E';L6*"*(? *" (& 64=',M4 -* ;'( "' $"$+$4-'(? (* 4+&6&;4" *" ;4 #$*"-4 -*
646&# *3$(#*"#*? ;' W&* (* (&64 4 ;4 +'"B&($@" = *; +4'( =4 *3$(#*"#*( ('5,*
( '5,* &" #*64 #4"
4"#$%&' +'6' ;4 K$(#',$4 ,*%$(#,4-4 -* ;4 K&64"$-4-F 0" *(#4 *,4 -* ;4 ,4C@" ;' W&* *;
*,&-$#'

= *; 5&(+4-', ;4$+' -*5*,M4 #*"*, *" 6*"#*^ n+&<;*( ('" ;'( B4+#',*( +'6&"*( W&*
(&5=4+*" 4; d3#4($( 6M(#$+' = ;'( 9'-*,*( '+&;#'(p n0( *; d3#4($( ,*4;6*"#* &" *"+&*"#,'
+'" 1$'(p G$ "'? n+&<; *( ;4 "4#&,4;*C4 -* ;4 *39*,$*"+$4 = W&d B&*,C4( *(#<" $"E';&+,4-4(p
nI&<; *( ;4 ,*;4+$@" *"#,* *; d3#4($( 6M(#$+' = '#,'( B*"@6*"'(
B *"@6*"'( ,*;$%$'('( = 94,4"',64;*(p

0; *(94+$' "' 6* 9*,6$#* -*(+,$5$, *" -*#4;;* W&d "'+$'"*( B4"#<(#$+4( ('5,* ;'
#,4(+*"-*"#4; = ;' '+&;#' #'-4EM4 (* 64"#$*"*"? "' (';' 9', ;'( 5&(+4-',*( 9,'6*-$' ($"'
$"+;&(' 9', ;'( *,&-$#'(? *" &" +469' -* *(#&-$' W&* =4 *(#454 54(#4"#* 4E4"C4-'
+&4"-' (* +'"(#,&=*,'" ;4( 9,$6*,4( 9$,<6$-*( *" 0%$9#' F 0( &"4 9'($+$@" 4('65,'(4F
D4= #4"#'( 9&"#'( -* E$(#4 ('5,* *(#'( *(#4-'( *3#,4',-$"4,$'( ' 94,4"',64;*( -* ;4
6*"#* K&64"4 +'6' K4= '+&;#$(#4(? %&,L(? 64*(#,'(? 6d-$&6(? +;4,$E$-*"#*(? +'6'
#465$d" *(+,$#',*( * $"E*(#$%4-',*( -* *(#'( B*"@6*"'(F :' K4= &" #*64 L"$+' *" *; W&*
;4 K&64"$-4- (* *"+&*"#,* -$E$-$-4 K4(#4 *; 9&"#' *" *(#* 6'6*"#'? ($" *3+;&$, ;4
9';M#$+4? +'6' ;4 +$*"+$4 -*; 4;64F 0(#' -*O4 *; +469' 45$*,#' 94,4 W&* *; +K4,;4#<"
$"#*;$%*"#* * $"+;&(' *; "' K4+*, "4-4 &#$;$+*" ;4 +'"B&($@" 9,*E4;*+$*"#* *" (& 5*"*B$+$'F
D4= W&* K4+*, 4;%' 94,4 9'"*, ',-*" *" *(#4 +'"B&($@"F !;%' 94,4 ,*(+4#4, 4 6$;;'"*( -*
;4( %4,,4( -* $69'(#',*(? 54"+'( E';&"#4,$'(? B,4&-*(? '9',#&"$(#4( = +K&94(4"%,*(F D4=
6$;*( (&B,$*"-' ;'( *B*+#'( 9*,"$+$'('( -* ;'( 6d#'-'( -* +K4,;4#4"*,M4 = ;4( -$(+$9;$"4(
B4;(4( 9,*(+,$#4( 9', *39*,#'( 4&#'-*"'6$"4-'(?
4&#'-*"'6$"4-'(? = 6$;;'"*( 4,,*9$"#$d"-'(* -* ;4 9d,-$-4
-* 6&+K'( 42'( 9,*+$'('( -* (& E$-4 *" &"4 5L(W&*-4 W&* "' ;*( #,4O' "4-4F D4 ;;*%4-'
*; 6'6*"#' *" W&* ;4( 4-6$"$(#,4+$'"*(? ;'( 6*-$'( -* +'6&"$+4+$@" = ;'( 4+4-d6$+'(
-*5*" -4,(* +&*"#4 -* W&* ;4 5L(W&*-4 -* ;' #,4(+*"-*"#4; = ;' '+&;#' #$*"* &" $"(#$"#'
#4" 4,,4$%4-' *" ;4 9($W&* K&64"4 +'6' '#,'( $"(#$"#'( 5<($+'( = -*5* 9,*E*,(* *" *; 84
6$(64 B',64 (4"4 = (4"4 W&* *; $"(#$"#' -* K465,*? (&*2'? (&9*,E$E*"+$4 = +'(4( 9', *;
*(#$;'F 0(#' (';' 9&*-* (*, 9'($5;* +&4"-' (* +,*4" *W&$9'( -* *39*,#'( 94,4 K4+*, -*
#'-4 ;4 9,'E$"+$4 -*; i'%4? *; '+&;#$(6' = *; d3#4($( 6M(#$+' &" #*64 -* *(#&-$' =
*39*,$6*"#4+$@" *" (& #'#4;$-4- +'6' +&4;W&$*, '#,4 9,'E$"+$4 -* $"E*(#$%4+$@"F

G$*#* "$E*;*( -* +'"+$*"+$4

84 ,4C@" 9', ;4 W&* ('= 94,#$+&;4, *" *(#* #*64 *( W&* =4 *3$(#* &"4 %,4" 64(4 -*
64#*,$4;? ;4 +'(*+K4 -* *39*,$*"+$4( -* &"4 %4;43$4 W&* (* ,*6'"#4 4 &" 9*,M'-' 6$;*(
-* 42'( 4"#*( -*; "4+$6$*"#' -* I,$(#'F 84( *(#,*;;4( -* *(#4 +'"(#*;4+$@" 494,*+$*,'"
(';' 4 $"#*,E4;'( ,4,'( = (&( *39,*($'"*( ('" -* (&64 $69',#4"+$4 94,4 ;4 K&64"$-4-F A',
,4C'"*( W&* ;4 $"E*(#$%4+$@"? 4 (&
( & -*5$-' #$*69'? (4+4,< 4 ;4 ;&C (& 494,$*"+$4 -&,4"#* ;'(
L;#$6'( -'(+$*"#'( ' #,*(+$*"#'( 42'(? 4 9*(4, -*; 4E4"+* %;46','(' -* ;4 +$*"+$4? K4 ($-'
4L" 6<( ,4,'F 8' W&* 4K',4 (* *(#< 4%,*%4"-' 4 *(#* 4;64+d" -* +'"'+$6$*"#' +4"'('
=? 4 E*+*( -*E',4-' +'" 4E$-*C 9', 6$;;'"*(? *( (&9*,B$+$4; *" +'694,4+$@" +'" ;' W&* =4
*(#< ,*%$(#,4-'F G4;E4,M4 4 ;'( *(+,$#',*( = ;*+#',*( -* &"4 %,4" 9d,-$-4 -* #$*69' =
*"*,%M4 ($? *" ;&%4, -* +',,*, *" 5&(+4 -* &"4 "&*E4 4E*"#&,4? K$+$*,4" &"4 *E4;&4+$@"
*3K4&(#$E4 -* ;' W&* K4" ;'%,4-' ;4( ;*%$'"*( W&* 4"($454" ;4 6$(64 *39*,$*"+$4 *" *;
94(4-'F * K$C' &" *(B&*,C' = (4+,$B$+$' 4L" 64=', 94,4 '5#*"*, ;'( 6$(6'( B$"*(F

0" +4($ #'-'( ;'( $-$'64( ,*%$'"4;*( -* ;4 7"-$4 K4= &" #*(',' 9,*+$'(' -*; 94(4-' W&*
"*+*($#4 -*(*"#*,,4,(* 94,4 &" *(#&-$' ($(#*6<#$+' -* ;'( B*"@6*"'( 94,4"',64;*( -*
;4 6*"#*F 1*5* *"#*"-*,(* W&* *; d3#4($( 6M(#$+' "' *( &"4 +'(4? ;4 9*,+*9+$@"
*3#,4(*"(',$4; *( '#,4? 9(MW&$+4

B4+&;#4-*( &" #*,+*,' = 9'-*,*( 6$;4%,'('( & '+&;#'( &" +&4,#'F A*,' #'-'( (&,%*" -* &"
94#,@" +465$4-' -* 9,4"4 ' *"*,%M4 E$#4; W&* B',64 &"4 B&*,C4 -* +,*4+$@" 4L"
$"-*#*,6$"4-4F 84 $"E*(#$%4+$@" -$,$%$-4 4 *(#&-$4, *(#4( +'(4( $"+,*M5;*( "*+*($#4,< #'-'(
;'( ,*+&,('( -* ;4 +$*"+$4? #'-'( ;'( 9'-*,*( -*; $"#*;*+#' = #'-4 ;4 E';&"#4- = ;4 B&*,C4
-*; K'65,* 94,4 49,*"-*, $"+;&(' ;'( ,&-$6*"#'(F 0(#4 *( ;4 ,4C@" -* ;4 4+#$#&- -*
(&6$($@" #'#4; 4"#*( -* W&* *(#* 9'-*, (* 64"$B*(#4,4 *" #'-' A4"+K4(#4E$F
84 +'(*+K4 -* *(#4 $"E*(#$%4+$@" *(#4,< 6<( 4;;< -* +&4;W&$*, +'(4 +'"+*5$-4 9',
+&4;W&$*, 9*"(4-', -* 9$* ' ('24-' 9', ;4 +$*"+$4F 7"+;&(' ;'( -4#'( 9,*;$6$"4,*( ,*&"$-'(
,*E';&+$'"4,<" ;4 E$-4 = *; 9*"(46$*"#' -* ;4 K&64"$-4-F G* -*(+&5,$,< W&* *; +*,*5,'
K&64"' =4 *(#< 64,+4-' 9', ;4 "4#&,4;*C4 94,4 &"4 4+#&4+$@" -* &" #$9' *3#,4',-$"4,$'
-*; +&4; "' *3$(#* *; 6<( 6M"$6' $"-$+$' ' $"+;&(' &"4 ('(9*+K4 *" ;4 4+#&4;$-4-F 0(#4 *(
;4 ,4C@" 9', ;4 W&* ($*"#' W&* ;4 $-*4 -$B&"-$-4 9', ;'( ;;464-'( 4-*9#'( -*; ='%4 ' ;4(
'9$"$'"*( *39,*(4-4( 9', ;'( *(+,$#',*( +'"#*69',<"*'( ('5,* *; 6$(#$+$(6' = *;
'+&;#$(6'? *" ;&%4, -* 4=&-4, 4 +'69,*"-*, *; 9'-*,'(' (*+,*#' (&5=4+*"#* 4 ;'(
B*"@6*"'(? ($69;*6*"#* (* (&64 4; +4'(F 9,*E4;*+$*"-' 4W&MF :' K4= "4-$* E$E' W&*
(*94 6<( ('5,* *(#4 9,'E$"+$4 K4(#4 4K',4 +*;'(46*"#* 9,'#*%$-4 +'6' 4&#', -*
A4"+K4(#4E$ ' -* +&4;W&$*, '#,' #,454O' *(#<"-4, ('5,* ;4 +$*"+$4 -* .&"-4;$"$F

:' K4= &" ;$5,' -* &" 4&#', 6'-*,"' W&* $"#*"#* ,*(9'"-*, 4 *(#4( 9,*%&"#4(
B&"-46*"#4;*( ('5,* &"4 9,'E$"+$4
9,'E$"+$4 *" ;4 W&* ;4( B4;(4( 9,*#*"($'"*(? *; *"%42' = *; B,4&-*
K4" ($-' &"4 +4,4+#*,M(#$+4 ,*+&,,*"#* -*(-* ;'( 9,$6*,'( #$*69'(F S*"@6*"'(
494,*"#*6*"#* ('5,*"4#&,4;*(
('5,*"4#&,4;*( B&*,'" +4&(4-'( 9', ;'( (4+*,-'#*(
( 4+*,-'#*( *" *; 4"#$%&' 0%$9#'?
$"+;&$-' *; W&* (&9*,@ 4 !;*O4"-,' h4%"'? 9', 9&,4 6*+<"$+4F 8'( '+&;#$(#4( * $"+;&(' ;'(
(4+*,-'#*( -* '#,4( ,*;$%$'"*( ,4,4 E*C 9$*,-*" ;4 '9',#&"$-4- -* $"B&"-$, *; #*6',
('5,*"4#&,4; ' &" 6$*-' $,,4+$'"4; 4 1$'( 9', 6*-$'( 4,#$B$+$4;*( +&4"-' (*4 4-*+&4-'
94,4 (& 9,'9@($#' -* K4+*,;' = (* 9,*(*"#4 &"4 '9',#&"$-4- 94,4 K4+*,;'F 8'( B4;('(
9,'B*#4( = ;'( B4;('( 4K$O4-'( K4" ($-' = ('" 6<( "&6*,'('( * $"+;&(' 6<( 9,@(9*,'(
-&,4"#* &" #$*69' W&* ;'( 7;;&6$"4#$? *; E*,-4-*,' (4"#' = *; E*,-4-*,' ($*,E' -* 1$'(F
G4;E' 4;%&"4( *3+*9+$'"*( K'"',45;*(? #'-4 ;4 %4;*,M4 -* 4,#$(#4( $"#d,9,*#*( '
*O*+&#4"#*( *" *; +469' -* ;'( B*"@6*"'( 9(MW&$+'( *(#< ;;*"4 -* 9*,('"4( -*+;4,4-4(
+&;945;*( -* B,4&-* * $69'(#&,4 *" &" 6'6*"#' & '#,'F 84 -&9;$+4+$@" 9', *; 64%'
9,'B*($'"4;? u46*( H4"-$? -* ;4( K4C424( ,*4;$C4-4( 9', /,$ >*;;*, *" [$,5*+j I';;*%*?
8'"-,*(? 4"#* +$*"#MB$+'( *"#&($4(#4( *" ;4( 6$(64( +'"-$+$'"*(? K4 +,*4-' (*,$4( -&-4(
('5,* (&( '#,4( 4+#&4+$'"*( 9($+'W&$"d#$+4( #465$d" y

nI@6' 9'-*6'( (*94,4, ;4 E*,-4- -* ;4 B4;(*-4- = *; K*+K' -* ;4 B$++$@" *" &" <65$#'
*" *; W&* 465'( (* *"+&*"#,4" $"*3#,$+45;*6*"#* 6*C+;4-'( +'" *; 94(4-' +4"'('p 84
6*C+;4 9,*(#4 49'=' #4"#' 4; +,*=*"#* +'6' 4; *(+d9#$+'F nI@6' (* 9&*-* ;;*E4, ;4
&"$-4- 4 &" -*94,#46*"#' -* +'"'+$6$*"#' *" *; W&* *; 6&"-' (* *"+&*"#,4 -$E$-$-' *"
;4 4+#&4;$-4-p nA&*-*" ;4( +'"#,$5&+$'"*( -* ;'( 4B$+$'"4-'( +'"-&+$, 4 &"4 4+;4,4+$@"
*" &"4 ,464 -* *(#&-$' *" ;4 W&* ;'( 6<( 4;#'( *(9*+$4;$(#4(? +'"'+$-'( 9', ;4 K&64"$-4-
+'6' 9,'B*#4( = E$-*"#*(? "' ;'%,4,'" 4,,'O4, (&B$+$*"#* ;&C 94,4 9'"*, (&( *39*,$*"+$4(
= ;'( B*"@6*"'( 6<( 4;;< -* #'-4 -$(9&#4p n0( -*64($4-' -$BM+$; 94,4 "&*(#,' $"#*;*+#'
4+*9#4, ;4 9'($+$@" -* W&* #'-4EM4 *3$(#*" (*+,*#'( #,4(+*"-*"#4;*( -*(+'"'+$-'( -* ;4
"4#&,4;*C4 ,*;4+$'"4-'( +'" ;4 6*"#* W&* *(9*,4" (*, -*(+&5$*,#'(? = 6*+4"$(6'( 4L"
-*(+'"'+$-'( *" *; +&*,9' K&64"' W&* 9&*-*" 4;#*,4, ,4-$+4;6*"#* *; B&"+$'"46$*"#
B &"+$'"46$*"#'
'
-*; +*,*5,'p

0" &" 4,#M+&;' ,*+$*"#* 54O' *; #M#&;' eG$*#* "$E*;*( -* +'"+$*"+$4e? u'(*9K I4695*;; K4
#,4#4-' -* 4,,'O4, ;&C ('5,* *; 4"#$%&' +'"+*9#' -* .&"-4;$"$F G& $"#*"#' K4 ($-'
($ -' +'65$"4,
;4 #,4-$+$@" +4"'(4 +'" ;'( +'"+*9#'( 6'-*,"'( *" 9($+';'%M4 * $"#*,9,*#4, ;'( (M65';'(
&#$;$C4-' 94,4 ;'( 9,$6*,'( +&4#,' +K4j,4( +'" ;4( '9$"$'"*( *39,*(4-4( 9', ;'( #,*(
9($+@;'%'( +'"'+$-'( S,*&-? !-;*, = u&"%F
e0" *(#* 9,$6*, +K4j,4e? *(+,$5*? e;4 *"*,%M4 *(9$,$#&4; *(#< *" (& $"#*"($-4- 6<( 54O4? =4
W&* *; (&*2' -* ;4 (*,9$*"#* $69$-* W&* (* *;*E*F /"4 9*,('"4 W&* B&"+$'"4 4 *(#* "$E*;
#$*"* &"4 E$($@" ('65,M46*"#* 64#*,$4;$(#4 -*; 6&"-'? (';' (* %'5$*,"4 9', eK*+K'(
+'"+,*#'(eF 0; 4,#* -* &"4 9*,('"4 4(M ($%&* ($*"-' (*"#$6*"#4; = 64#*,$4;$(#4? 6$*"#,4(
W&* (& 9($+';'%M4 9'-,M4 +4,4+#*,$C4,(* +'6' +'"-&+#$(#4U,*4+#$E4? 6<( W&* +,*4#$E4F :'
-$(B,&#4 -* ;4 E$-4? "' K4+* "$"%L" *(B&*,C' 9', *394"-$,(*F G* 4B*,,4 4 ;4 *3$(#*"+$4 +'"
&"4 4E$-*C 45&,,$-4 = ;*#<,%$+4F FF 0( *(#* ;*#4,%'? -* 4+&*,-' +'" .&"-4;$"$ i'%4? ;' W&*
-*5* (*, -*(+$B,4-'? 94,4 W&* ;4 *"*,%M4 9&*-4 4(+*"-*, 4 ;'( +*"#,'( (&9*,$',*( -*
#,4"(B',64+$@"F IK4j,4 &"' #$*"* 94,4;*;'( +'" ;'( 6$#'( W&* 64#4" -,4%'"*( -* 6&+K4(
+&;#&,4(? $"+;&$-4 ;4 "&*(#,4F 0; -,4%@" +'-$+$'(' ($*69,* 4#*(',4 *; 64=', #*(',' eF NP

84 '9$"$@" *39,*(4-4 *(? ($" -&-4? $"%*"$'(4? 9*,' ;*O'( -* ;4 E*,-4- +&4"-' (* *E4;L4 4
;4 ;&C -* ;4 4"#$%&4 #,4-$+$@" ('5,* .&"-4;$"$F 84 *"*,%M4 *(9$,$#&4; "' *(#< *" (& $"#*"($-4-
6<( 54O4 *" *(#* +K4j,4F A', '#,' ;4-'? ;4 9'($+$@" *( *34+#46*"#* ;4 $"E*,(4F 0(
9,*+$(46*"#* *" *(#* ;&%4, -'"-* ;4 *"*,%M4 *(9$,$#&4; *(#< *" (& 6<3$64 $"#*"($-4-F :$
($W&$*,4 K4= ('(9*+K4 *" ;'( #,454O'( 6'-*,"'( ('5,* 9($+';'%M4 -* ;4 #$*"-4 -* -$"46$#4
9(MW&$+4 W&* *3$(#* 4;;MF 0; -*(9*,#4, -*; A'-*, -* ;4 G*,9$*"#* (* 9&*-* +'694,4, +'" ;4
49;$+4+$@" -* &"4 +*,$;;4 *"+*"-$-4 4 &" 54,,$; -* 9@;E',4 W&* ,*(&;#4 *" &"4 *39;'($@"
E$,#&4; *" ;4 +'"+$*"+$4F A', ;' #4"#'? *( *E$-*"#* W&* *; ($%"$B$+4-' ,*4; -* ;' W&* $"#*"#4"
#,4"(6$#$, ;'( #,4#4-'( $"-$'( ('5,* .&"-4;$"$ GK4j#$? +'6' A4"+K4(#4E$? "' (* *"#$*"-*
+',,*+#46*"#* *" J++$-*"#*F

84 ,4C@" 9', ;4 +&4; *(#* 9,$6*, +K4j,4 ' *; +K4j,4 6<( 54O' (* ;;464 h&;4-K4,4 ' *;
+*"#,' -* e('9',#* -* ;4 ,4MCe *( 9',W&* *( -*(-* *(#* ;&%4, W&* ;4 *"*,%M4 *39;'($E4 W&*
+4&(4 ;4 4%$#4+$@" *" ;4 6*"#* 4(+$*"-* 4; +*,*5,' *" B',64 -* ,4-$4+$@" = -* B',64 (&#$;F
*(*"+$4 ',%<"$+4 W&* *" #'-'( ;'( ;$5,'( ('5,* .&"-4;$"$ (* -*($%"4 +'6' o46,$#4o '
"d+#4,F 0; (M65';' -* .&"-4;$"$? +'6' &"4 (*,9$*"#*? -&,6$*"-' *" *(#* +K4j,4? +*,,4"-'
+'" (& 5'+4 ;4 oA&*,#4 -* [,4K64o? #$*"* +'6' '5O*#$E' #,4"(6$#$, &"4 9$(#4 -* ;4
"4#&,4;*C4 $"-'645;* -* ;4 B&*,C4 ($6$;4, 4 &" ,4=' W&* =4+* -',6$-4 4W&MF 84 o;$5$-'o -*
S,*&- (* 4+*,+4 4; +'"+*9#' -* .&"-4;$"$F A*,' "' #*"M4 +'"+$*"+$4 -*; #,*6*"-'
9'#*"+$4; 9,*(*"#* *" ;4 B&*,C4 "$ -* W&* #&E$*,4 &" +4,<+#*, 9($+'('6<#$+' -*B$"$-'? W&*
(* +'"'+M4 -*(-* #$*69'( 6&= 4"#$%&'(F

84 "4#&,4;*C4 -*; +'65&(#$5;* ',%<"$+' ,*(9'"(45;* -* ;4 4+#$E$-4- $"#*;$%*"#* -*;


($(#*64 +*,*5,'*(9$"4; ($%&* ($*"-' &"4 B,'"#*,4 -$(#4"#* -* ;4 +$*"+$4 4+#&4;F :' K4=
*W&$E4;*"#* 94,4 9,4"4 *" (& E'+45&;4,$'F 0( *; +465$' *" *; 9,4"4? *B*+#&4-' *" ;4
*3+$#4+$@" -*; A'-*, -* ;4 G*,9$*"#*? ;' W&* +4&(4 ;4 (',9,*"-*"#* 4;#*,4+$@" -* ;4
+'"+$*"+$4 = -4 +'6' ,*(&;#4-' ;4 *39*,$*"+$4 4;&+$"4"#* -*; d3#4($( 6M(#$+' +'" 9'-*,*(
6$;4%,'('( = -'"*( 9(MW&$+'(F n1@"-* *" ;'( ;$5,'( -* 9($+';'%M4 K4= ($W&$*,4 &"4
6*"+$@" -* *(#4 oB&*,C4op 84 *39*,$*"+$4 ,*4; -*; ='%4 9*,#*"*+* 4 &"4 ,*%$@" W&* #'-4EM4
#$*"* W&* (*, 649*4-4 9', ;4 +$*"+$4F

! ;4 ;&C -* *(#'( K*+K'(? "' *(#< +;4,' W&d W&$*,* -*+$, I4695*;; +'" *; #d,6$"' e*"*,%M4
*(9$,$#&4;e W&*? -$+*? *(#< *" (& $"#*"($-4- 6<( 54O4 *" *; 9,$6*, +K4j,4F nD4 &(4-' ;4
94;45,4 o*"*,%M4o *" &" (*"#$-' 6*#4B@,$+' ' *" *; (*"#$-' -* ;4 ;$5$-' B,*&-$4"4 E4+M4p G$
(* $69;$+4 &"4 B&*,C4 ,*4;? *"#'"+*( (* 4+*,+4 4; +'"+*9#' -* ;'( 4-*9#'( $"-$'(F 0"#'"+*(
(';' W&*-4 &" 94(' *"#,* d; = *(#* L;#$6'F G& 9'($+$@" *( W&* *(#4 o*"*,%M4o 9&*-* (*,
64"$9&;4-4
+4&(4, 4;#*,4+$'"*( $"+,*M5;*( *" ;4 +'"+$*"+$4 = W&* *; o6*+4"$(6'o 94,4 K4+*,;' *(
.&"-4;$"$F

0; +465$' -*; 64#*,$4;$(6' 4; 6*"#4;$(6'? 4K',4 %4"4"-' #*,,*"' *"#,* ;'( +$*"#MB$+'(?
#'-4EM4 -*O4 ;4 9,*%&"#4 ($" ,*(9&*(#4^ nK4= &"4 6*"#* ' *"*,%M4 *(9$,$#&4;p G$ *( 4(M?
n+@6' B&"+$'"4p nI&<; *( (& ,*;4+$@" +'" *; +&*,9'p nI@6' (* +4&(4" ;'( B*"@6*"'(
9(MW&$+'(p nk&d K4= -*#,<( -* ;4 #*;*94#M4? ;4 +;4,$E$-*"+$4 = ;4 9,*+'%"$+$@"p nk&d K4=
-*#,<( -* ;4 ;'+&,4 = ;4 "*&,'($(p 84 o;$5$-'o -* S,*&-? *; o$69&;(' 4; 9'-*,o -* !-;*, = *;
o$"+'"(+$*"#*o -* u&"%? 94,4 (*, *B*+#$E'( *" +465$4, ,4-$+4;6*"#* *; +'69',#46$*"#'
6*"#4;? -* ;4 "',64;$-4- 4; -*(',-*" = -* ;4 6*-$'+,$-4- 4 ;' *3+*9+$'"4;? "' 9&*-*"
(*, 6*,4( B$%&,4( -*; ;*"%&4O*F ' 45(#,4++$'"*( B4"#4(64;*( * $"(&(#4"+$4;*( 94,4 +4&(4,
*"B*,6*-4-*( 9($+'('6<#$+4( %,4E*( = *(4( K',,$5;*( -$(#',($'"*( -* ;4 6*"#* W&*
-*(4BM4" #'-'( ;'( *(B&*,C'( -* ;'( 9($W&$4#,4( 94,4 +&,4,F 1*5* K45*, &" 4%*"#* '+&;#'
*" ;4 ,*;4+$@" 6*"#*U+*,*5,' ' 6*"#*U+&*,9' W&* ;4 +$*"+$4 "' K4 9'-$-' ;'+4;$C4, K4(#4
4K',4F 1*5* K45*, 4;%' W&* (*4 #'#4;6*"#* $"E$($5;* * $"*39;$+45;* 94,4 "'('#,'( 4; W&*
(* -*5* *; 6$(#*,$' 4L" $"*39;$+4-' -* ;4 E$-4 ',%<"$+4F 8' W&* ;'( *39*,#'( 6'-*,"'( -*;
+*,*5,' 4L" "' 9&*-*" ,4(#,*4, -*5* (*, &" 9,$"+$9$' *3#,*64-46*"#* -$BM+$; -*
4;+4"C4,? #4" (&#$; = +'69;*O' W&* (*4 "*+*(4,$' &" 64=', 4E4"+* *" ;4 +$*"+$4 -* ;4 E$-4
4"#*( -* 9'-*, -*(+&5,$,;' = -*#*,6$"4,;'F

:' 9'-*6'( +&;94, 4 u'(*9K I4695*;; "$ 4 "$"%L" '#,' 9($+@;'%' 9', -*#*"*,(* *" &"
9&"#' +,&+$4; *" (& *(#&-$' -* ;4 6*"#* = ;4 K&64"$-4- +'69',#46$*"#' -*; K'65,*
0(#<" 4; 5',-* -* &" 45$(6' 6<( 4;;< -*; +&4; "' *( 9'($5;* &" (';' 94(' 9', *; +46$"'
9,'9',+$'"4-'
9,'9',+$'"4-' 9', *; $"#*;*+#'F :' #$*"*" +'"+$*"+$4 -* +@6' (* 9,'-&+* ;4 $"#*,4++$@"
6*"#*U"*&,@"$+4F \*"$*"-' *" +&*"#4 *; (',9,*"-*"#* 4E4"+* *" *; +'"'+$6$*"#'?
;'%,4-' -&,4"#* ;'( L;#$6'( #$*69'(? "' 9'-*6'( (&9'"*, W&* "&*(#,4 $"#*;$%*"+$4 K4
;;*%4-' 4; B$"4; -* (& 4#4-&,4 = W&* *; *"$%64 -* ;4 $"#*,4++$@" 6*"#*U+*,*5,'
9*,64"*+*,< ($" ,*(';E*, 94,4 ($*69,*F 84 (';&+$@" (* *"+'"#,4,< 4;%L" -M4F 84 #,4%*-$4
*( W&*? $%"',4"-' *(#4 (*,$4 5,*+K4 *" (& +'"'+$6$*"#'? ;'( 9($+@;'%'( +'"#*69',<"*'(
K4" +'"(#,&$-' &"4 *(#,&+#&,4 *"',6* ($" 9,$6*,' -$,$%$,(* 4 ;4 #4,*4 -* -*#*,6$"4,
+@6' 4+#L4 ;4 6*"#* $"64#*,$4; *" *; +&*,9' = ;4 (*%&"-4 *" ;4 6*"#*F nI,**" W&* "'
*3$(#* #4; $"#*,6*-$4,$' '? #4; E*C? W&* "&"+4 (* *"+'"#,4,< #4; $"#*,6*-$4,$'p A*,' ($
B$"4;6*"#* (* -*#*,6$"4 ;4 "4#&,4;*C4 -*; oEM"+&;'o = (* -*(+&5,* W&* *( 4;%' 9', ;' W&*
"&"+4 K45M4" "*%'+$4-'? n+&<; (*,M4 *; -*(#$"' -* ;'( *-$B$+$'( 4;#'(? ;&O'(46*"#*
-*+',4-'( 9*,' K&*+'( +'"(#,&$-'( 9', *;;'(p

84( $-*4( W&* *39,*(' 94,*+*" $"E*,'(M6$;*( 94,4 ;'( +$*"#MB$+'( *(+d9#$+'( 9',W&* (* K4"
4+'(#&65,4-' -*64($4-' 4 $%"',4, *(#* 469;$' 45$(6' *" (& 9,'9$' +'"'+$6$*"#'F :'
(45*" W&* *; #*,,$#',$' -*; i'%4 +'6$*"C4 -'"-* #*,6$"4 *; ;M6$#* -* ;4 9($+';'%M4
6'-*,"4F 84 *39;$+4+$@" 'B,*+$-4 9', I4695*;; 94,4 +',,*;4+$'"4, ;4( #*',M4( -* S,*&-?
!-;*, = u&"% +'" ;4( 4"#$%&4( ,*9,*(*"#4+$'"*( ($65@;$+4( *" *; (*%&"-'? #*,+*, = +&4,#'
+K4j,4( *" *; *O* *(9$"4; "' (* 54(4" *" &"4 *E4;&4+$@" +',,*+#4 -* ;4 9'($+$@"F 8' W&*
;'( 4"#$%&'( 4-*9#'( #*"M4" 4 ;4 E$(#4? 4; 9,*(+,$5$, ;'( (M65';'( 94,4 +4-4 +K4j,4? ('" ;'(
+465$'( *" *; 94#,@" -* 9,4"4 = +'"+$*"+$4 4 6*-$-4 W&* ;4 B&*,C4 -* .&"-4;$"$ (* 6&*E*
K4+$4 4,,$54 -* +*"#,' 4 +*"#,'F A,4"4 *" (M *( &" +'"+*9#' W&* +4,*+* -* ,*+'"'+$6$*"#'
'B$+$4;F 1* K*+K'? *( ;' W&* 5&(+4" ;'( "*&,'5$@;'%'(^ *; EM"+&;' *"#,* ;4 "*&,'"4 = ;4
6*"#*F 0; #d,6$"' o9,4"4=464o? &#$;$C4-' ,*9*#$-46*"#* *" ;'( 64"&4;*( -* i'%4? (*
,*B$*,* 4 ;4 ,*%&;4+$@" ' +'"#,'; -* *(#* *;*6*"#' 6$(#*,$'('F
84 +4"#$-4- -* *(#&-$' = #,454O' $"E';&+,4-'( *" ;4 -*#*++$@" -* *(#4 *"#$-4- 6<( -$BM+$;
-* 4;+4"C4, = *" *; -$(*2' -* 6d#'-'( -* ,*%&;4+$@" = +'"#,'; +'" *; *(+4(' * $"+;&('
$"+',,*+#' +'"'+$6$*"#' -* ;4 9($+';'%M4 -$(9'"$5;* *" *('( -M4( (* 9&*-* $64%$"4,
$ 64%$"4, 6*O',
-* ;' W&* (* -*(+,$5*F 8'( *39*,$6*"#'( "' #*"M4" W&* K4+*,(* ('5,* 64#*,$4 6&*,#4 '
4"$64;*( 9*W&*2'(? ($"' ('5,* ;4 E$-4? ($"#$*"-' ;4 +4,"* -*; 9,'9$' *39*,$6*"#4-',F
H4,4 E*C "'( -46'( +&*"#4 -* ;4 -*-$+4+$@"? *; (4+,$B$+$' 9*,('"4; = *; (&B,$6$*"#' -*
($%;'( *" ;4 ;$#*,4#&,4 5M5;$+4? 6M(#$+4 = =@%&$+4 -*; 6&"-'F 8' W&* -*5* K45*, ($-' *; +'(#'
-* ;4 E$-4 94%4-' *" ;'( 9*;$%,'('( *39*,$6*"#'( K4(#4 W&* ;4 +$*"+$4 -*; i'%4 (*
*(#45;*+$@ ('5,* (& 54(* 4+#&4;? "' #*"*6'( 6*-$'( 94,4 (45*,;'F A*,' W&* *; +'(#' *" ;4
E$-4 -*5* K45*, ($-' *"',6* "' K4+* B4;#4 -*+$,;'F

D* -$(+&#$-' ;4( '9$"$'"*( *39,*(4-4( 9', I4695*;; +'" +$*,#4 *3#*"($@" 9',W&*
,*9,*(*"#4" ;4 4+#$#&- %*"*,4; -* ;'( 9($+@;'%'( '++$-*"#4;*( K4+$4 ;'( +'"+*9#'(
',$*"#4;*( -* i'%4 = .&"-4;$"$F A4,4 *;;'(? *; +,$#*,$' 94,4 ;4 4+*9#4+$@" -* &" ($(#*64
',$*"#4; -*9*"-* -* (& +'"B',6$-4- +'" ;4( $-*4( *39,*(4-4( 9', 4;%&"'( 9($+@;'%'(
-*(#4+4-'(F A*,' *" ,*4;$-4- "' *3$(#* #4; +'"B',6$-4- *" *; +4(' -* .&"-4;$"$ * $"+;&('
i'%4F 0; '5O*#$E' -* *(#4( -$(+$9;$"4( *( 4;+4"C4, &" "$E*; #,4(+*"-*"#4; -* +'"+$*"+$4
6*-$4"#* ;4 64"$9&;4+$@" -*; 9,4"4? *; 4%*"#* '+&;#' -*#,<( -* ;4( ,*;4+$'"*( 6*"#*U
+*,*5,'? ;4 B&*,C4 E$#4; -*#,<( -* #'-'( ;'( B*"@6*"'( -* ;4 E$-4F \4"#' ;4 +'"+$*"+$4
#,4(+*"-*"#4; +'6' *; 9,4"4 ('" $-*4-'( -* 64"*,4 -$B*,*"#* 9', -$B*,*"#*( 9*,('"4(F
A', +'"+$*"+$4 #,4(+*"-*"#4; "' 6* ,*B$*,' 4 *(#4-'( 6*"#4;*( #,4"(9*,('"4;*( W&*
4K',4 (* -$(+&#*" *" ;$5,'( = ,*E$(#4( 9($+';@%$+4(F 8' W&* W&$*,' -*+$, +'" +'"+$*"+$4
#,4(+*"-*"#4; *( &" *(#4-' 6*"#4; 6&= *394"-$-'? -*(+,$#' *" A4"+K4(#4E$ +'6' GK$E4U
I'"+$*"+$4F 0( &" *(#4-' 4;#*,4-' -* 9*,+*9+$@"? 9,'E'+4-' 9', ;4 4;#*,4+$@" -*; 9,4"4?
W&* (* -$(+&#$,< *" -*#4;;* *" '#,' +49M#&;' -* *(#* #,454O'F

8'( "$E*;*( 6<( 9,'B&"-'( -*; ($(#*64 +*,*5,'*(9$"4; *(#<" $"E';&+,4-'( *" *; 9,'+*('
-* $;&6$"4+$@"F 0; +465$' *" *(#'( "$E*;*( '+&,,* 4 #,4Ed( -* ;4 6*-$#4+$@" $"#*"(4? ;4
',4+$@" -*E'+$'"4;? ;4 4-',4+$@"? *; 9,4"4=464 +'" +'"+*"#,4+$@" = '#,4( -$(+$9;$"4(
=@%&$+4( = ,*;$%$'(4( 9,4+#$+4-4( -*(-* #$*69'( $"6*6',$4;*(F 0; 9,'9$' I4695*;; (*
,*B$*,* 4 ;'( +'6*"#4,$'( -* I4,; u&"% 4-6$#$*"-' W&* ;'( 6d#'-'( = ;4( -'+#,$"4(
B$;'(@B$+4( -* ;'( 9*"(4-',*( ',$*"#4;*( W&* #,454O4" *" *; 9,'5;*64 -* ;4 +&,4+$@"
*(9$,$#&4; e9'"*" 4 ;4 ('65,4 #'-'( ;'( $"#*"#'( '++$-*"#4;*( *" *(#* (*"#$-'eF 0;
9,'5;*64 *(? n+@6' 9'-,M4 ;'%,4,(* *(#' ($" &" *(#&-$' *69M,$+' W&* *( &"4 94,#*
$"#*%,4; -* #'-' *; #,454O' +$*"#MB$+' 4+#&4;p 0" ,*4;$-4-? *" *; +4(' -*; +'"'+$6$*"#'
*(9$,$#&4;? *; 6d#'-' *69M,$+' *"#,@ *" &(' -*(-* *; 9,$"+$9$'F 7"+;&(' *; +K46<" = *;
6d-$+' 5,&O' #&E$*,'" W&* ,*+&,,$, 4 +$*,#4( -$(+$9;$"4( = 9,4+#$+4, +$*,#'( 6d#'-'( 94,4
'5#*"*, ;'( 6$(#*,$'('( 9'-*,*( -* +;4,$E$-*"+$4 ' +&,4+$@" *3K$5$-'( 9', *;;'(F J,<+&;'(?
(4+*,-'#*( = 64%'( K$+$*,'" ;' 6$(6'F 8'( K'65,*( *(9$,$#&4;*( $"-$'( -$*,'" &" 94('
6<( = +'"(#,&=*,'" ($(#*64( *;45',4-'( -* *O*,+$+$'( 9($+'BM($+'( W&* *,4" h<( #4,-*
*#$W&*#4-' +'6' i'%4F 0" ;'( g*-4( 9,'9$46*"#* -$+K'(? $"+;&(' *; "'65,* oi'%4o "' (*
6*"+$'"4? 9*,' ;4 *39*,$6*"#4+$@" *(9$,$#&4; +'"#$"&454F 0( &" *,,', (&9'"*, W&* *;
*69$,$(6' +'6*"C@ +'" ;4 +$*"+$4 6'-*,"4F 0" ,*4;$-4-? #'-' *; +'"'+$6$*"#' ',$%$"4;
-* ;4( 0(+,$#&,4( *( *; ,*(&;#4-' -*; *(#&-$' *69M,$+' = ;4 $"E*(#$%4+$@"F
$ "E*(#$%4+$@"F G';' *; ;45',4#',$'
= *; $"E*(#$%4-', *,4" *; +&*,9' -* &"4 9*,('"4 = ;4 9*,('"4 6$(64F 0( 9', *(' W&*
A4"+K4(#4E$ ;;464 4 .&"-4;$"$ oI'"'+$6$*"#' 9&,'o `7gF;b? oI'"'+$6$*"#' *(9$,$#&4;o? o84
#,4-$+$@"o? o0; (*+,*#' (&9,*6'o? o*; `#'-'b +'"'+$6$*"#'o = 9', '#,'( "'65,*( ($6$;4,*(F
0; +'"'+$6$*"#' -*; o!(+*"(' 0E';&#$E'o +'6' #465$d" -* ;'( o!;#'( \,4(+*"-*"#4;*(o 4
4;+4"C4,? "' *( 9'($5;* +'" *; $"#*;*+#'F I&4"#' 4"#*( *(#4 9'($+$@" (*4 4+*9#4-4 9', ;4
+$*"+$4

6*O', (*,M4 94,4 ;4 +',-&,4? ;4 B*;$+$-4- = ;4 (&9*,E$E*"+$4 -* ;4 ,4C4F 84( *3#,4',-$"4,$4(


B',6&;4+$'"*( 6*#4BM($+4( -* ;'( (45$'( $"-$'( 9,'+*-*" 9,$"+$94;6*"#* -* $-*4(
4-W&$,$-4( *" (464-K$ ' *; *(#4-' 45(',#' -* ;4 +'"#*69;4+$@" =@%&$+4 *" ;4 W&* *;
6&"-' -*; 9,4"4 (* 45,* 4 ;4 E$(#4F !(M *( +'6' 4;%&"'( -* ;'( 6<( 4;#'( ($(#*64(
B$;'(@B$+'(? +'"'+$-'( 9', ;4 K&64"$-4-? = ;$5,'( +'6' *; [K4%4E4- >$#4? *; i'%4
g4($(K#K4? A4"+K4(#4E$? G4&"-4,=4 84K4,$? !-$ >,4"#K = '#,'(? W&* (* '+&94" -*; *(#4-'
-* +'"+$*"+$4 *" ;4( -$6*"($'"*( (&9*,$',*( -* ;4 +'"+$*"+$4? ;4( B&*,C4( $"E';&+,4-4( =
;'( 6d#'-'( 94,4 4;+4"C4,;'( B&*,'" *(+,$#'(F

0( &" *,,', (&9'"*, W&* ;4 -'+#,$"4 -* .&"-4;$"$ ($69;*6*"#* ,*9,*(*"#4 &"4


,*9,*(*"#4+$@" 6*#4B@,$+4 -* ;'( +'"#*"$-'( (&5;$6$"4;*( -* ;4 9($W&* K&64"4F 0" *;
+'"#*3#' -* ;4( "'+$'"*( 4+#&4;*( ('5,* ;4 6*"#*? *( -$BM+$; 4+*9#4, W&* &"4 B&*,C4
,4-$4"#* (&,O4 ,*4;6*"#* -* ;4 54(* -* ;4 +';&6"4 94,4 +,*4, &"4 ,*E';&+$@" *" *;
+*,*5,'F 7"+;&(' ;4 4-6$($@" -* *(#* ($%"' $"+'"B&"-$5;* -* ;4 *3+$#4+$@" -* .&"-4;$"$
9&*-* ,*(&;#4, "' (';' &" B&*,#* $"+*"#$E' 94,4 ;'( *69$,$(#4( 94,4 &" *(#&-$' -*;
B*"@6*"'? ($"' W&* #465$d" ($,E* +'6' &" M"-$+* 94,4 *E4;&4, ;4( 4B$,64+$'"*( -*
W&$*"*( +,**" W&* *(#<" $;&6$"4-'(F /"4 4-6$($@" +;4,4 * $"*W&ME'+4 -* *(#* K*+K' (*
K4+* *" E4,$'( E*,('( *" A4"+K4(#4E$^ e/5$+4-' *"#,* ;'( ;'#'( -* +&4#,' 9d#4;'( = (*$(
9d#4;'( ch&;4-K4,4 = GE4-$(K#K4"4f? 4; B$"4; -* ;4 +4E$-4- -*; 9&-*"-4 c*( -*+$,? *"#,* *;
,*+#' = ;'( @,%4"'( %*"$#4;*(f? e-$+* cgFZfe? (* *",'(+@ #,*( E*+*(? ,4-$4"#* +'" &"
*(9;*"-', $;$6$#4-'? +'6' *; -*; (';? *; B&*%' ' *; ,4='F A,$6*,' 9*,B',4( *; ;'#' -* (*$(
9d#4;'( cGE4-$(K#K4"4f? ;&*%' *; -$*CU 9d#4;'( ch4"$9&,4f? ;&*%' ;'( -'+* 9d#4;'(
c!"4K4#4f? ;&*%' ;'( -$*+$(d$( 9d#4;'( cg$(K&--K4f? = ;&*%' ;'( -'( 9d#4;'( c!O"4 +K4j,4 *"
\& +46$"' 4 [,4K64U,4"-K,4fF Y A4,E4#$? cD$O4 -*; D$64;4=4f? "&*(#,4 ,*E*,*"+$4 4 #$ eF 0;
E*,(' W&* 9,*+*-* 4 *(#* *39,*(4 ;4 6$(64 $-*4 -* &"4 64"*,4 -$B*,*"#* = K4= E4,$'(
'#,'( 4-*6<(F 0( '5E$' W&* *(#46'( ;$-$4"-' +'" &" B*"@6*"' 4L" '(+&,' *" *; W&* K4=
6$;*( -* #*(#$%'( -* 9,$6*,4 64"' $,,*9,'+K45;*( *" *; 9*,M'-' K$(#@,$+'? 9*,' W&* *(
+'69;*#46*"#* -*(+'"'+$-' 94,4 ;4 +$*"+$4 = (';' E4%46*"#* B46$;$4, 94,4 4;%&"'(
*(#&-$'('( -* "&*(#,'( -M4(F 84 B',64 -* *"#*"-*,;' "' ,4-$+4 *" K4+*, W&* ;'(
B*"@6*"'( (*4" '5O*#' -* -*54#* 4+4-d6$+'? 4;%&"'( 4 B4E', = '#,'( *" +'"#,4? = #'-'(
($" *39*,$*"+$4 -* ;4 +'"-$+$@" *3#,4',-$"4,$4? ($"' *" ',%4"$C4, &" *(B&*,C' +'"+*,#4-'
94,4 ;;*%4, 4; B'"-' 6*-$4"#* *39*,$6*"#'( * $"E*(#$%4+$'"*( -'+&6*"#4;*(F
0; *(#4-' 6*"#4; 4;+4"C4-' +'" ;4 *3+$#4+$@" -*; A'-*, -* ;4 G*,9$*"#* "' -*5*
+'"B&"-$,(* *" 45(';&#' +'" ;'( *(#4-'( E$($'"4,$'( 9,'6*#$-'( 9', ;'( '+&;#$(#4(
9,'B*($'"4;*( ' ;'( 64*(#,'( -* i'%4 ' +'" ;'( *(#4-'( 4"',64;*( = 94,4"',64;*(
+'"'+$-'( 9', ;'( 9($+@;'%'(F 84 +'"+$*"+$4? +&4"-' *( 4;$6*"#4-4 9', &" .&"-4;$"$
-*(9$*,#'? *( &"4 +'"-$+$@" 494,#* = -*5* (*, *39*,$6*"#4-4 94,4 (*, *"#*"-$-4F 0"
64,+4 ;4 *"#,4-4 *" &"4 "&*E4 E$-4? #4" $"#*"(4? #4" B*;$C = #4" %,4#$B$+4"#* W&* ;'(
6M(#$+'( -* #'-4( ;4( #$*,,4( *"#,4,'" *" ,49('-$4( -*(+,$5$d"-';4F I'694,4"-' *(#*
*(#4-' -* $;&6$"4+$@" +'" ;4( *39*,$*"+$4( -* ;'( K'65,*( -* 1$'( 9,'B*($'"4;*(? H&6$?
*; B46'(' 6M(#$+' 9*,(4 *(+,$5*^ e0; 6M(#$+' 4(+$*"-* 4; \,'"' *" &" 6'6*"#'? *; 4(+*#4
"*+*($#4 &" 6*( 94,4 *; E$4O* -* &" -M4F !&"W&* 94,4 *; 4(+*#4 &" -M4 *( -* %,4" E4;',? ($"
*654,%'? n+@6' -*5*,M4 (& -M4 (*, $%&4; 4 +$"+&*"#4 6$; 42'(p 0" ;4 E$-4 -*; 4-*9#'? +4-4
-M4 *( +$"+&*"#4 6$; -* ;'( 42'( -* *(#* 6&"-' FFF k&* *; B4E', -$E$"' #* ;$5*,* -* *(#*
+46$"'F :$"%&"' *3+*9#' *; K4;+@" ,*4; K4 *"+'"#,4-' *; +46$"' K4+$4 *; ,*= eF #(

A4,4 *; 6M(#$+' 6$(6'? ;4 +'"E$++$@" 45(';&#4 -* (& 9,'9$4 #,4"(B',64+$@" 9,'E$*"* "'
(';' -* ;4 E$($@" -* ;4 >;',$4 9*,+$5$-4 *" (& $"#*,$',? ($"' #465$d" -*; +'"'+$6$*"#' W&*
*(9'"#<"*46*"#*

(&,%* -* ;4( 9,'B&"-$-4-*( -* (& +'"+$*"+$4 #,4"(B$%&,4-4F eY h4-,*? n+@6' 9&*-*"


4;+4"C4, ;4 g$-*"+$4e? -$+* A4"+K4(#4E$ cNF_f? eW&* "' 49,*"-*" 4 6*-$#4, *" \$?
('(#*"$*"-' &" ,'(4,$' *" \& -*,*+K4 = *; ;$5,' c-* (45$-&,M4f *" \& 64"' $CW&$*,-4? +'"
&"4 64"' (&4E* ;*E4"#4-4 94,4 '#',%4, 5*"-$+$'"*( = c*; '#,'f 94,4 -$($94, *; 6$*-'?
5,$;;4"-' +'6' 4;+4"B', 5;4"+' = B;',*( -* .&6&-4? 6$,4"-' +'" 6$,4-4( K*+K$C4"#*( -*
\&( *"+4"#4-',*( 'O'( c+'" B',64f +'6' *; 9d#4;' -* &" ;'#' *" #'-4 ,*%;4 eF 0(#* K*+K'
(* 6*"+$'"4 ,*9*#$-46*"#* *" ;'( ;$5,'( *" G,$ g$-=4? 4 (45*,? ;4 $"B&($@" -*
+'"'+$6$*"#' #,4(+*"-*"#4;
#,4(+*"-*"#4; ,*9$(4? B;',4+$@" -*; $"#*;*+#' = -'"*( 9(MW&$+'(F

nA&*-* *(#4 #,4"(6&#4+$@" -* B4+&;#4-*( 6*"#4;*(? *(#4 *;*E4+$@" -*; 4;64 = *(#4 ,$+4
B*,#$;$-4- -*; $"#*;*+#' -*"'#4, (';' &" o*(#4-' 9($+';@%$+'o ($" &" +465$' -* ;4,%' 4;+4"+*
4 ;4( ,4M+*( -*; ',%4"$(6' E$E' ' 4 *('( "$E*;*( (&#$;*( -'"-* ;4 0"*,%M4 g$#4; B&"+$'"*(
94,4 6'-*;4,"'( +'6' ('6'(p H&6$ 6*"+$'"4 ;4 6$(64 #,4"(B',64+$@"^ e0;
+'"'+$6$*"#' -*; K'65,* *(9$,$#&4; ;' ;;*E4 *" 4;#'? *; +'"'+$6$*"#' -*; K'65,* (*"(&4;
*( &"4 +4,%4F 1$'( K4 -$+K'^ oI'6' &" $65d+$; +4,%4-' -* ;$5,'(l 9*(4-' *( *;
+'"'+$6$*"#' W&* "' *(#< $"(9$,4-' 9', T;o #* *;*E4( 6<( 4;;< -*; "'65,* = ;4 ;*#,4? #*
K4+*( +'69;*#46*"#* 9&,' = +'"#*69;4( *" #& 9,'9$' +',4C@" #'-' *; +'"'+$6$*"#' -*
;'( 9,'B*#4(? ($" ;$5,'? ($" 49,*"-$C4O*? ($" 9,*+*9#',p eNP
!; ;**, *; 494($'"4-' ;*"%&4O* -* ;'( 6M(#$+'( ' ;$5,'( +'6' h4("4E$ -* H&6$? *; +M"$+'
*,&-$#' W&* ;' 6$,4 +'" +'"-*(+*"-*"+$4 "' +'" -*64($4-4 B,*+&*"+$4 9$*"(4 W&* d; ;'
(45* #'-'? *#$W&*#4"-' ;4 K$(#',$4 +'69;*#4 *" (& 6*"#* (&9*,9'5;4-4 = 4 6*"&-'
(*(%4-4 +'6' oB4"#4(M4o? $-*4 UB$3* o?o $;&($@" o?o (&9*,(#$+$@" o?o $64%$"*,M4 4,W&*#M9$+4 o?o
B4"#4(M4( (&5+'"(+$*"#*( o?o 4&#'64#$(6' o?o (*3' (&9,$6$-' o? ' ;' W&* (*4 W&* (* ;*
'+&,,4F :&"+4 *(#< -$(9&*(#' 4 4+*9#4, W&* *; *(+,$#', K4 9,'54-' *; E$"' *65,$4%4-',
-* &"4 E$-4 "&*E4 = (&5;$6*? K4 %4"4-' &" "&*E' +4"4; -* 9*,+*9+$@"? K4 *"+'"#,4-'
'#,4 EM4 -* +'"'+$6$*"#' = (* K4 4-*;4"#4-' 6&+K' *" ;4 *(+4;4 -* ;4 *E';&+$@"F :&"+4
9&*-* +,**, W&* *" 49,'3$64-46*"#* &" +&4,#' -* ($%;' *; #*64 4; W&* 6$,4 4K',4 -*
64"*,4 #4" ('5*,5$4 K&5$*,4 -*(#,'C4-' #'-'( ;'( ,*%$(#,'( -* ;'( %,4"-*(
-*(+&5,$6$*"#'( ,*4;$C4-'( *" ;'( L;#$6'( #$*69'(? +,*4-' &" *"#&($4(6' = B*,E', ($"
9,*+*-*"#*(? W&* +4&(@ *; +';49(' -* 6&+K4( #*',M4( = ',%&;;' :'+$'"*( -* ;4 +$*"+$4 =
*"+'"#,@ (& +46$"' 4 ;4 +$64 -* #'-' *; +'"'+$6$*"#' W&* 9'(** ;4 K&64"$-4- *" ;4
4+#&4;$-4-F 764%$"' *(#' +'6' (';' &"4 -*;%4-4 B,4"O4 W&* W&*-4 4K',4 *"#,* *; L;#$6'
;M6$#* -* ;4 +$*"+$4 = ;4( 64,4E$;;4( -*#,<( -* ;'( B*"@6*"'( -* ;4 ,*;$%$@" = ;' '+&;#'?
+'6' #465$d" -* ;4 E$-4 = ;4 +'"+$*"+$4 *" *; K'65,*F

I$*"+$4 = B$;'('BM4 $"-$4

A4,4 6'(#,4, +&<" -$46*#,4;6*"#* '9&*(#4 *( ;4 E$($@" B$;'(@B$+4 $"-$4 4 ;'( +'"+*9#'(
4+#&4;*( -* ;4 +$*"+$4? "' 9'-*6'( K4+*, "4-4 6*O', W&* ,*9*#$, 4W&M ;4( $-*4(
*39,*(4-4( 9', I4,; G4%4"? &" +'"'+$-' 4(#,@"'6'? ,*+$*"#*6*"#* *" ;4 #*;*E$($@"^

eD4+* W&$"+* 6$; 6$;;'"*( -* 42'(e? -$O'? e*; &"$E*,(' "' #*"M4 B',64F :' K45M4 %4;43$4(?
*(#,*;;4( ' 9;4"*#4(F :' K45M4 E$-4F D45M4 '(+&,$-4- *" #'-4( 94,#*(F 0; [$% [4"% K45M4
94(4-'? = ;4 *39;'($@" ,*#&65454 9', ;'( 94($;;'( -*; *(94+$'F 0; &"$E*,(' *,4 K$-,@%*"'
= K*;$' = *; E4+M' FFF !W&M = 4;;< *" ;4 '(+&,$-4-? 4;%' 6<( W&* ;4 +4"#$-4- ',-$"4,$4 -*
K$-,@%*"' = K*;$' W&* (* ,*+'%$@ 4++$-*"#4;6*"#*F \4;*( %,&9'( +,*+$*,'" 4 *39*"(4( -*
(& *"#',"'? 4#,4=*"-' %,4E$#4+$'"4;6*"#* %,4"-*( +4"#$-4-*( -* %4( FFFF I'6'

0(#'( %,&9'( +,*+$*,'" *" 64(4? (&( 94,#*( 6<( -*"(4(? ,*%$-4( 9', ;4( ;*=*( $"*3',45;*(
-* ;4 %,4E$#4+$@" = ;4 +'"(*,E4+$@" -*; 6'6*"#' 4"%&;4,? +'"#,4M-4( = +'694+#4-4(?
%$,4"-' +4-4 E*C 6<( ,<9$-'F 1*"#,' -* *(#'( 6';$"*#*( -* %4(? (* +'"-*"(4,'"
9*W&*2'( %,&9'( -* 64=', -*"($-4-? ,'69$d"-'(*
,'69$d"-'(* *" 6$;*( -* 6$;;'"*( -* 5';4( -* %4(
eF

e84 +'694+#4+$@" +'"-&O' 4 &"4 +';$($@" E$';*"#4 -* ;'( <#'6'( *" ;'( +*"#,'( -* *(#4(
5';4(? = -*; ($69;* K$-,@%*"' %4(*'(' (* B',6@ *; ($%&$*"#* <#'6' *" +'69;*O$-4-? *;
K*;$'F 0" ;4 (M"#*($( -* &" <#'6' -* K*;$' 4 94,#$, -* +&4#,' <#'6'( -* K$-,@%*"'? K4= &"
*3+*(' -* *"*,%M4 ('5,4"#*F 0(#4 *"*,%M4? W&* %'#*454 4 #,4Ed( -* ;4( 5';4( -* %4(? ;;*%@
4 ;4 (&9*,B$+$* = B&* $,,4-$4-4 4; *(94+$'F 84 5';4 -* %4( (* *"+*"-$@F G* B',6@ ;4 9,$6*,4
*(#,*;;4F D45M4 ;&CF A*,' +'6' "' K45M4 9;4"*#4( 94,4 ,*+$5$, ;4 ;&C? "' K45M4 B',64( -*
E$-4 94,4 4-6$,4, *; "&*E' ,*(9;4"-', -* ;'( +$*;'( FFF 84 +'"E*,($@" -* K$-,@%*"' *" K*;$'
"' 9&-' +'"#$"&4, $"-*B$"$-46*"#*F I&4"-' (* +'"(&6$@ #'-' *; K$-,@%*"'? ;'( B&*%'(
-* ;4( *(#,*;;4( +';49(4,'"F 84( #*69*,4#&,4( (&5$*,'" #4"#' W&* *; K*;$' ;'( <#'6'(
6$(6'( (* +'"E$,#$*,'" *" +'65&(#$5;*F
0; K*;$' (* +'"E$,#$@ *" +4,5'"'? +4,5'"' *" '3M%*"' = 64%"*($'? '3M%*"' *" "*@"?
64%"*($' *" ($;$+$'? ($;$+$' *" 4C&B,*F F F = K4+$4 4,,$54 4 #,4Ed( -* ;4 ;*#4"M4 -* ;4 #45;4
9*,$@-$+4? &"4 4;W&$6$4 *(#*;4, 64($E4 FFF ! 6*-$-4 W&* *(#4( *(#,*;;4( (* B',64,'"? (*
B',64,'" +'"-*"(4+$'"*( 6<( 9*W&*24( +*,+4 -* *;;4(? B&*,'" 9*W&*2'( +'<%&;'(
-*"('(? ,*;4#$E46*"#* B,M'( = ;*"#'( 94,4 #'64, B',64F 0(#'( %,&9'( -* 64#*,$4 *(#*;4,
9'+' 4#,4+#$E'( (* +'"E$,#$*,'" *" 9;4"*#4( eF

!; -*(+,$5$, *; "4+$6$*"#' = ;4 *E';&+$@" -* ;4 E$-4? -$O'^ e1*(9&d( -* &" #$*69'? ;'(


'+d4"'( 4;+4"C4,'" ;4 +'"($(#*"+$4 -* &" +4;-' -$;&$-' #$5$'F 0"#,* #'-4( ;4( 6';d+&;4(
',%<"$+4( +'69;*O4( W&* (* B',64,'" = (* -$($94,'" *" *; +4;-'? &" -M4 (&,%$@ &"4
6';d+&;4 +494C -* K4+*, +'9$4( -* 64"*,4 +,&-4 /"4 6';d+&;4 4&#',,*9;$+4"#* FFF 0; (*3'
= ;4 6&*,#*? ;'( -'( %,4"-*( 4+*;*,4-',*( -* ;4 #4(4 -* (*;*++$@" "4#&,4;? *E';&+$'"4,'"F
!;%&"'( -* ;'( ',%4"$(6'( (&O*#'( 4; (*3' = ;4 6&*,#* -*(4,,';;4,'" 94,#*( -&,4( =
#,*94,'" = ('5,*E$E$*,'" *" ;4 #$*,,4F F 0"',6*( 5*(#$4( -* +&4#,' 94#4( #,'"4,'" 4 #,4Ed(
-* ;4( (*;E4( K&6*4"#*(F A*W&*24( 5*(#$4( *6*,%$*,'"? "4+$*,'" E$E4(? *" ;&%4, -* *"
+'"#*"*-',*( -* +<(+4,4 -&,4F G'5,*E$E$*,'" 4 #,4Ed( -* ;4 ,49$-*C = *; +'"'+$6$*"#'
9'(#94,#' - *,,@ -* ;'( 94-,*( = ;4 *39*,$*"+$4 FFF i ;&*%' E$"' &"4 +,$4#&,4 +&=' 64#*,$4;
%*"d#$+' "' *,4 -$B*,*"#* -* ;'( +';*+#$E'( 6';*+&;4,*( 4&#',,*9;$+4"#*( -* +&4;W&$*,4
-* ;'( '#,'( ',%4"$(6'( *" *(#* 9;4"*#4? 4; W&* ;;46@ \$*,,4F A*,' B&* +494C -* ,*B;*3$'"4,
('5,* *; 6$(#*,$' -* (&( ',M%*"*(? *; *3#,42' = #',#&'(' +46$"' 9', *; W&* K45M4 E*"$-'
-* ;4( *(#,*;;4(F 0,4 *; 4(&"#' -*; +'(6'( +'"#*69;<"-'(*
+'"#*69;<"-'(* 4 (M 6$(6' FFF eNP

:' 6* 9,*'+&94 ;4 +&*(#$@" -* ($ ;4 #*',M4 -*; o[$% [4"%o *39;$+4 +',,*+#46*"#* ;4


B',64+$@" -* *(#,*;;4( = 9;4"*#4(F D4= 4(#,@"'6'( W&* "' (* (&(+,$5*" 4 *(#* 9&"#' -*
E$(#4 = K4= 5$@;'%'( *6$"*"#*( W&* #$*"*" '#,4( $-*4( ('5,* ;4 *E';&+$@" -* ;4 E$-4F A',
*O*69;'? *; 1,F uFgF :4,$j4,? '#,' -*(#4+4-' +'(6@;'%'? +&*(#$'"4 ;4 E4;$-*C -* ;4 #*',M4
-*; [$% [4"% ('5,* ;4 54(* -* W&* K4= -*64($4-4 -$(9*,($@" *" ;'( -4#'( ('5,* #4642'(
4"%&;4,*( c94,4 B&*"#*( -* ,4-$'f 94,4 O&(#$B$+4, &"4 +'"+;&($@" $"*W&ME'+4F A4,4 9'-*,
4B$,64,? -$+*? W&* K&5' &" %,4" *(#4;;$-'? *; 4(#,@"'6' -*5* 9'-*, 6$,4, 4#,<( *" *;
#$*69' 4 ;4 d9'+4 +*,+4"4 4; %,4" *(#4;;$-'F A*,' "$"%&"4 -* ;4( *"+&*(#4( *3$(#*"#*( K4
K*+K' *('F A', ;' #4"#'? ;4 +'"+;&($@" -* W&* *; &"$E*,(' +'6*"C@ +'" &"4 *39;'($@" *(
+&*(#$'"45;* =4 W&* $69;$+4 ;4 *3#,49';4+$@" -* ;' W&* '5(*,E46'( 4 ;M6$#*( 6&+K' 6<(
4;;< -*; 4;+4"+* 4+#&4; -* "&*(#,'( #*;*(+'9$'(F

0" 94;45,4( -*; 1,F q4;#*, [4"-*? '#,' ,*9&#4-' 4(#,@"'6'? *; *(#&-$' -* ;4 4(#,'"'6M4
-*5*,M4 6'(#,4,"'( +&<" 9'+' (45*6'( = +&<" %,4"-*( ('" ;4( 5,*+K4(F !; '5(*,E4, *;
94"',464 -*; 94(4-'? *( B<+$; $64%$"4, W&* ;'( ,*;4#'( *(9*+&;4#$E'( -* ;4 +,*4+$@"?
'B,*+$-'( *" +&4;W&$*, 6'6*"#'? 94,*+M4" +&*"#'( -* K4-4( 94,4 ;4( %*"*,4+$'"*(
B&#&,4( +&=' +'"'+$6$*"#' -*; +'(6'( (* K$C' 6<( 4E4"C4-'F G* 9&*-* 9,*(&6$, +'"
(*%&,$-4- W&* ;' 6$(6' '+&,,$,< +'" ;4( #*',M4( W&* (* 9,*(*"#4" 4K',4F 84 5L(W&*-4 -*;
$"#*;*+#' "&"+4 9&*-* ;;*%4, 4; B$"4;? $"+;&(' -&,4"#* #'-4 ;4 E$-4 -* ;4 K&64"$-4-F
8' W&* 9,*#*"-' ,*(4;#4, 4W&M *( W&* ;'( ($(#*64( -* B$;'('BM4 g*-4"#4 = GK4$E4 9,*(*"#4"
&"4 $64%*" +'69;*#46*"#* -$B*,*"#* -*; +'(6'( = *; K'65,*F G*%L" *;;'(? "' *( e;4
+&*(#$@" -*; +'(6'( W&* (* +'"#*69;4 4 (M 6$(6' *" *; K'65,*? +'6' ;' 64"#$*"* G4%4"?
($"' ;4 1$E$"$-4- 6$(64 W&* 4+#L4 +'6' *; I'"'+*-', = ;' I'"'+$-' '? *" '#,4( 94;45,4(?
+'6' *; K'65,* = *; +'(6'( W&* d; +'"#*69;4F "' *( 64#*,$4 ($"' &"4 I'"(+$*"+$4
/"$E*,(4; *(#&9*"-4? $"+,*M5;* * $"$64%$"45;* W&* *(#< -*#,<( -* #'-' *(#* +';'(4; 1,464
-* ;4 I,*4+$@"F G'6'( 9,'9*"('( 4 *,,4, *" "&*(#,4 *E4;&4+$@" -*; 9'-*, -* ;4 6*"#* =4
W&* "' 9'-*6'( +'"+*5$, &"4 h*"#* \'-'9'-*,'(4? J6"$(+$*"#* = J6"$9,*(*"#* +&=4
6*,4 +,*4#$E$-4- *; 9*"(46$*"#' 9&*-* #,4"(B',64,(* *" &" &"$E*,(' *3#*"-$-'
$"B$"$#46*"#* *" *; #$*69' = *; *(94+$'? 9*,' *(#' *( *34+#46*"#* ;' W&* $"+&;+4" ;4(
B$;'('BM4( -* g*-4"#4 = GK4$E4F

eI&4"-' *,4 *(#&-$4"#*e? -$+* D*$",$+K r$66*,? e*; #d,6$"' B$;'('BM4 $"-$4 %*"*,4;6*"#*
(* +'"($-*,454 +'"#,4-$+#',$'? &" +'"#,4-$+#' *" 4-O*+#'? +'694,45;* 4 &" 45(&,-' +'6'
o4+*,' -* 64-*,4oF 84 B$;'('BM4 $"-$4 *,4 4;%' W&* ($69;*6*"#* "' *3$(#M4?
*3$ (#M4? +'6' &" o"$-'
-* =*%&4(o '? +'6' -$+*" ;'( ;@%$+'( K$"-L*(? o+'6' ;'( +&*,"'( -* &"4 ;$*5,*o? ' o*; K$O'
-* &"4 6&O*, *(#d,$;o FFF 0" (& B$;'('BM4 -* ,*;$%$@" = B$;'('BM4 -* ;4 K$(#',$4? D*%*; 4+&2@
+$*,#4( B@,6&;4( W&* #'-4EM4 *(#<" $"(&9*,45;* 94,4 *; *(#&-$' -* ;4 K$(#',$4? = K*6'(
($-' +',,'5',4-'( 9', "&*(#,' +'"'+$6$*"#' 6<( ,*+$*"#* -* K*+K'( = B&*"#*( cW&* *(
6&+K' 6<( -* ;' W&* *(#454 -$(9'"$5;* 94,4 d;fF 7"(&9*,45;*
7 "(&9*,45;* *" (& +'69,*"($@" $"#&$#$E4?
4L" -*(#*,,@ 4 7"-$4 = IK$"4? O&"#' +'" (&( B$;'('BM4(? -*(-* ;'( +49M#&;'( 9,$"+$94;*( -*
(& 9*"(46$*"#'? +'" ,*(9*+#' 4 ;'( ;'%,'( -* *(4( +$E$;$C4+$'"*( +4($ -*(+'"'+$-4( +'6'
&"4 *(9*+$* -* 9,*;&-$' 4; ;*E4"#46$*"#' -*; #*;@" ('5,* ;4 K$(#',$4 e,*4;e FFF 84 B$;'('BM4
'++$-*"#4; (* K4 +'"E*,#$-' *" *; <"%*; %&4,-$<" -* ;4 -*,*+K4 c*( -*+$, ($" 9,*O&$+$'(?
9*"(46$*"#' +,M#$+'F G* K4 %4"4-' *(#4 9'($+$@" 4 #,4Ed( -* (&( ,*9*#$-'( +'"#4+#'( =
;*4;#4- $"W&*5,4"#45;* 4 ;'( 6d#'-'( 9,'%,*($E'( -* 9*"(46$*"#' *" ;4( +$*"+$4(F i
49'=4,< 4 (& -*B*"(', 4 9*(4, -* W&* *; B$" 9&*-* (*, ;4 -*(#,&++$@" -* #'-'( ;'( E4;',*(
#,4-$+$'"4;*( -* ;4 ('+$*-4-? ;4 ,*;$%$@" = ;4 B$;'('BM4F 8'( 9*"(4-',*( -*; ($%;' t7t W&* (*
"*%4,'" 4 4+*9#4, ;4 B$;'('BM4 $"-$4 4 ;4 94, ;' K$+$*,'" 9',W&* (* (*"#M4" ,*(9'"(45;*( -*
;4 E*,-4- -* ;4 +$*"+$4 6'-*,"4 eF y

84 9'($+$@" "' *( 6&= -$B*,*"#* K'=F 8'( E$*O'( %&4,-$4( -*; ,4+$'"4;$(6' #'-4EM4 (*
4B*,,4" B$,6*6*"#* 4 (&( 4,64(F A*,' K4= &" +465$' *" *; 4$,*F 7"-*9*"-$*"#*6*"#* -*
;' W&* +,*4" ;'( 9,'9$'( +$*"#MB$+'(? &"4 ,*E&*;#4 +'"#,4 ;4( *(+&*;4( = ;'( E4;',*(
*(#45;*+$-'( *(#< +'5,4"-' $69&;('F D4= -*(*,#',*( *"#,* ;4( B$;4( -* ;'( 9'($#$E$(#4(
6$(6'(F 0; 4+*,#$O' -*; &"$E*,(' "' *( *39;$+45;* *" #d,6$"'( #4" B<+$;*( +'6' ;'(
+$*"#MB$+'(? +'6' G4%4"? "'( K4+*" +,**,F D4= 45';;4-&,4( *" (& 4,64-&,4 W&* (* "$*%4"
4 ,*+'"'+*,F 84 4+*9#4+$@" -* ;'( ($(#*64( 6*#4BM($+'( -* ;4 7"-$4 $69;$+4 ;4 "*%4+$@" -*;
6&"-' 9,*(*"#4-' 9', ;'( (*"#$-'( = ;4( +'"+;&($'"*( *3#,4M-4( 9', *; $"#*;*+#'F 0(#4 *(
&"4 9'($+$@" #'#4;6*"#* $"4+*9#45;* 94,4 ;4 ,4C@"F 84 *(#,&+#&,4 -* K',6$%@" +'"(#,&$-4
9', ;4 +$*"+$4 ('5,* ;4 54(* -* B*"@6*"'( '5(*,E4-'( 6*#$+&;'(46*"#*? 9,'54-'(
9,'54-'( &"4 =
'#,4 E*C? -*
W&* ;'( 9,'-&+#'( 4('65,'('( ('" 5*B  A4,4 "&*(#,'( 'O'(? (* -*(#4+4 +'6' &" 54;&4,#*
94,4 ;4 -*B*"(4 -* ;4 ,4C@" W&* "$"%L" 9'-*, 9&*-* -*6';*,F :' K4= *E$-*"+$4
$,,*B&#45;* 94,4 49'=4, ;4 $-*4 -* W&* ;4 +'"+$*"+$4 ('5,*E$E* 4 ;4 6&*,#* -*; +&*,9'F A',
'#,' ;4-'? ;4 6*"#* -*; K'65,* '+&94 &"4 9'($+$@" #4" B,<%$; * $"($%"$B$+4"#* 4"#* *; 9'-*,
$;$6$#4-' = ;4( -$6*"($'"*( $"+'"6*"(&,45;*( -*; &"$E*,(' '5O*#$E' +'6' 94,4 (*, +4($
$"($%"$B$+4"#*F /"4 E$($@" +'"#,4,$4 W&* $"E$*,#* ;4 9'($+$@" ,*;4#$E4 -* ;'( -'(? -*(-* *;
<"%&;' -* ;4 ;@%$+4? "' 9&*-* (*, 9,'-&+#' -* &" O&$+$' $694,+$4; = &" 9*"(46$*"#'
*W&$;$5,4-'F

/"4 B$%&,4 *6$"*"#* *"#,* ;'( ,4+$'"4;$(#4(? [*,#,4"- H&((*;;? +$#4 &" 94(4O* -* G$, u46*(
u*4"( W&* ,*(&6* ;4 9'($+$@" 4(M^

e8'( #,*( ($%;'( W&* K4" #,4"(+&,,$-' -*(-* W&* >$',-4"' [,&"' (&B,$@ *; 64,#$,$' 9',
+,**, *" ;4 9;&,4;$-4- -* 6&"-'( K4" +465$4-' "&*(#,4 +'"+*9+$@" -*; &"$E*,(' +4($ 6<(
4;;< -* #'-4 -*(+,$9+$@"? 9*,' "' "'( K4" 4+*,+4-' -* 64"*,4 49,*+$45;* 4 +'69,*"-*,
;4 ,*;4+$@" -* ;4 E$-4 +'" *; &"$E*,('F A'-*6'( #'-4EM4 (';' 4-$E$"4 *; ($%"$B$+4-' -* *(#4
E$-4 W&*? (*%L" #'-4( ;4( 494,$*"+$4(? *( #4" ,4,4F n0( *; +;M643 B$"4; K4+$4 *; +&4; (* 6&*E*
#'-4 ;4 +,*4+$@"? 9', ;4 +&4; 6$;;'"*( -* 6$;;'"*( -* 42'( -* #,4"(B',64+$@" -* ;4 64#*,$4
*" *(#,*;;4( = "*5&;'(4( -*(K45$#4-4( = -* 0; -*(9*,-$+$' -* ,4-$4+$@" *" *; *(94+$' -*;
-*($*,#'? nK4 ($-' (';' &"4 9,*94,4+$@" $"+,*M5;*6*"#* *3#,4E4%4"#*p nJ *( &" ($69;*
(&59,'-&+#' 4++$-*"#4; = 9'($5;*6*"#* 9'+' $69',#4"#* -* ;'( 9,'+*('( "4#&,4;*(? W&*
#$*"*" 4 ;4 E$(#4 4;%L" '#,' B$"4; 6<( *(#&9*"-'p J? 94,4 6$,4, 4L" 6<( ;M"*4 -*
9*"(46$*"#' 6'-*(#4? n-*5*6'( +'"($-*,4,;4 +'6' 4;%' -* ;4 "4#&,4;*C4 -* &"4
*"B*,6*-4-? W&* 4B*+#4 ;4 64#*,$4 *" (& E*O*C? +&4"-' K4 9*,-$-' ;4 #*69*,4#&,4 4;#4 =
;4 +494+$ nI@6' %*"*,4, ,4-$4+$@" -* 4;#4 B,*+&*"+$4 +'" ;4 +&4; &"4 64#*,$4 6<( O'E*"
= 6<( E$%','(4 -*(#,&$,M4 4 ;4 E*C ;4 E$-4p J? -*O4"-' 4 &" ;4-' ;4 K&6$;-4-? n"'(
4E*"#&,4,*6'( 4 $64%$"4, W&* *( ;4 L"$+4 ,*4;$-4- W&* +,*4? *" ;&%4, -* (*, +,*4-4 9',?
;4( 64(4( +';'(4;*( -* *(#,*;;4( = "*5&;'(4( = ;4( E$(#4( +4($ $"+'"+*5$5;*6*"#* ;4,%4( -*;
#$*69' 4(#,'"@6$+'p ePN

!; +'6*"#4, ('5,* *(#* ,*(&6*"? [*,#,4"- H&((*;; *(+,$5*^

e0(#'? +,*'? *(#45;*+* ;4( 4;#*,"4#$E4(? #4; +'6' ;4( 9,*(*"#4 ;4 +$*"+$4? -* 64"*,4 O&(#4 =
($" 9,*O&$+$'(F 84 L;#$64 9'($5$;$-4- *( W&* ;4 6*"#* *( ;4 L"$+4 ,*4;$-4- = W&* ;'( *(94+$'(
= #$*69'( -* ;4 4(#,'"'6M4 ('" +,*4-'( 9', *;;4? *( &"4 94,4 ;4 +&4;? ;@%$+46*"#* ? K4=
6&+K' W&* -*+$,F A*,' 4W&*;;'( W&* ;' 4-'9#4"? +'" ;4 *(9*,4"C4 -* *(+494, -*
+'"+;&($'"*( -*9,$6*"#*(? "' (* -4" +&*"#4 -* ;' W&* $69;$+4F \'-' ;' W&* (d
-$,*+#46*"#* *( 94,#* -* 6$ e6*"#*e? = ;4( $"B*,*"+$4( 9', ;4( +&4;*( =' 8;*%4, 4 ;4
*3$(#*"+$4 -* '#,4( +'(4( "' *( -* "$"%&"4 64"*,4 +'"+;&=*"#*F A', ;' #4"#'? 9&*-* (*,
W&* "4-4 *3$(#4 *3+*9#' 6$ 6*"#*F 0" *(* +4('? +&4"-' 6&*,4? *; &"$E*,(' (* 494%4,<F
A*,' ($ E'= 4 4-6$#$, '#,4( 6*"#*( 4-*6<( -* 6$ 9,'9$'? -*5' 4-6$#$, #'-' *; &"$E*,('
4(#,'"@6$+'? =4 W&* ;4 *E$-*"+$4 *( *34+#46*"#* $%&4; -* B&*,#* *" 465'( +4('(F
84 L;#$64 4;#*,"4#$E4 -* u*4"? 9', ;' #4"#'? "' *( ;4 #*',M4 +@6'-4 -* W&* *3$(#*" ;4(
6*"#*( -* '#,4( 9*,('"4(? 4&"W&* "' (&( +&*,9'(? *( ;4 #*',M4 -* W&* *(#'= (';' *" &"
&"$E*,(' E4+M'? $"E*"#4"-' ;4 ,4C4 K&64"4? ;4( *-4-*( %*';@%$+4( -* ;4 #$*,,4? *; ('; =
"*5&;'(4(? -* 6$ 9,'9$4 $64%$"4+$@" Bd,#$;F I'"#,4 *(#4 #*',M4? K4(#4 -'"-* =' (d? "' K4=
"$"%L" 4,%&6*"#' ;@%$+' E<;$-'? 9*,' +'"#,4 +&4;W&$*, '#,4 B',64 -* ;4 -'+#,$"4 -* W&*
;4 6*"#* *( ;4 L"$+4 ,*4;$-4-? *3$(#* *; K*+K' -* W&* "&*(#,4 *E$-*"+$4 94,4 ;4( 6*"#*(
-* '#,4( 9*,('"4( (* -*,$E4 9', $"B*,*"+$4 -* "&*(#,4

*E$-*"+$4 -* (&( +&*,9'(F J#,4( 9*,('"4(? 9', ;' #4"#'? ($ #$*"*" 6*"#*(? #$*"*" +&*,9'(l
&"' (';' 9&*-* (*, &"4 6*"#* $"+',9@,*4? 9*,' (';' ($ (';' *3$(#* ePNF

0; 4,%&6*"#' -* H&((*;; *( E<;$-' +'"#,4 ;4( 6*"#*( $"-$E$-&4;*(? 9*,' "' +'"#,4 ;4
e6*"#*e +'6' &"4 ,*4;$-4- +@(6$+4F /"4 h*"#* I@(6$+4 *#*,"46*"#* *3$(#*"#* +'"
A'-*, * 7"#*;$%*"+$4 $;$6$#45;*( 9&*-* +,*4, *; &"$E*,(' +'" #$*69'( = -$(#4"+$4(
4(#,'"@6$+'( 4 6*-$-4 W&* ;'( '5(*,E46'(F 84 *E';&+$@" -* ;4 E$-4 4 #,4Ed( -* ;4( *-4-*(
%*';@%$+4( = #'-4 ;4 E4,$*-4- $"B$"$#4 -* B',64( -* E$-4 "' 9&*-*" 9,*(*"#4, "$"%L"
9,'5;*64 4 &"4 I'"+$*"+$4 I,*4#$E4 J6"$9'#*"#*F 0; *,,', ,4-$+4 *" *"64,+4, &"4
$64%*" -* ;4 h*"#* I@(6$+4 *" *; 94#,@" -* ;4 +'"+$*"+$4 = ;4 $"#*;$%*"+$4 K&64"4F
H&((*;;? +'6' 6&*(#,4 -*; *"B'W&* +$*"#MB$+'? #$*"* ,4C@" *" (& '9$"$@" *" ;4 6*-$-4 *"
W&* "' K4= 45(';&#46*"#* "$"%&"4 *E$-*"+$4 = "$"%L" *O*69;' -* &"4 6*"#*
#'-'9'-*,'(4? (&9*,$', 4 ;4 -*; K'65,*? * $"6&"* 4 ;4 -*(+'69'($+$@" = ;4 6&*,#*F 0;
+'"+*9#' B$;'(@B$+' 4 *"64,+4, -*5*? 9', ;' #4"#'? 54(4,(* *" ;4 9'($+$@" W&* ,*4;6*"#*
#*"*6'( 4"#* "'('#,'(F A*,'? 494,#* -* ;4 6*"#*? #469'+' K4= 9,&*54( -* ;4 *3$(#*"+$4
-*; &"$E*,(' -* ;4 64#*,$4F 1* +4-4 +'"+*9#' *"64,+4-' -*; +'(6'( = +4-4 #*',M4
4E4"C4-4 ('5,* (& ',$%*" = *E';&+$@"? ;4 6*"#* *( ($*69,* &"4 94,#* $"(*94,45;* -* ;4
$64%*"F

8'( 9,$"+$94;*( ($(#*64( 6*#4BM($+'( $"-$'( (* 54(4" 9,$"+$94;6*"#* *" ;'(


9,'"&"+$46$*"#'( -* ;'( (K,&#$? *( -*+$,? ;4( *(+,$#&,4( ,*E*;4-4(^ ;'( g*-4( = ;'(
/94"$(K4-(F GK4"j4,4+K4,=4 = '#,'( B$;@('B'( ($*69,* B',#4;*+*" (&( 4,%&6*"#'( -* *(#4
B&*"#*F 0" *; <65$#' -*; +'"'+$6$*"#' #,4(+*"-*"#4;? (& E4;$-*C? 94,4 *;;'(? =4 W&* ;4
4&#',$-4- B$"4; *(#< 6<( 4;;< -$(9&#4F 0(#' *( ;' W&* r$66*, $69;$+4 4W&M^

e84 B$;'('BM4 $"-$4? 9', *; +'"#,4,$'? (* K4 64"#*"$-' #,4-$+$'"4;? 49'=4-4 = ,*"'E4-4 "'
9', *39*,$6*"#'( -$,$%$-'( K4+$4 *; *3#*,$',? ($"' 9', ;4( *39*,$*"+$4( -* ;4 9,<+#$+4 -*;
i'%4 ',$*"#4-4( K4+$4 *; $"#*,$',? K4 $"#*,9,*#4-' *" ;&%4, -* -*(#,&$, ;4( +,**"+$4(
K*,*-4-4(? = 4 (& E*C K4 ($-' $"#*,9,*#4-' = +',,*%$-' 9', ;4( B&*,C4( -* ;4 ,*;$%$@"F 84
B$;'('BM4 = ;4 ,*;$%$@" -$B$*,*" *" ;4 7"-$4 *" +$*,#'( 9&"#'(? 9*,' "&"+4 K4 K45$-' &"
4#4W&* %*"*,4; = -$(';E*"#* -* ;'( ,*9,*(*"#4"#*( -* ;4 +,M#$+4 9&,4 +'"#,4 ;4 B',#4;*C4
$"6*6',$4; -* ;4 +,**"+$4 9'9&;4,F !; B$"4;? ;'( -'( *(#45;*+$6$*"#'( (* K4" ,*B',C4-'
6&#&46*"#* ? 94,4 W&* *" +4-4 &"' (* *"+&*"#,*" +4,4+#*,M(#$+4( W&* *" 0&,'94
-*5*,M46'( 4#,$5&$, (';' 4 (& '9&*(#'F 0( 9', *(' W&* ;'( 9,'B*(',*( -* "&*(#,4(
&"$E*,($-4-*( W&* -&,4"#* #4"#' #$*69' (* 6'(#,4,'" ,*4+$'( 4 -$%"$B$+4, *; 9*"(46$*"#'
$"-$' ('5,* "&*(#,'( 9,'5;*64( K&64"'( *#*,"'( +'" *; #M#&;' %,$*%' = '++$-*"#4; e 84
B$;'('BM4 e*(#454 ;*O'( -* (*, $"O&(#$B$+4-4F G$" *654,%'? = *(#' *( ;' W&* *(9*,' 9'-*,
6'(#,4,? *3$(#* = K4 *3$(#$-' *" 7"-$4? ;' W&* *( &"4 E*,-4-*,4 B$;'('BM4? &"4 4E*"#&,4 #4"
4&-4C * $69,*($'"4"#* +'6' +&4;W&$*, +'(4 W&* K4=4 ($-' 46*"4C4-4 *" *; 6&"-'
'++$-*"#4; FFF
8' W&* *( e$69,*($'"4"#*e *" ;'( ($(#*64( 6'"$(#4( -* ;4 B$;'('BM4 $"-$4? W&*
9,'545;*6*"#* r$66*, +'69,*"-$@ $"#&$#$E46*"#*? *( 4;%' -* ;' W&* ;4 +$*"+$4 4L" "'
#$*"* +'"'+$6$*"#' = ('5,* *; +&4; K4 ($-' *3#,*64-46*"#* ('(9*+K'('
('(9*+K'(' #'-' *; #$*69'F
0(#4 B$;'('BM4 (* K4 +'"(#,&$-' 9,$"+$94;6*"#* ('5,* ;4( *39*,$*"+$4( -* i'%4 (464-K$? &"
#d,6$"' W&*? 94,4 6&+K'( 9*"(4-',*( -*; ($%;' t7t? *"%*"-,@ &" *(#4-' 6*"#4;
($"%&;4,6*"#* *"%42'(' W&* 9,'+*-* -* ;4 4&#'K$9"'($(F 7"+;&(' &" 9($+@;'%' -*(9$*,#'?
+'6' u&"%? +'" #'-4 (& *39*,$*"+$4 -* ;'( B*"@6*"'( 9(MW&$+'(? +;4($B$+@ *(#4(
*39*,$*"+$4( +'6' ,*(#'( B;'#4"#*( (&,%$*"-' -*; $"+'"(+$*"#*F :' K4 K45$-'
45(';&#46*"#* "$"%&"4 +'"+$*"+$4 -*; K*+K' -* W&* ;4 *39*,$*"+$4 -* (464-K$?
( 464-K$? +&4"-'
*( %*"&$"4? ,*9,*(*"#4 ;4 4(+*"($@" 4 &"4 "&*E4 -$6*"($@" -* +'"+$*"+$4 W&* *( *;
'5O*#$E' -* ;'( 9,'+*('( *E';&#$E'( 4L" 4+#$E'( *" *; +*,*5,' K&64"'F 84 ,*;4+$@" *"#,*
;4 6*"#*?

0; +*,*5,' = *; +'(6'(? W&* *; ,4+$'"4;$(6' 4L" "' K4 9'-$-' -*#*,6$"4, 9', ;4 ,&#4
#',#&'(4 -*; $"#*;*+#'? (* ,*E*;4 *" *(#4 +'"-$+$@" -* 9*,+*9+$@" 4;#46*"#* 6*O',4-4
+'" &"4 +;4,$-4- (',9,*"-*"#* *" ;4 W&* ($" -&-4 *( 9'($5;*F 0" '#,4( 94;45,4(? ;' W&*
W&$*,' -*+$, *( W&* ;4 6*"#* 6$(64 9'(** '#,' +4"4; -* '5(*,E4+$@"? 494,#* -*;
$"#*;*+#'? 9', *; +&4; *; 0"$%64 -*; /"$E*,(' 9&*-* ,*(';E*,(* 6<( B<+$;6*"#* = *(#* +4"4;
*"#,4 *" B&"+$'"46$*"#' *" *; *(#4-' 6M(#$+' -* (464-K$F

84( ;$6$#4+$'"*( -*; $"#*;*+#'

0; $"#*;*+#' *( *; $"(#,&6*"#' 94,4 *; *(#&-$' = ;4 '5(*,E4+$@" -* ;'( B*"@6*"'( -* ;4


"4#&,4;*C4? 94,4 *3#,4*, $"B*,*"+$4( -* *;;'( 94,4 *; -*(+&5,$6$*"#' -* ;*=*( = B&*,C4(
"4#&,4;*( = 94,4 49,'E*+K4, *; +'"'+$6$*"#' 4-W&$,$-' +'" B$"*( 9,4%6<#$+'(? 9*,' *(
$"+494C -* #,4#4, +'" ;'( L;#$6'(F G$ #4; "' B&*,4 *; +4(' = B&*,4 9'($5;* 94,4 *; $"#*;*+#'
+'69,*"-*, +4-4 6$(#*,$'? *"#'"+*( "' *3$(#$,M4 ;4 "*+*($-4- -* '#,4 #,4"(B',64+$@" -*
+'"+$*"+$4 94,4 +'"'+*, ;' $"*B45;*F 0" *(* +4('? *; -'" -* ;4 E$($@" 6M(#$+4 (*,M4 &"4
9'(*($@" ,*-&"-4"#*? &" $"(#,&6*"#' -&9;$+4-' 94,4 *; 6$(6' 9,'9@($#'? +'"#,4 *;
9,$"+$9$' -* *+'"'6M4 *O*,+$-' 9', ;4 "4#&,4;*C4 *" ;4 4-O&-$+4+$@" -* '#,4( B4+&;#4-*(F
84 *39*,$*"+$4 &"$#$E4 -* ;'( 6M(#$+'(? 9', '#,' ;4-'? 9,'9',+$'"4 &" 4"#M-'#' 4 ;4
9;&,4;$-4- '5(*,E4-4 9', *; $"#*;*+#'? 6'(#,4"-' W&* ('" 9'($5;*( -'( $"#*,9,*#4+$'"*(
-$B*,*"#*( -*; 6$(6' B*"@6*"'? *" -'( *(#4-'( -$B*,*"#*( -*; 6$(6' $"-$E$-&'^ ;4
9;&,4;$-4- *" &"' = ;4 &"$-4- *" *; '#,'F

84 +,**"+$4 *" ;4 9;&,4;$-4- -* 6&"-'( -*(-* ;4 ,*E';&+$@" +'9*,"$+4"4 W&*? *" 94;45,4(
-* u*4"(? eK4 +465$4-' "&*(#,4 +'"+*9+$@" -*; &"$E*,(' +4($ 6<( 4;;< -* #'-4
-*(+,$9+$@"e "' *( *; L;#$6' 94(' *" ;4 (';&+$@" -*; 6$(#*,$' -* ;4 +,*4+$@"F ! *(#' K4=
W&* 424-$, ;' W&* 4K',4 9&*-* 94,*+*, &"4 9,'9'($+$@" B4"#<(#$+4^ W&* ;4 9*,+*9+$@" -*
*(#4 +,*4+$@" 6L;#$9;* 9&*-* E4,$4, +'" +4-4 +465$' *" *; $"(#,&6*"#' 9*,+*9#$E' -*;
'5(*,E4-',F !-*6<( -* ;4 9;&,4;$-4- -* 6&"-'(? 9&*-* K45*, &"4 9;&,4;$-4- -*
$"(#,&6*"#'( +'%"$#$E'(? -* ;'( +&4;*( *; $"#*;*+#' "' *( 6<( W&* &"'F G*%L" *(#4
9,*6$(4? *( +'"+*5$5;* W&* ;4 #$*,,4 (';4 "' (*4 ;4 +&"4 -* &"4 *(9*+$* -* E$-4? +494C -*
*(#&-$4, $"#*;$%*"#*6*"#* *; &"$E*,(' * $"#*,9,*#4, (& '5(*,E4+$@" -* +$*,#4 64"*,4F
\465$d" 9&*-* K45*, '#,4( B',64( -* E$-4? +&='( $"(#,&6*"#'( -* 9*,+*9+$@" ,*E*;4"
&" 6&"-' +'69;*#46*"#* -$B*,*"#* W&* $"#*,9,*#4" *" (& 9,'9$4 B',64 9*+&;$4,F 0"
'#,4( 94;45,4(? +'6' ;4 6&;#$9;$+$-4- -* 6&"-'(? #465$d" 9&*-* K45*, &"4 6&;#$9;$+$-4-
-* $"#*;$%*"+$4( -* '5(*,E4+$@"F
84 %,4-4+$@" -* ;4 6*"#* #*,,*(#,*? -*(-* *; #*"&* -*(#*;;' -* ;4 (*"($5$;$-4- *" ;4 +d;&;4
K4(#4 ;4 $"#*;$%*"+$4 -*; K'65,*? 9'-,M4 (*, (';' &"4 ,d9;$+4 *" 6$"$4#&,4 -* ;4 9'($+$@"
W&* ,*4;6*"#* *3$(#* *" *; +'(6'(F [$*" 9'-,M4 K45*, &" *(9*+#,' -* +'"+$*"+$4
$"B$"$#46*"#* E4,$4-' = &"4 *(+4;4 *"',6*6*"#* E4,$4-4? -*(-* ;4 6<( -d5$; K4(#4 ;4 6<(
5,$;;4"#*? 94,4 +4-4 +';', -*; *(9*+#,'? -$(#,$5&$-' *" #'-4( ;4( %4;43$4(F \'-' *; ,*$"'
',%<"$+' -* ;4 #$*,,4 ,*9,*(*"#4,M4 4(M G$" *654,%'? &"' -* &" E4(#' 6&"-' -* +';',*(
+'" (& E4,$4-4 *(+4;4 -* #'"'( -*(-* ;4 E$-4 E*%*#4; K4(#4 ;4 K&64"$-4-F

0(#4 ($"%&;4,$-4- -* ;4 6*#4BM($+4 $"-$4 ,4-$+4 *" K4+*, W&* *(#4 9'($+$@" (*4 +;4,4 94,4
*; $"#*;*+#'F 84 +,*4+$@" *" ;4 W&* "'( *"+'"#,46'( "' "*+*($#4 ($69;*6*"#* +'"(#$#&$,
*; &"$E*,(' *(#*;4, = 9;4"*#4,$'? 9', &" ;4-'? = ;4 6*"#*? +'6' ;4 +'"'+*6'(? 9', *; '#,'F
A&*-* (*, &" 7"B$"$#' -* +&=4( $""&6*,45;*( B4+*#4(? 9*,' &"4 "'( ;4 9,*(*"#4" "&*(#,'(
(*"#$-'( = *; $"#*;*+#'F

0" '#,4( 94;45,4(? "&*(#,' $"#*"#' -* $"#*,9,*#4, *; &"$E*,(' *" #d,6$"'( -* "&*(#,4
,4C@" 9'-,M4 (*, *W&$E4;*"#* 4 ,*-&+$, 4 ;4 9'($+$@" -* &"4 ;<694,4 -* 6*(4 (&4E* &"
9'-*,'(' ('; W&* (* *"+$*"-*? 94,4 $"E*,#$,;'( +'" B',64( = +';',*( E4,$4-'(? ;4 6&;#$#&-
-* '5O*#'(F *" *; ($(#*64 (';4, 8' W&* ;'( ($(#*64( $"-$'(? g*-4"#4 = GK4$E4? 9,*#*"-*"
*"(*24, *( W&* ;4 H*4;$-4- -*#,<( -*; &"$E*,(' B*"'6*"4; = "&*(#,4 6*"#* *( &"4 !;%'
*(#&9*"-'? $"+,*M5;* * $"$64%$"45;* W&* 9&*-* 64"$B*(#4,(* *" $""&6*,45;*( #$9'( -*
+,*4+$@"? *( -*+$,? &"$E*,('( $,,*+'"'+$5;*6*"#* -$B*,*"#*( *"#,* (M = -* "&*(#,4 9,'9$4F
84( *"#$-4-*( -* '5(*,E4+$@" *" *;;'( #465$d" 9&*-*" (*, -$B*,*"#*(? +'" '#,'( 94#,'"*(
-* +'"+$*"+$4 = '#,'( +4"4;*( -* 9*,+*9+$@" W&* ;'( W&* 9,*(*"#4" ;4 E$-4 #*,,*(#,*F A',
;4 9,'9$4 +'"(#$#&+$@" -* "&*(#,' *W&$9' (*"(',$4; = "&*(#,4 6*"#*? "' 9'-*6'(
*"64,+4, "$ ;4 6<( 6M"$64 $64%*" -* *(#'( '#,'( 6&"-'( = 6*"#*( *3@#$+'(? 9', 6&+K'
W&* ;' $"#*"#*6'(F A*,' "&*(#,4 *39*,$*"+$4 -* ;'( (&*2'( =? *" +$*,#4 6*-$-4? -*
B*"@6*"'( 9(MW&$+'( 4('65,'('( 9'-,M4? W&$C<(? *" &" %,4-' ;*E*? (&%*,$, ;4 9'($5$;$-4-
4 ;4 W&* 4;&-'F g*6'( +@6' (* 4B;'O4 *; -'6$"$' -* ;4 ,4C@" = +@6' ;4( ($#&4+$'"*(
$69'($5;*( 94,*+*" "4#&,4;*( = ,*4;*( *" *; *(#4-' -* (&*2'F !-*6<(? ;' $"*39;$+45;*
94,*+* (*, *; 949*; -* ;4 6*"#* *" ;4 9,*+'%"$+$@" = ;4( -*6'(#,4+$'"*( 9($+'+$"d#$+4(F
/" 94(' 6<( 4;;< = '#,'( #$9'( -* +,*4+$@" 9&*-*" "4-4, *" *; <,*4 -* "&*(#,4
$64%$"4+$@"? 9*,' ;4 ;$6$#4+$@" ',%<"$+4 -*; +*,*5,' "'( '5;$%4 4 -*#*"*,"'( 4"#*( -*
W&* (* 9&*-4 +,&C4, ;4 B,'"#*,4F

0; #d,6$"' g*-4"#4 ($%"$B$+4 e*; B$" -* ;'( g*-4(eF 0; B$"4; -* ;'( g*-4( ($%"$B$+4 *;
+'"'+$6$*"#' 4-W&$,$-' *" *; #&,$=4 ' o+&4,#'o *(#4-' -* +'"+$*"+$4? ;' W&* ($%"$B$+4 *;
*(#4-' 4;+4"C4-' *" (464-K$? ' ;4 +'"-$+$@" B$"4; -*; i'%4F 0(#'? 4 (& E*C? ($%"$B$+4 *; B$"
-*; +'"'+$6$*"#' 4-W&$,$-' 4 #,4Ed( -* ;'( (*"#$-'( = *; $"#*;*+#'F A', ;' #4"#'? ;' W&* *;
g*-4"#4 4,%&6*"#4 ('5,* *; +'(6'( *(#< 4L" 6<( 4;;< -* ;4 B,'"#*,4 4;+4"C4-4 9', ;4
+$*"+$4F 8'( ($%;'( -* #,454O' = *; 9,'-$%$'(' (4+,$B$+$' ,*4;$C4-' *" ;4 7"-$4 *" ;4 5L(W&*-4
-*; +'"'+$6$*"#' (&9,*6' = ;4 *39;',4+$@" -*; *(94+$' $"#*,$', "' K4" ($-'? 9', ;' #4"#'?
&" *(B&*,C' -*(9*,-$+$4-'? ($"' W&* K4" ,*&"$-' &"4 9,*+$'(4 +'(*+K4 9,'9$4F G';' ;4
+$*"+$4 4L" "' K4 4;+4"C4-' &"4 *#494 94,4 *E4;&4, *; E4;', -* *(#* +&;#$E'F /"4 (M"#*($(
*( "*+*(4,$4 = *; #$*69' 94,4 *;;4 +4($ K4 ;;*%4-'F
I'6' K*6'( "'#4-'? *; 6&"-' -* ;4 +$*"+$4 *(#< ;*"#46*"#* E';E$*"-' 4 ;4 $-*4 -* W&*
;4 6*"#* #$*"* (& 9,'9$4 9,'E$"+$4 = "' 9&*-* (*, &" *9$B*"@6*"' "4+$-' -* &"4 4++$@"
W&M6$+4 4;*4#',$4F 0( $69,'545;*? +'6' (&%$*,*" 4;%&"'( 4(#,@"'6'(? W&* *; &"$E*,('
(*4 &" -*($*,#' $"$64%$"45;*6*"#* E4(#' -* (';*( 4,-$*"#*( = 9;4"*#4( <,$-'(? +'" ;4
*3+*9+$@"? W&$C<(? -* 4;%&"'( *" ;'( W&* ;4 E$-4 9'-,M4 (*, 9'($5;*F A*,' $"+;&(' *(4 E$-4?
(&9'"*"? -*5* (*, -* ;4 6$(64 E4,$*-4- W&* ;4 E$-4 #*,,*(#,*? 4($%"4"-' 4(M 4 ;4
K&64"$-4- &"4 9'($+$@" L"$+4 +'6' *; L"$+' '5(*,E4-', $"#*;$%*"#* -*; &"$E*,('F 0(#'?
4 (& E*C? K4+* W&* ;4 +'"+$*"+$4 (*4 &" B*"@6*"' +'"B$"4-' 4 ;4 \$*,,4 *" +'"#,4(#* +'"
;'( 6&"-'( K45$#4-'(? -* '#,4 64"*,4 -*(K45$#4-'( = +4($ ($" E$-4F 0; +'"'+$6$*"#'
4-W&$,$-' *" #&,$=4 9'"* B$" 4 *(#4 *(9*+&;4+$@" 9,*64#&,4
9,*64#&,4 W&* +'"E$*,#* ;4 +,*4+$@" *"
&" 6'"(#,&'(' '+d4"' -* B&*%'? -*(9*,-$+$' = *3#,4E4%4"+$4 *" *; W&* *; L"$+' "$+K'
Bd,#$; 9,'-&+#$E' -* 4;%&"'( B,&#'( *( ;4 #$*,,4F 0(#* +465$' ,4-$+4; (* *B*+#L4 4; 6'(#,4,
W&* K4= '#,4( B4+*#4( -*; &"$E*,(' W&* "' +'"B$,64" 9*,'? 9', '#,' ;4-'? "$*%4" ;4 $64%*"
%*"*,4; -$5&O4-4 9', ;'( (*"#$-'( = *; $"#*;*+#'F 0; ,*(&;#4-' *( W&* &" "&*E' +'"+*9#'
-* +,*4+$@" +'6$*"C4 4 464"*+*, *" ;' $;&6$"4-'F

\'-'( ;'( *(+,$#',*( ('5,* 6$(#$+$(6' *(#<" -* 4+&*,-' *" W&* ;4 9*,+*9+$@" -* &"
6M(#$+' -* ;4 H*4;$-4- (&5=4+*"#* *( -* &"4 /"$-4- *" ;4 W&* (* -$(&*;E* ;4 -$E*,($-4- -*
;4 $64%*" (*"(',$4;F A*,' *(#4 E$($@" -* ;4 /"$-4- "' *( *; B$" +'6' (* (&9'"*
%*"*,4;6*"#*F A*,' 64,+4 *; +'6$*"C' -* &"4 "&*E4 5L(W&*-4F

0; 9,$6*, 94(' *" ;4 +'"(#,&++$@" -* &"4 "&*E4 +$*"+$4? =4 W&* *; 464"*+*, -*; $"#*;*+#'
64,+@ *; +'6$*"C' -*; +'"'+$6$*"#' -*; 6&"-' '5O*#$E' W&* 9'(**6'( K'=F 84 ,*4;$-4-
"' 9&*-* (*, #4" ($69;* +'6' $64%$"46'(F :' 9&*-* (*, "$ &"4 &"$-4- -* 9;&,4;$-4- "$
&"4 &"$-4- "&6d,$+4? =4 W&* "' 9&*-* 494,*+*, +'6' /"' = h&+K'(? ($"' +'6' 4;%'
$"B$"$#46*"#* 6<( ($69;* = +'69;*O'F !; -*(+,$5$, ;4 "4#&,4;*C4 #,4(+*"-*"#* -*;
!5(';&#'? A;'#$"' '5(*,E4^

eFFF *; /"' *( *; *"%*"-,4-', -*; \'-'? "' 9&*-* (*, "$"%&"4 -* ;4( +'(4( *" *; \'-'? *(
-*+$,? "' *( &"4 +'(4F A'(** +4;$-4- ' +4"#$-4-F :' *( &" A,$"+$9$' 7"#*;*+#&4;? "' &" 4;64F
:' *(#< *" 6'E$6$*"#' "$ *" ,*9'('? "$ *" *; *(94+$'? "$ *" *; #$*69'^ *( *(*"+$4;6*"#*
-* &"4 B',64 L"$+4 ' 6<( 5$*" -* "$"%&"4 B',64? =4 W&* *( 4"#*,$', 4 ;4 B',64? +'6' ;'
*( 4"#*( -*; 6'E$6$*"#' 6*"# = ,*(#'^ #'-4( *(#4( +4#*%',M4( (* 64"#$*"*" (';' *" *;
,*$"' -* ;4 *3$(#*"+$4 = +'"(#$#&=*" ;4 +4,4+#*,M(#$+4 -* 6&;#$9;$+$-4- -* *(* ,*$"' $"B*,$',
eF PP

e0" E*,-4-? 4; 9,$"+$9$'? *(#* 6&"-' *,4 [,4K64"? *; 7"B$"$#'e? -$+* h4$#,$ /94"$(K4-
`g7FN_b? e7"B$"$#' *" *; (&,? $"B$"$#' *" *; '*(#*? $"B$"$#' *" *; "',#*? = 4,,$54 = 454O'? $"B$"$#'
*" +4-4 -$,*++$@"F A4,4 T;? -* K*+K'? *; *(#* = ;4( '#,4( -$,*++$'"*( "' *3$(#*"? "$ 4; '#,'
;4-'? "$ 454O'? "$ 4,,$54F 7"+'69,*"($5;* *( *; G*, G&9,*6'? $;$6$#4-'? "' "4+$-'? 94,4 "'
(*, ,4C'"4-'? $69*"(45;*? T; +&=' G*, *( *; *(94+$'F -$(';&+$@" -* #'-'? (';' T;
9*,64"*+* -*(9$*,#'F A', ;' #4"#'? -*(-* *(* *(94+$'? T; -*(9$*,#4 *(#* 6&"-' W&*
+'"($(#* (';' *" 9*"(46$*"#'F G';' *" T; *(#< #'-' *(#' 6*-$#4-' = *" T; *(#< -$(&*;#'F T;
*( *(4 B',64 ;&6$"'(4 W&* -4 +4;', *" *(* ;&%4,F (';? ;4 ;&C 64,4E$;;'(4 ('5,* *; B&*%' ($"
K&6'? +'6' #465$d" *; B&*%' W&* -$%$*,* ;4 +'6$-4? 9',W&* 4(M (* K4 -$+K'^ *; W&* *(#<
*" *; B&*%' = *; W&* *(#< 4W&M *" *; +',4C@" = *; W&* *(#< 4;;< *" *; (';F *( /"'F 0; W&* (45*
*(#' E4 4 ;4 /"$-4- -*; /"' eF
0(#4( +$#4( (* 9&*-*" 6&;#$9;$+4, 94,4 6'(#,4, W&* *3$(#* &"4 +'"($(#*"+$4 +;4,4 *
$"+'"B&"-$5;* W&* 4#,4E$*(4 ;4( -*+;4,4+$'"*( -* ;'( 6M(#$+'( -* #'-4( ;4( *-4-*( = +;$64(
('5,* &"4 *39*,$*"+$4 W&* 4;#*,4 ;4 $64%*" -*; $"-$E$-&' = *; +'(6'( -$5&O4-' 9', *;
$"#*;*+#'F 7"#*"#4" $"#*,9,*#4, *" -$B*,*"#*( $6<%*"*( 6*"#4;*( &" "&*E' *(#4-' -* (*,
W&* *(#< 6<( 4;;< -* ;' W&* ;4 6*"#* "',64;6*"#* *(#< 4+'(#&65,4-4F A4,*+*? *"
94;45,4( -* 8'&$( I;4&-* -* G4$"# h4,#$"? +'6' ($ e#'-'( ;'( 6M(#$+'( K45;4" *; 6$(6'
$-$'64 = 9,'E$*"*" -*; 6$(6' 94M(eF [*,#,4"- H&((*;;? 4&"W&* 4-6$#* *; 9*(' -* *(#4
"'#45;* &"4"$6$-4- *" ;4( -*+;4,4+$'"*( -* ;'( 6M(#$+'(? 9,'+*-* 4 -*6'(#,4, W&* (&
49,*K*"($@" -* ;4 e,*4;$-4-e? *" +'"#,4(#* +'" ;4 e494,$*"+$4e? = ;4 "*%4+$@" -*; #$*69'
*( 6<( *6'+$'"4; W&* ;@%$+4? W&* *39,*(4 (*"#$6$*"#'(F :' *( &" K*+K'F

!; (4+4, *(#4 +'"+;&($@"? H&((*;; ';E$-4 W&* *( ;4 $-*"#$-4- +*,+4"4 -* ;4 $64%*" -*;
6&"-' *" ;4 +'"+$*"+$4 "',64; ;' W&* K4+* W&* ;4 *39*,$*"+$4 (*4 ,*4;F :' *( (';' ;4
*39*,$*"+$4 ($"' ;4 &"4"$6$-4- ;' W&* 9,*(#4 '5O*#$E$-4- 4 ;'( B*"@6*"'( '5(*,E4-'(F
/"4 *39*,$*"+$4 ' -*(+&5,$6$*"#' $"-$E$-&4;? "' +',,'5',4-' 9', '#,'(? $"+;&(' ($ *(
+$*,#'? (* +'"($-*,4,M4 &"4 $;&($@"F 0(#* *( *; +4(' +'" *; +'"+*9#' -* .&"-4;$"$ 4K',4F 84
($6$;$#&- 5<($+4 *" ;4( "4,,4#$E4( -* ;'( 6M(#$+'( ;* -4 *; 6$(6' 9*(' 4 (& *39*,$*"+$4 W&*
;4 $-*"#$-4- -* ;4 9*,+*9+$@" 4 ;4( *39*,$*"+$4( -* ;4 +'"+$*"+$4 "',64;F h$*"#,4( ;4
*39*,$*"+$4 6M(#$+4 +'"#$"L* ($*"-' +'"($-*,4-4 +'6' &" B*"@6*"' 9&,46*"#*
(&5O*#$E'? ($" "$"%&"4 ,*;4+$@" +'" *; 64,+' ',%<"$+' -*; K'65,*? ($*69,* (*,< -$BM+$;
,*(+4#4,;' -* *(#4 9'($+$@"F 0"#'"+*( "&"+4 9&*-* ,*+$5$, *; 6$(6' (*;;' -* E4;$-*C W&*
(* ;* '#',%4 4; $"#*;*+#'F

\'-4EM4 -*5* ,*+'"'+*,(* W&* *(#4 +'"($(#*"+$4 *( *; ,*(&;#4-' -* &" B4+#', 5$';@%$+'
+'6L" 4 #'-'( ;'( 6M(#$+'(? 9,*(*"#*(? 94(4-'( ' B&#&,'(F !-*6<(? W&* ;4 -*6'(#,4+$@"
-* *(#* B4+#', 9&*-* +4&(4, &"4 ,*E';&+$@" *" ;'( +'"+*9#'( -* ;4 +$*"+$4 #4" %,4"-*? ($
"' 64=',? W&* ;4 +4&(4-4 9', I'9d,"$+'F 1'( 6'-'( -* 49,*K*"($@" W&* *3$(#*" *" *;
6$(6' +*,*5,'? -$46*#,4;6*"#* '9&*(#'( *"#,* (M? &"' +'"B$,64"-' = *; '#,' "*%4"-'
;4 -$E*,($-4- *" *; &"$E*,(' 64#*,$4;? *( &" B*"@6*"' #4" (',9,*"-*"#* W&* "' K4= "4-4
+'694,45;* *" ;'( 4"4;*( -* ;4 +$*"+$4F 0( &"4 94,4-'O4 #4" %,4"-$'(4? #4" $"$"#*;$%$5;* =
#4" +'"#,4-$+#',$4 +'6' ;'( ;*"%&4O*( *" ;'( W&* #'-'( ;'( %,4"-*( 6M(#$+'( $"#*"#4"
E*(#$, (& *39*,$*"+$4F G$ *; d3#4($( 6M(#$+' B&*,4 &"4 '+&,,*"+$4 ,4,4? 9'($5;* 9*,' 94,4
&"'( 9'+'( (*;*+#'( = 9*+&;$4,6*"#* +'"(#$#&$-'(? *"#'"+*( 9&*-* *39;$+4,(* 9', E4,$'(
6'#$E'(? +'6' *; 4-'9#4-' 9', H&((*;;F A*,' ($ (* *"+&*"#,4 W&* *( &" *(#4-' -*
+'%"$+$@" K4+$4 *; +&4; ;4 K&64"$-4- *(#< *E';&+$'"4"-'? *" %*"*,4;? *; 9,'5;*64 4(&6*
&"4 9,'9',+$@" W&* *(#< 6<( 4;;< -* ;4 (';&+$@" *" ;4 4+#&4;$-4-F A*,' *(#' *( ;' W&* &"
*(#&-$' *3K4&(#$E' -*; B*"@6*"' -* .&"-4;$"$ (*%&,46*"#* (4+4,< 4 ;4 ;&C? +';'+4"-' &"
*"$%64 4"#* *; 6&"-' W&* 9'-,M4 9'"*, 4 9,&*54 #'-4 (& $"#*;$%*"+$4 = ,*+&,('( 94,4
,*(';E*,F
0; *(#4-' -* &"$-4- +'" *; 6&"-' '5O*#$E' *" (464-K$? &"4 *39*,$*"+$4 +'6L" 4 ;'(
6M(#$+'(? W&* &"$B$+4 ;4 6&;#$9;$+$-4- -*; $"#*;*+#'? 9'"* B$" 4 ;4( *(9*+&;4+$'"*( ('5,* *;
',$%*" -*; &"$E*,('? ('5,* *; +&4; ;'( 4(#,@"'6'( ('" 9,'9*"('( 4 B$;'('B4,F nI@6'
5*"*B$+$4 4 &" (*, ,4+$'"4; (45*,? (4;E' 94,4 6*O',4, (& +'"'+$6$*"#' #*@,$+' -*; 6&"-'?
W&* &" o[$% [4"%o '+&,,$@ K4+* W&$"+* 6$; 6$;;'"*( -* 42'( 94,4 +4&(4, *; 6'E$6$*"#'
$"$+$4; K4+$4 ;4 +,*4+$@" -*; &"$E*,(' *(#*;4,p 8' W&* *( 6&+K' 6<( $69',#4"#* 94,4 d; *(
*(#4, $"B',64-' ('5,* (& 9,'9$' ',$%*" = "4#&,4;*C4 = -*(*4 (45*,;' 4W&M = 4K',4F :'
#$*"* #$*69' 94,4 6$,4, K4+$4 4#,<( *'"*( -* #$*69' 4(#,'"@6$+' ' K4+$4 '#,' 9*,M'-'
($6$;4, 94,4 *"+'"#,4, ,*(9&*(#4( 4 ;4( 9,*%&"#4( 6<( +*,+4"4( 4 (& +',4C@"F G*,M4?
W&$C<(? $"(#,&+#$E' ,*B;*3$'"4, ('5,* ;4 94,4-'O4 -* W&* *"#,* ;4( 6&;#$#&-*( -* 9*,('"4(
W&* +'694,#*" ;'( 5*"*B$+$'( W&* 5,$"-4 ;4 +$*"+$4? +&4"-' (* #,4#4 -* #'64, &"4
-*+$($@"? *; 64=', "L6*,' ,$"-* 6<( K'6*"4O* 4 ;'( 64*(#,'( *(9$,$#&4;*( W&* 4 (&
5*"*B4+#',*( #*69',4;*(F

84( 4E*"#&,4( -*; $"#*;*+#' +'6*"C4,'" -*(-* ;'( 4;5',*( -* ;4 ,4C@" *" *; K'65,* =
+'"#$"&4,'" -*(-* *"#'"+*(F G* -$E$*,#*" 9', &" #$*69'? 9*,' "&"+4 ('" +494+*( -*
+4;64, *; K465,* -*; 4;64 94,4 +'"'+*,(* 4 (M 6$(6'F G$ &" 6'E$6$*"#' *39;'($E'
,*9*"#$"' '+&,,$@ 4;%&"4 E*C 4; 9,$"+$9$' W&*? *" 94;45,4( -* I4,; G4%4"? e,*#&65@ 9',
;'( 94($;;'( -*; *(94+$'e "' #*"*6'( +$*,#'( 6*-$'( 94,4 (45*,;'F G';' *(#' 9'-*6'(
9,*(&6$, +'" (*%&,$-4-^ W&* (* $"E*"#4,<" '#,4( #*',M4( 6<( $"%*"$'(4( 94,4 *39;$+4, *;
',$%*" -*; &"$E*,('F A*,' &"4 E*,-4-*,4 ,*E';&+$@" +'6*"C4,< +&4"-' (* 9,&*5* -*
64"*,4 +'"+;&=*"#*? -*(9&d( -*; *39*,$6*"#'? W&* 9&*-* '+&,,$, &" o[$% [4"%o *" *;
+*,*5,' 6$(6'F J+&,,$@ 9', 9,$6*,4 E*C *" *; "4+$6$*"#' -* ;4 ,4C@" = 9&*-* '+&,,$,
"&*E46*"#* *" ;4 *3+$#4+$@" -* .&"-4;$"$F 0" *; L;#$6' +4('? ,*(&;#4 *" &" *(#4-' -*
+'"+$*"+$4 *" *; W&* ;4 9;&,4;$-4- +,*4-4 9', *; 9,$6*,' W&*-4 4"&;4-4F 0( *(#4 *39;'($@"
;4 W&* ,*#&654,< *" ;'( +',,*-',*( -* ;4 +$*"+$4 *" ;'( ($%;'( E*"$-*,'(F

G*%L" ;4 #,4-$+$@" $"-$4? *(#4 -$(';&+$@" -*; 6&"-'? +,*4-4 9', ;'( (*"#$-'( = *; $"#*;*+#'
*" (464-K$ -*"'#4 &" *(#4-' -* +'"+$*"+$4 ;$5,* -* $;&($@" (*"(',$4;F 0; ;'%,' -* *(#*
*(#4-' ($%"$B$+4 6'j(K4 ' ;$5*,4+$@"? 94,4 *; 9,$"+$9$' +'"(+$*"#* *" *; K'65,*F A', ;'
#4"#'? *( B<+$; E*, *" W&d *E$-*"+$4 *69M,$+4 *3#,4',-$"4,$4 ,*&"$-4 $"#*,"46*"#* (*
54(4" ;'( -*E'#'( -* g*-4"#4 = GK4$E4F 84 *(+,$#&,4 6<( 9'9&;4, *" ;4 7"-$4? 4 (45*,? *;
[K4%4E4- >$#4? "' 6&*(#,4 *" "$"%L" ;*"%&4O* 465$%&' ;'( 6d#'-'( 9', ;'( +&4;*( *(#*
*(#4-' 9&*-*

(*, 4;+4"C4-' A4"+K4(#4E$ = '#,'( ;$5,'( ('5,* GK,$ g$-=4 = #465$d" ;'( \4"#,4( *"&"+$4"
;'( EM"+&;'( 5$';@%$+'( 9', ;'( +&4;*( ;4 +'"-$+$@" *( 9'($5;*F G$ *" &" *(#4-' (&9*,$', -*
+'"+$*"+$4 9&*-* '+&,,$, &"4 9d,-$-4 -* ;4 '5O*#$E$-4- -*; 6&"-'? 9,*(*"#4-4 9', ;'(
(*"#$-'(? ;4 $"B*,*"+$4 (* K4+* *E$-*"#* W&* #465$d" *(#4 '5O*#$E$-4- *( &"4 B',6&;4+$@"
-* +'"+$*"+$4 W&* $"#*,9,*#4 (&( $69,*($'"*(F 14-' W&* ;4 +'"+$*"+$4 (* *39,*(4 4 #,4Ed(
-*; +*,*5,' = ;'( +465$'( ',%<"$+'( *" ;4 64#*,$4 +,4"*4; B&*,'" ;'( ,*(9'"(45;*( -* ;4
494,$+$@" -*; $"#*;*+#'? = #465$d" -*5*" *(#4, -*#,<( -* ;4 #&,$=4 ' ;4 +'"+$*"+$4 6M(#$+4?
"'( *"B,*"#46'( 4 &" *(#&9*"-' 6$(#*,$' W&* 9&*-* #'64, 42'( *39;',4,F
.&"-4;$"$ *( ;4 0"*,%M4 (L9*, $"#*;$%*"#* -*#,<( -* ;4 +'"+$*"+$4F \465$d" *( *;
6*+4"$(6' *E';&#$E' W&* -*#*,6$"4 ;4 +494+$-4- -*; +*,*5,'F 84 6*"#* ,4+$'"4; = ;4
+'"+$*"+$4 #&,$=4? 4&"W&* *" *B*+#' '9&*(#4(? ('" 4654( +,*4+$'"*( *" ;4 54(*F 84
9,'B&"-$-4- -*; +'"+*9#' (* K4 *39,*(4-' 4(M *" A4"+K4(#4E$ `gFVNb^ e8' W&* K4 $-'
4"#*(? ;' W&* E$*"* -*(9&d(? ;' W&* *(#< -*"#,' = ;' W&* *(#< B&*,4? ;' $;$6$#4-' = ;'
;$6$#4-'? ;' 6<( %,'(*,' = ;' 6<( (&#$;? ;' 64"$B*(#4-' = ;' "' 64"$B*(#4-'? ;' 45$*,#' = ;'
(*+,*#'? ;' +*,+4"' = ;' -$(#4"#*? *; (*, = *; "' (*,? *" *(#4( = '#,4( B',64(? \L? `Y 1$'(4b?
*,*( E$(#' 9*,*""*6*"#* +'6' *; /"$E*,('F 0( *; 6'E$6$*"#' `4+#$E$-4- +,*4#$E4b "4+$-'
-* \$ 4 \& ',-*" W&* -4 E$-4 4; I'(6'( `$"B$"$#46*"#* E4,$4-'b eF 0( &"4 S&*,C4
$"+,*M5;*6*"#* 6$(#*,$'(4? &" A'-*, \'-'9'-*,'(' *(#&9*"-'? &"4 h4#*,$4 h<%$+4
+'69;*#46*"#* -*(+'"+*,#4"#* W&* B',64 ;4 54(* -* ;4 +,*4+$@"F I;4($B$+4,;'
($69;*6*"#* +'6' o64#*,$4o = o6*"#*o *( ($69;$B$+4, *" *3+*(' &" 9,'5;*64 +';'(4; 94,4
4-49#4,;' 4 ;4 +'69,*"($@" -* &" "$2'F

0; ,*+'"'+$6$*"#' -* *(#* K*+K' #$*"* &" E4;', $"+4;+&;45;* 94,4 *; 6&"-' 6'-*,"'F 0;
6$(#*,$' -*#,<( -* ;4 +,*4+$@" "' *( #4" ($69;* +'6' 94,4 W&* "&*(#,' $"#*;*+#'
$"($%"$B$+4"#* 9&*-4 +'69,*"-*,;'F 8;*E4-' 9', (&( ;'%,'(? *; K'65,* +,** W&* d; *( ;4
+,*64 -*; &"$E*,('F 0(#' K4 ;;*E4-' 4 &" 4&6*"#' -* ',%&;;'? *(9*+$4;6*"#* *"#,* ;4(
B$;4( *(+d9#$+4( -* ;4 +$*"+$4? W&* "' *(#< O&(#$B$+4-4 *" 45(';&#' 9', ;4 9'($+$@" ,*4;F 0;
E*,-4-*,' '5O*#$E' B,*"#* 4; K'65,* *( +'"'+*,(* 4 (M 6$(6'F 84 9,*'+&94+$@" *3+*($E4
9', ;'( B*"@6*"'( *3#*,"'( -*(+4,#4 *; *(#&-$' -* !W&*;;' -* -'"-* (&,%*"F 0; ;'%,' ,*4;
"' ,4-$+4 *" K4+*, &" 6&"-' +'69;$+4-' 6<( +'69;*O' = *" 4%,*%4, 4 ;'( 9,'5;*64( W&*
=4 *3$(#*"F G* #,4#4 -* ;'%,4, &" *W&$;$5,$' *"#,* ;'( 6&"-'( $"#*,"' = *3#*,"' 6*-$4"#*
*; +&4; (* ;'%,4 ;4 4,6'"M4 = ;4 94CF

\'-4EM4 *(#46'( 6&= ;*O'( 94,4 +'69,*"-*, ;4 "4#&,4;*C4 +';'(4; -*; !+*,#$O' W&*
*"B,*"#4 *; $"#*;*+#'F /" ($6$' "&"+4 9&*-* *"#*"-*, ;'( 9,'5;*64( W&* (&,%*" *" ;4
6*"#* -*; K'65,*F /" 9,$6$#$E' "&"+4 9&*-* &5$+4,(* *" *; 6&"-' 6*"#4; ,$+' =
*3&5*,4"#* -* &" $"#*;*+#&4; 6'-*,"'F 0; 9*"(4-', 6<( $"#*;$%*"#* "&"+4 9&*-*
$64%$"4, *; 4(9*+#' -* ;4 ,*4;$-4- ,*E*;4-' 4 &" 6M(#$+'F 0; 6$(#*,$' (* E&*;E* 6<(
$"#,$%4"#*? 9,'B&"-' = (&5;$6* 4 6*-$-4 W&* 4(+*"-*6'( 9', ;4 *(+4;*,4F 8' L"$+' W&*
(* 64"$B$*(#4? +&4"-' (* #,4(+$*"-* *; $"#*;*+#'? *( ;4 "4#&,4;*C4 $"6',#4;? '6"$9,*(*"#*
= 45(';&#4 -* ;4 I'"+$*"+$4F \,4#4, 4; K'65,* +'6' e&"4 ($69;* 6'#4 -* 64#*,$4e ' +'6'
e&"4 +,*4+$@" 4;*4#',$4 "4+$-4 -* &"4 4++$@" W&M6$+4 & ',%<"$+4e "&"+4 9&*-* ,*(';E*,
*; 6$(#*,$' -* ;4 *3$(#*"+$4? =4 W&* #4"#' *; 6&"-' $"#*,"' +'6' *; *3#*,"' ('" &"'F

84 #,4-$+$@" $"-$4 -*+;4,4 W&* *(#* *( *; '5O*#$E' -* ;4 E$-4 K&64"4F 84 +'"+$*"+$4 W&*
4(+$*"-* 4 #,4Ed( -* &"4 *"',6* *(+4;4 -* %,4-4+$'"*( -*5*? 9', B$"? ,*(';E*, (&
6$(#*,$'F 0(#'? *" '#,4( 94;45,4(? ($%"$B$+4 W&* # K'65,*? 94,4 4;+4"C4, ;4 E*,-4-*,4
B*;$+$-4- = ;$5*,4,(* -* ;4 -&-4?
-*5* +'"'+*,(* 4 (M 6$(6'F 0( (';' *"#'"+*( W&* 9&*-* 4;+4"C4, ;4 *(#4#&,4 -$E$"4
',-*"4-4 94,4 d;F I@6' (* 9&*-* ;'%,4, *(#' *( *; '5O*#$E' 9', *; +&4; -*5*6'( ;&+K4,F
0(#' *( ;' W&* A4"+K4(#4E$ $"#*"#4 64"$B*(#4, +&4"-' -$+* `gFVPb^ e!(M +'6' ;'( ,4='( -*
;&C W&* (* *;*E4" -*; (';? +'6' *; -*(#*;;' -* &" B&*%'? +'6' ;4( %'#4( -* ,'+M' B',64-4(
9', ;4( '"-4( '5(#,&$-4( W&* (* *;*E4" *; 9'-*,'(' '+d4"'? `('" ,*45(',5$-'( *" (&
B&*"#*f? -* ;4 6$(64 64"*,4? ;4 6&;#$#&- -* *;*6*"#'( W&* (* *;*E4" = (* *;*E4"
"&*E46*"#* +'" (&( 9,'9$'( %,&9'( *(*"+$4;*( `+'"(#$#&=*"#*(b (* E*" B',C4-'( 4 +4*,
*" ;4 W&$*#&- *" \$ eF A4,4-@O$+'? +'6' 9&*-* 94,*+*,? *( ;4 +'"+$*"+$4 *; *(9*O' = ;4 54(*
-*; &"$E*,('? &" 9'-*,'(' 4+*,#$O' 6<( 4;;< -* ;4 $"#*;$%*"+$4 -*; K'65,*F

g$($@" 6M(#$+4^ &"4 B',64 -* %*"$'

0; -'" -* ;4 E$($@" 6M(#$+4 *( &"4 B4+&;#4- #4" $"K*,*"#* +'6' +&4;W&$*, '#,4 B',64 -*
%*"$'F 84 L"$+4 9*+&;$4,$-4- W&* ;' -$(#$"%&* -* '#,4( B4+&;#4-*( *3#,4',-$"4,$4( *( W&*
+'" d; (* 4('+$4 &" $"#*"(' 46', = -*E'+$@" 9', ;4 1$E$"$-4-? &"4 #*"-*"+$4 9,'"&"+$4-4
9,'"&"+$4-4
K4+$4 ;4 4&(#*,$-4- = &"4 94($@" -*(6*(&,4-4 9', ;4 ',4+$@"? ;4 4-',4+$@" = ;4 6*-$#4+$@"?
' 9', '#,4( -$(+$9;$"4( 9($+'BM($+4( W&* 4=&-4" 4 4;64 94,4 4+*,+4,(* 4; *(#4-' -* &"$@"
K4+$4 *; +&4; (* *(B&*,C4F 84 E$-4 -* ;'( 6M(#$+'(? =4 (*4 -* J,$*"#* & J++$-*"#*? 4"#$%&'(
' 6'-*,"'(? -*6&*(#,4 469;$46*"#* *(#4 9*+&;$4,$-4- +'"(#$#&+$'"4;F
+'"(#$#&+$'"4;F 84 54(* 94,4 *;;'
,4-$+4 *" (& +'"(#,&++$@" 9($+'('6<#$+4F 8'( B4+#',*( 5$';@%$+'( W&* +'"-&+*" 4 *(#4
+'"-$+$@" "&"+4 (* K4" +'"'+$-' ' $"+;&(' ('(9*+K4-' K4(#4 4K',4F

1*5$-' 4 *(#4 B4;#4 -* +'"'+$6$*"#' ('5,* ;4 -'#4+$@" 5$';@%$+4 -* ;'( 7;;&6$"4#$? #'-4EM4
(* 64"#$*"*" 9&"#'( -* E$(#4 -$E*,%*"#*( ('5,* ;'( -$E*,('( 6d#'-'( 94,4 4;+4"C4, *;
*(#4-'F D4= '+&;#$(#4( = 64*(#,'( *(9$,$#&4;*( W&* +,**" ($"+*,46*"#* W&*? *" (& 9,'9$'
6d#'-' 94,#$+&;4, -* *"B'W&* 94,4 '5#*"*, ;4 #,4(+*"-*"+$4? .&"-4;$"$ "' *(#<
$"E';&+,4-' = W&* ;4 $;&6$"4+$@" (* 9&*-* ;'%,4, -* '#,4( 64"*,4( #465$d"F :' 6&*(#,4"
+'"+$*"+$4 -*; K*+K' -* W&* ;4 *3+$#4+$@" -* .&"-4;$"$ 9&*-* (*, &" 9,'+*(' %,4-&4-'
*3#,*64-46*"#* ;*"#' = #465$d" &" -*(4,,';;' ,<9$-'? ($6$;4, 4 &" ,4='? -*9*"-$*"-'
-* ;4 +'"(#$#&+$@" = ;'( 6d#'-'( 4-'9#4-'( 9', *; $"$+$4-'F 0" *; 9,$6*, +4('? "' (*
9*,+$5* ;4 4+#$E$-4- -* &"4 B&*,C4 *" *; +&*,9' = *; B*"@6*"' 94,*+* (*, -* "4#&,4;*C4
9&,46*"#* 9($+';@%$+4F A*,' *" ,*4;$-4-? *" #'-'( ;'( +4('( -* $;&6$"4+$@" ,*4;? *; A'-*,
-* ;4 G*,9$*"#* *(#< $"E';&+,4-'F
8'( 6d#'-'( 6<( -,<(#$+'(? 4-'9#4-'( *" D4#K4Ui'%4? 4 E*+*( ,*(&;#4" *" &" -*(9*,#4,
9'-*,'(' = ,<9$-' -*; GK4j#$F 8'( (M"#'64( -*(+,$#'( *" ;'( 64"&4;*( -* D4#K4Ui'%4 (*
E&*;E*" B<+$;6*"#* ,*+'"'+$5;*(F 0(#* %*"*,4;6*"#* "' *( *; +4(' +'" ;4( 9,<+#$+4( 6<(
6'-*,4-4( -* H4O4 i'%4F 0(#' *( ;' W&* *; 4&#', -* A4"+K4(#4E$ $69;$+4 *" *(#* E*,('
cgFVXf^ e8'( 4B',#&"4-'( c5&(+4-',*(f W&*? *" E$,#&- -* ;4 h$(*,$+',-$4 $"K*,*"#* 4 \&
"4#&,4;*C4 = c*; B4E', -*f &" 9,*+*9#', *3$%*"#*? *"#,4" *" (& 9,'9$' I46$"' c
G&(K&6"4f? ('" +494+*( -* *(+$"-$, ;4 '(+&,$-4- *"E';E*"#* -* ;4( (*$( ,&#4( c*( -*+$,? *;
6&"-' *3#*,"' $;&(',$' +,*4-' 9', ;'( +$"+' (*"#$-'( = ;4 6*"#*f? 4 ;4 E*C #* +'"'+*"
-$,*+#46*"#* K4(#4 *; L;#$6' -M4 +'6' (& 9,'9$4 1&,%4 $;&(#,* c9*,64"*"#*f *" ;4 B',64
-* $"+'"B&"-$5;* +'694($@" = -$+K4 (&9,*64 W&* K4+* W&* *; +&*,9' #465$d" (*4
4&(9$+$'(' c94,4 W&* 9&*-4 ('(#*"*, ;4 ;;464 -* ;4 (&9*,+'"(+$*"+$4 *"+*"-$-4 9', #$f eF
84 $69',#4"+$4 -*; E*,(' *( +;4,4F ek&$d" K4+* W&* *; +&*,9' (*4 4&(9$+$'('e (* ,*B$*,*
+;4,46*"#* 4 ;4 ,*6'-*;4+$@" 5$';@%$+4 = e4W&*;;'( W&* $"%,*(4" 4; I46$"' -* G&(K&6"4e
4 ;'( 5&(+4-',*( W&* *69,*"-*" -$(+$9;$"4( -*(#$"4-4( 4 -*(9*,#4, *; A'-*, -* ;4
G*,9$*"#*F

0; ($%&$*"#* E*,(' -*O4 ;4 9'($+$@" 9*,B*+#46*"#* +;4,4F 0( *; GK4j#$ W&* *(#< -*#,<( -*
#'-'( ;'( -'"*( 9(MW&$+'(? #'-' *; I'"'+$6$*"#'? 4(M +'6' ;4 7%"',4"+$4F eJK 1$'(4
A'-*,'(4e? -$+*? e\L *,*( GK$E4? \L *,*( GK4j#$? \L? ;4( 1'+#,$"4( 0(#45;*+$-4(? \L *; 4;64?
\L ;4 $"$+$4+$@"? \L *(#' c&"$E*,(' 64"$B*(#4-'f? \L ;'( G$--K$( c-'"*( 9(MW&$+'(f? +'6'
!"$64 = *; -*(+4"('

c*( -*+$,? ;'( '+K' G$--K$( 9'($5;*( 94,4 ;'( ='%&$(f? *,*( *; 4%,*%4-' -* >&"4( cG4##E4?
H4O4( = \464(f? *,*( +'"'+$6$*"#' = #465$d" $%"',4"+$4F \L `*" E*,-4-b *,*( #'-' = ;'
W&* *(#< 6<( 4;;<F 8' W&* \4##E4 c*;*6*"#'f K4= cY 1$'(4f W&* *( 494,#* = -$B*,*"#* -* \$?
"' ;' 9*,+$5$6'(F e8'( -'"*( 9(MW&$+'( c($--K$(f (* +'"($-*,4" &" +'69;*6*"#'
"*+*(4,$' 94,4 *; d3$#' *" *; i'%4F 0(#' -*6&*(#,4 W&* .&"-4;$"$ *( ;4 B&*,C4 6$(#*,$'(4
-*#,<( -* ;'( B*"@6*"'( 9(MW&$+'(F 0;;4 #465$d" *(#< -*#,<( -*; -,464 -*(+'"+*,#4"#*
-* ;4 +,*4+$@" =? 4; 6$(6' #$*69'? *; $;&6$"4-', W&* -$($94 ;4 $;&($@"F 0" GK4j#$? 9', ;'
#4"#'? *(#46'( 4"#* &" 6$(#*,$' W&* *(#< 6<( 4;;< -* ;4 +'69,*"($@" -* ;4 6*"#*F

\4"#' G4&"-4,=4 84K4,$ +'6' A4"+K4(#4E$ ,*9,*(*"#4" *; 9&"#' 6<( 4;#' -* &"4
-$(+$9;$"4 *(9$,$#&4;? 9,4+#$+4-4 -*(-* #$*69'( $"6*6',$4;*(? W&* %$,4 *" #',"' 4 ;4
4+#$E4+$@" -* *(#4 B&*,C4 9($+'('6<#$+4 ;4#*"#* *" *; +&*,9' W&*? +&4"-' (* -*(9$*,#4?
-*(%4,,4 *; E*;' (*"(',$4; W&* &"* *; 4;64 4 ;4 #$*,,4? ;*E4"#<"-';4F 4 ,*%$'"*( +*;*(#$4;*(
-* #4"#4 %;',$4 = B*;$+$-4- W&* 9*,-$*,'" 64,4E$;;4-'( 4"#* *; *(#&9*"-' #,4"(B',64+$@"
-* "'('#,'(? = +'69;*#46*"#* 4;*O4-' -* #'-' ;' W&* 9*,#*"*+* 4 ;4 #$*,,4? (';' 9&*-*
-*+$,^ eG'= GK$E4e? eG'= [,4K64"e? eG'= *; G*2',eF
[4(4-' *" *; &(' 4"#$%&'? *(#4 *( ;4 ,4C@" 9', ;4 +&4; &" ='%&$ +'"(&64-' *" 7"-$4 *(
#,4#4-' +'6' oGm46$o W&* ($%"$B$+4 G*2',? = &" 6M(#$+' (&BM +'6' oGK4Ko W&* ($%"$B$+4 H*=F
1* *(#4 *39*,$*"+$4 9$+' (&,%$@ *; 9,$6*, E*,(' -* G4&"-4,=4 84K4,$^ eG';' +&4"-' (* &"*
+'" GK4j#$? GK$E4 9&*-* %4"4, ;4 9'($+$@" 94,4 +'"E*,#$,(* *" *; G*2', G&9,*6' c-*;
/"$E*,('fF 1* ;' +'"#,4,$'? 1$'( "$ ($W&$*,4 9&*-* 6'E*,(* FFFeF 8 4 6$(64 $-*4 (* *39,*(4
*" A4"+K4(#4E$ *" *(#4( 94;45,4(^ e1$'(4? *,*( *; GK4j#$ cA'-*,f -* GK$E4 c*; I,*4-',f? W&*
#$*"* ;4 ;&"4 *" ;4 B,*"#*F 0,*( (& +&*,9'? ;'( (*"#$-'(? ;4 6*"#*? *; $"#*;*+#'? *; 9'-*, -*
;4 4++$@" = *; K4+*-', -* ;'( K*+K'(F \L *,*( *; -*(*'? *; %'5$*,"' = #465$d" *; *"%42'F
\L *,*( (& ,*B&%$' +'6' #465$d" *; E*;' W&* '+&;#4 ;4 ,*4;$-4-F nk&d K4= W&* "' 5,'#*
-* #$p e

A4,4 +'69,*"-*, *; ($%"$B$+4-' -* *(#'( -'( E*,('( 54(#4"#* *"$%6<#$+'( *( "*+*(4,$'


#*"*, 4;%L" +'"'+$6$*"#' -* ;4( -'+#,$"4( 5<($+4( -* ;4 B$;'('BM4 #<"#,$+4F

0" (& B',64 64+,'+@(6$+4? GK$E4 *( *; G*2', G&9,*6' -* ;4 I,*4+$@"? 9*,' *" *; *(#4-'
6$+,'+@(6$+' *( *; u$E4 c4;64f *"+4,"4-'? 4#4-' 9', ;'( %,$;;'( -* ;4 +4,"*? 9,'9*"(' 4;
"4+$6$*"#'? +,*+$6$*"#'? -*+4-*"+$4 = 6&*,#*F 1*(-* (& 9,$6*,4 *"#,4-4 *" *; 6&"-'
K4(#4 *; L;#$6' 6'6*"#' *" ;4 #$*,,4? *( 9,*(4 -* ;'( 5&BB*#( -* ;4( +$,+&"(#4"+$4( ' *;
-*(#$"'? ($*69,* *" -&-4 ('5,* (M 6$(6'? ('5,* (& 9,'9$4 "4#&,4;*C4 ,*4;? (& 9,$"+$9$' =
(& B$"F G* E* 4 (M 6$(6' +'6' &"4 (';4 &"$-4- -* &" K&d(9*- +';'(4;? 9*,-$-' *" ;4
$"6*"($-4- -* ;4 #$*,,4? ;&+K4"-' = (&-4"-' 94,4 (4#$(B4+*, (&( "*+*($-4-*(? #465$d" ;4(
94($'"*( = 465$+$'"*( 4,-$*"-' *" (& 9*+K'? K4(#4 W&* ;4 6&*,#* ;* %';9*4 *; B,M'?
9'"$*"-' B$" 4 &" -,464 -*(+'"+*,#4"#* W&* "4-$* K4 *"+'"#,4-' ;4 ,4C@" K4(#4 4K',4F

\4"#' *" *; L#*,' +'6' 4; B$"4;? ;'( 6<( 4;#'( = 9'-*,'('( +'694,#*" ;4 6$(64 K45$#4+$@"
= *; 6$(6' L;#$6' 45,4C' -* B&*%' ' #$*,,4 KL6*-4? -*O4"-' (';' &" ,*+&*,-' B&%4C -*
(&( '5,4(? 5&*"4( ' 64;4(F A4,*+*? 9', ;' #4"#'? $69'($5;* +,**, W&* *(#* $"($%"$B$+4"#*
6',#4;? "' 6<( W&* &"4 5&,5&O4 #,4"($#',$4 *" *; '+d4"' $;$6$#4-' -* ;4 *3$(#*"+$4? 9&*-4
4;+4"C4, &" *(#4-' *" *; W&* *; /"$E*,(' +';'(4; (* +'"E$*,#4 *" &" -'6$"$' -*; +&4; d; *(
*; G*2',F 84 6*,4 $-*4 94,*+* 45(&,-4? 9*,' ($" *654,%'? +'"(#$#&=* *; 9&"#' B'+4; -* ;4
B$;'('BM4 6<( *(9$,$#&4; = *(9$,$#&4;F

0; 9*"(46$*"#' W&* K4 %4"4-' &"4 9'($+$@" 9,**6$"*"#* 94,4 ;'( (45$'( -* ;4 7"-$4 *"#,*
;4( ;&6$"4,$4( *(9$,$#&4;*( -* ;4 #$*,,4F

eG'= [,4K64 `*; !5(';&#'be? -$+* &"' -* ;'( E$-*"#*( -* ;'( /94"$(K4-(F e84 ;&C W&* 5,$;;4
*" *; ('; #465$d" 5,$;;4 *" 6Me? K4+* *+' -* '#,'F e0(#* !#64" `4;64b 6M4 = [,4K64" `*;
!5(';&#'b ('" &"'e? -$+* &" #*,+*,'? 9', ;' W&* K4 +'"#$"&4-' -&,4"#* 6$;*( -* 42'(F 84
6$(64 $-*4? -* -$B*,*"#*( 64"*,4( = 54O' -$B*,*"#*( "'65,*(? K4 ($-' ,*9*#$-4 =
,**;*%$-4 9', 4; 6*"'( +$*" %*"*,4+$'"*( -* (45$'( $;&6$"4-'( = (4"#'( -* ='%4 -* ;4
7"-$4 K4(#4 *; -M4 -* K'=F !W&*;;'( W&* K$+$*,'" *(#'? -*(-* *; 9&"#' -* E$(#4 4+#&4;?
,*+;46' B4"#<(#$+' $"E4,$45;*6*"#* %4"4,'" *; K'6*"4O* = ;4 ,*E*,*"+$4 -* 6&;#$#&-*( =
;' K4+*" $"+;&(' *" *(#4 d9'+4F
/" 9($+@;'%' 6'-*,"'? 4; 9*-$,;* &"4 *39;$+4+$@" -*; *"$%64? 9,'545;*6*"#* -*(+4,#4,M4
#'-4 ;4 $-*4 +'6' *; ,*(&;#4-' -* &"4 $64%$"4+$@" *"B*,64? &"4 $;&($@" %,4"-$'(4? &"4
B4"#4(M4? ;4 *,&9+$@" -*; (&5+'"(+$*"#*? *#+F A4,4 d;? ;4 6*"#* K&64"4 *( ;' W&* *( ($"
9'($5$;$-4-*( ;4#*"#*( -* #,4(+*"-*, (&( ;$6$#4+$'"*( 4+#&4;*(? = -* ;4 ;&C $"+$*,#4 -* ;4
;;464 -* &"4 E*;4 94,94-*4"#* 94,4 #,4"(B',64,(* *" *; 5,$;;' 5,$;;4"#* -*; ('; -*;
6*-$'-M4F

nk&$d" 9&*-* "*%4, W&* ;4 9'($+$@" -* ;'( *(+d9#$+'( *(#<? *" %,4" 6*-$-4? O&(#$B$+4-4 4
;4 ;&C -* "&*(#,' +'"'+$6$*"#' 4+#&4; ('5,* ;4 6*"#* = ;4 +'"+$*"+$4p 0" ;' W&* ,*(9*+#4
4 ;4 9'($+$@" +',9@,*4? "' *3$(#* ;4 6<( 6M"$64 *E$-*"+$4 94,4 ,*(94;-4, &"4 4B$,64+$@"
#4" $69'($5;*F nI@6' 9&*-* *(#4 B,<%$; +,$4#&,4? (4+&-$-4 9', +4-4 ,<B4%4 -* 94($@"?
($*69,* 54O' *; -'6$"$' -* (& +&*,9' = ;&O&,$4? ,*+;464, $-*"#$-4- +'" *; G*2', -*;
/"$E*,('? ;4 B&*"#* $"B$"$#4 -* ;4( $""&6*,45;*( K&*(#*( -* (';*( = 9;4"*#4(? &"4 6&;#$#&-
#4" E4(#4 W&* ;4 84 #$*,,4 +'" (&( 6$;*( -* 6$;;'"*( -* (*,*( K&64"'( "' *( 6<( W&* &"
9*W&*2' %&$O4,,' *" &" ;*+K' 64,$"' +&5$*,#' -* 9$*-,4( = +4"#'( ,'-4-'( 4 j$;@6*#,'(
-* -$(#4"+$4F

84 *39;$+4+$@" -* ;4 9'($+$@" 94,4-@O$+4? +,*4-4 9', *(#4( -*+;4,4+$'"*( ('5,* ;4 $-*"#$-4-


-*; *(9M,$#& *"+4,"4-' = *; !;64 G&9,*64 -*; /"$E*,('? =4 (*4 W&* ;4 ;;46*6'( 9', *;
"'65,* -* 1$'(? [,4K64"? u*K'E<? !;;4K? GK$E4 ' 7(KE4,4? ,*($-* *" ;4 *39*,$*"+$4F -*;
(464-K$? *; *(#4-' B$"4; -*; ='%4? ' d3#4($( 6M(#$+' W&* K4 ($-' &"4 +4,4+#*,M(#$+4
,*+&,,*"#* -* ;4 *39*,$*"+$4 ,*;$%$'(4 -*(-* ;'( 9,$6*,'( #$*69'(F 84 (';&+$@" 94,4 *(#*
*"$%64 ($" ,*(9&*(#4 "' ,*($-* *" ;4 9,'E$"+$4 -*; $"#*;*+#' ($"' *" ;4( 9,'B&"-$-4-*( 4L"
$"('"-45;*( -* ;4 +'"+$*"+$4 6$(64F 84 6$(#*,$'(4 ;<694,4 +&=4 ;&C ,*E*;4 *; /"$E*,('
9&*-*? 4; 94,*+*,? *6$#$, '#,'( #$9'( -* ,4='( = ,4='( 6*-$4"#* ;'( +&4;*( (* 9&*-*
+465$4, #'-4 ;4 9'($+$@" -*; '5(*,E4-',? *( -*+$,? *; 4;64 = ;' '5(*,E4-'? *( -*+$,? *;
6&"-'F

84 64=',M4 -* ;'( +'"+*9#'( +'(6';@%$+'( = 6*#4BM($+'( -*; 4" 8'( B$;@('B'( $"-$'( 6<(
4"#$%&'( (* 54(4" *" *(#4 *39*,$*"+$4F 0(#4 *( &"4 '9$"$@" ('(#*"$-4 $"+;&(' 9', *,&-$#'(
*,&-$#'( +'6' r$66*,F 0; K*+K' 6$(6' -* W&* *; (464-K$ K4 -*6'(#,4-' (*, &" 4;64
64#*, 94,4 $694,#$, "&*E'( +'"'+$6$*"#'( ' 94,4 469;$4, (&( ;M6$#*( 4"#*,$',*( ' 94,4
B'6*"#4, *; ,*9;4"#*46$*"#' -* ;'( 9,'5;*64( -* ;4 *3$(#*"+$4 *( &" B4+#', -* #4;
$69',#4"+$4 W&* ,*W&$*,* 4#*"+$@" $"6*-$4#4 94,4 &" *(#&-$' *3K4&(#$E' -*; +'"O&"#'F
B*"@6*"'F 84 *39;',4+$@" -*; 6$(#*,$' -* ;4 +'"+$*"+$4 "&"+4 #&E' #4"#4 &,%*"+$4 +'6'
4K',4F /" 9'+' 6<( -* +'"'+$6$*"#' ('5,* (M 6$(6' 9&*-* +465$4, #'-4 ;4 E$-4 = #'-4
;4 *(B*,4 -* 4+#$E$-4- -* ;4 K&64"$-4-F

8'( *(+,$#'( 4+#&4;*( ('5,* *; ='%4 = *; 6$(#$+$(6'? +&4;W&$*,4 W&* (*4 ;4 9*,(9$+4+$4
$"#*;*+#&4; 6'(#,4-4? "' 4,,'O4" ;&C ('5,* ;4 "4#&,4;*C4 ,*4; -* ;4 *39*,$*"+$4 6M(#$+4F 8'(
#d,6$"'( +'6' o*(#4($(o? o*"#4($(o? o-*#*"+$@" -*; 9*"(46$*"#'o? o#K4#"*((o? o#4;U"*((o?
o+'"+$*"+$4 +@(6$+4o? o*(#4-' &"$#$E'o? o(*"#$6$*"#' '+*<"$+'o? o(&6d,%*#* *" *;
(&5+'"(+$*"#*o? o +'"#4+#' +'" ;4 +'"+$*"+$4 +';*+#$E4 o? = *; ,*(#' ('" 6*,46*"#*
(M65';'( ;$"%aM(#$+'( 94,4 ,*9,*(*"#4, &" *(#4-' W&* *( $"*39,*(45;*F 84( *39*,$*"+$4(
*(#&-$4-4( ' ,*%$(#,4-4( 9', ;'( *,&-$#'( 6'-*,"'( ('" 6*,46*"#* 5,*E*( -*(#*;;'(?
6'-$B$+4-'( 9', B4+#',*( +'"(#$#&+$'"4;*( = *; *"#',"'? -* &" *(#4-' 4;#*,4-' -* ;4 6*"#*
K&64"4 W&* 9&*-* -*(+,$5$,(* 9*;$%,'(46*"#*? *" ;4 6*-$-4 *" W&* +&4;W&$*, ;*"%&4O*
9&*-4 K4+*,;'? (';' 9', &"' W&$*" K4 (&B,$-' ;4 #,4"(B',64+$@" d; 6$(6'F
:$"%&"4 +4"#$-4- -* *O*,+$+$' $"#*;*+#&4; 9&*-* -$5&O4, &"4 $64%*" 9,*+$(4 -*; *(#4-'F
G*,M4 +'6' *; $"#*"#' -* &"4 9*,('"4 4 ;4 W&* (* ;* "$*%4 ;4 E$(#4 -* *39;$+4, ;'( +';',*(
-* &" 4,+'M,$( 4 '#,'(? ' +'6' 4;%&$*" W&* E* *; 4,+'M,$( = (&( +';',*( 94,4 #,4"(6$#$, (&(
$69,*($'"*( 4 &" %,&9' -* 9*,('"4( +$*%4(F 0(#4 *( ;4 ,4C@" 9', ;4 +&4; *" ;'( /94"$(K4-(
*(#* $"#*"#' (* K4 +'694,4-' +'" ;4 +'"-$+$@" -* e*; +$*%' %&$4"-' 4; +$*%'eF 0(#4 *(
#465$d" ;4 ,4C@" 9', ;4 +&4; *; #d,6$"' o"*#$? "*#$o? `"' *(#'? "' *(#'b? (* K4 &(4-'
,*9*#$-46*"#* 94,4 *"B4#$C4, *; K*+K' -* W&* ;4 *39*,$*"+$4 -* (464-K$ "' (* *"+&*"#,4
*" ;4 #$*,,4 "$ (* *"+&*"#,4 *" *; &"$E*,('F

0(#4 9'($+$@" *( -$BM+$; -* 4+*9#4, 94,4 *; $"#*;*+#' ($*69,* *" 5L(W&*-4F 0( -$BM+$; 94,4
&" 5&(+4-', $"#*;$%*"#* -4,(* +&*"#4 -* W&* *; (*, $"#*,"' -* &" ='%&$ 9&*-* (*, #4"
#,4"(B',64-' W&* #'-' *" ;' W&* (* 54(4 (& 9,'9$' +'"'+$6$*"#'? '5(*,E4+$@" = ;@%$+4
9&*-* -4, ;&%4, 4 &" "&*E' 9;4"' -* *39*,$*"+$4 -'"-* *; +'"'+$6$*"#' 6$(6' 94,*+*
#*"*, &" 6&"-' $"-*9*"-$*"#* 9,'9$'? -$E',+$4-' -*; 9,'+*(' -* e9*"(46$*"#'e W&* *(
&"4 +4,4+#*,M(#$+4 $"4;#*,45;* -* ;4 6*"#* K&64"4F :' 9&*-* +,**, W&* &" "&*E' 6&"-'
6*"#4; 9&*-4 (*, 4++*($5;* 94,4 &" (*, K&64"' *" *; W&* *; +'"'+*-',? *; 9,'+*(' -*
+'"'+$6$*"#' = ;' +'"'+$-' (* &"4"F

84( +'"#,$5&+$'"*( 4 ;4 ,*(*,E4 -* +'"'+$6$*"#' =4 *3$(#*"#* ('5,* *; d3#4($( 6M(#$+'? W&*


*3$(#* K'= *" -M4? (';' 9&*-*" (*, ,*4;$C4-4( 9', 4W&*;;'( W&* #$*"*" &"4 *39*,$*"+$4
+'"(#4"#* -* (& *(#4-' *3#,4',-$"4,$'F 0(#'= K4+$*"-' *(#4 -*+;4,4+$@" +'" 9;*"4
,*(9'"(45$;$-4-? 9',W&* (4;-,M4 4 ;4 ;&C? #4,-* ' #*69,4"'? W&* ;4 +'"#,$5&+$@"
$"#*;*+#&4;? *" ;&%4, -* 4+;4,4,? K4 4&6*"#4-' ;4 +'"B&($@"F A4,4 +&4;W&$*, $"E*(#$%4+$@"
4+#&4; -*; B*"@6*"'? (* -*(+&5,$,M4 W&* ;4 B&*"#* -* $"B',64+$@" 6<( 9,';MB$+4 ('5,* *(#*
*(#4-' *3#,4',-$"4,$' ('" ;4( +'69'($+$'"*( $"(9$,4-4( -* ;'( $;;&6$"4#$ -* ;4 7"-$4 -*(-*
;'( #$*69'( Ed-$+'(F 1&,4"#* 6&+K4( -d+4-4(? ;4 +$*"+$4 6'-*,"4 #*"-,< W&* -*9*"-*,
-* *(#* 4"#$%&' #*(',' 94,4 ;4 ,*+'9$;4+$@" -* -4#'( 9,*;$6$"4,*( ('5,* *(#* B*"@6*"'F
8'( *,&-$#'( W&* 4K',4 (* 49,*(&,4" +'" (&( +'6*"#4,$'( = *39;$+4+$'"*( ('5,* *; *(#4-'
' ;'( 6d#'-'( 94,4 ;4 $"-&++$@" -*; d3#4($( (';' (* 'B,*+*" 94,4 *; ,$-M+&;' -* ;4 9,'%*"$*F

e:$ 9', *; i'%4? "$ 9', G46jK=4? "$ 9', *; #,454O'? "$ 9', *; 49,*"-$C4O*e? -$+*
GK4"j4,4+K4,=4? e($"' 9', ;4 ,*4;$C4+$@" -* ;4 $-*"#$-4- -* &"' +'" [,4K64" *( 9'($5;*
;4 ;$5*,4+$@" = 9', "$"%L" '#,' 6*-$'e FPP 0; d3#4($( 6M(#$+' ($%&* ($*"-' &"' -* ;'(
*(#,$+#46*"#* %&4,-4 (*+,*#'( -* ;4 "4#&,4;*C4 = "*+*($#4 ;4 -*-$+4+$@"? *; (4+,$B$+$' = *;
#,454O' 4%'#4-', -* *W&$9'( -* (45$'( K'"*(#'( 94,4 +'69,*"-*,;' -* ;4 6$(64 64"*,4
W&* (&+*-$@ *" *; +4(' -* '#,'( -*(+&5,$6$*"#'(F 1* K*+K'? (* +'"($-*,4,M4 W&* ;4
-*-$+4+$@"? *; (4+,$B$+$' = *; #,454O' $"E';&+,4-'( ('" 6&+K'? 6&+K' 64=',*( -* ;' W&*
B&* *; +4(' +'" ;'( (*+,*#'( -*; 6&"-' BM($+'F
84 +$*"+$4 6'-*,"4 #'-4EM4 #$*"* W&* B',6&;4, 9;4"*( 94,4 *; +'6$*"C' -* &" E$4O* +&='
B$"4; "&"+4 (* E*,<F g$(#' 4 ;4 ;&C -* *(#'( K*+K'(? ;4( 4B$,64+$'"*( K*+K4( 9', ;'(
*39'"*"#*( -* +$*,#'( 6d#'-'( "'E*-'('( -* 6*-$#4+$@" ' ;'( -$(*24-',*( -*
-$(9'($#$E'( -* 5$',,*#,'4;$6*"#4+$@" W&*? +'" &"'( 9'+'( 6$"&#'( -* *O*,+$+$' -$4,$' '
&"4( 9'+4( K',4( -* 9,<+#$+4 *" ;4 6<W&$"4? &"' 9&*-* ;'%,4, *; 6$(6' *(#4-' 6*"#4;
W&* ;;*E@ 4 ;'( ='%&$( $"-$'( ' ;'( 64*(#,'( C*" 4 4;+4"C4, #'-4 &"4 E$-4? 94,*+*
*3#,*64-46*"#* $"B4"#$;F \4;*( 4B$,64+$'"*( (45',*4" ;4 6$(64 B4;#4 -* +'"'+$6$*"#'
-*9;',45;* W&* (* ;* 9&*-* 4#,$5&$, 4; %&,L W&*? (*%L" ;'( $"B',6*(? -$O' 4 (&( -$(+M9&;'(
W&* "' B&* *" ;4 ;&"4 W&* ;'( 4(#,'"4&#4( K45M4" 4#*,,$C4-'? ($"' *" &"4 ,*%$@" -$(#4"#*?
4L" $"*39;',4-4 -* ;4 #$*,,4F k&* $"+;&(' *" *(#4 *,4 -* ;4 ,4C@"? ;4( 6&;#$#&-*( -*
5&(+4-',*( #$*"*" ;4( 6$(64( +,**"+$4( $"%*"&4( ('5,*
( '5,* ;4 *39*,$*"+$4 #,4(+*"-*"#4;? *(
*E$-*"#* 6<( 4;;< -* #$ 5#F

D4= &"4 E*#4 -* $-*"#$-4- *" #'-4 ;4 %,4" 64(4 -* +'69'($+$'"*( $"(9$,4-4( *" ;4 7"-$4
W&* *( $"+'"B&"-$5;*F A*,'? -*(4B',#&"4-46*"#*?
-*(4B',#&"4-46*"#*? ;4 64=', 94,#* -* *(#* #*(',' "' *(#<
-$(9'"$5;* 94,4 *; 5&(+4-', '++$-*"#4; -*(9&d( -* ;4 ;&CF 0(#4 9,*+$'(4 #$*"-4 K4 ($-'
+&$-4-'(46*"#* 9,*(*,E4-4 9', -*E'#'( = -$(+M9&;'( = #'-4EM4 *(#< -$(9'"$5;* 94,4
*(#&-$4, K'=F 0; "L6*,' -* *(#'( *"&"+$4-'( $"(9$,4-'( 4(+$*"-* 4 6$;*(? *39,*(4-'( *"
-$B*,*"#*( $-$'64( -* ;4 7"-$4F G* 9&*-*" -$(#$"%&$, B<+$;6*"#* &"4 E*C W&* ;4(
+4,4+#*,M(#$+4( 5<($+4( -*; d3#4($( 6M(#$+' *(#<" +;4,46*"#* -*B$"$-4(F A4"+K4(#4E$ B',64
&"4 -* ;4( %*64( 6<( 9,*+$'(4( -* *(#* #*(','F A&*-* (*,E$, 6&= 5$*" +'6' 6&*(#,4 -*
"&6*,'(4( '#,4( +'69'($+$'"*( -*; 6$(6' #$9'F \,4"(6$#*" *" -$B*,*"#*( 4#&*"-'(?
9*,' *" (& 9,'9$' $-$'64? ;4( $69,*($'"*( -* ;'( 4-*9#'( 4; ='%4 *" &" *(#4-' 9*,*""*
-* +'"+$*"+$4 (&9*,$', ('5,* ;4 "4#&,4;*C4 -* ;4 #,4"(B',64+$@" ;'%,4-4 = ;4 *39*,$*"+$4
*39*,$6*"#4-4 *" *; "&*E' *(#4-'F 84 "4#&,4;*C4 L"$+4 = (&5;$6* -* ;4 *39*,$*"+$4 K4+*
W&* *(#'( *(+,$#'( "' #*"%4" 9,*+$' 6$*"#,4( "' (*4" ,**69;4C4-'( 9', '#,'( *" ;'(
#$*69'( E*"$-*,'( W&* 9*"*#,4" *" ,*%$'"*( 6<( 4;;< -* ;4( B,'"#*,4( =4 4;+4"C4-4(F

g*,-4-*,4 *39*,$*"+$4 6M(#$+4

0; 6&"-' 4L" "' *(#< 5$*" $"B',64-' ('5,* *; K*+K' -* W&* *3$(#* &"4 %,4" -$B*,*"+$4
*"#,* ;4 +'"-$+$@" 4;&+$"4"#* -* ;4 6*"#*? $"-&+$-4 9', ;4( -,'%4(? ;'( #$9'( $"*,#*( -*
6*-$#4+$@"? ;4 K$(#*,$4 ' ;4 K$9"'($( = *; #,4"+* 6M(#$+'? =4 (*4 &"4 $"E*(#$-&,4 "4#4 '
#,4M-4 ('5,* 9', -$(+$9;$"4( ,*;$%$'(4( -* +&4;W&$*, #$9'F 84 9($+';'%M4 4+#&4; *(#<
+'69;*#46*"#* *" *; 64, ('5,* *(#4 +'"-$+$@"F A4,4 K45;4, +'" 4&#',$-4-? +&4;W&$*,
9($+@;'%'? *(+,$5$*"-' ('5,* d3#4($( 6M(#$+'? -*5* K45*, *39*,$6*"#4-' ;4 +'"-$+$@"
6<3$64 d; 6$(6'F \$*"* W&* 9*"*#,4, *" &"4 ,*%$@" -'"-* "$"%L" '5O*#' ;* *( B46$;$4,F
0( *(#4 -$(+494+$-4- ;4 W&* K4+* W&* ;'( *(+,$#',*( 6'-*,"'( ('5,* i'%4? +'" &"
#,4(B'"-' -* 9($+';'%M4 6'-*,"4? ,*+&,,4" &"4 = '#,4 E*C 4; (&5+'"(+$*"#*F :' #$*"*"
'#,' #*,,*"' 6<( ' 6*"'( B46$;$4, 94,4 4=&-4,;*( 4 E$(&4;$C4, ;' W&* ($%"$B$+4
G&9*,+'"+$*"+$4F
G&9*,+'"+$*"+$4F A*,' ;4 B4;4+$4 -* ;4 +'694,4+$@" ,4,4 E*C (* +'69,*"-*F \'-4EM4 *(#<
9', -4,(* +&*"#4 -* W&* +&4;W&$*, #,4#46$*"#' E<;$-' -*; d3#4($( 6M(#$+' ,*9,*(*"#4 *;
+'6$*"C' -* &"4 "&*E4 +$*"+$4 ('5,* ;4 +&4; 4L" "' (* K4" *(#45;*+$-' ;'( +$6$*"#'(F
0( 9',W&* ;4 "4#&,4;*C4 *(#&9*"-4 -* (464-K$ "' (* *"#$*"-* +',,*+#46*"#* W&* #'-4EM4
*3$(#* #4"#4 +'"B&($@" = +'"B;$+#' -* 9&"#'( -* E$(#4 ('5,* ;' \,4(+*"-*"#4;F 8'( ($(#*64(
6*#4BM($+'( = ;4 %,4" 64=',M4 -* ;4 #,4-$+$@" Ed-$+4? #<"#,$+4 = 9&,<"$+4 -* ;4 7"-$4 (*
E&*;E* B<+$;6*"#* $"#*;$%$5;* +&4"-' (* +'69,*"-*" ,*4;6*"#* ;4( +4,4+#*,M(#$+4( 5<($+4(
-*; (464-K$ ' *; d3#4($(F 0; 9,$6*, +465$' W&* '+&,,* *" *; $"$+$' -* (464-K$ *( W&* *;
9*W&*2'? E4+$;4"#*? ;;*"' -* 94($@"

0; *;*6*"#' K&64"' *" ;4 +'"+$*"+$4 ,*#,'+*-* 4; B'"-' -*O4"-' *; 9$(' 45$*,#' 94,4 &"4
%$%4"#*(+4 A*,('"4;$-4-? &" G*, $"B$"$#' ' &" 1$'( -* 9,'9',+$'"*(
9,'9',+$'"*( $;$6$#4-4( 94,4 '+&94,
#'-4 ;4 4#*"+$@" -*; ='%&$ ' *; 6M(#$+'? (*%L" (*4 *; +4('F

0; 9&"#' 4W&M (&,%* ($ ;4 "4#&,4;*C4 *34;#4-4 -* ;4( 9*,('"4;$-4-*( & '5O*#'( 9*,+$5$-'(
*" *; d3#4($( 6M(#$+' ,*4;6*"#* 9,'E$*"* -* &" *"+&*"#,' +'" 1$'( ' *; I,*4-', -*;
/"$E*,(' ' ($ K4= &"4 #,4"(B',64+$@" -*; 9,'9$' =' 6M(#$+' 94,4 W&* #'-' ;' W&* 9*,+$54
*" *(4 +'"-$+$@" 4(&64 &" 9'($+$@" ('5*,4"4 W&* 4('+$46'( +'" ;4 1$E$"$-4-F 0(#* *( &"
#*64 -* %,4" $69',#4"+$4 9', ;4 ,4C@" -* W&* &"4 #,4"(B',64+$@" *" ;4 +'"+$*"+$4? W&*
9&*-* +,*4, #4; ,*E';&+$@" *" #'-' *; (*, -* &" $"-$E$-&'? 9&*-* ,*(&;#4, (*, ;4 5*"-$+$@"
9', ;4 +&4; *; 6&"-' #$*"* K'= &"4 "*+*($-4- #4" -*(*(9*,4-4F

0(#' *( ;' W&* A4#4"O4;$ W&$*,* -*+$, +&4"-' -$+* *" ;'( G&#,4(^ e0"#'"+*( *; =' c*( -*+$,?
*; 4;64f 9*,64"*+* *" (M 6$(6'eF 0" &" ,*(9$,' 94,*+* W&* *(#4 64"$B*(#4+$@" #$#<"$+4
*( &"4 9,'=*++$@" -* &"' 6$(6'? 9*,' *" *; (*%&"-' E$*"* *; *;*6*"#' K&64"'F *" *;
6*-$' 94,4 +'"#*69;4, +'" 4('65,' = 64,4E$;;4,(* &" 64,4E$;;'(' '+d4"' -* 8&C = G*,
4"#* *; +&4; ;4 $64%*" -* #'-' *; /"$E*,(' (* ,*-&+* 4 ;4 $"($%"$B$+4"+$4F 0; G*2', = *;
G$*,E' 4K',4 (* *"+&*"#,4" +4,4 4 +4,4? $-d"#$+'( 9*,' -$B*,*"#*(? &"$-'( 9*,' (*94,4-'(?
-*5$-' 4 ;4 -$E$($@" *B*+#' -*; +'69;*O' +&*,9'U6*"#* W&* 64"#$*"* 9,*(' 4; H4='
*#*,"' -*; G'; -* ;4 g$-4F !(M *( +'6' 84;;*(Km4,$ y -*(+,$5* ;4 039*,$*"+$4 G&9,*64^

0" ;4 L;#$64 E$%$;$4 -* ;4 "'+K* -* ;&"4?

h4"$B*(#4"-' +'" 6$ 6*"#* -*(+4,,$4-4?

!;$E$d 6$ -';', +'" *; 46', -* 1$'(

G&4E*6*"#*? %*"#$;6*"#* 45',-<"-'6*?


45',-<"-'6*?

Y 84;;4? 84;;4? 84;;4l

1*(9*,#d 6$ 46',? 6$ (*2', = 64*(#,'?

0" W&$*" 45(',5$@? 6$ 6*"#* B&* ;$69$4-4 -* (& +'"#46$"4+$@" 9', ;'( -$*CF w

w c;'( +$"+' @,%4"'( -*; (*"#$-' = +$"+' -* ;4 4++$@"fF


G464-K$? +&4"-' *( %*"&$"'? *( &" *"+&*"#,' $69,*($'"4"#* +'" ;4 $"#*;$%*"+$4
$"+'69,*"($5;* -*#,<( -* ;4 I,*4+$@"^ &"4 $"6*,($@" *" &" J+d4"' -* I'"+$*"+$4 ($"
;M6$#*( -'"-*? *" 94;45,4( -* H464j,$(K"4? ;4 6&2*+4 -* (4; -*; =' (* -*,,$#* *" *; 9,$6*,
+'"#4+#' +'" ;4( +494( (&9*,$',*(
( &9*,$',*( -*; +&*,9'F 4%&4 94,4 64,4E$;;4,(* 4"#* ;4 $"6*"($-4-
W&* 4L" (* *"+&*"#,4 6<( 4;;<^ &"4 *39*,$*"+$4 $"B$"$#4 *(9*;&C"4"#* W&* K4+* W&* ;'(
'O'( (* -*(5',-*" = ;4 6*"#* (* -*(64=* *" ;4 -$+K4F :' *( -$BM+$; $64%$"4, *; 4('65,'('
*B*+#' -* &"4 g$($@" #4" 9'-*,'(4 *" ;4 6*"#* -* &" 6',#4;? 4;#' ' 54O'? *"B,*"#4-' 4 &"
+*"#*"4, -* 9,'5;*64( * $"+$*,#' -* (& -*(#$"' *" +4-4 6'6*"#' -* ;4 E$-4F

0; 4&#', -*; [K4%4E4- >$#4 `NNFNPUNXb -*(+,$5* *; 4('65,'(' *B*+#' -*; *"+&*"#,' *"
*(#4( 94;45,4(^ U eG$ *; *(9;*"-', -* 6$; (';*( 5,$;;4,4 *" *; +$*;'^ *(' 9'-,M4 94,*+*,(* 4
;4 %;',$4 -* *(* h4K4#64" !;;M A4"-4E4 `!,O&"4b +'"#*69;@ #'-' *; /"$E*,('? -$E$-$-' *"
6L;#$9;*( 94,#*(? -* 9$* *" &"4 *" *; +&*,9' -* ;4 1*$-4- -* ;4( 1*$-4-*( FFF 0"#'"+*(
1K4"4"O4=4 `!,O&"4b? 45,&64-' 9', *; 4('65,'? +'" *; 9*;' *,%&$-'? $"+;$"@ ;4 +45*C4
K4+$4 *; GK$"$"% J"* = +'" ;4( 94;64( O&"#4( K45;4,'" eF G$" ;4 E*,-4- +'"+'6$#4"#*? ;4
g*,-4- *3$(#*? = (* +'"E$,#$@ *" *; J+d4"' -* u"4"4 0#*,"4 = ;4 I'"+$*"+$4 !5(';&#4 W&*
#'-' ;' $69,*%"4 eF P]

0(#* 9*W&*2' -*#4;;* *( "*+*(4,$' 94,4 &"4 6*O', +'69,*"($@" -* ;'( !%464( = GK4j#$
GK4(#,4(F G* "*+*($#4 +$*,#' +'"'+$6$*"#' -* ;'( 9,'5;*64( 6*#4BM($+'( $"E';&+,4-'( 94,4
'5#*"*, &"4 E$($@" *(+;4,*+*-',4 -* 6&+K'( -* ;'( E*,('( *" A4"+K4(#4E$ = G4&"-4,=4
84K4,$F 1* 4+&*,-' +'" ;'( ($(#*64( GK4$E4 = g*-4"#4? *( ;4 H*4;$-4- (&9,*64 ;4 W&*? *"
&" *(#4-' -* *(+;4E$#&-? +4&(4-' 9', GK4j#$ ' 64=4? 4+#L4 +'6' ;4 I,$4#&,4 4O*"4 4 (&
64O*(#4-? (45',*4"-' 4 ;4( K*+*( ;4 +'94 -*; 9;4+*, #*,,*"4; #,4"($#',$'? ;4 #,$(#*C4F ?
(&B,$6$*"#' = -';',F !; ,*B;*3$'"4, ('5,* ;4( $69;$+4+$'"*( 6*#4BM($+4( -* *(#4(
+'"+;&($'"*(? ($*69,* (* -*5* #*"*, *" +&*"#4 W&* #'-4( ('" *; ,*(&;#4-' -* ;4(
*39*,$*"+$4( ,*E';&+$'"4,$4( *39*,$6*"#4-4( *" (464-K$ ' #&,$=4 *" ;4( W&* *; u$E4?
;$5*,4-' -* ;'( ;4C'( -* ;4 +4,"*? 9*,+$5* (& +*,+4"M4 +'" ' $-*"#$-4- +'" &" A'-*,
7"#*;$%*"#* G'5*,4"' '6"$9,*(*"#* W&* *+;$9(4 = ('5,*-$6*"($'"4 #'-' ;' W&* 9'-*6'(
+'"+*5$, -*; &"$E*,('F

0; *(94+$' "' 6* 9*,6$#* *"#,4, *" -*#4;;*( ('5,* ;'( 6d#'-'( &#$;$C4-'( 94,4 '5#*"*, ;4
;$5*,4+$@" -*; *(#4-' -* &"$@" -* ;4 I,$4#&,4 94,4 9*,6$#$,;* (*, *; G*2',F 0(#'( 6d#'-'(?
,$#&4;*( = '5(*,E4"+$4( (* -*(+,$5*" *" +$*"#'( -* ;$5,'( = #*3#'( *(9$,$#&4;*( *" ;4 7"-$4
W&* +&5,*" &" 9*,M'-' -* 6$;*( -* 42'( -*(-* ;'( #$*69'( Ed-$+'(F 1* 4+&*,-' +'" ;'(
!%464( = ;'( GK4j#$ GK4(#,4(? ;4 ;$5*,4+$@" (';' 9&*-* '+&,,$, 4 #,4Ed( -* ;4 4++$@" $"E*,(4
-*; GK4j#$ W&* *( ;4 +4&(4 -* ;4 *(+;4E$#&- -*; u$E4 = ;4 *3$(#*"+$4 -*; 6&"-' W&* d; E* 4 (&
4;,*-*-',F
0" B',64 6$+,'(+@9$+4? ;4 0"*,%M4 I@(6$+4 ' GK4j#$ -* GK$E4? ;4 I,*4#,$C -*; /"$E*,('?
,*($-* *" *; +&*,9' -*; u$E4 *" &"4 +'"-$+$@" ;4#*"#* *" ;4 54(* -* ;4
; 4 +';&6"4 E*,#*5,4;?
64"#*"$d"-';' *"+4-*"4-' K4(#4 W&* ;;*%&* *; 6'6*"#' -* (& ;$5*,4+$@"F 0(#* 9&"#'
-* E$(#4 -* ;'( \4"#,4( = ;'( ;$5,'( ('5,* GK4j#$ *( -* *"',6* $69',#4"+$4 94,4 *; 6&"-'
6'-*,"'F 84( -*(+,$9+$'"*( 6*#$+&;'(4( -* +$*"#'(? $"+;&(' 6$;*(? -* 4&#',*(? ;4 64=',M4
-* ;'( +&4;*( #*"M4" +'"'+$6$*"#' -* 9,$6*,4 64"' -* ;'( 9,'+*('( $"E';&+,4-'(?
-*B$"$*"-' ;4 &5$+4+$@" *34+#4 = *; 6'-&('9*,4"-$ -* *(#* 9*+&;$4, ($(#*64 -* *"*,%M4
*" *; +&*,9' K&64"' "' 9&*-*" (*, &"4 6*,4 B45,$+4+$@" -* 6*"#*( $64%$"4#$E4(? 9*,'
-*5*" #*"*, ,4M+*( *" &"4 ,*4;$-4- ('5,* ;4 +&4; *; +'"'+$6$*"#' 6'-*,"'
6'-*,"' 4L" *(#< *" ;4
'(+&,$-4-F

0; (#4"- (* E&*;E* 4L" 6<( 4&#d"#$+' +&4"-' (* -*(+&5,* W&* ;4 -'+#,$"4 "' *( 9*+&;$4,
-* ;4 7"-$4? ($"' W&* #&E' (&( ,46$B$+4+$'"*( *" ;4 64=',M4 -* ;4( +&;#&,4( -*(494,*+$-4(
-*; 94(4-'? $"+;&$-'( *; *%$9+$'? *; +,*#*"(*? *; E4;;* -*; 7"-'? *; (&6*,$' = *; I&;#&,4(
9*,(4( 84( ,46$B$+4+$'"*( (* *3#$*"-*" 4 9*,M'-'( $"+;&(' 4"#*,$',*( 4 ;4 9,*K$(#',$4
*%$9+$4F 8$5,'( +'6' A4"+K4(#4E$? G4&"-4,=4 84K4,$? ;'( \4"#,4( = ;'( GK4j#$ GK4(#,4( ('"?
9', ;' #4"#'? ;'( ,*(#'( E$E'( -* &"4 0"(*24"C4 G*+,*#4 W&* *(#454 -* 6'-4 *" *; 6&"-'
4"#$%&'? -*; +&4; (';' &" 5,*E* +'"'+$6$*"#' *(#< -$(9'"$5;* 94,4 ;4 K$(#',$4F G& E4;',? "'
('(9*+K4-' *" ;4 4+#&4;$-4-? (* 64"$B*(#4,< +4-4 E*C 6<( +'" *; 4E4"+* ,*4;$C4-' *" *;
*(#&-$' 6'-*,"' -*; ($(#*64 *"*,%d#$+' *" ;'( (*,*( K&64"'(? +'"'+$-' *" ;4 7"-$4 +'6'
.&"-4;$"$F

0( '5E$' W&*? 94,4 (*, %*"&$"'? +&4;W&$*, *39*,$*"+$4 E$($'"4,$4 W&* ,*+;46* &"
*"+&*"#,' +'" &" 9'-*, ('5,*"4#&,4; ' &"4 7"#*;$%*"+$4 I@(6$+4? 9', +&4;W&$*, "'65,*
W&* (* ;;46*? (';' 9&*-* ,*(&;#4, -* &"4 4+#$E$-4- ,4-$+4;6*"#* 4;#*,4-4 -*; +*,*5,' '
9', *; '9*,4+$@" -* &" 6*+4"$(6' "*,E$'(' 4L" -*(+'"'+$-' ,*(9'"(45;* -* *(#4
4;#*,4+$@"F 1* ;' +'"#,4,$'? ;4 +'"-$+$@" (';' 9&*-* +;4($B$+4,(* +'6' K$(#d,$+4 '
4;&+$"4"#*F A4,4 ('(#*"*, W&* ;4 6*"#* K&64"4 9&*-* -4, &" (4;#' ,*9*"#$"'?

7"-*9*"-$*"#*6*"#* -*; +*,*5,'? -* &"4 -$6*"($@" -* +'"+$*"+$4 4 '#,4? 5<($+46*"#*


-$B*,*"#* -* ;4 9,$6*,4? *( +,**, ;4 *39*,$*"+$4 = *; +'"'+$6$*"#' *69M,$+'F
*69M,$+'F :$"%L" ($6$'
9&*-* 9*"(4, ' +'69',#4,(* +'6' &" K'65,*? "$ &" $"%*"$' 9&*-* ,4C'"4, +'6' &"
$"#*;*+#&4;F 84 ;$6$#4+$@" $69&*(#4 9', *; +*,*5,' ('5,* ;4 $"#*;$%*"+$4 = *; 9*"(46$*"#'
*( -*+$($E4 94,4 -*#*,6$"4, *; +4;$5,* 6*"#4; -* ;'( $"-$E$-&'(F 0; +*,*5,' -* &" "$2' (4;*
(*;;4-' -*(-* *; "4+$6$*"#'F nI@6' 9&*-* (*, 9'($5;* &" (4;#' 9,'-$%$'(' 4 "$E*;*( -*
+'"+$*"+$4 #,4(+*"-*"#4;*( ($" ;4 +''9*,4+$@" 4+#$E4 -*; @,%4"' BM($+' -*; 9*"(46$*"#'p

84 9'($+$@" 4-'9#4-4 9', A4"+K4(#4E$ *( $"*W&ME'+4F :' K4= 9'($5$;$-4- -* ;$5*,4+$@"


94,4 *; 4;64? *3+*9#' +'" ;4 +''9*,4+$@" 4+#$E4 -* GK4j#$ ' .&"-4;$"$F 84 *"*,%M4 E$#4;
;4#*"#* *" *; +&*,9' -*5* E*"$, 4; ,*(+4#* -*; 4;64 *"+4,+*;4-4F 84 GK$E4 6$+,'+@(6$+4
4#4+4-4? 64"#*"$-4 +4&#$E4 9', *; +&*,9'? ;'( (*"#$-'( = ;4 6*"#* -*5* #*"*, (& 4=&-4
94,4 4(*%&,4, (& ;$5*,#4- -*; +4&#$E*,$'F 0(#' (* 6*"+$'"4 ,*9*#$-46*"#* *" ;4 +4"+$@"F
A4,4 *; *(#&-$4"#* 6'-*,"'? ;4 +'69;*O4 *(#,&+#&,4 -*; +*,*5,'
+*,*5,' = ;4 *3$(#*"+$4 -* ;4( +*,+4
-* #,*+* 6$; 6$;;'"*( -* "*&,'"4( *" d;? 4;$6*"#4-4( 9', ;4 (4"%,*? ('" (&B$+$*"#*( 94,4
*39;$+4, *; B*"@6*"' -* ;4 +'"+$*"+$4F !94,*"#*6*"#* "' E* ;4 "*+*($-4- -* 5&(+4,
6*+4"$(6'( '+&;#'( W&* 9,'-&C+4" = (&6$"$(#,*" ;4 *"*,%M4 9(MW&$+4 ,*(9'"(45;* -*
#'-4 ;4 4+#$E$-4- *3#,*64-46*"#* +'69;*O4 -*; +&*,9' = #465$d" -*; 9*"(46$*"#'F
\'-4EM4 "' (45* W&d *"*,%M4 (* &(4 +&4"-' 6'E*6'( ;4( 9$*,"4( ' B;*3$'"46'( ;'( 5,4C'(
+'" *; *O*,+$+$' -* "&*(#,4 E';&"#4-F 1*5* K45*, &" 6*-$' -* +'"*3$@" 9', *; +&4; *; 4+#'
-* E';&"#4- "' 64#*,$4; (* #,4-&+* *" 4++$@" *" *; 64#*,$4; -*; 6L(+&;'? = (* 9,'-&+*
&"4 #,4"(B*,*"+$4 -* *"*,%M4 -* &"4 B',64
B ',64 4 '#,4F

8'( 4"#$%&'( 4-*9#'( (45M4" 6*O',F 8'( 6d#'-'( -* $"#,'(9*++$@" 9,'54-'(?


-*(4,,';;4-'( *" *; #,4"(+&,(' -* 6$;*( -* 42'(? *(9*+$4;6*"#* *" 7"-$4 = 0%$9#'? ;*(
9*,6$#$*,'" '5#*"*, &"4 E$($@" 6<( 9,'B&"-4 -*; B&"+$'"46$*"#' -* ;4 +'"+$*"+$4 = &"4
6*O', +'69,*"($@" -* ;'( ($(#*64( -* *"*,%M4 W&* ;4 4;$6*"#4"F 0; *,&-$#' 6'-*,"'
#*"-,< W&* &(4, ;'( 6$(6'( 6d#'-'( -* $"E*(#$%4+$@" ' 94,4;*;'( -&,4"#* 6&+K' #$*69'
94,4 '5#*"*, &"4 E$($@" = +'"'+$6$*"#' ($6$;4,*( -* *(#4( B&*"#*( '+&;#4( -* ;4 E$-4F 84
'5(*,E4+$@" *3#*,"4 9&*-*? K4(#4 +$*,#' 9&"#'? +'"B$,64,? 9*,' "' ,*E*;4, ;'( 6$(#*,$'(
6<( 9,'B&"-'( -* ;4 +'"+$*"+$4F A4,4 *('? *( "*+*(4,$' (&6*,%$,(* *" *; J+d4"' -* ;4
g$-4F

0( (';' *(#* 4('65,'(' *"+&*"#,' *; W&* 9&*-* 9&,%4, ;4 6*"#* -*; K'65,* -* ;4( 64;4(
94($'"*(? *; *%' = *; ',%&;;' = *;*E4,;' 4 *(* *(#4-' -* 9*,+*9+$@" -'"-*? 9', 9,$6*,4
E*C? ;4 %;',$4 -* ;4 +'"+$*"+$4 +'6' &"4 *"#$-4- *#*,"4 4&#'*3$(#*"#*? ;4 ,'+4 64-,* -*
;4 +,*4+$@" = *; *(9*O' $69*,*+*-*,' *" *; W&* (* ,*B;*O4 #'-' *; /"$E*,(' "4-4 *" *;
+'"'+$6$*"#' -*; K'65,*F 0; [K4%4E4- >$#4 -*(+,$5* *; 9,'B&"-' *B*+#' -* *(#*
*"+&*"#,' ('5,* ;4( 94($'"*( -* ;4 6*"#* *" *(#4( 94;45,4(^ e8'( '5O*#'( -* ;'( (*"#$-'(?
9*,' "' *; %&(#' 9', *;;'(? (* 4;*O4" -* &" 6',4-', 45(#*6$' *" *; +&*,9'? * $"+;&(' (*
-*;*$#4"F -*(9&d( -* W&* (* E* 4; G&9,*6' eF G&9,*6' 4W&M (* ,*B$*,* 4 ;4 *39*,$*"+$4 -*
;4 H*4;$-4- *" (464-K$ ' #&,$=4F 0; *(9;*"-', B4(+$"4"#* -* ;4 E$($@" *( #4" +4&#$E4-', W&*
;4 6*"#* *65,&O4-4? *" ;&%4, -* +',,*, 4K',4 #,4( ;4( #*"#4+$'"*( -* ;4 #$*,,4^ 9'-*,?
9'(*($'"*( ' ,$W&*C4? 9*,64"*+* +*"#,4-4 *" &" '5O*#' 6<( 4#,4+#$E' W&* *; 6<(
#*"#4-', W&* K4=4 9,'54-' 4"#*(F

.,$(K"4 *39;$+4 4 !,O&"4 *" *; [K4%4E4- >$#4 `NYFPYf *" *(#4( 94;45,4(^ .,$(K"4 *39;$+4
W&* *( *; 0(9M,$#& G&9,*6' *; W&* *(? *" ,*4;$-4-? ;4 B&*"#* -* E$-4 -*#,<( -*; u$E4
*"+4,"4-'^ ei'? Y >&-4j*(K4 `!,O&"4f? ('= *; /"' 6$(6' (*"#4-' *" *; +',4C@" -* #'-'(
;'( (*,*(^ =' ('= *; 9,$"+$9$'? *;

6*-$' = #465$d" *; B$" -* #'-'( ;'( (*,*( eF 0( ;4 "4#&,4;*C4 *(#&9*"-4 -* *(#4 E$($@"?
+&4"-' ;4 I,$4#&,4 (* ,*%'-*4 *" ;4 %;',$4 -*; G*2',? ;4 W&* K4 ($-' ,*(9'"(45;* -* #'-4
;4 ;$#*,4#&,4 ,*E*;4-4 = *; B*,6*"#' ,*;$%$'(' -* ;4 K&64"$-4-F
0( ;4 "4#&,4;*C4 *(#&9*"-4 -* *(#4 *39*,$*"+$4 ;' W&* K$C' W&* [&-4 (* +4;;4,4 +&4"-' (*
;* 9,*%&"#@ ('5,* *; v;#$6' ' ;4 "4#&,4;*C4 -*; !;64F 0( *; *(#4-' -* ('5*,4"M4
*39*,$6*"#4-' ;' W&* 6'E$@ 4 ;'( E$-*"#*( /94"$(K4-$+ 4 -*(+,$9+$'"*( #4" *;'+&*"#*(
-* ;4 %;',$4 $"+'694,45;* = *; 9'-*, $"+'694,45;* -* [,4K64"F 0( *; 4(+*"(' 4 *(#*
0(9;*"-', 1$E$"' ;' W&* ;* '#',%@ 4 h4K'64 ;4 (*%&,$-4- -* W&* *; h*"(4O* W&* *"#,*%@
B&* &" 64"-4#' -* !;;4K? W&* ;* B&* '#',%4-' +'6' *; E*KM+&;' *;*%$-' -*; I'64"-'
1$E$"'F 0( *(#4 E$($@" -*(;&65,4"#* -*; G*2', ;4 W&* -*(;&65,@ ;'( 'O'( -* h'$(d( * K$,$@
;4 6*"#* -* G4" A45;' +'" #4"#4 B&*,C4 W&* +4=@ -*(64=4-'F

0( ;4 "4#&,4;*C4 45(';&#4 -* *(#* *"+&*"#,' ;' W&* K$C' W&* I,$(#' -*+;4,4,4^ e0; H*$"' -*
;'( I$*;'( *(#< -*"#,' -* #$e? = W&* e=' = 6$ A4-,* ('6'( &"'e? = W&* ('(#*"%4
$"W&*5,4"#45;*6*"#* #'-' ;' W&* K45M4 9,*-$+4-' $"+;&(' 6$*"#,4( (&B,M4 ;4 4%'"M4
$"('9',#45;*F -* +,&+$B$3$@" 0( ;4 +'"E$++$@" $"6',#4; -* ;4 $"6',#4;$-4-? *"%*"-,4-4 9',
*; +'"#4+#'? ;' W&* K$C' W&* !;UD4;;4O %,$#4,4^ e!"U4;UD4WeF G'= g*,-4-? 6$*"#,4( 64,+K454
4; ;&%4, -* ;4 *O*+&+$@"? ($" $"6&#4,(* 9', ;4 $-*4 -* ;4 6&*,#* $"6$"*"#*F 0( ;4 (*"(4+$@"
-* $;$6$#4-4 +'694($@" = %,4+$4? $"K*,*"#* 4 ;4 "4#&,4;*C4 6$(64 -* ;4 *39*,$*"+$4
45,&64-',4? ;' W&* K$C' W&* H464j,$(K"4 = #'-'( ;'( %,4"-*( 6M(#$+'(? #4"#' -* J,$*"#*
+'6' -* J++$-*"#*? ;;',4,4" +'6' "$2'( +&4"-' (* *"B,*"#4" +4,4 4 +4,4 +'" ;4
$"+'"6*"(&,45;*
$"+'"6*"(&,45;* %,4"-*C4 = ;4 B*;$+$-4- (&9,*64F -*; *"+&*"#,'

\'-4( *(#4( B4+*#4( -*; d3#4($( 6M(#$+' (* K4" ,*9,*(*"#4-' %,<B$+46*"#*


%,<B$+46*"#* *" A4"+K4(#4E$
&"4 #,4( '#,4F 0(#' 49&"#4 4 &" +'"'+$6$*"#' 9,'B&"-' -*; *(#4-' *3#,4',-$"4,$' 9',
94,#* -*; 4&#',F 84 *39*,$*"+$4? 4&"W&* *3#,*64-46*"#* ,4,4? #$*"* +$*,#4(
+4,4+#*,M(#$+4( $"+'"B&"-$5;*( W&* ($*69,* K$+$*,'" 9'($5;* W&* 4;%&$*" W&* ;4 #&E'
,*+'"'+$*,4? 9', (&( -*(+,$9+$'"*( = ;*"%&4O*? 4; '#,' ,*+*9#', -* ;4 >,4+$4F G$"
*39*,$*"+$4 ,*4;? $"+;&(' &" $"#*;*+#' 5$*" *"#,*"4-'? +'" &" *(#&-$' *3K4&(#$E' -* ;4
;$#*,4#&,4 6M(#$+4? *"+'"#,4,M4 -$BM+$; -*#*,6$"4,? 4 94,#$, -*; +4,<+#*, 9*+&;$4, -*; ;*"%&4O*
' ;4 *39,*($@" &#$;$C4-4? ($ ;4 +'69'($+$@" *( ,*4;6*"#* *; 9,'-&+#' -* &"4 6*"#*
$;&6$"4-4F

0; K'6*"4O* ',-*"4-' 9', *; ,*E 84( *(+,$#&,4( '+&;#4( -* -$E*,(4( ,*;$%$'"*( (* K4"
54(4-'? *" 94,#*? *" *; K*+K' -* W&* ;4( %*"*,4+$'"*( (&+*($E4( -* !;&6$"4-
,*+'"'+$*,'" 4 ;4 E*C? *" *; 64#*,$4; W&* #*"M4" 4"#* (M? ;4 4,#*(4"M4 -* &"4 7"#*;$%*"+$4
G&9*,$', = ;4 E4;$-*C -* ;4 *39*,$*"+$4 -*; S&"-4-',F 0; $"#*;*+#' 4+#&4;? -$E$-$-' *"#,* ;4
-&-4 = ;4( 4B$,64+$'"*( -* B4;('( 9,'B*#4( ' *(+,$#',*( 4&#'6<#$+'(? 4 6*"&-' ,*9&-$4
#'-' *; B*"@6*"' +'6' 9,'-&+#' -* ;4 $64%$"4+$@" ' ;4 *39,*($@" -* $69&;('(
(&5+'"(+$*"#*( W&* "' #$*"*" 54(* *" ;4 ,*4;$-4-F 0(#4 -&-4 (';' 9&*-* (*, -$($94-4 9',
&" *(#&-$' ($(#*6<#$+' -*; B*"@6*"' = ;4 -*#*,6$"4+$@" -* ;'( +465$'( B$($';@%$+'( W&*
4($(#*" 4; *(#4-'F

/" 9'+' 6<( -* +*,+4"M4 -*; ('; 9&*-* K4+*, K*,E$, ;'( '+d4"'( #*,,*(#,*( = +'"E*,#$, *;
4%&4 K$,E$*"-' *" *"',6*( 64(4( -* E49', 94,4 ,*&"$,(* *" &" *"E';#',$' %4(*'(' -*
+$*"#'( -* 6$;;4( -* *(9*(', 4;,*-*-', -* ;4 #$*,,4? 4K',4 ($" ,4(#,' -* E$-4 *" "$"%&"4
94,#* -* (& (&9*,B$+$*F G$ *; ('; ,*#,'+*-* "&*E46*"#* 4 ;4 6$(64 -$(#4"+$4? ;4( "&5*(?
+'"E*,#$-4( *" 4%&4? +4*,<" "&*E46*"#* *" #',,*"#*( $"$"#*,,&69$-'(? +'6' &"4
+4(+4-4 *" +4(+4-4? +&5,$*"-' #'-4 ;4 #$*,,4? = ;;*"<"-'(* "&*E46*"#*
K4(#4 *; 5',-*? ;4( E4(#4( -*9,*($'"*( -*O4,'" -'"-* ;'( '+d4"'( = ;4%'( K45M4" *3$(#$-'
4"#*(F I'" &"4 9,'3$6$-4- 4L" 6<( +*,+4"4 4; (';? $"+;&(' ;4 #$*,,4 = ;4( ,'+4( (*
-*,,*#$,M4" = (* *;*E4,M4" +'6' E49', 94,4 ,'-*4, ;4 64(4 4,-$*"#* = -*,,*#$-4F 0; $"%*"$'
K&64"' K4 ;;*%4-' 4 ;4 *#494 *" W&* ;4( 6$(64( +'"-$+$'"*( +4#4(#,@B$+4( (* 9&*-*"
+,*4, 4,#$B$+$4;6*"#* +'" 4,64( "&+;*4,*(F /" (';' -$(9'($#$E' 9&*-*? *" 6'6*"#'(?
+'"E*,#$,(* *" "&5*( %4(*'(4( *" &"4 +$&-4- *"#*,4 *" ;4 W&* +$*"#'( -* 6$;*( -* (*,*(
K&64"'( E$E$*,'"? 9*"(4,'" = 4+#&4,'" (';' &" 6'6*"#' 4"#*(F

nI@6' 9'-*6'( +'"+$;$4, *(#4 +,&-4 ,*4;$-4- +'" ;4 "4#&,4;*C4 ('5*,4"4 -*; !#64"
c4;64f W&* #'-' ;' (&9*,4 +'6' (* *39,*(4 *" ;4 #,4-$+$@" 5M5;$+4 -* ;4 7"-$4p nk&d <#'6'
$69*,*+*-*,' = 9'-*,'(' -* ;4 +,*4+$@" ,*($-* *" *; B,<%$; +&*,9' -*; K'65,* 94,4 W&*
9&*-4 #,$&"B4, ('5,* ;'( *E*"#'( +4#4+;M(6$+'( -*; /"$E*,('p 84( $-*4( *39,*(4-4( "'
94,*+*,M4" #4" $69'($5;*( +&4"-' (* ,*+&*,-4 W&* *; *(#4-' -* (464-K$ ' #&,$=4 $69;$+4
;4 ;$5*,4+$@" -*; 4;64 -* ;4( +4-*"4( -* 64#*,$4 = +4,"*F 0; -d5$; ,*(9;4"-', -* ;4
+'"+$*"+$4 $"-$E$-&4;? (*94,4-' -* (& *(#,*+K4 4('+$4+$@" +'" *; +&*,9' = *; 6&"-'? (*
*"+&*"#,4 &"$-' 4 &" '+d4"' -* E$-4 $;$6$#4-' = ;&(#,'('? +'" &" %$%4"#*(+' oI'"'+*-',o
*3#*"-$-' 9', #'-4( 94,#*(? &"4 \ $;$6$#4-4 W&* $69,*%"4 #'-4 ;4 E4(#4 *3#*"($@"F -*;
*(94+$'F 84( $""&6*,45;*( K&*(#*( +@(6$+4(? ;'( *E*"#'( +4#4+;M(6$+'( -*; &"$E*,('? ;4(
E$+$($#&-*( -* ;4 #$*,,4? ;4 6&*,#* = *; -*(4(#,* 494,*+*" +'6' '"-4( *E4"*(+*"#*( *"
*(#* '+d4"' -* (*, W&* #'-' ;' +'"#$*"*? +'"(+$*"#* -* (& 9,'9$4 "4#&,4;*C4 $"B$"$#4?
('5*,4"4 = *3$(#*"+$4 *#*,"4F

:' K4= ,4C@" 94,4 (*"#$,(* $"+,d-&;' 4"#* #4; #,4"($+$@"F I'"'+*6'( 6&= 5$*" *; (4;#'
9,'-$%$'(' -4-' 9', *; 9*"(46$*"#' -*; K'65,* -*(-* ;4 6*"#* $"(#$"#$E4 -* &" 4"$64;F
J#,' (4;#'? 94,4 *; +&4; K4= *(94+$' *" *; +*,*5,'? = *; /"$E*,(' -* ;4 E$-4 *#*,"4 (* 45,*
4 ;4 E$(#4 -*; K'65,*F 84 +'"-$+$@" -*; $"-$E$-&'? 4"#*( -* ;4 *39*,$*"+$4 -* #&,$=4? *(
*39,*(4-4 9', *; 4&#', -* A4"+K4(#4E$ *" *(#4( 94;45,4(^ U eY A4,E4#$ cD$O4 -*; D$64;4=4f?
*(#* (*, +'"(+$*"#* *"+4,"4-' c*; 6',#4; 9,'6*-$'f +'"'+* (& +&*,9'? +'69&*(#' -*
#$*,,4 ? 4%&4 = '#,'( *;*6*"#'(? *39*,$6*"#4"-' 9;4+*, = -';',? 4&"W&* 5$*" $"B',64-'(
c*" 4(&"#'( 6&"-4"'(f? 9*,' "' E*,(4-'( *" \&( -$(+$9;$"4(? "&"+4 9&*-*" *;*E4,(* 9',
*"+$64 -* (& +'"+$*"+$4 *%'M(#4 -*; +&*,9' eF 84 $"B*,*"+$4 *( +;4,4 6<( 4;;< -* #'-4 -&-4^
+'" ;4 *3+$#4+$@" -* .&"-4;$"$ (* 9,'-&+* &"4 #,4"(B',64+$@" *" ;4 #*3#&,4 6$(64 -* ;4
+'"+$*"+$4F

84 #,4"(B',64+$@" #465$d" (* -*(+,$5*? *#494 9', *#494? 9', A4"+K4(#4E$ cgFPYf *" *(#4(
94;45,4(^ eD45$*"-' 45(',5$-' *; &"$E*,(' *" *; +&*,9' c-*5$-' 4; +$*,,* -* ;'( *(#M6&;'(
9,'E*"$*"#*( -* ;'( (*"#$-'(f? *; +&*,9' #465$d"? *" *; +',4C@" c6*"#*f? *; +',4C@" *" *;
=' c+'"+$*"+$4 -*; *%'f? *; =' ('(#*"$-' 9', [$"-& c*( -*+$,? "' -$6*"($'"4;f #465$d" *"
*; 9;4"' +'"+*"#,4-' +'"'+$-' +'6' :4-4 c-'"-* +'6$*"C4 4 *(+&+K4,(* *; ('"$-'
I@(6$+'f? W&* :4-4 #465$d" *" ;4 *(B*,4 -*; +'"'+$6$*"#' G&9,*6' = *" *; *(#4-'
('5*,4"' -* ;4 [$*"4E*"#&,4"C4 G&9,*64? cJK 1$'(4f W&* *,*( -* ;4 B',64 -*; 9'-*,'('
+$*;' c+'"+$*"+$4 *394"-$-4 +'6' *; +$*;'f *;;'( c\&( -*E'#'(f W&* #* 49,*K*"-*" c*" *(#4
B',64f ('" ($*69,* E$+#',$'('( eF
84 6$(64 $-*4 (* *39,*(4 (&+$"#46*"#* *" *; [K4%4E4- >$#4 c]FPf -* ;4 ($%&$*"#* 64"*,4^
e!W&*; +&=' (*, *(#< -*(49*%4-' -* ;'( +'"#4+#'( *3#*,"'( = *"+&*"#,4 4;*%,M4 *" *; G*,?
K45$d"-'(* 4,6'"$C4-' +'" *; 0#*,"' 6*-$4"#* *; i'%4? -$(B,&#4 -* ;4 -$+K4
$69*,*+*-*,4eF !(M *( +'6' 84;;4 *39,*(4 ;4 6$(64 $-*4 -* #,4"($+$@" -* ;4 +'"+$*"+$4 -*;
+&*,9' 4 ;4 +'"+$*"+$4 -*; !5(';&#'^ U eG*2',? "' (45M4 W&$d" *,4 ='? "$ \L? *; G*2',
G&9,*6' -* #'-'(F G$*69,* +'"'+M (';' *(#* +&*,9' 6M'F 84 ,*;4+$@" *"#,* \L = ='? W&*
\L *,*( =' = =' ('= \L = 465'( ('6'( &"'?

i' "' (45M4F `A*,' 4K',4 (db? 9,*%&"#4,^ onk&$d" ('= ='po 0( &"4 -&-4 -* -&-4(F enG$%&*
($*"-' ;4 6*"', 465$%a*-4- ('5,* ;4 *39*,$*"+$4 (&5;$6* 4 ;4 W&* 4;&-* *(#* %,4"
6M(#$+'? E*"*,4-' 9', +4-4 +'6&"$-4- *" I4+K*6$,4p 0; *(#4-' -* &"$@" +'" ;4
I'"+$*"+$4 /"$E*,(4;F

eI&<; *( *; &(' -* -$;4#4,(* ('5,* *(#* #*64p e? -$+* GK4"j4,4+K4,=4 *" g$E*j4+K&-464"$
g$E*j4+K&-464"$
`VZXbFe 0; u$E4 "' *( '#,' W&* [,4K64"? #'-' *(#* &"$E*,(' *3#*"-$-' *( *; 9,'9$'
[,4K64"F 0; (K,&#$ `,*E*;4+$@"b $"+&;+4 4; [,4K64" ($" &" (*%&"-'? = *( &" K*+K'
$"-&-45;* W&* ;4( 9*,('"4( -* 6*"#*( $;&6$"4-4(? W&* +'"'+*" (& $-*"#$-4- +'"
[,4K64" = K4" ,*"&"+$4-' 4 (& +'"*3$@" +'" *; 6&"-' '5O*#$E'? E$E*" 94;945;*6*"#*
&"$B$+4-4( +'" [,4K64" +'6' I'"'+$6$*"#'
I'"'+$6$*"#' 0#*,"' = S*;$+$-4- eF 0" '#,' ;&%4, 4%,*%4^e
0" ;4 0"#$-4- v"$+4 `[,4K64"b ;4 +'"+*9+$@" -*; /"$E*,(' *( &" 6*,' B4"#4(64F n1*
-@"-* 9&*-* K45*, 4;%&"4 -$E*,($-4- *" ;' W&* *( $"6&#45;*? ($" B',64 = 45(';&#'p
e\'-'( ;'( %,4"-*( *(+,$#'( $"-$'( ('5,* ;4 o*39*,$*"+$4 #,4(+*"-*"#4;o "' ('" (';'
"4,,4#$E4( B4"#4($'(4( -* &" *(#4-' K$9'#d#$+'? ($"' E*,-4-*,4( -*(+,$9+$'"*( +$*"#MB$+4(
-* &" *(#4-' -* +'"+$*"+$4 #,4"(K&64"' W&* *( ;4 +','"4+$@" 9,*6$' -* ;4 E$-4 K&64"4F

.&"-4;$"$ +'6' ;4 +,*4#,$C

0; 6'#$E' 9', *; +&4; *; 4&#', K4 -*,,464-' #'-' (& +',4C@" 4 ;'( 9$*( -* GK4j#$ = ;* K4
'B,*+$-' #'-4 (& 4-',4+$@" 4 0;;4 = "' 4; G*2', G&9,*6' (* -*5* 4 +4&(4( $"K*,*"#*( 4 ;4
"4#&,4;*C4 -* ;4 *39*,$*"+$4F 0( ;4 *"*,%M4 5,$;;4"#* W&* (* *;*E4 -*(-* *; h&;4-K4,4 K4+$4
*; +*,*5,' ;' W&* #,4"(B',64 4 ;4 +,$4#&,4 *" *; G*2', '? 4; 6*"'(? +,*4 &" *(#4-' -* &"$@"
*" *; W&* +'694,#*? 9', *; 6'6*"#'? ;4 %;',$4? ;4 5$*"4E*"#&,4"C4 = ;4 ('5*,4"M4 -* *(#*
L;#$6'F F I&4"-' 0;;4 ,*%,*(4 4 G& 6',4-4? ;4 %;',$'(4 E$($@" (* -*(E4"*+* = ;4 I,$4#&,4 (*
,*-&+* 4 (& -$6$"&#' #4642'F A4,4 *; 4&#',? 9', ;' #4"#'? *; *;*%4"#* $"(#,&6*"#' -*
;$5*,4+$@" *( *; GK4j#$? ($" +&=' B4E', ;4 &"$@" "&"+4 9'-,M4 (*, 9'($5;*F T; -*(+,$5* ;4
"4#&,4;*C4 45,&64-',4
45,&64-',4 -*; *"+&*"#,' *" *(#4( 94;45,4(^ eh4-,*? +'" ;'( 9*;'( -* 9&"#4
*" ;'( +&*,9'(? +'" ;<%,$64( +4=*"-' -* (&( 'O'( = (&( E'+*( #*65;4"-' -* *6'+$@"?
4W&*;;'( c-*E'#'(f W&* 4-',4" ($" +*(4, \&( 9$*( *" (& +',4C@"? -* K*+K'? ('" 5*"-*+$-'(
eF
84 4+#$E4+$@" -*; 6*+4"$(6' -* .&"-4;$"$? *" &" ($(#*64 *" ($"#'"M4 +'" (&
B&"+$'"46$*"#'? *( &" *E*"#' #4" "'#45;*? W&* 9'(** +4,4+#*,M(#$+4( #4" (',9,*"-*"#*(?
W&* *; *B*+#' *( (',9,*"-*"#* 94,4 W&$*" ;' 9,*(*"+$4 9', 9,$6*,4 E*CF D4= &"4
4E4;4"+K4 -* (*"(4+$'"*(? ;&+*( = ('"$-'( *3#,4',-$"4,$'( = &" +465$' *" *; 94#,@" -*
+'"+$*"+$4? #'-' #4" +;4,' = -$(#$"#'? W&* 94,*+* K45*, 4#*,,$C4-' *" &" 94M( -* ;4(
64,4E$;;4( -* $"$%&4;45;* *(9;*"-',? 5*;;*C4 = -$+K4F 84( +4,4+#*,M(#$+4( -$(#$"#$E4( -* ;4
4+#$E4+$@" -*; 9'-*, (* K4" -*B$"$-' *" *; 9,$6*, E*,(' -* A4"+K4(#4E$^ ek&* ;4 1$'(4
\,$9&,4e? -$+*? eW&* *( -* ;4 "4#&,4;*C4 -* ;4 ;&C = *; ('"$-'? W&* 5,$;;4 *" ;4 B,*"#* +'6'
*; 4,+' 5,$;;4"#* -* 7"-,4 c*( -*+$,? *; 4,+' $,$(f *" ;4 +','"$;;4 -* ;4 +45*C4 +'6' *; 5,$;;'
5;4"+' = ;&6$"'(' -* ;4 ;&"4? = *" *; +',4C@" +'6' *; ('; *(9;*"-','(' W&* "&"+4 (* 9'"*
U W&* 0;;4? 9', 6*-$' -* ;4( #,*( (M;454( 9'-*,'(4( o!9&"#*o? o .;$6 o=o G4&K o-*(#,&=*"
,<9$-46*"#* #'-4( "&*(#,4( $69&,*C4( eF

84 ;&C $"#*,$', *( &"4 +4,4+#*,M(#$+4 -$(#$"#$E4 -* #'-4( ;4( B',64( %*"&$"4( -* d3#4($(
6M(#$+' = (464-K$F 84 %;',$4 $;&6$"4-',4 W&* ,'-*4 ;4 E$($@" -* 1$'( E$(#4 9', ;'( 6M(#$+'(
+,$(#$4"'(?

*; *(9;*"-',? o:'',o? W&* *64"4 -* ;4 1$E$"$-4- *" *; +4(' -* ;'( (&BM*(? ;4 o;&C +$,+&;4,o -*
;'( #4'M(#4(? o*; ,*(9;4"-', ,*(9;4"-*+$*"#* -* &"4 6&;#$#&- -* (';*(o W&* 64,+4 *;
[,4K64" = *; oK4;' -* ;&C 5,$;;4"#*o 4;,*-*-', -* [&-4 = I4-4 *"+4,"4+$@" -* ;4 1$E$"$-4-
+'"'+$-4 9', ;'( K$"-L*(? ('" *39,*($'"*( -$B*,*"#*( W&* (* &#$;$C4" 94,4 -*($%"4, *;
6$(6' B*"@6*"' -* $;&6$"4+$@" $"#*,$', *39*,$6*"#4-' *" ;4 *"#,4-4 -* .&"-4;$"$ *" *;
+*,*5,'F

[,$;;' -*(;&65,4"#*? ;&C +*;*(#$4;? *(9;*"-', ,4-$4"#*? %;',$4 $"-*(+,$9#$5;*? &" ,*(9;4"-',
;;46*4"#*? &" #',,*"#* -* 5,$;;'? ,*B&;%*"+$4 5,$;;4"#*? #4;*( ('" ;'( #d,6$"'( *" ;'( W&*
4W&*;;'( W&* #$*"*" $"#*,;&-$'( *(9'"#<"*'( -* d3#4($( 6M(#$+' -*(+,$5*" (& *39*,$*"+$4F
0; 4(+*"(' -* .&"-4;$"$ *( ;4 *"#,4-4 -* &"4 64,4E$;;'(4 $"&"-4+$@" -* ;&C *" #'-4 *; <,*4
-* ;4 6*"#*? -4"-' &" ,*(9;4"-', 4; 9*"(46$*"#' = ;4 $64%$"4+$@" W&* -*5*" (*,
*39*,$6*"#4-'( 94,4 +,**,F 0(#* *3#,4',-$"4,$' *(#4-' -* +'"+$*"+$4 $;&6$"4-4 *(
-*(+,$#' 9', *; 4&#', -* A4"+K4(#4E$ *" *(#4( 94;45,4(^ U eY [K4m4"$^ *('( -*E'#'(? W&*
#* E*" +;4,46*"#* +'6' ;4 6*-$4 ;&"4 -* ;4 ;&"4? 5,$;;4"-' *" ;4 B,*"#*? $;&6$"4"-' -*(-*
;' 6<( 9,'B&"-' *; +$*;' -* ;4 6*"#* ? *(#'( (45$'( 9,'"#' (* E&*;E*" E$-*"#*( = \L
+'"+*-*( #'-'( ;'( -*(*'( 4 *(#4( 4;64( *3$%*"#*( ;;*"4( -* B* eF

0(#4 $;&6$"4+$@" $"#*,$', *( &"4 +4,4+#*,M(#$+4 $"4;$*"45;* -* &" +*,*5,' $,,4-$4-' 9',
.&"-4;$"$F 0; ($%"$B$+4-' ,*4; -* *(#4 4;#*,4+$@" *3#,4',-$"4,$4 *" *; #*O$-' 6$(6' -* ;4
6*"#* "' *( B<+$; -* +'69,*"-*,F 84 $69,*($@" %*"*,4; ('5,* *(#4 +4,4+#*,M(#$+4 9*+&;$4,
-*; d3#4($( *( W&* ;4( E$($'"*( E$(#4( *(#<" 5424-4( *" 5,$;;' ' W&* *; *(9;*"-', (L9*,
#*,,*"4; ,'-*4 ;4( B$%&,4( ' ;'( '5O*#'( 9*,+$5$-'( *" *; *(#4-'F J#,4( "'+$'"*( 4+#&4;*(?
54(4-4( *" ;'( *(#4-'( 4;#*,4-'( -* 9*,+*9+$@" $"-&+$-'(
$"-&+$-'( 9', ;4( -,'%4(? ('" -* 9&"#'(
5,$;;4"#*( +*"#*;;*4"#*(? -*(#*;;'( ' ,4=4( -* ;&C? E49',*( ;&6$"'('( *" *(9$,4;? -$(#&,5$'(
-* +';',*( = ;&+*(? 64=', 5,$;;' -* ;' "',64;? 64#$+*( 9*+&;$4,*(? 9$%6*"#'( = ('65,4( =
*; 6* %&(#4F 0(#' "' *( 94,4 "4-4 ;' W&* ;4( -*(+,$9+$'"*( *" A 4"+K4(#4E$ $"#*"#4
,*#,4#4,F
84 9'($+$@" ,*4; *( W&* "' *( ;4 B$%&,4? *; '5O*#' ' *; 94$(4O*? E$(#' *" +'"-$+$'"*(
4;#*,4-4(? ;' W&* ,*(9;4"-*+* ' #$*"* &" K4;' 5,$;;4"#* 4 (& 4;,*-*-', ' (* E* +'" "&*E'(
+';',*( = 9$%6*"#'( ' W&* ;'( 94#,'"*( ;&6$"'('( B;'#4" 4"#* ;'( 'O'(? 9*,' W&* *;
'5(*,E4-', *(#< *"E&*;#' *" &" %;',$'(' 64"#' -* ;&CF 0; K*+K' 6$(6' -* W&* #4;*(
"'+$'"*( (*4" ('(#*"$-4(? $"+;&(' 9', 5&(+4-',*( $"#*;$%*"#*( -*(9&d( -* ;4
\,4(+*"-*"+$4? ,*B;*O4 &" #,$(#* *(#4-' -* +'"'+$6$*"#' ('5,* ;4( +4,4+#*,M(#$+4(
*(*"+$4;*( -*; (464-K$ ' *; d3#4($( 6M(#$+'F G'= *"B<#$+' *" *(#* 9&"#' 9',W&* &"
*(+,&#$"$' -* *(#4 +4,4+#*,M(#$+4 L"$+4 -* ;4 +'"+$*"+$4 #,4(+*"-*"#4; 9&*-* -*#*,6$"4,
($ ;4 *39*,$*"+$4 *( &" 9,'-&+#' %*"&$"' -* &" .&"-4;$"$ 4+#$E4-' 4-*+&4-46*"#* ' *;
,*(&;#4-' -* 4;&+$"4+$'"*( ' -*;$,$'( $"-&+$-'( 4,#$B$+$4;6*"#* +'" -,'%4(? 4&#'K$9"'($(?
(&%*,*"+$4 & '#,' +4&(4(

8'( #d,6$"'( +'6' o*; !#64" 4&#'U;&6$"'('o? o*; A&,&(K4 -',4-'o? o*; ,*(9;4"-*+$*"#*
[,4K64"? GK$E4 ' g$(K"&o? o*; >&,L -* J,$*"#* cD$,4"=4%4,54fo? &#$;$C4-' ,*9*#$-46*"#*
*" ;'( g*-4(? ;'( /94"$(K4-( = '#,4( #,4-$+$'"*( 5M5;$+4( -* ;4 7"-$4 "' ('" 6*,'(
*&B*6$(6'( ' *39,*($'"*( B$%&,4#$E4(? ($"' W&* (* 49;$+4" 4 &"4 ,*4;$-4- (*E*,4 -* ;4
64=', $69',#4"+$4 94,4 ;4 K&64"$-4- 4+#&4;F D4= 6&+K4 +'"B&($@" $"+;&(' ('5,* ;4
#,4-&++$@" +',,*+#4 -* *(#'( #d,6$"'( 9',W&* (& ($%"$B$+4-' (* K4 9*,-$-' +4($ 9',
+'69;*#'F 8' W&* ;'( 5&(+4-',*( 6'-*,"'( -*(9&d( -*; i'%4 -*5*" (45*, *( W&*
9,4j4(K4 c$;&6$"4+$@"f *( *; 9,$6*, ($%"' 9'($#$E' -*; -*(9*,#4, *(9$,$#&4;F

G4&"-4,=4 84K4,$ `NFRf -*(+,$5* *(#4 ,4-$4"+$4 $"#*,"4 W&* K4+* W&* ;4 6*"#* 5,$;;* +'6'
&" 64, -* ;&C *" *(#4(
*( #4( 94;45,4(^ U eD'65,*( #4" ,4,'( = -* 4;64 *;*E4-4? W&* #* 4-',4"
+'6' !,&"4? ,4-$4"#* +'6' ;4 ;&C -*; ('; -* ;4 6424"4? `+4&(4"-'b ;4 6*"#* -* ;'#' -*
;'( %,4"-*( 9'*#4( `94,4 B;',*+*,b? -*;*$#4 `4 ;4 4(465;*4b -* K'65,*( (45$'( +'" (&
-$++$@" 9,'B&"-4 +'6' ;4 "&*E4 $"&"-4+$@" -* (*"#$6$*"#'( *,@#$+'( W&* B;&=* -*;
464-' *(9'(' -* g$,$"+K$ c*( -*+$,? G4,4(m4#$? ;4 1$'(4 -*; !9,*"-$C4O*f 0(#4 *( #465$d"
&"4 ,*B*,*"+$4 -*; (&9&*(#' 4&#', -* ;4 '5,4? *; %,4" GK4"j4,4? d; 6$(6' 9'*#4 = B$;@('B'
-* ;4 6<( 4;#4 *6$"*"+$4? ('5,* ;4 494,$+$@" -*; #4;*"#' 9'd#$+' +'6' &"' -* ;'( 4#,$5&#'(
-* ;4 +'"+$*"+$4 $;&6$"4-4F

k&* ;4 +4;$-4- 9*,+*9#$E4 -* ;4 6*"#* (&B,* &"4 #,4"(B',64+$@" +&4"-' .&"-4;$"$


4#,4E$*(4 *; +K4j,4 !O"4? +'"#,';4"-' ;4 9&*,#4 -* *"#,4-4 4; +*,*5,'? (* *E$-*"+$4
+;4,46*"#* *" *; E*,(M+&;' V_ -* GK4# IK4j,4 :$,&94"4? 9', ;' #4"#'^ U eT; c*; ='%&$f
#465$d" E* ;4 8&C W&* #$*"* ;4 B',64 -* &"4 ;<694,4 *" ;;464(F 0( 5,$;;4"#* +'6' *; (';
5,$;;4"#* -* ;4 6424"4 = 5,$;;4 *"#,* *; I$*;' = ;4 \$*,,4F 0( 4W&M -'"-* *; [K4%E4" cG*2',
GK$E4f (* 64"$B$*(#4 *" ;4 9;*"$#&- -* (& 9'-*,F T; "' +'"'+* ;4 -*+4-*"+$4F = #'-' ;'
(45*? = *(#< 4W&M +'6' T; *(#< *" ;4 ,*%$@" -* S&*%'? 8&"4 = G'; eF y
0; ='%&$ 4K',4? +'6' I,$4#&,4? 9*,+$5* 4; G*2', ' (* -4 +&*"#4 -* (& 9,'9$4 $-*"#$-4- '
&"$-4- +'" T;F 84 ,*;4+$@" *"#,* *; *%' '5(*,E4-', *" d3#4($( 6M(#$+' = ;4 *"#$-4-
#,4"(B$%&,4-4 '5(*,E4-4 K4 ($-' $"#*,9,*#4-4 -* 64"*,4 -$E*,(4 9', ;'( g$-*"#*( -*(-*
;'( 9,$6*,'( #$*69'(F 0(#4 E4,$4+$@" *" ;4 $"#*,9,*#4+$@" "' (* K4 94(4-' 9', 4;#'? 9*,'
(* 6*"+$'"4 +;4,46*"#* *" *; 6$(6' #,454O' *" *(#4( 94;45,4(^ U e8'( GK4$E4( ;' ;;464"
;4 6',4-4 -* GK$E4? ;'( g4$(K"4E4( ;' ;;464" A4,464UA&,&(K4? '#,'( ;' ;;464" -* "&*E'
*; ;&%4, -* D4,$U D4,4F !W&*;;'( W&* *(#<" ;;*"'( -* 94($@" 9', ;'( 9$*( -* ;'#' -*; 1*E$
cGK4j#$f ;' ;;464" ;4 *3+*;*"#* 6',4-4 -*; 1*E$? = '#,'( %,4"-*( (45$'( ;' ;;464" *; ;&%4,
9&,' -* A,4j,$#$UA&,&(K4 eF 0; 9,'B&"-' ($%"$B$+4-' -*; E*,(' *( +;4,' 6<( 4;;< -* ;4 6*"',
('65,4 -* -&-4F G$ *" ;&%4, -* ;4( -$B*,*"#*( (*+#4( ,*;$%$'(4( *" ;4 7"-$4? $"(*,#46'( ;4(
-$E*,(4( ,*;$%$'"*( 9,$"+$94;*( -* ;4 K&64"$-4-^ 5&-$(6'? $(;46? K$"-&$(6'? +,$(#$4"$(6'?
($'"$(6'? *#+F? ;4 +'"+;&($@" W&*-4 +;4,4 -* W&* ,*9,*(*"#4" -$B*,*"#*( $"#*,9,*#4+$'"*(
$"#*,9,*#4+$'"*(
-* ;4 6$(64 *39*,$*"+$4 W&* (&,%* -* ;4 *"#,4-4 -* .&"-4;$"$ *" *; +*,*5,'F

0(#* +'"B;$+#' -* 9&"#'( -* E$(#4 4+*,+4 -* &"4 *39*,$*"+$4? 6<( 4;;< -*; 4;+4"+* -*;
$"#*;*+#'? (* 6*"+$'"4 *" A4"+K4(#4E$ cgF_f #465$d" *" *(#4( 94;45,4(^ U eY 1$'(4 7;&(#,*?
K4= 4;%&"'( W&* #* -*+;4,4" H*4; cA*,*""*6*"#* 03$(#*"#*fF !;;M K4= '#,'( W&* #* ;;464"
$,,*4; c#,4"($#',$'fF \'-4EM4 K4= '#,'( 9*"(4-',*( $"#*;$%*"#*( W&* #* 9,'+;464" ,*4; *
$,,*4; c494,#* -* *(#'(f? #'-4EM4 K4= '#,'( (45$'( (45$'( W&* ('(#$*"*" W&* "' *,*( ,*4; "$
$,,*4;F Y 1$'(4 ? JK \L I'"(',#* -* GK$E4? #'-' *(#' "' *( 6<( W&* ;4 64"$B*(#4+$@" -* \&
9'-*, $;&(',$' eF

84 6*"#* -* &"4 9*,('"4 9,'6*-$'? #,4"(B',64-4 4 ;4 E*C *" ;4 6*"#* 4,#M(#$+4


4;#46*"#* $64%$"4#$E4 -* &" h$%&*; s"%*; ' -* &" %,4" 4(#,'BM($+'? (* *"+'"#,4,M4 *" *;
64, -&,4"#* 6&+K'? 6&+K' #$*69' 4"#*( -* W&* 9&-$*,4 ($"#'"$C4,(* +'" ;4 $64%$"4+$@"
EME$-4 = *; %*"$' E*,(<#$;F -*; 9,$6*,' ' ;4 $"6*"(4 ,$W&*C4 -* +'"'+$6$*"#' ('5,* *;
/"$E*,(' *(#*;4, -*; (*%&"-'F 84 *"#,4-4 *" &" "&*E' 6&"-' -* +'"+$*"+$4? -'"-* ;4
,4C@" *( -* 9'+4 &#$;$-4-? *W&$E4;* 4 ;4 *"#,4-4 -* &"4 9*,('"4 +$*%4 "4+$-4 +$*%4 *" *;
6&"-' -* ;4 ;&C *" &"4 *#494 4E4"C4-4 -* ;4 E$-4F A,$6*,' -*5*" 4+'(#&65,4,(* 4 ;' W&*
(&( 'O'( 4K',4 K* 4W&M 9', 9,$6*,4 E*C

84 ,4C@" 9', ;4 W&* K4= #4" 9'+4 +'"+$*"+$4 ('5,* *(#* 4(9*+#' -*; d3#4($( 6M(#$+' ,4-$+4
*" *; K*+K' -* W&* (* K4 (&9&*(#' W&* (* #,4#4 -* &" *"+&*"#,' +'" 1$'(? ' ;4 H*4;$-4-
-*#,<( -*; /"$E*,(' ' &" A'-*, ('5,*K&64"' W&* $"$+$@ *; d3#4($( *" ;'( 6$(#*,$'(
$"E';&+,4-'(F F :' K&5' "*+*($-4- -* &"4 ;4,%4 9,*94,4+$@" ' &" 9*,M'-' -*
*"#,*"46$*"#'? =4 W&* ;4 1$E$"$-4- ' *; G*, G'5,*K&64"' (* '+&94,'" -* W&* (*
*"#*"-$*,4" ;'( 9,'5;*64( -*,$E4-'( -*; *"+&*"#,' = ;'( (*+,*#'( ,*E*;4-'(F 0; 6*,'
;'%,' -*; *(#4-' 5*"-*+$-' *,4 &"4 %4,4"#M4 (&B$+$*"#* -*; K*+K' -* W&* *; $"-$E$-&'
K45M4 ($-' (*;*++$'"4-' 94,4 ,*+$5$, *; B4E', = *,4 *; ,*+$9$*"#* *;*%$-' 94,4 *;
+'"'+$6$*"#' $694,#$-' ' ;4( ,*E*;4+$'"*( K*+K4(F 0(#4 (&9'($+$@" K4 ($-' &"' -* ;'(
64=',*( *(+';;'( *" ;4 *E4;&4+$@" 4-*+&4-4 -* ;4 *39*,$*"+$4 6M(#$+4 = *" ;4 +'69,*"($@"
+',,*+#4 -*; 9,'9@($#' = ;4 $69',#4"+$4 -* ;4 H*E*;4+$@" *" ;4 W&* (* 54(4" ;4 64=',M4 -*
;4( ,*;$%$'"*( 4+#&4;*( -* ;4 K&64"$-4-F
0(#* #*64 #4" $69',#4"#* *"#,4,< *" -$(+&($@" -*#4;;4-4 *" '#,' #,454O'F !W&M *(
(&B$+$*"#* (*24;4, W&* ($ *; d3#4($( ' *; (464-K$? *" ,*4;$-4-? ,*9,*(*"#4 &" +465$' -*
+'"+$*"+$4 -* ;' K&64"' 4 &"4 -$6*"($@" #,4"(K&64"4?
#,4"(K&64"4? *"#'"+*( &" 9*,M'-' -* 4O&(#*
4; "&*E' -*(4,,';;' "' 9&*-* (*, ($"' &"4 +4,4+#*,M(#$+4 *(*"+$4; -* ;4 #,4"($+$@"F 84
6*"#* #4,-4,M4 &" #$*69' *" ',$*"#4,(* = B46$;$4,$C4,(* +'" *; #*,,*"' -*; "&*E' 94M( *"
*; W&* (* E*F 7%"',4, *(#4 +'"#$"%*"+$4 *( 9'"*, *" -&-4 ;4 E4;$-*C -* ;4 *39*,$*"+$4
6$(64F

0" ;4 *#494 4+#&4;? *; d3#4($( 6M(#$+' ,*9,*(*"#4 *; 9,$6*, = "' *; L;#$6' 9*;-42' -* ;4
*(+4;*,4 -* ;4 *E';&+$@" -$(*24-' 94,4 ;;*E4, 4 #'-4 ;4 ,4C4 4 &" *(#4-' -* +'"+$*"+$4 4L"
-*(+'"'+$-'F G$ ;4 *39*,$*"+$4 6M(#$+4 ' *; (464-K$? *" ,*4;$-4-? -*"'#4 ;4 4(+*"($@" 4 &"
*(#4-' (&9*,$', -* +'"+$*"+$4 = +'"#4+#' +'" 9;4"'( -* *3$(#*"+$4 #,4"(K&64"'(?
*"#'"+*(? *" &" &"$E*,(' E$"+&;4-' 4 ;4 ;*=? "' 9&*-* K45*, ;&%4, 94,4 d; +'6' &" B4E',
4,5$#,4,$' ;$6$#4-' 4 &"'( 9'+'( (*;*++$'"4-'( F \465$d" -*5* ,*%$,(* 9', &"4 ;*=
&"$E*,(4; W&* "' +'"'+*6'(F 0; +'"B;$+#' -* +,**"+$4( (&,%* -*; K*+K' -* W&* ;4
*39*,$*"+$4 K4 ($-' $"#*,9,*#4-4 -* 64"*,4 -$E*,(4 = *; +'"'+$6$*"#' 4-W&$,$-' = ;4(
,*E*;4+$'"*( ,*+$5$-4( K4" ($-' #,4#4-4( +'6' B$"4;*(? 6<( 4;;< -* ;4( +&4;*( "' B&*
"*+*(4,$' "$ 9'($5;* ;;*%4,F

H*(9;4"-', $;&6$"4#$E' = &" ('"$-' +@(6$+'

0; d"B4($( ,*9*#$-' *" A4"+K4(#4E$ = '#,'( #,4#4-'( 4;$4-'( *" ;'( B*"@6*"'( ;&6$"'('( =
4+L(#$+'(? *" *; 464"*+*, -*; +'"'+$6$*"#' (&9,*6'? *" ;4 494,$+$@" -*; #4;*"#' 9'd#$+'?
*" ;4 $"(9$,4+$@" = ;4 ,*E*;4+$@" W&*? *" *; +&,(' K45$#&4;? ('" +4,4+#*,M(#$+4( +'6&"*( -*;
d3#4($( 6M(#$+'? #'-' 49&"#4 4 ;4 '9*,4+$@" -* &"4 "&*E4 B4+&;#4- ' &" "&*E' 6'-' -*
+'%"$+$@" W&* "' (* *E$-*"+$4 *" ;4 +'"-$+$@" "',64;F 0(#' ;;*E4 4 ;4 +'"+;&($@" -* W&*
*" &" +'"#*3#' -* ;&+*( = ('"$-'( 9*+&;$4,*(? B,4%6*"#'(
B ,4%6*"#'( -* +'"'+$6$*"#' '+&;#'? %*64(
-* (45$-&,M4? -*(#*;;'( -* 9*,(9$+4+$4 = 9,'-&+#'( B$"4;*( -* $"(9$,4+$@" *"#,4" *" *;
+469' -* 9*,+*9+$@" -* ;' +'"#*69;4#$E'F

e0" ;4( 6*"#*( -* ;'( -*E'#'( 4B',#&"4-'(? Y h4-,*e? -$+* A4"+K4(#4E$ c7gFVf? e\*
64"$B$*(#4( +'6' *; +$*;' ,*(9;4"-*+$*"#* cG&9*,+'"+$*"+$4f? +'6' *; [$"-& cE4+M' "'
-$6*"($'"4;f? +'6' :4-4 c*; ('"$-' I@(6$+'f b? +'6' ;4 6*-$4 ;&"4 -* ;4 ;&"4? +'6' ;4
B&*"#* -* *39,*($@" c%*"$'b? +'6' h4-,*? +'6' ;4 B&*"#* -* ;4 [$*"4E*"#&,4"C4 = *;
:d+#4, -* u"4"4 c+'"'+$6$*"#' (&9,*6'f eF

0(#* L"$+' E*,('? #'-4( ;4( +4,4+#*,M(#$+4( -*; d3#4($( 6M(#$+'? +'"'+$-4( -*(-* ;'(
9,$6*,'( #$*69'(? *(#<" -*B$"$-4( -* 64"*,4 +'"+$(4F 0; *9M#*#' oh4-,*o (* K4 &(4-' +'"
B,*+&*"+$4 +'6' *; (*"#$-' -* %,4#$#&- 9', *; B4E', ('5*,4"' = ;4 $;$6$#4-4 +'694($@"
$"E';&+,4-4 *" ;4 5*"-$+$@" -* ;4 I'"+$*"+$4 \,4(+*"-*"#4; *( 45,&64-',4F \'-' *;
(&B,$6$*"#' -* $""&6*,45;*( E$-4( (* -*(E4"*+* *" *; 9,$6*, *"+&*"#,' +'" ;' 1$E$"'F
G';' *; 46', *3#,*6' -* &"4 64-,* +4,$2'(4 9'-,M4 %&$4, 94+$*"#*6*"#* 4 &" 6',#4;
*,,4"#* 4 &" #*(',' #4" $"E4;&45;*F
84 *39'($+$@" 6'-*,"4 -*; A'-*, -* ;4 G*,9$*"#*? *" +'6*"#4,$'( ('5,* ;'( 4"#$%&'(
-'+&6*"#'( *('#d,$+'(? (* +*"#,4 9,$"+$94;6*"#* *" ;'( 4(9*+#'( 6<%$+'(? 6$;4%,'('( =
4,+4"'( -* ;4 +$*"+$4F 8'( #,'C'( -* +'"'+$6$*"#' *3#,*64-46*"#* 9,*+$'('(? -$(9*,('(
4W&M = 4;;<? W&* 9&*-*" -*6'(#,4, &" E4;', $"*(#$645;* 94,4 ;'( (45$'( = 5&(+4-',*(
6'-*,"'(? 4 6*"&-' (* 94(4" 9', 4;#'F 0; E*,(' 4-O&"#' -* A4"+K4(#4E$ cgFPNf $;&(#,4,M4
469;$46*"#* ;' W&* W&$*,' -*+$,^ U e\L? W&* *,*( *; I@-$%' -* I'"-&+#4 c*" '5(*,E4"+$4(
,*;$%$'(4(f? *; H*9'($#',$' -* #'-' I'"'+$6$*"#'? *( 49#' 94,4 (*, +'69,*"-$-'?
+'69,*"-$-'? ;4 S&*"#*
-* #'-' ;' *(#45;*+$-' 1'+#,$"4(? *; !&#', = ;4 k&$"#4*(*"+$4 -* ;'( g*-4(? ;4 h$"4 -* ;4(
h4,4E$;;4(? *; J,$%*" -*; /"$E*,('? *; A'-*, I'"#,';4-', -*; G*2', GK$E4? *; G9,$"%K*4-
-* #'-4 h',4;$-4-? ;4 h',4-4 -* ;4 I'"+$*"+$4 -* GK$E4 = *; 7"(#,&6*"#' -* /"$-4- +'"
T;? Y h4-,*? W&* *,*( c$"(*94,45;* -*f GK$E4? B<+$;6*"#* 4;+4"C45;* 4 #,4Ed( -* ;4
K&6$;-4-? "'( '#',%4 c;4 5*"-$+$@" -*f &"4 -*E'+$@" $"+'694,45;* K4+$4 \$ eF

7"#*,9,*#4-' *" (& E4;', "'6$"4;? *; E*,(' ($69;*6*"#* ,*B;*O4 ;4 *B&($@" +<;$-4 W&* 5,'#4
-*; +',4C@" -* &" -*E'#' 4 ;'( 9$*( -* ;4 1$'(4 W&*? 94,4 d;? #$*"* ;4 6$(64 9'($+$@"
('5*,4"4 W&* 7(KE4,4? 1$'(? !;;4K ' [,4K64" #$*"*" 94,4 4W&*;;'( W&$*"*( ;'( 4-',4"
+'6' &" -*5*, ,*;$%$'('F A*,' *(#4 "' *( ;4 L"$+4 ,4C@" -* ;4 6*#$+&;'(4 -*B$"$+$@" -* ;'(
4;#'( +4,%'( 4#,$5&$-'( 4 GK4j#$ *" *(#* E*,(M+&;'F D4= &" ($%"$B$+4-' *('#d,$+' 6<(
9,'B&"-' W&*? +&4"-' *( -*#*"$-'? 4,,'O4 &"4 ;&C $;&6$"4-',4 ('5,* ;4 *B&($@" -*; 4&#',F
:' *( ($69;*6*"#* ;4 -*E'+$@" (*"#$6*"#4;? ($"' ;4( ,*4;$-4-*( 5<($+4( -* ;4 $"+,*M5;*
*39*,$*"+$4 -*; (464-K$ 84=4Ui'%4 W&* B',64" *; #,4(B'"-' -* *(#4( ;M"*4(F

1$+K' 5,*E*6*"#*? *; 4(+*"(' -* .&"-4;$"$ 4 (4K4(,4,4 4"&"+$4 *; +'6$*"C' -* &"4


#,4"(B',64+$@" -* ;4 +'"+$*"+$4 W&*? *" &" ($(#*64 (4;&-45;*? 9&*-* +'"#$"&4, K4(#4 *;
L;#$6' 4;$*"#'? 45,$*"-' E$(#4( +4-4 E*C 6<( B,*(+4( -* &" 6&"-' $"#*,$', %;',$'('? #4"
;*O'( -* #'-' ;' W&* 9'-*6'( $64%$"* W&* "&"+4 -*O4 -* (*, &"4 64,4E$;;4 -*(-* *;
9,$6*,' K4(#4 *; L;#$6'F 0(#4 *( ;4 ,4C@" 9', ;4 +&4; GK4j#$ (* 45',-4 +'6' o;4 6$"4 -*
64,4E$;;4(o *" *(#* E*,(M+&;'F 0; 9,$6*, $694+#' -*; 4(+*"(' (* ($*"#* *" *; 5,$;;' *3#,42'
= B4(+$"4"#* *" ;4 +45*C4 = ;4 6L($+4 +'"#$"&4 *" ;'( 'M-'(F 0( 9', *(#4 ,4C@" W&* (* -$+*
W&* .&"-4;$"$ *( -* ;4 "4#&,4;*C4 -* 8&C = G'"$-' *" *; 9,$6*, E*,(' -* A4"+K4(#4E$F 0;
('"$-' (* -*(+,$5* -* -$E*,(4( 64"*,4( = (& 6$(#*,$' (* *39;$+4 -* 64"*,4 -$E*,(4F G*
-$+* W&* ;4 (M;454 (4%,4-4 o!&6o *( *; 6<( %,4"-* -* ;'( 64"#,4( = ;4 W&$"#4*(*"+$4 -* ;'(
g*-4(F 8'( ='%&$( *" ;4 7"-$4 (* ,*B$*,*" 4 ;4 6L($+4 9,'-&+$-4 9', *(#* ('"$-' +'6' &"4
',W&*(#4 W&* (* #'+4 4 (M 6$(64F 0( 9,'9*"(' 4 ;4 E4,$4+$@" *" -$B*,*"#*( *(#4-'( -*
+'"#*69;4+$@" = -$B*,*"#*( +'"-$+$'"*( -*; +&*,9'F

84 ;&6$"'($-4- *" ;4 +45*C4 *( &" B*"@6*"' #4" $"+,*M5;* W&* *( *3#,*64-46*"#* -$BM+$;
*39;$+<,(*;' 4 4W&*;;'( W&* "' K4" #*"$-' ;4 *39*,$*"+$4F I'6' =4 (* *39;$+@? *(#4
;&6$"'($-4- "' (* '5(*,E4 -* ;4 6$(64 64"*,4 W&* &"4 ;&C E$(#4 4 #,4Ed( -* ;'( 'O'(
6',#4;*(F A', '#,' ;4-'? *( *; 494,4#' -* '5(*,E4+$@"? ;4 6*"#* 9*"(4"#*? (& $64%$"4+$@"
= 9*"(46$*"#'? ;' W&* (* E&*;E* ;&6$"'('F I&4"-' (* +'69;*#4 ;4 #,4"(B',64+$@"? #'-'
*; 9*"(46$*"#' = #'-4 E$(&4;$C4+$@" (* ,*4;$C4 *"
/" 6&"-' 6*"#4; -* ;&CF 0" '#,4( 94;45,4(? *; K'65,* $"#*,$', U *; 9*"(46$*"#'? ;4
E';&"#4-? ;4 +'"+$*"+$4 -*; *%' U 4K',4 E$(#* &" 64"#' -* ;&C =? *" *(#4-'( 6<( 9,'B&"-'(
-* +'"#*69;4+$@"? B;'#4 *" &" 64, ;&6$"'(' = 94;9$#4"#* -* E$-4? +'6' &" %;'5'
$"+4"-*(+*"#* -* 64#*,$4 %4(*'(4? *;*E4-'? (* E*,M4 B;'#4"-' *" *; B'"-' -* &" +$*;'
5,$;;4"#* = 5,$;;4"#*F 0( 9', *(' W&* .&"-4;$"$ 4 6*"&-' (* +'694,4 +'" *; o+$*;' 5,$;;4"#*o?
*; oB$,646*"#' $;&6$"4-' 9', ;4( *(#,*;;4(o? ;4 oEM4 ;<+#*4o? ;4 o8&"4o? *; oG';o? *; oS&*%'o = *;
oH4='oF 84 $-*4 (&5=4+*"#* *" #'-'( ;'( +4('( *( #,4"(6$#$, ;4 #,4"(B',64+$@" 9', ;' -*6<(
$69,*-*+$5;* *" ;4 #*3#&,4 -* ;4 +'"+$*"+$4 W&* 64"#$*"* *; (*, $"#*,"' -*; ='%&$
+'"(&64-' ($*69,* *" ;;464( +'" ;&CF

0( 9'($5;* W&* *(#4 *39'($+$@" -* 4;%&"'( -* ;'( E*,('( *" A4"+K4(#4E$ (* +'"($-*,*
*34%*,4-4 = (* ,*+$54 +'" $"+,*-&;$-4-F 84 "4#&,4;*C4 6$(64 -* 6$( 4B$,64+$'"*( ;' K4+*
$"4+*9#45;* 94,4 *; $"#*;*+#' 6'-*,"'F A*,' "' K4= *(+494#',$4 -* ;4 9'($+$@" ;@%$+4F 84(
-*(+,$9+$'"*( W&* +'694,4"
+'694,4" 4 .&"-4;$"$ +'" *; B&*%' ' ;'( ,4='( = ;4 $-4 = 9M"%4;4 +'" ;4
;&"4 = *; ('; -*O4" *" +;4,' W&* *(#< $"E';&+,4-' &" B*"@6*"' ;&6$"'('F 0" &"4
6*#46',B'($( (4;&-45;*? ;4 ,*B&;%*"+$4 *( 4;#46*"#* +4;64"#*? -$+K'(4 = +4&#$E4-',4? =?
9', ;' #4"#'? (* +'694,4 +'" *; 5,$;;' -* ;4 ;&"4 *" ;4 +45*C4F 0(#4 *( ;4 ,4C@" -*; *65;*64
-* ;4 ;&"4 *" ;4 +45*C4 -* 8',- GK$E4 = *; +45*;;' -* GK4j#$? 4;&-$-' *" *; #,454O'F A*,'
+&4"-' *; -*(9*,#4, "' *( (4;&-45;*? ;4 ;&C (* +'"E$*,#* *" *; ,*(9;4"-', +*%4-', = *;
B&*%' 4#',6*"#4-', -* ;4 ;'+&,4F

0; '5O*#$E' B$"4; -*; i'%4 *( 9,'E'+4, *(#4 64,4E$;;'(4 #,4"(B',64+$@" *" *; (*, $"#*,"'
-*; ='%&$F 0" ;4 *#494 B$"4; -*; +465$'? +'6*? 5*5*? +46$"4? 4+#L4 = (&*24 ($*69,*
,'-*4-' -* &" 5,$;;4"#* 6&"-' -* ;&CF 84( $69,*($'"*( W&* 9,'E$*"*" -*; 6&"-' *3#*,$',
4K',4 #$*"*" &" 4(9*+#' -$B*,*"#*F 84 +'"+$*"+$4 5,$;;4"#* $694,#* #465$d" &"4 ,4-$4"+$4
4; /"$E*,('F 8'( (*"#$-'( B&"+$'"4" +'6' 4"#*(F :' K4= 45(';&#46*"#* "$"%L"
-*(*"B'W&* ' -$(#',($@" *" ;4 9*,+*9+$@"F G';' (* +465$4 ;4 ,*;4+$@" *"#,* *; g$-*"#* = *;
g$(#'F 84 +'"+$*"+$4 -*; '5(*,E4-', 4K',4 94,*+* ;;*"4, #'-' *; *(94+$'F 0(#4 *( &"4
*39*,$*"+$4 64,4E$;;'(4 -* ;4 +&4; ;4 64,4E$;;4? *" ;&%4, -* -$(6$"&$, +'" ;49('( -* #$*69'?
+'"#$"L4 +,*+$*"-'F

0; 6&"-' 9,*(*"#4-' 9', ;'( (*"#$-'( 94,*+* B;'#4, *" *; 5,$;;4"#* '+d4"' -*; (*, -*;
'5(*,E4-',F 84 6*"#* 4-W&$*,* &" "&*E' 9'-*, -* 9*"*#,4+$@"F 0; /"$E*,(' =4 "' 94,*+*
(*, &"4 +,*4+$@" %$%4"#*(+4? 9', (& #4642' $"$64%$"45;*6*"#* E4(#' W&* ,*-&+* 4;
'5(*,E4-', 4 &" *(#4-' -* 45(';&#4 $"($%"$B$+4"+$4 * $69'#*"+$4? 9*,'? 9', *; +'"#,4,$'?
4K',4 94,*+* &"4 7(;4 *" &" ;&6$"'(' h4, -*; G*,F ! 94,#$, -* 4K',4 (* $"#,'-&+* &"
*;*6*"#' -* -$E$"$-4- *" ;4 +'69'($+$@" -*; K'65,*F i4 "' *( &"4 +,$4#&,4 $"($%"$B$+4"#*?
*"+*,,4-' *" +4,"* = ,'-*4-' 9', &" +'(6'( W&* ;' -'6$"4 9', (& #4642'? ($"'($ "' &" H4='
-* E$-4 *#*,"'? 6<( 4;;< -*; "4+$6$*"#' = ;4 6&*,#*? *" *; W&* *; +&*,9' = *; 6&"-' 4 (&
4;,*-*-', (* ($*"#4" +'6' ('65,4( B4"#4(64(? +'6' "&5*( 4"#* ;4 +4,4 -* &" (';
45,4(4-',F
0(#4 ;$5*,4+$@" -*; -'6$"$' -* ;4 64#*,$4 (* -*(+,$5* *" A4"+K4(#4E$ cgF;;f *" *(#4(
94;45,4(^ U e[,$;;4"-' +'" ;4 5,$;;4"#*C /"4 E*C W&* 6$;;'"*( -* (';*( *" *; 6'6*"#' -* ;4
-$(';&+$@"? +'" #& *(9;*"-',? W&*64(#* 94,4 W&*64, *; 5'(W&* +'" ;4( (*$( ,&#4( `*;
6&"-' -* ;4 $;&($@" +,*4-4 9', +$"+' (*"#$-'( = ;4 6*"#*b -* *('( -*E'#'( +&=4( +45*C4(
9*,64"*+*" -'5;4-4( 4 #&( 9$*( -* ;'#'l K4+$*"-' +'69;*#46*"#* 64"$B$*(#' c94,4 *;;'(f
;4 %;',$4 -* ;4 $"+'694,45;* GK$E4 +'" ;4 ,*B&;%*"+$4 -* \& B',64 -* ;'#'? -'5;4-4 +'" *;
9*(' -* ;'( (*"'( W&*? +'6' ;4 -*(#,*C4 -* GK$E4? *( ($*69,* E$+#',$'(4 eF

0( *(#* 9,'+*(' -* ;$5*,4+$@" -*; 4;64 -* ;4 *(+;4E$#&- -* ;'( (*"#$-'( W&* (* K4 -*(+,$#'
-* -$E*,(4( 64"*,4( *" ;4( *(+,$#&,4( ,*;$%$'(4( -* ;4 K&64"$-4- +'6' oG4;E4+$@"o?
oh&j#$o? oi'%4o? o/"$@" +'" [,4K64" ' 1$'(o? oI,&C4"-' *; '+d4"' -* $;&($@" o?o $;&6$"4+$@"
o= ($6$;4,*(F 0(#4 *39*,$*"+$4 *( 4L" 6<( $69,*($'"4"#* W&* ;4 *39*,$*"+$4 -* ;4 ;&C
$"#*,$',F 0; 6&"-' W&* 94,*+* #4" ,*4;? +'"+,*#' = +';'(4; *" *; *(#4-' "',64;? -* &"4
64"*,4 6$(#*,$'(4? 9$*,-* #'-4( *(#4( +4,4+#*,M(#$+4( ('5,*(4;$*"#*( = (* +'"E$*,#* *" &"
6*,' ,*B;*O' -* ;4 6$(64 +'"+$*"+$4 W&* 4"#*( *(#454 -'6$"4-4F

0(#* 4('65,'(' +465$' -* ;4 +',9',*$-4- 4 ;4 $"6&"-$+$4 (* -*(+,$5* *" A4"+K4(#4E$


cgFN]f 4(M^ eh4-,*? +&<" %,4"-* *( #& %;',$4 W&*? 4&"W&* (*4 #,4%4-4 9', ;4 #$*,,4? *; 4%&4?
*; B&*%'? *; 4$,*? ;4 6*"#*? *; ('; = ;4 ;&"4 c*( -*+$,? 4&"W&* *"E&*;#' 9', #'-'( *(#'(
*;*6*"#'( *" *; u$E4 *"+4,"4-'f? *" \& *(#4-' (&9*,B$"' -* I'"+$*"+$4 c*394"-$-4f
($6$;4, 4; +$*;'? 4;;M "' (* *"+&*"#,4 "$"%L" ,4(#,' -* "$"%&"4 -* *(#4( *"E';#&,4(
*"E';E*"#*( eF 1* ;' W&* #,4#4" ;'( GK4j#$ GK4(#,4( *( -* &" #$9' 4E4"C4-' -* +'"+$*"+$4
*" *; W&* (* #,4(+$*"-*" ;'( (*"#$-'( 94,4 ,*E*;4, &"4 $64%*" "' *(94+$4; = "' #*69',4;
-*; /"$E*,('F

84 L"$+4 *39;$+4+$@" W&* (* 9&*-* 9,'9',+$'"4, 94,4 *(#* +465$' *" ;4 9*,+*9+$@" *( W&*
*" ;4 -$6*"($@" (&9*,$', -* ;4 +'"+$*"+$4? +,*4-4 4; -*(9*,#4, -* .&"-4;$"$? ;4 6*"#*
4-W&$*,* &"4 +4;$-4- -* ,4='( t 4;#46*"#* 9*"*#,4"#* W&* K4+* W&* *; 6&"-' '5O*#$E'
64($E' 4"#*,$', 94,*C+4 &"4 494,$*"+$4 $;&(',$4 ? "' ,*4; *" (M 6$(6' ($"' (';' &"4
9,'=*++$@" -*; '5(*,E4-',F 0(#4 *( ;4 ,4C@" 9', ;4 +&4; g*-4"#4 -*+;4,4 W&* *; /"$E*,('
*( &"4 $;&($@"? &"4 $64%*" #,4"(B',64-4 -* !#64" c4;64f ' [,4K64" 6$(6'F

0(#4 64,4E$;;'(4 *39*,$*"+$4 *( +'6L" 4 ;4 64=',M4 -* ;'( 6M(#$+'(F !(M *( +'6'


84;;*(Km4,$ -*(+,$5* ($F U eh*-$4"#* ;4 9,<+#$+4 ,*9*#$-4 4 6*"&-'? ;4 %,4" *3#*"($@" -*;
/"$E*,(' 64"$B*(#4-' (* *;*E4 4 ;4 45(',+$@"l = *; 6&"-' G4%&"4? -* B',64( = +&4;$-4-*(?
(* B&"-* *" ;4 $"6*"($-4- -*; g4+M'? +'" &"4 (4;9$+4-&,4 +'6' 4%&4 ('5,* *; 4%&4 W&*
+4*F 8&*%'? *; g4+M' *#d,*' (* -$(&*;E* = *; G&9,*6' 7"*B45;* (';' W&*-4F 0(#'? Y [K4##4
c[,4K64"f? *( ;4 g*,-4- 94,4 %4"4, eF I&<" 4;*O4-' -* ;4( "'+$'"*( -$(#',($'"4-4(
4+#&4;*( ('5,* *; ='%4 K4+* *(#4 -*+;4,4+$@" -* &" *39*,#' ,*+'"'+$-' *" *; ('"$-' -* ;4
+$*"+$4F 84 +4,4+#*,M(#$+4 6<( (',9,*"-*"#* -*; i'%4 ,*4;$C4-' *( ;4 ,*E';&+$@" $"#*,"4
W&* +'"E$*,#* 4; /"$E*,(' *" &" B4"#4(64 W&* (* -*,,$#*F

0( 9', *(' W&* *; g$-*"#* /94"$(K4-$+ -*+;4,4 +'" 45(';&#4 +'"E$++$@" W&* #'-' *(#' *(
[,4K64" = W&* "' *3$(#* "4-4 6<( W&* *('F 0(#4 *( #465$d" ;4 ,4C@" 9', ;4 +&4; ;4 B$;'('BM4
GK4$E4 +,** W&* *; 6&"-' *( &"4 B',64 #,4"(B',64-4 -* GK4j#$? *; 9'-*, +,*4#$E' -*
GK$E4 '? *" '#,4( 94;45,4(? &"4 $64%*" #,4"(B',64-4 -* GK$E4 6$(6'F 0" ;4 &"$@" -* GK$E4
= GK4j#$? +&4"-' .&"-4;$"$ $;&6$"4 ;4 6*"#*? *; 6&"-' (* -$(&*;E* *" ;4 ;;464 -* ;4
+'"+$*"+$4 +'6' &"4 ('65,4 -$(9*,(4-4 9', ;4 *"#,4-4 -* &"4 ;&C
; &C 6<( 5,$;;4"#*F
0(#4 "&*E4 B',64 -* +'%"$+$@" W&* 94,*+* $69,*%"4, #'-' *; &"$E*,(' "' *( ($69;*6*"#*
&"4 B',64 #,4"(B',64-4 -* +'"+$*"+$4 K&64"4 "',64; W&* '9*,4 4"#*(? ($"' &"
(',9,*"-*"#* '+d4"' -* (45$-&,M4 $"B$"$#4 * $"#*;$%*"+$4 $"+'"6*"(&,45;* #4"
+'"+*"#,4-4 W&* +4-4 %'#4 +'"#$*"* &" '+d4"' -* I'"'+$6$*"#' -*"#,' -* (M 6$(6'F
0(#4 *( ;4 ,4C@" 9', ;4 +&4;? *" *; *(#4-' -* d3#4($( 6M(#$+'? *3$(#* &"4 +;4,4 (*"(4+$@" -*
64=', +'"+$*"+$4 = &"4 +'69,*"($@" 6<( 9,'B&"-4 -* ;4 "4#&,4;*C4 -* ;4( +'(4(F 1*5$-'
4 ;4( ;$6$#4+$'"*( $69&*(#4( 9', *; +*,*5,'? 9&*-* W&* "' (*4 9'($5;* #,4*,

g';E*, *(#4 *39*,$*"+$4 *" *; *(#4-' "',64;? 9*,' ;4 +'"+$*"+$4 -* &" 64=',
+'"'+$6$*"#' -&,4"#* *; #,4"+* *( $"+'"B&"-$5;*F

0" +4('( *3+*9+$'"4;*(? ;'( B,4%6*"#'( -* +'"'+$6$*"#' 4-W&$,$-'(


4-W&$,$-'( *" *(#4 +'"-$+$@" (*
B$;#,4,'" +'6' !9'+4;$9($(? W&* B',64" *; (*6$;;*,' -* #'-4( ;4( *(+,$#&,4( ,*E*;4-4( -*
;4 K&64"$-4-F 0" *; +4(' -*; %*"$'? *; +'"'+$6$*"#' 4-W&$,$-'? ;'( "&*E'(
-*(+&5,$6$*"#'( ,*4;$C4-'( ' *; 64#*,$4; $"(9$,4-' ,*&"$-' B;&=*" #'-'( -*; 6$(6'
'+d4"' $"4%'#45;* -* ;4 6*"#* /"$E*,(4;F 0(#4 *( ;4 ,4C@" 9', ;4 +&4;? *" *; E*,('
,*9,'-&+$-' 4"#*,$',6*"#*?
4"#*,$',6*"#*? .&"-4;$"$ (* +'"($-*,4 *; I@-$%' -* I'"-&+#4? *; H*9'($#',$'
-* #'-' +'"'+$6$*"#'? *; !&#', -* ;'( g*-4(? *; G9,$"%K*4- -* #'-4 6',4;$-4- = *; ,*(#'?
+'6' #'-4 +$*"+$4? B$;'('BM4? 4,#*F ? ;'( *(#<"-4,*( d#$+'( = ;4( H*E*;4+$'"*( -* ;4(
,*;$%$'"*( -*(+$*"-*" -*; '+d4"' ,*E*;4-' 9', 0;;4 94,4 +'"E*,#$,(* *" 94,#* -* ;4 +&;#&,4
= ;4 E$-4 K&64"4F

84 B46'(4 ',4+$@" Ed-$+4? e1* ;4 '(+&,$-4-? ;;dE46* 4 ;4 8&C? -* ;' $,,*4;? ;;dE46* 4 ;' ,*4;?
-* ;4 6&*,#*? ;;dE46* 4 ;4 $"6',#4;$-4-e? *( &"4 E*,($@" 45,*E$4-4 -* ;4 6$(64
#,4"(B',64+$@"F 0; (*, $"#*,$', -* &" 4;64 $;&6$"4-4 *"+4,"4 *(#4( #,*( +4,4+#*,M(#$+4( -*
;4 E$-4 #,4(+*"-*"#4;^ *(9;*"-',? ,*4;$-4- = ;$5*,#4- -*; 6$*-' 4 ;4 6&*,#*F 84 6$(64 $-*4
*(#< 5*;;46*"#* *39,*(4-4 *" IK4"-'%=4 /94"$(K4- c777FNXF Pf *" *(#4( 94;45,4(^ U e0;
W&* +'"($(#* *" 6*"#*? +&=' +&*,9' *( E$-4 c9,4"4f? +&=4 B',64 *( ;&C? +&=4 +'"+*9+$@"
*( E*,-4-? +&=4 !;64 c!#64"f *( *(94+$' W&* +'"#$*"* #'-4( ;4( '5,4(? +'"#$*"* #'-'(
;'( -*(*'(? +'"#$*"* #'-'( ;'( ';',*( ? W&* +'"#$*"* #'-'( ;'( %&(#'(? 454,+4 #'-' *(#*
6&"-'? ;' W&* "' K45;4? ;' W&* "' $69',#4 e

0; 6$(6' *(#4-' 4&#';&6$"$(+*"#* -* [,4K64" (* -*(+,$5* *" .4#K4 /94"$(K4- cgFN]f -*


'#,4 64"*,4^ U e0; ('; "' 5,$;;4 4;;M? "$ ;4 ;&"4 = ;4( *(#,*;;4( "$ *(#'( ,*;<694%'(? = 6&+K'
6*"'( *(#* B&*%' c#*,,*"4;fF 1*(9&d( -* T; ? 6$*"#,4( T; 5,$;;4? #'-' 5,$;;4? *(#* 6&"-'
*(#< $;&6$"4-' +'" G& ;&C eF 84 6$(64 *(#,'B4 '+&,,* *" *; h&"-4j4 c77FPFNYf = #465$d"
*" *; GE*#4(E4#4,4 /94"$(K4- cg7F NXfF /" 94(4O* ($6$;4, #465$d" *(#< +'"#*"$-' *" *;
[K4%4E4- >$#4F 0(#4 $-*4 (* -*(4,,';;4 4L" 6<( *" *; h&"-4j4 /94"$(K4- 4(M^ U e0" ;4
E4$"4 -',4-4 6<( 4;#4 *(#< [,4K64? ($" 64"+K4? ($" 94,#*(F 0( 5,$;;4"#*? ;4 ;&C -* ;4( ;&+*(?
;' W&* ;'( +'"'+*-',*( -*; !;64 c!#64"f (45*"eF

0; $"#*"#' 9,$"+$94; -* ;'( /94"$(K4-( *(#< -$,$%$-' 4 -*B$"$, *; *3#,4',-$"4,$' 94#,@" -*


+'"+$*"+$4 4;+4"C4-' *" *; *(#4-' 5*4#MB$+'F 0; h4$#,$ /94"$(K4- cg7FV]f ;' -*(+,$5* -*
*(#4 64"*,4^ e1*; 9'-*, 5,$;;4"#* W&* $69,*%"4 *; +$*;' *( (';' &"4 9',+$@" W&* *(#<? 9',
4(M -*+$,;'? *" 6*-$' -*; (';? *" *; 'O' = *" *; B&*%'F 0(' *( [,4K64F 0(' *( ;' $"6',#4;F
0(' *( 0(9;*"-',F 0(* *( *; 0#*,"' H*4; FFF 0(' *( +4;',F 0(' *( 4;$*"#'F 0(' *( 64#*,$4F 0(4
*( ;4 ;&"4 FFF 0(* *( *; ,*$"' -* [,4K64F 0(' *( *; '+d4"' -* ;4 ;&C eF
I&<" 94,*+$-4( ('" ;4( +4,4+#*,M(#$+4( -* ;4 *39*,$*"+$4 -* #&,$=4 +'"#*"$-4 *" ;'(
/94"$(K4-(? ' +'6' (* -*(+,$5* *" A4"+K4(#4E$F GK$E4 *( 4&#';&6$"$(+*"#*F \465$d"
!#64"? A&,&(K4? [,4K64" = GK4j#$F I4-4 &"' -* *;;'( *( ;4 9,$6*,4 +4&(4 -*; /"$E*,(' =
#'-' ;' W&* K4= *" d;F 84 #$*,,4? *; 4%&4? *; B&*%'? *; 4$,*? *; d#*,? *; (';?
( ';? ;4 ;&"4? ;'( g*-4(?
;4 6*"#* = *; $"#*;*+#' (&,%*" -* d;F 84 +'"+;&($@" *(? 9', ;' #4"#'? $,,*($(#$5;* W&* #'-4(
*(#4( -*(+,$9+$'"*( 9,'+*-*" -* &"4 *39*,$*"+$4 $-d"#$+4 W&* K4 ($-' $"#*,9,*#4-4 -*
64"*,4 -$B*,*"#* 9', ;'( E$-*"#*( W&* ;4 #&E$*,'"F

0( *3#,*64-46*"#* -$BM+$; 94,4 &" $"#*;*+#&4; 6'-*,"' +'" ;'( 9$*( *" ;4 #$*,,4 4+*9#4,
*; K*+K' -* W&* ;4 +'"+$*"+$4 K&64"4 9&*-* 4;+4"C4, &" *(#4-' -* 9*,+*9+$@" -'"-* *;
/"$E*,(' (@;$-' (* ,*-&+* 4 ;4 9'($+$@" -* &"4 ('65,4 = (* E* &"4 g$-4 0#*,"4 W&*
$69,*%"4 *; +'(6'(F \4; 4B$,64+$@" 9,'+*-*"#* -* '#,' $"#*;*+#' *;*E4-'? +'6' 9',
*O*69;' &" GK4"j4,4+K4,=4 ' !KK$"4E4 >&9#4? +,*4,M4 -* $"6*-$4#' &"4 -&-4 ('5,* (&
 O&$+$' -* '5(*,E4+$@" *" (& 6*"#*F A*,' (& *(+*9#$+$(6' *( $"O&(#$B$+4-'? ($ "'
B,4"+46*"#* $,,4+$'"4;? 9', ;4 ,4C@" -* W&* ;' W&* *(#<" K45;4"-' $69;$+4 ;4 '9*,4+$@"
-* &"4 "&*E4 B',64 -* *"*,%M4 ('5,* ;4 +&4; ;4 +$*"+$4 6'-*,"4 #'-4EM4 *(#< *" ;4
'(+&,$-4-F

0(#4-'( 4;#*,4-'( -* +'"+$*"+$4

84 ,4C@" 9', ;4 +&4; ;4 $-*4 -* &"4 ,*(*,E4 4L" ($" *39;'#4, -* *"*,%M4 9(MW&$+4 *" *;
+&*,9' K&64"' 4 6*"&-' *( $"4+*9#45;* 94,4 *; $"#*;*+#' ,4-$+4 *" *; K*+K' -* W&* "'
B',64 94,#* -* ;4 #,4-$+$@" +&;#&,4; -* J++$-*"#*F 8'( *,&-$#'( '++$-*"#4;*( #,4#4" *;
+&*,9' = ;4 6*"#* +'6' &"4 -&4;$-4- $"(*94,45;* ' +'6' -'( *"#$-4-*( $"#*,4+#$E4(
+'69;*#46*"#* -$B*,*"#*( *"#,* (MF 84( ,*;$%$'"*( (*6M#$+4( $"+&;+4" ;4 $-*4 -* &" 4;64
W&*? -* &"4 64"*,4 4L" $"-*#*,6$"4-4? K4+* -*; +&*,9' (& K'%4, -&,4"#* ;4 -&,4+$@"
-* (& E$-4 #*,,*"4;F >*"*,4;6*"#* "' (* ,*+'"'+* *; K*+K' -* W&* ;4 6*"#* ' ;4
+'"+$*"+$4 ;$%4-4 4; *%' *( &"4 B',64 -* *"*,%M4 #4" (&#$; = +'69;*O4 W&* *(#< B&*,4 -*;
4;+4"+* -* "&*(#,' $"#*;*+#'F

:&"+4 9'-*6'( #*"*, &"4 9*,+*9+$@" -* '#,4 +'"+$*"+$4 +'6' ;4 "&*(#,4? 4&"W&*
E$E$6'( ,'-*4-'( -* 6$;;'"*( -* (*,*( W&* 9'(**" &" 494,4#' +'"(+$*"#* 6<( ' 6*"'(
+'6' *; "&*(#,'F A*,' "&"+4 ;' 9*,+$5$6'( '5O*#$E46*"#*? +'6' E*6'( *; +&*,9'? = (';'
('6'( +'"(+$*"#*( -* d; 9', $"B*,*"+$4F A*,' ;4 +'"+$*"+$4 K&64"4 $"-$E$-&4; "' *( ;4
L"$+4 B',64 *" W&* (* 9&*-* *"+'"#,4, *(#4 *"*,%M4F 0(#< 9,*(*"#* *" #'-'( ;'( ,$"+'"*(
-*; &"$E*,('? +494C -* 4+#&4, *" ;'( "$E*;*( 6<( 9,'B&"-'( -* <#'6'( = 6';d+&;4(F 0;
-*(9*,#4, -* .&"-4;$"$? *" &" ($(#*64 4,6'"$'('? 9,'E'+4 &"4 ,*E';&+$@" *" ;4 #*3#&,4
-* *(#4 *"*,%M4 +'" *; ,*(&;#4-' -* W&* (* 45,* &" "&*E' 6&"-' -* 9*,+*9+$@" 4"#* *;
4('65,4-' 'O' $"#*,"' -*; $"-$E$-&' -*(9$*,#'F

>*"*,4+$'"*( -* ='%&$( *" ;4 7"-$4? -&,4"#* ;'( L;#$6'( 6$;*( -* 42'(? K4" ($-' #*(#$%'(
-* *(#4 (',9,*"-*"#* #,4"(B',64+$@"F 0; ,*%$(#,' -* (& *39*,$*"+$4 #'-4EM4 *3$(#* *" ;4
;$#*,4#&,4 Ed-$+4? 9&,<"$+4? #<"#,$+4 = =@%&$+4 *3$(#*"#* *" "&*(#,' 94M(F A*,' K4(#4 4K',4
"' (* K4 $"#*"#4-' $"#*%,4, #'-4( *(#4( E4,$4-4( $"#*,9,*#4+$'"*( -* ;4 6$(64 *39*,$*"+$4
= -*6'(#,4, ;4 $-*"#$-4- -*; B4+#', 5<($+' W&* *( +'6L" 4 #'-'(F 0(* B4+#', *( .&"-4;$"$F
1* &"4 64"*,4 6'-*(#4? 4 9*(4, -* 6$( -*5$;$-4-*(? ('= &" #*(#$%' E$E' -* *(#*
B*"@6*"' *3#,4',-$"4,$'F g$E'? 4+#L'? 9$*"(' = (&*2' *" &" 6&"-' -* ;&CF 8'( ,*;4#'(
-*O4-'( 9', ;'( %,4"-*( 6M(#$+'( = E$-*"#*( -*; 94(4-'? =4 (*4" ',$*"#4;*( & '++$-*"#4;*(?
6* 4#,4*" $"(#4"#<"*46*"#*F g$E' *"#,* *;;'( = *;;'(? *" +$*,#' (*"#$-'? E$E*" *" 6MF I4-4
*(#,'B4 -* A4"+K4(#4E$ #$*"* &" 9',#* 9*,('"4; = &" - &"4 $69',#4+$@" '+&;#4 94,4 6M
W&* "' *( #,4"(94,*"#* 94,4 ;4 64=',M4 -* ;'( '#,'( ;*+#',*( -*; #,454O'F Gd *" W&d *(#4-'
6*"#4; -*5* K45*, E$E$-' *; 4&#',? = W&d 45,&64-', (*"#$-' -* %,4#$#&- 4; A'-*, -$E$"'?
,*(9'"(45;* -* (& #,4"(B*,*"+$4 -*; 6&"-' -*; *"%42' = ;4 6&*,#* 4; -* H*4;$-4- = g$-4
0#*,"4? -*5* K45*, 9,'E'+4-' ;4 +4"+$@"F

84;;*(Km4,$ -*(+,$5* *(#4 #,4"(B*,*"+$4 -*; 6&"-' -* ;4 '(+&,$-4- 4; -* ;4 ;&C *" E4,$'(
94(4O*( K*,6'('(F 0" &"' -* *;;'( -$+*^ eh* E';EM K4+$4 T; +'" #'-' 6$ +',4C@" = 4;64 =
*(+&+Kd *; ('"$-' -* ;4 +4694"4 -* ;4 g*,-4-F !;;M? *" 1K4,4"4 c*; *(#4-' -*
+'"+*"#,4+$@" =@%&$+4f? B$O' *" (&( 9*"(46$*"#'(? *;*Ed *; +$*;' = *; +$*;'F H*%$'"*( -*
8&C eF PPU0(#4 *( &"4 ,*B*,*"+$4 +;4,4 4; ('"$-' $"#*,"' = ;4 ;&C $"#*,"4F 84 9,$6*,4? 4 E*+*(?
(* 4(*6*O4 4 ;4

#$"#$"*' (&4E* -* &"4 +4694"4 6&($+4;? *" '#,'( 6'6*"#'( *; (&4E* 6&,6&;;' -* &"
4,,'=' -* 6'"#424 W&* B;&=* (&4E*6*"#*? *" '#,'( 6<( *; C&65$-' -* &" *"O465,* -*
45*O4( = 4(M (&+*($E46*"#*F

D* K45;4-' *3#*"(46*"#* ('5,* *(#* B*"@6*"' -* ,*B&;%*"+$4 $"#*,"4? =4 W&* *(#4 *( ;4


+4,4+#*,M(#$+4 6<( 9,'6$"*"#* -* ;4 +'"+$*"+$4 6M(#$+4F 8' W&* 9*,+$5* *; *%' -* ;4
9*,('"4 $;&6$"4-4 *( &" 0(9;*"-',? (&5;$6* 6<( 4;;< -* #'-4 -*(+,$9+$@"? W&* K45$#4 *"
*; +&*,9'? 4L" 9,'9*"(' 4; K465,*? ;4 (*-? *; (&*2'? ;4 B4#$%4? *; -*(*' = ;4 94($@"? -*
64"*,4 ,4+$'"4; 9*,'? 4; 6$(6' #$*69'? +'"(+$*"#* -* (& *3$(#*"+$4F 9,'9$4 (&(#4"+$4
*#*,"4? +'6' ($ *; ('; K&5$*,4 -*(+*"-$-' +',9',4;6*"#* 94,4 E$E$, * $;&6$"4, &"4
+4E*,"4 *(#,*+K4? '(+&,4 = ;L%&5,* *" ;4 #$*,,4F

0; 6&"-' "*+*($#4 -*(*(9*,4-46*"#* &"4 "&*E4 *,4 -* 4E$E46$*"#' *(9$,$#&4;F 0; $"#*,d(


%*"*,4;$C4-' 4+#&4; *" *; i'%4 = ;' '+&;#' *( *; (M"#'64 *3#*,"' -* &" $69&;(' $"#*,"'
W&* *3$%* &,%*"#*6*"#* &"4 *E4;&4+$@" +',,*+#4 -* (& "4#&,4;*C4 94,4 *E$#4, *; 45&('F
0" 9'+4( 94;45,4(? ;4 1$E$"$-4- *" *; K'65,* W&$*,* 4B$,64,(*F 0(#' K4 (&+*-$-' 4
6*"&-' *" #'-' *; 94(4-'F I4-4 E*C W&* &"4 B',64 -* E$-4 *(#45;*+$-4 = ',%4"$C4-4
9*,6$#M4 4 +&4;W&$*, (*++$@" -* ;4 K&64"$-4- E$E$, +'" +'6'-$-4- = 94C ,4C'"45;*( =
#*"*, 4;%' -* #$*69' -* ('5,4? &" $69&;(' $"+'"#*"$5;*? (&,%$*"-' -*(-* 4-*"#,'?
$69&;(454 4 ;'( 6$*65,'( -* ;4 +'6&"$-4- 4 5&(+4, ,*(9&*(#4( 4; 0"$%64 -* ;4
03$(#*"+$4? 4; 6$(#*,$' -* ;4 +,*4+$@" = (& 9,'9$' (*,F 0(#' +'"-&O' 4 ;4 5L(W&*-4
6&;#$-$,*++$'"4; -* ;' ('5,*"4#&,4;? ;' '+&;#' = ;' -$E$"'F
0(#4 *;*E4+$@" -* ;' -$E$"' *" *; K'65,* *( *; E*,-4-*,' '5O*#$E' -*; i'%4 = -* #'-4( ;4(
-$(+$9;$"4( ,*;$%$'(4( = ;4( +,**"+$4( -* ;4 K&64"$-4-F 0; 4;64 -*5* *;*E4,(* 9', *"+$64
-* ;4( +4-*"4( -* ;'( (*"#$-'( 94,4 %4"4, +'"+$*"+$4 -* (& 9,'9$4 %;',$4 = (*, *#*,"'F 84
*64"+$94+$@" -* ;4 +K$(94 -$E$"4? E*(#$-4 -* +4,"*? *( *; '5O*#$E' -*+;4,4-' -* #'-4( ;4(
9,$"+$94;*( ,*;$%$'"*( 4+#&4;*( -* ;4 K&64"$-4-F A*,' &"4 4E4;4"+K4 -* *(9*+&;4+$'"*(
$"#*;*+#&4;*( = &"4 9,*(*"#4+$@" $"+',,*+#4 -*; E*,-4-*,' 9,'9@($#' -* ;4 B* K4 +,*4-'
&" +;$64 -* +'"B&($@" * $"+,*-&;$-4- *" *; W&* (* K4 9*,-$-' *; E*,-4-*,' '5O*#$E' -* ;4
-$(+$9;$"4 *(9$,$#&4;F 0; 9,$6*, $"#*"#' -* +4-4 5&(+4-', -*5* (*, -*#*,6$"4, *; '5O*#$E'F
I&4"-' (* K4+* *(#'? ;'( 6d#'-'( 94,4 ;'%,4,;' "' #4,-4,M4" *" *"+'"#,4,F

84 B',64 6<( *B*+#$E4 -* ;'%,4, ;4 +'"(&64+$@" *( 64"#*"*, *(#* B$" (&5;$6* ($*69,* 4
;4 E$(#4F \'-4 ;4 E$-4 -* &" $"-$E$-&' -*5* %$,4, *" #',"' 4 *(#4 ,*(';&+$@" (&9,*64F 0;
(*"#$6$*"#' -* ,*"-$+$@" = (&6$($@" 4 ;' -$E$"' -*5* $69,*%"4, #'-' *; (*,F :$"%&"4
+4"#$-4- -* *(#&-$'? "$"%L" %,4-' -* 9,<+#$+4? "$"%L" 6d#'-' -* i'%4? "$"%&"4 +;4E*
(*+,*#4 94,4 *; d3$#' = "$"%&"4 -$(+$9;$"4 *('#d,$+4 9&*-*" -*(%4,,4, *; E*;' = ,*E*;4, ;4
%;',$4 $"+'694,45;* -*; G*, K4(#4 W&* (* +,** *; 465$*"#* 4-*+&4-' #4"#' -*"#,' +'6'
B&*,4F

/" 4(9$,4"#* "' 9&*-* ($"' ;;464, 4 ;4 9&*,#4 -* ;4 (4;E4+$@" = +'"#$"&4, #'+4"-' #'-4
(& E$-4F A*,' ;4 9&*,#4 #$*"* W&* (*, 45$*,#4 9', &"4 7"#*;$%*"+$4 I@(6$+4 G'5,*K&64"4
G'5,*K&64"4
W&* ;' +'"'+* -*"#,' = B&*,4F n1@"-*? *"#'"+*(? *3$(#* ;4 9'($5$;$-4- -* &" 4E4"+* K4(#4
W&* *; G*2', *(#d (4#$(B*+K'p 0(#4 *( &"4 9'($+$@" W&* *( $"4+*9#45;* 94,4 6&+K'( W&*?
$"#'3$+4-'( -* ',%&;;'? +,**" W&* 9&*-*" #'64, $"+;&(' ;' 1$E$"' 9', 4(4;#'F 0(#* *(#4-'
6*"#4; "' K4+* -42' 4 ;4 1$E$"$-4-? 9*,' *",*-4 *; 4;64 6<( 9,'B&"-46*"#* *" ;4 ,*-
-*; *"%42'F 0( 9', *(#4 ,4C@" W&* +4-4 9,'B*#4 = +4-4 6M(#$+' W&* K4=4 "4+$-' (* *(B',C@
+'"(#4"#*6*"#* 9', +';'+4, *; $-*4; -* K&6$;-4- = ,*"-$,(* 4 ;4 E';&"#4- 1$E$"4 4"#* ;'(
5&(+4-',*(? +'6' *; 9,$6*, ,*W&$($#' *(*"+$4; -* &"4 E$-4 *(9$,$#&4;F

84 h4O*(#4- ,*E*;4-4 *" (464-K$ ' d3#4($(? W&* 6&*(#,4 *; 45$(6' -* -$B*,*"+$4 *"#,* ;4
*"%,*M-4 = *"%,*M-4 +,$4#&,4 *%'M(#4 = *; G*2',? "' -*O4 *; 6<( 6M"$6' *(94+$' 94,4 *;
',%&;;'F !(M *( +'6' A4"+K4(#4E$ cNNFP_b -*(+,$5* *; *(#4-' -* <"$6' -* &"4 9*,('"4
K&6$;;4-4 = +4(#$%4-4 9', ;4 g$($@" E$(#4F eY 1$'(4^ k&* 6$( 'O'( ($*69,* 5&(W&*"
4,-$*"#*6*"#* \& B',64? W&* 6$( 'M-'( 4"K*;*" *(+&+K4, ;4( -*(+,$9+$'"*( -* \&(
$"+'"#45;*( E$,#&-*(? W&* 6$ 6*"#* *(#d ($*69,* '+&94-4 *" \& ,*+&*,-'? W&* 6$ E'C
*(#d ($*69,* 4;C4-4 *" \& 4;454"C4? W&* 6$( -'( 64"'( *(#d" '+&94-4( *" 4-',4,
4+#$E46*"#* \&( 9$*( c*" ,*(&6*"f W&* 6$ +*;' 9', 4-',4,#* "&"+4 -$(6$"&=4 -* "$"%&"4
64"*,4 eF

i "&*E46*"#* cgFP_f^ U e0" *; 6'6*"#' *" W&* 6$ 94-,*? 64-,*? K*,64"'? *(9'(4? 46$%'
6&= 46','('? K'%4,? 6$ 9,'9$' +&*,9'? K$O'? 4($(#*"#* * $"+;&(' ,$W&*C4 6*
454"-'"4,'"? *" *(* 6'6*"#' c-* 94,#$-4 -* *(#* 6&"-'f K4C #L? Y h''"(K$" *U;$j*
7"B$"$#46*"#* >;',$'(4 h4-,*? 9', +'694($@" -$(9*,(4"-' ;4 '(+&,$-4- cE$"+&;4"#*f -* ;4
$%"',4"+$4? *; 49*%' = *; 6$*-'?
h4"$B$*(#* $"(#4"#<"*46*"#* *" 6MF e0; 9,'9@($#' -* ;4 g$($@" -* ;4 >;',$4 $"6',#4; -*;
!;64 *( E*"+*, *; 6$*-' "4#&,4; * $"(#$"#$E' 4 ;4 6&*,#*F 84 4+#$#&- -* 4-',4+$@" 9*,*""*
-* ;' 1$E$"'? $"+;&(' 6$*"#,4( (* -*-$+4 4 ;4 +'"W&$(#4 -* ;4( B&*,C4( -* ;4 "4#&,4;*C4 = 84
*39;',4+$@" -*; *(94+$' *( #4" "*+*(4,$4 94,4 *; $"-$E$-&' +'6' 94,4 ;4 ,4C4 94,4 *;*E4,
4 ;4 K&64"$-4- 4 (& *(#4-' (&5;$6*F /"4 $"+;$"4+$@" -* 6*"#* *"%,*M-4 * $"-$E$-&4;$(#4
K4 ($-' ,*9,*(*"#4-4 ($65@;$+46*"#* *" ;4 #,4-$+$@" ,*;$%$'(4 -* ;4 K&64"$-4- *" ;4
"4#&,4;*C4 ,*5*;-* -*; A,M"+$9* -* ;4( \$"$*5;4(F *" *; +4(' -* ;4( ,*;$%$'"*( (*6M#$+4(? =
*" *; -* ;'( !(&,4( *" ;4 6$#';'%M4 K$"-LF

0; d"B4($( *" +$*,#4( (M;454(? +'6' o!9&"#4,o? o.;$6o = oG4&Ko? *" 64"#,4(? *" -$4%,464( '
*" 9,'"&"+$4, ;4( ;*#,4( -*; 4;B45*#' (<"(+,$#' -* +$*,#4 64"*,4 ' (& *3$(#*"+$4 *" ;'(
9d#4;'( -*; ;'#' 94,4 (*, E$(&4;$C4-' *" ;'( +K4j,4(? *(#< -* 4+&*,-' +'" ;4( $-*4( = ;'(
&('( -* ;4 d9'+4 *" W&* (* +'69&(' A4"+K4(#4E$F 1* ;' +'"#,4,$'? #'-4( ;4( -$E*,(4(
64"$B*(#4+$'"*( ,*;4+$'"4-4( +'" ;4 *3+$#4+$@" -* .&"-4;$"$ ('" ,*4;$-4-*( +'"+,*#4(
,*%$-4( 9', ;*=*( 5$';@%$+4( ('5,* ;4( W&* "' #*"*6'( +'"'+$6$*"#' *" ;4 4+#&4;$-4-F :'
K4= "4-4 -* (&9*,(#$+$@"? 6$#' ' 6$;4%,' ('5,* *; B*"@6*"'F 0( 6$;4%,'(' *" *; (*"#$-'
-* W&* "' #*"*6'( +'"'+$6$*"#' -* ;4 B&*,C4 $"E';&+,4-4 *" d;F

84 L"$+4 +4,4+#*,M(#$+4 W&* ;* 4%,*%4 &" +';', ('5,*"4#&,4; ' -$E$"' *( W&* ;4 0"*,%M4
-*#,<( -* ;4( -$E*,(4( 64"$B*(#4+$'"*( *3#,424( =? 4 E*+*(? $"+;&(' *3#,424( = *3#,424(?
94,*+* 9'(**, &"4 $"#*;$%*"+$4 W&* *(#< +'69;*#46*"#* 6<( 4;;< -* "&*(#,4 +'"+*9+$@"F
A'-*6'( *"64,+4, &"4 $64%*" -$(#4"#* -* *(#4 64"*,4^ (&9'"%46'( W&* &" @E&;'
$69,*%"4-' *" *; L#*,' -* ;4 64-,* (* -4 +&*"#4? +'6' "'('#,'(? -* ;'( +465$'( W&*
#$*"*" ;&%4, -&,4"#* *; 9,'+*(' -* +,*+$6$*"#'F 764%$"*? *"#'"+*(? (& 4('65,' =
-*(+'"+$*,#'? -&,4"#* #'-' *; 9*,M'-' -* (& E$-4 *65,$'"4,$4? *" ;4 #',6*"#4 -*
4+#$E$-4- $"#*;$%*"#* W&* 9,*(*"+$4 *" (M 6$(64 *" +4-4 6'6*"#' ,*(&;#4"#*? +'" ;4
-$E$($@" = ;4 6&;#$9;$+4+$@" -* &" (';' @E&;' B*,#$;$C4-'? *" ;4 B',64+$@" -* &" 5*5d
K&64"'? +'69;*#' +'" #'-'( ;'( @,%4"'( = *3#,*6$-4-*(F 84 *39*,$*"+$4 -* 6$;*( -*
42'(? +'" &" *(+,&#$"$' = 64"*O' +'"(#4"#*( -*; +&*,9' K&64"'? 4L" "' "'( K4
9*,6$#$-' +'69,*"-*, (& 6$(#*,$' ' +'"'+*, $"+;&(' &"4 B,4++$@" -* ;4( 64,4E$;;4(
'+&;#4( *" *; +*,*5,'? &" @,%4"' #4" +'69;*O' W&* "' K4= "4-4 +'694,4-' +'" d;F *" ;4
#$*,,4F

84 -$B$+&;#4- +'" *; *(+d9#$+' *( W&*? +&4;W&$*,4 W&* (*4 *; %,4-' -* (& +'69,*"($@"?
+4,*+* -*; 9'-*, 94,4 $64%$"4, ;4( -$6*"($'"*( 4('65,'(4( -* $"#*;$%*"+$4 = K45$;$-4-
"*+*(4,$4( 94,4 #4;

;'%,'F :' K4= "4-4 #4" 45(&,-' +'6' 94,4 (&9'"*, W&* &"4 64,4E$;;4 -* $"#*;$%*"+$4 =
K45$;$-4- W&*? #* 64,W&*? #,4(+$*"-4 "&*(#,' $"#*;*+#' $"+;&(' 94,4 +'69,*"-*,?
+'69,*"-*,? 9'-,M4
(*, +,*4-4 ($" ;4 4%*"+$4 -$,*+#4 -* &"4 $"#*;$%*"+$4 (&9*,$', 6&=? 6&= (&9*,$', 4 ;4
"&*(#,4F
I'6' &"' +'" &"4 E$($@" -*B$+$*"#* 94,4 &" -*#*,6$"4-' +';',? *; *(+d9#$+' E* = (4+4 (&(
+'"+;&($'"*( +'" ;4 4=&-4 -* &" $"#*;*+#' 4;#46*"#* +494+$#4-'F A*,' ;4 '6$($@" -* *(*
+';', K4+* W&* #'-4( (&( +'"+;&($'"*( (*4" *,,@"*4(F 0(#4 *( ;4 ,4C@" 9', ;4 +&4; *" ;4(
*(+,$#&,4( $"-$4( (* K4 9&*(#' &" %,4" d"B4($( *" E$E*j4? *( -*+$,? *; 9'-*, -*; O&$+$'
+',,*+#' ' ;4 -$(+,$6$"4+$@"F 0(#4 *( &"4 +&4;$-4- W&*? (*%L" A;4#@"? -*5* *(#4, 9,*(*"#*
*" &" B$;@('B'F 0(#' *( #465$d" ;' W&* ($%"$B$+4 *; #d,6$"' 5&--K$? +'6' (* &(4 *" *;
[K4%4E4- >$#4F 0; 6*,' +'"'+$6$*"#' -*; ;$5,' ' &" 4;#' %,4-' -* $"#*;$%*"+$4 "' *(
(&B$+$*"#* 94,4 +'69,*"-*, ;'( 6$(#*,$'( -* ;4 +,*4+$@"F 1*5*" *(#4, #*2$-'( -* (45$-&,M4
= 9*,(9$+4+$4 9,'B&"-4F

0; +'"'+$6$*"#' 4+#&4; #,4#4 *; +&*,9' K&64"' = *; +*,*5,' +'6' &" ($(#*64 (*;;4-' ($"
*(94+$' 94,4 &" ,*"-$6$*"#' W&* #,4(+$*"-* 9', +'69;*#' (&( ;M6$#*( "',64;*(F 84
$"E*(#$%4+$@" -* K4+* &" ($%;' -* ;'( B*"@6*"'( 9(MW&$+'( = *; *"',6* E';&6*" -*
*E$-*"+$4? '5#*"$-4 9', $"E*(#$%4-',*( +'69*#*"#*(? "' K4 ($-' (&B$+$*"#* 94,4 45,$, ;'(
'O'( -*; 6&"-' 4; K*+K' -* W&* #'-4EM4 K4= 9,'B&"-$-4-*( *" ;4 +'"+$*"+$4 K&64"4 = *;
$"(#,&6*"#' -* (& *39,*($@"? *( -*+$,F ? *; +*,*5,'? W&* "' K4" 9'-$-' +'69,*"-*, K4(#4
4K',4F 0" 6&+K'( +4('(? *; 9&"#' +$*%' *" ;4 6*"#* W&* '6$#* E*, &" +$*,#' o+';',o *(
,*(9'"(45;*

9', *(#4 $"+494+$-4- 84 +'"-*"4 -* S,*&- 4 ;4 ,*;$%$@" 6&*(#,4 &"4 B4;#4 -* +'69,*"($@"
= 9'5,*C4 -* +'"'+$6$*"#' ('5,* *; d3#4($( 6M(#$+' W&* *( (',9,*"-*"#*FPP 8' W&*
A4"+K4(#4E$ $"#*"#4 *39'"*, *(#< #4" ;*O'( -* ;'( +'"+*9#'( -* ;4 9($+';'%M4 B,*&-$4"4
+'6' *; 4#*,,$C4O* -* &"4 *39*-$+$@" 64,+$4"4 *" ;4 #$*,,4F

1*5* ,*+',-4, W&* ;4 4(+*"($@" 4 &" "$E*; (&9*,$', -* +'"+$*"+$4? *" *; W&* ;4 "4#&,4;*C4
-$E$"4 -*; G*, (* 64"$B$*(#4? 9*,6$#$*"-' W&* *; 4;64 K&64"4 9&*-4 E$(;&65,4, (& 9,'9$4
%;',$4? $69;$+4 ;4 49*,#&,4 -* &" "&*E' +4"4; -* +'%"$+$@" *" *; +*,*5,'F 0(#' *( ;' W&*
,*4;6*"#* ($%"$B$+4 +&4"-' (* K4+* ,*B*,*"+$4 *" A4"+K4(#4E$ 4 ;4 *"#,4-4 -* .&"-4;$"$
*" [,4K64U,4"-K,4 94,4 ;'%,4, ;4 &"$@" +4&#$E4-',4 +'" G& G*2',F 0( 4W&M -'"-* ;4
+',,$*"#* E$E$B$+4"#* -* "d+#4,? 6*"+$'"4-4 ,*9*#$-46*"#* *" *; #,454O'? 5,'#4 *" &"
B',64 6$(#*,$'(4 +'" &"4 (*"(4+$@" -* #,4"(9',#* $"-*(+,$9#$5;*? *" *; +*,*5,' 6$(6'?
94,4 $,,$%4, #'-4 *; <,*4 -*; +,<"*'F 1* &"4 64"*,4 W&* ;4 $"E*(#$%4+$@" B&#&,4 6'(#,4,<?
*(#4 (&(#4"+$4 "*+#4,*4? *;$6$"4-4 9', ;'( "*,E$'( -* #'-4( ;4( 94,#*( -*; +&*,9'?
9,'9',+$'"4 *; +'65&(#$5;* 5$';@%$+' 94,4 ;;*E4, 4 +45' ;'( 9,'+*('( "*+*(4,$'( 94,4
+'"(#,&$, *; "&*E' +*"#,'F

84 *E$-*"+$4 -* ;4 "4#&,4;*C4 '5O*#$E4 -*; B*"@6*"' -*; d3#4($( 6M(#$+' = ;4 I'"+$*"+$4


I@(6$+4 (';' (* 9,'9',+$'"4,< +&4"-' (*4 9'($5;* 94,4 ;4 +$*"+$4 E*,$B$+4, ;4 4+#$E$-4-
4;#*,4-4 -*; ($(#*64 "*,E$'('? *; B;&O' -* *(#4 +',,$*"#* 465,'($4; *" ;4 +45*C4 = ;'(
+465$'( W&* '+&,,*" *" +$*,#4( <,*4( -*; +*,*5,' 6$(6'F k&* *; B*"@6*"' (* 54(4 *"
&"4 ,*4;$-4- 5$';@%$+4 W&* 9&*-' 4B$,64, ($" -&-4,;'F 84( "*%4+$'"*( -* ;'( *(+d9#$+'(
"' +,**" *" ;4 #,4-$+$@" #<"#,$+4 "$ *" ;4( -*+;4,4+$'"*( -* 6$;*( -* 4-*9#'( $"-$'(? ($"'
W&* (';' ,*(4;#4" ;4 9'5,*C4 4+#&4; -* +'"'+$6$*"#' -*9;',45;* ('5,* *; +*,*5,'F I'" *;
9,$6*, d3$#' ,&-$6*"#4,$' *" *(#4 $"E*(#$%4+$@"? ;4 *(#469$-4 W&* (*%&$,< 94,4 5&(+4,
B,4%6*"#'( -* $"B',64+$@" E$#4; *" ;'( \4"#,4( = ;'( ;$5,'( ('5,* G,$ g$-=4? +'6'
A4"+K4(#4E$? "' *( -$BM+$; -* 4;+4"C4,F
g$(&4;$C4,F A&*-* ;;*%4, &" 6'6*"#' *" W&* ;'( ,*;4#'( -*O4-'( 9', 4"#$%&'(
*39;',4-',*( -* ;4( ,*%$'"*( $"*39;',4-4( -*; *(94+$' $"#*,$', (* 5&(+4,<" = ;**,<" +'"
6<( 4E$-*C W&*? $"+;&('? ;'( ,*;4#'( -* 9,$6*,4 64"' -* ;'( E4;$*"#*( K'65,*( -*; *(94+$'
W&* 4#*,,$C4" 9', 9,$6*,4 E*C *" &"' -* ;'( 9;4"*#4( -$(#4"#*(? +&4"-' ;4 K4C424 (* K4+*
9'($5;*F

\4; $"E*,($@" +'69;*#4 *" *; +465$' -* $"#*,d( -*; 6&"-' *3#*,"' 4; $"#*,"' 9&*-*
94,*+*, 9'+' ,*4;$(#4 *" *; +'"#*3#' -* ;4( #*"-*"+$4( 4+#&4;*(F A*,' &"4 E*C W&* ;4
4;*%,M4 = ;4 64,4E$;;4 -* ;4 *39;',4+$@" $"#*,$', W&* (* ('5,*94(4" (* E&*;E4" $"+;&(' ;4
6$#4- -* +'"'+$-4( W&* ;'( E$4O*( *" *; *(94+$' *3#*,$',? "' K45,< "4-4 W&* +'694,4,
+'" ;4 B4(+$"4+$@" *O*,+$-4 9', ;'( *(9M,$#&( 4E*"#&,*,'( -* #'-4( ;4( d9'+4(F 0"#'"+*(
(';' 9&*-* -$(6$"&$, ;4 +'-$+$4 9', *; 9'-*, = ;4 ,$W&*C4? = ;4 +4,,*,4 9', *; 4,646*"#'
;;*%4 4 (& B$"F 0"#'"+*( (';' *; 64;? *; +,$6*" = ;4 E$';*"+$4 -*(494,*+*,<"? 94,4 &" "&*E'
"&*E'
K',$C'"#*? &" "&*E' $-*4; 9', *; +&4; ;&+K4,? &"4 "&*E4 E$($@" -*; &"$E*,(' = &"4 "&*E4
B&*"#* -* B*;$+$-4- -&,4-*,4 (* 45,$,< 4"#* ;'( 'O'( -* ;4( 6&;#$#&-*( W&* 5&(+4"F

8'( *(+,$#'( 6'-*,"'( ('5,* *; 6$(#$+$(6' #,4#4" *; d3#4($( ' *; (464-K$ +'6' &"4
4;#*,4+$@" #*69',4; -* ;4 +'"+$*"+$4 W&* '+&,,* *(9'"#<"*46*"#* ' (* 9,'-&+* 9',
-$E*,('( 6*-$'(F A4,4 4;%&"'( -* *;;'(? *( &" *(#4-' ($6$;4, 4 &"4 +'"E&;($@" ' *9$;*9($4
W&* (* *(#45;*+* 9*,$@-$+46*"#* *" *; +*,*5,'F h$,+*4 0;$4-* ;' ;;464 *; e*(#4-'
+4#4;d9#$+'eF 8'( (M"#'64( W&* 6&*(#,4" 4;%&"'( 6M(#$+'( 94,*+*" +',,'5',4, *(#4
'9$"$@"F 0" 4;%&"'( +4('(? *3$(#* &"4 *(#,*+K4 +'"+',-4"+$4 *3#*,"4 *"#,* *; d3#4($( =
&"4 +'"E&;($@" *9$;d9#$+4 '? 9', 4(M -*+$,;'? &" *(94(6' ,*9*"#$"' -*; +*,*5,'F :' K4=
45(';&#46*"#* "$"%&"4 +'"+$*"+$4 -* ;'( B4+#',*( 5$';@%$+'( $"E';&+,4-'( *" ;4 +'"-$+$@"
W&* 6&*(#,4 &" 94#,@" E4,$4-' *" -$B*,*"#*( $"-$E$-&'(F

T3#4($( 9*,*""*

84 ;4%&"4 6<( %,4E* *" *; +'"'+$6$*"#' 4+#&4; ('5,* *; d3#4($( 6M(#$+'? *(9*+$4;6*"#* *"
J++$-*"#*? *( ('5,* *; K*+K' -* W&* ;4 +'"+$*"+$4 6M(#$+4 9&*-* (*, &"4 +4,4+#*,M(#$+4
9*,*""* -* ;4 E$-4 K&64"4F 0; $"-$E$-&' 5*"-*+$-' +'" *(#* -'" "' +4* *" #,4"+* "$ *"#,4
*" (464-K$ 94,4 *39*,$6*"#4, &"4 *394"($@" -*; G*, = ;4 &"$-4- +'" ;4 I'"+$*"+$4
/"$E*,(4;? ($"' W&* 9&*-* 9*,64"*+*, *" *(4 +'"-$+$@" -M4 = "'+K* 6$*"#,4( *(#<
'+&94-' *" ;4( -$E*,(4( 4+#$E$-4-*( -*; 6&"-'F Gd W&* *(#'= K4+$*"-' &"4 -*+;4,4+$@"
54(#4"#* 4&-4C ('5,* &" *(#4-' W&* ,4,4 E*C (* K4 *"+'"#,4-' ' +'6*"#4-' 9',
*(+,$#',*( ('5,* 6$(#$+$(6' *" "&*(#,' #$*69'F A*,' "' *(#'= (';' 4; K4+*, *(#4
4B$,64+$@"F 0(* d3#4($( 6M(#$+' ' *; *(#4-' #&,$=4 9&*-* (*, &"4 +4,4+#*,M(#$+4 9*,*""* -*
;4 +'"+$*"+$4 K&64"4 (* K4 (45$-' *" ;4 7"-$4 -*(-* ;'( 9,$6*,'( #$*69'(F
0; 4&#', -* A4"+K4(#4E$ K4+* &"4 +;4,4 -*+;4,4+$@" -* *(#* *(#4-' *3#,4',-$"4,$' *" (M
6$(6' +&4"-' -$+* `777F NZb^ e8$5,* -* #'-4 (*"(4+$@" -* -*9*"-*"+$4 = -*(<"$6'l ($"
5&(+4, "4-4 -* "4-$* "$ *"%424, 4 "4-$*? "$ (*,E$; 4 "4-$*? 6* E$(#' +'" B$"4( 9,*"-4(?
#'6' 4;$6*"#'( -&;+*( = #*"%' 94,4 6$ +'"(',#* &"4 6&O*, -* 6$ *;*++$@" ` -$(B,&#4 -*
#'-'( ;'( 9;4+*,*( ;*%M#$6'( -* ;4 E$-4b 9',W&* \L? JK 1$'(4? ;4 9*,('"4 W&* +&69;* #'-'(
;'( -*(*'( `*" B',64 -* .&;4b? *(#< B;',*+$*"-' *" 6$ +',4C@" eF !5K$"4E4 >&9#4? *;
B46'(' B$;@('B' -* GK4$E4? K4+* &"4 4B$,64+$@" ($6$;4, 4+*,+4 -* (M 6$(6' +&4"-' -$+*^
e0( GK$E4 6$(6'? -* E';&"#4- ($" '5(#<+&;'( = +'"+$*"+$4 ;L+$-4? W&* ($*69,* ,*(9;4"-*+*
*" 6$ +',4C@"F 0( (& 6<( 4;#4 GK4j#$ 6$(64 W&* *(#< O&%4"-' *" *; 5',-* -* 6$( (*"#$-'(F
0; 6&"-' *"#*,' 5,$;;4 +'6' ;4 ;&C 64,4E$;;'(4 -* ;4 9&,4 +'"+$*"+$4 \F 1* K*+K'? "' (d
+&<; *( *; ('"$-'F

(* (&9'"* W&* (* ,*B$*,* 4; e6&"-'eF ePP 84 9,'=*++$@" -* ;4 ;&C $"#*,$',? *"+*"-$-4 9',
.&"-4;$"$? 9,*(#4 ;4 64,4E$;;'(4 494,$*"+$4 ,*;&+$*"#* 4; 6&"-' *3#*,$', #4" 5*;;46*"#*
-*(+,$#' *" *(#* E*,('F 0( ;4 ;&6$"'($-4- $"#*,$', ;4 W&* 6&*(#,4 &" J+d4"' $"B$"$#' -*
I'"+$*"+$4 W&* $69,*%"4 *; &"$E*,('F

!(M *( +'6' GK4"j4,4+K4,=4 -*(+,$5* *; 6$(6' *(#4-' *3#,4',-$"4,$'^ e0(* #$9' -*


B&"+$@" 6*"#4; W&* +'"'+* (';' ;4 $-*"#$-4- -*; G*, = *; [,4K64"? 9&,$B$+4-4 -* #'-'( ;'(
4-O&"#'(? W&* *(#< ;$5,* -* #'-4 -&4;$-4- = W&* *( +' G@;' (* ,*B$*,* 4 ;4 7"#*;$%*"+$4 9&,4
W&* (* ;;464 7;&6$"4+$@"F 0; W&* #$*"* *(#' 9*,B*+#46*"#* *(#45;* (* ;;464 &" K'65,*
-* $;&6$"4+$@" +'"(#4"#*F e/"4 E*C 6<(^ Ue 0; W&*? 4&" #*"$*"-' (& 6*"#* B&($'"4-4 *"
[,4K64"? *(#<? ($" *654,%'? 54(#4"#* 4;*,#4? 9*,' 4; 6$(6' #$*69' ;$5,* -* ;4(
+4,4+#*,M(#$+4( -*; *(#4-' -* E$%$;$4F c*( -*+$,? 94,4 W&$*" *; 6&"-' K4 -*O4-' -* (*, &"4
,*4;$-4- '5O*#$E4b = +&=4 ,*4;$C4+$@" *(#< ;$5,* -* -*(*'(? *( 4+*9#4-' +'6' &" K'65,*
;$5*,4-' *" ;4 E$-4 eF PP

84 *(+&*;4 $"-$4 -* H4(4=4"4 c!;W&$6$4f #$*"* +'6' '5O*#$E' ;4 #,4"(&5(#4"+$4+$@" -*;


+&*,9' 94,4 K4+*, 9'($5;* ;4 +'"-$+$@" -* d3#4($( 9*,*""* ' u$E4"U6&j#4 6$*"#,4( *;
$"-$E$-&' #'-4EM4 *(#< E$E'F H4(4=4"4 #465$d" *( &"4 B',64 -$(B,4C4-4 -* (4-K4"4
#<"#,$+4F H4(4 ' 6*,+&,$' (* ,*B$*,* 4 ;4 *"*,%M4 ,*9,'-&+#$E4 $"(#,&6*"#4; *" ;4 ;$5*,4+$@"
-*; 4;64 = ;4 9,';'"%4+$@" -* ;4 E$-4F G* -$+* W&* H4(4 *( ;4 (*6$;;4 -* GK$E4 = !5,4? *;
@E&;' -* >4&,$ W&* *( GK4j#$F 0( 4 #,4Ed( -* ;4 +'65$"4+$@" -* *(#4( -'( (&(#4"+$4( W&*
(* '5#$*"* ;4 $"6',#4;$-4-F A', -*B$"$+$@"? *(#< +;4,' W&* (* $"-$+4 *; B*"@6*"' -*;
-*(9*,#4, -* .&"-4;$"$F H4(4,"4E4? &" #,454O' 5$*" +'"'+$-' ('5,* H4(4=4"4? -*(+,$5* *;
*(#4-' -* u$E4"U6&j#4 4(M^

e84 ;&C -* ;4 $"#*;$%*"+$4 9&,4 5,$;;4 *" +$*,#'( K'65,*( -* E$($@" (4%,4-4F 84 +&4;? (*"#4-4
*"#,* ;4( -'( +*O4(? $;&6$"4 *; &"$E*,('? +'6' *; B&*%'? *; ,*;<694%' ' *; (';^ 5*4#$#&-
9*,B*+#4? 45(';&#4? 45(';&#4? +&=4 *(*"+$4 *( ;4 ;&6$"'($-4-? $"-$B*,*"+$4-'? -*; +&4;
#'-'( ;'( 9,'5;*64( K4" -*(494,*+$-'? +'"'+$5;*(? #,4"W&$;'(? ,*+'"'+$-'( 9', (M
6$(6'(F S$O4"-' *; @,%4"' $"#*,"' ('5,* *('? E$*"-' #'-' *; &"$E*,(' 64"$B*(#4-'? K*+K'
-* 9&,4 $"#*;$%*"+$4F 0; 4(9$,4"#* $"+;&(' *" *(#4 E$-4 4;+4"C4 ;' 45(';&#'? (& *(+;4E$#&- 4
'5,4( 4"&;4-4( eF PN
0; *(#4-' -* &"$@" 9*,*""* +'" ;4 +'"+$*"+$4 &"$E*,(4; (* -*(+,$5* *" *; +'6*"#4,$'
('5,* A,4#=45K$O"4 D,$-4=46 -* ;4 ($%&$*"#* 64"*,4^ eG'5,* *; ;'%,' -* ;4 -$+K4 -* ;4
+'"+$*"+$4? *( -*+$,? ('5,* *; ;'%,' -* oG464E4(K4o c*39*,$*"+$4 +'"#*69;4#$E4 -* ;4
+'"+$*"+$4 -* &"$-4- *" ;4 W&* #'-' *; &"$E*,(' *(#< *39*,$6*"#4-'( +'6' $-d"#$+'( 4;
G*,f? K4= B$,6*C4 *" ;4 +'"+$*"+$4 -* $-*"#$-4- +'" +K$# c6*"#*f *" *; +&*,9'? 9;4+*,? *#+F?
$"+;&(' +&4"-' (* *39*,$6*"#4" +'6' +&5$*,#4(? *( -*+$,? *3$(#* &"4 *39*,$*"+$4
-&,4-*,4 -* +'"+$*"+$4 -* &"$-4- +'" +K$# c6*"#*f f *" og&=##K4"4o c*39*,$*"+$4
+'#$-$4"4 "',64;f 0(4 B$,6*C4 -* +'"+$*"+$4 -* $-*"#$-4- +'" +K$# *( u$E4"U6&j#4? *(
-*+$,? 8$5*,4+$@" -* 4;%&$*" W&* #'-4EM4 *(#< E$E' eF 0; +'6*"#4,$(#4 4%,*%4 ;4( ($%&$*"#*(
94;45,4( -*; G94"-4j4,$j4 -* g4(&%&9#4 94,4 $;&(#,4, = 49'=4, (& 9,'9$4 -*+;4,4+$@"^ e0;
W&* (45* 4(M c*( -*+$,? +'6' (* -*(+,$5$@ 4"#*( -* *(#* E*,(' *" G94"-4j4,$j4f = +'"($-*,4
4; 6&"-' *"#*,' +'6' &"4 '5,4 c-* ;' -$E$"'f ($*69,* &"$-' c+'" I'"+$*"+$4 /"$E*,(4;f
*( ($" -&-4 ;$5*,4-' $"+;&(' 6$*"#,4( *(#< E$E' eF PP

0(#< +;4,' -* ;'( 94(4O*( ,*9,'-&+$-'( 4"#*,$',6*"#* W&* *; B*"@6*"' -*; d3#4($(
9*,*""* (* -*B$"* +'" 9,*+$($@" *" ;'( 64"&4;*( $"-$'( ('5,* i'%4 = I'"+$*"+$4 G&9*,$',
=? *"

1* K*+K'? *( *; '5O*#$E' B$"4; -* #'-4( ;4( B',64( -* i'%4F 0(#' 9'"* &"4 #*C
+'69;*#46*"#* "&*E4 *" *; d3#4($( 6M(#$+' 9', ;4 ,4C@" -* W&* ($ *( 9'($5;* &" *(#4-'
9*,9*#&' -* +'"+$*"+$4 #,4"(B',64-4? ($%"$B$+4 W&* ;'( $"#*,;&-$'( #*69',4;*( $"-$+4"
9*,' *; $"$+$' ,*9*"#$"' ' %,4-&4; -* &"4 +'"-$+$@" (&5;$6* W&*? *" +4('( *(9*+$4;*(?
9&*-* +'"E*,#$,(* *" ;4 E$-4F ? -'#4+$@" "',64; -* &" (*, K&64"'F

0(#* *( *"#'"+*( *; '5O*#$E' -*; i'%4 = *; 6*"(4O* -* A4"+K4(#4E$^ ;4 ;$5*,4+$@" -*; 4;64
-* ;4 -'6$"4+$@" -* ;4 64#*,$4? ;4 *(+;4E$#&- -* ;'( (*"#$-'( = ;4 9,$($@" -* ;4 +4,"* 94,4
'5#*"*, (& *(#4-' ('5*,4"' * $"6',#4; 6$*"#,4( 4L" *(#< E$E'F nk&d #*"#4+$@" -* ;4
+4,"* ' #*(',' -* ;4 #$*,,4 9&*-* $%&4;4, ,*6'#46*"#* *(#4 *39*,$*"+$4 9*,*""* =
(&9*,4-',4 -* ;4 g$-4 *#*,"4 $;$6$#4-4p nk&d ,*$"' #*,,*"4; 9&*-* 4;+4"C4, ;4(
9,'9',+$'"*( $;$6$#4-4( -* ;4 +'"+$*"+$4 +@(6$+4p 0(#4 *( ;4 ,4C@" 9', ;4 +&4;? *" #'-' *;
94(4-'? ;'( (45$'( -* ;4 7"-$4 +;4($B$+4,'" *; d3#4($( 9*,*""* +'6' *; 9,*6$' (&9,*6' W&*
(* 9&*-* '5#*"*, 4 #,4Ed( -* ;4 E$-4 K&64"4F 0(#* *( *; '5O*#$E' 5<($+' -* #'-4( ;4(
,*;$%$'"*( = ,*;$%$'"*( -* ;4 K&64"$-4-^ *(#4 *;*E4+$@" -* ;4 +'"+$*"+$4 K&64"4 4 '#,4
-$6*"($@" *" ;4 W&* *; *(9M,$#& E$E* *" *; #45*,"<+&;' +4,"'(' +'"(+$*"#*
+'"(+$*"#* -* (& -$E$"$-4-?
#,4#4"-' ;4 E$-4 *"+4,"4-4 +'6' &" (';' 4+#' -* &" -,464? +'"+*5$-'? -$,$%$-' *
$"#*,9,*#4-' 9', &" G*, 0#*,"'? &" H4=' +&=' *(9;*"-', 5,$;;4 *" d;F
!(M *( +'6' A4"+K4(#4E$ cNNFNRb -*(+,$5* *(#* 949*; I@(6$+' -* ;4 I'"+$*"+$4 /"$E*,(4;
cGK$E4f^ U eY A'-*, I*"#,4;$C4-',^ 0( +&4"-'? 9', \& 9,'9$4 *;*++$@"? #,4*( ;4( >&"4(
49,'9$4-4( c;4( #,*( +&4;$-4-*( -* A,4j,$#$ ' 64#*,$4f *" 9;*"$#&-? *"#'"+*( (';' 1$'(
GK$E4? *; L"$+' I,*4-', -* ;'( #,*( 6&"-'(? (* +'"E$*,#* *" *; -$,*+#', -* *(+*"4 -*;
-,464 +@(6$+' -* ;4 *3$(#*"+$4F e84 *,4 -* ;'( #,$&"B'( ('5,* ;4( B&*,C4( -* ;4 "4#&,4;*C4
W&* ($%&$@ 4; H*"4+$6$*"#' *" 0&,'94 K4 +,*4-' &" *(9M,$#& -* 4,,'%4"+$4 $"O&(#$B$+4-'
*"#,* ;'( *69$,$(#4( = 9*"(4-',*( -* "&*(#,' #$*69' W&* *; -'6$"$' -* ;4 E$-4 9&*-* (*,
#'64-' 9', ;4 B&*,C4 -* ;4 6$(64 64"*,4F \4; 4+#$#&- 94,*+* $"+,*M5;* +&4"-' (*
,*+&*,-4 W&* #'-'( *(#'( %,4"-*( #,$&"B'( (&,%$*,'" -* ;4 6*"#*? -* ;'( +&4;*( #'-4EM4
(45*6'( 6&= 9'+'F 0(#4 6*"#*? 4 (& E*C? -*9*"-* -* (& +',-&,4 = 9*,(9$+4+$4 *" *; O&*%'
-* B&*,C4( (&5;$6$"4;*(? #,454O4"-' *" *; +&*,9'? ('5,* *; +&4; "' #*"*6'( "$"%L"
+'"#,';F 0"#'"+*(? nW&$d"*( ('6'( 94,4 4,,'%4,"'( ;4 9'($+$@" -* (&9,*64+M4 W&* *"
,*4;$-4- "' 9'(**6'(p

\'-' *(#* 9,'%,*(' -*; W&* *(#46'( #4" ',%&;;'('( *( *; ,*(&;#4-' -*; 6$(6' (4;#' K4+$4
4-*;4"#* W&* '+&,,$@ *" ;4 E$-4 = ;4 +4,,*,4 -* 4;%&"4( "4+$'"*( -*; 94(4-'? ;'( *%$9+$'(?
;'( $"-'4,$'(? ;'( %,$*%'( = *; ,*(#'? W&* ;'( K$C' 4(+*"-*"#*( 9', &" #$*69'F ? 94,4 (*,
*+;$9(4-' "&*E46*"#* 9', '#,4( "4+$'"*( W&* 9'-,M4" ,'54,;*( &"4 64,+K4F 0(#* 4(+*"('
= +4M-4 -* ;4( "4+$'"*( = #'-'( ;'( ;'%,'( = ;4 64,+K4 -*; 9,'%,*(' W&* (* 9,'-&O' 4 #,4Ed(
-* d;? (* K4" -*5$-' 4 &"4 4+#$E4+$@" +';*+#$E4 -* .&"-4;$"$? ;4 G&5;$6* 0"*,%M4 0E';&#$E4
*" ;4 +4,,*,4F k&* *(#' K4 ($-' ,*+'"'+$-' W&*-4 +;4,' *" *(#* E*,(M+&;' cgFN_f^ U e8'(
(45$'( #* ;;464" ;4 h4-,* -*; /"$E*,('? ;4 S&*"#* -*; \4;*"#' = ;4 G45$-&,M4? *; A,$"+$9$'
c-* ;4 +,*4+$@"f? ;4 1'+#,$"4 0(#45;*+$-4? ;4 A*,+*9+$@"? ;4 0"*,%M4 !,6'"$C4"#* ?
I'"'+$6$*"#' *(9$,$#&4;? *; 9,*+*9#',? ;4 #,4-$+$@"? ;4 K&6$;-4-? *; 9,*+*9#'? ;4 4&#',$-4-?
;4 ;$5*,4+$@" B$"4;? *; 9'-*, ('5,*K&64"' (&9,*6'? *; (*+,*#' (&9,*6'? *; 6d#'-'? *;
c#'-'f +'"'+$6$*"#' = +'" '#,'( "'65,*( ($6$;4,*( eF

84 ,*(9&*(#4 4; *"$%64 W&* -*(+'"+$*,#4 4 ;'( K$(#',$4-',*( = 9*"(4-',*( 6'-*,"'( B&*


+'"'+$-4 9', *(#* 4&#', -*(+'"'+$-' *" ;4( *-4-*( '(+&,4( -*; 94(4-'F 0; A'-*,
,*(9'"(45;* -* #'-'( "&*(#,'( #,$&"B'( #*69',4;*( = *(9$,$#&4;*( = #'-'( "&*(#,'(
4E4"+*( $"#*;*+#&4;*( *( .&"-4;$"$F n0( +&*(#$@" -*

nG* 9,*%&"#4 *"#'"+*( ($ GK4j#$ *( -*E'#46*"#* 4-',4-' 9', 6&;#$#&-*( *" ;4 7"-$4 +'6'
*; -'"4"#* -* #'-'( ;'( -'"*( W&* K4" +'"#,$5&$-' 4; 9,'%,*(' = *; 5$*"*(#4, -* ;4
K&64"$-4- = #'-' ;' W&* *( 5&*"'? K*,6'('? "'5;* = +4(#' *" *; K'65,*p 84 #,4%*-$4 *(
W&* *3$(#* &"4 ;46*"#45;* B4;#4 -* +'"'+$6$*"#' ('5,* *(#* 9'-*,'(' 4,W&$#*+#' -*;
-*(#$"' K&64"' *"#,* ;'( (45$'( -* "&*(#,'( -M4(F :' (45*" W&* *3$(#* &"4 B&*"#* -*
*"*,%M4 6*"#4; ($" *39;'#4, *" *; 64,+' ',%<"$+' -*; K'65,* = W&* ;4( 6<( 4;#4(
;&6$"4,$4( = ;'( 6*O',*( 4,#$(#4( -* ;4 ,4C4? -*(+'"'+$-'( 94,4 *;;'(? (* $"(9$,4,'" *" *(#4
B&*"#* '+&;#4F 84 #,4%*-$4 (* K4+* 4L" 64=', +&4"-' (* E* ;' W&* &"4 $64%*" 9'5,* -*
i'%4 = .&"-4;$"$ (* 9,*(*"#4 4 ;'( -*($"B',64-'( 9*,' (*,$'(? 5&(+4"-' 6&;#$#&-*( *"
#'-' *; 6&"-' 9', 9,'B*($'"4;*( W&* "' (45*" -* W&d *(#<" K45;4"-'F
84 +'"-$+$@" -* d3#4($( -&,4-*,' +'" +$*,#4( +4,4+#*,M(#$+4( +;4,46*"#* -*B$"$-4(? ('5,*
;4( +&4;*( *3$(#* &"4"$6$-4- -* '9$"$@" *"#,* ;4( 4&#',$-4-*( $"-$4(? 4 9*(4, -* ;4(
E4,$4+$'"*( *" ;4( $"#*,9,*#4+$'"*(? 9;4"#*4 E4,$'( #*64( -* *3#,*64 $69',#4"+$4 W&*
,*W&$*,*" 4+;4,4+$@"F 84( +4,4+#*,M(#$+4( +'6&"*( -* ;4 +'"-$+$@" ('"^ Nb 6L($+4 $"#*,"4
= ;&C? Pb &" (*"#$6$*"#' -* *394"($@" *" *; +&4; ;4 +'"+$*"+$4 4(&6* &"4 9,'9',+$@"
+@(6$+4? Vf B*;$+$-4- *(9'"#<"*4? 5,'#4"-' -*(-* 4-*"#,'? Xb &" (*"#$-' -* 94,*"#*(+'
' $-*"#$-4- +'" &" *"#$-4- ('5*,4"4 $"B$"$#4? 6<( 4;;< -* ;4 +'69,*"($@"? ]b ;4 494,$*"+$4
-* *(9*O$(6' -*; 6&"-' '5O*#$E'? Rf +'"E$++$@" -* $"6',#4;$-4-? _f &"4 (*"(4+$@" -*
+'"'+$6$*"#' 4;#46*"#* *3#*"-$-'? Qf *39*,$*"+$4( *3#,4(*"(',$4;*( = *; ,*(#'F

A4,4 &"4 *39*,$*"+$4 #,4"($#',$4 -* *(#4 "4#&,4;*C4? W&* $"+',9',* #'-4( *(#4(
+4,4+#*,M(#$+4(? (* 9&*-*" 9,'9',+$'"4, &"4 %,4" +4"#$-4- -* *39;$+4+$'"*( = K4" ($-'
9,'9',+$'"4-4( 9', 4;%&"'( -* ;'( *(+,$#',*( 6'-*,"'( ('5,* *; #*64F A*,' &"4
+'"-$+$@" 9*,64"*"#*?
9*,64"*"#*? W&* 9*,($(#* *" ;4 E$%$;$4? *; (&*2' = *; (&*2' 9,'B&"-' "' *( #4"
B<+$; -* *39;$+4,F 7"+;&(' ($ (* +'"($-*,4 W&* *; (464-K$ ' *; d3#4($( ('" &" *"+&*"#,' +'"
1$'(? [,4K64"? !;;4K? 7(KE4,4 ' GK$E4? ;4 E$($@" +'"(#4"#* -* ;4 1*$-4- 4"#* *; 'O' $"#*,"'
-*; *39*,$6*"#4-',? 4 #,4Ed( -* #'-'( ;'( *(#4-'( -* <"$6' = *(#4-'( -* <"$6'
-$B*,*"#*(? (';' 9&*-* (*, *39;$+@ +'" *; 4,%&6*"#' -* W&* K4 *"#,4-' *"
B&"+$'"46$*"#' &" "&*E' +4"4; -* 9*,+*9+$@" ' W&* (* K4 45$*,#' '#,4 E*"#4"4 -*; 4;64
94,4 ;4 %;',$'(4 E$(#4F

!"#* ;4 9,*%&"#4 -* +@6' *39;$+4, ;4 +'"-$+$@"? ;4 9($+';'%M4 6'-*,"4 9,'545;*6*"#*


*"+'"#,4,< ;4 (';&+$@" -* W&* *; *(#4-' (* -*5* 4 +4&(4( 94#';@%$+4(? +'" -*;$,$'(
%,4"-$'('(? &"4 B',64 -* ;'+&,4 W&* 4L" "' (* K4 +;4($B$+4-'F 84 (*6*O4"C4 -* 4;%&"4(
-* *(#4( +4,4+#*,M(#$+4( +'" ;'( (M"#'64( "'#4-'( *" 4;%&"4( +4#*%',M4( -* ;'+'(
B',#4;*+*,M4 ;4( 9,*(&"+$'"*(F 84 ,*#$,4-4 -*; 6&"-' ,*4; = ;4 *"#,4-4 *" &" 6&"-'
$64%$"4,$' -* ;4 9,'9$4 +,*4+$@"? W&* *( &"4 +4,4+#*,M(#$+4 #4" 64,+4-4 -* ;4 9($+'($(?
49&"#4,M4 -* $"6*-$4#' 4 ;4 $-*"#$-4- -* ;4( +4&(4( -* ;4 4B*++$@"F A*,' ;4 ;'+&,4 ($%&*
($*"-' &" *"$%64 ($" ,*(';E*, -* ;4 +$*"+$4 6*"#4;F 84( K$9@#*($( B,*&-$4"4 = O&"%&$4"4
W&* 4#,$5&=*" ;4 +'"-$+$@" 4 +4&(4( 9&,46*"#* 9(MW&$+4( =4 "' (* 4+*9#4" = (* K4
-*(4#4-' &"4 ,*E&*;#4 *"#,* ;'( ,4"%'( 6<( O@E*"*(F 84( L;#$64( $"E*(#$%4+$'"*(
6&*(#,4" W&* 4;%&"4( B',64( -* 9($+'($( #,4C4" EM4( -*B$"$-4( *" *; +*,*5,'? ;' W&*
-*6&*(#,4 W&* ;4 *"B*,6*-4- #$*"* &"4 54(* ('6<#$+4F

! -@"-* ;;*E4,< *(#4 $"E*(#$%4+$@" *( -$BM+$; -* -*+$, *" ;4 4+#&4;$-4-F A*,' ($ ;4 ;'+&,4 #$*"*
&" ',$%*" ('6<#$+'? *" ;4( 9,'B&"-$-4-*( ',%<"$+4( 4L" $"('"-4-4( -*; ($(#*64
+*,*5,'*(9$"4;? = *; d3#4($( 9*,*""* *( #465$d" &"4 B',64 -* ;'+&,4? ($%"$B$+4 W&* ;4
6$(64 4;#*,4+$@" ('6<#$+4 W&*? *" *; +4(' -* ;4 9($+'($(? (* +'"E$*,#* *" 84 +4&(4 -*
-$(#',($@" 6*"#4;? 6$*-'? 4"($*-4-? E$';*"+$4 '

+'69',#46$*"#'
+'69',#46$*"#' 4"',64;? *" *; +4(' -*; d3#4($( 9*,*""* -4 ;&%4, 4 &" *(#4-' 6*"#4; W&*
*( *; (&66&65'"&6
(&66&65'"&6 -* #'-' ;' W&* &"' 9&*-* -*(*4, *" *(#4 #$*,,4F
7"+;&(' 4-6$#$*"-' W&* ;4 +'"-$+$@" *( (';' *"%42'(4 ' $64%$"4,$4? ($ &" *(#4-' #4" B*;$C
= +,*4#$E' 9&*-* +'"E*,#$,(* *" &"4 +4,4+#*,M(#$+4 -&,4-*,4 -* ;4 +'"+$*"+$4? 9*,($(#$*"-'
*" ;4( 5&*"4( = *" ;4( 64;4(? +'6' ;' K4+* ;4 *(W&$C'B,*"$4 *" ;4 -$,*++$@" $"E*,(4? nW&d
6<( 9&*-* -*(*4, &" 6',#4; *" ;4 E$-4p nk&d (* 9&*-* +'694,4, +'" ;4 $"#'3$+4+$@" -*
1$'( ' ;4 *65,$4%&*C -* ;4 I'"+$*"+$4 I@(6$+4p 84( 9*,('"4( ,*+&,,*" 4; 4;+'K'; = ;4(
-,'%4( 94,4 ;4 4&#' #,4(+*"-*"+$4? 94,4 *(+494, 6'6*"#<"*46*"#* -* ;4( -&,4(
,*4;$-4-*( -* ;4 E$-4 +'#$-$4"4 =? 4; E';E*, 4 ;4 "',64;$-4-? #$*"*" W&* 94%4, &" 9,*+$'
9', ;4 ;$5*,4+$@" -* +',#4 -&,4+$@"F nk&d 9&*-* *"#'"+*( *W&$94,4,(* 4 ;4 B',#&"4 -*
4;%&$*" W&* (* ;*E4"#4 +'"(#4"#*6*"#* -*; *(#,*+K' (&,+' -* ;4 E$-4 K&64"4 "',64; *"
,*%$'"*( -* %;',$4? E$-4 = 4;*%,M4 *#*,"4(p

/"4 #,4"(B',64+$@" 9*,64"*"#* -* ;4 +'"+$*"+$4? W&* '#',%4 &" "&*E' ($%"$B$+4-' 4 ;4


E$-4 = +'"-&+* 4 &"4 "&*E4 E$($@" -*; /"$E*,('? 9,'9',+$'"4"-'
9,'9',+$'"4"-' &" #*,,*"' -*(+'"'+$-'
94,4 *; $"#*;*+#'? 9&*-* (*%&$, ($*"-' '5O*#' -* +'"#,'E*,($4 = -*54#* K4(#4 W&* *;
"L6*,' -* E$($'"4,$'( -* *(#4 +;4(* (*4 %,4"-*F (&B$+$*"#* 94,4 9,'9',+$'"4, *E$-*"+$4
$"+'"#*(#45;* -* ;4 +'"-$+$@"F D4(#4 *(* 6'6*"#'? ;'( +'"#*69;4#$E'( -* ;4 +4#*%',M4
9*,*""* +'"#$"&4,<" ($*"-' -*"'6$"4-'( +'6' ;'+'( 9', 4;%&"'( = +'6'
*"+4,"4+$'"*( -$E$"4( 9', '#,'(F 84 $,'"M4 *( W&* ;4 "4#&,4;*C4 (*;*++$'"4 ;'( ,*+$9$*"#*(
94,4 *(#4 %,4+$4 (&9*,$', 4 (& 9,'9$4 *;*++$@"? -*O4"-' 4 ;4 d;$#* *" '#,'( -*94,#46*"#'(
-* ;4 E$-4 94,4 9,*%&"#4,(* 9', ;4( +4&(4( W&* ;4 +'"-&+*"F 0(#' *( ;' W&* 06*,('"
$"#*"#4 #,4"(6$#$, *" *(#4( ;M"*4(^

Y? +&4"-' *(#'= 4 (4;E' *" 6$ K'%4, (*;E<#$+'? 9$(d *; ',%&;;' -* >,*+$4 = H'64l i +&4"-'
*(#'= #*"-$-' -*54O' -* ;'( 9$"'(? -'"-* ;4 *(#,*;;4 -* ;4 #4,-* 5,$;;4 #4" (4%,4-4? 6* ,M'
-*; (45*, = -*; ',%&;;' -*; K'65,*? -* ;4( *(+&*;4( ('B$(#4( = -*; +;4" *,&-$#'l nA4,4 W&d
('" #'-'(? *" (& 4;#4 9,*(&"+$@"? +&4"-' *; K'65,* *" ;4 C4,C4 +'" 1$'( 9&*-*
*"+'"#,4,(*p

.&"-4;$"$ +'6' *; $-*4; -* 5*;;*C4

84 ,*B*,*"+$4 ,*9*#$-4 4 ;'( +'"#',"'( *"+4"#4-',*( -* ;4 1$'(4? 94,4 &"' +,$4-' *" ;4
#,4-$+$@" 9&,$#4"4 -* +&4;W&$*, ,*;$%$@"? -*5* 94,*+*, B&*,4 -* ;&%4, *" &"4 '5,4 +'6'
A4"+K4(#4E$? E*"*,4-4 +4($ +'6' &"4 *(+,$#&,4F D4= 4;&($'"*( B,*+&*"#*( 4 (&( (*"'(
%,4"-*(? 64($E'( ' 45&;#4-'(? (&( *"+4"#4-',*( 'O'( *"+4"#4-',*( +'6' -* ;'#'? (&
K*,6'(4 +$"#&,4? (& *"+4"#4-',4 B',64 +'6' *; ',5* -* ;4 ;&"4 = (&( '#,'(
*"+4"#46$*"#'( (*-&+#',*(F G4&"-4,=4 84K4,$ *( 4L" 6<( 9,';MB$+4 *" ;4 -*(+,$9+$@" -*
(& 5*;;*C4F 84 64=',M4 -* ;'( (*(*"#4 = -'( E*,('( W&* +'69,*"-*" ;4 J;4 -* 5*;;*C4 *(#<"
-*-$+4-'( 4 ;4 -*(+,$9+$@" 6*#$+&;'(4 -* (&( *"+4"#'( +'" #'-' *; 9'-*, -*; %*"$'
9'd#$+' -*; 4&#',F

I4-4 +4,4+#*,M(#$+4 = +4-4 6$*65,' -* ;4 1$'(4 (* ,*9,*(*"#4 (*-&+#',46*"#*F G&( 'O'(?


(&4E*( +'" 46',? ,'-*4-'( -* 9*(#424( +'6' 9;&64( +4&(4" -$(#&,5$'( *" ;4 9,'B&"-4
9;4+$-*C 6*"#4; -* GK$E4F 0; 94, -* 4,+'( 4,W&*4-'( `*"#,* (&( 'O'( = 'M-'(b #$*"* ;4 %,4+$4
-*; 4,+' -*; -$'( -*; 46', +'" B;*+K4( -* B;',*(F G&( ;45$'( ('" -*; +';', -*; +',4;?
,*E*;4"-' -'( K*,6'(4( K$;*,4( -* -$*"#*(? (& ;*"%&4 *( -*; +';', -* ;4 B;', -* O494? (&
E'C *( 6*;'-$'(4? (& 54,5$;;4 *( $"+'694,45;*? ;*E4"#4-4 4 6*"&-' 9', 8',- GK$E4 94,4
$69;4"#4, &" 5*('F G&( 64"'( ('" +'6' ;'#' #*2$-' -* ,'O'?
+'" &24( 5,$;;4"#*(? (&( 5,4C'( ('" +'6' *",*-4-*,4(? (&( (*"'( +'6' ,*+$9$*"#*(?
+$"+*;4-'( *" ,&5M = ;;*"'( -* "d+#4,F

G& K*,6'(4 +$"#&,4 #$*"* #,*( 9;$*%&*(? 4&"W&* *(5*;#4 9*,' ('(#$*"* ;'( -'( (*"'( #4"
%,4"-*( W&* ,*E$*"#4" ;4 9,*"-4 W&* +&5,* (&( +'(#4-'( = (* B,'#4" +'"#,4 ;4( 43$;4(F G&(
+4-*,4( ('" 4"+K4( = 9*(4-4(? (&( 6&(;'( ('" +'6' ;'( #,'"+'( -* ;'( *;*B4"#*(
(*2',$4;*(? (&( ,'-$;;4( ,*-'"-*4-4( = (&( 9$*( -*(;&65,4"#*6*"#* K*,6'('(F 0; 9'*#4
,*(&6* (& 5*;;*C4 %*"*,4; *" &"4 *(#,'B4 4; B$"4;^ U e84 #,4(+*"-*"#* !,&"4? ;4 %,4+$4 -*
GK$E4 *"+4,"4-4? ,$C4-4 *" (& +45*;;'? ($" 4,#* *" (& (&4E* ('",$(4? +'6' GK$,$(K4 *" (&
+&*,9'? -&,4 +'6' ;4 9$*-,4 *" ;4 ,*%$@" -* *;;4 ;'( (*"'(? *3#,*64-46*"#* -*;%4-'( *"
(& +$"#&,4 = 9,'-$%$'('( *" ;4 ,*%$@" -* (&( +4-*,4(? (* -*(#4+4" *" (& %;',$4 9', *;
5$*"*(#4, -*; 6&"-' eF

A*,'? n9', W&d A4"+K4(#4E$ -*5* -*#*"*,(* #4" 4,-$*"#*6*"#* *" ;4 5*;;*C4 -* ;4 1$'(4
= G4&"-4,=4 84K4,$ 94,4 *"#,4, *" -*#4;;*( #4" 6*#$+&;'('( ('5,* G&( *"+4"#46$*"#'(
K*+K$C4"#*( = B4(+$"4"#*(p 84 ,*(9&*(#4 4 *(#' ,4-$+4 *" ;'( 6$(6'( "'65,*( 4($%"4-'(
4 ;4( -'( (*++$'"*( -* *(#* L;#$6' #,454O'? 4 (45*,? q4E* 'B [;$(( = q4E* 'B [*4&#=F 84
-$+K4 = ;4 5*;;*C4 ('" ;'( -'( 4#,$5&#'( 6<( -*(#4+4-'( -* GK4j#$ ' .&"-4;$"$F 84 -$+K4 =
;4 5*;;*C4 ('" #465$d" ;4( -'( +4,4+#*,M(#$+4( 6<( ('5,*(4;$*"#*( -* ;4 +'"+$*"+$4 -*
GK$E4F 0; 5,$;;' B4(+$"4"#* *" ;4 +45*C4 -*; ='%&$? W&* +&5,* #'-' ;' W&* 9*,+$5* +'" &"
64"#' -* ;&C? $69,*%"4-' -* &"4 4;*%,M4 +'"+*"#,4-4 W&* (&9*,4 #'-'( ;'( 9;4+*,*( -*
;4 #$*,,4? 5&,5&O*4"-' -*(-* ;' 6<( 9,'B&"-' -* (& (*,? #,4"(B',64 ;4 +'"+$*"+$4 K&64"4
"',64; *" &" '+d4"' -* E$-4? 46', = B*;$+$-4- W&* *( $69'($5;* -* -*(+,$5$,F 0; K'65,*
$"#*,$', K4 +465$4-'F G& +'"+$*"+$4 6$(64 (* +'"E$*,#* 4K',4 *" *; 6'-*;' -* 5*;;*C4?
%,4+$4? 6*;'-M4? 46',? B*;$+$-4- = 94CF 0; 4"$64; 94(($' 84( 9*,('"4( ('" ,*B$"4-4( =
+4;64-4( = ;4 94($@" 9', #'-' ;' 5*;;'? 4,6'"$'(' = 5&*"' (* +'"E$*,#* *" &"4
+4,4+#*,M(#$+4 -'6$"4"#* -* ;4 E$-4F

0; 46', 9', ;4 4,6'"M4? ;4 6L($+4? ;4 5*;;*C4? *; 4,#* = ;4 9'*(M4 *( 9*+&;$4, -* ;'( (*,*(
K&64"'(F :' K4= (*"#$-' *(#d#$+' +'6' #4; *" ;'( 4"$64;*(F I&4"-' K4= *E$-*"+$4 -* &"4
9,*-$(9'($+$@" -* *(#* #$9' *" 5*(#$4( ' 9<O4,'(? +'6' 9', *O*69;' *" *; 4#,4+#$E' -* &"
K*,6'(' +';', ' &" K*,6'(' 9;&64O* ' 6L($+4 *" *; %,$#' -* &" +'6942*,'? *( *;
,*(&;#4-' -* &"4 ,*(9&*(#4 $"(#$"#$E4 *(#,$+#46*"#* ;$6$#4-4 *" ;4 W&* *; $"-$E$-&' ;4
*;*++$@" "' #$*"* ;&%4, *" 45(';&#'F 84 *E';&+$@" -*; (*"#$-' *(#d#$+' *" ;4 K&64"$-4- K4
+'"#$"&4-' -&,4"#* 6$;*( -* 42'(F 0"+'"#,46'( *E$-*"+$4 -* *;;' *" ;'( K*,6'('(
-$5&O'( ,&9*(#,*(? #4#&4O*(? &(' -* 9;&64( = 4-',"'( = *" *; &(' -* '#,'( 4=&-4"#*( -*
5*;;*C4? -* 4+&*,-' +'" (&( 9,'9$'( %&(#'( 9*+&;$4,*(? #4"#' 9', K'65,*( +'6' 9',
6&O*,*( *"#,* ;4( 9'5;4+$'"*( 9,$6$#$E4( -* ;'( #$*69'( 6<( ,*6'#'(F I&4;W&$*, ,*%$(#,'
*(#< -$(9'"$5;*F
u&C%4-' -* 4+&*,-' +'" ;'( *(#<"-4,*( -* "&*(#,'( -M4(? *; 45$(6' *"#,* *; (*"#$-'
*(#d#$+' -*; (4;E4O* = *; %&(#' 4;#46*"#* ,*B$"4-' -* ;4( 9'5;4+$'"*( +&;#$E4-4( -* "&*(#,'
#$*69' *( 6&= 469;$'F 0" *; ;4-' d#$+' #465$d" ;4 -$(#4"+$4 ,*+',,$-4 *( *"',6*F 1* ;4
*E$-*"+$4 -$(9'"$5;*? ;4 $"B*,*"+$4 *( +;4,4 -* W&* *; +4"$54;$(6' = *; (4+,$B$+$' K&64"'
*,4" -*(*"B,*"4-'( *"#,* ;4( 9'5;4+$'"*( 9,$6$#$E4( -*; 94(4-'F 0; 45',,*+$6$*"#' +'"
*; W&* E*6'( *(#4( 9,<+#$+4( 4K',4? -*(-* &"4 ;4,%4 -$(#4"+$4 -* #$*69'? *( &" M"-$+*
+;4,' -*; +465$' W&* (* K4 9,'-&+$-' *" ;'( *(#<"-4,*( d#$+'( -*; K'65,*F 84 5L(W&*-4
+'"(#4"#* -* ;4 5*;;*C4 = ;4 5'"-4- = ;4 *;*E4+$@" +'"#$"&4 -* ;'( E4;',*( d#$+'( ('" ;'(
-'( $"%,*-$*"#*( *(*"+$4;*( -* &"4 *E';&+$@" 9,'%,*($E4 -* ;4 ,4C4F

eG$ *"#'"+*( ;4 5*;;*C4 *( ;4 +4&(4 -*; 5$*"e? -$+* A;4#@"? e*"#'"+*( *; 5$*" (*,M4 +,*4-'
9', ;4 5*;;*C4? = 94,*+*,M4 W&* "'( -*-$+46'( 4 ;4 5L(W&*-4 -* ;4 (45$-&,M4 = -* #'-4( ;4(
'#,4( +'(4( 5*;;4( 9', ;4 ,4C@" -* W&* 9,'-&+#' = -*(+*"-*"+$4? ;' 5&*"'? *( -$%"' -*
-*E'+$@" =? (*%L" "&*(#,4( *39;',4+$'"*(? 94,*+* W&* ;4 5*;;*C4 *( 6*#4B@,$+46*"#* &"4
*(9*+$* -* 94-,* -*; 5$*" eF PP

0; *(#4-' -* 45(',+$@" ,*(&;#4"#* -* ;4 +'"#*69;4+$@" -* &" '5O*#' 5*;;' *( 5$*"


+'"'+$-'F /" 464"#* "&"+4 (* +4"(4 -* 5*5*, *" ;4 5*;;*C4 -* ;4 9*,('"4 464-4 = 9&*-*
9*,64"*+*, *65*;*(4-' 4; '5(*,E4, +4-4 +4,4+#*,M(#$+4? +4-4 +'"#',"'? +4-4
*3#,*6$-4-? +4-4 94;45,4 = +4-4 %*(#' -* ;4 9*,('"4 -*(*4-4F D*,6'('( 94$(4O*(? 6L($+4
-&;+*? ';',*( 4%,4-45;*(? +';',*( 4,6'"$'('(? ,'(#,'( = B$%&,4( *"+4"#4-',4(? 64%"MB$+4(
'5,4( -* 4,#*? #'-' #$*"* &" *B*+#' B4(+$"4"#* = 45(',5*"#* *" ;4 6*"#* K&64"4F 84
,*B;*3$@" ('5,* &" '5O*#' B*'? ,*9&;($E' & -*(4%,4-45;* "&"+4 9&*-* +'"-&+$, 4 *('(
*(#4-'( -* 45(',+$@" (&5;$6* *" ;'( W&* *; 4;64? *" &"4 +'"-$+$@" -* ,*#$,4-4 -* ;4(
$69,*($'"*( (*"(',$4;*(? (* +'"#*69;4 4 (M 6$(64F 0(#4 *( ;4 ,4C@" 9', ;4 +&4;? 94,4 ;'(
-*E'#'( -* .,$(K"4 ' H464? g$(K"& ' GK$E4? ;'( 1$'(*( ('" $64%$"4-'( +'6'
9*,('"$B$+4+$'"*( -* 5*;;*C4 64(+&;$"4? B&*,C4 +',9',4; = -*(#,*C4 ('5,*K&64"4F

8' 6$(6' *( E<;$-' 94,4 ;'( 4-',4-',*( -* GK4j#$ #465$d"F 0;;4 (* +'"E$*,#* *" ;4
*"+4,"4+$@" -* ;4 5*;;*C4 B*6*"$"4? ;4 ($6*#,M4 = ;4 %,4+$4F I'" ;4 $"#*"($-4- -* ;4
+'"+*"#,4+$@" = ;4 9,<+#$+4 ,*9*#$-4? (& ,'(#,' = B$%&,4 *3W&$($#'( (* +'"E$*,#*" *" '5O*#'(
B46$;$4,*( 94,4 *; +'"#*69;4#$E'? ;' W&* ;;*E4 4 *(#4-'( -* 45(',+$@" +'69;*#4 *" ;'( W&*
(';' W&*-4" *; E$-*"#* = *; '5O*#' E$(#'F 8'( *(#4-'( 6*-$#4#$E'( 4;*,#4( -* ;4 6*"#*
+',,*+#46*"#* -$,$%$-'( *O*,+*" &" *B*+#' *(#$6&;4"#* ('5,* *; 6*+4"$(6' -* .&"-4;$"$F
0(#4 *( ;4 ,4C@" 9', ;4 +&4; (* 6*"+$'"4 ,*9*#$-46*"#* *" ;'( 64"&4;*( ('5,* i'%4 = *;
[K4%4E4- >$#4 94,4 "' 9*,6$#$, W&* ;4 6*"#* -$E4%&* ' (* K&"-4 *" *"(&*2'(F 0; '5O*#$E'
-* ;4( -$(+$9;$"4( *( K4+*, -* ;4 +'"+$*"+$4 (&9*,$', &"4 +4,4+#*,M(#$+4 +'#$-$4"4 -* ;4 E$-4
K&64"4 = "' +'"E*,#$,;4 *" &"4 *39*,$*"+$4 E$($'"4,$4
E $($'"4,$4 9'($5;* (';' *" *(#4-'( 6*"#4;*(
+'6' *; (&*2'F
0; &(' -* B;',*(? 6L($+4? ;&+*( * $"+$*"(' *" *; 6'6*"#' -*; +&;#' ' ;4 5*;;*C4 -*; -$(*2'
= ;4 %,4"-*C4 -* ;'( ;&%4,*( -* +&;#' *(#<" -$(*24-'( 9', (& $"B;&*"+$4 4+&6&;4#$E4 94,4
4&6*"#4, *; *B*+#' -*; +&;#' ' ;4 ',4+$@" 'B,*+$-4 ' ;4 6*-$#4+$@" ,*4;$C4-4 *" #4;*(
*"#',"'(F 0; #*64 (* #,4#4,< +'" 6<( -*#4;;* *" '#,' ;&%4,F [4(#* -*+$, 4W&M W&* *; '5O*#$E'
B$"4; -* #'-4 4-',4+$@"? ;4 ',4+$@"F 0; ='%4 ' +&4;W&$*, '#,4 -$(+$9;$"4 ,*;$%$'(4 *( 4;+4"C4,
*(* *(#4-' (&5;$6* -* /"$@" ' I'"+$*"+$4 hM(#$+4? W&* *( *; +*"#,' ,4-$4"#* -* #'-' ;'
W&* *( 9&,'? E*,-4-*,'? 5*;;' = 4,6'"$'(' *" *; /"$E*,('F 0(#4 *( ;4 ,4C@" -* ;4 $-*4
*39,*(4-4 9', !5K$"4E4 >&9#4 *" *; \4"#,4;'j4 -* W&* e*; *(#4-' -* K'6'%*"*$-4-
9,'-&+$-' *" ;4 6*"#* 4 #,4Ed( -*; $"#*,d( 45(',5*"#* -* ;4( (*"(4+$'"*( 9;4+*"#*,4( -*
;4 E$(#4? *; ('"$-' = *; #4+#' "'( ;;*E4 4 ;4 ,*4;$C4+$@" -* ;4 "4#&,4;*C4 $"6@E$; -*B$"$#$E4 -*;
G*, ? = ;4 -$+K4 W&* (* -*,$E4 -* #4; *39*,$*"+$4 "' *( 6<( W&* &"4 64"$B*(#4+$@" ;L-$+4
-* ;4 "4#&,4;*C4 -$+K'(4 -*; G*, v;#$6' ePXl

0(#4 *( ;4 ,4C@" 9', ;4 +&4; "&*(#,' 4&#',? 6$,4"-' *; #*64 -*(-* '#,' 9;4"' -*
+'"+$*"+$4? "' K4 -&-4-' *" -*;$"*4, ;'( ('5*,5$'( *"+4"#'( -* ;4 1$'(4F A4,4 ;'( -*E'#'(
-* GK4j#$? ;4 +'"#*69;4+$@" -* ;4 5*;;*C4 -*5* (*,
( *, +&;#$E4-4 +'" *; '5O*#$E' 6<( 9&,' -*
,*E*,#$, ;4 -$,*++$@"F +$@" -*; 6*+4"$(6' ,*9,'-&+#$E'? &#$;$C4"-' ;4 *"*,%M4 9,*+$'(4 "'
94,4 *; 9;4+*, ;$5$-$"'(' 6'6*"#<"*' ($"' 94,4 *; 6<( *;*E4-' = 6&+K'

#,4"(B',64+$@" 6<( B4(+$"4"#* -*; +*,*5,'F 84 +'"+$*"+$4 -*; -*E'#' 6$(6' (* +'"E$*,#*
*" *; 4($*"#' -* &"4 -$+K4 W&* (&9*,4 +'" 6&+K' #'-'( ;'( 9;4+*,*( -*,$E4-'( -* ;'(
(*"#$-'( * $"+;&(' *; #,4"(9',#* -*(;&65,4"#*
-*(;&65,4"#* *39*,$6*"#4-' *" *; O&*%' -*; 46',F

e>,4"-*( K'65,*( W&*? +'" (&( 6*"#*( +4,*"#*( -* $69&,*C4 * $;&($@"e? -$+* G4&"-4,=4
84K4,$? e6$,4" 4 \K= .4;4 c*( -*+$,? *; IK4"-,4U.4;4 +&4"-' .&"-4;$"$ *"#,4 *" G&(K&6"4f
*(5*;#4 +'6' &" ,4=' -* ;&C? -* ;4 *(*"+$4 -*; G';F ? h''" 4"- S$,* = 9*,64"*+$*"-' *"
*; %,4" 5'(W&* -* ;'#'(? -* 9$* $"+;&(' 9', *"+$64 -* ;'( (*$( ;'#'( c+K4j,4(f? '5#$*"*"
&"4 $"&"-4+$@" -* -$+K4 $"B$"$#4 eF

84 ,*9*#$-4 4;&($@" 4 ;'( (*"'( %,4"-*( = 9*(4-'( #465$d" #$*"* '#,' ($%"$B$+4-'
*('#d,$+'F 8'( (*"'( B*6*"$"'( ('" ;'( ,*+$9$*"#*( -* ;*+K* *" ;'( W&* (* 4;$6*"#4 *;
5*5d K&64"'F G& #4642' %,4"-* = 64($E' $"-$+4 &" (&6$"$(#,' %*"*,'(' -* ;4 5*5$-4
"&#,$#$E4F 0" ;4 *(+4;4 *E';&#$E4? *; 4-&;#' K&64"' -* K'= ($%&* ($*"-' &" 5*5d W&* #$*"*
W&* +,*+*, K4(#4 ;4 64-&,*C +'" *; ;'%,' -* ;4 I'"+$*"+$4 I@(6$+4F 0" *(#* 9,'+*(' -*
+,*+$6$*"#'? W&* 9&*-* #'64, *'"*( 94,4 ;'%,4,;'? -*5* (*, 4;$6*"#4-' +'" ;4 +',,$*"#*
465,'($4; (&6$"$(#,4-4 9', .&"-4;$"$ 94,4 6*O',4, ;4 +494+$-4- -*; +*,*5,'F 0(#4
(&(#4"+$4 "*+#4,*4? W&* $"&"-4 *; +,<"*' *" &"4 6*-$-4 %*"*,'(4 ('5,* ;4 *3+$#4+$@" -*;
9'-*,? (* +'694,4 ($65@;$+46*"#* +'" ;4 ;*+K*F

84 ,*9,*(*"#4+$@" #,4-$+$'"4; W&* 6&*(#,4 4; G*2', g$(K"& ,*+'(#4-' *" GK*(K4U"4%4?


B;'#4"-' *" &" '+d4"' -* ;*+K*? *( &"4 ,*9,*(*"#4+$@" ($65@;$+4 -* *(#* +'"+*9#'F 0;
+&*,9' *( &" '+d4"' -* ;*+K* *" *; W&* ;4 G*,9$*"#* -* .&"-4;$"$ B;'#4"#* *3#,4* ;4(
*(*"+$4( E$#4;*( -* #'-'( ;'( #*O$-'( = @,%4"'( 94,4 4;$6*"#4, ;4 +',,$*"#* W&*? +&4"-'
B;&=* K4+$4 454O'? +'"-&+* 4 ;4 ,*9,'-&++$@" =? K4+$4 4,,$54? 4 ;4 *E';&+$@" -*; +*,*5,'F
0" *(#* (*"#$-'? GK4j#$ *( -$,$%$-4 +'6' h4-,*? +'" (*"'( %,4"-*( = 5$*" ;;*"'( -$(*24-'(
94,4 *;*E4, 4; "$2' K&64"' 4 ;4 *(#4#&,4 -* &" G*, I'"(+$*"#* I@(6$+'F

0; 9'-*, 64%"d#$+' -* ;'( 7;;&6$"4#$


7 ;;&6$"4#$
0" E4,$'( E*,(M+&;'(? "&*(#,' 4&#', K4+* ,*B*,*"+$4 ,*9*#$-4 4 ;4 B4(+$"4+$@" $,,*($(#$5;*
*O*,+$-4 9', ;'( +'"(&64-'( (4-K4j4(? 5*"-*+$-'( 9', ;'( GK4j#$? ('5,* ;'( 6$*65,'( -*;
(*3' O&(#' W&* *"#,4" *" +'"#4+#' +'" *;;'(F e84( 6&O*,*( *"+4"#4-',4(? 4#',6*"#4-4(
9', *; B&*%' -*; 46',? (&+&65*" 4"#* *(#'( K'65,*( -* 6*"#*( +'"+*"#,4-4(F 0" *;;4(
+*"#,4" ($" +*(4, ;4( 6$,4-4( -* ;4( *"+4"#4-',4( -464( $"W&$*#4( 9', ;4( B;*+K4( -*
I&9$-'eF e84( -'"+*;;4( -* 'O'( K*,6'('( -*(*+K4" (& 6'-*(#$4 #,4( *;;4( = (* +'"E$*,#*"
*" '5O*#'( -* 4#*"+$@" $"-$E$(4? *" ;4 6',4-4 -* I&9$-'? 9', 94,#* -* -'"+*;;4( O@E*"*(
*"46',4-4(eF e7"+;&(' ($ ('" B*'(? (* E*" +'6' *; 1$'( -*; !6', W&* (*-&+* ;4 6*"#* 4
;'( 'O'( -* O@E*"*( -46$(*;4( +'" %,4"-*( +4-*,4( 5$*" B',64-4(eF I'" *(#4( = '#,4(
B,4(*( ,*E*;4-',4(? *; 4&#', ;;464 ;4 4#*"+$@" ('5,* *; 4(9*+#' *,@#$+' -* ;4
#,4"(B',64+$@" *B*+#&4-4 9', &" .&"-4;$"$ -*(9$*,#'F

0" '#,' ;&%4, c777F]f 4%,*%4^ U e1*(*' 5*5*,;' +'" 6$( 'O'(? -*(*' #'+4, (&( *3#,*6$-4-*(
+'" ;4( 6M4(e? -*(*' 45(',5*,;' -*"#,' -* 6MF \4;*( ('" ;'( 9*"(46$*"#'( W&* +,&C4" ;4(
6*"#*( -* ;4( -'"+*;;4( O&E*"$;*( +'" ,*(9*+#' 4 ;'( -*E'#'( +'"(&64-'( -* ;4 1$'(4
+&4"-' (* ($*"#4" *" (& +'6942M4 eF G4&"-4,=4 84K4,$ E4 &" 94(' 6<( 4;;< 4; -*+$,^
e146$(*;4( *" +$*"#'( +'" (&( +*,,4-&,4( -*(9*$"4-4(? (&( (4,$( E';4"-' -* (&( B$%&,4(?
(&( B4O4( *(#4;;4"-' *" 9*-4C'(

+'" B&*,C4? (&( 9,*"-4( -* (*-4 (* -*(;$C4" K4+$4 454O'? +',,*" #,4( &" K'65,* -*+,d9$#'?
B*' * $69'#*"#*? W&* +4* -*"#,' -*; 4;+4"+* -* \&( 6$,4-4( ;4#*,4;*(F e0(#4 4-W&$($+$@"
-* &" 9'-*, -* B4(+$"4+$@" (* 6*"+$'"4 &"4 = '#,4 E*C *" 4;%&"'( -* ;'( \4"#,4( = ;$5,'(
('5,* GK4j#$ GK4(#,4F G*%L" i'%4U#4##E4 /94"$(K4-? D4#K4Ui'%4 4(*%&,4 #4; 5*;;*C4
9*,('"4; 4; ='%&$ W&* #'-4( ;4( 6&O*,*( ;' -*(*4,M4"? 9*,' K4= W&* ,*($(#$,;4(F \'-4( *(#4(
-*+;4,4+$'"*( +';',$-4( =? *" 4;%&"'( ;&%4,*(? 6&= *34%*,4-4( "' +4,*+*" -* -&,*C4F
"L+;*' -* ;4 E*,-4-F G* ,*B$*,*" 4 &" 9,'B&"-' B4+#', 9($+';@%$+' W&* B',64 ;4 54(* -* ;4
4#,4++$@" *"#,* *; K'65,* = ;4 6&O*, *" *; O&*%' -*; 46',F \'-4EM4 "' (45*6'( W&d +4&(4
*; #,454O' = W&d '"-4( 64%"d#$+4( 94(4" *"#,* &"4 94,*O4 $"#*"(46*"#* 4#,4M-4 *"#,* (M
*" *; EM"+&;' -*; -*(*' *,@#$+' ' ;' W&* K4+* W&* +'69;*#'( *3#,42'( (* ($694#$+*"
,*9*"#$"46*"#*F

84 6*;*"4 -*; ;*@" = ;4( K*,6'(4( 9;&64( -* &" 94E' ,*4; ('" +4,4+#*,M(#$+4( (*3&4;*(
4#,4+#$E4( 9,'9',+$'"4-4( 9', ;4 "4#&,4;*C4 94,4 4#,4*, 4 ;'( 6$*65,'( -*; (*3' '9&*(#'
4; 4+#' +'9&;4#$E'F 84 "4#&,4;*C4 &(4 6$; -$(9'($#$E'( -$B*,*"#*( 94,4 +&69;$, +'" *;
9,'9@($#' (&9,*6' -* 9,'94%4+$@"F /"4 B,*"#* 4;#4? K'65,'( 4"+K'(? &"4 B$%&,4 4#;d#$+4
= 4;#'( -'"*( $"#*;*+#&4;*( ' 4,#M(#$+'( *" ;'( K'65,*(? 5*;;*C4? %,4+$4 = ($6*#,M4 -* ,'(#,'
= B$%&,4? 6'-*(#$4? -&;C&,4 = %*"#$;*C4 *" ;4 -$(9'($+$@"? *" *; +4(' -* ;4( 6&O*,*(? ('"
4;%&"4( -* ;4( +4,4+#*,M(#$+4( 4#,4+#$E4( W&* :' *( B,*+&*"#* W&* *O*,C4" (& $"B;&*"+$4 *"
;4 ,*;4+$@" -* 46', *"#,* K'65,*( = 6&O*,*( *" -$B*,*"#*( 94,#*( -*; 6&"-'F
0( &" K*+K' 5$*" '5(*,E4-' W&* ;'( ;M-*,*( B46'('(? -$+#4-',*(? ',4-',*( *;'+&*"#*(?
4#;*#4( +469*'"*(? %,4"-*( 4+#',*(? 6L($+'(? 9$"#',*(? #465$d" +'"'+$-'( 4&#',*( *
$"+;&(' (4"#'( ,*9&#4-'(? 4#,4*" 6&;#$#&-*( -* 4-6$,4-',*( = 4-',4-',*( -*; (*3'
'9&*(#'F 0(#* *( &" B*"@6*"' W&* (* K4 9,*(*"+$4-' *" #'-' *; 94(4-' = (* (*%&$,<
'5(*,E4"-' *" *; B&#&,' #465$d" 9',W&* *( &" +'69;*6*"#' *(*"+$4; -* ;4 -$"<6$+4
*E';&#$E4 -* ;4 ,4C4 K&64"4F !L" ($" $-*"#$B$+4,? B&*,C4( 6$(#*,$'(4( #,454O4" *" ;4(
9,'B&"-$-4-*( (&5+'"(+$*"#*( -* ;'( (*,*( K&64"'( 94,4 +,*4, 9,*B*,*"+$4( = %&(#'(
*&%*"d($+'( L#$;*( 94,4 ;4 *E';&+$@"F A*,' "&*(#,4 B4;#4 -* +'"'+$6$*"#'? ;4( 54,,*,4(
('+$4;*( 4-E*,(4(? ;4 $69*#&'($-4- -* ;4 O&E*"#&- = 6&+K'( '#,'( B4+#',*( +,*4-'( 9', *;
K'65,* (* $"#*,9'"*" *" *; +46$"'F

84( -*+;4,4+$'"*( K*+K4( *" A4"+K4(#4E$? G4&"-4,=4 84K4,$ = '#,'( #,454O'( *" .&"-4;$"$
-*B$"$#$E46*"#* (* ,*B$*,*" 4 *(#4( B&*,C4( '+&;#4( W&* +,*4" *; B*,6*"#' *" ;4(
9,'B&"-$-4-*( 9($+';@%$+4( -* ;'( (*,*( K&64"'(F 0; 4(+*"(' -* .&"-4;$"$ 4; (4K4(,4,4
#$*"* ;4 9'#*"+$4;$-4- -* #,4"(B',64, 4 &" (*, K&64"' 9,'6*-$' *" &" (45$' I'"(+$*"#*
I@(6$+'? &" %*"$' -*; 6<( 4;#' ',-*" ' &" E$-*"#* 9,'Bd#$+' +'" -'"*( 9(MW&$+'(
4;#46*"#* -*(4,,';;4-'(? ;;*"'( -* E$%', = *"+4"#'F A', ;' #4"#'? "' *( -* *3#,424, ($ (*
+'"E$*,#* *" &" '5O*#' -* 4-6$,4+$@" = 46', 94,4 ;'( 6$*65,'( -*; (*3' '9&*(#' W&*
*"#,4" *" *; +M,+&;' -* (& $"B;&*"+$4F

0(#'( E*,('( *" A4"+K4(#4E$ = '#,4( '5,4( 4;$4-4( (';' 9,*#*"-*" *"B4#$C4, *; K*+K' -*
W&*? +'" *; 4(+*"(' -* .&"-4;$"$ 4; +*,*5,'? *; 4-*9#' 4;+4"C4 &"4 *(#4#&,4 *"#,* ;'(
6',#4;*( W&* $"+;&(' ;'( -$'(*( *"E$-$4,M4"F [*;;*C4? (4;&-? ,4(%'( -* +4,<+#*, *;*E4-'(?
-'"*( $"#*;*+#&4;*( = 4,#M(#$+'( (&9*,$',*(? = *;'+&*"+$4? +'" &"4 9*,('"4;$-4-
64%"d#$+4? ('" ;4( 5*"-$+$'"*( $"E4;&45;*( W&* (* 9&*-*" '5#*"*, +'" ;4 -$(+$9;$"4F nk&d
K4= *"#'"+*( 94,4 +,**, ;4 4B$,64+$@" -* W&* ;'( ='%&$( +'"(&64-'( -* *(#* +4;$5,*
-*(9*,#4,M4" *; $"#*,d( = ;4 4-6$,4+$@" -* ;4( 6&O*,*( (&(+*9#$5;*( 4 (& $"B;&*"+$4p

8'( *O*69;'( -* B4(+$"4+$@" 64($E4 *O*,+$-4 9', %,4"-*( %*"*,4;*(? ;M-*,*( 9'9&;4,*( =
K'65,*( *3#,4',-$"4,$'(
*3#,4',-$"4,$'( -* #4;*"#' #'-4EM4 *(#<" B,*(+'( *" "&*(#,4 6*6',$4F :49';*@"
['"494,#* = !-';B D$#;*, ('" (';' -'( *O*69;'( +'"'+$-'( -* *(#* #$9'F 0; %*"$' -*
g';#4$,* K$C' W&* $"+;&(' ;'( ,*=*( = ;'( 4,$(#@+,4#4( ;' 4-6$,4,4"F \'-'( *(#'( ('" +4('(
-* &"4 .&"-4;$"$ "4#&,4;6*"#* 4+#$E4 ('5,* ;4 +&4; ;'( $"-$E$-&'( 6$(6'( "' #*"M4"
"$"%L" +'"'+$6$*"#'F ! W&d *(#4#&,4 -$E$"4 ;4 *3+$#4+$@" E';&"#4,$4 -*; 9'-*,'(' A'-*,?
+&4"-' (* +'"'+*" (&( (*+,*#'( 4L" "' ,*E*;4-'(? 9&*-* *;*E4, 4 ;'( B&#&,'( ,*+*9#',*(
-*; B4E', W&* "$ ($W&$*,4 *( 9'($5;* $64%$"4, *" ;4 4+#&4;$-4-F
0( 4 *(#4 #,4"(B',64+$@" #'#4; -* ;4 9*,('"4;$-4-? *;*E4"-' 4; K'65,* 4 ;4 *(#4#&,4 -* &"
(&9*,K'65,*? 4 ;' W&* A4"+K4(#4E$ `777FVb (* ,*B$*,* *" *; E*,(' 4-O&"#'^ U eY 1$'(4? 4"#*
d;? W&* $"+;&(' &"4 E*C K&6$;-*6*"#* (* 9'(#,4 +'69;*#46*"#* 4"#* \$? *69*,4-',*(
$"+;$"<"-'(* -*(-* (& "4+$6$*"#'? ;4( +,*(#4( -* (&( -$4-*64( #*65;454" *" (& 5,$;;4"#*
*(#,4-'F 0; W&* #* 4-',4 *( 4-',4-' 9', ;'( +*;*(#$4;*(F 0; W&* +4"#4 #&( 4;454"C4( *(
4;454-' 9', #'-4( 94,#*(F 0; W&* 6*-$#4 *" #$ (* +'"E$*,#* *" *; '5O*#' -* &"4 4#*"+$@"
+4,$2'(4F 9', 94,#* -* 5*;;4( -46$(*;4( *"46',4-4( eF .4,9&,4-$ G#'#,4 *39,*(4 ;4 6$(64
$-*4 *" *; E*,(M+&;' PP -* ;4 ($%&$*"#* 64"*,4^ e:L6*,'( -* 6&O*,*( +'" 'O'( %,4"-*(?
+'6' ;'( -*; 4"#M;'9*? $694+$*"#*( 9', (& 46',? ;' ($%&*"F 7"+;&(' *; ,*= W&*-4 (&O*#' 4
(& +'"#,';F G* E&*;E* +'6' .&5*,4 c 1$'( -* ;4 ,$W&*C4fF /" *"*6$%' ;' #*6* +'6' ($
B&*,4 &"4 9,$($@"F g$E$*"-' *" ;4 -$+K4 +'"#$"&4? *; -*E'#' (* ;$5*,4 +&4"-' 4L" E$E*? =
"&"+4 6<( ,*"4+*F

0; -*(*' *,@#$+' *( &" B4+#', *(*"+$4; *" *; -*(4,,';;' -*; -,464 -* ;4 E$-4 #*,,*(#,*F 8'(
4"$64;*( *" #$*,,4? ;4( 4E*( *" *; 4$,* = ;'( 9*+*( *" *; '+d4"' (* ('6*#*" 4 *;;4F S',64?
B$%&,4? +4,4+#*,M(#$+4(? +';',*(? ('"$-'(? ';',*(? ($%"'( = (*24;*(? #'-'( ('" &#$;$C4-'( 9',
;4 "4#&,4;*C4 94,4 ;'%,4, ;4 &"$@" -* ;'( (*3'( 94,4 *(#* %,4" 9,'9@($#'F 84 +'"#$"&4+$@"
-* ;4 ,4C4 K&64"4? +'" #'-'( (&( %,4"-*( ;'%,'(? (* -*5$@ +'69;*#46*"#* 4;
B&"+$'"46$*"#' -* *(#* 9'-*,'(' $69&;('F /"4 -$(#',($@" B',C4-4? $"K$5$+$@" ' *3#$"+$@"
-*; 9'-*,'(' $69&;(' "' 9&*-* ($"' +'"-&+$, 4 ;4 -$(#',($@"? -*+4-*"+$4 ' *3#$"+$@" -*
;4 ,4C4F A4,4 *; 9;4" -* *E';&+$@" -* ;4 "4#&,4;*C4? *( 45(';&#46*"#* "*+*(4,$' W&* *;
$69&;(' $"B;464#',$' +'"#$"L* #,454O4"-' 94,4 +,*4, 6<( = 6<( *(9*+M6*"*(
*E';&+$'"4-'( -* ;4 K&64"$-4-F 84 4#,'B$4 ' ;4 *3#$"+$@" -*; $"(#$"#' $69;$+4 &"4 E$';4+$@"
-* ;4 ;*= -* ;4 *E';&+$@" = &"4 "*%4+$@" -* ;4 g';&"#4- -* 1$'(F

0( $"4+#$E' *(9*,4, W&* &" +'"'+$6$*"#' *3#*"-$-' -*; -*9@($#' -* *"*,%M4 -* .&"-4;$"$
9&*-4 *;*E4, 4 #'-4 ;4 ,4C4 4 &"4 -$6*"($@" (&9*,$', -* +'"+$*"+$4 -*"#,' -* &" 9*,M'-'
-* #$*69' 9,*E$($5;*F A', '#,' ;4-'? *( 6<( (45$' (&9'"*, W&* ;4 #,4"($+$@" #'64,< 42'(
*" ;'%,4,(*F \4"#' 4"#*( +'6' -*(9&d( -* ;4 #,4"($+$@"? ;4( %,4-4+$'"*( *" ;4 *(#4#&,4
6*"#4;? BM($+4 = *(9$,$#&4; -* ;'( $"-$E$-&'( +'"#$"&4,<" *3$(#$*"-'F I'" *; 4(+*"(' -* +4-4
*(+4;@" -* ;4 *(+4;*,4? *; "L6*,' -* 9*,('"4( 4;#46*"#* *E';&+$'"4-4( -*5* 6'(#,4, &"
4&6*"#' 9,'%,*($E'F :' *( (';' *" *; ;'%,' -* *(#<"-4,*( d#$+'( 6<( 4;#'( ' &" #4;*"#'
$"#*;*+#&4; (&9*,$',? ($"' #465$d" *" *; ;'%,' -* &"4 64=', 5*;;*C4? *"+4"#' = ;'"%*E$-4-
94,4 *; +&*,9' W&* *; +465$' *E';&#$E' (* 64"$B*(#4,<F

0( (*%&,' 9,*(&6$, W&* ;'( 9,'-&+#'( 6<( 4;#'( -*; 9,'+*(' (*,<" 0O*,+*,<" (& 9'-*, =
9,'=*+#4,<" (& $"B;&*"+$4 64%"d#$+4 ('5,* ;4( 6&;#$#&-*( *"#,* ;4( W&* E$E*"F 84 4#,4++$@"
W&* ($*"#* *; '#,' (*3' K4+$4 ;'( 9,'-$%$'( -* *(#4 +;4(*? 94,4 +'"B',64,(* +'" *; K465,*
$"(#$"#$E4 -* &"4 -*(+*"-*"+$4 6<( *E';&+$'"4-4 * $-*4;? +'"#$"&4,< ($*"-' &"4
+4,4+#*,M(#$+4 "4#&,4; -* ;4 E$-4 K&64"4 +'6' ;' *( 4K',4F 0( 4 *(#'( 9,'B&"-'( $69&;('(
$"(#$"#$E'( *" ;4 6*"#* K&64"4 4 ;'( W&* ;'( E*,('(

,*B*,$,F :$"%&"4 54,,*,4 K*+K4 9', *; K'65,* ' 9,*O&$+$' +&;#&,4; 9&*-* O46<( ,*($(#$, *;
9'-*, 45,&64-', -* ;'( $69&;('( *E';&#$E'(F 84 $"(#$#&+$@" -*; 64#,$6'"$' = *; O&*%' -*
;4 94($@" *,@#$+4 ($*69,* *(#4,<" (&5',-$"4-'( 4 ;'( -$+#4-'( -* *(#* $69&;('
$"+'"#*"$5;*F 84( B',64( $-*4;*( -* 64#,$6'"$' *" ;4( W&* ;4( -*64"-4( d#$+4(? *,@#$+4(
= *&%*"d($+4( (* +&69;$,<"? -* 4+&*,-' +'" *; 9,'9@($#' %*"*,4; -* ;4 *E';&+$@"? 4L" "'
(* K4" -*#*,6$"4-'F
1*(-* &"4 -$(#4"+$4 -* 6<( -* 6$; 42'(? A4"+K4(#4E$ 4#,4* 4 ;4 K&64"$-4- -$E$-$-4 9',
;4 %&*,,4 = -$E$-$-4 *" ;4 4+#&4;$-4- 4 ;4 E$($@"
E$( $@" 5,$;;4"#* -* &" 6&"-' "&*E'F :' *; 6&"-'
*";'W&*+*-', = +K$;;@" -* ;4( 6<W&$"4( %$%4"#*(? "$ *; 6&"-' -$45@;$+' -* 64%$4?
K*+K$+*,M4 = 9'-*, ('5,*"4#&,4;? "$ *; 6&"-' ;'+' -* 9;4+*, -*; E$+$'? *; +,$6*" = ;4
E$';*"+$4? ($"' &" 6&"-' -* 4,6'"M4? 5*;;*C4? 94C = B*;$+$-4-? W&* *3$(#* #4"#' -*"#,' =
($"F 84( +$E$;$C4+$'"*( (&,%$*,'" = +4=*,'" ($" #,4-&+$, *(#4 %;',$'(4 E$($@" *" ,*4;$-4-
9',W&* ;4 $%"',4"+$4 -* ;4( ;*=*( BM($+4( -*; /"$E*,(' (* $"#*,9&(' *" *; +46$"' -* &"4
6*O', +'69,*"($@" -* ;4( ;*=*( -*; 6&"-' *(9$,$#&4;F !(+*#$(6' $"(4;&5,* *" *; +469'
-* ;4 ,*;$%$@"? 9'-*, -*(*"B,*"4-' *" 64"'( -* &"'( 9'+'( *" *; -* ;4 9';M#$+4? *3#,*6'(
-* "*+*($-4- = '9&;*"+$4 *" *; <65$#' ('+$4; = -'%64 *" ;4 *(B*,4 -*; +'"'+$6$*"#'
+'65$"4-'( 94,4 64"#*"*, 4 ;4 K&64"$-4- *"+4-*"4-4 4 B',64( -* E$-4 4"#4%@"$+4(
64"$B*(#4+$@" -* ;4 1$E$"$-4- $"#*,$',F

0; ;4-' 1$E$"' -*; /"$E*,('? 9', -*64($4-' *(#,d( (';' *" *; ;4-' 64#*,$4;? ($*69,*
9*,64"*+*,< '+&;#' 4 ;4 E$(#4 -* ;4 +$*"+$4 4 6*"'( W&* *(#4 '5(#$"4-4 4+#$#&- ,*%$(#,*
&" +465$'F :$"%L" 9'-*, *" ;4 #$*,,4 = "$"%L" ;'%,' -*; $"#*;*+#' 9&*-*" #*"*, d3$#' *"
+';'+4, 94,4 ($*69,* 4; -$'( ('5,* *; 5,&#' *" *; K'65,*F 0; +465$' -*; 5$*" 4; 64; = -*;
64; 4; 5$*" +'"#$"&4,< +'6' &" (&5$54O4 %$%4"#*? *;*E4"-' 4 ;4 ; 4 K&64"$-4- 9', &" #$*69'
4 ;4 94C 45&"-4"#* = ($" $"#*,,&9+$'"*( = ;&*%' (&6*,%$d"-';4 *" *; 45$(6' -* ;4 %&*,,4?
*; (&B,$6$*"#' = ;4 "*+*($-4-F G$ *; !+*,#$O' -*; /"$E*,(' B&*,4 #4" B<+$; -* ;**, W&* *; -d5$;
$"#*;*+#' K&64"' 9&-$*,4 *"+'"#,4, ;4 ,*(9&*(#4? ,*-&+$,M4 4; I,*4-', -* *(#'? 94,4 ;4
6*"#* K&64"4? *; 6&"-' $"$64%$"45;*? 4 ;4 9'($+$@" -* (';' &" (*, K&64"' 64%"$B$+4-'F
A*,' ;4 9*"*#,4+$@" +'"#$"&4 *" ;'( h$(#*,$'( -* ;4 I,*4+$@" -&,4"#* 6$;;'"*( -* 42'(
9', E*"$, "' 4%'#4,M4 ;4 $$"B$"$#4
"B$"$#4 6$"4 -* 64,4E$;;4( W&* +'"#$"&4,< *3+$#4"-' ;4 +&,$'($-4-
-* ;4 K&64"$-4-F

84 $69',#4"+$4 9,$6',-$4; -* ;4 $"E*(#$%4+$@" ('5,* .&"-4;$"$ ,*($-* *" *(#'^ W&* *;


9,$6*, *39*,$6*"#' *3$#'(' ,*E*;4,M4 ;4( 9'($5$;$-4-*( '+&;#4( -* #,4"(B',64+$@"
*(9$,$#&4; *3$(#*"#*( *" *; 64,+' K&64"'? = *; 6&"-' $;$6$#4-' -* +'"+$*"+$4 W&* *(#4
#,4"(B',64+$@" 9&*-* 45,$, 4 ;4 E$(#4F 0(#4 *39*,$*"+$4 (';4 9&*-* -'6$"4, *; ',%&;;'
$"W&*5,4"#45;* -*; $"#*;*+#'F 0( (';' +&4"-' ;4( B&*,C4( -* ;4 E$-4 ;4#*"#* *" *; +&*,9' (*
4%$#4" 4 ;4 4+#$E$-4- 94,4 *;*E4, ;'( 9'-*,*( 9*,+*9#$E'( -* ;4 6*"#* W&* ;4 $;&($@" +,*4-4
9', ;'( (*"#$-'( (* -*(E4"*+* 94,4 #,4*, 4 ;4 E$(#4 *; %;',$'(' 6&"-' -* ;4 +'"+$*"+$4F
0(#' *( ;' W&* *; 4&#', -* A4"+K4(#4E$ #$*"* *" 6*"#* +&4"-' -$+* cg;f^ eh4-,* -*;
/"$E*,('? \L 5,$;;4( +'6' ;4 ;&"4 94,4 -$($94, ;4 '(+&,$-4-? *; 6$*-' = ;4 B$*5,* -* ;4 E$-4
*"+4,"4-4F \'-'( *(#'( (*%&$-',*( -* -$B*,*"#*( +,*-'(? *" '(+&,4 ('5,* \& "4#&,4;*C4
,*4;? -$(9&#4"-' *"#,* (M? #,'9*C4"-' = K&"-$d"-'(* 6<( 9,'B&"-46*"#*
9,'B&"-46*"#* *" ;4 ,*- -* \&
$;&($@"? $"-*B*"('( 94,4 (4;E4,(*? $, 4 ;4 -*(#,&++$@"F A*,' "'('#,'( `\&( -*E'#'(b?
$"+;$"<"-'"'( 4"#* \$? 5&(+46'( \& 9,'#*++$@"? Y G'5*,4"' -* ;'( 6&"-'( eF

0( (';' ;4 #,4"(B',64+$@" $"#*,"4 ;4 W&* 9&*-* +465$4, 94,4 6*O', *; 465$*"#* *3#*,"'
-* ;4 K&64"$-4-F 0; 4"$64; *;$%* ' +,*4 (& *"#',"' -* 4+&*,-' +'" ;4 -*64"-4 -* (&
$"(#$"#'F 0; K'65,* +,*4 (& *"#',"' -* 4+&*,-' +'" ;'( -$+#4-'( = #*"-*"+$4( -* (&
$"#*;*+#'? 9*,' ($" &"4 ;4,%4 *39*,$*"+$4 "&"+4 9&*-* *(#4, (*%&,' -* ;4 (';$-*C -* (&
*;*++$@"F \'-'( ;'( @,-*"*( ('+$4;*( = 9';M#$+'( O46<( B',64-'( K4" ($-' (';' ;'( ,*B;*O'(
-*; B&"+$'"46$*"#' $"#*,"' -* ;4( 6*"#*( -* W&$*"*( ;'( +,*4,'"F 84( ,*E';&+$'"*(
'+&,,M4" +4-4 E*C W&* (* $"#*"#454 (&9*,9'"*, &" 94#,@" ,*+$d" 9*"(4-' ('5,* *; W&* =4
*(#454 *" 5'%4F 0; +465$' B&"+$'"@ 94,4 6*O', +&4"-' *; *;*6*"#' 5&*"' 9,*-'6$"@ *"
;4( 6*"#*( W&* $-*4,'" *; "&*E' 94#,@"F 0; $"#*;*+#' *(#454 $%&4;6*"#* *" *; #,454O'
#4"#' 4"#*( +'6' -*(9&d( -*; +465$'F A*,' ;' W&* K4+* W&* *; $"#*;*+#' (*4 6<(
9,'9*"(' 4; 5$*" *" &" +4(' = 6<( 9,'9*"(' 4; 64; *" *; '#,'? "' ;' (45*6'(F 0(#* *( *;
(*+,*#' -* .&"-4;$"$F

0( *; 9,*-'6$"$' -*; *;*6*"#' "'5;* ' -$E$"' c(4##E4f *" ;'( 9,$"+$94;*( $"#*;*+#'( W&*
(';' 9&*-* 9,'E'+4, &" +465$' (4;&-45;* *" ;'( 4(&"#'( -*; K'65,*F 0; 6&"-' 6'-*,"'?
6'-*;4-' *" *; 6'-*;' -$(*24-' 9', ;4 +$*"+$4? *(#< -*6'(#,4"-' &" B,4+4(' +K$;;@"
9',W&* *; B4+#', -*#*,6$"4"#* -*#,<( -* #K 0; $"#*;*+#' 4L" *(#< '+&;#' 4 ;'( 'O'( -* ;'(
*69$,$(#4(F 84( 9,'-&++$'"*( %$%4"#*( -* #*+"';'%M4? W&* ('5,*94(4" (& +'69;*O$-4- =
,*"-$6$*"#'? "' ('" 6<( W&* +,*4+$'"*( -* &" 64#*,$4; *3#,*64-46*"#* (&#$; * $"E$($5;*?
*( -*+$,? ;4 6*"#* W&*? *" &" $"-$E$-&'? 94,*+* -*64($4-' -d5$; 94,4 &" 949*; #4"
%$%4"#*(+'F A*,' "&"+4 ('(9*+K46'( W&* 9&*-* K45*, *"#$-4-*( 6<( (&#$;*( -*#,<( -*
;4 6*"#* W&* 9&*-4" K4+*, W&* (&( +,*4+$'"*( %$%4"#*( (*4" $"(#,&6*"#'( -* 5$*"*(#4,
' 6'#',*( -* -*(#,&++$@" 64($E4F 0(? 4; $%"',4, *; 949*; -*+$($E' -*(*69*24-' 9', *(#*
B4+#', -*#*,6$"4"#* -*#,<( -* ;4 6*"#*? W&* (* *"+&*"#,4 *; 64=', *,,', -*;
+'"'+$6$*"#' 6'-*,"'F

G$" #'64, &"4 ;*++$@" -* ;4 *39*,$*"+$4 -* ;4( +&;#&,4( -*(494,*+$-4( -*; 94(4-'?
9,*(*,E4-4( *" ;4 ;$#*,4#&,4 ,*;$%$'(4 -* #'-4 ;4 K&64"$-4-? 94,4 -*#*,6$"4, W&d
-$(+$9;$"4( = B',64( -* E$-4 ('" "*+*(4,$4( 94,4 ;'%,4, *; 9,*-'6$"$' -*; *;*6*"#' (<#E$+'
`-$E$"'b *" (& +'"(#$#&+$@" 6*"#4;F ? ;4 K&64"$-4- +'"#$"&4,< 94%4"-' 9', ;'( *,,',*(
$69,*-*+$5;*( -*; $"#*;*+#'F 0( (';' ;*E4"#4"-' ;' -$E$"' W&* *; 5,&#' 9&*-* (*, E*"+$-'F
0(#4 g*,-4- +@(6$+4 *(#< ,*9,*(*"#4-4 ($65@;$+46*"#* *" ;4 (4%4 -* %&*,,4 *"#,*
h4K$(K4(&,4 = ;4 1$'(4 1&,%4 c.&"-4;$"$f *" ;4 W&* ;4 9,$6*,4 *( 4(*($"4-4F 0(#' (* K4
6*"+$'"4-' 94,4 6'(#,4, W&d g*,-4-*( 9*,*""*( = #4" $69',#4"#*( *(#<" $"+',9',4-4(
*" ;'( 6$#'( * K$(#',$4( 4;*%@,$+4( +'"#*"$-'( *" ;4 +',,$*"#* -* GK4j#$ GK4(#,4( *" ;4
7"-$4F

8'( GK4j#$ GK4(#,4( =? -* K*+K'? #'-' *; 4"#$%&' (45*, 5M5;$+' -* ;4 K&64"$-4- +'"#$*"*"
;'( %d,6*"*( E$E'( -* &" %,4" -*(+&5,$6$*"#' W&* (';' 9&*-* 4=&-4, 4 ;4 +$*"+$4 4 ;'%,4,
;4 %;',$'(4 #,4"(B',64+$@" +'" ;4 W&* ('246'(F A*,' *"#'"+*( ;4 +$*"+$4 64#*,$4; 6$(64
#*"-,< W&* +*-*, (& 9*-*(#4; 4 ;4 4K',4 *6*,%*"#* GL9*, I$*"+$4 -*; !;64F 0( ;4 1$E$"$-4-
6$(64 ;4 W&* K4 E*"$-' 4 E$E$, *" ;4 #$*,,4 54O' ;4 494,$*"+$4 -*; K'65,*F \'-'( ('6'(
H4='( -* ;&C -* &" G'; *#*,"' W&* *( ;4 E$-4 -* #'-' ;' W&* *3$(#* *" *; /"$E*,(' = *;
4;$*"#' -* #'-' ;' W&* ,*(9$,4 *" +&4;W&$*, 94,#* -*; *(94+$'F \'-'( ;'( ,*+&,('(
6$"*,4;*( = ',%<"$+'(? #4" %*"*,'(46*"#* 9,'9',+$'"4-'( 9', ;4 "4#&,4;*C4? ('" 94,4
-*;*$#4, 4 *(#* (*, $"6',#4; 94,4 9*,6$#$,;* E$E$, = +,*+*, 4 ;4 *(#4#&,4 ',-*"4-4 9', ;4
"4#&,4;*C4 *" (& +4('F 0; $"(#,&6*"#' 94,4 (& -$(B,&#* -* #'-'( ;'( 9;4+*,*( (4;&-45;*(
-* ;4 E$-4 K&64"4 = #465$d" -* (& ;$5*,4+$@" -* ;4 *"+4,"4+$@" = ;4 $;&($@" *( .&"-4;$"$F
0(#* *( *; %,4" (*+,*#' ,*E*;4-' 9', A4"+K4(#4E$ +&4"-' -$+* c777F N]f^ eJK? #L? 4(*($"' -*
!(&,4( c-*6'"$'(f? W&d 9*"4 cW&* 9&*-* 4B*+#4, 4 ;'( (*,*( K&64"'(f *3$(#* = W&* "' (*
9&*-* #*,6$"4, 64"#*"$*"-' #& ,*+&*,-' +'"(#4"#*6*"#* *" ;4 6*"#* -* &"'p nI&<; *(
c*; 49'%*'f -* ;4 B464? Y \L B;',*+$*"#* ;'#' -* .&;4 c*; 6&"-' 64"$B*(#4-' ' ($(#*64
#<"#,$+' -* 4-',4+$@"f W&* "' (* 9&*-* ;'%,4, c+4"#4"-'f \&( 4;454"C4(p k&d *( G$--K$
c9*,B*++$@" ' 9'-*, 9(MW&$+'f

4;;M? 'K? 4-',4(#* 4 &"4 -* ;4( 1*$-4-*(? W&* "' (* 9&*-* %4"4, +'" #& 4-',4+$@" = W&d
i'%4 K4= 4;;M W&* "' (* 9&*-* ;'%,4, +*"#,4"-' ;4 6*"#* *" \$p e0(#' (* ,*B$*,* 4; %;',$'('
B&#&,' -* ;4 K&64"$-4- *64"+$94-4^ *; -$(B,&#* ;*%M#$6' -* #'-' ;' (4;&-45;* 9;4+*,*( -*
;4 #$*,,4^ 46',? 5*;;*C4? 4E*"#&,4? +'"B',# +',9',4;? +'6$-4? 5*5$-4? (4;&-? ;'"%*E$-4- =?
4; 6$(6' #$*69'? +'"+$*"+$4 +'"(#4"#* -* ;4 1$E$"$-4- = ;4 "4#&,4;*C4 $"6',#4; -*; 4;64
$"#*,$',F 0( K4+$4 ;4 ,*4;$C4+$@" -* *(#* (&*2' $-M;$+'F W&* ;4 K&64"$-4-?
K&64"$-4-? #4"#' *" ;4 %&*,,4
+'6' *" ;4 94C? 4E4"C4 ;45',$'(46*"#* 9', *; *69$"4-' 4(+*"('F

NF GK4"j4, 1$%E$O4=4 `tg7? ]XUQYb

PF H4-K4j,$(K"4"? G4,E*94;;$? 7"#,'-&++$@" 4 [K4%4E4- >$#4? >F !;;4" = /"m$"? 8'"-,*(?


NZRVF

VF .,$(K"4? >'9$? A4"+K4(#4E$ `t7tUttb? 7"(#$#&#' I*"#,4; -* 7"E*(#$%4+$@" -* .&"-4;$"$?


G,$"4%4,? NZ_]F

XF I4,,*;? !;*3$(? 0; K'65,* -*(+'"'+$-'? A*"%&$" [''j(? :&*E4 i',j? NZ_]F

]F qK**;*,? G$, h',#$6*,? 7"-&( g4;;*= I$E$;$C4#$'" 4"- [*='"-? \K46*( 4"- D&-('"?
8'"-,*(? NZRRF

RF I';*5,''j? D*",=? 0"(4='( -$E*,('(? qFDF !;;*" 4"- I'694"=? 8'"-,*(? NQV_F

_F >'*#K*? u'K4""* qF gJ77? G45$-&,M4 = *39*,$*"+$4

QF :*m G+$*"#$(#? '+#&5,* -* NZ_]? 8'"-,*(F

ZF [&,#? G$, I=,$;? A($+';'%M4 = 039*,$*"+$4 A(MW&$+4? q$;*=? :&*E4 i',j? NZ_]F

NYF h&,9K=? >4,-"*,? IK4;;*"%* 'B A(=+K$+4; H*(*4,+K^ A,$6*, 'B A4,49(=+K';'%=? D4,9*,
4"- H'm? 8'"-,*(? NZ_NF

NNF u46*(? q$;;$46? \K* g4,$*#$*( 'B H*;$%$'&( 039*,$*"+*? :*m !6*,$+4" 8$5,4,= 'B q',;-
8$#*,4#&,*? :&*E4 i',j? NZVQF

NPF A;'#$"&(? 0""*4-( cg7 ZF]b? D*$"*64""? 8'"-,*(? NZRRUR_F

NVF >'&;-? G#*9K*" u4=? e/"4 46*"4C4 94,4 *; -4,m$"$(6'e? D$(#',$4 :4#&,4;? -$+$*65,*
-* NZ_]F

NXF A*"B$*;-? 1,F q$;-*,? D4,9*,( h4%4C$"*? -$+$*65,* -* NZ_]F

N]F G9*,,=? 1,F H'%*, qF? G+$*"+* 'B #K* h$"-? -$+$*65,* -* NZ_]FNPZ
NRF \$6*( 'B 7"-$4? ['654=? 4%'(#' N?NZ_RF

N_F I4695*;;? u'(*9K? eG$*#* "$E*;*( -* +'"+$*"+$4e? A(=+K';'%= \'-4=? -$+$*65,* -*


NZ_]F

NQF :$+K';('"? H*="';- !F? H&6$ U A'*#4 = 6M(#$+'? !;;*" = /"m$"? 8'"-,*(? NZ]YF

NZF G4%4"? 1,F I4,;? :*m i',j*, h4%4C$"*? (*9#$*65,* -* NZ_]F

PYF r$66*,? D*$",$+K? S$;'('BM4( -* ;4 7"-$4? H'&#;*-%*? .*%4" = A4&;? 8'"-,*(? NZ]NF

PNF H&((*;;? [*,#,4"-? H*;$%$@" = I$*"+$4? J3B',- /"$E*,($#= A,*((? J3B',-? NZV]F

PPF A;'#$"&(? 0""*4-( cg7 ZFVb? D*$"*64""? 8'"-,*(? NZRRUR_F

PVF GK4"j4,4+K4,=4? g$E*j4+K&-*64"$? !-E4$#4 !(K,464? I4;+&#4? NZ_YF

PXF .4&;? u4=4 84$? 84$ 1*-F

P]F !$=*,? .F:F? 84%K&Ui'%4 g4($(K#K4F

PRF q''-,'BB*? G$, u'K" c!,#K&, !E4;'"f? \K* G*,9*"# A'm*,? >4"*(K 4"- I'694"=?
h4-,4(? NZRXF

P_F .4&;? u4=4 84$? 84$ 1*-F

PQF S,*&-? G$%6&"-? 0; B&#&,' -* &"4 $;&($@"? D'%4,#K A,*((? 8'"-,*(? NZRPF

PZF G$"%K? u4$-*E4? A,4#=45K$O"4UD,$-4=46? h'#$;4; [4"4,($-4(? 1*;K$? NZRPF

VYF GK4"j4,4+K4,=4? g$E*j4+K&-*64"$


g$E*j4+K&-*64"$ cXP_ = XPZb? !-E4$#4 !(K,464? I4;+&#4? NZ_YF

VNF !+K4,=4? h4-K4E4? G4,E4U14,(K4"4 G4"%,4K4? .*%4"? A4&;? \,*"+K? \,&5"*, 4"-
I'694"=? 8'"-,*(? NZRNF

VPF G$"%K? u4$-*E4? A,4#=45K$O"4UD,$-4=46? cNRb? h'#$;4; [4"4,($-4(? 1*;K$? NZRPF

VVF A;4#@"? D$99$4( 64=',*(F

VXF 14(%&9#4? GK4(K$5K&(4"? I&;#'( ,*;$%$'('( '(+&,'(? 8&C4+ 4"- I'694"=? 8'"-,*(?
NZRZF

V]F q''-,'BB*? G$, u'K"? c!,#K&, !E4;'"f? .4,9&,4-$ G#'#,4? 8&C4+ 4"- I'694"=? 8'"-,*(?
NZPPF

A4"+K4(#4E$

A,$6*, +4"#'
k&* ;4 1$'(4 \,$9&,4? W&* *( -* ;4 "4#&,4;*C4 -* ;4 ;&C = *; ('"$-'? 5,$;;* *" ;4 B,*"#* +'6'
*; 4,+' 5,$;;4"#* -* 7"-,4 c*( -*+$,? *; 4,+' $,$(f *" ;4 +','"$;;4 +'6' *; 5,$;;' 5;4"+' =
;&6$"'(' -* ;4 ;&"4? = *" *; +',4C@" +'6' *; ('; *(9;*"-','(' W&* "&"+4 (* 9'"*^ W&*
0;;4? 9', 6*-$' -* ;4( #,*( (M;454( 9'-*,'(4( o!$6o? o.;$6o = oG4&Ko? -*(#,&=4 ,<9$-46*"#*
#'-4( "&*(#,4( $69&,*C4(F

Nf

:'('#,'(? \&( -*E'#'(? ($*69,* 6*-$#46'( ('5,* ;4 E'+4; *" \& 9,$6*,4 (M;454 `J5O*#$E'b
W&* (* 4(*6*O4 4; B$"' 9,$6*, 5,'#* -* +45*;;' -* (';#*,4 `&"4 *(9*+$* -* K*;*+K'b W&*
+'6$*"C4 4 5,'#4, = W&* #$*"* ;4 B',64 -* .&"-4;$"$ ($*69,* +'69,'6*#$-4
+'69,'6*#$-4 *" *; #,454O'
-* +,*4+$@" `-*; &"$E*,('bF !; -4,#* +&*"#4 -* *(#4 B',64? *; K'65,* "' #'+4 *; E$*"#,*
-* &"4 64-,* "&*E46*"#* c*( -*+$,? "' ,*"4+* *" *(#* 6&"-'fF

Pf

zJK -4-', -* 5*"-$+$'"*({ k&$*" $"+;&(' 4; E*, &" B*"@6*"' 4('65,'(' 9,'"&"+$4? 9',
4('65,' ' 6$*-'? ;4 (M;454 o!$o? 4&"W&* ($" *; 9&"#' cFb 1*; oJ5O*#$E'o ',$%$"4;? #465$d"
('5,* d;? Y 1$'(4? \& %,4+$4 -*(+$*"-* = -* (& ;'#' U+'6' ;4 5'+4 B;&=* *39,*($'"*(
465,'($4;*( ;;*"4( -* "d+#4, c*( -*+$,? (* +'"E$*,#* *" &" ',4-', *;'+&*"#*fF

Vf

1$'(4 *#*,"4? W&$*" (* -4 +&*"#4 -* W&* ;4 (M;454 (*6$;;4 *" \& 64"#,4 o.;$6o W&* *(
o.464,4O4o c-4-', -* +&69;$6$*"#' +'69;*#'f *( ;' 6$(6' W&* \& 9,$6*,4 (M;454
oJ5O*#$E'o c'#',%4"#* -* [&--K$ ' (45$-&,M4f? d; #465$d" (* +'"E$*,#* *" *; ,*+*9#', -* \&
%,4+$4 =? 4&"W&* *(#L9$-'? (* E&*;E* $;&6$"4-' ' (45$' c9', *(#4 ,4C@"f *" +4-4 B*(#$E4;
+*;*5,4-' *" ;4 6*6',$4 -* G4#=4U\494(UH$(K$? ;'( 5,4K64"*( +'6$*"C4" (&(
,*+$#4+$'"*( 64"$B$*(#46*"#* +'" o!9&"#4,o *" ;&%4, -* ;' &(&4; oF !&6 eF

Xf

1*(-* 6$ +',4C@" 6* $"+;$"' 4"#* \& #*,+*,4 (M;454 (*6$;;4 cG4&Kf? W&* *( ;&(#,'(4 +'6'
;4 ;&"4 = +&=' 9'-*, (* K4 -4-' +&*"#4 9', *; (45$' 4; 9,'E'+4, $"(#4"#<"*46*"#* *; B;&O'
-*; K45;4F !(M +'6' *; B&*%' q4-m4 c(&564,$"'f *( *B*+#$E' 94,4 (*+4, ;4( 4%&4(
*(#4"+4-4( -* G4,4(m4#$

H$E*,? 4(M *( ;4 (M;454 cG4&Kf *B*+#$E4 94,4 -*(#,&$, ;4 $%"',4"+$4 = '#',%4, G$--K$ `d3$#' *"
*; *(B&*,C' *(9$,$#&4;b ($" ($W&$*,4 ;4 9,<+#$+4 -*; i'%4F

]f

I4-4 &"4 -* *(#4( #,*( (M;454( ($" -*B*+#'( o!$6o? o.;$6o = oG4&Ko +'" ' ($" +'"('"4"#*(? *"
+'65$"4+$@" +'" '#,4( ;*#,4( ' +'" ;*#,4( *(+,$#4( 9', (*94,4-' c*" *; ',-*" "',64;f '
*" *; ',-*" $"E*,('? 9*,' +'"#*69;4-4( *" +&4;W&$*, 64"*,4? ' ,*+$#4-' *" ($; *"+$'? +'"
+&4;W&$*, -*(*' *" 6*"#*? +4-4 &"' -* *(#'(?
*( #'(? Y 1$'(4? +'"+*-* $"(#4"#<"*46*"#*
$"(#4"#<"*46*"#* #'-'(
*('( -*(*'( -* \&( -*E'#'(F

Rf
Y h4-,*? n+@6' 9&*-*" 4;+4"C4, ;4 g$-*"+$4? W&* "' 49,*"-*" 4 6*-$#4, *" \$?
('(#*"$*"-' &" ,'(4,$' *" \& -*,*+K4 = *; ;$5,' c-* (45$-&,M4f *" \& 64"' $CW&$*,-4? +'"
&"4 64"' (&4E* ;*E4"#4-4 94,4 '#',%4, 5*"-$+$'"*( = c;4 '#,4f 94,4 -$($94 *; 6$*-'?
5,$;;4"-' +'6' *; 4;+4"B', 5;4"+' = ;4( B;',*( -* .&6&-4? 6$,4"-' +'" 6$,4-4(
K*+K$C4"#*( -* #&( *"+4"#4-',*( 'O'( c*" B',64f +'6' *; 9d#4;' -* &" ;'#' *" #'-4 ,*%;4F

_f

Y G4,4(m4#$ c.&"-4;$"$ +'6' ;4 1$'(4 -*; !9,*"-$C4O*f? *" E*,-4- (* -*,,464 -* ;4 5'+4
-* 4W&*;;'( -*E'#'( W&* +'"#*69;4" \& ,*(9;4"-', B4(+$"4"#*? $69*+45;* +'6' &"
6'"#@" -* ;'#'( 5;4"+'(? $,,4-$4"-' *; +*,*5,' = 6',4"-' *" ;4 B,*"#*? ($6$;4, 4 &"4
+',,$*"#* -* 465,'($4? &" B;&O' $"$"#*,,&69$-' -* 94;45,4( +'"#&"-*"#*(? +;4,4( = ;;*"4(
-* 9,'B&"-' ($%"$B$+4-'? +'6' *; 5,$;;' ;*+K'(' = '"-&;4-' -*; ,M' -* ;'( 1$'(*( c*;
>4"%*(fF

Qf

h&O*,*( *"+4"#4-',4(? 4#',6*"#4-4(


4#',6*"#4-4( 9', ;'( B&*%'( -* I&9$-'? +'" 'O'( +'6' ;'( -* &"
 O'E*" +$*,E' 4(&(#4-'?
4(&(#4-'? (&+&65*" *" #'-'( ;'( (*"#$-'( 4 ;4 B4(+$"4+$@" -* *('( K'65,*(
-* 6*"#*( +'"+*"#,4-4(? 1$'(4? W&* 9', &" 6'6*"#' 6*-$#4" *" \& 5,$;;' c-* #'"'
+4,6*(MfF +&5,$*"-' *; +$*;' +'" "&5*( -* 9';E' 5*,6*;;@" = (&6*,%$*"-' ;4 #$*,,4 *"
9;$*%&*( -* ;4+4 B&"-$-4F

Zf

84 9,'(9*,$-4- B;',*+$*"#*? #4" $"*(#45;* +'6' ;4( ',*O*,4( -* &" *;*B4"#* *6'+$'"4-'?
K*+K$C4-4 9*,64"*+* 9', 6&+K' #$*69' *" ;4 6',4-4 -* 4W&*;;'( c-*E'#'(f W&*? $"+;&('
9', &" 6'6*"#'? 6*-$#4" *" \$ +'" &" (';' 9&"#' c4-',"4-'(f +'" 5,$;;4"#*( 4,*#*( =
9&;(*,4( -* ','F = +'" &"4 +$"#&,$;;4 -',4-4 4;,*-*-', -* #& +$"#&,4F

NYf

I'" ;4 ;&"4 +,*+$*"#* 4-',"4"-' \& +45*;;' *",*-4-' = #,*"C4-'? +'" &"4 %&$,"4;-4 -*
+,<"*'( K&64"'(? E*(#$-4 +'" &" 4#&*"-' ,'O' +'6' ;4 B;', -* ;4 B;', -* [4"-K&j4?
(*"#4-4 *" &" +4-<E*,? +'" +&4#,' 5,4C'(? #,*( 'O'(? (*"'( %,4"-*( = *;*E4-'( = ;4 6$#4-
-* \& 64,+4-4 9', #,*( ;M"*4( 9,'B&"-4(? ;'( (*%&$-',*( -*; I46$"' D*,'$+' 6*-$#4" *"
\& B$%&,4 94,4 ,*4;$C4, #& E*,-4-*,4 "4#&,4;*C4F

NNf

:4+$-' -* &"4 B46$;$4 6&= K&6$;-* -* .(K4#,$=4( +'" &" 6'-*(#' 9*-$%,M? B&* *" E$,#&-
-*; B4E', '5#*"$-' 4; $"+;$"4,(* 4"#* \&( 9$*( -* ;'#'? W&* G,$ g4#(4,4O4 (* *;*E@ 4 ;4
069*,4+$@" -* #'-4 ;4 #$*,,4 = %4"@ &"4 %;',$4 #4" %,4"-* W&* 6&;#$#&-*( -* (*6$-$'(*(
'B,*+$*,'" 4-',4+$@"F 4 (&( 9$*(

NPf
Y 1$'(4 IK4"-$^ nI@6' 9&*-*" "4+*, +'6' *69*,4-',*( $"E*(#$-'( +'" $"($%"$4( ,*4;*(
*" B',64 -* +*#,'? 4%&$O@"? -$(+'? K4+K4? B;*+K4? +'" *; ($%"' -* ;'( 9*+*( *" (&( 5,$;;4"#*(
64"'( -* ;'#'? +&4"-' *(4( 64"'( "' K4" #,454O4-' $"+*(4"#*6*"#* = n#* 9$"+K4,'" *"
*; 9,'+*(' 6$;*( -* *(9$"4( 6$*"#,4( ,*+';*+#454( K'O4( -* [$;E4 +'" *; 9,'9@($#' -*
4-',4,#*p

NVf

Y 1$'(4 \,$9&,4^ W&* $69,*%"4 ;'( 6&"-'( E$($5;*( * $"E$($5;*(? 9', *; G$--K$ `-'" 9(MW&$+'b
9', *; +&4; #&( -*E'#'( -* $"#*;*+#' *(#45;* ',4" 9', `(*4" *;;'(b 5,4K64"*(? j(K4#,$=4(?
E4$(K4( & '#,'(? W&* #* 9,'9$+$4" c;4( 'B,*"-4( -*f ;*+K* ? +;4,$B$+@ ;4 64"#*W&$;;4? ;4 6$*;
= *; E$"' *" *; ,$#&4; -* 4-',4+$@"? ($" -&-4? ;$5*,4-'( -* #'-4( ;4( '5(#,&++$'"*(? ;'%,4,'"
(& +&69;$6$*"#' c-* #'-'( ;'( 5*"*B$+$'( 9', ;'( W&* (* ',@fF

NXf

0,*( ;4 B&*"#* -* #'-'( ;'( ('"$-'( *" *; &"$E*,('F \465$d" *,*( *; ',$%*" -* #'-'
-$(+&,(' = c9', ;' #4"#'f *,*( ;;464-' 9', *; "'65,* c-* ;4 1$'(4 -*; D45;4fF g$(K"&
c+,*4-',f? 7"-,4 c*; (*2', -* ;'( *;*6*"#'(f = '#,'( c'#,'( G*,*( -$E$"'(f *6$#*" -* \$ = 4;
B$"4; -*; +$+;' 6&"-$4; ('" E*,-4-*,46*"#* 45(',5$-'( 9', \$F 0( *" *(4 B',64 c6<( 4;#4f?
;;*"4 -* 64O*(#4- W&* *(#< 6<( 4;;< -* ;4 +'"+*9+$@"? W&* *,*( +4"#4-' +'6' A4,4UGK4j#$
c0"*,%M4 G&9,*64fF

N]F

84( #,*( 1*$-4-*( c[,4K64? g$(K"& = GK$E4f? ;'( #,*( B&*%'( c(4+,$B$+$'? K'%4, =
+,*64#',$'f? ;'( #,*( GK4j#$( c-*(*'? +'"'+$6$*"#' = 4++$@"f? ;'( #,*( ('"$-'( c#*"',? 54O'
= 6*-$'f? ;'( #,*( 6&"-'( c*(#* 6&"-' ? *; 6&"-' $"B*,$', = (&9*,$',f? *; >4=4#,$ -* #,*(
(M;454( c0"*,%M4 -* [&--K$f? ;4 &"$@" -* #,*( ,M'( c>4"%4? u46&"4 = G4,4(m4#$f? ;'( #,*(
[,4K64( cD'65,*? 0"*,%M4 = GK$E4f = ;4( #,*( +4(#4( c[,4K6$"? .(K4#,$=4 = g4$(K4f^ -*
K*+K'? #'-'( *(#'( = '#,'( W&* (* 6'-*;4" -* #,*( 64"*,4( c*( -*+$,? W&* ('" -*
"4#&,4;*C4 #,$9;*f? ,*4;6*"#* ($%&*" *" 9,$"+$9$' \& 5*"-$#4 -*"'6$"4+$@" Y 1$'(4?
\,$9&,4F 0" B46$;$4( ,*4;*( +'" ;4 ,*+$#4+$@" -* \& "'65,* +'6' 84j(K6$? *" *; +469' -*
54#4;;4 +'" ;4 ,*+$#4+$@" -* \& "'65,* +'6' u4=4? *" ,&#4( $"B*(#4-4( -* #$%,*(? ;*'"*(?
*#+F? *;*B4"#*( = (*,9$*"#*( (4;E4O*( +'" ;4 ,*+$#4+$@" -* .K*64"j4,$? *" (*"-*,'( -*
6'"#424 #,$(#*( * $"#,4"($#45;*( +'" ;4 ,*+$#4+$@" -* GK4E,$? *" *; #*6', -* *(9M,$#&(
64;$%"'(? B4"#4(64(? -&*"-*( = +K4+4;*(? *#+F? +'" ,*+$#4+$@" -* h4K4U[K4$,4E$? *"
6*-$' -* ;'( #*,,',*( +'" ;4 ,*+$#4+$@" -* \,$9&,4? = *" 4%&4( $"&"-4-4( +'" ;4 ,*+$#4+$@"
-* \& "'65,* +'6' \4,4? `\&( -*E'#'(b *"+&*"#,4" ;$5*,4+$@" -* ;4( +4;46$-4-*(F

N_f
\L *,*( h4=4 c*; 9'-*, $;&(',$' -*; I,*4-',f? \L *,*( .&"-4;$"$? 0"*,%M4 -* 4++$@" = -$+K4?
\L *,*( .4;$ c*"*,%M4 +,*4#$E4? +'"(*,E4-',4 = -*(#,&+#$E4f? ;4 ;&"4 W&* ;;&*E* "d+#4,? ;4
%&$,"4;-4 -* ;*#,4( c*( -*+$,? *; 49,*"-$C4O*f? *; K$O4 -* h4#4"% H$(K$? '#',%4-',4 -* ;4
E$+#',$4 6<( 4;#4? ;4 0"*,%M4 -* GK$E4 = ;4 W&*,$-4 -* GK4"j4,4? \L *,*( ;4 5*"*B4+#',4 -*
#,*( 'O'( 1&,%4? ;4 B&*"#* -*; -$(+&,('? \,$9&,4 c4; 64"-' -* ;'( #,*( +4"4;*(^ 7-4? AM"%4;4
= G&(K&6"4f? [K4$,4E$ c*; -$($94-', -*; 6$*-'f? D,$6j4,$ c-* ;4 B',64 -* D,$6j4,4f?
465'( %,'(*,'( = (&#$;*(? h4-,* -*; &"$E*,(' * $"64+&;4-' -*(#,&+#', -* ;4 -&4;$-4-
c*3$(#*"#* *" ;4 6*"#* K&64"4fF

NQf

Y 1$'(4 \,$9&,4^ !; $"(*,#4, &"4 E'+4;? -* !! 4 00 4; 9,$"+$9$' = 4; B$"4; *" *; ',-*" 9,*(+,$#'
94,4 ;4( +'"('"4"#*( -* j4 4 j(K4? $"-$E$-&4;6*"#* ' *" +'65$"4+$@" +'" -'( ' #,*(? *('(
"'65,*( *3#,*64-46*"#* (&#$;*( -* \K$"* W&* (* B',64" -* *(#4 64"*,4 ? Y +'"(',#*
-* [K4$,4E4 c8',- GK$E4f = W&* (&64" 6<( -* E*$"#* 6$;? ;*( 'B,*C+' 6$( (4;&-'( 4 #'-'(
*;;'(F

NZf

0(#* K$6"' -* 4;454"C4 4 ;4 1$'(4 cG4,4(m4#$f? *; 94#,@" -*; 49,*"-$C4O*? -*5* (*,
,*B;*O4-' 9', ;'( (45$'( = (45$'( 9', (&( 6*"#*( 9*"*#,4"#*( B$O4-4( *" 0;;4 = *" "4-4 6<(
W&* 0;;4? (45$*"-' W&* \,$9&,4 *( #'-'? *"#*"-*, *(' *" *; 9,$6*,4 *(#,'B4? *" ;4 9,$6*,4?
(*%&"-4 = #*,+*,4 ;M"*4? *; "L6*,' -* 94;45,4(? (& ',-*" 9,*(+,$#' = *; 6d#'-' 94,4 ;4
+'69'($+$@" -* ;'( 64"#,4( +',,*+#'(? -* 4+&*,-' +'" ;4 #,4-$+$@" *(#45;*+$-4? (* K4"
-*(+,$#' +;4,46*"#* *" -*#4;;*F

PYf

nA', W&d 9*"(4, ($ ;' W&* (* *39,*(4 *" *(#* (#'#,4 (* ,*9,*(*"#4 +',,*+#46*"#*
+',,*+#46*"#* ' "'p 0;
W&* *(#< -*-$+4-' 4 \$ (*%&,46*"#* ;**,< *(#* K$6"' c= ,*B;*3$'"4,< ('5,* d;fF A',W&* 4
9*(4, -*; +'"'+$6$*"#' -* 6$ 9,'9$' 9'+' E4;',? =' #465$d" +'69&(* *(#* K$6"' *"
E*,-4- 4 B&*,C4 -* 6$ B* = *(B&*,C' 9*,($(#*"#* +'" #'-' 6$ (*,F S&* 4 #,4Ed( -* ;4 >,4+$4
W&* *64"4 -* ;4( 94,#M+&;4( -* 9';E' *" \&( 9$*( -* ;'#' W&* *; *6$"*"#* /-4=4"4 ` &"
(*2', #*,,*(#,*b? +&=' *(#,4-' $"+;&(' ;'( (*6$-$'(*( cg$-=4-K4,4(f (* 5*(4,'"
,*E*,*"#*6*"#*? '5#&E$*,'" ;4 ('5*,4"M4 -*; 6&"-' *"#*,'F

_f

Y [K4m4"$ `*(9'(4 -* GK$E4b^ +'" B;',*( -* .4;94g,$j(K4 `*; <,5'; -*; 94,4M(' W&* +&69;*
#'-'( ;'( -*(*'(b? ;'( (*6$-$'(*( ,$"-*" +&;#' L"$+' 4 \$ = +4"#4" +4"+$'"*( ;;*"4( -*
*(#$6&;4"#*? *3#,*64-46*"#* ( 6L($+4 KL6*-4 = +4&#$E4-',4? #'+4"-' *(#4( +4"+$'"*(
*" g$"4 (&#$; c&"4 *(9*+$* -* $"(#,&6*"#' 6&($+4;f ($" +*(4, *" (&( +4E*,"'(4( 6',4-4(
*" *; h'"#* G&6*,& `*; h'"#* 1',4-'bF

Qf
JK 1$'(4? *" *; *(B&*,C' -* 9'"*, 4 84j(K6$ c;4 1$'(4 -* ;4 H$W&*C4f 54O' *; +'"#,'; -*
&"' = *" *; '5O*#$E' -* 4#,4*, 4 6&O*,*( *"+4"#4-',4( K4+$4 &"' 6$(6'? +'6' #465$d"
4; *"+*"-*, ;4 ;<694,4 W&* -$($94 ;4 *(9*(4 '(+&,$-4- -*; *"%42'? *; h4"#,4 $"B4;$5;* 94,4
;'%,4, *; d3$#' *( 84 >,4+$4 W&* *64"4 -* \&( 9$*(F

Zf

JK 1$'(4? ;'( ,4='( ;&6$"'('(? W&* 5,'#4" -* ;4( &24( *" B',64 -* %*64 -* \&( 9$*(? #4"
5,$;;4"#*( +'6' *; 5,$;;' -* 9*,;4( ($*69,* B,*(+4(? +4&(4" &"4 B*;$+$-4- $"-*(+,$9#$5;* c4
\&( -*E'#'(fF 8'( 6$(6'( ,4='( 4-',"4"? +'6' &" ,4+$6' -* B;',*(? *; -$,M%*#* 4; ;&%4,
-'"-* (* (*94,4 *; +45*;;' -* ;4( +'"(',#* -* -$'(*(? +&4"-' (* $"+;$"4" -*E'#46*"#*
4"#* \$ c*" 4-',4+$@"fF

NYf

0; *(9;*"-',? W&* 5,$;;4 +'6' ;'( ,4='( B,M'( -* ;4 ;&"4 *" ;4 +45*C4? +'6' ;'( ,4='( -*
+';',*( -* &" 4,+' $,$( *" *; 6*-$' -* ;4 B,*"#* = W&* 5*(4 *; +K4j,4 -*; +',4C@" +'6'
&"4 ;*"%&4 -* B&*%'? *(* *(9;*"-',? *" E*,-4-? *( \& %;',$'(' S',64? Y h4-,*F

NNf

T; c\& -*E'#'f? W&* 9*,+$5* \& B',64 c;&(#,'(4f? +'6' ;'( ,4='( 5;4"+'( -* ;4 ;&"4 ;;*"4?
= +'6' ;4 B&*"#* 9,$6$#$E4 -* #'-4 4,#$+&;4+$@" *" (& +45*C4? *(* -*E'#'? Y 1$'(4?
4-W&$*,* *; -'" -*; B;&O' $;$6$#4-' -* 94;45,4(? ,$+' +'" ;4 465,'(M4 -* ;4 -&;C&,4 = ;4
5*;;*C4 -* ;4 *39,*($@"F

NPf

Y 1$'(4 \,$9&,4^ 0; W&* 9*,+$5* c-&,4"#* ;4 6*-$#4+$@"f? $"+;&(' 9', &" 6'6*"#'? *; +$*;'
+';',*4-' +'" &"4 +494 -* 9';E' 5*,6*;;@" = ;4 #$*,,4 $69,*%"4-4 -*; O&%' ,'O' -* ;4+
+'" \& %;',$4? -'"+*;;4( -* 'O'( K*,6'('(? Y 1$'(4? -*(*+K4"-' (& 6'-*(#$4? +',,* #,4(
d;FY h4-,*^ *; W&* #* +'"#*69;4? $"+;&(' 9', &" $"(#4"#*? +'6' ;4 B$"4 B$5,4 W&* (*
*3#$*"-* -*(-* *; O&%' -* ;4+? *(* -*E'#' -* ;4( E$,#&-*( "'5;*( (* +'"E$*,#* *" '5O*#'
-* &"4 4#*"+$@" $"-$E$(4? *" ;4 6',4-4 -* I&9$-'? *" ;4 94,#* -* -'"+*;;4( O&E*"$;*(
4#',6*"#4-4( 9', *; 46',F

NXf

Y 1$'(4^ 84 O'=4 W&* 5,$;;4 +'6' ;4 ;&"4 *" *; '+d4"' 6*"#4; +'6' *; +$*;'? ;' W&* *( *;
G*, 9,$6$#$E'? *; 6*"#', -* ;'( +*;*(#$4;*( = ;'( -*6'"$'(? = ;' W&* *( ;4 6$#4- $CW&$*,-4
-*; -*(#,&+#', -* !"-K4j4 `4 -*6'"$'b? *( -*+$,? G*2', GK$E4? *" E*,-4- *,*( #'-' *(' `Y
.&"-4;$"$fF

N]F

Y A'-*, +*"#,4;$C4-',^ *( +&4"-'? 9', \& 9,'9$4 *;*++$@"? #,4*( ;4( >&"4( 49,'9$4-4( `;4(
#,*( +&4;$-4-*( -* A,4j,$#$ ' 64#*,$4b 4 9;*"$#&-? *"#'"+*( (';' 1$'( GK$E4? *; L"$+'
I,*4-', -* ;'( #,*( 6&"-'(? (* +'"E$*,#* *" *; 1$,*+#', -* *(+*"4 -* 0; -,464 +@(6$+'
-* ;4 *3$(#*"+$4F
-$*+$(d$(F

Y H&-,4"$ `GK4j#$b^ !W&*;;'( `-*E'#'( #&='(b W&* 6*-$#4" *" \& 494,$*"+$4 L"$+4? &(4"-'
&" ,'(4,$' -* +',4;*( ,'O$C'( `H&-,4j(K4b? ;&6$"'('( +'6' *; ('; -* ;4 6424"4? ('"
4-',4-'( 9', 6&O*,*( O@E*"*( +'" 'O'( *"+4"#4-',*( W&*? 4+*,+<"-'(* 4 *;;4( ? *",';;4"
(&( (&4E*( = #$*,"'( 5,4C'( #$*,"'( 4;,*-*-', -* (& +&*;;' +'" #'-4 (& B&*,C4F

N_f

k&$*" 6*-$#4 *" \& B',64 $69*,*+*-*,4? +4,6*(M +'6' &"4 B;', -* %,4"4-4
+'69;*#46*"#* 45$*,#4? = #* ,$"-* K'6*"4O* 4 \$ +'6' .464-*E4 `I&9$-'b? d; 6$(6'?
4&"W&* B*'? (* +'"E$*,#* *" *; 1$'( -*; !6', W&* (*-&+* ;4 6*"#* 4 ;'( 'O'( -* ;4( O@E*"*(
-46$(*;4( `4-',"4-4(b +'" +4-*,4( %,4"-*( = 5$*" B',64-4(F

NQf

Y D$O4 -* D$64;4=4 `$69*+45;* +'6' ;4 "$*E*b^ 0; -*E'#' W&*? +'" &" +',4C@" 9&,'?
6*-$#4 *" \& %;',$4 -* 4+*,' $"'3$-45;*? +'6' &" %,&9' -* ,4='( -* ;&"4? Y [*4&#*'&(
J"*? A,'"#' ;' 5*"-*+$,<( +'" &" 9'-*, $;$6$#4-' -* *39,*($@" $69*+45;* `%*"$'b *" 0"
+&*(#$@" -* -M4(F

NZf

Y 1$'(4^ k&$*"? -*(9&d( -* K45*, '5#*"$-' *; 9'-*, -* *;*E4, *; g4=& `9,4"4b -*(-*
h&;4-K4,4 4; +',4C@"? #* 9*,+$5* *" B',64 -* &"4 B$"4 B$5,4 -* ;'#'? #*2$-4 *" 5*,6*;;@"?
(* +'"E$*,#* *" '5O*#' -* 4-',4+$@" -* G$--K4( c9*,B*++$'"4-' (*,*(b = G4-K=4( `1$'(*(bF
JK [K4m4"$^ *('( -*E'#'(? W&* #* E*" +;4,46*"#* +'6' ;4 ;&"4 +,*+$*"#*? 5,$;;4"-' *" ;4
B,*"#*? $;&6$"4"-' -*(-* ;' 6<( 9,'B&"-' *; +$*;' -* ;4 6*"#*? *(#'( (45$'( 9,'"#' (*
E&*;E*" E$-*"#*( = \L ;' +'"+*-*( #'-' -*(*'( 94,4 *(#4( 4;64( *3$%*"#*( ;;*"4( -* B*F

PNf

Y 1$'(4^ \&( -*E'#'( *" (&( *;'%$'( #* ;;464" e'6"$9,*(*"#*? 5*"*E';*"#*e? +'6'
.&"-4;$"$ c*; 9'-*, -* ;4 (*,9$*"#*f? +'6' *; +&69;$-', -* ;'( -*(*'(? +'6' ;4 -$'(4 -*
;4 B',#&"4? +'6' ;4 -$'(4 -* ;4( (*(*"#4 = +&4#,' 4,#*(? +'6' &(4, &"4 %&$,"4;-4? +'6'
5*;;*C4 *"+4,"4-4? $"E*"+$5;*? +'6' &"4 W&* '#',%4 E$+#',$4 = d3$#'? = +'6' ;4 +'"(',#*
-* 8',- GK$E4F

PPf

Y h4-,*^ !W&*;;'( -*E'#'( W&* 6*-$#4" *" \$ +'6' *3$(#$*"-' *" *; K4;' -*; (';? ,'O'
+'6' &" ;4%' B,*(+'? 94,4 *;;'( ($*69,* (* E&*;E*" (&6$('( c9', 46', $"#*"('f 5*;;*C4(
-* 'O'( -* %4+*;4? (&( 9*+K'( 4#,4E*(4-'( 9', ;4( B;*+K4( -* I&9$-'F

PVf

Y 1$'(4 \,$9&,4^ 5,$;;4"-' +'" *; 5,$;;' -*; ',' 5,&2$-'? +4;*"#4-' *" B&*%'? W&* 6*
;$69$*( = K4%4( +',#4, *; -*"(' 5'(W&* -* 9*+4-'( W&* (* 4B*,,4 4 6M 4 #,4Ed( -* 6&+K4(
E$-4(F k&* 6$ ,*+&*,-' -* \$ (* ,'694 $"(#4"#<"*46*"#* *" 9*-4C'( W&* 4#4" 6$
(&B,$6$*"#' 4 ;4 9,$($@" -*; +&*,9'F
PXf

z1$'(4 -* ;4 -$(';&+$@"{ !-',"4-' +'" 'O'( K*,6'('( +'6' ;'( 9d#4;'( -* &" ;'#'? \&(
9$*( -* ;'#' *3$%*" *; K'6*"4O* -* 6&;#$#&-*(F g4%4"-' 9', *; ;4%' -* ;'( +$("*( +'6' *;
;4%' -* ;4 6*"#* -* ;'( -*E'#'( -* +',4C@" 9&,'? -*(#,&=*( #'-'( ;'( 64;*( W&*
46*"4C4" 4 ;'( W&* (* ,*B&%$4" *" \$F

P] F

G';' &"'( 9'+'(? ,*B&%$<"-'(* *" *; 9';E' -* \&( 9$*( -* ;'#'? (* +'"E$,#$*,'" *" %,4"-*(
9'*#4(? 9&,'( -* +',4C@"? -* %,4" (45$-&,M4 = 4+#'( "'5;*( = %4"4,'" B464 W&* ,*('"@
*" ;'( #,*( 6&"-'(? $"'3$-45;*( +'6' ;4 ;&"4? ;4 (*-4? ;4 ;*+K* ' ;4 "$*E*F F

PRf

Y 1$'(4^ k&* 6$( 'O'( 5&(W&*" 4,-$*"#*6*"#* E$(&4;$C4, \& B',64? W&* 6$( 'M-'( 4"K*;*"
*(+&+K4, ;4( -*(+,$9+$'"*( -* \&( $""&6*,45;*( E$,#&-*(? W&* 6$ 6*"#* *(#d ($*69,*
'+&94-4 *" \& ,*+&*,-'? W&* 6$ E'C ($*69,* (* 4;+* *" \&( 4;454"C4(? W&* 6$ -'( 64"'(
($*69,* *(#<" '+&94-4( *" 4-',4, 4+#$E46*"#* 4 \&( 9$*(F c0" ,*(&6*"f? W&* 6$ +*;' 9',
4-',4,#* "&"+4 -$(6$"&=4 -* "$"%&"4 64"*,4F \* ,$"-' K'6*"4O* 4 \$? 1$'(4 \,$9&,4? W&*
4+#L4( +'6' *; +<;$-' ,*(9;4"-', -*; ('; 4; ;;*E4, *; %,&9' -* ;'#' -*; $"#*"(' -*(*' -* &"
+'"'+$6$*"#' (&9*,$', 4 [;''6? W&* +&4"-' (* E*"*,454 -* (*$( 64"*,4( c*( -*+$,? +'"
;'( +$"+' (*"#$-'( = ;4 6*"#*f? (* +'"E$,#$@ *" ;4 4,*"4 -*9',#$E4 -*; ;*@" -* ;4 (45$-&,M4
;$(#' 94,4 64#4, 4; *;*B4"#* -*; *"%42'F

PQf

JK 1$'(4 \,$9&,4 G&"-4,$ `5*;;*C4 (&9,*64 -* ;'( #,*( 6&"-'(b? 4 W&$*" 4-',4" >4"*(K4
= g4#&j4 `[K4$,4E4b? W&* #$*"* &"4 +'"*3$@" 9;4+*"#*,4 +'" *; 0,'(? W&* #$*"* 94,4 \&
4($*"#' *34;#4-' *; G*2', GK$E4 6$(6'? 4,64-' +'" ;4( B;*+K4( -* I&9$-' = 4-',"4-' +'"
84( B;',*( -*; 1$'( -*; !6',? +'" [,4K64? g$(K"& = h4K*(K B',64"-' ;'( 6$*65,'( -*
\& B46$;$4? W&* ,*($-*" *" 6*-$' -*; 5'(W&* -* <,5';*( .4-4654F k&* #L? Y \,$9&,4? "'(
+'"+*-4( 9,'#*++$@"F

PZf

k&$*"? ($" ,*6$($@"? ;** *(#* 4&(9$+$'(' (#'#,4 -* ;4 1$'(4 ' ;' *(+&+K4 4;+4"C4 *;
+&69;$6$*"#' -* #'-'( (&( -*(*'(F 0( 4-',4-' $"+;&(' 9', ;'( ,*=*( = (* E&*;E*
$"#*"(46*"#* W&*,$-' 9', ;4( 6&O*,*( K*,6'(4( +'" 'O'( -* %4+*;4F

VYf

Y 1$'(4 -*; K45;4^ h4*(#,4 -* ;'( #,*( 6&"-'(? I,*4#,$3 -*; &"$E*,('? $69,*%"4-4 #4"#'
-*"#,' +'6' B&*,4? 4-',4-4 9', [,4K64 c*; I,*4-',f? g$(K"& c*; I'"(*,E4-',f? H&-,4 c*;
1*(#,&+#',f? 7"-,4 c*; G*2', -* ;'( 0;*6*"#'(f? IK4"-,4 c;4 ;&"4f? *; (';? .&64,4 = >4"*(K4
cK$O'( -* GK$E4 = A4,E4#$f = 9', !%"$ c1$'( -*; B&*%'f? 6$ ,*E*,*"+$4 4 \$F \*,+*, I4"#'
Y 1$'(4 A4,E4#$? +'"(',#* -* ;4 GK$E4 -* #,*( 'O'(? D$O4 -*; D$64;4=4? 7"64+&;4-4? h4-,*
0#*,"4 -* ;'( #,*( 6&"-'(? GK$E4= c5*"*B4+#',4f? GK4,E4"$ c1&,%4f? \,$9&,4= c#,$;4#*,4;f?
h,$-K4"$ c#,4"(9',#4"-'f? g4,-K*= c'#',%4"#* -* 5*"-$+$'"*( f? H&-,4"$ c-* 4(9*+#'
*(94"#'('f? .4#=4=4"$ cE*(#$-4 -* ,'O'f? [K$64= c#*,,$5;*f? [K4$,4E$ c+'"(',#* -*
[K4$,4E4f? IK4"-$ c*; B*,'Cf? GK4,E4,$ c4;#*,"4#$E46*"#* '(+&,' = 9<;$-' *" #*Cf? .4;4=
c7,*"$+f? .4;4jK*=*f c*; 4"$W&$;4-', -*; #$*69' = *; -*(#,&+#', -* ;4 h&*,#*f? GK'';$"$ c*;
9',#4-', -* ;4 ;4"C4f? W&* \L? cY 1$'(4f "'( +'"+*-4(? \&( -*E'#'(? $"+;$"4-'( *" ;4
+'"#*69;4+$@" 4 \&( 9$*(? 9,'#*++$@" -* ;4( 4B;$++$'"*( W&* "'( 4+'(4" *" +4-4 ;4-'F

Nf

!B;$%$-'( +'6' 9'(*M-'(? -*(64=<"-'(* +'6' ($ #&E$*,4" *; *B*+#' -*; E*"*"'? ' +'6'
4W&*;;'( 4K'%4-'( *" ;4 4B;$++$@" -*5$-' 4 ;4 (*94,4+$@" c-* (&( (*,*( W&*,$-'(f?
$"#'3$+4-'(? 9*,-$-'( *" *; (*"#$-' -* (M 6$(6'(? ;4( -46$(*;4( +'" +*O4( *"+4"#4-',4(
9*,64"*+*" +'"(#4"#*6*"#*
+'"(#4"#*6*"#* *" (&( 6*"#*( 4W&*;;'( 4B',#&"4-'( -*E'#'( W&*? +'" #'-4
;4 4#*"+$@"? ;$5,*( -* -$(#,4++$'"*(? #* 4-',4"? K$O4 -* D$64;4=4 c.&"-4;$"$fF

Pf

Y 1$'(4^ 4"#* d;? W&* $"+;&(' &"4 E*C K&6$;-*6*"#* (* 9'(#,4 9', +'69;*#' 4"#* \$? ;'(
*69*,4-',*( (* $"+;$"4" -*(-* (& "4+$6$*"#'? ;4( +,*(#4( -* (&( -$4-*64( =4+*"
#*65;','(4( *" *; 5,$;;4"#* #45&,*#*F 0; W&* #* 4-',4 *( 4-',4-' 9', ;'( +*;*(#$4;*(F 0; W&*
+4"#4 #&( 4;454"C4( *( 4;454-' 9', #'-4( 94,#*(F 0; W&* 6*-$#4 *" \$ (* +'"E$*,#* *" *;
'5O*#' -* &"4 +4,$2'(4 4#*"+$@" 9', 94,#* -* 5*;;4( -'"+*;;4( *"46',4-4(F

Vf

Y \,$9&,4{ 0;;'(? W&* 6*-$#4" *" \$ +'" #'-' (& (*,? $"+;&(' 9', &" $"(#4"#*? 4&"W&*
+4,*+*" -* ;4 B',#&"4 -*; *"+4"#' = ;4 O&E*"#&-? $69,$6*" (& $64%*" *" ;'( 6&,4;*(
*3+;&($E'( -* ;4( 6*"#*( -* 5*;;4( 5*;;4( -* 'O'( %,4"-*( = B4(+$"4"#*( c*( -*+$,? 9&*-*"
-'6$"4, *; 46', -* 6&O*, K*,6'(4fF

Xf

nk&d c(4+,$B$+$'f K4=? Y 1$'(4? W&* ;4( -'"+*;;4( O@E*"*( "' K4,M4" 9', d;? c\& -*E'#'f W&*
#* 49,*+$4 *" (& +',4C@"p e1*(*' #4"#' 5*5*,;' +'" 6$( 'O'( c6$,4,;' +'"(#4"#*6*"#*feF
e1*(*' #'+4, (&( *3#,*6$-4-*( +'" ;4( 6M4(eF e1*(*' 45(',5*,;' *" 6M 6$(6' ' *"#,4, =
(*, &"' +'" d;eF \4;*( ('" ;'( 9*"(46$*"#'( W&* (&,%*" *" (&( 6*"#*( c+'" ,*(9*+#' 4
d;f? 9*,-$-'( *" #'-' +'"#,'; ('5,* (M 6$(6'(F I,*4#,$3 -* ;'( \,*( h&"-'(^ 4(M +'6' ;4
94;45,4 \(KE4,4 oc*; (*2',f (* 49;$+4 *3+;&($E46*"#* 4; '6"$9,*(*"#* GK$E4? *; =' U
*3$(#*"#* = *#*,"4? -* ;4 6$(64 64"*,4? 1$'(4? ;4 6$(64 94;45,4 c7(KE4,$f (* 49;$+4 4 \$
#465$d" +'6' \L *,*( *; oGK4j#$o ' ;4 9'#*"+$4 -*; G*2', GK$E4F G$*"-' *(#' 4(M? *( 6&=
*3#,42' W&* "' -*(#,&=4(? *" #& $,4? ;4( 9*W&*24( 4B;$++$'"*( 6&"-4"4( W&* B',64" &"4
9'#*"#* +4&(4 -* '5(#<+&;' 94,4 #&( -*E'#'(F

Rf
Y [K4m4"$ c1$'(4 A4,E4#$f^ ;'( 6',#4;*( W&*? +'" &"4 6*"#* 9&"#$4%&-4? 6*-$#4" *" \$?
(*"#4-'( *" &" ;'#' 5;4"+'? *" #'-4 ,*%;4? 5,$;;4"-' +'6' &"4 ;<694,4 ;;*"4 -* 4+*$#*?
$69*+45;* +'6' *; 4;+4"B', ' +'6' *; ',5* -* ;4 ;&"4? 4;64 U+49#$E4"-' = ;;'E$*"-'
"d+#4,? (* ;$5*,4" -* ;4( 6$(*,$4( -* ;4 *3$(#*"+$4 c"4+$6$*"#'? 6&*,#*? *#+Ff = #'-4( ;4(
+4;46$-4-*( (* 64"#$*"*" 4;*O4-4( -* *;;4(F

_f

0('( c-*E'#' (f W&$*"*(? +'" #'-4 K&6$;-4- = B*? 6*-$#4" *" \$? 6',4"-' *" (&( 6*"#*(
*" \& B',64? +'6' *; ',5* -* ;4 ;&"4 ;;*"4? ' &" E4(#' '+d4"' -* ;*+K* c4%$#4-'f +'" ';4(
-* *;$3$,? W&* (* 4(*6*O4" 4 %;'5'( -* "d+#4, +'"+*"#,4-'? c 5;4"+'f +'6' ;4 "$*E*? *;;'(
c4&"W&*f 4B;$%$-'( 9', 9*"4( = +4;46$-4-*(? 4;+4"C4" ;4 9,'(9*,$-4- *(9$,$#&4; = #*69',4;
c9', \& >,4+$4fF

Qf

!W&*;;'( W&* +'"(#4"#*6*"#* 9$*"(4" *" #$ +'6' c9*,9*#&46*"#*f *" 6'E$6$*"#'


c+'6' *; 4(+*"(' = ;4 +4M-4 -* ;4( ';4( -*; '+d4"'f 9,'9*"('( 4 +,*4, c= -*(#,&$,f 4 #&
-*(*'? -*(%4,,4"-' ;'( +$"+' "&-'(? +4,6*(M +'6' *; ('; -* ;4 6424"4 ,*+$d" ,*(&+$#4-'?
4K'%<"-'(* *; 6&"-' (*-&+#', *" &" +4&#$E4-', '+d4"' ,'(4-' -* 4;*%,M4? *;;'( cY 1$'(4f
'+&94" ;4( 6*"#*( -* ;4( 6&O*,*( -* 'O'( -* %4+*;4 cW&* ;*( %&(#4"fF

Zf

84( 5*;;4( 5*;;4(? -* 'O'( ;*'"4-'? 4-',4" $"#*"(46*"#* +'" (&( $"+'694,45;*( 'O'( -*
;'#'? +'6' ($ B&*,4 .464-*E4 c*; 1$'( -*; !6',f? d;F Y [K4m4"$? W&* $"+*(4"#*6*"#*
9$*"(4 *" \$? (* 4(*6*O4 4 ;4 B$"4 B$5,4 -* &" #4;;' -* ;'#' #*2$-' *" ;4 (4E$4 -* ;4+? cW&*
,*($-*f *" *; G&(K&6"4F

NYf

[,$;;4"#*? +'6' ;4 ;&"4? 5;4"+4 +'6' ;4 "$*E* ' +'6' &"4 B;', -* u*((46$"*? +'" &"4
%&$,"4;-4 -* B;',*( ,'O4( -* .4-465? +';%4"-' K4(#4 ;4( 9;4"#4( -* #&( 9$*(? #* 4-',46'(
+'6' ;4 B&*"#* -* -$(+&,(' "' 64"$B*(#4-4 c*" ;4 B',64 94,4fF

NNf

0; B;&O' $"$"#*,,&69$-'? $69*+45;*? *3#,*64-46*"#* -&;+* = K*,6'('? *"+4"#4-', -*


4;64( * $"$"#*,,&69$-' -* 94;45,4( cK45;4f (* 64"$B$*(#4 *" #'-'( ;4-'( c\&( -*E'#'(
5*"-*+$-'( 9', \$ +'" %*"$'f W&* #* %&4,-4"? Y GK4j#$ c-* GK$E4f? *; -*(#,&+#', -*
.464-*E4 c 1$'( -*; 46',f? +'"(#4"#*6*"#* *"

(& 6*"#*? +'6' 5,$;;4"-' +'" *; 5,$;;' $"'3$-45;* -* ;4 ;&"4 *" ;4 +45*C4? (*"#4-4 *" &"
,*;&+$*"#* #,'"' -* ;'#'? 5,$;;4"-' +'" *; 5,$;;' 5;4"+' -* ;4 "$*E*? ,'+$4"-' "d+#4, *" ;'(
9d#4;'( -* ;'( ;'#'( *" *; h&;4-K4,4 c*; +*"#,' -* ;4 ,4MC *" ;4 54(* -* ;4 +';&6"4
E*,#*5,4;f = [,4K64U,4"-K,4 c;4 +4E$-4- -* [,4K64 *" *; ;'#' -* 6$; 9d#4;'( *" ;4 +45*C4fF

NPf
Y 1$'(4? 6*-$#4-4 $"+;&(' &"4 E*C +'" #'-' *; (*,? nW&d c'5O*#$E'f K4= W&* "' 9&*-4(
;'%,4, ($" ;4 6*"', -$B$+&;#4-p J#',%4 #'-'( ;'( 5$*"*( -*(*4-'( -* -$(B,&#*? -*(#,&=* 4
;'( *"*6$%'(? 4K&=*"#4 ;4( +4;46$-4-*(? ('6*#* ;4( *"B*,6*-4-*( -*; +&*,9'? W&*64
;4( $69&,*C4(? *;$6$"4 9', ;4 B&*,C4 *; (&B,$6$*"#' = ;4( 9*"4( -* ;4 6*"#*? 4&6*"#4 ;4
B*;$+$-4- = +&,4 ;'( -';',*( -* ;4 (*94,4+$@" c-* +*,+4"'( = W&*,$-'(fF

NVf

JK? 464-' -* ;'( \,*( JO'( cG*2', GK$E4f? W&$*" 6*-$#4 *" \$? ,*+$#4 \& "'65,*? #*
9*,+$5*? 9$*"(4 *" \$? ($%&* 4 \$? (* *"#,*%4 4 \$? ,*B;*3$'"4 ('5,* \$? #* 4;454? (* ,*B&%$4
*" \$ ? #* 4-',4? ' W&$*" +'" ,*E*,*"+$4 *(+&+K4 4#*"#46*"#* c;4 ,*+$#4+$@"f -* \&(
4#,$5&#'( c-$E$"'(f? ;4 1$'(4 84j(K6$ c-$(9*"(4-',4 -* ,$W&*C4 *(9$,$#&4; = #*69',4;f
"&"+4 (* 4;*O4 -* (& 6',4-4 = ;4 E$+#',$4 c*" #'-4( 94,#*(f +',,* -*;4"#* -* d; F

NXf

JK? \L? 4(*($"' -* !(&,4( c-*6'"$'(f? nW&d 9*"4 cW&* 9&*-* 4B*+#4, 4 ;'( (*,*(
K&64"'(f K4= W&* "' (* 9&*-4 #*,6$"4, 64"#*"$*"-' \& ,*+&*,-' +'"(#4"#*6*"#*
+'"(#4"#*6*"#* *"
#& 6*"#*p nI&<; *( c;4 4;#&,4 -*f B464? 'K ;'#' B;',*+$*"#* -* .&;4 c*; 6&"-' 64"$B*(#4-'
' ($(#*64 #<"#,$+' -* 4-',4+$@"f W&* "' (* 9&*-* ;'%,4, c+4"#4"-'f \&( 4;454"C4(p nk&d
G$--K$ c9*,B*++$@" ' 9'-*, 9(MW&$+'f K4=? Y \L 4-',4(#* 4 &"4 -* ;4( 1*$-4-*(? W&* "'
9&*-*( '5#*"*, +'" \& 4-',4+$@" = W&d i'%4 *3$(#* W&* "' (* 9&*-* ;'%,4, +*"#,4"-' ;4
6*"#* *" \$p

N]F

\& ,*+&*,-' +'"(#4"#*? Y 1$'(4? (4;E4 c-* ;4 -*(#,&++$@"f 4 4W&*;;'( W&* K4" +4M-' *" ;4(
B4&+*( $"*3',45;*( -* ;4 6&*,#*? ;$5*,4 4 4W&*;;'(? Y .4;$? W&* *(#<" 4#,494-'(
$"*3#,$+45;*6*"#* *" *; %,&*(' ;4C' -*; #$*69' W&* #'-' ;' -*E',4 = c+'" (*%&,$-4-f
#,4"(5',-4 4 #,4Ed( -* *;;'(? Y IK4"-$ c-* 4(9*+#' B*,'Cf? W&* (*
( * 4K'%4" *" *; '+d4"' -*;
#*,,$5;* 9*+4-' 4#,'CF

-$*+$(d$(F

84( 6'#4( -* 9';E' -* \&( 9$*(? #4" 9'#*"#*( *" *B*+#' +'6' ;'( *"+4"#46$*"#'(
c6<%$+'(f &#$;$C4-'( 94,4 9,'9$+$4, c9'"*, 54O' +'"#,';f 4 84j(K6$ c;4 1$'(4 -* ;4 H$W&*C4f
9*,64"*+*" ($*69,* E$+#',$'('(F 0(4( 6'#4( -* 9';E'? Y 1$'(4? W&* (* 4-K$*,*" 4 ;4
B,*"#* c-* \&( -*E'#'(f? +&4"-' (* $"+;$"4" 4 \&( 9$*( -* ;'#' c*" ,*E*,*"+$4f? 9&*-*"
5',,4, c$"+;&('f *; 64"-4#' 4-E*,(' -*; 1*(#$"' c-* ;' +'"#,4,$' $"-*(+$B,45;*f FY (*,*(
$%"',4"#*( cK&"-$-' *" -*;$,$'( 6&"-4"'(f? n9', W&d c4;%&"'( -*f 4#',6*"#4" (&(
+&*,9'( ($" 9,'E*+K' 9', 9*"$#*"+$4 c*3#,*64f = 4&(#*,$-4-? = '#,'( (* *69'5,*+*" +'"
c*; -,*"4O* -*f %,4"-*( 94%'( 9', (4+,$B$+$'( ,*;$%$'('( c= +*,*6'"$4(fp G$ (& -*E'+$@" *(
$"W&*5,4"#45;*? ($,E4 ;'( -'( 9$*( -* ;4 1$'(4 $"6',#4; = c9,'"#'f ;4 4&(9$+$'(4 84j(K6$ c;4
1$'(4 -* ;4 H$W&*C4 = ;4 9,'(9*,$-4-f? +'" &" -'(*; -* ;'#'( *" #'-4 ,*%;4? +',,*,< B,*"#*
4 &(#*-F

NQf
8$5,* -* #'-' (*"#$-' -* -*9*"-*"+$4 = 454#$6$*"#'l ($" 5&(+4, "4-4 -* "4-$* "$ *"%424,
4 "4-$*? "$ (*,E$; 4 "4-$*? 6* E$(#' +'" B$"4( 9,*"-4(? #'6' 4;$6*"#'( -&;+*( = #*"%' 94,4
6$ +'"(',#* &"4 6&O*, -* 6$ *;*++$@" c-$(B,&#4 -* #'-'( ;'( 9;4+*,*( ;*%M#$6'( -* ;4 E$-4f
9',W&* \L? 1$'(4? 0; +&69;$6$*"#' -* #'-'( ;'( -*(*'( c*" B',64 -* .&;4f *(#<
B;',*+$*"-' *" 6$ +',4C@"F

NZf

JK #L? 1$'(4 $"64+&;4-4? 9',#4-',4 -*; ('"$-' I@(6$+'? ;4 5*;;4 !64"#* -* ;'( \,*(
h&"-'( c' ;'( #,*( *(#4-'( -* ;'( 54,,$'( 54O'( -* E$%$;$4? (&*2'( = (&*2'(f 5*,f *"
+&4;W&$*, 6*-$-4? -* 4+&*,-' +'" 6$ +494+$-4-? 9&*-' ,*+$#4, \& "'65,* & 'B,*+*,#*
4-',4+$@"? ',4,? 4+*9#4, *('? Y A4,46*(Km4,$ cG&9,*6' >'5*,"4"#* -*; &"$E*,('fF

PYf

k&* #'-'( 4W&*;;'( W&* ;&+K4" 9', ;4 9*,B*++$@" 4;+4"+*" ;4 B*;$+$-4-?


B *;$+$-4-? W&* #'-4( ;4( 64;4(
#*"-*"+$4( -* ;'( 64;E4-'( 9*,*C+4"? W&* 9&*-4 4;+4"C4, *; *(#4-' -* GK465K4E$
c&"$-4- +'" ;4 I'"+$*"+$4 /"$E*,(4;f = W&* 6$ >&,& c9,*+*9#', *(9$,$#&4;f ($*69,* *(#d
+'69;4+$-' +'"6$%'F

PNf

JK? 5*;;4 !64"#* -* ;'( \,*( h&"-'(? ;4 E$(#4 -* \$ c-4,(K4"4f ;4E4 ;'( 9*+4-'( c-* \&(
-*E'#'(f? ;4 ,*+$#4+$@" -* \& "'65,* -*(#,&=* *; 6$*-' 4 ;4 6&*,#* = \& 4-',4+$@"
4K&=*"#4 ;4 -*(%,4+$4 = *; -';',F

PPf

!-',"4-4 +'" ;4 6*-$4 ;&"4 -* ;4 H*$"4 -* ;4 :'+K* c;4 ;&"4f? *" *; 9*;' -* \& +45*C4? =
+'6' &"4 +',,$*"#* -* "d+#4, W&* ;4E4 *; (&B,$6$*"#' -* ;4 *3$(#*"+$4 6&"-4"4? #* ,$"-'
K'6*"4O* 4 \$? Y [K4m4"$ c;4 h4*(#,4 -* ;4 I,*4+$@"f F 8' W&* (*4 `'6$($@"b K4 '+&,,$-'
4 #,4Ed( -* 6M? -*5$-' 4 6$ B4;#4 `-* +'"'+$6$*"#'b -*; h4"#,4? ' -* ;'( ,$#'( ,*;$%$'('( '
-* ;'( 6d#'-'( 9,*(+,$#'( c94,4 ;;*E4,;'( 4 +45'f? 9', #'-' *('? 9', +'694($@"? ',*"
9*,-@"*"6*? Y A4,46*(Km4,$ c>'5*,"4"#* G&9,*6' -*; /"$E*,('fF I&4,#' I4"#'

0;;4? 4 W&$*" ;'( (45$'( K4" ;;464-' 9', *; "'65,* -* ;4 9,$6$#$E4 A,4j,$#$ c"4#&,4;*C4fF
0;;4 4 W&$*" ;'( +'"'+*-',*( -* ;4 *(*"+$4 -* ;4( 0(+,$#&,4( H*E*;4-4( cg*-4(f -*($%"4"
+'" *; "'65,* -* +'"'+$6$*"#' 9&,' = 0;;4? W&* +'6' ;4 6$#4- -* GK4"j4,4 cG*2', GK$E4f
+4&(4 T; 94,4 64"$B*(#4,(*? ='? ($" '#,' ,*B&%$'? 6* ,*B&%$' *" *;;4F

Nf

I&4"-' 4; +4"#4, \&( 4;454"C4(? $"+;&(' ;'( K*,6'('( K$6"'( -* ;'( g*-4(? W&* (* ,*E*;4"
c*( -*+$,? "' #$*"*" 4&#', 6',#4;f? 94,*+*" $"(M9$-'(? *( (';' *; 46', W&* -*(5',-4 *" \&
+',4C@"? Y h4-,*? W&* *"+&*"#,4 9;4+*, *" *(#* $"+'K*,*"#* K$6"' -* 4;454"C4F
c+'69&*(#'f 9', &" -&;;4,- +'6' ='F

Pf
0" ;4 6*"#* -* ;'( -*E'#'( 4B',#&"4-'(? Y h4-,*? #* 64"$B$*(#4( +'6' *; +$*;'
,*(9;4"-*+$*"#* cG&9*,+'"+$*"+$4f?
cG&9*,+'"+$*"+$4f? +'6' *; [$"-& cE4+M' "' -$6*"($'"4;f? +'6' :4-4 c*;
('"$-' I@(6$+'f? +'6' ;4 6*-$4 ;&"4 -* ;4 ;&"4? +'6' ;4 B&*"#* -*

*39,*($@" c%*"$'f? +'6' h4-,*? +'6' ;4 B&*"#* -* ;4 S*;$+$-4- = *; :d+#4, -* u"4"4


c+'"'+$6$*"#' (&9,*6'fF

Vf

Y h4-,*? +'" ;'( 9*;'( -* (&( +&*,9'( *,$C4-'(? +'" ;<%,$64( +4=*"-' -* (&( 'O'( = +'"
(&( E'+*( #*65;4"-' -* *6'+$@"? 4W&*;;'( c-*E'#'(f W&* 4-',4" $"+*(4"#*6*"#* \&(
9$*( *" (& +',4C@"? ('"? -* K*+K'? 5*"-*+$-'(F

Xf

h&= ,4,' -* K*+K' *( *; K'65,* c\& -*E'#'f? Y 1$'(4 h4-,*? +&=4 5'+4? 4 B&*,C4 -* %,4"
4&(#*,$-4-? ($*69,* *(#< '+&94-4 *" \& 4;454"C4? +&=4 +45*C4 (* $"+;$"4 ($" +*(4, 4"#* \$
= +&=4 6*"#* ($*69,* *(#< 45(',#4 *" \& 9*"(46$*"#'F

]f

Y 1$'(4? W&* (* *;*E4 -*(-* ;4


; 4 +4E$-4- -* h&;4-K4,4 c*; +*"#,' -* ;4 ,4MC *" ;4 54(* -* ;4
+';&6"4 E*,#*5,4;f? 9*,B',4 ;'( (*$( ;'#'(? +'6' &" ,*;<694%'? = ;&*%' B;&=* -*(-* ;4 ; &"4
K4+$4 *; +*"#,' $"46'E$5;* *" B',64 -* +$*;' c*" ;4 +45*C4 b? +'6' &"4 +',,$*"#* -*
:d+#4, G&9,*6'? *"#'"+*( ,*%,*(4( c4 \& 6',4-4fF

Rf

JK 1$'(4? -*(-* *; 6'6*"#' *" W&* c&"4 6$,4-4 46','(4f -* \&( 'O'( K*+K$C4"#*( c8',-
GK$E4f ,*E$E$@ 4 ;4 64,+K$#4 .464-*E4 cI&9$-' W&* K45M4 ($-' W&*64-4 9', &"4 6$,4-4
*"'O4-4 -* G& \*,+*, JO'f 4 ;4 E$-4? -*(-* *(* -M4? 9', E*,%a*"C4? GK$E4 ,*4;6*"#*
64"#$*"* *; \*,+*, JO' *" G& B,*"#* +*,,4-'F

_f

Y A4,E4#$ cD$O4 -* D$64;4=4f? /"' +&=4 4(+*"-*"+$4 = ;$"4O* "' (* +'"'+*" *" "$"%&"4
94,#*? W&* *( &" 6*"-$%' +'" &"4 %&$,"4;-4 -* +4;4E*,4( 4;,*-*-', -* (& +&*;;'? -*("&-4?
($" &"4 6',4-4 *(#45;*+$-4 = ($" &" (*%&"-'? n+@6' 9'-,M4 4;%&$*" +'"'+*, 4 *(#*
GK465& cG*2', GK$E4f 4"#*( -* (& +'"O&%4+$@" 4&(9$+$'(4 +'"#$%' c*( -*+$,? #L *,*( ;4
+4&(4 -* (& 64"$B*(#4+$@"fF

Qf

A4,4 !;%&$*" +'6' GK$E4? E*(#$-' +'" 9$*;*(? G& +&*,9' +&5$*,#' -* +*"$C4( -* +4-<E*,*(
c$"+$"*,4-'(f? E4%4"-' 9', ;$6'("4(? 54$;4"-' *" ;4( K45$#4+$'"*( -* ;'( B4"#4(64( =
,*&"$*"-' K&*(#*( -* *(9M,$#&( #*,,*(#,*( 4;,*-*-', -* T;? *( (';' \& 4('+$4+$@" +'" T; ;'
W&* 9,*(#4 *"+4"#' 4 #'-'( *(#'(
*( #'( 4#,$5&#'(F

Zf
Y h4-,*? *( (';' \& 4(9*+#' +,*4#$E' c4(9*+#' 5*"$%"'f ;' W&* 6'-*,4 *; 54$;* 4;#46*"#*
K<5$;? 4&"W&* B*,'C? o\4"-4m4o -* GK$E4? +&=' 4,64 *( *; K4+K4? = ;' #,4"(B',64 -*;
-*9',#* W&* -*(#,&=* *; 6&"-' *" ;4 %;',$4 -* ;4 +,*4+$@"F

NYf

Y \L? [*"*B4+#',4? c$"+;&('f 94,4 4W&*;;'( 5&(+4-',*( -*(9&d( -* ;4 (4;E4+$@"? +&=4(


4++$'"*( ('" *W&$;$5,4-4( = W&* (* ,*B&%$4" *" B4E', -* &" %&,&? *,*( \L? Y 1$'(4? W&$*"?
*" &" 6'6*"#'? ,'69* ;4( +4-*"4( c-*; j4,64f W&* <#4;'( * $"M+$4;'( *" ;4 *"(*24"C4
(*+,*#4 -* ;4( 0(+,$#&,4( GK4$E4F

NNf

/"' *" +&=' +',4C@" 5,$;;4( +'6' *; 4"'+K*+*, ;;*"' -* *(#,*;;4( 4-',"4-' +'" 9*,;4( =
5,$;;4"-' +'6' &" +',4; B,*(+'? d; (';' (* +'"E$*,#* *" *; .464-*E4 c1$'( -*; 46',f 94,4
;'( K*,6'('( 'O'( -* #,*( 6&"-'( ($" &(4, ;4( +$"+' B;*+K4( c' ;4( +$"+' (*-&++$'"*(
(*"(&4;*( 94,4 +4&#$E4,;'(fF

NPf

Y h4-,*? \L ('5*,4"' cB&*"#*f -* !65,'($4? 4W&*;;'( c\&( -*E'#'(f W&* 9$*"(4"


-*E'#46*"#* *" \$ +'6' $,,4-$4"-' ;'( #,*( 6&"-'( +'" 6$,M4-4( -* ,4='( W&* ;;&*E*"
"d+#4,? ,*4;6*"#* +,&C4" c;'( ;M6$#*( -*f \$*69' c' h&*,#*f W&* *( *3#,*64-46*"#*
-$BM+$; $"+;&(' 94,4 W&* [,4K64 = '#,'( (*,*( +*;*(#$4;*( *34;#4-'( +,&+*" c*( -*+$,?
4;+4"C4" ;4 GL9*,UI'"+$*"+$4 6<( 4;;< -*; #$*69' = *; *(94+$' ' *; 6$*-' 4 ;4 6&*,#*f FY
h4-,*? ;4 -*E '#,' W&* #* 4-',4 *" (& 6*"#*? +'6' ('(#*"$*"-' &" ,'(4,$' -* +,$(#4;*(
*" &"4 -* #&( 64"'(? &"4 ('%4? &" ;$5,' = &" +<;$C *" ;4( '#,4( -'( = ;4 +&4,#4 ;*E4"#4-4
c*" *; %*(#'f 94,4 *39'"*, = *"(*24,? ,*(9;4"-*+$*"#* +'6' *; '#'24; 8&"4? = (*"#4-' *"
;'#'(? (* +'"E$*,#* *" *; 9,$6*,' *"#,* #'-'( ;'( 9'*#4( = ;@%$+'( -*; 6&"-'F

NXf

Y GK4E4,$? ;4 *(9'(4 -*; +4C4-', GK$E4 +'" ;4 +,*(#4 -* 9;&64( -* 94E' ,*4; *" #& +45*C4?
+'" 6*+K'"*( ,$C4-'( -* +45*;;' (&4E*? 5,$;;4"#* = -* +';', 64,,@" '(+&,'? &" ,'(4,$' -*
54=4( ,'O4( -*(+4"(4"-' ('5,* #&( 9*+K'( 9*(4-'(? *" +';', +'6' *; +$*;' -* ;4 #4,-*?
+'" &"4 +4,4 +'6' +',4; ,'O' = 64"'( (&4E*( = #$*,"4(? JK \L GK4j#$ -* GK4"j4,4 cGK$E4f
6* $"+;$"' 4"#* \$F

N]F

Y [*4&#*'&( J"*? n9', W&d $"#*,+465$4(#* ;4 6$#4- -* #& +&*,9' c(&4E*f +'6' &"4
*",*-4-*,4 ,*+$d" "4+$-4? +,$4-4 +'" 46',? +'" ;4 6$#4- #'(+4 -* 8',- cGK$E4f -4"-'
;&%4, 4 5,'64( 9', 94,#* -* #&( 46$%4( c;'( (*"#$-'( = ;4 6*"#*fp A*,'? +,*'? +'" (';'
&"4 ('",$(4 %*"#$; c4;&+$"4"#*f 9', #& 94,#*? *(#<" c#'-'(f +'"%*;4-'( *" ($;*"+$' c*( -*+$,?
(* W&*-4" +4;;4-'( *" ;4 $"6'E$;$-4- +'" ;4 9,$6*,4 E$($@" -* ;4 %;',$4 -* .&"-4;$"$fF

-$*+$(d$(F
k&d *3#,42' *(? h4-,*? W&* *(#* '+d4"' -* $;&($@" c*( -*+$,? *(#4 +,*4+$@" "4+$-4 -*
h4=4f (* ;;*"* +'"B&(46*"#* +'" $""&6*,45;*( K&d(9*-*( +@(6$+'( +'6' 5&,5&O4( c*"
(& (&9*,B$+$*f? ;;*"4( -* ';4( -* c$""&6*,45;*(f -$E*,('( #$9'( -* 4B;$++$@"? +'" *;
(&564,$"'F 0; B&*%'? %*"*,4-' 9', ;4 6*-$#4+$@" +'"(#4"#* *" \$? (* -*(#,&=* *" &"
$"(#4"#* c*( -*+$,? (* -$(&*;E* *" ;4 +'"+$*"+$4fF

N_f

Y [K4%E4#$ cG'5*,4"' -*; /"$E*,('f? 4&"W&* *" \& 4(9*+#' #,4(+*"-*"#4; \L *,*( ;4 K$O4
-* A,4O494#$ cG*2', -*; /"$E*,('f #465$d" ;4 (*,9*"#$"4
( *,9*"#$"4 .&"-4;$"$? K45$#4"#* *" ;4 +4E$-4-
-*; +',4C@"? 4(M +'6' #465$d" .4#=4=4"$ cE*(#$-4 -* ,'O'f? #465$d" .46;4 c84j(K6$? ;4
1$'(4 -* ;4 H$W&*C4f = .4;4E4#$ c;4 1$'(4 -* ;4( !,#*(f? -* *(#4 64"*,4? *" E*,-4-? +'6'
&"4 54$;4,$"4? *,*( E$(#4 *" $""&6*,45;*( B',64( c= ,';*(fF

NQf

Y 069*,4#,$C -*; 6&"-'^ 4W&*;;'( 5*"-*+$-'( W&* *39*,$6*"#4" $"#*,"46*"#* \&


4(9*+#' B*;$C *" *; ;&%4, +'"'+$-' +'6' !"4K4#4 c+K4j,4 -*; +',4C@"f *" B',64 -* :4-4
c('"$-' +@(6$+' U ;4 B&*"#* -* #'-' -$(+&,('f *39,*(4" *; d3#4($( -* *(#* *"+&*"#,' +'"
*; 9*;' *,$C4-'F ($" B$" c4 #,4Ed( -* ;4 $"#*"($-4- -* ;4 *6'+$@"f = ;<%,$64( c-* 4;*%,M4f
5,'#4"-' -* (&( 'O'(F 0,*( ;&(#,* *" ;4 ;&"4? ,*(9;4"-', *" *; (';? $"#*;$%*"+$4 *" *;
K'65,*? B&*,C4 *" *; E$*"#'? (45', *" *; 4%&4 = +4;', *" *; B&*%'F G$" \$? cY 1$'(4f? #'-' *;
&"$E*,(' *(#4,M4 -*(9,'E$(#' -* (& (&(#4"+$4F

PYf

0(4( K&*(#*( *(#,*;;4-4( W&* -*465&;4" 9', *; +$*;'? *(#4 4#6@(B*,4 W&* -4 4 ;&C 4; 4%&4?
*(#4 GK*(K4U"4%4 `&"4 (*,9$*"#* 6M#$+4b W&* ('(#$*"* ;4 #$*,,4? *; 4$,* W&* (* 6&*E* = *(#*
B&*%' W&* 5,$;;4 +'" ;;464(? #'-'( *;;'(? Y h4-,*? *3$(#* (';' 9', \& +'64"-'F

PNf

Y D$O4 -* ;4 6'"#424 `D$64;4=4b? +&4"-' #* +'"#,4(#*( c*( -*+$,? #* ,*#$,*( 4 #$ 6$(6'f?


*"#'"+*( "' #$*"*( "'65,* "$ B',64? 6<( 4;;< -* ;4 ,4C@" = *; ;*"%&4O* `$F*F $"4++*($5;* 4;
$"#*;*+#' =? 9', ;' #4"#'? $"*39,*(45;* *" 94;45,4(fF I&4"-' #* *394"-*( 4 #$ 6$(6' `$F*F
6&;#$9;$+<"-'(* 4 (M 6$(6' +'6' "4#&,4;*C4f? *"#'"+*( (* K4+* 6<( B<+$; +'"#4, (&(
"'65,*( = B',64(F

PPf

Y 1$'(4? K'65,*( O&(#'(? W&* #* ,$"-*" K'6*"4O* 9', c&"4 E$-4f -* ,*4;$C4+$@" c#4"#'
#*69',4; +'6' *(9$,$#&4;f *"+&*"#,4" 4 6$;*( -* 84j(K6$( c1$'(4( -* ;4 H$W&*C4 = *;
!9,*"-$C4O*f '5*-$*"#*( 4 +4-4 &"' -* (&( ($%"'( c4 +4-4 ;*E* B,&"+$-' -*; +*2'f? = 94(*
;4,%4( E$-4( -* -$E*,($@"? -$E$,#$d"-'(* +'" 6'"#M+&;'( B',64-'( 9', 6$,M4-4( -* %*64(
IK$"#464"$ c9$*-,4 B$;'('B4; W&* +'"E$*,#* #'-' *" ',' ' +'"+*-* #'-' -*(*'f *" O4,-$"*(
;;*"'( -* <,5';*( .4;94 c<,5';*( -*; 94,4M(' W&* +&69;*" #'-'( ;'( -*(*'(fF

PVf
Y >'5*,"4"#* -*; /"$E*,('? 4; $%&4; W&* *; +4;',? +4&(4-' 9', ;'( 6L;#$9;*( ,4='( -*; (';?
*( ,*-&+$-' 9', ;4( -&+K4( #465$d" 9,'E'+4-4( 9', d; c*( -*+$,? *; (';f? -* ;4 6$(64
64"*,4? Y 1$'(4? (';' *,*( \L? W&* 4 #,4Ed( -* \& 84 %,4+$4 (';4 *( +494C -* -*(#,&$, #'-'
*; (&B,$6$*"#' -* ;4 *3$(#*"+$4 W&* #465$d" *(#< (&5',-$"4-' 4 \& E';&"#4- c*( -*+$,?
+4&(4-' 9', \$fF

PXf

JK 1$'(4? *,*( *; GK4j#$ cA'-*,f -* GK$E4 c*; I,*4-',f? W&* #$*"* ;4 ;&"4 *" G& B,*"#*F \L
*,*( G& +&*,9'? ;'( (*"#$-'(? ;4 6*"#*? *; $"#*;*+#'? *; 9'-*, -* 4++$@" = *; K4+*-', -*
'5,4(F \L *,*( *; -*(*'? *; %'5$*,"' = #465$d" *; *"%42'F \L *,*( (& ,*B&%$' +'6'
#465$d" *; E*;' W&* *(+'"-* ;4 ,*4;$-4-F nk&d K4= W&* "' 5,'#* -* #$p

P]f

G* K45;4 -* #$ +'6' $"*,+$4 *" ;4 #$*,,4? (&(#*"#' *" *; 4%&4? *"+4"#46$*"#'( 'B,*+$-'( *"
*; B&*%'? #,4"W&$;$-4- *" *; 4$,*? 94C (&9,*64 *" *; d#*,F 8'( #,*$"#4 = (*$( \4##E4(?
c*;*6*"#'( +'"(#$#&#$E'( -* ;4 +,*4+$@"f W&* 64"$B$*(#4" *; &"$E*,('? ('" \& 9,'9$'
*(#4-' =? ($" *654,%'? *(#<( 6&= 9', *"+$64 -* #'-'( *;;'(? zJK h4-,* !B*+#&'(4{

PRf

JK \L? H*B&%$' -*; h&"-'? 6$*"#,4( \&( -'( 9$*( -* ;'#' "' 4+*9#*" &" ;&%4, *" *;
+',4C@"? ;4( -$(9&#4( 9';d6$+4( +'69;$+4-4( = #',#&'(4( +4&(4-4( 9', *; E4,$4-'
9*"(46$*"#' -* ;'( *39'"*"#*( -* -$B*,*"#*( +&;#'( = (*+#4( "&"+4 9&*-*" ;;*%4, 4 (&
B$"F

P_f

Y A4,E4#$? 4W&*;;'( c='%&$(f W&*? K4+$*"-' -* (& 6*"#* *; ('5*,4"' -* #'-'( (&( (*"#$-'(?
-$,$%*" c*; B;&O' -*f (& A,4"4 = !9424 cB;&=*" 4 #,4Ed( -* ;'( +46$"'( -* ;4( 1*$-4-*( = ;'(
h4"*(? *( -*+$, ;'( +46$"'( -*; ;4-' -*,*+K' = -*; ;4-' $CW&$*,-'f? 4 #,4Ed( -* \& +46$"'
c*" *; 6*-$'? *( -*+$,? G&(K&6"4f? (';' *;;'( 9&*-*" #'64, 4($*"#' *" ;4( +45*C4( -* ;'(
+$"+' .4,"4( c[,4K64? g$(K"&? H&-,4? G4-4UGK$E4
G4-4UGK$E4 * 7(KE4,4? *( -*+$,? (* E&*;E*" 4L" 6<(
%,4"-*( W&* *(#'( -$'(*(fF

PQf

JK 1$'(4? $"+;&(' *" \&( B',64( %,'(*,4( +'6' ;4 -* ;4 #$*,,4? *; 4%&4? *#+F? &" 64*(#,'
-* ;4 *;'+&*"+$4 +'6' [,4K64 "' K4 9'-$-' -*(+,$5$, \& %;',$4F nI@6'? *"#'"+*(? 'K
h4-,*? 4%&4"#4( *(#' c6$ K$6"' -* 4;454"C4 64; +'69&*(#'fp

PZf

JK h4-,*? 4W&*;;'( W&* 6*-$#4" *" \$ +'6' *; 9&,$B$+4-', -* ;'( (*$( +46$"'(? 4,-$*"-'
+'6' 6$;;'"*( -* B&*%'( -*(#,&+#$E'( * $"&"-4"-' *(#'( 6&"-'( +'" ;4 #',,*"+$4; ;;&E$4
-* "d+#4,? +'6' #465$d" &"4 -'"+*;;4 *" 9;*"4 O&E*"#&- +'" (*"'( 45&;#4-'(? ;*( #,4*(
9;*"$#&-F ? = 4(M (* +'"E$*,#*" *" 64*(#,'( -*; 6&"-'F

VYf
Y h4-,*? 4;%&"'( c-* \&( -*E'#'(f #* ;;464" +'6' I'"'+$6$*"#' G&9,*6'? 4;%&"'(
+'6' ;4 4#6@(B*,4 *"E';E*"#*? 4;%&"'( +'6' c;4 B&*"#* -* ;4 -$+K4f = 4;%&"'( +'6' h4=4
c*; E*;' -* ;4 $;&($@"f? 6$*"#,4( W&* '#,'( #* E*" +'6' *; /"$E*,(' = 4L" '#,'( *" ;4 B',64
-* &" >&,& cW&* *(f +'694($@" $;$6$#4-4 9*,('"$B$+4-4F

VNf

JK h4-,* -* #'-'( ;'( 6&"-'(? n9', W&d K45;4, 6<( c('5,* \&( 4#,$5&#'(fp :&*(#,4
L"$+4 ',4+$@" *( cW&*f A&*-*( 64"$B*(#4,#* *" \& (&9,*6' 4(9*+#' 4C&; '(+&,'? +'6'
&"4 %,4" +4"#$-4- -* "*"LB4,*( 4C&;*( +'" *; +45*;;' ,$C4-'? KL6*-'? 5,$;;4"#* = ,'O$C' =
+'" ;'( 9*+K'( ('5,*(4;$*"#*( +';%4"-' -* \& K*,6'(4 +$"#&,4F

JK h4-,* -*; /"$E*,('? \L 5,$;;4( +'6' ;4 ;&"4 94,4 -$($94, ;4 '(+&,$-4-? *; 6$*-' = ;4
B$*5,* -* ;4 E$-4 *"+4,"4-4F \'-'( *(#'( (*%&$-',*( -* -$B*,*"#*( +,*-'(? *" ;4 '(+&,$-4-
('5,* \& "4#&,4;*C4 ,*4;? -$(9&#4"-' *"#,* (M? #,'9*C4"-' = K&"-$d"-'(* 6<(
9,'B&"-46*"#*
9,'B&"-46*"#* *" ;4 ,*- -* \& $;&($@"? $"-*B*"('( 94,4 (4;E4,(*? $, 4 ;4 -*(#,&++$@"F A*,'
"'('#,'( `\&( -*E'#'(b? $"+;$"<"-'"'( 4"#* \$? 5&(+46'( \& 9,'#*++$@"? JK G'5*,4"' -*
;'( 6&"-'(F

Nf

cY 1$'(4f W&* *(#<( 6<( 4;;< -*; 4;+4"+* -*; D45;4 = ;4 8@%$+4? +494C 9', \& 9,'9$4 *(*"+$4
-* -*(9*,#4, c\&( -*E'#'(f 4; ,*$"' `$"#*,"'b -* ;4 S*;$+$-4- G&9,*64 `I'"+$*"+$4 -*
GK$E4b? 5,$;;4"-' +'" *; 5,$;;' -*; ;'#' 4C&; ? -$%"' -* 4-',4+$@" $"+;&(' 9', ;4 1*$-4-
G&9,*64? GK$E4? -'5;4-'( +'" *; 9*(' -* \&( %,4"-*( = 9*(4-'( (*"'(? ,*"-$6'(
K'6*"4O* 4 \& B4(+$"4"#* *(9;*"-', W&* *(#< 6<( 4;;< -*; 4;+4"+* -* ;4 6*"#* = 6<( 4;;<
-*; 9'-*, -*; ;*"%&4O* 94,4 -*(+,$5$,F

Pf

I'" *; +';;4, -* ;4( (*6$;;4( ,'O4( -*; 4,5&(#' >4"O4 +';%4"-' c-* \& +&*;;'f *"#,* \&(
E';&6$"'('( (*"'(? 5,$;;4"-' +'" *; %'#*'? 9*W&*24( %'#4( -* (&-',? W&* (* 4(*6*O4" 4;
5,$;;' -*; ;'#' 4C&;? \L? E*(#$-' +'6' &"4 +4C4-',4 `GK4E4,$ b? ($%&$@ 4 GK$E4? ;$(#' *" (&
949*; -* +4C4-',? 94,4 5,$"-4, 9,'#*++$@"
9,'#*++$@" 4 !,O&"4? = 6$ ,*E*,*"+$4 4 \$ &"4 = '#,4 E*CF

Vf

8'( -$4;d+#$+'(? W&* (* 4,,4"+4" *; 9*;' &"'( 4 '#,'( *" &"4 -$(9&#4? *(#<" +'"-*"4-'( 4
9*,*+*, c#*,6$"4" *" +4'(f? 6$*"#,4( W&* ;'( $;&6$"4-'( &(4" 6d#'-'( ,*9;*#'( -* B*?
-*E'+$@"? 46', = K&6$;-4-F cA', *(#4 ,4C@"f Y A4,E4#$? cD$O4 -* D$64;4=4f? #*" 9$*-4- -*
"'('#,'(? ,*Ed;4#* 4"#* "'('#,'(? +'"+d-*"'( ,*B&%$' 6$*"#,4( "&*(#,4( 6*"#*(?
-*(9,'E$(#4( -* 49'='? ,&*-4" 4W&M = 4;;< c*( -*+$,? *(#<" +'"B&"-$-'(f *" *(#4
$"&"-4+$@" *"E';E*"#* c-* 9';d6$+4(fF

Xf
:$"%L" (*, K&64"' 9&*-* (45*,? h4-,*? +&<"-'? +@6' = -@"-* *(#* c+&*,9' "&*(#,'f
(* +'"E*,#$,< *" 4;$6*"#' 94,4 9*,,'(? 94,4 54"-4-4( -* 9<O4,'( ' 94,4 B&*%'F A', ;'
#4"#'? 454"-'"4 $"6*-$4#46*"#* \& +'"B$4"C4 *" *(#* +&*,9' = 5&(+4 ,*B&%$' *" ;4
h4-,*F -*; &"$E*,('F

]f

JK 1$'(4? W&* "' #$*"* 9,$"+$9$' "$ B$"? 4&"W&* 49,*+$4 +'69;*#46*"#* \& 49*%' 4 ;4 :'U
1&4;$-4- cW&* +'";;*E4 &" 49*%' $"4;#*,45;* 4; G*2', GK$E4f 4L"? ;;*"' -* 46',? #* &"$(#*
4 #$ 6$(6' *" *; 64#,$6'"$' +'" GK$E4 = 4&"W&* *,*( *; 9,'%*"$#', -* #'-4( ;4( +,$4#&,4(F
G$" *654,%'? \L 6$(6' "4+$(#* +'6' D$O4 -*; D$64;4=4? *(#* *( *; 4(9*+#' *"+4"#4-', -*
\& >,4" 1,464 -* ;4 I,*4+$@"F

Rf

JK 1$'(4 $;&(#,*? K4= 4;%&"'( W&* #* -*+;4,4" ,*4; c9*,*""*6*"#* *3$(#*"#*fF D4= '#,'(
W&* #* ;;464" $,,*4; c#,4"($#',$'fF \'-4EM4 K4= '#,'( 9*"(4-',*( $"#*;$%*"#*( W&* #*
9,'+;464" ,*4; * $,,*4;F c!94,#* -* *(#'(f? #'-4EM4 K4= '#,'( (45$'( (45$'( W&* ('(#$*"*"
W&* \L "' *,*( "$ H*4; "$ 7,,*4;F Y 1$'(4? Y \L I'"(',#* -* GK$E4? #'-' *(#' "' *( 6<( W&*
;4 64"$B*(#4+$@" -* \& 9'-*, $;&(',$'F

_f

I'" *; 5,$;;' -* 6$;;'"*( -* ,*;<694%'( +',#4"-' \& +46$"' 4 #,4Ed( -*; -*"(' 5'(W&*
-* (*$( "&-'( c;'( (*$( +K4j,4( *" *; *O* *(9$"4;f? ,'+$4"-' "d+#4, c*" \& +46$"'fF
H*%,*(4(#* 94,4 *"#,4, *" \& 6',4-4 c*" *; h&;4-K4,4fF [,$;;4"-' +'" ;'( #,*$"#4 = '+K'
,4='( -* ;&C +'69;*#'(? ;&6$"'('( +'" #& #*C 4C&; '(+&,' = +45*;;' +4(#42'? K4%' &"4
$"+*(4"#* ,*E*,*"+$4 4 *(#* B*"@6*"' L"$+' = ,4,46*"#* E$(#' -* \K$"* c&"4 .&"-4;$"$
4+#$E4-4 *" *; 9,'+*(' -* (& 4(+*"(' 4 G4K4(,4,4 = ,*%,*(' -* E&*;#4 4 h&;4-K4,4 *" ;4
54(* -* ;4 +';&6"4 E*,#*5,4;fF

Qf

/5$+4-' *"#,* ;'( ;'#'( -* +&4#,' = (*$( 9d#4;'( ch&;4-K4,4 = GE4-$(K#K4"4f? 4; B$"4; -* ;4
+4E$-4- -*; 9&-*"-4 c*( -*+$,? *"#,* *; ,*+#' = ;'( @,%4"'( %*"$#4;*(f? (* *",'(+4 #,*(
E*+*(? ,4-$4"#* +'" &" *(9;*"-', $;$6$#4-'? +'6' *; -*; (';F ? B&*%' ' ,4='(F A,$6*,'
9*,B',4( *; ;'#' -* (*$( 9d#4;'( cGE4-$(K#K4"4f? # ;&*%'? *; -* -$*C 9d#4;'( ch4"$9&,4f?
;&*%' *; -* -'+* 9d#4;'( c!"4K4#4f? ;&*%' *; -* -$*+$(d$( 9d#4;'( cg$(K&--K4f = ;&*%' *;
-* -'( 9d#4;'( c!O"4 +K4j,4 *" \& +46$"' 4 [,4K64U,4"-K,4fF Y A4,E4#$? cD$O4 -*;
D$64;4=4f? "&*(#,4 ,*E*,*"+$4 4 \$F

Zf
zJK? \'-'9'-*,'(' #*O*-', -* $;&($'"*( {? K4= 4;%&"'( W&* #* -*+;4,4" -* ;4 "4#&,4;*C4
-* .&;4 c*; &"$E*,(' 64"$B*(#4-' +'69&*(#' -* #,*$"#4 = (*$( #4##E4(fF !;%&"'( '#,'(
(45$'( #* +'"($-*,4" !j&;4 c"' 64"$B*(#4-'? *( -*+$,? 6<( 4;;< -*; 6&"-' '5O*#$E'fF !L"
'#,'( #* 4+;464" +'6' .&;4!j&;4 c64"$B*(#4-' = "' 64"$B*(#4-' 465'(f? 6$*"#,4( W&*
'#,'( #* +,**" +'6' ;4 1*$-4- -* .4&;4( c*; (*%&$-', -*; +46$"' -* ;4 $CW&$*,-4fF A*,'
#'-4EM4 K4= '#,'(? c*" (45$-&,M4f? 9', *"+$64 -* *(#4( +&4#,' +4#*%',M4(? W&* #*
+'"($-*,4" L"$+' * $"-*(+,$9#$5;*F 0"#'"+*(? n+@6' cY 1$'(4f 9'-*6'( +'69,*"-*, \&
"4#&,4;*C4 ,*4; +'" +*,#*C4p

NYf

[,$;;4"-' +'" *; 5,$;;' -* 6$;;'"*( -* (';*( *" *; 6'6*"#' -* ;4 1$(';&+$@"? +'" \&
*(9;*"-', !,-$(#* 94,4 W&*64, *; 5'(W&* +'" ;4( (*$( ,&#4( c*; 6&"-' -* $;&($@" +,*4-'
9', +$"+' (*"#$-'( = ;4 6*"#*f -* 4W&*;;'( -*E'#'( +&=4( +45*C4( 9*,64"*+*" $"+;$"4-4(
*" \& ;'#'F 9$*( 64"$B$*(#46*"#* c94,4 *;;'(f ;4 %;',$4 -* ;4 $"+'694,45;* GK$E4 +'" ;4
,*B&;%*"+$4 -* \& B',64 -* ;'#'? -'5;4-4 +'" *; 9*(' -* ;'( (*"'( W&*? +'6' ;4 -*(#,*C4
-* GK$E4? *( ($*69,* E$+#',$'(4F

NNf

Y h4-,*? -*(+'"'+$-4 * $"6@E$; 4"#*(? *"#,4"-' *" *; +46$"' -*; 6*-$' cG&(K&6"4f?
#,4%4( 4 ;4 94,*O4? +'"'+$-4 +'6' *; G'; = ;4 8&"4? cA,4"4 = !9424 W&* B;&=*" *" AM"%4;4 *
7-4f = *" B',64 -* ;&C = B*;$+$-4- 4;+4"C4" ;4 94,#* (&9*,$', +*"#,' cG4K4(,4,4f 94,4 (*,
45(',5$-' 4;;MF I&4"-' ;;*%4(#* c4;;Mf \* W&*64(#* +'" *; B&*%' c-* 45(',+$@"f ;'(
*;*6*"#'( cW&* +'"(#$#&=*" *; 6&"-' = *; +&*,9'b W&* &"*" *; 4;64 *"+4,"4-4F c1* *(#4
64"*,4f *; u$E4 9', \& *; B4E', 4;+4"C4 *; *(#4-' -* GK$E4 ($" B',64 c'6"$9,*(*"#*fF

NPf

!W&*;;'( c-*E'#'(f W&* 6*-$#4" +'"(#4"#*6*"#* *" \$ +'" \&( *3#,*6$-4-*( -* +';',
4C&; '(+&,'? +'6' ;4 *",*-4-*,4 A,$=&"%4? E*(#$-4 -* ,'O'? W&* (* 94,*+* 4 (&( 5,'#*(
c($" 45,$,f? = \& B',64 -'5;4-4 +'" c*; 9*(' -*f \&( -'( (*"'( E';&6$"'('(? c 45&;#4-'(b
+'6' *"',6*( ,4+$6'( -* (& B,&#4 +'" B',64 -* 9*,;4? 4-',"4-4 +'" B;',*(
+'69;*#46*"#* B;',*+$-4(? *; '#',%4"#* -* #'-'( ;'( -*(*'(? +'6' ;4 *",*-4-*,4 W&*
+&69;* ;'( -*(*'(? *;;'( c*('( -*E'#'(? Y 1$'(4f 4;+4"C4" *; *(#4-' IK$"#464"$ c#'-'( ;'(
-*(*'(U %*64 (4#$(B4+#',$4b -* ;4 I'"+$*"+$4 -* GK$E4F

NVf

0,*( \L? Y -$'(4? W&$*" ;$-*,4( ;4 +',,$*"#* "*+#4,*4 W&* B;&=* -* ;4 -$(+$9;$"4 6*#@-$+4
c=@%&$+4f W&* ;;*E4 *; :4-4 G&9,*6' cG'"$-' I@(6$+'f? -* ;'( +&4;*( ;'( (*$( \4"#,4( ('"
;'( ,*6';$"'(? h&-,4( c9'($+$'"*( *(9*+$4;*( -* ;4( 64"'( ' *; +&*,9'fF b ('" ;4 *(9&64
$"*(#45;* c64(4 -*f? +'" $""&6*,45;*( B',64(? ;'( h4"#,4( ('" ;4 (*,$* $"#*,6$"45;* -*
';4(? = ;4( 1*$-4-*( c$"E'+4-4( -&,4"#* ;4 9,<+#$+4f ('" ;'( +4$64"*(? *" *; '+d4"'
465,'($4; ($*69,* B,*(+' -* ;4 I'"+$*"+$4 -* GK$E4F

NXf
Y h4-,*? +&<" %,4"-* *( #& %;',$4 W&* 4 9*(4, -* (*, #,4%4-4 9', ;4 #$*,,4? *; 4%&4? *;
B&*%'? *; 4$,*? ;4 6*"#*? *; ('; = ;4 ;&"4 c*( -*+$,? 4&"W&* *"E&*;#4 9', #'-'( *(#'(
*;*6*"#'( *" *; u$E4 *"+4,"4-'f? *" #& *(#4-' (&9*,B$"' -* +$*;' c*394"-$-'f I'"+$*"+$4?
4;;M "' (* *"+&*"#,4 "$"%L" ,4(#,' -* "$"%&"4 -* *(#4( *"E';#&,4( *"E';E*"#*(F

N]F

Y h4-,*? #'-4 *(#4 +,*4+$@" -* (*,*( K&64"'(? 5*(#$4(? 9<O4,'( = c-*6$f -$'(*( cW&*
+'69,*"-* ;'( #,*( 6&"-'(f (* ,*E&*;+4 *" ;4( 9,'B&"-$-4-*( -*; '+d4"' -* ;4
*3$(#*"+$4? (4+&-$-4 K4+$4 4,,$54 = K4+$4 454O' 9', $""&6*,45;*( ';4( +4&(4-4( 9', ;'(
#,*( >&"4( cG4##E4? H4O4( = \464(fF A*,' &"4 6$,4-4 +'694($E4 -* B4E', -* \$ cY 1$'(4f
*" +&4;W&$*,4 -* ;4( +,$4#&,4( *"+4,"4-4( c(*,*( K&64"'(f 9&*-* '#',%4,;*
$"(#4"#<"*46*"#* ;4 -$+K4 (&9,*64 -* ;4 4&#',,*4;$C4+$@"F 8'( (45$'( #* ;;464" ;4 h4-,*
-*; /"$E*,('? ;4 B&*"#* -*; #4;*"#' = ;4 (45$-&,M4 ? *; 9,$"+$9$' `-* ;4 +,*4+$@"b? ;4 -'+#,$"4
*(#45;*+$-4? ;4 9*,+*9+$@"? ;4 *"*,%M4 4,6'"$C4-',4? *; (45*, *(9$,$#&4;? *; 9,*+*9#',? ;4
#,4-$+$@"? ;4 K&6$;-4-? *; 9,*+*9#'? ;4 4&#',$-4-? ;4 ;$5*,4+$@" B$"4;? *; 9'-*, ('5,*K&64"'
('5,*K&64"'
6<( *;*E4-'? *; (*+,*#' (&9,*6'? *; 6d#'-'? *; `#'-'b +'"'+$6$*"#' = +'" '#,'( "'65,*(
($6$;4,*(F

N_f

I'" *; +*(* -* `;4( $69,*($'"*( W&* ;;*%4" 4 #,4Ed( -* ;'( (*"#$-'( -*;b #4+#'? ('"$-'? *#+F?
= -*(9&d( -* *(' +'" ;4 *;$6$"4+$@" -*; +M,+&;' -* 9*"(46$*"#' =? 9'(#*,$',6*"#*? *" ;4
W&$*#&- -* ;4 *"#$-4- `='b? ;$5*,4-' -* ;4( ;$6$#4+$'"*( $69&*(#4( 9', *; `4%,*%4-' -* ;4
(*,$* -*b '+K' ('"$-'( `*( -*+$, *; 6&"-' -*; "'65,* = ;4 B',64f? 4 #,4Ed( -* ;4 ; 4 %,4+$4 -*
GK4j#$? ;'( ='%&$( 9,&*54" `;4 -$+K4 -*b ;4 +'"-$+$@" (&9,*64 -* *(* 9;4"' -* +'"+$*"+$4
9,'B&"-'? B<+$;6*"#* 9*,+*9#$E' = 4&#'9*,+*9#$5;* W&* (* +'"'+* +'6' *; 0(#4-' GK$E4F

NQf

Y \L? W&* &(4( ;4 B',64 -* ;4 [$*"4E*"#&,4"C4 G&9,*64? *; $"+'"6*"(&,45;* ('5*,4"'


GK4j#$ cA'-*,f -*; G*2', GK$E4? $"(#$"#' +'" +'"'+$6$*"#' (&9,*6' = +'694($@" $;$6$#4-4?
;4 I,*4#,$3 -* #'-'( ;'( (*,*(? ;4 [4(* (&(#*"#4-',4 -* ;4 G&9,*64 h',4-4? ('" (';' \&(
4-',4-',*( W&$*"*( 9*,64"*+*" c*" *W&$;$5,$'f =4 (*4 *" ;4 E$-4 6&"-4"4 ' +&4"-' (*
;$5*,4 c-* *;;4fF

NZf

D45$*"-' 45(',5$-' *; &"$E*,(' *" *; +&*,9' c-*5$-' 4; +$*,,* -* ;'( *(#M6&;'(


9,'E*"$*"#*( -* ;'( (*"#$-'(f? *; +&*,9' #465$d" *" *; +',4C@" c6*"#*f? *; +',4C@" *" *;
=' c+'"+$*"+$4 -*; *%'f? *; [$"-&U(&(#4$"* - c*( -*+$,? "' -$6*"($'"4;f &"' 6$(6'
#465$d" *" *; 9;4"' +'"+*"#,4-' +'"'+$-' +'6' :4-4 c-'"-* +'6$*"C4 4 *(+&+K4,(* *;
G'"$-' I@(6$+'f? W&* :4-4 #465$d" *(#< *" ;4 *(B*,4 -*; +'"'+$6$*"#' G&9*,"4; = W&*
*" *; *(#4-' ('5*,4"' -* ;4 [$*"4E*"#&,4"C4 G&9,*64? cY \L? 1$'(4 f W&$*"*( ('" -* ;4
B',64 -*; +$*;' 9'-*,'(' c+'"+$*"+$4 *394"-$-4 +'6' *; +$*;'f *;;'( c\&( -*E'#'(f W&* #*
+49#&,4" c*" *(#4 B',64f ('" ($*69,*
( $*69,* E$+#',$'('(F

PYf
Y \L? W&* *,*( *; I@-$%' -* I'"-&+#4 c*" '5(*,E4"+$4( ,*;$%$'(4(f? *; H*9'($#',$' -* #'-'
I'"'+$6$*"#'? *,*( 49#' 94,4 (*, +'69,*"-$-'? ;4 S&*"#* -* #'-4( ;4( 1'+#,$"4(
0(#45;*+$-4(? *; !&#', = ;4 k&$"#4*(*"+$4 -* ;'( g*-4(? ;4 h$"4 -* ;4( h4,4E$;;4(? *; J,$%*"
-* 0; /"$E*,('? *; A'-*, I'"#,';4-', -*; G*2', GK$E4? ;4 A,$64E*,4 -* #'-4 ;4 h',4;$-4-?
;4 h',4-4 -* ;4 I'"+$*"+$4 -* GK$E4 = *; 7"(#,&6*"#' -* /"$-4- +'" T;? Y h4-,*? W&* *,*(
c$"(*94,45;* -*f GK$E4? B<+$;6*"#* 4;+4"C45;* 4 #,4Ed( -* ;4 K&6$;-4-? "'( '#',%4 c ;4
5*"-$+$@" -*f -*E'+$@" $"+'694,45;* K4+$4 \$F

PNf

Y h4-,*? #'-' B&* 4 #,4Ed( -* \$? +'6' *; GK4j#$ cA'-*,f W&* ($*69,* *(#&E' *" GK$E4?
W&* GK4"j4,4 cG*2', GK$E4f 9&-' +',#4, ;4 +45*C4 -* [,4K64 c*; I,*4-', -*; /"$E*,('f

= L(4;' +'6' &" #4C@" `-* 6*"-$+$-4-b *" (& 64"'F !-*6<(? -*(9&d( -* #,4"(B$%&,4, 4
g$(K"& `*; I'"(*,E4-', -*; /"$E*,('b +'" (& #,$-*"#*? 9&-' +';'+4,;' +'6' &" 4-',"' *"
(& K'65,' c*( -*+$,? ;;*E4, (& +&*,9' +';%4-' ('5,* (& K'65,'f = 4-',"4, (& 9,'9$4
%4,%4"#4 `+'" &"4 64,+4 4C&;b 4; #,4%4, *; E*"*"' `K4;4K4;b `*( -*+$,? B&* +494C -* ,*($(#$,
*; *B*+#' ;*#4; -*; E*"*"' #*,,$5;* W&* (&,%$@ -*; J+d4"' +&4"-' B&* 54#$-' 9', ;'( 1*E4(
= ;'( !(&,4(bF

PPf

Y h4-,*? Y A4,E4#$ cD$O4 -*; D$64;4=4f? 54O' *; "'65,* -* [,4K64? \L #,4*( ;'( #,*(
6&"-'( 4 ;4 *3$(#*"+$4? 54O' *; -* g$(K"&? \L ;'( ('(#$*"*( =? 54O' ;4 494,$*"+$4 -* H&-,4?
-*(#,&=*( ;' 6$(6'F \465$d" 4(&6*( *; *(#4-' -* 7(KE4,4
7 (KE4,4 c*; G'5*,4"' G*2', -* #'-'b =
*" ;4 B',64 -* G4-4UGK$E4? ,'69$*"-' *" 9*-4C'( ;4( +4-*"4( c-* ;4 7;&($@"f? +'"-&+*" 4
;4 I'"+$*"+$4 -* GK$E4 B*;$CF !&"W&* &"' c*" ,*4;$-4-f +'" \&( 9,'9$4( 6'-$B$+4+$'"*(
+,*4-4( 9', #$ 6$(6'? \* 64"$B$*(#4( *" $"+'"#45;*( B',64(

PVf

7"+;&(' ;'( (45$'( (4"#'(? Y h4-,*? W&* K4" 9&,%4-' 9', +'69;*#' (& 6*"#* -*; 49*%'
6&"-4"'? +'" (&( $"#*;*+#'( ('5,*+'%$-'( c9', \& *(9;*"-',f "&"+4 9&*-*" '5#*"*, *;
6<( 6M"$6' +'"'+$6$*"#' 4+*,+4 -* \$ c*( -*+$,? *; 4,#* "' 9&*-* *"#*"-*, \&
"4#&,4;*C4fF nA&*-*" ;'( /94"$(K4-(? W&* B',64" ;4 +','"4 -* ;'( g*-4(? = W&* ('"
*(*"+$4;6*"#* -$BM+$;*( c-* *"#*"-*,f *"+'"#,4, &" ;&%4, *" \&( 9$*( -* ;'#'
*3#,*64-46*"#* #$*,"'( = -*;$+4-'(? Y A4,E4#$ c*( -*+$,? $"+;&(' *;;'( "' 9&*-*"
+'69,*"-*, \& %;',$4 -*5$-' 4 (& "4#&,4;*C4 *(*"+$4;6*"#* ,*+@"-$#4f F

PXf

8'( O&(#'( c+'"'+*-',*( -* ;4( E*,-4-*( #,4(+*"-*"#4;*(f #* ;;464" 4 #$? Y 1$'(4? +'6' ;4
9;4"#4 ,4(#,*,4 -*; ,4=' c-*5$-' 4 ;4 (*,9*"#$"4? +&,(' *" C$%C4% W&* 4-'9#4 6$*"#,4(
4(+$*"-* 9', ;4 +';&6"4 E*,#*5,4;f? 9*,' *#*,"4 * $"B$"$#4? +'6' *; ,M' -*; "d+#4,? +'6'
*; 8&(#,* -* ;4 ;&"4 ($" 64"+K4(? +'6' h4=4UA,4j,$#$ $"('"-45;* ($" *; "&-' *",*-4-' -*
>&"4( cG4##E4? H4O4( = \464(f? +'6' I'"'+$6$*"#' 6<( 4;;< -*; K45;4? +'6' ;4 h4-,* -*;
/"$E*,(' $;$6$#4-' +'" (*"'( B$,6*( = 9,'#&5*,4"#*(? +'6' 84j(K6$ c;4 1$'(4 -*
9,'(9*,$-4-b = +'" '#,'( "'65,*( ($6$;4,*(F
P]f

Y A4,E4#$ cD$O4 -*; D$64;4=4f? *(#* (*, +'"(+$*"#* *"+4,"4-' c*; 6',#4; 9,'6*-$'f +'"'+*
(& +&*,9'? +'69&*(#' -* #$*,,4? 4%&4 = '#,'( *;*6*"#'(? *39*,$6*"#4"-' 9;4+*, = -';',?
4&"W&* *(#d 5$*" $"B',64-' c*" 4(&"#'( 6&"-4"'(f? 9*,' "' E*,(4-'F *" \&( -$(+$9;$"4(
"&"+4 *( +494C -* *;*E4,(* 9', *"+$64 -* (& +'"+$*"+$4 +',9',4; *%'M(#4F

PRf

0" *; 6'6*"#' *" W&* 6$ 94-,*? 6$ 64-,*? 6$ K*,64"'? 6$ *(9'(4? &" 46$%' 6&=
+4,$2'('? 6$ K'%4,? 6$ 9,'9$' +&*,9'? K$O'? 4($(#*"#* * $"+;&(' ;4 ,$W&*C4 6* 454"-'"4"?
*" *(* 6'6*"#' c-* 94,#$-4 -* *(#* 6&"-'f *,*( $"B$"$#46*"#* $"B$"$#'F >;',$'(4 h4-,*?
9', +'694($@" -$(9*,(<"-'(*

84 '(+&,$-4- cE$"+&;4"#*f -* ;4 $%"',4"+$4? *; 49*%' = *; 6$*-'? (* 64"$B$*(#4


$"(#4"#<"*46*"#* *" 6MF

P_f

JK h4-,* -* #'-'( ;'( (*,*(? *" E*,-4-? \& 9,$6*,' "4+$(#* +'6' ;4 D$O4 -* 14j(K4
c14j(K4 A,4O494#$f = ;&*%'? -*(+4,#4"-' *(4 4('+$4+$@" -*B*+#&'(4? :4+$(#* +'6' ;4 D$O4
-*; H*= -* ;4( h'"#424( cD$64;4=4fF i? Y G$" A,$"+$9$' = G'5*,4"' ($" B$" -* ;4 +,*4+$@"?
4&"W&* +'6' *; GK4j#$ cA'-*,f -* GK$E4? $"(*94,45;* -* T;? ($" *654,%'? \L? +'" *; EM"+&;'
-*; 64#,$6'"$'? 4(&6$(#* ;4 ,*;4+$@" -* G& I@"=&%*F nk&$d" 9&*-* *"#*"-*, *(#'? \&
$"+,*M5;* c6'-' -*f +'69',#46$*"#'p
+'69',#46$*"#'p

PQf

0; (';? ;4 ;&"4? *; B&*%' = '#,'( +&*,9'( ;&6$"'('( 5,$;;4" +'" &" B,4%6*"#' -* 8&C
*3#,*64-46*"#* 9*W&*2' c9,*(#4-'f -* \& *(9;*"-', $"B$"$#'F c!&"W&*f -*; G*2', GK$E4
4 ;4 #$*,,4 #'-' *; &"$E*,(' c+'69&*(#' -* #,*$"#4 = (*$( #4##E4( -* ;'( +&4;*( ;4 #$*,,4
,*9,*(*"#4 *; 9,$6*,' = GK$E4 *; L;#$6' \4##E4b *(#< +'"#*"$-' *" \& B',64 #,*( E*+*(
9;*%4-4 c+'6' .&"-4;$"$ #,*( E*+*( 9;*%4-4 W&* 9'(** ;'( #,*( 4#,$5&#'( -* G4##E4? H4O4(
= \464(f? 9*,' W&d *3#,42' *( W&* \L 6$(6' B;',*C+4( *" *; +',4C@" -* &" -*E'#'F

PZf

JK h4-,*? *(* 6$(6' GK465K& cGK$E4f W&* 9*,*""*6*"#* *" E$,#&- -* \$ cG& GK4j#$f *(
+494C -* +'69,*"-*,? *" E$,#&- -* \$ *( +494C -* +,*4,? = *" E$,#&- -* \$ *( +494C -*
-*(*4,? +&4"-' *" *; *(#4-' -* 4,6'"M4 c*( -*+$,? +&4"-' "' *(#< 9*,#&,54-' 9', *(#4
#,$9;* 4+#$E$-4-f 4;+4"C4 *; 0(#4-' G&9,*6' ($6$;4, 4; +$*;' c-* ;4 I'"+$*"+$4 /"$E*,(4;fF
1* *(#4 64"*,4? -*(+4,#4"-' *; *(#4-' +,*4#$E' ' $;&6$"4#$E'F 1'(# -*9',#* +'" d; c*(
-*+$,? +465$4, (& *(#4-' -* 4+&*,-' 4 #& 9;4+*,fF cY 1$'(4f n9', W&d *( 4(Mp

VYf
8' W&* K4 $-' 4"#*(? ;' W&* E*"-,< -*(9&d(? ;' W&* *(#< -*"#,' = ;' W&* *(#< 4B&*,4? ;'
$;$6$#4-' = ;' ;$6$#4-'? ;' 6<( %,'(*,' = ;' 6<( (&#$;? ;' 64"$B*(#4-' = ;' "' 64"$B*(#4-'?
;' 45$*,#' = ;' (*+,*#'? ;' +*,+4"' = ;' +*,+4"'F ;' -$(#4"#*? *; (*, = *; "' (*,? *" *(#4( =
'#,4( B',64( \L? cY 1$'(4f? *,*( E$(#' 9*,*""*6*"#* +'6' *; /"$E*,('F 0( *; 6'E$6$*"#'
c4+#$E$-4- +,*4#$E4f "4+$-' -* \$ 4 \& ',-*" ;' W&* #,4* *; I'(6'( c$"B$"$#46*"#* E4,$4-'f
*" (*,F

VNf

!(M +'6' ;'( ,4='( -* ;&C W&* (* *;*E4" -*(-* *; (';? +'6' ;4( +K$(94( 5,$;;4"#*( W&*
5,'#4" -*; B&*%'? +'6' ;4( %'#4( -* ,'+M' B',64-4( 9', ;4( ';4( '5(#,&$-4( W&* (* *;*E4"
-*(-* *; 9'-*,'(' '+d4"'? c(* ,*45(',5*" *" (& B&*"#*f?
B &*"#*f? -* ;4 6$(64 64"*,4? ;4 6&;#$#&-
-* *;*6*"#'( W&* (&5*" = (&5*" -* "&*E' +'" (&( 9,'9$'( %,&9'( *(*"+$4;*(
c+'"(#$#&=*"#*(f (* E*" B',C4-'( 4 +4*, *" ;4 W&$*#&- *" \$F \L *,*( [,4K64 c*; I,*4-',f?
g$(K"& c*; I'"(*,E4-',f = \L *,*( 64#*,$4? *; !;64 *"+4,"4-4? ;4 +'"+$*"+$4 -*; *%'F ? ;4
8&"4? *; G';? ;4 :4#&,4;*C4 c-* ;4( +'(4(f? *; G*2', -* ;'( u4$"( ch4K4E$,4f? *; (45$'
$;&6$"4-' c[&-4f? *; +$*;'? *; 4$,*? #465$d" GK$E4 = GK4j#$F A', *(#'( -$B*,*"#*( "'65,*(?
Y 1$'(4? *,*( 'M-' = ;;464-' 9', ;'( O&(#'(F

VVf

8'( 4B',#&"4-'( c5&(+4-',*(f W&*? *" E$,#&- -* ;4 h$(*,$+',-$4 $"K*,*"#* 4 \& "4#&,4;*C4
= c4 B4E', -*f &" 9,*+*9#', 9*,(9$+4C? *"#,4"-' *" (& 9,'9$' I46$"' cG&(K&6"4f? ('"
+494+*( -* ,'69*, ;4 '(+&,$-4- *"E';E*"#* -* ;4( (*$( ,&#4( c*( -*+$,? *; *3#*,$', $;&(',$'
6&"-' +,*4-' 9', ;'( +$"+' (*"#$-'( = ;4 6*"#*f? -* $"6*-$4#' #* +'"'C+' -$,*+#46*"#*
K4(#4 *; L;#$6' -M4 +'6' (& 9,'9$4 * $;&(#,* 1&,%4 *" B',64 -* +'694($@" $"+'"+*5$5;*
= -$+K4 (&9,*64 W&* K4+* W&* *; +&*,9' #465$d" (*4 4&(9$+$'(' c94,4 W&* 9&*-4 94,4
('(#*"*, ;4 ;;464 -* ;4 GL9*, I'"+$*"+$4 *"+*"-$-4 9', \$fF

VXf

JK 1$'(4 A'-*,'(4? \L *,*( GK$E4? \L *,*( GK4j#$? \L? ;4( 1'+#,$"4( 0(#45;*+$-4(? \L? *;
4;64? \L? ;4 $"$+$4+$@"? \L? *(#* c&"$E*,(' 64"$B*(#4-'f? \L? ;'( G$--K$( c-'"*( 9(MW&$+'(f?
+'6' !"$64 = *; ,*(#' c*( -*+$,? ;'( '+K' G$--K$( *( 9'($5;* 94,4 ;'( ='%&$(f? *,*( *;
4%,*%4-' -* >&"4( cG4##E4? H4O4( = \464(f? *,*( +'"'+$6$*"#' = #465$d" $%"',4"+$4F \L
c*" E*,-4-f *,*( #'-' = ;' W&* *(#< 6<( 4;;<F 8' W&* \4##E4 c*;*6*"#'f K4= cY 1$'(4f W&*
*( 494,#* = -$B*,*"#* -* \$? "' ;'
; ' 9*,+$5$6'(F

V]f

Y h4-,*? $"+;&(' -*(9&d( -* 4;+4"C4, *; *3+*;*"#* GK$E4? +'6' *; %,4+$'(' A,*+*9#', =


%4"4, *; ',-*" -* ;4 I'"+$*"+$4 -* GK$E4? 4; B$"4; -*; +$+;' -* "4+$6$*"#'(? +'6' ,*(&;#4-'
-*; +*(* -*; .4,64? '5#*"$-' *" $""&6*,45;*( *"+4,"4+$'"*( *" *; 94(4-'F JK 1$'(4?
6$*"#,4( &(4 *(#* +&*,9'? 94(d ;'( -M4( -* 6$ E$-4 *" +'6&"$@" +'"#$%'? +4"#4"-' #&(
4;454"C4( = ,*4;$C4"-' 4+#'( -* 4-',4+$@" 4 #$F

VRf
0" *(* ;'#' B;',*+$*"#* -* (*$( 9d#4;'( cGE4-$(K#K4"4f -* ;'( +&4;*( *; i'"$ c*; ;&%4, -*
%*"*,4+$@"f (* +'"'+* +'6' .4,"$j4 c*" B',64 -* B;*+K4f? = *" *; 6*-$' -* *(* i'"$ (*
E* &" A*-*(#4; *" B',64 -* !&6j4,4 c#,$<"%&;' f? = *" *; $"#*,$', -* *(* cA*-*(#4;f =4+*
*",';;4-' c.&"-4;$"$f? ;4 h4-,* -* #'-4 ;4 I,*4+$@"? -* +';', 4C&; '(+&,'? -'5;4-4 +'" *;
9*(' -* G&( -'( (*"'(? W&* *( '5O*#' -* &"4 $"+*(4"#* -*E'+$@" *" 6$ +',4C@"F

V_f

Y \L? ;4 I,*4#,$C -* ;'( \,*( h&"-'( W&*? 4&"W&* c*" ,*4;$-4-f /"'? #'-4EM4 *(#< c-$E$-$-4f
*" '+K' B',64( +'6' ;4 *"*,%M4 *" ;4 #$*,,4? *; 4%&4? *; B&*%'? *; 4$,*? *; d#*,? *; (';? ;4
;&"4 = *; *O*+&#', -*; (4+,$B$+$' c*; !;64 *"+4,"4-4 b? -'5;4-' +'" *; 9*(' -* \& (*"'?
9*,' 4L" ('(#*"$*"-' *; /"$E*,('? W&* \L 6* 9,'#*O4( =4 W&* *(' c\& 9,'#*++$@"b *( c*"
E*,-4-f $"-$(9*"(45;* c94,4 6MfF

M^

Vous aimerez peut-être aussi