El Pleno del Tribunal Constitucional, compuesto por doña

!
!
!
!
"#! $#%&'! (%#! )*+,-&.#! /'&01+1-2+'&.#3! 2'45-%01'! 5'*! ('6.! 7.*8.! "4+#+.! /.0.0!
9..4'&(%3!$*%0+(%&1.3!('&!:-+##%*4'!;+4<&%=!>?&2@%=3!('&!A+2%&1%!/'&(%!7.*18&!(%!B+C.03!
('&! ;.D+%*! E%#F.('! 9.**+'3! ('6.! "#+0.! $<*%=! A%*.3! ('&! "-F%&+! :.G! 7'&1.#D'3! ('&! ;'*F%!
H'(*8F-%=IJ.5.1.! $<*%=3! ('&! H.4K&! H'(*8F-%=! L**+,.03! ('&! $.02-.#! >.#.! >?&2@%=! G! ('&!
7.&-%#!L*.FK&!H%G%03!7.F+01*.('03!@.!5*'&-&2+.('!
EN NOMBRE DEL REY
!
#.!0+F-+%&1%!
!
SENTENCIA
!
"&! %#! *%2-*0'! (%! +&2'&01+1-2+'&.#+(.(! &M4N! OPQRISPPT3! +&1%*5-%01'! 5'*! &'D%&1.! G!
&-%D%!E+5-1.('0!(%#!:*-5'!$.*#.4%&1.*+'!$'5-#.*!(%#!/'&F*%0'!2'&1*.!(+D%*0'0!5*%2%51'0!(%!
#.!U%G!V*F?&+2.!TWSPPT3!(%!XY!(%!C-#+'3!(%!*%Z'*4.!(%#!"01.1-1'!(%!L-1'&'48.!(%!/.1.#-6.N!
B.&! 0+('! 5.*1%! %#! L,'F.('! (%#! "01.('3! %#! $.*#.4%&1'! (%! /.1.#-6.! G! %#! :',+%*&'! (%! #.!
:%&%*.#+1.1!(%!/.1.#-6.N!B.!0+('!$'&%&1%!#.!$*%0+(%&1.!('6.!7.*8.!"4+#+.!/.0.0!9..4'&(%3!
[-+%&!%\5*%0.!%#!5.*%2%*!(%#!)*+,-&.#N!
I. Antecedentes
XN! /'&! Z%2@.! ]X! (%! C-#+'! (%! SPPT3! ('&! ^%(%*+2'! )*+##'I^+F-%*'.! G! 7.*18&%=I/'&(%3!
E+5-1.('! (%#! /'&F*%0'! G! /'4+0+'&.('! 5'*! &'D%&1.! G! '2@'! E+5-1.('0! (%#! :*-5'!
$.*#.4%&1.*+'!$'5-#.*3!+&1%*5-0'!*%2-*0'!(%!+&2'&01+1-2+'&.#+(.(!2'&1*.!(+D%*0'0!5*%2%51'0!(%!
#.!U%G!V*F?&+2.!TWSPPT3!(%!XY!(%!C-#+'3!(%!*%Z'*4.!(%#!"01.1-1'!(%!L-1'&'48.!(%!/.1.#-6.N!
!
SN! $'*! 5*'D+(%&2+.! (%! S_! (%! 0%51+%4,*%! (%! SPPT! #.! >%22+K&! /-.*1.! .2'*(K! .(4+1+*! .!
1*?4+1%!%#!*%2-*0'!G!(.*!1*.0#.('!(%!#.!(%4.&(.!G!('2-4%&1'0!5*%0%&1.('03!2'&Z'*4%!%01.,#%2%!
%#!.*1N!]Q!UV)/3!.#!/'&F*%0'!(%!#'0!E+5-1.('0!G!.#!>%&.('3!5'*!2'&(-21'!(%!0-0!$*%0+(%&1%03!
!
S
G!.#!:',+%*&'3!5'*!2'&(-21'!(%#!7+&+01*'!(%!;-01+2+.3!.#!',C%1'!(%![-%3!%&!%#!5#.='!(%![-+&2%!
(8.03! 5-(+%*.&! 5%*0'&.*0%! %&! %#! 5*'2%(+4+%&1'! G! Z'*4-#.*! .#%F.2+'&%0N! L0+4+04'! 0%! .2'*(K!
(.*!1*.0#.('!.#!:',+%*&'!G!.#!$.*#.4%&1'!(%!/.1.#-6.3!5'*!2'&(-21'!(%!0-0!$*%0+(%&1%03!2'&!%#!
4+04'!',C%1'3!G!5-,#+2.*!#.!+&2'.2+K&!(%#!5*'2%(+4+%&1'!%&!%#!`9'#%18&!VZ+2+.#!(%#!"01.('a!G!
%&!%#!`E+.*+'!VZ+2+.#!(%!#.!:%&%*.#+1.1!(%!/.1.#-6.a3!#'![-%!0%!D%*+Z+2K3!*%05%21+D.4%&1%3!%&!#'0!
&M40N!SQX3!(%!Y!(%!'21-,*%!(%!SPPT3!G!Q_QT3!(%!SQ!(%!'21-,*%N!$.*.!0-!2'&01.&2+.!%&!.-1'03!%#!
7.F+01*.('!('&!"-F%&+!:.G!7'&1.#D'!@+='!2'&01.*!0-!'5'0+2+K&!.!#.!.(4+0+K&!.!1*?4+1%!(%#!
*%2-*0'!%&!#.!Z'*4.!%&![-%!0%!@.,8.!%Z%21-.('N!
!
E%!'1*'!#.('3!#.!>%22+K&!.2'*(K!2'&2%(%*!-&!5#.='!(%!(+%=!(8.0!5.*.![-%!#'0!E+5-1.('0!
[-%3!0%FM&!%02*+1'!Z%2@.('!%#!]X!(%!C-#+'!(%!SPPT3! 4.&+Z%01.,.&!0-!D'#-&1.(!(%!.(@%*+*0%!.#!
*%2-*0'3! .5'*1.0%&3! 0+! (%0%.,.&! 1%&%*! #.! 2'&0+(%*.2+K&! (%! *%2-**%&1%03! 5'(%*! &'1.*+.#! G!
.2*%(+1.*.&! [-%! 1.#! D'#-&1.(! 0%! Z'*4-#.,.! 2'&! *%05%21'! .! #.! U%G! V*F?&+2.! TWSPPT3! (%! XY! (%!
C-#+'3!.5*',.1'*+.!(%#!"01.1-1'!(%!L-1'&'48.!(%!/.1.#-6.3!1'(.!D%=![-%!%&!#.!('2-4%&1.2+K&!
.5'*1.(.!Z+F-*.,.!2'4'!&'*4.!*%2-**+(.!#.!5*'5-%01.!(%!*%Z'*4.!(%#!2+1.('!"01.1-1'N!
!
]N!7%(+.&1%!5*'D+(%&2+.!(%!Q!(%!'21-,*%!(%!SPPT!#.!>%22+K&!/-.*1.!.2'*(K!1%&%*!5'*!
5%*0'&.('! .#! L,'F.('! (%#! "01.('! G3! 0%FM&! +&1%*%0.,.3! 5*'**'F.*#%! %&! '2@'! (8.0! %#! 5#.='!
2'&2%(+('!%&!%#!5*'D%8('!.&1%*+'*N!
!
QN! $'*! %02*+1'! *%F+01*.('! %#! T! (%! '21-,*%! (%! SPPT3! %#! $*%0+(%&1%! (%#! /'&F*%0'! (%! #'0!
E+5-1.('0! 2'4-&+2K! .#! )*+,-&.#! [-%3! .-&! 2-.&('! #.! /?4.*.! &'! 0%! 5%*0'&.*8.! %&! %#!
5*'2%(+4+%&1'!&+!Z'*4-#.*8.!.#%F.2+'&%03!5'&8.!.!0-!(+05'0+2+K&!#.0!.21-.2+'&%0![-%!5-(+%*.!
5*%2+0.*N!
!
7%(+.&1%!%02*+1'!*%F+01*.('!%&!%#!)*+,-&.#!%#!XX!(%!'21-,*%!(%!SPPT3!%#!$*%0+(%&1%!(%#!
>%&.('! 2'4-&+2K! [-%! #.! /?4.*.! &'! 0%! 5%*0'&.*8.! %&! %#! 5*'2%(+4+%&1'! G! 'Z*%28.! 0-!
2'#.,'*.2+K&!.!#'0!%Z%21'0!(%#!.*1N!OONX!UV)/N!
!
$'*! 5*'D+(%&2+.! (%! X]! (%! '21-,*%! (%! SPPT! #.! >%22+K&! /-.*1.! .2'*(K! 1%&%*! 5'*!
5%*0'&.('0!.#!$.*#.4%&1'!G!.#!:',+%*&'!(%!#.!:%&%*.#+1.1!(%!/.1.#-6.!G3!0%FM&!+&1%*%0.,.&3!
5*'**'F.*#%0!%&!'2@'!(8.0!%#!5#.='!2'&2%(+('!%&!#.!5*'D+(%&2+.!(%!S_!(%!0%51+%4,*%!(%!SPPTN!
!
!
]
RN!"#!%02*+1'!(%!.#%F.2+'&%0!(%#!L,'F.('!(%#!"01.('!0%!*%F+01*K!%&!%#!)*+,-&.#!%#!S!(%!
&'D+%4,*%!(%!SPPTN!$'*!0-!5.*1%3!#.0!.#%F.2+'&%0!(%#!:',+%*&'!(%!#.!:%&%*.#+1.1!(%!/.1.#-6.!
0%! *%F+01*.*'&! %#! XP! (%! &'D+%4,*%! (%! SPPT3! %&! 1.&1'! [-%! #.0! (%#! $.*#.4%&1'! (%! /.1.#-6.! #'!
Z-%*'&!%#!(8.!X]!0+F-+%&1%N!
!
TN! /'&! #.! 4+04.! Z%2@.! (%! #.! (%4.&(.3! ]X! (%! C-#+'! (%! SPPT3! %#! /'4+0+'&.('! (%! #'0!
E+5-1.('0!*%2-**%&1%03!5*%0%&1K!-&!%02*+1'!5*'4'D+%&('!#.!*%2-0.2+K&!(%#!7.F+01*.('!(%!%01%!
)*+,-&.#!('&!$.,#'!$<*%=!)*%4503!5'*!%01+4.*![-%!%01.,.!+&2-*0'!%&!#.0!2.-0.0!(%!*%2-0.2+K&!
T3!XP3!X]!G!XT!(%#!.*1N!SXY!UV$;3!%&!*%#.2+K&!2'&!%#!.*1N!OP!UV)/N!
!
7%(+.&1%! 5*'D+(%&2+.! (%! _! (%! &'D+%4,*%! (%! SPPT! %#! $#%&'! .2'*(K! .,*+*! #.!
2'**%05'&(+%&1%!5+%=.!0%5.*.(.!(%!*%2-0.2+K&3!&'4,*.*!b&01*-21'*!(%#!+&2+(%&1%!.#!7.F+01*.('!
('&!;.D+%*!E%#F.('!9.**+'3!G!$'&%&1%!(%#!4+04'!.#!7.F+01*.('!('&!;'*F%!H'(*8F-%=IJ.5.1.!
$<*%=3! 0-05%&(+%&('3! (%! 2'&Z'*4+(.(! 2'&! %#! .*1N! SSRNQ! UV$;3! %#! 2-*0'! (%! #.0! .21-.2+'&%0!
5*+&2+5.#%0N!
!
"#! R! (%! Z%,*%*'! (%! SPP_! %#! $#%&'! (+21K! L-1'! &M4N! STWSPP_! .2'*(.&('! %01+4.*! #.!
*%2-0.2+K&! Z'*4-#.(.3! 5'*! .5*%2+.*! #.! 2'&2-**%&2+.! (%! #.! 2.-0.! X]! (%#! .*1N! SXY! UV$;N!
^'*4-#.*'&!A'1'0!5.*1+2-#.*%0!2'&2-**%&1%0!#'0!7.F+01*.('0!>*N!/'&(%!7.*18&!(%!B+C.0!G!>*N!
H'(*8F-%=IJ.5.1.!$<*%=!G!A'1'0!5.*1+2-#.*%0!(+02*%5.&1%0!#.!>*.N!$*%0+(%&1.!G!#'0!7.F+01*.('0!
>*.N!$<*%=!A%*.3!>*N!:.G!7'&1.#D'3!>*N!>.#.!>?&2@%=!G!>*N!L*.FK&!H%G%0N!
!
$'*! 5*'D+(%&2+.! (%! XQ! (%! Z%,*%*'! (%! SPP_! %#! $#%&'! .2'*(K! -&+*! .! #.0! .21-.2+'&%0!
1%01+4'&+'! (%#! L)/! STWSPP_! G! #%D.&1.*! #.! 0-05%&0+K&! (%#! 5*'2%(+4+%&1'! 5*%D+.4%&1%!
.2'*(.(.N!
!
$'*! 4%(+'! (%! %02*+1'! 5*%0%&1.('! %#! SX! (%! Z%,*%*'! (%! SPP_3! %#! E+*%21'*! (%#! :.,+&%1%!
C-*8(+2'! (%! #.! :%&%*.#+1.1! (%! /.1.#-6.3! %&! *%5*%0%&1.2+K&! G! (%Z%&0.! (%#! :',+%*&'! (%! #.!
:%&%*.#+1.13!+&1%*5-0'!*%2-*0'!(%!0M5#+2.!2'&1*.!%#!*%Z%*+('!L-1'N!$'*!L-1'!&M4N!XYSWSPP_3!(%!
SX! (%! 4.*='3! 0%! (%2#.*K! +&.(4+0+,#%! (+2@'! *%2-*0'! (%! 0M5#+2.N! ^'*4-#.*'&! A'1'! 5.*1+2-#.*!
2'&2-**%&1%!#.!$*%0+(%&1.!('6.!7.*8.!"4+#+.!/.0.0!9..4'&(%!G!#'0!7.F+01*.('0!('6.!"#+0.!
$<*%=!A%*.3!('&!"-F%&+!:.G!7'&1.#D'3!('&!$.02-.#!>.#.!>?&2@%=3!('&!7.&-%#!L*.FK&!H%G%0!
G!('&!H',%*1'!:.*28.I/.#D'!G!7'&1+%#N!
!
!
Q
_N!"&!0%&('0!%02*+1'0!*%F+01*.('0!#'0!(8.0!XX!G!X]!(%!'21-,*%!(%!SPPT3!%#!:',+%*&'!(%!
#.! :%&%*.#+1.1! (%! /.1.#-6.! G! %#! $.*#.4%&1'! (%! /.1.#-6.3! *%05%21+D.4%&1%3! 5*'4'D+%*'&! #.!
*%2-0.2+K&! (%#! 7.F+01*.('! ('&! H',%*1'! :.*28.I/.#D'! G! 7'&1+%#3! 5'*! @.##.*0%! +&2-*0'! %&! #.0!
2.-0.0!XP3!XX!G3!0-,0+(+.*+.4%&1%3!XT!(%#!.*1N!SXY!UV$;N!
!
$'*! L-1'! &M4N! ]YQWSPPT3! (%! _! (%! &'D+%4,*%! (%! SPPT3! %#! $#%&'! .2'*(K! +&.(4+1+*! #.!
*%2-0.2+K&! (%#! 7.F+01*.('! ('&! H',%*1'! :.*28.I/.#D'! G! 7'&1+%#N! ^'*4-#K! A'1'! 5.*1+2-#.*!
2'&2-**%&1%!#.!7.F+01*.(.!('6.!"#+0.!$<*%=!A%*.N!
!
ON! $'*! %02*+1'! 5*%0%&1.('! %&! %#! H%F+01*'! :%&%*.#! %#! S! (%! &'D+%4,*%! (%! SPPT3! ('&!
^%(%*+2'! )*+##'I^+F-%*'.! 7.*18&%=I/'&(%3! %&! 0-! 2'&(+2+K&! (%! L,'F.('! G! /'4+0+'&.('! 5'*!
2+&2-%&1.! G! -&! (+5-1.('0! (%#! :*-5'! $.*#.4%&1.*+'! $'5-#.*3! 5*'5-0'! #.! *%2-0.2+K&! (%! #.!
7.F+01*.(.!G!$*%0+(%&1.!(%#!)*+,-&.#!/'&01+1-2+'&.#!('6.!7.*8.!"4+#+.!/.0.0!9..4'&(%3!5'*!
2'&0+(%*.*! #.! 2'&2-**%&2+.! (%! #.! 2.-0.! 5*%D+01.! %&! %#! .*1N! SXYNXQ! UV$;3! %&! *%#.2+K&! 2'&! #.!
0%F-&(.!(%#!4+04'!5*%2%51'!#%F.#N!>%!&'4,*K!$'&%&1%!5.*.!*%0'#D%*!0',*%!(+2@.!*%2-0.2+K&!.#!
7.F+01*.('!('&!"-F%&+!:.G!7'&1.#D'N!
!
$'*! L-1'! &M4N! ]O]WSPPT3! (%! S! (%! &'D+%4,*%! (%! SPPT3! %#! $#%&'! (%#! )*+,-&.#! .2'*(K!
+&.(4+1+*!#.!*%2-0.2+K&!(%!#.!7.F+01*.(.!G!$*%0+(%&1.!(%#!)*+,-&.#!/'&01+1-2+'&.#!('6.!7.*8.!
"4+#+.! /.0.0! 9..4'&(%N! ^'*4-#K! A'1'! 5.*1+2-#.*! 2'&2-**%&1%! %#! 7.F+01*.('! ('&! ;'*F%!
H'(*8F-%=IJ.5.1.!$<*%=N!
!
YN!"#!(8.!S!(%!4.*='!(%!SPP_!1-D'!%&1*.(.!%#!%02*+1'!5*%0%&1.('!5'*!%#!L,'F.('!(%!#.!
:%&%*.#+1.1! (%! /.1.#-6.3! +&01.&('! #.! *%2-0.2+K&! (%#! 7.F+01*.('! ('&! ;'*F%! H'(*8F-%=IJ.5.1.!
$<*%=3!5'*!+&2-**+*!%&!#.!2.-0.!5*%D+01.!%&!%#!.*1N!SXYNX]!UV$;N!
!
$'*!5*'D+(%&2+.!(%!T!(%!4.*='!(%!SPP_3!%#!$#%&'!.2'*(K!-&+*!%#!%02*+1'!(%!*%2-0.2+K&!.!
#.0!.21-.2+'&%03!Z'*4.*!#.!2'**%05'&(+%&1%!5+%=.!0%5.*.(.!(%!*%2-0.2+K&3!&'4,*.&('!$'&%&1%!
.#! 7.F+01*.('! ('&! $.02-.#! >.#.! >?&2@%=3! G! 0-05%&(%*! %#! 2-*0'! (%#! 5*'2%(+4+%&1'! @.01.! #.!
*%0'#-2+K&!(%#!+&2+(%&1%N!
!
$'*! L-1'! &M4N! X__WSPP_3! (%! _! (%! 4.*='! (%! SPP_3! %#! $#%&'! .2'*(K! +&.(4+1+*! #.!
*%2-0.2+K&! (%! ('&! ;'*F%! H'(*8F-%=IJ.5.1.! $<*%=3! G! -&+*! .! #.0! .21-.2+'&%0! 1%01+4'&+'! (%#!
4+04'!L-1'3!#%D.&1.&('!#.!0-05%&0+K&!(%#!5*'2%(+4+%&1'N!
!
R
!
"#! (8.! XR! (%! 4.*='! (%! SPP_3! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! (%! /.1.#-6.! 5*%0%&1K!
*%2-*0'! (%! 0M5#+2.! 2'&1*.! %#! 4%&2+'&.('! L)/! X__WSPP_3! (%! _! (%! 4.*='N! )*.0! #'0! 1*?4+1%0!
'5'*1-&'0!0%!(+21K!%#!L-1'!&M4N!SSQWSPP_3!(%!XY!(%!.,*+#3![-%!.2-%*(.!(%0%01+4.*!%#!*%2-*0'!
(%!0M5#+2.!+&1%*5-%01'!5'*!%#!:',+%*&'!(%!#.!:%&%*.#+1.1!(%!/.1.#-6.N!
!
XPN!"#!%02*+1'!(%!*%2-*0'!2'4+%&=.!2'&!#.!%\5'0+2+K&!(%!#'0!2*+1%*+'0!0%F-+('0!5.*.!#.!
'*(%&.2+K&! (%! #.0! .#%F.2+'&%0! +45-F&.1'*+.03! [-%3! 5.*1+%&('! (%#! 2'&2%51'! (%! *%0%*D.!
%01.1-1.*+.3! 0%! 2%&1*.&! %&! %#! %\.4%&! (%! #.0! 4.1%*+.0! *%05%21'! (%! #.0! 2-.#%0! #'0! 5*%2%51'0!
+45-F&.('0! +&2-**+*8.&! %&! -&.! %\1*.#+4+1.2+K&! (%! #.0! Z-&2+'&%0! 5*'5+.0! (%! #.0! &'*4.0!
%01.1-1.*+.0! '! %&! #.! 0-01+1-2+K&! G! -0-*5.2+K&! (%! @.,+#+1.2+'&%0! 2'&01+1-2+'&.#%0! [-%!
2'**%05'&(%&!.#!#%F+0#.('*!%01.1.#3!5.*.!(%1%&%*0%!(%05-<0!%&!#.!+45-F&.2+K&!5.*1+2-#.*+=.(.!
(%! 2.(.! -&'! (%! #'0! .*182-#'0! %&! #'0! [-%! 2'&2-**+*8.&! 1.#%0! (%Z%21'0! (%! +&2'&01+1-2+'&.#+(.(N!
L(%4?0! (%! %01'0! ('0! F*.&(%0! 4'1+D'0! +45-F&.1'*+'03! %&! %#! *%2-*0'! 1.4,+<&! 0%! +&2#-G%&!
+45-F&.2+'&%0! *%Z%*+(.0! .! 5#.&1%.4+%&1'0! 2'&01+1-2+'&.#%0! (%#! "01.1-1'! G! .! 2'&2*%1'0!
5*%2%51'0!(%#!4+04'![-%!@.&!(%!4%*%2%*!-&!.&?#+0+0!%05%28Z+2'N!
!
U.!%\5'0+2+K&!(%!#'0!.&1%2%(%&1%0!(%#!5*%0%&1%!5*'2%(+4+%&1'!0%!.C-01.*?!.#!%0[-%4.!
(%! #.! (%4.&(.3! [-%! @.! 0+('! 1.4,+<&! %#! ',0%*D.('! 5'*! %#! L,'F.('! (%#! "01.('! G! 5'*! %#!
:',+%*&'!G!%#!$.*#.4%&1'!2.1.#.&%03!.F*-5?&('0%!#.0!.#%F.2+'&%0!(%!#.0!5.*1%0!.#*%(%('*!(%!-&!
.5.*1.('! (%! 2'&0+(%*.2+'&%0! F%&%*.#%03! .#! [-%! 0%F-+*?! %#! %\.4%&! 5.*1+2-#.*+=.('! (%! #'0!
(+01+&1'0! 5*%2%51'0! *%2-**+('03! '*(%&.('! %&! Z-&2+K&! (%#! 181-#'! (%#! "01.1-1'! %&! %#! [-%! 0%!
+&1%F*.&N!
!
Lc!Consideraciones generales!
!
XXN! $'*! #'! [-%! @.2%! .! #.0! 2'&0+(%*.2+'&%0! (%! '*(%&! F%&%*.#! .2%*2.! (%#! ?4,+1'!
2'&01+1-2+'&.#4%&1%! (+05'&+,#%! 5.*.! #'0! "01.1-1'0! (%! L-1'&'48.3! #'0! E+5-1.('0! *%2-**%&1%0!
0'01+%&%&! [-%! #.! '*(%&.2+K&! (%! #.! 5#-*.#+(.(! (%! #'0! 1+5'0! (%! #%G! 2*%.('0! 5'*! #.! /'&01+1-2+K&!
5.0.!5'*!0-!.*1+2-#.2+K&!.!5.*1+*!(%#!5*+&2+5+'!(%!2'45%1%&2+.3![-%!.1*+,-G%!.!2.(.!Z'*4.!#%F.#!
-&.! Z-&2+K&! 2'&01+1-2+'&.#! G! -&! ?4,+1'! 4.1%*+.#! 5*'5+'0N! "&! %#! 2.0'! (%! #'0! "01.1-1'0! (%!
L-1'&'48.3! %#! ('4+&+'! 4.1%*+.#! [-%! #%0! [-%(.! *%0%*D.('! D+%&%! (%Z+&+('! ,?0+2.4%&1%! 5'*! %#!
.*1N!XQ_NS!/"3![-%!%01.,#%2%!-&.!*%0%*D.!(%!"01.1-1'N!H%0%*D.!*%#.1+D.3!%&!-&!1*+5#%!0%&1+('d!%&!
5*+4%*!#-F.*3!#.!%&2'4+%&(.!2'&01+1-2+'&.#!%0!(%!48&+4'03!5%*'!&'!0%!%\2#-G%!#.!+&2#-0+K&!(%!
!
T
(%1%*4+&.2+'&%0! &'*4.1+D.0! 2'&%21.(.0! 2'&! %0%! 2'&1%&+('! 48&+4'e! .(%4?03! #.! /'&01+1-2+K&!
&'! +45+(%! [-%! #.! *%F-#.2+K&! %01.1-1.*+.! 0%.! ,?0+2.! G! 0%! .,*.! .! '1*.0! (%1%*4+&.2+'&%0!
&'*4.1+D.0! .-1'&K4+2.0! (%! +&Z%*+'*! *.&F'e! 5'*! M#1+4'3! .#F-&.0! (%! #.0! Z-&2+'&%0! &'*4.1+D.0!
%0%&2+.#%0![-%!%#!.*1N!XQ_NS!/"!.1*+,-G%!.#!"01.1-1'!0'&!2'45.*1+(.0!2'&!#.0!#%G%0!(%#!"01.('3!
%05%2+.#4%&1%!%&!4.1%*+.!(%!2'45%1%&2+.03!5-%0!%0!@.,+1-.#![-%!#.!/'&01+1-2+K&!%&2'4+%&(%!.!
#.0!#%G%0!%01.1.#%0!#.!Z-&2+K&!(%!2'45#%1.*!#.!(%1%*4+&.2+K&!(%!#.0!2'45%1%&2+.0!.-1'&K4+2.0N!
f! *%0%*D.3! 5'*! M#1+4'3! *%Z%*+(.! .! -&.! Z-&2+K&! 2'&01+1-2+'&.#! 5*'5+.! (%! #'0! "01.1-1'0! (%!
L-1'&'48.![-%!&'!%0!+&1%*2.4,+.,#%!2'&!#.0!Z-&2+'&%0!.0+F&.(.0!.!'1*.0!#%G%0!(%#!"01.('N!
!
L! %01%! *%05%21'! 0%! .#%F.! [-%! 5'*! 4?0! [-%! #'0! "01.1-1'0! (%! .-1'&'48.! 0%! .5*-%,%&!
4%(+.&1%!#%G!'*F?&+2.3!(.(.!#.!%05%2+Z+2+(.(!(%!0-!?4,+1'!4.1%*+.#!5*'5+'!g.*1N!XQ_NS!/"c!&'!
5-%(%&! 2-45#+*! #.! Z-&2+K&! *%0%*D.(.! .! '1*.0! #%G%0! '*F?&+2.0! g5'*! %C%45#'3! %&! #'0! .*10N! YSN]3!
XP_3!XXT!K!XSS!/"c3!%&!5.*1+2-#.*!.!#.0!(%#!.*1N!XRPNS!/"N!).45'2'!0'&!+&1%*2.4,+.,#%0!2'&!
'1*.0! #%G%0! '*(+&.*+.0! (%#! "01.('3! 5-%0! %&! 0-! 2'4%1+('! (%! 2'&2*%1.*! #.0! 2'45%1%&2+.0!
.-1'&K4+2.0!%01?&!2'&01+1-2+'&.#4%&1%!0-,'*(+&.('03!%&!'2.0+'&%03!.!#'![-%!(+05'&F.&!#%G%0!
,?0+2.03! #%G%0! 4.*2'! G! 5#.&%0! G! 5*'F*.4.0! [-%! %#! "01.('! @.G.! (%! %01.,#%2%*! 5'*! 4.&(.1'!
2'&01+1-2+'&.#!(+*%21'N!^+&.#4%&1%3!#'0!"01.1-1'0!1.45'2'!5'(*8.&!.0-4+*!#.!Z-&2+K&!5*'5+.!(%!
&'*4.0!(%!+&Z%*+'*!*.&F'3!(.(.!#.!*+F+(%=![-%!#%0!2.*.21%*+=.!G!#.!2'&0+F-+%&1%!5%1*+Z+2.2+K&!(%#!
V*(%&.4+%&1'! [-%! *%0-#1.*8.! (%! #.! %#%D.2+K&! (%! *.&F'! (%! #.0! *%F-#.2+'&%0! (%! 2'&1%&+('!
*%F#.4%&1.*+'3! 0+&! '#D+(.*! #.! 5<*(+(.! (%! F.*.&18.0! (%! #'0! (%*%2@'0! +&(+D+(-.#%0! 2'4'!
2'&0%2-%&2+.!(%#!*<F+4%&!(%!+45-F&.2+K&!C-*+0(+22+'&.#!(%!#.0!#%G%0N!
!
$'*! #'! [-%! @.2%! .! #.0! (%&'4+&.(.0! 4.1%*+.0! 2'&%\.03! 0'01+%&%&! #'0! *%2-**%&1%0! [-%3!
4?0! .##?! (%! #.0! (+Z+2-#1.(%0! [-%! 5#.&1%.! #.! (%Z+&+2+K&! (%! #'0! #84+1%0! .! #.0! 5*%1%&0+'&%0!
%\5.&0+D.0! (%! #'0! "01.1-1'03! %0! 2#.*'! [-%! &'! 5-%(%! +&2#-+*0%! %&! %##'0! &.(.! [-%! (%0Z+F-*%! 0-!
D%*(.(%*'! 0%&1+('! +&01+1-2+'&.#e! %&! 5.*1+2-#.*3! &.(.! [-%! 5%*4+1.! [-%! %0.0! &'*4.0!
+&Z*.2'&01+1-2+'&.#%0!0-5#.&1%&!#.!Z-&2+K&!&'*4.1+D.!(%!#.!/'&01+1-2+K&!'!#.0!%[-+5.*%!.!%##.!
%&! 0-! .05%21'! %\1%*&'3! +&2'*5'*.&('3! 5'*! %C%45#'3! -&.! 5.*1%! ('F4?1+2.N! 7?0! .##?! (%! %01.!
#+4+1.2+K&! (%! 5*+&2+5+'3! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#! @.! %01.,#%2+('! %&! *%#.2+K&! 2'&! #.0!
#%G%0!'*F?&+2.0!G!(%!5*%0-5-%01'0!-&.!('21*+&.!0',*%!#.0!4.1%*+.0!2'&%\.0![-%!5-%(%!@.2%*0%!
5%*Z%21.4%&1%! %\1%&0+D.! .! #'0! "01.1-1'0! (%! .-1'&'48.! G! 2-G'0! 2*+1%*+'0! (%1%*4+&.&1%0! 0%!
*%0-4%&! %&! #.! +(%.! (%! [-%! 2.(.! -&'! (%! %01'0!1+5'0! (%! #%G! %01?! *%0%*D.('! .! -&.! (%1%*4+&.(.!
4.1%*+.!G!&'!.(4+1%&!'1*'!2'&1%&+('!.(+2+'&.#![-%!&'!0%.!%#!+45*%02+&(+,#%!5.*.!#.!*%F-#.2+K&!
.(%2-.(.!G!0+01%4?1+2.!(%#!2'&1%&+('!4.1%*+.#!5*'5+'N!
!
_
!
U'0! E+5-1.('0! *%2-**%&1%0! 0%! (%1+%&%&! 0%F-+(.4%&1%! %&! %#! %\.4%&! (%! #.!
%\1*.#+4+1.2+K&! (%! #.! *%0%*D.! %01.1-1.*+.! [-%! %0! (%! .(D%*1+*3! .! 0-! C-+2+'3! %&! %#! "01.1-1'! (%!
L-1'&'48.! +45-F&.('N! h&.! %\1*.#+4+1.2+K&! [-%! +*8.! (%0(%! #.! +&2'*5'*.2+K&! (%! &'*4.0!
2'&01+1-2+'&.#%0! @.01.! #.! .0-&2+K&! (%! *%F-#.2+'&%0! *%F#.4%&1.*+.0N! "&! %01%! 0%&1+('! 0%! .#%F.!
[-%3!5.*1+%&('!(%![-%!#.!Z-&2+K&!2'&01+1-2+'&.#!(%#!"01.1-1'!(%!L-1'&'48.!&'!@.!D.*+.('3!5-%0!
&'!@.!4%(+.('!#.!&%2%0.*+.!*%Z'*4.!(%!#.!/'&01+1-2+K&3!#.!5*+4%*.!',C%2+K&![-%!5-%(%!@.2%*0%!
.#!&-%D'!"01.1-1'!%0!#.!(%![-%!0-!&'1.,#%!%\1%&0+K&!gSS_!.*182-#'03!Z*%&1%!.!#'0!R_!(%#!.5*',.('!
%&! XY_Yc! *%0-#1.3! &'! G.! +&.(%2-.(.3! 0+&'! 2'&01+1-2+'&.#4%&1%! +&2'**%21.N! f! #'! %03! 5.*.! #'0!
.21'*%03!%&!#.!4%(+(.!%&![-%3!.#!4.*F%&!(%!0-!2*+1+2.,#%!1<2&+2.!#%F+0#.1+D.3!%#!&-%D'!"01.1-1'!
'#D+(.!0-!2'&(+2+K&!(%!&'*4.!0-,'*(+&.(.!.!#.!/'&01+1-2+K&3!+&2#-G%&('!%&!0-!.*1+2-#.('! #.!
(+02+5#+&.! (%! 4.1%*+.0! [-%! &'! 'Z*%2%&! 2'&%\+K&! .#F-&.! 2'&! #.! *%0%*D.! %01.1-1.*+.N! "&1*%! #.0!
%\1*.#+4+1.2+'&%0!4?0!*%0%6.,#%0!0%!(%01.2.&!#.0!*%Z%*+(.0!.!#.0!*%F-#.2+'&%0!(%!(%*%2@'03!5'*!
-&!#.('3!G!.!#.0!*%#.2+'&%0!2'&!%#!"01.('!G!2'&!#.0!+&01+1-2+'&%0!2'4-&+1.*+.0!%!+&1%*&.2+'&.#%03!
5'*!'1*'N!
!
"&! 2-.&1'! .! #'0! (%*%2@'03! #'0! *%2-**%&1%0! (%01.2.&! [-%! #.! %01*-21-*.! (%#! 181-#'! b! (%#!
"01.1-1'! 0%! 0%5.*.! (%! #.! %01*-21-*.! (%#! 181-#'! @'4K&+4'! (%! #.! /'&01+1-2+K&3! #'! [-%! 1+%&%! #.!
4.G'*!1*.02%&(%&2+.!@.,+(.!2-%&1.!(%![-%!%#!*<F+4%&!(%!F.*.&18.0!%01.,#%2+('!%&!%#!.*1N!R]!/"!
0%!2'&01*-G%!.!5.*1+*!(%!#.!'*(%&.2+K&!(%!#'0!(%*%2@'0!G!#+,%*1.(%0!##%D.(.!.!2.,'!%&!%#!181-#'!b!
(%#!1%\1'!2'&01+1-2+'&.#N!>+01%4.!(%!5*'1%22+K&!%&!%#![-%!%#!"01.1-1'!i(%0,'*(.&('!#.!Z-&2+K&!
2'&01+1-2+'&.#![-%!#%!%0!5*'5+.i!+&1*'(-2%!-&.!2'&Z-0+K&!%\1*.'*(+&.*+.!.#!4%=2#.*!(%*%2@'0!
Z-&(.4%&1.#%0! 2'&! (%*%2@'0! 0'2+.#%03! (%*%2@'0! 2+D+#%0! G! 5'#81+2'0! 2'&! (%*%2@'0! (%!
5.*1+2+5.2+K&!%&!#.!.21+D+(.(!.(4+&+01*.1+D.3!G!.#!2'&Z+F-*.*!2'4'!Z-&(.4%&1.#%0!#'0!(%*%2@'0!
G! (%,%*%0! #+&Fj801+2'0e! 1'('! %##'! 0+&! 5*%2+0.*! #.0! F.*.&18.0! (%! 2.(.! (%*%2@'3! [-%! %#! .*1N! ]O!
2'&2*%1.!%&!-&!*%2-*0'!.&1%!%#!)*+,-&.#!>-5%*+'*!(%!;-01+2+.!(%!/.1.#-6.N!
!
7?0! .##?! (%! %01.! 2*81+2.! F%&%*.#! i2'&1+&M.! %#! %02*+1'! (%! *%2-*0'i3! %#! %\.4%&! (%!
2'&01+1-2+'&.#+(.(!(%!#'0!5*%2%51'0![-%!+&1%F*.&!%#!181-#'!b!(%#!"01.1-1'!@.!(%!@.2%*0%!.!5.*1+*!
(%! #.0! 0+F-+%&1%0! 2'&0+(%*.2+'&%0d! "&! 5*+4%*! #-F.*3! [-%! 0'&! &-#'0! 1'('0! #'0! 5*%2%51'0! [-%!
+&&'D.&!%#!2'&1%&+('!(%!#'0!(%*%2@'0!2'&1%45#.('0!%&!#'0!.*10N!XQ!.!SY!/"3!5-%0!5%0.!0',*%!
%##'0! -&.! *%0%*D.! (%! /'&01+1-2+K&! G! #.! (+02+5#+&.! 2'45#%4%&1.*+.! (%! 1.#%0! (%*%2@'0! 0K#'!
2'45%1%! .! #.! #%G! '*F?&+2.N! "&! 0%F-&('! 1<*4+&'3! [-%! #'0! (%*%2@'0! %2'&K4+2'0! G! 0'2+.#%0! 08!
5-%(%&! 0%*! (%0.**'##.('0! 5'*! #.0! /'4-&+(.(%0! L-1K&'4.0! %&! #.! 4%(+(.! %&! [-%! #.!
!
O
/'&01+1-2+K&!5%*4+1.![-%!<01.0!.0-4.&!#.0!2'**%05'&(+%&1%0!2'45%1%&2+.0!0',*%!#.!4.1%*+.!.!
[-%!1.#%0!(%*%2@'0!0%!*%Z+%*%&N!"&!1%*2%*!#-F.*3![-%!%0.!.0-&2+K&!2'45%1%&2+.#!@.!(%!0%*3!0+&!
%4,.*F'3! 5#%&.3! 5-%0! %&! '1*'! 2.0'! %#! "01.1-1'! (%,%*?! .1%&%*0%! .! #.0! #%G%0! %01.1.#%0! [-%!
(%#+4+1%&! %#! 2'&1%&+('! ,?0+2'! (%! .[-%##'0! (%*%2@'0N! "&! 2-.*1'! #-F.*3! [-%! #.! #+,%*1.(! (%!
2'&Z+F-*.2+K&!(%#!#%F+0#.('*!.-1'&K4+2'!%01?!#+4+1.(.3!.-&!%&!#'0!2.0'0!(%!2'45%1%&2+.!5#%&.3!
5'*! (%1%*4+&.('0! 5*+&2+5+'0! 2'&01+1-2+'&.#%03! 2'4'! %#! 5*+&2+5+'! (%! +F-.#(.(! '! #.! -&+(.(! (%!
4%*2.('!G!#.!#+,*%!2'45%1%&2+.N!$'*!M#1+4'3!%&!Z+&3![-%!%#!"01.1-1'!0K#'!5-%(%!*%Z%*+*0%!.!#'0!
(%*%2@'0!G!#+,%*1.(%0!5'*!2'&%\+K&!'!2'&0%2-%&2+.!2'&!'1*.0!5*%02*+52+'&%0![-%!%01<&! %&! 0-!
?4,+1'!#%F81+4'!(%!(+05'0+2+K&N!
!
"&! #'! [-%! @.2%! .! #.0! *%#.2+'&%0! 2'&! %#! "01.('! G! 2'&! #.0! +&01+1-2+'&%0! 2'4-&+1.*+.0! %!
+&1%*&.2+'&.#%03!.#%F.&!#'0!*%2-**%&1%03!2'4'!2'&0+(%*.2+K&!(%!'*(%&!F%&%*.#3![-%!%#!.*1N!XQ_NS!
/"!&'!2'&1+%&%!&+&F-&.!@.,+#+1.2+K&![-%!5%*4+1.!+&2#-+*!%&!%#!?4,+1'!(%!#.!*%0%*D.!%01.1-1.*+.!
#.!*%F-#.2+K&!(%!#.0!*%#.2+'&%0!+&01+1-2+'&.#%0!(%!#'0!:',+%*&'0!.-1'&K4+2'0!2'&!%#!"01.('!G!
2'&! #.! h&+K&! "-*'5%.3! 0+&! [-%! .! %##'! 5-%(.! '5'&%*0%! #.! ',C%2+K&! (%! [-%! #'0! E%2*%1'0! (%!
1*.&0Z%*%&2+.0!(%!0%*D+2+'0!@.&!*%2'F+('!%&!'2.0+'&%0!.#F-&.0!1<2&+2.0!(%!.*1+2-#.2+K&!(%!#.0!
*%#.2+'&%0!%&1*%!%#!"01.('!G!#.0!/'4-&+(.(%0!L-1K&'4.0e!5*+4%*'3!5'*[-%!1.#%0!E%2*%1'0!0'&!
&'*4.0! 5.22+'&.(.03! .5*',.(.0! %&! M#1+4.! +&01.&2+.! 5'*! %#! "01.('e! 0%F-&('3! 5'*[-%! #.0!
(%1%*4+&.2+'&%0!(%!%0'0!E%2*%1'0!0K#'!1+%&%&!D.#'*!+&1%*5*%1.1+D'!g5'*!1'(.03!>)/!XPSWXYOR3!
(%! Q! (%! '21-,*%cN! U.! 4.1%*+.! %&! 2-%01+K&! %03! 5'*! #'! (%4?03! (%! &.1-*.#%=.! 2'&01+1-2+'&.#3! &'!
%\+01+%&('!-&!0'#'!"01.('!2'45#%C'!2-G.!/'&01+1-2+K&!@.G.!@%2@'!(%C.2+K&!(%!0-!(+02+5#+&.3!
[-%!@.!(%!0%*!-&+Z'*4%!5'*!.Z%21.*!.!#.!*%#.2+K&!%01*-21-*.#!(%#!1'('!2'&!#.0!5.*1%0N!$'*!%##'!0'&!
+&.2%51.,#%03!5.*.!#'0!.21'*%03!1'(.0!#.0!5*%02*+52+'&%0!%01.1-1.*+.0![-%!'*(%&.&!#.0!*%#.2+'&%0!
%&1*%!#.!:%&%*.#+1.1!G!%#!"01.('!2'&!.**%F#'!.#!5*+&2+5+'!(%!,+#.1%*.#+(.(e!2'4'!1.4,+<&!#'!0'&!
.[-<##.0![-%!+45'&%&!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!%&!#'0!5*'2%(+4+%&1'0!(%!#'0!K*F.&'0!
(%!#.!.(4+&+01*.2+K&!(%#!"01.('N!
!
)*.0! %01.0! 2'&0+(%*.2+'&%0! F%&%*.#%0! .2%*2.! (%! #.! %\1*.#+4+1.2+K&! (%! #.! *%0%*D.!
%01.1-1.*+.! 5'*! D8.! (%! #.! +&2'*5'*.2+K&! .#! "01.1-1'! (%! &'*4.0! (%! &.1-*.#%=.! 2'&01+1-2+'&.#! '!
[-%! 0'&! (%! #.! 2'45%1%&2+.! 5*'5+.! (%#! "01.('3! %#! %02*+1'! (%! *%2-*0'! 0%! '2-5.! (%! #.!
%\1*.#+4+1.2+K&! (%! .[-%##.! *%0%*D.! 2'&0+01%&1%! %&! #.! .0-&2+K&! (%! 4.1%*+.0! 2'&%\.0! &'!
2'45#%4%&1.*+.0!&+!+&(+05%&0.,#%03!(%!#.![-%!*%0-#1.*8.!#.!`5%1*+Z+2.2+K&a!(%!*%F-#.2+'&%0!(%!
&.1-*.#%=.!*%F#.4%&1.*+.0N!L-&!&'!%\+01+%&('!%&!&-%01*'!0+01%4.!-&.!*%0%*D.!(%!*%F#.4%&1'3!#.!
C-*+05*-(%&2+.!&'!@.!(%C.('!(%!*%5*'2@.*!#.!5%1*+Z+2.2+K&!'5%*.(.!2'&!#.!*%F-#.2+K&!#%F+0#.1+D.!
!
Y
[-%!0%!%\1+%&(%!0',*%!2-%01+'&%0!(%!(%1.##%3!4?0!5*'5+.0!(%!#.!5'1%01.(!*%F#.4%&1.*+.!G!4?0!
.22%0+,#%03! 5'*! %0%! 2.-2%! (%! &'*4.2+K&3! .! #.! *%Z'*4.! [-%! +45'&F.&! #.0! %\+F%&2+.0! (%! 2.(.!
4'4%&1'! G3! 1.4,+<&3! .#! 2'&1*'#! C-*+0(+22+'&.#! %Z%21+D'! (%! #'0! 2'&1%&+('0! (%! #.! *%F-#.2+K&!
%2'&K4+2.! G! (%! #.! 5%*1+&%&2+.! (%! #.0! +&1%*D%&2+'&%0! .(4+&+01*.1+D.0! 5*'F*.4.(.0N! $.*.! #'0!
*%2-**%&1%03! #.! %\5.&0+D+(.(! (%#! "01.1-1'! 0',*%! %#! 1%**%&'! (%! #.! 4.1%*+.! 5*'5+.4%&1%!
*%F#.4%&1.*+.! 0%*8.! Z+%#! *%Z#%C'! (%! -&.! (%F*.(.2+K&! (%! #.! 2'&2%52+K&! 2'&01+1-2+'&.#! (%! #'0!
"01.1-1'0!(%!L-1'&'48.N!
!
L(%4?0! (%! +&2#-+*! #.! (+02+5#+&.! (%! 4.1%*+.0! [-%! &+! 0+[-+%*.! 5'*! 2'&%\+K&! %01?&!
*%#.2+'&.(.0!2'&!#.!*%0%*D.!%01.1-1.*+.3!%#!"01.1-1'!*%2-**+('!1.4,+<&!+&2'*5'*.3!.!C-+2+'!(%!#'0!
*%2-**%&1%03! *%F-#.2+'&%0! [-%! #.! /'&01+1-2+K&! .1*+,-G%! %\5*%0.! G! (+*%21.4%&1%! .! &'*4.0!
%01.1.#%0!(+01+&1.0!(%#!"01.1-1'N!).#!0%*8.!%#!2.0'!(%!#.0!5*%02*+52+'&%0![-%!+45'&%&!2'&1%&+('0!
',#+F.1'*+'0! .! #.! #%F+0#.2+K&! %01.1.#! '! 0+45#%4%&1%! .&1+2+5.&! 0-! 2'&1%&+('3! 5*%1%&(+%&('!
D+&2-#.*#.N! ).4,+<&! %#! (%! #.0! &'*4.0! [-%! %01.,#%2%&! +&1%*5*%1.2+'&%0! F%&%*.#%0! D+&2-#.&1%0!
5.*.! 1'('0! #'0! 5'(%*%0! 5M,#+2'0! '! %#! (%! #.0! [-%! .0-4%&! #.! 2'45%1%&2+.! (%! #.! 2'45%1%&2+.N!
A-#&%*.2+'&%0![-%!5-%(%&!.F*-5.*0%!%&!2-.1*'!F*.&(%0!,#'[-%0N!
!
"&!5*+4%*!#-F.*3!#.!+&2#-0+K&!(%!4.&(.1'0!.#!#%F+0#.('*3![-%!0+!0'&!.2%51.,#%0!2-.&('!
0%!(+*+F%&!.#!#%F+0#.('*!.-1'&K4+2'!i0+%45*%![-%!&'!*%01*+&C.&!#.!#+,%*1.(!(%!'52+K&!5'#81+2.!
'! %2'&K4+2.! [-%! #.! /'&01+1-2+K&! 2'&Z+%*%! .! 1'('0! #'0! 5'(%*%0! 5M,#+2'0i3! &'! 2.,%&3! %&!
.,0'#-1'3! 2-.&('! %01?&! (+*+F+('0! .#! %01.1.#N! "&! 0%F-&('! #-F.*3! #.! 5*%0%&2+.! (%! *%F-#.2+'&%0!
0-01+1-1'*+.0!(%!#.!#%F+0#.2+K&!%01.1.#!.!#.![-%!#.!/'&01+1-2+K&!0%!*%4+1%!G![-%3!'!,+%&!%#+4+&.&3!
%D+1.&! '! 0-01+1-G%&! #.! Z-&2+K&! (%#+4+1.('*.! (%! 2'45%1%&2+.0! [-%! %#! 2'&01+1-G%&1%! @.!
%&2'4%&(.('3! %&! *%#.2+K&! 2'&! (%1%*4+&.(.0! 4.1%*+.03! .! #.0! #%G%0! (%#! "01.('3! '! ,+%&!
0-01+1-G%&3!5'*!.&1+2+5.2+K&!'!*%4+0+K&!D+&2-#.&1%3!#.!#+,%*1.(!(+05'0+1+D.!(%#!#%F+0#.('*!%01.1.#N!
"&!2-.&1'!.!#'!5*+4%*'3!.#%F.&!#'0!*%2-**%&1%0![-%!2'&!#.!'5%*.2+K&!&'*4.1+D.!(%&'4+&.(.!(%!
`,#+&(.C%a! (%! #.0! 2'45%1%&2+.0! .-1'&K4+2.0! %#! "01.1-1'! @.! .0-4+('3! %&! 0-01+1-2+K&! (%! #.!
#%F+0#.2+K&! ,?0+2.! G! (%! #.! #%F+0#.2+K&! %01.1.#! *%F-#.('*.! (%! (%1%*4+&.(.0! +&01+1-2+'&%0! (%#!
"01.('3!#.!1.*%.!(%!5*%2+0.*!&'!0K#'!#.0!2'45%1%&2+.0!.-1'&K4+2.03!0+&'!1.4,+<&!#.0!%01.1.#%03!
2'&! #'0! %Z%21'0! 2.K1+2'0! [-%! (%! %##'! 5-%(%! (%*+D.*0%! 5.*.! %#! %&1%*'! 0+01%4.! .-1'&K4+2'N! "&!
2-.&1'!.!#'!0%F-&('3!#'0!*%2-**%&1%0!2+1.&3!%&1*%!'1*'03!%#!2.0'!(%!#'0!.*10N!O]!G!0+F-+%&1%0! G!
XRX!(%#!"01.1-1'3![-%!.2-%*(.&!-&.!(+D+0+K&!(%#!1%**+1'*+'!2'&!%\2#-0+K&!(%!#.!5*'D+&2+.N!
!
!
XP
"#! 1%*2%*'! (%! #'0! ,#'[-%0! 0%! *%Z+%*%! .! #.! +&2'*5'*.2+K&! .#! "01.1-1'! (%! &'*4.0!
4%*.4%&1%!+&1%*5*%1.1+D.03![-%!(%02'&'2%*8.&3!.(%4?03!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#N!"01%!
1+5'! (%! &'*4.03! (%0.-1'*+=.(.0! (%0(%! #.! >)/! _TWXYO]3! (%! R! (%! .F'01'3! .,-&(.*8.&! %&! %#!
"01.1-1'3! %05%2+.#4%&1%! %&! #.! 5.*1%! *%#.1+D.! .! #.0! 2'45%1%&2+.0! (%! #.! :%&%*.#+1.13! G! 0%*8.!
2'&0%2-%&2+.!(%!#.!5*%1%&0+K&!(%!0-0!*%(.21'*%0!(%!`,#+&(.*a!1.#%0!2'45%1%&2+.03!5.*.!#'![-%!
0%! @.! 0%F-+('! #.! 1<2&+2.! (%! 5'*4%&'*+=.*! %#! 2'&1%&+('! (%! 2.(.! 2'45%1%&2+.3! 1.&1'! %&! 0-!
.05%21'! Z-&2+'&.#! g5*%2+0.&('! #'0! 2'&2%51'0! (%! 2'45%1%&2+.0! %\2#-0+D.03! 2'45.*1+(.0! G!
%C%2-1+D.0c!2'4'!%&!%#!4.1%*+.#!g(%0F#'0.&('!@.01.!%#!(%1.##%!#.0!0-,4.1%*+.0!'!.22+'&%0![-%!
2'45*%&(%!2.(.!2'45%1%&2+.cN!$'*!#'!(%4?03!#.!&-%D.!*%F-#.2+K&!%01.1-1.*+.!0%!%&Z*%&1.*8.!.!
#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#3!#'![-%!0K#'!2.,%!0+!%0.!('21*+&.!%0!Z*-1'!(+*%21'!G!%\2#-0+D'!
(%#! .&?#+0+0! (%! &'*4.0! %01.1-1.*+.03! 5%*'! &'! 2-.&('! *%0-#1.! (%! #.! +&1%*5*%1.2+K&! (%! #.!
/'&01+1-2+K&! '! (%! #.! (%! <01.! %&! 2'&2-**%&2+.! 2'&! #.! (%! #'0! "01.1-1'0! '! #.0! #%G%0! (%#! "01.('3!
0-5-%01'! %&! %#! [-%! %#! #%F+0#.('*! %01.1-1.*+'! %01?! 1.&! D+&2-#.('! .! #.! C-*+05*-(%&2+.!
2'&01+1-2+'&.#! 2'4'! 2-.#[-+%*! '1*'! 5'(%*! 5M,#+2'3! %&! #'0! 1<*4+&'0! [-%! %01.,#%2%! %#! .*1N! R!
UV$;N!
!
"&!2-.*1'!G!M#1+4'!#-F.*3!%#!*%2-*0'!0%!*%Z+%*%!.!#.!.-1'.1*+,-2+K&!(%!#.!2'45%1%&2+.!(%!
#.!2'45%1%&2+.3!-&!(%Z%21'![-%3!5.*.!#'0!*%2-**%&1%03!*%0-4%!#.!+&2+(%&2+.!2'&01+1-2+'&.#![-%!
1+%&%&!1'(.0!#.0!%\1*.#+4+1.2+'&%0!%01.1-1.*+.0!(%&-&2+.(.0N!U.!.1*+,-2+K&!(%!#.!2'45%1%&2+.!(%!
#.!2'45%1%&2+.!%03!5'*!5*+4.*+.3!(%!&.1-*.#%=.!0',%*.&.!G!*.(+2.3!5'*!%##'3!%&!#.!/'&01+1-2+K&3!
[-%!(+05'&%!0',*%!#.0!.1*+,-2+'&%0!(%!1'('0!#'0!5'(%*%0!(%#!"01.('N!"#!2'&01+1-G%&1%!#.!%C%*2+1.!
,?0+2.4%&1%3!2'&!%#!.#2.&2%![-%!*.='&.,#%4%&1%!@.!(%!1%&%*!1.#!'5%*.2+K&!(+01*+,-1+D.!%&!-&.!
#%G!Z-&(.4%&1.#3!G!%&2'4+%&(.!#.0!2'&2*%2+'&%0!.!'1*'0!'5%*.('*%03![-%3!5.*.!%#!2.0'!(%!#.0!
2'45%1%&2+.0!.-1'&K4+2.03!0%*?!%#!#%F+0#.('*!%01.1-1.*+'3!5%*'!1.4,+<&!%#!#%F+0#.('*!(%#!"01.('!
G!%#!)*+,-&.#!/'&01+1-2+'&.#N!"&!#.!4%(+(.3!5'*!1.&1'3!%&![-%!%#!"01.1-1'!(%!/.1.#-6.!1*.1.!(%!
0-01+1-+*! #.0! (%Z+&+2+'&%0! 2'45%1%&2+.#%0! [-%! 2'**%05'&(%&! .! #.0! #%G%0! %01.1.#%0! G! .! #'0!
)*+,-&.#%03!-0-*5.!#.0!Z-&2+'&%0!(%!<01'0!G!.05+*.!.!(%1%&1.*!%&!%\2#-0+D.!%#!5'(%*!(%!(%Z+&+*!
#.0!2'45%1%&2+.03!5'*!4?0![-%!*%2-**.!2'&!Z*%2-%&2+.!.!#.0!2#?-0-#.0!`0+&!5%*C-+2+'a!'!`%&!#'0!
1<*4+&'0! [-%! %01.,#%=2.&! #.0! #%G%0a! (%#! "01.('3! [-%! &'! 0+%45*%! +45#+2.&! D%*(.(%*.0!
*%4+0+'&%0!%&!,#.&2'N!
!
XSN! "#! L,'F.('! (%#! "01.('3! 5'*! 0-! 5.*1%3! 5'&%! (%! *%#+%D%3! %&! 5*+4%*! #-F.*3! [-%! #.!
*%Z'*4.! (%#! "01.1-1'! (%! L-1'&'48.! (%! /.1.#-6.! 0%! %&4.*2.! %&! -&! &-%D'! 2+2#'! (%! *%Z'*4.0!
%01.1-1.*+.03! [-%! 0%! %&2-%&1*.! 5*%2%(+('! (%! ('0! 5%*8'('0! (%! 2'&01*-22+K&! '! (%! *%Z'*4.!
!
XX
%01.1-1.*+'I.-1'&K4+2.0!1*.0!#.!/'&01+1-2+K&!(%!XY_ON!"#!5*+4%*'!&.2+K!2'&!<01.3!2'&1+&-K!2'&!
#'0! $.21'0! L-1'&K4+2'0! (%! XYOX! G! 1%*4+&K! 2'&! #.! .5*',.2+K&! (%#! M#1+4'! "01.1-1'! (%!
L-1'&'48.! %&! XYO]! g(%C.&('! .#! 4.*F%&! %#! 2.0'! (%! #.0! 2+-(.(%0! .-1K&'4.0cN! L0%&1.('! %#!
4'(%#'!.-1'&K4+2'3!0%!.,*+K!-&!0%F-&('!5%*8'('!2'&!#'0!$.21'0!(%!XYYS3![-%!0%!2.*.21%*+=K!
5'*!-&.!2#.*.!5*'Z-&(+=.2+K&!(%#!?4,+1'!2'45%1%&2+.#!(%!4-2@.0!/'4-&+(.(%0!L-1K&'4.0!G!
5'*! #.! .5*',.2+K&! (%! 4M#1+5#%0! *%Z'*4.0! (%! "01.1-1'0! (%! L-1'&'48.! @.01.! XYYYN! L@'*.!
.0+01+4'0!.!-&!1%*2%*!5%*8'('3!(%!*%Z'*4.0!%01.1-1.*+.03!2.*.21%*+=.('3!%&1*%!'1*'0!*.0F'03!5'*!
-&.! 4.G'*! 5*%1%&0+K&! (%! .-1'F',+%*&'! .-1'&K4+2'3! 2'&! #.! 2'**%#.1+D.! 4%C'*.! (%! #.!
Z+&.&2+.2+K&!(%!#.0!/'4-&+(.(%03!G!-&.!4.G'*!.5*'\+4.2+K&!(%!#.0!.(4+&+01*.2+'&%0!5M,#+2.0!
G! (%! #.! .(4+&+01*.2+K&! (%! C-01+2+.! .! #'0! 2+-(.(.&'03! G! [-%3! 5*%D+0+,#%4%&1%3! D.! .! .Z%21.*! .!
1'('0! #'0! "01.1-1'0! .-1'&K4+2'0N! $-%0! ,+%&3! #.! *%Z'*4.! (%#! "01.1-1'! (%! /.1.#-6.! &'! (+Z+%*%!
4-2@'3!.!0-!C-+2+'3!(%!#.!Z.0%!(%!.5*',.2+K&!+&+2+.#!g.5*',.2+K&![-%!0%!5*'(-C'!%&!XY_Yc3!5-%0!
G.!2'&1%&8.!5*%2%51'0!0',*%!C-01+2+.!g.*10N!SP!.!S]c!G!0',*%!Z+&.&2+.2+K&!g.*10N!Q]!G!0+F0Nc3!0+&!
[-%! %\+01+%0%! .M&! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#! &+! #.! #%G! 5*%D+01.! %&! %#! .*1N! XR_N]! /"N!
k.(+%!2-%01+'&K!%&1'&2%0!#.!2'&01+1-2+'&.#+(.(!(%!1.#%0!5*%D+0+'&%03!1.45'2'!@'G!5.*%2%![-%!
%\+01.&!*.='&%0!5.*.!%##'N!
!
$.*.! (.*! *%05-%01.! .! #.0! .#%F.2+'&%0! (%#! *%2-*0'! .! 5*'5K0+1'! (%! #.! Z-&2+K&!
2'&01+1-2+'&.#3!%#!2'&1%&+('!G!#.!Z-%*=.!5.0+D.!(%!#'0!"01.1-1'0!(%!L-1'&'48.3!%#!L,'F.('!(%#!
"01.('! 5*'2%(%3! %&! 5*+4%*! #-F.*3! .! `(%#+4+1.*!&%F.1+D.4%&1%a! %#! 2'&2%51'! 2'&01+1-2+'&.#! (%!
#'0! "01.1-1'0! (%! L-1'&'48.3! 0%6.#.&('! #.0! %D+(%&1%0! (+Z%*%&2+.0! %\+01%&1%0! %&1*%! <01'0! G! #.0!
/'&01+1-2+'&%0!(%!#'0!"01.('0!4+%4,*'0!(%!-&.!Z%(%*.2+K&N!L083!#.!2*%.2+K&3!5'0+2+K&3!Z-&2+K&!
G! *<F+4%&! (%! #'0! "01.1-1'0! (%! L-1'&'48.! %&! %#! '*(%&.4+%&1'! 2'&01+1-2+'&.#! %05.6'#! &'! 0%!
.2%*2.!.!#.!5*'5+.!(%!#.0!/'&01+1-2+'&%0!(%!#'0!Gliedstaaten!%&!#.0!-&+'&%0!Z%(%*.#%0!2#?0+2.03!
.-&[-%! 2.,%! [-%! 0%! (<! .! -&! "01.1-1'! i(%&1*'! (%! 2+%*1'0! #84+1%0! 2'&01+1-2+'&.#%0i! -&.!
.5.*+%&2+.![-%!*%2-%*(%!#.!(%!#.0!/'&01+1-2+'&%0!(%!#'0!4+%4,*'0!(%!-&.!Z%(%*.2+K&N!>+%45*%!
[-%! 1.#! '52+K&! Z'*4.#! 0%! 4.&1%&F.! (%&1*'! (%#! 1%**%&'! (%! #.! 1<2&+2.! #%F+0#.1+D.3! *%0-#1.*?!
+**%#%D.&1%3! 2'4'! 1.#3! 5.*.! %#! C-+2+'! (%! 2'&01+1-2+'&.#+(.(3! 2'4'! @.! 0%6.#.('! %#! )*+,-&.#!
/'&01+1-2+'&.#! %&! 4M#1+5#%0! '2.0+'&%0N! U'! +45'*1.&1%! %0! (%1%*4+&.*! 0+! %#! "01.1-1'! 0%!
%\1*.#+4+1.! %&! 0-! Z-&2+K&! G! 2'&1%&+('! 2'&01+1-2+'&.#! #82+1'0! '3! +&2#-0'3! 0+! D+'#.! #.0!
2'45%1%&2+.0!2'&01+1-2+'&.#%0!(%#!"01.('3!2-%01+K&![-%3!5.*.!%#!L,'F.('!(%#!"01.('3!&'!5-%(%!
0%*! *%05'&(+(.! a priori G! %&! .,01*.21'3! 0+&'! 0K#'! .#! %\.4+&.*! (%1%&+(.4%&1%! 5*%2%51'0!
2'&2*%1'0!(%#!"01.1-1'![-%!0'&!',C%1'!(%#!*%2-*0'N!
!
!
XS
"#!"01.('!(%!#.0!L-1'&'48.0!i2'&1+&M.!%#!*%5*%0%&1.&1%!(%#!:',+%*&'!(%!#.!k.2+K&i!
%0!-&!"01.('!2'45-%01'!2'&!*.0F'0!Z%(%*.#%03!%05%2+.#4%&1%!%&!#'!*%#.1+D'!.!#.0!2'45%1%&2+.0!
.-1'&K4+2.03!5%*'!&'!%0!-&!"01.('!Z%(%*.#!%&!0%&1+('!F%&-+&'3!G.![-%!&'!*%M&%!.#F-&.0!(%!#.0!
&'1.0! 2#?0+2.0! [-%! #'! 2.*.21%*+=.&3! 2'4'! #.! F.*.&18.! (%! #.! 2'5.*1+2+5.2+K&! (%2+0'*+.! %&! #.0!
*%Z'*4.03!&+!#.0!/'4-&+(.(%0!L-1K&'4.0!5-%(%&!2.#+Z+2.*0%!(%!`"01.('0a!%&!%#!0%&1+('!%&!%#!
[-%! %01%! 2'&2%51'! 0%! .5#+2.! .! #'0! 4+%4,*'0! (%! #.! Z%(%*.2+K&3! &+! 5-%(%&! 2'&0+(%*.*0%!
`0',%*.&.0aN! "&! %01.! #8&%.3! *%2-%*(.! %#! L,'F.('! (%#! "01.('! [-%3! 0%FM&! #.! ('21*+&.!
2'&01+1-2+'&.#3!`.-1'&'48.!&'!%0!0',%*.&8.a!g>>)/!QWXYOX3!(%!S!(%!Z%,*%*'3!^;!Se!G!XPPWXYOQ3!
(%! O! (%! &'D+%4,*%3! ^;! ]cN! $'*! '1*'! #.('3! .! (+Z%*%&2+.! (%! #'0! "01.('0! Z%(%*.#%0! 2#?0+2'03! #.0!
/'4-&+(.(%0!L-1K&'4.0!&.2%&!.!5.*1+*!(%#!*%2'&'2+4+%&1'!(%#!(%*%2@'!.!#.!.-1'&'48.! 5'*!
5.*1%! (%! -&! 2'&01+1-G%&1%! -&+1.*+'! g.*10N! S! G! XQ]NX! /"c3! G! %#! 4+04'! 2.*?21%*! -&+1.*+'! 0+F-%!
'01%&1.&('! %#! 1+1-#.*! (%#! 5'(%*! (%! *%Z'*4.! g.*10N! XT_! G! XTO! /"c3! (.('! [-%! #.0! /'4-&+(.(%0!
L-1K&'4.0!0K#'!1+%&%&!*%2'&'2+(.!-&.!Z.2-#1.(!(%!+&+2+.1+D.!g.*1N!XTT!/"3!%&!*%#.2+K&!2'&!%#!
.*1N! O_NS! /"cN! E%! '1*'! #.('3! 4+%&1*.0! %\+01%! -&.! *%#.2+K&! (%! 5*+4.28.! %&1*%! #.! /'&01+1-2+K&!
^%(%*.#!G!#.0!(%!#'0!4+%4,*'0!Z%(%*.('03!0+&![-%!%01'!0+F&+Z+[-%!0-,'*(+&.2+K&!C%*?*[-+2.!(%!
#.0!0%F-&(.03!%&!&-%01*'!E%*%2@'!%#!"01.1-1'!(%!L-1'&'48.!@.!(%!2'&2%51-.*0%!2'4'!&'*4.!
+&Z*.2'&01+1-2+'&.#!C%*?*[-+2.4%&1%!0-,'*(+&.(.!.!#.!M&+2.!/'&01+1-2+K&!%05.6'#.3!2'&!.**%F#'!
.!#.!+&1%*5*%1.2+K&![-%!<01.!@.G.!*%2+,+('!(%#!)*+,-&.#!/'&01+1-2+'&.#!l.083!%&1*%!'1*.03!>>)/!
XOWXYOS3!(%!Q!(%!4.G'3!^;!Xe!_TWXYO]3!(%!R!(%!.F'01'3!^;!Q!.ce!SPWXYOO3!(%!XO!(%!Z%,*%*'3!^;!
]e! G! L)/! ORWSPPT3! (%! XR! (%! 4.*='3! ^^;;! S! G! _mN! "01.! 0-,'*(+&.2+K&! C%*?*[-+2.! 0%! 0-,*.G.!
%&Z?1+2.4%&1%!%&!(+D%*0'0!5.0.C%0!(%#!1%\1'!2'&01+1-2+'&.#3!5*+&2+5.#4%&1%!%&!%#!.*1N!XQ_!/"3!
.5.*1.('0!X!g#'0!"01.1-1'0!0'&!`#.!&'*4.!+&01+1-2+'&.#!,?0+2.a!(%!2.(.!/'4-&+(.(!L-1K&'4.!
`(%&1*'! (%! #'0! 1<*4+&'0! (%! #.! 5*%0%&1%! /'&01+1-2+K&ac! G! S! (c! g#.0! 2'45%1%&2+.0! .0-4+(.0!
%01.1-1.*+.4%&1%! @.&! (%! 0%*#'! `(%&1*'! (%#! 4.*2'! %01.,#%2+('! %&! #.! /'&01+1-2+K&acN! U'0!
%D+(%&1%0!2'*'#.*+'0!(%!#.!+&Z%*+'*+(.(!C%*?*[-+2.!(%#!"01.1-1'!*%05%21'!.!#.!/'&01+1-2+K&!0'&3!
5'*!-&.!5.*1%3![-%!%#!2'&1%&+('!G!#.!%\+01%&2+.!4+04.!(%#!"01.1-1'![-%(.&!(+05'&+,#%0!5.*.!%#!
5'(%*!2'&01+1-G%&1%!2'&01+1-+('!'!5'(%*!(%!*%Z'*4.!2'&01+1-2+'&.#!g.*10N!XT_!G!XTO!/"c3!G3!5'*!
'1*.3! [-%! #.! 2'&01+1-2+'&.#+(.(! (%! #'0! "01.1-1'0! (%! L-1'&'48.! %01?! 0-C%1.! .#! 2'&1*'#! (%! %01%!
)*+,-&.#! l.*1N! XTXNX! .c! /"! G! .*1N! S_NS! .c! UV)/m3! [-%! (%,%*?! (%2#.*.*! +&2'&01+1-2+'&.#%0! G!
&-#'0! #'0! 5*%2%51'0! %01.1-1.*+'0! [-%! &'! 0%! .C-01%&! .! #.! /'&01+1-2+K&3! 0+%45*%! G! 2-.&('! 0%!
@.G.&! .F'1.('! #.0! 5'0+,+#+(.(%0! (%! .2'4'(.2+K&! .! #.! &'*4.! 0-5*%4.! 5'*! D8.! +&1%*5*%1.1+D.!
g5'*! 1'(.03! >>)/! X_TWXYYY3! (%! ]P! (%! 0%51+%4,*%3! ^;! ]e! OYWSPPQ3! (%! SR! (%! 4.G'3! ^;! Oe!
X]XWSPPT3! (%! S_! (%! .,*+#3! ^;! Se! G! X]]WSPPT3! (%! S_! (%! .,*+#3! ^;! XQc3! 1%&+%&('! %&! 2-%&1.3! 5'*!
0-5-%01'3![-%!`%#!M&+2'!5.*?4%1*'!5.*.!%&C-+2+.*!#.!D.#+(%=!2'&01+1-2+'&.#!(%!-&.!(+05'0+2+K&!
!
X]
+&2#-+(.! %&! -&! "01.1-1'! (%! L-1'&'48.! %0! #.! 5*'5+.! /'&01+1-2+K&a! g>)/! YYWXYOT3! (%! XX! (%!
C-#+'3!^;!QcN!
!
"&!*%#.2+K&!2'&!%#!2'&1%&+('!2'&01+1-2+'&.#!5'0+,#%!(%!#'0!"01.1-1'03!.#%F.!%#!L,'F.('!
(%#!"01.('![-%!%#!.*1N!XQ_NS!/"!%01.,#%2%!-&.!*%#.2+K&!(%!4.1%*+.0![-%!&%2%0.*+.4%&1%!(%,%&!
+&2#-+*0%!%&!%#!"01.1-1'!(%!L-1'&'48.3!2'4'!2'&1%&+('!&%2%0.*+'!'!48&+4'!g>>)/!YYWXYOT3!
(%! XX! (%! C-#+'3! ^;! Qe! G! OYWXYOQ3! (%! SO! (%! 0%51+%4,*%3! ^;! _c! (%1%*4+&.&1%! (%! 0-! D.#+(%=!
2'&01+1-2+'&.#N!$'*!1.&1'3!,.01.*8.![-%!%#!"01.1-1'!0.1+0Z+2+%*.!#'!(+05-%01'!%&!%#!.*1N!XQ_N!S!/"!
5.*.! [-%! %01.! `&'*4.! +&01+1-2+'&.#! 48&+4.a! 2-45#+%*.! #.! Z-&2+K&! [-%! #.! /'&01+1-2+K&! #%!
%&2'4+%&(.N!$%*'!(%!%##'!&'!0%!0+F-%![-%!%01<!2'&01+1-2+'&.#4%&1%!5*'@+,+('![-%!#'0!"01.1-1'0!
1*.1%&!'1*.0!4.1%*+.03!5-%0!#.!5*'5+.!/'&01+1-2+K&!2'&1+%&%!'1*.0!##.4.(.0!.!#'0!"01.1-1'0![-%!
(%0,'*(.&!%#!2'&1%&+('!(%!.[-%#!5*%2%51'!'!#'!5*%2+0.&!'!5'*4%&'*+=.&N!L083!#'0!"01.1-1'0!0'&!
##.4.('0!.!%01.,#%2%*!5*%D+0+'&%0!0',*%!#.!2''Z+2+.#+(.(!(%!`#.0!(%4?0!#%&F-.0!%05.6'#.0a!g.*1N!
]NS!/"ce!*%2'&'2%*!,.&(%*.0!G!%&0%6.0!5*'5+.0!g.*1N!QNS!/"!G!>)/!YQWXYOR3!(%!SY!(%!C-#+'3!^;!
Tce!*%F-#.*!#.!(%0+F&.2+K&!(%!#'0!##.4.('0!>%&.('*%0!.-1'&K4+2'0!g.*1N!TYNR!/"ce!5*%D%*!#'0!
`0-5-%01'03! *%[-+0+1'0! G! 1<*4+&'0! %&! [-%! #.0! /'4-&+(.(%0! L-1K&'4.0! 5'(*?&! 2%#%,*.*!
2'&D%&+'0!%&1*%!08!5.*.!#.!F%01+K&!G!5*%01.2+K&!(%!0%*D+2+'0!5*'5+'0!(%!#.0!4+04.03!.08!2'4'!%#!
2.*?21%*!G!%Z%21'0!(%!#.!2'**%05'&(+%&1%!2'4-&+2.2+K&!.!#.0!/'*1%0!:%&%*.#%0a!g.*1N!XQRNS!/"ce!
(%2+(+*!#.!2*%.2+K&!(%!5'#+28.0!.-1K&'4.0!g.*1N!XQYNXNSY!/"ce!Z+C.*!`#'0!0-5-%01'0!G!#.0!Z'*4.0!
(%! 5.*1+2+5.2+K&! (%! .[-<##.0! l#.0! /'4-&+(.(%0! L-1K&'4.0m! %&! #.! '*F.&+=.2+K&! (%! #.0!
(%4.*2.2+'&%0! C-(+2+.#%0! (%#! 1%**+1'*+'a! g.*1N! XRSNX! /"ce! %01.,#%2%*! `2+*2-&02*+52+'&%0!
1%**+1'*+.#%0! 5*'5+.0! 4%(+.&1%! #.! .F*-5.2+K&! (%! 4-&+2+5+'0a! g.*1N! XRSN]! /"c! G! *%F-#.*! #.0!
ZK*4-#.0!(%!2'#.,'*.2+K&!G!(%#%F.2+K&!`5.*.!#.!*%2.-(.2+K&3!#.!F%01+K&!G!#.!#+[-+(.2+K&!(%!#'0!
*%2-*0'0!1*+,-1.*+'0a!%01.1.#%0!g.*1N!XRTNS!/"cN!"&!*%#.2+K&!2'&!('0!/'4-&+(.(%03!2'**%05'&(%!
.! #'0! "01.1-1'03! .(%4?03! Z+C.*! %#! 4.*2'! 5.*.! #.! .21-.#+=.2+K&! (%#! *<F+4%&! Z'*.#! g(+05'0+2+K&!
.(+2+'&.#!5*+4%*.!/"c3!%3!+&2#-0'3!#.!(+05'0+2+K&!.(+2+'&.#!2-.*1.!(%!#.!/'&01+1-2+K&!5%*4+18.!
[-%! #'0! "01.1-1'0! 5-(+%*.&! (+05'&%*! %#! 4.&1%&+4+%&1'! (%! #.0! %\+01%&1%0! L-(+%&2+.0!
)%**+1'*+.#%03!(+01*+,-G%&('!#.0!2'45%1%&2+.0!%&1*%!%##.0N!
!
L@'*.! ,+%&3! .! C-+2+'! (%#! L,'F.('! (%#! "01.('3! &'! %0! %D+(%&1%! [-%! #.! /'&01+1-2+K&!
',#+F-%!.![-%!#'0!"01.1-1'0!#+4+1%&!0-!2'&1%&+('!.#!%\5-%01'!G3!(%0(%!#-%F'3!&'!@.!0+('!<0.!#.!
5*?21+2.! #%F+0#.1+D.! @.01.! .@'*.N! $'*! %##'3! %&1+%&(%! [-%! %#! 5*%2%51'! 2'&01+1-2+'&.#! (%#! [-%! 0%!
5-%(%!+&Z%*+*!.#FM&!2*+1%*+'!0',*%!%#!2'&1%&+('!5'0+,#%!'!#82+1'!(%!#'0!"01.1-1'0!(%!L-1'&'48.!
%0! %#! .*1N! XQ_NX! /"3! [-%! #'0! 2.#+Z+2.! (%! `&'*4.! +&01+1-2+'&.#! ,?0+2.! (%! 2.(.! /'4-&+(.(!
!
XQ
L-1K&'4.a3!`(%&1*'!(%!#'0!1<*4+&'0!(%!#.!5*%0%&1%!/'&01+1-2+K&aN!"&!5*+4%*!#-F.*3!%#!"01.1-1'!
%0! &'*4.! ,?0+2.! 5'*[-%! %0! #.! &'*4.! (%! 2.,%2%*.! (%! 2.(.! '*(%&.4+%&1'! .-1'&K4+2'3! 2-G'!
(%0.**'##'! G! %C%2-2+K&! +&2-4,%&! .! #'0! 5'(%*%0! 5M,#+2'0! 1%**+1'*+.#%03! %05%2+.#4%&1%! .#!
#%F+0#.('*!.-1'&K4+2'N!$'*!'1*.!5.*1%3!%0!&'*4.!+&01+1-2+'&.#!5'*[-%!0-!Z-&2+K&!2'&01+1-2+'&.#!
%0!#.!(%!0%*!instrument of government (%!#.!/'4-&+(.(!L-1K&'4.3!&'*4.!(%!'*F.&+=.2+K&!G!
Z-&2+'&.4+%&1'! (%! `#.0! +&01+1-2+'&%0! .-1K&'4.0! 5*'5+.0a! l.*1N! XQ_NS! 2c! /"mN! "01.! Z-&2+K&!
+&01+1-2+'&.#I'*F?&+2.3![-%!1.4,+<&!0%!(%05*%&(%!(%#!*K1-#'!(%#!181-#'!Abbb!(%!#.!/'&01+1-2+K&3!
0%!0-,*.G.!%&!#.!>)/!X_YWXYOY3!(%!S!(%!&'D+%4,*%3!^;!T3!4+%&1*.0![-%!#.!>)/!RTWXYYP3!(%!SY!
(%!4.*='3!^;!R3!2.#+Z+2.!.!#'0!"01.1-1'0!2'4'!`%#!5.*.(+F4.!(%!#'0!+&01*-4%&1'0!C-*8(+2'0!(%!
.-1''*F.&+=.2+K&aN! ^+&.#4%&1%3! %#! "01.1-1'! #'! %0! (%! 2.(.! /'4-&+(.(! L-1K&'4.3! #'! [-%!
0+F&+Z+2.!0-!5*'G%22+K&!1%**+1'*+.#!g0+&!5%*C-+2+'!(%!#'0!5'0+,#%0!%Z%21'0!%\1*.1%**+1'*+.#%0!(%!#.0!
2'45%1%&2+.0! .-1'&K4+2.0c3! %! +45#+2.! [-%! %01.! &'*4.! &'! 5-%(%! 2'&1%&%*! 5*%2%51'0! [-%!
#+4+1%&3!D+&2-#%&3!*%01*+&C.&!'!2'&(+2+'&%&!#.0!2'45%1%&2+.0!(%!'1*.0!/'4-&+(.(%0!&+!#.0![-%!
%#! .*1N! XQYNX! /"! *%0%*D.! %\2#-0+D.4%&1%! .#! "01.('3! [-%! (%,%&! %C%*2%*0%! %&! -&! %05.2+'! 4?0!
.45#+'3! .Z%21.&('! .! 1%**+1'*+'03! 2+-(.(.&'0! %! +&1%*%0%0! .C%&'0! .! #.! /'4-&+(.(! L-1K&'4.!
'*F.&+=.(.!4%(+.&1%!%#!"01.1-1'!(%![-%!0%!1*.1%N!
!
"#!5*',#%4.!(%![-<!5-%(%!2'&1%&%*0%!#82+1.4%&1%!%&!-&!"01.1-1'!(%!L-1'&'48.![-%(.!
#+F.('! i0%FM&! %&1+%&(%! %#! *%5*%0%&1.&1%! (%#! :',+%*&'i! 2'&! 0-! %05%2+.#! *+F+(%=! '! Z-%*=.!
5.0+D.3! 5#.&1%.&('! #.! 1%0+0! (%! [-%! #.! F.*.&18.! (%! #.! *+F+(%=! %01.1-1.*+.! 0K#'! #.! '1'*F.! #.!
/'&01+1-2+K&!*%05%21'!(%!#.0!4.1%*+.0!(%#!.*1N!XQ_NS!/"!G!#.0!(%4?0!4%&2+'&.(.0!%&!%#!5*'5+'!
1%\1'! 2'&01+1-2+'&.#! '! .[-<##.0! *.='&.,#%4%&1%! *%#.2+'&.(.0! 2'&! #.0! .&1%*+'*%0N! k'! ',01.&1%3!
&+&FM&!5*%2%51'!(%#!"01.1-1'!(%0,'*(.*8.!%#!2'&1%&+('!&.1-*.#!(%!-&!"01.1-1'!(%!L-1'&'48.3!G3!
.-&[-%!%01%!)*+,-&.#!.5*%2+.*.!#.!%\+01%&2+.!(%!(+2@.!%\1*.#+4+1.2+K&3!#.!2'&0%2-%&2+.!C-*8(+2.!
&'!0%*8.!#.!&-#+(.(!(%#!5*%2%51'3!0+&'![-%!<01%!0K#'!F'=.*8.!(%!#.!Z-%*=.!5.0+D.!5*'5+.!(%!#.!#%G!
'*F?&+2.! g0+! 0%! 1*.1.*.! (%! 4.1%*+.0! *%0%*D.(.0! .! <01.c! '! (%! #.! #%G! '*(+&.*+.! g%&! #'0! (%4?0!
0-5-%01'0cN!"&!1'('!2.0'3!#.!5*+D.2+K&!(%!#.!*+F+(%=!%05%28Z+2.!.!-&!5*%2%51'!%01.1-1.*+'!0K#'!
5'(*8.! *%.#+=.*0%! .! 1*.D<0! (%! -&! 5*'&-&2+.4+%&1'! (%#! 5*'5+'! "01.1-1'! '! (%! -&.! >%&1%&2+.!
2'&01+1-2+'&.#3! 2*+1%*+'! [-%! D+%&%! .5'G.('! 5'*! #'! %01.,#%2+('! %&! #.! (+05'0+2+K&! .(+2+'&.#!
0<51+4.! (%#! "01.1-1'! *%2-**+('3! 1*+,-1.*+.! (%! #.! (+05'0+2+K&! .(+2+'&.#! 0%\1.3! .5.*1.('! S3! (%#!
"01.1-1'!(%!XY_Y!g>)/!XOXWXYOO3!(%!X]!(%!'21-,*%3!^;!XPcN!
!
L!2'&1+&-.2+K&3!%#!L,'F.('!(%#!"01.('!+&D'2.!2'4'!*%05.#('!(%!0-!1%0+0!#.!('21*+&.!
2'&01+1-2+'&.#3!2'&!2+1.!(%!#.!>)/!RWXYOX3!(%!X]!(%!Z%,*%*'3!^;!SX3!%&!#.![-%!0%!Z'*4-#.*8.&!
!
XR
1*%0!.Z+*4.2+'&%0!2.5+1.#%0!0',*%!#.!+&2#-0+K&!%&!-&.!#%G!'*F?&+2.!(%!4.1%*+.0!2'&%\.0!.C%&.0!.!
#.0! [-%! #%! %01?&! *%0%*D.(.0d! .c! #.! *%F-#.2+K&! (%! #.0! 4.1%*+.0! 2'&%\.03! lege silente3! [-%(.!
*%D%01+(.!(%!#.!Z-%*=.!5.0+D.!(%!#.0!#%G%0!'*F?&+2.0!G!5.*.!0-!4'(+Z+2.2+K&!'!(%*'F.2+K&!@.!(%!
.5#+2.*0%! %#! .*1N! OXNS! /"e! ,c! #.! 5*'5+.! #%G! '*F?&+2.! 5-%(%! %\2#-+*! #.! .5#+2.,+#+(.(! (%#! 2+1.('!
5*%2%51'!*%05%21'!(%!#.0!4.1%*+.0!2'&%\.03!(%!Z'*4.![-%!5-%(.!4'(+Z+2.*0%!'!(%*'F.*0%!5'*!
#%G!'*(+&.*+.e!G3!2c!2.,%![-%!%#!)*+,-&.#!/'&01+1-2+'&.#3!%&!>%&1%&2+.3!5*+D%!(%!#.!Z-%*=.!5.0+D.!
5*'5+.! (%! #.! #%G! '*F?&+2.! .! #.! 4.1%*+.0! .C%&.0! .! 0-! *%0%*D.! +&2#-+(.0! %&! 0-! *%F-#.2+K&N! 7?0!
%05%28Z+2.4%&1%3! %&! 2-.&1'! .#! 2'&1%&+('! 2'&01+1-2+'&.#4%&1%! #82+1'! (%! #'0! "01.1-1'03! 0%! 2+1.3!
2'4'!5*'&-&2+.4+%&1'!4?0!+&1%*%0.&1%3!#.!>)/!SSRWXYYO3!(%!SR!(%!&'D+%4,*%3!^;!S!93!%&!#.!
[-%!0%!2'&1+%&%!-&!obiter dictum [-%3!&'!',01.&1%3!5%*4+1%!.Z+*4.*![-%!%#!)*+,-&.#!.2%51K![-%!
%#! "01.1-1'! *%F-#%! 4.1%*+.0! .C%&.0! .! .[-%##.0![-%! #%! *%0%*D.! #.! /'&01+1-2+K&! %01*+21.4%&1%3! G!
[-%3!%&!5*+&2+5+'3!#.!*+F+(%=!%01.1-1.*+.!2-,*%!#.0!4.1%*+.0!.C%&.0!.!#.!*%0%*D.3!0+&!5%*C-+2+'!(%!
[-%! %#! 5*'5+'! "01.1-1'! 5-%(.! 5*+D.*#%0! (%! 1.#! *+F+(%=! '! 5-%(.! @.2%*#'! %#! )*+,-&.#!
/'&01+1-2+'&.#N!E%!%01%!4'('3!.2.0'!0%!0-5%*.*8.&!#.0!(+Z+2-#1.(%0![-%3!%&!*%#.2+K&!2'&!#.!`&'!
+&1%*2.4,+.,+#+(.(a!(%#!"01.1-1'!2'&!'1*.0!#%G%0!'*F?&+2.0!-!'*(+&.*+.03!%\5'&%!%#!*%2-*0'3!G!
0%!%D+1.*8.!#.!(%2#.*.2+K&!(%!&-#+(.(!5'*!+&2'&01+1-2+'&.#+(.(3!,-02.&('!-&.!+&1%*5*%1.2+K&!(%!
#'0! "01.1-1'0! 2'&Z'*4%! .! #.! /'&01+1-2+K&! 5.*.! (.*! 2'@%*%&2+.! .#! ,#'[-%! (%! #.!
2'&01+1-2+'&.#+(.(!%&!%01%!1%**%&'3!(%!.2-%*('!2'&!#'![-%!0%!(%28.!%&!#.!>)/!RTWXYYP3!(%!SY!(%!
4.*='3!^;!RN!
!
).4,+<&!&+%F.!%#!L,'F.('!(%#!"01.('!0'#+(%=!2'&01+1-2+'&.#!.#!.*F-4%&1'!(%#!*%2-*0'!
0%FM&! %#! 2-.#! %#! "01.1-1'! &'! 5-%(%! +&2'*5'*.*! *%F-#.2+'&%0! (%! 2'&1%&+('! *%F#.4%&1.*+'! [-%3!
5'*! 0-! &.1-*.#%=.3! (%,%&! %01.*! 0'4%1+(.0! .! -&.!D.*+.2+K&! 2'&1+&-.3! 5-%03! .5.*1%! (%! [-%! %01%!
)*+,-&.#!&'!%0!C-%=!(%!#.!4.G'*!'!4%&'*!`5*%01.&2+.!1<2&+2.a!(%#!"01.1-1'3!#.!+&%\+01%&2+.!(%!
*%0%*D.!*%F#.4%&1.*+.!%&!&-%01*'!E%*%2@'3!*%2'&'2+(.!5'*!#.!5.*1%!2'&1*.*+.3!G!#.!#+,%*1.(!(%#!
#%F+0#.('*!.!#.!@'*.!(%!%#%F+*!%#!F*.('!(%!(%&0+(.(!&'*4.1+D.!2'&!#.![-%!5*%1%&(%!*%F-#.*!-&.!
2-%01+K&!(%4'01*.*8.&![-%!%#!*%5*'2@%!(%!*%F#.4%&1+04'!&'!5%*4+1%3!5'*!08!4+04'3!Z-&(.*!-&.!
(%2#.*.2+K&!(%!+&2'&01+1-2+'&.#+(.(!G!&-#+(.(N!
!
$'*! M#1+4'3! G! %&! 2-.&1'! .! #.! 1%0+0! (%! #'0! *%2-**%&1%0! (%! [-%! %#! "01.1-1'! +45-F&.('!
0-01+1-G%! (%! 4.&%*.! 2'&01+1-2+'&.#4%&1%! +#%F81+4.! `@.,+#+1.2+'&%0! 2'&01+1-2+'&.#%0!
%01.,#%2+(.0!.!Z.D'*!(%!'1*.0!&'*4.0a3!0%6.#.!%#!*%5*%0%&1.&1%!(%#!:',+%*&'!(%#!"01.('![-%!#.!
1+5'#'F8.!(%!2.1%F'*8.0!%&-&2+.(.!%&!%#!*%2-*0'!&'!%0!5*'5+.!(%!-&!%02*+1'!5*'2%0.#!G![-%!&'!
1+%&%!0%&1+('!(%,.1+*#.0!%&!.,01*.21'3!0+&'!%05%*.*!.#!.&?#+0+0!(%!#'0!5*%2%51'0!2'&2*%1'0!5.*.!
!
XT
(%2+(+*!%&1'&2%0!0+3!%&!%Z%21'3!%#!"01.1-1'!%Z%21M.!.#F-&.!'5%*.2+K&!0',*%!Z-%&1%0!%01.1.#%0!%&!
0%&1+('!%01*+21'![-%!(%,.!2'&0+(%*.*0%!+&2'&01+1-2+'&.#N!"&!2.4,+'3!08!0%!*%05'&(%!.#!*%5*'2@%!
(%![-%!%#!"01.1-1'!0%!.-1'.1*+,-G%!#.!2'45%1%&2+.!(%!#.!2'45%1%&2+.3!'5'&+%&('![-%!%#!*%2-*0'!
&'!2+1.!-&!5*%2%51'!2'&2*%1'!%&!%#![-%!0%!5-%(.!D%*+Z+2.*!#.!%\+01%&2+.!(%!%0.!+&2'&01+1-2+'&.#!
.21-.2+K&3! +&2-45#+%&('! #.! 2.*F.! (%! .#%F.*! [-%! #%! 2'45%1%3! (%! .2-%*('! 2'&! -&.! *%+1%*.(.!
('21*+&.!2'&01+1-2+'&.#!g5'*!1'(.03!>)/!S]]WXYYY3!(%!XT!(%!(+2+%4,*%3!^;!ScN!U.!.Z+*4.2+K&!
(%#! *%2-*0'! 0%! 2'&0+(%*.! F*.1-+1.3! 0'01%&+%&('! [-%! &'0! @.##.4'0! .&1%! -&.! 0+45#%! *%Z'*4.!
%01.1-1.*+.![-%3!2'4'!1.#3!2.*%2%!(%!`D+*1-.#+(.(!4'(+Z+2.1+D.!(%!#.!/'&01+1-2+K&3![-%!%&!1'('!
2.0'! 0-,0+01+*8.! +&2K#-4%a3! 5-%0! `%#! 5*+&2+5+'! (%! C%*.*[-8.! &'*4.1+D.! +45+(%! [-%! #.! U%G!
V*F?&+2.! %&! [-%! 0%! 5#.04.! -&! "01.1-1'! (%! L-1'&'48.! 5-%(.! (%*'F.*! '! 4'(+Z+2.*! #.!
/'&01+1-2+K&a!gL)/!ORWSPPT3!(%!XR!(%!4.*='3!^^;;!S!G!_cN!"&!1'('!2.0'3!0%!1*.1.*8.!(%!-&!.21'!
(%! 0',%*.&8.! +&2'45.1+,#%! 2'&! %#! .*1N! XNS! /"3! [-%! &'! %\+01%3! 2'4'! #'! (%4'01*.*8.&! #.!
*%Z%*%&2+.0! .! #.! /'&01+1-2+K&! %&! (+D%*0'0! 5*%2%51'0! (%#! "01.1-1'3! 0+%&('! 0+F&+Z+2.1+D.0! #.0! (%!
#'0!.*10N!X!G!SNQN!U.!2'45%1%&2+.!(%!#.!2'45%1%&2+.!%0!.1*+,-1'!(%#!2'&01+1-G%&1%!G!#.!4%C'*!
(%4'01*.2+K&!(%![-%!%#!"01.1-1'!&'!0%!#.!.-1'.1*+,-G%!%01*+,.*8.!%&! [-%!%#!5'(%*!(%!*%Z'*4.!
2'&01+1-2+'&.#! 5'(*8.! .2'4%1%*! -&.! *%D+0+K&! 1'1.#! (%! #.! /'&01+1-2+K&! [-%! 0-5-0+%*.! #.!
.,*'F.2+K&!(%#!0+01%4.!(%!.-1'&'48.0!1%**+1'*+.#%0!G3!%&!2'&0%2-%&2+.3!#.!(%!#'0!"01.1-1'0!%&!
[-%!0%!2'&2*%1.N!
!
X]N!$.*.!#.!*%5*%0%&1.2+K&!(%#!:',+%*&'!(%!#.!:%&%*.#+1.1!(%!/.1.#-6.!%#!5#.&1%.4+%&1'!
F%&%*.#! (%! #'0! *%2-**%&1%0! 5.*1%! (%! -&! %**'*! (%! 2'&2%51'3! 5-%01'! [-%! #.! /'&01+1-2+K&! &'! @.!
(%Z+&+('! %#! 2'&1%&+('! (%! #'0! "01.1-1'0! (%! L-1'&'48.! 4%(+.&1%! -&.! %&-4%*.2+K&! 2%**.(.! (%!
4.1%*+.03! 0+&'! [-%! 0K#'! @.! 5*%2+0.('! -&! 2'&1%&+('! 48&+4'! &%2%0.*+'3! %&-&2+.&('! .(%4?0!
'1*'0!5'0+,#%0!G!.,*+%&('!.!#.!(+05'&+,+#+(.(!(%#!#%F+0#.('*!%01.1-G%&1%!-&!.45#+'!%05.2+'!(%!
*%F-#.2+K&! %&! %#! [-%! Z+C.*! 0-0! '52+'&%0! &'*4.1+D.0! .#! 0%*D+2+'! (%! #.! Z-&2+K&! [-%! #.! &'*4.!
Z-&(.4%&1.#! %&2'4+%&(.! .! #'0! "01.1-1'0! (%! L-1'&'48.3! 2-.#! %0! #.! (%! 0%*! #.! &'*4.!
+&01+1-2+'&.#!,?0+2.!(%!#.!/'4-&+(.(!L-1K&'4.N!
!
$.*.! %#! "C%2-1+D'! 2.1.#?&3! #.! /'&01+1-2+K&! 5*%0%&1.! -&.! (',#%! .5%*1-*.d! @.2+.! %#!
%\1%*+'*3! [-%! 1'4.! %&! 2-%&1.! #'0! Z%&K4%&'0! (%*+D.('0! (%! #.! F#',.#+=.2+K&3! (%#! E%*%2@'!
+&1%*&.2+'&.#!G!(%!#'0!1*.1.('0!+&1%*&.2+'&.#%0!g.*1N!Y]!/"c3!G!.!#.!%D'#-2+K&!(%!0-!%01*-21-*.!
1%**+1'*+.#!+&1%*&.!g181-#'!AbbbcN!"#!1%\1'!2'&01+1-2+'&.#!&'!(%Z+&%!(%!Z'*4.!2'45#%1.!G!.2.,.(.!
#.! %01*-21-*.! 1%**+1'*+.#! (%#! "01.('! 2'4'! -&! '*(%&! 2%**.('3! 0+&'! [-%! '51.! 5'*! Z+C.*! -&.0!
2'&(+2+'&%0!G!5*'2%(+4+%&1'0!(%!.22%0'!.!#.!.-1'&'48.3!(%Z+&+%&('!-&!.45#+'!4.*2'!.,+%*1'!.!
!
X_
#.! +&01*-4%&1.#+=.2+K&! (%! #.0! /'4-&+(.(%0! L-1K&'4.0! 2'&Z'*4%! .! -&.! F*.&! D.*+%(.(! (%!
'52+'&%0!#%F+0#.1+D.0N!h&.!(%!%##.0!%0!#.![-%! 0%!5#.04.!%&!#.!U%G!V*F?&+2.!TWSPPT3!%&!5.*1%!
(+01+&1.! (%! #.! *%Z#%C.(.! %&! %#! .&1%*+'*! "01.1-1'3! (%! XY_Y3! 5%*'! &'! 5'*! %##'! 4%&'0! #%F81+4.! G!
.2'*(%!2'&!#.!/'&01+1-2+K&N!
!
U.! (%4.&(.! &'! 5'(*8.! '2-#1.*! -&.! 5*%2'&2%52+K&! 4.&+Z+%01.4%&1%! 2'&1*.*+.! .! %01%!
5#.&1%.4+%&1'3![-%!G.!0%!%\5*%0K!.!#'!#.*F'!(%!#'0!(%,.1%0!5.*#.4%&1.*+'0!(%!%#.,'*.2+K&!(%#!
&-%D'! "01.1-1'! G! [-%! +F&'*.! %#! @%2@'! (%! [-%! %&! #.! >)/! _TWXYO]3! (%! R! (%! .F'01'3! 0%! @.!
(%2#.*.('! [-%! #.0! /'4-&+(.(%0! L-1K&'4.0! 5-%(%&! 0%*! (%0+F-.#%0! %&! #'! [-%! *%05%21.! `.! #.!
(%1%*4+&.2+K&! 2'&2*%1.! (%#! 2'&1%&+('! .-1'&K4+2'3! %0! (%2+*3! (%! 0-! "01.1-1'a3! @.2+%&('!
@+&2.5+<! %&! [-%! `%#! *<F+4%&! .-1'&K4+2'! 0%! 2.*.21%*+=.! 5'*! -&! %[-+#+,*+'! %&1*%! #.!
@'4'F%&%+(.(! G! (+D%*0+(.(! (%#! status! C-*8(+2'! 5M,#+2'! (%! #.0! %&1+(.(%0! 1%**+1'*+.#%0! [-%! #'!
+&1%F*.&a!l^;!SN.cmN!B.2+%&('!2.0'!'4+0'!(%!%01.!('21*+&.3!#.!(%4.&(.!0%!5*'#'&F.*8.!%&!D.&'0!
%0Z-%*='0!.*F-4%&1.#%0!5.*.!+&1%&1.*!(%4'01*.*![-%!%#!"01.1-1'!@.!+&2'*5'*.('!#.!*%F-#.2+K&!
(%!.#F-&.0!4.1%*+.0![-%!%\2%(%&!(%!0-!',C%1'!2.*.21%*801+2'N!
!
U.! (%4.&(.! 5*%1%&(%*8.! (%02.#+Z+2.*! .#! &-%D'! "01.1-1'! (+2+%&('! [-%! .05+*.! .! 0%*!
/'&01+1-2+K&N! >+&! %4,.*F'3! %#! "01.1-1'! &'! 5*%1%&(%! 0+1-.*0%! .#! 4+04'! &+D%#! [-%! #.!
/'&01+1-2+K&!"05.6'#.3!2'4'!,+%&!0%!.5*%2+.!%&!0-!.*1N!X3!('&(%!0%!2'&01+1-G%!%#!.-1'F',+%*&'!
(%! /.1.#-6.! 2'4'! /'4-&+(.(! L-1K&'4.! (%! .2-%*('! 2'&! #.! /'&01+1-2+K&N! f! &.(+%! 5'(*8.!
.1*+,-+*! .05+*.2+'&%0! 2'&01+1-G%&1%0! .! -&! "01.1-1'! [-%! 5.*.! 0-! 1*.4+1.2+K&! G! .5*',.2+K&! @.!
0%F-+('! %02*-5-#'0.4%&1%! %#! 5*'2%(+4+%&1'! 5*%D+01'! %&! %#! V*(%&.4+%&1'! C-*8(+2'! 5.*.! #.!
*%Z'*4.! (%#! "01.1-1'! (%! L-1'&'48.! (%! /.1.#-6.3!G![-%!.@'*.!0%!0'4%1%!.!#.!C-*+0(+22+K&! (%!
%01%!L#1'!)*+,-&.#N!
!
"#!"01.1-1'!(%!L-1'&'48.!(%!/.1.#-6.!i2'&1+&M.!%#!%02*+1'!(%!.#%F.2+'&%0i!%0!-&.!
&'*4.! 0-,'*(+&.(.! .! #.! /'&01+1-2+K&! "05.6'#.! G! (%0(%! %0.! 5'0+2+K&! +&1%F*.! %#! ,#'[-%! (%!
2'&01+1-2+'&.#+(.(3!0+!,+%&!%0!2+%*1'![-%!%&!%01%!2.0'!%4%*F%!(%!-&.!2'&2%52+K&!.45#+.!(%!#.!
(%Z+&+2+K&!(%!#'0!"01.1-1'0!2'4'!`&'*4.!+&01+1-2+'&.#!,?0+2.a!g.*1N!XQ_NX!/"cN!L45#+1-(![-%!
0%! @.,*8.! 1*.(-2+('! %&! [-%3! .(%4?0! (%! 2'&01+1-+*! .! #.! /'4-&+(.(! L-1K&'4.3! 0%! @.!
+&2'*5'*.('!#.!*%F-#.2+K&!(%!1'('0!.[-%##'0!%#%4%&1'0!%01*-21-*.#%0![-%!0+*D%&!.!%01.!Z-&2+K&!
%01.1-1.*+.! *%05%21'! (%! #.! /'4-&+(.(! g+(%&1+Z+2.2+K&! (%! #.0! +&01+1-2+'&%0! (%! .-1'F',+%*&'3!
.0-&2+K&! (%! 2'45%1%&2+.03! *%#.2+'&%0! 2'&! #'0! 2+-(.(.&'0! 4%(+.&1%! #.! %&-&2+.2+K&! (%! #'0!
(%*%2@'0!G!(%,%*%03!G!.#F-&'0!.05%21'0!(%#!%&2.C%!(%!#.!/'4-&+(.(!%&!%#!"01.('cN!
!
XO
!
U'0!"01.1-1'0!(%!L-1'&'48.3!4?0!.##?!(%!#'0!2'&2*%1'0!2'&1%&+('0!*%Z%*+('0!%&!%#!.*1N!
XQ_NS!/"3!5-%(%&3!.!C-+2+'!(%#!:',+%*&'!(%!#.!:%&%*.#+1.13!+&2'*5'*.*!'1*'0!D+&2-#.('0!2'&!0-!
',C%1+D'!5*'5+'N!H%0-#1.*8.3!5'*!1.&1'3!%**K&%.!0-!%[-+5.*.2+K&!2'&!'1*'0!1%\1'0!#%F.#%03!2'4'!
#.0! #%G%0! '*F?&+2.0! G! #.0! (%! 5*%0-5-%01'03! .5-&1.(.! 5'*! #'0! *%2-**%&1%03! 2-G'! 2'&1%&+('! %01?!
5*%D+.!G!*%01*+21+D.4%&1%!#+4+1.('N!f3!5'*!%##'!4+04'3!&'!0%*8.!(%!*%2+,'!%#!+&1%&1'!(%!1*.0#.(.*!
.!#'0!"01.1-1'0!#.!('21*+&.!2'&01+1-2+'&.#!%#.,'*.(.!%&!1'*&'!.#!2'&1%&+('!5*'5+'!G!#.0!4.1%*+.0!
2'&%\.0!(%!#.0!#%G%0!(%!5*%0-5-%01'0!'!2'&!*%05%21'!.#!.#2.&2%!(%!#.0!#%G%0!'*F?&+2.0N!
!
"#! "C%2-1+D'! 2'+&2+(%! 2'&! #'0! *%2-**%&1%0! %&! [-%! #'0! "01.1-1'0! &'! 5-%(%&! 0-01+1-+*! .!
'1*.0!#%G%0!'*F?&+2.0!&+!+&D.(+*!#.0!*%0%*D.0!4.1%*+.#%0![-%!#.!/'&01+1-2+K&!@.!%\5*%0.('!2'&!
2.*?21%*!.,0'#-1'!.!Z.D'*!(%!.#F-&.0!(%!%##.0N!$%*'!(+02*%5.!Z*'&1.#4%&1%!%&!#.!+45-1.2+K&![-%!
(%! %01'0! (%Z%21'0! 0%! @.2%! .#! "01.1-1'! +45-F&.('N! "&! *%.#+(.(3! (%0(%! 0-! Z-&2+K&! (%! &'*4.!
+&01+1-2+'&.#! ,?0+2.! (%! #.! /'4-&+(.(3! *%0-#1.*8.! +45*%02+&(+,#%! +&2#-+*! %&! %##.! (%1%*4+&.(.0!
*%Z%*%&2+.0!.!4.1%*+.0!G!K*F.&'0![-%!1+%&%&!0-!*%F-#.2+K&!0-01.&1+D.!%&!'1*.0!#%G%0!'*F?&+2.03!
4.&1%&+<&('0%! %01.0! 5*%D+0+'&%0! %01.1-1.*+.0! %&! #.! D%*1+%&1%! %\1%*&.! (%! .[-%##.0! *%0%*D.0!
2'&01+1-2+'&.#%0!%05%28Z+2.0!.!Z.D'*!(%!'1*.0!#%G%0!'*F?&+2.0!G!#+4+1?&('0%!.!#.!5-*.!*%2%52+K&!
%&-&2+.1+D.!(%!#.!+&01+1-2+K&!'!*%F-#.2+K&!2'&01+1-2+'&.#4%&1%!5*%D+01.03!2'&!%\5*%0'!*%%&D8'!
.!#.!#%G!'*F?&+2.!%05%28Z+2.N!
!
"#!5*'5+'!"01.1-1'!%0!1.4,+<&!-&.!#%G!'*F?&+2.!%01.1.#!G!#.!/'&01+1-2+K&!5*%D<![-%!0%.!
*%2'&'2+('! G! .45.*.('! 5'*! %#! "01.('! 2'4'! 5.*1%! (%! 0-! V*(%&.4+%&1'! g.*1N! XQ_NX! /"cN! $'*!
%##'3! 5.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.13! 5-%(%! 2'45#%4%&1.*! %\1%*&.4%&1%! %&! .#F-&'0!
.05%21'0! .#! #%F+0#.('*! %01.1.#! %&! 0-! D%*1+%&1%! (%! #%F+0#.('*! '*F?&+2'N! L08! 0-2%(+K! 2'&! #.0!
5*%D+0+'&%0! 2'&1%&+(.0! %&! %#! "01.1-1'! (%! XY_Y! *%#.1+D.0! .! (%1%*4+&.('0! 2'&1%&+('0! (%! #.0!
U%G%0!V*F?&+2.0!(%#!$'(%*!;-(+2+.#!G!(%!Z+&.&2+.2+K&!(%!#.0!/'4-&+(.(%0!L-1K&'4.03!G!.08!
@.!0-2%(+('!%&!'1*'0!"01.1-1'0!(%!L-1'&'48.!%&!1<*4+&'0!5.*.&F'&.,#%03!0+&![-%!%#!)*+,-&.#!
/'&01+1-2+'&.#!@.G.!Z'*4-#.('!',C%2+K&!.#F-&.!.!%01%!5*'2%(%*N!
!
$.*%2+(.! *%05-%01.! 4%*%2%! 5.*.! %#! "C%2-1+D'! #.! +45-F&.2+K&! (%#! .*1N! T! (%#! "01.1-1'N!
/'&! +&(%5%&(%&2+.! (%! 0-! .&?#+0+0! 5'*4%&'*+=.('! 5'01%*+'*3! 0%! .(%#.&1.! #.! 2'&0+(%*.2+K&! (%!
[-%! &'! 5-%(%! (.*0%! .! -&! .05%21'! 1.&! %0%&2+.#! 2'4'! #.! #%&F-.! 5*'5+.! (%! /.1.#-6.! -&!
1*.1.4+%&1'! Z*8D'#'! [-%! 0K#'! *%0-#1.! (%! #.! #%21-*.! +&2'45#%1.! G! (%02'&1%\1-.#+=.(.! (%! %0%!
5*%2%51'3!%&!#.![-%!0%!'#D+(.!0-!2'&%\+K&!2'&!%#!.*1N!]S!G!2'&2'*(.&1%0!(%#!"01.1-1'N!"#!(%,%*!
!
XY
(%!2'&'2+4+%&1'!(%#!2.1.#?&3!2'4'!%#!(%#!2.01%##.&'3!%0!-&.!5*%0-&2+K& ex lege [-%!&'!5-%(%!
'*+F+&.*!(+02*+4+&.2+K&!G![-%!(%,%!2%(%*!2-.&('!0%!1*.1.!(%!F.*.&1+=.*!#.!%Z%21+D+(.(!(%!'1*'0!
(%*%2@'0N! $%*'! 1.45'2'! 5-%(%! '#D+(.*0%! [-%! G.! %#! .*1N! ]N]! (%#! "01.1-1'! (%! XY_Y! (+*+F8.! -&!
4.&(.1'! .! #.! :%&%*.#+1.1! 5.*.! [-%! F.*.&1+=.0%! %#! -0'! &'*4.#! G! 'Z+2+.#! (%! .4,.0! #%&F-.03!
2*%.&('! #.0! 2'&(+2+'&%0! 5.*.! 0-! 5#%&.! +F-.#(.(N! k'! 0%*8.! (%! *%2+,'! [-%! D%+&1+2+&2'! .6'0!
(%05-<0!0%!0'01%&F.!#.!+&2'&01+1-2+'&.#+(.(!(%!%0%!4.&(.1'3!5'*[-%!0%!%01.*8.!%\2#-G%&('!(%!
#.! /'&01+1-2+K&! &'! 0K#'! .#! &-%D'! "01.1-1'3! 0+&'! 1.4,+<&! .#! (%! XY_Y! G3! 2'&! %##'3! -&.! (%! #.0!
,.0%0!0',*%!#.0![-%!0%!2*%K!#.!/'4-&+(.(!L-1K&'4.!(%!/.1.#-6.N!
!
U.!*%5*%0%&1.2+K&!(%#!:',+%*&'!(%!#.!:%&%*.#+1.1!.(4+1%![-%!#.!*%F-#.2+K&!(%!.#F-&.0!
4.1%*+.0!+&2-**%!%&!-&!.#1'!F*.('!(%!(%1.##%N!$%*'!%##'!0%!(%,%*8.!.!#.!%\5%*+%&2+.!.([-+*+(.!%&!
%01'0!M#1+4'0!D%+&1+2+&2'!.6'03!%&!#'0![-%!0%!@.!5-%01'!(%!4.&+Z+%01'![-%!#.!(%#+4+1.2+K&!(%!
2'45%1%&2+.0! 4%(+.&1%! 5*+&2+5+'0! G! *%F#.0! F%&%*.#%0! &'! F.*.&1+=.! #.! %Z%21+D+(.(! (%! #.0!
5*%D+0+'&%0!.,01*.21.03!0+&'![-%!D+%&%!.!*%#%F.*!%&!F*.&!4%(+(.!%0.!(%#+4+1.2+K&!.#!#%F+0#.('*!
%01.1.#! '*(+&.*+'N! "#! "01.1-1'! 2-45#+*8.3! 5'*! 1.&1'3! %#! 4.&(.1'! (%#! .*1N! XQ_NS! (c! /"! .#! @.2%*!
2'&01.*!#.0!2'45%1%&2+.0!.0-4+(.03!G!@.*8.!-0'!(%!#.!@.,+#+1.2+K&!*%2'F+(.!%&!%#!.*1N!XQYN]!/"!
.#!.0-4+*!#.0!2'45%1%&2+.0!`&'!.1*+,-+(.0!%\5*%0.4%&1%!.#!"01.('!5'*!%01.!/'&01+1-2+K&a3!0+&!
Z*.&[-%.*!%&!&+&FM&!2.0'!%#!#84+1%!(%#!.*1N!XQYNX!/"N!L(D+%*1%3!.(%4?03!%#!:',+%*&'!2.1.#?&!(%!
[-%!#.!/'&01+1-2+K&!&'!+45'&%!*%01*+22+K&!.#F-&.!%&!2-.&1'!.!#.!(%&0+(.(!&'*4.1+D.![-%!#'0!
"01.1-1'0!(%,.&!1%&%*!.#!%Z%21-.*!%0.!(%#+4+1.2+K&!2'45%1%&2+.#N!
!
k+%F.! #.! *%5*%0%&1.2+K&! (%#! "C%2-1+D'! (%! #.! :%&%*.#+1.1! [-%! %#! "01.1-1'! 2'&1%&F.!
&'*4.0! 4%*.4%&1%! +&1%*5*%1.1+D.0! (%! #.! /'&01+1-2+K&3! 4.&(.1'0! .#! #%F+0#.('*! %01.1.#! '! -&.!
0-5-%01.! .-1'.1*+,-2+K&! (%! #.! 2'45%1%&2+.! (%! #.! 2'45%1%&2+.N! "&! 5*+4%*! #-F.*3! 5'*[-%! #.0!
(+05'0+2+'&%0! (%#! "01.1-1'! 0K#'! 2'&Z+F-*.*8.&! %#! *<F+4%&! .-1'&K4+2'! (%! #.! /'4-&+(.(!
L-1K&'4.!(%!/.1.#-6.3!0+&!+45'&%*!-&!*<F+4%&!F%&%*.#!&+!-&.!+&1%*5*%1.2+K&!(%1%*4+&.(.!(%!
#.!/'&01+1-2+K&!.!#.0!(%4?0!/'4-&+(.(%0!L-1K&'4.0N!"&!0%F-&('!#-F.*3!5'*[-%!.#!%01.,#%2%*!
#.!&'*4.!+&01+1-2+'&.#!,?0+2.!(%!#.!/'4-&+(.(!L-1K&'4.!G!(%#+4+1.*!#.0!2'45%1%&2+.03!0%*8.!
+45*%02+&(+,#%![-%!%#!"01.1-1'!(%(-C%*.!G!.5#+2.*.!-&!0+F&+Z+2.('!2'&2*%1'!(%!#'0!5*%2%51'0!(%!
#.!/'&01+1-2+K&3!.#!1+%45'![-%!@.,*8.!(%,+('!'51.*!5'*!-&.!0+01%4?1+2.!(%1%*4+&.(.!G!(%Z+&+*3!
5.*.! #.0! 2'45%1%&2+.0! .0-4+(.03! -&.0! 2.1%F'*8.0! Z-&2+'&.#%0! [-%! #+4+1.0%&! 0-! .#2.&2%! G!
2'&1%&+('N!"#!"01.1-1'!%\5*%0.*8.!-&.0!'52+'&%0!#%F+0#.1+D.0!2'&2*%1.0![-%!&+!.F'1.&!#.!.45#+.!
(+D%*0+(.(! (%! (%0.**'##'0! %01.1-1.*+'0! 2'&01+1-2+'&.#4%&1%! 5'0+,#%0! &+! 2'&(+2+'&.&! #.0!
'52+'&%0![-%!5-%(.&!.('51.*!'1*.0!/'4-&+(.(%0!L-1K&'4.0N!
!
SP
!
L(%4?0! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i3! &'! (%,%*8.! 2'&Z-&(+*0%! .#! #%F+0#.('*!
%01.1-G%&1%!2'&!%#!%01.1-1.*+'N!"#!"01.1-1'!(%!L-1'&'48.!&'!%0!0K#'!#%G!2.1.#.&.3!.#!@.,%*!0+('!
.5*',.(.!5'*!%#!"01.('3!2'&!#'![-%!@.!0+('!%#!5*'5+'!#%F+0#.('*!%01.1.#![-+%&3!(+05'&+%&('!(%!
0-0!5'1%01.(%0!%&!%#!4.*2'!(%!#.!/'&01+1-2+K&3!@.!Z+C.('!%&!%01.!&'*4.!+&01+1-2+'&.#!,?0+2.!#'0!
.05%21'0!D%*1%,*.#%0!(%!0-!*%#.2+K&!2'&!#.!/'4-&+(.(!L-1K&'4.!(%!/.1.#-6.3!2'&Z'*4.&('!%#!
"01.1-1'! 5*'5+'! G! #.! 5*+4%*.! F.*.&18.! (%! 0-! (%*%2@'! .! #.! .-1'&'48.! 5'#81+2.N! /'&! 2+1.! (%! #.!
>)/!YYWXYOT3!(%!XX!(%!C-#+'3!0%!0-,*.G.![-%!%#! "01.1-1'!%0!-&.!&'*4.!%01.1.#![-%! .M&.! ('0!
D'#-&1.(%03!5'*!#'![-%!&'!@.,*8.!(%!+&2-**+*0%!%&!%#!%**'*!(%!.0+4+#.*#'!.!#.0!#%G%0!'*(+&.*+.0!
.5*',.(.0! 5'*! %#! $.*#.4%&1'! (%! /.1.#-6.3! 0+&! [-%! 5-(+%*.! (%2+*0%! [-%! %#! "01.1-1'! (+*+F%! '!
+45'&%!4.&(.1'0!-&+#.1%*.#%0!.#!#%F+0#.('*!%01.1.#!2-.&('!@.!0+('!<01%![-+%&!#'!@.!.5*',.('!
4%(+.&1%!#%G!'*F?&+2.!(%!.2-%*('!2'&!%#!.*1N!XQ_NX!/"N!
!
>%! *%2@.=.! .0+4+04'! [-%! #.! &-%D.! *%F-#.2+K&! 0%! '5'&F.! .! #'! [-%! @.! %01.,#%2+('! #.!
C-*+05*-(%&2+.N! E%! -&.! 5.*1%3! 5'*[-%! ,-%&.! 5.*1%! (%! #.! ('21*+&.! .(-2+(.! %&! .5'G'! (%! %01%!
.0%*1'! &'! 0%*8.! (%! .5#+2.2+K&! .#! 2.0'3! G.! [-%! %#! M&+2'! 5.*?4%1*'! (%! D.#+(%=! (%#! "01.1-1'! (%!
L-1'&'48.!%0!#.!5*'5+.!/'&01+1-2+K&!G!%#!)*+,-&.#!/'&01+1-2+'&.#!@.!%#.,'*.('!%0.!('21*+&.!
1%&+%&('! 5*%0%&1%! '1*.0! &'*4.0! (%#! ,#'[-%! (%! 2'&01+1-2+'&.#+(.(! [-%! .[-8! &'! 5-%(%&! 0%*!
2'&0+(%*.(.0N! E%! '1*.! 5.*1%3! 5'*[-%! 1.45'2'! 0%*8.! (+*%21.4%&1%! 1*.0#.(.,#%! %&! D+*1-(! (%! #.!
5'0+2+K&!%05%28Z+2.![-%!%#!)*+,-&.#!@.!(%!.('51.*!2'4'!0-5*%4'!+&1<*5*%1%!(%!#.!/'&01+1-2+K&!
G! 5'*!#.!&.1-*.#%=.!%05%28Z+2.!(%!#.!+&1%*5*%1.2+K&!2'&01+1-2+'&.#!5*'5+.!(%#!)*+,-&.#N! L! %01%!
*%05%21'! 0%! *%2-%*(.! [-%! #.! /'&01+1-2+K&! %0! -&! 4.*2'! .45#+'! [-%! @.! (%! 5%*4+1+*! (+D%*0'0!
(%0.**'##'0!#%F+0#.1+D'03!5'*!#'![-%!%#!)*+,-&.#!(%,%!',0%*D.*!#.!2'&1%&2+K&!&%2%0.*+.!5.*.![-%!
0-0! 2*+1%*+'0! 5*'05%21+D'0! 'Z*%=2.&! 0%F-*+(.(! .! #'0! '5%*.('*%0! C-*8(+2'0! 0+&! 2'&01*%6+*!
+&(%,+(.4%&1%! %0.0! #%F81+4.0! '52+'&%0N! /'&0%2-%&1%4%&1%3! 0-0! 2*+1%*+'0! ('21*+&.#%0! &'!
5'(*8.&! 2%**.* pro futuro &+! .F'1.*! (%Z+&+1+D.4%&1%! #.! (%1%*4+&.2+K&! (%! 1'('0! #'0! 0%&1+('0! %!
+&1%*5*%1.2+'&%0![-%!5-%(%&!(.*0%!.!#.0!&'*4.0!2'&01+1-2+'&.#%03!5-%0!%01'!0%*8.!1.&1'! 2'4'!
5%1*+Z+2.*!0-0!(+05'0+2+'&%0!%!+&D.#+(.*!0-!Z-&2+K&!(%!4.*2'!&'*4.1+D'!Z-&(.4%&1.#N!$'*!%##'3!
%#! .&?#+0+0! (%! #'0! .05%21'0! 4?0! &'D%('0'0! (%#! "01.1-1'! &'! 5'(*8.! @.2%*0%! 4%(+.&1%! #.!
1*.0#.2+K&!.-1'4?1+2.!(%!-&.!('21*+&.!.&1%*+'*!%#.,'*.(.!%&!-&!2'&1%\1'!(+01+&1'N!
!
U'! %\5-%01'! ##%D.! .#! :',+%*&'! (%! #.! :%&%*.#+1.1! .! .Z+*4.*! [-%! #.0! +45-1.2+'&%0! (%!
+&2'&01+1-2+'&.#+(.(!Z'*4-#.(.0!5'*!#'0!*%2-**%&1%0!0%*?&!*%Z#%C'!(%!-&.!#%F81+4.!(+05.*+(.(!(%!
2*+1%*+'3!5%*'!*%5*%0%&1.&!-&.!5'0+2+K&![-%!&'!',1-D'!%#!*%05.#('!4.G'*+1.*+'!%&!#.0!/?4.*.0!
!
SX
[-%! .5*',.*'&! %#! "01.1-1'! &+! 5*%D.#%2+K! Z*%&1%! .! #.! D'#-&1.(! 4.G'*+1.*+.! (%#! 5-%,#'! (%!
/.1.#-6.![-%!#'!.5*',K!%&!*%Z%*<&(-4N!/.*%2%&3!5.*.!%#!"C%2-1+D'3!(%!Z-&(.4%&1'!%&!E%*%2@'!
G!(%2.%&!.#!2'&1*.01.*#.0!2'&!%#!1%\1'!.5*',.('3!##.4?&('0%!#.!.1%&2+K&!0',*%!%#!@%2@'!(%![-%!
#'0! 4+04'0! E+5-1.('0! [-%! 0-02*+,%&! %#! *%2-*0'! 0%! 0-4.*'&! 5'2'! .&1%0! .! #.! .5*',.2+K&! (%#!
"01.1-1'!(%!L-1'&'48.!(%!#.!/'4-&+(.(!A.#%&2+.&.!gU%G!V*F?&+2.!XWSPPT3!(%!XP!(%!.,*+#c!G!
@.&! *%05.#(.('! (%05-<0! *%Z'*4.0! %01.1-1.*+.0! [-%! F-.*(.&! &'! 5'2'! 5.*%2+('! 2'&! %#! (%!
/.1.#-6.!%&!.#F-&'0!.05%21'0!.[-8!*%2-**+('0N!
!
L#-(%! 1.4,+<&! %#! :',+%*&'! 2.1.#?&! .#! 2.*?21%*! 5*%D%&1+D'! (%! #.! +45-F&.2+K&! (%!
4-2@'0!5*%2%51'03!*%05%21'!(%!#'0!2-.#%0!0%!.(4+1%!#.!5'0+,#%!+&1%*5*%1.2+K&!2'&Z'*4%!2'&!#.!
/'&01+1-2+K&3!0'#+2+1?&('0%!(%#!)*+,-&.#!/'&01+1-2+'&.#!5-*.0!(%2#.*.2+'&%0!+&1%*5*%1.1+D.0N!>%!
1*.1.*8.!(%!-&.!5*%1%&0+K&![-%!(%,%!0%*!+&.(4+1+(.!2'&Z'*4%!.!#.!('21*+&.!2'&01.&1%!%#.,'*.(.!
5'*!%01%!)*+,-&.#!/'&01+1-2+'&.#!g.083!%&1*%!'1*.03!>>)/!QYWXYOQ3!(%!R!(%!.,*+#e!S]YWXYYS3!(%!
X_! (%! (+2+%4,*%e! S]]WXYYY3! (%! XT! (%! (+2+%4,*%e! G! XRSWSPP]3! (%! X_! (%! C-#+'cN! "&! *%#.2+K&!
(+*%21.! 2'&! %##'! 0%! 0%6.#.! [-%! '1*.! 5.*1%! 4-G! 0+F&+Z+2.1+D.! (%! #.0! +45-1.2+'&%0! (%!
+&2'&01+1-2+'&.#+(.(! *%0-#1.*8.&! (%! -&.! 0%0F.(.! %! +&2'45#%1.! #%21-*.! (%#! 2'&C-&1'! (%#! 1%\1'!
%01.1-1.*+'3!%&!#.![-%!0%!5*%02+&(+*8.!(%!#.!+&1%*5*%1.2+K&!0+01%4?1+2.N!>%!1%&(*8.!#.!+45*%0+K&!
(%! [-%! #'0! *%2-**%&1%0! @.&! *%(.21.('! 0-! .*F-4%&1.2+K&! ,.0?&('0%! %&! -&! 1%\1'! +&2'45#%1'! '!
+&.2.,.('! (%! #.! 5*'5-%01.! (%! *%Z'*4.! (%#! "01.1-1'! (%! L-1'&'48.! (%! /.1.#-6.3! #'! [-%!
%\5#+2.*8.! [-%! #'0! E+5-1.('0! *%2-**%&1%0! 4.&+Z%01.0%&! %&! 0-! 4'4%&1'! 0-! D'#-&1.(! (%!
.(@%*+*0%! .! #.! +45-F&.2+K&! (%! #.! 5*'5-%01.! (%!*%Z'*4.! (%#! "01.1-1'! G! &'! .! #.! U%G! V*F?&+2.!
TWSPPT3!(%!XY!(%!C-#+'N!
!
>%! 2'&2#-G%! 0-,*.G.&('! [-%! %#! #%F+0#.('*! %01.1-G%&1%! @.,*8.! '51.('! 5'*! 4.&1%&%*! #.!
2'&Z+F-*.2+K&! (%#! .-1'F',+%*&'! (%! /.1.#-6.! 2'4'! /'4-&+(.(! L-1K&'4.3! 5%*'! *%#%G%&('!
.@'*.!.#F-&'0!.05%21'0!(%#!181-#'!Abbb!(%!#.!/'&01+1-2+K&!5.*.!(%(-2+*!-&!0+F&+Z+2.('!G!.#2.&2%!
(+01+&1'0!(%!#'0!.1*+,-+('0!%&!XY_YN!n01%!%03!5.*.!%#!:',+%*&'3!`-&!"01.1-1'![-%!,-02.!+&1%F*.*!
#.! .-1'&'48.! 5'#81+2.! (%! /.1.#-6.! %&! -&.! "05.6.! 5#-*.#! G! .,+%*1.3! %&! #.! "05.6.! (%! #.!
/'&01+1-2+K&!(%!XY_O3![-%!%0!#.!"05.6.!(%!1'('0aN!
!
>%F-+(.4%&1%! 0%! Z'*4-#.&! -&.! 0%*+%! (%! 2'&0+(%*.2+'&%0! .2%*2.! (%! #.! Z-&2+K&! G!
2'&1%&+('! (%! #'0! "01.1-1'0! (%! L-1'&'48.3! 5.*1+%&('! (%! #.! 5*%4+0.! (%! [-%! #'0! "01.1-1'0! (%!
L-1'&'48.! D+%&%&! (%0%45%6.&('! -&.! Z-&2+K&! (%! %\2%52+'&.#! *%#%D.&2+.3! @.01.! %#! 5-&1'! (%!
[-%! 5.*1%! (%! #.! #+1%*.1-*.! 2+%&18Z+2.! &'! @.! (-(.('! %&! 2'&0+(%*.*#'0! 5.*1%! +&1%F*.&1%! (%! #.!
!
SS
##.4.(.! `/'&01+1-2+K&! 1%**+1'*+.#a! %05.6'#.N! "##'! 0%*8.! .08! 5'*[-%! #.! /'&01+1-2+K&! *%4+1+K! #.!
2'&2*%1.!(%1%*4+&.2+K&!(%!#.!'*F.&+=.2+K&!1%**+1'*+.#!(%#!"01.('!.!5'01%*+'*%0!(%2+0+'&%0!(%!#'0!
5'(%*%0!2'&01+1-+('0N!E+2@.!(%1%*4+&.2+K&!0%!##%DK!.!2.,'!%&!#'0!5*+4%*'0!.6'0!'2@%&1.!2'&!#.!
+&01+1-2+'&.#+=.2+K&!(%!#.0!(+Z%*%&1%0!/'4-&+(.(%0!L-1K&'4.03!5#.04?&('0%!C-*8(+2.4%&1%!%&!
#.!.5*',.2+K&!(%!#'0!(+D%*0'0!"01.1-1'0!(%!L-1'&'48.3!+&01*-4%&1'0!&'*4.1+D'0!(%!&.1-*.#%=.!
`5.*.2'&01+1-2+'&.#a!'!`0-,2'&01+1-2+'&.#a3!%\5*%0+'&%0!2'&!#.0![-%!0%!@.2%!*%Z%*%&2+.!&'!0K#'!
.! 0-! 2.*?21%*! 0-,'*(+&.('! .! #.! /'&01+1-2+K&3! 0+&'! 1.4,+<&! .! 0-! Z-&2+K&! (%! 2'45#%4%&1'!
+&(+05%&0.,#%!(%!#.!/'&01+1-2+K&!5.*.!#.!(%1%*4+&.2+K&!(%!#.!%01*-21-*.!1%**+1'*+.#!(%#!"01.('N!
!
U'! 2-.#! &'! 0+F&+Z+2.*8.! [-%! %#! 5'(%*! 2'&01+1-G%&1%! @.G.! *%4+1+('! .! #'0! "01.1-1'0! %01.!
4.1%*+.! 1'1.#4%&1%! G! 0+&! 2'&(+2+'&.&1%0N! U.! `(%02'&01+1-2+'&.#+=.2+K&a! 0%*8.! 0K#'! 5.*2+.#3!
2'4'! (%4-%01*.! #.! #%21-*.! (%#! 181-#'! Abbb3! +&2#-+('! 0-! 5*+4'*(+.#! .*1N! XQYN! U'! 4+04'! 2.,*8.!
(%2+*!(%!#.!(+05'0+2+K&!1*.&0+1'*+.!0%F-&(.3![-%3!+&1%*5*%1.(.!2'&C-&1.4%&1%!2'&!%#!.*1N!S!/"3!
5'&(*8.! (%! 4.&+Z+%01'! [-%! %#! (%*%2@'! .! #.! .-1'&'48.! &'! %0! %#! *%0-#1.('! (%! (%2+0+'&%0!
5'012'&01+1-2+'&.#%03!0+&'![-%!%01?!2'&01+1-2+'&.#4%&1%!F.*.&1+=.('!G![-%!%01.!F.*.&18.!%0!4?0!
Z-%*1%! 2'&! *%05%21'! .! #'0! 1%**+1'*+'0! [-%! %&! %#! 5.0.('! @-,+%*.&! %\5*%0.('! (%! Z'*4.! 2#.*.! 0-!
D'#-&1.(! (%! .-1'F',+%*&'N! $'*! %##'3! .(D+%*1%! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! 0-0!
2'&0+(%*.2+'&%0! (%,%&! %&1%&(%*0%! *%Z%*+(.03! ,?0+2.4%&1%3! .! #'0! "01.1-1'0! [-%3! 2'4'! %#! (%!
/.1.#-6.3!*%0-#1.*'&!.Z%21.('0!5'*!%0.!(+05'0+2+K&N!
!
E%0(%! %#! 5-&1'! (%! D+01.! (%! 0-! %#.,'*.2+K&3! #.! 5*+&2+5.#! 5%2-#+.*+(.(! (%! #'0! "01.1-1'0!
*.(+2.*8.! %&! [-%! %#! 5'(%*! 2'&01+1-G%&1%! &'! @.,+#+1K! 5.*.! 0-! %#.,'*.2+K&! G! .5*',.2+K&! .#!
#%F+0#.('*! '*(+&.*+'3! %01.1.#! '! .-1'&K4+2'3! 0+&'! [-%! %\+F+K! #.! &%2%0.*+.! 2'&Z#-%&2+.! (%! ('0!
D'#-&1.(%03!-&.!5*'2%(%&1%!(%#!1%**+1'*+'![-%!.22%(%!.!#.!.-1'&'48.!G!#.!'1*.!*%5*%0%&1.(.!5'*!
#.0! /'*1%0! :%&%*.#%0N! >%! 1*.1.*8.! (%#! `#%F+0#.('*! %01.1-G%&1%a3! 2-G.! .21-.2+K&! 2'&2*%1.! #.!
*%0%*D.!(%!"01.1-1'!4%(+.&1%!-&!5*'2%(+4+%&1'!2.*.21%*+=.('!5'*!#.!,+#.1%*.#+(.(N!"&!%#!2.0'!
(%!/.1.#-6.!G!(%!#.0!/'4-&+(.(%0![-%!.22%(+%*'&!.!#.!.-1'&'48.!.!1*.D<0!(%#!2.-2%!5*%D+01'!
%&! %#! .*1N! XRXNS! /"3! %0%! 2.*?21%*! ,+#.1%*.#! 0%! *%Z'*=.*8.! .#! %\1*%4'! (%! 5'(%*! 2.#+Z+2.*! .! 0-0!
"01.1-1'0! 2'4'! `5.21.('0a3! %&! 2'&1*.5'0+2+K&! 2'&! #'0! .5*',.('0! 5'*! %#! 5*'2%(+4+%&1'!
%01.,#%2+('!%&!%#!.*1N!XQ]!/"N!
!
/'&! *%05%21'! .! #.! *%Z'*4.! (%! #'0! "01.1-1'03! #'0! .*10N! XQ_N]! G! XRSNS! /"! *%4+1%&!
%\5*%0.4%&1%!.!#'![-%!%&!.[-<##'0!0%!(+05'&F.3!+45'&+%&('!M&+2.4%&1%!#.!.5*',.2+K&!5'*!#%G!
'*F?&+2.!G!%#!5'01%*+'*!*%Z%*<&(-4!%&1*%!#'0!%#%21'*%0!+&02*+1'0!%&!#'0!2%&0'0!(%!#.!/'4-&+(.(!
!
S]
L-1K&'4.N!"01.0!5*%D+0+'&%0!*%Z'*=.*8.&!.M&!4?0!%#!*%0%6.('!2.*?21%*!(%!&'*4.0!%05%28Z+2.0!G!
(+Z%*%&2+.(.0!(%#!*%01'!(%#!V*(%&.4+%&1'3!0+!,+%&!#.!#KF+2.!(%#!0+01%4.!%\+F%![-%!0%!*%05%1%&3!
1.4,+<&! 5.*.! #.! *%D+0+K&! (%! #'0! "01.1-1'03! #.0! &'1.0! (%! ,+#.1%*.#+(.(! G! &%F'2+.2+K&! .&1%0!
0%6.#.(.0N!
!
"&! 08&1%0+03! 1.&1'! #.! ('21*+&.! 2+%&18Z+2.! 2'4'! #.! C-*+05*-(%&2+.! (%#! )*+,-&.#!
/'&01+1-2+'&.#!@.,*8.&!D%&+('!.!5*%(+2.*!#'0!0+F-+%&1%0!2*+1%*+'0!(%Z+&+('*%0!(%!#'0!"01.1-1'0!
(%! L-1'&'48.d.c! "&! #.! 4%(+(.! %&! [-%! *%5*%0%&1.&! -&! 2'45#%4%&1'! +&(+05%&0.,#%! (%! #.!
/'&01+1-2+K&! 5.*.! #.! (%1%*4+&.2+K&! (%! #.! (+01*+,-2+K&! 1%**+1'*+.#! (%#! 5'(%*3! 0%! +&1%F*.&! %&! %#!
##.4.('! ,#'[-%! (%! 2'&01+1-2+'&.#+(.(N! $'*! %##'3! 0+&! 5%*C-+2+'! (%! 0-! 0-,'*(+&.2+K&! .! #.!
/'&01+1-2+K&!gM&+2'!2*+1%*+'!5.*.!%&C-+2+.*!0-!D.#+(%=3!>)/!YYWXYOT3!(%!XX!(%!C-#+'3!^;!Qc3!0'&!
2.&'&!'!5.*?4%1*'!5.*.!D.#'*.*!#.!2'&01+1-2+'&.#+(.(!(%!#.0!&'*4.0!%01.1.#%0!G!.-1'&K4+2.03!
(%!1.#!4'('![-%!2-.#[-+%*!+&Z*.22+K&!(%!#.!&'*4.!%01.1-1.*+.!#'!%0!1.4,+<&!(%!#.!/'&01+1-2+K&!
g>)/! XT]WXYYR3! (%! O! (%! &'D+%4,*%3! ^;! Qce! ,c! >'&! +&01*-4%&1'0! &'*4.1+D'0! (%! 2.*?21%*!
5.22+'&.('3! G.! [-%! 1.&1'! 0-! .5*',.2+K&! 2'4'! 0-! *%Z'*4.! %\+F%&! #.! 2'&2-**%&2+.! '!
2'&2'*(.&2+.!(%!('0!D'#-&1.(%03!%01.1.#!G!.-1'&K4+2.e! 2c! :'=.&3! .0+4+04'3! (%! -&.! %05%2+.#!
Z-%*=.!`5.0+D.a!'!*%0+01%&2+.3!5-%0!0K#'!5-%(%&!0%*!*%Z'*4.('0!0%FM&!%#!5*'2%(+4+%&1'![-%!#'0!
5*'5+'0! "01.1-1'0! (+0%6.&! g>)/! ]TWXYOX3! (%! XS! (%! &'D+%4,*%3! ^;! QcN! /'&2*%1.4%&1%3! %#!
"01.1-1'! (%! /.1.#-6.3! 1.&1'! %#! (%! XY_Y! 2'4'! %#! (%! SPPT3! '01%&1.&! -&.! %\2%52+'&.#! *+F+(%=3!
5-%0! 0%! %\+F%&! 4.G'*8.0! 4-G! 2-.#+Z+2.(.0! %&! %#! $.*#.4%&1'! .-1'&K4+2'3! .4<&! (%! #.!
%01.,#%2+(.! 5'*! %#! .*1N! OXNX! /"! 5.*.! #.0! #%G%0! '*F?&+2.0e! (c! /'&0%2-%&1%4%&1%3! -&.! D%=!
.5*',.('!G!5*'4-#F.('!%#!"01.1-1'!%0!+&(+05'&+,#%!1.&1'!5.*.!%#!#%F+0#.('*!%01.1.#!2'4'!5.*.!
%#!.-1'&K4+2'3!0+%&('!+&4-&%!.!2-.#[-+%*!4'(+Z+2.2+K&!*%.#+=.(.!5'*!#%G!'*F?&+2.!-!'*(+&.*+.N!
k'! ',01.&1%3! %01.! +&(+05'&+,+#+(.(! 0%! 4'(-#.! %&! .#F-&'0! .05%21'0! 5'*! #.! /'&01+1-2+K&! '! #'0!
5*'5+'0! "01.1-1'0! g(+05'0+2+K&! .(+2+'&.#! 0%\1.3! .5.*1.('! 0%F-&('3! (%#! "01.1-1'! (%! XY_Ye!
(+05'0+2+K&!.(+2+'&.#!0<51+4.!(%#!"01.1-1'!.@'*.!+45-F&.('3!.08!2'4'!.[-%##'0!5*%2%51'0![-%!
+&2'*5'*.&! *%%&D8'0! '! 5*'5'0+2+'&%0! (+Z%*+(.0! '! 2'&(+2+'&.(.0! .! #.! #%F+0#.2+K&! %01.1.#cN! "01.!
%05%2+.#!+&4-&+(.(!2'&##%D.![-%!%#!"01.1-1'!&'!5-%(.!*%F-#.*!2-.#[-+%*!1+5'!(%!4.1%*+.3!0+&'!
0K#'! .[-<##.0! [-%! 0+*D%&! .! 0-! Z-&2+K&! 2'&01+1-2+'&.#4%&1%! (%Z+&+(.3! 0+! ,+%&! -&.! D%=!
5*'4-#F.('! %#! "01.1-1'3! 1'('! 0-! 2'&1%&+('! [-%(.! +F-.#4%&1%! .Z%21.('! 5'*! #.! *%0%6.(.!
2'&F%#.2+K&3!2'&!#.0!%\2%52+'&%0!+&(+2.(.0N!
!
/-.&1'! 0%! .2.,.! (%! +&(+2.*! @.,*8.! (%! *%#.2+'&.*0%! 2'&! %#! .*1N! XQ_NX! /"3! 5-%0! #'0!
"01.1-1'0!0%!+&1%F*.&!%&!%#!V*(%&.4+%&1'!(%#!"01.('3![-%!#'0!*%2'&'2%!G!.45.*.!2'4'!1.#%0N!
!
SQ
L(%4?03! '*+F+&.&! #.! .5.*+2+K&! G! (%0.**'##'! (%! -&! '*(%&.4+%&1'! .-1'&K4+2'! 5*'5+'! G!
(+Z%*%&2+.('3! [-%! 0%! .*1+2-#.! 2'&! %#! %01.1.#! %&! -&! 2'&1%\1'! 5#-*.#N! "##'! [-+%*%! (%2+*! [-%! #'0!
"01.1-1'0! 2'&2*%1.&! %#! %C%*2+2+'! (%#! (%*%2@'! .#! .-1'F',+%*&'! G! .21M.&! 2'4'! +&01*-4%&1'!
&'*4.1+D'!Z-&(.2+'&.#!(%!#.!/'4-&+(.(!L-1K&'4.N!bF-.#4%&1%3![-%3!%&!0-!2.#+(.(!(%!`&'*4.!
+&01+1-2+'&.#! ,?0+2.! (%! #.! /'4-&+(.(a3! (%1%*4+&.&! 0-0! +&01+1-2+'&%0! G! Z'*4.! (%! F',+%*&'3!
'*F.&+=.2+K&! G! 2'45%1%&2+.03! .08! 2'4'! #.0! *%#.2+'&%0! 2'&! #'0! 2+-(.(.&'03! %#! "01.('! G! '1*.0!
+&01+1-2+'&%03! .(%4?0! (%! .[-%##'0! '1*'0! .05%21'0! (%#! .-1'F',+%*&'! [-%! %#! #%F+0#.('*!
%01.1-G%&1%3!%&!-0'!(%!#.!@.,+#+1.2+K&!(%!#'0!.*10N!XQ]NX!G!XQ_!/"!G!(%#!5*+&2+5+'!(+05'0+1+D'3!
%01+4%! 5*%2+0'! *%D%01+*! (%#! *.&F'! &'*4.1+D'! G! 0+F&+Z+2.('! 5'#81+2'! 5*'5+'0! (%#! "01.1-1'N!
^+&.#4%&1%3!0+F&+Z+2.![-%!%#!"01.1-1'!%0!#.!&'*4.!(%!2.,%2%*.!(%#!'*(%&.4+%&1'!.-1'&K4+2'3!
.21-.&('!2'4'!&'*4.!0',*%!#.!5*'(-22+K&!(%!&'*4.03!#'!2-.#!2'&##%D.*8.!%#!%01.,#%2+4+%&1'!
(%!5*%D+0+'&%0!0',*%!%#!5*'5+'!'*(%&.4+%&1'!g1+5'0!(%!&'*4.0!G!%Z+2.2+.!1%**+1'*+.#!G!5%*0'&.#3!
C%*.*[-8.3!K*F.&'0!1+1-#.*%0!(%!#.0!5'1%01.(%0!&'*4.1+D.0c3!'! [-%!2'&(+2+'&.&!#.!2*%.2+K&! (%#!
E%*%2@'! g5*'2%(+4+%&1'03! *%0%*D.03! 4.&(.1'0! .! #'0! 5'(%*%0! 5M,#+2'0c3! 2'&2#-G%&('! 2'&! %#!
5*'2%(+4+%&1'!5.*.!#.!5*'5+.!*%Z'*4.!%01.1-1.*+.N!
!
L1%&(+%&('!.!0-!Z-&2+K&!2'&01+1-2+'&.#!G!.#!2'&1%&+('!5*'5+'!(%#!"01.1-1'3!*%0-#1.3!5.*.!
%#!:',+%*&'!2.1.#?&3!4.&+Z+%01.4%&1%!+45*'2%(%&1%!#.!+45-1.2+K&![-%!0%!@.2%!%&!#.!(%4.&(.!
(%! %\1*.#+4+1.2+'&%03! '! #.! 1*.0#.2+K&! .! %01.! &'*4.! (%! #.! ('21*+&.! 0',*%! 4.1%*+.0! 2'&%\.0!
.2-6.(.!5.*.!%&C-+2+.*!#'0!2'&1%&+('0!(%!#.0!#%G%0!(%!5*%0-5-%01'0!G!(%!#.0!#%G%0!'*F?&+2.0N!L!
%01%!*%05%21'!0%!.5-&1.!%#!5.*.#%#+04'!%&1*%!#.!.5%*1-*.!@.2+.!"-*'5.3!5#.04.(.!%&!%#!.*1N!Y]!
/"3!G!#.!.45#+.!(+05'&+,+#+(.(!(%!#.![-%!F'=.!%#!#%F+0#.('*!%01.1-G%&1%!5.*.!(%Z+&+*!%#!.#2.&2%!
G! 2'&1%&+('! (%! #.0! 5*%02*+52+'&%0! [-%! 2'&Z'*4.&! #.! &'*4.! +&01+1-2+'&.#! ,?0+2.! (%! 2.(.!
/'4-&+(.(!L-1K&'4.N!
!
$.*1+%&('3!5'*!1.&1'3!(%![-%!#'0!"01.1-1'0!0'&!#.!&'*4.!(%!.22%0'!.#!.-1'F',+%*&'!g.*1N!
XQ]NX!/"c3!G!.2%51?&('0%!5'*!#.!/'&01+1-2+K&!#.0!(+Z%*%&2+.0!%&1*%!"01.1-1'03!0+%45*%![-%!&'!
+45#+[-%&!5*+D+#%F+'0!%2'&K4+2'0!'!0'2+.#%0!g.*1N!X]ONS!/"c3!%#!2*+1%*+'!5.*.!(%2+(+*![-<!5-%(.!
+&2'*5'*.*0%! .#! 1%\1'! %01.1-1.*+'! (%,%*8.! 0%*! %#! (%! 0-! 2'&%\+K&! 2'&! %0.0! Z-&2+'&%0!
2'&01+1-2+'&.#%0!%&2'4%&(.(.0!.!#.!&'*4.!+&01+1-2+'&.#!,?0+2.N!$.*%2%*8.!+&2'&1*'D%*1+,#%![-%!
%0.! (%Z+&+2+K&! 2'&01+1-2+'&.#3! .! 5%0.*! (%! [-%! (%,.! 0%*! +&1%*5*%1.(.! 0+01%4?1+2.4%&1%! 2'&! #'0!
(%4?0! 5*%2%51'0! (%! #.! /'&01+1-2+K&3! (%C.! -&! .45#+'! 4.*F%&! .! #.! #+,*%! .5*%2+.2+K&! (%#!
#%F+0#.('*!%01.1-G%&1%N!
!
!
SR
"01.!.5*'\+4.2+K&!.#!2'&1%&+('!(%#!1%\1'!%01.1-1.*+'!0%!(%0F#'0.!0%F-+(.4%&1%!%&!1*%0!
F*.&(%0!2.1%F'*8.0N!
!
"&! 5*+4%*! #-F.*3! %#! 2'&1%&+('! &%2%0.*+'! %! +&(+05'&+,#%! 5.*.! 1'('0! #'0! "01.1-1'0! g.*1N!
XQ_NS! /"3! .#! [-%! (%,%! .6.(+*0%! #.! 5*%D+0+K&! (%#! .*1N! TYNR! /"! 0',*%! 5*'2%(+4+%&1'! (%!
(%0+F&.2+K&!(%!>%&.('*%0!.-1'&K4+2'0c!G!*%5*%0%&1.!%#!`&M2#%'!(-*'a!(%!#.!*%0%*D.!%01.1-1.*+.!
g>)/! OYWXYOQ3! (%! SO! (%! 0%51+%4,*%3! ^;! _cN! "&! %#! "01.1-1'! +45-F&.('! %01.0! 4.1%*+.0! 0%!
*%F-#.*8.&!2'&!4.G'*!%\1%&0+K&!G!(%1.##%![-%!%&!0-!.&1%2%(%&1%3!#'![-%!0%!%\5#+2.3!%&!%#!2.0'!
2'&2*%1'! (%! #.0! 2'45%1%&2+.0! .0-4+(.03! 5'*! #.! 1<2&+2.! #%F+0#.1+D.! %45#%.(.3! 2'&0+01%&1%! %&!
-&.!4.G'*!(%Z+&+2+K&!(%!0-!2'&1%&+('N!>%!0-,*.G.3!0',*%!%01%!5.*1+2-#.*3![-%!#.!/'&01+1-2+K&!
&'! .2'1.! %#! &+D%#! (%! (%&0+(.(! &'*4.1+D.! 2'&! %#! [-%! #'0! "01.1-1'0! @.&! (%! 5*'2%(%*! .! #.!
(%Z+&+2+K&! (%#! 2'&1%&+('! 4.1%*+.#! G! Z-&2+'&.#! (%! #.0! 2'45%1%&2+.0! .0-4+(.0! G! [-%! 1'(.!
(%Z+&+2+K&!%&!5'0+1+D'!(%!#.0!4.1%*+.0!*%05%21'!(%!#.0![-%!0%!.0-4%&!2'45%1%&2+.0!2'45'*1.3!
+&(+*%21.4%&1%3! -&.! (%#+4+1.2+K&! %&! &%F.1+D'! (%! #.0! [-%! &'! *%D+%*1%&! .#! "01.('N! L(%4?03! 0%!
*%2-%*(.! [-%! %#! 5*+4%*! +&2+0'! (%#! .*1N! XQYN]! /"! 5%*4+1%! [-%! #'0! "01.1-1'0! .0-4.&! 2-.&1.0!
2'45%1%&2+.0!&'!@.G.&!0+('!%\5*%0.4%&1%!.1*+,-+(.0!5'*!#.!/'&01+1-2+K&!.#!"01.('N!
!
h&!0%F-&('!F*-5'!D%&(*8.!Z'*4.('!5'*!#'0!2'&1%&+('0!(+05'&+,#%03![-%!%#!#%F+0#.('*!
%01.1-G%&1%! 5'(*8.! +&2'*5'*.*! (?&('#%0! -&! 1*.1.4+%&1'! 4?0! '! 4%&'0! %\1%&0'3! %&! -0'! (%! #.0!
@.,+#+1.2+'&%0! [-%! #.! 5*'5+.! /'&01+1-2+K&! *%2'F%N! >%*8.! %#! 2.0'! (%#! *%2'&'2+4+%&1'! (%! #.!
#%&F-.!'Z+2+.#!G!(%1%*4+&.2+K&!(%#!*<F+4%&!(%!2''Z+2+.#+(.(!g.*1N!]NS!/"ce!%&0%6.0!G!,.&(%*.0!
g.*1N! QNS! /"ce! %01.,#%2+4+%&1'! (%! 1*+,-1'0! 5*'5+'0! g.*1N! X]]NS! /"c3! [-%3! C-&1.4%&1%! 2'&! #.!
5'0+,+#+(.(!(%!.21-.*!2'4'!2'#.,'*.('*%0!'!(%#%F.('0!(%#!"01.('!5.*.!#.!*%2.-(.2+K&3!F%01+K&!
G! #+[-+(.2+K&! (%! 0-0! *%2-*0'0! 1*+,-1.*+'0! g.*1N! XRTNS! /"c3! C-01+Z+2.! #.! +&2#-0+K&! (%! -&! 181-#'!
%05%28Z+2'!0',*%!Z+&.&2+.2+K&e!2'&D%&+'0!G!.2-%*('0!2'&!'1*.0!/'4-&+(.(%0!L-1K&'4.0!g.*1N!
XQR! /"ce! 5.*1+2+5.2+K&! %&! #.0! (%4.*2.2+'&%0! C-(+2+.#%0! g.*1N! XRSNX! /"c3! '3! Z+&.#4%&1%3!
2*%.2+K&!G!*%2'&'2+4+%&1'!(%!2+*2-&02*+52+'&%0!1%**+1'*+.#%0!5*'5+.0!g.*1N!XRSN]!/"cN!
!
"&!M#1+4'!#-F.*3!%\+01+*8.&!'1*'0!%#%4%&1'0![-%!0+*D%&!.!',C%1'0!(+*%21.4%&1%!2'&%\'0!
2'&!#.!Z-&2+K&!5*'5+.![-%!#.!/'&01+1-2+K&3!(%0(%!0-0!.*10N!XQ]NX!G!XQ_NX3!@.!%&2'4%&(.('!.!#.!
&'*4.! %01.1-1.*+.! (%! 2'&01+1-+*! #.! /'4-&+(.(! L-1K&'4.! G! D%*1%,*.*! 0-! +&01+1-2+'&.#+=.2+K&!
,?0+2.N!>%*8.!%#!2.0'!(%!#.0!5*%D+0+'&%0!0',*%!*%#.2+'&%0!(%!#'0!5'(%*%0!.-1'&K4+2'0!2'&!#'0!
2+-(.(.&'0! g5#.04.(.0! %&! %#! *%2'&'2+4+%&1'! .! <01'0! (%! -&'0! (%1%*4+&.('0! (%*%2@'0! G!
(%,%*%0c! G! 2'&! #'0! 5'(%*%0! (%! '1*.0! /'4-&+(.(%0! L-1K&'4.03! (%#! "01.('! '! (%! #.! h&+K&!
!
ST
"-*'5%.N!L!%01%!*%05%21'!0%!*%2-%*(.![-%!%#!"01.1-1'!(%!L-1'&'48.!%0!-&.!#%G!'*F?&+2.!(%0(%!
#.!2-.#!%#!"01.('!Z+C.!0-!'*F.&+=.2+K&!1%**+1'*+.#N!
!
/'4'! 2'&2#-0+K&! (%! #'! %\5-%01'! 0%! .Z+*4.! [-%! %#! "01.1-1'! 2'&1*'D%*1+('! *%5*%0%&1.!
-&.! '52+K&! (+01+&1.! (%! #.! [-%! @.,8.! 0+('! -0-.#! @.01.! %#! 4'4%&1'3! 4?0! %\1%&0'3! 2'&! 4.G'*!
(%&0+(.(! &'*4.1+D.! G! .1%&(+%&('! .! .05%21'0! '! %#%4%&1'0! &-%D'03! [-%! &'! @.,8.&! 1%&+('!
5*%D+0+K&!%&!#'0!.&1%*+'*%0!"01.1-1'0N!$%*'!%##'!&'!0-5'&(*8.!(%0.1%&2+K&!.#!4.*2'!Z+C.('!%&!%#!
181-#'!Abbb!(%!#.!/'&01+1-2+K&3![-%!5%*4+1%!(%0.**'##'0!(+D%*0'0!%&!2-45#+4+%&1'!(%!#.!Z-&2+K&!
.0+F&.(.!.!#.0!&'*4.0!+&01+1-2+'&.#%0!,?0+2.0!(%!#.0!(+Z%*%&1%0!/'4-&+(.(%0!L-1K&'4.0N!
!
"01.0! 2'&0+(%*.2+'&%0! F%&%*.#%0! 0%! 2+%**.&! 2'&! %#! %\.4%&! (%! #'0! "01.1-1'0! (%!
L-1'&'48.! 2'4'! #%G%0! '*F?&+2.03! ,+%&! [-%! %05%2+.#%0! 1.&1'! 5'*! 0-! 5*'2%(+4+%&1'! (%!
%#.,'*.2+K&! G! .5*',.2+K&! 2'4'! 5'*! #.! 4.1%*+.! 2-G.! *%F-#.2+K&! 1+%&%&! 2'&01+1-2+'&.#4%&1%!
.1*+,-+(.N!U.0!0+&F-#.*+(.(%0!*%0%6.(.0!1%&(*8.&![-%!D%*!2'&!#.!%05%2+.#!5'0+2+K&![-%!'2-5.&!
#'0! "01.1-1'0!%&!%#!0+01%4.!(%!Z-%&1%03!5-%01'! [-%3!2'4'!@.!2'&Z+*4.('!%#!)*+,-&.#3! &'! @.G!
&'*4.! [-%! 5-%(.! +&1%*5'&%*0%! %&1*%! -&! "01.1-1'! (%! L-1'&'48.! G! #.! /'&01+1-2+K&! g>)/!
_TWXYO]3! (%! R! (%! .F'01'3! ^;! Qc3! @.,+(.! 2-%&1.! (%! [-%! 0K#'! #.! /'&01+1-2+K&! 5-%(%! 0%*D+*! (%!
2*+1%*+'!(%!D.#+(%=!g>)/!YYWXYOT3!(%!XX!(%!C-#+'3!^;!QcN!
!
>%&1.(.0! %01.0! 5*%4+0.0! 0%! .,'*(.! %#! %01-(+'! (%! #.0! *%#.2+'&%0! %&1*%! #'0! "01.1-1'0! (%!
L-1'&'48.!G!#.0!#%G%0!%01.1.#%03!(%(+2.&('!5.*1+2-#.*!.1%&2+K&!.!#.0!*%#.2+'&%0!2'&!#.0!#%G%0!
'*F?&+2.0! 4%*%2%('*.0! (%! -&! *%2'&'2+4+%&1'! %\5*%0'! %&! #.! /'&01+1-2+K&! %&! .1%&2+K&! .! 0-!
2'&1%&+('!4.1%*+.#!*%0%*D.('!gUV$;!G!UV^/LcN! E+2@'!%01-(+'!.**.&2.!(%!#.!(%2#.*.2+K&! (%!
[-%!#.0!*%0%*D.0!(%!#%G%0!0'&3!.&1%!1'('3!-&.0!2'&(+2+'&%0!5*'2%(+4%&1.#%0![-%!F.*.&1+=.&!#.!
.('52+K&! (%! (%1%*4+&.(.0! (%2+0+'&%03! 2'&! #.! 2'&2-**%&2+.! (%! (%1%*4+&.(.0! 4.G'*8.03! 5'*!
-&'0!0-C%1'0!1.4,+<&!5*%(%1%*4+&.('0N!L08!0-2%(%*8.3!0%6.#.(.4%&1%3!%&!%#!2.0'!(%!#.0!#%G%0!
'*F?&+2.0N! $'*! %##'3! 2-.&('! %#! "01.1-1'! (%! L-1'&'48.! +&2#-G%! 4.1%*+.0! 2'&01+1-2+'&.#4%&1%!
*%0%*D.(.0! .! #.! #%G! '*F?&+2.! (%,%*8.! 2'&D%&+*0%! %&! [-%! 0%! @.&! 2-45#+('! #.0! %\+F%&2+.0!
5*'2%(+4%&1.#%0! 5.*.! %01%! 1+5'! (%! +&01*-4%&1'! &'*4.1+D'N! "&! %01'0! 2.0'03! %0! %#! 5*'5+'!
#%F+0#.('*! %01.1.#! %#! [-%! 0%! 2'45*'4%1%! '! D+&2-#.! .! *%F-#.*! #.! 4.1%*+.! %05%28Z+2.! 0%FM&! -&!
2*+1%*+'! (%1%*4+&.('! '! -&.! 0'#-2+K&! #%F+0#.1+D.! %05%28Z+2.! '! 5%2-#+.*3! [-%! #-%F'! (%,%*?!
5#.04.*0%!%&!#.!#%G!'*F?&+2.!2'**%05'&(+%&1%N!
!
!
S_
)*.0!*%+1%*.*![-%!%#!"01.1-1'!(%!L-1'&'48.3!%&!0-!2.#+(.(!(%!#%G!'*F?&+2.!4%*%2%('*.!
(%!-&!*%2'&'2+4+%&1'!G!.45.*'!0+&F-#.*%0!5'*!%#!"01.('!2'4'!5.*1%!(%!0-!V*(%&.4+%&1'!g.*1N!
XQ_NX!/"c3!5*+4.!0',*%!%#!*%01'!(%!&'*4.0!+&1%F*.&1%0!(%!%0%!4+04'!V*(%&.4+%&1'3!0%!.Z+*4.!
[-%! %#! "01.1-1'! 5-%(%! 0-01+1-+*! .! '1*.0! #%G%0! '*F?&+2.0! 2-G'! 2'&1%&+('! 5*'5+'! F'=.! (%! -&.!
%\5*%0.!*%0%*D.!2'&01+1-2+'&.#N!$.*.!(+#-2+(.*!0+!%#!1%\1'!%01.1-1.*+'!*%05%1.!%01.!*%0%*D.!0%*8.!
5*%2+0'! (+Z%*%&2+.*! %&1*%! -&! ?4,+1'! (%! `*%0%*D.! .,0'#-1.a! G! '1*'! (%! `*%0%*D.! *%#.1+D.a3! %&!
.5#+2.2+K&! (%! #.! ('21*+&.! %#.,'*.(.! 5'*! %#! )*+,-&.#! /'&01+1-2+'&.#! g5'*! %C%45#'3! >>)/!
TWXYOS3!(%!SS!(%!Z%,*%*'3!^;!Te!X_]WXYYO3!(%!S]!(%!C-#+'3!^;!_e!G!XSQWSPP]3!(%!XY!(%!C-&+'3!^;!
XXcN!>%!1*.1.*8.!(%!*%0%*D.0!%&-&2+.(.0!%&!1<*4+&'0!F%&<*+2'0!G!%&!#.0![-%!5-%(%!(+01+&F-+*0%!
-&! &M2#%'3! 0+&! %#! 2-.#! #.! 4.1%*+.! *%0%*D.(.! .! #.! #%G! '*F?&+2.! &'! 0%*8.! *%2'&'2+('! '! [-%(.*8.!
D.28.!(%!2'&1%&+('!5*'5+'3!.08!2'4'!-&!@.#'3!2'&1'*&'!'!='&.!(%!5%&-4,*.3![-%!.,.*2.!'1*'0!
5'0+,#%0!2'&1%&+('0N!"&!%01.!='&.!(%!5%&-4,*.!%#!#%F+0#.('*!'*F?&+2'!(+05'&(*8.!(%!-&!2+%*1'!
4.*F%&! 5.*.! +&1%*D%&+*3! (+05'&+,+#+(.(! [-%! 1.4,+<&! (%,%*8.! *%2'&'2%*0%! .#! #%F+0#.('*!
%01.1-G%&1%! %&! Z-&2+K&! (%! (+01+&1.03! 5%*'! 1.4,+<&! #%F81+4.03! '52+'&%0! (%! (%0.**'##'!
2'&01+1-2+'&.#3!-&.!(%!#.0!2-.#%0!0%!5#.04.*8.!%&!%#!"01.1-1'!(%!L-1'&'48.!*%2-**+('N!
!
"#! :',+%*&'! (%! #.! :%&%*.#+1.1! (%! /.1.#-6.! *%2-%*(.! [-%! 2-.&('! %#! )*+,-&.#!
/'&01+1-2+'&.#!0%!@.!@.##.('!.&1%!-&.!0-5-%01.!.&1+&'4+.!%&1*%!-&!5*%2%51'!%01.1-1.*+'!G!'1*'!
(%!-&.!#%G![-%!@.!2'&0+(%*.('!.45.*.('!5'*!-&.!*%4+0+K&!2'&01+1-2+'&.#3!&-&2.!@.!(%2#.*.('!
#.! +&2'&01+1-2+'&.#+(.(! (%#! "01.1-1'! gvgr.! >)/! RTWXYYP3! (%! SY! (%! 4.*='cN! "01.! 0'#-2+K&!
+&1%F*.('*.!%&2'&1*.*8.!0-!%[-+D.#%&1%!%&!#.!.5.*%&1%!2'#+0+K&!%&1*%!#'0!5*%2%51'0!5*'1%F+('0!
5'*!0%&(.0!*%0%*D.0!2'&01+1-2+'&.#%0!gvgrN!.*10N!XQ_NS!G!XSSNX!/"cN!
!
L1%&(+%&('!.!#.!.5-&1.(.!(+01+&2+K&!%&!#.!+&1%&0+(.(!(%!#.!*%0%*D.!2'&01+1-2+'&.#!(%!#%G!
'*F?&+2.3! 0%! .5-&1.! [-%! 2-.&('! .#FM&! 5*%2%51'! %01.1-1.*+'! 0%! .#%C.! (%#! &M2#%'! (%! *%0%*D.!
(%,%*8.!5*+4.*!.[-<#![-%!0%!+&02*+,%!(%&1*'!(%#!&M2#%'!(%!#.!*%0%*D.!.,0'#-1.3!(%,+%&('!(.*0%!
5*+4.28.!.!#.!&'*4.3!0%.!#.!#%G!'*F?&+2.!'!%#!"01.1-1'3![-%!2-45#%!%#!4.&(.1'!2'&01+1-2+'&.#N!
>+! %#! 5*%2%51'! %01.1-1.*+'! 0%! %&2-%&1*.! %&! -&.! 0+1-.2+K&! (%! 5*%2%(%&2+.! 1%45'*.#3! *%0-#1.*8.!
+&.5#+2.,#%! @.01.! 1.&1'! 0%! .(.51%! #.! #%G! '*F?&+2.! .#! 0%&1+('! .5-&1.('! 5'*! %#! "01.1-1'N! "&!
2.4,+'3! 0+! &+&F-&.! (%! #.0! ('0! 5*%D+0+'&%0! 0%! %&2-%&1*.! (%&1*'! (%#! &M2#%'! (%! #.! *%0%*D.3!
%&1'&2%0!(%,%*8.!5*+4.*!#.!4.G'*!*%0+01%&2+.!(%#!"01.1-1'!0+!#.!'1*.!&'*4.!%0!5'01%*+'*!G3!0+!%0!
.&1%*+'*3! #.! Z-%*=.! .21+D.! (%#! "01.1-1'! (%1%*4+&.*8.! #.! +&.5#+2.2+K&! %&! %#! ?4,+1'! (%! #.!
/'4-&+(.(!L-1K&'4.!(%#!5*%2%51'!(%!#.!#%G!'*F?&+2.!2'&1*.*+'!.#!"01.1-1'3!*%2.G%&('!%&!%#!
#%F+0#.('*!%01.1.#!%#!(%,%*!(%!.(%2-.*!%0.!&'*4.!%&!#.!4%(+(.!%&![-%!*%0-#1%!+&2'45.1+,#%!2'&!
!
SO
%#!"01.1-1'N!U.0!('0!D'#-&1.(%0!2'&2-**%&1%0!%&!#.!.5*',.2+K&!(%#!"01.1-1'!@.,*8.&!2'&D%&+('!
%&!#.!*%F-#.2+K&!(%!2'&1%&+('0!.C%&'0!.#!.*1N!XQ_NS!/"3!0+&!+&D.(+*!*%0%*D.0!2'&01+1-2+'&.#%03!
5'*! #'! [-%! %01%! 2'&1%&+('! &'! &%2%0.*+'! +45%(+*8.3! ,.C'! 1.2@.! (%! +&2'&01+1-2+'&.#+(.(! 5'*!
.&1+%01.1-1.*+.3!-&.!*%F-#.2+K&!%01.1.#!-&+#.1%*.#!%&!0%&1+('!2'&1*.*+'!.#!5.21.('!%&!%#!"01.1-1'N!
!
E%0(%! '1*.! 5%*05%21+D.3! %01%! )*+,-&.#! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i! @.!
(%2#.*.('![-%!#.!*%0%*D.!2'&01+1-2+'&.#!.!Z.D'*!(%!-&.!#%G!'*F?&+2.!&'!%0!+&2'&(+2+'&.(.3!0+&'!
[-%3! .&1%0! ,+%&3! %01?! #+4+1.(.! 5'*! #'0! 5*+&2+5+'0! G! 5*%2%51'0! 2'&01+1-2+'&.#%03! G3! %&1*%! %##'03!
5'*! #'0! [-%! *%F-#.&! %#! *%5.*1'! (%! 2'45%1%&2+.0! %&1*%! %#! "01.('! G! #.0! /'4-&+(.(%0!
L-1K&'4.0e! &'! %03! 5'*! 1.&1'3! #.! *%0%*D.! -&.! &'*4.! .1*+,-1+D.! (%!2'45%1%&2+.0! 4.1%*+.#%0! .#!
"01.('3! (%! 4'('! [-%! &'! .#1%*.! %#! *<F+4%&! 2'45%1%&2+.#! [-%! 0%! (%(-2%! (%#! 181-#'! Abbb! (%! #.!
/'&01+1-2+K&!g>)/!SPQWXYYS3!(%!ST!(%!&'D+%4,*%3!^;!]cN!"01.!.*F-4%&1.2+K&!(%02.&0.!0',*%!
#.!%05%2+.#!*+F+(%=!(%!#'0!"01.1-1'03!0-!2.*?21%*!4.1%*+.#4%&1%!2'&01+1-2+'&.#!G!5.22+'&.('3!G!
%&!0-!2.#+(.(!(%!#%G!%01.1.#N!>-5-%01.!#.!+&+2+.1+D.!.-1'&K4+2.3!%01.*8.4'0!%&!5*%0%&2+.!(%!-&.!
.-1'+45'0+2+K&!(%!',#+F.2+'&%0![-%!%#!#%F+0#.('*!%01.1.#!%01.1-G%&1%!5-%(%!.2%51.*!'!&'3!5%*'!
.!#.0![-%3!(%!@.2%*#'3![-%(.!2'&01*%6+('!0+&!5'(%*!#+,%*.*0%!(%!#.0!4+04.0!(%!Z'*4.!-&+#.1%*.#N!
$'*! 2'&0+F-+%&1%3! 0%*8.! #.! *%F#.! (%! #.! .-1'&'48.! Z-&2+'&.#! #.! [-%! 5%*4+1+*8.! *%0'#D%*! %01.0!
0-5-%01.0!.&1+&'4+.0!G!&'!#.!5*%1%&(+(.!5*%%4+&%&2+.!(%!#.!#%F+0#.2+K&!%01.1.#!-&+#.1%*.#!0',*%!
#.! D+*1-.#+(.(! G! %Z+2.2+.! (%#! "01.1-1'3! &+! #.! 0-F%*%&2+.! (%! [-%! #.0! (+05'0+2+'&%0! .(+2+'&.#%0!
%01.1-1.*+.0! '*(%&%&! .! #'0! 5'(%*%0! .-1'&K4+2'0! 5*'4'D%*! #.! *%Z'*4.! (%! (%1%*4+&.(.0! #%G%0!
'*F?&+2.03! 5-%0! .4,.0! 5*'5-%01.0! '#D+(.*8.&! [-%! %#! "01.1-1'! (%! L-1'&'48.! %0! 1.4,+<&!
#%F+0#.2+K&!%01.1.#N!
!
"&!%#!2.0'!(%#!"01.1-1'!.@'*.!2'&1*'D%*1+('3!0'01+%&%!#.!*%5*%0%&1.2+K&!(%#!:',+%*&'!(%!
#.!:%&%*.#+1.1![-%!&'!5-%(%!+45-1.*0%!.#!"01.1-1'!#.!+&D.0+K&!(%!#.!*%0%*D.!4.1%*+.#!Z'*4-#.(.!
5'*!#.!/'&01+1-2+K&!.!Z.D'*!(%!#.0!#%G%0!'*F?&+2.0N!>+&!5%*C-+2+'!(%!-&!5'01%*+'*!.&?#+0+0!(%!#'0!
0-5-%01'0! %05%28Z+2'0! %&! #'0! [-%! 0%! 2'&2*%1.! %01.! +45-1.2+K&3! 0%! .D.&=.! [-%! %#! "01.1-1'3! %&!
1.&1'! [-%! &'*4.! +&01+1-2+'&.#! ,?0+2.3! &'! 0K#'! 5-%(%3! 0+&'! [-%! (%,%! +&2'*5'*.*! (%1%*4+&.(.0!
*%Z%*%&2+.0!.!4.1%*+.0!G!K*F.&'0![-%!@.##.&!0-!*%F-#.2+K&!0-01.&1+D.!%&!%0.0!#%G%0!'*F?&+2.03!
0+%&('! .08! [-%! %0.0! *%Z%*%&2+.0! 0%! @.&! 4.&1%&+('! %&! #.! D%*1+%&1%! %\1%*&.! (%! #.0! *%0%*D.0!
2'&01+1-2+'&.#%0! .! Z.D'*! (%! #.0! U%G%0! V*F?&+2.0! (%#! $'(%*! ;-(+2+.#! G! (%! Z+&.&2+.2+K&! (%! #.0!
/'4-&+(.(%0!L-1K&'4.0N!
!
!
SY
"&! 1.&1'! [-%! #%G! '*F?&+2.! %01.1.#3! %#! "01.1-1'! 5'(*8.! #%F81+4.4%&1%! 2'45#%4%&1.*3!
2'&(+2+'&.&('! %\1%*&.4%&1%! %&! .#F-&'0! .05%21'0! 2'&2*%1'03! .#! 5*'5+'! #%F+0#.('*! '*F?&+2'3!
2'4'! #'! (%4'01*.*8.&! #.0! 5*%D+0+'&%03! 2'&1%&+(.0! 1.&1'! %&! %#! "01.1-1'! (%! /.1.#-6.! (%! XY_Y!
2'4'!%&!'1*'0!1%\1'0!%01.1-1.*+'03!0',*%!(%1%*4+&.(.0!4.1%*+.0!*%F-#.(.0!5'*!#.!U%G!V*F?&+2.!
(%#!$'(%*!;-(+2+.#!G!#.!U%G!V*F?&+2.!(%!Z+&.&2+.2+K&!(%!#.0!/'4-&+(.(%0!L-1K&'4.03!0+&![-%!
%#! )*+,-&.#! @.G.! ',C%1.('! %01%! 1+5'! (%! 5*%D+0+'&%0! &'*4.1+D.0N! E%01.2.(.4%&1%3! .08! 0-2%(+K!
2'&! #.! 2#?-0-#.! 0-,*'F.1'*+.! (%! #.0! Z.2-#1.(%0! [-%! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#!
.1*+,-G%0%!.#!:',+%*&'N!E%!.2%51.*0%!#'0!5#.&1%.4+%&1'0!(%!#.!(%4.&(.!(%,%*8.!2'&2#-+*0%![-%!
@%4'0! D+D+('! 4?0! (%! D%+&1+2+&2'! .6'0! 2'&! -&'0! "01.1-1'0! (%! L-1'&'48.! +&2'&01+1-2+'&.#%03!
0+&![-%!%#!5*'5+'!)*+,-&.#!/'&01+1-2+'&.#!0%!@.G.!.5%*2+,+('!(%!%##'N!
!
XQN! U'0! *%5*%0%&1.&1%0! 5*'2%0.#%0! (%! #.! /?4.*.! 2.1.#.&.! +&+2+.&! 0-! %02*+1'! 2'&! ('0!
2'&0+(%*.2+'&%0!5*%#+4+&.*%0N!U.!5*+4%*.!(%!%##.0!0%!*%Z+%*%!.!#.!+&.(4+0+,+#+(.(!(%#!*%2-*0'!
5'*!2.-0.!(%#!2.*?21%*!5*%D%&1+D'!(%!#.!+45-F&.2+K&3!5-%0!#'0!.21'*%0!.(4+1%&!#.!5'0+,+#+(.(!
(%! [-%! 4-2@'0! (%! #'0! 5*%2%51'0! *%2-**+('0! 5-%(.&! 0%*! +&1%*5*%1.('0! 2'&Z'*4%! .! #.!
/'&01+1-2+K&3!0+%&('!(%!',0%*D.*!#.!C-*+05*-(%&2+.![-%!(%02.*1.!#.!-1+#+=.2+K&!(%#!*%2-*0'! (%!
+&2'&01+1-2+'&.#+(.(! 2'&! #.! Z+&.#+(.(! (%! ',1%&%*! (%2#.*.2+'&%0! 5*%D%&1+D.0! '! 5*%D+0'*.0! .&1%!
%D%&1-.#%0!.F*.D+'0!2'45%1%&2+.#%0!g>>)/!QYWXYOQ3!^;!S!G!S]YWXYYS3!^;!Sc3!(%!4.&%*.![-%!
1'('0!#'0!2.0'0!%&!#'0![-%!#.!(%4.&(.!0'#+2+1.!4%*.4%&1%!-&.!(%2+0+K&!+&1%*5*%1.1+D.!(%,%*8.&!
2'&0+(%*.*0%!(%2.8('0N!
!
"&!0%F-&('!#-F.*!0%!0%6.#.![-%!%&!%#!*%2-*0'!0%!+&2#-G%&!+45-F&.2+'&%0!(%! .#F-&'0!
5*%2%51'0! F%&<*+2.0! G! 0+&! Z-&(.4%&1.2+K&3! 5'*! #'! [-%! 5*'2%(%*8.! 0-! +&.(4+0+K&3! 5'*!
(%02'&'2%*!#'!(+05-%01'!%&!%#!.*1N!]]NX!UV)/!G!#.!('21*+&.!2'&01+1-2+'&.#!g>)/!]TWXYYQ3!^;!
XcN!
!
"#!$.*#.4%&1'!(%!/.1.#-6.!.#%F.3!5'*!'1*.!5.*1%3![-%!#.!U%G!V*F?&+2.!TWSPPT!*%05%1.!#.!
2'&Z+F-*.2+K&!2'&01+1-2+'&.#!(%#!"01.1-1'!(%!L-1'&'48.!2'4'!&'*4.!+&01+1-2+'&.#!,?0+2.!(%!#.!
/'4-&+(.(!L-1K&'4.3!%&!1.&1'![-%!#'0!*%2-**%&1%0!#+4+1.&!%#!2'&1%&+('!(%!#'0!"01.1-1'0!.!#'0!
1<*4+&'0!%\5*%0.4%&1%!%01.,#%2+('0!5'*!%#!.*1N!XQ_NS!/"N!$.*.!#'0!*%5*%0%&1.&1%0!5*'2%0.#%0!(%!
#.!/?4.*.3!#.!/'&01+1-2+K&!.1*+,-G%!.#!"01.1-1'!1*%0!*.0F'0!Z-&(.4%&1.#%0![-%!#'!2'&Z+F-*.&!
2'4'!&'*4.!2*%.('*.!(%!#.!/'4-&+(.(!L-1K&'4.3!&'*4.!+&01+1-2+'&.#!,?0+2.!(%!#.!4+04.!G!
&'*4.!+&1%F*.&1%!(%#!V*(%&.4+%&1'!%01.1.#N!"#!"01.1-1'!2*%.!#.!/'4-&+(.(!L-1K&'4.3!2'4'!
@.!*%2'&'2+('!#.!C-*+05*-(%&2+.3!2'45#%4%&1.&('!#.!/'&01+1-2+K&!.#!(%1%*4+&.*!G!2'&2*%1.*!#.!
!
]P
%01*-21-*.! 1%**+1'*+.#! (%#! "01.('N! "&! 2-.&1'! &'*4.! +&01+1-2+'&.#! ,?0+2.3! %#! .*1N! XQ_NS! /"!
%01.,#%2%!0-!2'&1%&+('!48&+4'!g>)/!OYWXYOQ3!(%!SO!(%!0%51+%4,*%3!^;!_c3!4+%&1*.0![-%!%#!.*1N!
OX! /"! +&(+2.! [-%! #.! *%0%*D.! (%! #%G! '*F?&+2.! .#2.&=.! .! 0-! .5*',.2+K&N! L083! #.! *%F-#.2+K&!
%01.1-1.*+.! &'! 0%! (%Z+&%! %&! *%#.2+K&! 2'&! 4.1%*+.! .#F-&.3! 0+&'! %&! Z-&2+K&! (%! #.! 5'0+2+K&!
2'&01+1-2+'&.#! (%#! %&1%! 2*%.('! 5'*! %#! "01.1-1'N! $'*! %##'3! %#! 2'&1%&+('! (%#! "01.1-1'! (%!
L-1'&'48.!&'!(%,%!#+4+1.*0%!.!#'0!%#%4%&1'0!%\5*%0.4%&1%!5*%D+01'0!%&!%#!.*1N!XQ_NS!/"3!2'&!
%#! M&+2'! #84+1%! (%! .[-%##.0! 4.1%*+.0! [-%! (%! 4.&%*.! %\5*%0.! #.! /'&01+1-2+K&! .1*+,-G%! .! '1*.!
&'*4.N!
!
$'*! '1*'! #.('! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i3! %#! "01.1-1'! %0! .(%4?0! -&.! #%G!
%01.1.#3! (%! 4'('! [-%! 0-! .5*',.2+K&! 0-5'&%! #.! +&2'*5'*.2+K&! (%Z+&+1+D.! G! (%2+0+D.! (%! #.!
D'#-&1.(! (%#! #%F+0#.('*! %01.1.#! .! #.! 2'&Z+F-*.2+K&! (%! #'! [-%3! 5'*! 0-! 2'&1%&+('3! 2'&01+1-G%! #.!
&'*4.!+&01+1-2+'&.#!,?0+2.!(%!2.(.!/'4-&+(.(!L-1K&'4.!g>)/!YYWXYOT3!(%!XX!(%!C-#+'c3!#'!
[-%!0+F&+Z+2.![-%!&'!0%!5-%(%!.Z+*4.*![-%!%#!"01.1-1'!(+*+F%!'!+45'&%!4.&(.1'0!-&+#.1%*.#%0!.#!
#%F+0#.('*! %01.1.#3! G.! [-%! %0! %#! 5*'5+'! "01.('! %#! [-%! .5*-%,.! 0-! 2'&1%&+('! 4%(+.&1%! #%G!
'*F?&+2.N!"&!2-.&1'!.!0-!.5*',.2+K&3!%#!"01.1-1'!(%!L-1'&'48.!%0!-&.!&'*4.!5.21.(.3!5-%0!#.!
/'&01+1-2+K&! %01.,#%2%! [-%! 5.*.! 0-! %#.,'*.2+K&3! .5*',.2+K&! G! *%Z'*4.! 0%! *%[-+%*%! #.!
2'&Z#-%&2+.!(%!('0!D'#-&1.(%0d!#.!(%#!1%**+1'*+'![-%!.22%(%!.!#.!.-1'&'48.!G!#.!(%!#.0!/'*1%0!
:%&%*.#%03! 2'4'! [-%(.! %05%2+.#4%&1%! %&! %D+(%&2+.! %&! #'0! "01.1-1'0! .5*',.('0! 2'&Z'*4%! .#!
.*1N! XRX! /"3! 0+F-+%&('! -&! 5*'2%(+4+%&1'! (%! %#.,'*.2+K&! 1%**+1'*+.#3! 5.21'! ,+#.1%*.#! %&! #.0!
/'*1%0!:%&%*.#%03!.5*',.2+K&!5'*!#%G!'*F?&+2.!G!*%Z%*<&(-4!2+-(.(.&'N!
!
L! #.! D+01.! (%! 0-! %05%28Z+2.! Z-&2+K&! 2'&01+1-2+'&.#! G! (%#! 5*'2%(+4+%&1'! 5.*.! 0-!
%#.,'*.2+K&3!%#!$.*#.4%&1'!2.1.#?&!2'&0+(%*.![-%!0%!1*.1.!(%!-&.!2.1%F'*8.!&'*4.1+D.!0+&F-#.*!
%&! %#! 0+01%4.! (%! Z-%&1%0N! "&! #.! 4%(+(.! %&! [-%! #'0! "01.1-1'0! +&1%F*.&! %#! ,#'[-%! (%! #.!
2'&01+1-2+'&.#+(.(!0'&3!C-&1'!.!#.!/'&01+1-2+K&3!5.*?4%1*'!5.*.!%&C-+2+.*!#.!#%F+0#.2+K&3!5-%0!
2-.#[-+%*! +&Z*.22+K&! (%! #.! &'*4.! %01.1-1.*+.! %0! 1.4,+<&! +&Z*.22+K&! (%! #.! /'&01+1-2+K&! g>)/!
XT]WXYYR3!(%!O!(%!&'D+%4,*%3!^;!QcN!"##'!+45#+2.*8.![-%!%#!M&+2'!5.*?4%1*'!5.*.!%&C-+2+.*!#.!
D.#+(%=!2'&01+1-2+'&.#!(%!-&.!(+05'0+2+K&!+&2#-+(.!%&!-&!"01.1-1'!(%!L-1'&'48.!0%.!#.!5*'5+.!
/'&01+1-2+K&! g>)/! YYWXYOT3! (%! XX! (%! C-#+'3! ^;! Qc3! 0+&! [-%! 5-%(.! @.,%*! &+&F-&.! &'*4.!
+&1%*5-%01.!%&1*.!<01.!G!%#!"01.1-1'!g>)/!_TWXYO]3!(%!R!(%!.F'01'3!^;!QcN!
!
/-.&('! %#! "01.1-1'! (%! L-1'&'48.! (%! /.1.#-6.! +&2'*5'*.! .#F-&'0! 5*%2%51'0! [-%!
+&2+(%&!%&!4.1%*+.0!*%0%*D.(.0!5'*!#.!/'&01+1-2+K&!.!0-!*%F-#.2+K&!%&!#%G!'*F?&+2.3!%0!5*%2+0'!
!
]X
.(4+1+*3! %&! '5+&+K&! (%#! $.*#.4%&1'3! [-%! %&! 0-! .5*',.2+K&! 0%! @.&! 2-45#+('! #.0! %\+F%&2+.0!
Z'*4.#%0!(%!#.!#%G!'*F?&+2.3!%0!(%2+*3!+&01+1-2+K&!2'45%1%&1%!G!quórum!(%!.5*',.2+K&N!).#%0!
(+05'0+2+'&%0! 0%*8.&! &'*4.0! %05%28Z+2.0! 5.*.! /.1.#-6.! [-%! (%,%*?&! 0%*! *%2'F+(.0!
5'01%*+'*4%&1%!%&!#.!#%G!'*F?&+2.!%01.1.#!2'**%05'&(+%&1%3!5-%0!2'&!0-!.5*',.2+K&!%#!#%F+0#.('*!
'*F?&+2'!0%!D+&2-#.*8.!.!*%F-#.*!#.!4.1%*+.!2'&2*%1.!0%FM&!-&.!0'#-2+K&!#%F+0#.1+D.!%05%28Z+2.N!
)'('! %##'! 0+&! 5%*C-+2+'! (%#! 5*+&2+5+'! (%! [-%! #'0! "01.1-1'0! &'! 5-%(%&! 0-01+1-+*! .! '1*.0! #%G%0!
'*F?&+2.0!.!#.0![-%!#.!/'&01+1-2+K&!@.!*%0%*D.('!-&!2'&1%&+('!5*'5+'3!5-%0!%&!%01.!4.1%*+.3!.!
5.*1+*! (%! #'0! %&-&2+.('0! 2'&01+1-2+'&.#%03! 5'(*8.! (+Z%*%&2+.*0%! %&1*%! -&! ?4,+1'! (%! *%0%*D.!
.,0'#-1.!G!'1*'!(%!*%0%*D.!*%#.1+D.N!"&!0-!D+*1-(3!%#!#%F+0#.('*!%01.1.#3!.#!.5*',.*!%#!"01.1-1'!(%!
L-1'&'48.!(%!/.1.#-6.3!@.,*8.!%C%*2+('!-&.!'52+K&!5'0+,#%!G!*%05%1-'0.!2'&!#.!+&1%F*+(.(!(%!
#.0! *%0%*D.0! 2'&01+1-2+'&.#%0! .! #%G%0! '*F?&+2.0! %05%28Z+2.0N! "&! 1.#! 0%&1+('3! %#! %02*+1'! (%!
.#%F.2+'&%0!*%2-%*(.![-%!2-.&('!%#!)*+,-&.#!/'&01+1-2+'&.#!0%!@.!@.##.('!.&1%!-&.!0-5-%01.!
.&1+&'4+.! %&1*%! -&! 5*%2%51'! %01.1-1.*+'! G! '1*'! (%! -&.! #%G! [-%! @.! 2'&0+(%*.('! .45.*.('! 5'*!
-&.!*%4+0+K&!2'&01+1-2+'&.#3!&-&2.!@.!(%2#.*.('!#.!+&2'&01+1-2+'&.#+(.(!(%#!"01.1-1'3!'51.&('3!
%&!-&!2'&Z#+21'!%&1*%!-&!"01.1-1'!G!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#3!5'*!-&.!+&1%*5*%1.2+K&!
2'&C-&1.3! 0%6.#.&('! [-%! (+2@.0! &'*4.0! &'! 0%! %\2#-G%&3! 0+&'! [-%! 0%! 2'45#%4%&1.&! g>)/!
RTWXYYP3!(%!SY!(%!4.*='cN!
!
L#%F.! #.! *%5*%0%&1.2+K&! 5*'2%0.#! (%#! $.*#.4%&1'3! .! 2'&1+&-.2+K&3! [-%! #.0! *%0%*D.0! (%!
#%G! '*F?&+2.! 5*%D+01.0! %&! #.! /'&01+1-2+K&! .5.*%2%&! %&-&2+.(.0! %&! -&'0! 1<*4+&'0! 4-G!
F%&<*+2'03! %&! #'0! [-%! 5-%(%! (+01+&F-+*0%! -&! &M2#%'3! 0+&! %#! 2-.#! #.! 4.1%*+.! *%0%*D.(.! .! #.! #%G!
'*F?&+2.!&'!0%*+.!*%2'&'2+,#%!'!5'(*8.!%&1%&(%*0%!D.28.!(%!0-!2'&1%&+('!5*'5+'3!G!-&!2'&1'*&'!
[-%!.,.*2.!'1*'0!5'0+,#%0!2'&1%&+('03!*%05%21'!(%!#'0![-%!5-%(%!%\+01+*!-&!2+%*1'!4.*F%&!(%!
(+05'&+,+#+(.(N!"&!2.0'!(%!.&1+&'4+.!%&1*%!%#!"01.1-1'!G!-&.!#%G!'*F?&+2.3!2-.&('!-&'!(%!#'0!
5*%2%51'0!%&!#'0![-%!0%!.(D+%*1%!#.!5'0+,#%!.&1+&'4+.!0%!.#%C.!(%#!&M2#%'!(%!#.!*%0%*D.3!(%,%*8.!
5*+4.*!.[-<#![-%!0%!+&02*+,%!(%&1*'!(%!(+2@'!&M2#%'N!>+!%#!5*%2%51'!%01.1-1.*+'!0%!%&2-%&1*.!%&!
#.! 0+1-.2+K&! (%! 5*%2%(%&2+.3! 0%*8.! +&.5#+2.,#%! @.01.! [-%! #.! #%G! '*F?&+2.! 0%! 4'(+Z+[-%! %&! %#!
0%&1+('! [-%! +&(+2.! %#! "01.1-1'N! "&! 2.4,+'3! 0+! &+&F-&.! (%! #.0! ('0! 5*%D+0+'&%0! 0%! %&2-%&1*.!
(%&1*'!(%#!&M2#%'!(%!#.!*%0%*D.3!%#!2*+1%*+'!(%,%*8.!Z.D'*%2%*!#.!4.G'*!*%0+01%&2+.!(%#!"01.1-1'3!
2-G.!Z-%*=.!.21+D.!(%1%*4+&.*8.!#.!+&.5#+2.2+K&!%&!%#!?4,+1'!(%!#.!/'4-&+(.(!L-1K&'4.!(%#!
5*%2%51'! (%! #.! #%G! '*F?&+2.! 2'&1*.*+'! .! <#3! *%2.G%&('! %&! %#! #%F+0#.('*! %01.1.#! %#! (%,%*! (%!
.(%2-.*! %0.! &'*4.! %&! #.! 4%(+(.! [-%! *%0-#1%! +&2'45.1+,#%! 2'&! %#! "01.1-1'N! "&! %01%! '*(%&! (%!
2'0.03! -&! "01.1-1'! [-%! +&2#-G.! 2'&1%&+('0! .C%&'0! .#! .*182-#'! XQ_NS! /"3! 5%*'! 0+&! +&D.(+*!
*%0%*D.0!2'&01+1-2+'&.#%0!%&!Z.D'*!(%!'1*.0!&'*4.03!+45%(+*8.!-&.!*%F-#.2+K&!%01.1.#!-&+#.1%*.#!
!
]S
%&!0%&1+('!2'&1*.*+'!.#!5.21.('!%&!%#!"01.1-1'N!>%!1*.1.*8.3!%&!(%Z+&+1+D.3!(%!-&.!.-1'+45'0+2+K&!
(%!',#+F.2+'&%0![-%!%#!#%F+0#.('*!%01.1.#!%01.1-G%&1%!5-%(%!.2%51.*!'!&'3!5%*'!.!#.0![-%![-%(.!
0-C%1'! -&.! D%=! .2%51.(.03! (%! 4'('! [-%! &'! 5'(*8.! 5*%02+&(+*! (%! %##.0! (%! Z'*4.! -&+#.1%*.#! G!
(%,%*8.!2-45#+*!%#!"01.1-1'![-%!@.!.5*',.('N!
!
$.0.&('! .! .,'*(.*! #.! 2-%01+K&! (%#! 2'&1%&+('! (%#! "01.1-1'3! %#! $.*#.4%&1'! (%! /.1.#-6.!
.(D+%*1%!(%![-%3!4?0!.##?!(%!#'0!2'&1%&+('0!48&+4'0![-%!5*%D<!#.!/'&01+1-2+K&3!%01.!2-%01+K&!
(%,%! .&.#+=.*0%! .! 5.*1+*! (%! #.! 2'&Z+F-*.2+K&! (%#! "01.1-1'! (%! L-1'&'48.! 2'4'! &'*4.!
+&01+1-2+'&.#! ,?0+2.! (%! #.! /'4-&+(.(! L-1K&'4.N! $'*! %##'3! .! 0-! %&1%&(%*3! #'0! 2'&1%&+('0!
%01.1-1.*+'0! 0%*?&! 2'&Z'*4%0! .! #.! /'&01+1-2+K&! 0+! 0%! 2'**%05'&(%&! 2'&! #.! Z-&2+K&!
2'&01+1-2+'&.#! (%#! "01.1-1'3! (%*+D.(.! (%! 0-! 2.*?21%*! (%! &'*4.! +&01+1-2+'&.#! ,?0+2.3! G! &'!
2'&1*.D+%&%&!*%0%*D.0!2'&01+1-2+'&.#%0!%\5*%0.0!%&!Z.D'*!(%!'1*.!&'*4.N!/'&!1.#!5*%4+0.3! 0%!
%\.4+&.&!.#F-&'0!(%!#'0!?4,+1'0!*%F-#.('0!%&!%#!"01.1-1'!(%!L-1'&'48.!(%!/.1.#-6.![-%!@.&!
0+('!',C%1'!(%!+45-F&.2+K&N!
!
L083!#.!+&2'*5'*.2+K&!(%!-&!181-#'!(%(+2.('!.!(%*%2@'03!(%,%*%0!G!5*+&2+5+'0!*%21'*%0!%&!
-&! "01.1-1'! 0%*8.! 5%*Z%21.4%&1%! 2'&01+1-2+'&.#3! (%! -&.! 5.*1%3! 5'*[-%! %#! "01.1-1'! 2'&2*%1.! %#!
(%*%2@'!.!#.!.-1'&'48.!5'#81+2.N!E%!'1*.3!5'*[-%!#.!.21+D+(.(!(%!#'0!K*F.&'0!(%!#.!:%&%*.#+1.1!
(%,%!%01.*!0'4%1+(.!.!#84+1%0!2'&Z'*4%!.!#'0!5*+&2+5+'0!(%#!2'&01+1-2+'&.#+04'!(%4'2*?1+2'3!
2-G.!4.&+Z%01.2+K&!5*+&2+5.#!%0!#.!(%2#.*.2+K&!(%!(%*%2@'0!G!#+,%*1.(%0N!U'0!(%*%2@'03!(%,%*%0!
G! 5*+&2+5+'0! *%21'*%0! +&2'*5'*.('0! .! #.! U%G! V*F?&+2.! TWSPPT! &'! 0-5'&(*8.&! %&! &+&FM&! 2.0'!
-&.!*%F-#.2+K&!(+*%21.!(%#!2'&1%&+('!%0%&2+.#! (%!(%*%2@'0!Z-&(.4%&1.#%03!1%&(*8.&! 2'&%\+K&!
(+*%21.!2'&!#.0!2'45%1%&2+.0!*%2'&'2+(.0!.!#.!:%&%*.#+1.1!5'*!%#!5*'5+'!"01.1-1'!G3!2'&Z'*4%!.!
0-! .*1N! ]_NQ3! &+&F-&.! (%! #.0! (+05'0+2+'&%0! (%#! 181-#'! b! 5-%(%! 0%*! (%0.**'##.(.3! .5#+2.(.! '!
+&1%*5*%1.(.! (%! Z'*4.! [-%! *%(-=2.! '! #+4+1%! #'0! (%*%2@'0! Z-&(.4%&1.#%0! *%2'&'2+('0! 5'*! #.!
/'&01+1-2+K&!G!5'*!#'0!1*.1.('0!G!2'&D%&+'0!+&1%*&.2+'&.#%0!*.1+Z+2.('0!5'*!"05.6.N!
!
"&! 2-.&1'! .! #.! +&2#-0+K&! %&! %#! "01.1-1'! (%! L-1'&'48.! (%! 4.1%*+.0! *%F-#.(.0! 5'*! #%G!
'*F?&+2.3!.#%F.!%#!$.*#.4%&1'!2.1.#?&![-%!&'!5-%(%!@.,%*!',C%2+K&!(%!+&2'&01+1-2+'&.#+(.(!0+!
#.! *%F-#.2+K&! %01.1-1.*+.! 0%! 4.&1+%&%! %&! #.! D%*1+%&1%! %\1%*&.! (%! .[-%##.0! *%0%*D.0!
2'&01+1-2+'&.#%0!%05%28Z+2.0!.!Z.D'*!(%!'1*.0!#%G%0!'*F?&+2.03!#+4+1?&('0%!.!#.!5-*.!*%2%52+K&!
%&-&2+.1+D.! %&! #.! /'4-&+(.(! L-1K&'4.! (%! #.! +&01+1-2+K&! '! *%F-#.2+K&! 4.1%*+.#!
2'&01+1-2+'&.#4%&1%! 5*%D+01.03! 2'&! 5#%&'! *%05%1'! .! 0-! F.*.&18.! +&01+1-2+'&.#! G! 2'&! %\5*%0'!
*%%&D8'! .! #.! #%G! '*F?&+2.! %05%28Z+2.3! (%! 4'('! [-%! #.0! (+05'0+2+'&%0! 2'&1%&+(.0! %&! #.! &'*4.!
!
]]
*%2-**+(.! &'! +&D.(+*8.&! #.! *%0%*D.! 4.1%*+.#! Z'*4-#.(.! 5'*! #.! /'&01+1-2+K&! .! #%G%0! '*F?&+2.0!
2'4'!#.!(%#!$'(%*!;-(+2+.#!G!#.!(%!Z+&.&2+.2+K&!(%!#.0!/'4-&+(.(%0!L-1K&'4.0N!
!
L! 5*'5K0+1'! (%! #.! 4.G'*! (%&0+(.(! &'*4.1+D.! (%#! &-%D'! "01.1-1'! %&! 4.1%*+.!
2'45%1%&2+.#3!#.!/?4.*.!2.1.#.&.!0'01+%&%![-%!#.!+(%.![-%!F-8.!.!#.!&'*4.!&'!%0!*%+&1%*5*%1.*!
#'0! 2'&2%51'0! 2'&01+1-2+'&.#%0! %&! %#! 0+01%4.! (%! *%5.*1'! 2'45%1%&2+.#3! 0+&'! 2'&2*%1.*! '!
2'45#%1.*! .[-<##'! [-%! #.! /'&01+1-2+K&! @.! (%C.('! .,+%*1'! .#! %01.,#%2%*! #.0! *%F#.0! G! #'0!
5*+&2+5+'0![-%!*+F%&!%#!0+01%4.N!U.!/'&01+1-2+K&3!%&!'2.0+'&%03!-1+#+=.!2'&2%51'0![-%!1+%&%&!-&!
&M2#%'! 2#.*'! %&! 2-.&1'! .! #.0! .21+D+(.(%0! 5M,#+2.0! +&2#-+(.0! %&! %#! 4+04'3! 5%*'! C-&1'! .#! [-%!
.5.*%2%&!?4,+1'0!(%!2'&1%&+('!(+Z-0'!%!+&(%1%*4+&.('![-%!Z?2+#4%&1%!0%!0'#.5.&!2'&!4.1%*+.0!
2'45%1%&2+.#%0!2'#+&(.&1%0N!^*%&1%!.!#.!5*?21+2.![-%!@.!##%D.('!.![-%!0%.!%#!#%F+0#.('*!%01.1.#!
%#! [-%! 2'45#%1%! %01'0! .05%21'0! .,+%*1'0! (%! #.! (+01*+,-2+K&! 2'45%1%&2+.#! 2.,*8.! '5'&%*! -&.!
'*+%&1.2+K&!(+01+&1.!,.0.(.!%&!#.!&.1-*.#%=.!(%!#'0!"01.1-1'0!2'4'!&'*4.!+&01+1-2+'&.#!,?0+2.!G!
2'4'! 2'45#%4%&1'! &%2%0.*+'! (%! #.! /'&01+1-2+K&N! "&! %01.! #8&%.3! #.! ('21*+&.! (%! #.! >)/!
_TWXYO]3! (%! R! (%! .F'01'3! .2%*2.! (%! #.! +45'0+,+#+(.(! (%! [-%! %#! #%F+0#.('*! '*(+&.*+'! (+21%!
&'*4.0!4%*.4%&1%!+&1%*5*%1.1+D.0!0%*8.!0-02%51+,#%!(%!-&.!.5#+2.2+K&!4.1+=.(.!.!#'0!"01.1-1'0!
(%!L-1'&'48.3!5-%0!#.!D'#-&1.(!(%#!)*+,-&.#!/'&01+1-2+'&.#!5.*%2%!.(4+1+*![-%3!2'4'!&'*4.0!
5.21.(.0! %&1*%! "01.('! G! /'4-&+(.(%0! L-1K&'4.03! 0+1-.(.0! %&1*%! #.! /'&01+1-2+K&! G! %#!
#%F+0#.('*! '*(+&.*+'3! 08! 5-%(.&! ##%D.*! .! 2.,'! %01.! Z-&2+K&! (%#+4+1.('*.! (%#! .#2.&2%! (%! #.0!
2'45%1%&2+.03!2+1?&('0%!2'4'!%C%45#'0!#'0!2.0'0!(%#!.*1N!]_NS!G!]!(%#!"01.1-1'!(%!L-1'&'48.!
(%!:.#+2+.3!(%#!.*1N!QPNS!(%#!"01.1-1'!(%!/.&.*+.0!G!(%#!.*1N!]]!(%#!"01.1-1'!(%!/.&1.,*+.3!%&1*%!
'1*'0N!
!
H%05%21'! .#! .#1'! F*.('! (%! (%1.##%! G! 5*%2+0+K&! %&! #.! *%F-#.2+K&! (%! .#F-&.0! 4.1%*+.03!
%&1+%&(%!%#!$.*#.4%&1'!(%!/.1.#-6.![-%!%0!-&.!'52+K&!(%#!#%F+0#.('*!%01.1-G%&1%!1.&!#%F81+4.!
2'4'!#.!(%!XY_Y3!G.![-%!#.!/'&01+1-2+K&!&.(.!(+2%!.#!*%05%21'N!
!
$'*! #'! [-%! @.2%! .! #.0! *%#.2+'&%0! 2'&! %#! "01.('! [-%! 2'&1%45#.! %#! "01.1-1'3! .Z+*4.! #.!
/?4.*.! [-%! #'0! (+D%*0'0! +&01*-4%&1'0! 5*%D+01'0! *%05%1.&! 5#%&.4%&1%! #.! 1+1-#.*+(.(! (%! #.0!
2'45%1%&2+.0!%01.1.#%0!G!#.0!*%0%*D.0!&'*4.1+D.0!%&!#.!4.1%*+.N!>',*%!#.0!*%#.2+'&%0!%\1%*+'*%03!
0%! *%2-%*(.! [-%3! 2'&Z'*4%! .! #.! >)/! XSRWXYOQ3! (%! SP! (%! (+2+%4,*%3! #.! *%Z%*%&2+.! (%#! .*1N!
XQYNXN]!/"!.!#.0!*%#.2+'&%0!+&1%*&.2+'&.#%0!&'!0%!+(%&1+Z+2.!2'&!2-.#[-+%*!4.&+Z%01.2+K&!(%!#.!
.22+K&!%\1%*+'*3!5'*!#'![-%!#%!2'**%05'&(%*8.!.#!"01.1-1'!*%F-#.*!#'0!%#%4%&1'0!Z-&(.4%&1.#%0!
!
]Q
(%! %01.! .22+K&! %\1%*+'*! *%05%1.&('! %#! #84+1%! (%#! 2+1.('! 5*%2%51'3! (%#! 4+04'! 4'('! [-%! #'0!
.*182-#'0!*%#.1+D'0!.!#.0!*%#.2+'&%0!(%!/.1.#-6.!2'&!#.!h&+K&!"-*'5%.!*%05%1.*8.&!%#!.*1N!Y]!/"N!
!
"&! *%#.2+K&! 2'&! #.! 0-5-%01.! .-1'.1*+,-2+K&! (%! #.! 2'45%1%&2+.! (%! #.! 2'45%1%&2+.3! 0%!
.#%F.! (%! 2'&1*.*+'! [-%! %#! "01.1-1'! &'! +45'&%! -&! *<F+4%&! F%&%*.#! &+! -&.! +&1%*5*%1.2+K&!
(%1%*4+&.(.! (%! #.! /'&01+1-2+K&! .! #.0! (%4?0! /'4-&+(.(%0! L-1K&'4.0e! 0-! '52+K&! 5'*! -&.!
0+01%4?1+2.! 2'&2*%1.! &'! +45#+2.*8.! (.*! .! #.0! (+05'0+2+'&%0! %01.1-1.*+.0! -&.! (+4%&0+K&! (%!
+&1%*5*%1.2+K&!F%&%*.#!G!.,01*.21.!(%!#.!/'&01+1-2+K&3!&+!2'&(+2+'&.*8.!'1*.0!5'0+,#%0!'52+'&%0!
(%!(%0.**'##'!%01.1-1.*+'!%&!'1*.0!/'4-&+(.(%0!L-1K&'4.0N!
!
$'*! M#1+4'3! %&! 2-.&1'! .#! *%05%1'! .! #.! C-*+05*-(%&2+.! (%#! )*+,-&.#! /'&01+1-2+'&.#3! #.!
*%5*%0%&1.2+K&! 5*'2%0.#! (%! #.! /?4.*.! %&1+%&(%! [-%! 0-! ('21*+&.! &'! %0! .#F'! 5<1*%'! %!
+&4'(+Z+2.,#%3!0+&'![-%!%D'#-2+'&.!2'&!%#!5.0'!(%#!1+%45'N!>+%&('!(%!*%2'*(.*3!.(%4?03![-%!#.!
('21*+&.!2'&01+1-2+'&.#!@.!0+('!(+21.(.!%&!.5#+2.2+K&!(%!-&!,#'[-%!(%!#.!2'&01+1-2+'&.#+(.(![-%!
5*%2+0.4%&1%!5*%1%&(%!4'(+Z+2.*0%!2'&!%#!&-%D'!"01.1-1'3!#'![-%!(%,%*8.!5'&(%*.*0%!%&!2.(.!
2.0'N!L(+2+'&.#4%&1%3!%&1+%&(%!%#!$.*#.4%&1'![-%!#'0!%#%4%&1'0![-%!0-5'&%&!4.G'*!&'D%(.(!
(%!#.!U%G!V*F?&+2.!TWSPPT!',D+.4%&1%!&'!@.&!0+('!',C%1'!(%!5*%2%(%&1%0!5*'&-&2+.4+%&1'0!
(%#!)*+,-&.#!/'&01+1-2+'&.#!G3!5'*!1.&1'3!#.!.5#+2.2+K&!.!#'0!4+04'0!(%!#.!('21*+&.!5*%D+.4%&1%!
Z+C.(.!5'*!0-!C-*+05*-(%&2+.!&'!5'(*8.!##%D.*0%!.!2.,'!(%!4.&%*.!.-1'4?1+2.N!
!
9c!Impugnaciones del articulado!
!
XRN! )*.0! #.0! 2'&0+(%*.2+'&%0! (%! '*(%&! F%&%*.#! 0+&1%1+=.(.0! %&! %#! .&1%2%(%&1%! XX3! %#!
%02*+1'! (%! *%2-*0'! 5.0.! .! Z-&(.4%&1.*! #.! +45-F&.2+K&! (%! #'0! (+01+&1'0! 5*%2%51'0! (%! #.! U%G!
V*F?&+2.! TWSPPT! 2-G.! 2'&01+1-2+'&.#+(.(! 0%! 2-%01+'&.3! 2'4%&=.&('! 5'*! #.! (%! #'0! 0+F-+%&1%0!
5?**.Z'0!(%#!5*%?4,-#'d!
!
!! `"#! .-1'F',+%*&'! (%! /.1.#-6.! 0%! Z-&(.4%&1.! %&! #.! /'&01+1-2+K&! .08! 2'4'! %&! #'0!
(%*%2@'0! (%#! 5-%,#'! 2.1.#?&! [-%3! %&! %#! 4.*2'! (%! .[-<##.3! (.&! '*+F%&! %&! %01%! "01.1-1'! .#!
*%2'&'2+4+%&1'!(%!-&.!5'0+2+K&!0+&F-#.*!(%!#.!:%&%*.#+1.1aN!
!
!! `"#! $.*#.4%&1'! (%! /.1.#-6.3! *%2'F+%&('! %#! 0%&1+4+%&1'! G! #.! D'#-&1.(! (%! #.!
2+-(.(.&8.! (%! /.1.#-6.3! @.! (%Z+&+('! (%! Z'*4.! .45#+.4%&1%! 4.G'*+1.*+.! .! /.1.#-6.! 2'4'!
!
]R
&.2+K&N! U.! /'&01+1-2+K&! %05.6'#.3! %&! 0-! .*182-#'! 0%F-&('3! *%2'&'2%! #.! *%.#+(.(! &.2+'&.#! (%!
/.1.#-6.!2'4'!&.2+'&.#+(.(aN!
!
!!).4,+<&!0%!+45-F&.!#.!.0%D%*.2+K&!Z+&.#3!%&!2-G.!D+*1-(!%#!"01.1-1'!0%!Z-&(.4%&1.!
%&!%#!`%C%*2+2+'!(%#!(%*%2@'!+&.#+%&.,#%!(%!/.1.#-6.!.#!.-1'F',+%*&'aN!
!
LZ+*4.&!#'0!*%2-**%&1%03!2'4'!2-%01+K&!5*%D+.3![-%!#'0!5*%?4,-#'0!5-%(%&!0%*!',C%1'!
(%!-&!*%2-*0'!(%!+&2'&01+1-2+'&.#+(.(3!5-%0!1+%&%&!D.#'*!D+&2-#.&1%!2'4'!2.&'&!@%*4%&<-1+2'!
5*+&2+5.#! G! 0'&! (%! #.! 4.G'*! -1+#+(.(! 5.*.! 2'&'2%*! #.! D'#-&1.(! (%#! #%F+0#.('*N! "&! 1.&1'! [-%!
%\5*%0+D'0!(%!%0.!D'#-&1.(3!&'!5-%(%&!(%C.*!(%!0%*!',C%1'!(%!2'&1*'#!5'*!5.*1%!(%!%01%!)*+,-&.#!
.&1%!#.!%D%&1-.#+(.(!(%![-%!(+2@.!D'#-&1.(!5-(+%*.!0%*!2'&1*.*+.!.!#.!/'&01+1-2+K&N!
!
"01'!0%&1.('3!.#%F.&!#'0!.21'*%0![-%!#'0!1*%0!2'&2%51'0!-1+#+=.('0!%&!%#!5*%?4,-#'!iG!
5*'G%21.('0! (%05-<0! .! #'! #.*F'! (%#! .*1+2-#.('i! [-%! (%1%*4+&.&! 0-! +45-F&.2+K&! 0'&! #'0! (%!
`(%*%2@'0!@+01K*+2'0a3!`&.2+K&a!G!`2+-(.(.&8.!(%!/.1.#-6.aN!
!
"&! 2-.&1'! .! #'0! (%*%2@'0! @+01K*+2'03! 0%! .Z+*4.! [-%! 0-! +&D'2.2+K&! %0!
2'&01+1-2+'&.#4%&1%!+&2'**%21.!5'*!D.*+.0!*.='&%0e!5*+&2+5.#4%&1%!5'*[-%!0%!1*.1.!(%!C-01+Z+2.*!
%&! %##'03! .-&[-%! 0%.! +&(+*%21.4%&1%3! %#! "01.1-1'3! 2-.&('! %0! #'! 2+%*1'! [-%! #.! .-1'&'48.! (%!
/.1.#-6.3!4?0!.##?!(%!#.0!%\5#+2.2+'&%0!@+01K*+2.03!&'!5*'2%(%!&+!4.1%*+.#!&+!Z'*4.#4%&1%!(%!
'1*.!Z-%&1%![-%!#.!/'&01+1-2+K&N!$'*!#'!(%4?03!#'0!M&+2'0!(%*%2@'0!@+01K*+2'0!5-%01'0!%&!D.#'*!
5'*!#.!/'&01+1-2+K&!@.&!0+('!#'0!(%!k.D.**.!G!#'0!1%**+1'*+'0!Z'*.#%0!D.02'03!2'&!%#!.#2.&2%!G!
#'0!#84+1%0!4.*2.('0!%&!#.!5*+4%*.!C-*+05*-(%&2+.!2'&01+1-2+'&.#!g5'*!1'(.03!>>)/!XXWXYOQ3!(%!
S! (%! Z%,*%*'e! XS]WXYOQ3! (%! XO! (%! (+2+%4,*%e! G! _TWXYOO3! (%! ST! (%! .,*+#cN! f! &'! 5-(+%&('!
+&D'2.*0%!5.*.!/.1.#-6.!#.!(+05'0+2+K&!.(+2+'&.#!5*+4%*.!(%!#.!/'&01+1-2+K&3!1.4,+<&!%01.*8.!
Z-%*.! (%! #-F.*! #.! 4%&2+K&! [-%! %&! %#! .*1N! R! (%#! "01.1-1'! 0%! @.2%! (%! #.! (+05'0+2+K&! 1*.&0+1'*+.!
0%F-&(.!(%#!1%\1'!2'&01+1-2+'&.#3![-%!&'!0%!*%Z+%*%!.!(%*%2@'0!@+01K*+2'0!(%!2.*?21%*!0-01.&1+D'3!
0+&'![-%!0%!#+4+1.!.!(+05%&0.*!(%#!2-45#+4+%&1'!(%!(%1%*4+&.('0!*%[-+0+1'0!(%#!5*'2%(+4+%&1'!
(%!.22%0'!.!#.!.-1'&'48.!%&!%#!4.*2'!(%!#.!/'&01+1-2+K&!(%!XY_O!.!#'0!1%**+1'*+'0![-%!@-,+%*.&!
5#%,+02+1.('!-&!"01.1-1'!%&!%#!5.0.('N!
!
L! %01'0! 4'1+D'0! (%! +45-F&.2+K&! @.,*8.! (%! 0-4.*0%! #.! 2+*2-&01.&2+.! (%! [-%! #'0!
(%*%2@'0! @+01K*+2'0! .5.*%2%&! %&! %#! 5*%?4,-#'! %&! -&.! 5'0+2+K&! %[-+5.*.(.! .! #.! (%! #.! 4+04.!
/'&01+1-2+K&!%&!5-&1'!.!0-!2'&(+2+K&!(%!Z-&(.4%&1'!(%#!5'(%*!.-1'&K4+2'3!2-.&('!&'!%&!-&.!
!
]T
5'0+2+K&! 5*%D.#%&1%3! 2'4'! 5.*%2%! %#! 2.0'! 2-.&('! 0%! @.,#.! (%! -&! (%*%2@'! `+&.#+%&.,#%a! .#!
.-1'F',+%*&'N!
!
$'*!#'![-%!0%!*%Z+%*%!.#!2'&2%51'!(%!&.2+K&3!#'0!E+5-1.('0!*%2-**%&1%0!.#%F.&![-%!(%0(%!
#.! /'&01+1-2+K&! (%! XOXS! 0%! @.! *%0%*D.('! 5.*.! *%Z%*+*0%! .#! (%5'0+1.*+'! (%! #.! 0',%*.&8.3!
D+&2-#?&('0%! %&! #.! (%! XY_O! .#! 2'&C-&1'! (%#! 5-%,#'! '! (%#! "01.('3! 2'4'! 0%! .2*%(+1.! 2'&! %#!
%\.4%&!(%!#'0!(%,.1%0!2'&01+1-G%&1%0!*%Z%*+('0!.#!.*1N!S!/"N!$.*.!#'0!(%4.&(.&1%03!&'!0%!1*.1.!
.[-8! (%! (+02-1+*! 2'&2%52+'&%0! @+01K*+2.0! '! 2-#1-*.#%03! 0+&'! [-%! @.! (%! 5.*1+*0%! (%#! (.1'!
+&2'&1%01.,#%!(%![-%!(%0(%!%#!5-&1'!(%!D+01.!2'&01+1-2+'&.#!&'!@.G!4?0!&.2+K&![-%!#.!%05.6'#.N!
L08! @.! [-%(.('! 2#.*'! %&! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#3! %&! #.! [-%! 0%! .Z+*4.! [-%! `#.!
/'&01+1-2+K&!5.*1%!(%!#.!-&+(.(!(%!#.!&.2+K&!%05.6'#.a!g>)/!QWXYOX3!(%!S!(%!Z%,*%*'3!^;!]c!G!
0%!+&0+01%!%&!#.!+(%.!(%![-%!`.-1'&'48.!&'!%0!0',%*.&8.a!gibid.c3!*%0%*D?&('0%!5.*.!%01.!M#1+4.!
#.!0-5*%4.28.!2.*.21%*801+2.!(%#!5'(%*!'*+F+&.*+'!G!Z-&(.&1%!(%#!"01.('!(%#![-%!0K#'!#.!&.2+K&!
%0!1+1-#.*N!U.!k.2+K&!%05.6'#.!%0!%#!Z-&(.4%&1'!(%!#.!/'&01+1-2+K&!4+04.!g.*1N!S!/"c3!%#!0-C%1'!
2'&01+1-G%&1%3!G!0-!`+&(+0'#-,#%!-&+(.(a!&'!%0!-&!flatus vocis3!0+&'!#.!%\5*%0+K&!(%!-&!(%0+F&+'!
+&%[-8D'2'!(%#!2'&01+1-G%&1%3!.!0.,%*3![-%!&'!@.G!'1*.!&.2+K&![-%!#.!%05.6'#.N!
!
$'*!'1*'!#.('3!%&1+%&(%&!#'0!.21'*%0![-%!1.4,+<&!%0!2'&01+1-2+'&.#4%&1%!*%5*'2@.,#%!#.!
ZK*4-#.!-1+#+=.(.!%&!%#!5*%?4,-#'!5.*.!(.*!2.,+(.!.#!2'&2%51'!(%!&.2+K&!.5#+2.('!.!/.1.#-6.N!
"&! 0-!'5+&+K&3!&'!1+%&%!2.,+(.!%&!-&.!#%G!'*F?&+2.!(%#!"01.('!#'![-%!%#!$.*#.4%&1'! 2.1.#?&!
@.G.! 5'(+('! .2'*(.*! Z-%*.! (%! 0-! ?4,+1'! (%! (+05'0+2+K&! 5*'5+'3! [-%! &'! 2'45*%&(%! #.!
5'0+,+#+(.(! (%! .('51.*! (%2+0+'&%0! D+&2-#.&1%0! 5.*.! #.0! /'*1%0! :%&%*.#%0! [-%! 2'&1*.*8%&! 0-!
5*'5+.!#%F+1+4+(.(N!
!
U'0!2'&2%51'0!(%!`2+-(.(.&8.a!G!`2+-(.(.&'a!1.45'2'!1%&(*8.&!2.,+(.!5'*!*%Z%*%&2+.!
.! /.1.#-6.! G! #'0! 2.1.#.&%03! G! 2'&! 0-! +&2#-0+K&! %&! %#! 5*%?4,-#'! 0%! *%Z#%C.*8.3! .! C-+2+'! (%! #'0!
*%2-**%&1%03!#.!5*%1%&0+K&!(%![-%!%\+01.!-&!*%0+(-'!(%!0',%*.&8.!%&!/.1.#-6.3![-%!0%!%C%*2+1.3!
5*%2+0.4%&1%3!.#!.5*',.*!%#!"01.1-1'N!k-%01*.0!/'&01+1-2+'&%03!(%0(%!#.!(%!/?(+=3!.1*+,-G%&!#.!
0',%*.&8.! .! #.! &.2+K&3! Z'*4.(.! 5'*! #.! .F*-5.2+K&! (%! 2+-(.(.&'03! 0+%&('! <01%! -&! 2'&2%51'!
2'&01+1-2+'&.#!2'&!-&.!0+F&+Z+2.2+K&!C-*8(+2.!%05%28Z+2.3!(+01+&1.!(%!#.!(%!`5%*0'&.a3!1.4,+<&!
-1+#+=.('!5'*!#.!/'&01+1-2+K&!G!%#!"01.1-1'N!"#!2+-(.(.&'!%0!%#!1+1-#.*!(%!#.!0',%*.&8.!G!&'!@.G3!
5'*! 1.&1'3! 2+-(.(.&'0! (%! /.1.#-6.! 2'4'! .#F'! (+Z%*%&1%! (%! #'0! 2+-(.(.&'0! (%! "05.6.N! B.,*?!
5%*0'&.0!'!`2+-(.(.&'0!.!0%2.0a3!*%0+(%&1%0!%&!/.1.#-6.N!
!
!
]_
U.! -&+(.(! (%! 2'&2%51'! (%! 2+-(.(.&8.! i2'&1+&M.! %#! *%2-*0'i! %0! %D+(%&1%3! 5-(+%&('!
+&D'2.*0%!.#!%Z%21'!%#!%C%45#'!(%!#.!(%2+0+K&!(%#!/'&0%C'!/'&01+1-2+'&.#!Z*.&2<0!(%!Y!(%!4.G'!
(%!XYYXN!L(4+1+%&('![-%!%#!2%&1*.#+04'!2.*.21%*801+2'!(%#!2'&01+1-2+'&.#+04'!Z*.&2<0!&'!1+%&%!
5.*.&FK&! 2'&! #.! /'&01+1-2+K&! %05.6'#.3! .Z+*4.&! #'0! .21'*%0! [-%! #.! -&+(.(! (%#! 2'&2%51'! (%!
5-%,#'!%0!+(<&1+2'!%&!.4,'0!4'(%#'0N!U.!0',%*.&8.!&.2+'&.#!&'!%0!Z*.F4%&1.,#%!G!1.45'2'!#'!
%03! %&! 2'&0%2-%&2+.3! %#! 5-%,#'! %05.6'#N! k'! %0! <01%! -&! 2'&2%51'! Z%(%*.1+D'3! Z'*4.('! 5'*!
.F*-5.2+K&! (%! #'0! 5-%,#'0! (%! #.0! (+Z%*%&1%0! 2'4-&+(.(%0! %05.6'#.0N! U'0! 2'45'&%&1%0!
+&(+D+(-.#%0! (%#! 5-%,#'! 0',%*.&'! 0'&! #'0! 2+-(.(.&'03! [-%! 5%*1%&%2%&! .! -&.! 2.1%F'*8.! M&+2.3!
1%**+1'*+.#4%&1%!+&(+Z%*%&2+.,#%N!
!
XTN! $.*.! (.*! *%05-%01.! .! #.0! *.='&%0! (%! #'0! *%2-**%&1%03! G! 2'4'! .*F-4%&1'! F%&%*.#3!
.Z+*4.! %#! L,'F.('! (%#! "01.('! [-%!%0! 2'&01.&1%! #.! ('21*+&.! 2'&01+1-2+'&.#! [-%! &+%F.! [-%! #'0!
5*%?4,-#'0!G!%\5'0+2+'&%0!(%!4'1+D'0!i2.*%&1%0!(%!D.#'*!&'*4.1+D'!.-&[-%!5-%(.&!1%&%*#'!
+&1%*5*%1.1+D'i! F'2%&! (%! .51+1-(! 5.*.! 0%*! ',C%1'! (+*%21'! (%! -&! *%2-*0'! (%!
+&2'&01+1-2+'&.#+(.(N! "#! ',C%1'! (%! <01%! #'! +&1%F*.&! 0%FM&! #.! /'&01+1-2+K&! #.0! `(+05'0+2+'&%0!
&'*4.1+D.0a!l.*1N!XR]!.c!/"m3!`&'*4.!C-*8(+2.!2'&!*.&F'!(%!#%Ga!l.*1N!XTXNX!.c!/"m!G!`#%G!'!
&'*4.!2'&!Z-%*=.!(%!#%Ga!g.*1N!XTQNX!/"cN!U.!>)/!]TWXYOX3!(%!XS!&'D+%4,*%3!^;!_3!G.!.Z+*4K!
[-%! `%&! #.! 4%(+(.! [-%! %#! 5*%?4,-#'! &'! 1+%&%! D.#'*! &'*4.1+D'3! 2'&0+(%*.4'0! [-%! &'! %0!
&%2%0.*+'3! &+! +&2#-0'! *%0-#1.*8.! 2'**%21'3! @.2%*! -&.! (%2#.*.2+K&! (%! +&2'&01+1-2+'&.#+(.(!
%\5*%0.a3!('21*+&.!*%+1%*.(.!%&!#.0!>>)/!X]SWXYOY3!(%!XO!(%!C-#+'3!^;!XXN.c3!G!XRPWXYYP3!(%!Q!
(%!'21-,*%3!^;!SN!
!
"#!L,'F.('!(%#!"01.('!*%2@.=.!#'0!.*F-4%&1'0!%0F*+4+('0!%&!%#!*%2-*0'!%&!5*'!(%!#.!
+45-F&.,+#+(.(! (%! #'0! 5*%?4,-#'03! .(-2+%&('3! %&! 5*+4%*! #-F.*3! [-%! #.! 5*'5+.! *%(.22+K&! (%#!
.*1N!OO!/"!5'&%!(%!*%#+%D%![-%!#.!%\5'0+2+K&!(%!4'1+D'0!G!'1*'0!.&1%2%(%&1%0!.2'45.6.&!.#!
5*'G%21'! (%! #%G! 5'*[-%3! &'! 0+%&('! 5*'5+.4%&1%! 1%\1'! &'*4.1+D'3! 0+*D%&! 5.*.! %&1%&(%*#'! G!
C-01+Z+2.*#'3!0+&![-%!1.#!Z-&2+K&!2'&Z+%*.!&.1-*.#%=.!&'*4.1+D.!.!&+&F-&'!(%!%##'0!&+!#'0!@.F.!
+45-F&.,#%0!.&1%!%01%!)*+,-&.#N!).45'2'!0%*8.!*%#%D.&1%!%#!@%2@'!(%![-%!#.0!%\5'0+2+'&%0!(%!
4'1+D'0!5-%(.&!0%*!%&4%&(.(.03!5'0+,+#+(.(![-%!5-%(%!0%*!&%2%0.*+.!'!2'&D%&+%&1%!1.&1'!5.*.!
.C-01.*!%#!5*%?4,-#'!.!#.0!D.*+.2+'&%0!(%#!.*1+2-#.('!2'4'!5.*.!4%C'*.*!0-!%Z+2.2+.!%\5#+2.1+D.!
G!C-01+Z+2.1+D.3!5%*'!(%!%##'!&'!0%!0%F-+*8.![-%!%#!1%\1'!F'2%!(%!D.#'*!&'*4.1+D'3!5-%0!1.4,+<&!
0'&!0-02%51+,#%0!(%!%&4+%&(.!#.0!5*'5'0+2+'&%0!&'!(%!#%G!g.*1N!XYQNS!H/Ec!G!&'!%0!0'01%&+,#%!
[-%! %##'! #.0! 2'&D+%*1.! %&! ',C%1'! +(K&%'! (%! -&! *%2-*0'! (%! +&2'&01+1-2+'&.#+(.(N! E%! #.! 4+04.!
Z'*4.3!%#!5*%?4,-#'!&'!5-%(%!0-,0+01+*!0+&!5.*1%!(+05'0+1+D.3!(%!4.&%*.![-%!#.!(%2#.*.2+K&!(%!
!
]O
+&2'&01+1-2+'&.#+(.(! G! &-#+(.(! (%! <01.! %&1*.6.! .-1'4?1+2.4%&1%! #.! +**%#%D.&2+.! C-*8(+2.! (%!
.[-<#! 5'*[-%! G.! &'! %\+01%! 1%\1'! &'*4.1+D'! [-%! %\5#+2.*N! ^+&.#4%&1%3! #'0! 5.0.C%0! (%#!
$*%?4,-#'![-%!0%!+45-F&.&!5'(*8.&!.(-2+*0%!.!#.!@'*.!(%!*.='&.*!#.!+&2'&01+1-2+'&.#+(.(!(%!
#'0! 2'&2*%1'0! 5*%2%51'0! .! [-%! 0%! *%Z+%*%&3! 5%*'! %##'! &'! #%0! 2'&D+%*1%! %&! ',C%1'! +(K&%'! (%#!
*%2-*0'!(%!+&2'&01+1-2+'&.#+(.(N!
!
"&!2-.&1'!.#!5*+4%*'!(%!#'0!5?**.Z'0!*%2-**+('03!.Z+*4.!%#!L,'F.('!(%#!"01.('![-%!%#!
1%\1'! *%2'&'2%! [-%! %#! M&+2'! Z-&(.4%&1'! C-*8(+2'! (%#! .-1'F',+%*&'! 2.1.#?&! %01?! %&! #.!
/'&01+1-2+K&3! (%! .@8! [-%! #.! .5%#.2+K&! 5'#81+2.! .! #'0! (%*%2@'0! @+01K*+2'0! (%#! 5-%,#'! 2.1.#?&!
&%2%0.*+.4%&1%! [-%(%! C-*8(+2.4%&1%! %&2-.(*.(.! %&! #.! /'&01+1-2+K&N! "0! 2+%*1'! [-%! #'0!
1%**+1'*+'0! Z'*.#%0! .! [-%! 0%! *%Z+%*%! #.! (+05'0+2+K&! .(+2+'&.#! 5*+4%*.! (%! #.! /'&01+1-2+K&! &'!
2'45*%&(%&!.!/.1.#-6.3!5%*'!(%!%##'!&'!2.,*8.!2'&2#-+*![-%!#'0!5*%?4,-#'0!'!%#!.*1+2-#.('!(%!
#'0!"01.1-1'0!(%!'1*.0!/'4-&+(.(%0!1%&F.&!5*'@+,+('!%#!#%&F-.C%!(%!#'0!(%*%2@'0!@+01K*+2'03!G!
#.!-1+#+=.2+K&!(%!%01%!#%&F-.C%!&'!5%*4+1+*8.3!(%0(%!#-%F'3!*%,.0.*!#'0!#84+1%0!2'&01+1-2+'&.#%0!
(%!#.!.-1'&'48.N!
!
$'*! #'! [-%! 0%! *%Z+%*%! .#! 0%F-&('! (%! #'0! 5.0.C%03! %#! *%5*%0%&1.&1%! (%#! :',+%*&'!
(%02'45'&%!%#!Z*.F4%&1'!%&!1*%0!%&-&2+.('0!.!#'0!%Z%21'0!(%!-&!4?0!.(%2-.('!%\.4%&N!"&!%#!
5*+4%*'! (%! %##'0! 0%! (+2%! [-%! `%#! $.*#.4%&1'! (%! /.1.#-6.! lNNNm! @.! (%Z+&+('! (%! Z'*4.!
.45#+.4%&1%!4.G'*+1.*+.!.!/.1.#-6.!2'4'!&.2+K&a3!.Z+*4.2+K&![-%!2'&01+1-G%!-&.!D%*(.(!(%!
@%2@'3! 5-%0! #.! $*'5-%01.! .5*',.(.! 5'*! %#! $.*#.4%&1'! (%! /.1.#-6.! *%2'F8.! 1.#! .Z+*4.2+K&! %&!
(+D%*0.0! 5.*1%0! (%! 0-! 5*%?4,-#'! G! %&! %#! .*1N! XNXN! $'(*8.! (+02-1+*0%! .2.0'! #.! 2'&D%&+%&2+.! -!
'5'*1-&+(.(! 5'#81+2.0! (%! [-%! %#! 5*%?4,-#'! (%#! "01.1-1'! +&2#-G.! %01%! *%2'*(.1'*+'! (%! .#F'!
%Z%21+D.4%&1%!'2-**+('3!5%*'!#'![-%!&'!5-%(%!0'01%&%*0%!%0![-%!0%.!2'&1*.*+'!.!#.!/'&01+1-2+K&!
*%Z#%C.*!-&!@%2@'![-%!%Z%21+D.4%&1%!0-2%(+KN!
!
"#!0+F-+%&1%!%&-&2+.('!g`*%2'F+%&('!%#!0%&1+4+%&1'!G!#.!D'#-&1.(!(%!#.!2+-(.(.&8.!(%!
/.1.#-6.ac! 0%! .5*'\+4.*8.! .#! .&1%*+'*! G3! C-&1'03! 0K#'! 0+F&+Z+2.&! [-%! #'0! 5.*#.4%&1.*+'03! %&!
1.&1'! [-%! *%5*%0%&1.&1%0! 5'#81+2'0! (%! #'0! %#%21'*%0! 2.1.#.&%03! @.&! D'1.('! 4-G!
4.G'*+1.*+.4%&1%! [-%! /.1.#-6.! %0! -&.! &.2+K&N! H%0-#1.! +&&%F.,#%! [-%! (%0(%! XY__! #.!
.,*-4.('*.!4.G'*8.!(%!#'0!%#%21'*%0!2.1.#.&%0!@.!D%&+('!(.&('!0-!D'1'!%&!#.0!%#%22+'&%0!(%!
1'('!1+5'!.!Z-%*=.0!5'#81+2.0![-%!%&!0-0!5*'F*.4.0!G!%&!0-!5*?21+2.!2'&2-%*(.&!%&!.Z+*4.*!#.!
definición nacional (%! /.1.#-6.N! $'*! 1.&1'3! 1.45'2'! 0%! D%! %&! [-<! 5-%(%! 2'&1*.(%2+*! .! #.!
/'&01+1-2+K&!%#!@%2@'!(%![-%!0%!*%Z#%C%!%&!%#!5*%?4,-#'![-%!-&'0!*%5*%0%&1.&1%0!5'#81+2'0!@.&!
!
]Y
%\5*%0.('! .(%2-.(.4%&1%! %#! 0%&1+4+%&1'! G! D'#-&1.(! (%! #'0! 2+-(.(.&'0! [-%! 0'&! 0-0!
2'4+1%&1%0N!
!
/'&!%#!'1*'!%&-&2+.('!g`U.!/'&01+1-2+K&!%05.6'#.3!%&!0-!.*182-#'!0%F-&('3!*%2'&'2%!#.!
*%.#+(.(! &.2+'&.#! (%! /.1.#-6.! 2'4'! &.2+'&.#+(.(ac! 0%! 5*%1%&(%*8.! i0%FM&! %&1+%&(%! %#!
L,'F.('! (%#! "01.('i! (%02.*1.*! [-%! #.! +(%.! (%! `/.1.#-6.! 2'4'! &.2+K&a! 0%! .#2%! 2'&1*.! `#.!
+&(+0'#-,#%!-&+(.(!(%!#.!k.2+K&!%05.6'#.a!%&![-%!#.!/'&01+1-2+K&!0%!Z-&(.4%&1.N!k'!5'(*8.!
%&1%&(%*0%! 2'&1*.*+'! .! #.! &'*4.! 0-5*%4.! %#! 5*'5K0+1'! (%! (.*! %&2.C%! 2'&01+1-2+'&.#! i2'4'!
&.2+'&.#+(.(i! .! #.! [-%! %#! $.*#.4%&1'! (%#! 1%**+1'*+'! ##.4K! &.2+K&N! ).45'2'! 5'(*8.! &%F.*0%!
[-%! %#! 2'&2%51'! 2'&01+1-2+'&.#! (%! &.2+'&.#+(.(! 5-%(.! 0%*D+*! 5.*.! (.*! .2'F+(.! .! #'! [-%! -&.!
L0.4,#%.! .-1'&K4+2.! @.! .Z+*4.('! 2'4'! 0%&1+4+%&1'! G! D'#-&1.(! (%! 0%*! &.2+K&N! >%*8.&! ('0!
5-&1'0! (%! D+01.! [-%3! 5'*! #'! 4%&'0! %&! %#! 5#.&'! %01*+21.4%&1%! C-*8(+2'3! &'! 1+%&%&! 5'*! [-<! 0%*!
2'&Z#+21+D'03! 5-%0! #'! [-%! %&! #.! 5%*05%21+D.! +&1%*&.! (%#! 1%**+1'*+'! 0%! 2.#+Z+2.! 2'4'! &.2+K&! 0%!
0-,0-4%! ,.C'! %#! 2'&2%51'! 2'&01+1-2+'&.#! (%! &.2+'&.#+(.(! 5.*.! @.2%*! 2'&! %##'! 5.1%&1%! [-%! #.!
2'&2%51-.2+K&! (%! /.1.#-6.! 2'4'! &.2+K&! &'! 5*%1%&(%! 4%&'02.,.*! %#! 0+F&+Z+2.('! (%! #.!
5*'2#.4.2+K&!(%!#.!%05.6'#.!2'4'!M&+2.!k.2+K&!2'&01+1-2+'&.#!g5'#81+2.cN!"&!0-4.3!',0%*D.('!
(%0(%!#.!5%*05%21+D.!(%!#.!/'&01+1-2+K&3!/.1.#-6.!&'!0%*8.!&.2+K&!%&!%#!0%&1+('!%&![-%!#'!%0!
"05.6.3!0+&'!&.2+'&.#+(.(!2'&!(%*%2@'!.!#.!.-1'&'48.N!
!
U.!4%&2+K&!(%#!(%*%2@'!+&.#+%&.,#%!.#!.-1'F',+%*&'!2'&1%&+(.!%&!%#!M#1+4'!5?**.Z'!(%#!
5*%?4,-#'!i2'&1+&M.!%#!%02*+1'!(%!.#%F.2+'&%0i!G.!0%!2'&1%&8.!%&!%#!5*%?4,-#'!(%#!"01.1-1'!
(%!XY_Y3!0+&![-%!&.(+%!0%!%02.&(.#+=.*.!%&1'&2%0!&+!(-*.&1%!0-0!D%+&1+2+&2'!.6'0!(%!D+F%&2+.N!
E%0(%!-&!5-&1'!(%!D+01.!C-*8(+2'I2'&01+1-2+'&.#3!&'!5'(*8.!&%F.*0%!#.!%\+01%&2+.!(%!-&!(%*%2@'!
.#! .-1'F',+%*&'! '! .! #.! .-1'&'48.3! 5-%0! #'! *%2'&'2%&! #'0! .*10N! S! G! XQ]NX! /"3! %45#%.&('! #.!
/'&01+1-2+K&! .4,'0! 1<*4+&'0! %&! D+*1-.#! 0+&'&+4+.! g.*10N! XQ]NX3! XQONXNX3! K! XRXNSc3! G! %0%!
(%*%2@'!0%*8.!+&.#+%&.,#%!%&!2-.&1'!(%*%2@'!2'#%21+D'!.1*+,-+('!5'*!#.!/'&01+1-2+K&3!(%!4'('!
[-%3! (%0(%! %#! 5-&1'! (%! D+01.! (%! <01.3! &.(.! 2.,*8.! *%5*'2@.*! .! #.! %\5*%0+K&! *%2'F+(.! %&! %#!
5*%?4,-#'N!
!
"#!L,'F.('!(%#!"01.('!0%!(%1+%&%3!.!2'&1+&-.2+K&3!%&!%#!.&?#+0+0!(%!#.!.*F-4%&1.2+K&!
%\5-%01.!%&!%#!*%2-*0'!.2%*2.!(%#!%45#%'!(%#!2'&2%51'!`2+-(.(.&'a!.5#+2.('!%\2#-0+D.4%&1%!.!
#'0!2.1.#.&%03!*%2'&'2+%&('![-%3!%&!%Z%21'3!0'&!4-2@.0!#.0!'2.0+'&%0!%&![-%!%#!"01.1-1'!@.,#.!
(%!`2+-(.(.&'0!(%!/.1.#-6.a3!2'&2%51'![-%!1.4,+<&!-1+#+=.,.!%#!"01.1-1'!(%!XY_Y3!.-&[-%!2'&!
4%&'*! +&0+01%&2+.N! "#! (%*%2@'! (%! #'0! 2+-(.(.&'0! .! 5.*1+2+5.*! %&! #'0! .0-&1'0! 5M,#+2'0! [-%!
!
QP
5*'2#.4.!%#!.*1N!S]NX!/"!5%*4+1%!5.*1+2+5.*!%&!1'('0!#'0!&+D%#%0!5'#81+2'0!'!.(4+&+01*.1+D'03!(%!
0-%*1%![-%!-&.!4+04.!5%*0'&.3!0%FM&!#'0!&+D%#%0!5'#81+2'03!%0!2+-(.(.&'!%-*'5%'3!2+-(.(.&'!
%05.6'#!'!2+-(.(.&'!2.1.#?&N!L083!%#!.*1N!_NX!(%#!"01.1-1'!2'&1+%&%!#.!(%Z+&+2+K&!.-1<&1+2.!(%#!
2'&2%51'!%01.1-1.*+'!`2+-(.(.&'0!(%!/.1.#-6.a3!%&1%&(+<&('0%!5'*!1.#%0!1'('0!2-.&1'0!F'=.&!
(%!#.!`2'&(+2+K&!5'#81+2.!(%!2.1.#.&%0a3!%01'!%03!`#'0!2+-(.(.&'0!%05.6'#%0![-%!1+%&%&!D%2+&(.(!
.(4+&+01*.1+D.! %&! /.1.#-6.a3! Z'*4-#.2+K&! [-%! &'! 0-5'&(*8.! &+&F-&.! &'D%(.(3! 5-%0! .! +F-.#!
2'&2#-0+K&!5'(8.!##%F.*0%!2'&!#'0!.*10N!TNX!G!ONX!(%#!"01.1-1'!(%!XY_YN!$'*!#'!(%4?03!G!2'4'!
2'&1*.01%!.!%01.!+45-F&.2+K&3!0%6.#.!%#!L,'F.('!(%#!"01.('![-%!1.4,+<&!0%!*%2'F%!%#!1<*4+&'!
2+-(.(.&'0!%&!#.!*%Z'*4.!(%#!"01.1-1'!D.#%&2+.&'!gU%G!V*F?&+2.!XWSPPT3!(%!XP!(%!.,*+#c!G!%&!
#.! 5*'5-%01.! (%! *%Z'*4.! (%#! "01.1-1'! ,.#%.*3! .5*',.(.! %&! %#! (%,.1%! (%! 1'1.#+(.(! (%#! XS! (%!
0%51+%4,*%!(%!SPPT!2'&!#'0!D'1'0!Z.D'*.,#%0!(%!#'0!E+5-1.('0!(%#!:*-5'!$'5-#.*N!
!
X_N!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!%&1+%&(%![-%!%#!*%2-*0'!+F&'*.![-%!#.!C-*+05*-(%&2+.!
2'&01+1-2+'&.#!@.!&%F.('![-%!#'0!5*%?4,-#'0!(%!#.0!#%G%0!5-%(.&!0%*!',C%1'!(%#!*%2-*0'!'!(%!#.!
2-%01+K&! (%! +&2'&01+1-2+'&.#+(.(! 5'*! 2.*%2%*! (%! D.#'*! &'*4.1+D'! g>)/! X_]WXYYO3! (%! S]! (%!
C-#+'3!^;!Qc3!.!5%0.*!(%![-%!5-%(.&!0%*!-1+#+=.('0!2'4'!2*+1%*+'!(%!+&1%*5*%1.2+K&!(%!#.0!&'*4.0!
.!#.0![-%!5*%2%(%&!g>)/!]TWXYOX3!(%!XS!(%!&'D+%4,*%3!^;!_cN!"&!5.*1+2-#.*3!0%!*%2-%*(.![-%!
0K#'!5-%(%!0%*!+&(+*%21.4%&1%!+&2'&01+1-2+'&.#!2-.&('!5-%(.!0%*D+*!5.*.!#.!+&1%*5*%1.2+K&!(%!
-&.!&'*4.!+&2'&01+1-2+'&.#!G3!%&!1'('!2.0'3!#.!+&2'&01+1-2+'&.#+(.(!0%!*%Z%*+*8.!.!%0.!&'*4.3!&'!
.#!5*%?4,-#'N!>%&1.('!#'!2-.#!0%!.D.&=.!#.!5#%&.!2'&Z'*4+(.(!.!#.!/'&01+1-2+K&!(%#!5*%?4,-#'!
(%#! "01.1-1'! 2'&1*'D%*1+('N! "&! *%.#+(.(3! #'0! *%5*'2@%0! (+*+F+('0! 2'&1*.! %#! 4+04'! 0%!
Z-&(.4%&1.*8.&! %&! Z*.F4%&1'0! .&.#+=.('0! (%! Z'*4.! 1'1.#4%&1%! .,01*.21.! %0! (%2+*3! Z-%*.! (%!
2'&1%\1'N!
!
L083!#.!*%Z%*%&2+.!.!#'0!(%*%2@'0!@+01K*+2'0!0%*8.!5%*Z%21.4%&1%!2'&01+1-2+'&.#3!5-%0!0-!
.#2.&2%! %01?! #+4+1.('! 5'*! #.! &%2%0+(.(! (%! [-%! #'0! 4+04'0! %&2-%&1*%&! *%Z#%C'! %&! #.! &'*4.!
0-5*%4.!G!%&!#'0!4%2.&+04'0![-%!#.!5*'5+.!/'&01+1-2+K&!5*%D<!5.*.!.22%(%*!.!#.!.-1'&'48.3!
2'4'! #'! (%4'01*.*8.! 0-! +&2#-0+K&! %&1*%! ('0! 4%&2+'&%0! %\5*%0.0! .! #.! #%F+1+4.2+K&!
2'&01+1-2+'&.#N!L(%4?03!#.0!5*%D+0+'&%0!&'*4.1+D.0!(%#!"01.1-1'!0',*%!(%*%2@'0!@+01K*+2'0!&'!
0%*8.&!%\1*.6.0!.#!V*(%&.4+%&1'!2'&01+1-2+'&.#!D+F%&1%N!"&!%01%!0%&1+('!i2'&1+&M.!%#!%02*+1'!
(%!.#%F.2+'&%0i3!#.!/'&01+1-2+K&!0%!*%Z+%*%!%&!0-!(+05'0+2+K&!.(+2+'&.#!5*+4%*.!.!#'0!(%*%2@'0!
@+01K*+2'0! 2'4'! Z-&(.4%&1'! (%#! .-1'F',+%*&'3! 0+&! [-%! %0.! *%Z%*%&2+.! 5-%(.! %&1%&(%*0%!
#+4+1.(.3! .! #.! #-=! (%! #'0! .&1%2%(%&1%0! 5.*#.4%&1.*+'0! (%#! 5*%2%51'! G! (%! #'! %01.,#%2+('! %&! #.!
(+05'0+2+K&!(%*'F.1'*+.!0%F-&(.!(%!#.!/'&01+1-2+K&3!.#!$.80!A.02'!G!.!k.D.**.N!H%&-&2+.&('!.!
!
QX
-&.!%\5'0+2+K&!(%!#.!+&1%*5*%1.2+K&!C-*+05*-(%&2+.#!(%!#.!(+05'0+2+K&!.(+2+'&.#!5*+4%*.!g>>)/!
XS]WXYOQ3!(%!XO!(%!(+2+%4,*%3!^;!Qe!_TWXYOO3!(%!ST!(%!.,*+#3!^;!Qe!G!XRYWXYY]3!(%!T!(%!4.G'3!
^;!T3!%&1*%!'1*.0c3!0%!.Z+*4.![-%!#.!/'&01+1-2+K&!@.!*%2'&'2+('!%\5*%0.4%&1%!#.!%\+01%&2+.!(%!
-&'0! (%*%2@'0! @+01K*+2'03! *%2'&'2+4+%&1'! [-%! &'! 2'45'*1.*8.! 2'&1*.(+22+K&! 2'&! %#!
Z-&(.4%&1'! 2'&01+1-2+'&.#! (%#! '*(%&.4+%&1'! &+! 2'&! #'0! "01.1-1'0! (%! L-1'&'48.! '! 2'&! %#!
E%*%2@'!.-1'&K4+2'!(%*+D.('!(%#!.-1'F',+%*&'N!$'*!'1*.!5.*1%3!#.!/'&01+1-2+K&!+&2#-G%!%&!0-!
(+05'0+2+K&! 1*.&0+1'*+.! 0%F-&(.! -&! *%2'&'2+4+%&1'! .#! (%*%2@'! 5M,#+2'! (%! .-1'F',+%*&'! (%!
.#F-&'0!1%**+1'*+'0!%&!2#.D%!@+01K*+2.N!
!
>+&!%4,.*F'3!%#!.*F-4%&1'!(%Z+&+1+D'![-%!.D.#.!#.!*%Z%*%&2+.!.!#'0!%#%4%&1'0!@+01K*+2'0!
0%! %&2'&1*.*8.! %&! %#! .*1N! XQ]NX! /"3! ('&(%! 0%! %01.,#%2%! #.! &%2%0+(.(! (%! -&.0! 2.*.21%*801+2.0!
@+01K*+2.0! 2'4-&%0! [-%! D+&2-#%&! .! #.0! 5*'D+&2+.0! [-%! 5*%1%&(.&! 2'&01+1-+*0%! %&! /'4-&+(.(!
L-1K&'4.N!h&.!(%!%0.0!2.*.21%*801+2.0!0%*8.&!#'0!E%*%2@'0![-%!%01-D+%*'&!D+F%&1%0!%&!.#F-&'0!
1%**+1'*+'0!%&!#.!4%(+(.!%&![-%!*%5*%0%&1.&!-&!%#%4%&1'!+(%&1+Z+2.('*![-%!.D.#.!G!%\5#+2.!#.!
D'#-&1.(!(%!.-1'F',+%*&'N!).4,+<&!%#!.*1N!XQ_NS! /"!5*%D<!2'4'!2'&1%&+('!&%2%0.*+'!(%!#'0!
"01.1-1'0!(%!L-1'&'48.!#.!(%&'4+&.2+K&!(%!#.!/'4-&+(.(![-%!4%C'*!0%!.C-01%!.!0-!+(%&1+(.(!
@+01K*+2.3! +(%&1+(.(! .! 2-G.! 2'&Z'*4.2+K&! 2'&1*+,-+*8.&! 0-01.&1+D.4%&1%! %0'0! E%*%2@'0!
D+F%&1%0!%&!-&!1%**+1'*+'!(%1%*4+&.('N!
!
/'&Z'*4%! .! #'! .&1%*+'*3! #.! *%Z%*%&2+.! @+01K*+2.! (%! /.1.#-6.! *%0-#1.*8.! &'! 0K#'!
2'&D%&+%&1%! -! '5'*1-&.3! 0+&'! &%2%0.*+.! G! 2'&01+1-2+'&.#4%&1%! %\+F+,#%N! >+&! '#D+(.*! [-%! #.!
1%&(%&2+.!.!+&2#-+*!*%Z%*%&2+.0!@+01K*+2.0!%0!2'4M&!.!'1*.0!*%Z'*4.0!%01.1-1.*+.0N!).#!0-2%(%*8.!
%&! #.! U%G! V*F?&+2.! XWSPPT3! *%05%21'! (%#! "01.1-1'! (%! #.! /'4-&+(.(! A.#%&2+.&.3! ('&(%! 0%!
-1+#+=.! 5*'Z-0.4%&1%! %#! 1<*4+&'! `k.2+'&.#+(.(! B+01K*+2.a! gsicc! G! ('&(%! 0%! 5*'2#.4.! [-%! `%#!
5-%,#'! D.#%&2+.&'! @+01K*+2.4%&1%! '*F.&+=.('! 2'4'! H%+&'! (%! A.#%&2+.3! 0%! 2'&01+1-G%! %&!
/'4-&+(.(!L-1K&'4.a!g.*1N!Xce!'!%&!#.!5*'5-%01.!(%!*%Z'*4.!(%#!"01.1-1'!(%!L-1'&'48.!(%!
L&(.#-28.3!%&!#.![-%!Z+F-*.&!D.*+.0!4%&2+'&%0!(%!#.!@+01'*+.3!%#!5-%,#'!G!#.!5.1*+.!.&(.#-2%0!G!
2-G.!(+05'0+2+K&!.(+2+'&.#!5*+4%*.!0%!*%Z+%*%!.!/%-1.!G!7%#+##.!2'4'!`1%**+1'*+'0!@+01K*+2'0aN!
V1*'0! %C%45#'0! [-%! 0%! 2+1.&! 0'&! #.! *%Z'*4.! (%#! "01.1-1'! (%! L-1'&'48.! (%! #.0! b##%0! 9.#%.*0!
g`&.2+'&.#+(.(!@+01K*+2.a3!%&!%#!5*%?4,-#'!G!%&!0-!.*1N!Xc3!'!%#!D+F%&1%!"01.1-1'!(%!L-1'&'48.!
(%! L*.FK&3! [-%! 2'&1+%&%! -&.! *%Z%*%&2+.! %\5#82+1.! .! #'0! (%*%2@'0! @+01K*+2'0! g(+05'0+2+K&!
.(+2+'&.#! 1%*2%*.c3! 0+&! [-%! Z*%&1%! .! #.! 4+04.! 0%! @.G.! Z'*4-#.('! *%5*'2@%! (%!
+&2'&01+1-2+'&.#+(.(!.#F-&'N!
!
!
QS
"01.0! *%Z%*%&2+.0! D%&(*8.&! .! 5'&%*! (%! *%#+%D%! @.01.! [-<! 5-&1'! #'0! "01.1-1'0! 0'&! #'0!
M&+2'0!+&01*-4%&1'0!&'*4.1+D'0!.(%2-.('0!5.*.!*%Z#%C.*!%#!5.0.('!&'*4.1+D'I+&01+1-2+'&.#!(%!
.2-%*('! 2'&! %#! 5*'2%0'! 2'&01+1-G%&1%! (%! XY_O! 2'&Z'*4%! 2'&! #'0! 5*+&2+5+'0! [-%! +&Z'*4.&! .#!
"01.('!0'2+.#!G!(%4'2*?1+2'!(%!E%*%2@'3!*%2'*(?&('0%![-%3!%&!5.#.,*.0!(%!#.!>)/!_TWXYOO3!
(%!ST!(%!.,*+#3!^;!R3!#'0!"01.1-1'0!0'&!`%#!+&01*-4%&1'!C-*8(+2'![-%!@.!(%!5%*4+1+*!#.!.0-&2+K&!
(%! (%*%2@'0! @+01K*+2'03! 0+%45*%! [-%! <01'0! &'! 2'&1*.(+F.&! #'0! 5*+&2+5+'0! (%#! "01.('! 0'2+.#! G!
(%4'2*?1+2'!(%!E%*%2@'aN!k'!0%!1*.1.*8.!(%!2*%.*!-&.!(',#%!#%F+1+4+(.(!i-&.!.2'*(%!2'&!%#!
5*+&2+5+'! (%! (%4'2*?1+2'! G! '1*.! (%! *.8=! @+01'*+2+01.i3! 0+&'! (%! 5#.04.*! -&.! 2'&01.1.2+K&!
@+01K*+2.!.0-4+(.!5'*!#'0!1%\1'0!&'*4.1+D'0!.21-.#%0!#%F+1+4.('0!5'*!%#!5'(%*!2'&01+1-G%&1%N!
!
>%F-+(.4%&1%!(%Z+%&(%!%#!"C%2-1+D'!2.1.#?&![-%!#.!*%Z%*%&2+.!.#!2'&2%51'!(%!&.2+K&!%0!
2'&01.1.2+K&!(%!#.!1*.4+1.2+K&!(%#!5*'G%21'!G!0%!*%.#+=.!%&!%#!2'&1%\1'!G!0+F&+Z+2.('!(%#!.*1N!S!
/"N! "&! *%05-%01.! .! #'0! *%5*'2@%0! (%! #.! (%4.&(.3! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! %D'2.! #.!
1*.4+1.2+K&!5.*#.4%&1.*+.!(%!%01%!5*%2%51'!2'&01+1-2+'&.#3!%&!#.![-%!#.!(+02-0+K&!0%!2%&1*K!%&!
1'*&'!.#!1<*4+&'!`&.2+'&.#+(.(%0a3![-%(.&('!2#.*.!0-!0+&'&+4+.!2'&!%#!(%!`&.2+K&a3!.#![-%!0%!
*%&-&2+K! %&! .*.0! (%#! &%2%0.*+'! 2'&0%&0'3! &'! 5'*! *.='&%0! (%! Z'&('N! /'&0%2-%&1%4%&1%3! %#!
0%&1+('! (%#! .*1N! S! /"! &'! 5'(*8.! *%(-2+*0%3! 2'4'! 5*%1%&(%&! #'0! *%2-**%&1%03! .! 0-! 5-*.!
2'&0+(%*.2+K&! 2'4'! 1*.0-&1'! (%! '1*'0! 5*%2%51'0! (%! #.0! /'&01+1-2+'&%0! (%! XOXS! K! XOQR3!
(%,+%&('!(%1%*4+&.*0%!.!#.!#-=!(%#!(%,.1%!2'&01+1-G%&1%!@.,+('!.!Z+&.#%0!(%#!0+F#'! oo! G! (%#!
[-%!0%!+&Z+%*%3!.!C-+2+'!(%#!:',+%*&'!2.1.#?&3![-%!%#!2'&01+1-G%&1%![-+0'!+&2#-+*!-&!1<*4+&'!(%!
#.!*.8=!#.1+&.!natio!%&!*%Z%*%&2+.!.!#.0!/'4-&+(.(%0!L-1K&'4.03!G!.#!4+04'!1+%45'!0%6.#.*!#.!
%\+01%&2+.! (%! -&! 0'#'! "01.('! 0',%*.&'N! /'&0+(%*.*! .@'*.! +&2'&01+1-2+'&.#%0! 1<*4+&'0! 2'4'!
&.2+K&3! '! *%.#+(.(! &.2+'&.#3! 0%*8.! (%0@.2%*! .[-%##.! D'#-&1.(! 2'&01+1-G%&1%! 5.*.! D'#D%*! .! -&.!
2'&2%52+K&! *%F+'&.#+01.! [-%! &'! Z-%! #.! [-%! .2'F+K! #.! /'&01+1-2+K&N! $'*! '1*'! #.('3! 5.*.! %#!
:',+%*&'!(%!#.!:%&%*.#+1.13!1.4,+<&!#.!@+01'*+.!(%#!5%&0.4+%&1'!5'#81+2'!%05.6'#!4-%01*.!-&!
-0'!2'&2%51-.#!5#-*.#!(%!#.!5.#.,*.!&.2+K&3![-%!(+Z+%*%!(%#!5'01-#.('!%&!%#!*%2-*0'N!
!
E%!%01%!4'('3!.-&[-%!#.!*%(.22+K&!Z+&.#!(%#!.*1N!S!/"!Z-%!%#!5*'(-21'!5'0+,#%!(%!#.0!
+(%.0! 2'&1*.5-%01.0! (%! #'0! 2'&01+1-G%&1%03! 0%*8.! +&F%&-'! 5%&0.*! [-%! 2'&! %01%! 5*%2%51'!
[-%(.*8.&!(%Z+&+1+D.4%&1%!0.1+0Z%2@.0!#.0!.05+*.2+'&%0!+(%'#KF+2.0!2'&1*.5-%01.0N!"#!2'&0%&0'!
&'!Z-%!2'45#%1'!G!5'*!%##'!%*.!5*%D+0+,#%![-%!#.!2-%01+K&!1%**+1'*+.#!*%0-*F+%*.!%&!%#!5.&'*.4.!
5'#81+2'!%05.6'#3!2'4'!.08!@.!0-2%(+('!2'&!'2.0+K&!(%!#.0!.21-.#%0!*%Z'*4.0!%01.1-1.*+.0N!"01%!
*%0-*F+4+%&1'!%0!5'0+,#%3!5.*.!%#!:',+%*&'!2.1.#?&3!5'*[-%!%#!.*1N!S!/"!.D.#.!-&!-0'!#%F81+4'!
(%#!1<*4+&'!`&.2+K&a!5.*.!(%&'4+&.*!2'4-&+(.(%0!5'#81+2.0!&'!2'&01+1-+(.0!%&!"01.('0!0+&'!
!
Q]
[-%!Z'*4.&!5.*1%!(%!-&.!F*.&!k.2+K&I"01.('3!"05.6.N!h&!-0'![-%!%&!&+&FM&!4'4%&1'!%01.*8.!
.0'2+.('!.!#.!&'2+K&!(%!0',%*.&8.N!
!
"&! %#! 2.0'! 2'&2*%1'! (%#! "01.1-1'3! 0%! +&0+01%! %&! [-%! #.! *%Z%*%&2+.! (%#! 5*%?4,-#'! .! #.!
+(%&1+Z+2.2+K&! (%! /.1.#-6.! 2'4'! &.2+K&! 0K#'! 5'(*8.! 0%*! 2'&0+(%*.(.! +&2'&01+1-2+'&.#! %&!
*%#.2+K&! 2'&! -&! 5*%2%51'! %01.1-1.*+'! [-%! 4%*%=2.! %01%! *%5*'2@%N! E+2@'! (%! '1*'! 4'('3! %0.!
+&2'&01+1-2+'&.#+(.(!1%&(*8.![-%!*%Z%*+*0%!.!-&!5*%2%51'!%01.1-1.*+'![-%!.1*+,-G%*.!0',%*.&8.!.!
/.1.#-6.!2'&1*.!#'!5*%D+01'!%&!%#!.*1N!S!/"N!f!%0!%D+(%&1%3!5.*.!%#!"C%2-1+D'3![-%!&'!%\+01%!1.#!
5*%2%51'N! U'! .&1%*+'*! &'! +45%(+*8.! 2'&0+(%*.*! [-%! /.1.#-6.3! G! %#! 5*'5+'! 2'&2%51'! (%!
/'4-&+(.(!L-1K&'4.3!%&#.=.!2'&!-&.!*.8=!2-#1-*.#![-%!+&2#-G%!%#!0%&1+4+%&1'!(%!#.!5',#.2+K&!
(%! 5%*1%&%&2+.! .! -&.! 2'#%21+D+(.(! *%2'&'2+(.N! b&2#-0+K&! [-%! %&2-%&1*.! .2'4'('! %&! #.! >)/!
SRWXYOX3!(%!XQ!(%!C-#+'3!^;!]3!('&(%!0%!+(%&1+Z+2.!2'4'!1+1-#.*%0!(%#!(%*%2@'!.!#.!.-1'&'48.!.!
#.0!`%&1+(.(%0!2'#%21+D.0!+&1%F*.(.0!%&!-&!1%**+1'*+'aN!
!
>%F-+(.4%&1%! 0%! *%05'&(%! .#! *%5*'2@%! (+*+F+('! 2'&1*.! #.! -1+#+=.2+K&! (%#! .(C%1+D'!
`+&.#+%&.,#%a!%&!%#!5*%?4,-#'N!E%0(%!#.!5%*05%21+D.![-%!'Z*%2%!%#!.*1N!S!/"!0%!*%2-%*(.![-%!%#!
%C%*2+2+'! (%#! (%*%2@'! .! #.! .-1'&'48.! 1+%&%! 2.*?21%*! dispositivo3! %&! 1.&1'! [-%! 0-! *%0-#1.('! %0!
imperativo3!5-%0!2'&(-2%!.!#.!Z'*4.2+K&!(%!-&.!/'4-&+(.(!L-1K&'4.3!(%!-&.!(%1%*4+&.(.!
5.*.!2.(.!1%**+1'*+'!0%FM&!0-!+(%&1+(.(!@+01K*+2.!g.*1N!XQ_NS!/"c3!G!<01%!0%*8.!%#!0%&1+('!(%!#.!
%\5*%0+K&!(%#!5*%?4,-#'N!
!
H%0-4+%&('! #'! %\5-%01'! 0%! 2'&2#-G%! [-%! #.! -1+#+=.2+K&! (%#! 1<*4+&'! `&.2+K&a! %0!
2'&01+1-2+'&.#!5'*!0-!2.*?21%*!5'#+0<4+2'!G!5'*[-%!&'!0-5'&%!#.!.1*+,-2+K&!(%!#.!2'&(+2+K&!(%!
"01.('N!bF-.#4%&1%3!.#%F.!%#!"C%2-1+D'![-%!(%,%!1%&%*0%!5*%0%&1%![-%!%&!%#!5*%?4,-#'! (%! #.!
/'&01+1-2+K&!0%!*%2'&'2%!G!5*'2#.4.!%#!2.*?21%*!5#-*+&.2+'&.#!(%!#.!k.2+K&!%05.6'#.3!Z'*4.(.!
5'*! (+01+&1'0! 5-%,#'0N! L! 0-! D%=3! %#! .*1N! XQ_NS! /"! 0%! *%Z+%*%! .! #.! +(%&1+(.(! @+01K*+2.! (%! #.0!
/'4-&+(.(%0!L-1K&'4.03!%!+&1%*5*%1.('!%01%!5*%2%51'!%&!1<*4+&'0!.45#+'0!5'(*8.!.Z+*4.*0%!
[-%!#.!+(%&1+Z+2.2+K&!(%!/.1.#-6.!2'4'!&.2+K&!2-45#%!(+2@'!*%[-+0+1'!2'&01+1-2+'&.#3!G.![-%!
.08!#'!2'&0+(%*.!%#!YP!5'*!XPP!(%#!$.*#.4%&1'!(%!/.1.#-6.N!^+&.#4%&1%3!0%!0-,*.G.![-%!%#!.*1N!X!
(%#!.21-.#!"01.1-1'!(%!L-1'&'48.!(%!#.!/'4-&+(.(!A.#%&2+.&.!.#-(%!.#!`H%+&'!(%!A.#%&2+.a!
2'4'! (%&'4+&.2+K&! @+01K*+2.! (%! #.! /'4-&+(.(3! 0+&! [-%! %#! -0'! (%! #.! 5.#.,*.! H%+&'! @.G.!
0-02+1.('!*%5.*'!.#F-&'N!
!
!
QQ
"&!2-.&1'!.#!M#1+4'!.05%21'!(%#!5*%?4,-#'!2-%01+'&.('3!#.!*%Z%*%&2+.!.!#'0!2+-(.(.&'0!
(%! /.1.#-6.3! 0%! 0'01+%&%! [-%! #'0! 2+-(.(.&'0! %05.6'#%0! 0'&! 1.4,+<&! 2+-(.(.&'0! (%! 0-!
/'4-&+(.(!L-1K&'4.3!+F-.#![-%!@.G!2+-(.(.&'0!(%!"-*'5.!G!2+-(.(.&'0!(%!-&.!2+-(.(N!"#!
-0'! (%! #.! (%&'4+&.2+K&! `2+-(.(.&'a! 5.*.! *%Z%*+*0%! .! #.! 5%*0'&.! [-%! F'=.! (%! #'0! (%*%2@'0!
5'#81+2'0!(%,%!@.2%*0%!1%&+%&('!5*%0%&1%![-%!%&! "05.6.!%\+01%&!(+D%*0'0!&+D%#%0!1%**+1'*+.#%0!
(%! 5.*1+2+5.2+K&! %#%21'*.#! g.*10N! TO! G! TY3! XQP! G! XRS! /"cN! L08! 5-%03! &+! 0K#'! @.G! 2+-(.(.&'0!
%05.6'#%0! &+! 1'('0! #'0! 2+-(.(.&'0! %05.6'#%0! 5.*1+2+5.&! %&! #'0! 4+04'0! 5*'2%0'0! %#%21'*.#%03!
0%FM&!*%0-#1.!(%!#'!(+05-%01'!%&!%#!.*1N!S]!/"!%&!*%#.2+K&!2'&!%#!181-#'!Abbb3!%#!.*1N!Y]!/"!G!
&-%01*.!5%*1%&%&2+.!.!#.!h&+K&!"-*'5%.N!"01.!(+D%*0+(.(!0%!*%Z#%C.*8.!%&!%#!.*1N!_!(%#!"01.1-1'3!
('&(%!0%!+(%&1+Z+2.!.!#'0!2.1.#.&%0!5'*!*%Z%*%&2+.!.!#.!&.2+'&.#+(.(!%05.6'#.!G!.!#.!D%2+&(.(!
.(4+&+01*.1+D.!%&!#.!/'4-&+(.(!L-1K&'4.3!0%FM&!#.!ZK*4-#.!2'4M&!.!#'0!(+D%*0'0!"01.1-1'0!
(%!L-1'&'48.N!
!
XON!U.!*%5*%0%&1.2+K&!5*'2%0.#!(%#!$.*#.4%&1'!(%!/.1.#-6.!0'01+%&%3!%&!5*+4%*!#-F.*3!
[-%!#'0!5*%?4,-#'0!&'!1+%&%&!2.*?21%*!&'*4.1+D'3!0+&!5%*C-+2+'!(%!0-!D.#'*!@%*4%&<-1+2'!2'4'!
%\5*%0+K&!(%!#'0!D.#'*%0![-%!F-8.&!.#!#%F+0#.('*3!1.#!G!2'4'!0%!*%2'&'2%!%&!#.0!>>)/!]TWXYOX3!
(%!XS!(%!&'D+%4,*%e!X]SWXYOY3!(%!XO!(%!C-#+'e!XRPWXYYP3!(%!Q!(%!'21-,*%e!G!SXSWXYYT3!(%!XY!
(%! (+2+%4,*%3! (%! 4'('! [-%! #.0! 5.#.,*.0! (%#! 5*%?4,-#'! 0%*8.&! 0+45#%4%&1%! -&.! (%2#.*.2+K&!
[-%!%&!.,0'#-1'!+&1%*Z+%*%!%&!%#!0+01%4.!2'&01+1-2+'&.#!(%!(+01*+,-2+K&!(%!2'45%1%&2+.0!%&1*%!
"01.('!G!/'4-&+(.(%0!L-1K&'4.0N!
!
"&1*.&('! %&! %#! %\.4%&! (%! #.! 2'&01+1-2+'&.#+(.(! (%#! 1<*4+&'! `&.2+K&a! -1+#+=.('! %&! %#!
5*%?4,-#'! G! %&! %#! 181-#'! 5*%#+4+&.*! (%#! "01.1-1'3! %#! $.*#.4%&1'! 0%! *%4+1%! .! '5+&+'&%0! (%!
+&01+1-2+'&%0!2'&0-#1+D.0!G!.0%0'*.0!G!.!0%21'*%0!(%!#.!('21*+&.!G!('F4?1+2.!.2.(<4+2.0N!L083!
.#! E+21.4%&! (%#! /'&0%C'! /'&0-#1+D'! STYWSPPR! gZ-&(.4%&1'! bb3! Xc3! [-%! *%2'*(.,.! [-%! %&! %#!
(%,.1%!2'&01+1-G%&1%!0%!%&1%&(+K!2'&!Z*%2-%&2+.![-%!&.2+K&!G!&.2+'&.#+(.(!%*.&!#'!4+04'N!U.!
(+Z%*%&2+.! ,?0+2.! %&1*%! %#! D'2.,#'! `&.2+K&a! [-%! .5.*%2%! %&! /'&01+1-2+K&! G! %#! [-%! 5'(*8.!
*%2%52+'&.*0%!%&!%#!"01.1-1'!&'!0%*8.!'1*.![-%!#.!.1*+,-2+K&!(%#!2'&2%51'!2#?0+2'!(%!0',%*.&8.3!
[-%! +&2'*5'*.! #.! /'&01+1-2+K&N! L083! *%05%1.&('! 1.#! #84+1%! G! D+01'! [-%! #.! /'&01+1-2+K&! %0! %#!
2'&1%\1'! C-*8(+2'! (%#! "01.1-1'3! G! #'0! 5'(%*%0! (%! #.! :%&%*.#+1.1! 0'&! 5'(%*%0! %01.1.#%03! #.!
(%&'4+&.2+K&! *%Z%*+(.! &'! *%0-#1.*8.! +&2'&01+1-2+'&.#N! "#! (+*%21'*! (%#! b&01+1-1'! (%! "01-(+'0!
L-1'&K4+2'0! !2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0!! +&0+01%! %&! (+D%*0'0! %02*+1'0! %&! [-%! %#!
1%\1'! .5*',.('! 5'*! %#! $.*#.4%&1'! %&! &+&FM&! 4'4%&1'! 2-%01+'&.! #.! -&+(.(! (%! "05.6.! &+!
%01.,#%2%! 4%2.&+04'0! 5.*.! 0%5.*.*0%! (%#! "01.('! G! *%+1%*.! [-%! #.! 5.#.,*.! `&.2+K&a! %0!
!
QR
5'#+0<4+2.3! .(4+1+%&('! (+Z%*%&1%0! .2%52+'&%03! 1.&1'! (%0(%! %#! 5-&1'! (%! D+01.! 2-#1-*.#! 2'4'!
5'#81+2'!G!C-*8(+2'N!7+%&1*.0!&'!0%!D+&2-#%!%#!1<*4+&'!2'&!`"01.('a!'!`0',%*.&8.a!&'!%&1*.*8.!
%&!2'&1*.(+22+K&!2'&!%#!.*1N!S!/"N!"&!%#!4+04'!0%&1+('3!%#!.*1N!X!(%!#.!5*'5-%01.!(%!*%Z'*4.!(%#!
"01.1-1'!(%!L-1'&'48.!(%!#.!/'4-&+(.(!A.#%&2+.&.!0%!*%Z+%*%!.#!`H%+&'!(%!A.#%&2+.a!2'4'!
(%&'4+&.2+K&!@+01K*+2.!(%!#.!/'4-&+(.(3!0+&![-%!%#!-0'!(%!#.!5.#.,*.!`H%+&'a!@.G.!5#.&1%.('!
&+&FM&!5*',#%4.!%&!*%#.2+K&!.#!H%+&'!(%!"05.6.N!
!
"#!%02*+1'!(%!.#%F.2+'&%0!.#-(%!1.4,+<&!.!'5+&+'&%0!('21*+&.#%0![-%!+&0+01%&!%&![-%!#.!
(%&'4+&.2+K&! (%! `&.2+K&a! 2'4'! *%.#+(.(! @+01K*+2.3! 2-#1-*.#! '! 0'2+'#KF+2.! &'! +45#+2.!
*%2'&'2%*! .! -&! 2'&C-&1'! 2'4'! 0-C%1'! (%! 0',%*.&8.3! .08! 2'4'! %&! %#! (.1'! (%! [-%! #.!
C-*+05*-(%&2+.!2'&01+1-2+'&.#!.5%&.0!@.!&%2%0+1.('!.#-(+*!.!#.!k.2+K&!%05.6'#.!G!&-&2.!2'4'!
.*F-4%&1'!(%1%*4+&.&1%!(%!#.0!(%2+0+'&%0!(%!%01%!)*+,-&.#N!/'&Z'*4%!.#!.*1N!XNS!/"3!&'!@.G!
'1*'! 0-C%1'! .22+'&.&1%! (%! #.! 0',%*.&8.3! 2.#+Z+2.(.! (%! &.2+'&.#! %&! %#! 4+04'3! [-%! %#! 5-%,#'!
%05.6'#!%&!0-!2'&C-&1'3!+&0-02%51+,#%!(%!(+D+0+K&N!U.!/'&01+1-2+K&!%05.6'#.!*%2'F%*8.!#.0!1*%0!
Z'*4.0! (%! %&1%&(%*! %#! 1<*4+&'! &.2+K&d! C-*8(+2.3! 2'4'! 0-C%1'! (%! 0',%*.&8.3! %01'! %03! 0-C%1'! .#!
[-%! #%! 0'&! +45-1.,#%0! #'0! .21'0! 2'&01+1-1+D'0! (%#! V*(%&.4+%&1'e! 5'#81+2.3! 2'4'! %&1%!
5',#.2+'&.#3! 0-C%1'! .,01*.21'! [-%3! %&! 0-! 2.*?21%*! (%! 2'4-&+(.(! 5'#81+2.! [-%! .,.*2.! 1'('! %#!
1%**+1'*+'! %01.1.#3! 0-,G.2%! .#! .&1%*+'*! 0',%*.&'e! G! 0'2+'I2-#1-*.#3! 2'4'! 2'&C-&1'! (%! 5%*0'&.0!
-&+(.0! 5'*! %#! 0%&1+4+%&1'! (%! 5%*1%&%&2+.! .! #.! 4+04.! -&+(.(! C-*8(+2.! G! 5'#81+2.N! >+! #.!
2'&01+1-2+K&!(%!-&.!&.2+K&!0%!*%.#+=.!%&!%#!1%\1'!+45-F&.('!(%!.2-%*('!2'&!#.!/'&01+1-2+K&!G!
%#!"01.1-1'3!%##'!2'45'*1.*8.!#.!+45'0+,+#+(.(!'&1'#KF+2.!(%![-%!5-%(.!%&1%&(%*0%!#.!`&.2+K&a!
.!#.![-%!0%!*%Z+%*%!%#!"01.1-1'!2'4'!2'&1*.*+.!.!#.0!.2%52+'&%03!C-*8(+2.!'!5'#81+2.3!*%2'F+(.0!%&!
#.!/'&01+1-2+K&N!
!
$'*! #'! [-%! @.2%! .! #.! #'2-2+K&! `+&.#+%&.,#%a! *%Z%*+(.! .#! %C%*2+2+'! (%#! (%*%2@'! (%!
/.1.#-6.! .#! .-1'F',+%*&'3! %#! %02*+1'! (%! .#%F.2+'&%0! .(D+%*1%! (%! [-%! 4+%&1*.0! %#! %C%*2+2+'! (%!
%01%! (%*%2@'! 1+%&%! 2.*?21%*! (+05'0+1+D'3! 0-! *%0-#1.('! 1+%&%! 2.*?21%*! +45%*.1+D'3! 5-%0!
M&+2.4%&1%! 5-%(%! 2'&(-2+*! .! #.! Z'*4.2+K&! (%! -&.! /'4-&+(.(! L-1K&'4.! (%1%*4+&.(.! 5.*.!
2.(.!1%**+1'*+'!0%FM&!0-!+(%&1+(.(!@+01K*+2.!g.*1N!XQ_NS!/"cN!
!
>',*%! #.! 2'&01+1-2+'&.#+(.(! (%! #'0! .*10N! SNQ3! _! G! O3! #.! *%5*%0%&1.2+K&! (%#! $.*#.4%&1'!
.#%F.![-%!%&!&+&FM&!4'4%&1'!%#!"01.1-1'!(+2%![-%!/.1.#-6.!0%.!-&.!&.2+K&!0',%*.&.3!&+!2'&!
0',%*.&8.! 5#%&.3! 0+&'! 2'&! 0',%*.&8.! #+4+1.(.! '! 2'45.*1+(.3! 5-%0! 0-! .*1N! X! %0! (+?Z.&'! G!
2'&1-&(%&1%! .#! *%2'&'2%*! .! #.! /'&01+1-2+K&! 2'4'! Z-%&1%! (%! #%F+1+4+(.(! (%! #.! [-%! %4.&.&!
!
QT
1'('0! #'0! 5'(%*%0! (%#! "01.('! G! 5'*! %&(%! #'0! (%! #.! :%&%*.#+1.1N! "#! "01.1-1'! 5*'5'&(*8.! -&.!
#%21-*.! +&1%F*.('*.3! 0'#+(.*+.! G! &'! %\2#-G%&1%d! "05.6.3! &.2+K&! 5#-*+&.2+'&.#! '! &.2+K&! (%!
&.2+'&%03!.2%51.&('![-%!%#!0',%*.&'!%0!%#!"01.('3!&'!#.!&.2+K&N!"#!1<*4+&'!`&.2+K&a!1%&(*8.!%&!
&-%01*'!E%*%2@'!/'&01+1-2+'&.#!-&!0%&1+('!5#%&'!2-.&('!%#!1<*4+&'!0%!.1*+,-G%!.!-&.!&.2+K&!
2'&!0',%*.&8.!5#%&.!G!'*+F+&.*+.d!"05.6.N!;-&1'!.!<#!1%&(*8.!1.4,+<&!-&!0%&1+('!#.1'!G!%\1%&0'3!
[-%!5-%(%!5*%(+2.*0%!(%!#.0!&.2+'&.#+(.(%0![-%!.08!#'!2'&0+F&%&!%&!0-!"01.1-1'3!%&!2-G'!2.0'!
0-!.-1'&'48.!5'#81+2.!%0!#+4+1.(.!G!(%*+D.(.!(%!#.!.&1%*+'*N!
!
H%05%21'! .! #.! -1+#+=.2+K&! (%! #'0! 1<*4+&'0! `2+-(.(.&8.! (%! /.1.#-6.a3! `2+-(.(.&'0!
2.1.#.&%0a!G!`5-%,#'a3!0%*8.!5'0+,#%!-&.!+&1%*5*%1.2+K&![-%!2'@'&%01.*.!#.!2'&(+2+K&!(%!5-%,#'!
2.1.#?&!2'&!5-%,#'!%05.6'#3!2'4'!#.!5.*1%!%01?!+&1%F*.(.3!0+&!0-01+1-+*#'3!%&!%#!1'('e!0%!5-%(%!
0%*!2+-(.(.&'!(%!/.1.#-6.!G!1%&%*!#.!2+-(.(.&8.!%05.6'#.3!0+&![-%!0%!*%0+%&1.!#.!/'&01+1-2+K&N!
$'*! '1*'! #.('3! #.! %\5*%0+K&! .5.*%2%! %&! &-4%*'0'0! "01.1-1'0! (%! L-1'&'48.! %! +&2#-0'! %&! #.!
ZK*4-#.! (%! 5*'4-#F.2+K&! (%#! "01.1-1'! (%! /.1.#-6.! g`>.,%(d! [-%! #.0! /'*1%0! :%&%*.#%0! @.&!
.5*',.('3!#'0!2+-(.(.&'0!(%!/.1.#-6.!@.&!*.1+Z+2.('!%&!*%Z%*<&(-4!acN!
!
L083!0%*8.!2'&2%,+,#%!-&.!1*.0#.2+K&3!4?0!@'4K#'F.![-%!.&?#'F.3!(%#!(%2+*!(%#!)*+,-&.#!
/'&01+1-2+'&.#! %&! 0-! >%&1%&2+.! XXYWXYYS3! (%! XO! (%! 0%51+%4,*%3! 0',*%! #'0! 1<*4+&'0! "01.('! G!
0-0! 084,'#'03! [-%! 2'&0+(%*%! 2'&01+1-2+'&.#! [-%3! %&! 0%&1+('! #.1'3! #'0! 1<*4+&'0! `2+-(.(.&'a3!
`&.2+K&a!G!`5-%,#'a!5-%(%&!5*%(+2.*0%!(%!#.0!/'4-&+(.(%0!L-1K&'4.03!2-.&('!0-!"01.1-1'!
#'0!2'&1%&F.3!D+&2-#.('0!.!-&.!0',%*.&8.!2'45.*1+(.!G!(%*+D.(.3![-%!&'!%\2#-G.!#.!(%#!"01.('N!
"&! Z+&3! #'0! 1<*4+&'0! `0',%*.&8.! 5#%&.a! G! `&.2+K&a! &'! 0%*8.&! 0+&K&+4'03! &+! 1.45'2'! +*8.&!
0+%45*%! -&+('0N! U'! 2+%*1'! 0%*8.! [-%! &+! /'&01+1-2+K&! &+! "01.1-1'! #'0! %45#%.&! 0+%45*%! %&! 0-!
0%&1+('!C-*8(+2'!%01*+21'3!0+&'![-%!0%!@.2%&!%2'!(%#!0%&1+*!2+-(.(.&'!-0-.#!G!#'0!5*%(+2.*8.&!(%!
"05.6.!G!(%!/.1.#-6.!2'&!+&1%&0+(.(%0!(+D%*0.0N!
!
$'*!#'![-%!@.2%!.!#.!2'&01+1-2+'&.#+(.(!(%!#.!*%Z%*%&2+.!.!#'0!(%*%2@'0!@+01K*+2'0!%&!%#!
5*%?4,-#'! G! %&! %#! .*1N! R3! .#%F.! %#! $.*#.4%&1'! (%! /.1.#-6.! [-%3! +&(%5%&(+%&1%4%&1%! (%#!
2'&1%&+('!(%!.&1%*+'*%0!D%*0+'&%0!%01.1-1.*+.03!#.!D%*(.(!%0![-%!%#!1%\1'!D+F%&1%!%&!&+&FM&!2.0'!
C-01+Z+2.*8.! %&! #'0! (%*%2@'0! @+01K*+2'0! %#! "01.1-1'3! &+! 0+[-+%*.! +&(+*%21.4%&1%3! 0+&'! [-%! #'!
Z-&(.4%&1.*8.!%&!#'![-%!#.!/'&01+1-2+K&!F.*.&1+=.!G!5%*4+1%N!U.!.-1'&'48.!(%!/.1.#-6.!0K#'!
5*'2%(%! 4.1%*+.#! G! Z'*4.#4%&1%! (%! #.! /'&01+1-2+K&! G! 1.#! %0! #'! M&+2'! [-%! (+*8.! %#! 1%\1'!
%01.1-1.*+'N! U.! .5%#.2+K&! .! #'0! (%*%2@'0! @+01K*+2'0! 5*%1%&(%*8.! +&2'*5'*.*! G! .21-.#+=.*! %#!
.#2.&2%!G!2'&Z+F-*.2+K&!%05%2+.#![-%!#.!/'&01+1-2+K&!*%0%*DK!.!#'0!1%**+1'*+'0![-%!%&!%#!5.0.('!
!
Q_
@-,+%0%&! 5#%,+02+1.('! .Z+*4.1+D.4%&1%! 5*'G%21'0! (%! "01.1-1'! (%! L-1'&'48.! g(+05'0+2+K&!
1*.&0+1'*+.!0%F-&(.!/"c!G3!%&!#.!4%(+(.!%&![-%!0%.!5'0+,#%!2'&01+1-2+'&.#4%&1%3!4.&1%&%*!-&.!
*%F-#.2+K&! (+D%*0.! G! &'! -&+Z'*4%! 2-.&('! %&! %#! 5.0.('! #.! @-,+%*.! @.,+('! G! 0+%45*%! [-%!
.21-.#4%&1%!&'!.1%&1.*.!.!#'0!5*+&2+5+'0!2'&01+1-2+'&.#%0N!/'&Z'*4%!.!(%1%*4+&.('0!.-1'*%03!0+!
/.1.#-6.! *%2'F+%*.! G! .21-.#+=.*.! %&! 0-! "01.1-1'! (%! L-1'&'48.! #.0! ,.0%0! (%! 0-! (%*%2@'!
@+01K*+2'3! 0+&! +&Z*+&F+*! #'0! 5*+&2+5+'0! 2'&01+1-2+'&.#%03! %01.! *%Z'*4.! 0%*8.! 5#%&.4%&1%!
2'&01+1-2+'&.#N! E%! %01.! 4.&%*.! #.! :%&%*.#+1.1! 5'(*8.! 4'(-#.*! 0-! 1%2@'! 2'45%1%&2+.#!
.45#+.&('!#'0!#84+1%0!(%#!.*1N!XQYNX!/"!G!2'&!#.!F.*.&18.!(%!-&.!*%Z'*4.!%01.1-1.*+.N!>%!1*.1.*8.!
(%! -&.! .*F-4%&1.2+K&! [-%! 0'5'*1.! @%2@'0! (+Z%*%&2+.#%0! +&(+02-1+,#%03! 0+&! [-%! 0%! #%! 5-(+%*.!
*%5*'2@.*! .*,+1*.*+%(.(3! (+02*+4+&.2+K&! '! 5*+D+#%F+'3! 5*'@+,+('0! 2'&01+1-2+'&.#4%&1%N! U.!
.5%#.2+K&! .! #'0! (%*%2@'0! @+01K*+2'0! 5*'5'*2+'&.*8.! -&! Z-&(.4%&1'! 5.*.! [-%! #.0! +&01+1-2+'&%0!
(%!#.0!*%05%21+D.0!/'4-&+(.(%0!L-1K&'4.0!4.&1%&F.&!G!(%0.**'##%&!0-!5*'5+.!5%*0'&.#+(.(3!
4?0! .##?! (%! #.! F%&<*+2.! 5'1%01.(! (%! .-1'F',+%*&'! [-%! 2'45.*1%&! 2'&! '1*.0! /'4-&+(.(%0!
L-1K&'4.0N!
!
"#! )*+,-&.#! /'&01+1-2+'&.#! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i! @.! .0-4+('! #.0!
2'&0%2-%&2+.0!4'(-#.('*.0![-%!#'0!(%*%2@'0!@+01K*+2'0!5-%(%&!1%&%*!0',*%!#.0!2'45%1%&2+.0!
%01.1.#%0!(%#!.*182-#'!XQYNX!/"3!#.0!2-.#%0!@.&!C-01+Z+2.('!0-!.5#+2.2+K&!5.*.!%01.,#%2%*!,.0%0!
.0+4<1*+2.0! %! +&2#-0'! #.! %\+01%&2+.! (%! -&! 4.&(.1'! 2'&01+1-2+'&.#! (%! +&1%*5*%1.*! #.0!
2'45%1%&2+.0! %01.1.#%0! (%! .2-%*('! 2'&! #'0! (%*%2@'0! @+01K*+2'0! g>)/! SXQWXYOY3! (%! SX! (%!
(+2+%4,*%c3!2'&0+(%*.&('![-%!0-!Z-&2+K&!%0!@'G!%[-+5.*.,#%!.!#.!(%!-&.!F.*.&18.!+&01+1-2+'&.#!
(%!#.!Z'*.#+(.(!g>)/!SXQWXYOYc!'!(%!-&!.45.*'!G!*%05%1'!5'*!5.*1%!(%!#.!/'&01+1-2+K&!(%!#'0!
(%*%2@'0!@+01K*+2'0!g>)/!_TWXYOO3!(%!ST!(%!.,*+#cN!U.!*%Z%*%&2+.!.!#'0!(%*%2@'0!@+01K*+2'0!&'!
0%*8.!.C%&.!.!#.0!*%Z%*%&2+.0!@+01K*+2.0![-%!G.!2'&1%&8.!%#!"01.1-1'!(%!XY_Y3!G!0+!,+%&!/.1.#-6.!
1+%&%! -&! (%*%2@'! +&.#+%&.,#%! .#! .-1'F',+%*&'3! 0+&! %4,.*F'3! %#! D+F%&1%! "01.1-1'! %&! &+&FM&!
4'4%&1'!(+*8.![-%!(+2@'!(%*%2@'!0%.!5*%D+'!.!#.!/'&01+1-2+K&!G!0%!+45'&F.!.!#.!4+04.N!U.!
0+&F-#.*+(.(!.!#.![-%!.5%#.!/.1.#-6.!%&!%#!5*%?4,-#'3!%05%2+Z+2?&('#.!%&!?*%.0!4-G!2'&2*%1.0!
i%#!E%*%2@'!2+D+#3!#.!#%&F-.3!#.!2-#1-*.3!#.!5*'G%22+K&!(%!<01.0!%&!%#!?4,+1'!%(-2.1+D'3!G!%#!
0+01%4.! +&01+1-2+'&.#! %&! [-%! 0%! '*F.&+=.! #.! :%&%*.#+1.1i3! %01.*8.! @+01K*+2.4%&1%! C-01+Z+2.(.3!
*%2'F+(.! %&! -&.! 1*.(+2+K&! C-*8(+2.! 5*'5+.! G! (%! +&(-(.,#%! *.+F.4,*%! 5'#81+2.3! .M&! D+D.! G!
*%D+1.#+=.,#%! %&! ,-%&.! 5.*1%N! $'*! #'! (%4?03! #.0! *%Z%*%&2+.0! 2'45%1%&2+.#%0! %&2'&1*.*8.&3! -&.!
5'*! -&.3! C-01+Z+2.2+K&! 2'&2*%1.! %&! #.! /'&01+1-2+K&! G! 0%*8.&! 2'&2'*(%0! 2'&! 0-! @+01'*+.3!
2'&(+2+'&%0![-%!5%*4+1+*8.&!.#!"01.1-1'!*%2'&'2%*!.!#.!:%&%*.#+1.1!-&.!5'0+2+K&!0+&F-#.*!%&!%#!
4.*2'!(%!#.!/'&01+1-2+K&N!
!
QO
!
"#!(%*%2@'!@+01K*+2'!%03!5.*.!%#!$.*#.4%&1'!(%!/.1.#-6.3!#.!5%*D+D%&2+.!(%!-&!0%&1+('!
(%#!E%*%2@'!%&!#.!@+01'*+.N!U.!1*.(+2+K&!C-*8(+2.!2.1.#.&.!@.,*8.!0+('!@+01K*+2.4%&1%!(+Z%*%&1%!
(%!#.!2'&Z'*4.(.!%&!%#!*%01'!(%!#.!5%&8&0-#.N!U.!(+Z%*%&1%!*%2%52+K&!(%#!E%*%2@'!*'4.&'!G!(%#!
E%*%2@'!(%#!>.2*'!b45%*+'!@.,*8.&!4'(-#.('!+&01+1-2+'&%0!G!*%F-#.2+'&%0!1.4,+<&!(+D%*0.0d!
%#!E%*%2@'!2'4'!F.*.&18.!(%!#'0!(%*%2@'0!G! #+4+1.('*!(%#!5'(%*!.,0'#-1'e!%#!5.21'!%&1*%!#'0!
2+-(.(.&'0! #+,*%0! G! %#! 4'&.*2.! #+4+1.('! 5'*! #.0! #%G%0e! #'0! 5.21'0! G! #'0! -0'0! (%! #.! 1+%**.e! #.!
(%Z%&0.! (%! #'0! (%*%2@'03! %&2'4%&(.(.! .! síndics! (%! #.! :%&%*.#+1.1! G! .! 5*'D%%('*%0! G!
D+0+1.('*%0!(%!.F*.D+'0!p!Z'*4.*8.&!5.*1%!(%!-&.!1*.(+2+K&!C-*8(+2'I2'&01+1-2+'&.#!(+Z%*%&1%3!
.-1K&'4.! G! 2'&! D'2.2+K&! (%! `2'45#%1-(a! gsiccN! /.1.#-6.3! %&! %#! 2'&1%\1'! (%! #.! *%01.-*.2+K&!
(%4'2*?1+2.!(%!#.!1*.&0+2+K&3!&'!@.,*8.!.#-4,*.('!-&.!.-1'&'48.!ex novo!&+!.!1*.D<0!(%!-&.!
5*%.-1'&'48.3! 2'4'! %&! '1*.0! &.2+'&.#+(.(%0! G! *%F+'&%03! 0+&'! [-%! @.,*8.! *%2-5%*.('! #.!
:%&%*.#+1.1! 2'4'! +&01+1-2+K&! 5*'D+0+'&.#3! (%! #.! 4+04.! 4.&%*.! [-%! @+2+%*.! %&! #.! >%F-&(.!
H%5M,#+2.3! %&! 1.&1'! [-%! 0+01%4.! +&01+1-2+'&.#! 2'45#%C'! [-%! +&2#-8.! #.0! +&01+1-2+'&%0!
5.*#.4%&1.*+.03! (%! F',+%*&'3! C-*+0(+22+'&.#%0! G! #'2.#%0! '! 1%**+1'*+.#%0! 5*'5+.0! 2'&! -&.!
2'&1+&-+(.(!@+01K*+2.!2#.*.N!
!
)81-#'!5*%#+4+&.*!l.*10N!SNQ3!]NX3!R3!T!g.5.*1.('0!X3!S3!]!G!Rc3!_3!O!G!XXNSm!
!
XYN! .c! "#! .*182-#'! SNQ! gU.! :%&%*.#+1.1c! (+05'&%! [-%! `#'0! 5'(%*%0! (%! #.! :%&%*.#+1.1!
%4.&.&! (%#! 5-%,#'! (%! /.1.#-6.a3! %&! 1.&1'! [-%! %#! "01.1-1'! (%! XY_Y! #'0! @.28.! (%*+D.*! (%! #.!
/'&01+1-2+K&N!"&!%01%!5*%2%51'!0%!2'&01.1.3!5.*.!#'0!*%2-**%&1%03!%#!%0Z-%*='!(%#!"01.1-1'!5'*!
%#-(+*! #.! 4%&2+K&! (%! #.! /'&01+1-2+K&! 2'4'! Z-%&1%! (%! #%F+1+4+(.(3! 2-.&('! %#! '*+F%&! G!
Z-&(.4%&1'!(%!#.!.-1'&'48.!&'!%0!'1*'![-%!#.!/'&01+1-2+K&N!
!
,c! ^*%&1%! .! %##'3! .#%F.! %#! L,'F.('! (%#! "01.('! [-%! #.! 2#?-0-#.! 2'&1%&+(.! %&! %01%!
5*%2%51'!&'!%0!4?0![-%!0+45#%!Z'*4-#.2+K&!(%!#.!5*'5+.!G!5%2-#+.*!#%F+1+4.2+K&!(%4'2*?1+2.!
(%!%01'0!5'(%*%0!g.*1N!XNX!G!S!/"c3!G![-%!#.!/'&01+1-2+K&!G.!0%!4%&2+'&.!2'4'!Z-&(.4%&1'!
C-*8(+2'!(%#!"01.1-1'!%&!0-!.*1N!X!G!2'4'!#84+1%!(%!#'0!5'(%*%0!(%!#.!:%&%*.#+1.1!%&!%#!5*'5+'!
5*%2%51'!.&.#+=.('3!2-G.!*%(.22+K&!(+D%*F%!(%!#.!(%#!.*1N!XN]!(%#!"01.1-1'!(%!XY_Y3!5%*'!%##'!&'!
0%*8.! 4'1+D'! (%! +&2'&01+1-2+'&.#+(.(N! L1%&(+(.! 0-! 5%2-#+.*! #%F+1+4.2+K&! (%4'2*?1+2.3! %0!
%D+(%&1%3!5.*.!%#!L,'F.('!(%#!"01.('3![-%!#.!:%&%*.#+1.1!0K#'!5-%(%!2'&0+(%*.*0%!%4.&.2+K&!
5'#81+2.!(%#!5-%,#'!2.1.#?&!G!&'!(%!#'0!'1*'0!5-%,#'0!(%!#.0!'1*.0!&.2+'&.#+(.(%0!G!*%F+'&%0!'!
(%#! 5-%,#'! %05.6'#! %&! 0-! 2'&C-&1'N! $'*! #'! (%4?03! #.! *%#.2+K&! %&1*%! "01.1-1'! G! /'&01+1-2+K&!
!
QY
5%*4.&%2%*8.! +&.#1%*.,#%! 2'&! +&(%5%&(%&2+.! (%! #.0! D%2%0! %&! [-%! %#! "01.1-1'! #'! 5*'2#.4%3!
0%6.#?&('0%! .(%4?0! [-%! '1*'0! "01.1-1'0! (%! L-1'&'48.! Z'*4-#.&! %#! 5*+&2+5+'! (%4'2*?1+2'!
.#-(+%&('! .! #.! %4.&.2+K&! 5'5-#.*! (%! #'0! 5'(%*%0! (%! #.! /'4-&+(.(! L-1K&'4.! g"01.1-1'0!
F.##%F'3!.&(.#-=3!.*.F'&<0!'!2.&.*+'cN!
!
2c!E%Z+%&(%!%#!:',+%*&'!(%!#.!:%&%*.#+1.1!(%!/.1.#-6.![-%!%#!5*%2%51'!.5%#.!.!#.!,.0%!
(%4'2*?1+2.! %&! #.! 2*%.2+K&! G! Z-&(.4%&1'! (%! #.0! /'4-&+(.(%0! L-1K&'4.0! .#! *%Z%*+*0%! .! #.!
D+&2-#.2+K&! (%4'2*?1+2.! (%! #.! +&01+1-2+K&! (%! #.! :%&%*.#+1.1! 2'&! %#! 2-%*5'! %#%21'*.#! [-%! #.!
C-01+Z+2.! G! [-%! 5*'4'D+K! 0-! 5*'5+.! 2*%.2+K&! .! 1*.D<0! (%#! 5*'2%(+4+%&1'! 5*%D+01'! %&! #.!
/'&01+1-2+K&N!L4<&!(%!#.!+(%&1+Z+2.2+K&!(%#!0-C%1'!1+1-#.*!(%!#.!+&+2+.1+D.!%&!#'0!.*10N!XQ]!G!XRX!
/"3!%&!%#!.*1N!XRS!/"!0%!2'&Z+F-*.!.!#.0!/'4-&+(.(%0!L-1K&'4.0!2'4'!%&1%0!5'#81+2'0!2'&!
'*F.&+=.2+K&!#%F+1+4.(.!5'*!0-!2-%*5'!%#%21'*.#N!"&!2'&0%2-%&2+.3!#.!*%Z%*%&2+.!.#!5-%,#'!(%!
/.1.#-6.!#'!0%*8.!.#!'*+F%&!(%!-&!5'(%*!0-,'*(+&.('!.!#.!/'&01+1-2+K&3!-&!5'(%*!&'!0',%*.&'!
%&!%#!0%&1+('!(%#!.*1N!S!/"N!
!
k-%D.4%&1%!0%!*%2-%*(.![-%3!2'&Z'*4%!.!#.!>)/!SRWXYOX3!(%!XQ!(%!C-#+'3!#'0!1+1-#.*%0!
(%#!(%*%2@'!.!#.!.-1'&'48.!&'!0'&!#'0!1%**+1'*+'03!0+&'!-&.0!%&1+(.(%0!2'#%21+D.0!+&1%F*.(.0!5'*!
-&.!5',#.2+K&!.0%&1.(.!%&!-&!1%**+1'*+'!(%!2.*.21%*801+2.0!@+01K*+2.03!2-#1-*.#%0!G!%2'&K4+2.0!
2'4-&%0! [-%! %C%*2%! .[-%#! (%*%2@'3! 2'&0+01%&1%!%&! .22%(%*! .#! .-1'F',+%*&'! G! 2'&01+1-+*0%! %&!
/'4-&+(.(%0! L-1K&'4.0! g.*1N! XQ]NX! /"cN! "#! .*1N! SNQ! (%#! "01.1-1'! 0%! *%Z%*+*8.! .! -&'! (%! #'0!
5-%,#'0!(%!"05.6.!.!#'0![-%!#.!/'&01+1-2+K&!5*'1%F%!%&!0-!5*%?4,-#'N!U.!*%0%6.(.!&.1-*.#%=.!
5'#81+2.!2'&(-2+*8.!.!.Z+*4.*!#.!5*%0%&2+.!%&!%#!1%\1'!2'&01+1-2+'&.#!(%#!5*+&2+5+'!(%4'2*?1+2'!
%&!#.!,.0%!.-1'&K4+2.!G!#.!5%*1%&%&2+.!.!-&!"01.('!(%4'2*?1+2'!(%!E%*%2@'3!5-(+%&('!(%2+*0%!
[-%!%0!#.!/'&01+1-2+K&!#.![-%!%01.,#%2%![-%!#'0!5'(%*%0!(%!#.!:%&%*.#+1.1!%4.&.&!(%#!5-%,#'!(%!
/.1.#-6.3! [-%! %#+F%! .! #.! L0.4,#%.! G! :',+%*&'! .-1'&K4+2'0! [-%! #.! 2'&Z'*4.&3! G! 2-G.!
#%F+1+4+(.(!0%!1*.0#.(.!.08!.#!*%01'!(%!+&01+1-2+'&%0!.-1'&K4+2.0N!
!
(c!U.0!.#%F.2+'&%0!(%#!$.*#.4%&1'!(%!/.1.#-6.!0',*%!%01%!5*%2%51'!0%!@.&!D%*1+('!%&!
0-0!*.='&.4+%&1'0!0',*%!#.!2'&01+1-2+'&.#+(.(!(%!#.0!*%Z%*%&2+.0!%&!%#!5*%?4,-#'!.!#.!&.2+K&!
2.1.#.&.!G!.!#'0!2+-(.(.&'0!(%!/.1.#-6.!l.&1%2%(%&1%!XO!EcmN!
!
SPN! .c! "#! .*182-#'! ]NX! g7.*2'! 5'#81+2'c! 2'&1%45#.! %#! 5*+&2+5+'! (%! ,+#.1%*.#+(.(! %&! #.0!
*%#.2+'&%0!(%#!"01.('!2'&!#.!/'4-&+(.(!L-1K&'4.3![-%!0%!%*+F%3!5.*.!#'0!(%4.&(.&1%03!2'4'!
-&!@+#'!2'&(-21'*!.!#'!#.*F'!(%!1'('!%#!"01.1-1'!2'&!%#!Z+&!(%!5%*Z+#.*!-&!4.*2'!(%!*%#.2+K&!`(%!
!
RP
+F-.#!.!+F-.#a![-%!.Z%21.!.#!4'(%#'!.-1'&K4+2'!4+04'3!,.0.('!%&!%#!5*+&2+5+'!2''5%*.1+D'N!"&!
%01%! 5-&1'! %#! *%2-*0'! 0%! *%4+1%! .! #.0! 2'&0+(%*.2+'&%0! F%&%*.#%0! (%(+2.(.0! 4?0! .(%#.&1%! .! #.!
+45-F&.2+K&!(%#!181-#'!A!(%#!"01.1-1'!l.&1%2%(%&1%!XXX!LcmN!
!
,c!L#%F.!.!%01%!*%05%21'!%#!L,'F.('!(%#!"01.('![-%!#.!,+#.1%*.#+(.(!iM&+2.!4%&2+K&!
[-%! 0%! +45-F&.3! 0+&! 2'45*%&(%*! #.! (%! '1*'0! 5*+&2+5+'0i! &'! %01?! *%6+(.! 2'&! %#! 5*+&2+5+'!
2''5%*.1+D'3!2'4'!#'!(%4'01*.*8.&!(+D%*0'0!5*%2%51'0!1.&1'!(%#!"01.1-1'!g%05%2+.#4%&1%3!.*10N!
X_QNX!G!S!K!X_ONXc!2'4'!(%!'1*.0!#%G%0N!f!%0![-%!#.!2''5%*.2+K&!%&1*%!%#!"01.('!G!2.(.!-&.!(%!
#.0! /'4-&+(.(%0! L-1K&'4.0! 5-%(%! (%0.**'##.*0%! 1.&1'! %&! -&! 4.*2'! ,+#.1%*.#! 2'4'!
4-#1+#.1%*.#3! 0%FM&! #'0! 2.0'0N! L083! 0%*8.! %D+(%&1%! [-%! %\+01%&! .0-&1'0! G! 5*',#%4.0! [-%!
2'&2+%*&%&!%\2#-0+D.4%&1%!.!-&.!/'4-&+(.(!L-1K&'4.!%&!0-!*%#.2+K&!2'&!%#!"01.('! G! [-%!
5-%(%&! G! (%,%&! 0%*! 1*.1.(.0! ,+#.1%*.#4%&1%N! $'*! 1.#! *.=K&3! %#! .*1N! RNS! (%! #.! U%G! ]PWXYYS3! (%!
*<F+4%&!C-*8(+2'!(%!#.0!L(4+&+01*.2+'&%0!5M,#+2.0!G!(%#!5*'2%(+4+%&1'!.(4+&+01*.1+D'!2'4M&!
gU$/c! 5*%D<! #.0! /'4+0+'&%0! 9+#.1%*.#%0! (%! /''5%*.2+K&! 2'4'! `K*F.&'0! (%! 2''5%*.2+K&! (%!
2'45'0+2+K&! ,+#.1%*.#! G! (%! ?4,+1'! F%&%*.#aN! "&! 2.4,+'3! #.0! 2'&Z%*%&2+.0! 0%21'*+.#%0! 0'&!
K*F.&'0! (%! 2''5%*.2+K&! 4-#1+#.1%*.#! G! 2.*?21%*! 0%21'*+.#! g.*1N! RN]! U$/cN! $'(*8.! 0%*!
+&2'&01+1-2+'&.#! ,+#.1%*.#+=.*! #'! [-%3! (%! .2-%*('! 2'&! #.! &'*4.! 0-5*%4.3! (%,.! 0%*! .0-&1'! (%!
2''5%*.2+K&! 4-#1+#.1%*.#! '! 5%*C-(+2.*! +&(%,+(.4%&1%! %#! +&1%*<0! (%! 1%*2%*'0! 2'&! '2.0+K&! (%!
(%2+0+'&%0! ,+#.1%*.#%0e! 5%*'! &'! 5-%(%! 0%*#'! .Z+*4.*! [-%! #.0! *%#.2+'&%0! %&1*%! %#! "01.('! G! #.!
:%&%*.#+1.1! (%! /.1.#-6.! 0%! *+F%&! 1.&1'! 5'*! %#! 5*+&2+5+'! (%! ,+#.1%*.#+(.(! 2'4'! 5'*! %#! (%!
4-#1+#.1%*.#+(.(3! 2.(.! -&'! %&! 0-! %0Z%*.N! "&! 2-.#[-+%*! 2.0'3! #.! 2''5%*.2+K&! %0! 0+%45*%!
D'#-&1.*+.! G! &'! .#1%*.! %#! '*(%&! (%! 2'45%1%&2+.0! g5'*! 1'(.03! >)/! XYQWSPPQ3! (%! XP! (%!
&'D+%4,*%3!^;!YcN!
!
2c! $.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! &'! %0! 2+%*1'! [-%! %#! .*1N! ]NX! %01.,#%=2.! #.!
,+#.1%*.#+(.(! 2'4'! 2*+1%*+'! %0%&2+.#! (%! %0.0! *%#.2+'&%0N! "&! %#! 5*%2%51'! 0%! 4%&2+'&.! %#!
5*+&2+5+'! (%! #%.#1.(! +&01+1-2+'&.#3! -1+#+=.('! 5'*! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#! g>)/!
XROWSPPQ3!(%!SX!(%!0%51+%4,*%3!^;!_c3!0%!+(%&1+Z+2.!.!#.!:%&%*.#+1.1!2'4'!"01.('!G!0%!2+1.!#.!
4-#1+#.1%*.#+(.(N!>+&!%4,.*F'3!1'('0!%01'0!5*+&2+5+'0!0%*8.&!+F&'*.('0!%&!%#!*%2-*0'N!).4,+<&!
0%! *%2@.=.! %#! .#%F.1'! (%! #'0! *%2-**%&1%0! *%#.1+D'! .! #.! +&1%*D%&2+K&! (%! '1*.0! /'4-&+(.(%0!
L-1K&'4.0! %&! #.! %#.,'*.2+K&! (%#! "01.1-1'! (%! L-1'&'48.! (%! /.1.#-6.3! 5*%1%&0+K&! [-%!
+F&'*.*8.!#.!*%F-#.2+K&!5*'2%(+4%&1.#!(%!#'0!.*10N!XQ]3!XQ_!G!XRX!/"3!.08!2'4'!#.0!5*%D+0+'&%0!
(%!#'0!H%F#.4%&1'0!(%#!/'&F*%0'!G!(%#!>%&.('3!'!#.!*%2+%&1%!C-*+05*-(%&2+.!2'&01+1-2+'&.#N!
!
!
RX
"&! 2-.&1'! .! #.0! *%#.2+'&%0! %01.,#%2+(.0! 2'&Z'*4%! .#! 5*+&2+5+'! (%! ,+#.1%*.#+(.(3! 0+&!
5%*C-+2+'! (%! #.! *%4+0+K&! .! #.0! .#%F.2+'&%0! 0',*%! #.! +45-F&.2+K&! (%#! 181-#'! A! (%#! "01.1-1'!
l.&1%2%(%&1%! XXX! 2cm3! 0%! .#%F.! [-%! &'! 5-%(%&! 0%*! (%2#.*.(.0! +&2'&01+1-2+'&.#%0! 2-.&('! %#!
V*(%&.4+%&1'!C-*8(+2'!#.0!2'&1%45#.!G!*%F-#.!%&!1'('0!#'0!?4,+1'03!(%0(%!%#!F%&%*.#!(%!#.!U%G!
]PWXYYS3!@.01.!#.!/'4+0+K&!7+\1.!5*%D+01.!%&!%#!.*1N!X]!UV^/L!5.*.!#.!Z+C.2+K&!(%#!Z'&('!(%!
0-Z+2+%&2+.!5.*.!2.(.!/'4-&+(.(!L-1K&'4.N!
!
(c! >',*%! #.! 2'&01+1-2+'&.#+(.(! (%#! .*1N! ]NX! (%#! "01.1-1'3! #.! *%5*%0%&1.2+K&! (%#!
$.*#.4%&1'! (%! /.1.#-6.! 0%! *%4+1%! .! #'! [-%! 4?0! .(%#.&1%! 0%! *%2'F%! 0',*%! %#! 5*+&2+5+'! (%!
,+#.1%*.#+(.(!l.&1%2%(%&1%!XXX!(cmN!"&!1'('!2.0'3!0%!.5-&1.![-%!%#!2+1.('!5*%2%51'!&'!0%!*%Z+%*%!
.!#.!,+#.1%*.#+(.(!2'4'!%#!M&+2'!5*+&2+5+'![-%!*+F%!#.0!*%#.2+'&%0!:%&%*.#+1.1I"01.('3!&+!<01.3!
5'*! 08! 4+04.3! 0%*8.! %&! 1'('! 2.0'! +&2'&01+1-2+'&.#3! .5.*%2+%&('! %01.,#%2+(.! %&! 4M#1+5#%0!
?4,+1'0!%&!#.!#%F+0#.2+K&!D+F%&1%N!
!
SXN.c! "&! %#! .*182-#'! R! gE%*%2@'0! @+01K*+2'0c! 0%! 5*'2#.4.! [-%! %#! .-1'F',+%*&'! (%!
/.1.#-6.! 0%! Z-&(.4%&1.! %&! #'0! (%*%2@'0! @+01K*+2'0! (%#! 5-%,#'! 2.1.#?&3! %&! 0-0! +&01+1-2+'&%0!
0%2-#.*%0!G!%&!#.!1*.(+2+K&!C-*8(+2.!2.1.#.&.3!`[-%!%#!5*%0%&1%!"01.1-1'!+&2'*5'*.!G!.21-.#+=.!.#!
.45.*'!(%#!.*182-#'!S3!#.!E+05'0+2+K&!1*.&0+1'*+.!>%F-&(.!G!'1*'0!5*%2%51'0!(%!#.!/'&01+1-2+K&!
lpmaN! $.*.! #'0! *%2-**%&1%03! %#! .*1N! XQ_! /"! &'! 2'&Z+%*%! .#! "01.1-1'! 2.1.#?&! #.! Z.2-#1.(! (%!
.21-.#+=.*! (%*%2@'0! @+01K*+2'03! 0+&'! #.! (%! (%1%*4+&.*! #.! '*F.&+=.2+K&! G! 2'45%1%&2+.0! (%! #.!
/'4-&+(.(!L-1K&'4.!%&!%#!4.*2'!(%!#.!/'&01+1-2+K&e!4?0!%05%28Z+2.4%&1%3!(%!.2-%*('!2'&!
#'![-%!%01.,#%2%!%#!.*1N!XQYN]!/"N!U.!M&+2.!5'0+,+#+(.(!(%![-%!-&.!/'4-&+(.(!&'!Z'*.#!-1+#+2%!
#.! @+01'*+.! 2'4'! Z-%&1%! (%! .5*'D+0+'&.4+%&1'! (%! 2'45%1%&2+.0! %0! #.! 2'&1%45#.(.! %&! %#! .*1N!
XQYNXNO!/"!*%05%21'!(%!#'0!(%*%2@'0!2+D+#%0!%05%2+.#%0N!$'*!#'!(%4?03!.(4+1%&!#'0!.21'*%03!#'0!
*%(.21'*%0! (%#! 5*%2%51'! @.&! 0+('! 2'&02+%&1%0! (%! [-%! #'0! (%*%2@'0! @+01K*+2'0! +&D'2.('0! 0K#'!
(.&! 2.,+(.! .! #.! *%F-#.2+K&! (+Z%*%&2+.(.! (%#! E%*%2@'! 2+D+#3! 5-%0! #.0! (%4?0! %05%2+.#+(.(%0!
2+1.(.0! 0'&! (%! '*(%&! 2-#1-*.#3! %(-2.1+D'! '! +&01+1-2+'&.#! G! 1+%&%&3! -&.! 5'*! -&.3! C-01+Z+2.2+K&!
2'&2*%1.!%&!#.!/'&01+1-2+K&3!&'!%&!#.!@+01'*+.N!
!
,c!"#!L,'F.('!(%#!"01.('!%\.4+&.!#.!2-%01+K&!(+D+(+%&('!%#!5*%2%51'!%&!1*%0!5.*1%0N!U.!
5*+4%*.!0%!*%Z+%*%!.!#'0!(%*%2@'0!@+01K*+2'0!2'4'!Z-&(.4%&1'!(%#!"01.1-1'!G3!.!(+Z%*%&2+.!(%!#.!
5*'5-%01.! (%#! $.*#.4%&1'! (%! /.1.#-6.3! %&! %##.! %#! .-1'F',+%*&'! (%! /.1.#-6.! &'! 0K#'! 0%!
Z-&(.4%&1.!%&!#.!/'&01+1-2+K&3!.#-(+(.!4%(+.&1%!%#!.(D%*,+'!`1.4,+<&a3!0+&'!`%&!#'0!(%*%2@'0!
@+01K*+2'0! (%#! 5-%,#'! 2.1.#?&3! %&! 0-0! +&01+1-2+'&%0! 0%2-#.*%0! G! %&! #.! 1*.(+2+K&! C-*8(+2.!
!
RS
2.1.#.&.a3!1.#!2'4'![-%(.!*%Z#%C.('!%&!%#!5*'5+'!$*%?4,-#'!(%#!"01.1-1'N!"&!2'&0%2-%&2+.3!%#!
"01.1-1'! 2-%&1.! 2'&! -&.! #%F+1+4.2+K&! &'*4.1+D.! G! '1*.! #%F+1+4.2+K&! @+01K*+2'I5'#81+2.N! "01%!
%&-&2+.('!5'&(*8.!(%!*%#+%D%![-%!#.!(',#%!#%F+1+4.2+K&!'5%*.!%&!5#.&'0!4-G!(+D%*0'03!.-&[-%3!
.! %Z%21'0! C-*8(+2'03! #'! (%2+0+D'! %0! %#! Z-&(.4%&1'! 2'&01+1-2+'&.#3! 5'*! #'! [-%3! +&1%*5*%1.(.! (%!
%01%! 4'('3! #.! +&D'2.2+K&! (%! #'0! (%*%2@'0! @+01K*+2'0! 2.*%2%*8.! (%! .51+1-(! C-*8(+2.! 5.*.! D+'#.*!
.#FM&! 5*%2%51'! '! 5*+&2+5+'! 2'&01+1-2+'&.#%0N! U.! 0%F-&(.! 5.*1%! (%#! 5*%2%51'! (%2#.*.! [-%! #'0!
*%5%1+('0! (%*%2@'0! @+01K*+2'03! +&01+1-2+'&%0! 0%2-#.*%0! G! #.! 1*.(+2+K&! C-*8(+2.! 2.1.#.&.! @.&!
[-%(.('! +&2'*5'*.('0! .#! "01.1-1'3! [-%! #'0! .21-.#+=.3! (%! 4'('! [-%! %#! M&+2'! 5*',#%4.!
2'&01+1-2+'&.#!*%#%D.&1%!0%*8.!%&C-+2+.*!2'&!*%Z%*%&2+.!.!5*%2%51'0!5.*1+2-#.*%0!(%#!&-%D'!1%\1'!
%01.1-1.*+'!0+!%01.!#.,'*!0%!@.!@%2@'!(%&1*'!(%!#.!/'&01+1-2+K&!'!2'&1*.!%##.3!1%&+%&('!%&!2-%&1.!
[-%! #.! 4+04.! (%,%*?! *%.#+=.*0%! &%2%0.*+.4%&1%! %&! *%#.2+K&! 2'&! 4.1%*+.0! 0',*%! #.0! 2-.#%0!
5-%(.!.21-.*!#.!2'45%1%&2+.!.-1'&K4+2.N!$%*'!#.!2'&0+F&.2+K&!(%![-%!#'!@+01K*+2'!G!0%2-#.*!0%!
.21-.#+=.!5'*!#.!D8.!%01.,#%2+(.!%&!%#!"01.1-1'!0-5'&(*8.!-&.!*%0-%#1.!.Z+*4.2+K&!(%!D'#-&1.(!
2'&01+1-2+'&.#3! G.! [-%! 4%(+.&1%! #.! +&2'*5'*.2+K&! G! .21-.#+=.2+K&! %01.1-1.*+.0! 0%! D+%&%! .!
5'1%&2+.*! %#! Z-&(.4%&1'! &'*4.1+D'! g2'&01+1-2+'&.#c! (%#! "01.1-1'! G! .! (%05#.=.*! .! -&! 5#.&'!
5'#81+2'!#.!+&D'2.2+K&!(%!#'0!(%*%2@'0!@+01K*+2'0!G!#.0!+&01+1-2+'&%0!0%2-#.*%0N!^+&.#4%&1%3!#.!
2+1.! (%! 5*%2%51'0! 2'&01+1-2+'&.#%0! 0%*8.3! 5.*.! %#! L,'F.('! (%#! "01.('3! -&.! 4-%01*.! 4?0! (%!
D'#-&1.(!2'&01+1-2+'&.#3!G3!.083!0+!#'0!(%*%2@'0!@+01K*+2'0!0%!.45.*.&!%&!%#!.*1N!S!/"3! [-+%*%!
(%2+*0%![-%!%#!Z-&(.4%&1'!2'&01+1-2+'&.#!5.*.!0-!+&2'*5'*.2+K&!G!.21-.#+=.2+K&!%0!%#!(%*%2@'!.!
#.! .-1'&'48.! [-%! 2'45.*1%&! 1'(.0! #.0! &.2+'&.#+(.(%0! G! *%F+'&%03! 0+&! '#D+(.*! [-%! #.!
(+05'0+2+K&!1*.&0+1'*+.!0%F-&(.!(%!#.!/'&01+1-2+K&!1'4K!%&!2-%&1.!#.!.05+*.2+K&!(%!.-1'&'48.!
%\5*%0.(.!%&!5#%,+02+1'!%&!(%1%*4+&.('0!1%**+1'*+'0!5%&+&0-#.*%0!@.2%!-&'0!_P!.6'0!g"01.1-1'!
2.1.#?&! (%! XR! (%! 0%51+%4,*%! (%! XY]ScN! $'*! M#1+4'3! %&1*%! #'0! `'1*'0! 5*%2%51'0a! (%! #.!
/'&01+1-2+K&! [-%! &'! 0%! +(%&1+Z+2.&! 5'(*8.&! +&2#-+*0%! #'0! .*10N! ]N]3! QT! K! XQYNXNO3! [-%!
+45#82+1.4%&1%! .2'F%&! @%2@'0! (+Z%*%&2+.#%0! #+&Fj801+2'03! 2-#1-*.#%0! G! C-*8(+2'0N! $'*! M#1+4'3!
0'01+%&%! %#! L,'F.('! (%#! "01.('! [-%! #.! 5'0+2+K&! 0+&F-#.*! (%! #.! :%&%*.#+1.1! &'! %[-+D.#%! .! -&!
5*+D+#%F+'!g.*1N!X]ONS!/"c3!.(-2+%&('![-%3!0+!#.!/'&01+1-2+K&!*%2'&'2%!%&!0-!.*1N!]!#.!%\+01%&2+.!
(%! D.*+.0! #%&F-.0! %05.6'#.0! G! 0%! *%Z+%*%! .#! 5.1*+4'&+'! @+01K*+2'! 2-#1-*.#! G! .*1801+2'! `(%! #'0!
5-%,#'0!(%!"05.6.a3!+45#82+1.4%&1%!%01?!.(4+1+%&('!-&.!5'0+2+K&!0+&F-#.*!.!#.0!/'4-&+(.(%0!
L-1K&'4.0!2'&!#%&F-.!2''Z+2+.#!G!2-#1-*.!%&!%0.!#%&F-.3!G!#'!4+04'!'2-**%3!',D+.4%&1%3!2'&!
#'0! (%*%2@'0! 2+D+#%0! 5*'5+'0! g.*1N! XQYNXNO! /"cN! f3! 5'*! +45#+2.2+K&3! [-%(.*8.! 1'1.#4%&1%!
C-01+Z+2.(.! #.! 5'0+2+K&! 0+&F-#.*! %&! #'! [-%! 0%! *%Z+%*%! .! #.! 5*'G%22+K&! (%! #%&F-.3! (%*%2@'! G!
2-#1-*.!5*'5+'0!%&!#.!%0Z%*.!%(-2.1+D.!G!%&!%#!0+01%4.!+&01+1-2+'&.#N!
!
!
R]
2c!>'01+%&%!%#!:',+%*&'!(%!#.!:%&%*.#+1.1!(%!/.1.#-6.![-%!#.!*%Z%*%&2+.!.!#'0!(%*%2@'0!
@+01K*+2'0! %0! 5%*Z%21.4%&1%! 2'&01+1-2+'&.#3! *%4+1+<&('0%! .! #.0! .#%F.2+'&%0! Z'*4-#.(.0! %&!
*%#.2+K&! 2'&! %#! 5*%?4,-#'! g.&1%2%(%&1%! X_cN! >+&! 5%*C-+2+'! (%! %0.! *%4+0+K&! 0%! 5'&%! (%!
4.&+Z+%01'! [-%! #'0! *%2-**%&1%0! ',D+.&! #.! -1+#+=.2+K&! %&! %#! 5*%2%51'3! (%#! .(D%*,+'! `1.4,+<&a3!
'#D+('!1.&1'!4?0!*%#%D.&1%!2-.&1'![-%3!0%FM&!0%!(%2#.*.!%\5*%0.4%&1%!%&!%#!.*1N!R3!%#!`"01.1-1'!
+&2'*5'*.! G! .21-.#+=.a! #'0! (%*%2@'0! @+01K*+2'0! `.#! .45.*'! (%#! .*182-#'! S3! #.! (+05'0+2+K&!
1*.&0+1'*+.! 0%F-&(.! G! '1*'0! 5*%2%51'0! (%! #.! /'&01+1-2+K&aN! L(%4?03! 0%! *%0%6.! [-%! %&! #.!
(%4.&(.! 0%! +45-F&.! 0K#'3! 2'&! %#! G.! +&(+2.('! '#D+('3! #.! 5*+4%*.! Z*.0%! (%#! .*182-#'3! 5%0%! .!
*%2'&'2%*0%! #.! *%F-#.2+K&! (+Z%*%&2+.(.! (%#! E%*%2@'! 2+D+#3! 0+&! [-%! 1.45'2'! 0%! *%5-1%&!
+&2'&01+1-2+'&.#%0!#.0!4%&2+'&%0!.!#.!#%&F-.3!#.!2-#1-*.3!#.!%(-2.2+K&!'!#.0!+&01+1-2+'&%0N!
!
(c!$.*.!%#!$.*#.4%&1'!(%!/.1.#-6.3!#.!2'&01+1-2+'&.#+(.(!(%!#.!%&-4%*.2+K&!(%#!.*1N!R!
0K#'! @.,*8.! (%! C-01+Z+2.*0%! 2-.&('! #.! .1*+,-2+K&! %01.1-1.*+.! (%! -&.! 2'45%1%&2+.! 5'*! %#!
#%F+0#.('*! %01.1.#3! '! %&! %#! 4'4%&1'! (%! 0-! (%0.**'##'! 5'*! %#!#%F+0#.('*! .-1'&K4+2'3! +&D.(+%*.!
='&.0! 5*'1%F+(.0! 5'*! #.! #%F+0#.2+K&! ,?0+2.e! #.! *%Z%*%&2+.! .! #'0! (%*%2@'0! @+01K*+2'0! &'!
2'&01+1-+*8.!per se!-&!181-#'!.1*+,-1+D'!(%!2'45%1%&2+.03!0+&'!-&.!*%Z%*%&2+.!F%&%*.#!('1.(.!(%!
-&.!5'0+,#%!D+*1-.#+(.(!+&1%*5*%1.1+D.!5.*.!#'0!5'(%*%0!5M,#+2'0N!
!
SSN!"#!.*182-#'!T!gU.!#%&F-.!5*'5+.!G!#.0!#%&F-.0!'Z+2+.#%0c3!%&!0-0!.5.*1.('0!X3!S3!]!G!R3!
*%F-#.!%#!2.1.#?&!2'4'!#%&F-.!5*'5+.!(%!/.1.#-6.!G3!2'4'!1.#3!(%!-0'!&'*4.#!G!5*%Z%*%&1%!(%!
#.0! L(4+&+01*.2+'&%0! 5M,#+2.0! G! (%! #'0! 4%(+'0! (%! 2'4-&+2.2+K&! 5M,#+2'0! (%! /.1.#-6.3! .08!
2'4'! #%&F-.! &'*4.#4%&1%! -1+#+=.(.! 2'4'! D%@+2-#.*! G! (%! .5*%&(+=.C%! (%! #.! %&0%6.&=.N!
b45'&%3!.084+04'3!%#!(%,%*!(%!2'&'2%*!%#!2.1.#?&!.!#'0!2+-(.(.&'0!(%!/.1.#-6.N!"#!5*%2%51'!0%!
(%1.##.!%&!%#!2.581-#'!bbb!(%#!181-#'!b3!.08!2'4'!%&!#'0!.*10N!RP!gZ'4%&1'!G!(+Z-0+K&!(%#!2.1.#?&c3!
XPS! g.2*%(+1.2+K&! (%#! 2'&'2+4+%&1'! (%#! 2.1.#?&! 5'*! %#! 5%*0'&.#! (%! #.! L(4+&+01*.2+K&! (%!
C-01+2+.!%&!/.1.#-6.c!G!XQ_NX!,c!g5*'D+0+K&!(%!k'1.*8.0!G!H%F+01*'0!%&!/.1.#-6.cN!
!
L#%F.&!#'0!E+5-1.('0!*%2-**%&1%0![-%!(%#!.*1N!]!/"!0%!(%05*%&(%![-%!%#!2.01%##.&'!%0!#.!
M&+2.! #%&F-.! 'Z+2+.#! (%#! "01.('! i%&1%&(+<&('0%! 5'*! "01.('! %#! 2'&C-&1'! (%! #'0! 5'(%*%0!
5M,#+2'03!2'&!+&2#-0+K&!(%!#'0!.-1'&K4+2'0!G!#'2.#%0!g>)/!OSWXYOT3!(%!ST!(%!C-&+'ci!G![-%!
0K#'! .! %##.! 0%! *%Z+%*%! %#! (%,%*! (%! 2'&'2+4+%&1'N! U.! 2''Z+2+.#+(.(! (%! #.0! (%4?0! #%&F-.0!
%05.6'#.0! #'! %0! *%05%21'! .! #'0! 5'(%*%0! 5M,#+2'0! *.(+2.('0! %&! %#! 1%**+1'*+'! .-1'&K4+2'! g>)/!
OSWXYOTc!G!0-!%01.,#%2+4+%&1'![-%(.!*%0%*D.('!.!#'0!"01.1-1'0!(%!L-1'&'48.3!2-G.!5'1%01.(!
*%F-#.('*.! %&! 4.1%*+.! (%! #%&F-.! 0%! %&4.*2.3! 5.*.! #'0! (%4.&(.&1%03! %&! #.0! 0+F-+%&1%0!
!
RQ
2''*(%&.(.0! 2'&01+1-2+'&.#%0d! .c! "#! "01.('! 2.*%2%! (%! 181-#'! 2'45%1%&2+.#! %05%28Z+2'! 5.*.!
%01.,#%2%*!-&.!*%F-#.2+K&!F%&%*.#!(%!#.0!#%&F-.0!1%**+1'*+.#%0!g>>)/!OSWXYOT!G!O]WXYOT3!(%!ST!
(%! C-&+'ce! ,c! U.! 2'45%1%&2+.! .-1'&K4+2.! %&! #.! 4.1%*+.! %03! 5'*! 1.&1'3! F%&%*.#3! 0+! ,+%&! %#!
2.*?21%*!@'*+='&1.#!(%!#.0!*%F-#.2+'&%0!(%!(%*%2@'0!G!(%,%*%0!.#!-0'!(%!-&.!#%&F-.!0-5'&%![-%!
&%2%0.*+.4%&1%!0%!D%.&!.Z%21.(.0!4.1%*+.0![-%!0'&!(%!#.!2'45%1%&2+.!(%#!"01.('N!>+%&('3!5'*!
1.&1'3!+&%D+1.,#%![-%!%#!%C%*2+2+'!(%!#.!2'45%1%&2+.!.-1'&K4+2.!%&!4.1%*+.!(%!&'*4.#+=.2+K&!
#+&Fj801+2.! +&2+(.! %&! 4.1%*+.0! 1.4,+<&! .2'1.(.0! 5'*! '1*'0! 181-#'0! *%0%*D.('0! .#! "01.('3! 1.#!
+&2+(%&2+.! &'! 5-%(%! 2'&D%*1+*0%! %&! -&.! 0-01+1-2+K&! (%! #.! *%F-#.2+K&! '! -0-*5.2+K&! (%! #.0!
2'45%1%&2+.0! 5.*.! %01.,#%2%*#.e! 2c! /-.&('! %#! "01.('! 1+%&%! -&.! 2'45%1%&2+.! 0-01.&1+D.!
1.4,+<&!#%!2'**%05'&(%!#.!2'45%1%&2+.!5.*.!*%F-#.*!%#!-0'!(%!#.!#%&F-.!%&!%0%!?4,+1'!4.1%*+.#!
g>)/!O_WXYY_3!(%!SQ!(%!.,*+#ce!(c!"#!2'&'2+4+%&1'!(%!-&.!#%&F-.!2''Z+2+.#!5-%(%!%D.#-.*0%!%&!
#.0!5*-%,.0!(%!.22%0'!.!#.!Z-&2+K&!5M,#+2.3!5%*'!0-!D.#'*!G!F*.('!(%!%\+F%&2+.!(%5%&(%&!(%!#.!
#%F+0#.2+K&! %01.1.#3! &'! (%! #.! #%F+0#.2+K&! .-1'&K4+2.! *%F-#.('*.! (%! #.! 2''Z+2+.#+(.(! g>>)/!
O]WXYOT! G! OQWXYOT3! (%! ST! (%! C-&+'e! G! XPRWSPPP3! (%! X]! (%! .,*+#3! %&! *%#.2+K&! 2'&! #.!
L(4+&+01*.2+K&! (%! C-01+2+.e! XS]WXYOO3! (%! S]! (%! C-&+'3! ^-%*=.0! L*4.(.0e! OSWXYOT3! (%! ST! (%!
C-&+'3!L(4+&+01*.2+'&%0!5M,#+2.0!%&!F%&%*.#cN!
!
E%#+4+1.('!%#!.#2.&2%!(%!#.!2'45%1%&2+.!.-1'&K4+2.!%&!*%#.2+K&!2'&!#.!#%&F-.!5*'5+.3!
%#!*%2-*0'!0%!(%1+%&%!%&!%#!%\.4%&!(%!0-0!#84+1%0!4?0!0-01.&2+.#%0N!U.!5*+4%*.!2-%01+K&![-%!0%!
5#.&1%.!%0!0+!2.,%!+45'&%*!#.!',#+F.2+K&!(%!2'&'2%*!-&.!#%&F-.!2''Z+2+.#3!*%2'*(?&('0%!.!%01%!
*%05%21'! [-%! %&! #'0! (%,.1%0! 2'&01+1-G%&1%0!0%!*%2@.=K! -&.! %&4+%&(.! %&! 1.#! 0%&1+('N! E%! %0'0!
.&1%2%(%&1%0!G!(%#!5*'5+'!1%&'*!(%#!.*1N!]NX!/"!5-%(%!(%(-2+*0%3!.!C-+2+'!(%!#'0!(%4.&(.&1%03!
[-%! #'0! "01.1-1'0! (%! L-1'&'48.! &'! 5-%(%&! %01.,#%2%*! .[-%##.! ',#+F.2+K&N! "#! )*+,-&.#! @.!
.(4+1+('3! 2+%*1.4%&1%3! [-%! #.! #%F+0#.2+K&! +&Z*.%01.1-1.*+.! %01.,#%=2.! %#! (%,%*! (%! 2'&'2%*! %#!
2.1.#?&!g>)/!]]_WXYYQ3!(%!S]!(%!(+2+%4,*%c3!5%*'!2+*2-&02*+,+%&('!%0%!(%,%*!.#!2'&'2+4+%&1'!
(%#! 2.1.#?&! `2'4'! ?*%.! G! 4.1%*+.! (%! %&0%6.&=.! ',#+F.1'*+.a3! .Z+*4.&('! [-%! 2'4'! (%,%*! (%!
2'&'2+4+%&1'!F%&%*.#!&+!D+%&%!+45-%01'!5'*!#.!/'&01+1-2+K&!&+!%0!+&@%*%&1%!.!#.!2''Z+2+.#+(.(N!
$'*!'1*.!5.*1%!(%,%!(+01+&F-+*0%!%&1*%!#.0!4%(+(.0!#%F+0#.1+D.0!2'&(-2%&1%0!.!#.!5*'4'2+K&!(%!
#.! #%&F-.! 2''Z+2+.#3! +&(+05%&0.,#%0! 5.*.! [-%! #'0! 2+-(.(.&'0! 5-%(.&! %C%*2+1.*! 0-! (%*%2@'! .!
-1+#+=.*! 2-.#[-+%*.! (%! #.0! ('0! #%&F-.0! [-%! F'=.&! (%! 'Z+2+.#+(.(! G! (+*+F+(.0! .! #'0! 5'(%*%0!
5M,#+2'03!G!#.!+45'0+2+K&!',#+F.1'*+.!(%#!-0'!(%!#.!#%&F-.!%&!#.0!*%#.2+'&%0!%&1*%!5.*1+2-#.*%0N!
U.!2''Z+2+.#+(.(!',#+F.!.!#'0!5'(%*%0!5M,#+2'03!5%*'!5.*.!#'0!2+-(.(.&'0!%0!-&!0+45#%!(%*%2@'!
-1+#+=.*!2-.#[-+%*.!(%!#.0!#%&F-.0!(%2#.*.(.0!'Z+2+.#%0!%&!%#!1%**+1'*+'!%&!0-0!*%#.2+'&%0!2'&!#'0!
5'(%*%0! 5M,#+2'0N! /'&0+(%*.2+K&! <01.! [-%! %0! %\1%&0+,#%! .! 1'('0! #'0! 0-5-%01'0! %&! [-%! 0%!
!
RR
%01.,#%2%&!*%F-#.2+'&%0![-%!5-%(%&!.Z%21.*!.!#.0!%45*%0.0!G!0-!*%#.2+K&!2'&!#'0!2'&0-4+('*%0!
G! -0-.*+'03! 1.#! G! 2'4'! 5*%02*+,%&3! %&1*%! '1*'03! #'0! .*10N! ]]3! ]Q! G! RP! g.5.*1.('0! Q! G! Rc! (%#!
"01.1-1'N! $'*! -&! #.('! .Z%21.&! .#! #+,*%! (%0.**'##'! (%! #.! 5%*0'&.#+(.(! g.*1N! XPNX! /"c! G! .! #.!
#+,%*1.(! (%! %45*%0.! g.*1N! ]O! /"c3! 5%*'! 1.4,+<&! 5-%(%&! 2'&01+1-+*0%! %&! ',01?2-#'! .! #.! #+,*%!
2+*2-#.2+K&!(%!5%*0'&.0!G!4%*2.&28.0!g.*1N!X]YNS!/"cN!
!
U.0! *%F-#.2+'&%0! .-1'&K4+2.0! (%! #.! #%&F-.! i2'&1+&M.! %#! %02*+1'! (%! *%2-*0'i3! %&! #.!
4%(+(.!%&![-%!(%,%&!*%05%1.*!#.0!2'45%1%&2+.0!%01.1.#%03!1.4,+<&!@.&!(%!5%*4+1+*!#.!#+,%*1.(!
(%!2'&Z+F-*.2+K&!(%#!#%F+0#.('*!(%#!"01.('!%&!'*(%&!.!'*+%&1.*!#.!*%F-#.2+K&!(%!#.!4.1%*+.![-%!
#%!2'45%1%N!"&!%01%!0%&1+('!0%*8.!%\5*%0+D.!#.!2-%01+K&!(%!#.!#%&F-.!%&!#.!%&0%6.&=.3!%&!#.![-%3!
5.*1+<&('0%! (%! [-%! &'! @.G! -&! (%*%2@'! 2'&01+1-2+'&.#! .! '51.*! 5'*! -&.! -! '1*.! #%&F-.! g>)/!
]]_WXYYQ3! (%! S]! (%! (+2+%4,*%c! G! (%! [-%! %#! #%F+0#.('*! .-1'&K4+2'! (+0Z*-1.! (%! -&! 4.*F%&! (%!
(%2+0+K&! 5.*.! 2'&Z+F-*.*! %#! 4'(%#'! #+&Fj801+2'! %(-2.1+D'3! %0! 2#.*'! [-%! #.! *%F-#.2+K&!
.-1'&K4+2.! (%5%&(%! (%#! 4.*2'! F%&%*.#! [-%! %01.,#%=2.! #.! #%F+0#.2+K&! (%#! "01.('3! .! #.! [-%!
2'**%05'&(%! %01.,#%2%*! #'0! 5*+&2+5+'0! F%&%*.#%0! (%#! 0+01%4.! %(-2.1+D'N! $'*! M#1+4'3! 0',*%! #.!
*%F-#.2+K&!%01.1-1.*+.!(%!#.!2''Z+2+.#+(.(!#+&Fj801+2.!%\+01%&!'1*'0!#84+1%0!4?0!F%&%*.#%0N!L083!
#'0!"01.1-1'0!&'!5-%(%&!+45'&%*!#.!'Z+2+.#+(.(!%\2#-0+D.!(%!#.!#%&F-.!5*'5+.e!.(%4?03!%#!-0'!
4'&'5'#801+2'!(%!-&!+(+'4.!%&!-&!1%**+1'*+'!(%1%*4+&.('!0%*8.!2'&1*.*+'!.#!(%*%2@'!.!-1+#+=.*!
%#!2.01%##.&'N!
!
S]N!"#!L,'F.('!(%#!"01.('!.#%F.!%&!(%Z%&0.!(%!#.!2'&01+1-2+'&.#+(.(!(%#!5*%2%51'![-%!
0-! .5.*1.('! X! 2.#+Z+2.! .#! 2.1.#?&! 2'4'! `#%&F-.! 5*'5+.! (%! /.1.#-6.aN! $*'5+.! 0+F&+Z+2.! #%&F-.!
5%2-#+.*!'!5*+D.1+D.!(%!#.!/'4-&+(.(!L-1K&'4.3!#.![-%!@+01K*+2.4%&1%!0%!@.!(%0.**'##.('!%&!
/.1.#-6.!2'4'!4%(+'!(%!2'4-&+2.2+K&!G!(%!2'@%0+K&!2-#1-*.#3!%[-+D.#+%&('!.!`#.!#%&F-.!(%!#.!
/'4-&+(.(! L-1K&'4.a! .! [-%! 0%! *%Z+%*%! %#! .*1N! XQONXNX_! /"N! E%0(%! %#! 5-&1'! (%! D+01.! 0'2+.#!
5'(*8.! (%2+*0%! [-%3! .21-.#4%&1%3! #'0! 2.1.#.&%0! 1+%&%&! ('0! #%&F-.0! 5*'5+.03! %#! 2.1.#?&! G! %#!
2.01%##.&'3!5-%01'![-%!0+F-%&!1%&+%&('!%01%!M#1+4'!+(+'4.!2'4'!#%&F-.!4.1%*&.!2.0+!#.!4+1.(!
(%! #'0! @.,+1.&1%0! (%! /.1.#-6.3! 5%*'! 0+! &'0! .1%&%4'0! .! #.! @+01'*+.! (%! -&.! G! '1*.! #%&F-.03! %0!
+&(+02-1+,#%!#.!%\.21+1-(!(%!.Z+*4.*![-%!#.!#%&F-.!5*'5+.!(%!/.1.#-6.!%0!%#!2.1.#?&!G!.08!#'!@.!
.2%51.('!#.!('21*+&.!2'&01+1-2+'&.#!g5'*!%C%45#'3!>>)/!]]_WXYYQ3!(%!S]!(%!(+2+%4,*%3!^^;;!T!
.!XX!G!SXe!G!O_WXYY_3!(%!SQ!(%!.,*+#3!^;!]cN!
!
L*F-4%&1.!%#!L,'F.('!(%#!"01.('![-%!0+!%#!2.1.#?&!%0!#%&F-.!5*'5+.!(%!/.1.#-6.!&'!0%!
#%!5-%(%!&%F.*!0-!2.*?21%*!(%!#%&F-.!(%!-0'!&'*4.#!i%0!(%2+*3!`#%&F-.!-0-.#!'!@.,+1-.#a!g>)/!
!
RT
]]_WXYYQ3!(%!S]!(%!(+2+%4,*%3!^;!SXci!%&!#.0!L(4+&+01*.2+'&%0!5M,#+2.0!G!%&!#'0!4%(+'0!(%!
2'4-&+2.2+K&! 5M,#+2'0N! L(%4?03! %#! 5*%2%51'! +45-F&.('! #.! (%2#.*.! (%! -0'! 5*%Z%*%&1%! %&!
*%#.2+K&!2'&!<01'03!#'![-%!0%!2'&2+#+.*8.!2'&!#.!2''Z+2+.#+(.(!(%#!2.01%##.&'!G!2'&!%#!5#-*.#+04'!
#+&Fj801+2'![-%*+('0!5'*!%#!2'&01+1-G%&1%!5.*.!/.1.#-6.!G!5.*.!'1*.0!/'4-&+(.(%0!2'&!#%&F-.!
5*'5+.3! %&! 1.&1'! [-%! 4%(+'! 5*'5'*2+'&.('! `5.*.! 2'**%F+*! 0+1-.2+'&%0! (%! (%0%[-+#+,*+'!
@%*%(.(.0! @+01K*+2.4%&1%a! G! 5.*.! +45%(+*! [-%! %#! 2.1.#?&! `'2-5%! -&.! 0+1-.2+K&! 4.*F+&.#! '!
0%2-&(.*+.a!g>)/!]]_WXYYQ3!^^;;!O!G!XPcN!k'!2'**%05'&(%!.[-8!(+#-2+(.*!0+!0-,0+01%!'!&'!#.!
0+1-.2+K&! (%! (%0%[-+#+,*+'! %&! 2'&1*.! (%#! 2.1.#?&! @%*%(.(.! @+01K*+2.4%&1%! [-%! C-01+Z+2.! #.!
+45'0+2+K&!%01.1-1.*+.!(%#!-0'!5*%Z%*%&1%!(%#!4+04'!5'*!L(4+&+01*.2+'&%0!G!4%(+'0!5M,#+2'03!
5-%0! #.! 2.*F.! (%! C-01+Z+2.*! [-%! %0.! 0+1-.2+K&! &'! %\+018.! G! [-%! #.! 5*%Z%*%&2+.! *%2'&'2+(.! &'!
5-%(%! 2'&0+(%*.*0%! G.! 5*'5'*2+'&.(.! 2'**%05'&(8.! .! #'0! *%2-**%&1%03! 2-G.! (%4.&(.! &'! (+2%!
&.(.!0',*%!%#!5.*1+2-#.*N!$'*!1.&1'3!@.G![-%!%&1%&(%*3!.!C-+2+'!(%#!*%5*%0%&1.&1%!(%#!:',+%*&'3!
[-%!%#!-0'!5*%Z%*%&1%!(%#!2.1.#?&!0%!C-01+Z+2.!2'4'!4%(+'!5*'5'*2+'&.('!5.*.!2'**%F+*!.[-%##.!
0+1-.2+K&3!.-&[-%3!%&!2-.#[-+%*!2.0'3!&'!5'(*8.!%&1*.6.*!&-&2.![-%!@.G.!(%!0%*!-1+#+=.('!2'4'!
#%&F-.!M&+2.!%&!#.0!*%#.2+'&%0!(%!#'0!2+-(.(.&'0!2'&!#'0!2%&1*'0!('2%&1%0!gG!5'*!%\1%&0+K&!2'&!
#.0!L(4+&+01*.2+'&%0!5M,#+2.0!%&!/.1.#-6.!G!#'0!4%(+'0!5M,#+2'0!(%!2'4-&+2.2+K&c3!&+!%&!#.0!
(%!%01'0!2'&!.[-<##'03!2'&!%#!2'&0+F-+%&1%!(%02'&'2+4+%&1'!'!%\2#-0+K&!(%#!2.01%##.&'!g>)/!
]]_WXYYQ3!^;!SXcN!"01%!48&+4'!2'&01+1-2+'&.#!(%!5*'1%22+K&!(%#!2.01%##.&'!5'(*8.!%&1%&(%*0%!
*%2'F+('!%&!#'0!.*10N!]S!G!]]NX!(%#!"01.1-1'3!(%,+%&('!*%2'*(.*0%![-%!1.&1'!%#!.*1N!TNS!2'4'!%#!
]S! *%2'&'2%&! %#! (%*%2@'! .! -0.*! #.0! ('0! #%&F-.0! 'Z+2+.#%0! %&! /.1.#-6.3! 2'&! 5*'@+,+2+K&! (%!
(+02*+4+&.2+K&! `5'*! %#! -0'! (%! -&.! -! '1*.! #%&F-.a3! *%2'F+<&('0%! .08! 5#%&.4%&1%! #.! ('21*+&.!
2'&01+1-2+'&.#!(%!#.!>)/!]]_WXYYQ3!^;!TN!
!
$'*!#'![-%!0%!*%Z+%*%!.!#.!M#1+4.!(%1%*4+&.2+K&!(%#!.5.*1.('!X!(+02-1+(.!%&!%#!*%2-*0'!(%!
+&2'&01+1-2+'&.#+(.(! g%#! 2.1.#?&! 2'4'! #%&F-.! &'*4.#4%&1%! -1+#+=.(.! 2'4'! D%@+2-#.*! G! (%!
.5*%&(+=.C%!%&!#.!%&0%6.&=.c3!(%Z+%&(%!%#!L,'F.('!(%#!"01.('!0-!2'&01+1-2+'&.#+(.(!.!5.*1+*!(%!
#.0!2'&0+(%*.2+'&%0!G!#'0!#84+1%0!%01.,#%2+('0!%&!#.!>)/!]]_WXYYQ3!(%!S]!(%!(+2+%4,*%3!^^;;!
Y3!XP!G!XXN!
!
"&!2-.&1'!.#!.5.*1.('!S!(%#!.*1N!T3!(%#![-%3!0%FM&!.Z+*4.!%#!L,'F.('!(%#!"01.('3!0K#'!
5-%(%!2'&0+(%*.*0%!+45-F&.(.!#.!+45'0+2+K&!.!#'0!2+-(.(.&'0!(%!/.1.#-6.!(%#!(%,%*!F%&%*.#!
(%! 2'&'2%*! %#! 2.1.#?&3! 2'4+%&=.! 0-0! .#%F.2+'&%0! *%Z+*+<&('0%! .! [-%! 0K#'! %\+01%! (%,%*!
2'&01+1-2+'&.#! F%&%*.#! (%! 2'&'2%*! (%#! 2.01%##.&'3! [-%! %#! .*1N! ]NX! /"! +45'&%! .! 1'('0! #'0!
%05.6'#%03! #'! [-%! (+01+&F-%! %01%! +(+'4.! (%! `#.0! '1*.0! #%&F-.0! %05.6'#.0! [-%! 2'&! <#! 0'&!
!
R_
2''Z+2+.#%0! %&! #.0! *%05%21+D.0! /'4-&+(.(%0! L-1K&'4.03! 5%*'! *%05%21'! (%! #.0! 2-.#%0! &'! 0%!
5*%02*+,%! 2'&01+1-2+'&.#4%&1%! 1.#! ',#+F.2+K&a! g>)/! OSWXYOT3! (%! ST! (%! C-&+'3! ^;! ]cN! $'*! 0-!
5.*1%! %#! .*1N! ]NS! /"! @.,+#+1.! .#! "01.1-1'! 5.*.! (%2#.*.*! 2'4'! 'Z+2+.#! #.! #%&F-.! *%F+'&.#3!
'Z+2+.#+(.(! [-%3! %&! 5*+&2+5+'3! 0K#'! 2*%.! (%*%2@'0! .! Z.D'*! (%! 0-0! @.,#.&1%0N! L@'*.! ,+%&3! %#!
.0%F-*.4+%&1'!(%#!(%*%2@'!.!-1+#+=.*!#.!#%&F-.!5*'5+.!0%!5-%(%!@.,+#+1.*!5.*.!#.!+45'0+2+K&!(%!
(%,%*%0!C-*8(+2'0!%&!*%#.2+K&!2'&!%0.!#%&F-.3!%C%45#'!(%!#'0!2-.#%0!0'&!%#!(%,%*!%02'#.*!G!%#!
(%,%*!('2%&1%![-%!.2%51.3!%&!*%#.2+K&!2'&!%#!2.1.#?&3!#.!>)/!]]_WXYYQ3!^;!XS3!(%!4.&%*.![-%!
%0!+&(-(.,#%!%#!(%,%*!(%!2'&'2%*!#.!#%&F-.!2.1.#.&.!2'4'!?*%.!'!4.1%*+.!',#+F.1'*+.!g^^;;!XQ!
G!XTcN!f!%#!(%,%*!(%!@.2%*!(%#!2.1.#?&!D%@82-#'!(%!%\5*%0+K&!&'*4.#!%&!#'0!2%&1*'0!('2%&1%0!0%!
D+&2-#.! (+*%21.! G! %\2#-0+D.4%&1%! 2'&! #.! Z+&.#+(.(! (%! &'*4.#+=.2+K&! (%#! -0'! (%! 2.1.#?&! G! &'!
2.,%!2'&0+(%*.*![-%!(<!#-F.*!.!#.!2*%.2+K&!(%!-&!%&1'*&'!+(+'4?1+2'!Z'*=.('!g>)/!]]_WXYYQ3!
^;!SXcN!L21-.#4%&1%!%#!(%,%*!%02'#.*!%&!*%#.2+K&!2'&!#.0!#%&F-.0!2''Z+2+.#%0!0%!(%05*%&(%!(%!
D.*+'0!5*%2%51'0!(%!#.!U%G!V*F?&+2.!SWSPPT3!(%!]!(%!4.G'N!
!
E%!Z'*4.!+&D%*0.3!%#!(%,%*!2'&01+1-2+'&.#!(%!2'&'2%*!%#!2.01%##.&'!&'!5-%(%!F%&%*.*!-&!
5*%1%&(+('! (%*%2@'! .! *%2+,+*! #.0! %&0%6.&=.0! M&+2.! G! %\2#-0+D.4%&1%! %&! 2.01%##.&'3! 0%FM&! 0%!
+&(+2.!%&!#.!>)/!]]_WXYYQ3!(%!S]!(%!(+2+%4,*%3![-%!%&!0-!Z-&(.4%&1'!C-*8(+2'!X_!(+01+&F-%!
2-+(.('0.4%&1%! %01'0! (%,%*%0! +(+'4?1+2'0! 5.*2+.#%0! (%#! (%,%*! F%&%*.#! (%! 2'&'2%*! #.! #%&F-.!
5*'5+.!(%!#.!/'4-&+(.(!L-1K&'4.!%&!%#!?4,+1'!F%&%*.#!(%!#.0!*%#.2+'&%0!(%!#'0!2+-(.(.&'0!
2'&!#'0!5'(%*%0!5M,#+2'0N!U.!>)/!OQWXYOT3!(%!ST!(%!C-&+'3!^;!S3!2'&0+(%*K!+&2'&01+1-2+'&.#!%#!
.*1N!XNS!(%!#.!U%G!]WXYO]!(%#!$.*#.4%&1'!(%!:.#+2+.3![-%!+45'&8.!.!#'0!F.##%F'0!%#!(%,%*!(%!
2'&'2%*!%#!+(+'4.!F.##%F'3!%01.,#%2+%&('!#.!('21*+&.!(%![-%!1.#!(%,%*!&'!D+%&%!+45-%01'!5'*!#.!
/'&01+1-2+K&! G! &'! %0! +&@%*%&1%! .! #.! 2''Z+2+.#+(.(! (%! #.! #%&F-.! F.##%F.3! G! [-%! &'! %0!
(+02*+4+&.1'*+'! *%05%21'! (%! #'0! 2+-(.(.&'0! #.! %\+01%&2+.! (%! -&! (%,%*! (%! 2'&'2+4+%&1'! (%#!
2.01%##.&'! G! #.! +&%\+01%&2+.! (%#! 4+04'! (%,%*! *%05%21'! (%#! F.##%F'N! k'! ',01.&1%3! .! C-+2+'! (%#!
L,'F.('!(%#!"01.('3!.!5%0.*!(%!#.!('21*+&.!%01.,#%2+(.!%&!(+2@.!>%&1%&2+.3!*%0-#1.*8.!2#.*.!#.!
2'&01+1-2+'&.#+(.(! (%#! 5*%2%51'! %01.1-1.*+'! +45-F&.('3! (%! .2-%*('! 2'&! #.0! 0+F-+%&1%0!
2'&0+(%*.2+'&%0d!.c!U.!>)/!OQWXYOT!(%2#.*K!#.!+&2'&01+1-2+'&.#+(.(!(%#!(%,%*!(%!2'&'2%*!%#!
F.##%F'!%&!*%#.2+K&!2'&!-&.!U%G!.-1'&K4+2.3!5%*'!.@'*.!%0!-&!"01.1-1'!(%!L-1'&'48.!%#![-%!
%01.,#%2%!%01%!(%,%*3!0+%&('!#.!&'*4.!2'&01+1-2+'&.#4%&1%!##.4.(.!5.*.!Z+C.*!%#!.#2.&2%!(%!#.!
2''Z+2+.#+(.(! g.*1N! ]NS! /"ce! ,c! U.! +45'0+2+K&! 5'*! %#! .*1N! ]NX! /"! (%#! (%,%*! (%! 2'&'2%*! %#!
2.01%##.&'!2.*%2%!(%!0+F&+Z+2.('!5*'@+,+1+D'!%&!*%#.2+K&!2'&!#.!5'0+,#%!+45'0+2+K&!%01.1-1.*+.!
(%#!(%,%*!(%!2'&'2%*!#.!#%&F-.!*%F+'&.#e!2c!"#!(%,%*!(%!2'&'2%*!%#!2.1.#?&!0%!2'&2+#+.!2'&!%#!
(%*%2@'!G!(%,%*!(%!2'&'2%*!G!5'(%*!-0.*!%#!2.01%##.&'N!E%!4.&%*.!*%(-&(.&1%!%!+&&%2%0.*+.3!
!
RO
5%*'! 2'&! D'#-&1.(! %\5#82+1.! (%! 4'01*.*0%! 5#%&.4%&1%! *%05%1-'0'! 2'&! -&! 5*+&2+5+'!
2'&01+1-2+'&.#3! %#! "01.1-1'! .08! #'! *%2'&'2%! %&! %#! .*1N! TNS! (c! "#! (%,%*! F%&%*.#! (%! 2'&'2%*! %#!
2.1.#?&!5*'#'&F.!%#!(%,%*!%02'#.*!*%05%21'!.!#.!#%&F-.!5*'5+.![-%!&'!%0!+&2'&01+1-2+'&.#N! "&!
%Z%21'3! 1*.0! 2.0+! -&! 2-.*1'! (%! 0+F#'! (%! 4'(%#'! (%! 2'&C-&2+K&! #+&Fj801+2.3! %0! 5%*Z%21.4%&1%!
*.='&.,#%! (.*! 5'*! 0-5-%01'! -&! 2'&'2+4+%&1'! F%&%*.#+=.('! (%#! 2.1.#?&! %&! %0.! /'4-&+(.(N!
L(%4?03! #'0! (%,%*%0! #+&Fj801+2'0! F%&%*.#%0! 0K#'! D.#%&! 2'4'! 5*%0-&2+K&! (%! 2'&'2+4+%&1'!
g>)/!OSWXYOT3!(%!ST!(%!C-&+'3!^;!]c3!G!2%(%&!0+%45*%!.&1%!%#!%C%*2+2+'!(%#!(%*%2@'!(%!'52+K&!
#+&Fj801+2.!.2'F+('!%&!#'0!.*10N!TNS3!]S!G!]]N!X!(%#!"01.1-1'N!
!
H%05%21'!(%!#.!+45-F&.2+K&!(%#!.5.*1.('!]3!0%6.#.!%#!L,'F.('!(%#!"01.('![-%!&'!0%!
%&2-%&1*.!%&!%#!*%2-*0'!&+&FM&!.*F-4%&1'!*%Z%*+('!%05%28Z+2.4%&1%!.#!4+04'3!5'*!#'![-%!(%,%!
(%0%01+4.*0%! 0+&! 4?0! 0-! +45-F&.2+K&N! "&! 2-.#[-+%*! 2.0'3! .#%F.! [-%! %#! 5*%2%51'! (+02-1+('!
2'&1+%&%!-&!4.&(.1'!.!#.!:%&%*.#+1.1!G!.#!"01.('!5.*.!.21-.*!%&!5*'!(%#!*%2'&'2+4+%&1'!(%!#.!
'Z+2+.#+(.(! (%#! 2.1.#?&! %&! #.! h&+K&! "-*'5%.! G! #.! 5*%0%&2+.! G! -1+#+=.2+K&! (%#! 4+04'! %&!
'*F.&+04'0! +&1%*&.2+'&.#%0! G! %&! 1*.1.('0! (%! 2'&1%&+('! 2-#1-*.#! '! #+&Fj801+2'3! 4.&(.1'! [-%!
5-%(%![-%(.*!.45.*.('!5'*!#.!@.,+#+1.2+K&!2'&1%&+(.!%&!%#!.*1N!]NS!/"!*%05%21'!.!#.!'Z+2+.#+(.(!
(%!#.0!#%&F-.0!*%F+'&.#%03!G3!%&!5*+&2+5+'3!&.(.!+45+(%![-%!5-%(.!%&2'&1*.*!*%2'&'2+4+%&1'!%&!
#.0!%0Z%*.0!%-*'5%.!G!%\1%*+'*3!%05%2+.#4%&1%!%&!.21-.2+'&%0!(%!#.!/'4-&+(.(!L-1K&'4.!%&!
-&'! G! '1*'! ?4,+1'N! "&! 2-.#[-+%*! 2.0'3! %01%! 4.&(.1'! 5*'4'2+'&.#! %&! ,%&%Z+2+'! (%#! 2.1.#?&!
1%&(*8.! %#! #84+1%! (%! [-%3! 5'*! (%2+0+K&! (%#! 2'&01+1-G%&1%3! %#! "01.('! %05.6'#! 1+%&%! -&! M&+2'!
+(+'4.! 'Z+2+.#3! %#! 2.01%##.&'3! 2-G.! 5'0+2+K&! 2'&01+1-2+'&.#! &'! 5-%(%! 0%*! (%02'&'2+(.! &+!
4%&'02.,.(.!4+%&1*.0!%#!.*1N!]NX!/"!&'!0%.!4'(+Z+2.('N!
!
).45'2'!%&2-%&1*.!%#!*%5*%0%&1.&1%!(%#!:',+%*&'!.*F-4%&1'0!(%!+&2'&01+1-2+'&.#+(.(!
%05%2+.#4%&1%!(+*+F+('0!2'&1*.!%#!.5.*1.('!R!(%#!.*1N!T3!5'*!#'![-%3!0+&!4?03!%#!*%2-*0'!(%,%*8.!
0%*!(%0%01+4.('!%&!%01%!5-&1'N!L6.(%!%#!.*F-4%&1'!(%![-%!%0!&'1'*+'![-%!%&!%#!A.##%!(%!L*?&!
0%!-0.!-&.!D.*+%(.(!'!(+.#%21'!(%#!F.02K&3!2-G'!('4+&+'!#+&Fj801+2'!0%!%&2-%&1*.!0+1-.('!2.0+!
8&1%F*.4%&1%! %&! %#! 1%**+1'*+'! (%! #.! D%2+&.! H%5M,#+2.! Z*.&2%0.N! L! #.! D+01.! (%! %##'! 2.,%!
2'&0+(%*.*!.#!.*.&<0!2'4'!`#%&F-.!%05.6'#.a!4+&'*+1.*+.3![-%!5-%(%!0%*!(%2#.*.(.!'Z+2+.#!%&!%#!
"01.1-1'! g.*1N! ]NS! /"c! G! [-%! 4%*%2%! %05%2+.#! *%05%1'! G! 5*'1%22+K&! g.*1N! ]N]! /"cN! $'*! %##'! &'!
5'(*8.!(-(.*0%!(%!#.!2'**%22+K&!2'&01+1-2+'&.#!(%!2.#+Z+2.*#'!2'4'!#%&F-.!5*'5+.!(%!L*?&!&+!(%!
2'&2%(%*#%!'Z+2+.#+(.(!(%!.2-%*('!2'&!%#!"01.1-1'!G!#.0!#%G%0!(%!&'*4.#+=.2+K&!#+&Fj801+2.N!
!
!
RY
SQN!L!C-+2+'!(%#!"C%2-1+D'!2.1.#?&!#.!+45-F&.2+K&!(%#!.*1N!T!4%*%2%!%05%2+.#!.1%&2+K&3!
5-%0!2'&!%##.!0%!+&1*'(-2+*8.!-&.!(%!#.0!2-%01+'&%0!4?0!*%#%D.&1%0!(%#!*%2-*0'3!#.!#+&Fj801+2.3!
[-%!0%!5*'G%21.!1.4,+<&!0',*%!#'0!.*10N!]]!.!]T3!RPNQ!G!R3!XPS!G!XQ_NX!.c!(%#!"01.1-1'N!>%!5'&%!
(%! 4.&+Z+%01'! [-%3! 5'*! %#! 2'&1*.*+'3! %&! %#! *%2-*0'! &'! 0%! +&2#-G%! &+&F-&.! .#-0+K&! .#! .*1N! ]S3!
('&(%! 0%! %01.,#%2%! #.! &'! (+02*+4+&.2+K&! 5'*! *.='&%0! #+&Fj801+2.03! '! .#! .*1N! XQ]3! 0',*%!
2'45%1%&2+.! %&! #.! 4.1%*+.! (%! #%&F-.! 5*'5+.N! )%&+%&('! %&! 2-%&1.! %0%! 4.*2'! F%&%*.#3! #.!
*%05-%01.!.!#.!+45-F&.2+K&!(%#!.*1N!T!+&2#-G%!2'&0+(%*.2+'&%0!F#',.#%0!'!(%!2.*?21%*!5*+&2+5+.#3!
[-%!#-%F'!5-%(%&!5*'G%21.*0%!0',*%!#'0!*%01.&1%0!.*182-#'0N!
!
"05%28Z+2.4%&1%!0',*%!%#!.*1N!T!0%6.#.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1!(%!/.1.#-6.![-%!
.-&!2-.&('!0%!4%&2+'&.&!#'0!.5.*1.('0!X3!S3!]!G!R3!%&!#.!(%4.&(.!0K#'!0%!1*.1.!%#!.5.*1.('!S3!
5'*!#'![-%!2.,*8.!%&1%&(%*![-%!#'0!*%01.&1%0!@.&!(%![-%(.*!Z-%*.!(%#!%&C-+2+.4+%&1'N!
!
/'4'!5*%4+0.!(%!#.!*%05-%01.!.#!Z'&('!(%#!*%2-*0'!0%!(%2#.*.![-%!%0!+&2'&1%01.,#%![-%!
%#! 2.01%##.&'! %0! #.! #%&F-.! 'Z+2+.#! (%#! "01.('! g.*1N! ]NX! /"c3! 2'4'! 1.4,+<&! #'! %0! [-%! #.!
'Z+2+.#+(.(! (%! #.0! (%4?0! #%&F-.0! %05.6'#.0! *%05'&(%! .! #.! %\5*%0.! 5*%D+0+K&! (%#! 5*'5+'!
2'&01+1-G%&1%!g.*1N!]NS!/"cN!"01%!M#1+4'!5*%2%51'!0%!*%4+1%!.!#'![-%!.2-%*(%&!#'0!*%05%21+D'0!
"01.1-1'03!*%4+0+K&![-%!(+'!#-F.*!%&!0-!4'4%&1'!.#!.*1N!]NS!(%#!"01.1-1'!(%!XY_Y!G![-%!.@'*.!
(%,%!%&1%&(%*0%!@%2@.!.#!.*1N!T!(%#!"01.1-1'!*%2-**+('N!L!1'('!%##'!0%!.6.(+*8.!%#!.*1N!]N]!/"3!
[-%!2'&1%45#.!#.0!#%&F-.0!2'4'!5.*1%!(%#!5.1*+4'&+'!2-#1-*.#N!
!
k+%F.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! (%! /.1.#-6.! [-%! (%#! *<F+4%&! (%! 2''Z+2+.#+(.(!
#+&Fj801+2.! %01.,#%2+('3! %&! D.*+.0! /'4-&+(.(%0! L-1K&'4.03! 0%FM&! #.0! 5*%D+0+'&%0!
2'&01+1-2+'&.#%03!(%*+D%!%&!.,0'#-1'!#.!5*+4.28.!(%#!2.01%##.&'3!0%FM&!0%!.Z+*4.!%&!#.!(%4.&(.N!
"01.!5*+4.28.!&'!5-%(%!0%*!%#!2'**%#.1'!(%!0-!4.G'*!5*%0%&2+.!1%**+1'*+.#!G3!%&!%#!2.0'!2'&2*%1'!
(%!/.1.#-6.3!&'!%\+01%!-&.!#%&F-.![-%!0%.!4?0!'Z+2+.#![-%!#.!'1*.N!>%!(%01.2.![-%!#.!.0+F&.2+K&!
(%! 'Z+2+.#+(.(! .! -&.! #%&F-.! %0! +&(%5%&(+%&1%! (%! 0-! *%.#+(.(! 0'2+'#KF+2.! G! 0+F&+Z+2.! 0-!
*%2'&'2+4+%&1'! 5'*! #'0! 5'(%*%0! 5M,#+2'0! 2'4'!4%(+'! (%! 2'4-&+2.2+K&! %&1*%! %##'0! G! %&! 0-0!
*%#.2+'&%0! 2'&! #'0! 0-C%1'0! 5*+D.('03! 2'&! 5#%&.! D.#+(%=! G! %Z%21'0! C-*8(+2'0N! E%! %01%!
*%2'&'2+4+%&1'!0%!(%*+D.!#.!5#%&.!D.#+(%=!C-*8(+2.!(%!#'0!.21'0!*%.#+=.('0!%&!2-.#[-+%*.!(%!#.0!
#%&F-.0!'Z+2+.#%0!G!#.!.5#+2.2+K&!(%#!2*+1%*+'!(%#!1%**+1'*+'!2'4'!(%#+4+1.('*!(%!#.!'Z+2+.#+(.(3!
+&(%5%&(+%&1%4%&1%! (%#! 2.*?21%*! %01.1.#3! %&! 0%&1+('! %01*+21'3! .-1'&K4+2'! '! #'2.#! (%! .[-%##'0!
5'(%*%0! 5M,#+2'0! g>)/! OSWXYOT3! (%! ST! (%! C-&+'3! ^^;;! S! G! ]cN! /'&Z'*4%! .! #.! ('21*+&.!
2'&01+1-2+'&.#3!(%,%*8.!%&1%&(%*0%![-%!%#!"01.('!2.*%2%!(%!181-#'!2'45%1%&2+.#!%05%28Z+2'!5.*.!
!
TP
%01.,#%2%*! -&! *<F+4%&! F%&%*.#! (%! #.0! #%&F-.0! 'Z+2+.#%03! [-%! %#! *<F+4%&! (%! 2''Z+2+.#+(.(!
#+&Fj801+2.!%&!.#F-&.0!5.*1%0!(%#!1%**+1'*+'!&'!2'&1*.(+2%!%#!5*+&2+5+'!(%!+F-.#(.(!(%#!.*1N!X]YNX!
/"3! [-%! #.! 2'45%1%&2+.! 5.*.! #.! *%F-#.2+K&! (%#! .#2.&2%3! -0'0! G! %Z%21'0! (%! #.! 2''Z+2+.#+(.(!
2'**%05'&(%! .! #.0! /'4-&+(.(%0! L-1K&'4.03! G! [-%! %0! +&%D+1.,#%! [-%! %#! %C%*2+2+'! (%! %01.!
2'45%1%&2+.! +&2+(.! 0',*%! '1*'0! 181-#'0! %01.1.#%03! .-&[-%! %01.! +&2+(%&2+.! &'! 0-5'&F.!
0-01+1-2+K&3!0+&'!%C%*2+2+'!2'45.1+,#%!2'&!#.!(+01*+,-2+K&!2'45%1%&2+.#!%&!'1*.0!4.1%*+.0N!
!
L!%01%!*%05%21'!0%!0%6.#.![-%!%&!#.!>)/!O_WXYY_3!(%!SQ!(%!.,*+#3!0%!&+%F.![-%!(%0(%!#.!
2'45%1%&2+.!.-1'&K4+2.!5-%(.!+45'&%*0%!-&.!*%F-#.2+K&!#+&Fj801+2.3!#'![-%!&'!0+F&+Z+2.![-%!
&'!0%!5-%(.!+&2+(+*!%&!%#!181-#'!%01.1.#N!h&.!%D%&1-.#+(.(![-%!G.!2'&1%45#K!#.!5.*.(+F4?1+2.!
>)/!OSWXYOT3!(%!ST!(%!C-&+'3!%&!0-!^;!O3!2-G'0!2*+1%*+'0!Z-%*'&!#-%F'!*%+1%*.('0!%&!#.!>)/!
_QWXYOY3!(%!SQ!(%!.,*+#3!^;!]3!(%!4.&%*.![-%!#.!(%1%*4+&.2+K&!(%#!.#2.&2%!(%!#.!2''Z+2+.#+(.(!
(%!#.!#%&F-.!5*'5+.!5'*!#.!/'4-&+(.(!L-1K&'4.!+&2#-+*8.!#.!%&-&2+.2+K&!(%#!(%,%*!(%!1'('0!
#'0! 5'(%*%0! 5M,#+2'0! *.(+2.('0! %&! %##.! (%! .(.51.*0%! .! #.! 0+1-.2+K&! (%! ,+#+&Fj+04'!
2'&01+1-2+'&.#4%&1%!5*%D+01.!G!%01.1-1.*+.4%&1%!%01.,#%2+(.N!/'4'!2'#'ZK&!(%!#.0!.#-0+'&%0!.!
#.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#! 0%! *%2-%*(.! [-%3! 2'&Z'*4%! .#! 5*+&2+5+'! (%! #%.#1.(!
2'&01+1-2+'&.#3!%#!%C%*2+2+'!(%!#.0!5*'5+.0!2'45%1%&2+.0!(%,%!@.2%*0%3!&'!0K#'!*%05%1.&('3!0+&'!
1.4,+<&!Z.2+#+1.&('!%#!(%!#.0!.C%&.03!,-02.&('!#.!.*1+2-#.2+K&!%!+&1%F*.2+K&!(%!#'0! (+Z%*%&1%0!
181-#'0!2'&2-**%&1%0!g>>)/!QPWXYYO3!(%!XY!(%!Z%,*%*'e!G!XRXWSPP]3!(%!X_!(%!C-#+'cN!
!
H%05%21'!(%#!(%,%*!(%!2'&'2%*!%#!2.1.#?&!0'01+%&%!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!0-!
%01.,#%2+4+%&1'! %&! %#! .*1N! TNS! +45-F&.('! &'! %0! 2'&1*.*+'! .#! .*1N! ]NX! /"N! "01%! 5*%2%51'!
2'&01+1-2+'&.#! *%2'F%! -&! (%,%*! (%! 2'&'2+4+%&1'! (%#! 2.01%##.&'3! (%#! [-%! M&+2.4%&1%! 5'(*8.!
+&Z%*+*0%![-%!0K#'!%01.!#%&F-.!1+%&%!2'&01+1-2+'&.#4%&1%!%01.,#%2+('!-&!(%,%*!(%!2'&'2+4+%&1'!
%&!1'('!%#!1%**+1'*+'!%05.6'#3!0+&![-%3!Z*%&1%!.!#'!0'01%&+('!%&!#.!(%4.&(.3!0%.!5'0+,#%!##%F.*!
4?0! .##?3! 5'*[-%! %#! 0+#%&2+'! 0',*%! #.0! (%4?0! #%&F-.0! %05.6'#.0! &'! 5-%(%! 1%&%*! %Z%21'0!
%\2#-G%&1%0N! "&! 5.*1+2-#.*3! 0+! 0%! 5+%&0.! [-%! %01%! 5*%2%51'! 1.4,+<&! *%Z+%*%! %&! %\2#-0+D.! .#!
2.01%##.&'!%#!(%*%2@'!.#!-0'!%&!1'('!%#!1%**+1'*+'!&.2+'&.#N!A+01'!(%0(%!0-!%&D<03!-&.!2'0.!0%*8.!
[-%! %#! (%*%2@'! .#! -0'! (%#! 2.1.#?&! '! %#! (%,%*!(%! 2'&'2%*#'! &'! 5-%(.&!2'&2%51-.*0%! 2'4'! -&!
(%*%2@'! '! -&! (%,%*! 2'&01+1-2+'&.#! G! '1*.! 4-G! (+01+&1.! [-%! &'! 5-%(.&! 0%*! -&! (%*%2@'! G! -&!
(%,%*!%01.1-1.*+'0N!
!
L(%4?03! %#! .*1N! ]NS! /"3! (%05-<0! (%! .(4+1+*! #.! 2''Z+2+.#+(.(! #+&Fj801+2.! %&! (+01+&1.0!
5.*1%0! (%#! 1%**+1'*+'3! *%4+1%! 0-! *%F-#.2+K&! 2'&2*%1.! .! #.0! *%05%21+D.0! &'*4.0! %01.1-1.*+.03!
!
TX
[-%(.&('! %#! #%F+0#.('*! %01.1-G%&1%! %\5*%0.4%&1%! @.,+#+1.('! 5.*.! .*1+2-#.*! #.! .(%2-.(.!
*%05-%01.! &'*4.1+D.N! "01.! @.,+#+1.2+K&! +45#+2.*8.3! 5'*! #.! 5#-*.#+(.(! (%! 0-0! (%01+&.1.*+'03! #.!
+&%\+01%&2+.! (%! -&! 4'(%#'! -&+Z'*4%! 0',*%! %#! .#2.&2%! G! %Z%21'0! (%! #.! 2''Z+2+.#+(.(N!
/+%*1.4%&1%3!%&!#'0!5*+4%*'0!1%\1'0!%01.1-1.*+'0!#.!*%F-#.2+K&!@.,*8.!0+('!-&!1.&1'!+&2'45#%1.3!
5*'2%(+<&('0%! .! #.! 0+45#%! (%2#.*.2+K&! (%! 'Z+2+.#+(.(! (%! #.! #%&F-.! 5*'5+.! G! 5'&+<&('0%! %#!
.2%&1'!%&!#.!Z-&2+K&!(%!Z'4%&1'!5.*.!#'F*.*!0-!&'*4.#+=.2+K&N!L08!0%!.5*%2+.*8.!%&!%#!.*1N!]!(%#!
"01.1-1'! (%! XY_Y3! ('&(%! 0%! %\5*%0.! #.! D'#-&1.(! (%! ##%F.*! .! -&! 1*.1'! +F-.#+1.*+'! (%! #.0! ('0!
#%&F-.0!'Z+2+.#%0!%&!#'![-%!0%!*%Z+%*%!.!(%*%2@'0!G!',#+F.2+'&%0!(%!#'0!2.1.#.&%0N!L@'*.!,+%&3!
%01.!.05+*.2+K&!&'!5'(*8.!5'05'&%*0%!+&(%Z+&+(.4%&1%N!"&!2'&2*%1'3!&'!5'(*8.!0%*!+(<&1+2.!#.!
*%F-#.2+K&!2-.&('3!0%FM&!#'0!(.1'0!(%#!L&-.*+'!"01.(801+2'!(%!/.1.#-6.!*%Z%*+('0!.!SPPT3!%#!
2.1.#?&!%0!%&1%&(+('!5'*!%#!YQ3QO!5'*!XPP!(%!#.!5',#.2+K&!*%0+(%&1%!%&!/.1.#-6.N!$'*!%##'3!%#!
%01.1-G%&1%! (%! SPPT! @.,*8.! 2'&0+(%*.('! ##%F.('! %#! 4'4%&1'! 5'#81+2.4%&1%! '5'*1-&'! (%!
5*'2#.4.*!#.!+F-.#(.(!C-*8(+2.!(%!#.0!('0!#%&F-.0!'Z+2+.#%03!0+&!(+02*+4+&.2+K&!5.*.!&+&F-&.!(%!
%##.0N!h&'!(%!#'0!',C%1+D'0![-%!0%!5%*0%F-+*8.&!2'&!#.!+&2#-0+K&!(%#!(%,%*!(%!2'&'2+4+%&1'!(%#!
2.1.#?&! 0%*8.! %#! (%! +F-.#.*! %&! (+F&+(.(! .! #.0! #%&F-.0! 2''Z+2+.#%0N! "#! (%*%2@'! G! %#! (%,%*! (%!
2'&'2+4+%&1'!0%!5*%(+2.*8.&!(%!4.&%*.!+(<&1+2.!5.*.!.4,.0!#%&F-.03!.-&[-%!0K#'!.Z%21.*8.!.!
#'0!2+-(.(.&'0!(%!/.1.#-6.N!L@'*.!,+%&3!%#!(%,%*!(%!2'&'2+4+%&1'!1.&1'!(%#!2.1.#?&!2'4'!(%#!
2.01%##.&'! &'! 0%*8.&! (%,%*%0! %&! -&! 0%&1+('! C-*8(+2'! %01*+21'3! 0+&'! 5*%0-&2+'&%0! C-*8(+2.0! (%!
2'&'2+4+%&1'!(%!#.!#%&F-.![-%!5-%(%&!(%0D+*1-.*0%!4%(+.&1%!5*-%,.!%&!2'&1*.*+'N!>%!1*.1.*8.3!
+F-.#4%&1%3! (%! (%,%*%0! [-%! 5-%(%&! 2%(%*! Z*%&1%! .#! %C%*2+2+'! (%! 2+%*1'0! (%*%2@'0! '! %&!
0+1-.2+'&%0!%&!#.0![-%!5*+4.!#.!0%F-*+(.(!C-*8(+2.!G![-%!&'!+&2#-G%&!%#%4%&1'0!2'.21+D'0N!
!
"01%!(%,%*!(%!2'&'2+4+%&1'3!2'4'!0%!*%2'&'2%!%&!#.!(%4.&(.3!0K#'!0%!@.!%01.,#%2+('!
5.*.!#.!%&0%6.&=.3!.!2-G'!1<*4+&'!0%!*%[-+%*%!#.!.2*%(+1.2+K&!(%#!2'&'2+4+%&1'!0-Z+2+%&1%!(%!
#.0! ('0! #%&F-.0! G! 5.*.! #'0! ?4,+1'0! %&! #'0! [-%! *%0-#1.! &%2%0.*+'! 5*%0%*D.*! #'0! (%*%2@'0!
#+&Fj801+2'0! (%! #'0! 2+-(.(.&'03! 2'4'! #.0! L(4+&+01*.2+'&%0! 5M,#+2.0! '! #.! +&Z'*4.2+K&! G!
.1%&2+K&!.!#'0!2'&0-4+('*%0!G!-0-.*+'03!(%!Z'*4.!0+%45*%!.(%2-.(.!G!5*'5'*2+'&.#!g.*10N!]]3!
]Q!G!]R!"L/cN!"&!2'&2#-0+K&3!#.!(%Z+&+2+K&!(%#!(%,%*!2'&1%&+(.!%&!%#!.*1N!TNS!&'!0%*8.!2'&1*.*+.!
.! #.! /'&01+1-2+K&! &+! *%0-#1.*8.! (+02*+4+&.1'*+.3! 5-%03! 2'4'! 0%! +&(+2.! %&! 0-! +&2+0'! Z+&.#3! `&'!
5-%(%!@.,%*!(+02*+4+&.2+K&!5'*!%#!-0'!(%!-&.!-!'1*.!#%&F-.aN!L!4.G'*!.,-&(.4+%&1'3!2'4'!
&'!0%!Z'*4-#.!*%5*'2@%!.#F-&'!.!#.!Z*.0%!`#'0!5'(%*%0!5M,#+2'0!(%!/.1.#-6.!(%,%&!%01.,#%2%*!
#.0!4%(+(.0!&%2%0.*+.0!5.*.!Z.2+#+1.*!%#!%C%*2+2+'!(%!%01'0!(%*%2@'0!G!%#!2-45#+4+%&1'!(%!%01%!
(%,%*a3!0%*8.!'2+'0'!*.='&.*!0',*%!0-!5#%&.!2'&Z'*4+(.(!2'&!%#!4.&(.1'!(+*+F+('!.!#'0!5'(%*%0!
!
TS
5M,#+2'0!5'*!%#!.*1N!]N]!/"!(%!2.*.!.!#.!5*'1%22+K&!(%!#.0!(+Z%*%&1%0!4'(.#+(.(%0!#+&Fj801+2.0!
(%!"05.6.N!
!
>+F-+%&('! %#! %0[-%4.! (%! #.! (%4.&(.3! 0%! .,'*(.&! #'0! 1*%0! #84+1%0! 2'&01+1-2+'&.#%0!
+(%&1+Z+2.('0!5'*!#'0!*%2-**%&1%0!%&!#.!*%F-#.2+K&!(%!#.!#%&F-.!5*'5+.N!"&!5*+4%*!#-F.*3![-%!#.!
M&+2.!2+*2-&01.&2+.![-%!5-%(%!#%F+1+4.*!#.!2'.22+K&!%\1%*&.![-%!0-5'&%!#.!+45'0+2+K&!(%#!-0'!
(%! #.! #%&F-.! %&! #.0! *%#.2+'&%0! %&1*%! 5.*1+2-#.*%0! %0! #.! 5*'1%22+K&! (%#! (%*%2@'! (%! '1*'!
2+-(.(.&'3!%\+F+<&('0%3!%&!1'('!2.0'3!5*'5'*2+'&.#+(.(!%&1*%!.4,'0!(%*%2@'0N!"01%!#84+1%!0%!
1*.&0F*%(+*8.3! .#! (%2+*! (%! #'0! *%2-**%&1%03! %&! #'0! .*10N! ]]3! ]Q! G! RPNQ! G! RN! >+&! %4,.*F'3! %##'0!
4+04'0! D%&(*8.&! .! *%2'&'2%*! #.! 5'0+,+#+(.(! (%! [-%! %\+01.! -&.! +&1%*D%&2+K&! #%F81+4.3! 5'*! #'!
[-%! 0%! 1*.1.*?! (%! D.#'*.*! #.! .(%2-.2+K&3! C-01+Z+2.2+K&! G! 5*'5'*2+'&.#+(.(! (%! #.0! 2'&2*%1.0!
4%(+(.0!.('51.(.03!5%*'!%##'!&'!5-%(%!0%*!4'1+D'!5.*.!&%F.*!1'(.!+&1%*D%&2+K&!5M,#+2.!%&!%#!
?4,+1'! #+&Fj801+2'! [-%! .Z%21%! .#! 0%21'*! %45*%0.*+.#N! "&! 0%F-&('! #-F.*! 0%! (+2%! [-%! #.0!
*%F-#.2+'&%0!.-1'&K4+2.0!(%!#.!#%&F-.!(%,%&!*%05%1.*!#.0!2'45%1%&2+.0!%01.1.#%0!G!5%*4+1+*!#.!
#+,%*1.(!(%!2'&Z+F-*.2+K&!(%#!#%F+0#.('*!%01.1.#3!2+1?&('0%!.#!*%05%21'!#.!>)/!]]_WXYYQ3!(%!S]!
(%!(+2+%4,*%3!('&(%!0%!.(4+1%![-%!%#!#%F+0#.('*!.-1'&K4+2'!(+0Z*-1.!(%!-&!4.*F%&!(%!(%2+0+K&!
5.*.!2'&Z+F-*.*!%#!4'(%#'!#+&Fj801+2'!%(-2.1+D'N!L!%01.!2+1.!0%!.6.(%!#.!.Z+*4.2+K&!(%![-%!#.!
*%F-#.2+K&!(%!#.!#%&F-.!(%!%&0%6.&=.!%&!#.!#%F+0#.2+K&!.-1'&K4+2.!(%5%&(%!(%#!4.*2'!F%&%*.#!
[-%!%01.,#%=2.!#.!#%F+0#.2+K&!(+21.(.!5'*!%#!"01.('e!.Z+*4.2+K&!Z'*4-#.(.!%&!.,01*.21'3!5-%0!
&'!0%!D+&2-#.!.#!.*1N!T!&+!.!&+&FM&!'1*'!5*%2%51'!%01.1-1.*+'3!5'*!#'![-%!&'!5.0.*8.!(%!0%*!-&.!
.(D%*1%&2+.! F%&%*.#! G! 5*%D%&1+D.N! $'*! M#1+4'3! 0%! @.,#.! (%! #.! %\+01%&2+.! (%! '1*'0! #84+1%0! 4?0!
F%&%*.#%03! (%! #'0! [-%! M&+2.4%&1%! 0%! %\.4+&.! #.! +45'0+,+#+(.(! (%! %01.,#%2%*! %#! 4'&'5'#+'!
#+&Fj801+2'! .! 5.*1+*! (%#! .(D%*,+'! `1.4,+<&a! *%2'F+('! %&! %#! .*1N! ]NS! /"N! ).45'2'! %01%! #84+1%!
5'(*8.!%&1%&(%*0%!1*.&0F*%(+('!5'*[-%!%#!%01.1-G%&1%!(%!SPPT3!.#!+F-.#![-%!%#!(%!XY_Y3!.-&[-%!
0K#'! 5*%(+2.! (%#! 2.1.#?&! #.! 2-.#+(.(! (%! #%&F-.! 5*'5+.! (%! /.1.#-6.3! %&! 0%&1+('! (%02*+51+D'! '!
0'2+'#KF+2'3! .! %Z%21'0! C-*8(+2'0! *%2'&'2%! %\5*%0.4%&1%! #.! 'Z+2+.#+(.(! (%! .4,.0! #%&F-.03!
5*'02*+,+%&('3!.(%4?03!#.!(+02*+4+&.2+K&!5'*!4'1+D'0!#+&Fj801+2'0!g.*1N!]Sc!G!%01.!5*'@+,+2+K&!
F'=.!(%!#.0!F.*.&18.0!*%2'F+(.0!%&!#'0!.*10N!]_!G!]ON!
!
"&! 2'&2#-0+K&3! #.! *%F-#.2+K&! (%! #.! 2''Z+2+.#+(.(! (%#! .*1N! T! 2-45#+*8.! 2'&! #.! Z-&2+K&!
2'&01+1-2+'&.#! .1*+,-+(.! .#! #%F+0#.('*! %01.1-G%&1%! 5'*! %#! .*1N! ]NS! /"3! 0+&! [-%! 5-(+%*.! 0%*!
D.#'*.(.!2'&!#'0!4+04'0!2*+1%*+'0![-%!0%!%45#%.*8.&!5.*.!-&.!%D%&1-.#!#%G!(%!&'*4.#+=.2+K&!
#+&Fj801+2.! 5'*[-%! %01.4'0! .&1%! -&.! &'*4.! ##.4.(.! .! +&1%F*.*0%! %&! %#! ,#'[-%! (%!
2'&01+1-2+'&.#+(.(3!4%*%2+%&('3!5'*!1.&1'3!-&!1*.1'!(%Z%*%&1%N!
!
T]
!
SRN!"#!%02*+1'!(%!.#%F.2+'&%0!(%#!$.*#.4%&1'!(%!/.1.#-6.!.F*-5.!%&!-&!.45#+'!.5.*1.('!
1'(.0! #.0! [-%! 0%! *%.#+=.&! %&! (%Z%&0.! (%! #.! 2'&01+1-2+'&.#+(.(! (%! #'0! 5*%2%51'0! +45-F&.('0!
*%#.2+'&.('0! 2'&! %#! *<F+4%&! C-*8(+2'! (%! #.! 'Z+2+.#+(.(! #+&Fj801+2.N! /'4+%&=.! *%Z+*+<&('0%! .#!
.*1N!T!(%#!"01.1-1'3!2'4'!&'*4.!+&1*'(-21'*+.!G!F%&%*.#!0',*%!%#!4'(%#'!#+&Fj801+2'!.('51.('3!
5.*.! +&D'2.*! #.! 2.-0.! (%! +&.(4+0+K&! 2'&0+01%&1%! %&! #.! Z.#1.! .,0'#-1.! (%! .*F-4%&1.2+K&! %&! %#!
%02*+1'!(%!+&1%*5'0+2+K&!(%#!*%2-*0'!(%!+&2'&01+1-2+'&.#+(.(!*%05%21'!.!#.!+45-F&.2+K&!(%!#'0!
.5.*1.('0!X3!]!G!R!(%!%01%!.*182-#'3![-%!(%,%*8.!2'&0+(%*.*0%!(%2.8(.N!
!
"&!2-.&1'!.#!.5.*1.('!S!(%#!.*1N!T3!0%!.#%F.![-%!+45'&%!.!#'0!2+-(.(.&'0!(%!/.1.#-6.!%#!
(%,%*!(%!2'&'2+4+%&1'!(%#!2.1.#?&3!+F-.#.&('!#.!0+1-.2+K&!(%!%01.!#%&F-.!2'&!#.!(%#!2.01%##.&'N!
).#!5*%D+0+K&!&'!2'&01+1-+*8.!-&.!&'D%(.(!.,0'#-1.3!G.![-%!+45#82+1.4%&1%!0%!2'&1%45#.,.!%&!
%#!"01.1-1'!(%!XY_Y3![-%!5*%1%&(8.!.#2.&=.*!#.!+F-.#(.(!%&1*%!.4,.0N!"&!XYOP!&'!0%!%01.,#%28.!
%#! (%,%*! (%! 2'&'2+4+%&1'! (%! 4.&%*.! +&4%(+.1.! (%,+('! .! #.! 0+1-.2+K&! *%.#! %&! #.! [-%! 0%!
%&2'&1*.,.! %01.! #%&F-.! %&! .[-%#! 4'4%&1'3! [-%! @.,*8.! 5'(+('! 0-5'&%*! -&.! (+02*+4+&.2+K&N!
)*.0!D%+&1+2+&2'!.6'0!(%!.5#+2.2+K&!(%!5'#81+2.0!#+&Fj801+2.0!0%!@.,*8.!##%F.('!.!#.!0+1-.2+K&!%&!
#.![-%!5-%(%!%01.,#%2%*0%!#.!+F-.#(.(!5#%&.!%&1*%!#.0!('0!#%&F-.0!G3!%&!2'&0%2-%&2+.3!%&1*%!#'0!
@.,#.&1%0!(%!-&.!G!'1*.3!0+&![-%!%##'!0-5-0+%*.!(+02*+4+&.2+K&!.#F-&.3!1.#!G!2'4'!(+05'&%!%#!
5*'5+'!"01.1-1'N!U.!5*%D+0+K&!%01.1-1.*+.!&'!2'&1*.D%&(*8.!.#!.*1N!]!/"3!5-%0!%#!(%,%*!F%&%*.#!
(%! 2'&'2+4+%&1'! (%#! 2.01%##.&'! &'! +45+(%! %#! %01.,#%2+4+%&1'! (%! -&! (%,%*! .&?#'F'! 5.*.! #'0!
*%0+(%&1%0! %&! -&.! 5.*1%! (%#! 1%**+1'*+'! %05.6'#3! (%2+0+K&! [-%! 2'45%1%*8.! .#! "01.1-1'! (%!
L-1'&'48.3!2'4'!&'*4.![-%!(%,%!(%1%*4+&.*!%#!2'&1%&+('!(%#!*<F+4%&!(%!'Z+2+.#+(.(! (%! #.!
#%&F-.! (%#! 1%**+1'*+'! *%05%21+D'N! U.! /'&01+1-2+K&! 0%!*%4+1+*8.! .#! #%F+0#.('*! %01.1-1.*+'! 5.*.! #.!
(%1%*4+&.2+K&!2'&2*%1.!(%!#.!2''Z+2+.#+(.(!(%!#.0!#%&F-.0!%05.6'#.0!(+01+&1.0!(%#!2.01%##.&'3!1.#!
G!2'4'!*%2'&'2%*8.!#.!>)/!OSWXYOT3!(%!ST!(%!C-&+'3!^;!XN!
!
"#! $.*#.4%&1'! 2.1.#?&! %&1+%&(%! [-%! #.! (+05'0+2+K&! %&! 2-%01+K&! 1.45'2'! %0!
2'&1*.(+21'*+.! 2'&! #.! C-*+05*-(%&2+.N! L! 0-! 5.*%2%*3! #.! ('21*+&.! (%! #.! >)/! OQWXYOT3! (%! ST! (%!
C-&+'3!&'!0%*8.!.5#+2.,#%!5'*[-%!#.!&'*4.!%&1'&2%0!(%2#.*.(.!+&2'&01+1-2+'&.#!0%!2'&1%&8.!%&!
-&.!U%G!.-1'&K4+2.!G!&'!%&!-&.!(+05'0+2+K&!2'&!*.&F'!%01.1-1.*+'N!U.!>)/!]]_WXYYQ3!(%!S]!
(%! (+2+%4,*%3! ^;! XQ3! (%! '1*.! 5.*1%3! *%2'&'2%! 2'4'! +&(-(.,#%! %#! (%,%*! (%! 2'&'2%*! #.! #%&F-.!
2.1.#.&.!2'4'!?*%.!'!4.1%*+.!',#+F.1'*+.!(%!%&0%6.&=.!%&!#'0!5#.&%0!(%!%01-(+'!5.*.![-+%&%0!
%01-(+.&! %&! #'0! 2%&1*'0! %(-2.1+D'0! (%! /.1.#-6.N! U.! &-%D.! (+05'0+2+K&! %01.1-1.*+.! 5'(*8.!
!
TQ
+&1%*5*%1.*0%! %&! %0%! 0%&1+('3! 2'4'! -&! (%,%*! (%! `0.,%*a! #.! #%&F-.3! [-%! 0%! 2'&2*%1.*8.! %&! #.!
5'1%01.(!.(4+&+01*.1+D.!(%!+45'&%*!%#!.5*%&(+=.C%!',#+F.1'*+'!(%!#.!4+04.N!
!
;-&1'! .! %##.! 2.,*8.! '1*.! +&1%*5*%1.2+K&3! [-%! 5.*1+*8.! (%! #.! C-*+05*-(%&2+.! [-%! @.!
%&1%&(+('! [-%! %#! 2'&1%&+('! (%#! (%,%*! (%! 2'&'2+4+%&1'! (%#! 2.01%##.&'! %0! %[-+D.#%&1%! .! -&.!
5*%0-&2+K&! (%! 2'&'2+4+%&1'! g>)/! OSWXYOT3! (%! ST! (%! C-&+'3! ^;! ]c3! (%0D+*1-.,#%! 4%(+.&1%!
5*-%,.! %&! 2'&1*.*+'3! ,.01.&('! +&2#-0'! #.! 0+45#%! .#%F.2+K&! 2-.&('! %01?! %&! C-%F'! -&! (%*%2@'!
Z-&(.4%&1.#! g>)/! _QWXYO_3! (%! SR! (%! 4.G'3! ^;! ]cN! L! C-+2+'! (%! #.! *%5*%0%&1.2+K&! (%#!
$.*#.4%&1'! (%! /.1.#-6.3! &'! %0! (%05*'5'*2+'&.('! %01.,#%2%*! -&! (%,%*! .&?#'F'! *%05%21'! (%#!
2.1.#?&N! L(+2+'&.#4%&1%! 0%! .5-&1.! -&! 5'0+,#%! 2'&1%&+('! (%! %01%! (%,%*! (%! 2'&'2+4+%&1'3!
0+&1%1+=.('! %&! #.! +45'0+,+#+(.(! (%! .#%F.*! (%02'&'2+4+%&1'! (%! #.! #%&F-.! Z*%&1%! .! #.0!
&'1+Z+2.2+'&%0! (%! .21'0! %4.&.('0! (%#! 5'(%*! 5M,#+2'N! "&! 1'('! 2.0'3! %01%! )*+,-&.#! &'! @.,*8.!
(%02.*1.('! (%! 4.&%*.! 2.1%FK*+2.! G! *'1-&(.! #.! 5'0+,+#+(.(! (%! %01.,#%2%*! -&! (%,%*! (%!
2'&'2+4+%&1'!(%!-&.!#%&F-.!'Z+2+.#!(+01+&1.!(%#!2.01%##.&'!%&!-&!"01.1-1'!(%!L-1'&'48.N!
!
$'*!#'![-%!@.2%!.#!*%01'!(%!#'0!.5.*1.('0!*%2-**+('0!(%#!.*1N!T3!%#!%02*+1'!(%!.#%F.2+'&%0!
+&(+2.![-%!%#!.5.*1.('!X3!.#!%01.,#%2%*![-%!%#!2.1.#?&!%0!#.!#%&F-.!(%!-0'!&'*4.#!G!5*%Z%*%&1%!
(%! #.0! L(4+&+01*.2+'&%0! 5M,#+2.0! (%! /.1.#-6.3! &'! %\2#-G%! %#! -0'! (%#! 2.01%##.&'! %&! 1.#%0!
?4,+1'03!0+&'![-%!0%!#+4+1.!.!*%2'&'2%*!%#!-0'!@.,+1-.#!G!5*%Z%*%&1%!(%#!2.1.#?&3!(%!#.!4+04.!
4.&%*.! [-%! 0-2%(%! 2'&! %#! 2.01%##.&'! %&! #.! L(4+&+01*.2+K&! 5M,#+2.! %01.1.#! %&! /.1.#-6.3! 0+&!
.Z%21.*!.#!(%*%2@'!.!-0.*!%#!2.01%##.&'!.&1%!#.0!L(4+&+01*.2+'&%0!5M,#+2.0!(%!/.1.#-6.N!
!
"#!.5.*1.('!]!+45'&%!-&!4.&(.1'!(%!.21+D+(.(!(%!.22+K&!%\1%*+'*!(%&1*'!(%!#'0!#84+1%0!
G!%&!#'0!?4,+1'0!2'45%1%&2+.#%0![-%!#%!2'**%05'&(%&!.#!"01.('!G!#.!:%&%*.#+1.13!0+&!+45'&%*!
-&!*%0-#1.('3!0+&'!1.&!0K#'!-&!',C%1+D'N!
!
^+&.#4%&1%3!%#!.5.*1.('!R!(%#!.*1N!T!0%!#+4+1.!.!#.!4%*.!(%2#.*.2+K&!(%!'Z+2+.#+(.(!(%#!
.*.&<03!#'![-%!*%0-#1.*8.!2'45.1+,#%!2'&!%#!.*1N!]NS!/"3!G.![-%!0%!1*.1.!(%!-&.!#%&F-.!@.,#.(.!
%&!%#!1%**+1'*+'!.-1'&K4+2'!(%!/.1.#-6.N!
!
STN!.c!"#!.*182-#'!_!gU.!2'&(+2+K&!5'#81+2.!(%!2.1.#.&%0c!%01.,#%2%!%&!0-!5?**.Z'!5*+4%*'!
[-%! F'=.&! (%! #.! 2'&(+2+K&! `5'#81+2.! (%! 2.1.#.&%0! '! 2+-(.(.&'0! (%! /.1.#-6.! #'0! 2+-(.(.&'0!
%05.6'#%0! [-%! 1+%&%&! D%2+&(.(! .(4+&+01*.1+D.! %&! /.1.#-6.aN! "#! 5?**.Z'! 0%F-&('! 1.4,+<&!
!
TR
-1+#+=.!%#!2'&2%51'!(%!2+-(.(.&8.N!"#!*%2-*0'!0%!*%4+1%!.[-8!.!#'!.*F-4%&1.('!%&!*%#.2+K&!2'&!
%#!5*%?4,-#'!g.&1%2%(%&1%!XRcN!
!
,c!).4,+<&!%#!L,'F.('!(%#!"01.('!%&1+%&(%![-%!#.!2-%01+K&!@.![-%(.('!2'&1%01.(.!%&!
0-!.#%F.2+K&!Z*%&1%!.!#.!+45-F&.2+K&!(%#!5*%?4,-#'!g.&1%2%(%&1%!XTcN!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.13!5'*!0-!5.*1%3!.#%F.![-%!&'!@.G!.[-8!&'D%(.(!.#F-&.!
*%05%21'!(%#!"01.1-1'!(%!XY_Y3!2'4'!1.45'2'!5'*!2'45.*.2+K&!2'&!'1*'0!1%\1'0!%01.1-1.*+'0N!f!
#'0!%Z%21'0!(%!#.!2'&(+2+K&!5'#81+2.!0%*8.&!#'0!5*'5+'0!(%!#.!2+-(.(.&8.3!2'4'!1.4,+<&!0-2%(%!
%&! %#! .*1N! X_! (%#! )*.1.('! (%! #.! /'4-&+(.(! "-*'5%.3! *%#.1+D'! .! #.! 2+-(.(.&8.! (%! #.! h&+K&N!
>.#+%&('! .#! 5.0'! (%! #.0! .#%F.2+'&%0! 2'&1%&+(.0! %&! %#! *%2-*0'! 0%! .Z+*4.! [-%! %#! 5*%2%51'!
%01.1-1.*+'!&'!+&(-2%!.!2'&Z-0+K&!2'&!#.!2+-(.(.&8.!%05.6'#.3!&+!+45#+2.!.0-&2+K&!(%!(%*%2@'0!
5'#81+2'0! %01.1.#%0! (+01+&1'03! 0+&'! [-%! *%+1%*.! #.! *%F-#.2+K&! &%2%0.*+.3! G! G.! %\+01%&1%! @.01.!
.@'*.3![-%!(%1%*4+&.!.![-+<&!2'**%05'&(%&!#'0!(%*%2@'0!(%!5.*1+2+5.2+K&!5'#81+2.!5*%D+01'0!%&!
%#!.*182-#'!S]!/"!2-.&('!0%!*%Z+%*%&!.#!2-%*5'!%#%21'*.#!.-1'&K4+2'N!
!
(c!U.0!.#%F.2+'&%0!(%#!$.*#.4%&1'!(%!/.1.#-6.!0',*%!%01%!5*%2%51'!0%!@.&!D%*1+('!%&!
0-0!*.='&.4+%&1'0!0',*%!#.!2'&01+1-2+'&.#+(.(!(%!#.0!*%Z%*%&2+.0!%&!%#!5*%?4,-#'!.!#.!&.2+K&!
2.1.#.&.!G!.!#'0!2+-(.(.&'0!(%!/.1.#-6.!g.&1%2%(%&1%!XOcN!
!
S_N! .c! "#! .*182-#'! O! g>84,'#'0! (%! /.1.#-6.c! 0%! *%Z+%*%! %&! 0-! 5?**.Z'! 5*+4%*'! .! #'0!
`084,'#'0! &.2+'&.#%0a! (%! /.1.#-6.3! #'! [-%! 0%! +45-F&.! 2'&! *%4+0+K&! .! #'0! .*F-4%&1'0!
%0F*+4+('0!%&!#.!+45-F&.2+K&!(%#!%45#%'!(%#!1<*4+&'!`&.2+K&a!%&!%#!5*%?4,-#'!g.&1%2%(%&1%!
XRcN!L(%4?03!0%!.#%F.![-%!0%!5*'(-2%!.[-8!-&.!2'&1*.(+22+K&!1%\1-.#!2'&!%#!.*1N!QNS!/"3![-%!
5%*4+1%![-%!#'0!"01.1-1'0!*%2'&'=2.&!,.&(%*.0!G!%&0%6.0!5*'5+.03!5%*'!%01'0!084,'#'0!#'!0'&!
`(%!#.0!/'4-&+(.(%0!L-1K&'4.0a!G!&'!(%!-&.!&.2+K&!(+01+&1.!(%!#.!%05.6'#.N!
!
,c! LZ+*4.! %#! L,'F.('! (%#! "01.('3! 5'*! 0-! 5.*1%3! [-%! @.G! -&! (',#%! .*F-4%&1'!
(%4'01*.1+D'!(%![-%!%#!-0'!(%#!.(C%1+D'!`&.2+'&.#%0a!5'*!%#!.*1N!O!&'!%0!+&2'&01+1-2+'&.#N!"&!
5*+4%*!#-F.*!0%!.(-2%![-%!/.1.#-6.!%03!2'&01+1-2+'&.#4%&1%3!-&.!&.2+'&.#+(.(!g.*1N!S!/"c3![-%!
%0!%#!1<*4+&'!2'&01+1-2+'&.#!5.*.!#'![-%3!%&!#.!5%*05%21+D.!+&1%*&.!.-1'&K4+2.3!0'&!&.2+'&%0!'!
`*%.#+(.(%0 &.2+'&.#%0a3!(%!4.&%*.![-%!5'(*8.!@.,#.*0%!(%!084,'#'0!&.2+'&.#%0!5.*.!*%Z%*+*0%!
.! #'0! 084,'#'0! (%! -&.! &.2+'&.#+(.(! %&! 0%&1+('! 2'&01+1-2+'&.#N! $'*! '1*.! 5.*1%3! %#! 5*%2%51'!
%01.1-1.*+'!&'!@.*8.!4?0![-%!%#%D.*!(%!*.&F'!G!(%!(+F&+(.(!-&!-0'!(%!`&.2+'&.#W&.2+'&.#%0a!G.!
!
TT
5*%0%&1%! %&! %#! '*(%&.4+%&1'! 2.1.#?&! (%0(%! @.2%! 1+%45'! g.083! #.! U%G! XWXYOP3! (%! XS! (%! C-&+'3!
(%2#.*.!%#!XX!(%!0%51+%4,*%!`^+%01.!k.2+'&.#a!(%!/.1.#-6.e!%#!.*1N!M&+2'!(%!#.!U%G!XWXYY]3!(%!
SR!(%!Z%,*%*'3!0%!*%Z+%*%!.#!@+4&'!&.2+'&.#!(%!/.1.#-6.e!%#!E%2*%1'!XYWXY_Y3!(%!XT!(%!.,*+#3!
2*%K! %#! /'&0%C'! k.2+'&.#! (%! #.! ;-D%&1-(e! %#! E%2*%1'! XP_WXYOX3! (%! XT! (%! %&%*'3! 2*%.! %#!
L*2@+D'!k.2+'&.#!(%!/.1.#-6.e!%#!E%2*%1'!RXWXYYX3!(%!Q!(%!4.*='3!.5*-%,.!#'0!"01.1-1'0!(%#!
7-0%'!k.2+'&.#!(%!L*1%!(%!/.1.#-6.cN!>'&!(%2%&.0!#.0!#%G%0!G!(+05'0+2+'&%0!.(4+&+01*.1+D.0!
[-%!-0.&!%#!.(C%1+D'!`&.2+'&.#a!'!0-!5#-*.#!%&!D%=!(%!`2.1.#?&a!'!0-!5#-*.#N!k+&F-&.!(%!%01.0!
#%G%0!'!(+05'0+2+'&%0!@.!0+('!C.4?0!*%2-**+(.!'!+45-F&.(.!.&1%!%01%!)*+,-&.#!+45-1?&('0%#%0!
-&!-0'!2'&01+1-2+'&.#4%&1%!+&.(%2-.('!(%#!.(C%1+D'!&.2+'&.#N!
!
2c! $.*.! %#! "C%2-1+D'! 2.1.#?&3! #'0! *%2-**%&1%0! '#D+(.&! [-%! 1.4,+<&! 2'45.*1%! #.! *.8=!
`&.2+K&a!%#!1<*4+&'!`&.2+'&.#+(.(a3!%45#%.('!5'*!%#!.*1N!S!/"!G!'#D+(.('!%&!#.!(%4.&(.N!L083!
2-.&('! %#! .*1N! QNS! /"! @.,#.! (%! #.0! `,.&(%*.0! G! %&0%6.0! 5*'5+.0! (%! #.0! /'4-&+(.(%0!
L-1K&'4.0a! (%,%*8.! 1%&%*0%! 5*%0%&1%! [-%! <01.0! 0'&! `&.2+'&.#+(.(%0! G! *%F+'&%0a! [-%! @.&!
%C%*2+('!%#!(%*%2@'!.!#.!.-1'&'48.!*%2'&'2+('!%&!%#!.*1N!S!/"!G![-%3!5'*!1.&1'3!#'0!084,'#'0!
0%*?&!#'0![-%!4%C'*!0%!.(.51%&!.!0-!`+(%&1+(.(!@+01K*+2.a!l.*1N!XQ_NS!.c!/"m!2'4'!&.2+'&.#+(.(!
G! 2'4'! *%F+K&N! $'*! 1.&1'3! G! 0+&! 5%*C-+2+'! (%! *%4+1+*0%! .! #'0! .*F-4%&1'0! G.! %45#%.('0! %&!
(%Z%&0.! (%#! -0'! (%#! 1<*4+&'! `&.2+K&a! %&! %#! 5*%?4,-#'! g.&1%2%(%&1%! X_c3! %#! :',+%*&'! (%! #.!
:%&%*.#+1.1! 2'&2#-G%! .0%D%*.&('! [-%! #.! 2.#+Z+2.2+K&! (%! #'0! 084,'#'0! 2'4'! &.2+'&.#%0! '!
*%F+'&.#%0!&'!5%*1-*,.!%#!1%\1'!2'&01+1-2+'&.#!&+!+&(-2%!.!2'&Z-0+K&!2'&!#'0!084,'#'0!%01.1.#%0!
%05.6'#%0N!
!
(c!U.0!.#%F.2+'&%0!(%#!$.*#.4%&1'!(%!/.1.#-6.!0',*%!%01%!5*%2%51'!0%!@.&!D%*1+('!%&!
0-0!*.='&.4+%&1'0!0',*%!#.!2'&01+1-2+'&.#+(.(!(%!#.0!*%Z%*%&2+.0!%&!%#!5*%?4,-#'!.!#.!&.2+K&!
2.1.#.&.!G!.!#'0!2+-(.(.&'0!(%!/.1.#-6.!g.&1%2%(%&1%!XOcN!
!
SON! .c! "#! .*182-#'! XX! gL*?&c! *%2'&'2%! %#! .-1'F',+%*&'! (%#! 5-%,#'! .*.&<0N! >%*8.!
+&2'&01+1-2+'&.#3!%&!'5+&+K&!(%!#'0!*%2-**%&1%03!5'*!('0!4'1+D'0d!(%!-&!#.('3!5'*[-%!-1+#+=.!(%!
&-%D'!#.!%\5*%0+K&!`2+-(.(.&'0!(%!/.1.#-6.ae!(%!'1*'3!5'*[-%!*%2'&'2%!.!%0'0!2+-(.(.&'0!#.!
Z.2-#1.(!0',%*.&.!(%!(%2+(+*!0',*%!%#!.-1'F',+%*&'!(%!1%**+1'*+'0!+&Z*.2'4-&+1.*+'03!0+%&('!.08!
[-%! #.0! .-1'&'48.0! +&Z*.2'4-&+1.*+.0! 0'&! #.0! (%Z+&+(.0! %&! #'0! .*10N! XQP! G! XQX! /"! G! 0%!
2'**%05'&(%&!2'&!-&!5.1*K&!F%&%*.#![-%!0K#'!5-%(%!0%*!%\2%52+'&.('!(%#!4'('![-%!%01.,#%2%!
%#!.*1N!XQXN]!/"!'!(%!.2-%*('!2'&!%#!.*1N!XRSN]!/"N!>+%&('!5'0+,#%![-%!L*?&!%&2.C%!%&!.#F-&.!
(%! %0.0! 2.1%F'*8.03! &'! 0%*8.! (-('0'! [-%! 0-! 5*%1%&(+(.! 5'0+2+K&! .-1'&K4+2.! &'! (%*+D.! (%#!
!
T_
*%2'&'2+4+%&1'!(%#!5-%,#'!2.1.#?&3!0+&'!(%!#.!*%F-#.2+K&![-%!%#!"01.1-1'!%01.,#%=2.!%&!*%#.2+K&!
2'&! (+2@'! 1%**+1'*+'3! 0+%45*%! (%&1*'! (%#! 4.*2'! (%! #'! [-%! 5%*4+1%&! #'0! 5*%2%51'0!
2'&01+1-2+'&.#%0!2+1.('0N!
!
,c! L(D+%*1%! %#! L,'F.('! (%#! "01.('! (%! [-%! G.! #.! (+05'0+2+K&! .(+2+'&.#! 5*+4%*.! (%#!
"01.1-1'!(%!XY_Y!5*%D%8.!-&!*<F+4%&!5%2-#+.*!5.*.!L*?&3!1.#!G!2'4'!@.2%&!.@'*.!#'0!.*10N!XX!G!
YQ3! %01%! M#1+4'! &'! *%2-**+('! g2'4'! 1.45'2'! #.! (+05'0+2+K&! .(+2+'&.#! [-+&1.3! [-%! '*(%&.! #.!
*%D+0+K&! G! 4'(+Z+2.2+K&! (%#! *<F+4%&! %05%2+.#! (%! L*?&! 5.*.! .(.51.*#'! .#! &-%D'! "01.1-1'cN!
>%FM&! %#! .*1N! XNS! (%! #.! D+F%&1%! U%G! 2.1.#.&.! XTWXYYP3! L*?&! %0! -&.! %&1+(.(! #'2.#! 1%**+1'*+.#!
(%1%*4+&.(.!5'*!#.!.F*-5.2+K&!(%!#'0!1%**+1'*+'0!(%!D.*+'0!4-&+2+5+'0!G!@.!F'=.('!.!#'!#.*F'!
(%!#'0!0+F#'0!(%!-&.!2+%*1.!+(%&1+(.(!5*'5+.3!2-#1-*.#3!@+01K*+2.3!F%'F*?Z+2.!G!#+&Fj801+2.N!$'*!#'!
1.&1'3! %0! -&.! .F*-5.2+K&! (%! 4-&+2+5+'0! (+Z%*%&1%0! (%! #.0! 5*'D+&2+.0! [-%! %#! .*1N! XQXN]! /"!
5%*4+1%! 2*%.*! G! 2-G'! %01.,#%2+4+%&1'! %&2'4+%&(.! 5*%2+0.4%&1%! .! #'0! "01.1-1'0! %#! .*1N! XRSN]!
/"N!"&!Z+&3!%#!.*1N!QSNX!(%!#.!U%G!*%F-#.('*.!(%!#.0!,.0%0!(%!*<F+4%&!#'2.#!gU9HUc!(+05'&%!
[-%!`#.0!/'4-&+(.(%0!L-1K&'4.03!(%!.2-%*('!2'&!#'!(+05-%01'!%&!0-0!*%05%21+D'0!"01.1-1'03!
5'(*?&!2*%.*!%&!0-!1%**+1'*+'!2'4.*2.0!-!'1*.0!%&1+(.(%0![-%!.F*-5%&!D.*+'0!7-&+2+5+'03!2-G.0!
2.*.21%*801+2.0!(%1%*4+&%&!+&1%*%0%0!2'4-&%0!5*%2+0.('0!(%!-&.!F%01+K&!5*'5+.!'!(%4.&(%&!#.!
5*%01.2+K&! (%! 0%*D+2+'0! (%! (+2@'! ?4,+1'aN! E%! .2-%*('! 2'&! %##'3! 0'01+%&%! %#! L,'F.('! (%#!
"01.('! [-%! &'! 5-%(%! 5*'05%*.*! &+&F-&'! (%! #'0! *%5*'2@%0! (%! +&2'&01+1-2+'&.#+(.(! [-%! 0%!
(+*+F%&! .#! .*1N! XXNS3! 5-%03! .(%4?0! (%! [-%! %#! F+*'! `2+-(.(.&'0! (%! /.1.#-6.a! &'! +&2'*5'*.!
5*%1%&0+K&! .#F-&.! 0',%*.&.! %&! *+D.#+(.(! 2'&! %#! 5-%,#'! %05.6'#3! %#! *%2'&'2+4+%&1'! 5'*! 5.*1%!
(%#!5-%,#'!G!#.0!+&01+1-2+'&%0!2.1.#.&.0!(%!#.!0+&F-#.*+(.(!(%!L*?&!0%!5#.04.!C-01.4%&1%!%&!%#!
"01.1-1'3! [-%! %0! #.! &'*4.! %&! [-%! 0%! Z-&(.4%&1.! #.! 5%2-#+.*+(.(! .(4+&+01*.1+D.! (%#! A.##%! .#!
.45.*'!(%!#'0!.*10N!XQXN]!G!XRSN]!/"N!"01'!%03!%#!'1'*F.4+%&1'!(%!-&!*<F+4%&!%05%2+.#!5.*.!
L*?&! 1+%&%! 5'*! M&+2'! Z-&(.4%&1'! C-*8(+2'! %#! "01.1-1'! (%! L-1'&'48.! 0',*%! #.! ,.0%! (%! #.!
/'&01+1-2+K&N!
!
2c! "#! :',+%*&'! (%! #.! :%&%*.#+1.1! .#%F.! [-%! %#! .*1N! XQXN]! /"! 5%*4+1%! #.! 2*%.2+K&! (%!
.F*-5.2+'&%0!(%!4-&+2+5+'0!(+Z%*%&1%0!.!#.!5*'D+&2+.!G!%#!.*1N!XRSN]!/"!@.,+#+1.!.!#'0!"01.1-1'0!
5.*.! [-%! 5-%(.&! %01.,#%2%*! 2+*2-&02*+52+'&%0! 1%**+1'*+.#%0! 5*'5+.0! [-%! F'=.*?&! (%! 5#%&.!
5%*0'&.#+(.(! C-*8(+2.! 4%(+.&1%! #.! .F*-5.2+K&! (%! 4-&+2+5+'0! #+481*'Z%0N! E%! %01'0! 5*%2%51'0!
2'&01+1-2+'&.#%0! 0%! (%05*%&(%*8.! [-%! #'0! "01.1-1'0! 0'&! #.0! &'*4.0! +(K&%.0! 5.*.! 2'&1%45#.*!
1.#%0!%&1%0!1%**+1'*+.#%0N!
!
!
TO
"&!%#!2.0'!(%!/.1.#-6.3!%#!"01.1-1'!(%!XY_Y!G.!@.28.!*%Z%*%&2+.!.!#.!0+&F-#.*+(.(!(%#!
A.##%!(%!L*?&!%&!0-!(+05'0+2+K&!.(+2+'&.#!5*+4%*.3!(%0.**'##.(.!5'*!#.!U%G!(%#!$.*#.4%&1'!(%!
/.1.#-6.!XTWXYYP3!(%!X]!(%!C-#+'3!0',*%!%#!*<F+4%&!%05%2+.#!(%#!A.##%!(%!L*?&3!.#![-%!0%!(%Z+&%!
2'4'! %&1+(.(! 1%**+1'*+.#! 2'&! 5%*0'&.#+(.(! C-*8(+2.! 5*'5+.! Z'*4.(.! 5'*! #.! .F*-5.2+K&! (%!
(%1%*4+&.('0!4-&+2+5+'0!g.*1N!XNScN!U'0!*%2-**%&1%0!&'!(+02-1+*8.&!1.&1'!%#!*%2'&'2+4+%&1'!(%!
#.! 0+&F-#.*+(.(! (%! L*?&! 2-.&1'! #.! 5*'2#.4.2+K&! (%! [-%! #'0! 2+-(.(.&'0! (%! /.1.#-6.! G! 0-0!
+&01+1-2+'&%0!5'#81+2.0!*%2'&'2%&!.!L*?&!g.*1N!XXNSc3!0+&!5*%01.*!.1%&2+K&!.![-%!%#!"01.1-1'!%0!#.!
&'*4.!.5*',.(.!5'*!#'0!2+-(.(.&'0!(%!Z'*4.!(+*%21.!G!(%!0-0!+&01+1-2+'&%0!G!#.!0+F&+Z+2.2+K&!
(%! L*?&! G! %#! *%2'&'2+4+%&1'! (%! 0-! @+01'*+.! G! 0-! #%&F-.! G! 0-! 5.*1+2-#.*+(.(! 0%! [-+%*%&!
*%2'&'2%*!(+*%21.4%&1%!G!2'&!2.*?21%*!+&01+1-2+'&.#!5'*!#.!&'*4.![-%!1+%&%!%01%!2.*?21%*N!
!
(c! "#! $.*#.4%&1'! (%! /.1.#-6.! .#%F.3! 5'*! 0-! 5.*1%3! [-%! #'0! "01.1-1'0! 0'&! #.0! &'*4.0!
+(K&%.0! 5.*.! 2'&1%45#.*! %&1%0! 1%**+1'*+.#%0! 2'&! 5%*0'&.#+(.(! 5*'5+.3! Z'*4.('0! 5'*! #.!
.F*-5.2+K&!(%!4-&+2+5+'0N!U.!U%G!2.1.#.&.!XTWXYYP3!(%!X]!(%!C-#+'3!(%Z+&%!.#!A.##%!(%!L*?&!
2'4'! %&1+(.(! 1%**+1'*+.#! 2'&! 5%*0'&.#+(.(! C-*8(+2.! 5*'5+.! G! Z'*4.(.! 5'*! #.! .F*-5.2+K&! (%!
(%1%*4+&.('0! 4-&+2+5+'0N! "#! *%2'&'2+4+%&1'! (%! #.! 5.*1+2-#.*+(.(! (%#! A.##%! (%! L*?&! 5'*! #'0!
2+-(.(.&'0! G! #.0! +&01+1-2+'&%0! *%5*%0%&1.1+D.0! (%! /.1.#-6.! *%0-#1.*8.! .Z'*1-&.(.!
(%4'2*?1+2.4%&1%! @.,#.&('! G! 0-! *%F-#.2+K&! 5%*4.&%2%*8.! %&! %#! 4.*2'! (%! #'0! 5*%2%51'0!
2'&01+1-2+'&.#%0N!
!
)81-#'!b!gE%*%2@'03!(%,%*%0!G!5*+&2+5+'0!*%21'*%0c!l.*10N!XR3!SP3!SXNX!G!S3!]]3!]Q3!]R3!]T3!
]_3!]O3!QXNR3!RPNQ!G!R3!G!RSmN!
!
SYN! H%4+1+<&('0%3! 2'&! 2.*?21%*! F%&%*.#3! .! #.! Z-&(.4%&1.2+K&! D%*1+(.! %&! #.0!
2'&0+(%*.2+'&%0! F%&%*.#%0! (%! 0-! %02*+1'! (%! *%2-*0'! g.&1%2%(%&1%! XXc3! #'0! .21'*%0! +45-F&.&!
(+D%*0'0!5*%2%51'0!(%#!181-#'!b!(%#!"01.1-1'3!.F*-5?&('#'0!%&!#'0!0+F-+%&1%0!2-.1*'!.5.*1.('0N!
!
!!H%F-#.2+'&%0![-%!.Z%21.&!.!#'0!(%*%2@'0!Z-&(.4%&1.#%0!*%2'&'2+('0!%&!#'0!.*10N!XR!
.!SY!/"!G![-%!+&2-**+*8.&!%&!%\2%0'!(%!#.!*%0%*D.!%01.1-1.*+.!ex!.*1N!XQ_NS!/"!%!+&Z*.22+K&!(%!
#.! *%0%*D.! (%! #%G! '*F?&+2.! (%#! .*1N! OXNX! /"3! +&.22%0+,#%! .! -&! "01.1-1'! (%! L-1'&'48.N! >%*8.&!
+&2'&01+1-2+'&.#%0!5'*!%01.0!2.-0.0!%#!.*1N!XR!gE%*%2@'0!(%!#.0!5%*0'&.0c3!5'*!*%Z%*%&2+.!.#!.*1N!
XX!/"e!%#!.*1N!SP!gE%*%2@'!.!D+D+*!2'&!(+F&+(.(!%#!5*'2%0'!(%!#.!4-%*1%c3!5'*!*%Z%*%&2+.!.#!.*1N!
XR!/"e!%#!.*1N!SXNX!G!S!gE%*%2@'0!G!(%,%*%0!%&!%#!?4,+1'!(%!#.!%(-2.2+K&c3!5'*!*%Z%*%&2+.!.#!
.*1N! S_! /"3! %&! 2-.&1'! .Z%21%! .! 0-! &M2#%'! %0%&2+.#e! .*10N! ]_! G! ]O! g:.*.&18.0! (%! #'0! (%*%2@'0!
!
TY
%01.1-1.*+'0c3!5'*!*%Z%*%&2+.!.#!.*1N!SQ!/"3!%&!#'0!1<*4+&'0![-%!0%!(+*?!4?0!.(%#.&1%e!%#!.*1N!QXNR!
gU+,*%!(+05'0+2+K&!(%!#.!4-C%*!0',*%!0-!5*'5+'!2-%*5'!G!0-!0.#-(!*%5*'(-21+D.!G!0%\-.#c3!5'*!
+&2+(+*!%&!%#!(%*%2@'!.!#.!D+(.!(%#!.*1N!XR!/"3!(%C.&('!0-0!#84+1%0!G!#.!5*'1%22+K&!(%!#.!D+(.!
2'&2%,+(.! %&! #.! 4?\+4.! +&(%1%*4+&.2+K&e! G! .*1N! RS! g7%(+'0! (%! 2'4-&+2.2+K&! 0'2+.#c3! 5'*!
*%Z%*%&2+.!.!#'0!.*10N!XO!G!SP!/"N!
!
!! E%*%2@'0! (%! 2.*?21%*! %2'&K4+2'! G! 0'2+.#! G! 5*+&2+5+'0! *%21'*%0N! L#%F.&! #'0!
*%2-**%&1%0! [-%! #'0! %\2%0'0! %01.1-1.*+'0! %&! 4.1%*+.! (%! (%*%2@'0! D-#&%*.&! 1.4,+<&! #.0!
2'45%1%&2+.0! (%#! "01.('! 5.*.! (%1%*4+&.*! 0-! 2'&1%&+('! ,?0+2'! G! '*F.&+=.*! 0-! %C%*2+2+'N!
k+&F-&'! (%! #'0! 5*%2%51'0! *%2-**+('0! .1*+,-G%! 2'45%1%&2+.03! 0+&'! [-%! %01.,#%2%&! 5*+&2+5+'0!
[-%! @.,*?&! (%! 0%*! (%0.**'##.('0! 5'*! %#! #%F+0#.('*! 2'45%1%&1%3! [-%! '*(+&.*+.4%&1%! 0%*?! %#!
%01.1.#! %&! #'! [-%! 0%! *%Z+%*%! .! #.! Z'*4-#.2+K&! (%! #.0! *%F-#.2+'&%0! ,?0+2.0N! L(4+1%&! #'0!
*%2-**%&1%0! [-%! #'0! .*182-#'0! +45-F&.('0! &'! %\2#-G%&! #'! .&1%*+'*3! 5%*'! 0%*8.&!
+&2'&01+1-2+'&.#%0!5'*!2-.&1'!5*%1%&(%&![-%!0-0!2'&1%&+('0!*%F-#.1'*+'0!D+&2-#%&!.!1'('0!#'0!
#%F+0#.('*%03! 1.4,+<&! .#! %01.1.#N! "&! F%&%*.#! i2'&2#-G%&i3! #.0! &'*4.0! *%2-**+(.0! 0'&!
4%*.4%&1%!5*'F*.4?1+2.03!5%*'3!5'*!-&!#.('3!&'!(%2#.*.&!%0.!2'&(+2+K&!G3!5'*!'1*.3!%#!.*1N!]_NX!
(+05'&%! [-%! 1'('0! #'0! 5'(%*%0! 5M,#+2'0! .-1'&K4+2'0! [-%(.&! D+&2-#.('0! 5'*! 1.#%0!
5*%02*+52+'&%03! (%! 0-%*1%! [-%! %#! #%F+0#.('*! .-1'&K4+2'! @.! (%! .0-4+*#.0! %&! 0-0! #%G%03! 2'&!
+&(%5%&(%&2+.!(%![-%!0%.&!'!&'!.2'F+(.0!5'*!#.!#%F+0#.2+K&!(%#!"01.('!2-.&('!2'**%05'&(.!.!
<01%!%01.,#%2%*!#.!'*(%&.2+K&!,?0+2.!(%!2-.#[-+%*!(%*%2@'!'!5*%01.2+K&!0'2+.#!'!%2'&K4+2.N!
!
!! E%*%2@'0! G! (%,%*%0! #+&Fj801+2'0N! E%#! .*1N! ]]! gE%*%2@'0! #+&Fj801+2'0! .&1%! #.0!
L(4+&+01*.2+'&%0!5M,#+2.0!G!#.0!+&01+1-2+'&%0!%01.1.#%0c!0%!+45-F&.!%#!.5.*1.('!X!5'*!-1+#+=.*!
%#! 1<*4+&'! `2+-(.(.&'0aN! ).4,+<&! %#! .5.*1.('! S3! 5'*! +45'&%*! -&.! *%F-#.2+K&! #+&Fj801+2.!
(%1%*4+&.(.! .#! #%F+0#.('*! [-%! 1+%&%! #.! 2'45%1%&2+.! 0-01.&1+D.! 5.*.! %01.,#%2%*! #.0! &'*4.0! %&!
*%#.2+K&! 2'&! #'0! K*F.&'0! '! 4.1%*+.0! [-%! %&! <#! 0%! *%#.2+'&.&3! .! 0.,%*d! L(4+&+01*.2+K&! (%!
C-01+2+.3! 7+&+01%*+'! ^+02.#3! k'1.*8.0! G! H%F+01*'0! 5M,#+2'0N! E%,%*! [-%! 0%! %\1+%&(%! .#! 5%*0'&.#!
C-(+2+.#! G! .#! *%01'! (%#! 5%*0'&.#! .#! 0%*D+2+'! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.! %&! /.1.#-6.3! (%!
.2-%*('! 2'&! %#! .*1N! XPS3! 1.4,+<&! *%2-**+('3! G! .! #'0! 2.&(+(.1'0! .! #.! 5*'D+0+K&! (%! k'1.*8.0! G!
H%F+01*'0! ex! .*1N! XQ_NX! .cN! "#! .5.*1.('! ]! +&2-**+*8.! %&! +(<&1+2.! %\1*.#+4+1.2+K&3! [-%! &'! 0%!
0.#D.*8.!2'&!#.!*%4+0+K&!.!#'![-%!(+05'&F.&!#.0!#%G%03!5'*!2-.&1'!0-!*%F-#.2+K&!5*%1%&(%!0%*!
+45%*.1+D.N! U.! ',#+F.2+K&! (%! [-%! #.! L(4+&+01*.2+K&! (%#! "01.('! .2*%(+1%! [-%! 0-! 5%*0'&.#!
2'&'2%!#.0!('0!#%&F-.0!'Z+2+.#%0!0-5'&%!#.!+&2'&01+1-2+'&.#+(.(!(%#!.5.*1.('!Q3!5'*!%\2%0'!(%!
#.!*%0%*D.!%01.1-1.*+.!G!5'*!+45'&%*!-&!4.&(.1'!.#!"01.('N!$'*!M#1+4'3!%#!.5.*1.('!R!%01.,#%2%!
!
_P
%#! (%*%2@'! (%! #'0! 2+-(.(.&'0! .! -1+#+=.*! %#! 2.1.#?&! %&! 0-! *%#.2+K&! 2'&! #'0! K*F.&'0!
2'&01+1-2+'&.#%0!G!C-*+0(+22+'&.#%0e!(%*%2@'![-%!&'!@.!*%2'&'2+('!%#!)*+,-&.#!/'&01+1-2+'&.#!
gLL)/!Y]RWXYO_3!(%!SX!(%!C-#+'e!G!]_QWXYOO3!(%!SQ!(%!.,*+#c!G![-%!5.*.!#'0!.21'*%0!&'!%\+01%!
%&!#'![-%!2'&2+%*&%!.!+&01+1-2+'&%0!%01.1.#%0!&'!*.(+2.(.0!%&!/.1.#-6.N!).45'2'!%&!%01%!2.0'!
0%*8.! 0-Z+2+%&1%! #.! *%4+0+K&! .! #'! [-%! (+05'&F.&! #.0! #%G%03! 5-%0! 0%! 1*.1.! (%! (+05'0+2+'&%0!
+45%*.1+D.0! G3! %&! %#! 2.0'! (%! #.! ',#+F.2+K&! (%! .1%&(%*! G! 1*.4+1.*! #'0! %02*+1'0! 5*%0%&1.('0! %&!
2.1.#?&! .&1%! #.0! +&01+1-2+'&%0! 2'&01+1-2+'&.#%0! G! #'0! K*F.&'0! C-*+0(+22+'&.#%03! &'! 0%! @.2%!
*%4+0+K&!.#F-&.N!
!
"#! .*182-#'! ]Q! gE%*%2@'0! #+&Fj801+2'0! (%! #'0! 2'&0-4+('*%0! G! -0-.*+'0c! 0%*8.!
+&2'&01+1-2+'&.#! %&! 2-.&1'! %#! (%,%*! (%! (+05'&+,+#+(.(! #+&Fj801+2.! [-%! %&! <#! 0%! 5*%02*+,%! 0%.!
.5#+2.,#%!.!#.0!*%#.2+'&%0!%&1*%!5.*1+2-#.*%03!0%FM&!0%!@.!*.='&.('!4?0!.**+,.N!H%5*'2@%![-%!0%!
@.2%!%\1%&0+D'!.#!.*182-#'!RPNQ!G!RN!
!
"#! .*182-#'! ]R! gE%*%2@'0! #+&Fj801+2'0! %&! %#! ?4,+1'! (%! #.! %&0%6.&=.c3! 0%*8.!
+&2'&01+1-2+'&.#!5'*!%01.,#%2%*!%#!(%*%2@'!.!*%2+,+*!#.!%&0%6.&=.!%&!2.1.#?&!0+&!@.2%*!#'!5*'5+'!
2'&! %#! 2.01%##.&'N! /'&! %##'! 0%! 1%**+1'*+.#+=.! %&! 0%&1+('! %\2#-G%&1%! %#! -0'! (%#! 2.1.#?&3!
D+'#%&1.&('!%#!(%*%2@'!2'&01+1-2+'&.#!.!#.!-1+#+=.2+K&!(%#!2.01%##.&'N!
!
$'*!M#1+4'3!%#!.*182-#'!]T!gE%*%2@'0!2'&!*%#.2+K&!.#!.*.&<0c!+&2-**+*8.!%&!%#!%\2%0'!(%!
-1+#+=.*!#.!%\5*%0+K&!`2+-(.(.&'0!(%!L*?&a!%&!0-!.5.*1.('!SN!"#!.5.*1.('!X!0%*8.!2'&1*.*+'!.!#.!
/'&01+1-2+K&! 0+! 2'&! %#! (%*%2@'! [-%! *%2'&'2%! 5*%1%&(+%*.! D+&2-#.*0%! 1.4,+<&! .!
L(4+&+01*.2+'&%0!(+01+&1.0!(%!#.!2.1.#.&.N!
!
U'0!.*182-#'0!]_!G!]O3!*%Z%*+('0!.!#.0!F.*.&18.0!(%!#'0!(%*%2@'0!%01.1-1.*+'03!0'&!',C%1'!
(%#!*%2-*0'!%&!#.!4%(+(.!%&![-%!5*%1%&(%&![-%!(%1%*4+&.('0!(%*%2@'0!(%2#.*.('0!%&!#'0!.*10N!
]S!G!]]!(%#!"01.1-1'!D+&2-#%&!.!#.!L(4+&+01*.2+K&!:%&%*.#!(%#!"01.('!G!5*%D<&!-&!/'&0%C'!(%!
:.*.&18.0! "01.1-1.*+.0! [-%! +&1%*Z+%*%! %&! %#! 0+01%4.! (%! F.*.&18.0! (%! (%*%2@'0! Z-&(.4%&1.#%0!
%01.,#%2+('!5'*!#.!/'&01+1-2+K&N!$'*!'1*'!#.('3!#.!*%Z%*%&2+.!.!-&!*%2-*0'!5'*!D-#&%*.2+K&!(%!
(%*%2@'0! %01.1-1.*+'03! (%#! [-%! @.! (%! 2'&'2%*! %#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.! (%! /.1.#-6.3!
+&D.(+*8.!#.0!2'45%1%&2+.0!F%&%*.#%0!(%#!"01.('!%&!4.1%*+.!(%!'*F.&+=.2+K&!G!5*'2%(+4+%&1'0!
C-(+2+.#%0N!U.0!*.='&%0![-%!Z-&(.4%&1.&!#.!+45-F&.2+K&!(%!%01'0!5*%2%51'0!0%!(%0.**'##.&!2'&!
4.G'*! (%1.##%! %&! #.! 5.*1%! (%#! *%2-*0'! (%(+2.(.! .#! %\.4%&! (%#! 181-#'! bbb! (%#! "01.1-1'!
g.&1%2%(%&1%0!QS!G!0+F0NcN!
!
_X
!
]PN! "#! L,'F.('! (%#! "01.('3! 1*.0! %\5'&%*! *%0-4+(.4%&1%! #'0! 1<*4+&'0! (%! #.!
+45-F&.2+K&! (%! %01%! 181-#'! b3! (.! *%05-%01.! .! #'0! .*F-4%&1'0! F%&%*.#%0! (%! #'0! (%4.&(.&1%0!
0%6.#.&('! [-%! 0K#'! 0%! +45-F&.&! 5.*1%! (%! #'0! 5*%2%51'0! %&! <#! 2'&1%&+('0! G! [-%! .#F-&'0!
*%5*'2@%0! 2.*%2%&! (%! 2'&1%&+('! 2'&01+1-2+'&.#! 5'*! *%Z%*+*0%! .! 0-5-%01'0! (%Z%21'0! (%! 1<2&+2.!
#%F+0#.1+D.3! .C%&'0! .! #.! C-*+0(+22+K&! 2'&01+1-2+'&.#N! L&1%! 1'('3! .#%F.! [-%! %#! "01.1-1'! &'!
5*'2#.4.! (%*%2@'0! Z-&(.4%&1.#%03! 2.1%F'*8.! %\2#-0+D.4%&1%! 2'&01+1-2+'&.#3! &+! .#1%*.! #.0!
F.*.&18.0!(%#!.*1N!R]!/"3!0+&'![-%!(%2#.*.!`(%*%2@'0!%01.1-1.*+'0a3![-%!0%!4-%D%&!%&!-&!5#.&'!
(+01+&1'N! "&! %01%! 0%&1+('3! 0%*8.! 0+&F-#.*4%&1%! *%#%D.&1%! %#! .*1N! ]_NQ3! (%#! [-%! *%0-#1.! [-%! %#!
"01.1-1'! &'! 5*%1%&(%! (+05-1.*#%! .! #.! /'&01+1-2+K&! #.! 5*'2#.4.2+K&! (%! #'0! (%*%2@'0!
Z-&(.4%&1.#%03! 0+&'! [-%! 0-,'*(+&.! #'0! (%*%2@'0! %01.1-1.*+'0! .! .[-<##'0! gG3! %&! F%&%*.#3! .! #'0!
2'&01+1-2+'&.#%0c3! 2'&2+,+<&('#'0! %&! 1'('! 2.0'! 2'4'! .(+2+'&%0! '! 4%C'*.03! G! &-&2.! 2'4'!
*%01*+22+'&%03! (%! #'0! %01.,#%2+('0! 5'*! #.! /'&01+1-2+K&! G! ('1?&('#'0! (%! 0-0! 5*'5+.0! D8.0! (%!
F.*.&18.3![-%!&'!1+%&%&!5'*![-<!+&1%*Z%*+*!#.0!(%!#'0!(%*%2@'0!2'&01+1-2+'&.#%0N!E%!'1*'!#.('3!#.!
%Z+2.2+.! D+&2-#.&1%! (%! #'0! (%*%2@'0! Z-&(.4%&1.#%0! .#2.&=.! .! 1'('0! #'0! 5'(%*%0! 5M,#+2'0!
%05.6'#%0!G!.!1'('0!#'0!&+D%#%0!1%**+1'*+.#%0!g.*1N!R]NX!/"c3!4+%&1*.0![-%3!2'4'!(%2#.*.!%#!.*1N!
]_NX!(%#!"01.1-1'3!#'0!(%*%2@'0!%01.1-1.*+'0!0K#'!D+&2-#.&!.!#'0!5'(%*%0!5M,#+2'0!2.1.#.&%0!g`G3!
(%!.2-%*('!2'&!#.!&.1-*.#%=.!(%!2.(.!(%*%2@'3!.!#'0!5.*1+2-#.*%0a!.!#'0![-%!(%,.!.5#+2.*0%!%#!
"01.1-1'!G!%#!(%*%2@'!5*'5+'!(%!/.1.#-6.c3!2'&!-&.!%\1%&0+K&!.!#.!L(4+&+01*.2+K&!:%&%*.#!(%#!
"01.('!`%&!/.1.#-6.a!0K#'!5.*.!#'0!(%*%2@'0!(%!#'0!.*10N!]S!G!]]N!$'*!#'!(%4?03!#.!.#%F.2+K&!
0',*%! #.! 4%=2#.! `(%*%2@'0! Z-&(.4%&1.#%0! 2'&! (%*%2@'0! 0'2+.#%0a! G! #.! 2'&Z-0+K&! %&1*%!
`(%*%2@'0!2+D+#%0!G!5'#81+2'0a!G!`(%*%2@'0!(%!5.*1+2+5.2+K&!%&!#.!.21+D+(.(!.(4+&+01*.1+D.a!%03!
5.*.!%#!L,'F.('!(%#!"01.('3!(%4.0+.('!F%&<*+2.!%!+45*%2+0.!5.*.!5'(%*!0%*!2'&1%01.(.3!%&!%#!
2.0'!(%![-%!2'&1%&F.!.#F'!4?0![-%!-&!*%5*'2@%!(%!&.1-*.#%=.!1<2&+2.N!
!
H%2'&'2%!%#!*%5*%0%&1.&1%!(%#!:',+%*&'![-%!%#!181-#'!b!D+%&%!.!'Z*%2%*!-&.!.5.*+%&2+.!
(%!5.*1%!('F4?1+2.!(%!-&.!/'&01+1-2+K&!G![-%!%0!+&(-(.,#%![-%3!(%&1*'!(%!0-0!2'45%1%&2+.03!
%#! #%F+0#.('*! .-1'&K4+2'! 5-%(%! .1*+,-+*! (%*%2@'0! 0-,C%1+D'0N! $%*'! .Z+*4.! [-%! #'! [-%! *%2'F%!
%01%! 181-#'! &'! 0'&! 0+45#%0! (%*%2@'0! 0-,C%1+D'0! #%F.#%03! (%5%&(+%&1%0! (%! #.! D'#-&1.(! (%#!
#%F+0#.('*3!0+&'!(%*%2@'0!0-,C%1+D'0!(%!-&.!2.#+(.(!%05%2+.#3!(%*%2@'0!%01.1-1.*+'03![-%3!0+&!0%*!
Z-&(.4%&1.#%0! %&! 0%&1+('! 5*'5+'3! D+&2-#.&! G! #+4+1.&! .#! #%F+0#.('*! *%F+'&.#! g.*1N! ]_NXc! G!
5*%1%&(%&! F'=.*! (%! -&.! 5*'1%22+K&! C-(+2+.#! %05%2+.#! Z*%&1%! .! 0-0! D-#&%*.2+'&%0! g.*1N! ]ONSc3!
.5.*1%!(%![-%!0'&!(%*%2@'0!2'&!D'2.2+K&!(%!2*%2%*!G!.45#+.*0%!4%(+.&1%!#.!/.*1.!5*%D+01.!%&!
%#! .*1N! ]_NS3! `#%G! (%! (%0.**'##'! ,?0+2'a! (%#! "01.1-1'! g.*10N! ]_N]! G! TSNScN! "&! 0-4.3! &'! &'0!
!
_S
%&2'&1*.*8.4'0!.&1%!0+45#%0!4.&(.1'0!'!(+*%21*+2%0!.#!#%F+0#.('*3!0+&'![-%!#'0!(%*%2@'0!(%!#'0!
2.581-#'0!b!.!bbb!(%#!181-#'!b!0'&3!'!5*%1%&(%&!0%*3!(%*%2@'0!.22+'&.,#%0!(%!D.#'*!0-5%*+'*![-%!
*%0-#1.&! +&(+05'&+,#%0! 5.*.! #'0! 5'(%*%0! 5M,#+2'0! 2.1.#.&%03! .-&[-%! &-&2.! 5-%(.&! 0-5'&%*!
`.#1%*.2+K&! (%#! *<F+4%&! (%! (+01*+,-2+K&! (%! 2'45%1%&2+.0a3! &+! `2*%.2+K&! (%! 181-#'0!
2'45%1%&2+.#%0!&-%D'0a3!&+!`4'(+Z+2.2+K&!(%!#'0!%\+01%&1%0a!g.*1N!]_NQc3!%&!2'&1*.!(%!#'![-%!
.Z+*4.&! #'0! *%2-**%&1%0N! "##'! 0+F&+Z+2.*8.! [-%! -&! (%*%2@'! %01.1-1.*+'! &'! 5-%(%! #+4+1.*3!
*%01*+&F+*! &+! 2'&(+2+'&.*! &+&F-&.! (%! #.0! 2'45%1%&2+.0! 2'&01+1-2+'&.#%0! (%#! "01.('3! G3! %&!
0%&1+('!+&D%*0'3!%#!.#2.&2%!*%.#!G!%Z%21+D'!(%!1.#%0!(%*%2@'0!08!5'(*?![-%(.*!2'&(+2+'&.('!5'*!
%#! D?#+('! %C%*2+2+'! (%! #.0! 2'45%1%&2+.0! %01.1.#%03! %05%2+.#4%&1%! 5'*! #.0! *%#.1+D.0! .! ,.0%0! G!
#%F+0#.2+K&!,?0+2.N!
!
L!5*'5K0+1'!(%!#.!+45-F&.2+K&!(%!#'0!.*10N!XR3!SP3!SXNX!G!S3!]_3!]O3!QXNR!G!RS3!.#%F.3!
-&.!D%=!4?03!%#!L,'F.('!(%#!"01.('![-%!%#!*%2-*0'!2.*%2%!(%!1'(.!Z-&(.4%&1.2+K&!%05%2+.#!
2'&! *%Z%*%&2+.! .! 2.(.! -&'! (%! %##'03! 5-%0! 0%! #+4+1.! .! +(%&1+Z+2.*! %#! (%*%2@'! Z-&(.4%&1.#!
.Z%21.('! 5'*! #'0! .*182-#'03! (%! 4'('! [-%! &'! 5-%(%! 2'&0+(%*.*0%! 2'**%21.4%&1%! #%D.&1.(.! #.!
2.*F.! .#%F.1'*+.! 5'*! 5.*1%! (%! #'0! .21'*%0N! L(%4?03! .(-2%! [-%! %#! *.='&.4+%&1'! 1%&(%&1%! .!
2'&Z-&(+*!#'0!(%*%2@'0!%01.1-1.*+'0!2'&!#'0!Z-&(.4%&1.#%0!*%2'F+('0!%&!#.!/'&01+1-2+K&!(.!-&!
.#2.&2%!(%04%0-*.('!.!#.!*%0%*D.!(%!#%G!'*F?&+2.3!%&!2'&1*.!(%!#.!('21*+&.!(%!%01%!)*+,-&.#3!
[-%!@.!5*'2-*.('!(+01+&F-+*!#.!*%0%*D.!(%#!.*1N!OXNX!/"!G!#.!(%#!.*1N!R]NX!/"!g5'*!1'(.03!>>)/!
SYSWSPPP3!(%!]P!(%!(+2+%4,*%3!^;!XXe!R]WSPPS3!(%!S_!(%!Z%,*%*'3!^;!XSe!G!X]]WSPPT3!(%!S_!(%!
.,*+#3! ^;! ScN! f! %0! [-%! -&.! 2'0.! %0! (%0.**'##.*! -&! (%*%2@'! Z-&(.4%&1.#3! #'! [-%! 0K#'! 5-%(%!
@.2%*0%!5'*!#%G!'*F?&+2.3!G!'1*.!(+21.*!-&.!*%F-#.2+K&![-%!5-%(%!+&2+(+*!%&!0-!?4,+1'!5*'5+'3!
#'![-%!%01?!.#!.#2.&2%!(%#!#%F+0#.('*!'*(+&.*+'N!
!
"&!*%#.2+K&!2'&!%#!.*1N!XR!i2'&1+&M.!%#!%02*+1'!(%!.#%F.2+'&%0i!2+1.&!#'0!*%2-**%&1%0!
%#!.*1N!XX!/"3!5%*'!%01%!5*%2%51'!&'!5*'2#.4.!&+&FM&!(%*%2@'!Z-&(.4%&1.#N!$'*!0-!5.*1%3!%#!.*1N!
SP!5*%1%&(%!'5%*.*!0',*%!1'('!%&!%#!?4,+1'!(%!#.!0.&+(.(!G!5*%0%*D.*!#.!(+F&+(.(!@-4.&.!%&!%#!
1*.&2%! (%#! 4'*+*3! 5'*! #'! [-%! &'! 0%! %&1+%&(%! %&! [-<! 4%(+(.! 5-%(%! .Z%21.*! %01%! (%*%2@'! .#!
(%*%2@'!.!#.!D+(.!G!.!#.!+&1%F*+(.(!Z80+2.!G!4'*.#N!
!
$'*! #'! [-%! 0%! *%Z+%*%! .! #'0! .5.*1.('0! X! G! S! (%#! .*1N! SX3! .Z+*4.! %#! *%5*%0%&1.&1%! (%#!
:',+%*&'![-%!%#!*%2-*0'!&'!%\5#+2.!%&![-<!0%&1+('!.Z%21.&!.#!&M2#%'!%0%&2+.#!(%#!(%*%2@'!#.!
%(-2.2+K&N! "#! (%*%2@'! .! -&.! %(-2.2+K&! (%! 2.#+(.(! G! %#! (%*%2@'! (%! .22%(%*! .! %##.! %&!
2'&(+2+'&%0!+F-.#+1.*+.03!2'&!-&!4'(%#'!(%!`+&1%*<0!5M,#+2'a![-%!F.*.&1+2%!%01'0!(%*%2@'03!%&!
!
_]
&.(.! 2'&1*.(+2%&! #'! (+05-%01'! %&! %#! .*1N! S_! /"3! 2'4'! #'! (%4-%01*.&3! 5.*.! %#! L,'F.('! (%#!
"01.('3!5'*!%C%45#'3!#'0!.*10N!X!.c!G!SNS!(%!#.!U%G!V*F?&+2.!SWSPPT3!(%!]!(%!4.G'3!.08!2'4'!%#!
.*1N!QNX!.c!(%!#.!U%G!V*F?&+2.!OWXYOR3!(%!]!(%!C-#+'!g*%(.21.('!5'*!#.!(+05'0+2+K&!Z+&.#!5*+4%*.!
(%!#.!.&1%*+'*cN!"#!*%2'&'2+4+%&1'!(%#!(%*%2@'!(%!#'0!5.(*%0!.![-%!0-0!@+C'0!*%2+,.&!Z'*4.2+K&!
*%#+F+'0.!G!4'*.#!(%!.2-%*('!2'&!0-0!2'&D+22+'&%0!2'&2-%*(.!5%*Z%21.4%&1%!2'&!%#!.*1N!S_N]!
/"3! G.! [-%! #.! %&0%6.&=.! #.+2.! %&! #.0! %02-%#.0! (%! 1+1-#.*+(.(! 5M,#+2.! [-%3! 0+&! %4,.*F'3!
F.*.&1+2%&!%#!(%*%2@'!.!*%2+,+*!Z'*4.2+K&!*%#+F+'0.!G!4'*.#!%&!#'0!1<*4+&'0!%\5-%01'03!%0!-&!
4'(%#'!%(-2.1+D'!5%*Z%21.4%&1%!#82+1'!G!*%05%1-'0'!(%!#'0!.*10N!XTNX!G!]!G!S_N]!/"N!
!
"&!*%#.2+K&!2'&!#'0!.*10N!]_!G!]O!5*%2+0.!%#!L,'F.('!(%#!"01.('![-%3!&+!0%!.(D+%*1%!#.!
2'&%\+K&!(%#!5*+4%*'!2'&!#'0!(%*%2@'0!(%#!.*1N!SQ!/"3!&+!%#!(%*%2@'!.!#.!1-1%#.!C-(+2+.#!%Z%21+D.!
%0!0-02%51+,#%!(%!(%0.**'##'!5'*!#%G!'*F?&+2.3!0+&!5%*C-+2+'!(%!#.!*%0%*D.!(%!4.1%*+.0!.!#.!U%G!
V*F?&+2.!(%#!$'(%*!;-(+2+.#!g.*1N!XSSNX!/"c!G!1%&+%&('!%&!2-%&1.![-%!#.!#%F+0#.2+K&!5*'2%0.#!0%!
(+21.!5'*!#%G!'*(+&.*+.N!
!
U'0!.*10N!QXNR!G!RS!2'&1+%&%&!5*+&2+5+'0!*%21'*%0!G!&'!*%2'&'2%&!(%*%2@'03!5'*!#'![-%3!
.!C-+2+'!(%#!L,'F.('!(%#!"01.('3!4.#!5-%(%&!.Z%21.*!.!#.!##.4.(.!`*%0%*D.!(%!/'&01+1-2+K&a!G!
.! #.! *%0%*D.! (%! #%G! '*F?&+2.N! "#! %&-&2+.('! (%! 1.#%0! 5*+&2+5+'0! 5.*%2%! 5%*Z%21.4%&1%!
.*4'&+=.,#%!2'&!%#!2'&1%&+('!2'&01+1-2+'&.#!(%!#'0!.*10N!XR3!XONX!G!SPNX!G!]!/"3!.!#.!#-=!(%!#.!
('21*+&.! 2'&01+1-2+'&.#! [-%! #'0! +&1%*5*%1.3! 0+&![-%! #'0! *%2-**%&1%0! (%&! .#FM&! .*F-4%&1'! 5.*.!
0'01%&%*!#.!1%0+0!2'&1*.*+.N!
!
L#%F.!%#!L,'F.('!(%#!"01.('![-%3!,.C'!%#!*K1-#'!`E%*%2@'0!(%!2.*?21%*!%2'&K4+2'!G!
0'2+.#!G!5*+&2+5+'0!*%21'*%0a3!G!0+&!+45-F&.*!&+&FM&!5*%2%51'!2'&2*%1'!(%#!"01.1-1'3!%#!*%2-*0'!
*%.#+=.!-&.!0%*+%!(%!.Z+*4.2+'&%0!2.1%FK*+2.0!(%!+&2'&01+1-2+'&.#+(.(!G!2.#+Z+2.!.!#'0!5*%2%51'0!
2'4'! `2'45%&(+'! (%! (+05'0+2+'&%0! +&M1+#%0a3! .Z+*4.2+K&! %01.! M#1+4.! [-%! 2'&0+(%*.!
5%*1%&%2+%&1%! .#! ?4,+1'! (%! #.! '5'*1-&+(.(! G! 2'&D%&+%&2+.! G! &'! .! #.! C-*+0(+22+K&! (%! %01%!
)*+,-&.#N!L!0-!C-+2+'3!,.01.!#%%*!#'0!.*10N!]_NX!G!]YNX!5.*.!2'&01.1.*![-%!#'0!2+1.('0!(%*%2@'0!
i&'! +(%&1+Z+2.('0! %&! %#! *%2-*0'i! 0K#'! D+&2-#.&! .! #'0! 5'(%*%0! 5M,#+2'0! (%! /.1.#-6.! `G3! (%!
.2-%*('!2'&!#.!&.1-*.#%=.!(%!2.(.!(%*%2@'3!.!#'0!5.*1+2-#.*%0a!g.*1N!]_NXc3!G![-%!#'0!5*+&2+5+'0!
*%21'*%0!@.&!(%!'*+%&1.*!#.0!5'#81+2.0!(%!#'0!4+04'0!5'(%*%0!g.*1N!]YNXc3!4.0!&'!#.0!Z+C.(.0!5'*!
#.0!/'*1%0!:%&%*.#%0!'!2-.#[-+%*!K*F.&'!(%#!"01.('!%&!0%&1+('!%01*+21'N!
!
!
_Q
$'*!#'![-%!0%!*%Z+%*%!.#!2.581-#'!*%#.1+D'!.!#'0!(%*%2@'0!G!(%,%*%0!#+&Fj801+2'03!0'01+%&%!
%#!L,'F.('!(%#!"01.('![-%!%#!"01.1-1'!%01?!2'&01+1-2+'&.#4%&1%!@.,+#+1.('!5.*.!Z+C.*!%#!.#2.&2%!
(%! #.! 2''Z+2+.#+(.(3! (%! .2-%*('! 2'&! #.! +&1%*5*%1.2+K&! [-%! %#! .*1N! ]NS! /"! @.! *%2+,+('! %&! #.!
('21*+&.!(%!%01%!)*+,-&.#!g>)/!OSWXYOT3!(%!ST!(%!C-&+'3!^^;;!]!G!Rc3!+&2#-0'!Z*%&1%!.!1'(.0!#.0!
L(4+&+01*.2+'&%0!5M,#+2.0!g>)/!O_WXYY_3!(%!SQ!(%!.,*+#3!^;!QcN!L!0-!C-+2+'3!%#!2'&1%&+('!(%#!
.*1N!]]!(%#!"01.1-1'!%01?!%&!5%*Z%21.!2'&Z'*4+(.(!2'&!#'0!.5.*1.('0!]!G!Q!(%#!.*1N!S]X!UV$;!%!
+(<&1+2'0!.5.*1.('0!(%#!.*1N!XQS!U"/3!.08!2'4'!2'&!#.!('21*+&.!(%!#.0!>>)/!RTWXYYP3!(%!SY!(%!
4.*='3!^;!QPe!G!XPRWSPPP3!(%!X]!(%!.,*+#3!^;!XSN!"&!*%#.2+K&!2'&!#'0!k'1.*+'03!%#!5*%2%51'!0%!
.4'#(.*8.! .! #.! ('21*+&.! (%! #.! >)/! _QWXYOY3! (%! SQ! (%! .,*+#3! ^;! R3! G3! 5'*! #'! [-%! 1'2.! .! #'0!
H%F+01*.('*%03!2'&2'*(.*8.!2'&!#.!%01.,#%2+(.!%&!#.!>)/!O_WXYY_3!^^;;!R!G!0+F-+%&1%0N!
!
$.*.!+&1%*5*%1.*!2'**%21.4%&1%!%#!(%,%*![-%!+45'&%!%#!.*1N!]]N]!(%#!"01.1-1'3!2'&D+%&%!
*%2'*(.*3!5.*.!%#!L,'F.('!(%#!"01.('3![-%!%#!(%,%*!2'&01+1-2+'&.#!(%!2'&'2%*!%#!2.01%##.&'!0%!
Z-&(.!%&!#.!5*%0-&2+K& iuris tantum (%![-%3!%&!%Z%21'3!%0!2'&'2+('!g%&1*%!'1*.03!>)/!OSWXYOT3!
(%!ST!(%!C-&+'3!^;!]c3!#'![-%3!2'&0%2-%&1%4%&1%3!(%,%!(+05%&0.*!(%!.2*%(+1.*#'!Z'*4.#4%&1%N!
V1*'!1.&1'!0%!@.,*?!(%!(%2+*!(%#!2.1.#?&d!0+!&'!%0!+&2'&01+1-2+'&.#!+45'&%*!.!#'0!2+-(.(.&'0!(%!
/.1.#-6.! %#! (%,%*! (%! 2'&'2%*#'! g.*1N! TNX! "L/c3! #.! #KF+2.! 2'&0%2-%&2+.! 0%*?! [-%! 1.4,+<&! 0%!
,%&%Z+2+.*8.&!(%!0+4+#.*!5*%0-&2+K&!iuris tantumN!$'*!'1*.!5.*1%3!#.!.2*%(+1.2+K&!(%!#.!.(%2-.(.!
0-Z+2+%&2+.! #+&Fj801+2.! 0%! +45'&%! &'! G.! 5.*.! .22%(%*! %&! %#! Z-1-*'! .! -&! 2.*F'! '! 5-%01'! (%!
1*.,.C'3! 0+&'! `5.*.! 5*%01.*! 0-0! 0%*D+2+'0a3! (%! 4'('! [-%! 0%*8.! 1.4,+<&! %\+F+,#%! .! [-+%&%0!
'2-5.&! 5#.=.! '! 5-%01'! %&! /.1.#-6.3! G! .08! #'! 2'**','*.*8.! #.! *%(.22+K&! (%#! .*1N! XPSNX! (%#!
"01.1-1'N!L@'*.!,+%&3!%#!5*'5+'!"01.1-1'!4'(-#.*8.!#.!%Z+2.2+.!(%#!.*1N!]]N]3!5-%03!0%FM&!%#!.*1N!
]_NX3! %#! 5*%2%51'! 0K#'! D+&2-#.! .! #'0! 5'(%*%0! 5M,#+2'0! (%! /.1.#-6.! G! .! #.! L(4+&+01*.2+K&!
:%&%*.#! (%#! "01.('! %&! /.1.#-6.N! "&! 2'&0%2-%&2+.3! 2'&2#-G%! %#! L,'F.('! (%#! "01.('3! %#! .*1N!
]]N]!',#+F.!.#!$.*#.4%&1'!(%!/.1.#-6.!.!(+21.*!#.0!&'*4.0![-%!(%&!2-45#+4+%&1'!.!0-!4.&(.1'!
%&!#.!4%(+(.!%&![-%!%01<&!(%&1*'!(%!0-!2'45%1%&2+.!G!.!%C%*2%*!#.!+&+2+.1+D.!#%F+0#.1+D.!.&1%!%#!
:',+%*&'!'!#.0!/'*1%0!:%&%*.#%0!2-.&('!&'!#'!%01<&N!U.!*%4+0+K&!.!`#.!Z'*4.!%01.,#%2+(.!%&!
#.0!#%G%0a!5'(*8.!5%*Z%21.4%&1%!+&1%*5*%1.*0%!%&!%01%!0%&1+('3!%0!(%2+*3!2'4'!*%2'&'2+4+%&1'!
(%!#.0!2'45%1%&2+.0!%01.1.#%0!%&!#.0!*%05%21+D.0!4.1%*+.0N!$'*!#'!(%4?03!G!%&!2-.&1'!.!;-%2%03!
7.F+01*.('03! ^+02.#%0! G! 5%*0'&.#! .#! 0%*D+2+'! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.3! %#! %02*+1'! (%!
.#%F.2+'&%0!0%!*%4+1%!.!#'![-%!0%!%\5'&(*?!.#!.&.#+=.*!%#!.*1N!XPS!(%#!"01.1-1'!l.&1%2%(%&1%!Q_!
9cmN!
!
!
_R
/'&1+&M.!%#!L,'F.('!(%#!"01.('!2'&!0-!%\.4%&!(%#!.*1N!]]!.Z+*4.&('![-%!%#!.5.*1.('!
Q!&'!%\2%(%!(%!#.!4.1%*+.!%01.1-1.*+.3!5-%01'![-%!0%!#+4+1.!.!Z+C.*!%#!.#2.&2%!(%!#.!2''Z+2+.#+(.(!
%&!*%#.2+K&!2'&!#.!L(4+&+01*.2+K&!(%#!"01.('!%&!/.1.#-6.N!"&!%01%!0%&1+('3!.*F-4%&1.![-%!%0!
2'&0%2-%&2+.!%D+(%&1%!(%#!.*1N!]NX!/"![-%!0K#'!%#!2.01%##.&'!0%.!G!(%,.!0%*!#.!M&+2.!#%&F-.!(%!
2'4-&+2.2+K&!+&1%*&.!(%!#.!%&1%*.!L(4+&+01*.2+K&!(%#!"01.('3!2%&1*.#!'!5%*+Z<*+2.3!5%*'3!2'4'!
%0! ',D+'3! %#! 5%*0'&.#! .#! 0%*D+2+'! (%! #.! 4+04.! %&! /.1.#-6.! [-%! 1%&F.! *%#.2+K&! (+*%21.! 2'&! %#!
5M,#+2'! @.! (%! 0.1+0Z.2%*! %#! (%*%2@'! (%! '52+K&! #+&Fj801+2.N! "&! 2'&0%2-%&2+.3! &'! 0%! %\+F%! [-%!
1'('0! #'0! Z-&2+'&.*+'0! '! 5%*0'&.#! (%#! "01.('! %&! /.1.#-6.3! 0+&! %\2%52+K&3! (%,.&! 5'0%%*! -&!
&+D%#! (%! 2'&'2+4+%&1'! 0-Z+2+%&1%! (%! 2.1.#?&3! 0+&'! [-%! #.! L(4+&+01*.2+K&! (%#! "01.('! (%,%!
2'&1.*! 2'&! %#! 0-Z+2+%&1%! &M4%*'! (%! Z-&2+'&.*+'0! '! 1*.,.C.('*%0! 5.*.! 0.1+0Z.2%*! %#! (%*%2@'! .!
-1+#+=.*!#.!#%&F-.!2''Z+2+.#3!G3!%05%2+.#4%&1%3!@.!(%!F.*.&1+=.*!%#!('4+&+'!(%!#.0!('0!#%&F-.0!%&!
5-%01'0! (%! 1*.,.C'! [-%! ##%D.&! 2'&0+F'! 2'4-&+2.2+K&! (+*%21.! 2'&! #'0! 2+-(.(.&'0! l2+1.3! %&1*%!
'1*.03!#.0!>>)/!_TWXYO]3!(%!R!(%!.F'01'3!^;!QSe!G!S_PWSPPT3!(%!X]!(%!0%51+%4,*%3!^;!O!2cmN!
>+%&('!(%!&'1.*3!.(%4?03![-%!%#!5*%2%51'!2+6%!%#!(%,%*!(%!.2*%(+1.*!.#!5%*0'&.#![-%!@.G.!(%!
('4+&.*! #.0! ('0! #%&F-.0! 2'4'! &%2%0.*+.! .51+1-(! `5.*.! %C%*2%*! #.0! Z-&2+'&%0! 5*'5+.0! (%! 0-!
2.*F'!'!5-%01'!(%!1*.,.C'a3!G!&'!1'('0!<01'0!5*%2+0.&3!2'4'!*%[-+0+1'!+&(+05%&0.,#%3!0%4%C.&1%!
2'45%1%&2+.!%&!#.0!('0!#%&F-.0!2''Z+2+.#%0N!
!
"&!2-.&1'!.#!.5.*1.('!R!(%#!.*1N!]]3!%#!L,'F.('!(%#!"01.('!2'4+%&=.!5'*!*%Z%*+*0%!.#!
2.*?21%*! 1%**+1'*+.#! (%! #.! 2''Z+2+.#+(.(3! (%! .2-%*('! 2'&! *%+1%*.(.! ('21*+&.! 2'&01+1-2+'&.#3!
+&(%5%&(+%&1%4%&1%! (%! #.! &.1-*.#%=.! %01.1.#3! .-1'&K4+2.! '! #'2.#! (%! #'0! (+01+&1'0! 5'(%*%0!
5M,#+2'0!g2'&!2+1.3!5'*!1'(.03!(%!#.!>)/!OSWXYOT3!(%!ST!(%!C-&+'3!^;!Sc3!('21*+&.!5#%&.4%&1%!
2'&Z'*4%!2'&!#.!/.*1.!"-*'5%.!(%!#.0!U%&F-.0!H%F+'&.#%03!(%!R!(%!&'D+%4,*%!(%! XYYSN! U.!
%Z+2.2+.!D+&2-#.&1%!(%#!5*%2%51'!0%*8.3!%&!5*+&2+5+'3!#.![-%!*%0-#1.!(%#!.*1N!]_NX3!5'*!#'![-%3!.!
5%0.*! (%! 0-! .5.*+%&2+.! 2.1%FK*+2.3! 2.,*8.! %&1%&(%*! [-%! 2'&1+%&%! -&! 4.&(.1'! (+*+F+('! .! #'0!
5'(%*%0!5M,#+2'0!(%!/.1.#-6.!5.*.![-%3!%&!#.!4%(+(.!(%!0-0!2'45%1%&2+.03!@.F.&!%Z%21+D'!%#!
(%*%2@'![-%!2'&0.F*.N!k'!',01.&1%3!%&!(%1%*4+&.('0!2.0'03![-%!0%!*%Z+%*%&!Z-&(.4%&1.#4%&1%!
.! K*F.&'0! C-*+0(+22+'&.#%0! [-%! %\1+%&(%&! 0-! 2'45%1%&2+.! .! 1'('! %#! 1%**+1'*+'! %05.6'#3! #.!
(+05%&0.2+K&! (%! -&.! 1-1%#.! C-(+2+.#! %Z%21+D.! %&! 1<*4+&'0! 2'&01+1-2+'&.#4%&1%! K51+4'0! @.! (%!
5%*4+1+*! #.! -1+#+=.2+K&! (%! #.! #%&F-.! *%F+'&.#! %&! %02*+1'0! (%! +&1%*5'0+2+K&! '! *%2-*0'3! 0+&!
5%*C-+2+'! (%! [-%3! 2'&! .**%F#'! .! #'! [-%! (+05'&F.&! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#3! #.!
V*F?&+2.! (%#! )*+,-&.#! /'&01+1-2+'&.#! G! #.0! #%G%0! 5*'2%0.#%03! 0%! %01.,#%=2.! %#! 1*.1.4+%&1'!
5*'2%0.#!-#1%*+'*!(%!#.!#%&F-.!*%F+'&.#!%&!%#!2-*0'!(%#!5*'2%(+4+%&1'N!
!
!
_T
"&! *%#.2+K&! 2'&! #'0! (%*%2@'0! #+&Fj801+2'0! (%! #'0! 2'&0-4+('*%0! G! -0-.*+'03! .#%F.! %#!
L,'F.('!(%#!"01.('![-%!#.!+45-F&.2+K&!5.*%2%![-%(.*!*%01*+&F+(.!.#!0%F-&('!+&2+0'!(%#!.*1N!
]Q3!%&!2-.&1'!+45'&%!-&!(%,%*!(%!(+05'&+,+#+(.(!#+&Fj801+2.!%&!*%#.2+'&%0!%&1*%!5.*1+2-#.*%03!
+45-1?&('#%!#.!#%0+K&!(%!(+D%*0'0!(%*%2@'0!0+&!*.='&.4+%&1'!.#F-&'e!*%5*'2@%0![-%!1.4,+<&!
0%!(+*+F%&!.!#'0!.5.*1.('0!Q!G!R!(%#!.*1N!RP3!0+&![-%!%#!*%2-*0'!#%D.&1%!%&!&+&FM&!2.0'!#.!2.*F.!
.#%F.1'*+.! [-%! #%! +&2-4,8.N! $.*.! %#! *%5*%0%&1.&1%! (%#! :',+%*&'3! #.0! *%#.2+'&%0! #+&Fj801+2.0!
%&1*%! %45*%0.0! G! 2'&0-4+('*%0! 0'&! -&! %C%45#'! 185+2'! (%! #.! %Z+2.2+.! [-%! %&1*%! 5.*1+2-#.*%0!
2.,%!.1*+,-+*!.!#'0!(%*%2@'0!#+&Fj801+2'03!.!#.!D+01.!(%!#'0!.5.*1.('0!X!G!S!(%#!.*1N!RX!/"N!"#!
(%,%*!(%!(+05'&+,+#+(.(!#+&Fj801+2.!5'*!5.*1%!(%!#.0!%45*%0.0!0%*8.!2'&0%2-%&2+.!&%2%0.*+.!(%#!
(%*%2@'!(%!'52+K&!#+&Fj801+2.!G3!%&!2'&2*%1'3!(%#!(%*%2@'!(%#!2'&0-4+('*!.!0%*!.1%&(+('!%&!%#!
+(+'4.! 'Z+2+.#! [-%! %#+C.3! 0+&! [-%3! .! %01%! *%05%21'3! 5-%(.! @.,#.*0%! (%! -&! (%*%2@'! .#! #+,*%!
(%0%&D'#D+4+%&1'! (%! #.! 5%*0'&.#+(.(! 5'*! 5.*1%! (%! [-+%&%0! 1*.&04+1%&! ,+%&%0! G! 5*%01.&!
0%*D+2+'0!%&!%#!4%*2.('N!$'*!'1*'!#.('3!&-&2.!0%!@.!2'&0+(%*.('![-%!#.!5#-*.#+(.(!#+&Fj801+2.!
[-%!*%+&.!%&!#.!h&+K&!"-*'5%.!G!#'0!(%,%*%0![-%!(%!%##.!0%!5-%(%&!(%*+D.*!.1%&1%&!2'&1*.!#.!
#+,%*1.(!(%!%45*%0.!'!2'&1*.!%#!#+,*%!(%05#.=.4+%&1'!(%!5%*0'&.0!G!4%*2.&28.0N!
!
$'*!0-!5.*1%3!%#!.5.*1.('!Q!(%#!.*1N!RP!2'&1+%&%3!5.*.!%#!L,'F.('!(%#!"01.('3!-&!0+45#%!
4.&(.1'! 5*'4'2+'&.#! (%#! 2.1.#?&! [-%3! 2'4'! 1.#3! &'! 5-%(%! 0%*! 2'&0+(%*.('! +&Z*.21'*! (%! #'0!
.*10N! XPNX3! ]O! K! X]YNS! /"3! G! %#! .5.*1.('! R! 0%*8.! 4%*.! 2'&0%2-%&2+.! (%#! -0'! 5*%Z%*%&1%! (%#!
2.1.#?&!(%2*%1.('!%&!%#!.*1N!TNX!(%#!"01.1-1'N!
!
).45'2'! 2'&0+(%*.! %#! L,'F.('! (%#! "01.('! 2'&2-**%&1%! &+&FM&! D+2+'! (%!
+&2'&01+1-2+'&.#+(.(! %&! #'0! .5.*1.('0! X! G! S! (%#! .*1N! ]R3! 5-%0! %&1+%&(%! [-%! #.! Z'*4-#.2+K&!
%01.1-1.*+.!(%#!(%*%2@'!.!*%2+,+*!#.!%&0%6.&=.!%&!2.1.#?&!&'!%0!4?0![-%!%#!2'*'#.*+'!(%![-%!<01%!
0%.!#.!#%&F-.!`&'*4.#4%&1%!-1+#+=.(.!2'4'!D%@+2-#.*!G!(%!.5*%&(+=.C%!%&!#.!%&0%6.&=.a!g.*1N!
TNXc3!ZK*4-#.!*%05.#(.(.!5'*!#.!('21*+&.!(%!#.!>)/!]]_WXYYQ3!(%!S]!(%!(+2+%4,*%N!
!
$'*!#'![-%!@.2%!.#!.*1N!]T3!%#!L,'F.('!(%#!"01.('!.#%F.3!0-2+&1.4%&1%3![-%3!.-&[-%!%0!
2+%*1'![-%!%#!.5.*1.('!X!D+&2-#.!1.4,+<&!.!#.!L(4+&+01*.2+K&!:%&%*.#!(%#!"01.('!%&!/.1.#-6.3!
%##'!%0!-&.!2'&0%2-%&2+.!%D+(%&1%!(%!#.!'Z+2+.#+(.(!(%#!.*.&<03!G.!C-01+Z+2.(.!.&1%*+'*4%&1%N!"&!
2-.&1'!.#!.5.*1.('!S3![-%!0%!+45-F&.!5'*!*%Z%*+*0%!.!#'0!`2+-(.(.&'0!(%!L*?&a3!0%!*%4+1%!.!#'!
(+2@'!0',*%!#.!2-%01+K&!%&!0-!4'4%&1'!g.&1%2%(%&1%!XTcN!
!
!
__
"&!*%#.2+K&!2'&!#'0!.*10N!]_!G!]O3!.#%F.!%#!L,'F.('!(%#!"01.('![-%!0K#'!0%!2'4,.1%&!
1*%0! 5-&1'0N! "&! 5*+4%*! #-F.*3! 0%! .1.2.3! 0+&! (.*! *.='&%03! %#! 5?**.Z'! 0%F-&('! (%#! .*1N! ]_NX3!
5*%2%51'![-%3!0%FM&!%&1+%&(%!%#!*%5*%0%&1.&1%!(%#!:',+%*&'3!%0!5#%&.4%&1%!2'&Z'*4%! 2'&! %#!
.*1N! ]NS! /"3! .! #.! #-=! (%! #.! ('21*+&.! 2'&01+1-2+'&.#3! G.! [-%! %#! 0+F&+Z+2.('! 1%**+1'*+.#! (%! #.!
2''Z+2+.#+(.(! .#2.&=.*8.! 1.4,+<&! .! #'0! K*F.&'0! (%! #.! L(4+&+01*.2+K&! (%#! "01.('! %&! #.!
/'4-&+(.(! L-1K&'4.N! "&! 2-.&1'! .! #.! 5*%D+0+K&! (%! -&! /'&0%C'! (%! :.*.&18.0! "01.1-1.*+.03!
.Z+*4.! %#! L,'F.('! (%#! "01.('! [-%! #.! F.*.&18.! (%! #'0! (%*%2@'0! %01.1-1.*+'0! 1-1%#.('0! 2'&!
.**%F#'!.#!.*1N!_TNS!,c!G!2c!0%!#+4+1.!.!#.!0+45#%!Z-&2+K&!(+21.4+&.('*.!0',*%!#.!.(%2-.2+K&!.!#.!
/'&01+1-2+K&! G! .#! "01.1-1'! (%! #'0! 5*'G%21'0! (%! #%G3! 5*'5'0+2+'&%0! (%! #%G3! (%2*%1'0I#%G%0!
0'4%1+('0! .! 2'&D.#+(.2+K&! 5.*#.4%&1.*+.! G! (%2*%1'0! #%F+0#.1+D'0N! "01'0! (+21?4%&%0! 0'&!
D+&2-#.&1%0!%&!*%#.2+K&!2'&!#'0!5*'G%21'0!(%!#%G!G!#.0!5*'5'0+2+'&%0!(%!#%G!`[-%!(%0.**'##%&!'!
.Z%21%&! .! (%*%2@'0! *%2'&'2+('0a! 5'*! %#! "01.1-1'! g.*1N! _TNQcN! )*.1?&('0%! (%! -&.! Z-&2+K&! (%!
(+21.4%&! 5*%D+'3! +&0%*1.! %&! %#! 1*?4+1%! 5.*#.4%&1.*+'! F-,%*&.1+D'3! &'! @.,*8.! +&1%*Z%*%&2+.!
.#F-&.!2'&!%#!0+01%4.!2'&01+1-2+'&.#!(%!F.*.&18.0!5.*.!#'0!(%*%2@'0!Z-&(.4%&1.#%0![-%!*%0-#1.!
(%!#'0!.*10N!R]NX!G!S3!XR]!.c!G!XTXNX!.c!G!,c3!/"N!
!
$'*!0-!5.*1%3!%#!.*1N!]ONS3!.#!@.,#.*!(%!*%2-*0'3!5.*%2%*8.!*%Z%*+*0%!.!#.!5*'1%22+K&!(%!#'0!
(%*%2@'0! %01.1-1.*+'0! Z*%&1%! .! (+05'0+2+'&%0! G! .21'0! .(4+&+01*.1+D'0! (+21.('0! 5'*!
L(4+&+01*.2+'&%0!2.1.#.&.0!'!5'*!#.!(%#!"01.('!%&!/.1.#-6.!%&!*%#.2+K&!2'&!#'0!(%*%2@'0!(%!
#'0!.*10N!]S!G!]]N!L(%4?03!@.,*8.!(%!%&1%&(%*0%![-%!%#!5*%2%51'!*%.#+=.!-&!*%%&D8'!in toto!.!#.0!
#%G%0!'*F?&+2.0!G!5*'2%0.#%0!(+21.(.0!5'*!%#!"01.('!%&!D+*1-(!(%!0-0!2'45%1%&2+.0!%\2#-0+D.03!
2'&2#-0+K&![-%!2'&Z+*4.*8.!#.!(+22+K&!(%#!.*1N!YRNX!(%#!"01.1-1'3![-%!(%Z+%*%!#.!(%1%*4+&.2+K&!
(%! #.! 2'45%1%&2+.! (%#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.! (%! /.1.#-6.! 5.*.! 1-1%#.*! #'0! (%*%2@'0!
%01.1-1.*+'0!.!#.!`#.!#%G!'*F?&+2.!2'**%05'&(+%&1%aN!L0+4+04'3!%&1+%&(%!%#!L,'F.('!(%#!"01.('!
[-%! %#! 5*%2%51'! 2-%01+'&.('! &'! @.! 2*%.('! -&.! &-%D.! D8.! (%! 1-1%#.! 5.*.! #'0! (%*%2@'0!
%01.1-1.*+'03!5-%0!.21-.#4%&1%!%#!*%2-*0'!.&1%!%#!)*+,-&.#!>-5%*+'*!(%!;-01+2+.!(%!/.1.#-6.!0K#'!
5-%(%! 0%*! %#! *%2-*0'! 2'&1%&2+'0'I.(4+&+01*.1+D'! '*(+&.*+'N! >+! %#! #%F+0#.('*! &.2+'&.#! 1+%&%! .!
,+%&! 4'(+Z+2.*! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#3! #.! *%F-#.('*.! (%! #.! C-*+0(+22+K&!
2'&1%&2+'0.! '! .#F-&.! '1*.! #%G! 5*'2%0.#3! 5'(*?! 0+&! (-(.! *%F-#.*! '! &'! -&.! D8.! %05%2+.#! (%!
5*'1%22+K&!C-*+0(+22+'&.#!(%!(%*%2@'0!%01.1-1.*+'03!@'G!+&%\+01%&1%3!G!.1*+,-+*#.!8&1%F*.4%&1%!'!
&'!.!#'0!)*+,-&.#%0!>-5%*+'*%0!(%!;-01+2+.3!5-%01'![-%!1.#!D8.!(%,%*?!0%*D+*!1.4,+<&!5.*.!#.0!
(%4?0! /'4-&+(.(%0! L-1K&'4.0! [-%! @.G.&! 5*'2#.4.('! (%*%2@'0! %01.1-1.*+'0N! "&! 0-4.3! %#!
.*1N! ]ONS! 0%*8.! -&! 5*%2%51'! 2'&(+2+'&.('! [-%! 2.*%2%! (%! %Z+2.2+.! %&! 1.&1'! %#! #%F+0#.('*!
2'&01+1-2+'&.#4%&1%!2'45%1%&1%!&'!(+21%!#.!'5'*1-&.!#%F+0#.2+K&!'*F?&+2.!G!5*'2%0.#N!
!
_O
!
]XN! "#! :',+%*&'! (%! #.! :%&%*.#+1.1! 2'4+%&=.! .#%F.&('! [-%3! 0+! ,+%&! %0! 2+%*1'! [-%! #.!
%\+01%&2+.!(%!-&.!5.*1%!('F4?1+2.!%0!+&@%*%&1%!.!#'0!1%\1'0!2'&01+1-2+'&.#%03!%##'!&'!0+F&+Z+2.!
[-%!0+%45*%![-%!&'0!@.##.4'0!.&1%!-&.!(%2#.*.2+K&!(%!(%*%2@'0!%01%4'0!%&!5*%0%&2+.!(%!-&.!
/'&01+1-2+K&3!0+%&('!5*%2+0'0!'1*'0!%#%4%&1'03!2'4'!#.!5'0+2+K&!(%!0-5*%4.28.!(%#!1%\1'3![-%!
&'! 5-%(%! 5*%(+2.*0%! (%#! "01.1-1'! (%! L-1'&'48.! (%! /.1.#-6.! 5'*! 0-! 0-5%(+1.2+K&! .! #.!
/'&01+1-2+K&!(%!XY_ON!U.!Z-&2+K&!5*+4'*(+.#!(%#!"01.1-1'!(%!L-1'&'48.3!.4<&!(%!2'&01+1-+*!#.!
5*'5+.!/'4-&+(.(!L-1K&'4.3!2'&0+01%!%&!(%1%*4+&.*!G!2'&2*%1.*!#.0!2'45%1%&2+.0!.0-4+(.03!
G! #'! @.2%! 0-5%(+1.('! .#! 1%\1'! 2'&01+1-2+'&.#! G! .! 1*.D<0! (%! -&! 5*'2%(+4+%&1'! 2'45#%C'! [-%!
2'45'*1.! #.! +&1%*D%&2+K&! 1.&1'! (%#! #%F+0#.('*!.-1'&K4+2'! 2'4'! (%! #.0! /'*1%0! :%&%*.#%03! #'!
[-%! 0+&! (-(.! .#%C.! .#! "01.1-1'! (%! 1'(.! .5.*+%&2+.! (%! 1%\1'! 2'&01+1-2+'&.#N! $'*! '1*.! 5.*1%3!
1.45'2'! 0%*8.! 2+%*1'! [-%! #.! +&2#-0+K&! (%! -&! 2.1?#'F'! (%! (%*%2@'0! (%0,'*(%! %#! 2'&1%&+('!
4.1%*+.#! .0+F&.('! 5'*! #.! /'&01+1-2+K&! .! #'0! "01.1-1'03! @.,+(.! 2-%&1.! (%! [-%! #.! 5*%D+0+K&! (%!
2-?#%0!(%,.&!0%*!#'0!#84+1%0!(%!#'0!5'(%*%0!5M,#+2'0!%&!0-!.21-.2+K&!Z*%&1%!.!#'0!2+-(.(.&'0!%0!
-&!%#%4%&1'!%0%&2+.#!(%#!2'&01+1-2+'&.#+04'!(%4'2*?1+2'!G3!5'*!%##'3!&'!5'(*8.!2'&0+(%*.*0%!
2'&1*.*+.! .#! 1%\1'! 2'&01+1-2+'&.#N! "01'! (%0D+*1-.*8.! %#! 5*+&2+5.#! .*F-4%&1'! %45#%.('! %&! %#!
*%2-*0'3! 2-.#! %0! #.! Z.#1.! (%! *%#.2+K&! %&1*%! #.! +&2#-0+K&! (%#! 2.1?#'F'! (%! (%*%2@'0! G! 5*+&2+5+'0!
*%21'*%0!2'&!%#!%C%*2+2+'!(%#!(%*%2@'!(%!.-1'&'48.3!0'01%&+<&('0%!(%!2'&1*.*+'![-%!#.!+&2#-0+K&!
(%!-&!2.1?#'F'!(%!(%*%2@'0!G!5*+&2+5+'0!*%21'*%0!08!0%!D+&2-#.!.!#.!.-1'&'48.3!5-%0!2'45'*1.!
#.!'52+K&!(%#!#%F+0#.('*!%01.1-G%&1%!(%!%01.,#%2%*!#84+1%0!.!#'0!5'(%*%0!5M,#+2'0!(%!/.1.#-6.!
%&!%#!%C%*2+2+'!(%!#.0!Z-&2+'&%0![-%!1.4,+<&!%01.1-1.*+.4%&1%!1+%&%&!.1*+,-+(.0N!
!
"0! ',D+'! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i! [-%! %&! %#! .*1N! XQ_NS! /"! &'! @.G! -&.!
*%0%*D.!%01.1-1.*+.!5.*.!#.!(%Z+&+2+K&!(%!(%*%2@'0!(%!#'0!2+-(.(.&'0e!&'!0%!1*.1.*8.3!5'*!1.&1'3!
(%! -&! 2'&1%&+('! &%2%0.*+'! (%! #'0! "01.1-1'0N! >+&! %4,.*F'3! (%! .@8! &'! 2.,*8.! +&Z%*+*3! 2'4'!
2'&0%2-%&2+.! (+*%21.3! #.! +45'0+,+#+(.(! (%! [-%! #'0! "01.1-1'0! +&2'*5'*%&! #.! *%F-#.2+K&! (%! %01%!
1+5'!(%!2'&1%&+('0N!>+&!'#D+(.*![-%!%#!.*1N!XQ_NS!G!]!/"!&'!.F'1.!%#!2'&1%&+('!&%2%0.*+'!(%!#'0!
"01.1-1'03!0+%&('!5*%2+0'!.2-(+*!.!'1*'0!5*%2%51'0!2'&01+1-2+'&.#%0!5.*.!5%*Z+#.*!%0%!2'&1%&+('!
&%2%0.*+'!gvgr.!.*10N!]!G!XQR!/"c3!0%!0-,*.G.![-%!%01.!'52+K&!%0!5'0+,#%!0+%45*%![-%!%\+01.!-&.!
*%#.2+K&! %&1*%! #'0! (%*%2@'0! G! 5*+&2+5+'0! *%2'&'2+('0! G! #.0! 2'45%1%&2+.0! (%! #.! /'4-&+(.(!
L-1K&'4.3!G!0+%45*%![-%!#.!*%F-#.2+K&!(%!#'0!(%*%2@'0!&'!2'&1*.(+F.!#.0!5*%D+0+'&%0!(%#!1%\1'!
2'&01+1-2+'&.#N!
!
!
_Y
bF-.#4%&1%!0%!*%2@.=.!#.!1*.0#.2+K&!.!%01%!2.0'!(%!#.!('21*+&.!%#.,'*.(.!%&!*%#.2+K&!2'&!
#.!*%0%*D.!4.1%*+.#!(%#!2'&1%&+('!(%!#.0!#%G%0!'*F?&+2.0N!"&!1'('!2.0'3!1.#!%\1%&0+K&!&'!(%,+%*.!
+45%(+*! [-%! 0%! *%2'F+%*.! -&! 2.1?#'F'! (%! (%*%2@'0! 2'4'! %#! .@'*.! 2-%01+'&.('3! (.(.! 0-!
2'&%\+K&! 2'&! %#! 0+01%4.! (%! (+01*+,-2+K&! (%! 2'45%1%&2+.0! [-%! #'0! "01.1-1'0! (%,%&! *%2'F%*!
2'4'!2'&1%&+('!&%2%0.*+'!G!5'*!#.!(+4%&0+K&!',C%1+D.![-%!%&!&-%01*'!0+01%4.!C-*8(+2'!1+%&%&!
#'0! (%*%2@'03! %&! 2-.&1'! 0%! 5*'G%21.&! 0',*%! #.! .21-.2+K&! (%! 1'('0! #'0! 5'(%*%0! 5M,#+2'0N! U.!
D+&2-#.2+K&! (%! #'0! 5'(%*%0! 5M,#+2'0! (%! /.1.#-6.! .#! 2.1?#'F'! g.*10N! ]_! G! ]Yc! 5'&(*8.! (%!
4.&+Z+%01'!#.!%01*%2@.!*%#.2+K&!%&1*%!#.!*%F-#.2+K&!(%#!181-#'![-%!&'0!'2-5.!G!#'0!181-#'0!0',*%!
2'45%1%&2+.0!%!+&01+1-2+'&%0!(%!#.!/'4-&+(.(!L-1K&'4.N!U'0!(%*%2@'0!G!5*+&2+5+'0!*%21'*%0!
5*'2#.4.('0! %&! %#! "01.1-1'! 2-45#+*8.&! -&.! Z-&2+K&! (%! 5*%(%1%*4+&.2+K&! (%! #.0! 5'#81+2.0!
5M,#+2.03!2'&01+1-G%&('!-&!#84+1%!&%2%0.*+'!.!#.!.22+K&!(%#!#%F+0#.('*!.-1'&K4+2'3!0+&![-%!%##'!
+45#+[-%!#+4+1.2+K&!.#F-&.!(%!#'0!(%*%2@'0!*%2'&'2+('0!%&!#.!/'&01+1-2+K&N!L!%01%!*%05%21'!0%!
(%01.2.&!#.0!2.-1%#.0!%05%28Z+2.0!%\5*%0.(.0!%&!%#!.*1N!]_NQ!G!#.!D+&2-#.2+K&!(%!#'0!(%*%2@'0!.#!
?4,+1'!2'45%1%&2+.#!(%!#.!/'4-&+(.(!L-1K&'4.N!
!
>+&! 5%*C-+2+'! (%! 4%&2+'&.*! [-%! 1.4,+<&! %#! 5*'G%21'! (%! *%Z'*4.! (%#! "01.1-1'! (%!
L-1'&'48.!(%!L&(.#-28.!+&2'*5'*.!-&.!1.,#.!(%!(%*%2@'03!(%,%*%0!G!5*+&2+5+'03!%&!F*.&!5.*1%!
2'+&2+(%&1%!2'&!#.!.[-8!+45-F&.(.3!G![-%!@.!0+('!*%05.#(.(.!5'*!#'0!5*'5+'0!*%2-**%&1%03!0%!
*%2@.=.! %#! 2-%01+'&.4+%&1'! (%! #.! %01*-21-*.! (%#! 181-#'! b! (%#! "01.1-1'N! $.*.! #'0! E+5-1.('0!
*%2-**%&1%03! #.! (+01+&2+K&! %&1*%! (%*%2@'0! (%#! ?4,+1'! 2+D+#! G! 0'2+.#3! (%*%2@'0! %&! %#! ?4,+1'!
5'#81+2'! G! (%! #.! L(4+&+01*.2+K&3! (%*%2@'0! G! (%,%*%0! #+&Fj801+2'0! G! 5*+&2+5+'0! *%21'*%0!
`D'#.1+#+=.a!1'(.!#.!'*(%&.2+K&!%!+&1*'(-2%!2'&Z-0+K&!%&!&-%01*'!0+01%4.!(%!F.*.&18.N!^*%&1%!.!
%01.!2*81+2.!0%!.5-&1.![-%!0K#'!#'0!(%*%2@'0![-%!#.!/'&01+1-2+K&!*%2'&'2%!2'4'!1.#%0!'01%&1.&3!
1.4,+<&!%&!/.1.#-6.3!#.!2'&(+2+K&!(%!(%*%2@'0!Z-&(.4%&1.#%03!5'*!#'![-%!0-!%05%2+.#!*<F+4%&!
C-*8(+2'! &'! [-%(.*8.! %&! .,0'#-1'! .Z%21.('! 5'*! #.! *%F-#.2+K&! [-%! (%! '1*'0! (%*%2@'0! @.F.! %#!
#%F+0#.('*!%01.1-G%&1%N!
!
"&! 2'&%\+K&! (+*%21.! 2'&! %0.! +(%&1+(.(! '! (+Z%*%&2+.! %&1*%! (%*%2@'0! 0%! 0'01+%&%! [-%!
2-.&('! %#! "01.1-1'! *%5*'(-2%! #'0! 5*%2%51'0! 2'&01+1-2+'&.#%0! [-%! 5*'2#.4.&! (%*%2@'0!
Z-&(.4%&1.#%0! '! +&2#-0'! %Z%21M.&! -&! 48&+4'! (%0.**'##'! (%! 0-! 2'&1%&+('! [-%! .G-(.&! .!
.#-4,*.*! '1*'0! (%*%2@'0! [-%! 2.,%! %&1%&(%*! &%2%0.*+.4%&1%! 2'45*%&(+('0! %&! #'0! 5*%2%51'0!
2'&01+1-2+'&.#%03! &.(.! 2.,*8.! '5'&%*! .! #.! '52+K&! (%#! 1%\1'! %01.1-1.*+'! 5%0%! .! 0-! 5'0+,#%!
+&2+(%&2+.! 2'&! -&! (%*%2@'! Z-&(.4%&1.#! 1.&! *%#.2+'&.('! 2'&! #.0! 2'45%1%&2+.0! .-1'&K4+2.0!
[-%!0+&!#.!.21-.2+K&!(%#!#%F+0#.('*!%01.1-1.*+'!&'!5'(*8.!%C%*2%*0%!%&!0-!5#%&+1-(N!>%*8.!%#!2.0'!
!
OP
(%! #'0! .*10N! XR3! SP3! SX! G! RS! (%#! "01.1-1'N! ).45'2'! 2-.&('! #.! +&2+(%&2+.! %&! -&! (%*%2@'!
Z-&(.4%&1.#! 0%.! (+*%21.! 2.,*8.! 2'&2#-+*! [-%! %\+01%3! %&! 1'('! 2.0'3! -0-*5.2+K&! (%! #.! Z-&2+K&!
2'&01+1-2+'&.#4%&1%!%&2'4%&(.(.!.!#.0!#%G%0!'*F?&+2.0N!>%!*%2-%*(.!.#!*%05%21'![-%!#.!*%0%*D.!
(%!#%G!'*F?&+2.!&'!.F'1.!#.!*%F-#.2+K&!(%#!(%*%2@'3!5-(+%&('!%#!#%F+0#.('*!'*(+&.*+'3!1.4,+<&!
%#! .-1'&K4+2'! 2-.&('! .21M.! %&! %#! %C%*2+2+'! (%! 0-0! 2'45%1%&2+.03! 5*'2%(%*! .! 0-! (%0.**'##'!
g%&1*%! '1*.03! >)/! X_]WXYYO3! (%! S]! (%! C-#+'cN! "#! "01.('! &'! 1+%&%! .1*+,-+(.! -&.! 2'45%1%&2+.!
%05%28Z+2.!5.*.!#.!*%F-#.2+K&!(%!#'0!(%*%2@'0!Z-&(.4%&1.#%03!4+%&1*.0![-%!%&!#'0!"01.1-1'0!(%!
L-1'&'48.! Z+F-*.&! (+D%*0'0! 181-#'0! 2'45%1%&2+.#%0! [-%! +&2+(%&! 0',*%! .#F-&'0! (%! %0'0!
(%*%2@'0! gvgrN! %(-2.2+K&3! 4%(+'0! (%! 2'4-&+2.2+K&! 0'2+.#c! G! [-%! 5%*4+1%&! .#! #%F+0#.('*!
.-1'&K4+2'! +&2+(+*! %&! %0'0! ?4,+1'03! 0+%&('! %##'! *.=K&! 0-Z+2+%&1%! 5.*.! *%2'&'2%*! .! #'0!
"01.1-1'0!#.!5'0+,+#+(.(!(%!5*%(%1%*4+&.*!#.!Z-&2+K&!(%#!#%F+0#.('*!.-1'&K4+2'!%&!%#!(%0.**'##'!
(%!%0'0!(%*%2@'0N!L-&!0+%&('!2+%*1'![-%!2'**%05'&(%!.#!#%F+0#.('*!%01.1.#!(%Z+&+*!-&!2'&1%&+('!
,?0+2'!(%!1.#%0!(%*%2@'03!%&!%C%*2+2+'!(%!181-#'0!2'4'!%#!*%2'&'2+('!%&!%#!.*1N!XQYNXNX!/"3!G!
[-%! (%! %0%! %C%*2+2+'! 0%! (%*+D.&! #84+1%0! 5.*.! %#! #%F+0#.('*! .-1'&K4+2'3! &'! 0%*8.! 4%&'0! 2+%*1'!
[-%! 1.#%0! #84+1%0! &'! 5-%(%&! .#=.*0%! Z*%&1%! .#! #%F+0#.('*! %01.1-G%&1%! i[-%! &'! 5'(*8.!
2'&Z-&(+*0%! 2'&! %#! .-1'&K4+2'3! 5-%0! %#! "01.1-1'! 0%! .5*-%,.! 4%(+.&1%! #%G! '*F?&+2.! (%#!
"01.('i3!%&!%05%2+.#!5'*[-%!%0!%#!5*'5+'!1%\1'!%01.1-1.*+'!%#![-%!.08!#'!5*'2#.4.!g.*1N!]_NQcN!
!
"&!*%#.2+K&!2'&!#'0!(%*%2@'0!G!(%,%*%0!(%#!?4,+1'!2+D+#!G!0'2+.#!*%#.2+'&.('0!2'&!#'0!
(%*%2@'0! Z-&(.4%&1.#%0! *%2'&'2+('0! %&! #'0! .*10N! XR! .! SY! /"3! .#%F.! %#! :',+%*&'! 2.1.#?&3! %&!
5*+4%*!#-F.*3![-%!%0!(+Z82+#![-%!5-%(.!2'&1*.(%2+*!.#!.*1N!XX!/"!-&!5*%2%51'![-%3!2'4'!%#!.*1N!
XR!(%#!"01.1-1'3!0%!#+4+1.!.!+&(+2.*![-+<&%0!0'&!#'0!1+1-#.*%0!(%!#'0!(%*%2@'0![-%!*%2'&'2%&!#.!
/'&01+1-2+K&3! #'0! 1*.1.('0! +&1%*&.2+'&.#%0! G! %#! "01.1-1'3! %&! -&'0! 1<*4+&'0! 5'*! #'! (%4?0!
.&?#'F'0! .! #'0! (%#! .*1N! X]! /"N! /+%*1.4%&1%3! %&! %#! 5*%2%51'! 0%! +(%&1+Z+2.! .! #'0! 2+-(.(.&'0! (%!
/.1.#-6.! 2'4'! 1+1-#.*%0! (%! #'0! (%*%2@'03! 5%*'3! 2'&! %\2%52+K&! (%! .[-<##'0! (%! 2'&1%&+('!
5'#81+2'3!4?0!2'&2*%1.4%&1%!(%#!(%*%2@'!.#!0-Z*.F+'3!&'!%\+01%!(+01+&2+K&!.#F-&.!5'*!*.=K&!(%!
0-!D%2+&(.(!.(4+&+01*.1+D.!%&1*%!2+-(.(.&'0!%05.6'#%0N!H%05%21'!(%![-+%&%0!&'!'01%&1.&!%01.!
&.2+'&.#+(.(!@.,*8.![-%!%01.*!.!2.(.!(%*%2@'!5.*.!(%1%*4+&.*!0-!1+1-#.*+(.(3!%&!2'&0'&.&2+.!
2'&!#.!('21*+&.!(%#!)*+,-&.#!/'&01+1-2+'&.#!g5'*!1'(.03!>)/!XP_WXYOQ3!(%!S]!(%!&'D+%4,*%cN!
!
"&!5-*+(.(!#.!+45-F&.2+K&!.5-&1.*8.!.#!5*',#%4.!(%!#.0!(+Z%*%&2+.0!.(4+0+,#%0!%&!%#!
*%2'&'2+4+%&1'! (%! (%*%2@'0! .! #'0! 2+-(.(.&'0! %05.6'#%0! %&! Z-&2+K&! (%! 0-! *%0+(%&2+.N! $.*.!
*%0'#D%*#'!0%*8.!5*%2+0'!5.*1+*!(%#!.*1N!X]YNX!/"3![-%!5*'2#.4.!#.!+F-.#(.(!(%!#'0!%05.6'#%0!%&!
(%*%2@'0! G! ',#+F.2+'&%0! %&! 2-.#[-+%*! 5.*1%! (%#! 1%**+1'*+'! &.2+'&.#N! "01.! +F-.#(.(! (%,%*8.!
!
OX
5*%(+2.*0%!(%!#'0!(%*%2@'0!Z-&(.4%&1.#%03!5%*'!&'!5'(*8.!%\1%&(%*0%!0+&!4?0!.!#'0!(%*%2@'0!
*%2'&'2+('0!%&!#.!&'*4.!%01.1-1.*+.N!"#!5*+&2+5+'!(%!+F-.#(.(!&'!5-%(%!%&1%&(%*0%!%&!1<*4+&'0!
(%!*+F-*'0.!G!4'&'#81+2.!-&+Z'*4+(.(!(%#!'*(%&.4+%&1'!g>)/!]]_WXYYQ3!(%!S]!(%!(+2+%4,*%3!
^;! XYc3! @.,+(.! 2-%&1.! (%! [-%3! (.(.! #.! .5#+2.2+K&! 1%**+1'*+.#4%&1%! #+4+1.(.! (%! #.! #%F+0#.2+K&!
.-1'&K4+2.3! (%,%! 5*%0%*D.*0%! 5*+&2+5.#4%&1%! %#! 1*.1'! +F-.#! .! 1'('0! #'0! *%0+(%&1%0! %&! -&.!
(%1%*4+&.(.! /'4-&+(.(! L-1K&'4.! g>)/! X_]WXYYO3! (%! S]! (%! C-#+'cN! /.,*8.! (%(-2+*! (%! %01.!
C-*+05*-(%&2+.!#.!%\+01%&2+.!(%!-&.!5'0+2+K&!C-*8(+2.!(+01+&1.!(%!#'0!2+-(.(.&'0!%&!#.0!(+D%*0.0!
5.*1%0!(%#!1%**+1'*+'N!
!
"&!(%Z%&0.!(%#!.*1N!SP!(%#!"01.1-1'!0%!.#%F.![-%!.-&[-%!%#!.*1N!XR!/"!&'!5*'2#.4.!-&!
(%*%2@'!0-,C%1+D'!.!4'*+*![-%!+45#+[-%!#.!5'0+,+#+(.(!(%!4'D+#+=.*!%#!.5'G'!(%#!5'(%*!5M,#+2'!
g>)/! XSPWXYYP3! (%! S_! (%! C-&+'3! ^;! _c3! &'! 5'*! %##'! @.! (%! 2'&2#-+*0%! [-%! 5%0.! 0',*%! %#!
#%F+0#.('*! #.! 5*'@+,+2+K&! (%! *%2'&'2%*! %#! (%*%2@'! .! D+D+*! 2'&! (+F&+(.(! %#! 5*'2%0'! @.2+.! #.!
4-%*1%3! +&2#-G%&('! #.! 5'0+,+#+(.(! (%! %\5*%0.*! .&1+2+5.(.4%&1%! #'0! (%0%'0! (%#! 5.2+%&1%3!
2'&'2+(.! 2'4'! 1%01.4%&1'! D+1.#3! (+*%21*+2%0! 5*%D+.0! '! D'#-&1.(%0! .&1+2+5.(.0N! "#! "01.('!
%05.6'#! &'! @.! (-(.('! (%! #.! 2'&01+1-2+'&.#+(.(! (%#! *%2'&'2+4+%&1'! (%#! 1*.1.4+%&1'! 4<(+2'!
2'&0%&1+('! 2-.&('! 0-02*+,+K! %&! XYY_! %#! /'&D%&+'! (%#! /'&0%C'! (%! "-*'5.! 0',*%! E%*%2@'0!
B-4.&'0!G!9+'1%2&'#'F8.3!2-G'!2'&1%&+('!+&2+(%!0',*%!#'0!(%*%2@'0!.!#.!D+(.!G!.!#.!+&1%F*+(.(!
g.*10N! X! G! XX! .! SSc3! .! #.! +&1+4+(.(! G! .! #.! +&Z'*4.2+K&! g.*1N! XPc! '! .#! .22%0'! +F-.#+1.*+'! .! #'0!
,%&%Z+2+'0! (%! #.! 0.&+(.(! g.*1N! ]cN! "01%! /'&D%&+'3! [-%! *%2'&'2%! %#! (%*%2@'! .! %\5*%0.*!
.&1+2+5.(.4%&1%! #'0! (%0%'0! 0',*%! 1*.1.4+%&1'0! 4<(+2'0! g.*1N! Yc3! @.! 0+('! +&2'*5'*.('! .! #.!
&'*4.1+D.! .-1'&K4+2.! %&! #.! U%G! (%#! $.*#.4%&1'! (%! /.1.#-6.! SXWSPPP3! (%! SY! (%! (+2+%4,*%3!
0',*%!(%*%2@'0!(%!+&Z'*4.2+K&!2'&2%*&+%&1%0!.!#.!0.#-(!G!.!#.!.-1'&'48.!(%#!5.2+%&1%3!G!.!#.!
('2-4%&1.2+K&!2#8&+2.N!
!
"#!.*1N!SP!2-45#+*8.!1*%0!Z-&2+'&%0d!+&2'*5'*.!%01%!(%*%2@'!G.!5*%D+01'!5'*!%#!#%F+0#.('*!
2.1.#?&! .#! 1%\1'! %01.1-1.*+'3! 2'&2*%1.! %#! 2'&1%&+('! 5*%D+01'! %&! #'0! (+D%*0'0! (%*%2@'0!
2'&01+1-2+'&.#%0!G.!4%&2+'&.('03!G!%Z%21M.!%0.!2'&2*%2+K&!1'4.&('!2'4'!5-&1'!(%!5.*1+(.!-&!
/'&D%&+'!+&1%*&.2+'&.#!.5*',.('!G!*.1+Z+2.('!5'*!%#!"01.('!%05.6'#![-%3!%&!#.!4%(+(.!%&![-%!
+&2+(%!%&!#.!*%F-#.2+K&!(%!(%*%2@'0!2'&01+1-2+'&.#%03!5-%(%!2'&0+(%*.*0%!2*+1%*+'!+&1%*5*%1.1+D'!
(%!<01'0!ex!.*1N!XPNS!/"N!L(%4?0!(%!0-,*.G.*![-%!%#!2'&1%&+('!(%!%01%!5*%2%51'!0%!2'&%21.!2'&!
(+D%*0.0!2'45%1%&2+.0!(%!/.1.#-6.3!0%!*%2-%*(.![-%!#.!5*'5-%01.!(%!*%Z'*4.!(%#!"01.1-1'!(%!
L-1'&'48.!(%!L&(.#-28.3!.5*',.(.!5'*!%#!/'&F*%0'!2'&!%#!D'1'!Z.D'*.,#%!(%!#'0!E+5-1.('0!
!
OS
(%#! :*-5'! $.*#.4%&1.*+'! $'5-#.*3! +&2#-G%! %&! 0-! .*1N! SP! -&.! *%(.22+K&! .&?#'F.! .! #.! (%#!
5*%2%51'!.@'*.!*%2-**+('N!
!
"&!*%#.2+K&!2'&!%#!.*1N!SX!(%#!"01.1-1'!0%!.#%F.![-%!%#!.5.*1.('!X3!&'!0K#'!&'!+&2+(%!%&!
#.! *%F-#.2+K&! %0%&2+.#! (%#! (%*%2@'3! 0+&'! [-%! &+! 0+[-+%*.! *%2'&'2%! Z.2-#1.(%0! [-%! 5-%(.&!
2.#+Z+2.*0%!2'4'!(%*%2@'0!0-,C%1+D'03!.#!#+4+1.*0%!.!%01.,#%2%*!#.!',#+F.2+K&!(%!#.!:%&%*.#+1.1!
(%! (%1%*4+&.*! %#! 4'(%#'! %(-2.1+D'! [-%! F.*.&1+2%! -&.! %(-2.2+K&! (%! 2.#+(.(! G! %&! %#! [-%! 0%.!
5'0+,#%!%#!.22%0'!%&!2'&(+2+'&%0!(%!+F-.#(.(N!$'*!0-!5.*1%!%#!.5.*1.('!S!1.45'2'!4%*%2%*8.!
*%5*'2@%3! 5'*[-%3! (%! .2-%*('! 2'&! #'! 5*%D+01'! %&! %#! .*1N! S_N]! /"3! %\5#+2+1.! %#! (%*%2@'! (%! #'0!
5.(*%0! .! [-%! 0-0! @+C'0! *%2+,.&! #.! Z'*4.2+K&! *%#+F+'0.! G! 4'*.#! .2'*(%! 2'&! 0-0! 2'&D+22+'&%0e!
+F-.#4%&1%!5'*[-%!*%4+1%!%\5*%0.4%&1%!.#!.5.*1.('!]_NQ!(%#!"01.1-1'3!#'![-%!+45#+2.*8.![-%!%#!
2'&1%&+('! (%! %0%! (%*%2@'! [-%(.! %\5*%0.4%&1%! #+4+1.('! 5'*! #.0! 2'45%1%&2+.0! %01.1.#%0! %&!
4.1%*+.! %(-2.1+D.! G! 5'*! #.! *%4+0+K&! %\5*%0.! .#! 1%\1'! 2'&01+1-2+'&.#! G! .! #'0! 1*.1.('0!
+&1%*&.2+'&.#%0!%&!%#!(%0.**'##'3!.5#+2.2+K&!%!+&1%*5*%1.2+K&!(%!(+2@'!(%*%2@'N!$'*!#'![-%!.1.6%!
.!#.!5*'2#.4.2+K&!(%!#.!#.+2+(.(!(%!#.!%(-2.2+K&!%&!#'0!2%&1*'0!('2%&1%0!5M,#+2'03!0%!0%6.#.!
[-%!%0%!2.*?21%*!#.+2'!0%!2'**%05'&(%!2'&!%#!4.&(.1'!2'&01+1-2+'&.#!(%![-%!#.!%(-2.2+K&!0%.!
.C%&.!.!1'('!2'&1%&+('!*%#+F+'0'!D+&2-#.('!.!-&.0!(%1%*4+&.(.0!2*%%&2+.0N!"01.!5*%D+0+K&!&'!
#+4+1.*8.! %#! (%*%2@'! (%! #'0! 5.(*%0! .! [-%! 0-0! @+C'0! *%2+,.&! #.! Z'*4.2+K&! *%#+F+'0.! G! 4'*.#!
.2'*(%!2'&!0-0!2'&D+22+'&%0N!
!
L! 2'&1+&-.2+K&3! #.! *%5*%0%&1.2+K&! (%#! :',+%*&'! (%! #.! :%&%*.#+1.1! (.! *%05-%01.! .! #.!
+45-F&.2+K&! (%! (+D%*0'0! .5.*1.('0! (%! #'0! .*10N! ]S! .! ]T3! ('&(%! 0%! *%F-#.&! #'0! (%*%2@'0! G!
(%,%*%0!#+&Fj801+2'03!0+&!5%*C-+2+'!(%!*%4+1+*0%!.!#'!%\5-%01'!*%05%21'!(%#!.*1N!T!g.&1%2%(%&1%!
SQc3!5*%2%51'!%01*%2@.4%&1%!*%#.2+'&.('!2'&!#'0![-%!.@'*.!0%!%\.4+&.&N!"&!%0.!#8&%.!0%!.#%F.!
[-%3! 2'&1*.! #'! .Z+*4.('! %&! #.! (%4.&(.3! %#! .*1N! ]S3! .&1%0! (%! *%Z%*+*0%! .! #'0! %Z%21'0! (%! #.!
2''Z+2+.#+(.(3!%01.,#%2%!-&!(%*%2@'!+45'*1.&180+4'![-%!0-4+&+01*.!#.!2#.D%!5.*.!#.!#%21-*.!(%!
1'('!%#!*<F+4%&!#+&Fj801+2'N!/'&2*%1.4%&1%3!0%!(+05'&%![-%!`1'(.0!#.0!5%*0'&.0!1+%&%&!(%*%2@'!
.! &'! 0%*! (+02*+4+&.(.0! 5'*! *.='&%0! #+&Fj801+2.0aN! q-%! %&! #.! (%4.&(.! 0%! ',D+%! %01%! (.1'!
Z-&(.4%&1.#!(%4'01*.*8.!#.!`#%21-*.!5.*2+.#!G!0%0F.(.a![-%!0%!@.2%!(%#!"01.1-1'N!
!
"&!*%#.2+K&!2'&!%#!.*1N!]]NX3!G!0+&!5%*C-+2+'!(%!*%4+1+*0%!.!#.0!.#%F.2+'&%0!D%*1+(.0!%&!
(%Z%&0.! (%#! 5*%?4,-#'! G! (%#! .*1N! _! l.&1%2%(%&1%0! X_! G! ST! 2cm3! .Z+*4.! %#! :',+%*&'! (%! #.!
:%&%*.#+1.1![-%!G.!%&!%#!.*1N!]N]!(%#!"01.1-1'!(%!XY_Y!#.!2'&0%2-2+K&!(%!#.!5#%&.!+F-.#(.(!(%!
#.0! #%&F-.0! 0%! 5*%(+2.,.! (%! #'0! `2+-(.(.&'0! (%! /.1.#-6.a3! 0+&! [-%! @.01.! #.! Z%2@.! 0%! @.G.!
!
O]
*%5*'2@.('!%01.!%\5*%0+K&N!$'*!#'![-%!@.2%!.#!.*1N!]]NS3!-&.!.1%&1.!#%21-*.!(%#!5*%2%51'!5'&(*8.!
(%!*%#+%D%![-%!&'!%01.,#%2%!(%,%*!.#F-&'3!*%2'&'2+<&('0%3!5'*!%#!2'&1*.*+'3!%#!(%*%2@'!(%!1'(.0!
#.0! 5%*0'&.0! `.! -1+#+=.*! #.! #%&F-.! 'Z+2+.#! [-%! %#+C.&! %&! 1'(.0! #.0! .21-.2+'&%0! C-(+2+.#%03!
&'1.*+.#%0! G! *%F+01*.#%0a3! 2'&2*%2+K&! %&! %01'0! ?4,+1'0! 4.1%*+.#%0! (%#! 5*+&2+5+'! (%! '52+K&!
#+&Fj801+2.! 5*'2#.4.('! %&! %#! .*1N! ]]NX3! %\1*%4'! <01%! +F&'*.('! %&! #.! (%4.&(.N! "&! %0.!
2'&2*%2+K&!(%#!5*+&2+5+'!F%&%*.#!&'!0%!+45'&(*8.!(%,%*!*%F-#.('*!.#F-&'!.#!#%F+0#.('*!%01.1.#!
2'45%1%&1%! %&! #'0! ?4,+1'0! 4.1%*+.#%0! .#-(+('0! %&! %#! .*1N! ]]NS3! 0+&'! [-%! 0+45#%4%&1%! 0%!
*%2'&'2%!-&.!(%!#.0!2'&0%2-%&2+.0!+&@%*%&1%0!.!#.!2''Z+2+.#+(.(!#+&Fj801+2.3!2-.#!%0!%#!(%*%2@'!
(%! #'0! 2+-(.(.&'0! .! %#%F+*! #.! #%&F-.! .! -1+#+=.*! %&! 0-0! .21-.2+'&%0! C-(+2+.#%03! &'1.*+.#%0! G!
*%F+01*.#%0!%&!/.1.#-6.3!0+&![-%!5-%(.&!0-Z*+*!+&(%Z%&0+K&!&+!(+#.2+'&%0!+&(%,+(.0!5'*!*.=K&!(%!
#.!#%&F-.!-1+#+=.(.3!0+%&('!%#!"01.1-1'!%#!#-F.*!5*'5+2+'!5.*.!*%2'&'2%*!1.&!%D+(%&1%!.5#+2.2+K&!
(%! #.! 2''Z+2+.#+(.(! #+&Fj801+2.N! $'*! 0-! 5.*1%3! %#! .5.*1.('! ]! (%#! .*1N! ]]! 0%*8.! %#! *%D%*0'! (%! 0-!
.5.*1.('!S3!.#!2'&Z+F-*.*0%!-&.!F.*.&18.!(%#!(%*%2@'!(%!'52+K&!#+&Fj801+2.!.@8!*%2'&'2+('d!#.!
.2*%(+1.2+K&! 5'*! ;-%2%03! 7.F+01*.('03! ^+02.#%03! k'1.*+'03! H%F+01*.('*%0! (%! #.! 5*'5+%(.(! G!
4%*2.&1+#%03! %&2.*F.('0! (%#! H%F+01*'! /+D+#! G! 5%*0'&.#! .#! 0%*D+2+'! (%! #.! L(4+&+01*.2+K&! (%!
C-01+2+.! (%#! 2'&'2+4+%&1'! .(%2-.('! G! 0-Z+2+%&1%! (%! .4,.0! #%&F-.0N! U.! *%4+0+K&! (%! #'0!
1<*4+&'0!(%!%0.!.2*%(+1.2+K&!.!`#.!Z'*4.!%01.,#%2+(.!%&!#.0!#%G%0a!(%,%*8.!%&1%&(%*0%!@%2@.!.!
#'! [-%! (+05'&F.! %&! 2.(.! 2.0'! %#! #%F+0#.('*! 2'45%1%&1%3! 5'*! #'! [-%! &'! 5'(*8.! @.,#.*0%! (%!
%\1*.#+4+1.2+K&! &+! .Z%21.2+K&! +&(%,+(.! %&! #.! %0Z%*.! 2'45%1%&2+.#! .C%&.N! 7?\+4%! 5'*[-%! %01%!
5#.&1%.4+%&1'!%&2'&1*.*8.!.5'G'!%&!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#!g>)/!_QWXYOY3!(%!SQ!(%!
.,*+#cN! "&! 5-*+(.(3! #'! M&+2'! [-%! 0%! %01.,#%2%*8.! %&! %#! .*1N! ]]N]! %0! %#! +45%*.1+D'! (%! [-%! #'0!
#%F+0#.('*%0! 0%21'*+.#4%&1%! 2'45%1%&1%0! &'! (%02'&'=2.&! %#! 4'(%#'! (%! 2''Z+2+.#+(.(!
2'&01+1-2+'&.#4%&1%!5*%D+01'!&+!%#!(%,%*!(%!%05%2+.#!*%05%1'!G!5*'1%22+K&![-%!1'(.0!#.0!#%&F-.0!
%05.6'#.0!4%*%2%&N!"01%!+45%*.1+D'!0%*8.!%#!#KF+2'!2'*'#.*+'!(%#!@%2@'!(%![-%!#.!+&01.-*.2+K&!
(%!-&!*<F+4%&!(%!2''Z+2+.#+(.(!#+&Fj801+2.!%&!5.*1%0!(%#!1%**+1'*+'!%05.6'#!1+%&%!2'&0%2-%&2+.0!
5.*.! 1'('0! #'0! 5'(%*%0! 5M,#+2'0! %&! %#! 4+04'N! "&! %01%! 2.0'3! %#! #%F+0#.('*! %01.1-G%&1%! @.!
*%05%1.('!#.0!2'45%1%&2+.0!.C%&.03!5-%0!&'!@.!*%F-#.('!&.(.!%&!2'&2*%1'!G!0%!@.!#+4+1.('!.!
+&(+2.*! %#! ',C%1+D'! [-%! 0%! (%,%! 5*'2-*.*! .#2.&=.*d! F.*.&1+=.*! .! #'0! 2+-(.(.&'0! [-%! %#!
2'&'2+4+%&1'! (%! #.0! #%&F-.0! 'Z+2+.#%0! 5'*! %#! 5%*0'&.#! (%! #'0! 0%21'*%0! C-(+2+.#3! &'1.*+.#! G!
*%F+01*.#! [-%! 5*%01.! 0-0! 0%*D+2+'0! %&! /.1.#-6.! 0%.! .(%2-.('! G! 0-Z+2+%&1%! %&! *%#.2+K&! 2'&! #.0!
Z-&2+'&%0!*%05%21+D.0!(%!0-!#-F.*!(%!1*.,.C'N!
!
"&! 2-.&1'! .! #.! ',#+F.2+K&! 2'&1%45#.(.! %&! %#! .5.*1.('! Q! (%#! .*1N! ]]3! 0%! 1*.1.*8.! (%#!
4+04'!(%,%*!G.!(%Z+&+('!%&!%#!.5.*1.('!.&1%*+'*3!.5'G.('!%&!#.!C-*+05*-(%&2+.![-%!.Z+*4.![-%!
!
OQ
%#! *<F+4%&! (%! 2''Z+2+.#+(.(! D+&2-#.! .! 1'(.0! #.0! L(4+&+01*.2+'&%0! 5M,#+2.0! 5*%0%&1%0! %&! %#!
2'**%05'&(+%&1%! 1%**+1'*+'N! L4<&! (%! 0%6.#.*! #.! 5%*1+&%&2+.! (%! [-%! 0%.! %#! "01.1-1'3! 5'*! 0-!
2.*?21%*!(%!&'*4.!(-.#3!%#![-%!%01.,#%=2.!%0%!(%,%*3!0%!0%6.#.![-%!#.!#%21-*.!0+01%4?1+2.!(%!#'0!
.5.*1.('0! 5*+4%*'! .! 2-.*1'! (%#! .*1N! ]]! 4-%01*.! #.! 2'&2*%2+K&! (%! #.! +F-.#(.(! C-*8(+2.! (%! #.0!
#%&F-.0! 'Z+2+.#%0! %&! /.1.#-6.3! 5*'2#.4.(.! %&! %#! .*1N! T3! %01.,#%2+<&('0%! #.0! 2'&0%2-%&2+.0!
C-*8(+2.0! (%! %0.! +F-.#(.(! %&! .*.0! (%! #.! 5*'1%22+K&! (%! #'0! (%*%2@'0! #+&Fj801+2'0! (%! #'0!
2+-(.(.&'0!%&!0-0!*%#.2+'&%0!2'&!#'0!5'(%*%0!5M,#+2'0N!
!
$.*.!%#!:',+%*&'!(%!#.!:%&%*.#+1.13!%#!.*1N!]]NR!&'!4'(+Z+2.!%#!.#2.&2%!1%**+1'*+.#!(%!#.!
0+1-.2+K&! (%! 2''Z+2+.#+(.(! #+&Fj801+2.! %01.,#%2+(.! %&! %#! "01.1-1'! &+! 2'45'*1.! %\1%&0+K&! (%! #.!
(%2#.*.2+K&! (%! 'Z+2+.#+(.(! (%#! 2.1.#?&! .! #.0! +&01+1-2+'&%0! 2%&1*.#%0! (%#! "01.('3! (%,+%&('!
%&1%&(%*0%!%&!#.!#8&%.!(%!Z.D'*%2%*![-%!0%!*%2'&'=2.!#.!5#-*.#+(.(!#+&Fj801+2.!%&!"05.6.3!0%FM&!
#'!5*%D+01'!%&!%#!.*1N!]N]!/"3!4%(+.&1%!#.!.2%51.2+K&!(%!0-!5*%0%&2+.!%&!#.0!.21-.2+'&%0!.&1%!
K*F.&'0![-%!0'&!%\5'&%&1%0!(%!#.!F#',.#+(.(!(%#!"01.('N!"#!4.&(.1'!F%&<*+2'!(%!5*'1%22+K&!
(%!#.!5#-*.#+(.(!#+&Fj801+2.!(%#!.*1N!]N]!/"!.5%&.0!@.,*8.!*%2+,+('!.1%&2+K&3!@.01.!#.!Z%2@.3!5'*!
#.0! +&01+1-2+'&%0! 2%&1*.#%0! (%#! "01.('! G3! Z*%&1%! .! %01%! '#D+('3! %#! "01.1-1'! 4+*.! .! #.! %Z%21+D.!
.5#+2.2+K&! (%! #.0! 5*%D+0+'&%0! 2'&01+1-2+'&.#%0! *%#.1+D.0! .#! *%05%1'! G! 5*'1%22+K&! (%#!
5#-*+#+&Fj804'!%05.6'#3!5.1*+4'&+'!2'4M&!(%!1'('0N!$'*!'1*'!#.('3!#.!(%#+4+1.2+K&!1%**+1'*+.#!
(%!#.!'Z+2+.#+(.(!(%!#.!#%&F-.!2'&1%&+(.!%&!%#!.*1N!]NS!/"!&'!2'45'*1.*8.3!(%!Z'*4.!.-1'4?1+2.3!
-&! D%1'! .! 5'0+,#%0! %Z%21'0! %\1*.1%**+1'*+.#%0! %&! .05%21'0! 2'&2*%1'03! 2'4'! #'0! .[-8! *%F-#.('03!
2'&!2.*?21%*!%\2%52+'&.#!G!C-01+Z+2.('N!>+&!5%*C-+2+'!(%!.(D%*1+*!(%![-%!1.#%0!%Z%21'0![-%(.*8.&!
(+Z%*+('0!@.01.!1.&1'!0%!.*1+2-#%!%#!5*'2%(+4+%&1'!'5'*1-&'!%&!#.!#%F+0#.2+K&!2'**%05'&(+%&1%3!
0%! *%2-%*(.! [-%! %&! (+Z%*%&1%0! "01.1-1'0! (%! L-1'&'48.3! 2'4'! 1.4,+<&! 0-2%(%! %&! '1*.0!
(+05'0+2+'&%0! %01.1.#%0! D+F%&1%03! 0%! 5*%D<&! 2'&! &.1-*.#+(.(! 0-5-%01'0! (%! %\1*.1%**+1'*+.#+(.(N!
L083! %&! %#! .*1N! XQ! (%#! "01.1-1'3! [-%! &'! @.! 0+('! +45-F&.('3! '! %&! %#! H%F#.4%&1'! (%#! >%&.('3!
('&(%! (%0(%! XYYT! 0%! 5%*4+1%! %#! %45#%'! (%! #.0! #%&F-.0! 2''Z+2+.#%0! %&! (%1%*4+&.(.0!
2+*2-&01.&2+.0N!b&2#-0'!0%!*%2-%*(.![-%!%#!2.1.#?&3!.-&[-%!&'!0%.!#%&F-.!'Z+2+.#!%&!#.!h&+K&!
"-*'5%.3!@.!4%*%2+('!%#!*%2'&'2+4+%&1'!(%!-&!-0'!#+4+1.('3!0%FM&!#'!5*%D+01'!%&!%#!L2-%*('!
(%#!/'&0%C'!(%!7+&+01*'0!(%!L0-&1'0!:%&%*.#%0!G!(%!H%#.2+'&%0!"\1%*+'*%0!(%!X]!(%!C-&+'!(%!
SPPR3!.('51.('!%&!*%05-%01.!.!#.!0'#+2+1-(!%#%D.(.!5'*!%#!:',+%*&'!%05.6'#!%&!(+2+%4,*%!(%!
SPPQN!
!
/'&0%2-%&1%4%&1%3! @.,*8.! (%! 0%*! #.! *%F-#.2+K&! 5*'2%(+4%&1.#! 5*'5+.! (%! #'0! K*F.&'0!
2'&01+1-2+'&.#%0! G! C-*+0(+22+'&.#%0! (%! ?4,+1'! %01.1.#! #.! [-%! %01.,#%=2.! %#! 4<1'('! &%2%0.*+'!
!
OR
5.*.! [-%! 0%! .1+%&(.&! G! 1*.4+1%&! #'0! %02*+1'0! 5*%0%&1.('0! %&! 2.1.#?&3! 4.1%*+.#+=.&('! #.0!
5*%D+0+'&%0!(%#!.*1N!]]NRN!$'*!%##'3!(%,%*8.!*%2'&'2%*0%![-%!%01.0!5*%D+0+'&%0!2.*%2%&3! 5'*! %#!
4'4%&1'3! (%! %Z%21'0! 5*?21+2'0! G! (%,%*8.&! %&1%&(%*0%! 2'4'! 5*%D+0+'&%0! (%! Z-1-*'! [-%! 0%!
'*+%&1.&! .! #.! +&2'*5'*.2+K&! %Z%21+D.! (%! #.! *+[-%=.! 2-#1-*.#! (%#! 5#-*+#+&Fj804'! %05.6'#! %&! #'0!
K*F.&'0!2%&1*.#%0!(%#!"01.('N!
!
$'*!#'![-%!@.2%!.!#'0!*%5*'2@%0!(+*+F+('0!.!#'0!.*10N!]Q!G!RPNQ!G!R3!.#%F.!%#!"C%2-1+D'!
2.1.#?&![-%!#'0!.21'*%0!.(4+1%&!-&.!#%F81+4.!+&1%*D%&2+K&!(%!#'0!5'(%*%0!5M,#+2'0!#+4+1.('*.!
(%!#.!#+,%*1.(!(%!%45*%0.3!%&!%#!*%05%1'!.#!.*1N!]O!/"!G3!5'*!1.&1'3!%&!1<*4+&'0!(%!.(%2-.2+K&!G!
5*'5'*2+'&.#+(.(N!"&!'5+&+K&!(%#!:',+%*&'!(%!#.!:%&%*.#+1.13!%0!.(%2-.('![-%!.#!(%*%2@'!(%!
%#%F+*!#.!#%&F-.!%&![-%!(%0%.&!0%*!.1%&(+('0!#'0!2'&0-4+('*%0!G!-0-.*+'0!0%!2'**%05'&(.!-&!
2'**%#.1+D'!(%,%*!(%!.1%&2+K&!5'*!5.*1%!(%!#.0!%45*%0.0!(%!0%*D+2+'0!G!2'4%*2+'0e!+F-.#4%&1%3!
#.!C-01+Z+2.2+K&!(%!%0%!(%,%*!F-.*(.!*%#.2+K&!(+*%21.!2'&!#.!5'0+,+#+(.(!(%!-&!%C%*2+2+'!%Z%21+D'!
(%#!(%*%2@'!.!-1+#+=.*!#.0!#%&F-.0!'Z+2+.#%0!g.*10N!]!/"!G!T!"L/c3!.6.(+<&('0%3!5'*!M#1+4'![-%!
0%!%01.,#%2%!0K#'!%&!-&!F*.('!%#%4%&1.#!G!F%&<*+2'3!1*.1.&('!5'*!+F-.#!.!#.0!#%&F-.0!'Z+2+.#%03!
(%!4'('![-%!#.!2'&2*%2+K&!(%#!(%*%2@'!(%!(+05'&+,+#+(.(!#+&Fj801+2.!0%!*%4+1%!.!#'0!1<*4+&'0!
%01.,#%2+('0!5'*!#%G3!0%FM&!%#!5*'5+'!.*1N!]QN!"&!#.!&'*4.1+D.!D+F%&1%3!%#!.*1N!]SNX!(%!#.!U%G!(%#!
$.*#.4%&1'! (%! /.1.#-6.! XWXYYO3! (%! 5'#81+2.! #+&Fj801+2.3! 2'&Z+F-*.! %#! 2+1.('! (%,%*! (%!
(+05'&+,+#+(.(! %&! %#! ?4,+1'! 5*+D.('N! "&! (+2@'! 5*%2%51'! 0%! %01.,#%2%! [-%! %#! -0'! 5'*! %#!
2'&0-4+('*!(%!#.!#%&F-.!'Z+2+.#!(%!0-!%#%22+K&!&'!5-%(%!0%*!+45%(+4%&1'!5.*.![-%!0%!##%D%!.!
2.,'! #.! 1*.&0.22+K&! 2'4%*2+.#! '! (%! 0%*D+2+'0! (%0%.(.N! "01.! 5*%D+0+K&! #%F.#! 0%*8.! 5#%&.4%&1%!
2'&01+1-2+'&.#! .#! &'! 2'45'*1.*! %#! %01.,#%2+4+%&1'! (%! #.! ',#+F.2+K&! (%! [-%! 0%! -0%! 0+%45*%! #.!
4+04.! #%&F-.! %&! 1'(.0! #.0! 2'4-&+2.2+'&%0! '*.#%0! G! %02*+1.03! 0+&'! 0K#'! %#! (%*%2@'! .! 0%*!
.1%&(+('!%&!#.!#%&F-.!5'*!#.![-%!0%!(%2.&1%!%#!2'&0-4+('*!'!-0-.*+'N!
!
$'*!'1*.!5.*1%3!%&!#.!(%4.&(.!0%!@.2%!%\1%&0+D'!.!#'0!.5.*1.('0!2-.*1'!G![-+&1'!(%#!.*1N!
RP! #.! 2%&0-*.! (+*+F+(.! 2'&1*.! %#! .*1N! ]QN! "01%! *%5*'2@%! 0%! *%2@.=.! 5'*[-%! &+&F-&'! (%! %01'0!
.5.*1.('0!1+%&%!2'4'!(%01+&.1.*+'0!.!#'0!5.*1+2-#.*%03!0+&'!.!#'0!5'(%*%0!5M,#+2'0N!"&!%#!2.0'!
(%#!.*1N!RPNQ3!0%!5*%D<!#.!.22+K&!(%!Z'4%&1'!(%#!-0'!(%!#.!#%&F-.!2.1.#.&.3![-%!&'!%\2#-G%!%#!
%45#%'! (%! #.! 2.01%##.&.N! f! %&! %#! (%#! .*1N! RPNR3! 0%! (+*+F%! .! #.! :%&%*.#+1.13! #.! L(4+&+01*.2+K&!
#'2.#3!#.0!2'*5'*.2+'&%0!5M,#+2.0!(%!/.1.#-6.3!+&01+1-2+'&%0!G!%45*%0.0!(%5%&(+%&1%0!(%!%##.03!
G!#'0!2'&2%0+'&.*+'0!(%!0-0!0%*D+2+'03!5'*!#'![-%!0K#'!4%&2+'&.!.!#.0!%45*%0.0!G!5.*1+2-#.*%0!
[-%!4.&1+%&%&!-&.!%05%2+.#!*%#.2+K&!2'&!#.0!L(4+&+01*.2+'&%0!5M,#+2.0!(%!/.1.#-6.N!$'*!'1*'!
#.('3! .#! *%Z%*+*0%! 0+%45*%! .#! Z'4%&1'! G! (+Z-0+K&! (%#! 2.1.#?&! g*M,*+2.! (%#! .*1N! RPc3! %01.0!
!
OT
5*%D+0+'&%0!&'!%\2#-G%&!%#!-0'!(%!'1*.0!#%&F-.0!G!1+%&%&!-&!D.#'*!'*+%&1.('*!(%!#.!.21-.2+K&!(%!
#'0!5'(%*%0!5M,#+2'03!2-G.!%Z%21+D+(.(!(%5%&(%*?!(%!#'![-%!<01'0!(%2+(.&!%&!%#!Z-1-*'N!
!
"&!2-.&1'!.#!.*1N!]R3![-%!&'!0%*8.!-&.!&'*4.!.1*+,-1+D.!(%!2'45%1%&2+.3!%#!:',+%*&'!(%!
#.!:%&%*.#+1.1!*%2@.=.!%#!0%&1+('!%\2#-G%&1%![-%!#%!.1*+,-G%&!#'0!.21'*%03!5-%0!&'!(+2%!`&+!toda
la enseñanza!&+!sólo en catalánaN!U.!@.,+1-.#+(.(!(%#!-0'!(%#!2.1.#?&!5*%(+2.(.!%&!%#!5*%2%51'!
%01.1-1.*+'! &'! 0+F&+Z+2.*8.! %\2#-0+D+(.(! '! %\2#-0+K&! (%#! -0'! (%#! 2.01%##.&'3! 2'&Z'*4%! .! #.!
('21*+&.! 0%&1.(.! %&! #.! >)/! ]]_WXYYQ3! (%! S]! (%! (+2+%4,*%3! 2'4'! (%4'01*.*8.! #.! *%Z%*%&2+.!
%\5*%0.!.!.4,.0!#%&F-.0!2'&1%&+(.!%&!%#!.*1N!]RNSN!L(%4?03!0%!*%2-%*(.![-%!%&!%#!.*1N!TNS!(%#!
"01.1-1'!(%!L-1'&'48.!(%!#.!/'4-&+(.(!A.#%&2+.&.3!*%Z'*4.('!5'*!#.!*%2+%&1%!U%G!V*F?&+2.!
XWSPPT3! 0%! 5*'2#.4.! %#! (%*%2@'! `.! *%2+,+*! #.! %&0%6.&=.! (%#3! G! %&3! +(+'4.! D.#%&2+.&'a3! 0+&!
*%Z%*%&2+.!%\5*%0.!.#!2.01%##.&'N!k'!',01.&1%!%01.!.-0%&2+.3!%#!5*%2%51'!&'!@.!0-02+1.('!*%5.*'!
.#F-&'N!
!
$'*!#'![-%!@.2%!.#!.*1N!]T3!.Z+*4.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!%0!2'@%*%&1%!2'&!#.!
(%2#.*.2+K&! (%! 'Z+2+.#+(.(! (%#! .*.&<0! %&! %01.! 2'4.*2.! 2.1.#.&.3! #'! [-%! 2'45'*1.! [-%! #.0!
5%*0'&.03!%&!-0'!(%!0-!(%*%2@'!(%!'52+K&!#+&Fj801+2.3!5-%(.&!-1+#+=.*!#.!#%&F-.!'Z+2+.#!(%!0-!
%#%22+K&! %&! #.0! *%#.2+'&%0! 'Z+2+.#%0N! $'*! 0-! 5.*1%3! %#! %45#%'!(%! #.! %\5*%0+K&! `2+-(.(.&'0! (%!
L*?&a! #'! 0%*8.! (%! -&! 1<*4+&'! 5%*Z%21.4%&1%! .5#+2.,#%! 5.*.! ?4,+1'0! F%'F*?Z+2'0! (+D%*0'0! G!
5.*2+.#4%&1%! 2'+&2+(%&1%0! %&1*%! 083! 5-%0! ,+%&! 5-%(%! @.,#.*0%! (%! `2+-(.(.&'0! (%! U%K&3!
2+-(.(.&'0!(%!^*.&2+.3!G!@.01.!(%!2+-(.(.&'0!%-*'5%'0a!0+&!',01.2-#+=.*!'!4%&'02.,.*!%#!-0'!
(%!#.!%\5*%0+K&!`2+-(.(.&'0!%05.6'#%0a!2-.&('!5*'2%(.N!
!
$.*.! 2%**.*! %01.0! .#%F.2+'&%0! .#! 2.581-#'! (%(+2.('! .! #'0! (%*%2@'0! G! (%,%*%0!
#+&Fj801+2'03!0%!*%+1%*.![-%!#.!*%F-#.2+K&!+&1*'(-2+(.!5'*!%#!%01.1-G%&1%!(%!SPPT!%0!5*'5+.!(%!#.!
Z-&2+K&! 2'&01+1-2+'&.#! [-%! %#! .*1N! ]NS! /"! #%! .0+F&.3! %01'! %03! (%2+(+*! 0',*%! #.! 'Z+2+.#+(.(! (%#!
2.1.#?&!G!(%Z+&+*!0-!.#2.&2%3!2'0.![-%!0%!@.!5*'(-2+('!2'&!-&!1'1.#!*%05%1'!(%!#'0!5*+&2+5+'0!
2'&01+1-2+'&.#%0! G! 0+&! %&1*.*! .! (%1%*4+&.*! #'0! 2'&1%&+('0! 4.1%*+.#%0! [-%! 2'**%05'&(%&! .#!
#%F+0#.('*!%01.1.#N!
!
"&!*%#.2+K&!2'&!#'0!.*10N!]_!G!]O3!0%!.#%F.3!%&!2-.&1'!.#!5*+4%*'3![-%!0'&!1*.0#.(.,#%0!
#.0! *.='&%0! G.! %\5-%01.0! %&! %01%! .&1%2%(%&1%! %&! (%Z%&0.! (%! #'0! .*10N! ]S! G! ]TN! "&! 2-.&1'! .#!
0%F-&('3! %#! "C%2-1+D'! 2.1.#?&! 0'01+%&%! [-%! %#! /'&0%C'! (%! :.*.&18.0! "01.1-1.*+.0! %C%*2%*8.! -&!
2'&1*'#! 5*%D%&1+D'! (%! +&+2+.1+D.0! #%F+0#.1+D.0! [-%! 2.*%2%! (%! 2.*?21%*! C-*+0(+22+'&.#! G! [-%!
!
O_
2'45#%4%&1.3! 5%*'! &'! 0-01+1-G%3! .#! 2'&1*'#! C-*+0(+22+'&.#! (%! %0.0! +&+2+.1+D.03! [-%! -&.! D%=!
.5*',.(.0! 2'&! 2.*?21%*! (%! #%G! 2'**%05'&(%3! +&(-(.,#%4%&1%3! .#! )*+,-&.#! /'&01+1-2+'&.#N!
L(%4?03!%#!*<F+4%&!(%!5*'1%22+K&!(%!#'0!(%*%2@'0!Z-&(.4%&1.#%0!2'&1%&+('!%&!%#!.*1N!R]!/"!
&'! 5'(*8.! %&1%&(%*0%! .Z%21.('! -! ',01.2-#+=.('! 5'*! %#! *%2'&'2+4+%&1'! .! Z.D'*! (%! -&.!
+&01+1-2+K&!%01.1-1.*+.!(%!#.!Z.2-#1.(!(%!1-1%#.!(%!#'0!(%*%2@'0!%01.1-1.*+'0N!
!
>%! *%2-%*(.3! 5'*! '1*'! #.('3! [-%! %#! /'&0%C'! /'&0-#1+D'! G.! (+05'&8.! %&! %#! "01.1-1'! (%!
L-1'&'48.! (%! XY_Y! (%! #.! Z.2-#1.(! (%! (+21.4+&.*! 0',*%! #.! .(%2-.2+K&! .#! "01.1-1'! (%! #.0!
+&+2+.1+D.0!#%F+0#.1+D.0!0'4%1+(.0!.!(%,.1%!%&!%#!$.*#.4%&1'!(%!/.1.#-6.N!k+!%&1'&2%0!&+!.@'*.!
0%!2-%01+'&.!%#!4'&'5'#+'!(%!2'&1*'#!(%!2'&01+1-2+'&.#+(.(!(%!#.0!#%G%0![-%!'01%&1.!%#!)*+,-&.#!
/'&01+1-2+'&.#N! 7'&'5'#+'! [-%3! 0+&! %4,.*F'3! &'! 5-%(%! %\1%&(%*0%! .! #.! Z-&2+K&! (%!
+&1%*5*%1.2+K&! (%! #.! /'&01+1-2+K&3! 5-%0! <01.! %0! -&.! 1.*%.! [-%! (%,%&! 2-45#+*! 1'('0! #'0!
'5%*.('*%0! C-*8(+2'0N! bF-.#4%&1%3! 0%! 0-,*.G.! [-%! #.! Z-&2+K&! [-%! (%0%45%6.! %#! /'&0%C'! (%!
:.*.&18.0!"01.1-1.*+.0!0%!+&0%*1.!%&!%#!5*'2%(+4+%&1'!#%F+0#.1+D'3!2-G.!*%F-#.2+K&!2'**%05'&(%!
.#! "01.1-1'! (%! L-1'&'48.N! h&.! D%=! .5*',.(.! #.! #%G! .-1'&K4+2.3! %#! %&C-+2+.4+%&1'! (%! 0-!
D.#+(%=! 2'**%05'&(%! M&+2.4%&1%! .#! )*+,-&.#! /'&01+1-2+'&.#3! 2-G.! C-*+0(+22+K&! &'! 0%! D%*8.!
.Z%21.(.! 5'*! #.! *%F-#.2+K&! (%#! .*1N! ]ONXN! "&! (%Z%&0.! (%#! .*1N! ]ONS! 0%! .#%F.! 5'*! %#! "C%2-1+D'3!
.&1%0! (%! *%4+1+*0%! .! #.0! .#%F.2+'&%0! Z'*4-#.(.0! %&! *%#.2+K&! 2'&! %#! 181-#'! bbb! (%#! "01.1-1'!
g.&1%2%(%&1%0!QS!G!0+F-+%&1%0c3![-%!&.(.!2.,%!',C%1.*!.!#.!2.5.2+(.(!(%#!"01.1-1'!(%!*%4+1+*0%!
.!#.0!#%G%0!5*'2%0.#%0!G3!%&!0-!2.0'3!.!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!5.*.!(%1%*4+&.*!.&1%!
[-+<&!G!%&![-<!0-5-%01'0!2.,%!+&1%*5'&%*!%01%!*%2-*0'!.&1%!%#!)*+,-&.#!>-5%*+'*!(%!;-01+2+.!(%!
/.1.#-6.N!
!
H%05%21'!(%#!.*1N!QXNR3!G!1*.0!(%01.2.*![-%!#.!.*F-4%&1.2+K&!(%#!*%2-*0'!.('#%2%!(%!-&.!
F*.&!+45*%2+0+K&3!.Z+*4.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!#.!+45'0+2+K&!(%!-&.!',#+F.2+K&!.!
#'0! 5'(%*%0! 5M,#+2'0! 1%&(%&1%! .! D%#.*! 5.*.! 5*%0%*D.*! #.! (+F&+(.(! (%! #.! 4-C%*! %&! .[-%##.0!
2-%01+'&%0![-%!.Z%21.&!.!0-!+&1%F*+(.(!G!.!0-!,+%&%01.*!Z80+2'!G!4%&1.#!2'&!#'0!#84+1%0![-%!2'&!
2.*?21%*! F%&%*.#3! %0! (%2+*3! 5.*.! 1'('0! #'0! (%*%2@'0! G! 5*+&2+5+'0! *%21'*%0! 5*%D+01'0! %&! %#!
"01.1-1'3!G!2'&!2.*?21%*!%05%28Z+2'3!5.*.!%01%!5*+&2+5+'!%01.,#%2+('0!%&!%#!4+04'!.*182-#'3!&'!
5-%(%!%&1%&(%*0%!2'&1*.*+'!.#!(%*%2@'!.!#.!D+(.!(%#!.*1N!XR!/"N!"&!5.*1+2-#.*3!0+!0%!.1+%&(%!.!#.0!
2.-1%#.0! (%#! .*1N! ]_NQ3! [-%! +45+(%! #.! +&1%*5*%1.2+K&! (%#! 5*%2%51'! `(%! Z'*4.! 2'&1*.*+.! .! #.0!
5*%D+0+'&%0! 2'&01+1-2+'&.#%0aN! /'&0%2-%&1%4%&1%3! &'! 0%*8.! (%! *%2+,'! -&.! +45-F&.2+K&!
5*%D%&1+D.3!('&(%!0%!.D.&=.!#.!%D%&1-.#!.('52+K&!(%!5'#81+2.0!5M,#+2.0!2'&1*.*+.0!.#!(%*%2@'!.!
#.! D+(.N! U#%F.('! %#! 2.0'3! #.! (%&-&2+.! (%! D-#&%*.2+K&! 2'&01+1-2+'&.#! (%,%*8.! (+*+F+*0%! 2'&1*.!
!
OO
%0'0! (%0.**'##'0! (%#! 5*%2%51'! G! &'! 2'&1*.! <01%3! 5-%0! #.! Z+&.#+(.(! (%#! *%2-*0'! (%!
+&2'&01+1-2+'&.#+(.(! &'! %0! #.! ',1%&2+K&! (%! (%2#.*.2+'&%0! 5*%D%&1+D.0! g%&1*%! '1*.03! >)/!
QYWXYOQ3!(%!R!(%!.,*+#cN!
!
"#! :',+%*&'! 2.1.#?&! .(4+1%! [-%! %#! .*1N! RS! +&1*'(-2%! #.! &%-1*.#+(.(! (%! #'0! 4%(+'0! (%!
2'4-&+2.2+K&! (%! 1+1-#.*+(.(! G! F%01+K&! 5M,#+2.3! 5*+&2+5+'! [-%! &'! %01?! 2'&01+1-2+'&.#4%&1%!
5*%D+01'!2'4'!#84+1%!.#!(%*%2@'!.!#.!+&Z'*4.2+K&!G!#.!#+,%*1.(!(%!%\5*%0+K&N!>+&!%4,.*F'3!(%!
%0.! &'D%(.(! &'! 0%! +&Z%*+*8.! 2'&1*.(+22+K&! .#F-&.! 2'&! #.! *%F-#.2+K&! 2'&01+1-2+'&.#! (%! %01'0!
(%*%2@'0!Z-&(.4%&1.#%0!%&!2-.&1'![-%!0+*D%!(%!F.*.&18.!(%!-&.!'5+&+K&!5M,#+2.!#+,*%!%&!-&.!
0'2+%(.(!(%4'2*?1+2.!.#!.0%F-*.*![-%!#.0!+&Z'*4.2+'&%0!G!D+0+'&%0!(%!#.!0'2+%(.(!1*.&04+1+(.0!
5'*! %01'0! 4%(+'0! (%! 2'4-&+2.2+K&! +&1%F*%&! -&.! +4.F%&! *.='&.,#%4%&1%! 2'45#%1.! G!
5*'5'*2+'&.(.! (%! #.! *%.#+(.(! 0'2+.#N! ).45'2'! 2'#+0+'&.*8.! 2'&! #'0! .*10N! XO! G! SP! /"! %#!
4.&(.1'3! (+*+F+('! .! #'0! 5'(%*%0! 5M,#+2'0! (%! /.1.#-6.3! (%! 5*'4'D%*! #.0! F.*.&18.0! 5.*.! %#!
%C%*2+2+'! (%! %01%! (%*%2@'3! 5-%0! 0%! 1*.1.! (%! -&.! ',#+F.2+K&! [-%! 5%0.! 0',*%! 1'('0! #'0! 5'(%*%0!
5M,#+2'0!g.*1N!R]!/"c!G!#.!:%&%*.#+1.1!(+05'&%!(%!2'45%1%&2+.0!%&!%#!?4,+1'!(%!#'0!4%(+'0!(%!
2'4-&+2.2+K&!0'2+.#N!
!
]SN! "#! $.*#.4%&1'! (%! /.1.#-6.! .#%F.! 0',*%! #.! 2'&01+1-2+'&.#+(.(! (%! #'0! 5*%2%51'0!
+45-F&.('0! (%#! 181-#'! b! 2'4%&=.&('! 5'*! -&.0! 2'&0+(%*.2+'&%0! F%&%*.#%0! *%#.1+D.0! .! #.!
#%F+1+4+(.(!(%!#.!%\+01%&2+.!4+04.!(%!-&!181-#'!0',*%!(%*%2@'03!.Z+*4.&('![-%!%#!"01.1-1'!&'!
*%(-2%!&+!4'(+Z+2.!'!.#1%*.!(%!4.&%*.!.#F-&.!#'0!(%*%2@'0!Z-&(.4%&1.#%0!*%2'&'2+('0!%&!#.!
/'&01+1-2+K&3! 1.#! G! 2'4'! %01.,#%2%! %\5*%0.4%&1%! %#! .*1N! ]_NQN! U'! [-%! 08! @.*8.! %#! "01.1-1'! %0!
2'&2*%1.*! .#F-&'0! (%*%2@'0! G! (%,%*%0! 2-G.! +&2'*5'*.2+K&! &'! 2'&1*.D+%&%! &+! D+'#%&1.! #.0!
5*%D+0+'&%0!(%#!.*182-#'!XQ_NS!/"3!5-%0!2'4'!@.!(%2#.*.('!%#!)*+,-&.#!g>)/!QTWXYYX3!(%!SO!
(%! Z%,*%*'3! %&1*%! '1*.0! 4-2@.0c3! #.! 5'1%01.(! #%F+0#.1+D.! (%! #.0! /'4-&+(.(%0! L-1K&'4.0!
2'&Z+%*%!.#!V*(%&.4+%&1'!-&.!%01*-21-*.!2'45-%01.!5'*!',*.!(%!#.!2-.#!5-%(%!0%*!(+01+&1.!#.!
5'0+2+K&! C-*8(+2.! (%! #'0! 2+-(.(.&'0! %&! #.0! (+01+&1.0! 5.*1%0! (%#! 1%**+1'*+'! &.2+'&.#N! q-%! %#!
"01.1-1'! +&2#-G.! -&! 2'&1%&+('! .(+2+'&.#! *%#.1+D'! .! 2+%*1'0! (%*%2@'0! G! 5*+&2+5+'0! *%21'*%0! &'!
0K#'!&'!0%*8.!2'&1*.*+'!.!#.!/'&01+1-2+K&3![-%!%&!0-!.*182-#'!XQ_NS!4.*2.!-&!2'&1%&+('!48&+4'3!
0+&'! [-%! 2'&01+1-+*8.! -&.! 2'&0%2-%&2+.! (%*+D.(.! (%#! 5*+&2+5+'! .-1'&K4+2'N! U'0! (%*%2@'0!
*%2'&'2+('0! G! F.*.&1+=.('0! %&! #.! /'&01+1-2+K&! 0%*8.&! 2'45.1+,#%0! 2'&! #.! %\+01%&2+.! (%!
(%*%2@'0! %&! %#! 4.*2'! (%! #.0! /'4-&+(.(%0! L-1K&'4.03! (%*+D.('0! (%#! (%0.**'##'! (%! #.0!
5'#81+2.0!5*'5+.0![-%!@.&!.0-4+('N!U.!+F-.#(.(!%&!#'0!(%*%2@'0!5.*.!1'('0!#'0!%05.6'#%0!&'!0%!
'5'&(*8.! .! [-%! %&! %#! %C%*2+2+'! (%#! (%*%2@'! .! #.! .-1'&'48.! G! %&! %#! 4.*2'! (%! #.0! 5'#81+2.0!
!
OY
5*'5+.0! (%*+D.(.0! (%! .[-<#3! 0-*C.&! &-%D'0! (%*%2@'03! [-%! %&! &+&FM&! 2.0'! 0-5'&(*8.&! -&.!
*%'*(%&.2+K&!2'45%1%&2+.#!'!#.!.1*+,-2+K&!(%!&-%D'0!181-#'0!2'45%1%&2+.#%0N!
!
>%6.#.! 1.4,+<&! #.! *%5*%0%&1.2+K&! 5*'2%0.#! (%#! $.*#.4%&1'! [-%! 2'&! 5'01%*+'*+(.(! .! #.!
+&1%*5'0+2+K&!(%#!5*%0%&1%!*%2-*0'!#'0!.21'*%0!@.&!D'1.('!Z.D'*.,#%4%&1%!.!#.!%\+01%&2+.!(%!-&!
181-#'!(%!%01.!&.1-*.#%=.!%&!%#!"01.1-1'!(%!L&(.#-28.!2-G'!2'&1%&+('!2'+&2+(%!#+1%*.#4%&1%!%&!
4-2@'0!5-&1'0!2'&!%#!(%!/.1.#-6.N!>-5'&+%&('![-%!#.!0.#+(.!&.1-*.#!0%*8.!%#!(%0+01+4+%&1'!(%#!
*%2-*0'3!%#!*%01'!(%!#.0!.#%F.2+'&%0!0',*%!%01%!5-&1'!0%!(+2%&!D%*1+(.0!0K#'!5.*.!%#!2.0'!(%![-%!
&'!2'&2-**+%*.!(+2@.!%D%&1-.#+(.(N!
!
"&!2-.&1'!.#!.*1N!SP3!.#%F.!#.!/?4.*.![-%!0-!2'&1%&+('!2'+&2+(%!0-01.&2+.#4%&1%!2'&!%#!
(%! #.! U%G! SXWSPPP3! (%! SY! (%! (+2+%4,*%3! (%#! $.*#.4%&1'! (%! /.1.#-6.3! 0+4+#.*! .! #.0! (%! '1*.0!
/'4-&+(.(%0!L-1K&'4.0!G!.!#.!U%G!%01.1.#!QXWSPPS3!(%!XQ!(%!&'D+%4,*%3!,?0+2.!*%F-#.('*.!
(%! #.! .-1'&'48.! (%#! 5.2+%&1%! G! (%! #'0! (%*%2@'0! G!',#+F.2+'&%0! %&! 4.1%*+.! (%! +&Z'*4.2+K&! G!
('2-4%&1.2+K&!2#8&+2.N!"01.!*%F-#.2+K&3!.!0-!D%=3!0%!%&2-%&1*.!%&4.*2.(.!%&!%#!/'&D%&+'!(%#!
/'&0%C'!(%!"-*'5.!5.*.!#.!5*'1%22+K&!(%!#'0!(%*%2@'0!@-4.&'0!G!#.!(+F&+(.(!(%#!0%*!@-4.&'!
*%05%21'!.!#.0!.5#+2.2+'&%0!(%!#.!,+'#'F8.!G!#.!4%(+2+&.3!0-02*+1'!%&!VD+%('!%#!Q!(%! .,*+#! (%!
XYY_3!*.1+Z+2.('!5'*!b&01*-4%&1'!(%!S]!(%!C-#+'!(%!XYYY3!G!%&!D+F'*!%&!"05.6.!(%0(%!%#!X!(%!
%&%*'! (%! SPPPN! >+! %#! 4'1+D'! (%! +45-F&.2+K&! Z-%*.! #.! *%0%*D.! (%! #%G! '*F?&+2.3! 2.*%2%*8.!
.,0'#-1.4%&1%! (%! Z-&(.4%&1'3! 5-%0! 0%! 1*.1.! (%!-&! .*182-#'! [-%3! 5.*.! #.! /?4.*.3! 0%! #+4+1.! .!
*%2'F%*! 5*+&2+5+'0! G.! *%F-#.('0! %&! #.! 5*'5+.! #%F+0#.2+K&! .-1'&K4+2.! G! %&! %C%2-2+K&! (%!
4.&(.1'0! %01.,#%2+('0! %&! +&01*-4%&1'0! +&1%*&.2+'&.#%0! (%! ',#+F.('! 2-45#+4+%&1'N!
7.1%*+.#4%&1%3! %#! .*182-#'! 2'&%21.*8.! 2'&! #.! *%F-#.2+K&! (%#! (%*%2@'! 2'&01+1-2+'&.#! (%!
5*'1%22+K&!(%!#.!0.#-(3!2-G'!(%0.**'##'!&'!5*%2+0.!(%!#%G!'*F?&+2.!5'*!%&2'&1*.*0%!*%F-#.('!%&!
%#! .*182-#'! Q]NX! /"3! G! %&! &+&FM&! 2.0'! (%0.**'##.*8.! .05%21'0! 0-01.&2+.#%0! (%! #'0! (%*%2@'0!
Z-&(.4%&1.#%0! .! #.! D+(.! G! .! #.! +&1%F*+(.(! Z80+2.3! 0+&'! [-%! %01.,#%2%*8.! -&.0! 5*%D+0+'&%0!
4%*.4%&1%!2'#.1%*.#%0!(%!%01'0!(%*%2@'0!%&!%#!?4,+1'!0.&+1.*+'3!+&&'D.&('!*%05%21'!.!#'![-%!
%01.,#%2%!#.!/'&01+1-2+K&N!
!
"&!#'![-%!@.2%!.#!.*1N!SXNX!G!S3!.#%F.!%#!$.*#.4%&1'!2.1.#?&![-%!%#!.5.*1.('!X!.5%#.!.!#.!
2.#+(.(! (%! #.! %(-2.2+K&! 2'4'! (%*%2@'! (%! #.0! 5%*0'&.0! G! 2'4'! &'*4.! '*+%&1.('*.! (%! #.!
.21-.2+K&! (%! #.! :%&%*.#+1.13! [-%! %0! .! [-+%&! %#! 4+04'! "01.1-1'! .1*+,-G%! 2'45%1%&2+.0!
%\2#-0+D.0! %&! %0%! ?4,+1'3! %&! #'0! 1<*4+&'0! (%#! .*1N! X]XN! /'&! %##'! &'! 0%! 2'&1*.D%&(*8.! &+! 0%!
(%0.**'##.*8.! %#! &M2#%'! %0%&2+.#! (%#! (%*%2@'! .! #.! %(-2.2+K&! F.*.&1+=.('! %&! %#! .*1N! S_! /"N! "#!
!
YP
0%F-&('! .5.*1.('! (%#! .*1N! SX! 2.#+Z+2.! (%! #.+2.! .! #.! %&0%6.&=.! %&! #.0! %02-%#.0! (%! 1+1-#.*+(.(!
5M,#+2.! G3! 5.*.! %#! $.*#.4%&1'3! 2'&Z'*4%! .#! E+22+'&.*+'! (%! #.! H%.#! L2.(%4+.! "05.6'#.3! %##'!
0+F&+Z+2.! [-%! %01.! %&0%6.&=.! 0%*?! +&(%5%&(+%&1%! (%! 2-.#[-+%*! '*F.&+=.2+K&! '! 2'&Z%0+K&!
*%#+F+'0.N!k'!0%!*%Z%*+*8.!.!#.!%&0%6.&=.!5M,#+2.!%&!F%&%*.#3!0+&'!.!#.![-%!0%!+45.*1%!%&!2%&1*'0!
5M,#+2'0N! "#! .*1N! XTN]! /"! 5*%02*+,%! [-%! &+&F-&.! *%#+F+K&! 1%&(*?! 2.*?21%*! %01.1.#3! 2'4'! -&.!
#KF+2.!2'&0%2-%&2+.!(%#!5*+&2+5+'!F%&%*.#!(%!0%5.*.2+K&!%&1*%!%#!"01.('!G!#.!bF#%0+.3!%&1%&(+(.!
%01.!%\5*%0+K&!(%!Z'*4.!2'45*%&0+D.!(%!1'(.0!#.0!4.&+Z%01.2+'&%0!(%!2-#1'!*%#+F+'0'N!
!
U.! 0%5.*.2+K&! %&1*%! %#! "01.('! G! #.! *%#+F+K&! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i3!
(%*+D.(.!(%#!2.*?21%*!.2'&Z%0+'&.#!(%!.[-<#3!2'45'*1.![-%!%&!#.!%02-%#.!5M,#+2.!&'!0%!+45.*1.!
Z'*4.2+K&!*%#+F+'0.N!"##'!0%*8.3!0+&!%4,.*F'3!2'45.1+,#%!2'&!%#!*%2'&'2+4+%&1'!2'&01+1-2+'&.#!
(%! #.0! #+,%*1.(%0! +(%'#KF+2.! G! *%#+F+'0.! G! 2'&! %#! (%*%2@'! .! #.! %(-2.2+K&! G! .! *%2+,+*! -&.!
Z'*4.2+K&! *%#+F+'0.! G! 4'*.#! .2'*(%! 2'&! #.0! 2'&D+22+'&%0! (%! #'0! 5.(*%0N! L! 1*.D<0! (%! #.!
2''5%*.2+K&3! %#! .*1N! S_! /"! 5'&%! (%! *%#+%D%! (%! Z'*4.! %05%2+.#! %#! 2'45*'4+0'! (%#! 5'(%*!
5M,#+2'3! .-&! 0+%&('! .2'&Z%0+'&.#3! 2'&! %#! @%2@'! *%#+F+'0'! %&! -&! ?4,+1'! 0%21'*+.#! (%! #.! D+(.!
0'2+.#!2'4'!%0!%#!%C%*2+2+'!(%#!(%*%2@'!.!#.!%(-2.2+K&N!U.!/'&01+1-2+K&!&'!(%1%*4+&.!#.!Z'*4.!
.! 1*.D<0! (%! #.! 2-.#! #'0! 5'(%*%0! 5M,#+2'0! (%,%&! 5*'5'*2+'&.*! #.! F.*.&18.! (%! (+2@.! Z'*4.2+K&!
*%#+F+'0.3!0+&'![-%3!5'*!%#!2'&1*.*+'3!5%*4+1%!.!<01'0!-&!4.*F%&!Z'*4.#!(%!'52+K&3!%&!%#!?4,+1'!
(%! #.0! *%05%21+D.0! 2'45%1%&2+.03! 5.*.! (%2+(+*! #.! 4.&%*.! .! 1*.D<0! (%! #.! 2-.#! (%,.! 0%*!
F.*.&1+=.(.N!U.!%&0%6.&=.!#.+2.!&'!+45%(+*8.!&+!',01.2-#+=.*8.!%#!(%*%2@'!(%!#'0!5.(*%0!.![-%!
0-0!@+C'0!*%2+,.&!Z'*4.2+K&!*%#+F+'0.!(%!.2-%*('!.!0-0!2'&D+22+'&%03!(%!4'('![-%!%#!.5.*1.('!
S! (%#! .*1N! SX! @.*8.! 2'45.1+,#%0! #.0! %&0%6.&=.0! F%&%*.#%03! [-%! (%! 5'*! 08! (%,%&! 1%&%*! 2.*?21%*!
#.+2'3! 2'&! %#! (%*%2@'! [-%! %#! .*1N! S_! /"! *%2'&'2%! .! #'0! 5.(*%0! 5.*.! [-%! 0-0! @+C'0! *%2+,.&!
Z'*4.2+K&! *%#+F+'0.3! #.! 2-.#! (%,%*?! 0%*! Z.2+#+1.(.! 1.4,+<&! 5'*! #'0! 5'(%*%0! 5M,#+2'0! %&! #.0!
%02-%#.0!(%!1+1-#.*+(.(!5M,#+2.N!
!
$'*!#'![-%!@.2%!.!#.!2'&01+1-2+'&.#+(.(!(%!#'0!(%*%2@'0!(%!2.*?21%*!%2'&K4+2'!G!0'2+.#!
G!#'0!5*+&2+5+'0!*%21'*%03!.#%F.!%#!$.*#.4%&1'![-%!%#!"01.1-1'!0%!*%Z+%*%!M&+2.4%&1%!.!?4,+1'0!
*%#.2+'&.('0! 2'&! 2'45%1%&2+.0! (%! #.! :%&%*.#+1.13! 0+&! [-%! 0-5'&F.! &+&F-&.! .#1%*.2+K&! (%#!
0+01%4.! (%! (+01*+,-2+K&! (%! 2'45%1%&2+.0! 2'&01+1-2+'&.#4%&1%! %01.,#%2+('3! 2'&! #.! +&1%&2+K&!
5*+4'*(+.#!(%!%#%D.*!%#!*.&F'!&'*4.1+D'!(%!(%*%2@'0!G!5*+&2+5+'0![-%!G.!*%2'F8.!#.!#%F+0#.2+K&!
.-1'&K4+2.!5*%D+.N!>%!2.*.21%*+=.*8.&!5'*!%C%*2%*!-&!5.5%#!'*+%&1.('*!(%!#.0!5'#81+2.0!5M,#+2.0!
G! 5'*! 0-! 5*'5+.! &.1-*.#%=.! &'! 5*'(-2+*8.&! -&! %Z%21'! (+*%21'N! ^'*4-#.('0! (%! Z'*4.! .,+%*1.! G!
!
YX
Z#%\+,#%3!(%C.*8.&!-&!.45#+'!4.*F%&!(%!'52+K&!5.*.!0-!2'&2*%2+K&3!5%*4+1+%&('3!5'*!1.&1'3![-%!
#.0!(+Z%*%&1%0!'52+'&%0!'!.#1%*&.1+D.0!5'#81+2.0!5-%(.&!2'&2*%1.*#'0!G!4'(-#.*#'0N!
!
"0!2+%*1'3!.(4+1%!%#!$.*#.4%&1'!2.1.#?&3![-%!%#!',C%1'!(%!#'0!5*+&2+5+'0!*%21'*%0!5-%(%!
.Z%21.*! .! 4.1%*+.0! 0',*%! #.0! 2-.#%0! %#! #%F+0#.('*! %01.1.#! '01%&1.! 2'45%1%&2+.0! 5.*.! %01.,#%2%*!
*%F-#.2+'&%0!,?0+2.0e!0+&!%4,.*F'3!(%!-&.!5.*1%3!&+&F-&'!(%!#'0!5*+&2+5+'0!*%21'*%0!2'&1%&+('0!
%&! %#! "01.1-1'! (+Z%*+*8.&! (%! #'0! 5*%D+01'0! %&!#.! /'&01+1-2+K&! &+! #'0! 2'&1*.(+*8.&N! E%! '1*.3! #'0!
5'(%*%0! 5M,#+2'0! (%! /.1.#-6.! (%,%*?&! 5*'4'D%*#'0! G! .('51.*! #.0! 4%(+(.0! &%2%0.*+.0! 5.*.!
F.*.&1+=.*!%&!5#%&.!%Z+2.2+.!1.&!0K#'!`%&!%#!?4,+1'!(%!0-0!2'45%1%&2+.0aN!$'*!%&2+4.!(%!1'('!
%##'3!%#!"01.1-1'!%0!1.4,+<&!-&.!&'*4.!%01.1.#![-%!.5*-%,.&!#.0!/'*1%0!:%&%*.#%0!4%(+.&1%!#%G!
'*F?&+2.N! ^*-1'! (%! %01.! 2'&(+2+K&! (%! &'*4.! %01.1.#3! &'! 5'(*8.! %\2#-+*0%! [-%! 5-%(.! +&2+(+*!
1.4,+<&!0',*%!%#!%C%*2+2+'!(%!2'45%1%&2+.0!%01.1.#%03!5-%0!%&!&+&FM&!5*%2%51'!2'&01+1-2+'&.#!
%01?!%02*+1'![-%!<01.0!(%,.&!%C%*2%*0%!%&!-&!*<F+4%&!(%!4'&'#81+2.!-&+Z'*4+(.(!5.*.!1'(.0!#.0!
/'4-&+(.(%0! L-1K&'4.03! +&2#-0'! 5*%D+%&('! #.! 5*'5+.! /'&01+1-2+K&! [-%! 2.(.! "01.1-1'! (%!
L-1'&'48.! Z+C%! -&'0! 4?*F%&%0! 2'45%1%&2+.#%0! 5*'5+'0! %&! %#! 4.*2'! (%#! .*1N! XQYNX! /"N! "&!
(%Z+&+1+D.3! %#! *%2-*0'! (%! 2'&01+1-2+'&.#+(.(! %&! %01%! 5-&1'! 1%&(*8.! 2.*?21%*! 5*%D%&1+D'! G!
2.-1%#.*3! 5.*1+%&('! (%! -&! 5*+&2+5+'! (%! (%02'&Z+.&=.! +&01+1-2+'&.#! *%Z%*+('! 4?0! .! 0-! 5'0+,#%!
(%0.**'##'!#%F+0#.1+D'![-%!.!#.0!5*'5+.0!5*%D+0+'&%0!%01.1-1.*+.0N!
!
"#! $.*#.4%&1'! (%! /.1.#-6.! (%Z+%&(%! #.! 2'&01+1-2+'&.#+(.(! (%#! .*1N! ]]! .#%F.&('3! %&!
*%#.2+K&! 2'&! 0-! .5.*1.('! X3! [-%! .#! .#-(+*! .! `#'0! 2+-(.(.&'0a! 2'4'! 1+1-#.*%0! (%#! (%*%2@'! (%!
'52+K&!#+&Fj801+2.!&'!#+4+1.!'!5%*C-(+2.!#'0!(%*%2@'0!(%!'1*.0!5%*0'&.0N!$.*.!#.!/?4.*.3!&'!%0!
&%2%0.*+.!#.!2'&(+2+K&!5'#81+2.!(%!2.1.#?&!5.*.!5'(%*!-0.*!%#!2.1.#?&!(%&1*'!(%#!1%**+1'*+'!%&!%#!
[-%!#.!#%&F-.!%0!'Z+2+.#3!0+%&('!%##'!+&.&%!.!2-.#[-+%*!'1*'!(%*%2@'!'!+&1%*<0N!
!
"#! .5.*1.('! S! (%#! .*1N! ]]! (%1%*4+&.! %#! .#2.&2%! (%! #.! 2''Z+2+.#+(.(3! 5*%2+0.&('! %#! (%#!
(%*%2@'! .! -0.*! #.! #%&F-.! (%&1*'! (%#! ?4,+1'! %&! %#! [-%! %0! 'Z+2+.#3! 1.&1'! %&! 0-! D%*1+%&1%! .21+D.!
2'4'! %&! #.! 5.0+D.3! &'! %&1*.&('3! 5.*.! %#! $.*#.4%&1'3! %&! &+&FM&! 2.0'3! %&! #.! '*(%&.2+K&! '!
*%F-#.2+K&!+&1%*&.!(%!#'0!K*F.&'0!%01.1.#%0!4%&2+'&.('03!&+!4%&'02.,.&('!#.0!2'45%1%&2+.0!
(%#! "01.('e! 2'&Z'*4%! .! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#3! %&! #'0! ?4,+1'0! (%! 2'45%1%&2+.!
%01.1.#3! #.! 2'45%1%&2+.! .-1'&K4+2.! &'! 5-%(%! +45'&%*! %#! -0'! (%! #.! #%&F-.3! 5%*'! %\+01%! -&.!
2'&2-**%&2+.! 2'45%1%&2+.#! %&! 4.1%*+.! #+&Fj801+2.! [-%! @.,+#+1.! .! #.! /'4-&+(.(! L-1K&'4.! .!
%01.,#%2%*! #.0! 2'&0%2-%&2+.0! F%&<*+2.0! [-%! (%*+D.&! (%#! 2.*?21%*! 'Z+2+.#! (%! -&.! #%&F-.! [-%!
(%,%&!0%*!*%05%1.(.0!2'4'!-&!prius!5'*!#'0!%&1%0!2'45%1%&1%0!g>)/!O_WXYY_3!(%!SQ!(%!.,*+#3!
!
YS
^;!QcN!>+&!+45'&%*!.!#.!L(4+&+01*.2+K&!%01.1.#!#'0!2'&2*%1'0!5*'2%(+4+%&1'0!(%!0-!(%0.**'##'3!
#.0! /'4-&+(.(%0! L-1K&'4.0! %01.*8.&! @.,+#+1.(.0! 5.*.! %01.,#%2%*! %#! 2'&1%&+('! +&@%*%&1%! .#!
2'&2%51'! (%! 2''Z+2+.#+(.(3! 0+&! [-%! i.! #.! D+01.! (%#! 1+%45'! 1*.&02-**+('i! [-%5.&! G.!
4.1+=.2+'&%0! *%#.1+D.0! .! #.! .(.51.2+K&! (%! #.! L(4+&+01*.2+K&! %01.1.#! .! #.! 2''Z+2+.#+(.(N! )'('!
%##'! %0! .5#+2.,#%3! .! C-+2+'! (%! #.! /?4.*.3! .! -&! 5*%2%51'! [-%! 0%! #+4+1.! .! %\+F+*! (%! 4.&%*.!
F%&<*+2.!-&.!*%05-%01.!%02*+1.!%&!#.!#%&F-.!'Z+2+.#![-%!0'#+2+1%&!#'0!2+-(.(.&'0N!
!
7?0!.##?!i2'&1+&M.!%#!%02*+1'!(%!.#%F.2+'&%0i3!&'!*%0-#1.!.5#+2.,#%!.!%01.!&'*4.!#.!
C-*+05*-(%&2+.!*%#.1+D.!.#!-0'!(%!#.!#%&F-.!2''Z+2+.#!%&!%#!?4,+1'!C-(+2+.#!'!.#!2'&'2+4+%&1'!(%!
#.!4+04.!5'*!5.*1%!(%!#'0!4+%4,*'0!(%!#.!2.**%*.!C-(+2+.#3!5'*[-%!%&!%01%!2.0'!0%!%&C-+2+.!-&.!
&'*4.!%01.1.#!2-G.!Z-&2+K&!%0!5*%2+0.4%&1%!#.!(%!(%1%*4+&.*!%#!*<F+4%&!(%!#.!2''Z+2+.#+(.(!G!
[-%!%&!2-45#+4+%&1'!(%!(+2@.!Z-&2+K&!2'&1+%&%!-&.0!(+05'0+2+'&%0!0',*%!%01%!*<F+4%&!%&!%#!
4%(+'! C-(+2+.#3! 2'&! -&! .#2.&2%! *.='&.,#%! G! 2'@%*%&1%! 2'&! %#! (%*%2@'! .#! -0'! (%! -&.! (%! #.0!
#%&F-.0! 'Z+2+.#%03! 0+&! (%1*+4%&1'! (%! #.! '1*.! 5.*.! %D+1.*! (+02*+4+&.2+'&%0! %&! %#! (%*%2@'! .! #.!
1-1%#.!C-(+2+.#!%Z%21+D.!(%!#'0!2+-(.(.&'0!%&!*.=K&!(%#!%C%*2+2+'!(%!0-0!(%*%2@'0!#+&Fj801+2'0N!
!
"&!2-.&1'!.#!.5.*1.('!]!(%#!.*1N!]]3!.Z+*4.!%#!$.*#.4%&1'!2.1.#?&![-%!%0!%D+(%&1%![-%!
&'!5-%(%!(.*0%!&+&F-&.!%\1*.#+4+1.2+K&!2'45%1%&2+.#3!G.![-%!&'!%0!%#!#%F+0#.('*!.-1'&K4+2'!
%#![-%!%01?!%C%*2+%&('!.#F-&.!2'45%1%&2+.3!0+&'![-%!4%(+.&1%!%#!"01.1-1'!(%!L-1'&'48.!.21M.!
%#!5*'5+'!#%F+0#.('*!%01.1.#N!).45'2'!5'(*8.!@.,#.*0%!(%!%\2%0'!*%05%21'!.!#.!Z-&2+K&![-%!#%!
+&2-4,%!2-45#+*!2'&01+1-2+'&.#4%&1%!.#!"01.1-1'3!D+01'![-%!%#!5*%2%51'!&'!(%1%*4+&.!2-?#!%0!
%#! `&+D%#! (%! 2'&'2+4+%&1'! .(%2-.('! G! 0-Z+2+%&1%a3! &+! 2K4'! (%,%! .2*%(+1.*0%3! &+! %&! [-<!
4'4%&1'3!*%4+1+<&('0%!5.*.!%##'!.!#.0!#%G%0!(%!(%0.**'##'![-%!(+21%!%#!#%F+0#.('*!2'45%1%&1%N!
>%! Z+C.*8.! 1.&! 0K#'! -&! ',C%1+D'! [-%! %#! "01.('3! .! 1*.D<0! (%#! "01.1-1'! 2'4'! &'*4.! %01.1.#3!
2'&0+(%*.![-%!%01?!%&!2'&(+2+'&%0!(%!2-45#+*N!
!
E%#!4+04'!4'('3!%#!.5.*1.('!Q!(%#!.*1N!]]!5.*1+*8.!(%!-&.!D.#'*.2+K&!%01.1.#!+45#82+1.!
.2%*2.! (%! [-%! %#! 5*'2%0'! (%! .(.51.2+K&! 5*'F*%0+D.! .! #.! 2''Z+2+.#+(.(! 5-%(%! 2'&0+(%*.*0%!
2'&2#-+('N!U.!',#+F.2+K&!(%!1%&%*!2.5.2+1.2+K&!%&!2-.&1'!'*F.&+=.2+K&3![-%!#%!2'**%05'&(%!.!
#.!L(4+&+01*.2+K&!%01.1.#!5.*.!5'(%*!.1%&(%*!.!#'0!2+-(.(.&'0![-%!-1+#+2%&!#.!#%&F-.!2''Z+2+.#3!
0%!2'&D+%*1%!%&!2.5.2+1.2+K&!(%!#'0!Z-&2+'&.*+'0![-%!(%0.**'##.&!0-0!Z-&2+'&%0!%&!-&!4.*2'!%&!
%#! [-%! %#! 2.1.#?&! %0! #%&F-.! 'Z+2+.#N! "&! #.! 4%(+(.! %&! [-%! 5-%(%&! 1%&%*! [-%! .1%&(%*3! .#!
(%0.**'##.*!0-0!Z-&2+'&%03!.!2+-(.(.&'0![-%!%C%*=.&!-&!(%*%2@'!(%!-0'!(%#!2.1.#?&3!*%0-#1.*8.!
*.='&.,#%! [-%! 0%! #%0! %\+C.! 2'4'! 5.*1%! (%! #.! 2.5.2+(.(! &%2%0.*+.! 5.*.! '2-5.*! 0-! 5-%01'N! f3!
!
Y]
2'&Z'*4%!.#!5*%2%51'!+45-F&.('3!#.!D.#'*.2+K&!(%#!2'&2*%1'!2'&'2+4+%&1'!5*'5'*2+'&.#4%&1%!
%\+F+,#%!2'**%05'&(%!.!#.!5*'5+.!L(4+&+01*.2+K&!%01.1.#N!
!
"#! .5.*1.('! R! (%#! .*1N! ]]3! %&! #'! *%#.1+D'! .#! -0'! (%#! 2.1.#?&! .&1%! %#! )*+,-&.#!
/'&01+1-2+'&.#3! *%0-#1.*8.3! 5.*.! #.! /?4.*.3! 5#%&.4%&1%! *%05%1-'0'! 2'&! #.! C-*+05*-(%&2+.! (%!
%01%! )*+,-&.#3! [-%! &'! @.! ,.0.('! %&! ',01?2-#'0! 2'&01+1-2+'&.#%0! #.! +&.(4+0+K&! (%! %02*+1'0!
5*%0%&1.('0!%&!2.1.#?&3!0+&'!%&!#+4+1.2+'&%0!(%!'*(%&!#%F.#3!*%Z%*+(.0!%0%&2+.#4%&1%!.#!.*1N!S]X!
UV$;3!(%!4.&%*.![-%!&'!2.,*8.!*%5*'2@%!2'&01+1-2+'&.#!.#F-&'!.![-%!%#!#%F+0#.('*!2'45%1%&1%3!
[-%!%0!%#!%01.1.#3!*%2'&'=2.!1.#!(%*%2@'3!1%&+%&('!%&!2-%&1.![-%!#.0!4%(+(.0!2'&2*%1.0!5.*.!#.!
%Z%21+D+(.(! (%#! (%*%2@'! [-%(.&! 0-5%(+1.(.0! .! #.0! &'*4.0! *%#.1+D.0! .! #'0! (+D%*0'0! K*F.&'0!
.Z%21.('0N! $'*! '1*.! 5.*1%3! &'! 2.,*8.! (%02'&'2%*! [-%! %&! .#F-&'0! 0-5-%01'0! 0+&F-#.*%0! #.!
'Z+2+.#+(.(!(%!#.!#%&F-.!5*'5+.!(%!-&.!/'4-&+(.(!L-1K&'4.!&'!0%!(%1+%&%!%&!#'0!#84+1%0!(%!
0-!1%**+1'*+'!g>)/!RPWXYYY3!(%!T!(%!.,*+#3!^;!YcN!L!C-+2+'!(%#!$.*#.4%&1'!(%!/.1.#-6.!&'!%\+01%!
',01?2-#'! .#F-&'! 5.*.! [-%! (%1%*4+&.('0! K*F.&'0! 2'&01+1-2+'&.#%0! G! C-*+0(+22+'&.#%0! M&+2'0!
5.*.!1'(.!"05.6.!5-%(.&!%01.,#%2%*!0-!0%(%!%&!%#!1%**+1'*+'!(%!-&.!/'4-&+(.(!L-1K&'4.!2'&!
#%&F-.!5*'5+.3!(%!4'('![-%3!2'&1*.(+21'*+.4%&1%3!-&.!(%2+0+K&!'*F.&+=.1+D.!5'(*8.!2'&D%*1+*!
%&!%C%*2+1.,#%!%#!(%*%2@'!.#!-0'!(%!#.!#%&F-.!2''Z+2+.#N!
!
$'*! #'! [-%! @.2%! .#! .*1N! ]Q3! .#%F.! %#! $.*#.4%&1'! 2.1.#?&! [-%! %&! #.0! *%#.2+'&%0! %&1*%!
5.*1+2-#.*%0!#.!+&1%*D%&2+K&!5M,#+2.!@.!(%!1%&%*!-&!181-#'!#%F81+4'!@.,+#+1.&1%!C-01+Z+2.('!5'*!-&!
+&1%*<0!5M,#+2'N!"&!%01%!2.0'!#'!2'&01+1-+*8.!#.!5*'1%22+K&!(%!#'0!2'&0-4+('*%0!G!-0-.*+'0!%&!0-!
(%*%2@'!.!-0.*!2-.#[-+%*.!(%!#.0!#%&F-.0!2''Z+2+.#%0N!U.!*.='&.,+#+(.(!(%!#.!+&1%*D%&2+K&!0K#'!
5'(*8.!D.#'*.*0%!2-.&('!0%!(+21%&!#.0!&'*4.0!(%!(%0.**'##'!#%F.#!5*%D+01.0!5.*.!%01.,#%2%*!#'0!
1<*4+&'0!2'&2*%1'0!(%!2-45#+4+%&1'!(%!#.!',#+F.2+K&!%01.,#%2+(.N!
!
"#!.*1N!]R3!5'*!0-!5.*1%3!&'!%03!5.*.!#.!/?4.*.3!2'&1*.*+'!.#!.*1N!]NX!/"!%&!#.!4%(+(.!%&!
[-%! &'! 5*'02*+,%! %#! -0'! (%#! 2.01%##.&'! %&! #.! %&0%6.&=.! %&! /.1.#-6.! %! +&2#-0'! '*(%&.! [-%! 0%!
+45.*1.! %&0%6.&=.! %&! 2.01%##.&'N! /'&Z'*4%! .! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#3! &'! 5-%(%!
5'&%*0%! %&! (-(.! #.! #%F+1+4+(.(! 2'&01+1-2+'&.#! (%! -&.! %&0%6.&=.! %&! #.! [-%! %#! D%@82-#'! (%!
2'4-&+2.2+K&! 0%.! #.! #%&F-.! 5*'5+.! (%! #.! /'4-&+(.(! L-1K&'4.! G! #%&F-.! 2''Z+2+.#! %&! 0-!
1%**+1'*+'3!C-&1'!.#!2.01%##.&'!g>)/!X]_WXYOT3!^;!Xc3!(.('![-%!%01.!2'&0%2-%&2+.!0%!(%*+D.!(%#!
.*1N!]!/"!G!(%!#'!(+05-%01'!%&!%#!*%05%21+D'!"01.1-1'!(%!L-1'&'48.!g>)/!]]_WXYYQ3!(%!S]!(%!
(+2+%4,*%3! ^;! YcN! "&! 2-.&1'! .! #.! 5'0+,#%! .Z%21.2+K&! .! #.! 2'45%1%&2+.! %01.1.#3! *%2-%*(.! %#!
$.*#.4%&1'! [-%! &'! 0%! %01?! %&C-+2+.&('! -&.! #%G! .-1'&K4+2.3! 0+&'! #.! &'*4.! [-%! *%F-#.! #.!
!
YQ
(+01*+,-2+K&! (%! 2'45%1%&2+.03! 5*%2+0.4%&1%3! %&1*%! %#! "01.('! G! #.! :%&%*.#+1.13! 5'*! #'! [-%! &'!
2.,*8.! @.,#.*! 5*'5+.4%&1%! (%! %\1*.#+4+1.2+K&! 2'45%1%&2+.#! .-1'&K4+2.! G3! %&! 1'('! 2.0'3! #.!
(%1%*4+&.2+K&!(%!#.!#%&F-.!D%@+2-#.*!(%!#.!%&0%6.&=.!0%!@.!2'&0+(%*.('!0+%45*%!+&2#-+(.!%&!
#.0!2'45%1%&2+.0!.-1'&K4+2.0N!
!
"&! 2-.&1'! .#! .*1N! ]T3! 0'01+%&%! %#! $.*#.4%&1'! (%! /.1.#-6.! [-%3! 5%0%! .! +45-F&.*#'!
Z'*4.#4%&1%! %&! 0-! 1'1.#+(.(3! %#! *%2-*0'! (%!+&2'&01+1-2+'&.#+(.(! 1.&! 0K#'! +&2#-G%! .#%F.2+'&%0!
2'&1*.! 0-0! .5.*1.('0! X! G! SN! H%05%21'! .#! .5.*1.('! 5*+4%*'! 0%! *%2-%*(.&! #.0! .#%F.2+'&%0! G.!
Z'*4-#.(.0! %&! 1'*&'! .! #'0! %Z%21'0! (%! #.! (%2#.*.2+K&! (%! 'Z+2+.#+(.(! #+&Fj801+2.3! .5#+2.,#%0!
1.4,+<&!.#!2.0'!(%#!.*.&<03![-%!%0!',C%1'!(%!%&0%6.&=.!(%0(%!XYO]N!"&!%#!0%F-&('!.5.*1.('!&'!
0%! .#2.&=.! .! D%*3! 5'*! %#! $.*#.4%&1'3! &+&F-&.! +&Z*.22+K&! 2'&01+1-2+'&.#3!5-%0! #.! .#-0+K&! .! #'0!
2+-(.(.&'0! (%! L*?&! (%,%*8.! %&1%&(%*0%! %&! -&'0! 1<*4+&'0! 0+4+#.*%0! .! #'0! -1+#+=.('0! 5.*.!
(%1%*4+&.*!#.!2'&(+2+K&!5'#81+2.!(%!2.1.#?&3!G!#.!D+&2-#.2+K&!(%#!(%*%2@'![-%!0%!#%0!*%2'&'2%!
5.*.!&.(.!.Z%21.*8.!.!#.!L(4+&+01*.2+K&!%01.1.#N!
!
"#!.*1N!]_!%03!5.*.!#.!/?4.*.3!2'&Z'*4%!.!#.!/'&01+1-2+K&!5'*[-%!#'0!.*10N!]S!G!]]!.!#'0!
[-%! 0%! *%Z+%*%! .5.*%2%&! Z'*4-#.('0! %&! 1<*4+&'0! F%&%*.#%03! 5'*! #'! 2-.#! 5'(*8.! (%2+*0%! [-%!
D+&2-#.&! .! 1'('0! #'0! 5'(%*%0! 5M,#+2'03! &'! 0K#'! .#! .-1'&K4+2'3! %&! 2-.&1'! .! #.! .1*+,-2+K&! (%!
D.#+(%=! (%! #'0! .21'0! C-*8(+2'0! *%.#+=.('0! %&! 2-.#[-+%*! #%&F-.! 'Z+2+.#3! *%2'*(?&('0%! [-%! %01%!
)*+,-&.#!G.!@.!(%2#.*.('![-%!0%!1*.1.!(%!-&.!(%!#.0!2'&0%2-%&2+.0!(%!#.!'Z+2+.#+(.(![-%!D+&2-#.!
.! 1'('0! #'0! 5'(%*%0! g>)/! OSWXYOT3! (%! ST! (%! C-&+'cN! "#! .*1N! ]_3! %&! %01%! 0%&1+('3! 5'(*8.!
2'&0+(%*.*0%!4%*.4%&1%!*%+1%*.1+D'N!
!
"#!.5.*1.('!Q!(%#!.*1N!RP3!5'*!0-!#.('3!&'!'*(%&.*8.!-&.!4%(+(.!(%!+&1%*D%&2+K&3!0+&'!
-&.! .21+D+(.(! (%! Z'4%&1'! 4%(+.&1%! -&! 4.&(.1'! (+*+F+('! .! 1'('0! #'0! 5'(%*%0! 5M,#+2'0N! k'!
+45'&(*8.!5-%03!(+*%21.4%&1%3!&+&F-&.!',#+F.2+K&!&+!#+4+1.2+K&!.!#'0!5.*1+2-#.*%03!5'*!#'![-%!
&'!5'(*8.!.Z%21.*!'!#%0+'&.*!&+&F-&.!#+,%*1.(N!>%! 0-01%&1.*8.!%&!%#!',C%1+D'!(%!&'*4.#+=.2+K&!
#+&Fj801+2.! (%#! 2.1.#?&! G! &'! %\2#-+*8.! %#! -0'! (%#! 2.01%##.&'3! [-%! 0%! (.*8.! 5'*! 0-5-%01'N! f! %&!
2-.&1'! .#! .5.*1.('! R! (%#! 4+04'! 5*%2%51'3! %&1+%&(%! %#! $.*#.4%&1'! [-%! &'! +45'&%! %#! -0'!
%\2#-0+D'!G!%\2#-G%&1%!(%#!2.1.#?&!%&!&+&FM&!4'4%&1'3!#'![-%!(%C.*8.!+&(%4&%!%#!#+,*%!-0'!(%#!
2.01%##.&'N!"&!&+&FM&!2.0'!0%!(%05*%&(%*8.!(%#!5*%2%51'![-%!%#!2.1.#?&!0%.!#.!#%&F-.!M&+2.!.!
%45#%.*! 5'*! %#! 2'&2%0+'&.*+'! &+! 5'*! 0-0! %45#%.('03! 5'*! #'! [-%! &'! 0%! 5*'(-2+*8.! %Z%21'!
(+02*+4+&.1'*+'!.#F-&'3!&+!(+04+&-2+K&!.*,+1*.*+.!'!+**.='&.,#%!(%!0-!#+,%*1.(3!G.!2'&(+2+'&.(.!
5'*!#.!0-C%2+K&!.!#.0!*%F#.0!(%!#.!2'&2%0+K&N!E%,+%&('!1%&%*0%!%&!2-%&1.3!.(%4?03!.!C-+2+'!(%!#.!
!
YR
/?4.*.3! [-%! #'0! 2'&2%0+'&.*+'0! .21M.&! %&! %#! #-F.*! (%! #.0! 5%*0'&.0! 5M,#+2.0! 4%&2+'&.(.03!
5*%01.&('! 0%*D+2+'0! 5M,#+2'0N! $'*! 0-! 5.*1%3! #.! 5*%02*+52+K&! (%! -1+#+=.*! %#! 2.1.#?&! %&! #.0!
2'4-&+2.2+'&%0! G! &'1+Z+2.2+'&%0! (+*+F+(.0! .! *%0+(%&1%0! %&! /.1.#-6.! &'! %\2#-+*8.! %#! -0'!
1.4,+<&!(%#!2.01%##.&'!G!*%05'&(%*8.!1.&!0K#'!.!#.!D'#-&1.(!(%!&'*4.#+=.*!%#!-0'!(%#!2.1.#?&N!
!
U'0! .*10N! ]_! G! ]O! *%2'F%&! #.0! F.*.&18.0! (%! #'0! (%*%2@'0! %01.1-1.*+'0N! >+&! %&1*.*! (%!
&-%D'!%&!#.!D+.,+#+(.(!2'&01+1-2+'&.#!(%![-%!#'0!"01.1-1'0!(%!L-1'&'48.!5-%(.&!+&2#-+*!%&!0-!
.*1+2-#.('!(%*%2@'0!G!(%,%*%0![-%!D+&2-#%&!.!#'0!5'(%*%0!5M,#+2'03!%#!%02*+1'!(%!.#%F.2+'&%0!0%!
2%&1*.!%&!#.0!2.*.21%*801+2.0!(%!#.0!F.*.&18.0!(%!#'0!(%*%2@'0![-%!+&2'*5'*.!%#!1%\1'!(%#!"01.1-1'!
+45-F&.('N!E%!0-!#%21-*.!0%!(%(-2+*8.![-%!1'(.0!%##.03!0.#D'!#.!1-1%#.!C-(+2+.#!%&-&2+.(.!%&!%#!
.*1N!]ONS3!1+%&%&!5'*!(%01+&.1.*+'0!.!#'0!5'(%*%0!5M,#+2'0!G3!4?0!%&!2'&2*%1'3!.!#.!:%&%*.#+1.1N!
>%! 1*.1.*8.! (%! -&'0! 4%2.&+04'0! (+*+F+('0! .! '*+%&1.*! G! .! #+4+1.*! #.! .21-.2+K&! (%! #'0! 5'(%*%0!
5M,#+2'0!%&!.*.0!(%#!5#-*.#+04'3!G!0-!+&2#-0+K&!%&!%#!"01.1-1'!0%*8.!2'&01+1-2+'&.#!G!&%2%0.*+.!
.#!1*.1.*0%!(%!#.!&'*4.!+&01+1-2+'&.#!,?0+2.![-%!@.!(%!4.*2.*!#'0!#84+1%0!.![-%!%01?!0'4%1+(.!#.!
.21+D+(.(! (%! #'0! 5'(%*%0! 5M,#+2'0N! 7%&2+K&! .5.*1%! 4%*%2%*8.! #.! 5*%D+0+K&! (%#! .*1N! ]ONS3! [-%!
%01.,#%2%!-&.!1-1%#.!C-(+2+.#!2-G.!%Z%21+D+(.(!0%!(%Z+%*%!.!#'0!5*'2%(+4+%&1'0![-%!%01.,#%=2.&!
#.0! #%G%03! [-%(.&('! 0-5%(+1.(.! .! -&.! %D%&1-.#! 4'(+Z+2.2+K&! (%! #.! U%G! V*F?&+2.! (%#! $'(%*!
;-(+2+.#N!
!
^+&.#4%&1%!0%!+&2#-G%&!-&.0!2'&0+(%*.2+'&%0!*%#.1+D.0!.!-&!@%2@'!&-%D'!5%*'3!5.*.!#.!
/?4.*.3!*%#%D.&1%3!5*'(-2+('!%&!0%(%!5.*#.4%&1.*+.!2'&!5'01%*+'*+(.(!.!#.!Z'*4.#+=.2+K&!(%#!
*%2-*0'! (%! +&2'&01+1-2+'&.#+(.(N! >%! 1*.1.! (%#! 2'&0%&0'! .#2.&=.('! %&1*%! #.0! ('0! 5*+&2+5.#%0!
Z-%*=.0! 5.*#.4%&1.*+.0! *%05%21'! .#! 5*'G%21'! (%! "01.1-1'! (%! L&(.#-28.N! >%! 2+1.&! 5.#.,*.0! (%#!
5'*1.D'=! (%#! :*-5'! $.*#.4%&1.*+'! 2-G'0! E+5-1.('0! 0-02*+,+%*'&! %#! 5*%0%&1%! *%2-*0'! %&! #.0!
2-.#%0! *%2'&'2%! #.! #%F+1+4+(.(! (%! [-%! #'0! "01.1-1'0! 2'&1%&F.&! -&.! *%#.2+K&! (%! (%*%2@'03!
(%,%*%0! G! 5*+&2+5+'0! *%21'*%0! 0+%45*%! [-%! &'! 0%.&! @.,+#+1.&1%0! (%! &-%D.0! 2'45%1%&2+.0N! "&!
2'&2*%1'!0%!0%6.#.![-%!%#!.*1N!SPNX!(%#!5*'G%21'!"01.1-1'!(%!L-1'&'48.!(%!L&(.#-28.!F.*.&1+=.!
.!1'(.0!#.0!5%*0'&.0!%#!(%*%2@'!.!D+D+*!2'&!(+F&+(.(!%#!5*'2%0'!(%!0-!4-%*1%N!"#!D'1'!Z.D'*.,#%!
.#! 4+04'! 0%! C-01+Z+2.! %&! [-%! 1.#! *%F-#.2+K&! %01.1-1.*+.! &'! .Z%21.! .#! 2'&1%&+('! %0%&2+.#! (%#!
(%*%2@'!.!#.!D+(.N!).4,+<&!0%!*%2'F%![-%!%#!.*1N!SXNS!(%#!5*'G%21'!%01.1-1.*+'!2+1.('! *%2'F%!
[-%!#.!%&0%6.&=.!5M,#+2.!%0!#.+2.!G!%&!#.!%\5#+2.2+K&!(%!D'1'!Z.D'*.,#%!.#!4+04'!0%!*.='&.,.!
[-%!%##'!&'!+45+(%!.!#.!/'4-&+(.(!L-1K&'4.!F.*.&1+=.*!%#!(%*%2@'!(%!#'0!5.(*%0!.![-%!0-0!
@+C'0!*%2+,.&!#.!Z'*4.2+K&!*%#+F+'0.![-%!%01<!(%!.2-%*('!2'&!0-0!5*'5+.0!2'&D+22+'&%0N!
!
!
YT
)81-#'!bb!gE%!#.0!+&01+1-2+'&%0c!l.*10N!_XNX!G!T3!_T!g.5.*1.('0!X3!S!G!Qc3!_ONX3!OPNX!G!]3!
OS3!O]NX3!OQNS!G!]3!OTNR3!YP3!G!YXmN!
!
]]N! .c! "#! .*182-#'! _X! gL(4+&+01*.2+K&! (%! #.! :%&%*.#+1.1N! E+05'0+2+'&%0! F%&%*.#%0! G!
5*+&2+5+'0! (%! '*F.&+=.2+K&! G! Z-&2+'&.4+%&1'c! 0%*8.! +&2'&01+1-2+'&.#3! .! C-+2+'! (%! #'0!
*%2-**%&1%03! %&! 0-! .5.*1.('! X! 5'*! 2.#+Z+2.*! .! #.! L(4+&+01*.2+K&! (%! #.! :%&%*.#+1.1! 2'4'!
`L(4+&+01*.2+K&! '*(+&.*+.a3! 2.#+Z+2.2+K&! [-%! 0%! *%+1%*.! %&! #.! (+05'0+2+K&! .(+2+'&.#! 0%\1.3!
1.4,+<&! *%2-**+(.N! "&! 0-! 2'&C-&1'3! .4,'0! 5*%2%51'0! 0-5'&%&3! .! C-+2+'! (%! #'0! E+5-1.('0!
*%2-**%&1%03! #.! %\2#-0+K&! 1'1.#! (%! #.! L(4+&+01*.2+K&! 5%*+Z<*+2.! (%#! "01.('! %&! /.1.#-6.3! 5-%0!
%&1*.6.&! [-%3! 2'&! #.! %\2%52+K&! (%! #.0! L(4+&+01*.2+'&%0! #'2.#%03! 0K#'! #.! (%! #.! :%&%*.#+1.1!
5-%(%! (%0%&D'#D%*0%! '*(+&.*+.4%&1%! %&! /.1.#-6.3! [-%(.&('! #.! %01.1.#! 2'4'! -&.!
L(4+&+01*.2+K&! %\1*.'*(+&.*+.! '! %\2%52+'&.#! '3! %&! %#! 4%C'*! 2.0'3! 4.*F+&.#N! >+&! %4,.*F'3! #.!
/'&01+1-2+K&! 5%*4+1%! .#! "01.('3! 5.*.! 2.(.! -&.! (%! 0-0! 2'45%1%&2+.03! '*F.&+=.*! 0-! 5*'5+.!
L(4+&+01*.2+K&!5%*+Z<*+2.3![-%!%01?!5.*2+.#4%&1%!2'&01+1-2+'&.#+=.(.!%&!#.!Z+F-*.!(%#!E%#%F.('!
(%#! :',+%*&'! g.*1N! XRQ! /"cN! U.! L(4+&+01*.2+K&! 5%*+Z<*+2.! (%#! "01.('! &'! %03! 5.*.! #'0!
*%2-**%&1%03!-&.!.&'4.#8.!&+!0+45#%!Z*-1'!(%!-&.!0+1-.2+K&!1*.&0+1'*+.3!0+&'3!5'*!%#!2'&1*.*+'3!
-&! %#%4%&1'! (%Z+&+('*! (%! #.! 2'&Z+F-*.2+K&! 2'&01+1-2+'&.#! (%#! "01.('N! "&! 2'&0%2-%&2+.3!
&+&F-&.! 5*%D+0+K&! %01.1-1.*+.! 5-%(%! .,'2.*#.! .! #.! (%0.5.*+2+K&3! G! .2.0'! 1.45'2'! 0%*8.!
2'&01+1-2+'&.#![-%!%#!"01.('!#.!(%04.&1%#.*.!5'*!D8.!(%!0-2%0+D.0!1*.&0Z%*%&2+.0!ex!.*1N!XRPNS!
/"N!
!
"#!.5.*1.('!T!(%#!4+04'!.*1N!_X!0%*8.!+&2'&01+1-2+'&.#!5'*!.1*+,-+*!.!#.!:%&%*.#+1.1!-&.!
2'45%1%&2+.! +#+4+1.(.! 5.*.! %01.,#%2%*! #.0! Z'*4.0! (%! 5%*0'&+Z+2.2+K&! 5M,#+2.! G! 5*+D.(.! G! #.!
.21-.2+K&! (%! #.! L(4+&+01*.2+K&! ,.C'! *<F+4%&! (%! E%*%2@'! 5*+D.('N! E%! %01%! 5*%2%51'3!
*%#.2+'&.('! 2'&! %#! .*182-#'! XRP3! +F-.#4%&1%! *%2-**+('3! 0%! (%(-2%! [-%! 0%*?&! #.0! #%G%0!
.-1'&K4+2.0! #.0! [-%! (%2+(+*?&! #.! 1+5'#'F8.! (%! %&1%0! +&01*-4%&1.#%0! '! +&01+1-2+'&.#%0! (%! #.!
L(4+&+01*.2+K&! 2.1.#.&.3! %\+01+%&('! -&.! 5*%D+0+K&! 0+4+#.*! 5.*.! #.0! L(4+&+01*.2+'&%0! #'2.#%0!
%&!%#!.*182-#'!XTPNX!2cN!"#!%02*+1'!(%!*%2-*0'!0%!#+4+1.!.!.&1+2+5.*!%&!%01%!5-&1'!#.0!*.='&%0![-%!
(%0.**'##.*?!.#!Z-&(.4%&1.*!#.!+45-F&.2+K&!(%#!.*1N!XRP!(%#!"01.1-1'3!*%2'*(.&('![-%!#.!>)/!
XQWXYOT3!(%!]X!(%!%&%*'3!G.!(%2#.*K![-%!#.0!/'4-&+(.(%0!L-1K&'4.0!&'!5-%(%&!2*%.*!&-%D'0!
1+5'0! (%! %&1%0! .#! 4.*F%&! (%! #.0! 5*%D+0+'&%0! (%! #.! #%F+0#.2+K&! %01.1.#3! 5'*! .08! *%0-#1.*! (%#! .*1N!
XQYNXNT!G!XO!/"N!$%*'3!.(%4?03!#.!(%2+0+K&!(%![-%!#.0!L(4+&+01*.2+'&%0!.21M%&!0'4%1+(.03!G!
%&! [-<! F*.('3! .#! E%*%2@'! 5*+D.('! 0%! +&2.*(+&.! %D+(%&1%4%&1%3! 5'*! 2.5+1.#3! %&! %#! 2'&1%&+('!
&-2#%.*!(%!#.!2'45%1%&2+.!*%0%*D.(.!.#!"01.('!%&!%#!.*1N!XQYNXNXO!/"N3!&'!2.,+%&('!+4.F+&.*!
!
Y_
-&.!5*%D+0+K&!%01.1-1.*+.![-%!5-(+%*.!0%*!4?0!2'&1*.*+.!.!%0%!5*%2%51'!2'&01+1-2+'&.#3!5-%0!%0!
',D+'![-%!&'!5-%(%!.(4+1+*0%![-%!2.(.!/'4-&+(.(!L-1K&'4.!'51%!5'*!0'4%1%*!0-!*%05%21+D.!
L(4+&+01*.2+K&! .#! E%*%2@'! .(4+&+01*.1+D'! '! .#! 5*+D.('N! $'*! #'! (%4?03! 2.,*8.! -&.!
+&1%*5*%1.2+K&!2'&Z'*4%!i%&!%#!0%&1+('!(%![-%!#.!2'45%1%&2+.!(%!/.1.#-6.!0K#'!#'!%0!5.*.!%#!
(%0.**'##'! (%! #.0! ,.0%0! %01.1.#%0! (+21.(.0! (%! .2-%*('! 2'&! %#! .*1N! XQONXNXO! /"i3! 0+! &'! Z-%*.!
5'*[-%!#.!*%(.22+K&!(%#!5*%2%51'!#.0!@.2%!4-G!(+Z82+#!G!5'*[-%!%#!.*1N!XRP!(%#!"01.1-1'!2.#+Z+2.!
.!#.!.-1'&K4+2.!2'4'!`2'45%1%&2+.!%\2#-0+D.aN!
!
,c!"#!L,'F.('!(%#!"01.('!.Z+*4.!%&!*%#.2+K&!2'&!#.!(+05'0+2+K&!.(+2+'&.#!0%\1.![-%!#.!
5*'5+.! /'&01+1-2+K&! 2'#'2.! #.! (%02%&1*.#+=.2+K&! 2'4'! 5*+&2+5+'! '*F.&+=.1+D'! (%! #.!
L(4+&+01*.2+K&!5M,#+2.!g.*1N!XP]NX!/"c3!#'![-%!%\5*%0.*8.!#.!5*%Z%*%&2+.!(%#!2'&01+1-G%&1%!5'*!
#.!4.G'*!5*'\+4+(.(!(%!#.!F%01+K&!.(4+&+01*.1+D.!.!#'0!2+-(.(.&'0!g>)/!SXOWXYOY3!(%!SX!(%!
(+2+%4,*%3!^;!]c!G!5*'5+2+.*8.![-%3!5.*.!#.!%C%2-2+K&!(%!0-0!1.*%.03!#.0!L(4+&+01*.2+'&%0!2'&!
4.G'*! *.(+'! 1%**+1'*+.#! -1+#+2%&! #.0! %05.2+.#4%&1%! 4%&'*%0! G! 4?0! 5*K\+4.0! .#! 2+-(.(.&'3! 0+!
,+%&!#.!5*'5+.!/'&01+1-2+K&!+45'&%!-&!#84+1%3![-%!*%0-#1.!(%#!.*1N!XRQN!$-%0!,+%&3!*%0-#1.!2#.*'3!
5.*.! %#! *%5*%0%&1.&1%! (%#! :',+%*&'3! [-%! #.! (+05'0+2+K&! %\.4+&.(.! %0! 2'45%1%&2+.#4%&1%!
+&'2-.!5'*!2-.&1'!0%!#+4+1.!.!*%4+1+*!.!-&.!5'0+,#%!1*.&0Z%*%&2+.!`4%(+.&1%!#'0!+&01*-4%&1'0!
[-%! 2'**%05'&(.a3! '5%*.&('! %&! -&! Z-1-*'3! %&! #.! 4%(+(.! %&! [-%! %#! "01.('! (%2+(.! #.0!
1*.&0Z%*%&2+.0!&%2%0.*+.0N!
!
$'*!'1*'!#.('3!#.!2.#+Z+2.2+K&!(%!#.!L(4+&+01*.2+K&!(%!#.!:%&%*.#+1.1!5'*!5.*1%!(%#!.*1N!
_XNX! (%#! "01.1-1'! 2'4'! L(4+&+01*.2+K&! '*(+&.*+.! D%&(*8.! .! 0%*! -&.! 0+45#%! .,*%D+.1-*.! '!
(%&'4+&.2+K&!0+&1<1+2.!(%!#.!5'0+2+K&!2'&Z%*+(.!.!(+2@.!L(4+&+01*.2+K&!5'*!%#!"01.1-1'!G!5'*!
#.0! (%4?0! #%G%03! 0+%&('! -&.! (%0+F&.2+K&! 2'45%1%&2+.#4%&1%! +&'Z%&0+D.N! $'*! #'! (%4?03!
2-.&1+1.1+D.4%&1%3!#.!L(4+&+01*.2+K&!(%!#.!:%&%*.#+1.1!%0!#.!'*(+&.*+.!%&!/.1.#-6.3!5'*[-%3!%&!
2'45.*.2+K&! 2'&! 2-.#[-+%*! '1*.! L(4+&+01*.2+K&! %&! (+2@.! /'4-&+(.(! L-1K&'4.3! 0-0!
2'45%1%&2+.03! Z-&2+'&%0! G! 1.*%.0! 0'&! 4?0! %\1%&0.0! G! (+D%*0.0e! 0'&! 4?0! 0-0! Z-&2+'&.*+'0! G!
1*.,.C.('*%0e! 4.G'*! 0-! F.01'! G! 4.G'*%0! 0-0! 4%(+'0! (%! Z+&.&2+.2+K&e! G! 0'&3! %&! Z+&3! 4?0! #'0!
.0-&1'0!%&!#'0![-%!#%!2'**%05'&(%!(%2+*!#.!M#1+4.!5.#.,*.!%&!D8.!.(4+&+01*.1+D.N!L(%4?03!%01%!
5*%2%51'!(%,%*8.!%&1%&(%*0%!%&!*%#.2+K&!2'&!#.!G.!*%Z%*+(.!(+05'0+2+K&!.(+2+'&.#!0%\1.N!
!
"&!2-.&1'!.#!.5.*1.('!T!(%#!.*1N!_X3!%&1+%&(%!%#!L,'F.('!(%#!"01.('![-%!%01.,#%2%!-&.!
*%0%*D.!(%!#%G!.-1'&K4+2.3!5-%01'![-%!#.!'*F.&+=.2+K&!(%!#.!5*'5+.!L(4+&+01*.2+K&!%0!#.!4?0!
185+2.! (%! #.0! 2'45%1%&2+.0! (%! .-1''*F.&+=.2+K&N! $'*! 0-5-%01'3! #.0! #%G%0! [-%! 5-%(.&! (+21.*0%!
!
YO
5.*.! 0.1+0Z.2%*! #.! *%0%*D.! 2'&1%&+(.! %&! %#! 5*%2%51'! .&.#+=.('! (%,%*?&! *%05%1.*! #.0! ,.0%0! (%#!
*<F+4%&! C-*8(+2'! (%! #.0! L(4+&+01*.2+'&%0! 5M,#+2.0! %01.,#%2+(.0! 5'*! %#! "01.('! .#! .45.*'! (%#!
.*1N!XQYNXNXO!/"N!f3!(%!.2-%*('!2'&!#.!('21*+&.!(%!%01%!)*+,-&.#!g>)/!RPWXYYY3!(%!T!(%!.,*+#3!
^;! ]c3! 2'**%05'&(%! M&+2.4%&1%! .! #.0! /'4-&+(.(%0! L-1K&'4.0! 2'&Z'*4.*! #+,*%4%&1%! #.!
%01*-21-*.! '*F?&+2.! (%! 0-! .5.*.1'! .(4+&+01*.1+D'! G! %01.,#%2%*! 2-?#%0! 0'&! #'0! K*F.&'0! %!
+&01+1-2+'&%0! [-%! 2'&Z+F-*.&! #.0! *%05%21+D.0! L(4+&+01*.2+'&%03! ?4,+1'! %&! %#! [-%! %#! "01.('!
(%,%!.,01%&%*0%!(%!+&1%*D%&+*3!.-&[-%!1.4,+<&! 5-%(%!%01.,#%2%*3!(%0(%!#.!2'45%1%&2+.!.&1%0!
*%0%6.(.3! 5*+&2+5+'0! G! *%F#.0! ,?0+2.0! 0',*%! .05%21'0! '*F.&+=.1+D'0! G! (%! Z-&2+'&.4+%&1'! (%!
1'(.0! #.0! L(4+&+01*.2+'&%0! 5M,#+2.03! 0+! ,+%&! 2'&! 4%&'*! %\1%&0+K&! %! +&1%&0+(.(! 2-.&('! 0%!
*%Z+%*%&!.!.05%21'0!4%*.4%&1%!+&1%*&'0N!k.(.!@.,*8.!%&!%#!.*1N!_XNT![-%!+45+(.!+&1%*5*%1.*#'!(%!
2'&Z'*4+(.(! 2'&! (+2@.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#3! 5-%03! 1%&+%&('! %&! 2-%&1.! #.! ('21*+&.!
%01.,#%2+(.!*%05%21'!.!#.0!&'*4.0!,?0+2.03![-%!4.&1+%&%&!0-!5#%&.!D+F%&2+.!2'&!+&(%5%&(%&2+.!
(%! [-%! 0%.&! *%2'*(.(.0! '! &'! 5'*! %#! #%F+0#.('*! 2'4-&+1.*+'! g5'*! 1'(.03! >)/! RWXYOS3! (%! O! (%!
Z%,*%*'3! ^;! Sc3! #'! 4+04'! 2.,*8.! (%2+*! *%05%21'! (%! #'0! "01.1-1'0d! #.! '4+0+K&! (%! 2#?-0-#.0! (%!
0.#D.F-.*(.! '! *%2'*(.1'*+'0! (%! #.0! 2'45%1%&2+.0! 2'&01+1-2+'&.#%0! (%#! "01.('! [-%! 5-%(.&!
+&2+(+*! %&! #.0! 2'45%1%&2+.0! %\2#-0+D.0! (%! #.! :%&%*.#+1.1! &+! 2'&D+%*1%! %&! +&2'&01+1-2+'&.#! %#!
5*%2%51'!%01.1-1.*+'!0+#%&1%3!&+!+45+(%![-%!#.0!2'45%1%&2+.0!%\2#-0+D.0![-%!.#!"01.('!*%0%*D.!
#.!/'&01+1-2+K&!0%!(%05#+%F-%&!#%F81+4.4%&1%!2'&!1'(.!0-!%\1%&0+K&3!.#2.&2%!G!%Z+2.2+.N!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.13!5'*!0-!5.*1%3!@.2%!-&.!5*+4%*.!2'&0+(%*.2+K&!F%&%*.#!
.#%F.&('![-%!%#!181-#'!bb!&'!(%,%*8.!5#.&1%.*!5*',#%4.!.#F-&'!(%!2'&01+1-2+'&.#+(.(!5'*!*.=K&!
(%! #.0! 4.1%*+.0! [-%! %&! <#! 0%! (+02+5#+&.&3! 5-%0! 0%! 1*.1.*8.! (%#! 2'&1%&+('! ',#+F.1'*+'! (%! #'0!
"01.1-1'0! (%! L-1'&'48.! G! 0%*8.! 4.&+Z%01.2+K&! (+*%21.! (%! #.! 2'&(+2+K&! (%! #.0! /'4-&+(.(%0!
L-1K&'4.0!2'4'!%&1+(.(%0!1%**+1'*+.#%0!('1.(.0!(%!.-1'&'48.!5'#81+2.N!
!
$'*! #'! [-%! @.2%! .#! .*1N! _XNX! G! .! #.! (+05'0+2+K&! .(+2+'&.#! 0%\1.3! .#%F.! %#! "C%2-1+D'!
2.1.#?&![-%!0%!1*.1.!(%!+45-#0.*3!(%0(%!%#!"01.1-1'3!#.!2'&Z+F-*.2+K&!(%!#.!L(4+&+01*.2+K&!(%!#.!
:%&%*.#+1.1!2'4'!#.!L(4+&+01*.2+K&!5*+&2+5.#3![-%!&'!M&+2.3!(%&1*'!(%#!1%**+1'*+'!(%!/.1.#-6.3!
5.*.! #'! 2-.#! 0%! #%! .1*+,-G%&! #.0! Z-&2+'&%0! %C%2-1+D.0! (%Z+&+(.0! %&! %#! .*1N! XXP! G! 0%! *%2'F%! #.!
5'0+,+#+(.(3! Z-1-*.! %! @+5'1<1+2.3! (%! [-%! 0%! 5*'(-=2.! #.! 1*.&0Z%*%&2+.! (%! Z-&2+'&%0! %C%2-1+D.0!
.21-.#4%&1%! (%1%&1.(.0! 5'*! #.! L(4+&+01*.2+K&! (%#! "01.('N! U.! 2'&Z+F-*.2+K&! (%! #.!
L(4+&+01*.2+K&!.-1'&K4+2.!2'4'!`'*(+&.*+.a!&'!2'45'*1.*8.![-%!0%.!#.!M&+2.!.21-.&1%!%&!%#!
1%**+1'*+'!(%!/.1.#-6.3!0+&'![-%!%#!"01.('!5-%(.!'51.*!5'*!%C%*2%*!(%!Z'*4.!(%02'&2%&1*.(.!0-0!
2'45%1%&2+.0N!/'&!#'0!5*%2%51'0!+45-F&.('0!0%!1*.1.*8.!(%!5*'5+2+.*!%0.!'52+K&!4%(+.&1%!#.!
!
YY
1*.&0Z%*%&2+.!(%!Z-&2+'&%0!%C%2-1+D.0!.!#.!:%&%*.#+1.13!5%*'!&+!0%!+45'&%!&+!0%!%01.,#%2%&!.!1.#!
Z+&!+&01*-4%&1'0!(+01+&1'0!(%!#'0!5*%D+01'0!%&!#.!/'&01+1-2+K&N!
!
"&!2-.&1'!.#!.*1N!_XNT3!G!0+&!5%*C-+2+'!(%!*%4+1+*!.#!%\.4%&!(%#!.*1N!XRP!%#!%01-(+'!(%#!
.#2.&2%! (%! %01.! 2'45%1%&2+.! %01.1.#! l.&1%2%(%&1%! OR! 2cm3! 0%! .5-&1.! 5'*! %#! :',+%*&'! (%! #.!
:%&%*.#+1.1! [-%! #.! 2.5.2+(.(! (%! #.! /'4-&+(.(! L-1K&'4.! 5.*.! (%Z+&+*! #'0! +&01*-4%&1'0! (%!
.21-.2+K&! (%! 0-! L(4+&+01*.2+K&! G! *%F-#.*! 0-! *<F+4%&! C-*8(+2'! (%*+D.! (%! 0-! 5'1%01.(! (%!
.-1''*F.&+=.2+K&3![-%!&'!0%!#+4+1.!.#!?4,+1'!5'#81+2'I+&01+1-2+'&.#3!0+&'![-%!.#2.&=.!1.4,+<&!.!
#.0! %01*-21-*.0! .(4+&+01*.1+D.0! G! #'0! +&01*-4%&1'0! (%! .21-.2+K&! [-%3! 2'4'! 5'(%*! 5M,#+2'3! #%!
0'&! +&@%*%&1%0N! E%#! 5*+&2+5+'! (%! .-1'&'48.! 0%! +&Z%*+*8.! #.! 2.5.2+(.(! (%! #.! :%&%*.#+1.1! 5.*.!
5*'2%(%*3! 4%(+.&1%! #%G%0! G! (%&1*'! (%#! *%05%1'! .! #.! 2'45%1%&2+.! %01.1.#! 5.*.! .0%F-*.*! %#!
1*.1.4+%&1'! 2'4M&! (%! #'0! .(4+&+01*.('03! .! .('51.*!(%2+0+'&%0! *%#.1+D.0! .! #.! %01*-21-*.! (%! 0-!
L(4+&+01*.2+K&! [-%! +&2#-G.&! .05%21'0! *%#.1+D'0! .! 0-! .*1+2-#.2+K&! 1%**+1'*+.#! G! .! #.0! Z'*4.0!
+&01*-4%&1.#%0![-%!(%,.&!.('51.*N!
!
(c! "#! $.*#.4%&1'! (%! /.1.#-6.! 2'4+%&=.! 0-! (%Z%&0.! (%! #.! 2'&01+1-2+'&.#+(.(! (%#! .*1N!
_XNX! G! (%! #.! (+05'0+2+K&! .(+2+'&.#! 0%\1.! 2'&! -&.! 0%*+%! (%! 2'&0+(%*.2+'&%0! .2%*2.! (%! #.!
2'45#%C+(.(! .(4+&+01*.1+D.! .! #.! [-%! @.! ##%D.('! #.! %D'#-2+K&! (%#! 4'(%#'! (%! '*F.&+=.2+K&!
1%**+1'*+.#! G! Z*%&1%! .! #.! 2-.#! %#! "01.1-1'! 5*%1%&(%*8.! -1+#+=.*! %#! 4.*F%&! [-%! 'Z*%2%! #.!
/'&01+1-2+K&!5.*.!.D.&=.*!@.2+.!#.!2'&Z+F-*.2+K&!(%!#.!L(4+&+01*.2+K&!(%!#.!:%&%*.#+1.1!2'4'!
L(4+&+01*.2+K&! '*(+&.*+.! (%! /.1.#-6.N! "#! 2'&2%51'! (%! L(4+&+01*.2+K&! '*(+&.*+.! %&! &+&FM&!
2.0'!%[-+D.#(*8.!per se!.!L(4+&+01*.2+K&!%\2#-G%&1%!&+!1.45'2'!.!L(4+&+01*.2+K&!M&+2.3!0+&'!
.!#.!L(4+&+01*.2+K&![-%!.21M.!2'4M&4%&1%!'!(%!4'('!4?0!-0-.#3!G!&.(+%!5'(*8.!&%F.*![-%!
<01.0!0'&!#.!(%!#.!:%&%*.#+1.1!%&!1'('!%#!1%**+1'*+'!(%!/.1.#-6.!G!#.0!(%!#'0!%&1%0!#'2.#%0!%&!%#!
?4,+1'! (%! 0-! 1%**+1'*+'N! U.! /?4.*.! *%2-%*(.! [-%! %#! /'&0%C'! /'&0-#1+D'! 2'&2#-GK! [-%! #.!
%\5*%0+K&! L(4+&+01*.2+K&! '*(+&.*+.! 0%! #+4+1.! .! +(%&1+Z+2.*! #'0! 0-5-%01'0! %&! #'0! [-%! #.!
L(4+&+01*.2+K&!(%!#.!:%&%*.#+1.1!.21M.!%C%*2+%&('!Z-&2+'&%0!%C%2-1+D.0!(%#!"01.('3!.#!4+04'!
1+%45'! [-%! *%2'&'2%! #.! 5'0+,+#+(.(! g[-%! %&! 2+%*1.! 4%(+(.! 0%! 1*.1.! (%! Z'4%&1.*c! (%! [-%! %#!
"01.('!.1*+,-G.!.!#.!L(4+&+01*.2+K&!(%!#.!:%&%*.#+1.1!%#!%C%*2+2+'!(%!0-0!Z-&2+'&%0!%C%2-1+D.0N!
$%*'!%01%!5*'2%0'!(%!1*.&0Z%*%&2+.!'!(%#%F.2+K&!&'!0%!+45'&(*8.!G3!.(%4?03!0%!@.*8.!%\5*%0.!
*%0%*D.! (%! #.0! 2'45%1%&2+.0! %C%2-1+D.0! [-%! 5'*! 0-! 5.*1%! 5-%(.&! 2'**%05'&(%*! .! #.!
L(4+&+01*.2+K&!#'2.#N!
!
!
XPP
$'*!0-!5.*1%3!#.!(+05'0+2+K&!.(+2+'&.#!0%\1.!(%#!"01.1-1'!0K#'!*%2'F%*8.!#.!5'0+,+#+(.(3!
Z-1-*.!%!@+5'1<1+2.3!(%![-%!0%!5*'(-=2.&!1*.&0Z%*%&2+.0!(%!2'45%1%&2+.0!%C%2-1+D.0!(%#!"01.('3!
0+&!+45'&%*!1.#!2'&Z+F-*.2+K&!%&!%01%!4'4%&1'N!>%*?&3!5-%03!#%G%0!(%#!"01.('3!2'&!#.!5#%&+1-(!
(%!0-0!2'45%1%&2+.03!#.0![-%!2'&Z+F-*%&!%#!0+01%4.!(%!0-!'*F.&+=.2+K&N!
!
"&! 2-.&1'! .#! .*1N! _XNT3! %#! $.*#.4%&1'! (%! /.1.#-6.! 2'&0+(%*.! [-%! #.! 2.5.2+(.(! (%! #.!
:%&%*.#+1.1!5.*.!(%Z+&+*!#'0!+&01*-4%&1'0!(%!.21-.2+K&!(%!0-!L(4+&+01*.2+K&!G!5.*.!*%F-#.*!0-!
5*'5+'! *<F+4%&! .(4+&+01*.1+D'! (%*+D.! (%! 0-! 2.5.2+(.(! (%! .-1''*F.&+=.2+K&3! [-%! &'! (%,%!
D+&2-#.*0%!0K#'!.!0-!?4,+1'!+&01+1-2+'&.#!5'#81+2'N!E%#!5*+&2+5+'!(%!.-1'&'48.!0%!(%*+D.*8.!#.!
2.5.2+(.(!(%!#.!:%&%*.#+1.1!(%!.5*',.*!#%G%0![-%!*%F-#%&!#.!%01*-21-*.!(%!0-!L(4+&+01*.2+K&!%!
+&2#-G.&! .05%21'0! *%#.1+D'0! .! 0-! .*1+2-#.2+K&! 1%**+1'*+.#! G! .! #.0! Z'*4.0! +&01*-4%&1.#%0! [-%!
(%,.&!.('51.*N!
!
]QN!.c!"#!.*182-#'!_T!g/'&0%C'!(%!:.*.&18.0!"01.1-1.*+.0c!0%!+45-F&.!%&!0-0!.5.*1.('0!
X3! S! G! QN! $.*.! #'0! *%2-**%&1%03! #.! *%F-#.2+K&! (%#! *%Z%*+('! /'&0%C'! i2-G.! (%&'4+&.2+K&!
*%2-%*(.! .! '1*'0! )*+,-&.#%0! (%! '*(%&! 2'&01+1-2+'&.#3! 2'4'! %#! (%! #.! /'&01+1-2+K&! (%! XY]Xi!
2'#+0+'&.! 2'&! #.! *%0%*D.! (%#! .*1N! XTX! /"! .! Z.D'*! (%#! )*+,-&.#! /'&01+1-2+'&.#! *%05%21'! (%#!
2'&1*'#!(%!#.!2'&01+1-2+'&.#+(.(!(%!#.0!&'*4.0!2'&!Z-%*=.!(%!#%GN!>-!(+0%6'!0%*8.!-&!*%4%('!(%!
)*+,-&.#! /'&01+1-2+'&.#! G! 0-! #.,'*3! (.(.! #.! .45#+1-(! (%! 0-0! Z-&2+'&%03! 5-%(%! F%&%*.*!
2'&Z#+21'0! (%! #%F+1+4+(.(! %&1*%! 0-0! (+21?4%&%0! gD+&2-#.&1%0! %&! #'0! 2.0'0! (%#! .*1N! _TNQc! G! #'0!
5*'&-&2+.4+%&1'0!(%#!)*+,-&.#!/'&01+1-2+'&.#N!L!#'![-%!0%!.6.(%!%#!5*',#%4.![-%!0-5'&%!%#!
*<F+4%&!(%!F.*.&18.0!(%#!.*1N!]O3!G.!+45-F&.('N!
!
,c!"#!L,'F.('!(%#!"01.('!0%!*%4+1%!.!#.0!.#%F.2+'&%0!*%.#+=.(.0!.#!1*.1.*!(%#!.*1N!]ONX!
g.&1%2%(%&1%! ]Pc3! .6.(+%&('! [-%! &'! %0! .2%*1.('! 2'&0+(%*.*! .#! /'&0%C'! 2'4'! *%4%('! (%!
)*+,-&.#! /'&01+1-2+'&.#! (%! 2-G.! #.,'*! 5-%(%! *%0-#1.*! -&! 2'&Z#+21'! (%! #%F+1+4+(.(%03! 5-%0!
%C%*2%!0+45#%0!Z-&2+'&%0!2'&0-#1+D.03!.!D%2%0!2'&!%Z+2.2+.!D+&2-#.&1%3!5%*'!&'!(+21.!>%&1%&2+.0!
2'&! Z-%*=.! (%! 2'0.! C-=F.(.3! 2'4'! %0! 5*'5+'! (%! -&! )*+,-&.#! G! 2'4'! 5.*.! %#! /'&01+1-2+'&.#!
%01.,#%2%&!#'0!.*10N!XTQNX!/"!G!]ONX!UV)/N!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!*%2-%*(.![-%3!2'4'!G.!0'01-D'!.#!%\.4+&.*!%#!.*1N!]O!
g.&1%2%(%&1%! ]Xc3! #.! .21+D+(.(! (%#! /'&0%C'! &'! 1+%&%! 2.*?21%*! C-*+0(+22+'&.#! G! 0%! +&0%*1.! %&! %#!
5*'2%(+4+%&1'!#%F+0#.1+D'N!L@'*.!,+%&3!#.!+45-F&.2+K&!(%#!.*1N!_T!5*%0%&1.*8.3!.!0-!C-+2+'3!-&!
2'&1%&+('!5*'5+'!G!(+Z%*%&2+.('!(%#!2-%01+'&.4+%&1'!(%#!.*1N!]O!G!.Z%21.*8.!.!#.!2'&Z+F-*.2+K&!
!
XPX
(%! %01%! K*F.&'! +&01+1-2+'&.#3! 5-%01'! [-%! 0%! *%Z+%*%! .! 1'(.0! #.0! Z-&2+'&%0! [-%! #%! .1*+,-G%! %#!
"01.1-1'N! >%! +F&'*.*8.3! 0+&! %4,.*F'3! [-%! Z'*4.! 5.*1%! (%! #.! 2.5.2+(.(! (%! #.0! /'4-&+(.(%0!
L-1K&'4.0!5.*.!%01.,#%2%*!0-0!+&01+1-2+'&%0!(%!.-1'F',+%*&'!#.!(%2+0+K&!(%!2*%.*!-&!K*F.&'!
2'&0-#1+D'![-%!.&.#+2%!#.!.(%2-.2+K&!.!#.!/'&01+1-2+K&!G!.#!"01.1-1'!(%!#.0!&'*4.0!2'&!Z-%*=.!
(%! #%G3! %4+1+%&('! (+21?4%&%0! 2'&! 2.*?21%*! 5*%D+'! .! 0-! .5*',.2+K&! '! 2'&D.#+(.2+K&! 5'*! %#!
$.*#.4%&1'N! "01.! +45'*1.&1%! Z-&2+K&! 2'&0-#1+D.! 1+%&%! 2'4'! Z+&.#+(.(! #.! 2'#.,'*.2+K&! 2'&! %#!
$.*#.4%&1'!G!%#!:',+%*&'!%&!#.!D.#'*.2+K&!(%!#.!.(%2-.2+K&!(%!#'0!1%\1'0!',C%1'!(%!(+21.4%&!
.#!"01.1-1'3!2'&!%#!',C%1'!(%![-%!.[-<##'0!5-%(.&!.('51.*!#.0!(%2+0+'&%0!5.*.!#.0![-%!0%!@.##.&!
#%F+1+4.('0N! f.! %&! %#! .*1N! QX! (%#! "01.1-1'! (%! XY_Y! 0%! *%F-#.,.! -&.! +&01+1-2+K&! 0+4+#.*3! 0+&!
.Z%21.*!.!#.0!Z-&2+'&%0![-%!#.!/'&01+1-2+K&!.1*+,-G%!.#!)*+,-&.#!/'&01+1-2+'&.#N!
!
(c!"#!$.*#.4%&1'!(%!/.1.#-6.!.#%F.![-%!Z.#1.!%#!(%0.**'##'!#%F+0#.1+D'!(%#!/'&0%C'!(%!
:.*.&18.0! "01.1-1.*+.0! 5.*.! (%1%*4+&.*! #'0! (+21?4%&%0! (%! <01%! G! 0-! .#2.&2%! *%05%21'! .#!
#%F+0#.('*N!"&!1'('!2.0'3!-&!5*'G%21'!'!-&.!5*'5'0+2+K&!(%!#%G!&'!%0!-&.!#%G!&+!-&.!&'*4.!2'&!
Z-%*=.!(%!#%GN!$'*!%##'3!%#!(+21.4%&!(%#!/'&0%C'!0',*%!%#!(+21.4%&!(%!#.!2'4+0+K&!#%F+0#.1+D.!
0%*8.!0K#'!-&.!Z.0%!(%#!iter!#%F+0#.1+D'3!5*'2%(+4%&1.#3!2'45#%C'!G!*%F#.('3![-%!&+!0+[-+%*.!@.!
0-5%*.('! 1'(.0! #.0! Z.0%0! 5.*.! 2'&01+1-+*0%! %Z+2.=4%&1%! %&! &'*4.N! $'*! 1.&1'3! #.! &'*4.! &'!
*'45%*8.!%&!.,0'#-1'!%#!4'&'5'#+'!(%#!)*+,-&.#!2'4'!;-%=!(%!#.!2'&01+1-2+'&.#+(.(N!
!
"#!@%2@'!(%![-%3!2'&!#.!*%Z'*4.!%01.1-1.*+.3!#'0!(+21?4%&%0!G!*%0'#-2+'&%0!(%#!/'&0%C'!
D+&2-#%&!.#!#%F+0#.('*!2-.&('!0%!*%Z+%*.&!.#!(%0.**'##'!(%!#'0!(%*%2@'0!(%!#.!5%*0'&.!&'!%0!4?03!
5.*.! %#! $.*#.4%&1'3! [-%! %#! selfrestraint! (%#! #%F+0#.('*! 2.1.#?&N! ).#! .22+K&! (%! 5*'1%22+K&3!
F.*.&18.!G!(%0.**'##'!(%!#'0!(%*%2@'0!&'!0%*8.!K,+2%!&+!*%01*+&F+*8.!&+&FM&!5*'2%(+4+%&1'!.&1%!
%#! )*+,-&.#! /'&01+1-2+'&.#3! &+! 2'&(+2+'&.*8.! &+&F-&'! (%! 0-0! 5*'&-&2+.4+%&1'0N! U.0!
2.*.21%*801+2.0!(%#!/'&0%C'!(%!:.*.&18.0!"01.1-1.*+.0!G!%#!)*+,-&.#!/'&01+1-2+'&.#3!.08!2'4'!0-!
?4,+1'! (%! .21-.2+K&3! %\2#-+*8.&! .(%4?0! 2-.#[-+%*! *+%0F'! (%! 2'&Z#+21'! (%! #%F+1+4+(.(%0! %&1*%!
.4,'0N!
!
]RN! .c! ).4,+<&! %0! ',C%1'! (%! *%2-*0'! %#! .*182-#'! _O! gSíndic de Greugesc3! 2-G.!
+45-F&.2+K&!0%!2'&2*%1.!%&!#.!%\5*%0+K&!`2'&!2.*?21%*!%\2#-0+D'a!(%#!.5.*1.('!X3!1'(.!D%=![-%!
2'&! %##.! 0%! %\2#-+*8.! #.! .21-.2+K&! (%#! E%Z%&0'*! (%#! $-%,#'! *%05%21'! (%! #.! L(4+&+01*.2+K&!
2.1.#.&.3!D-#&%*?&('0%!.,+%*1.4%&1%3!G!0+&!5'0+,+#+(.(!(%!+&1%*5*%1.2+K&!2'&Z'*4%3!%#!.*1N!RQ!
/"N!
!
!
XPS
,c! L! C-+2+'! (%#! L,'F.('! (%#! "01.('3! #'0! 1<*4+&'0! +45-F&.('0! (%#! .*1N! _ONX! g`2'&!
2.*?21%*! %\2#-0+D'ac! 5'(*8.&! 'Z*%2%*! -&.! .5.*+%&2+.! (%! +&2'&01+1-2+'&.#+(.(! 0+! 0%! %&1%&(+%*.!
[-%!2'&!%##.0!0%!5*%1%&(%!+45%(+*!.#!E%Z%&0'*!(%#!$-%,#'!#.!0-5%*D+0+K&!(%!#.!L(4+&+01*.2+K&!
.-1K&'4.!2.1.#.&.!2'&1*.!#'!(+05-%01'!%&!%#!.*1N!RQ!/"3!5*%2+0.('!G!.2#.*.('!%&!%01%!5.*1+2-#.*!
5'*!%#!.*1N!XSNX!(%!#.!U%G!V*F?&+2.!]WXYOX3!(%!T!(%!.,*+#N!H%2'&'2%!%#!L,'F.('!(%#!"01.('![-%!
&'!@.G!(+02-0+K&!5'0+,#%!.2%*2.!(%![-%!@.!(%!%01.*!.,+%*1'3!5'*!+F-.#!G!5.*.!1'('03!%#!.22%0'!.!
#.! +&01+1-2+K&! %01.1.#! 5.*.! #.! (%Z%&0.! (%! #'0! (%*%2@'0! 2'&01+1-2+'&.#%03! 2-.#[-+%*.! [-%! 0%.! %#!
5'(%*!5M,#+2'!.#![-%!@.G.!(%!.1*+,-+*0%!#.!5'0+,#%!D-#&%*.2+K&!(%!.[-<##'0N!k'!',01.&1%3!%&!0-!
'5+&+K&3! 2.,%! -&.! +&1%*5*%1.2+K&! (%#! .*1N! _ONX! [-%! #'! .2'4'(%! .! #.! /'&01+1-2+K&N! "&! %01%!
0%&1+('3! .Z+*4.! [-%! %#! 2.*?21%*!%\2#-0+D'! .1*+,-+('! .! #.! 0-5%*D+0+K&! (%#! >8&(+2'! (%! LF*.D+'0!
2.1.#?&!@.!(%!%&1%&(%*0%!2%&1*.('!%&!#'0!&-%D'0!(%*%2@'0!%01.1-1.*+'03!.(-2+%&('![-%3!0%FM&!
%#! .*1N! XSNX! (%! 0-! U%G! V*F?&+2.! *%F-#.('*.3! %#! E%Z%&0'*! (%#! $-%,#'! 5-%(%! 0-5%*D+0.*! #.!
.21+D+(.(!(%!#.!/'4-&+(.(!L-1K&'4.!%&!%#!?4,+1'!(%!2'45%1%&2+.0!(%Z+&+('!5'*!(+2@.!U%G3!
[-%! &'! +&2#-+*8.! #'0! ##.4.('0! (%*%2@'0! %01.1-1.*+'0N! L08! 5-%03! %&! #.! Z-&2+K&! (%! 5*'1%F%*! #'0!
(%*%2@'0!G!#+,%*1.(%0!2'&0.F*.('0!5'*!#.!/'&01+1-2+K&!%#!>8&(+2'!2'&2-**+*8.!2'&!%#!E%Z%&0'*!
(%#!$-%,#'3!%&!#'0!1<*4+&'0!(%!0-0!*%05%21+D.0!*%F-#.2+'&%03!5%*'!0K#'!%#!>8&(+2'!(%!LF*.D+'0!
5*'1%F%*8.! G! (%Z%&(%*8.! #'0! (%*%2@'0! %01.1-1.*+'03! 5'*! #'! [-%! 0K#'! (%! <#! 5'(*8.! (%2+*0%! [-%3!
0+4-#1?&%.4%&1%3!'01%&1.!#.!Z-&2+K&!(%!0-5%*D+0.*!#'0!(%*%2@'0!G!#+,%*1.(%0!2'&01+1-2+'&.#%0!G!
#'0!(%*%2@'0!%01.1-1.*+'0N!L08!+&1%*5*%1.('3!%#!.*1N!_ONX!&'!0%*8.!+&2'&01+1-2+'&.#3!5-%01'![-%!&'!
+45+(%!&+!4%&F-.!#.!Z-&2+K&!0-5%*D+0'*.!(%#!E%Z%&0'*!(%#!$-%,#'N!
!
2c!$.*.!(.*!*%05-%01.!.!%01.!+45-F&.2+K&!2'4+%&=.!#.!*%5*%0%&1.2+K&!(%#!:',+%*&'!(%!
#.!:%&%*.#+1.1!.&.#+=.&('!#.!2'&Z+F-*.2+K&![-%!(%#!E%Z%&0'*!(%#!$-%,#'!0%!%Z%21M.!%&!%#!.*1N!RQ!
/"3! (%01.2?&('0%! ('0! %#%4%&1'0! %0%&2+.#%0d! 0-! (%Z+&+2+K&! 2'4'! 2'4+0+'&.('! (%! #.0! /'*1%0!
:%&%*.#%0!G!#.!@.,+#+1.2+K&!.#!4+04'!&'!0K#'!5.*.!2'&1*'#.*!#.!.21+D+(.(!.(4+&+01*.1+D.3!0+&'3!
+&2#-0'!2'&!4.G'*!*%#%D.&2+.!5'*!0%*!0-!Z-&2+K&!5*+&2+5.#3!5.*.!(%Z%&(%*!#'0!(%*%2@'0!(%!#'0!
2+-(.(.&'0N!"01.!Z-&2+K&3!(%!#.![-%!2.*%2%&!#'0!E%Z%&0'*%0!.-1'&K4+2'03!%\5#+2.!#.!.1*+,-2+K&!
(%!#%F+1+4.2+K&!5.*.!.21-.*!.&1%!%#!)*+,-&.#!/'&01+1-2+'&.#N!
!
E%! #.! 2'&Z+F-*.2+K&! (%#! E%Z%&0'*! (%#! $-%,#'! 2'4'! 2'4+0+'&.('! (%! #.0! /'*1%0!
:%&%*.#%0!0%!(%*+D.*8.!-&!#84+1%!5.*.!0-!?4,+1'!',C%1+D'!(%!.21-.2+K&3!5-%0!*%0-#1.!%D+(%&1%3!
5.*.! %#! "C%2-1+D'! 2.1.#?&3! [-%! %01.! +&01+1-2+K&! &'! 5-%(%! 0%*! .C%&.! .#! 5*+&2+5+'! (%! .-1'&'48.!
5*'2#.4.('! %&! %#! .*1N! S! /"N! /'&2*%1.4%&1%3! #.! 2.5.2+(.(! (%! .21-.2+K&! (%#! E%Z%&0'*! (%#!
$-%,#'!(%,%*8.!D%&+*!*%Z%*+(.!.!#.!(%#!K*F.&'!2'4+1%&1%!G!5'*!%##'!&'!+&2#-+*8.!%#!2'&1*'#!(%!#.!
!
XP]
L(4+&+01*.2+K&!.-1'&K4+2.3!(.('![-%!0'&!4-G!#+4+1.(.0!G!%\2%52+'&.#%0!#.0!.21-.2+'&%0!(%!
2'&1*'#! [-%! #.0! /'*1%0! :%&%*.#%0! 5-%(%&! D%*+Z+2.*! 0',*%! %#! :',+%*&'! G! #.! L(4+&+01*.2+K&!
.-1'&K4+2'0N!
!
U.!%Z+2.2+.!(%!#.!+&01+1-2+K&!%&!0-!2'&C-&1'!*%[-%*+*8.![-%!0%.!%#!Síndic de Greuges!%#!
[-%! 2'&1*'#%! .! #.! L(4+&+01*.2+K&! .-1'&K4+2.! %! +&Z'*4%! (%! #'0! *%0-#1.('0! (%! %0%! 2'&1*'#! .#!
$.*#.4%&1'!(%!/.1.#-6.3!5'*!0%*!.!<01%!.![-+%&!2'**%05'&(%!#.!Z-&2+K&!(%!2'&1*'#!(%#!:',+%*&'!
(%!#.!:%&%*.#+1.13!K*F.&'![-%!(+*+F%!#.!L(4+&+01*.2+K&!.-1'&K4+2.N!"01'!&'!#+4+1.*8.3!5'*!'1*.!
5.*1%3! #.! .21-.2+K&! (%#! E%Z%&0'*! (%#! $-%,#'! 2'4'! F.*.&1%! (%! #'0! (%*%2@'0! Z-&(.4%&1.#%0! .!
1*.D<0!(%!#.!+&1%*5'0+2+K&!(%!#'0!*%2-*0'0!5%*1+&%&1%0!.&1%!%#!)*+,-&.#!/'&01+1-2+'&.#3!5'*[-%!%#!
5*'5+'!"01.1-1'!5*%D<!#.!2'#.,'*.2+K&!+&01+1-2+'&.#!%&1*%!Síndic de Greuges!G!%#!E%Z%&0'*!(%#!
$-%,#'!g.*1N!_ONScN!
!
"&1+%&(%3!.0+4+04'3!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!#.!('21*+&.!0%&1.(.!%&!#.!>)/!
SPQWXYYS3! (%! ST! (%! &'D+%4,*%3! *%05%21'! (%#! /'&0%C'! (%! "01.('! G! 0-0! *%#.2+'&%0! 2'&! #'0!
/'&0%C'0! /'&0-#1+D'0! .-1'&K4+2'0! 0%*8.! .5#+2.,#%! .! #.! 5'1%01.(! (%! 2'&1*'#! (%#! E%Z%&0'*! (%#!
$-%,#'! 0',*%! #.0! L(4+&+01*.2+'&%0! 5M,#+2.0N! ^+&.#4%&1%3! 0%! 5*%2+0.! [-%! #.! 1*.4+1.2+K&!
5.*#.4%&1.*+.!(%#!"01.1-1'!@.!%#+4+&.('!#.!+&2#-0+K&3!(%&1*'!(%#!?4,+1'!(%!.21+D+(.(!(%#!Síndic
de Greuges3!(%!#.!L(4+&+01*.2+K&!%01.1.#3!.#!%&1%&(%*0%![-%!%01.!%\2#-0+K&!08!0%*8.!2'&1*.*+.!.#!
.*1N!RQ!/"N!
!
(c!$'*!0-!5.*1%3!%#!$.*#.4%&1'!(%!/.1.#-6.!.#%F.![-%!%#!.*1N!RQ!/"!.1*+,-G%!.#!E%Z%&0'*!
(%#!$-%,#'!#.!(%Z%&0.!(%!#'0!(%*%2@'0!*%2'&'2+('0!%&!%#!181-#'!5*+4%*'!(%!#.!/'&01+1-2+K&3!5.*.!
#'!2-.#!5'(*?!0-5%*D+0.*!#.!.21+D+(.(!(%!#.!L(4+&+01*.2+K&e!0-!+&1%*5*%1.2+K&!(%!.2-%*('!2'&!%#!
5*+&2+5+'! .-1'&K4+2'! (%1%*4+&.*8.! [-%3! 0+! %\+01%! -&! `(%Z%&0'*! .-1'&K4+2'a3! (%,%! 1%&%*! %#!
2'&1*'#! %\2#-0+D'! (%! #.! L(4+&+01*.2+K&! .-1'&K4+2.! 2'**%05'&(+%&1%3! (%5%&(+%&('! (%! 0-!
:',+%*&'N!U.!*%Z%*%&2+.!.!#.!L(4+&+01*.2+K&!&'!%05%2+Z+2.*8.!.!2-?#!0%!*%Z+%*%3!5%*'!5-%01'![-%!
0%! @.2%! %&! 0+&F-#.*! 5'(*8.! +&1%*5*%1.*0%! [-%! M&+2.4%&1%! 0%! *%Z+%*%! .! #.! L(4+&+01*.2+K&! (%#!
"01.('N!U.!+&1%*5*%1.2+K&!%\1%&0+D.!(%!#.!2'45%1%&2+.!(%#!E%Z%&0'*!*%05%21'!.!#.!0-5%*D+0+K&!
-&+D%*0.#! (%! 2-.#[-+%*! G! 1'(.! L(4+&+01*.2+K&! &'! %01.*8.! %&! #.! /'&01+1-2+K&3! 0+&'! %&! #.! U%G!
V*F?&+2.!]WXYOX3!(%#!E%Z%&0'*!(%#!$-%,#'3!(%!4'('! [-%!#'![-%!%#!"01.1-1'!2'&1*.(+*8.!%0!%#!
.*1N!XS!(%!(+2@.!U%G!V*F?&+2.3!&'!%#!RQ!/"N!>+&!%4,.*F'3!#.!'52+K&!(%#!#%F+0#.('*!'*F?&+2'!&'!
5'(*8.! 2'&D%*1+*0%! %&! 5.*?4%1*'! (%! 2'&01+1-2+'&.#+(.(! (%#! 1%\1'! %01.1-1.*+'3! 5-%0! #.0!
.#%F.2+'&%0! (%! +&2'&01+1-2+'&.#+(.(3! 2-.&('! D%*0.&! 0',*%! -&! 1%\1'! %01.1-1.*+'3! (%,%&! D%&+*!
!
XPQ
*%Z%*+(.0! 0K#'! .! 5*%2%51'0! (%! #.! /'&01+1-2+K&! g#.! >)/! XR_WXYOO3! (%! XR! (%! 0%51+%4,*%cN! "#!
"01.1-1'!%0!-&.!#%G!%01.1.#!G!#.!&'*4.!,?0+2.!(%!#.!/'4-&+(.(!L-1K&'4.3!5'*!#'![-%!5-%(%!
%01.,#%2%*!%\2%52+'&%0!.!#'!&'*4.('!%&!#.!U%G!(%#!E%Z%&0'*!(%#!$-%,#'N!
!
"&! 1'('! 2.0'! i2'&1+&M.! %#! $.*#.4%&1'i3! #.! %\2#-0+D+(.(! (%#! Síndic de Greuges! &'!
0%*8.!1.#3!5-%0!@.G!('0!?4,+1'0!(%!2'45%1%&2+.!(%!#.!:%&%*.#+1.1!%&!#'0![-%!%#!E%Z%&0'*!(%#!
$-%,#'!%0!%#!M&+2'![-%!5-%(%!.21-.*!%&!(%Z%&0.!G!5*'1%22+K&!(%!#'0!(%*%2@'0!2'&01+1-2+'&.#%0d!
5*'4'D%*! *%2-*0'0! (%! +&2'&01+1-2+'&.#+(.(! 0+! 2'&0+(%*.*.! [-%! .#F-&.! #%G! (%#! $.*#.4%&1'!
2.1.#?&! *%0-#1.0%! 2'&1*.*+.! .! #.! /'&01+1-2+K&3! %! +&1%*5'&%*! *%2-*0'0! (%! .45.*'! 0+! .#F-&.!
.21-.2+K&!(%!#.!L(4+&+01*.2+K&!.-1'&K4+2.!2'&2-#2.*.!#'0!(%*%2@'0!Z-&(.4%&1.#%0N!
!
^+&.#4%&1%3! %#! %02*+1'! %\5'&%! 1*%0! .*F-4%&1'0! 2'#.1%*.#%0! .! Z.D'*! (%! #.!
2'&01+1-2+'&.#+(.(!(%!#.!&'*4.N!E%!-&.!5.*1%3![-%!+F-.#![-%!%#!E%Z%&0'*!(%#!$-%,#'!%0!-&!.#1'!
2'4+0+'&.('!(%!#.0!/'*1%0!:%&%*.#%03!%#!Síndic de Greuges!%0!-&!2'4+0+'&.('!(%#!$.*#.4%&1'!
(%!/.1.#-6.3!.![-+%&!#%!2'**%05'&(%!+&Z'*4.*N!E%!'1*.!5.*1%3!#.!Z-&2+K&!(%#!ombudsman!%0!#.!
(%!0%*D+*!(%!4.F+01*.1-*.!(%!5%*0-.0+K&3!5-%0!&'!1+%&%!2.5.2+(.(!(%2+0'*+.N!E%!%0%!4'('!&'!
5.*%2%*8.![-%!5-%(.&!2'45%1+*!('0!4.F+01*.1-*.0!28D+2.0!0+4+#.*%0![-%!&%2%0.*+.4%&1%!@.&!(%!
2'#.,'*.*N!$'*!M#1+4'3!0%!0%6.#.![-%!%&!#.!5*?21+2.!G!%#!E%*%2@'!%&!"01.('0!2'45-%01'0!('&(%!
2'%\+01%&!+&01+1-2+'&%0!(%!ombudsmen!.!&+D%#!Z%(%*.#!G!*%F+'&.#!0-!.*1+2-#.2+K&!2'45%1%&2+.#!
0%!*%F-#.!%&!#'0!1<*4+&'0!(%!%\2#-0+D+(.(![-%!5*'5-F&.!%#!"01.1-1'N!
!
]TN! .c! "#! .*182-#'! OP! g^-&2+'&%0! G! *%#.2+'&%0! (%! #.! >+&(+2.1-*.! (%! /-%&1.0! 2'&! %#!
)*+,-&.#!(%!/-%&1.0c!0%!+45-F&.!%&!0-0!.5.*1.('0!X!G!]N!"#!5*+4%*'!5*%0%&1.!.!#.!>+&(+2.1-*.!
2'4'!%#!M&+2'!K*F.&'!(%!Z+02.#+=.2+K&!%\1%*&.!(%!#.0!2-%&1.0N!"#!'1*'!+45'&%!-&!4.&(.1'!.#!
)*+,-&.#!(%!/-%&1.0!%&!'*(%&!.!#.!2%#%,*.2+K&!(%!-&!2'&D%&+'![-%!(+02+5#+&%!0-0!*%#.2+'&%0!G!
[-%! (<! 5.*1+2+5.2+K&! .! #.! >+&(+2.1-*.! %&! #'0! 5*'2%(+4+%&1'0! C-*+0(+22+'&.#%0! 5*'5+'0! (%#!
)*+,-&.#N!/'&!%##'3!.(%4?0!(%!(%0,'*(.*0%!#.!*%0%*D.!%01.1-1.*+.3!0%!*%(-2+*8.!#.!+&(%5%&(%&2+.!
2'&01+1-2+'&.#4%&1%! F.*.&1+=.(.! (%#! )*+,-&.#! (%! /-%&1.0! G! 0%! +&D.(+*8.! #.! *%0%*D.! (%! #%G!
'*F?&+2.!(%#!.*1N!X]TNQ!/"N!
!
,c! U.! .5.*%&1%! +&2'&01+1-2+'&.#+(.(! (%&-&2+.(.! 5'*! #'0! *%2-**%&1%0! (%0.5.*%2%*8.3! %&!
'5+&+K&!(%#!L,'F.('!(%#!"01.('3!2'&!-&.!+&1%*5*%1.2+K&!(%!2'&Z'*4+(.(!2'&!#.!/'&01+1-2+K&N!
U.! .Z+*4.2+K&! (%#! .5.*1.('! X! 0%*8.! 2'**%21.! G! 2.*%2%*8.! (%! 1'('! 0+F&+Z+2.('! %\2#-G%&1%! '!
#+4+1.1+D'! (%! #.! Z-&2+K&! Z+02.#+=.('*.! (%#! )*+,-&.#! (%! /-%&1.03! 0+&! [-%! 5-(+%*.! %&1%&(%*0%!
!
XPR
+&2'&01+1-2+'&.#!5'*!%#!0'#'!@%2@'!(%!&'!@.,%*0%!+&2#-+('!-&.!2#?-0-#.!%\5*%0.!(%!0.#D.F-.*(.N!
/.,*8.!%&1%&(%*!.5#+2.,#%!ab inverso #'!.Z+*4.('!%&!#.!>)/!SXQWXYOY3!(%!SX!(%!(+2+%4,*%3!^;!
SO3! 2'&Z'*4%! .! 2-G.! ('21*+&.! 5-%(%! %&1%&(%*0%! [-%! %#! .5.*1.('! X! (%#! .*1N! OP! &'! +45+(%! &+!
%\2#-G%! [-%! %#! )*+,-&.#! (%! /-%&1.0! 5-%(.! %C%*2%*! 0-! Z-&2+K&! Z+02.#+=.('*.! 0',*%! #.!
:%&%*.#+1.13!0',*%!#'0!%&1%0!#'2.#%0!2.1.#.&%0!G!0',*%!%#!*%01'!(%#!0%21'*!5M,#+2'!(%!/.1.#-6.e!
5%*'! &'! @.,*8.! (%! '#D+(.*0%! [-%3! .-&[-%! %#! 2'&1*'#! (%! #.! >+&(+2.1-*.! (%! /-%&1.0! G! %#! (%#!
)*+,-&.#!(%!/-%&1.0!5-%(.&!2'%\+01+*!G!0-5%*5'&%*0%3!%#!?4,+1'!5*+&2+5.#!G!5*%Z%*%&1%! (%! #.!
Z+02.#+=.2+K&! (%#! 0%F-&('! %0! `%#! (%! #.! .21+D+(.(! Z+&.&2+%*.! (%#! "01.('! G! (%#! 0%21'*! 5M,#+2'!
%01.1.#a!g>)/!XO_WXYOO3!(%!X_!(%!'21-,*%3!^^;;!O!G!XScN!
!
"&!#'![-%!@.2%!.#!5*+4%*!+&2+0'!(%#!.5.*1.('!]3!%&1+%&(%!%#!L,'F.('!(%#!"01.('![-%!&+!
#%0+'&.!#.!+&(%5%&(%&2+.!(%#!)*+,-&.#!&+!+&D.(%!#.!*%0%*D.!(%!#%G!'*F?&+2.!2'&1%&+(.!%&!%#!.*1N!
X]TNQ! /"3! [-%! 2+%*1.4%&1%! &'! 4%&2+'&.! %&1*%! #.0! 4.1%*+.0! *%0%*D.(.0! #'0! 4'('0! (%!
2''5%*.2+K&! %&1*%! %#! )*+,-&.#! G! #.0! +&01+1-2+'&%0! Z+02.#+=.('*.0! .-1'&K4+2.0N! "#! .*1N! OPN]!
D+&2-#.!.!#.!>+&(+2.1-*.!2.1.#.&.!i&'!.#!)*+,-&.#!(%!/-%&1.0i!.!5*'5'&%*!#.!2''5%*.2+K&!.!
%01%!M#1+4'!4%(+.&1%!-&!2'&D%&+'3!5%*'!&'!#%!',#+F.!&+!.!.2%51.*!%#!2'&D%&+'![-%!#%!5*'5'&F.3!
&+! .! #+4+1.*! #'0! 4'('0! 5'0+,#%0! (%! 2''5%*.*! *%01*+&F+<&('#'0! .! #.! 2%#%,*.2+K&! (%! 2'&D%&+'03!
5-%0! #.! 2''5%*.2+K&! 0%! ,.0.! %&! #.! D'#-&1.*+%(.(! G! &'! 5%*4+1%! .#1%*.*! #.0! *%05%21+D.0!
2'45%1%&2+.0N!"#!0%F-&('!+&2+0'!(%#!4+04'!5*%2%51'!2'&D+%*1%!%&!4.1%*+.!(%!2''5%*.2+K&!#.!
5.*1+2+5.2+K&! (%! #.! >+&(+2.1-*.! %&! #'0! 5*'2%(+4+%&1'0! C-*+0(+22+'&.#%0! (%#! )*+,-&.#! (%!
/-%&1.03!.05%21'!G.!2'&1%45#.('!%&!%#!.*1N!STN]!(%!#.!U%G!V*F?&+2.!SWXYOS3!(%!XS!(%!4.G'3!
[-%!5*%D%8.!-&!1+5'!(%!5.*1+2+5.2+K&!(%!#'0!K*F.&'0!.-1'&K4+2'0!Z+02.#+=.('*%0!%&!#.!Z-&2+K&!
(%! %&C-+2+.4+%&1'3!2'4'!+&01*-21'*%0!(%#%F.('03!#'![-%!Z-%!2'&0+(%*.('!2'&01+1-2+'&.#4%&1%!
.2%51.,#%!5'*!#.0!>>)/!XO_WXYOO3!(%!X_!(%!'21-,*%3!^;!Qe!G!XOWXYYX3!(%!]X!(%!%&%*'3!^;!QN!
!
2c! "#! :',+%*&'! (%! #.! :%&%*.#+1.1! 0'01+%&%! [-%! %#! *%2-*0'! 2.*%2%! %&! %01%! 5-&1'! (%!
Z-&(.4%&1'3! 1'(.! D%=! [-%! #.! (%Z+&+2+K&! (%! #.0! Z-&2+'&%0! (%! #.! 0+&(+2.1-*.! &'! +45%(+*8.! #.!
.21+D+(.(!Z+02.#+=.('*.!%&2'4%&(.(.!5'*!#.!/'&01+1-2+K&!.#!)*+,-&.#!(%!/-%&1.0!&+!2'&1*.(+*8.!
0-!5'0+2+K&!(%!0-5*%4.28.N!k'!%0!5*%2+0'3!5.*.!%#!"C%2-1+D'!2.1.#?&3![-%!%#!"01.1-1'!*%2'&'=2.!
%\5*%0.4%&1%! %01'0! %\1*%4'03! 2-G.! D+*1-.#+(.(! 0%! (%05*%&(%*8.! (%! 4'('! +&4%(+.1'! (%! #.!
/'&01+1-2+K&N!
!
U.0! >>)/! XO_WXYOO3! (%! X_! (%! '21-,*%e! G! XOWXYYX3! (%! ]X! (%! %&%*'3! @.&! (%Z+&+('! %#!
2.*?21%*!2'&2-**%&1%!G!2'45.1+,#%!(%!#.0!Z-&2+'&%0!Z+02.#+=.('*.0!(%#!)*+,-&.#!(%!/-%&1.0!G!(%!
!
XPT
#'0!K*F.&'0!.-1'&K4+2'0!5*%D+01'0!%&!#'0!(+01+&1'0!"01.1-1'0!(%!L-1'&'48.!G!%0.!(%Z+&+2+K&!&'!
5*%2+0.*8.! 0-! +&2'*5'*.2+K&! .#! 1%\1'! %01.1-1.*+'N! ).45'2'! %&! #.! U%G! V*F?&+2.! XWSPPT3! (%!
*%Z'*4.! (%#! "01.1-1'! (%! L-1'&'48.! (%! #.! /'4-&+(.(! A.#%&2+.&.3! 0%! 5*%D<! %\5*%0.4%&1%! #.!
2'&2-**%&2+.!(%!Z-&2+'&%0!%&1*%!%#!)*+,-&.#!(%!/-%&1.0!G!#.!>+&(+2.1-*.!(%!/-%&1.03!0+&![-%!
%##'!@.G.!0-02+1.('!%&!#'0!E+5-1.('0!*%2-**%&1%0!(-(.!.#F-&.!(%!2'&01+1-2+'&.#+(.(N!$'*!'1*'!
#.('3!,-%&.!5*-%,.!(%!#.!&'!%\2#-0+K&!(%#!)*+,-&.#!(%!/-%&1.0!%&!/.1.#-6.!0%*8.!#.!5*%D+0+K&3!
%&!%#!.*1N!OPN]3!(%!-&!4.*2'!(%!*%#.2+'&%0!(%!2''5%*.2+K&!%&1*%!<01%!G!#.!>+&(+2.1-*.N!
!
E'0!0'&!#.0!Z-&2+'&%0!i2'&1+&M.!%#!:',+%*&'!2.1.#?&i![-%!%#!.*1N!X]T!/"!.1*+,-G%!.#!
)*+,-&.#!(%!/-%&1.0d!#.!Z+02.#+=.2+K&!%\1%*&.!(%!#.!.21+D+(.(!%2'&K4+2'IZ+&.&2+%*.!(%#!0%21'*!
5M,#+2'! G! %#! %&C-+2+.4+%&1'! (%! #.! *%05'&0.,+#+(.(! 2'&1.,#%N! /'&! *%05%21'! .! %01.! 0%F-&(.3! %#!
"01.1-1'! 0%! #+4+1.*8.! .! 5*%D%*! #.! 5.*1+2+5.2+K&! (%! #.! >+&(+2.1-*.! %&! #'0! 1<*4+&'0! [-%! 0%!
(%1%*4+&%&!2'&D%&2+'&.#4%&1%N!/+%*1.4%&1%3!%#!)*+,-&.#!/'&01+1-2+'&.#!@.!.Z+*4.('3!.!Z.#1.!
(%!-&.!5*%D+0+K&!%01.1-1.*+.!%&!0%&1+('!2'&1*.*+'3!#.!%\2#-0+D+(.(!(%!%01.!Z-&2+K&!C-*+0(+22+'&.#!
%&2'4%&(.(.!.#!)*+,-&.#!(%!/-%&1.0N!$%*'!&'!0%*8.!4%&'0!2+%*1'![-%!(%!.@8!&'!2.,%!%\2#-+*!#.!
5'0+,+#+(.(!(%![-%!#'0!"01.1-1'0!.1*+,-G.&!.!#'0!K*F.&'0!(%!Z+02.#+=.2+K&!%\1%*&.!Z-&2+'&%0!(%!
2.*?21%*! C-*+0(+22+'&.#3! 2'4'! +45#82+1.4%&1%! 0%! *%2'&'2%! %&! #.! >)/! XO_WXYOO3! (%! X_! (%!
'21-,*%3! ^;! ]3! [-%! .(4+1%! #.! 5'0+,+#+(.(! (%! [-%! -&.! +&01+1-2+K&! .-1'&K4+2.! %C%*=.3! 5'*!
(%#%F.2+K&! (%#! )*+,-&.#! (%! /-%&1.03! Z-&2+'&%0! C-*+0(+22+'&.#%0! (%! %&C-+2+.4+%&1'! 2'&1.,#%N!
k.(.!@.,*8.3!5'*!1.&1'3!(%!&'D%('0'!%&!#.!5*%D+0+K&!%01.1-1.*+.![-%!.@'*.!0%!2'&1*'D+%*1%N!
!
(c!L!C-+2+'!(%#!$.*#.4%&1'!2.1.#?&3!%#!5*%2%51'!&'!&+%F.!.#!)*+,-&.#!(%!/-%&1.0!&+&FM&!
(%*%2@'!&+!2'45%1%&2+.!(%!#'0![-%!#.!/'&01+1-2+K&!#%!*%2'&'2%N!"#!5*%2%51'!1.&!0K#'!2.#+Z+2.*8.!
.!#.!>+&(+2.1-*.!(%!/-%&1.0!(%!K*F.&'!Z+02.#+=.('*3!0+&!%\2#-+*!.!'1*'03![-%!1.4,+<&!#'!0'&3!(%!
2'&Z'*4+(.(! 2'&! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#! g>>)/! XO_WXYOO3! (%! X_! (%! '21-,*%e! G!
XOWXYYX3! (%! ]X! (%! %&%*'c3! [-%! @.! .(4+1+('! %#! 2.*?21%*! 2'&2-**%&1%! G! 2'45.1+,#%! (%! #.0!
2'45%1%&2+.0!Z+02.#+=.('*.0!(%#!)*+,-&.#!(%!/-%&1.0!G!(%!#'0!K*F.&'0!(%!Z+02.#+=.2+K&!%\1%*&.!
5*%D+01'0! %&! #'0! "01.1-1'0N! H%05%21'! (%! #.! 2'45%1%&2+.! (%#! )*+,-&.#! (%! /-%&1.0! 5.*.! %#!
%&C-+2+.4+%&1'!(%!*%05'&0.,+#+(.(!2'&1.,#%3!%#!"01.1-1'!0%!#+4+1.*8.!.!5*%D%*!#.!5.*1+2+5.2+K&!
(%! #.! >+&(+2.1-*.! (%! /-%&1.0! %&! #'0! 1<*4+&'0! [-%! 0%! (%1%*4+&%&! .! 1*.D<0! (%! 2'&D%&+'N! "##'!
0%*8.! 2'45.1+,#%! 2'&! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#3! [-%! @.! %01.,#%2+('! [-%! #.! Z-&2+K&!
C-*+0(+22+'&.#!2'**%05'&(%!2'&!2.*?21%*!%\2#-0+D'!.#!)*+,-&.#!(%!/-%&1.03!5%*'!@.!,.0.('!0-!
*.='&.4+%&1'! C-*8(+2'! %&! #.! Z.#1.! (%! -&.! 5*%D+0+K&! %01.1-1.*+.! [-%! 5%*4+1.! 2'45.1+,+#+=.*! #.!
Z-&2+K&! (%! %&C-+2+.4+%&1'! 2'&1.,#%! 2'&! #.! (%#! )*+,-&.#! (%! /-%&1.03! [-%! F'=.! (%! F.*.&18.!
!
XP_
2'&01+1-2+'&.#3! *%2'&'2+%&('! +45#82+1.4%&1%! 1.#! 5'0+,+#+(.(N! "&! 1'('! 2.0'3! #'0! "01.1-1'0! (%!
L-1'&'48.3! (.(.! #.! Z-&2+K&! 2'&01+1-2+'&.#! [-%! #%0! %&2'4+%&(.! %#! V*(%&.4+%&1'3! 5'(*8.&!
*%F-#.*! .05%21'0! 5.*2+.#%0! G! 5.*1+2-#.*%0! 5.*.! F.*.&1+=.*! #.! 2''5%*.2+K&! G! 2''*(+&.2+K&!
+45*%02+&(+,#%0!%&1*%!+&01+1-2+'&%0!.&?#'F.0!%&!%#!"01.('!2%&1*.#!G!%#!.-1'&K4+2'3! [-%! %0! #'!
[-%!@.*8.!%#!.5.*1.('!]!(%#!.*1N!OPN!
!
]_N! .c! H%05%21'! (%#! .*182-#'! OS! gH%F-#.2+K&! (%#! /'&0%C'! L-(+'D+0-.#! (%! /.1.#-6.c!
+&D'2.&!#'0!.21'*%0!#'0!D+2+'0!(%!+&2'&01+1-2+'&.#+(.(!%0F*+4+('0!%&!*%#.2+K&!2'&!%#!.*1N!RS!(%#!
"01.1-1'3!5'*!+&Z*.22+K&!(%!#'0!.*10N!XO!G!SP!/"N!"#!5*%2%51'!&'!(+01+&F-%!#.0!Z-&2+'&%0! [-%!
5-%(%!.0-4+*!%#!/'&0%C'!0',*%!#'0!4%(+'0!(%!2'4-&+2.2+K&!5M,#+2'0!G!5*+D.('03!#'![-%!0%*8.!
2'&1*.*+'!.#!.*1N!SP!/"3!%&!%#![-%!0%!*%2'&'2%&!(%*%2@'0![-%!&'!.(4+1%&!4?0!#84+1%0![-%!#'0!
%&!<#!%01.,#%2+('0!G![-%!@.&!(%!0%*!(%0.**'##.('0!5'*!#%G!'*F?&+2.N!$'*!0-!#.('3!%#!2'&1*'#!(%!
#'0! 4%(+'0! (%! 2'4-&+2.2+K&! 5'*! -&! K*F.&'! D+&2-#.('! .#! $.*#.4%&1'! 0K#'! 2.,*8.3! 5.*.! #'0!
.21'*%03!*%05%21'!(%!4%(+'0!5M,#+2'0!G!5.*.!.0%F-*.*!#.!5#-*.#+(.(!G!%#!%45#%'!(%!#.0!(+01+&1.0!
#%&F-.03!.(%4?0!(%!#'0!5*+&2+5+'0!*%2'&'2+('0!%&!%#!.*1N!SPNQ!/"N!"&!1'('!2.0'3!#'0!(%Z%21'0!
(%#! "01.1-1'! %&! %01%! 5-&1'! 0%*8.&! #'0! G.! (%&-&2+.('0! %&! %#! *%2-*0'! (%! +&2'&01+1-2+'&.#+(.(!
+&1%*5-%01'!5'*!2+&2-%&1.!E+5-1.('0!(%#!:*-5'!$.*#.4%&1.*+'!$'5-#.*!(%#!/'&F*%0'!2'&1*.!#.!
U%G!L-(+'D+0-.#!(%!/.1.#-6.3!.(4+1+('!.!1*?4+1%!G!2-G'0!.*F-4%&1'0!(%!+&2'&01+1-2+'&.#+(.(!
%&1+%&(%&! #'0! (%4.&(.&1%0! [-%! &'! @.&! (%! *%5*'(-2+*0%! .[-83! ,.01.&('! 2'&! *%2'*(.*! [-%! 0%!
*%2'&'2%&!.#!/'&0%C'!#.0!Z.2-#1.(%0!(%!(%Z+&+*!5*+&2+5+'0!G!2'&2%51'0!2'4'!#'0!(%!D%*.2+(.(!G!
&'*4.#+(.(!#+&Fj801+2.3!G!(%!+45'&%*!(%,%*%0!G!0.&2+'&%03!%&1*%!%##.0!%#!2%0%!(%!%4+0+'&%0N!
!
,c!"#!/'&0%C'!L-(+'D+0-.#!(%!/.1.#-6.!%0!5.*.!%#!L,'F.('!(%#!"01.('!-&.!+&01+1-2+K&!
.-1'&K4+2.![-%3!2'&Z'*4%!.#!.*1N!XQ_NS!2c!/"3!5-%(%!%01.,#%2%*0%!%&!-&!"01.1-1'3!Z+C.&('!#'0!
.05%21'0!,?0+2'0!(%!0-!Z-&2+K&!G!*%4+1+%&('!.#!#%F+0#.('*!'*(+&.*+'!0-!*%F-#.2+K&!%&!(%1.##%N!
k.(.!@.,*8.!%&!%#!5*%2%51'!*%2-**+('![-%!5-(+%*.!%01+4.*0%!2'&1*.*+'!.#!.*1N!SP!/"3!5-%01'![-%!
0%!#+4+1.!.!5*%D%*!-&.!.-1'*+(.(!*%F-#.('*.!+&(%5%&(+%&1%!G!.!(%02*+,+*!4-G!0'4%*.4%&1%!0-!
Z-&2+K&3!(%C.&('!.!#.!#%G!'*(+&.*+.!(%1%*4+&.*!`0-0!?4,+1'0!%05%28Z+2'0!(%!.21-.2+K&aN!/'4'!
%0!%D+(%&1%3!#.0!+&2'&01+1-2+'&.#+(.(%0!%&![-%!@-,+%*.!5'(+('!+&2-**+*!#.!U%G!2.1.#.&.!SSWSPPR3!
(%!SY!(%!(+2+%4,*%3!-!'1*.0!#%G%0!.&1%*+'*%0!.#!"01.1-1'!.@'*.!D+F%&1%!*%F-#.('*.0!(%#!/'&0%C'!
L-(+'D+0-.#!&'!5%*4+1%&!.Z+*4.*!#.!+&2'&01+1-2+'&.#+(.(!(%#!+&%\5*%0+D'!.*1N!OSN!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!.#%F.![-%!%#!.*1N!OS!(%1%*4+&.!#.!&.1-*.#%=.!C-*8(+2.!(%!
#.!+&01+1-2+K&!G!%01.,#%2%!0-!4.*2'!F%&<*+2'!(%!.21-.2+K&3!0+&!5*%(%1%*4+&.*!2-?#%0!(%,.&!0%*!
!
XPO
0-0! Z-&2+'&%0! %&! %#! ?4,+1'! (%! #.! 2'4-&+2.2+K&! .-(+'D+0-.#! &+! 0-0! 5'1%01.(%0N! E%,%*8.!
%&1%&(%*0%3!5'*!1.&1'3![-%!*%4+1%!%01'0!.05%21'0!.#!(%0.**'##'!#%F+0#.1+D'![-%!G.!@.!%Z%21-.('!
%#!$.*#.4%&1'!(%!/.1.#-6.!%&!#.!*%Z%*+(.!U%G!SSWSPPR3!(%!2'4-&+2.2+K&!.-(+'D+0-.#3![-%!&'!
D-#&%*.*8.!&+&FM&!(%*%2@'!2'&01+1-2+'&.#3!0%FM&!0%!@.!*.='&.('!5'*!%#!"C%2-1+D'!%&!%#!*%2-*0'!
(%!+&2'&01+1-2+'&.#+(.(!5*'4'D+('!2'&1*.!#.!4+04.N!
!
L#%F.!%#!:',+%*&'!2.1.#?&![-%!%#!/'&0%C'!L-(+'D+0-.#!&'!%0!%&!%#!"01.1-1'3!&+!%&!#.0!
U%G%0! .&1%*+'*%0! *%F-#.('*.0! (%! #.! 4.1%*+.3! -&! K*F.&'! 5.*#.4%&1.*+'! (%! 2'&1*'#N! "#! 2'&1*'#!
5.*#.4%&1.*+'! (%! #'0! 4%(+'0! (%! 2'4-&+2.2+K&! (%! 1+1-#.*+(.(! (%! #.! :%&%*.#+1.13! +F-.#! [-%!
0-2%(%! %&! %#! ?4,+1'! %01.1.#3! 0%! ##%D.! .! 2.,'! .! 1*.D<0! (%! #'0! K*F.&'0! (%! 2'&1*'#! (%! #.!
/'*5'*.2+K&!/.1.#.&.!(%!H.(+'!)%#%D+0+K&!G!(%!#.!/'4+0+K&!(%!/'&1*'#!$.*#.4%&1.*+'!(%!#.!
L21-.2+K&!(%!#.!/'*5'*.2+K&!/.1.#.&.!(%!H.(+'!G!)%#%D+0+K&!G!#.0!"45*%0.0!^+#+.#%0!2*%.(.!
5'*!#.!U%G!XPWXYO]3!(%!]P!(%!4.G'N!"#!/'&0%C'!Z-%!2*%.('!5'*!#.!U%G!OWXYYT!2'4'!-&!K*F.&'!
.0%0'*! (%#! :',+%*&'! (%! #.! :%&%*.#+1.1! ('1.('! (%! .-1'&'48.! '*F?&+2.! G! Z-&2+'&.#3! .#! [-%! 0%!
*%2'&'2%! +&(%5%&(%&2+.N! ^-%! %&! %#! .6'! SPPS! 2-.&('! %#! $.*#.4%&1'! (%! /.1.#-6.! (%2+(+K!
.1*+,-+*#%!#.0!&'1.0!5*'5+.0!(%!-&.!L-1'*+(.(!+&(%5%&(+%&1%!2'&!2'45%1%&2+.0!*%F-#.('*.0! G!
0.&2+'&.('*.0! (%0D+&2-#.(.! (%#! :',+%*&'! G! (%! #.! L(4+&+01*.2+K&! .-1'&K4+2'0N! H%2-%*(.! %#!
"C%2-1+D'! #.0! &'1.0! (%Z+&+1'*+.0! (%! #.0! L(4+&+01*.2+'&%0! +&(%5%&(+%&1%03! 0-,*.G.&('! [-%! 0-!
2*%.2+K&!*%05'&(%!.!#.!&%2%0+(.(!(%!5*%0%*D.*!'!.+0#.*!#.!*%F-#.2+K&!G!#.!1'4.!(%!(%2+0+'&%0!
[-%!.Z%21%&!.!#.!.21+D+(.(!(%!0-C%1'0!5M,#+2'0!G!5*+D.('0!%&!%#!4.*2'!(%!-&!(%1%*4+&.('!0%21'*!
(%! #.! D+(.! 0'2+.#! G! %2'&K4+2.! G! @.2+%&('! @+&2.5+<! %&! [-%! %#! 0%21'*! ',C%1'! (%! *%F-#.2+K&!
5*%0%&1.! -&.! %05%2+.#! D-#&%*.,+#+(.(! G! *%[-+%*%! 0%*! .(%2-.(.4%&1%! .+0#.('! *%05%21'! (%!
2*+1%*+'0! G! (%2+0+'&%0! (%! 2.*+=! %01*+21.4%&1%! 5'#81+2'3! .08! 2'4'! (%! (%1%*4+&.(.0! +&Z#-%&2+.0!
[-%!1%&(*8.&!0-!'*+F%&!%&!#'0!+&1%*%0%0!(%#!5*'5+'!0%21'*!*%F-#.('N!f!0%!.2'45.6.!-&.!*%#.2+K&!
(%!#.0!L(4+&+01*.2+'&%0!+&(%5%&(+%&1%0!%\+01%&1%0!%&!%#!"01.('!%05.6'#d!)*+,-&.#!(%!E%Z%&0.!
(%! #.! /'45%1%&2+.3! /'4+0+K&! k.2+'&.#! (%#! 7%*2.('! (%! A.#'*%03! /'4+0+K&! k.2+'&.#! (%! #.!
"&%*F8.3! 9.&2'! (%! "05.6.3! /'4+0+K&! k.2+'&.#! (%#! 7%*2.('! (%! #.0! )%#%2'4-&+2.2+'&%03!
/'&0%C'! (%! >%F-*+(.(! k-2#%.*! G! LF%&2+.! (%! $*'1%22+K&! (%! E.1'03! (%01.2.&('! [-%! %#! 2.0'!
%05.6'#! %0! #.! M&+2.! %\2%52+K&! .#! F%&%*.#+=.('! %01.,#%2+4+%&1'! (%! %01%! 1+5'! (%!
L(4+&+01*.2+'&%0! %&! %#! 0%21'*! (%#! .-(+'D+0-.#N! bF-.#4%&1%3! 0%! *%2-%*(.! [-%! #.! 5*'5-%01.! (%!
*%Z'*4.! (%#! "01.1-1'! (%! L&(.#-28.! +&2#-G%! -&! /'&0%C'! (%#! L-(+'D+0-.#3! 2'&! 5%*Z+#%0! G!
Z-&2+'&%0! 4-G! 0+4+#.*%0! .! #.0! (%#! /'&0%C'! .@'*.! 2-%01+'&.('3! G! [-%! @.!*%2+,+('! %#! *%05.#('!
5.*#.4%&1.*+'!(%!#'0!E+5-1.('0!*%2-**%&1%0N!
!
!
XPY
)*.0!#'!%\5-%01'!0%!2'&2#-G%![-%!#.!5*%D+0+K&!(%#!/'&0%C'!2'4'!.-1'*+(.(!*%F-#.('*.!
+&(%5%&(+%&1%! %&! %#! ?4,+1'! (%! #.! 2'4-&+2.2+K&! 5M,#+2.! G! 5*+D.(.! 0K#'! 0-5'&(*8.! #.! '52+K&!
5*%D+01.!%&!%#!"01.1-1'!(%!L-1'&'48.!(%![-%!#.0!5'1%01.(%0!(%![-%!(+05'&%!#.!:%&%*.#+1.1!%&!%#!
?4,+1'!(%!#'0!4%(+'0!(%!2'4-&+2.2+K&!0'2+.#3!%&!%#!4.*2'!(%!#.0!2'45%1%&2+.0!*%2'&'2+(.0!
,?0+2.4%&1%! %&! %#! .*1N! XQT3! 0%! %C%*=.&3! &'! 5'*! %#! :',+%*&'! G! #.! L(4+&+01*.2+K&! [-%! (%! <#!
(%5%&(%3!0+&'!5'*!-&.!.-1'*+(.(!+&(%5%&(+%&1%N!
!
(c! "#! $.*#.4%&1'! 2.1.#?&! 0'01+%&%! [-%! %#! .*1N! OS! 0'#.4%&1%! (%1%*4+&.! #.! &.1-*.#%=.!
C-*8(+2.! (%! #.! +&01+1-2+K&! G! %01.,#%2%! -&! 4.*2'! F%&<*+2'! 5.*.! 0-! .21-.2+K&3! 5%*'! &'!
5*%(%1%*4+&.! 0-0! Z-&2+'&%0! %&! %#! ?4,+1'! (%! #.! 2'4-&+2.2+K&! .-(+'D+0-.#3! &+! 1.45'2'!
%01.,#%2%!#.0!5'1%01.(%0!(%![-%!(+05'&%N!"&!0-!'5+&+K&3!%#!*%2-*0'!(%!+&2'&01+1-2+'&.#+(.(3!%&!
%01%!5-&1'3!.1*+,-G%!.!#.!&'*4.!%01.1-1.*+.!#'0!@+5'1<1+2'0!D+2+'0!(%!+&2'&01+1-2+'&.#+(.(![-%!0%!
@.&![-%*+('!D%*!%&!#.!U%G!2.1.#.&.!SSWSPPR3!(%!SP!(%!(+2+%4,*%3!(%!2'4-&+2.2+K&!.-(+'D+0-.#!
(%!/.1.#-6.3!*%2-**+(.!.&1%!%01%!)*+,-&.#N!>+&!%4,.*F'3!+&(%5%&(+%&1%4%&1%!(%![-%!#.!U%G!(%!
(%0.**'##'!5-(+%*.!##%F.*!.!(%0,'*(.*!%#!4.*2'!2'&01+1-2+'&.#3!&'!0-2%(%*8.!#'!4+04'!2'&!-&.!
5*%D+0+K&! %01.1-1.*+.! 1.&! F%&<*+2.N! q-%! %#! &-%D'! "01.1-1'! 5*%D%.! #.! %\+01%&2+.! (%#! /'&0%C'!
2'4'!.-1'*+(.(!*%F-#.('*.!+&(%5%&(+%&1%!%&!%#!?4,+1'!(%!#.!2'4-&+2.2+K&!5M,#+2.!G!5*+D.(.3!
%&!%#!?4,+1'!(%!#.0!5'1%01.(%0!(%!#.!:%&%*.#+1.1!(%!/.1.#-6.!0',*%!#'0!4%(+'0!(%!2'4-&+2.2+K&!
0'2+.#3! 2'&! #.! Z+&.#+(.(! (%! [-%! #.0! 2'45%1%&2+.0! *%2'&'2+(.0! %&! %#! .*1N! XQT! (%#! "01.1-1'! 0%!
%C%*=.&!5'*!-&.!.-1'*+(.(!+&(%5%&(+%&1%3!G!&'!5'*!%#!:',+%*&'!G!0-!L(4+&+01*.2+K&3!*%0-#1.*8.!
%&!1'('!2.0'!5#%&.4%&1%!2'&01+1-2+'&.#!G!.2'*(%!2'&!%#!0+F&'!(%!#'0!1+%45'0N!
!
/'4'! .5-&1%! 2'45#%4%&1.*+'! *%#.1+D'! .! #.0! M#1+4.0! +&01+1-2+'&%0! .&.#+=.(.03! #.!
*%5*%0%&1.2+K&!5*'2%0.#!(%#!$.*#.4%&1'!(%!/.1.#-6.!2'&0+(%*.![-%!.!1'(.0!%##.0!%0!.5#+2.,#%3!
mutatis mutandis3!#.!('21*+&.!(%!%01%!)*+,-&.#!*%#.1+D.!.!#.!2'45.1+,+#+(.(!%&1*%!#'0!K*F.&'0!
2'&0-#1+D'0! .-1'&K4+2'0! G! %#! /'&0%C'! (%! "01.('3! 2'&1%&+(.! %05%2+.#4%&1%! %&! #.! >)/!
SPQWXYYS3! (%! ST! (%! &'D+%4,*%3! ^;! R3! %&! %05%2+.#! .! #.! 2'45%1%&2+.! (%! #.0! /'4-&+(.(%0!
L-1K&'4.0!5.*.!2*%.*!%01'0!K*F.&'0!%&!D+*1-(!(%!0-0!5'1%01.(%0!(%!.-1''*F.&+=.2+K&3!##%F.&('!
+&2#-0'! .! 0-01+1-+*! %#! +&Z'*4%! 5*%2%51+D'! (%! #.! +&01+1-2+K&! %01.1.#! 5'*! %#! (%! -&! K*F.&'!
2'&0-#1+D'!.-1'&K4+2'N!
!
]ON!.c!A.*+'0!0'&!#'0!5*%2%51'0!+45-F&.('0!%&!%#!2.581-#'!Ab!g"#!F',+%*&'!#'2.#c!(%#!
181-#'!b3![-%!.!C-+2+'!(%!#'0!*%2-**%&1%0!2'&1+%&%!-&.!*%F-#.2+K&!(%#!*<F+4%&!#'2.#!+45*'5+.!(%!
-&! "01.1-1'! G! [-%! 1*.1.! (%! (%05#.=.*! #.! #%F+0#.2+K&! ,?0+2.! %! +45%(+*! %#! %C%*2+2+'! (%! #.!
!
XXP
2'45%1%&2+.!%01.1.#!%&!#.!4.1%*+.3!5%*0+F-+%&('!-&.!1'1.#!`+&1%*+'*+=.2+K&a!(%#!F',+%*&'!#'2.#!
[-%! 1%*4+&.*8.! 2'&! %#! `2.*?21%*! ,+Z*'&1%a! [-%! 0%! (%05*%&(%! (%#! .*1N! XQYNXNXO! /"! G! [-%! #.!
C-*+05*-(%&2+.!@.!*%2'&'2+('!(%0(%!#.!>)/!OQWXYOS3!(%!S]!(%!(+2+%4,*%N!$.*.!#'0!.21'*%03!%#!
2.581-#'! 5.*1%! (%! #.! +(%.! (%! [-%! #.! U%G! (%! ,.0%0! (%#! *<F+4%&! #'2.#! 5-%(%! 0%*! 5.*?4%1*'! (%!
2'&01+1-2+'&.#+(.(!(%!#.0!#%G%0!'*(+&.*+.03!5%*'!&'!(%!#'0!"01.1-1'0!(%!L-1'&'48.3![-%!#%!%01?&!
0-5*.'*(%&.('0N! L-4%&1.&('! #.! `(%&0+(.(! &'*4.1+D.a! (%#! "01.1-1'! 0%! %D+1.! [-%! *%0-#1%!
.5#+2.,#%! %&! /.1.#-6.! %#! %C%*2+2+'! (%! #.! 2'45%1%&2+.! %01.1.#! (%! #%F+0#.2+K&! ,?0+2.3! 2'&! #.!
2'&0%2-%&2+.!(%![-%!#.0!#%G%0!2.1.#.&.0!0K#'!%01.*?&!D+&2-#.(.0!.!#'!(+05-%01'!%&!%#!"01.1-1'N!
/'&!%01.!2'&01*-22+K&3!0+&!%4,.*F'3!0%!(%0,'*(.*8.&!#'0!#84+1%0!(%!#.!*%0%*D.! %01.1-1.*+.! (%#!
.*1N!XQ_NS!/"3!%&!#.![-%!0%!+&2#-G%!#.!'*F.&+=.2+K&!(%!#.0!`+&01+1-2+'&%0!.-1K&'4.0!5*'5+.0a3!
%&1*%!#.0![-%!&'!0%!2-%&1.&!#'0!%&1%0!#'2.#%03![-%!0'&!+&01+1-2+'&%0!5'*!08!G!5.*.!083!%01'!%03!.#!
0%*D+2+'!(%!0-0!5*'5+'0!+&1%*%0%0!g.*1N!X]_!/"cN!
!
U'! .&1%*+'*! 0%*8.! i2'&1+&M.&! #'0! *%2-**%&1%0i! -&! %C%45#'! (%! #.! 5%*1-*,.2+K&!
2'&01+1-2+'&.#![-%!%&1*.6.!0-5%*.*!%#!?4,+1'!5*'5+'!(%!#'0!"01.1-1'0N!"&1*%!<01'0!G! #.0! #%G%0!
,?0+2.0! &'! @.G! -&.! *%#.2+K&! (%! 0-5*.! G! 0-,'*(+&.2+K&3! 0+&'! (%! 2'45%1%&2+.3! G! &'! 2.,%! #.!
0-01+1-2+K&!(%!#.!Z-&2+K&!(%!#.!#%G!,?0+2.3!.5*',.(.!%\2#-0+D.4%&1%!5'*!#.0!/'*1%0!:%&%*.#%03!
5'*! -&.! #%G3! %#! "01.1-1'3! %&! #.! [-%! #.! D'#-&1.(! (%! -&.! 5.*1%! (%! "05.6.! %0! (%2+0+D.! 5.*.! 0-!
.5*',.2+K&! G! *%Z'*4.N! $'*! %##'! %#! 2.581-#'! 0%*8.! +&2'&01+1-2+'&.#! .-&! %&! #'0! .05%21'0! %&! [-%!
2'+&2+(%! 2'&! %#! 2'&1%&+('! (%! #.! U%G! (%! ,.0%0! (%#! *<F+4%&! #'2.#N! "&! (%Z+&+1+D.3! %#! "01.1-1'!
5*%1%&(%*8.! %01.,#%2%*! 0-! 5*'5+'! &+D%#! (%! .-1'&'48.! #'2.#3! +&4-&+=.&('! .#! '*(%&.4+%&1'!
2.1.#?&! Z*%&1%! .! #.! F.*.&18.! [-%! #.! #%F+0#.2+K&! ,?0+2.! 'Z*%=2.! %&! 2.(.! 4'4%&1'! %&! '*(%&! .#!
.0%F-*.4+%&1'!(%!-&!&+D%#!-&+Z'*4%!(%!.-1'&'48.!#'2.#!5.*.!1'('!%#!"01.('3!%&!#8&%.!2'&!#.!
('21*+&.!0%&1.(.!%&!#.!>)/!]SWXYOX3!(%!SO!(%!C-#+'N!
!
,c! "#! L,'F.('! (%#! "01.('! *%2@.=.! %01.! 2*81+2.! F%&%*.#3! .#%F.&('! [-%3! .5.*1%! (%! 0-!
F%&%*.#+(.(3!%01?!%&!2'&1*.(+22+K&!2'&!#.!(%2+0+K&!(%!#'0!.21'*%0!(%!&'!*%2-**+*!%#!.*1N!SN]!(%#!
"01.1-1'!G!(%!&'!+45-F&.*!8&1%F*.4%&1%!%#!2.581-#'!%&!2-%01+K&3!.(D+*1+%&('!(%![-%!G.!%#!.*1N!
RNX!(%#!"01.1-1'!(%!XY_Y3!2'&!1<*4+&'0!-&!1.&1'!%[-8D'2'03!+&2#-8.!4-&+2+5+'0!G!2'4.*2.0!%&!
#.! `'*F.&+=.2+K&! 1%**+1'*+.#a! (%! #.! :%&%*.#+1.1N! E%! '1*'! #.('3! 0'01+%&%! %#! *%5*%0%&1.&1%! (%#!
:',+%*&'! [-%! #.! *%F-#.2+K&! (%#! 2.581-#'! &'! 0%! '5'&%! .#! 2.*?21%*! ,+Z*'&1%! (%! #.0!
L(4+&+01*.2+'&%0!#'2.#%0!2.1.#.&.0e!2.*?21%*![-%!+45#+2.!g>)/!OQWXYOS3!(%!S]!(%!(+2+%4,*%3!
^;! Qc! [-%! %#! *<F+4%&! C-*8(+2'! (%! #.0! 2'*5'*.2+'&%0! #'2.#%0! %0! %#! *%0-#1.('! (%! #.! .21+D+(.(!
2'&2-**%&1%!(%#!"01.('!G!(%!#.0!/'4-&+(.(%0!L-1K&'4.03!5%*'![-%!&'!%\2#-G%![-%3!C-&1'!.!#.!
!
XXX
*%#.2+K&! (+*%21.! "01.('I2'*5'*.2+'&%0! #'2.#%03! %\+01.! 1.4,+<&! -&.! *%#.2+K&3! +&2#-0'! 4?0!
&.1-*.#!%!+&1%&0.3!%&1*%!<01.0!G!#.0!5*'5+.0!/'4-&+(.(%0!L-1K&'4.0!g>)/!SXQWXYOY3!(%!SX!(%!
(+2+%4,*%3!^;!SYcN!>+!#.!:%&%*.#+1.1!'01%&1.!.45#+.0!2'45%1%&2+.0!%&!4.1%*+.!(%!*<F+4%&!#'2.#3!
&'!5'(*8.!2'&0+(%*.*0%!2'&1*.*+'!.#!.*1N!XQ_NS!2c!/"![-%!0%!5#.04%&!%&!0-!"01.1-1'!#.0!#8&%.0!
Z-&(.4%&1.#%0! (%! #.! '*F.&+=.2+K&! #'2.#! 2.1.#.&.! .! Z+&! (%! D+&2-#.*! .#! #%F+0#.('*! '*(+&.*+'!
2.1.#?&! (%! *<F+4%&! #'2.#3! 4+%&1*.0! 2'&! %##'! &'! 0%! +&D.(.! #.! 2'45%1%&2+.! %01.1.#! (%#! .*1N!
XQYNXNXO!/"N!>+%&('!2+%*1'![-%!#'0!.*10N!XRX!G!XTP!(%#!"01.1-1'!&'!4%&2+'&.&!%\5*%0.4%&1%!
%0.! 2'45%1%&2+.! 2'&01+1-2+'&.#! (%#! "01.('! 2-.&('! .1*+,-G%&! 2'45%1%&2+.! %\2#-0+D.! .! #.!
:%&%*.#+1.1!%&!#.0!4.1%*+.0!(%!'*F.&+=.2+K&!1%**+1'*+.#!(%!*<F+4%&!#'2.#3!%0%!0+#%&2+'!&'!1+%&%3!
5.*.!%#!L,'F.('!(%#!"01.('3!-&.!0+F&+Z+2.2+K&!%\2#-G%&1%3!5-%01'![-%!%01?!Z-%*.!(%#!.#2.&2%!G!
%Z+2.2+.!5%2-#+.*%0!(%!#'0!"01.1-1'0!%#!+45%(+*!'!*%01*+&F+*!#.!+&2+(%&2+.!(%!#.0!2'45%1%&2+.0!
2'&01+1-2+'&.#%0! %\2#-0+D.0! (%#! "01.('! %&! #.0! 4.1%*+.0! [-%! #.! /'4-&+(.(! L-1K&'4.! .0-4.!
2'&!2.*?21%*!%\2#-0+D'N!
!
2c!"&!*%#.2+K&!2'&!#'0!#84+1%0!4.1%*+.#%0!(%#!"01.1-1'!(%!L-1'&'48.3!#.!*%5*%0%&1.2+K&!
(%#! :',+%*&'! (%! #.! :%&%*.#+1.1! 0%! *%4+1%! .! #'! G.! %\5-%01'! %&! #.0! 2'&0+(%*.2+'&%0! F%&%*.#%0!
g.&1%2%(%&1%!X]cN!f!*%2-%*(.![-%3!%&!4.1%*+.!#'2.#3!%#!"01.1-1'!(%!XY_Y!G.!@.,8.!.1*+,-+('!.!#.!
:%&%*.#+1.1! #.! 2'45%1%&2+.! %\2#-0+D.! g.*1N! YNOc3! .08! 2'4'! #.! 1-1%#.! Z+&.&2+%*.! (%! #'0! %&1%0!
#'2.#%0!g.*1N!QOcN!L(%4?03!%&!0-!181-#'!5*%#+4+&.*!Z+F-*.,.!-&.!*%F-#.2+K&!4-G!5.*%2+(.!.!#.!
[-%!2'&1+%&%&!#'0!5*%2%51'0!.@'*.!%\.4+&.('0N!h&.!*%F-#.2+K&!#-%F'!(%0.**'##.(.!5'*!#.!U%G!
OWXYO_3! 4-&+2+5.#! G! (%! *<F+4%&! #'2.#! (%! /.1.#-6.3! .@'*.! D+F%&1%! %&! %#! 1%\1'! *%Z-&(+('!
.5*',.('!5'*!%#!E%2*%1'!U%F+0#.1+D'!SWSPP]3!(%!SO!(%!.,*+#N!U.!(+01+&1.!-,+2.2+K&!0+01%4?1+2.!
(%!#.!4.1%*+.!*%05'&(%*8.!.!#.!+(%.!(%![-%!#.!%01*-21-*.!1%**+1'*+.#!%&!4-&+2+5+'0!G!2'4.*2.03!
.@'*.! D%F-%*8.03! Z'*4.! 5.*1%! (%! #.0! (%2+0+'&%0! +&01+1-2+'&.#%0! [-%! (%,%&! 5#.04.*0%3!
C-01.4%&1%3!%&!#.!&'*4.!+&01+1-2+'&.#!,?0+2.!(%!#.!/'4-&+(.(!L-1K&'4.N!
!
U'0!*%2-**%&1%0!%&1%&(%*8.&!#.!.-1'&'48.!#'2.#!%&!-&'0!1<*4+&'0![-%!0K#'!(.&!2.,+(.!.!
#.!*%#.2+K&!%&1*%!#'0!%&1%0!#'2.#%0!G!%#!"01.('3!2'&!1'1.#!%\2#-0+K&!(%!#.!/'4-&+(.(!L-1K&'4.N!
"##'!0-5'&(*8.!(%02'&'2%*!#.!C-*+05*-(%&2+.![-%!@.,#.!(%!-&.!*%#.2+K&3!`+&2#-0'!4?0!&.1-*.#!%!
+&1%&0.a3! %&1*%! #.0! %&1+(.(%0! #'2.#%0! G! #.0! /'4-&+(.(%0! L-1K&'4.0! g5'*! 1'(.03! >)/!
]]XWXYY]3!(%!XS!(%!&'D+%4,*%3!^;!]cN!$'*!#'!(%4?03!G!2'4'!.Z+*4.&!#'0!*%2-**%&1%03!#'0!%&1%0!
#'2.#%0! 0'&! 5.*1%! (%#! "01.('! 2'4'! 0-5*.'*(%&.4+%&1'3! #'! [-%! 2'+&2+(+*8.! 5#%&.4%&1%! 2'&! %#!
.*1N!]NX!(%#!"01.1-1'3![-%!%&-&2+.!%#!5*+&2+5+'!(%![-%!`#.!:%&%*.#+1.1!%0!"01.('aN!
!
!
XXS
k+%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!#.!U%G!(%!,.0%0!(%#!*<F+4%&!#'2.#!5-%(.!0%*!
5.*?4%1*'! (%! #'0! "01.1-1'0! (%! L-1'&'48.N! "&! 0-! '5+&+K&3! %#! @%2@'! (%! [-%! (%1%*4+&.(.0!
5*%D+0+'&%0!(%!(+2@.!U%G!Z-%*.&!2'&0+(%*.(.0!2'&01+1-2+'&.#%0!&'!0+F&+Z+2.![-%!Z-%*.!#.!M&+2.!
0'#-2+K&!2'&01+1-2+'&.#!5'0+,#%3!&+![-%!%#!,#'[-%!(%!#.!2'&01+1-2+'&.#+(.(![-%(%!5%1*+Z+2.('3!&+!
#+4+1.('!%#!#%F+0#.('*!%01.1-1.*+'!g0-4.!(%#!.-1'&K4+2'!G!(%#!%01.1.#cN!"&!%01%!4+04'!0%&1+('!
0%! +&(+2.! [-%! #.! F.*.&18.! +&01+1-2+'&.#! (%! #.! .-1'&'48.! #'2.#3! 4?0! [-%! -&! 2*+1%*+'! (%!
(+01*+,-2+K&!(%!2'45%1%&2+.0!%&1*%!%#!"01.('!G!#.0!/'4-&+(.(%0!L-1K&'4.03!%0!-&!5*+&2+5+'!
2-G'! *%05%1'! 0%! +45'&%! 1.&1'! .#! #%F+0#.('*! %01.1.#! 2'4'! .#! .-1'&K4+2'N! "&! 1'('! 2.0'3! 0%!
.5-&1.! %#! 2.*?21%*! %4+&%&1%4%&1%! 5*%D%&1+D'! (%#! *%2-*0'! %&! %01%! 5-&1'3! 5-%0! 0%! +F&'*.*8.! #.!
2.-1%#.!%\5*%0.!(%!#.!.-1'&'48.!#'2.#!*%2'F+(.!%&!#'0!.*10N!OQNX3!OTN]!G!YPNSN!
!
^+&.#4%&1%3! %&! %#! *%2-*0'! 0%! 2'&Z-&(+*8.&! 2'45%1%&2+.! 0',*%! -&.! 4.1%*+.! G!
2'45%1%&2+.! 5.*.! #.! .1*+,-2+K&! (%! 2'45%1%&2+.! .! #.! L(4+&+01*.2+K&! #'2.#N! U.! (+01*+,-2+K&!
%&1*%!5%*0'&.0!C-*8(+2'I5M,#+2.0!G!K*F.&'0!(%!-&.!5'1%01.(!&'!1+%&%!5'*![-<!5%*1%&%2%*!.![-+%&!
@.!2*%.('!G!('1.('!(%!2'&1%&+('!.!%0.!5'1%01.(N!
!
(c! "#! $.*#.4%&1'! (%! /.1.#-6.3! 1*.0! %\5'&%*! #'0! .&1%2%(%&1%0! @+01K*+2'03! 0'2+.#%0! G!
C-*8(+2'0!(%!#.!&'*4.1+D.!%01.1-1.*+.3!.&.#+=.!#.!2'&Z+F-*.2+K&!2'&01+1-2+'&.#!(%!#.!.-1'&'48.!
#'2.#3! 2'&! %05%2+.#! *%Z%*%&2+.! .! #.! C-*+05*-(%&2+.! (%! %01%! )*+,-&.#3! [-%! @.! %&1%&(+('! #.!
.-1'&'48.!#'2.#!2'4'!-&.!F.*.&18.!+&01+1-2+'&.#!2-G.!2'&2*%2+K&!0%!*%4+1%!.!#'0!#%F+0#.('*%0!
'*(+&.*+'03! 5%0%! .! [-%3! .#! 1+%45'3! %&! 1.&1'! [-%! F.*.&18.3! #+4+1.! .! #'0! #%F+0#.('*%0! g>)/!
]SWXYOX3! (%! SO! (%! C-#+'3! ^;! ]c3! 0-,*.G.&('! 1.4,+<&! [-%! #.! C-*+05*-(%&2+.! @.! %&1%&(+('! [-%3!
4?0! .##?! (%#! 2'&1%&+('! 48&+4'! 2'&01+1-2+'&.#4%&1%! 5*'1%F+('3! #.! .-1'&'48.! #'2.#! %0! -&!
2'&2%51'! C-*8(+2'! (%! 2'&1%&+('! #%F.#3! [-%! 5%*4+1%! .21-.2+'&%0! #%F+0#.1+D.0! (+D%*0.0! %&! #.!
4%(+(.! %&! [-%! *%05%1%&! #.! F.*.&18.! +&01+1-2+'&.#! g>>)/! SRYWXYOO3! (%! SS! (%! (+2+%4,*%e!
X_PWXYOY3! (%! XY! (%! '21-,*%e! SXQWXYOY3! (%! SX! (%! (+2+%4,*%e! QPWXYYO3! (%! XY! (%! Z%,*%*'cN! U.!
C-*+05*-(%&2+.! @.! 5.*1+('! (%! #.! .1*+,-2+K&! .#! "01.('! (%! #.! 2'45%1%&2+.! 5.*.! Z+C.*! -&'0!
5*+&2+5+'0!'!,.0%0!*%#.1+D'0!.!#'0!.05%21'0!+&01+1-2+'&.#%0!G!.!#.0!2'45%1%&2+.0!#'2.#%0!g>)/!
SXQWOYc! [-%! (%,%! 1%&(%* ex Constitutione .! .0%F-*.*! -&! &+D%#! 48&+4'! (%! .-1'&'48.! .! #.0!
2'*5'*.2+'&%0! #'2.#%0! %&! 1'('! %#! 1%**+1'*+'! &.2+'&.#! g.083! >>)/! ]SWXYOX3! (%! SO! (%! C-#+'e!
]WXYOO3!(%!SX!(%!%&%*'e!G!SRYWXYOO3!(%!SS!(%!(+2+%4,*%cN!$.*.!%#!$.*#.4%&1'3!%#!@%2@'!(%![-%!
&'!0%!@.G.!.2'F+('!%&!#.!C-*+05*-(%&2+.!-&!%&1%&(+4+%&1'!4?0!*%01*+21+D'!(%#!.*1N!XQYNXNXO!/"!
*%05'&(%*8.!%&!F*.&!4%(+(.!.!#.!5*'5+.!*%(.22+K&!(%#!"01.1-1'!(%!XY_YN!
!
!
XX]
"#! &-%D'! "01.1-1'3! 0+&! %4,.*F'3! 5.*1+*8.! (%! [-%! %#! .*1N! XQYNXNXO! /"! &'! *%0%*D.! .#!
#%F+0#.('*!%01.1.#!#.!*%F-#.2+K&!(%#!5*+&2+5+'!(%!#.!.-1'&'48.!#'2.#!&+!#.0!,.0%0!%&!4.1%*+.!(%!
*<F+4%&! #'2.#3! 0+&'! 0K#'! #.0! ,.0%0! (%#! *<F+4%&! C-*8(+2'! (%! #.0! L(4+&+01*.2+'&%0! 5M,#+2.03! #.!
#%F+0#.2+K&! 0',*%! %\5*'5+.2+K&! Z'*='0.3! #.0! ,.0%0! (%#! 2'&1*.1'0! (%! #.0! L(4+&+01*.2+'&%0!
5M,#+2.0!G!%#!0+01%4.!(%!*%05'&0.,+#+(.(!5.1*+4'&+.#3!4+%&1*.0![-%!%#!"01.1-1'!.1*+,-+*8.!.!#.!
:%&%*.#+1.1! #.! 2'45%1%&2+.! %\2#-0+D.! 0',*%! *<F+4%&! #'2.#N! "#! .*1N! XTPNX! (%#! &-%D'! "01.1-1'!
[-%**8.!*'45%*!#.!+&%*2+.!G!.Z+.&=.*!#.!%\2#-0+D+(.(![-%!G.!2'&0.F*.*.!%#!.*1N!YNO!(%#!"01.1-1'!
.&1%*+'*N!/'&!%##'!5*%1%&(%*8.!5*'@+C.*!-&.!&-%D.!C-*+05*-(%&2+.!2'&01+1-2+'&.#3!5-%01'![-%!#.!
%\+01%&1%! (%0(%! #.! >)/! ]SWXYOX3! (%! SO! (%! C-#+'3! .&2#.! 0-0! *.82%0! %&! #.! *%Z'*4.(.! (+22+K&!
%01.1-1.*+.N!>+!%#!D+F%&1%!"01.1-1'!*%F-#.!(%!4.&%*.!%\2#-0+D.!%#!*<F+4%&!#'2.#!G!%#+4+&.!#'0!
`0+&!5%*C-+2+'a3!#.0!+&1%*5*%1.2+'&%0!(%#!)*+,-&.#!/'&01+1-2+'&.#!Z-&(.4%&1.(.0!%&!#.!*%4+0+K&!
(%#! .*1N! YNO! (%#! .&1%*+'*! .#! .*182-#'! XQYNXNXO! /"! 5%*(%*8.&! ,-%&.! 5.*1%! (%! 0-! 5'1%&2+.#+(.(!
2'4'!(%Z+&+('*.0!(%!2*+1%*+'0!(%!(+01*+,-2+K&!2'45%1%&2+.#N!
!
U.! +&1%*5*%1.2+K&! C-*+05*-(%&2+.#! ##%DK! %&! #.! 5*?21+2.! i2'&1+&M.! %#! %02*+1'! (%!
.#%F.2+'&%0i! .! [-%! #.0! %&1+(.(%0! #'2.#%0! (%,%&! %01.*! 0'4%1+(.0! .! -&.! (',#%! *%F-#.2+K&3!
%01.1.#!G!.-1'&K4+2.N!U.!:%&%*.#+1.1!0%!@.,*8.!D+01'!',#+F.(.!.!.2%51.*!%01%!2.*?21%*!,+Z*'&1%!
(%#!F',+%*&'!#'2.#!G!&'!5-('!%01.,#%2%*!-&!0+01%4.!5*'5+'!(%!*%#.2+'&%0!2'&!#'0!%&1%0!#'2.#%0!
[-%!(%1%*4+&.0%!#.!*%05%21+D.!5'0+2+K&!(%&1*'!(%#!4.*2'!%01.1-1.*+'N!>+&!%4,.*F'3!(%0(%!-&.!
5%*05%21+D.! %01*+21.4%&1%! 2'&01+1-2+'&.#3! #.! /'&01+1-2+K&! .(4+1+*8.! 1.&1'! -&! 4'(%#'! (%!
&.1-*.#%=.! ,+Z*'&1%! (%! #.0! +&01+1-2+'&%0! #'2.#%0! 2'4'! '1*'! 4'(%#'! ,.0.('! %&! #.!
`+&1%*+'*+=.2+K&a!(%!#.0!+&01+1-2+'&%0!#'2.#%03!0+%45*%!G!2-.&('!.4,'0!*%05%1%&!G!F.*.&1+2%&!%#!
5*+&2+5+'! (%! #.! .-1'&'48.! #'2.#3! [-%! %0! %#! [-%! %#! $.*#.4%&1'! 2.1.#?&! 5*'5-0'! .! #.0! /'*1%0!
:%&%*.#%0!5.*.!#.!*%Z'*4.!(%#!"01.1-1'N!
!
"#! 5-&1'! (%! 5.*1+(.! (%! #.! &-%D.! *%F-#.2+K&! %01.1-1.*+.! 0%*8.! [-%! %#! 4-&+2+5+'! Z'*4.!
5.*1%! (%#! 0+01%4.! +&01+1-2+'&.#! (%! #.! /'4-&+(.(! L-1K&'4.N! "##'! &'! 0+F&+Z+2.*8.! [-%! %#!
4-&+2+5+'!5%*1%&%2%!.!#.!/'4-&+(.(!L-1K&'4.3!0+&'![-%!0%!*%#.2+'&.!5*%Z%*%&1%4%&1%3!G!2'&!
4.G'*!&.1-*.#+(.(3!2'&!#.0!+&01+1-2+'&%0!.-1'&K4+2.03!2'4'!G.!0%6.#K!@.2%!1+%45'!%#!)*+,-&.#!
/'&01+1-2+'&.#3!G!2'4'!%0!.,0'#-1.4%&1%!&.1-*.#!%&!#'0!0+01%4.0!(%!1+5'!Z%(%*.#N!L!5.*1+*!(%!
.@83!%#!"01.1-1'!%&2'4%&(.*8.!.#!4-&+2+5+'!-&.!(',#%!Z-&2+'&.#+(.(!%&!%#!0+01%4.!.-1'&K4+2'd!
%0! #.! %&1+(.(! ,?0+2.! (%! #.! '*F.&+=.2+K&! 1%**+1'*+.#! (%! #.! /'4-&+(.(! .-1K&'4.! G! %0! %#!
+&01*-4%&1'!%0%&2+.#!5.*.!#.!5.*1+2+5.2+K&!(%!#.!2'4-&+(.(!#'2.#!%&!#'0!.0-&1'0!5M,#+2'03!1'('!
%##'!(%0(%!#.!.-1'&'48.!(%!#'0!4-&+2+5+'0![-%!%#!"01.1-1'!*%2'&'2%!G!.45.*.N!/'&!%##'!&'!0%!
!
XXQ
&%F.*8.! %&! .,0'#-1'! #.! 2'45%1%&2+.! ,?0+2.! (%#! "01.('3! 0+&'! [-%! 1.&! 0K#'! 0%! #+4+1.*8.! 0-!
.#2.&2%3! 5-%0! .#! %01.,#%2%*! -&! 4'(%#'! (%! F',+%*&'! #'2.#! 5*'5+'! (%! /.1.#-6.3! (+Z%*%&1%! (%#!
'*(+&.*+'3!(%05#.=.*8.!.!-&!1+%45'!#.!.5#+2.2+K&!(%!#.0!,.0%0!%01.1.#%03!1.#!G!2'4'!G.!0-2%(%!%&!
'1*'0!"01.1-1'0!G!*%F84%&%0!%05%2+.#%0N!
!
L#%F.!#.!/?4.*.!2.1.#.&.![-%!#'0!"01.1-1'0!C-%F.&!-&!5.5%#!Z-&(.4%&1.#!5.*.!.(%2-.*!
#.! 5#.&1.! .(4+&+01*.1+D.! .! #.! *%.#+(.(! 5*'5+.! G! 0.#D.F-.*(.*! #.0! 2'45%1%&2+.0! #%F+0#.1+D.0!
*%#.2+'&.(.0! 2'&! %#! F',+%*&'! #'2.#N! U.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#! .D.#.*8.! %01.0!
5'0+,+#+(.(%03! .(4+1+%&('! *%F84%&%0! 0+&F-#.*%0! 2'4'! #.! 2*%.2+K&! (%! 2'4.*2.0! g>)/!
SXQWXYOY3! (%! SX! (%! (+2+%4,*%c! '! #.! 4'(-#.2+K&! (%! #.0! 2'45%1%&2+.0! (%! #.0! E+5-1.2+'&%0!
$*'D+&2+.#%0!g>)/!XPYWXYYO3!(%!SX!(%!4.G'cN!"&!#.!5*+4%*.!(%!%01.0!>%&1%&2+.0!%#!)*+,-&.#!G.!
@+='!*%Z%*%&2+.!.!#'0!%#%4%&1'0!@+01K*+2'0!(%!#.!'*F.&+=.2+K&!1%**+1'*+.#!(%!/.1.#-6.3!#'![-%3!(%!
2'&Z'*4+(.(! 2'&! %#! .*1N! R! (%#! D+F%&1%! "01.1-1'3! 5%*4+1+*8.! %#! *%2'&'2+4+%&1'! (%! -&! 4.G'*!
%05.2+'!2'45%1%&2+.#!5.*.!#.!:%&%*.#+1.1N!L(%4?03!%#!)*+,-&.#!/'&01+1-2+'&.#!@.!*%2'&'2+('!
+45#82+1.4%&1%! [-%! #'0! "01.1-1'0! 1+%&%&! D+*1-.#+(.(! C-*8(+2.! 0-Z+2+%&1%! 5.*.! %01.,#%2%*!
%\2%52+'&%0! G! 4'(%#'0! 1%**+1'*+.#%0! (+Z%*%&1%0! (%! #'0! 5*%D+01'0! 5'*! %#! #%F+0#.('*! ,?0+2'! G!
5-%(%&! (%05#.=.*! #.! #%F+0#.2+K&! ,?0+2.3! [-%! *%0-#1.*?! +&.5#+2.,#%3! 2'4'! @+='! %&! #.! >)/!
SXQWXYOY3!(%!SX!(%!(+2+%4,*%3!.#!-1+#+=.*!%#!"01.1-1'!2'4'!2.&'&!(%!2'&01+1-2+'&.#+(.(!(%!#.!
U%G! (%! ,.0%0! (%#! *<F+4%&! #'2.#! E%#! 4+04'! 4'('3! (%1%*4+&K! %&! #.! >)/! OQWXYOS3! (%! S]! (%!
(+2+%4,*%3! [-%! 2'**%05'&(%! .! #.! /'4-&+(.(! L-1K&'4.! #.! *%F-#.2+K&3! 4%(+.&1%! #%G3! (%#!
*<F+4%&!C-*8(+2'!(%!#.0!2'*5'*.2+'&%0!#'2.#%0!(%!0-!1%**+1'*+'3!.-&[-%!#.!#%G!.-1'&K4+2.!(%,.!
.C-01.*0%! .! #.0! ,.0%0! %01.1.#%0N! "&! 2'&0%2-%&2+.3! +&2#-0'! %&! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#!
.21-.#! @.,*8.! %#%4%&1'0! 0-Z+2+%&1%0! 5.*.! C-01+Z+2.*! -&.! +&1%*5*%1.2+K&! 4?0! *%01*+21+D.! (%#!
.#2.&2%!(%!#.0!,.0%0!%01.1.#%0!%&!%01.!4.1%*+.3!+&2#-0'!%&!%#!4'(%#'!,+Z*'&1%N!
!
k'!',01.&1%3!%#!$.*#.4%&1'!(%!/.1.#-6.!2'&0+(%*.![-%!0+!#.!*%F-#.2+K&!5*'5-%01.!5'*!%#!
"01.1-1'! .21-.#! 0%! .C-01.! .! #.! /'&01+1-2+K&! #.! C-*+05*-(%&2+.! &%2%0.*+.4%&1%! (%,%*?!
%D'#-2+'&.*N!"&!%0%!0%&1+('!.Z+*4.![-%!-&'!(%!#'0!5*+&2+5.#%0!.*F-4%&1'0!-1+#+=.('0!5'*!%01%!
)*+,-&.#!5.*.!C-01+Z+2.*!%#!.45#+'!.#2.&2%!(%!#.!2'45%1%&2+.!%01.1.#!5.*.!*%F-#.*!#.!.-1'&'48.!
#'2.#!%*.!#.!Z.#1.!(%!-&!(%*%2@'!*%.22+'&.#![-%!5%*4+1+%*.!.!#.0!%&1+(.(%0!#'2.#%0!*%2-**+*!.!#.!
C-01+2+.!2'&01+1-2+'&.#N!"01%!.*F-4%&1'![-%(K!.&-#.('!2.0+!2'45#%1.4%&1%!2'&!#.!.5*',.2+K&!
(%!#.!U%G!V*F?&+2.!_WXYYY3![-%!4'(+Z+2K!#.!U%G!V*F?&+2.!(%#!)*+,-&.#!/'&01+1-2+'&.#3!G!2*%K!
G! *%F-#K! %#! *%2-*0'! %&! (%Z%&0.! (%! #.! .-1'&'48.! #'2.#3! 2'&! #'! [-%! #.0! ,.0%0IF.*.&18.! D%*8.&!
(%05#.=.(.!0-!Z-&2+K&!5'*!-&.!#%F+0#.2+K&!4?0!.2'*(%N!
!
XXR
!
]YN!.c!U'0!(%4.&(.&1%0!(%&-&2+.&!2'&2*%1.4%&1%!#.!+&2'&01+1-2+'&.#+(.(!(%#!.*182-#'!
OQNS!G!]!g/'45%1%&2+.0!#'2.#%0cN!L!0-!C-+2+'3!%#!.*1N!OQNS![-+%*%!0%*!%#!0-01+1-1+D'!(%#!.*1N!SRNS!
U9HU3!(%#![-%!2'5+.!0-!0+01%4.3!.-&[-%!&'!0-!%&-4%*.2+K&3!G!(%,%!2'45#%1.*0%!2'&!%#!.*1N!
OQN]!G!2'&!%#!.*182-#'!XTPNX!,c3!1.4,+<&!+45-F&.('3![-%!2'&Z+*4.*8.&![-%!0%*?!%#!#%F+0#.('*!
2.1.#?&! %#! [-%! %01.,#%=2.! #.0! 2'45%1%&2+.0! 4-&+2+5.#%0! %&! %0.0! 4.1%*+.03! 0+&! 2'&2-*0'! (%#!
#%F+0#.('*!%01.1.#N!"&!2'&C-&1'3!%01'0!5*%2%51'0!Z'*4.*8.&!-&!0+01%4.!%&2.4+&.('!.!#+4+1.*!.#!
"01.('!#.!Z.2-#1.(!(%!%01.,#%2%*!&'*4.0!,?0+2.0!0',*%!#.0!2'45%1%&2+.0!#'2.#%0N!U'![-%!0%*8.!
+&2'&01+1-2+'&.#! .-&! 2-.&('! 0%! 1*.1%! (%! 4.1%*+.0! 5*'5+.0! (%! #.! :%&%*.#+1.1! i5-%0! %#! "01.('!
5-%(%!+45'&%*!%&!1'('!2.0'!2+%*1.!.1*+,-2+K&!.!#'0!%&1%0!#'2.#%0!2'4'!F.*.&18.!48&+4.!(%!0-!
.-1'&'48.i!G3!(%0(%!#-%F'3!4-2@'!4?0!2-.&('3!2'4'!0-2%(%3!5'*!%C%45#'3!2'&!#.0!#%1*.0!%c3!
@c!G!#c!(%#!.*1N!OQNS3!0%!+&2#-G%&!4.1%*+.0![-%!0'&!(%!#.!2'45%1%&2+.!(%#!"01.('N!
!
,c! "#! L,'F.('! (%#! "01.('3! 5'*! 0-! 5.*1%3! .#%F.! [-%! %#! .*1N! OQNS! 2'&1+%&%! -&.!
%&-4%*.2+K&!(%!#.0!2'45%1%&2+.0![-%3!2'4'!5*'5+.03!0%!F.*.&1+=.&!.!#'0!4-&+2+5+'0!2.1.#.&%0N!
/'4'! %0! ',D+'3! %0.! F.*.&18.! %01.1-1.*+.! D+&2-#.! .#! #%F+0#.('*! 1%**+1'*+.#! G! (%,%! %&1%&(%*0%!
5*%5'&(%*.&1%4%&1%! *%Z%*+(.! .! 4.1%*+.0! (%! 2'45%1%&2+.! .-1'&K4+2.N! L08! 0%! %&1+%&(%! %#!
.5.*1.('! ]! (%#! 4+04'! 5*%2%51'3! [-%! .Z+*4.! [-%! #.! (+01*+,-2+K&! (%! *%05'&0.,+#+(.(%0!
.(4+&+01*.1+D.0! %&! #.0! 4.1%*+.0! (%#! .5.*1.('! S! 0%! *+F%! 5'*! #.0! #%G%0! .5*',.(.0! 5'*! %#!
$.*#.4%&1'!G!5'*!#'0!5*+&2+5+'0!(%!0-,0+(+.*+%(.(3!(+Z%*%&2+.2+K&!G!0-Z+2+%&2+.!Z+&.&2+%*.N!k'!
',01.&1%3!%0!(%!&'1.*3!5.*.!%#!L,'F.('!(%#!"01.('3![-%!%#!.*1N!OQNS!*%4+1%!.!`#'0!1<*4+&'0![-%!
(%1%*4+&%&! #.0! #%G%0a3! 0+&! %05%2+Z+2.*! 0+! <01.0! @.&! (%! 0%*! %01.1.#%0! '! .-1'&K4+2.03! 5-(+%&('!
'2-**+*! [-%! .#F-&.0! (%! #.0! 4.1%*+.0! 4%&2+'&.(.0! %&! %#! 5*%2%51'! 1'4%&! %&! 2-%&1.! #.! .21-.#!
%\+01%&2+.!(%!2'45%1%&2+.0!.1*+,-+(.0!.!#'0!4-&+2+5+'0!%&!#%G%0!%01.1.#%0N!
!
/+%*1.4%&1%! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i3! %#! .*1N! OQN]! '4+1%! 2+1.*! #.!
#%F+0#.2+K&!%01.1.#!,?0+2.3!.08!2'4'!#.0!#%G%0!%01.1.#%0!0%21'*+.#%0![-%!.1*+,-G%&!2'45%1%&2+.0!
.!#'0!4-&+2+5+'0e!5%*'!%01.!'4+0+K&!&'!+45%(+*8.!%&!.,0'#-1'![-%!%#!$.*#.4%&1'!(%!/.1.#-6.3!
.#!(+01*+,-+*!#.0!*%05'&0.,+#+(.(%0!.(4+&+01*.1+D.03!(%,.!@.2%*#'!2'&!5#%&'!*%05%1'!.!#.0!,.0%0!
%01.1.#%0! %&! 4.1%*+.! *<F+4%&! #'2.#! G! 0+%45*%! 0+&! +&D.(+*! 2'45%1%&2+.0! 2'&01+1-2+'&.#%0! (%#!
"01.('3!0+&![-%!%##'!(%5%&(.!(%!-&!%\5*%0'!*%2'*(.1'*+'!%&!%#!5*%2%51'!%01.1-1.*+'N!
!
"&! 2-.&1'! .#! .*F-4%&1'! (%! [-%! %#! .*1N! OQNS! 2'&1+%&%! *%Z%*%&2+.0! .! 4.1%*+.0! (%!
2'45%1%&2+.! %01.1.#! %\2#-0+D.! '! 2'45.*1+(.! 2'&! #.0! /'4-&+(.(%0! L-1K&'4.03! 0%6.#.! %#!
!
XXT
L,'F.('!(%#!"01.('![-%!%01%!M#1+4'!0-5-%01'!&'!'Z*%2%!5*',#%4.!2'&01+1-2+'&.#!.#F-&'!G![-%3!
%&!2-.&1'!.#!5*+4%*'3!1.45'2'!%\+01%!+&2'&01+1-2+'&.#+(.(!5'*!2+1.*!4.1%*+.0!(%!2'45%1%&2+.!
%01.1.#! 0+! #.0! #%G%0! (%#! "01.('! .1*+,-G%&! 2'45%1%&2+.0! .! #'0! LG-&1.4+%&1'0N! "&! %01%! 0%&1+('!
.Z+*4.! [-%! &'! .2+%*1.&! #'0! .21'*%0!2'&! #'0! %C%45#'0! 'Z*%2+('03! .#! 1*.1.*0%! (%! 4.1%*+.0! %&! #.0!
[-%!%#!#%F+0#.('*!%01.1.#!,?0+2'!*%4+1%!.!#.!#%F+0#.2+K&!(%!#.0!/'4-&+(.(%0!L-1K&'4.03!'!,+%&!
%&!#.0![-%!0%!@.&!1*.&0Z%*+('!2'45%1%&2+.0!.!#.!/'4-&+(.(!L-1K&'4.!(%!/.1.#-6.3!'!%&!#.0!
[-%! %#! *<F+4%&! (%! .#F-&.0! +&Z*.%01*-21-*.0! G! 0%*D+2+'0! %01?! (%&1*'! (%! #.! 2'45%1%&2+.!
.-1'&K4+2.3!2'&!*%2'&'2+4+%&1'!5'*!5.*1%!(%!#.!#%F+0#.2+K&!%01.1.#N!
!
2c!L#%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!#'0!*%2-**%&1%0!5.*%2%&!'#D+(.*![-%!G.!%&!%#!
"01.1-1'!(%!XY_Y3!2'4'!%&!%#!(%0.**'##'!#%F+0#.1+D'!5'01%*+'*3!0%!2'&1%45#.,.!#.!2'45%1%&2+.!
(%!#.!/'4-&+(.(!L-1K&'4.!%&!4.1%*+.!#'2.#N!)*.0!*%0%6.*!%#!2'&1%&+('!(%!.#F-&'0!5*%2%51'0!
(%#!1%\1'!*%Z-&(+('!(%!#.!U%G!4-&+2+5.#!G!(%!*<F+4%&!#'2.#3!.5*',.('!5'*!E%2*%1'!U%F+0#.1+D'!
SWSPP]3! 0%! +&(+2.! [-%! %#! ?4,+1'! %&! %#! [-%! 0%! .21M.&! #.0! 2'45%1%&2+.0! #'2.#%0! Z'*='0.4%&1%!
.Z%21.*?!0+%45*%!.!2'45%1%&2+.0!%01.1.#%0!G!.-1'&K4+2.03!%01.&('!D+&2-#.(.0!.!#.!F%01+K&!(%!
#'0!+&1%*%0%0!*%05%21+D'0!g.*1N!X]_!/"c3!(%!('&(%!0%!(%(-2%![-%!%0!%#!#%F+0#.('*!'*(+&.*+'![-+%&!
(%,%!(%1%*4+&.*#.0!g.083!>)/!XRYWSPPX3!(%!R!(%!C-#+'cN!"##'!0+F&+Z+2.*8.![-%!#.!/'&01+1-2+K&!&'!
5*%2+0.!2-?#%0!0%.&!#'0!+&1%*%0%0!*%05%21+D'0!(%#!.*1N!X]_!/"!&+!%#!@.=!48&+4'!(%!2'45%1%&2+.0!
[-%3!5.*.!.1%&(%*!.!0-!F%01+K&3!%#!#%F+0#.('*!@.!(%!.1*+,-+*!.!#'0!%&1%0!#'2.#%0!g.#!*%05%21'3!>)/!
XPYWXYYO3!(%!SX!(%!4.G'3!^;!ScN!
!
U.!F.*.&18.!(%!#.!.-1'&'48.!#'2.#!i2'&1+&M.!%#!%02*+1'!(%!.#%F.2+'&%0i!2'45'*1.!#.!
&%2%0.*+.! 5.*1+2+5.2+K&! #'2.#! %&! #.0! (%2+0+'&%0! [-%! #%0! .Z%21.&! g>>)/! S_WXYO_3! (%! S_! (%!
Z%,*%*'e! XPYWXYYO3! (%! SX! (%! 4.G'e! G! XRYWSPPX3! (%! R! (%! C-#'3! 2-G'! ^;! Q! 0%! *%5*'(-2%!
5.*2+.#4%&1%cN! E%! .2-%*('! 2'&! #'! %\5-%01'3! %#! .*1N! OQNS! &'! #%0+'&.*8.! &+&F-&.! (%! #.0!
2'45%1%&2+.0!%01.1.#%0!5'*!#.!(+01+&1.!(+4%&0+K&!(%!#.0!2'45%1%&2+.0!#'2.#%03![-%! .Z%21.&! .#!
@.=!(%!#'0!+&1%*%0%0!#'2.#%0!G![-%!0%!(%Z+&%&!5'*!%#!#%F+0#.('*!'*(+&.*+'N!"#!5*%2%51'!%01.1-1.*+'!
M&+2.4%&1%! F.*.&1+=.*8.! -&! &+D%#! 48&+4'! (%! 2'45%1%&2+.0! [-%! %&! &+&FM&! 2.0'! 5-%(%! 0%*!
%&1%&(+('! 2'4'! -&! 1%2@'! 4?\+4'N! >-! 5*'5+.! (+22+K&! 4'01*.*8.! -&! 1*.1'! (%! #.0! .1*+,-2+'&%0!
#'2.#%0! 4-G! (+01+&1'! (%#! *%Z#%C.('! %&! %#! .*1N! XQYNX! /"! '! %&! #'0! .*10N! XXP! G! 0+F-+%&1%0! (%#!
"01.1-1'3! 5-%0! &'! 0%! @.,#.! (%! 2'45%1%&2+.0! %\2#-0+D.03! ,?0+2.0! '! 2'45.*1+(.03! 0+&'! 0K#'! (%!
`2'45%1%&2+.0!5*'5+.0!%&!#.0!0+F-+%&1%0!4.1%*+.0a3!%0!(%2+*3!(%!.2-%*('!2'&!%#!.#2.&2%![-%!Z+C%!
#.!#%F+0#.2+K&!0%21'*+.#N!
!
!
XX_
$'*!'1*'!#.('3!#.!2'45%1%&2+.!%01.1.#!0',*%!*<F+4%&!#'2.#!(%*+D.!(%#!.*1N!XQYNXNXO!/"3!
('&(%! &'! 0%! 4%&2+'&.&! %\5*%0.4%&1%! #.0! 2'45%1%&2+.0! #'2.#%03! (%! ('&(%! (%,%*8.! +&Z%*+*0%!
[-%!<01.0!5-%(%&![-%(.*!.0-4+(.0!5'*!%#!"01.1-1'!%&!D+*1-(!(%#!.*182-#'!XQYN]!/"3!G!%##'!5'*!
D'#-&1.(! (%#! #%F+0#.('*! %01.1-1.*+'3! 0-4.! (%#! %01.1.#! G! .-1'&K4+2'N! "&! %#! 4+04'! 0%&1+('3! 0%!
*%0%6.! [-%! %#! .*1N! OQN]! 2'&1+%&%! -&.! *%F-#.2+K&! 2'+&2+(%&1%! 2'&! #.! (%#! .*1N! YNR! (%#! 1%\1'!
*%Z-&(+('! (%! #.! U%G! 4-&+2+5.#! G! (%! *<F+4%&! #'2.#! (%! /.1.#-6.3! [-%! &'! @.! 0+('! (%2#.*.(.!
+&2'&01+1-2+'&.#N!
!
^+&.#4%&1%3!0+!%0!#.!#%G!.-1'&K4+2.!#.![-%!2*%.!#.0!%&1+(.(%0!#'2.#%0!(%!.2-%*('!2'&!%#!
.*1N! XQXN]! /"3! (%,%*8.! 5'(%*! ('1.*#.0! (%! #.0! 2'45%1%&2+.0! [-%! 0-! ?4,+1'! (%! F%01+K&!
*%2'4+%&(%!5'*!*.='&%0!(%!%Z+2.2+.!G!%Z+2+%&2+.N!
!
(c! "#! $.*#.4%&1'! 2.1.#?&! 2'&0+(%*.! [-%! #'0! *%2-**%&1%0! &'! 1+%&%&! %&! 2-%&1.! [-%! #'!
(+05-%01'! 5'*! %#! "01.1-1'! *%Z'*4.('! 5.0.! 1.4,+<&! .! Z'*4.*! 5.*1%! (%#! ,#'[-%! (%! #.!
2'&01+1-2+'&.#+(.(! G3! 5'*! #'! 1.&1'3! 2'&! 0-,'*(+&.2+K&! .! #.! /'&01+1-2+K&3! 2'&01+1-+*?! %#!
5.*?4%1*'! .! 5.*1+*! (%#! 2-.#! G! .! 5.*1+*! (%! .@'*.! C-=F.*?! %01%! )*+,-&.#N! "#! @%2@'! (%! [-%!
(%1%*4+&.(.0! 5*%D+0+'&%0! (%! #.! U%G! (%! ,.0%0! (%#! *<F+4%&! #'2.#! Z-%*.&! 2'&0+(%*.(.0!
2'&01+1-2+'&.#%0! @.01.! %#! 4'4%&1'! &'! 0+F&+Z+2.*8.! [-%! 0%.&! #.! M&+2.! 0'#-2+K&! 2'&01+1-2+'&.#!
5'0+,#%N! >+! 0%! .2%51.! #.! 5'0+,+#+(.(! (%! +&2+(+*! 0',*%! #'0! #84+1%0! (%! #.0! ,.0%0! %01.1.#%0! .#!
(%#+4+1.*! #.! 2'45%1%&2+.! (%! #.! :%&%*.#+1.1! &'! @.,*8.! +&2'&01+1-2+'&.#+(.(! 5'*! %#! @%2@'! (%!
5*%1%*+*!#.!0'#-2+K&!.('51.(.!5'*!%#!#%F+0#.('*!,?0+2'N!U.!+&2'&01+1-2+'&.#+(.(!1.&!0K#'!##%F.*8.!
.! 5*'(-2+*0%! 0+! #.! .1*+,-2+K&! (%! -&.! 2'45%1%&2+.! .! #.! :%&%*.#+1.1! D.2+.*.! #.! 2'45%1%&2+.!
,?0+2.! %01.1.#! (%#! 2'&1%&+('! 2'&01+1-2+'&.#4%&1%! F.*.&1+=.('3! [-%! &'! 0%*8.! %#! 2.0'N! q-%! %#!
&-%D'! "01.1-1'! &'! *%05%1%! #.! #%F+0#.2+K&! ,?0+2.! D+F%&1%! &'! Z-&(.4%&1.*8.! 0-!
+&2'&01+1-2+'&.#+(.(3!+F-.#![-%!#.!.1*+,-2+K&!(%!-&.!2'45%1%&2+.!(%!*%F-#.2+K&!.!-&'!-!'1*'!
#%F+0#.('*%0! &'! 5'(*8.! .Z%21.*! #.! F.*.&18.! +&01+1-2+'&.#! (%! #'0! %&1%0! #'2.#%0! 0+! .4,'0! 0%!
4.&1+%&%&!(%&1*'!(%!#'0!#84+1%0!Z+C.('0!5'*!#.!/'&01+1-2+K&N!
!
H%05%21'!.#!@%2@'!(%![-%!#.!(+01*+,-2+K&!(%!#.0!*%05'&0.,+#+(.(%0!.(4+&+01*.1+D.0!%&1*%!
#.0! (+D%*0.0! L(4+&+01*.2+'&%0! #'2.#%0! (%,.! *%F+*0%! 5'*! #%G%0! (%#! $.*#.4%&1'3! .*F-4%&1.! #.!
/?4.*.![-%!0+!#.!#%G!.-1'&K4+2.3!(%!.2-%*('!2'&!%#!.*1N!XQXN]!/"3!2*%.!%&1+(.(%0!#'2.#%0!@.!(%!
5'(%*3! 5'*! *.='&%0! (%! %Z+2.2+.! G! %Z+2+%&2+.3! ('1.*#.0! (%! #.0! 2'45%1%&2+.0! [-%! 0-! ?4,+1'! (%!
F%01+K&!*%2'4+%&(%N!
!
!
XXO
QPN!.c!"#!.*182-#'!OTNR!g"#!4-&+2+5+'!G!#.!.-1'&'48.!4-&+2+5.#c!.1*+,-G%!%#!2'&1*'#!(%!
#'0!4-&+2+5+'0!.!#.!:%&%*.#+1.13!`0+&!5%*C-+2+'!(%!#.0!.22+'&%0![-%!%#!"01.('!5-%(.!%45*%&(%*!
%&! (%Z%&0.! (%! 0-0! 2'45%1%&2+.0a3! #'! [-%3! %&! '5+&+K&! (%! #'0! *%2-**%&1%03! 0-5'&%! 4.*F+&.*! .#!
"01.('N!"&!%01%!5-&1'!%#!"01.1-1'3!.(%4?0!(%!.0-4+*!#.!Z-&2+K&!(%!#.!#%F+0#.2+K&!,?0+2.3!0%*8.!
2'&1*.*+'!.!#.!U%G!(%!,.0%0!(%#!*<F+4%&!#'2.#!"#!2'&1*'#![-%!%&!0-!2.0'!2'**%05'&(.!.#!"01.('!
@.!(%!(%1%*4+&.*#'!%#!5*'5+'!"01.('3![-%!2-%&1.!5.*.!%##'!2'&!#'0!181-#'0!(%#!.*1N!XQYNXNXQ!G!XO!
/"3![-%!#%!5%*4+1%&!'51.*!%&1*%!(+01+&1'0!4'(%#'0!2'&!4.G'*!'!4%&'*!5%0'!(%!#'0!2'&1*'#%0!
%01*+21.4%&1%!C-*+0(+22+'&.#%0N!"#!.*1N!OTNR!(%#!"01.1-1'3!0+&!%4,.*F'3!2'&1*.%!(%!1.#!4.&%*.!#.0!
5'0+,+#+(.(%0! (%! 2'&1*'#! (%#! "01.('! [-%! <01%! &'! 5'(*8.3! 5'*! %C%45#'3! @.2%*! -0'! (%! #.0!
Z.2-#1.(%0!(%!0-,*'F.2+K&!G!(+0'#-2+K&!2'&1%45#.(.0!%&!#'0!.*10N!TP!G!TX!U9HUN!
!
,c!"#!L,'F.('!(%#!"01.('!+&D'2.!#.!('21*+&.!2'&01+1-2+'&.#!g%&1*%!'1*.0!>)/!SX]WXYOO3!
(%!XX!(%!&'D+%4,*%3!^;!Sc!.2%*2.!(%#!2.*?21%*!,?0+2'!(%!#.!+&1*'(-22+K&!(%!5'0+,#%0!2'&1*'#%0!
.(4+&+01*.1+D'0! (%! #%F.#+(.(! 0',*%! #'0! .21'0! G! .2-%*('0! (%! #.0! %&1+(.(%0! #'2.#%0! G! (%! #.!
%#+4+&.2+K&! (%! 1.#%0! 2'&1*'#%03! 0-01+1-G<&('#'0! 5'*! #.! 5'0+,+#+(.(! (%! +45-F&.*#'0! %&! D8.!
2'&1%&2+'0'I.(4+&+01*.1+D.3!'52+K&!%01.!M#1+4.!5'*!#.![-%!0%!@.!(%2.&1.('!%#!#%F+0#.('*!,?0+2'N!
L!C-+2+'!(%#!*%5*%0%&1.&1%!(%#!:',+%*&'3!%0!Z.21+,#%!+&1%*5*%1.*!%#!.*1N!OTNR!(%!4.&%*.!.C-01.(.!
.! #.! /'&01+1-2+K&3! 1'(.! D%=! [-%! #.! 2+1.! (%! #.! 5'0+,#%! +45-F&.2+K&! .&1%! #.! C-*+0(+22+K&!
2'&1%&2+'0'I.(4+&+01*.1+D.!%&1*.6.*8.!#.!.2%51.2+K&!(%!#.!*%Z%*+(.!('21*+&.!2'&01+1-2+'&.#N!U.!
*%Z%*%&2+.!.#!`2'&1*'#!(%!.(%2-.2+K&!.#!V*(%&.4+%&1'!C-*8(+2'a!0%!C-01+Z+2.*8.!&'!0K#'!5'*[-%!
%#! #%F+0#.('*! ,?0+2'! .2.0'! 5-%(.! D'#D%*! %&! %#! Z-1-*'! .! -&! 4'(%#'! 4?0! *%01*+21+D'! (%! #.!
.-1'&'48.! 4-&+2+5.#! [-%! %#! .21-.#3! .-&[-%! 0+%45*%! (%&1*'! (%! #'0! #84+1%0! 2'&01+1-2+'&.#%03!
0+&'! 1.4,+<&! 5'*[-%! %01%! 5*%2%51'! %01.1-1.*+'! 5.*1%! (%! -&! 2'&2%51'! #.1'! (%! 2'&1*'#! [-%!
2'45*%&(%! %#! %\.4%&! (%! #'0! .21'0! G! .2-%*('0! *%F-#.('0! %&! %#! .*1N! RT! U9HU3! #.! 0-01+1-2+K&!
Z-&2+'&.#!(%#!.*1N!TP!(%!#.!4+04.!U%G!'!#.!.0-&2+K&!5'*!5.*1%!(%!#.0!/'4-&+(.(%0!L-1K&'4.0!
(%!#.!Z.0%!Z+&.#!(%!2+%*1'0!5*'2%(+4+%&1'0!+&+2+.('0!%&!#.!%0Z%*.!4-&+2+5.#!0+&!5*+D.*!.#!"01.('!
(%!#'0!(%4?0!4%(+'0!(%!.22+K&![-%!#.!#%F+0#.2+K&!,?0+2.!#%!2'&2%(%N!
!
2c!LZ+*4.!%#!:',+%*&'!2.1.#?&![-%!#'0!*%2-**%&1%0!&'!(+02-1%&![-%!#.!:%&%*.#+1.1!5-%(.!
*%.#+=.*! %#! 2'&1*'#! (%! .(%2-.2+K&! .#! V*(%&.4+%&1'! C-*8(+2'! (%! #'0! .21'0! G! .2-%*('0!
4-&+2+5.#%03!5%*'!2-%01+'&.&!%#!.#2.&2%!(%!#.!0.#D.F-.*(.!(%!#.0!2'45%1%&2+.0!%01.1.#%0! [-%!
*%.#+=.! %#! .*1N! OTNR! in fineN! $.*.! #'0! .21'*%03! #.! 2#?-0-#.! `0+&! 5%*C-+2+'a! &'! 5%*4+1%! .#! "01.('!
(%Z%&(%*! %Z%21+D.4%&1%! 0-0! 2'45%1%&2+.03! .*F-G%&('! 5.*.! %##'! 4%(+.&1%! -&.! 0%*+%! (%!
%C%45#'0![-%!&.(.!1%&(*8.&![-%!D%*!2'&!#.!&'*4.!%01.1-1.*+.!+45-F&.(.N!/'&2*%1.4%&1%3!#'0!
!
XXY
.*10N!TP!G!TX!U9HU!&'!0%*8.&3!%&!&+&FM&!2.0'3!2'&1*'#!(%!#.!.(%2-.2+K&!.#!V*(%&.4+%&1'!(%!
#'0! .21'0! G! .2-%*('0! .('51.('0! 5'*! #'0! 4-&+2+5+'03! G! %#! .*1N! OTNR! &'! 5*%1%&(%*8.! *%F-#.*! &+!
+&2+(+*!%&!#'0!0-5-%01'0!%&!%##'0!2'&1%45#.('0N!$.*.!%#!"C%2-1+D'3!1.45'2'!1+%&%!&.(.![-%!D%*!
%#! 5*%2%51'! %01.1-1.*+'! 2'&! #'0! 2'&1*'#%0! (%! %01.,+#+(.(! 5*%0-5-%01.*+.3! [-%! 0'&! Z*-1'! (%!
(+01+&1'!181-#'!2'45%1%&2+.#!G!&'!%01?&!2'&1%45#.('0!%&!#.!&'*4.!+45-F&.(.!&+3!5'*!0-5-%01'3!
+45%(+('0!5'*!%##.N!
!
(c! $.*.! %#! $.*#.4%&1'! (%! /.1.#-6.3! #.! +&2'&01+1-2+'&.#+(.(! (%#! 5*%2%51'! 0K#'! 0%!
.*F-4%&1.! (%0(%! #.! D+F%&1%! #%F+0#.2+K&! ,?0+2.N! U'0! %C%45#'0! [-%! +&2#-G%! %#! *%2-*0'! 5.*.!
(%4'01*.*! 0-! +&2'&01+1-2+'&.#+(.(! &.(.! 1%&(*8.&! [-%! D%*! 2'&! #.! &'*4.3! [-%! 1.45'2'! 1%&(*8.!
&.(.! [-%! D%*! 2'&! #'0! 2'&1*'#%0! (%! %01.,+#+(.(! 5*%0-5-%01.*+.3! Z*-1'! (%! (+01+&1'! 181-#'!
2'45%1%&2+.#N!
!
QXN! .c! "#! *%2-*0'! %\.4+&.3! .! 2'&1+&-.2+K&3! #.0! 5*%D+0+'&%0! (%#! "01.1-1'! 0',*%! #.0!
D%F-%*8.03!%&1%0![-%!5.*.!#'0!(%4.&(.&1%0!2'&01+1-G%&!-&!%&+F4.N!L!0-!C-+2+'3!%01.!5.*1%!(%#!
"01.1-1'!.(4+1%!1*%0!+&1%*5*%1.2+'&%0d!.c!U.!D%F-%*8.!%0!-&!%&1%!#'2.#!(+01+&1'!(%!#.!5*'D+&2+.3!
5%*'! #.! 5*'D+&2+.! 5%*D+D%! %&! /.1.#-6.! g0-5-%01'! %&! %#! [-%! %&2'&1*.*8.! 2',%*1-*.! %&! #'0! .*10N!
XQXN]! G! XRSN]! /"ce! ,c! "0! -&! %&1%! #'2.#! (+01+&1'! (%! #.! 5*'D+&2+.3! .! #.! [-%! 0-01+1-G%! G! @.2%!
(%0.5.*%2%*e!2c!U.!D%F-%*8.!%0!0+45#%4%&1%!%#!&'4,*%!(%!#.!5*'D+&2+.!%&!/.1.#-6.3!.-&[-%!0-!
F',+%*&'!G!.(4+&+01*.2+K&!&'!0%!2'&Z8.&!.!#.0!E+5-1.2+'&%03!0+&'!.!#'0!/'&0%C'0!(%!A%F-%*8.3!
#'![-%!5%*4+1%!%#!.*1N!XQXNS!/"N!
!
U'0! E+5-1.('0! *%2-**%&1%0! 0'01+%&%&! [-%! #.! 0%F-&(.! (%! #.0! '52+'&%0! 0%6.#.(.0! %0! #.!
4?0!.(%2-.(.!.#!1%\1'!%01.1-1.*+'N!E%0(%!#-%F'!&+&F-&'!(%!0-0!5*%2%51'0!(+2%![-%!#.!D%F-%*8.!
0%.!#.!(%&'4+&.2+K&!(%!#.!5*'D+&2+.!%&!/.1.#-6.3!&+!0%!(+2%!(%!%##.![-%!%01<!`(%1%*4+&.(.!5'*!
#.! .F*-5.2+K&! (%! 4-&+2+5+'0a! g.*1N! XQXNX! /"cN! L08! #.0! 2'0.03! 0-! +&2'&01+1-2+'&.#+(.(! 0%*8.!
%D+(%&1%3! &'! 1.&1'! 5'*! #.! 2*%.2+K&! (%! -&! &-%D'! %&1%! #'2.#! 2-.&1'! 5'*! #.! 2'**%#.1+D.!
(%0.5.*+2+K&! (%! #.! 5*'D+&2+.! 2'4'! %&1%! #'2.#N! "&! 2'&0%2-%&2+.3! 0%*8.! +&2'&01+1-2+'&.#! %#!
.*182-#'!O]NX!g.0+4+04'!%#!.*182-#'!SN]c3!.#!0-01+1-+*!#.!5*'D+&2+.!5'*!#.!D%F-%*8.3!G!1.4,+<&!#'0!
.*182-#'0!YP!G!YX3![-%!2'45#%1.&!#.!'5%*.2+K&N!)'('0!%##'0!2'&2-#2.*8.&!#'0!.*10N!X]_! G! XQX!
/"! G! #.! F.*.&18.! +&01+1-2+'&.#! (%! #.! 5*'D+&2+.! .! #.! [-%! 0%! *%Z+*+K! #.! >)/! ]SWXYOX3! (%! SO! (%!
C-#+'N!U.!0-01+1-2+K&!(%!#.!5*'D+&2+.!5'*!#.!D%F-%*8.!1%&(*8.3!.(%4?03!4M#1+5#%0!2'&0%2-%&2+.03!
5-%0!.!#'0!&-%D'0!%&1%0!&'!#%0!0%*8.!(%!.5#+2.2+K&!#'!(+05-%01'!5.*.!#.0!5*'D+&2+.0!%&!#.!U%G!(%!
,.0%03!%&!#.!U%G!(%!@.2+%&(.0!#'2.#%0!G!%&!#.!U%G!V*F?&+2.!(%!*<F+4%&!%#%21'*.#!F%&%*.#N!"&!
!
XSP
*%#.2+K&!2'&!%#!.*1N!XTP!(%#!"01.1-1'3!%01'!0-5'&(*8.![-%!0%*8.!#.!:%&%*.#+1.1!#.![-%!1%&(*8.!#.!
2'45%1%&2+.!%\2#-0+D.!5.*.!#.!(%1%*4+&.2+K&!(%!#'0!K*F.&'0!(%!F',+%*&'!(%!#.!D%F-%*8.!G!5.*.!
*%F-#.*!0-!Z-&2+'&.4+%&1'!G!*<F+4%&!%#%21'*.#3!0+&!*%2'&'2%*!&+&F-&.!2'45%1%&2+.!.#!"01.('N!
!
L&1%!-&.!+&2'&01+1-2+'&.#+(.(!1.&!Z#.F*.&1%3!#'0!*%2-**%&1%0!5*'5'&%&!#.!1%*2%*.!(%!#.0!
5'0+,+#+(.(%0!2'4'!D8.!5.*.!-&.!+&1%*5*%1.2+K&!2'&Z'*4%d!#.0!D%F-%*8.0!0'&!#.0!5*'D+&2+.0!%&!
/.1.#-6.N!>+&!%4,.*F'3!%01.!0'#-2+K&!5*%0%&1.*8.!D.*+'0!5*',#%4.0N!"&!5*+4%*!#-F.*3!&'!%0!<0.!
#.!+&1%*5*%1.2+K&![-%!0%!(%(-2%!(%#!2'&C-&1'!(%#!"01.1-1'!&+3!%&!5.*1+2-#.*3!(%!0-0!.*10N!YP!G!YXN!
"&! 0%F-&('! 1<*4+&'3! 0%*8.! 0+%45*%! +&2'&01+1-2+'&.#! #.! 5*+4%*.! 5.*1%! (%#! .*1N! YXNQ3! 0%FM&! %#!
2-.#!-&.!#%G!(%#!$.*#.4%&1'!*%F-#.*?!`#.!2*%.2+K&3!4'(+Z+2.2+K&!G!0-5*%0+K&a!(%!#.0!D%F-%*8.0N!
"&!%01%!2'&1%\1'3!#.!5*%D+0+K&!(%![-%!#.!.#1%*.2+K&!(%!#'0!#84+1%0!5*'D+&2+.#%0!0%!##%D.*?!.!2.,'!
2'&Z'*4%! .#! .*1N! XQXNX! /"! &'! 0.#D.! #.! +&2'&01+1-2+'&.#+(.(3! 5-%0! 0K#'! 0-5'&%! [-%! %#!
$.*#.4%&1'!5-%(%!@.2%*!1'('!.[-%##'!0+&![-%!0%!4'(+Z+[-%&!#'0!#84+1%0!5*'D+&2+.#%0e!%0!(%2+*3!
[-%!#.!D%F-%*8.!5-%(%!(%0D+&2-#.*0%!(%!#.0!5*'D+&2+.0N!
!
,c!"&!%#!%02*+1'!(%!.#%F.2+'&%0!(%#!L,'F.('!(%#!"01.('!0%!*%2'&'2%![-%!#.!5*'D+&2+.!
&'!.5.*%2%!4%&2+'&.(.!%&!%#!.*1N!O]NX!G![-%!#.!M&+2.!4%&2+K&!4.*F+&.#!(%!#.!4+04.!Z+F-*.!%&!
%#! .*1N! YXNQ3! %&! %#! [-%3! .#! *%Z%*+*0%! .! #.! 2*%.2+K&! 4'(+Z+2.2+K&! G! 0-5*%0+K&! (%! #.0! D%F-%*8.03!
4%&2+'&.!#.!.#1%*.2+K&!(%!#'0!#84+1%0!5*'D+&2+.#%0N!$'*!0-!5.*1%3!%#!.*1N!YXN]!(%2#.*.![-%!`#'0!
/'&0%C'0!(%!D%F-%*8.!0-01+1-G%&!.!#.0!E+5-1.2+'&%0aN!E%!%01'0!5*%2%51'0!+&Z+%*%!%#!L,'F.('!
(%#!"01.('![-%!#.!D%F-%*8.!%0!#.!(%&'4+&.2+K&!+&1%*+'*!2.1.#.&.!5.*.!#'![-%3!(%0(%!%#!5-&1'!(%!
D+01.! (%#! V*(%&.4+%&1'! F%&%*.#3! 0%F-+*?&! 0+%&('! 5*'D+&2+.0N! "#! `%&! 0-! 2.0'a! (%#! 0%F-&('!
+&2+0'! (%#! .*1N! YXNQ! (%C.*8.! %&! 2#.*'! [-%! 5-%(%! %\+01+*! 2'+&2+(%&2+.3! .#! 4%&'0! %&! 5*+&2+5+'3!
%&1*%!#.0!2-.1*'!5*'D+&2+.0!2.1.#.&.0!G!#.0!2-.1*'!D%F-%*8.0N!H%Z+*+<&('0%!.!#.!+45'0+,+#+(.(!(%!
[-%! -&.! /'4-&+(.(! L-1K&'4.! 5-%(.! -&+#.1%*.#4%&1%! .#1%*.*! #'0! #84+1%0! 5*'D+&2+.#%0! G! .! #.!
*%0%*D.!%01.1.#3!.!181-#'!(%!,.0%03!(%!#.!(%&'4+&.2+K&!G!2.5+1.#+(.(!5*'D+&2+.#%03!4%&2+'&.!%#!
L,'F.('!(%#!"01.('!#.!>)/!SQPWSPPT3!(%!SP!(%!C-#+'3!^;!Q3!%&!#.![-%3!.!0-!C-+2+'3!%\+01%!-&.!
+45'*1.&1%! .Z+*4.2+K&! +&2+(%&1.#! [-%! *%D%#.! [-%3! %&! #'! [-%! 2'&2+%*&%! .! #.! %\+01%&2+.! (%! #.0!
5*'D+&2+.03! #.! .#1%*.2+K&! (%! #'0! #84+1%0! 5*'D+&2+.#%0! 5'*! #.0! /'*1%0! :%&%*.#%0! 4%(+.&1%! #%G!
'*F?&+2.!5-%(%!##%D.*!.!#.!(%0.5.*+2+K&!(%!.#F-&.!'!.#F-&.0!5*'D+&2+.0!G!.!#.!2*%.2+K&!(%!'1*.!
-!'1*.0!&-%D.0N!"01'!%03!#.!F.*.&18.!2'&01+1-2+'&.#!(%!#.!.-1'&'48.!5*'D+&2+.#!&'!0+F&+Z+2.!#.!
F.*.&18.! (%! #.! 0-,0+01%&2+.! (%! 1'(.0! G! 2.(.! -&.! (%! #.0! 2'&2*%1.0! 5*'D+&2+.0! &+! 1.45'2'!
0+F&+Z+2.! F.*.&1+=.*! #.0! E+5-1.2+'&%0! 5*'D+&2+.#%0! 2'4'! -&! ,.0%! '*F.&+=.1+D.! 5*'D+&2+.#3!
5-%01'! [-%! %#! .*1N! XQXNS! /"! 5%*4+1%! [-%! %#! F',+%*&'! G! #.! .(4+&+01*.2+K&! .-1K&'4.! (%! #.0!
!
XSX
5*'D+&2+.0!5-%(.&!%&2'4%&(.*0%!.!`'1*.0!/'*5'*.2+'&%0!(%!2.*?21%*!*%5*%0%&1.1+D'a!(+01+&1.0!
(%!#.0!E+5-1.2+'&%03!(%!Z'*4.![-%!#'0!/'&0%C'0!(%!D%F-%*8.!0-01+1-G%&!.!<01.0!.#!.45.*'!(%!
#'0!.*10N!XQXNS!/"!G!]XN]!U9HUN!$'*!'1*.!5.*1%3!(%!#.0!@+5K1%0+0!4.&%C.(.0!%&!%#!*%2-*0'3!#.!
4?0!%\.21.!5.*%2%!0%*3!5.*.!%#!L,'F.('!(%#!"01.('3!#.![-%!0'01+%&%![-%!#.0!D%F-%*8.0!0'&!%#!
&'4,*%! [-%! %&! %#! '*(%&.4+%&1'! .-1'&K4+2'! 2.1.#?&! *%2+,%&! #.0! 5*'D+&2+.03! 0+! ,+%&! #.!
.#1%*.2+K&!(%!#'0!#84+1%0!5*'D+&2+.#%0!*%[-%*+*?!#.!5*%D+.!(%2+0+K&!(%!#.0!/'*1%0!:%&%*.#%0!G3!
0K#'!2-.&('!%01<&!.#1%*.('0!#'0!#84+1%0!5*'D+&2+.#%0!5'*!#%G!'*F?&+2.3!2.,*?![-%!%#!$.*#.4%&1'!
(%! /.1.#-6.! 2*%%3! 4'(+Z+[-%! '! 0-5*+4.! D%F-%*8.0! 1.#! G! 2'4'! 5*%D<! %#! .*1N! YXNQN! "&!
2'&0%2-%&2+.3!@.,*8.&!(%!*%2@.=.*0%!#.0!('0!',C%2+'&%0![-%!%#!*%2-*0'!#%D.&1.!*%05%21'!.!%01.!
@+5K1%0+0d! -&.3! (%! 5-*'! 2.*?21%*! 1<2&+2'3! 5'(*8.! (%05%C.*0%! 5%*Z%21.4%&1%! %&1%&(+%&('! %#!
0%&1+('! (%! #'0! .5.*1.('0! ]! G! Q! (%#! .*1N! YX! %&! *%#.2+K&! 2'&! #'0! .*10N! SN]3! O]NX3! YP! G! YXNX! G! S3!
2'&01.1.&('! [-%! #.! D%F-%*8.! D+%&%! (%02*+1.! 2'&! *.0F'0! 5*'5+'0! (%! #.! 5*'D+&2+.N! U.! '1*.!
',C%2+K&!0%!(%05%C.*8.!0+&!4?0!1%&+%&('!%&!2-%&1.![-%!.!#.!2*%.2+K&3!4'(+Z+2.2+K&!'!0-5*%0+K&!
(%!D%F-%*8.0!(%,%*?!5*%2%(%*!#.!#%G!'*F?&+2.![-%!.#1%*%!#'0!#84+1%0!5*'D+&2+.#%0N!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!.Z+*4.![-%!#.!5'0+,+#+(.(!(%!2*%.*!#.0!D%F-%*8.0!(%*+D.!
(+*%21.4%&1%! (%#! .*1N! XQXN]! /"3! %&! D+*1-(! (%#! 2-.#! `0%! 5'(*?&! 2*%.*! .F*-5.2+'&%0! (%!
4-&+2+5+'0!(+Z%*%&1%0!(%!#.!5*'D+&2+.aN!E%!'1*.!5.*1%3!2'&Z'*4%!.#!.*1N!XQXNS!/"3!`%#!F',+%*&'!
G!.(4+&+01*.2+K&!.-1K&'4.!(%!#.0!5*'D+&2+.0!0%*?&!%&2'4%&(.(.0!.!#.0!E+5-1.2+'&%0!'!.!'1*.0!
/'*5'*.2+'&%0!(%!2.*?21%*!*%5*%0%&1.1+D'a3!G!%01'!%0!#'![-%!5*%D%*8.!%#!.*1N!YXN]!(%#!"01.1-1'!.#!
%01.,#%2%*![-%!`#'0!/'&0%C'0!(%!D%F-%*8.!0-01+1-G%&!.!#.0!E+5-1.2+'&%0aN!
!
U.! 2'&Z+F-*.2+K&! (%! #.0! D%F-%*8.0! 2'4'! %#! ?4,+1'! 1%**+1'*+.#! %05%28Z+2'! 5.*.! %#!
%C%*2+2+'!(%#!F',+%*&'!+&1%*4-&+2+5.#!(%!2''5%*.2+K&!#'2.#!g.*1N!YPNXc!&'!0K#'!0%*8.!2'&Z'*4%!
2'&! #.! /'&01+1-2+K&3! 0+&'! [-%! *%5*%0%&1.*8.! -&! (%0.**'##'! Z.D'*.,#%! .! #.! .-1'&'48.! #'2.#N! U.!
D%F-%*8.!&'!0%*8.!0K#'!.F*-5.2+K&!(%!4-&+2+5+'03!0+&'!1.4,+<&!-&.!2'&2%52+K&!(%#!F',+%*&'!
#'2.#3!,.0.(.!%0%&2+.#4%&1%!%&!%#!4-&+2+5+'3![-%!D%!%#!%05.2+'!0-5*.4-&+2+5.#!2'4'!%05.2+'!
(%! F',+%*&'! +&1%*4-&+2+5.#3! #'! [-%! %&#.=.*8.! 2'&! #.0! 5*%D+0+'&%0! (%#! U+,*'! 9#.&2'! 5.*.! #.!
H%Z'*4.!(%#!:',+%*&'!U'2.#!%&!"05.6.N!$'*!'1*.!5.*1%3!%#!.*1N!YX!*%05%1.*8.!#.!*%0%*D.!(%!#%G!
'*F?&+2.!(%#!.*1N!XQXNX!/"!5'*[-%!&'!+&2+(%!0',*%!#'0!#84+1%0!1%**+1'*+.#%03!2'4'!(%4'01*.*8.!#.!
5*%D+0+K&! (%! [-%! `#.! .#1%*.2+K&3! %&! 0-! 2.0'3! (%! #'0! #84+1%0! 5*'D+&2+.#%0! 0%! ##%D.*?! .! 2.,'!
2'&Z'*4%!.!#'!5*%D+01'!%&!%#!.*182-#'!XQXNX!(%!#.!/'&01+1-2+K&a!g.5.*1.('!Q!in finecN!
!
!
XSS
$.*.! %#! :',+%*&'! 2.1.#?&3! #'0! *%2-**%&1%0! .(4+1%&! [-%! %&! /.1.#-6.! #'0! /'&0%C'0! (%!
D%F-%*8.!0-01+1-G%&!.!#.0!E+5-1.2+'&%0!G!*%2-%*(.!.#!*%05%21'![-%!%&!#.!>)/!]SWXYOX3!(%!SO!(%!
C-#+'3! %#! )*+,-&.#! %&1%&(+K! [-%! 0%! @.,8.&! 0-5*+4+('! #.0! E+5-1.2+'&%0! 5'*[-%! &'! 0%! @.,8.!
('1.('! .! #'0! K*F.&'0! ##.4.('0! .! 0-01+1-+*#.0! (%! #.0! 2'45%1%&2+.0! (%! (+2@'0! %&1%0! `-! '1*.0!
0+4+#.*%0a3!.#!1+%45'![-%!#.!5*'5+.!:%&%*.#+1.1!.0-48.!%0.0!2'45%1%&2+.0N!L@'*.!&'!'2-**+*8.!
.08N! "&! 5*+4%*! #-F.*3! 5'*[-%! %0! #.! 5*'5+.! &'*4.! +&01+1-2+'&.#! ,?0+2.! #.! [-%! .5#+2.! #'0! .*10N!
XQXNS!G!]!/"3!2'&!0-!%05%2+.#!&.1-*.#%=.!(%!#%G!'*F?&+2.!%01.1.#3!G!.(%4?0!.!1*.D<0!(%!-&.0!
%&1+(.(%0!('1.(.0!(%!5%*0'&.#+(.(!C-*8(+2.!5*'5+.!G!.-1'&'48.!5.*.!#.!F%01+K&!(%!0-0!+&1%*%0%0!
g.*1N!YPNScN!L08!5-%03!#.!*%F-#.2+K&!(%!#.0!D%F-%*8.0!0%*8.!#.!*%0-#1.&1%!(%!.5#+2.*!%&!0-0!5*'5+'0!
1<*4+&'0! #'0! .*10N! XQXNS! G! ]! /"3! G! 2'&! %\5*%0.! 4%&2+K&! .#! .*1N! XQXNX! /"! G! .! #.! &%2%0.*+.!
.#1%*.2+K&!(%!#'0!#84+1%0!5*'D+&2+.#%0!5'*!#%G!'*F?&+2.3!*.=K&!5'*!#.!2-.#!&'!5'(*8.!*%5-1.*0%!
+&2'&01+1-2+'&.#!%#!"01.1-1'!%&!%01.!4.1%*+.!0+&'!D.2+.&('!(%!2'&1%&+('!#'0!5*'5+'0!5*%2%51'0!
2'&01+1-2+'&.#%0N!
!
(c! $.*.! (%Z%&(%*! #.! 2'&01+1-2+'&.#+(.(! (%! #.! *%F-#.2+K&! 0',*%! #.0! D%F-%*8.0! %#!
$.*#.4%&1'!2.1.#?&!.#%F.![-%!*%05'&(%!.#!(%0%'!(%!*%2-5%*.*!#.!2.5.2+(.(!(%!2'&Z+F-*.*!(%0(%!
#.!:%&%*.#+1.1!-&!4'(%#'!5*'5+'!(%!'*F.&+=.2+K&!.(4+&+01*.1+D.!1%**+1'*+.#!%&!/.1.#-6.N!E%0%'!
[-%! 0%! 0-01%&1.*8.! %&! -&.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#! [-%3! 0+! ,+%&! *%2'&'2%! #.! 5*'D+&2+.!
2'4'! %&1+(.(! #'2.#! &%2%0.*+.3! %01.,#%2%! [-%! %&! 2.0'! (%! 2*%.*0%! '1*.0! %&1+(.(%0!
0-5*.4-&+2+5.#%0!#.0!2'45%1%&2+.0!(%!#.0!5*'D+&2+.0!5'(*?&!0%*!',C%1'!(%!*%(+01*+,-2+K&!g>)/!
SXQWOY3! (%! SX! (%! (+2+%4,*%cN! U.0! E+5-1.2+'&%03! (%! @%2@'3! (%C.*'&! (%! %\+01+*! %&! #.!
/'4-&+(.(%0!L-1K&'4.0!-&+5*'D+&2+.#%0!G3!de facto3!%&!#.0!b0#.0!/.&.*+.0N!
!
$.*.! #.! /?4.*.3! #.0! 5*%D+0+'&%0! %01.1-1.*+.0! %&! %01%! 5-&1'! &'! D-#&%*.*8.&! #.! F.*.&18.!
+&01+1-2+'&.#! (%#! %&1%! 5*'D+&2+.#3! %&! 1.&1'! [-%! 0%! #+4+1.&! .! 4'(+Z+2.*! %#! &'4,*%! (%#! %&1%!
5*'D+&2+.#3! *%05%1.&('! %&! #'0! '1*'0! .05%21'03! [-%! 0'&! #'0! 0-01.&2+.#%03! #'0! %#%4%&1'0!
+(%&1+Z+2.('*%0!(%#!%&1%N!"0!2+%*1'![-%!%\+01%!-&.!('21*+&.!(%#!)*+,-&.#!/'&01+1-2+'&.#!0%FM&!#.!
2-.#!%#!2.4,+'!(%!&'4,*%!(%!#.0!5*'D+&2+.0!Z'*4.!5.*1%!(%!#.0!,.0%0!(%#!*<F+4%&!#'2.#!g>)/!
]ORWXYY]3! (%! S]! (%! (+2+%4,*%c3! 5%*'! &'! 0%! *%Z+%*%! .#! 2.4,+'! (%#! &'4,*%! (%! #.! %&1+(.(! %&!
F%&%*.#!gD%F-%*8.!5'*!5*'D+&2+.c3!0+&'!.#!&'4,*%![-%!+(%&1+Z+2.!-&.!5*'D+&2+.!2'&2*%1.3!2'0.!
[-%!0+&!(-(.!%0!-&!2.4,+'!(%!4%&'*!1*.02%&(%&2+.![-%!#'![-%!.@'*.!0%!5*'5'&%N!L!5%0.*!(%!
%##'3! #.! *%5*%0%&1.2+K&! 5*'2%0.#! (%#! $.*#.4%&1'! (%! /.1.#-6.! 2*%%! [-%! %01.! ('21*+&.!
2'&01+1-2+'&.#! %0! Z*-1'! (%! #.! +&1%*5*%1.2+K&! (%! #.! &'*4.1+D.! D+F%&1%! %&! .[-%#! 4'4%&1'! g.*1N!
SRNS!U9HU!(%!XYOTc!G![-%!5'(*8.!D.*+.*N!"&!1'('!2.0'3!%#!"01.1-1'!*%05%1.*8.!%\5#82+1.4%&1%!
!
XS]
#.!*%0%*D.!(%!#%G!(%#!.*1N!XQXNX!/"3!%01.,#%2+%&('![-%!#.!.#1%*.2+K&3!%&!0-!2.0'3!(%!#'0!#84+1%0!
5*'D+&2+.#%0!0%!##%D.*?!.!2.,'!2'&Z'*4%!.#!4+04'N!
!
"&! 2'&1*.! (%! #'! .Z+*4.('! %&! %#! *%2-*0'3! (%! #.! #%21-*.! (%#! .*1N! YPNX! +45-F&.('! 0%!
(%05*%&(%*8.!2'&!2#.*+(.(![-%!#.!D%F-%*8.!%01?!(%1%*4+&.(.!5'*!#.!.F*-5.2+K&!(%!4-&+2+5+'03!
(+22+K&![-%!&'!0K#'!&'!2'&1*.(+*8.!.!#.!/'&01+1-2+K&3!0+&'![-%!#.!(%0.**'##.*8.!%&!-&! 0%&1+('!
4-G!Z.D'*.,#%!.!#.!.-1'&'48.!#'2.#N!
!
)81-#'! bbb! gE%#! $'(%*! ;-(+2+.#! %&! /.1.#-6.c! l.*10N! YR! g.5.*1.('0! X3! S3! Q3! R! G! Tc3! YT!
g.5.*1.('0!X3!S3!]!G!Qc3!Y_3!YONX!G!S3!YYNX3!XPXNX!G!S3!XPS3!XP]3!XPR3!XPT3!G!XP_mN!
!
QSN! .c! U.! +45-F&.2+K&! (%! #'0! 5*%2%51'0! +&1%F*.('0! %&! %01%! 181-#'! 0%! +&+2+.! 2'&! D.*+.0!
2'&0+(%*.2+'&%0!(%!'*(%&!F%&%*.#N!"&!5*+4%*!#-F.*3!0%!+&0+01%!%&!#.!+(%.!(%![-%!%#!"01.1-1'!(%!
L-1'&'48.!&'!%0!-&.!#%G!'*F?&+2.3!.-&[-%!*%[-+%*.!(%!-&.!.5*',.2+K&!%01.1.#!%\5*%0.(.!,.C'!
%0.!Z'*4.3!G!&'!5-%(%3!5'*!1.&1'3!*%F-#.*!4.1%*+.!*%0%*D.(.!.!%0%!1+5'!(%!#%G%03!%&!5.*1+2-#.*!.!
#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#3![-%!%0!-&.!U%G!.!#.![-%!2'**%05'&(%!-&.!4-G!%05%28Z+2.!
Z-&2+K&!2'&01+1-2+'&.#!g.*10N!XSS!G!XRSNXNS!/"cN!"#!"01.('!&'!5-%(%3!%&!(%Z+&+1+D.3!%C%*2%*!0-0!
2'45%1%&2+.0!.!1*.D<0!(%!#'0!"01.1-1'03!5-%0!%##'!0-5'&(*8.!-&.!+&.2%51.,#%!5%1*+Z+2.2+K&!(%#!
V*(%&.4+%&1'3!2'&!F*.D%!4%*4.!(%#!5#-*.#+04'!5'#81+2'N!L!%##'!&'!5'(*8.!'5'&%*0%!%#!@%2@'!
(%![-%!'1*'0!"01.1-1'03!+&2#-+('!%#!5*'5+'!2.1.#?&!(%!XY_Y3!+&2#-G%&!(%1%*4+&.2+'&%0!0',*%!%#!
$'(%*!;-(+2+.#3!5-%0!1.#!2+*2-&01.&2+.!&'!5'(*8.!2'&D.#+(.*!-&.!+&2'&01+1-2+'&.#+(.(![-%3!0+!%&!
#'0! %C%45#'0! (%#! 5.0.('! @.,*8.! 0+('! +&'2-.3! .@'*.! *%0-#1.*8.! (%0+&1%F*.('*.! G! 0%*+.4%&1%!
#+4+1.1+D.!5.*.!%#!#%F+0#.('*!%01.1.#N!
!
^.#1.! %&! %#! "01.1-1'! #.! (+05'0+2+K&! [-%! %&! 0-! $*'G%21'! '*(%&.,.! 4'(+Z+2.*! #.! U%G!
V*F?&+2.!(%#!$'(%*!;-(+2+.#3!5%*'!%##'!&'!0.#D.*8.3!5.*.!#'0!*%2-**%&1%03!#.!+&2'&01+1-2+'&.#+(.(!
(%! #.! +&4%&0.! 4.G'*8.! (%! #'0! .*182-#'0! (%#! 181-#'! bbb3! [-%! '! ,+%&! 2'&1+%&%&! %0%! 4.&(.1'!
+&%[-8D'2'!'!+&2#-0'!.0-4%&!(+*%21.4%&1%!%#!5.5%#!5*'5+'!(%!%0.!U%G!V*F?&+2.N!
!
/'4'! 0%F-&(.! 2'&0+(%*.2+K&! F%&%*.#3! .Z+*4.&! #'0! (%4.&(.&1%0! [-%! #'0! 5*%2%51'0!
*%2-**+('0!2'&1*.(+2%&!%05%28Z+2.4%&1%!#'0!.*10N!XSS!G!XQYNXNR!G!T!/"3!0+!,+%&!%#!181-#'!bbb!%&!
0-!2'&C-&1'!0%*8.!-&!.1.[-%!Z*'&1.#!.!#.!-&+(.(!(%#!$'(%*!;-(+2+.#3![-%!#.!/'&01+1-2+K&!2'&2+,%!
2'4'! -&! '*(%&! -&+1.*+'! %! +&(%5%&(+%&1%! [-%3! .(.51.('! Z-&2+'&.#4%&1%! .! #.! %01*-21-*.!
1%**+1'*+.#! (%#! "01.('3! &'! 0%! 1%**+1'*+.#+=.3! 2'4'! #'0! '1*'0! 5'(%*%03! &+! 5%*1%&%2%! .! #.0!
!
XSQ
/'4-&+(.(%0!L-1K&'4.03!0+&'!.#!2'&C-&1'!(%#!"01.('!2'4'!1'1.#+(.(!5'#81+2.!'*F.&+=.(.N!f!
%##'!D.#%!1.&1'!5.*.!%#!$'(%*!;-(+2+.#!2'4'!5.*.!0-!F',+%*&'N!$'*!M#1+4'3!#'0!.21'*%0!.Z+*4.&!
[-%! 5.*1+*?&! %&! 0-! Z-&(.4%&1.2+K&! (%! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#! 0',*%! L(4+&+01*.2+K&!
(%! ;-01+2+.! g%05%2+.#4%&1%3! >>)/! XPOWXYOT3! (%! SY! (%! C-#+'e! RTWXYYP3! (%! SY! (%! 4.*='e!
TSWXYYP3!(%!]P!(%!4.*='e!XPRWSPPP3!(%!X]!(%!.,*+#e!G!SR]WSPPR3!(%!XX!(%!'21-,*%c3!.2%51.&('!
.08!#.!(+01+&2+K&!%&1*%!`L(4+&+01*.2+K&!(%!;-01+2+.a!G!`.(4+&+01*.2+K&!(%!#.!L(4+&+01*.2+K&!(%!
C-01+2+.a3! 0+%&('! <01.! #.! 4.1%*+.! 0',*%! #.! [-%! 5-%(%&! 1%&%*! .#F-&.! 2'45%1%&2+.! #.0!
/'4-&+(.(%0!L-1K&'4.0N!
!
,c!H%05'&(+%&('!.!%01.0!2'&0+(%*.2+'&%0!F%&%*.#%0!(%#!*%2-*0'3!*%2'&'2%!%#!L,'F.('!
(%#!"01.('![-%!#'0!;-%2%0!G!)*+,-&.#%0!0'&!K*F.&'0!%01.1.#%0!%&!0%&1+('!%01*+21'!G!&'![-%(.&!
%&2-.(*.('0! %&! #.! '*F.&+=.2+K&! (%! #.0! /'4-&+(.(%0! L-1K&'4.0! g>)/! ]OWXYOS3! (%! SS! (%!
C-&+'3!^;!Qc3!G!1.4,+<&![-%!#.!/'&01+1-2+K&!.1*+,-G%!.#!"01.('!#.!2'45%1%&2+.!%\2#-0+D.!0',*%!
L(4+&+01*.2+K&!(%!C-01+2+.!G!#%F+0#.2+K&!5*'2%0.#3!.-&[-%!%&!%01%!M#1+4'!2.0'!`0+&!5%*C-+2+'!(%!
#.0! &%2%0.*+.0! %05%2+.#+(.(%0! [-%! %&! %01%! '*(%&! 0%! (%*+D%&! (%#! (%*%2@'! 0-01.&1+D'! (%! #.0!
/'4-&+(.(%0! L-1K&'4.0a! g.*1N! XQYNXNR! G! T! /"cN! ).45'2'! &+%F.! [-%! (%&1*'! (%! 1.#%0!
2'45%1%&2+.0!(%#!"01.('!%#!.*1N!XSSNX!/"!*%0%*D.!5*%2+0.4%&1%!.!#.!U%G!V*F?&+2.!(%#!$'(%*!
;-(+2+.#!#.!2'&01+1-2+K&3!Z-&2+'&.4+%&1'!G!F',+%*&'!(%!#'0!;-=F.('0!G!)*+,-&.#%03!%#!"01.1-1'!
C-*8(+2'!(%!#'0!;-%2%0!G!7.F+01*.('0!(%!2.**%*.!G!(%#!5%*0'&.#!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!
(%!C-01+2+.3!G![-%!%#!.*1N!XSSNS!/"!'*(%&.!.!(+2@.!U%G![-%!%01.,#%=2.!%#!"01.1-1'!(%#!/'&0%C'!
:%&%*.#! (%#! $'(%*! ;-(+2+.#N! L0+4+04'! %#! 2'&01+1-G%&1%! 0-,*.GK! #.0! ('0! 2.*.21%*801+2.0!
2.5+1.#%0!(%#!$'(%*!;-(+2+.#![-%!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!@.!(%!F.*.&1+=.*d!-&+(.(!%!
+&(%5%&(%&2+.3!#'![-%!+45+(%![-%!#.0!/'4-&+(.(%0!L-1K&'4.0!5-%(.&!.0-4+*!2'45%1%&2+.0!
[-%!0%!*%Z+%*.&!.!.#FM&!%#%4%&1'!%0%&2+.#!(%!#.!Z-&2+K&!C-*+0(+22+'&.#!G!(%#!.-1'F',+%*&'!(%#!
$'(%*!;-(+2+.#!g>)/!RTWXYYP3!(%!SY!(%!4.*='3!^;!TcN!L0+4+04'3!5.*.!.0%F-*.*!#.!*%.#+=.2+K&!
(%!(+2@'0!5*+&2+5+'0!@.!5*%D+01'!(+D%*0.0!F.*.&18.03!%&1*%!%##.03!#.!*%0%*D.!(%!#%G!'*F?&+2.!.![-%!
0%! @.! @%2@'! *%Z%*%&2+.N! H%2'&'2+('! #'! .&1%*+'*3! 0%! &+%F.3! 0+&! %4,.*F'3! [-%! %#! 181-#'! bbb! (%#!
"01.1-1'!2'&01+1-G.!-&!.1.[-%!Z*'&1.#!.!#.!-&+(.(!(%#!$'(%*!;-(+2+.#!G![-%!.,*.!#.!5-%*1.!.!#.!
Z*.F4%&1.2+K&3! 0+%45*%! [-%! #'0! 5*%2%51'0! [-%! #'! +&1%F*.&! 0%! +&1%*5*%1%&! 2'&! %#! 5*'5K0+1'! (%!
(.*! 2'@%*%&2+.! .#! ,#'[-%! (%! #.! 2'&01+1-2+'&.#+(.(! G! (%! 0.#D.*! #.! .5.*%&1%! 2'&1*.(+22+K&!
%\+01%&1%!%&1*%!"01.1-1'0!G!/'&01+1-2+K&N!
!
/'&!%01%!5*'5K0+1'!0%!Z+C.&!%&!%#!%02*+1'!(%!.#%F.2+'&%0!-&.!0%*+%!(%!5-&1'0!F%&%*.#%0N!
"&!5*+4%*!#-F.*3!2'&!.**%F#'!.!#.!('21*+&.!(%!#.0!>>)/!RTWXYYP3!(%!SY!(%!4.*='3!G!TSWXYYP3!
!
XSR
(%!]P!(%!4.*='3!@.G![-%!(+01+&F-+*!('0!2'&2%51'0!(%!`L(4+&+01*.2+K&!(%!C-01+2+.a3!(%!4.&%*.!
[-%! #.! +&(%2#+&.,#%! 2'45%1%&2+.! %\2#-0+D.! (%#! "01.('! [-%(.! 2%6+(.! .#! `&M2#%'! %0%&2+.#a!
gZ-&2+K&! C-*+0(+22+'&.#! 5*'5+.4%&1%! (+2@.! G! '*(%&.2+K&! (%! #'0! %#%4%&1'0! +&1*8&0%2.4%&1%!
-&+('0!.!#.!(%1%*4+&.2+K&!(%!#.!+&(%5%&(%&2+.!2'&!#.![-%!(%,%!(%0.**'##.*0%c3!4+%&1*.0![-%!%#!
2.45'!(%!5'0+,#%!.0-&2+K&!(%!2'45%1%&2+.0!5'*!#.0!/'4-&+(.(%0!L-1K&'4.0!0%!%\1+%&(%!.!
#'0! .05%21'0! [-%3! 4?0! '! 4%&'0! -&+('0! .! #'0! .&1%*+'*%03! #%! 0+*D%&! (%! 0-01%&1'! 4.1%*+.#! '!
5%*0'&.#N!$'*!%##'3!2.,%!.2%51.*![-%!#.0!/'4-&+(.(%0!L-1K&'4.0!.0-4.&!2'45%1%&2+.0!0',*%!
%0'0!4%(+'0!5%*0'&.#%0!G!4.1%*+.#%0!'!`.(4+&+01*.2+K&!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.a3!G3!0+!
#'0! "01.1-1'0! (%! L-1'&'48.! 1+%&%&! 5'*! Z-&2+K&! 2'&01+1-2+'&.#! 2#.D%! #.! .0-&2+K&! (%!
2'45%1%&2+.03!*%0-#1.!+&&%F.,#%![-%!0'&!-&!+&01*-4%&1'!2'&01+1-2+'&.#4%&1%!+(K&%'!.!1.#!Z+&N!
!
L@'*.! ,+%&3! %&! #.! L(4+&+01*.2+K&! (%! C-01+2+.! 2'&2-**%! #.! 5%2-#+.*+(.(! (%! [-%! #.!
/'&01+1-2+K&!%&2.*F.!.!-&.!0+&F-#.*!U%G!V*F?&+2.!i#.!(%#!$'(%*!;-(+2+.#i!#.!*%F-#.2+K&!(%!
(+D%*0.0! 4.1%*+.03! (%! 4.&%*.! [-%! 0',*%! -&! 4+04'! ?4,+1'! 0%! 5*'G%21.&! 0+4-#1?&%.4%&1%3! G!
2'&! #'0! 4%C'*%0! 181-#'0! 2'&01+1-2+'&.#%03! 1.&1'! #'0! "01.1-1'0! 2'4'! .[-%##.! U%G! V*F?&+2.N! U.!
2'&0%2-%&2+.!(%!%##'!%0![-%!#.!2'45%1%&2+.!.-1'&K4+2.!%01?!0-C%1.!.!-&.!(',#%!@.,+#+1.2+K&3!
(%! 4.&%*.! [-%! #.! .0-&2+K&! %01.1-1.*+.! (%! 2'45%1%&2+.! %&! 4.1%*+.! (%! #.! L(4+&+01*.2+K&! (%!
C-01+2+.! %0! 2'&(+2+K&! &%2%0.*+.! 5%*'! &'! 0-Z+2+%&1%3! %&! 2-.&1'! [-%! #.! +&2#-0+K&! (%! #.!
2'45%1%&2+.!%&!%#!"01.1-1'!.1*+,-G%!0-!1+1-#.*+(.(3!5%*'!0-!%C%*2+2+'!0K#'!5-%(%!*%.#+=.*0%!%&!#.!
4%(+(.!%&![-%!#.!U%G!V*F?&+2.!#'!5*%D%.!G!@.,+#+1%!g>)/!RTWXYYP3!(%!SY!(%!4.*='3!^;!X_cN!
"01'!%03!%#!"01.1-1'!&'!5-%(%!&.(.!5'*!08!0'#'!0+&!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#3!5'*[-%!
%0! .! %01%! M#1+4'! #%F+0#.('*! '*F?&+2'! .#! [-%! 2'**%05'&(%! #.! (%Z+&+2+K&! (%! 2.45'0! g>>)/!
RTWXYYP3!(%!SY!(%!4.*='3!^;!T3!G!TSWXYYP3!(%!]P!(%!4.*='3!^;!Qc3!(%0#+&(.&('!%#!1%**%&'!(%!#.!
%\2#-0+D.!2'45%1%&2+.!(%#!"01.('!G!.[-<#!%&!%#![-%3!5'*![-%(.*!Z-%*.!(%#!`&M2#%'!%0%&2+.#a!(%!
#.!L(4+&+01*.2+K&!(%!C-01+2+.3!5-%(%&!.0-4+*!2'45%1%&2+.0!#.0!/'4-&+(.(%0!L-1K&'4.0N!/'&!
2+1.!(%!#.!>)/!RTWXYYP3!(%!SY!(%!4.*='3!^;!XX!,c3!.#%F.!%#!L,'F.('!(%#!"01.('![-%!#.!2#?-0-#.!
0-,*'F.1'*+.!G3!%&!F%&%*.#3!2-.#[-+%*!2#?-0-#.!%01.1-1.*+.!(%!.0-&2+K&!(%!2'45%1%&2+.03!2',*.!
%Z+2.2+.!%&!#'0!1<*4+&'0!(%!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!G!&'!Z*%&1%!.!%##'0N!f!%01'!0%!
.5#+2.*8.!1.4,+<&!.!#.0!Z-1-*.0!4'(+Z+2.2+'&%0!(%!%0.!U%G!V*F?&+2.3!5-%0!-&!2.4,+'!%&!%##.!
5-%(%! (%C.*! 5*'D+0+'&.#4%&1%! 0+&! %Z%21+D+(.(! 5*?21+2.! -&.! 2'45%1%&2+.! %01.1-1.*+.4%&1%!
.0-4+(.3! [-%! 5'(*?! *%2-5%*.*0%! 0+! (%! &-%D'! 0%! 4'(+Z+2.! #.! U%G! V*F?&+2.! @.,+#+1.&('! 0-!
%C%*2+2+'!g>)/!RTWXYYP3!(%!SY!(%!4.*='3!^;!XTcN!f!%01.!(',#%!@.,+#+1.2+K&!'!2'&(+2+'&.#+(.(!
0%!*%2'&'2%*8.!%&!4-2@'0!5*%2%51'0!(%#!&-%D'!"01.1-1'3!0+&![-%!#.!'4+0+K&!(%!0-!*%2'*(.1'*+'!
%&!'1*.0!'2.0+'&%0!5-%(.!(%1%*4+&.*!#.!+&2'&01+1-2+'&.#+(.(!(%#!5*%2%51'N!
!
XST
!
2c! "#! :',+%*&'! (%! #.! :%&%*.#+1.1! +&0+01%! %&! %#! 2'&1%&+('! 5'0+,#%! (%! #'0! "01.1-1'0! (%!
L-1'&'48.!G!%&!#.!+45*'2%(%&2+.!(%!+&D'2.*!#.!('21*+&.!2'&01+1-2+'&.#!%#.,'*.(.!5.*.!'1*'0!
+&01*-4%&1'0!&'*4.1+D'03!2'4'!#.0!#%G%0!'*F?&+2.0!G!#.0!(%!5*%0-5-%01'03!*%2'*(.&('![-%!#.!
>)/!OYWXYOQ3!(%!SO!(%!0%51+%4,*%3!^;!Q3!G.!(%01.2K![-%!#.!5*%D+0+K&!(%#!.*1N!XQ_NS!/"!%0!-&.!
(%1%*4+&.2+K&! (%! 48&+4'03! 4?0! .##?! (%! #.! 2-.#! #'0! "01.1-1'0! 5-%(%&! +&2'*5'*.*! '1*'0!
2'&1%&+('0! [-%! F-.*(%&! 2'&%\+K&! 2'&! #.0! 4.1%*+.0! *%F-#.(.0! %&! #.0! &'*4.0! +&01+1-2+'&.#%0!
,?0+2.0!G![-%!0%!2'**%05'&(.&!2'&!#.!5*'5+.!2'&(+2+K&!(%!#.!&'*4.!%01.1-1.*+.N!
!
U.!&.1-*.#%=.!(%!#.0!&'*4.0!%01.1-1.*+.0!i2'&1+&M.!%#!%02*+1'!(%!.#%F.2+'&%0i!D+%&%!
(%Z+&+(.!5'*!0-!Z-&2+K&!G!0-!5%2-#+.*!Z'*4.!(%!%#.,'*.2+K&!G!.5*',.2+K&3!%\1*%4'0!.4,'0!G.!
(%02*+1'0! %&! #.! *%05-%01.! .! #.0! 2'&0+(%*.2+'&%0! F%&%*.#%0! (%#! *%2-*0'! g.&1%2%(%&1%! X]cN!
"&1'&2%0! 0%! 5-0'! (%! *%#+%D%! [-%! #'0! "01.1-1'0! *%0-#1.&! D%*(.(%*'0! `2'&D%&+'0!
2'&01+1-2+'&.#%0a!%&!#'0![-%!2'&D%*F%&!#.0!D'#-&1.(%0!%01.1.#!G!.-1'&K4+2.!G![-%!0%!+&1%F*.&3!
5'*! (%*%2@'!5*'5+'3!%&!%#!,#'[-%!(%!#.!2'&01+1-2+'&.#+(.(N!/'&0%2-%&1%4%&1%3!F'=.&! (%! -&.!
0+1-.2+K&! 5*+D+#%F+.(.! %&! %#! 0+01%4.! (%! Z-%&1%0! (%#! V*(%&.4+%&1'3! (%! ('&(%! *%0-#1.*8.! [-%!
*%[-+%*%&! -&.! +&1%*5*%1.2+K&! 2'&C-&1.! 2'&! #.! /'&01+1-2+K&3! @.,+(.! 2-%&1.! (%! 0-! Z-&2+K&! (%!
(%0.**'##'! +&4%(+.1'! (%! #.! 4+04.3! +&4%(+.1%=! [-%! @.*8.! (%! #.! .21+D+(.(! %01.1-G%&1%! -&.!
5*'#'&F.2+K&3!%&!2+%*1.!4%(+(.3!(%#!5*'2%0'!2'&01+1-G%&1%N!$'*!2'&0+F-+%&1%3!5.*.!%#!:',+%*&'!
2.1.#?&!(%,%*8.!*%2@.=.*0%!#.!0+45#+Z+2.2+K&![-%3!.!0-!C-+2+'3!@.*8.&!#'0!*%2-**%&1%0!.#!0%6.#.*!
[-%!#.0!*%#.2+'&%0!%&1*%!#.0!5*%D+0+'&%0!%01.1-1.*+.0!0',*%!C-01+2+.!G!#.!U%G!V*F?&+2.!(%#!$'(%*!
;-(+2+.#! 0%! *%(-2%&! .! -&.! 4%*.! 2-%01+K&! (%! 2'45%1%&2+.N! >%*8.&! (%1%*4+&.2+'&%0!
2'&01+1-2+'&.#%0! #.0! [-%! .,*%&! #.! 5-%*1.! .! [-%! %#! "01.1-1'! +&2#-G.! 5*%D+0+'&%0! %&! 4.1%*+.! (%!
C-01+2+.3!0+&![-%!5-%(.!'#D+(.*0%![-%!#.!*%0%*D.!2'&01+1-2+'&.#!.!Z.D'*!(%!.[-%##.!U%G!V*F?&+2.!
D+%&%!.2'45.6.(.!%&!#.!5*'5+.!U%G!(%!-&!.45#+'!.,.&+2'!(%!5*%D+0+'&%0![-%!%\2%(%&!(%!%0%!
?4,+1'!(%!*%0%*D.N!
!
U.! 2'&0+(%*.2+K&! (%#! "01.1-1'! 2'4'! &'*4.! +&01+1-2+'&.#! ,?0+2.! (%! #.! /'4-&+(.(!
L-1K&'4.! G! #.! %\+01%&2+.! (%! 2'45%1%&2+.0! .-1'&K4+2.0! %&! 4.1%*+.! (%! C-01+2+.! 2'&##%D.*8.&!
[-%! #.! &'*4.! %01.1-1.*+.! 0%! %&2-%&1*%! @.,+#+1.(.! 5.*.! *%F-#.*! .#F-&'0! .05%21'0! (%! #.!
'*F.&+=.2+K&! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.!G! (%#! $'(%*! ;-(+2+.#! %&! /.1.#-6.! 0+&! [-%! %##'!
2'45'*1%!+&D.0+K&!(%!#.!*%0%*D.!2'&01+1-2+'&.#!.!Z.D'*!(%!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#3!
.-&[-%! %&! '2.0+'&%0! 5-%(.! 5.*%2%*! [-%! 2+%*1.0! 5*%D+0+'&%0! 2'&01+1-2+'&.#%03! C-&1'! 2'&! '1*.0!
'*F?&+2.03! %01?&! %&! #.! ='&.! (%! 5%&-4,*.N! A'#D+%&('! 0',*%! -&.! +(%.! G.! (%0.**'##.(.3! %#!
!
XS_
:',+%*&'!2.1.#?&!+&0+01%!%&![-%!#'0!"01.1-1'03!%&!1.&1'![-%!#%G!'*F?&+2.!G!&'*4.!+&01+1-2+'&.#!
,?0+2.3! 5-%(%&! #%F81+4.4%&1%! 2'45#%4%&1.*! %&! 2+%*1'0! .05%21'0! .#! #%F+0#.('*! %01.1.#! 2-.&('!
%C%*=.&! 5'1%01.(%0! #%F+0#.1+D.0! *%0%*D.(.0! %05%28Z+2.4%&1%! 5'*! #.! /'&01+1-2+K&! .#! #%F+0#.('*!
'*F?&+2'N!
!
"&! %01%! 0%&1+('3! &'! 5'(*8.! '#D+(.*0%! [-%! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#! @.2%!
(%5%&(%*!.#F-&.0!(%!0-0!(+05'0+2+'&%0!(%!#.0!2'**%05'&(+%&1%0!5*%D+0+'&%0!%01.1-1.*+.03!.!#.0!
[-%!*%4+1%!#.!.('52+K&!(%!2+%*1.0!(%2+0+'&%0!gvgrN!.*10N!RT!G!R_NX3!5.*.!%#!%&C-+2+.4+%&1'!(%!
2.*F'0!.-1'&K4+2'0e!.*1N!_]3!5.*.!#.0!2'45%1%&2+.0!(%!#'0!)*+,-&.#%0!>-5%*+'*%0!(%!;-01+2+.e!
(+05'0+2+K&!.(+2+'&.#!0%F-&(.3![-%!*%4+1%!.#!"01.1-1'!#.!(%2+0+K&!0',*%!#.!0%(%!(%!<01'03!G3!%&!
Z+&3!(+05'0+2+K&!.(+2+'&.#!0<51+4.3!5.*.!#'0!*%2-*0'0!2'&1*.!2.#+Z+2.2+'&%0!(%!#'0!*%F+01*.('*%0!
(%! #.! 5*'5+%(.(cN! $.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.13! 1.#%0! *%4+0+'&%0! .! #'0! "01.1-1'0! 0%*8.&!
2'&0%2-%&2+.!(%!-&.!*%#.2+K&!(%!2'45#%4%&1.*+%(.(!&%2%0.*+.!%&1*%!.4,.0!&'*4.03!.#!1+%45'!
[-%!0%!(.*8.!#.!##.D%!.#!"01.1-1'!5.*.!#.!1'4.!(%!(%1%*4+&.(.0!(%2+0+'&%0N!
!
$%0%! .! *%+1%*.*0%! #.! 5#%&.! 2'&01+1-2+'&.#+(.(! (%#! 181-#'! bbb! (%#! "01.1-1'3! .(4+1%! %#!
:',+%*&'!2.1.#?&![-%!.#F-&.0!(%!0-0!5*%D+0+'&%0!0%!%&2-%&1*%&!%&!#.!='&.!(%!5%&-4,*.N!"&!1.#!
2.0'!0%*8.!5*%2+0'!(+02%*&+*!%#!F*.('!(%!5*'\+4+(.(!(%!#'0!5*%2%51'0!2'&!#.0!(+01+&1.0!*%0%*D.0!
2'&01+1-2+'&.#%0!5.*.!.5*%2+.*!2-?#!(%,%!5*%D.#%2%*3!Z-&2+K&![-%!@.,*8.!(%!*%.#+=.*0%!1%&+%&('!
5*%0%&1%! [-%! 0+! &+&F-&'! 0%! +&02*+,%! %&! %#! &M2#%'! (%! #.! *%0%*D.3! (%,%*?! Z.D'*%2%*0%! #.! 4.G'*!
*%0+01%&2+.! (%#! "01.1-1'N! "#! 5#.&1%.4+%&1'! (+Z+%*%! (%#! (%Z%&(+('! 5'*! #'0! *%2-**%&1%03! [-+%&%0!
%&1+%&(%&! [-%! 1'(.0! #.0! 5*%D+0+'&%0! (%! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#! 0%! +&0%*1.&! %&! #.!
*%0%*D.! 2'&01+1-2+'&.#! .! Z.D'*! (%! %01.! #%G! '*F?&+2.3! +&1%*5*%1.2+K&! [-%! 1'*&.*8.! @+5%*,K#+2.!
(+2@.!*%0%*D.N!
!
/'&0%2-%&1%4%&1%3! 5.*.! %#! "C%2-1+D'! (%! #.! :%&%*.#+1.13! 0+! #.0! 5*%D+0+'&%0! %01.1-1.*+.0!
1+%&%&!2.,+(.!%&!#.!/'&01+1-2+K&!%0![-%!*%05%1.&!#.0!*%0%*D.0!.!Z.D'*!(%!#.!U%G!V*F?&+2.!(%#!
$'(%*!;-(+2+.#e!*%0%*D.0![-%!@.&!(%!2'&%21.*0%!2'&!#.!.5%*1-*.!(%#!4'(%#'!2'&01+1-2+'&.#!(%!
2'&Z+F-*.2+K&!(%#!$'(%*!;-(+2+.#N!h&.!.5%*1-*.![-%!&'!5'(*8.!@.2%*0%!(%5%&(%*!(%#!2'&1%&+('!
[-%! %&! 2.(.! 4'4%&1'! 5-%(.! 1%&%*! #.! *%5%1+(.! U%G! V*F?&+2.N! "&! %01%! 5-&1'! 0%! +&0+01%! %&! #.!
&%2%0+(.(! (%! (+01+&F-+*! %&1*%! #'0! ?4,+1'0! (%! *%0%*D.! .,0'#-1.! G! (%! *%0%*D.! *%#.1+D.3! 5-%0! #.!
*%#.2+K&! %&1*%! %#! "01.1-1'! G! #.! U%G! V*F?&+2.! &'! %0! -&.! 2-%01+K&! (%! 2'45%1%&2+.3! 0+&'! (%!
*%05%1'! .! #.! *%0%*D.! .,0'#-1.! [-%! #.! /'&01+1-2+K&! 2'&1+%&%! .! Z.D'*! (%! #.! V*F?&+2.! (%#! $'(%*!
;-(+2+.#N!U.0!*%0%*D.0!2'&01+1-2+'&.#%0!.!Z.D'*!(%!#.0!#%G%0!'*F?&+2.0!0%!%\5*%0.&!%&!1<*4+&'0!
!
XSO
.45#+'03! 5-(+%&('! %#! #%F+0#.('*! %#%F+*! %&1*%! (+01+&1.0! '52+'&%0! #%F81+4.0! (%! (%0.**'##'!
2'&01+1-2+'&.#N!$-%0!,+%&3!%#!#%F+0#.('*!%01.1.#3!.#!.5*',.*!%#!"01.1-1'!0%!@.,*8.!(%2.&1.('!5'*!
-&.!(%!%0.0!'52+'&%0!0+&!+&D.(+*!#.!*%0%*D.!2'&01+1-2+'&.#!.,0'#-1.!.!Z.D'*!(%!#.!U%G!V*F?&+2.!
(%#!$'(%*!;-(+2+.#N!
!
$.*.! (+02%*&+*! #.! 2'&01+1-2+'&.#+(.(! (%! #.0! 5*%D+0+'&%0! %01.1-1.*+.0! *%#.1+D.0! .#! $'(%*!
;-(+2+.#!&'!2.,*8.!2'&Z*'&1.*#.0!2'&!-&.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#![-%!0-5%*.!%#!?4,+1'!
2'&01+1-2+'&.#!(%!*%0%*D.N!/+%*1'!%0![-%!%&!#'0!.#,'*%0!(%#!"01.('!2'&01+1-2+'&.#!&'!*%0-#1.,.!
Z?2+#!(+01+&F-+*!%&1*%!#'0!.05%21'0!&-2#%.*%0!G!&'!&-2#%.*%0!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.!.!
#'0! %Z%21'0! (%! #.! (%#+4+1.2+K&! (%#! .#2.&2%! (%! #.! 2'45%1%&2+.! .1*+,-+(.! .#! "01.('! 5'*! %#! .*1N!
XQYNXNR!/"e!5'*!%##'!#.0!1<2&+2.0!(%!.0-&2+K&!(%!2'45%1%&2+.0!%&!%#!"01.1-1'!(%!XY_Y!Z-%*'&!
*%0+(-.#%0! G! *%01*+21+D.03! (%C.&('! [-%! %#! #%F+0#.('*! '*F?&+2'3! 2'&! 4%&'0! 5*%4-*.! G! 4.G'*!
2.5.2+(.(!(%!.&?#+0+03!Z+C.*.!%0.!(+01+&2+K&N!$%*'!&'!0%*8.!4%&'0!2+%*1'![-%!%#!4'4%&1'!.21-.#!
%0! 4-G! (+Z%*%&1%3! (.('! [-%! 0%! 2-%&1.! G.! 2'&! -&.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#! [-%! @.!
5%*Z+#.('!%#!C-%F'!(%!#.0!2#?-0-#.0!0-,*'F.1'*+.0!G![-%!@.!@%2@'!5'0+,#%![-%!%#!"01.1-1'!.[-8!
2'&1*'D%*1+('! .0-4.! (+*%21.4%&1%! #.0! 2'45%1%&2+.0! %&! 4.1%*+.! (%! `.(4+&+01*.2+K&! (%! #.!
L(4+&+01*.2+K&! (%! C-01+2+.a3! 0+%45*%! *%05%1.&('! %#! &M2#%'! ,?0+2'! +&(+05%&0.,#%! 5.*.!
F.*.&1+=.*![-%!%0%!?4,+1'!&'!&-2#%.*!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.!&'!5%*1-*,%!#.!-&+(.(!
(%#!$'(%*!;-(+2+.#N!
!
"#! :',+%*&'! (%! #.! :%&%*.#+1.1! (%! /.1.#-6.! (+02*%5.! (%! #.! +&1%*5*%1.2+K&! (%! #'0! .*10N!
XX_NR3!XSSNX!G!S3!XS]NX3!XSQNS!G!]3!XQYNXNR!G!XRS!/"!(%Z%&(+(.!%&!#.!(%4.&(.N!L#!*%05%21'!0%!
*%+1%*.! [-%! #.! C-*+05*-(%&2+.! %#.,'*.(.! 5'*! %#! )*+,-&.#! /'&01+1-2+'&.#! .#! %&C-+2+.*! &'*4.0!
#%F.#%0!.&1%*+'*%0!&'!5-%(%!1*.0#.(.*0%!0+&!4?0!.#!%\.4%&!(%!-&!1%\1'3!2'4'!%0!%#!"01.1-1'!(%!
L-1'&'48.3!##.4.('!.!+&1%F*.*0%!%&!%#!,#'[-%!(%!#.!2'&01+1-2+'&.#+(.(N!L(%4?03!.5-&1.![-%!
(%,%*8.!1'4.*0%!%&!2-%&1.!0+!%0.!C-*+05*-(%&2+.!Z-%!%01.,#%2+(.!.!#.!#-=!(%!#.0!5*%D+0+'&%0!(%#!
"01.1-1'! .&1%*+'*N! "&! 2'&0%2-%&2+.3! %&1+%&(%! [-%! #'! [-%! .@'*.! 5*'2%(%! %0! 2'&Z*'&1.*! #.0!
5*%D+0+'&%0! (%#! &-%D'! "01.1-1'! 2'&! #.! /'&01+1-2+K&N! k'! ',01.&1%3! 0%*D+*8.! .! %01'0! %Z%21'0! #.!
5*%2+0+K&! %Z%21-.(.! 5'*! %#! )*+,-&.#! /'&01+1-2+'&.#! (%! [-%! #.! 4.1%*+.! `L(4+&+01*.2+K&! (%!
C-01+2+.a!(%#!.*1N!XQYNXNR!/"!+&2#-G%!M&+2.4%&1%!%#!?4,+1'!(+*%21.4%&1%!D+&2-#.('!.#!%C%*2+2+'!
(%! #.! Z-&2+K&! C-*+0(+22+'&.#N! /'&0%2-%&1%4%&1%3! #.! 2'45%1%&2+.! %01.1.#! &'! 2'45*%&(%! #.!
%0Z%*.!+&01*-4%&1.#!*%05%21'!(%!%0.!Z-&2+K&3!%0!(%2+*3!.[-%##'![-%!0+*D%!.!#.!.(4+&+01*.2+K&!(%!
#.! C-01+2+.! 5%*'! [-%! &'! Z'*4.! 5.*1%! (%! #.! 5*'5+.! Z-&2+K&! C-*+0(+22+'&.#e! (%! .@8! #.! (+01+&2+K&!
%&1*%!`L(4+&+01*.2+K&!(%!C-01+2+.a!G!`.(4+&+01*.2+K&!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.aN!
!
XSY
!
U.! 2'45%1%&2+.! %\2#-0+D.! (%#! "01.('! ex! .*1N! XQYNXNR! /"! *%0-#1.*8.! 5#%&.4%&1%!
2'@%*%&1%!2'&!#.!*%0%*D.![-%!%#!.*1N!XSSNX!/"! %Z%21M.!.!Z.D'*!(%!#.!U%G!V*F?&+2.! (%#! $'(%*!
;-(+2+.#! 2'&! *%05%21'! .! #.! 2'&01+1-2+K&3! Z-&2+'&.4+%&1'! G! F',+%*&'! (%! #'0! K*F.&'0!
C-*+0(+22+'&.#%03!@.,+(.!2-%&1.!(%![-%!0%!+&1%F*.!0+&!&+&F-&.!(-(.!%&!#.!`L(4+&+01*.2+K&!(%!
C-01+2+.ae! '1*'! 1.&1'! 0-2%(%*8.! 2'&! #.! .1*+,-2+K&! .! (+2@.! U%G! (%! #.! *%F-#.2+K&! (%#! %01.1-1'!
C-*8(+2'! (%! ;-%2%0! G! 7.F+01*.('03! .1%&(+(.! .(%4?0! #.! 5*%D+0+K&! 2'&01+1-2+'&.#! (%! [-%! <01'0!
(%,%&!+&1%F*.*0%!%&!-&!2-%*5'!M&+2'N!>+&!%4,.*F'3!%#!%01.1-1'!C-*8(+2'!(%#!5%*0'&.#!.#!0%*D+2+'!
(%! #.! L(4+&+01*.2+K&! (%! C-01+2+.! 0%! +&1%F*.*8.! %&! %#! ?4,+1'! (%! #.! `.(4+&+01*.2+K&! (%! #.!
L(4+&+01*.2+K&!(%!C-01+2+.a3!5-%0!0-!D%*1%,*.2+K&!%&!2-%*5'0!&.2+'&.#%0!&'!%0!4?0![-%!-&.!(%!
#.0! 2'&01+1-2+'&.#4%&1%! 5'0+,#%0! g>)/! RTWXYYP3! (%! SY! (%! 4.*='3! ^;! XPcN! >+%&('! .083! 0%*8.!
#KF+2'!%&1%&(%*![-%!#.!*%0%*D.!(%!(+2@'!"01.1-1'!C-*8(+2'!.!Z.D'*!(%!#.!U%G!V*F?&+2.!@.!(%!0%*!
M&+2.4%&1%! (%! 2-.&1'! *%0-#1.! &-2#%.*! %&! *%#.2+K&! 2'&! %#! 4+04'3! (%! 4.&%*.! [-%! @.F.!
*%2'F&'02+,#%!.!%0%!5%*0'&.#!('&(%![-+%*.![-%!5*%01%!0-0!0%*D+2+'0N!$'*!%##'!&'!0%*8.!.(4+0+,#%!
[-%!(+2@'!%01.1-1'!1.4,+<&!+&2#-G.!2-.&1.0! (%1%*4+&.2+'&%0!2'.(G-D.&!.!(%Z+&+*#'! 2'4'! -&!
2-%*5'!&.2+'&.#N!
!
L08!%&1%&(+('!%#!2'&1%&+('!(%!#'0!.*10N!XSSNS3!XS]3!XSQ!G! XRS!/"3!%#!:',+%*&'!(%!#.!
:%&%*.#+1.1! .&1+2+5.! [-%! #'0! 5*%2%51'0! %01.1-1.*+'0! *%2-**+('0! &'! #'0! 2'&1*.(+2%&N! L&1%0! (%!
.,'*(.*!%#!.&?#+0+0!(+Z%*%&2+.('!(%!#.0!(+D%*0.0!+45-F&.2+'&%0!0%!(%C.!2'&01.&2+.!(%#!*%2@.='!
.!`#.0!F*.&(+#'2-%&1%0!G3!%&!F*.&!4%(+(.3!F*.1-+1.0!%\5*%0+'&%0!(%!#'0!*%2-**%&1%0!%&!%#!0%&1+('!
(%![-%!%#!181-#'!bbb!(%#!"01.1-1'!2'&01+1-G%!-&!.1.[-%!Z*'&1.#!.!#.!-&+(.(!(%#!$'(%*!;-(+2+.#a3!
5-%0!&'!0%!*%F-#.!%#!$'(%*!;-(+2+.#!de!/.1.#-6.!0+&'!en!/.1.#-6.N!).4,+<&!*%2@.=.!.[-%##.0!
'1*.0!%\5*%0+'&%0!`[-%!4?0!5.*%2%&!*%05'&(%*!.!-&!(+02-*0'!5'#81+2'![-%!.!-&.!.*F-4%&1.2+K&!
C-*8(+2.3! G! [-%! &'! (%&'1.&! 5*%2+0.4%&1%! *%05%1'! @.2+.! #.! D'#-&1.(! (%#! 5-%,#'! 2.1.#?&! G!
1.4,+<&! (%#! 2'&C-&1'! (%#! 5-%,#'! %05.6'#3! %\5*%0.(.! 5'*! 4%(+'! (%! 0-0! #%F81+4'0!
*%5*%0%&1.&1%0aN!
!
(c! "#! $.*#.4%&1'! 2.1.#?&3! 5'*! 0-! 5.*1%3! 0'01+%&%! [-%! %#! "01.1-1'! &'! 0-5'&%! [-+%,*.!
.#F-&.!&+!.1.[-%!Z*'&1.#!.!#.!-&+(.(!(%#!$'(%*!;-(+2+.#3!2'4'!0%!(%4'01*.*8.3!.(%4?0!(%!5'*!
#.0! *%+1%*.(.0! *%Z%*%&2+.0! .! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#! 2'4'! &'*4.! (%! %&#.2%! G! (%!
2'45#%4%&1.*+%(.(! %&! *%#.2+K&! 2'&! #.0! 5*%D+0+'&%0! %01.1-1.*+.03! 5'*! %#! @%2@'! (%! [-%! #.!
*%F-#.2+K&!&'!0%!5*'G%21%!0',*%!%#!$'(%*!;-(+2+.#!`(%!/.1.#-6.a3!0+&'!0',*%!%#!$'(%*!;-(+2+.#!
`%&!/.1.#-6.aN!
!
X]P
!
"&! 2-.&1'! .! [-%! %#! "01.1-1'! (%! L-1'&'48.! 0%.! &'*4.! 2'45%1%&1%! 5.*.! *%F-#.*! #'0!
.05%21'0! +&2#-+('0! %&! 0-! 181-#'! bbb3! %#! $.*#.4%&1'! *%2-%*(.! 0-0! 2'&0+(%*.2+'&%0! F%&%*.#%0!
.2%*2.!(%!#.!&.1-*.#%=.!(%#!"01.1-1'!G!(%!0-!5'0+2+K&!%&!%#!0+01%4.!(%!Z-%&1%03!%&!5.*1+2-#.*!%&!
0-!*%#.2+K&!2'&!#.0!#%G%0!'*F?&+2.0!5*%D+01.0!%&!#.!/'&01+1-2+K&!g.&1%2%(%&1%!XQcN!"&!%#!?4,+1'!
%05%28Z+2'!(%#!$'(%*!;-(+2+.#3!%#!2.*?21%*!(%#!"01.1-1'!2'4'!&'*4.!+&01+1-2+'&.#!,?0+2.! (%! #.!
/'4-&+(.(! L-1K&'4.! G! #.! 1+1-#.*+(.(! (%! #.! :%&%*.#+1.1! (%! (%1%*4+&.(.0! 2'45%1%&2+.0! %&!
4.1%*+.!(%!C-01+2+.!+45#+2.*8.&![-%!0%.!-&.!&'*4.!@.,+#+1.(.!5.*.!*%F-#.*!.#F-&'0!.05%21'0!(%!
#.! '*F.&+=.2+K&! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.! G! (%,.! *%Z%*+*0%! .#! )*+,-&.#! >-5%*+'*! (%!
;-01+2+.!G!.#!F',+%*&'!(%#!$'(%*!;-(+2+.#!%&!/.1.#-6.3!0+&![-%!%##'!0+F&+Z+[-%!&%2%0.*+.4%&1%!
-&.! +&D.0+K&! (%! #.! *%0%*D.! 2'&01+1-2+'&.#! .! Z.D'*! (%! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#N! "&!
2-.#[-+%*! 2.0'3! #.! U%G! V*F?&+2.! TWSPPT3! 5'*! 0-! 2.*?21%*! (%! #%G! '*F?&+2.! %01.1.#! G! &'*4.!
+&01+1-2+'&.#!,?0+2.3!5'(*8.!#%F81+4.4%&1%!2'45#%4%&1.*!%&!(%1%*4+&.('0!5-&1'0!.#!#%F+0#.('*!
%01.1.#!2-.&('!%C%*=.!5'1%01.(%0!#%F+0#.1+D.0!*%0%*D.(.0!%05%28Z+2.4%&1%!5'*!#.!/'&01+1-2+K&!.#!
#%F+0#.('*!'*F?&+2'N!
!
"#!.*1N!XRS!/"!i2'&1+&M.!%#!%02*+1'!(%#!$.*#.4%&1'i!%01.,#%2%!-&.!D+&2-#.2+K&!%&1*%!
#.! '*F.&+=.2+K&! (%#! $'(%*! ;-(+2+.#! M&+2'! %&! 1'('! %#! "01.('! G! #.! %01*-21-*.! .-1'&K4+2.! (%#!
"01.('3! (.&('! %&1*.(.! .#! "01.1-1'! (%! L-1'&'48.! 5.*.! *%F-#.*! .#F-&'0! .05%21'0! (%#! $'(%*!
;-(+2+.#N!U.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!@.2%!(%5%&(%*!(%1%*4+&.('0!%\1*%4'0!(%#!@%2@'!
(%![-%!%#!2'**%05'&(+%&1%!"01.1-1'!(%!L-1'&'48.!#'!@.G.!5*%D+01'3!'!,+%&!*%4+1%!.#!"01.1-1'!#.!
.('52+K&! (%! (%1%*4+&.(.0! (%2+0+'&%0! g5'*! %C%45#'3! .*10N! RTNS3! R_NXNS3! _]! UV$;cN! U.!
C-*+05*-(%&2+.! 2'&01+1-2+'&.#! 1.4,+<&! @.,*8.! 2'&1*+,-+('! .! .(4+1+*! #.! 5'0+,#%! +&1%*D%&2+K&!
%01.1-1.*+.!%&!#.!*%F-#.2+K&!(%#!$'(%*!;-(+2+.#!.#!%01.,#%2%*!#.!(+01+&2+K&!%&1*%!`L(4+&+01*.2+K&!
(%! C-01+2+.a3! *%2'&'2+(.! 2'4'! +&(%2#+&.,#%! 2'45%1%&2+.! %\2#-0+D.! (%#! "01.('3! G!
`.(4+&+01*.2+K&! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.a3! *%2'&'2+(.! 2'4'! ?4,+1'! (%! 5'0+,#%!
.0-&2+K&! (%! 2'45%1%&2+.0! 5'*! 5.*1%! (%! #.0! /'4-&+(.(%0! L-1K&'4.03! 0-,*.G.&('! .#! 5*'5+'!
1+%45'! #.! *%#.2+K&! (%! 2'45#%4%&1.*+%(.(! %&1*%! "01.1-1'! (%! L-1'&'48.! G! U%G! V*F?&+2.! (%#!
$'(%*! ;-(+2+.#N! L! #.! D+01.! (%! 1'('! %##'3! *%0-#1.*8.! %D+(%&1%! [-%! %#! "01.1-1'! (%! L-1'&'48.! (%!
/.1.#-6.!5-%(%!G!(%,%!+&2#-+*!(+05'0+2+'&%0!*%#.1+D.0!.#!$'(%*!;-(+2+.#!G!.!#.!.(4+&+01*.2+K&!
(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.N!
!
"#! 5.*?4%1*'! (%! #.! 2'&01+1-2+'&.#+(.(! (%#! 181-#'! bbb! (%#! "01.1-1'! (%,%*8.&! 0%*! #.0!
%01*+21.0!5*%D+0+'&%0!(%#!1%\1'!2'&01+1-2+'&.#3!%&!5.*1+2-#.*!.[-%##.0![-%!*%2'F%&!%\5*%0.4%&1%!
!
X]X
.#FM&!1+5'!(%!*%0%*D.!.!Z.D'*!(%!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!'!(%!'1*.0!#%G%0!'*F?&+2.03!
5%*'!&-&2.!%#!2'&1%&+('!4+04'!(%!#.!#%F+0#.2+K&!'*F?&+2.N!U.0!(+05'0+2+'&%0!%01.1-1.*+.0![-%!
&'!+&2+(.&!%&!%#!&M2#%'!(%!#.!*%0%*D.!2'&01+1-2+'&.#!.!Z.D'*!(%!'1*.!&'*4.!(%,%*8.&!5*%D.#%2%*!
G3! %&! #'0! 2.0'0! %&! [-%! #.! 1.*%.! (%! (%0#+&(%! &'! 5%*4+1.! ##%F.*! .! 2'&2#-0+'&%0! 2.1%FK*+2.03!
(%,%*8.! '51.*0%! 5'*! #.! *%#.2+K&! (%! 2'45#%4%&1.*+%(.(! .5-&1.(.! 5'*! #.! C-*+05*-(%&2+.!
2'&01+1-2+'&.#!G!5'*!,-02.*!+&1%*5*%1.2+'&%0!(%!#.!&'*4.!2'&Z'*4%0!.!#.!/'&01+1-2+K&N!
!
Q]N!.c!"&!*%#.2+K&!2'&!%#!.*1N!YR!g"#!)*+,-&.#!>-5%*+'*!(%!;-01+2+.!(%!/.1.#-6.c!0%!.#%F.!
%&! %#! *%2-*0'! [-%! &'! 5-%(%&! %01.,#%2%*0%! %&! %#! "01.1-1'! #.0! 2'45%1%&2+.0! (%#! )*+,-&.#!
>-5%*+'*!(%!;-01+2+.!(%!/.1.#-6.!i&+!.-&!%&!%#!2.0'!(%![-%!2'+&2+(+%*.&!2'&!#.0!5*%D+0+'&%0!
(%! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#i! &+! 4%&'0! 1'(.D8.3! (%! *%2@.='3! #.0! (%#! )*+,-&.#!
>-5*%4'! g>>)/! SRWXYOX3! (%! XQ! (%! C-#+'! G! ]OWXYOS3! (%! SS! (%! C-&+'cN! $'*! %##'! 0%*8.!
+&2'&01+1-2+'&.#! 5.*2+.#4%&1%! %#! .5.*1.('! X3! [-%! %01.,#%2%! #.! 2'45%1%&2+.! (%#! )*+,-&.#!
>-5%*+'*! (%! ;-01+2+.! `5.*.! 1-1%#.*! #'0! (%*%2@'0! *%2'&'2+('0! %&! %#! 5*%0%&1%! "01.1-1'a! G!
2'&2-%*(.! 2'&! %#! .*1N! ]ONS3! G.! +45-F&.('N! E%! &.(.! 0%*D+*8.&! #.0! *%4+0+'&%0! [-%! .4,'0!
5*%2%51'0! @.2%&! .! #.0! #%G%03! 5-%0! [-%(.! 2#.*'! [-%! %0! %#! 5*'5+'! "01.1-1'! %#! [-%! .1*+,-G%!
(+*%21.4%&1%!%0.!2'45%1%&2+.3!.0-4+%&('!-&.!Z-&2+K&!(%#!"01.('!g.*1N!XQYNXNR!/"c3!0+&![-%!
0+*D.!(%!2',%*1-*.!%#!.*1N!XQYNXNT!/"3!5-%0!#.0!%05%2+.#+(.(%0!5*'2%0.#%0![-%!5-%(%&!+&1*'(-2+*!
#.0! /'4-&+(.(%0! L-1K&'4.0! &'! 5%*4+1%&! #.! +&&'D.2+K&! &+! 5-%(%&! 2'&0+01+*! %&! %#!
%01.,#%2+4+%&1'!(%!-&.!*%F#.!(%!2'45%1%&2+.!C-*+0(+22+'&.#!'!+&2#-+*0%!%&!%#!5*'5+'!"01.1-1'N!
"&! (%Z+&+1+D.3! %#! 5*',#%4.! &'! %03! 5.*.! #'0! *%2-**%&1%03! ,.#.(83! 5'*[-%! 0%! 2*%.! -&.! 0-%*1%! (%!
*%2-*0'! (%! .45.*'! 5.*.! #.! 5*'1%22+K&! (%! -&'0! (%*%2@'0! [-%! 1.4,+<&! D+&2-#.&! .! #.!
L(4+&+01*.2+K&!:%&%*.#!(%#!"01.('!%&!/.1.#-6.!G!.!#'0!5.*1+2-#.*%0!g.*1N!]_c3!(%!0-%*1%![-%!%#!
#%F+0#.('*!%01.1.#!(%,%*?!%01.,#%2%*!.#FM&!5*'2%0'!5.*.!(.*!2.-2%!.!`%01.!%\1*.D.F.&2+.3!0K#'!
2*%.(.!5.*.!(.*!%45.[-%!(%!/'&01+1-2+K&!.#!"01.1-1'aN!
!
"#! .5.*1.('! S! (%#! 5*%2%51'! @.2%! -&! (%0.**'##'! (%#! .*1N! XRSNS! /"! [-%! &'! #%!
2'**%05'&(%*8.!g.*10N!XQYNXNR!G!T!G!XSSNX!/"c!G![-%3!.(%4?03!0%*8.!2'&1*.*+'!.#!.*1N!XS]!/"N!U.!
/'&01+1-2+K&!0.#D.!0+%45*%!#.!C-*+0(+22+K&!(%#!)*+,-&.#!>-5*%4'!.#!*%Z%*+*0%!.!#'0!)*+,-&.#%0!
>-5%*+'*%0!(%!;-01+2+.3!5%*'!&'!Z+C.!#.0!2'45%1%&2+.0!(%!.[-<#3!#.0!2-.#%03!.-&[-%!2'&!#84+1%03!
@.&! (%! 0%*! %01.,#%2+(.0! 5'*! %#! #%F+0#.('*! %01.1.#! G3! %05%2+.#4%&1%3! 5'*! #.! U%G! V*F?&+2.! (%#!
$'(%*! ;-(+2+.#N! "&! 2-.#[-+%*! 2.0'3! #.! /'&01+1-2+K&! %\2#-G%! #'0! *%2-*0'0! (%! .5%#.2+K&! .&1%! %#!
)*+,-&.#! >-5*%4'! 2-.&('! %\+F%! [-%! #.0! 0-2%0+D.0! +&01.&2+.0! 0%! .F'1%&! %&! %#! 1%**+1'*+'!
.-1'&K4+2'3!5%*'!&'!#'0!*%2-*0'0!(%!2.0.2+K&!'!%\1*.'*(+&.*+'0!'!%\2%52+'&.#%03![-%!&'!0'&!&+!
!
X]S
(.&! #-F.*! .! -&.! &-%D.! +&01.&2+.N! U.! &'*4.! 2'4,.1+(.3! 0+&! %4,.*F'3! +45'&%! [-%! 1'('0! #'0!
5*'2%0'0! +&+2+.('0! %&! /.1.#-6.3! .08! 2'4'! 1'('0! #'0! *%2-*0'0! [-%! 0%! 1*.4+1%&! %&! 0-! ?4,+1'!
1%**+1'*+.#3!G!0%.!2-.#!Z-%*%!%#!(%*%2@'!+&D'2.('!2'4'!.5#+2.,#%!g1.4,+<&3!5'*!1.&1'3!%#!%01.1.#c3!
2-#4+&%&!5*%2+0.4%&1%!%&!%#!)*+,-&.#!>-5%*+'*!(%!;-01+2+.3!#'![-%!%0!(+01+&1'!(%![-%!2-#4+&%&!
%&! .#FM&! K*F.&'! C-(+2+.#! *.(+2.('! %&! /.1.#-6.3! [-%! %0! #'! [-%! %\+F%! #.! /'&01+1-2+K&! g>)/!
RTWXYYP3! (%! SY! (%! 4.*='cN! >%! (%1%*4+&.&! .08! (+*%21.4%&1%! #.0! 2'45%1%&2+.0! (%#! )*+,-&.#!
>-5%*+'*! (%! ;-01+2+.3! [-%! 0K#'! 5-%(%! Z+C.*! %#! "01.('! g.*1N! XQYNXNR! G! T! /"c! G! 4%(+.&1%! #%G!
'*F?&+2.!g.*1N!XSS!/"cN!f!0%!(+01*+,-G%&!1.4,+<&!#.0!2'45%1%&2+.0!%&1*%!%#!)*+,-&.#!>-5*%4'!
G! %#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.3! +&D.(+<&('0%! #.! *%0%*D.! (%! #.! U%G! V*F?&+2.! (%#! $'(%*!
;-(+2+.#!g.*10N!XSS!G!XQYNXNR!G!T!/"c!G!(%C.&('!5.*.!%#!)*+,-&.#!>-5*%4'!-&.!2'45%1%&2+.!1.&!
*%(-2+(.!g#.!-&+Z+2.2+K&!(%!('21*+&.3![-%!&+!0+[-+%*.!.Z%21.!.!#.!2'0.!C-=F.(.c![-%!0%!+&Z*+&F+*8.!
1.4,+<&!%#!.*1N!XS]!/"N!
!
k.(.! (%! %01'! 0%! 0.#D.! i2'&1+&M.! %#! *%2-*0'i! 2'&! #.0! *%Z%*%&2+.0! [-%! .! #.! U%G!
V*F?&+2.!(%#!$'(%*!;-(+2+.#!0%!@.2%&!%&!%#! .5.*1.('!*%2-**+('3!5-%0!#.!2'45%1%&2+.!0+%45*%!
0%*8.! (%#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.3! 5'*! 4?0! [-%! 0%! *%4+1.! .! #.! U%G! V*F?&+2.! #.!
(%1%*4+&.2+K&! (%#! .#2.&2%! G! 2'&1%&+('! (%#! *%2-*0'3! .#! 4.*F%&! (%! [-%! %0.! (%1%*4+&.2+K&! 0%.!
4?0!5*'5+.!(%!#.0!#%G%0!5*'2%0.#%0!(%!2.(.!-&'!(%!#'0!K*(%&%0!(%!#.!C-*+0(+22+K&![-%!(%!#.!U%G!
V*F?&+2.!(%#!$'(%*!;-(+2+.#N!$'*!#'!(%4?03!#.!%\5*%0+K&!`(%!.2-%*('!2'&!#.!U%G!V*F?&+2.!(%#!
$'(%*!;-(+2+.#a!&'!1%&(*8.!4?0!0%&1+('![-%!+&(+2.*![-%!(+2@.!U%G!(%,%!.(%2-.*0%!.#!"01.1-1'N!
!
h&! 5#.&1%.4+%&1'! .08! 2'&##%D.*8.3! 5.*.! #'0! *%2-**%&1%03! [-%! #'0! (+01+&1'0! )*+,-&.#%0!
>-5%*+'*%0!(%!;-01+2+.!5-(+%*.&!1%&%*!(+Z%*%&1%0!2'45%1%&2+.0!G3!#'![-%!%0!4?0!F*.D%3![-%!#.!
2'45%1%&2+.! (%#! )*+,-&.#! >-5*%4'! &'! Z-%*.! #.! 4+04.! %&! 1'('! %#! 1%**+1'*+'! &.2+'&.#N! L#F'!
+45'0+,#%! 0+3! 2'4'! +45'&%! %#! .*1N! XS]! /"3! @.! (%! 1%&%*! C-*+0(+22+K&! %&! 1'(.! "05.6.3! 0+%&('!
+&2'&2%,+,#%! [-%! %0.! C-*+0(+22+K&! 0%.! (+01+&1.!%&! %\1%&0+K&! %! +&1%&0+(.(! %&! 2.(.! /'4-&+(.(!
L-1K&'4.N! U'! [-%! @.G.! (%! 0%*! %#! )*+,-&.#! >-5*%4'! @.! (%! (%2+(+*0%! (%0(%! -&.! 5%*05%21+D.!
4?0!.45#+.![-%!#.!(%!-&.!0'#.!/'4-&+(.(!L-1K&'4.N!f!-&!)*+,-&.#!>-5*%4'!5*+D.('!(%!-&.!
5.*1%!185+2.!(%!#.!2.0.2+K&!5'*!D-#&%*.2+K&!(%#!E%*%2@'!%01.1.#!G!(%!0-!5*'5+.!C-*+05*-(%&2+.!
&'! 4%*%2%*8.! %0%! &'4,*%N! E%0(%! #-%F'3! 0+! [-%(.! *%(-2+('! .! #.! -&+Z+2.2+K&! (%! ('21*+&.! G! &'!
5-%(%! .&-#.*! >%&1%&2+.0! (%C.! (%! 0%*! -&! %Z%21+D'! K*F.&'! C-*+0(+22+'&.#! G3! 5'*! 0-5-%01'3! %#!
0-5%*+'*! %&! 1'('0! #'0! K*(%&%0! [-%! [-+%*%! %#! .*1N! XS]! /"N! E%0.5.*%2%*8.! 1.4,+<&! #.! 4.G'*!
%\5*%0+K&! G! F.*.&18.! (%! #.! -&+(.(! (%#! $'(%*! ;-(+2+.#! G! (%! #.! +F-.#(.(! %&! #.! .5#+2.2+K&! (%#!
E%*%2@'!%&!1'('!%#!1%**+1'*+'!&.2+'&.#N!
!
X]]
!
"#! .5.*1.('! Q! (%#! .*1N! YR! 0%! +45-F&.! 5'*! #.0! *.='&%0! %\5-%01.0! %&! *%#.2+K&! 2'&! %#!
.5.*1.('! S! (%#! 4+04'! 5*%2%51'3! .#! .1*+,-+*! 2'45%1%&2+.! .#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.!
*%05%21'!.!#'0!*%2-*0'0!%\1*.'*(+&.*+'0!(%!*%D+0+K&![-%!.-1'*+2%!#.!#%GN!U.!#%G!0%*?!%01.1.#3!5%*'!
#.! &'*4.! .-1'&K4+2.! (%2+(%! (+*%21.4%&1%! [-<! K*F.&'! @.! (%! *%0'#D%*#'03! %&1*.&('! .08! %&!
4.1%*+.!*%0%*D.(.!.#!"01.('!g.*1N!XQYNXNR!G!T!/"cN!
!
U'0!.5.*1.('0!R!G!T!0%!*%2-**%&!%&!#'!*%#.1+D'!.!#.!5.*1+2+5.2+K&!(%#!/'&0%C'!(%!;-01+2+.!
(%!/.1.#-6.3!2'&!*%4+0+K&!.!#'0!.*F-4%&1'0!-1+#+=.('0!%&!#.!+45-F&.2+K&!(%#!.*182-#'!YONS!.c!
(%#!"01.1-1'!l.&1%2%(%&1%!QR!.cmN!
!
,cN!L#%F.!%#!L,'F.('!(%#!"01.('![-%!&'!%0!+**%#%D.&1%![-%!%#!.*1N!YR!2'+&2+(.!2'&!#.0!
5*%D+0+'&%0! (%! #.! .21-.#! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#3! .Z+*4.&('! [-%3! (%! .2-%*('! 2'&! #.!
1%0+0! (%! #.! (',#%! @.,+#+1.2+K&3! #.! 2'&2'*(.&2+.! %&1*%! .4,.0! &'*4.0! +45+(%! 2.#+Z+2.*! 2'4'!
+&2'&01+1-2+'&.#%0! #'0! 5*%2%51'0! %01.1-1.*+'0! %\2#-0+D.4%&1%! 5'*! *.=K&! (%! -&.! 2'&1+&F%&2+.!
Z-1-*.3!2-?#!%0!#.!4'(+Z+2.2+K&!(%!(+2@.!U%G!V*F?&+2.N!
!
"&!2'&2*%1'3!%#!5*',#%4.![-%!0-02+1.!%#!*%2-*0'!%&!*%#.2+K&!2'&!%#!.5.*1.('! X! G.! Z-%!
1*.1.('!%&!#.!2'&1%01.2+K&!.!#.!+45-F&.2+K&!(%#!.*1N!]ONS3!.!#.![-%!0%!*%4+1%!%#!*%5*%0%&1.&1%!
(%#! :',+%*&'!g.&1%2%(%&1%!]Pc3!.6.(+%&('![-%!#.!%05%2+.#!1-1%#.!(%!#'0!(%*%2@'0!%01.1-1.*+'0!
2.*%2%*?!(%!%Z%21+D+(.(!4+%&1*.0![-%!#.!U%G!V*F?&+2.!G!#.0!#%G%0!5*'2%0.#%0!&'!#'!%01.,#%=2.&3!
5'*!#'![-%!@.G![-%!%&1%&(%*![-%!%&!%#!.5.*1.('!2-%01+'&.('!0%!%&2-%&1*.!#.!5*%D+0+K&!(%!-&.!
Z-1-*.!G!%D%&1-.#!2'45%1%&2+.3!5%*'!&'!0-!*%.#!G!%Z%21+D.!.1*+,-2+K&N!
!
E%!'1*'!#.('3!.Z+*4.!%#!L,'F.('!(%#!"01.('![-%!%#!.5.*1.('!S!(%#!.*1N!YR!%0!2'&Z'*4%!
2'&! %#! 5?**.Z'! 0%F-&('! (%#! .*1N! XRSNX! /"! G! [-%! &'! 2'&1*.(+2%! %#! 5?**.Z'! 1%*2%*'! (%#! 4+04'!
5*%2%51'3! 5'*[-%! &'! +45'&%! &%2%0.*+.4%&1%! [-%! %#! .F'1.4+%&1'! (%! #.0! +&01.&2+.0! @.G.! (%!
1%&%*! #-F.*! 5*%2+0.! G! %\2#-0+D.4%&1%! %&! %#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.! (%! /.1.#-6.! g>)/!
RTWXYYP3! (%! SY! (%! 4.*='3! ^;! ]Sc3! 0+%&('! #.! U%G! V*F?&+2.! #.! [-%! (%1%*4+&.*?! 2-?&('! #.0!
+&01.&2+.0!0%!.F'1.*?&!%&!%#!2+1.('!)*+,-&.#!G!2-?&('!%&!'1*'!K*F.&'!C-*+0(+22+'&.#!2'&!0%(%!
%&!/.1.#-6.N!
!
$'*! #'! [-%! 0%! *%Z+%*%! .! #.! Z*.0%! `0%.! 2-.#! 0%.! %#! (%*%2@'! +&D'2.('! 2'4'! .5#+2.,#%a3!
%&1+%&(%! %#! L,'F.('! (%#! "01.('! [-%! %0! -&.! 5*%2+0+K&! .6.(+(.! .! #.! (%2#.*.2+K&! (%! [-%! %#!
!
X]Q
)*+,-&.#! >-5%*+'*! (%! ;-01+2+.! 0%*?! M#1+4.! +&01.&2+.3! #'! [-%! (%C.! Z-%*.! .! #'0! *%2-*0'0!
%\1*.'*(+&.*+'03!5-%0!%#!.F'1.4+%&1'!(%!+&01.&2+.0!5*%D+01'!%&!%#!5?**.Z'!1%*2%*'!(%#!.*1N!XRSNX!
/"!%0!F%&%*.#3!2'&!+&(%5%&(%&2+.!(%#!(%*%2@'!%&![-%!0%!Z-&(%!%#!*%2-*0'N!
!
L0+4+04'3! *.='&.! %#! L,'F.('! (%#! "01.('! [-%! #.! 2#?-0-#.! `0+&! 5%*C-+2+'! (%! #.!
2'45%1%&2+.! *%0%*D.(.! .#! )*+,-&.#! >-5*%4'! 5.*.! #.! -&+Z+2.2+K&! (%! ('21*+&.a! &'! 2'&01+1-G%!
-&.! (%1%*4+&.2+K&! (%! #.! 2'45%1%&2+.! Z-&2+'&.#! (%! (+2@'! )*+,-&.#! 4%(+.&1%! -&! "01.1-1'! (%!
L-1'&'48.3! &'*4.! +&%51.! 5.*.! %##'N! 7?0! ,+%&! 0%! *%2'&'2%*8.! [-%! 2'**%05'&(%! .! #.! U%G!
V*F?&+2.! G! .! #.0! #%G%0! 5*'2%0.#%0! (+21.(.0! 5'*! %#! "01.('! Z+C.*! #.! 2'45%1%&2+.! (%#! )*+,-&.#!
>-5*%4'3!0+&![-%!#.!*%Z%*%&2+.!.!#.!-&+Z+2.2+K&!(%!('21*+&.!5-%(.!%&1%&(%*0%!%&!%#!0%&1+('!(%!
5*%(%1%*4+&.*! +&(%,+(.4%&1%! -&! 1+5'! (%! *%2-*0'! (%! 2.0.2+K&3! 0+&'! 2'4'! %\5*%0+D'! (%! #.!
2.5+1.#! Z-&2+K&! [-%! %#! )*+,-&.#! >-5*%4'! (%0%45%6.d! #.! 2*%.2+K&! (%! C-*+05*-(%&2+.! g>)/!
RTWXYYP3!(%!SY!(%!4.*='3!^^;;!]]!G!]RcN!^+&.#4%&1%3!0%!.Z+*4.!%&!%#!%02*+1'!(%!.#%F.2+'&%0!
[-%! %#! .5.*1.('! [-%(.! 2'&(+2+'&.('! .! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#! G! .! #.0! #%G%0!
5*'2%0.#%03! 0+&! [-%! 5-%(.! (%2+*0%! [-%! %#! "01.1-1'! .0-4.! #.! Z-&2+K&! *%0%*D.(.! 5'*! #.!
/'&01+1-2+K&!.!#.!U%G!V*F?&+2.!G!.!#.!#%F+0#.2+K&!%01.1.#!&+![-%!5'0+,+#+1%![-%!#'0!)*+,-&.#%0!
>-5%*+'*%0! (%! ;-01+2+.! 1%&F.&! (+Z%*%&1%0! 2'45%1%&2+.0! %&! 2.(.! /'4-&+(.(! L-1K&'4.! '! [-%!
D.*+.*?!#.!2'45%1%&2+.!(%#!)*+,-&.#!>-5*%4'!%&!#.0!(+D%*0.0!5.*1%0!(%#!1%**+1'*+'!&.2+'&.#3!G.!
[-%!%01.!.,0-*(.!0+1-.2+K&!5-F&.*8.!2'&!%#!2.*?21%*!M&+2'!(%#!$'(%*!;-(+2+.#!%&!1'(.!#.!&.2+K&!
G! 2'&! #.! F.*.&18.! (%! #.! +F-.#(.(! %Z%21+D.! (%! #'0! 2+-(.(.&'0! %&! %#! .22%0'! .! #.! C-01+2+.! l>)/!
RTWXYYP3!(%!SY!(%!4.*='3!^;!X_!.cmN!
!
$'*!0-!5.*1%3!%#!.5.*1.('!Q!%45#%.!#.!%\5*%0+K&!`%#!*%2-*0'!%\1*.'*(+&.*+'!(%!*%D+0+K&a!
2'4'!#'!@.2%&!'1*.0!U%G%0!l.*1N!_]NX!,c!UV$;3!5'*!%C%45#'m3!.-&[-%3!%&!*%.#+(.(3!1.&1'!0%FM&!
#.!('21*+&.!(%!%01%!)*+,-&.#!g5'*!1'(.03!>)/!RPWXYOS3!(%!XR!(%!C-#+'3!^;!]c!2'4'!(%!.2-%*('!
2'&! #.! U%G! (%! %&C-+2+.4+%&1'! 2+D+#3! #%! 2'&D%&(*8.! 4?0! #.! 2.#+Z+2.2+K&! (%! %\2%52+'&.#! .22+K&!
*%02+&(%&1%!(%!-&.!0%&1%&2+.!Z+*4%N!H%2-%*(.!%#!L,'F.('!(%#!"01.('![-%!G.!%#!.*1N!SPNX!.c!(%#!
"01.1-1'! (%! XY_Y! 0%! *%Z%*8.! .! #.! 2'45%1%&2+.! (%#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.! (%! /.1.#-6.!
*%05%21'!.!#.!*%D+0+K&!%&!#.0!4.1%*+.0!(%!E%*%2@'!2+D+#!2.1.#?&3!#'![-%!2'&Z+*4K!%#!2+1.('!.*1N!
_]NX!,c!UV$;N!"&!2-.&1'!.!#.!4%&2+K&!`[-%!.-1'*+2%!#.!#%Ga!+&2#-+(.!%&!%01%!.5.*1.('3!(%,%*8.!
+&1%*5*%1.*0%!&'!1.&1'!*%Z%*+(.!.!#'0!0-5-%01'0!(%!5*'2%(%&2+.!(%!#.!.22+K&!*%D+0'*.!2-.&1'!.!#.!
.1*+,-2+K&! (%! 0-! 2'&'2+4+%&1'! .#! )*+,-&.#! >-5%*+'*3! 4.03! .-&! 2-.&('! &'! Z-%*.! <01%! %#!
0+F&+Z+2.('! [-%! 0%! .1*+,-G.! .! #.! .-1'*+=.2+K&! #%F.#3! 0%*8.! 2#.*'! [-%! %#! .5.*1.('! 2.*%2%! (%!
%Z%21+D+(.(!0+&!#.!&%2%0.*+.!+&1%*D%&2+K&!(%#!#%F+0#.('*!%01.1.#3!'*F?&+2'!G!5*'2%0.#N!
!
X]R
!
$'*! M#1+4'3! 2'&! *%05%21'! .! #'0! .5.*1.('0! R! G! T3! 0%! *%4+1%! %#! L,'F.('! (%#! "01.('! .#!
%\.4%&!(%!#'0!5*%2%51'0!*%F-#.('*%0!(%#!/'&0%C'!(%!;-01+2+.!(%!/.1.#-6.!g.&1%2%(%&1%0!QR!G!
0+F-+%&1%0cN!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!@.2%!@+&2.5+<!%&!#.!2'&0+(%*.2+K&!(%#!"01.1-1'!2'4'!
&'*4.!+&01+1-2+'&.#!,?0+2.!(%!#.!/'4-&+(.(!L-1K&'4.![-%3!%&!2-.&1'!1.#3!@.!(%!*%F-#.*!#.0!
+&01+1-2+'&%0!,?0+2.0!(%!/.1.#-6.3!G!@.2%*#'!2'&!-&.!D'2.2+K&!(%!2'45#+1-(!gsiccN!/+%*1.4%&1%3!
0%!1*.1.!%&!%01%!2.0'!(%!-&!K*F.&'!%01.1.#3!5%*'!-&!K*F.&'!5.*.!%#!2-.#!#.!/'&01+1-2+K&!2'&1+%&%!
-&.!0%*+%!(%!5*%02*+52+'&%0!%&!%#!4+04'!5*%2%51'!%&!%#![-%!0%!+(%&1+Z+2.&!#.0!+&01+1-2+'&%0![-%!
2'&Z'*4.&! #'0! 5'(%*%0! #%F+0#.1+D'! G! %C%2-1+D'! .-1'&K4+2'0! g.*1N! XRS! /"cN! "0%! 1*.1.4+%&1'!
2'&C-&1'! *%Z#%C.! -&! $'(%*! ;-(+2+.#! M&+2'! %&! 1'('! %#! 1%**+1'*+'! (%#! "01.('3! 5%*'! .*1+2-#.('! (%!
.2-%*('!2'&!#.!%01*-21-*.!2'45-%01.!(%!<01%3!0%6.#?&('0%![-%!#.!-,+2.2+K&!(%!#'0!)*+,-&.#%0!
>-5%*+'*%0!%&!%#!181-#'!Abbb!0%*8.!5*-%,.!(%!0-!D+&2-#.2+K&!.!#.!'*(%&.2+K&!(%!#.0!/'4-&+(.(%0!
L-1K&'4.0![-%!0%!2'&01+1-G.&!g>)/!]OWXYOS3!(%! SS!(%!C-&+'cN!"&!%01%!4+04'!0%&1+('!0%*8.!
0+F&+Z+2.1+D'! [-%! %&! %#! 181-#'! bbb! (%#! "01.1-1'! (%! L-1'&'48.! (%! #.! /'4-&+(.(! A.#%&2+.&.3!
2'&Z'*4%!.!#.!*%(.22+K&!*%0-#1.&1%!(%!#.!U%G!V*F?&+2.!XWSPPT3!(%!XP!(%!.,*+#3!0%!*%F-#%3!%&1*%!
'1*.0! +&01+1-2+'&%03! #.! L(4+&+01*.2+K&! (%! C-01+2+.3! 2'&! %05%2+.#! (%1%&+4+%&1'! %&! %#! )*+,-&.#!
>-5%*+'*!(%!;-01+2+.N!
!
"#!.*1N!XRS!/"!i2'&1+&M.!%#!:',+%*&'!.-1'&K4+2'i!#%F+1+4.!.#!"01.1-1'!5.*.!*%F-#.*!
.05%21'0!*%#.1+D'0!.#!$'(%*!;-(+2+.#3!%&1*%!%##'0!G!%&!#'![-%!.@'*.!+&1%*%0.3!%#!)*+,-&.#!>-5%*+'*!
(%!;-01+2+.N!/'&!.5'G'!%&!%01.!@.,+#+1.2+K&!2'&01+1-2+'&.#3!%#!5*%2%51'!%01.1-1.*+'!(+05'&%![-%!
%#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.! 2-#4+&.! #.! '*F.&+=.2+K&! C-(+2+.#! %&! %#! 1%**+1'*+'! (%! #.!
/'4-&+(.(! L-1K&'4.3! 0%6.#.&('! 1.4,+<&! 0-! 2'45%1%&2+.! 5.*.! 1-1%#.*! #'0! (%*%2@'0!
*%2'&'2+('0! %&! %#! "01.1-1'N! LZ+*4.(.! #.! 2'&01+1-2+'&.#+(.(! (%! #.! 5*'2#.4.2+K&! (%! 1.#%0!
(%*%2@'03! (%,%*8.! 2'&D%&+*0%! %&! [-%! <01'0! &'! 0'&! 1.#%0! 0+! .! #.! 5.*! [-%! 0%! *%2'&'2%&! &'! 0%!
%01.,#%2%!-&!0+01%4.!(%!F.*.&18.0N!$-%0!,+%&3!%#!.*1N!YRNX!0+45#%4%&1%!.6.(+*8.!#.!F.*.&18.!(%!
#'0! (%*%2@'0! *%2'&'2+('0! %&! %#! "01.1-1'3! [-%3! #KF+2.4%&1%3! &%2%0+1.*?! 1%&%*! -&! *%Z#%C'! %&! #.!
U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#N!>%!1*.1.*8.3!',D+.4%&1%3!(%!-&.!5.*1+2-#.*+(.(!(%#!E%*%2@'!
0-01.&1+D'!(%!#.!/'4-&+(.(!L-1K&'4.3!*%05%21'!(%!#.!2-.#!#.!:%&%*.#+1.1!'01%&1.!2'45%1%&2+.!
ex!.*1N!XQYNXNT!/"!G!XP]!(%#!"01.1-1'!5.*.!+&1*'(-2+*!#.0!&%2%0.*+.0!%05%2+.#+(.(%0!5*'2%0.#%0N!
>+%&('!(%!.(D%*1+*3!&'!',01.&1%3![-%!%#!"01.1-1'!&'!(%1%*4+&.!#'0!+&01*-4%&1'0!5*'2%0.#%0!(%!
#'0! [-%! 2.,%! @.2%*! -0'! %&! F.*.&18.! (%! 1.#%0! (%*%2@'03! #+4+1?&('0%! .! (%2#.*.*! [-%! 0-! 1-1%#.!
!
X]T
2'**%05'&(%! .#! K*F.&'! C-*+0(+22+'&.#! [-%! 2'*'&.! #.! '*F.&+=.2+K&! C-(+2+.#! %&! %#! 1%**+1'*+'!
.-1'&K4+2'N!
!
b&0+01%!%#!"C%2-1+D'!2.1.#?&!%&![-%!#.!*%Z%*%&2+.!.#!)*+,-&.#!>-5%*+'*!(%!;-01+2+.!%&!%#!
.*1N!XRS!/"!5'&%!(%!*%#+%D%![-%!%01%!K*F.&'3!+&1%F*.('!%&!#.!'*F.&+=.2+K&!C-(+2+.#!M&+2.!(%#!
"01.('3! 1+%&%! -&.! (%01.2.(.! 5*%0%&2+.! +&01+1-2+'&.#! %&! 2.(.! /'4-&+(.(! L-1K&'4.3! 5-%01'!
[-%3!.(%4?0!(%!0-!2'&(+2+K&!(%!K*F.&'0!%01.1.#%03!*%0-#1.*8.!+&&%F.,#%![-%!#.!/'&01+1-2+K&!#'0!
.&-(.! 1.4,+<&! .! #.! '*F.&+=.2+K&! +&01+1-2+'&.#! (%! #.0! /'4-&+(.(%0! L-1K&'4.0N! $'*! %##'3! &'!
5'(*8.! 0'*5*%&(%*! [-%! %#! "01.1-1'! *%2'C.! #.! %\+01%&2+.! (%#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.! (%!
/.1.#-6.!G!*%Z#%C%!.!F*.&(%0!*.0F'0!0-0!Z-&2+'&%03!2'&!#.!'5'*1-&.!*%4+0+K&!.!#.!U%G!V*F?&+2.!
(%#!$'(%*!;-(+2+.#N!
!
"&! %01%! 5-&1'3! %#! 5*%2%51'! %01.1-1.*+'! 2'&1*'D%*1+('! &'! @.*8.! 0+&'! *%+1%*.*! #'! [-%! G.!
Z+F-*.,.!%&!%#!.*1N!SP!(%#!"01.1-1'!(%!XY_Y!G!5*%0%&1.!-&.!&'1.,#%!0+4+#+1-(!2'&!%#!.*1N!]]!(%#!
"01.1-1'!(%!#.!/'4-&+(.(!A.#%&2+.&.3!.5*',.('!2'&!%#!D'1'!Z.D'*.,#%!(%!#'0!E+5-1.('0!(%#!
:*-5'!$.*#.4%&1.*+'!$'5-#.*!%&!%#!/'&F*%0'3!.! [-+%&%0!&'!5#.&1%K!(-(.!.#F-&.!0-!%D%&1-.#!
+&2'&01+1-2+'&.#+(.(3!5%0%!.![-%!0+!-&.!(+05'0+2+K&!2'4'!#.!.[-8!(+02-1+(.!%0!+&2'&01+1-2+'&.#!
#'!0%*?!%&!1'('0!#'0!2.0'0N!).4,+<&!0%!*%0%6.&!'1*'0!5*%2%51'0!0+4+#.*%0!%&!#.0!5*'5-%01.0!(%!
*%Z'*4.!(%!#'0!"01.1-1'0!(%!L-1'&'48.!(%!L&(.#-28.3!/.&.*+.0!G!L*.FK&N!E%!('&(%!*%0-#1.*8.!
[-%! #.! .#-0+K&! .! #.0! 2'45%1%&2+.0! (%#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.! (%! #.! /'4-&+(.(!
L-1K&'4.!%0!-&!#-F.*!2'4M&!(%!#.0!*%Z'*4.0!%01.1-1.*+.03!2'&1.&('!%&!#'0!(%4?0!2.0'0!2'&!%#!
.0%&1+4+%&1'! (%! [-+%&%0! .[-8! *%2-**%&3! (%! 0-%*1%! [-%! `#.! +45-F&.2+K&! %&! %01%! 5-&1'! 4?0!
5.*%2%! Z*-1'! (%! #.! +&2'&F*-%&2+.! (%! #'0! (%4.&(.&1%0! [-%! (%#! *%0-#1.('! (%! -&! %&1%&(+4+%&1'!
2'@%*%&1%!(%!#.!'*F.&+=.2+K&!(%#!$'(%*!;-(+2+.#!%&!"05.6.aN!
!
"&!2-.&1'!.#!.*1N!YRNS3!.#%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%3!Z*%&1%!.!#.!+&D'2.2+K&!
5'*! #'0! *%2-**%&1%0! (%! #.! ('21*+&.! %01.,#%2+(.! %&! #.! >)/! RTWXYYP3! (%! SY! (%! 4.*='3! @.! (%!
*%2'*(.*0%![-%!%&!.[-%##.!'2.0+K&!#.!;-&1.!(%!:.#+2+.!(+02-18.![-%!#.!U%G!V*F?&+2.!(%#!$'(%*!
;-(+2+.#! @-,+%*.! 2'&Z+F-*.('! #.0! >.#.0! (%! #'! /+D+#! G! $%&.#! (%! #'0! )*+,-&.#%0! >-5%*+'*%0! (%!
;-01+2+.!2'4'!K*F.&'0!C-*+0(+22+'&.#%0!(%!M&+2.!+&01.&2+.!G!&'!(%!.5%#.2+K&N!"&!*%05-%01.!.#!
*%2-*0'3!%#!)*+,-&.#!/'&01+1-2+'&.#!%01+4K![-%!&'!%*.!&%2%0.*+'!%01.,#%2%*!#.!(',#%!+&01.&2+.!
5.*.!1'('0!#'0!5*'2%0'03!.#!1+%45'![-%!+&(+2K![-%!#.!2'&Z+F-*.2+K&!(%#!)*+,-&.#!>-5%*+'*!(%!
;-01+2+.!2'4'!K*F.&'!%&!%#![-%!2-#4+&.!#.!'*F.&+=.2+K&!C-(+2+.#!(%!#.!/'4-&+(.(!L-1K&'4.!
M&+2.4%&1%!0+F&+Z+2.![-%!%&!0-!1%**+1'*+'!&'!@.,*?!'1*'!K*F.&'!C-*+0(+22+'&.#!C%*?*[-+2.4%&1%!
!
X]_
0-5%*+'*N! >+&! %4,.*F'3! %#! 5*'&-&2+.4+%&1'! &'! *%0-#1.*8.! %\2%0+D.4%&1%! 2#.*'! .#! '4+1+*! 1'(.!
4%&2+K&! (%! #.! (+01+&2+K&! [-%! 0-,G.2%! %&! %#! .*1N! XRS! /"! %&1*%! #.! 2'&0+(%*.2+K&! (%#! )*+,-&.#!
>-5%*+'*! (%! ;-01+2+.! 2'4'! K*F.&'! %&! %#! [-%! 2-#4+&.! #.! '*F.&+=.2+K&! C-(+2+.#! %&! %#! 1%**+1'*+'!
.-1'&K4+2'! G! #.! 5'01%*+'*! .#-0+K&! .! `K*F.&'0! C-(+2+.#%0! *.(+2.('0! %&! %#! 1%**+1'*+'! (%! #.!
2'4-&+(.(! .-1K&'4.a! 2'4'! .[-<##'0! .&1%! #'0! [-%! (%,%&! .F'1.*0%! #.0! 0-2%0+D.0! +&01.&2+.0!
5*'2%0.#%03! 5-%0! %01.! M#1+4.! *%05'&(%*8.! .! -&.! 2'&2*%1.! 2+*2-&01.&2+.! @+01K*+2.3! 2'4'! %0! %#!
@%2@'!(%![-%!#.!/'&01+1-2+K&!(%02'&'28.!%#!*%0-#1.('!Z+&.#![-%!@.,8.!(%!.**'C.*!#.!.*1+2-#.2+K&!
(%#! "01.('! .-1'&K4+2'N! "#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.! 0%! 2'&1%45#.,.! 5.*.! #.0!
/'4-&+(.(%0!L-1K&'4.0!2'&01+1-+(.0!.#!.45.*'!(%#!.*1N!XRX!/"3!5%*'!&'!0%!5*%D%8.!5.*.!#.0!
(%#!.*1N!XQ]!/"N!$'*!%##'!4+04'3!#.!/'&01+1-2+K&!&'!5'(8.!%05%2+Z+2.*![-%!%#!.F'1.4+%&1'!(%!
+&01.&2+.0!(%,8.!5*'(-2+*0%!.&1%!%#!)*+,-&.#!>-5%*+'*!(%!;-01+2+.3!0+&'![-%!1-D'![-%!#+4+1.*0%!.!
-1+#+=.*! #.! 4%&2+K&! F%&<*+2.! .&1%0! *%Z%*+(.3! (%&1*'! (%! #.! 2-.#! 1.4,+<&! 1+%&%! 2.,+(.! .[-%#!
)*+,-&.#N!
!
B.,+(.! 2-%&1.! (%! [-%3! (%! 2'&Z'*4+(.(! 2'&! #.0! 5*%D+0+'&%0! 2'&01+1-2+'&.#%03! %&! %#!
?4,+1'!(%!/.1.#-6.!%0!0-!)*+,-&.#!>-5%*+'*!(%!;-01+2+.!%#!K*F.&'![-%!2-#4+&.!#.!'*F.&+=.2+K&!
C-(+2+.#!G!.&1%!<#!(%,%&!.F'1.*0%!#.0!0-2%0+D.0!+&01.&2+.03!0'*5*%&(%!.#!:',+%*&'!.-1'&K4+2'!
[-%!#'0!*%2-**%&1%0!2-%01+'&%&!%0.!(%1%*4+&.2+K&!%01.1-1.*+.3![-%!G.!Z+F-*.,.!%&!%#!.*1N!XY!(%#!
"01.1-1'! (%! XY_YN! V#D+(.*8.&! [-%! %#! .*1N! XRS! /"! 5%*4+1%! .! #'0! "01.1-1'0! *%F-#.*! .05%21'0!
*%#.1+D'0! .#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.N! /'&2*%1.4%&1%3! #.! *%F-#.2+K&! (%#! .*1N! YRNS!
+45-F&.('! 0%! 4.&1%&(*8.! (%&1*'! (%!#.0!5*%D+0+'&%0!2'&01+1-2+'&.#%03!(%!#.0![-%!0%!(%*+D.!#.!
5'0+,+#+(.(! (%! [-%! #.! &'*4.! %01.1-1.*+.! +&2'*5'*%! *%Z%*%&2+.0! [-%! 1+%&%&! 0-! *%F-#.2+K&!
0-01.&1+D.!%&!#.!U%G!V*F?&+2.3!#KF+2.4%&1%!0+%45*%![-%!0%!4.&1%&F.!%&!#.!D%*1+%&1%!%\1%*&.!
(%! #.! *%0%*D.! 2'&01+1-2+'&.#! %&! Z.D'*! (%! %01.! U%GN! "01'! %03! 0+%45*%! [-%! 0%! #+4+1%! .! #.! 5-*.!
*%2%52+K&! %&-&2+.1+D.! (%! #.! +&01+1-2+K&! '! *%F-#.2+K&! 4.1%*+.#! 2'&01+1-2+'&.#4%&1%! 5*%D+01.03!
2'&!5#%&'!*%05%1'!.!0-!F.*.&18.!+&01+1-2+'&.#!G!2'&!%\5*%0'!*%%&D8'!5.*.!0-!*%F-#.2+K&!4.1%*+.#!
.!#.!U%G!V*F?&+2.N!
!
$.*1+%&('! (%! %01.0! 5*%4+0.03! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! &+%F.! [-%! %\+01.!
2'&1*.(+22+K&!%&1*%!%#!.*1N!XRS!/"!G!%#!.*1N!YR!(%#!"01.1-1'3!5-%0!<01%!0%!#+4+1.*8.!.!2'45#%1.*!#.!
5*%D+0+K&! 2'&01+1-2+'&.#! 2'&! %#! %01.,#%2+4+%&1'! (%! #.! 2'45%1%&2+.! (%#! )*+,-&.#! >-5%*+'*! (%!
;-01+2+.! (%! /.1.#-6.! %&! 4.1%*+.! (%! *%2-*0'03! 0.#D.&('! #.! (%#! )*+,-&.#! >-5*%4'! 5.*.! #.!
-&+Z+2.2+K&! (%! ('21*+&.! G! *%4+1+%&('! 2-45#+(.4%&1%! .! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#N!
/+%*1.4%&1%3!&'!2'**%05'&(%!.!(+2@.!U%G!V*F?&+2.!#.!(%1%*4+&.2+K&!(%#!.#2.&2%!G!2'&1%&+('!
!
X]O
(%! #'0! *%2-*0'03! 2'&1%&+('! 5*'5+'! (%! #.0! #%G%0! 5*'2%0.#%03! 5%*'! #.! *%5%1+(.! U%G! %Z%21M.3! .#!
(%1.##.*!#.0!2'45%1%&2+.0!(%!#'0!(+01+&1'0!K*F.&'0!C-(+2+.#%03!-&.!5*+4%*.!%&-&2+.2+K&!(%!#'0!
*%2-*0'0! '*(+&.*+'0! G! %\1*.'*(+&.*+'0! 2-G'! 2'&'2+4+%&1'! 1+%&%&! .1*+,-+('N! $'*! '1*'! #.('3! #.!
/'&01+1-2+K&!4%&2+'&.!%#!.F'1.4+%&1'!(%!#.0!0-2%0+D.0!+&01.&2+.03!5%*'!F-.*(.!0+#%&2+'!0',*%!
#'0! F*.('0N! U.! (%Z+&+2+K&! (%#! )*+,-&.#! >-5*%4'! 2'4'! 0-5%*+'*! %&! 1'('0! #'0! K*(%&%0!
C-*+0(+22+'&.#%0! &'! 0+F&+Z+2.*8.3! 5'*! %##'3! [-%! (%,.! 2'&'2%*! (%! 1'('0! #'0! %D%&1-.#%0! *%2-*0'0!
%\1*.'*(+&.*+'0N!U.!0.#D.F-.*(.!(%!0-!2'45%1%&2+.!5.*.!#.!-&+Z+2.2+K&!(%!('21*+&.!0%*8.!#.![-%!
2'&01+1-G%!D%*(.(%*.4%&1%!#.!F.*.&18.!(%![-%!%#!)*+,-&.#!>-5*%4'!%0!%#!0-5%*+'*!%&!1'('0!#'0!
K*(%&%0N!
!
$.*.!%#!:',+%*&'!2.1.#?&3!#.!>)/!RTWXYYP3!(%!SY!(%!4.*='3!^;!]]3!2'&Z+*4.*8.3!5%0%!.!
2-.&1'!0'01+%&%&!#'0!*%2-**%&1%03!#.!2'&01+1-2+'&.#+(.(!(%#!5*%2%51'!+45-F&.('N!f!%##'!5'*[-%3!
0+! ,+%&! (%2#.*.! [-%! %&! #.! 5*%D+0+K&! 2'&01+1-2+'&.#! 0',*%! .F'1.4+%&1'! (%! #.0! +&01.&2+.0!
5*'2%0.#%0!&'!%01.,.&!+&2#-+('0!#'0!F*.('03!0%F-+(.4%&1%!.6.(%![-%!`#.!.1*+,-2+K&!.#!)*+,-&.#!
>-5%*+'*!(%!;-01+2+.!(%!#'0!*%2-*0'0!(%!2.0.2+K&!G!*%D+0+K&3!%&!*%#.2+K&!2'&!&'*4.0!G!4.1%*+.0!
(%#!E%*%2@'!/+D+#!^'*.#!'!%05%2+.#!5*'5+'!(%!#.!/'4-&+(.(!0%!5*'(-C'!(%!4.&%*.!%\5*%0.!G!
2'&2*%1.!%&!(%1%*4+&.('0!"01.1-1'0aN!>+!#'0!"01.1-1'0!5-%(%&!2'45#%1.*!%#!.*1N!XRS!/"!%&!%01%!
5-&1'!&.(.!+45%(+*8.![-%!%#!"01.1-1'!*%2-**+('!'51%!5'*!#.!*%0%*D.!%\5*%0.!.!Z.D'*!(%#!)*+,-&.#!
>-5%*+'*! (%! ;-01+2+.! (%#! 2'&'2+4+%&1'! (%! #'0!*%2-*0'0! %\1*.'*(+&.*+'03! .-&! &'! #+4+1?&('#.! .#!
?4,+1'! (%#! E%*%2@'! (%! #.! /'4-&+(.(! L-1K&'4.3! @.,+(.! 2-%&1.! (%! #.! 0.#D.F-.*(.! [-%!
+&2'*5'*.! (%! #.! 2'45%1%&2+.! (%#! )*+,-&.#! >-5*%4'! 5.*.! #.! -&+Z+2.2+K&! (%! ('21*+&.N! U.!
0.#D.F-.*(+.!(%!#.!2'45%1%&2+.!5.*.!#.!-&+Z+2.2+K&!(%!('21*+&.!.!Z.D'*!(%#!)*+,-&.#!>-5*%4'!
,.01.*8.! 5.*.! *%05%1.*! 0-! 2'&Z+F-*.2+K&! 2'4'! K*F.&'! C-*+0(+22+'&.#! 0-5%*+'*! %&! 1'('0! #'0!
K*(%&%03! 0+&! .1%&1.*3! 5'*! %##'3! 2'&1*.! %#! .*1N! XS]! /"N! L! 4.G'*! .,-&(.4+%&1'3! 0'01+%&%! %#!
:',+%*&'! (%! #.! :%&%*.#+1.1! (%! /.1.#-6.! [-%! .&1%0! (%! #.! .5*',.2+K&! (%#! &-%D'! "01.1-1'! %#!
)*+,-&.#!>-5*%4'!&'!(+05'&8.!(%#!4'&'5'#+'!5.*.!#.!Z+C.2+K&!(%!('21*+&.!G!&+!1.&!0+[-+%*.!(%#!
4'&'5'#+'!(%!2.0.2+K&!stricto sensu3!@.,+(.!2-%&1.!(%!#.!2.0.2+K&!.-1'&K4+2.!%&!4.1%*+.!2+D+#!
G!2'&1%&2+'0'I.(4+&+01*.1+D.!G!(%!#.!0-5#+2.2+K&!%&!4.1%*+.!0'2+.#N!"&!.5'G'!(%!%01.!1%0+0!0%!
+&D'2.&!#'0!2*+1%*+'0!5#.04.('0!%&!%#! Libro Blanco de la Justicia3!%#.,'*.('!5'*!%#!/'&0%C'!
:%&%*.#!(%#!$'(%*!;-(+2+.#!%&!XYY_!G!%#!(+02-*0'!(%!.5%*1-*.!(%!)*+,-&.#%0!2'**%05'&(+%&1%!.#!
.6'!SPPPN!
!
L! #.! .#-0+K&! .! #.0! %D%&1-.#%0! (+Z%*%&2+.0! [-%! #.0! 5*%D+0+'&%0! %01.1-1.*+.0! 5-%(.&!
+&2'*5'*.*! .2%*2.! (%! #.0! 2'45%1%&2+.0! (%! #'0!)*+,-&.#%0! >-5%*+'*%0! (%! ;-01+2+.3! *%05'&(%! #.!
!
X]Y
*%5*%0%&1.2+K&! (%#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! %##'! %&1*.*8.! %&! %#! ?4,+1'! (%!
(%1%*4+&.2+'&%0!Z-1-*.0!G3!%&!2'&0%2-%&2+.3!&'!0-02%51+,#%0!(%!0%*!',C%1'!(%!%\.4%&!%&!%01%!
4'4%&1'3! 5*%F-&1?&('0%! [-<! Z-&(.4%&1'! %\+01%! 5.*.! *%2#.4.*! #.! -&+Z'*4+(.(! i[-%! &'!
-&+(.(i! (%#! $'(%*! ;-(+2+.#3! 0+%&('! .08! [-%! #.! /'&01+1-2+K&! 5%*4+1+K! [-%! &'! 1'(.0! #.0!
/'4-&+(.(%0!L-1K&'4.0!2'&1.0%&!2'&!-&!)*+,-&.#!>-5%*+'*!(%!;-01+2+.N!
!
/'4'![-+%*.![-%!#'0!.*F-4%&1'0!%45#%.('0!5.*.!+45-F&.*!%#!.*1N!YRNQ!0'&!#'0!4+04'0!
[-%! 5.*.! 0'01%&%*! #.! +&2'&01+1-2+'&.#+(.(! (%#! .*1N! YRNS3! #.! *%5*%0%&1.2+K&! (%#! :',+%*&'! (%! #.!
:%&%*.#+1.1! (%! /.1.#-6.! %&1+%&(%! [-%! [-%(.&! *%05'&(+('0! 2'&! #.0! .#%F.2+'&%0! .&1%0!
*%5*'(-2+(.0N!"&!2-.&1'!.!#'0!.5.*1.('0!R!G!T!(%#!.*1N!YR3!#.!(+02*%5.&2+.!(%,%!%\.4+&.*0%!.#!
.&.#+=.*!%#!.*1N!YONS!.c!l.&1%2%(%&1%!QR!2cmN!
!
(c!$.*.!%#!$.*#.4%&1'!(%!/.1.#-6.3!#.0!5*%D+0+'&%0!(%#!.*1N!YR!%&2'&1*.*8.&!Z-&(.4%&1'!
%&!%#!.*1N!XRSNX!/"!G!%&!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#![-%!@.!0%6.#.('!#.!D+&2-#.2+K&!(%!#'0!
)*+,-&.#%0!>-5%*+'*%0!(%!;-01+2+.!*%05%21'!(%!#.!'*(%&.2+K&!(%!#.0!/'4-&+(.(%0!L-1K&'4.0!
(%#! .*1N! XRX! /"! g>)/! ]OWXYOS3! (%! SS! (%! C-&+'3! ^;! RcN! "#! 5*+4%*! .5.*1.('! (%#! 5*%2%51'!
+&1*'(-2%3!*%05%21'!.!#.!*%F-#.2+K&!.&1%*+'*3!#.!2'45%1%&2+.!(%#!)*+,-&.#!>-5%*+'*!(%!;-01+2+.!
5.*.!1-1%#.*!#'0!(%*%2@'0!*%2'&'2+('0!5'*!%#!5*'5+'!"01.1-1'N!U.!+&2#-0+K&!(%!-&.!(%2#.*.2+K&!
(%! (%*%2@'0! %&! %#! "01.1-1'! 1%&(*8.! 5#%&.! #%F+1+4+(.(! 2'&01+1-2+'&.#3! 2'4'! G.! 0%! @.!
.*F-4%&1.('!.&1%*+'*4%&1%!g.&1%2%(%&1%!]Sc3!G!*%5*%0%&1.*8.!-&.!5.*1+2-#.*+(.(!(%#!E%*%2@'!
0-01.&1+D'!(%!#.!/'4-&+(.(!L-1K&'4.![-%3!(%!2'&Z'*4+(.(!2'&!%#!.*1N!XQYNXNT!/"3!5%*4+1+*8.!
#.!+&1*'(-22+K&!(%!#.0!&%2%0.*+.0!%05%2+.#+(.(%0!5*'2%0.#%0N!U'0!+&01*-4%&1'0!5*'2%0.#%0!5.*.!
@.2%*!5'0+,#%!%01.!2'45%1%&2+.!&'!.5.*%2%&!(%1%*4+&.('0!%&!%#!"01.1-1'3!*%4+1+<&('0%! .! #'0!
5*'2%(+4+%&1'0![-%!#%F.#4%&1%!0%!%01.,#%=2.&N!
!
"0!2+%*1'![-%3!Z*%&1%!.#!.5.*1.('!S!(%#!.*1N!YR3!#.!>)/!RTWXYYP3!(%!SY!(%!4.*='3!(%2#.*.!
[-%! #.! 5*%D+0+K&! 2'&01+1-2+'&.#! (%! [-%! #.! '*F.&+=.2+K&! C-(+2+.#! (%! #.! /'4-&+(.(! L-1K&'4.!
2-#4+&%! %&! %#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.!&'! +45#+2.! [-%! %#! .F'1.4+%&1'! (%! #.0! +&01.&2+.0!
5*'2%0.#%0! (%,.! 5*'(-2+*0%! &%2%0.*+.4%&1%! %&! 1'('0! #'0! 2.0'0! .&1%! %#! 4%&2+'&.('! )*+,-&.#!
>-5%*+'*! (%! ;-01+2+.3! G.! [-%! %#! .*1N! XRS! /"! %\+F%! M&+2.4%&1%! [-%! (+2@'! .F'1.4+%&1'! (%! #.0!
+&01.&2+.0! 5*'2%0.#%0! 0%! 5*'(-=2.! .&1%! K*F.&'0! *.(+2.('0! %&! %#! 1%**+1'*+'! (%! #.! /'4-&+(.(!
L-1K&'4.!0+%45*%![-%!%&!#.!4+04.!0%!%&2-%&1*%!%#!K*F.&'!2'45%1%&1%!%&!5*+4%*.!+&01.&2+.N!
k'! ',01.&1%3! #.! *%5*%0%&1.2+K&! 5*'2%0.#! (%#! $.*#.4%&1'! (%! /.1.#-6.! 2'&0+(%*.! [-%! (+2@.!
C-*+05*-(%&2+.! &'! 1+%&%! %&! 2-%&1.! [-%! #.! (+D+0+K&! [-%! *%.#+=.! %#! .*1N! XRS! /"! ',%(%2%! .! #.!
!
XQP
%D%&1-.#+(.(!(%![-%!%&!(%1%*4+&.('0!1%**+1'*+'0!&'!@-,+%*.!)*+,-&.#!>-5%*+'*!(%!;-01+2+.3!5'*!
#'! [-%! *%.#+=.! -&.! 4%&2+K&! F%&<*+2.! %&! 2-G'! 2'&1%&+('! 2.,*8.! 1.4,+<&! +&2#-+*! .#! )*+,-&.#!
>-5%*+'*!(%!;-01+2+.N!
!
^*%&1%! .! #.! +&1%*5*%1.2+K&! (%#! .5.*1.('! S! (%#! .*1N! YR! *%.#+=.(.! %&! %#! *%2-*0'3! %#!
$.*#.4%&1'! (%! /.1.#-6.! .#%F.! [-%! #.! (%Z+&+2+K&! (%#! )*+,-&.#! >-5*%4'! 2'4'! K*F.&'!
C-*+0(+22+'&.#!0-5%*+'*!%&!1'('0!#'0!K*(%&%0!g.*1N!XS]NX!/"c!&'!2'45'*1.![-%!&%2%0.*+.4%&1%!
(%,.!2'&'2%*!(%!1'('0!#'0!*%2-*0'0!%\1*.'*(+&.*+'0![-%!0%!+&1%*5'&F.&!2'&1*.!*%0'#-2+'&%0!(%!
#'0! )*+,-&.#%0! >-5%*+'*%0! (%! ;-01+2+.N! U.! *%0%*D.! .! Z.D'*! (%#! )*+,-&.#! >-5*%4'! (%! #.!
2'45%1%&2+.!5.*.!#.!-&+Z+2.2+K&!(%!('21*+&.!0%*8.!#.![-%!2'&01+1-G%!%Z%21+D.4%&1%!#.!F.*.&18.!
(%! [-%! %#! )*+,-&.#! >-5*%4'! %0! %#! 0-5%*+'*! %&! 1'('0! #'0! K*(%&%0N! E%! 2'&Z'*4+(.(! 2'&! #.!
>%&1%&2+.!RTWXYYP3!(%!SY!(%!4.*='3!&'!%\+01%!',01?2-#'!5.*.![-%!%#!"01.1-1'!5-%(.!2'45#%1.*!
#.!5*%D+0+K&!2'&01+1-2+'&.#!0',*%!%#!.F'1.4+%&1'!(%!#.0!+&01.&2+.0!5*'2%0.#%0!2'&!#.!*%0%*D.!.!
Z.D'*!(%#!)*+,-&.#!>-5%*+'*!(%!;-01+2+.!(%#!2'&'2+4+%&1'!(%!*%2-*0'0!%\1*.'*(+&.*+'03!+&2#-0'!
&'!#+4+1.('0!.!.[-%##'0![-%!0%!5*'G%21.&!0',*%!E%*%2@'!5*'5+'!(%!#.!/'4-&+(.(!L-1K&'4.3!
G.! [-%3! %&! 1'('! 2.0'3! 0%! 5*%D<! #.! 2'45%1%&2+.!(%#! )*+,-&.#! >-5*%4'! 5.*.! #.! -&+Z+2.2+K&! (%!
('21*+&.N! L5.*1%! (%! %##'3! #.! *%4+0+K&! .! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#! &'! 5'&(*8.! %&!
2-%01+K&![-%!#.!(%1%*4+&.2+K&!(%#!.#2.&2%!G!%#!2'&1%&+('!(%!#'0!*%2-*0'0!#'!##%D%&!.!2.,'!#.0!
*%05%21+D.0!#%G%0!5*'2%0.#%03!0+&'![-%!0+45#%4%&1%!.#-(+*8.!.!#.!&'*4.![-%!%Z%21M.!-&!5*+4%*!
%&-&2+.('! (%! #'0! *%2-*0'0! '*(+&.*+'0! G! %\1*.'*(+&.*+'03! (%! #'0! [-%! (+2@'0! )*+,-&.#%0!
>-5%*+'*%0!(%,%&!2'&'2%*!%&!#'0!(+D%*0'0!K*(%&%0!C-*+0(+22+'&.#%0N!
!
$.*.! *%05'&(%*! .! #.0! +45-F&.2+'&%0! *%#.1+D.0! .#! .5.*1.('! Q! (%#! .*1N! YR3! %#! %02*+1'! 0%!
*%4+1%!.!#.0!.#%F.2+'&%0!*%.#+=.(.0!*%05%21'!.#!.5.*1.('!SN!
!
QQN!.c!L#!.*182-#'!YT!g^+02.#!>-5%*+'*!(%!/.1.#-6.c!0%!+45-1.!5'*!#'0!.21'*%0!#.!4+04.!
1%**+1'*+.#+=.2+K&!(%&-&2+.(.!*%05%21'!(%#!$'(%*!;-(+2+.#N!U.!/'&01+1-2+K&!'*(%&.!%#!7+&+01%*+'!
^+02.#!,.C'!#'0!5*+&2+5+'0!(%!-&+(.(!G!C%*.*[-8.!G!%01.,#%2%!-&.!*%0%*D.!(%!#%G!%05%28Z+2.!5.*.!
#.!*%F-#.2+K&!(%!0-!"01.1-1'!'*F?&+2'!g.*1N!XSQ!/"cN!)'('!%##'!0%![-%,*.&1.*8.!2'&!%#!.*1N!YT!
(%#! "01.1-1'3! 5'*! 4?0! [-%! 0%! @.F.! -0'!(%!#.! .2'01-4,*.(.!*%4+0+K&!.#!%01.1-1'!'*F?&+2'! (%#!
7+&+01%*+'!5M,#+2'N!
!
,c!>%FM&!%#!L,'F.('!(%#!"01.('3!%#!5*%2%51'!&'!5*%(%1%*4+&.!.!#.0!/'*1%0!:%&%*.#%0!
%&!%#!%C%*2+2+'!(%!0-!Z-&2+K&!(%!(+21.*!#.!#%G!*%F-#.('*.!(%#!%01.1-1'!'*F?&+2'!(%#!7+&+01%*+'!
!
XQX
^+02.#!g.*10N!XSQN]!G!XQYNXNR!/"cN!U'0!.5.*1.('0!S!G!]!&'!@.&!0+('!%05%2+.#4%&1%!+45-F&.('0!
G!0'&3!.!0-!C-+2+'3!(%!%02.0.!+45'*1.&2+.!(%0(%!#.!5%*05%21+D.!2'45%1%&2+.#N!"&!2-.#[-+%*!2.0'3!
%#!.5.*1.('!S!0%!#+4+1.!.!5*%D%*!#.!5-,#+2.2+K&!(%#!&'4,*.4+%&1'!%&!%#!5%*+K(+2'!'Z+2+.#!(%!#.!
/'4-&+(.(!L-1K&'4.3!.#F'!5%*Z%21.4%&1%!#82+1'!5.*.!#'F*.*!4.G'*!5-,#+2+(.(!G!%\5*%0.*!#.!
*%#.2+K&! 2'&1+&-.! (%! 2'#.,'*.2+K&! %&1*%! /'4-&+(.(! L-1K&'4.! G! ^+02.#8.! g>)/! RTWXYYP3! (%!
SY! (%! 4.*='3! ^;! QScN! "#! .5.*1.('! ]! 5*%02*+,%! %#! %&D8'! (%! 2'5+.! (%! #.! 4%4'*+.! .&-.#! (%! #.!
^+02.#8.!(%#!)*+,-&.#!>-5%*+'*!(%!;-01+2+.!.#!$.*#.4%&1'!G!:',+%*&'!.-1K&'4'0!G!.#!/'&0%C'!
(%!;-01+2+.3!2-%01+K&!.22%0'*+.!G![-%!&'!.Z%21.*8.!.#!&M2#%'!%0%&2+.#!(%!#.!L(4+&+01*.2+K&!(%!
C-01+2+.3!0+&!5%*C-+2+'!(%![-%3!*%05%21'!.#!%01.1-1'!(%#!7+&+01%*+'!^+02.#3!D.#F.!1.4,+<&!#.!(',#%!
2'&(+2+'&.#+(.(3!(%!4.&%*.![-%!%#!(%,%*![-%!0%!%01.,#%2%!2.*%2%*?!(%!%Z%21+D+(.(!%&!1.&1'!&'!
#'!+45'&F.!#.!#%G!%01.1.#!G!%&!#.!4%(+(.!%&![-%!#.!4+04.!#'!%01.,#%=2.N!
!
2c! ^*%&1%! .! #.! .Z+*4.2+K&! (%! [-%! %#! 5*%2%51'! [-+%,*.! %#! 4.&(.1'! 2'&01+1-2+'&.#! (%!
-&+2+(.(!(%#!"01.1-1'!(%#!7+&+01%*+'!^+02.#3!.#%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!%#!.*1N!YT!
0%!#+4+1.!.!0%6.#.*![-%!%#!^+02.#!;%Z%!(%#!)*+,-&.#!>-5%*+'*!(%!;-01+2+.!(%!/.1.#-6.!%0!%#!^+02.#!
>-5%*+'*!(%!/.1.#-6.3!*%Z#%C.&('!Z+%#4%&1%!#.!%01*-21-*.!C%*?*[-+2.!(%!#.!+&01+1-2+K&3!.08!2'4'!
[-%! *%5*%0%&1.! .#! 7+&+01%*+'! ^+02.#! %&! /.1.#-6.3! %&! 2'&2'*(.&2+.! 2'&! #'! (+05-%01'! %&! %#! .*1N!
SSN]! (%! #.! U%G! RPWXYOX3! (%! ]P! (%! (+2+%4,*%3! [-%! *%F-#.! %#! %01.1-1'! '*F?&+2'! (%#! 7+&+01%*+'!
^+02.#N! L(%4?03! %#! 5*%2%51'! 0%! *%4+1%! %\5*%0.4%&1%3! %&! 2-.&1'! .! #.! (%0+F&.2+K&! (%#! ^+02.#!
>-5%*+'*! (%! /.1.#-6.3! .! `#'0! 1<*4+&'0! [-%! %01.,#%=2.! 0-! "01.1-1'! '*F?&+2'a! g.5.*1.('! Xc3!
+&2'*5'*?&('0%!+(<&1+2.!*%4+0+K&!%&!#'![-%!*%05%21.!.!#.0!Z-&2+'&%0!g.5.*1.('!QcN!U.!%\+F%&2+.!
(%! 5-,#+2.2+K&! (%#! &'4,*.4+%&1'! %&! %#! `E+.*+'! VZ+2+.#! (%! #.! :%&%*.#+1.1! (%! /.1.#-6.a!
g.5.*1.('! Sc3! *%5*%0%&1.! -&! *%[-+0+1'! Z'*4.#! [-%! &'! .Z%21.*8.! .! #.! -&+(.(! (%! #.! +&01+1-2+K&N!
/'4'!1.45'2'!.1%&1.*8.!2'&1*.!#.!4+04.!#.!5*%D+0+K&!(%![-%!%#!^+02.#!>-5%*+'*!(%!/.1.#-6.!
*%4+1.! .#! :',+%*&'! (%! /.1.#-6.3! .#! $.*#.4%&1'! G! .#! /'&0%C'! (%! ;-01+2+.! -&.! 2'5+.! (%! #.!
4%4'*+.![-%!(%,.!5*%0%&1.*!.&1%!%#!^+02.#!:%&%*.#!(%#!"01.('!g.5.*1.('!]cN!
!
(c! "#! $.*#.4%&1'! (%! /.1.#-6.! 0%6.#.! [-%! #.! 5*%D+0+K&! (%! #.! 5-,#+2.2+K&! (%#!
&'4,*.4+%&1'! (%#! ^+02.#! >-5%*+'*! (%! ;-01+2+.! (%! /.1.#-6.! %&! %#! `E+.*+'! VZ+2+.#! (%! #.!
:%&%*.#+1.1!(%!/.1.#-6.a!%0!-&!*%[-+0+1'!5-*.4%&1%!Z'*4.#![-%!%&!4'('!.#F-&'!5-%(%!+&2+(+*!
%&! #.! -&+(.(! (%#! 7+&+01%*+'! 5M,#+2'N! ).45'2'! 0-5'&(*8.! &+&FM&! [-%,*.&1'! %&! #.! -&+(.(! (%!
.21-.2+K&!(%!%01.!+&01+1-2+K&!%#![-%!%#!^+02.#!>-5%*+'*!(%!/.1.#-6.!(%,.!%&D+.*!-&.!2'5+.!(%!#.!
4%4'*+.! .&-.#! (%! #.! ^+02.#8.! (%#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.! (%! /.1.#-6.! .#! :',+%*&'3! .#!
/'&0%C'! (%! ;-01+2+.! (%! /.1.#-6.! G! .#! $.*#.4%&1'! (%! /.1.#-6.N! U'! 4+04'! 0-2%(%*8.! 2'&! #.!
!
XQS
%\5*%0.!0-4+0+K&!.!#'!(+05-%01'!5'*!%#!%01.1-1'!'*F?&+2'!(%#!7+&+01%*+'!^+02.#![-%!%01.,#%2%!%#!
.5.*1.('!Q!(%#!5*%2%51'N!
!
QRN!.c!"#!%&1%*'!2.581-#'!bb!g/'&0%C'!(%!;-01+2+.!(%!/.1.#-6.c!(%#!181-#'!bbb!g.*10N!Y_!.!
XPPc! +&2-**+*8.! %&! +&Z*.22+K&! (%#! .*1N! XSS! /"! 5'*! *%F-#.*! #.! 4.1%*+.! [-%! %01%! 5*%2%51'!
2'&01+1-2+'&.#! *%4+1%! .! -&.! #%G! '*F?&+2.! (%#! "01.('3! .Z%21.&('! .! .05%21'0! %0%&2+.#%0! (%! #.!
'*F.&+=.2+K&! G! %#! Z-&2+'&.4+%&1'! (%#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#N! >K#'! 5'(*8.!
0.#D.*0%!#.!2'&01+1-2+'&.#+(.(!(%#!2.581-#'!0+!%#!/'&0%C'!(%!;-01+2+.!Z-%*.!-&!K*F.&'!2'&0-#1+D'!
(%!#.!L(4+&+01*.2+K&!.-1'&K4+2.!5.*.!%#!%C%*2+2+'!(%!0-0!2'45%1%&2+.0!%&!4.1%*+.!(%!C-01+2+.!
'! 0+! Z-%*.! -&! K*F.&'! (%&1*'! (%#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#3! 0+!,+%&! %&! %01%! 2.0'! 0%!
.Z%21.*8.!(%!&-%D'!.!#.!*%0%*D.!(%#!.*1N!XSSNS!/"N!"&!*%.#+(.(3!%#!/'&0%C'!2.1.#?&!%\+01%!5'*[-%!
#'!2*%.!%#!"01.1-1'3!0+&![-%(.*!2'&(+2+'&.('!.!#'![-%!(+05'&F.!-&.!#%G!'*F?&+2.N!>+%&('!.083!#'!
[-%! %&! %#! 4%C'*! (%! #'0! 2.0'0! @.*8.! %#! 2.581-#'! %0! %01.,#%2%*! #.! '*F.&+=.2+K&! 5%*+Z<*+2.! (%#!
/'&0%C'!:%&%*.#!(%#!$'(%*!;-(+2+.#!%&!/.1.#-6.3!.#F'![-%3!(%!0%*!5'0+,#%3!0K#'!#%!2.,%!.!#.!#%G!
5*%D+01.! %&! %#! .*1N! XSSNS! /"! '3! %&! 0-! 2.0'3! .#! 5*'5+'! /'&0%C'! :%&%*.#N! E%! '1*.! Z'*4.3! 0+&!
*%05%1.*! #.! *%0%*D.! .! Z.D'*! (%#! "01.('3! 0%! @.*8.! +45'0+,#%! .0%F-*.*! #.! *.2+'&.#+(.(! %&! #.!
'*F.&+=.2+K&! (%#! /'&0%C'! :%&%*.#3! [-%! [-%(.*8.! .#! .#,-*! (%! #'! [-%! (%2+(+%*.&! #.0! (+%2+0+%1%!
/'4-&+(.(%0!L-1K&'4.0N!
!
"&!5.*1+2-#.*3!0%!*%2-**%!2'&1*.!%#!.*182-#'!Y_!g"#!/'&0%C'!(%!;-01+2+.!(%!/.1.#-6.c!5'*!
(+05'&%*![-%!`%#!/'&0%C'!(%!;-01+2+.!(%!/.1.#-6.!%0!%#!K*F.&'!(%!F',+%*&'!(%#!5'(%*!C-(+2+.#!
%&!/.1.#-6.a!G!D-#&%*.*!2'&!%##'!%#!.*1N!XSSNS!/"3![-%!5*%02*+,%![-%!`%#!/'&0%C'!:%&%*.#!(%#!
$'(%*! ;-(+2+.#! %0! %#! K*F.&'! (%! F',+%*&'! (%#! 4+04'aN! E'0! .Z+*4.2+'&%0! 1.&! *'1-&(.0! 2'4'!
+&2'45.1+,#%0N!$'*!+45%*.1+D'!2'&01+1-2+'&.#3!1+%&%![-%!@.,%*!-&!M&+2'!F',+%*&'!(%!-&!M&+2'!
$'(%*!;-(+2+.#!g>>)/!RTWXYYP3!(%!SY!(%!4.*='e!TSWXYYP3!(%!]P!(%!4.*='e!G!SR]WSPPR3!(%!XX!
(%! '21-,*%c3! .-&[-%! %D%&1-.#4%&1%! %\+01.&! K*F.&'0! 1%**+1'*+.#%0N! $'(*8.! (%2+*0%3! .(4+1%&! #'0!
*%2-**%&1%03! [-%! %#! *%01'! (%#! 2.581-#'! 4.1+=.! G!@.01.!2'&1*.(+2%!#.!1.C.&1%!.Z+*4.2+K&! (%#! .*1N!
Y_3! 5%*'! %##'! &'! %\2#-+*8.! #.! +&2'&01+1-2+'&.#+(.(! (%#! .0%*1'3! [-%! &'! .(4+1%! +&1%*5*%1.2+K&!
2'&Z'*4%N!
!
"#!*%2-*0'!0%!2%&1*.3!.!2'&1+&-.2+K&3!%&!%#!%\.4%&!(%!#'0!4.&(.1'0!.!#.!U%G!V*F?&+2.!
(%#! $'(%*! ;-(+2+.#! +&2#-+('0! %&! (+01+&1'0! 5*%2%51'0! (%! %01%! 2.581-#'! (%#! "01.1-1'3!
+&2'&01+1-2+'&.#%0! 5'*! #.0! *.='&%0! G.! %\5*%0.(.0! 2'&! 2.*?21%*! F%&%*.#N! L083! %#! .*182-#'! YONS!
gL1*+,-2+'&%0c!2'&1+%&%!-&!4.&(.1'!+45#82+1'!G!.,+%*1'3!5%*'!+&%[-8D'2'3!.!#.!U%G!V*F?&+2.3!
!
XQ]
[-%![-%(.!2'&(+2+'&.(.!%&!0-!2'&1%&+('!%&!2-.&1'!.!#.!.1*+,-2+K&!(%!2'45%1%&2+.0!.#!/'&0%C'!
(%! ;-01+2+.! (%! /.1.#-6.N! "#! .*182-#'! YYNX! g/'45'0+2+K&3! '*F.&+=.2+K&! G! Z-&2+'&.4+%&1'c3! in
fine3!',#+F.!.!#.!U%G!V*F?&+2.![-%!%01.,#%=2.![-%!.#F-&'0!4+%4,*'0!(%#!/'&0%C'!(%!;-01+2+.!
0%.&! (%0+F&.('0! 5'*! %#! $.*#.4%&1'! (%! /.1.#-6.N! "&! .4,'0! 2.0'03! #'0! ('0! 5*%2%51'0! 0%*8.&!
+&2'&01+1-2+'&.#%0! 5'*! #+4+1.*! #.! #+,%*1.(! (%! %0%! #%F+0#.('*! %&! -&.! 4.1%*+.! (%! 0-! %\2#-0+D.!
2'45%1%&2+.N!f3!.(%4?03!1'(.0!#.0!(%4?0!*%Z%*%&2+.0!(%#!2.581-#'!.!#.!U%G!V*F?&+2.!(%#!$'(%*!
;-(+2+.#!0%*8.&!+45*'2%(%&1%0!%!+&2'&01+1-2+'&.#%03!1'(.!D%=![-%!%#!.*1N!XSSNS!/"!g.!(+Z%*%&2+.!
(%!#'0!.*10N!XSSNX!G!XRSNX!/"3!5'*!%C%45#'c!&'!0%!*%4+1%!5*%2+0.4%&1%!.!#.!U%G!V*F?&+2.!(%#!
$'(%*!;-(+2+.#3!0+&'!+&%05%28Z+2.4%&1%!.!-&.!#%G!'*F?&+2.3!G!(%!@%2@'!%#!/'&0%C'!:%&%*.#!(%#!
5'(%*! ;-(+2+.#! 0%! *%F-#K! +&+2+.#4%&1%! %&! -&.! U%G! 0%5.*.(.! (%! #.! (%#! $'(%*! ;-(+2+.#N! "0.!
5'0+,+#+(.(![-%(.*8.!2%**.(.!2'&!#.0!(+05'0+2+'&%0!(%#!"01.1-1'3!0.#D'![-%!0%!%&1%&(+%*.![-%!#.!
*%4+0+K&!0%!@.2%!.!#.!#%G!'*F?&+2.![-%!*%F-#%!%#!/'&0%C'!:%&%*.#3!2-.#[-+%*.![-%!0%.N!
!
"#! /'&0%C'! (%! ;-01+2+.! (%! /.1.#-6.! i2'&1+&M.! %#! *%2-*0'i! &'! %0! -&! 0+45#%! K*F.&'!
(%02'&2%&1*.('! (%#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#3! 0+&'! %\5*%0+K&! (%! -&! 5*+&2+5+'!
.-1'&K4+2'3!5'*!#'![-%!0-!*%F-#.2+K&!D-#&%*.*8.!#.!-&+(.(!(%#!F',+%*&'!(%#!$'(%*!;-(+2+.#!g.*1N!
XSSNS! G! ]! /"cN! $.*.! #'0! *%2-**%&1%03! %#! /'&0%C'! (%! ;-01+2+.! %0! `-&.! %&1%#%[-+.! (+Z82+#! (%!
2.1.#'F.*a3!Z*-1'!(%!-&.!'5%*.2+K&![-%3!'*+%&1.(.!+&+2+.#4%&1%!.!#.!+&1*'(-22+K&!(%#!5*+&2+5+'!
.-1'&K4+2'! %&! %#! F',+%*&'! (%#! $'(%*! ;-(+2+.#3! @.! [-%*+('! (+0+4-#.*0%! 5*%0%&1.&('! 2'4'!
(%02'&2%&1*.2+K&!#'![-%!%&!*%.#+(.(!5*%1%&(%!0%*!-&.!D%*(.(%*.!(%02%&1*.#+=.2+K&N!"#!/'&0%C'!
(%!;-01+2+.!&'!%0!-&!K*F.&'!(%02'&2%&1*.('!(%#!/'&0%C'!:%&%*.#3!0+&'![-%!.21M.!2'4'!0+!#'!
Z-%*.!g.*1N!Y_c!G!0K#'!%&!.#F-&.0!(%!0-0!.21+D+(.(%0N!"0!4?0!,+%&!-&!K*F.&'!.-1'&K4+2'3!.#![-%!
%#!$.*#.4%&1'!2.1.#?&!5-%(%!.1*+,-+*!2'45%1%&2+.0!G![-%!%\5*%0.!G!2.&.#+=.!#'0!+&1%*%0%0!(%!#.!
/'4-&+(.(! L-1K&'4.3! .21-.&('! 0K#'! %&! 5.*1%! 2'4'! K*F.&'! (%02'&2%&1*.('! (%#! /'&0%C'!
:%&%*.#N!
!
$*-%,.! (%! [-%! &'! %0! -&! K*F.&'! (%02'&2%&1*.('! %03! 5.*.! #'0! *%2-**%&1%03! [-%! 0%!
2'&1*.5'&%!.#!5*'5+'!/'&0%C'!:%&%*.#3!G!&'!.!0-0!K*F.&'0!2%&1*.#%0!g$*%0+(%&1%!G!$#%&'c!g%#!
.*182-#'!YONX!G!S!@.,#.!(%!(%#%F.2+K&!(%#!/'&0%C'!:%&%*.#!%&!%#!/'&0%C'!(%!;-01+2+.3!5'&+%&('!
.#! (%02-,+%*1'! [-%! 0'&! '*F.&+=.2+'&%0! (+01+&1.0c3! (%#! 4+04'! 4'('! [-%! 0%! 2'&1*.5'&%&! #.0!
2'45%1%&2+.0!(%!.4,'0!/'&0%C'03!2-.&('!0+!@-,+%*.!(%02'&2%&1*.2+K&!#.0!(%#!2.1.#?&! 0%*8.&!
-&.!5.*1%!(%!#.0!(%#!/'&0%C'!:%&%*.#!G!&'!0%*8.!5'0+,#%3!2'4'!%0!%#!2.0'3![-%!%#!$.*#.4%&1'!(%!
/.1.#-6.! .1*+,-G.! (+*%21.4%&1%! 2'45%1%&2+.0! .#! /'&0%C'! (%! ;-01+2+.3! 0+&! #.! D'#-&1.(! (%#!
/'&0%C'! :%&%*.#! &+! #.! (%#! #%F+0#.('*! %01.1.#N! "#! .*182-#'! XPPNX! g/'&1*'#! (%! #'0! .21'0! (%#!
!
XQQ
/'&0%C'! (%! ;-01+2+.! (%! /.1.#-6.c! in fine3! 2'&Z+*4.*8.! [-%! %#! /'&0%C'! (%! ;-01+2+.! %C%*2%!
2'45%1%&2+.0!(%!#.!/'4-&+(.(!L-1K&'4.!.#!(+05'&%*![-%!#'0!.21'0![-%!(%!%##'!*%0-#1%&!&'!
0'&!*%2-**+,#%0!.&1%!%#!/'&0%C'!:%&%*.#!(%#!$'(%*!;-(+2+.#N!$'*!'1*'!#.('3!#.!2'45'0+2+K&!(%#!
/'&0%C'!(%!;-01+2+.!&'!(%5%&(%!%&!.,0'#-1'!(%#!/'&0%C'!:%&%*.#!g.*1N!YONXc3!.#![-%!1.45'2'!#%!
2.,%! *%F-#.*! 0-! '*F.&+=.2+K&! G! Z-&2+'&.4+%&1'3! [-%! 0K#'! 2'**%05'&(%! .#! 5*'5+'! /'&0%C'! (%!
;-01+2+.3! 0%FM&! (+05'&%! %#! .*182-#'! YYNSN! f! &.(.! 0%! 0.#D.*8.! 2'&! #.0! 5*%D+0+'&%0! (%!
2'4-&+2.2+K&3! +&Z'*4.2+K&! G! *%2-*0'! .&1%! %#! /'&0%C'! :%&%*.#! 5*%D+01.0! %&! #'0! .*10N! YON]! G!
XPP3!5-%0!0%*8.&!%\5*%0+D.0!(%!-&.!0+45#%!1-1%#.!G!&'!(%!-&.!D%*(.(%*.!C%*.*[-8.N!
!
,c!"&!*%#.2+K&!2'&!%#!.*1N!Y_!.#%F.!%#!L,'F.('!(%#!"01.('![-%!%#!"01.1-1'!&'!(%C.!2#.*.!
#.! &.1-*.#%=.! (%#! /'&0%C'! (%! ;-01+2+.3! (%Z%&(+%&('! [-%! #.! 1%0+0! 4?0! 2'**%21.3! 5'*! 0-!
2'&0'&.&2+.!2'&!#'0!.*10N!XSSNS!G!XQYNXNR!/"!G!2'&!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#3!%0!#.!(%!
2'&0+(%*.*#'!-&!K*F.&'!%01.1.#!.#![-%!2.,%!.1*+,-+*!.(+2+'&.#4%&1%!2'45%1%&2+.0!.-1'&K4+2.03!
G![-%!%#!"01.1-1'!5*'5+.4%&1%!&'!#'!2*%.3!0+&'![-%!0K#'!#'!5*%D<!'!#'!2'&1%45#.!%&!%05%*.!(%!
0-!F%&-+&.!2*%.2+K&!4%(+.&1%!#.!*%Z'*4.!(%!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!g0+%&('!<01%3!
5'*! #'! (%4?03! %#! 2.*?21%*! [-%! #%! .1*+,-G%! %#! 5*'G%21'! (%! #%G! (%! 4'(+Z+2.2+K&! (%! #.! U%G!
V*F?&+2.! [-%! 0%! %&2-%&1*.! %&! 1*?4+1%! 5.*#.4%&1.*+'c3! (%! 4.&%*.! [-%! 1'(.! #.! *%F-#.2+K&!
2'&1%&+(.!%&!%#!"01.1-1'![-%(.*8.!.!%\5%&0.0!(%!#.!(%2+0+K&!(%#!#%F+0#.('*!'*F?&+2'N!E%!%01%!
4'('!@.,*8.&!(%!0%*!+&1%*5*%1.(.0!#.0!&-4%*'0.0!*%4+0+'&%0!%\5#82+1.0![-%!%#!"01.1-1'!@.2%!.!
#.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#3! .-&[-%! &'! @.G.! [-%! (.*! (%4.0+.(.! +45'*1.&2+.! .! #.!
%\+01%&2+.!'!+&%\+01%&2+.!(%!%01.0!*%Z%*%&2+.0!%\5*%0.03!+**%#%D.&1%0!*%05%21'!(%!#.!2'45%1%&2+.!
%01.1.#! %&! #.! 4.1%*+.N! U.! 5%2-#+.*+(.(! (%! %01%! K*F.&'! %01.1.#! 0%*8.! [-%! #'0! "01.1-1'0! G3! 2'&!
.**%F#'!.!%##'03!#'0!#%F+0#.('*%0!.-1'&K4+2'03!5-%(%&!.1*+,-+*#%!2'45%1%&2+.0!.-1'&K4+2.0!5'*!
.6.(+(-*.N!
!
E%5%&(+%&('! 1.&1'! %#! 0%*! 2'4'! %#! .21-.*! (%#! /'&0%C'! (%! ;-01+2+.! (%! [-%! #.! U%G!
V*F?&+2.! (%#! $'(%*! ;-(+2+.#! 2'&Z+F-*%3! 0+&! 1*.05.0.*! #'0! #84+1%0! 2'&01+1-2+'&.#%03! K*F.&'0!
2'#%F+.('0!%01.1.#%0![-%3!0-,'*(+&.('0!.#!/'&0%C'!:%&%*.#!(%#!$'(%*!;-(+2+.#3!5-%(.&!##.4.*0%!
5*'5+.4%&1%! K*F.&'0! (%! F',+%*&'! (%#! $'(%*! ;-(+2+.#3! &'! 5'(*8.! %\2#-+*0%! (%! .&1%4.&'! #.!
2'&01+1-2+'&.#+(.(! (%! 1'(.! '5%*.2+K&! (%02'&2%&1*.('*.! (%! Z-&2+'&%0! '! 1.*%.0! (%#! /'&0%C'!
:%&%*.#! %&! K*F.&'0! F-,%*&.1+D'0! C-(+2+.#%0! (%#! 1+5'! (%#! /'&0%C'! (%! ;-01+2+.! G! 0+4+#.*%0N! "&!
1'('!2.0'3!%#!C-+2+'!(%!2'&01+1-2+'&.#+(.(!0',*%!%01.!(%02'&2%&1*.2+K&!1%&(*8.![-%!Z'*4-#.*0%!
%D%&1-.#4%&1%! 2-.&('! 0%! *%Z'*4%! %&! %01%! 0%&1+('! #.! *%5%1+(.! U%G! V*F?&+2.3! (%! #.! [-%!
!
XQR
(%5%&(%*?!1.4,+<&!#.!2'&(+2+K&!(%#!/'&0%C'!.-1'&K4+2'!2'4'!K*F.&'!(%#%F.('!(%#!/'&0%C'!
:%&%*.#!l.*1N!YONS!+cmN!
!
^*%&1%!.!#'![-%!.Z+*4.&!#'0!*%2-**%&1%03!0%6.#.!%#!L,'F.('!(%#!"01.('![-%!(+Z82+#4%&1%!
5'(*?!@.,#.*0%!(%!%\2#-0+D+(.(!(%#!/'&0%C'!(%!;-01+2+.!(%!/.1.#-6.!2-.&('!#.0!.1*+,-2+'&%0!(%!
#.0! #%1*.0! .c! .! Fc! %! +c! (%#! .*1N! YONS! 5*%0-5'&%&! [-%! [-+%&! (%2+(%! %0! %#! /'&0%C'! :%&%*.#! (%#!
$'(%*!;-(+2+.#!-!'1*'!K*F.&'!%01.1.#N!"#!/'&0%C'!(%!;-01+2+.!%0!%#!K*F.&'!2'&1%45#.('!5'*!%#!
"01.1-1'!5.*.!%C%*2%*!2+%*1.0!2'45%1%&2+.0!%&!4.1%*+.!(%!F',+%*&'!C-(+2+.#3!5%*'!0+&!5%*C-(+2.*3!
*%01*+&F+*! '! .Z%21.*! #.0! 2'45%1%&2+.0! 2'&01+1-2+'&.#%0! (%! .[-<#e! (%! .@8! [-%! #.0! 2'45%1%&2+.0!
(%#!.*1N!YONS!0%!(%Z+&.&!%&!1<*4+&'0!(%!5.*1+2+5.2+K&3!5*'5-%01.3!1*?4+1%3!+45-#0'!'!+&Z'*4%!G!
&-&2.!(%!*%0'#-2+K&!'!(%2+0+K&N!"#!*%01'!(%!#.!.*F-4%&1.2+K&!(%#!*%2-*0'!0%*8.!4?0!-&.!2*81+2.!
1<2&+2.![-%!(%!+&2'&01+1-2+'&.#+(.(e!G!0+3!1.#!D%=3!%&!#'!0-2%0+D'3!G!4%(+.&1%!*%Z'*4.!(%!#.!U%G!
V*F?&+2.3!2'&D+&+%*.!@.,#.*!(%!K*F.&'0!2%&1*.#%0!G!K*F.&'0!5%*+Z<*+2'0!(%#!/'&0%C'!:%&%*.#3!
1.4,+<&! 0%*8.! #82+1'! @.,#.*! (%! <01%! G! (%! /'&0%C'0! (%! ;-01+2+.! .-1'&K4+2'0! @.,+#+1.('0! 5'*!
.[-%##.!U%G!5.*.!Z-&2+'&.*!2'4'!K*F.&'0!(%02'&2%&1*.('0!'!(%#%F.('0!(%#!4+04'N!
!
$'*! '1*.! 5.*1%3! .(-2%! %#! L,'F.('! (%#! "01.('! [-%! &'! %\+01%! %&! %#! *%2-*0'! -&! %\.4%&!
5'*4%&'*+=.('! (%! #'0! .5.*1.('0! X! G! S! (%#! .*1N! YO3! [-%! 0%! +45-F&.&! 0%FM&! #.! 0M5#+2.! (%#!
4+04'N! k.(.! @.,*8.! [-%! ',C%1.*! .! #.! 2'&2%0+K&! (%! .1*+,-2+'&%0! 5'*! #.! L0.4,#%.! #%F+0#.1+D.!
1%**+1'*+.#!0+!&'!0%!(%0,'*(.&!#.0!2'45%1%&2+.0!(%!#.!/'4-&+(.(!L-1K&'4.!%&!*%#.2+K&!2'&!#.!
.(4+&+01*.2+K&!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.N!U.0!Z-&2+'&%0!%01.1.#%0!(%!F',+%*&'!+&2#-+(.0!
%&!#.!#+01.!(%#!.5.*1.('!S![-%(.*8.&3!2'4'!%0!#KF+2'3!.!%\5%&0.0!(%!#'![-%!(%1%*4+&%!#.!U%G!
V*F?&+2.! (%#! $'(%*! ;-(+2+.#! (%&1*'! (%! #'0! #84+1%0! 2'&01+1-2+'&.#%0N! "&! 2-.&1'! .! #.! 5'0+,#%!
(%#%F.2+K&!(%!.1*+,-2+'&%0!5'*!5.*1%!(%#!/'&0%C'!:%&%*.#!(%#!$'(%*!;-(+2+.#3!%0!2#.*'3!5.*.!%#!
L,'F.('! (%#! "01.('3! [-%! 0-! 5'0+,+#+(.(! G! .#2.&2%! (%5%&(%*?&! (%! #'! [-%! (+05'&F.! #.! U%G!
V*F?&+2.!G!(%!#.!(%2+0+K&!(%#!5*'5+'!K*F.&'!2'&01+1-2+'&.#!(%!F',+%*&'!C-(+2+.#N!"&!F%&%*.#3!
#.0!Z-&2+'&%0!F-,%*&.1+D.0!(%#!/'&0%C'!(%!;-01+2+.!(%!/.1.#-6.!%01.*8.&!%&!#.!#8&%.!(%!#.0![-%!
%&! #.! *%(.22+K&! .21-.#! (%! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#! 0%! .1*+,-G%&! .! #.0! >.#.0! (%!
:',+%*&'!G!#'0!$*%0+(%&1%0!(%!#'0!)*+,-&.#%0N!
!
"#!.*1N!YYNX!i2'&1+&M.!%#!%02*+1'!(%!.#%F.2+'&%0i!0%!#+4+1.!.!5*%2+0.*![-+<&!5*%0+(+*?!
%#!/'&0%C'!(%!;-01+2+.!G!.!*%4+1+*0%!.!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#3!+&2#-0'!%&!#'![-%!0%!
*%Z+%*%! .! #.! (%0+F&.2+K&! (%! 4+%4,*'0! 5'*! %#! $.*#.4%&1'! (%! /.1.#-6.N! /'&! %01.! *%4+0+K&! 0%!
%&1+%&(%!4.#3!5.*.!%#!*%5*%0%&1.&1%!(%#!:',+%*&'3!#.!2*81+2.!(%#!*%2-*0'3!,.01.&('!2'45.*.*!%#!
!
XQT
5*%2%51'!2'&!%#!.*1N!]]N]!(%#!"01.1-1'!D.#%&2+.&'!gU%G!V*F?&+2.!XWSPPT3!(%!XP!(%!.,*+#c3![-%!
2*%.!%#!/'&0%C'!(%!;-01+2+.!D.#%&2+.&'!G!*%4+1%!0-!2'45'0+2+K&!.!`-&.!#%G!(%!#%0!/'*10a3!(%!
.2-%*('!2'&!#'!(+05-%01'!%&!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#3!2'&1*.01%!(%#![-%!0%!0%F-+*8.!
[-%! %#! 1%&'*! (%#! .*1N! YYNX! +45-F&.('! 5.*%2%! ,.01.&1%! 4?0! *%05%1-'0'! 2'&! #.! Z-&2+K&! (%#!
#%F+0#.('*! '*F?&+2'! [-%! %#! 2+1.('! 5*%2%51'! (%#! "01.1-1'! D.#%&2+.&'3! .2%51.('! 5'*! %#! :*-5'!
$.*#.4%&1.*+'!(%!#'0!E+5-1.('0!.21'*%0N!
!
H%05%21'! (%#! .*1N! XPP3! 0%! 0%6.#.! 5'*! %#! L,'F.('! (%#! "01.('! [-%! %#! *%2-*0'! 2.*%2%! (%!
%05%28Z+2.!.*F-4%&1.2+K&!(%!+&2'&01+1-2+'&.#+(.(N!
!
2c! H%+1%*.&('! (%! &-%D'! [-%! 0-! 2'&(+2+K&! (%! &'*4.! +&01+1-2+'&.#! ,?0+2.! #%F+1+4.! .#!
"01.1-1'! 5.*.! .#-(+*! .#! F',+%*&'! (%#! $'(%*! ;-(+2+.#3! %&! 1.&1'! %&! 2-.&1'! <01%! '5%*.! %&! %#!
1%**+1'*+'!(%!#.!/'4-&+(.(!L-1K&'4.3!0+&![-%!%##'!2'45'*1%!%&!4'('!.#F-&'!+&D.0+K&!(%!#.!
*%0%*D.!2'&01+1-2+'&.#!.!Z.D'*!(%!#.!U%G!V*F?&+2.3!.#%F.!%#!:',+%*&'!2.1.#?&![-%!%#!/'&0%C'!(%!
;-01+2+.!(%!/.1.#-6.!&'!%0!-&!K*F.&'!2*%.('!ex nihilo!5'*!%#!"01.1-1'3!5-%0!2'&!.&1%*+'*+(.(!G.!
%\+018.! '1*'! K*F.&'! 2'&! %01.! (%&'4+&.2+K&3! ,+%&! [-%! 2'&! .1*+,-2+'&%0! (+Z%*%&1%0N! "#! .*1N! Y_!
*%2'F%!%01.!Z+F-*.!G!#.!('1.!(%!#'0!5%*Z+#%0!5*'5+'0!(%!-&!K*F.&'!(%02'&2%&1*.('!(%#!/'&0%C'!
:%&%*.#!(%#!$'(%*!;-(+2+.#3!0+&!5%*C-+2+'!(%!#.!&%2%0.*+.!5*%D+0+K&![-%!(%,.!2'&1%&%*!#.!U%G!
V*F?&+2.! (%#! $'(%*! ;-(+2+.#N! $.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.13! *%0+(%&2+.*! Z-&2+'&%0!
*%#.1+D.0!.!#.!`.(4+&+01*.2+K&!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.a!%&!%01%!K*F.&'!(%02'&2%&1*.('!
2'&1*+,-G%3! [-%! &'! +45+(%3! .! #.! -&+(.(! (%#! $'(%*! ;-(+2+.#N! $'*! %##'! 4+04'3! #.! *%#.2+K&! (%#!
/'&0%C'! (%! ;-01+2+.! (%! /.1.#-6.! 2'&! %#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#! 0%! 5%*Z+#.! %&!
1<*4+&'0!(-.#%0!%&!%#!.*1N!XPP3!.#!5*%D%*0%!%#!*%2-*0'!(%!.#=.(.3!.&1%!%01%!M#1+4'!K*F.&'3!5.*.!
#'0!.21'0!(+21.('0!5'*!.[-<#!%&!#.0!Z-&2+'&%0!5*'5+.0!(%#!?4,+1'!&-2#%.*!(%!#.!L(4+&+01*.2+K&!
(%!C-01+2+.3!5*%D+0+K&![-%!&'!0%!2'&1%45#.!5.*.!#.!.21-.2+K&!*%#.1+D.!.!#.!`.(4+&+01*.2+K&!(%!#.!
L(4+&+01*.2+K&!(%!C-01+2+.aN!
!
L#%F.!%#!"C%2-1+D'!2.1.#?&![-%!%#!F',+%*&'!(%#!$'(%*!;-(+2+.#!M&+2'!&'!5-%(%![-%(.*!.#!
4.*F%&! (%! #.! %01*-21-*.! 1%**+1'*+.#! (%#! "01.('N! U.! 1'4.! (%! 2'&2+%&2+.! (%! %01%! @%2@'! 0%!
*%Z#%C.*8.!%&!#'0!(+D%*0'0!*%F#.4%&1'0!.5*',.('0!%&!(%0.**'##'!(%!#.!U%G!V*F?&+2.!(%#!$'(%*!
;-(+2+.#3! %&! #'0! [-%! 0%! @.&! +&2*%4%&1.('! #'0! 4%2.&+04'0! (%! 2'#.,'*.2+K&! 2'&! #.0!
/'4-&+(.(%0!L-1K&'4.0!gvgrN!/'&0%C'!H%21'*!(%!#.!"02-%#.!;-(+2+.#cN!U.!-&+(.(!(%#!$'(%*!
;-(+2+.#3!.!#.![-%!*%05'&(%!#.!-&+(.(!(%!0-!F',+%*&'3!&'!%\+F+*8.![-%!1'(.0!#.0!(%2+0+'&%0!0%.&!
.('51.(.0! 5'*! %#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#3! 0+&'! 0K#'! #.0! &%2%0.*+.0! 5.*.! %D+1.*!
!
XQ_
(+Z%*%&2+.0! (%! %01.1-1'! %&1*%! -&'0! G! '1*'0! ;-%2%0! [-%! 5-%(.&! .Z%21.*! .! 0-! +&(%5%&(%&2+.3!
0+%&('!2'&01+1-2+'&.#4%&1%!2'45.1+,#%!2'&!#.!-&+(.(!(%#!$'(%*!;-(+2+.#!#.!%\+01%&2+.!(%!'1*'0!
2%&1*'0! (%! (%2+0+K&! (%02'&2%&1*.('0! 0+! 0%! F.*.&1+=.! [-%! 0-! .21-.2+K&! &'! D.! .! 2'45'*1.*!
[-+%,*.0!%&!%#!%01.1-1'!C-(+2+.#N!"&!.5'G'!(%!%01.!1%0+0!0%!+&D'2.!#.!>)/!XPOWXYOT3!(%!SY!(%!
C-#+'3! ^;! ST3! ('&(%! 0%! (+01+&F-%! %&1*%! Z.2-#1.(%0! %0%&2+.#%0! (%! F',+%*&'3! [-%! (%,%&!
2'**%05'&(%*! .#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#3! G! '1*.0! [-%! 5-%(%&! .1*+,-+*0%! .#!
"C%2-1+D'3! 0+&! [-%3! 5.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.13! &.(.! +45+(.! [-%! 5-%(.&! *%2.%*! %&!
K*F.&'0!(%02'&2%&1*.('0!(%#!/'&0%C'!:%&%*.#N!
!
"01.!5'0+,+#+(.(!&'![-%,*.*8.!#.!-&+(.(!(%!F',+%*&'!(%#!$'(%*!;-(+2+.#3!2'4'!5'&%!(%!
4.&+Z+%01'!#.!%\+01%&2+.!.21-.#4%&1%!(%!'1*'0!K*F.&'0!(%!F',+%*&'![-%!*%.#+=.&!Z-&2+'&%0![-%!
.Z%21.&! .#! %01.1-1'! C-(+2+.#N! >%*8.! %#! 2.0'! (%! #.0! >.#.0! (%! :',+%*&'! (%! #'0! )*+,-&.#%0!
>-5%*+'*%0! (%! ;-01+2+.3! [-%! %C%*2%&! 2'45%1%&2+.0! [-%! %\2%(%&! (%#! F',+%*&'! +&1%*&'! (%! #'0!
)*+,-&.#%0!g.*1N!XRSNX!G!S!UV$;cN!
!
U.! 2'@'&%01.2+K&! (%! #.! *%.#+(.(! (%#! "01.('! .-1'&K4+2'! 2'&! #.! -&+(.(! (%#! $'(%*!
;-(+2+.#! (%,%! 5%*4+1+*! [-%! #'0! "01.1-1'03! %&! 2-.&1'! 2'&2*%2+K&! (%#! "01.('! 2'45-%01'3!
2'&1%&F.&!(%1%*4+&.(.0!5*%D+0+'&%0!.#!*%05%21'N!L08!#'!@.,*8.!%&1%&(+('!%#!#%F+0#.('*3!&'!0K#'!
%&!%#!"01.1-1'!+45-F&.('3!0+&'!1.4,+<&!%&!#.!5*'5-%01.!(%!*%Z'*4.!(%#!"01.1-1'!(%!/.&.*+.03!
('&(%!1.4,+<&!0%!5*%D<!#.!%\+01%&2+.!(%!-&!/'&0%C'!(%!;-01+2+.!4-G!0+4+#.*!.#!*%2@.=.('!5'*!
#'0! *%2-**%&1%0N! bF-.#4%&1%! #.! 5*'5-%01.! (%! *%Z'*4.! (%#! "01.1-1'! (%! L-1'&'48.! (%! L*.FK&!
2*%.! -&! /'&0%C'! (%! ;-01+2+.3! 2-G.! &.1-*.#%=.3! 2'45%1%&2+.! G! Z.2-#1.(%0! (+Z+%*%&! .! #.! U%G!
V*F?&+2.!(%#!$'(%*!;-(+2+.#N!
!
7.*F+&.#4%&1%!0%!*%,.1%!#.!.*F-4%&1.2+K&!(%!#'0!.21'*%0!%&!%#!0%&1+('!(%![-%!(%#!.*1N!
XSSNX!/"!&'!5-%(%!+&Z%*+*0%!-&.!##.4.(.!%\5*%0.!.!#.!D+F%&1%!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!
0+&'3!(%!Z'*4.!F%&<*+2.3!.!#.!`#%G!'*F?&+2.aN!H%2'&'2%!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!&'!
%\+01%!%0.!##.4.(.!%\5*%0.3!5%*'!-&.!.1%&1.!#%21-*.!(%#!5*%2%51'!('1.*8.!(%!5#%&'!0%&1+('!.!#.!
2'45*%&0+K&!(%!#.!5*%D+0+K&!2'&01+1-2+'&.#!2'4'!-&.!*%4+0+K&!.!#.!4%&2+'&.(.!U%G!V*F?&+2.!
G!&'!.!2-.#%0[-+%*.!'1*.0N!7.G'*!.1%&2+K&!4%*%2%!%#!*%2@.='!(%!#'0!*%2-**%&1%0!.!2'&0+(%*.*!.#!
/'&0%C'!(%!;-01+2+.!2'4'!-&!K*F.&'!(%02'&2%&1*.('3!5-%0!0%*8.&!4M#1+5#%0!#.0!5*%D+0+'&%0!(%#!
"01.1-1'! [-%! %D+(%&2+.&! %0%! 2.*?21%*N! L083! %#! .*1N! Y_! 5*%02*+,%! #.! +&1.&F+,+#+(.(! (%! #.0!
2'45%1%&2+.0! (%#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#e! %#! .*1N! YONX! %01.,#%2%! [-%! #.0!
.1*+,-2+'&%0!(%#!/'&0%C'!(%!;-01+2+.!2'4'!K*F.&'!(%02'&2%&1*.('!0'&!#.0![-%!5-%(.!(%Z+&+*!#.!
!
XQO
U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!G!#.0![-%!.[-<#!5-%(.!(%#%F.*#%!g5.*1+2+5.2+K&3!5*'5'0+2+K&3!
+&Z'*4%!G!.5#+2.2+K&!0%FM&!%#!.*1N!YONScN!b(<&1+2.!0-,'*(+&.2+K&!0%!5#.04.!%&!#'0!.*10N!YON]!G!
QN! L! 0-! D%=3! %#! .*1N! YYNX! (%1%*4+&.! [-%! %#! /'&0%C'! (%! ;-01+2+.! #'! +&1%F*.&! %#! $*%0+(%&1%! (%#!
)*+,-&.#!>-5%*+'*!(%!;-01+2+.!G!#'0!4+%4,*'0![-%!5*%D%.!#.!U%G!V*F?&+2.3!G!%#!.*1N!XPP!*%F-#.!
%#!*%2-*0'!(%!.#=.(.!.&1%!%#!/'&0%C'!:%&%*.#!(%#!$'(%*!;-(+2+.#N!
!
UKF+2.4%&1%! i2'&1+&M.! %#! :',+%*&'! 2.1.#?&i3! %&! %#! "01.1-1'! 0%! 2'&1%45#.! #.!
5'0+,+#+(.(!(%![-%!%#!$.*#.4%&1'!(%!/.1.#-6.!.1*+,-G.!.#!/'&0%C'!Z-&2+'&%0!%&!%#!?4,+1'!(%!#.!
`.(4+&+01*.2+K&! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.a3! 5.*.! #.0! [-%! &'! %\+01%! -&.! *%#.2+K&! (%!
C%*.*[-8.! 2'&! %#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#N! k'! ',01.&1%3! %##'! &'! (%0D+*1-.*8.! %&!
.,0'#-1'! #.! 2'&0+(%*.2+K&! (%#! /'&0%C'! (%! ;-01+2+.! 2'4'! K*F.&'! (%02'&2%&1*.('! (%#! /'&0%C'!
:%&%*.#N! >.#%! .#! 5.0'! #.! *%5*%0%&1.2+K&! (%#! :',+%*&'! (%! #.! :%&%*.#+1.1! (%! /.1.#-6.! (%! #.!
.Z+*4.2+K&!(%![-%!#.!2'45'0+2+K&!(%#!/'&0%C'!(%!;-01+2+.!%0!+&2'45.1+,#%!2'&!%#!.*1N!XSSN]!/"!
.#!+&2'*5'*.*!.!4+%4,*'0!&'4,*.('0!5'*!%#!$.*#.4%&1'!(%!/.1.#-6.N!L#!*%05%21'!0%!*%2-%*(.!
[-%! %&! #.0! >.#.0! (%! :',+%*&'! (%! #'0! )*+,-&.#%0! >-5%*+'*%0! (%! ;-01+2+.! Z+F-*.&! 7.F+01*.('0!
%#%F+('0!%&1*%!#'0!(%01+&.('0!%&!%##'03!*%2'&'2+<&('0%!.!#'0!$.*#.4%&1'0!.-1'&K4+2'0!-&!F*.&!
5*'1.F'&+04'!%&!%#!5*'2%(+4+%&1'!(%!&'4,*.4+%&1'!g.*1N!]]PNQ!UV$;cN!)*.0!.(D%*1+*!(%![-%!
#.0!5*%D+0+'&%0!(%!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!%&!1'*&'!.!#.!'*F.&+=.2+K&!(%#!F',+%*&'!
(%#!$'(%*!;-(+2+.#!&'!Z'*4.&!5.*1%!(%#!?4,+1'!&-2#%.*!(%!#.!*%0%*D.!(%#!.*1N!XSSNS!/"3!2'4'!
1.45'2'! 0%! +&2.*(+&.&! %&! #.! 4+04.! #.0! *%F-#.2+'&%0! (%#! "01.1-1'! (%! L-1'&'48.!
2'&1*'D%*1+(.03!0%!##%F.!.!#.!2'&2#-0+K&!(%![-%!%##'!&'0!0+1M.!%&!-&.!='&.!(%!5%&-4,*.3!%&!#.!
[-%!(%,%!*%2'&'2%*0%!-&.!2+%*1.!5*+4.28.!.#!"01.1-1'N!>%!.6.(%3!%&!Z+&3![-%!#.!*%4+0+K&!.!#.!
U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!&'!5-%(%!D%*0%!2'4'!-&!4.&(.1'!.!(+2@.!U%GN!
!
(c!U.!*%5*%0%&1.2+K&!(%#!$.*#.4%&1'!(%!/.1.#-6.!2'&0+(%*.![-%!#'0!.*182-#'0!+&1%F*.('0!
%&!%01%!2.581-#'!bb!(%#!181-#'!bbb!&'!D-#&%*.&!#.!*%0%*D.!(%!#%G!'*F?&+2.!(%#!.*1N!XSSNS!/"N!E%!#.!
#+1%*.#+(.(! (%#! 5*%2%51'! 2'&01+1-2+'&.#! 0%! (%05*%&(%*8.! 2#.*.4%&1%! #.! (%Z+&+2+K&! F%&%*.#! (%#!
K*F.&'! G! #.! *%0%*D.! .! #.! #%G! '*F?&+2.! (%! -&'0! %#%4%&1'0! %05%28Z+2'0! *%#.2+'&.('0! 2'&! #.!
+&01+1-2+K&3! 5%*'! %&! &+&FM&! 4'4%&1'! 0%! 2'&1%45#.*8.3! &+! 0%! *%0%*D.*8.! .! #.! #%G! '*F?&+2.3! #.!
%01*-21-*.2+K&! (%1.##.(.! (%#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#N! $'*! %##'3! %&! %01%! 5-&1'! #.!
*%F-#.2+K&! %01.1-1.*+.! 0%! 0+1-.*8.! %&! #.! ='&.! (%! 5%&-4,*.! *%05%21'! .! #.0! *%0%*D.0!
2'&01+1-2+'&.#%0! .! #.0! [-%! #.0! .#%F.2+'&%0! .#-(+%*'&! .&1%*+'*4%&1%N! "0'! 0-5'&%3! 5.*.! %#!
$.*#.4%&1'3! [-%! #.! *%F-#.2+K&! (%#! /'&0%C'! (%! ;-01+2+.! (%! /.1.#-6.! %&! %#! "01.1-1'! 5'(*8.!
%&2'&1*.*! 0-! +&2.*(+&.2+K&! 2'&01+1-2+'&.#! %&! %#! .*1N! XRS! /"3! 5%*'! 5.*.! #.! %Z%21+D+(.(! (%! 0-0!
!
XQY
5*%D+0+'&%0!(%,%*?!.1%&(%*0%!.!#'![-%!%01.,#%=2.!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#3!G.![-%3!.#!
1*.1.*0%! (%! -&! ?4,+1'! 4.1%*+.#! 0+1-.('! %&! 1.#! ='&.! (%! 5%&-4,*.3! *%0-#1.! +45*%02+&(+,#%! #.!
2'&2'*(.&2+.! (%! .4,.0! &'*4.0! %&! %#! 0%&1+('! +&(+2.('! 5'*! %#! 5*'5+'! "01.1-1'! G! 0+&! [-%! #.!
*%4+0+K&!%01.1-1.*+.!.!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!(%,.!%&1%&(%*0%!2'4'!-&!4.&(.1'!.!
#.!4+04.N!U.!.#-0+K&!.!#.!#%G!'*F?&+2.!(%#!.*1N!XSSNS!/"!@.,*8.!(%!%&1%&(%*0%!.08!*%Z%*+(.!.!#.!
V*F?&+2.! (%#! $'(%*! ;-(+2+.#! 2+1.(.! %&! %#! .5.*1.('! +&4%(+.1.4%&1%! .&1%*+'*! G! 2'&! %##.! 0%!
1*.1.*8.!(%!%D+1.*!#.!*%(-&(.&2+.N!
!
"&!2-.&1'!.!#.!-&+(.(!(%!F',+%*&'!(%#!$'(%*!;-(+2+.#3!.#%F.!#.!/?4.*.![-%!&'!+45#+2.!
[-%!1'(.0!G!2.(.!-&.!(%!#.0!(%2+0+'&%0!%&!#.!4.1%*+.!(%,.&!0%*!.('51.(.0!&%2%0.*+.4%&1%!5'*!
%#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#3! 0+&'! M&+2.4%&1%! .[-<##.0! [-%! 0%.&! +45*%02+&(+,#%0!
5.*.! %D+1.*! (+Z%*%&2+.0! (%! %01.1-1'! %&1*%! -&'0! ;-%2%0! G! '1*'0! [-%! 5-%(.&! .Z%21.*! .! 0-!
+&(%5%&(%&2+.N!E%!.@8!0%!(%*+D.*8.![-%!%0!2'&01+1-2+'&.#4%&1%!2'45.1+,#%!2'&!#.!5*%0%&2+.!(%!
K*F.&'0! (%! (%2+0+K&! (%02'&2%&1*.('0! (%#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#3! 0+%45*%! G!
2-.&('!0%!.0%F-*%![-%!#.!.21-.2+K&!(%!#'0!4+04'0!&'!D.!.!0+F&+Z+2.*!.#1%*.2+'&%0!%&!2-.&1'!.!
#'0! 5*+&2+5+'0! (%#! %01.1-1'! C-(+2+.#N! "&! %#! .*1N! YO! %#! /'&0%C'! (%! ;-01+2+.! (%! /.1.#-6.! &'! 0%!
2'&Z+F-*.*8.!5*'5+.4%&1%!2'4'!-&!K*F.&'!4.1%*+.#4%&1%!(%2+0'*+'3!0+&'!2'4'!-&!K*F.&'!2'&!
Z-&2+'&%0! 5*+4'*(+.#4%&1%! (%! 5.*1+2+5.2+K&3! 5*'5-%01.! %! +&Z'*4%3! 2'4'! 0%! (%(-2+*8.! (%! 0-0!
(+D%*0'0!.5.*1.('0N!
!
H%05%21'!.!#.!2'45'0+2+K&!(%#!/'&0%C'!(%!;-01+2+.!(%!/.1.#-6.!i2'&1+&M.!%#!%02*+1'!
(%!.#%F.2+'&%0i3!%#!.*1N!YY!+&2#-G%!-&.0!5*%D+0+'&%0!0+&!1.2@.!(%!+&2'&01+1-2+'&.#+(.(3!2'&!#.!
5%*1+&%&1%! *%4+0+K&! .! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#3! .0%F-*.&('! 1.4,+<&! [-%! 0-!
*%F#.4%&1'!0%!.5*-%,%!(%!.2-%*('!2'&!#.!&'*4.1+D.!D+F%&1%N!L!%01%!*%05%21'!2.,*8.!*%2'*(.*!
[-%3! 2'&Z'*4%! .#! .*1N! ]]PNQ! UV$;3! %\+01%! G.! %&! %#! V*(%&.4+%&1'! -&.! 2'&%\+K&! %&1*%! %#!
$.*#.4%&1'! .-1'&K4+2'! G! %#! %C%*2+2+'! (%! Z-&2+'&%0! (%! F',+%*&'! (%#! $'(%*! ;-(+2+.#N! $'*! 0-!
5.*1%3!#.0!5*%D+0+'&%0!(%#!.*1N!XPP!*%#.1+D.0!.#!2'&1*'#!(%!#'0!.21'0!(%#!/'&0%C'!(%!;-01+2+.!(%!
/.1.#-6.!*%D%#.*8.&!%#!0'4%1+4+%&1'!(%!%01.!+&01+1-2+K&!.#!/'&0%C'!:%&%*.#!(%#!$'(%*!;-(+2+.#3!
.&1%![-+%&!0'&!*%2-**+,#%0!%&!.#=.(.!0-0!.21'0N!
!
$'*!M#1+4'3!0%!.#%F.![-%!#.!5*%D+0+K&!(%#!.*1N!YONX!%&!*%#.2+K&!2'&!#.!5'0+,+#+(.(!(%![-%!
#.0! #%G%0! (%#! $.*#.4%&1'! (%! /.1.#-6.! 5-%(.&! 2'&Z%*+*! .#F-&.0! .1*+,-2+'&%0! .#! /'&0%C'! (%!
;-01+2+.!(%!/.1.#-6.3!1*.1?&('0%!(%!-&!K*F.&'!(%02'&2%&1*.('!(%#!/'&0%C'!:%&%*.#!(%#!$'(%*!
!
XRP
;-(+2+.#3! +&2-%01+'&.,#%4%&1%! @.,*8.! (%! 2'45'*1.*! -&.! 5'0+1+D.! 2'&1*+,-2+K&! .! #.! -&+(.(! (%#!
$'(%*!;-(+2+.#N!
!
QTN!.c!"#!.*182-#'!XPX!gV5'0+2+'&%0!G!2'&2-*0'0c!0%*8.!+&2'&01+1-2+'&.#!%&!0-!.5.*1.('!
S!5'*!.1*+,-+*!.#!/'&0%C'!(%!;-01+2+.!(%!/.1.#-6.!#.!2'45%1%&2+.!5.*.!2'&D'2.*!2'&2-*0'0!(%!
5*'D+0+K&! (%! 5#.=.0! D.2.&1%0! (%! ;-%2%0! G! 7.F+01*.('0! %&! /.1.#-6.3! 4.1%*+.! *%0%*D.(.!
1%*4+&.&1%4%&1%!.!#.!#%G!'*F?&+2.!5'*!%#!.*1N!XSSNS!/"!G![-%!%0!5*'5+.!(%#!/'&0%C'!:%&%*.#!
(%#!$'(%*!;-(+2+.#!0%FM&!0%!(%05*%&(%!(%#!4+04'!.*1N!XSSNS!/"N!$'(*8.!(%2+*0%![-%!%#!/'&0%C'!
(%!;-01+2+.!%C%*2%*?!%0.!2'45%1%&2+.!%&!1.&1'![-%!K*F.&'!(%02'&2%&1*.('!(%#!/'&0%C'!:%&%*.#e!
5%*'3! .(%4?0! (%! &'! 0%*! 1.#! 2'0.3! 0%FM&! 0%! @.! (+2@'3! %#! "01.1-1'! %01.*8.! (%1%*4+&.&('! [-<!
K*F.&'!(%#!/'&0%C'!:%&%*.#!(%,%!%C%*2%*!#.0!2'45%1%&2+.0![-%!#%!*%0%*D.!%#!.*1N!XSSNS!/"N!f!
%##'3! %&! 1'('! 2.0'3! *'45+%&('! #.! -&+(.(! (%! F',+%*&'! (%#! $'(%*! ;-(+2+.#3! +&2+(+%&('! %&! -&.!
4.1%*+.!%&!1'('!2.0'!0-,0-4+,#%!%&!%#!.*1N!XQYNXNR!/"3!G.![-%!%&1*.!(%!##%&'!%&!%#!2'&2%51'!
4?0!%01*+21'!(%!L(4+&+01*.2+K&!(%!C-01+2+.N!
!
$'*! #'! (%4?03! %0.! 2'&D'2.1'*+.! 0%*8.! +&2'45.1+,#%! 2'&! #.! %\+01%&2+.! (%! -&! /-%*5'!
M&+2'! (%! ;-%2%0! G! 7.F+01*.('0! (%! 2.**%*.! g.*1N! XSSNX! /"c3! [-%! *%[-+%*%! -&.! *%F-#.2+K&!
-&+Z'*4%!G!*%05%21'!(%#!2-.#!#.0!Z-&2+'&%0!%C%2-1+D.0!@.&!(%!*%0%*D.*0%!.!K*F.&'0!&.2+'&.#%0N!
E%!&-%D'3!&.(.!0%!0.#D.*8.!2'&!#.!2#?-0-#.!`%&!#'0!1<*4+&'0!%01.,#%2+('0!%&!#.!U%G!V*F?&+2.!
(%#! $'(%*! ;-(+2+.#a3! 5-%0! #.! 2'45%1%&2+.! 0%! .1*+,-G%! 0+&! &+&FM&! 2'&(+2+'&.4+%&1'! G! 0K#'! 0%!
(%C.!.!#.!U%G!V*F?&+2.![-%!*%F-#%!%#!2'&1%&+('!G!#'0!*%[-+0+1'0!(%!#.0!2'&D'2.1'*+.0N!
!
"&!'5+&+K&!(%!#'0!.21'*%03!%0!+&2*%8,#%![-%!%#!.5.*1.('!]!(%#!.*1N!XPX!(+F.!.,+%*1.4%&1%!
*%F-#.*!-&!.05%21'!(%!`#.0!5*-%,.0!(%!#'0!2'&2-*0'0!G!#.0!'5'0+2+'&%0!*%F-#.('0!%&!%#!5*%0%&1%!
.*182-#'a! 5'*! %#! 4%*'! @%2@'! (%! [-%! 0%! 2%#%,*%&! %&! /.1.#-6.N! q-%! %&! %0.0! 5*-%,.0! 0%! 5-%(.!
-1+#+=.*! `.! %#%22+K&! (%#! 2.&(+(.1'a! 2-.#[-+%*.! (%! #.0! #%&F-.0! 'Z+2+.#%0! %&! -&.! /'4-&+(.(!
L-1K&'4.!&'!5'(*8.!(%5%&(%*!(%!#.!/'4-&+(.(!L-1K&'4.!%&!#.![-%!0%!2%#%,*%&3!&+!(%!#'![-%!
(+F.! -&! "01.1-1'N! "#! 5*%2%51'! *%F-#.*8.! -&! .05%21'! 5*'5+'! (%! #.! #%F+0#.2+K&! 0',*%!
L(4+&+01*.2+K&!(%!C-01+2+.!*%0%*D.(.!.#!"01.('!%&!%#!.*1N!XQYNXNR!/"N!
!
,c! L(D+%*1%! %#! L,'F.('! (%#! "01.('! (%! [-%! %#! .*1N! XPX! @.! 0+('! *%2-**+('! %&! 0-0! ('0!
5*+4%*'0! .5.*1.('03! 5%*'! [-%! #.! (%4.&(.! 5*%1%&(%! *.='&.*! #.! +&2'&01+1-2+'&.#+(.(! (%! #'0!
.5.*1.('0!S!G!]3!%01%!M#1+4'!&'!+45-F&.('3!0+&![-%!%\+01.!*.='&.4+%&1'!.#F-&'!*%05%21'!(%#!
.5.*1.('!XN!
!
XRX
!
"#! .5.*1.('! S! .1*+,-G%! .#! /'&0%C'! (%! ;-01+2+.! #.! 2'&D'2.1'*+.! (%! #'0! 2'&2-*0'0! 5.*.!
2-,*+*! 5#.=.0! D.2.&1%0! (%! ;-%2%0! G! 7.F+01*.('0! %&! /.1.#-6.3! 5%*'! %&! #'0! `1<*4+&'0!
%01.,#%2+('0a! %&! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#3! [-%! %&! #.! .21-.#+(.(! Z.2-#1.! .! #.0!
/'4-&+(.(%0! L-1K&'4.0! 2'&! 2'45%1%&2+.! %&! #.! 4.1%*+.! 5.*.! +&01.*! #.! 2'&D'2.1'*+.! (%!
'5'0+2+'&%03! 2'&2-*0'0! G! 5*-%,.0! 0%#%21+D.0! 5.*.! #.! 2',%*1-*.! (%! D.2.&1%0! (%! #.! 2.**%*.!
C-(+2+.#3!(%#!0%2*%1.*+.('!G!(%#!*%01'!(%#!5%*0'&.#!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.!
[-%! %\+01.&! %&! 0-! ?4,+1'! 1%**+1'*+.#! g.*10N! ]PXN_! G! ]XR! UV$;cN! "01'! %03! #.! 2'45%1%&2+.! 5.*.!
2'&D'2.*! 2'&2-*0'0! [-%(.! 5%&(+%&1%! (%! [-%! #.! U%G! V*F?&+2.! #'! 5%*4+1.3! .2%51.&('!
(%02'&2%&1*.*!%&!#'0!/'&0%C'0!(%!;-01+2+.!%01.!Z-&2+K&3!2#.*.4%&1%!+&2#-+(.!%&!#.!2'45%1%&2+.!
%\2#-0+D.!(%#!"01.('N!
!
L-&[-%! %#! .5.*1.('! ]! &'! @.! 0+('! *%2-**+('3! .#%F.! %#! L,'F.('! (%#! "01.('! [-%! #.!
*%F-#.2+K&!(%!#.!#%&F-.!%&!#'0!5*'2%(+4+%&1'0!0%#%21+D'0!(%!;-%2%0!G!7.F+01*.('0!2'**%05'&(%!
.#! "01.('3! 0+&! 5%*C-+2+'! (%! #.! 2'45%1%&2+.! .-1'&K4+2.! 5.*.! *%F-#.*! %#! .#2.&2%! (%! #.!
2''Z+2+.#+(.(3!5'*!#'![-%!%#!5*%2%51'!.&.#+=.('![-%(.!0-5%(+1.('!.!#'![-%!5-%(.!(+05'&%*!#.!
U%G! V*F?&+2.! 0',*%! %#! #-F.*! (%! 2%#%,*.2+K&! (%! #.0! 5*-%,.0! G! 0',*%! #.! #%&F-.! '! #%&F-.0! [-%!
5-%(.&!-0.*!#'0!2.&(+(.1'0N!$'*!M#1+4'3!*%01*+&F+%&('!%#!.*1N!XPXN]!0-!.5#+2.2+K&!.!/.1.#-6.3!
*%0-#1.*8.!2'&F*-%&1%!2'&!%#!2.*?21%*!1%**+1'*+.#!(%!#.!2''Z+2+.#+(.(N!
!
2c! /'&! *%05%21'! .#! .*1N! XPXNS! 0%6.#.! #.! *%5*%0%&1.2+K&! (%#! :',+%*&'! (%! #.! :%&%*.#+1.1!
[-%!(%#!.*1N!XSSNS!/"!&'!0%!(%(-2%!+&0'0#.G.,#%4%&1%![-%!%#!K*F.&'![-%!@.G.!(%!2'&D'2.*!#'0!
2'&2-*0'0! (%,.! 0%*! %#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#N! U'! (+05-%01'! %&! %#! 5*%2%51'!
%01.1-1.*+'!0%*8.!2'@%*%&1%!2'&!#.!5*%D+0+K&!(%!-&!K*F.&'!(%02'&2%&1*.('!(%#!/'&0%C'!:%&%*.#3!
5-%0! 1*.1?&('0%! (%! #.! 5*'D+0+K&! (%! D.2.&1%0! (%! ;-%2%0! G! 7.F+01*.('0! %&! %#! 1%**+1'*+'!
.-1'&K4+2'!(%,%!0%*!%0%!K*F.&'!(%02'&2%&1*.('! iG3!%&!2-.&1'!1.#3!0-,'*(+&.('!.#!/'&0%C'!
:%&%*.#i![-+%&!##%D%!.!2.,'!#.!%C%2-2+K&!4.1%*+.#!(%!#.!2'&D'2.1'*+.!5.*.!2-,*+*!#.0!5#.=.0N!
"01.!.21-.2+K&!&'!0%*8.!+&2'45.1+,#%!2'&!#.!+&1%F*.2+K&!(%!;-%2%0!G!7.F+01*.('0!%&!-&!2-%*5'!
M&+2'3! 4?\+4%! 5'*[-%! (%#! .*1N! XPXN]! 0%! (%05*%&(%! [-%! #.0! 5*-%,.0! 5-%(%&! 2%#%,*.*0%! %&!
2-.#[-+%*!5.*1%!(%#!1%**+1'*+'!&.2+'&.#N!
!
$'*! #'! [-%! @.2%! .! %01%! .*1N! XPXN]3! 0%! .5-&1.! 0-! 2'@%*%&2+.! 2'&! %#! .*1N! T! (%#! "01.1-1'3!
0+%&('!-&!*%Z#%C'!(%#!*<F+4%&!(%!2''Z+2+.#+(.(!#+&Fj801+2.N!L!%##'!0%!.6.(%![-%!.21-.#4%&1%!0%!
D.#'*.!%#!2'&'2+4+%&1'!(%!#.!#%&F-.!2.1.#.&.!G!(%#!E%*%2@'!5*'5+'!5.*.!%#!.22%0'!.!#.0!5#.=.0!
!
XRS
(%!;-%2%0!G!7.F+01*.('0!%&!/.1.#-6.3!2+*2-&01.&2+.![-%!G.!(%1%*4+&.*8.!(%!5'*!08!#.!&%2%0+(.(!
(%!-&.!2'&2*%1.!2'45'0+2+K&!(%!#'0!K*F.&'0![-%!*%0-%#D%&!#'0!2'&2-*0'0N!>%!@.2%!2'&01.*3!5'*!
'1*'!#.('3![-%!%#!.*1N!XPXN]!&'!Z+F-*.!%&1*%!#'0!5*%2%51'0!5.*.!#'0![-%!0%!+&1%*%0.!#.!(%2#.*.2+K&!
(%!+&2'&01+1-2+'&.#+(.(!%&!%#!0-5#+2'!(%#!*%2-*0'N!
!
(c! "#! $.*#.4%&1'! (%! /.1.#-6.! .#%F.! [-%! %#! 5*%2%51'! 1*.1.! %\2#-0+D.4%&1%! (%! #.!
2'&D'2.1'*+.3!0+&!.#-(+*!%&!&.(.!.!#'0!2*+1%*+'0![-%!(%,.&!5*%0+(+*!#'0!2'&2-*0'0N!L!#.!D+01.!(%!
#.!#+1%*.#+(.(!(%#!XSSNS!/"3!%01.!5*%D+0+K&!&'!*%0-#1.*8.!+&2'&01+1-2+'&.#!&+!+&2'45.1+,#%!2'&!#.!
+&1%F*.2+K&! (%! ;-%2%0! G! 7.F+01*.('0! %&! -&! 2-%*5'! M&+2'3! G.! [-%! %#! @%2@'! (%! [-%! #.!
2'&D'2.1'*+.! #.! ##%D%! .! 2.,'! %#! /'&0%C'! (%! ;-01+2+.! (%! /.1.#-6.! &'! +45#+2.! %&! &+&FM&! 2.0'!
2'&&'1.2+K&! %\2#-G%&1%! .#F-&.3! 4?\+4%! 0+! 0%! 1+%&%! %&! 2-%&1.! [-%! #.0! 5*-%,.0! '5'*1-&.0!
5-%(%&!1%&%*!#-F.*!%&!2-.#[-+%*!5.*1%!(%#!1%**+1'*+'!&.2+'&.#N!"&!2-.&1'!.!#.!5'0+,+#+(.(!(%![-%!
#'0!2'&2-*0'0!G!'5'0+2+'&%0![-%!0%!2%#%,*%&!%&!/.1.#-6.!5-%(.&!*%.#+=.*0%!%&!2-.#[-+%*.!(%!
#.0!('0!#%&F-.0!'Z+2+.#%03!%##'!0%*8.!5#%&.4%&1%!2'@%*%&1%!2'&!#.!2''Z+2+.#+(.(!%01.,#%2+(.!%&!
%#!.*1N!T!(%#!"01.1-1'N!
!
Q_N!.c!"#!.*182-#'!XPS3!,.C'!%#!181-#'!`E%#!5%*0'&.#!C-(+2+.#!G!(%#!*%01'!(%#!5%*0'&.#!.#!
0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.!%&!/.1.#-6.a3!*%F-#.3!%&!*%.#+(.(3!%&!'5+&+K&!(%!#'0!
*%2-**%&1%03! 0-! 2'&'2+4+%&1'! (%#! 2.1.#?&! G! (%#! E%*%2@'! (%! %0.! /'4-&+(.(! L-1K&'4.N! U'0!
.5.*1.('0!X3!S!G!]!D+%&%&!.!(+05'&%*3!0+&!(%2+*#'!%\5*%0.4%&1%3![-%!5.*.!'2-5.*!-&.!5#.=.!(%!
;-%=3! 7.F+01*.('! '! ^+02.#! %&! /.1.#-6.! %0! *%[-+0+1'! +45*%02+&(+,#%! .2*%(+1.*! %0'0!
2'&'2+4+%&1'0N!k.(.!2.4,+.*8.!2'&!#.!ZK*4-#.!`%&!#.!Z'*4.!G!2'&!%#!.#2.&2%![-%!(%1%*4+&%!#.!
#%Ga!-1+#+=.(.!5'*!#'0!.5.*1.('0!X!G!S!!G![-%!5.*.!#'0!*%2-**%&1%0! 5.*%2%![-%!@.,*8.! (%! 0%*!
-&.!#%G!.-1'&K4+2.!3!5-%0!%0.!#%G!&'!5'(*?!5*%02+&(+*!(%!%0%!*%[-+0+1'!+&(+05%&0.,#%3! 0+&'!
0K#'!(+05'&%*!#.!4.&%*.!%&![-%!@.,*?!(%!.2*%(+1.*0%!%#!2'&'2+4+%&1'!(%#!2.1.#?&!G!(%#!E%*%2@'!
(%! #.! /'4-&+(.(! L-1K&'4.N! ).45'2'! 2.4,+.*8.! #.0! 2'0.0! %#! .5.*1.('! ]3! [-%! 5.*%2%!
2'&1*.(%2+*! .! #'0! ('0! .&1%*+'*%0! .#! *%2'F%*! 2'4'! 4<*+1'! #'! [-%! .[-<##'0! %01.,#%2%&! 2'4'!
*%[-+0+1'!G![-%!5.*%2%!5%&0.('!5.*.!%#!2.0'!(%!0-!5'0+,#%!(%2#.*.2+K&!(%!+&2'&01+1-2+'&.#+(.(N!
>%.!2'4'!Z-%*%3!#'0!*%2-**%&1%0!0'01+%&%&![-%!%0.!(%2#.*.2+K&!%0!',#+F.(.!%&!#.!4%(+(.!%&![-%!
0%! *'45%! #.! -&+(.(! (%#! 2-%*5'! M&+2'! (%! ;-%2%0! G! 7.F+01*.('0! g.*1N! XSSNX! /"c! G! 0%! *%F-#.&!
4.1%*+.0![-%!0K#'!5-%(%&!0%*!',C%1'!(%!#%G%0!%01.1.#%03!0%.!#.!V*F?&+2.!(%#!$'(%*!;-(+2+.#!g.*1N!
XSSNX! /"c3! #.! [-%! *%F-#%! %#! %01.1-1'! (%#! 7+&+01%*+'! 5M,#+2'! g.*1N! XSQN]! /"c! -! '1*.0! [-%! #.0!
2'45#%1%&!G![-%!%&!1'('!2.0'3!5'*!.Z%21.*!.#!&M2#%'!%0%&2+.#!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.3!
2'**%05'&(%!(+21.*!.#!"01.('!g.*1N!XRYNXNR!/"cN!
!
XR]
!
"#!.5.*1.('!Q!(%#!.*1N!XPS!%01.,#%2%!2'4'!*%[-+0+1'!(%!.51+1-(!'!2.5.2+(.(!(%#!5%*0'&.#!
.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.!G!(%!#.!^+02.#8.!%&!/.1.#-6.!%#!2'&'2+4+%&1'!(%!#.0!
('0!#%&F-.03!#'![-%!%0!2'&1*.*+'!.!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#!g5'*!1'(.03!>)/!QTWXYYX3!(%!
SO!(%!Z%,*%*'cN!"&!1'('!2.0'3!#'0!*%2-**%&1%0!.Z+*4.&![-%!0%!+&D.(%!#.!*%0%*D.!(%#!.*1N!XSSNX!
/"! 5'*! .Z%21.*! .#! %01.1-1'! C-*8(+2'! (%#! 5%*0'&.#! .#! 0%*D+2+'! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.3!
2'&Z+F-*.('! %&! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#! %&! 2-%*5'0! &.2+'&.#%0e! 1'('! #'! 2-.#! %0!
%\1%&0+D'!.#!5%*0'&.#!.#!0%*D+2+'!(%!#.!^+02.#8.3!5'*!+&Z*.22+K&!(%#!.*1N!XSQ!/"!G!XQYNXNR!/"N!
)*.0!*%0-4+*!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#!%&!#.!4.1%*+.3!#'0!(%4.&(.&1%0!0%!(%1+%&%&!%&!#.!
>)/!SR]WSPPR3!(%!XX!(%!'21-,*%3![-%!+&0+01%!%&!%#!5*+&2+5+'!(%![-%!%#!2'&'2+4+%&1'!(%!-&.!
#%&F-.! 2''Z+2+.#! 0K#'! 5-%(%! 0%*! -&! 4<*+1'! G! [-%! @.! (%! %D.#-.*0%! 2'&! .**%F#'! .#! 5*+&2+5+'! (%!
5*'5'*2+'&.#+(.(N!
!
,c!/'+&2+(%!%#!L,'F.('!(%#!"01.('!2'&!#'0!*%2-**%&1%0!%&![-%!(%,%&!.&.#+=.*0%!5'*!-&!
#.('!#'0!1*%0!5*+4%*'0!.5.*1.('0!(%#!.*1N!XPS!G3!5'*!'1*'3!%#!.5.*1.('!QN!"&!2-.&1'!.#!.5.*1.('!]3!
.(-2%![-%!%#!.*1N!XXPNS!@c!UV$;!2.#+Z+2.!%#!2'&'2+4+%&1'!(%!#.!#%&F-.!G!(%*%2@'!5*'5+'0!2'4'!
4<*+1'! 5*%Z%*%&1%! %&! #.! 5*'D+0+K&! (%! 5#.=.0! C-(+2+.#%0! %&! %#! 1%**+1'*+'! (%! #.! /'4-&+(.(!
*%05%21+D.!G!.1*+,-G%!0-!*%F#.4%&1.2+K&!.#!/'&0%C'!:%&%*.#!(%#!$'(%*!;-(+2+.#N!$'*!0-!5.*1%3!%#!
"01.1-1'! (%#! 7+&+01%*+'! ^+02.#! &.(.! (+2%! 5'*! %#! 4'4%&1'! %&! %01%! 0%&1+('3! (%! 4.&%*.! [-%! #.!
%\+F%&2+.!(%!%01%!.5.*1.('!*%05%21'!.!#'0!^+02.#%0![-%(.*8.!5%&(+%&1%!(%![-%!.08!#'!%01.,#%=2.!
.[-%##.! #%G! %01.1.#N! U'0! .5.*1.('0! X! G! S! %\+F%&! #.! .2*%(+1.2+K&! (%! -&! &+D%#! (%! 2'&'2+4+%&1'!
0-Z+2+%&1%! (%#! 2.1.#?&! G! (%#! E%*%2@'! 5*'5+'! (%! #.! /'4-&+(.(! .! #'0! 7.F+01*.('03! ;-%2%0! G!
^+02.#%0![-%!'2-5%&!-&.!5#.=.!%&!/.1.#-6.3!G!%##'!%&!#.!Z'*4.!G!2'&!%#!.#2.&2%![-%!(%1%*4+&%!
#.! #%G3! [-%! 0K#'! 5-%(%! 0%*! #.! V*F?&+2.! (%#! $'(%*! ;-(+2+.#3! 5-%03! 0%FM&! #.! 1%0+0! (%! #.! (',#%!
@.,+#+1.2+K&3! [-%(.&! *%4+1+(.0! .! %0.! U%G! #.! (%1%*4+&.2+K&! 4+04.! (%#! &+D%#! G! #.! Z'*4.! (%!
.2*%(+1.*! %#! 2'&'2+4+%&1'N! "&! 2-.#[-+%*! 2.0'3! #.! %\+F%&2+.! 0K#'! 1%&(*?! %Z%21+D+(.(! %&! #.0!
2'&(+2+'&%03! 2'&! #'0! 5#.='0! (%! .(.51.2+K&! G! 4%(+.&1%! #.0! 4'(.#+(.(%0! (%! .2*%(+1.2+K&! [-%!
%01.,#%=2.&! #.! U%G! V*F?&+2.! '! %#! "01.1-1'! (%#! 7+&+01%*+'! ^+02.#3! 0%FM&! #.! ('21*+&.!
2'&01+1-2+'&.#!(+4.&.&1%!(%!#.0!>>)/!RTWXYYP3!(%!SY!(%!4.*='3!^;!QPe!G!S_PWSPPT3!(%!X]!(%!
0%51+%4,*%3!^;!XX!2cN!
!
"&!2-.&1'!.#!.5.*1.('!Q3!0%!*%2-%*(.!5'*!%#!L,'F.('!(%#!"01.('![-%!G.!#.!D+F%&1%!U%G!
V*F?&+2.! (%#! $'(%*! ;-(+2+.#! g.*10N! RSXNQN]! G! R]Pc! 5*%D<! [-%! #.0! *%#.2+'&%0! (%! 5-%01'0! (%!
1*.,.C'!(%!#.0!'Z+2+&.0!C-(+2+.#%0!5'(*?&!2'&1%&%*!#.!%\+F%&2+.!(%#!2'&'2+4+%&1'!'*.#!'!%02*+1'!
!
XRQ
(%!#.!#%&F-.!'Z+2+.#!5*'5+.!(%!#.!/'4-&+(.(!L-1K&'4.N!$.*1+2-#.*4%&1%!%\5*%0+D'!0%*8.!%#!.*1N!
R]P! UV$;3! .#! %01.,#%2%*! [-%3! %&! (%1%*4+&.('0! 5-%01'03! %#! 2'&'2+4+%&1'! '*.#! G! %02*+1'! (%! #.!
#%&F-.!'Z+2+.#!`5'(*?!2'&0+(%*.*0%!*%[-+0+1'!%\+F+,#%!5.*.!%#!.22%0'!.!#'0!4+04'03!2-.&('!(%!#.!
&.1-*.#%=.!(%!#.0!Z-&2+'&%0!.!(%0%45%6.*!0%!(%*+D%!(+2@.!%\+F%&2+.!G!.08!0%!%01.,#%=2.!%&!#.0!
*%#.2+'&%0! (%! 5-%01'! (%! 1*.,.C'aN! $'*! 2'&0+F-+%&1%3! %#! .5.*1.('! Q! (%#! .*1N! XPS! (%,%*8.!
%&1%&(%*0%! %&! 2'&2'*(.&2+.! 2'&! #'0! 5*%2%51'0! (%!#.! U%G! V*F?&+2.! '! 2'&! #'! [-%! %&! %#! Z-1-*'!
5-%(.!(+05'&%*0%!%&!%01.!4.1%*+.N!
!
2c! L-&[-%! %#! 5*%2%51'! 2'&1+%&%! -&! 1*.1.4+%&1'! 2'&C-&1'! (%! 1'('0! #'0! 2'#%21+D'0! (%!
5%*0'&.#!D+&2-#.('0!.!#.!L(4+&+01*.2+K&!(%!C-01+2+.3!%&!#.!4%(+(.!%&![-%!.!1'('0!%##'0!.Z%21.!%#!
*<F+4%&! (%! 2''Z+2+.#+(.(! #+&Fj801+2.3! 0%6.#.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! (%! /.1.#-6.! #.0!
(+Z%*%&2+.0!%\+01%&1%0!%&1*%!%#!5%*0'&.#!C-(+2+.#!G!Z+02.#!G!%#!*%01'!(%#!5%*0'&.#!.#!0%*D+2+'!(%!#.!
L(4+&+01*.2+K&! (%! C-01+2+.N! "&! *%#.2+K&! 2'&! %01%! M#1+4'! 2'#%21+D'! *%2-%*(.! [-%! #.0!
/'4-&+(.(%0! L-1K&'4.0! 5-%(%&! .0-4+*! 2'45%1%&2+.03! 4+%&1*.0! [-%! 5'*! *%Z%*%&2+.! .#!
5*+4%*'! .5-&1.! [-%! %#! 1*.1.4+%&1'! (%#! *<F+4%&! #+&Fj801+2'! (%#! 5%*0'&.#! C-(+2+.#! G! Z+02.#! &'!
0%*8.! 2'&1*.*+'! .! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#! G! 1'4.!2'4'! 5-&1'! (%! 5.*1+(.! #.! /.*1.!
"-*'5%.!(%!#.0!U%&F-.0!H%F+'&.#%0!'!7+&'*+1.*+.0N!
!
$'*!'1*'!#.('3!0%6.#.!%#!"C%2-1+D'!-&!%**'*!%&!#.!+&1%*5*%1.2+K&!(%#!5*%2%51'!%01.1-1.*+'!
%&! %#! [-%! +&2-**+*8.&! #'0! E+5-1.('0! *%2-**%&1%03! 5-%01'! [-%! 4+%&1*.0! #'0! .5.*1.('0! X! G! S! 0%!
*%Z+%*%&! .#! 5%*0'&.#! C-(+2+.#! G! Z+02.#! [-%! G.! '2-5.! %Z%21+D.4%&1%! 5#.=.! %&! K*F.&'0!
C-*+0(+22+'&.#%0! *.(+2.('0! %&! /.1.#-6.3! %#! .5.*1.('! ]! .#-(%! .! #'0! ;-%2%03! 7.F+01*.('0! G!
^+02.#%0! [-%! .05+*%&! .! '2-5.*#.0N! >%*8.! %D+(%&1%3! %&! %01%! 2'&1%\1'3! [-%! %#! .5.*1.('! ]! &'!
+&1*'(-2%!&'D%(.(!.#F-&.!5'*!2'45.*.2+K&!2'&!#'![-%!0%!D%&8.!@.2+%&('!@.01.!#.!Z%2@.!G![-%!
(+Z82+#4%&1%! 0%! 5-%(%! 2-%01+'&.*! [-%! #.! &'*4.! +&01+1-2+'&.#! ,?0+2.! (%! -&.! /'4-&+(.(!
L-1K&'4.! 5-%(.! #%F81+4.4%&1%! (%1%*4+&.*! 2-?#! @.! (%! 0%*! %#! *%Z#%C'3! .! &+D%#! .(4+&+01*.1+D'3!
(%#!*<F+4%&!(%!2''Z+2+.#+(.(!#+&Fj801+2.!%&!%##.!%01.,#%2+('N!h&!&+D%#!.#![-%!&'!0%*8.!.C%&.!#.!
L(4+&+01*.2+K&! (%! C-01+2+.3! 2'&! +&(%5%&(%&2+.! (%#! *<F+4%&! (%! (+01*+,-2+K&! (%! 2'45%1%&2+.0!
%&! #.! 4.1%*+.3! 1.#! G! 2'4'! @.,*8.! D%&+('! .! *%2'&'2%*! %#! )*+,-&.#! /'&01+1-2+'&.#! g.083! >)/!
_QWXYOY3!(%!SQ!(%!.,*+#cN!k'!0%*8.!2'@%*%&1%![-%!0%!D.#'*.*.!%#!2'&'2+4+%&1'!(%!#.!#%&F-.!G!%#!
E%*%2@'! 5*'5+'! (%! #'0! .05+*.&1%0! .! 2-,*+*! 5#.=.0! *.(+2.(.0! %&! /.1.#-6.! G! &'! 0%! @+2+%*.! #'!
5*'5+'!2'&![-+%&%0!G.!#.0!'2-5.&N!
!
!
XRR
"&! 2-.#[-+%*! 2.0'3! .#%F.! %#! :',+%*&'! (%! #.! :%&%*.#+1.13! #.0! 5*%D+0+'&%0! (%! %01'0!
.5.*1.('0! &'! 2'&01+1-G%&! *%F-#.2+K&! (%#! %01.1-1'! (%#! 5%*0'&.#! C-(+2+.#! '! Z+02.#3! 4.1%*+.0!
*%0%*D.(.0!.!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!G!.!#.!#%GN!E+2@'0!.5.*1.('0!0%!#+4+1.*8.&!.!
*%Z#%C.*!%#!*<F+4%&!(%!2''Z+2+.#+(.(!#+&Fj801+2.!%&!%0'0!2'#%21+D'03!%&!1.&1'!%&!2-.&1'!%C%*2%&!
0-0! Z-&2+'&%0! %&! /.1.#-6.3! 2-G'0! 2+-(.(.&'0! 1+%&%&! %#! (%*%2@'! (%! '52+K&! #+&Fj801+2.! %&! 0-0!
*%#.2+'&%0!2'&!#.!L(4+&+01*.2+K&!(%!C-01+2+.!G!2'&!%#!7+&+01%*+'!^+02.#!g.*1N!]]!"L/cN!"0!4?03!
#.! (%1%*4+&.2+K&! (%! 2K4'! 0%! .2*%(+1%! %#! 2'&'2+4+%&1'! 0-Z+2+%&1%! (%! #.! #%&F-.! G! %#! E%*%2@'!
5*'5+'!(%!/.1.#-6.!5'*![-+%&%0!G.!'2-5.&!5#.=.0!%&!#.!/'4-&+(.(!L-1K&'4.!%0!-&.!2-%01+K&!
[-%!%#!"01.1-1'!&'!*%F-#.3!*%4+1+<&('0%!%&!%01%!5-&1'!.!#.!#%GN!f3!Z*%&1%!.!#'!0'01%&+('!5'*!#'0!
*%2-**%&1%0!2'&!-&.!.*F-4%&1.2+K&!(%!2.*?21%*!5-*.4%&1%!5*%D%&1+D'3!&.(.!+45%(+*8.!%&1%&(%*!
[-%! %01.0! *%4+0+'&%0! #'! 0'&! .! #.! U%G! V*F?&+2.! (%#!$'(%*!;-(+2+.#!G!.#!"01.1-1'!'*F?&+2'! (%#!
7+&+01%*+'!^+02.#N!V,D+.4%&1%3!1.45'2'!%#!.5.*1.('!]!*%F-#.!#.!D.#'*.2+K&!(%#!2'&'2+4+%&1'!
(%!#.!#%&F-.!G!%#!E%*%2@'!5*'5+'!(%!/.1.#-6.!%&!#'0!2'&2-*0'0!(%!1*.0#.('3!0+&'![-%!0K#'!%01?!
%Z%21-.&('!%#!4+04'!%C%*2+2+'![-%!#'0!('0!.5.*1.('0!.&1%*+'*%03!0%6.#?&('0%!.#!*%05%21'![-%!#.!
5*%D+0+K&! (%#! .*1N! XPSN]! 0%! +&Z%*8.! G.! (%! #'! (+05-%01'! %&! %#! "01.1-1'! (%! XY_Y! G! 0-!
2'&01+1-2+'&.#+(.(!D%&(*8.!*%05.#(.(.!5'*!#.!('21*+&.!*%2'F+(.!%&!#.!>)/!RTWXYYP3!(%!SY!(%!
4.*='3!^;!QTN!
!
/'&! *%05%21'! .#! .*1N! XPSNQ3! 0-,*.G.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! %#! 5%*0'&.#! .#!
0%*D+2+'! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.! 0%! +&2.*(+&.! %&! -&! ?4,+1'! (%! 5'0+,#%! .21-.2+K&!
.-1'&K4+2.3! 2'4'! %0! #.! `.(4+&+01*.2+K&! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.aN! "&! 2-.&1'! .! #.!
%\+F%&2+.!(%!-&!2'&'2+4+%&1'!.(%2-.('!G!0-Z+2+%&1%!(%!#.0!('0!#%&F-.0!'Z+2+.#%0!%&!/.1.#-6.3!
%&1+%&(%![-%!&'!0%![-+%,*.!#.!5*'5'*2+'&.#+(.(!%&1*%!%#!*%[-+0+1'!G!%#!Z+&![-%!0%!5%*0+F-%3!0+&!
[-%! 5-%(.! 0-02*+,+*0%! #.! .Z+*4.2+K&! (%! [-%! %#! 2'&'2+4+%&1'! (%#! 2.1.#?&! %\+F+('! &'! 1+%&%!
*%#.2+K&! .#F-&.! 2'&! #.! 2.5.2+(.(! *%[-%*+(.! 5.*.! (%0%45%6.*! #.! Z-&2+K&! (%#! 5%*0'&.#! .#!
0%*D+2+'! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.3! 5'*[-%3! %&1*%! 0-0! Z-&2+'&%03! 0%! %&2-%&1*.! #.! (%!
F.*.&1+=.*! [-%! #'0! 2+-(.(.&'0! (%! /.1.#-6.! 5-%(.&! .22%(%*! G! ',1%&%*! 0.1+0Z.22+K&! (%! #.!
L(4+&+01*.2+K&! (%! C-01+2+.! %&! #.! #%&F-.! 2''Z+2+.#! [-%! %#+C.&N! "&! 2'&2#-0+K&3! %#! "01.1-1'! &'!
*%F-#.*8.!%#!-0'!(%!#.!#%&F-.!%&!#.!L(4+&+01*.2+K&!(%!C-01+2+.3!0+&'![-%!0%!#+4+1.*8.!.!5*%D%*!#.!
&%2%0+(.(! (%! [-%! #'0! 2'#%21+D'0! (%! 5%*0'&.#! D+&2-#.('0! .! #.! 4+04.! 1%&F.&! -&! 2'&'2+4+%&1'!
0-Z+2+%&1%! (%! #.! #%&F-.! 5*'5+.! (%! /.1.#-6.! 5.*.! F.*.&1+=.*! #'0! (%*%2@'0! #+&Fj801+2'0! (%! #'0!
2+-(.(.&'0!2.1.#.&%0N!
!
!
XRT
(c! "#! $.*#.4%&1'! (%! /.1.#-6.! 0'01+%&%! [-%! 5.*.! *%2@.=.*! #.! +45-1.2+K&! (%!
+&2'&01+1-2+'&.#+(.(! 2'&1*.! %#! .*1N! XPS! D.#%&! #'0! *.='&.4+%&1'0! G.! %\5-%01'0! .#! %\.4+&.*! #.!
2'&01+1-2+'&.#+(.(!(%#!.*1N!]]N]!g.&1%2%(%&1%!]ScN!"#!5*%2%51'!0%!*%4+1%!.!#.!#%G!(%#!#%F+0#.('*!
2'45%1%&1%! 5.*.! (%1%*4+&.*! #.! .2*%(+1.2+K&! (%#! 2'&'2+4+%&1'! (%#! 2.1.#?&3! *%05%1.&('! .08! #'!
(+05-%01'! %&! #.! >)/! S_PWSPPT3! (%! X]! (%! 0%51+%4,*%3! ^;! XX3! [-%! &'! @.! 2'&0+(%*.('! .! #'0!
4+%4,*'0! (%#! $'(%*! ;-(+2+.#! .#! 4.*F%&! (%! #.0! 4%(+(.0! (%! &'*4.#+=.2+K&! #+&Fj801+2.3!
%&1%&(+%&('3!%0'!083![-%!2'**%05'&(%!.#!"01.('!*%F-#.*!0-!.('52+K&N!L!1*.D<0!(%!%01%!5*%2%51'!
%#! "01.('! 4.&+Z+%01.! [-%! 0%! %&2-%&1*.! %&! (+05'0+2+K&! (%! 5'0+,+#+1.*! %#! (%*%2@'! (%! -0'! (%#!
2.1.#?&!.&1%!#'0!K*F.&'0!C-(+2+.#%03!0+&!5%*C-+2+'!(%#!-#1%*+'*!%C%*2+2+'!(%!#.!2'45%1%&2+.![-%!#%!
%01?!*%0%*D.(.!%&!%#!.*182-#'!XQYNXNR!/"N!U.!D.#'*.2+K&!(%#!2'&'2+4+%&1'!(%#!E%*%2@'!5*'5+'!
(%!/.1.#-6.!2'4'!-&!*%[-+0+1'!(%!2.5.2+1.2+K&!5.*.!%C%*2%*!Z-&2+'&%0!C-*+0(+22+'&.#%0!%&!%01.!
/'4-&+(.(!L-1K&'4.3!%01.,#%2+(.!%&!%#!.5.*1.('!S!(%#!.*1N!XPS3!5'*!0-!5.*1%3!(%,%*8.!1.4,+<&!
0%*!(%1%*4+&.(.!5'*!%#!#%F+0#.('*!2'45%1%&1%N!U.!5*%D+0+K&!(%#!5*%2%51'!&'!0-5'&(*8.!*%F-#.*!
%#! %01.1-1'! (%#! 5%*0'&.#! C-(+2+.#! G! Z+02.#3! 5'*! 2-.&1'! 0%! #+4+1.! .! 5*%D%*! #.! &%2%0+(.(! (%!
.2*%(+1.2+K&! (%#! 2'&'2+4+%&1'! (%#! E%*%2@'! 5*'5+'! (%! /.1.#-6.3! (%*+D.(.! (+*%21.4%&1%! (%#!
(%*%2@'! .! #.! 1-1%#.! C-(+2+.#! %Z%21+D.3! (%C.&('! .! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#! G! '1*.0!
&'*4.0! #.! (%1%*4+&.2+K&! 2'&2*%1.! (%#! 4'4%&1'3! #.! Z'*4.! G! %#! 2'&1%&+('! (%! #.0!
2'**%05'&(+%&1%0!5*-%,.03!0+%&('!1'('!%##'!2'&Z'*4%!.!#.!('21*+&.!(%!#.!>)/!RTWXYYP3!(%!SY!
(%!4.*='!g^;!QTcN!
!
QON! .c! "#! .*182-#'! XP]! g7%(+'0! 5%*0'&.#%0c! 0%! *%Z+%*%! .! #.0! 2'45%1%&2+.0! (%! #.!
:%&%*.#+1.1! %&! 2-.&1'! .#! 5%*0'&.#! &'! C-(+2+.#! .#! 0%*D+2+'! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.3!
(%01.2.&('!#'0!.21'*%0![-%!&'!0%!(+01+&F-%!%&1*%!#'0!>%2*%1.*+'0!;-(+2+.#%0!G!#'0!(%4?0!2-%*5'0!
Z-&2+'&.*+.#%0!.#!0%*D+2+'!(%!%0.!L(4+&+01*.2+K&3!2'4'!08!@.2%3!%&!2.4,+'3!#.!U%G!V*F?&+2.!
(%#! $'(%*! ;-(+2+.#3! &'*4.! <01.! .! #.! [-%! (%,%! 2'**%05'&(%*! .1*+,-+*! %D%&1-.#4%&1%! .#F-&.!
2'45%1%&2+.! .! #.0! /'4-&+(.(%0! L-1K&'4.0! %&! *%#.2+K&! 2'&! #'0! 2-%*5'0! (+01+&1'0! .#! (%! #'0!
>%2*%1.*+'0!;-(+2+.#%0N!$'*!#'![-%!@.2%!.#!%\.4%&!(%!#.0!(+01+&1.0!5*%D+0+'&%0!(%#!5*%2%51'3!#'0!
E+5-1.('0!(%4.&(.&1%0!.Z+*4.&![-%!%#!.5.*1.('!X!%0!2#.*.4%&1%!+&2'&01+1-2+'&.#!5'*!.1*+,-+*!
.! #.! :%&%*.#+1.1! 2'45%1%&2+.0! &'*4.1+D.03! %&1*%! #.0! [-%! 0%! +&2#-G%! %05%2+.#4%&1%! #.!
#%F+0#.1+D.3! G! [-%! 2'45'*1.&! -&.! 5'1%01.(! &'*4.1+D.! 0K#'! D+&2-#.(.! .! #.! U%G! V*F?&+2.! (%#!
$'(%*! ;-(+2+.#! %&! 1<*4+&'0! &%F.1+D'0! G! &'! (%! (%0.**'##'3! %\2#-G%&('! #.!5'0+,+#+(.(! (%! #%G%0!
%01.1.#%0! [-%! (%0.**'##%&! .05%21'0! Z-&2+'&.*+.#%0! %&! 4.1%*+.0! &'! '*F?&+2.0! G! @.01.! %#! 4+04'!
(%0.**'##'! *%F#.4%&1.*+'! 5'*! %#! :',+%*&'N! )'('! #'! 2-.#! 0%*8.! 2'&1*.*+'! .! #.! C-*+05*-(%&2+.!
!
XR_
2'&01+1-2+'&.#!g5'*!1'(.03!>)/!RTWXYYP3!(%!SY!(%!4.*='c3![-%!*%5-1.!(%Z+&+1'*+'0!G!%0%&2+.#%0!
(%#!%01.1-1'!(%#!5%*0'&.#!1'(.0!#.0!2-%01+'&%0!*%Z%*+(.0!%&!%01%!.5.*1.('!X!(%#!.*1N!XP]N!
!
U.!'52+K&!5'*!#.!+&1%F*.2+K&!(%!#'0!Z-&2+'&.*+'0!&'!C-(+2+.#%0!%&!-&!2-%*5'!M&+2'!i
2'&1+&M.!%#!*%2-*0'i3!.-&!0+%&('!2'&01+1-2+'&.#4%&1%!#+,*%3!0K#'!2'45%1%!.!#.!U%G!V*F?&+2.!
(%#!$'(%*!;-(+2+.#3![-%!(%,%!Z+C.*!-&'0!%#%4%&1'0!&'*4.1+D'0!2'4-&%0!g>)/!RTWXYYP3!(%!SY!
(%! 4.*='3! ^;! XPc! [-%! +45#+2.&! #.! 5'1%01.(! *%F#.4%&1.*+.! (%#! "01.('! %&! 4.1%*+.! (%! *<F+4%&!
(+02+5#+&.*+'3!(%!2'&(+2+'&%0!(%!.22%0'!G!.02%&0'3!(%!.(02*+52+K&!(%!4<(+2'0!Z'*%&0%03!'!(%!
*%1*+,-2+'&%0N! >+%&('! 5'0+,#%! [-%! .#F-&.! (%! #.0! 2'45%1%&2+.0! &'*4.1+D.0! %&! #.! 4.1%*+.!
5-(+%*.&!%01.*!%&!4.&'0!(%!#.0!/'4-&+(.(%0!L-1K&'4.03!%##'!0K#'!0%*8.!.08!5'*!(%2+0+K&!(%!#.!
U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#3! &'! 5'*! 5*%02*+52+K&! (%! -&! "01.1-1'! (%! L-1'&'48.! g>)/!
XPRWSPPP3!(%!X]!(%!.,*+#cN!$'*!%##'!%0!+**%#%D.&1%!.!%01'0!%Z%21'0!#.!*%Z'*4.!(%!#.!U%G!V*F?&+2.!
XYWSPP]3! (.('! [-%! #.! 2-%01+K&! &'! %0! 1.&1'! [-<! .1*+,-2+'&%0! 5-%(%&! 2'&Z%*+*0%! .! #.0!
/'4-&+(.(%0!L-1K&'4.0!%&!%#!?4,+1'!(%!#.!C-01+2+.3!2-.&1'![-+<&!5-%(%!2'&Z%*+*#.03!G!5.*.!
#'0!.21'*%0!&-&2.!0%*8.!%#!#%F+0#.('*!%01.1-1.*+'N!
!
"#! .5.*1.('! S! (%#! .*1N! XP]! .1*+,-G%! .! #.! :%&%*.#+1.1! #.! 2'45%1%&2+.! %C%2-1+D.! G! (%!
F%01+K&!(%#!5%*0'&.#!&'!C-(+2+.#!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.3!2'&2*%1.&('!0-0!
.05%21'0!4?0!*%#%D.&1%03!5'*!#'![-%!5.*1+2+5.*8.!(%!#.!4+04.!+&2'&01+1-2+'&.#+(.(![-%!.Z%21.!.#!
.5.*1.('! 5*%2%(%&1%N! L#%F.&! #'0! *%2-**%&1%0! [-%! #.! 2'&1*.(+22+K&! (%! %01%! .5.*1.('! S! 2'&! #.!
C-*+05*-(%&2+.!2'&01+1-2+'&.#!%0!5.1%&1%3!2'4'!(%4'01*.*8.!%#!@%2@'!(%![-%!#.!#%1*.!Cc!.1*+,-G.!
.! #.! :%&%*.#+1.1! #.! 2'45%1%&2+.! 5.*.! 0.&2+'&.*! 2'&! #.0! 0%5.*.2+K&! (%#! 0%*D+2+'N! L! %##'! 0%!
0-4.*8.&! #.0! 5*%D+0+'&%0! 0',*%! 'Z%*1.! (%! '2-5.2+K&! 5M,#+2.! l#%1*.! .cm3! 2'&D'2.1'*+.! G!
*%0'#-2+K&!(%!#'0!5*'2%0'0!(%!0%#%22+K&!l#%1*.!,cm!'!*%#.2+'&%0!(%!5-%01'0!(%!1*.,.C'!l#%1*.!%cm3!
4.1%*+.0! 1'(.0! %##.0! %&! #.0! [-%! 0%! 2'&1*.(+*8.! #'! (+05-%01'! %&! #.! U%G! V*F?&+2.! (%#! $'(%*!
;-(+2+.#3!2-G.!Z-&2+K&!5*%1%&(%*8.!-0-*5.*!%#!"01.1-1'3!#+4+1.&('!0-!#+,%*1.(!(%!2'&Z+F-*.2+K&!%!
+&D.(+%&('!2'45%1%&2+.0!%01.1.#%0N!
!
"#! .5.*1.('! ]! (%#! .*1N! XP]! 5%*4+1%! .! #.! :%&%*.#+1.1! 2*%.*! 5'*! #%G! &-%D'0! 2-%*5'0! (%!
Z-&2+'&.*+'0!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.3!#'![-%!2'&1*.(+*8.!.!#.!>)/!RTWXYYP3!
(%!SY!(%!4.*='3!^;!XX!Cc3!G3!0',*%!1'('3!.#!.*1N!XSSNX!/"3!(.('!%#!2.*?21%*!&.2+'&.#!(%!.[-%##'0!
2-%*5'0N!
!
!
XRO
"&! 2-.&1'! .#! .5.*1.('! Q3! %&! Z+&3! #'0! *%2-**%&1%0! *%2'&'2%&! #.! 2'45%1%&2+.! (%! #.!
:%&%*.#+1.1! %&! 4.1%*+.! (%! 2'&1*.1.2+K&! G! F%01+K&! (%! 5%*0'&.#! #.,'*.#3! 5%*'! &-&2.! 2'&! %#!
2.*?21%*! (%! %\2#-0+D.N! E%! -&! #.('3! 5'*[-%! %#! %45#%'! (%! %0%! 5%*0'&.#! (%5%&(%*?! (%! [-%! #'!
.(4+1.&3!G!(%!#.!4%(+(.!%&![-%!#'!@.F.&3!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!G!#.!#%F+0#.2+K&!
%01.1.#!%&!0-!2'&C-&1'e!(%!'1*'3!5'*[-%!#.!2'45%1%&2+.!.-1'&K4+2.!%01?!#+4+1.(.!1.4,+<&!5'*!%#!
.*1N! XQYNXN_! /"3! [-%! %\2#-G%! [-%! #.! :%&%*.#+1.1! 5-%(.! 1%&%*! 2'45%1%&2+.! %\2#-0+D.! 0',*%!
#%F+0#.2+K&!#.,'*.#N!
!
,c! L#%F.! %#! L,'F.('! (%#! "01.('! [-%! %#! 1%&'*! (%! #'0! .5.*1.('0! X! G! S! (%#! .*1N! XP]!
2'+&2+(%!5.*2+.#4%&1%!2'&!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#N!k%2%0.*+.4%&1%!%0!%0.!U%G!#.!
[-%!(%,%!*%F-#.*!%#!"01.1-1'!C-*8(+2'!(%#!5%*0'&.#!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.3!
5-%0!%&!%01.!4.1%*+.!#.0!2'45%1%&2+.0!.-1'&K4+2.0!&'!5-%(%&!0%*!%&!&+&FM&!2.0'!#%F+0#.1+D.0!
g>)/! RTWXYYP3! (%! SY! (%! 4.*='3! ^;! XPc3! (%! 4.&%*.! [-%! #.0! 2'45%1%&2+.0! &'*4.1+D.0! 0K#'!
5-%(%&!0%*!*%F#.4%&1.*+.03!G!0+!#.!U%G!V*F?&+2.!.08!#'!5%*4+1%N!L5.*1%!(%!%##'3!#.!'*F.&+=.2+K&!
(%!#'0!2-%*5'0!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.!2'4'!2-%*5'0!&.2+'&.#%0!&'!%0!#.!
M&+2.! 2'&01+1-2+'&.#4%&1%! 5'0+,#%! '! .2%51.,#%3! &+! D+%&%! 2'&01+1-2+'&.#4%&1%! +45-%01.! %&! #.!
*%F-#.2+K&! 0%5.*.(.! (%! 1.#%0! 2-%*5'0! g>)/! RTWXYYP3! (%! SY! (%! 4.*='cN! "&! '1*'! 5#.&'3! %#!
*%05%1'!.#!%01.1-1'!C-*8(+2'!(%!%01%!5%*0'&.#!%01.,#%2+('!5'*!#.!U%G!V*F?&+2.3![-%!0%!2'&1%45#.!
%&!%#!.*1N!XP]NX3!+&2#-G%!#.!.2%51.2+K&!(%#!0+01%4.!(%!Z-%&1%0!0-,'*(+&.(.0!2'&Z+F-*.('!5'*!%#!
#%F+0#.('*! '*F?&+2'! C-(+2+.#! 5.*.! *%F-#.*! 4.1%*+.0! %01.1-1.*+.0! (%#! 5%*0'&.#! .#! 0%*D+2+'! (%! #.!
L(4+&+01*.2+K&!(%!C-01+2+.3!5'*!#'![-%!%#!"01.1-1'!&'!%\2#-+*8.!#.!5'0+,+#+(.(!(%!'1*.0!&'*4.0!
%01.1.#%0! [-%! 2'#.,'*%&! 2'&! #.! U%G! V*F?&+2.! %&! #.! (%1%*4+&.2+K&! (%#! *<F+4%&! %01.1-1.*+'! (%!
(+2@'!5%*0'&.#N!U.0!2'45%1%&2+.0!&'*4.1+D.0![-%!5-%(.!'01%&1.*!#.!:%&%*.#+1.1!%&!#.0!4.1%*+.0!
%&-4%*.(.0!%&!#.0!(+D%*0.0!#%1*.0!(%#!.5.*1.('!X!0%*8.&!%\.21.4%&1%!#.0![-%!0%!%01.,#%=2.&!%&!
#.!*%(.22+K&!D+F%&1%!'!Z-1-*.!(%!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#N!"0!(%2+*3!#.!%\1%&0+K&!G!%#!
.#2.&2%!(%!#.0!2'45%1%&2+.0!.-1'&K4+2.0!%01.*?&!%&!Z-&2+K&!(%#!4'(%#'![-%!(%2+(.!+45#.&1.*!
%#! #%F+0#.('*! '*F?&+2'! C-(+2+.#3! .-&[-%! G.! .21-.#4%&1%! #.0! /'4-&+(.(%0! L-1K&'4.0! 5'0%%&!
+45'*1.&1%0! 2'45%1%&2+.0! &'*4.1+D.0! G! %C%2-1+D.03! 2'4'! (%4-%01*.! %#! 1%&'*! (%#! .*1N! Q_X!
UV$;N!
!
/+%*1.4%&1%! i2'&1+&M.! %#! L,'F.('! (%#! "01.('i3! #.! 0.&2+K&! (%! 0%5.*.2+K&! (%#!
0%*D+2+'!.![-%!0%!*%Z+%*%!%#!.5.*1.('!S!Cc!&'!5-%(%!0%*!(%!2'45%1%&2+.!.-1'&K4+2.!4+%&1*.0!#'0!
2-%*5'0!0+F.&!0+%&('!&.2+'&.#%03!5%*'!'1*.!0%*8.!#.!0'#-2+K&!0+!(%C.*.&!(%!0%*#'!5'*!(%2+0+K&!(%#!
#%F+0#.('*! '*F?&+2'! C-(+2+.#N! f! %0! [-%! #'0! .5.*1.('0! X! .c3! S! Cc! G3! 0',*%! 1'('3! ]! (%#! .*1N! XP]!
!
XRY
1%&(*8.&! 0%&1+('! M&+2.4%&1%! %&! #.! 4%(+(.! %&! [-%! (%C%&! (%! 0%*! &.2+'&.#%0! #'0! 2-%*5'0! (%#!
5%*0'&.#!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.3!#'![-%![-%(.!5%&(+%&1%!(%!#.!(%2+0+K&!(%#!
2+1.('! #%F+0#.('*3! *.='&.4+%&1'! [-%! 5-%(%! D.#%*! 5.*.! '1*.0! #%1*.0! (%#! 4+04'! .5.*1.('! S! %c3!
+&2#-0'3!5.*.!%#!.5.*1.('!]3!G.![-%3!0+&!#.!5*%D+.!(%2+0+K&!(%#!#%F+0#.('*!'*F?&+2'!C-(+2+.#![-%!
#'! .-1'*+2%3! %#! $.*#.4%&1'! (%! /.1.#-6.! &'! 5'(*?! %C%*2+1.*! #.! Z.2-#1.(! (%! 2*%.*! 2-%*5'0! (%!
Z-&2+'&.*+'0! .#! 0%*D+2+'! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.! +&1%F*.('0! %&! #.! Z-&2+K&! 5M,#+2.!
.-1'&K4+2.N!
!
$'*!M#1+4'3!%#!.5.*1.('!Q!0%*8.!2'&Z'*4%!2'&!#.!('21*+&.!(%!#.!>)/!RTWXYYP3!^;!XX!Cc3!G!
2'&!#'0!.*10N!Q_]NS!G!Q_QNQ!UV$;3!G.![-%!#.!2'45%1%&2+.!%\2#-0+D.!.-1'&K4+2.!0',*%!%01%!1+5'!
(%!5%*0'&.#!%&!&.(.!+45+(%!%#!*%05%1'!(%!#.!#%F+0#.2+K&!#.,'*.#!F%&%*.#N!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!.Z+*4.![-%!%#!.*1N!XSSNX!/"!*%0%*D.!.!#.!U%G!V*F?&+2.!
(%#!$'(%*!;-(+2+.#!%#!"01.1-1'!C-*8(+2'!(%#!5%*0'&.#!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.3!
0+%&('!',D+'3!.!0-!C-+2+'3![-%!#.!-&+(.(!(%#!$'(%*!;-(+2+.#!&'!%\+F%!-&.!2%&1*.#+=.2+K&!(%!#.!
F%01+K&!(%#!*%5%1+('!5%*0'&.#3!0+&'!-&.!@'4'F%&%+=.2+K&!(%!0-!%01.1-1'N!U.!/'&01+1-2+K&!0K#'!
%01.,#%2%! #.! -&+(.(! (%! 2-%*5'! 5.*.! ;-%2%0! G! 7.F+01*.('03! (%! 4'('! [-%! #.0! 2'45%1%&2+.0!
.-1'&K4+2.0!&'!5'(*8.&!#+4+1.*0%!5'*!%#!@%2@'!(%![-%!%#!#%F+0#.('*!'*F?&+2'!0%!+&2#+&.*.!%&!0-!
(8.!5'*!%\1%&(%*!%01.!4+04.!0'#-2+K&!.#!*%01'!(%!5%*0'&.#!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!
C-01+2+.N!U.!.(02*+52+K&!.!#'0!2-%*5'0!Z-&2+'&.*+.#%03!5-%01'![-%!@-,+%*.!5'(+('!0%*!(+01+&1.3!
&'! Z'*4.*8.! 5.*1%! %0%&2+.#! (%#! %01.1-1'! (%#! 5%*0'&.#! .#! 0%*D+2+'! (%! #.! L(4+&+01*.2+K&! (%!
C-01+2+.3!%&1%&(+%&('!%#!:',+%*&'!2.1.#?&![-%3!%&!1'('!.[-%##'![-%!&'!Z'*4%!5.*1%!%0%&2+.#!(%!
%0%!%01.1-1'!C-*8(+2'3!#.!/'4-&+(.(!L-1K&'4.!5-%(%!.0-4+*!2'45%1%&2+.0N!
!
$'*! '1*.! 5.*1%3! #.! :%&%*.#+1.1! 1.4,+<&! 5'(*8.! .0-4+*! 2'45%1%&2+.0! (%! (%0.**'##'!
&'*4.1+D'!(%!%0.0!5*%D+0+'&%0!,?0+2.03!1'(.!D%=![-%!%01%!5%*0'&.#!&'!%0!-&!.05%21'!&-2#%.*!(%!
#.! L(4+&+01*.2+K&! (%! C-01+2+.3! 5'*! #'! [-%! %\2%(%! %#! 4.*2'! (%! #.! 2'45%1%&2+.! %\2#-0+D.!
.1*+,-+(.! .#! "01.('! 5'*! %#! .*1N! XQYNXNR! /"N! /-%01+K&! (+01+&1.! 0%*8.! %#! %01*%2@'! 4.*F%&! [-%! #.!
U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!(%C.!%&!#.!.21-.#+(.(!.!%0%!(%0.**'##'3![-%!%##.!4+04.!5*%D<!
%&! 0-! .*1N! Q_XN! "01*%2@%=! [-%! 4'1+DK! #.! +&1%*5'0+2+K&! (%! -&! *%2-*0'! (%! +&2'&01+1-2+'&.#+(.(!
2'&1*.!#.!U%G!V*F?&+2.!XYWSPP]3!(%!4'(+Z+2.2+K&!(%!#.!UV$;N!
!
LD.&=.&('! %&! %01.! #8&%.3! 0%! .Z+*4.! [-%! %0! ',D+'! [-%! #.! (+01+&2+K&! [-%! .21-.#4%&1%!
%Z%21M.!#.!U%G!V*F?&+2.!%&1*%!>%2*%1.*+'0!;-(+2+.#%0!G!%#!*%01'!(%#!5%*0'&.#!.#!0%*D+2+'! (%! #.!
!
XTP
L(4+&+01*.2+K&! (%! C-01+2+.! &'! (%*+D.! %&! 4'('! .#F-&'! (%#! .*1N! XSS! /"3! [-%! (+01+&F-%!
M&+2.4%&1%!%&1*%!;-%2%0!G!7.F+01*.('03!(%!-&!#.('3!G!*%01'!(%!5%*0'&.#3!(%!'1*'N!"&!2-.&1'!.!
#.! ('21*+&.! 0%&1.(.! %&! #.! >)/! RTWXYYP3! (%! SY! (%! 4.*='3! 0%! 0%6.#.! [-%! #.! 4+04.! (%,%! 0%*!
*%#.1+D+=.(.! %&! #.! 4%(+(.! %&! [-%! -&'! (%! #'0! 5.*?4%1*'0! 1'4.('0! %&! 2'&0+(%*.2+K&! %0! #.!
2#?-0-#.! 0-,*'F.1'*+.! (%#! "01.1-1'! (%! XY_Y3! [-%3! 5'*! 0-! 5*'5+.! (%Z+&+2+K&3! %\2#-G%! 1'(.!
2'45%1%&2+.! #%F+0#.1+D.N! L! (+Z%*%&2+.! (%! 0-! .&1%2%0'*! (%! XY_Y3! %#! &-%D'! "01.1-1'! (%1.##.! #.0!
2'&2*%1.0!2'45%1%&2+.0!.0-4+(.0!5'*!#.!:%&%*.#+1.1!(%!/.1.#-6.!%&!#.!4.1%*+.3!0+&!5%*C-+2+'!(%!
+&2#-+*! 2'4'! 4%2.&+04'! (%! 2+%**%! -&.! 2#?-0-#.! 0-,*'F.1'*+.! 0+4+#.*! .! #.! .&1%*+'*N! k'!
0'4%1+<&('0%!%#!&-%D'!"01.1-1'!.#!#84+1%!(%!#.!2#?-0-#.!0-,*'F.1'*+.3!5'(*8.!5%*Z%21.4%&1%!#.!
:%&%*.#+1.1! .5*',.*! &'*4.0! #%F.#%0! 0',*%! .05%21'0! &'! &-2#%.*%0! (%! #.! L(4+&+01*.2+K&! (%!
C-01+2+.!G!0+%45*%![-%!*%05%1%!%#!%01.1-1'!,?0+2'!(%!%01%!5%*0'&.#N!>+%&('!(%!.(D%*1+*3!.(%4?03!
[-%!%#!.*1N!XP]NX!@.,#.!(%!2'45%1%&2+.!`&'*4.1+D.a3![-%!&'!&%2%0.*+.4%&1%!#%F+0#.1+D.!%&!1'('!
2.0'3! @.,+(.! 2-%&1.3! %&! 5.*1+2-#.*3! (%! [-%! %#! .*1N! XXS! (%#! "01.1-1'! +&2#-G%! #.! 5'1%01.(!
*%F#.4%&1.*+.!(%&1*'!(%#!?4,+1'!(%!#.0!2'45%1%&2+.0!%C%2-1+D.0!(%!#.!:%&%*.#+1.1N!
!
"&!2-.&1'!.#!.5.*1.('!0%F-&('!(%#!.*1N!XP]3!0%!.#%F.![-%!%0!%D+(%&1%![-%!0+!%#!"01.1-1'!
%01.,#%2%! [-%! #.! :%&%*.#+1.1! '01%&1.! 2'45%1%&2+.! &'*4.1+D.! %&! *%#.2+K&! 2'&! %#! 5%*0'&.#! &'!
C-(+2+.#! .#! 0%*D+2+'! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.3! %0! #KF+2'! [-%! 1.4,+<&! .0-4.! #.!
2'45%1%&2+.!%C%2-1+D.!G!(%!F%01+K&!%&!%0.!4.1%*+.N!>%!*%4+1%!%#!:',+%*&'3!5'*!2'&0+F-+%&1%3!.!
#'! G.! %\5-%01'! .2%*2.! (%! #.! 2'&01+1-2+'&.#+(.(! (%! #.0! 2'45%1%&2+.0! .-1'&K4+2.0! 0',*%! %01%!
5%*0'&.#N!
!
"&!2-.&1'!.!#.!5'0+,+#+(.(3!(+02-1+(.!5'*!#'0!.21'*%03!(%![-%!%#!$.*#.4%&1'!(%!/.1.#-6.!
2*%%!&-%D'0!2-%*5'0!(%!Z-&2+'&.*+'0!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.!.#!.45.*'!(%#!
.*1N!XP]N]3!.#%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!1.&!2'&01+1-2+'&.#!5-%(%!0%*!#.!+&1%F*.2+K&!
(%#! 5%*0'&.#! %&! 2-%*5'0! .-1'&K4+2'03! %0! (%2+*3! &'! &.2+'&.#%03! 2'4'! 2*%.*! 2-%*5'0! 5*'5+'0!
5.*.!*%.#+=.*!Z-&2+'&%0![-%!&'! %01<&!2-,+%*1.0!5'*!#'0!2-%*5'0! &.2+'&.#%0N!U.!5'0+,+#+(.(! (%!
[-%!(%0%45%6%&!Z-&2+'&%0!2'+&2+(%&1%0!2'&!#.0!(%!%01'0!2-%*5'0!&.2+'&.#%0![-%(.!(+Z%*+(.!.!
-&.!%D%&1-.#!4'(+Z+2.2+K&!(%!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!%&!%01%!5-&1'N!/'&!*%05%21'!
.#! ?4,+1'! (%! %01'0! &-%D'0! 2-%*5'0! (%! Z-&2+'&.*+'03! 0%! *%4+1%! #.! *%5*%0%&1.2+K&! (%! #.!
:%&%*.#+1.1!.!#'!0'01%&+('!%&!%#!Libro Blanco!de la JusticiaN!
!
L2%*2.!(%#!.*1N!XP]NQ!0%!.#%F.![-%!#.!:%&%*.#+1.1!'01%&1.!2'45%1%&2+.!(%!%C%2-2+K&!(%!
#.!#%F+0#.2+K&!#.,'*.#!(%#!"01.('N!"&!%#!5*%2%51'!.@'*.!%\.4+&.('!#.!2'45%1%&2+.!.0-4+(.!&'!
!
XTX
.#2.&=.*8.!.!#.!&'*4.1+D.!*%F-#.('*.!(%!#.!2'&1*.1.2+K&!#.,'*.#3!(%!4'('![-%!%#!5*%2%51'!2.,%!
%&1%&(%*#'!%&!%#!0%&1+('!(%![-%!#.!*%F-#.2+K&!(%!%0.!2'&2*%1.!2#.0%!(%!5%*0'&.#3!.!(+Z%*%&2+.!(%!
#.!(%#!5%*0'&.#!Z-&2+'&.*+'3!2'45%1%!M&+2.4%&1%!.!#.!:%&%*.#+1.13![-%!&'!@.!(%!D%*0%!#+4+1.(.!
.#!*%05%21'!5'*!&+&FM&!%01.1-1'!,?0+2'N!
!
$'*!M#1+4'!0%!*%0%6.![-%!#.0!5*%D+0+'&%0!%&!%01%!5-&1'!(%!#.0!5*'5-%01.0!(%!*%Z'*4.!(%!
#'0!"01.1-1'0!(%!L-1'&'48.!(%!L&(.#-28.!G!/.&.*+.0!0'&!5*?21+2.4%&1%!2'+&2+(%&1%0!2'&!#.0!
.@'*.! +45-F&.(.0N! L! 0-! D%=3! #.! 5*'5-%01.! (%! *%Z'*4.! (%#! "01.1-1'! (%! L*.FK&! %01.,#%2%! #.!
2'45%1%&2+.! &'*4.1+D.! .-1'&K4+2.! 0',*%! 1'('! %#! 5%*0'&.#! &'! C-(+2+.#! .#! 0%*D+2+'! (%! #.!
L(4+&+01*.2+K&!(%!C-01+2+.N!
!
(c!"#!$.*#.4%&1'!(%!/.1.#-6.!*%+1%*.!0-!5'0+2+K&!(%![-%!#.0!2'45%1%&2+.0!.-1'&K4+2.0!
&'!5-%(%&![-%(.*!2+*2-&02*+1.0!.#!2'&1%&+('![-%!%&!-&!(%1%*4+&.('!4'4%&1'!1%&F.&!.#F-&.0!
&'*4.0!2'&!*%0%*D.!2'&01+1-2+'&.#!2'4'!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#N!k+!(%#!.*1N!XSSNX!
/"!&+!(%#!5*+&2+5+'!(%!-&+(.(!(%#!$'(%*!;-(+2+.#!0%!(%*+D.*8.!-&.!&%2%0.*+.!2%&1*.#+=.2+K&!(%!#.!
F%01+K&!(%#!5%*0'&.#!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.!&+!0-!+&1%F*.2+K&!%&!2-%*5'0!
&.2+'&.#%03!1.#!G!2'4'!0%!@.!(%2#.*.('!%&!#.!>)/!RTWXYYP3!(%!SY!(%!4.*='3!^;!XPN!"#!"01.1-1'!
5'(*8.3! 5-%03! .1*+,-+*! .! #.! :%&%*.#+1.1! (%! /.1.#-6.! 2'45%1%&2+.0! %&! .[-%##'! &'! *%0%*D.('!
2'&01+1-2+'&.#4%&1%! .! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#N! U.! 5*%D+0+K&! (%! %01.! U%G3! [-%!
(+01+&F-%! %&1*%! #'0! >%2*%1.*+'0! ;-(+2+.#%0! G! #'0! *%01.&1%0! Z-&2+'&.*+'0! .#! 0%*D+2+'! (%! #.!
L(4+&+01*.2+K&! (%! C-01+2+.3! +*8.! 4?0! .##?! (%! #.! *%0%*D.! 2'&01+1-2+'&.#! G! &'! 5'(*8.! 0%*D+*! (%!
5.*?4%1*'!5.*.!4%(+*!#.!2'&01+1-2+'&.#+(.(!(%!#.0!(+05'0+2+'&%0!%01.1-1.*+.03!5-%0!%#!.*1N!XSSNX!
/"!0'#.4%&1%!(+01+&F-%!%&1*%!;-%2%0!G!7.F+01*.('03!5'*!-&.!5.*1%3!G!%#!*%01'!(%#!5%*0'&.#3!5'*!
'1*.3! G! %01%! 5*%2%51'! G! '1*.0! (+05'0+2+'&%0! (%! #.! 5*'5+.! /'&01+1-2+K&! 0'&! %#! M&+2'! 2.&'&! (%!
2'&01+1-2+'&.#+(.(!.(4+0+,#%N!
!
"#!"01.1-1'!+45-F&.('!i2'&1+&M.!%#!$.*#.4%&1'i3!.!(+Z%*%&2+.!(%#!1%\1'!(%!XY_Y3!&'!
0%!0'4%1%!.#!#84+1%!(%!#.!2#?-0-#.!0-,*'F.1'*+.!.&1%*+'*!G3!%&!2'&0%2-%&2+.3!%#!.*1N!XP]NX!.2'F%!
#.!2'45%1%&2+.!&'*4.1+D.!(%!#.!:%&%*.#+1.1!0',*%!%#!5%*0'&.#!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!
(%!C-01+2+.3!%&1*%!#.![-%!2.,*8.!%&1%&(%*![-%!0%!+&2#-G%!#.!5'0+,+#+(.(!(%!.5*',.*!(+05'0+2+'&%0!
(%! 2.*?21%*! #%F+0#.1+D'! G! &'! M&+2.4%&1%! (%! 2.*?21%*! *%F#.4%&1.*+'3! (%! 4'('! [-%! &'! 5'(*8.!
+&D'2.*0%! %&! %01%! 5-&1'! #.! >)/! RTWXYYP3! (%! SY! (%! 4.*='3! [-%! -1+#+=.,.! 2'4'! 5.*?4%1*'! #.!
2+1.(.!2#?-0-#.N!U.!4+04.!.*F-4%&1.2+K&!0%*D+*8.!5.*.!(%Z%&(%*!#.!2'&01+1-2+'&.#+(.(!(%![-%!
5'*! #%G! .-1'&K4+2.3! [-%! (%,%! *%05%1.*! %&! 1'('! 2.0'! %#! %01.1-1'! C-*8(+2'! Z+C.('! %&! #.! U%G!
!
XTS
V*F?&+2.!(%#!$'(%*!;-(+2+.#3!0%!2*%%&!2-%*5'0!(%!Z-&2+'&.*+'0!(%5%&(+%&1%0!(%!#.!:%&%*.#+1.1!
.#! 0%*D+2+'! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.! 5.*.! (%0.**'##.*! Z-&2+'&%0! %&! ?4,+1'0! (%! #.!
.(4+&+01*.2+K&! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.! &'! 2-,+%*1'0! 2'&! Z-&2+'&.*+'0! (%! 2-%*5'0!
&.2+'&.#%0N!
!
H%05%21'!.!#.!2'45.1+,+#+(.(!(%!#.!2'45%1%&2+.!0',*%!%#!5%*0'&.#!#.,'*.#!.#!0%*D+2+'!(%!
#.! L(4+&+01*.2+K&! 5M,#+2.! *%2'F+(.! %&! %#! .*1N! XP]NQ! (%#! "01.1-1'! 2'&! %#! .*1N! XQYNXN_! /"3! %#!
$.*#.4%&1'! 2.1.#?&! .#%F.! [-%! (%,%! %&1%&(%*0%! %&! %#! 0%&1+('! (%! [-%! %&! #.! *%F-#.2+K&! (%#!
5%*0'&.#! #.,'*.#! .#! 0%*D+2+'! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.! #.! :%&%*.#+1.1! &'! 0%! %&2-%&1*.!
#+4+1.(.3!2'4'!'2-**%!2'&!%#!5%*0'&.#!Z-&2+'&.*+'!.#!0%*D+2+'!(%!#.!L(4+&+01*.2+K&!(%!C-01+2+.3!
.#!%01.1-1'!C-*8(+2'!Z+C.('!5'*!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#N
QYN!.c!"#!.*182-#'!XPR!gVZ+2+&.!C-(+2+.#!%!+&01+1-2+'&%0!G!0%*D+2+'0!(%!.5'G'c!0%!'2-5.!
(%!#.!'Z+2+&.!C-(+2+.#!%!+&01+1-2+'&%0!G!0%*D+2+'0!(%!.5'G'3!2-G.!2*%.2+K&!G!*%F-#.2+K&!0%!2'&Z8.!
.! #.! :%&%*.#+1.1N! U'0! .21'*%0! ##.4.&! #.! .1%&2+K&! 0',*%! #.! *%#.2+K&! (%! %01.0! 'Z+2+&.0! 2'&! %#!
Z-&2+'&.4+%&1'!(%!#'0!K*F.&'0!C-(+2+.#%03!2'&!#.!+&(%5%&(%&2+.!C-(+2+.#3!2'&!0-!2.*?21%*!M&+2'!
G3! 5'*! 1'('! %##'3! 0',*%! 0-! &%2%0.*+'! 2.*?21%*! @'4'F<&%'N! E%! #'! [-%! 0%! (%05*%&(%*8.! [-%! 0-!
*%F-#.2+K&! &'! %0! 0K#'! #.! (%! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#3! 2'4'! 5*%1%&(%! %#! .*1N! XPR!
+45-F&.('3! 0+&'! [-%! .(4+1%! G! *%[-+%*%! (%0.**'##'! 5'*! &'*4.0! %01.1.#%03! +&2#-0'! 5'*! 0+45#%0!
K*(%&%0!4+&+01%*+.#%0N!U.!2'45%1%&2+.!5.*.!2*%.*!%01.0!'Z+2+&.0!0-5'&(*8.!.(%4?0!%&1*.*!%&!#.!
5#.&1.!C-(+2+.#N!
!
,c!>%FM&!%#!2*+1%*+'!(%#!L,'F.('!(%#!"01.('3!#.!##.4.(.!.!#.!U%G!V*F?&+2.!(%#!$'(%*!
;-(+2+.#![-%!*%.#+=.!%#!.*1N!XPR!0-5'&%!*%05%1.*!#.!(%#+4+1.2+K&!(%!#.0!2'45%1%&2+.0!&'*4.1+D.0!
%01.1.#%0! G! .-1'&K4+2.0! 0',*%! #.! 'Z+2+&.! C-(+2+.#! [-%! %Z%21-K! %#! #%F+0#.('*! '*F?&+2'! .! Z+&! (%!
5*%0%*D.*!0-!@'4'F%&%+(.(!%&!1'('!%#!1%**+1'*+'!&.2+'&.#3!.-&[-%!Z-&2+'&.&('!2'&!2*+1%*+'0!(%!
2''*(+&.2+K&!G!2''5%*.2+K&!%&1*%!L(4+&+01*.2+'&%0!g.*1N!Q]R!UV$;!G!>)/!(%!XX!(%!'21-,*%!(%!
SPPT3!^;!RcN!U.!&%-1*.#+(.(!(%!#.!'Z+2+&.!C-(+2+.#!%&!*%#.2+K&!2'&!#.!5#.&1.!(%!#'0!;-=F.('0!G!
)*+,-&.#%0!%01?!*%2'F+(.!%&!%#!.*1N!Q]TNR!UV$;3!%&2'&1*?&('0%!2'45%1%&2+.0!.-1'&K4+2.0!%&!
*%#.2+K&! 2'&! #.! 4+04.3! 5'*! %C%45#'3! %&! #'0! .*10N! Q]_NR3! Q]ON]! G! Q]YNS! UV$;N! E%! &-%D'! #.0!
2'45%1%&2+.0!(%!#.!:%&%*.#+1.1!%&!4.1%*+.!(%!'Z+2+&.!C-(+2+.#!G!K*F.&'0!G!0%*D+2+'0!(%!.5'G'!
[-%(.*8.&!2'&(+2+'&.(.0!.!#'![-%!(+05'&F.!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#N!
!
!
XT]
2c! U.! +45-F&.2+K&! (%#! 5*%2%51'! #%! 5.*%2%! .! #.! *%5*%0%&1.2+K&! (%#! :',+%*&'! (%! #.!
:%&%*.#+1.1!,.0.(.!%&!.*F-4%&1'0!5'2'!Z-&(.('03!.#!@.2%*0%!(%5%&(%*!(%!#.!+&1%*5*%1.2+K&!(%!
-&.! &'*4.! *%F#.4%&1.*+.! 2'4'! %0! #.! V*(%&! 7+&+01%*+.#! ]SQQWSPPRN! U'! 5*'2%(%&1%! %0!
2'&1*.01.*!%#!5*%2%51'!%01.1-1.*+'!2'&!#.0!(+05'0+2+'&%0!2'&01+1-2+'&.#%03!(%!#.0![-%!0%!+&Z+%*%!
[-%! #.! 'Z+2+&.! C-(+2+.#! &'! %0! -&! .05%21'! &-2#%.*! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.! G! 0-!
*%F-#.2+K&!&'!0%!*%0%*D.!.!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#N!
!
$.*.!%#!"C%2-1+D'!.-1'&K4+2'3!#.!-&+(.(!(%#!$'(%*!;-(+2+.#!&'!%\+F%!#.!-&+Z'*4+(.(!(%!
#.0! 'Z+2+&.0! C-(+2+.#%0N! U.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#! #.0! *%F-#.! 5.*.! #'0! K*F.&'0! 2'&!
C-*+0(+22+K&!%&!1'('!%#!1%**+1'*+'!&.2+'&.#!G!.[-%##'0!'1*'0!0+1'0!%&!/'4-&+(.(%0!L-1K&'4.0!
[-%!&'!@.G.&!.0-4+('!2'45%1%&2+.0!%&!%#!?4,+1'!(%!#.!.(4+&+01*.2+K&!(%!#.!L(4+&+01*.2+K&!
(%!C-01+2+.N!L-&[-%!%01.!U%G!&'!+&2#-G.!-&.!0.#D%(.(!.!Z.D'*!(%!#.0!/'4-&+(.(%0!L-1K&'4.0!
[-%!'01%&1%&!(+2@.!2'45%1%&2+.3!%01.!(+01+&2+K&!%\5#+2.*8.!#.!4%&2+K&![-%!%#!.*1N!XPR!2'&1+%&%!
.!(+2@.!U%GN!
!
).4,+<&!0%!*%2@.=.![-%!#.!2*%.2+K&!(%!'Z+2+&.0!C-(+2+.#%0!0-5'&F.!+&1%*D%&2+K&!%&!#.!
5#.&1.! C-(+2+.#N! $.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.13! (%,%! (+01+&F-+*0%! %&1*%! #'0! K*F.&'0!
C-(+2+.#%0! G! #.0! 'Z+2+&.0! (%! .5'G'3! %&! 5.*1+2-#.*! 5'*[-%! #.! 2*%.2+K&! (%! -&'0! -! '1*.0! &'!
&%2%0.*+.4%&1%!@.!(%!2'**%*!5.*.#%#.!gvgrN!2*%.2+K&!(%!4.2*''Z+2+&.0!C-(+2+.#%0!.#!0%*D+2+'!(%!
(+D%*0'0!K*F.&'0!G.!%\+01%&1%0cN!$.*.!2'&2#-+*3!0%!*%2-%*(.!#.!0+4+#+1-(!(%!1<*4+&'0!%45#%.('0!
%&!#.0!5*'5-%01.0!(%!*%Z'*4.!%01.1-1.*+.!(%!L&(.#-28.3!/.&.*+.0!G!L*.FK&N!
!
(c!).45'2'!%&1+%&(%!%#!$.*#.4%&1'!2.1.#?&![-%!%01<!*%0%*D.(.!.!#.!U%G!V*F?&+2.!(%#!
$'(%*!;-(+2+.#!#.!*%F-#.2+K&!(%!#.!'Z+2+&.!C-(+2+.#N!U.!*%(.22+K&!(%#!.*1N!XPR!.0%F-*.*8.![-%3!0+&!
0%*!2'&01+1-2+'&.#4%&1%!%\+F+,#%!#.!-&+Z'*4+(.(!(%!#.0!'Z+2+&.0!C-(+2+.#%0!%&!1'('!%#!1%**+1'*+'!
%05.6'#3! .[-%##.! U%G! V*F?&+2.! *%F-#%! #.0! 'Z+2+&.0! C-(+2+.#%0! (%! #'0! K*F.&'0! C-*+0(+22+'&.#%0!
2'&!C-*+0(+22+K&!%&!1'('!%#!1%**+1'*+'!%05.6'#N!U.!2*%.2+K&!(%!'Z+2+&.0!C-(+2+.#%03!5'*!#'!(%4?03!
&'!+45#+2.!#.!(%!K*F.&'0!C-(+2+.#%03!(%!4'('![-%!&'!0-5'&%!+&1%*D%&2+K&!.#F-&.!%&!#.!5#.&1.!
C-(+2+.#N!
!
RPN! .c! >%! +45-F&.! +F-.#4%&1%! %#! .*182-#'! XPT! g;-01+2+.! F*.1-+1.! G! 5*'2%(+4+%&1'0! (%!
4%(+.2+K&! G! 2'&2+#+.2+K&c3! 2-G'! .5.*1.('! X! .1*+,-G%! .! #.! :%&%*.#+1.1! -&.! 2'45%1%&2+.! [-%!
.5.*%2%! 2'4'! %\2#-0+D.! 5.*.! `'*(%&.*a! #'0! 0%*D+2+'0! (%! C-01+2+.! F*.1-+1.3! #'! [-%! %[-+D.#%! .!
*%F-#.*#.! 0+&! %\2%52+K&! &+! 2'&(+2+'&.4+%&1'! .#F-&'! 5'*! 5.*1%! (%! #.! #%F+0#.2+K&! %01.1.#N! "##'!
!
XTQ
0%*8.! 2'&1*.*+'! .#! .*1N! XQYNXNR! G! T! /"3! G! .08! #'! 5*',.*8.! #.! U%G! (%! .0+01%&2+.! F*.1-+1.! gU%G!
XWXYYT3! 4'(+Z+2.(.! 5'*! U%G! XTWSPPRc3! [-%! C.4?0! 0%! @.! 2'&0+(%*.('! [-%! +&D.(+%*.!
2'45%1%&2+.0!.-1'&K4+2.0!G!0%!(+21K!.#!.45.*'!(%!#.0!*%F#.0!]3!R3!T!G!XO!(%#!.*1N!XQYNX!/"N!"#!
.5.*1.('!S3!5'*!0-!5.*1%3!0%!+45-F&.!5'*!%&1%&(%*![-%!.1*+,-+*!.!#.!:%&%*.#+1.1!2'45%1%&2+.0!
#%F+0#.1+D.0! 0',*%! 2'&2+#+.2+K&! %&! %#! 2'&1%\1'! (%! -&! 181-#'! (%(+2.('! .#! $'(%*! ;-(+2+.#! %&!
/.1.#-6.!+&Z*+&F%!%#!.*1N!XQYNXNR!G!T!/"3!5'*!%&1*.*0%!%&!#.!L(4+&+01*.2+K&!(%!C-01+2+.!G!%&!#.!
#%F+0#.2+K&!5*'2%0.#N!U'![-%!&'!0%!5.#+.*8.!2'&!#.!.#-0+K&!.!`+&01*-4%&1'0!G!5*'2%(+4+%&1'0a3!
5-%0! 5*%2+0.4%&1%! %&! %0'! @.! (%! 2'&0+01+*! #.! *%F-#.2+K&! (%! #.! 2'&2+#+.2+K&e! &+! 1.45'2'! 2'&!
2+*2-&02*+,+*#.! .! `#.0! 4.1%*+.0! (%! 0-! 2'45%1%&2+.a3! 5-%0! %01'! #%! (.*8.! -&.! .45#+1-(! %&'*4%3!
%\1%&(+<&('0%!.!F*.&!5.*1%!(%#!E%*%2@'!2+D+#3!0+%&('!2#.*'![-%!-&.!2'45%1%&2+.!0-01.&1+D.!&'!
##%D.!.5.*%C.(.!#.!5*'2%0.#N!$.*.!#'0!(%4.&(.&1%03!%#!5*%2%51'!0K#'!5'(*8.!0%*!2'&01+1-2+'&.#!0+!
0%!#+4+1.*.!.!#.!2'&2+#+.2+K&!%\1*.5*'2%0.#!G!%\1*.C-(+2+.#3!5%*'!&'!%0!#'![-%!0%!(%05*%&(%!(%!0-!
1%&'*N!
!
,c!$.*.!%#!L,'F.('!(%#!"01.('3!%#!.5.*1.('!X!(%#!.*1N!XPT!%0!2'&Z'*4%!2'&!#.!('21*+&.!
(%!#.!>)/!Y_WSPPX3!(%!R!(%!.,*+#3!^^;;!R!G!T3!0%FM&!#.!2-.#!#.!2'45%1%&2+.!%01.1.#!5%*1+&%&1%!
5.*.!#.!'*(%&.2+K&!.(4+&+01*.1+D.!(%!#.!.0+01%&2+.!C-*8(+2.!F*.1-+1.!&'!5%*1%&%2%!.!#.!4.1%*+.!
(%#!.*1N!XQYNXNR!/"3!0+&'!.!#.!(%!#.!*%F#.!XO!(%#!4+04'!5*%2%51'N!$'*!#'![-%!@.2%!.#!.5.*1.('!S3!
.Z+*4.! %#! L,'F.('! (%#! "01.('! [-%! #.! 4%(+.2+K&! G! 2'&2+#+.2+K&! .! [-%! 0%! *%Z+%*%! 0'&! #.0!
%\1*.C-(+2+.#%03! 0+%45*%! [-%! &'! 2'&01+1-G.&! -&! 5*%0-5-%01'! 5*'2%0.#3! G.! [-%! %&! 1.#! 2.0'!
[-%(.*8.&! +&2#-+(.0! %&! #.! 2'45%1%&2+.! (%#! "01.('! 2'&1%45#.(.! %&! %#! .*1N! XQYNXNT! /"N! E.('!
[-%3!2'&!%#!2+1.('!.#2.&2%3!4%(+.2+K&!G!2'&2+#+.2+K&!0%!,.0.&!%&!#.!+&1%*D%&2+K&!(%!1%*2%*'0!
5.*.! #'F*.*! #.! .-1'2'45'0+2+K&! (%! -&! 2'&Z#+21'3! .-&[-%! 5-%(.&! 0%*D+*! 5.*.! %D+1.*! #+1+F+'0!
C-(+2+.#%03!&'!5'(*8.!'5'&%*0%!&+&FM&!*%5.*'!2'45%1%&2+.#!.#!.*1N!XPTNS3!5-%0!#.!2*%.2+K&!(%!
0+01%4.0!(%!4%(+.2+K&!G!2'&2+#+.2+K&!0%!2+6%!.!#.0!2'45%1%&2+.0!(%!#.!/'4-&+(.(!L-1K&'4.3!
G.! [-%3! Z*%&1%! .! #'! [-%! %01%! )*+,-&.#! @.! (+2@'! (%#! .*,+1*.C%3! #.! 4%(+.2+K&! G! 2'&2+#+.2+K&!
%\1*.C-(+2+.#%0! [-%! &'! 2'&01+1-G.&! 5*%0-5-%01'! 5*'2%0.#! &'! 5-%(%&! 2'&2%51-.*0%! 2'4'! -&!
%[-+D.#%&1%!C-*+0(+22+'&.#N!
!
2c!/.*%&1%!(%!Z-&(.4%&1'!#%!5.*%2%!.!#.!*%5*%0%&1.2+K&!(%#!:',+%*&'!(%!#.!:%&%*.#+1.1!
#.! +45-F&.2+K&! (%#! .*1N! XPTN! L08! 0%! 5'&(*8.! (%! 4.&+Z+%01'! 0+! 0%! 5+%&0.! [-%! %#! 1<*4+&'!
`'*(%&.*a! %45#%.('! %&! %#! .5.*1.('! 5*+4%*'! &'! %[-+D.#%! .! *%F-#.*! %#! (%*%2@'! .! #.! .0+01%&2+.!
C-*8(+2.!F*.1-+1.3!0+&'!.!'*F.&+=.*!#'0!0%*D+2+'0!.(4+&+01*.1+D'0![-%!0+*D.&!5.*.!(.*!0.1+0Z.22+K&!
.!%01%!(%*%2@'N!U.!U%G!XWXYYT!%01.,#%2%![-%!#.!'*F.&+=.2+K&!(%!#.0!/'4+0+'&%0!(%!L0+01%&2+.!
!
XTR
;-*8(+2.! :*.1-+1.! (%5%&(%! (%! #.0! /'4-&+(.(%0! L-1K&'4.03! %01.,#%2+<&('0%! M&+2.4%&1%! #.!
.5#+2.2+K&! (%#! *<F+4%&! (%! #'0! K*F.&'0! 2'#%F+.('0! 5*%D+01'! %&! #.! U%G! ]PWXYYS! g.*1N! XXc3!
5*%2%51'! %01%! M#1+4'! [-%! &'! 0%! .45.*.! %&! &+&F-&.! (%! #.0! 2'45%1%&2+.0! +&D'2.(.0! %&! #.!
(+05'0+2+K&! .(+2+'&.#! 5*+4%*.! G! [-%3! 5'*! 2'&0+F-+%&1%3! 0K#'! 0%*8.! .5#+2.,#%! %&! (%Z%21'! (%!
&'*4.1+D.!.-1'&K4+2.!%05%28Z+2.!g(+05'0+2+K&!.(+2+'&.#!5*+4%*.!]cN!>%!.(-2%3!-&.!D%=!4?03!#.!
0+4+#+1-(!(%#!5*%2%51'!%01.1-1.*+'!+45-F&.('!2'&!#.0!5*'5-%01.0!(%!*%Z'*4.!(%!#'0! "01.1-1'0!
(%!L&(.#-28.3!/.&.*+.0!G!L*.FK&N!
!
$'*! #'! [-%! @.2%! .#! .*1N! XPTNS3! 0%! .#%F.! [-%! #.! *%F-#.2+K&! (%! #.! 4%(+.2+K&! G! #.!
2'&2+#+.2+K&! &'! Z'*4.! 5.*1%! (%#! ?4,+1'! (%! #.! L(4+&+01*.2+K&! (%!C-01+2+.N! "&! %01%! 0%&1+('3! #.!
5*'5+.! U%G! TPWSPP]3! (%! S]! (%! (+2+%4,*%3! (%! .*,+1*.C%3! &'! +&D'2.! 2'4'! @.,+#+1.2+K&!
2'45%1%&2+.#!%#!181-#'!0',*%!#%F+0#.2+K&!5*'2%0.#N!"##'!&'!0+F&+Z+2.*8.!*%2@.=.*!#.!2'45%1%&2+.!
%01.1.#!0',*%!#%F+0#.2+K&!5*'2%0.#3!0+&'!M&+2.4%&1%!.Z+*4.*![-%!#.!:%&%*.#+1.1!5-%(%!%01.,#%2%*!
#'0! +&01*-4%&1'0! G! 5*'2%(+4+%&1'0! (%! 4%(+.2+K&! G! 2'&2+#+.2+K&! %&! #.! *%0'#-2+K&! (%! #'0!
2'&Z#+21'0![-%!5-%(.&!F%&%*.*0%!%&!#.0!4.1%*+.0!(%!0-!2'45%1%&2+.3!%&!*%#.2+K&!2'&!#'0!2-.#%0!
5'(*?!('1.*0%!(%!#.!&'*4.1+D.!2'**%05'&(+%&1%3!.#!.45.*'!(%!#.!0.#D%(.(!2'&1%&+(.!%&!%#!.*1N!
XQYNXNT!/"!.!Z.D'*!(%!#.!2'45%1%&2+.!.-1'&K4+2.N!
!
(c! "#! $.*#.4%&1'! 2.1.#?&! .#%F.! [-%! %#! .*1N! XPT! &'! *%F-#.! %#! (%*%2@'! .! #.! .0+01%&2+.!
C-*8(+2.!F*.1-+1.3!*%2'&'2+<&('0%!%&!%01%!0%&1+('!#.!2'45%1%&2+.!%01.1.#!%&!#.!4.1%*+.3!0+&'![-%!
'1'*F.!M&+2.4%&1%!#.!2'45%1%&2+.!5.*.!'*F.&+=.*!G!%01*-21-*.*!#'0!0%*D+2+'0!.(4+&+01*.1+D'0!%&!
%#!?4,+1'!(%!#.!C-01+2+.!F*.1-+1.N!
!
"&!#'!*%#.1+D'!.!#'0!5*'2%(+4+%&1'0!(%!4%(+.2+K&!G!2'&2+#+.2+K&3!0%!0%6.#.3!%&!5*+4%*!
#-F.*3! [-%! #.! +&D'2.2+K&! (%#! .*1N! XQYNXNR! /"! 2.*%2%! (%! 1'('! Z-&(.4%&1'! 5'*! 2-.&1'! #.!
*%F-#.2+K&! (%! #.! 4%(+.2+K&! G! (%! #.! 2'&2+#+.2+K&! &'! Z'*4.! 5.*1%! (%#! ?4,+1'! (%! #.!
L(4+&+01*.2+K&! (%! C-01+2+.N! "&! 0%F-&('! #-F.*3! %#! 5*'5+'! .*1N! XQYNXNT! /"! 2'&1%45#.! -&.!
%\2%52+K&! .! #.! 2'45%1%&2+.! %01.1.#! %&! #%F+0#.2+K&! 5*'2%0.#! *%0-#1.&1%! (%! #.0! &%2%0.*+.0!
%05%2+.#+(.(%0! [-%! 0%! (%*+D%&! (%! #.0! 5.*1+2-#.*+(.(%0! (%#! E%*%2@'! 0-01.&1+D'! (%! #.0!
/'4-&+(.(%0! L-1K&'4.0N! "##'! ##%D.*8.! .! 2'&2#-+*! [-%! %0! 5%*Z%21.4%&1%! .(%2-.(.! .! #.!
/'&01+1-2+K&! #.! 5*%D+0+K&! %01.1-1.*+.3! G.! [-%! 0%! 5*'G%21.! 0',*%! %#! %01.,#%2+4+%&1'! (%! #.!
&'*4.1+D.!(%!#'0!5*'2%(+4+%&1'0!%!+&01*-4%&1'0!(%!.*,+1*.C%!G!2'&2+#+.2+K&!5.*.!#.!*%0'#-2+K&!
(%!2'&Z#+21'0!F%&%*.('0!%&!#.0!4.1%*+.0![-%!0'&!2'45%1%&2+.!(%!#.!:%&%*.#+1.1N!
!
!
XTT
RXN! .c! U.! +45-F&.2+K&! (%#! 181-#'! bbb! (%#! "01.1-1'! 2'&2#-G%! 2'&! #.! (%! 0-! .*182-#'! XP_!
gE%4.*2.2+K&3!5#.&1.!G!2.5+1.#+(.(!C-(+2+.#%0c3!*%F-#.('*!(%!-&.!4.1%*+.![-%3!5.*.!#'0!.21'*%03!
%&1*.!(%!##%&'!%&!#.!L(4+&+01*.2+K&!(%!C-01+2+.!%&!0%&1+('!%01*+21'3!D-#&%*?&('0%!%#!.*1N!XQYNXNR!
/"e!#'![-%!+F-.#4%&1%!0%*8.!%#!2.0'!0+!Z-%*.!#.!5*'5+.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#!#.![-%!
2'&Z+*+%*.!.!#.!:%&%*.#+1.1!#.0!.1*+,-2+'&%0![-%!2'&1%45#.!%01%!.*1N!XP_N!/'&!2+1.!(%!#.!('21*+&.!
0%&1.(.!%&!#.!>)/!RTWXYYP3!(%!SY!(%!4.*='3!%&!*%#.2+K&!2'&!%#!%01.,#%2+4+%&1'!(%!#.!5#.&1.!
C-(+2+.#! G! #.! '*F.&+=.2+K&! (%! #.0! (%4.*2.2+'&%0! C-(+2+.#%03! 2'&2#-G%&! #'0! *%2-**%&1%0! [-%! #.!
2'45%1%&2+.!5.*.!#'!5*+4%*'!%0!%\2#-0+D.!(%#!"01.('3!0+&!5%*C-+2+'!(%![-%!#.0!/'4-&+(.(%0!
L-1K&'4.0! .0-4.&! 2'45%1%&2+.0! 5.*1+2+5.1+D.0! %&! #.! '*F.&+=.2+K&! (%! #.0! (%4.*2.2+'&%0!
C-(+2+.#%0! g.*1N! XRSNX! /"! G! >)/! TSWXYYP3! (%! ]P! (%! 4.*='cN! L08! #.0! 2'0.03! 0%! (%&-&2+.! #.!
+&2'&01+1-2+'&.#+(.(!(%#!.5.*1.('!X!(%#!.*1N!XP_3![-%!5*%D<!#.!5.*1+2+5.2+K&!.-1'&K4+2.!%&!#.!
4.1%*+.!5'*!4%(+'!(%!-&.!5*'5-%01.!5*%2%51+D.![-%3!.(%4?03!@.!(%!.2'45.6.*!&%2%0.*+.4%&1%!
.#!5*'G%21'!(%!#%G![-%!%#!:',+%*&'!%&D8%!.!#.0!/'*1%0!:%&%*.#%0N!).4,+<&!#.!(%#!.5.*1.('!S3!
[-%! .1*+,-G%! 2'45%1%&2+.0! .! #.! /'4-&+(.(! L-1K&'4.! 0',*%! #.! 5#.&1.! C-(+2+.#! (+05'&+%&('!
[-%! .[-%##.0! 4'(+Z+2.2+'&%0! (%! #.! 4+04.! [-%! &'! 2'45'*1%&! *%Z'*4.! #%F+0#.1+D.! 5'(*?&!
2'**%05'&(%*! .#! :',+%*&'! (%! #.! :%&%*.#+1.1! G! [-%! #.! /'4-&+(.(! L-1K&'4.! 5'(*?! 2*%.*!
>%22+'&%0! G! ;-=F.('0e! 0K#'! %01'! M#1+4'3! 5'*! (%#%F.2+K&! (%#! :',+%*&'! (%#! "01.('! G! %&! #'0!
1<*4+&'0! 5*%D+01'0! %&! #.! U%G! V*F?&+2.! (%#! $'(%*! ;-(+2+.#N! $.*.! #'0! (%4.&(.&1%03! %01.0!
5*%D+0+'&%0!0'&!+&2'45.1+,#%0!2'&!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#!g>>)/!RTWXYYP3!(%!SY!(%!
4.*='e! G! TSWXYYP3! (%! ]P! (%! 4.*='c3! [-%! +&2#-G%! #.! 2*%.2+K&3! 2'&01+1-2+K&! G! 0-5*%0+K&! (%!
K*F.&'0! C-(+2+.#%0! %&! %#! ?4,+1'! (%! #.! (%Z+&+2+K&! G! %01.,#%2+4+%&1'! (%! #.! 5#.&1.! C-(+2+.#! G!
%\1+%&(%! .! 1'('0! #'0! &+D%#%0! &'*4.1+D'0! #.! *%0%*D.! (%#! .*1N! XQYNXNR! /"! %&!2-.&1'! .Z%21%! .! #.!
L(4+&+01*.2+K&!(%!C-01+2+.!%&! 0%&1+('!%01*+21'N!$'*!#'![-%!@.2%!.!#.!2*%.2+K&!(%!>%22+'&%0!G!
;-=F.('03!#.!*%Z%*%&2+.!.!-&.!(%#%F.2+K&!(%#!:',+%*&'!0-5'&(*8.!.(4+1+*![-%!0%!1*.1.!(%!-&.!
2'45%1%&2+.!(%#!"01.('3!#.!2-.#!0K#'!5'(*8.!(%#%F.*0%!5'*!-&.!(%!#.0!D8.0!(%#!.*1N!XRPNS!/"3!
[-%! .2.0'! 5-(+%*.! 0%*! #.! V*F?&+2.! (%#! $'(%*! ;-(+2+.#3! 5%*'! &-&2.! #.! 0'#.! D'#-&1.(! (%#!
:',+%*&'N!
!
$'*!M#1+4'3!%#!.5.*1.('!]!(%#!.*1N!XP_!(+05'&%![-%!#.!2.5+1.#+(.(!(%!#.0!(%4.*2.2+'&%0!
C-(+2+.#%0!0%!Z+C.*?!5'*!-&.!#%G!(%#!$.*#.4%&1'!2.1.#?&N!>%!1*.1.3!5.*.!#'0!*%2-**%&1%03!(%!-&.!
(%1%*4+&.2+K&![-%!0K#'!#%!2.,%!.!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#3![-%!5-%(%!.1*+,-+*!.!#.!
:%&%*.#+1.1! &'! 0K#'! -&.! 4%*.! 5.*1+2+5.2+K&! %&! 0%4%C.&1%! (%2+0+K&3! 0+&'! #.! (%2+0+K&! 4+04.!
g>)/!RTWXYYP3!(%!SY!(%!4.*='cN!U.!#%G!.-1'&K4+2.!.!#.![-%!0%!*%Z+%*%!%#!5*%2%51'!*%2-**+('!&'!
1%&(*8.! 0-! Z-&(.4%&1'! %&! #.! V*F?&+2.! (%#! $'(%*! ;-(+2+.#3! &+! 1%&(*8.! %&! %##.! &+&FM&!
!
XT_
2'&(+2+'&.4+%&1'3! 2'&1*.*+.&('! .08! #'! (+05-%01'! %&! %#! .*1N! XRS3XNS! /"N! L(%4?03! 0%! *%Z+%*%!
+&(+02*+4+&.(.4%&1%!.!1'(.0!#.0!(%4.*2.2+'&%0!C-(+2+.#%03!1.4,+<&3!5'*!1.&1'3!#.0!(%!?4,+1'!
5*'D+&2+.#3!#'![-%!0%*8.!+45'0+,#%!.!1%&'*!(%#!+&%[-8D'2'!Z-&(.4%&1'!SR!(%!#.!>)/!RTWXYYP3!
(%!SY!(%!4.*='N!
!
,c!"#!%02*+1'!(%!.#%F.2+'&%0!(%#!L,'F.('!(%#!"01.('!(%Z+%&(%!#.!2'&01+1-2+'&.#+(.(!(%#!
*<F+4%&! (%! #.! 5*'5-%01.! .-1'&K4+2.! 5.*.! #.! (%1%*4+&.2+K&! G! *%D+0+K&! (%! #.! (%4.*2.2+K&!
C-(+2+.#!5*%D+01'!%&!%#!.*1N!XP_NX3!.!1%&'*!(%!#.!('21*+&.!(%!#.0!>>)/!RTWXYYP3!(%!SY!(%!4.*='3!
^;!X_e!G!TSWXYYP3!(%!]P!(%!4.*='3!^;!Y!.c3!G!(%!#'!(+05-%01'!%&!%#!.*1N!]R!UV$;N!U.!%\1%&0+K&!
(%!%01%!4+04'!*<F+4%&!(%!5*'5-%01.!.!#.!5#.&1.!C-(+2+.#!&'!%01?!.21-.#4%&1%!.2'F+(.!%&!#.!U%G!
V*F?&+2.!(%#!$'(%*!;-(+2+.#3!5-%0!0-!.*1N!SYNS!0K#'!5%*4+1%![-%!#.0!/'4-&+(.(%0!L-1K&'4.0!
#.!+&01%&N!$'*!#'!1.&1'3!#.!Z.2-#1.(!(%!5*'5-%01.!*%#.1+D.!.!#.!5#.&1.!(%,%*8.!%05%*.*!.![-%!-&.!
*%Z'*4.!(%!(+2@.!U%G!#.!@.F.!Z.21+,#%3!G3!%&!2-.#[-+%*!2.0'3!0+&![-%!#.!5*'5-%01.!D+&2-#%!.!#.0!
/'*1%0!:%&%*.#%03!G.![-%!#.!2'45%1%&2+.!#%F+0#.1+D.!%01.1.#!%&!4.1%*+.!(%!5#.&1.!5%*1%&%2%!.#!
&M2#%'! (%! #.! L(4+&+01*.2+K&! (%! C-01+2+.! %&! 0%&1+('! 5*'5+'! g>)/! RTWXYYP3! (%! SY! (%! 4.*='3!
^^;;!XR!G!XYcN!
!
$'*!'1*'!#.('3!%#!.5.*1.('!S!(%#!.*1N!XP_!0%*8.!2'45%1%&2+.#4%&1%!+&'2-'3!G.![-%!5*%D<!
4%*.0! 5'0+,+#+(.(%0! [-%! 5'(*?&! .21-.#+=.*0%! '! &'! %&! #'0! 1<*4+&'0! [-%! (+05'&F.&! #.! U%G!
V*F?&+2.! (%#! $'(%*! ;-(+2+.#! G! #.! U%G! (%! 5#.&1.! G! (%4.*2.2+K&3! .1%&(+(.! #.! ('21*+&.!
2'&01+1-2+'&.#!(%!#.0!>>)/!RTWXYYP3!(%!SY!(%!4.*='3!^;!XYe!G!TSWXYYP3!(%!]P!(%!4.*='3!^;!T!
.cN!$'*!0-!5.*1%3!%#!.5.*1.('!]!(%,%*8.3!5'*!%#!4'4%&1'3!%&1%&(%*0%!%&!2'&Z'*4+(.(!2'&!%#!.*1N!
]RNT!UV$;!G!#.!('21*+&.!(%!#.0!>>)/!RTWXYYP3!(%!SY!(%!4.*='3!^^;;!SR!G!STe!G!TSWXYYP3!(%!]P!
(%!4.*='3!^;!XPN!.cN!
!
2c! $.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! %#! .*1N! XP_! &'! D-#&%*.! #.! 2'45%1%&2+.! %01.1.#!
.1*+,-+(.!5'*!%#!.*1N!XQYNXNR!/"!G!%&2-%&1*.!2',%*1-*.!%&!%#!.*1N!XRS!/"N!/'&!2.*?21%*!5*%D+'!
0%!0%6.#.![-%!&'!%01.4'0!.&1%!-&.!*%0%*D.!2'&01+1-2+'&.#!.!Z.D'*!(%!#.!U%G!V*F?&+2.!(%#!$'(%*!
;-(+2+.#3!0+&'!0+45#%4%&1%!.&1%!#.!2'&0%2-%&2+.!(%!#.!2'45%1%&2+.!%\2#-0+D.!(%#!"01.('!ex!.*1N!
XQYNXNR! /"e! #'! [-%! %Z%21+D.4%&1%! '*(%&.! #.! /'&01+1-2+K&! %0! [-%! #'0! "01.1-1'0! G! #.! U%G!
V*F?&+2.!2'&2-%*(%&!%&!%01.!2-%01+K&N!"&!#.!@+5K1%0+0!(%!-&.!Z.#1.!(%!2'&2'*(.&2+.3!.#!&'!%01.*!
%&!%#!?4,+1'!(%!#.!*%0%*D.!.#!#%F+0#.('*!'*F?&+2'3!@.,+(.!2-%&1.!(%!#.!%05%2+.#!&.1-*.#%=.!(%!#'0!
"01.1-1'0! G! %&! .1%&2+K&! .! #.! %\5*%0.! 5*%D+0+K&! (%#! .*1N! XRS! /"3! #.! &'*4.! %01.1-1.*+.! (%,%*8.!
5*%D.#%2%*!0',*%!#.!'*F?&+2.3![-%!@.,*8.!(%!.(.51.*!0-!2'&1%&+('!.!#'!(+05-%01'!%&!%#!"01.1-1'N!
!
XTO
"#!.*1N!XRS!/"!+45#82+1.4%&1%!%&2'4+%&(.!#.!*%F-#.2+K&!(%!#.!(%4.*2.2+K&!C-(+2+.#!.!#.!U%G!
V*F?&+2.! (%#! $'(%*! ;-(+2+.#3! 5*%D+%&('! %\5#82+1.4%&1%! [-%! #.0! /'4-&+(.(%0! L-1K&'4.0! (%!
*<F+4%&!%05%2+.#!5-%(.&!%01.,#%2%*!#'0!0-5-%01'0!G!Z'*4.0!(%!5.*1+2+5.2+K&!.-1'&K4+2.!%&!#.!
'*F.&+=.2+K&!(%!#.0!(%4.*2.2+'&%0!C-(+2+.#%0!(%!0-!1%**+1'*+'N!)'('!%##'!(%!2'&Z'*4+(.(!2'&!#.!
U%G!V*F?&+2.3!5%*'!1%&+%&('!5*%0%&1%!%#!2'&(+2+'&.&1%!%\1%*&'![-%!*%5*%0%&1.&!#'0!"01.1-1'03!
5-%0!(%!'1*'!4'('!%#!5*%2%51'!2'&01+1-2+'&.#!0%!@-,+%0%!#+4+1.('!.!(%2+*![-%!0%*8.!.[-%##.!U%G!
#.![-%!5*%D+%0%!#.!4%&2+'&.(.!5.*1+2+5.2+K&!.-1'&K4+2.N!
!
"01'! 0%&1.('3! %#! "C%2-1+D'! 2'&1*.01.! #.0! (%1%*4+&.2+'&%0! (%#! .*1N! XP_! 2'&! #.0!
5*%D+0+'&%0!.21-.#%0!(%!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#3!5.*1+%&('!.#!%Z%21'!(%!#.!%01*%2@.!
2'&%\+K&!%\+01%&1%!%&1*%!(%4.*2.2+K&!G!5#.&1.!C-(+2+.#3!#'![-%!%\5#+2.*8.![-%!%&!%#!.5.*1.('!
5*+4%*'! (%#! .*1N! XP_! 0%! .#-(.! .! %01.! M#1+4.3! 5%0%! .#! 0+#%&2+'! (%#! .*1N! XRS! /"N! "#! .*1N! XP_NX!
(+05'&%!#.!Z'*4.!(%!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!(%!/.1.#-6.!%&!#.!(%1%*4+&.2+K&!G!*%D+0+K&!
(%!#.!(%4.*2.2+K&!G!5#.&1.!C-(+2+.#%0e!5.*1+2+5.2+K&![-%!(%,%!(%0.**'##.*0%!(%!4.&%*.![-%!&'!
5%*1-*,%!%#!5*+&2+5+'!(%!-&+(.(!(%#!$'(%*!;-(+2+.#N!"#!2'&1*.01%!(%!%01%!5*%2%51'!2'&!#'0!.*10N!
SY! G! ]R! UV$;! &'! .**'C.! (+Z%*%&2+.0! 0-01.&1+D.03! 5'*! #'! [-%! &'! 5'(*8.! 0'01%&%*0%! 0-!
+&2'&01+1-2+'&.#+(.(!G!4%&'0!2-.&('!#.!%\2%52+K&![-%!%#!.*1N!XRS!/"!@.2%!.!Z.D'*!(%#!"01.1-1'!
%&!2-.&1'!.!#.!'*F.&+=.2+K&!(%!#.!(%4.*2.2+K&!C-(+2+.#!@.,*8.!(%!2'45'*1.*!#.!.0-&2+K&!(%!#'!
[-%!<01%!%01.,#%=2.!5'*!#.!U%G!V*F?&+2.!(%#!$'(%*!;-(+2+.#N!
!
L(4+1%!%#!:',+%*&'!2.1.#?&![-%!%#!.*1N!XRS!/"!&'!.#-(%!.!#.!5#.&1.!C-(+2+.#!.#!5*%D%*!#.!
5.*1+2+5.2+K&! .-1'&K4+2.3! 5%*'! &'! 0%*8.! 4%&'0! 2+%*1'! [-%! #.! *%F-#.2+K&! #%F.#! (%! #.!
(%4.*2.2+K&! G! 5#.&1.! C-(+2+.#%0! 0%! @.! @%2@'! 0+%45*%! 2'&C-&1.4%&1%N! ).45'2'! (%,%*8.!
'#D+(.*0%! [-%! #.! 5*'5-%01.! .-1'&K4+2.! 0%! @.*?! 5*%D+'! +&Z'*4%! (%#! /'&0%C'! (%! ;-01+2+.! (%!
/.1.#-6.3!.21-.&('!2'4'!K*F.&'!(%02'&2%&1*.('!iG3!5'*!1.&1'3!0-,'*(+&.('i!(%#!/'&0%C'!
:%&%*.#!(%#!$'(%*!;-(+2+.#N!>%*8.!'2+'0'!0%6.#.*![-%!#.!5*%D+0+K&!(%#!.*1N!XP_NX!&'!+&2+(%!%&!#.!
(%4.*2.2+K&! C-(+2+.#! (%#! *%01'! (%#! "01.('! G! [-%! #.! (%2+0+K&! M#1+4.! 2'**%05'&(%! .#! "01.('! .!
1*.D<0!(%!#.0!/'*1%0!:%&%*.#%0N!
!
>',*%! %#! .*1N! XP_NS! 0%! .Z+*4.! [-%! %#! 1<*4+&'! `5'(*?&a! 5'&%! (%! 4.&+Z+%01'! [-%! #.!
.0-&2+K&! (%! %0.0! Z.2-#1.(%0! &'! (%5%&(%! %&! %\2#-0+D.! (%! #.! D'#-&1.(! .-1'&K4+2.3! 0+%&('!
5*%2+0.!-&.!ZK*4-#.![-%!.*1+2-#%!%0.!5'0+,+#+(.(N!"&!2-.&1'!.!#.0!4'(+Z+2.2+'&%0!(%!#.!5#.&1.!
C-(+2+.#! [-%! &'! 5*%2+0%&! *%Z'*4.! #%F+0#.1+D.3! 0%*8.! +&2-%01+'&.,#%! [-%! %#! 5*%2%51'! 2'&1%45#.!
!
XTY
-&.!#%G!(%!(%#%F.2+K&!(%!#.0!5*%D+01.0!%&!%#!.*1N!XRPNS!/"3!5.5%#![-%!5'(*8.!*%5*%0%&1.*!#.!U%G!
V*F?&+2.!(%#!$'(%*!;-(+2+.#N!
!
/'&!*%05%21'!.#!.*1N!XP_N]!0%!(%01.2.![-%!%#!.*1N!]RNT!UV$;!G.!2'&1%45#.![-%!0%.&!#.0!
/'4-&+(.(%0! L-1K&'4.0! [-+%&%0! (%1%*4+&%&! #.! 2.5+1.#+(.(! (%! #'0! 5.*1+('0! C-(+2+.#%0N! "#!
@%2@'!(%![-%!&'!0%!.#-(.!%\5*%0.4%&1%!.#!+&Z'*4%!(%#!/'&0%C'!:%&%*.#!(%#!$'(%*!;-(+2+.#!&'!
0+F&+Z+2.*8.!0-!%\2#-0+K&N!
!
U.0!.#%F.2+'&%0!Z*%&1%!.!#.!+45-F&.2+K&!(%#!.*1N!XP_!2'&2#-G%&!2'&!-&.!*%Z%*%&2+.!.!#.!
0+4+#+1-(3!0',*%!%01%!5-&1'3!(%!#.0!5*'5-%01.0!(%!*%Z'*4.!%01.1-1.*+.!(%!L&(.#-28.3!/.&.*+.03!
L*.FK&!G!9.#%.*%0N!L!0-!D%=3!#.0!.#%F.2+'&%0!F%&%*.#%0!*%#.1+D.0!.#!181-#'!bbb!(%#!"01.1-1'3!0%!
2+%**.&!2'&!#.!*%5*'(-22+K&!5.*2+.#!(%#!L2-%*('!.('51.('!%&!#.!/'4+0+K&!(%!/''*(+&.2+K&!(%!
#.0!/'4-&+(.(%0!L-1K&'4.0!2'&!2'45%1%&2+.0!%&!4.1%*+.!(%!L(4+&+01*.2+K&!(%!C-01+2+.!5'*!
#'0! K*F.&'0! 2'45%1%&1%0! (%! #'0! :',+%*&'0! (%#! $.80! A.02'3! /.1.#-6.3! :.#+2+.3! A.#%&2+.3!
/.&.*+.03! L&(.#-28.3! k.D.**.3! 7.(*+(! G! L01-*+.03! (%01.2?&('0%! [-%! (+2@.0! /'4-&+(.(%0!
L-1K&'4.0! *%+D+&(+2.*'&3! %&! %#! ?4,+1'! C-(+2+.#3! -&! 1%2@'! 2'45%1%&2+.#! .#! 4+04'! &+D%#! i%!
+&2#-0'!0-5%*+'*i![-%!%#!*%2'F+('!%&!%#!"01.1-1'!2.1.#?&N!
!
(c!"#!$.*#.4%&1'!(%!/.1.#-6.3!5'*!0-!#.('3!5.*1+%&('!(%!#.!+&1%*5*%1.2+K&!2'&C-&1.!(%!
#'0!.*10N!XRSNX!/"!G!XQYNXNR!/"3!2'&0+(%*.![-%!%#!5*+4%*'!(%!%##'0!+&1*'(-2%!-&.!%\2%52+K&!.#!
0%F-&('! .#! (+05'&%*! #.! 5'0+,#%! 5*%D+0+K&! %01.1-1.*+.! (%! 5.*1+2+5.2+K&! (%! #.0! /'4-&+(.(%0!
L-1K&'4.0!%&!#.!4.1%*+.3!(%!4'('![-%!2'&2#-G%![-%!%&!%01%!5-&1'!#.!U%G!V*F?&+2.!(%#!$'(%*!
;-(+2+.#! (%,%! .(.51.*! 0-! 2'&1%&+('! .! #'! 5*%D+01'! %&! %#! "01.1-1'! G! *%2'F%*! %#! 1+5'! (%!
5.*1+2+5.2+K&! 2'&1%45#.('! 5'*! %#! .*182-#'! %&! 2-%01+K&3! [-%! 0%! *%Z+%*%! %\2#-0+D.4%&1%! .!
/.1.#-6.!0+&!5*%C-=F.*!#.!#+,*%!(%2+0+K&!%01.1.#!%&!#.!4.1%*+.N!
!
U.! /?4.*.! &'! %&2-%&1*.! 1.2@.! (%! +&2'&01+1-2+'&.#+(.(! %&! %#! .5.*1.('! ]! (%#! .*1N! XP_3!
5'*! 1*.1.*0%! (%! 4%*.0! 5*%D+0+'&%0! Z.2-#1.1+D.0! 2-G.! D+*1-.#+(.(! %Z%21+D.! %&! %#! 5#.&'!
2'45%1%&2+.#! .-1'&K4+2'! (%5%&(%! (%! #.! +&01*-4%&1.2+K&! (%! (+D%*0.0! 1<2&+2.0! (%! .1*+,-2+K&!
(%#!%C%*2+2+'!(%!2'45%1%&2+.0!(%!.2-%*('!2'&!#.!/'&01+1-2+K&!G!%#!V*(%&.4+%&1'!D+F%&1%3![-%!
*%[-+%*%&! #.! .&-%&2+.! (%#! "01.('! 2%&1*.#N! "#! @%2@'! (%! &'! 4%&2+'&.*! %\5*%0.4%&1%! %#! 5*%D+'!
+&Z'*4%!(%#!/'&0%C'!:%&%*.#!(%#!$'(%*!;-(+2+.#!.!#.!@'*.!(%!#.!Z+C.2+K&!(%!#.!2.5+1.#+(.(!(%!#.0!
(%4.*2.2+'&%0!C-(+2+.#%0!&'!0+F&+Z+2.*8.![-%!0%!%\2#-G.!1.#!5'0+,+#+(.(N!
!
!
X_P
/'4'! 2'&0+(%*.2+K&! Z+&.#! .! %01%! .5.*1.('! 0%6.#.! %#! $.*#.4%&1'! #.! 0+4+#+1-(3! G! .!
4%&-('!+(%&1+(.(3!%&1*%!#'0!5*%2%51'0!%01.1-1.*+'0!*%#.1+D'0!.!#.!C-01+2+.!(%!#'0![-%!0%!@.!+('!
@.2+%&('!4%&2+K&!G!#'0!2'**%#.1+D'0!+&2#-+('0!%&!%#!5*'G%21'!(%!&-%D'!"01.1-1'!(%!L-1'&'48.!
5.*.!L&(.#-28.N!
!
)81-#'!bA!gE%!#.0!2'45%1%&2+.0c!l.*10N!XXP3!XXX3!XXS3!XXQNR3!XXR3!XX_!l.5.*1.('0!X!.c!G!
,c3!S3!]3!Q!G!Rm3!XXO!g.5.*1.('0!X3!S!G!]c3!XSP3!XSX!l.5.*1.('0!X!G!S!.cm3!XSS3!XS]3!XSR3!XSTNS3!
XS_!g.5.*1.('0!X3!S!G!]c3!XSO!l.5.*1.('0!X!.c!G!(c3!G!]m3!XSY3!X]X3!X]SNX3!X]]3!X]QNS3!X]R3!X]T!
.c!G!,c3!X]O3!X]YNX3!XQP!l.5.*1.('0!S3!]3!Q3!R3!T!G!_!.c3!,c3!2c!G!(cm3!XQXNS3!XQSNS3!XQQNR3!XQT!
l.5.*1.('!X!.c!G!,cm3!XQ_!l.5.*1.('!X!.c3!,c!G!2cm3!XQONS3!XQYNS!G!]3!XRP3!XRX3!XRS3!XRQNS3!XRR!
l.5.*1.('!X!,cm3!XR_3!XRON]3!XTP!l.5.*1.('0!X!.c3!,c3!2c!G!(c3!G!]m3!XTX3!XTS!g.5.*1.('0!X3!S!G!]c3!
XT]!2c3!XTT!l.5.*1.('0!X!.c3!S!G!]m3!XTYNS!G!]3!X_P!l.5.*1.('0!X!(c!%!+c3!G!Sm3!X_X!2c!g.5.*1.('!
0%F-&('c3!X_S3!G!X_]mN!
!
RSN!U.!+45-F&.2+K&!(%!#'0!.*182-#'0!2'45*%&(+('0!%&!%#!181-#'!bA!(%#!"01.1-1'!0%!+&+2+.!
2'&!-&.0!2'&0+(%*.2+'&%0!5*%D+.0!0',*%!#.!2.*.21%*+=.2+K&!%01.1-1.*+.!(%!#.0!2'45%1%&2+.0!G!0-!
Z-&(.4%&1'! C-*8(+2'I2'&01+1-2+'&.#N! U'0! *%2-**%&1%0! (%01.2.&3! .&1%! 1'('3! #.! 1<2&+2.! .('51.(.!
%&! %#! "01.1-1'! 5.*.! #.! (%1%*4+&.2+K&! (%! #.0! 2'45%1%&2+.0! .1*+,-+(.0! .! #.! :%&%*.#+1.13! [-%3!
.(%4?0! (%! *%21+Z+2.*! %&! 5*'Z-&(+(.(! #'0! 2*+1%*+'0! @.01.! .@'*.! ',0%*D.('03! 1%*4+&.*8.! 5'*!
.Z%21.*!(+*%21.4%&1%!.!#.0!2'45%1%&2+.0!%01.1.#%0!G!2'&!%##'!.#!5*'5+'!0+01%4.!2'&01+1-2+'&.#!
(%! (+01*+,-2+K&! (%! 2'45%1%&2+.03! %&! -&.! 2'&Z%0.(.! '5%*.2+K&! (%! `,#+&(.C%a! (%! #.0!
2'45%1%&2+.0!5*'5+.0!Z*%&1%!.#!"01.('!G!Z*%&1%!.#!5*'5+'!)*+,-&.#!/'&01+1-2+'&.#N!
!
"#! "01.1-1'! i.Z+*4.&! #'0! E+5-1.('0! *%2-**%&1%0i! (%Z+&%! %#! 0+F&+Z+2.('! G! .#2.&2%!
Z-&2+'&.#!(%!#.0!2'45%1%&2+.0!.-1'&K4+2.0!G!%05%2+Z+2.!#'0!2'&1%&+('0!(%!#.0!4.1%*+.0!0',*%!
#.0![-%!0%!5*'G%21.&3!#'![-%!4.*2.!-&.!&'1.,#%!(+Z%*%&2+.!2'&!%#!"01.1-1'!.&1%*+'*N!L083!%#!.*1N!
XXPNX!(%Z+&%!#.0!2'45%1%&2+.0!%\2#-0+D.0!%&!#'0!0+F-+%&1%0!1<*4+&'0d!
!
`/'**%05'&(%&!.!#.!:%&%*.#+1.13!%&!%#!?4,+1'!(%!0-0!2'45%1%&2+.0!%\2#-0+D.03!(%!Z'*4.!
8&1%F*.! #.! 5'1%01.(! #%F+0#.1+D.3! #.! 5'1%01.(! *%F#.4%&1.*+.! G! #.! Z-&2+K&! %C%2-1+D.N!
/'**%05'&(%!M&+2.4%&1%!.!#.!:%&%*.#+1.1!%#!%C%*2+2+'!(%!%01.0!5'1%01.(%0!G!Z-&2+'&%03!
4%(+.&1%!#.0!2-.#%0!5-%(%!%01.,#%2%*!5'#81+2.0!5*'5+.0aN!
!
$'*!0-!5.*1%3!#.0!2'45%1%&2+.0!2'45.*1+(.0!0%!(%Z+&%&!%&!%#!.*1N!XXXd!
!
X_X
!
`"&!#.0!4.1%*+.0![-%!%#!"01.1-1'!.1*+,-G%!.!#.!:%&%*.#+1.1!(%!Z'*4.!2'45.*1+(.!2'&!%#!
"01.('3!2'**%05'&(%&!.!#.!:%&%*.#+1.1!#.!5'1%01.(!#%F+0#.1+D.3!#.!5'1%01.(!*%F#.4%&1.*+.!
G!#.!Z-&2+K&!%C%2-1+D.3!%&!%#!4.*2'!(%!#.0!,.0%0![-%!Z+C%!%#!"01.('!2'4'!5*+&2+5+'0!'!
48&+4'!2'4M&!&'*4.1+D'!%&!&'*4.0!2'&!*.&F'!(%!#%G3!%\2%51'!%&!#'0!0-5-%01'0![-%!
0%!(%1%*4+&%&!(%!.2-%*('!2'&!#.!/'&01+1-2+K&!G!%#!5*%0%&1%!"01.1-1'N!"&!%#!%C%*2+2+'!(%!
%01.0! 2'45%1%&2+.03! #.! :%&%*.#+1.1! 5-%(%! %01.,#%2%*! 5'#81+2.0! 5*'5+.0N! "#! $.*#.4%&1'!
(%,%!(%0.**'##.*!G!2'&2*%1.*!.!1*.D<0!(%!-&.!#%G!.[-%##.0!5*%D+0+'&%0!,?0+2.0aN!
!
^+&.#4%&1%3!%#!.#2.&2%!Z-&2+'&.#!(%!#.0!2'45%1%&2+.0!%C%2-1+D.0![-%(.!(%Z+&+('!%&!%#!
.*1N!XXSd!
!
`/'**%05'&(%!.!#.!:%&%*.#+1.1!%&!%#!?4,+1'!(%!0-0!2'45%1%&2+.0!%C%2-1+D.03!#.!5'1%01.(!
*%F#.4%&1.*+.3![-%!2'45*%&(%!#.!.5*',.2+K&!(%!(+05'0+2+'&%0!5.*.!#.!%C%2-2+K&!(%!#.!
&'*4.1+D.! (%#! "01.('3! .08! 2'4'! #.! Z-&2+K&! %C%2-1+D.3! [-%! %&! 1'('! 2.0'! +&2#-G%! #.!
5'1%01.(! (%! '*F.&+=.2+K&! (%! 0-! 5*'5+.! .(4+&+01*.2+K&! G3! %&! F%&%*.#3! 1'(.0! .[-%##.0!
Z-&2+'&%0!G!.21+D+(.(%0![-%!%#!'*(%&.4+%&1'!.1*+,-G%!.!#.!.(4+&+01*.2+K&!5M,#+2.aN!
!
L! 5.*1+*! (%! %01.0! (%Z+&+2+'&%03! %&! %#! 2.581-#'! bb! (%! %01%! 181-#'! bA! g.*10N! XXT! .! X_]c! 0%!
%05%2+Z+2.&!#'0!2'&1%&+('0!(%!#.0!4.1%*+.0!.!#.0![-%!(+2@.0!2'45%1%&2+.0![-%(.&!*%Z%*+(.03!%&!
-&.!'5%*.2+K&!(%!`(%05+%2%a!'!(%0F#'0%!1.&!4+&-2+'0.![-%!2'&Z+%*%!.!%01.!5.*1%!(%#!"01.1-1'!
-&.!%\1%&0+K&!(%04%(+(.N!"&!%01'0!1<*4+&'0!%&1+%&(%&!#'0!(%4.&(.&1%0![-%!#.!2-%01+K&![-%!
@.!(%!5#.&1%.*0%!%0!4-G!0%&2+##.d!r5-%(%!-&!"01.1-1'!(%!L-1'&'48.!+&2+(+*!%&!#.!Z'*4.!%&![-%!
#'0! @.2%&! #'0! *%Z%*+('0! .*10N! XXP3! XXX! G! XXS! %&! %#! 0+01%4.! (%! (+01*+,-2+K&! (%! 2'45%1%&2+.0!
*%0-#1.&1%!(%#!.*1N!XQY!/"sN!
!
L! Z.D'*! (%! -&.! *%05-%01.! .Z+*4.1+D.! 5-%(%! -1+#+=.*0%! %#! .*F-4%&1'! i2'&1+&M.&! #'0!
*%2-**%&1%0i!(%![-%3!2'4'![-+%*.![-%!#.!/'&01+1-2+K&!&'!(%Z+&%!&+!2'&2*%1.!%#!0+F&+Z+2.('!(%!
#.0!2'45%1%&2+.0![-%!.1*+,-G%!.#!"01.('!'![-%!5-%(%&!.0-4+*!#.0!/'4-&+(.(%0!L-1K&'4.03!G!
(.('![-%!.!1'(.0!%##.0!0%!#%0!5-%(%!.0+F&.*!(+01+&1.!.45#+1-(!G!Z-&2+'&.#+(.(3!&.(.!+45+(%![-%!
#'![-%!.[-<##.!&'!@.!@%2@'!5-%(.&!@.2%*#'!#'0!"01.1-1'0!(%!L-1'&'48.N!U'!4+04'!D.#(*8.!5'*!
#'![-%!@.2%!.!#.!(%1%*4+&.2+K&!(%#!2'&1%&+('!4.1%*+.#!(%!#.0!2'45%1%&2+.0N!/'&!%##'3!.(%4?03!
0%! %D+1.*8.! [-%! 0%.! %#! #%F+0#.('*! %01.1.#! ,?0+2'! [-+%&! 5*'2%(.! .! #.! '5%*.2+K&! (%! 2+%**%! (%! #'0!
%\1*%4'0![-%!#.!/'&01+1-2+K&!@.!(%C.('!.,+%*1'0N!
!
X_S
!
^*%&1%! .! %01%! 5#.&1%.4+%&1'! '5'&%&! #'0! *%2-**%&1%0! #.0! 2.*.21%*801+2.0! (%#! 4'(%#'!
2'&01+1-2+'&.#!(%!(+01*+,-2+K&!(%!2'45%1%&2+.03!(%01.2.&('3!%&!5*+4%*!#-F.*3![-%!%#!*%%&D8'!(%!
#.! /'&01+1-2+K&! .! #'0! "01.1-1'0! 5.*.! 2'&2*%1.*!#.0! 2'45%1%&2+.0! .-1'&K4+2.0! 0K#'! 5%*4+1%! .!
<01'0! (+05'&%*! (%! #.0! 2'45%1%&2+.0! [-%! 2'&01+1-2+'&.#4%&1%! &'! @.&! [-%(.('! *%0%*D.(.0! .#!
"01.('! g.*1N! XQYN]! /"cN! f! 0+%&('! D%*(.(! [-%! #.! /'&01+1-2+K&! &'! (%Z+&%! %#! .#2.&2%! (%! #.0!
2'45%1%&2+.0!*%0%*D.(.0!.#!"01.('3!%##'!&'!0+F&+Z+2.![-%!@.G.!(%C.('!`.,+%*1'a!%#!0+01%4.!(%!
*%5.*1'!2'45%1%&2+.#!G![-%3!5'*!1.&1'3!0%.&!#'0!"01.1-1'0!#.0!&'*4.0!##.4.(.0!.!`2%**.*#'aN!"&!
'1*.0! 5.#.,*.03! #.! 5*%1%&(+(.! `(%02'&01+1-2+'&.#+=.2+K&a! (%#! 0+01%4.! &'! 0%*8.! 1.#3! 0+&'! [-%! %#!
@%2@'! (%! [-%! %#! .#2.&2%! Z-&2+'&.#! G! 4.1%*+.#! (%! #.0! 2'45%1%&2+.0! (%#! .*1N! XQYNX! /"! 5-%(.!
D.*+.*! %&! Z-&2+K&! (%! #.! .5#+2.2+K&! '! %C%*2+2+'! [-%! (%! %##.0! 0%! @.F.! &'! (%C.*8.! (%! 0%*! -&.!
2.*.21%*801+2.!(%!#.!5*'5+.!2'&Z+F-*.2+K&!2'&01+1-2+'&.#!(%!%0.0!2'45%1%&2+.0N!
!
L08! #'! %D+(%&2+.*8.3! .! C-+2+'! (%! #'0! .21'*%03! %#! 2.0'! (%! #.! 2'45%1%&2+.! %01.1.#! 5.*.! %#!
%01.,#%2+4+%&1'!(%!#.0!,.0%0!%&!(%1%*4+&.(.0!4.1%*+.03!2-G.!%\1%&0+K&!0%!5*%2+0.!5'*!%#!5*'5+'!
1+1-#.*!(%!#.!2'45%1%&2+.!2'&!'2.0+K&!(%!0-!%C%*2+2+'3!,+%&![-%!2'&!#'0!#84+1%0![-%!@.!Z+C.('!#.!
C-*+05*-(%&2+.!g>>)/!XWXYOS3!(%!SO!(%!%&%*'e!XSRWXYOQ3!(%!SP!(%!(+2+%4,*%e!TYWXYOO3!(%!XY!
(%!.,*+#e!XSTWSPPS3!(%!SP!(%!4.G'cN!"0.!Z-&2+K&!(%!2+%**%!5*'5+.!(%!#.!#%F+0#.2+K&!,?0+2.!&'!
5'(*8.&! %C%*2%*#.! #'0! "01.1-1'03! G! .08! 0%! %\5#+2.! [-%! #.0! #%G%0! ,?0+2.0! 1%*4+&%&! 5'*! C-F.*!
+&(+*%21.4%&1%! 2'4'! 2.&'&! (%! 2'&01+1-2+'&.#+(.(! (%! #.0! #%G%0! .-1'&K4+2.0! G! 2-45#.&! -&.!
Z-&2+K&!(%#+4+1.('*.!(%!#.0!2'45%1%&2+.0!g>>)/!TOWXYOQ3!(%!XX!(%!C-&+'e!XT]WXYYR3!(%!O!(%!
&'D+%4,*%e!XTTWSPPS3!(%!XO!(%!0%51+%4,*%cN!$'*!%#!2'&1*.*+'!#.!Z-&2+K&!5*'5+.!(%!#'0!"01.1-1'0!
(%! L-1'&'48.! 0%! .F'1.! %&! #.! .0-&2+K&! (%! #.0! 2'45%1%&2+.0! [-%3! 5'*! &'! %01.*! *%0%*D.(.0! .#!
"01.('3!0'&!0-02%51+,#%0!(%!.5*'5+.2+K&!5'*!#.0!/'4-&+(.(%0!L-1K&'4.03!G!&'!2'45*%&(%*8.!
#.!(%1%*4+&.2+K&!(%#!.#2.&2%!4?\+4'!5'0+,#%!(%!#.0!2'45%1%&2+.0!*%0%*D.(.0!.#!"01.('N!
!
$'*!#'!(%4?0!#.!/'&01+1-2+K&!&'!5%*4+1%3!5.*.!#'0!*%2-**%&1%03![-%!-&!4+04'!2'&2%51'!
1%&F.!(+D%*0'0!0+F&+Z+2.('0!%&!Z-&2+K&!(%!#'![-%!(+05'&F.&!&'*4.0!+&Z*.2'&01+1-2+'&.#%0N!k'!
%0! 5'0+,#%3! %&! '1*.0! 5.#.,*.03! [-%! #.0! 2'45%1%&2+.0! %\2#-0+D.0! (%#! "01.('! 1%&F.&! -&'! -! '1*'!
.#2.&2%! 0%FM&! #'! (+05-%01'! %&! #'0! (+Z%*%&1%0! "01.1-1'03! 0+&! 5%*C-+2+'! (%! #'0! 0-5-%01'0!
%\2%52+'&.#%0!%&!#'0![-%!0%!@.!.(4+1+('!i4%(+.&('!#.!'5'*1-&.!2',%*1-*.!2'&01+1-2+'&.#!'!
-&! %05%28Z+2'! .&2#.C%! %01.1-1.*+'! 2'&Z'*4%! 2'&! #.! /'&01+1-2+K&! g>)/! XPYWXYYO3! (%! SX! (%!
4.G'ci!#.!.5#+2.2+K&!(%!(%1%*4+&.(.0!,.0%0!.!2+%*1.0!5.*1%0!(%#!1%**+1'*+'!&.2+'&.#!G!&'!.!0-!
2'&C-&1'N!
!
X_]
!
"&! #.! 4%(+(.! %&! [-%! 1.#! 0%*8.! %#! 4'(%#'! 2'45%1%&2+.#! 5*%D+01'! 5'*! #.! /'&01+1-2+K&!
%&1+%&(%&!#'0!*%2-**%&1%0![-%!#'0!"01.1-1'0!&'!5-%(%&!.#1%*.*#'N!k'!2.,%3!%&!(%Z+&+1+D.3![-%!-&!
"01.1-1'!1*.1%!(%!+45%(+*!#'![-%!#.!/'&01+1-2+K&!@.![-%*+('!5%*4+1+*N!U'0!.*10N!XXP3!XXX!G!XXS!
0%*8.&! +&2'&01+1-2+'&.#%0! 5'*! 1*.02%&(%*! G! &'! .C-01.*0%! .#! 2'&1%&+('! 5*'5+'! (%! #'0! "01.1-1'0!
g.*1N!XQ_NS!/"c!G!5'*!'5'&%*0%!.!#.!2'&Z+F-*.2+K&!(%!#.0!2'45%1%&2+.0!(%#!"01.('!*%0-#1.&1%!
(%#!.*1N!XQYNX!/"N!L!#'![-%!@.,*8.!(%!0-4.*0%!#.!('21*+&.!(%!#.!>)/!_TWXYO]3!(%!R!(%!.F'01'3!
[-%!*%2@.=.![-%!5'*!D8.!%01.1-1.*+.!0%!5-%(.!(%Z+&+*!2'&!2.*?21%*!F%&%*.#!G!.,01*.21'!%#!.#2.&2%!
G! 2'&1%&+('! (%! #.0! 2'45%1%&2+.0N! E+2@.! ('21*+&.3! [-%! %&1'&2%0! ##%DK! .! #.! (%2#.*.2+K&! (%!
+&2'&01+1-2+'&.#+(.(! (%! &'*4.0! [-%! (%Z+&8.&! %#! 2'&1%&+('! (%! #.0! 2'45%1%&2+.0! .-1'&K4+2.0!
%\2#-0+D.03!%#!0+F&+Z+2.('!(%!#'0!1<*4+&'0!`,.0%0a3!`&'*4.0!,?0+2.0a!G!`#%F+0#.2+K&!,?0+2.a!G!
%#! 2'&1%&+('! (%! #.0! 2'45%1%&2+.0! %C%2-1+D.03! (%,%*8.! ##%D.*! .@'*.! .! #.! 4+04.! 2'&2#-0+K&!
*%05%21'! (%! #'0! .*10N! XXP3! XXX! G! XXS! (%#! "01.1-1'3! [-%3! *%.#+=.&('! +(<&1+2'! 5*'2%0'!
+&1%*5*%1.1+D'! F%&%*.#! G! .,01*.21'! (%#! 0+01%4.! 2'&01+1-2+'&.#! (%! 2'45%1%&2+.03! (%Z+&%&!
Z-&2+'&.#4%&1%3! 2'&! 5*%1%&0+'&%0! (%! D.#+(%=! F%&%*.#3! #.0! 2'45%1%&2+.0! %\2#-0+D.03!
2'45.*1+(.0!G!%C%2-1+D.0!(%!#.!:%&%*.#+1.1!G!2'&!%##'!#.0!2'**%#.1+D.0!2'45%1%&2+.0!%01.1.#%0N!
L#F'![-%!#.!>)/!_TWXYO]3!(%!R!(%!.F'01'3!(%2#.*K!+45'0+,#%!5.*.!%#!#%F+0#.('*!(%#!"01.('!%&!
1.&1'![-%!5'(%*!2'&01+1-+('e!2'&(+2+K&!<01.![-%!2'45.*1%!%#!#%F+0#.('*!%01.1-1.*+'3!(%!4.&%*.!
[-%! 1.4,+<&! @.! (%! %01.*#%! D%(.(.! #.! 5'0+,+#+(.(! (%! ##%D.*! .! 2.,'! 0%4%C.&1%! '5%*.2+K&!
+&1%*5*%1.1+D.3! 0+&! '#D+(.*! #.! %\1*.'*(+&.*+.! *+F+(%=! [-%! 2'&! 0-! +&2#-0+K&! %&! -&! "01.1-1'!
.([-+*+*8.&!%0.0!0'#-2+'&%0!(%!`2+%**%a!(%#!0+01%4.3![-%!%&!.#F-&'0!2.0'03!(%!&'!2'&1.*0%!2'&!
%#! ,%&%5#?2+1'! (%! #.! /'4-&+(.(! L-1K&'4.3! 0K#'! 5'(*8.&! 0-5%*.*0%! 4%(+.&1%! -&.! *%Z'*4.!
2'&01+1-2+'&.#N!
!
"#! %02*+1'! (%! *%2-*0'! 5.0.! 0%F-+(.4%&1%! .!%\5'&%*! #'0! 1<*4+&'0! %&! [-%! %#! 2'&1%&+('!
.0+F&.('!5'*!%#!"01.1-1'!.!#.0!2'45%1%&2+.0!2'45.*1+(.0!G!%C%2-1+D.0!0%!'5'&%!Z*'&1.#4%&1%!.!
#.! +&1%*5*%1.2+K&! [-%! (%! #.0! 4+04.0! @.! @%2@'! %#! )*+,-&.#! /'&01+1-2+'&.#3! 2-G.! ('21*+&.! %01?!
&.1-*.#4%&1%! .,+%*1.! .! #.! %D'#-2+K&! G! %#! 2.4,+'3! 5%*'! 0K#'! %&! #.! Z'*4.! [-%! #%! %0! 5*'5+.! %&!
1.&1'![-%!+&1<*5*%1%!0-5*%4'!(%!#.!/'&01+1-2+K&3!&-&2.!2'4'!2'&0%2-%&2+.!(%!#.!+45'0+2+K&!
.2'*(.(.!(%0(%!-&!"01.1-1'!(%!L-1'&'48.N!$.*.!#'0!*%2-**%&1%0!%0!2#.*'![-%!#.!5*%%4+&%&2+.!
(%!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#!0',*%!#.!#%G3!%&!2-.&1'!0%!*%Z+%*%!.!#.!+&1%*5*%1.2+K&!(%!#.0!
2.1%F'*8.0!2'&01+1-2+'&.#%03!1*.%!2.-0.!(%!#.!/'&01+1-2+K&!4+04.3![-%!%0!#.!&'*4.!+&1%*5*%1.(.!
%&!(+2@.!C-*+05*-(%&2+.!G!#.![-%!2'&Z+%*%!.!<01.!0-!Z-%*=.!2'&01+1-2+'&.#!5*'5+.N!
!
!
X_Q
U'0! (%4.&(.&1%0! .Z+*4.&! [-%! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#! 0',*%! #.0! ,.0%0! &'! @.!
D%&+('! .! *.1+Z+2.*! -&.! (%1%*4+&.(.! +&1%*5*%1.2+K&! (%#! #%F+0#.('*! %01.1.#3! 0+&'! [-%3! 5'*! %#!
2'&1*.*+'3! 0%! @.! (%(-2+('! (+*%21.4%&1%! 5'*! %#! )*+,-&.#! .! 5.*1+*! (%#! 2'&2%51'! 2'&01+1-2+'&.#!
4+04'!(%!,.0%0!'!&'*4.0!,?0+2.03!1'4.&('!+&2#-0'!5+%!%&!#.!&'*4.1+D.!5*%2'&01+1-2+'&.#!5.*.!
&'! +45%(+*! %#! %C%*2+2+'! (%! #.0! 2'45%1%&2+.0! .-1'&K4+2.0! @.01.! [-%! %#! "01.('! (+21.0%! #.0!
2'**%05'&(+%&1%0! ,.0%0N! "01'! 0%&1.('3! %0! 2#.*'3! 5.*.! #'0! .21'*%03! [-%! #.! *%+&1%*5*%1.2+K&!
5#.04.(.!%&!%#!.*1N!XXX!(%#!"01.1-1'!2'#+0+'&.!2'&!1'(.!%0.!C-*+05*-(%&2+.3!5-%0!%#!"01.('!0K#'!
5'(*8.! %01.,#%2%*! ,.0%0! %&! &'*4.0! 2'&! *.&F'! (%! #%G! G! 2'&Z+F-*.(.0! 2'4'! 5*+&2+5+'0! '! -&!
48&+4'! 2'4M&! &'*4.1+D'3! %\2#-G<&('0%! *.(+2.#4%&1%! 1'(.! 5'0+,+#+(.(! (%! ,.0%0! %&! &'*4.0!
*%F#.4%&1.*+.0!'!(%!.21'0!%C%2-1+D'0!(+21.('0!.#!.45.*'!(%!#.!2'45%1%&2+.!,?0+2.!(%#!"01.('N!
>%!(%02'&'2%*8.!.083!%&!(%Z+&+1+D.3![-%!#.!%\1%&0+K&!%!+&1%&0+(.(!(%!#.0!,.0%0!5-%(%!D.*+.*!5'*!
*.=K&!(%!#.!4.1%*+.!g>)/!RPWXYYY3!(%!T!(%!.,*+#ce![-%!#.!&'2+K&!4.1%*+.#!(%!,.0%0!C-01+Z+2.!0-!
%01.,#%2+4+%&1'!5'*!D8.!*%F#.4%&1.*+.!'3!%\2%52+'&.#4%&1%3!4%(+.&1%!.21'0!%C%2-1+D'0!g>>)/!
XWXYOS3!(%!SO!(%!%&%*'e!R_WXYO]3!(%!SO!(%!C-&+'e!QOWXYOO3!(%!SS!(%!4.*='e!X_YWXYYS3!(%!X]!(%!
&'D+%4,*%e! XY_WXYYT3! (%! SO! (%! &'D+%4,*%3! %&1*%! '1*.0cN! k.(.! @.G! [-%! ',C%1.*3! .(4+1%&! #'0!
*%2-**%&1%03! .! [-%! 2'4'! *%F#.! #.0! ,.0%0! @.G.&! (%! Z+C.*0%! %&! &'*4.0! 2'&! *.&F'! (%! #%G3! G! (%!
@%2@'! #.! C-*+05*-(%&2+.! 0%! @.! +('! @.2+%&('! 5*'F*%0+D.4%&1%! 4?0! %\+F%&1%! %&! %0.! #8&%.! g5'*!
1'(.03!>)/!TYWXYOO3!(%!XY!(%!.,*+#c3!5%*'!%#!5*%2%51'!+45-F&.('!%\2#-+*8.!(%!4.&%*.!.,0'#-1.!
G! 1.\.1+D.! #.! 5'0+,+#+(.(! (%! [-%! %0.! *%F#.! 0%! %\2%52+'&%3! *%01*+&F+%&('! %#! .#2.&2%! (%! #.!
2'45%1%&2+.! (%#! "01.('! %&! 1<*4+&'0! +&2'&01+1-2+'&.#%03! 0+&! [-%! #.! 0.#D%(.(! +&2#-+(.! %&! %#!
+&2+0'! Z+&.#! (%#! 5*%2%51'! 5-(+%*.! 2'**%F+*! %0%! (%Z%21'3! 5-%0! 1.#! *%4+0+K&3! .(%4?0! (%!
+&(%1%*4+&.(.3!&'!4'(-#.!#.!(%Z+&+2+K&!%01.1-1.*+.N!
!
"&! 2-.&1'! .! #.! (%Z+&+2+K&! (%! #.0! 2'45%1%&2+.0! %C%2-1+D.0! %&! %#! .*1N! XXS! (%#! "01.1-1'!
.#%F.&! #'0! *%2-**%&1%0! [-%! %0! 1.4,+<&! 4.&+Z+%01.! 0-! '5'0+2+K&! .! #.! C-*+05*-(%&2+.!
2'&01+1-2+'&.#3! [-%! 0+%45*%! @.! 4.&1%&+('! -&! 2'&2%51'! 4.1%*+.#! (%! #%F+0#.2+K&! 2.5.=! (%!
2'45*%&(%*!%#!%C%*2+2+'!(%!#.!5'1%01.(!*%F#.4%&1.*+.!g>>)/!XOWXYOS3!(%!Q!(%!4.G'e!]RWXYOS3!
(%!XQ!(%!C-&+'e!SQYWXYOO3!(%!SP!(%!(+2+%4,*%e!G!SS]WSPPP3!(%!SX!(%!0%51+%4,*%c3!4+%&1*.0![-%!
%#!5*%2%51'!*%2-**+('!+&1%F*.!%&!%#!2'&1%&+('!Z-&2+'&.#!(%!#.!2'45%1%&2+.!%C%2-1+D.!%#!%C%*2+2+'!
(%! #.!5'1%01.(!*%F#.4%&1.*+.3!*%01*+&F+%&('!.08! #.!2'**%#.1+D.!2'45%1%&2+.!(%#!"01.('N! L! %##'!
&'!5'(*8.!'5'&%*0%3!%&!'5+&+K&!(%!#'0!*%2-**%&1%03!%#!.*F-4%&1'!(%![-%!%&!#.!>)/!XOWXYOS3!(%!
Q! (%! 4.G'3! D+&'! .! .(4+1+*0%! [-%! #'0! "01.1-1'0! 0'&! 0%(%! .(%2-.(.! 5.*.! #.! .('52+K&! (%! -&!
2'&2%51'!4.1%*+.#!(%!#%F+0#.2+K&3!5-%0!#'![-%!%&1'&2%0!0%!(+C'3!.!4.G'*!.,-&(.4+%&1'3!%0![-%!
%#! "01.1-1'! 2.1.#?&! (%! XY_Y! .2%*1.,.! %&! #.! 2.*.21%*+=.2+K&! (%! #.0! 2'45%1%&2+.0! 5*'5+.0! (%#!
!
X_R
"01.('!G!(%!#.!/'4-&+(.(!L-1K&'4.3!5%*'!&'![-%!1.#!2.*.21%*+=.2+K&!1*.C%*.!2.-0.!(%#!5*'5+'!
"01.1-1'3!5-%0!0K#'!5-%(%!1*.%*#.!(%!#.!/'&01+1-2+K&!4+04.N!$'*!%##'!#'0!.21'*%0!%&1+%&(%&![-%!
5*'2%(%! #.! (%2#.*.2+K&! (%! +&2'&01+1-2+'&.#+(.(! (%#! +&2+0'! `#.! 5'1%01.(! *%F#.4%&1.*+.3! [-%!
2'45*%&(%!#.!.5*',.2+K&!(%!(+05'0+2+'&%0!5.*.!#.!%C%2-2+K&!(%!#.!&'*4.1+D.!(%#!"01.('a3!(%#!
.*1N!XXS!(%#!"01.1-1'N!
!
)'(.D8.!.&1%0!(%!5.0.*!.!#.!+45-F&.2+K&!(%!#'0!5*%2%51'0![-%!+&1%F*.&!%#!181-#'!bA!(%#!
"01.1-1'3! #'0! *%2-**%&1%0! @.2%&! -&.! M#1+4.! 2'&0+(%*.2+K&! F%&%*.#N! $.*.! %##'0! #.! 1<2&+2.!
-1+#+=.(.!5'*!%#!"01.1-1'!2'&0+01%!%&!%05%2+Z+2.*!%#!2'&1%&+('!(%!#.0!4.1%*+.0!4%&2+'&.(.0!%&!%#!
.*1N!XQYNX!/"!G!%&!%01.,#%2%*!'1*.0!&-%D.0!&'!4%&2+'&.(.0!%&!%0%!5*%2%51'3!.45.*?&('0%!.#!
%Z%21'! %&! %#! 5*+&2+5+'! (+05'0+1+D'! (%#! .*1N! XQYN]! /"N! /'&! %##'! 0%! 1*.1.*8.3! ,+%&! (%! 5%1*+Z+2.*!
%01.1-1.*+.4%&1%! #.0! (%2+0+'&%0! (%#! )*+,-&.#! /'&01+1-2+'&.#! [-%! @.&! (%2#.*.('! (%1%*4+&.(.0!
2-%01+'&%0! 2'4'! 5*'5+.0! (%! 4.1%*+.0! (%! #.! 2'45%1%&2+.! (%! /.1.#-6.3! ,+%&! (%! *%21+Z+2.*! %0.!
C-*+05*-(%&2+.! 2-.&('! @.! 0+('! Z.D'*.,#%! .#! "01.('N! U.! 1%0+0! (%! Z'&('! 0%*8.3! (%! &-%D'3! #.! G.!
2'&'2+(.!(%![-%!%#!"01.1-1'!5-%(%!2%**.*!#'![-%!#.!/'&01+1-2+K&!@.!(%C.('!.,+%*1'N!
!
R]N!/'4+%&=.!%#!L,'F.('!(%#!"01.('!%#!%\.4%&!(%!#.!+45-F&.2+K&!(%!#'0! .*10N! XXP3!
XXX! G! XXS! *%0.#1.&('! [-%! %#! "01.1-1'! %0! -&.! &'*4.! C%*?*[-+2.4%&1%! 0-,'*(+&.(.! .! #.!
/'&01+1-2+K&3!(%!0-%*1%![-%!0+!2-.#[-+%*!K*F.&'!%01.1.#!%C%*2%!#%F81+4.4%&1%!0-0!2'45%1%&2+.0!
%\2#-0+D.0! .1*+,-+(.0! 5'*! %#! .*1N! XQYN! X! /"! &'! 2.,%! '5'&%*#%! &+&FM&! #84+1%! %01.1-1.*+'! g>)/!
QPWXYYO3!(%!XY!(%!Z%,*%*'3!^;!]PcN!"01'!%03!&'!@.G!,#+&(.C%0!Z*%&1%!.!#.!/'&01+1-2+K&3!&+3!5'*!
1.&1'3!Z*%&1%!.#!%C%*2+2+'!#%F81+4'!(%!#.0!2'45%1%&2+.0!2'&01+1-2+'&.#%0!(%#!"01.('3!5'*[-%!#.!
+(%.!2'&0%2-%&1%!.#!,#+&(.C%!+45#+2.3!'!,+%&![-%!#.!/'&01+1-2+K&!G!#'0!"01.1-1'0!0'&!&'*4.0!
%[-+'*(%&.(.0!G!%[-+D.#%&1%03!'!,+%&![-%!0%!4-%D%&!%&!5#.&'0!(+Z%*%&2+.('0!(%!2'45%1%&2+.3!
2'4'!'2-**%!2'&!%#!'*(%&.4+%&1'!+&1%*&.2+'&.#!G!%#!+&1%*&'!'!2'&!%#!'*(%&.4+%&1'!%-*'5%'!G!
#'0!'*(%&.4+%&1'0!(%!#'0!"01.('0!4+%4,*'0N!
!
"\5-%01'!#'!.&1%*+'*!&'!@.*8.!Z.#1.!.&.#+=.*!#.0!2'&0+(%*.2+'&%0!F%&%*.#%0!(%#!*%2-*0'3!
4?0!5*'5+.0!(%!-&!(%,.1%!.2.(<4+2'N!k'!',01.&1%3!2'&1%01?&('#.0!,*%D%4%&1%3!0%! .Z+*4.! %&!
5*+4%*! #-F.*! [-%! %0! 2+%*1'! [-%3! .#! .0-4+*! 2'45%1%&2+.03! %#! "01.1-1'! @.! (%! Z+C.*#.03! 5%*'! %0.!
Z+C.2+K&!(%!#.0!2'45%1%&2+.0!.-1'&K4+2.0!@.!(%!##%D.*0%!.!2.,'!(%&1*'!(%#!4.*2'!%01.,#%2+('!
%&! #.! /'&01+1-2+K&3! *%05%1.&('! 0+%45*%! #.0! 2'45%1%&2+.0! %\2#-0+D.0! (%#! "01.('! G3!
%05%2+.#4%&1%3! *%05%1.&('! #.! Z-&2+K&! 2'&01+1-2+'&.#! (%#+4+1.('*.! [-%! 1+%&%&! .0+F&.(.! #'0!
5*'(-21'0! (%! .#F-&.0! (%! 1.#%0! 2'45%1%&2+.03! 5.*1+2-#.*4%&1%! #.0! [-%! D+%&%&! %&-&2+.(.0! 2'&!
!
X_T
#.0!5.#.,*.0!,.0%03!&'*4.0!,?0+2.0!G!#%F+0#.2+K&!,?0+2.N!U'0!"01.1-1'0!(%0,'*(.*8.&!0-!Z-&2+K&!
2'&01+1-2+'&.#! 0+! 2'&2*%1.*.&! #+4+1.1+D.4%&1%! #.0! 2'45%1%&2+.0! %01.1.#%0! %\2#-0+D.03! [-%! &'!
5-%(%&3! 5'*! +45'0+2+K&! (%! 2.(.! "01.1-1'3! 1%&%*! -&! .#2.&2%! (+01+&1'! %&! -&.0! -! '1*.0!
/'4-&+(.(%0! L-1K&'4.03! 5-%01'! [-%! &'! %0! .(4+0+,#%! [-%3! (%0(%! -&! 2'&2*%1'! "01.1-1'3! 0%!
5*%1%&(.! 2'&(+2+'&.*! %#! 0+01%4.! %&1%*'! (%! (+01*+,-2+K&! (%! 2'45%1%&2+.03! .-&[-%! 0K#'! 0%.!
5'*[-%3! 2'&01+1-2+'&.#4%&1%3! &'! %0! 4?0! [-%! #.! &'*4.! +&01+1-2+'&.#! (%! -&.! 0'#.! /'4-&+(.(!
L-1K&'4.N!
!
$'*! '1*'! #.('3! 0+! %0.! 0-5-%01.! 2'&2*%2+K&! %01.1-1.*+.! #+4+1.1+D.! (%! #.0! 2'45%1%&2+.0!
%\2#-0+D.0!(%#!"01.('!5*%1%&(+%*.!D+&2-#.*!.#!)*+,-&.#!/'&01+1-2+'&.#3!0%!.6.(+*8.!-&.!&-%D.!
*.=K&!(%!+&2'&01+1-2+'&.#+(.(!.!#.0!G.!.5-&1.(.03!5-%01'![-%!%01%!)*+,-&.#!0K#'!%01?!0'4%1+('!
.!#.!/'&01+1-2+K&!G!.!0-!U%G!V*F?&+2.3!&'!.!#'0!"01.1-1'0!(%!L-1'&'48.3![-%3!5'*!%#!2'&1*.*+'3!
%01?&! 0'4%1+('0! .#! 2'&1*'#! (%#! )*+,-&.#! l.*10N! XTXNX! .c! /"! G! S_NS! .c! UV)/m3! G3! .-&[-%! %0!
2+%*1'![-%!#'0!"01.1-1'0!+&1%F*.&!%#!##.4.('!,#'[-%!(%!#.!2'&01+1-2+'&.#+(.(3!0-!+&2#-0+K&!%01?!
2'&(+2+'&.(.! .! 0-! 5#%&.! 2'&Z'*4+(.(! 2'&! #.! /'&01+1-2+K&N! E%! 1.#! 4.&%*.3! 0+! #'0! .*10N! XXX! G!
XXS! (%#! "01.1-1'! 5*%1%&(+%*.&! 0%*! &'*4.0! 4%*.4%&1%! +&1%*5*%1.1+D.0! [-%! 1-D+%*.&! 5'*! ',C%1'!
5*%2+0.*! %#! M&+2'! 0%&1+('! (%! %&1*%! #'0! D.*+'0! 5'0+,#%0! [-%! (%,.! .1*+,-+*0%! .! -&! (%1%*4+&.('!
2'&2%51'!'!5*%2%51'!(%!#.!/'&01+1-2+K&3!0%*8.!%D+(%&1%!0-!+&2'&01+1-2+'&.#+(.(!(%!.2-%*('!2'&!
#.!('21*+&.!0%&1.(.!5'*!%01%!)*+,-&.#3!%&1*%!'1*.0!4-2@.03!%&!#.!>)/!_TWXYO]3!(%!R!(%!.F'01'3!
^;!Q!2cN!$-%0!,+%&3!.-&[-%!%0!2+%*1'![-%!#'0!.*10N!XXP3!XXX!G!XXS!(%Z+&%&!in abstracto!1+5'0!'!
2#.0%0! (%! 2'45%1%&2+.03! &'! 5'*! %##'! 0%*8.! #82+1'! .Z+*4.*! [-%! (+2@'0! 5*%2%51'0! 0%.&!
+&2'&01+1-2+'&.#%03! 5-%0! &'! 0'&! %0%&2+.#3! %01*-21-*.#! &+! Z-&2+'&.#4%&1%! (+01+&1'0! .3! 5'*!
%C%45#'3! %#! .*1N! SRNS! (%#! "01.1-1'! (%! XY_Y3! .#! [-%! &-&2.! 0%! #%! @.! *%5*'2@.('!
+&2'&01+1-2+'&.#+(.(3! G! 2'&0+%&1%&3! 2'4'! #'! 2'&0%&18.! 1.#! 5*%2%51'3! -&.! +&1%*5*%1.2+K&!
2'&Z'*4%!2'&!%#!'*(%&!2'&01+1-2+'&.#!(%!2'45%1%&2+.0N!
!
"#!.5.*1.('!X!(%#!.*1N!XXP!i4-G!5.*%2+('!.!#.!5*+4%*.!5.*1%!(%#!.*1N!SRN!S!(%#!"01.1-1'!
(%!XY_Yi!%0!1'1.#4%&1%!+&'2-'3!.!C-+2+'!(%#!*%5*%0%&1.&1%!(%#!:',+%*&'3!5-%0!.Z+*4.![-%!#.!
2'45%1%&2+.!%\2#-0+D.!+&2#-G%!#.!5'1%01.(!#%F+0#.1+D.3!#.!5'1%01.(!!*%F#.4%&1.*+.!G!#.!Z-&2+K&!
%C%2-1+D.3!G![-%!#'!@.2%!(%!Z'*4.!+&1%F*.(.3!%&!%#!0%&1+('!(%![-%!1'(.0!%01.0!5'1%01.(%0!5-%(%&!
0%*! %C%*2+(.0! *%2'**+%&('! 1'1.#4%&1%! #.! 4.1%*+.! 2'45%1%&2+.#N! H%2'&'2%! %#! %02*+1'! (%!
.#%F.2+'&%0! [-%! 5'(*8.! 0-02+1.*! .#FM&! *%5.*'! %#! .(D%*,+'! `M&+2.4%&1%a! 0+! 0%! %&1%&(+%*.! [-%!
5*%1%&(%!&%F.*3!%\2#-+*3!+45%(+*!'!*%01*+&F+*!#.!+&2+(%&2+.!2'&01+1-2+'&.#4%&1%!#%F81+4.!(%!#.0!
2'45%1%&2+.0!%\2#-0+D.0!(%#!"01.('!0',*%!4.1%*+.0!(%!%\2#-0+D.!2'45%1%&2+.!2.1.#.&.3!G.![-%!
!
X__
#.0!2'45%1%&2+.0!%\2#-0+D.0!.-1'&K4+2.0!@.&!(%!%C%*2%*0%!`(%&1*'!(%#!4.*2'!%01.,#%2+('!%&!#.!
/'&01+1-2+K&a! G3! 5'*! #'! 1.&1'3! 2'&! #'0! #84+1%0! [-%! *%0-#1%&! (%#! %C%*2+2+'! #%F81+4'! (%! #.0!
2'45%1%&2+.0! %\2#-0+D.0! (%! #.0! +&01+1-2+'&%0! 2%&1*.#%0! g5'*! 1'(.0! >)/! ]_WXYOX3! (%! XT! (%!
&'D+%4,*%3! ^;! XcN! $%*'! 0%*8.! 5%*Z%21.4%&1%! Z.21+,#%! -&.! +&1%*5*%1.2+K&! [-%! .2'4'(.0%! %#!
5*%2%51'!.#!'*(%&!2'&01+1-2+'&.#!(%!2'45%1%&2+.03!%&1%&(+%&('![-%!M&+2.4%&1%!#.!:%&%*.#+1.13!
G! &'! %#! "01.('3! 5'(*?! #%F+0#.*3! *%F#.4%&1.*! G! %C%2-1.*! %&! #.! 4.1%*+.! (%! 0-0! 2'45%1%&2+.0!
%\2#-0+D.03! 0+%45*%! [-%! *%05%1%! #'0! #84+1%0! 2'&01+1-2+'&.#%0! G3! (%&1*'! (%! %##'03! #.0! &'*4.0! G!
.21'0! (+21.('0! 5'*! K*F.&'0! %01.1.#%0! %&! %C%*2+2+'! #%F81+4'! (%! 0-0! 2'45%1%&2+.0!
2'&01+1-2+'&.#%0! %\2#-0+D.0N! L08! #'! @.*8.! %#! &-%D'! "01.1-1'! .#! *%F-#.*! (+01+&1.0! 2'45%1%&2+.0!
%\2#-0+D.03! %&! #.0! [-%! %\5*%0.4%&1%! 0%! 0.#D.! %#! *%05%1'! .! #'! %01.,#%2+('! 5'*! %#! "01.('! %&!
%C%*2+2+'! (%! 0-0! 2'45%1%&2+.0! 2'&01+1-2+'&.#%0e! 4.03! .-&[-%! 0%! '4+1+%*.! %0.! 0.#D.F-.*(.3!
2.*%2%*8.!(%!1'(.!+45'*1.&2+.3!5'*[-%3!2'4'!0%!(+C'!%&!#.!>)/!SPWXYOO3!(%!XO!(%!Z%,*%*'3!^;!
]3!#.!/'&01+1-2+K&!2'&0%*D.!0-!Z-%*=.!&'*4.1+D.!('4+&.&1%!2'4'!lex superior![-%!&'!0%!.F'1.!
&+!(+04+&-G%!2'&!#.!5*'4-#F.2+K&!(%!#'0!"01.1-1'0!(%!L-1'&'48.3!2-G'0!5*%2%51'03!5'*!4?0!
[-%!2.#+Z+[-%&!2'4'!%\2#-0+D.!#.!2'45%1%&2+.!.0-4+(.!5'*!*.=K&!(%!#.!4.1%*+.3!&.(.!5-%(%&!
Z*%&1%!.!#.0!&'*4.0!2'&01+1-2+'&.#%0N!
!
L(D+%*1%!%#!L,'F.('!(%#!"01.('![-%!2'&1*.!%#!.5.*1.('!S!(%#!.*1N!XXP!&'!0%!(+2%!&.(.!
%&!%#!*%2-*0'3!1.#!D%=!5'*[-%!0%.!D+*1-.#!*%5*'(-22+K&!(%#!.*1N!STNX!(%#!"01.1-1'!(%!XY_Y!G!5'*!
0-!Z+*4%!.&2#.C%!%&!%#!.*1N!XQYN]!/"N!
!
"&!2-.&1'!.#!.*1N!XXX!.*F-4%&1.![-%3!.#!.1.2.*#'3!%#!*%2-*0'!2'&01*-G%!0-!*.='&.4+%&1'!
5.0.&('! 5'*! .#1'! %#! *%.#! 0%&1+('! (%! #.! %0%&2+.#! 2#?-0-#.! `%\2%51'! %&! #'0! 0-5-%01'0! [-%! 0%!
(%1%*4+&%&!(%!.2-%*('!2'&!#.!/'&01+1-2+K&!G!%#!5*%0%&1%!"01.1-1'a3!(%!#.!4+04.!Z'*4.![-%!&'!
1+%&%!%&!2-%&1.!#.!+45'*1.&1%!4'(+Z+2.2+K&![-%!%01%!.*182-#'!%\5%*+4%&1K!1*.0!0-!.5*',.2+K&!
5'*!#.0!/'*1%0!:%&%*.#%03!(%!0-%*1%![-%!*%2'&'2%!2#.*.4%&1%!#.!%Z+2.2+.!&'*4.1+D.!(+*%21.!(%!
#.0! ,.0%0! %01.1.#%03! %#+4+&.&('! #.! *%Z%*%&2+.! .! [-%! #.! 2'&2*%2+K&! (%! 1.#! %Z%21+D+(.(!
2'**%05'&(8.!.#!$.*#.4%&1'!2.1.#?&N!H%0-#1.*8.!+&(+02-1+,#%![-%!%&!#'0!2.0'0!(%!2'45%1%&2+.!
2'45.*1+(.!2'**%05'&(%!.!#.!:%&%*.#+1.1!#.!5'1%01.(!#%F+0#.1+D.3!#.!5'1%01.(!*%F#.4%&1.*+.3!G!#.!
Z-&2+K&! %C%2-1+D.N! L@'*.! ,+%&3! %##'! %0! `%&! %#! 4.*2'! (%! #.0! ,.0%0! [-%! Z+C%! %#! "01.('a3! #'! [-%!
2'&2'*(.*8.!5%*Z%21.4%&1%!2'&!#.!%\5*%0+K&!%45#%.(.!5'*!%#!.*1N!XQ_NS!(c!/"3!#+4+1?&('0%!%#!
5*%2%51'! (+02-1+('! .! 5*%2+0.*#.3! .2#.*.&('! [-%! #.0! 2'45%1%&2+.0! 2'&01+1-2+'&.#%0! (%#! "01.('!
*%#%D.&1%0! *%05%21'! .! #.0! .-1'&K4+2.0! 2'45.*1+(.0! 0'&! #.0! [-%! %&! #.! #+01.! (%#! .*1N! XQYNX! /"!
.5.*%2%&!+(%&1+Z+2.(.0!4%(+.&1%!#'0!1<*4+&'0!,.0%03!&'*4.0!,?0+2.0!G!#%F+0#.2+K&!,?0+2.N!
!
X_O
!
"#!5*+4%*!5*',#%4.![-%!%#!.*1N!XXX!5'(*8.!5#.&1%.*!D+%&%3!5.*.!%#!U%1*.('!(%#!"01.('3!.!
2'&1+&-.2+K&3!5-%0!5.*%2%!2'&2*%1.*!#+4+1.1+D.4%&1%!-&.!2'45%1%&2+.!2'&01+1-2+'&.#!%\2#-0+D.!
(%#!"01.('3!0+!,+%&3!%&!*%.#+(.(3!&'!@.*8.!4?0![-%!*%Z#%C.*!#.!('21*+&.!2'&01+1-2+'&.#!%&!4.1%*+.!
(%!,.0%03!2'&!1<*4+&'0![-%!0%!%45#%.&!(%0(%!#.!>)/!XWXYOS3!(%!SO!(%!%&%*'3!^;!X3!G!.!1*.D<0!
(%! #'0! 2-.#%0! %#! .*1N! XXX! 0%! #+4+1.*8.! .! .2%51.*! %#! *.0F'! 4?0! %4+&%&1%! (%#! #.('! 4.1%*+.#! (%#!
2'&2%51'!(%!,.0%03!1.#!2'4'!#'!@.!(%Z+&+('!%01%!)*+,-&.#N!L!2'&1+&-.2+K&!.6.(%!%#! 5*%2%51'!
[-%!#.0!,.0%0!(%,%&!Z+C.*0%!`%&!&'*4.0!2'&!*.&F'!(%!#%Ga3!*%F#.!F%&%*.#!%01.,#%2+(.!%&!2'5+'0.!
G! 2'&01.&1%! C-*+05*-(%&2+.! 2'&01+1-2+'&.#3! (%! 4.&%*.! [-%! 0K#'! %\2%52+'&.#4%&1%! 5-%(%&!
Z+C.*0%!.[-<##.0!4%(+.&1%!&'*4.0!*%F#.4%&1.*+.0!'!+&2#-0'!.!1*.D<0!(%!.21'0!%C%2-1+D'0!,?0+2'0!
g5'*!1'(.03!>>)/!XPYWSPP]3!(%!R!(%!C-&+'3!^;!Qe!XQWSPPQ3!(%!XS!(%!Z%,*%*'3!^;!XPe!XYQWSPPQ3!
(%!XP!(%!&'D+%4,*%3!^;!_e!]]WSPPR3!(%!X_!(%!Z%,*%*'3!^;!Te!G!XPXWSPPR3!(%!SP!(%!.,*+#3!^;!RcN!
"&! 0-4.3! #'! [-%! @.2%! %#! .*1N! XXX! &'! 0%*8.! 4?0! [-%! *%2'F%*! %#! #.('! Z'*4.#! (%#! 2'&2%51'!
2'&01+1-2+'&.#!(%!,.0%0N!
!
U.! ('21*+&.! 2'&01+1-2+'&.#! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i! 1.4,+<&! 1+%&%!
*%2'&'2+('! [-%! #.0! ,.0%0! %01.1.#%0! 5-%(%&! 1%&%*! (+01+&1.! %\1%&0+K&! %! +&1%&0+(.(! 0%FM&! #.0!
4.1%*+.0! g5'*! 1'(.03! >)/! S]RWXYYY3! (%! XT! (%! (+2+%4,*%3! ^;! XSc3! 0+%&('! -&.! 4-%01*.! (%! 1.#!
5'0+,+#+(.(! #.! %D%&1-.#+(.(! %\2%52+'&.#! (%! [-%! #.0! +&01+1-2+'&%0! %01.1.#%0! (+21%&! &'*4.0!
*%F#.4%&1.*+.0!G!.21'0!(%!%C%2-2+K&!,?0+2'0N!).#!('21*+&.!2'&01+1-2+'&.#!5*%1%&(%*8.!*%2'F%*0%!
2'&!#.0!5.#.,*.0!`%\2%51'!%&!#'0!0-5-%01'0![-%!0%!(%1%*4+&%&!(%!.2-%*('!2'&!#.!/'&01+1-2+K&!
G!%#!5*%0%&1%!"01.1-1'a3![-%!0%!*%Z+%*%3!2'4'!&'!5'(8.!0%*!(%!'1*'!4'('3!.!#.!('21*+&.!5*%0%&1%!
G!Z-1-*.!(%!%01%!)*+,-&.#N!f3!Z*%&1%!.!#'![-%!0%!0%6.#.!%&!%#!*%2-*0'3!&'!0%*8.!2+%*1'![-%!0%!1*.1%!
(%!-&.!*%4+0+K&!+&(%1%*4+&.(.!0+&!&+&F-&.!2'&2*%2+K&3!2'4'!#'!(%4'01*.*8.&!#'0!.*10N!XSPN]!G!
Q!G!XSTN]!(%#!"01.1-1'N!
!
E%!'1*.!5.*1%!0%*8.!.,0'#-1.4%&1%!2'&Z'*4%!2'&!#.!('21*+&.!Z+C.(.!%&!#.!>)/!]RWXYOS3!
(%!XQ!(%!C-&+'3!^;!]3!#.!5*%D+0+K&!(%![-%3!%&!%#!%C%*2+2+'!(%!0-0!2'45%1%&2+.0!2'45.*1+(.03!#.!
:%&%*.#+1.1!5-%(.!%01.,#%2%*!5'#81+2.0!5*'5+.0!0+%45*%3!2#.*'!%01?3!(%&1*'!(%!#.0![-%!#.0!,.0%0!
%01.1.#%0!5#.04%&N!
!
"#! .*1N! XXX! 0%! 2+%**.! %01.,#%2+%&('! [-%! %#! $.*#.4%&1'! 2.1.#?&! (%,%! (%0.**'##.*! G!
2'&2*%1.*! #.0! `5*%D+0+'&%0! ,?0+2.0a! .! 1*.D<0! (%! -&.! #%G3! (%1%*4+&.2+K&! .! 1*.D<0! (%! #.! 2-.#!
%C%*2%! %#! "01.1-1'! 0-! Z-&2+K&! 2'&01+1-2+'&.#! 2'4'! &'*4.! (%! 2.,%2%*.! (%#! '*(%&.4+%&1'!
!
X_Y
.-1'&K4+2'3!5-%0!0%!#+4+1.*8.!.!Z+C.*!%#!*.&F'!(%!#.!&'*4.!.-1'&K4+2.![-%!(%,%!(%0.**'##.*!G!
2'&2*%1.*! #.0! ,.0%0! %01.1.#%03! G! #'! @.*8.! 2*%.&('! -&.! *%0%*D.! (%! #%G! .-1'&K4+2.! &%1.4%&1%!
F.*.&1+01.!5.*.!#'0!2+-(.(.&'0!(%!/.1.#-6.N!
!
"&!*%#.2+K&!2'&!%#!.*1N!XXS!.#%F.!%#!L,'F.('!(%#!"01.('![-%!0K#'!0%!*%2-**%!%&!*%.#+(.(!
%#! +&2+0'! `#.! 5'1%01.(! *%F#.4%&1.*+.3! [-%! 2'45*%&(%! #.! .5*',.2+K&! (%! (+05'0+2+'&%0! 5.*.! #.!
%C%2-2+K&!(%!#.!&'*4.1+D.!(%#!"01.('aN!/'&!.**%F#'!.!#.!2'&'2+(.!C-*+05*-(%&2+.!2'&01+1-2+'&.#!
g+&+2+.(.! 2'&! #.! >)/! XOWXYOS3! (%! Q! (%! 4.G'c3! %#! 1<*4+&'! #%F+0#.2+K&! @.! (%! %&1%&(%*0%! %&!
0%&1+('! 4.1%*+.#3! 2'45*%&(+%&('3! &'! 0K#'! #.! #%G! Z'*4.#3! 0+&'! 1.4,+<&! #'0! *%F#.4%&1'0!
%C%2-1+D'0! G! @.01.! #.0! 2+*2-#.*%0! 0+! 1+%&%&! &.1-*.#%=.! &'*4.1+D.! ad extraN! "&! 2.4,+'! #.0!
2'45%1%&2+.0!.-1'&K4+2.0!(%!%C%2-2+K&!0'&3!5'*!#'!F%&%*.#3!.5#+2.1+D.0!G!2'&!%##.0!0%!1*.1.!(%!
##%D.*!.!#.!5*?21+2.!#'!%01.,#%2+('!%&!#.0!(+05'0+2+'&%0!&'*4.1+D.03![-%(.&('!2'45*%&(+(.!%&!
#.! %C%2-2+K&! #.! Z.2-#1.(! (%! (+21.*! *%F#.4%&1'0! +&1%*&'0! (%! '*F.&+=.2+K&! (%! #'0! 0%*D+2+'0!
2'**%05'&(+%&1%0N! $-%0! ,+%&3! %#! .*1N! XXS! *%05%1.*8.! %#! ##.4.('! 2.*?21%*! 4.1%*+.#! (%! #.!
#%F+0#.2+K&! 2'45%1%&2+.! (%#! "01.('3! 5-%0! %&! %#!+&2+0'! 2-%01+'&.('! 0%! (+2%! 2'&! 1'(.! 2#.*+(.(!
`%C%2-2+K&! (%! #.! &'*4.1+D.! (%#! "01.('a3! 0+%&('! (+?Z.&'! [-%! %&! %#! 1<*4+&'! &'*4.1+D.! 0%!
+&2#-G%3!&'!0K#'!#.!(%!*.&F'!Z'*4.#!(%!#%G3!0+&'!1.4,+<&!#.!*%F#.4%&1.*+.N!/.,*8.!(-(.*!0+!#.!
.1*+,-2+K&!.!#.!/'4-&+(.(!L-1K&'4.!(%!#.!5'1%01.(!*%F#.4%&1.*+.!(%0,'*(.!'!&'!%#!(%0#+&(%!
%&1*%! #%F+0#.2+K&! G! %C%2-2+K&! [-%! 0%! (%05*%&(%! (%! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#!
4%&2+'&.(.3! 5%*'! #.! (-(.! [-%(.*8.! (+0+5.(.3! G.! [-%! %0! +&D+.,#%! %&1%&(%*! %0.! 5'1%01.(!
*%F#.4%&1.*+.! .-1'&K4+2.! (%! 0%F-&('! '*(%&! %&! 2'&Z'*4+(.(! 2'&! #.! /'&01+1-2+K&! G! 2'&! #.!
C-*+05*-(%&2+.!(%!%01%!)*+,-&.#N!"&!%Z%21'3!%#!1+5'!(%!*%F#.4%&1'![-%!#.!('21*+&.!2'&01+1-2+'&.#!
+&2#-G%!(%&1*'!(%!#.!`#%F+0#.2+K&a!%0!%#!*%F#.4%&1'!%C%2-1+D'!'!*%F#.4%&1'!(%!%C%2-2+K&!(%!#.0!
#%G%03! 2'45#%4%&1'! G! 5'*4%&'*+=.2+K&! (%! #.! #%G! 2'&! %Z+2.2+.! ad extraN! "&! 2.4,+'! %#!
*%F#.4%&1'! (%! '*F.&+=.2+K&! (%! #'0! 0%*D+2+'03! (+05'0+2+K&! +&2#-+(.! %&! #.! 2'45%1%&2+.!
.-1'&K4+2.! (%! %C%2-2+K&3! 1+%&(%! .! 2'+&2+(+*! 2'&! #'! [-%! .#F-&'0! .-1'*%0! ##.4.&! *%F#.4%&1'!
.(4+&+01*.1+D'3!5'*!'5'0+2+K&!.#!*%F#.4%&1'!C-*8(+2'N!f3!2+%*1.4%&1%3!&'!0%!5-%(%!&%F.*![-%!#.!
/'4-&+(.(! L-1K&'4.! 2'45%1%&1%! 5.*.! #.! %C%2-2+K&! @.,*?! (%! 2'&1.*! 2'&! #.! Z.2-#1.(! (%!
*%F-#.*!'!(+02+5#+&.*!%#!4'('!%&![-%!D.!.!%C%*2%*!0-!Z-&2+K&!(%!.5#+2.*!'!5'&%*!%&!5*?21+2.!#'!
(+05-%01'!%&!#.!#%G!%01.1.#!G!%&!%#!*%F#.4%&1'N!$-%0!,+%&3!&%2%0.*+.4%&1%!@.,*8.!(%!%&1%&(%*0%!
[-%! #.! 5'1%01.(! *%F#.4%&1.*+.! +&2#-+(.! %&! #.! %C%2-2+K&! .-1'&K4+2.! 0%! 2'&1*.%! .! *%F-#.*! 0-!
5*'5+.! 2'45%1%&2+.! Z-&2+'&.#! (%! %C%2-2+K&! (%! #.0! #%G%0! G! (%! *%F#.4%&1'0! %01.1.#%03! 0+&! [-%!
.#2.&=.*.!.!(%0.**'##.*!2'&!%Z%21'0!C-*8(+2'0 ad extra #.0!4%&2+'&.(.0!&'*4.0!%01.1.#%03!1.&1'!
!
XOP
#%F.#%0! 2'4'! *%F#.4%&1.*+.0N! L08! +&1%*5*%1.('3! %#! .*1N! XXS! 0%*8.! 2'&Z'*4%! 2'&! %#! '*(%&!
2'&01+1-2+'&.#!(%!2'45%1%&2+.0N!
!
/'**','*.! %01.! +&1%*5*%1.2+K&3! .! C-+2+'! (%#! L,'F.('! (%#! "01.('3! %#! @%2@'! (%! [-%! %#!
5*'5+'!.*1N!XXS!@.F.!%\5*%0.!*%Z%*%&2+.!.!#.!`5'1%01.(!(%!'*F.&+=.2+K&a3!5%*'!0K#'!(%&1*'!(%!#.!
Z-&2+K&! %C%2-1+D.3! %0! (%2+*3! (%! #.! %C%2-2+K&! 0+45#%! 4%(+.&1%! .21'0! .(4+&+01*.1+D'0N! h&.!
'5+&+K&! ('21*+&.#! 4-G! .-1'*+=.(.! 0'01+%&%! [-%! #.! ##.4.(.! 5'1%01.(! '*F.&+=.1'*+.! 2.*%2%! (%!
%&1+(.(!4.1%*+.#!5*'5+.!G!%0!4?0!,+%&!-&!2'&2%51'I08&1%0+0![-%!%&F#',.!`1'(.0!#.0!5'1%01.(%0!
5M,#+2.0!%&!2-.&1'!0%!(+*+F%&!.!#.!2*%.2+K&3!2'&Z+F-*.2+K&3!5-%01.!%&!4.*2@.!G!4'(+Z+2.2+K&!
(%! #.0! '*F.&+=.2+'&%0a3! (%! 4.&%*.! [-%! 0',*%! #.! '*F.&+=.2+K&! .(4+&+01*.1+D.! 2'&Z#-+*8.&! #.!
5'1%01.(!#%F+0#.1+D.3!#.!*%F#.4%&1.*+.!G!5'1%01.(%0!('4<01+2.0!0+45#%4%&1%!%C%2-1+D.0N!$'*!#'!
1.&1'!%#!.*1N!XXS!2'&1%&(*8.!-&.!(',#%!.#-0+K&!.! #.!5'1%01.(!'*F.&+=.1'*+.d!-&.!%\5*%0.3! 5%*'!
2%6+(.! .! #.! %C%2-2+K&! 0+45#%! g4%(+.&1%! .21'0! .(4+&+01*.1+D'0c3! G! '1*.! +45#82+1.! 4%(+.&1%! #.0!
5.#.,*.0!`#.!.5*',.2+K&!(%!(+05'0+2+'&%0!5.*.!#.!%C%2-2+K&!(%!#.!&'*4.1+D.!(%#!"01.('a3![-%!
2'&2+%*&%! .#! -0'! (%! #.! 5'1%01.(! *%F#.4%&1.*+.! 2'&! Z+&%0! (%! '*F.&+=.2+K&N! V1*'0! 5*%2%51'0!
%01.1-1.*+'0! 5.*%2%*8.&! 2'&Z+*4.*! 1.4,+<&! %#! *%(-2+('! ?4,+1'! (%! #.! 5'1%01.(! *%F#.4%&1.*+.!
.-1'&K4+2.!2-.&('!(%!2'45%1%&2+.0!%C%2-1+D.0!0%!1*.1.3!2'4'!#'0![-%!+(%&1+Z+2.&!2'45%1%&2+.!
%C%2-1+D.! G! F%01+K&! g.*10N! XXQNQ! G! XS_NSc3! #'0! [-%! 2'&1*.5'&%&! %C%2-2+K&! G! *%F-#.2+K&! l%&1*%!
'1*'03! .*10N! XXTNX! ,c3! XX_NX! %c3! XXON]3! XSQN]! 2c! G! XTSN]! .cm3! .[-%##'0! [-%! 0%! *%Z+%*%&! .! #.!
%C%2-2+K&! (%! #.! '*(%&.2+K&! '! .! #.! %C%2-2+K&! (%! #.0! &'*4.0! l.*10N! XXYNQ! G! XSXNX! %cm3! #'0! [-%!
+&2#-G%&!%&!#.!%C%2-2+K&!#.!*%F#.4%&1.2+K&!+&1%*&.!l.*1N!XSXNS!(cm3!'3!%&!Z+&3!#'0![-%!2%&1*.&!#.!
2'45%1%&2+.! %C%2-1+D.! %&! 185+2'0! .21'0! (%! %C%2-2+K&! g%&1*%! '1*'03! .*10N! X]ONS3! XQPN_3! XQ_NX3!
XTXNS3!XTQN]!G!X_SNScN!
!
/'&! .**%F#'! .! #.! +&1%*5*%1.2+K&! %\5-%01.! %&1+%&(%! %#! L,'F.('! (%#! "01.('! [-%!
(%0.5.*%2%! 1'(.! 0'4,*.! (%! +&2'&01+1-2+'&.#+(.(! (%#! 5*%2%51'! .&.#+=.('3! 5%*'3! +&2#-0'3! #%!
5.*%2%! 2'&01+1-2+'&.#4%&1%! 5'0+,#%! +*! 4?0! .##?! G! (%Z%&(%*! [-%3! 4.&1%&+%&('! 0+%45*%! #.!
0-,'*(+&.2+K&! (%! #.! 5'1%01.(! *%F#.4%&1.*+.! .-1'&K4+2.! .! #.! %01.1.#3! #.0! (+05'0+2+'&%0!
.-1'&K4+2.0! (%! 2.*?21%*! F%&%*.#! 5-%(.&! 1%&%*! .#F-&.! %Z+2.2+.! %\1%*&.! 0+%45*%! [-%! %#!
*%F#.4%&1'!%01.1.#!#%!@.,+#+1%!%\5*%0.4%&1%!5.*.!%##'N!
!
RQN! "#! %02*+1'! (%! .#%F.2+'&%0! (%#! :',+%*&'! (%! #.! :%&%*.#+1.1! 2'4+%&=.! 1.4,+<&! 2'&!
-&.0!2'&0+(%*.2+'&%0!F%&%*.#%0!0',*%!%#!0+01%4.!(%!2'45%1%&2+.0!.0-4+('!%&!%#!"01.1-1'N!L!0-!
C-+2+'! #'0! *%2-**%&1%0! 5.*1+*8.&! (%! [-%! %#! 4'(%#'! 2'45%1%&2+.#! 5#.04.('! %&! #'0! 5*+4%*'0!
!
XOX
"01.1-1'0! %0! %#! M&+2'! 2'&01+1-2+'&.#4%&1%! 5'0+,#%3! '#D+(.&('! [-%! #.! 5*'5+.! /'&01+1-2+K&! 0%!
(%Z+&%!2'4'!4.*2'!5.*.!#.!.0-&2+K&!%01.1-1.*+.!(%!2'45%1%&2+.0!l.*10N!XQ_NS!(c!G!XQONS!/"m3!
5%*4+1+%&('! (+D%*0'0! (%0.**'##'0N! L(%4?0! .5-&1.! %#! "C%2-1+D'! 2.1.#?&! [-%3! 0+&! &%2%0+(.(! (%!
%\1%&(%*0%! 0',*%! %#! 2'&2%51'! (%! `,#+&(.C%a3! %#! .*1N! XQ_NS! (c! /"! &'! %01.,#%2%! 2*+1%*+'!
4%1'('#KF+2'! .#F-&'! &+! +45+(%! -&! 4.G'*! '! 4%&'*! F*.('! (%! (%&0+(.(! &'*4.1+D.! %&! #.!
(%Z+&+2+K&! (%! #'0! ?4,+1'0! 4.1%*+.#%0! *%05%21'! (%! #'0! [-%! 0%! .0-4%&! 2'45%1%&2+.03! &+! %&! %#!
%&-&2+.('!(%!#.0!5'1%01.(%0!2-G.!1+1-#.*+(.(!0%!.0-4%!*%05%21'!(%!2.(.!4.1%*+.N!
!
E+2@'!%01'!#.!*%5*%0%&1.2+K&!(%#!:',+%*&'!(%!#.!:%&%*.#+1.1!5.0.!.!(.*!*%05-%01.!.!#'0!
2-.1*'!5+#.*%0!0',*%!#'0![-%!0%!.0+%&1.!#.!+45-F&.2+K&!(%#!181-#'!bAN!
!
.c!"#!5*+4%*'!(%!%##'0!0%!0+&1%1+=.*8.!%&!#.!+(%.!(%![-%!#.!:%&%*.#+1.1!5-%(%!.0-4+*!%&!
0-!"01.1-1'!#.0!2'45%1%&2+.0![-%!%#!.*1N!XQYNX!/"!&'!@.!*%0%*D.('!.#!"01.('!G3!5'*!1.&1'3!&'!
5-%(%! .0-4+*! 2'&1%&+('0! Z-&2+'&.#%0! &+! 4.1%*+.#%0! +&@%*%&1%0! .! #'0! %&-&2+.('0! (%! (+2@.!
*%0%*D.N!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!.0-4%!#.!5*+4%*.!5.*1%!(%!%01.!.Z+*4.2+K&3!5%*'!.6.(%!
[-%!2'0.!(+01+&1.!%0!(%1%*4+&.*!%#!2'&1%&+('!5*'5+'!(%!#'0!%&-&2+.('0!(%#!.*1N!XQYNX!/"N!/'4'!
[-+%*.! [-%! %01%! 5*%2%51'! %45#%.! 2.1%F'*8.0! &'! @'4'F<&%.03! %&! 2.(.! -&'! (%! 0-0! %&-&2+.('0!
5-%(%!(+01+&F-+*0%!-&!&M2#%'!(-*'!'!F.*.&18.!2'&01+1-2+'&.#!G!-&!@.#'!'!='&.!(%!5%&-4,*.N!"#!
.*1N!XQYNX!/"!%03!0%*8.3!-&!4.*2'!.,+%*1'!.!#.!(+05'&+,+#+(.(!(%#!#%F+0#.('*N!"&!5*+4%*!#-F.*!5'*!
0-! 5*'5+.! 2'&(+2+K&! (%! 5*%2%51'! 2'&01+1-2+'&.#! G3! 5'*! %&(%3! .,+%*1'! .! #.! (+05'&+,+#+(.(! (%!
(+D%*0.0!'52+'&%0!#%F+0#.1+D.0!%&!0-!(%0.**'##'N!"&!0%F-&('!#-F.*3!5'*!0-!.5%*1-*.!.#!5*+&2+5+'!
(+05'0+1+D'3! [-%! %0! -&'! (%! #'0! %#%4%&1'0! 2'&Z'*4.('*%0! (%#! 0+01%4.! (%! (+01*+,-2+K&!
2'45%1%&2+.#N! ^+&.#4%&1%! 5'*[-%! %#! .*1N! XQYN]! /"! .2'1.! %#! 5'0+,#%! .#2.&2%! (%! #.0!
2'45%1%&2+.0!%01.1.#%0!*%0-#1.&1%!(%!#.!.0-&2+K&!2'45%1%&2+.#!(%!2.(.!/'4-&+(.(!L-1K&'4.!
.! .[-%##.0! [-%! 1%&F.&! -&.! %\5*%0.! .1*+,-2+K&! .#! "01.('3! .#! 1+%45'! [-%! @.,+#+1.! -&.! 5'0+,#%!
'52+K&!(%#!%01.1-G%&1%!%&!'*(%&!.!+&1%*5*%1.*!(%!Z'*4.!%01*+21.4%&1%!.C-01.(.!.!0-0!%&-&2+.('0!
%\5#82+1'0!#.0!*%0%*D.0!2'45%1%&2+.#%0!.#!"01.('N!
!
>%!*%2@.=.!5'*!%#!:',+%*&'!2.1.#?&!-&.!#%21-*.!*%01*+21+D.!(%!#.!@.,+#+1.2+K&!2'&1%&+(.!
%&!%#!5*+4%*!+&2+0'!(%#!.*1N!XQYN]!/"3![-%!5.*1+*8.!(%!#.!*%Z%*%&2+.!.!#.0!4.1%*+.0!&'!.1*+,-+(.0!
%\5*%0.4%&1%!.#!"01.('3!2'&2#-G%&('![-%!%0.!@.,+#+1.2+K&!0K#'!5'(*8.!%&1%&(%*0%!5'*!*%#.2+K&!
.! #'0! ?4,+1'0! 4.1%*+.#%0! G! &'! .! #'0! Z-&2+'&.#%0! (%! #.0! 2'45%1%&2+.0N! f! %##'! 5'*! 2-.&1'! #.!
/'&01+1-2+K&! 0%! *%Z+%*%! 1.&1'! .! #'0! ?4,+1'0! 4.1%*+.#%0! 2'4'! .! #'0! Z-&2+'&.#%0! (%! #.0!
2'45%1%&2+.0!*%0%*D.(.0!.#!"01.('N!$'*!1.&1'!%#!#%F+0#.('*!%01.1.#![-%!.5*-%,.!#'0!"01.1-1'0!(%!
!
XOS
L-1'&'48.! &%2%0.*+.4%&1%! @.! (%! .1*+,-+*! -&! (%1%*4+&.('! 2'&1%&+('! 2'45%1%&2+.#! .! 2.(.!
/'4-&+(.(!L-1K&'4.3!',0%*D.&('!%!+&1%*5*%1.&('!%#!.*1N!XQYNX!/"!G!1'4.&('!%&!2-%&1.!%#!
4.*2'!+&Z*.&[-%.,#%![-%!*%5*%0%&1.!%#!2'&1%&+('!2'45%1%&2+.#![-%!0-0!%&-&2+.('0!*%0%*D.&!.#!
"01.('N!"&!%0.!#%21-*.!(+05'&%!%#!#%F+0#.('*!(%!-&!2+%*1'!4.*F%&!(%!.5*%2+.2+K&!%&!#.0!='&.0!
(%! 5%&-4,*.3! 5-(+%&('! .1*+,-+*! .! #.0! /'4-&+(.(%0! L-1K&'4.0! #.0! 2'45%1%&2+.0! [-%! &'!
@.G.&![-%(.('!.1*+,-+(.0!%\5*%0.4%&1%!.#!"01.('N!
!
,c! E%! .2-%*('! 2'&! %#! 0%F-&('! 5+#.*3! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#! @.,*8.!
(%1%*4+&.('! %#! 2'&1%&+('! +&(+05'&+,#%! (%! #.0! 2'45%1%&2+.0! [-%! %#! .*1N! XQYNX! (%! #.!
/'&01+1-2+K&! @.! *%0%*D.('! .#! "01.('! G! 1.#! ('21*+&.! D+&2-#.*8.! .#! #%F+0#.('*! %01.1-G%&1%N!
).4,+<&!.[-8!%#!:',+%*&'!(%!#.!:%&%*.#+1.1!%\5*%0.!0-!2'&Z'*4+(.(!(%!+&+2+'3!0+%45*%![-%!0%.!
5'0+,#%!(+02%*&+*!.[-%##'0!%#%4%&1'0!(%!#.!C-*+05*-(%&2+.![-%!5#.04.&!#.!+&1%*5*%1.2+K&!(%!#'0!
%&-&2+.('0!(%#!.*1N!XQYNX!/"!G!0+%45*%![-%!&'!0%!'#D+(%![-%!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#!
%0! 1.4,+<&! C-*+05*-(%&2+.! G! (%! %##.! 0%! @.&! (%! 5*%(+2.*! &%2%0.*+.4%&1%! .#F-&.0! (%! #.0!
2.*.21%*801+2.0!+&1*8&0%2.0!(%!%0.!Z-%&1%!(%#!E%*%2@'N!L!%##'!0%!.6.(%![-%!%&!4-2@'0!2.0'0!#.!
C-*+05*-(%&2+.! .&1%*+'*! &'! 0%*8.! (+*%21.4%&1%! 1*.0#.(.,#%! 2'4'! 5.*?4%1*'! (%!
2'&01+1-2+'&.#+(.(!(%!-&!"01.1-1'!(%!L-1'&'48.N!
!
/'&!*%05%21'!.!#.!5*+4%*.!5*%2+0+K&3!0%!*%2-%*(.![-%!%#!)*+,-&.#!/'&01+1-2+'&.#!&'!%01?!
D+&2-#.('! 5'*! 0-! 5*'5+.! ('21*+&.! G! (%,%! +&1%*5*%1.*! #.0! &'*4.0! 0%FM&! #.0! *%F#.0! (%! #.!
+&1%*5*%1.2+K&!C-*8(+2.3!%&!Z-&2+K&!(%#!2'&1%\1'!G!(%!#.!*%.#+(.(!0'2+.#!(%#!1+%45'!%&![-%!@.&!
(%!0%*!.5#+2.(.03!#'![-%!2'&##%D.*?!0-!%D'#-2+K&!.#!2'45?0!(%!#'0!2.4,+'0!0'2+.#%0N!>%!.6.(%3!
5'*! '1*'! #.('3! #.! &%2%0+(.(! (%! 1%&%*! 5*%0%&1%! #.! &.1-*.#%=.! +&1*8&0%2.! (%! #.! +&1%*5*%1.2+K&!
2'&01+1-2+'&.#3!(+Z%*%&1%!(%!#.!+&1%*5*%1.2+K&!C-*8(+2.!'*(+&.*+.!.#!D%*0.*!0',*%!-&.!&'*4.![-%!
%0!-&!4.*2'!.,+%*1'!(%!2'+&2+(%&2+.0!%&!%#![-%!(%,%&!5'(%*!(%0.**'##.*0%!(+01+&1.0! '52+'&%0!
5'#81+2.0! G! #%F+0#.1+D.0N! "01'! %\+F%! (%#! )*+,-&.#! /'&01+1-2+'&.#! #.! 4?\+4.! 2'&1%&2+K&! %&! 0-!
#.,'*!+&1%*5*%1.1+D.!5.*.!&'!*%01*+&F+*!+&&%2%0.*+.4%&1%!#.!#+,%*1.(!(%!(%2+0+K&!(%#!#%F+0#.('*N!
!
"01.0! 2'&0+(%*.2+'&%0! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i! 0'&! .5#+2.,#%0! .! #.!
1'1.#+(.(! (%! #.! #.,'*! (%0%45%6.(.! 5'*! %#! )*+,-&.#! /'&01+1-2+'&.#! G! %&2-%&1*.&! -&! .5'G'!
2'&2*%1'3!5.*.!%#!?4,+1'!2'45%1%&2+.#3!%&!%#!.*1N!SO!UV)/N!E%,+%&('!1%&%*0%!4-G!5*%0%&1%3!
&'!',01.&1%3![-%!.#!%&C-+2+.*!#.!2'&01+1-2+'&.#+(.(!(%!-&!"01.1-1'!%#!2.&'&!(%!D.#+(%=!&'!5-%(%!
+&1%F*.*0%!2'&!'1*.0!&'*4.0!(%#!,#'[-%!g>)/! YYWXYOT3!(%!XX!(%!C-#+'3!^;!Qc3!0+&'![-%!@.,*?!
[-%! 5*'2%(%*! .#! 2'&1*.01%! (+*%21'! G! %\2#-0+D'! 2'&! #.! /'&01+1-2+K&N! /'&0%2-%&1%4%&1%3! 0+&!
!
XO]
&%F.*! .#! )*+,-&.#! /'&01+1-2+'&.#! 0-! Z-&2+K&! (%! +&1<*5*%1%! 0-5*%4'! (%! #.! /'&01+1-2+K&! G! #'0!
%Z%21'0! Z*%&1%! .! 1'('0! (%! 0-0! >%&1%&2+.03! (%,%*?! .(4+1+*0%! 1.4,+<&! [-%! %&1*.! (%&1*'! (%! #.0!
Z-&2+'&%0! .1*+,-+(.0! .#! #%F+0#.('*! %01.1-G%&1%! #.! (%! 5*'4'D%*! #.0! *%Z'*4.0! 5*%2+0.0! 5.*.!
2.4,+.*!%#!+&01*-4%&1'!C-*8(+2'![-%!*+F%!#.!2'&D+D%&2+.!%&!-&.!/'4-&+(.(!L-1K&'4.!.!Z+&!(%!
.2'4'(.*#'! .! #.! 2.4,+.&1%! *%.#+(.(! 0'2+.#! G! 4.&1%&%*! 0-! +&1%F*.2+K&! %&! %#! 4.*2'! (%! #.!
/'&01+1-2+K&N! ).4,+<&! 0%*?! 5*%2+0'3! 5.*.! %#! "C%2-1+D'! 2.1.#?&3! 2'&D%&+*! %&! [-%! 0'&!
*%#.1+D.4%&1%!%02.0'0!#'0!5*'&-&2+.4+%&1'0!(%#!)*+,-&.#!/'&01+1-2+'&.#!%&!#'0![-%!+&1%*5*%1.!
#'0! 5*%2%51'0! 2'&01+1-2+'&.#%0! 0+&! 1%&%*! %&! 2-%&1.! '1*'0! 5.*?4%1*'0! 2'45#%4%&1.*+'0! '!
+&(+*%21'0! (%! 2'&01+1-2+'&.#+(.(N! f3! %&! Z+&3! @.,*?! (%! 1%&%*0%! 5*%0%&1%! [-%! #.! *%Z'*4.! (%#!
"01.1-1'! .@'*.! +45-F&.(.3! 5'*! #.! &'D%(.(! (%! .#F-&.0! (%! 0-0! (+05'0+2+'&%03! &'! 5-%(%!
%&1%&(%*0%! 2'&(+2+'&.(.! .5*+'*801+2.4%&1%! 5'*! #'0! 2*+1%*+'0! ('21*+&.#%0! %4+1+('0! %&!
2+*2-&01.&2+.0! (+01+&1.0! %&! .&1%*+'*%0! 5*'2%(+4+%&1'0! G! *%05%21'! (%! '1*'0! 1+5'0! (%! &'*4.0!
C-*8(+2.0N!
!
2c!"&!1%*2%*!#-F.*3!G!Z*%&1%!.!#.!+(%.!(%![-%!%#!"01.1-1'!&'!5-%(%!(%Z+&+*!2'&!2.*?21%*!
F%&%*.#! G! .,01*.21'! #'0! 2'&2%51'0! 2'&01+1-2+'&.#%0! 2'&! .**%F#'! .! #'0! 2-.#%0! 0%! %Z%21M.! %#!
*%5.*1'!2'45%1%&2+.#3!%#!:',+%*&'!(%!#.!:%&%*.#+1.1!&+%F.![-%!#'0!.*10N!XXP!.!XXS!*%.#+2%&!-&.!
(%Z+&+2+K&! (%! %0%! 1%&'*! G! .#2.&2%N! U.! (%Z+&+2+K&! (%! #.0! 2.1%F'*8.0! Z-&2+'&.#%0! (%! #.0!
2'45%1%&2+.0! [-%! +&2'*5'*.&! %01'0! 5*%2%51'0! &'! 1%&(*8.! 2.*?21%*! F%&%*.#3! 5'*[-%! 0K#'! %0!
.5#+2.,#%! .! #.0! 2'&2*%1.0! 2'45%1%&2+.0! .0-4+(.0! %&! 2.(.! 4.1%*+.! 5'*! #.! :%&%*.#+1.1! (%!
/.1.#-6.N!f!1.45'2'!5'(*8.!2.#+Z+2.*0%!(%!.,01*.21.3!5'*[-%3!%&!*%.#+(.(3!%0!%#!*%0-#1.('!(%!#.!
1<2&+2.! #%F+0#.1+D.! %45#%.(.! 5.*.! +(%&1+Z+2.*! #.0! (+01+&1.0! Z-&2+'&%0! [-%! 2-45#%! %C%*2%*! .! #.!
:%&%*.#+1.1!%&!#.0!2'45%1%&2+.0!0',*%!#.0![-%!.0-4%!1+1-#.*+(.(N!)'('!%##'!%&!2-45#+4+%&1'!
(%#!4.&(.1'!%\5*%0.('!%&!%#!.*1N!XQ_NS!(c!/"N!L#%F.!%#!:',+%*&'!2.1.#?&![-%!0%!@.!'51.('!5'*!
-&.!1<2&+2.!#%F+0#.1+D.!2'&0+01%&1%!%&!(%02*+,+*3!2'&!2.*?21%*!2'4M&3!%#!.#2.&2%!(%!#.0!(+01+&1.0!
2.1%F'*8.0! Z-&2+'&.#%03! %D+1.&('! .08! *%+1%*.2+'&%0! +&&%2%0.*+.0! G! 5%*4+1+%&('! [-%! #.! 4%*.!
*%4+0+K&!.F'1%!%0%!2'&1%&+('!Z-&2+'&.#N!"01.!1<2&+2.!G.!Z-%!%45#%.(.3!%&1*%!'1*'03!%&!%#!.*1N!SR!
(%#!"01.1-1'!(%!XY_YN!
!
>%! *%2@.=.3! %&! Z+&3! #.! +&D'2.2+K&! (%! #.! >)/! _TWXYO]3! (%! R! (%! .F'01'3! 5'*! 2-.&1'! &'!
@.,*8.! .[-8! Z+C.2+K&! -&+#.1%*.#3! 5'*! %#! "01.('3! G! F%&%*.#3! 5.*.! 1'(.0! #.0! /'4-&+(.(%0!
L-1K&'4.03! (%#! 2'&1%&+('! (%! #.0! 2.1%F'*8.0! Z-&2+'&.#%03! 0+&'! -&.! '52+K&! 2'&2*%1.! (%#!
#%F+0#.('*!%01.1-G%&1%3![-%!%0!(-.#3![-%!&'!2+%**.!%#!5.0'!.!'1*.0!5'0+,#%0!&+!5*%1%&(%!.**'F.*0%!
-&! D.#'*! (%! +&1%*5*%1.2+K&! .,01*.21.! '! F%&%*.#! (%! #.! /'&01+1-2+K&N! U'0! .*10N! XXP! .! XXS! 0%!
!
XOQ
#+4+1.*8.&! .! (%02*+,+*! #.0! 5'1%01.(%0! G! Z-&2+'&%0! (%! 2.(.! 2.1%F'*8.! (%! 2'45%1%&2+.03!
(%02*+52+K&!2'4M&!5.*.!#'0!(%4?0!5*%2%51'0!2'45%1%&2+.#%0!(%#!"01.1-1'N!
!
(c!>%FM&!%#!2-.*1'!5+#.*3!%#!"01.1-1'!+&D.(+*8.!#.0!2'45%1%&2+.0!%01.1.#%0!2-.&('!5*%D<!
#.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! %&! .21-.2+'&%0! (%#! "01.('N! >+&! 5%*C-+2+'! (%! *%4+1+*0%! .#!
.&?#+0+0!(%#!181-#'!A!g.&1%2%(%&1%0!XPS!G!0+F-+%&1%0c3!.D.&=.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!
%#!"01.('!&'!5-%(%3!%&!%#!%C%*2+2+'!(%!0-0!2'45%1%&2+.03!+F&'*.*!0-!&.1-*.#%=.!2'45-%01.!&+!#.!
%\+01%&2+.! (%! +&1%*%0%0! 5*'5+'0! (%! #.0! /'4-&+(.(%0! L-1K&'4.03! 5'*! %\+F%&2+.! (%#! (%,%*! (%!
2'#.,'*.2+K&3!+45#82+1'!%&!%#!0+01%4.!(%!.-1'&'48.0!g>>)/!XOXWXYOO3!(%!X]!(%!'21-,*%3!^;!_e!
G!QPWXYYO3!(%!XY!(%!Z%,*%*'3!^;!]PcN!
!
"&!#'0!5*%2%51'0!(%#!"01.1-1'!('&(%!0%!5*%D<!#.!5.*1+2+5.2+K&!2-%01+'&.(.3!&'!0K#'!&'!
0%!+45%(+*8.!.#!"01.('!#.!*%0'#-2+K&![-%!#+,*%4%&1%!%01+4.0%!'5'*1-&.!%&!2.(.!2.0'3!0+&'![-%!
@.,+1-.#4%&1%!&'!0%!+*8.!4?0!.##?!(%!-&.!*%4+0+K&!.!#.!#%F+0#.2+K&!%01.1.#!5.*.!#.!Z+C.2+K&!(%!#'0!
1<*4+&'0! %&! #'0! [-%! (%,%*8.! Z'*4.#+=.*0%! %#! 1*?4+1%! (%! 2'&0-#1.N! b&2#-0'! 2-.&('! 0%! 5*%D<! %#!
2.*?21%*! `(%1%*4+&.&1%a! (%! #.! +&1%*D%&2+K&! '! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! (%! /.1.#-6.!
g(+05'0+2+K&!.(+2+'&.#!0%F-&(.c!0%!Z+C.&!0-0!%Z%21'03!#+4+1?&('#'0!.!-&!0+45#%!(%,%*!(%#!"01.('!
(%! 4'1+D.*! #.! (+02*%5.&2+.! .&1%! #.! /'4+0+K&! 9+#.1%*.#! :%&%*.#+1.1I"01.('N! k'0! @.##.*8.4'03!
5'*! 1.&1'3! .&1%! 1<2&+2.0! (%! 2'#.,'*.2+K&! +&1%*+&01+1-2+'&.#! [-%! 1+%&(%&! .! F.*.&1+=.*! #.!
2'@%*%&2+.! G! #.! 4-1-.! +&Z'*4.2+K&! %&! -&! "01.('! 2'45-%01'e! G3! #KF+2.4%&1%3! %#! "01.1-1'! (%!
L-1'&'48.!(%,%!5*%D%*!%0.0!1<2&+2.0!(%!2'#.,'*.2+K&!,+#.1%*.#N!$'*!%#!2'&1*.*+'!&'!@.!5*%D+01'!
1<2&+2.0!(%!2'#.,'*.2+K&!4-#1+#.1%*.#!5'*[-%!%##'!%\2%(%*8.!(%!0-!2'&1%&+('!5*'5+'N!
!
U'0! .*10N! XXP3! XXX! G! XXS! %01.,#%2%&! -&.! 1+5'#'F8.! Z-&2+'&.#! (%! #.0! 2'45%1%&2+.0!
.0-4+(.0! (%&1*'! (%#! 4.*2'! Z+C.('! 5'*! #.! /'&01+1-2+K&N! L08! #'! 0'01+%&%! %#! :',+%*&'! (%! #.!
:%&%*.#+1.13!5'*!#'0!0+F-+%&1%0!4'1+D'0N!
!
/'&!2.*?21%*!F%&%*.#!2'4+%&=.!*%2'*(.&('!%#! :',+%*&'!.-1'&K4+2'![-%!%#!.*1N!XQ_NS!
(c! /"! +&2#-G%! (%&1*'! (%#! 2'&1%&+('! &%2%0.*+'! (%! #'0! "01.1-1'0! #.! (%1%*4+&.2+K&! (%! #.0!
2'45%1%&2+.0N!L08!5-%0!%#!*%5.*1'!2'45%1%&2+.#!&'!0%!Z+C.!M&+2.4%&1%!%&!#.!/'&01+1-2+K&3!0+&'!
%&1*%!%##.!G!2.(.!-&'!(%!#'0!"01.1-1'0!(%!L-1'&'48.N!"&!2-45#+4+%&1'!(%!%0%!4.&(.1'!G!%&!
-0'!(%!%0.!@.,+#+1.2+K&3!2'&!%#!5*'5K0+1'!(%!5*%2+0.*!%&!4.G'*!4%(+(.!%#!2'&1%&+('!4.1%*+.#!G!
Z-&2+'&.#!(%!#.0!2'45%1%&2+.03!#'![-%!0+*D%!.!#.!0%F-*+(.(!C-*8(+2.3!%#!"01.1-1'!@.!'51.('!5'*!
!
XOR
(%Z+&+*!2'&!4.G'*!5*%2+0+K&!#'0!?4,+1'0!4.1%*+.#%03!.08!2'4'!#.0!5'1%01.(%0!G!Z-&2+'&%0!2-G.!
1+1-#.*+(.(!2'45%1%&2+.#!0%!.0-4%!%&!2.(.!2.0'!2'&2*%1'N!
!
$'*! #.! 5*'5+.! %01*-21-*.! 2'&01+1-2+'&.#! (%#! *%5.*1'! 2'45%1%&2+.#! i2'&1+&M.! %#!
:',+%*&'! 2.1.#?&i! G! 1%&+%&('! 5*%0%&1%0! #'0! .*10N! XQYNX! G! ]! /"3! %#! #%F+0#.('*! %01.1-G%&1%!
@.,*8.! 1%&+('! [-%! +&1%*5*%1.*! %01'0! 5*%2%51'0! (%! #.! /'&01+1-2+K&3! 5*'(-2+%&('3! 1.4,+<&!
&%2%0.*+.4%&1%!G!(%0(%!0-!D%*1+%&1%!&%F.1+D.3!-&.!(%#+4+1.2+K&!(%!#.0!2'45%1%&2+.0![-%!*%01.&!
%&! 0%(%! %01.1.#! G! (%! #.0! [-%! *%D+%*1%&! .#! "01.('N! "01.! (%#+4+1.2+K&! 0%! 5*'(-2%! 1.&1'! %&! #.!
(+4%&0+K&!4.1%*+.#!2'4'!%&!#.!Z-&2+'&.#3!(+05'&+<&('0%!(%!.[-%##'0!181-#'0!&'!*%0%*D.('0!.#!
"01.('! 5'*! %#! .*1N! XQYNX! /"N! U.! /'&01+1-2+K&! &'! @.! (%Z+&+('! 2'45#%1.4%&1%! .#F-&'0! (%! #'0!
2'&2%51'0! (%! 0-! .*1N! XQYNX! gvgrN! `,.0%0a! G! `#%F+0#.2+K&ac3! (%C?&('#'0! 5.*2+.#4%&1%! .,+%*1'0N!
/'&0%2-%&1%4%&1%!0-!2'&1%&+('!Z-&2+'&.#!5-%(%!*%0-#1.*!%&!.#F-&.!4%(+(.!(%1%*4+&.('!5'*!
%#! #%F+0#.('*! %01.1-G%&1%! %&! *%#.2+K&! 2'&! #.! 2'&2*%1.! .0-&2+K&! (%! 2'45%1%&2+.0N! "#! "01.1-1'!
*%2-**+('! @.,*8.! (%#+4+1.('! %&! 5'0+1+D'! #.0! 2'45%1%&2+.0! .0-4+(.0! 5'*! #.! :%&%*.#+1.1!
+&2'*5'*.&('! Z-&2+'&%0! &'! %\5*%0.4%&1%! *%0%*D.(.0! .#! "01.('! G! (.&('! 2'&! %##'! %01*+21'!
2-45#+4+%&1'!.#!.*1N!XQ_NS!(c!/"N!
!
"01.!(%#+4+1.2+K&!Z-&2+'&.#!&'!0%*8.!2'&1*.*+.!.!#.!('21*+&.!(%!#.!>)/!_TWXYO]3!(%!R!(%!
.F'01'3! 5'*[-%! &'! 0-5'&%! -&.! (%Z+&+2+K&! .,01*.21.! G! F%&%*.#3! 0+&'! -&.! 5-*.! 2'&2*%2+K&!
*%05%21'! (%! #.0! 2'45%1%&2+.0! 5.*1+2-#.*4%&1%! .0-4+(.0! 5'*! #.! :%&%*.#+1.13! G! &'! +45-%01.!
-&+#.1%*.#4%&1%3!0+&'!.0-4+(.!(%!2'4M&!.2-%*('!5'*!%#!"01.('!G!#.!/'4-&+(.(!L-1K&'4.N!U.!
%05%2+.#!5'0+2+K&!(%#!"01.1-1'3!.08!2'4'!#.!%05%28Z+2.!Z-&2+K&!2'&01+1-2+'&.#![-%!2-45#%!G!0-!
&.1-*.#%=.! (%! &'*4.! 5.21.(.3! C-01+Z+2.*8.&! [-%! 5-%(.! 4'(+Z+2.*! %&! 5.*1%! #.0! '52+'&%0! (%!
(+01*+,-2+K&! 2'45%1%&2+.#! 5#.04.(.0! %&! %#! .&1%*+'*! "01.1-1'! G! %&! (%0.**'##'0! #%F+0#.1+D'0!
%01.1.#%0! G! .-1'&K4+2'0N! >+%&('! 2+%*1'! [-%! 0+! %#! 5*+&2+5+'! (+05'0+1+D'! 0%! -1+#+=.*.! (%! Z'*4.!
(+D%*0.!5'(*8.!(.*!#-F.*!.!-&.!(+D%*0+(.(!(%!(%0.**'##'0!(%!2'45#%C.!F%01+K&!5.*.!%#!#%F+0#.('*!
%01.1.#3!&'!#'!%0!4%&'0![-%!%0.!5'0+,+#+(.(!%01?!.,+%*1.!5'*!#.!/'&01+1-2+K&!4+04.3!2'4'!.08!0%!
.(4+1%!%&!%#!5*'5+'!*%2-*0'3!.#!*%2'&'2%*![-%!#.!(+D%*0+(.(!(%!2'45%1%&2+.0!.0-4+(.0!5'*!#'0!
"01.1-1'0!5-%(%!F%&%*.*!-&.!2+%*1.!.0+4%1*8.!2'45%1%&2+.#N!
!
/'&2%(%!%#!"C%2-1+D'!2.1.#?&![-%!#.!(%1%*4+&.2+K&!(%!2'45%1%&2+.0!%&!%#!"01.1-1'!#.0!
5%1*+Z+2.N! $%*'! %01.! 2'&0%2-%&2+.! 0%*8.! Z*-1'! (%! #.! .5#+2.2+K&! (%! #.0! 5*%D+0+'&%0!
2'&01+1-2+'&.#%0! g.*10N! XQ_N]! G! XRSNSc3! &'! 5-(+%&('! +&D'2.*0%! (%! 2'&1*.*+'! #.! ('21*+&.!
%01.,#%2+(.! %&! *%#.2+K&! 2'&! #.0! #%G%0! '*F?&+2.0! G! #.0! (%! 5*%0-5-%01'03! 5'*! #.0! *.='&%0! G.!
!
XOT
.D.&=.(.0!%&!#.0!2'&0+(%*.2+'&%0!F%&%*.#%0!g.&1%2%(%&1%!X]cN!"#!"01.1-1'!(%!XY_Y3!%&!0-!.*1N!
SR!G!'1*'0!5*%2%51'0!0+4+#.*%0!(%!#'0!"01.1-1'0!.21-.#4%&1%!D+F%&1%03!(%0%45%6.!-&.!Z-&2+K&!
%[-+D.#%&1%! (%! (%#+4+1.2+K&! Z-&2+'&.#! (%! #.0! 2'45%1%&2+.03! @.01.! #.! Z%2@.! &'! (+02-1+(.N! U.!
&'D%(.(! %01*+,.*8.! M&+2.4%&1%! %&! #.! 4.G'*! (%&0+(.(! %&! #.! (%Z+&+2+K&! (%! #'0! 2'&1%&+('0!
4.1%*+.#%0!(%!2.(.!?4,+1'!2'45%1%&2+.#!G!%&!#.!(%Z+&+2+K&!(%!-&.0!2.1%F'*8.0!Z-&2+'&.#%0!%&!
5.*1%!(+Z%*%&1%0N!
!
$.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! %#! .*1N! XXX! &'! 0-01*.%! .#! #%F+0#.('*! %01.1.#! #.!
5'0+,+#+(.(!(%!Z+C.*!#.0!,.0%0!2'&2*%1.0!%&!2.(.!4.1%*+.!5.*.!#.![-%!(+05'&%!(%!2'45%1%&2+.3!
2'4'! 1.45'2'! #%! +45+(%! @.2%*#'! 4%(+.&1%! '52+'&%0! #%F+0#.1+D.0! [-%! 0+45#%4%&1%! %&-&2+%&!
5*+&2+5+'0!(+*%21+D'0!'![-%!(%02+%&(.&!.!-&!4.G'*!F*.('!(%!(%&0+(.(!&'*4.1+D.3!%&!Z-&2+K&!
(%! #.0! 2+*2-&01.&2+.0! (%! 2.(.! 4'4%&1'! G! 0%21'*N! >+%45*%! [-%! %0.0! ,.0%0! &'! D.28%&! #.!
2'**%#.1+D.! 2'45%1%&2+.! .-1'&K4+2.! (%! (%0.**'##'3! [-%! (%,%! 5%*4+1+*! %#! (+0%6'! (%! 5'#81+2.0!
5*'5+.0N!U.!&'D%(.(!5*+&2+5.#!%01*+,.*8.!%&!%#!@%2@'!(%![-%!%&!/.1.#-6.!1%&(*?&!#.!2'&(+2+K&!
(%! #%F+0#.2+K&! ,?0+2.! 0K#'! .[-%##'0! 5*+&2+5+'0! '! (%&'4+&.('*%0! &'*4.1+D'0! 2'4-&%0! [-%!
2-45#.&! %#! *%[-+0+1'! (%! @.,%*! 0+('! Z+C.('0! %&! &'*4.0! 2'&! *.&F'! (%! #%G3! %\2%51'! %&! #'0!
0-5-%01'0! [-%! 0%! (%1%*4+&%&! (%! .2-%*('! 2'&! #.! /'&01+1-2+K&! G! %#! "01.1-1'N! "01%! 5*%2%51'!
5%*4+1+*8.!-&.!+&1%*5*%1.2+K&!5%*Z%21.4%&1%!2'45.1+,#%!2'&!#.!/'&01+1-2+K&3!5-%0!.1*+,-G%!.!#.!
:%&%*.#+1.1!#.!+&1%F*+(.(!(%!#.0!Z-&2+'&%0!%C%2-1+D.0!2'**%05'&(+%&1%0!.!#'0!?4,+1'0!4.1%*+.#%0!
%&!#'0![-%!.0-4%!#.0!2'45%1%&2+.0!2'45.*1+(.0!G!#.!(%1%*4+&.2+K&!(%!%01%!?4,+1'!Z-&2+'&.#!
%&1*.!(%&1*'!(%!#.!(+05'&+,+#+(.(!(%#!%01.1-G%&1%!l.*1N!XQ_NS!(c!/"mN!
!
L(4+1%!%#!"C%2-1+D'!2.1.#?&![-%!#'0!%&-&2+.('0!(%#!.*1N!XQYNX!/"!&'!+45'&%&![-%!#.!
#%F+0#.2+K&!,?0+2.!(%,.!%01.,#%2%*0%!4%(+.&1%!&'*4.0!2'&!*.&F'!(%!#%G3!5%*'!1.45'2'!+45+(%&!
[-%!<01.!0%.!#.!2'&0%2-%&2+.!+&(+*%21.!(%!#.!(%1%*4+&.2+K&!(%!#.0!2'45%1%&2+.0!.-1'&K4+2.0N!
L(%4?0!%01%!*%[-+0+1'!Z'*4.#!0%!%&2-%&1*.!G.!%&!#.!('21*+&.!(%#!)*+,-&.#!/'&01+1-2+'&.#N! "#!
#%F+0#.('*! %01.1-G%&1%3! .#! %&-&2+.*! #.0! 5'1%01.(%0! +&@%*%&1%0! .#! ?4,+1'! Z-&2+'&.#! (%! #.0!
2'45%1%&2+.0!2'45.*1+(.0!.0-4+(.0!5'*!#.!:%&%*.#+1.13!5-%(%!5%*Z%21.4%&1%!.1*+,-+*!.!<01.!#.!
+&1%F*+(.(! (%! #.0! Z-&2+'&%0! %C%2-1+D.0! 2'**%05'&(+%&1%0! .! %0.0! 4.1%*+.03! 5-%0! 0%! 1*.1.! (%!
5'1%01.(%0! G! Z-&2+'&%0! [-%3! 2'&Z'*4%! .! #'! 5*%02*+1'! %&! %#! .*1N! XQYN]! /"3! &'! @.&! 0+('!
`.1*+,-+(.0! %\5*%0.4%&1%a! .#! "01.('! 5'*! #.! /'&01+1-2+K&N! /'&2*%1.4%&1%! %#! .*1N! XXX!
+45-F&.('!.1*+,-G%!.!#.!:%&%*.#+1.1!#.!+&1%F*+(.(!(%!#.!5'1%01.(!*%F#.4%&1.*+.!G!(%!#.!5'1%01.(!
%C%2-1+D.3!0+&![-%!%##'!4%*4%!#.0!5'1%01.(%0!+&@%*%&1%0!.!#.!2'45%1%&2+.!,?0+2.!%01.1.#!0+!0%!
.1+%&(%!.#!%Z%21'!2'&2*%1'![-%!%0%!%&-&2+.('!(%1%*4+&.3![-%!&'!%0!'1*'![-%!%#!G.!*%Z%*+('3!G!
!
XO_
[-%!1.45'2'!*%0-#1.!1.&!&'D%('0'!2-.&('!(%!#.!+&1%*5*%1.2+K&!0+01%4?1+2.!(%!#.!(%#+4+1.2+K&!
2'45%1%&2+.#!*%0-#1.&1%!(%#!.&1%*+'*!4.*2'!2'&01+1-2+'&.#!G!%01.1-1.*+'!G.!@.,8.!(%(-2+('!%01%!
)*+,-&.#! %#! 2'&2%51'! Z'*4.#! (%! ,.0%0! G! #.! *%F#.! F%&%*.#! (%! 0-! %01.,#%2+4+%&1'! 4%(+.&1%!
&'*4.0!2'&!*.&F'!(%!#%GN!
!
$'*! '1*.! 5.*1%! 0%! .#%F.! [-%! %#! .*1N! XQYNX! /"! &'! @.! (%1%*4+&.('! [-%! %&! .[-%##.0!
4.1%*+.0!%&!#.0![-%!%#!"01.('!'01%&1.!2'45%1%&2+.!5.*.!(+21.*!#.0!,.0%0!<01.0!(%,.&!2'&Z'*4.*!
-&!2'4M&!(%&'4+&.('*!&'*4.1+D'!(%!.5#+2.2+K&!%&!%#!2'&C-&1'!(%#!"01.('N!"01.!(%Z+&+2+K&!@.!
0+('! 5%*Z+#.(.! 5'*! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#3! 0+%&('! (%! *%2'*(.*! [-%! %#! )*+,-&.#! @.!
.(4+1+('!1.4,+<&!1.&1'!#.0!,.0%0!(+Z%*%&2+.(.0!5'*!1%**+1'*+'0!2'4'!#.!5'0+,+#+(.(!(%![-%!#.0!
,.0%0! &'! 0%.&! (%! .5#+2.2+K&! .! (%1%*4+&.(.0! /'4-&+(.(%0! L-1K&'4.0! 2-.&('! #.! %\2%52+K&!
1*.+F.! 2.-0.! (%! #.! /'&01+1-2+K&! '! (%#! "01.1-1'! g.083! %&1*%! '1*.03! >>)/! SXQWXYOY3! (%! SX! (%!
(+2+%4,*%3! ^;! STe! XPYWXYYO3! (%! SX! (%! 4.G'3! ^;! ]e! G! SSSWSPPT3! (%! T! (%! C-#+'3! ^;! ]cN! "&!
2'&0%2-%&2+.3! 0+! 5'*! (+05'0+2+K&! (%#! .*1N! XXX! #.0! &'*4.0! ,?0+2.0! [-%! %#! "01.('! .5*-%,%! 5'*!
*%F#.4%&1'!&'!5-%(%!2'&01+1-+*!2'4M&!(%&'4+&.('*!&'*4.1+D'!5.*.!1'('0!#'0!1%**+1'*+'03!%##'!
0%*8.!%#!*%0-#1.('!(%!#.!#%F81+4.!D'#-&1.(!(%#!%01.1-G%&1%!G3!2'&Z'*4%!.!#.!C-*+05*-(%&2+.3!(%!
#.0!%\2%52+'&%0!5*%D+01.0!%&!%#!5*'5+'!"01.1-1'!G3!2'&0+F-+%&1%4%&1%3!(%!2'&Z'*4+(.(!2'&!#.!
/'&01+1-2+K&N!
!
"#! .*1N! XXS! %03! 5.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.13! 5#%&.4%&1%! *%05%1-'0'! 2'&! #'0!
%&-&2+.('0! (%#! .*1N! XQYNX! /"! %&! #'0! [-%! 0%! *%0%*D.&! .#! "01.('! 2'45%1%&2+.0! #%F+0#.1+D.0N!
/+%*1.4%&1%!%#!)*+,-&.#!@.!D%&+('!+&2#-G%&('!#'0!*%F#.4%&1'0!%C%2-1+D'0!(%!#.0!#%G%0!(%&1*'!
(%!#.!2'45%1%&2+.!#%F+0#.1+D.!%01.1.#!(%0(%!#.!>)/!XOWXYOS3!(%!Q!(%!4.G'!g^^;;!S!G!]c3!5%0%!.!
%&1%&(%*! [-%! %#! 1<*4+&'! `#%F+0#.2+K&a! .(4+1%! 4?0! (%! -&.! +&1%*5*%1.2+K&N! $%*'! %0.!
C-*+05*-(%&2+.!&'!0%*8.!1*.0#.(.,#%!.#!%&C-+2+.4+%&1'!(%!%01%!"01.1-1'!5'*[-%!Z-%!%#.,'*.(.!.!#.!
#-=! (%! #.! (+01*+,-2+K&! (%! 2'45%1%&2+.0! *%0-#1.&1%! (%#! ,#'[-%! (%! 2'&01+1-2+'&.#+(.(! %&1'&2%0!
D+F%&1%N! h&! ,#'[-%! (%#! [-%! Z'*4.,.&! 5.*1%! #'0! 5*+4%*'0! "01.1-1'0! (%! L-1'&'48.3! [-%! &'!
.0-48.&!%\5*%0.4%&1%!#.!5'1%01.(!*%F#.4%&1.*+.!2'4'!5.*1%!(%!#.0!2'45%1%&2+.0!%C%2-1+D.0N!
$'*! 2'&0+F-+%&1%! %#! #%F+0#.('*! %01.1-G%&1%3! .#! .5*',.*! %#! .*1N! XXS3! @.,*8.! 5'(+('! .0-4+*!
#%F81+4.4%&1%! #.0! 5'1%01.(%0! *%F#.4%&1.*+.0! (%&1*'! (%! #.0! Z-&2+'&%0! [-%! +&1%F*.&! #.0!
2'45%1%&2+.0!%C%2-1+D.0!(%!#.!:%&%*.#+1.1!(%!/.1.#-6.3!1'(.!D%=![-%!0%!1*.1.!(%!5'1%01.(%0![-%3!
2'&Z'*4%! .#! .*1N! XQYN]! /"3! &'! @.&! 0+('! `.1*+,-+(.0! %\5*%0.4%&1%a! 5'*! #.! /'&01+1-2+K&! .#!
"01.('N!
!
!
XOO
/'4'!2'&2#-0+K&!0%!.Z+*4.![-%!#'0!.*10N!XXP3!XXX!G!XXS!&'!D-#&%*.&!#.0!2'45%1%&2+.0!
*%0%*D.(.0!.#!"01.('!5'*!#.!/'&01+1-2+K&!5-%01'![-%3!2'&Z'*4%!.#!.*1N!XQYN]!/"3!+&2'*5'*.&!.#!
.2%*D'! 2'45%1%&2+.#! (%! #.! :%&%*.#+1.1! M&+2.4%&1%! 5'1%01.(%0! G! Z-&2+'&%0! &'! %\5*%0.4%&1%!
*%0%*D.(.0! .#! "01.('! 5'*! %#! .*1N! XQYNX! /"3! 5.*.! 0-! %C%*2+2+'! %&! #'0! ?4,+1'0! 4.1%*+.#%0! (%!
2'45%1%&2+.!(%!#.!:%&%*.#+1.1!(%Z+&+('0!%&!%#!"01.1-1'N!
!
RRN!"#!%02*+1'!(%!.#%F.2+'&%0!(%#!$.*#.4%&1'!(%!/.1.#-6.!2'4+%&=.!.0+4+04'!2'&!-&.0!
2'&0+(%*.2+'&%0!F%&%*.#%0!0',*%!%#!0+01%4.!(%!(+01*+,-2+K&!2'45%1%&2+.#!%&!#.0![-%!4.&1+%&%!
[-%!&+&FM&!*%5*'2@%!(%!+&2'&01+1-2+'&.#+(.(!5-%(%!4%*%2%*!#.!1<2&+2.!&'*4.1+D.!-1+#+=.(.!5'*!
%#! "01.1-1'3! .08! 2'4'! [-%! %#! %0Z-%*='! 5'*! +&2'*5'*.*! -&'0! %&-&2+.('0! (%1.##.('0! G! 5*%2+0'0!
0-5'&%! -&.! +&(+02-1+,#%! ',0%*D.&2+.! (%#! 5*+&2+5+'! (%! 0%F-*+(.(! C-*8(+2.N! /'&Z'*4%! .#! .*1N!
XQYN]! /"! #.0! 4.1%*+.0! &'! .1*+,-+(.0! %\5*%0.4%&1%! .#! "01.('! 5'(*?&! 2'**%05'&(%*! .! #.0!
/'4-&+(.(%0! L-1K&'4.03! %&! D+*1-(! (%! 0-0! *%05%21+D'0! "01.1-1'0N! U.! 4+04.! %\5*%0+K&!
`4.1%*+.0a!0%!-1+#+=.!%&!%#!%&2.,%=.4+%&1'!(%#!.*1N!XQYNX!/"!5.*.!*%Z%*+*0%!.!#.0!2'45%1%&2+.0!
%\2#-0+D.0! (%#! "01.('3! (%! 4'('! [-%! #.! #%21-*.! 2'45#%1.! (%! (+2@'! 5*%2%51'! +#-01*.*8.!
2#.*.4%&1%![-%3!,.C'!%#!1<*4+&'!-&!1.&1'!+45*%2+0'!(%!`4.1%*+.0a3!%#!1%\1'!2'&01+1-2+'&.#!.#-(%!
1.&1'!.!#'0!?4,+1'0!4.1%*+.#%0!2'4'!.!#'0!?4,+1'0!Z-&2+'&.#%0!(%!#.0!2'45%1%&2+.0!*%0%*D.(.0!
.#!"01.('N!L08!5-%03!.!#.!@'*.!(%!(%1%*4+&.*!#.0!2'45%1%&2+.0!(%!#.!/'4-&+(.(!L-1K&'4.3!%#!
#%F+0#.('*! %01.1-G%&1%! %01.*8.! ',#+F.('! .! *%05%1.*! #.0! %\5*%0.0! *%0%*D.0! 2'45%1%&2+.#%0! %&!
Z.D'*! (%#! "01.('3! 5%*'! (+05'&(*8.! (%! -&! 2+%*1'! 4.*F%&! (%! .5*%2+.2+K&! 0',*%! %#! .#2.&2%! (%!
.[-%##'0! %&-&2+.('0! 2'&! ='&.0! (%! 5%&-4,*.3! 5-(+%&('! ##%F.*! .! .1*+,-+*! .! #.! /'4-&+(.(!
L-1K&'4.!1'(.0!#.0!2'45%1%&2+.0![-%!&'!@.&![-%(.('!%\5*%0.4%&1%!.1*+,-+(.0!.#!"01.('N!
!
L! %01%! *%05%21'! %#! #%F+0#.('*! %01.1-G%&1%! %01.*8.! D+&2-#.('! 5'*! #.! C-*+05*-(%&2+.! (%#!
)*+,-&.#! /'&01+1-2+'&.#! *%Z%*+(.! %\2#-0+D.4%&1%! .! #.! +&1%*5*%1.2+K&! %01*+21.! G! (+*%21.! (%! #'0!
%&-&2+.('0! (%#! .*1N! XQYNX! /"N! ;-&1'! .! %##'! @.,*8.! [-%! 1%&%*! %&! 2-%&1.! [-%! #.! C-*+05*-(%&2+.!
2'&01+1-2+'&.#!&'!1+%&%!-&!D.#'*!.,0'#-1'!&+!-&!2.*?21%*!+&4'(+Z+2.,#%3!0+%&('!(%!.(D%*1+*![-%!
#.0!&'*4.0!@.&!(%!+&1%*5*%1.*0%!%&!*%#.2+K&!.#!2'&1%\1'!G!#.!*%.#+(.(!0'2+.#!(%#!1+%45'!%&![-%!
@.&! (%! 0%*! .5#+2.(.03! #'! [-%! %\5#+2.! .#F-&'0! 2.4,+'0! %&! #.! C-*+05*-(%&2+.! (%#! )*+,-&.#!
/'&01+1-2+'&.#N! 7?0! .##?! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i3! -&.! /'&01+1-2+K&!
(%4'2*?1+2.! %0! %0%&2+.#4%&1%! -&! 4.*2'! C-*8(+2'! .,+%*1'! [-%! (%,%! 5%*4+1+*! %#! (%0.**'##'! (%!
(+01+&1.0! '52+'&%0! 5'#81+2.0! G! &'*4.1+D.0! G! %##'! %\+F%! .#! )*+,-&.#! /'&01+1-2+'&.#! [-%!
(%0%45%6%! 0-! 1.*%.! (%! +&1%*5*%1.2+K&! 2'&! %#! (%,+('! selfrestraint3! .#! ',C%1'! (%! &'! #+4+1.*!
!
XOY
+&&%2%0.*+.4%&1%! .[-%##'! [-%! %01?! .! #.! #+,*%! (+05'0+2+K&! (%#! #%F+0#.('*! '*(+&.*+'3! [-%! %0!
1.4,+<&!+&1<*5*%1%!(%!#.!/'&01+1-2+K&N!
!
L(+2+'&.#4%&1%! 2.,%! (%01.2.*3! .! C-+2+'! (%! #.! /?4.*.3! [-%! (%#! .*1N! SO! UV)/! 0%!
(%05*%&(%! [-%3! 5.*.! .5*%2+.*! #.! 2'&Z'*4+(.(! (%! -&.! #%G! 2'&! #.! /'&01+1-2+K&3! %#! )*+,-&.#!
/'&01+1-2+'&.#! (%,%! 2'&0+(%*.*3! .(%4?0! (%#! 5*'5+'! 1%\1'! 2'&01+1-2+'&.#3! #.0! '1*.0! &'*4.0!
+&1%F*.&1%0! (%#! (%&'4+&.('! ,#'[-%! (%! #.! 2'&01+1-2+'&.#+(.(3! %&1*%! #.0! [-%! 0%! +&1%F*.! %#!
"01.1-1'! (%! L-1'&'48.! 2'**%05'&(+%&1%N! L@'*.! ,+%&3! 2-.&('! #%! 2'**%05'&(%! .#! )*+,-&.#!
/'&01+1-2+'&.#! C-=F.*! #.! 2'&01+1-2+'&.#+(.(! (%! -&! (%1%*4+&.('! "01.1-1'! (%! L-1'&'48.! %#!
2.&'&! (%! 2'&01+1-2+'&.#+(.(! 0%*8.! (+01+&1'3! G.! [-%! (%,%! .1%&%*0%! %\2#-0+D.4%&1%! .! #.!
/'&01+1-2+K&3!1.#!G!2'4'!+&(+2.!#.!>)/!YYWXYOT3!(%!XX!(%!C-#+'!g^;!QcN!
!
L!2'&1+&-.2+K&!0%!%\1+%&(%!%#!%02*+1'!(%!.#%F.2+'&%0!.!5*'5K0+1'!(%!#.!5.*1+2+5.2+K&!(%!
#.! /'4-&+(.(! L-1K&'4.! %&! .21-.2+'&%0! (%#! "01.('N! $.*1%3! %&! %01%! 0%&1+('3! (%#! 5*+&2+5+'!
.-1'&K4+2'3!5'*!%#![-%!%#!"01.('!%05.6'#!0%!%01*-21-*.!2'4'!-&!"01.('!2'45-%01'!%&!%#![-%!
#.0!/'4-&+(.(%0!L-1K&'4.0!0'&!1.4,+<&!"01.('3!5%*'!F'=.&!(%!.-1'&'48.!5.*.!#.!F%01+K&!(%!
0-0! 5*'5+'0! +&1%*%0%03! [-%! (%,%&! 0%*! 1%&+('0! %&! 2-%&1.! 5'*! %#! "01.('! 2-.&('! %C%*2%! 0-0!
2'45%1%&2+.0!5*'5+.0N!E%!.@8!(%*+D.*8.!%#!(%,%*!(%!2'#.,'*.2+K&!%&1*%!"01.('!G!/'4-&+(.(%0!
L-1K&'4.03! [-%! %0! +&1*8&0%2'! .! 1'('0! #'0! 4'(%#'0! (%! "01.('! 2'45-%01'! G! [-%! @.! 0+('!
(%01.2.('!5'*!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#!g%&1*%!'1*.03!>)/!QPWXYYO3!(%!XY!(%!Z%,*%*'3!^;!
]PcN!U.0!5*%D+0+'&%0!(%#!"01.1-1'!*%#.1+D.0!.!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!%&!.21-.2+'&%0!
(%#!"01.('!&'!5'&(*8.&!%&!2-%01+K&!#.!.('52+K&!(%!#.!(%2+0+K&!2'**%05'&(+%&1%!5'*!5.*1%!(%#!
5*'5+'! "01.('N! b&2#-0'! 2-.&('! %\2%(%&! (%#! (%*%2@'! (%! .-(+%&2+.! G! #.! 5.*1+2+5.2+K&! .5.*%2%!
2'4'!(%1%*4+&.&1%3!%##'!&'!0-5'&(*8.!&+&FM&!4%&'02.,'!5.*.![-%!%#!"01.('!5-%(.!Z+&.#4%&1%!
.('51.*! #.! (%2+0+K&! 5%*1+&%&1%3! 5-%0! %&! 1.#! 2.0'! #.! (+05'0+2+K&! .(+2+'&.#! 0%F-&(.! (%#! 5*'5+'!
"01.1-1'!0%!#+4+1.!.!%\+F+*![-%!4'1+D%!0-!(%2+0+K&!.&1%!-&.!2'4+0+K&!,+#.1%*.#N!
!
U'0!.*10N!XXP3!XXX!G!XXS!&'!*%.#+=.*8.&3!5.*.!%#!$.*#.4%&1'3!-&.!(%Z+&+2+K&!F%&%*.#!G!
.,01*.21.!(%!#'0!2'&2%51'0!2'&01+1-2+'&.#%0!2'&!.**%F#'!.!#'0!2-.#%0!0%!##%D.!.!2.,'!%#!*%5.*1'!
2'45%1%&2+.#3!#'![-%!*%0-#1.*8.!2'&1*.*+.!.!#.!/'&01+1-2+K&N!E%!-&.!5.*1%3!5'*[-%!#.!(%Z+&+2+K&!
(%! #.0! 2.1%F'*8.0! Z-&2+'&.#%0! (%! 2'45%1%&2+.0! ##%D.(.! .! 2.,'! 5'*! #'0! 5*%2%51'0! %01.1-1.*+'0!
4%&2+'&.('0! &'! 1+%&%! 2.*?21%*! F%&%*.#3! G.! [-%! M&+2.4%&1%! %0! .5#+2.,#%! .! #.0! 2'45%1%&2+.0!
2'&2*%1.0! [-%! %&! 2.(.! 4.1%*+.! .0-4%! #.! :%&%*.#+1.1! .! 1*.D<0! (%! 0-! 5*'5+'! "01.1-1'! (%!
L-1'&'48.N! ).45'2'! 5'(*8.! @.,#.*0%! (%! (%Z+&+2+K&! .,01*.21.3! 5-%0! %&! #'0! .*182-#'0!
!
XYP
+45-F&.('0! 0%! +&1*'(-2%! -&.! 1<2&+2.! &'*4.1+D.! 2'&0+01%&1%! %&! #.! +(%&1+Z+2.2+K&! (%! #.0!
(+01+&1.0!Z-&2+'&%0![-%!2'**%05'&(%!%C%*2%*!.!#.!:%&%*.#+1.1!%&!#.0!2'45%1%&2+.0!.0-4+(.0N!k'!
*%0-#1.*8.3!5-%03!(%!.5#+2.2+K&!#.!('21*+&.!(%!#.!>)/!_TWXYO]3!(%!R!(%!.F'01'3!%&!#.!4%(+(.!%&!
[-%! %&! #'0! 2+1.('0! 5*%2%51'0! 0K#'! %\5*%0.*8.&! #.! '52+K&! 2'&2*%1.! (%#! #%F+0#.('*! %01.1-G%&1%!
5.*.! 2'&Z+F-*.*! -&! (%1%*4+&.('! 4.*2'! 2'45%1%&2+.#! 5.*.! #.! /'4-&+(.(! L-1K&'4.! (%!
/.1.#-6.![-%!&'!5*%1%&(%!1%&%*!-&!D.#'*!(%!+&1%*5*%1.2+K&!.,01*.21.!'!F%&%*.#!&+!+45+(%![-%!
'1*'0!"01.1-1'0!5-%(.&!5*'2%(%*!.!#.!2'&2*%2+K&!(%#!2'&1%&+('!2'45%1%&2+.#![-%!%01+4%&!4?0!
.(%2-.('! 5.*.! 0-! /'4-&+(.(! L-1K&'4.N! k'! 0%! 1*.1.*8.! (%! -&.! +45'0+2+K&! -&+#.1%*.#! .#!
"01.('3!5-%0!0%!1*.1.!(%!-&.!#%G!'*F?&+2.!%01.1.#!%#.,'*.(.!G!.5*',.(.!(%!2'4M&!.2-%*('!5'*!
#.0!+&01+1-2+'&%0!5.*#.4%&1.*+.0!(%#!"01.('!G!(%!/.1.#-6.!G!*.1+Z+2.(.! %&!*%Z%*<&(-4!5'*!#'0!
2+-(.(.&'0! (%! %01.! /'4-&+(.(! L-1K&'4.N! /+%*1.4%&1%! %#! "01.1-1'! +&2'*5'*.! %#%4%&1'0!
&-%D'03!2'4'!-&.!4.G'*!(%&0+(.(!&'*4.1+D.!%&!#.!(%Z+&+2+K&!(%!#'0!2'&1%&+('0!4.1%*+.#%0!(%!
2.(.!?4,+1'!2'45%1%&2+.#!G!-&.0!2.1%F'*8.0!Z-&2+'&.#%0!%&!5.*1%!(+01+&1.0!(%!#.0!2'&1%45#.(.0!
5'*!%#!"01.1-1'!(%!XY_YN!"##'!1%&(*8.!.2'4'('!2'&01+1-2+'&.#!.!#.!#-=!(%#!5*+&2+5+'!(+05'0+1+D'3!
[-%!.(4+1%!-&.!(+D%*0+(.(3!.0+4%1*8.!G!*%#.1+D.!@%1%*'F%&%+(.(!(%!(%0.**'##'0!%01.1-1.*+'0N!
!
7.1%*+.#4%&1%!#.!1+5'#'F8.!(%!#.0!2'45%1%&2+.0!(%!#.!:%&%*.#+1.13!*%F-#.(.!5'*!#'0!.*10N!
XXP3! XXX! G! XXS3! %01.,#%2+%&('! #.! (+01+&2+K&! %&1*%! %\2#-0+D.03! 2'45.*1+(.0! G! %C%2-1+D.03!
1.4,+<&!0%*8.3!5.*.!#.!/?4.*.3!2'&Z'*4%!.!#.!/'&01+1-2+K&N!U.!(%Z+&+2+K&!(%!#.0!2'45%1%&2+.0!
2'45.*1+(.0! 2'&1%&+(.! %&! %#! .*1N! XXX! &'! +45%(+*8.! .#! #%F+0#.('*! %01.1.#! #.! 5'0+,+#+(.(! (%!
%01.,#%2%*! #.0! ,.0%0! 2'&2*%1.0! %&! 2.(.! -&'! (%! #'0! ?4,+1'0! 4.1%*+.#%0! %&! #'0! [-%! #.!
/'&01+1-2+K&! #%! @.! *%0%*D.('! %01.! 2'45%1%&2+.3! &+! 1.45'2'! #%! +45%(+*8.! @.2%*#'! 4%(+.&1%!
'52+'&%0!#%F+0#.1+D.0!(%!2.*?21%*!4%*.4%&1%!5*+&2+5+.#!'!,+%&!(%!4.G'*!(%&0+(.(!&'*4.1+D.!%&!
Z-&2+K&!(%!#.0!2+*2-&01.&2+.0!(%!2.(.!4'4%&1'!G!(%!2.(.!0%21'*!2'&2*%1'!0-02%51+,#%!(%!0%*!
*%F-#.('!4%(+.&1%!#.!#%F+0#.2+K&!,?0+2.N!"#!M&+2'!#84+1%3!G.!*%2'&'2+('!%&!#.!>)/!]SWXYOX3!(%!
SO! (%! C-#+'3! 0%*8.! #.! 5*'@+,+2+K&! (%! D.2+.*! (%! 2'&1%&+('! #.! 2'**%#.1+D.! 2'45%1%&2+.! (%!
(%0.**'##'!#%F+0#.1+D'!4%(+.&1%!#.![-%!#.!:%&%*.#+1.1!@.!(%!5'(%*!%01.,#%2%*!5'#81+2.0!5*'5+.03!
2'4'!.@'*.!%\5*%0.4%&1%!*%2'F%!%#!5*%2%51'!%01.1-1.*+'N!
!
$'*!'1*'!#.('!#.0!5*%D+0+'&%0!(%#!.*1N!XQYNX!/"!&'!%\+F%&![-%!#.!&'*4.1+D.!,?0+2.!(%,.!
%01.,#%2%*0%! 4%(+.&1%! &'*4.0! 2'&! *.&F'! (%! #%G3! 5%*'! 1.45'2'3! .! C-+2+'! (%#! $.*#.4%&1'3!
+45+(%&![-%!<01.!0%.!#.!2'&0%2-%&2+.!+&(+*%21.!(%!#.!(%1%*4+&.2+K&!(%#!.#2.&2%!Z-&2+'&.#!(%!
#.0! 2'45%1%&2+.0! .-1'&K4+2.0N! >%! 1*.1.*8.! (%! 5'1%01.(%0! G! Z-&2+'&%0! [-%3! .1%&(+%&('! .! #'!
0%6.#.('! %&! %#! .*1N! XQYN]! /"3! &'! @.&! 0+('! `.1*+,-+(.0! %\5*%0.4%&1%a! .#! "01.('! 5'*! #.!
!
XYX
/'&01+1-2+K&N!"&!*%#.2+K&!1.4,+<&!2'&!#.!*%F-#.2+K&!(%!#.0!,.0%0!2'&1%&+(.!%&!%#!.*1N!XXX3!%#!
.*182-#'!XQYNX!/"!&'!(+2%![-%!#.0!(+05'0+2+'&%0!%01.1.#%0!(%!2.*?21%*!,?0+2'!(%,.&!2'&Z+F-*.*!
-&!2'4M&!(%&'4+&.('*!&'*4.1+D'!(%!.5#+2.2+K&!%&!1'('!%#!"01.('N!B.!0+('!#.!C-*+05*-(%&2+.!
#.![-%!@.!%01.,#%2+('!%01.!(%Z+&+2+K&3!5%*'!%#!)*+,-&.#!/'&01+1-2+'&.#!@.!.(4+1+('!1.4,+<&!#.!
5'0+,+#+(.(! (%! [-%! %#! "01.('! (+21%! &'*4.0! ,?0+2.0! (+Z%*%&2+.(.0! 0%FM&! #.0! /'4-&+(.(%0!
L-1K&'4.0!G!(%![-%!#.0!,.0%0!&'!0%.&!(%!.5#+2.2+K&!.!(%1%*4+&.(.0!/'4-&+(.(%0!L-1K&'4.0!
2-.&('!1.#%0!%\2%52+'&%0!*%0-#1%&!(%!#.!/'&01+1-2+K&!'!(%#!"01.1-1'!(%!L-1'&'48.!l%&1*%!'1*.03!
>>)/! SXQWXYOY3! (%! SX! (%! (+2+%4,*%3! ^;! STe! XQPWXYYP3! (%! SP! (%! 0%51+%4,*%3! ^;! R! .ce!
XPYWXYYO3!(%!SX!(%!4.G'3!^;!]e!G!SSSWSPPT3!(%!T!(%!C-#+'3!^;!]mN!
!
U.!'52+K&!(%#!#%F+0#.('*!%01.1-G%&1%!(%!+&2#-+*!%&!%#!.*1N!XXS!#.!5'1%01.(!*%F#.4%&1.*+.!
(%&1*'! (%#! &+D%#! Z-&2+'&.#! (%! #.0! 2'45%1%&2+.0! %C%2-1+D.0! %&2'&1*.*8.! 5#%&'! .2'4'('!
2'&01+1-2+'&.#3! .! C-+2+'! (%! #.! *%5*%0%&1.2+K&! (%#! $.*#.4%&1'! (%! /.1.#-6.N! >%! 1*.1.3! .! 0-!
%&1%&(%*3! (%! -&.! 5'1%01.(! [-%3! %&! #'0! 1<*4+&'0! (%#! .*1N! XQYN]! /"3! &'! @.! 0+('! .1*+,-+(.!
%\5*%0.4%&1%!.#!"01.('!5'*!5.*1%!(%!#.!/'&01+1-2+K&N!"&!&+&F-&'!(%!#'0!0-5-%01'0!%&!#'0![-%!
%#!.*1N!XQYNX!/"!*%0%*D.!.#!"01.('!#.0!2'45%1%&2+.0!(%!#%F+0#.2+K&!0%!(+2%!(%!Z'*4.!%\5*%0.!
[-%!%&!(+2@.!*%0%*D.!0%!+&2#-G.!#.!5'1%01.(!(%!.5*',.*!#'0!*%F#.4%&1'0!%C%2-1+D'0!(%!#.0!#%G%0!
%01.1.#%0N! U.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#! [-%! (%1%*4+&K! [-%3! .-&! 2-.&('! %#! 1<*4+&'!
`#%F+0#.2+K&a!.(4+1%!4?0!(%!-&.!+&1%*5*%1.2+K&3!2.,8.!%&1%&(%*#'!%&!%#!0%&1+('!(%![-%!+&2#-G%!
1.4,+<&!#.!5'1%01.(!*%F#.4%&1.*+.!%01.1.#!g>)/!XOWXYOS3!(%!Q!(%!4.G'3!^^;;!S!G!]c3!0%!(+21K!.!
5*'5K0+1'!(%!#.!(+01*+,-2+K&!(%!2'45%1%&2+.0!*%0-#1.&1%!(%#!2'&1*.01%!(%#!.*1N!XQYNX!/"!2'&!#.0!
5*%D+0+'&%0!(%!#.0!2'45%1%&2+.0!%C%2-1+D.0!.0-4+(.0!%&!#'0!"01.1-1'0!%&1'&2%0!D+F%&1%03!%&!#'0!
[-%!&'!0%!(%1%*4+&.,.!(%!4'('!%\5*%0'!#.!.1*+,-2+K&!(%!#.!5'1%01.(!*%F#.4%&1.*+.!(%&1*'!(%#!
&+D%#!Z-&2+'&.#!2'**%05'&(+%&1%!.!#.0!2'45%1%&2+.0!%C%2-1+D.0N!k'!5'(*8.3!5'*!1.&1'3!-0.*0%!(%!
5.*?4%1*'!%&!%01.!'2.0+K&N!
!
RTN!.c!"#!.*182-#'!XXQ!gL21+D+(.(!(%!Z'4%&1'c!0%!+45-F&.!%&!0-!.5.*1.('!R3!5'*!2-.&1'!
5*%D<!%&!1<*4+&'0!1.\.1+D'0!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!%&!#.!(%1%*4+&.2+K&!(%#!2.*?21%*!
&'! 1%**+1'*+.#+=.,#%! (%! #.0! 0-,D%&2+'&%0! %01.1.#%0! G! 2'4-&+1.*+.0! %-*'5%.03! .08! 2'4'! %&! 0-!
F%01+K&!G!1*.4+1.2+K&3!#'![-%!0%*8.!+&2'&01+1-2+'&.#!%&!#.!4%(+(.!%&![-%3![-%(%!'!&'!(+Z%*+('!%#!
F*.('!(%!5.*1+2+5.2+K&!.!#'![-%!%#!5*'5+'!1+1-#.*!(%!#.!2'45%1%&2+.!(+05'&F.3!0%!+&1%*Z+%*%!0+&!
Z-&(.4%&1'!2'&01+1-2+'&.#!.#F-&'!%&!%#!%C%*2+2+'!(%!-&.!2'45%1%&2+.!(%#!"01.('N!
!
!
XYS
,c! >'01+%&%! %#! L,'F.('! (%#! "01.('! [-%! #'0! 5*'5+'0! (%4.&(.&1%0! *%2'&'2%&! [-%! #.!
.1*+,-2+K&!(%!2.*?21%*!&'!1%**+1'*+.#+=.,#%!.!-&.!0-,D%&2+K&!%01.1.#!'!2'4-&+1.*+.!5-%(%!.Z%21.*!
.! #.! 2'45%1%&2+.! .-1'&K4+2.! G! [-%! %##'! 0+*D%! (%! C-01+Z+2.2+K&! 0-01.&1+D.! .! #.! 5*%1%&0+K&!
2.1.#.&.!(%!5.*1+2+5.*!%&!#.!(%1%*4+&.2+K&!(%!1.#!2.*?21%*N!$'*!'1*'!#.('!%#!5*%2%51'!(+02-1+('!
2.*%2%*8.!5'*!%#!4'4%&1'!(%!%Z%21+D+(.(!5*?21+2.3!G.![-%!*%4+1%!.!-&.!5'01%*+'*!(%1%*4+&.2+K&!
'! 5*%2+0+K&! (%#! 1+5'! (%! 5.*1+2+5.2+K&3! [-%! (%,%*?! %01.,#%2%*0%! 5'*! &'*4.! %01.1.#! (%! *.&F'!
0-Z+2+%&1%! '3! 0+! #.! 5.*1+2+5.2+K&! 5-(+%*.! ##%D.*0%! .! 2.,'! 5'*! D8.0! G.! %\+01%&1%03! 4%(+.&1%! %#!
.5*'5+.('! .21'! '! 2'&D%&+'! (%! 2''5%*.2+K&N! $'*! %##'! &'! 5'(*8.! 2'&0+(%*.*0%! [-%! %#! .5.*1.('!
*%2-**+('! *%0-#1%! #%0+D'! (%#! '*(%&! 2'&01+1-2+'&.#! (%! 2'45%1%&2+.03! G3! 5'*! #'! (%4?03! 0%*8.!
2-%01+K&! [-%! (%,%*?! %01.,#%2%*0%! 5'*! +F-.#! 5.*.! 1'(.0! #.0! /'4-&+(.(%0! L-1K&'4.0! G! &'!
0+&F-#.*4%&1%!5.*.!/.1.#-6.N!
!
2c! "#! :',+%*&'! 2.1.#?&! 0'01+%&%! [-%! %#! 5*%2%51'! 0%! *%Z+%*%! .! #.0! 0-,D%&2+'&%0! %&!
?4,+1'0! 4.1%*+.#%0! %&! #'0! [-%! #.! :%&%*.#+1.1! @.! .0-4+('3! 2-.&('! 4%&'03! 2'45%1%&2+.0! (%!
%C%2-2+K&! G! %&! #'0! [-%! 2'&2-**.! #.! 2+*2-&01.&2+.! %\2%52+'&.#! (%! [-%! 0%.! +45*%02+&(+,#%! #.!
F%01+K&!2%&1*.#+=.(.!(%!#.0!0-,D%&2+'&%0!%&!1'('!%#!"01.('!2'&Z'*4%!.!#'0!2*+1%*+'0!%#.,'*.('0!
5'*!%#!)*+,-&.#!/'&01+1-2+'&.#!l5'*!1'(.03!>)/!X]WXYYS3!(%!T!(%!Z%,*%*'3!^;!O!(cmN!$.*1+%&('!
(%![-%!%01.4'0!.&1%!-&.!.21-.2+K&!%01.1.#!%&!-&!?4,+1'!(%!2'45%1%&2+.!.-1'&K4+2.!@.,*8.!(%!
.(4+1+*0%![-%!0%!1*.1.!(%!-&!0-5-%01'!D%*(.(%*.4%&1%!%\2%52+'&.#!5'*[-%!0%![-+%,*.!#.!*%F#.!
(%![-%!#.!.21+D+(.(!(%!Z'4%&1'!&'!%0!-&!181-#'!.-1K&'4'![-%!5-%(.!%C%*2%*0%!.#!4.*F%&!(%!#.!
(+01*+,-2+K&! (%! 2'45%1%&2+.0N! "&! %01%! 2'&1%\1'3! #'! 5*%D+01'! %&! %#! .*1N! XXQNR! &'! 5'(*8.!
2.#+Z+2.*0%! (%! +**.='&.,#%! &+! (%! (%05*'5'*2+'&.('3! 5-%03! %&! (%Z+&+1+D.3! #.! :%&%*.#+1.1! %0! #.!
2'45%1%&1%! %&! #.! 4.1%*+.N! L(%4?03! %#! )*+,-&.#! /'&01+1-2+'&.#3! 0+&! 2'&1.*! 2'&! 5*%2%51'0!
%01.1-1.*+'0!2'4'!%#!+45-F&.('3!G.!@.,8.!*%2'&'2+('3!5'*!%C%45#'3!#.!&%2%0.*+.!5.*1+2+5.2+K&!
(%! #.0! /'4-&+(.(%0! L-1K&'4.0! 5.*.! .2'*(.*! #'0! 2*+1%*+'0! (%! 1%**+1'*+.#+=.2+K&! (%! #.0!
0-,D%&2+'&%0! ('1.(.0! 5'*! %#! "01.('! %&! 4.1%*+.0! (%! 2'45%1%&2+.! .-1'&K4+2.N! U.! .21-.2+K&!
%01.1.#3!@.01.!#.!Z%2@.3!0K#'!5-%(%!@.##.*!2',%*1-*.!2'45%1%&2+.#!%&!#.!2#?-0-#.!*%0+(-.#!(%#!.*1N!
XQYN]!/"3!5-%0!&'!0%!1*.1.!(%!-&!2'45%1%&2+.!*%0%*D.(.!5'*!%#!.*1N!XQYNX!/"3!5'*!#'![-%!0%*8.!
%&1%*.4%&1%! #%F81+4'! [-%! #.! :%&%*.#+1.1! .0-4.! .@'*.! #.! 2'45%1%&2+.! 5.*.! 5.*1+2+5.*! %&! #.!
(%2+0+K&!(%!1%**+1'*+.#+=.*!#.0!0-,D%&2+'&%0!.!#.0![-%!.#-(%!%#!5*%2%51'!*%2-**+('N!
!
"#!:',+%*&'!(%!#.!:%&%*.#+1.1!(%01.2.![-%!%#!.*1N!XXQNR!&'!(%Z+&%!%&![-<!4%(+(.!'!5'*!
[-<!5*'2%(+4+%&1'!0%!@.!5*'(-2+*!%0.!5.*1+2+5.2+K&3!&+!0+!@.!(%!1%&%*!'!&'!Z-%*=.!D+&2-#.&1%N!
L&1%0! .#! 2'&1*.*+'3! 0%! #+4+1.! .! 5*%02*+,+*! [-%! #.! /'4-&+(.(! L-1K&'4.! 1+1-#.*! (%! #.!
!
XY]
2'45%1%&2+.!4.1%*+.#!&'!5-%(%!0%*!.C%&.!.!#.!.('52+K&!(%!-&!4'(%#'!2%&1*.#+=.('!(%!F%01+K&N!
$'*!%##'3!#.!+45-1.2+K&!(%!+&2'&01+1-2+'&.#+(.(!2.*%2%*8.!(%!Z-&(.4%&1'3!5-%0!0%!1*.1.!(%!-&.!
5-*.! *%4+0+K&! .! #'! [-%! %&! 0-! 2.0'! (%1%*4+&%! %#! "01.('3! G! 1*.1?&('0%! (%! -&! ?4,+1'! (%!
2'45%1%&2+.! %&! %#! [-%! #.! %C%2-2+K&3! 2-.&('! 4%&'03! @.! 0+('! .0-4+(.! %&! /.1.#-6.! 5'*! #.!
:%&%*.#+1.13! #.! 5*%D+0+K&! %01.1-1.*+.! .5.*%2%! 2'4'! #.! 2'&0%2-%&1%! 2'&! #.! &.1-*.#%=.!
%\2%52+'&.#! (%! #.! F%01+K&! 2%&1*.#+=.(.! [-%3! %&! 1.&1'! [-%! %\2%52+K&3! 0K#'! 5-%(%! C-01+Z+2.*! #.!
2%&1*.#+=.2+K&!(%!.[-%##'0!.21'0!(%!#.!1*.4+1.2+K&!'!F%01+K&![-%!&'!5-%(%&!0%*!##%D.('0!.!2.,'!
%&!2.(.!5.*1%!(%#!1%**+1'*+'!5'*!#.!L(4+&+01*.2+K&!%C%2-1+D.!2'45%1%&1%N!
!
(c!$.*.!%#!$.*#.4%&1'!(%!/.1.#-6.!%#!5*%2%51'!2'&1%45#.!-&!0-5-%01'!%\2%52+'&.#3!G.!
[-%! 0%! .5.*1.! (%! #.! *%F#.! F%&%*.#! 0%FM&! #.! 2-.#! #.! .21+D+(.(! (%! Z'4%&1'! &'! %0! -&! 181-#'!
2'45%1%&2+.#! .-1K&'4'! [-%! 5-%(.! 0%*! %C%*2+('! 5'*! 5.*1%! (%#! "01.('3! 2'&Z'*4%! .! #.!
C-*+05*-(%&2+.3! [-%! .(4+1+K! .! 181-#'! (%! %\2%52+K&! %#! 2.0'! [-%! 0%! 2'&1%45#.3! 0%6.#.&('! [-%!
5'(8.!C-01+Z+2.*0%!5.*.!F.*.&1+=.*!#.!5#%&.!%Z%21+D+(.(!(%!#.0!4%(+(.0!(%!Z'4%&1'!'!#.0!4+04.0!
5'0+,+#+(.(%0! (%! ',1%&2+K&! (%! #.0! 0-,D%&2+'&%0! 5'*! 5.*1%! (%! 0-0! (%01+&.1.*+'0! l%&1*%! '1*.03!
>)/!X]WXYYS3!(%!T!(%!Z%,*%*'3!^;!O!(cmN!U.!5*%D+0+K&!%01.1-1.*+.!0%*8.!*.='&.,#%!G!2'&Z'*4%!.!
#.!&%2%0+(.(!(%!.2'*(.*!2'&C-&1.4%&1%!#'0!2*+1%*+'0!(%!1%**+1'*+.#+=.2+K&!(%!#.0!0-,D%&2+'&%0!
%01.1.#%0!%&!4.1%*+.0!(%!2'45%1%&2+.!.-1'&K4+2.N!E%,+%&('!*%2'*(.*0%![-%!%#!"01.('!2.*%2%!
(%! 181-#'! 2'45%1%&2+.#! %05%28Z+2'! 4%(+.&1%! %#! [-%! 5-%(.! .('51.*! #.! (%2+0+K&! (%! F%01+'&.*!
2%&1*.#+=.(.4%&1%! G! (%! 4.&%*.! +&2'&(+2+'&.(.! #.0! 0-,D%&2+'&%0! %&! ?4,+1'0! 2'45%1%&2+.#%0!
.-1'&K4+2'03!5'*!#'![-%!%#!5*%2%51'!%&!2-%01+K&!D%&(*8.!.45.*.('!5'*!%#!.*1N!XQYN]!/"N!
!
R_N!.c!"#!.*182-#'!XXR!gL#2.&2%!1%**+1'*+.#!G!%Z%21'0!(%!#.0!2'45%1%&2+.0c!(+05'&%!%&!0-!
.5.*1.('! X! [-%! %#! `?4,+1'! 4.1%*+.#! (%! #.0! 2'45%1%&2+.0! (%! #.! :%&%*.#+1.1! %01?! *%Z%*+('! .#!
1%**+1'*+'!(%!/.1.#-6.3!%\2%51'!#'0!0-5-%01'0!.![-%!@.2%&!*%Z%*%&2+.!%\5*%0.4%&1%!%#!5*%0%&1%!
"01.1-1'!G!'1*.0!(+05'0+2+'&%0!#%F.#%0![-%!%01.,#%2%&!#.!%Z+2.2+.!C-*8(+2.!%\1*.1%**+1'*+.#!(%!#.0!
(+05'0+2+'&%0! G! #'0! .21'0! (%! #.! :%&%*.#+1.1aN! /'&! 4%&'*! 5*'G%22+K&3! %#! .*1N! XQNX! (%#! 5*'5+'!
"01.1-1'!0%!2+6%!.!#.!%Z+2.2+.!1%**+1'*+.#!(%!#.0!&'*4.03!`0+&!5%*C-+2+'!(%!#.0!%\2%52+'&%0![-%!
5-%(.&! %01.,#%2%*0%! %&! 2.(.! 4.1%*+.! G! (%! #.0! 0+1-.2+'&%0! [-%! (%,.&! *%F+*0%! 5'*! %#! "01.1-1'!
5%*0'&.#!-!'1*.0!&'*4.0!(%!%\1*.1%**+1'*+.#+(.(aN!"#!1%**+1'*+'!.-1'&K4+2'!0%!2'&Z+F-*.!.083!%&!
5*+&2+5+'3! 2'4'! ?4,+1'! 4.1%*+.#! %&! %#! [-%! @.&! (%! %C%*2%*0%! #.0! 2'45%1%&2+.0! .-1'&K4+2.0!
g>)/!XWXYOS3!(%!SO!(%!%&%*'c3!0+%&('!5'0+,#%0!%\2%52+'&%0!.!%0.!*%F#.3!2'4'!0%!5*%D+K!%&!%#!
.*1N! _NX! (%#! .&1%*+'*! "01.1-1'! 2.1.#?&N! V! %&! %#! D+F%&1%! .*1N! SPNT! (%#! "01.1-1'! (%#! $.80! A.02'3!
2-G.!*%(.22+K&!%0!4?0!5*K\+4.!.!#.!(%#!.*1N!XXR!.@'*.!*%2-**+('!G!0',*%!%#![-%![-%(K!(+2@'!%&!
!
XYQ
#.! >)/! _SWXYO]3! (%! SY! (%! C-#+'3! [-%! #.0! %\2%52+'&%0! .! #.! *%F#.! (%! #.! 1%**+1'*+.#+(.(! @.&! (%!
2'&1%&%*0%! %&! &'*4.0! +&1%F*.&1%0! (%#! ,#'[-%! (%! #.! 2'&01+1-2+'&.#+(.(N! >+&! %4,.*F'3! %#!
5*%2%51'!+45-F&.('!.45#8.!#.!5'0+,+#+(.(!(%!#.!%\2%52+K&!.!2-.#%0[-+%*.!`'1*.0!(+05'0+2+'&%0!
#%F.#%0a3! .! 5%0.*! (%! [-%3! %&! #'0! 0-5-%01'0! %&! [-%! #'0! 5-&1'0! (%! 2'&%\+K&! &'! 0%! %&2-%&1*.&!
5*%D+01'0! &+! %&! #.! /'&01+1-2+K&! &+! %&! #'0! "01.1-1'03! #.! 2'45%1%&2+.! 5.*.! %01.,#%2%*#'0!
2'**%05'&(%!.#!"01.('N!/'45%1%&2+.![-%!&'!0%!C-01+Z+2.*8.!&%2%0.*+.4%&1%!%&!#.!2#?-0-#.!(%#!
.*1N! XQYNXNO! /"3! 0+&'! [-%3! 0%FM&! 0%! (%05*%&(%! (%! #.! C-*+05*-(%&2+.3! 0%*8.! -&! 5*%0-5-%01'!
%01*-21-*.#! (%#! 0+01%4.! 2'&01+1-2+'&.#3! %01'! %03! -&! %#%4%&1'! +&(+0'2+.,#%! (%! #.0! 5*'5+.0!
2'45%1%&2+.0!(%#!"01.('3!+&2#-0'!%&!0-5-%01'0!(%!2'45%1%&2+.!%\2#-0+D.!(%!#.0!/'4-&+(.(%0!
L-1K&'4.0N!
!
/'&0%2-%&1%4%&1%!i2'&1+&M.&!#'0!.21'*%0i!#.!%Z+2.2+.!C-*8(+2.!%\1*.1%**+1'*+.#!(%!#.0!
(+05'0+2+'&%0!G!.21'0!(%!#.!:%&%*.#+1.1!2'4'!2'&0%2-%&2+.!(%#!%01.,#%2+4+%&1'!(%!5-&1'0!(%!
2'&%\+K&!(+01+&1'0!(%#!1%**+1'*+.#!&'!5-%(%![-%(.*!%&!%#!?4,+1'!(%!(+05'&+,+#+(.(!(%#!#%F+0#.('*!
.-1'&K4+2'N! $'*! %##'! 5*'2%(%*8.! (%2#.*.*! #.! +&2'&01+1-2+'&.#+(.(! (%#! +&2+0'! `G! '1*.0!
(+05'0+2+'&%0! #%F.#%0a! (%#! .*1N! XXRNX! (%#! "01.1-1'3! .! &'! 0%*! [-%3! %&! -&.! +&1%*5*%1.2+K&!
2'&Z'*4%3! 0%! (%2#.*%! [-%! 1.#%0! (+05'0+2+'&%0! #%F.#%0! @.&! (%! 0%*3! %&! 1'('! 2.0'3! (+05'0+2+'&%0!
%01.1.#%03!5'*!2-.&1'!0K#'!.#!"01.('!2'45%1%!%01.,#%2%*!#'0!5-&1'0!(%!2'&%\+K&N!
!
"#! .5.*1.('! S! (%#! 4+04'! .*1N! XXR! +&2'*5'*.! #.! &'D%(.(3! 5.*.! #'0! *%2-**%&1%03! (%!
Z*.F4%&1.*! %#! ',C%1'! (%! #.! 2'45%1%&2+.! 2-.&('! 5*%0%&1.! .#2.&2%! 0-5*..-1'&K4+2'! .! Z+&! (%!
F.*.&1+=.*!#.!2'45%1%&2+.!(%!#.!:%&%*.#+1.1!0',*%!#.!5.*1%!(%#!',C%1'!0+1-.(.!%&!0-!1%**+1'*+'N!
>+&! %4,.*F'3! %&! #'0! 0-5-%01'0! (%! 0-5*.1%**+1'*+.#+(.(3! 2'4'! 0-2%(%! 2'&! #'0! Z%**'2.**+#%0! G!
1*.&05'*1%0! 1%**%01*%0! g.*1N! XQYNXNSX! /"c3! #.! /'4-&+(.(! L-1K&'4.! &'! 5'(*8.! '01%&1.*!
2'45%1%&2+.! .#F-&.3! 5'*! 2'**%05'&(%*! 5*%2+0.4%&1%! .#! "01.('! %&! *.=K&! (%! %0.! (+4%&0+K&!
0-5*..-1'&K4+2.N!
!
,c!"#!L,'F.('!(%#!"01.('!*%2-%*(.!%&!%01%!5-&1'!0-0!2'&0+(%*.2+'&%0!5*%D+.0!0',*%!%#!
5*+&2+5+'!(%!1%**+1'*+.#+(.(!2'45%1%&2+.#!G!#'0!%Z%21'0!%\1*.1%**+1'*+.#%0![-%3!%&!(%1%*4+&.('0!
0-5-%01'03! 5-%(%&! .#2.&=.*! #.0! (+05'0+2+'&%0! G! .21'0! (%! #.0! /'4-&+(.(%0! L-1K&'4.0!
g.&1%2%(%&1%!XScN!n01.0!(+21.&!2'1+(+.&.4%&1%!.21'0!.(4+&+01*.1+D'0!C-*8(+2.4%&1%!%Z+2.2%0!%&!
1'(.!"05.6.!G3!.!D%2%03!%&!1'(.!#.!h&+K&!"-*'5%.N!"#!%Z%21'!%\1*.1%**+1'*+.#!(%!&'*4.0!G!.21'0!
.-1'&K4+2'0! 5-%(%! (%*+D.*! (%#! 4'('! %&! [-%! 0%! @.G.! 0-4+('! #.! 2'45%1%&2+.! %&! %#! "01.1-1'3!
5%*'!5-%(%!1.4,+<&!D%&+*!.1*+,-+('!5'*!'1*.0!(+05'0+2+'&%0!#%F.#%03!(%2*%1.(.0!5'*!%#!"01.('!'!
!
XYR
5'*! #.! h&+K&! "-*'5%.N! "#! .5.*1.('! X! *%2-**+('! %45#%.*8.! (+2@.! %\5*%0+K&! 5.*.! (%&'1.*!
0+45#%4%&1%! #.! &'*4.! (+21.(.! 5'*! #.! Z-%&1%! [-%! 0%.! 2'45%1%&1%! 5.*.! .1*+,-+*! #.! %Z+2.2+.!
%\1*.1%**+1'*+.#3! *%(.22+K&! [-%! 0%*8.! .,0'#-1.4%&1%! &%-1*.! %! +&'2-.! G! [-%! &'! 5%*4+1+*8.! .! #.!
:%&%*.#+1.1!('1.*!.&1+C-*8(+2.4%&1%!(%!%Z%21'!%\1*.1%**+1'*+.#!.!0-0!&'*4.0!'!.21'0N!>+!%01%!2.0'!
'2-**+%*.3!#.!D+'#.2+K&!(%#!'*(%&!2'&01+1-2+'&.#!(%!2'45%1%&2+.0!0%*8.!+45-1.,#%!.!#.!&'*4.!'!
.21'!%\1*.#+4+1.('3!5%*'!&'!.#!.*1N!XXRNX!(%#!"01.1-1'N!
!
H%05%21'! .#! .5.*1.('! S! 0%6.#.! %#! L,'F.('! (%#! "01.('! [-%3! 2'&1*.! #'! [-%! 0'01+%&%! %#!
*%2-*0'3! %0! ('21*+&.! (%! %01%! )*+,-&.#! g%&1*%! '1*.03! >)/! SQ]WXYYQ3! (%! SX! (%! C-#+'3! ^;! Tc! [-%3!
%01.,#%2+('! 5'*! %#! "01.('! -&! 5-&1'! (%! 2'&%\+K&3! #.0! 0+45#%0! 2'&0%2-%&2+.0!%\1*.1%**+1'*+.#%0!
(%#! %C%*2+2+'! (%! -&.! 2'45%1%&2+.! .-1'&K4+2.! &'! 5%*4+1%&! 0+&! 4?0! (%05#.=.*! .#! "01.('! #.0!
2'45%1%&2+.0! .-1'&K4+2.03! 0.#D'! 2.0'0! %&! [-%! #.! .21+D+(.(! 5M,#+2.! &'! 2'&0+%&1.!
Z*.22+'&.4+%&1'3!5-%0!%&!'1*'!2.0'!@.G![-%!(%C.*![-%!.21M%&!#'0!4%2.&+04'0!(%!2''5%*.2+K&!G!
2''*(+&.2+K&N! "#! .*1N! XXRNS! 0%! *%Z%*+*8.! 5*%2+0.4%&1%! .! #'0! 0-5-%01'0! %&! [-%! #.! 2'45%1%&2+.!
.-1'&K4+2.! &%2%0.*+.4%&1%! 0%! 5*'G%21.! Z-%*.! (%#! 1%**+1'*+'! (%! /.1.#-6.3! 5.*.! #'0! [-%! %#!
5*%2%51'!0%!#+4+1.*8.!.!5*%D%*!#.!.-1'*+=.2+K&!(%!4%2.&+04'0!2''5%*.1+D'0!'!(%!2''*(+&.2+K&!
%&!#8&%.!2'&!#.!('21*+&.!2'&01+1-2+'&.#3!5'*!#'![-%!0%!,.0.*8.!%&!%#!*%05%1'!.!#.!2'45%1%&2+.!
.C%&.! G! %&! %#! 5*+&2+5+'! (%! 2''5%*.2+K&! G! 2'#.,'*.2+K&3! [-%! %0! +&@%*%&1%! .! 1'('! "01.('!
2'45-%01'3!G3!%&!2'&0%2-%&2+.!&'!5'(*8.!0%*!1.2@.('!(%!+&2'&01+1-2+'&.#N!
!
2c!L#%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!#'0!.21'*%0!.(4+1%&![-%!%#!.5.*1.('!5*+4%*'!
(%!%01%!5*%2%51'!%0!0-02%51+,#%!(%!-&.!+&1%*5*%1.2+K&!2'&Z'*4%!2'&!#.!/'&01+1-2+K&3!(%!4.&%*.!
[-%!&'!5'(*8.!@.,#.*0%!(%!2'&1*.(+22+K&!2'&!#'0!2*+1%*+'0!5#.04.('0!%&!#.0!>>)/!SS_WXYOO3!(%!
SY! (%! &'D+%4,*%3! ^;! ]e! G! XY_WXYYT3! (%! SO! (%! &'D+%4,*%3! ^;! SX3! i('&(%! 0%! .Z+*4.! [-%!
2'**%05'&(%!.#!"01.('3!(%0(%!0-0!5*'5+.0!2'45%1%&2+.0!G!(%&1*'!(%!2.(.!?4,+1'!4.1%*+.#3!Z+C.*!
#'0!5-&1'0!(%!2'&%\+K&!5*%2+0'0i!2-.&('!0%!.(4+1%![-%!%#!5*%2%51'!%01.1-1.*+'!0%!*%4+1%!.!#.0!
(+05'0+2+'&%0!#%F.#%0![-%!.5*-%,%!%#!"01.('N!
!
>%! (%Z+%&(%! 1.4,+<&! #.! 5*%D+0+K&! (%#! .*1N! XXRNS! *%#.1+D.! .! #.! .0-&2+K&! .-1'&K4+2.! (%!
2'45%1%&2+.0! %&! 1%**+1'*+'! (%! /.1.#-6.! 5.*.! .[-%##.0! 4.1%*+.0! 2-G'! ',C%1'! 1%&F.! -&! .#2.&2%!
1%**+1'*+.#! 0-5%*+'*N! E+2@.! (%Z%&0.! 1'4.! %&! 2'&0+(%*.2+K&3! 2'4'! 0-2%(%! 2'&! %#! .5.*1.('!
.&1%*+'*3!%#!@%2@'!(%![-%!%&!%#!5*'5+'!*%2-*0'!0%!.(4+1.!-&.!+&1%*5*%1.2+K&!2'&Z'*4%N!
!
!
XYT
$'*!1'('!%##'3!%#!:',+%*&'!(%!#.!:%&%*.#+1.1!0'#+2+1.!#.!+&.(4+0+K&!'3!0-,0+(+.*+.4%&1%3!
#.!(%0%01+4.2+K&!(%#!*%2-*0'!%&!%01%!2'&2*%1'!5.*1+2-#.*N!
!
(c! "#! $.*#.4%&1'! 2.1.#?&! 0'01+%&%! [-%! #.! +45-F&.2+K&! (%#! 5*%2%51'! 1+%&%! 2.*?21%*!
5*%D%&1+D'3! 5-%0! #'0! 5*'5+'0! (%4.&(.&1%0! .(4+1%&! [-%! 2.,%! -&.! +&1%*5*%1.2+K&! (%#! 4+04'!
2'&Z'*4%!.!#.!/'&01+1-2+K&N!"&!%0%!0%&1+('3!@.,*8.!(%!0%*!+&.(4+1+(.N!L!4.G'*!.,-&(.4+%&1'3!
%#!.5.*1.('!S!(%#!.*182-#'!0%*8.!(+?Z.&'!G3!.#!2'&1*.*+'!(%!#'![-%!0%!(+2%!%&!%#!*%2-*0'3!0%!*%Z+%*%!
%\5#82+1.4%&1%! .! #.0! 2'45%1%&2+.0! 5*'5+.0! (%! #.! :%&%*.#+1.1! G! ,.C'! &+&FM&! 2'&2%51'! .! #.0!
*%0%*D.(.0!.#!"01.('N!
!
RON! .c! "#! .*182-#'! XX_! gLF-.! G! ',*.0! @+(*?-#+2.0c! .1*+,-G%! .! #.! :%&%*.#+1.13! %&! 0-!
.5.*1.('! X3! #.! 2'45%1%&2+.! %\2#-0+D.! %&! 4.1%*+.! (%! .F-.0! [-%! 5%*1%&%=2.&! .! 2-%&2.0!
@+(*'F*?Z+2.0!+&1*.2'4-&+1.*+.03!+&2#-G%&('!(+2@.!2'45%1%&2+.3!`%&!1'('!2.0'a3!.05%21'0![-%!
D.&!(%0(%!#.!'*(%&.2+K&!.(4+&+01*.1+D.3!#.!5#.&+Z+2.2+K&!G!#.!F%01+K&!(%#!.F-.!.!#.0!4%(+(.0!
%\1*.'*(+&.*+.0! %&! 2.0'! (%! &%2%0+(.(! 5.*.! F.*.&1+=.*! %#! 0-4+&+01*'3! 5.0.&('! 5'*! #.!
'*F.&+=.2+K&!(%!#.!L(4+&+01*.2+K&!@+(*?-#+2.!(%!/.1.#-6.N!$.*.!#'0!*%2-**%&1%0!%01.!.1*+,-2+K&!
2'45%1%&2+.#! %&! 1<*4+&'0! (%! %\2#-0+D+(.(! G! 2'&! #.! %\1%&0+K&! 4.1%*+.#! [-%! 0%! *%2'F%! %&! %#!
5*%2%51'!0%*8.!+&2'&2+#+.,#%!2'&!%#!'*(%&!2'&01+1-2+'&.#!(%!(+01*+,-2+K&!(%!2'45%1%&2+.03!1'(.!
D%=![-%!#.!/'&01+1-2+K&!*%0%*D.!.#!"01.('!2'45%1%&2+.0![-%!+&2+(%&!%&!%0.!4.1%*+.3!.#!4.*F%&!
(%#! 2.*?21%*! +&1*.2'4-&+1.*+'! (%! #.0! 2-%&2.0N! L08! *%0-#1.*8.3! 5'*! #'! (%4?03! (%! #.! >)/!
SS_WXYOO3!(%!SY!(%!&'D+%4,*%3!0',*%!5#.&+Z+2.2+K&!(%!*%2-*0'0!@+(*?-#+2'0!+&1*.2'4-&+1.*+'0!
g^;! XOc! '! 0',*%! .5*',.2+K&! (%! 5#.&%0! @+(*'#KF+2'0! l^;! SP! ,cmN! "&! (%Z+&+1+D.3! &'! 2.,*8.! #.!
%\2#-0+D+(.(!%&!#'0!1<*4+&'0!5*%D+01'0!%&!%#!.*1N!XX_!(%#!"01.1-1'3!5-%0!&'!2.,%!(%0.5'(%*.*!
1'1.#4%&1%!.#!"01.('!5.*.!+&1%*D%&+*!%&!%01.!4.1%*+.!5'*!D8.!(%!2''*(+&.2+K&!G!.#!.45.*'!(%#!
.*1N!XQYNXNX]!/"N!
!
"#!.5.*1.('!S!(%#!.*1N!XX_!.1*+,-G%!.!#.!:%&%*.#+1.1!#.!2'45%1%&2+.!%C%2-1+D.!0',*%!#.0!
',*.0!(%!+&1%*<0!F%&%*.#!G!`#.!5.*1+2+5.2+K&!%&!#.!5#.&+Z+2.2+K&!G!5*'F*.4.2+K&a!(%!1.#%0!',*.0N!
"&!.4,'0!%\1*%4'0!%#!5*%2%51'!0%*8.!+&2'&01+1-2+'&.#!5'*!+&D.(+*!#.!2'45%1%&2+.!%\2#-0+D.!(%#!
"01.('!0',*%!',*.0!5M,#+2.0!(%!+&1%*<0!F%&%*.#!g.*1N!XQYNXNSQ!/"c3!%&!.1%&2+K&!.!#.0! *.='&%0!
[-%! 2'&! 4?0! (%1.##%! 0%! (.*?&! 5.*.! Z-&(.4%&1.*! #.! +45-F&.2+K&! (%! #'0! .*10N! XQP! G! XQO! (%#!
"01.1-1'! G! [-%! 1.4,+<&! 5-%(%&! .5#+2.*0%! 5.*.! Z-&(.4%&1.*! #.! +&2'&01+1-2+'&.#+(.(! (%#!
.5.*1.('!]!i[-%!+45'&%!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!`%&!#.!5#.&+Z+2.2+K&!@+(*'#KF+2.!G!
%&! #'0! K*F.&'0! (%! F%01+K&! %01.1.#%0! (%! #'0! *%2-*0'0! @8(*+2'0! G! (%! #'0! .5*'D%2@.4+%&1'0!
!
XY_
@+(*?-#+2'0! [-%! 5%*1%&%=2.&! .! 2-%&2.0! @+(*'F*?Z+2.0! +&1%*2'4-&+1.*+.0ai! G! (%#! .5.*1.('! R3!
[-%! 1.4,+<&! *%2'&'2%! #.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! %&! #.! 5#.&+Z+2.2+K&! (%! *%2-*0'0!
@8(*+2'0! G! .5*'D%2@.4+%&1'0! @+(*?-#+2'0! [-%! 5.0%&! '! Z+&.#+2%&! %&! /.1.#-6.! 5*'D%&+%&1%0! (%!
1%**+1'*+'!%\1*.&C%*'N!$'*!#'![-%!@.2%!.#!.5.*1.('!Q3!%&!2-G.!D+*1-(!#.!:%&%*.#+1.1!@.!(%!%4+1+*!
-&! +&Z'*4%! 5*%2%51+D'! `5.*.! 2-.#[-+%*! 5*'5-%01.! (%! 1*.0D.0%! (%! 2-%&2.0! [-%! +45#+[-%!
4'(+Z+2.2+K&! (%! #'0! *%2-*0'0! @8(*+2'0! (%! 0-! ?4,+1'! 1%**+1'*+.#a3! 0-! +&2'&01+1-2+'&.#+(.(!
(%*+D.*8.3!-&.!D%=!4?03!(%#!@%2@'!(%![-%!%#!"01.1-1'!&'!5-%(%!2'&(+2+'&.*!(%!%0.!Z'*4.!-&.!
2'45%1%&2+.! %\2#-0+D.! (%#! "01.('3! G! 0K#'! 0%! 0.#D.*8.! 0+! 0%! %&1%&(+%*.! [-%! #.! %4+0+K&! (%#!
+&Z'*4%!0K#'!.#2.&=.!.!#.0!5*'5-%01.0!(%!1*.0D.0%!(%!2-%&2.0!+&1*.2'4-&+1.*+.0N!
!
,c!"#!L,'F.('!(%#!"01.('!%Z%21M.!-&.0!2'&0+(%*.2+'&%0!F%&%*.#%0!5.*.!2'&1%01.*!.!-&.!
2*81+2.!2'4M&![-%!0%!@.2%!.!#.0!2'45%1%&2+.0!%\2#-0+D.0!g+45%(+*!.#!"01.('!%#!%C%*2+2+'!(%!#.0!
2'45%1%&2+.0! 2'&2-**%&1%0cN! $'*! -&.! 5.*1%3! %#! 1%\1'! .5*',.('! 5'*! %#! $.*#.4%&1'! 2.1.#?&3! .#!
(%Z+&+*! #.0! 2'45%1%&2+.0! %\2#-0+D.03! .6.(8.! #.! %\5*%0+K&! `(%! Z'*4.! 8&1%F*.! G! %\2#-G%&1%a3!
2.#+Z+2.1+D'! [-%! 5'(8.! +&1%*5*%1.*0%! %&! %#! 0%&1+('! (%! +45%(+*! [-%! 0',*%! -&.! 2'45%1%&2+.!
(%Z+&+(.! 2'4'! %\2#-0+D.! %&! %#! "01.1-1'! 5-(+%*.! 2'&2-**+*! '1*.! 2'45%1%&2+.! (%#! "01.('N! >+&!
%4,.*F'3! 4.&+Z%01.&('! -&.! D'#-&1.(! 2#.*.4%&1%! 2'&1*.*+.! .! %0.! +&1%*5*%1.2+K&3! #.0! /'*1%0!
:%&%*.#%0! 0-5*+4%&! (%#! 1%\1'! (%Z+&+1+D'! %#! 1<*4+&'! `%\2#-G%&1%a3! #'! [-%! 0K#'! 5'(*8.!
%&1%&(%*0%! %&! %#! 0%&1+('! (%! [-%! #.! %\2#-0+D+(.(! (%! (%1%*4+&.(.0! 2'45%1%&2+.0! &'! +45#+2.!
%\2#-0+K&!(%!'1*.0!%01.1.#%0!2'&2-**%&1%0N!
!
$'*! '1*.! 5.*1%! #.! '4+0+K&! (%! 2#?-0-#.0! (%! 0.#D.F-.*(.! '! *%2'*(.1'*+'0! (%! #.0!
2'45%1%&2+.0!2'&01+1-2+'&.#%0!(%#!"01.('![-%!5-%(.&!+&2+(+*!%&!#.0!2'45%1%&2+.0!%\2#-0+D.0!
(%!#.!:%&%*.#+1.13!&+!2'&D%*1+*8.!%&!+&2'&01+1-2+'&.#!%#!5*%2%51'!%01.1-1.*+'!0+#%&1%3!&+!+45%(+*8.!
[-%! #.0! 2'45%1%&2+.0! %\2#-0+D.0! [-%! *%0%*D.! .#! "01.('! #.! /'&01+1-2+K&! 0%! (%05#+%F-%&!
#%F81+4.4%&1%!2'&!1'(.!0-!%\1%&0+K&3!.#2.&2%!G!%Z+2.2+.N!
!
^+&.#4%&1%!0%6.#.!%#!.,'F.('!(%#!"01.('![-%!%#!%01.,#%2+4+%&1'!(%!5-&1'0!(%!2'&%\+K&!
5.*.! @.2%*! 5'0+,#%! %#! %C%*2+2+'! 0+4-#1?&%'! (%! 2'45%1%&2+.0! .-1'&K4+2.0! G! %01.1.#%0! %0! -&!
2'&1%&+('!185+2'!(%!#.0!&'*4.0!%01.1.#%03!G!%#!"01.1-1'3!1*.0!0-!5.0'!5'*!#.0!/'*1%0!:%&%*.#%03!
0-5*+4+K3!0.#D'!%&!4.1%*+.!(%!.0'2+.2+'&%0!G!Z-&(.2+'&%03!1'(.!*%Z%*%&2+.!.#!%01.,#%2+4+%&1'!
(%!5-&1'0!(%!2'&%\+K&!5.*.!%#!%C%*2+2+'!(%!2'45%1%&2+.0!.-1'&K4+2.0N!
!
!
XYO
$'*! #'! [-%! @.2%! G.! %05%28Z+2.4%&1%! .#! .*1N! XX_! .#%F.! %#! L,'F.('! (%#! "01.('! [-%! #.!
.0-&2+K&!%&!%#!.5.*1.('!X!(%!-&.!2'45%1%&2+.!2'4'!%\2#-0+D.!&'!0-5'&%![-%!0%.!+#+4+1.(.3!
5-%0!2.(.!2'45%1%&2+.![-%(.!2'&Z+F-*.(.!%&!0-0!5*%2+0'0!#84+1%0!5'*!#.!2'&2-**%&2+.!(%!'1*'0!
181-#'0! 2'45%1%&2+.#%0N! L083! .! C-+2+'! (%#! L,'F.('! (%#! "01.('3! &'! 2.,%! (-(.! (%! [-%! #.!
2'45%1%&2+.! .-1'&K4+2.! 0',*%! 2-%&2.0! +&1*.2'4-&+1.*+.0! *%0-#1.! #+4+1.(.! 5'*! %#! %C%*2+2+'!
#%F81+4'!(%!#.!%01.1.#!0',*%!5#.&+Z+2.2+K&!F%&%*.#!(%!#.!.21+D+(.(!%2'&K4+2.N!f.!%#!"01.1-1'!(%!
XY_Y!.1*+,-8.!.!#.!:%&%*.#+1.1!2'45%1%&2+.!%\2#-0+D.!0',*%!#'0!`.5*'D%2@.4+%&1'0!@+(*?-#+2'03!
2.&.#%0!G!*%F.(8'03!2-.&('!#.0!.F-.0!(+02-**.&!8&1%F*.4%&1%!(%&1*'!(%!/.1.#-6.a!g.*1N!YNXTc3!G3!
.! #.! #-=! (%! %01%! 5*%2%51'3! %#! )*+,-&.#! /'&01+1-2+'&.#! (%2#.*K! [-%! %0.! 2'45%1%&2+.! %\2#-0+D.!
.-1'&K4+2.! %&2'&1*.,.! 0-! #84+1%! %&! #.! %01.1.#! 5#.&+Z+2.('*.! l>)/! SS_WXYOO3! (%! SY! (%!
&'D+%4,*%3! ^;! SP! .cm3! 0+&! [-%! %#! 5*%2%51'! [-%! &'0! '2-5.! +&1*'(-=2.! 4'(+Z+2.2+K&! .#F-&.!
*%05%21'!(%!.[-<#N!
!
$'*!'1*'!#.('3!(%!.2-%*('!2'&!#'![-%!1+%&%!(%2#.*.('!%#!)*+,-&.#!/'&01+1-2+'&.#!%&!#.!
2+1.(.!>%&1%&2+.!l^;!SP!,cm3!%0!2'&01+1-2+'&.#4%&1%!#%F81+4'![-%!#.0!/'4-&+(.(%0!L-1K&'4.0!
.0-4.&!2'45%1%&2+.0!5#.&+Z+2.('*.0!%\2#-0+D.0!%&!4.1%*+.!(%!2-%&2.0!+&1*.2'4-&+1.*+.0!2'&!
*%05%1'!(%#!%C%*2+2+'!(%!0-0!2'45%1%&2+.0!5'*!'1*.0!L(4+&+01*.2+'&%0N!
!
$'*! 0-! 5.*1%! %#! .5.*1.('! S! (+05'&%! %\5*%0.4%&1%! [-%! #.! :%&%*.#+1.1! .0-4%!
2'45%1%&2+.0! %C%2-1+D.0! `%&! #'0! 1<*4+&'0! %01.,#%2+('0! %&! #.! #%F+0#.2+K&! %01.1.#a3! G! %&! %01'0!
4+04'0! 1<*4+&'0! #%! 2'**%05'&(%! #.! 5.*1+2+5.2+K&! 5#.&+Z+2.('*.N! L! C-+2+'! (%#! L,'F.('! (%#!
"01.('! &'! 0%! +&1%*5*%1.! 2'**%21.4%&1%! %&! %#! *%5*'2@%! [-%! 0%! Z'*4-#.! %&! #.! (%4.&(.N! L08!
%&1+%&(%![-%!%0!.#!"01.('3!1+1-#.*!(%!#.!2'45%1%&2+.3!.#![-%!#%!2'**%05'&(%3!2'&!5#%&.!#+,%*1.(!
(%! 2'&Z+F-*.2+K&3! .1*+,-+*! 2'&2*%1.4%&1%! #.! 2'45%1%&2+.! G! #.! 5.*1+2+5.2+K&3! G! %05%2+Z+2.*! #.!
Z'*4.!(%!%C%*2+2+'3!1%&+%&('!%#!5*%2%51'!%01.1-1.*+'!2.*?21%*!'*+%&1.('*!@.01.![-%!&'!0%!*%2'C.!
5'*!#.!&'*4.!%01.1.#N!>K#'!.08!5-%(%!+&1%*5*%1.*0%!#.!5#%&.!*%4+0+K&!.!#.!#%F+0#.2+K&!%01.1.#d!#.!
+&1%*D%&2+K&!.-1'&K4+2.!%01.*8.!2'&(+2+'&.(.!.!#.!5*%D+0+K&!%01.1-1.*+.!G!.#!%01.,#%2+4+%&1'!(%!
#.!&'*4.1+D.!%01.1.#!(%!*%4+0+K&N!"&!(%Z+&+1+D.3!%#!5*%2%51'!%01.1-1.*+'!5'(*8.!2'&0+(%*.*0%![-%!
5*'4'2+'&.! -&.! .21+D+(.(! #%F+0#.1+D.! %01.1.#! [-%! *%0-#1.! 1'1.#4%&1%! 2'&Z'*4%! .! #.!
/'&01+1-2+K&N!
!
"&! %#! .5.*1.('! ]3! .#! 5*%D%*! #.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! %&! #.! 5#.&+Z+2.2+K&!
@+(*'#KF+2.! G! #'0! K*F.&'0! (%! F%01+K&3! %#! 5*%2%51'! 0%! #+4+1.*8.! .! *%2'F%*! #.! ('21*+&.!
2'&01+1-2+'&.#!%&!#.!4.1%*+.3!5#.04.(.!%&!#.!>)/!SS_WXYOO3!^;!SP!.c!G!%c3!2'&Z'*4%!.!#.!2-.#!
!
XYY
#.! 5.*1+2+5.2+K&! (%! #.0! /'4-&+(.(%0! L-1K&'4.0! %&! #.! 5#.&+Z+2.2+K&! @+(*'#KF+2.! *%0-#1.!
&%2%0.*+.! 2'4'! +&01*-4%&1'! F%&%*.#! (%! 2'#.,'*.2+K&! G! 2''*(+&.2+K&3! 2'**%05'&(+%&('! .#!
#%F+0#.('*! %01.1.#! 2'&2*%1.*! #.! Z'*4.! (%! 5.*1+2+5.2+K&N! "&! 2-.&1'! .! #.! 5.*1+2+5.2+K&! %&! #'0!
K*F.&'0!(%!F%01+K&!%01.1.#%0!(%!2-%&2.0!+&1%*2'4-&+1.*+.03!&'!5.*%2%![-%!0%.!%\+F%&2+.!(+*%21.!
(%!#.!/'&01+1-2+K&!&+!(%!#.!('21*+&.!(%#!)*+,-&.#3!.-&[-%!08!5.*%2%!-&!+&01*-4%&1'!2'&D%&+%&1%!
5.*.!#.!.(%2-.(.!2''5%*.2+K&!%&!%#!%C%*2+2+'!(%!2'45%1%&2+.0!2'&2-**%&1%0N!"&!2-.#[-+%*!2.0'!
%0!%#!1%\1'!*%Z-&(+('!(%!#.!U%G!(%!LF-.0!g.5*',.('!5'*!H%.#!E%2*%1'!U%F+0#.1+D'!XWSPPX3!(%!
SP!(%!C-#+'c!%#![-%!5*%D<![-%!#.0!/'4-&+(.(%0!L-1K&'4.0!5-%(.&!+&2'*5'*.*0%!.!#.!;-&1.!(%!
:',+%*&'! (%! #'0! '*F.&+04'0! (%! 2-%&2.3! 0+! .08! #'! (%2+(%&! l.*10N! SR! G! S_! (cmN! >+&! %4,.*F'! %#!
"01.1-1'!&'!5-%(%!5*'(-2+*!%#!%Z%21'!(%!D+&2-#.*!.!Z-1-*'0!#%F+0#.('*%0!%01.1.#%0!.!%01.,#%2%*!
-&.!5.*1+2+5.2+K&!'*F?&+2.![-%!&'!D+%&%!+45-%01.!2'&01+1-2+'&.#4%&1%N!"#!5*%2%51'!%01.1-1.*+'!
%&! %01%! 5-&1'3! 5'*! 1.&1'3! 0K#'! 5-%(%! %&1%&(%*0%! 2'4'! #.! (%2+0+K&! (%! #.! :%&%*.#+1.1! (%!
5.*1+2+5.*!%&!#'0!K*F.&'0!(%!F%01+K&!(%!2-%&2.0!0+%45*%![-%!#.!5'0+,+#+(.(!%01<!5*%D+01.!%&!#.!
#%F+0#.2+K&!%05%28Z+2.!%01.1.#N!
!
^+&.#4%&1%3!%&!2-.&1'!.#!.5.*1.('!Q3!%&1+%&(%!%#!L,'F.('!(%#!"01.('![-%!%#!5*%2%51'!
M&+2.4%&1%! .*1+2-#.! -&! 4%2.&+04'! (%! 2'#.,'*.2+K&! .! 1*.D<0! (%! #.! 1<2&+2.! (%#! +&Z'*4%!
5*%2%51+D'3!0+&![-%!0%!.#1%*%!#.!1+1-#.*+(.(!2'45%1%&2+.#!(%#!"01.('N!>%!1*.1.*8.!0+45#%4%&1%!(%!
-&!+&Z'*4%!5*%D+'3![-%!&'!%0!D+&2-#.&1%3!G!&+!0+[-+%*.!(%1%*4+&.&1%3!2.1%F'*8.!%01.!M#1+4.![-%!
+&1*'(-2%! %#! "01.1-1'! 0+F-+%&('! #.! (%Z+&+2+K&! C-*+05*-(%&2+.#! (%#! )*+,-&.#! >-5*%4'3! G! [-%!
M&+2.4%&1%!%\+F%!#.!4'1+D.2+K&!5'*!5.*1%!(%#!"01.('!.&1%!#.!/'4+0+K&!9+#.1%*.#!:%&%*.#+1.1I
"01.('!5.*.!.5.*1.*0%!(%#!+&Z'*4%!(%1%*4+&.&1%!(%!#.!:%&%*.#+1.1N!$'*!%#!2'&1*.*+'3!2-.&('!%#!
"01.1-1'!%\+F%!0+45#%4%&1%!+&Z'*4%!5*%2%51+D'!G!&'!(%1%*4+&.&1%3!%#!"01.('!5'(*8.!.5.*1.*0%!
(%#!4+04'!0+&!&%2%0+(.(!(%!4'1+D.2+K&!.&1%!#.!2+1.(.!/'4+0+K&N!"&!(%Z+&+1+D.3!&'!%\+01+*8.!-&!
(%05#.=.4+%&1'!2'45%1%&2+.#!G!%#!"01.1-1'!M&+2.4%&1%!%01.,#%2%*8.!-&!*.='&.,#%!4%2.&+04'!
(%!2'#.,'*.2+K&!"01.('I/'4-&+(.(!L-1K&'4.N!
!
2c!/'&!2.*?21%*!F%&%*.#!G!5*%D+'!.#%F.!#.!*%5*%0%&1.2+K&!(%#!:',+%*&'!(%!#.!:%&%*.#+1.1!
[-%! %&! %#! *%2-*0'! 0%! 5*%1%&(%! [-%! 0%! 4.&1%&F.! 0',*%! 2.(.! -&.! (%! #.0! 4.1%*+.0! %#!
%&1%&(+4+%&1'!(%#!*%5.*1'!2'45%1%&2+.#![-%!0%!@.!2'&Z+F-*.('!(-*.&1%!#.!D+F%&2+.!(%#!"01.1-1'!
(%!XY_Y3!,-02.&('!%#!.D.#!(%!#.!('21*+&.!%#.,'*.(.!5'*!%#!)*+,-&.#!/'&01+1-2+'&.#N!>%!5'&(*8.!
2'&!%##'!(%!4.&+Z+%01'!#.!'52+K&!2'&0%*D.('*.!0'01%&+(.!%&!%#!*%2-*0'3!'5-%01.!.!#.!D'#-&1.(!
(%#! #%F+0#.('*! %01.1-G%&1%! (%! .5*',.*! #.! *%Z'*4.! (%#! "01.1-1'! G! (+*+F+(.! .! .D.&=.*! %&! %#!
.-1'F',+%*&'!%&!%#!4.*2'!(%!*%Z%*%&2+.![-%!.(4+1%!.#!%Z%21'!#.!/'&01+1-2+K&N!
!
SPP
!
L&1%0! (%! .,'*(.*! %#! %\.4%&! (%! #'0! (+D%*0'0! 5*%2%51'0! +45-F&.('0! 0%! .5-&1.3! %&1*%!
'1*'0!%\1*%4'03![-%!&'!5*'2%(%!D.#'*.*!%#!.2+%*1'!(%!#.!C-*+05*-(%&2+.!2+1.(.!(%!2'&1*.*+'3!1'(.!
D%=![-%!&'!0%*8.!.(4+0+,#%![-%!0%!5*%1%&(.!%&C-+2+.*!#.0!(%1%*4+&.2+'&%0!(%#!&-%D'!"01.1-1'!
2'&Z'*4%! .! #'0! 5.*?4%1*'0! %\+01%&1%0! %&! #.! 0+1-.2+K&! .&1%*+'*N! $'*! '1*.! 5.*1%! #.! (+02*%5.&2+.!
2'&!%#!5#.&1%.4+%&1'!(%!Z'&('![-%!%&!'2.0+'&%0!0%!0'01+%&%!1'*&.!+&M1+#!-&.!%D%&1-.#!(+02-0+K&!
0',*%!.#F-&'0!(%!#'0!.05%21'0!5'*4%&'*+=.('03!#'![-%!@.2%![-%!%01.0!.#%F.2+'&%0!*%0-#1%&!4?0!
0-2+&1.0! G! (%! 2.*?21%*! 5*+&2+5+.#N! "#! :',+%*&'! (%! #.! :%&%*.#+1.1! 0%! *%4+1%3! 5'*! '1*'! #.('3! .#!
.&?#+0+0!(%!#.!1+5'#'F8.!Z-&2+'&.#!G!(%!'1*.0!2-%01+'&%0!(%!Z'&('!G.!*%.#+=.('!g.&1%2%(%&1%!RQcN!
!
f.! %&! *%#.2+K&! 2'&! %#! .*1N! XX_! .#%F.! %#! "C%2-1+D'! 2.1.#?&! [-%! #.! +45-F&.2+K&! (%! #.0!
#%1*.0!.c!G!,c!(%#!.5.*1.('!X!0%!.0+%&1.!%&!#.!5%1*+Z+2.2+K&!(%!#.!('21*+&.!%01.,#%2+(.!%&!#.!>)/!
SS_WXYOO3! (%! SY! (%! &'D+%4,*%N! L(%4?0! %&1+%&(%! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! %#!
5*%2%51'! &'! +&D.(%! #.0! 2'45%1%&2+.0! 5.*.! %#! %01.,#%2+4+%&1'! (%! #.0! ,.0%0! G! 2''*(+&.2+K&!
.1*+,-+(.0! .#! "01.('! 5'*! #'0! .*10N! XQYNXNX]! G! SS! /"N! U'0! 5*'2%(+4+%&1'0! (%! 2''*(+&.2+K&!
5-%(%&!2'&2*%1.*0%!(%!4.&%*.0!4-G!(+D%*0.03!5%*'!%0!',D+'![-%!&'!5-%(%&!2'&D%*1+*0%!%&!-&.!
0-5%(+1.2+K&! (%! #.0! 2'45%1%&2+.0! .-1'&K4+2.0! [-%! #.! /'&01+1-2+K&! 5%*4+1%! .0-4+*N! q-%! #.!
U%G! (%! LF-.0! (%! XYOR! .1*+,-G%*.! .#! "01.('! #.! (%2+0+K&! Z+&.#! &'! *%5*%0%&1.*8.! #84+1%! .#F-&'!
5.*.!%#!"01.1-1'3![-%3!+&1%F*.('!%&!%#!,#'[-%!(%!2'&01+1-2+'&.#+(.(3!5-%(%!2'&Z+F-*.*!(%!'1*'!
4'('3! (%0(%! #.! 5#%&.! Z+(%#+(.(! .! #.0! (+*%21+D.0! 2'&01+1-2+'&.#%03! #.0! Z.2-#1.(%0! 2'4-&+1.*+.0!
0',*%!-&!',C%1'!5'*!2'45#%1'!+&1*.2'4-&+1.*+'N!U.!.1*+,-2+K&!%&!%\2#-0+D.!.!#.!:%&%*.#+1.1!(%!
#.! 2'45%1%&2+.! 5.*.! #.! 5#.&+Z+2.2+K&! %&! 4.1%*+.! (%! .F-.0! +&1*.2'4-&+1.*+.0! *%05%1.! #.!
2'45%1%&2+.! %01.1.#! 0',*%! .F-.0! +&1%*2'4-&+1.*+.0! G! &'! +45#+2.! %&! .,0'#-1'! [-%3! %&! 0-!
%C%*2+2+'3! #.! :%&%*.#+1.1! &'! (%,.! *%05%1.*! #'! %01.,#%2+('! 5'*! %#! "01.('! %&! 4.1%*+.! (%!
5#.&+Z+2.2+K&! %2'&K4+2.! %&! -0'! (%! #.! @.,+#+1.2+K&! 2'&Z%*+(.! 5'*! %#! .*1N! XQYNXNX]! /"3! &+!
2'45'*1.! &+&FM&! +45%(+4%&1'! 5.*.! #.! D+*1-.#+(.(! (%! #'0! 4%2.&+04'0! (%! 2''*(+&.2+K&!
%01.1.#%0N!U.!2.#+Z+2.2+K&!(%!#.!2'45%1%&2+.!2'4'!%\2#-0+D.!0%*8.3!5'*!'1*.!5.*1%3!2'45.1+,#%!
2'&!#.!%\+01%&2+.!(%!4%2.&+04'0!2''*(+&.('*%0![-%!%&2-%&1*.&!0-!'*+F%&!%&!%#!.*1N!XQYNXNX]!
/"N!
!
"#! .5.*1.('! S! 0+45#%4%&1%! .(4+1%! -&.! 5'0+,+#+(.(! [-%! (%5%&(%! %&! 1'('! (%! #.!
#%F+0#.2+K&! %01.1.#N! "#! "01.1-1'! *%2'&'2%! -&.! 2.5.2+(.(! .! #.! /'4-&+(.(! L-1K&'4.! [-%! 0%!
2'&2*%1.*?! %&! Z.2-#1.(%0! (%1%*4+&.(.0! %&! Z-&2+K&! G! 0%FM&! #'! [-%! %01.,#%=2.&! #.0! #%G%0! (%#!
!
SPX
"01.('N!E%!#'0!D.*+'0!2'45'&%&1%0!'!.2%52+'&%0!(%!2'45%1%&2+.!%&!%01%!5*%2%51'!0%!(%01.2.!
0-!0+F&+Z+2.2+K&!2'4'!2.5.2+(.(N!
!
U.!5*%D+0+K&!(%!5.*1+2+5.2+K&!%&!#.!5#.&+Z+2.2+K&!G!%&!#'0!K*F.&'0!%01.1.#%0!(%!F%01+K&!
(%!#.0!2-%&2.0!+&1%*2'4-&+1.*+.0!g.*1N!XX_N]c!&'!@.2%!*%Z%*%&2+.3!5.*.!%#!:',+%*&'!2.1.#?&3!.!
&+&FM&!5*'2%(+4+%&1'!2'&2*%1'!(%!5.*1+2+5.2+K&!&+!+&(+2.!#'0!%Z%21'0!*%0-#1.&1%0!(%!#.!4+04.N!
"#!5*%2%51'!0%!#+4+1.*8.!.!*%2'F%*!-&!2*+1%*+'!'!5*+&2+5+'!(%!5.*1+2+5.2+K&!%&!#.!5#.&+Z+2.2+K&!G!
%&!#'0!K*F.&'0!(%!F%01+K&!(%!2-%&2.0!+&1%*2'4-&+1.*+.0![-%!.Z%21%&!.#!1%**+1'*+'!(%!/.1.#-6.N!
"#! 5*+&2+5+'! (%! 5.*1+2+5.2+K&! %0! Z-&(.4%&1.#! %&! %#! 0+01%4.3! G! #'! [-%! @.*8.! %#! 5*%2%51'! %0!
0+45#%4%&1%!%&-&2+.*#'!%&!0-5-%01'0![-%!@.,*?!(%!*%F#.*!G!2'&2*%1.*!%#!"01.('3!+&01.&2+.![-%!
'01%&1.! #.0! 2'45%1%&2+.0! (%2+0'*+.0! %&! #.0! 2-%&2.0! +&1%*2'4-&+1.*+.0N! $'*! '1*'! #.('! 0%!
2'&0+F&.![-%!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!.[-8!5*%D+01.!%0!.,0'#-1.4%&1%!2'45.1+,#%!2'&!
-&.! %D%&1-.#! 5.*1+2+5.2+K&! %[-+D.#%&1%! (%#! *%01'! (%! /'4-&+(.(%0! L-1K&'4.03! 0+&! [-%! 0%!
5*%1%&(.!&+&FM&!1+5'!1*.1'!(%Z%*%&1%!&+!(+Z%*%&1%N!
!
$.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! %#! +&Z'*4%! 5*%2%51+D'! 5*%D+01'! %&! %#! .*1N! XX_NQ! 0%!
C-01+Z+2.!5'*[-%!-&.!.#1%*.2+K&!(%#!2-*0'!&.1-*.#!(%#!.F-.!2'4'!#.![-%!0-5'&%!-&!1*.0D.0%3!&'!
0K#'!.Z%21.!.!#'0!*%2-*0'0!@8(*+2'03!0+&'![-%!1+%&%!-&.!Z-%*1%!+&2+(%&2+.!1%**+1'*+.#!G!.4,+%&1.#3!
2.45'0! %&! #'0! [-%! '01%&1.! 2'45%1%&2+.0! #.! :%&%*.#+1.1! G! [-%! C-01+Z+2.&! 0-! +&1%*D%&2+K&! .!
1*.D<0! (%! -&! 4%2.&+04'! [-%! &'! +45#+2.! 2'(%2+0+K&3! 2'4'! %0! %#! 2.0'! (%! #'0! +&Z'*4%0!
5*%2%51+D'0!G!&'!D+&2-#.&1%0N!L(%4?0!2-.#[-+%*!1*.0D.0%!%&!%#![-%!%01<!+45#+2.(.!-&.!2-%&2.!
+&1%*2'4-&+1.*+.! [-%! +&2#-G.! 1%**+1'*+'! 2.1.#?&! .Z%21.3! %&! 2-.&1'! .#! %[-+#+,*+'! (%! *%2-*0'0!
@8(*+2'0! G! .! 0-! '*(%&.2+K&3! .! #.! 5.*1%! (%#! 1%**+1'*+'! 2.1.#?&! 2'&Z+F-*.('! 2'4'! 2-%&1.!
+&1*.2'4-&+1.*+.3!%&!#.![-%!#.!:%&%*.#+1.1!(%!/.1.#-6.!'01%&1.!2'45%1%&2+.!%\2#-0+D.N!
!
"&! *%#.2+K&! 2'&! %#! .*1N! XX_NR! 0%! *%+1%*.! #'! G.! %\5-%01'! *%05%21'! (%#! 5*+&2+5+'! (%!
5.*1+2+5.2+K&3! .6.(+<&('0%! [-%! #.! ZK*4-#.! %45#%.(.3! 2'&! *%Z%*%&2+.! %\5*%0.! .! `#'0! 1<*4+&'0!
5*%D+01'0!%&!#.!#%F+0#.2+K&!%01.1.#a!1+%&%!5#%&'!%&2.C%!%&!#.0!5*%D+0+'&%0!2'&01+1-2+'&.#%03!&'!
.#1%*.&('!&+!(%0Z+F-*.&('!#.0!2'45%1%&2+.0!%01.1.#%0N!
!
(c!H%05%21'!.#!.5.*1.('!5*+4%*'!(%#!.*1N!XX_!%#!$.*#.4%&1'!(%!/.1.#-6.!(%Z+%&(%![-%!#.!
Z.#1.!(%!.#-0+K&!.!#.!5'0+,#%!2'&Z#-%&2+.!(%!'1*.0!2'45%1%&2+.03!(%!1+1-#.*+(.(!%01.1.#3!0',*%!#.0!
2-%&2.0! @+(*'F*?Z+2.0! +&1*.2'4-&+1.*+.0! G! .! #.! 5'0+,+#+(.(! (%! 2''*(+&.2+K&! %01.1.#! &'!
+&D.#+(.*8.! #.! .1*+,-2+K&! (%! #.! 2'45%1%&2+.! .-1'&K4+2.e! 0+! #.! 2'45%1%&2+.! %\+01%3! G.! [-%! #.!
!
SPS
*%0%*D.! 0%! 5*'(-2%! ex Constitutione3! &'! 0%*8.! &%2%0.*+'! .#-(+*! .! %##.! .#! Z'*4-#.*! .[-%##.!
2'45%1%&2+.N! 7?0! .M&3! &%F.*! -&.! 5'0+,#%! 2'45%1%&2+.! %\2#-0+D.! (%! 5#.&+Z+2.2+K&! 0',*%! #.!
,.0%!(%!#.!2'45%1%&2+.!%01.1.#!*%2'F+(.!%&!%#!.*1N!XQYNXNX]!/"!5'(*8.!##%D.*!.!&%F.*!2-.#[-+%*!
2'45%1%&2+.! .-1'&K4+2.! (%! 5#.&+Z+2.2+K&3! (?&('#%! -&! 0%&1+('! %\5.&0+D'! .! #.! 2'45%1%&2+.!
%01.1.#3!2'4'!2'45%1%&2+.!@'*+='&1.#3!(%!.#2.&2%!F%&%*.#!G!.,0'#-1'N!U.!5#.&+Z+2.2+K&!F%&%*.#!
%0! 5%*Z%21.4%&1%! 2'45.1+,#%! 2'&! #.! 2.#+Z+2.2+K&! 2'4'! %\2#-0+D.! (%! #.! 2'45%1%&2+.! 5.*.! #.!
5#.&+Z+2.2+K&! @+(*?-#+2.! +&1*.2'4-&+1.*+.3! 2-G.! 2''*(+&.2+K&! %&! %#! 4.*2'! %01.1.#! 1+%&%! #-F.*!
4%(+.&1%!%#!$#.&!B+(*'#KF+2'!k.2+'&.#!%&!%#!2-.#!0%!+&1%F*.N!
!
U.0!',C%2+'&%0!.!#'0!.5.*1.('0!]3!Q!G!R!(%#!.*1N!XX_!0%!*%2@.=.&!5'*!#.!/?4.*.3!1'(.!
D%=! [-%! %&! %##'0! &'! 0%! %01.,#%2%*8.! 5*'5+.4%&1%! -&.! .1*+,-2+K&! (%! 2'45%1%&2+.03! 0+&'!
4%2.&+04'0! '! +&01*-4%&1'0! (%! 2''*(+&.2+K&N! "#! %01.,#%2+4+%&1'! (%! -&! +&Z'*4%! 5*%2%51+D'!
.-1'&K4+2'!&'!.#1%*.!#.!2.5.2+(.(!(%!(%2+0+K&!%01.1.#!%&!%#!%C%*2+2+'!(%!0-!2'45%1%&2+.e!%0!-&.!
1<2&+2.! (%! +&Z'*4.2+K&! 2'@%*%&1%! 2'&! %#! @%2@'! (%! [-%! %#! 1%**+1'*+'! G! #.0! 2'45%1%&2+.0!
.-1'&K4+2'0!5-%(%&!D%*0%!.Z%21.('0!G!%0!.(%2-.('!.#!Z-&2+'&.4+%&1'!(%#!"01.('!2'45-%01'3!
2'&Z'*4%!.!#.!>)/!XOXWXYOO3!(%!X]!(%!'21-,*%3!^;!_N!U.0!4+04.0!2'&0+(%*.2+'&%0!0%!5'(*8.&!
*%5%1+*!*%05%21'!.!#.!5*%D+0+K&!F%&<*+2.!(%!5.*1+2+5.2+K&!%&!#.!5#.&+Z+2.2+K&!@+(*'#KF+2.!%01.1.#N!
!
"&!%#!2.0'!(%#!.*1N!XX_NS!5.*%2%!2#.*'3!5.*.!%#!$.*#.4%&1'!.-1'&K4+2'3![-%!&'!*%.#+=.!
-&.! .1*+,-2+K&! 2'45#%1.! G! %&! ,#'[-%! (%! 1'(.0! #.0! 2'45%1%&2+.0! %C%2-1+D.0! 0',*%! ('4+&+'!
5M,#+2'! @+(*?-#+2'! G! #'0! '1*'0! (%! +&1%*<0! F%&%*.#3! 0+&'! [-%! #.! Z.#1.! (%#! .*182-#'! (%1%*4+&.('!
.&1%!%#!0-01.&1+D'!`2'45%1%&2+.0a!5%*4+1%!0'01%&%*![-%!#'![-%!@.*8.!%0!5*%D%*!#.!5'0+,+#+(.(!(%!
[-%3! 4%(+.&1%! #.! #%F+0#.2+K&! %01.1.#3! 0%! .1*+,-G.&! 2'45%1%&2+.03! 1'(.0! '! .#F-&.03! 5.*.! 2.0'0!
2'&2*%1'0!'!%&!#'0![-%!2'&2-**.&!#.0!2+*2-&01.&2+.0![-%!0%!(%1%*4+&%&N!"&!#.!4%(+(.!%&![-%!0%!
#+4+1.! .! .,*+*! -&.! 5'0+,+#+(.(! [-%! .#! "01.('! 2'**%05'&(%! +&01*-4%&1.*3! &'! 0%! 2'&1*.(+*8.! .#!
181-#'! 2'45%1%&2+.#! %01.1.#! (%#! .*1N! XQYNXNSS! /"N!/'4'! %#! 5*'5+'! )*+,-&.#! @.! *%2'&'2+('! %&!
.&1%*+'*%0! '2.0+'&%03! #.! Z'*4-#.2+K&! (%! -&.! 2'45%1%&2+.! %01.1.#! %&! 1<*4+&'0! F%&<*+2'0! '!
.45#+'03! 0+&! 5*%2+0+K&! (%! Z-&2+'&%03! &'! +45+(%! [-%! #'0! "01.1-1'0! (%! L-1'&'48.! .1*+,-G.&!
.#F-&.!2'45%1%&2+.!'!5'1%01.(!2'&2*%1.!0',*%!#.!4.1%*+.!.!#.!/'4-&+(.(!L-1K&'4.N!
!
RYN! .c! "#! .*182-#'! XXO! gL0'2+.2+'&%0! G! Z-&(.2+'&%0c! .1*+,-G%! %&! 0-! .5.*1.('! X! .! #.!
:%&%*.#+1.1!-&.!2'45%1%&2+.!%\2#-0+D.![-%!(%C.!Z'*4.#4%&1%!.!0.#D'!#.0!2'&(+2+'&%0!,?0+2.0!
%01.,#%2+(.0! 5'*! %#! "01.('! 5.*.! F.*.&1+=.*! #.! +F-.#(.(! %&! %#! %C%*2+2+'! (%#! (%*%2@'! (%!
.0'2+.2+K&3!.08!2'4'!#.!*%0%*D.!(%!#%G!'*F?&+2.N!>+&!%4,.*F'!.#%F.&!#'0!E+5-1.('0!*%2-**%&1%0!
!
SP]
[-%! #.! (%02*+52+K&! (%#! 2'&1%&+('! 4.1%*+.#! (%! #.! 2'45%1%&2+.! %0! 5*?21+2.4%&1%! %\@.-01+D.3!
(%C.&('!M&+2.4%&1%!.#!4.*F%&!%#!0+01%4.!(%!F.*.&18.0!C-*+0(+22+'&.#%0N!"&!5.*1+2-#.*3! 5'*! #'!
[-%!0%!*%Z+%*%!.!#'0!,%&%Z+2+'0!Z+02.#%0!G!.!#.!(%2#.*.2+K&!(%!-1+#+(.(!5M,#+2.3!0%!.#%F.![-%!&'!
5-%(%!(%C.*!(%!%01.*0%!.!#'!*%0-%#1'!%&!#.!>)/!X]]WSPPT3!(%!S_!(%!.,*+#3!^;!_3!%&!*%#.2+K&!2'&!
1*+,-1'0! %01.1.#%0N! $'*! 0-! 5.*1%! #.! 2'45%1%&2+.! .1*+,-+(.! .! #.! :%&%*.#+1.1! %&! 4.1%*+.! (%!
Z-&(.2+'&%0! 5'*! %#! .5.*1.('! S! .('#%2%*8.! (%! #.! 4+04.! %\@.-01+D+(.(! %&! #.! (%1%*4+&.2+K&! (%!
0-0!2'&1%&+('0!4.1%*+.#%03!.-&[-%!0+&!1%&%*!0+[-+%*.!%&!2-%&1.!#.!2'45%1%&2+.!(%#!"01.('!5.*.!
%#!%01.,#%2+4+%&1'!(%!2'&(+2+'&%0!,?0+2.03!#'![-%!%D+(%&2+.*8.!#.!5*%1%&0+K&!(%!2'&Z+F-*.*!-&.!
2'45%1%&2+.! %\2#-0+D.! 2'&! 1'(.! #.! %\1%&0+K&! [-%! *%0-#1.! (%#! .*1N! XXP! (%#! "01.1-1'3! G.!
+45-F&.('N! L! #.0! 5*%D+0+'&%0! 0',*%! ,%&%Z+2+'0! Z+02.#%0! 0%*8.&! (%! .5#+2.2+K&! #.0! *.='&%0!
%0F*+4+(.0!%&!#.!Z-&(.4%&1.2+K&!(%!#.!+&2'&01+1-2+'&.#+(.(!(%#!.5.*1.('!XN!
!
^+&.#4%&1%3! %#! .5.*1.('! ]! (%#! 5*%2%51'! (+05'&%! [-%! `2'**%05'&(%! .! #.! :%&%*.#+1.1! #.!
Z+C.2+K&! (%! #'0! 2*+1%*+'03! #.! *%F-#.2+K&! (%! #.0! 2'&(+2+'&%03! #.! %C%2-2+K&! G! %#! 2'&1*'#! (%! #.0!
.G-(.0!5M,#+2.0!.!#.0!.0'2+.2+'&%0!G!Z-&(.2+'&%0aN!U.!0+&F-#.*+(.(!(%#!5*%2%51'!*%0+(%3!5.*.!
#'0! .21'*%03! %&! [-%3! 0+F-+%&('! #'0! 2*+1%*+'0! (%#! .*1N! XXQ3! 1.4,+<&! *%2-**+('3! D+&2-#.! #.!
2'45%1%&2+.!.-1'&K4+2.!.#!2'&2%51'!(%!`.G-(.0!5M,#+2.0a3!2'&!#'![-%![-%(.&!0-C%1.0! .! %0.!
2'45%1%&2+.3! &'! 0K#'! #.0! 0-,D%&2+'&%03! 0+&'! 1.4,+<&! #'0! ,%&%Z+2+'0! Z+02.#%0! 2'&! Z+&%0! (%!
Z'4%&1'N!$'*!%01.!D8.3!4?0!(+02*%1.3!0%!*%+1%*.*8.!#'!G.!%01.,#%2+('!%&!#'0!.5.*1.('0!X!,c!G!S!,c!
(%#!5*'5+'!.*1N!XXO3!0+%&('!+&%D+1.,#%!#.!+&D.0+K&!(%!#.!2'45%1%&2+.!%01.1.#!ex!.*1N!XQYNXNXQ!/"N!
h&.! 2'&2#-0+K&! [-%! 2'&Z+*4.*8.! #.! C-*+05*-(%&2+.3! (%! #.! [-%! 0%! (%05*%&(%! [-%! #.! ('21*+&.!
0',*%! #.0! 0-,D%&2+'&%0! &'! %0! 1*.0#.(.,#%! .! #'0! ,%&%Z+2+'0! Z+02.#%0! G! Z+F-*.0! .Z+&%0! g>)/!
XQTWXYYS3!(%!XT!(%!'21-,*%3!^;!]cN!
!
,c! L#%F.! %#! L,'F.('! (%#! "01.('3! 5'*! 0-! 5.*1%3! [-%! *%0-#1.! *%#.1+D.4%&1%! 0%&2+##'!
*%.#+=.*! -&.! +&1%*5*%1.2+K&! 2'&Z'*4%! (%! %01%! .*1N! XXON! E%! #.! #+1%*.#+(.(! (%#! 4+04'! 0%!
(%05*%&(%*8.! [-%! %#! *%05%1'! [-%! %#! 5*'5+'! .*182-#'! 5*%(+2.! .! `#.0! 2'&(+2+'&%0! ,?0+2.0!
%01.,#%2+(.0!5'*!%#!"01.('!5.*.!F.*.&1+=.*!#.!+F-.#(.(!%&!%#!%C%*2+2+'!(%#!(%*%2@'!G!#.!*%0%*D.!
(%! #%G! '*F?&+2.a! 0%! 5*'G%21.! 0',*%! #.! 1'1.#+(.(! (%#! .*1N! XXONXN! E%! %01.! Z'*4.! %#! 5*%2%51'! 0%!
*%Z%*+*8.! .! -&.! 0'#.! 2'45%1%&2+.3! [-%! 0%! .1*+,-G%! F%&<*+2.4%&1%! %&! 0-! 5*+4%*! +&2+0'! G! 0%!
(%0.**'##.! %&! %#! 0%F-&('N! $'*! 1.&1'! 1'(.! #.! 2'45%1%&2+.! [-%(.*8.! 0-C%1.! .! #'0! #84+1%0! [-%! %#!
)*+,-&.#!/'&01+1-2+'&.#!@.!0%6.#.('!5.*.!%#!%C%*2+2+'!(%!#.!2'45%1%&2+.!%\2#-0+D.!.-1'&K4+2.!
0',*%!.0'2+.2+'&%0N!k'!@.,*8.3!5-%03!&+&FM&!5*',#%4.!(%!2'&01+1-2+'&.#+(.(!%&!#.!.0-&2+K&!(%!
0-0!4.1%*+.03!0+%45*%![-%!%&!%#!%C%*2+2+'!(%!#.0!2'45%1%&2+.0!0',*%!#.0!4+04.0!#.!/'4-&+(.(!
!
SPQ
L-1K&'4.!%01<!0-C%1.!.!#.0!2'&(+2+'&%0!,?0+2.0!%01.,#%2+(.0!5'*!%#!"01.('3!2'4'!08!*%0-#1.*8.!
(%#!5*%2%51'N!
!
)*.0!%\5'&%*!#.!('21*+&.!0%&1.(.!%&!#.!>)/!X]]WSPPT3!(%!S_!(%!.,*+#3!^;!XO3!.*F-4%&1.!
%#!L,'F.('!(%#!"01.('![-%!%#!2'**%21'!%&2-.(*.4+%&1'!2'45%1%&2+.#!(%!#.!4.1%*+.!.![-%!.#-(%!
%#! .5.*1.('! ,c! (%! %01%! 5*%2%51'! 0%*8.! %#! (%! @.2+%&(.! G! &'! %#! 4?0! F%&%*.#! (%! .0'2+.2+'&%03!
.6.(+%&('! #.! 2'&0+(%*.2+K&! (%! [-%! %#! *<F+4%&! 2'&01+1-2+'&.#! 5*'5+2+.! [-%! #.0! /'4-&+(.(%0!
L-1K&'4.0! 2'&! 2'45%1%&2+.0! 5#%&.0! %&! 4.1%*+.! (%! .0'2+.2+'&%0! 5-%(.&! '1'*F.*! '1*'0!
,%&%Z+2+'0! .! .0'2+.2+'&%0! (%! 0-! 2'45%1%&2+.! 0',*%! 1*+,-1'0! &'! %01.1.#%0N! $.*1+%&('! (%! %01.!
5*%4+0.!%&1+%&(%![-%!&.(.!+45+(%!-&.!+&1%*5*%1.2+K&!2'&Z'*4%!.!#.!('21*+&.!2'&01+1-2+'&.#!(%#!
.*1N!XXO3!.Z+*4.&('![-%!#.!+45*%2+0+K&!(%!#.!+&2.*(+&.2+K&!2'45%1%&2+.#!2.*%2%!(%!*%#%D.&2+.3!
G![-%!%#!.5.*1.('![-%!&'0!'2-5.!0K#'!5-%(%!%&1%&(%*0%!(%&1*'!(%#!#84+1%!+45#82+1'!(%#!*%05%1'!
.! #.0! 2'45%1%&2+.0! (%! '1*.0! L(4+&+01*.2+'&%0! %&! D+*1-(! (%! '1*'0! 181-#'0N! "&! %01%! 0%&1+('3! %#!
"01.('3! (%! .2-%*('! 2'&! %#! .*1N! XQYNXNXQ! /"3! 1+%&%! 2'45%1%&2+.! %\2#-0+D.! 0',*%! #.! @.2+%&(.!
F%&%*.#3!2'45%1%&2+.![-%!+&2#-G%!%#!%01.,#%2+4+%&1'!(%!,%&%Z+2+'0!0',*%!1*+,-1'0!%01.1.#%0!G!#.!
(%1%*4+&.2+K&!(%!#'0!*%[-+0+1'0!5.*.!0-!',1%&2+K&e!2'45%1%&2+.!%\2#-0+D.![-%3!%D+(%&1%4%&1%3!
%#! .*1N! XXONX! ,c! (%#! "01.1-1'! &'! 5-%(%! (%02'&'2%*3! G3! 5'*! 1.&1'3! 0K#'! 5-%(%! 0%*! +&1%*5*%1.('!
2'4'! #.! .0-&2+K&! (%! #.! 2'45%1%&2+.! [-%! G.! #%! *%2'&'28.! %#! )*+,-&.#! /'&01+1-2+'&.#! 5.*.!
'1'*F.*!.!#.0!.0'2+.2+'&%0!,%&%Z+2+'0![-%!&'!*%2.8.&!0',*%!1*+,-1'0!%01.1.#%0N!
!
>'01+%&%3!.!2'&1+&-.2+K&3!%#!*%5*%0%&1.&1%!(%#!:',+%*&'![-%!%#!@%2@'!(%![-%!%&!%#!.*1N!
XXONS!&'!0%!%\5#+2+1%&!Z'*4.#4%&1%!#'0!#84+1%0!.![-%!%01?!0-C%1.!#.!2'45%1%&2+.!&'!#.!2'&D+%*1%!
%&! +#+4+1.(.3! [-%(.&('! 0-C%1.! +45#82+1.4%&1%! .! #'0! #84+1%0! (%*+D.('0! (%! '1*.0! 2#?-0-#.0!
.1*+,-1+D.0!(%!2'45%1%&2+.03!(%!.2-%*('!2'&!#'![-%!(%1%*4+&%!%#!)*+,-&.#!/'&01+1-2+'&.#N!"&!
4.1%*+.! (%! Z-&(.2+'&%0! <01%! @.! (%1%*4+&.('! G.! 2'&! 5*%2+0+K&! #'0! #84+1%0! (%! #.! 2'45%1%&2+.!
%\2#-0+D.!(%!#.0!/'4-&+(.(%0!L-1K&'4.0!g5'*!1'(.03!>)/!]QXWSPPR3!(%!SX!(%!(+2+%4,*%3!^;!
Sc3!0+&![-%!%#!.*1N!XXONS!5*%1%&(.!4'(+Z+2.*#'0N!L08!%#!"01.('!0+F-%!1%&+%&('!2'45%1%&2+.!5.*.!
%01.,#%2%*! #.0! 2'&(+2+'&%0! ,?0+2.0! [-%! F.*.&1+2%&! #.! +F-.#(.(! (%! 1'('0! #'0! %05.6'#%0! %&! %#!
%C%*2+2+'! (%#! (%*%2@'! (%! Z-&(.2+K&! 5.*.! Z+&%0! (%! +&1%*<0! F%&%*.#3! ex! .*1N! XQXNXNX! /"e! #%!
2'**%05'&(%!+F-.#4%&1%!#.!(+02+5#+&.!(%#!*<F+4%&!C-*8(+2'!(%!#'0!.05%21'0!2+D+#%0!G!5*'2%0.#%0!
(%!#.0!Z-&(.2+'&%0!g.*1N!XQYNXNT!G!O!/"c3!.08!2'4'!%#!%01.,#%2+4+%&1'!(%!#'0!,%&%Z+2+'0!Z+02.#%0!
[-%!.Z%21%&!.!1*+,-1'0!%01.1.#%0!g.*1N!XQYNXNXQ!/"cN!
!
!
SPR
$'*! M#1+4'! %#! .5.*1.('! ]! (%! %01%! 4+04'! .*1N! XXO! 5%*4+1+*8.! 0+&! (+Z+2-#1.(%0! -&.!
+&1%*5*%1.2+K&! 2'&Z'*4%! .! #.! /'&01+1-2+K&! G! .! #.! ('21*+&.! (%#! )*+,-&.#! /'&01+1-2+'&.#3!
.Z+*4.&('! %#! L,'F.('! (%#! "01.('! [-%3! %&! 2'@%*%&2+.! 2'&! #'! 0'01%&+('! 5.*.! #'0! .&1%*+'*%0!
.5.*1.('03! (%,%! 5*%D.#%2%*! #.! +&1%*5*%1.2+K&! (%! <01%! [-%! #+4+1.! #.! 2'45%1%&2+.! .-1'&K4+2.!
0',*%!#'0!,%&%Z+2+'0!Z+02.#%0!.!1*+,-1'0!&'!%01.1.#%0N!
!
2c! "#! :',+%*&'! (%! #.! :%&%*.#+1.1! .#%F.! [-%3! %&! #'! [-%! @.2%! .! #.! +45-F&.2+K&! (%#!
.5.*1.('!X3!#.!(%4.&(.!&'!5.0.!(%!0%*!-&!2'&Z-0'!C-+2+'!(%!+&1%&2+'&%0N!$'*!#'![-%!0%!*%Z+%*%!.!
#.!#%1*.!,c!(%!(+2@'!.5.*1.('!#'0!.21'*%0!'#D+(.*8.&![-%!&'!0%!1*.1.!(%!Z+C.*!%#!%01.,#%2+4+%&1'3!
#.0!2'&(+2+'&%0!G!0-5-%01'0!(%!#'0!,%&%Z+2+'0!Z+02.#%03!#'![-%!0%!*%4+1%!.!#.0!&'*4.0!1*+,-1.*+.0!
(+21.(.0! 5'*! #.! +&01.&2+.! 2'45%1%&1%! i%#! "01.('! %&! 0-0! 1*+,-1'0! G! #.! :%&%*.#+1.1! %&! #'0!
.-1'&K4+2'0i3!0+&'!(%!+(%&1+Z+2.*!.!#.0!.0'2+.2+'&%0!,%&%Z+2+.*+.0!G!2.&.#+=.*!#.!.5#+2.2+K&!(%!
#'0! 4%&2+'&.('0! ,%&%Z+2+'0N! >+4+#.*! *.='&.4+%&1'! 5'(*8.! .5#+2.*0%! .! #.! (%2#.*.2+K&! (%!
-1+#+(.(!5M,#+2.3!5-%0!1.4,+<&!0%!1*.1.!(%!.5#+2.*!#.!&'*4.1+D.!G!#.0!2'&(+2+'&%0!Z+C.(.0!%&!%##.3!
1'(.! D%=! [-%! #.! +(%&1+Z+2.2+K&! (%#! ,%&%Z+2+.*+'! G! #.! .2*%(+1.2+K&! (%! 0-0! 2'&(+2+'&%0! Z'*4.&!
5.*1%!(%#!?4,+1'!5*'5+'!(%!#.!2'45%1%&2+.!*%#.1+D.!.!#.0!.0'2+.2+'&%0N!>%!*%2-%*(.3!Z+&.#4%&1%3!
[-%!#.!(%2#.*.2+K&!5'*!%#!"01.('!(%!#.!-1+#+(.(!5M,#+2.!&'!%&1*.!%&!#.!*%0%*D.!(%#!.*1N!OX!/"3!
0+&'![-%!0%!@.!+&2.*(+&.('!%&!%#!.*1N!XQYNXNXQ!/"N!
!
>%! *%2@.=.! 5'*! %#! :',+%*&'! 2.1.#?&! [-%! #.! .-0%&2+.! (%! -&.! 0.#D%(.(! %\5*%0.! (%! #.0!
2'&(+2+'&%0! ,?0+2.0! [-%! F.*.&1+2%&! #.! +F-.#(.(! %&! %#! %C%*2+2+'! (%#! (%*%2@'! (%! Z-&(.2+K&!
+45#+[-%! (%02'&'2+4+%&1'! (%! #.! 2'45%1%&2+.! %01.1.#N! U'0! 1<*4+&'0! 2'&2*%1'0! (%! #.!
2'45%1%&2+.! .-1'&K4+2.3! [-%! %0! #'! [-%! 2'**%05'&(%! *%F-#.*! .#! %01.1-G%&1%3! &'! +45+(%&3!
#+4+1.&! &+! &+%F.&! #.! 2'45%1%&2+.! %01.1.#N! >+%&('! (%! 1%&%*! %&! 2-%&1.3! .(%4?03! [-%! #.!
2'45%1%&2+.! .-1'&K4+2.! 0%! *%Z+%*%! .#! *<F+4%&! C-*8(+2'! (%! #.0! Z-&(.2+'&%03! %\5*%0+K&! &'!
%\.21.4%&1%!2'+&2+(%&1%!2'&!%#!%C%*2+2+'!(%#!(%*%2@'!(%!Z-&(.2+K&3!0',*%!%#![-%!0%!5*'G%21.!%#!
181-#'!(%#!.*1N!XQYNXNX!/"N!"&!2-.&1'!.!#.!#%1*.!,c!(%#!.5.*1.('!S!%#!:',+%*&'!(%!#.!:%&%*.#+1.1!
0%!*%4+1%!.!#.0!',0%*D.2+'&%0!*%#.1+D.0!.#!.*1N!XXONX!,cN!
!
U.! +45-F&.2+K&! (%#! .*1N! XXON]! 0%! .0+%&1.3! 5.*.! %#! :',+%*&'! 2.1.#?&3! 0',*%! -&.!
+&1%*5*%1.2+K&! .45#+Z+2.('*.! (%#! 2'&2%51'! (%! .G-(.0! 5M,#+2.0! [-%! +&2#-G%! #'0! ,%&%Z+2+'0!
Z+02.#%03!2-.&('!%0!#'!2+%*1'![-%!%#!5*%2%51'!0%!*%Z+%*%!.!#.!.21+D+(.(!(%!Z'4%&1'!5'*! (.2+K&!
g0-,D%&2+'&%03! .5'*1.2+'&%0! Z-&(.2+'&.#%0cN! "#! *%2@.='! (%! #.! +&1%*5*%1.2+K&! 5'01-#.(.! %&! %#!
*%2-*0'!(%,%*8.!2'&##%D.*!0-!(%0%01+4.2+K&N!
!
SPT
!
(c!"#!$.*#.4%&1'!(%!/.1.#-6.!.#%F.3!%&!*%#.2+K&!2'&!%#!.5.*1.('!X!(%#!.*1N!XXO3![-%!%#!
*%2-*0'! (%! +&2'&01+1-2+'&.#+(.(! &'! 'Z*%2%! %&!%01%! 5-&1'! 4?0! .*F-4%&1.2+K&! [-%! #.! F%&<*+2.!
.#-0+K&! .! [-%! 0-! *%F-#.2+K&! *%0-#1.! %\@.-01+D.3! 5'*! #'! [-%! %&! %01%! 5-&1'! 5*'2%(%*8.! #.!
+&.(4+0+K&! (%! #.! (%4.&(.N! "&! 1'('! 2.0'3! %&1*.&('! %&! %#! Z'&('! (%! #.! 2-%01+K&3! %#! %02*+1'!
2'4+%&=.!5'*!0+&1%1+=.*!#.!('21*+&.!2'&01+1-2+'&.#!*%#.1+D.!.#!'*(%&!2'45%1%&2+.#!%&!4.1%*+.!(%!
.0'2+.2+'&%03!2'&!2+1.!(%!#.0!>>)/!X_]WXYYO3!(%!S]!(%!C-#+'3!^;!Oe!G!X]]WSPPT3!(%!S_!(%!.,*+#3!
^;!SN!
!
>%! *%2'&'2%! %&! #.! C-*+05*-(%&2+.3! 2'&1+&M.! #.! /?4.*.3! %#! %#%4%&1'! 1%#%'#KF+2'! (%! #.!
2'45%1%&2+.! %01.1.#! 5.*.! #.! *%F-#.2+K&! (%! -&! (%*%2@'! Z-&(.4%&1.#! 2'&0+01%&1%! %&! %#!
.0%F-*.4+%&1'! (%! #.! +F-.#(.(! (%! 1'('0! #'0! %05.6'#%0! %&! %#! %C%*2+2+'! (%! #'0! (%*%2@'0! G! %&! %#!
2-45#+4+%&1'! (%! #'0! (%,%*%0! 2'&01+1-2+'&.#%03! [-%! 0%! 2'&2*%1.*8.! %&! 2-.1*'! Z.2%1.0! [-%!
2'&Z+F-*.&! #.0! 2'&(+2+'&%0! ,?0+2.0! (%! %C%*2+2+'! (%#! (%*%2@'d! #.! #+,%*1.(! (%! 2*%.2+K&! G!
.(02*+52+K&e! #.! #+,%*1.(! (%! &'! .0'2+.*0%! G! (%! (%C.*! (%! 5%*1%&%2%*! .! #.0! 4+04.0e! #+,%*1.(! (%!
'*F.&+=.2+K&!G!Z-&2+'&.4+%&1'!+&1%*&'0!0+&!+&F%*%&2+.0!5M,#+2.0e!%#!2'&C-&1'!(%!Z.2-#1.(%0!(%!
#'0!.0'2+.('0!+&(+D+(-.#4%&1%!2'&0+(%*.('0!Z*%&1%!.!#.0!.0'2+.2+'&%0N!
!
"#! ?4,+1'! 2'45%1%&2+.#! [-%! '01%&1.&! #.0! /'4-&+(.(%0! L-1K&'4.03! 2'&Z'*4%! .! #.!
C-*+05*-(%&2+.3! 2'&0+01%! %&! &'! *%F-#.*! %#! (%*%2@'! (%! .0'2+.2+K&3! 0+&'! %#! *<F+4%&! (%! #.0!
.0'2+.2+'&%0![-%!0-*F%&!(%#!%C%*2+2+'!(%#!(%*%2@'!g>)/!X_]WXYYO3!(%!S]!(%!C-#+'3! ^;! TcN! "&!
%01%! 0%&1+('3! 2-.&('! %#! "01.1-1'! .1*+,-G%! .! -&.! /'4-&+(.(! L-1K&'4.! #.! 2'45%1%&2+.!
%\2#-0+D.! %&! 4.1%*+.! (%! .0'2+.2+'&%03! #%! @.,+#+1.! 5.*.! *%F-#.*3! &'! 0K#'! #'0! .05%21'0!
.(4+&+01*.1+D'03! 0+&'! 1.4,+<&! %#! *<F+4%&! C-*8(+2'3! 1.&1'! %&! #.! D%*1+%&1%! %\1%*&.! *%#.1+D.! .! 0-!
5.*1+2+5.2+K&!%&!%#!1*?Z+2'!C-*8(+2'!2'4'!%&!0-!D%*1+%&1%!+&1%*&.N!E%!4.&%*.![-%!&'!*%0-#1.*8.!
+&2'&01+1-2+'&.#!%#!5*%2%51'!%01.1-1.*+'!%&!2-%01+K&!5'*!%#!@%2@'!(%!*%F-#.*!%#!*<F+4%&!C-*8(+2'!
(%#!(%*%2@'!(%!.0'2+.2+K&N!
!
L!5*'5K0+1'!(%#!+&2+0'!(%#!.5.*1.('!,c!(%#!.*1N!XXONX!0%!(%01.2.![-%!2'&!%#!4+04'!&'!0%!
1*.1.*8.!(%!Z+C.*!%#!%01.,#%2+4+%&1'3!#.0!2'&(+2+'&%0!G!0-5-%01'0!(%!#'0!,%&%Z+2+'0!Z+02.#%03!1'(.!
D%=![-%!%#!5*%2%51'!+45-F&.('!*%4+1%!.!#.0!&'*4.0!1*+,-1.*+.0!(+21.(.0!5'*!#.!L(4+&+01*.2+K&!
2'45%1%&1%N! 9+%&! .#! 2'&1*.*+'3! #'! [-%! %#! 5*%2%51'! %01.,#%2%*8.! %0! #.! +(%&1+Z+2.2+K&! (%! #.0!
.0'2+.2+'&%0! ,%&%Z+2+.*+.0! G! #.! 2.&.#+=.2+K&! (%! #.! .5#+2.2+K&! (%! #'0! ,%&%Z+2+'0! Z+02.#%0!
!
SP_
2'**%05'&(+%&1%0!(%*+D.('0!(%!#.!&'*4.1+D.!.-1'&K4+2.3!#'![-%!0%!+&2.*(+&.!%&!#.!5'1%01.(![-%!
%#!#%F+0#.('*!.-1'&K4+2'!'01%&1.!5.*.!*%F-#.*!%#!*<F+4%&!C-*8(+2'!(%!.0'2+.2+'&%0N!
!
$'*!0-!5.*1%!#.!(%2#.*.2+K&!(%!-1+#+(.(!(%!#.0!.0'2+.2+'&%0!5*%D+01.!%&!#.!U%G!V*F?&+2.!
XWSPPS3! *%F-#.('*.! (%#! (%*%2@'! (%! .0'2+.2+K&3! [-%(.*8.! .! 0.#D'! %&! D+*1-(! (%! #'! [-%! 0%!
%01.,#%2%! %&! %#! 5*+4%*! .5.*1.('! (%#! 4+04'! .*1N! XXO! (%#! "01.1-1'3! #'! [-%! @.2%! +&M1+#! 0-!
*%+1%*.2+K&N!
!
"&! #'! [-%! @.2%! .#! .*1N! XXONS! 0%! .#%F.! 5'*! %#! $.*#.4%&1'! [-%! #.! '4+0+K&! (%! -&.!
*%Z%*%&2+.!%\5#82+1.!.#!.*1N!XQYNXNX!/"!&'!+45#+2.!&+!%#!(%02'&'2+4+%&1'!&+!%#!%01.,#%2+4+%&1'!
(%!',01?2-#'0!5.*.!#.!5#%&.!.5#+2.2+K&!(%!#.!2'45%1%&2+.!%01.1.#N!7%&'0!.M&![-%!0%!5*%1%&(.!
2'&Z+F-*.*! #.! 2'45%1%&2+.! .-1'&K4+2.! 0+&! 0-C%2+K&! &+! #84+1%! .#F-&'0N! U.! D+*1-.#+(.(! (%! #'0!
5*%2%51'0! 2'&01+1-2+'&.#%0! &'! (%5%&(%! (%! 0-! 4%*.! 4%&2+K&! '! *%4+0+K&! %&! #'0! "01.1-1'0! (%!
L-1'&'48.N!L08!#'!@.!*%2'&'2+('!%#!)*+,-&.#!/'&01+1-2+'&.#!.#-(+%&('!.!0-!Z-%*=.!&'*4.1+D.!
D+&2-#.&1%N!
!
E%! 2-.#[-+%*! 4'('! %#! .*1N! XXONS! (%#! "01.1-1'! 0%! *%Z+%*%! .#! *<F+4%&! C-*8(+2'! (%! #.0!
Z-&(.2+'&%03! 0+&! [-%! %&! &+&FM&! 2.0'! 0%! %&1+%&(.! +&2#-+('! %&! (+2@'! 5*%2%51'! %#! %C%*2+2+'! (%#!
(%*%2@'! (%! Z-&(.2+K&3! %C%*2+2+'! 2-G'! *%2'&'2+4+%&1'! F'=.! (%! #.! 2'**%05'&(+%&1%! F.*.&18.!
+&01+1-2+'&.#! *%2'F+(.! %&! %#! .*1N! ]Q! /"N! L! #.! :%&%*.#+1.1! (%! /.1.#-6.! #%! 2'**%05'&(%! #.!
*%F-#.2+K&! (%#! *<F+4%&! C-*8(+2'! (%! #.0! Z-&(.2+'&%0! [-%! 2-45#.&! 0-0! Z-&2+'&%0!
4.G'*+1.*+.4%&1%!%&!/.1.#-6.N!L083!#.!>)/!]QXWSPPR3!(%!SX!(%!(+2+%4,*%3!2'&Z+*4.!%#!2*+1%*+'!
(%!#.!1%**+1'*+.#+(.(!5.*.!0'01%&%*!#.0!2'45%1%&2+.0!.-1'&K4+2.0!%&!4.1%*+.!(%!Z-&(.2+'&%03!1.#!
G! 2'4'! 2'&01.! (%! 4.&%*.! %\5#82+1.! %&! %#! 5*%2%51'! +45-F&.('N! /'&Z'*4%! .! #.! 4+04.! %#!
#%F+0#.('*!.-1'&K4+2'!%0!%#!@.,+#+1.('!5.*.!%C%*2%*!#.!.45#+.!#+,%*1.(!(%!2'&Z+F-*.2+K&![-%!%#!
1%\1'! 2'&01+1-2+'&.#! #%! 2'&Z+%*%! 2-.&('! 0%! 1*.1%! (%! Z-&(.2+'&%0! [-%! *%.#+2%&! 0-! .21+D+(.(!
5*+&2+5.#4%&1%!%&!%#!1%**+1'*+'!(%!#.!/'4-&+(.(!L-1K&'4.3!4+%&1*.0![-%!#'!0%*?!%#!%01.1.#!%&!
#'0!0-5-%01'0!&'!2-,+%*1'0!5'*!#.0!.#-(+(.0!5*%D+0+'&%0!%01.1-1.*+.0N!
!
"&! *%#.2+K&! 2'&! %#! .5.*1.('! ,c! (%#! .*1N! XXONS! %#! $.*#.4%&1'! (.! 5'*! *%5*'(-2+(.0! #.0!
.#%F.2+'&%0! %Z%21-.(.0! .#! .*1N! XXONX! ,c3! .6.(+%&('! [-%! %0! %D+(%&1%! [-%! #.! :%&%*.#+1.13! %&!
%C%*2+2+'!(%!0-0!2'45%1%&2+.0!%&!4.1%*+.!1*+,-1.*+.3!5'(*?!%01.,#%2%*!+&2%&1+D'0!Z+02.#%0!5.*.!
#.0!Z-&(.2+'&%0!4%(+.&1%!-&.!&'*4.!2'&!*.&F'!(%!#%G3!0+&!5%*C-+2+'!(%!#'0!+&2%&1+D'0!Z+02.#%0!
%01.,#%2+('0! 5'*! #.! &'*4.1+D.! %01.1.#! .! #.! 5.*1+2+5.2+K&! 5*+D.(.! %&! .21+D+(.(%0! (%! +&1%*<0!
!
SPO
F%&%*.#!G!.#!4%2%&.=F'3!(%!2'&Z'*4+(.(!2'&!#.!2'45%1%&2+.!%\2#-0+D.![-%!'01%&1.!%#!"01.('!
ex!.*1N!XQYNXNXQ!/"N!
!
"#!2'&2%51'!`.G-(.0!5M,#+2.0a!*%2'F+('!%&!%#!.*1N!XXON]!*%2-**+('!&'!1+%&%3!.!C-+2+'!(%#!
$.*#.4%&1'! (%! /.1.#-6.3! 5'*! [-<! 2'+&2+(+*! 2'&! %#! (%! ,%&%Z+2+'0! Z+02.#%0N! $'*! %##'! %01.,#%2%*!
-&.! %[-+5.*.2+K&! 2'&2%51-.#! %&1*%! .4,'0! 1<*4+&'0! 5'(*8.! %&1*.6.*! F*.D%0! *+%0F'0! (%0(%! %#!
5-&1'! (%! D+01.! (%#! 5*+&2+5+'! (%! 0%F-*+(.(! C-*8(+2.3! 0+%&('! 5*%2+0'! %&1%&(%*! %#! 1%\1'! %&! 0-0!
C-01'0! 1<*4+&'03! 0+&! +&1%*5*%1.2+'&%0! %\1%&0+D.0N! E%! #.! #%21-*.! (%#! 5*%2%51'! 2-%01+'&.('! 0%!
(%05*%&(%*8.![-%!%#!2'&2%51'!(%!.G-(.0!5M,#+2.0!&'!1+%&%!&.(.![-%!D%*!2'&!%#!(%!,%&%Z+2+'0!
Z+02.#%03!1'(.!D%=![-%!2-.&('!%#!#%F+0#.('*!%01.1.#!G!.-1'&K4+2'!#'!@.&![-%*+('!4%&2+'&.*!#'!
@.&!@%2@'!%&!0-0!C-01'0!1<*4+&'03!2'4'!0-2%(%!%&!#'0!.&1%*+'*%0!.5.*1.('0!(%#!.*1N!XXON!
!
TPN! .c! "#! .*182-#'! XSP! g/.C.0! (%! .@'**'0c! (+0%6.! -&.! 2'45%1%&2+.! (%! #.! :%&%*.#+1.1!
0',*%!#.0!2.C.0!('4+2+#+.(.0!%&!/.1.#-6.![-%!0%!%01*-21-*.!%&!1'*&'!.#!*<F+4%&!(%!%\2#-0+D+(.(!
g.5.*1.('!Xc!G!(%!2'45.*1+2+K&!g.5.*1.('!Sc3!.6.(+%&('!-&.!(%2#.*.2+K&!0',*%!#.!2'#.,'*.2+K&!
(%! #.! :%&%*.#+1.1! %&! .21+D+(.(%0! (%! +&05%22+K&! G! 0.&2+K&! [-%! 2'**%05'&(%&! .#! 7+&+01%*+'! (%!
"2'&'48.!G!B.2+%&(.!G!.#!9.&2'!(%!"05.6.!g.5.*1.('!]cN!E%!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#!
0%!(%05*%&(%*8.3!0+&!%4,.*F'3!#.!2'45%1%&2+.!(%#!"01.('!%&!.05%21'0!(%!#.!*%F-#.2+K&!,?0+2.!
(%!#.!'*F.&+=.2+K&!(%!#.0!2.C.0!g5'*!1'(.03!>)/!TSWXYY]3!(%!XO!(%!Z%,*%*'cN!/'45%1%&2+.![-%!
0%!D%*8.!.Z%21.(.!%&!.#F-&'0!%\1*%4'0!(%#!.5.*1.('!X3![-%!5'*!-&!#.('!@.2%!#.!0.#D%(.(!(%#!.*1N!
XQYNXNXX!G!X]!/"!G!5'*!'1*'!(%1%*4+&.!%#!2'&1%&+('!4.1%*+.#!(%!#.!2'45%1%&2+.!.-1'&K4+2.!
2'&!-&!.#2.&2%![-%!#.!2'&D+%*1%!%&!%\2#-0+D.3!2'45*%&(+%&('!#.!(%1%*4+&.2+K&!(%!#'0!K*F.&'0!
*%21'*%0!g0+&!*%Z%*%&2+.!.!#.!5*'1%22+K&!(%!#'0!+&1%*%0%0!#'2.#%03!5%0%!.![-%!%&!#.!>)/!]]WXYY]3!
(%!X!(%!Z%,*%*'3!0%!@.!0-,*.G.('!#.!1*.02%&(%&2+.!(%!#.!.-1'&'48.!#'2.#!%&!%01%!5-&1'c!l#%1*.!
.cm3!%#!*<F+4%&!C-*8(+2'!(%!2*%.2+K&3!Z-0+K&3!#+[-+(.2+K&!G!*%F+01*'!l#%1*.!2cm!G!%#!%C%*2+2+'!(%!#.0!
5'1%01.(%0!.(4+&+01*.1+D.0!2'&!*%#.2+K&!.!0-0!Z-&(.2+'&%0!g#'![-%!0-5'&(*8.3!.(%4?03!%\1%&(%*!
#.!2'45%1%&2+.!*%F-#.(.!%&!%#!.*1N!XXO3!G.!+45-F&.('c!l#%1*.!(cmN!
!
"#! 4+04'! *%5*'2@%! 4%*%2%*8.! %#! .5.*1.('! S3! [-%! (%Z+&%! 2'4'! 2'45.*1+(.! #.!
2'45%1%&2+.! 0',*%! #.! .21+D+(.(! Z+&.&2+%*.3! %05%2+Z+2.&('! [-%! +&2#-G%! %&! 1'('! 2.0'! #.!
*%F-#.2+K&!(%!#.!(+01*+,-2+K&!(%! #'0!%\2%(%&1%0!G!(%!#.!',*.!0'2+.#!(%!#.0!2.C.03!#'![-%!0%*8.!
2'&1*.*+'! .! #.! C-*+05*-(%&2+.3! [-%! %\+F%! 2'&1.*! 2'&! -&.! *%F-#.2+K&! 48&+4.! G! -&+Z'*4%! %&! #.!
4.1%*+.!g>)/!X_OWXYYS3!(%!X]!(%!&'D+%4,*%cN!"&!#.!4+04.!#8&%.!%#!.5.*1.('!]!2'&1*.(+*8.!#.!
('21*+&.!2'&01+1-2+'&.#!.#!.1*+,-+*!.!#.!:%&%*.#+1.1!#.!2'45%1%&2+.!2'45.*1+(.!0',*%!(+02+5#+&.3!
!
SPY
+&05%22+K&!G!0.&2+K&!(%!#.0!2.C.0!g>)/!QOWXYOO3!(%!SS!(%!4.*='3![-%!&'!.(4+1%!#.!%\1%&0+K&!
(%!#.!2'45%1%&2+.!.-1'&K4+2.!.!.21+D+(.(%0!*%.#+=.(.0!Z-%*.!(%#!*%05%21+D'!1%**+1'*+'cN!$'*!#'!
[-%!@.2%!.#!.5.*1.('!Q3!0-!+&2'&01+1-2+'&.#+(.(!(%*+D.*8.!(%!('0!2'&0+(%*.2+'&%0N!E%!-&!#.('3!
#.!2'45%1%&2+.!5.*.!2'#.,'*.*!2'&!#.0!.21+D+(.(%0!(%!+&05%22+K&!G!0.&2+K&![-%!2'**%05'&(%&!.!
K*F.&'0!%01.1.#%0!%\2%(%*8.!(%!#.![-%!.(4+1%!%#!,#'[-%!(%!2'&01+1-2+'&.#+(.(3![-%3!2'&Z'*4%!.!
#.!C-*+05*-(%&2+.3!0K#'!.(4+1%!-&.!2+%*1.!2'45%1%&2+.!(%!`0-5%*D+0+K&!5*-(%&2+.#a3!5.*.#%#.!.!
#.! 2'45%1%&2+.! 5*'5+.! (%#! 9.&2'! (%! "05.6.N! E%! '1*'3! %#! 5*%2%51'! Z'*4-#.*8.! -&! +&.2%51.,#%!
4.&(.1'!D+&2-#.&1%!.!#'0!5'(%*%0!5M,#+2'0!(%#!"01.('N!
!
,c! "&! *%#.2+K&! 2'&! %#! .5.*1.('! X! (%#! 5*%2%51'! .#%F.! %#! L,'F.('! (%#! "01.('! [-%! #.!
1<2&+2.!(%#!"01.1-1'!2'&0+01%!%&!.1*+,-+*!#.!2'45%1%&2+.!2'&!2.*?21%*!F%&%*.#!G3!.!2'&1+&-.2+K&3!
(%0.**'##.*!4.1%*+.0!+&2#-+(.0!%&!%#!?4,+1'!2'45%1%&2+.#N!L083!%&!%01%!2.0'3!%#!0%F-&('!+&2+0'!
(%#!.5.*1.('!#'!M&+2'![-%!@.*8.!%0!%\5#+2+1.*!2'&1%&+('0![-%!&%2%0.*+.4%&1%!+&2#-G%!%#!181-#'!
2'45%1%&2+.#3!5%*'!<01%!0%F-+*8.!0+%&('!%#!4+04'!G![-%(.*8.!.Z%21.('!5'*!+(<&1+2'0!#84+1%0N!"&!
(%Z+&+1+D.3! 0%*8.! %D+(%&1%3! .! 0-! C-+2+'3! [-%! #.0! 4.1%*+.0! .1*+,-+(.0! `%&! 1'('! 2.0'a! .! #.!
/'4-&+(.(! 1.4,+<&! %01.*8.&! 0-C%1.0! .! `#'! %01.,#%2+('! 5'*! %#! "01.('! %&! %#! %C%*2+2+'! (%! #.0!
2'45%1%&2+.0![-%!#%!.1*+,-G%&!#'0!.*182-#'0!XQYNXNXX!G!XQYNXNX]!(%!#.!/'&01+1-2+K&aN!
!
"&!2-.&1'!.!#.!#%1*.!.c!&'!.#2.&=.!.!%&1%&(%*!%#!L,'F.('!(%#!"01.('!%&![-<!4%(+(.!0%!
5-%(%! (%02'&'2%*! #.! .-1'&'48.! #'2.#3! 5-%03! %&! %#! %C%*2+2+'! (%! 0-0! 2'45%1%&2+.03! 1.&1'! %#!
"01.('! 2'4'! #.! :%&%*.#+1.1! (%,%*?&! *%05%1.*! #.! .-1'&'48.! #'2.#! 2'&01+1-2+'&.#4%&1%!
F.*.&1+=.(.3! G3! %&! %#! 2.0'! (%! [-%! #.! :%&%*.#+1.1! +&2-45#.! %0.! ',#+F.2+K&3! 5'(*?! (%2#.*.*0%!
+&2'&01+1-2+'&.#! #.! &'*4.! (%! (%0.**'##'! (%#! 5*%2%51'! [-%! &'0! '2-5.! [-%! +&Z*+&C.! %0.!
.-1'&'48.3!5%*'!&'!5.*%2%!.2%51.,#%![-%3!5*%D%&1+D.4%&1%3!0%!(%2#.*%!#.!+&2'&01+1-2+'&.#+(.(!
(%! -&.! &'*4.! .1*+,-1+D.! (%! 2'45%1%&2+.! 5.*.! %D+1.*! [-%! %&! -&! Z-1-*'! 0%! 5-%(%! %C%*2%*! (%!
Z'*4.!+45*'2%(%&1%N!
!
/'&!*%05%21'!.!#.!#%1*.!2c!0%!(.!5'*!*%5*'(-2+('!#'!%\5-%01'!2'&!2.*?21%*!F%&%*.#!5.*.!
%#! .5.*1.('3! %&1%&(+%&('! [-%! 1.4,+<&! 0%! %&2-%&1*.! 0-C%1.! .! #'0! #84+1%0! [-%! 0%! (%*+D%&! (%! #.!
2'45%1%&2+.!%01.1.#!%&!#.!4.1%*+.N!
!
$'*! #'! [-%! 0%! *%Z+%*%! .! #.! #%1*.! (c! 0%! '5'&%! #.! 2.*%&2+.! %&! #.! (%4.&(.! (%#! &%2%0.*+'!
*.='&.4+%&1'! C-01+Z+2.1+D'! (%! #.! 5'01-*.! +45-F&.1'*+.3! .Z+*4.&('! [-%3! %&! *+F'*3! %#!
0%6.#.4+%&1'! (%! 5-&1'0! (%! 2'&%\+K&! 5.*.! @.2%*! 5'0+,#%! %#! %C%*2+2+'! 0+4-#1?&%'! (%!
!
SXP
2'45%1%&2+.0!.-1'&K4+2.0!G!%01.1.#%0!%0!-&!2'&1%&+('!185+2'!(%!#.0!&'*4.0!%01.1.#%0N!$%*'3!%&!
2-.#[-+%*!2.0'3!5.*%2%!2#.*'![-%!#.!#%1*.![-%!&'0!'2-5.!(%,%!+&1%*5*%1.*0%!%&!*%#.2+K&!2'&!%#!
.*1N!XXR!(%#!"01.1-1'3![-%!5*'G%21.!0-!2'&1%&+('!0',*%!1'(.0!#.0!2'45%1%&2+.0!%05%28Z+2.0![-%!
0%!*%#.2+'&.&!%&!%#!2.581-#'!bb!(%#!181-#'!bAN!E%!%01.!Z'*4.!@.,*8.![-%!%&1%&(%*![-%!#.!#%1*.!(c!
&'!%01.,#%2%!%\5*%0.4%&1%![-%!#.!2'45%1%&2+.![-%!.1*+,-G%!%\2%(.!(%#!1%**+1'*+'!(%!/.1.#-6.3!
0+&'![-%!#.0!2'45%1%&2+.0!(%!#.!:%&%*.#+1.1!D%&(*8.&!*%Z%*+(.0!.!#.0!Z-&(.2+'&%0!2*%.(.0!5'*!
2.C.0! ('4+2+#+.(.0! %&! /.1.#-6.! 0+%45*%! [-%! (%0.**'##%&! 4.G'*+1.*+.4%&1%! 0-0! Z-&2+'&%0! %&!
%0.!/'4-&+(.(N!
!
"&! 2-.&1'! .#! .5.*1.('! S! 0'01+%&%! %#! L,'F.('! (%#! "01.('! [-%! (%#! +&2+0'! (%! #.! >)/!
X_OWXYYS3!(%!X]!(%!&'D+%4,*%3![-%!0%!2+1.!%&!#.!(%4.&(.3!&'!5-%(%!%\1*.%*0%!#.!2'&2#-0+K&!
[-%! 0%! 5*%1%&(%! (%! 2'&1*.*+'N! L08! %&! %#! ^;! ]! 2c! (%! #.! 4+04.! 0%! (%2#.*K! 2'&01+1-2+'&.#! #.!
%\+F%&2+.! (%! 5*%D+.! .-1'*+=.2+K&! 5'*! %#! 9.&2'! (%! "05.6.! (%! #.! (+01*+,-2+K&! (%! *%0-#1.('0!
2-.&('!#.!%&1+(.(!(%!(%5K0+1'0!1-D+%*.!-&!(<Z+2+1!(%!*%2-*0'0!5*'5+'0![-%3!(%!.2-%*('!2'&!#.!
#%G3! 5-(+%*.! 5'&%*! %&! 5%#+F*'! 0-! 0'#D%&2+.N! $-%0! ,+%&3! %&! &.(.! 5.*%2%*8.! [-%! 5-%(.! [-%(.*!
.Z%21.(.! #.! 2'45%1%&2+.! %01.1.#! 5'*[-%! #.! :%&%*.#+1.1! *%F-#%3! (%&1*'! (%! #.0! ,.0%0! [-%! Z+C%! %#!
"01.('3! #.! (+01*+,-2+K&! (%! #'0! %\2%(%&1%0! G! (%! #.! ',*.! 0'2+.#! (%! #.0! 2.C.0N! $'*! 0-5-%01'! %#!
"01.('!0+%45*%!5'(*?!%01.,#%2%*!2'&1*'#%0!.(+2+'&.#%0!.!#.!(+01*+,-2+K&!(%!*%0-#1.('0!2-.&('!
5-%(.! [-%(.*! .Z%21.(.! #.! 0'#D%&2+.! (%! #.! %&1+(.(3! (%! .2-%*('! 2'&! #.! ('21*+&.! 0%&1.(.! %&! #.!
>%&1%&2+.!2+1.(.N!$'*!M#1+4'!0%!@.2%!&'1.*![-%!%#!.5.*1.('!#+4+1.!#+1%*.#4%&1%!#.!2'45%1%&2+.!
.-1'&K4+2.! 5'*! #'0! `5*+&2+5+'03! *%F#.0! G! %01?&(.*%0! 48&+4'0! [-%! %01.,#%=2.&! #.0! ,.0%0!
%01.1.#%0a3!#'![-%!.#-(%!.!#.!%05%2+.#!+&1%&0+(.(![-%!%&!%01%!?4,+1'!5-%(%&!1%&%*!<01.03!1.#!G!
2'4'!0%!5-0'!(%!4.&+Z+%01'!%&!#.0!.#%F.2+'&%0!.#!.*1N!XXX!(%#!"01.1-1'N!
!
"&!*%#.2+K&!2'&!%#!.5.*1.('!]!.Z+*4.!%#!L,'F.('!(%#!"01.('![-%!#.!(%4.&(.!0%!*%Z+%*%!
0+&!(-(.!.#!^;!Q!(%!#.!>)/!QOWXYOO3!(%!SS!(%!4.*='3!%&!#.![-%3!%Z%21+D.4%&1%3!0%!(%2#.*K!#.!
+&2'&01+1-2+'&.#+(.(!(%!#'0!.*10N!RT!G!XO!(%!#.0!U%G%0!2.1.#.&.!G!F.##%F.!%&!4.1%*+.!(%!2.C.03!
5'*! 2-.&1'! %\1%&(8.&! #.! 2'45%1%&2+.! %&! 4.1%*+.! (%! +&05%22+K&! G! 2''*(+&.2+K&! .! .21+D+(.(%0!
*%.#+=.(.0!Z-%*.!(%#!1%**+1'*+'!(%!#.!/'4-&+(.(N!"#!5-&1'!(%!2'&%\+K&!5.*.!%#!%01.,#%2+4+%&1'!
(%!#.!2'45%1%&2+.!D%&8.!(%1%*4+&.('!%&!#.!(+05'0+2+'&!Z+&.#![-+&1.!(%!#.!U%G!]XWXYOR3!(%!S!(%!
.F'01'3! (%! &'*4.0! ,?0+2.0! 0',*%! K*F.&'0! *%21'*%0! (%! #.0! 2.C.0! (%! .@'**'! gUVH/Lc3!
+&1%*5*%1.('!5'*!%#!)*+,-&.#!/'&01+1-2+'&.#!%&!#.!*%Z%*+(.!>%&1%&2+.3!%&!#.![-%!0%!(%1%*4+&K3!
2'&!%#!.&1%*+'*!4.*2'!%01.1-1.*+'3![-%!#.0!Z-&2+'&%0!(%!(+02+5#+&.3!+&05%22+K&!G!0.&2+K&!@.,*8.&!
!
SXX
(%! .1*+,-+*0%! .! #.! L(4+&+01*.2+K&! 2'**%05'&(+%&1%! (%! .2-%*('! 2'&! -&! 2*+1%*+'! %01*+21.4%&1%!
1%**+1'*+.#N!
!
$'*! 0-! 5.*1%! %#! "01.1-1'! 08! %01.,#%2%*8.! -&! 5-&1'! (%! 2'&%\+K&! %05%28Z+2'! 5.*.! %#!
%C%*2+2+'! (%! 0-0! 2'45%1%&2+.0! `0',*%! (+02+5#+&.3! +&05%22+K&! G! 0.&2+K&! (%! #.0! 2.C.0a! [-%! 0%!
%\1%&(%*8.! .! #.0! [-%! 1%&F.&! 0-! ('4+2+#+'! %&! /.1.#-6.N! >+&! %4,.*F'! 5.*%2%! 2#.*'3! 5.*.! %#!
*%5*%0%&1.&1%! (%#! :',+%*&'3! [-%! #.! +&1%*5*%1.2+K&! (%#! +&2+0'! %&! %#! 0%&1+('! (%! %\1%&(%*! #.!
2'45%1%&2+.! .-1'&K4+2.! .! #.0! .21+D+(.(%0! (%! 2*<(+1'! *%.#+=.(.0! Z-%*.! (%#! 1%**+1'*+'! (%! #.!
/'4-&+(.(!*%0-#1.*8.!2'&1*.*+.!.!#.0!(+05'0+2+'&%0!(%!#.!UVH/L!2'&Z+*4.(.0!2'4'!,?0+2.0!
5'*! %01%! )*+,-&.#N! h&.! +&1%*5*%1.2+K&! 0+01%4?1+2.! (%#! "01.1-1'! ',#+F.*8.! .! %&1%&(%*! [-%! #.!
2'45%1%&2+.!.-1'&K4+2.!0%!#+4+1.!.#!?4,+1'!1%**+1'*+.#!(%!#.!5*'5+.!/'4-&+(.(3!1*.0!*%.#+=.*!
-&.!+&1%*5*%1.2+K&!0+01%4?1+2.!(%#!5*%2%51'!.[-8!(+02-1+('!2'&!%#!.*1N!XXR!(%#!"01.1-1'3! (%! #.!
[-%! 5.*%2%*8.! (%(-2+*0%! 2'&! 2#.*+(.(! [-%! 2.,%! %\2#-+*! #.! 2'45%1%&2+.! .-1'&K4+2.! 0',*%! #.0!
.21+D+(.(%0!(%!2*<(+1'!*%.#+=.(.0!Z-%*.!(%#!1%**+1'*+'!.-1'&K4+2'N!
!
$'*! M#1+4'! %#! .5.*1.('! Q! 0%! #+4+1.*8.! .! 5*'5'&%*! ZK*4-#.0! (%! 2'#.,'*.2+K&! 2'&! %#!
"01.('3! (%! .2-%*('! 2'&! #'! [-%! %01.,#%=2.! #.! #%F+0#.2+K&! (%! <01%3! *%4+0+K&! [-%! @.*8.! [-%! &'!
5-%(.!0-02+1.*0%!(-(.!.#F-&.!.2%*2.!(%!#.!2'&01+1-2+'&.#+(.(!(%#!5*%2%51'N!"&!0-!2.0'!@.,*?!(%!
0%*!%#!#%F+0#.('*!%01.1.#!%#![-%!(%2+(.!%#!@%2@'!(%!#.!2'#.,'*.2+K&!G!#.0!ZK*4-#.0!G!4%2.&+04'0!
%&![-%!0%!.*1+2-#%3!0+&![-%!%#!"01.1-1'!2'&(+2+'&%!%&!4'('!.#F-&'!.#!#%F+0#.('*!,?0+2'N!
!
2c! $.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.13! 5%0%! .! [-%! #.0! >>)/! QO! G! QYWXYOO3! (%! SS! (%!
4.*='e! G! TX! G! TSWXYY]3! (%! XO! (%! Z%,*%*'3! @.G.&! +&2#-+('! (%&1*'! (%! #.! 2'45%1%&2+.! ,?0+2.!
%01.1.#! ex! .*1N! XQYNXNXX! /"! .05%21'0! '*F.&+=.1+D'0! (%! #.0! 2.C.03! %##'! &'! +45%(+*8.! [-%! #.0!
/'4-&+(.(%0! L-1K&'4.0! 5-%(.&! +*! 4?0! .##?! %&! #.! *%F-#.2+K&! (%#! %01.1-1'! C-*8(+2'! (%! 0-0!
K*F.&'0! (%! F',+%*&'3! '! [-%! @.G.! .05%21'0! [-%! &'! 5-%(.&! *%5-1.*0%! ,?0+2'0! gvgrN! %(.(! (%!
C-,+#.2+K&!(%!#'0!(+*%21+D'0cN!/.,*8.!1.4,+<&![-%!#.0!/'4-&+(.(%0!L-1K&'4.0!(%&!%&1*.(.!.!
'1*'0! +&1%*%0%0! 0'2+.#%0! %&! %0'0! K*F.&'0! '! [-%! .(.51%&! %#! 5%0'! (%! #'0! (+D%*0'0! 2'#%21+D'0!
*%5*%0%&1.('0!.!#.0!2+*2-&01.&2+.0!(%!2.(.!1%**+1'*+'N!
!
"&!%#!.5.*1.('!X!0%!.1*+,-G%!#.!2'45%1%&2+.!%&!1<*4+&'0!1.#%0![-%!&'!0%*8.!&%2%0.*+.!#.!
+&1%*5*%1.2+K&! 0'#+2+1.(.! %&! #.! (%4.&(.N! /'&! *%05%21'! .! #.! #%1*.! .c3! 0-! +45-F&.2+K&! 0%*8.!
+&Z-&(.(.!G!5*%D%&1+D.3!5-%0!&.(.!%&!%#!"01.1-1'!##%D.!.!2'&2#-+*![-%!#.!:%&%*.#+1.1!&'!@.G.!(%!
*%05%1.*!G!5*'1%F%*!#.!.-1'&'48.!#'2.#N!U.!+45-F&.2+K&!(%!#.!#%1*.!2c3!5'*!0-!5.*1%3!0%!.0%&1.*8.!
!
SXS
0',*%! -&.! #%21-*.! (%! #.! *%F-#.2+K&! ,?0+2.! %&! 4.1%*+.! (%! Z-0+'&%0! (%! 2.C.0! %\2#-G%&1%! (%!
2-.#[-+%*!+&1%*D%&2+K&!.-1'&K4+2.!G!C-01+Z+2.(.!%&!#.!&%2%0+(.(!(%!%D+1.*!-&.!2'&Z-0+K&![-%!
&'!5.0.*8.!(%!0%*!-&.!@+5K1%0+0!(%!Z-1-*'N!U.!+45-F&.2+K&!(%!#.!#%1*.!(c!'#D+(.*8.!%#!2.*?21%*!
+&01*-4%&1.#! (%! #.0! Z-&(.2+'&%0! [-%! 2*%%&! #.0! 2.C.0! G! #.! +&2+(%&2+.! (%! #.! 2'45%1%&2+.! 0',*%!
Z-&(.2+'&%0! (%#! .*1N! XXO3! @.2+<&('0%! &'1.*! 5'*! %#! "C%2-1+D'! 2.1.#?&! [-%! #.0! 5'1%01.(%0!
.(4+&+01*.1+D.0!(%!%01.!#%1*.!5*%0%&1.&!-&!0%&1+('!(+01+&1'!.!#.0!Z-&2+'&%0!(%#!.*1N!XXONS!G!-&!
.#2.&2%!4-2@'!4?0!2'&2*%1'3!(%!4.&%*.![-%!0'&!5%*Z%21.4%&1%!2'45.1+,#%0N!
!
/'&!%#!*%2-*0'!2'&1*.!%#!.*1N!XSPNS!0%!5*%1%&(%3!.!C-+2+'!(%#!:',+%*&'!(%!#.!:%&%*.#+1.13!
[-%!#.!2'45%1%&2+.!0',*%!(+01*+,-2+K&!(%!,%&%Z+2+'0!0%.!%\2#-0+D.!(%#!"01.('3!#'![-%!2.*%2%!(%!
Z-&(.4%&1'! %&! %#! .*1N! XQYNX! /"N! L(%4?03! 0%! '#D+(.*8.! [-%! 0%! 1*.1.! (%! -&.! 2'45%1%&2+.!
2'45.*1+(.!2'&!%#!5*'5+'!"01.('3!C-01+Z+2?&('0%!#.!+&1%*D%&2+K&!(-.#!5'*!#.!&.1-*.#%=.!5%2-#+.*!
(%!#.0!2.C.03!%&!1.&1'![-%!0'&!%&1%0!(%!2.*?21%*!Z+&.&2+%*'I0'2+.#N!
!
"&!(%Z%&0.!(%#!.*1N!XSPN]!0%!@.2%!&'1.*![-%3!.#!1*.1.*0%!(%!-&.!2'45%1%&2+.!2'45.*1+(.3!
&'! 0%! %\2#-G%! #.! +&1%*D%&2+K&! %01.1.#! '! (%! '1*.0! /'4-&+(.(%0! L-1K&'4.03! 2-.&('! 5*'2%(.3!
2'4'! ,+%&! 0%! 4.&+Z+%01.! %&! %#! +&2+0'! Z+&.#3!('&(%! 0%! (+2%! [-%! +&2#-G%! %#! %01.,#%2+4+%&1'! (%!
+&Z*.22+'&%0!G!0.&2+'&%0!.(+2+'&.#%0!%&!4.1%*+.0!(%!0-!2'45%1%&2+.N!
!
"#! *%2-*0'! Z*%&1%! .#! .*1N! XSPNQ! .(4+1+*8.! -&.! 2+%*1.! 2'45%1%&2+.! (%! 0-5%*D+0+K&!
5*-(%&2+.#3!5%*'!&'!-&.!2'#.,'*.2+K&!2'&!%#!7+&+01%*+'!(%!B.2+%&(.!G!%#!9.&2'!(%!"05.6.N!>%!
5#.&1%.3!5'*!1.&1'3!-&.!2-%01+K&!5-*.4%&1%!&'4+&.#+01.N!>+&!5%*C-+2+'!(%!%##'!0%!(%01.2.![-%!%#!
5*%2%51'! %&! &+&FM&! 4'4%&1'! %01.,#%2%! %#! 2'&1%&+('! 2'&2*%1'! &+! %#! 5*'2%(+4+%&1'! (%!
2'#.,'*.2+K&3! 5'*! #'! [-%! &'! +&1%*Z+%*%! %&! #.0! (%2+0+'&%0! [-%! 2'**%05'&(%! .('51.*! .! #.0!
+&01.&2+.0!2%&1*.#%0!4%&2+'&.(.0N!
!
(c!$.*.!#.!*%5*%0%&1.2+K&!(%#!$.*#.4%&1'!(%!/.1.#-6.!#.!+45-F&.2+K&!F%&<*+2.!(%#!.*1N!
XSP! 1.4,+<&! 1+%&%! 2.*?21%*! 5*%D%&1+D'3! 5'*! #'! [-%! *%0-#1.! +&.(4+0+,#%N! H%05%21'! .! #'0!
.*F-4%&1'0! [-%! 0%! +&2#-G%&! %&! %#! *%2-*0'! .! 5*'5K0+1'! (%! #.! #%1*.! .c! (%#! .5.*1.('! X! .#%F.! #.!
/?4.*.! [-%! &+&FM&! 5*%2%51'! 2'&01+1-2+'&.#! +45'&%! #.! &%2%0+(.(! (%! [-%3! %&! %#! 4'4%&1'! (%!
%01.,#%2%*! #.0! 2'45%1%&2+.0! (%! -&.! /'4-&+(.(! L-1K&'4.! %&! 0-! "01.1-1'3! 0%! .0%F-*%! #.!
5.*1+2+5.2+K&!(%!#'0!%&1%0!#'2.#%0!%&!#'0!K*F.&'0!*%21'*%0!(%!#.0!2.C.0!(%!.@'**'N!k'!2.,*8.3!5'*!
1.&1'3! @.,#.*! (%! +&2'&01+1-2+'&.#+(.(! 5'*! '4+0+K&N! "&! 2-.&1'! .! #.! >)/! ]]WXYY]3! (%! X! (%!
Z%,*%*'3!&'!1%&(*8.!*%#%D.&2+.!%&!%#!5*%0%&1%!2.0'3!G.![-%!%&!#.!4+04.!&'!0%!(+02-18.!0',*%!#.!
!
SX]
1*.02%&(%&2+.!(%!#.!.-1'&'48.!#'2.#!%&!#.!*%F-#.2+K&!(%!#'0!K*F.&'0!(%!F',+%*&'!(%!#.0!2.C.03!
0+&'!0',*%!%#!.#2.&2%![-%!(%,8.!(.*0%!.#!.*1N!Q_NS!U9HU!2'&!*%#.2+K&!.#![-K*-4!%\+F+,#%!%&!#.0!
D'1.2+'&%0!%&!%#!5#%&'!(%!#.0!2'*5'*.2+'&%0!#'2.#%0!5.*.!.('51.*!2+%*1'0!.2-%*('0N!
!
>',*%!#.!#%1*.!2c!(%#!.5.*1.('!X!(%#!.*1N!XSP!0%!.#%F.![-%!%#!5*%2%51'!%01.,#%2%!(%!Z'*4.!
2#.*.![-%!#.!2'45%1%&2+.!(%!#.!/'4-&+(.(!L-1K&'4.!%&!4.1%*+.!(%!Z-0+K&!(%!2.C.0!(%!.@'**'!
0%!.1*+,-G%!`*%05%1.&('!#'!%01.,#%2+('!5'*!%#!"01.('!%&!%#!%C%*2+2+'!(%!#.0!2'45%1%&2+.0![-%!#%!
.1*+,-G%&! #'0! .*10N! XQYNXNXX! G! XQYNXNX]! (%! #.! /'&01+1-2+K&aN! >%! 1*.1.*8.3! %&! 1'('! 2.0'3! (%!
.05%21'0!%&![-%3!a priori3!0+!&'!%01?!%&!C-%F'!#.!0'#D%&2+.!(%!#.!%&1+(.(!Z+&.&2+%*.3!&'!2.,*8.!
+&D'2.*!#.!+&(+05'&+,+#+(.(!(%!#.!'*(%&.2+K&!%01.1.#!%&!%#!0%&1+('!(%!#.!>)/!TSWXYY]3!(%!XO!(%!
Z%,*%*'3!G!%&!#'0![-%!#.!2'45%1%&2+.!(%#!"01.('!5.*.!Z+C.*!,.0%0!*%#.1+D.0!.!#.!'*F.&+=.2+K&!(%!
#.0! 2.C.0! (%! .@'**'! %&! D+*1-(! (%! 0-! 2'45%1%&2+.! 5.*.! %01.,#%2%*#.0! 0',*%! #.! '*(%&.2+K&! (%#!
2*<(+1'!g.*1N!XQYNXNXX!/"c!&'!5-%(%!(%02'&'2%*!#.!2'45%1%&2+.!.-1'&K4+2.N!
!
"&!2-.&1'!.!#'!(+05-%01'!%&!#.!#%1*.!(c!(%#!.5.*1.('!X!(%#!.*1N!XSP!&'!2.,*8.!%&1%&(%*!
[-%! 0%! +&2-**.! %&! %\2%0'! 2'45%1%&2+.#3! 5-%01'! [-%! 5.*.! [-%! %\+01.! (%,%*8.! %&2'&1*.*0%! -&!
*%05.#('!2'&2*%1'!%&!#.!/'&01+1-2+K&![-%!%\5*%0.4%&1%!.1*+,-G%*.!.#!"01.('!#.!2'45%1%&2+.!%&!
2-%01+K&N!"&!'1*'!2.0'!'5%*.!%#!.*1N!XQYN]!/"N!"&!1.#!0%&1+('!0%!(%01.2.![-%!%&!#.!+45-F&.2+K&!
(%!%01%!5*%2%51'!&'!0%!5*%2+0.!%#!(%!#.!/'&01+1-2+K&![-%!0%!2'&0+(%*.!+&Z*+&F+('3!0+&![-%!5-%(.!
+&Z%*+*0%!(%!#.!.*F-4%&1.2+K&!F%&%*.#!(%#!*%2-*0'N!
!
"#!.5.*1.('!S!(%#!.*1N!XSP!&'!*%0-#1.*8.!5'*!08!4+04'!+&2'&01+1-2+'&.#N!h&.!D%=!4?0!#.!
*%5*%0%&1.2+K&! (%#! $.*#.4%&1'! 2'&0+(%*.! [-%! %#! *%2-*0'! 2'&1*.! %01%! .5.*1.('! 1+%&%! 2.*?21%*!
5*%D%&1+D'3! 5'*! #'! [-%! 5*'2%(%*8.! #.! +&.(4+0+K&N! k'! 0%*8.! 5'0+,#%3! .! 0-! C-+2+'3! 1*.%*! %&! %01.!
'2.0+K&! .! 2'#.2+K&! #.! >)/! X_OWXYYS3! (%! X]! (%! &'D+%4,*%3! G.! [-%! &'! 1+%&%! 5'*! [-<!
+(%&1+Z+2.*0%! #.! (+01*+,-2+K&! (%! #'0! %\2%(%&1%0! G! (%! #.! ',*.! 0'2+.#! (%! #.0! 2.C.0! 2'&! #.!
(+01*+,-2+K&!(%!*%2-*0'0!%&!#'0!2.0'0!%&![-%!#.!%&1+(.(!0%!%&2-%&1*%!%&!0+1-.2+K&!(%!(<Z+2+1!(%!
*%2-*0'0! 5*'5+'0e! %05%2+.#4%&1%! 0+! 0%! 1+%&%! %&! 2-%&1.! [-%! %#! "01.1-1'! .(4+1%! [-%! #.!
2'45%1%&2+.!(%!#.!:%&%*.#+1.1!1+%&%!2.*?21%*!2'45.*1+('!G![-%!<01.!(%,%!%C%*2%*#.!(%!.2-%*('!
2'&!#'0!5*+&2+5+'03!*%F#.0!G!%01?&(.*%0!48&+4'0![-%!%01.,#%=2.&!#.0!,.0%0!%01.1.#%0N!
!
^*%&1%!.!#.0!.*F-4%&1.2+'&%0![-%!5'&%&!%&!(-(.!#.!2'&01+1-2+'&.#+(.(!(%#!.5.*1.('!]!
(%#!.*1N!XSP!5'*!0%*!2'&1*.*+'!.!#.!('21*+&.!2'&01+1-2+'&.#3!%#!%02*+1'!(%!.#%F.2+'&%03!1*.0!0%6.#.*!
[-%!1.#!2'&2%51'!&'!(%,%!0%*!%[-+D.#%&1%!.!#.!/'&01+1-2+K&3!.(-2%![-%!#.!>)/!QOWXYOO3!(%!SS!
!
SXQ
(%!4.*='3!&'!.Z+*4.![-%!#.0!/'4-&+(.(%0!L-1K&'4.0!&'!5-%(.&!%\1%&(%*!%#!?4,+1'!(%!0-0!
2'45%1%&2+.0! .! #.0! .21+D+(.(%0! *%.#+=.(.0! Z-%*.! (%! 0-! 1%**+1'*+'3! 0+&'! [-%! 1.#! 5*%D+0+K&! (%,%!
2'&01.*! %&! #.! &'*4.! .1*+,-1+D.! (%! #.! 2'45%1%&2+.3! %0! (%2+*3! 5*%2+0.4%&1%! %&! %#! "01.1-1'! (%!
L-1'&'48.N!
!
"&! 2-.&1'! .! #.! *%F-#.*+(.(! 2'&01+1-2+'&.#! (%#! .*1N! XSPNQ3! #.! C-*+05*-(%&2+.! &'! @.,*8.!
+&1%*5*%1.('! [-%! #.0! /'4-&+(.(%0! L-1K&'4.0! 0K#'! 1%&F.&! %&! 4.1%*+.! (%! 0-5%*D+0+K&! (%! #.0!
2.C.0! (%! .@'**'! -&.! 2+%*1.! 2'45%1%&2+.! (%! 0-5%*D+0+K&! 5*-(%&2+.#3! 0+&'! [-%! %&! %0%! 5-&1'! 0%!
@.,*8.!#+4+1.('!.!*%5*'(-2+*3!%&!#.!>)/!X]]WXYY_3!(%!XT!(%!C-#+'3!#.!#%F+0#.2+K&![-%!*%F-#.!%#!
9.&2'! (%! "05.6.N! L08! &.(.! +45%(+*8.! [-%! #'0! "01.1-1'0! 5-%(.&! .0-4+*! 2'45%1%&2+.0! %&! #.!
4.1%*+.!(%!+&05%22+K&!G!0.&2+K&!0',*%!#.0!2.C.0!(%!.@'**'3!0+&![-%!%#!.*1N!XSP!+45-F&.('3![-%!
0K#'! +&(+2.! #.! &%2%0.*+.! 2'#.,'*.2+K&! (%! #.! :%&%*.#+1.1! (%! /.1.#-6.3! 0+F&+Z+[-%! &+&FM&!
4%&'02.,'!5.*.!#.0!Z-&2+'&%0![-%!2'**%05'&(.&!.#!9.&2'!(%!"05.6.N!
!
$'*!'1*'!#.('3!2'&Z'*4%!.!#.!>)/!QOWXYOO3! (%!SS!(%!4.*='3!^;!S3!(%0(%!%#! 5-&1'! (%!
D+01.!2'&01+1-2+'&.#!&+!#.0!2.C.0!(%!.@'**'!&+!#.0!Z-&(.2+'&%0!.5.*%2%&!%&!#'0!.*10N!XQO!G!XQY!
/"!2'4'!4.1%*+.0!%05%28Z+2.0!.!%Z%21'0!2'45%1%&2+.#%0e!0K#'!Z+F-*.!%\5*%0.4%&1%!*%2'&'2+(.!
#.!2'45%1%&2+.!%\2#-0+D.!(%#!"01.('!5.*.!Z+C.*!#.0!,.0%0!(%!#.!'*(%&.2+K&!(%#!2*<(+1'3!,.&2.!G!
0%F-*'0! g.*1N! XQYNXNXXc! G3! 2'&! 2.*?21%*! F%&%*.#3! #.! 2'45%1%&2+.! %01.1.#! 0',*%! #.0! ,.0%0! G!
2''*(+&.2+K&! (%! #.! 5#.&+Z+2.2+K&! F%&%*.#! (%! #.! .21+D+(.(! %2'&K4+2.! g.*1N! XQYNXNX]cN! U'! [-%!
5'&(*8.!(%!4.&+Z+%01'![-%3!%&!D+*1-(!(%#!.*1N!XQYN]!/"3!%#!.*1N!XSP!(%#!"01.1-1'!%0!5#%&.4%&1%!
2'&01+1-2+'&.#N!
!
TXN!.c!"&!*%#.2+K&!2'&!%#!.*182-#'!XSX!g/'4%*2+'!G!Z%*+.0c!0%!.#%F.!%&!#.!(%4.&(.![-%!
%0! +&',C%1.,#%! #.! .1*+,-2+K&! .! #.! :%&%*.#+1.1! (%! #.! 2'45%1%&2+.! %\2#-0+D.! %&! 4.1%*+.! (%!
2'4%*2+'!G!Z%*+.03!%&!#.![-%!0%!+&2#-G%!`#.!*%F-#.2+K&!(%!#.!.21+D+(.(!Z%*+.#!&'!+&1%*&.2+'&.#!G!
#.!'*(%&.2+K&!.(4+&+01*.1+D.!(%!#.!.21+D+(.(!2'4%*2+.#aN!U.!+&2'&01+1-2+'&.#+(.(!*%0-#1.*8.!(%!
#.! +&2#-0+K&! (%! (%1%*4+&.('0! .05%21'0! %&! %#! 2'&2%51'! 4.1%*+.#! (%! 2'4%*2+'3! 2'4'! 0'&! #.!
'*(%&.2+K&!.(4+&+01*.1+D.!(%#!2'4%*2+'!%#%21*K&+2'!'!(%#!2'4%*2+'!5'*!2-.#[-+%*!'1*'!4%(+'!
l.5.*1.('!X!.cm3!#.!*%F-#.2+K&!.(4+&+01*.1+D.!(%!#.0!D%&1.0!5*'4'2+'&.#%0!G!.!5<*(+(.!l.5.*1.('!
X! ,cm3! #.! *%F-#.2+K&! (%! #'0! @'*.*+'0! 2'4%*2+.#%0! *%05%1.&('! %&! 0-! %C%*2+2+'! %#! 5*+&2+5+'!
2'&01+1-2+'&.#! (%! -&+(.(! (%! 4%*2.('! l.5.*1.('! X! 2cm3! 2-%01+'&%0! 1'(.0! [-%! *%2'&(-2+*8.&! .#!
?4,+1'!(%!#.!:%&%*.#+1.1!#.!.('52+K&!(%!(%2+0+'&%0![-%!2'**%05'&(%&!.#!"01.('N!
!
!
SXR
"&! 2-.&1'! .! #.! D%&1.! .! (+01.&2+.3! 0%! .#%F.! [-%! %0! -&.! .21+D+(.(! [-%! Z*%2-%&1%4%&1%!
1*.05.0.! #'0! #84+1%0! 1%**+1'*+.#%0! .-1'&K4+2'03! #'! [-%! %\5#+2.! [-%! 2'**%05'&(.! .#! "01.('3! .#!
.45.*'!(%#!181-#'!0',*%!'*(%&.2+K&!F%&%*.#!(%!#.!%2'&'48.3!#.!*%F-#.2+K&!(%!.#F-&'0!.05%21'03!
#'! [-%! (%02.*1.! #.! %\2#-0+D+(.(! .-1'&K4+2.N! "&! 2-.&1'! .! #.0! D%&1.0! 5*'4'2+'&.#%0! 1.45'2'!
2.,*8.! %0.! %\2#-0+D+(.(3! 5-%0! #.! Z+C.2+K&! (%! 0-! (-*.2+K&! 0%! *%2'&(-2%! .! #.! (%Z%&0.! (%! #.!
2'45%1%&2+.! G3! 5'*! 1.&1'3! .#! "01.('! g5'*! 1'(.03! >)/! SSOWXYY]3! (%! Y! (%! C-#+'cN! U'! 4+04'!
D.#(*8.!5.*.!#.!D%&1.!.!5<*(+(.3![-%!5-%(%!%&2-.(*.*0%!%&!%0.!4+04.!4.1%*+.!g5'*!1'(.03!>)/!
STQWXYY]3! (%! SS! (%! C-#+'cN! $.*.! #.! D%&1.! %&! *%,.C.03! &'! 4%&2+'&.(.! %\5*%0.4%&1%! %&! %#! .*1N!
XSX3!5%*'!08!2'45*%&(+(.!%&!#.!.#-0+K&!(%#!.5.*1.('!X!,c!.!`1'(.0!#.0!4'(.#+(.(%0!(%!D%&1.0a3!
0%*+.!(%!'5'&%*!#.!('21*+&.!%01.,#%2+(.3!5'*!%C%45#'!%&!#.!>)/!XQOWXYYS3!(%!XT!(%! '21-,*%N!
E%#! 4+04'! 4'('! [-%! %&! 2-.&1'! .! #.! *%F-#.2+K&! (%! #'0! @'*.*+'0! 2'4%*2+.#%0! @.,*8.! [-%!
*%2'*(.*!#.!0%&1.(.!%&!#.!>)/!SSRWXYY]3!(%!O!(%!C-#+'N!U.!+&2'&01+1-2+'&.#+(.(!(%#!5*%2%51'!%&!
%01%!5-&1'!0K#'!0%!0.#D.*8.!0+!2'&!#.!*%Z%*%&2+.!.#!5*+&2+5+'!(%!-&+(.(!(%!4%*2.('!0%!%&1%&(+%*.!
[-%!0%!(%C.!.!0.#D'!#.!2'45%1%&2+.!%01.1.#!5*%D+01.!%&!%#!.*1N!XQYNXNX]!/"N!
!
^+&.#4%&1%3! %#! .5.*1.('! S! (%#! .*1N! XSX! .1*+,-G%! .! #.! :%&%*.#+1.1! `#.! 2'45%1%&2+.!
%C%2-1+D.! %&! 4.1%*+.! (%! Z%*+.0! +&1%*&.2+'&.#%0! 2%#%,*.(.0! %&! /.1.#-6.3! [-%! +&2#-G%! %&! 1'('!
2.0'd!.c!U.!.21+D+(.(!(%!.-1'*+=.2+K&!G!(%2#.*.2+K&!(%!Z%*+.!+&1%*&.2+'&.#a3!0+%&('!.08![-%!%0.!
.-1'*+=.2+K&!G!(%2#.*.2+K&!2'**%05'&(%*8.!.#!"01.('3!0%FM&!0%!(%05*%&(%!(%!#.!>)/!X]WXYOO3!
(%!Q!(%!Z%,*%*'3!^;!SN!
!
,c!b&0+01%!%#!L,'F.('!(%#!"01.('3!%&!2-.&1'!.#!5*%2%51'!(%!#.!#%1*.!.c!(%#!.5.*1.('!X3!%&!
[-%!#.0!2'45%1%&2+.0!%\2#-0+D.0!0+%45*%!D%&(*?&!#+4+1.(.0!5'*!#.0!.1*+,-+(.0!.!'1*.0!%&1+(.(%0!
1%**+1'*+.#%0! 0',*%! 4.1%*+.0! [-%! 1%&F.&! +&2+(%&2+.! %&! %#! 4+04'! ',C%1'3! 0%6.#.&('! [-%! %#!
2'4%*2+'! +&1%*+'*! &'! %0! -&.! 4.1%*+.! *%0%*D.(.! .! #.! %\2#-0+D.! 2'45%1%&2+.! (%#! "01.('! 5'*! %#!
.*1N!XQYNX!/"3!5'*!#'![-%!5-%(%!.0-4+*0%!%01.1-1.*+.4%&1%!5'*!#.0!/'4-&+(.(%03!2'4'!.08!0%!
@+='!(%0(%!%#!+&+2+.#!"01.1-1'!2.1.#?&!g.*1N!XSNRc3!#'![-%3!2'4'!@.!0%6.#.('!%01%!)*+,-&.#3!&'!
0+F&+Z+2.! [-%! %#! "01.('! 2.*%=2.! (%! 2'45%1%&2+.0! 4%(+.&1%! #.0! 2-.#%0! 5-%(%! +&2+(+*! %&! %0.!
4.1%*+.! G! [-%3! (%! .#FM&! 4'('3! #.! D+%&%&! .! #+4+1.*e! 5.*1+2-#.*4%&1%3! #.0! *%#.1+D.0! .! ,.0%0! G!
2''*(+&.2+K&! (%! #.! 5#.&+Z+2.2+K&! F%&%*.#! (%! #.! .21+D+(.(! %2'&K4+2.! g.*1N! XQYNXNX]! /"c3!
#%F+0#.2+K&! 2+D+#! g.*1N! XQYNXNO! /"c! '! #%F+0#.2+K&! 4%*2.&1+#! g.*1N! XQYNXNT! /"c! g5'*! 1'(.03! >)/!
XSQWSPP]3! (%! XY! (%! C-&+'3! ^;! ]cN! $'*! M#1+4'! 0%! @.2%! &'1.*! [-%! %#! "01.1-1'! .1*+,-G%! .! #.!
:%&%*.#+1.1! 2'45%1%&2+.! %\2#-0+D.! %&! #.! `'*(%&.2+K&! .(4+&+01*.1+D.! (%#! 2'4%*2+'!
%#%21*K&+2'a3!0.#D.&('3!5'*!1.&1'3!%#!5*+&2+5.#!#84+1%!.!#.!2'45%1%&2+.!.-1'&K4+2.3!%0!(%2+*3!%#!
!
SXT
(%*+D.('! (%! #'0! .05%21'0! 2+D+#%0! G! 4%*2.&1+#%0! (%! #.! 2'&1*.1.2+K&3! [-%! 2'**%05'&(%&! %&!
%\2#-0+D.!.#!"01.('N!
!
L! C-+2+'! (%#! L,'F.('! (%#! "01.('! #.! +45-F&.2+K&! (%! #.! #%1*.! ,c3! %&! 2-.&1'! .! #.!
*%F-#.2+K&! .(4+&+01*.1+D.! (%! (+01+&1'0! 1+5'0! (%! D%&1.03! D-%#D%! .! +&2-**+*! %&! %#! %**'*! (%!
2'&Z-&(+*! #.! %\2#-0+D+(.(! 2'45%1%&2+.#! 2'&! 0-0! #84+1%03! (%*+D.('0! (%! '1*'0! 181-#'0!
2'45%1%&2+.#%0N! "&! %01%! 0%&1+('! @.,*8.! .05%21'0! *%#.1+D'0! .! #.0! D%&1.0! .! [-%! 0%! *%Z+%*%! %01%!
4'1+D'!(%!+45-F&.2+K&![-%!0%!@.&!%&2-.(*.('!%&!#.!2'45%1%&2+.!%01.1.#!0',*%!(%Z%&0.!(%!#.!
2'45%1%&2+.3!0',*%!#%F+0#.2+K&!2+D+#!'!4%*2.&1+#3!'!0',*%!5#.&+Z+2.2+K&!F%&%*.#!(%!#.!.21+D+(.(!
%2'&K4+2.3!#'![-%!&'!+45%(+*8.![-%!#.!:%&%*.#+1.1!5-%(.!.0-4+*!2'45%1%&2+.!%\2#-0+D.!0',*%!
#'0!.05%21'0!(%!%0.0!D%&1.0![-%!5-%(.&!2'&0+(%*.*0%!2'4%*2+'!+&1%*+'*!G!&'!(%,.&!+&1%F*.*0%!
%&!#.0!#+481*'Z%0!2'45%1%&2+.0!%01.1.#%0N!
!
$'*!#'![-%!0%!*%Z+%*%!.!#.!*%F-#.2+K&!(%!#'0!@'*.*+'0!2'4%*2+.#%03![-%!0%!4%&2+'&.!%&!#.!
#%1*.!2c3!0%!.(-2%![-%!#.!('21*+&.!2'&01+1-2+'&.#!#.!%&2-.(*.!%&!%#!181-#'!(%!2'4%*2+'!+&1%*+'*!G!
[-%! %01%! 181-#'! %\2#-0+D'! (%! #.! /'4-&+(.(! L-1K&'4.! 5-%(%! *%0-#1.*! 2'&(+2+'&.('! 5'*! %#!
%C%*2+2+'!5'*!%#!"01.('!(%!#.!2'45%1%&2+.!%\2#-0+D.!5*%D+01.!%&!%#!.*1N!XQYNXNX]!/"N!>%*8.!2#.*'!
[-%!%#!"01.1-1'!&'!@.2%!0+&'!*%2'F%*!%0.!('21*+&.3!%&2-.(*.&('!%Z%21+D.4%&1%!#.!*%F-#.2+K&!(%!
#'0!@'*.*+'0!2'4%*2+.#%0!%&!%#!181-#'!2'45%1%&2+.#!0',*%!%#!2'4%*2+'3!G!%&2'&1*?&('0%!(+2@.!
4.1%*+.! +&1%&0.4%&1%! +&2+(+(.! 5'*! %#! 181-#'! %01.1.#! 0',*%! #.! 5#.&+Z+2.2+K&! F%&%*.#! (%! #.!
.21+D+(.(! %2'&K4+2.3! 0+%&('! <01%! %#! 0%&1+('! [-%! @.,*8.! (%! '1'*F.*0%! .#! M#1+4'! +&2+0'! (%#!
5*%2%51'!%01.1-1.*+'!2-.&('!.#-(%!.#!*%05%1'!.#!5*+&2+5+'!2'&01+1-2+'&.#!(%!-&+(.(!(%!4%*2.('N!
!
"&! *%#.2+K&! 2'&! %#! .5.*1.('! S! 0'01+%&%! %#! L,'F.('! (%#! "01.('! [-%3! %\.4+&.&('! #.!
('21*+&.!*%2'F+(.!%&!#.!>)/!X]WXYOO3!(%!Q!(%!Z%,*%*'3!^;!S3!%&!#.![-%!0%!.5'G.!#.!(%4.&(.3!&'!
5.*%2%![-%!%#!5*%2%51'!%01.1-1.*+'!5-%(.!2'&0+(%*.*0%!+&2'&01+1-2+'&.#N!f.!%#!.&1+F-'!"01.1-1'!
(%! L-1'&'48.! .1*+,-8.! .! #.! :%&%*.#+1.1! #.! 2'45%1%&2+.! (%! %C%2-2+K&! (%! #.! #%F+0#.2+K&! (%#!
"01.('!%&!4.1%*+.!(%!`Z%*+.0!+&1%*&.2+'&.#%0![-%!0%!2%#%,*%&!%&!/.1.#-6.a!g.*1N!XXNT!"L/!(%!
XY_YcN!U.!M&+2.!&'D%(.(![-%!+&1*'(-2%!%#!.21-.#!"01.1-1'!0%*8.!#.!(%!%05%2+Z+2.*!0-,4.1%*+.0!
[-%!+&2#-G%!%&!#.!F%&<*+2.!.1*+,-2+K&!2'45%1%&2+.#3!(%!.2-%*('!2'&!#.!1<2&+2.!@.,+1-.#!%&!%#!
1%\1'![-%!&'0!'2-5.N!"&1*%!%0.0!.21+D+(.(%0!0%! +&2#-+*8.3!%&!1'('!2.0'3!#.!(%!`.-1'*+=.2+K&! G!
(%2#.*.2+K&!(%!#.!Z%*+.!+&1%*&.2+'&.#a3!G3!0+&!%4,.*F'3!%&!%#!.5.*1.('!]!(%#!4+04'!.*1N!XSX3!0%!
.2#.*.![-%!`#.!:%&%*.#+1.1!2'#.,'*.!2'&!%#!"01.('!%&!%#!%01.,#%2+4+%&1'!(%#!2.#%&(.*+'!(%!Z%*+.0!
+&1%*&.2+'&.#%0aN! >+&1%1+=.&('! #.! ('21*+&.! *%2'F+(.! %&! #.! >)/! X]WXYOO3! 0%! 2'&2#-G%! [-%! @.G!
!
SX_
[-%! @.2%*! -&.! +&1%*5*%1.2+K&! 0+01%4?1+2.! (%! #'0! .5.*1.('0! S! .c! G! ]! (%#! .*1N! XSX3! 2'&Z'*4%! .!
(+2@.!('21*+&.3!5.*.!##%F.*!.!#.!2'&2#-0+K&!(%![-%!%#!%01.,#%2+4+%&1'!(%#!2.#%&(.*+'!(%!Z%*+.0!
+&1%*&.2+'&.#%0! +&2#-G%! #.! (%2+0+K&! 0',*%! [-<! Z%*+.0! 0%! D.&! .! 2%#%,*.*! 2'&! %#! 2.*?21%*! (%!
+&1%*&.2+'&.#!G!#.!(%1%*4+&.2+K&!(%!#.0!Z%2@.0!(%!#.0!4+04.0e!%0!(%2+*3!#'![-%!%#!)*+,-&.#!@.!
2'&0+(%*.('!5*+4%*.!Z.0%!(%!#.!.21+D+(.(!Z%*+.#!+&1%*&.2+'&.#N!>+!%01'!%0!.08!G!#.!2'45%1%&2+.!
2'**%05'&(%!.#!"01.('!5.*%2%*8.!2#.*'![-%!%#!.5.*1.('!S!.c!0%!(%,%!*%Z%*+*!.!'1*.!2'0.3!(.('![-%!
&'! 2.,%! 0-5'&%*! [-%! 0%! .1*+,-G%! #.! 4+04.! 0-,4.1%*+.! .! #.! 2'45%1%&2+.! 0+4-#1?&%.! (%! ('0!
%&1+(.(%0N!"&!0-4.3!@.,*8.![-%!%&1%&(%*![-%!%01%!M#1+4'!.5.*1.('!0%!*%Z+%*%!.!#.!(%2#.*.2+K&!
Z'*4.#! (%! #.! Z%*+.! +&1%*&.2+'&.#3! 2'4'! .21'! (%! 0+45#%! %C%2-2+K&! (%! #.! (%2+0+K&! 4.1%*+.#!
.('51.(.!5'*!%#!"01.('!(%!2.#+Z+2.*!#.!Z%*+.!2'4'!+&1%*&.2+'&.#!G!5#.&+Z+2.*!#.0![-%!0%!@.&!(%!
2%#%,*.*N!f!<01.!0%*8.!#.!M&+2.!+&1%*5*%1.2+K&!2'@%*%&1%!(%!#'0!.5.*1.('0!]!G!S!.c!(%#!.*1N!XSX3!
2'&Z'*4%3!.(%4?03!2'&!#.!('21*+&.!(%#!)*+,-&.#!/'&01+1-2+'&.#N!
!
2c! L#%F.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! #'0! .21'*%0! %&1+%&(%&! [-%! %#! 2'4%*2+'!
%#%21*K&+2'! l.*1N! XSXNX! .cm! &'! 5.0.! (%! 0%*! -&.! 4'(.#+(.(! (%! D%&1.! .! (+01.&2+.3! 5'*! #'! [-%! 0-!
4%&2+K&! 0%*8.! *%+1%*.1+D.! '! 0-5%*Z#-.N! >+&! %4,.*F'! %01%! *%5*'2@%! (%! 1<2&+2.! #%F+0#.1+D.! &'!
5-%(%! 2'&0+(%*.*0%! D+2+'! (%! +&2'&01+1-2+'&.#+(.(N! $*%2+0.! %#! "C%2-1+D'! 2.1.#?&! [-%! #.!
2'45%1%&2+.! .0-4+(.! 2'4'! %\2#-0+D.! %0! #.! *%#.1+D.! .! #.! `'*(%&.2+K&! .(4+&+01*.1+D.a3! 5'*! #'!
[-%! &'! .,.*2.! '1*'0! .05%21'0! 5*'5+'0! (%! #'0! 0%*D+2+'0! (%! #.! 0'2+%(.(! (%! #.! +&Z'*4.2+K&N!
/'&0%2-%&1%4%&1%3! %01%! 181-#'! &'! +&1%*Z%*+*8.! %&! #.! 2'45%1%&2+.! %01.1.#! 0',*%!
1%#%2'4-&+2.2+'&%0! g.*1N! XQYNXNSX! /"c3! 0+&'! [-%! 0%! 2+6%! .! #.! *%F-#.2+K&! (%! #'0! *%[-+0+1'0!
.(4+&+01*.1+D'0!5.*.!%#!%C%*2+2+'!(%#!2'4%*2+'!%#%21*K&+2'!%&!%#!1%**+1'*+'!(%!/.1.#-6.N!
!
"#!.*1N!XSXNX!,c!&'!%03!.!C-+2+'!(%#!:',+%*&'!2.1.#?&3!2'&1*.*+'!.!#.!('21*+&.!(%!#.!>)/!
SSOWXYY]3!(%!Y!(%!C-#+'3!5'*[-%!%&!%##.!0%!%&1%&(+K![-%!#.0!4'(.#+(.(%0!(%!D%&1.!.!#.0![-%!0%!
*%Z+%*%! %#! 5*%2%51'! %01.1-1.*+'! Z'*4.,.&! 5.*1%! (%! #.! 2'45%1%&2+.! %01.1.#! 0',*%! (%Z%&0.! (%! #.!
2'45%1%&2+.3!-&!181-#'![-%!%#!)*+,-&.#!.1*+,-GK!.!#.0!+&01.&2+.0!2%&1*.#%0!.!5.*1+*!(%!#.!2#?-0-#.!
*%0+(-.#!(%#!.*1N!XQYN]!/"3!5-%0!&'!Z+F-*.!%&!%#!#+01.('!(%#!.*1N!XQYNX!/"N!/'&0%2-%&1%4%&1%3!
(%!#.!4+04.!4.&%*.![-%!%#!.*1N!XSNXNR!(%#!"01.1-1'!(%!XY_Y!#.!4%&2+'&.,.!2'4'!#84+1%!.!#.0!
2'45%1%&2+.0!(%!#.!:%&%*.#+1.1!%&!4.1%*+.!(%!2'4%*2+'!+&1%*+'*3!%#!"01.1-1'!+45-F&.('!5-%(%!
&'!@.2%*#'3!0+&!+&2-**+*!%&!+&2'&01+1-2+'&.#+(.(N!
!
E.('![-%!#'0!*%2-**%&1%0!.(4+1%&![-%!#.!#%1*.!2c!%0!0-02%51+,#%!(%!-&.!+&1%*5*%1.2+K&!
2'&Z'*4%!i2'&1+&M.!%#!%02*+1'!(%!.#%F.2+'&%0i!5-%(%!',D+.*0%!-&!5*'&-&2+.4+%&1'!0',*%!%#!
!
SXO
5*%2%51'3![-%!0K#'!D%&(*8.!.!(%2#.*.*![-%!%#!%C%*2+2+'!(%!#.!2'45%1%&2+.!(%!#.!:%&%*.#+1.1!%&!#.!
0-,4.1%*+.! (%! @'*.*+'0! 2'4%*2+.#%0! (%,%! *%.#+=.*0%! *%05%1.&('! %#! ?4,+1'! [-%! @.! [-%(.('!
*%0%*D.('!.#!"01.('!%&!%C%*2+2+'!(%!#.!2'45%1%&2+.!.!#.![-%!0%!*%Z+%*%!%#!.*1N!XQYNXNX]!/"N!"&!
'1*'! '*(%&! (%! 2'0.0! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! *%2-%*(.! [-%! %&! %#! E%*%2@'! (%! #.! h&+K&!
"-*'5%.! &'! %\+01%! &+&F-&.! *%F-#.2+K&! -&+Z'*4.('*.! %&! 4.1%*+.! (%! @'*.*+'0! 2'4%*2+.#%03!
*%2'&'2+<&('0%!#+,%*1.(!.!#'0!"01.('0!4+%4,*'0N!
!
$'*!#'![-%!@.2%!.#!.*1N!XSXNS!.c!0%!.#%F.!5'*!%#!"C%2-1+D'!2.1.#?&![-%!&'!2'&1*.(+2%!#.!
('21*+&.! (%! #.! >)/! X]WXYOO3! (%! Q! (%! Z%,*%*'N! "#! 5*%2%51'! 5%*4+1%! .#! "01.('! %C%*2%*! 0-!
2'45%1%&2+.3!1'(.!D%=![-%!#'![-%!.1*+,-G%!.!#.!:%&%*.#+1.1!%0!0K#'!-&.!.21+D+(.(!(%!2.*?21%*!
%C%2-1+D'3!4?0!'!4%&'0!*%F#.(.!0%FM&!#.0!5.-1.0!'!2*+1%*+'0!%01.1.#%0!%01.,#%2+('0!.#!*%05%21'N!
!
(c! U.! *%5*%0%&1.2+K&! 5*'2%0.#! (%#! $.*#.4%&1'! (%! /.1.#-6.! 2'&0+(%*.! [-%! 2'&! #'!
5*%02*+1'! %&! #.! #%1*.! .c! (%#! .5.*1.('! X! #.! :%&%*.#+1.1! &'! +&1%*Z+%*%! %&! %#! %C%*2+2+'! (%! #.0!
2'45%1%&2+.0! %01.1.#%0! 0',*%! 1%#%2'4-&+2.2+'&%0N! 9+%&! .#! 2'&1*.*+'3! 0%! 2%6+*8.! 1.&! 0K#'3! .#!
',C%1'! (%! 5'(%*! 5*'1%F%*! #'0! (%*%2@'0! (%! #'0! 2'&0-4+('*%0! %&! /.1.#-6.3! .! *%F-#.*! #'0!
*%[-+0+1'0!.(4+&+01*.1+D'0!5.*.!%#!%C%*2+2+'!(%#!2'4%*2+'!5'*!4%(+'0!%#%21*K&+2'0!%&!0-!?4,+1'!
1%**+1'*+.#N!
!
U.!+45-F&.2+K&!(%!#.!#%1*.!,c!(%#!.5.*1.('!X!0%!0-01%&1.!%&!>%&1%&2+.0![-%! .&-#.*'&!
5*%2%51'0! (%! #%G%0! .-1'&K4+2.0! *%F-#.('*.0! (%! 4'(.#+(.(%0! (%! D%&1.! +&D'2.&('! #.!
2'45%1%&2+.! %01.1.#! 0',*%! (%Z%&0.! (%! #.! 2'45%1%&2+.e! 0+&! %4,.*F'3! 5.*.! #.! /?4.*.3! 0%! @+='!
2'&! %#! .5'G'! (%! [-%! (+2@'! 181-#'! @.,8.! 0+('! .0-4+('! 5'*! %#! "01.('! .! 1*.D<0! (%! #.! 2#?-0-#.!
*%0+(-.#!(%#!.*1N!XQYN]!/"3!.#!&'!Z+F-*.*!%\5#82+1.4%&1%!%&1*%!#'0!*%0%*D.('0!.#!"01.('!5'*!%#!
.*1N!XQYNXN!$'*!%&(%3!(%#!4+04'!4'('![-%!%#!.*1N!XSNXNR!(%#!"01.1-1'!(%!XY_Y!4%&2+'&.,.!#.!
2#?-0-#.! %01.1.#! 2'4'! #84+1%! .! #.0! 2'45%1%&2+.0! (%! #.! :%&%*.#+1.1! %&! 4.1%*+.! (%! 2'4%*2+'!
+&1%*+'*3! %#! #%F+0#.('*! %01.1-G%&1%! 5-%(%! &'! @.2%*#'! %&! SPPT! 0+&! +&2-**+*! %&!
+&2'&01+1-2+'&.#+(.(N!
!
L!5*'5K0+1'!(%!#.!#%1*.!2c!(%#!.5.*1.('!X!(%#!.*1N!XSX!0%!.#%F.!5'*!%#!$.*#.4%&1'![-%!%#!
5*'5+'! *%2-*0'! .(4+1%! %\5*%0.4%&1%! [-%! 2.,%! -&.! +&1%*5*%1.2+K&! (%#! 5*%2%51'! .C-01.(.! .#!
'*(%&! 2'&01+1-2+'&.#e! 5'*! 2'&0+F-+%&1%3! .! 5.*1+*! (%#! 5*+&2+5+'! C-*+05*-(%&2+.#! Z.D'*.,#%! .! #.!
2'&0%*D.2+K&!(%!#.0!&'*4.0!C-*8(+2.03!5'(*8.!',D+.*0%!%#!5*'&-&2+.4+%&1'!*%05%21'!.#!4+04'3!
G.![-%!%#!#%F+0#.('*!%01.1-G%&1%!%01.,#%2%![-%!%#!%C%*2+2+'!(%!#.!2'45%1%&2+.!(%!#.!:%&%*.#+1.1!
!
SXY
%&! #.! 0-,4.1%*+.! (%! @'*.*+'0! 2'4%*2+.#%0! (%,%! *%.#+=.*0%! 0+&! 5%*C-+2+'! (%! #.0! 2'45%1%&2+.0!
%01.1.#%0!(%#!.*1N!XQYNXNX]!/"N!
!
"#! .*1N! XSXN! S! .c! &'! %\2#-G%3! 5.*.! %#! $.*#.4%&1'! (%! /.1.#-6.3! [-%! %&1*%! %&! C-%F'! #.!
2'45%1%&2+.! %01.1.#! 0',*%! #.! 2''*(+&.2+K&! (%! #.! 5#.&+Z+2.2+K&! F%&%*.#! (%! #.! .21+D+(.(!
%2'&K4+2.3!ex!.*1N!XQYNXNX]!/"N!U.!*%F-#.2+K&!%01.,#%2+(.!%&!%#!5*%2%51'!5%*4+1+*8.!.#!"01.('!
%C%*2%*! 0-! 2'45%1%&2+.! .! &+D%#! &'*4.1+D'! F%&%*.#3! 5-%01'! [-%! #'! M&+2'! [-%! .1*+,-G%! .! #.!
:%&%*.#+1.1!%0!-&.!.21+D+(.(!(%!2.*?21%*!%C%2-1+D'3!4?0!'!4%&'0!*%F#.(.!0%FM&!0%.&!#.0!5.-1.0!
'!2*+1%*+'0!%01.1.#%0N!
!
TSN! .c! L! C-+2+'! (%! #'0! *%2-**%&1%0! %#! .*182-#'! XSS! g/'&0-#1.0! 5'5-#.*%0c! 5*%1%&(%!
.1*+,-+*! .! #.! :%&%*.#+1.1! #.! 2'45%1%&2+.! %\2#-0+D.! 0',*%! -&.! 4.1%*+.! 0-5-%01.4%&1%! &'!
+&2#-+(.!%&!&+&FM&!.5.*1.('!(%#!.*1N!XQYNX!/"N!$.*.!%##'!0%!(+01+&F-%!%&1*%!2'&0-#1.0!5'5-#.*%0!
G!*%Z%*<&(-43!%&!#.!+(%.!(%![-%!0K#'!<01%!2.%!%&!#.!K*,+1.!(%#!.*1N!XQYNXN]S!/"N!).#!(+01+&2+K&!
%03!5.*.!#'0!.21'*%03!+45'0+,#%!G!&'!(%C.!(%!0%*!-&!C-%F'!(%!5.#.,*.0!5-%0!1'(.0!#.0!2'&0-#1.0!
5'5-#.*%0!%01.*8.&!0'4%1+(.0!.!#.!.-1'*+=.2+K&!%01.1.#N!L(%4?0!%#!5*%2%51'!2'&1%45#.!1.4,+<&!
#'0! *%Z%*%&('0! #'2.#%03! 5*+D.&('! .#! "01.('! (%! #.! 5'0+,+#+(.(! (%! *%F-#.*! #.! 4.1%*+.! 4%(+.&1%!
&'*4.0!,?0+2.0!(+21.(.0!%&!D+*1-(!(%#!.*1N!XQYNXNXO!/"3!2'4'!@.!@%2@'!%&!%#!.*1N!_X!U9HU3!
(%0(%! #-%F'! %\+F+%&('! 0+%45*%! #.! .-1'*+=.2+K&! (%#! :',+%*&'! (%! #.! k.2+K&N! $'*! #'! (%4?0! #.!
5%*4.&%&1%!%01*.1%F+.!(%!(%02'45'&%*!#.0!4.1%*+.0!%&!+&Z+&+(.(!(%!0-,4.1%*+.0!5-%(%!(.*!#.!
+45*%0+K&3!%&!'5+&+K&!(%!#'0!*%2-**%&1%03!(%![-%!0%!.,'*(.&!2'&1%&+('0!&'!2'&1%45#.('0!%&!%#!
.*1N!XQYNX!/"N!"#!.*1N!XSS!+45-F&.('!0%*8.!-&!,-%&!%C%45#'!%&!#'![-%!@.2%!.!#.!2'45%1%&2+.!
%\2#-0+D.![-%!*%2'&'2%!.!#.!:%&%*.#+1.1!*%05%21'!(%!%&2-%01.0!G!.-(+%&2+.0!5M,#+2.03!%05%2+%!
(%#!F<&%*'!`2'&0-#1.!5'5-#.*a![-%!%0!',C%1'!(%!(+02+5#+&.!%&!#'0!.*10N!_ONS!G!OT!U$/3!0',*%!#.!
,.0%!(%#!.*1N!XQYNXNXO!/"N!
!
,c!H.='&.!%#!L,'F.('!(%#!"01.('3!5'*!0-!5.*1%3![-%!%#!1%\1'!.5*',.('!5'*!#.0!/'*1%0!
:%&%*.#%0! %0! ,+%&! (+01+&1'! .#! 1%\1'! [-%! (+02-1+K! G! .5*',K! %#! $.*#.4%&1'! 2.1.#?&3! G! 0.#D.! #.!
2'45%1%&2+.!%01.1.#!2'&!#.!*%Z%*%&2+.!.#!.*1N!XQYNXN]S!/"3![-%!'1'*F.!.#!"01.('!2'45%1%&2+.!
%\2#-0+D.! 0',*%! #.! .-1'*+=.2+K&! 5.*.! #.! 2'&D'2.1'*+.! (%! 2'&0-#1.0! 5'5-#.*%0! 5'*! D8.! (%!
*%Z%*<&(-4N! $'*! 1.&1'! *%0-#1.*8.! (+Z82+#! 0'01%&%*! [-%! %#! 5*%2%51'! .&.#+=.('! D-#&%*.! #.!
2'45%1%&2+.!%01.1.#![-%!<#!4+04'!0.#D.F-.*(.e!5%*'!4-2@'!4?0!(+Z82+#!0%*8.!5*%1%&(%*![-%!&'!
%\+01%! -&.! +&1%*5*%1.2+K&! 2'&Z'*4%! 2-.&('! %#! .*182-#'! 0%! 0'4%1%! .! (+2@.! 2'45%1%&2+.N! "&!
2-.#[-+%*!2.0'!&'!0%*8.!5%*1+&%&1%!%&!%01%!5*'2%0'!%\.4+&.*!0+!%\+01%&!'1*'0!+&01*-4%&1'0!(%!
!
SSP
2'&0-#1.!5'5-#.*![-%!&'!(%,.&!+&2#-+*0%!%&!#.0!2'&0-#1.0!5'5-#.*%0!.![-%!.#-(%!%#!.*1N!XQYNXN]S!
/"e! <01.! 0%*8.! -&.! 2-%01+K&! [-%! (%,.! *%0'#D%*! %#! )*+,-&.#! %&! %#! 2.0'! (%! [-%! 0%! 5#.&1%%&!
2'&1*'D%*0+.0! 2'45%1%&2+.#%0! 0',*%! #.! 4.1%*+.N! E%! 1'(.0! Z'*4.0! 5.*.! *.1+Z+2.*! #.!
2'&01+1-2+'&.#+(.(! %&! .,01*.21'! (%#! 5*%2%51'! (+02-1+('! ,.01.*8.! *%.#+=.*! ('0! 2'&0+(%*.2+'&%0d!
5'*!-&.!5.*1%3!0+!0%!##%F.!.!#.!2'&2#-0+K&!(%![-%!&'!%\+01%&!2'&0-#1.0!.#!4.*F%&!(%!#.!5*%D+0+K&!
(%#! .*1N! XQYNXN]S! /"3! #.! %\5*%0.! 0.#D.F-.*(.! (%#! 5*%2%51'! [-%! @.2%! %#! "01.1-1'! 0K#'! 5-%(%!
0-5'&%*![-%!%&!1'(.0!#.0!2'&0-#1.0!0+F-%!0+%&('!5*%2+0.!#.!.-1'*+=.2+K&!(%#!"01.('N!U.!2'**%21.!
+&1%*5*%1.2+K&!(%#!.*182-#'!##%D.*8.!%&1'&2%0!.!#.!2'&2#-0+K&!(%![-%!#.!:%&%*.#+1.1!.0-4%!1'(.0!
#.0!2'45%1%&2+.0!0',*%!#.0!2'&0-#1.03!0.#D'!#.![-%!%#!.*1N!XQYNXN]S!/"!*%0%*D.!.#!"01.('3!%01'!
%03! #.! (%! .-1'*+=.2+K&N! $'*! '1*.! 5.*1%3! %&! %#! 2.0'! (%! [-%! 0%! ##%F.*.! .! #.! 2'&2#-0+K&! (%! [-%!
%\+01%&! %&2-%01.0! '! Z'*'0! (%! 5.*1+2+5.2+K&! 4.1%*+.#4%&1%! (+01+&1'0! .! #.0! 2'&0-#1.0! .! [-%! 0%!
*%Z+%*%!%#!2+1.('!5*%2%51'3!*%05%21'!(%!#.0!4+04.0!&'!%\+01+*8.!&+&F-&.!%\+F%&2+.!2'&01+1-2+'&.#!
(%!.-1'*+=.2+K&!%01.1.#N!
!
"&!2-.&1'!.!#.!5'0+,#%!D-#&%*.2+K&!(%!#.!2'45%1%&2+.!%01.1.#!(%#!.*1N!XQYNXNXO! /"! 0%!
*%+1%*.![-%!2'45%1%&2+.!%\2#-0+D.!&'!%[-+D.#%!.!2'45%1%&2+.!+#+4+1.(.3!G![-%!*%0-#1.!%D+(%&1%!
[-%! %\+01%&! .05%21'0! (%! #.! 4.1%*+.! %&! #'0! [-%! (%,%*?! 5*%D.#%2%*! %#! 181-#'! (%! ,.0%0! (%! #.0!
L(4+&+01*.2+'&%0!5M,#+2.03!5-(+%&('!+&2+(+*!%&!%##.!%#!"01.('!%&!%#!#%F81+4'!%C%*2+2+'!(%!%0.!
2'45%1%&2+.N!
!
2c! "&1+%&(%! #.! *%5*%0%&1.2+K&! (%#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! %#! 5*%2%51'! 0%!
+45-F&.!4%(+.&1%!-&!C-+2+'!(%!+&1%&2+'&%0![-%!1*.%!2.-0.!(%!#.!1%0+0!(%![-%!1'('0!#'0!1+5'0!(%!
2'&0-#1.0! .! #'0! 2+-(.(.&'0! [-%(.&! +&2#-+('0! %&! #.! 2'45%1%&2+.!%01.1.#!(%#!.*1N! XQYNXN]S! /"N!
$.*.! %#! "C%2-1+D'3! 0+&! %4,.*F'3! #.! 2'45%1%&2+.! %01.1.#! 0%! *%Z+%*%! .! -&.0! 2'&0-#1.0! 5'5-#.*%0!
2'&2*%1.0d! #.0! [-%! 0%! *%.#+=.&! D8.! *%Z%*<&(-4N! f! %#! .*1N! XSS! .1*+,-G%! .! #.! :%&%*.#+1.1!
2'45%1%&2+.! %\2#-0+D.! 0',*%! 2'&0-#1.0! 5'5-#.*%0! (%! .#2.&2%! .-1'&K4+2'! '! #'2.#! G! 0.#D.&('!
%\5*%0.4%&1%!%#!.*1N!XQYNXN]S!/"3!(%!4'('![-%!#.!4+04.!#+1%*.#+(.(!(%#!5*%2%51'!5'&(*8.!(%!
4.&+Z+%01'!%#!5#%&'!*%05%1'!.#!'*(%&!2'45%1%&2+.#N!
!
L#%F.! %#! :',+%*&'! 2.1.#?&! [-%! %\+01%&! 2'&0-#1.0! (+01+&1.0! (%#! *%Z%*<&(-4! G! [-%! &'!
%01?&!*%0%*D.(.0!.#!"01.('!5'*!%#!.*1N!XQYNXN]S!/"N!k'!%0![-%!0%!+&D%&1%&!D8.0!(%!5.*1+2+5.2+K&!
G! 2'&0-#1.3! 0+&'! [-%! 0%! 5.*1%! (%! #.! 2'&01.1.2+K&! (%! [-%! %#! *%Z%*<&(-4! 2'&0-#1+D'! %0! -&.!
4'(.#+(.(!(%!5.*1+2+5.2+K&3!5%*'!&'!#.!M&+2.!gvgrN!%&2-%01.03!.-(+%&2+.0!5M,#+2.03!%12Nc!G!(%!
!
SSX
[-%!%&!%#!Z-1-*'!5-%(%&!5%*Z+#.*0%!+&01*-4%&1'0!&-%D'0![-%!&'!*%05'&(.&!.#!5.1*K&!%01*+21'!(%#!
*%Z%*<&(-4N!
!
"&!2-.&1'!.!#.!5*%1%&(+(.!D-#&%*.2+K&!(%#!.*1N!XQYNXNXO!/"!0'01+%&%!%#!:',+%*&'!(%!#.!
:%&%*.#+1.1! [-%! %#! *%2-*0'! +F&'*.! %#! 5.5%#! G! D.#'*! (%! #.! &'*4.! %01.1-1.*+.3! 0-! (',#%! '*+F%&!
.-1'&K4+2'! G! %01.1.#3! .08! 2'4'! [-%! #'0! (%0.**'##'0! (%! &'*4.0! ,?0+2.0! 5-%(%&! D.*+.*N! "01'!
0%&1.('! 0%! *%2-%*(.! [-%! %#! .*1N! _Q! U9HU! *%2'&'2%! #.! 5'0+,+#+(.(! (%! [-%! #.0! /'4-&+(.(%0!
L-1K&'4.0!@.G.&!.0-4+('!2'45%1%&2+.0!%&!4.1%*+.!(%!2'&0-#1.0!5'5-#.*%0N!
!
(c! "#! $.*#.4%&1'! 2.1.#?&! .#%F.! [-%! &+! ('F4?1+2.! &+! 2'&01+1-2+'&.#4%&1%! %\+01%!
%[-+D.#%&2+.! %&1*%! 5.*1+2+5.2+K&! G! *%Z%*<&(-43! &+! .[-<##.! 0%! .F'1.! %&! <01%N! L083! (%#! .*1N!
XQYNXN]S!/"!0%!(%05*%&(%*8.![-%!0K#'!#.!D8.!(%#!*%Z%*<&(-4!%0!#.![-%!#.!/'&01+1-2+K&!*%0%*D.!
.#! "01.('e! C-&1'! .! %##.! 5-%(%&! (.*0%! '1*.0! D8.0! (%! 2'&0-#1.3! 2'4'! #.0! 4%&2+'&.(.0! %&! %#!
.*182-#'! +45-F&.('3! 0-01.&2+.#4%&1%! (+01+&1.0! (%#! *%Z%*<&(-4! G! 4%&'0! *%2'&'2+(.0! '!
5*%01+F+.(.03! [-%! &'! %01?&! *%0%*D.(.0! .! #.! 2'45%1%&2+.! %01.1.#! G3! 5'*! 1.&1'3! 0'&! (+05'&+,#%0!
5.*.!#.0!/'4-&+(.(%0!L-1K&'4.0!0+!#.0!.0-4%!%#!"01.1-1'3!4?\+4%!2-.&('!%#!5*%2%51'!@.2%!
%\5*%0.!0.#D%(.(!(%!#.0!2'45%1%&2+.0!%01.1.#%0N!
!
L(+2+'&.#4%&1%! &'! 2.,*8.! %&1%&(%*! +&Z*+&F+(.! #.! *%0%*D.! %01.1.#! (%#! .*1N! XQYNXNXO! /"3!
5-%0!%#!(%0.**'##'!(%!#.0!&'*4.0!,?0+2.0!5-%(%!D.*+.*!G3!2'&!<#3!#.!C-*+05*-(%&2+.N!
!
T]N! .c! "&! D+*1-(! (%#! .*182-#'! XS]! g/'&0-4'c! #.! :%&%*.#+1.1! .0-4%! #.! 2'45%1%&2+.!
%\2#-0+D.! %&! 4.1%*+.! (%! 2'&0-4'e! G! #'! @.*8.! 0+&! #84+1%! .#F-&'3! 5-%0! 0-0! (+01+&1'0! .5.*1.('0!
0K#'! 2'&2*%1.*8.&! .#F-&.0! (%! #.0! Z.2-#1.(%0! +&2#-+(.0! %&! #.! 2'45%1%&2+.! .-1'&K4+2.N! "##'!
0-5'&%3!5.*.!#'0!*%2-**%&1%03!-&.!(+Z%*%&2+.!Z-&(.4%&1.#!2'&!%#!"01.1-1'!.&1%*+'*3![-%!1.4,+<&!
@.,#.,.! (%! 2'45%1%&2+.! %\2#-0+D.3! 5%*'! 2'&! 4.1+=.2+'&%0! G! #84+1%0! [-%! .@'*.! 0'&!
+45#82+1.4%&1%!&%F.('0N!
!
U.! C-*+05*-(%&2+.! @.! (%4'01*.('! i2'&1+&M.! %#! *%2-*0'i! [-%! #.! (%Z%&0.! (%! #'0!
2'&0-4+('*%0! &-&2.! 5'(*8.! 0%*! ',C%1'! (%! #.! %\2#-0+D.! 2'45%1%&2+.! (%! #.0! /'4-&+(.(%0!
L-1K&'4.0N!E.('![-%!#.!(%Z%&0.!(%!#'0!2'&0-4+('*%0!%\+F%!%#!%C%*2+2+'!(%!2'45%1%&2+.0!%&!
4-G! (+D%*0.0! 4.1%*+.03! +&2#-+(.0! 4-2@.0! .! #.0! [-%! 08! 0%! *%Z+%*%! %\5#82+1.4%&1%! %#! .*1N! XQYNX!
/"3! #.0! /'4-&+(.(%0! L-1K&'4.0! 0K#'! 5'(*8.&! .0-4+*! .[-%##.! 5.*1%! (%! #.! (%Z%&0.! (%! #'0!
2'&0-4+('*%0! [-%! &'! %01<! 2'45*%&(+(.! %&! .#F-&.! (%! .[-%##.0! 4.1%*+.0N! U.! (%Z%&0.! (%! #'0!
!
SSS
2'&0-4+('*%0!&'!%03!5'*!1.&1'3!.!#'0!%Z%21'0!(%!#.!(+01*+,-2+K&!(%!2'45%1%&2+.03!-&.!4.1%*+.!
-&+1.*+.3!0+&'!-&.!5'#81+2.!5M,#+2.!%&!#.![-%!2'&Z#-G%&!(+D%*0.0!2'45%1%&2+.0!g5'*!%C%45#'3!%&!
4.1%*+.!5%&.#3!2+D+#!G!4%*2.&1+#3!0.&+(.(c3!(%!#.0!2-.#%0!0K#'!.#F-&.0!(%!%##.0!0'&!.-1'&K4+2.0!
g>>)/! XRWXYOY3! (%! ST! (%! %&%*'e! TSWXYYX3! (%! SS! (%! 4.*='cN! "&! (%Z+&+1+D.3! %0! 2#.*'! 5.*.! #'0!
.21'*%0![-%!#.0!2'45%1%&2+.0!5.*.!#.!(%Z%&0.!(%#!2'&0-4+('*!&'!#.0!1%&8.!%#!"01.('!5'*[-%!#'0!
"01.1-1'0! 0%! #.0! @-,+%*.&! *%2'&'2+('! g5'*! %#! C-%F'! (%#! .*1N! XQYN]! /"c3! 0+&'! [-%! 4?0! ,+%&!
'2-**8.! #'! 2'&1*.*+'d! #.0! '01%&1.,.! 5'*[-%! (%*+D.&! (+*%21.4%&1%! (%! #.! /'&01+1-2+K&! G! #'0!
"01.1-1'0! %*.&! 2'&01+1-2+'&.#%0! F*.2+.0! .! [-%3! 5%0%! .! .1*+,-+*0%! #.! 2'45%1%&2+.! 2'4'!
%\2#-0+D.3! #'! @.28.&! 2'&! 1.&1.0! %\2%52+'&%03! 0.#D%(.(%0! G! #84+1%0! [-%! %&! *%.#+(.(! 0%!
2'&1*.(%28.&N!
!
L! 2'&1+&-.2+K&! 0%! (%1+%&%&! #'0! *%2-**%&1%0! %&! %#! %\.4%&! 5.*1+2-#.*+=.('! (%! #'0!
.5.*1.('0!.c!G!%c!(%#!.*1N!XS]!*%2-**+('3!0-,*.G.&('3!%&!2-.&1'!.#!5*+4%*'3!#.!.45#+1-(![-%!0%!
(.!.!#.!%\2#-0+D+(.(!.#!5*'G%21.*#.!0',*%!1'('0!#'0!(%*%2@'0!(%#!.*1N!SO!(%#!"01.1-1'!g(%*%2@'0!
(%!#'0!2'&0-4+('*%0!G!-0-.*+'0c3!2'45*%&(+%&('!.083!5'*!#'!5*'&1'3!%#!(%*%2@'!.!#.!0.#-(!g.*1N!
XQYNXNX3! XP! G! XT! /"! G! .*1N! X]YNS! /"cN! f! 5'*! #'! [-%! @.2%! .#! .5.*1.('! %c! g*%F-#.2+K&! (%! #.!
+&Z'*4.2+K&!%&!4.1%*+.!(%!2'&0-4+('*%0!G!-0-.*+'0c3!0%!.#%F.![-%!%0!.2%51.,#%!#.!2'45%1%&2+.!
(%! #.! /'4-&+(.(! L-1K&'4.! %&! #'0! 2.0'0! %&! [-%! #.! +&Z'*4.2+K&! #.! 0-4+&+01*%&! #.0!
L(4+&+01*.2+'&%0! .-1'&K4+2.03! 5%*'! @.G! '1*.! +&Z'*4.2+K&! [-%! 0%! F.*.&1+=.! +45'&+%&('!
(%,%*%0! .! [-+%&%0! 'Z*%2%&! ,+%&%0! G! 0%*D+2+'0! %&! %#! 4%*2.('! G! *%05%21'! (%! #.! 2-.#! %#! "01.('!
1+%&%!.45#+.0!2'45%1%&2+.0!(%*+D.(.0!(+*%21.4%&1%!(%!#.!/'&01+1-2+K&3!5'*!%C%45#'!%&!4.1%*+.!
(%! %1+[-%1.('! g.*1N! XQYNXNXT! /"! G! >)/! XQ_WXYYT3! (%! XY! (%! 0%51+%4,*%c! G! (%! +&Z'*4.2+K&!
2'&1*.21-.#! '! 5*%2'&1*.21-.#! g.*1N! XQYNXNT! G! O! /"cN! "&! (%Z+&+1+D.3! #.! :%&%*.#+1.1! 5-%(%! 1%&%*!
2'45%1%&2+.03!G!4-G!.45#+.03!%&!%#!?4,+1'!(%!#.!(%Z%&0.!(%!#'0!2'&0-4+('*%03!5%*'!&'!-&.!
2'45%1%&2+.!%\2#-0+D.N!
!
,c!"#!L,'F.('!(%#!"01.('!0'01+%&%![-%3!*%05%21'!.!#.!+&2'&01+1-2+'&.#+(.(!(%#!5*%2%51'!
%&! 0-! 2'&C-&1'3! #.! 5*'5+.! (%4.&(.! 2'&1%01.! .! #'! #.*F'! (%! 0-0! .#%F.2+'&%0! .! #'0! .*F-4%&1'0!
0',*%!%01%!%\1*%4'!2-.&('!.5-&1.3!2'4'!2'&2#-0+K&3![-%!#.0!2'45%1%&2+.0!5.*.!#.!(%Z%&0.!(%#!
2'&0-4+('*!&'!#.0!1%&8.!%#!"01.('!5'*[-%!#'0!"01.1-1'0!.&1%*+'*%0!0%!#.0!@-,+%*.&!*%2'&'2+('3!
0+&'! 5'*[-%! (%*+D.&! (+*%21.4%&1%! (%! #.! /'&01+1-2+K&3! (%! 0-%*1%! [-%! %*.! +**%#%D.&1%! #.!
+&2'45#%1.! 4%&2+K&! (%! #.0! 2'45%1%&2+.0! %01.1.#%0! [-%! #+4+1.,.&! #.! .-1'&K4+2.! G! [-%! 08! 0%!
*%2'F8.&!%&!%#!"01.1-1'!(%!XY_YN!"0!4?03!%#!.&1%*+'*!"01.1-1'!%*.!&'1'*+.4%&1%!+&2'45#%1'!%&!
#.! Z+C.2+K&! (%! #'0! #84+1%0! (%! #.! 2'45%1%&2+.! .-1'&K4+2.3! '4+1+%&('! 5*',.,#%4%&1%! #'0! 4?0!
!
SS]
+45'*1.&1%03! .! 5%0.*! (%! #'! 2-.#! &'! 0%! +&1%*5*%1K! 2'4'! -&.! +&2'&01+1-2+'&.#! &%F.2+K&! (%! #'0!
4+04'0N!>%!5'&%!(%!*%#+%D%!&-%D.4%&1%!%&!%#!%02*+1'!(%!.#%F.2+'&%0!#.!2'&Z-0+K&!(%#!*%2-*0'!
%&1*%! 2'45%1%&2+.! %\2#-0+D.! G! 2'45%1%&2+.! +#+4+1.(.3! 0'01%&+%&('! [-%! #.0! 2'45%1%&2+.0! 0%!
#+4+1.&!*%285*'2.4%&1%3!(%!Z'*4.![-%3!.&1%!#.!2'&2-**%&2+.!(%!('0!181-#'0!0',*%!-&!',C%1'3!%#!
)*+,-&.#! @.! (%! *%.#+=.*! %#! 2'**%21'! %&2-.(*.4+%&1'! 2'45%1%&2+.#! 5.*.! (%#+4+1.*! #.! Z*'&1%*.!
%&1*%! .4,'0N! "##'! 5%*4+1+*8.! .Z+*4.*! [-%! 1'(.0! #.0! 2'45%1%&2+.0! .-1'&K4+2.0! %01?&!
5'1%&2+.#4%&1%! #+4+1.(.03! 5'*! #'! [-%! &'! 5'(*8.! 0'01%&%*0%! #.! +&2'&01+1-2+'&.#+(.(! (%! -&!
5*%2%51'!%01.1-1.*+'!.1*+,-1+D'!(%!2'45%1%&2+.0!5'*!%#!@%2@'!(%![-%!&'!*%Z#%C%!%\5*%0.4%&1%!
#.0!5'0+,#%0!2'45%1%&2+.0!%01.1.#%0!5'1%&2+.#4%&1%!#+4+1.('*.0N!
!
E%!'1*'!#.('!.#%F.!%#!*%5*%0%&1.&1%!(%#!:',+%*&'![-%!&'!0%!0.,%!0+!%#!2'&0-4'!%0!-&.!
4.1%*+.! '! -&.! 5'#81+2.3! (.('! [-%! %#! *%2-*0'! &'! %05%2+Z+2.! [-<! %&1+%&(%! 5'*! 2.(.! 2.1%F'*8.e!
.-&[-%! 08! %01?! 2#.*'! [-%! %#! .*1N! XQYNX! /"! &'! +&2#-G%! %01.! 4.1%*+.! %&1*%! #.0! *%0%*D.(.0! .#!
"01.('3!G3!5'*!1.&1'3!5-%(%!.0-4+*0%!%01.1-1.*+.4%&1%!5'*!#.0!/'4-&+(.(%0!L-1K&'4.0!g.*1N!
XQYN]!/"cN!).45'2'!5.*%2%3!.!C-+2+'!(%#!L,'F.('!(%#!"01.('3![-%!#.!2.#+Z+2.2+K&!2'4'!-&.!-!
'1*.! 2.1%F'*8.! 1%&F.! #.! 4%&'*! *%#%D.&2+.! 2'&01+1-2+'&.#3! 5-(+%&('! .Z+*4.*0%3! 2'4'! 4?\+4'3!
[-%!%#!2'&0-4'!0%*8.!-&.!4.1%*+.!1*.&0D%*0.#3!0-02%51+,#%!(%!%&1*.*!%&!2'&2-**%&2+.!2'&!'1*'0!
181-#'03! G! [-%! 0%*?! %&! %#! 2.0'! 2'&2*%1'! 2-.&('! @.G.! (%! (%2+(+*0%! 2-?#! %0! #.! 2'45%1%&2+.!
5*%D.#%&1%N!
!
$'*!#'![-%!*%05%21.!.!#.!+45-F&.2+K&!(%!#.0!#%1*.0!.c!G!%c!0%!(%&-&2+.![-%!%#!*%2-*0'!
D-%#D%!.!+&2-**+*!%&!#.!4+04.!2'&Z-0+K&!2'&2%51-.#3!*%4+1+<&('0%!.!#'!G.!(+2@'!.&1%*+'*4%&1%!
5.*.!2'&1%01.*!%01%!5-&1'N!k'!',01.&1%!0%!*.='&.![-%!&'!2.,%!(-(.!(%![-%!#.!2'45%1%&2+.!%&!
4.1%*+.!(%!(%Z%&0.!(%!2'&0-4+('*%0!G!-0-.*+'0!l#%1*.!.cm!%01?!#+4+1.(.!5'*!#.0!,.0%0!%01.1.#%0!
%&!4.1%*+.!(%!0.&+(.(!0+%45*%![-%!%01.!2'45%1%&2+.!0%!%C%*=.!2'&Z'*4%!.!#.!C-*+05*-(%&2+.N!
U'!4+04'!'2-**+*8.!2'&!#.!2'45%1%&2+.!%01.1.#!%&!4.1%*+.!#%F+0#.2+K&!2+D+#!G!4%*2.&1+#3!5-%0!
%01.*8.!2#.*'![-%3!.#!.45.*'!(%!#.!2'45%1%&2+.!.-1'&K4+2.!0',*%!(%Z%&0.!(%!2'&0-4+('*%03!&'!
0%! 5-%(%&! %01.,#%2%*! &-%D'0! (%*%2@'0! -! ',#+F.2+'&%0! (%! 2.*?21%*! 2+D+#! '! 4%*2.&1+#3! 5%*'! 08!
5'(*8.!+&01.-*.*0%!-&!0+01%4.!(%!F.*.&18.0!.(4+&+01*.1+D.0!g>)/!TSWXYYX3!(%!SS!(%!4.*='cN!
!
"&! 2-.&1'! .! #.! #%1*.! %c! %#! %**'*! 2'&2%51-.#! .#! [-%! 0%! @.! @%2@'! *%Z%*%&2+.! @.,*8.!
5*'D'2.('! [-%! %#! *%2-*0'! *%2'&'=2.! #.! %\+01%&2+.! (%! 0-,4.1%*+.0! *%#.1+D.0! .! #.! +&Z'*4.2+K&!
[-%!%01.*8.&!&.1-*.#4%&1%!%&2-.(*.(.0!%&!#.!2'45%1%&2+.!.-1'&K4+2.3!5%*'![-%!0%!(+02-1.!%#!
2.*?21%*!%\2#-0+D'!.&1%!#.!%\+01%&2+.!(%!'1*.0!0-,4.1%*+.0!*%#.2+'&.(.0!2'&!#.!+&Z'*4.2+K&![-%!
!
SSQ
0%*8.&!(%!2'45%1%&2+.!%01.1.#N!U'![-%!'2-**+*8.!%&!1'('0!#'0!%C%45#'0![-%!2+1.!#.!(%4.&(.!%03!
0+45#%4%&1%3![-%!%&!1.#%0!0-,4.1%*+.0!5*%D.#%2%!'1*'!181-#'!2'45%1%&2+.#!4?0!%05%28Z+2'![-%!
%#!F%&%*.#!(%!2'&0-4'!G3!5'*!1.&1'3!0-!%&2-.(*.4+%&1'!0%!@.2%!%&!%#!181-#'!%01.1.#!G!&'!%&!%#!
F%&%*.#!.-1'&K4+2'N!
!
2c!$'*!#'![-%!0%!*%Z+%*%!.#!2'&1*.01%!2'&!%#!.*1N!XSNXNR!(%#!"01.1-1'!(%!XY_Y3!0%!(%01.2.!
5'*! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! 0+! (+2@'! "01.1-1'! G.! +&2'*5'*.,.! #+4+1.2+'&%0! G!
4.1+=.2+'&%03! %0! %D+(%&1%! [-%! %#! %01.1-G%&1%! (%! SPPT! 5-%(%! '51.*! 5'*! -&.! Z'*4-#.2+K&!
(+01+&1.3!(%!4.&%*.![-%!2.4,+%!%#!&+D%#!2'45%1%&2+.#!(%!#.!:%&%*.#+1.1!0+&!.#1%*.*!5.*.!&.(.!#.0!
2'45%1%&2+.0! %01.1.#%0N! k'! 0%*8.! 2'**%21'! 2'&2#-+*! [-%! #.! Z.#1.! (%! 4%&2+K&! (%! #.0!
2'45%1%&2+.0!%01.1.#%0!0-5'&F.!0-!&%F.2+K&!+45#82+1.N!
!
$'*! '1*'! #.('! .#%F.! %#! "C%2-1+D'! .-1'&K4+2'! #.! %\+01%&2+.! (%! %05.2+'0! (%! 2.*?21%*!
5#-*+(+02+5#+&.*!5*'5+2+'0!5.*.![-%!0%!%01.,#%=2.&!5'#81+2.0!5M,#+2.0!F#',.#%0!g4%(+'!.4,+%&1%3!
D+D+%&(.3! 2'&0-4'! NNNcN! "05.2+'0! %&! #'0! [-%! 0%! 5-%(%! +&2+(+*! (%0(%! (+Z%*%&1%0! 5%*05%21+D.0!
0%21'*+.#%0!0+&!.Z%21.*!.!#.!1+1-#.*+(.(!(%!#.0!(+01+&1.0!2'45%1%&2+.0N!U.!@+5'1<1+2.!2'#+0+K&!0%!
*%0'#D%*?! (%1%*4+&.&('! #.! &'*4.! 5*%D.#%&1%! %&! .5#+2.2+K&! (%! #'0! 2*+1%*+'0!
C-*+05*-(%&2+.#4%&1%! %01.,#%2+('03! 0+&! [-%! [-%5.! 0'01%&%*3! 2'4'! 0%! @.2%! %&! %#! *%2-*0'3! [-%!
5*%D.#%2%*?&!%&!1'('!2.0'!#.0!&'*4.0!%01.1.#%03!5-%0!%#!.*1N!XQYN]!/"!#+4+1.!%0.!5*%D.#%&2+.!.!
#.0! 4.1%*+.0! [-%! &'! @.G.&! 0+('! .1*+,-+(.0! .! #.! 2'45%1%&2+.! %\2#-0+D.! (%! #.0! /'4-&+(.(%0!
L-1K&'4.03!&'!0+%&('!<0%!%#!0-5-%01'!(%#!.*1N!XS]N!
!
L(%4?0! %0! %D+(%&1%3! 5.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.13! [-%! %#! .5.*1.('! .c! (%#!
5*%2%51'! &'! +45+(%! &+! #+4+1.! %#! %C%*2+2+'! (%! #.!2'45%1%&2+.! %01.1.#! 5.*.! (+21.*! #.! #%F+0#.2+K&!
,?0+2.!0',*%!0.&+(.(!'!0%F-*+(.(!+&(-01*+.#N!).45'2'!#.!#%1*.!%c!4%&'02.,.!&+!+&1%*Z+%*%!%&!#.!
*%F-#.2+K&!%05%28Z+2.!0',*%!+&Z'*4.2+K&!5.*.!0%21'*%0!2'&2*%1'0!(%!#.!2'45%1%&2+.!%01.1.#!G!%&!
*%#.2+K&! 2'&! '5%*.2+'&%0! (%1%*4+&.(.0! gvgrN! 5*'(-21'0! Z.*4.2<-1+2'0cN! >%! 1*.1.! (%! &'*4.0!
0%21'*+.#%0![-%!(%,%&!2'&D+D+*!.*4K&+2.4%&1%!2'&!#.!4?0!F%&<*+2.!*%#.1+D.!.#!2'&0-4'!G3!%&!
2.0'!(%!(+02*%5.&2+.3!(%,%*?!5*%D.#%2%*!#.!&'*4.!4?0!%05%28Z+2.N!
!
$'*! M#1+4'! 0%! 0%6.#.! [-%! %&! %#! *%2-*0'! 0%! .(4+1%! -&.! +&1%*5*%1.2+K&! 2'&Z'*4%! (%#!
5*%2%51'3!.*1+2-#.(.!0',*%!%#!.#2.&2%!(%!#.!4.1%*+.!`2'&0-4'a3!.!5%0.*!(%!#'!2-.#!0%!+&1%*%0.!#.!
(%2#.*.2+K&!(%!+&2'&01+1-2+'&.#+(.(N!$.*.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1!&'!%0!5*%2+0'!(%#+4+1.*!
%0%!.#2.&2%!(%!#.!4.1%*+.!5.*.!(%02.*1.*!#.!+&2'&01+1-2+'&.#+(.(!(%!-&!5*%2%51'![-%!&'!.1*+,-G%!
!
SSR
-&.! 2'45%1%&2+.! %\2#-G%&1%! (%! #.! %D%&1-.#! 2'+&2+(%&2+.! %&! %#! %05.2+'! (%0(%! '1*'0! 181-#'0!
2'45%1%&2+.#%0!4.1%*+.#%0!1.&1'!%01.1.#%0!2'4'!.-1'&K4+2'0N!
!
(c!LZ+*4.!%#!$.*#.4%&1'!(%!/.1.#-6.3!%&!5*+4%*!#-F.*3![-%!&'!2.,%!%&1%&(%*![-%3!5'*!
&'!2+1.*#.0!%\5*%0.4%&1%3!0%!%01<&!&%F.&('!#.0!2'45%1%&2+.0!%01.1.#%0![-%3!(%0(%!'1*'0!181-#'0!
4.1%*+.#%03! 5-%(%&! +&2+(+*! %&! #.! 4.1%*+.! (%! 2'&0-4'! G! %&! #.! (%Z%&0.! (%! #'0! 2'&0-4+('*%0! G!
-0-.*+'0N!$.*.!#.!/?4.*.!%0!2+%*1'![-%!%#!2'&0-4'!%0!-&!%05.2+'![-%!5-%(%!*%F-#.*0%!(%0(%!
181-#'0! 4.1%*+.#%0! G! 2'45%1%&2+.#%0! (+D%*0'0N! f! -&.! %D%&1-.#! 2'#+0+K&! &'*4.1+D.! (%,%*8.!
*%0'#D%*0%! (%1%*4+&.&('! #.! &'*4.! 5*%D.#%&1%! %&! 2.(.! 2.0'3! .1%&(+%&('! .! #'0! 2*+1%*+'0!
%01.,#%2+('0! 5'*! #.! C-*+05*-(%&2+.! .#! *%05%21'3! 0+&! [-%! [-%5.! (%2+(+*! (%! .&1%4.&'! [-%! #.0!
&'*4.0!%01.1.#%0!5*%D.#%2%*?&!0+%45*%!0',*%!#.0!.-1'&K4+2.0N!U.!2'45%1%&2+.!%\2#-0+D.![-%!
%#!.*1N!XS]!.1*+,-G%!.!#.!:%&%*.#+1.1!%&!4.1%*+.!(%!2'&0-4'!&'!0%*8.!%\2#-G%&1%3!&+!5*%1%&(%*8.!
0%*#'3!(%!#.!+&2+(%&2+.!0',*%!%#!4+04'!%05.2+'!(%0(%!'1*'0!181-#'0!2'45%1%&2+.#%0!4.1%*+.#%03!
1.&1'!%01.1.#%0!2'4'!.-1'&K4+2'0N!
!
TQN! .c! "#! .*182-#'! XSR! g/'*5'*.2+'&%0! (%! (%*%2@'! 5M,#+2'! G! 5*'Z%0+'&%0! 1+1-#.(.0c!
+&2-**+*8.! %&! 0-0! .5.*1.('0! X! G! S! %&! -&! %\2%0'! 2'45%1%&2+.#! (%1%*4+&.&1%! (%! 0-!
+&2'&01+1-2+'&.#+(.(N!L-&[-%!%#!"01.1-1'!.&1%*+'*!2.#+Z+2.,.!(%!%\2#-0+D.!#.!2'45%1%&2+.!(%!#.!
:%&%*.#+1.1! 0',*%! 2'#%F+'0! 5*'Z%0+'&.#%0! G! %C%*2+2+'! (%! #.0! 5*'Z%0+'&%0! 1+1-#.(.03! #.!
C-*+05*-(%&2+.! @.,*8.! (%C.('! 2#.*'! [-%3! 0+&! 5%*C-+2+'! (%! '1*'0! 181-#'0! 2'45%1%&2+.#%0!
g0+&F-#.*4%&1%3! .*1N! XQYNXNX! /"c3! %#! "01.('! 1.4,+<&! (+05'&%! (%! 2'45%1%&2+.0! 2'&! (+*%21.!
+&2+(%&2+.! %&! #.! 4.1%*+.! g>)/! SPWXYOO3! (%! XO! (%! Z%,*%*'c3! #'! [-%! @.,*8.! (%! 0-5'&%*! #.!
+&2'&01+1-2+'&.#+(.(! (%! #.! 2.#+Z+2.2+K&! 2'4'! %\2#-0+D.! (%! #.! 2'45%1%&2+.! .1*+,-+(.! %&! %#!
.5.*1.('! X! (%#! 5*%2%51'N! >-,0+(+.*+.4%&1%3! .#! 4%&'0! #.! (%! #.! #%1*.! .c3! [-%! %\1+%&(%! #.!
2'45%1%&2+.!.-1'&K4+2.!.!`#.!*%F-#.2+K&!(%!#.!'*F.&+=.2+K&!+&1%*&.3!(%#!Z-&2+'&.4+%&1'!G!(%#!
*<F+4%&! %2'&K4+2'3! 5*%0-5-%01.*+'! G! 2'&1.,#%3! .08! 2'4'! .#! *<F+4%&! (%! 2'#%F+.2+K&! G!
.(02*+52+K&3!(%!#'0!(%*%2@'0!G!(%,%*%0!(%!0-0!4+%4,*'0!G!(%#!*<F+4%&!(+02+5#+&.*+'a3!G!#.!(%!
#.! #%1*.! ,c3! %&! *%#.2+K&! 2'&! #.! 2*%.2+K&! (%! 1.#%0! 2'*5'*.2+'&%0! G! #.! .1*+,-2+K&! (%! Z-&2+'&%03!
5-%0! 2'**%05'&(%! .#! "01.('! #.! *%F-#.2+K&! ,?0+2.! (%! %0.0! 2-%01+'&%0! 5'*! 0%*! *%2'&(-2+,#%0! .#!
.*1N!XQYNXNXO!/"N!
!
).4,+<&!0%*8.!+&2'&01+1-2+'&.#! %#!.5.*1.('!]!(%#!.*1N!XSR3!5-%0!(+05'&%![-%!5.*.![-%!
#.0!/?4.*.0!(%!/'4%*2+'3!b&(-01*+.!G!k.D%F.2+K&!5-%(.&!`(%0.**'##.*!Z-&2+'&%0!(%!2'4%*2+'!
%\1%*+'*! G! (%01+&.*! *%2-*0'0! F%&%*.#%0! .! %01.0! Z-&2+'&%0a! %0! 5*%2+0'! [-%! 4%(+%! %#! `5*%D+'!
!
SST
.2-%*('!(%!#.!:%&%*.#+1.1!2'&!%#!"01.('aN!>%!#+4+1.*8.&!2'&!%##'!#.0!2'45%1%&2+.0!,?0+2.0!(%#!
"01.('! 5.*.! Z+C.*! #.0! Z-&2+'&%0! (%! 2'4%*2+'! %\1%*+'*! 2.*.21%*801+2.0! (%! #.0! /?4.*.0! G! #'0!
*%2-*0'0!2.4%*.#%0![-%!(%,.&!.Z%21.*0%!.!0-!2-45#+4+%&1'!g.*1N!XQYNXNXO!/"c!G!0%!+&2+(+*8.!%&!
%#! 2'4%*2+'! %\1%*+'*3! (%! #.! %\2#-0+D.! 2'45%1%&2+.! (%#! "01.('! g.*1N! XQYNXNXP! /"cN! $'*! #'! [-%!
@.2%! .#! .5.*1.('! Q3! .#%F.&! #'0! *%2-**%&1%0! [-%! #.! 2.*.21%*+=.2+K&! 2'4'! %\2#-0+D.! (%! #.!
2'45%1%&2+.! .-1'&K4+2.! 0',*%! %#! %C%*2+2+'! (%! #.0! 5*'Z%0+'&%0! 1+1-#.(.0! G!#.! (%Z+&+2+K&! (%! 0-!
2'&1%&+('!%&!#'0!1<*4+&'0![-%!0%!(%02*+,%&!%&!0-0!#%1*.0!.c3!,c!G!2c!+&D.(%!2'45%1%&2+.0!(%#!
"01.('!ex!.*1N!XQYNXN]P!/"3!0+&![-%!+45+(.!%0.!2'&2#-0+K&!#.!*%Z%*%&2+.!.!#'0!.*10N!]T!G!X]Y!
/"3! *%2'*(?&('0%! #.! ('21*+&.! (%! #.! >)/! XSSWXYOY3! (%! T! (%! C-#+'N! $.*.! #'0! .21'*%0! #.!
5*%0%*D.2+K&! (%! #.0! 2'&(+2+'&%0! ,?0+2.0! (%! %C%*2+2+'! (%! #'0! (%*%2@'0! G! (%,%*%0!
2'&01+1-2+'&.#%03!.08!2'4'!#.!+&2+(%&2+.!(%!#'0!0%*D+2+'0!5*'Z%0+'&.#%0!%&!#.!'*(%&.2+K&!(%!#.!
.21+D+(.(! %2'&K4+2.! g.*1N! XQYNXNX]! /"c3! &%2%0.*+.4%&1%! *%[-+%*%&! (+05'&%*! (%! -&! 48&+4'!
2'4M&!&'*4.1+D'!(%!?4,+1'!&.2+'&.#![-%!0K#'!%#!"01.('!5-%(%!%01.,#%2%*!G!F.*.&1+=.*!%&!%#!
4.*2'!(%#!5*+&2+5+'!(%!-&+(.(!(%!4%*2.('N!
!
,c!H%05%21'!.!#.!+45-F&.2+K&!(%!2.*?21%*!F%&%*.#!(%#!.5.*1.('!X!*%+1%*.!%#!L,'F.('!(%#!
"01.('! %#! .*F-4%&1'! (%! [-%! #.! .0-&2+K&! (%! -&.! 2'45%1%&2+.! 2'4'! %\2#-0+D.! &'! 0-5'&%! %#!
(%05#.=.4+%&1'! (%! #'0! *%01.&1%0! 181-#'0! [-%! 5-%(.&! +&2+(+*! %&! #.! 4.1%*+.3! *%4+1+<&('0%! .! #'!
%\5-%01'!2'&!.&1%*+'*+(.(!0',*%!%01.!2-%01+K&N!
!
"&! 2-.&1'! .! #.0! #%1*.0! .c! G! ,c! .Z+*4.! [-%! %#! *%2-*0'! 2.*%2%! (%#! &%2%0.*+'! (%0.**'##'!
C-01+Z+2.1+D'! (%! #.! 2'&2#-0+K&3! .6.(+%&('! [-%3! %&! 2-.#[-+%*! 2.0'3! %&! %#! %C%*2+2+'! (%! #.!
2'45%1%&2+.!.-1'&K4+2.!0',*%!%01.0!2'*5'*.2+'&%0!(%!E%*%2@'!5M,#+2'!#.!:%&%*.#+1.1!(%,%*?!
*%05%1.*! #.! #%F+0#.2+K&! ,?0+2.! [-%! %#! "01.('! 5-%(.! %01.,#%2%*N! n01%3! %&! %C%*2+2+'! (%! 0-!
2'45%1%&2+.!%\2#-0+D.3!5-%(%!`2.#+Z+2.*!.!#.0!/?4.*.0!(%!/'4%*2+'3!b&(-01*+.!G!k.D%F.2+K&!
2'4'! /'*5'*.2+'&%0! (%! E%*%2@'! 5M,#+2'! %&! *.=K&! (%! 0-! +('&%+(.(! 5.*.! #.! 2'&0%2-2+K&! (%!
Z+&%0! (%! +&1%*<0! 5M,#+2'a3! 0+! ,+%&! `#.! %\1%&0+K&! %! +&1%&0+(.(! [-%! 5-%(%&! 1%&%*! #.0! ,.0%0!
%01.1.#%0! .#! *%F-#.*! #.0! 2'*5'*.2+'&%0! 2.4%*.#%0! %0! 4-2@'! 4%&'*! [-%! 2-.&('! 0%! *%Z+%*%&! .!
L(4+&+01*.2+'&%0! 5M,#+2.0! %&! 0%&1+('! %01*+21'a! g>)/! SPTWSPPX3! (%! SS! (%! '21-,*%3! ^;! QcN!
H%05%21'!(%!#'0!2'#%F+'0!5*'Z%0+'&.#%03!(%0(%!#.!>)/!_TWXYO]3!(%!R!(%!.F'01'3!^;!ST3!0%!1+%&%!
(%2#.*.('![-%!`2'**%05'&(%!.!#.!#%F+0#.2+K&!%01.1.#!Z+C.*!#'0!5*+&2+5+'0!G!*%F#.0!,?0+2.0!.![-%!
@.&! (%! .C-01.*! 0-! '*F.&+=.2+K&! G! 2'45%1%&2+.! #.0! /'*5'*.2+'&%0! (%! E%*%2@'! $M,#+2'!
*%5*%0%&1.1+D.0! (%! +&1%*%0%0! 5*'Z%0+'&.#%0aN! f! &.(.! (%! %01'! 2.4,+.*8.! 1*.0! %#! 5*%2%51'!
+45-F&.('N!
!
SS_
!
"&! 2-.&1'! .! #.! +45-F&.2+K&! (%#! .5.*1.('! ]3! .Z+*4.! %#! L,'F.('! (%#! "01.('! [-%! %#!
5*%2%51'!&'!.1%&1.!2'&1*.!%#!.*1N!XQYNXNXP!/"3!%&1%&(+%&('![-%!#'!M&+2'![-%!@.2%!%0!*%2'F%*!#.!
('21*+&.! (%#! )*+,-&.#! /'&01+1-2+'&.#3! 0%&1.(.3! %&1*%! '1*.03! %&! #.0! >>)/! SPTWSPPX3! (%! SS! (%!
'21-,*%!g^;!Rc3!G!SQSWXYYY3!(%!SX!(%!(+2+%4,*%!l^;!XT!.cmN!E%!.2-%*('!2'&!#.!C-*+05*-(%&2+.!#.!
:%&%*.#+1.1! 1+%&%! 2'45%1%&2+.0! %&! 4.1%*+.! (%! 5*'4'2+K&! (%! #.! .21+D+(.(! %\1%*+'*! [-%!
(%0.**'##.&!#.0!/?4.*.03!5'*!#'![-%3!2'&C-F.&('!1.#!2'45%1%&2+.!2'&!%#!#84+1%![-%!+45'&%!#.!
2'45%1%&2+.!(%#!"01.('3!%#!.5.*1.('!+45-F&.('!(%,%*8.!%&1%&(%*0%!%\2#-0+D.4%&1%!*%Z%*+('!.!
#.! 5*'4'2+K&! (%! #.! .21+D+(.(! %\1%*+'*! [-%! *%.#+=.&! #.0! /?4.*.0! G! [-%! %0! 2'45%1%&2+.! (%! #.!
:%&%*.#+1.13!%01.,#%2+<&('0%!%&!1.#!2.0'!-&.!Z'*4.!(%!2'#.,'*.2+K&!2'&!%#!"01.('3!2'4'!1+1-#.*!
(%!#.!2'45%1%&2+.!%\2#-0+D.!0',*%!2'4%*2+'!%\1%*+'*N!
!
L-&[-%!&'!0%!+&1%*5*%1.*.!%&!%#!0%&1+('!%\5-%01'3!G!0%!%&1%&(+%*.![-%!%#!.5.*1.('!]!0%!
%\1+%&(%!.!#.!.21+D+(.(!2.4%*.#!+&1%F*.(.!%&!0%&1+('!%01*+21'!%&!%#!181-#'!(%!2'4%*2+'!%\1%*+'*3!
&'!0%!5*'(-2+*8.!-&!(%05#.=.4+%&1'!(%!#.!2'45%1%&2+.!%\2#-0+D.!(%#!"01.('3!2'4'!0'01+%&%!#.!
(%4.&(.N!L083!#.!ZK*4-#.!(%!2'#.,'*.2+K&![-%!%01.,#%2%!%#!5*%2%51'!(%,%*8.!+&1%*5*%1.*0%!(%!
2'&Z'*4+(.(! 2'&! #.! (+05'0+2+K&! .(+2+'&.#! 0%F-&(.3! [-%3! ,.C'! #.! *M,*+2.! `.2-%*('0! 2'&! %#!
:',+%*&'! (%#! "01.('a3! *%0-#1.! (%! %D+(%&1%! .5#+2.2+K&! .#! 2.0'N! "&! (%Z+&+1+D.3! %#! "01.1-1'!
M&+2.4%&1%! %01.*8.! +&2'*5'*.&('! -&! *.='&.,#%! 4%2.&+04'! (%! 2''5%*.2+K&3! 2'&0-01.&2+.#! .!
&-%01*'!"01.('!2'45-%01'N!
!
"&!*%#.2+K&!2'&!#.!+45-F&.2+K&!F%&%*.#!(%#!.5.*1.('!Q!.#%F.!%#!L,'F.('!(%#! "01.('!
[-%! %#! "01.1-1'! (%! XY_Y! G.! .1*+,-8.! .! #.! :%&%*.#+1.1! 2'45%1%&2+.! %\2#-0+D.! %&! 4.1%*+.! (%!
`2'#%F+'0!5*'Z%0+'&.#%0!G!5*'Z%0+'&%0!1+1-#.(.03!0+&!5%*C-+2+'!(%!#'!(+05-%01'!%&!#'0!.*182-#'0!
]T! G! X]Y! (%! #.! /'&01+1-2+K&a! g.*1N! YNS]cN! "#! .21-.#! "01.1-1'! '1'*F.! .! #.! /'4-&+(.(!
2'45%1%&2+.! %\2#-0+D.! 0',*%! `%#! %C%*2+2+'! (%! #.0! 5*'Z%0+'&%0! 1+1-#.(.0a3! G3! .(%4?03!
`*%05%1.&('!#.0!&'*4.0!F%&%*.#%0!0',*%!1+1-#.2+'&%0!.2.(<4+2.0!G!5*'Z%0+'&.#%0!G!#'!(+05-%01'!
%&! #'0! .*182-#'0! ]T! G! X]Y! (%! #.! /'&01+1-2+K&aN! /'4'! %0! 0.,+('! &-&2.! 0%! @.! 2-%01+'&.('! #.!
2'&01+1-2+'&.#+(.(!(%#!.&1+F-'!.*1N!YNS]!(%#!"01.1-1'!(%!XY_Y3![-%!.1*+,-8.!.!#.!:%&%*.#+1.1!#.!
4.1%*+.! %&! ,#'[-%3! 0+&! 4.1+2%03! 5'*! #'! [-%3! 0+! &'! %*.! +&2'&01+1-2+'&.#! %#! .&1%*+'*! *<F+4%&3!
5.*%2%*8.! (+Z82+#! 2-%01+'&.*! %#! .21-.#! .*1N! XSRNQ3! [-%! #+4+1.! #.! .45#+1-(! (%! #'0! 1<*4+&'0! (%#!
5*%2%51'!.&1%*+'*N!
!
!
SSO
/'&! +&2#-0+K&! (%! D.*+.0! 2+1.0! (%#! ^;! O! (%! #.! >)/! XRQWSPPR3! (%! Y! (%! C-&+'3! +&D'2.! %#!
L,'F.('!(%#!"01.('!#.!('21*+&.!2'&01.&1%!(%!%01%!)*+,-&.#!0',*%!#.!2'45%1%&2+.!*%0%*D.(.!.#!
"01.('!5'*!%#!.*1N!XQYNXN]P!/"3!2'&Z'*4%!.!#.!2-.#!2'**%05'&(%!.#!"01.('!#.!2*%.2+K&!(%!#.0!
5*'Z%0+'&%0! 1+1-#.(.03! %&1%&(+(.0! 2'4'! .[-%##.0! 5.*.! 2-G'! %C%*2+2+'! 0%! %\+F%! 1+1-#.2+K&!
0-5%*+'*3!.08!2'4'!%#!%01.,#%2+4+%&1'!(%!#.0!2'&(+2+'&%0!5.*.!#.!',1%&2+K&!(%!%01%!181-#'!G!0-!
%\5%(+2+K&! '! #.! @'4'#'F.2+K&! (%#! [-%! 0%! @-,+%*.! %\5%(+('N! $-%0! ,+%&3! #.! .1*+,-2+K&!
2'45%1%&2+.#! [-%! @.2%! %#! .*1N! XSRNQ! .c! &'! 5'(*8.! +&1%*5*%1.*0%! (%02'&%21.(.! (%! #.! 2#?-0-#.!
#+4+1.1+D.! F%&%*.#! g2'&! #.! ',#+F.2+K&! (%! *%05%1.*! `#.0! &'*4.0! F%&%*.#%0! 0',*%! 1+1-#.2+'&%0!
.2.(<4+2.0! G! 5*'Z%0+'&.#%0ac3! [-%! 0%! 5*'G%21.! 0',*%! 2.(.! -&.! (%! #.0! 0-,4.1%*+.0!
%05%28Z+2.4%&1%! +&2#-+(.0! %&! %#! 181-#'3! 5'*! #'! [-%! #.! %\5*%0+K&! @.,*8.! (%! 0%*! %&1%&(+(.! %&! %#!
0%&1+('! (%! +&2'*5'*.*! .#! "01.1-1'! #.! 2+1.(.! ('21*+&.! 2'&01+1-2+'&.#! 0',*%! %#! 2'&1%&+('! (%! #.!
2'45%1%&2+.!%01.1.#!(%*+D.(.!(%#!.*1N!XQYNXN]P!/"N!E%!%01.!Z'*4.3!%#!*%05%1'![-%!5*'5-F&.!%#!
5*%2%51'!.!#.0!&'*4.0!0',*%!1+1-#.2+'&%0!5*'Z%0+'&.#%0!0K#'!5'(*8.!0+F&+Z+2.*![-%!.#!"01.('!#%!
0+F-%! 2'**%05'&(+%&('! #.! (%Z+&+2+K&! (%! #.0! 5*'Z%0+'&%0! 1+1-#.(.03! %#! %01.,#%2+4+%&1'! (%! #.0!
2'&(+2+'&%0!(%!',1%&2+K&!(%#!181-#'!G3!%&!0-!2.0'3!#.!%\5%(+2+K&!-!@'4'#'F.2+K&!(%#!4+04'N!L!
5.*1+*!(%!.@8!2'4%&=.*8.!#.!2'45%1%&2+.!.-1'&K4+2.3![-%!5'(*8.!%01.,#%2%*!*%[-+0+1'0!5.*.!%#!
%C%*2+2+'!(%!.21+D+(.(%0!5*'Z%0+'&.#%0!0+%45*%!G!2-.&('!'01%&1%!#.!2'45%1%&2+.!4.1%*+.#!0',*%!
%#! 0%21'*! %&! [-%! 0%! +&1%F*.! (+2@.! .21+D+(.(3! 1.#! G! 2'4'! 1+%&%! (%2#.*.('! %#! )*+,-&.#!
/'&01+1-2+'&.#!g5'*!1'(.03!>)/!XRQWSPPR3!(%!Y!(%!C-&+'cN!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!.Z+*4.![-%!%#!5*%2%51'!'Z*%2%!4?0!4.1+=.2+'&%0![-%!%#!
.*1N! YNS]! (%#! "01.1-1'! (%! XY_Y! 5'*[-%! #.0! 2'45%1%&2+.0! .-1'&K4+2.0! &'! 0'&! .@'*.! 0K#'!
%\2#-0+D.03! 0+&'! [-%! %&! (%1%*4+&.('0! %\1*%4'0! 0%! 2'&Z+F-*.&! 2'4'! 2'45.*1+(.0N!
/'&2*%1.4%&1%!#'0!%#%4%&1'0!&-2#%.*%0!(%!#.0!Z+F-*.0!5*%0%&1.&!%01%!2.*?21%*!2'45.*1+('!%&!%#!
.5.*1.('! S3! &'! +45-F&.('N! "#! .5.*1.('! X! 2'&1+%&%! Z-&2+'&%03! %&! '2.0+'&%0! 4%*.4%&1%!
%C%2-1+D.03![-%!2-,*%&!(+D%*0'0!.05%21'0!(%!%01.0!'*F.&+=.2+'&%0![-%![-%(.&!0+1-.('03!%&!1'('!
2.0'3! %&! %#! 4.*2'! (%1%*4+&.&1%! [-%! [-%(.*?! %01.,#%2+('! %&! D+*1-(! (%! #.0! 2'45%1%&2+.0!
&-2#%.*%0!.#-(+(.0!%&!%#!5?**.Z'!SN!"01.!5*%D+0+K&!*%05%1.*8.!#.!2'45%1%&2+.!.1*+,-+(.!.#!"01.('!
5'*!%#!.*1N!XQYNXNXO!/"!%&!D+*1-(!(%!%0%!5?**.Z'!0%F-&('3!0+!,+%&!0%!.(D+%*1%![-%!#.!%D'#-2+K&!
(%!#.!('21*+&.!2'&01+1-2+'&.#!g(%0(%!#.!>)/!_TWXYO]3!(%!R!(%!.F'01'3!.!#.!>)/!]]PWXYYQ3!(%!XR!
(%!(+2+%4,*%c!@.!*%#.1+D+=.('!%#!.#2.&2%!(%!#'!,?0+2'!.#!%&1%&(%*![-%!%&!#.!(+01+&2+K&!%&1*%!#.!
'*(%&.2+K&!(%!#.!4.1%*+.!G!#.!(%!'1*.0!.21+D+(.(%0!*%#.2+'&.(.0!2'&!%##.!%\+01%&!(+Z%*%&2+.0![-%!
5%*4+1%&! -&! 4%&'*! *+F'*! %&! #.! .5*%2+.2+K&! (%! #'! ,?0+2'N! $'*! 1.&1'! #.! .0+4+#.2+K&! 5.*2+.#! (%!
!
SSY
%01.0!2'*5'*.2+'&%0!.!#.0!L(4+&+01*.2+'&%0!5M,#+2.0!',#+F.!.!-&.!.5#+2.2+K&!5'&(%*.(.!(%!#.0!
,.0%0!%01.1.#%0!ex!.*1N!XQYNXNXO!/"N!
!
/'&! %#! .5.*1.('! ]! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i! #'! [-%! 5*%1%&(%! %#!
%01.1-G%&1%! %0! [-%! #.0! %&1+(.(%0! ,.C'! #.! 1-1%#.! .-1'&K4+2.! &'! 5-%(.&! .0+F&.*! &+! 5*%D%*!
Z-&2+'&%0! '! -1+#+=.2+K&! (%! Z'&('0! 5.*.! 2'4%*2+'! %\1%*+'*! 0+&! %#! 2'&0%&1+4+%&1'! (%! #.!
L(4+&+01*.2+K&!2'45%1%&1%3![-%!%0!#.!%01.1.#N!$'*!#'!1.&1'!&'!',#+F.!.#!"01.('3!&+!2'&(+2+'&.!'!
0-5%(+1.! 0-! .21-.2+K&! .! [-%! #.! :%&%*.#+1.1! 4-%01*%! 0-! 2'&Z'*4+(.(3! 0+&'! [-%! %&2.-=.!
2'&D%&+%&1%4%&1%!%#!%C%*2+2+'!(%!#.!2'45%1%&2+.!%01.1.#!0',*%!#.!.21+D+(.(!2'&!#.!2'45%1%&2+.!
.-1'&K4+2.!0',*%!#.0!%&1+(.(%0![-%!#.!*%.#+=.&N!
!
H%05%21'!(%#!.5.*1.('!Q!0%!*%2-%*(.![-%!%#!.*1N!YNS]!(%#!"01.1-1'!(%!XY_Y!'1'*FK!.!#.!
:%&%*.#+1.1!2'45%1%&2+.!%\2#-0+D.!%&!4.1%*+.!(%!5*'Z%0+'&%0!1+1-#.(.0N!U.!%\2#-0+D+(.(!#'!%0!
.[-8! *%05%1.&('! #.0! &'*4.0! F%&%*.#%0! 0',*%! 1+1-#.2+'&%0! .2.(<4+2.0! G! 5*'Z%0+'&.#%0! G! #'!
(+05-%01'! %&! #'0! .*10N! ]T! G! X]Y! /"3! (%! 4'('! [-%! %#! .#2.&2%! (%! #.! *%F-#.2+K&! .-1'&K4+2.!
[-%(.*?!4'(-#.('!5'*!%#!2'&1%&+('!(%!#.0!&'*4.0!%01.1.#%0!%&!%01.0!4.1%*+.0N!
!
(c!/'4+%&=.!*%2'&'2+%&('!%#!$.*#.4%&1'!(%!/.1.#-6.![-%!%#!5*%2%51'!@.!0-5-%01'!-&!
2.4,+'!5*'Z-&('!%&!%#!*%5.*1'!(%!2'45%1%&2+.0!%&!#.!4.1%*+.3!5-%0!1.#!@.!0+('!5*%2+0.4%&1%!#.!
Z+&.#+(.(!(%!#.!.5*',.2+K&!(%!-&!&-%D'!"01.1-1'3![-%!@.!'51.('!5'*!.1*+,-+*!.!#.!:%&%*.#+1.1!
(%1%*4+&.(.0!0-,4.1%*+.0![-%!#.!/'&01+1-2+K&!&'!.1*+,-G%3!*%05%1.&('!#.0!2'45%1%&2+.0!G!#.0!
4.1%*+.0!.1*+,-+(.0!.#!"01.('N!
!
U.!/'&01+1-2+K&!&'!.1*+,-G%!.#!"01.('!#.!2'45%1%&2+.!0',*%!2'#%F+'0!5*'Z%0+'&.#%0N!>+&!
%4,.*F'!#.!C-*+05*-(%&2+.!@.!2'&2*%1.('!%01.!.1*+,-2+K&!'1'*F.&('!.#!"01.('3!%&!D+*1-(!(%#!.*1N!
XQYNXNXO!/"3!-&.0!#+4+1.(.0!Z-&2+'&%0!%&!#.!%#.,'*.2+K&!(%!#.0!,.0%0!(%!(+2@.0!2'*5'*.2+'&%0!
%&!#.!4%(+(.!%&![-%!0'&!L(4+&+01*.2+'&%0!5M,#+2.0N!L083!.!#.!D+01.!1.&!0K#'!(%#!.5.*1.('!X!(%#!
.*1N!XSR!(%#!"01.1-1'3!&'!5'(*8.!(%(-2+*0%![-%!%#!*<F+4%&!(%!2'#%F+.2+K&![-%(%!%&F#',.('!%&!
%#! ?4,+1'! 2'45%1%&2+.#! %\2#-0+D'! (%! #.! :%&%*.#+1.13! 1%&+%&('! %&! 2-%&1.! [-%! %#! .5.*1.('! S!
%01.,#%2%! #.! 2'45%1%&2+.! 2'45.*1+(.! 0',*%! %#! %01.,#%2+4+%&1'! (%! #'0! *%[-+0+1'0! 5.*.! 0%*!
4+%4,*'! (%! #'0! 2'#%F+'0N! "01%! 0%F-&('! .5.*1.('! .1*+,-G%3! 5-%03! .! #.! :%&%*.#+1.1! #.!
2'45%1%&2+.! 2'45.*1+(.! 0',*%! #.! (%Z+&+2+K&! (%! #.0! 2'*5'*.2+'&%0! *%#.2+'&.(.0! G! 0',*%! #'0!
*%[-+0+1'0! 5.*.! 2*%.*#.0! G! 0%*! 4+%4,*'! (%! %##.03! [-%! 0'&! #'0! %#%4%&1'0! &-2#%.*%0! (%! #.!
*%F-#.2+K&N!/'&!%##'!0%!*%05%1.*8.!#.!('21*+&.!%#.,'*.(.!5'*!%#!)*+,-&.#!/'&01+1-2+'&.#!0',*%!#.!
!
S]P
.5#+2.2+K&!.!(+2@.0!2'*5'*.2+'&%0!(%!#.!2'45%1%&2+.!%\2#-0+D.![-%!.1*+,-G%!.#!"01.('!%#!.*1N!
XQYNXNXO! /"N! "0! %&! %#! 4.*2'! .08! %01.,#%2+('! %&! %#! [-%! (%,%*?&! %C%*2%*0%! #.0! 0-,4.1%*+.0!
2'&1%&+(.0!%&!%#!.5.*1.('!X!(%#!.*182-#'N!
!
"#!.*1N!XSRN]3!5'*!0-!5.*1%3!%01.,#%2%*8.!-&.!4%*.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1![-%3!.!
C-+2+'! (%! #.! /?4.*.3! &'! 5-%(%! %&1%&(%*0%! [-%! (+Z+2-#1%! %#! %C%*2+2+'! (%! #.! 2'45%1%&2+.! (%#!
"01.('!%&!#.!Z+C.2+K&!(%!-&.0!4-G!#+4+1.(.0!,.0%0!0',*%!#.0!/?4.*.0!(%!/'4%*2+'3!b&(-01*+.!G!
k.D%F.2+K&3!2'&Z'*4%!.!#.!>)/!SPTWSPPX3!(%!SS!(%!'21-,*%N!).45'2'!#.!5.*1+2+5.2+K&!(%!#.!
:%&%*.#+1.1! [-%! %01.,#%2%! %#! .*182-#'! +45-F&.('! %45%2%*8.! .! #.! 2'45%1%&2+.! (%#! "01.('! %&!
4.1%*+.!(%!2'4%*2+'!%\1%*+'*3![-%!0%!*%05%1.*8.!%&!0-!+&1%F*+(.(3!5-%0!#.!(+*%22+K&!G!2'&1*'#!
%01.1.#%0! &'! +45+(%&! [-%! 1.4,+<&! 2.(.! /'4-&+(.(! L-1K&'4.! (+*+C.! G! 2'&1*'#%! %#!
Z-&2+'&.4+%&1'!(%!#.0!/?4.*.0!(%!/'4%*2+'!*.(+2.(.0!%&!.[-<##.!%&!%#!2-45#+4+%&1'!(%!%01.0!
1.*%.0!5*'4'2+'&.#%0!(%#!2'4%*2+'!%\1%*+'*!g>)/!SPTWSPPX3!(%!SS!(%!'21-,*%3!^;!R3!in finecN!
!
"&!*%#.2+K&!2'&!%#!.*1N!XSRNQ3!%&!%#!%02*+1'!(%!.#%F.2+'&%0!0%!.(-2%![-%!#.0!5*'Z%0+'&%0!
1+1-#.(.0!2'&01+1-G%&!-&.!4.1%*+.![-%!#.!/'&01+1-2+K&!&'!.1*+,-G%!.#!"01.('e!%#!&-%D'!"01.1-1'!
(%! L-1'&'48.3! %&! 2.4,+'3! #.! .1*+,-G%! .! #.! :%&%*.#+1.13! 0+! ,+%&! *%05%1.&('! %\5*%0.4%&1%! #.!
2'45%1%&2+.! (%#! .*1N! XQYNXN]P! /"! 0',*%! *%F-#.2+K&! (%! #.0! 2'&(+2+'&%0! (%! ',1%&2+K&3!
%\5%(+2+K&! G! @'4'#'F.2+K&! (%! 181-#'0! .2.(<4+2'0! G! 5*'Z%0+'&.#%0N! q-%! @.G.! (%1%*4+&.(.!
2'&%\+K&!4.1%*+.#!%&1*%!%01.!2'45%1%&2+.!G!#.0!Z-&2+'&%0!.@'*.!.1*+,-+(.0!.!#.!:%&%*.#+1.1!&'!
'2-#1.*8.!#.!',D+%(.(!(%![-%!0%!1*.1.!(%!4.1%*+.0!(+01+&1.0N!
!
TRN! .c! >%! +45-F&.! %#! .*182-#'! XSTNS! g/*<(+1'3! ,.&2.3! 0%F-*'0! G! 4-1-.#+(.(%0! &'!
+&1%F*.(.0!%&!%#!0+01%4.!(%!0%F-*+(.(!0'2+.#c!5'*!2-.&1'!%01.,#%2%!#.!2'45%1%&2+.!2'45.*1+(.!
(%!#.!:%&%*.#+1.1!0',*%!`#.!%01*-21-*.3!#.!'*F.&+=.2+K&!G!%#!Z-&2+'&.4+%&1'!(%!#.0!%&1+(.(%0!(%!
2*<(+1'![-%!&'!0%.&!2.C.0!(%!.@'**'3!(%!#.0!2''5%*.1+D.0!(%!2*<(+1'!G!(%!#.0!%&1+(.(%0!F%01'*.0!
(%! 5#.&%0! G! Z'&('0! (%! 5%&0+'&%0! G! (%! #.0! %&1+(.(%0! Z80+2.0! G! C-*8(+2.0! [-%! .21M.&! %&! %#!
4%*2.('!.0%F-*.('*!p3!(%!.2-%*('!2'&!#'0!5*+&2+5+'03!*%F#.0!G!%01?&(.*%0!48&+4'0!Z+C.('0!%&!
#.0! ,.0%0!%01.1.#%0aN!>-!+&2'&01+1-2+'&.#+(.(!*%0-#1.*8.!(%!#.!2+*2-&01.&2+.! (%! [-%! 0%! *%(-2%&!
#.0! ,.0%0! (%#! "01.('! .! `5*+&2+5+'03! *%F#.0! G!%01?&(.*%0! 48&+4'0a3! +F&'*?&('0%! [-%! #.0! ,.0%0!
5-%(%&!Z+C.*0%!%&!&'*4.0!*%F#.4%&1.*+.0!G!(%!2.*?21%*!%C%2-1+D'!g5'*!1'(.03!>)/!XY_WXYYT3!(%!
SO!(%!&'D+%4,*%cN!
!
!
S]X
,c!"#!L,'F.('!(%#!"01.('!0%!*%4+1%!%&!%01%!5-&1'!.!0-0!.#%F.2+'&%0!%&!*%#.2+K&!2'&!%#!
.*1N!XXX!(%#!"01.1-1'!g.&1%2%(%&1%!R]c!
!
2c!L#%F.!%#!"C%2-1+D'!2.1.#?&![-%!%#!5*%2%51'!0%!+45-F&.!5.*1+%&('!(%!-&.!#%21-*.![-%!
.#1%*.!0-!0%&1+('N!$.*.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1!%#!.*1N!XST!.(4+1%![-%!%&!#.!4.1%*+.![-%!
&'0!'2-5.!#.0!,.0%0!%01.1.#%0!5-%(%&!5*%0%&1.*!-&!&+D%#!(%!2'&2*%2+K&!0-5%*+'*!.#!%01.,#%2+('!
%&!%#!.*1N!XXX!(%#!"01.1-1'!2'&!2.*?21%*!F%&%*.#3!5*%D+<&('0%![-%!5-%(.&!2'&0+01+*3!1.4,+<&3!%&!
*%F#.0!g*%F#.4%&1'0c!G!%01?&(.*%0!48&+4'0!g.21'0!%C%2-1+D'0c!Z+C.('0!5'*!%#!"01.('N!>%!1*.1.*8.3!
5'*! 1.&1'3! (%! -&.! 2'&2*%2+K&! (%! #.! %\2%52+K&! [-%! 0%! 2'&1%45#.! %&! %#! 5*'5+'! .*1N! XXX! G! [-%!
*%0-#1.*8.!5#%&.4%&1%!2'&01+1-2+'&.#N!
!
(c!U'0!U%1*.('0!(%#!$.*#.4%&1'!(%!/.1.#-6.!0%6.#.&![-%!#'0!.21'*%0!&'!+&(+2.&!2-?#!%0!
%#!5*%2%51'!2'&01+1-2+'&.#!+&Z*+&F+('3!0+&!5%*C-+2+'!(%![-%!5-%(.!+&Z%*+*0%![-%!0%!1*.1.!(%!#.0!
2'45%1%&2+.0![-%!%#!.*1N!XQYNXNXX!G!X]!*%0%*D.!.#!"01.('N!L!5*'5K0+1'!(%!%##'!%#!%02*+1'!*%+1%*.!
#.0! 2'&0+(%*.2+'&%0! .2%*2.! (%! [-%! 0+! %&! .#FM&! 4'4%&1'3! (-*.&1%! #.! D+F%&2+.! (%#! "01.1-1'! (%!
/.1.#-6.!(%!XY_Y3!0%!@.!5'(+('!2'&0+(%*.*![-%!#.!#%F+0#.2+K&!,?0+2.!(%0%45%6.,.!Z-&2+'&%0!
(%! (%#+4+1.2+K&! 2'45%1%&2+.#3! (+2@.0! Z-&2+'&%0! &'! (%*+D.,.&! (%#! 2.*?21%*! ,?0+2'! (%! #.!
#%F+0#.2+K&3! 0+&'! (%! #.! %D%&1-.#! *%4+0+K&! .! #.! #%F+0#.2+K&! ,?0+2.! [-%! %#! "01.1-1'! (%! XY_Y!
Z'*4-#.,.N!"#!&-%D'!"01.1-1'!5*%1%&(%*8.!%D+1.*3!4%(+.&1%!-&.!(%02*+52+K&!5'*4%&'*+=.(.!(%#!
?4,+1'!(%!#.0!2'45%1%&2+.0!5*'5+.03![-%!#.!%D%&1-.#!*%4+0+K&!.!#.!#%F+0#.2+K&!,?0+2.!5%*4+1.!
-&! D.2+.('! (%! 2'&1%&+('! (%! #.! 2'45%1%&2+.! .-1'&K4+2.N! $.*.! %##'! 0%*8.! #%F81+4'! [-%! %#!
"01.1-1'!%01.,#%=2.3!%&!%01.!4.1%*+.!2'&2*%1.!G!5.*.!#.!/'4-&+(.(!L-1K&'4.!(%!/.1.#-6.3!-&.!
(%#+4+1.2+K&!(%#!.#2.&2%![-%!5-%(.&!1%&%*!#.0!,.0%0!%01.1.#%03!0+&!5%*C-+2+'!(%![-%!#.!(+22+K&!
(%#!.*1N!XSTNS!&+!4%&'02.,.!&+!*%(-2%!%#!?4,+1'!2'45%1%&2+.#!(%#!"01.('!%01.,#%2+('!%&!%#!.*1N!
XQYNXNXX!G!X]!/"N!L!%01%!*%05%21'!#.!('21*+&.!(%!#.!>)/!XY_WXYYT3!(%!SO!(%!&'D+%4,*%3!0%*8.!
2#.*.! *%05%21'! .! #.! &%2%0+(.(! (%! 5%*4+1+*! #.0! 2'45%1%&2+.0! .-1'&K4+2.0! (%! (%0.**'##'!
#%F+0#.1+D'! %&! #.! 4.1%*+.! %&1'&2%0! %&! 2-%01+K&! G! .#! 2.*?21%*! .,0'#-1.4%&1%! %\2%52+'&.#! G!
5*'D+0+'&.#!%&!%#!1+%45'![-%!1+%&%!#.!5'0+,+#+(.(!(%!2'&0+(%*.*!,?0+2.0!.#F-&.0!*%F-#.2+'&%0!
&'!2'&1%&+(.0!%&!&'*4.0!2'&!*.&F'!#%F.#!%!+&2#-0'!2+%*1'0!.21'0!(%!%C%2-2+K&!2-.&('3!5'*!#.!
&.1-*.#%=.!(%!#.!4.1%*+.3!*%0-#1.&!2'45#%4%&1'!&%2%0.*+'!5.*.!F.*.&1+=.*!#.!2'&0%2-2+K&!(%!#.!
Z+&.#+(.(!',C%1+D.!.![-%!*%05'&(%!#.!2'45%1%&2+.!%01.1.#!0',*%!#.0!,.0%0N!
!
TTN! .c! "#! .*182-#'! XS_! g/-#1-*.c! .1*+,-G%! .! #.! :%&%*.#+1.1! %&! 0-! .5.*1.('! X! -&.!
2'45%1%&2+.! %\2#-0+D.! [-%! 2'45*%&(%3! %&! 1'('! 2.0'3! (%1%*4+&.(.0! .21-.2+'&%0! *%#.1+D.0! .!
!
S]S
.21+D+(.(%0!.*1801+2.0!G!2-#1-*.#%03!5.1*+4'&+'!2-#1-*.#3!.*2@+D'03!,+,#+'1%2.03!4-0%'0!G!2%&1*'0!
(%! (%5K0+1'! 2-#1-*.#! G! Z'4%&1'! (%! #.! 2-#1-*.N! U.! %\2#-0+D+(.(! (%! #.! 2'45%1%&2+.! @.,*8.! (%!
2'**%F+*0%!%&!.1%&2+K&!.!#'!(+05-%01'!%&!%#!.*1N!XQYNS!/"!G!.!#.!*%+1%*.(.!C-*+05*-(%&2+.!%&!#.!
#8&%.!(%![-%!#.0!2'45%1%&2+.0!(%#!"01.('!G!#.0!/'4-&+(.(%0!L-1K&'4.0!%&!4.1%*+.!(%!2-#1-*.!
0%! '*(%&.&! %&! *<F+4%&! (%! 2'&2-**%&2+.! g>)/! QYWXYOQ3! (%! R! (%! .,*+#cN! $.0.&('! .#! %\.4%&!
5.*1+2-#.*! (%#! 2'&1%&+('! (%! %01%! .5.*1.('! X3! .#%F.&! #'0! .21'*%03! %&! 5*+4%*! #-F.*3! [-%! #.!
+&2#-0+K&!%&!#.!2'45%1%&2+.!%\2#-0+D.!(%!#.!:%&%*.#+1.1!(%!`#.0!4%(+(.0!(%!5*'1%22+K&! (%! #.!
+&(-01*+.!2+&%4.1'F*?Z+2.!l#%1*.!.c3!0%F-&('m!&'!5-%(%!%\2#-+*!%#!%C%*2+2+'!(%!#.![-%!.#!"01.('!
.1*+,-G%!%#!.*1N!XQYNXNX]!/"!g.083!>)/!XPTWXYO_3!(%!SR!(%!C-&+'3!^;!XcN!bF-.#4%&1%!#.!+&2#-0+K&!
(%!`#.!2.#+Z+2.2+K&!(%!#.0!5%#82-#.0!G!#'0!4.1%*+.#%0!.-(+'D+0-.#%0!%&!Z-&2+K&!(%!#.!%(.(!G!(%!
#'0!D.#'*%0!2-#1-*.#%0a!l#%1*.!.c3!1%*2%*'m!0-5'&(*8.!-&!%\2%0'!.!#.!#-=!(%!#.!>)/!O_WXYO_3!(%!S!
(%!C-&+'3![-%!*%2'&'2%!.#!"01.('!#.!2'45%1%&2+.!5.*.!2.#+Z+2.*!(%1%*4+&.(.0!5%#82-#.0!2'4'!
(%! `.*1%! G! %&0.G'a! '! +(%&1+Z+2.*#.0! 2'&! %#! 0+F&'! `oaN! "&! 2-.&1'! .#! Z'4%&1'! (%! #.! 2-#1-*.3!
%\1%&(%*! #.! 2'45%1%&2+.! %\2#-0+D.! .-1'&K4+2.! .! `#.! 5*'G%22+K&! +&1%*&.2+'&.#! (%! #.! 2-#1-*.!
2.1.#.&.a!l#%1*.!(c3!1%*2%*'m!0-5'&%3!5.*.!#'0!.21'*%03!+F&'*.*!#.!('21*+&.!(%!#.!>)/!XTRWXYYQ3!
(%! ST!(%!4.G'3!%&!*%#.2+K&!2'&!%#!#84+1%![-%!0-5'&%&!%#!%C%*2+2+'!(%#! ius contrahendi! %&! %#!
?4,+1'!+&1%*&.2+'&.#!'!#.!5'#81+2.!%\1%*+'*!(%#!"01.('N!
!
"&! *%#.2+K&! 2'&! %#! .5.*1.('! S! (%#! 5*%2%51'! 0%! .#%F.! [-%! %&! <#! 0%! 2'&Z+F-*.! 2'4'!
2'45%1%&2+.! %C%2-1+D.! (%! #.! :%&%*.#+1.1! #.! F%01+K&! (%! #'0! .*2@+D'03! ,+,#+'1%2.03! 4-0%'0! G!
2%&1*'0! (%! (%5K0+1'! 2-#1-*.#! (%! 1+1-#.*+(.(! %01.1.#! 0+1-.('0! %&! /.1.#-6.! G! 2-G.! F%01+K&! &'! 0%!
*%0%*D%!%\5*%0.4%&1%!%#!"01.('3!+&2#-G<&('0%!%&!%##.3!`%&!1'('!2.0'a3!0+&!5%*C-+2+'!(%!#'![-%!
*%0-#1%! (%#! .#2.&2%! (.('! .! #.0! 2'45%1%&2+.0! %C%2-1+D.0! %&! %#! .*1N! XXX3! G.! *%2-**+('3! `#.!
*%F-#.2+K&!(%#!Z-&2+'&.4+%&1'3!#.!'*F.&+=.2+K&!G!%#!*<F+4%&!(%!5%*0'&.#aN!"01%!M#1+4'!+&2+0'!
0%*8.!+&2'&01+1-2+'&.#3!5'*!2-.&1'!%\2%(%!(%#!%01*+21'!2'&2%51'!(%!F%01+K&!.#![-%!0%!*%Z+%*%!%#!
.*1N!XQYNXNSO!/"3![-%!%0!#.!&'*4.![-%!@.2%!5'0+,#%!#.!+&1%*D%&2+K&!.-1'&K4+2.!%&!-&!?4,+1'!
(%! #.! %\2#-0+D.! 2'45%1%&2+.! %01.1.#3! G! [-%! @.! 0+('! 5%*Z+#.('! %&! #.! >)/! X_WXYYX3! (%! ]X! (%!
%&%*'N!
!
"&!2'&%\+K&!(+*%21.!2'&!#.!2'45%1%&2+.!(%#!"01.('!%&!4.1%*+.!(%!.*2@+D'0!0%!+45-F&.!
1.4,+<&! #.! (+05'0+2+K&! .(+2+'&.#! (%2+4'1%*2%*.! g^'&('0! 5*'5+'0! G! 2'4-&%0! 2'&! '1*'0!
1%**+1'*+'0c3![-%3!5.*.!#'0!(%4.&(.&1%03!%01.,#%2%!-&.!2'45%1%&2+.!.-1'&K4+2.![-%!(%02'&'2%!
#.!2'45%1%&2+.!%\2#-0+D.!(%#!"01.('!*%Z%*+(.!.#!L*2@+D'!(%!#.!/'*'&.!(%!L*.FK&!G!.#!L*2@+D'!
H%.#!(%!9.*2%#'&.N!k'!2.,*8.![-%!#.!-&+(.(!(%!-&!L*2@+D'!2'4'!%#!(%!#.!/'*'&.!(%!L*.FK&!0%!
!
S]]
*'45.!5'*!(%2+0+K&!%01.1-1.*+.3!+&1%F*.&('!-&.!5.*1%!(%#!4+04'!%&!%#!0+01%4.!(%!.*2@+D'0!(%!
/.1.#-6.N! L08! #'! @.*8.! #.! U%G! 2.1.#.&.! XPWSPPX3! [-%! @.! 0+('! *%2-**+(.! .&1%! %#! )*+,-&.#!
/'&01+1-2+'&.#3!2'4'!1.4,+<&!#'!@.&!0+('!'1*.0!U%G%0!.-1'&K4+2.0!(%#!4+04'!1%&'*N!
!
"#! .5.*1.('! ]! (%#! .*1N! XS_! %\+F%! %#! .2-%*('! 5*%D+'! 2'&! #.! :%&%*.#+1.1! `%&! #.0!
.21-.2+'&%0! [-%! %#! "01.('! *%.#+2%! %&! /.1.#-6.! %&! 4.1%*+.! (%! +&D%*0+K&! %&! ,+%&%0! G!
%[-+5.4+%&1'0! 2-#1-*.#%0a3! G! (+05'&%! [-%! #'0! :',+%*&'0! (%#! "01.('! G! (%! #.! :%&%*.#+1.1!
.*1+2-#%&!`ZK*4-#.0!(%!2'#.,'*.2+K&!G!2''5%*.2+K&!4-1-.0!2'&Z'*4%!.!#'!5*%D+01'!%&!%#!)81-#'!
Aa!5.*.!%#!2.0'!(%!#.0!.21+D+(.(%0!%01.1.#%0!%&!*%#.2+K&!2'&!#.!5*'G%22+K&!+&1%*&.2+'&.#!(%!#.!
2-#1-*.N!E%!%01%!4'('!0%!2'&(+2+'&.3!.!C-+2+'!(%!#'0!.21'*%03!%#!%C%*2+2+'!(%!#.0!2'45%1%&2+.0!
.1*+,-+(.0!.#!"01.('!5'*!%#!.*1N!XQYNS!/"3!.08!2'4'!#.0![-%!%#!.*1N!XQYNXNSO!/"!#%!*%2'&'2%!5.*.!
+&D%*1+*!'!.21-.*!%&!#.0!+&01+1-2+'&%0!2-#1-*.#%0!(%!#.0![-%!%0!1+1-#.*3!(%02'&'2+<&('0%!1.4,+<&!
#.!2'45%1%&2+.!(%!.-1''*F.&+=.2+K&!(%!#.!L(4+&+01*.2+K&!:%&%*.#!(%#!"01.('N!>+&!'#D+(.*![-%3!
(%! .2-%*('! 2'&! #.! C-*+05*-(%&2+.3! #.! 2'45%1%&2+.! %01.1.#! %&! 4.1%*+.! (%! 2-#1-*.! +&2#-G%! #.!
.21+D+(.(!F%&<*+2.!(%!Z'4%&1'!G!.5'G'!.!#.0!4.&+Z%01.2+'&%0!2-#1-*.#%0!g>)/!_XWXYY_3!(%!XP!
(%!.,*+#cN!"&!Z+&3!#.!5*%D+0+K&!+45-F&.(.!(%0D+*1-.*8.!#.!%0%&2+.!(%#!5*+&2+5+'!(%!2'#.,'*.2+K&!
+&01+1-2+'&.#3!0+1-.&('!.!#.!:%&%*.#+1.1!%&!-&.!5'0+2+K&!(%!0-5%*+'*+(.(N!
!
,c!"#!L,'F.('!(%#!"01.('!0'01+%&%3!%&!*%#.2+K&!2'&!%#!.5.*1.('!X3![-%!%#!"01.1-1'!(%!
XY_Y!G.!2'&0+(%*K!2'45%1%&2+.!%\2#-0+D.!(%!#.!/'4-&+(.(!#.!`2-#1-*.a!g.*1N!YNQc3!0+&![-%!0%!
(+02-1+%*.! #.! 2'&01+1-2+'&.#+(.(! (%#! 5*%2%51'3! [-%! +&2#-0'! (+'! 5+%! .! #.! C-*+05*-(%&2+.! [-%! 0%!
+&D'2.!2'4'!2'&2-#2.(.3!G!0+&![-%!%#!&-%D'!"01.1-1'!@.G.!+&1*'(-2+('!&'D%(.(!.#F-&.3!5'*!#'!
[-%! &'! @.,*8.! (-(.! (%! 0-! 2'&01+1-2+'&.#+(.(N! "&! 2-.#[-+%*! 2.0'! #.! 2-#1-*.! &'! %01?! +&2#-+(.!
%&1*%! #.0! 2'45%1%&2+.0! [-%! 0%! *%0%*D.! 2'&! 2.*?21%*! %\2#-0+D'! %#! "01.('! %&! %#! .*1N! XQYNX! /"3!
0+&'![-%!0%!4%&2+'&.!%&!%#!.5.*1.('!S!(%#!4+04'!5*%2%51'N!
!
/'4'! %0! 0.,+('! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i! %#! )*+,-&.#! G.! @.! 1%&+('!
'2.0+K&! (%! @.2%*! -&.! +&1%*5*%1.2+K&! 2'&Z'*4%! (%! #.! .0-&2+K&! 5'*! /.1.#-6.! (%! 2'45%1%&2+.0!
%\2#-0+D.0!%&!4.1%*+.!(%!2-#1-*.!g.*1N!Y!"L/!(%!XY_Yc!1%&+%&('!%&!2-%&1.!%#!4.&(.1'!(%#!.*1N!
XQYNS! /"3! .! 5.*1+*! (%#! 2-.#! @.! (%2#.*.('! [-%! 2'**%05'&(%! .#! "01.('! #.! 5*%0%*D.2+K&! (%#!
5.1*+4'&+'!2-#1-*.#!2'4M&3!.08!2'4'!#'![-%!5*%2+0%!(%!1*.1.4+%&1'0!F%&%*.#%0!'![-%!&'!5-%(.&!
#'F*.*0%! (%0(%! '1*.0! +&01.&2+.03! 5-(+%&('! (%0%45%6.*! 1.4,+<&! -&.! .21+D+(.(! F%&<*+2.! (%!
Z'4%&1'!G!.5'G'!.!#.0!(+D%*0.0!4.&+Z%01.2+'&%0!2-#1-*.#%0!g>)/!_XWXYY_3!(%!XP!(%!.,*+#3!^;!
]cN!"#!5*%2%51'!+45-F&.('!0%*8.!0-02%51+,#%!(%!#.!4+04.!+&1%*5*%1.2+K&!2'&Z'*4%N!
!
S]Q
!
"&!2-.&1'!.!#.!#%1*.!.c3!0%F-&('3!%#!*%2-*0'!D'#D%*8.!.!+&2-**+*!%&!#.!4+04.!2'&Z-0+K&!
%&1*%!2'45%1%&2+.!%\2#-0+D.!%!+#+4+1.(.N!L083!0%F-+*8.!%01.&('!5#%&.4%&1%!D+F%&1%!#.!('21*+&.!
[-%! *%2-%*(.! 2K4'! %#! 2+&%! 1+%&%! -&.! +&&%F.,#%! (+4%&0+K&! 2-#1-*.#3! 5%*'! %0! -&.! 4.1%*+.!
5'#+Z.2<1+2.! %&! #.! [-%! 0%! %&1*%2*-=.&! (+D%*0'0! 181-#'0! 0-02%51+,#%0! (%! +&2+(+*! %&! #.! 4+04.!
(%&1*'!(%!0-0!#84+1%03!%&1*%!%##'0!%#![-%!2+1.!#.!(%4.&(.!(%#!.*1N!XQYNXNX]!/"!g>)/!XPTWXYO_3!
(%!SR!(%!C-&+'3!^;!XcN!
!
$'*!#'![-%!0%!*%Z+%*%!.#!.5.*1.('!1%*2%*'!(%!#.!#%1*.!.c!(%01.2.!%#!L,'F.('!(%#!"01.('!
[-%! #.! >)/! O_WXYO_3! (%! S! (%! C-&+'3! 5'&%! (%! *%#+%D%! [-%3! G.! 2'&! %#! .&1+F-'! "01.1-1'3! %#!
)*+,-&.#! /'&01+1-2+'&.#! (%2#.*K! [-%3! 2'&! 2.*?21%*! F%&%*.#3! #.! 2.#+Z+2.2+K&! (%#! 4.1%*+.#!
.-(+'D+0-.#! %*.! 2'45%1%&2+.! .-1'&K4+2.3! ,+%&! ,.C'! #.! *M,*+2.! `%05%21?2-#'0a! g.*1N! YN]Xc3! '!
,+%&!%&!%#!?4,+1'!(%#!0%21'*!(%#!`'2+'a!g.*1N!YNSYc3!0+&![-%!&+&FM&!5*%2%51'!(%!#.!/'&01+1-2+K&!
*%0%*D.*.!.#!"01.('!#.!2'45%1%&2+.!2'&1*'D%*1+(.N!>-5*+4+(.!%&!%#!.21-.#!"01.1-1'!#.!*%Z%*%&2+.!
.! #'0! 181-#'0! `'2+'a3! [-%! 0%! 0-01+1-G%! 5'*! `1+%45'! #+,*%a! g.*1N! X]Qc3! G! `%05%21?2-#'0a3! 0%*8.!
#KF+2'!%#!%&2-.(*.4+%&1'!(%!#.!2'45%1%&2+.!%05%28Z+2.!%&!2-#1-*.3!(.(.!#.!%D+(%&1%!(+4%&0+K&!
2-#1-*.#! (%! #.! 4.1%*+.N! "&! #.! 5*'5+.! >%&1%&2+.! 0%! 4.1+=K! [-%! #.! 2.#+Z+2.2+K&! (%! #.0! 5%#82-#.0!
2'4'!(%!`.*1%!G!%&0.G'a!'!2'4'!`oa3!`%&!.1%&2+K&!.#!'*(%&.4+%&1'!.21-.#!(%!%01.!4.1%*+.a3!
(%,8.!2'**%05'&(%*!.#!"01.('3!(.('![-%!##%D.,.!.5.*%C.(.!-&.!0%*+%!(%!%Z%21'0!Z+02.#%0!0',*%!
1*+,-1'0!%01.1.#%0![-%!%\+F8.&!-&.!.5#+2.2+K&!-&+Z'*4%3!(%!.2-%*('!2'&!#'0!.*182-#'0!XQYNXNX!G!
]XNX!/"N!"#!5*%2%51'!%01.1-1.*+'!0%!#+4+1.*8.!.!*%2'F%*!#.!('21*+&.!%\5-%01.3!.1*+,-G%&('!.!#.!
:%&%*.#+1.1!#.!2'45%1%&2+.!F%&%*.#![-%!G.!#%!*%2'&'28.!#.!('21*+&.!(%#!)*+,-&.#3!2'45%1%&2+.!
[-%! &'! %0! +#+4+1.(.3! (%! Z'*4.! [-%3! %&! %#! 2.0'! (%! [-%! %#! V*(%&.4+%&1'! D+F%&1%! #+F-%! .! #.!
2.#+Z+2.2+K&! (%! -&.! 5%#82-#.! 2'4'! (%! `.*1%! G! %&0.G'a! '! 2'4'! `oa! 2'&0%2-%&2+.0! 0',*%!
1*+,-1'0! %01.1.#%03! 5*%D.#%2%*8.! #.! 2'45%1%&2+.! %01.1.#! .#! 2'&2-**+*! 2'&%\+'&%0! *%#%D.&1%0! (%!
'1*'!1+5'N!
!
"&! #.! +45-F&.2+K&! (%#! .5.*1.('! 1%*2%*'! (%! #.! #%1*.! (c! +&2-**+*8.! #.! (%4.&(.! %&! %#!
4+04'!%**'*3!5-%0!#.!2'45%1%&2+.!(%!#.!:%&%*.#+1.13!5'*!4-G!%\2#-0+D.![-%!0%.3!1%*4+&.!('&(%!
%45+%=.&! #.0! *%01.&1%0! 2'45%1%&2+.0N! E%! %01.! 4.&%*.3! 2-.&('! -&.! .21+D+(.(! (%! 5*'G%22+K&!
0-5'&F.! %#! %C%*2+2+'! (%#! ius contrahendi3! %#! 181-#'! *%#%D.&1%! 0%*?! %#! (%! *%#.2+'&%0!
+&1%*&.2+'&.#%0!G!&'!%#!(%!5*'4'2+K&!2-#1-*.#N!
!
!
S]R
"&!2-.&1'!.#!.5.*1.('!S!%&1+%&(%!%#!L,'F.('!(%#!"01.('![-%3!Z*%&1%!.!#'![-%!0%!.#%F.!
%&!#.!(%4.&(.!2'&!+&D'2.2+K&!(%!#.!>)/!X_WXYYX3!(%!]X!(%!%&%*'3!^;!XY!g[-%!0%!Z-&(.4%&1K!
%&!%#!.*1N!XX!(%#!"01.1-1'!(%!XY_Yc3!%#!5*%2%51'!+45-F&.('!(%,%!+&1%*5*%1.*0%!.@'*.!%&!*%#.2+K&!
2'&! %#! &-%D'! .*1N! XXS3! 5'*! #'! [-%! 0%! *%4+1%! .! #'! (+05-%01'! 0',*%! #.! 2'&01+1-2+'&.#+(.(! (%! #.!
.0-&2+K&! (%! 5'1%01.(%0! *%F#.4%&1.*+.0! 5'*! #.! /'4-&+(.(! %&! (%0.**'##'! (%! &'*4.0! #%F.#%0! '!
.(4+&+01*.1+D.0!%01.1.#%0!g.&1%2%(%&1%!R]cN!
!
>%!.&.#+=.!1.4,+<&!.[-8!#.!+45-F&.2+K&!(%!#.!(+05'0+2+K&!.(+2+'&.#!(%2+4'1%*2%*.3![-%!
%&! #.! (%4.&(.! 0%! *%#.2+'&.! 2'&! %#! .*1N! XS_3! *%2'&'2+%&('! [-%! %01?! 5%&(+%&1%! (%! *%0'#D%*! %#!
*%2-*0'! (%! +&2'&01+1-2+'&.#+(.(! &M4N! SRSXWSPPS! 2'&1*.! %#! .*1N! SPNX3! #%1*.0! .c! G! Zc! (%! #.! U%G!
2.1.#.&.!XPWSPPX3!(%!X]!(%!C-#+'3!(%!.*2@+D'0!G!('2-4%&1'0N!>+&!%4,.*F'!@.,*8.![-%!1%&%*!%&!
2-%&1.!%#!(+01+&1'!.#2.&2%!(%!#.!5*%D+0+K&!%01.1-1.*+.!G!(%!#.!U%G!XPWSPPX3!G.![-%!<01.!+&1%F*.!#.!
1'1.#+(.(! (%#! .*2@+D'3! 2'4'! -&+(.(! '*F?&+2.3! %&! %#! 0+01%4.! 2.1.#?&3! 0'4%1+<&('#'! .! #.0!
5*%D+0+'&%0!(%!#.!5*'5+.!U%G!G3!%&!5.*1+2-#.*3!.!#.0!(%!#'0!.*10N!SX!.!SR3!4+%&1*.0![-%!%#!"01.1-1'!
M&+2.4%&1%!2'&1%45#.!#.!+&1%F*.2+K&!%&!%#!0+01%4.!2.1.#?&!(%!#'0!Z'&('0!5*'5+'0!(%!/.1.#-6.!
%\+01%&1%0!%&!#'0!.*2@+D'0![-%!4%&2+'&.!#.!(+05'0+2+K&N!U.!%Z+2.2+.!(%!%01.!5*%D+0+K&!%\+F+*8.3!
%&! 5*+4%*! #-F.*3! -&.! (%2+0+K&! (%#! 1+1-#.*! (%! #.! 2'45%1%&2+.! 0',*%! #'0! .*2@+D'03! [-%3!
+&(+02-1+,#%4%&1%3! %0! %#! "01.('3! G3! 5'01%*+'*4%&1%3! -&! .21'! (%! %C%2-2+K&! 2'&0+01%&1%! %&! #.!
(%1%*4+&.2+K&! (%! #'0! Z'&('0! 5*'5+'0! (%! /.1.#-6.! .! [-%! 0%! *%Z+%*%! #.! (+05'0+2+K&N!
7.&1%&+<&('0%! (%&1*'! (%! 0-! 5.5%#3! %#! "01.1-1'! &'! %05%2+Z+2.*8.! 2K4'! @.G.! (%! %Z%21-.*0%! 1.#!
(%1%*4+&.2+K&3!2'**%05'&(+%&('!&-%D.4%&1%!.#!1+1-#.*!(%!#.!2'45%1%&2+.3!%01'!%03!.#!"01.('3!%#!
%01.,#%2+4+%&1'! (%#! 5*'2%(+4+%&1'3! (%! #'0! 2*+1%*+'0! G! #'0! *%[-+0+1'0! [-%! (%,.&! 0%F-+*0%! 5.*.!
%Z%21-.*! 1.#! 2'&2*%2+K&N! "&! (%Z+&+1+D.3! 0%*8.! -&.! &'*4.! %01.1-1.*+.! 2-G.! %Z+2.2+.! %\+F%! (%!
.21-.2+'&%0! (%#! 1+1-#.*! (%! #.! 2'45%1%&2+.3! 0+&! [-%! 2'&(+2+'&%! .! <01%3! &+! %&! %#! @%2@'! (%! #.!
+&1%F*.2+K&3!&+!%&!%#!5*'2%(+4+%&1'!'!*%[-+0+1'0!5.*.!#.!4+04.N!
!
$'*! '1*'! #.('! 0%6.#.! %#! L,'F.('! (%#! "01.('! [-%! #.! (+05'0+2+K&! %01.1-1.*+.! &'! 5*%01.!
2',%*1-*.!.!#.!U%G!XPWSPPX3!(.('![-%!0K#'!5*%D<!-&.!%D%&1-.#!+&1%F*.2+K&!(%!2+%*1'0!Z'&('0!%&!
%#!0+01%4.!(%!.*2@+D'0!G!&'!5%*4+1%!2'&0+(%*.*!#.!1'1.#+(.(!(%#!.*2@+D'!2'4'!5.*1%!(%#!4+04'!
&+! 0'4%1%*#'! .! 2'&2*%1.0! 5'1%01.(%0! (%! +&1%*D%&2+K&3! 2'4'! *%0-#1.,.! (%! .[-%##.! U%GN!
>-,0+01+*8.3! 5'*! 1.&1'3! .! C-+2+'! (%#! *%5*%0%&1.&1%! (%#! :',+%*&'! (%#! "01.('3! #.! 2'&1*'D%*0+.!
5#.&1%.(.!%&!%#!*%2-*0'!(%!+&2'&01+1-2+'&.#+(.(!&M4N!SRSXWSPPSN!
!
!
S]T
$'*! #'! [-%! @.2%! .#! .5.*1.('! ]! .Z+*4.! %#! L,'F.('! (%#! "01.('! [-%! G.! 0%! @.! D+01'!
.&1%*+'*4%&1%![-%!%#!5*'5+'!"01.1-1'!%05%2+Z+2.!2K4'!(%,%&!%&1%&(%*0%!.[-%##'0!0-5-%01'0!%&!
[-%!0%!%\+F%!-&!.2-%*('!5*%D+'!2'&!#.!:%&%*.#+1.13!2'4'!'2-**%!2'&!%#!+&2+0'!+45-F&.('!(%#!
5*%0%&1%!.5.*1.('3!%01.,#%2+%&('!#.!(+05'0+2+K&!.(+2+'&.#!0%F-&(.![-%3!2-.&('!#.!5'01-*.!(%!#.!
:%&%*.#+1.1!0%.!(%1%*4+&.&1%!G!%#!"01.('!&'!.2'C.!0-!2*+1%*+'3!,.01.!5.*.!.5.*1.*0%!(%!<#!2'&!
[-%!#'!4'1+D%!.&1%!#.!/'4+0+K&!9+#.1%*.#!:%&%*.#+1.1I"01.('N!"&!0-4.3!&'!5'(*8.!%&1%&(%*0%!
[-%! 0%! 5*'(-=2.! -&! (%05#.=.4+%&1'! (%! #.! 2.5.2+(.(! (%2+0'*+.3! 0+&'! [-%! 0%! %01.,#%2%! -&.!
ZK*4-#.!(%!2''5%*.2+K&!2'&0+01%&1%!%&!%#!(%,%*!(%!+&Z'*4.2+K&!0',*%!#.!+&D%*0+K&3!.-(+%&2+.!.!
#.!:%&%*.#+1.1!G3!%&!2.0'!(%!(+02*%5.&2+.!2'&!%#!2*+1%*+'!(%!<01.3!4'1+D.2+K&!(%!#.!(%2+0+K&![-%!
.('51%! %#! "01.('N! L08! +&1%*5*%1.('! %#! 5*%2%51'! &'! 0%! 5*'(-2+*8.! #.! D-#&%*.2+K&! .(-2+(.! (%!
2'&1*.*+'N!
!
2c! "#! :',+%*&'! (%! #.! :%&%*.#+1.1! 0'01+%&%! [-%! #.! 2.#+Z+2.2+K&! %01.1-1.*+.! (%! #.!
2'45%1%&2+.!2'4'!%\2#-0+D.!&'!0-5'&%!&%F.*!.#!"01.('!1'(.!.21-.2+K&!%&!4.1%*+.!(%!2-#1-*.!
[-%!D.G.!4?0!.##?!(%!#'0!181-#'0!%05%28Z+2'0!(%![-%!(+05'&%N!L08!%&!%#!.*1N!XXQNS!(%#!"01.1-1'!0%!
*%2'&'2%! #.! Z-&2+K&! (%! Z'4%&1'! G! %&! %#! .*1N! XS_N]! 0%! .#-(%! .! #.0! +&D%*0+'&%0! %&! ,+%&%0! %!
+&Z*.%01*-21-*.0!2-#1-*.#%0N!$'*!#'![-%!%05%28Z+2.4%&1%!@.2%!.#!.*1N!XQYNS!/"!(%,%!%&1%&(%*0%3!
.! C-+2+'! (%#! "C%2-1+D'! .-1'&K4+2'! [-%! 2.5.2+1.! .#! "01.('! 0K#'! 5.*.! ##%D.*! .! 2.,'3! (%! Z'*4.!
0-,0+(+.*+.3! .21-.2+'&%0! 2'45#%4%&1.*+.0! (%! #.0! *%.#+=.(.0! 5'*! #.! :%&%*.#+1.13! G! 0+%45*%! %&!
2'#.,'*.2+K&!2'&!<01.!g>)/!QYWXYOQ3!(%!R!(%!.,*+#c3!5'*!#'![-%!#.!(%Z+&+2+K&!(%!#.!2'45%1%&2+.!
.-1'&K4+2.!2'4'!%\2#-0+D.!&'!0%*8.!+&2'&01+1-2+'&.#N!
!
U.! 2'45%1%&2+.! 5.*.! #.! .('52+K&! (%! 4%(+(.0! 5.*.! #.! 5*'1%22+K&! (%! #.! +&(-01*+.!
2+&%4.1'F*?Z+2.! l.*1N! XS_NX! .c3! 0%F-&('m! 0%*8.! 5%*Z%21.4%&1%! 2'45.1+,#%! 2'&! %#! *%05%1'! .! #.!
2'45%1%&2+.!%01.1.#!%&!4.1%*+.!(%!'*(%&.2+K&!F%&%*.#!(%!#.!%2'&'48.N!L!0-!D%=!%#!.*1N!XS_NX!
.c3!1%*2%*'3!&'!5*%1%&(%*8.!.1*+,-+*!.!#.!:%&%*.#+1.1!#.!(%1%*4+&.2+K&!G!.5#+2.2+K&!(%#!*<F+4%&!
Z+02.#3!0+&'!M&+2.4%&1%!#.!Z-&2+K&!(%!+(%&1+Z+2.2+K&!(%!#.0!5%#82-#.0!G!%#!4.1%*+.#!.-(+'D+0-.#!
[-%! (%,%! 0%*! ',C%1'! (%! 2.#+Z+2.2+K&3! 1.4,+<&! %&! #'0! 2.0'0! %&! #'0! [-%! %0.! 2.#+Z+2.2+K&! 1%&F.!
1*.02%&(%&2+.!Z+02.#N!U.!5*'G%22+K&!+&1%*&.2+'&.#!(%!#.!2-#1-*.!2.1.#.&.!l.*1N!XS_NX!(c3!1%*2%*'m!
0%!%&2-%&1*.3!%&!1'('!2.0'3!5.*.!%#!:',+%*&'!2.1.#?&3!0'4%1+(.!.!#'0!#84+1%0![-%!2'&!2.*?21%*!
F%&%*.#!0%!%01.,#%2%&!%&!%#!.*1N!XY]!(%#!"01.1-1'!5.*.!#.!.22+K&!%\1%*+'*!(%!#.!:%&%*.#+1.13!5'*!#'!
[-%!&'!+&1%*Z%*+*8.!%&!#.!2'45%1%&2+.!%01.1.#!5.*.!#.0!*%#.2+'&%0!+&1%*&.2+'&.#%0N!
!
!
S]_
/'&!*%05%21'!.#!.*1N!XS_NS!0%!.#%F.!5'*!%#!"C%2-1+D'!2.1.#?&![-%!#.!.0+4+#.2+K&!%&1*%!#.0!
Z.2-#1.(%0! (%! F%01+K&! (%! #'0! .*2@+D'03! ,+,#+'1%2.03! 4-0%'! G! 2%&1*'0! (%! (%5K0+1'! 2-#1-*.#! (%!
1+1-#.*+(.(! %01.1.#3! G! %#! 2'&1%&+('! [-%! (%*+D.! (%! #.! 2.#+Z+2.2+K&! (%! -&.! 2'45%1%&2+.! 2'4'!
%C%2-1+D.!&'!5%*4+1%!2'&2#-+*![-%!#.!5'1%01.(!*%F#.4%&1.*+.!&'!0%!+&2#-G%!%&1*%!#.0!Z-&2+'&%0!
5*'5+.0!(%!%01%!1+5'!(%!2'45%1%&2+.0N!"01.*8.4'0!.&1%!-&.!%05%2+Z+2.2+K&!(%!#.!*%F#.!F%&%*.#!
2'&1%&+(.! %&! %#! .*1N! XXS! (%#! "01.1-1'3! 5'*! #'! [-%! &'! @.,*8.! %\1*.#+4+1.2+K&! 2'45%1%&2+.#N!
L(%4?0! 0%! @.2%! &'1.*! [-%! 1.4,+<&! #.! 5*'5-%01.! (%! *%Z'*4.! (%#! "01.1-1'! (%! L-1'&'48.! (%!
L&(.#-28.!+&2#-G%!#.!5'1%01.(!*%F#.4%&1.*+.!%&1*%!#.0!Z.2-#1.(%0![-%!#.!/'4-&+(.(!L-1K&'4.!
5-%(%!%C%*2%*!%&!#'0!2%&1*'0!2-#1-*.#%0!(%!1+1-#.*+(.(!%01.1.#N!
!
).45'2'! #.! 2'#.,'*.2+K&! G! 2''5%*.2+K&! [-%! 5*%D<! %#! .*1N! XS_N]! 5'(*8.! %01+4.*0%!
+&2'&01+1-2+'&.#N! >%! 1*.1.*8.3! -&.! D%=! 4?03! (%! #.! &%2%0+(.(! (%! 2'#.,'*.2+K&! [-%! (+4.&.! (%#!
5*+&2+5+'!(%!#%.#1.(!2'&01+1-2+'&.#N!L#!&%F.*0%!D.#+(%=!.#!*%[-+0+1'!(%#!.2-%*('!5*%D+01'!%&1*%!
%#! "01.('!G!#.!:%&%*.#+1.1!5.*.!#.0!+&D%*0+'&%0!%01.1.#%0!0%!%01.*8.!+F&'*.&('!#.!%\+F%&2+.! (%!
[-%!%0.0!.21-.2+'&%0!0%!##%D%&!.!2.,'!(%!.2-%*('!2'&!#.0!/'4-&+(.(%0!L-1K&'4.03!2'&1%&+(.!
%&! %#! .*1N! XQYNS! /"N! f! 1.4,+<&! #.! 5*'5-%01.! (%! *%Z'*4.! (%#! "01.1-1'! (%! L-1'&'48.! (%!
L&(.#-28.!+&2#-G%!-&.!5*%D+0+K&!0+4+#.*N!
!
$'*! #'! [-%! @.2%! .! #.! (+05'0+2+K&! .(+2+'&.#! (%2+4'1%*2%*.! .#%F.! %#! :',+%*&'! (%! #.!
:%&%*.#+1.1! [-%! %#! .*1N! XQYNXNSO! /"! &'! +45+(%! .#! "01.('! +&2'*5'*.*! %&! -&.! #%G! '*F?&+2.!
5*%D+0+'&%0![-%!2'45'*1%&!#.!(+05'0+2+K&!0',*%!-&.!5.*1%!(%#!2'&1%&+('![-%!.&1%*+'*4%&1%!0%!
+&1%F*.,.!%&!-&!.*2@+D'!(%!0-!1+1-#.*+(.(3!0+%45*%![-%!%##'!&'!.Z%21%!.!#.!-&+(.(!('2-4%&1.#!
(%#!.*2@+D'N!U.!(+05'0+2+K&!&'!4'(+Z+2.*8.!#.0!5*%D+0+'&%0!%01.1-1.*+.0![-%!5*%D<&!#.!5*%0%&2+.!
(%!'1*.0!/'4-&+(.(%0!L-1K&'4.0!%&!%#!$.1*'&.1'!(%#!L*2@+D'!(%!#.!/'*'&.!(%!L*.FK&N!)*.0!
*%2'*(.*!#.!%D'#-2+K&!@+01K*+2.!(%#!L*2@+D'!(%!#.!/'*'&.!(%!L*.FK&!0%!.5-&1.![-%3!%&!1.&1'!#.0!
/'4-&+(.(%0! L-1K&'4.0! (%! L*.FK&3! A.#%&2+.! %! b##%0! 9.#%.*0! 1+%&%&! 2'45%1%&2+.! %Z%21+D.!
5.*.!#.!F%01+K&!(%!#'0!L*2@+D'0!H%.#%0!G!(%!#'0!L*2@+D'0!@+01K*+2'0!5*'D+&2+.#%03!%&!%#!2.0'!(%!
/.1.#-6.!#.!.1*+,-2+K&!(%!%0.!F%01+K&!*%[-+%*%!#.!0%5.*.2+K&!%&1*%!#'0!Z'&('0![-%!.Z%21.&!0K#'!.!
/.1.#-6.! G! .[-%##'0! '1*'0! [-%! 5%*1%&%2%*8.&! .! #.! /'*'&.! (%! L*.FK&3! G! 0',*%! #'0! 2-.#%0! #.0!
2-.1*'!/'4-&+(.(%0!L-1K&'4.0!1+%&%&!*%2'&'2+(.0!Z.2-#1.(%0!(%!F%01+K&3!5-%0!@.01.!#.!Z%2@.!
.4,'0!Z'&('0!('2-4%&1.#%0!0%!@.##.&!%&1*%4%=2#.('0N!"01.!0%5.*.2+K&!(%!Z'&('0!&'!.Z%21.*8.!
.! #.0! 5*%D+0+'&%0! %01.1-1.*+.0! 0',*%! #.! 5.*1+2+5.2+K&! (%! #.0! /'4-&+(.(%0! L-1K&'4.0! %&! #.!
F%01+K&!(%#!L*2@+D'3!5-%01'![-%!0K#'!*%05%21'!(%!#.!('2-4%&1.2+K&!*%Z%*+(.!.!%0%!5.1*+4'&+'!
!
S]O
('2-4%&1.#! 2'4M&! (%! #.! /'*'&.! (%! L*.FK&! 0%! 5*%D<! #.! 5.*1+2+5.2+K&! (%! #.0! /'4-&+(.(%0!
L-1K&'4.0![-%!+&1%F*.,.&!#'0!1%**+1'*+'0!(%!<01.N!
!
(c! U.! *%5*%0%&1.2+K&! (%#! $.*#.4%&1'! (%! /.1.#-6.! 0%6.#.3! %&! 5*+4%*! #-F.*3! [-%! %#!
*%2-*0'! D-#&%*.! %&! %01%! 5-&1'! #'! (+05-%01'! %&! %#! .*1N! ]]NX! UV)/! 5'*! +&2#-+*! -&.! 5%1+2+K&!
F%&<*+2.! G! %&! 2+%*1'! 4'('! .,01*.21.! 0+&! Z-&(.4%&1.*#.! (%! Z'*4.! 5'*4%&'*+=.(.N! "&!
2'&0'&.&2+.! 2'&! %##'! 2'&0+(%*.! [-%! 1.&! 0K#'! *%0-#1.! .(4+0+,#%! %#! *%2-*0'! %&! #'! *%Z%*%&1%! .#!
5*+4%*! 5?**.Z'! (%#! .*1N! XS_NX! `/'**%05'&(%! .! #.! :%&%*.#+1.1! #.! 2'45%1%&2+.! %\2#-0+D.! %&!
4.1%*+.!(%!2-#1-*.N!"01.!2'45%1%&2+.!%\2#-0+D.!2'45*%&(%!%&!1'('!2.0'ae!%&!#.!#%1*.!.c!(%#!.*1N!
XS_NX! %#! 1%\1'd! `#.0! 4%(+(.0! (%! 5*'1%22+K&! (%! #.! +&(-01*+.! 2+&%4.1'F*?Z+2.a! +&2#-+('! %&! %#!
%58F*.Z%!0%F-&('e!(%!#.!#%1*.!.c!(%#!.*1N!XS_NXd!`U.!2.#+Z+2.2+K&!(%!#.0!5%#82-#.0!G!#'0!4.1%*+.#%0!
.-(+'D+0-.#%0! %&! Z-&2+K&! (%! #.! %(.(! G! (%! #'0! D.#'*%0! 2-#1-*.#%0a! +&2#-+('! %&! %#! %58F*.Z%!
1%*2%*'. E%!#.!#%1*.!(c!(%#!.*1N!XS_NX!%#!%58F*.Z%!1%*2%*'!*%#.1+D'!.!`U.!5*'G%22+K&!+&1%*&.2+'&.#!
(%!#.!2-#1-*.!2.1.#.&.aN!
!
"&1*.&('!%&!%#!Z'&('3!#.0!.#%F.2+'&%0!(%!#.!/?4.*.!*%0-4%&!%#!*%5.*1'!2'45%1%&2+.#!
%&!#'!*%Z%*%&1%!.!#.!4.1%*+.!(%!2-#1-*.!G!2'&2#-G%&![-%!#.!%\2#-0+D+(.(!5*%(+2.(.!(%#!.*1N!XS_NX!
%&!4.1%*+.!(%!2-#1-*.3!2'&!%\5*%0.!4%&2+K&!(%!#.0!0-,4.1%*+.0![-%!0%!%&F#',.&!%&!#.!l#%1*.!.cm3!
%#! 5.1*+4'&+'! 2-#1-*.#! l#%1*.! ,cm3! #'0! .*2@+D'03! #.0! ,+,#+'1%2.03! #'0! 4-0%'0! G! '1*'0! 2%&1*'0! (%!
(%5K0+1'!2-#1-*.#![-%!&'!0'&!1+1-#.*+(.(!%01.1.#!l#%1*.!2cm3!G!%#!Z'4%&1'!(%!#.!2-#1-*.!l#%1*.!(cm!
%&! &+&FM&! 2.0'! 2'&1*.D+%&%&! #.! 2'45%1%&2+.! %\2#-0+D.! (%#! "01.('! %01.,#%2+(.! %&! %#! .*1N!
XQYNXNSO! /"! &+! #'! %01.,#%2+('! %&! %#! .*1N! XQYNS! /"! 5*%2+0.4%&1%! 5'*! 0-! D+*1-.#+(.(! 5.*.!
2'.(G-D.*!.!#.!(%Z+&+2+K&!(%#!2'&1%&+('!(%#!,#'[-%!(%!#.!2'&01+1-2+'&.#+(.(N!k'!5-%(%!(%2+*0%3!
.!C-+2+'!(%#!$.*#.4%&1'3![-%!1'(.0!#.0!2'45%1%&2+.0!+&2#-+(.0!%&!%#!5*%2%51'!+45-F&.('!0%.&!
2'&2-**%&1%03!2-.#+(.(![-%!%#!)*+,-&.#!@.!.1*+,-+('!%\2#-0+D.4%&1%!.!#.!*%#.1+D.!.#!Z'4%&1'!(%!
#.!2-#1-*.!g.*1N!XQONXNX_!/"cN!
!
"&! 2-.&1'! .! #.! 2'45%1%&2+.! [-%! %#! "01.1-1'! .1*+,-G%! .! #.! :%&%*.#+1.1!%&! %#! .*1N! XS_NX!
5.*.!#.!5*'1%22+K&!(%!#.!+&(-01*+.!2+&%4.1'F*?Z+2.!@.,*8.![-%!1%&%*!%&!2-%&1.![-%!%&!&+&FM&!
2.0'! 0%! 1*.1.! (%! 5*'1%F%*! .! #.! +&(-01*+.! 2+&%4.1'F*?Z+2.! %&! F%&%*.#3! 0+&'! 0'#.4%&1%! .! #.!
.21+D+(.(! 2+&%4.1'F*?Z+2.! [-%! 0%! ##%D%! .! 2.,'! %&! /.1.#-6.3! 0+&! %\2#-+*! 5'*! %##'! #.0! 5'0+,#%0!
4%(+(.0!(%!5*'1%22+K&![-%!5-%(.!(+21.*!%#!"01.('!%&!-0'!(%!#.!2'45%1%&2+.!(%#!.*1N!XQYNXNX]!
/"! 5.*.! *%F-#.*! %#! 4%*2.('! 2+&%4.1'F*?Z+2'N! U.! 2'45%1%&2+.! 5.*.! #.! 2.#+Z+2.2+K&! (%! #.0!
5%#82-#.0!G!#'0!4.1%*+.#%0!.-(+'D+0-.#%0!%&!Z-&2+K&!(%!#.!%(.(!G!(%!#'0!D.#'*%0!2-#1-*.#%0!&'!
!
S]Y
1%&(*8.!&.(.![-%!D%*!2'&!#.!2'45%1%&2+.!%01.1.#!%&!4.1%*+.!(%!5'#81+2.!Z+02.#3!5-%0!%#!#%F+0#.('*!
%01.1-G%&1%! &'! @.,*8.! [-%*+('! .1*+,-+*! .! #.! :%&%*.#+1.1! #.! 2.5.2+(.(! (%! %#.,'*.*! &+&F-&.!
5'#81+2.! Z+02.#! %05%2+.#! %&! %01.! 4.1%*+.N! ^+&.#4%&1%! %#! %58F*.Z%! *%#.1+D'! .! #.! 5*'G%22+K&!
+&1%*&.2+'&.#! (%! #.! 2-#1-*.! 2.1.#.&.! &'! +&D.(+*8.! #.! 2'45%1%&2+.! %01.1.#! %&! 4.1%*+.! (%!
*%#.2+'&%0!+&1%*&.2+'&.#%03![-%!&'!5-%(%!0%*!+&1%*5*%1.(.!(%!4.&%*.!1.&!%\1%&0+D.N!"#!%02*+1'!
(%!.#%F.2+'&%0!0%!*%Z+%*%!.!2'5+'0.!C-*+05*-(%&2+.!*%05%21'!.![-%!#.!(+4%&0+K&!%\1%*&.!(%!-&!
.0-&1'! &'! 5-%(%! 0%*D+*! 5.*.! *%.#+=.*! -&.! +&1%*5*%1.2+K&! %\5.&0+D.! (%#! .*1N! XQYNXN]! /"! [-%!
D%&F.! .! 0-,0-4+*! %&! #.! 2'45%1%&2+.! %01.1.#! 1'(.! 4%(+(.! ('1.(.! (%! -&.! 2+%*1.! +&2+(%&2+.!
%\1%*+'*! g>)/! OPWXYY]3! (%! O! (%! 4.*='3! ^;! ]c! G! .! 2+*2-&02*+,+*! %#! 181-#'! *%#.2+'&%0!
+&1%*&.2+'&.#%0! .! *%#.2+'&%0! %&1*%! 0-C%1'0! +&1%*&.2+'&.#%0! [-%! 0'&! *%F+(.0! 5'*! %#! E%*%2@'!
+&1%*&.2+'&.#! g>)/! XTRWXYYQ3! (%! ST! (%! 4.G'3! ^;! RcN! /'&! %##'! 2'&2#-G%! [-%! #.! 2'45%1%&2+.!
+&2#-+(.!%&!%#!.5.*1.('!1%*2%*'!*%#.1+D'!.!#.!5*'G%22+K&!+&1%*&.2+'&.#!(%!#.!2-#1-*.!2.1.#.&.!(%#!
.*1N! XS_NX! #%1*.! (c! %0! 5#%&.4%&1%! 2'&01+1-2+'&.#! .#! &'! +&1%*Z%*+*! %&! %#! 1+1-#'! 2'45%1%&2+.#!
2'&01+1-2+'&.#4%&1%!%01.,#%2+('!.!Z.D'*!(%#!"01.('!ex!.*182-#'!XQYNXN]!/"3!G.![-%!%#!5*%2%51'!
+45-F&.('!&'!1+%&%!&+&F-&.!2'&%\+K&!4.1%*+.#!2'&!%#!2'&2%51'!*%#.2+'&%0!+&1%*&.2+'&.#%0!1.#!
G!2'4'!0%!@.!+&1%*5*%1.('!5'*!#.!C-*+05*-(%&2+.N!
!
"#! %02*+1'! (%! .#%F.2+'&%0! (%#! $.*#.4%&1'! (%! /.1.#-6.! .,'*(.! 2'&C-&1.4%&1%! #.!
+45-F&.2+K&! 2'&1*.! %#! .*1N! XS_NSN! G! #.! (+05'0+2+K&! .(+2+'&.#! (%2+4'1%*2%*.N! L#! *%05%21'!
2-%01+'&.! %#! D.#'*! (%! #.! >)/! X_WXYYX3! (%! ]X! (%! %&%*'3! 5.*.! C-=F.*! #.! 5'0+,#%!
2'&01+1-2+'&.#+(.(!(%#!.*1N!XS_NS3!G.![-%!%#!0%&1+('!(%!0-!5*'&-&2+.4+%&1'!0%!%Z%21-K!.!5.*1+*!
(%!-&!,#'[-%!(%!#.!2'&01+1-2+'&.#+(.(![-%!.21-.#4%&1%!@.!2.4,+.('!0-!2'&Z+F-*.2+K&!4.1%*+.#3!
(%! 4'('! [-%! %#! M&+2'! 5.*?4%1*'! (%! 2'&01+1-2+'&.#+(.(! D?#+('! #'! 2'&01+1-+*8.&! #'0! 5*%2%51'0!
2'&01+1-2+'&.#%0!*%#.2+'&.('0N!L&.#+=?&('#'03!#.!*%5*%0%&1.2+K&!(%#!$.*#.4%&1'!2'&0+(%*.![-%!
#.!2'45%1%&2+.!*%#.1+D.!.!#.!F%01+K&!(%#!.*1N!XS_NS!F'=.!(%!5#%&.!2',%*1-*.!2'&01+1-2+'&.#!.#!&'!
+&1%*Z%*+*!%&!%#!1+1-#'!2'45%1%&2+.#!2'&01+1-2+'&.#4%&1%!%01.,#%2+('!.!Z.D'*!(%#!"01.('!ex!.*1N!
XQYNXNSO!/"!G!.#!1*.1.*0%!(%!-&.!5'1%01.(![-%3!%&!#'0!1<*4+&'0!(%#!.*1N!XQYN]!/"3!&'!@.!0+('!
.1*+,-+(.!%\5*%0.4%&1%!.#!"01.('!5'*!5.*1%!(%!#.!/'&01+1-2+K&N!
!
$'*! 2'&%\+K&! 4.1%*+.#! (%Z+%&(%! 1.4,+<&! %#! $.*#.4%&1'! #.! 2'&01+1-2+'&.#+(.(! (%! #.!
(+05'0+2+K&! .(+2+'&.#! (%2+4'1%*2%*.N! L*F-4%&1.! #.! /?4.*.! [-%3! .#! 4.*F%&! (%! [-%! %01.!
(+05'0+2+K&!&'!0-5'&%!-&.!*-51-*.!(%!#.!-&+(.(!(%!.*2@+D'!&+!%#!(%04.&1%#.4+%&1'!(%!.*2@+D'0!
(%! 1+1-#.*+(.(! %01.1.#3! &'! 2.,%! &%F.*! [-%3! 0+! Z-%0%! .083! %#! #%F+0#.('*! %01.1-G%&1%! 1%&(*8.! #.!
5'1%01.(! 5.*.! (%2+(+*! %&! 1'*&'! .#! 4'('! (%! F%01+'&.*! %#! *%Z%*+('! L*2@+D'3! (%&1*'! (%#! 4.*2'!
!
SQP
2'&01+1-2+'&.#! [-%! 'Z*%2%! %#! .*1N! XQYNXNSO! /"3! [-%! '1'*F.! #.! 5'0+,+#+(.(! (%! [-%! #.0!
/'4-&+(.(%0! L-1K&'4.0! F%01+'&%&! #'0! .*2@+D'0! (%! 1+1-#.*+(.(! %01.1.#N! L! C-+2+'! (%#!
$.*#.4%&1'!%#!*%2-*0'!5.*1%!%&!%01%!5-&1'!(%#!%**'*!(%!2'&0+(%*.*![-%!-&!"01.1-1'!%0!-&.!#%G!
.-1'&K4+2.N!"&!1'('!2.0'!#.!(+05'0+2+K&!.(+2+'&.#!+45-F&.(.!&'!2-%01+'&.*8.!%&!4'('!.#F-&'!
#.!1+1-#.*+(.(!%01.1.#!(%#!L*2@+D'!(%!#.!/'*'&.!(%!L*.FK&3!1'(.!D%=![-%3!(%!2'&Z'*4+(.(!2'&!#.!
/'&01+1-2+K&3!%#!*<F+4%&!C-*8(+2'!(%!#'0!.*2@+D'0!(%!1+1-#.*+(.(!%01.1.#!(%,%!0%*!%01.,#%2+('!5'*!
#.! #%F+0#.2+K&! (%#! "01.('! %&! -0'! (%! 0-! 2'45%1%&2+.! %\2#-0+D.! ex! .*1N! XQYNXNSO! /"3! G! (%!
.2-%*('!2'&!%##'!#.!(+05'0+2+K&!%01.1-1.*+.!0%*8.!5#%&.4%&1%!*%05%1-'0.!2'&!0-!2'&1%&+('N!
!
"#! 5*+4%*! +&2+0'! (%#! .5.*1.('! ]! (%#! .*1N! XS_! 1.45'2'! D-#&%*.*8.! %#! 4.*2'!
2'&01+1-2+'&.#4%&1%!F.*.&1+=.('N!"#!*%[-+0+1'!(%#!.2-%*('!5*%D+'!(%!#.!:%&%*.#+1.1!5*%1%&(%*8.!
*%05%1.*! #.! 2'#.,'*.2+K&! %&1*%! #.0! (+Z%*%&1%0! L(4+&+01*.2+'&%0! 5M,#+2.0! .Z%21.(.0N! U.0!
2'45%1%&2+.0! %01.1.#%0! F.*.&1+=.(.0! 5'*! #'0! .*10N! XQYNXNSO! G! XQYNS! /"! &'! 5'(*8.&! D%*0%!
.Z%21.(.0!5'*[-%!0%!2'&1%45#%!%#!.2-%*('!(%!#.!:%&%*.#+1.1!%&!1.&1'![-%!L(4+&+01*.2+K&!(%#!
1%**+1'*+'!('&(%!0%!##%D.!.!2.,'!#.!+&D%*0+K&N!
!
T_N!.c!E%#!.*182-#'!XSO!gE%&'4+&.2+'&%0!%!+&(+2.2+'&%0!F%'F*?Z+2.0!G!(%!2.#+(.(c!0%!
+45-F&.&3! %&! 5*+4%*! #-F.*3! %#! .5.*1.('! X! .c3! [-%3! .1*+,-G%! .! #.! /'4-&+(.(! L-1K&'4.3!
*%05%1.&('!%#!.*1N!XQYNXNX]!/"3!`#.!2'45%1%&2+.!%\2#-0+D.!0',*%!(%&'4+&.2+'&%0!(%!'*+F%&!G!
'1*.0! 4%&2+'&%0! (%! 2.#+(.(a3! #'! [-%! +&2#-G%! `%#! *<F+4%&! C-*8(+2'! (%! 2*%.2+K&! G!
Z-&2+'&.4+%&1'a3![-%!2'45*%&(%3!.!0-!D%=!G!%&1*%!'1*.0!2-%01+'&%03!`#.!(%1%*4+&.2+K&!(%!#'0!
5'0+,#%0! &+D%#%0! (%! 5*'1%22+K&! (%! #'0! 5*'(-21'0! G! 0-! *<F+4%&! G! 2'&(+2+'&%03! .08! 2'4'! #'0!
(%*%2@'0! G! #.0! ',#+F.2+'&%0! [-%! 0%! (%*+D.&aN! "&1+%&(%&! #'0! (%4.&(.&1%0! [-%! (+2@.!
(%1%*4+&.2+K&!(%,%*8.!*%2'&(-2+*0%!.!#.!2'45%1%&2+.!%01.1.#!*%0-#1.&1%!(%#!.*1N!XQYNXNX]!/"3!
2'4'!0%!@.!@%2@'!%&!%#!2.0'!(%#!D+&'!gU%G!SQWSPP]3!(%!XP!(%!C-#+'3!(%!#.!D+6.!G!(%#!D+&'cN!
!
"&! *%#.2+K&! 2'&! %#! `*<F+4%&! (%! '*F.&+=.2+K&! .(4+&+01*.1+D.! (%! #.! (%&'4+&.2+K&! (%!
'*+F%&3!'!4%&2+K&!(%!2.#+(.(3!*%Z%*+(.!1.&1'!.!#.!F%01+K&!2'4'!.#!2'&1*'#!(%!#.!5*'(-22+K&!G!#.!
2'4%*2+.#+=.2+K&a3! .#%F.&! #'0! *%2-**%&1%0! [-%! #.! 2'45%1%&2+.! .1*+,-+(.! .#! *%05%21'! %&! %#!
.5.*1.('! X! (c! (%02'&'2%! #.! (%#! "01.('! ex! .*1N! XQYNXNXO! /"! 5.*.! *%F-#.*! 2'&! 2.*?21%*! ,?0+2'!
(+D%*0'0! .05%21'0! (%! #'0! 2'&0%C'0! *%F-#.('*%03! 2'4'! 0-! 2*%.2+K&3! (+0'#-2+K&! '! *<F+4%&! (%!
Z-&2+'&.4+%&1'N!
!
!
SQX
$'*!M#1+4'!%#!+&2+0'!Z+&.#!(%#!.5.*1.('!]!5*%D<!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!`%&!#'0!
K*F.&'0!(%!#.!(%&'4+&.2+K&!G!%&!%#!%C%*2+2+'!(%!0-0!Z.2-#1.(%0!(%!F%01+K&a!%&!%#!0-5-%01'!(%!
[-%! %#! 1%**+1'*+'! (%! -&.! (%&'4+&.2+K&! 0-5%*%! #'0! #84+1%0! (%! /.1.#-6.N! $*%D+0+K&! [-%! &'! 0%!
2'45.(%2%! 2'&! #'! (%2#.*.('! %&! #.! >)/! XXSWXYYR3! (%! T! (%! C-#+'3! ^;! Q3! 5.*.! #'0! 2.0'0! (%!
0-5*.1%**+1'*+.#+(.(N!
!
,c! >%6.#.! %#! L,'F.('! (%#! "01.('! [-%! 0+! #.! (%4.&(.! Z-%0%! 2'&0%2-%&1%! 2'&! 0-!
5#.&1%.4+%&1'!(%!5.*1+(.!1%&(*8.![-%!5*%02+&(+*!(%#!5*'5+'!.*F-4%&1'!+45-F&.1'*+'![-%!'Z*%2%!
2'&1*.!%#!.5.*1.('!X!.c3!5'*[-%!%#!*%2'&'2+4+%&1'!%\5*%0'![-%!%&!(+2@'!.5.*1.('!0%!*%2'F%!%&!
2-.&1'! .! #.! +&2+(%&2+.! (%! #.! 2'45%1%&2+.! 5*%D+01.! %&! %#! .*1N! XQYNXNX]! /"! @.*8.! (%0.5.*%2%*!
2-.#[-+%*! (-(.! (%! +&2'&01+1-2+'&.#+(.(N! $'*! '1*'! #.('! #.! @.,+#+1.2+K&! (%#! .*1N! XQONXN_! /"!
1%&(*8.! .21-.#4%&1%! 0-! 5#.04.2+K&! %&! #'0! .*10N! XXT! G! XSO! (%#! "01.1-1'3! [-%! *%2'&'2%&! #.!
2'45%1%&2+.! %\2#-0+D.! (%! #.! :%&%*.#+1.1! %&! 4.1%*+.! (%! .F*+2-#1-*.! G! F.&.(%*8.! G!
(%&'4+&.2+'&%0!(%!'*+F%&!G!'1*.0!4%&2+'&%0!(%!2.#+(.(N!
!
"#! )*+,-&.#! /'&01+1-2+'&.#! 0%! @.! 5*'&-&2+.('! 0',*%! #.0! *%F#.0! (%! (+01*+,-2+K&!
2'45%1%&2+.#!%&!4.1%*+.!(%!(%&'4+&.2+'&%0!(%!'*+F%&!%&!#.!>)/!XXSWXYYR3!(%!T!(%!C-#+'3!%&!
#.![-%!0%!2'&2#-G%!.Z+*4.&('![-%!%#!"01.('!&'!5-%(%!-1+#+=.*!0-!Z.2-#1.(!(%!*.1+Z+2.2+K&!(%!#'0!
*%F#.4%&1'03! .! #'0! %01*+21'0! %Z%21'0! (%! .0-4+*! 0-! (%Z%&0.! %&! #'0! ?4,+1'0! &.2+'&.#! %!
+&1%*&.2+'&.#3! 5.*.! 2'&(+2+'&.*! 0-! .5*',.2+K&! (%Z+&+1+D.! 5'*! /'4-&+(.(%0! L-1K&'4.0! [-%3!
2'4'!#.!:%&%*.#+1.13!5'0%%&!2'45%1%&2+.!%\2#-0+D.N!U.!Z+#'0'Z8.!(%!#.!2'#.,'*.2+K&!',#+F.*8.!.!
5%&0.*! [-%! #.! +&1%*D%&2+K&! (%#! "01.('! (%,%! 0%*! &%2%0.*+.4%&1%! 0-,0+(+.*+.! (%#! %C%*2+2+'!
.-1'&K4+2'! (%! #.0! 2'45%1%&2+.03! %&! %01%! 2.0'! &'*4.1+D.03! G! &'! 5-%(%! ##%F.*! @.01.! 0-!
0-01+1-2+K&! ('&(%! &'! *%0-#1%! %&1%*.4%&1%! +45*%02+&(+,#%N! L0+4+04'! %&! #.! >%&1%&2+.! 0%! @.2%!
*%Z%*%&2+.! .! #.! '*(%&.2+K&! F%&%*.#! (%! #.! %2'&'48.! 2'4'! #84+1%! %\5*%0'! .! #.! .0-&2+K&!
%01.1-1.*+.! (%! 2'45%1%&2+.0! %&! #.! 4.1%*+.3! [-%! 5%*4+1%! '5%*.*! .#! "01.('! 0',*%! (%1%*4+&.('0!
0%21'*%0!0+%45*%![-%!&'!D.28%!(%!2'&1%&+('!#.0!2'45%1%&2+.0!.-1'&K4+2.0N!E%!%01.!Z'*4.!#.!
2'**%21.! (%#+4+1.2+K&! %&1*%! #.0! 2'45%1%&2+.0! (%#! "01.('! G! (%! #.! /'4-&+(.(! L-1K&'4.!
2.1.#.&.! @.,*8.! (%! @.2%*0%! 5.*1+%&('! (%#! .#2.&2%! (%! %01.! 2'45%1%&2+.! %01.1.#! (%! '*(%&.2+K&!
F%&%*.#! (%! #.! %2'&'48.3! 5-%0! #.! 2'45%1%&2+.! .-1'&K4+2.! (%,%! 0'5'*1.*#.! @.01.! 0-! #84+1%!
2'&01+1-2+'&.#N! L08! #'! %&1%&(%*8.! %#! .*1N! XSO! +45-F&.('3! [-%3! .#! 5*'2#.4.*! %#! *%05%1'! .#!
5*+&2+5+'!(%!-&+(.(!%2'&K4+2.![-%!#.!/'&01+1-2+K&!%01.,#%2%!5.*.!1'(.!"05.6.3!.1+%&(%!.!#.0!
%\+F%&2+.0!(%!-&!1*.1.4+%&1'!-&+Z'*4%!(%#!4%*2.('!D+182'#.N!
!
!
SQS
f! %0! [-%! i0%! *%+1%*.! -&.! D%=! 4?0i! &'! 5-%(%! +(%&1+Z+2.*0%! #.! %\2#-0+D+(.(!
2'45%1%&2+.#!2'&!#.!.-0%&2+.!(%!#84+1%03!5'*!#'![-%!&'!*%0-#1.*8.!.2%51.,#%!#.!2'&1*.(+22+K&!%&!
[-%! #'0! *%2-**%&1%0! %&1+%&(%&! [-%! +&2-**%! %#! .*1N! XSONX! .#! 2.#+Z+2.*! 2'4'! %\2#-0+D.! #.!
2'45%1%&2+.!G!*%2'&'2%*!.#!4+04'!1+%45'!#.!+&2+(%&2+.!%&!%##.!(%!#.!2'45%1%&2+.!%01.1.#!(%#!
.*1N!XQYNXNX]!/"N!/'&2*%1.4%&1%!#.!(%1%*4+&.2+K&!(%!#'0!5'0+,#%0!&+D%#%0!(%!5*'1%22+K&!(%!#'0!
5*'(-21'0! G! 0-! *<F+4%&! G! 2'&(+2+'&%03! 1%\1'! +&2#-+('! %&! #.! 2'45%1%&2+.! %\2#-0+D.!
.-1'&K4+2.3! (%,%*?! ##%D.*0%! .! 2.,'! *%05%1.&('! 1.&1'! #.! #%F+0#.2+K&! ,?0+2.! (+21.(.! 5'*! %#!
"01.('!2'4'!#.!2''*(+&.2+K&![-%!%#!4+04'!%C%*=.!.#!.45.*'!(%#!5*%2%51'!2'&01+1-2+'&.#N!
!
"#!.05%21'![-%!%#!.5.*1.('!X!(c!+&2#-G%!%&!#.!2'45%1%&2+.!%\2#-0+D.!(%!#.!:%&%*.#+1.1!
[-%(.! 0'4%1+('! +45#82+1.4%&1%! %&! 0-! %C%*2+2+'! .! #'0! #84+1%0! *%0-#1.&1%0! (%! '1*.0! 2#?-0-#.0!
.1*+,-1+D.0! (%! 2'45%1%&2+.03! 2'4'! 5-%(%&! 0%*! #'0! (%*+D.('0! (%! #.! 2'45%1%&2+.! (%#! .*1N!
XQYNXNXO! /"N! L@'*.! ,+%&3! 2.,*8.! %&1%&(%*! +&2-*0.! #.! 0-,4.1%*+.! (%! %01%! .5.*1.('! %&! #.!
5'1%01.(!(%!.-1''*F.&+=.2+K&!(%!#.0!/'4-&+(.(%0!L-1K&'4.03![-%!5%*4+1%!#.!2'&Z+F-*.2+K&!
(%! #.! 5*'5+.! %01*-21-*.! .(4+&+01*.1+D.! .-1K&'4.! .! 1'('0! #'0!&+D%#%0N! g>)/! RPWXYYY3! (%! T! (%!
.,*+#3!^;!]cN!
!
"&!#.!+45-F&.2+K&!(%#!.5.*1.('!]!0%!'#D+(.&!#'0!*%2-**%&1%03!.!C-+2+'!(%#!L,'F.('!(%#!
"01.('3! (%! [-%! #.! +&(%5%&(%&2+.! (%! #.0! 5.*1%0! %&! %#! %C%*2+2+'! (%! 0-0! 5'(%*%0! @.! (%! D%*0%!
4'(-#.(.! 5'*! %#! 5*+&2+5+'! F%&%*.#! (%! 2'#.,'*.2+K&3! +&@%*%&1%! .! #.! 5*'5+.! &.1-*.#%=.! (%#!
*<F+4%&!.-1'&K4+2'3!%\+F+('!5'*!#.!5*'5+.!%01*-21-*.!2'45-%01.!(%#!5'(%*!%01.1.#!G![-%3!5'*!
1.&1'3! (%,%! 5*%0+(+*! %#! Z-&2+'&.4+%&1'! (%#! "01.('! (%! #.0! .-1'&'48.0N! "#! ?4,+1'! &.1-*.#! (%!
D+*1-.#+(.(! (%#! 5*+&2+5+'! (%! 2'#.,'*.2+K&! 0%! %&2-%&1*.! %&! %#! 2.45'! (%! #.0! *%#.2+'&%0!
5*'(-2+(.0!5'*!%#!%C%*2+2+'!2'45%1%&2+.#3!2'&Z+F-*?&('0%!2'4'!-&!#84+1%!.!#.!+&(%5%&(%&2+.!
(%! #.0! 5.*1%0! %&! %#! %C%*2+2+'! (%! 0-0! 5'(%*%03! 0+&! [-%! 0%.! 5*%2+0'! C-01+Z+2.*#'! %&! 5*%2%51'0!
2'&2*%1'0!g>)/!XOWXYOS3!(%!Q!(%!4.G'cN!$-%0!,+%&3!%#!1<*4+&'!`5.*1+2+5.a!5%*4+1%!#.!.('52+K&!
(%!4M#1+5#%0!Z'*4.0![-%!##%F-%&!.!0.1+0Z.2%*!#.!4%&2+'&.(.!2'#.,'*.2+K&!%&1*%!%#!"01.('!G!#.0!
/'4-&+(.(%0! L-1K&'4.0! 0+&! 0'4%1%*! 0-! %C%*2+2+'! .! -&'0! *%[-+0+1'0! G! 2'&(+2+'&.&1%0!
(%1%*4+&.('03! ,.01.&('! 2-.#[-+%*! 1<2&+2.! '! Z'*4.! (%! 5.*1+2+5.2+K&3! .! (%1%*4+&.*! 5'*! %#!
"01.('3! [-%! 5%*4+1.! 5*%D%&+*! (+0Z-&2+'&%0! (%*+D.(.0! (%#! 0+01%4.! (%! (+01*+,-2+K&! (%!
2'45%1%&2+.0!G!5*%0%*D%!#.!1+1-#.*+(.(!G!%#!%C%*2+2+'!(%!#.0!2'45%1%&2+.0!5*'5+.0!(%!#'0!%&1%0!
%&! *%#.2+K&N! L08! %#! +&2+0'! +45-F&.('! &'! 5*%(%1%*4+&.*8.! &+! #.! Z'*4.! &+! #'0! %Z%21'0! (%! #.!
5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! %&! #'0! K*F.&'0! (%! #.! (%&'4+&.2+K&! G! %&! %#! %C%*2+2+'! (%! 0-0!
Z.2-#1.(%0!(%!F%01+K&!2-.&('!%#!1%**+1'*+'!(%!#.!(%&'4+&.2+K&!0-5%*%!#'0!#84+1%0!(%!/.1.#-6.3!
!
SQ]
&+! 5*'(-2+*8.! (%05#.=.4+%&1'! 2'45%1%&2+.#! .#F-&'3! 1.&! 0K#'! 0%! #+4+1.*8.! .! %01.,#%2%*! (+2@.!
5.*1+2+5.2+K&! 2'4'! 4%2.&+04'! 2''5%*.1+D'! [-%! %#! .*1N! XXRNS! (%#! "01.1-1'! G.! .&-&2+.*.N! "&!
(%Z+&+1+D.3! %01%! 5-&1'! (%#! 5*%2%51'! %01.1-1.*+'! 0K#'! 5'(*8.! %&1%&(%*0%! 2'4'! #.! (%2+0+K&! (%! #.!
:%&%*.#+1.1!(%!5.*1+2+5.*!%&!#'0!K*F.&'0!(%!#.!(%&'4+&.2+K&3!0+%45*%![-%!#.!5'0+,+#+(.(!%01<!
5*%D+01.! %&! #.! #%F+0#.2+K&! %05%28Z+2.! G! 0+&! D+&2-#.*! .! Z-1-*'0! #%F+0#.('*%0! %01.1.#%0! .!
%01.,#%2%*#.N!
!
2c! "#! :',+%*&'! (%! #.! :%&%*.#+1.13! 5'*! 0-! 5.*1%3! *%2@.=.! [-%! #.! 2.#+Z+2.2+K&! (%! #.!
2'45%1%&2+.!2'4'!%\2#-0+D.!0-5'&F.!(%02'&'2+4+%&1'!.#F-&'!(%#!181-#'![-%!'01%&1.!%#!"01.('!
ex! .*1N! XQYNXNX]! /"N! /'&2*%1.4%&1%3! *%05%21'! (%#! .5.*1.('! X! .c3! 0'01+%&%! %#! "C%2-1+D'!
.-1'&K4+2'! [-%! %01%! 181-#'! 2'&01+1-2+'&.#! &'! 5%*4+1%! .#! "01.('! (+21.*3! Z*%&1%! .! #'! [-%!
5*%1%&(%&!#'0!*%2-**%&1%03!#.!&'*4.1+D.!,?0+2.!%&!4.1%*+.!(%!(%&'4+&.2+'&%0!(%!'*+F%&!g%&1*%!
'1*.03!>)/!XXSWXYYR3!(%!T!(%!C-#+'c3!?4,+1'!%&!%#![-%!%\+01%!-&!.45#+'!4.*2'!2'4-&+1.*+'![-%!
(%#+4+1.!G!5*%2+0.!2-?#%0!5-%(%&!0%*!#.0!2.1%F'*8.0!(%!5*'1%22+K&N!
!
"&!2-.&1'!.#!.5.*1.('!X!(c!0%!*%2-%*(.![-%!%#!#%F+0#.('*!%01.1.#!&-&2.!@.!%&1%&(+('![-%!
#.! *%F-#.2+K&! (%! #'0! K*F.&'0! (%! 2'&1*'#! (%! #.0! (%&'4+&.2+'&%0! (%! '*+F%&! 5*%D+01'0! %&! #.!
&'*4.1+D.!2'4-&+1.*+.3![-%!5-%(%&!2'&01+1-+*0%!2'4'!0%*D+2+'0!(%!2'&1*'#!(%0+F&.('0!'!2'4'!
'*F.&+04'0!5*+D.('0!.-1'*+=.('0!.#!%Z%21'3!(%,.!+&2#-+*0%!(%&1*'!(%!#.0!2'45%1%&2+.0!*%#.1+D.0!
.#! *<F+4%&! C-*8(+2'! (%! #.0! L(4+&+01*.2+'&%0! 5M,#+2.0N! >%! 1*.1.*8.3! 0+45#%4%&1%3! (%! #.!
&%2%0+(.(!(%*+D.(.!(%!#.!&'*4.1+D.!2'4-&+1.*+.!%-*'5%.!(%!%01.,#%2%*!4%2.&+04'0!(%!2'&1*'#3!
(.(.!#.!%05%2+.#!5*'1%22+K&!(%![-%!(+05'&%&!#'0!5*'(-21'0!.45.*.('0!5'*!-&.!(%&'4+&.2+K&!-!
'1*.!+&(+2.2+K&!(%!5*'2%(%&2+.N!
!
$'*!M#1+4'!.#%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!%&!%#!+&2+0'!Z+&.#!(%#!.*1N!XSON]!0%!
*%2'&'2%! #.! 5'0+,+#+(.(! (%! 5.*1+2+5.2+K&! (%! #.! /'4-&+(.(! L-1K&'4.3! &-%D.4%&1%! 0+&!
2'&2*%1.*!&+&FM&!5*'2%(+4+%&1'!(%!5.*1+2+5.2+K&!&+!#'0!%Z%21'0!(%!#.!4+04.N!$'*!#'0!1<*4+&'0!
%45#%.('0! &'! 5'(*8.! @.,#.*0%! (%! D+&2-#.2+K&! .#! #%F+0#.('*! %01.1.#! G! 0%! 1*.1.*8.! (%! -&.!
5*'G%22+K&!4?0!(%#!5*+&2+5+'!(%!5.*1+2+5.2+K&N!
!
(c! L! C-+2+'! (%#! $.*#.4%&1'! (%! /.1.#-6.3! &.(.! 2.,%! ',C%1.*! .! #.! 2.#+Z+2.2+K&! (%! #.!
2'45%1%&2+.!.#-(+(.!2'4'!%\2#-0+D.!0+!C-&1'!.!%##.!0%!*%2'&'2%!%#!#84+1%!5.*.!%#!%C%*2+2+'!(%!
#.0! 2'45%1%&2+.0! (%! #.! :%&%*.#+1.13! 2-.&('! *%2.%&! 0',*%! -&! 0%21'*! %2'&K4+2'3! D+&2-#.('! .#!
181-#'!2'45%1%&2+.#!(%![-%!(+05'&%!%#!"01.('!5.*.!(%1%*4+&.*!#.0!,.0%0!G!#.!2''*(+&.2+K&!(%!#.!
!
SQQ
5#.&+Z+2.2+K&!F%&%*.#!(%!#.!%2'&'48.N!U.!2.#+Z+2.2+K&!(%!-&.!2'45%1%&2+.!2'4'!%\2#-0+D.!%0!
5%*Z%21.4%&1%! 2'45.1+,#%! 2'&! %#! *%2'&'2+4+%&1'! (%! #.! +&2+(%&2+.! %&! %0%! ?4,+1'! 4.1%*+.#! (%!
#.0!2'45%1%&2+.0!%01.1.#%0![-%!(%,%&!0%*!*%05%1.(.0!5'*!#.!:%&%*.#+1.1N!
!
U.!#%1*.!.c!(%#!.5.*1.('!X!(%#!.*1N!XSO!&'!+&2+(+*8.!%&!-&!?4,+1'!(%!2'45%1%&2+.!%01.1.#3!
5-%01'![-%!%#!181-#'!(%#![-%!(+05'&%!%#!"01.('!%&!D+*1-(!(%#!.*1N!XQYNXNX]!/"!&'!#%!@.,+#+1.!5.*.!
(+21.*!#.!&'*4.1+D.!,?0+2.!%&!4.1%*+.!(%!(%&'4+&.2+'&%0!(%!'*+F%&!g>)/!XXSWXYYR3!(%!T!(%!
C-#+'cN!U.!#%1*.!(c!(%#!.5.*1.('!X!&'!(%02'&'2%3!5.*.!%#!$.*#.4%&1'3!#.!2'45%1%&2+.!%01.1.#!5.*.!
*%F-#.*! #'0! .05%21'0! ,?0+2'0! (%! #'0! 2'&0%C'0! *%F-#.('*%03! 5-%0! %#! #%F+0#.('*! %01.1.#! &-&2.! @.!
%&1%&(+('! [-%! #.! *%F-#.2+K&! (%! #'0! K*F.&'0! (%! 2'&1*'#! (%! #.0! (%&'4+&.2+'&%0! (%! '*+F%&!
5*%D+01'0! %&! #.! &'*4.1+D.! 2'4-&+1.*+.3! [-%! 5-%(%&! 2'&01+1-+*0%! 2'4'! 0%*D+2+'0! (%! 2'&1*'#!
(%0+F&.('0! -! '*F.&+04'0! 5*+D.('0! .-1'*+=.('0! .! 1.#! %Z%21'3! (%,.&! +&2#-+*0%! (%&1*'! (%! #.0!
2'45%1%&2+.0!*%#.1+D.0!.#!*<F+4%&!C-*8(+2'!(%!#.0!L(4+&+01*.2+'&%0!5M,#+2.0N!
!
$'*!0-!#.('!%#!+&2+0'!Z+&.#!(%#!.5.*1.('!]!(%#!.*1N!XSO!0K#'!*%2'&'2%!#.!5'0+,+#+(.(!(%!
5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.13! 0+&! *%Z%*%&2+.! 2'&2*%1.! .! &+&FM&! 5*'2%(+4+%&1'! (%!
5.*1+2+5.2+K&! &+! .! #'0! %Z%21'0! (%! #.! 5.*1+2+5.2+K&3! (%! 4'('! [-%! &'! 0%! D+&2-#.! .#! #%F+0#.('*!
%01.1.#N!>%!1*.1.*8.!(%!-&.!4.&+Z%01.2+K&!(%#!5*+&2+5+'!(%!5.*1+2+5.2+K&!5*'5+'!(%!1'('!"01.('!
2'45-%01'N!
!
TON! .c! 7%(+.&1%! %#! .*182-#'! XSY! gE%*%2@'! 2+D+#c! 0%! .1*+,-G%! .! #.! :%&%*.#+1.1! #.!
2'45%1%&2+.! %\2#-0+D.! 0',*%! E%*%2@'! 2+D+#3! 2'&! #.! %\2%52+K&! (%! #.0! 4.1%*+.0! *%0%*D.(.0! .#!
"01.('!5'*!%#!.*1N!XQYNXNO!/"N!"#!1%&'*!#+1%*.#!(%!.4,'0!5*%2%51'0!5%*4+1%!2'&2#-+*3!.!C-+2+'!(%!
#'0!*%2-**%&1%03!0-!.,0'#-1.!2'&1*.(+22+K&N!U.0!2'45%1%&2+.0![-%!%#!.*1N!XQYNXNO!/"!*%0%*D.!.#!
"01.('! #'! 0'&! `%&! 1'('! 2.0'a3! #'! [-%! &'! 0+F&+Z+2.! [-%! %#! *%01'! 5-%(.! 0%*! .0-4+('! 5'*! #.0!
/'4-&+(.(%0! L-1K&'4.0N! "#! 5-&1'! (%! 5.*1+(.! (%#! 5*%2%51'! 0%*8.! [-%! #.! #%F+0#.2+K&! 2+D+#!
2'**%05'&(%!.#!"01.('3!.(4+1+%&('!-&.!%\2%52+K&!.!Z.D'*!(%!#'0!(%*%2@'0!Z'*.#%0!'!%05%2+.#%0!
G3! Z+&.#4%&1%3! -&.! %\2%52+K&! .! #.! %\2%52+K&N! "#! 5*%2%51'! *%2-**+('3! 5'*! %#! 2'&1*.*+'3!
2'&D%*1+*8.!%&!*%F#.!#'![-%!.##8!%0!%\2%52+K&N!$.*.!#'0!.21'*%0!#.!2'45%1%&2+.!(%!#.!:%&%*.#+1.1!
%&!%01.!4.1%*+.!&'!5-%(%!0%*!'1*.![-%!#.![-%!#%!*%2'&'28.!%#!"01.1-1'!.&1%*+'*d!2'&0%*D.2+K&3!
4'(+Z+2.2+K&!G!(%0.**'##'!(%#!E%*%2@'!2+D+#!2.1.#?&3!2'&!#.!%\2%52+K&!(%!#.0!4.1%*+.0!(%#!.*1N!
XQYNXNO! /"! g5'*! 1'(.03! >)/! OOWXYY]3! (%! XS! (%! 4.*='cN! $'*! 4?0! [-%! #.! C-*+05*-(%&2+.! @.G.!
.0-4+('! -&.! +&1%*5*%1.2+K&! .45#+.! (%! #.0! 2'45%1%&2+.0! .-1'&K4+2.0! (%! `(%0.**'##'a3! &'!
5-%(%!(.*0%!2',%*1-*.3!.!C-+2+'!(%!#'0!*%2-**%&1%03!.!-&!5*%2%51'![-%!0%&2+##.4%&1%!0-01+1-G%!%#!
!
SQR
2*+1%*+'! 2'&01+1-2+'&.#! (%! (+01*+,-2+K&! (%! 2'45%1%&2+.0! %&! %01.! 4.1%*+.! 5'*! 0-! 2'&1*.*+'N! "&!
1'('!2.0'3!#.!2'45%1%&2+.!.0-4+(.!5'*!%01%!.*1N!XSY!1.45'2'!5'(*8.!1%&%*!Z-&(.4%&1'!%&!#'0!
(%*%2@'0!@+01K*+2'0!.![-%!0%!*%Z+%*%!%#!.*1N!R!(%#!"01.1-1'3!1.4,+<&!+45-F&.('N!
!
,c!$.*.!%#!L,'F.('!(%#!"01.('3!%#!.*1N!XQYNXNO!/"3!1*.0!.1*+,-+*!.#!"01.('!2'45%1%&2+.!
%\2#-0+D.!0',*%!#.!#%F+0#.2+K&!2+D+#3!+&1*'(-2%!-&.!F.*.&18.!(%!#.!Z'*.#+(.(!2+D+#![-%!&'!0%!2+Z*.!
%&!#.!+&1.&F+,+#+(.(!(%!#'0!E%*%2@'0!2+D+#%0!%05%2+.#%0!'!Z'*.#%03!0+&'!%&!#.!5*%D+0+K&!(%![-%!
#'0!"01.1-1'0!(%!#.0!/'4-&+(.(%0!L-1K&'4.0!%&!2-G'!1%**+1'*+'!*+F+%*.&!.[-<##'0!.!#.!%&1*.(.!
%&! D+F'*! (%! #.! /'&01+1-2+K&! 5-%(%&! .1*+,-+*! .! (+2@.0! /'4-&+(.(%0! 2'45%1%&2+.! 5.*.! 0-!
`2'&0%*D.2+K&3! 4'(+Z+2.2+K&! G! (%0.**'##'aN! "#! )*+,-&.#! /'&01+1-2+'&.#! @.! *%2'&'2+('! [-%!
%01'0!2'&2%51'0!5%*4+1%&![-%!1.#%0!E%*%2@'0!5-%(.&!0%*!',C%1'!(%!-&.!.22+K&!#%F+0#.1+D.![-%!
@.F.! 5'0+,#%! 0-! 2*%2+4+%&1'! '*F?&+2'3! 0+&! [-%! #.! 2'45%1%&2+.! .-1'&K4+2.! %&! 4.1%*+.! (%!
E%*%2@'!2+D+#![-%(%!*8F+(.4%&1%!D+&2-#.(.!.#!2'&1%&+('!.21-.#!(%!#.!/'45+#.2+K&!'!(%!'1*.0!
&'*4.0! (%! 0-! '*(%&.4+%&1'! 2+D+#N! "01'! %03! 2.,%! #.! '*(%&.2+K&! #%F+0#.1+D.! (%! ?4,+1'0! @.01.!
%&1'&2%0! &'! &'*4.('0! 5'*! %#! E%*%2@'! 2+D+#! %05%2+.#3! 5%*'! &'! (%! Z'*4.! +#+4+1.(.3! 0+&'! 2'&!
*%05%21'! .! Z+F-*.0! 2'&%\.0! 2'&! #.0! G.! *%F-#.(.0! G! 0+%45*%! [-%! %##'! *%05'&(.! .! -&.!
.21-.#+=.2+K&! .2'*(%! 2'&! 0-0! 5*+&2+5+'0! F%&%*.#%0! '! +&05+*.('*%0N! E%! %01%! 4'('! #.!
/'&01+1-2+K&! '5%*.! -&.! 2#.*.! (%#+4+1.2+K&! (%! #.! .1*+,-2+K&! &'*4.1+D.3! %&! #.! 4%(+(.! %&! [-%!
Z.2-#1.!5.*.!.('51.*!.22+'&%0!1%&(%&1%0!.#!4.&1%&+4+%&1'!(%#!2+1.('!E%*%2@'!%05%2+.#3!2'&!#.0!
.#1%*.2+'&%0!G!2'45#%4%&1'0![-%!0%!2'&0+(%*%&!'5'*1-&'03!5%*'!&'3!0+&!%4,.*F'3!.!5*'(-2+*!
-&.! .-1<&1+2.! .45#+.2+K&! .,01*.21.! (%#! 4.*2'! &'*4.1+D'! [-%! 2'&01+1-G%! %#! E%*%2@'! 2+D+#!
.-1'&K4+2'3!&+!.!(+0Z*.=.*!(%!(%0.**'##'!#%F+0#.1+D'!#'![-%!%&!*%.#+(.(!2'&01+1-G%!-&.!.-1<&1+2.!
*%F-#.2+K&! ex novo! (%! #.! 4.1%*+.3! &'! 5*%D+.4%&1%! 0'4%1+(.! &+! 2'&%21.(.! .#! E%*%2@'! Z'*.#! '!
%05%2+.#N! "##'! 0-5'&%! [-%! %#! 2*%2+4+%&1'! (%#! '*(%&.4+%&1'! 2+D+#! .-1'&K4+2'! &'! 5'(*?!
+45-#0.*0%!%&!2-.#[-+%*!(+*%22+K&!&+!0',*%!2-.#%0[-+%*.!',C%1'0N!L08!%#!0%&1+('!(%!#.!0%F-&(.!
*%0%*D.!2'45%1%&2+.#![-%!*%.#+=.!%#!.*1N!XQYNXNO!/"!%&!Z.D'*!(%#!#%F+0#.('*!%01.1.#!&'!%0!'1*'!
[-%!%#!(%!(%#+4+1.*!-&!?4,+1'!(%&1*'!(%#!2-.#!&-&2.!5'(*?!%01+4.*0%!0-,0+01%&1%!&+!0-02%51+,#%3!
5'*!1.&1'3!(%!2'&0%*D.2+K&3!4'(+Z+2.2+K&!'!(%0.**'##'3!E%*%2@'!2+D+#!%05%2+.#!'!Z'*.#!.#F-&'3!
0+&! 5%*C-+2+'! (%! #'! [-%! %&! %#! M#1+4'! +&2+0'! (%#! .*182-#'! *%0%6.('! 0%! (+05'&%! %&! '*(%&! .! #.!
(%1%*4+&.2+K&!(%!#.0!Z-%&1%0!(%#!E%*%2@'N!
!
"#! *%2'&'2+4+%&1'! [-%! %&! %#! .*1N! XSY! 0%! @.2%! (%! #.! 2'45%1%&2+.! %\2#-0+D.! (%! #.!
:%&%*.#+1.1! %&! 4.1%*+.! (%! E%*%2@'! 2+D+#! &'! 5'(*8.! %&1%&(%*0%3! 5-%03! 2'4'! -&.! 2'45%1%&2+.!
#%F+0#.1+D.! 2+D+#! +#+4+1.(. ratione materiae (%C.(.! .! #.! (+05'&+,+#+(.(! (%! #.! /'4-&+(.(!
!
SQT
L-1K&'4.N! U.! 5'0+2+K&! 0+&F-#.*! (%! #.! :%&%*.#+1.1! %&! *%#.2+K&! 2'&! #'! 5*'5+'! 5%*4+1%! [-%! #.!
+&D'2.2+K&! (%! #'0! (%*%2@'0! @+01K*+2'03! #.0! +&01+1-2+'&%0! 0%2-#.*%0! G! #.! 1*.(+2+K&! C-*8(+2.!
2.1.#.&.![-%!2'&1+%&%!%#!.*1N!R!(%#!"01.1-1'!Z-&(.4%&1%&!%#!*%2'&'2+4+%&1'!(%!#.!0+&F-#.*+(.(!
2+D+#!(%!/.1.#-6.![-%!&-%01*.!/'&01+1-2+K&!@.![-%*+('3!5'*!D8.!2'45%1%&2+.#3!F.*.&1+=.*N!"01.!
%05%2+.#!#+F.=K&!@+01K*+2.!##%D.*8.!.!2'45*%&(%*!4%C'*!%#!0+F&+Z+2.('!G!.#2.&2%!(%!#.!.0-&2+K&!
5'*! #.! /'4-&+(.(! L-1K&'4.! (%! #.! 2'45%1%&2+.!%\2#-0+D.! %&! 4.1%*+.! (%! E%*%2@'! 2+D+#3! [-%!
@.,*8.!(%!+&1%*5*%1.*0%!2'4'!#.!.1*+,-2+K&!.!#.!:%&%*.#+1.1!(%!#.!2'45%1%&2+.!%\2#-0+D.! 5.*.!
2'&0%*D.*3!4'(+Z+2.*!G!(%0.**'##.*!0-!E%*%2@'!2+D+#3!.!Z+&!(%!F.*.&1+=.*!#'0!(%*%2@'0!@+01K*+2'0!
5'5-#.*%03! +&01+1-2+'&%0! 0%2-#.*%0! G! 1*.(+2+K&! C-*8(+2.! 2.1.#.&%03! #'! [-%! 0-5'&(*8.! [-%! #.!
.0-&2+K&! 5'*! #.! :%&%*.#+1.1! (%! #.! %\2#-0+D+(.(! 2'45%1%&2+.#! 0K#'! 5-%(%! 1%&%*! #-F.*! %&! %#!
4.*2'!5%*4+1+('!5'*!#.!/'&01+1-2+K&N!
!
$'*! #'! (%4?0! %#! 5*%2%51'! %01.1-1.*+'! +45-F&.('! 08! %\2%52+'&.*8.! %\5*%0.4%&1%! #.!
0%F-&(.!*%0%*D.!2'45%1%&2+.#![-%3!.!Z.D'*!(%#!"01.('3!%01.,#%2%!#.!/'&01+1-2+K&3!5*'2#.4.&('!
2'&!%##'![-%!#.0!4.1%*+.0!2'45*%&(+(.0!%&!1.#!*%0%*D.!&'!0'&3!%&!&+&FM&!2.0'3!0-02%51+,#%0!(%!
2'&0%*D.2+K&3!4'(+Z+2.2+K&!'!(%0.**'##'!(%!E%*%2@'!2+D+#!.-1'&K4+2'N!
!
2c!"#!.&?#+0+0!(%!#.!1*.4+1.2+K&!5.*#.4%&1.*+.!(%#!.*1N!XQYNXNO!/"!5'&(*8.!(%!*%#+%D%3!.!
C-+2+'!(%#!:',+%*&'!(%!#.!:%&%*.#+1.13![-%!#.!D'#-&1.(!(%#!2'&01+1-G%&1%!Z-%!#.!(%!5%*4+1+*![-%!
#.0! /'4-&+(.(%0! L-1K&'4.0! 2'&! E%*%2@'! 2+D+#! 5*'5+'! 5-(+%*.&! .0-4+*! 5#%&+1-(! (%!
2'45%1%&2+.0! 5.*.! 2'&0%*D.*3! 4'(+Z+2.*! G! (%0.**'##.*! &'! 0K#'! #.! #%F+0#.2+K&! 2+D+#! %&1'&2%0!
D+F%&1%3!0+&'!0-!5*'5+'!0+01%4.!(%!E%*%2@'!2+D+#3!2'&0+(%*.('!2'4'!-&!1'('!.*4K&+2'N!>%*8.!
0-4.4%&1%! +#-01*.1+D'! (%! %0.! 2'&0+(%*.2+K&! 0+01%4?1+2.! %#! 4.&(.1'! (%#! +&2+0'! Z+&.#! (%#!
5*%2%51'3!2'&Z'*4%!.#!2-.#!%#!#%F+0#.('*!%01.1.#!(%,%!*%05%1.*!#.0!&'*4.0!(%!E%*%2@'!Z'*.#!'!
%05%2+.#![-%!(%1%*4+&.&!#.!'*(%&.2+K&!(%!#.0!Z-%&1%0!(%#!E%*%2@'N!
!
U.! /'&01+1-2+K&! i2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0i! 0-5-0'! -&! *%&'D.('!
*%2'&'2+4+%&1'! (%! #.! 5#-*.#+(.(! #%F+0#.1+D.! %05.6'#.! %&! #.! 4.1%*+.3! (%! 4'('! [-%! %#! "01.('!
5-%(%! #%F+0#.*! %&! %#! ?4,+1'! 2+D+#! %&! 1'(.! 0-! %\1%&0+K&3! 0+&! [-%! %#! %D%&1-.#! %C%*2+2+'! (%! #.0!
2'45%1%&2+.0!.-1'&K4+2.0!4%&'02.,%!%0%!?4,+1'!4.1%*+.#3!G.![-%!%#!#84+1%!.!#.!2'45%1%&2+.!
%01.1.#! %0! %\2#-0+D.4%&1%! (%! %Z+2.2+.! %&! -&'0! 2'&2*%1'0! G! ,+%&! (%1%*4+&.('0! 1%**+1'*+'0!
.-1'&K4+2'0N! "#! &-%D'! '*(%&.4+%&1'! 2+D+#! 0%! %01*-21-*.*8.! 0',*%! 1*%0! 5.-1.0! %0%&2+.#%0d!
.,.&('&'! (%! #.! +(%.! (%! -&! /K(+F'! 2+D+#! M&+2'3! 0-5%*.2+K&! (%! #.! (+01+&2+K&! %&1*%! E%*%2@'!
F%&%*.#! G! E%*%2@'! %05%2+.#3! G! %01*-21-*.2+K&! (%! #.! 4.1%*+.! 2+D+#! %&! ,#'[-%0! 2'45%1%&2+.#%0!
!
SQ_
[-%!0%!5-%(%&!*%5.*1+*!%&1*%!%#!"01.('!G!#.0!/'4-&+(.(%0!L-1K&'4.0N!U.!-&+(.(!C-*8(+2.!0%!
5*%0%*D.*8.! %&2'4%&(.&('! `%&! 1'('! 2.0'a! .#! "01.('! %#! (%0%45%6'! (%! (+01+&1.0! Z-&2+'&%0!
&'*4.1+D.0N!
!
U.!+&1%*5*%1.2+K&!(%#!.#2.&2%!(%!#.0!2'45%1%&2+.0!.-1'&K4+2.0!(%,%!5.*1+*3!.!C-+2+'!(%#!
:',+%*&'!2.1.#?&3!(%!#.0!>>)/!OOWXYY]3!(%!XS!(%!4.*='e!G!XRTWXYY]3!(%!T!(%!4.G'3!%&!#.0!
[-%! 0%! 5#.04.! -&! %&1%&(+4+%&1'! .45#+'! (%#! 1<*4+&'! `(%0.**'##'a3! (%! 4.&%*.! [-%! #.!
2'45%1%&2+.! .-1'&K4+2.! %&! #.! 4.1%*+.! &'! (%,%! D+&2-#.*0%! *8F+(.4%&1%! .#! 2'&1%&+('!
2'45+#.('3! 0+&'! [-%! 2.,%! -&.! +&&'D.2+K&! (%#! 4+04'3! 0%FM&! #'0! 5*+&2+5+'0! +&Z'*4.('*%0!
5*'5+'0! (%#! E%*%2@'! Z'*.#! '! %05%2+.#N! U.! M&+2.! %\+F%&2+.! *.(+2.! %&! [-%! #'0! &-%D'0! ?4,+1'03!
@.01.!%&1'&2%0!&'!&'*4.('03!2'&%21%&!2'&!%#!E%*%2@'!G.!*%F-#.('N!U.!+&1%*5*%1.2+K&!.45#+.!G!
Z#%\+,#%!(%!%01%!*%[-+0+1'!(%!#.!2'&%\+K&!Z.2+#+1.*8.!%#!2*%2+4+%&1'!'*F?&+2'!G!#.!D+1.#+(.(!@.2+.!
%#!Z-1-*'!(%!%01'0!'*(%&.4+%&1'0N!$.*.!%#!:',+%*&'!(%!#.!:%&%*.#+1.13!%#!2*%2+4+%&1'!'*F?&+2'!
(%4'01*.*8.! [-%! #'0! E%*%2@'0! 2+D+#%0! .-1'&K4+2'0! &'! (%,%&! 0%*! %&1%&(+('0! 2'4'! Z'*4.('0!
5'*! &'*4.0! %! +&01+1-2+'&%0! .+0#.(.0! G! .0+01%4?1+2.03! 0+&'! 2'4'! 0+01%4.0! &'*4.1+D'0! ('1.('0!
(%!#.!2'&%\+K&!+&1%*&.!G!2'45#+1-(!gsicc!5*'5+.0!(%!-&'0!'*(%&.4+%&1'0!C-*8(+2'0![-%!1+%&%&!
2'&01+1-2+'&.#4%&1%!*%2'&'2+(.!#.!5'0+,+#+(.(!(%!(%1%*4+&.*!0-!%05%28Z+2'!0+01%4.!(%!Z-%&1%0!
%&!%#!+&2+0'!Z+&.#!(%#!5*'5+'!.*1N!XQYNXNO!/"N!"&!%#!2.0'!(%!/.1.#-6.!%0%!2*%2+4+%&1'!'*F?&+2'!
@.! .('51.('! #.! Z'*4.! (%! /K(+F'3! 2'&Z'*4%! .! #.! *%F-#.2+K&! (%! #.! U%G! (%#! $.*#.4%&1'! (%!
/.1.#-6.!SYWSPPSN!
!
L#%F.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! 2.,%! '1*.! +&1%*5*%1.2+K&! (%#! .#2.&2%! (%! #'0!
181-#'0! 5*%D+01'0! %&! %#! .*1N! XQYNXNO! /"3! 2'&2*%1.(.! %&! #'0! D'1'0! 5.*1+2-#.*%0! Z'*4-#.('0! .! #.!
>)/!OOWXYY]3!(%!XS!(%!4.*='3!4?0!.C-01.(.!.#!0%&1+('!#+1%*.#3!#KF+2'I0+01%4?1+2'!G!1%#%'#KF+2'!
(%#! 5*%2%51'! 2'&01+1-2+'&.#! G! 2'&! #.! [-%! 0%! ,%&%Z+2+.! #.! 0%F-*+(.(! C-*8(+2.3! G.! [-%! 0%! .2'1.!
4%C'*!#.!(+01*+,-2+K&!(%!2'45%1%&2+.0!4%(+.&1%!#.!0-5*%0+K&!(%#!*%[-+0+1'!(%!#.!`2'&%\+K&aN!
U.! '52+K&! 5#.04.(.! %&! %#! .*1N! XSY! @.,*8.! 0+('! #.! (%! Z'*4-#.*! %#! 2'&1%&+('! 4.1%*+.#! (%! #.!
2'45%1%&2+.! %&! 1<*4+&'0! F%&<*+2'03! 0+&! (%2.&1.*0%! 5'*! &+&F-&.! (%! #.0! +&1%*5*%1.2+'&%0!
0%6.#.(.03! 5-%0! %#! @%2@'! (%! [-%! &'! 0%! 4%&2+'&%! #.! 2'&0%*D.2+K&3! 4'(+Z+2.2+K&! G! (%0.**'##'!
(%#! E%*%2@'! 2+D+#! &'! +45#+2.! #.! 4'(+Z+2.2+K&! '! +&.5#+2.2+K&! (%#! .*1N! XQYNXNO! /"N! L! 4.G'*!
.,-&(.4+%&1'3!%&!%#!.*1N!YNS!(%#!"01.1-1'!(%!XY_Y3!4'(%#'![-%!@.,*8.!(%!0%F-+*0%!%&!'5+&+K&!
(%!#'0!*%2-**%&1%03!1.45'2'!0%!@.28.!4%&2+K&!%\5*%0.!(%!#.!2'45%1%&2+.!%\2#-0+D.!(%#!"01.('N!
>+! %&1'&2%0! %0.! .-0%&2+.! &'! 0%! %&1%&(+K! 2'&1*.*+.! .#! .*1N! XQYNXNO! /"3! 1.45'2'! .@'*.! 5'(*8.!
!
SQO
0'01%&%*0%![-%!#.!Z.#1.!(%!4%&2+K&!(%!#'0!1<*4+&'0!`2'&0%*D.2+K&3!4'(+Z+2.2+K&!G!(%0.**'##'a!
.#1%*%!%#!4.*2'!2'&01+1-2+'&.#N!
!
"&!1<*4+&'0!5*?21+2'0!#'!%\5-%01'!0-5'&(*8.![-%3!0+!%#!E%*%2@'!2+D+#!@+01K*+2'!2.1.#?&!
@.! *%F-#.('! .#F-&.! (%! #.0! 4.1%*+.0! [-%! `%&! 1'('! 2.0'a! 2'**%05'&(%&! .#! "01.('! 5'*! %#! .*1N!
XQYNXNO! /"3! 2%(%*8.&! #.0! +&01+1-2+'&%0! 5*'5+.0! G! #.0! 2'45%1%&2+.0! .-1'&K4+2.0! 2'**%#.1+D.0N!
$.*.!%#!*%01'!(%!?4,+1'0!0%*8.!.5#+2.,#%!#.!+&1%*5*%1.2+K&!Z#%\+,#%!(%!#.!Z.2-#1.(!.-1'&K4+2.!(%!
(%0.**'##'!(%#!E%*%2@'!2+D+#!5*'5+'N!"&!2'&2#-0+K&3!#.!4%(+(.!(%!#.!2'45%1%&2+.!.-1'&K4+2.!
[-%(.*8.!Z+C.(.!5'*!#.!(+4%&0+K&!(%#!E%*%2@'!2'&D.#+(.('!5'*!#.!@+01'*+.!G!5'*!#.!Z.2-#1.(!(%!
2'&0%*D.2+K&3!4'(+Z+2.2+K&!G!(%0.**'##'!(%!%01%!E%*%2@'!5*%D+01.!5'*!%#!.*1N!XQYNXNO!/"!G![-%!
%&2-%&1*.!%#!#84+1%!+&0.#D.,#%!(%#!M#1+4'!+&2+0'!(%!(+2@'!5*%2%51'N!L!%01%!4.*2'!0%!.(02*+,+*8.!
%#! .*1N! XSY3! 5%*4+1+%&('! -&.! %D'#-2+K&! (%#! E%*%2@'! 2+D+#! 5*'5+'! G! 0-! %\1%&0+K&! .! 4.1%*+.0!
2'&%\.03!2'&!#.!0.#D%(.(!(%!#.0!*%0%*D.(.0!`%&!1'('!2.0'a!.#!"01.('3!0+&!&%2%0+(.(!(%![-%!%#!
5*%2%51'! %01.1-1.*+'! *%2'&'=2.! %\5*%0.4%&1%! %01.! %\2%52+K&3! 2'4'! 1.45'2'! #'! @+='! %#!
"01.1-1'!(%!XY_YN!"#!5*%2%51'3!%&!0-4.3!5%*4+1+*8.!-&.!#%21-*.!5%*Z%21.4%&1%!.(.51.(.! .! #.0!
5*%D+0+'&%0!(%#!.*1N!XQYNXNO!/"N!
!
(c! $.*.! #.! /?4.*.! .-1'&K4+2.! #.! 5*%D+0+K&! 2'&01+1-2+'&.#! (%! *%05%1'! .! #'0! E%*%2@'0!
2+D+#%0!.##8!('&(%!%\+01.&!g.*1N!XQYNXNO!/"c!%0!-&!#84+1%!.!#.!%Z+2.2+.!1%**+1'*+.#!(%!#.!#%F+0#.2+K&!
2+D+#! [-%! 2'**%05'&(%! .#! "01.('N! L! 5.*1+*! (%! .@8! %#! #84+1%! [-%! %01.,#%2%! #.! /'&01+1-2+K&! .! #.!
2'45%1%&2+.! %\2#-0+D.! (%#! "01.('! %&! 4.1%*+.! (%! #%F+0#.2+K&! 2+D+#! %0! '5%*.1+D'! %&! %#! ?4,+1'!
1%**+1'*+.#!(%!/.1.#-6.N!E%0(%!#.!%&1*.(.!%&!D+F'*!(%#!"01.1-1'!%#!"01.('!&'!5-%(%3!2'&!%Z+2.2+.!
(+*%21.!G!F%&%*.#3!2'&0%*D.*!'!4'(+Z+2.*!%#!E%*%2@'!2+D+#!(%!/.1.#-6.3!+&2#-0'!0+!%01?!*%2'F+('!
%&!&'*4.0!'*+F+&.*+.4%&1%!%01.1.#%03!&+!5-%(%!+&&'D.*#'3!G.![-%!0-!#%F+0#.2+K&!2+D+#!&'!1%&(*?!
%Z+2.2+.!%&!%#!1%**+1'*+'!(%!/.1.#-6.3!0+&!5%*C-+2+'!(%![-%!2+%*1'0!?4,+1'0!#%!0%.&!*%0%*D.('0!%&!
1'('! 2.0'3! 0+! ,+%&! +&2#-0'! %&! %0'0! ?4,+1'0! #.! (%1%*4+&.2+K&! (%! #.0! Z-%&1%0! (%#! E%*%2@'! %&!
4.1%*+.!2+D+#!(%,%!*%05%1.*!#.0!&'*4.0!(%#!E%*%2@'!2+D+#!(%!/.1.#-6.N!
!
n01%! 0%*8.3! 5.*.! #.! *%5*%0%&1.2+K&! (%#! $.*#.4%&1'3! %#! *%0-#1.('! (%! -&.! +&1%*5*%1.2+K&!
#+1%*.#!%!@+01K*+2.!(%#!.*1N!XQYNXNO!/"N!U.!#+1%*.#+(.(!(%!#.!/'&01+1-2+K&!+45%(+*8.!+(%&1+Z+2.*!%#!
?4,+1'!4.1%*+.#!(%!#'0!`E%*%2@'0!2+D+#%0a!2'&!%#!2'&1%&+('!4.1%*+.#!(%!#.0!2'45+#.2+'&%0!%&!
%#! 4'4%&1'! (%! #.! %&1*.(.! %&! D+F'*! (%! #.! /'&01+1-2+K&3! 4?\+4%! 0+! 0%! 1+%&%! %&! 2-%&1.! [-%! %#!
1<*4+&'! `2'45+#.2+'&%0a! Z-%! %\5*%0.4%&1%! *%2@.=.('! (-*.&1%! #'0! 1*.,.C'0! 2'&01+1-G%&1%0N!
^*%&1%! .#! +&1%&1'! (%! +&1%*5*%1.*#'! (%! 4.&%*.! *%01*+21+D.3! (%! Z'*4.! [-%! .[-%##'! [-%! 5%*4+1.!
!
SQY
(%1%*4+&.*! #.! %\+01%&2+.3! 5'*! D+F%&2+.3! (%#! E%*%2@'! 2+D+#! 5*'5+'! i%&! %#! 2.0'! (%! /.1.#-6.3!
,?0+2.4%&1%! #.! U%G! QPWXYTPi3! 2'&01+1-G.! .#! 4+04'! 1+%45'! %#! ?4,+1'! 4.1%*+.#! (%! #.!
2'45%1%&2+.3! %#! $.*#.4%&1'! (%Z+%&(%! [-%! #.! /'&01+1-2+K&! &'! 5*%1%&(%! [-%! #.0! /'4-&+(.(%0!
[-%! %&! .#FM&! .05%21'! &'! 0'&! (+01+&1.0! (%D%&F.&! (+01+&1.03! 0+&'! [-%! 5-%(.&! .-1'F',%*&.*0%!
.-1K&'4.4%&1%!5.*.!#.!F%01+K&!(%!0-0!*%05%21+D'0!+&1%*%0%03!%01.,#%2+('0!(%!Z'*4.!5.*1+2-#.*!
%&! 2.(.! "01.1-1'! G! &'! (%! Z'*4.! F%&%*.#! %&! #.! /'&01+1-2+K&N! "&1*%! %0'0! +&1%*%0%0! #.!
/'&01+1-2+K&!+&2#-+*8.!.#F-&'0!%#%4%&1'0![-%!(+01+&F-%&!%05%2+.#4%&1%!.!2.(.!/'4-&+(.(3!0+&!
[-%!%##'!+45#+[-%!-&!5*+D+#%F+'!%&!5%*C-+2+'!(%!'1*'03!5'*[-%!#.0!0+1-.2+'&%0!(%!5.*1+(.!i5'*!
%C%45#'! F%'F*?Z+2.03! #+&Fj801+2.0!'! #.! %\+01%&2+.! (%! -&! E%*%2@'! 2+D+#! 5*'5+'i! 0'&! (+01+&1.0N!
U.! +&1%*5*%1.2+K&! 2'&1*.*+.3! .(%4?03! +45#+2.*8.! 2'&0+(%*.*! [-%! %#! .*1N! XQYNXNO! /"! %0!
*%(-&(.&1%3!.#!*%0%*D.*!.#!"01.('3!%&!1'('!2.0'3!-&.!2'45%1%&2+.![-%!&'!5'(*8.!0%*#%!(+05-1.(.!
5'*[-%!G.!0%!%&2'&1*.*8.!%&F#',.(.!&%2%0.*+.4%&1%!%&!#.!F%&<*+2.!0',*%!#%F+0#.2+K&!2+D+#N!
!
TYN! .c! "#! .*182-#'! X]X! g"(-2.2+K&c! 0%! '2-5.! (%! #.! %&0%6.&=.! &'! -&+D%*0+1.*+.3!
.1*+,-G%&('!.!#.!:%&%*.#+1.1!2'45%1%&2+.0!%\2#-0+D.0!g.5.*1.('0!X!G!Sc3!2'45.*1+(.0!g.5.*1.('!
]c! G! %C%2-1+D.0! g.5.*1.('! Qc3! .(D+*1+%&('! #'0! .21'*%0! [-%! 0-! +45-F&.2+K&! 0%! 2'&1*.%!
Z-&(.4%&1.#4%&1%!.!#'0!.5.*1.('0!X!G!SN!E%!#.!2'&C-&2+K&!(%!#'0!.*10N!OX!G!S_!/"!*%0-#1.*8.3!
5.*.! #'0! *%2-**%&1%03! [-%! #.0! /'4-&+(.(%0! L-1K&'4.0! 0K#'! 5-%(%&! 1%&%*! 2'45%1%&2+.0! (%!
%C%2-2+K&! %&! *%#.2+K&! 2'&! #.! `*%F-#.2+K&! (%! #.0! 2'&(+2+'&%0! (%! ',1%&2+K&3! %\5%(+2+K&! G!
@'4'#'F.2+K&!(%!181-#'0!.2.(<4+2'0!G!5*'Z%0+'&.#%0a3!%&!1.&1'![-%!%&!%#!*%01'!(%!#.!4.1%*+.!
5-%(%&! .0-4+*! 2'45%1%&2+.0! (%! (%0.**'##'! (%! #.! #%F+0#.2+K&! ,?0+2.! G! (%! %C%2-2+K&N! k.(.!
@.,*8.3!5'*!1.&1'3![-%!5-(+%*.!0%*!(%!#.!%\2#-0+D.!2'45%1%&2+.!.-1'&K4+2.3!#'![-%!0-5'&(*8.!#.!
+&2'&01+1-2+'&.#+(.(! (%! .4,'0! .5.*1.('0N! "0! 5'0+,#%3! .(4+1%&! #'0! (%4.&(.&1%03! [-%! #.!
(%#+4+1.2+K&! (%! #'! ,?0+2'! ##%D.(.! .! 2.,'! 5'*! %01'0! 5*%2%51'0! 2'+&2+(.! 2'&! #.! [-%! %&! -&!
4'4%&1'! (.('! @.! @%2@'! %#! #%F+0#.('*! %01.1.#3! 2'&! '! 0+&! #.! .2%51.2+K&! (%#! )*+,-&.#!
/'&01+1-2+'&.#N!"##'3!0+&!%4,.*F'3!&'!%D+1.*8.!0-!+&2'&01+1-2+'&.#+(.(N!E%!-&!#.('3!5'*[-%!0K#'!
%#!#%F+0#.('*!(%#!"01.('!5-%(%!(%1%*4+&.*!%#!2'&1%&+('!(%!#'!,?0+2'e!(%!'1*'3!5'*[-%!.#F-&'0!
.05%21'0! 2'&2*%1.('0! %&! .4,'0! .5.*1.('0! .Z%21.&! .! 4.1%*+.0! *%0%*D.(.0! .! #.! #%G! '*F?&+2.3!
%05%2+.#4%&1%! #.0! #%1*.0! .c! gK*F.&'0! (%! 5.*1+2+5.2+K&! G! 2'&0-#1.! %&! #.! 5*'F*.4.2+K&! (%! #.!
%&0%6.&=.c! G! ,c! g2'&1%&+('0! %(-2.1+D'0c! (%#! .5.*1.('! SN! >%! +&0+01%! %&! %01%! 5-&1'! %&! [-%! %#!
"01.1-1'!&'!5-%(%!(%2+(+*!%&!%#!#-F.*!(%#!#%F+0#.('*!,?0+2'3!&+!#%!%0!5'0+,#%!5%1*+Z+2.*!%&!0-0!
&'*4.0!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#N!
!
!
SRP
,c!L#%F.!%#!L,'F.('!(%#!"01.('![-%!%#!5#.&1%.4+%&1'!(%!#'0!*%2-**%&1%0!i[-%!&'!2+1.&!
&'*4.! %01.1.#! .#F-&.! [-%! *%0-#1%! 2'&1*.(+2@.i! '#D+(.! [-%! %#! .#2.&2%! *%.#! G! %Z%21+D'! (%! #.0!
2'45%1%&2+.0! %01.1-1.*+.0! D%&(*?! 0+%45*%! 2'&(+2+'&.('! 5'*! %#! D?#+('! %C%*2+2+'! (%! #.0!
2'45%1%&2+.0!%01.1.#%03!(%!4'('![-%!%#!5*%2%51'!+45-F&.('!0K#'!5'(*8.!%&1%&(%*0%!(%&1*'!(%#!
#84+1%!+45#82+1'!(%#!*%05%1'!.!#.0!2'45%1%&2+.0!(%!'1*.0!L(4+&+01*.2+'&%0!%&!D+*1-(! (%! '1*'0!
181-#'0N!
!
U.!+45-F&.2+K&!(+*+F+(.!2'&1*.!%#!.5.*1.('! X!0%!@.##.*8.!.-0%&1%!(%!1'('!.*F-4%&1'3!
4.03!%&!1'('!2.0'3!0-!1%&'*!#+1%*.#!0%*8.!#'!0-Z+2+%&1%4%&1%!2#.*'!2'4'!5.*.!(%05%C.*!2-.#[-+%*!
(-(.! (%! +&2'&01+1-2+'&.#+(.(d! #.! 2'45%1%&2+.! %\2#-0+D.! [-%! 0%! .1*+,-G%! 0%! #+4+1.*8.! .! D%*0.*!
0',*%! %&0%6.&=.0! 5'01',#+F.1'*+.0! [-%! &'! 2'&(-=2.&! .! #.! ',1%&2+K&! (%! 181-#'! '! 2%*1+Z+2.2+K&!
.2.(<4+2.!'!5*'Z%0+'&.#!2'&!D.#+(%=!%&!1'('!%#!"01.('!G!0',*%!#'0!2%&1*'0!('2%&1%0!%&![-%!0%!
+45.*1%&! 1.#%0! %&0%6.&=.0N! )%&+%&('! %&! 2-%&1.! [-%! #.! 2'45%1%&2+.! [-%! %01.1-1.*+.4%&1%!
5-%(%&! .0-4+*! #.0! /'4-&+(.(%0! L-1K&'4.0! 1+%&%! %#! *%Z%*%&1%! (%#! .*1N! XQYNXN]P! /"3! #.!
2'45%1%&2+.![-%!.1*+,-G%!.!#.!:%&%*.#+1.1!%#!.5.*1.('!X![-%(.*8.!2#.*.4%&1%!Z-%*.!(%#!?4,+1'!
[-%!2'**%05'&(%!.#!#%F+0#.('*!%01.1.#!%&!D+*1-(!(%!#.!2'45%1%&2+.!.1*+,-+(.!5'*!(+2@'!5*%2%51'!
2'&01+1-2+'&.#3! G! 1.45'2'! %&1*.*8.! %&! 2'&Z#+21'! 2'&! #.! 2'45%1%&2+.! (%! (%0.**'##'! (%#! .*1N! S_!
/"N!
!
"&! 2-.&1'! .! #'0! .05%21'0! *%#.2+'&.('0! %&! %#! .5.*1.('! S3! 0+! ,+%&! <01%! &'! %\5#+2+1.!
Z'*4.#4%&1%! #'0! #84+1%0! .! [-%! %01?! 0-C%1.! %01.! 2'45%1%&2+.! %\2#-0+D.3! 0%! @.##.*8.!
+45#82+1.4%&1%!0'4%1+(.!.!#'0!(%*+D.('0!(%!'1*.0!2#?-0-#.0!.1*+,-1+D.0!(%!2'45%1%&2+.03!#'![-%!
%&!%01%!0-5-%01'!0%!1*.(-2+*8.!%&![-%3!%&!0-!%C%*2+2+'3!(%,%*?&!0%*!*%05%1.(.0!#.0!&'*4.0![-%!%#!
"01.('!(+21%!5.*.!%#!(%0.**'##'!(%#!.*1N!S_!/"N!
!
$'*!#'![-%!0%!*%Z+%*%!.!#.!#%1*.!,c!(%!%01%!.5.*1.('!.*F-4%&1.!%#!L,'F.('!(%#!"01.('!
[-%3!%&!%#!?4,+1'!(%!#.!%(-2.2+K&3!%#!)*+,-&.#!/'&01+1-2+'&.#!@.!%01.,#%2+('![-%!2'**%05'&(%!
.#! "01.('! #.! (%1%*4+&.2+K&! (%! #.0! %&0%6.&=.0! 48&+4.0! [-%! F.*.&1+2%&! -&! &+D%#! 48&+4'! (%!
@'4'F%&%+(.(! %&! #.! Z'*4.2+K&! (%! #'0! %02'#.*%0! g>)/! OOWXYO]3! (%! S_! (%! '21-,*%3! ^;! ]c3!
5*%1%&(+<&('0%! 2'&! %01.! Z+C.2+K&! (%! 2'&1%&+('0! 2'4-&%0! F.*.&1+=.*! #.! Z'*4.2+K&! 2'4M&! (%!
1'('0!#'0!.#-4&'0!(%&1*'!(%#!0+01%4.!%(-2.1+D'N!f!0+!,+%&!#.!%(-2.2+K&!+&Z.&1+#!2'&01+1-G%!-&.!
%1.5.! %(-2.1+D.! (%! 2.*?21%*! D'#-&1.*+'3! (+2@'! 2.*?21%*! &'! +45+(%! [-%! %#! "01.('! 5-%(.!
%01.,#%2%*3! .(%4?0! (%! #.! (%Z+&+2+K&! (%! 0-0! ',C%1+D'03! -&'0! 2'&1%&+('0! %(-2.1+D'0! .! .#2.&=.*!
5'*! #'0! .#-4&'0! 5.*.! 5.0.*! .! #.! %(-2.2+K&! 5*+4.*+.N! U'! %\5-%01'! *%0-#1.*8.! 0-Z+2+%&1%! 5.*.!
!
SRX
'Z*%2%*!-&.!+&1%*5*%1.2+K&!2'&Z'*4%!(%#!2'&1%&+('!(%!#.!#%1*.!,c3!*%05%21'!(%#!2-.#!0%!'#D+(.&!
#'0!*%2-**%&1%03!.!C-+2+'!(%#!L,'F.('!(%#!"01.('3!(%![-%!%#!D'2.,#'!`(%1%*4+&.2+K&a!+45#+2.!
-&! .05%21'! 4%*.4%&1%! %C%2-1+D'! (%! 2'&2*%2+K&! (%! #'0! 2'&1%&+('0! %(-2.1+D'03! 5%*'! &-&2.! 0-!
*%F-#.2+K&!'!%01.,#%2+4+%&1'!&'*4.1+D'3![-%!0+%45*%!2'**%05'&(%*?!.#!"01.('N!
!
U.! 0-,4.1%*+.! 2'&1%45#.(.! %&! #.! #%1*.! Zc! (%#! .5.*1.('! S! 0%! %&2'&1*.*8.! +F-.#4%&1%!
0-C%1.! .! #'0! #84+1%0! (%*+D.('0! (%! #.! 2'45%1%&2+.! %01.1.#! [-%! %01.,#%2%! %#! .*1N! XQYNXNX]! /"3!
(%01.2?&('0%!%#!.45#+'!*%2'&'2+4+%&1'![-%!#.!C-*+05*-(%&2+.!@.!@%2@'!(%!#.!2'45%1%&2+.!(%!
#.0! /'4-&+(.(%0! L-1K&'4.0! 0',*%! #'0! Z-&2+'&.*+'0! ('2%&1%0! %&! 0-! 1%**+1'*+'3! &'! 0K#'!
.45.*?&('0%! %&! 0-0! 2'45%1%&2+.0! 0',*%! 0-! 5*'5+.! Z-&2+K&! 5M,#+2.3! 0+&'! 1.4,+<&3! G! 4-G!
%05%2+.#4%&1%3!%&!#.0![-%!#%0!2'**%05'&(%&!%&!4.1%*+.!(%!%(-2.2+K&N!"&!%01%!0%&1+('3!0%!2+1.&!
#.0!>>)/!_RWXYYP3!(%!ST!(%!.,*+#3!^;!Qe!OTWXYYP3!(%!X_!(%!4.G'3!^;!Re!G!]]PWXYY]3!(%!XS!(%!
&'D+%4,*%3!^;!]N!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!0'01+%&%![-%!#.!2'45%1%&2+.!(%#!"01.('!(%*+D.(.!(%!#.!
*%0%*D.!(%!#%G!'*F?&+2.!g.*1N!S_!/"c!G!(%#!.*1N!XQYNXN]P!&'!.#2.&=.!.!.[-%##'0!%01-(+'0![-%!&'!
@.,+#+1.&!5.*.!#.!',1%&2+K&!(%!-&.!1+1-#.2+K&!.2.(<4+2.!'!5*'Z%0+'&.#!&+!.!#'0!2%&1*'0!%&!#'0!
[-%!(+2@'0!%01-(+'0!0%!+45.*1%&N!$'*!%##'!&'!%\+01+*8.!&+&FM&!',01?2-#'!5.*.![-%!%#!"01.1-1'3!
4'(+Z+2.&('! %#! 2*+1%*+'! @.01.! .@'*.! D+F%&1%3! +&2#-G.! %01.0! 4.1%*+.0! (%&1*'! (%#! ?4,+1'! (%! #.!
%(-2.2+K&3!0+&![-%!#.!:%&%*.#+1.13!%&!%#!%C%*2+2+'!(%!0-0!2'45%1%&2+.03!(%,.!D%*0%!#+4+1.(.!5'*!
#.!*%F-#.2+K&!G!%#!(%0.**'##'![-%!%#!"01.('!%Z%21M%!(%!%01%!(%*%2@'!&+!5'*!#.!*%F-#.2+K&![-%!.#!
#%F+0#.('*!%01.1.#!#%!2'**%05'&(%!%&!*%#.2+K&!2'&!#'0!181-#'0!.2.(<4+2'0!G!5*'Z%0+'&.#%0N!
!
).45'2'!@.,*8.!%\1*.#+4+1.2+K&!.#F-&.!%&!%#!.*1N!X]XNS3!5-%0!%#!#%F+0#.('*!%01.1-1.*+'!
@.,*8.!*%2'F+('!.[-%##'0!?4,+1'0!2'&2*%1'0!%&! #'0![-%!%#!#%F+0#.('*! .-1'&K4+2'!@.! [-%(.('!
Z-%*.! (%#! 4.*2'! (%! *%F-#.2+K&! (%#! #%F+0#.('*! %01.1.#3! ,+%&! 5'*! +&2+(+*! %&! ?4,+1'0! [-%! &'!
2'45'*1.&! &+! (%0.**'##'! (%#! (%*%2@'! Z-&(.4%&1.#! &+! *%F-#.2+K&! *%#.1+D.! .! #.! ',1%&2+K&! (%!
181-#'0!.2.(<4+2'0!'!5*'Z%0+'&.#%0!i2'4'3!5'*!%C%45#'3!#.!5*%D+0+K&!*%#.1+D.!.#!5*+4%*!2+2#'!
(%! %(-2.2+K&! +&Z.&1+#i3! ,+%&! 5'*! *%2'F%*! .05%21'0! *%#.1+D'0! .! #.! 5*%01.2+K&! (%#! 0%*D+2+'!
%(-2.1+D'! [-%! &'! .Z%21.&! .#! ?4,+1'! 4.1%*+.#! [-%! #.! /'&01+1-2+K&! .1*+,-G%! .#! #%F+0#.('*!
'*F?&+2'! '! ,?0+2'N! L(D+%*1%! %#! "C%2-1+D'3! 5'*! M#1+4'3! (%! [-%! 1.4,+<&! %&! #.! 5*'5-%01.! (%!
*%Z'*4.! (%#! "01.1-1'! (%! L&(.#-28.! g.*1N! RXc! 0%! 2'&1+%&%! -&.! 5*%D+0+K&! 0+4+#.*3! [-%! &'! @.!
*%2+,+('!*%5*'2@%!.#F-&'!(%!+&2'&01+1-2+'&.#+(.(!(%!#'0!E+5-1.('0!*%2-**%&1%0N!
!
!
SRS
(c! "#! $.*#.4%&1'! (%! /.1.#-6.! (%Z+%&(%! [-%! #.0! Z-&2+'&%0! [-%! %&! %#! 5*%2%51'!
+45-F&.('!0%!.1*+,-G%&!.!#.!:%&%*.#+1.1!2'&01+1-G%&!G.!@'G!.1*+,-2+'&%0![-%!D+%&%!%C%*2+%&('!
2'&!2.*?21%*!%\2#-0+D'N!U.!(+Z%*%&1%!.1*+,-2+K&!2'45%1%&2+.#![-%!##%D.!.!2.,'!%#!"01.1-1'!%&!
#'0! (+01+&1'0! .5.*1.('0! (%#! .*1N! X]X! (%*+D.*8.3! 5*%2+0.4%&1%3! (%#! *%05%1'! @.2+.! #'0! 181-#'0!
2'45%1%&2+.#%0! [-%! #.! /'&01+1-2+K&! *%0%*D.! .#! "01.('N! "#! "01.('! (+05'&%! (%! -&! &M2#%'!
2'45%1%&2+.#!5*'5+'!%&!%#!?4,+1'!(%!#.!%&0%6.&=.![-%!#%!@.,+#+1.!5.*.!(+21.*!&'*4.0!,?0+2.0!
%&!'*(%&!.#!(%0.**'##'!(%#!.*1N!S_!/"3!5%*'!0+&![-%!%##'!+45#+[-%![-%!%01.!.21+D+(.(!&'*4.1+D.!
5-%(.! @.2%*0%! %\1%&0+D.! .! 2-.#[-+%*! .05%21'! (%! #.! %&0%6.&=.N! "#! .*1N! X]XNX! G! S! (%#! "01.1-1'!
0%*8.!-&.!.1*+,-2+K&!(%!2'45%1%&2+.0!%\2#-0+D.0!.!#.!:%&%*.#+1.1!%&!4.1%*+.!(%!%&0%6.&=.!&'!
-&+D%*0+1.*+.! %&! -&.! 0%*+%! (%! .05%21'0! [-%! &'! Z'*4.&! 5.*1%! (%#! (%*%2@'! Z-&(.4%&1.#! .! #.!
%(-2.2+K&N!
!
"&! %#! 4'(%#'! %01.1-1.*+'! %#! .5.*1.('! ]! (%#! .*182-#'! (%Z+&%! 2'4'! 2'45.*1+(.0! #.0!
2'45%1%&2+.0! *%#.1+D.0! .! 0-,4.1%*+.0! [-%3! 5'*! 0-! &.1-*.#%=.3! %01?&! .Z%21.(.0! 5'*! #.!
2'45%1%&2+.! %01.1.#! (%#! .*1N! XQYNXN]P! /"3! 4+%&1*.0! [-%! %&! %#! .5.*1.('! S! #.! 2.#+Z+2.2+K&! (%!
%\2#-0+D.! D+%&%! *%Z%*+(.! .! .05%21'0! 2'#.1%*.#%0! (%! #.! 0-,4.1%*+.! [-%! &'! Z'*4.&! 5.*1%! (%#!
(%*%2@'! Z-&(.4%&1.#! .! #.! %(-2.2+K&3! 5-%0! 0%! *%Z+%*%&! .! %&0%6.&=.0! Z-%*.! (%! #'0! 2+2#'0!
Z'*4.1+D'0!',#+F.1'*+'0!'!*%F#.('0!G![-%!.(%4?0!F'=.*?&!1.&!0K#'!(%!-&!*%2'&'2+4+%&1'3!0+!#'!
1+%&%&3!1%**+1'*+.#!#+4+1.('3!5-%0!(%!%##.0!&'!5'(*?!(%*+D.*0%!-&!181-#'!.2.(<4+2'!'!5*'Z%0+'&.#!
2'&!D.#+(%=!%&!1'('!%#!"01.('N!
!
_PN!.c!"#!.*182-#'!X]S!g"4%*F%&2+.0!G!5*'1%22+K&!2+D+#c!.1*+,-G%!.!#.!:%&%*.#+1.1!%&!0-!
.5.*1.('! X! #.! `2'45%1%&2+.! %\2#-0+D.! %&! 4.1%*+.! (%! 5*'1%22+K&! 2+D+#3! [-%! +&2#-G%3! %&! 1'('!
2.0'3!#.!*%F-#.2+K&3!#.!5#.&+Z+2.2+K&!G!%C%2-2+K&!(%!4%(+(.0!*%#.1+D.0!.!#.0!%4%*F%&2+.0! G! #.!
0%F-*+(.(!2+D+#3!.08!2'4'!#.!(+*%22+K&!G!2''*(+&.2+K&!(%!#'0!0%*D+2+'0!(%!5*'1%22+K&!2+D+#3![-%!
+&2#-G%&!#'0!0%*D+2+'0!(%!5*%D%&2+K&!G!%\1+&2+K&!(%!+&2%&(+'03!0+&!5%*C-+2+'!(%!#.0!Z.2-#1.(%0!
%&! %01.! 4.1%*+.! (%! #'0! F',+%*&'0! #'2.#%03! *%05%1.&('! #'! %01.,#%2+('! 5'*! %#! "01.('! %&! %#!
%C%*2+2+'!(%!0-0!2'45%1%&2+.0!%&!4.1%*+.!(%!0%F-*+(.(!5M,#+2.aN!L#%F.&!#'0!*%2-**%&1%0![-%!%#!
0+#%&2+'! (%! #'0! .*10N! XQO! G! XQY! /"! %&! 4.1%*+.! (%! 5*'1%22+K&! 2+D+#! &'! 0+F&+Z+2.! [-%! #.0!
/'4-&+(.(%0!L-1K&'4.0!5-%(.&!.0-4+*#.!2'4'!2'45%1%&2+.!%\2#-0+D.!i4-2@'!4%&'0!2'&!
%#!(%1.##%!(%![-%!@.2%!F.#.!%#!5*%2%51'!*%2-**+('i3!0%FM&!*%0-#1.!(%!#.!C-*+05*-(%&2+.!g>>)/!
XS]WXYOQ3!(%!XO!(%!(+2+%4,*%e!G!X]]WXYYP3!(%!XY!(%!C-#+'cN!
!
!
SR]
,c!"#!L,'F.('!(%#!"01.('!*%2'F%!%&!0-!%02*+1'!(%!.#%F.2+'&%0!#.!('21*+&.!(%!#.!>)/!
X]]WXYYP3!(%!XY!(%!C-#+'3!^;!R3!2'&Z'*4%!.!#.!2-.#3!.-&[-%!#.!%\5*%0+K&!`5*'1%22+K&!2+D+#a!&'!
Z+F-*.!%&!#.!/'&01+1-2+K&3!%#!*%5.*1'!2'45%1%&2+.#!.#!*%05%21'!5-%(%!##%D.*0%!.!2.,'!4%(+.&1%!
%#! %45#%'! (%! #'0! 2*+1%*+'0! +&1%*5*%1.1+D'0! '*(+&.*+'0N! f3! 0%FM&! <01'03! #.! 4.1%*+.! ',C%1'! (%!
(+02-0+K&!@.!(%!%&F#',.*0%!2'&!2.*?21%*!5*+'*+1.*+'!%&!%#!2'&2%51'!(%!0%F-*+(.(!5M,#+2.!(%#!.*1N!
XQYNXNSY!/"3!2'&!#.!5*%2+0+K&!(%![-%!#.!2'45%1%&2+.!%01.1.#![-%!.1*+,-G%!&'!%0!%\2#-0+D.!g`0+&!
5%*C-+2+'!(%!#.!2*%.2+K&!(%!5'#+28.!5'*!#.0!/'4-&+(.(%0!L-1K&'4.0ac3!G!(%![-%3!.(%4?03!@.G!
[-%! 1%&%*! %&! 2-%&1.! '1*'0! 181-#'0! 2'45%1%&2+.#%0! (%*+D.('0! (%! #.! /'&01+1-2+K&! G! (%! #'0!
"01.1-1'0! (%! L-1'&'48.! [-%! @.,+#+1%&! .! #.0! /'4-&+(.(%0! L-1K&'4.0! 5.*.! %C%*2%*!
2'45%1%&2+.0!%&!#.!4.1%*+.N!H%0-#1.*8.!.08![-%3!0+&!4%&F-.!(%!#.0!2'45%1%&2+.0!%01.1.#%03!%&!
#.! 4.1%*+.! %05%28Z+2.! (%! 5*'1%22+K&! 2+D+#! 0%! 5*'(-2%&! 2'45%1%&2+.0! 2'&2-**%&1%0! (%! #.0!
/'4-&+(.(%0! L-1K&'4.0! 2-G.! (+01*+,-2+K&! %0! &%2%0.*+'! (+0%6.*3! (.('! [-%! 5#.&1%.! -&.!
%05%2+.#!5*',#%4?1+2.N!U.!>%&1%&2+.!2+1.(.!*%2'&'28.!2'45%1%&2+.!.-1'&K4+2.!%&!4.1%*+.!(%!
5*'1%22+K&!2+D+#3!%05%2+.#4%&1%!5.*.!#.!%#.,'*.2+K&!(%!#'0!2'**%05'&(+%&1%0!5#.&%0!(%!*+%0F'0!G!
2.#.4+(.(%03!G!5.*.!#.!(+*%22+K&!(%!0-0!5*'5+'0!0%*D+2+'0!%&!%#!2.0'!(%!5*'(-2+*0%!0+1-.2+'&%0!
2.1.01*KZ+2.0! '! (%! %4%*F%&2+.3! 0+! ,+%&! `0-,'*(+&.(.! .! #.0! 0-5%*+'*%0! %\+F%&2+.0! (%#! +&1%*<0!
&.2+'&.#!%&!#'0!2.0'0!%&![-%!<01%!5-%(.!%&1*.*!%&!C-%F'a!g%01.('0!(%!.#.*4.3!%\2%52+K&!G!0+1+'e!
2.*?21%*!0-5*.1%**+1'*+.#!(%!#.!%4%*F%&2+.![-%!%\+C.!-&.!2''*(+&.2+K&!(%!%#%4%&1'0!@-4.&'0!G!
4.1%*+.#%0! (+01+&1'0! (%! #'0! [-%! 5'0%%! #.! /'4-&+(.(! L-1K&'4.e! G! 2-.&('! 0%.! (%! 1.#!
%&D%*F.(-*.! [-%! *%[-+%*.! -&.! (+*%22+K&! (%! 2.*?21%*! &.2+'&.#3! i^;! QcN! $'*! 0-! 5.*1%3! %#! ^;! T!
0%6.#K! [-%3! 5'*! #.! 4+04.! &.1-*.#%=.! (%! #.! 5*'1%22+K&! 2+D+#3! 0%! 5*'(-2%! %&! %01.! 4.1%*+.! -&!
%&2-%&1*'! '! 2'&2-**%&2+.! (%! 4-G! (+D%*0.0! L(4+&+01*.2+'&%0!5M,#+2.0![-%!(%,%&!.5'*1.*! 0-0!
*%05%21+D'0!*%2-*0'0!G!0%*D+2+'03!5'*!#'![-%!#.!2'45%1%&2+.!(%5%&(%*?!(%!#.!&.1-*.#%=.!(%!#.!
0+1-.2+K&!(%!%4%*F%&2+.!G!(%!#'0!*%2-*0'0!G!0%*D+2+'0!.!4'D+#+=.*N!"01.!2'45%1%&2+.!5-%(%!0%*!
.-1'&K4+2.3!0+!,+%&!5-%(%!%&2'&1*.*0%!2'&!(%1%*4+&.('0!#84+1%03!%&!Z-&2+K&!(%!#.0!5'1%01.(%0!
[-%!2'**%05'&(%&!.#!"01.('3!1.&1'!(%!1+5'!&'*4.1+D'!2'4'!(%!2.*?21%*!%C%2-1+D'N!"&!0-4.3!#.0!
2'45%1%&2+.0!.0-4+(.0!5'*!#.0!/'4-&+(.(%0!L-1K&'4.0!%&2-%&1*.&!0-!#84+1%!%&!#.!5'#+28.!(%!
0%F-*+(.(!5M,#+2.![-%!#.!/'&01+1-2+K&!*%0%*D.!.!#.!2'45%1%&2+.!%01.1.#!%&!0-!.*1N!XQYNXNSY!/"N!
!
$'*! 1.&1'! %#! )*+,-&.#! @.! (%1%*4+&.('! 2'&! 5*%2+0+K&! #'0! #84+1%0! (%! #.! 2'45%1%&2+.!
%\2#-0+D.! (%! #.0! /'4-&+(.(%0! L-1K&'4.0! 0',*%! 5*'1%22+K&! 2+D+#3! 0+&! [-%! %#! .*1N! X]SNX!
+45-F&.('!5%*0+F.!#.!4'(+Z+2.2+K&!(%!.[-<##'03!0+&'![-%3!5'*!%#!2'&1*.*+'3!0%*8.!.2'*(%!2'&!%#!
*<F+4%&!(%!(+01*+,-2+K&!(%!2'45%1%&2+.0!Z+C.('!%&!%01%!?4,+1'!5'*!%#!)*+,-&.#3!2'4'!.(%4?0!
%D+(%&2+.*8.! 0-! 5*'5+'! 1%&'*! #+1%*.#! .#! .Z+*4.*! %#! *%05%1'! [-%! %&! 0-! %C%*2+2+'! 0%! (%,%! .! `#'!
!
SRQ
%01.,#%2+('!5'*!%#!"01.('!%&!%#!%C%*2+2+'!0-0!2'45%1%&2+.0!%&!4.1%*+.!(%!0%F-*+(.(!5M,#+2.aN!
"0!4?03!.!C-+2+'!(%#!L,'F.('!(%#!"01.('3!#'0!*%2-**%&1%0!+&1%*5*%1.&!%#!.5.*1.('!X!(%#!5*%2%51'!
+45-F&.('!Z-%*.!(%#!2'&1%\1'!(%#!5*'5+'!5*%2%51'!%&!0-!.5.*1.('!S!G!(%02'&%21.('!1.4,+<&!
(%! #'! [-%! (+05'&%! %#! .*1N! XXR! %&! 2-.&1'! .#! ?4,+1'! 4.1%*+.#! (%! #.0! 2'45%1%&2+.0! (%! #.!
:%&%*.#+1.1!G!.!#.!5*%D+0+K&![-%!@.2%!(%!4%2.&+04'0!2''5%*.1+D'0!'!(%!2''*(+&.2+K&N!
!
L08! 5-%03! .! 1*.D<0! (%! #.! Z*.F4%&1.2+K&! (%#! 5*%2%51'3! .+0#.&('! %! +&1%*5*%1.&('!
#+1%*.#4%&1%! -&.! 5.*1%! 1.&! 0K#'! (%! 0-! 2'&1%&+('3! &'! 0%*8.! 5'0+,#%! ##%F.*! .! #.! 2'**%21.!
+&1%*5*%1.2+K&!(%!#.!&'*4.N!U%8('!(%,+(.4%&1%!%&!0-!+&1%F*+(.(!%#!.*1N!X]SNX3!G!%&!%#!2'&1%\1'!
(%#!2'&C-&1'!(%#!"01.1-1'3!*%0-#1.*8.!',D+'![-%3!.(%4?0!(%![-%!%#!M&+2'!%05.2+'!%&!%#![-%!#.!
:%&%*.#+1.1!5%*0+F-%!(%0%&D'#D%*!#.0!2'45%1%&2+.0!%01.1-1.*+.0!%&!4.1%*+.!(%!5*'1%22+K&!2+D+#!
%0! 0-! 1%**+1'*+'! .-1K&'4'3! %&! %#! %C%*2+2+'! (%! %01.! 2'45%1%&2+.! 0%! 5*'2#.4.! %#! *%05%1'! .! #.!
2'&2-**%&2+.!2'45%1%&2+.#!(%#!*%01'!(%!L(4+&+01*.2+'&%0!5M,#+2.03!*%0-#1.&('!.,0'#-1.4%&1%!
&%2%0.*+'! [-%! 1.#%0! 2'45%1%&2+.0! 0%! +&1%F*%&!%&! -&! 0+01%4.! (%! 2''*(+&.2+K&! G! 2'#.,'*.2+K&!
+45*%02+&(+,#%!5.*.!F.*.&1+=.*!#.!0%F-*+(.(!(%!5%*0'&.0!G!,+%&%03!2'**%05'&(+%&('!.#!"01.('!
0-! %01.,#%2+4+%&1'! G! %&1%&(+%&('! 1.#! 2''*(+&.2+K&! F%&%*.#! 2'4'! #.! Z+C.2+K&! (%! 4%(+'0! G! (%!
0+01%4.0!(%!*%#.2+K&![-%!@.F.&!5'0+,#%!#.!+&Z'*4.2+K&!*%285*'2.3!#.!@'4'F%&%+(.(!1<2&+2.!%&!
(%1%*4+&.('0!.05%21'0!G!#.!.22+K&!2'&C-&1.!(%! #.0!.-1'*+(.(%0!%01.1.#%0!G!.-1'&K4+2.0!%&!%#!
%C%*2+2+'!(%!0-0!*%05%21+D.0!2'45%1%&2+.0!g>)/!]SWXYO]3!(%!SO!(%!.,*+#3!^;!ScN!
!
2c! "#! :',+%*&'! (%! #.! :%&%*.#+1.1! .#%F.! [-%! %&! 2.0'0! (%! %4%*F%&2+.! #'0! 5'(%*%0!
5M,#+2'0! %01?&! ##.4.('0! .! .21-.*! (%0(%! #'0! (+D%*0'0! 0%21'*%0! 4.1%*+.#%0! (%! 0-! 2'45%1%&2+.3!
1%&+%&('!0+%45*%!5*%0%&1%![-%3!.-&!2-.&('!#.!5*'1%22+K&!2+D+#!&'!Z+F-*%!%&!%#!#+01.('!(%#!.*1N!
XQYNX!/"3!0%!%&2-%&1*.!%01*%2@.4%&1%!*%#.2+'&.(.!2'&!#.!0%F-*+(.(!5M,#+2.!(%#!.*1N!XQYNXNSY!
/"!G!0+&!'#D+(.*![-%!1.4,+<&!#'0!%&1%0!#'2.#%0!1+%&%&!*%2'&'2+(.0!Z.2-#1.(%0!.#!*%05%21'N!"01'!
0%&1.('3!0%*8.!5%*Z%21.4%&1%!5'0+,#%!(+01+&F-+*3!.!C-+2+'!(%#!:',+%*&'!2.1.#?&3!G!.08!#'!@.,*8.!
%&1%&(+('! %#! #%F+0#.('*! %01.1-G%&1%3! -&! %05.2+'! 5*'5+'! (%! #.! 5*'1%22+K&! 2+D+#N! U.! 0%F-*+(.(!
5M,#+2.!.Z%21.*8.!Z-&(.4%&1.#4%&1%!.!#.!5*'1%22+K&!(%!5%*0'&.0!G!,+%&%0!Z*%&1%!.!Z%&K4%&'0!
(%#+21+D'03!%&!1.&1'![-%!#.!5*'1%22+K&!2+D+#!4+*.*8.!.!#.!5*'1%22+K&!(%!5%*0'&.0!G!,+%&%0!%&!#'0!
0-5-%01'0! (%! %4%*F%&2+.0! (%! 4.G'*! '! 4%&'*! %&D%*F.(-*.N! "&! .5#+2.2+K&! (%#! 5*+&2+5+'! (%!
1%**+1'*+.#+(.(!#.0!2'45%1%&2+.0!(%#!.*1N!X]SNX!0%!*%Z+%*%&!.!#.0!4%(+(.0!G!.22+'&%0!.!.('51.*!%&!
/.1.#-6.3!(%!4.&%*.![-%!%&!#.0!%4%*F%&2+.0!(%!.#2.&2%!0-5*..-1'&K4+2'!0%*?!5*%2+0'!.2-(+*!.!
#'0!4%2.&+04'0!(%!2'#.,'*.2+K&!2'&!'1*.0!/'4-&+(.(%0!L-1K&'4.0!G!2'&!%#!"01.('3!0%FM&!0%!
5*%D<!%\5*%0.4%&1%!%&!%#!.*1N!X]SNS!G!%0!5#%&.4%&1%!.5#+2.,#%!.!#'0!2.0'0!(%!(%2#.*.2+K&!(%!
!
SRR
#'0! %01.('0! (%! .#.*4.3! %\2%52+K&! G! 0+1+'N! L! 4.G'*! .,-&(.4+%&1'! 0%! .(-2%! [-%! %&! %#! +&2+0'!
Z+&.#! (%#! .*1N! X]SNX! 0%! *%05%1.! %\5*%0.4%&1%! #.! 2'45%1%&2+.! %01.1.#! 0',*%! 0%F-*+(.(! 5M,#+2.3!
[-%! &'! 0-Z*+*8.! 4%*4.! .#F-&.! 5'*! #.! (%2#.*.2+K&! (%! %\2#-0+D+(.(! (%! #.! 2'45%1%&2+.!
.-1'&K4+2.N!
!
(c!L#%F.!%#!$.*#.4%&1'!(%!/.1.#-6.![-%3!2'&Z'*4%!.!#.!C-*+05*-(%&2+.!2'&01+1-2+'&.#3!
#.! 5*'1%22+K&! 2+D+#! @.! (%! %&F#',.*0%! 2'&! 2.*?21%*! 5*+'*+1.*+'! %&! %#! 2'&2%51'! (%! 0%F-*+(.(!
5M,#+2.3!0+!,+%&!1%&+%&('!%&!2-%&1.!'1*'0!181-#'0!2'45%1%&2+.#%0!(%*+D.('0!(%!#.!/'&01+1-2+K&!G!
#'0! "01.1-1'0! [-%! 2'&Z+F-*.&! -&.0! 2'45%1%&2+.0! 2'&2-**%&1%0! 0',*%! #.! 4.1%*+.! g>)/!
XS]WXYOQ3!(%!XO!(%!(+2+%4,*%cN!).#!.1*+,-2+K&!2'45%1%&2+.#!@.,*8.!#%F+1+4.('!.!#.!:%&%*.#+1.1!
5.*.! .('51.*! 4%(+(.0! &'*4.1+D.0! G! %C%2-1+D.0! *%05%21'! .! #.0! .21+D+(.(%0! (%! 5*%D+0+K&3!
5*%D%&2+K&3! 5#.&+Z+2.2+K&3! +&Z'*4.2+K&! G! Z'*4.2+K&! *%#.2+'&.(.0! 2'&! #.! 5*'1%22+K&! 2+D+#3!
*%05%1.&('! #'0! #84+1%0! (%*+D.('0! (%! #.0! 0+1-.2+'&%0! (%! %4%*F%&2+.! (%2#.*.('0! (%! +&1%*<0!
&.2+'&.#3!0%FM&!#.!#%F+0#.2+K&!(%#!"01.('N!
!
"#!5*%2%51'!%&!2-%01+K&!i2'&1+&M.!%#!%02*+1'!(%!.#%F.2+'&%0i!0.#D.!(%!Z'*4.!%\5*%0.!
#.0! 2'45%1%&2+.0! %01.1.#%0! 0',*%! #.! 4.1%*+.! G! 0K#'! 2.#+Z+2.! (%! %\2#-0+D.0! .[-%##.0! [-%!
2'**%05'&(%&!.!#.!:%&%*.#+1.1!%&!%#!?4,+1'!(%!0-!1%**+1'*+'N!U.0!.1*+,-2+'&%0![-%!2'**%05'&(%&!
2'&! 2.*?21%*! %\2#-0+D'! .#! "01.('3! (%! .2-%*('! 2'&! #.0! &'*4.0! 2'&01+1-2+'&.#%03! 2'&1+&-.*8.&!
1%&+%&('!%01%!2.*?21%*3!2'4'!.08!#'!*%2'&'2%!%#!"01.1-1'3!0+&![-%!%##'!0%.!',01?2-#'!5.*.![-%3!
Z-%*.! (%! %01%! ?4,+1'3! #.! :%&%*.#+1.1! 5-(+%*.! .0-4+*! 1.4,+<&! 2'45%1%&2+.0! %\2#-0+D.0! %&! #.!
4.1%*+.!(%!5*'1%22+K&!2+D+#!%&!#'0!.05%21'0!&'!.Z%21.('0!5'*!#.!*%0%*D.!%01.1.#N!
!
_XN!.c!"#!.*182-#'!X]]!g"&%*F8.!G!4+&.0c!+&2-**+*8.!%&!0-0!.5.*1.('0!X!G!Q3!%&!#'0![-%!0%!
0+%&1.! %#! 2*+1%*+'! (%! #.! 2'45%1%&2+.! 2'45.*1+(.! %&! 4.1%*+.! (%! %&%*F8.! G! (%! *<F+4%&! 4+&%*'3!
*%05%21+D.4%&1%3!%&!%#!(%Z%21'!1.&1.0!D%2%0!(%&-&2+.('!%&!%#!*%2-*0'3!.!0.,%*3!-&.!+&(%Z+&+2+K&!
'!2'&Z-0+K&!2'&2%51-.#![-%!&'!2'&1*+,-G%!&+!.!#.!2#.*+(.(!(%!#.!*%F-#.2+K&!&+!.!#.!0%F-*+(.(!
C-*8(+2.N! "#! .5.*1.('! S3! 5'*! 0-! 5.*1%3! 2'&(+2+'&.! %#! %C%*2+2+'! (%! 2'45%1%&2+.0! %01.1.#%0! g%&!
4.1%*+.! (%! .-1'*+=.2+K&! (%! +&01.#.2+'&%0! G! (%! .5*'D%2@.4+%&1'0! (%! %&%*F8.! (%! .#2.&2%!
0-5*..-1'&K4+2'c! .! #.! %4+0+K&! (%! -&! 5*%D+'! +&Z'*4%! (%! #.! :%&%*.#+1.13! #'! [-%! @.,*8.! (%!
0-5'&%*!0-!+&2'&01+1-2+'&.#+(.(N!$'*!M#1+4'!%#!.5.*1.('!]!5*%1%&(%!%01.,#%2%*!#.!5.*1+2+5.2+K&!
(%!#.!:%&%*.#+1.1!%&!#.!`*%F-#.2+K&!G!5#.&+Z+2.2+K&!(%!?4,+1'!%01.1.#!(%#!0%21'*!(%!#.!%&%*F8.!
[-%! .Z%21%! .#! 1%**+1'*+'! (%! /.1.#-6.a3! (%! 0-%*1%! [-%! 1.4,+<&! 2'&(+2+'&.*8.! +&(%,+(.4%&1%! %#!
!
SRT
%C%*2+2+'! (%! -&.! 2'45%1%&2+.! (%#! "01.('N! "##'! 2'&! +&(%5%&(%&2+.! (%! [-%! %#! 0+45#%! 1*?&0+1'!
1%**+1'*+.#!&'!C-01+Z+2.*8.!(+2@.!+&1%*Z%*%&2+.!g>)/!TQWXYOS3!(%!Q!(%!&'D+%4,*%cN!
!
,c! "#! D+2+'! (%&-&2+.('! %&! #.! (%4.&(.3! 0%FM&! %&1+%&(%! %#! L,'F.('! (%#! "01.('3! &'!
2'&01+1-G%! 4'1+D'! (%! +&2'&01+1-2+'&.#+(.(! .#F-&'N! >%! 1*.1.*8.! (%! .0%&1.*! .[-<#! %&! -&.! 4%*.!
@+5K1%0+0!D+&2-#.(.!.!-&.!(%1%*4+&.(.!+&1%*5*%1.2+K&!(%!#'0!%Z%21'0![-%!5-(+%*.&!*%0-#1.*!(%!#.!
.5#+2.2+K&! (%#! 5*%2%51'3! [-%! (+Z82+#4%&1%! 5'(*8.! 2'&(-2+*! .! #.! (%2#.*.2+K&! (%!
+&2'&01+1-2+'&.#+(.(!5*%1%&(+(.3!G.![-%!%01%!)*+,-&.#!(%,%!5*'&-&2+.*0%3!&'!0',*%!%D%&1-.#%0!
%!@+5'1<1+2.0!+&1%*5*%1.2+'&%0!(%!#'0!5*%2%51'0!',C%1'!(%!*%2-*0'!(%!+&2'&01+1-2+'&.#+(.(3!0+&'!
0',*%!0+!0%!'5'&%&!.!#'0!4.&(.1'0!2'&01+1-2+'&.#%03!&'!*%0-#1.&('!5*'2%(%&1%!#.!.('52+K&!(%!
5*'&-&2+.4+%&1'0! 5*%D%&1+D'0! *%Z%*+('0! .! 5'0+,#%0! Z-1-*.0! .5#+2.2+'&%0! (%! 5*%2%51'0! #%F.#%0!
[-%! &'! *%0-#1.&! &%2%0.*+.4%&1%! (%*+D.(.0! (%! #.! 4+04.N! 9.01.*8.3! 5-%03! 0%6.#.*! [-%! #.!
%&-4%*.2+K&!(%!#.0!4.1%*+.0![-%!*%2'F%&!#'0!.5.*1.('0!X!G!Q!2'&1*+,-G%!.!(%#+4+1.*!%#!.#2.&2%!
Z-&2+'&.#! 4.1%*+.#! (%! (+2@.0! 2'45%1%&2+.0! .-1'&K4+2.03! Z.D'*%2+%&('! 2'&! %##'! -&.!
(+04+&-2+K&!(%!#.!2'&Z#+21+D+(.(!2'45%1%&2+.#N!
!
$'*!'1*.!5.*1%!#.!4%*.!5*%1%&0+K&!(%!+&Z'*4.*!2'&!2.*?21%*!5*%D+'!%#!5*'2%(+4+%&1'!(%!
'1'*F.4+%&1'!(%!#.!.-1'*+=.2+K&!(%!#.0!+&01.#.2+'&%0!(%!5*'(-22+K&!G!1*.&05'*1%!(%!%&%*F8.![-%!
0-5%*%&! %#! 1%**+1'*+'! (%! /.1.#-6.! '! %&! .[-%##'0! 2.0'0! %&! [-%! #.! %&%*F8.! 0%.! ',C%1'! (%!
.5*'D%2@.4+%&1'! Z-%*.! (%! %01%! 1%**+1'*+'3! .! [-%! 0%! *%Z+%*%! %#! .5.*1.('! S3! &'! 5'(*8.! %01+4.*0%!
[-%! 2'&(+2+'&%! %&! 4.&%*.! .#F-&.! #.! 2'45%1%&2+.! (%! .-1'*+=.2+K&! %01.1.#N! >%! .*1+2-#.! -&!
4%2.&+04'!(%!2'#.,'*.2+K&!.!1*.D<0!(%!#.!1<2&+2.!(%!#'0!+&Z'*4%0!5*%D+'0!0+&![-%!0%!D+&2-#%!%#!
0%&1+('!(%#!+&Z'*4%!.!#.!5*'2%(%&2+.!'!&'!(%!2'&2%(%*!#.!.-1'*+=.2+K&!G!0+&![-%!0%!5*%2+0%&!#.0!
2'&0%2-%&2+.0![-%!#.!.-0%&2+.!(%!1.#!+&Z'*4%! 5-%(.!0-5'&%*N!>',*%!#.!2'&01+1-2+'&.#+(.(!(%!
%01.! 1<2&+2.! 0%! *%4+1%! %#! L,'F.('! (%#! "01.('! .! #'! .#%F.('! %&! (%Z%&0.! (%#! .*1N! XX_NQ!
l.&1%2%(%&1%!RO!,cmN!
!
).45'2'! 0%! .(4+1%! #.! +&1%*5*%1.2+K&! (%! #'0! *%2-**%&1%0! (%#! .5.*1.('! ]3! 5'*! %&1%&(%*!
[-%! %&! -&! 0+01%4.! (%! (+01*+,-2+K&! 1%**+1'*+.#! (%#! 5'(%*! 5M,#+2'! +&05+*.('3! %&1*%! '1*'03! %&! %#!
5*+&2+5+'! (%! 2'#.,'*.2+K&3! #.! *%Z%*%&2+.! 2'&! [-%! .[-<#! #+4+1.! #.! *%F-#.2+K&! G! 5#.&+Z+2.2+K&!
%01.1.#!(%#!0%21'*!(%!#.!%&%*F8.!5%*4+1%!0+&!(-(.!C-01+Z+2.*!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!%&!
(+2@.!*%F-#.2+K&!G!5#.&+Z+2.2+K&!%01.1.#%0N!LM&!4?03!5*%02+&(+*!(%!1'(.!Z'*4.!(%!5.*1+2+5.2+K&!
(%! #.! /'4-&+(.(! L-1K&'4.! .Z%21.(.! %[-+D.#(*8.! .! +F&'*.*! %#! 5*+&2+5+'! (%! 2'#.,'*.2+K&!
+&@%*%&1%! .#! "01.('! (%! #.0! .-1'&'48.0N! "&! 1'('! 2.0'! 0%*8.! %D+(%&1%! [-%! #.! 2'&2*%2+K&! (%! #.!
!
SR_
Z'*4.3! %#! .#2.&2%! G! #'0! %Z%21'0! (%! %01.! 5.*1+2+5.2+K&! 2'**%05'&(%! .#! "01.('3! [-%(.&('! .!
%\5%&0.0!(%!#'![-%!(%1%*4+&%!#.!#%F+0#.2+K&!%01.1.#N!
!
2c! V,0%*D.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! %#! *%2-*0'! 0K#'! 5*%2+0.! #'0! 4'1+D'0! (%!
+45-F&.2+K&! (%! #'0! .5.*1.('0! S! G! ]3! #+4+1?&('0%! *%05%21'! .! #'0! .5.*1.('0! X! G! Q! .! -&.! 4%*.!
2*81+2.! (%! 0-! +&(%Z+&+2+K&N! $.*.! %#! "C%2-1+D'! 2.1.#?&3! %#! .*1N! X]]NS! &'! %0! 2'&1*.*+'! .#! .*1N!
XQYNXNSS!/"3!1'(.!D%=![-%!#.!5*%D+0+K&!(%!-&!+&Z'*4%!5*%D+'!.-1'&K4+2'!%&!-&!5*'2%(+4+%&1'!
%01.1.#!&'!.#1%*.!#.!2.5.2+(.(!(%!(%2+0+K&3![-%!2'**%05'&(%!%\2#-0+D.4%&1%!.#!"01.('N!"01%!1+5'!
(%!+&1%*D%&2+'&%0!1+%&%!-&!(',#%!Z-&(.4%&1'd!5'*!-&!#.('3!%#!+45.21'![-%!#.0!+&01.#.2+'&%0!G!
2%&1*'0! (%! (+01*+,-2+K&! (%! %&%*F8.! 1+%&%&3! +&%D+1.,#%4%&1%3! *%05%21'! (%! '1*.0! 2'45%1%&2+.0!
.-1'&K4+2.0e! 5'*! '1*'3! #.! (+4%&0+K&! 1%**+1'*+.#! (%! %0.0! +&01.#.2+'&%03! [-%! *%2#.4.! [-%! #.!
L(4+&+01*.2+K&! .-1'&K4+2.3! *%05'&0.,#%! (%! #.! '*(%&.2+K&! (%#! 1%**+1'*+'3! %\5*%0%! 0-! 5.*%2%*!
5.*.![-%!5-%(.!0%*!2'&'2+('!G!D.#'*.('3!0+&!%Z%21'0!D+&2-#.&1%03!5'*!#.!L(4+&+01*.2+K&!%01.1.#!
2'45%1%&1%!5.*.!%#!'1'*F.4+%&1'!(%!#.0!.-1'*+=.2+'&%0N!k.(.!+45'&(*8.!%#!.*1N!X]]NS!.#!"01.('!
[-%!&'!0%!(%*+D%!G.!(%#!(%,%*!(%!'8*!.!#'0!+&1%*%0.('0!.&1%0!(%!.('51.*!#.0!(%2+0+'&%0![-%!#%0!
.Z%21%&N!
!
"#! .*1N! X]]N]! 1.4,+<&! 0%! +&02*+,+*8.! %&! %0%! %0[-%4.3! 0+&! 1.2@.! 5'0+,#%! (%!
+&2'&01+1-2+'&.#+(.(N! L(%4?0! #'0! *%2-**%&1%0! '#D+(.*8.&! [-%! 0%FM&! %#! .*1N! X]X! /"! #.0!
/'4-&+(.(%0! L-1K&'4.0! @.&! (%! 5.*1+2+5.*! %&! #.! %#.,'*.2+K&! 5'*! %#! :',+%*&'! %01.1.#! (%! #'0!
5*'G%21'0! (%! 5#.&+Z+2.2+K&N! L! %01.! 5*%D+0+K&! 2'&01+1-2+'&.#! 0%! D+&2-#.*8.! %#! 5*%2%51'!
%01.1-1.*+'!*%2-**+('3!&%2%0+1.('!(%!#.!2'&2*%2+K&![-%!%&!0-!2.0'!@.F.!%#!"01.('N!"#!"01.1-1'3!
2'4'! &'*4.! (-.#3! 0%*8.! %#! 1%\1'! .(%2-.('! 5.*.! 5*%D%*! %01%! 1+5'! (%! 5.*1+2+5.2+'&%0!
.-1'&K4+2.03!2-G.!2'&%\+K&!2'&!%#!1%**+1'*+'!%0!+&(-(.,#%N!
!
(c! "#! $.*#.4%&1'! 2.1.#?&! 0-,*.G.! [-%! #.! +&1%*D%&2+K&! .-1'&K4+2.! %&! #'0!
5*'2%(+4+%&1'0! (%! .-1'*+=.2+K&! &'! 1+%&%! 2.*?21%*! (%2+0'*+'! G3! %&! 2'&0%2-%&2+.3! (+Z82+#4%&1%!
5'(*8.! .#1%*.*! #.! .1*+,-2+K&! 2'45%1%&2+.#N! "#! 5*+&2+5+'! (%! 2'#.,'*.2+K&! Z-&(.4%&1.*8.! %01.0!
+&1%*D%&2+'&%03! ,.0.(.0! %&! %#! +45.21'! (%! #.0! +&01.#.2+'&%0! G! 2%&1*'0! *%05%21'! (%! '1*.0!
2'45%1%&2+.0!.-1'&K4+2.0!G!%&!0-!(+4%&0+K&!1%**+1'*+.#3![-%!*%2#.4.![-%!#.!L(4+&+01*.2+K&!
*%05'&0.,#%!(%#!1%**+1'*+'!%\5*%0%!0-!5.*%2%*N!U.!4+04.!.*F-4%&1.2+K&!0%*D+*8.!5.*.!(%Z%&(%*!
#.!2'&01+1-2+'&.#+(.(!(%!#'!5*%D+01'!%&!%#!.5.*1.('!]!(%#!5*%2%51'3!5#%&.4%&1%!.2'*(%3!5'*!#'!
(%4?03!5.*.!#.!/?4.*.3!2'&!%#!.*1N!X]X!/"N!
!
!
SRO
_SN!.c!"#!.*182-#'!X]Q!gE%5'*1%!G!1+%45'!#+,*%c!%0!',C%1'!(%!*%2-*0'!%&!0-!.5.*1.('!S3!
[-%!%01.,#%2%!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!`%&!%&1+(.(%0!G!'*F.&+04'0!(%!?4,+1'!%01.1.#3!
%-*'5%'!%!+&1%*&.2+'&.#![-%!1%&F.&!5'*!',C%1'!%#!(%0.**'##'!(%#!(%5'*1%aN!$.*.!#'0!*%2-**%&1%0!
#.!.45#+1-(!(%!#.!5.*1+2+5.2+K&!.-1'&K4+2.!%&!#'0!?4,+1'0!%-*'5%'!%!+&1%*&.2+'&.#!2'#+0+'&.!
2'&! #.! 2'45%1%&2+.! %\2#-0+D.! (%#! "01.('! %&! %#!2.45'! (%! #.0! *%#.2+'&%0! +&1%*&.2+'&.#%0! g.*1N!
XQYNXN]!/"c3!0%FM&!0%!.*F-4%&1.!%&!#.!5.*1%!(%#!%02*+1'!(%!*%2-*0'!(%(+2.(.!.!#.!+45-F&.2+K&!
(%!#'0!.*10N!XYO!G!SPP!(%#!"01.1-1'N!
!
,c! "#! L,'F.('! (%#! "01.('! *%+1%*.! [-%! #.! 5*%D+0+K&! %01.1-1.*+.! (%! 5.*1+2+5.2+K&! &'!
0-5'&%! D-#&%*.2+K&! (%! 2'45%1%&2+.! %01.1.#! .#F-&.! &+! 2'&(+2+'&.4+%&1'! .! 0-! %C%*2+2+'3! &+!
5*'(-2%!%#!%Z%21'!(%!D+&2-#.*!.!Z-1-*'0!#%F+0#.('*%0!%01.1.#%03!%-*'5%'0!'!+&1%*&.2+'&.#%0!5.*.!
%01.,#%2%*!-&.!5.*1+2+5.2+K&!'*F?&+2.!&'!5*%D+01.!2'&01+1-2+'&.#4%&1%N!"#!5*%2%51'!0%!#+4+1.*8.!
.!0%*!-&.!&'*4.!@.,+#+1.('*.!(%!#.!5.*1+2+5.2+K&!.-1'&K4+2.!%&!1.#%0!%&1+(.(%0!G!'*F.&+04'03!
0+&! 5*%C-=F.*! 0-! %Z%21+D'! .#2.&2%N! L-0%&1%! (%! 1'(.! 2'&2*%2+K&3! 0%! @.2%! (%5%&(%*! (%! -&.!
-#1%*+'*! (%2+0+K&! [-%3! 0+&! (-(.3! 2'**%05'&(%*?! .('51.*! .#! "01.('3! 2'4'! 1+1-#.*! (%! #.!
2'45%1%&2+.!%&!1'('0!#'0!?4,+1'0![-%!%#!.5.*1.('!*%#.2+'&.!G3!%&!5.*1+2-#.*3!.#!.45.*'!(%#!.*1N!
XQYNXN]! /"3! %&! #'0! ?4,+1'0! %-*'5%'! %! +&1%*&.2+'&.#N! E%! %01.! Z'*4.! %#! .5.*1.('! *%2-**+('!
(%,%*8.! +&1%*5*%1.*0%! 2'4'! 4%*.! Z+C.2+K&! &'*4.1+D.! (%! #.! (%2+0+K&! (%! #.! :%&%*.#+1.1! (%!
5.*1+2+5.*!%&!%&1+(.(%0!-!'*F.&+04'03!(%!?4,+1'!%01.1.#3!%-*'5%'!'!+&1%*&.2+'&.#3![-%!1%&F.&!
5'*! ',C%1'! %#! (%0.**'##'! (%#! (%5'*1%3! 0+%45*%! [-%! 1.#! 5'0+,+#+(.(! 0%! @.##%! 2'&1%45#.(.! %&! #.!
#%F+0#.2+K&!%05%28Z+2.!2'**%05'&(+%&1%N!
!
2c! $.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! #'0! *%2-**%&1%0! &'! %\5#+2.&! #.! 2'#+0+K&! (%#! .*1N!
X]QNS! 2'&! #.! 2'45%1%&2+.! %\2#-0+D.! (%#! "01.('! %&! 4.1%*+.! (%! *%#.2+'&%0! +&1%*&.2+'&.#%0N! U.!
5.*1+2+5.2+K&! 5*%D+01.! %&! %#! 5*%2%51'! .-1'&K4+2'! &'! 2'&D%*1+*8.! .! #.! :%&%*.#+1.1! &+! .! #.0!
'*F.&+=.2+'&%0!(%5'*1+D.0!(%!/.1.#-6.!%&!0-C%1'0!(%!E%*%2@'!+&1%*&.2+'&.#3!G![-%(.3!%&!1'('!
2.0'3!2'&(+2+'&.(.!5'*!#.0!5*%D+0+'&%0!(%!#.0!&'*4.0!*%F-#.('*.0!(%!%01.0!%&1+(.(%0!G!5'*!%#!
*%05%1'!.!#.!2'45%1%&2+.!%01.1.#!ex!.*1N!XQYNXN]!/"N!
!
(c!"#!$.*#.4%&1'!(%!/.1.#-6.!+&1%*%0.!#.!+&.(4+0+K&!(%!#.!+45-F&.2+K&!(%#!.*1N!X]Q!5'*!
2.*%2%*!(%!2-.#[-+%*!1+5'!(%!Z-&(.4%&1.2+K&N!H%05%21'!.!#.!.#-0+K&!.#!2.581-#'!bbb!(%#!181-#'!A!
(%#!"01.1-1'!0%!*%4+1%!.!0-0!.#%F.2+'&%0!0',*%!%#!5.*1+2-#.*!g.&1%2%(%&1%0!XPS!G!0+F-+%&1%0cN!
!
!
SRY
_]N! .c! "&! '*(%&! .! #.! +45-F&.2+K&! (%#! .*182-#'! X]R! g"01.(801+2.c! 0%! .#%F.! [-%! %#! .*1N!
XQYNXN]X!/"!.1*+,-G%!.#!"01.('!#.!2'45%1%&2+.!%\2#-0+D.!%&!4.1%*+.!(%!`%01.(801+2.!5.*.!Z+&%0!
%01.1.#%0aN! >+&! %4,.*F'3! %#! .5.*1.('! S! (%#! .*1N! X]R! (%#! "01.1-1'! (+05'&%! [-%! #.! :%&%*.#+1.1!
`5.*1+2+5.! G! 2'#.,'*.! %&! #.! %#.,'*.2+K&! (%! %01.(801+2.0! (%! .#2.&2%! 0-5*..-1'&K4+2'aN! >%!
1*.1.*8.! (%! -&.! 0+45#%! @.,+#+1.2+K&! 5.*.! 5.*1+2+5.*! G! 2'#.,'*.*! %&! '1*.0! %01.(801+2.0! G! &'! 0%!
%01.*8.3! 5'*! 1.&1'3! .&1%! -&! 181-#'! .1*+,-1+D'! (%! 2'45%1%&2+.! .#F-&.3! (+Z%*%&1%! (%! #.! F%&<*+2.!
2.5.2+(.(!(%!2%#%,*.*!.2-%*('0N!L@'*.!,+%&3!%##'!&'!5-%(%!0+F&+Z+2.*![-%!#.!5.*1+2+5.2+K&!(%!#.!
:%&%*.#+1.1!%&!*%#.2+K&!2'&!%01.(801+2.0!(%!#.!2'45%1%&2+.!(%#!"01.('!@.G.!(%!,.0.*0%!0+%45*%!
%&! %#! 5*+&2+5+'! (%! D'#-&1.*+%(.(3! 5-%0! %#! "01.('! 5-%(%! (+05'&%*! 0-! 5.*1+2+5.2+K&! ',#+F.1'*+.!
g.083!%&!#.!U%G!XSWXYOY3!(%!S!(%!4.G'3!(%!#.!Z-&2+K&!%01.(801+2.!5M,#+2.cN!
!
,c! )*.0! 5*%2+0.*! [-%! #.! +45-F&.2+K&! 0%! (+*+F%! %\2#-0+D.4%&1%! 2'&1*.! %#! .5.*1.('! S3!
.Z+*4.! %#! L,'F.('! (%#! "01.('! [-%! %#! .#2.&2%! 0-5*..-1'&K4+2'! [-%! 0%! 5*%(+2.! (%! #.0!
%01.(801+2.0! 5.*.! 2-G.! %#.,'*.2+K&! 0%! 5*'2#.4.! #.! 5.*1+2+5.2+K&! G! 2'#.,'*.2+K&! (%! #.!
:%&%*.#+1.1!(%,%!%&1%&(%*0%!*%Z%*+('!.#!?4,+1'!1%**+1'*+.#!(%!*%Z%*%&2+.!(%!.[-<##.0!G3!5'*!1.&1'3!
5%0%!.!#'!4.&+Z%01.('!5'*!#'0!*%2-**%&1%03!0%!1*.1.*8.3!%&!(%Z+&+1+D.3!(%!5.*1+2+5.*!G!2'#.,'*.*!%&!
#.!*%.#+=.2+K&!(%!%01.(801+2.0!5.*.!Z+&%0!%01.1.#%0N!
!
k'! 2'45*%&(%! %#! L,'F.('! (%#! "01.('! %&! [-<! Z'*4.! #.! 5.*1+2+5.2+K&! G! 2'#.,'*.2+K&!
[-%!5*'2#.4.!%#!.5.*1.('!S!5-%(%!%01+4.*0%!D-#&%*.('*.!(%!#.!2+1.(.!2'45%1%&2+.!%01.1.#3!5-%0!
0%!1*.1.*8.!(%!-&.!&'*4.!4%*.4%&1%!@.,+#+1.('*.![-%3!.(%4?0!(%!&'!2'&2*%1.*!&+!5*%C-=F.*!#.!
Z'*4.! %\.21.! %&! [-%! #.! :%&%*.#+1.1! 5.*1+2+5.*?! '! 2'#.,'*.*?3! #'! [-%! 2'**%05'&(%*?! @.2%*! .#!
#%F+0#.('*! %01.1.#3! 0%! #+4+1.*8.! .! 0%*! -&.! 4.&+Z%01.2+K&! (%! #.! &%2%0+(.(! (%! 2''5%*.2+K&! G!
2'#.,'*.2+K&![-%!*%0-#1.!+&@%*%&1%!.!1'('!"01.('!2'45-%01'!G![-%!%#!5*'5+'!"01.1-1'!*%Z#%C.!
%&!0-!.*1N!XXRNSN!"0!4?03!%#!.5.*1.('!*%2-**+('!&'!@.*8.!0+&'!*%2'F%*!%#!0%&1+*!%\5*%0.('!%&!#.!
#%F+0#.2+K&!%01.1.#e!2'&2*%1.4%&1%3!#.!%\5'0+2+K&!(%!4'1+D'0!(%!#.!#%G!XSWXYOY3!(%!Y!(%!4.G'3!
(%! #.! Z-&2+K&! %01.(801+2.! 5M,#+2.3! C-01+Z+2.! #.! .5.*+2+K&! (%! #.! U%G3! %&1*%! '1*'0! 4'1+D'03! %&! #.!
&%2%0+(.(!(%!2''*(+&.2+K&!D%*1+2.#!%&!4.1%*+.!%01.(801+2.N!$'*!'1*'!#.('3!(%#!181-#'!bbb!(%!#.!U%G!
g`U.0! *%#.2+'&%0! %&1*%! L(4+&+01*.2+'&%0! 5M,#+2.0! %&! 4.1%*+.! %01.(801+2.ac! 0%! (%*+D.! #.!
&%2%0+(.(!(%!2'#.,'*.2+K&!(%!#.0!L(4+&+01*.2+'&%0!(%!#.0!/'4-&+(.(%0!L-1K&'4.0!%&!2-.&1'!
.!#.!*%2'F+(.!G!1*.1.4+%&1'!(%!(.1'0!5.*.!#.!%#.,'*.2+K&!(%!%01.(801+2.0!2'&!Z+&%0!%01.1.#%0N!"&!
Z+&3! %#! 5*'5+'! %02*+1'! (%! *%2-*0'! .5'*1.*8.! -&.! +&1%*5*%1.2+K&! 2'&Z'*4%! (%#! .5.*1.('! S!
+45-F&.('!5#%&.4%&1%!.2%51.,#%3!5-%0!D+%&%!.!.(4+1+*![-%!#.!*%(.22+K&!(%!(+2@'!.5.*1.('!&'!
@.2%!0+&'!*%2'F%*!#.!%\+F%&2+.!(%!5.*1+2+5.2+K&!',#+F.1'*+.!(%!'1*.0!L(4+&+01*.2+'&%0!5M,#+2.0!
!
STP
%&! '*(%&! .#! %Z%21+D'! %C%*2+2+'! (%! #.! 2'45%1%&2+.! %01.1.#! %&! 4.1%*+.! %01.(801+2.! 5.*.! Z+&%0!
%01.1.#%0N!
!
2c!"#!.*1N!X]RNS!&'!%01.,#%2%!'1*.!2'0.3!.!C-+2+'!(%#!:',+%*&'!2.1.#?&3![-%!-&.!F%&<*+2.!
@.,+#+1.2+K&! 5.*.! 5.*1+2+5.*! G! 2'#.,'*.*! %&! #.! %#.,'*.2+K&! (%! %01.(801+2.0! (%! ?4,+1'!
0-5*..-1'&K4+2'3!0+&!(+01+&F-+*!5.*1+2+5.2+K&!D'#-&1.*+.!G!',#+F.1'*+.N!$.*.!%#!:',+%*&'!(%!#.!
:%&%*.#+1.1!2.*%2%!(%!Z-&(.4%&1'!#.!+&1%*5*%1.2+K&!.5-&1.(.!5'*!#'0!.21'*%03!0+%&('!(%!+&0+01+*!
%&! [-%! %#! 5*+&2+5+'! (%! 2'#.,'*.2+K&! %01?! %&! #.! ,.0%! 4+04.! (%#! "01.('! .-1'&K4+2'! G! %0!
5#%&.4%&1%! .5#+2.,#%! .#! +&1%*2.4,+'! (%! #.! +&Z'*4.2+K&! %01.(801+2.N! /'&0%2-%&1%4%&1%! %#!
+&1%&1'! (%! *%+&1%*5*%1.*! %#! 2'&1%&+('! G! .#2.&2%! (%! #.! 2'45%1%&2+.! %01.1.#! 0K#'! %01.*8.! %&! #.!
4%&1%!(%!#'0!*%2-**%&1%0!G!&'!1%&(*8.!&+&FM&!.5'G'!%&!%#!.*1N!X]RNSN!
!
(c!U.!+45-F&.2+K&!%0!2'&0+(%*.(.!5'*!%#!$.*#.4%&1'3!-&.!D%=!4?03!2'4'!4%*.4%&1%!
5*%D%&1+D.3!%&!#.!4%(+(.![-%!5.*%2%!*%[-%*+*0%!-&.!>%&1%&2+.!+&1%*5*%1.1+D.!%&!,%&%Z+2+'!(%!#.!
+&1%*5*%1.2+K&! [-%! #'0! *%2-**%&1%0! 0'01+%&%&! 2'4'! 2'&01+1-2+'&.#N! L#%F.! #.! /?4.*.! 2.1.#.&.!
[-%! #.! %01.(801+2.3! 2'4'! 4.1%*+.! 2'45%1%&2+.#3! 1+%&%! -&.! Z+&.#+(.(! 2#.*.4%&1%! +&01*-4%&1.#N!
$'*!%##'!#.!*%0%*D.!2'&01+1-2+'&.#!&'!0%!5*'G%21.!0',*%!-&!?4,+1'!1%**+1'*+.#!(%1%*4+&.('3!0+&'!
0',*%! Z+&.#+(.(%0N! "&! #.! 4%(+(.! %&! [-%! .#F-&.0! Z+&.#+(.(%0! %01.1.#%0! G! .#FM&! +&1%*<0! (%! #.!
:%&%*.#+1.1! 0%.&! 2'&2-**%&1%03! 1.&1'! %#! "01.('! 2'4'! #.! :%&%*.#+1.1! 5'(*?&! (%0.**'##.*! 0-!
5*'5+.! .21+D+(.(! %01.(801+2.! 4%(+.&1%! '5%*.2+'&%0! %01.(801+2.0! 1.4,+<&! 2'&2-**%&1%0N! "&! #.!
.21-.#+(.(3!2'&Z'*4%!.!#.!U%G!XSWXYOY3!(%!#.!Z-&2+K&!%01.(801+2.!5M,#+2.!G!.#!$#.&!"01.(801+2'!
k.2+'&.#3! #.0! /'4-&+(.(%0! L-1K&'4.0! 5-%(%&! *%.#+=.*! #.0! %01.(801+2.0! [-%! 1%&F.&! 5'*!
2'&D%&+%&1%3! 2'&! %\2%52+K&! (%! .[-<##.0! *%#.2+'&.(.0! 2'&! ?4,+1'0! 4.1%*+.#%0! 2-G.!
2'45%1%&2+.! 2'**%05'&(.! %&! 0-! 1'1.#+(.(! .#! "01.('N! /'&! *%#.2+K&! .! #.! +(%&1+Z+2.2+K&! %&1*%!
Z+&.#+(.(!%01.1.#!%!+&2#-0+K&!(%!#.!%01.(801+2.!%&!%#!$#.&!"01.(801+2'!k.2+'&.#3!%##'!5*'D'2.*8.!
[-%3! 2'&1*.*+.4%&1%! .! #.! C-*+05*-(%&2+.3! #.0! %01.(801+2.0! 2-G.! *%.#+=.2+K&! *%0-#1%! ',#+F.1'*+.!
5'*! %\+F%&2+.! (%! #.! &'*4.1+D.! 2'4-&+1.*+.! %-*'5%.! 1-D+%*.&! #.! 2'&0+(%*.2+K&! (%! %01.(801+2.0!
5.*.! Z+&.#+(.(%0! %01.1.#%0N! $'*! %##'! 2'&2#-G%! %#! $.*#.4%&1'! [-%! 1.#! +(%&1+Z+2.2+K&! &'! %0!
2'&01+1-2+'&.#4%&1%!5'0+,#%N!
!
U.!5.*1+2+5.2+K&!5*%D+01.!%&!%#!.*1N!X]RNS!0%!5*'G%21.*8.!0',*%!#.!Z-&2+K&!%01.(801+2.!1.&!
0'#'!2-.&('!%#!.#2.&2%!0%.!0-5%*+'*!.!#.!5*'5+.!/'4-&+(.(!L-1K&'4.!G!&'!1%&F.3!(%0(%!-&.!
5%*05%21+D.!2'&01+1-2+'&.#3!-&.!Z+&.#+(.(!%01.1.#N!
!
!
STX
_QN! .c! E%#! .*182-#'! X]T! gU.! Z-&2+K&! 5M,#+2.! G! %#! 5%*0'&.#! .#! 0%*D+2+'! (%! #.0!
L(4+&+01*.2+'&%0!5M,#+2.0!2.1.#.&.0c!0%!+45-F&.&!#'0!.5.*1.('0!.c!G!,cN!"#!5*+4%*'!.1*+,-G%!.!
#.! :%&%*.#+1.13! 2'4'! %\2#-0+D.3! #.! 2'45%1%&2+.! 0',*%! %#! `*<F+4%&! %01.1-1.*+'! (%#! 5%*0'&.#! .#!
0%*D+2+'!(%!#.0!.(4+&+01*.2+'&%0!5M,#+2.0!2.1.#.&.0!G!0',*%!#.!'*(%&.2+K&!G!#.!'*F.&+=.2+K&!(%!
#.! Z-&2+K&! 5M,#+2.3! 0.#D'! #'! (+05-%01'! %&! #.! #%1*.! ,caN! L5.*1.('! <01%! [-%! 2.#+Z+2.! 2'4'!
2'45.*1+(.!#.!2'45%1%&2+.!.-1'&K4+2.!5.*.!%#!`(%0.**'##'!(%!#'0!5*+&2+5+'0!'*(%&.('*%0!(%#!
%45#%'!5M,#+2'3!0',*%!#.!.([-+0+2+K&!G!5<*(+(.!(%!#.!2'&(+2+K&!(%!Z-&2+'&.*+'3!#.0!0+1-.2+'&%0!
.(4+&+01*.1+D.0! G! #'0! (%*%2@'03! (%,%*%0! %! +&2'45.1+,+#+(.(%0! (%#! 5%*0'&.#! .#! 0%*D+2+'! (%! #.0!
L(4+&+01*.2+'&%0!5M,#+2.0aN!$.*.!#'0!*%2-**%&1%0!#.!2'45%1%&2+.!%\2#-0+D.!(%#!.5.*1.('!.c!0%!
'5'&%! Z*'&1.#4%&1%! .#! .*1N! XQYNXNXO! /"3! %&! 1.&1'! [-%! #.! 0.#D%(.(! +&2#-+(.! %&! %#! .5.*1.('! ,c!
5'(*8.!0%*!.C-01.(.!.!#.!/'&01+1-2+K&!0+!0%!5*%02+&(%!(%!#'!(+05-%01'!%&!%#!.*1N!XXX!(%#!"01.1-1'3!
G.!+45-F&.('3!5%*'!&'!5'(*8.3!%&!&+&FM&!2.0'3!0.#D.*!#.!+&2'&01+1-2+'&.#+(.(!(%#!.5.*1.('!.c3!
5-%0!#'0!%\1*%4'0!%&-&2+.('0!%&!%#!.5.*1.('!,c!&'!.F'1.&!%#!2'&2%51'!`*<F+4%&!%01.1-1.*+'a3!
G.![-%![-%(.&!Z-%*.!2-%01+'&%0!2'4'!#.!2.**%*.!.(4+&+01*.1+D.!'!%#!*<F+4%&!(+02+5#+&.*+'3![-%!
2#.*.4%&1%!0%!+&1%F*.&!%&!%#!.*1N!XQYNXNXO!/"!g.083!5'*!1'(.03!>)/!XWSPP]3!(%!XT!(%!%&%*'3!^;!
]c!G![-%!(%!.2-%*('!2'&!%#!"01.1-1'![-%(.*8.&!2'45*%&(+('0!%&!%#!.5.*1.('!.c!(%!%01%!.*1N!X]TN!
!
,c!)*.0!5*%2+0.*![-%!0%!2-%01+'&.!M&+2.4%&1%!#.!2'&01+1-2+'&.#+(.(!(%!#.!#%1*.!.c3!0%6.#.!
%#! L,'F.('! (%#! "01.('! [-%! #.! %\2#-0+D+(.(! 2'&! #.! [-%! 0%! 2.#+Z+2.! #.! 2'45%1%&2+.! &'! %01?!
%\%&1.! (%! #84+1%03! *%0-#1.&('! +&2-%01+'&.,#%! #.! %\+01%&2+.! (%! #.! ',#+F.2+K&! (%! .1%&%*0%! %&! %#!
%C%*2+2+'!(%!#.!2'45%1%&2+.!.1*+,-+(.!.!#.!:%&%*.#+1.1!.#!0%&1+('3!.45#+1-(!G!Z+&%0!(%!#.0!,.0%0!
(+21.(.0!5'*!%#!"01.('!%&!-0'!(%!#.!2'45%1%&2+.!%\2#-0+D.![-%!2'&0.F*.!%#!.*1N!XQYNXNXO!/"3!
[-%!@.!(%!%&1%&(%*0%!*%Z%*+(.!.!#'0!Z-&2+'&.*+'0!(%!1'(.0!#.0!L(4+&+01*.2+'&%0!5M,#+2.0!g%&1*%!
'1*.0! >>)/! R_WXYOS3! (%! S_! (%! C-#+'3! ^;! XSe! G! SRWXYO]3! (%! _! (%! .,*+#3! ^;! QcN! E%! '1*'! #.('3!
1%&+%&('!%&!2-%&1.!%#!.#2.&2%![-%!@.!(.('!%#!)*+,-&.#!.!#.!%\5*%0+K&!`*<F+4%&!%01.1-1.*+'!(%!
#'0!Z-&2+'&.*+'0!5M,#+2'0a3!%45#%.(.!5'*!.[-%#!5*%2%51'!G!5'*!%#!.*1N!XP]N]!/"!g>)/!]_WSPPS3!
(%! XQ! (%! Z%,*%*'3! ^;! Oc3! *%0-#1.*8.! [-%! %&! 1.#! %\5*%0+K&! @.&! (%! +&2#-+*0%! &%2%0.*+.4%&1%! #'0!
%\1*%4'0!0',*%!#'0![-%!0%!5*'G%21.!#.!2'45%1%&2+.!2'45.*1+(.![-%!0%!.Z+*4.!%&!#.!#%1*.!,c!(%#!
.*1N!X]T3!%&!1.&1'!2'&01+1-G%&!.05%21'0!%0%&2+.#%0!(%!#.!*%F-#.2+K&!(%!(+2@'!*<F+4%&!%01.1-1.*+'!
G! Z'*4.&! 5.*1%! (%#! 2'&2%51'! 2'&01+1-2+'&.#! (%! `%01.1-1'! (%! #'0! Z-&2+'&.*+'0! 5M,#+2'0a! %&! %#!
0%&1+('!0%6.#.('!5'*!2'&01.&1%!('21*+&.!C-*+05*-(%&2+.#N!
!
"&!2-.&1'!.!#.!(%&-&2+.(.!&'!+&2#-0+K&!%&!(+2@.!2'45%1%&2+.!2'45.*1+(.!(%!#.!2.**%*.!
.(4+&+01*.1+D.! G! (%#! *<F+4%&! (+02+5#+&.*+'3! 5.*.! %#! L,'F.('! (%#! "01.('! ,.01.! 2'&! .Z+*4.*3!
!
STS
*%05%21'! .! #.! 5*+4%*.3! 0-! &.(.! Z'*=.(.! +&2#-0+K&! %&1*%! #.0! 0+1-.2+'&%0! .(4+&+01*.1+D.0! .! [-%!
%\5*%0.4%&1%!0%!*%Z+%*%!#.!#%1*.!,c3!G3!%&!2-.&1'!.#!*<F+4%&!(+02+5#+&.*+'3!+&1%*%0.*8.!.1%&(%*!.!
#'!0%6.#.('!5'*!#.!>)/!]_WSPPS3!(%!XQ!(%!Z%,*%*'3!^;!Y3!2'&Z'*4%!.!#.!2-.#!&'!2.,*8.!%01+4.*!
2'&1*.*+.! .#! '*(%&! 2'&01+1-2+'&.#! (%! (+01*+,-2+K&! (%! 2'45%1%&2+.0! #.! +&2#-0+K&! (%#! *<F+4%&!
(+02+5#+&.*+'!%&!#.!#%1*.!.c!(%#!.*1N!X]T3!0+&!5%*C-+2+'!(%#!*%05%1'!(%,+('!%&!0-!%C%*2+2+'!.!-&.!
-#1%*+'*!G!(+01+&1.!2'&2*%2+K&!(%!#'!,?0+2'![-%!2'**%05'&(%!*%.#+=.*!.#!#%F+0#.('*!%01.1.#3!2'&!
-&.!2'45#%1.!#+,%*1.(!5.*.!%01.,#%2%*!#.0!,.0%0!%&!%01.!4.1%*+.N!
!
2c!"&1+%&(%!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!#.!0.#D%(.(!(%#!+&2+0'!Z+&.#!(%!#.!#%1*.!.c!
5%*4+1%! 2'&2#-+*! [-%! 0%! @.! [-%*+('! *%05%1.*! #.! 2'45%1%&2+.! %01.1.#! 5.*.! %01.,#%2%*! #.0! ,.0%0!
(%#! *<F+4%&! %01.1-1.*+'! (%! 1'('0! #'0! Z-&2+'&.*+'0! (%! .2-%*('! 2'&! %#! .*1N! XQYNXNXO! /"N! U.!
+&2'&01+1-2+'&.#+(.(! (%! %01%! .5.*1.('! 0K#'! 5'(*8.! (%Z%&(%*0%! 0+! 0%! 0'01-D+%*.3! %**K&%.4%&1%3!
[-%!&'!%\+01%&!0-,4.1%*+.0!(%!2'45%1%&2+.!%\2#-0+D.!(%&1*'!(%!#.0!4.1%*+.0!(%!2'45%1%&2+.!
2'45.*1+(.N!k.(.!#'!+45%(+*8.3!2'4'!(%4-%01*.!%#!.*1N!QYNX!,c!U%G!V*F?&+2.!(%!*%+&1%F*.2+K&!
G!.4%C'*.4+%&1'!(%#!*<F+4%&!Z'*.#!(%!k.D.**.!gUVHL^kLc3!%\.4+&.('!%&!#.!>)/!XQPWXYYP3!
(%!SP!(%!0%51+%4,*%3!('&(%!0%!2'&Z+*4K!#.!5#%&.!2'&01+1-2+'&.#+(.(!(%!#.!5*%D+0+K&!%01.1-1.*+.!
G!0%!2'&2#-GK![-%!#.0!,.0%0!%01.1.#%0!1%&8.&3!%&!0-!2'&0%2-%&2+.3!4%&'*!+&1%&0+(.(!G!?4,+1'!
4.1%*+.#!%&!#.!/'4-&+(.(!^'*.#N!
!
U.!#%1*.!,c!0%!+45-F&.*8.!4?0!,+%&!5'*!'4+0+K&3!2'&2*%1.4%&1%!5'*[-%!&'! 0%! .F'1.&!
1'('0!#'0!.05%21'0!%&!#'0![-%!2.,%!&'*4.1+D.!,?0+2.!%01.1.#3!%&!%05%2+.#!2.**%*.!.(4+&+01*.1+D.!
G!*<F+4%&!(+02+5#+&.*+'N!H%2@.=.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!%01.0!*%F-#.2+'&%0!(%,.&!
+&2#-+*0%!(%&1*'!(%!#'!,?0+2'3!5-%0!%0!(+Z82+#!%&2'&1*.*!.#F'!4?0!'*F.&+=.1+D'!'!+&1%*&'![-%!#.!
2.**%*.! .(4+&+01*.1+D.! (%#! 5*'5+'! 5%*0'&.#3! 4?0! D+&2-#.('! 2'&! #.! 5'1%01.(! (%!
.-1''*F.&+=.2+K&N!/'&!*%05%21'!.#!*<F+4%&!(+02+5#+&.*+'!(%!#'0!Z-&2+'&.*+'0!0%!.#%F.![-%!#'0!
.05%21'0!,?0+2'0!0'&!5*+&2+5.#4%&1%!(%!2.*?21%*!F.*.&1+01.3!(%!4.&%*.![-%!2.,%!%&2'&1*.*#'0!
%&! #.! #%F+0#.2+K&! (%! 5*'2%(+4+%&1'! .(4+&+01*.1+D'! %01.1.#3! 2-G.! ',0%*D.&2+.! %#! %01.1-G%&1%!
*%05%1.3!2'4'!(+05'&%!%#!.*1N!XRYNS!(%#!"01.1-1'3![-%!&'!@.!0+('!+45-F&.('N!
!
(c! "&! (%Z%&0.! (%#! .*1N! X]T! .#%F.! %#! $.*#.4%&1'! (%! /.1.#-6.! [-%! #.! 1<2&+2.! %45#%.(.!
5-%(%!0%*!2*+1+2.,#%3!5%*'!&'!+&2'&01+1-2+'&.#N!/.#+Z+2.*!2'4'!%\2#-0+D.!#.!2'45%1%&2+.!0',*%!
#.! 4.1%*+.! [-%! [-%(.! 1*.0! (%(-2+*! #'0! .05%21'0! 0',*%! #'0! [-%! #.! 4.1%*+.! %&! 2-%01+K&! %0!
2'45.*1+(.! 0-5'&%3! 5.*.! %#! $.*#.4%&1'3! 5'&%*! (%! *%#+%D%! [-%! &'! 1'('! %#! 2'&1%&+('! (%! #.!
4.1%*+.! %0! ',C%1'! (%! 2'45.*1+2+K&! gsicc3! 0+&'! [-%! %01?! (+D+(+(.! G! 0',*%! -&.! 5.*1%! (%! %##.! #.!
!
ST]
/'4-&+(.(! L-1K&'4.! (+05'&%! (%! 2'45%1%&2+.! #%F+0#.1+D.! 2'45#%1.N! E%5%&(%*8.3! 5-%03! (%!
[-%!#.!5.*1%!0%F*%F.(.!(%!#.!4.1%*+.!%&!#.!#%1*.!,c!.F'1%!#'0!.05%21'0!'!0-,4.1%*+.03!0',*%!#'0!
[-%! %#! "01.('! 1+%&%! 2'45%1%&2+.! 5.*.! %01.,#%2%*! #.0! ,.0%03! %#! [-%! (+2@.! #%1*.! ,c! 5-%(.!
2'&0+(%*.*0%!2'&01+1-2+'&.#N!
!
E%#!.&?#+0+0!(%!#.!C-*+05*-(%&2+.!0',*%!#.!4.1%*+.!0%!(%05*%&(%*8.![-%!#.!%&-4%*.2+K&!
(%!#.!#%1*.!,c!0%!%\1+%&(%!.!#'0!.05%21'0![-%!%#!)*+,-&.#!@.!+('!2'&0+(%*.&('! 2'4'! .[-%##'0!
0',*%! #'0! [-%! *%2.8.&! #.0! ,.0%0N! "&! 1'('! 2.0'! %#! 5?**.Z'! 0%! +&+2+.! 2'&! -&.! 2#?-0-#.! ,.01.&1%!
F%&%*.#! [-%! 5%*4+1+*8.! +&2#-+*! (%&1*'! (%! %##.! .05%21'0! &'! 2'&1%45#.('0! %&! #.! %&-4%*.2+K&!
5'01%*+'*N!B.,*8.![-%!2'&2#-+*3!5'*!1.&1'![-%!0%!.(%2-.!.!#.!/'&01+1-2+K&N!
!
_RN!.c!"#!.*182-#'!X]O!gb&4+F*.2+K&c!0%*8.!+&2'&01+1-2+'&.#!%&!0-!2'&C-&1'3!0',*%!1'('!
%&!0-0!.5.*1.('0!X!G!S3!5'*!.1*+,-+*!.!#.!:%&%*.#+1.1!2'45%1%&2+.0!%&!4.1%*+.!(%!+&4+F*.2+K&!G!
D-#&%*.*! .08! %#! .*1N! XQYNXNS! /"3! [-%! +&%[-8D'2.4%&1%! 2'&Z+%*%! .#! "01.('! #.! 2'45%1%&2+.!
%\2#-0+D.! .#! *%05%21'N! LZ+*4.&! #'0! *%2-**%&1%0! [-%! 1.#! D-#&%*.2+K&! &'! 5-%(%! ',D+.*0%! 2'&! %#!
.*F-4%&1'!(%![-%3!%&!*%.#+(.(3!#.0!Z-&2+'&%0!*%Z%*+(.0!%&!%#!5*%2%51'!*%2-**+('!0%!+&1%F*.&!%&!
#.!2'45%1%&2+.!.-1'&K4+2.!0',*%!.0+01%&2+.!0'2+.#3!5-%0!%##'!0-5'&(*8.!-&!+&.2%51.,#%!C-%F'!
(%! 5.#.,*.0N! L(4+1+%&('! [-%! #.! :%&%*.#+1.1! 5-%(.! 1%&%*! 4-2@.0! 2'45%1%&2+.0! [-%! 0%!
5*'G%21%&! 0',*%! #'0! +&4+F*.&1%03! 1.#%0! 2'4'! 0.&+(.(3! %(-2.2+K&! '! D+D+%&(.3! G! [-%! +&2#-0'!
[-%5.! %05%2+Z+2.*! [-%! %0.0! 2'45%1%&2+.0! 0%! %C%*2%*?&! .#! 0%*D+2+'! (%! #.! +&1%F*.2+K&! (%! #'0!
+&4+F*.&1%03!0%!.#%F.!%&!%#!*%2-*0'![-%!1'('!%##'!5'(*8.!C-01+Z+2.*!#.!+&2#-0+K&!(%!-&.!&'*4.!%&!
%#! "01.1-1'! [-%! .08! #'! (+05-0+%*.3! 5%*'! &-&2.! #.! .0-&2+K&! (%! 2'45%1%&2+.0! Z'*4.#4%&1%!
*%Z%*+(.0!.!#.!4.1%*+.!(%!+&4+F*.2+K&3![-%!%0!(%!#.!%\2#-0+D.!1+1-#.*+(.(!(%#!"01.('N!
!
$'*! #.0! 4+04.0! *.='&%0! 0%*8.! +&2'&01+1-2+'&.#! %#! .5.*1.('! S3! [-%! 2'&Z+%*%! .! #.!
:%&%*.#+1.1! #.! 2'45%1%&2+.! %C%2-1+D.! %&! 4.1%*+.! (%! .-1'*+=.2+K&! (%! 1*.,.C'3! 2#.*.4%&1%!
%&2-.(*.,#%!%&!+&4+F*.2+K&3!G!&'!%&!#%F+0#.2+K&!#.,'*.#3!2'4'!0%!(%05*%&(%!(%#!@%2@'!(%![-%!
(+2@.!.-1'*+=.2+K&!0+%45*%!0%!@.!*%F-#.('!%&!#.!#%F+0#.2+K&!(%!%\1*.&C%*8.e!0+&!'#D+(.*![-%!%#!
4+04'!"01.1-1'!#.!2'&1%45#.!%&!-&!5*%2%51'!(%(+2.('!.!+&4+F*.2+K&N!^+&.#4%&1%!%#!.5.*1.('!
]!5.(%2%*8.!#.0!4+04.0!2.-0.0!(%!+&2'&01+1-2+'&.#+(.(![-%!%#!181-#'!A!(%#!"01.1-1'3!.#![-%!0%!
*%4+1%!g.&1%2%(%&1%0!XPS!G!0+F-+%&1%0c3!G!2-G.!+45-F&.2+K&!0%!Z-&(.4%&1.*?!%&!0-!4'4%&1'N!
"&!1'('!2.0'!#'0!*%2-**%&1%0!.(%#.&1.&!.[-8![-%!0-!(+02'&Z'*4+(.(!2'&!#.!/'&01+1-2+K&!*.(+2.!
%&![-%!-&!"01.1-1'!&'!5-%(%!(%1%*4+&.*!#.!Z'*4.!%&![-%!%#!"01.('!@.!(%!%C%*2%*!0-0!5*'5+.0!
2'45%1%&2+.0N!
!
STQ
!
,c!L#%F.!%#!L,'F.('!(%#!"01.('![-%!#.!(%&-&2+.!(%!D-#&%*.2+K&!(%#!.*1N!XQYNXNS!/"!&'!
5-%(%!%01+4.*0%!2'4'!1.#!(%&-&2+.3!5-%0!#'0!5*'5+'0!*%2-**%&1%0!*%2'&'2%&![-%!#.!.1*+,-2+K&!
2'45%1%&2+.#! %&! 4.1%*+.! (%! +&4+F*.2+K&! [-%! .5.*%&1.! @.2%*0%! .! #.! :%&%*.#+1.1! *%.#4%&1%! 0%!
*%Z+%*%!.!#.!4.1%*+.!(%!.0+01%&2+.!0'2+.#N!
!
"#! .5.*1.('! X! 0%! #+4+1.*8.! .! *%#.2+'&.*! (%1%*4+&.('0! .05%21'0! [-%3! (%&1*'! (%#! ?4,+1'!
2'45%1%&2+.#! %\2#-0+D'! (%#! "01.('3! 0%! @.2%&! 2'**%05'&(%*! .! #.! :%&%*.#+1.1! %&! '*(%&! .!
5*'4'2+'&.*! G! Z.D'*%2%*! #.! +&1%F*.2+K&! (%! +&4+F*.&1%0N! >K#'! #.! #%1*.! .c! (%! (+2@'! .5.*1.('!
5*'2#.4.![-%!2'**%05'&(%!.!#.!:%&%*.#+1.1!#.! 2'45%1%&2+.!%\2#-0+D.!%&!4.1%*+.!(%!`5*+4%*.!
.2'F+(.! (%! #.0! 5%*0'&.0! +&4+F*.(.03! [-%! +&2#-+*?! #.0! .21-.2+'&%0! 0'2+'I0.&+1.*+.0! G! (%!
'*+%&1.2+K&aN!"&!2'&1*.!(%!#'![-%!0%!.Z+*4.!%&!#.!(%4.&(.3!%#!1<*4+&'!`+&2#-+*?a!%D+(%&2+.*8.!
[-%!1.#!2'45%1%&2+.!%\2#-0+D.![-%(.!2+*2-&02*+1.!.!(+2@.0!.21-.2+'&%0N!
!
E%! #.! %D'#-2+K&! (%#! Z%&K4%&'! (%! #.! +&4+F*.2+K&! (%*+D.*8.! [-%3! 4?0! .##?! (%! #.0!
1*.(+2+'&.#%0!2-%01+'&%0!0',*%!%#!2'&1*'#!(%!Z*'&1%*.0!'!#.!0+1-.2+K&!C-*8(+2'I.(4+&+01*.1+D.!(%!
#'0!%\1*.&C%*'03!#.!+&4+F*.2+K&!+&2+(%!%&!1'('0!#'0!?4,+1'0!(%!#.!D+(.!0'2+.#N!"&!2'&2*%1'!@.&!
.([-+*+('! %05%2+.#! +45'*1.&2+.! #'0! .05%21'0! *%#.2+'&.('0! 2'&! #.! 5*%01.2+K&! (%! 0%*D+2+'0!
0'2+.#%0!g%(-2.2+K&3!0.&+(.(3!.0+01%&2+.!0'2+.#3!D+D+%&(.3!Z'*4.2+K&!5*'Z%0+'&.#3!2-#1-*.3!%12NcN!
E+2@.!%D'#-2+K&!+45%(+*8.!2'&Z+F-*.*!#.!2'45%1%&2+.!%\2#-0+D.!(%#!"01.('!ex!.*1N!XQYNXNS!/"!
2'4'!-&!181-#'!@'*+='&1.#!(%!.#2.&2%!+#+4+1.('![-%!@.,+#+1%!2-.#[-+%*!.21-.2+K&!5M,#+2.!%01.1.#!
*%Z%*+(.! .! #'0! %\1*.&C%*'03! G3! .-&[-%! #.! /'&01+1-2+K&! &'! *%2'&'2%! .! #.0! /'4-&+(.(%0!
L-1K&'4.0! 2'45%1%&2+.! .#F-&.! 0',*%! #.! 5'#81+2.! (%! +&4+F*.2+K&! &+! +&1*'(-2%! #+4+1.2+K&!
%\5*%0.! .! #.! 2'45%1%&2+.! %01.1.#3! #.! &'! .#1%*.2+K&! (%#! *%5.*1'! 2'45%1%&2+.#! (%*+D.('! (%#!
,#'[-%! (%! #.! 2'&01+1-2+'&.#+(.(! +45'&(*8.! -&.! +&1%*5*%1.2+K&! [-%! *%05%1%! #'0! 181-#'0!
.-1'&K4+2'0! (%! 2.*?21%*! 0'2+.#! 2'&! +&2+(%&2+.! %&! %#! Z%&K4%&'! 4+F*.1'*+'N! E%! %01%! 4'('! #.!
+&1%F*.2+K&!(%!#'0!+&4+F*.&1%0!2'&01+1-+*8.!5+#.*!,?0+2'!(%!2-.#[-+%*!5#.&1%.4+%&1'![-%![-+%*.!
@.2%*0%!(%#!Z%&K4%&'!4+F*.1'*+'3!*%0-#1.&('![-%!%&!(+2@.!+&1%F*.2+K&!(%1%*4+&.('0!.05%21'0!
2#.D%0!D%&(*8.&!2'&Z+F-*.('0!5'*!#.0!5'#81+2.0!.-1'&K4+2.0!(%!&.1-*.#%=.!0'2+.#3!0+&!*%#%F.*!#.!
2'45%1%&2+.![-%!'01%&1.!%#!"01.('3!#'![-%!5'&(*8.!(%!4.&+Z+%01'![-%!#.!+4,*+2.2+K&!%&1*%!-&.0!
G!'1*.0!2'45%1%&2+.0!%0!+&%02+&(+,#%N!
!
U.!2'45%1%&2+.!.![-%!0%!*%Z+%*%!%#!.5.*1.('!X!.c!0%!(+*+F+*8.!.!Z.D'*%2%*!#.!+&1%F*.2+K&!
+&+2+.#! (%! #'0! +&4+F*.&1%0! %&! %#! -0'! G! .22%0'! .! 0%*D+2+'0! %0%&2+.#%03! 2'4'! %#! 0.&+1.*+'3! %&!
!
STR
5*%D%&2+K&3! .(%4?03! (%! 5'0+,#%0! 0+1-.2+'&%0! (%! 2'&Z#+21'3! @.##?&('0%3! 5%0%! 0-! 2.#+Z+2.2+K&3!
+45#82+1.4%&1%! #+4+1.(.! 5'*! #.! 2'45%1%&2+.! %01.1.#! 0',*%! +&4+F*.2+K&N! L08! 5-%0! @.,*8.! (%!
%01+4.*0%! 2'**%21.! #.! -,+2.2+K&! 0+01%4?1+2.! (%! #.! #%1*.! .c! (%#! .*1N! X]ON! X3! 5'*! 2-.&1'! #.!
%\5*%0+K&!`5*+4%*.!.2'F+(.!(%!#.0!5%*0'&.0!+&4+F*.(.0a!2'45*%&(%*8.!.#F'!%[-+D.#%&1%!.!1'('!
#'![-%!0%!@.##%!*%#.2+'&.('!2'&!.0+01%&2+.!0'2+.#3!0+&![-%!5-(+%*.!%&1%&(%*0%![-%!%#!"01.1-1'!
%\2#-G%! 1'(.! +&1%*D%&2+K&! [-%! &'! 0%.! (%! #.! :%&%*.#+1.13! 0+&'! [-%3! 5'*! %#! 2'&1*.*+'3! .(4+1+*8.!
[-%! #.! %\2#-0+D+(.(! 2'&! #.! [-%! 0%! 2.#+Z+2.! [-%(%! #+4+1.(.! 5'*! %#! 181-#'! 2'45%1%&2+.#!
2'&01+1-2+'&.#4%&1%!*%0%*D.('!.#!"01.('!5'*!%#!.*1N!XQYNXNS!/"N!
!
H%05%21'!.!#.!+45-1.2+K&![-%!0%!@.2%!.#!.5.*1.('!S!(%#!.*1N!X]O!(%!D-#&%*.2+K&!(%#!.*1N!
XQYNXNS! /"! (%01.2.! %#! L,'F.('! (%#! "01.('! #.! 1*+5#%! 4.1+=.2+K&! [-%! *%05%21'! (%! %01.!
2'45%1%&2+.! +&1*'(-2%! #.! *%(.22+K&! (%#! 5*'5+'! .5.*1.('d! #.! 2.#+Z+2.2+K&! (%! #.! 2'45%1%&2+.!
2'4'! %C%2-1+D.3! .1%&(+%&('! 5.*.! .5*%2+.*! 0-! .#2.&2%! .! #'! G.! 4.&+Z%01.('! 0',*%! #.0!
2'45%1%&2+.0! %C%2-1+D.0! [-%! (%Z+&%&! %#! .*1N! XXS! (%#! "01.1-1'e! #.! %\5*%0.! #+4+1.2+K&! [-%! 0%!
+&1*'(-2%!%&!2-.&1'!.!0-!%C%*2+2+'3!.#!0%6.#.*![-%!0%!%C%*2%*?!%&!&%2%0.*+.!2''*(+&.2+K&!2'&!#.!
[-%!2'**%05'&(%!.#!"01.('!%&!4.1%*+.!(%!%&1*.(.!G!*%0+(%&2+.!(%!%\1*.&C%*'0e!G3!5'*!M#1+4'3!#.!
(%#+4+1.2+K&! %\.21.! [-%! (%! 0-! 2'&1%&+('! @.2%&! #.0! #%1*.0! .c! G! ,c3! [-%! #'! 2+*2-&02*+,%&! .! #.0!
.-1'*+=.2+'&%0! +&+2+.#%0! (%! 1*.,.C'3! .! #'0! *%2-*0'0! 5*%0%&1.('0! %&! *%#.2+K&! 2'&! 1.#%0!
.-1'*+=.2+'&%0! G! .! #.! 4%*.! .5#+2.2+K&! (%#! *<F+4%&! (%! +&05%22+K&! G! 0.&2+K&N! $-%0! ,+%&3! %#!
.5.*1.('!+45-F&.('!&'!2-%01+'&.*8.![-%!#.0!.21-.2+'&%0!%C%2-1+D.0!%&!4.1%*+.!(%!%\1*.&C%*8.!
%&! 0%&1+('! %01*+21'! *%2.+F.&! %&! %#! "01.('3! 0+&'! [-%! 1.&! 0'#'! 0%! #+4+1.*8.! .! *%2'F%*! -&.!
%05%28Z+2.! 4.&+Z%01.2+K&! 2'45%1%&2+.#! (%#! ?4,+1'! #.,'*.#! (%*+D.(.! (%! #.! 5'0+,+#+(.(! .,+%*1.!
5'*!%#!.*1N!XXNS!(%#!"01.1-1'!(%!XY_Y3!1*.0!#.!.0-&2+K&!(%!2'45%1%&2+.0!(%!%C%2-2+K&!#.,'*.#N!
E%! %01%! 4'('! #.0! 2'&2*%1.0! .21-.2+'&%0! (%! .5#+2.2+K&! (%! #.! &'*4.1+D.! (%#! "01.('! %&! %01.!
4.1%*+.!*%Z#%C.*8.&!%&!*%.#+(.(!#.!2'45%1%&2+.!.-1'&K4+2.!%&!4.1%*+.!#.,'*.#!g.*1N!X_P!"L/c3!
G!#.!&%2%0.*+.!2''*(+&.2+K&!2'&!#.!2'45%1%&2+.!%01.1.#![-%!0-!%C%*2+2+'!5*%2+0.!+45#+2.*8.!#.!
&%2%0+(.(! (%! 4.&1%&%*! -&.! %C%2-2+K&! 2%&1*.#+=.(.! 5'*! #'! [-%! 0%! *%Z+%*%! .! #.! %&1*.(.! (%!
+&4+F*.&1%0! %&! "05.6.3! 1.&1'! 5'*! +45%*.1+D'0! (%! #.! &%2%0.*+.! .21-.2+K&! M&+2.! .! &+D%#!
+&1%*&.2+'&.#!2'4'!(%!0-!8&1+4.!D+&2-#.2+K&!2'&!%#!&M2#%'!2'45%1%&2+.#!(%#!.*1N!XQYNXNS!/"N!
!
^+&.#4%&1%!0%!*%2@.=.!#.!',C%2+K&!(%!+&2'&01+1-2+'&.#+(.(!(+*+F+(.!2'&1*.!%#!.5.*1.('!]!
5'*!%&1%&(%*![-%!#.!5*%D+0+K&!(%!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!%&!#.0!(%2+0+'&%0!(%#!"01.('!
0',*%! +&4+F*.2+K&3! 2'&! %05%2+.#! 1*.02%&(%&2+.! 5.*.! /.1.#-6.3! &'! 5-%(%! %&1%&(%*0%! [-%!
2'&(+2+'&%!%#!%C%*2+2+'!(%!2'45%1%&2+.0!%01.1.#%0N!U.!+45'*1.&2+.![-%!#.!+&1%F*.2+K&!*%.#!(%#!
!
STT
%\1*.&C%*'!%&!#.!0'2+%(.(!%05.6'#.!1+%&%!5.*.!%#!<\+1'!(%!#.!F%01+K&!(%#!Z%&K4%&'!4+F*.1'*+'!%&!
"05.6.3!G!%#!Z-&(.4%&1.#!5.5%#![-%3!%&!1'*&'!.!(+2@.!+&1%F*.2+K&3!1+%&%&!#.0!5'#81+2.0!0'2+.#%0!
##%D.(.0!.!2.,'!5'*!#.0!/'4-&+(.(%0!L-1K&'4.03!0%!*%Z#%C.!%&!#.!&'*4.1+D.!%05.6'#.!D+F%&1%!
%&!4.1%*+.!(%!+&4+F*.2+K&3![-%3!5*+&2+5.#4%&1%!2'&Z+F-*.(.!5'*!#.!U%G!V*F?&+2.!QWSPPP3!(%!
XX!(%!%&%*'3!0',*%!(%*%2@'0!G!#+,%*1.(%0!(%!#'0!%\1*.&C%*'0!%&!"05.6.!G!0-!+&1%F*.2+K&!0'2+.#3!
%&!#.!*%(.22+K&!(.(.!5'*!#.0!U%G%0!V*F?&+2.0!OWSPPP3!XXWSPP]!G!XQWSPP]3!G!5'*!%#!*%F#.4%&1'!
(%!(+2@.!U%G3!.5*',.('!5'*!H%.#!E%2*%1'!S]Y]WSPPQ3!(%!]P!(%!(+2+%4,*%3!%01.,#%2%!(+D%*0'0!
2.-2%0! (%! 2'#.,'*.2+K&! %&1*%! "01.('! G! /'4-&+(.(%0! L-1K&'4.03! %&1*%! #'0! [-%! 5'(*8.&!
(%01.2.*0%!#'0!(%!#.!(+05'0+2+K&!.(+2+'&.#!0%F-&(.!G!(%!#'0!.*10N!TO!G!_PN!
!
U.!2+1.(.!U%G!V*F?&+2.!@.!*%2'&'2+('!#.!2'45%1%&2+.!.-1'&K4+2.3!G!1.4,+<&!#'2.#3!%&!
#.! +&1%F*.2+K&! 0'2+.#! G! #.,'*.#! (%! #'0! +&4+F*.&1%0! 2-.&('! %&! 0-! .*1N! TO! 5#.&1%.! #.! .(%2-.(.!
2''*(+&.2+K&! (%! #.0! .21-.2+'&%0! (%! #.0! L(4+&+01*.2+'&%0! 5M,#+2.0! 2'&! 2'45%1%&2+.! 0',*%! #.!
+&1%F*.2+K&! (%! #'0! +&4+F*.&1%03! (%,+%&('! %&1%&(%*0%! #.! 4%&2+K&! %\5#82+1.! (%! 1.#! 5*%2%51'! .#!
`%01.,#%2+4+%&1'! (%! #.0! ,.0%0! G! 2*+1%*+'0! 0',*%! #'0! [-%! 0%! .0%&1.*?! -&.! 5'#81+2.! F#',.#! %&!
4.1%*+.!(%!+&1%F*.2+K&!0'2+.#!G!#.,'*.#!(%!#'0!+&4+F*.&1%0a!(%0(%!%#!#-F.*!Z-&(.4%&1.#![-%!#.!
5*'5+.! U%G! *%2'&'2%! .! #.! +&1%F*.2+K&! 0'2+.#3! (%! 4'('! [-%! 5*?21+2.4%&1%! 1'(.! .21-.2+K&!
*%#%D.&1%! (%! %\1*.&C%*8.! 0%! *%Z+%*%! .! %01%! %#%4%&1'3! [-%! Z-&(.4%&1.! .08! -&.! 5.*1+2+5.2+K&!
F%&%*.#! (%! #.0! /'4-&+(.(%0! L-1K&'4.0! G! #'0! *%5*%0%&1.&1%0! (%! #'0! %&1%0! #'2.#%0N! >%!
',0%*D.*8.! 2'&! #'! %\5-%01'! [-%! #.! .21-.2+K&! .-1'&K4+2.! %&! %#! ?4,+1'! (%! #.! +&4+F*.2+K&! &'!
5.*%2%!.F'1.*0%!%&!%#!%C%*2+2+'!(%!0-0!5*'5+.0!2'45%1%&2+.03!0+&'![-%!%#!"01.('!@.,*8.!D%&+('!
.!.,*+*!(+D%*0.0!Z'*4.0!(%!5.*1+2+5.2+K&!5*'2%(+4%&1.#!(%!#.0!/'4-&+(.(%0!L-1K&'4.0!%&!0-0!
(%2+0+'&%0! 0',*%! 5'#81+2.! 4+F*.1'*+.N! $.*1+%&('! (%! #.! 2'&0+(%*.2+K&! (%! [-%! #.! 5.*1+2+5.2+K&!
.-1'&K4+2.! %&! 1.#%0! (%2+0+'&%0! .5.*%2%! *%01*+&F+(.! .! #.0! [-%! 1%&F.&! %05%2+.#! 1*.02%&(%&2+.!
5.*.! /.1.#-6.3! *%Z%*%&2+.! [-%! C-01+Z+2.! .2-(+*! .! (+2@.! 5.*1+2+5.2+K&! 2'4'! 4%2.&+04'!
2''5%*.1+D'3! 5*'2%(%*8.! *%2@.=.*! #.! 1.2@.! (%! +&2'&01+1-2+'&.#+(.(! [-%! 0%! Z'*4-#.! 2'&1*.! %#!
.5.*1.('! ]3! [-%3! 5'*! '1*'! #.('3! 0%! #+4+1.! .! *%Z#%C.*! #.! &%2%0+(.(! (%! 2''*(+&.2+K&! 5-%01.! (%!
4.&+Z+%01'!5'*!#.!#%F+0#.2+K&!%01.1.#!G![-%!2'&Z8.!Z+&.#4%&1%!#.!*%F-#.2+K&!(%!%01.!5*%D+0+K&!(%!
5.*1+2+5.2+K&!.!#'![-%!(+05'&F.&!#.0!#%G%0!%01.1.#%0!g.*1N!X_QN!]!"L/cN!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!.#%F.3!5'*!0-!5.*1%3![-%!.#!%#.,'*.*!%#!.*1N!XQYNX!/"!#'0!
4'D+4+%&1'0! 4+F*.1'*+'0! 0%! 5*'(-28.&! %&! "05.6.! %\2#-0+D.4%&1%! @.2+.! %#! %\1%*+'*3! 0+%&('!
%D+(%&1%!%#!2.4,+'!%\5%*+4%&1.('!%&!#.!M#1+4.!(<2.(.3!.08!2'4'!%#!@%2@'!(%![-%3!C-&1'!.!#.!
D%*1+%&1%!@+01K*+2.!(%#!2'&1*'#!(%!Z*'&1%*.03!%&1*.!.@'*.!%&!C-%F'!-&.!5'#81+2.!(%!+&0%*2+K&!(%!
!
ST_
+&4+F*.&1%03!2'&!#.0!2'&0+F-+%&1%0!5*%D+0+'&%0!(%!2.*?21%*!#.,'*.#3!.0+01%&2+.#!G!(%!5*'4'2+K&!
5%*0'&.#N! U.! +&1%*D%&2+K&! (%! #.0! (+D%*0.0! L(4+&+01*.2+'&%0! 5M,#+2.0! %&! %01%! ?4,+1'! 0%*8.!
%D+(%&1%3! 2'4'! 1.4,+<&! [-%! #.! `5*+4%*.! .2'F+(.a! '! #.! 5'#81+2.! (%! +&1%F*.2+K&! 0K#'! 5-%(%&!
*%Z%*+*0%! .! #.! +&4+F*.2+K&! G! &'! 2.,%! 5'01-#.*#.0! (%! #.! 5',#.2+K&! %&! F%&%*.#3! 2'4'! 0%!
5*%1%&(%*8.!%&!#.!(%4.&(.N!
!
"0! %&! %#! .5.*1.('! X! ('&(%! 0%! 2'&1+%&%&! %0.0! ('0! 5*%D+0+'&%03! [-%! &'! .Z%21.*8.&! .#!
&M2#%'! (-*'! (%! #.! 4.1%*+.! +&4+F*.2+K&! *%0%*D.(.! .#! "01.('! G3! %&! 2'&2*%1'3! .#! 2'&1*'#! (%!
Z*'&1%*.0!G!.!#.!%&1*.(.!G!*%0+(%&2+.!(%!%\1*.&C%*'0!%&!1%**+1'*+'!%05.6'#N!L21-.#4%&1%!0'&!#.0!
L(4+&+01*.2+'&%0!1%**+1'*+.#%0!#.0![-%!.21M.&!%&!%01'0!?4,+1'03!0+&!5.*1+2+5.2+K&!(%#!"01.('N!L!
4.G'*!.,-&(.4+%&1'!0%!.Z+*4.![-%!#.0!',C%2+'&%0!(%#!*%2-*0'!5*'5+.4%&1%!1+%&%&![-%!D%*!2'&!
#.!-,+2.2+K&!(%#!2'&1%&+('!(%#!.5.*1.('!X!%&!-&!5*%2%51'!0',*%!+&4+F*.2+K&N!
!
"#! .5.*1.('! S! 0%! 2'&%21.! 2'&! #.! 2'45%1%&2+.! %C%2-1+D.! %&! 4.1%*+.! (%! 1*.,.C'! G!
*%#.2+'&%0! #.,'*.#%0! .0-4+(.! 5'*! %#! .*1N! X_P3! [-%! G.! Z+F-*.,.! %&! %#! .*1N! XXNS! (%#! "01.1-1'! (%!
XY_YN! "0%! 1*.(+2+'&.#! 5.5%#! %C%2-1+D'! (%! #.! L(4+&+01*.2+K&! .-1'&K4+2.! 0%! .0-4%! 2'&! -&.!
+45'*1.&1%! 2'&(+2+K&3! #+F.(.! .! #.! 2'45#%C+(.(! (%#! Z%&K4%&'! (%! #.! +&4+F*.2+K&3! 2-.#! %0! #.!
&%2%0.*+.! 2''*(+&.2+K&! 2'&! %#! "01.('! G! 0-0! (%2+0+'&%0! 0',*%! %&1*.(.! G! *%0+(%&2+.! (%!
%\1*.&C%*'0N!E+2@.!2''*(+&.2+K&!(+0+5.*8.!2-.#[-+%*!(-(.!0',*%!%#!*%05%1'!.!#.0!2'45%1%&2+.0!
%01.1.#%0N! $'*! '1*'! #.('3! .#! +F-.#! [-%! 0-2%(%! 2'&! #.! 0.&+(.(! '! #.! %(-2.2+K&3! 1.45'2'! %&! #'!
#.,'*.#!5-%(%!5*+D.*0%!.!#.!:%&%*.#+1.1!(%!-&.!5.*1%!2'&0+(%*.,#%!(%!#.!2'45%1%&2+.!%C%2-1+D.!
5'*!%#!0'#'!@%2@'!(%![-%!#'0!-0-.*+'0!(%!#'0!0%*D+2+'0!0%.&!+&4+F*.&1%0N!
!
>'01+%&%! %#! "C%2-1+D'! 2.1.#?&! [-%! #.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! %&! #.0! (%2+0+'&%0!
0',*%! +&4+F*.2+K&! %05%2+.#4%&1%! *%#%D.&1%0! 5.*.! /.1.#-6.! 5*%D+01.! %&! %#! .*1N! X]ON]! &'! 0%!
.Z+*4.! 2'4'! D+&2-#.&1%3! 5'*! #'! [-%! &'! +&D.(%! &+! 4%&'02.,.! &+&F-&.! 2'45%1%&2+.! %01.1.#N!
L(%4?0!%&2'&1*.*8.!Z-&(.4%&1'!%&!#.0!2'45%1%&2+.0!.-1'&K4+2.0!%&!4.1%*+.!#.,'*.#3!G.![-%!
%#!2'&1+&F%&1%!%0!(%!1*.,.C.('*%0!%\1*.&C%*'0!G!%0!#.!:%&%*.#+1.1![-+%&!5-%(%!'Z*%2%*!#'0!(.1'0!
(%!0+1-.2+K&!G!&%2%0+(.(%0!5.*.!#.!Z+C.2+K&!(%!%0%!2'&1+&F%&1%N!
!
(c!"#!$.*#.4%&1'!2.1.#?&3!1*.0!-&.0!2'&0+(%*.2+'&%0!F%&%*.#%0!0',*%!%#!Z%&K4%&'!(%!#.!
+&4+F*.2+K&3!%\.4+&.!%#!.5.*1.('!X!(%#!.*1N!X]O3!0'01%&+%&('![-%!%0!.*,+1*.*+'!*%2@.=.*![-%!#.0!
+&1%*D%&2+'&%0! (%! #.0! L(4+&+01*.2+'&%0! &'! %01.1.#%0! *%05%21'! .! #.! +&4+F*.2+K&! 5-%(.&!
2',+C.*0%!,.C'!#.!(%&'4+&.2+K&!(%!2'45%1%&2+.!%\2#-0+D.!G![-%!#.!(+05'0+2+K&!%01.1-1.*+.!&'!
!
STO
.Z%21.*8.!.#!&M2#%'!(-*'!(%!#.!4.1%*+.!+&4+F*.2+K&!*%0%*D.('!.#!"01.('3!%0!(%2+*3!.#!2'&1*'#!(%!
Z*'&1%*.0!G!.!#.!%&1*.(.!G!*%0+(%&2+.!(%!%\1*.&C%*'0N!
!
"#!.5.*1.('!S!*%Z#%C.*8.!%#!1*.(+2+'&.#!5.5%#!%C%2-1+D'!(%!#.!L(4+&+01*.2+K&!.-1'&K4+2.!
%&!%#!2.45'!#.,'*.#!2'&!-&.!+45'*1.&1%!2'&(+2+K&3!#+F.(.!.!#.!2'45#%C+(.(!(%#!Z%&K4%&'!(%!#.!
+&4+F*.2+K&d! (%,%! @.2%*0%! %&! &%2%0.*+.! 2''*(+&.2+K&! 2'&! %#! "01.('! G! 2'&! 0-0! (%2+0+'&%0!
2'&2*%1.0! 0',*%! %&1*.(.! G! *%0+(%&2+.! (%! %\1*.&C%*'03! 2'&! #'! [-%! [-%(.*8.! .! 0.#D'! #.!
2'45%1%&2+.!%01.1.#N!
!
"#!.5.*1.('!]!%&2'&1*.*8.!.5'G'!%&!#.0!2'45%1%&2+.0!.-1'&K4+2.0!%&!4.1%*+.!#.,'*.#3!
G.! [-%! 0%! *%Z+%*%! .#! 2'&1+&F%&1%! (%! 1*.,.C.('*%0! %\1*.&C%*'03! G! #.! :%&%*.#+1.13! 2'4'!
L(4+&+01*.2+K&! #.,'*.#3! %0! #.! [-%! 5-%(%! 5*%0%&1.*! .#! "01.('! #'0! (.1'0! (%! 0+1-.2+K&! G!
&%2%0+(.(%0!5.*.!Z+C.*#'N!
!
_TN! .c! E%! .2-%*('! 2'&! %#! .*182-#'! X]YNX! gb&(-01*+.3! .*1%0.&8.3! 2'&1*'#! 4%1*'#KF+2'! G!
2'&1*.01%! (%! 4%1.#%0c3! #.! 2'45%1%&2+.! %\2#-0+D.! (%! #.! :%&%*.#+1.1! %&! 4.1%*+.! (%! +&(-01*+.!
`+&2#-G%3! %&! 1'('! 2.0'3! #.! '*(%&.2+K&! (%! #'0! 0%21'*%0! G! (%! #'0! 5*'2%0'0! +&(-01*+.#%0! %&!
/.1.#-6.3!#.!0%F-*+(.(!(%!#.0!.21+D+(.(%03!(%!#.0!+&01.#.2+'&%03!(%!#'0!%[-+5'03!(%!#'0!5*'2%0'0!
G! (%! #'0! 5*'(-21'0! +&(-01*+.#%03! G! #.! *%F-#.2+K&! (%! #.0! .21+D+(.(%0! +&(-01*+.#%0! [-%! 5-%(.&!
5*'(-2+*! +45.21'! %&! #.! 0%F-*+(.(! '! 0.#-(! (%! #.0! 5%*0'&.0aN! L#%F.&! #'0! (%4.&(.&1%0! [-%! #.!
'4+0+K&! (%! #.! +&(-01*+.! %&! %#! #+01.('! (%#! .*1N! XQYNX! /"! &'! 0-5'&%! [-%! %#! "01.('! 2.*%=2.! (%!
2'45%1%&2+.0! 2'&! +&2+(%&2+.! (+*%21.! %&! %0.! 4.1%*+.3! (%01.2.(.4%&1%! #.! *%2'F+(.! %&! %#! .*1N!
XQYNXNX]!/"3!2'4'!.(4+1%&3!5'*!1'(.03!#.0!>>)/!YRWXYOT3!(%!XP!(%!C-#+'e!G!XOTWXYOO3!(%!X_!
(%!'21-,*%N!"01'!0%&1.('!i2'&1+&M.!%#!*%2-*0'i3!G!5'*!#'![-%!@.2%!.!#.!0%F-*+(.(!+&(-01*+.#3!
0%!.Z+*4.![-%!0-!+&2+(%&2+.!%&!#.!2'45%1+1+D+(.(!(%!#.0!%45*%0.0!G!#.!&%2%0+(.(!(%![-%3!5'*!
*.='&%0! (%! '*(%&! %-*'5%'! 2'4-&+1.*+'3! #.! 5'#81+2.! (%! 0%F-*+(.(! +&(-01*+.#! 0%.! 48&+4.4%&1%!
-&+Z'*4%! %&! 1'('! %#! "01.('3! 0'&! Z.21'*%0! [-%! (%1%*4+&.&! [-%3! 0+&! 5%*C-+2+'! (%! #.0!
2'45%1%&2+.0! .-1'&K4+2.03! %#! "01.('! (%,.! +&1%*D%&+*! %&! #.! 4.1%*+.3! 2'4'! @.! *%2'&'2+('! #.!
C-*+05*-(%&2+.! g>)/! SP]WXYYS3! (%! ST! (%! &'D+%4,*%3! ^;! ]cN! $'*! %##'! 0%*8.! %D+(%&1%! [-%! #.!
%\2#-0+D+(.(!(%!#.!2'45%1%&2+.!.1*+,-+(.!%&!%#!.*1N!X]YNX!%0!+&2'&01+1-2+'&.#!5'*!(%02'&'2%*!#.!
[-%!.#!"01.('!*%2'&'2%!%#!.*1N!XQYNXNX]!/"N!
!
,c! >%FM&! %&1+%&(%! %#! L,'F.('! (%#! "01.('! #.! .*F-4%&1.2+K&! (%! #.! (%4.&(.! *%0-#1.!
0-4.4%&1%!+&2'&0+01%&1%3!.#!.2@.2.*!.#!5*%2%51'!%#!(%02'&'2+4+%&1'!(%!#.!2'45%1%&2+.!%01.1.#!
!
STY
(%*+D.(.!(%#!.*1N!XQYNXNX]!/"N!>+&!'#D+(.*!#.!0.#D%(.(![-%!(+2@'!.5.*1.('!X!+&1*'(-2%!*%05%21'!
.! #.! 2'45%1%&2+.! %\2#-0+D.! .-1'&K4+2.! [-%! &'0! '2-5.! G! [-%! *%4+1%! .#! .5.*1.('! S3! 2'&!
5*'2#.4.2+K&!%\5*%0.!(%#!*%05%1'![-%!.!#.!2'45%1%&2+.!%01.1.#!(%#!.*1N!XQYNXNX]!/"!*%2#.4.&!
#'0! *%2-**%&1%03! *%2-%*(.! %#! L,'F.('! (%#! "01.('3! -&.! D%=! 4?03! [-%3! 5%0%! .! 0-! &'! 4%&2+K&!
%\5#82+1.3!#.!2'45%1%&2+.!.-1'&K4+2.!%&! 4.1%*+.!(%!+&(-01*+.!0%!@.##.!0'4%1+(.!.!#'0!#84+1%0!
(%*+D.('0!(%!'1*.0!2#?-0-#.0!.1*+,-1+D.0!(%!2'45%1%&2+.03!2'**%05'&(+%&('!.!%01%!)*+,-&.#!#.!
Z+C.2+K&! (%! Z*'&1%*.0! %&1*%! (+01+&1'0! 181-#'0! 2'45%1%&2+.#%0N! "&! 1'('! 2.0'! #.! *%#.2+K&! (%!
0-,4.1%*+.0! [-%! %#! .*1N! X]YNX! %01.,#%2%! %&! '*(%&! .! (%#+4+1.*! %#! &M2#%'! Z-&(.4%&1.#! (%! #.!
2'45%1%&2+.! %\2#-0+D.! (%! #.! :%&%*.#+1.1! %&! %01.! 4.1%*+.! 2'&01+1-+*8.! Z+%#! *%Z#%C'! (%#!
2'&Z'*4.('!2'4'!1.#!5'*!#.!C-*+05*-(%&2+.!g%&1*%!'1*.03!>)/!SP]WXYYS3!(%!ST!(%!&'D+%4,*%3!
^;! Sc3! (%! #.! [-%! 0%! (%05*%&(%*8.! [-%! #.! 2'45%1%&2+.! .-1'&K4+2.! %&! 4.1%*+.! (%! +&(-01*+.!
Z.2-#1.! .! 0-0! 1+1-#.*%03! &'! 0K#'! .! *%F-#.*! #'0! 5*'2%0'0! +&(-01*+.#%0! '! (%! Z.,*+2.2+K&3! 0+&'!
1.4,+<&! .! '*(%&.*! #'0! 0%21'*%0! +&(-01*+.#%03! #'! 2-.#! +&2#-+*8.! #.! -1+#+=.2+K&! (%! 5'1%01.(%0!
&'*4.1+D.0N!
!
H%05%21'! .#! .*F-4%&1'! +&D'2.('! (%! 2'&1*.*+'! 5.*.! 4.&+Z%01.*! #.! &%2%0+(.(! (%!
+&1%*D%&2+K&!%01.1.#!%&!4.1%*+.!(%!0%F-*+(.(!+&(-01*+.#3!*%2-%*(.!%#!L,'F.('!(%#!"01.('![-%!%&!
#.! >)/! ]X]WXYYQ3! (%! SQ! (%! &'D+%4,*%3! 0%! 2'&2#-GK! [-%! %01.,#%2%*! #.0! 2'&(+2+'&%0! (%!
0%F-*+(.(! [-%! (%,%&! 5'0%%*! #'0! 5*'(-21'0! +&(-01*+.#%0! [-%! 5*%1%&(.&! -1+#+=.*0%! %&! "05.6.! G!
F.*.&1+=.*! %#! 2-45#+4+%&1'! (%! %01.0! &'*4.0! 5%*1%&%2%! %&! 5*+&2+5+'! .! #.! 4.1%*+.! 0%F-*+(.(!
+&(-01*+.#! g^;! Sc3! 2'**%05'&(+%&('! .#! "01.('! %01.,#%2%*! #.0! *%F#.4%&1.2+'&%0! 1<2&+2.0! %&! #.0!
[-%! 0%! 5*%2+0%&! 1.#%0! 2'&(+2+'&%0! (%! 0%F-*+(.(N! "&! 2.4,+'! 2'**%05'&(%! .! #.! 2'45%1%&2+.!
%C%2-1+D.! .1*+,-+(.! .! #.! /'4-&+(.(! L-1K&'4.! #.! 2%*1+Z+2.2+K&3! 2.0'! .! 2.0'3! (%! [-%! .! -&!
5*'(-21'!2'&2*%1'!#%!%0!(%!.5#+2.2+K&!-&.!&'*4.1+D.![-%!@.!0+('!2'&0+(%*.(.!%[-+D.#%&1%!%&!
&+D%#!(%!0%F-*+(.(!.!#.!&'*4.1+D.!%05.6'#.!@'4K#'F.!g^;!]cN!$-%0!,+%&3!.Z+*4.!%#!L,'F.('!(%#!
"01.('! [-%! 2-.&('! #.! *%Z%*+(.! >%&1%&2+.! 0%! (+21K! G.! '01%&1.,.! #.! :%&%*.#+1.1! 2'45%1%&2+.!
%\2#-0+D.! 0',*%! +&(-01*+.3! 0+&! [-%3! 5'*! 1.&1'3! 5-%(.! @'G! %&1%&(%*0%! [-%! #.! %\2#-0+D+(.(!
2'45%1%&2+.#!.-1'&K4+2.!0',*%!#.!4.1%*+.![-%!(%2#.*.!%#!.*1N!X]YNX!+45#+[-%!(%02'&'2%*!(+2@.!
('21*+&.!2'&01+1-2+'&.#N!k'!@.,*8.!(-(.3!5'*!1.&1'3!(%!#.!5#%&.!2'&01+1-2+'&.#+(.(!(%#!5*%2%51'3!
.#!+F-.#![-%!&'!#.!@.!@.,+('!%&!*%#.2+K&!2'&!0-!%[-+D.#%&1%!(%#!"01.1-1'!(%!XY_YN!"&!1'('!2.0'!
.#%F.!%#!*%5*%0%&1.&1%!(%#!:',+%*&'![-%!&'!0%!5-%(%!'#D+(.*![-%!%&!#.!0-,4.1%*+.!0%F-*+(.(!
+&(-01*+.#! +&2+(%! %#! 181-#'! %01.1.#! 0',*%! #.! 5#.&+Z+2.2+K&! F%&%*.#! (%! #.! .21+D+(.(! %2'&K4+2.! G!
1.4,+<&!%#!181-#'!2'45%1%&2+.#!2'&0.F*.('!%&!%#!.*1N!XQYNXNX!/"N!
!
!
S_P
2c! >'01+%&%! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! #.! +45-F&.2+K&! (%! #'0! .21'*%0! 0%!
2+*2-&02*+,%! %&! *%.#+(.(! .#! .5.*1.('! X! (%#! .*1N! X]Y! G! [-%! 0-0! .#%F.2+'&%03! 2%6+(.0! 2.0+!
%\2#-0+D.4%&1%!.!#.!0-,4.1%*+.!0%F-*+(.(!+&(-01*+.#3!5.*%2%&!@.,%*0%!Z'*4-#.('!.&1%0!(%!#%%*!
%#! .5.*1.('! S3! ('&(%! 0%! %05%2+Z+2.! [-%! #.! 2'45%1%&2+.! .-1'&K4+2.! #'! %0! `%&! %#! 4.*2'! (%! #.!
5#.&+Z+2.2+K&! F%&%*.#! (%! #.! %2'&'48.a3! [-%(.&('! .08! .! 0.#D'! #.! 2'45%1%&2+.! %01.1.#! (%#! .*1N!
XQYNXNX]!/"N!
!
B.01.!.@'*.!i2'&1+&M.!%#!"C%2-1+D'!2.1.#?&i!#.!2'45%1%&2+.!&'*4.1+D.!%&!4.1%*+.!(%!
0%F-*+(.(! +&(-01*+.#! 2'**%05'&(8.! .#! "01.('! 5'*! #.! 0.#D%(.(! %\5*%0.! (%#! .*1N! XSNX! Sc! (%#!
"01.1-1'!(%!XY_Y3!5-%0!#.!/'&01+1-2+K&!&'!*%0%*D.!2'45%1%&2+.!.#F-&.!.#!"01.('!%&!+&(-01*+.!
&+!%&!0%F-*+(.(!+&(-01*+.#N!"&!#.!>)/!]X]WXYYQ3!(%!SQ!(%!&'D+%4,*%3!^;!]3!('&(%!0%!*%2'F%!
%01%!*%5.*1'!2'45%1%&2+.#!`2'4'!5*'2%(%&1%!(%#!"01.1-1'a3!0%!@.,#.!(%!<#!2'4'!#.!&'*4.![-%!
%\5*%0.!#.!`D'#-&1.(!(%#!"01.('a3!#'![-%!1+%&%!+45'*1.&2+.!2.5+1.#!5'*[-%!.@'*.!%01.4'0!.&1%!
-&.!(+01+&1.!(+01*+,-2+K&!(%!Z-&2+'&%03!1.4,+<&!(+0%6.(.!5'*!%#!"01.1-1'!G3!5'*!1.&1'3!1.4,+<&!
5'*!D'#-&1.(!(%#!"01.('N!
!
H%05%21'! (%! #.! 2'&0%2-2+K&! (%! #.! #+,*%! 2+*2-#.2+K&! (%! 4%*2.&28.0! %&! %#! 0%&'! (%! #.!
h&+K&!"-*'5%.!0%!*%2-%*(.![-%!0'&!#.0!5*'5+.0!&'*4.0!%-*'5%.0!#.0![-%!D%#.&!5'*!#.!&%2%0.*+.!
2'+&2+(%&2+.! (%! 2*+1%*+'0! .#! *%05%21'3! G! [-%! %0.0! &'*4.0! 2'4-&+1.*+.0! D+&2-#.&3! G! @.01.!
%\1*%4'0! (%! (%1.##%3! 1.&1'! .#! #%F+0#.('*! %01.1.#! 2'4'! .#! .-1'&K4+2'N! E%! '1*'! #.('3! 2'4'! @.!
(%01.2.('!%#!)*+,-&.#!/'&01+1-2+'&.#!g5'*!1'(.03!>)/!]]WSPPR3!(%!X_!(%!Z%,*%*'c3!%#!E%*%2@'!
%-*'5%'! &'! 5-%(%! 0%*D+*! 5.*.! .#1%*.*! #.0! *%F#.0! 2'45%1%&2+.#%0! %&1*%! %#! "01.('! G! #.0!
/'4-&+(.(%0!L-1K&'4.0N!
!
"&!2'&2#-0+K&3!0%!.Z+*4.![-%!&.(.!+45+(%![-%!%#!#%F+0#.('*!%01.1-1.*+'!5-%(.! .0-4+*!
-&.! 2'45%1%&2+.! &'! *%0%*D.(.! .#! "01.('! 5'*! %#! .*1N! XQYNX! /"3! G! %##'! 5'*! %\5*%0'! (%0%'! (%#!
2'&01+1-G%&1%!(%!.2-%*('!2'&!#'0!.*10N!XQYN]3!XRX!G!#.!(+05'0+2+K&!1*.&0+1'*+.!0%F-&(.!/"N!
!
(c!U.!*%5*%0%&1.2+K&!(%#!$.*#.4%&1'!(%!/.1.#-6.!2'&0+(%*.![-%!%#!181-#'!2'45%1%&2+.#!
2'&1%&+('!%&!%#!.*1N!XQYNXNX]!/"!&'!1+%&%!%Z%21'0!%\5.&0+D'03!0+&'![-%!@.!(%!0%*!+&1%*5*%1.('!
(%! 4.&%*.! *%01*+21+D.! g>>)/! XSRWXYOQ3! (%! SP! (%! (+2+%4,*%e! G! _RWXYOY3! (%! SX! (%! .,*+#cN! "&!
1'('! 2.0'! %#! #%F+0#.('*! %01.1-G%&1%! @.,*8.! 0+('! 5#%&.4%&1%! *%05%1-'0'! 2'&! (+2@'! 181-#'!
2'45%1%&2+.#N!U.!2'45%1%&2+.!%\2#-0+D.![-%!%&!4.1%*+.!(%!+&(-01*+.!0%!*%2'&'2%!.!Z.D'*!(%!#.!
:%&%*.#+1.1!%&!%#!.5.*1.('!X!(%,%*8.!%&1%&(%*0%!0+&!5%*C-+2+'!(%!#.!2'45%1%&2+.!*%2'&'2+(.!.#!
!
S_X
"01.('!%&!%#!4.*2'!(%!#.!5#.&+Z+2.2+K&!F%&%*.#!(%!#.!%2'&'48.!5*%D+01.!%&!%#!.5.*1.('!S3!(%!
4'('![-%!%#!"01.('!%01.,#%2%*?!#.0!,.0%0!2'4'!5*+&2+5+'0!'!48&+4'!2'4M&!(%&'4+&.('*!%&!
4.1%*+.! (%! +&(-01*+.N! "#! 5*%2%51'3! 5'*! 1.&1'3! 0K#'! .1*+,-+*8.! .! #.! :%&%*.#+1.1! 2'45%1%&2+.0! %&!
4.1%*+.!(%!+&(-01*+.!%&!.[-%##.!5.*1%!&'!*%0%*D.(.!.#!"01.('N!
!
__N!.c!"#!.*182-#'!XQP!gb&Z*.%01*-21-*.0!(%#!1*.&05'*1%!G!#.0!2'4-&+2.2+'&%0c!.1*+,-G%!.!
#.! :%&%*.#+1.13! %&! 0-! .5.*1.('! X3! `#.! 2'45%1%&2+.! %\2#-0+D.! 0',*%! 5-%*1'03! .%*'5-%*1'03!
@%#+5-%*1'0!G!(%4?0!+&Z*.%01*-21-*.0!(%!1*.&05'*1%!%&!%#!1%**+1'*+'!(%!/.1.#-6.![-%!&'!1%&F.&!#.!
2.#+Z+2.2+K&! #%F.#! (%! +&1%*<0! F%&%*.#a3! 5*%2+0?&('0%! .! 2'&1+&-.2+K&! #'0! .05%21'0! [-%! (+2@.!
2'45%1%&2+.! +&2#-G%! `%&! 1'('! 2.0'aN! $.*.! #'0! *%2-**%&1%0! #.! %\2#-0+D+(.(! (%! #.! 2'45%1%&2+.!
.-1'&K4+2.! &'! 5-%(%! (%05#.=.*! .! #.0! 2'45%1%&2+.0! (%#! "01.('! [-%3! 0%FM&! #.! C-*+05*-(%&2+.3!
+&2+(%&! (+*%21.4%&1%! %&! #.! 4.1%*+.! (%! ',*.0! 5M,#+2.0! G3! %&! 5.*1+2-#.*3! %&! .#F-&.0! (%! #.0!
2-%01+'&%0![-%!0%!5'*4%&'*+=.&!%&!#'0!(+D%*0'0!.5.*1.('0!(%!%01%!.*1N!XQPNX!(%#!"01.1-1'N!"&1*%!
%0.0! 2'45%1%&2+.0! %01.1.#%03! .(%4?0! (%! #.0!*%#.1+D.0! .! (%Z%&0.! g.*1N! XQYNXNQ! /"c3! #%F+0#.2+K&!
4%*2.&1+#! g.*1N! XQYNXNT! /"c3! #%F+0#.2+K&! 2+D+#! g.*1N! XQYNXNO! /"c! G! 2'&1*.1'0! G! 2'&2%0+'&%0!
.(4+&+01*.1+D.0!g.*1N!XQYNXNXO!/"c3!(%01.2.!#.!*%0%*D.(.!.#!"01.('!%&!%#!.*1N!XQYNXNX]!/"3![-%!
#%!@.,+#+1.!5.*.!2''*(+&.*!#'0!5#.&%0!.-1'&K4+2'0!2'&!#.0!5*%D+0+'&%0!(%!#'0!5#.&%0!(%!',*.0!
5M,#+2.0! (%! +&1%*<0! F%&%*.#! l>)/! TRWXYYO3! (%! XO! (%! 4.*='3! ^;! _! .cm! G! [-%! &%2%0.*+.4%&1%!
4'(-#.!%#!.#2.&2%![-%!0%!*%2'&'2%!.!#.!%\2#-0+D+(.(!(%!#.!2'45%1%&2+.!2'&Z%*+(.!%&!%01%!.*1N!
XQPNX!(%#!"01.1-1'N!
!
$%0%!.!#'!.&1%*+'*3!.#%F.&!#'0!(%4.&(.&1%03!#'0!.5.*1.('0!S3!]3!Q3!R!G!T!(%#!4+04'!.*1N!
XQP! +45'&%&! #.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! i2'&! (+01+&1'! .#2.&2%! 0%FM&! #'0! 2.0'0i! %&!
.0-&1'0!2'&01+1-2+'&.#4%&1%!.1*+,-+('0!.!#.!2'45%1%&2+.!(%#!"01.('3!+&0+01+<&('0%!%&![-%!1.#%0!
+45'0+2+'&%0! 0'&! &%2%0.*+.4%&1%! +&2'&01+1-2+'&.#%0N! $'*! 0-! #.('! %#! .5.*1.('! _! .1*+,-G%! .! #.!
:%&%*.#+1.13!`(%!.2-%*('!2'&!#.!&'*4.1+D.!(%#!"01.('3!#.!2'45%1%&2+.!%C%2-1+D.!%&!4.1%*+.!(%!
2'4-&+2.2+'&%0! %#%21*K&+2.03! [-%! +&2#-G%! %&! 1'('! 2.0'a! -&.! 0%*+%! (%! 2-%01+'&%0! [-%! .!
2'&1+&-.2+K&! 0%! *%#.2+'&.&N! LZ+*4.&! #'0! *%2-**%&1%0! [-%! %#! 2'&2%51'! `2'4-&+2.2+'&%0!
%#%21*K&+2.0a! @.! 0+('! .2-6.('! 5'*! %#! E%*%2@'! 2'4-&+1.*+'! gE+*%21+D.! SPPSWSPW/"3! (%#!
$.*#.4%&1'! "-*'5%'! G! (%#! /'&0%C'3! (%! _! (%! 4.*='! (%! SPPSc! G! @.! (%! 0-,0-4+*0%! %&! %#! 4?0!
F%&%*.#!(%!`1%#%2'4-&+2.2+'&%0a3!0+%&('!%01.!4.1%*+.!(%!#.!%\2#-0+D.!2'45%1%&2+.!(%#!"01.('!
%&!D+*1-(!(%#!.*1N!XQYNXNSX!/"3!1.#!G!2'4'!0%!@.!*%2'&'2+('3!%&1*%!'1*.03!%&!#.!>)/!SQQWXYY]3!
(%!XR!(%!C-#+'3!^;!SN!
!
!
S_S
"0.! 2'45%1%&2+.! %\2#-0+D.! (%#! "01.('! +45%(+*8.! *%2'&'2%*! .! #.! :%&%*.#+1.1!
2'45%1%&2+.0! 5.*.! `5*'4'D%*! #.! %\+01%&2+.! (%! -&! 2'&C-&1'! 48&+4'! (%! 0%*D+2+'0! (%! .22%0'!
-&+D%*0.#a! l.5.*1.('! _! .cm3! *%0'#D%*! `2'&Z#+21'0! %&1*%! '5%*.('*%0! (%! *.(+'(+Z-0+K&! [-%!
2'45.*1.&! 4M#1+5#%\! (%! 2',%*1-*.! &'! 0-5%*+'*! .#! 1%**+1'*+'! (%! /.1.#-6.a! l.5.*1.('! _! 2cm! '!
F%01+'&.*! %#! `*%F+01*'! (%! p! F%01'*%0! (%! 4M#1+5#%\! (%! ?4,+1'! &'! 0-5%*+'*! .#! 1%**+1'*+'! (%!
/.1.#-6.a! l.5.*1.('! _! (cmN! >+%&('! (%! ',0%*D.*3! 5'*! #'! [-%! @.2%! .#! ##.4.('! `4M#1+5#%\a! '!
`4M#1+5#%!(+F+1.#a3![-%3!5'*!1*.1.*0%!(%!-&.!0%6.#!(%!1*.&04+0+K&3!#.0!Z-&2+'&%0![-%!#%!.Z%21.&!
0%!+&1%F*.&!%&!%#!181-#'!`1%#%2'4-&+2.2+'&%0a!(%#!.*1N!XQYNXNSX!/"N!$'*!'1*'!#.('!i2'&2#-G%&!
#'0!*%2-**%&1%0i!%#!.*1N!OQNS!#c3!G.!*%2-**+('3!*%2'&'2%!.!#'0!F',+%*&'0!#'2.#%0!2'45%1%&2+.0!
5*'5+.0!0',*%!#.!`*%F-#.2+K&!(%#!%01.,#%2+4+%&1'!(%!+&Z*.%01*-21-*.0!(%!1%#%2'4-&+2.2+'&%0!G!
5*%01.2+K&! (%! 0%*D+2+'0! (%! 1%#%2'4-&+2.2+'&%0a3! #'! [-%! +F-.#4%&1%! 0%*8.! 2'&1*.*+'! .#! .*1N!
XQYNXNSX!/"e!5*%2%51'![-%!&'!+45+(%!#.!+&1%*D%&2+K&!#'2.#!%&!#.!4.1%*+.3!5%*'!0K#'!0+!.08!#'!
(+05'&%!%#!"01.('N!
!
,c! >%! 5#.&1%.! %#! L,'F.('! (%#! "01.('! 0+! #.! (%4.&(.! *%.#4%&1%! (+02-1%! #.!
2'&01+1-2+'&.#+(.(! (%#! .5.*1.('! X! (%#! .*1N! XQP3! 1'(.! D%=! [-%! 2'4+%&=.! .Z+*4.&('! [-%! #.!
2'45%1%&2+.![-%!.#!"01.('!#%!*%0%*D.!%#!.*182-#'!XQYNXNSQ!/"![-%(.!5*%0%*D.(.3!.-&[-%!#-%F'!
2-%01+'&%! #.! %\2#-0+D+(.(! (%! #.! 2'45%1%&2+.! .-1'&K4+2.! 5'*! &'! 4%&2+'&.*! #.! 2'45%1%&2+.!
%01.1.#!(%#!.*1N!XQYNXNX]!/"N!>',*%!%##'!*%+1%*.!%#!*%5*%0%&1.&1%!(%#!:',+%*&'![-%!(%#!0+#%&2+'!
(%#!5*%2%51'!*%05%21'!(%#!%C%*2+2+'!(%!#.0!2'45%1%&2+.0!(%#!"01.('!&'!0%!+&Z+%*%!2'&!2.*?21%*!
+&%#-(+,#%![-%!%0.0!2'45%1%&2+.0!&'!(%,.&!0%*!.1%&(+(.0!5'*!#.!:%&%*.#+1.1!.#!%C%*2%*!#.![-%!%#!
5*%2%51'! #%! .1*+,-G%N! E%! %01.! Z'*4.! %#! 5*%2%51'! +45-F&.('! &'! *%0-#1.*8.! +&2'&01+1-2+'&.#!
0+%45*%! [-%! 0-! 0+#%&2+'! &'! 0%! +&1%*5*%1%! 2'4'! %\2#-0+K&! (%! #'0! #84+1%0! [-%! 5.*.! #.!
2'45%1%&2+.! .-1'&K4+2.! 5-%(.&! ##%F.*! .! (%*+D.*0%! (%! #.! 2'45%1%&2+.! %01.1.#! %&! #.! 4.1%*+.!
g.*1N!XQYNXNX]3!SX!G!SQ!/"cN!"&!%01%!0%&1+('!*%2-%*(.![-%!%&!#.!>)/!X]SWXYYO3!(%!XO!(%!C-&+'3!
0%! 2'&2#-G%! [-%! #.0! /'4-&+(.(%0! L-1K&'4.0! 1+%&%&! 5#%&.! 2.5.2+(.(! 5.*.! #%F+0#.*! 0',*%! %#!
*<F+4%&! (%! #.0! `2.**%1%*.0! 2-G'! +1+&%*.*+'! 0%! (%0.**'##%! 8&1%F*.4%&1%a! %&! 0-! 1%**+1'*+'3! 5%*'!
[-%! (%1%*4+&.('0! 2'&1%&+('0! (%! #.! #%F+0#.2+K&! (%#! "01.('! 0',*%! 2.**%1%*.03! %01'! %03! .[-%##'0!
[-%!.Z%21.&!.!0-!5#.&+Z+2.2+K&3!5-%(%&!.45.*.*0%!%&!#'0!181-#'0!2'45%1%&2+.#%0!*%0%*D.('0!5'*!
%#! .*182-#'! XQYNX! /"! g&M40N! X]3! SX! G! SQ3! 5*+&2+5.#4%&1%c3! #'0! 2-.#%0! 0'&! 5#%&.4%&1%!
.5#+2.,#%0!.!1'(.0!#.0!2.**%1%*.03!+&(%5%&(+%&1%4%&1%!(%!2-?#!0%.!0-!L(4+&+01*.2+K&!1+1-#.*N!
!
$'*! #'! [-%! *%05%21.! .#! .5.*1.('! S! .#%F.! %#! L,'F.('! (%#! "01.('! [-%! #.! 4.1%*+.!
+&Z*.%01*-21-*.0! (%#! 1*.&05'*1%! *%0-#1.! %05%2+.#4%&1%! +(K&%.! 5.*.! %#! %01.,#%2+4+%&1'! (%!
!
S_]
ZK*4-#.0!(%!2'#.,'*.2+K&3!(%&1*'!(%#!4-1-'!*%05%1'!(%!#.0!*%05%21+D.0!2'45%1%&2+.0N!E%!%01.!
Z'*4.!#.!5.*1+2+5.2+K&!5*%D+01.!%&!%01%!.5.*1.('!S3!.1%&(+%&('!.#!2.*?21%*!(%!0%*D+2+'!5M,#+2'!
[-%!*%D+01%&!#'0!5-%*1'0!G!.%*'5-%*1'03!*%0-#1.*8.!.2'*(%!2'&!#'0!5*+&2+5+'0!(%!*%#.2+K&!%&1*%!
L(4+&+01*.2+'&%0! 5M,#+2.0! G! #'0! 4%2.&+04'0! %01.,#%2+('0! %&! %#! 181-#'! 5*%#+4+&.*! (%! #.! U%G!
]PWXYYS! (%! ST! (%! &'D+%4,*%3! (%! *<F+4%&! C-*8(+2'! (%! #.0! .(4+&+01*.2+'&%0! 5M,#+2.0! G! (%#!
5*'2%(+4+%&1'!.(4+&+01*.1+D'!2'4M&N!k'!5-%(%!'#D+(.*0%3!5.*.!%#!*%5*%0%&1.&1%!(%#!:',+%*&'3!
[-%! #.! 5'0+,+#+(.(! (%! 2'&2-**%&2+.! 2'45%1%&2+.#! 0',*%! -&! 4+04'! %05.2+'! Z80+2'! @.! 0+('!
*%2'&'2+(.!5'*!%#!)*+,-&.#!G![-%!#'0!5*',#%4.0![-%!5#.&1%.!0%!@.&!.,'*(.('!%&!.#F-&.!(%!0-0!
*%0'#-2+'&%03![-%!@.&!*%2'*(.('!#.!&%2%0+(.(![-%!0%!(.!%&!%01'0!2.0'0!(%!.2-(+*!.!ZK*4-#.0!(%!
.2'4'(.2+K&!%!+&1%F*.2+K&!,.0.(.0!%&!#'0!5*+&2+5+'0!(%!2''5%*.2+K&3!2''*(+&.2+K&!G!#%.#1.(!
g.083!>)/!SPQWSPPS3!(%!]X!(%!'21-,*%3!^;!_cN!
!
U.! &%2%0+(.(! (%! @.##.*0%! Z80+2.4%&1%! 0+1-.(.0! %&! /.1.#-6.! #.0! +&Z*.%01*-21-*.0! (%!
1*.&05'*1%!%01.1.#%0!0',*%!#.0![-%!%C%*=.&!Z-&2+'&%0!#'0!'*F.&+04'0!0-5*..-1'&K4+2'0!%&!#'0!
[-%! %#! .5.*1.('! S! @.,+#+1.! 5.*.! 5.*1+2+5.*! .! #.! :%&%*.#+1.1! D%&(*8.! 1.4,+<&! .! C-01+Z+2.*! %01.!
4.&+Z%01.2+K&! (%#! 5*+&2+5+'! (%! 2''5%*.2+K&! g.*1N! XXRNS! "L/c3! [-%! %&! &+&FM&! 2.0'!
5*%(%1%*4+&.*8.!#.!Z'*4.!&+!#'0!%Z%21'0!%&![-%!%01.!5.*1+2+5.2+K&!.-1'&K4+2.!0%!##%D.*?!.!2.,'!
G!0+&![-%!%##'!0-5'&F.!(%05#.=.4+%&1'!2'45%1%&2+.#!.#F-&'N!
!
$'*! '1*.! 5.*1%! %#! 5*%D+'! +&Z'*4%! (%! #.! :%&%*.#+1.1! [-%! %01.,#%2%! %#! .5.*1.('! ]3! G! [-%!
@.,*?! (%! D%*0.*! 0',*%! .05%21'0! (%! 0-! 2'45%1%&2+.3! 2'&01+1-+*8.! -&.! &-%D.! 4.&+Z%01.2+K&3!
Z'*4.#4%&1%! G.! 2'&2*%1.(.3! (%#! 5*+&2+5+'! (%! 2'#.,'*.2+K&! +45#82+1'! %&! %#! 0+01%4.! (%!
.-1'&'48.0! g>)/! QPWXYYO3! (%! XY! (%! Z%,*%*'cN! $'*! %01.! D8.! (%! +&Z'*4%! 5*%D+'3! .#! [-%! &'! 0%!
.&-(.&! 2'&0%2-%&2+.0! %&! 2-.&1'! .! 0-! 2'&1%&+('3! 0%! 5%*4+1+*8.! (.*! %&1*.(.! .! #.! /'4-&+(.(!
L-1K&'4.3!2'45%1%&1%!%&!#.0!4.1%*+.0!-*,.&801+2.0!G!4%(+'.4,+%&1.#%0!%&!#.!2.#+Z+2.2+K&!(%!
+&1%*<0! F%&%*.#! (%! -&! 5-%*1'3! .%*'5-%*1'! -! '1*.! +&Z*.%01*-21-*.! (%! 1*.&05'*1%! 0+1-.('! %&!
/.1.#-6.3! .(D+*1+%&('! (%! [-%! %#! +&Z'*4%! [-%! .[-8! 0%! *%[-+%*%! &'! %0! (%1%*4+&.&1%! 5.*.! #.!
L(4+&+01*.2+K&!%01.1.#3!#'![-%3!1%&+%&('!%&!2-%&1.!#'!%01.,#%2+('!%&!#.!(+05'0+2+K&!.(+2+'&.#!
0%F-&(.!(%#!"01.1-1'3!5%*4+1+*8.!.Z+*4.*![-%3!5.*.!%#!0-5-%01'!(%![-%!&'!##%F.*.!.!.2'F%*0%!%#!
2'&1%&+('!(%!(+2@'!+&Z'*4%!5*%D+'3!%#!"01.('!&'!5*%2+0.*8.!4'1+D.*!0-!&%F.1+D.N!/'&01+1-+*8.3!
5-%03! %01.! +&1%*D%&2+K&! .-1'&K4+2.! 5*%D+.! -&! %Z%21+D'! 4%2.&+04'! (%! 2''*(+&.2+K&! (%!
2'45%1%&2+.0! 2'&2-**%&1%03! G! #.! 2'45%1%&2+.! %\2#-0+D.! %01.1.#! &'! [-%(.*8.! 4%(+.1+=.(.! %&!
4'('!.#F-&'!5'*!-&.!.21-.2+K&!+&2'&(+2+'&.(.!(%!#.!/'4-&+(.(!L-1K&'4.N!
!
!
S_Q
"&!2-.&1'!.!#.!+45-F&.2+K&!(%!#'0!.5.*1.('0!Q3!R!G!T3!5.*1+%&('!(%#!5*%0-5-%01'!(%![-%!
&'0!%&2'&1*.4'0!.&1%!2#.*'0!0-5-%01'0!(%!2'45%1%&2+.0!2'&Z#-G%&1%0!0',*%!%#!4+04'!4%(+'!
Z80+2'3!2-G.!.*1+2-#.2+K&!(%,%!@.2%*0%!.!1*.D<0!(%!0'#-2+'&%0!(%!2''5%*.2+K&!G!2-G.!+F&'*.&2+.!
.2.**%.! #.! +&2'&01+1-2+'&.#+(.(! (%! #.! &'*4.! g>)/! QPWXYYO3! (%! XY! (%! Z%,*%*'3! ^;! QXc3! #.!
+&1%*5*%1.2+K&! 2'&Z'*4%! .#! ,#'[-%! (%! 2'&01+1-2+'&.#+(.(! (%! %01'0! .5.*1.('0! 0%! ',1%&(*8.!
Z?2+#4%&1%!(%!#.!*%4+0+K&!%\5*%0.!.!#.!&'*4.1+D.!%01.1.#![-%!2.(.!-&'!(%!%##'0!*%2'F%!%&!0-!
*%(.22+K&!G![-%!&'!5'(*8.!0+&'!1*.(-2+*0%!%&1%&(+%&('![-%!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!
5*%D+01.!%&!#'0!4+04'0!0K#'!1%&(*?!#-F.*!2-.&('!.08!0%!(+05'&F.3!G!%&!#.!Z'*4.![-%!0%!5*%D%.3!
5'*!#.!#%F+0#.2+K&!%01.1.#N!
!
$'*!#'![-%!@.2%!.#!.5.*1.('!_!.#%F.!%#!L,'F.('!(%#!"01.('![-%!#.!(%4.&(.!5*%02+&(%!
(%! 0-! 5*'5+'! 1%&'*! #+1%*.#d! 5'*! -&.! 5.*1%! +F&'*.! [-%! #'! [-%! 0%! .1*+,-G%! .! #.! :%&%*.#+1.1! %&!
4.1%*+.!(%!2'4-&+2.2+'&%0!%#%21*K&+2.0!%0!-&.!2'45%1%&2+.!%C%2-1+D.e!G!5'*!'1*.!5*%02+&(%!(%!
2'&0+(%*.*!0-!%\5*%0.!*%4+0+K&!.!#.!&'*4.1+D.!(%#!"01.('N!"&!%Z%21'3!%#!.5.*1.('!_!*%2'&'2%!#.!
2'45%1%&2+.! %C%2-1+D.! (%! #.! :%&%*.#+1.1! %&! 4.1%*+.! (%! 2'4-&+2.2+'&%0! %#%21*K&+2.0! %&! %#!
4.*2'! (%! #.! &'*4.1+D.! (%#! "01.('3! #'! [-%! 0+F&+Z+2.*8.! [-%! #.! 4+04.! 0%! @.##.! 0-,'*(+&.(.! G!
2'&(+2+'&.(.! .! 0-! *%2'&'2+4+%&1'! %\5#82+1'! 5'*! #.! &'*4.! 0%21'*+.#! [-%! *%F-#.! %#! *<F+4%&!
C-*8(+2'! (%! #.0! 1%#%2'4-&+2.2+'&%0! %&! "05.6.3! %&! .5#+2.2+K&! (%! #.! 2'45%1%&2+.! 0',*%!
1%#%2'4-&+2.2+'&%0! G! *.(+'2'4-&+2.2+'&%0! 2'&0.F*.('! %&! %#! .*1N! XQYNXNSX! /"3! G! [-%3! %&! #.!
.21-.#+(.(3!%0!#.!U%G!]SWSPP]3!(%!]!(%!&'D+%4,*%3!F%&%*.#!(%!1%#%2'4-&+2.2+'&%0N!
!
L-&!2-.&('3!.!0-!C-+2+'3!#.!(%4.&(.!&'!.*F-4%&1.!#.!+&2'&01+1-2+'&.#+(.(!(%!2.(.!-&.!
(%! #.0! 0-,4.1%*+.0! [-%! 2'&Z'*4.&! #.! 2'45%1%&2+.! %C%2-1+D.! (%! #.! :%&%*.#+1.1! %&! 4.1%*+.! (%!
2'4-&+2.2+'&%0! %#%21*K&+2.03! %#! L,'F.('! (%#! "01.('! #.0! .&.#+=.! +&(+D+(-.#+=.(.4%&1%3!
0%6.#.&('3!.&1%!1'('3![-%!%#!.*1N!XQYNXNSX!/"!.1*+,-G%!.#!"01.('!#.!2'45%1%&2+.!%\2#-0+D.!%&!
4.1%*+.! (%! 1%#%2'4-&+2.2+'&%0! G! *.(+'2'4-&+2.2+K&3! [-%! +&2#-G%! #.! F%01+K&3! 5#.&+Z+2.2+K&3!
.(4+&+01*.2+K&! G! 2'&1*'#! (%#! ('4+&+'! 5M,#+2'! *.(+'%#<21*+2'3! .6.(+%&('! #.! 2'&0+(%*.2+K&! (%!
[-%!#.0!*%(%0!-1+#+=.(.0!2'4'!0'5'*1%!(%!#'0!0%*D+2+'0!(%!*.(+'(+Z-0+K&!0'&'*.!G!(%!1%#%D+0+K&!
0'&!5.*1%!+&1%F*.&1%!(%!#.0!2'4-&+2.2+'&%0!%#%21*K&+2.0!G3!%&!2'&0%2-%&2+.3!%01?&!0-C%1.0!.!#.!
U%G!F%&%*.#!(%!1%#%2'4-&+2.2+'&%0N!
!
"&! *%#.2+K&! 2'&! #.! #%1*.! .c! .Z+*4.! %#! *%5*%0%&1.&1%! (%#! :',+%*&'! [-%! %#! 0%*D+2+'!
-&+D%*0.#!(%!1%#%2'4-&+2.2+'&%0!%0!-&!2'&2%51'!.*4'&+=.('!.!&+D%#!%-*'5%'3![-%!%01.,#%2%!#.!
',#+F.1'*+%(.(!(%!#'0!"01.('0!4+%4,*'0!(%!F.*.&1+=.*!.!1'('0!#'0!2+-(.(.&'0!%#!.22%0'!G!-0'!
!
S_R
(%!(%1%*4+&.('0!0%*D+2+'0!,?0+2'03!+&(%5%&(+%&1%4%&1%!(%!0-!#'2.#+=.2+K&!F%'F*?Z+2.3!2'&!-&.!
2.#+(.(! (%1%*4+&.(.! G! .! -&! 5*%2+'! .0%[-+,#%N! "#! 5*'2%0'! (%! *%D+0+K&! 0%F-+('! 5'*! %#! 4.*2'!
*%F-#.1'*+'! %-*'5%'! 5'&(*8.! (%! *%#+%D%! [-%! %#! 2'&2%51'! (%! 0%*D+2+'! -&+D%*0.#! (%!
1%#%2'4-&+2.2+'&%0! %0! -&! 2'&2%51'! (+&?4+2'3! %&! 2'&1+&-.! .(.51.2+K&! .! #.0! 2.4,+.&1%0!
2'&(+2+'&%0!(%#!4%*2.('!+&1%*+'*!(%!#.0!2'4-&+2.2+'&%0!%&!"-*'5.!G!.!#.!+&2%0.&1%!+&&'D.2+K&!
1%2&'#KF+2.3!5'*!#'![-%!@.!(%!0%*!',C%1'!(%!5%*+K(+2'0!%01-(+'0!G!*%D+0+'&%0N!"&!%01%!0%&1+('!#.!
/'4+0+K&! G.! @.! .&-&2+.('! [-%! %&! SPPO! D'#D%*?! .! *%D+0.*! #.! %D'#-2+K&! (%#! 4%*2.('3! G! #.!
5*K\+4.! *%D+0+K&! (%#! 4.*2'! *%F-#.('*! %-*'5%'! (%! #.0! 2'4-&+2.2+'&%0! %#%21*K&+2.03! [-%! 0%!
5*%D<!+&+2+.*!.!2'4+%&='0!(%!SPP_3!D.!.!2'&01+1-+*!-&.!&-%D.!'5'*1-&+(.(!5.*.!*%5#.&1%.*0%!#.!
2'&D%&+%&2+.! (%! %\1%&(%*! #.0! ',#+F.2+'&%0! (%! 0%*D+2+'! -&+D%*0.#! .! '1*'0! 0%*D+2+'0N! "&! %01%!
2'&1+&-'! 5*'2%0'! (%! %01-(+'! G! *%D+0+K&! (%#! 2'&2%51'! (%! 0%*D+2+'! -&+D%*0.#! (%!
1%#%2'4-&+2.2+'&%03![-%!1+%&%!-&!+&(-(.,#%!2.*?21%*!0'2+.#!G!(%!(%Z%&0.!(%!#'0!(%*%2@'0!(%!#'0!
2'&0-4+('*%0!G!-0-.*+'03!0'&!+45'*1.&1%0!#.0!.5'*1.2+'&%0![-%!%Z%21M%&!#.0!L(4+&+01*.2+'&%0!
[-%! 1%&F.&! #.0! 2'45%1%&2+.0! 5*+&2+5.#%0! G! #'0! '5%*.('*%03! 5%*'! 1.4,+<&! 0%*?&! (%! .G-(.! #.0!
'5+&+'&%0! (%#! *%01'! (%! L(4+&+01*.2+'&%0! 5M,#+2.03! (%! #.0! '*F.&+=.2+'&%0! 0'2+.#%03! (%! #.0!
'*F.&+=.2+'&%0! (%! 2'&0-4+('*%0! G! -0-.*+'03! G! (%! #'0! Z.,*+2.&1%0! (%! *%(%0! G! 0%*D+2+'0N! "&!
(%Z+&+1+D.!%&1+%&(%!%#!L,'F.('!(%#!"01.('![-%!&'!5-%(%!%01+4.*0%!D-#&%*.(.!#.!2'45%1%&2+.!
%\2#-0+D.!(%#!"01.('!%&!4.1%*+.!(%!1%#%2'4-&+2.2+'&%0!5'*!%#!@%2@'!(%![-%!#.!:%&%*.#+1.1!(%!
/.1.#-6.!5*'4-%D.!#.!%\+01%&2+.!(%!-&!2'&C-&1'!48&+4'!(%!0%*D+2+'0!(%!.22%0'!-&+D%*0.#![-%!
2'&Z+F-*%!%#!2'&2%51'!(%!0%*D+2+'!-&+D%*0.#!(%!1%#%2'4-&+2.2+'&%0N!
!
>',*%! #.! #%1*.! ,c! .#%F.! %#! L,'F.('! (%#! "01.('! [-%! #.0! +&Z*.%01*-21-*.0! 2'4-&%0! (%!
1%#%2'4-&+2.2+'&%0! %&! %#! +&1%*+'*! (%! #'0! %(+Z+2+'0! gb/)t0c! 0'&! .[-%##.0! [-%! 0%! +&01.#.&3!
(%05#+%F.&!G!%\5#'1.&!%&!%#!+&1%*+'*!(%!.#F-&'0!%(+Z+2+'0!2'&!%#!',C%1+D'!(%![-%3!.!1*.D<0!(%!0-!
-0'! 2'4M&! 5'*! #'0! 2'5*'5+%1.*+'0! '! .**%&(.1.*+'0! (%#! %(+Z+2+'3! 0%! 5-%(.! .22%(%*! .! -&.!
5#-*.#+(.(! (%! 0%*D+2+'0! (%! 1%#%2'4-&+2.2+'&%0! G! .-(+'D+0-.#%0N! "01.! +&Z*.%01*-21-*.! 2'4M&!
%01?!+&1%F*.(.!5'*!('0!?4,+1'0!4.1%*+.#%0!0-01.&2+.#4%&1%!(%#+4+1.('0!G![-%!2'&Z#-G%&!%&!%#!
(+0%6'3!.5*',.2+K&!%!+&01.#.2+K&!+&1%F*.#!(%!-&.!b/)d!5'*!-&.!5.*1%!%#!(%05#+%F-%!(%!*%(%0!(%!
1%#%2'4-&+2.2+'&%0! (+*+F+(.0! .! #.! 2.51.2+K&3! .(.51.2+K&! G! (+01*+,-2+K&! (%! #.0! 0%6.#%0! (%!
(%1%*4+&.('0! 0%*D+2+'0! (%! 1%#%2'4-&+2.2+'&%0! G! .-(+'D+0-.#%0e! G3! 5'*! '1*.3! #.0!
%05%2+Z+2.2+'&%0! 1<2&+2.0! [-%! (%,%&! 2-45#+*! #.0! %(+Z+2.2+'&%0! %&! 4.1%*+.! (%! ',*.! 2+D+#! 5.*.!
5'(%*!0'5'*1.*!G!5'0+,+#+1.*!%#!(%05#+%F-%3!4.&1%&+4+%&1'!G!*%5.*.2+K&!(%!#.0!2+1.(.0!*%(%0!'!
+&Z*.%01*-21-*.0! 2'4-&%0! (%! 1%#%2'4-&+2.2+'&%0N! "#! 5*+4%*'! (%! %01'0! ?4,+1'0! 4.1%*+.#%0!
[-%(.*8.! +&4%*0'! 2#.*.4%&1%! (%&1*'! (%#! 181-#'! 2'45%1%&2+.#! %\2#-0+D'! (%#! "01.('! ex! .*1N!
!
S_T
XQYNXNSX! /"e! %&! 2.4,+'3! %#! 0%F-&('! 5%*1%&%2%*8.! .#! 181-#'! 2'45%1%&2+.#! %&! 4.1%*+.! (%!
D+D+%&(.! G! (%! -*,.&+04'3! (%,+%&('! 1%&%*0%! %&! 2-%&1.! #.! 2'45%1%&2+.! [-%3! %&! %01%! 0%&1+('3!
.1*+,-G%!.!#.!:%&%*.#+1.1!%#!.*1N!X]_NS!(%#!"01.1-1'N!$'*!%##'!&'!5'(*8.!.Z+*4.*0%![-%!#.0!b/)t0!
0%.&! -&.! 4.1%*+.! [-%! 0%! %&2-.(*.! %\2#-0+D.4%&1%! (%&1*'! (%#! *<F+4%&! C-*8(+2'! (%! #.0!
1%#%2'4-&+2.2+'&%03! 0+&'! [-%! @.,*8.! .(+2+'&.#4%&1%! '1*'0! ?4,+1'0! 2'45%1%&2+.#%0! [-%3! 0+&!
(-(.3! 0%! D%*8.&! .Z%21.('0N! E%! %01.! 4.&%*.! #.! 2'45%1%&2+.! [-%! %#! .*1N! XQPN_! ,c! .1*+,-G%! .! #.!
:%&%*.#+1.1! @.,*8.! (%! +&1%*5*%1.*0%! 2'4'! -&! *%2'&'2+4+%&1'! %\5*%0'! (%! #.! 2'45%1%&2+.!
.22%0'*+.!(%!+&05%22+K&!G!0.&2+K&!(%!#.![-%!0%!.1*+,-G%!%&!4.1%*+.!(%!D+D+%&(.3!G![-%!2'&0+01%!
%&!#.!(%1%*4+&.2+K&!(%!#.0!2'&(+2+'&%0!-*,.&801+2.0!G!%05%2+Z+2.2+'&%0!1<2&+2.0!(%!%(+Z+2.2+K&!
[-%! (%,%&! *%-&+*! #.0! D+D+%&(.0! 5.*.! #.! +&01.#.2+K&! (%! *%(%0! '! +&Z*.%01*-21-*.0! 2'4-&%0! (%!
1%#%2'4-&+2.2+'&%03! 4+%&1*.0! [-%! #.! %\+01%&2+.! G! #.0! %05%2+Z+2.2+'&%0! 1<2&+2.0! [-%! (%,%&!
2-45#+*! #.0! *%(%0! %! +&Z*.%01*-21-*.0! 2'4-&%0! (%! 1%#%2'4-&+2.2+'&%0! (%,%&! 0%*! Z+C.(.03!
+&05%22+'&.(.0! G! 0.&2+'&.(.0! 5'*! %#! "01.('3! (%! .2-%*('! 2'&! %#! 181-#'! 2'45%1%&2+.#! (%! #.0!
1%#%2'4-&+2.2+'&%0N! /'&Z'*4%! .! %01'0! 2*+1%*+'0! 0%! (%#+4+1.*8.! 2#.*.4%&1%! %#! *%5.*1'!
2'45%1%&2+.#!%&1*%!"01.('!G!/'4-&+(.(!L-1K&'4.!%&!4.1%*+.!(%!b/)t03!%D+1.&('!D.2+.*!(%!
2'&1%&+('!%#!?4,+1'!2'45%1%&2+.#!(%!#.!/'4-&+(.(!L-1K&'4.!G!*%05%1.&('3!%&!1'('!2.0'3!#.!
2'45%1%&2+.!(%#!"01.('N!
!
$'*!#'![-%!@.2%!.!#.!#%1*.!2c3!G!1*.0!@.2%*!*%Z%*%&2+.!.!#.!*%F-#.2+K&!2'&1%&+(.!%&!%#!H%.#!
E%2*%1'! YQQWSPPR3! (%! SY! (%! C-#+'3! 5'*! %#! [-%! 0%! .5*-%,.! %#! $#.&! 1<2&+2'! &.2+'&.#! (%! #.!
1%#%D+0+K&!(+F+1.#!1%**%01*%3!G!.#!H%.#!E%2*%1'!Q]YWSPPQ3!(%!XS!(%!4.*='3!5'*!%#![-%!0%!.5*-%,.!
%#! $#.&! 1<2&+2'! &.2+'&.#! (%! 1%#%D+0+K&! (+F+1.#! #'2.#3! 0%6.#.! %#! %02*+1'! (%! .#%F.2+'&%0! [-%! #.!
F%01+K&! (%! -&! 4M#1+5#%! (%! 1%#%D+0+K&! (+F+1.#! 1%**%01*%! +45#+2.3! %&1*%! '1*.0! 4.1%*+.03! #.!
(%1%*4+&.2+K&!(%!#.0!*%F#.0!5'*!#.0![-%!0%!D.!*%F+*!#.!%4+0+K&!(%!#'0!2'&1%&+('0!.-(+'D+0-.#%0!
.!1*.D<0!(%#!4%(+'!2'4M&!(%#!4M#1+5#%3!.21-.2+K&![-%!2'45%1%!.!#'0!5*%01.('*%0!(%!0%*D+2+'0!
.-(+'D+0-.#%0! G! [-%! 0%! %&2-.(*.! (%&1*'! (%#! *<F+4%&! C-*8(+2'! .-(+'D+0-.#! %&! %#! 0%&'! (%! #.!
2'45%1%&2+.!(%!4%(+'0!(%!2'4-&+2.2+K&!0'2+.#!g.*1N!XQYNXNS_!/"c3!.08!2'4'!#.!*%.#+=.2+K&!(%!
-&.! 0%*+%! (%! .21-.2+'&%0! 4%*.4%&1%! 1<2&+2.03! [-%! %&2-%&1*.&! 0-! .2'4'('! %&! %#! 181-#'!
2'45%1%&2+.#! (%! #.0! 1%#%2'4-&+2.2+'&%0! g.*1N! XQYNXNSX! /"c! G! [-%! 0'&! *%.#+=.(.0! 5'*! -&!
'5%*.('*!F%01'*!(%#!4M#1+5#%N!
!
"#! %02*+1'! (%! .#%F.2+'&%0! *%2'F%3! .! 2'&1+&-.2+K&3! D.*+.0! (%! #.0! (%2+0+'&%0! [-%! 1+%&%&!
[-%!1'4.*!#'0!5*%01.('*%0!(%!0%*D+2+'0!.-(+'D+0-.#%0!-!'5%*.('*%0!(%!1%#%D+0+K&!%&!#.!F%01+K&!
(%!-&!4M#1+5#%!(%!1%#%D+0+K&!(+F+1.#!1%**%01*%3!.08!2'4'!.#F-&.0!(%!#.0!.21-.2+'&%0!(%!2.*?21%*!
!
S__
1<2&+2'![-%!5%*1%&%2%&!.#!?4,+1'!(%!#.0!1%#%2'4-&+2.2+'&%0!%&!#.!F%01+K&!(%!-&!4M#1+5#%! (%!
1%#%D+0+K&!(+F+1.#!1%**%01*%N!L!5.*1+*!(%!1.#!%&-&2+.2+K&!0%!*.='&.![-%!#.!#%1*.!2c!(%#!.*1N!XQPN_!0%!
*%Z+%*%! .! #'0! 2'&Z#+21'0! [-%! 5-%(%&! 0-*F+*! %&1*%! #'0! '5%*.('*%0! (%! 1%#%D+0+K&! .! #.! @'*.! (%!
(%2+(+*!2K4'!0%!D.!.!F%01+'&.*!-&!4M#1+5#%!(+F+1.#![-%!2'45.*1%&!(%0(%!%#!5-&1'!(%!D+01.!(%!#.!
5*%01.2+K&! (%#! 0%*D+2+'3! 2-%01+K&! *%Z%*+(.! .#! *<F+4%&! C-*8(+2'! .-(+'D+0-.#3! 2-G'! ?4,+1'!
2'45%1%&2+.#! %01.*8.! %&4.*2.('! %&! %#! 181-#'! (%! #'0! 4%(+'0! (%! 2'4-&+2.2+K&! 0'2+.#! g.*1N!
XQYNXNS_!/"c3!G!&'!.!#.0!2-%01+'&%0!G!.21-.2+'&%0!(%!8&('#%!1<2&+2'![-%!+45#+2.&!#.!F%01+K&!
(%#! 4M#1+5#%! (+F+1.#3! [-%! 2.%*8.&! %&! #.! %0Z%*.! 2'45%1%&2+.#! (%! #.0! 1%#%2'4-&+2.2+'&%0! g.*1N!
XQYNXNSX!/"c3!G![-%!2'**%05'&(%&!.#!'5%*.('*!F%01'*!(%#!4M#1+5#%N!"&!(%Z+&+1+D.3!1%&+%&('!#.!
/'4-&+(.(!L-1K&'4.!2'45%1%&2+.!0',*%!#.!#%F+0#.2+K&!(%!(%0.**'##'!G!#.!%C%2-2+K&!%&!%01.!
4.1%*+.3! G! [-%(.&('! #+4+1.(.! #.! 4+04.! .! #'0! '5%*.('*%0! (%! 1%#%D+0+K&! [-%! 2'45.*1%&! -&!
4M#1+5#%!(+F+1.#!2-G.!2',%*1-*.!&'!0-5%*.!%#!1%**+1'*+'!(%!/.1.#-6.3!@.,*8.!(%!%01+4.*0%!#.!5#%&.!
2'&Z'*4+(.(! (%! %01.! 2'45%1%&2+.! (%! #.! :%&%*.#+1.1! 2'&! %#! '*(%&.4+%&1'! 2'&01+1-2+'&.#! (%!
(+01*+,-2+K&!(%!2'45%1%&2+.0N!
!
"&! *%#.2+K&! 2'&! #.! #%1*.! (c! .#%F.! %#! L,'F.('! (%#! "01.('! [-%3! 5.*1+%&('! (%! #.0!
2'45%1%&2+.0![-%!1+%&%!#.!:%&%*.#+1.1!0',*%!(%1%*4+&.('0!.05%21'0!(%!#.0!4.1%*+.0!(%!b/)t0!G!
F%01+K&!(%!4M#1+5#%0!(+F+1.#%0!(%!1%#%D+0+K&!(+F+1.#!1%**%01*%3![-%!2'&2-**%&!2'&C-&1.4%&1%!2'&!
#.0! 2'45%1%&2+.0! (%! 1%#%2'4-&+2.2+'&%0! G! *.(+'2'4-&+2.2+'&%0! (%#! "01.('3! *%0-#1.*8.!
*.='&.,#%![-%!#.!L(4+&+01*.2+K&!.-1'&K4+2.3!5.*.!%#!4%C'*!(%0%45%6'!(%!0-0!Z-&2+'&%0!G!2'&!
2.*?21%*!+&Z'*4.1+D'!G!(%2#.*.1+D'3!(+05'&F.!(%!-&'0!2%&0'0!(%!#.0!%45*%0.0!+&01.#.('*.0!(%!
b/)t0!G!F%01'*.0!(%!#'0!4M#1+5#%0!(+F+1.#%0!.!1*.D<0!(%!-&'0!*%F+01*'0!5M,#+2'0!(%!+&02*+52+K&!
(%!%45*%0.0![-%!%C%*=.&!1.#%0!.21+D+(.(%03!.-&[-%!%#!.#2.&2%!(%!#'0!*%F+01*'0!@.!(%!0%*!(+01+&1'!
%&!-&!2.0'!G!%&!'1*'N!L083!%&!%#!0-5-%01'!(%!#'0!+&01.#.('*%03!#.!+4,*+2.2+K&!(%!2'45%1%&2+.0!
%&! #.!4.1%*+.!0%*8.!4?0!+&1%&0.3!G.![-%!%#!5*'G%21'!+&1%F*.#!(%!+&01.#.2+K&!'!*%Z'*4.! (%! -&.!
+&Z*.%01*-21-*.! 2'4M&! (%! 1%#%2'4-&+2.2+'&%0! %01?! 2'&Z'*4.(.! (%! 4.&%*.! +&0%5.*.,#%! 5'*!
.05%21'0!-*,.&801+2'0!G!.*[-+1%21K&+2'0!G!5'*!.05%21'0!(%!1%#%2'4-&+2.2+'&%03!(%!Z'*4.![-%3!.!
#.! @'*.! (%! ##%D.*! .! 2.,'! #.! +&02*+52+K&! (%! #.0! %45*%0.0! +&01.#.('*.0! (%! b/)t03! &'! 0%! 5-%(%!
%Z%21-.*!-&.!(%#+4+1.2+K&!2#.*.!(%!.4,'0!?4,+1'0!0-01.&2+.#%03!(%!4'('![-%!%#!2'&1%&+('!(%!
#.!+&02*+52+K&!*%F+01*.#3!1.&1'!0+!%#!*%F+01*'!%0!%01.1.#!2'4'!.-1'&K4+2'3!*%0-#1.!+F-.#!'3!2-.&('!
4%&'03! 5*?21+2.4%&1%! +(<&1+2'N! E%! @%2@'! %#! 5*+4%*! 5?**.Z'! (%#! .*1N! XT! (%#! H%F#.4%&1'!
*%F-#.('*!(%!#.0!+&Z*.%01*-21-*.0!2'4-&%0!(%!1%#%2'4-&+2.2+'&%0!5.*.!%#!.22%0'!.!#'0!0%*D+2+'0!
(%!1%#%2'4-&+2.2+K&!%&!%#!+&1%*+'*!(%!#'0!%(+Z+2+'0!G!(%!#.!.21+D+(.(!(%!+&01.#.2+K&!(%!%[-+5'0!
G! 0+01%4.0! (%! 1%#%2'4-&+2.2+'&%03! .5*',.('! 5'*! H%.#! E%2*%1'! QPXWSPP]3! (%! Q! (%! .,*+#3!
!
S_O
2'&1%45#.! %01.! %05%2+.#! D+&2-#.2+K&! (%! 2'45%1%&2+.0! %&1*%! "01.('! G! /'4-&+(.(%0!
L-1K&'4.0N!
!
U.! %\+01%&2+.! 0+4-#1?&%.! (%! -&! *%F+01*'! %01.1.#! G! -&! *%F+01*'! .-1'&K4+2'! (%!
+&01.#.('*%0!(%!b/)t0!&'!.5'*1.*8.!4.G'*!0%F-*+(.(!C-*8(+2.!%&!#.!.21+D+(.(!(%!+&01.#.2+K&!(%!
#.0!4+04.0!G3!5'*!%#!2'&1*.*+'3!0-5'&(*8.!(-5#+2.*!#.0!Z-&2+'&%0!.(4+&+01*.1+D.03!2'&!-&!4.G'*!
F.01'! 5M,#+2'3! 4.G'*%0! 2.*F.0! .(4+&+01*.1+D.0! G! 4.G'*! 1.0.! (%! %**'*! *%05%21'! .! #'0! (.1'0!
+&02*+1'0N! $'*! %##'! #.! +&1%*5*%1.2+K&! 4?0! 2'&Z'*4%! (%#! 5*%2%51'! %01.1-1.*+'! 0%*8.! #.! (%!
2'&0+(%*.*! [-%3! 2'&! %#! ',C%1+D'! (%! #'F*.*! #.! .21-.2+K&! .(4+&+01*.1+D.! 4?0! %Z+2.=! G! %Z+2+%&1%!
5'0+,#%3!G!`(%!.2-%*('!2'&!#.!&'*4.1+D.!(%#!"01.('a3!%#!*%F+01*'!.-1'&K4+2'!(%!+&01.#.('*%0!(%!
b/)t0! [-%(.*.! +&1%F*.('! (%&1*'! (%#! *%F+01*'! %01.1.#3! 0+! ,+%&! 0-! F%01+K&! 2'**%05'&(%*8.! .! #.!
:%&%*.#+1.1! (%! /.1.#-6.N! f! %&! %#! 0-5-%01'! (%#! *%F+01*'! (%! F%01'*%0! (%! 4M#1+5#%0! (+F+1.#%03! #.!
.21+D+(.(! (%! F%01+K&! (%! -&! 4M#1+5#%! (%! 1%#%D+0+K&! (+F+1.#! 1%**%01*%! +45#+2.! #.! *%.#+=.2+K&!
0+4-#1?&%.! (%! Z-&2+'&%0! 5'*! #'0! 5*%01.('*%0! (%! 0%*D+2+'0! .-(+'D+0-.#%0! %&! %#! 4.*2'! (%#!
*<F+4%&! C-*8(+2'! .-(+'D+0-.#! G! (%! Z-&2+'&%0! 4%*.4%&1%! 1<2&+2.0! %&! %#! 4.*2'! (%#! 181-#'!
2'45%1%&2+.#! (%! #.0! 1%#%2'4-&+2.2+'&%03! .05%21'0! [-%! [-%(.&! 5%*Z%21.4%&1%! (%#+4+1.('0! G!
[-%! 0'&! 0-02%51+,#%0! (%! +&02*+52+K&! (+Z%*%&2+.(.! %&! (+01+&1'0! *%F+01*'0! 5M,#+2'0N! E%! %01.!
4.&%*.!%#!2'&1%&+('!(%#!*%F+01*'!.-1'&K4+2'!2.1.#?&!(%!F%01'*%0!(%!4M#1+5#%0!(+F+1.#%0!(%,%*8.!
#+4+1.*0%! .! +(%&1+Z+2.*! (%2#.*.1+D.4%&1%! 1'('0! #'0! .05%21'0! D+&2-#.('0! .#! *<F+4%&! C-*8(+2'!
.-(+'D+0-.#!(%!#.!.21+D+(.(!(%!F%01+K&!(%!4M#1+5#%0!(+F+1.#%03!4+%&1*.0![-%!%#!*%F+01*'!%01.1.#!(%!
F%01'*%0!(%!4M#1+5#%0!(+F+1.#%0!(%,%*8.!*%(-2+*0%!.!+&02*+,+*!#'0!1%4.0!1<2&+2'03!5%*1%&%2+%&1%0!
.#! *<F+4%&! C-*8(+2'! (%! #.0! 1%#%2'4-&+2.2+'&%03! (%! #.! .21+D+(.(! (%! F%01+K&! (%! 4M#1+5#%0!
(+F+1.#%0N! "01'0! *%F+01*'03! %01.1.#! G! .-1'&K4+2'3! (%,%*8.&! 0%*! 2'&Z+F-*.('0! 5.*.! %#!
2-45#+4+%&1'! *%05%21+D'! (%! #.0! Z-&2+'&%0! 2'&2*%1.0! [-%! 1+%&%&! .0+F&.(.0! %#! "01.('! G! #.!
:%&%*.#+1.1!(%!/.1.#-6.!%&!%01.!4.1%*+.!(%&1*'!(%#!2'**%#.1+D'!?4,+1'!2'45%1%&2+.#3!0+&![-%!0%!
5-(+%*.!F%&%*.#+=.*!0-!2'&1%&+('3!&+!2'&0+(%*.*!(%!4.&%*.!%\5.&0+D.!#'0!(.1'0![-%!(%,%&!0%*!
',C%1'! (%! +&02*+52+K&3! &'! 5-(+%&('! ##%F.*! .! 5*'(-2+*0%! -&.! %D%&1-.#! +&1*'4+0+K&! 5'*! #.!
:%&%*.#+1.1!(%!/.1.#-6.!%&!#.!2'45%1%&2+.!%\2#-0+D.!(%#!"01.('!0',*%!1%#%2'4-&+2.2+'&%03!&+!
-&.!%D%&1-.#!+&1*'4+0+K&!5'*!%#!"01.('!%&!#.!2'45%1%&2+.!(%!#.!:%&%*.#+1.1!(%!/.1.#-6.!0',*%!
4%(+'0!(%!2'4-&+2.2+K&!0'2+.#N!
!
2c!k'![-%(.!2#.*'3!.!C-+2+'!(%#!:',+%*&'!(%!#.!:%&%*.#+1.13!0+!0%!+45-F&.!%#!.5.*1.('!X!
(%#! .*1N! XQP3! 5-%03! .-&[-%! 0%! .Z+*4.! +&+2+.#4%&1%! [-%! 0%! .(%2-.! .#! '*(%&! 2'&01+1-2+'&.#! (%!
2'45%1%&2+.03!#-%F'!0%!(%0F*.&.!-&.!.*F-4%&1.2+K&!2*81+2.!5'*!Z.#1.!(%!*%Z%*%&2+.!%\5*%0.!.!
!
S_Y
#.0!2'45%1%&2+.0!(%#!"01.('N!>+&!5%*C-+2+'!(%!*%2'*(.*![-%!0',*%!-&!?4,+1'!4.1%*+.#!5-%(%&!
5*'G%21.*0%!'!+&2+(+*!(+01+&1'0!181-#'0!2'45%1%&2+.#%03!0+&![-%!%##'!(+Z-4+&%!#.!.1*+,-2+K&!(%!#.!
*%05'&0.,+#+(.(!%05%28Z+2.3!0%!(%01.2.!5'*!%#!"C%2-1+D'!2.1.#?&![-%!#.!+45-F&.2+K&!&'!1%*4+&.!
2'&2*%1?&('0%!%&!%#!0-5#+2'!(%#!*%2-*0'N!
!
$'*!#'![-%!@.2%!.!#.!+45-F&.2+K&!(%#!.5.*1.('!S3!.#%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1!
[-%!%#!5*%2%51'!0%!#+4+1.!.!Z+C.*!-&!5*+&2+5+'3!2*+1%*+'!-!',C%1+D'!2-G.!.*1+2-#.2+K&!G!2'&2*%2+K&!
iG3! 5'*! 1.&1'3! 0-! '5%*.1+D+(.(i! [-%(.&! %&! 4.&'0! (%#! "01.('N! >%! *%+1%*.3! -&.! D%=! 4?03! %#!
5.5%#! 2.*(+&.#! [-%! #.! 5.*1+2+5.2+K&! (%,%! *%5*%0%&1.*! %&! %#! Z-&2+'&.4+%&1'! (%#! 0+01%4.!
.-1'&K4+2'3! .08! 2'4'! %#! (.1'! 2.5+1.#! (%! #.! -,+2.2+K&! Z80+2.! (%! #.0! +&Z*.%01*-21-*.0! %&! %#!
1%**+1'*+'!(%!/.1.#-6.N!>+&!5%*C-+2+'!(%!*%4+1+*!.!#'![-%!0%!%\5'&(*?!.#!.&.#+=.*!%#!181-#'!A!(%#!
"01.1-1'! g.&1%2%(%&1%0! XPS! G! 0+F-+%&1%0c3! 0%! 2'&2#-G%! [-%! 2.*%2%! Z-&(.4%&1'! #.! 1.2@.! (%!
+&2'&01+1-2+'&.#+(.(!(%!%01%!.5.*1.('N!
!
U.!5*%D+0+K&!(%!+&Z'*4%!5*%D+'!%&!#'0!5*'2%0'0!(%!2.#+Z+2.2+K&!(%!#.0!+&Z*.%01*-21-*.0!
(%! 1*.&05'*1%! 2'4'! (%! +&1%*<0! F%&%*.#! &'! 0%*8.! &+&F-&.! &'D%(.(! .,0'#-1.3! 5-%0! %\+01%! -&!
5*'2%(+4+%&1'!0%4%C.&1%!%&!#.0!&'*4.0!(%!1*.05.0'!(%!#'0!5-%*1'0!l2#?-0-#.!9NSc!(%#!L&%\'!.#!
H%.#! E%2*%1'! SO_TWXYOP3! (%! XS! (%! (+2+%4,*%mN! L(%4?0! #.! 2.#+Z+2.2+K&! (%! +&1%*<0! F%&%*.#!
.Z%21.!(+*%21.4%&1%!.!#.!%\+01%&2+.!'!&'!(%!2'45%1%&2+.!.-1'&K4+2.!0',*%!#.!+&Z*.%01*-21-*.!(%!
[-%! 0%! 1*.1%3! 5-%0! 1.#! 2'45%1%&2+.! .-1'&K4+2.! %&! 5-%*1'03! .%*'5-%*1'03! %12N3! 0%! .45#8.! '!
*%01*+&F%! 0%FM&! &.=2.! '! (%0.5.*%=2.! -&.! (%2#.*.2+K&! (%! +&1%*<0! F%&%*.#N! $*%2+0.4%&1%! %01.!
Z-&2+K&! (%! #.0! (%2#.*.2+'&%0! (%! +&1%*<0! F%&%*.#! .D.#.*8.! #.! 5*%D+0+K&3! 2-.&('! 4%&'03! (%! #.!
5*%D+.! %\5*%0+K&! (%! -&! 5.*%2%*! 5'*! 5.*1%! (%! #.! L(4+&+01*.2+K&! .-1'&K4+2.! G! #.!
2'&01+1-2+'&.#+(.(!(%#!.*1N!XQPN]N!
!
U.!5*%D+0+K&!(%#!.5.*1.('!Q3!.#%F.!%#!:',+%*&'!2.1.#?&3!0%!D+&2-#.!2'&!%#!5*+&2+5+'!(%!
5.*1+2+5.2+K&! G! 2'&! %#! .*1N! X]X! /"3! [-%! %01.,#%2%! #.! +&1%*D%&2+K&! (%! #.0! /'4-&+(.(%0!
L-1K&'4.0!%&!#.!%#.,'*.2+K&!(%!#'0!+&01*-4%&1'0!(%!5.*1+2+5.2+K&N!U.!%\5*%0.!*%4+0+K&!.!#.!
&'*4.1+D.! %01.1.#! (%0@.*8.! 2-.#[-+%*! +&1%**'F.&1%! [-%! 5-(+%*.! '*+F+&.*0%! .#! *%05%21'N! "&!
*%#.2+K&! 2'&! #'0! .5.*1.('0! R! G! T! 0'01+%&%! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! 0-! 1.2@.! (%!
+&2'&01+1-2+'&.#+(.(! 2.*%2%*8.! (%! Z-&(.4%&1'3! (.('! %#! 2.*?21%*! 5*+&2+5+.#! (%! #.! 5*%D+0+K&! (%!
5.*1+2+5.2+K&3! (%#! 5.5%#! (%! <01.3! (%! #.! +&2+(%&2+.! 1%**+1'*+.#! G! (%! #.! *%4+0+K&! .! #.! &'*4.1+D.!
%01.1.#!5.*.!0-!%Z%21+D+(.(N!
!
!
SOP
"&! 2-.&1'! .#! .*1N! XQPN_! .#%F.! %#! :',+%*&'! 2.1.#?&! [-%! #.! 2-%01+K&! .! (+#-2+(.*! %&!
*%#.2+K&! 2'&! #.0! 2'4-&+2.2+'&%0! %#%21*K&+2.0! &'! %0! #.! (+01+&2+K&! %&1*%! 1%#%2'4-&+2.2+K&! G!
1%#%(+Z-0+K&! G! *.(+'(+Z-0+K&3! 5-%0! #.! %D'#-2+K&! 1%2&'#KF+2.3! 0-! *%2%52+K&! C-*8(+2.! G! #.!
+&1%*D%&2+K&! &'*4.1+D.! %-*'5%.! @.&! ##%D.('! .! [-%! &'! %\+01.! -&.! 5#%&.! G! -&+D%*0.#!
2'+&2+(%&2+.! %&1*%! 1%#%2'4-&+2.2+K&! G! 2'4-&+2.2+K&! %#%21*K&+2.! G3! 2'&0%2-%&1%4%&1%3! %&! %#!
5#.&'![-%!.[-8!+&1%*%0.3!&'!2.,*8.!-&.!#%21-*.!'4&+2'45*%&0+D.!G!2'45#%1.4%&1%!%\2#-G%&1%!
(%#! 181-#'! 2'45%1%&2+.#! %01.1.#! %&-&2+.('! %&! %#! .*1N! XQYNXNSX! /"N! U.! %\5*%0+K&! `*<F+4%&!
F%&%*.#!(%!2'4-&+2.2+'&%0a!-1+#+=.(.!%&!%#!5*%2%51'!2'&01+1-2+'&.#!&'!1%&(*8.!-&.!*%Z%*%&2+.!
(+*%21.!G!%05%28Z+2.!.#!?4,+1'![-%!%01.4'0!2'&0+(%*.&('N!"&!1'('!2.0'!#.!*%0%*D.!(%#!`*<F+4%&!
F%&%*.#a!5'&(*8.!(%!4.&+Z+%01'![-%!@.G!%05.2+'0!&'!*%0%*D.('0!.!#.!2'45%1%&2+.!%01.1.#!5'*!&'!
%01.*!+&1%F*.('0!%&!%0%!*<F+4%&!F%&%*.#N!U'0!0%*D+2+'0!(%!2'4-&+2.2+K&!%#%21*K&+2.!5*%0%&1.&!
-&.0!2.*.21%*801+2.0!5*'5+.0!G!(+Z%*%&2+.(.0!(%!#'0!4%(+'0!(%!2'4-&+2.2+K&!G!&'!0%!2'&Z-&(%&!
2'&!#.0!1%#%2'4-&+2.2+'&%03!*%Z%*+(.0!M&+2.4%&1%!.!#.!+&Z*.%01*-21-*.!'!5#.1.Z'*4.!(%!(+Z-0+K&!
G![-%!&'!.#2.&=.&!.!#.!5*%01.2+K&!(%#!0%*D+2+'!g>)/!XTOWXYY]3!(%!S_!(%!4.G'c3!5'*!#'![-%!#'0!
0%*D+2+'0!(%!2'4-&+2.2+K&!%#%21*K&+2.!*%5*%0%&1.&!-&.!4.1%*+.!&-%D.N!
!
"0!%&!%01%!2'&1%\1'!(%!2.4,+'03!%&!%#![-%!&'!5'(*8.!%&1%&(%*0%![-%!#.!1'1.#+(.(!(%!#'0!
&-%D'0!(%0.**'##'0!2'&1+&M.&!0-,0-4+('03!0+&!4.1+2%0!&+!4'(-#.2+'&%03!%&!#'0!5*%2%51'0!(%#!
.*1N!XQYNXNSX!/"3!%&!%#![-%!@.,*8.![-%!+&1%*5*%1.*!%#!.*1N!XQPN_!+45-F&.('3![-%!0+45#%4%&1%!
.1*+,-G%! 2'45%1%&2+.0! %C%2-1+D.0! !%01'! %03! 2'&! %02.0'! .#2.&2%! +&&'D.('*!3! G! (%! .2-%*('!
2'&!#.!&'*4.1+D.!%01.1.#3!.!#.!L(4+&+01*.2+K&!.-1'&K4+2.3!G!*%05%21'!(%!Z-&2+'&%0!%&-&2+.(.0!
2'&!%\[-+0+1.!5*%'2-5.2+K&!5'*!%#!#84+1%!1%**+1'*+.#N!"&!1.#%0!1<*4+&'0!%#!.*1N!XQPN_!%&F.*=.*8.!
5%*Z%21.4%&1%!2'&!#.0!5*%D+0+'&%0!2'&01+1-2+'&.#%0N!
!
(c!"#!$.*#.4%&1'!(%!/.1.#-6.!0%!*%4+1%3!%&!5*+4%*!#-F.*3!.!0-0!.#%F.2+'&%0!%&!*%#.2+K&!
2'&! %#! .*1N! XX_! *%05%21'! .! #.! +&'2-+(.(! (%! #.! Z.#1.! (%! 4%&2+K&! (%! -&.! 2'45%1%&2+.! %01.1.#!
l.&1%2%(%&1%!RO!(cmN!"&!2-.&1'!.!#.!5.*1+2+5.2+K&!5*%D+01.!%&!%#!.5.*1.('!S!(%#!.*1N!XQP!0%!.#%F.!
[-%! G.! .5.*%28.! %&! %#! .*1N! XSNO! (%#! .&1%*+'*! "01.1-1'! 0+&! [-%! 5#.&1%.*.! 5*',#%4.! .#F-&'! (%!
+&2'&01+1-2+'&.#+(.(N! $'*! 0-! #.('! %#! +&Z'*4%! 5*%2%51+D'! &'! D+&2-#.&1%! (%#! .5.*1.('! ]! &'!
(+04+&-+*8.! %&! &.(.! #.! 2'45%1%&2+.! %01.1.#3! 4?0! .##?! (%! [-%! #.! 5*%D+0+K&! (%! +&Z'*4%0!
',#+F.1'*+'0! %&! %#! "01.1-1'! 2'4'! +&01*-4%&1'! (%! 2''5%*.2+K&! @.! 0+('! .(4+1+(.! 5'*! %01%!
)*+,-&.#!0+&!(+Z+2-#1.(!g>>)/!XOXWXYOO3!(%!X]!(%!'21-,*%3!^;!_e!QPWXYYO3!(%!XY!(%!Z%,*%*'3!^;!
]PcN!
!
!
SOX
"#!.5.*1.('!Q!%01.,#%2%*8.!-&!1+5'!(%!5.*1+2+5.2+K&![-%!&'!0%!2'&2*%1.3!0+&'![-%![-%(.!
(%Z%*+('! .! #.! &'*4.1+D.! %01.1.#! 0+&! (%1%*4+&.2+K&3! 5'*! #'! [-%! 5'(*8.! (%2+*0%! [-%! &'! %\+01%!
(%0.5'(%*.4+%&1'!.#F-&'!(%!2'45%1%&2+.!%01.1.#3!0+&'!1.&!0K#'!-&!2'&(+2+'&.4+%&1'!Z'*4.#!G!
.,+%*1'N!
!
"#!.5.*1.('!R3!5'*!0-!#.('3!&-%D.4%&1%!2'&1%45#.*8.!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!
%&! %#! %C%*2+2+'! (%! -&.! 2'45%1%&2+.! %01.1.#3! 0+&! (%1%*4+&.*! %#! 5*'2%(+4+%&1'! '! 4%2.&+04'! .!
1*.D<0!(%#!2-.#!0%!+&01*-4%&1%!%01.!5.*1+2+5.2+K&3![-%!0%!(%C.!%&!4.&'0!(%!#.!2'**%05'&(+%&1%!
&'*4.1+D.! %01.1.#N! k-%D.4%&1%! 5'(*8.! .Z+*4.*0%! [-%! &'! 0%! 5*'(-2%! 5*+D.2+K&! .#F-&.! (%! #.!
2'45%1%&2+.!%01.1.#!+45#+2.(.3!5-%0!%#!"01.('!*%1+%&%!#.!'*(%&.2+K&!(%!%01.!5.*1+2+5.2+K&N!U.0!
4+04.0!2'&0+(%*.2+'&%0!0%*8.&!.5#+2.,#%0!.#!.5.*1.('!TN!
!
"&!2-.&1'!.#!.5.*1.('!_!0%!0%6.#.![-%!#'0!0%*D+2+'0!(%!2'4-&+2.2+'&%0!%#%21*K&+2.0!&'!
Z'*4.&!5.*1%!(%#!2'&2%51'!`1%#%2'4-&+2.2+'&%0a3!*%Z%*+('!.!#.0!+&Z*.%01*-21-*.0!'!5#.1.Z'*4.0!
(%! 2'4-&+2.2+K&!g>)/!XTOWXYY]3!(%!S_!(%!4.G'c3!0+&'![-%!2'&01+1-G%&!-&.!4.1%*+.! &-%D.3!
.C%&.! .#! .*1N! XQYNXNSX! /"N! L&1%! %##.! %#! "01.1-1'! .1*+,-+*8.! .! #.! :%&%*.#+1.1! 2'45%1%&2+.0! 1.&!
0'#'!(%!%C%2-2+K&3!%&!#.!4%(+(.!G!2'&!%#!.#2.&2%![-%!(%1%*4+&%!#.!&'*4.1+D.!%01.1.#N!
!
_ON!.c!"#!.*182-#'!XQXNS!g;-%F'!G!%05%21?2-#'0c!%0!',C%1'!(%!*%2-*0'!5'*!(+05'&%*![-%!
`#.! .-1'*+=.2+K&! (%! &-%D.0! 4'(.#+(.(%0! (%! C-%F'! G! .5-%01.0! (%! ?4,+1'! %01.1.#3! '! ,+%&! #.!
4'(+Z+2.2+K&!(%!#.0!%\+01%&1%03!*%[-+%*%!#.!(%#+,%*.2+K&!%&!#.!/'4+0+K&!9+#.1%*.#!:%&%*.#+1.1I
"01.('! 5*%D+01.! %&! %#! 181-#'! A! G! %#! +&Z'*4%! 5*%D+'! (%1%*4+&.&1%! (%! #.! :%&%*.#+1.1aN! $.*.! #'0!
*%2-**%&1%0!%#!5*%2%51'!5*%0-5'&%![-%!%#!"01.('!&'!'01%&1.!2'45%1%&2+.!.#F-&.!%&!4.1%*+.!(%!
C-%F'3! #'! [-%3! .! 0-! C-+2+'3! %0! Z.#0'3! .#! 4%&'0! 5'*! *%#.2+K&! .! #.! #'1%*8.! &.2+'&.#3! 2'4'! 0%!
(%05*%&(%! (%! #.! C-*+05*-(%&2+.! g5'*! 1'(.03! >)/! XT]WXYYQ! (%! ST! (%! 4.G'c! G! (%! #.! 2'&%\+K&!
[-%3!4?0!.##?!(%#!0+#%&2+'!(%#!.*1N!XQYNX!/"3!@.!+(%&1+Z+2.('!#.!2'45%1%&2+.!0',*%!%01.!4.1%*+.!
2'&!#.!2'45%1%&2+.!*%2'F+(.!%&!0-!*%F#.!XQN!
!
,c! k-%D.4%&1%! 0%6.#.! %#! L,'F.('! (%#! "01.('! [-%3! .-&[-%! #.! 2'45%1%&2+.! 0',*%!
C-%F'0! G! .5-%01.0! 0%! .0-4.! 2'4'! %\2#-0+D.3! %01?! 0-C%1.! .! #'0! #84+1%0! (%*+D.('0! (%#! #%F81+4'!
%C%*2+2+'! (%! #.0! *%01.&1%0! 2'45%1%&2+.0N! E%! @%2@'! %#! "01.1-1'! (%! XY_Y! G.! .1*+,-8.! .! #.!
:%&%*.#+1.1!#.!2'45%1%&2+.!%\2#-0+D.!%&!4.1%*+.!(%!`2.0+&'03!C-%F'0!G!.5-%01.03!2'&!%\2#-0+K&!
(%!#.0!L5-%01.0!7-1-.0!E%5'*1+D'!9%&<Z+2.0a!g.*1N!YN]ScN!"01.!5*%D+0+K&!%01.1-1.*+.!5%*4+1+K!
[-%!%#!)*+,-&.#!/'&01+1-2+'&.#!(%2#.*.*.3!%&!#.0!>%&1%&2+.0!2+1.(.0!(%!2'&1*.*+'3![-%!#.!#'1%*8.!
!
SOS
&.2+'&.#!G!#'0!C-%F'0!2'&%\'0!&'!(%,8.&!%&2-.(*.*0%!%&!%#!181-#'!C-%F'0!G!.5-%01.03!0+&'!%&!%#!
(%!`@.2+%&(.!F%&%*.#a!g.*1N!XQYNXNXQ!/"cN!$.*%2%*8.!2#.*'![-%!%&!&.(.!.Z%21.!.!%01.!('21*+&.!%#!
&-%D'!"01.1-1'd!#.!#'1%*8.!&.2+'&.#!0%F-+*8.!+&1%F*.(.!%&!%01%!181-#'!2'45%1%&2+.#N!$%*'!%0![-%3!
.(%4?03!%#!"01.1-1'!1%&(*8.!#.!D+*1-(!(%!2#.*+Z+2.*!%#!181-#'!2'45%1%&2+.#!(%!C-%F'0!G!.5-%01.03!
%01.,#%2+%&('! %#! 5-&1'! (%! 2'&%\+K&! %&! %#! ?4,+1'! 1%**+1'*+.#! (%#! 4+04'N! "0! (%2+*3! 2-.&('! #.!
.21+D+(.(! 0%! (%0.**'##.! %\2#-0+D.4%&1%! %&! /.1.#-6.3! #.! 2'45%1%&2+.! 0%*8.! .-1'&K4+2.e! G!
2-.&('! %#! C-%F'! '! .5-%01.! 0%.! (%! ?4,+1'! %01.1.#3! #.! 2'45%1%&2+.! 0%*8.! (%#! "01.('3! 0+! ,+%&!
(%,+%&('!.2-(+*!.#!4%2.&+04'!(%!2''5%*.2+K&![-%!%01.,#%2%!%#!.*1N!XQXNS!*%2-**+('3![-%!0%*8.!
.,0'#-1.4%&1%! *.='&.,#%3! G.! [-%! *%4+1%! .! #.!(+05'0+2+K&! .(+2+'&.#! 0%F-&(.3! 0-Z+2+%&1%4%&1%!
2'4%&1.(.N!
!
2c!"#!:',+%*&'!2.1.#?&!*%2-%*(.![-%!%&!%#!.*1N!XQYNX!/"!&'!Z+F-*.!#.!4.1%*+.!C-%F'!G!
.5-%01.03!(%!4.&%*.![-%!#.!:%&%*.#+1.1!#.!.0-4+K!%&!%#!.*1N!YN]S!(%#!"01.1-1'!(%!XY_Y3!2'&!#.!
M&+2.!%\2%52+K&!(%!#.0!L5-%01.0!7-1-.0!E%5'*1+D'!9%&<Z+2.0N!k'!',01.&1%!(%0(%!%#!2'4+%&='!
(%#!Z-&2+'&.4+%&1'!(%#!"01.('!.-1'&K4+2'!0%!5#.&1%.*'&!2'&Z#+21'0!2'45%1%&2+.#%0!%&!1'*&'!.!
#'0!C-%F'0!G!.5-%01.0!5'*!*%#.2+K&!.!#.!.-1'*+=.2+K&!%01.1.#!5.*.!'1*.0!4'(.#+(.(%0!(%!#'1%*8.!(%!
?4,+1'!%01.1.#3!.08!2'4'!(%!C-%F'0!G!.5-%01.0!.!Z.D'*!(%!%&1+(.(%0!0'2+.#%0!(%!?4,+1'!1.4,+<&!
%01.1.#N!
!
"#!)*+,-&.#!/'&01+1-2+'&.#!%&1%&(+K3!%&!#.0!>%&1%&2+.0!4%&2+'&.(.0!%&!%#!*%2-*0'3![-%!
%#!"01.('!5'(8.!F%01+'&.*!#'1%*8.0!(%0(%!#.!2'45%1%&2+.!.1*+,-+(.!%&!%#!.*1N!XQYNXNXQ!/"N!L-&!
.08!*%0-#1.!%D+(%&1%!%#!5'1%&2+.#!.#1%*.('*!(%#!'*(%&!2'45%1%&2+.#![-%!%&2+%**.!%#!*%2-*0'!.!%01%!
181-#'!5'*!%#!@%2@'!(%![-%!#.!#'1%*8.!0%.!-&.!Z-%&1%!(%!+&F*%0'0!5.*.!%#!%*.*+'!5M,#+2'N!E%!+F-.#!
4'('![-%!%#!5'(%*!(%!F.01'!(%#!"01.('!&'!F%&%*.!2'45%1%&2+.0!.!0-!Z.D'*!g>)/!X]WXYYS3!(%!T!
(%!Z%,*%*'c!1.45'2'!@.!(%!@.2%*#'!%#!5'(%*!(%!+&F*%0'N!L(%4?03!%&!.1%&2+K&!.#!#+4+1.('!5'(%*!
(%! F.01'! (%! #'0! %05.6'#%03! (%,%*8.! 2'&D%&+*0%! %&! [-%! #'0! +&F*%0'0! (%! #.! @.2+%&(.! 5M,#+2.!
%01.1.#!5'*!%01%!2'&2%51'!4%&'02.,.*?&!.[-%##'0![-%3!5'*!#.!4+04.!.21+D+(.(3!2'**%05'&(%*8.&!
.! #.0! @.2+%&(.0! .-1'&K4+2.0N! "01'! %0! #'! [-%! @.,*8.! 1*.1.('! (%! %D+1.*0%! %&! %#! .*1N! XQXNS!
4%(+.&1%!%#!%01.,#%2+4+%&1'!(%!0+01%4.0!(%!2'#.,'*.2+K&!G!5.*1+2+5.2+K&N!
!
^*%&1%!.!#'!0'01%&+('!(%!2'&1*.*+'!%&!#.!(%4.&(.3!%#!5*%2%51'!%01.1-1.*+'!&'!0-5%(+1.!&+!
2'&(+2+'&.! +&(%,+(.4%&1%3! .! C-+2+'! (%#! :',+%*&'! (%! #.! :%&%*.#+1.13! #.! .21-.2+K&! %01.1.#N! "&!
2-.&1'!.!#.!5.*1+2+5.2+K&!%&!#.!/'4+0+K&!9+#.1%*.#!%#!:',+%*&'!2.1.#?&!0%!*%4+1%!.#!%01-(+'!(%#!
.*1N!XO]!(%#!"01.1-1'!l.&1%2%(%&1%!XPT!2cm3!G!2'&!*%05%21'!.#!D.#'*!(%#!+&Z'*4%!`(%1%*4+&.&1%a!
!
SO]
.5-&1.! [-%! 0K#'! ',#+F.! .#! "01.('! .! 4'1+D.*! 0-! (%2+0+K&! 2-.&('! &'! .2'C.! #.! 5'01-*.! (%! #.!
:%&%*.#+1.1N! H%2-%*(.3! 5'*! M#1+4'3! %#! "C%2-1+D'! .-1'&K4+2'! [-%! #.! (+05'0+2+K&! .(+2+'&.#!
(%2+4'2-.*1.!(%C.!.!0.#D'!#'0!C-%F'0!%\5#'1.('0!5'*!#.!Vk/"3!%\1*%4'![-%!#'0!*%2-**%&1%0!&'!
4%&2+'&.&N!
!
(c!L#%F.!%#!$.*#.4%&1'!(%!/.1.#-6.![-%!%&!%01.!4.1%*+.!#.!L(4+&+01*.2+K&!(%#!"01.('!
@.!%C%*2+('!.45#+.0!.1*+,-2+'&%0!.#!.45.*'!(%!#.!2'45%1%&2+.!5*%D+01.!%&!%#!.*1N!XQYNXNXQ!/"N!
"&! %01%! 1%**%&'! %#! "01.1-1'3! 4%(+.&1%! #.! /'4+0+K&! 9+#.1%*.#3! 5*%1%&(%*8.! Z'*4.#+=.*! #.!
&%2%0+(.(! (%! (+?#'F'! 5.*.! [-%! %#! "01.('3! [-%! 2.*%2%! (%! 181-#'0! 2'45%1%&2+.#%0! (+*%21'0! G!
%\5*%0'0!0',*%!#.!4.1%*+.3!5-%(.!.-1'*+=.*!&-%D.0!4'(.#+(.(%0!(%!C-%F'!G!.5-%01.0!'!5-%(.!
4'(+Z+2.*!#'0!%\+01%&1%0!%&!%#!?4,+1'!1%**+1'*+.#!(%!/.1.#-6.N!"&!%01%!0%&1+('3!0%!*%2-%*(.![-%!
#.! .-1'*+=.2+K&! (%! -&.! &-%D.! 4'(.#+(.(! (%! C-%F'! '! .5-%01.! (%! ?4,+1'! %01.1.#! '! #.!
4'(+Z+2.2+K&! (%! -&.! %\+01%&1%! 5-%(%! .Z%21.*! (%! Z'*4.! 0-,01.&2+.#! .! #'0! C-%F'0! G! .5-%01.0!
*%F-#.('0! 5'*! #.! :%&%*.#+1.1N! $'*! 2'&0+F-+%&1%! 0%*8.! .(4+0+,#%! [-%! #.! .21-.2+K&! (%#! "01.('!
[-%(%!2'&(+2+'&.(.!5'*!#.!(%2+0+K&!5*%D+.!(%!-&.!/'4-&+(.(!L-1K&'4.![-%!1+%&%!.1*+,-+(.!#.!
2'45%1%&2+.!%\2#-0+D.!0',*%!#.!4.1%*+.N!
!
_YN! .c! "&! *%#.2+K&! 2'&! %#! .*182-#'! XQSNS! g;-D%&1-(c! .#%F.&! #'0! (%4.&(.&1%0! [-%! #.!
F%&<*+2.! *%Z%*%&2+.! .! #.! 2.5.2+(.(! (%! #.! :%&%*.#+1.1! 5.*.! 0-02*+,+*! .2-%*('0! 2'&! %&1+(.(%0!
+&1%*&.2+'&.#%0!.Z%21.!.!#.!2'45%1%&2+.!%\2#-0+D.!(%#!"01.('!ex!.*1N!XQYNXN]!/"!G3!%&!2'&2*%1'3!
+45#+2.!%#!%C%*2+2+'!5'*!-&.!/'4-&+(.(!L-1K&'4.!(%#!ius contrahendi![-%!0K#'!2'**%05'&(%!
.#!"01.('3!2'4'!0%!.*F-4%&1.!%&!#.!+45-F&.2+K&!(%#!.*1N!XYR!(%#!"01.1-1'!l.&1%2%(%&1%!XXQ!
.cmN!$'*!#'![-%!@.2%!.!#.!5.*1+2+5.2+K&!%&!%&1+(.(%0!+&1%*&.2+'&.#%0!0%!*%+1%*.&!#'0!.*F-4%&1'0!
G.!%0F*+4+('0!%&!#.!+45-F&.2+K&!(%#!.*1N!X]QNS!g(%5'*1%c!l.&1%2%(%&1%!_S!.cm3!2'&!*%4+0+K&!.!
#'0![-%!0%!%\5'&(*?&!.#!%\.4+&.*!#'0!.*10N!XYO!G!SPP3!1.4,+<&!*%2-**+('0!g.&1%2%(%&1%0!XXR!G!
XX_3!*%05%21+D.4%&1%cN!
!
,c! "#! %02*+1'! (%! .#%F.2+'&%0! (%#! L,'F.('! (%#! "01.('! 0%! *%4+1%! .! #'! .*F-4%&1.('! %&!
*%#.2+K&! 2'&! #'0! .*10N! X]QNS3! XYR3! XYO! G! SPP! l.&1%2%(%&1%0! _S! ,c3! XXQ3! XXR! G! XX_3!
*%05%21+D.4%&1%mN!L(%4?03!(%01.2.![-%!%#!.5.*1.('!S!+45-F&.('!@.2%!-&.!*%4+0+K&3!1.&1'!.!#.!
`&'*4.1+D.!(%!#.!2'**%05'&(+%&1%!%&1+(.(a!+&1%*&.2+'&.#!2'&!#.![-%!0%!5*%1%&(.!#.!0-02*+52+K&!
(%#!.2-%*('3!2'4'!.!#.!`#%F+0#.2+K&!(%#!"01.('aN!"0!(%2+*3!#.!%Z%21+D+(.(!(%#!.*182-#'!%01.1-1.*+'!
%01?!2'&(+2+'&.(.!.!-&.!(',#%!5*%D+0+K&d!(%!#.!&'*4.!+&1%*&.2+'&.#!G!(%!#.!%01.1.#!+&1%*&.N!
!
!
SOQ
2c!U.!*%Z%*%&2+.!F%&<*+2.!.!#.!2.5.2+(.(!(%!#.!:%&%*.#+1.1!5.*.!0-02*+,+*!.2-%*('0!2'&!
%&1+(.(%0!+&1%*&.2+'&.#%0!'!5.*1+2+5.*!%&!<01.0!&'!D-#&%*.3!.!C-+2+'!(%#!:',+%*&'!2.1.#?&3!%#!.*1N!
XQYNXN]!/"3!5-%0!&'!2'&D+%*1%!%0'0!.2-%*('0!%&!1*.1.('0!0-C%1'0!.#!E%*%2@'!+&1%*&.2+'&.#!&+!
1*.&0Z'*4.!.!#.!:%&%*.#+1.1!%&!0-C%1'!(%!E%*%2@'!+&1%*&.2+'&.#N!"&!5.*1+2-#.*!0%!(%01.2.![-%!%#!
.*1N!XQSNS!&'!+&2+(%!%&!%#!ius contrahendi!(%#!"01.('!&+!+&1%*Z+%*%!%&!0-!5'#81+2.!%\1%*+'*N!
!
(c!U.!/?4.*.!.-1'&K4+2.!0'01+%&%![-%!#.!C-*+05*-(%&2+.!*%05%21'!.#!.*1N!XQYNXN]!/"!%0!
(%! -&.! 2#.*+(.(! 4%*+(+.&.3! 2+1.&('! &-%D.4%&1%! .#! %Z%21'! #.! >)/! XTRWXYYQ3! (%! ST! (%! 4.G'3!
0%FM&! #.! 2-.#! &'! 1'(.! .21+D+(.(! (%! 5*'G%22+K&! %\1%*+'*! 0%! 5-%(%! +(%&1+Z+2.*! 2'&! #.! 4.1%*+.!
`*%#.2+'&%0!+&1%*&.2+'&.#%0aN!$'*!%##'3!0+%&('!#.!4.1%*+.!`C-D%&1-(a!(%!2'45%1%&2+.!%\2#-0+D.!
(%!#.!:%&%*.#+1.13!#.!2.5.2+(.(!5.*.!0-02*+,+*!.2-%*('0![-%!0%!*%2'&'2%!.!Z.D'*!(%!#.!4+04.!%&!
#'0! 1<*4+&'0! (%02*+1'0! %&! %#! .*1N! XQSNS! &'! 2'45'*1.*8.! #.! .0-&2+K&! (%! &+&FM&! 1+5'! (%!
',#+F.2+'&%0! [-%! 5-%(.! 2'45*'4%1%*! #.0! *%#.2+'&%0! (%#! "01.('! %&! 4.1%*+.! (%! 5'#81+2.!
+&1%*&.2+'&.#3!&+!5'(*8.!%&1%&(%*0%!2'4'!-&!%C%*2+2+'!(%#!ius contrahendiN!
!
OPN! .c! E%! .2-%*('! 2'&! %#! .*182-#'! XQQNR! g7%(+'! .4,+%&1%3! %05.2+'0! &.1-*.#%0! G!
4%1%'*'#'F8.c!`2'**%05'&(%!.!#.!:%&%*.#+1.1!%#!%01.,#%2+4+%&1'!(%!-&!0%*D+2+'!4%1%'*'#KF+2'!
5*'5+'3!%#!0-4+&+01*'!(%!+&Z'*4.2+K&!4%1%'*'#KF+2.!G!2#+4?1+2.3!+&2#-G%&('!%#!5*'&K01+2'3!%#!
2'&1*'#! G! %#! 0%F-+4+%&1'! (%! #.0! 0+1-.2+'&%0! 4%1%'*'#KF+2.0! (%! *+%0F'3! .08! 2'4'! #.!
+&D%01+F.2+K&!%&!%01'0!?4,+1'0!G!#.!%#.,'*.2+K&!(%!#.!2.*1'F*.Z8.!2#+4?1+2.aN!L-&!&'!1*.1?&('0%!
(%!-&.!2'45%1%&2+.!.-1'&K4+2.!%\2#-0+D.3!&'!5-%(%!'#D+(.*0%3!.#%F.&!#'0!.21'*%03![-%!%#!.*1N!
XQYNXNSP! /"! .1*+,-G%! .#! "01.('! #.! 2'45%1%&2+.! %\2#-0+D.! %&! #.! 4.1%*+.! `0%*D+2+'!
4%1%'*'#KF+2'aN! k'! 2.,*8.! .5%#.*! .#! @%2@'! (%! [-%! #.! 2*%.2+K&! (%! -&! 0%*D+2+'! 4%1%'*'#KF+2'!
5*'5+'!(%!/.1.#-6.!%&2-%&1*.!Z-&(.4%&1'!%&!#.0!2'45%1%&2+.0!F%&%*.#%0!(%!'*F.&+=.2+K&!(%!
#.!/'4-&+(.(!L-1K&'4.3!1'(.!D%=![-%3!0+%&('!<01.0!+&01*-4%&1.#%03!0K#'!5-%(%&!'5%*.*!%&!#'0!
?4,+1'0!4.1%*+.#%0!0',*%!#'0![-%!#.!/'4-&+(.(!L-1K&'4.!1%&F.!2'45%1%&2+.0N!
!
,c!"#!L,'F.('!(%#!"01.('3!5'*!0-!5.*1%3!.#%F.![-%!%#!"01.1-1'!(%!XY_Y!G.!.1*+,-8.!.!#.!
:%&%*.#+1.1! 2'45%1%&2+.! %\2#-0+D.! %&! *%#.2+K&! 2'&! %#! `>%*D+2+'! 7%1%'*'#KF+2'! (%! /.1.#-6.3!
0+&! 5%*C-+2+'! (%! #'! (+05-%01'! %&! #'0! &M4%*'0! SP! G! SX! (%#! .5.*1.('! X! (%#! .*182-#'! XQY! (%! #.!
/'&01+1-2+K&a! g.*1N! YNXRcN! $.*%2%! 2#.*'3! .! 0-! C-+2+'3! [-%! 0+! &-&2.! 0%! 5#.&1%.*'&! (-(.0! (%!
2'&01+1-2+'&.#+(.(!0',*%!-&!5*%2%51'![-%!.1*+,-8.! -&.! 2'45%1%&2+.! %\2#-0+D.3! 4-2@'! 4%&'0!
0%!5-%(%&!0-02+1.*0%!*%05%21'!(%!'1*'![-%!&+!0+[-+%*.!@.2%!1.#!2.#+Z+2.2+K&N!"#!.*1N!XQYNXNSP!/"!
0+%45*%! 0%! @.! %&1%&(+('! %&! %#! 0%&1+('! (%! [-%! .#! "01.('! #%! 2'**%05'&(%! %&! %\2#-0+D.! %#!
!
SOR
%01.,#%2+4+%&1'! (%! -&! 0%*D+2+'! (%! 4%1%'*'#'F8.! [-%! 1%&F.! %#! 2.*?21%*! (%! 'Z+2+.#3! #'! 2-.#! &'!
+45+(%! [-%! #.0! /'4-&+(.(%0! L-1K&'4.0! [-%! @.G.&! .0-4+('! 2'45%1%&2+.0! %&! #.! 4.1%*+.!
5-%(.&! '*F.&+=.*! 0-0! 5*'5+'0! 0%*D+2+'0! 4%1%'*'#KF+2'03! 2-G'0! 5*'&K01+2'0! &'! F'=.*?&! (%#!
4+04'!2.*?21%*!'Z+2+.#![-%!#'0!(%#!0%*D+2+'!%01.1.#N!L08!5-%0!#.!2-%01+K&!0%*8.!,.01.&1%! 2#.*.3!
4?\+4%!2-.&('!&.(+%!@.!2-%01+'&.('!#.!2'&01+1-2+'&.#+(.(!(%#!.&1+F-'!"01.1-1'!&+!#.!2*%.2+K&!
(%#!>%*D+2+'!7%1%'*'#KF+2'!(%!/.1.#-6.!5'*!#.!U%G!2.1.#.&.!XRWSPPX3!(%!XQ!(%!&'D+%4,*%N!
!
2c! "#! :',+%*&'! 2.1.#?&! *%5#+2.! [-%! %#! .*1N! YNXR! (%#! "01.1-1'! (%! XY_Y! G.! .1*+,-8.! .! #.!
:%&%*.#+1.1! #.! 2'45%1%&2+.! %\2#-0+D.! %&! 4.1%*+.! (%! 0%*D+2+'! 4%1%'*'#KF+2'! (%! /.1.#-6.3! .!
2-G'!.45.*'!0%!@.!2*%.('!%#!2'**%05'&(+%&1%!0%*D+2+'N!E%0(%!'1*.!5%*05%21+D.!0%!.Z+*4.![-%!%#!
.*1N!XQYNXNSP!/"!&'!%\2#-+*8.!#.!%\+01%&2+.!(%!'1*'0!0%*D+2+'0!(%!?4,+1'!0-,%01.1.#N!
!
(c! L! C-+2+'! (%#! $.*#.4%&1'! (%! /.1.#-6.! #.! 2*%.2+K&! (%! -&! 0%*D+2+'! 4%1%'*'#KF+2'!
5*'5+'! 5-%(%! 2'&0+(%*.*0%3! %&! 2+%*1.! 4%(+(.3! -&.! .21+D+(.(! +&01*-4%&1.#! 5.*.! %#! %C%*2+2+'! (%!
'1*.0! 2'45%1%&2+.03! .(%4?0! (%! -&! 0%*D+2+'! (%! +&Z'*4.2+K&! .#! 5M,#+2'! [-%! &'! #+4+1.! '!
2'&(+2+'&.! .21+D+(.(! %01.1.#! .#F-&.N! "&! 1.#! 0%&1+('! 0%! *%2-%*(.! [-%! #.! M&+2.! %\2#-0+D+(.(!
2'45%1%&2+.#!%01.1.#![-%!0%!(%(-2%!(%#!.*1N!XQYNXNSP!/"!%01?!D+&2-#.(.!.!#.!&.D%F.2+K&!.<*%.3!
2-G.!Z.#1.!(%!4%&2+K&!%&!%#!.*1N!XQQNR!&'!#'!+&D.#+(.N!
!
OXN! .c! "#! .*182-#'! XQT! g7%(+'0! (%! 2'4-&+2.2+K&! 0'2+.#! G! 0%*D+2+'0! (%! 2'&1%&+('!
.-(+'D+0-.#c!'Z*%2%*8.!-&.!2'&1*.(+22+K&!%&1*%!#.!ZK*4-#.!(%!.1*+,-2+K&!F%&%*.#!g.5.*1.('!Sc!G!
#.0!ZK*4-#.0!(%!.1*+,-2+K&!%05%28Z+2.!g.5.*1.('!Xc3!2'&1*.(+2+<&('0%!%&!.4,'0!2.0'0!#.!*%F#.!
2'45%1%&2+.#!(%#!.*1N!XQYNXNS_!/"N!"&!*%#.2+K&!2'&!%#!.5.*1.('!S3!0%!*%2-%*(.!%&!#.!(%4.&(.!
[-%!%#!2+1.('!5*%2%51'!2'&01+1-2+'&.#!-1+#+=.!#.!1<2&+2.!,.0%0I(%0.**'##'3!2'&!-&!.#2.&2%![-%!#.!
C-*+05*-(%&2+.!g5'*!1'(.03!>>)/!XPOWXYY]3!(%!SR!(%!4.*='3!^;!]e!G!XS_WXYYQ3!(%!R!(%!4.G'c!
@.!5*%2+0.('!%&!1<*4+&'0!4-2@'!4?0!.45#+'0![-%!#'0![-%!*%0-#1.&!(%!#.!&'*4.!%01.1-1.*+.3![-%!
0%*8.!+&2'&01+1-2+'&.#!5'*!#.!*%01*+22+K&![-%!0',*%!%#!.#2.&2%!(%!#.0!,.0%0!0%!'5%*.!%&!D+*1-(!(%#!
.*1N!XXX3!G.!*%2-**+('N!
!
"&!2-.&1'!.#!.5.*1.('!X!(%#!5*%2%51'3!0%!.#%F.![-%!#.!2'45%1%&2+.!%\2#-0+D.!.1*+,-+(.!
%&! 0-! #%1*.! .c! `0',*%! #.! '*F.&+=.2+K&! (%! #.! 5*%01.2+K&! (%#! 0%*D+2+'! 5M,#+2'! (%! 2'4-&+2.2+K&!
.-(+'D+0-.#! (%! #.! :%&%*.#+1.1! G! (%! #'0! 0%*D+2+'0! 5M,#+2'0! (%! 2'4-&+2.2+K&! .-(+'D+0-.#! (%!
?4,+1'! #'2.#3! *%05%1.&('! #.! F.*.&18.! (%! #.! .-1'&'48.! #'2.#a3! .(%4?0! (%! 0%*! +&2'@%*%&1%!
*%05%21'! (%#! 2.*?21%*! 2'45.*1+('! (%! #.! 2'45%1%&2+.! 2'&Z%*+(.! %&! %#! .5.*1.('! S3! 0%! '5'&(*8.!
!
SOT
Z*'&1.#4%&1%!.#!.*1N!XQYNXNS_!/"!5'*!(%02'&'2%*!#.!2'45%1%&2+.!(%#!"01.('!0',*%!#.0!,.0%0!G!
5'*! 5*%0-4+*! #.! %\+01%&2+.! (%! 0%*D+2+'0! 5M,#+2'0! (%! 2'4-&+2.2+K&! .-(+'D+0-.#3! 2-.#+(.(! <01.!
[-%!0K#'!2'45%1%!2'&Z%*+*!.#!#%F+0#.('*!,?0+2'!(%#!"01.('!g>)/!XS_WXYYQ3!(%!R!(%!4.G'3!^;!
OcN! $'*! 0-! #.('! #.! #%1*.! ,c! (%! %01%! .5.*1.('! X! .1*+,-G%! .! #.! :%&%*.#+1.1! `#.! 2'45%1%&2+.!
2'45.*1+(.!0',*%!#.!*%F-#.2+K&!G!%#!2'&1*'#!(%!#'0!0%*D+2+'0!(%!2'4-&+2.2+K&!.-(+'D+0-.#![-%!
-1+#+2%&!2-.#[-+%*.!(%!#'0!0'5'*1%0!G!1%2&'#'F8.!(+05'&+,#%0!(+*+F+('0!.#!5M,#+2'!(%!/.1.#-6.3!
.08! 2'4'! 0',*%! #.0! 'Z%*1.0! (%! 2'4-&+2.2+K&! .-(+'D+0-.#! 0+! 0%! (+01*+,-G%&! %&! %#! 1%**+1'*+'! (%!
/.1.#-6.aN! $.*.! #'0! *%2-**%&1%03! 0+! ,+%&! %#!2'&2%51'! `0%*D+2+'! (%! 2'4-&+2.2+K&! .-(+'D+0-.#a!
&'!0%!2'**%05'&(%!2'&!#.!(+22+K&!(%#!.*1N!XQYNXNS_!/"3![-%!@.,#.!(%!`4%(+'0!(%!2'4-&+2.2+K&!
0'2+.#a3!%0!%D+(%&1%![-%!#.0!2'45%1%&2+.0!*%Z%*+(.0!%&!#.!*%5%1+(.!#%1*.!,c!(%,%&!*%2'&(-2+*0%!.!
%01%!181-#'3!2-G.!2'&Z+F-*.2+K&!2'&01+1-2+'&.#!0%!D%*8.!2'&1*.*+.(.!5'*!%#!2*+1%*+'!%01.1-1.*+'!(%!
.1*+,-2+K&3!,.0.('!%&!%#!#-F.*!(%!*%2%52+K&!(%!#.0!%4+0+'&%03!#'![-%!5'*!#'!(%4?0!0%!'5'&(*8.!
.!#.!&'*4.1+D.!%-*'5%.!%&!4.1%*+.!(%!1%#%D+0+K&!gE+*%21+D.!OYWRRScN!
!
,c! "#! L,'F.('! (%#! "01.('! %&1+%&(%! [-%3! 5'*! #'! [-%! @.2%! .#! .5.*1.('! S3! 4?0!
5*'5+.4%&1%! 0%! 2-%01+'&.! %#! .*1N! XXX3! 5'*! #'! [-%! 0%! *%4+1%! .! #.0! .#%F.2+'&%0! D%*1+(.0! 0',*%!
(+2@'! 5*%2%51'! g.&1%2%(%&1%! R]cN! "&! 2-.&1'! .#! .5.*1.('! X! %#! *%5*%0%&1.&1%! (%#! :',+%*&'!
2'&0+(%*.![-%!%#!*%2-*0'!&'!.2+%*1.!%&!0-!+&1%*5*%1.2+K&3!0+!0%!1+%&%!%&!2-%&1.!#.!(+Z%*%&2+.!2'&!
%#! 1%\1'! .5*',.('! 5'*! %#! $.*#.4%&1'! 2.1.#?&3! [-%! .1*+,-8.! .! #.! :%&%*.#+1.1! `#.! 2'45%1%&2+.!
%\2#-0+D.! 0',*%! #.! *%F-#.2+K&! (%! #.! 5*%01.2+K&! (%#! 0%*D+2+'! 5M,#+2'! (%! 2'4-&+2.2+K&!
.-(+'D+0-.#! (%! #.! :%&%*.#+1.1a3! 4+%&1*.0! [-%! %&! %#! 1%\1'! (%Z+&+1+D'! #.! 2'45%1%&2+.! %\2#-0+D.!
.5.*%2%! *%Z%*+(.! .! #.! `'*F.&+=.2+K&! (%! #.! 5*%01.2+K&! (%#! 0%*D+2+'aN! $'*! 1.&1'! #.0! /'*1%0!
:%&%*.#%0!@.,*8.&!4'(+Z+2.('!0-01.&2+.#4%&1%!%#!1%\1'3!1*.&0Z'*4.&('!-&.!5#%&.!2'45%1%&2+.!
&'*4.1+D.!%&!'1*.!5-*.4%&1%!'*F.&+=.1+D.!G3!5'*!2'&0+F-+%&1%3!(%!2.*?21%*!%C%2-1+D'N!L(%4?0!
&'!5.*%2%![-%!5-%(.!2'&0+(%*.*0%!+&2'&01+1-2+'&.#!#.!.1*+,-2+K&!(%!%0.!2'45%1%&2+.3!1%&+%&('!
%&!2-%&1.![-%!#.!'*F.&+=.2+K&!(%,%*?!.2'4'(.*0%3!%&!0-!2.0'3!.!#.0!,.0%0![-%!%#!"01.('!(+21%!
%&! %C%*2+2+'! (%! #.! 2'45%1%&2+.! F%&%*.#! 0',*%! 2'4-&+2.2+K&! 0'2+.#3! *%0-#1.&('! #KF+2'3! 5'*! #'!
(%4?03! [-%! #.! 2'45%1%&2+.! (%! '*F.&+=.2+K&! (%! #.! 5*%01.2+K&! (%#! 0%*D+2+'! 5M,#+2'! (%! #.!
:%&%*.#+1.1!0%!(+D+(+%*.!%&1*%!<01.!G!%#!"01.('N!
!
"&!*%#.2+K&!2'&!#.!#%1*.!,c!(%!%01%!4+04'!.5.*1.('3!G!1*.0!*%2'&'2%*![-%!#.!%\5*%0+K&!
`0%*D+2+'0! (%! 2'4-&+2.2+K&! 0'2+.#a! (%,%! +&1%*5*%1.*0%! %&! %#! 0%&1+('! (%! `4%(+'0! (%!
2'4-&+2.2+K&! .-(+'D+0-.#a3! 5'&%! (%! *%#+%D%! %#! L,'F.('! (%#! "01.('! [-%! %#! 0%6.#.4+%&1'! (%!
5-&1'0!(%!2'&%\+K&!5.*.!@.2%*!5'0+,#%!%#!%C%*2+2+'!0+4-#1?&%'!(%!2'45%1%&2+.0!.-1'&K4+2.0!G!
!
SO_
%01.1.#%0! %0! -&! 2'&1%&+('! 185+2'! (%! #.0! &'*4.0! ,?0+2.0! %&! #.0! 4.1%*+.0! %&! #.0! [-%! %#! "01.('!
(+05'&%! (%! %01%! 1+5'! (%! 2'45%1%&2+.3! 2'4'! '2-**%! %&! %#! 0%21'*! .-(+'D+0-.#! g5'*! 1'(.03! >)/!
]]PWXYYQ3!(%!XR!(%!(+2+%4,*%3!^;!TcN!"&!%01%!2.0'!%&!#.!#%F+0#.2+K&!,?0+2.!%01.1.#!g.*1N!XY!(%!#.!
U%G! SRWXYYQ3! (%! XS! (%! C-#+'c! %0! %#! ?4,+1'! (%! 2',%*1-*.! (%! #.! %4+0+K&! %#! 5-&1'! (%! 2'&%\+K&!
*%#%D.&1%! 5.*.! .1*.%*! #.! 2'45%1%&2+.! %01.1.#! '! #.! .-1'&K4+2.3! G3! (%! -&.! +&1%*5*%1.2+K&!
0+01%4?1+2.!(%#!"01.1-1'3!0K#'!2.,*8.!##%F.*!.!#.!4+04.!2'&2#-0+K&!1*.0!5'&%*!%#!5*%2%51'![-%!
&'0!'2-5.!%&!*%#.2+K&!2'&!%#!.*1N!XXRN!L083!(%!-&.!+&1%*5*%1.2+K&!2'&C-&1.!(%!.4,'0!5*%2%51'0!
0K#'! 2.,*8.! %&1%&(%*! [-%! #.! 2'45%1%&2+.! .-1'&K4+2.! 0',*%! #.! *%F-#.2+K&! G! 2'&1*'#! (%! #'0!
0%*D+2+'0! (%! 2'4-&+2.2+K&! .-(+'D+0-.#! 0%! #+4+1.! .! #'0! 2'&1%&+('0! (+*+F+('0! .#! 5M,#+2'! (%!
/.1.#-6.!0+%45*%![-%!%#!?4,+1'!(%!2',%*1-*.!0%.!%\2#-0+D.4%&1%!.-1'&K4+2'N!/-.#[-+%*!'1*.!
+&1%*5*%1.2+K&!@.*8.!+&D+.,#%0!#.0!%4+0+'&%0!(%!?4,+1'!&.2+'&.#N!
!
2c!E%0(%!-&!5-&1'!(%!D+01.!0+01%4?1+2'!G!(%!2'@%*%&2+.!#.!*%5*%0%&1.2+K&!(%#!:',+%*&'!
(%!#.!:%&%*.#+1.1!0%6.#.![-%!&'!.2+%*1.!.!2'45*%&(%*!5'*![-<!&'!0%!+45-F&.!1'('!%#!.5.*1.('!
X3! (.('! [-%! 0+&! #'0! 5?**.Z'0! .c! G! ,c! %#! %&2.,%=.4+%&1'! [-%(.! 0+&! 2'&1%&+('! G! 2.*%2%! (%!
0%&1+('N!$'*!'1*.!5.*1%3!0+&!5%*C-+2+'!(%!0%6.#.*![-%!%#!.5.*1.('!S!&'!0%!+&2#-G%!%&!%#!0-5#+2'!
(%#! *%2-*0'3! (%Z+%&(%! 0-! 5%*Z%21.! 2'**%05'&(%&2+.! 2'&! %#! .*1N! XQYNXNS_! /"3! [-%! 5%*4+1%! -&.!
2'&Z+F-*.2+K&!(%!#.!2'45%1%&2+.!.-1'&K4+2.!0',*%!4%(+'0!(%!2'4-&+2.2+K&!0'2+.#!(%!2.*?21%*!
2'45.*1+('N!
!
U.! 2#.D%! 5.*.! #.! 2'45*%&0+K&! (%#! .*1N! XQTNX! .c! %03! .! C-+2+'! (%#! :',+%*&'! 2.1.#?&3! %#!
2'&2%51'!(%!'*F.&+=.2+K&!(%!#.!5*%01.2+K&3!5-%0!&'!0%!.1*+,-G%!.!#.!/'4-&+(.(!L-1K&'4.!#.!
2'45%1%&2+.!%\2#-0+D.!0',*%!%#!*<F+4%&!(%!#'0!4%(+'0N!L&1%0!,+%&3!%&!%#!4.*2'!(%#!*<F+4%&!
C-*8(+2'! (%! %0'0! 4%(+'03! 2-G.! Z+C.2+K&! %0! -&.! 2'45%1%&2+.! 2'45.*1+(.3! %#! 5*%2%51'! .1*+,-G%!
2'45%1%&2+.! %\2#-0+D.! M&+2.4%&1%! 0',*%! #'0! .05%21'0! (%! 8&('#%! '*F.&+=.1+D.3! '52+K&! [-%!
1%&(*8.! 0'5'*1%! %&! #.0! 2'45%1%&2+.0! %&! 4.1%*+.! (%! 5*'5+.! '*F.&+=.2+K&! G! %&! %#! 2.*?21%*!
('4+&+2.#! (%! 1.#%0! 2-%01+'&%0N! q-%! (%! #'0! .05%21'0! '*F.&+=.1+D'0! 0%! 1*.1.! #'! 2'&Z+*4.*8.! #.!
*%Z%*%&2+.! .! #'0! %&1%0! #'2.#%03! %&! 1.&1'! [-%! #.! +&1%*D%&2+K&! .-1'&K4+2.! %&! %01'0! .05%21'0!
'*F.&+=.1+D'0!(%,%!(%1%&%*0%!.&1%!#.!5'1%01.(!.-1''*F.&+=.1+D.!(%!#'0!4+04'0N!
!
"#!.*1N!XQTNX!,c!0%!#+4+1.*8.!.!5*%2+0.*!%#!2'&1%&+('!(%!#.!2'45%1%&2+.!.-1'&K4+2.![-%!
0%! *%.Z+*4.! 2'4'! 2'45.*1+(.3! 1.#! 2'4'! 0%! (%*+D.! (%#! .*1N! XQYNXNS_! /"N! U.! .45#+1-(! (%! #'0!
0-5-%01'0!1*.%*8.!2.-0.!(%!#.!D'#-&1.(!(%!.2'4'(.*0%!.!#.!5*'5+.!D+(.!(%#!V*(%&.4+%&1'!G!%&!
&.(.! 0%*8.! +&2'&01+1-2+'&.#N! $'*! #'! (%4?0! #'0! 5-&1'0! (%! 2'&%\+K&! Z+C.('0! 0'&! 2'@%*%&1%03! .!
!
SOO
C-+2+'! (%#! :',+%*&'! 2.1.#?&3! 2'&! #.! 2'&Z+F-*.2+K&! F%&%*.#! (%! #.0! 2'45%1%&2+.0! (%! #.!
:%&%*.#+1.13!G!0-!(%Z+&+2+K&!5'(*?!0%*!4'(-#.(.!2'4'!2'&0%2-%&2+.!(%#!2.*?21%*!2'45.*1+('!
(%!#.!2'45%1%&2+.!%\5*%0.4%&1%!*%2'&'2+(.N!
!
(c! U.! (%Z%&0.! (%! #.! 2'&01+1-2+'&.#+(.(! (%#! .*1N! XQT! 5'*! %#! $.*#.4%&1'! (%! /.1.#-6.! 0%!
,.0.!F%&<*+2.4%&1%!%&![-%!%#!.*1N!XQYNXNS_!/"!5%*4+1%!2'&Z+F-*.*!#.!2'45%1%&2+.!.-1'&K4+2.!
0',*%!4%(+'0!(%!2'4-&+2.2+K&!0'2+.#!2'&!2.*?21%*!2'45.*1+('N!U.!#%1*.!.c!(%#!.*1N!XQTNX!(%#!
"01.1-1'!&'!.1*+,-G%!.!#.!:%&%*.#+1.1!2'45%1%&2+.!%\2#-0+D.!0',*%!%#!*<F+4%&!(%!#'0!4%(+'03!
0+&'! *%05%21'! (%! #.! '*F.&+=.2+K&! (%! #.! 5*%01.2+K&! (%#! 0%*D+2+'! 5M,#+2'! (%! 2'4-&+2.2+K&!
.-(+'D+0-.#!(%!#.!:%&%*.#+1.1!G!(%!#'0!0%*D+2+'0!5M,#+2'0!(%!?4,+1'!#'2.#N!>%!1*.1.*8.3!5'*!1.&1'3!
(%! -&.! .1*+,-2+K&! (%! 2'45%1%&2+.! *%Z%*+(.! .! #'0! .05%21'0! '*F.&+=.1+D'0! (%! #.! 5*%01.2+K&! (%#!
0%*D+2+'3! 5.*.! #'! 2-.#! #.! :%&%*.#+1.1! (+05'&%! (%! 5#%&.! 2'45%1%&2+.N! U.! %\2#-0+D+(.(! %&! #.!
'*F.&+=.2+K&!(%!#.!5*%01.2+K&!(%#!0%*D+2+'!5M,#+2'!0%*8.!5%*Z%21.4%&1%!2'45.1+,#%!2'&![-%!<01.!
0%!##%D%!.!2.,'!%&!%#!4.*2'!(%#!*<F+4%&!C-*8(+2'!(%!#'0!4%(+'03!5.*.!2-G.!Z+C.2+K&!2'45.*1%&!
2'45%1%&2+.0!%#!"01.('!G!#.0!/'4-&+(.(%0!L-1K&'4.03!(%!.2-%*('!2'&!%#!.*1N!XQYNXNS_!/"N!
!
U.!#%1*.!,c!(%#!.*1N!XQTNX!*%0-#1.3!5.*.!#.!/?4.*.3!5#%&.4%&1%!.2'*(%!2'&!%#!0+01%4.!(%!
(+01*+,-2+K&!(%!2'45%1%&2+.0!(%*+D.('!(%#!.*1N!XQYNXNS_!/"3!Z-&(.4%&1.('!%&!%#!*%5.*1'!%&1*%!
,.0%0!%01.1.#%0!G!(%0.**'##'!G!%C%2-2+K&!(%!#.0!4+04.0!5'*!#.0!/'4-&+(.(%0!L-1K&'4.03!0+&!
5%*C-+2+'! (%! [-%! *%2'C.! -&'0! 0-5-%01'0! 4.1%*+.#%0! 4?0! .45#+'03! 5*'(-21'! (%! #.! %D'#-2+K&!
1%2&'#KF+2.N!
!
"#! %&-&2+.('! (%#! .5.*1.('! S! (%#! .*1N! XQT! 0%! 2'**%05'&(%*8.! 5%*Z%21.4%&1%! 2'&! %#! .*1N!
XQYNXNS_!/"N!>-!+45-F&.2+K&!1+%&%3!.!C-+2+'!(%#!$.*#.4%&1'3!2.*?21%*!2.-1%#.*3!5-%0!0+!%&!%#!
(%0.**'##'!(%!%01.!2'45%1%&2+.!0%!5*'(-C%0%!-&.!%\1*.#+4+1.2+K&!0%*?!%0%!.21'!%#![-%!4%*%=2.!
#.!1.2@.!(%!+&2'&01+1-2+'&.#+(.(N!
!
OSN! .c! "#! .*182-#'! XQ_! gk'1.*+.('! G! *%F+01*'0! 5M,#+2'0c! .1*+,-G%! .! #.! :%&%*.#+1.1! #.!
2'45%1%&2+.!%C%2-1+D.!%&!4.1%*+.!(%!&'1.*8.0!G!*%F+01*'0!5M,#+2'0!(%!#.!5*'5+%(.(3!4%*2.&1+#%0!
G!(%!,+%&%0!4-%,#%03!+&2#-G%&('3!%&!1'('!2.0'd!%#!&'4,*.4+%&1'!(%!k'1.*+'0!G!H%F+01*.('*%03!
%&!%#![-%!0%!+&1%F*.!1'('!%#!5*'2%0'!0%#%21+D'3!2'&!#.!5*%D+0+K&!(%![-%!@.,*?!(%!.2*%(+1.*0%!%#!
2'&'2+4+%&1'! (%! #.! #%&F-.! G! (%#! E%*%2@'! 2.1.#.&%0! l.5.*1.('! X! .cme! #.! 5.*1+2+5.2+K&! (%! #.!
/'4-&+(.(!L-1K&'4.!%&!#.!%#.,'*.2+K&!(%!#'0!5*'F*.4.0!(%!.22%0'!.!#'0!2-%*5'0!(%!k'1.*+'0!
G! H%F+01*.('*%03! .! #'0! %Z%21'0! (%! .2*%(+1.*! %#! 2'&'2+4+%&1'! (%#! E%*%2@'! 2.1.#?&! l.5.*1.('! X!
!
SOY
,cme! G! %#! %01.,#%2+4+%&1'! (%! #.0! (%4.*2.2+'&%0! &'1.*+.#%0! G! *%F+01*.#%03! 2'&! +&2#-0+K&! (%! #.!
(%1%*4+&.2+K&! (%! #'0! (+01*+1'0! @+5'1%2.*+'0! G! &'1.*+.#%0! l.5.*1.('! X! 2cmN! $'*! #'! [-%! @.2%! .#!
.5.*1.('!X!.c3!0%!+&D'2.&!#'0!181-#'0!(%#!.*1N!XQYNXNO!G!XO!/"3!%&!*%#.2+K&!2'&!%#!.*1N!XP]N]!/"!
G! #.! 2'&0+(%*.2+K&! (%! #'0! 2-%*5'0! (%! k'1.*+'0! G! H%F+01*.('*%0! 2'4'! &.2+'&.#%03! (%! #'! [-%!
*%0-#1.*8.! #.! .5#+2.2+K&! (%! #.! ('21*+&.! (%2#.*.(.! %&! #.0! >>)/! SRWXYO]3! (%! _! (%! .,*+#e! G!
RTWXYYP3! (%! SY! (%! 4.*='3! G3! %&! 2'&0%2-%&2+.! #.! +&2'&01+1-2+'&.#+(.(! (%! #.! 2'45%1%&2+.!
2'&Z%*+(.!.!#.!:%&%*.#+1.1!5.*.!#.!2'&D'2.1'*+.3!.(4+&+01*.2+K&!G!*%0'#-2+K&!(%!#'0!5*'2%0'0!(%!
.22%0'!.!(+2@'0!2-%*5'0N!E%!'1*'!#.('!#.!%\+F%&2+.!(%!2'&'2+4+%&1'!(%#!2.1.#?&!G!(%#!E%*%2@'!
2.1.#?&! 1.45'2'! 0%! .C-01.*8.! .! #.! C-*+05*-(%&2+.3! 2+1?&('0%! #.0! >>)/! XSPWXYYS3! (%! SX! (%!
0%51+%4,*%e!G!O_WXYY_3!(%!SQ!(%!.,*+#3!%&1*%!'1*.0N!
!
"&!*%#.2+K&!2'&!%#!.5.*1.('!X!,c!0%!.#%F.!5'*!#'0!.21'*%0![-%!#.!*%F-#.2+K&!(%#!4<*+1'!
(%#! 2'&'2+4+%&1'! (%#! E%*%2@'! 2.1.#?&! %0! 2'45%1%&2+.! %\2#-0+D.! (%#! "01.('3! 2'4'! [-%(K!
(+2@'! %&! #.! >)/! XSPWXYYP3! (%! S_! (%! C-&+'N! f! 5'*! #'! [-%! @.2%! .#! .5.*1.('! X! 2c! .Z+*4.&! #'0!
*%2-**%&1%0![-%!%0!1.4,+<&!*%+1%*.(.!#.!('21*+&.![-%!+&1%F*.!%0.!Z-&2+K&!%&!#.!2'45%1%&2+.!(%#!
.*1N!XQYNXNO!/"!g.083!>)/!Y_WXYOY3!(%!]P!(%!4.G'cN!
!
,c! H%05%21'! .! #.! #%1*.! .c! (%#! .5.*1.('! X! .#%F.! %#! L,'F.('! (%#! "01.('! [-%! #.!
.*F-4%&1.2+K&!(%!#.!(%4.&(.!%0!5'2'!2#.*.3!5-%0!&'!1%*4+&.!(%!5*%2+0.*!&+!%#!5*%2%51'!&+!#.!
('21*+&.! 2'&01+1-2+'&.#! [-%! 2'&0+(%*.! D-#&%*.('0N! $.*.! %#! *%5*%0%&1.&1%! (%#! :',+%*&'3! (%!
.2-%*('!2'&!%#!2'&C-&1'!&'*4.1+D'!D+F%&1%!.#!.45.*'!(%!#'0!181-#'0!2'45%1%&2+.#%0!+&(+2.('0!
%&! #.! >)/! SP_WXYYY3! (%! XX! (%! &'D+%4,*%3! ^;! Y! g.*1N! XQYNXNO! G! XO! /"c3! #'0! k'1.*+'0! G!
H%F+01*.('*%0! 0%! 2'&Z+F-*.&! 2'4'! 2-%*5'0! &.2+'&.#%0! .! #'0! [-%! 0%! .22%(%! .! 1*.D<0! (%! -&.!
'5'0+2+K&!(%!2.*?21%*!&.2+'&.#3!2'&D'2.(.3!1*.4+1.(.!G!*%0-%#1.!5'*!K*F.&'0!(%#!"01.('!G!(%!
.2-%*('!2'&!#.!&'*4.1+D.!(%!<01%!g.*10N!XNS!(%!#.!U%G!V*F?&+2.!(%#!&'1.*+.('3!O3XP!G!]X]NS!(%#!
*%F#.4%&1'! (%! '*F.&+=.2+K&! G! *<F+4%&! (%#! &'1.*+.('3! S__! (%! #.! U%G! @+5'1%2.*+.! G! RPQ! G!
0+F-+%&1%0!(%#!H%F#.4%&1'!@+5'1%2.*+'cN!>+&!%4,.*F'!%&1+%&(%!%#!L,'F.('!(%#!"01.('![-%!&'!
5.*%2%! %\+01+*! +&2'&D%&+%&1%! 2'&01+1-2+'&.#! 5.*.! [-%! 0%! ##%D%! .! 2.,'! -&.! F%01+K&!
(%02%&1*.#+=.(.!(%!#'0!5*'2%(+4+%&1'0!0%#%21+D'0!G!(%!5*'D+0+K&!(%!5-%01'0!(%!1*.,.C'!(%!#'0!
2-%*5'0!(%!Z-&2+'&.*+'0!.![-%!.#-(%!%#!5*%2%51'!%01.1-1.*+'N!"0!5*%2+0'3!.!0-!C-+2+'3!1%&%*!%&!
2-%&1.![-%!#.!2'45%1%&2+.!0%!.0-4%!2'4'!%C%2-1+D.!G3!5'*!1.&1'3!&'!5'(*?!%C%*2%*0%!',D+.&('!
#'! 5*%D+01'! 5'*! %#! "01.('! %&! %C%*2+2+'! (%! 0-! 2'45%1%&2+.! %\2#-0+D.3! 5'*! #'! [-%! 0%*?! 5*%2+0'!
5.*.!#.!5#%&.!%Z+2.2+.!(%!.[-<##.![-%!%#!"01.('!5*%D+.4%&1%!*%F-#%!%#!5*'2%(+4+%&1'!0%#%21+D'!
(%02%&1*.#+=.('![-%!0+*D.!(%!4.*2'!.!#'0!.21'0!(%!%C%2-2+K&!4%&2+'&.('0!%&!%#!.5.*1.('!X!.cN!
!
SYP
!
"&!2-.&1'!.#!'1*'!+&2+0'![-%!0%!(+02-1%!(%&1*'!(%!%01%!.5.*1.('!%#!*%2-*0'!0%!#+4+1.*8.!.!
1*.&02*+,+*!#.!>)/!XSPWXYYS3!(%!SX!(%!0%51+%4,*%3! 2-G.!('21*+&.!0K#'!',#+F.!.!+&1%*5*%1.*!#.!
%\5*%0+K&! `#.0! #%G%0a! [-%! -1+#+=.! %#! +&2+0'! %01.1-1.*+'! 2'4'! &'*4.1+D.! %01.1.#3! %0! (%2+*3! #%G!
%01.1.#! %&! -&! 0%&1+('! .45#+'! '! +45*'5+'3! (.('! [-%! .#! "01.('! #%! 2'**%05'&(%! %05%2+Z+2.*! 2'&!
5#%&.! #+,%*1.(! (%! 2'&Z+F-*.2+K&! %#! @%2@'! (%! #.! D.#'*.2+K&! (%#! 4<*+1'! G! #.! ZK*4-#.! (%!
5'&(%*.2+K&!(%#!4+04'3!#'!2-.#!0%!5'(*?!@.2%*!%&!-&.!&'*4.!(%!*.&F'!#%F.#!'!*%F#.4%&1.*+'3!
2-.&('!.08!5*'2%(.!(%!.2-%*('!2'&!#.!/'&01+1-2+K&!G!#.!('21*+&.!(%#!)*+,-&.#!/'&01+1-2+'&.#N!
L08!+&1%*5*%1.('!%#!+&2+0'!&'!5#.&1%.*8.!(-(.!.#F-&.!(%!+&2'&01+1-2+'&.#+(.(N!
!
/'&! *%05%21'! .#! +&2+0'! +45-F&.('! (%! #.! #%1*.! ,c! 0'01+%&%! %#! L,'F.('! (%#! "01.('! [-%!
(%,%! +&1%*5*%1.*0%! 2'4'! 5-*.4%&1%! '*+%&1.('*! (%! #.! #%F+0#.2+K&! %01.1.#! %&! #.! 4.1%*+.3!
#+4+1?&('0%! .! 0-F%*+*! #.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.13! 0+&! 2'&(+2+'&.*! .#! 1+1-#.*! (%! #.!
2'45%1%&2+.3!&+!%&!%#!@%2@'!(%!(+2@.!5.*1+2+5.2+K&3!&+!%&!#.!Z'*4.!%&![-%!#.!4+04.!0%!.*1+2-#%N!
"&! 1'('! 2.0'! #'! 4?\+4'! [-%! 5'(*8.! (%*+D.*0%! (%#! 5*%2%51'! %01.1-1.*+'! 0%*8.! #.! &%2%0+(.(! (%!
%01.,#%2%*!-&!4%2.&+04'!(%!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.13!0+%&('!%#!#%F+0#.('*!%01.1.#![-+%&!
@.,*8.!(%!%05%2+Z+2.*!2K4'!@.!(%!1%&%*!#-F.*!#.!4+04.N!"0!4?03!%0.!5.*1+2+5.2+K&!5%*0%F-+*8.!
@.2%*! %Z%21+D.! #.! 2''Z+2+.#+(.(! #+&Fj801+2.3! 2-G'! .#2.&2%! 2'**%05'&(%! (%1%*4+&.*! .! #'0!
"01.1-1'0!(%!L-1'&'48.!g.*1N!]NS!/"cN!
!
2c!"#!1%&'*!(%#!*%2-*0'!5'&%!(%!4.&+Z+%01'3!5.*.!%#!:',+%*&'!(%!#.!:%&%*.#+1.13![-%!#'0!
.21'*%0!&'!0'&!4-G!2'&02+%&1%0!(%![-%!#.!*%F-#.2+K&!+45-F&.(.!%0!-&!"01.1-1'!(%!L-1'&'48.3!
&'! -&.! #%G! '*(+&.*+.! '! -&.! &'*4.! *%F#.4%&1.*+.3! 5-%0! 1*.%&! .! 2'#.2+K&! .*F-4%&1.2+'&%0!
*%.#+=.(.0! 2'&! 4'1+D'! (%#! .&?#+0+0! (%! &'*4.0! '*(+&.*+.0N! ^*%&1%! .! %##'! 0%! *%2-%*(.! [-%! %#!
5.*?4%1*'! (%! %&C-+2+.4+%&1'! %0! #.! /'&01+1-2+K&! G! &'! 5'0+,#%0! (%0.**'##'03! 4%&'0! .M&! 4%*.0!
#%F+0#.2+'&%0!'*(+&.*+.0N!
!
k'! 0%! .5'*1.! %&! #.! (%4.&(.! !2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0!! .*F-4%&1.2+K&!
0-Z+2+%&1%! 5.*.! 0'01%&%*! [-%! #.! #%1*.! .c! (%#! .5.*1.('! X! 0%.! 2'&1*.*+.! .! #.0! 2'45%1%&2+.0!
.1*+,-+(.0!.#!"01.('!%&!%#!.*1N!XQYNXNO!G!XO!/"3!5-%0!#.!%\+01%&2+.!(%!2-%*5'0!Z-&2+'&.*+.#%0!(%!
(+4%&0+K&!%01.1.#!&'!+45+(%!#.!%\+01%&2+.!(%!D.*+.0!.#1%*&.1+D.0!(%!F%01+K&!(%02%&1*.#+=.(.N!L#!
*%05%21'! 0%! 0'01+%&%! [-%! %#! 4'4%&1'! (%! -&+(.(! #'! .0%F-*.&! #.0! &'*4.0! '*(%&.('*.0! (%#!
2-%*5'3! 5%*'! &'! 0-! F%01+K&! '! .5#+2.2+K&3! 2'4'! 5'&%&! (%! 4.&+Z+%01'! #'0! 2-%*5'0! (%!
/.1%(*?1+2'0!'!$*'Z%0'*%0!1+1-#.*%0!(%!h&+D%*0+(.(N!
!
SYX
!
>',*%!%#!0%F-&('!+&2+0'!(%!%01.!#%1*.!.c!0%!(.!5'*!*%.Z+*4.('!#'!G.!%\5-%01'!%&!*%#.2+K&!
2'&! #'0! .*10N! T! G! ]S! 0',*%! *<F+4%&! #+&Fj801+2'! g.&1%2%(%&1%0! SQ! G! ]Xc3! *%2'*(?&('0%! [-%! #'0!
*%[-+0+1'0! 0',*%! #%&F-.! G! (%*%2@'! 0'&! 2'&(+2+K&! &%2%0.*+.! 5.*.! 5%*4+1+*! #.! *%.#+=.2+K&! (%#!
(%*%2@'! (%! '52+K&! #+&Fj801+2.! (%! #'0! 2+-(.(.&'0! G! 5.*.! #.! .(%2-.(.! 5*%01.2+K&! (%#! 0%*D+2+'N!
L(%4?0! %01.0! %\+F%&2+.0! 0%! %01.,#%2%&! `%&! #.! Z'*4.! G! 2'&! %#! .#2.&2%! [-%! %01.,#%2%&! %#!
"01.1-1'! G! #.0! #%G%0a3! [-%! 0%*?&! .-1'&K4+2.0! 5.*.! (%#+4+1.*! #.! 'Z+2+.#+(.(! G! %01.1.#%0! 5.*.!
*%F-#.*!#'0!0%*D+2+'0!(%!&'1.*+.('!G!*%F+01*'N!
!
"#! .*1N! XQ_NX! ,c! 0%*8.! #.! #KF+2.! 2'&0%2-%&2+.! (%! #.! 2'45%1%&2+.! %C%2-1+D.! (%! #.!
:%&%*.#+1.1! %&! -&! ?4,+1'! (%! %05%2+.#! +&1%*<0! 5'*! 0-! *%#.2+K&! 2'&! %#! E%*%2@'! 2.1.#?&! G! -&.!
4.&+Z%01.2+K&!4?0!(%#!5*+&2+5+'!(%!5.*1+2+5.2+K&N!
!
"#! .*1N! XQ_NX! 2c3! 5'*! 0-! 5.*1%3! &'! 0%*8.! 2'&1*.*+'! .#! .*1N! XQYNXNO! /"3! 5'*! 2-.&1'! #.0!
%\+F%&2+.0! (%! '*(%&.2+K&! (%! #'0! *%F+01*'0! %! +&01*-4%&1'0! 5M,#+2'0! 5-%(%&! .F'1.*0%! 2'&! %#!
%01.,#%2+4+%&1'! (%! *%F+01*'0! G! %01?&(.*%0! (%! ',#+F.(.! ',0%*D.&2+.3! .! #'0! [-%! (%,%*?!
0-5%(+1.*0%! #.! L(4+&+01*.2+K&! .-1'&K4+2.! .#! %C%*2%*! %01.! 2'45%1%&2+.N! $'*! #'! (%4?0! #.!
+&1%*D%&2+K&!.-1'&K4+2.!0%!%[-+5.*.!.!#'![-%!'2-**%!2'&!#.!(%#+4+1.2+K&!(%!#.0!(%4.*2.2+'&%0!
1%**+1'*+.#%0!(%!#'0!K*F.&'0!C-*+0(+22+'&.#%0!%&!/.1.#-6.N!
!
(c! E%! -&! #.('3! G! 5'*! #'! [-%! @.2%! .! #.! (+4%&0+K&! #+&Fj801+2.3! #.! *%5*%0%&1.2+K&! (%#!
$.*#.4%&1'!(%!/.1.#-6.!(.!5'*!*%5*'(-2+(.0!#.0!.#%F.2+'&%0!*%Z%*+(.0!.#!.*1N!]]N]!g.&1%2%(%&1%!
]Sc3!4.1+=.&('!1.&!0K#'![-%!#.!%\+F%&2+.!(%!-&!(%1%*4+&.('!&+D%#!(%!2'&'2+4+%&1'!!2-%01+K&!
[-%! (%,%*?! (%1%*4+&.*! %#! #%F+0#.('*! 2'45%1%&1%!! 0%! 5*'(-2%! %&! *%#.2+K&! .! #.! 5*'D+0+K&! (%!
D.2.&1%03!G!&'3!5'*!1.&1'3!5.*.!%#!.22%0'!.!#.!5*'Z%0+K&N!
!
E%!'1*'!.#%F.!#.!/?4.*.![-%!#.!#%1*.!.c!(%#!.*1N!XQ_NX!0K#'!.1*+,-G%!.!#.!:%&%*.#+1.1!#.!
2'45%1%&2+.!%C%2-1+D.!5.*.!F%01+'&.*!2'&2-*0'0!G!'5'0+2+'&%0N!).#!.1*+,-2+K&!&'!5-F&.*8.!2'&!
#'0! .*10N! XQYNXNO! K! XO! /"3! 5-%03! .-&! 2-.&('! 0%! 2'&Z+F-*%&! 2-%*5'0! (%! Z-&2+'&.*+'0! (%!
(+4%&0+K&! %01.1.#3! (+D%*0.0! 0'&! #.0! .#1%*&.1+D.0! (%! F%01+K&! (%02%&1*.#+=.(.! G! &'! -&+1.*+.N! U.!
-&+(.(!#.!.0%F-*.&!#.0!&'*4.0!'*(%&.('*.0!(%#!2-%*5'3!2'45%1%&2+.!%01.1.#!%&!%#!2.0'3!5%*'!&'!
0-!F%01+K&!'!.5#+2.2+K&3![-%!%0!#'!M&+2'![-%!2'**%05'&(%*8.!.!#.!:%&%*.#+1.1N!
!
!
SYS
$'*!#'![-%!@.2%!.!#.!#%1*.!,c!(%#!.*1N!XQ_NX!#.!*%5*%0%&1.2+K&!(%#!$.*#.4%&1'!(%!/.1.#-6.!
&'!.2+%*1.!.!(%02-,*+*!%#!4'1+D'!(%!+45-F&.2+K&!&+!.(+D+&.!2-?#!0%.!%#!5*%2%51'!2'&01+1-2+'&.#!
D-#&%*.('N!$'*!0-!5.*1%!#.!Z+C.2+K&!F%'F*?Z+2.!2'&2*%1.!(%!#.0!(%4.*2.2+'&%0!.!#.![-%!0%!*%Z+%*%!
#.! #%1*.! 2c! (%#! .*1N! XQ_NX! (-('0.4%&1%! %01.*8.! 2'45*%&(+(.3! .! C-+2+'! (%#! $.*#.4%&1'3! %&! #.!
2'45%1%&2+.! %\2#-0+D.! [-%! %#! .*1N! XQYNXNO! /"! '1'*F.! .#! "01.('! 0',*%! '*(%&.2+K&! (%! #'0!
*%F+01*'0!%!+&01*-4%&1'0!5M,#+2'0N!
!
O]N!.c!"#!.*182-#'!XQO!gV,*.0!5M,#+2.0c!(+05'&%!%&!0-!.5.*1.('!S![-%!#.!2.#+Z+2.2+K&!(%!
+&1%*<0! F%&%*.#! (%! #.0! ',*.0! 5M,#+2.0! *%[-+%*%! %#! +&Z'*4%! 5*%D+'! (%! #.! :%&%*.#+1.13! #.! 2-.#!
`5.*1+2+5.!%&!#.!5#.&+Z+2.2+K&!G!#.!5*'F*.4.2+K&!(%!#.0!',*.0!2.#+Z+2.(.0!(%!+&1%*<0!F%&%*.#3!(%!
2'&Z'*4+(.(!2'&!#'!(+05-%01'!%&!#.!#%F+0#.2+K&!(%#!"01.('!G!0%FM&!#'!%01.,#%2+('!%&!%#!)81-#'!
A!(%!%01%!"01.1-1'aN!U.0!*.='&%0!%\5-%01.0!5.*.!#.!+45-F&.2+K&!(%#!.*1N!XQPN]!l.&1%2%(%&1%!__!
.cm!C-01+Z+2.*8.&!.@'*.!#.0!(%!%01%!.5.*1.('3!5-%0!0%!+&1*'(-2+*8.!1.4,+<&!-&!2'&(+2+'&.4+%&1'!
+&.2%51.,#%!%&!%#!%C%*2+2+'!(%!#.!2'45%1%&2+.!*%2'&'2+(.!.#!"01.('!5'*!%#!.*1N!XQYNXNSQ!/"N!
!
,c!"#!L,'F.('!(%#!"01.('!0'01+%&%![-%!#.!+45-F&.2+K&!(%!%01%!5*%2%51'!0%!Z-&(.!%&!
#'0!4+04'0!4'1+D'0!5'*!#'0![-%!0%!+45-F&.&!.&?#'F.0!5*%D+0+'&%0!(%#!.*1N!XQP3!5'*!#'![-%!0%!
*%4+1%!8&1%F*.4%&1%!.!#'!.#%F.('!*%05%21'!(%#!4+04'!l.&1%2%(%&1%!__!,cmN!
!
2c! L! C-+2+'! (%#! :',+%*&'! (%! #.! :%&%*.#+1.13! #'0! ('0! 4'1+D'0! %0F*+4+('0! Z*%&1%! .#!
.5.*1.('!S!0'&!*%(-&(.&1%0!G!G.!Z-%*'&!%\.4+&.('0!G!*%,.1+('0!.#!.&.#+=.*!%#!.*1N!XQPN]!G!QN!
>+&!5%*C-+2+'!(%!*%4+1+*0%!.!(+2@'!.&?#+0+0!l.&1%2%(%&1%!__!2cm3!%#!:',+%*&'!2.1.#?&!(%01.2.![-%!
#.0!5*%D+0+'&%0!%01.1-1.*+.0!(%!5.*1+2+5.2+K&!&'!D+&2-#.&1%!%&!(%2+0+'&%0!%01.1.#%0![-%!+&2+(%&!
0-01.&2+.#4%&1%!%&!#.!5*'5+.!2'&2*%2+K&!(%!#.!(%#+4+1.2+K&!(%!#.0!2'45%1%&2+.0!.-1'&K4+2.03!
2'&! +45.21'! 1%**+1'*+.#! 2#.*'! G! 2'&! +&2+(%&2+.! %&! '1*.0! *%05'&0.,+#+(.(%0! (%! #.! :%&%*.#+1.13!
#%C'0! (%! 0-5'&%*! -&.! +&Z*.22+K&! (%#! '*(%&! 2'&01+1-2+'&.#! +45#+2.&! %#! 2.,.#! (%0.**'##'! (%! #'0!
5*+&2+5+'0!2'&01+1-2+'&.#%0N!U.!*%Z%*%&2+.!.!#'!(+05-%01'!%&!#.!#%F+0#.2+K&!(%#!"01.('!(+0+5.*8.!
2-.#[-+%*! (-(.! 0',*%! %#! 2'&(+2+'&.4+%&1'! +&(%,+('! (%! #.! 2'45%1%&2+.! .1*+,-+(.! 5'*! %#! .*1N!
XQYNXNSQ!/"N!
!
(c! "#! %02*+1'! (%! .#%F.2+'&%0! (%#! $.*#.4%&1'! (%! /.1.#-6.! (.! 5'*! *%5*'(-2+(.0! #.0!
4.&+Z%01.(.0!.!5*'5K0+1'!(%!#'0!.5.*1.('0!]!G!Q!(%#!.*1N!XQP!l.&1%2%(%&1%!__!(cmN!
!
!
SY]
OQN! .c! "#! .*182-#'! XQY! gV*(%&.2+K&! (%#! 1%**+1'*+'! G! (%#! 5.+0.C%3! (%#! #+1'*.#! G! (%#!
-*,.&+04'c! 0%*8.! +&2'&01+1-2+'&.#! %&! 0-0! .5.*1.('0! S3! ]! G! QN! /'&! .**%F#'! .#! .5.*1.('! S3! 0%!
*%[-+%*%!%#!+&Z'*4%!(%!#.!/'4+0+K&!9+#.1%*.#!:%&%*.#+1.1I"01.('!5.*.!(%1%*4+&.*!#.!-,+2.2+K&!
%&!/.1.#-6.!(%!+&Z*.%01*-21-*.0!G!%[-+5.4+%&1'0!(%!1+1-#.*+(.(!%01.1.#3!%&!1.&1'![-%!%#!.5.*1.('!
Q!.1*+,-G%!.!#.!:%&%*.#+1.1!`#.!%C%2-2+K&!G!#.!F%01+K&!(%!#.0!',*.0!(%!+&1%*<0!F%&%*.#!0+1-.(.0!%&!
%#! #+1'*.#! 2.1.#?&3! (%! .2-%*('! 2'&! #'! %01.,#%2+('! %&! %#! .*182-#'! XQOaN! L4,'0! .5.*1.('0!
(%02'&'2%*8.&! 1.4,+<&! #.! 2'45%1%&2+.! (%#! "01.('! 0',*%! ',*.0! (%! +&1%*<0! F%&%*.#! ex! .*1N!
XQYNXNSQ! /"3! [-%! [-%(.*8.! 2'&(+2+'&.(.! 0+&! 2.-0.! 2'&01+1-2+'&.#! [-%! #'! C-01+Z+[-%N! "&!
*%#.2+K&! 2'&! %#! .5.*1.('! ]3! .#%F.&! #'0! E+5-1.('0! (%4.&(.&1%0! [-%! +&2-**%! %&!
+&2'&01+1-2+'&.#+(.(!%&!0-!#%1*.!,c3![-%!*%2'&'2%!.!#.!:%&%*.#+1.1!`#.!F%01+K&!(%!#'0!181-#'0!(%!
'2-5.2+K&! G! -0'! (%#! ('4+&+'! 5M,#+2'! 4.*81+4'! 1%**%01*%3! %05%2+.#4%&1%! %#! '1'*F.4+%&1'! (%!
.-1'*+=.2+'&%0! G! 2'&2%0+'&%0! G3! %&! 1'('! 2.0'3! #.0! 2'&2%0+'&%0! (%! ',*.0! Z+C.0! %&! %#! 4.*3!
*%05%1.&('! #.0! %\2%52+'&%0! [-%! 5-%(.&! %01.,#%2%*0%! 5'*! 4'1+D'0! 4%(+'.4,+%&1.#%0! %&! #.0!
.F-.0! 2'01%*.0! +&1%*+'*%0! G! (%! 1*.&0+2+K&aN! b&2'&01+1-2+'&.#+(.(! [-%! 5-%(%! .2*%(+1.*0%3! .! 0-!
C-+2+'3! 2'&! #.! 0'#.! *%4+0+K&! .! #.! ('21*+&.! %01.,#%2+(.! %&! #.! >)/! XQYWXYYX3! (%! Q! (%! C-#+'3!
*%05%21'!(%!#.!U%G!SSWXYOO3!(%!SO!(%!C-#+'3!(%!2'01.03!(%!#.![-%!0%!(%05*%&(%![-%!%#!"01.('!&'!
5-%(%! %C%*2%*! 0-! Z.2-#1.(! (%! 2'&2%0+K&! (%4.&+.#! 5.*.! 5%*1-*,.*! %#! %C%*2+2+'! (%! 5'1%01.(%0!
.-1'&K4+2.03! 5%*'! 1.4,+<&! [-%! -&! "01.1-1'! &'! 5-%(%! (%02'&'2%*! %&! 1<*4+&'0! .,0'#-1'0! #.!
1+1-#.*+(.(!%01.1.#!0',*%!#.0!2'&2%0+'&%0!G!.-1'*+=.2+'&%0!0',*%!%#!('4+&+'!5M,#+2'!4.*81+4'!
1%**%01*%N!
!
,c! /'&0+(%*.! %#! L,'F.('! (%#! "01.('! [-%! &'! 5#.&1%.! 5*',#%4.! .#F-&'! (%!
2'&01+1-2+'&.#+(.(!%#!+&Z'*4%!*%[-%*+('!5'*!%#!.5.*1.('!S3!G.![-%!0%!1*.1.*8.!(%!-&!*.='&.,#%!
4%2.&+04'!(%!2''5%*.2+K&![-%!5%*4+1%!2'&2+#+.*!#.0!2'45%1%&2+.0!1%**+1'*+.#%0!%&!4.1%*+.!(%!
-*,.&+04'! G! '*(%&.2+K&! (%#! 1%**+1'*+'! 2'&! #.0! %01.1.#%0! 0',*%! #.0! +&Z*.%01*-21-*.0! G!
%[-+5.4+%&1'0! 5*'5+'03! 0+%&('! .08! [-%3! .(%4?03! %01%! 4%2.&+04'! &'! 5*'D'2.*8.! -&!
(%05#.=.4+%&1'!2'45%1%&2+.#3!(.('![-%!%#!+&Z'*4%!&'!0%!%01.,#%2%!2'&!2.*?21%*!D+&2-#.&1%!G!
&+! 0+[-+%*.! %0! (%1%*4+&.&1%3! 5'*! #'! [-%! &'! 5.*%2%! &%2%0.*+.! #.! 4'1+D.2+K&! .&1%! #.! /'4+0+K&!
9+#.1%*.#!5.*.![-%!%#!"01.('!0%!.5.*1%!(%#!4+04'N!"&!1'('!2.0'3!#.!-,+2.2+K&!%&!/.1.#-6.!(%!
#.0! +&Z*.%01*-21-*.0! G! #'0! %[-+5.4+%&1'0! %01.1.#%0! C-01+Z+2.*8.! %#! +&Z'*4%3! %&! 2-.&1'! 5-%(%&!
*%0-#1.*!(+*%21.4%&1%!.Z%21.('0!+&1%*%0%0!.-1'&K4+2'0N!
!
$'*! '1*'! #.('! 5'(*8.! 5.*%2%*! +&2'&01+1-2+'&.#! #.! .1*+,-2+K&! .! #.! :%&%*.#+1.1! (%! #.!
%C%2-2+K&!(%!F%01+K&!(%!',*.0!(%!+&1%*<0!F%&%*.#!2'&1%45#.(.!%&!%#!.5.*1.('!Q3!.!#.!D+01.!(%!#.!
!
SYQ
2'45%1%&2+.! %01.1.#! (%#! .*1N! XQYNXNSQ! /"N! >+&! %4,.*F'! %#! 5*%2%51'! (+02-1+('! 0K#'! 5'(*8.!
%&1%&(%*0%3!%&!2'&%\+K&!2'&!%#!.*1N!XQO3!.#![-%!0%!*%4+1%3!2'4'!#+4+1.('!.!#.!5'0+,+#+(.(!(%!
0-02*+,+*! 2'&D%&+'0! (%! 2'#.,'*.2+K&! 5.*.! #.! F%01+K&! (%! ',*.0! (%! +&1%*<0! F%&%*.#! %&! %#! #+1'*.#!
2.1.#?&![-%![-%(%&!.Z%21.0!.!0%*D+2+'0!(%!#.!2'45%1%&2+.!.-1'&K4+2.N!"!+&1%*5*%1.('!(%!%01.!
Z'*4.!%#!5*%2%51'!&'!5#.&1%.*8.!(-(.!.#F-&.!(%!2'&01+1-2+'&.#+(.(N!
!
U.!5*%D+0+K&!(%#!.5.*1.('!]!,c!5.*%2%!+&2'45.1+,#%3!5.*.!%#!L,'F.('!(%#!"01.('3!2'&!
#'! (+05-%01'! %&! %#! .*1N! XXP! ,c! (%! #.! U%G! SSWXYOO3! (%! SO! (%! C-#+'3! (%! 2'01.03! (%2#.*.('!
%\5*%0.4%&1%! 2'&01+1-2+'&.#! 5'*! #.! >)/! XQYWXYYX! (%! Q! (%! C-#+'! l^;! _! Lc! ,cmN! >+&! %4,.*F'3!
.&.#+=.(.! #.! ('21*+&.! 2'&01+1-2+'&.#! %&! #.! 4.1%*+.3! (%! .2-%*('! 2'&! #.! 2-.#! %0!
2'&01+1-2+'&.#4%&1%!.(4+0+,#%!#.!.1*+,-2+K&!.!#.0!/'4-&+(.(%0!L-1K&'4.0!(%!#.!F%01+K&!(%#!
('4+&+'! 5M,#+2'! 4.*81+4'I1%**%01*%! 2'&0%*D.&('! %#! "01.('! #.! &-(.! 5*'5+%(.(! !'52+K&! [-%3!
0+&!%4,.*F'3!@.!(%!*%.#+=.*!%#!#%F+0#.('*!%01.1.#!1+1-#.*!(%!#.!2'45%1%&2+.3!(%!.2-%*('!2'&!#.!
*%#.2+K&![-%!%\+01%!%&1*%!#'0!"01.1-1'0!G!%#!'*(%&.4+%&1'!%01.1.#!3!#.!*%(.22+K&!(%#!.5.*1.('!
0%*8.!2'&Z'*4%!2'&!#.!4+04.!G!2'&!#.!U%G!(%!2'01.03!5-%01'![-%!%#!.5.*1.('!]!+&2#-G%!%&!0-!
+&2+0'!+&+2+.#!-&!#84+1%!F%&%*.#![-%!+45'&%!%#!*%05%1'!.#!*<F+4%&!F%&%*.#!(%#!('4+&+'!5M,#+2'e!
#84+1%![-%!0%*8.!-&.!(+*%21.!.#-0+K&!.!#.!U%G!(%!2'01.0N!U.!M&+2.!Z'*4.!(%![-%!0%! *%05%1%! %#!
*<F+4%&! F%&%*.#! %&! 4.1%*+.! (%! ('4+&+'! 5M,#+2'! 4.*81+4'I1%**%01*%! 0%*8.! %&1%&(%*! %01%! .*1N!
XQYN]!,c!2'4'!'*+%&1.('*!(%!%0%!*<F+4%&!F%&%*.#!.#![-%!%#!"01.1-1'!%\5*%0.4%&1%!0%!0'4%1%3!
5%*'!0+&!D+*1-.#+(.(!@.01.!1.&1'!&'!0%!+&2'*5'*%!.!#.!#%F+0#.2+K&!F%&%*.#!0',*%!('4+&+'!5M,#+2'!
4.*81+4'I1%**%01*%N!
!
$'*! #'! (%4?0! &'! 5.*%2%3! 5.*.! %#! L,'F.('! (%#! "01.('3! [-%! 5-%(.! .Z+*4.*0%! [-%! #.!
*%4+0+K&!.#!*<F+4%&!F%&%*.#!(%#!('4+&+'!5M,#+2'!#'!0%.!.!#.!U%G!]]WSPP]3!(%!]!(%!&'D+%4,*%3!
(%! 5.1*+4'&+'! (%! #.0! .(4+&+01*.2+'&%0! 5M,#+2.03! [-%! &'! %0! .5#+2.,#%! .#! ##.4.('! (%4.&+'!
&.1-*.#3! *%05%21'! (%#! 2-.#! #.! U%G! (%! 2'01.0! %01.,#%2%! -&! *<F+4%&! 2'45#%1'! G! F%&%*.#! %&! #.!
4.1%*+.![-%!(%05#.=.!.!.[-%##.!U%GN!
!
2c!L#%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!#.!+&1%*D%&2+K&!5*%D+01.!%&!%#!.5.*1.('!S!&'!
1+%&%!2.*?21%*!D+&2-#.&1%!G!0%!5*'(-2%!%&!-&!K*F.&'!5.*+1.*+'!4+\1'3!(%!+&1%F*.2+K&!%01.1.#!G!
.-1'&K4+2.3! *%05%21'! (%! -&.! (%2+0+K&! [-%! .('51.*?! Z+&.#4%&1%! #.! L(4+&+01*.2+K&! %01.1.#N!
E%01.2.!%#!"C%2-1+D'!2.1.#?&!1*%0!(.1'0d!%#!5.*%2%*!(%!#.!:%&%*.#+1.1!&'!*%0-#1.!D+&2-#.&1%e!#.!
+&1%F*.2+K&! 4+\1.! (%#! K*F.&'! [-%! %4+1%! %#! +&Z'*4%e! #.! *%5%*2-0+K&! 1%**+1'*+.#! (%! #.! (%2+0+K&!
%01.1.#!0',*%!-,+2.2+K&!(%!+&Z*.%01*-21-*.0!G!%[-+5.4+%&1'0N!"01'!0%&1.('3!%&!&.(.!.Z%21.*8.!.!
!
SYR
#.!2'45%1%&2+.!%01.1.#!#.!.5'*1.2+K&!5'*!#.!/'4-&+(.(!L-1K&'4.!(%!%#%4%&1'0!(%!D.#'*.2+K&!
0',*%!.05%21'0!(%!0-!5*'5+.!2'45%1%&2+.N!>%!1*.1.*8.!(%!-&!&-%D'!%C%45#'!(%!+&1%F*.2+K&!(%!
5.*%2%*%03!@.,+1-.#!%&!#.!#%F+0#.2+K&!1%**+1'*+.#3!2'4'!(%4-%01*.!%#!.*1N!SSQ!(%#!1%\1'!*%Z-&(+('!
(%! #.! U%G! 0',*%! *<F+4%&! (%#! 0-%#'! G! '*(%&.2+K&! -*,.&.3! .5*',.('! 5'*! H%.#! E%2*%1'!
U%F+0#.1+D'!XWXYYSN!
!
"#! .*1N! XQYN]! ,c! 1*.1.! (%! 2'&C-F.*3! 5.*.! %#! "C%2-1+D'! 2.1.#?&3! #.! '*(%&.2+K&! (%#! #+1'*.#!
2'4'!4.1%*+.!(%!2'45%1%&2+.!.-1'&K4+2.!2'&!#'0!*%[-%*+4+%&1'0!(%*+D.('0!(%!#.!5*'1%22+K&!
(%#! ('4+&+'! 4.*81+4'N! L! 1.#! Z+&! 0%! +(%&1+Z+2.&! #.0! &'*4.0! %01.1.#%0! *%#.1+D.0! .#! ('4+&+'!
5M,#+2'! 4.*81+4'I1%**%01*%! 2'4'! 4.*2'! (%! #.! .21-.2+K&! .-1'&K4+2.! G! 0%! .1*+,-G%&! .! #.!
L(4+&+01*.2+K&! .-1'&K4+2.! Z.2-#1.(%0! 4%*.4%&1%! %C%2-1+D.03! 2'4'! %0! %#! `'1'*F.4+%&1'! (%!
.-1'*+=.2+'&%0! G! 2'&2%0+'&%0aN! U.! +45-F&.2+K&! (%#! 5*%2%51'! %01.*8.! ,.0.(.! %&! F*.&! 4%(+(.!
0',*%!'52+'&%0!(%#!#%F+0#.('*!'*(+&.*+'3!+F&'*?&('0%!.08![-%!0%!%01?!%&C-+2+.&('!-&!"01.1-1'!(%!
L-1'&'48.N! L(%4?0! #.! +&2'&01+1-2+'&.#+(.(! &'! 5'(*8.! ,.0.*0%! %&! %#! .*1N! X]S! /"3! [-%! &'!
.1*+,-G%! 2'45%1%&2+.03! 5'*! #'! [-%! #'0! .21'*%0! &'! 4%&2+'&.&! %#! 181-#'! .1*+,-1+D'! (%!
2'45%1%&2+.!%01.1.#![-%!*%0-#1.*8.!2'&2-#2.('N!
!
^+&.#4%&1%3!0%6.#.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!#.!+45-F&.2+K&!(%#!.*1N!XQYNQ!&'!
0%! 1*.0#.(.! .#! 0-5#+2'! (%#! *%2-*0'N! L#! 4.*F%&! (%! %##'3! 2'4'! [-+%*.! [-%! #.! 2#.D%! (%! (+2@.!
+45-F&.2+K&!%0!#.!*%4+0+K&![-%!0%!@.2%!.#!.*1N!XQO3!(%,%!%&1%&(%*0%!*%Z-1.(.!2'&!#.!*%05-%01.!
.!#.!+45-F&.2+K&!(%!%01%!5*%2%51'!%01.1-1.*+'!l.&1%2%(%&1%!O]!2cmN!
!
(c!"#!$.*#.4%&1'!2.1.#?&3!5'*!0-!5.*1%3!(%Z+%&(%!#.!2'&01+1-2+'&.#+(.(!(%!#'0!.5.*1.('0!
S! G! Q! (%#! .*1N! XQY3! (.&('! 5'*! *%5*'(-2+(.0! #.0! .#%F.2+'&%0! *%.#+=.(.0! .! 5*'5K0+1'! (%! #'0!
.5.*1.('0!]!G!Q!(%#!.*1N!XQP!l.&1%2%(%&1%!__!(cm3!+&0+01+%&('3!%&!%#!2.0'!(%!#'!5*%D+01'! %&! %#!
.5.*1.('! S3! %&! [-%! %#! %C%*2+2+'! (%! #.! 2'45%1%&2+.! %01.1.#! 1%&(*?! +&(-(.,#%! *%5%*2-0+K&! %&!
2'45%1%&2+.0! .-1'&K4+2.03! 5'*! #'! [-%! *%0-#1.*8.! 1'1.#4%&1%! C-01+Z+2.(.! #.! .5'*1.2+K&! (%! #.!
'5+&+K&!(%!#.!:%&%*.#+1.1N!
!
H%05%21'!.!#.!#%1*.!,c!(%#!.5.*1.('!]!(%#!.*1N!XQY!.#%F.!#.!/?4.*.![-%!%#!*%2-*0'!,.0.!
0-!+45-F&.2+K&!%&!C-*+05*-(%&2+.!*%2.8(.!0',*%!#%F+0#.2+K&!'*(+&.*+.!*%F-#.('*.!(%#!('4+&+'!
5M,#+2'! %01.1.#3! 0+&! *%5.*.*! [-%! %#! 4.*2'! 2'45%1%&2+.#! %&! %#! [-%! 0%! 5*'(-28.! #.! 2+1.(.!
C-*+05*-(%&2+.!%*.!(+01+&1'3!.#!Z.#1.*!-&.!.1*+,-2+K&!2'45%1%&2+.#!2'4'!#.![-%!.@'*.!%01.,#%2%!
%#! "01.1-1'e! .1*+,-2+K&! <01.! 5'0+,#%3! %&! 2-.&1'! &'! %\+01+*8.! -&.! *%0%*D.! %\5*%0.! .#! "01.('3! .!
!
SYT
5.*1+*!(%#!.*1N!XQYN]!/"3!G!1%&+%&('!%&!2-%&1.![-%!5%*4.&%2%!%&!4.&'0!(%!<01%!#.!'*(%&.2+K&!
(%#! ('4+&+'! 5M,#+2'! 4.*81+4'3! 1%**%01*%3! ,.0?&('0%! %&! #.! 2',%*1-*.! 5*%01.(.! 5'*! (+D%*0'0!
181-#'0!2'45%1%&2+.#%0N!
!
ORN! .c! "#! .*182-#'! XRP! gU.! '*F.&+=.2+K&! (%! #.! L(4+&+01*.2+K&! (%! #.! :%&%*.#+1.1c!
.1*+,-G%! .! #.! /'4-&+(.(! L-1K&'4.3! %&! 4.1%*+.! (%! '*F.&+=.2+K&! (%! 0-! L(4+&+01*.2+K&3! #.!
2'45%1%&2+.! %\2#-0+D.! 0',*%! `.c! U.! %01*-21-*.3! #.! *%F-#.2+K&! (%! #'0! K*F.&'0! G! (+*%21+D'0!
5M,#+2'03! %#! Z-&2+'&.4+%&1'! G! #.! .*1+2-#.2+K&! 1%**+1'*+.#a3! G! `,c! U.0! (+01+&1.0! 4'(.#+(.(%0!
'*F.&+=.1+D.0! %! +&01*-4%&1.#%0! 5.*.! #.! .21-.2+K&! .(4+&+01*.1+D.aN! L4,.0! 5*%D+0+'&%0!
(%02'&'2%*8.&! #.! 2'45%1%&2+.! (%#! "01.('! 5.*.! %#! %01.,#%2+4+%&1'! (%! #.0! ,.0%0! (%#! *<F+4%&!
C-*8(+2'! (%! #.0! L(4+&+01*.2+'&%0! 5M,#+2.0! g.*1N! XQYNXNXO! /"c3! [-%! 1.4,+<&! .#2.&=.! .! #.0!
.-1'&K4+2.03! 0+%&('! (%! *%2'*(.*! [-%! #.0! /'4-&+(.(%0! L-1K&'4.0! &'! 5-%(%&! 2*%.*! &-%D'0!
1+5'0! (%! %&1+(.(%0! 5M,#+2.0! .#! 4.*F%&! (%! #.0! 5*%D+01.0! 5'*! %#! #%F+0#.('*! %01.1.#3! 1.&1'! 4?0!
2-.&('!0%!1*.1%!(%!%&1+(.(%0!2'&!5%*0'&.#+(.(!5*+D.(.3!5-%0!%&1*.*8.!2'45#%4%&1.*+.4%&1%!%&!
C-%F'!%#!.*1N!XQYNXNT!/"!g>)/XQWXYOT3!(%!]X!(%!%&%*'3!^;!YcN!
!
,c!"#!L,'F.('!(%#!"01.('!*%2-%*(.![-%!%#!)*+,-&.#!@.!0%6.#.('![-%!#.0!2'45%1%&2+.0!
*%#.1+D.0! .! #.! 5*'5+.! '*F.&+=.2+K&! (%! #.0! /'4-&+(.(%0! L-1K&'4.0! #%0! 2'**%05'&(%&!
%Z%21+D.4%&1%! 2'4'! %\2#-0+D.0! %! +&@%*%&1%0! .! #.! .-1'&'48.! g>>)/! SS_WXYOO3! (%! SY! (%!
&'D+%4,*%3!^;!SQe!G!RPWXYYY3!(%!T!(%!.,*+#3!^;!]c3!2'45'*1.&('!#.!5'1%01.(!(%!2*%.*3!4'(+Z+2.*!
'!0-5*+4+*!K*F.&'0!'!%&1+(.(%0![-%!#.0!2'&Z+F-*%&!'!(%5%&(.&!(%!%##.03!.08!2'4'!#.!Z.2-#1.(!(%!
2'&Z'*4.*!#+,*%4%&1%3!0+&!+&1%*D%&2+K&!(%#!"01.('3!0-!.5.*.1'!.(4+&+01*.1+D'!g>)/!Q_WSPPX3!
(%! XR! (%! Z%,*%*'cN! "#! 1%\1'! +45-F&.('! 0%*8.! .,0'#-1.4%&1%! 2'&2'*(.&1%! 2'&! %01.!
C-*+05*-(%&2+.3!0+&![-%!#.0!',C%2+'&%0!.*1+2-#.(.0!(%!2'&1*.*+'!5*%0%&1%&!Z-&(.4%&1'!.#F-&'d!
#.! ,.0.(.! %&! %#! .*1N! XQYNXNXO! /"! 1%&(*8.! -&! 2.*?21%*! .,01*.21'! '! +&(%1%*4+&.('! G! &+! 0+[-+%*.!
%\5*%0.![-<!&'*4.!,?0+2.!%01.1.#!5-%(%!*%0-#1.*!%&!2'&1*.(+22+K&!2'&!0-!1%\1'N!U.!0%F-&(.!(%!
#.0! ',C%2+'&%0! 1.45'2'! C-01+Z+2.*8.! 2'&1*.(+22+K&! .#F-&.! %&1*%! #.! &'*4.! %01.1-1.*+.! G! #.!
/'&01+1-2+K&! '! .#F-&.! &'*4.! ,?0+2.! %01.1.#3! 0+&! [-%! %#! %&-&2+.('! (%! #.! &'*4.! 5%*4+1.!
2'45*%&(%*! #.! 2*%.2+K&! (%! %&1%0! .185+2'03! 2'4'! '2-**8.! %&! %#! 2.0'! *%0-%#1'! 5'*! #.! >)/!
XQWXYOT3!(%!]X!(%!%&%*'3!2+1.(.!%&!#.!(%4.&(.3![-%!0%!*%Z%*8.!.!-&!0-5-%01'!(%!2*%.2+K&!(%!
-&.!4'(.#+(.(!0'2+%1.*+.!.185+2.!(%!E%*%2@'!5*+D.('3!*%2@.=.(.!5'*!@.,%*0%!5-%01'!%&!C-%F'!
#.!2'45%1%&2+.!(%#!.*1N!XQYNXNT!/"N!
!
!
SY_
2c! k-%D.4%&1%! &'0! %&2'&1*.4'03! 5.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.13! 2'&! -&.!
+45-F&.2+K&!,.0.(.!%&!#.!'4+0+K&!(%!#.!4%&2+K&!%\5*%0.!.!#.!2'45%1%&2+.!,?0+2.!.1*+,-+(.!.#!
"01.('!5'*!%#!.*1N!XQYNXNXO!/"3!0+&![-%!1.#!'4+0+K&!0+F&+Z+[-%!&%2%0.*+.4%&1%!#.!+&Z*.22+K&!(%!
(+2@.!2'45%1%&2+.N!L#!*%05%21'!0%!0-,*.G.![-%!%#!.#2.&2%!G!'*+%&1.2+K&!(%!#.0!,.0%0!%01.1.#%0!
%&!%01.!4.1%*+.!@.!(%!%&1%&(%*0%!0+%45*% ad extra (%!#.0!5*'5+.0!L(4+&+01*.2+'&%0!5M,#+2.0!G!
&'! ad intra3! 2'4'! 0%! 5*%1%&(%! %&! #.! (%4.&(.N! E%#! 5*+&2+5+'! (%! .-1'&'48.! 0%! (%*+D.! #.!
2.5.2+(.(!(%!#.!:%&%*.#+1.13!5#.04.(.!%&!%#!.*1N!XRP!*%2-**+('3!5.*.!.('51.*!#.0!(+05'0+2+'&%0!
0',*%!0-!L(4+&+01*.2+K&3!*%F-#.&('!#.!%01*-21-*.3!#'0!K*F.&'03!#'0!2.*F'03!%#!Z-&2+'&.4+%&1'!G!
#.!.*1+2-#.2+K&!%&!%#!1%**+1'*+'!(%!/.1.#-6.N!"01'!&'!+&D.(%!#.!2'45%1%&2+.!%01.1.#3!1'(.!D%=![-%!
-&.! 2'0.! %0! *%F-#.*! #.! *%#.2+K&! (%! #.! L(4+&+01*.2+K&! 5M,#+2.! 2'&! #'0! 2+-(.(.&'0! G! '1*.3!
(+01+&1.3!#.!Z'*4.!(%!'*F.&+=.*0%!#.!L(4+&+01*.2+K&!.-1'&K4+2.3![-%!%0!.!#'![-%!0%!*%Z+%*%!%01%!
.*1N!XRPN!L!4.G'*!.,-&(.4+%&1'!#.!2.5.2+(.(!(%!#.!:%&%*.#+1.1!5.*.!(%Z+&+*!#'0!+&01*-4%&1'0!
(%! .21-.2+K&! (%*+D.(.! (%! 0-! 5'1%01.(! (%! .-1''*F.&+=.2+K&! &'! 5'(*8.! 2%6+*0%! .#! 4.*2'!
%\2#-0+D.4%&1%!+&01+1-2+'&.#!'!5'#81+2'3!0+&'![-%!@.!(%!+&2#-+*!#.!(%Z+&+2+K&!(%!#.0!%01*-21-*.0!G!
4%(+'0!.(4+&+01*.1+D'0N!
!
(c! "#! $.*#.4%&1'! (%! /.1.#-6.! *%+1%*.! [-%! 5.*.! %#! #%F+0#.('*! %01.1-G%&1%! %#! 2.*?21%*!
%\2#-0+D'!.1*+,-+('!.!#.!2'45%1%&2+.!2'&##%D.!(%05#.=.*!#.!#%F+0#.2+K&!,?0+2.!%01.1.#![-%!@.01.!
.@'*.! *%F-#.,.! .#F-&'0! .05%21'0! (%! %01.0! 4.1%*+.0! G! &'! @.2%*! (+*%21.4%&1%! .5#+2.,#%! #.!
C-*+05*-(%&2+.! 5*%%\+01%&1%N! >%! .#%F.! 1.4,+<&! [-%! #.! Z+&.#+(.(! (%! #.! 2'45%1%&2+.! %01.1.#! (%#!
.*1N! XQYNXNXO! /"! %0! F.*.&1+=.*! .! #'0! .(4+&+01*.('0! -&! 1*.1'! 2'4M&3! 5'*! #'! [-%! %#! 5*%2%51'!
%01.1-1.*+'!2-%01+'&.('!'51.*8.!5'*!#.!M&+2.!*%F-#.2+K&!2'&Z'*4%!2'&!%#!5*+&2+5+'!.-1'&K4+2'!
.#!5*'G%21.*0%!0',*%!#.!'*F.&+=.2+K&!(%!#.!5*'5+.!L(4+&+01*.2+K&!5M,#+2.e!(%!#'!2'&1*.*+'!#.0!
/'4-&+(.(%0!L-1K&'4.0!D%*8.&!5%*C-(+2.(.0!F*.D%4%&1%!0-0!2'45%1%&2+.0!'*F.&+=.1+D.03!0+&!
&+&FM&!4'1+D'!2'&01+1-2+'&.#4%&1%!D?#+('![-%!#'!5-%(.!C-01+Z+2.*N!E%!%0%!4'('!0%!5*'4'D%*8.!
-&! 2'&2%51'! *%01*+&F+('! (%! #.! &'2+K&! (%! *<F+4%&! C-*8(+2'! (%! #.0! L(4+&+01*.2+'&%0! 5M,#+2.03!
(%01.2.&('! 0-! 2.*?21%*! +&01*-4%&1.#! G! 2'&! %#%4%&1'0! 0-Z+2+%&1%0! 5.*.! 5%*4+1+*! -&.!
+&1%*5*%1.2+K&![-%!(%,%*?!4'(-#.*0%!%&!Z-&2+K&!(%#!&-%D'!,#'[-%!(%!2'&01+1-2+'&.#+(.(N!
!
OTN! .c! "#! .*182-#'! XRX! gV*F.&+=.2+K&! 1%**+1'*+.#c! %03! 5.*.! #'0! *%2-**%&1%03!
+&2'&01+1-2+'&.#!%&!0-!2'&C-&1'3!5-%03!'2-5?&('0%!*%.#4%&1%!(%#!*<F+4%&!#'2.#3!0%!0+*D%!(%!#.!
%\5*%0+K&! `'*F.&+=.2+K&! 1%**+1'*+.#a! %&! -&! 2#.*'! +&1%&1'! (%! 0-01*.%*! -&.! 5.*1%! (%! .[-%##.!
4.1%*+.!5*%0%&1?&('#.!,.C'!#.!Z'*4.!(%!2-%01+'&%0!5-*.4%&1%!('4<01+2.0!%!+&1*.2'4-&+1.*+.0N!
>%!1*.1.*8.3!5.*.!#'0!.21'*%03!(%!-&.!'5%*.2+K&![-%!G.!Z-%!(%0.-1'*+=.(.!%&!#.!>)/!SXQWXYOY3!
!
SYO
(%!SX!(%!(+2+%4,*%3!^;!X3!.#!5*'2#.4.*![-%!%#!*<F+4%&!#'2.#!&'!%0!`-&.!4.1%*+.!%D.&%02%&1%3!
(+0F*%F.(.!%&!-&.!5#-*.#+(.(!(%!.0-&1'0!0'4%1+('0!.!-&!*<F+4%&!2'45%1%&2+.#!(+D%*0+Z+2.('aN!
/'4'! %&! %#! 2.0'! (%#! .*1N! O]3! G.! *%2-**+('! l.&1%2%(%&1%! QX! .cm! !G3! 2'4'! #-%F'! 0%! D%*?3!
1.4,+<&! (%#! .*1N! XTP! l.&1%2%(%&1%! YS! .cm!3! 0%! %01.*8.! .&1%! #.! 5*%1%&0+K&! (%! +&1%*+'*+=.*! 5'*!
2'45#%1'!#.!L(4+&+01*.2+K&!#'2.#!G!&%F.*!%#!2.*?21%*!,+Z*'&1%!(%#!*<F+4%&!#'2.#N!L!C-+2+'!(%!
#'0!*%2-**%&1%0!#.!+&2'&01+1-2+'&.#+(.(!(%#!5*%2%51'!0K#'!5'(*8.!0-5%*.*0%!0+!0%!%&1%&(+%*.![-%!
%#! .#2.&2%! G! 2'&1%&+('! (%! #.! 2'45%1%&2+.! %\2#-0+D.! .0-4+(.! 5'*! #.! :%&%*.#+1.1! #'! 0'&! 0+&!
5%*C-+2+'!(%!#.0!2'45%1%&2+.0![-%!2'**%05'&(%&!.#!"01.('!2'&Z'*4%!.#!.*1N!XQYNXNXO!/"N!
!
$'*! #'! (%4?0! #'0! (+01+&1'0! .5.*1.('0! (%1%*4+&.&! #.0! Z.2-#1.(%0! [-%! +&1%F*.&! #.!
2'45%1%&2+.! .-1'&K4+2.! `%&! 1'('! 2.0'a3! .Z+*4.&('! #'0! *%2-**%&1%0! 0-! 2'&1*.(+22+K&! 2'&! #.!
/'&01+1-2+K&N!L08!%#!.5.*1.('!.c!0%!*%Z+%*%!.!`#.!(%1%*4+&.2+K&3!#.!2*%.2+K&3!#.!4'(+Z+2.2+K&!G!
#.! 0-5*%0+K&! (%! #.0! %&1+(.(%0! [-%! 2'&Z+F-*.&! #.! '*F.&+=.2+K&! 1%**+1'*+.#! (%! /.1.#-6.aN!
)*.1?&('0%! (%! -&.! 2'45%1%&2+.! %\2#-0+D.! @.! (%! 2'45*%&(%*! #.! #%F+0#.2+K&e! G! .Z%21.&('! .!
1'(.0! #.0! %&1+(.(%0! 1%**+1'*+.#%0! @.! (%! +&2#-+*! .! #'0! 4-&+2+5+'0! G! 5*'D+&2+.03! #'! [-%! 0%*8.!
2'&1*.*+'! .#! .*1N! XQYNXNXO! /"3! %&! #8&%.! 2'&! #.! >)/! SXQWXYOY3! (%! SX! (%! (+2+%4,*%! g^;! OcN! "#!
.5.*1.('! ,c3! 5'*! 0-! #.('3! 0%! 0'#.5.*8.! 2'&! %#! .&1%*+'*! G! 2'45.*1+*8.! #.0! 4+04.0! 2.-0.0! (%!
+&2'&01+1-2+'&.#+(.(3! 0+! ,+%&! +&1*'(-2%! &-%D.0! (%1%*4+&.2+'&%0! 1.4,+<&! +&2'&01+1-2+'&.#%0d!
.#1%*.2+K&! (%! #'0! 1<*4+&'0! 4-&+2+5.#%0e! 2*%.2+K&3! 0-5*%0+K&! G! .#1%*.2+K&! (%! %&1+(.(%0!
+&Z*.4-&+2+5.#%0e!2.5+1.#+(.(!G!084,'#'0!(%!4-&+2+5+'0!G!(%4?0!%&1+(.(%0!#'2.#%0e!1'5K&+4'03!
G! *%F84%&%0! %05%2+.#%0N! U'0! (%4.&(.&1%0! &'! 2-%01+'&.&! %&! %01%! 5-&1'! #.! .45#80+4.!
2'45%1%&2+.!#%F+0#.1+D.!(%!/.1.#-6.3!5%*'!&+%F.&![-%!%#!"01.1-1'!5-%(.!%\2#-+*!5'*!2'45#%1'!
1'(.! 2'45%1%&2+.! (%#! "01.('3! 2+1.&('! (%! &-%D'! #.! >)/! SXQWXYOY3! (%! SX! (%! (+2+%4,*%N! $'*!
M#1+4'!#'0!.21'*%0!0-,*.G.&!%#!2.*?21%*!2*851+2'!(%#!.5.*1.('!2c3![-%!@.,#.!(%#!`%01.,#%2+4+%&1'!
4%(+.&1%! #%G! (%! 5*'2%(+4+%&1'0! (%! *%#.2+K&! %&1*%! #.0! %&1+(.(%0! #'2.#%0! G! #.! 5',#.2+K&a3!
.-&[-%!1'('!##%D.*8.!.!#.!4.1%*+.!(%!*<F+4%&!#'2.#!G3!5'*!1.&1'3!.!#.!&%2%0+(.(!(%!2'&Z'*4.*0%!
2'&!#'!(+05-%01'!%&!%#!.*1N!XQYNXNXO!/"N!
!
,c!LZ+*4.!%#!L,'F.('!(%#!"01.('![-%!#.0!%\5*%0+'&%0!(%!#'0!1%\1'0!#%F.#%0!@.&!(%!0%*!
%&1%&(+(.0!%&!0-!0+F&+Z+2.('!5*'5+'3!(%02.*1.&('!1'(.!+&1%&2+K&!(%!%\5*%0.*!'1*.!2'0.!(+01+&1.!
.! #'! %Z%21+D.4%&1%! %01.,#%2+('N! E%! %01.! Z'*4.! 0'01+%&%! [-%! %#! 1<*4+&'! `'*F.&+=.2+K&!
1%**+1'*+.#a! &'! 5*%1%&(%*8.! 0%*! %[-+D.#%&1%! .! `*<F+4%&! #'2.#a3! 5*%2+0.4%&1%! 5'*! %01.*! %01.!
%\5*%0+K&! G! #.! (%! L(4+&+01*.2+K&! #'2.#! .2-6.(.0! 0%2-#.*4%&1%! %&! #'0! 1%\1'0! #%F.#%0! G! %&! #.!
5*?21+2.!2'4M&!2'4'!+(%&1+Z+2.('*.0!(%!-&!0%21'*!,+%&!(%Z+&+('!(%#!V*(%&.4+%&1'N!E.('![-%!
!
SYY
#.! %\5*%0+K&! `.(4+&+01*.2+K&! #'2.#a! 0%! -1+#+=.! %&! %#! .*1N! XTP! (%#! "01.1-1'3! %#! 1<*4+&'!
`'*F.&+=.2+K&!1%**+1'*+.#a!%45#%.('!@.,*8.!(%!%&1%&(%*0%!-1+#+=.('!%&!-&!0%&1+('!4?0!#+4+1.('3!
*%Z%*+('! .! .05%21'0! '*F.&+=.1+D'03! G! 2'&2*%1.('! .! #'0! %Z%21'0! (%! (%1%*4+&.*! 0-! .#2.&2%! %&! %#!
2'&1%&+('!(%!0-0!1*%0!0+F-+%&1%0!.5.*1.('0N!
!
"&! 2-.&1'! .! #.! #%1*.! .c! %#! *%5*%0%&1.&1%! (%#! :',+%*&'! 0%! *%4+1%! .! 0-0! .#%F.2+'&%0!
*%05%21'!(%!#'0!.*10N!YP!G!0+F-+%&1%0!(%#!"01.1-1'!l.&1%2%(%&1%!QX!,cmN!f!5'*!#'![-%!0%!*%Z+%*%!.!
#.! #%1*.! ,c! .#%F.! [-%! %01.! 4.1%*+.! 2'**%05'&(8.!G.! .! #.! /'4-&+(.(! L-1K&'4.! %&! %#! .&1%*+'*!
"01.1-1'3! D%&8.! .45#+.4%&1%! *%2'&'2+(.! 2'4'! 5*'5+.! %&! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#!
5*%2%(%&1%!G!0%!%&2-%&1*.!(%0.**'##.(.!%&!#.!&'*4.1+D.!.-1'&K4+2.!%05%28Z+2.N!k'!0%!%\2#-G%!
#.!5'0+,+#+(.(!(%![-%!%#!"01.('!5-%(.!%&!.#FM&!4'4%&1'!+&1%*D%&+*!%&!%0.!4.1%*+.3!.-&!2'&!%#!
2.*?21%*! (%! +&1%*D%&2+K&! 48&+4.3! .#! .45.*'! (%! (+D%*0'0! 181-#'0! 2'45%1%&2+.#%03! 0%FM&! -&.!
4-#1+5#+2+(.(!(%!2+*2-&01.&2+.0!(+Z82+#4%&1%!(%1%*4+&.,#%0!(%!.&1%4.&'N!$%*'!#'!2+%*1'!%0![-%!
#.!5*'5+.!(%4.&(.3!.!C-+2+'!(%#!L,'F.('!(%#!"01.('3!&'!.2%*1.*8.!.!5*%0%&1.*!*.=K&!%05%28Z+2.!
5.*.! [-%! #.0! 2'45%1%&2+.0! 0',*%! 1<*4+&'0! 4-&+2+5.#%0! (+0%6.(.0! %&! %#! .5.*1.('! @.G.&! (%!
2'&%21.*0%!.#!"01.('N!
!
^+&.#4%&1%!0%!.#%F.![-%3!0+%&('!2+%*1'![-%!%#!.5.*1.('!2c!5-%(%!0-F%*+*3!%&!-&.!5*+4%*.!
#%21-*.3!-&.!.45#+1-(!'!%\1%&0+K&!-&+D%*0.#%03!##%D.&('!.#!(+0%6'!(%!-&!E%*%2@'!F%&%*.#!#'2.#!
(%!2'&1%&+('!%\2#-0+D.4%&1%!.-1'&K4+2'![-%!+45+(.!#.!%Z+2.2+.!(%!2-.#[-+%*!&'*4.!'!.22+K&!
%01.1.#! %&! %0.! 4.1%*+.3! 1.#! +&1%*5*%1.2+K&! *%0-#1.*8.! +&2'45.1+,#%! 2'&! #'0! *%01.&1%0! 5*%2%51'0!
%01.1-1.*+'0! %&! 4.1%*+.! #'2.#3! +&2#-+('0! #'0! ('0! .5.*1.('0! 5*%2%(%&1%0! (%#! 4+04'! 5*%2%51'N!
"&1+%&(%!%#!*%5*%0%&1.&1%!(%#!:',+%*&'!(%!#.!k.2+K&![-%!#.!&'*4.!&'!5-%(%!&+!(%,%!0%5.*.*0%!
(%! #.! 4.1%*+.! '*F.&+=.1+D.! %&! #.! [-%! 0%! %&2-.(*.3! G! %&! %01%!0%&1+('! &'! %0! 2-.#[-+%*! *%#.2+K&!
.(4+&+01*.1+D.! #'! [-%! %&! %#! 5*%2%51'! 0%! 1*.1.! (%! 2'45*%&(%*3! 0+&'! -&.! 2#.0%! %05%28Z+2.! (%!
*%#.2+'&%0! %&1*%! #'0! %&1%0! #'2.#%0! G! 0-0! 5',#.2+'&%0e! 0%*8.! %#! 2.0'! (%! #.! *%F-#.2+K&! 2.1.#.&.!
2'&1%&+(.!%&!#'0!.*10N!XRQ!G!0+F-+%&1%0!(%#!1%\1'!*%Z-&(+('!.5*',.('!5'*!E%2*%1'!U%F+0#.1+D'!
(%!SO!(%!.,*+#!(%!SPP]3!*%#.1+D.!.!#.!+&Z'*4.2+K&!G!5.*1+2+5.2+K&!2+-(.(.&.03!.0'2+.2+'&%0!(%!
D%2+&'03! 2'&0-#1.0! 0',*%! .0-&1'0! (%! 2'45%1%&2+.! #'2.#! (%! %05%2+.#! +45'*1.&2+.! 5.*.! #'0!
D%2+&'03!%12N!L!C-+2+'!(%#!L,'F.('!(%#!"01.('!<01%!5.*%2%!0%*!%#!0+F&+Z+2.('!D%*(.(%*.4%&1%!
.2'*(%!2'&!#.!2'#'2.2+K&!0+01%4?1+2.!(%!#.!4.1%*+.!%&!#.!&'*4.1+D.!.-1'&K4+2.N!
!
2c! "#! :',+%*&'! (%! #.! :%&%*.#+1.1! .#%F.! [-%! #.! %\5*%0+K&!`'*F.&+=.2+K&! 1%**+1'*+.#a! &'!
5-%(%! 0%*! +&2'&01+1-2+'&.#3! 5'*[-%! %0! #.! 4+04.! [-%! 0%! %45#%.! %&! %#! 181-#'! Abbb! (%! #.!
!
]PP
/'&01+1-2+K&!G!%&!0-!.*1N!X]_N!f!1.4,+<&!#.!-1+#+=.(.!%&!%#!.*1N!RO!(%!#.!5*'5-%01.!(%!*%Z'*4.!
(%#!"01.1-1'!(%!L&(.#-28.N!H%2-%*(.!%#!%C%2-1+D'!2.1.#?&![-%!#.!/'&01+1-2+K&!&'!+&2#-G%!%&!%#!
.*1N! XQYNX! &+&F-&.! 2'45%1%&2+.! %01.1.#! %\5*%0.4%&1%! *%Z%*+(.! .#! `*<F+4%&! #'2.#a3! .08! 2'4'!
[-%3!%&!*%.#+(.(3!#.!2'45%1%&2+.!.-1'&K4+2.!0',*%!*<F+4%&!#'2.#!G.!Z+F-*.,.!%&!%#!.*1N!YNO!(%#!
"01.1-1'! (%! XY_Y3! %&! %#! 4.*2'! (%! #.0! ,.0%0! Z+C.(.0! 5'*! %#! "01.('!ex! .*1N! XQYNXNXO! /"! G! [-%!
D+&2-#.&!.!#.!L(4+&+01*.2+K&!.-1'&K4+2.!G!.!#.!#'2.#N!
!
U.! M&+2.! *%Z%*%&2+.! 2'&01+1-2+'&.#! .! #.! #%F+0#.2+K&! %01.1.#! 0',*%! *<F+4%&! #'2.#! %0! -&.!
#+4+1.2+K&!1*.&0+1'*+.!(%!#.0!2'45%1%&2+.0!.-1'&K4+2.0!g.*1N!XQONXNS!/"cN!"01%!5*%2%51'!Z+C.!%#!
48&+4'! [-%! 5-%(%&! .0-4+*! #.0! /'4-&+(.(%0! L-1K&'4.0! %&! -&.! %02.#.! [-%! ##%F.! @.01.!
.[-%##'![-%!&'!0%.&!`,.0%0!(%#!*<F+4%&!C-*8(+2'!(%!#.0!L(4+&+01*.2+'&%0!5M,#+2.0aN!L(4+1%!%#!
:',+%*&'! (%! #.! :%&%*.#+1.1! [-%! #.! 4.1%*+.! +&2+(%! %Z%21+D.4%&1%! %&! %#! *<F+4%&! #'2.#3! 5%*'!
*%2@.=.! [-%! 0%! 1*.1%! (%! -&.! 2'45%1%&2+.! %\2#-0+D.! (%#! "01.('3! G! .6.(%! [-%! %#! 5*%2%51'!
%01.1-1.*+'! &'! %\2#-G%! #.! +&1%*D%&2+K&! (%#! #%F+0#.('*! ,?0+2'! %01.1.#! (%! .2-%*('! 2'&! %#! .*1N!
XQYNXNXO! /"N! U.! 1<2&+2.! #%F+0#.1+D.! 0%F-+(.! 5%*4+1+*8.! .Z+*4.*! #.! %\2#-0+D+(.(! (%! #.!
2'45%1%&2+.! 0',*%! 2+%*1.0! 0-,4.1%*+.03! .-&[-%! %&! #.! F#',.#+(.(! (%! #.! 4.1%*+.! %\+01.! -&.!
2'45%1%&2+.!,?0+2.!%01.1.#N!"&!%01%!2.0'3!.(%4?03!%#!5*'5+'!5*%2%51'!0+1-.*8.!#.0!2'45%1%&2+.0!
.-1'&K4+2.0!(%&1*'!(%#!*%05%1'!.!#'0!.*10N!XQP!G!XQX!/"3!(%!4'('![-%3!%&!*%.#+(.(3!%#!5*%2%51'!
+45-F&.('! 2'&1+%&%! -&.! %\5*%0.! *%Z%*%&2+.! .! #.! F.*.&18.! +&01+1-2+'&.#! (%! #.! .-1'&'48.! #'2.#!
2'4'!-&!5*+&2+5+'!#+4+1.('*!(%!#.0!2'45%1%&2+.03!G!&'!2'4'!-&!5*+&2+5+'!(%!.1*+,-2+K&!(%!#.0!
4+04.0N! U.! #%21-*.! 1%*F+D%*0.(.! (%#! .*1N! XRX3! %&1%&(+%&('! [-%! D-#&%*.! #.! .-1'&'48.! #'2.#!
2-.&('!%\5*%0.4%&1%!#.!0.#D.F-.*(.3!0%!5'&(*8.!+F-.#4%&1%!(%!4.&+Z+%01'!%&!#.!+45-F&.2+K&!
(%!2.(.!-&'!(%!0-0!.5.*1.('0N!
!
L083!%&!#.!(%!#.0!#%1*.0!.c!G!,c!5'*!D-#&%*.2+K&!(%#!.*1N!XQX!/"3!2-.&('!%0!#'!2+%*1'3!5.*.!
%#!:',+%*&'!2.1.#?&3![-%!%&!%#!%&2.,%=.4+%&1'!(%#!.*1N!XRX!(%#!"01.1-1'!0%!2+1.!%\5*%0.4%&1%!
%#! 5*%2%51'! 2'&01+1-2+'&.#e! G3! 5.*.! #'! [-%! 5-(+%*.! .Z%21.*! .! #.0! D%F-%*8.03! %#! .*1N! YXNQ! (%#!
"01.1-1'! *%+1%*.! %\5*%0.4%&1%! [-%! #.! .#1%*.2+K&! (%! #'0! #84+1%0! 5*'D+&2+.#%0! *%[-%*+*?! (%#!
5*'2%(+4+%&1'! 5*%D+01'! %&! %0%! .*1N! XQX! /"N! $'*! '1*.! 5.*1%3! (%! .2-%*('! 2'&! %#! .*1N! O]! (%#!
"01.1-1'3!#.!'*F.&+=.2+K&!1%**+1'*+.#!2'45*%&(%!1.4,+<&!#.0!2'4.*2.0!G!'1*'0!%&1%0!2*%.('0!5'*!
#.!:%&%*.#+1.1!2'&!Z-&(.4%&1'!%&!#.!D'#-&1.(!(%!2'#.,'*.2+K&!G!.0'2+.2+K&!(%!#'0!4-&+2+5+'0N!
!
U.0!Z.2-#1.(%0!%&!4.1%*+.!(%!2*%.2+K&3!.#1%*.2+K&!'!0-5*%0+K&!(%!1<*4+&'0!4-&+2+5.#%0!
l.*1N! XRX! 2cm! 2'+&2+(%&! %&! ,-%&.! 5.*1%! 2'&! #.0! .&1%*+'*4%&1%! *%2'F+(.0! %&! %#! .*1N! YNO! (%#!
!
]PX
"01.1-1'!(%!XY_YN!>%!1*.1.*8.!(%!-&.!2'45%1%&2+.!#-%F'!(%0.**'##.(.!%&!#.!U%G!4-&+2+5.#!G!(%!
*<F+4%&!#'2.#!(%!/.1.#-6.3!.21-.#4%&1%!D+F%&1%!%&!%#!E%2*%1'!U%F+0#.1+D'!SWSPP]N!^+&.#4%&1%!
0%!(%&-&2+.!5'*!%#!"C%2-1+D'!%#!2.*?21%*!5*%D%&1+D'!(%#!*%2-*0'N!
!
(c! L! C-+2+'! (%#! $.*#.4%&1'! (%! /.1.#-6.! %#! .*1N! XRX! 5*%1%&(%! 0+45#%4%&1%! .45#+.*! .#!
4?\+4'![-%!#.!/'&01+1-2+K&!5%*4+1%!#.0!2'45%1%&2+.0!(%!#.!:%&%*.#+1.1!2'4'!+&01+1-2+K&![-%!
D%*1%,*.! 5'#81+2.4%&1%! #.! 0+&F-#.*+(.(! (%! /.1.#-6.N! L! 5%0.*! (%! [-%! %\+01.! -&.! 2'45%1%&2+.!
,?0+2.! %01.1.#! *%05%21'! .! #.! F#',.#+(.(! (%! #.! 4.1%*+.3! #.! 1<2&+2.! 0%F-+(.! 5'*! %#! "01.1-1'3!
5*%2+0.&('! 5'*! 0-,4.1%*+.0! #.! (%1%*4+&.2+K&! (%! #.0! 2'45%1%&2+.03! 5%*4+1+*8.! .Z+*4.*! #.!
%\2#-0+D+(.(!(%!#.!2'45%1%&2+.!*%05%21'!.!.#F-&.0!(%!%##.0N!
!
H%05'&(+%&('!%&!2'&2*%1'!.!#'0!*.='&.4+%&1'0!(%#!*%2-*0'!0%6.#.!#.!/?4.*.!2.1.#.&.!
[-%!#.!%\5*%0+K&!`'*F.&+=.2+K&!1%**+1'*+.#a3!*%Z%*+(.!.!#'0!%&1%0!#'2.#%03!%0!#.![-%!4?0!0%!.C-01.!
.!#.!/'&01+1-2+K&3![-%!#.!%45#%.!%&!0-!181-#'!Abbb!G!%&!%#!.*1N!X]_e![-%!#'0!.5.*1.('0!.c!G!,c!(%#!
.*1N!XRX3!0',*%!2*%.2+K&3!4'(+Z+2.2+K&!G!0-5*%0+K&!(%!#'0!%&1%0!#'2.#%03!*%05%1.*8.&!%#!.*1N!XQX!
/"3!.#![-%!0%!*%4+1%&e!G![-%!#.0!5*%D+0+'&%0!(%#!.5.*1.('!2c!D%&(*8.&!1.&!0K#'!.!*%+1%*.*!#'![-%!
G.!0%!+&2#-8.!%&!%#!.&1%*+'*!"01.1-1'!(%!L-1'&'48.N!
!
U.0!0-,4.1%*+.0![-%!*%F-#.!%#!.*1N!XRX!5'(*8.&!.1*+,-+*0%!.!#.!:%&%*.#+1.1!0+&!2'&2-#2.*!
#.! /'&01+1-2+K&N! U'0! %C%45#'0! [-%! 2+1.! %#! *%2-*0'! 5.*.! Z-&(.*! #.! +&1%*D%&2+K&! *%F-#.('*.!
%01.1.#!@.,*8.&!0+('!G.!.(4+1+('0!2'4'!2'&01+1-2+'&.#%0!5'*!%#!)*+,-&.#!/'&01+1-2+'&.#!G3!%&!
1'('! 2.0'3! #.! 2'45%1%&2+.! %\2#-0+D.! [-%! 0%! 5*%(+2.! (%! #.! :%&%*.#+1.1! %01.*8.! %&4.*2.(.3!
#+4+&.*!G!#+1%*.#4%&1%3!%&!%#!*%05%1'!(%!#.!F.*.&18.!+&01+1-2+'&.#!%01.,#%2+(.!5'*!#.!/'&01+1-2+K&!
%&! 0-0! .*10N! XQP! G! XQXN! $*'2#.4.(.! %&! #.! /'&01+1-2+K&! #.! F.*.&18.! +&01+1-2+'&.#! (%! #'0! %&1%0!
*%F-#.('03! 0%*8.! (+Z82+#! +4.F+&.*! -&! .05%21'! [-%! %\+C.! [-%! (%,.! &%2%0.*+.4%&1%! .1*+,-+*0%! .#!
"01.('!5'*!0%*!,?0+2'N!
!
O_N! .c! E%#! .*182-#'! XRS! g$#.&+Z+2.2+K&3! '*(%&.2+K&! G! 5*'4'2+K&! (%! #.! .21+D+(.(!
%2'&K4+2.c! 0%! +45-F&.! %#! .5.*1.('! Q3! %&! 5.*1+2-#.*! 0-! #%1*.! ,c3! 5'*! 2-.&1'! 0%! 2'&Z+%*%! .! #.!
:%&%*.#+1.1!`%#!(%0.**'##'!G!#.!F%01+K&!(%!#.!5#.&+Z+2.2+K&!F%&%*.#!(%!#.!.21+D+(.(!%2'&K4+2.a3!
+&2#-G<&('0%3!%&!1'('!2.0'3!%&!(+2@.!2'45%1%&2+.!`#.!5.*1+2+5.2+K&!%&!#.!5#.&+Z+2.2+K&!%01.1.#!
.!1*.D<0!(%!#'0!4%2.&+04'0!5*%D+01'0!%&!%#!)81-#'!Aa!(%#!"01.1-1'N!>+&!5%*C-+2+'!(%!#.0!*.='&%0!
[-%!.,'&.&!#.!+45-F&.2+K&!(%!%0%!181-#'!A!G!.!#.0![-%!0%!*%4+1%!%&!%01%!5-&1'!%#!%02*+1'!(%!
!
]PS
(%4.&(.!g.&1%2%(%&1%0!XPS!G!0+F-+%&1%0c3!.#%F.&!#'0!.21'*%0![-%!#'!.&1%*+'*!+&Z*+&F%!#.!*%0%*D.!
(%#!.*1N!XQYNXNX]!/"N!
!
,c!>'01+%&%!%#!L,'F.('!(%#!"01.('![-%!%#!5#.&1%.4+%&1'!(%#!*%2-*0'!5.*%2%!+(%&1+Z+2.*!
#.!2'45%1%&2+.!%01.1.#!2'4'!%\2#-0+D.4%&1%!&'*4.1+D.!G!#.0!2'45%1%&2+.0!.-1'&K4+2.0!2'4'!
4%*.4%&1%!%C%2-1+D.03!#+4+1.(.0!.#!(%0.**'##'!G!#.!F%01+K&!(%!#.!2'45%1%&2+.!'*(%&.('*.!(%#!
"01.('N! k'! ',01.&1%! #.! C-*+05*-(%&2+.! *%#.1+D.! .#! .*1N! XQYNXNX]! /"! @.! *%2'*(.('! [-%! %&! #'0!
0%21'*%0! .Z%21.('0! 5'*! #.! 5#.&+Z+2.2+K&! 5-%(%&! G! (%,%&! 4.&1%&%*0%! #.0! 2'45%1%&2+.0!
&'*4.1+D.0! .1*+,-+(.0! .! #.0! /'4-&+(.(%0! L-1K&'4.0! `0+%45*%! [-%! &'! +&2-45#.&! #'0!
4.&(.1'0! &+! +45+(.&! .#2.&=.*! #'0! Z+&%0! (%! #.! &'*4.1+D.! %01.1.#a! g>)/! X_RWSPP]3! (%! ]P! (%!
0%51+%4,*%cN! $'*! %##'! &'! %0! %\1*.6.! .! #.! /'&01+1-2+K&! #.! 2'&2-**%&2+.! (%! 2'45%1%&2+.0!
&'*4.1+D.0! %01.1.#%0! G! .-1'&K4+2.0! %&! 4.1%*+.! (%! 5#.&+Z+2.2+K&! %2'&K4+2.3! 2'4'! 1.45'2'!
5-%(%!(+02-1+*0%!#.!2'&D%&+%&2+.!(%![-%!2+%*1'0!0%21'*%0!(%!#.!2'45%1%&2+.!.-1'&K4+2.![-%!&'!
(%,%&!%&!5*+&2+5+'!D%*0%!.Z%21.('0!5'*!#.!%05%28Z+2.!&'*4.1+D.!'!(+*%21*+2%0!(%#!5#.&!5-%(.&!
5*%01.*! -&.! %Z+2.=! 2'#.,'*.2+K&! .! #'0! ',C%1+D'0! G! Z+&.#+(.(%0! (%#! 4+04'N! /'&! %01'0!
.&1%2%(%&1%0! 0%! .#%F.! [-%! %#! .#2.&2%! (%! #'! [-%! %#! "01.1-1'! @.! 5*%1%&(+('! %01.,#%2%*! %0! -&.!
2+%*1.!2'&2%*1.2+K&!%&!#'0!5'0+,#%0!?4,+1'0!(%!+&1%*0%22+K&!(%!%01.0!*%05%21+D.0!2'45%1%&2+.0!
%&!1'(.0!%0.0!='&.0!#+481*'Z%0!%&!('&(%!&'!@.G!-&.!.Z%21.2+K&!(+*%21.!(%#!5#.&!%01.1.#3!5%*'!%&!
#.0![-%!0%!*%D%#.!2'4'!2'&D%&+%&1%!-&.!.22+K&!2'45#%4%&1.*+.N!k'!%0![-%!%#!"01.('!@.G.!(%!
*%[-%*+*! %#! .0%&1+4+%&1'! (%! #.! :%&%*.#+1.1! 5.*.! 2-.#[-+%*! 5#.&! F%&%*.#! .45.*.('! %&! %#! .*1N!
XQYNXNX]3! &+! %##'! 0+F&+Z+2.! [-%! #.0! /'4-&+(.(%0! L-1K&'4.0! @.G.&! (%! .0%&1+*! .! -&.!
5%&%1*.2+K&!(%!#.!.22+K&!(%#!"01.('!%&!%#!?4,+1'!(%!2-.#%0[-+%*.!.21-.2+'&%0!(%!%C%2-2+K&![-%!
0%!#%!.1*+,-G%&!%&!#.!*%Z'*4.!%01.1-1.*+.N!>%!1*.1.*8.!(%!@.2%*!5'0+,#%!#.!2''*(+&.2+K&!(%!1'(.0!
#.0!5'1%01.(%0!2'&2-**%&1%0!.!1*.D<0!(%!#.0!ZK*4-#.0![-%!%#!5*'5+'!"01.1-1'!2'&1%45#.N!"01'!%03!
&'!0%!1*.1.*8.!*%.#4%&1%!(%!-&.!2'45%1%&2+.!&-%D.3!0+&'!-&.!4%*.!5*'G%22+K&!(%!#.0!4+04.0!
2'45%1%&2+.0! .-1'&K4+2.0! %&! -&.! ZK*4-#.! [-%! 5*%1%&(%! .*1+2-#.*#.0! .*4K&+2.4%&1%! 2'&! #.!
.22+K&!5#.&+Z+2.('*.!(%#!"01.('N!"&!(%Z+&+1+D.3!%#!5*%2%51'!+45-F&.('!0%!@.,*8.!#+4+1.('!.!-&.!
4%*.!.21-.#+=.2+K&!(%#!1%\1'!.C-01?&('0%!.!-&.!C-*+05*-(%&2+.!-&+Z'*4%!%&!#.!+&1%*5*%1.2+K&!(%!
#.!*%F#.!2'&01+1-2+'&.#![-%!0%!+&D'2.!2'4'!D-#&%*.(.N!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.13![-%!%&1+%&(%![-%!0K#'!0%!+45-F&.!%#!.5.*1.('!Q!,c3!
.Z+*4.! [-%! #.! 2'45%1%&2+.! .-1'&K4+2.! %&! 4.1%*+.! (%! 5#.&+Z+2.2+K&! (%,%! %C%*2%*0%! `%&! %#!
4.*2'!(%!#.0!(+*%21*+2%0![-%!%01.,#%=2.!#.!5#.&+Z+2.2+K&!F%&%*.#!(%#!"01.('a!g.*1N!XRSN]!"L/3!
&'! +45-F&.('c3! #'! [-%! .2*%(+1.*8.! [-%! %#! "01.1-1'! *%2'&'2%! #.! 2'45%1%&2+.! %01.1.#! .! #.! [-%!
!
]P]
(%,%!.(.51.*0%!#.!.21-.2+K&!.-1'&K4+2.N!k'!@.,*8.3!5'*!1.&1'3!&+&FM&!+&1%&1'!(%!4%(+.1+=.2+K&!
'! 2'&(+2+'&.4+%&1'! (%! #.! 2'45%1%&2+.! %01.1.#3! 0+&'! -&.! #KF+2.! G! C-01+Z+2.(.! 5*'5-%01.! (%!
2'#.,'*.2+K&!%&1*%!%#!"01.('!G!#.!:%&%*.#+1.13!.!#.![-%!2'**%05'&(%!%#!(%0.**'##'!G!#.!F%01+K&!(%!
#'0! 5#.&%0!%01.1.#%03!5'*!#'![-%!%0!*.='&.,#%!5*%D%*!0-!+&1%*D%&2+K&!%&!#.!%#.,'*.2+K&! (%! #'0!
4+04'0! 2'&! %#! .#2.&2%! [-%! %#! "01.('! %01+4%! '5'*1-&'N! "#! (%0.**'##'! (%! #'0! 5*+&2+5+'0! (%!
2''5%*.2+K&! G! 2'#.,'*.2+K&! &'! 5'(*8.! 4%*%2%*! *%5*'2@%! .#F-&'! (%! +&2'&01+1-2+'&.#+(.(3!
4?\+4%!2-.&('!&'!0%!Z+C.&!2'&1%&+('0!2'&2*%1'0!&+!0%!5*%(%1%*4+&.&!#'0!%D%&1-.#%0!%Z%21'0!(%!
#.!5.*1+2+5.2+K&N!
!
(c!>%6.#.!%#!$.*#.4%&1'!(%!/.1.#-6.![-%!&'!#%!2'**%05'&(%!.#!"01.('3!%&!%C%*2+2+'!(%!
#.0! 2'45%1%&2+.0! [-%! #%! 0'&! *%0%*D.(.0! 5'*! %#! .*1N! XQYNXNX]! /"3! (%#+4+1.*! %#! .#2.&2%! (%! #.0!
2'45%1%&2+.0![-%!%&!#.!4.1%*+.!2'**%05'&(.&!.!#.!:%&%*.#+1.1!(%!/.1.#-6.3!G.![-%!#.0!4+04.0!
(%*+D.&!(%!#.0!%01.,#%2+(.0!5'*!%#!"01.1-1'!%&!%#!4.*2'!(%!#.!/'&01+1-2+K&N!L083!#.!5.*1+2+5.2+K&!
.-1'&K4+2.! %&! #.! 5#.&+Z+2.2+K&! %01.1.#! &'! 1%&(*8.! 5'*! [-<! .#2.&=.*! %#! %01.,#%2+4+%&1'! (%! #.0!
,.0%03!0+&'![-%!(+2@.!5.*1+2+5.2+K&!0%*8.!5'0+,#%!.!5.*1+*!(%!#.0!4+04.03!4?\+4%!.!#.!D+01.!(%#!
.*1N!X]XNS!/"N!
!
OON! .c! "#! .*182-#'! XRQ! g$*'4'2+K&! G! (%Z%&0.! (%! #.! 2'45%1%&2+.c! 0%! +45-F&.! %&! 0-!
.5.*1.('! SN! U'0! *%2-**%&1%0! .(4+1%&! #.! 2'45%1%&2+.! %C%2-1+D.! [-%! %#! 5*%2%51'! .1*+,-G%! .! #.!
:%&%*.#+1.1! %&! 4.1%*+.! (%! (%Z%&0.! (%! #.! 2'45%1%&2+.3! 5%*'! ',C%1.&! [-%! *%F-#.! %&! 5.*1%! #'0!
5-&1'0!(%!2'&%\+K&3!0+%&('!<01.!-&.!1.*%.![-%!&'!2'**%05'&(%!.!-&!"01.1-1'3!0+&'!.!#%G%0!(%#!
"01.('!g>)/!SPOWXYYY3!(%!XX!(%!&'D+%4,*%cN!E%!'1*'!#.('!#.0!/'4-&+(.(%0!L-1K&'4.0!0K#'!
5-%(%&!.0-4+*!#.!2'45%1%&2+.!*%#.1+D.!.!#'0!.2-%*('0!G!5*?21+2.0!*%01*+21+D'0!'!.,-0+D'03!&'!
#.0! 5*%D+01.0! %&! #.! U%G! (%! (%Z%&0.! (%! #.! 2'45%1%&2+.! 0',*%! 2'&2%&1*.2+'&%0! %2'&K4+2.03!
4.1%*+.! %&! #.! [-%! #.! 2'45%1%&2+.! %C%2-1+D.! %0! (%#! "01.('e! 0+&! %4,.*F'! %#! .*1N! XRQNS! (%#!
"01.1-1'! &'! (+01+&F-%! 0',*%! %#! 5.*1+2-#.*3! 5'*! #'! [-%! *%[-%*+*8.3! 2-.&('! 4%&'03! (%! -&.!
+&1%*5*%1.2+K&!2'&Z'*4%N!$'*!#'!(%4?0!%#!5*%2%51'!%01?!8&1+4.4%&1%!D+&2-#.('!2'&!%#!.*1N!XXS3!
G.! *%2-**+('3! (%! 2-G.! .5#+2.2+K&! 2'&C-&1.! *%0-#1.*8.! [-%! @.01.! #'0! ##.4.('0! `*%F#.4%&1'0! (%!
%\%&2+'&%0!5'*!2.1%F'*8.0a!(%#!.*1N!R!UE/!0%*8.&!2'45%1%&2+.!(%!#.!:%&%*.#+1.13!2'&!#'![-%!0%!
*'45%*8.!#.!-&+(.(!(%#!4%*2.('!&.2+'&.#N!
!
,c! L#%F.! %#! L,'F.('! (%#! "01.('! [-%! %#! 5*%2%51'! &'! *%Z#%C.! *%.#4%&1%! -&! 5-&1'! (%!
2'&%\+K&3! 0+&'! -&.! (%#+4+1.2+K&! 1%**+1'*+.#! (%#! ?4,+1'! (%! #.! 2'45%1%&2+.! .0-4+(.! (%! Z'*4.!
.,0'#-1.4%&1%!*%05%1-'0.!2'&!#.0!2'45%1%&2+.0!%01.1.#%0!G!2'&!#.0![-%!5-%(.&!2'**%05'&(%*!.!
!
]PQ
'1*.0!/'4-&+(.(%0!L-1K&'4.0N!L08!#.0!2'45%1%&2+.0!(%!#.!:%&%*.#+1.1![-%(.&!*%Z%*+(.0!&'!.!
#.0!.21+D+(.(%0![-%!0%!*%.#+2%&!0+&!4?0!%&!/.1.#-6.3!0+&'![-%!@.!(%!1*.1.*0%!(%!-&!4%*2.('![-%!
&'! 0-5%*%! %#! 1%**+1'*+'! .-1'&K4+2'N! "01.*8.4'03! 5-%03! %&! 5*%0%&2+.! (%! 4'(%01'0! 4%*2.('0!
#'2.#%03! *%05%21'! (%! #'0! 2-.#%0! &'! 0%! %\5#+2.*8.! ,+%&! %#! 0%&1+('! (%! #.! +45-F&.2+K&! &+! #.!
',C%2+K&! .! [-%! 5.*%2%! .5-&1.*! 0',*%! #'0! %Z%21'0! (%#! 2.*?21%*! *8F+('! (%! #.! &'*4.! %01.1-1.*+.!
*%05%21'! (%! 5'0+,#%0! 4'(+Z+2.2+'&%0! Z-1-*.0! (%#! #%F+0#.('*! '*(+&.*+'3! G.! [-%! &'! 0%*8.!
Z?2+#4%&1%! +4.F+&.,#%! -&.! ZK*4-#.! (%! .5#+2.2+K&! 1%**+1'*+.#! (+01+&1.! (%! #.! 5*%D+01.! %&! %01.!
&'*4.3!.C-01.(.!5#%&.4%&1%!.!#.!('21*+&.!0%&1.(.!%&!#.!>)/!SPOWXYYY3!(%!XX!(%!&'D+%4,*%N!
u&+2.4%&1%!5'(*8.!D+0#-4,*.*0%!#.!*%F-#.2+K&!(%!-&!5-&1'!(%!2'&%\+K&!%&!%#!.5.*1.('!]3!5%*'!
#'0! (%4.&(.&1%0! %\2#-G%&! %01%! 5*%2%51'! (%! 0-! +45-F&.2+K&3! 5'*[-%! 0%! *%4+1%! .#! 4.*2'!
(%#+4+1.('!5'*!#.!*%(.22+K&!(%!#'0!('0!5*+4%*'03!#'![-%!5'&(*8.!(%!*%#+%D%!#.!Z.#1.!(%!0%&1+('!
(%!%01.!+45-F&.2+K&N!
!
"&!0%F-&('!#-F.*3!0%*8.!(+Z82+#![-%!#.!2'&2%&1*.2+K&!%45*%0.*+.#!0%!5*'(-=2.!*%.#4%&1%!
%&!%#!*%(-2+('!?4,+1'!(%!#'0!4%*2.('0!#'2.#%0!%&![-%!'5%*.!%01.!2'45%1%&2+.!.-1'&K4+2.3!'!
[-%3! %&! %#! 2.0'! (%! 5*'(-2+*0%3! 5-(+%*.! 1%&%*! .#FM&! *%#+%D%! (%0(%! %#! 5-&1'! (%! D+01.! (%! #.0!
Z+&.#+(.(%0! 5%*0%F-+(.0! 5'*! %01%! 0%21'*! (%! &'*4.0! ##.4.(.0! .! (%Z%&(%*! #.! 2'45%1%&2+.N!
).45'2'!0%!.#2.&=.*8.!.!2'45*%&(%*!%&!%01%!2.0'!#.!+45-F&.2+K&3!&+!#.!*.=K&!5'*!#.![-%!%#!
"01.('! @-,+%*.! (%! .0-4+*! %01.! Z-&2+K&! %01*+21.4%&1%! %C%2-1+D.! %&! #-F.*! (%! #.! /'4-&+(.(!
L-1K&'4.N!
!
U.!1%*2%*.!(%!#.0!',C%2+'&%0!&'!0%*8.!.(4+0+,#%3!5'*[-%3!.-&!2-.&('!#.!>)/!SPOWXYYY3!
(%!XX!(%!&'D+%4,*%3!@.!(%01.2.('!#.!%05%2+Z+2+(.(!(%!#.!2'45%1%&2+.!%01.1.#!%&!%01.!4.1%*+.3!
+(%&1+Z+2.&('! `#%F+0#.2+K&a! 2'&! *%F-#.2+K&! 4.1%*+.#3! &'! 2.,*8.! %&1%&(%*! %01%! 5*%2%51'! .#!
4.*F%&! (%! #'! %01.,#%2+('! %&! %#! .*1N! XXS3! .! 2-G.0! 2'&0+(%*.2+'&%0! 0%! *%4+1%! %#! %02*+1'! (%!
.#%F.2+'&%0!g.&1%2%(%&1%!R]cN!
!
2c! >'01+%&%! %#! "C%2-1+D'! 2.1.#?&! [-%! #'0! *%2-**%&1%0! *%2@.=.&! [-%! %#! "01.1-1'! 5-%(.!
Z+C.*!#'0!5-&1'0!(%!2'&%\+K&!%&!%#!.*1N!XRQNS3!5%*'!&'!.5'*1.&!&+&F-&.!*.=K&![-%!Z-&(.4%&1%!
%01.! .0%D%*.2+K&N! ^*%&1%! .! %##'! @.,*8.! (%! .(4+1+*0%! [-%! #'0! 5-&1'0! (%! 2'&%\+K&! 0'&! #'0!
%#%4%&1'0![-%3!%&!#.!(%Z+&+2+K&!(%#!?4,+1'!4.1%*+.#!(%!#.!2'45%1%&2+.3!#.!(%#+4+1.&!%&!2-.&1'!
.! #.! 5*'G%22+K&! 1%**+1'*+.#! (%! 0-! ',C%1'3! 5'*! #'![-%! %#! "01.1-1'! 0%*8.! #-F.*! .(%2-.('! 5.*.! 0-!
Z+C.2+K&3!%&!.1%&2+K&!.!0-!%05%2+.#!&.1-*.#%=.!G!5'0+2+K&!'*(+&.4%&1.#N!L08!@.,*8.!0-2%(+('3!&'!
0K#'! %&! (+D%*0'0! 5*%2%51'0! (%#! "01.1-1'! (%! XY_Y! gvgrN! .*10N! YNX_3! SQ! G! S]c3! 0+&'! 1.4,+<&! %&!
!
]PR
'1*'0! 1%\1'0! %01.1-1.*+'0N! L(%4?0! %#! 5-&1'! (%! 2'&%\+K&! 2'&2*%1.4%&1%! %01.,#%2+('! %&! %#! .*1N!
XRQNS! +&2#-G%! -&.! .2'1.2+K&! 1%**+1'*+.#! [-%! %D+1.! +&1%*Z%*%&2+.0! 2'&! #.0! 2'45%1%&2+.0! [-%!
5-%(.&!.0-4+*!'1*.0!/'4-&+(.(%0!L-1K&'4.0!'![-%!@.G.&![-%(.('!*%0%*D.(.0!.#!"01.('N!
!
"&! 0%F-&('! #-F.*3! #.! *%5*%0%&1.2+K&! (%#! :',+%*&'! (%! #.! :%&%*.#+1.1! %01+4.! [-%! %0!
+45*'2%(%&1%!+45-1.*!.#!5*%2%51'!2'&1*.D%&2+K&!(%!#.!U%G!XWSPPS!'!(%!#.!>)/!SPOWXYOY3!(%!
XX!(%!&'D+%4,*%N!H%05%21'!(%!%01.!*%0'#-2+K&!0%!.Z+*4.![-%!%#!2*+1%*+'!0%F-+('!5'*!%#!)*+,-&.#!
/'&01+1-2+'&.#! Z-%! #+1%*.#4%&1%! %#! %\5*%0.('! %&! %#! 5-&1'! (%! 2'&%\+K&! [-%! .@'*.! @.! [-%(.('!
*%2'&'2+('! %&! %#! 5*%2%51'! .@'*.! +45-F&.('3! .#! *%2'&'2%*! #.! 2'45%1%&2+.! %01.1.#! 5.*.! #.!
2'&Z+F-*.2+K&! (%#! 4%*2.('! 2'&! 1*.02%&(%&2+.! %\1*.2'4-&+1.*+.! '! [-%! 5-%(.&! .#1%*.*! #.! #+,*%!
2'45%1%&2+.!%&!-&!?4,+1'!0-5*.2'4-&+1.*+'!'!%&!%#!2'&C-&1'!(%#!4%*2.('!&.2+'&.#3!%&!1.&1'!
[-%!#.!2'45%1%&2+.!.-1'&K4+2.!D+%&%!*%Z%*+(.!.!#.0!.21-.2+'&%0!%&!0-!1%**+1'*+'![-%!&'!5-%(.&!
.#1%*.*! #.! #+,*%! 2'45%1%&2+.! %&! -&! ?4,+1'! 0-5*.2'4-&+1.*+'N! $-(+%*.! %\+01+*3! &'! ',01.&1%3!
2'&1*.(+22+K&!2'&!#.!U%G!%01.1.#!*%0%6.(.!%&!2-.&1'!.!#.!2'45%1%&2+.!0',*%!2'&2%&1*.2+'&%0!
%2'&K4+2.03![-%!%#!#%F+0#.('*!'*(+&.*+'!.1*+,-G%!%&!%\2#-0+D.!.#!"01.('N!>+&!%4,.*F'!.!%##'!&'!
2.,*8.!'5'&%*![-%!#.0!2'&2%&1*.2+'&%0!0'&!-&!1+5'!(%!'5%*.2+'&%0![-%!5'*!0-!&.1-*.#%=.!1+%&%&!
0+%45*%!1*.02%&(%&2+.!0-5*.2'4-&+1.*+.3!5-%01'![-%!0+!.08!Z-%0%!%#!5-&1'!(%!2'&%\+K&!(%Z+&+('!
%&! %#! "01.1-1'! G.! #.0! %01.*8.! %\2#-G%&('! (%! #.! 2'45%1%&2+.! .0-4+(.! 5'*! #.! :%&%*.#+1.1N! "&!
*%.#+(.(!#.!(%Z%&0.!(%!#.!2'45%1%&2+.!%0!-&.!.21+D+(.(!.(4+&+01*.1+D.![-%!1+%&%!-&.!#KF+2.!(%!
%02.#.!%&!Z-&2+K&!(%!#.!(+4%&0+K&!(%#!4%*2.('!2'&2*%1'!(%!2.(.!5*'(-21'!'!0%*D+2+'3!2'4'!#'!
(%4'01*.*8.! 1.4,+<&! #.! (%#+4+1.2+K&! (%! #.0! .21-.2+'&%0! %&! %01.! 4.1%*+.! %&1*%! %#! "01.('! G! #.!
h&+K&!"-*'5%.N!L!%01.!4+04.!#KF+2.!*%05'&(%*8.!%#!5*%2%51'!2'&1*'D%*1+('N!
!
"&!2-.&1'!.!#.!5'0+,+#+(.(!(%![-%!0%!(+21%&!*%F#.4%&1'0!(%!%\%&2+'&%0!5'*!2.1%F'*8.0!
[-%!*'45+%*.&!#.!-&+(.(!(%#!4%*2.('!&.2+'&.#!*%05'&(%!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!0%!
1*.1.! (%! -&.! 2'&0%2-%&2+.! [-%! &'! 0%! (%*+D.! &%2%0.*+.4%&1%! (%#! 1%&'*! G! .#2.&2%! (%! #.!
2'45%1%&2+.! .-1'&K4+2.N! k'! 5'(*8.! +45-1.*0%! 5*%D%&1+D.4%&1%! -&! %C%*2+2+'! (%! #.!
2'45%1%&2+.!2'&1*.*+'!.#!.*1N!X]Y!/"3!0+&'![-%!@.,*?!(%!%01.*0%!.!#.!5*%0-&2+K&!(%![-%!1'('0!
#'0!5'(%*%0!5M,#+2'0!.21M.&!(%&1*'!(%#!*%05%1'!%01*+21'!.!#.!/'&01+1-2+K&N!
!
(c! $.*.! %#! $.*#.4%&1'! 2.1.#?&! #'0! 5-&1'0! (%! 2'&%\+K&! 0'&! #'0! %#%4%&1'0! [-%3! %&! #.!
(%Z+&+2+K&! (%#! ?4,+1'! 4.1%*+.#! (%! #.! 2'45%1%&2+.3! #.! (%#+4+1.&! %&! 2-.&1'! .! #.! 5*'G%22+K&!
1%**+1'*+.#!(%!0-!',C%1'e!%#!Z+C.*#'0!2'**%05'&(%3!5-%03!.#!"01.1-1'3!1.#!G!2'4'!@.!*%2'&'2+('!%#!
)*+,-&.#!/'&01+1-2+'&.#!G!D+%&%!0+%&('!%#!2.0'!@.01.!%#!5*%0%&1%N!
!
]PT
!
7.1%*+.#4%&1%3!2'&1+&M.!%#!$.*#.4%&1'3!%#!5*%2%51'!*%5*'(-2%!%#!2*+1%*+'!0%F-+('!5'*!%#!
)*+,-&.#! 5.*.! (%1%*4+&.*! #.0! 2'45%1%&2+.0! %C%2-1+D.0! [-%! 0%! +&02*+,8.&! %&! %#! ?4,+1'! (%! #.0!
,.0%0! G! 5#.&+Z+2.2+K&! F%&%*.#! (%! #.! .21+D+(.(! %2'&K4+2.3! 2'&Z'*4%! .#! .*1N! XQYNXNX]! /"3!
@.,+%&('! 2'&2#-+('! %#! )*+,-&.#! [-%! #.! 2'45%1%&2+.! .-1'&K4+2.! 0%! %\1%&(8.! .! 1'(.0! #.0!
.21-.2+'&%0!.(4+&+01*.1+D.0!%&!0-!5*'5+'!1%**+1'*+'![-%!&'!5-%(.&!.#1%*.*!#.!#+,*%!2'45%1%&2+.!
%&!-&!?4,+1'!0-5*.2'4-&+1.*+'N!
!
"#! .*F-4%&1'! (%! [-%! 2.,*8.! -&.! +&1%*5*%1.2+K&! +&2'&01+1-2+'&.#! (%#! 5*%2%51'!
%01.1-1.*+'3!2'&1*.*+.!.#!5*+&2+5+'!(%!-&+(.(!(%!4%*2.('3!0%*8.!4%*.4%&1%!5*%D%&1+D'!G!5.*1+*8.!
(%!-&!%D%&1-.#!%C%*2+2+'!+&.(%2-.('!(%!#.!2'45%1%&2+.N!
!
OYN!.c!U.!+45-F&.2+K&!(%#!.*182-#'!XRR!g$*'5+%(.(!+&1%#%21-.#!%!+&(-01*+.#c!0%!2+6%!.!0-!
.5.*1.('! X! ,c3! %&! 2-G.! D+*1-(! `2'**%05'&(%! .! #.! :%&%*.#+1.1! (%! /.1.#-6.! #.! 2'45%1%&2+.!
%C%2-1+D.!%&!4.1%*+.!(%!5*'5+%(.(!+&1%#%21-.#3![-%!+&2#-G%!%&!1'('!2.0'!p!#.!.-1'*+=.2+K&!G!#.!
*%D'2.2+K&!(%!#.0!%&1+(.(%0!(%!F%01+K&!2'#%21+D.!(%!#'0!(%*%2@'0!(%!5*'5+%(.(!+&1%#%21-.#![-%!
.21M%&!4.G'*+1.*+.4%&1%!%&!/.1.#-6.3!.08!2'4'!.0-4+*!1.*%.0!2'45#%4%&1.*+.0!(%!+&05%22+K&!
G!2'&1*'#!(%!#.!.21+D+(.(!(%!(+2@.0!%&1+(.(%0aN!U'0!*%2-**%&1%0!1*.%&!.!2'#.2+K&!#.!2'45%1%&2+.!
%01.1.#! ex! .*1N! XQYNXNY! /"! !.! 2-G'! .45.*'! #.! U%G! (%! 5*'5+%(.(! +&1%#%21-.#! gH%.#! E%2*%1'!
U%F+0#.1+D'! XWXYYT3! (%! XS! (%! .,*+#c! .0+F&K! .#! 7+&+01%*+'! (%! /-#1-*.! #.! .-1'*+=.2+K&! G!
*%D'2.2+K&!(%!#.0!%&1+(.(%0!(%!F%01+K&!2'#%21+D.!!G!#.!('21*+&.!0%&1.(.!%&!#.!>)/!XYTWXYY_3!
(%!X]!(%!&'D+%4,*%3!^;!Y3![-%!5%*4+1%!.#!"01.('!*%1%&%*3!2'&!2.*?21%*!F%&%*.#3!#.!2'45%1%&2+.!
.-1'*+=.1'*+.!G!*%D'2.1'*+.!(%!.[-%##.0!%&1+(.(%03!%&!#.!4%(+(.!%&![-%!1.#!2'45%1%&2+.!&'!%0!
*%2'&(-2+,#%! 0+&! 4?0! .#! ?4,+1'! (%! #.! 2'45%1%&2+.! %C%2-1+D.! [-%! %&! 4.1%*+.! (%! 5*'5+%(.(!
+&1%#%21-.#!5-%(%&!.0-4+*!#.0!/'4-&+(.(%0!L-1K&'4.0N!
!
,c!L(-2%!%#!L,'F.('!(%#!"01.('![-%!%#!.#2.&2%!',01.1+D'!(%!#'0!1%\1'0!+&D'2.('0!%&!#.!
(%4.&(.!%0!4-G!(+01+&1'!*%05%21'!(%#!&-%D'!"01.1-1'N!L083!#.!U%G!(%!5*'5+%(.(!+&1%#%21-.#!&'!
0%*8.! '1*.! 2'0.! [-%! #.! %\5*%0+K&! (%! #.! 5'0+1+D+(.(! D+F%&1%3! 5%*'! &'! D+&2-#.! .! #.! #%F.#+(.(!
5'01%*+'*N! $'*! 0-! 5.*1%! #.! >)/! XYTWXYY_3! (%! X]! (%! &'D+%4,*%3! @.! %&C-+2+.('! #.!
2'&01+1-2+'&.#+(.(!(%!-&'0!5*%2%51'0![-%3!5'*!0-!2'&Z'*4+(.(!.!#.!/'&01+1-2+K&3!&'!+45+(%&!
#.! 5*'4-#F.2+K&! (%! '1*'0! &+! 0%! 2'&D+%*1%&! %&! 2.&'&! (%! 2'&01+1-2+'&.#+(.(! (%! #'0! [-%! 0%!
5*'4-#F-%&!2'&!5'01%*+'*+(.(N!>+%&('!(%!*%2'*(.*3!5.*.!%#!*%5*%0%&1.&1%!(%#!:',+%*&'3![-%3!(%!
!
]P_
4.&%*.! F%&%*.#3! #'0! 5*%2%51'0! 2'&01+1-2+'&.#%0! (%,%&! .(4+1+*! (+D%*0.0! .#1%*&.1+D.0! (%!
*%F-#.2+K&!5'0+1+D.!(%!0-0!+&01+1-2+'&%03!2'4'!.(D+%*1%!%\5*%0.4%&1%!#.!5*'5+.!>)/!XYTWXYY_N!
!
2c! $.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! #'0! *%2-**%&1%0! 0%! #+4+1.&! .! *%5*'(-2+*! #'0!
Z-&(.4%&1'0!(%!#.!>)/!XYTWXYY_3!(%!X]!(%!&'D+%4,*%3![-%!2'&0+(%*K!.2%51.,#%!#.!.1*+,-2+K&!
.#!"01.('!(%!#.!Z-&2+K&!2'&0+01%&1%!%&!#.!.-1'*+=.2+K&!(%!#.0!%&1+(.(%0!(%!F%01+K&!2'#%21+D.N!>%!
1*.1.*8.! (%! -&.! (%2+0+K&! .('51.(.! +&1%*5*%1.&('! %#! ,#'[-%! (%! 2'&01+1-2+'&.#+(.(! %&1'&2%0!
D+F%&1%N!
!
"#!.*1N!XQYNXNY!/"!.1*+,-G%!.#!"01.('!2'45%1%&2+.!#%F+0#.1+D.!%&!#.!4.1%*+.3!5'*!#'![-%!
2.,%![-%!#.0!/'4-&+(.(%0!L-1K&'4.0!.0-4.&!2'45%1%&2+.!%C%2-1+D.N!L08!0-2%(+K!%&!%#!.*1N!
XXN]!(%#!"01.1-1'!(%!XY_Y!G!.08!0-2%(%!.@'*.!%&!%#!.*1N!XRRN!$'*!'1*'!#.('!0%*8.!%D+(%&1%![-%!#.!
.-1'*+=.2+K&! 2'&1*'D%*1+(.! %0! -&.! Z-&2+K&! .(4+&+01*.1+D.! (%! 2.*?21%*! %C%2-1+D'3! .-&[-%! %0!
2+%*1'![-%!%#!#%F+0#.('*!%01.1.#!&'!0+F-+K!%01%!2*+1%*+'!G![-%!0-!'52+K&!Z-%!.2%51.(.!5'*!#.!>)/!
XYTWXYY_3!(%!X]!(%!&'D+%4,*%N!$%*'!&'!0%*8.!4%&'0!2+%*1'![-%!%01.!>%&1%&2+.!&'!+45+(%![-%!
'1*.! 2'&Z+F-*.2+K&! 0%.! 5'0+,#%! G3! 0%F-*.4%&1%3! 4-2@'! 4?0! .(.51.(.! .! #.! #+1%*.#+(.(! (%#! .*1N!
XQYNXNY!/"3!2-G'!2'&1%&+('!&'!*%0-#1.*8.!%&!4'('!.#F-&'!.#1%*.('!5'*!%#!5*%2%51'!*%2-**+('N!
/'&2*%1.4%&1%! 0%! .#%F.! 5'*! %#! "C%2-1+D'! .-1'&K4+2'! [-%! (%#! @%2@'! (%! [-%! %#! #%F+0#.('*!
%01.1.#3! %&! %#! %C%*2+2+'! (%! 0-! 2'45%1%&2+.! ex! .*1N! XQYNXNY! /"3! (%2+(.! %01.,#%2%*! -&! *<F+4%&!
C-*8(+2'! -&+1.*+'! (%! #.! 5*'5+%(.(! +&1%#%21-.#! &'! 0%! 0%F-+*8.! [-%! 1.4,+<&! (%,.! 0%*! -&+1.*+.! #.!
%C%2-2+K&! (%! (+2@'! *<F+4%&N! L&1%0! .#! 2'&1*.*+'3! #.! *%0%*D.! %&! %\2#-0+D.! (%! #.! #%F+0#.2+K&!
+45#+2.*8.! #.! 5'0+,+#+(.(! (%! -&.! %C%2-2+K&! (%02%&1*.#+=.(.! [-%! &'! D.28%! (%! 2'&1%&+('! #.0!
2'45%1%&2+.0! .-1'&K4+2.03! 1.&1'! 4?0! %&! -&! ?4,+1'! %&! %#! [-%! &'! %\+01%&! *.='&%0! [-%!
*%05.#(%&!#.!%\2%52+'&.#+(.(!(%!'1*.!0'#-2+K&3!5-%0!%&!#.!.21-.#+(.(!#.0!%&1+(.(%0!(%!F%01+K&!
2'#%21+D.! (%! #'0! (%*%2@'0! (%! 5*'5+%(.(! +&1%#%21-.#! &'! 1+%&%&! 2.*?21%*! 'Z+2+.#! &+! .21M.&! %&!
*<F+4%&!(%!4'&'5'#+'N!
!
(c!"#!$.*#.4%&1'!(%!/.1.#-6.!(%Z+%&(%!#.!2'&01+1-2+'&.#+(.(!(%#!.*1N!XRRNX!,c!1'4.&('!
2'4'! 5.*?4%1*'! M&+2.! G! %\2#-0+D.4%&1%! #.0! (+05'0+2+'&%0! (%! #.! /'&01+1-2+K&N! E%! #.! #%21-*.!
0+01%4?1+2.! (%#! 5*%2%51'! 0%! (%05*%&(%*8.! [-%! %\2#-G%! (%! 5#.&'! #.! 5'1%01.(! #%F+0#.1+D.! %&!
4.1%*+.! (%! 5*'5+%(.(! +&1%#%21-.#3! G.! [-%! <01.! Z'*4.! 5.*1%! (%! #.0! 2'45%1%&2+.0! %\2#-0+D.0! G!
2'45.*1+(.03!5%*'!%&!&+&FM&!2.0'!(%!#.0!%C%2-1+D.03![-%!0'&!#.0![-%!0%!4%&2+'&.&!%&!<#3!5'*!
&'! @.,%*! [-%(.('! %\5*%0.4%&1%! .1*+,-+(.0! .#! "01.('N! "&! %01%! 2'&1%\1'! %#! #%F+0#.('*!
!
]PO
%01.1-G%&1%! @.,*8.! 2'&0+(%*.('! [-%! #.! .-1'*+=.2+K&! G! #.! *%D'2.2+K&! 0'&! .21'0! 185+2.4%&1%!
%C%2-1+D'0!5*'5+'0!(%!#.0!1<2&+2.0!(%!'*(%&.2+K&!(%!#.0!L(4+&+01*.2+'&%0!5M,#+2.0N!
!
h&.! D%=! 4?0! 0%! .#%F.! [-%! %#! 2.*?21%*! D+&2-#.&1%! (%! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#!
(%,%*8.! #+4+1.*0%! .[-8! .! #.! ('21*+&.! *%Z%*+(.! .! #.! +&1%*5*%1.2+K&! %01*+21.! G! (+*%21.! (%! #'0!
%&-&2+.('0! (%#! .*1N! XQYNX! /"N! $'*! %##'! &'! 0%*D+*8.! (%! Z-&(.4%&1'! #.! +&D'2.2+K&! (%! #.! >)/!
XYTWXYY_3!(%!X]!(%!&'D+%4,*%3!5-%0!%#!.#2.&2%!(.('!%&!%##.!.!#'0!2'&2%51'0!`#%F+0#.2+K&a!G!
`%C%2-2+K&a! 2'4'! 2*+1%*+'! (%! (%0#+&(%! 2'45%1%&2+.#! 0%! %Z%21-K! %&! *%#.2+K&! .! -&! ,#'[-%! (%!
2'&01+1-2+'&.#+(.(! 2'&2*%1'! G! (%1%*4+&.('! [-%! .21-.#4%&1%! &'! %\+01%N! ).45'2'! -&.! #%G!
'*(+&.*+.!%01.1.#!5'(*8.!0%*D+*!(%!5.*?4%1*'!5.*.!%&C-+2+.*!#.!2'&01+1-2+'&.#+(.(!(%#!5*%2%51'3!
4?\+4%!2-.&('!%&!%01%!2.0'!%#!5*'5+'!)*+,-&.#!%&1%&(+K![-%!#.!.1*+,-2+K&!%Z%21-.(.!5'*!#.!#%G!
.!#.!2'45%1%&2+.!%01.1.#!%*.!-&.!4%*.!'52+K&!(%#!#%F+0#.('*N!
!
YPN!.c!"#!.*182-#'!XR_!g$-,#+2+(.(c!.,-&(.*8.3! 5.*.!#'0!*%2-**%&1%03!%&!#.!',0%0+K&!(%!
#'0! "01.1-1'0! 5'*! +&D%&1.*0%! 4.1%*+.0! &'! 4%&2+'&.(.0! %\5*%0.4%&1%! %#! .*1N! XQYNX! /"! 5.*.!
.1*+,-+*0%!(%!+&4%(+.1'!2'45%1%&2+.0!%\2#-0+D.0!0',*%!#.0!4+04.0N!"#!5*%2%51'!2'&Z+%*%!.!#.!
:%&%*.#+1.1! `#.! 2'45%1%&2+.! %\2#-0+D.! 0',*%! #.! *%F-#.2+K&! (%! #.! .21+D+(.(! 5-,#+2+1.*+.3! 0+&!
5%*C-+2+'!(%!#.!#%F+0#.2+K&!4%*2.&1+#!(%#!"01.('aN!/'&!%01.!M#1+4.!0.#D%(.(3!0+&!%4,.*F'3!&'!0%!
2'45*%&(%*8.! 1'(.! #.! 2'45%1%&2+.! (%#! "01.('! %&! #.! 4.1%*+.3! [-%! %03! 5.*.! #'0! (%4.&(.&1%03!
4-2@'!4?0!%\1%&0.N!L083!#.!U%G!]QWXYOO3!F%&%*.#!(%!5-,#+2+(.(3!0%!Z-&(.4%&1.!1.4,+<&!%&!#.0!
2'45%1%&2+.0!(%#!"01.('!0',*%!#%F+0#.2+K&!5*'2%0.#!'!0.&+(.(3!#.!U%G!V*F?&+2.!XWSPPQ3!0',*%!
D+'#%&2+.! (%! F<&%*'3! (%2#.*.! +#82+1.! (%1%*4+&.(.! 5-,#+2+(.(! 2'&! Z-&(.4%&1'! %&! #.0!
2'45%1%&2+.0!(%#!"01.('!0',*%!#%F+0#.2+K&!5%&.#3!G!#.!U%G!V*F?&+2.!XWXYYT3!(%!5*'1%22+K&!(%#!
4%&'*3!5*%D<!(+21.*!&'*4.0!%05%2+.#%0!5.*.!F.*.&1+=.*![-%!#.!5-,#+2+(.(!(+*+F+(.!.!#'0!4%&'*%0!
&'! #%0! 5%*C-(+[-%N! U'0! *%2-**%&1%0! *%Z+%*%&3! .! 2'&1+&-.2+K&3! -&.! 0%*+%! (%! #%G%0! %01.1.#%0! [-%!
+&2#-G%&! *%F-#.2+'&%0! 0',*%! 5-,#+2+(.(! *%Z%*+(.! .! 4.1%*+.0! (%! 0-! 5*'5+.! 2'45%1%&2+.d! (%!
2.**%1%*.03!(%!2'01.03!(%!5.1*+4'&+'!@+01K*+2'3!0',*%!*.(+'(+Z-0+K&!1%#%D+0+D.3!(%#!4%(+2.4%&1'3!
0',*%!1*?Z+2'3!2+*2-#.2+K&!(%!D%@82-#'0!.!4'1'*!G!0%F-*+(.(!D+.#3!%&1*%!'1*.0N!
!
,c!U.!+45-F&.2+K&!(%!%01%!5*%2%51'!!0%FM&!%&1+%&(%!%#!*%5*%0%&1.&1%!(%#!:',+%*&'!!
5.*1+*8.!(%!-&!%**K&%'!.+0#.4+%&1'!(%!#.!5-,#+2+(.(!2'4'!0%21'*!.-1K&'4'!G!(+Z%*%&2+.('!(%#!
',C%1'! %&! [-%! 2'&0+01%! 0-! .21+D+(.(! (+D-#F.1+D.N! U.! *%Z%*%&2+.! .! #'0! 0%21'*%0! G! 4%(+'0!
%05%28Z+2'0! .! [-%! .#-(8.! %#! 1%\1'! (%#! .&1%*+'*! "01.1-1'! &'! %\2%51-.,.! (%! #.! 2'45%1%&2+.!
.-1'&K4+2.! .! 2-.#[-+%*! 0%21'*! '! 2-.#[-+%*! 4%(+'! [-%! %#! "01.('! 1-D+%*.! .! ,+%&! *%F-#.*! 5'*!
!
]PY
2-.#[-+%*!2+*2-&01.&2+.!'!0',*%!2-.#[-+%*!4.1%*+.!.#!4.*F%&!(%!0-0!5*'5+.0!2'45%1%&2+.0e!%#!
5*%2%51'! (%C.,.! .! 0.#D'! M&+2.4%&1%! #.0! 2'45%1%&2+.0! 2'&01+1-2+'&.#%0! (%#! "01.('3!
2'45*%&(+%&('! [-%! #.! 5-,#+2+(.(! 5'(*8.! .Z%21.*! (%! 4.&%*.! 1*.&0D%*0.#! .! -&.! 5#-*.#+(.(! (%!
2'45%1%&2+.0! %01.1.#%0! ,?0+2.03! G! -1+#+=K! 5.*.! %##'! -&.! ZK*4-#.! 4-G! F%&%*.#! G3! %&! 2+%*1.!
4.&%*.3! +45%*Z%21.! 5'*[-%! #'0! 2.0'0! %&! #'0! [-%! %#! "01.('! 5'(*8.! *%F-#.*! #.! 5-,#+2+(.(! &'!
[-%(.,.&! *%(-2+('0! .! 0%21'*%0! '! 4%(+'0! %05%28Z+2'0N! "&! %Z%21'3! (%! #.! #.*F.! *%#.2+K&! (%!
0-5-%01'0! (%! 2'45%1%&2+.! %01.1.#! [-%! *%#.2+'&.! #.! (%4.&(.! @.,*8.! .#F-&'0! [-%! 5-%(%&!
%&2-.(*.*0%! %&! 0%21'*%0! %05%28Z+2'03! 2'4'! 5-%(%&! 0%*! #'0! 2.0'0! (%! #.0! *%01*+22+'&%0! .! #.!
5-,#+2+(.(!5'*!*.='&%0!0.&+1.*+.0!g1.,.2'3!,%,+(.0!.#2'@K#+2.03!'!4%(+2.4%&1'0c!'!5'*!4'1+D'0!
(%!0%F-*+(.(!5M,#+2.!gD%&1.!(%!.*4.0cN!"&!'1*'0!2.0'0!#.!2'45%1%&2+.!%01.1.#!0-*F%!%&!*%#.2+K&!
2'&! %#! 4%(+'! -1+#+=.('! '! 4%(+'! %05%28Z+2'3! 2'4'! 0-2%(%! %&! %#! 2.0'! (%! #.! 5-,#+2+(.(! 5'*!
*.(+'(+Z-0+K&!1%#%D+0+D.!.![-%!0%!*%Z+%*%!#.!(%4.&(.!%&!0-!2+1.!(%!#.!U%G!SRWXYYQN!>+&!%4,.*F'!
&'!5'(*8.!(-(.*0%!(%![-%3!.(%4?0!(%!%01.0!%\2%52+'&%0!5'*!0%21'*%0!G!4%(+'0!2'&2*%1'03!@.G!
'1*'0! ?4,+1'0! [-%! 1.4,+<&! *%2#.4.&! %0.! 2'45%1%&2+.! %01.1.#! 0+&! [-%! 5-%(.&! 0%*! Z?2+#4%&1%!
2#.0+Z+2.('0!%&!.[-%##.0!2.1%F'*8.0N!"#!%C%45#'!#'!'Z*%2%*8.!#.!5*'5+.!(%4.&(.!.#!.#-(+*!.!#.0!
U%G%0! V*F?&+2.0! XWXYYT! G! XWSPPQ3! [-%! %01.,#%2%&! -&.0! 5*'@+,+2+'&%0! (%! #.! 5-,#+2+(.(! [-%!
5-%(%!5%*C-(+2.*!.!#.!+F-.#(.(!(%!#.!4-C%*!'!.!#'0!(%*%2@'0!(%!#'0!4%&'*%03!G![-%!&'!0%*8.&!
Z?2+#4%&1%! %&2-.(*.,#%0! %&! #'0! 0%21'*%0! '! 4%(+'03! .! 5%0.*! (%! #'! 2-.#! 0-! *%F-#.2+K&! 5'*! %#!
"01.('! &'! @.! 0-02+1.('! (+Z+2-#1.(! .#F-&.! 5.*.! 0-! *%2'&'2+4+%&1'! 2'4'! 4.1%*+.0! (%!
2'45%1%&2+.!%01.1.#3!+&2#-0'!5'*!%#!5*'5+'!"01.1-1'!g.*1N!XR]cN!
!
k'!2.,%3!5'*!1.&1'3!5.*.!%#!*%5*%0%&1.&1%!(%#!:',+%*&'3!*%(-2+*!#.!2'45%1%&2+.!%01.1.#!.!
2'01.!(%!#.!2'45%1%&2+.!0',*%!#.!5-,#+2+(.(e!<01.!1%&(*?!#.!%\1%&0+K&!G!.#2.&2%![-%!(%0%%!%#!
#%F+0#.('*!.-1'&K4+2'3!5%*'!0+&![-%!%##'!0-01*.+F.!&+&F-&.!2'45%1%&2+.![-%!*%0-#1%!.!Z.D'*!(%#!
"01.('N! $'*! %##'3! 2'&C%1-*.! %#! L,'F.('! (%#! "01.('3! .2.0'! 0%! @.G.! [-%*+('! 0-5*+4+*! #.!
*%Z%*%&2+.!#%F.#!(%#!"01.1-1'!.&1%*+'*3![-%!&'!##%F.,.!.!.,.*2.*!#.!1'1.#+(.(!(%!#'0!2.0'0!%&!#'0!
[-%!#.!5-,#+2+(.(!5'(*8.!*%0-#1.*!*%F-#.(.!%&!&'*4.0!%01.1.#%0N!f!#.!*%Z%*%&2+.!.!#.!#%F+0#.2+K&!
4%*2.&1+#! .! [-%! .#-(%! %#! &-%D'! 1%\1'! 5'(*8.! %\5#+2.*0%! 5'*! #.! 4.G'*! 5*'\+4+(.(! %\+01%&1%!
%&1*%!#.!.21+D+(.(!5-,#+2+1.*+.!G! #.!4.1%*+.!4%*2.&1+#3!.-&[-%3!%&!,-%&'0!5*+&2+5+'03! &'! 0%*8.!
&%2%0.*+.! %01.! *%Z%*%&2+.3! 2'4'! 1.45'2'! -&.! #+01.! (%! %D%&1-.#%0! *%F-#.2+'&%0! %01.1.#%0!
2'&2%*&+%&1%0!.!#.!.21+D+(.(!5-,#+2+1.*+.N!
!
2c!U'0!*%2-**%&1%0!5.*%2%&!@.,%*!'#D+(.('3!.!C-+2+'!(%#!:',+%*&'!(%!#.!:%&%*.#+1.13![-%!
G.! %&! %#! .*1N! YN]P! (%#! "01.1-1'! (%! XY_Y! 0%! .1*+,-8.! .! #.! /'4-&+(.(! L-1K&'4.! 2'45%1%&2+.!
!
]XP
%\2#-0+D.!%&!%01.!4.1%*+.N!U.!2'45%1%&2+.!.0-4+(.!0%!*%Z+%*%!.!#.!5-,#+2+(.(!2'4'!.21+D+(.(!G!
&'! 2'4'! Z%&K4%&'! (%! 2.*?21%*! F#',.#3! 5'*! #'! [-%! 2-,*%! .05%21'0! (%! 2.*?21%*! 4?0! ,+%&!
+&01*-4%&1.#3! 2'4'! #.! Z'*4.2+K&3! *%F-#.2+K&! (%! #'0! .F%&1%03! (%'&1'#'F8.! 5*'Z%0+'&.#3! %12N!
E+2@'! (%! '1*'! 4'('3! (%! #'0! ('0! ?4,+1'0! (%! *%F-#.2+K&! 5'0+,#%0! (%! #.! .21+D+(.(! 5-,#+2+1.*+.!
!-&'! (%! 2.*?21%*! .(4+&+01*.1+D'! G! '1*'! (%! E%*%2@'! 5*+D.('!3! #.! :%&%*.#+1.1! (%! /.1.#-6.!
.0-4%! %#! 5*+4%*'3! %&! 1.&1'! [-%! %#! 0%F-&('3! [-%! %0! %0%&2+.#4%&1%! 4%*2.&1+#3! 2'45%1%! .#!
"01.('N!
!
L#%F.! %#! "C%2-1+D'! .-1'&K4+2'! [-%! %01.! 2'45%1%&2+.! &'! @.! (%! 2'&Z-&(+*0%! 2'&! #.0!
Z.2-#1.(%0! [-%! 5.*.! #.! *%F-#.2+K&! (%! #'0! +&01*-4%&1'0! 5-,#+2+1.*+'0! 2'**%05'&(%&! .! #'0!
#%F+0#.('*%0!2'45%1%&1%0!%&!#'0!(+D%*0'0!0%21'*%0N!>%!1*.1.*8.!(%!0-5-%01'0!&'!@'4'F<&%'0!G!
5'*!%##'!4+04'!&'!0%*8.!&%2%0.*+.!#.!*%+1%*.2+K&!(%!#.!%\5*%0+K&!`0+&!5%*C-+2+'!(%!#.0!&'*4.0!
(+21.(.0! 5'*! %#! "01.('! 5.*.! 0%21'*%0! G! 4%(+'0! %05%28Z+2'0a! [-%! Z+F-*.,.! %&! %#! "01.1-1'! (%!
XY_Y3! 5'*! 4?0! [-%! 0+F.! 0+%&('! (%! .5#+2.2+K&! 0%FM&! #'! *%[-+%*.! 2.(.! 0-5-%01'! 2'&2*%1'N! "#!
%01.1-G%&1%! @.,*8.! 2'&0+(%*.('! '5'*1-&'3! 5'*! %#! 2'&1*.*+'3! 4.&1%&%*! #.! %\2%52+K&! *%#.1+D.! .#!
181-#'! %01.1.#! 4?0! (+*%21.4%&1%! *%#.2+'&.('! 2'&! #.! .21+D+(.(! 5-,#+2+1.*+.3! %#! (%! #.! #%F+0#.2+K&!
4%*2.&1+#3!.-&[-%!&'!0%*8.!&%2%0.*+'3!1'(.!D%=![-%!%01%!181-#'!0%!+45'&%!G!.5#+2.!%&!D+*1-(!(%!
0-!%Z+2.2+.!(+*%21.!ex!.*1N!XQYNXNT!/"N!
!
(c! "&1+%&(%! %#! $.*#.4%&1'! .-1'&K4+2'! [-%! %#! .*1N! XR_! D+%&%! .! *%5*'(-2+*! %&! #'!
0-01.&2+.#!-&.!2'45%1%&2+.![-%!G.!0%!+&2#-8.!%&!%#!"01.1-1'!(%!XY_YN!U.!.2%52+K&!`.21+D+(.(!
5-,#+2+1.*+.a! %0! 5.*.! #.! /?4.*.! 4?0! 2'&2*%1.! [-%! #.! (%! `5-,#+2+(.(aN! "&! %##.! %#! D8&2-#'!
2'45%1%&2+.#! 4?0! (+*%21'! 0%*8.! %#! [-%! 5*%1%&(%! 5*%0%*D.*0%3! (%! .@8! #.! *%Z%*%&2+.! .! #.!
`#%F+0#.2+K&! 4%*2.&1+#a3! [-%! %&! &+&FM&! 2.0'! 0%*8.! %\2#-G%&1%! (%! '1*'0! #84+1%0! [-%! 5-%(.&!
(%*+D.*0%!(%!#.0!2'45%1%&2+.0!0%21'*+.#%0!(%#!"01.('!%&!2.(.!?4,+1'!4.1%*+.#N!
!
YXN!.c!"#!.*182-#'!XRO!gb&D%01+F.2+K&3!(%0.**'##'!%!+&&'D.2+K&!1%2&'#KF+2.c!*%4+1%!.!#'!
(+05-%01'!%&!%#!181-#'!A!(%#!"01.1-1'!0',*%!#.!2'#.,'*.2+K&!G!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!%&!
#.! Z+C.2+K&! (%! #.! 5'#81+2.! (%! bvEvbN! "01.,#%2%3! 5'*! 1.&1'3! -&+#.1%*.#4%&1%! -&.! 5.*1+2+5.2+K&!
.-1'&K4+2.! %&! #.! (%Z+&+2+K&! (%! 5'#81+2.0! G! %&! %#! %C%*2+2+'! (%! 2'45%1%&2+.0! %01.1.#%03!
%\2%(+%&('!#.0!Z-&2+'&%0!5*'5+.0!(%!-&!"01.1-1'!G!2'&(+2+'&.&('!#.0!2'45%1%&2+.0!.1*+,-+(.0!
.#!"01.('!5'*!%#!.*1N!XQYNX!/"N!
!
!
]XX
,c!L#!1*.1.*0%!(%!-&.!+45-F&.2+K&![-%!0%!*%4+1%!.!'1*'!#-F.*!(%!#.!.*F-4%&1.2+K&!(%#!
*%2-*0'3! #.! *%5*%0%&1.2+K&! (%#! "01.('! 1.4,+<&! 0%! *%4+1%! .#! 4+04'! g.&1%2%(%&1%0! XPS! G!
0+F-+%&1%0cN!>+&!%4,.*F'![-+%*%!*%0.#1.*![-%!%#!4.*2'!(%!#.!2'45%1%&2+.!%01.1.#!(%#+4+1.(.!%&!
%#! .*1N! XQYNXNXR! /"! @.! D%&+('! 0-02+1.&('! -&.! +&1%&0.! 2'&Z#+21+D+(.(! 2'45%1%&2+.#3! 4'1+D.(.!
5'*! %#! @%2@'! (%! [-%! #.! 2'45%1%&2+.! %01.1.#! 0',*%! +&D%01+F.2+K&! 2+%&18Z+2.! G! 1<2&+2.! %0!
0-02%51+,#%! (%! 0%*! -1+#+=.(.! *%05%21'! (%! 2-.#[-+%*! F<&%*'! (%! 4.1%*+.0! 2'&! +&(%5%&(%&2+.! (%!
2-?#!0%.!%#!1+1-#.*!(%!#.!2'45%1%&2+.!5.*.!#.!'*(%&.2+K&!(%!<01.0!g>)/!YPWXYYS3!(%!XX!(%!C-&+'3!
^;!ScN!"##'!@.,*8.!(%1%*4+&.('!-&.!5%&'0.!%!+&.2.,.,#%!#.,'*!(%!Z+C.2+K&!(%!#84+1%0! %&1*%! %#!
"01.('3![-%!5*'G%21.!0-!.22+K&3!G!#.!4.1%*+.!0',*%!#.![-%!0%!5*'G%21.!.[-<##.3!Z*%2-%&1%4%&1%!
(%!1+1-#.*+(.(!.-1'&K4+2.N!f3!.-&[-%!0%!1*.1.*?!(%!2'&2*%1.*!2-?#!%0!%#!.#2.&2%!(%!#.!.22+K&!(%!
2'#.,'*.2+K&! (%! #.! :%&%*.#+1.1! 0%FM&! %#! 181-#'! A3! &'! 0%! (%C.! (%! 2'&0+(%*.*3! (%0(%! -&! 5#.&'!
5*?21+2'3!#.!2'&D%&+%&2+.!(%!%01.!2'#.,'*.2+K&!%&!%01%!2'&2*%1'!5-&1'N!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!2'4+%&=.!*%2'*(.&('![-%!%&!4.1%*+.!(%!+&D%01+F.2+K&!
#.0! 2'45%1%&2+.0! .1*+,-+(.0! .#! "01.('! 5'*! %#! .*1N! XQYNXNXR! /"! 0%! *%Z+%*%&! .#! `Z'4%&1'! G!
2''*(+&.2+K&!F%&%*.#a3!G![-%!#.!:%&%*.#+1.1!(%!/.1.#-6.!G.!'01%&1.,.!2'45%1%&2+.!%\2#-0+D.!
0',*%! %01.! 4.1%*+.! %&! D+*1-(!(%#! .*1N! YN_! (%#! "01.1-1'! (%! XY_YN! U.! Z-&2+K&! 2''*(+&.('*.! [-%!
2'**%05'&(%!.#!"01.('!(%,%!%&2.-=.*0%!5'*!#'0!'5'*1-&'0!4%2.&+04'0!(%!2'#.,'*.2+K&!2'&!#.0!
/'4-&+(.(%0! L-1K&'4.0! 2'45%1%&1%03! (%! 4'('! [-%! #.! 5*%D+0+K&! (%#! .*1N! XRON]! %&! &.(.! #.!
#+4+1.*8.N! /'&! *%05%21'! .! #.! 5#%&.! 2'&01+1-2+'&.#+(.(! (%#! 4.*2'! %01.,#%2+('! %&! %#! 181-#'! A! #.!
*%5*%0%&1.2+K&! (%#! :',+%*&'! (%! #.! :%&%*.#+1.1! 0%! *%4+1%! .#! .&?#+0+0! (%! #.0! (+05'0+2+'&%0! (%!
(+2@'!181-#'!g.&1%2%(%&1%0!XPS!G!0+F-+%&1%0cN!
!
$'*!'1*.!5.*1%!0%!*%+1%*.![-%!#.!0+&F-#.*!&.1-*.#%=.!(%#!"01.1-1'!#'!2'&D+%*1%!%&!%#!#-F.*!
+(K&%'!5.*.!%01.,#%2%*!#.!5.*1+2+5.2+K&!5*%D+01.!%&!%#!5*%2%51'!2'&1*'D%*1+('3!.#!1+%45'![-%!0%!
4%&2+'&.![-%!%#!.*1N!X_TNX!(%#!"01.1-1'!%\5*%0.4%&1%!%01.,#%2%![-%!#.!5.*1+2+5.2+K&!&'!.#1%*.!
#.!2'45%1%&2+.3!5'*!4?0![-%!%#!5*%2%51'![-%!&'0!'2-5.!&'!Z+C%!&+&FM&!2'&1%&+('!2'&2*%1'!&+!
(+05'&F.! &.(.! 0',*%! #'0! %Z%21'0! (%! #.! 5.*1+2+5.2+K&3! 5'*! #'! [-%! &'! 5'(*8.! 1.2@.*0%! (%!
+&2'&01+1-2+'&.#N!
!
(c!"#!$.*#.4%&1'!2.1.#?&!.(-2%![-%!#.!2'45%1%&2+.!%01.1.#!%&!4.1%*+.!(%!+&D%01+F.2+K&3!
*%2'F+(.! %&! %#! .*182-#'! XQYNXNXR! (%! #.! /'&01+1-2+K&3! .1*+,-G%! .#! "01.('! #.0! Z-&2+'&%0! (%!
Z'4%&1'! G! 2''*(+&.2+K&! F%&%*.#! (%! #.! +&D%01+F.2+K&! 2+%&18Z+2.! G! 1<2&+2.N! L! #.! D+01.! (%! %01.!
.1*+,-2+K&! .#! "01.('! (%! -&.! Z-&2+K&! 2''*(+&.('*.! *%0-#1.! 2'@%*%&1%! [-%! 0%! 2'&1%45#%&!
!
]XS
4%2.&+04'0! (%! 2'#.,'*.2+K&! %&1*%! %#! "01.('! G! #.0! /'4-&+(.(%0! L-1K&'4.03! 1.4,+<&!
2'45%1%&1%0!%&!4.1%*+.!(%!+&D%01+F.2+K&3![-%!%&!4'('!.#F-&'!2'&(+2+'&.*8.&!%#!%C%*2+2+'!(%!
#.!2'45%1%&2+.!.1*+,-+(.!.#!"01.('N!U.!5*%D+0+K&!%01.1-1.*+.!(%!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!
&'!5'(*8.!2.#+Z+2.*0%!(%!-&+#.1%*.#3!5-%0!0%!1*.1.!(%!-&.!&'*4.!(%!%#.,'*.2+K&!(-.#!+&1%F*.(.!
5'*!%#!#%F+0#.('*!%01.1.#!G!%#!.-1'&K4+2'N!
!
YSN! .c! U.! +45-F&.2+K&! (%#! .*182-#'! XTP! gH<F+4%&! #'2.#c! 0%! +&+2+.! 2'&! -&.!
2'&0+(%*.2+K&! F%&%*.#! 0',*%! %#! 0+F&+Z+2.('! (%#! 5*%2%51'3! (%01.2.&('! #.! (+Z+2-#1.(! (%! 0-!
+&1%*5*%1.2+K&!%&!2'&%\+K&!2'&!#'0!.*10N!O]!G!0+F-+%&1%0!G!XRX!(%#!"01.1-1'3!G.!*%2-**+('0N!U'0!
*%2-**%&1%0!+&0+01%&!%&!#.!2'45%1%&2+.!%01.1.#!5.*.!(+21.*!#.0!,.0%0!(%#!*<F+4%&!#'2.#3![-%!&'!
(%*+D.*8.! (%! #'! (+05-%01'! %&! #'0! "01.1-1'0! (%! L-1'&'48.! @.01.! .@'*.! D+F%&1%03! 0+&'!
(+*%21.4%&1%!(%#!5*'5+'!.*1N!XQYNXNXO/"!g>>)/!SXQWXYOY3!(%!SX!(%!(+2+%4,*%e!G!S]]WXYYY3!(%!
XT! (%! (+2+%4,*%cN! $'*! #'! [-%! @.2%! .! #.! +&2'&01+1-2+'&.#+(.(! (%#! .5.*1.('! X! 0%! .#%F.! [-%!
.1*+,-G%3!5'*!5*+&2+5+'!G!0+&!#84+1%0!'!4.1+2%03!#.!2'45%1%&2+.!%\2#-0+D.!0',*%!*<F+4%&!#'2.#!.!
#.! :%&%*.#+1.13! G! 0-0! (+Z%*%&1%0! 0-,.5.*1.('0! *%05'&(%*8.&! .! #.! 1<2&+2.! (%! `,#+&(.*a! %0.!
2'45%1%&2+.3!&-&2.!.#!5*'5K0+1'!(%!*%(-2+*!0-!2'&1%&+('!.!#'0!.05%21'0![-%!.@8!0%!4%&2+'&.&3!
0-5-%01'!<01%!%&!%#![-%!2.,*8.!-&.!+&1%*5*%1.2+K&!2'&Z'*4%3!5-%0!&'!0%!-1+#+=.!#.!2#?-0-#.!`%&!
1'('! 2.0'aN! E%! '1*'! 4'('! 0-! +&2'&01+1-2+'&.#+(.(! 0%*8.! 4.&+Z+%01.! 5'*! +&Z*.22+K&! (%#! .*1N!
XQYNXNXO!/"N!
!
L-&!.08!!2'&1+&M.!%#!*%2-*0'!!0+%45*%!0%*8.&!+&2'&01+1-2+'&.#%0!#.0!#%1*.0!.c3!,c!G!2c!
(%! %01%! .5.*1.('! XN! U.! #%1*.! .c! 0%! *%Z+%*%! .! `#.0! *%#.2+'&%0! %&1*%! #.0! +&01+1-2+'&%0! (%! #.!
:%&%*.#+1.1!G!#'0!%&1%0!#'2.#%03!.08!2'4'!l.m!#.0!1<2&+2.0!(%!'*F.&+=.2+K&!G!(%!*%#.2+K&!5.*.!#.!
2''5%*.2+K&!G!#.!2'#.,'*.2+K&!%&1*%!#'0!%&1%0!#'2.#%0!G!%&1*%!<01'0!G!#.!L(4+&+01*.2+K&!(%!#.!
:%&%*.#+1.13! +&2#-G%&('! #.0! (+01+&1.0! Z'*4.0! .0'2+.1+D.03! 4.&2'4-&.(.03! 2'&D%&2+'&.#%0! G!
2'&0'*2+.#%0aN! /'&1%&+('! .45#80+4'3! 2'&! %#! [-%! 0%! (%02'&'2%*8.! [-%! %#! .*1N! XQYNXNXO! /"!
5%*4+1%!.#!"01.('!.5*',.*!,.0%0!0',*%!#.0!*%#.2+'&%0!+&1%*.(4+&+01*.1+D.03!%&!F%&%*.#3!G!0',*%!
.[-<##.0!%&!#.0![-%!+&1%*D%&F.&!%&1%0!#'2.#%03!%&!5.*1+2-#.*N!L08!0%!@.2%!%&!#.!U%G!(%!*<F+4%&!
C-*8(+2'!(%!#.0!.(4+&+01*.2+'&%0!5M,#+2.0!G!%&!#.!(%!,.0%0!(%#!*<F+4%&!#'2.#N!$'*!0-!5.*1%!#.!
#%1*.!,c!D+%&%!.!*%+1%*.*!%#!2'&1%&+('!(%#!.*1N!OQ3!1.4,+<&!*%2-**+('3![-%(.&('!0+!2.,%!4?0!2#.*'!
[-%! 0%! .#-(%! .! 1'('0! #'0! %&1%0! #'2.#%0! G! 2'&Z+*+<&('0%! .! #.! :%&%*.#+1.13! &'! 0K#'! #.!
(%1%*4+&.2+K&! (%! #.0! 2'45%1%&2+.0! (%! (+2@'0! %&1%03! 0+&'! 1.4,+<&! #.! (%! 0-0! 5'1%01.(%0N! /'&!
%01%! 5#.&1%.4+%&1'! %&1+%&(%&! #'0! .21'*%0! [-%! [-%(.*8.! (%0.21+D.('! @.01.! %#! .*1N! Q! U9HU3! %!
+&0+01%&!%&![-%!5.*.!%#!"01.1-1'!&+!0+[-+%*.!#'!4?0!%#%4%&1.#!G!48&+4'!5-%(%!0%*!',C%1'!(%!#.0!
!
]X]
,.0%0!(%#!.*1N!XQYNXNXO!/"N!"#!5*%2%51'!%&!2-%01+K&3!.!0-!C-+2+'3!0K#'!0%*8.!2'&01+1-2+'&.#!0+!0%!
%&1%&(+%*.! *%Z%*+('! .! %&1%0! #'2.#%0! (+01+&1'0! (%! #.! 5*'D+&2+.! g'! D%F-%*8.c! G! %#! 4-&+2+5+'3!
.-&[-%! 0%! 1*.1.*8.! (%! -&.! +&1%*5*%1.2+K&! +45'0+,#%N! U.! #%1*.! 2c! &%F.*8.! .#! "01.('! 0-!
2'45%1%&2+.!5.*.!(+21.*!,.0%0!0',*%!,+%&%0!#'2.#%0!G!0',*%!#.0!4'(.#+(.(%0!(%!5*%01.2+K&!(%!
#'0! 0%*D+2+'0! 5M,#+2'0! #'2.#%03! 2'&1*.(+2+<&('0%! (%! %01%! 4'('! -&! %&1%&(+4+%&1'! (%#! .#2.&2%!
(%#! .*1N! XQYNXNXO! /"! @.01.! .@'*.! 5.28Z+2'! G! 2'&Z+*4.('! G.! (%0(%! #.! >)/! ROWXYOS3! (%! S_! (%!
C-#+'N!$'*!M#1+4'!#.!#%1*.!(c!(%#!.5.*1.('!X!.08!2'4'!%#!.5.*1.('!]!(%!%01%!.*1N!XTP!0%!+45-F&.&!
%&! 2-.&1'! 5-(+%*.! +&1%*5*%1.*0%! [-%! %&1*%! #'0! %&1%0! #'2.#%0! 2*%.('0! 5'*! #.! :%&%*.#+1.1! 0%!
+&2#-G%&!#.0!D%F-%*8.03![-%!2.,%!5%&0.*!0%.&!#.0!5*'D+&2+.03!(%,+%&('!&-%D.4%&1%!+&D'2.*0%!
#.!2'45%1%&2+.!%01.1.#!(%#!.*1N!XQYNXNXO!/"N!
!
"&! (%Z+&+1+D.3! 2'&2#-G%&! #'0! *%2-**%&1%03! %#! .*1N! XTP! 0K#'! 0%*8.! 2'&01+1-2+'&.#3! %&! #'0!
4+04'0! 1<*4+&'0! [-%! %#! .*1N! XRX3! 0+! 5-(+%*.! +&1%*5*%1.*0%! %&! %#! 0%&1+('! (%! [-%! &'! &+%F.! #.!
5'0+,+#+(.(!(%![-%!%#!"01.('!(+21%!*%F#.0!,?0+2.0!0',*%!*<F+4%&!#'2.#3!+&2#-0'!%&!#'0!.05%21'0!
*%Z%*+('0!%&!#'0!.5.*1.('0!X!G!]N!b&1%*5*%1.2+K&3!2'&!1'('3!(+Z82+#3!5'*!%#!.#2.&2%![-%!%#!"01.1-1'!
(.! .! #.0! 2'45%1%&2+.0! %\2#-0+D.0! G! 5'*! #.! *%Z%*%&2+.! %&! %#! .5.*1.('! S! .! -&.! 2'45%1%&2+.!
2'45.*1+(.!(%!#.!:%&%*.#+1.1N!
!
,c!L5-&1.!%#!L,'F.('!(%#!"01.('![-%!#.0!.#%F.2+'&%0![-%!@.2%!#.!(%4.&(.!.!2.(.!-&'!
(%! #'0! .5.*1.('0! (%#! 5*%2%51'! &'! 2'&1+%&%&! %&! 08! 4+04.0! -&.! .Z+*4.2+K&! (%!
+&2'&01+1-2+'&.#+(.(3! 0+&'! [-%! 2'&01+1-G%&! -&.! 0-2%0+K&! (%! 2'&0+(%*.2+'&%0! (%! 1+5'!
+&1%**'F.1+D'! .2%*2.! (%! 0+! 2.(.! -&'! (%! %0'0! %&-&2+.('0! +45+(%! '! &'! %#! %C%*2+2+'! (%! #.!
2'45%1%&2+.! (%#! "01.('! 5.*.! (+21.*! ,.0%0! (%! *<F+4%&! #'2.#3! .! 1*.D<0! (%! #.0! 2-.#%0! #'! [-%! 0%!
(+02-1%! %0! #.! '4+0+K&! (%! -&.! *%Z%*%&2+.! [-%! (%C.*.! .! 0.#D'! %#! 5*%2%51'! 2'&01+1-2+'&.#! [-%! #.!
(%4.&(.! [-+%*%! 5*%0%*D.*N! V,D+.4%&1%! #.! ZK*4-#.! `0+&! 5%*C-+2+'a! &'! .6.(+*8.! &.(.3! 5-%01'!
[-%! #.! D+F%&2+.! G! .5#+2.2+K&! (%! #'0! 5*%2%51'0! 2'&01+1-2+'&.#%0! &'! (%*+D.! (%! [-%! 0%.&! '! &'!
0.#D.('0! '! *%2'*(.('0! %&! 2.(.! 4'4%&1'! 5'*! #.0! &'*4.0! [-%! #%0! %01?&! C%*?*[-+2.4%&1%!
0-,'*(+&.(.0N!
!
U.! +(%.! [-%3! 0%FM&! #.! (%4.&(.3! #.1+*8.! %&! %#! 5*%2%51'! %01.1-1.*+'! g[-%! #.0! ,.0%0! (%!
*<F+4%&! #'2.#! &'! %01.*8.&! 2'45*%&(+(.0! %&! #.! 2'45%1%&2+.! (%#! .*1N! XQYNXNXO! /"c! %&1*.*8.!
%Z%21+D.4%&1%! %&! 2'&1*.(+22+K&! 2'&! #.! C-*+05*-(%&2+.! 2'&01.&1%! (%#! )*+,-&.#! /'&01+1-2+'&.#!
+&1%*5*%1.1+D.!(%!#.!/'&01+1-2+K&3!G!&'!%0!2'45.*1+(.!5'*!#.!*%5*%0%&1.2+K&!(%#!:',+%*&'3![-%!
.6.(%3! .(%4?03! [-%! #.! (%4.&(.! &'! 'Z*%2%! #.! 4?0! 48&+4.! C-01+Z+2.2+K&! (%! [-%! %0.! +(%.! %01<!
!
]XQ
5#.04.(.! 5'0+1+D.4%&1%! %&! #'0! 1%\1'0! [-%! +45-F&.N! $'*! 1.&1'3! 0+%&('! #.! 4+04.! 5.*1%!
*%2-**%&1%! #.! [-%! 2'&0+(%*.! 2'45.1+,#%0! #'0! %&-&2+.('0! 2'&! #.! /'&01+1-2+K&! 0+! 0%! %&1+%&(%!
.5#+2.,#%!%#!.*1N!XQYNXNXO3!5.*%2%!%\2-0.*0%!2-.#[-+%*!'1*.!2'&0+(%*.2+K&N!
!
2c! 7.&+Z+%01.! 0-! 0'*5*%0.! #.! *%5*%0%&1.2+K&! (%#! :',+%*&'! (%! #.! :%&%*.#+1.1! 5'*! #.!
+45-F&.2+K&!(%!#.!2.#+Z+2.2+K&!2'4'!%\2#-0+D.!(%!#.!2'45%1%&2+.!.-1'&K4+2.3!5-%0!%#!.*1N!YNO!
(%#! "01.1-1'! (%! XY_Y! G.! #%! .1*+,-8.! %0%! 4+04'! 2.*?21%*N! ).4,+<&! 0%! (%C.! 2'&01.&2+.! (%! #.!
.,0'#-1.!2'+&2+(%&2+.!%&1*%!%01%!.*1N!XTP!G!%#!.*1N!RY!(%!#.!5*'5-%01.!(%!*%Z'*4.!(%#!"01.1-1'!(%!
L-1'&'48.! (%! L&(.#-28.3! .5'G.('! %&! %#! /'&F*%0'! (%! #'0! E+5-1.('0! 5'*! %#! :*-5'!
$.*#.4%&1.*+'!.#![-%!5%*1%&%2%&!#'0!*%2-**%&1%0N!
!
$.*.!%#!:',+%*&'!2.1.#?&!%#!*%2-*0'!@.2%!(%2+*!.#!.*1N!XTP!#'![-%!&'!(+2%3!(%!4'('![-%3!
1.#!G!2'4'!0%!.(4+1%!%&!#.!(%4.&(.3!#.!+&2'&01+1-2+'&.#+(.(!0K#'!%\+01+*8.!0+!(%!#.!.1*+,-2+K&!
(%!2'45%1%&2+.0!5#.04.(.!%&!%#!5*%2%51'!5-(+%*.!(%(-2+*0%!#.!+45'0+,+#+(.(!(%![-%!%#!"01.('!
*%.#+=.0%!#.0!Z-&2+'&%0![-%!#%!2'**%05'&(%&!2'4'!#%F+0#.('*!,?0+2'N!$'*!%#!2'&1*.*+'!#.!&'*4.!
%01.1-1.*+.!0%*?!2'&01+1-2+'&.#!0+!%#!4.*F%&!(%#!#%F+0#.('*!,?0+2'!%0!0-Z+2+%&1%!5.*.!(%0%45%6.*!
%#!5.5%#![-%!#%!.1*+,-G%!#.!/'&01+1-2+K&N!
!
U.!0-5-%01.!+&2'&01+1-2+'&.#+(.(!(%#!.*1N!XTPNX!.c!&'!0%!0'01+%&%3!.!C-+2+'!(%#!"C%2-1+D'!
2.1.#?&3!0+!0%!5+%&0.![-%!%&!%01%!.5.*1.('!0%!1*.1.!(%!#.0!*%#.2+'&%0!(%!#.!:%&%*.#+1.1!2'&!#'0!
%&1%0!#'2.#%0!G!(%!<01'0!%&1*%!08N!"##'!@.*8.![-%!%#!2.*?21%*!%\2#-0+D.4%&1%!+&1*.2'4-&+1.*+'!(%!
#.0! *%#.2+'&%0! [-%! 0%! *%F-#.&! %\2#-G.! #.! +&1%*D%&2+K&! %01.1.#3! 0+! ,+%&! #.! *%F-#.2+K&! (%! #.!
:%&%*.#+1.1! &'! 5'(*?! '5'&%*0%! .! #'! *%F-#.('! (+*%21.4%&1%! 5'*! #.! /'&01+1-2+K&! &+! .! #'!
%01.,#%2+('!5'*!%#!"01.('!%&!4.1%*+.0!.C%&.0!.#!*<F+4%&!#'2.#3!%&!%05%2+.#!#.0!*%Z%*+(.0!%&!%#!
.*1N!XQYNXNXO!/"N!"&!2'&2#-0+K&3!%#!5*%2%51'!0K#'!5%*0%F-+*8.!(%C.*!%&!4.&'0!(%!#.!:%&%*.#+1.1!
#.!'*F.&+=.2+K&!(%!#'0!%&1%0!#'2.#%0!*%Z%*+(.!.!0-0!*%#.2+'&%0!(%&1*'!(%#!0+01%4.!+&01+1-2+'&.#!
(%!#.!:%&%*.#+1.1N!
!
"#!.*1N!XTPNX!,c3!2'&1+&M.!%#!:',+%*&'!.-1'&K4+2'3!&'!5*%1%&(%!%01.,#%2%*!%#!2'&1%&+('!
(%! 2.(.! 5'1%01.(3! 5-%0! 0%! 1*.1.! (%! -&.! (%1%*4+&.2+K&! [-%! 2'**%05'&(%! .! #.! #%F+0#.2+K&!
0%21'*+.#3!&+!1.45'2'!(%Z+&+*!%&!.,01*.21'!#.0!5'1%01.(%0![-%!2'**%05'&(%&!.!#'0!%&1%0!#'2.#%0N!
U'! [-%! 0%! 5*%1%&(%*8.! %0! (%1%*4+&.*! [-<! 5'1%01.(%0! 2*%.(.0! 5'*! %#! #%F+0#.('*! 0%21'*+.#!
2'**%05'&(%&!.!#'0!%&1%0!#'2.#%03!G!%D%&1-.#4%&1%!.!#.!2'45%1%&2+.!(%!0-0!K*F.&'03!*%05%21'!.!
#.0! 4.1%*+.0! 5*%D+01.0! %&! %#! .*1N! OQ! (%#! "01.1-1'3! G! %##'! 5*%2+0.4%&1%! 5.*.! F.*.&1+=.*! #.!
!
]XR
.-1'&'48.!#'2.#N!>%!1*.1.*8.!(%!-&.!*%F-#.2+K&!(%!#'0!48&+4'0!(%!5*'1%22+K&!(%!%0.!.-1'&'48.!
#'2.#N!
!
U.!+45-F&.2+K&!(%#!.*1N!XTPNX!2c!0%!0+*D%!2'4'!5.*?4%1*'!(%!#.!#%F+0#.2+K&!,?0+2.!G!&'!
(%!#.!/'&01+1-2+K&N!>+&!5'&%*!%&!(-(.![-%!%&!#.!*%F-#.2+K&!(%!#'0!,+%&%0!G!0%*D+2+'0!#'2.#%0!
+&2+(%&!(+D%*0'0!0%21'*%0!(%#!V*(%&.4+%&1'3!.#%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!(%!#'![-%!
0%!1*.1.!%0!0K#'!(%!'1'*F.*!.!#.!/'4-&+(.(!L-1K&'4.!#.!2'45%1%&2+.!0',*%!,+%&%0!G!0%*D+2+'0!
#'2.#%0!2-.&('!%#!181-#'!5*%D.#%&1%!0%.!%#!(%!*<F+4%&!#'2.#N!
!
"&!2-.&1'!.!#.!+45-F&.2+K&!(%#!.*1N!XTPNX!(c!.#%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!
&'!0%!.(+D+&.!5'*![-<!*.=K&!%#!"01.1-1'!(%!/.1.#-6.!&'!5-%(%!2'&1%&%*!*%F84%&%0!%05%2+.#%0!
('&(%!'1*'0!"01.1-1'0!#'0!@.&!5*%D+01'N!
!
(c!"#!%02*+1'!(%!.#%F.2+'&%0!(%#!$.*#.4%&1'!(%!/.1.#-6.!*%+1%*.!#'!G.!%\5*%0.('!%&!#.0!
.#%F.2+'&%0!*%Z%*+(.0!.!#'0!.*10N!OQ!G!XRX!l.&1%2%(%&1%0!]Y!(c!G!OT!(c3!*%05%21+D.4%&1%mN!h&.!
2'**%21.!+&1%*5*%1.2+K&!0+01%4?1+2.!%D+(%&2+.*8.![-%!#'![-%!0%!.1*+,-G%!2'&!2.*?21%*!%\2#-0+D'!.!
#.! :%&%*.#+1.1! %0! #'! *%2'F+('! %&! #.0! #%1*.0! .c! .! %c! (%#! .5.*1.('! Xe! 0+! &'! Z-%*.! .08! 2.*%2%*8.!
.,0'#-1.4%&1%! (%! 0%&1+('! %#! .5.*1.('! S3! [-%! 0%! *%Z+%*%! .! #.0! 2'45%1%&2+.0! 2'45.*1+(.0N! U.!
+&2'&01+1-2+'&.#+(.(! (%! #.! &'*4.! 0K#'! 0%! 5*'(-2+*8.! 0+! (%! #.! .1*+,-2+K&! (%! 2'45%1%&2+.0!
5-(+%*.!(%(-2+*0%!#.!+45'0+,+#+(.(!5.*.!%#!"01.('! (%!*%.#+=.*!#.!Z-&2+K&!(%!#%F+0#.('*!,?0+2'!
[-%!#%!.1*+,-G%!#.!/'&01+1-2+K&3!G![-%!%&!%01%!.05%21'!%#!*%2-*0'!*%2'&'2%![-%!%0!4-G!4%&'*N!
k'!5'(*8.!4%(+*0%!#.!2'&01+1-2+'&.#+(.(!(%#!"01.1-1'!2'45.*?&('#'!2'&!1'(.0!#.0!&'*4.0![-%!
@.01.! #.! Z%2@.! @-,+%*.&! *%2+,+('! #.! 2.#+Z+2.2+K&! (%! ,?0+2.0! g4?0! .M&! 2-.&('! %#! )*+,-&.#!
/'&01+1-2+'&.#3!.-&!.(4+1+<&('#.03!@.!.(D%*1+('!Z*%2-%&1%4%&1%!(%![-%!1.4,+<&!%*.&!5'0+,#%0!
'1*.0!0'#-2+'&%0!4?0!.2'*(%0!2'&!#.!.-1'&'48.c3!0+&'!1.&!0K#'!(%1%*4+&.&('!0+!%#!4.*F%&![-%!
%#! "01.1-1'! *%2'&'2%! .#! #%F+0#.('*! ,?0+2'! %0! 0-Z+2+%&1%3! 2'4'! %&! %01%! 2.0'3! 5.*.! *%.#+=.*! #.!
Z-&2+K&![-%!#%!%&2'4+%&(.!#.!/'&01+1-2+K&N!
!
"#! .5.*1.('! .c! (%#! .*1N! XTP! *%F-#.! -&.! 4.1%*+.! [-%3! %&! #.! 5%*05%21+D.! (%#! "01.1-1'3!
2'**%05'&(%!.!#.!:%&%*.#+1.1!5'*[-%3!5.*.!%#!$.*#.4%&1'3!#.!F.*.&18.!(%!#.!.-1'&'48.!#'2.#!@.!
0+('!%01.,#%2+(.!5'*!%#!C-%F'!%&1*%!%#!.*1N!OQ!G!#.!#%1*.!,c!(%!%01%!5*%2%51'3!0+&!%\2#-+*!2-.#[-+%*!
+&1%*D%&2+K&!%01.1.#![-%!5-%(.!5*'(-2+*0%!5'*!181-#'0!2'45%1%&2+.#%0!%05%28Z+2'0N!
!
!
]XT
"#! .5.*1.('! ,c! M&+2.4%&1%! 5*%1%&(%*8.! (%1%*4+&.*! [-<! 5'1%01.(%0! 2*%.(.0! 5'*! %#!
#%F+0#.('*!0%21'*+.#!2'**%05'&(%&!.!#'0!%&1%0!#'2.#%0!%&!*%#.2+K&!2'&!#.0!4.1%*+.0!5*%D+01.0!%&!
%#! .*1N! OQ3! G! %&! 4'('! .#F-&'! +45%(+*8.! [-%! %#! "01.('! 5-%(.! .6.(+*! '1*.0! %\+F%&2+.0!
2'45%1%&2+.#%0!.!#.!.-1'&'48.!#'2.#N!
!
"#! .5.*1.('! 2c! %&! .,0'#-1'! 5*+D.*8.! .#! #%F+0#.('*! ,?0+2'! (%! 0-! Z-&2+K&! 2'&01+1-2+'&.#!
5.*.! +&2+(+*! %&! #.0! 4.1%*+.0! 0%6.#.(.0! %&! %#! *%2-*0'! (%! +&2'&01+1-2+'&.#+(.(3! G! 1.&! 0K#'!
'1'*F.*8.! .! #.! :%&%*.#+1.1! #.! 2'45%1%&2+.! 0',*%! ,+%&%0! G! 0%*D+2+'0! 5M,#+2'0! 2-.&('! %#! 181-#'!
5*%D.#%&1%!%0!%#!(%!*<F+4%&!#'2.#N!
!
"#!.5.*1.('!(c!0K#'!0%!2'&0+(%*.!+&2'&01+1-2+'&.#!0+!+&2#-G%!#.0!D%F-%*8.0N!^*%&1%!.!%##'!
%#!$.*#.4%&1'!(%!/.1.#-6.!.#%F.![-%!&'!@.G!-&.!*.=K&!(%!0-Z+2+%&1%!Z-%*=.!C-*8(+2.!5.*.![-%!%#!
D+F%&1%! "01.1-1'! &'! 5-%(.! 4'(-#.*! -&.! .(.51.2+K&! '! -&.! %\2%52+K&! (%! #.! #%F+0#.2+K&! ,?0+2.!
%01.1.#3! %&! #'! [-%! *%05%21.! .! #.! :%&%*.#+1.13! 2-.&('! ',%(%=2.! .#! *%2'&'2+4+%&1'! (%! -&.!
5'0+2+K&!0+&F-#.*!(%!#.!:%&%*.#+1.1!%&!*%#.2+K&!2'&!%#!E%*%2@'!2+D+#3!#.!#%&F-.3!#.!2-#1-*.3!#.!
5*'G%22+K&! (%! <01.0! %&! %#! ?4,+1'! %(-2.1+D'! G! %#! 0+01%4.! +&01+1-2+'&.#! %&! [-%! 0%! '*F.&+=.! #.!
:%&%*.#+1.1!g.*1N!R3!in finecN!
!
Y]N!.c!"#!.*182-#'!XTX!gH%#.2+'&%0!2'&!#.0!%&1+(.(%0!*%#+F+'0.0c!(+05'&%!%&!0-!.5.*1.('!
]![-%!`#.!:%&%*.#+1.1!2'#.,'*.!%&!#'0!K*F.&'0!(%!?4,+1'!%01.1.#![-%!1+%&%&!.1*+,-+(.0!Z-&2+'&%0!
%&! 4.1%*+.0! (%! %&1+(.(%0! *%#+F+'0.0aN! E%! &-%D'! (%&-&2+.&! #'0! *%2-**%&1%0! [-%! %#! "01.1-1'!
5*%1%&(%! 2'&! %##'! +&1%*Z%*+*! %&! %#! %C%*2+2+'! (%! #.0! 2'45%1%&2+.0! .1*+,-+(.0! .#! "01.('! 5'*! #.!
/'&01+1-2+K&3!#'![-%3!.(%4?0!(%!0-5'&%*!4.1%*+.#4%&1%!-&.!4'(+Z+2.2+K&!(%!#'![-%!%&!%##.!0%!
@.! (+05-%01'3! +45#+2.*8.! (%02'&'2%*! #.! Z-&2+K&! G! 2'4%1+('0! 2'&01+1-2+'&.#%0! 5*'5+'0! (%! #'0!
"01.1-1'0!(%!L-1'&'48.N!
!
,c!/'&0+(%*.!%#!L,'F.('!(%#!"01.('![-%!#.!+&1%*5*%1.2+K&!(%#!5*%2%51'![-%!0%!@.2%!%&!
#.! (%4.&(.! *%0-#1.! %\1*%4.! G3! 0',*%! 1'('3! +&.(%2-.(.N! L*F-4%&1.! [-%! 0+! %01%! 5*%2%51'! &'!
%\+01+%*.! &.(+%! 5*%D+0+,#%4%&1%! 5'(*8.! ',C%1.*! &.(.! .! -&.! %D%&1-.#! 2'#.,'*.2+K&! (%! #.0!
/'4-&+(.(%0!L-1K&'4.0!2'&!%#!"01.('!%&!%01.!4.1%*+.N!U.!2'#.,'*.2+K&!%0!-&!5*+&2+5+'!(%!
&-%01*'!0+01%4.!2'&01+1-2+'&.#![-%!@.2%!.2'&0%C.,#%3!2'4'!%#!)*+,-&.#!@.!*%2'*(.('!4?0!(%!
-&.!D%=3!#.!5-%01.!%&!4.*2@.!(%!4%2.&+04'0!(%!2''5%*.2+K&!G!2'#.,'*.2+K&3!%05%2+.#4%&1%!%&!
#'0!2.0'0!(%!2'45%1%&2+.0!1*.&0D%*0.#%0!'!2'&2-**%&1%0N!f!5*%2+0.4%&1%!5'*[-%!#.!:%&%*.#+1.1!
@.! .0-4+('! %&! %01.! 4.1%*+.! 2'45%1%&2+.0! [-%! .&1%0! &'! %\+018.&3! &'! 0%*8.! %\1*.6'! [-%! 0%!
!
]X_
+&2#-G.!-&.!5*%D+0+K&!%\5*%0.!(%!2'#.,'*.2+K&3![-%!&'!#+4+1.*8.!#.0!2'45%1%&2+.0![-%!'01%&1.!
%#!"01.('3!2'4'!1.45'2'!#.0![-%!%&!%01%!-!'1*'0!K*(%&%0!'01%&1%!#.!:%&%*.#+1.1N!$'*!1.&1'!&'!
5'(*8.! %&1%&(%*0%! [-%! #.! 2'#.,'*.2+K&! 0%! +45'&F.! (%! 4.&%*.! Z'*='0.3! 0+&'! 2'4'! -&.!
@.,+#+1.2+K&!%\5*%0.!G!%05%28Z+2.!(%!#'![-%!.2.0'!0+&!%##.!5'(*8.!%&1%&(%*0%!%\+F+,#%N!
!
2c!U.!+45-F&.2+K&!.('#%2%3!5.*.!%#!:',+%*&'!(%!#.!:%&%*.#+1.13!(%!-&.!4.&+Z+%01.!Z.#1.!
(%! .*F-4%&1.2+K&! G! '#D+(.! [-%! %&! %#! .*1N! XQYNX! /"! &'! Z+F-*.! &+&FM&! 181-#'! 2'45%1%&2+.#! .!
Z.D'*!(%#!"01.('!%&!%01.!4.1%*+.N!E%!'1*'!#.('!#.!4%&2+K&!.!#'0!5'(%*%0!5M,#+2'0!*%2'F+(.!%&!
%#! .*1N! XTN]! /"! +&2#-+*8.! 1.4,+<&! .! #.! :%&%*.#+1.1! (%! /.1.#-6.3! [-%! 5-%(%! 2''5%*.*! 2'&! #.0!
%&1+(.(%0! *%#+F+'0.0! %&! %#! ?4,+1'! (%! 0-0! 2'45%1%&2+.03! .08! 2'4'! -1+#+=.*! #'0! 4%2.&+04'0! %!
+&01*-4%&1'0!(%!Z'4%&1'![-%!2'&0+(%*%!.(%2-.('03!1'(.!D%=![-%!&'!0%!.Z%21.!.#!&M2#%'!(%!#.!
#+,%*1.(!*%#+F+'0.!&+!0%!(%0.**'##.&!0-0!.05%21'0!%0%&2+.#%0N!"#!5*%2%51'!1.45'2'!.Z%21.*8.!.!#.0!
2'45%1%&2+.0!%01.1.#%0!(%0(%!%#!4'4%&1'!%&![-%!#'0!.5.*1.('0!X!G!S!(%#!.*1N!XTX!*%Z+%*%&!%#!
181-#'!.#!?4,+1'!(%!2'45%1%&2+.0!.-1'&K4+2.03!0+%&('!%D+(%&1%!#.!2'&%\+K&!2'&!0%21'*%0!2'4'!
#.!%(-2.2+K&3!#.!0.&+(.(3!#.!C-D%&1-(!'!#.!.0+01%&2+.!0'2+.#N!
!
"&!2-.&1'!.!#.!2'#.,'*.2+K&!2'&!%#!"01.('!0%!*%0%6.!#.!&%2%0.*+.!+&02*+52+K&!(%!%01.0!
%&1+(.(%0! %&! %#! H%F+01*'! %01.1.#3! 2-G.! .21-.2+K&! %&! &.(.! [-%(.*8.! 2'&(+2+'&.(.! 5'*! %#! .*1N!
XTXN]N! L(%4?03! 0%! *%+1%*.! #.! +('&%+(.(! (%#! "01.1-1'3! 5'*! 0-! '*+F%&! (-.#3! 5.*.! +&2#-+*! #.!
5*%D+0+K&! (%! 2'#.,'*.2+K&3! @.,+(.! 2-%&1.! (%! [-%! 2'**%05'&(%! .#! "01.('! .('51.*! #.0!
(%1%*4+&.2+'&%0!'5'*1-&.0!G!#'0!+&01*-4%&1'0!+(K&%'0!5.*.![-%!%0.!2'#.,'*.2+K&!0%!5*'(-=2.!
(%!4.&%*.!%Z%21+D.!G!0+&!+&1%*Z%*%&2+.0!+&(%,+(.0N!
!
(! "&1+%&(%! %#! $.*#.4%&1'! 2.1.#?&! [-%! %#! *%2-*0'! 0K#'! 0%! *%Z+%*%! F%&<*+2.4%&1%! .#!
.5.*1.('! ]! (%#! .*1N! XTX3! +&2-**+%&('! %&! 2.-0.! (%! +&.(4+0+,+#+(.(! 5'*! 2.*%&2+.! (%!
Z-&(.4%&1.2+K&!2'&1*.*+.!.#!.*1N!]]NX!UV)/N!
!
/'&! 2.*?21%*! 0-,0+(+.*+'! .#%F.! #.! L0.4,#%.! .-1'&K4+2.! [-%! #.! 5.*1+2+5.2+K&! (%! #.!
:%&%*.#+1.1! %&! #'0! 2'**%05'&(+%&1%0! K*F.&'0! %01.1.#%0! 2'&! Z-&2+'&%0! %&! 4.1%*+.! (%! %&1+(.(%0!
*%#+F+'0.0!&'!0-5'&%3!%&!&+&FM&!2.0'3!#.!%#+4+&.2+K&!(%!#.0!2'45%1%&2+.0!(%#!"01.('3!G.![-%!
%&!%#!.*1N!XQYNX!/"!&'!Z+F-*.!&+&FM&!181-#'!2'45%1%&2+.#!.!0-!Z.D'*!%&!%01.!4.1%*+.N!
!
YQN!.c!E%#!.*182-#'!XTS!g>.&+(.(3!0.#-(!5M,#+2.3!'*(%&.2+K&!Z.*4.2<-1+2.!G!5*'(-21'0!
Z.*4.2<-1+2'0c! 0'&! ',C%1'! (%#! *%2-*0'! #'0! .5.*1.('0! X! G! ]3! 0+! ,+%&! 0%! .(D+%*1%! (%! [-%! %#!
!
]XO
.5.*1.('! Q! *%4+1%! .#! 181-#'! A! (%#! "01.1-1'! G3! 5'*! 1.&1'3! 5.(%2%! #'0! (%Z%21'0! (%!
+&2'&01+1-2+'&.#+(.(!+&@%*%&1%0!.!#.!1<2&+2.!(%!#.!,+#.1%*.#+(.(![-%!%&!<#!0%!+&01*-4%&1.!G![-%!
1.4,+<&! 0%*?! +45-F&.(.! g.&1%2%(%&1%0! XPS! G! 0+F-+%&1%0c3! 4+%&1*.0! [-%! %#! .5.*1.('! R! 0%*8.!
+&2'&01+1-2+'&.#!%&!*%#.2+K&!2'&!%#!.*1N!XXS3!G.!+45-F&.('!g.&1%2%(%&1%!RSc3!(.('!%#!.#2.&2%!
[-%!%&!%01%!5*%2%51'!0%!2'&Z+%*%!.!#.0!2'45%1%&2+.0!%C%2-1+D.0N!$'*!#'![-%!@.2%!.#!.5.*1.('!X!
.#%F.&!#'0!*%2-**%&1%0![-%!0-!+&2'&01+1-2+'&.#+(.(!*.(+2.!%&![-%!(%1%*4+&.!-&+#.1%*.#4%&1%!#'!
[-%!&'!5-%(%!0%*!,?0+2'!G!#'![-%!&'!5-%(%!%&1*.*!%&!#.!2''*(+&.2+K&!%01.1.#3!.#F'![-%!0K#'!#%!
2-45#%!.#!"01.('!%&!2.(.!4'4%&1'!G!0+&!2'&(+2+'&.4+%&1'0!%01.1-1.*+'03!D-#&%*?&('0%!%#!.*1N!
XQYNXNXT! /"3! 5-%0! %#! 5*%2%51'! .1*+,-G%! .! #.! :%&%*.#+1.1! #.! 2'45%1%&2+.! %\2#-0+D.! 0',*%! `#.!
'*F.&+=.2+K&!G!%#!Z-&2+'&.4+%&1'!+&1%*&'3!#.!%D.#-.2+K&3!#.!+&05%22+K&!G!%#!2'&1*'#!(%!2%&1*'03!
0%*D+2+'0!G!%01.,#%2+4+%&1'0!0.&+1.*+'0a3!0+&!%01.,#%2%*!2'&(+2+'&%0!&+!4.1+2%0N!L(4+1+<&('0%!
[-%! #.0! ,.0%0! %01.1.#%0! &'! 5-%(%&! 5*'G%21.*0%! 0',*%! .05%21'0! 4-G! 2'&2*%1'0! (%! #.!
'*F.&+=.2+K&!G!Z-&2+'&.4+%&1'!(%!#'0!0%*D+2+'0!0.&+1.*+'03!.Z+*4.&!#'0!E+5-1.('0!(%4.&(.&1%0!
[-%!%01?!Z-%*.!(%!#-F.*![-%!0%.!-&!"01.1-1'!#.!&'*4.![-%!4.*[-%!%0%!#84+1%!.#!"01.('!G![-%!#'!
@.F.!(%!.&1%4.&'!G!2'&!2.*?21%*!.,0'#-1'N!/'4'!',0%*D.2+K&!2'45#%4%&1.*+.!0%!@.2%!&'1.*!
[-%!#.!5'1%01.(!(%!.-1''*F.&+=.2+K&!&'!2-,*+*8.!1'('0!#'0!.05%21'0!2'&1%45#.('0!%&!#.!&'*4.3!
G![-%!#.!U%G!F%&%*.#!(%!0.&+(.(!@.!+&2#-+('!%&!#.0!2'45%1%&2+.0!%01.1.#%0!.05%21'0!1.#%0!2'4'!
%#! %01.,#%2+4+%&1'! (%! 2*+1%*+'0! 48&+4'0! ,?0+2'0! G! 2'4-&%0! (%! %D.#-.2+K&! (%! #.! %Z+2.2+.! G!
*%&(+4+%&1'!(%!5*'F*.4.03!2%&1*'0!'!0%*D+2+'0!0.&+1.*+'0!g.*1N!_PNScN!
!
"#! .5.*1.('! ]3! 5'*! 0-! #.('3! .1*+,-G%! .! #.! :%&%*.#+1.13! `%&! 1'('! 2.0'a3! #.! 2'45%1%&2+.!
2'45.*1+(.! %&! -&.! 0%*+%! (%! ?4,+1'0N! /'&! +&(%5%&(%&2+.! (%! #.! +&2'&01+1-2+'&.#+(.(! (%#! .*1N!
XXX3! G.! *%2-**+('3! [-%! (%Z+&%! #.0! 2'45%1%&2+.0! 2'45.*1+(.03! .#%F.&! #'0! .21'*%0! [-%! %01%! .*1N!
XTSN]!'#D+(.![-%!%#!"01.('3!.(%4?0!(%!#.!2'45%1%&2+.!5.*.!.5*',.*!#.0!,.0%03!1+%&%!1.4,+<&!%#!
181-#'!5.*.!#.!2''*(+&.2+K&!F%&%*.#!(%!#.!0.&+(.(!g.*1N!XQYNXNXT!/"cN!
!
,c!"#!L,'F.('!(%#!"01.('3!%&!2-.&1'!.!#'0!.5.*1.('0!Q!G!R3!+45-F&.('0!5'*!0-!.#2.&2%!
%&!*%#.2+K&!2'&!%#!.*1N!XXS3!0%!*%4+1%!.!#.0!.#%F.2+'&%0!*%.#+=.(.0!*%05%21'!(%!(+2@'!5*%2%51'!
g.&1%2%(%&1%!R]cN!$'*!#'![-%!0%!*%Z+%*%!.#!.5.*1.('!X!0'01+%&%!#.!*%5*%0%&1.2+K&!%01.1.#![-%!&'!
5-%(%![-%(.*!%\2#-+(.!-&.!&'*4.!2''*(+&.('*.!g#.!(%#!.*1N!_PNS!(%!#.!U%G!F%&%*.#!(%!0.&+(.(3!
4%&2+'&.('! %&! #.! (%4.&(.c! [-%! 1+%&(%! .! %01.,#%2%*! -&! 2*+1%*+'! 48&+4'3! ,?0+2'! G! 2'4M&3!
5'*[-%!*%05'&(%!5*%2+0.4%&1%!.!-&!2'4%1+('!2'&01+1-2+'&.#!%05%28Z+2'!(%#!"01.('N!f!%0![-%!#.!
2'45%1%&2+.!%\2#-0+D.!0',*%!%D.#-.2+K&!.![-%!0%!*%Z+%*%!%01%!.5.*1.('!&'!5'(*8.!%&1%&(%*0%!.#!
4.*F%&!(%!1'(.!2'45%1%&2+.!%01.1.#!(%*+D.(.!(%!#.!/'&01+1-2+K&3!(%!0-%*1%![-%!#.!:%&%*.#+1.1!
!
]XY
5'(*?!%01.,#%2%*!#'0!2*+1%*+'0!(%!%D.#-.2+K&![-%!%01+4%!2'&D%&+%&1%03!5%*'!.##8!('&(%!@.G.!-&.!
&'*4.! [-%! #%F81+4.4%&1%! +45'&F.! -&'0! 48&+4'0! 2'4-&%0! (%! 2.*?21%*! ,?0+2'! @.,*?! (%!
*%05%1.*#'03!G!.!5.*1+*!(%!%0'0!48&+4'0!5'(*?&!.5#+2.*0%!8&(+2%0!'!2*+1%*+'0!2'45#%4%&1.*+'0!'!
.(+2+'&.#%0N! >%! .2#.*.3! %&! 2-.#[-+%*! 2.0'3! [-%! %01.! 2'&0+(%*.2+K&! 0%! %Z%21M.! .! 5.*1+*! (%#!
%C%45#'![-%!5*'5'&%!#.!5.*1%!.21'*.3!5%*'!0+&![-%!%&!%##'!5-%(.!D%*0%!%#!+&1%&1'!(%!+(%&1+Z+2.*!
(+2@.! &'*4.! 2'4'! -&.! %\+F%&2+.! +&1*8&0%2.! (%! 0-! &.1-*.#%=.! ,?0+2.! &+! (%! [-%! D+&2-#%!
5%*5%1-.4%&1%!.#!#%F+0#.('*!,?0+2'!.!2'&2%51-.*#.!.08N!
!
U.!+45-F&.2+K&!(%#!%&2.,%=.4+%&1'!(%#!.5.*1.('!]!0%!2'&0+(%*.!`2'&1%\1-.#a3!5'*!%#!
C-%F'! [-%! 5*'(-2%! #.! +&1%*.22+K&! (%#! .*1N! XXX! (%#! 5*'5+'! "01.1-1'N! k'! 0%! C-=F.! .(%2-.(.! #.!
+&2'&01+1-2+'&.#+(.(!5'*!'4+0+K&![-%!0%!5#.&1%.!%&!#.!(%4.&(.3!,.0.(.!%&!%#%4%&1'0!.C%&'0!.!
#.!5*'5+.!#+1%*.#+(.(!G!%#!0%&1+('!(%#!1%\1'![-%!0%!+45-F&.N!>+!-&.!2'45%1%&2+.!0%!+(%&1+Z+2.!
2'4'!2'45.*1+(.!@.,*?![-%!%&1%&(%*![-%!#.0!2'45%1%&2+.0![-%!'01%&1.!%#!"01.('!0'&!#.0![-%!
%&!2.(.!2.0'!1+%&%!5'*!*.=K&!(%!#.!4.1%*+.!*%F-#.(.!%01.1-1.*+.4%&1%3!G!#.!2''*(+&.2+K&!0%F-+*?!
0+%&('! -&.! 2'45%1%&2+.! %01.1.#! %&! 4.1%*+.! 0.&+1.*+.! 0+&! [-%! %#! "01.1-1'! 1%&F.! &%2%0+(.(! (%!
*%2'*(.*#'N!
!
2c! >%6.#.! %#! :',+%*&'! (%! #.! :%&%*.#+1.13! [-%! .-&! 2-.&('! %&! %#! 1%\1'! (%#! *%2-*0'! 0%!
+45-F&.! %#! .5.*1.('! Q3! <01%! &'! Z+F-*.! %&! %#! petitum3! ('&(%3! %&! 2.4,+'3! 08! 0%! +&2#-G%! %#!
.5.*1.('! S3! [-%! &'! %0! ',C%1'! (%! 2'&0+(%*.2+K&! %&! %#! 2-%*5'! (%#! %02*+1'N! ^+&.#4%&1%! #.!
(%02.#+Z+2.2+K&!(%#!.5.*1.('!R!#'!0%*8.!5'*!*%#.2+K&!.!'1*'!5*%2%51'3!.(4+1+%&('!#'0!.21'*%0![-%!
&'!%0!%&!08!4+04'!+&2'&01+1-2+'&.#N!
!
"&!2-.&1'!.#!.5.*1.('!X!.#%F.!%#!"C%2-1+D'!2.1.#?&![-%!%#!"01.1-1'!(%!XY_Y!G.!*%2'F8.!
%#!%0[-%4.!2'&01+1-2+'&.#!(%!2'45%1%&2+.!2'45.*1+(.!%&!%#!?4,+1'!0.&+1.*+'!g.*1N!X_NQc!G![-%!
1.&1'! %&1'&2%0! 2'4'! .@'*.! #.! 5%*05%21+D.! [-%! 5*+4.! %0! #.! (%! 2.*?21%*! '*F.&+=.1+D'e!
2'&2*%1.4%&1%3!#.!5*%D+0+K&!(%!#.!2'45%1%&2+.!2'4'!%\2#-0+D.!%&!%01'0!%05%28Z+2'0!.05%21'0!
%&2.C.*8.!5%*Z%21.4%&1%!2'&!%#!'*(%&!2'&01+1-2+'&.#N!>'01+%&%!%#!:',+%*&'!.-1'&K4+2'![-%!#.0!
Z.2-#1.(%0![-%!2'**%05'&(%&!.#!"01.('!ex!.*1N!XQYNXNXT!/"!&'!5*%2+0.&!(%!0-!4%&2+K&!%\5*%0.!
%&! %#! .*1N! XTSN]! (%#! "01.1-1'N! L(%4?0! -&.! #%21-*.! 2'45#%1.! (%#! 5*%2%51'! 5%*4+1+*8.! 2'&2#-+*!
[-%! 0%! 4%&2+'&.! %\5*%0.4%&1%! #.! 5'1%01.(! %01.1.#! (%! 5#.&+Z+2.2+K&! G! 2''*(+&.2+K&! %&1*%! #'0!
5'(%*%0! 5M,#+2'0! 2'45%1%&1%03! 5'*! #'! [-%! #.! +45-F&.2+K&! 5.*1+*8.! (%! -&.! #%21-*.! 5.*2+.#! G!
Z*.F4%&1.*+.!(%!-&!0'#'!.5.*1.('N!
!
!
]SP
(c!$.*.!%#!$.*#.4%&1'!2.1.#?&!0K#'!0%!Z-&(.4%&1.!#.!+45-F&.2+K&!(%!#'0!.5.*1.('0!X!G!
]!(%#!.*1N!XTSN!"&!2-.&1'!.#!5*+4%*'!.Z+*4.!#.!/?4.*.![-%!2'&!<#!0%!*%2'&'2%!.!#.!:%&%*.#+1.1!
-&.! 2'45%1%&2+.! 2-G.! %\2#-0+D+(.(! 1%&(*8.! -&.! 5*'G%22+K&! 5*+4'*(+.#4%&1%! '*F.&+=.1+D.! G3!
5'*! %##'3! 0+&! 1.2@.! (%! +&2'&01+1-2+'&.#+(.(N! "&! &+&FM&! 2.0'! 0%! &%F.*8.! '! +45%(+*8.! [-%! %#!
%01.,#%2+4+%&1'! (%! 2*+1%*+'0! 48&+4'0! ,?0+2'0!G! 2'4-&%0! (%! %D.#-.2+K&! (%! &%2%0+(.(%0! '! (%!
%Z+2.2+.!'!*%&(+4+%&1'!5-%(.!Z'*4.*!5.*1%!(%#!2'&2%51'!(%!#.!2''*(+&.2+K&!F%&%*.#!0.&+1.*+.N!
E%! @%2@'! .21-.#4%&1%! %#! .*1N! _PN]! (%! #.! U%G! F%&%*.#! (%! 0.&+(.(! %01.,#%2%! [-%! %#! :',+%*&'!
`%#.,'*.*?!#'0!2*+1%*+'0!F%&%*.#%0!(%!2''*(+&.2+K&!0.&+1.*+.!(%!.2-%*('!2'&!#.0!5*%D+0+'&%0![-%!
#%!0%.&!0-4+&+01*.(.0!5'*!#.0!/'4-&+(.(%0!L-1K&'4.0aN!
!
"&! 2-.&1'! .#! .5.*1.('! ]! @.G! [-%! *%2'*(.*3! %&! '5+&+K&! (%#! $.*#.4%&1'3! [-%! #.!
2.#+Z+2.2+K&! (%! -&.! 2'45%1%&2+.! 2'4'! 2'45.*1+(.! &'! 0-5'&%! (%02'&'2%*! #.0! %D%&1-.#%0!
2'45%1%&2+.0! .(+2+'&.#%0! [-%! %#! "01.('! 5-%(%! '01%&1.*! .! 5.*1+*! (%! #.! /'&01+1-2+K&N! $'*! '1*.!
5.*1%!1.45'2'!@.,*8.!(%!5.0.*0%!5'*!.#1'![-%!1*.0!%#!E+21.4%&!(%#!/'&0%C'!/'&0-#1+D'!0',*%!%#!
$*'G%21'!(%!*%Z'*4.!0%!5*'2%(+K!.!#.!4'(+Z+2.2+K&!(%#!.*1N!XXX!(%#!"01.1-1'3!1*.0!#'!2-.#!G.!&'!
0%*8.!&%2%0.*+.!&+&F-&.!5*%2+0+K&!0',*%!#.!(%Z+&+2+K&!(%!#.!2'45%1%&2+.!2'45.*1+(.N!
!
YRN! .c! U.! +45-F&.2+K&! (%#! .*182-#'! XT]! g>%F-*+(.(! 5*+D.(.c! 0%! 2+6%! .! 0-! #%1*.! 2c3! %&!
2-G.!D+*1-(!2'**%05'&(%!.!#.!/'4-&+(.(!L-1K&'4.!#.!%C%2-2+K&!(%!#.!#%F+0#.2+K&!(%#!"01.('!
%&!4.1%*+.!(%!`.-1'*+=.2+K&!(%!#'0!2%&1*'0!(%!Z'*4.2+K&!(%#!5%*0'&.#!(%!0%F-*+(.(!5*+D.(.aN!L!
%01%!*%05%21'!#'0!*%2-**%&1%0!2+1.&!#.!>)/!XRQWSPPR3!(%!Y!(%!C-&+'3![-%!(%2#.*K!.C-01.(.!.!#.!
/'&01+1-2+K&! #.! &'*4.1+D.! %01.1.#! [-%! *%2'&'2%! .#! :',+%*&'! (%! #.! k.2+K&! #.! Z.2-#1.(! (%!
.5*',.*! #.0! &'*4.0! *%#.1+D.0! .! %0'0! 2%&1*'03! (%2#.*.&('! [-%! 2'&! %##'! &'! 0%! +&Z*+&F8.&! #.0!
2'45%1%&2+.0!(%!#.!:%&%*.#+1.1!%&!4.1%*+.!(%!%&0%6.&=.N!
!
,c! $.*.! %#! L,'F.('! (%#! "01.('! #.! 2'45%1%&2+.! 2'&1%&+(.! %&! #.! #%1*.! 2c! 0%! #+4+1.!
2#.*.4%&1%!.!#.!%C%2-2+K&3!+&2-4,+%&('!.#!:',+%*&'!(%!#.!k.2+K&!.5*',.*!#.0!&'*4.0!*%#.1+D.0!
.!%01'0!2%&1*'0!(%!Z'*4.2+K&3!0%FM&!%01.,#%2%!%#!H%.#!E%2*%1'!XXS]WSPPX!g[-%!4'(+Z+2K!%#!.*1N!
RT! (%#! H%.#! E%2*%1'! S]TQWXYYQcN! "&! *%#.2+K&! 2'&! #'! *%0-%#1'! %&! #.! >)/! XRQWSPPR3! (%! Y! (%!
C-&+'3!.#%F.!%#!L,'F.('!(%#!"01.('![-%!%&!%#!&-%D'!"01.1-1'!#.0!Z-&2+'&%0!(%!#.!:%&%*.#+1.1!&'!
[-%(.&!#+4+1.(.0!.#!2.45'!(%!#.!.21+D+(.(!(%!5'#+28.3!5-%0!%&!%#!.*1N!XTQ!0%!+&2#-G%!-&!(+0%6'!
2'45%1%&2+.#! 4?0! .45#+'! [-%! %#! (%#+4+1.('! 5'*! %#! .&1%*+'*! "01.1-1'3! +&2#-G%&('! %&1*%! #.0!
2'45%1%&2+.0!(%!#.!:%&%*.#+1.1!g.5.*1.('!]c!#.0!Z-&2+'&%0!%C%2-1+D.0![-%!#%!.1*+,-G.!%#!"01.('N!
"01%!M#1+4'!5*%2%51'!&'!@.!0+('!2-%01+'&.('!5'*!#'0!(%4.&(.&1%03!5'*!#'![-%!&'!0%!.#2.&=.*8.!
!
]SX
.!2'45*%&(%*![-%3!.(4+1+<&('0%!#.!.1*+,-2+K&!(%!Z.2-#1.(%0!%C%2-1+D.0!%&!4.1%*+.!(%!0%F-*+(.(!
5M,#+2.3!0%!+45-F&%!-&.!2'45%1%&2+.!%C%2-1+D.!2'&2*%1.!(%!2'&1%&+('!4?0!4'(%01'!G!2'&!-&!
2+%*1'! 2'45'&%&1%! '*F.&+=.1+D'! [-%! 5.*%2%! (%C.*! .! 0.#D'! #.0! (%4?0! Z-&2+'&%0! %C%2-1+D.0!
.1*+,-+(.0!.!#'0!K*F.&'0!%01.1.#%0!5'*!#.0!&'*4.0!.(4+&+01*.1+D.0!.&1%0!2+1.(.03!%&1*%!%##.0!#.!
Z-&2+K&! (%! 5*'5-%01.! (%! #.! E+*%22+K&! :%&%*.#! (%! #.! $'#+28.3! 0+&! 5%*C-+2+'! (%! #.! 5%*4.&%&1%!
5*%0%&2+.!(%!#.0!Z-%*=.0!G!2-%*5'0!(%!0%F-*+(.(!%&!%#!(%0.**'##'!(%!#.0!Z-&2+'&%0!5*+D.(.0!(%!
0%F-*+(.(3!2'4'!*%0.#1.,.!#.!U%G!S]WXYYS3!(%!]P!(%!C-#+'3!(%!0%F-*+(.(!5*+D.(.N!
!
^+&.#4%&1%! 0%! (%01.2.! [-%! #.! 2'45%1%&2+.! (%! .-1'*+=.2+K&! [-%! 0%! +45-F&.! G.! @.,8.!
%&2'&1*.('!@.28.!1+%45'!#.!5*%D+0+K&!(%!0-!%C%*2+2+'!5'*!#.0!/'4-&+(.(%0!L-1K&'4.0! %&! #.!
(+05'0+2+K&! .(+2+'&.#! 2-.*1.! (%! #.! 2+1.(.! U%G! (%! 0%F-*+(.(! 5*+D.(.3! G! .-&[-%! <01.! &'! 2'&1K!
2'4'!5.*?4%1*'!(%!#.!2'&1*'D%*0+.!2'&01+1-2+'&.#!.!#.![-%!0%!@.!.#-(+('3!&'!5'(*8.!(%C.*!(%!
0%6.#.*0%![-%!#.0!2'45%1%&2+.0!.0-4+(.0!%&!%01.!4.1%*+.!5'*!%#!"01.1-1'!0'&!5*?21+2.4%&1%!#.0!
4+04.0! [-%! #.0! [-%! G.! 0%! 2'&1%45#.,.&! %&! .[-<##.! 2'4'! (%! 5'0+,#%! .1*+,-2+K&! .! #.!
:%&%*.#+1.1N! "&! 2-.#[-+%*! 2.0'3! @.,+(.! 2-%&1.! (%! #.! 2'45%1%&2+.! [-%! %#! .*1N! XQYNXNSY! /"!
*%0%*D.!.#!"01.('3!5.*.!#.!%Z%21+D.!.0-&2+K&!2'45%1%&2+.#!%&!4.1%*+.!(%!0%F-*+(.(!5M,#+2.!5'*!
5.*1%!(%!#.0!/'4-&+(.(%0!L-1K&'4.0!0%*8.!5.#4.*+.!#.!%\+F%&2+.!(%!#.!(',#%!2'&(+2+'&.#+(.(!
.!#.![-%!0%!.#-(8.!.#!1*.1.*!(%#!$'(%*!;-(+2+.#3!5'*!#'![-%!2.,*8.!%&1%&(%*![-%!#.!2'45%1%&2+.!
.-1'*+=.1'*+.! .! [-%! 0%! *%Z+%*%! %#! .*182-#'! 0K#'! 1%&(*?! %Z%21+D+(.(! 5#%&.! 2-.&('3! .(%4?0! (%! #.!
@.,+#+1.2+K&! %01.1-1.*+.3! 0%! 2-45#.! %#! 2'&(+2+'&.4+%&1'! (%! [-%! .08! 0%! 5*%D%.! %&! -&.! #%G!
'*F?&+2.N!
!
2c! $.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! #.! 0%F-*+(.(! 5*+D.(.! &'! %0! -&.! 4.1%*+.!
4%&2+'&.(.! %&! %#! .*1N! XQYNX! /"3! 5'*! #'! [-%! 5-%(%! 0%*! .0-4+(.! 5'*! #.0! /'4-&+(.(%0!
L-1K&'4.0N! f! %&! %#! 2.0'! 0%! 1*.1.! (%! -&.! 2'45%1%&2+.! %C%2-1+D.! .0-4+(.! 4%(+.&1%! #.!
*%Z%*%&2+.! %\5#82+1.! .! 2-.1*'! 0-,4.1%*+.0! G! &'! 2'&! 2.*?21%*! F%&%*.#N! E%! %01.0! 0-,4.1%*+.0! 0%!
(+02-1%! #.! .-1'*+=.2+K&! (%! 2%&1*'0! (%! Z'*4.2+K&! (%#! 5%*0'&.#! (%! 0%F-*+(.(! %&! /.1.#-6.3!
Z-&2+K&! 4-G! 2'&2*%1.! G! 2-G'! %C%*2+2+'! %0! (%! 2.*?21%*! *%F#.('3! .#! 2'**%05'&(%*! .#! "01.('! %#!
%01.,#%2+4+%&1'! (%! #.0! &'*4.0! G! 2'&(+2+'&%0! .#! *%05%21'N! L(%4?0! 0-! 2'&%\+K&! 2'&! #.!
5*'1%22+K&! (%! 5%*0'&.0! G! ,+%&%0! %0! +&(+*%21.! '! #%C.&.3! (%! 4.&%*.! [-%! #.! .-1'*+=.2+K&! &'!
5%*C-(+2.*8.!.!#.!2'45%1%&2+.!.1*+,-+(.!.#!"01.('!ex!.*1N!XQYNXNSY!/"N!
!
$'*!'1*.!5.*1%!+&0+01%!%#!:',+%*&'!2.1.#?&!%&![-%!#.!#%F+0#.2+K&!'*(+&.*+.!&'!5-%(%!0%*!
2.&'&!(%!2'&01+1-2+'&.#+(.(!(%#!"01.1-1'3!G!4%&'0!.M&!%#!%D%&1-.#!(%0.**'##'!*%F#.4%&1.*+'!(%!
!
]SS
%0.!#%F+0#.2+K&N!/'&0%2-%&1%4%&1%!%#!.*1N!XT]!2c!&'!5'(*8.!%&C-+2+.*0%!2'&!#.!5%*05%21+D.!(%!#.!
U%G!S]WXYYS3!(%!0%F-*+(.(!5*+D.(.3!&+!(%!#.!V*(%&!7+&+01%*+.#!(%!_!(%!C-#+'!(%!XYYRN!f!%##'!
.-&!.!5%0.*!(%![-%!%01.0!&'*4.0!Z-%*.&!(%2#.*.(.0!2'&Z'*4%0!2'&!#.!/'&01+1-2+K&!5'*!#.!>)/!
XRQWSPPR3! @.,+(.! 2-%&1.! (%! [-%! #.! ratio decidendi! (%! <01.! Z-%! [-%! %0.0! .21-.2+'&%0!
.(4+&+01*.1+D.0!&'!2'&01+1-G%&!.21+D+(.(!5*'5+.4%&1%!5'#+2+.#3!&+!.21-.2+'&%0!.(4+&+01*.1+D.0!
+&@%*%&1%0! .! #'! 5'#+2+.#N! "&! 2'&0%2-%&2+.! 0%*8.! 2'&01+1-2+'&.#4%&1%! 2'**%21'! 2'&1%45#.*#.0!
2'4'! .#F'! (+01+&1'! (%! #.! 0%F-*+(.(! 5M,#+2.3! .-&[-%! *%#.2+'&.(.0! 2'&! %##'3! 2'4'! @.*8.! %#!
5*%2%51'!+45-F&.('N!
!
(c!"#!$.*#.4%&1'!(%!/.1.#-6.!0'01+%&%![-%!#.!4.1%*+.!`0%F-*+(.(!5*+D.(.a!&'!.5.*%2%!
*%0%*D.(.!.#!"01.('!%&!%#!.*1N!XQYNX!/"3!2'&!#'!2-.#!5-%(%!0%*!.0-4+(.!5'*!#.0!/'4-&+(.(%0!
L-1K&'4.0! 4%(+.&1%! #'0! *%05%21+D'0! "01.1-1'0N! "#! 5*%2%51'! %&! 2-%01+K&! .1*+,-+*8.! -&.!
2'45%1%&2+.! (%! 2.*?21%*! %C%2-1+D'3! 2'4'! %0! #.! .-1'*+=.2+K&! (%! #'0! 2%&1*'0! (%! Z'*4.2+K&! (%#!
5%*0'&.#!(%!0%F-*+(.(!5*+D.(.3![-%!(%,%*?!(%0.**'##.*0%!(%!.2-%*('!2'&!#'0!2*+1%*+'0![-%!Z+C%!%#!
"01.('!*%05%21'!.!#.0!2.*.21%*801+2.0!G!2'&(+2+'&%0![-%!(%,.&!2-45#+*!(+2@'0!2%&1*'0N!^*%&1%!.!
%##'3!&'!2.,*8.!.(-2+*!#'!(+05-%01'!%&!-&.!&'*4.!*%F#.4%&1.*+.!%01.1.#!g>)/!SPQWSPPS3!(%!]X!
(%!'21-,*%3!^;!RcN!
!
>+!.#F-&.!2'&%\+K&!1+%&%!1.#!Z-&2+K&!.-1'*+=.1'*+.!2'&!#.!0%F-*+(.(!5M,#+2.!!2'&1+&M.!
%#!%02*+1'!(%!.#%F.2+'&%0!!(%,%!*%2'*(.*0%![-%!%&!%01%!?4,+1'!#.!:%&%*.#+1.1!(+05'&%!(%!-&.!
5'#+28.!5*'5+.3!2*%.(.!G.!.#!.45.*'!(%#!"01.1-1'!(%!XY_Y3!2'&!#'![-%3!0+!%0!2'45%1%&1%!5.*.!
5#.&+Z+2.*!G!*%F-#.*!%#!0+01%4.!(%!0%F-*+(.(!5M,#+2.!(%!/.1.#-6.!G!'*(%&.*!#.0!5'#+28.0!#'2.#%03!
4?0!#'!@.!(%!0%*!5.*.!5'(%*!.-1'*+=.*!2%&1*'0!(%!Z'*4.2+K&!(%#!5%*0'&.#!(%!0%F-*+(.(!5*+D.(.3!
%&!%C%2-2+K&!(%!#.!#%F+0#.2+K&!(%#!"01.('N!
!
YTN! .c! "#! .*182-#'! XTT! g>%*D+2+'0! 0'2+.#%03! D'#-&1.*+.('3! 4%&'*%0! G! 5*'4'2+K&! (%! #.0!
Z.4+#+.0c! %0! +45-F&.('! %&! 0-! .5.*1.('! X3! #%1*.! .c in fine3! [-%! *%2'&'2%! .! #.! :%&%*.#+1.1! #.!
2'45%1%&2+.!%\2#-0+D.!%&!4.1%*+.!(%!0%*D+2+'0!0'2+.#%03!2'&!+&2#-0+K&3!`%&!1'('!2.0'3!lpm!l(%!
#.!m!*%F-#.2+K&!G!#.!'*(%&.2+K&!(%!#.!.21+D+(.(!(%!0%*D+2+'0!0'2+.#%03!#.0!5*%01.2+'&%0!1<2&+2.0!G!
#.0!5*%01.2+'&%0!%2'&K4+2.0!2'&!Z+&.#+(.(!.0+01%&2+.#!'!2'45#%4%&1.*+.0!(%!'1*'0!0+01%4.0!(%!
5*%D+0+K&! 5M,#+2.aN! E.('0! #'0! 1<*4+&'0! (%#! .*1N! XQYNXNSP! /"! #'0! *%2-**%&1%0! .(4+1%&! #.!
2'45%1%&2+.!%\2#-0+D.!(%!#.!/'4-&+(.(!L-1K&'4.!%&!4.1%*+.!(%!0%*D+2+'0!0'2+.#%03!5'*!4?0!
[-%3!5-%01'!%&!*%#.2+K&!2'&!%#!.*1N!XXP!(%#!"01.1-1'3!G.!+45-F&.('!g.&1%2%(%&1%!RSc3!%01%!.*1N!
XTT!5*'(-2+*8.!%Z%21'0![-%!(+Z82+#4%&1%!0%!.2'4'(.&!.!#.!C-*+05*-(%&2+.3![-%!.(4+1%!%&!F*.&!
!
]S]
4%(+(.!+&1%*D%&2+'&%0!(%#!"01.('!g>>)/!XQTWXYOT3!(%!SR!(%!&'D+%4,*%3!^;!Re!G!X]WXYYS3!(%!
T! (%! Z%,*%*'3! [-%! (%4'01*.*8.! [-%! %&! %01%! 0%21'*! (%,%! (%05#%F.*! 0-0! %Z%21'0! 2'&! 0+&F-#.*!
+&1%&0+(.(!%#!.*1N!XQYNXNX!/"cN!L(%4?0!(%!%&!%#!*%5*'2@%!F%&%*.#!.!#.!1<2&+2.!(%#!.*1N!XXP!(%#!
"01.1-1'! %01%! .5.*1.('! X! .c! (%#! .*1N! XTT! +&2-**+*8.! 1.4,+<&! %&! -&! %\2%0'3! 5-%03! .#! +&2#-+*! #.!
*%F-#.2+K&! G! #.! '*(%&.2+K&! (%! #.0! 5*%01.2+'&%0! `2'45#%4%&1.*+.0! (%! '1*'0! 0+01%4.0! (%!
5*%D+0+K&!5M,#+2.a3!%#!"01.1-1'!.0-4+*8.!%#!5.5%#!(%!+&1<*5*%1%!(%!#.!/'&01+1-2+K&N!b&1<*5*%1%3!
.(%4?03!5'2'!Z+%#3!5-%0!#.!>)/!S]YWSPPS3!(%!XX!(%!(+2+%4,*%3!*'(%K!(%!#84+1%0!G!2.-1%#.0!#.!
2'45%1%&2+.!(%!#.0!/'4-&+(.(%0!L-1K&'4.0!5.*.!%01.,#%2%*!-&.!5*%01.2+K&!2'45#%4%&1.*+.!
(%!#.0!(%!#.!>%F-*+(.(!>'2+.#N!U84+1%0!G!2.-1%#.0![-%!%#!5*%2%51'!*%2-**+('!(%02'&'2%*8.!5'*!
2'45#%1'N! >%! 2'&0.F*.3! %&! (%Z+&+1+D.3! 5.*.! #'0! *%2-**%&1%03! -&.! 2'45%1%&2+.! .-1'&K4+2.!
%\2#-0+D.! 5.*.! %01.,#%2%*! #+,*%4%&1%! 5*%01.2+'&%0! 2'45#%4%&1.*+.0! (%! #.! >%F-*+(.(! >'2+.#e!
4?0! .M&3! 0%! (+01+&F-%! %&1*%! `5*%01.2+'&%0! %2'&K4+2.0! 2'&! Z+&.#+(.(! .0+01%&2+.#a! G!
`5*%01.2+'&%0! 2'45#%4%&1.*+.0! (%! '1*'0! 0+01%4.0! (%! 5*%D+0+K&! 5M,#+2.a! g>%F-*+(.(! >'2+.#c3!
2'&! #'! [-%! 0%! (%0,'*(.*8.! 5'*! 2'45#%1'! %#! ?4,+1'! (%! #.! .0+01%&2+.! 0'2+.#! 5.*.! %&1*.*! %&! %#!
5*'1'185+2'! (%! #.! >%F-*+(.(! >'2+.#3! .-&[-%! 0%.! 2'&! 5*%01.2+'&%0! 2'45#%4%&1.*+.0! [-%3! .!
(+Z%*%&2+.! (%! #'! *%0-%#1'! %&! %#! 2.0'! (%! #.! >)/! S]YWSPPS3! (%! XX! (%! (+2+%4,*%3! G.! &'!
&%2%0+1.*8.&!5.*1+*!(%!-&.!0+1-.2+K&!(%!&%2%0+(.(3!#'![-%!5'(*8.!##%D.*!.![-%!#.0!/'4-&+(.(%0!
L-1K&'4.0!%#%D.*.&!.!0-!.&1'C'!#.0!5*%01.2+'&%0!48&+4.0!F.*.&1+=.(.0!%&!1'(.!"05.6.!5'*!#.!
>%F-*+(.(!>'2+.#N!"&!1'('!2.0'3!2'&2#-G%&!#'0!.21'*%03!0%*8.!2#.*'![-%!%#!5*%2%51'!%0!2'&1*.*+'!
.#!.*1N!XQYNXNX_!/"N!
!
"#! .5.*1.('! S! .1*+,-G%! .! #.! :%&%*.#+1.1! #.! 2'45%1%&2+.! %\2#-0+D.! %&! 4.1%*+.! (%!
D'#-&1.*+.('3!.45.*?&('0%!5.*.!%##'!%&!#.!+(%.!(%![-%!%#!0+#%&2+'!(%#!.*1N!XQYNX!/"!0',*%!%#!
5.*1+2-#.*! 5%*4+1%! #.! .0-&2+K&! .-1'&K4+2.! (%!%0.! 2'45%1%&2+.! 5'*! #.! D8.! (%#! .*1N! XQYN]! /"N!
$.*.! #'0! *%2-**%&1%03! 0+&! %4,.*F'3! %#! D'#-&1.*+.('! &'! 5-%(%! 2'&D%*1+*0%! %&! -&.! 4.1%*+.!
.-1K&'4.!.!%Z%21'0!2'45%1%&2+.#%03!0+&'![-%!%0!4?0!,+%&!-&.!Z.2%1.!(%&1*'!(%!#.0!4.1%*+.0!%&!
#.0! [-%! %&! 2.(.! 2.0'! 0%! +&2.*(+&.3! 2'4'! 0%! (%05*%&(%! (%! #.! U%G! TWXYYT3! *%F-#.('*.! (%#!
D'#-&1.*+.('!0'2+.#3!0+%&('!(%!2+1.*!%#!2.0'3!5'*!%C%45#'3!(%!#.!2''5%*.2+K&!5.*.!%#!(%0.**'##'N!
"&! #.! 4%(+(.! %&! [-%! %#! 5*%2%51'! *%2-**+('! %\2#-G%! 5'*! 2'45#%1'! 1'(.! 2'45%1%&2+.! %01.1.#!
0%*8.!2'&1*.*+'!.#!.*1N!XQYNX!/"N!
!
$'*!M#1+4'3!%#!.5.*1.('!]!2'&Z+%*%!.!#.!:%&%*.#+1.1!#.!2'45%1%&2+.!%\2#-0+D.!%&!4.1%*+.!
(%!5*'1%22+K&!(%!4%&'*%0!l#%1*.!.cm3!2'&2*%1?&('0%!#'0!.05%21'0!%05%28Z+2'0!(%!#.!4.1%*+.!2'&!
%#!*%5%1+('!5*'5K0+1'!(%!`,#+&(.*a!%0.!2'45%1%&2+.3!5%*'!0+&!%\2#-+*!#'0!(%4?0N!h&.!D%=!4?0!
!
]SQ
0%*8.&! 1.&! +&2'&01+1-2+'&.#%0! %0.0! 2'&2*%2+'&%0! 2'4'! #.! 5*'5+.! (%2#.*.2+K&! F%&<*+2.! (%!
2'45%1%&2+.N! f! %#! +&1%&1'! (%! 2'&D%*1+*! %&! -&.! 4.1%*+.! &-%D.! #'! [-%! 0'&! 5.*1%0! (%! 4.1%*+.0!
2'&1%45#.(.0! %&! %#! .*1N! XQYNX! /"! *%0-#1.*8.! %&! %01%! 2.0'! %05%2+.#4%&1%! 2*+1+2.,#%3! 5-%0! #.!
5*'1%22+K&! (%! 4%&'*%0! %0! -&! 4.&(.1'! 2'&01+1-2+'&.#! g.*1N! ]Y! /"c! [-%! D+&2-#.! .! #'0! 5'(%*%0!
5M,#+2'0! %&! %#! %C%*2+2+'! (%! 0-0! *%05%21+D.0! 2'45%1%&2+.0! G! %&! %#! [-%! @.G! -&.! %05%2+.#!
D+&2-#.2+K&!.!#'0!.2-%*('0!+&1%*&.2+'&.#%0N!"#!"01.('!1%&(*8.3!.083!*%#%D.&1%0!2'45%1%&2+.0!%&!
%01.!4.1%*+.d!.*1N!OX!/"!G!.*1N!XQYNXNX3!S3!R3!T!G!O!/"N!$'*!'1*'!#.('!#.!#%1*.!,c!(%!%01%!.5.*1.('!
]!+45'&%!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!%&!`#.!%#.,'*.2+K&!G!#.!*%Z'*4.!(%!#.!#%F+0#.2+K&!
5%&.#! G! 5*'2%0.#! [-%! +&2+(.! %&! #.0! 2'45%1%&2+.0! (%! 4%&'*%0a3! #'! [-%3! .-&! 0+&! *%4+0+K&! .#!
181-#'!A!(%#!"01.1-1'3!+&2-**+*8.!%&!#.0!4+04.0!2.-0.0!(%!+&2'&01+1-2+'&.#+(.(![-%!0%!*.='&.&!.#!
+45-F&.*!%0%!2'&2*%1'!181-#'!%01.1-1.*+'N!
!
,c! "&! *%#.2+K&! 2'&! #.! #%1*.! .c! (%#! .5.*1.('! X! %&1+%&(%! %#! L,'F.('! (%#! "01.('! [-%! #.!
(%4.&(.! 2*+1+2.! %#! 2'&1%&+('! (%! #.! >)/! S]YWSPPS3! (%! XX! (%! &'D+%4,*%N! L! C-+2+'! (%#!
*%5*%0%&1.&1%!(%#!:',+%*&'!(%,%*8.&!5*%D.#%2%*!#'0!2*+1%*+'0!%01.,#%2+('0!%&!(+2@.!*%0'#-2+K&N!
).45'2'!2'&0+(%*.!.2%51.,#%!%#!5#.&1%.4+%&1'!(%!#.!(%4.&(.3!#+4+1.('*!(%!#.0!2'45%1%&2+.0!
.-1'&K4+2.0! .#! ?4,+1'! 5-*.4%&1%! .0+01%&2+.#3! *%2'*(?&('0%! [-%! %#! ^;! R! (%! #.! *%Z%*+(.!
>%&1%&2+.3!.#!%\.4+&.*!#'0!?4,+1'0!4.1%*+.#%0!(%#!.*1N!QX!/"3!(%01.2.,.!#.!5*%D+0+K&!(%!'1*.0!
5*%01.2+'&%0!2'45#%4%&1.*+.0!(%!2.*?21%*!#+,*%!G!@.28.!*%Z%*%&2+.!.!#.!&%2%0+(.(!(%!1%&%*!%&!
2-%&1.! #.0! 2'45%1%&2+.0! [-%! *%05%21+D.4%&1%! 2'**%05'&(%&! .#! "01.('! G! .! #.0! /'4-&+(.(%0!
L-1K&'4.0!5.*.!%#!*%5.*1'!(%!2'45%1%&2+.0!1.&1'!%&!%#!0%&'!(%#!0+01%4.!(%!#.!0%F-*+(.(!0'2+.#!
2'4'! %&! #'0! 0%F4%&1'0! (%! 5*'1%22+K&! 0'2+.#!&'!+&2#-+('0!%&!%#!4+04'N!f!(%!#'!%\5-%01'! 0%!
(%(-2%!%&!%#!%02*+1'!(%!.#%F.2+'&%0!#.!5#%&.!2'&Z'*4+(.(!(%#!%&-&2+.('!(%#!5*%2%51'!(+02-1+('!
.!#.!('21*+&.!(%!#.!>)/!S]YWSPPS3!(%!XX!(%!&'D+%4,*%N!
!
"&!2-.&1'!.#!.5.*1.('!S!&'!.#2.&=.!.!D%*!%#!L,'F.('!(%#!"01.('!%#!*+%0F'!(%!2'#+0+'&%0!
.![-%!.5-&1.&!#'0!(%4.&(.&1%03!5-%0!0%*8.!2#.*'![-%!#.!2'45%1%&2+.!5.*.!*%F-#.*!#'0!5-&1'0!(%!
2'&%\+K&! (%! #.0! &'*4.0! 2'**%05'&(%! .#! "01.('3! G! %#! "01.1-1'3! 2'4'! &'*4.! %01.1.#3! 5'(*8.!
@.,%*!(%0%45%6.('!1.#!5.5%#N!>+&!%4,.*F'3!.#!%01.*!%#!&M2#%'!(%!#.!2'45%1%&2+.!5%&(+%&1%!(%!
-&!(%0.**'##'!&'*4.1+D'3![-%!.Z%21.!2'&01+1-1+D.4%&1%!.#!5*'5+'!2'&2%51'!(%!#.!.21+D+(.(![-%!
#'!+&1%F*.3!0%*8.!,.01.&1%!#KF+2'![-%!0%!@.G.!(%C.('!5%&(+%&1%!#.!5'0+,#%!Z+C.2+K&!(%!5-&1'0!(%!
2'&%\+K&! @.01.! #.! 4?0! 5*%2+0.! 2'&2*%2+K&! (%! 0-0! 5*%0-5-%01'0N! "&1*%! 1.&1'! %01.*?! D+F%&1%! #.!
*%F-#.2+K&!.21-.#3!G!@.,*?![-%!2'&1.*!2'&!#.!U%G!(%#!D'#-&1.*+.('N!
!
!
]SR
$'*! #'! [-%! 0%! *%Z+%*%! .! #.! 0%F-&(.! ',C%2+K&! (+*+F+(.! Z*%&1%! .! %01%! .5.*1.('! 0%! .Z+*4.!
[-%3!0%FM&!%#!.*1N!SNS!(%!#.!U%G!(%#!D'#-&1.*+.('3!#.!2'45%1%&2+.!%01.1.#!0%!(%05#+%F.3!.(%4?0!
(%! 5'*! *.=K&! (%! 0-! 5*'G%22+K&! '! .#2.&2%! 1%**+1'*+.#3! 2-.&('! #'0! D'#-&1.*+'0! '! 0-0!
'*F.&+=.2+'&%0!5.*1+2+5%&!%&!5*'F*.4.0![-%!(%0.**'##%&!.21+D+(.(%0!(%!2'45%1%&2+.!%\2#-0+D.!
%01.1.#N!f!%01.0!*%F#.0!0%*8.&!(%!.5#+2.2+K&!.#!2.0'3!5'*!#'![-%![-%(.*8.!(%02.#+Z+2.(.3!1.&1'!#.!
',C%2+K&! .! #.! 5'0+,+#+(.(! 4+04.! (%! +&01+1-+*! 5'*! D8.! %01.1-1.*+.! -&.! 2'45%1%&2+.! 0',*%! %01.!
4.1%*+.3!2'4'!#.!0-5'0+2+K&!(%!-&.!2'45%1%&2+.!.-1'&K4+2.!+#+4+1.(.N!
!
^+&.#4%&1%3!G!*%05%21'!(%#!.5.*1.('!]3!%#!L,'F.('!(%#!"01.('!C-=F.!2.*%&1%!(%!0%&1+('!
#.! 2'&1*.5'0+2+K&! 5*%1%&(+(.! %&1*%! #.! .22+K&! 0',*%! +&01+1-2+'&%0! 5M,#+2.0! 5*'1%21'*.0! (%! #'0!
4%&'*%0!G!#.!.22+K&!0',*%!#'0!4%&'*%0!.!1*.D<0!(%!+&01+1-2+'&%0!5M,#+2.0N!U.0!(+Z%*%&2+.0!(%!
*%(.22+K&! &'! 2'&(-2+*8.&! .! *%2'&'2%*! %&! &+&F-&.! (%! %01.0! %\5*%0+'&%0! -&! 4.G'*! .#2.&2%!
2'45%1%&2+.#! [-%! %#! %01.,#%2+('! %&! #.! '1*.e! 1.&1'! #.! 2'45%1%&2+.! (%! [-%! 1*.1.! %#! .&1+F-'! .*1N!
YNSO! 2'4'! #.! *%Z#%C.(.! %&! %#! 5*%2%51'! +45-F&.('!0%! 2'&2*%1.*8.&! %&! -&.! Z-&2+K&! 5*'1%21'*.!
0',*%!#'0!4%&'*%03!G!<01.!0%!(%0%&D-%#D%!.!1*.D<0!(%!+&01+1-2+'&%0!'!4%2.&+04'0!5*'1%21'*%0N!
"01'!%03!%#!2'&1%&+('!G!Z+&.#+(.(!0'&!#'0!4+04'0N!E%!'1*'!#.('!&'!0%!',0%*D.*8.![-%!%&!%#!1%\1'!
+45-F&.('! %01<&! 2'&1*.(+2@.0! #.0! 2'45%1%&2+.0! %01.1.#%0! 0',*%! #%F+0#.2+K&! 2+D+#3! 5*'2%0.#3!
5%&+1%&2+.*+.! G! (%! *%F-#.2+K&! (%! (%*%2@'0! Z-&(.4%&1.#%03! '! [-%! (%! 0-! *%F-#.2+K&! 5-(+%*.!
+&Z%*+*0%!-&!+&2'45.1+,#%!%C%*2+2+'!%&1*%!%##.0!G!#.0!5*%D+01.0!%&!%#!5*%2%51'!%01.1-1.*+'N!n01%!0%!
#+4+1.*8.!.!5*%D%*!#.!*%F-#.2+K&!(%#!*<F+4%&!(%!5*'1%22+K&!G!(%!#.0!+&01+1-2+'&%0!5M,#+2.0!G!(%!
5*'1%22+K&! (%! 4%&'*%0! (%0.45.*.('0! %&! 0+1-.2+K&! (%! *+%0F'! G! (%! #'0! 4%&'*%0! +&Z*.21'*%03!
*%05%1.&('! %&! %01%! M#1+4'! 2.0'! #.! #%F+0#.2+K&! 5%&.#N! "01.! M#1+4.! *%0%*D.3! %&! ,-%&.! 1<2&+2.!
C-*8(+2.3!*%0-#1.,.!+&&%2%0.*+.3!G!.2.0'!5'*!%##'!#.!5.*1%!(%4.&(.&1%!@.G.!%&1%&(+('![-%!#'!&'!
%\2#-+('! %\5*%0.4%&1%! [-%(.,.! +&2#-+('! %&! %#! 2'&2%51'! (%! 2'45%1%&2+.! %\2#-0+D.! [-%!
%&2.,%=.! %#! .5.*1.('N! "##'! &'! 0%*8.! .083! 5-%0! #.0! 2'45%1%&2+.0! 2'&01+1-2+'&.#%03! G.! 0%!
.1*+,-G.&! .#! "01.('! '! #.0! /'4-&+(.(%0! L-1K&'4.03! &'! (%5%&(%&! (%! 0.#D%(.(%03! 0+&'! (%! 0-!
D%*(.(%*.!5*%D+0+K&!2'&01+1-2+'&.#N!
!
k'! 2'45.*1%! %#! L,'F.('! (%#! "01.('! #.! ',C%2+K&! (+*+F+(.! 2'&1*.! #.! #%1*.! ,c! (%! %01%!
4+04'!.5.*1.('3!.!4%&'0![-%!0%![-+0+%*.!.1*+,-+*!.!#.!5.*1+2+5.2+K&!-&.!%Z+2.2+.!2'&(+2+'&.&1%!
(%#!%C%*2+2+'!4+04'!(%!#.!2'45%1%&2+.!5.*1+2+5.(.N!"01'!0+F&+Z+2.*8.!#.!&%F.2+K&!4+04.!(%!#.!
2'45%1%&2+.3! [-%! 2'&2%51-.#4%&1%! *%2#.4.! -&! %#%4%&1'! (%! +&(+D+(-.#+=.2+K&N! >+&! %4,.*F'!
(%#!1%\1'!&'!0%!5'(*8.!+&Z%*+*!1.#!2'&0%2-%&2+.3!G.![-%!5.*1+2+5.*!&'!%0!'1*.!2'0.![-%!+&1%*D%&+*!
%&! -&! .0-&1'3! 0+&! [-%! #.! +&1%*D%&2+K&! +45#+[-%! 5'*! 08! 4+04.! #.! 1'4.! (%! (%2+0+'&%0N! "&! 1.#!
!
]ST
0%&1+('! %#! 5*%2%51'! 0%! #+4+1.*8.! .! +&01.-*.*! -&! 4%2.&+04'! (%! 2'#.,'*.2+K&! (%! 0-4.! -1+#+(.(!
5.*.!%#+4+&.*!#.0!(+01'*0+'&%0![-%!5-%(.!F%&%*.*!#.!&'!(%0%.,#%!(%02'&%\+K&!%&1*%!%&1+(.(%0!
2-G.0! 2'45%1%&2+.0! 0%! %&1*%2*-=.&! +&%D+1.,#%4%&1%N! $'*! '1*.! 5.*1%! %#! 5*%2%51'! &'! *%Z#%C.*8.!
-&.! 2'45%1%&2+.! (%! 5.*1+2+5.2+K&! -&+D%*0.#! %&! 1'('! #'! [-%! (+*%21.! '! +&(+*%21.4%&1%! 5-%(.!
2'&2%*&+*! .! #'0! 4%&'*%0! (%0(%! %#! 5-&1'! (%! D+01.! (%! #.0! 2'45%1%&2+.0! %01.1.#%03! 0+&'! [-%! #.!
#+4+1.*8.!.!.[-%##'0!.05%21'0!%&!#'0![-%!#.!&'*4.2+K&!(%#!"01.('!5-%(.!.Z%21.*!(+*%21.4%&1%!.!
#.!2'&Z+F-*.2+K&!,?0+2.!(%!+&01+1-2+'&%0!'!4%2.&+04'0!0+&F-#.*%0!(%!5*'1%22+K&!+&01+1-+('0!5'*!
#.! /'4-&+(.(! L-1K&'4.! %&! D+*1-(! (%! 0-0! 5*'5+.0! 2'45%1%&2+.03! (%! 0-%*1%! [-%! #.! &'*4.!
(%,%*8.![-%(.*!+&02*+1.!%&!%#!4.*2'!(%!#.!#%.#1.(!+&01+1-2+'&.#3![-%!C-01+Z+2.!%3!+&2#-0'3!+45'&%!
(%,%*%0!(%!2'#.,'*.2+K&!5.*.!#.!4%C'*!0.1+0Z.22+K&!(%!#'0!+&1%*%0%0!F%&%*.#%0N!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!.Z+*4.![-%!%#!.*1N!XTTNX!.c!0%!0+1M.!4.1%*+.#4%&1%!%&!#.!
K*,+1.! (%! #.! .0+01%&2+.! 0'2+.#! G! 0%*D+2+'0! 0'2+.#%03! 5'*! #'! [-%! &'! @.,*8.! (-(.! (%! [-%! #.0!
5*%01.2+'&%0! %2'&K4+2.0! 2'45#%4%&1.*+.0! (%,%*?&! *%05'&(%*! .! %01.0! Z+&.#+(.(%0N! E%! #'!
2'&1*.*+'! 0%! @.,*8.&! +&0%*1.('! %&! %#! .*1N! XTRN! ).45'2'! 5'(*8.! .2%51.*0%! #.! +45-F&.2+K&!
5*%D%&1+D.![-%!.&1+2+5.!-&.!5'0+,#%!(%0D+.2+K&!%&!%#!%C%*2+2+'!(%!#.!2'45%1%&2+.N!
!
$'*!#'![-%!0%!*%Z+%*%!.!#.!+45-F&.2+K&!(%#!.*1N!XTTNS3!%0!2.#+Z+2.('!(%!.*1+Z+2+'0'![-%!0%!
*%5-1%! +#%F81+4.! #.! 2'&0+(%*.2+K&! 2'4'! %\2#-0+D.! (%! #.! 2'45%1%&2+.! .-1'&K4+2.! 0',*%!
D'#-&1.*+.('!5'*!0%*!+&01*-4%&1.#!G3!5.*.#%#.4%&1%3!0%!5*%1%&(.!0+1-.*#.!(%!4.&%*.!+&(%Z+&+(.!
%&!.#F-&'!(%!#'0!]S!5?**.Z'0!(%#!.*1N!XQYNX!/"N!$'*!'1*'!#.('!#.!0+45#%!.5#+2.2+K&!(%#!#84+1%!
1%**+1'*+.#!5*%D+01'!%&!%#!.*1N!XXR!(%#!"01.1-1'!5%*4+1+*8.!*%0'#D%*!#.0!2-%01+'&%0![-%!0%!*%Z+%*%&!
.!#.!(+4%&0+K&!5#-*+.-1'&K4+2.!(%#!D'#-&1.*+.('N!
!
L#%F.! %#! "C%2-1+D'! 2.1.#?&! [-%! 0%! .2@.2.! .#! .*1N! XTTN]! .c! #.! 2'&Z+F-*.2+K&! (%! -&.!
4.1%*+.! &-%D.3! #.! 5*'1%22+K&! (%! 4%&'*%03! 0+&! +&2#-+*! %\5*%0'! *%2'&'2+4+%&1'! (%! #.!
2'45%1%&2+.!%01.1.#!0',*%!#%F+0#.2+K&!2+D+#3!5%&.#!G!5%&+1%&2+.*+.3!2'4'!0-2%(8.!%&!%#!.*1N!YNSO!
(%#!"01.1-1'!(%!XY_YN!^*%&1%!.!#.!+&1%*5*%1.2+K&![-%!@.2%&!#'0!*%2-**%&1%0!(%!#.!U%G!V*F?&+2.!
XWXYYT!0'01+%&%!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!#.0!&'*4.0!(%#!E%*%2@'!2+D+#!%01.1.#!2%(%&!
.&1%! #.0! &'*4.0! (%#! E%*%2@'! 2+D+#! 5*'5+'! (%! #.0! /'4-&+(.(%0! L-1K&'4.0! 2'45%1%&1%0N!
$*'Z-&(+=.&('! %&! %01.! (+02*%5.&2+.! 0%! .5-&1.! [-%! %#! 5.&'*.4.! &'! %0! %#! (%02*+1'! %&! #.!
(%4.&(.3! 0+&'! 4-2@80+4'! 4?0! 4.1+=.('! 5'*! 1*.1.*0%! (%! -&! ?4,+1'! %&! ('&(%! %#! #%F+0#.('*!
.-1'&K4+2'!@.!D%&+('!.21-.&('!.#!.45.*'!(%#!"01.1-1'!(%!XY_Y!gU%G!]_WXYYX3!(%!4%(+(.0!(%!
5*'1%22+K&! 5.*.! 4%&'*%0! (%0.45.*.('0! G! (%! #.! +&Z.&2+.3! 4'(+Z+2.(.! 5'*! #.! U%G! OWXYYR3! (%!
!
]S_
.1%&2+K&! G! 5*'1%22+K&! (%! #'0! &+6'0! G! .('#%02%&1%0cN! "&! 4.1%*+.! (%! 4%&'*%0! @.,*8.! [-%!
(+01+&F-+*3!5'*!-&!#.('3!#.0!4%(+(.0!(%!2.*?21%*!5*'2%0.#3!5%&.#3!5%&+1%&2+.*+'3!G3!%&!0-!2.0'3!
2+D+#3! '*+%&1.(.0! .! #.! 5*'1%22+K&! C-*8(+2.! (%! #'0! 4%&'*%03! [-%! %0! #.! (%&'4+&.2+K&! (%! #.! U%G!
V*F?&+2.! XWXYYT3! G3! 5'*! '1*'3! #.! 5*'1%22+K&! (%! #'0! 4%&'*%0! 2'4'! *<F+4%&! (%! #.! .21-.2+K&!
.(4+&+01*.1+D.!.#!*%05%21'3![-%!%0!.!#'![-%!0%!*%Z%*+*8.!%#!.*1N!XTTN]!(%#!"01.1-1'N!"&!%#!5*+4%*!
2.45'!2'&D%*F%&!(+D%*0'0!181-#'0!%01.1.#%0!G!.-1'&K4+2'03!4+%&1*.0![-%!%&!%#!0%F-&('!5-%(%!
.0+F&.*0%!5#%&.4%&1%!#.!2'45%1%&2+.!.!#.!:%&%*.#+1.1N!
!
"#! .*1N! XTTN]! ,c! *%Z#%C.! -&.! &-%D.! %&-&2+.2+K&! (%#! 5*+&2+5+'! (%! 5.*1+2+5.2+K&N! U.!
.21-.#+=.2+K&!'!2'&2*%2+K&!(%!%01.!5*%D+0+K&!(%!5.*1+2+5.2+K&!%&!#.!%#.,'*.2+K&!#%F+0#.1+D.![-%!
+&2+(.!%&!#.0!2'45%1%&2+.0!(%!4%&'*%0!(%5%&(%!(%!#'![-%!%01.,#%=2.&!#'0!K*F.&'0!%01.1.#%03!
5'*!#'![-%!&'!2.,*8.!(-(.*!(%!#.!2'&01+1-2+'&.#+(.(!(%#!5*%2%51'N!
!
(c!$.*.!.,'*(.*!#.!2'&01+1-2+'&.#+(.(!(%#!.*1N!XTTNX!.c!#.!*%5*%0%&1.2+K&!(%#!$.*#.4%&1'!
(%! /.1.#-6.! 2'4+%&=.! 5'*! (%Z+&+*! #.! 4.1%*+.! %&! 2-%01+K&N! U'0! 0%*D+2+'0! 0'2+.#%0! .5.*%2%&!
2'4'!-&.!5*%01.2+K&!5M,#+2.!(+Z%*%&2+.(.!(%#!0+01%4.!(%!>%F-*+(.(!>'2+.#3!%#!2-.#3!.(%4?0!(%!
#.0! 5*%01.2+'&%0! %2'&K4+2.0! G! 0.&+1.*+.03! .0-4+*8.! 1.4,+<&! (%1%*4+&.('0! 0%*D+2+'0! 0'2+.#%0!
g>)/! _TWXYOT3! (%! Y! (%! C-&+'3! ^;! _cN! f! #.! >)/! S]YWSPPS3! (%! XX! (%! (+2+%4,*%3! (%2#.*K! #.!
2'&Z'*4+(.(! (%! %01%! 1+5'! (%! 5%&0+'&%03! (.('! 0-! %&4.*[-%! %&! #.! 2'45%1%&2+.! %&! 4.1%*+.! (%!
.0+01%&2+.!0'2+.#!(%#!.*1N!XQONXNSP!/"N!
!
$'*! '1*'! #.('! (%! &+&FM&! 5*%2%51'! 2'&01+1-2+'&.#! 0%! (%*+D.*8.! [-%! #.0! M&+2.0!
5*%01.2+'&%0! [-%! #.0! /'4-&+(.(%0! L-1K&'4.0! 5-%(.&! %01.,#%2%*! 1%&F.&! [-%! 0%*! (%! 2.*?21%*!
.0+01%&2+.#3!&'!5-(+%&('!%\+01+*!'1*.0!5*%01.2+'&%0!2'45#%4%&1.*+.0![-%!1.4,+<&!0%!+&2#-+*8.&!
(%&1*'! (%#! 181-#'! 2'45%1%&2+.#! .-1'&K4+2'! (%! 0%*D+2+'0! 0'2+.#%0N! U.0! 5*%01.2+'&%0!
2'45#%4%&1.*+.0! (%! '1*'0! 0+01%4.0! (%! 5*%D+0+K&! 5M,#+2.! &'! 5'(*8.&! %&2-.(*.*0%! (%! 4'('!
.-1'4?1+2'!%&!%#!?4,+1'!(%!#.!>%F-*+(.(!>'2+.#3!5-%0!5-%(%&!G3!%&!%#!2.0'![-%!&'0!'2-5.3!(%!
.2-%*('! 2'&! 0-! -,+2.2+K&! 0+01%4?1+2.! %&! %#! .*182-#'! *%Z%*+('! .! #'0! 0%*D+2+'0! 0'2+.#%03! (%,%&!
*%05'&(%*!.!#.0!Z+&.#+(.(%0!5*'5+.0!(%!#'0!4+04'0N!
!
"&! 2-.&1'! .#! .5.*1.('! S! (%#! .*1N! XTT! 0%! 0%6.#.! [-%! (+2@'! 5*%2%51'! .0-4%3!
+45#82+1.4%&1%3! [-%! #.! .1*+,-2+K&! (%#! D'#-&1.*+.('! 2'4'! 2'45%1%&2+.! %\2#-0+D.! (%! #.!
:%&%*.#+1.1! 1%&(*?! %#! #84+1%! 1%**+1'*+.#! 5*%D+01'! %&! %#! .*182-#'! XXR! (%#! "01.1-1'3! G! [-%! 1.#!
.21+D+(.(! *%2.%*?! %&! #.0! 2'45%1%&2+.0! *%2'&'2+(.0! .! #.! :%&%*.#+1.1! 5'*! #.! 5*'5+.! &'*4.!
!
]SO
%01.1-1.*+.N! "0! (%2+*! #.! .21+D+(.(! (%! D'#-&1.*+.('! [-%! 0%*?! *%F-#.(.! 2'4'! 2'45%1%&2+.!
%\2#-0+D.!(%!#.!:%&%*.#+1.1!0%*?!.[-<##.![-%!0%!*%.#+2%!(%&1*'!(%#!?4,+1'!2'45%1%&2+.#! (%! #.!
:%&%*.#+1.1!(%!/.1.#-6.!G!%&!0-!1%**+1'*+'N!
!
$'*! #'! [-%! @.2%! .#! .5.*1.('! ]! (%#! .*1N! XTT! .#%F.! #.! /?4.*.! [-%! #.! .1*+,-2+K&!
2'45%1%&2+.#!(%!#.!*%F-#.2+K&!(%#!*<F+4%&!(%!#.!5*'1%22+K&!G!(%!#.0!+&01+1-2+'&%0!5M,#+2.0!(%!
5*'1%22+K&! G! 1-1%#.! (%! #'0! 4%&'*%0! (%0.45.*.('0! %&! 0+1-.2+K&! (%! *+%0F'! G! (%! #'0! 4%&'*%0!
+&Z*.21'*%0! &'! +45#+2.*8.! -&! (%0.**'##'! (%! #'0! (%*%2@'0! Z-&(.4%&1.#%0! (%! #'0! 4%&'*%0N!
>-2%(%*8.! 1.4,+<&! [-%! #'0! 2'&2*%1'0! 5*%2%51'0! [-%! %#! #%F+0#.('*! %01.1.#3! %&! -&! 4.*2'!
2'45%1%&2+.#! .&1%*+'*3! @.G.! (+21.('! %&! (%0.**'##'! (%! '1*'0! 181-#'0! 2'45%1%&2+.#%03! 5%*'! [-%!
0+01%4?1+2.4%&1%!0%!%&2-%&1*%&!%&!-&.!U%G!(%!5*'1%22+K&!(%#!4%&'*3!&'!5'(*8.&!Z-&(.4%&1.*!
#.!1.2@.!(%!+&2'&01+1-2+'&.#+(.(!(%#!2'&1%&+('!.21-.#!(%#!.*1N!XTTN]!+45-F&.('N!
!
U.! 5.*1+2+5.2+K&! 5*%D+01.! %&! #.! #%1*.! ,c! (%#! .*1N! XTTN]! &'! 2'&(+2+'&.3! .! C-+2+'! (%#!
$.*#.4%&1'3!#.!1'4.!(%!(%2+0+'&%0!(%#!1+1-#.*!(%!#.!2'45%1%&2+.3!#-%F'!&'!2.,*8.!(-(.!(%!0-!
2'&01+1-2+'&.#+(.(3!G!1.#!5.*1+2+5.2+K&!0%!2+*2-&02*+,%!.!#.0!&'*4.0![-%!+&2+(.&!%&!#.0!5*'5+.0!
2'45%1%&2+.0!(%!#.!/'4-&+(.(!L-1K&'4.N!
!
Y_N!.c!"#!.*182-#'!XTY!g)*.&05'*1%0c!%0!*%2-**+('!%&!0-0!.5.*1.('0!S!G!]N!"#!5*+4%*'!(%!
%##'0! (+05'&%! [-%! `#.! +&1%F*.2+K&! (%! #8&%.0! '! 0%*D+2+'0! (%! 1*.&05'*1%! [-%! 1*.&02-**.&!
8&1%F*.4%&1%!5'*!/.1.#-6.!%&!#8&%.0!'!0%*D+2+'0!(%!?4,+1'!0-5%*+'*!*%[-+%*%!%#!+&Z'*4%!5*%D+'!
(%!#.!:%&%*.#+1.1ae!%#!'1*'!.5.*1.('3!5'*!0-!#.('3!.0%F-*.!.!#.!:%&%*.#+1.1!0-!5.*1+2+5.2+K&!`%&!
%#! %01.,#%2+4+%&1'! (%! #'0! 0%*D+2+'0! Z%**'D+.*+'0! [-%! F.*.&1+2%&! #.! 2'4-&+2.2+K&! 2'&! '1*.0!
/'4-&+(.(%0! L-1K&'4.0! '! 2'&! %#! 1*?&0+1'! +&1%*&.2+'&.#! (%! .2-%*('! 2'&! #'! 5*%D+01'! %&! %#!
)81-#'! AaN! $'*! 1*.1.*0%! %&! .4,'0! 2.0'0! (%! 1*.&05'*1%0! (%! 2'45%1%&2+.! %\2#-0+D.! (%#! "01.('!
g.*1N! XQYNXNSX! /"c! .4,.0! 5*%D+0+'&%0! 0-5'&(*8.&! -&.! +&1%*Z%*%&2+.! 2.*%&1%! (%! *%05.#('!
2'&01+1-2+'&.#N!
!
,c!L#%F.!%#!L,'F.('!(%#!"01.('![-%!#.!1<2&+2.!(%!#'0!+&Z'*4%0!5*%D+'0!.#!%C%*2+2+'!(%!
2'45%1%&2+.0! .C%&.0! @.! 0+('! -&.! 2-%01+K&! %\.4+&.(.! %&! (+D%*0.0! >%&1%&2+.0! (%#! )*+,-&.#!
/'&01+1-2+'&.#N! h&.! #%21-*.! 5*%2+5+1.(.! (%! %01.! ('21*+&.! 5'(*8.! +&(-2+*! .! 5%&0.*! [-%! %&! %#!
5*%0%&1%!2.0'!'2-**%!%#!4+04'!0-5-%01'!(%2#.*.('!+&2'&01+1-2+'&.#!%&!#.!>)/!XXOWXYYT3!(%!S_!
(%! C-&+'3! ^;! SS3! .-&[-%! %&! 0%&1+('! +&D%*0'! .#! .##8! 2'&0+(%*.('d! #.! /'4-&+(.(! L-1K&'4.!
%01.*8.! +45'&+%&('! #.! %\+F%&2+.! (%! +&Z'*4.*! 5*%D+.4%&1%! %&! #.0! ',*.0! G! 0%*D+2+'0! (%! #.!
!
]SY
2'45%1%&2+.!%\2#-0+D.!(%#!"01.('N!>+&!%4,.*F'!@.,*8.![-%!2'&0+(%*.*!('0!.05%21'0![-%!##%D.&!
.! #.! 2'&2#-0+K&! 2'&1*.*+.N! "&! 5*+4%*! #-F.*3! &'! &'0! %&2'&1*.*8.4'0! .&1%! -&.! +&D.0+K&!
2'45%1%&2+.#!(%*+D.(.!(%!-&.!&'*4.!-&+#.1%*.#4%&1%!(+21.(.!5'*!#.!:%&%*.#+1.13!0+&'! (%! -&.!
&'*4.! %01.1.#! [-%! +&01+1-G%! -&! 4%2.&+04'! (%! 2'#.,'*.2+K&! %&! -&! 5*'2%(+4+%&1'! 5*'5+'N! "&!
0%F-&('! #-F.*3! (%,%*8.! .1%&(%*0%! .! #.! 5*'5+.! 0+&F-#.*+(.(! (%#! 0-5-%01'! 0',*%! %#! [-%! 0%!
5*'G%21.! #.! 5*%D+0+K&d! %#! "01.('3! 2'45%1%&1%! %&! .[-%##.0! #8&%.0! (%! 1*.&05'*1%! ##.4.(.0! .!
(+02-**+*! 5'*! D.*+.0! /'4-&+(.(%0! (%2+(%! ',1%&%*! %#! +&Z'*4%! 5*%D+'! (%! #.! :%&%*.#+1.13! &'! %&!
1'('!2.0'!G!2+*2-&01.&2+.3!0+&'!%&!-&!0-5-%01'!5.*1+2-#.*!(%!+&1%F*.2+K&!(%!-&.!#8&%.!#'2.#3![-%!
(+02-**%!5'*!-&.!0'#.!/'4-&+(.(3!%&!-&.!#8&%.!0-5*.2'4-&+1.*+.N!"01.!0+&F-#.*+(.(!0%*8.!4-G!
*%#%D.&1%! %&! 2-.&1'! -&.! 4'(+Z+2.2+K&! Z80+2.! D.! .! 5*'D'2.*! +&2#-0'! #.! 0-01+1-2+K&! (%! #.!
1+1-#.*+(.(!(%!#.!2'45%1%&2+.N!"0!(%2+*3!%#!+&Z'*4%!.Z%21.*8.!+&1%&0.4%&1%!.!-&.!2'45%1%&2+.!
[-%!0%!1+%&%!G![-%!*%0-#1.*?!4'(+Z+2.(.!%&!0-!5*'5+.!%0%&2+.!5'*!#.!4-1.2+K&!Z80+2.![-%!0+*D%!
1.4,+<&! 2'4'! 2*+1%*+'! (%Z+&+('*! (%! 0-! 1+1-#.*+(.(N! "&! %01%! 0%&1+('! 0%! .#%F.! [-%! #.!
C-*+05*-(%&2+.!2'&01+1-2+'&.#!@.!0%6.#.('!g>)/!QPWXYYO3!(%!XY!(%!Z%,*%*'c!#.!2'&D%&+%&2+.!'!
+&2#-0'! #.! &%2%0+(.(! (%! [-%! %&! 2.0'0! (%! 2'&Z#-%&2+.! +&1%&0.! (%! 2'45%1%&2+.0! 0%! .*1+2-#%&!
4%2.&+04'0!(%!2'#.,'*.2+K&3!G!0%6.#.(.4%&1%!5'*!#.!1<2&+2.!(%!#'0!+&Z'*4%0!5*%D+'0!
!
2c!L#%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!%#!+&Z'*4%!5*%D+'!&'!D+&2-#.&1%!5*%D+01'!%&!
%#!.*1N!XTYNS!&'!0%!+&0%*1.!%&!-&!5*'2%(+4+%&1'!5.*.!%#!%01.,#%2+4+%&1'!(%!-&!&-%D'!0%*D+2+'!(%!
?4,+1'! 5#-*+.-1'&K4+2'3! 0+&'! 5.*.! #.! +&1%F*.2+K&! (%! -&'! G.! %\+01%&1%! %&! '1*'! (%! ?4,+1'!
0-5%*+'*3!5.0?&('0%!(%!#.!1+1-#.*+(.(!.-1'&K4+2.!.!#.!%01.1.#N!U.!1*.0#.2+K&!(%!#.!2'45%1%&2+.!
C-01+Z+2.!#.!+&1%*D%&2+K&!(%!#.!+&01.&2+.!@.01.!%&1'&2%0!1+1-#.*N!L(%4?0!(+2@.!+&1%*D%&2+K&!&'!
',01.2-#+=.*8.! &+! 2'&(+2+'&.*8.! #.0! 2'45%1%&2+.0! %01.1.#%03! 0+%&('! (%! *%2'*(.*! [-%! #.! >)/!
XXOWXYYT3! (%! S_! (%! C-&+'3! (%2#.*K! 2'&1*.*+'! .#! '*(%&! 2'45%1%&2+.#! [-%! %#! "01.('! 5-(+%*.!
+45'&%*! -&+#.1%*.#4%&1%! #.! +&1%F*.2+K&! %&! -&! 0+01%4.! -&+Z+2.('! (%! 1*.&05'*1%! (%! .[-%##.0!
#8&%.0! G! 0%*D+2+'0! [-%! (+02-**%&! 8&1%F*.! G! %\2#-0+D.4%&1%! 5'*! 1%**+1'*+'! .-1'&K4+2'3! #'! [-%!
C-01+Z+2.*8.!4?0!0+!2.,%!%#!+&Z'*4%!5*%D+01'N!
!
"#!.*1N!XTYN]3!2'&2#-G%!%#!"C%2-1+D'!.-1'&K4+2'3!%&-&2+.!&-%D.4%&1%!%#!5*+&2+5+'!(%!
5.*1+2+5.2+K&3! 2-G.! 2'&2*%2+K&! G! '5%*.1+D+(.(! [-%(.! %&! 4.&'0! (%! #.! L(4+&+01*.2+K&! %01.1.#N!
>%! 1*.1.! (%! #.! 2'#.,'*.2+K&! [-%! 5%*4+1.! %\5*%0.*! #.0! &%2%0+(.(%0! .-1'&K4+2.0! %&! %#!
Z-&2+'&.4+%&1'!+&1%F*.#!(%#!0+01%4.N!
!
!
]]P
(c!"#!$.*#.4%&1'!(%!/.1.#-6.!.#%F.![-%!%#!.5.*1.('!S!(%#!.*1N!XTY!5*%D<!-&!1*?4+1%!(%!
2'&0-#1.3! ',#+F.1'*+'3! [-%! %&! &.(.! 5%*C-(+2.! .! #.! 2'45%1%&2+.! %01.1.#! %C%*2+(.! G! [-%! .5.*%2%!
5#%&.4%&1%!C-01+Z+2.('!5'*[-%!#.!(%2+0+K&!.!#.![-%!0%!*%Z+%*%3!%\2#-0+D.4%&1%!%01.1.#3!0-5'&%!
-&.!1*.0#.2+K&!(%!Z.2-#1.(%0!.-1'&K4+2.0!.#!?4,+1'!%01.1.#N!
!
U.!5.*1+2+5.2+K&!5*%D+01.!%&!%#!.5.*1.('!]3!5'*!0-!#.('3!0%!5*'(-2+*?!.!1*.D<0!(%!.#F-&'!
(%!#'0!4%2.&+04'0!(%!2'#.,'*.2+K&!2'&1%45#.('0!%&!%#!181-#'!A3!5'*!#'!1.&1'3!.!2'&2*%1.*!%&!
-&!4'4%&1'!5'01%*+'*!%&!%#!4.*2'!(%!#.0!*%#.2+'&%0!(%!2'#.,'*.2+K&3!&%2%0.*+.0!G!*%F-#.(.0!
%&!%#!4+04'!"01.1-1'N!k+!0%!(%1*.%*8.!5.*1%!.#F-&.!.!-&.!2'45%1%&2+.!%\2#-0+D.!%01.1.#3!&+!0%!
',01.2-#+=.*8.!'!5%*C-(+2.*8.!0-!%C%*2+2+'3!%01.&('!C-01+Z+2.(.!#.!5*%D+0+K&!%&!#.!+&2+(%&2+.![-%!
5-%(.&! 1%&%*! #.0! (%2+0+'&%0! .! #.0! [-%! 0%! *%Z+%*%! %#! .5.*1.('! 0',*%! 2'45%1%&2+.0! (%! #.!
:%&%*.#+1.1N!
!
YON!.c!E%#!.*182-#'!X_P!g)*.,.C'!G!*%#.2+'&%0!#.,'*.#%0c!0'*5*%&(%!.!#'0!*%2-**%&1%0![-%!
@.G.!0-01+1-+('!#.!4.1%*+.!`#.,'*.#a!g.*1N!XQYNXN_!/"c!5'*!#.!(%!`1*.,.C'!G!*%#.2+'&%0!#.,'*.#%0a!
2-.&('! #.! C-*+05*-(%&2+.! @.! +('! #+4+1.&('! .[-%#! 1<*4+&'! .! #.! *%#.2+K&! #.,'*.#3! 0+&! +&2#-+*!
2-.#[-+%*!*%Z%*%&2+.!.#!4-&('!(%#!1*.,.C'!g>>)/!]RWXYOS3!(%!XQ!(%!C-&+'e!]YWXYOS3!(%!]P!(%!
C-&+'e!RWXYOR3!(%!S]!(%!%&%*'e!]TPWXYY]3!(%!]!(%!(+2+%4,*%e!G!XYRWXYYT3!(%!SO!(%!&'D+%4,*%cN!
H%2'&'2%&! #'0! (%4.&(.&1%0! [-%3! %&! F%&%*.#3! %#! 5*%2%51'3! .+0#.(.4%&1%! 2'&0+(%*.('3! 5.*%2%!
.2'4'(.*0%! .! #.! /'&01+1-2+K&3! 5%*'! #'0! 5*',#%4.0! D%&(*8.&! (%! 0-! *%#.2+K&! 2'&! %#! .*1N! XXS! G!
2'&! %#! 181-#'! A3! .4,'0! (%#! "01.1-1'N! >+&! %4,.*F'3! .#! 4%&'0! %&! -&.! '2.0+K&3! %#! 5*%2%51'!
*%2'&'2%! .! #.! :%&%*.#+1.1! 2'45%1%&2+.0! (%! `*%F-#.2+K&a3! #'! [-%! 0-5'&(*8.! -&.!
+&2'&01+1-2+'&.#+(.(!%05%28Z+2.e!.08!0-2%(%*8.!2'&!#.!#%1*.!(c!(%#!.5.*1.('!X!g*%F-#.2+K&!(%!#.0!
.F%&2+.0!(%!2'#'2.2+K&!2'&!0%(%!%&!/.1.#-6.c3!2'&1*.*+'!5'*!%##'!.#!.*1N!XQYNXN_!/"e!G!1.4,+<&!
2'&!#.!#%1*.!+c!(%!%0%!4+04'!.5.*1.('!X!g(%1%*4+&.2+K&!(%!#'0!0%*D+2+'0!48&+4'0!(%!#.0!@-%#F.0!
[-%!1%&F.&!#-F.*!%&!/.1.#-6.c3!0+%&('!(%!*%2'*(.*!#.!('21*+&.!%01.,#%2+(.!%&!#.!>)/!S]]WXYY_3!
(%!XO!(%!(+2+%4,*%N!$'*!M#1+4'!%#!.5.*1.('!S!(%!%01%!.*1N!X_P!5*%D<!#.!.(02*+52+K&!'*F?&+2.!G!
Z-&2+'&.#! .! #.! :%&%*.#+1.1! (%! #'0! Z-&2+'&.*+'0! (%! #'0! 2-%*5'0! [-%! ##%D%&! .! 2.,'! #.! Z-&2+K&!
5M,#+2.!+&05%21'*.N!L#!*%05%21'!0%!.#%F.3!%&!5*+4%*!#-F.*3![-%!#.0!1.*%.0!(%!(+2@'0!Z-&2+'&.*+'0!
0+F-%&!2'**%05'&(+%&('!%&!,-%&.!5.*1%!.#!"01.('3!0%FM&!#'!(+05-%01'!%&!#.!#%F+0#.2+K&!#.,'*.#e!
G3!%&!0%F-&('!1<*4+&'3![-%!#.!.(02*+52+K&!(%3!%&1*%!'1*'03!#'0!+&05%21'*%0!(%!1*.,.C'!1%*4+&.*8.!
2'&! #.! -&+(.(! (%#! /-%*5'! &.2+'&.#! (%! +&05%22+K&3! [-%! F.*.&1+=.! #.! +F-.#(.(! ,?0+2.! (%! #.0!
2'&(+2+'&%0! (%! 1*.,.C'N! >%! (.&! 5'*! *%5*'(-2+(.0! %&! %01%! 5-&1'! #.0! *.='&%0! .5'*1.(.0! %&!
!
]]X
(%Z%&0.!(%!#.!&%2%0+(.(!(%!4.&1%&%*!#.!-&+(.(!(%!#'0!/-%*5'0!(%!*%F+01*.('*%0!G!&'1.*+'0!.#!
+45-F&.*!%#!.*1N!XQ_NX!.c!(%#!"01.1-1'!l.&1%2%(%&1%!OS!.cmN!
!
,c!k'!0%!%&1+%&(%!,+%&!5'*!#.!*%5*%0%&1.2+K&!%01.1.#!%#!5*'5K0+1'![-%!F-8.!#.!2+1.!5'*!#'0!
*%2-**%&1%0! (%! #.! (+01+&2+K&! %&1*%! #'0! 2'&2%51'0! (%! `*%#.2+'&%0! #.,'*.#%0a! G! `1*.,.C'a3!
%Z%21+D.4%&1%! *%2'&'2+(.! %&! #.! C-*+05*-(%&2+.! 2'&01+1-2+'&.#! [-%! 0%! *%0%6.! %&! #.! (%4.&(.3!
5-%01'! [-%3! 2+*2-&02*+1.! #.! 2'45%1%&2+.! &'*4.1+D.! (%#! "01.('! .! #.0! *%#.2+'&%0! #.,'*.#%03! G!
%&1%&(+(.!(+2@.!%\5*%0+K&!2'4'!#.![-%!+&1%F*.!%#!2'&1%&+('!(%!#'0!(%*%2@'0!G!',#+F.2+'&%0!(%#!
2'&1*.1'!(%!1*.,.C'!5'*!2-%&1.!.C%&.3![-%(.*8.&!4.1%*+.0!.#!4.*F%&!(%!1.#!?4,+1'!2'45%1%&2+.#!
(%! 5'0+,#%! .0-&2+K&! 5'*! #.0! /'4-&+(.(%0! L-1K&'4.0N! "#! )*+,-&.#! /'&01+1-2+'&.#! @.!
2'&2*%1.('! #.! 2'45%1%&2+.! %01.1.#! %&! 1<*4+&'0! 4?0! %01*+21'0! (%! #'0! [-%! 5.*.! #.! 5*'5+.! 5.*1%!
(%4.&(.&1%! +&1%F*.! #.! &'2+K&! (%! `1*.,.C'aN! >%! .#%F.3! .0+4+04'3! [-%! #.! (%4.&(.! 5#.&1%.! #.0!
4.G'*%0!',C%2+'&%0!5'*!#.!*%#.2+K&!(%#!5*%2%51'!2'&!%#!.*1N!XXS!G!2'&!%#!181-#'!A3!5'*!#'![-%!
D-%#D%!.!0%*!-&.!+45-F&.2+K&!5'*!*%4+0+K&3!G3!5'*!%##'3!&'!(%!1%\1'03!2'4'!%\+F%!#.!&.1-*.#%=.!
%05%28Z+2.!(%!%01%!5*'2%0'3!0+&'!(%!4%2.&+04'0!.5#+2.1+D'0!(%!#.0!&'*4.0N!
!
L#! 5#.&1%.4+%&1'! (+*+F+('! 2'&1*.! #.! #%1*.! (c! (%#! .5.*1.('! X! 0%! #%! '5'&%! #.! 4+04.!
(+01+&2+K&!(%![-%!5.*1%!#.!(%4.&(.!%&!#.!+&1*'(-22+K&!*%05%21'!(%#!5*%2%51'3!5-%0!@.,*8.![-%!
%\.4+&.*!0+!2'**%05'&(%!#.!4.1%*+.!.!#.0!*%#.2+'&%0!#.,'*.#%0!'!%03!4?0!,+%&3!%\5*%0+K&!(%!-&.!
.22+K&!5'#81+2.!5*'5+.!%&!-&!0%21'*!5*%('4+&.&1%4%&1%!.(4+&+01*.1+D'!(%!5'0+,#%!.0-&2+K&!5'*!
#.0! /'4-&+(.(%0! L-1K&'4.03! 2'4'! 5.*%2%! %&1%&(%*! %#! .*1NX! (%! #.! U%G! RTWSPP]3! (%! XT! (%!
(+2+%4,*%3!(%#![-%!0%!5'(*8.!(%(-2+*![-%!#.0!'Z+2+&.0!(%!%45#%'3!2'4'!+&01*-4%&1'0!(%!-&.!
5'#81+2.! (%! Z'4%&1'3! *%,.0.&! %#! 4.*2'! %01*+21'! (%! #.0! *%#.2+'&%0! #.,'*.#%0! 5.*.! +&1%F*.*0%! %&!
-&.! .22+K&! 2'&C-&1.! (%#! "01.('! G! #.0! /'4-&+(.(%0! L-1K&'4.03! 1.#! 2'4'! %\5#+2.! %#! 5*'5+'!
5*%?4,-#'!(%!#.!*%Z%*+(.!U%GN!^+&.#4%&1%!0%!2'&0+(%*.!+&C-01+Z+2.(.!#.!',C%2+K&!(%!#.!(%4.&(.!
0',*%!%#!5-&1'!(%!2'&%\+K&!-1+#+=.('!5.*.!(+0%6.*!#.!2'45%1%&2+.3!(.('![-%!#'![-%!2'&Z+F-*.!
2'4'!2'45%1%&2+.!%0!%#!2'&1*'#!(%!#.0!%&1+(.(%0N!
!
$'*! #'! [-%! 0%! *%Z+%*%! .! #.! #%1*.! +c! (%#! 4+04'! .5.*1.('3! %#! *%5*%0%&1.&1%! (%#! :',+%*&'!
2'&0+(%*.! [-%! %#! 0+F&+Z+2.('! (%#! 5*%2%51'! (%,%! %&1%&(%*0%! *%05%21'! (%! .[-%##'0! 0%*D+2+'0!
48&+4'0![-%!0%!#+4+1%&!.#!1%**+1'*+'!(%!/.1.#-6.3!1.#!2'4'!*%0-#1.!(%#!.*1N!XXRN!$'*!'1*'!#.('3!G!
*%05%21'! (%#! 2.0'! (%! 0%*D+2+'0! %01.1.#%03! @.,*8.! (%! *%2'&'2%*0%! [-%! #.! Z+C.2+K&! (%! 0%*D+2+'0!
48&+4'0!(%,%!2'**%05'&(%*!.![-+%&!1+%&%!#.!*%05'&0.,+#+(.(!(%#!0%*D+2+'3![-%!%0![-+%&!4%C'*!
5-%(%!.5*%2+.*!0-!2.*?21%*!%0%&2+.#!G!#'0!48&+4'0![-%!0%.!&%2%0.*+'!.1%&(%*N!>',*%!<#!*%2.%!#.!
!
]]S
*%05'&0.,+#+(.(!5'#81+2.!(%#!0%*D+2+'!G!1.4,+<&!#.!*%05'&0.,+#+(.(!(%!#.!5*+D.2+K&!(%#!(%*%2@'!
(%!@-%#F.!.!#'0!1*.,.C.('*%03!G!%01.!2'&%\+K&!%05%28Z+2.!(%!*%05'&0.,+#+(.(%0!.![-%!0%!*%Z+%*%!
#.!>)/!S]]WXYY_3!(%!XO!(%!(+2+%4,*%3!@.*8.!5%&0.*![-%!&'!@.!0+('!5*'5K0+1'!(%#!"01.1-1'!%#!
.1*+,-+*! .! #.! :%&%*.#+1.1! #.! 2'45%1%&2+.! (%! Z+C.2+K&! (%! 0%*D+2+'0! 48&+4'0! %&! 2.0'! (%! @-%#F.!
2-.&('!0%!1*.1%!(%!0%*D+2+'0!%01.1.#%0N!
!
"&! 2-.&1'! .#! .5.*1.('! S! 0%! 0'01+%&%! [-%! 0'&! 2'0.0! (+01+&1.03! G! &'! 0%! +&1%*Z+%*%&3! #.!
-&+(.(! (%#! 2-%*5'3! 2'&(+2+'&%0! (%! .22%0'3! 0%#%22+K&3! (%,%*%0! G! (%*%2@'03! G! #.! (%5%&(%&2+.!
'*F?&+2.! G! Z-&2+'&.#! 2'&2*%1.! (%! -&'0! 5-%01'0! (%! 1*.,.C'! (%*+D.(.0! (%! #.! 1+1-#.*+(.(! (%!
2'45%1%&2+.0!%C%2-1+D.0N!
!
2c! "#! :',+%*&'! (%! #.! :%&%*.#+1.1! &'! D%! &+&FM&! ',01?2-#'! 5.*.! .0+4+#.*! #.! %\5*%0+K&!
`*%F-#.2+K&a! .! `*%F#.4%&1.2+K&aN! L4<&! (%! %##'! #.! 5*'5+.! 0+F&+Z+2.2+K&! (%! #.0! 2'45%1%&2+.0!
2'4'!%C%2-1+D.03![-%!Z+F-*.!%&!%#!%&2.,%=.4+%&1'!(%#!.*1N!X_PNX3!%#+4+&.*8.!2-.#[-+%*!5'0+,#%!
0-05+2.2+.!.#!*%05%21'N!$'*!'1*'!#.('!#'0!.*F-4%&1'0!%45#%.('0!.!5.*1+*!(%!#.0!5*%D+0+'&%0!(%!
#%G%0!'*(+&.*+.0!g2'&2*%1.4%&1%3!U%G!RTWSPP]c!&'!0%*8.&!(%!*%2+,'!5.*.!2'&01*-+*!%#!2.&'&!(%!
%&C-+2+.4+%&1'!(%#!5*%2%51'N!^+&.#4%&1%3!G!0+&!5%*C-+2+'!(%!0%6.#.*![-%!&'!0%!.5'*1.&!*.='&%0!
5.*.!(%0D+*1-.*!%#!5-&1'!(%!2'&%\+K&!Z+C.('!5'*!%#!%01.1-G%&1%3!0%!+&(+2.![-%3!2'4'![-+%*.![-%!
#.!+&1%*D%&2+K&!.-1'&K4+2.!0%!5*'G%21.!5*%Z%*%&1%4%&1%!0',*%!#.!D%*1+%&1%!'*F.&+=.1+D.!(%!#.0!
.F%&2+.0!(%!2'#'2.2+K&3!&'!2.,*8.!(-(.!(%![-%!#.!0%(%!%0!%#!2*+1%*+'!4?0!.(%2-.('N!).#!@.,*8.!
@.!0+('!%#!5-&1'!(%!2'&%\+K&!(%Z+&+('!%&!%#!.*1N!XSP!(%#!"01.1-1'3!&'!+45-F&.('N!
!
k'! %0! 2+%*1'3! 5.*.! %#! :',+%*&'! 2.1.#?&3! [-%! %#! .*1N! X_PNX! +c! 5%*4+1.! (%02'&'2%*! %#!
%D%&1-.#! ?4,+1'! 0-5*..-1'&K4+2'! (%! #.0! @-%#F.0! '! [-%! #.! Z.#1.! (%! 4%&2+K&! (%! #.0!
2'45%1%&2+.0!%01.1.#%0!0%.!(%!5'*!08!4'1+D'!(%!+&2'&01+1-2+'&.#+(.(N!L!#.!D+01.!(%!#'!5*%D+01'!
%&!%#!.*1N!XXR!(%#!"01.1-1'!#.!.21-.2+K&!(%!#.!:%&%*.#+1.1!&-&2.!+&2-**+*?!%&!%\1*.1%**+1'*+.#+(.(3!
G!0%*?!%&!#.!Z.0%!(%!.5#+2.2+K&!2-.&('!(%,.!5*'2%(%*0%!.!#.0!4'(-#.2+'&%0![-%!2'**%05'&(.3!
0+&! [-%! %##'! 2'&##%D%! 5'*! .@'*.! #.! +&2'&01+1-2+'&.#+(.(! (%#! 5*%2%51'3! 5#.&1%.(.! .[-8! 2'&!
2.*?21%*!5*%D%&1+D'N!
!
U.!2'45%1%&2+.!%C%2-1+D.!0',*%!#.!Z-&2+K&!5M,#+2.!+&05%21'*.!.1*+,-+(.!.!#.!:%&%*.#+1.1!
5'*! %#! .*1N! X_PNS! &'! 1+%&%! 5'*! [-<! +45#+2.*3! .! C-+2+'! (%#! :',+%*&'! 2.1.#?&3! #.! *-51-*.! (%! -&!
2-%*5'! &.2+'&.#N! 9.01.*8.! 5%&0.*! %&! #'0! 2-%*5'0! ('2%&1%0! -&+D%*0+1.*+'03! [-%! (%5%&(%&!
'*F?&+2.!G!Z-&2+'&.#4%&1%!(%!#.0!(+01+&1.0!h&+D%*0+(.(%0N!L!%##'!0%!.6.(+*8.![-%!#.!.1*+,-2+K&!
!
]]]
.#! "01.('! (%! #.! #%F+0#.2+K&! #.,'*.#! &'! 2'&##%D.! &%2%0.*+.4%&1%! -&.! (%1%*4+&.(.! ZK*4-#.!
'*F.&+=.1+D'IZ-&2+'&.#3! G! [-%! #.! .5%#.2+K&! .! +&01*-4%&1'0! (%! 2''5%*.2+K&! %0! .(%2-.(.! %!
+&2#-0'!&%2%0.*+.!2-.&('!0%!(.&!0+1-.2+'&%0!(%!(',#%!*%#.2+K&3!2'4'!.[-8!0-2%(%*8.N!
!
(c! "&1+%&(%! %#! $.*#.4%&1'! 2.1.#?&! [-%! %&! #.! #%1*.! (c! (%#! .*1N! X_PNX! #.! %\5*%0+K&!
`*%F-#.2+K&a! %0! .0+4+#.,#%! .! `*%F#.4%&1.2+K&a3! 2'4'! (%4'01*.*8.! #.! 2.#+Z+2.2+K&! (%! #.!
2'45%1%&2+.! 2'4'! %C%2-1+D.N! "&! #.! '52+K&! (%! 0%6.#.*! #.! 0%(%! '! ('4+2+#+'! 2'4'! 5-&1'! (%!
2'&%\+K&!&'!@.,*8.!&+&F-&.!2'&1*.(+22+K&!2'&!#.0!&'*4.0!2'&01+1-2+'&.#%03!G!0%*8.!%#!2*+1%*+'!
4?0! .(%2-.('3! (.('! [-%! #.! +&1%*D%&2+K&! 0%! 5*'G%21.! 5*%Z%*%&1%4%&1%! 0',*%! #.! D%*1+%&1%!
'*F.&+=.1+D.!(%!#.0!.F%&2+.0!(%!2'#'2.2+K&N!
!
>',*%! #.! (%5%&(%&2+.! '*F?&+2.! G! Z-&2+'&.#! 5*%D+01.! %&! %#! .5.*1.('! S! (%#! .*1N! X_P! 0%!
0%6.#.! [-%! #.! .1*+,-2+K&! .#! "01.('! (%! #.! #%F+0#.2+K&! #.,'*.#! &'! 2'&##%D.! &%2%0.*+.4%&1%! -&.!
(%1%*4+&.(.! ZK*4-#.! '*F.&+=.1+D'IZ-&2+'&.#N! "&! 2-.#[-+%*! 2.0'! #.! .5%#.2+K&! .! #'0!
5*'2%(+4+%&1'0! (%! 2''5%*.2+K&! 0%*8.! 5%*Z%21.4%&1%! .(%2-.(.! %! +&2#-0'! &%2%0.*+.! 2-.&('! 0%!
(.&!0+1-.2+'&%0!(%!(',#%!*%#.2+K&N!>%.!2'4'!0%.!#.!0'#-2+K&!5*'5-%01.!%&!&.(.!2'&1*.(+*8.!.!#.!
/'&01+1-2+K&N!
!
YYN! .c! "#! .*182-#'! X_X! g)-*+04'c! .0%F-*.! #.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! %&! #'0!
K*F.&'0!(%!.(4+&+01*.2+K&!(%!$.*.('*%0!(%!)-*+04'!(%!"05.6.!l#%1*.!2c3!.5.*1.('!0%F-&('m!G!
0%*8.!+&2'&01+1-2+'&.#!5'*!2-.&1'!(+2@.!5.*1+2+5.2+K&!&'!5-%(%!C-01+Z+2.*0%!%&!-&.!5*%1%&(+(.!
2''*(+&.2+K&!(%!#'0!$.*.('*%0!(%!1+1-#.*+(.(!%01.1.#!2'&!#.!*%(!(%!%01.,#%2+4+%&1'0!1-*801+2'0!(%!
1+1-#.*+(.(! .-1'&K4+2.N! U.! 2''*(+&.2+K&3! %&! 1'('! 2.0'3! %0! 2'45%1%&2+.! %01.1.#! g.*1N! XQYNXNX]!
/"c!G!&'!5-%(%!0%*!+45-%01.!%01.1-1.*+.4%&1%N!$'*!#'!(%4?03!G!2'&1*.(+21'*+.4%&1%! 2'&! %0%!
5*%1%&(+('!Z+&!(%!2''*(+&.2+K&3!&'!0%!2'&1%45#.!#.!*%285*'2.!5.*1+2+5.2+K&!(%#!"01.('!%&!#'0!
K*F.&'0!(%!.(4+&+01*.2+K&!(%!#.!*%(!(%!%01.,#%2+4+%&1'0!1-*801+2'0!(%!#.!:%&%*.#+1.1N!
!
,c! /%&1*.(.! #.! +45-F&.2+K&! %&! %#! 0%F-&('! 5?**.Z'! (%! #.! #%1*.! 2c! 0%! 0%6.#.! 5'*! %#!
L,'F.('!(%#!"01.('![-%!#.!%\5*%0+K&!*%#.1+D.!.!-&.!#%G!%01.1.#!5*+D.!(%!*.8=!.!#.!+45-F&.2+K&3!
5-%0!%#!"01.1-1'!&'!@.2%!'1*.!2'0.![-%!5*%D%*!-&.!5'0+,+#+(.(!(%!Z-1-*'!%&!#'0!1<*4+&'0![-%!
%01.,#%=2.! %#! 1+1-#.*! (%! #'0! $.*.('*%0! k.2+'&.#%03! [-%! %0! %#! "01.('N! E%! '1*'! #.('! #.! 5*+4%*.!
',C%2+K&!(%!#.!(%4.&(.!&'!C-01+Z+2.*8.!'1*.!2'&%\+K&!%&1*%!%#!.*1N!XQYNXNX]!/"!G!%#!5*%2%51'!
%01.1-1.*+'! [-%! %#! 1<*4+&'! `2''*(+&.2+K&a! %45#%.('! %&! -&'! G! '1*'N! V,D+.4%&1%! 0'&! 2'0.0!
(+01+&1.0!#.!4'(%01.!2''*(+&.2+K&!(%!%01.,#%2+4+%&1'0!@'1%#%*'0!G!#.!2''*(+&.2+K&!F%&%*.#!(%!
!
]]Q
#.!5'#81+2.!%2'&K4+2.3![-%!,+%&!5-(+%*.!1%&%*!2'4'!+&01*-4%&1'!(%!.22+K&!#.!5'#81+2.!1-*801+2.3!
5%*'![-%!(-('0.4%&1%!5'(*8.!##%F.*!.#!&+D%#!(%!2''*(+&.*!-&'0!%01.,#%2+4+%&1'0!2'&2*%1'0!%&!
-&! %45#.=.4+%&1'! (%1%*4+&.('! (%#! 1%**+1'*+'N! U.! '1*.! ',C%2+K&! 5.*%2%*8.! +&05+*.*0%! %&! -&.!
5'#81+2.! (%! *%2+5*'2+(.(! %&1*%! %#! "01.('! G! #.! :%&%*.#+1.13! 5'*! &'! +&2#-+*! %#! 5*%2%51'! -&.!
2'&1*.5.*1+(.! .! #.! 5*%0%&2+.! (%! #.! :%&%*.#+1.1! %&! #'0! $.*.('*%0! k.2+'&.#%0N! >+&! %4,.*F'! 0%!
',C%1.!.!1.#!5#.&1%.4+%&1'![-%!#.!2'&01+1-2+'&.#+(.(!'!+&2'&01+1-2+'&.#+(.(!(%!-&.!&'*4.!&'!
5-%(%!4%(+*0%!,.C'!%#!*.0%*'!(%!%0.0!5*%1%&(+(.0!*%2+5*'2+(.(%0N!
!
2c!>'01+%&%!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!#.!Z+&.#+(.(!-!',C%1'!(%!#.!5.*1+2+5.2+K&!
5*%D+01.!%&!%#!0%F-&('!5?**.Z'!(%!#.!#%1*.!2c![-%(.!%\5*%0.(.!%&!%#!5*'5+'!1%\1'3!G!&'!%0!'1*.!
[-%!Z.2+#+1.*!#.!2''*(+&.2+K&!%&1*%!#.!*%(!(%!$.*.('*%0!(%#!"01.('!G!#.!*%(!(%!%01.,#%2+4+%&1'0!
1-*801+2'0!(%!1+1-#.*+(.(!.-1'&K4+2.N!k-%D.4%&1%!0%!2'&0.F*.*8.!%#!5*+&2+5+'!(%!5.*1+2+5.2+K&3!
2-G.! %Z%21+D+(.(! (%5%&(%3! %&! 1'('! 2.0'3! (%! #'! [-%! (%2+(.! %#! "01.('N! ^+&.#4%&1%3! G! 1*.0!
.5-&1.*0%!#.!2'&%\+K&!(%!%01%!5*%2%51'!2'&!%#!.*1N!R]!(%#!"01.1-1'!(%!XY_Y3!0%!(%01.2.![-%!%#!
5*%2%51'!5#.04.!%#!*%2-*0'!.!#'0!5*'2%(+4+%&1'0!(%!5.*1+2+5.2+K&!2'&!%#!',C%1+D'!(%!-&.!4%C'*!
F%01+K&!G!(%!2'#.,'*.2+K&!+&1%*.(4+&+01*.1+D.N!
!
(c!U.!*%5*%0%&1.2+K&!(%#!$.*#.4%&1'!(%!/.1.#-6.!0'01+%&%3!5'*!0-!5.*1%3![-%!%#!.*1N!XQY!
/"!&'!2'&1+%&%!&+&F-&.!*%0%*D.!2'45%1%&2+.#!.!Z.D'*!(%#!"01.('!0',*%!1-*+04'3!0+!,+%&!*%0-#1.!
%D+(%&1%![-%!(+05'&%!(%#!181-#'!@'*+='&1.#!(%#!.*182-#'!XQYNXNX]!/"N!>'&!D.*+.0!#.0!>%&1%&2+.0!
g5'*! 1'(.03! >)/! XSRWXYOQ3! (%! SP! (%! (+2+%4,*%c! [-%! .Z+*4.&! [-%! (+2@'! 181-#'! .! Z.D'*! (%#!
"01.('! (%,%! +&1%*5*%1.*0%! %&! %#! 0%&1+('! (%! %D+1.*! [-%! 5-%(.! .2.,.*! .,0'*,+%&('! 181-#'0!
.-1'&K4+2'0!('1.('0!(%!2+%*1.!(+4%&0+K&!%2'&K4+2.N!U.!5*%D+0+K&!%01.1-1.*+.!2-%01+'&.(.!&'!
5*%1%&(%*8.! .1*+,-+*! %#! 1+1-#'! 2'45%1%&2+.#! (%! 2''*(+&.2+K&! (%! #.! .21+D+(.(! %2'&K4+2.!
*%#.2+'&.(.! 2'&! %#! 0%21'*! 1-*801+2'! %&! Z.D'*! (%! #.! :%&%*.#+1.1! %\2#-G%&('! (%! (+2@'! 181-#'! .#!
"01.('3! 0+&'! %01.,#%2%*! 4%2.&+04'0! 5.*.! Z.2+#+1.*! .#! "01.('! %#! %C%*2+2+'! (%! #.! Z-&2+K&! (%!
2''*(+&.2+K&!4%(+.&1%!#.!5*%0%&2+.!(%!#.!:%&%*.#+1.1!%&!#'0!K*F.&'0!(%!.(4+&+01*.2+K&!(%!#.!
0'2+%(.(!%01.1.#!`$.*.('*%0!(%!)-*+04'!(%!"05.6.aN!
!
XPPN! .c! "#! .*182-#'! X_S! gh&+D%*0+(.(%0c! 0%! .C-01.3! 5.*.! #'0! *%2-**%&1%03! .#! 0+01%4.!
0%F-+('!%&!%#!.*1N!X]X3!G.!+45-F&.('!l.&1%2%(%&1%!TY!.cmN!>%FM&!0%!*.='&K!.#!Z-&(.4%&1.*!#.!
5*%1%&(+(.! +&2'&01+1-2+'&.#+(.(! (%! %01%! 5*%2%51'3! #'0! .21'*%0! .#%F.&! [-%! #.0! /'4-&+(.(%0!
L-1K&'4.0!0K#'!5-%(%&!1%&%*!2'45%1%&2+.0!(%!%C%2-2+K&!%&!*%#.2+K&!2'&!#.!`*%F-#.2+K&!(%!#.0!
2'&(+2+'&%0!(%!',1%&2+K&3!%\5%(+2+K&!G!@'4'#'F.2+K&!(%!181-#'0!.2.(<4+2'0!G!5*'Z%0+'&.#%0a3!
!
]]R
%&! 1.&1'! [-%! %&! %#! *%01'! (%! #.! 4.1%*+.! 5-%(%&! .0-4+*! 2'45%1%&2+.0! (%! (%0.**'##'! (%! #.!
#%F+0#.2+K&! ,?0+2.! G! (%! %C%2-2+K&N! k.(.! @.,*8.3! 5'*! 1.&1'3! [-%! 5-(+%*.! 0%*! (%! #.! %\2#-0+D.!
2'45%1%&2+.! .-1'&K4+2.! '! [-%! 5-(+%0%! [-%(.*! 2%**.('! 2'45#%1.4%&1%! .! #.! 2'45%1%&2+.!
%01.1.#3!0+[-+%*.!,?0+2.N!
!
^*%&1%! .! %##'! !2'&1+&M.! %#! *%2-*0'!! %#! .*1N! X_SNX! .1*+,-G%! .! #.! :%&%*.#+1.1! #.!
2'45%1%&2+.! %\2#-0+D.! 0',*%! -&.! 0%*+%! (%! %\1*%4'0! %&! #'0! [-%3! 5'*! 1.&1'3! 0%! %\2#-G%! #.!
2'45%1%&2+.! (%#! "01.('! 5.*.! (+21.*! ,.0%03! .-&[-%! Z-%*.! 2'&! %#! .#2.&2%! (%#! .*1N! XXX! (%#!
"01.1-1'3! G.! *%2-**+('N! "&! 0-! (%0%'! (%! `,#+&(.*a! #.0! 2'45%1%&2+.0! .-1'&K4+2.0! %#! "01.1-1'!
5*%1%&(%*8.!0-5#.&1.*!.#!#%F+0#.('*!(%#!"01.('!%&!0-!Z-&2+K&!2'&01+1-2+'&.#!(%!(%2+(+*!!(%&1*'!
(%!#'0!#84+1%0![-%!@.,*?!(%!4.*2.*!#.!C-*+05*-(%&2+.!!.[-%##'![-%!*%[-+%*%!-&!48&+4'!2'4M&!
-&+Z'*4%e!.#F'![-%!&'!5'(*8.![-%(.*!.#!.*,+1*+'!(%!(+%2+0+%1%!"01.1-1'0!(%!L-1'&'48.N!$'(*8.!
4.&1%&%*0%3!.(4+1%&!#'0!(%4.&(.&1%03![-%!%&!#'0!.05%21'0!*%Z%*+('0!%&!%#!5*%2%51'!+45-F&.('!
&'! 0%*8.&! &%2%0.*+.0! &'*4.0! ,?0+2.03! 5%*'! %##'! &'! %D+1.*8.! 0-! +&2'&01+1-2+'&.#+(.(3! 5-%0! %0.!
(%2+0+K&! 0K#'! 2'45%1%! .#! #%F+0#.('*! (%#! "01.('3! 2'&! 2.*?21%*! .5*+'*801+2'! G! F%&%*.#3! G! .#!
)*+,-&.#! /'&01+1-2+'&.#3! 2'&! 4'1+D'! (%#! %&C-+2+.4+%&1'! (%! -&.! &'*4.! %01.1.#! %05%28Z+2.N! "&!
(%Z+&+1+D.3!-&!"01.1-1'!&'!5'(*8.!(%2+(+*!-&+#.1%*.#4%&1%!G!(%!.&1%4.&'![-%!&-&2.!%#!"01.('!
5'(*?!(+21.*!&'*4.0!,?0+2.0!0',*%!.05%21'0!(%!#'0!181-#'0!5*'5+'0!(%!#.!4.1%*+.!5*%D+01.!%&!%#!
.*1N!XQYNXN]P!/"N!$'*!#'!(%4?0!.#F-&.0!(%!#.0!5*%D+0+'&%0!(%#!5*%2%51'!+&Z*+&F+*8.&3!.(%4?03!
#.0!2'45%1%&2+.0!(%#!"01.('!ex!.*1N!XQYNXNX_!g5%*0'&.#!2'&1*.1.('!#.,'*.#c!G!XO!/"!g5%*0'&.#!
Z-&2+'&.*+'cN!
!
,c!L#%F.!%#!L,'F.('!(%#!"01.('![-%!#'0!.*F-4%&1'0!(%#!*%2-*0'!5.*1%&3!.!0-!C-+2+'3!(%!
+F&'*.*! ('0! 5*%4+0.0! Z-&(.4%&1.#%0N! $'*! -&.! 5.*1%3! Z*%&1%! .#! %&1%&(+4+%&1'! (%! [-%! #.!
2'45%1%&2+.!%\2#-0+D.!*%2'F+(.!%&!0-!.5.*1.('!X!*%0-#1.!%\2#-G%&1%!(%!#.!2'45%1%&2+.!%01.1.#!
5.*.! (+21.*! ,.0%0! g.*1N! XQYNXN]P! /"c! ,.01.*8.! 2'&! *%4+1+*0%! .! #'! *.='&.('! %&! (%Z%&0.! (%#!
2.581-#'!b!(%#!181-#'!bA!(%#!"01.1-1'3!%&!%#!0%&1+('!(%![-%!&'!5-%(%!@.,%*!,#+&(.C%0!%01.1-1.*+'0!
Z*%&1%!.!#.!/'&01+1-2+K&!&+!Z*%&1%!.#!%C%*2+2+'!#%F81+4'!(%!#.0!2'45%1%&2+.0!2'&01+1-2+'&.#%0!(%#!
"01.('3! .08! 2'4'! %#! *%05%1'! [-%! .! #.! .-1'&'48.! -&+D%*0+1.*+.! 5*'2#.4.! %\5*%0.4%&1%! %#!
*%Z%*+('!.5.*1.('N!"&!%01%!0%&1+('!0%!@.2%!*%Z%*%&2+.!.!#.!5*'1%22+K&!2'&01+1-2+'&.#!(+05%&0.(.!
.! #.!.-1'&'48.!-&+D%*0+1.*+.!2'4'!(%*%2@'!Z-&(.4%&1.#3!*%2'&'2+(.!`%&!#'0!1<*4+&'0![-%!#.!
U%G!%01.,#%=2.a!g.*1N!S_NXP!/"c3!0+%&('!%0%&2+.#![-%!%#!#%F+0#.('*!&'!#.!*%,.0%!'!(%02'&'=2.!
4%(+.&1%! #+4+1.2+'&%0! '! 0'4%1+4+%&1'0! [-%! #.! 2'&D+%*1.&! %&! -&.! 5*'2#.4.2+K&! 1%K*+2.3! (%!
!
]]T
0-%*1%![-%!#.!(%#+4+1.2+K&!(%!0-!2'&1%&+('!%0%&2+.#!.5.*%2%!2'4'!-&.!2-%01+K&!(%1%*4+&.&1%3!
0%FM&!0%!0%6.#.!%&!#.!>)/!STWXYO_3!(%!S_!(%!Z%,*%*'3!^;!QN!
!
"#!*%5.*1'!(%!2'45%1%&2+.0!(+0%6.('!%&!%01.!4.1%*+.!5'*!#.!/'&01+1-2+K&!!2'&1+&M.!%#!
%02*+1'! (%! .#%F.2+'&%0!! F'=.! (%! -&.! 1*+5#%! (+4%&0+K&! (%! ',#+F.1'*+.! ',0%*D.&2+.3!
2'**%05'&(+%&('! 2'&01+1-2+'&.#4%&1%! 1.#%0! 2'45%1%&2+.0! .! #.! h&+D%*0+(.(! %&! *.=K&! (%! 0-!
.-1'&'48.3!.!#.0!/'4-&+(.(%0!L-1K&'4.0!G!.#!"01.('3!G!(%,+%&('!*%0-#1.*!(+2@.!(+01*+,-2+K&!
2'45%1%&2+.#! (%#! 2'&C-&1'! .*4K&+2'! (%! #'0! 5*%2%51'0! 2'&01+1-2+'&.#%0! %&! *%#.2+K&! 2'&! %#!
2'&1%&+('!%0%&2+.#!(%!#.!.-1'&'48.!5.*.!#.0!h&+D%*0+(.(%0!G!2'&!#'!%01.1-1.*+.4%&1%!.0-4+('N!
U'!@.01.!.[-8!%\5-%01'!0%!C-=F.!2'4'!0-Z+2+%&1%!5.*.!*%,.1+*!#.0!.#%F.2+'&%0!D%*1+(.0!5'*!#'0!
.21'*%0!%\2#-0+D.4%&1%!Z*%&1%!.!.#F-&.0!(%!#.0!0-,4.1%*+.0!(%#!.5.*1.('!XN!L!%##'!0%!.6.(+*8.!
#.!2'&0+(%*.2+K&!(%![-%!&'!%\+01%!-&!%&C-+2+.4+%&1'!5.*1+2-#.*!0',*%!#.!2'&01+1-2+'&.#+(.(!(%!
2.(.!-&.!(%!%01.0!0-,4.1%*+.0![-%!5'&F.!(%!4.&+Z+%01'!0-!2'&1*.(+22+K&!2'&!#.!/'&01+1-2+K&!'!
2'&!#.!&'*4.1+D.!,?0+2.!%01.1.#3!0+&'![-%!M&+2.4%&1%!0%!#%0!+45-1.!%#!0-5'&%*!-&!',01?2-#'!.#!
#%F+0#.('*!%01.1.#!5.*.!(+21.*!&'*4.0!,?0+2.0!0',*%!#'0!.05%21'0!.![-%!.[-<##.0!0%!*%Z+%*%&N!f!0+!
,+%&! %01.! Z.#1.! (%! .#%F.2+'&%0! (%,%*8.! 1*.%*! 2'4'! 2'&0%2-%&2+.! 0-! %\2#-0+K&! (%#! 5*%0%&1%!
*%2-*0'!g5'*!1'(.0!>)/!YTWSPPS3!(%!SR!.,*+#c3!#.!*%5*%0%&1.2+K&!%01.1.#!%01+4.!'5'*1-&'!5'&%*!
(%! 4.&+Z+%01'! #.! 5#%&.! .2'4'(.2+K&! (%#! 5*%2%51'! .#! '*(%&! 2'&01+1-2+'&.#! (%! (+01*+,-2+K&! (%!
2'45%1%&2+.0N!
!
L08!.Z+*4.![-%!#.!2'&01+1-2+'&.#+(.(!(%!+&2#-+*!#'0!2'&2*%1'0!.05%21'0!.![-%!0%!*%Z+%*%&!
#.0! #%1*.0! ,c3! %c! G! @c! 2'4'! +&1%F*.&1%0! (%! #.! 2'45%1%&2+.! (%! #.! :%&%*.#+1.1! %&! 4.1%*+.! (%!
%&0%6.&=.!-&+D%*0+1.*+.!*%0-#1.*8.!(%#!2'&1%&+('!(%!#.!5*'5+.!U%G!V*F?&+2.!(%!h&+D%*0+(.(%03!
(+21.(.!%&!%C%*2+2+'!(%!#.0!2'45%1%&2+.0!%\2#-0+D.0![-%!%#!.*1N!XQYNXNX3!XR3!XO!G!]P!/"!*%0%*D.!
.#!"01.('N!"&!%Z%21'3!%&!2'&0'&.&2+.!2'&!#'!(+05-%01'!%&!%#!.*1N!QNX!.c!UVh!g[-%!5%*4+1%!#.!
2*%.2+K&!(%!h&+D%*0+(.(%0!5M,#+2.0!G!%#!*%2'&'2+4+%&1'!(%!h&+D%*0+(.(%0!5*+D.(.0!5'*!U%G!(%!
#.! L0.4,#%.! U%F+0#.1+D.! (%! #.! /'4-&+(.(! L-1K&'4.! %&! 2-G'! ?4,+1'! 1%**+1'*+.#! @.G.&! (%!
%01.,#%2%*0%c3! #.! :%&%*.#+1.1! D+%&%! .! .0-4+*! 2'45%1%&2+.! %\2#-0+D.! 0',*%! #'0! .21'0! (%!
%C%2-2+K&! [-%! 0-5'&%&! .('51.*! (%2+0+'&%0! (%! 2*%.2+K&! (%! h&+D%*0+(.(%0! 5M,#+2.0! G! '1'*F.*!
.-1'*+=.2+'&%0! (%! #.0! 5*+D.(.0N! k'! 5'(*8.! 2'&0+(%*.*0%! +&2'&01+1-2+'&.#! #.! .1*+,-2+K&! .! #.!
:%&%*.#+1.1! (%! -&.! 2'45%1%&2+.! %\2#-0+D.! (%! 2.*?21%*! 5-*.4%&1%! (%2+0'*+'! G! .-1'*+=.1'*+'3!
1%&+%&('!%&!2-%&1.![-%!#.!4+04.!(%,%*?!.2'4'(.*0%3!%&!0-!2.0'3!.!#.0!&'*4.0!,?0+2.0![-%!%#!
"01.('!(+21%!5.*.!%#!(%0.**'##'!(%#!.*1N!S_!/"N!
!
!
]]_
"&! 2-.&1'! .! #.! 2'45%1%&2+.! %\2#-0+D.! [-%! 5*%D<! #.! #%1*.! %c! %&1+%&(%! %#! L,'F.('! (%#!
"01.('! [-%! 0%! 5%*0+F-%! .1*+,-+*! .! #.! :%&%*.#+1.1! #.! (%Z+&+2+K&! (%! #.0! #8&%.0! F%&%*.#%0!
(%#+4+1.('*.0! (%! #.0! %&0%6.&=.0! [-%! #.0! h&+D%*0+(.(%0! @.,*?&! (%! %01.,#%2%*! %&! 2-.&1'!
2'&(-2%&1%0!.!#.!',1%&2+K&!(%!(+5#'4.0!G!181-#'0!5*'5+'03!1.#!G!2'4'!#%0!5%*4+1%!%#!.*1N!]QN]!
UVhN!^+&.#4%&1%!#.!2'&01+1-2+'&.#+(.(!(%!#.!0-,4.1%*+.!2'45%1%&2+.#!2'&1%45#.(.!%&!#.!#%1*.!
@c! *%0-#1.*8.! 1.4,+<&! (%! #'! 5*%2%51-.('! %&! #.! U%G! V*F?&+2.! (%! h&+D%*0+(.(%0! [-%3! 5'*! -&.!
5.*1%! (+05'&%! %&! 0-! .*1N! RRNX! [-%! `#.0! /'4-&+(.(%0! L-1K&'4.0! *%F-#.*?&! %#! *<F+4%&!
*%1*+,-1+D'! (%#! 5%*0'&.#! ('2%&1%! %! +&D%01+F.('*! 2'&1*.1.('! %&! #.0! h&+D%*0+(.(%0! 5M,#+2.0a3! G!
.6.(%!%&!0-!.5.*1.('!S![-%!`5'(*?&3!.0+4+04'3!%01.,#%2%*!*%1*+,-2+'&%0!.(+2+'&.#%0!#+F.(.0!.!
4<*+1'0! +&(+D+(-.#%0! ('2%&1%03! +&D%01+F.('*%0! G! (%! F%01+K&ae! G! 5'*! '1*.3! %&! 2-.&1'! .#!
5*'Z%0'*.('!Z-&2+'&.*+'!(%!#'0!2-%*5'0!('2%&1%0!-&+D%*0+1.*+'03!%01.,#%2%!%#!.*1N!TYN]![-%!`#.0!
/'4-&+(.(%0! L-1K&'4.0! 5'(*?&3! .0+4+04'3! %01.,#%2%*! *%1*+,-2+'&%0! .(+2+'&.#%0! #+F.(.0! .!
4<*+1'0!+&(+D+(-.#%0!('2%&1%03!+&D%01+F.('*%0!G!(%!F%01+K&aN!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!@.2%!@+&2.5+<!%&!#.!&%2%0+(.(!(%!-&.!2'&0+(%*.2+K&!
2'&C-&1.!(%#!5*%2%51'd!%&!%#!.5.*1.('!X!0%!+&2#-G%!-&.!*%#.2+K&!%\@.-01+D.!(%!%\1*%4'0!0',*%!
#'0! [-%! #.! :%&%*.#+1.1! '01%&1.! 2'45%1%&2+.! %\2#-0+D.e! %&! %#! .5.*1.('! S! 0%! (%Z+&%&! 2'4'!
2'45.*1+(.0!#.0!2'45%1%&2+.0!&'!2'45*%&(+(.0!%&!%#!.&1%*+'*e!G!%&!%#!.5.*1.('!]!0%!2'&1%45#.!
-&.! 2'45%1%&2+.! %C%2-1+D.N! $.*.! %#! "C%2-1+D'! 2.1.#?&! #.! Z'*4-#.2+K&! 2'4'! 2'45.*1+(.! (%#!
&M2#%'! 2%&1*.#! (%! #.0! 2'45%1%&2+.0! (%! #.! :%&%*.#+1.1! %&! 4.1%*+.! (%! h&+D%*0+(.(%0! %&2.C.*8.!
5%*Z%21.4%&1%!2'&!#.!*%0%*D.!(%!2'45%1%&2+.0!%01.1.#%0!(%#!.*1N!XQYNXN]P!/"N!
!
U'0! 2'&1%&+('0! (%#! .*1N! X_SNX! !2'&1+&M.! %#! %02*+1'! (%! .#%F.2+'&%0!! *%4+1%&! %&!
'2.0+'&%0!.!(%2+0+'&%0!0+&F-#.*%03!0+&!2'45'&%&1%!*%F-#.('*!5'0+,#%!l#%1*.0!,c!G!2cm!.#!1*.1.*0%!
(%!5*'2%(+4+%&1'0!.-1'*+=.1'*+'0!%&!#'0![-%!#.0!&'*4.0!.!.5#+2.*!%01?&!2'45*%&(+(.0!(%&1*'!(%!
#.0!2'45%1%&2+.0!2'45.*1+(.0!.!#.0![-%!0%!*%Z+%*%!%#!.*1N!X_SNSN!$'(*?!(+02-1+*0%!#.!2'**%22+K&!
1<2&+2.!(%#!.*1N!X_SNX3!%&!2-.&1'![-%!&'!2'&1%45#.!#.0!.21+D+(.(%0!&'*4.1+D.0![-%!2.,%&!%&!#.0!
0-,4.1%*+.0! [-%! 4%&2+'&.3! 5%*'! %##'! &'! +45#+2.*8.! [-%! #.! *%Z%*%&2+.! .! %0.0! .21+D+(.(%0! 0%.!
&%2%0.*+.3! %&! 5.*1+2-#.*! 2-.&('3! 2'4'! .[-8! 0-2%(%*8.3! #'0! 5%*Z+#%0! 4.1%*+.#%0! (%! #.!
2'45%1%&2+.! #'! +45'0+,+#+1.&N! >+&! 5%*C-+2+'! (%! #'! 2-.#! 0%! +&0+01%! %&! [-%! #.! +&1%*5*%1.2+K&!
2'&C-&1.!(%#!5*%2%51'!5%*4+1%!D%*+Z+2.*!0-!%&2.C%!2'&01+1-2+'&.#N!
!
U.0!#%1*.0!.c!G!(c!0%!*%Z+%*%&!.!.21+D+(.(%0!(%!2''*(+&.2+K&!(%!#.!:%&%*.#+1.1!*%05%21'!.#!
5*'5+'!0+01%4.!-&+D%*0+1.*+'!+&1%*&'3!1*.1?&('0%3!5'*!1.&1'3!G!.!C-+2+'!(%#!:',+%*&'!2.1.#?&3!(%!
!
]]O
-&.! .21+D+(.(! 2'&! D%*1+%&1%0! '*F.&+=.1+D.0! G! [-%! 0%! 2'**%05'&(%! 2'&! 0-! 2'&(+2+K&! (%!
L(4+&+01*.2+K&!2'45%1%&1%!%&!%#!?4,+1'!-&+D%*0+1.*+'3!5'*!#'![-%!&'!5'(*8.!+&1%*Z%*+*!%&!#.0!
2'45%1%&2+.0! %01.1.#%0N! ).4,+<&! *%D+01%3! .! 0-! C-+2+'3! -&! 2'&1%&+('! 0-01.&2+.#4%&1%!
2''*(+&.('*!#.!#%1*.!%c3!%&!%#!2.0'!(%!#'0!181-#'0!5*'5+'03!%01'!%03!#'0!&'!2'&1%45#.('0!%&!%#!.*1N!
XQYNXN]P!/"N!
!
U.0!#%1*.0!Zc!G!Fc3!5'*!0-!5.*1%3!0%!*%Z+%*%&!.!#.!Z+&.&2+.2+K&!(%!#.0!h&+D%*0+(.(%03![-%!
%0!*%05'&0.,+#+(.(!(%!#.!:%&%*.#+1.13!.08!2'4'!.!#.!*%F-#.2+K&!G!F%01+K&!(%!-&!0+01%4.!5*'5+'!
(%!,%2.0!G!.G-(.0!.!#.!Z'*4.2+K&3!1'('!#'!2-.#![-%(.*8.!.#!4.*F%&!(%#!.*1N!XQYNXN]P!/"3!%&!
1.&1'! [-%! #.! 5*%D+0+K&! (%! #.! %D%&1-.#! F%01+K&! (%! Z'&('0! %01.1.#%0! &'! 0%! %Z%21M.! 2'&! Z-%*=.!
D+&2-#.&1%!5.*.!%#!"01.('N!
!
^+&.#4%&1%! #.! #%1*.! @c! 2'&1+%&%! ('0! 0-5-%01'0! (+01+&1'0N! U.! 5*%D+0+K&! *%05%21'! (%#!
5%*0'&.#! -&+D%*0+1.*+'! ('2%&1%! %! +&D%01+F.('*! 2'&1*.1.('! &'! +&D.(+*8.! 2'45%1%&2+.! %01.1.#!
.#F-&.3!(.('![-%!&'!.Z%21.!.!2-%*5'0!(%!Z-&2+'&.*+'0!(%!?4,+1'!%01.1.#3!G!0%!2'&%21.!2'&!#.!
*%05'&0.,+#+(.(! Z+&.&2+%*.! (%! #.! :%&%*.#+1.1! %&! %#! 2.45'! -&+D%*0+1.*+'N! "&! 2-.&1'! .! #.0!
*%1*+,-2+'&%0!.(+2+'&.#%0!#.!.21-.2+K&!.-1'&K4+2.!0%*8.!5*'5+.4%&1%!.(4+&+01*.1+D.N!
!
$'*!#'!(%4?0!.#%F.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!#.0!2'45%1%&2+.0!(%#!.5.*1.('!X!
2'&!2'&1%&+('!0-01.&2+.#!4%*.4%&1%!%C%2-1+D'!'!.(4+&+01*.1+D'!l.083!#.0!(%!#.0!#%1*.0!,c!G!2cm!
(%5%&(%&3! +&2#-0'! %&! 0-! D+*1-.#+(.(3! (%! #.0! &'*4.0! (+21.(.0! .#! .45.*'! (%! #.0! 2'45%1%&2+.0!
%01.1.#%0!ex!.*1N!XQYNXN]P!/"!G!(%#!.*1N!X_SNS!(%#!"01.1-1'N!
!
(c!$.*.!%#!$.*#.4%&1'!.-1'&K4+2'!%#!*%2-*0'!0K#'!Z-&(.4%&1.!#.!+&2'&01+1-2+'&.#+(.(!
(%#! 5*+4%*! .5.*1.('! (%#! .*1N! X_S3! (%,+%&('! 0%*! +&.(4+1+('! %&! #'! (%4?0N! U'0! *%2-**%&1%0!
'#D+(.*8.&3! 5'*! #'! (%4?03! [-%! %#! "01.1-1'! &'! %0! -&.! #%G! .-1'&K4+2.3! 0+&'! -&.! #%G! %01.1.#!
%05%2+.#N!
!
U.! *%#.2+K&! (%! .21+D+(.(%0! *%2'F+(.! %&! %#! .*1N! X_SNX! %&! &+&FM&! 2.0'! +45#+2.*8.!
.21+D+(.(!&'*4.1+D.3!5'*!#'![-%!0%![-%(.!.#!4.*F%&!(%!#.!5*%D+0+K&!(%#!.*1N!XQYNXN]P!/"N!"#!
#%F+0#.('*! %01.1-G%&1%! @.,*8.! %01.,#%2+('! %&! %01%! 5*%2%51'! %#! ?4,+1'! .-1'&K4+2'! (%!
2'45%1%&2+.0! %&! 4.1%*+.! (%! h&+D%*0+(.(%03! 2'&Z'*4.('*3! C-&1'! 2'&! #.! /'&01+1-2+K&3! (%#!
,#'[-%! (%! #.! 2'&01+1-2+'&.#+(.(! .! #'0! %Z%21'0! (%! 5%*4+1+*! .#! #%F+0#.('*! .-1'&K4+2'! #.!
*%F-#.2+K&!%&!4.1%*+.!-&+D%*0+1.*+.3!2'&!5#%&'!*%05%1'!.!#.!*%0%*D.!%01.1.#!(%!#.0!,.0%0!ex!.*1N!
!
]]Y
XQYNXN]P! /"N! "01.0! ,.0%03! (%! 2'&Z'*4+(.(! 2'&! #.! +&1%*5*%1.2+K&! C-*+05*-(%&2+.#! g>)/!
X]XWXYYT3!(%!XX!(%!C-#+'3!^;!]c3!(%,%*?&!0%*!#'!0-Z+2+%&1%4%&1%!.45#+.0!G!Z#%\+,#%0!2'4'!5.*.!
5%*4+1+*![-%!#.0!/'4-&+(.(%0!L-1K&'4.0!2'&!2'45%1%&2+.0!&'*4.1+D.0!%&!#.!4.1%*+.!5-%(.&!
.('51.*!0-0!5*'5+.0!.#1%*&.1+D.0!5'#81+2.0!%&!Z-&2+K&!(%!0-0!2+*2-&01.&2+.0!%05%28Z+2.0N!
!
U.!#%1*.!@c!(%#!.*1N!X_SNX!@.!(%!%&1%&(%*0%3!.!C-+2+'!(%#!$.*#.4%&1'3!2'&0+(%*.&('![-%3!
%&! %01%! ?4,+1'! (%! 2'45%1%&2+.0! %\2#-0+D.0! (%! #.! :%&%*.#+1.13! [-%(.! %\2#-+('! %#! 5%*0'&.#!
-&+D%*0+1.*+'!2'&1*.1.('!(%!?4,+1'!%01.1.#3!%#!2-.#!(%,%!0+1-.*0%!.#!4.*F%&!(%!#.!*%0%*D.!(%#!.*1N!
XQYNXN_!G!]P!/"3!5'*!#'![-%!*%0-#1.*8.!5#%&.4%&1%!2'&01+1-2+'&.#N!U'!4+04'!(%,%*8.!(%2+*0%!
(%! #.! 2'45%1%&2+.! %\2#-0+D.! (%! #.! :%&%*.#+1.1! 5.*.! %#! %01.,#%2+4+%&1'! (%! #.0! *%1*+,-2+'&%0!
.(+2+'&.#%0! (%#! 5%*0'&.#! ('2%&1%! Z-&2+'&.*+'3! 5-%0! %#! 5*'5+'! 2.*?21%*! (%! .(+2+'&.#%0! '!
2'45#%4%&1.*+.0!(%!#.0!4+04.0!&'!.Z%21.*8.!.!#.0![-%!(%,.&!%01.,#%2%*0%!5'*!5.*1%!(%#!"01.('N!
!
XPXN! .c! "#! .*182-#'! X_]! gA+(%'D+F+#.&2+.! G! 2'&1*'#! (%! 0'&+('! G! F*.,.2+'&%0c! 2+%**.! %#!
181-#'!bA!(%#!"01.1-1'!%!+&Z*+&F%3!.!C-+2+'!(%!#'0!(%4.&(.&1%03!#'0!.*10N!OX!G!XQYNXNSY!/"N!>%!
.#%F.!.#!*%05%21'![-%!#'![-%!(%!&-%D'!0%!5*%0%&1.!2'4'!-&.!4.1%*+.!+&<(+1.!%&!%#!.*1N!XQYNX!/"!
&'! %0! 4?0! [-%! -&! .05%21'! 2'&2*%1'! (%! #.! 4.1%*+.! 0%F-*+(.(! 5M,#+2.! g.*1N! XQYNXNSY! /"c3! (%!
4.&%*.![-%!0',*%!#.!4+04.!#%!2'**%05'&(%!.#!"01.('3!&'!0K#'!1'(.!#.!*%F-#.2+K&3!0+&'!1.4,+<&!
1'(.! #.! %C%2-2+K&3! 0+&! 5%*C-+2+'! (%! [-%! -&.! #%G! '*F?&+2.! g2'4'! @'G! @.2%! #.! U%G! V*F?&+2.!
QWXYY_3!(%!Q!(%!.F'01'c!5-%(.!.1*+,-+*!.#FM&!2'4%1+('!%&!#.!4.1%*+.!.!#.0!/'4-&+(.(%0![-%!
2-%&1%&! 2'&! 5'#+28.! .-1'&K4+2.! G! @.G.&! .0-4+('! %&! 0-! 2'**%05'&(+%&1%! "01.1-1'!
2'45%1%&2+.0! 5.*.! #.! 5*'1%22+K&! (%! #.0! 5%*0'&.0! G! #'0! ,+%&%0! G! 5.*.! %#! 4.&1%&+4+%&1'! (%#!
'*(%&!5M,#+2'N!E%!&-%D'!%#!@%2@'!(%![-%!%#!5*%2%51'!+45-F&.('!2'&0.F*%!#'!G.!(+05-%01'!%&!
#.! U%G! V*F?&+2.! QWXYY_! &'! 0.#D.! 0-! 2'&01+1-2+'&.#+(.(N! $*+4%*'3! 5'*[-%! 2'&D+%*1%! %&!
%01.1-1.*+.3! G! 2'&! -&.! *+F+(%=! +45*'2%(%&1%3! -&.! 2'45%1%&2+.! [-%! &'! 5-%(%! 0%*#'e! 0%F-&('3!
5'*[-%! &'! 0%! @.2%! &+&F-&.! *%Z%*%&2+.! .#! 4.*2'! [-%! %01.,#%=2.! %#! #%F+0#.('*! %01.1.#! 0',*%! #.!
4.1%*+.3!&+!#+4+1.!%&!4'('!.#F-&'!#.!2'45%1%&2+.!.-1'&K4+2.e!1%*2%*'3!5'*[-%!0%!D-#&%*.!#.!
*%0%*D.!(%!#%G!'*F?&+2.!(%#!.*1N!OX!/"3!(.(.!#.!.Z%21.2+K&!(%!D.*+'0!(%*%2@'0!Z-&(.4%&1.#%0e!
G3!5'*!M#1+4'3!5'*[-%!%#!5*%2%51'!0%!*%Z+%*%!1.4,+<&!.#!-0'!(%!%01.0!1<2&+2.0!(%!D+F+#.&2+.!`5'*!
%45*%0.0! G! %01.,#%2+4+%&1'0! 5*+D.('0a3! #'! [-%! %&! 4'('! .#F-&'! 0%! 2'&1%45#.! %&! #.! U%G!
V*F?&+2.!QWXYY_N!
!
,c!$.*.!%\.4+&.*!#.!2'&01+1-2+'&.#+(.(!(%#!5*%2%51'!5.*1%!%#!L,'F.('!(%#!"01.('!(%!#.!
2'&0+(%*.2+K&!(%![-%!#.!4.1%*+.!.![-%!.#-(%!&'!%01?!+&2#-+(.!%&!#.!*%#.2+K&!(%#!.*1N!XQYNX!/"3!
!
]QP
0+!,+%&!5.*%2%!%D+(%&1%!0-!%&2-.(*.4+%&1'!%&!%#!181-#'!4?0!.45#+'!(%!`0%F-*+(.(!5M,#+2.a!g.*1N!
XQYNXNSY!/"c3!%&1%&(+(.!%&!#'0!1<*4+&'0!(%!#.!>)/!XRQWSPPR3!(%!Y!(%!C-&+'3!^;!RN!U.!.21+D+(.(!
5'#+2+.#!%0!-&.!5.*1%!(%!#.!0%F-*+(.(!5M,#+2.3!5%*'!%\+01%&!.21-.2+'&%0!.(4+&+01*.1+D.0![-%3!0+&!
(%C.*!(%!*%05'&(%*!.!Z+&.#+(.(%0!5*'5+.0!(%!#.!4.1%*+.!0%F-*+(.(!5M,#+2.3!&'!0%!+&2.*(+&.&!%&!
%#!?4,+1'!(%!#.!.21+D+(.(!(%!(+2@'0!2-%*5'0!G![-%!Z'*4.*8.&!5.*1%!(%#!181-#'!0%F-*+(.(!5M,#+2.N!
L! #.! #-=! (%! #.! ('21*+&.! 2'&01+1-2+'&.#! 5.*%2%*8.! 2#.*'! [-%! #.! D8(%'D+F+#.&2+.! G! %#! 2'&1*'#! (%!
0'&+('! G! F*.,.2+'&%0! `%Z%21-.('0! 5'*! #.! 5'#+28.! (%! /.1.#-6.! '! 5'*! %45*%0.0! G!
%01.,#%2+4+%&1'0!5*+D.('0a!0'&!.21+D+(.(%0!(+*%21.4%&1%!*%#.2+'&.(.0!2'&!#.!5*'1%22+K&!(%!#.0!
5%*0'&.0!G!,+%&%0!G!%#!4.&1%&+4+%&1'!(%#!'*(%&!5M,#+2'3!1.#!2'4'!*%0-#1.!(%!#.!%\5'0+2+K&!(%!
4'1+D'0!(%!#.!U%G!V*F?&+2.!QWXYY_3!(%!Q!(%!.F'01'3![-%!*%F-#.!#.!-1+#+=.2+K&!(%!D+(%'2?4.*.0!
5'*!#.0!^-%*=.0!G!/-%*5'0!(%!>%F-*+(.(!/+-(.(.&.!%&!#-F.*%0!5M,#+2'0N!
!
H%.#+=.('! %#! %&2-.(*.4+%&1'! 2'45%1%&2+.#3! %#! .*1N! XQYNXNSY! /"! *%0%*D.! .#! "01.('! #.!
2'45%1%&2+.! %\2#-0+D.! %&! 4.1%*+.! (%! `0%F-*+(.(! 5M,#+2.3! 0+&! 5%*C-+2+'! (%! #.! 5'0+,+#+(.(! (%!
2*%.2+K&! (%! 5'#+28.0! 5'*! #.0! /'4-&+(.(%0! L-1K&'4.0! %&! #.! Z'*4.! [-%! 0%! %01.,#%=2.! %&! #'0!
*%05%21+D'0! "01.1-1'0! %&! %#! 4.*2'! (%! #'! [-%! (+05'&F.! -&.! #%G! '*F?&+2.aN! "0! (%2+*3! 5.*.! #.!
%Z%21+D.!.0-&2+K&!2'45%1%&2+.#!%&!4.1%*+.!(%!0%F-*+(.(!5M,#+2.!5'*!5.*1%!(%!#.0!/'4-&+(.(%0!
%0! 5.#4.*+.! #.! %\+F%&2+.! (%! #.! (',#%! 2'&(+2+'&.#+(.(3! &'! ,.01.&('! 2'&! -&.! 5*%D+0+K&!
%01.1-1.*+.3!0+&'![-%!#.!/'&01+1-2+K&!%\+F%![-%!0%!@.F.!%&!%#!4.*2'!(%!#'![-%!(+05'&F.!-&.!#%G!
'*F?&+2.! (+01+&1.N! $-%0! ,+%&3! %#! )*+,-&.#! /'&01+1-2+'&.#! @.! %&1%&(+('! #.! 5'0+,+#+(.(! (%!
2*%.2+K&!(%!5'#+28.0!.-1'&K4+2.0!2'4'!@.,+#+1.&1%!(%!-&.!.0-&2+K&!2'45%1%&2+.#!%&!*%#.2+K&!
2'&!#'0!2'**%05'&(+%&1%0!0%*D+2+'0!5'#+2+.#%03!5%*'!1.4,+<&!2'&!#.!.21+D+(.(!.(4+&+01*.1+D.![-%!
#%! 0%.! +&0%5.*.,#%! 5'*! *.=K&! (%! +&@%*%&2+.! '! 2'45#%4%&1.*+%(.(! g>)/! XRQWSPPR3! (%! Y! (%!
C-&+'3! ^;! RcN! "&! 2'&2*%1'3! %&! *%#.2+K&! 2'&! #.! 0%F-*+(.(! 5*+D.(.3! %#! )*+,-&.#! %&1%&(+K! [-%!
%\+01%&! .21+D+(.(%0! (%! 1.#%0! %01.,#%2+4+%&1'0! (+*%21.4%&1%! *%#.2+'&.('0! 2'&! -&.! .21+D+(.(!
185+2.! G! F%&-+&.4%&1%! 5'#+2+.#! g>)/! XRQWSPPR3! ^;! Oc3! .21+D+(.(%0! [-%! 5'(8.&! 0%*! (%!
2'45%1%&2+.!.-1'&K4+2.!2-.&('!#.!1-D+%*.!%&!4.1%*+.!(%!0%F-*+(.(N!
!
"&1*.&('! %&! %#! 2'&2*%1'! %\.4%&! (%#! 5*%2%51'! 2-%01+'&.('3! 0%! .2-(%3! 2'4'! 2*+1%*+'!
+&1%*5*%1.1+D'3!.!#.!(+Z%*%&2+.!%\+01%&1%!%&1*%!%#!1%\1'!.5*',.('!5'*!%#!$.*#.4%&1'!2.1.#?&!G!%#!
1%\1'!(%Z+&+1+D'3!%&!%#![-%!#.0!/'*1%0!:%&%*.#%0!0-5*+4+%*'&!%#!2.#+Z+2.1+D'!(%!#.!2'45%1%&2+.!G!
*%01*+&F+%*'&! .(%2-.(.4%&1%! %#! ?4,+1'! 0-,C%1+D'! (%! #.! 4+04.3! #'! [-%! @.,*8.! (%! %&1%&(%*0%!
2'4'!-&.!D'#-&1.(!2'&1*.*+.!.![-%!#.!2'45%1%&2+.!0%.!%&1%&(+(.!2'4'!%\2#-0+D.N!f3!,-02.&('!
#.!+&1%*5*%1.2+K&!4?0!2'&Z'*4%!.!#.!/'&01+1-2+K&3!G!(.('![-%!#.!4.1%*+.!0%F-*+(.(!5M,#+2.!0%!
!
]QX
.1*+,-G%!5#%&.4%&1%!.#!"01.('3!@.,*8.![-%!2'&2#-+*![-%!#.!2'45%1%&2+.!(%#!.*1N!X_]!0K#'!5-%(%!
0%*!%C%2-1+D.N!
!
$'*! '1*'! #.('3! 0+%&('! 5*%2+0.! #.! (',#%! 2'&(+2+'&.#+(.(! 5.*.! #.! %Z%21+D.! .0-&2+K&!
2'45%1%&2+.#! %&! 4.1%*+.! (%! 0%F-*+(.(3! %&! %#! 5*%0%&1%! 2.0'! %\+01%! 5*%D+0+K&! '*F?&+2.! (%! #.!
2'45%1%&2+.!.-1'&K4+2.!%&!4.1%*+.!(%!-1+#+=.2+K&!(%!D+(%'2?4.*.0!%&!#-F.*%0!5M,#+2'0!5'*!#.!
5'#+28.!(%!/.1.#-6.!g(+05'0+2+K&!.(+2+'&.#!5*+4%*.!(%!#.!U%G!V*F?&+2.!QWXYY_cN!k'!%\+01%3!0+&!
%4,.*F'3!1.#!5*%D+0+K&!*%05%21'!(%!#'0!'1*'0!4%(+'0!(%!F*.,.2+K&3!&+!*%05%21'!(%!#.!.21+D+(.(!
*%.#+=.(.! 5'*! %45*%0.0! G! %01.,#%2+4+%&1'0! 5*+D.('0N! ^.#1.*8.! .[-8! #.! 0%F-&(.! (%! #.0!
2'&(+2+'&%0! .! [-%! 0%! .#-(8.! 5.*.! #.! %Z%21+D.! .0-&2+K&! 2'45%1%&2+.#! %&! %01'0! ?4,+1'0N! "&!
2-.#[-+%*! 2.0'3! G! (%! .2-%*('! 2'&! #.! ('21*+&.! 2'&01+1-2+'&.#3! &'! 2.,*8.! (-(.! (%! [-%! #.!
-1+#+=.2+K&!(%!4%(+'0!(%!F*.,.2+K&!5'*!#.!0%F-*+(.(!5*+D.(.!5-%(%!2'&0+(%*.*0%!(+*%21.4%&1%!
*%#.2+'&.(.! 2'&! #.! `.21+D+(.(! 185+2.! G! F%&-+&.4%&1%! 5'#+2+.#a3! %&! %#! 0%&1+('! (%! #.! >)/!
XRQWSPPR3!(%!Y!(%!C-&+'3!^;!ON!
!
/'&0+(%*.! %#! L,'F.('! (%#! "01.('! [-%! 2'&! #'! %\5-%01'! [-%(.*8.&! 2'&1%01.(.0! #.0!
.#%F.2+'&%0! (%! #.! (%4.&(.N! "&! 1'('! 2.0'3! 0%6.#.3! %&! 5*+4%*! #-F.*3! [-%3! *+F+%&('! #.!
(%&'4+&.(.!(',#%!2'&(+2+'&.#+(.(3!&'!0%!+45+(%!.#!#%F+0#.('*!'*F?&+2'!%05%28Z+2'!(+05'&%*!(%!
#.! 2'45%1%&2+.! 0+&! &%2%0+(.(! (%! 4'(+Z+2.*! %#! "01.1-1'N! "&! 0%F-&('! #-F.*3! Z*%&1%! .! #'!
0-01%&1.('!(%!2'&1*.*+'3!0%!.Z+*4.![-%!#.!2'45%1%&2+.!0K#'!5-%(%!2'&0+(%*.*0%!%C%2-1+D.!G3!5'*!
0-5-%01'3!#+4+1.(.!5'*!#.0!%01.1.#%0N!^+&.#4%&1%!*%2@.=.!#.!.Z+*4.2+K&!(%![-%!-&.!#%G!'*F?&+2.3!
2'4'!%0!%#!"01.1-1'3!5-%(.!D-#&%*.*!#.!*%0%*D.!F%&%*.#!(%!%0.!1+5'#'F8.!(%!#%G%0!5*%D+01.!%&!%#!
.*1N!OXNX!/"N!"&!0-!2.0'!0%*?!%#!2'&2*%1'!%C%*2+2+'!(%!%0.!2'45%1%&2+.!%#![-%!5'(*?!D-#&%*.*!#.!
*%0%*D.! 0+! .! 1*.D<0! (%#! 4+04'! 0%! +&D.(%! 0-! ?4,+1'! 4.1%*+.#3! 1.#! G! 2'4'! #'! @.! (%Z+&+('! %#!
)*+,-&.#!/'&01+1-2+'&.#N!L(%4?0!%#!"01.1-1'!&'!@.*8.!4-2@'!4?0![-%!#.!5*'5+.!U%G!V*F?&+2.!
QWXYY_3![-%!.1*+,-G%!0+4+#.*%0!2'45%1%&2+.0!.!#.0!/'4-&+(.(%0!L-1K&'4.0N!
!
2c! H%2-%*(.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! %#! .*1N! XQYNXNSY! /"! &'! Z-%! ',01?2-#'!
5.*.! [-%! %#! "01.1-1'! (%! XY_Y! 2*%.*.! -&.! 5'#+28.! .-1K&'4.! 5.*.! #.! 5*'1%22+K&! (%! 5%*0'&.0! G!
,+%&%0! G! 5.*.! %#! 4.&1%&+4+%&1'! (%#! '*(%&! 5M,#+2'3! @.,+(.! 2-%&1.! (%! [-%! %#! )*+,-&.#!
/'&01+1-2+'&.#! @.! %&1%&(+('! [-%! %#! 4.*2'! 2'45%1%&2+.#! 2'45'*1.3! &'! 0K#'! -&.! *%Z%*%&2+.!
'*F?&+2.3!0+&'!1.4,+<&!Z-&2+'&.#!g>)/!XRQWSPPR3!(%!Y!(%!C-&+'cN!^-%!%&!%01%!2'&1%\1'!%&!%#!
[-%!0%!.5*',K!#.!U%G!V*F?&+2.!QWXYY_3![-%!2'&1%45#.,.!%&!0-!(+05'0+2+K&!.(+2+'&.#!5*+4%*.!
#.!5'0+,+#+(.(!(%![-%!#.0!/'4-&+(.(%0!L-1K&'4.0!(+21.0%&!#.0!&'*4.0!&%2%0.*+.0!5.*.!*%F-#.*!
!
]QS
%#!-0'!(%!D+(%'2?4.*.0!5'*!0-0!Z-%*=.0!5'#+2+.#%0!G!5'*!#.0!(%5%&(+%&1%0!(%!#.0!2'*5'*.2+'&%0!
#'2.#%0!*.(+2.(.0!%&!0-!1%**+1'*+'N!/.1.#-6.!##%DK!.!2.,'!%0.!*%F-#.2+K&!5'*!E%2*%1'!X]QWXYYY3!
(%! XO! (%! 4.*='3! G! V*(%&! (%#! E%5.*1.4%&1'! (%! b&1%*+'*! (%! SY! (%! C-&+'! (%! SPPX3! [-%! 0%! @.&!
.5#+2.('!5.28Z+2.4%&1%!5'*!-&.!M&+2.!/'4+0+K&!(%!2'&1*'#!+&1%F*.(.!5'*!1'('0!#'0!/-%*5'0!G!
^-%*=.0!(%!>%F-*+(.(N!
!
"#! ?4,+1'! 4.1%*+.#! (%! 2'45%1%&2+.! (%#! .*1N! X_]3! 5.*.! %#! "C%2-1+D'! 2.1.#?&3! 5'*! -&.!
5.*1%3!%0!4?0!.45#+'![-%!%#!(%#!-0'!(%!D+(%'2?4.*.0!5'*!#.0!^-%*=.0!G!/-%*5'0!(%!>%F-*+(.(3!
G3! 5'*! '1*.3! &'! 0%*8.! +&2'45.1+,#%! 2'&! #.0! 5*%D+0+'&%0! (%! #.! U%G! V*F?&+2.! QWXYY_N! "&! 0-!
2'45'&%&1%! +&01*-4%&1.#! *%05%21'! (%! #.! .21-.2+K&! (%! #.! 5'#+28.! .-1'&K4+2.3! %#! 5*%2%51'!
2'45'*1.*8.! #.! 2'**%#.1+D.! .0-&2+K&! (%! #.! 2'45%1%&2+.! +&01*-4%&1.#! *%05%21'! (%! #.! [-%! @.!
.0-4+('!%&!4.1%*+.!(%!0%F-*+(.(!5M,#+2.!.!5.*1+*!(%!#.!2*%.2+K&!(%!#.!$'#+28.!(%!#.!:%&%*.#+1.1!
G! (%! #.! '*(%&.2+K&! (%! #.0! 5'#+28.0! #'2.#%0! (%! /.1.#-6.N! f3! %&! #'! [-%! .1.6%! .#! -0'! (%! #.!
D+(%'D+F+#.&2+.! G! %#! 2'&1*'#! (%! 0'&+('! G! F*.,.2+'&%0! -! '1*'0! 4%(+'0! .&?#'F'0! %&! %#! ?4,+1'!
5M,#+2'!%Z%21-.('0!5'*!%45*%0.0!G!%01.,#%2+4+%&1'0!5*+D.('03!%#!5*%2%51'!0%!%\1%&(%*8.!.!'1*'0!
?4,+1'0!4.1%*+.#%0!(+01+&1'0N!
!
E%! %01%! 4'('! %&1+%&(%! %#! :',+%*&'! 2.1.#?&! [-%! 0%! @.&! .0-4+('! 2'45%1%&2+.0! &'!
*%0%*D.(.0! %\5*%0.4%&1%! .#! "01.('! 5'*! %#! .*1N! XQYNXN! /"3! 0+&! [-%! 0%.! 5*%2+0.! -&.! %\5*%0.!
0.#D%(.(! (%! #.! 2'45%1%&2+.! .1*+,-+(.! 5'*! %#! .*1N! XQYNXNSY! /"3! [-%! 2'&01+1-G%! -&! #84+1%!
+&Z*.&[-%.,#%!(%!#'0!%&-&2+.('0!%01.1-1.*+'0N!).4,+<&!0%*8.!',D+'![-%!&'!0%!+&D.(%!%#!?4,+1'!
*%0%*D.('! .! #.! #%G! '*F?&+2.! 5'*! %#! .*1N! OXNX! /"3! 5-%0! 0%! 1*.1.! (%! #.! .0-&2+K&! (%! -&.!
2'45%1%&2+.! 4.1%*+.#! 2-G'! %C%*2+2+'! (%,%*?! *%.#+=.*0%! `*%05%1.&('! #'0! (%*%2@'0!
Z-&(.4%&1.#%0aN!
!
"&!(%Z+&+1+D.3!5.*.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1!%#!5*%2%51'!+45-F&.('!1+%&%3!5'*!-&.!
5.*1%3!-&.!(+4%&0+K&!2'4'!2'45%1%&2+.!+&01*-4%&1.#!(%!#.0!Z-&2+'&%0!5'#+2+.#%0!.0-4+(.0!%&!
'*(%&!.!#.!0%F-*+(.(!5M,#+2.!G3!2'&0+F-+%&1%4%&1%3!.(4+1+*8.!-&.!#%21-*.!5#%&.4%&1%!2'&Z'*4%!
2'&! %#! 4.*2'! (%! #.! *%0%*D.! .#! "01.('! Z+C.(.! %&! %#! .*1N! XQYNXNSY! /"3! %&! 1.&1'! [-%3! 5'*! '1*.3!
1.45'2'!5'(*8.!%&1%&(%*0%!D-#&%*.(.!#.!*%0%*D.!.!#.!#%G!'*F?&+2.!(%#!.*1N!OXNX!/"N!
!
(c! U.! 2'45%1%&2+.! [-%! .1*+,-G%! .! #.! :%&%*.#+1.1! %#! .*1N! X_]! 0',*%! D+(%'D+F+#.&2+.! G!
2'&1*'#! (%! 0'&+('! G! F*.,.2+'&%0! %0! 2'@%*%&1%3! .! C-+2+'! (%#! $.*#.4%&1'! (%! /.1.#-6.3! 2'&! #.!
5'1%01.(! (%! 2*%.*3! '*F.&+=.*! G! (+*+F+*! -&.! 5'#+28.! 5*'5+.3! 2'&! Z-&2+'&%0! (%! 5*'1%22+K&! (%!
!
]Q]
5%*0'&.0! G! ,+%&%0! G! (%! 4.&1%&+4+%&1'! (%#! '*(%&! 5M,#+2'3! 5-%0! <01.! +45#+2.*8.! #.! (%!
*%F#.4%&1.*! #.! -1+#+=.2+K&! 5'*! 0-0! %Z%21+D'0! (%! 0%F-*+(.(! (%! %0'0! 4%(+'0! &%2%0.*+'0! 5.*.! %#!
%C%*2+2+'!(%!#.!Z-&2+K&!5'#+2+.#N!>%!1*.1.*8.!(%!4%*.0!1<2&+2.0!+&01*-4%&1.#%0!5.*.!#.!.21-.2+K&!
(%!#.!5'#+28.!(%!/.1.#-6.3!2-G.!*%F-#.2+K&!@.!(%!0%*3!0+&!(-(.3!.-1'&K4+2.N!U.!*%Z%*%&2+.![-%!
0%! +&2#-G%! %&! %#! 5*%2%51'! .! #.0! 2+1.(.0! .21+D+(.(%0! ##%D.(.0! .! 2.,'! 5'*! %45*%0.0! G!
%01.,#%2+4+%&1'0!5*+D.('0!&'!(%0D+*1-.*8.!1.45'2'!#.!.Z+*4.2+K&!.&1%*+'*3!5-%0!%0!',D+'![-%!
[-+%&! 1+%&%! #.! *%05'&0.,+#+(.(! (%! F.*.&1+=.*! #.! 0%F-*+(.(! (%! 5%*0'&.0! G! ,+%&%0! G! %#!
4.&1%&+4+%&1'!(%#!'*(%&!5M,#+2'!4%(+.&1%!-&'0!%Z%21+D'0!5'#+2+.#%0!5*'5+'0!5-%(%!%01.,#%2%*!
1.4,+<&! 4%(+(.0! *%#.1+D.0! .! #.! -1+#+=.2+K&! (%! (+05'0+1+D'0! (%! 0%F-*+(.(! %&! %45*%0.0! '!
%01.,#%2+4+%&1'0!5*+D.('03!2'&!#'0!#84+1%0!(%*+D.('0!(%!#.0!2'45%1%&2+.0![-%!2'**%05'&(.&!.#!
"01.('N!
!
)81-#'!A!gE%!#.0!*%#.2+'&%0!+&01+1-2+'&.#%0!(%!#.!:%&%*.#+1.1c!l.*1N!X_QN]3!.*1N!X_TNS!G!]3!
.*1N!XOP3!.*1N!XOS!g.5.*1.('0!X3!S!G!]c3!.*1N!XO]3!.*1N!XOQ3!.*1N!XORNX3!.*1N!XOT!g.5.*1.('0!X3!S3!]!G!
Qc3!.*1N!XO_!g.5.*1.('0!X3!S!G!]c3!.*1N!XOO3!.*1N!XOYNS!G!]3!.*1N!XYXNX3!.*1N!XYR3!.*1N!XYO3!.*1N!XYY3!G!
.*1N!SPP!in finemN!
!
XPSN!.c!U.!Z-&(.4%&1.2+K&!(%!%01.!5.*1%!(%#!*%2-*0'!0%!+&+2+.!2'&!-&.0!2'&0+(%*.2+'&%0!
F%&%*.#%0! .2%*2.! (%#! 5*+&2+5+'! (%! ,+#.1%*.#+(.(3! [-%! 5.*.! #'0! *%2-**%&1%0! %0! -&'! (%! #'0! @+#'0!
2'&(-21'*%0! (%#! &-%D'! "01.1-1'3! 2'*'#.*+'! (%! #.! `5'0+2+K&! 0+&F-#.*a! (%! #.! :%&%*.#+1.1! (%!
/.1.#-6.!%&-&2+.(.!%&!%#!5*%?4,-#'!G![-%!0%!2'&2*%1.! %05%2+.#4%&1%! %&! #'0! 181-#'0! bA! G! AN!
>',*%! #.! ,.0%! (%! %0%! 5*+&2+5+'! #.! :%&%*.#+1.1! *%2+,+*8.! -&.! 0-%*1%! (%! 2'45%1%&2+.! %\2#-0+D.!
5.*.! (%2+(+*! 5*?21+2.4%&1%! 1'('0! #'0! .0-&1'0! [-%! .Z%21.&! .! #'0! 2.1.#.&%0! G3! .! 0-! D%=3! -&.!
5'0+2+K&!5*+D+#%F+.(.!5.*.!2'(%2+(+*!#'![-%!.Z%21.!.!1'('0!#'0!%05.6'#%0N!"##'!0-5'&%3!5.*.!#'0!
*%2-**%&1%03!-&!2.4,+'!%0%&2+.#!%&!%#!4'(%#'!(%!"01.('3!@.01.!.@'*.!,.0.('3!%&1*%!'1*'03!%&!%#!
5*+&2+5+'! (%! 2''5%*.2+K&3! G! .,'2.('! %&! D+*1-(! (%! %0%! ,+#.1%*.#+04'! @.2+.! ZK*4-#.0! (%! 2'*1%!
2'&Z%(%*.#N!
!
"01%! (-.#+04'! "01.('W:%&%*.#+1.1! 1+%&%! 2'4'! 2'**%#.1'! -&! *<F+4%&! (%! ,+#.1%*.#+(.(!
[-%3!5.*.!#'0!.21'*%03!0%!5*'G%21.!0',*%!%#!%C%*2+2+'!5'*!%#!"01.('!(%!0-0!5*'5+.0!2'45%1%&2+.03!
1*.1.&('!(%!%D+1.*3!.#!1+%45'3![-%!%#!5*'5+'!"01.('!2'&(+2+'&%!%#!%C%*2+2+'!(%!#.0!.-1'&K4+2.0N!
U.0!2'&0%2-%&2+.0!(%!%0.!,+#.1%*.#+04'!0%*8.&!2#.*.0d!$5'*!-&!#.('!.Z%21.!.!#'0!5*'2%(+4+%&1'0!
G!2'45%1%&2+.0!*%F-#.('0!%&!#.!/'&01+1-2+K&3!%&!5.*1+2-#.*3!.#!%C%*2+2+'!(%#!5'(%*!#%F+0#.1+D'!
5'*!#.0!/'*1%0!:%&%*.#%03!*%5*%0%&1.&1%0!(%#!5-%,#'!%05.6'#!0',%*.&'!g.*10N!TT!G!XNS!/"cN!"03!
!
]QQ
.(%4?03!+&2'45.1+,#%!2'&!#.!/'&01+1-2+K&![-%!#.!5*?21+2.!(%!#.0!*%#.2+'&%0!,+#.1%*.#%0!5-(+%*.!
.Z%21.*!.!#'0!5*'2%(+4+%&1'0!*%F-#.('0!%&!#.!/'&01+1-2+K&3!,#'[-%?&('#'0!'!2'&(+2+'&?&('#'03!
0+&!4%(+.*!#.!'5'*1-&.!*%Z'*4.!2'&01+1-2+'&.#N!"&!1%*2%*!#-F.*3!0%*?!-&.!Z-%&1%!(%!.0+4%1*8.0!
%&1*%!1%**+1'*+'03!.-&!2-.&('!!.#%F.&!#'0!(%4.&(.&1%0!!%\+01%!-&!#84+1%!(%!Z-&2+'&.4+%&1'!
.! #.! %\1%&0+K&! (%#! 5*+&2+5+'! (%! ,+#.1%*.#+(.(! .! 1'(.0! #.0! /'4-&+(.(%0! L-1K&'4.03! 5-%0!
[-%(.*8.! %&! &.(.! #.! %Z+2+%&2+.! (%! #'0! 5*'2%(+4+%&1'0! (%! (%2+0+K&! 0+! 0%! 5*'5+2+.*.! #.!
.2-4-#.2+K&! (%! *%#.2+'&%0! ,+#.1%*.#%0! (%! ',#+F.('! 2-45#+4+%&1'3! %01'! %03! (%!
4-#1+,+#.1%*.#+(.(N!L083!&'!0%*8.!5'0+,#%!#.!(%Z+&+2+K&!(%!5'0+2+'&%0!(%#!H%+&'!(%!"05.6.!%&!#.0!
+&01+1-2+'&%0! %-*'5%.03! &+! 0%*8.! Z.21+,#%! [-%! 1'(.0! #.0! /'4-&+(.(%0! L-1K&'4.0! 1-D+%*.&! -&!
(%*%2@'! +&(+D+(-.#! .! 5.*1+2+5.*! %&! #.! (%0+F&.2+K&! (%! #'0! 4+%4,*'0! (%! #'0! K*F.&'0!
2'&01+1-2+'&.#%0!(%#!"01.('!'!(%!#.0!.F%&2+.0!*%F-#.('*.0!(%!#.!%2'&'48.N!
!
B%2@.0!%01.0!2'&0+(%*.2+'&%0!.Z+*4.&!#'0!E+5-1.('0!*%2-**%&1%0![-%!#'0!Z-&(.4%&1'0!
(%! #.! +45-F&.2+K&! (%! #'0! 5*%2%51'0! (%! %01%! 181-#'! A! @.&! [-%(.('! (%1.##.('0! %&! #.! 5*+4%*.!
5.*1%!(%#!5*%0%&1%!*%2-*0'N!>%!1*.1.*8.3!%&!1'('0!#'0!2.0'03!(%!%\1*.#+4+1.2+'&%0!(%!#.!*%0%*D.!
%01.1-1.*+.3! 2'&0+01%&1%0! %&! #.! 0-01+1-2+K&! 5'*! %#! "01.1-1'! (%! @.,+#+1.2+'&%0! 2'&01+1-2+'&.#%0!
%01.,#%2+(.0! .! Z.D'*! (%! '1*.0! &'*4.03! ,+%&! +&2'*5'*.&('! .#! "01.1-1'! 4.&(.1'0! (+*+F+('0! .#!
#%F+0#.('*! (%#! "01.('3! ,+%&! %01.,#%2+%&('! *%F-#.2+'&%0! 0-01+1-1'*+.0! (%! #'! [-%! #.0! #%G%0! (%#!
"01.('! @.&! (%! (%2+(+*3! ,+%&! '*F.&+=.&('! %#! *%5.*1'! (%! 2'45%1%&2+.0! 0+&! %05%*.*! .! 0-!
2'&2*%2+K&!5'*!#.!#%F+0#.2+K&!%01.1.#!.!#.![-%!#.!/'&01+1-2+K&!0%!*%4+1%N!E%!'1*'!#.('3!4-2@'0!
(%!#'0!5*%2%51'0!2'&2*%1.4%&1%!*%2-**+('0!+&2-**+*8.&!%&!%#!%\2%0'!(%!'*F.&+=.*!,+#.1%*.#4%&1%!
#.0! *%#.2+'&%0! (%#! "01.('! 2'&! #.! :%&%*.#+1.13! +45'&+%&('! Z'*4.0! (%! 2'#.,'*.2+K&! [-%! &'!
2'**%05'&(%!(%2+(+*!.#!#%F+0#.('*!%01.1-1.*+'3!0+&'!.#![-%!0%.!2'45%1%&1%!0%21'*+.#4%&1%!5.*.!
'*(%&.*! #.! 4.1%*+.! (%! [-%! 0%! 1*.1%N! f! %&! #.! 4.G'*! 5.*1%! (%! #.0! '2.0+'&%0! 1.#%0! +&(+2.2+'&%0!
%01.1-1.*+.0! 0%! Z'*4-#.&! (%! 4.&%*.! [-%! 0%.&! 5.*.! %#! "01.('! (%! ',#+F.('! .2.1.4+%&1'3! &'!
',01.&1%!%&-&2+.*0%!%&!1<*4+&'0![-%!5*%1%&(%&!(.*!#.!+45*%0+K&!(%!*%05%1.*!0-!#+,%*1.(!Z+&.#N!
"01'0!(%Z%21'0!2'&01+1-2+'&.#%0!0%*8.&!.5#+2.,#%0!.!#'0!0+F-+%&1%0!5*%2%51'0d!
!
E%#! 2.581-#'! b! gH%#.2+'&%0! (%! #.! :%&%*.#+1.1! 2'&! %#! "01.('! G! 2'&! '1*.0! /'4-&+(.(%0!
L-1K&'4.0c!
!
L*182-#'! X_Q! gE+05'0+2+'&%0! F%&%*.#%0c3! .5.*1.('! ]3! 5'*! 2-.&1'! (+05'&%! [-%! `#.!
:%&%*.#+1.1!(%,%!5.*1+2+5.*!%&!#.0!+&01+1-2+'&%03!#'0!'*F.&+04'0!G!#'0!5*'2%(+4+%&1'0!(%!1'4.!
!
]QR
(%!(%2+0+'&%0!(%#!"01.('![-%!.Z%21%&!.!0-0!2'45%1%&2+.0!(%!.2-%*('!2'&!#'!%01.,#%2+('!%&!%#!
5*%0%&1%!"01.1-1'!G!#.!2'**%05'&(+%&1%!#%F+0#.2+K&!'*F?&+2.aN!
!
,c!>%!*%Z+%*%!%#!L,'F.('!(%#!"01.('3!%&!5*+4%*!#-F.*3!.!#.0!2'&0+(%*.2+'&%0!F%&%*.#%0!
2'&! #.0! [-%! #.! (%4.&(.! +&+2+.! #.! +45-F&.2+K&! (%! (%1%*4+&.('0! 5*%2%51'0! (%! %01%! 181-#'3!
*%4+1+<&('0%!.!2-.&1'!%\5-0'!.!5*'5K0+1'!(%!#.!+45-F&.2+K&!(%#!.*1N!]NXN!L0+4+04'!@.2%!&'1.*!
%#! %#%D.('! &M4%*'! (%! 2'&Z#+21'0! [-%! @.&! %&Z*%&1.('! .#! "01.('! G! .! #.0! /'4-&+(.(%0!
L-1K&'4.0!.&1%!#'0!)*+,-&.#%0!%&!*%#.2+K&!2'&!#'0!#84+1%0!(%!0-0!*%05%21+D.0!2'45%1%&2+.0!G!
[-%!#.!.,-&(.&1%!G!*%05%1.(.!C-*+05*-(%&2+.!(%!%01%!)*+,-&.#!@.!+('!*%(-2+%&('!#'0!%05.2+'0!
(%! 2'&Z#+21'N! k'! ',01.&1%! %##'! &'! 0%! @.,*8.! 1*.(-2+('! %&! -&.! *%(-22+K&! (%#! &M4%*'! (%!
2'&Z#+21'03!(.(.!#.!.5%*1-*.!(%!&-%D'0!2.45'0!.!#.!2'&01.&1%!5*'(-22+K&!#%F+0#.1+D.!(%!1'('0!
#'0! %&1%0! 1%**+1'*+.#%03! 5'*! #'! [-%3! 5*%2+0.4%&1%3! %#! "01.1-1'! 2.1.#?&! 1*.1.*8.! (%! 5*'5+2+.*!
ZK*4-#.0! (%! 2'#.,'*.2+K&! 2'&! #.! %05%*.&=.! (%! @.2%*! 5'0+,#%! -&.! 4%&'*! ('0+0! (%!
2'&Z#+21+D+(.(N!
!
"&! *%#.2+K&! 2'&! %#! .*1N! X_QN]! .#%F.! %#! *%5*%0%&1.&1%! (%#! :',+%*&'! [-%! %#! 5*%2%51'!
2'&1+%&%! -&.! *%4+0+K&! .! `#.0! #%G%0a3! (%! Z'*4.! [-%! 0K#'! (%! .2-%*('! 2'&! %##.0! G! 2'&! #.0!
(%1%*4+&.2+'&%0! [-%! <01.0! (+05'&F.&! 2.,*?! %0.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! %&! #'0!
'*F.&+04'03!+&01+1-2+'&%0!G!5*'2%(+4+%&1'0!(%#!"01.('N!V,D+.4%&1%!%0.!*%Z%*%&2+.!.!#.0!#%G%0!
(%,%*8.! %&1%&(%*0%! +&%[-8D'2.4%&1%! .#-0+D.! .! #.0! (+21.(.0! 5'*! %#! "01.('N! $'*! '1*'! #.('! %01%!
.5.*1.('! 0%! +&02*+,%! %&! %#! 4.*2'! (%! -&! 5*%2%51'! *%Z%*+('! .! #.! .G-(.! G! 2'#.,'*.2+K&! 5.*.! %#!
%C%*2+2+'! %Z+2.=! (%! #.0! *%05%21+D.0! 2'45%1%&2+.03! +&2#-G%&('! -&.! 4%(+(.! @.,+#+1.&1%! (%!
ZK*4-#.0! (%! 2'#.,'*.2+K&! [-%! &'! 5*%C-=F.! #.0! 2'&(+2+'&%0! &+! #'0! 2.0'0! %&! [-%! @.G.! (%!
2'&2*%1.*0%! 1.#! 5.*1+2+5.2+K&3! G! [-%! &'! 5*'(-2+*8.! 5'*! 08! 4+04.! '1*'! %Z%21'! [-%! %#! [-%!
&.1-*.#4%&1%!(%*+D.!(%!#.0!5*%D+0+'&%0!(%!-&.!#%G!0',*%!#.!5*'4-#F.2+K&!(%!'1*.0!5'01%*+'*%0e!
&+&F-&.! 2'45%1%&2+.! 5*'5+.! 0%! 0-01*.%*8.! &+! .#! "01.('! &+! .! #.! :%&%*.#+1.1! G! &+! -&'! &+! '1*.!
[-%(.*8.&!D+&2-#.('0!5'*!0-0!*%0-#1.('03!1.#!G!2'4'!%\5#82+1.4%&1%!%01.,#%2%!%#!.*1N!X_TNXN!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!0'01+%&%![-%!#.!5*+&2+5.#!2*81+2.!Z'*4-#.(.!2'&1*.!%01%!
181-#'!(%*+D.!(%#!(%0.**'##'![-%!%&!<#!0%!@.2%!(%#!5*+&2+5+'!(%!,+#.1%*.#+(.(!5*'2#.4.('!%&!%#!
.*1N!]!(%#!"01.1-1'3!+&0+01+%&('!%&!%01%!5-&1'!#.!*%5*%0%&1.2+K&!(%#!"C%2-1+D'!%&![-%!#'0!.21'*%0!
5.*%2%&! '#D+(.*! [-%! #.! 5*'2#.4.2+K&! (%! (+2@'! 5*+&2+5+'! &'! 0-5'&%! &%F.*! %#! (%!
4-#1+#.1%*.#+(.(3! [-%! %#! 5*'5+'! "01.1-1'! *%2'&'2%! 2'4'! 5*+&2+5+'! (%! *%#.2+K&N! L! %##'! 0%!
!
]QT
.6.(+*8.![-%!%#!%C%*2+2+'!(%!#.0!2'45%1%&2+.0!5*'5+.0!&'!.-1'*+=.!.!+F&'*.*!#.!&%2%0+(.(!(%![-%!
0%!%01.,#%=2.!-&.!.45#+.!*%(!(%!*%#.2+'&%0N!
!
"#! 5*'5+'! )*+,-&.#! @.! 5*'2#.4.('! #.! &%2%0.*+.! %\+01%&2+.! (%! -&! 5*+&2+5+'! F%&%*.#! (%!
2'#.,'*.2+K&3!(%*+D.('!.!0-!D%=!(%!#.!#%.#1.(!2'&01+1-2+'&.#!g%&1*%!'1*.03!>)/!TOWXYYT3!(%!XO!
(%! .,*+#c3! .! #.! [-%! 1.4,+<&! 0%! *%Z+%*%! %#! .*1N! ]! (%#! "01.1-1'3! G! [-%! ',#+F.! .! 5'&(%*.*! %&! %#!
%C%*2+2+'!(%!#.0!2'45%1%&2+.0!5*'5+.0!#.!1'1.#+(.(!(%!#'0!+&1%*%0%0!5M,#+2'0!+45#+2.('0N!$.*.!#'!
2-.#! 5.*%2%! +&(+2.(.! #.! (%Z+&+2+K&! (%! ZK*4-#.0! (%! 5.*1+2+5.2+K&! (%! #.0! /'4-&+(.(%0!
L-1K&'4.0!%&!#'0!5*'2%0'0!(%!1'4.!(%!(%2+0+K&!5'*!#.0!+&01+1-2+'&%0!%01.1.#%0N!n01.!0%*8.!#.!
Z+&.#+(.(!.!#.![-%!0+*D%!#.!5*%D+0+K&!%01.1-1.*+.!(%!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!.!1*.D<0!(%!
4%2.&+04'0!,+#.1%*.#%0!%&!1.#%0!5*'2%(+4+%&1'03!(%!.2-%*('!2'&!#'0!0+01%4.0![-%!(%1%*4+&%!%#!
#%F+0#.('*!%01.1.#N!
!
>%6.#.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!%&!1'('0!#'0!"01.('0!2'45-%01'0!0%!5*%D<&!
ZK*4-#.0!(%!+&1%F*.2+K&!(%!#.0!%&1+(.(%0!0-,%01.1.#%0!%&!#'0!5*'2%0'0!(%!1'4.!(%!(%2+0+K&!G!%&!
#.0!+&01+1-2+'&%0!%01.1.#%0N!"&!&-%01*'!2.0'!#.!/'&01+1-2+K&!@.2%!*%Z%*%&2+.!.!%##'!.#!2'&Z+F-*.*!
%#!>%&.('!2'4'!/?4.*.!(%!*%5*%0%&1.2+K&!1%**+1'*+.#!'!.#!*%2'&'2%*!#.!+&+2+.1+D.!#%F+0#.1+D.!(%!
#'0!$.*#.4%&1'0!.-1'&K4+2'0N!"#!"01.1-1'3!&'*4.!+(K&%.!5.*.!#.!(%Z+&+2+K&!(%!%0.0!ZK*4-#.0!
,+#.1%*.#%0! 5'*! 0-! 2.*?21%*! (-.#3! *%2'F%! %#! 5*+&2+5+'! (%! 4-#1+#.1%*.#+(.(! C-&1'! .#! (%!
,+#.1%*.#+(.(3!0+!,+%&!&'!*%F-#.!.F'1.('*.4%&1%!#'0!+&01*-4%&1'0!%&!#'0![-%!.[-<#!0%!2'&2*%1.!
5'*[-%!%0!-&.!Z-&2+K&![-%!&'!#%!2'**%05'&(%N!$.*.!%#!:',+%*&'!2.1.#?&!2'&D+%&%!&'!'#D+(.*3!
%&!1'('!2.0'3![-%!%&!#'0!"01.1-1'0!@.01.!.@'*.!D+F%&1%0!G.!Z+F-*.,.&!.#F-&.0!5*%D+0+'&%0!0',*%!
5.*1+2+5.2+K&!.-1'&K4+2.!%&!#.!.('52+K&!(%!(%2+0+'&%0!%01.1.#%0N!).#!%*.!%#!2.0'!(%#!"01.1-1'!
(%! XY_Y3! ('&(%! 0%! 2'&1%45#.,.! #.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! %&! #.! (%0+F&.2+K&! (%! #'0!
4+%4,*'0! (%#! )*+,-&.#! >-5%*+'*! (%! ;-01+2+.! (%! /.1.#-6.3! '! (%! *%5*%0%&1.&1%0! %&! #'0!
'*F.&+04'0!%2'&K4+2'03!#.0!+&01+1-2+'&%0!Z+&.&2+%*.0!G!#.0!%45*%0.0!5M,#+2.0!(%#!"01.('!G3!%&!
4.1%*+.!(%!0%F-*+(.(3!.!1*.D<0!(%!#.!;-&1.!(%!>%F-*+(.(N!
!
"#! "01.1-1'! .@'*.! 2'&1*'D%*1+('! 0%F-+*8.! %0.! 4+04.! #8&%.3! *%05%1.&('! #.! 2'45%1%&2+.!
(%#!#%F+0#.('*!%01.1.#!5.*.!(%1%*4+&.*!2K4'!(%,%!4.1%*+.#+=.*0%!%0.!5.*1+2+5.2+K&N!L08!1.4,+<&!
#'!@.2%!#.!5*'5-%01.!(%!*%Z'*4.!(%#!"01.1-1'!(%!L&(.#-28.!.5*',.(.!5'*!%#!/'&F*%0'!2'&!%#!
D'1'!Z.D'*.,#%!(%#!:*-5'!$.*#.4%&1.*+'!%&!%#![-%!0%!+&1%F*.&!#'0!E+5-1.('0!*%2-**%&1%0N!
!
!
]Q_
7?0!.##?!(%!#.!/'&01+1-2+K&!G!#'0!"01.1-1'0!!2'&1+&M.!%#!%02*+1'!(%!.#%F.2+'&%0!!@.&!
0+('! 4-2@'0! #'0! +&01*-4%&1'0! %&! #'0! [-%! 0%! @.! 5#.04.('! %0.! 5.*1+2+5.2+K&! (%! #.0!
/'4-&+(.(%0!L-1K&'4.0!%&!#.0!(%2+0+'&%0!%01.1.#%0N!E%01.2.*8.&!#.!Z+F-*.!(%!#.0!2'&Z%*%&2+.0!
0%21'*+.#%0!'!#'0!'*F.&+04'0!(%!2''*(+&.2+K&!%\+01%&1%0!%&!(+D%*0'0!?4,+1'0!gvgrN3!/'4+0+K&!
k.2+'&.#! (%#! )*.&05'*1%! G! /'4+0+K&! k.2+'&.#! (%! $*'1%22+K&! (%! #.! k.1-*.#%=.cN! ).4,+<&!
%\+01%&!+&01*-4%&1'0!(%!2'#.,'*.2+K&!,+#.1%*.#3!2'4'!#.!/'4+0+K&!9+#.1%*.#!(%!/''5%*.2+K&!(%!
/.1.#-6.3! 2*%.(.! %&! XYO_N! .&1%2%(%&1%! (+*%21'! (%! %01'0! +&01*-4%&1'0! @.,*8.&! 0+('! #.0!
2'4+0+'&%0!4+\1.0!(%!1*.05.0'0N!
!
$'*!#'![-%!@.2%!.!#.0!5*%D+0+'&%0!%01.1-1.*+.0!0',*%!.21-.2+'&%0!(%!#.!:%&%*.#+1.1!2'&!
*%#%D.&2+.!%\1%*+'*!'!.2%*2.!(%!0-0!5.*1+2+5.2+K&!%&!%#!?4,+1'!(%!#.!h&+K&!"-*'5%.3!.#%F.!%#!
:',+%*&'!2.1.#?&![-%3!%&!2-.&1'!.!#'!0%F-&('3!%#!)*+,-&.#!@.!*%0-%#1'!#.0!(-(.0![-%!5#.&1%.,.!
#.! ##.4.(.! `Z.0%! (%02%&(%&1%a! .#! 5*%2+0.*! [-%! #.! +&2'*5'*.2+K&! (%! #.! &'*4.1+D.! 2'4-&+1.*+.!
(%,%! .1%&%*0%! .! #.0! *%F#.0! F%&%*.#%0! (%! (+01*+,-2+K&! (%! 2'45%1%&2+.0e! 5%*'! 'Z*%2%! 4.G'*%0!
5*',#%4.0!#.!+&1%*D%&2+K&!%&!#.!`Z.0%!.02%&(%&1%a3!2.&.#+=.(.!@.01.!.@'*.!%&!#.!/'&Z%*%&2+.!
5.*.! L0-&1'0! "-*'5%'0! g/LH/"cN! $.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! &'! 2.,%! (-(.! (%! #.!
2'&D%&+%&2+.! (%! .*1+2-#.*! #.! +&1%*D%&2+K&! %&! #.! `Z.0%! .02%&(%&1%a! (%! #.0! /'4-&+(.(%0!
L-1K&'4.03! 5-%0! 0K#'! .08! 5'(*8.! F%&%*.*0%! #.! 2'**%05'&0.,+#+(.(! +45*%02+&(+,#%! 5.*.! #.!
2'**%21.! .5#+2.2+K&! (%! #.! &'*4.1+D.! 2'4-&+1.*+.N! "&! 2-.&1'! .! #.0! *%#.2+'&%0! %\1%*+'*%0! 0%!
*%2-%*(.![-%!%#!)*+,-&.#!@.!*%2'&'2+('!2.5.2+(.(!.!#.0!/'4-&+(.(%0!L-1K&'4.0!5.*.!##%D.*!.!
2.,'! .21-.2+'&%0! 2'&! 5*'G%22+K&! +&1%*&.2+'&.#3! G! 1.&1'! %#! "01.1-1'! *%2-**+('! 2'4'! #.!
5*'5-%01.! (%! *%Z'*4.! (%#! "01.1-1'! (%! L&(.#-28.! .5*',.('! 5'*! %#! /'&F*%0'! +&2'*5'*.&! %01.!
#8&%.!C-*+05*-(%&2+.#N!
!
"&!(%Z%&0.!(%!#.!2'&01+1-2+'&.#+(.(!(%#!.*1N!X_QN]!.#%F.!%#!"C%2-1+D'!.-1'&K4+2'![-%!
#'0! *%2-**%&1%0! *%5*'2@.&! .#! 5*%2%51'! @.,%*! 2'&1%45#.('! -&.! 5.*1+2+5.2+K&! 2.*%&1%! (%! 1'(.!
5*%D+0+K&! 2'&01+1-2+'&.#3! '#D+(.&('! [-%! 1.#! 2.*%&2+.! &'! @.! +45%(+('! [-%! .! 1*.D<0! (%!
5*'2%(+4+%&1'0!Z'*4.#%0!%!+&Z'*4.#%0!0%!%01.,#%2+%*.&!#'0!&%2%0.*+'0!+&01*-4%&1'0!(%!*%#.2+K&!
+&@%*%&1%0!.!#.!2'&Z+F-*.2+K&!(%#!"01.('!(%!#.0!L-1'&'48.0N!L(%4?0!#.!+&2#-0+K&!(%#!5*+&2+5+'!
(%! *%#.2+K&! *%Z%*+('! .! ?4,+1'0! (%! 2'45%1%&2+.! (%! #.! :%&%*.#+1.1! [-%! %#! 5*'5+'! "01.1-1'! @.!
(%#+4+1.('!&'!5'(*8.!%&1%&(%*0%!%&!&+&FM&!2.0'!2'4'!-&.!%\1*.#+4+1.2+K&!%&!%#!2'&1%&+('!(%!
#.!&'*4.!%01.1-1.*+.N!U.!*%F-#.2+K&!%0!0+4+#.*!.!#.!2'&1%&+(.!%&!%#!.*1N!SXR!(%!#.!5*'5-%01.!(%!
*%Z'*4.!(%#!"01.1-1'!(%!L-1'&'48.!(%!L&(.#-28.!.5*',.(.!5'*!%#!/'&F*%0'N!
!
!
]QO
(c! "#! $.*#.4%&1'! (%! /.1.#-6.! 1.4,+<&! 2'4+%&=.! 0-0! .#%F.2+'&%0! 2'&! -&.! 0%*+%! (%!
2'&0+(%*.2+'&%0!F%&%*.#%0!.!5*'5K0+1'!(%#!181-#'!AN!U.!5*+4%*.!(%!%##.0!0%!(%(+2.!.#!5*+&2+5+'!
(%! ,+#.1%*.#+(.(3! 0'01%&+%&('! #.! /?4.*.! [-%! -&! "01.('! 2'45-%01'! 2'4'! %#! %05.6'#! *%[-+%*%!
5.*.! 0-! .(%2-.('! Z-&2+'&.4+%&1'! (%! #.! %\+01%&2+.! (%! *%#.2+'&%0! (%! 2'#.,'*.2+K&! %&1*%! %#!
"01.('!2%&1*.#!G!#.0!/'4-&+(.(%0!L-1K&'4.0![-%!5-%(%&!.*1+2-#.*0%!.!1*.D<0!(%!4%2.&+04'0!
,+#.1%*.#%0!G!4-#1+#.1%*.#%0N!U'0!4%2.&+04'0!,+#.1%*.#%0!.5.*%28.&!G.!%&!%#!"01.1-1'!(%!XY_Y3!
0+&![-%!0-!%\+01%&2+.!(%02.*1%!'!+F&'*%!#'0!4%2.&+04'0!(%!*%#.2+K&!4-#1+#.1%*.#N!"#!5*+&2+5+'!
(%!4-#1+#.1%*.#+(.(!%&!#.0!*%#.2+'&%0!%&1*%!%#!"01.('!G!#.!:%&%*.#+1.1!%01.*8.!5*%0%&1%!1.&1'!%&!
%#!.*1N!]NX!2'4'!%&!%#!.*1N!X_RNS!(%#!"01.1-1'!*%2-**+('3!G!0+!&'!0%!2'&1%45#.&!#'0!4%2.&+04'0!
2'&2*%1'0!(%!*%#.2+K&!4-#1+#.1%*.#!0%*8.!(%,+('!.![-%!0%!1*.1.!(%!-&.!4.1%*+.![-%!&'!2'45%1%!.#!
"01.1-1'N!
!
"&!1'('0!#'0!2.0'0!%&!#'0![-%!%#!"01.1-1'!%01.,#%2%!#.!5*%2%51+D.!%4+0+K&!(%!+&Z'*4%0!
(%! #.! :%&%*.#+1.1! 2'&! 2.*?21%*! 5*%D+'! .! #.! .('52+K&! (%! (%2+0+'&%0! (%! 2'45%1%&2+.! %01.1.#!
!2'&1+&M.!%#!%02*+1'!(%!.#%F.2+'&%0!!0%!1*.1.!(%!0-5-%01'0![-%!.Z%21.&!.!#.0!2'45%1%&2+.0!(%!
#.! :%&%*.#+1.1! '! .! #'0! +&1%*%0%0! (%! /.1.#-6.N! /'&! %##'! &'! 0%! .#1%*.*8.! '! +45%(+*8.! #.! #+,*%!
(%2+0+K&! %01.1.#! %&! #.! %0Z%*.! (%! 0-0! 2'45%1%&2+.0N! E%! %01.! 4.&%*.! 0%! 4.1%*+.#+=.*8.! %#!
2-45#+4+%&1'!(%#!5*+&2+5+'!(%!#%.#1.(!+&01+1-2+'&.#!G!0%!.0%F-*.*8.![-%!%#!%C%*2+2+'!*%05%21+D'!
(%!#.0!2'45%1%&2+.0!*%(-&(%!%&!-&!Z-&2+'&.4+%&1'!.*4K&+2'!(%#!"01.('N!U.!5*%D+0+K&!(%!#'0!
4%2.&+04'0! (%! *%#.2+K&! ,+#.1%*.#! 2'&! %#! "01.('! 2'**%05'&(%*8.! .#! "01.1-1'3! [-%! %0! #.! &'*4.!
[-%!(%#+4+1.!%#!.#2.&2%!2'45%1%&2+.#!(%!#.!:%&%*.#+1.1!(%&1*'!(%#!4.*2'!2'&01+1-2+'&.#N!
!
"&! 2-.&1'! .! #.0! *%#.2+'&%0! 2'&! #.! h&+K&! "-*'5%.3! %#! "01.1-1'! .2'F%3! 5.*.! %#!
$.*#.4%&1'3! #.! C-*+05*-(%&2+.! [-%! @.! (%2#.*.('! [-%! #.! %C%2-2+K&! (%#! E%*%2@'! 2'4-&+1.*+'!
(%,%! *%F+*0%! 5'*! #.0! *%F#.0! F%&%*.#%0! +&1%*&.0! (%! (+01*+,-2+K&! (%! 2'45%1%&2+.0! g%&1*%! '1*.03!
>)/!SRSWXYOO3!(%!SP!(%!(+2+%4,*%cN!
!
$'*!#'![-%!@.2%!.#!.*1N!X_Q!(%#!"01.1-1'3!.#%F.!%#!$.*#.4%&1'![-%!&'!&%2%0+1.!5.*.!0-!
#%F+1+4+(.(!(%!-&.!5*%D+0+K&!2'&01+1-2+'&.#![-%!5*%D%.!4%2.&+04'0!(%!5.*1+2+5.2+K&!2'4'!#'0!
[-%! %&! <#! 0%! 2'&1%45#.&N! U.0! .2'1.2+'&%0! [-%! +&2'*5'*.! .#! (%#+4+1.*! 0-! ',C%1'! %D+1.*8.&!
2-.#[-+%*!0-5-%01.!%\1*.#+4+1.2+K&N!
!
XP]N! .c! L*182-#'! X_T! g"Z%21'0! (%! #.! 2'#.,'*.2+K&! %&1*%! #.! :%&%*.#+1.1! G! %#! "01.('c3!
.5.*1.('0!S!G!]3!%&!#.!4%(+(.!%&![-%!%01.,#%2%&![-%!#.!:%&%*.#+1.1!&'![-%(.!D+&2-#.(.!5'*!#.0!
!
]QY
(%2+0+'&%0! [-%! 0%! .('51%&! %&! %#! 4.*2'! (%! K*F.&'0! '! 4%2.&+04'0! 4-#1+#.1%*.#%0! (%!
2'#.,'*.2+K&3! 0+&! 1%&%*! %&! 2-%&1.! [-%! #.! '*F.&+=.2+K&! (%! (+2@'0! 4%2.&+04'0! 5%*1%&%2%!
2'&01+1-2+'&.#!G!*.='&.,#%4%&1%!.#!#%F+0#.('*!%01.1.#!'3!%&!0-!2.0'3!.!#'![-%!0%!%01.,#%=2.!%&!%#!
0%&'!(%#!'*F.&+04'!(%!2''5%*.2+K&3!0+&![-%!5-%(.!(%5%&(%*!(%!#'![-%!(%2+(.!-&'!0'#'!(%!0-0!
+&1%F*.&1%0N!"#!5*%2%51'!+&2'*5'*.*8.3!5'*!1.&1'3!-&!0+01%4.!(%!D%1'!%&!#.0!*%#.2+'&%0!%&1*%!%#!
"01.('! G! #.0! /'4-&+(.(%0! L-1K&'4.0! [-%! +45%(+*8.3! .(%4?03! 2+%*1.! @'4'F%&%+(.(! %&! #.!
.5#+2.2+K&!(%#!'*(%&.4+%&1'N!
!
,c! "&1+%&(%! %#! L,'F.('! (%#! "01.('! [-%! #.! (%4.&(.! ##%F.! .! -&.! 2'&2#-0+K&! +&%\.21.!
0',*%! #'0! %Z%21'0! (%! #.! 2'#.,'*.2+K&! %&1*%! %#! "01.('! G! #.! :%&%*.#+1.1N! U.! .-0%&2+.! (%! -&.!
D+&2-#.2+K&! C-*8(+2.! (%! <01.! 5'*! #.0! (%2+0+'&%0! [-%! 0%! 1'4%&! %&! #.0! +&01+1-2+'&%0! '!
5*'2%(+4+%&1'0! %&! #'0! [-%! 0%! @.##%! %01.,#%2+(.! 0-! 5.*1+2+5.2+K&! 0%*8.! 2'&0%2-%&2+.! (%! #.!
Z+&.#+(.(! %01*+21.4%&1%! 2'#.,'*.('*.! [-%! 0%! 5*%1%&(%! 2'&! %01'0! 5*%2%51'0e! #.! 2'#.,'*.2+K&!
5-%(%! (.*! '! &'! Z*-1'03! 5%*'! %&! &+&FM&! 2.0'! 0%! .#1%*.! #.! 1+1-#.*+(.(! (%! #.! 2'45%1%&2+.3!
2-.#[-+%*.![-%!0%.!%#!*%0-#1.('N!U.!(%4.&(.!5.*%2%*8.!@.,%*!%&1%&(+('![-%!#.!(+02*%5.&2+.!%&!
2-.#[-+%*! ?4,+1'! (%! 2'#.,'*.2+K&! +&2'*5'*.! -&! 0+01%4.! (%! D%1'! %&1*%! %#! "01.('! G! #.0!
/'4-&+(.(%0! L-1K&'4.03! G! %##'! 5.1%&1%4%&1%! &'! 0%*8.! .083! 2'4'! (%4'01*.*8.! %#! 5*'5+'!
5*%2%51'!+45-F&.('N!
!
2c! $.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! &'! 0%!1*.1.*8.! .[-8! (%! +&1*'(-2+*! -&! 5*%1%&(+('!
(%*%2@'! (%! D%1'3! 0+&'! (%! 1'4.*! %&! 2'&0+(%*.2+K&! [-%! #.0! 2'45%1%&2+.0! .1*+,-+(.0! .! #.!
:%&%*.#+1.1!1+%&%&!2.*?21%*!+**%&-&2+.,#%!G3!5'*!%##'3!#.!2'#.,'*.2+K&3!%\2%51'!%&!#'0!0-5-%01'0!
[-%! 2'&01+1-2+'&.#4%&1%! 0%! .*1+2-#%! 2'4'! 181-#'! 2'45%1%&2+.#! %05%28Z+2'3! %0! D'#-&1.*+.N!
/'&0%2-%&1%4%&1%! &'! 5'(*8.&! +45'&%*0%! .! #.! :%&%*.#+1.1! #'0! .2-%*('0! [-%! @.G.&! 0+('!
.('51.('0!2'&!0-!*%0%*D.3!5-%0!%##'!0%*8.!2'&1*.*+'!.!#.!('21*+&.!(%!#.!>)/!_TWXYO]3!(%!R!(%!
.F'01'3![-%!*%2@.=K![-%!#'0!.2-%*('0!(%!#.0!2'&Z%*%&2+.0!0%21'*+.#%0!5-(+%*.&!0-01+1-+*! .! #'0!
.('51.('0! 5'*! K*F.&'0! 5*'5+'0! (%! #.0! /'4-&+(.(%0! L-1K&'4.0! &+! .&-#.*! #.0! Z.2-#1.(%0!
(%2+0'*+.0!(%!<01'0N!
!
(c! >'01+%&%! %#! $.*#.4%&1'! .-1'&K4+2'! [-%! %#! .*1N! X_T! @.2%! *%Z%*%&2+.! .! -&.!
2'#.,'*.2+K&! D'#-&1.*+.! G! [-%! %&! %01%! 1+5'! (%! 2'#.,'*.2+K&3! 0+%&('! +**%&-&2+.,#%0! #.0!
2'45%1%&2+.0! .1*+,-+(.0! %01.1-1.*+.! G! 2'&01+1-2+'&.#4%&1%! .! #.! :%&%*.#+1.13! &'! 5-%(%&!
+45'&<*0%#%!.[-%##.0!(%2+0+'&%0!.('51.(.0!0+&!0-!.2-%*('!%&!#'0!'*F.&+04'0!4-#1+#.1%*.#%0!(%!
!
]RP
2'#.,'*.2+K&3!0+%&('!1'1.#4%&1%!#%F81+4'![-%!#.!:%&%*.#+1.1!5-%(.!@.2%*!2'&01.*!0-0!*%0%*D.0N!
L08!#'!2'&Z+*4.*8.!#.!('21*+&.!(%!#.!>)/!_TWXYO]3!(%!R!(%!.F'01'3!1*.0#.(.,#%!.!%01%!0-5-%01'N!
!
XPQN!.c!L*182-#'!XOP!gE%0+F&.2+K&!(%!#'0!4+%4,*'0!(%#!)*+,-&.#!/'&01+1-2+'&.#!G!(%#!
/'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#c3! 5'*! *%2'&'2%*! .! #.! :%&%*.#+1.1! #.! 5.*1+2+5.2+K&! `%&! #'0!
5*'2%0'0! (%! (%0+F&.2+K&! (%! 7.F+01*.('0! (%#! )*+,-&.#! /'&01+1-2+'&.#! G! (%! 4+%4,*'0! (%#!
/'&0%C'!:%&%*.#!(%#!$'(%*!;-(+2+.#3!%&!#'0!1<*4+&'0![-%!(+05'&F.&!#.0!#%G%03!'3!%&!0-!2.0'3!%#!
V*(%&.4+%&1'!5.*#.4%&1.*+'a3!#'![-%!+45#+2.*8.!#.!+45'0+2+K&!(%!-&!48&+4'!*%F-#.1'*+'!.!#.!
#%F+0#.2+K&!%01.1.#![-%3!2-.#[-+%*.![-%!0%.!0-!2'&1%&+('3!0%!5*%1%&(%![-%!*%05%1%!%#!5*+&2+5+'!
5.*1+2+5.1+D'N! E+2@.! 5.*1+2+5.2+K&! 0%*8.! +&D+.,#%3! 5'*! 2-.&1'! &'! 5-%(%! 0%*! (%2+(+(.!
-&+#.1%*.#4%&1%!%&!-&!"01.1-1'!&+!5-%(%!1%&%*!2.*?21%*!,+#.1%*.#3!5-%0!0-!%\1%&0+K&!.!1'(.0!#.0!
/'4-&+(.(%0!L-1K&'4.0!0-5'&(*8.![-%!%#!"01.('!&'!5'(*8.!(+05'&%*!0',*%!#.!2'45'0+2+K&!
(%!%0'0!K*F.&'0!2'&01+1-2+'&.#%0N!
!
,c! >'01+%&%! %#! L,'F.('! (%#! "01.('! [-%! &'! %0! &%2%0.*+'! 5#.&1%.*0%! #.0! 2-%01+'&%0!
0-02+1.(.0! %&! #.! (%4.&(.3! &+! 0+[-+%*.! #.! 5'0+,#%! (+Z%*%&2+.! %&1*%! -&'0! "01.1-1'0! G! '1*'0N!
H.='&.! [-%! %#! "01.1-1'! &'! 5*%D<! -&.! (+*%21.! +&1%*D%&2+K&! (%! #.! :%&%*.#+1.1! %&! #.0!
(%0+F&.2+'&%0! (%! 4+%4,*'0! (%#! )*+,-&.#! /'&01+1-2+'&.#! &+! (%#! /'&0%C'! :%&%*.#! (%#! $'(%*!
;-(+2+.#3!0+&'![-%3!.#!+F-.#![-%!%#!.*1N!X_QN]3!0%!*%4+1%!.!#.0!#%G%0!(%#!"01.('N!U.0!5'0+,+#+(.(%0!
(%! 5.*1+2+5.2+K&3! 2'4'! %#! .#2.&2%! 4+04'! (%! #.!%\5*%0+K&! `5.*1+2+5.*a3! 0'&! 1.&1.0! G! (+D%*0.0!
[-%!&'!5'(*8.!5*%C-=F.*0%!(%!.&1%4.&'3!&+!#.!.2-6.2+K&!(%!%0.!5'0+,+#+(.(3!&+!4%&'0!.M&!#.!
2'&Z'*4+(.(!'!(+02'&Z'*4+(.(!(%!0-0!1<*4+&'0!2'&!%#!1%\1'!2'&01+1-2+'&.#N!
!
2c!L#%F.!%#!"C%2-1+D'!2.1.#?&![-%!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!%&!#.!(%0+F&.2+K&!
(%! #'0! 4+%4,*'0! (%! #'0! K*F.&'0! *%Z%*+('0! %&! %01'0! 5*%2%51'0! &'! D+%&%! (%1%*4+&.(.! 5'*! %#!
"01.1-1'3![-%!0%!#+4+1.!.!%01.,#%2%*!%#!5*+&2+5+'!F%&%*.#3!5*%2+0.('!(%!.*1+2-#.2+K&!%&!2.(.!2.0'!
5'*!#.!2'**%05'&(+%&1%!#%G!*%F-#.('*.N!E+Z82+#4%&1%!#.!5*%D+0+K&!(%#!5*+&2+5+'!(%!5.*1+2+5.2+K&!
5'(*8.! (%0&.1-*.#+=.*! #.! +&01+1-2+K&! 2'&01+1-2+'&.#! '! 0-01+1-+*! #.! 5'1%01.(! (%! [-%! (+05'&%! %#!
#%F+0#.('*!5.*.!%01.,#%2%*!2-?#!(%,.!0%*!#.! 2'45'0+2+K&!(%!%01.0!+&01+1-2+'&%0!-!K*F.&'0N!E%!
#.0! 5*%D+0+'&%0! %01.1-1.*+.0! &'! 0%! (%(-2+*8.! [-%! 1.#! 5.*1+2+5.2+K&! @.G.! (%! 2'45'*1.*!
&%2%0.*+.4%&1%! #.! (%0+F&.2+K&! 5'*! #.! :%&%*.#+1.1! (%! -&.! 5.*1%! (%! #'0! 4+%4,*'0! (%! %01'0!
K*F.&'0N!
!
!
]RX
$'*!'1*'!#.('!%01.!5*%D+0+K&!%&2'&1*.*8.!C-01+Z+2.2+K&!2'&01+1-2+'&.#!%&!#.!2'&Z+F-*.2+K&!
(%! #.0!/'4-&+(.(%0!L-1K&'4.0!2'4'!5.*1%!(%#!"01.('!G!%&!#.!&%2%0+(.(!(%![-%!-&!"01.('!
2'45-%01'! 0%! ('1%! (%! 4%2.&+04'0! (%! *%#.2+K&N! U.! Z-&2+K&! 2'&01+1-2+'&.#! (%#! "01.1-1'! G! 0-!
2'&(+2+K&!(%!&'*4.!5.22+'&.(.!#'!2'&D%*1+*8.&!%&!&'*4.!+(K&%.!5.*.!+&2'*5'*.*!%01%!1+5'!(%!
+&01*-4%&1'0! (%! 5.*1+2+5.2+K&3! *%2'*(.&('! &-%D.4%&1%! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! %#!
"01.1-1'! (%! XY_Y! G.! .#-(8.! .! #.! 5.*1+2+5.2+K&! %&! '*F.&+04'0! %2'&K4+2'03! +&01+1-2+'&%0!
Z+&.&2+%*.0!G!%45*%0.0!5M,#+2.0!(%#!"01.('N!
!
"&! 2-.&1'! .#! )*+,-&.#! /'&01+1-2+'&.#3! %#! .*1N! XRY! /"! %01.,#%2%! #'0! K*F.&'0!
2'&01+1-2+'&.#%0! .! #'0! [-%! 2'**%05'&(%! (+*+F+*! .#! H%G! #.! 5*'5-%01.! (%! &'4,*.4+%&1'! (%! 0-0!
4+%4,*'03! 5%*'! &.(.! +45+(%! [-%! %&! (+2@.! 5*'5-%01.! 0%! 5*%D%.! #.! 5.*1+2+5.2+K&! (%! #.0!
/'4-&+(.(%0! L-1K&'4.03! [-%! 5'(*8.! .*1+2-#.*0%3! 5'*! %C%45#'3! .! 1*.D<0! (%! #.! 5*'5-%01.! (%#!
>%&.('N! ).45'2'! %#! .*1N! XSS! /"! +45%(+*8.! #.! +&1%*D%&2+K&! .-1'&K4+2.! %&! #.! 5*'5-%01.! (%!
(%0+F&.2+K&!(%!#'0!4+%4,*'0!(%#!/'&0%C'!:%&%*.#!(%#!$'(%*!;-(+2+.#3!@.,+%&('!G.!5-%01'!(%!
*%#+%D%!#.!>)/!XPOWXYOT3!(%!SY!(%!C-#+'3!#.!Z.#1.!(%!5*%(%1%*4+&.2+K&!%&!%#!1%\1'!2'&01+1-2+'&.#!
(%!#.!2'&Z+F-*.2+K&!(%!%01%!K*F.&'N!
!
LZ+*4.!%#!"C%2-1+D'!2.1.#?&![-%!#.!5*%0%&2+.!%&!'*F.&+04'0!%2'&K4+2'0!G!0'2+.#%0!G.!
0%!%01.,#%28.!%&!%#!.*1N!R]!(%#!"01.1-1'!(%!XY_Y!%&!1<*4+&'0!4?0!*%01*+21+D'0![-%!%#!5*%2%51'!
+45-F&.('N! U.! +&1%*D%&2+K&! (%! #.! :%&%*.#+1.1! 0%! C-01+Z+2.*8.! 5'*[-%! #.0! /'4-&+(.(%0!
L-1K&'4.03! &'! 0K#'! .1+%&(%&! .! #.! (%Z%&0.! (%! 0-0! +&1%*%0%0! %05%28Z+2'03! 0+&'! 1.4,+<&! .! #.!
.*1+2-#.2+K&! (%! #'0! F%&%*.#%0! (%#! "01.('! G! #.! 5.*1+2+5.2+K&! 5%*4+1%! +&1%F*.*! G! 2''*(+&.*! %#!
%C%*2+2+'! (%! #.0! *%05%21+D.0! 2'45%1%&2+.0! .-1'&K4+2.0! 2'4'! ZK*4-#.! (%! 2'#.,'*.2+K&! %&! %#!
0%21'*! %2'&K4+2'! %01.1.#N! "#! "01.1-1'! &'! (%Z+&%! 2K4'! (%,%! 2'&Z+F-*.*0%! %0.! 5.*1+2+5.2+K&3!
(%2+0+K&![-%!2'**%05'&(%!.#!#%F+0#.('*!%01.1.#N!$'*!#'!(%4?0!%01.!5.*1+2+5.2+K&!Z+F-*.!%&!%#!.*1N!
SSP!(%!#.!5*'5-%01.!(%!*%Z'*4.!(%#!"01.1-1'!(%!L-1'&'48.!(%!L&(.#-28.3!0+&![-%! @.G.! 0+('!
',C%1.(.!5'*!#'0!E+5-1.('0!*%2-**%&1%0N!
!
(c! $.*.! %#! $.*#.4%&1'! (%! /.1.#-6.! %#! 5*%2%51'! +&1*'(-2%! 0+45#%! G! %02-%1.4%&1%! -&!
5*+&2+5+'! F%&%*.#! (%! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! %&! #'0! 5*'2%0'0! (%! (%0+F&.2+K&! (%! #'0!
4+%4,*'0! (%#! )*+,-&.#! /'&01+1-2+'&.#! G! (%#! /'&0%C'! :%&%*.#! (%#! $'(%*! ;-(+2+.#! [-%3! %&! #'0!
1<*4+&'0! +&(+2.('03! 1%&(*8.! 5%*Z%21'! .2'4'('! %&! -&! "01.1-1'! (%! L-1'&'48.! 2'4'! &'*4.!
+&01+1-2+'&.#! ,?0+2.N! >%*?&! #.0! (+05'0+2+'&%0! #%F.#%0! 2'45%1%&1%0! '! #.0! (%#! '*(%&.4+%&1'!
!
]RS
5.*#.4%&1.*+'! #.0! [-%! %&! 0-! 4'4%&1'! 5-%(.&! 4.1%*+.#+=.*! %#! 5*+&2+5+'! (%! 5.*1+2+5.2+K&!
*%2'&'2+('!5'*!%01%!5*%2%51'3!0+&![-%!%&!%0'0!5*'2%0'0!*%5*%0%&1%!&+&F-&.!5%*1-*,.2+K&N!
!
XPRN!.c!L*182-#'!XOS!gE%0+F&.2+K&!(%!*%5*%0%&1.&1%0!%&!#'0!'*F.&+04'0!%2'&K4+2'0!G!
0'2+.#%0c3! .5.*1.('0! X3! S! G! ]3! 2-G.0! %\5*%0+'&%0! `(%0+F&.! '! 5.*1+2+5.a! +45'&(*8.&! -&.!
*%F-#.2+K&!(%!48&+4'0!.!#.!#%F+0#.2+K&!%01.1.#![-%3!0+&!%4,.*F'3!&'!5-%(%!%01.*!D+&2-#.(.!5'*!
#.0!(%1%*4+&.2+'&%0!(%!-&!"01.1-1'N!
!
,c! "#! L,'F.('! (%#! "01.('3! 5'*! 0-! 5.*1%3! (.! 5'*! *%5*'(-2+(.0! #.0! 2'&0+(%*.2+'&%0!
.&1%*+'*%03!&'!0+&!*%2'*(.*![-%!%&!#'0!1*%0!.5.*1.('0!2'45*%&(+('0!%&!#.!+45-F&.2+K&!0%!@.2%!
-&.! %\5*%0.! *%Z%*%&2+.! .! `#'0! 1<*4+&'0! %01.,#%2+('0! 5'*! #.! #%F+0#.2+K&! .5#+2.,#%a3! *%Z%*%&2+.!
[-%!5'(*8.!%01+4.*0%!+45#82+1.!%&!#.!5*'5+.!8&('#%!(%!#.!4.1%*+.!*%F-#.(.N!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!(%Z+%&(%!#.!2'&01+1-2+'&.#+(.(!(%!%01'0!1*%0!.5.*1.('0!
(%#!.*1N!XOS!%&!#'0!4+04'0!1<*4+&'0!%&!#'0![-%!@.!(%Z%&(+('!#.!(%#!.*1N!XOPN!
!
(c! "#! $.*#.4%&1'! 2.1.#?&! %&1+%&(%! [-%! #.! 5*%D+0+K&! (%#! .*1N! XOS! %&2-%&1*.! 0-!
C-01+Z+2.2+K&!%&!#.!&%2%0+(.(![-%!1+%&%!-&!"01.('!2'45-%01'!(%!.*1+2-#.*!(+D%*0'0!4%2.&+04'0!
5.*.!+&1%F*.*!G!2''*(+&.*!%#!%C%*2+2+'!*%05%21+D'!(%!#.0!2'45%1%&2+.0!.-1'&K4+2.0!G!%01.1.#%03!
*%4+1+%&('! 0-! 2'&2*%2+K&! .! #'! [-%! (+05'&F.! #.! #%F+0#.2+K&! .5#+2.,#%N! "01.! 5*%D+0+K&! 1.4,+<&!
.5.*%28.! %&! %#! .*1N! R]! (%#! "01.1-1'! (%! XY_Y3! 2'&! %#! [-%! 2'45.*1+*8.! #.! *%F-#.*+(.(!
2'&01+1-2+'&.#N!
!
XPTN!.c!L*182-#'!XO]!g^-&2+'&%0!G!2'45'0+2+K&!(%!#.!/'4+0+K&!9+#.1%*.#!:%&%*.#+1.1I
"01.('c3!5*%2%51'![-%!0%*8.!2'&2*%2+K&!5*'2%(+4%&1.#!(%#!5*+&2+5+'!(%!,+#.1%*.#+(.(3!(+02-1+('!
%&!#.!+45-F&.2+K&!(%#!.*1N!]!G!%&!#.0!2'&0+(%*.2+'&%0!F%&%*.#%0!0',*%!#.!+45-F&.2+K&!(%!%01%!
181-#'! A! (%#! "01.1-1'N! $.*.! #'0! *%2-**%&1%0! 0'&! +&2'&01+1-2+'&.#%03! %&! F%&%*.#3! 1'(.0! #.0!
.1*+,-2+'&%0! .0+F&.(.0! .! #.! /'4+0+K&! 2-.&('! 2'45*%&(%&! Z.2-#1.(%0! 0',*%! 4.1%*+.03!
.21+D+(.(%0! '! 0%21'*%0! 2-G.! (+02+5#+&.! 2'**%05'&(%! .! #.! #%F+0#.2+K&! %01.1.#! .! #.! [-%! #.!
/'&01+1-2+K&! 0%! *%4+1%! 5.*.! %01.,#%2%*! #.0! ,.0%0! (%! 0-! '*(%&.2+K&e! (%Z%21'! %&! %#! [-%!
+&2-**+*8.&3! %&! 2'&2*%1'! G! %05%2+.#4%&1%3! #'0! .5.*1.('0! X! .c! g2'45%1%&2+.0! %01.1.#%0! [-%!
.Z%21%&!.!#.!.-1'&'48.!(%!/.1.#-6.c!G!S!.c!g5*'G%21'0!(%!#%G![-%!+&2+(.&!0',*%!#.!(+01*+,-2+K&!
(%!2'45%1%&2+.0c3!,c!g5*'F*.4.2+K&!(%!#.!5'#81+2.!%2'&K4+2.!F%&%*.#c!G!Zc!g(%1%*4+&.2+K&!(%!
'*F.&+04'0!%2'&K4+2'03!+&01+1-2+'&%0!Z+&.&2+%*.0!G!%45*%0.0!5M,#+2.0!(%#!"01.('!%&!#'0![-%!
!
]R]
2.,%! #.! (%0+F&.2+K&! (%! *%5*%0%&1.&1%0! (%! #.! :%&%*.#+1.1cN! $'*! '1*'! #.('! #'0! .21'*%0! 2'&%21.&!
%01%!5*%2%51'!2'&!#.!(+05'0+2+K&!.(+2+'&.#!0%F-&(.3!1.4,+<&!+45-F&.(.!5'*!2-.&1'!5*%02*+,%!
[-%! 0+! (%! .2-%*('! 2'&! %#! "01.1-1'! #.! 5'0+2+K&! (%! #.! /'4-&+(.(! L-1K&'4.! `%0! (%1%*4+&.&1%!
5.*.! 2'&Z'*4.*! -&! .2-%*('! 2'&! %#! :',+%*&'! (%#! "01.('! G! <01%! &'! #.! .2'F%3! %#! :',+%*&'! (%#!
"01.('! (%,%! 4'1+D.*#'! .&1%! #.! /'4+0+K&! 9+#.1%*.#! :%&%*.#+1.1I"01.('aN! U.! 1%*4+&'#'F8.!
-1+#+=.(.!&'!1%&(*8.!%&2.C%!%&!#.0!2.1%F'*8.0!5*'5+.0!(%#!E%*%2@'!%05.6'#3![-%!(+01+&F-%!%&1*%!
+&Z'*4%0! D+&2-#.&1%0! G! &'! D+&2-#.&1%0N! >+! %#! +&Z'*4%! %03! 2'4'! (+2%! #.! (+05'0+2+K&3!
`(%1%*4+&.&1%a3! #'! 0%*?! 5'*! (%1%*4+&.*! %#! 2'&1%&+('! (%! #.! (%2+0+K&! Z+&.#3! %01'! %03! 0%*?!
D+&2-#.&1%3! #'! [-%! *%0-#1.*8.! 2'&01+1-2+'&.#4%&1%! +&.2%51.,#%N! f! 0+! &'! #'! %03! 0%*?! 0K#'!
5*%2%51+D'! G! &'! (%1%*4+&.&1%3! +45'&+<&('0%! %&1'&2%0! -&! *%[-+0+1'! (%! 5*%D+.! 2'&0-#1.! [-%!
1.45'2'!5-%(%!%\+F+*0%!(%0(%!-&!"01.1-1'!(%!L-1'&'48.N!
!
,c! )*.0! *%Z%*+*0%! .! .&1%*+'*%0! 2'&0+(%*.2+'&%0! 0',*%! #.0! 2-%01+'&%0! [-%! 0-02+1.! %#!
5*%2%51'3! .Z+*4.! %#! L,'F.('! (%#! "01.('! [-%! <01%! %01.,#%2%! -&! 4%2.&+04'! 5*'2%(+4%&1.#! .!
1*.D<0!(%#!2-.#!0%!5%*0+F-%!.#2.&=.*!#.!%#+4+&.2+K&!(%!Z*+22+'&%0!4%(+.&1%!#.!2''5%*.2+K&!G!#.!
5*'G%22+K&! (%! <01.! *%05%21'! (%! (%1%*4+&.(.0! 4.1%*+.0! 4?0! 5*'5+2+.0! .! #.! 2'&1*'D%*0+.N! U.!
,+#.1%*.#+(.(!%0!-&!1<*4+&'![-%!.2.0'!@.,*8.!0+('!%&1%&(+('!5'*!#'0!(%4.&(.&1%0!4?0!5'*!0-0!
*%0'&.&2+.0!%&!'1*'0!2.45'0!(%#!V*(%&.4+%&1'![-%!5'*!0-!F%&-+&.!G!5*'5+.!0+F&+Z+2.2+K&3!G!
[-%! %D'2.! #.! 5*%0%&2+.! (%! ('0! 0-C%1'0! +&1%*%0.('0! %&! -&.! *%#.2+K&! '! .Z%21.('0! 5'*! %##.! 0+&!
5*%C-=F.*!'1*.!2'0.![-%!#.!%\+01%&2+.!(%!#.!5*'5+.!*%#.2+K&N!f!%01.!*%#.2+K&!,+#.1%*.#!@.!(.('!
#-F.*!.!4M#1+5#%0!%C%45#'0!(%!5*'2%(+4+%&1'0![-%!0%!@.&!0%F-+('!2'&!5#%&'!*%2'&'2+4+%&1'!
&'*4.1+D'!G![-%!0%!@.&!5*.21+2.('!Z*%2-%&1%4%&1%!(%0(%!#.!%&1*.(.!%&!D+F'*!(%!#'0!5*+4%*'0!
"01.1-1'0!(%!L-1'&'48.N!
!
"#! .*1N! XO]! 0%! +&02*+,+*8.! %&! %0.! 4+04.! #8&%.3! 0+&! 4?0! 5.*1+2-#.*+(.(! [-%! 0-! %\5*%0'!
*%2'&'2+4+%&1'! G! 0-! 5*%D+0+K&! 2'4'! 4.*2'! 5%*4.&%&1%3! G3! Z*%&1%! .! #'! [-%! 0%! .Z+*4.! %&! #.!
(%4.&(.3! 0-! .5.*1.('! S! &'! *%F-#.*8.! .1*+,-2+'&%03! %&! %#! 0%&1+('! 5*'5+'! (%! #.! %\5*%0+K&3! [-%!
Z.2-#1%&! 5.*.! (%2+(+*! #+,*%4%&1%! 0',*%! #.0! 4.1%*+.0! [-%3! .! 181-#'! 4%*.4%&1%! %C%45#+Z+2.1+D'3!
*%#.2+'&.N! U.! &'*4.! &'! .-1'*+=.*8.! .! 0-01+1-+*! 5'*! (%2+0+'&%0! (%! #.! /'4+0+K&! 9+#.1%*.#! %#!
0+01%4.! (%! Z-%&1%0! %01.,#%2+('3! 0+&'! .! (%0%45%6.*! -&.! #.,'*! 2'#.,'*.('*.! [-%! 5-%(.! 0%*D+*!
2'4'!4.*2'!.!-&.!2'&2%*1.2+K&!G!.C-01%!(%!+&1%*%0%0!'!5%*05%21+D.03!G!2'&!%##'!.#!(%05#+%F-%!
(%!#.0!2'45%1%&2+.0!*%05%21+D.0!(%#!"01.('!G!(%!#.!:%&%*.#+1.1N!U.!D%*(.(%*.!.1*+,-2+K&!(%!#.!
/'4+0+K&!9+#.1%*.#!2'&0+01+*8.!5*%2+0.4%&1%!%&!%0%!%0Z-%*='!2''5%*.('*N!L083!%&!#.!#%1*.!.c!(%!
%01%!.5.*1.('!S3!%#!5*%2%51'!0%!0+1M.!%&!-&.!Z.0%!4-G!5*%#+4+&.*!(%!#.!D%*(.(%*.!Z-%&1%3!%01'!
!
]RQ
%03!%#!(%!#'0!5*'G%21'03!0+&![-%!0%!2'45*%&(.!#.!*.=K&!5'*!#.![-%!#.0!0-F%*%&2+.0![-%!%4.&%&!
(%!-&.!%&1+(.(!+&01+1-2+'&.#!(%,.&!0%*!%\2#-+(.0!(%!1'(.!5'0+,#%!2'&0+(%*.2+K&N!
!
$'*!M#1+4'3!%#!%&-&2+.('!(%!#.!(+05'0+2+K&!.(+2+'&.#!0%F-&(.!(%4'01*.*8.!#'!2'&1*.*+'!
(%!#'![-%!%&!%#!*%2-*0'!5.*%2%!0-F%*+*0%3!(%04+&1+%&('!#.!5*%1%&(+(.!0-01+1-2+K&!(%!Z-%&1%0!(%#!
V*(%&.4+%&1'! 5'*! #.! .22+K&! (%! %01.! /'4+0+K&N! f3! .-&[-%! #.! *%Z%*+(.! (+05'0+2+K&! &'! D%*0.!
0',*%! %#! %01.,#%2+4+%&1'! (%! 4%2.&+04'0! (%! +&Z'*4%0! '! 2'&0-#1.0! 5*%D+.03! *%2@.=.! %#!
*%5*%0%&1.&1%!(%#!:',+%*&'!%#!@%2@'!(%![-%!.!-&!"01.1-1'!#%!%01<!D%(.('!.*1+2-#.*!%01%!1+5'!(%!
4%2.&+04'0! '! +&Z'*4%0! 5*%D+'0! [-%3! %&! F%&%*.#3! 2'&01+1-G%&! -&.! 0.&.! 5*?21+2.! 5*%D%&1+D.!
Z*%&1%! .! #.0! +45*'D+0.2+'&%0! '! 5*%2+5+1.2+'&%0! (%#! 5'(%*! 5M,#+2'3! (.&('! 5'*! *%5*'(-2+('! #'!
%\5-%01'!%&!*%#.2+K&!2'&!%#!.*1N!XTYN!
!
2c! $.*.! %#! :',+%*&'! 2.1.#?&! #.! /'4+0+K&! 0%! 2'&Z+F-*.! 2'4'! -&! +&01*-4%&1'! (%!
2'#.,'*.2+K&![-%!5%*4+1%3!.!1*.D<0!(%!-&!K*F.&'!F%&%*.#!G!5%*4.&%&1%3!#.!5.*1+2+5.2+K&!(%!#.!
:%&%*.#+1.1!%&!(%Z%&0.!(%!0-0!2'45%1%&2+.0!%!+&1%*%0%0!%&!%#!%C%*2+2+'!(%!#.0!2'45%1%&2+.0!(%#!
"01.('N! ).&1'! #.! U%G! (%! *<F+4%&! C-*8(+2'! (%! #.0! .(4+&+01*.2+'&%0! 5M,#+2.0! G! (%#!
5*'2%(+4+%&1'! .(4+&+01*.1+D'! 2'4M&! 2'4'! #.! U%G! V*F?&+2.! (%#! )*+,-&.#! /'&01+1-2+'&.#!
2'&1%45#.&! #.! %\+01%&2+.! (%! -&! K*F.&'! ,+#.1%*.#! (%! 2'#.,'*.2+K&3! (%&'4+&.('! /'4+0+K&!
9+#.1%*.#! (%! /''5%*.2+K&3! 5'*! #'! [-%! &'! 5.*%2%![-%! 0-! +&2'*5'*.2+K&! .#! "01.1-1'! %\2%(.! (%#!
2'&1%&+('!(%!%01.!&'*4.!+&01+1-2+'&.#!,?0+2.3!.!#.![-%!2'**%05'&(%!#.!(%#+4+1.2+K&!(%#!.#2.&2%!
(%!#.0!2'45%1%&2+.0!(%!#.!:%&%*.#+1.1N!
!
"#!.*1N!XO]NS!2'&2*%1.!#.0!Z-&2+'&%0!(%!%01.!/'4+0+K&3!(+Z%*%&2+.&('3!0%FM&!%#!.#2.&2%!
(%#! ?4,+1'! (%! 2'45%1%&2+.0! %! +&1%*%0%0! (%! #.! :%&%*.#+1.13! %&1*%! #.! 4%*.! (%#+,%*.2+K&3! #.!
Z.2-#1.(!(%!Z'*4-#.*!5*'5-%01.0!%3!+&2#-0'3!#.!(%!.#2.&=.*!.2-%*('0!%&!.[-%##'0!2.0'0!%&![-%!
2'**%05'&(.3!*%05%1.&('!%#!0+01%4.!(%!(+01*+,-2+K&!(%!2'45%1%&2+.0N!k'!@.,*8.!(-(.3!5.*.!%#!
"C%2-1+D'! 2.1.#?&3! (%! [-%! #'0! 5*'G%21'0! (%! #%G! '! #.0! 5*'F*.4.2+'&%0! %2'&K4+2.03! 2-.&('!
+&2+(.&! 0+&F-#.*4%&1%! %&! %#! ?4,+1'! (%! 2'45%1%&2+.0! .-1'&K4+2.03! 5-%(%&3! %&! D+*1-(! (%#!
5*+&2+5+'!(%!#%.#1.(!2'&01+1-2+'&.#3!0%*!',C%1'!(%!(%#+,%*.2+K&!G!5*'5-%01.!%&!%01%!K*F.&'!(%!
2'45'0+2+K&!,+#.1%*.#!0+&![-%!%##'!4%*4%!#.!2.5.2+(.(!(%#!"01.('!5.*.!.('51.*3!%&!%#!?4,+1'!
(%! 0-0! 2'45%1%&2+.03! #.! (%2+0+K&! [-%! %01+4%! .(%2-.(.N! ).45'2'! #.! Z.2-#1.(! (%! %Z%21-.*! #.!
5*'5-%01.! (%! 2-?#%0! 0'&! #'0! K*F.&'0! (%#! 0%21'*! %2'&K4+2'! %01.1.#! %&! #'0! [-%! %0! .5#+2.,#%! #.!
5*%D+0+K&!(%#!.*1N!XOS!0-5'&(*8.!-&.!+&C%*%&2+.!%&!#.0!2'45%1%&2+.0!(%#!"01.('3!5-%0!0%!1*.1.!
(%!-&.!4%*.!5*'5-%01.3![-%!&'!(%05#.=.!#.!2.5.2+(.(!(%#!"01.('!5.*.!(%2+(+*N!>%!.5-&1.3!5'*!
!
]RR
(%4?03! #.! .&.#'F8.! (%#! .*1N! SXTNS! (%! #.! 5*'5-%01.! (%! *%Z'*4.! (%#! "01.1-1'! (%! L-1'&'48.! (%!
L&(.#-28.!2'&!%#!.@'*.!2'&1*'D%*1+('N!
!
U.!Z-&2+K&!.1*+,-+(.!.!#.!/'4+0+K&!9+#.1%*.#!5'*!#.!(+05'0+2+K&!.(+2+'&.#!0%F-&(.!(%#!
"01.1-1'!1.45'2'!0%*8.!+&2'&01+1-2+'&.#N!U%C'0!(%!.Z+*4.*!#.!D+&2-#.2+K&!(%#!"01.('!.#!5.*%2%*!
(%!#.!:%&%*.#+1.13!0%!1*.1.*8.!(%!F.*.&1+=.*![-%!%&!%#!%C%*2+2+'!(%!0-0!2'45%1%&2+.0!%#!"01.('!
5'&(%*%!.(%2-.(.4%&1%!#'0!+&1%*%0%0!+45#+2.('03!G!5.*.!%##'!0%!%\+F%!1.&!0'#'![-%!%#!"01.('!
4'1+D%!0-!(%2+0+K&!.&1%!%01%!K*F.&'!,+#.1%*.#!(%!2'#.,'*.2+K&N!
!
(c!$'*!#'![-%!@.2%!.#!.*1N!XO]!.#%F.!%#!$.*#.4%&1'!(%!/.1.#-6.![-%!#.!%\+01%&2+.!(%!-&.!
/'4+0+K&!9+#.1%*.#!:%&%*.#+1.1I"01.('!&'!%0!-&.!&'D%(.(!%&!1<*4+&'0!.,0'#-1'0!(%*+D.(.!(%#!
"01.1-1'! (%! L-1'&'48.! (%! SPPT3! 5-%0! (%0(%! XYO_! 0%! 2'&1.,.! 2'&! -&.! G3! 5'01%*+'*4%&1%3! #.!
U%G!]PWXYYS!*%2'&'2+K!C-*8(+2.4%&1%!%01%!1+5'!(%!+&01*-4%&1'!(%!*%#.2+K&!,+#.1%*.#N!"&!&+&FM&!
2.0'! #.0! Z-&2+'&%0! (%! #.! /'4+0+K&! 9+#.1%*.#3! 2'4'! K*F.&'! (%! 5.*1+2+5.2+K&! G! 2'#.,'*.2+K&3!
5'(*8.&!(%C.*!0+&!%Z%21'!'!0-01+1-+*!#.0!(%2+0+'&%0![-%!(%,.!.('51.*!%#!"01.('!%&!%#!%C%*2+2+'!(%!
0-0!2'45%1%&2+.0N!
!
$'*! 0-! 5.*1%! #.! (+05'0+2+K&! .(+2+'&.#! 0%F-&(.! +&2'*5'*.*8.! -&.! &-%D.! Z-&2+K&! .! #.!
/'4+0+K&! 9+#.1%*.#N! U'0! +&Z'*4%0! (%1%*4+&.&1%0! (%! #.! :%&%*.#+1.1! 5*%D+01'0! %&! (+D%*0'0!
5*%2%51'0! %01.1-1.*+'0! &'! 0'&! D+&2-#.&1%0! 5.*.! %#! "01.('N! U.! 2'&0%2-%&2+.! C-*8(+2.! 5.*.! %#!
"01.('!(%!&'!0%F-+*!%#!2*+1%*+'!(%!-&!+&Z'*4%!(%1%*4+&.&1%!(%!#.!:%&%*.#+1.1!0%!#+4+1.*8.!.!#.!
%\5#+2+1.2+K&!.&1%!#.!/'4+0+K&!9+#.1%*.#!(%!#'0!4'1+D'0!5'*!#'0![-%!0%!@.!.5.*1.('!(%#!2*+1%*+'!
+&(+2.('!5'*!#.!:%&%*.#+1.1!%&!0-!+&Z'*4%N!L08!#.!(+05'0+2+K&!.(+2+'&.#!0%F-&(.!&'!0-5'&(*8.!
&+&F-&.!4%*4.!%&!#.!2.5.2+(.(!(%!(%2+0+K&!(%#!"01.('!%&!#'0!.0-&1'0!(%!0-!2'45%1%&2+.3!0+&'!
0+45#%4%&1%! -&.! F.*.&18.! (%! [-%3! %&! %#! %C%*2+2+'! (%! #.0! 2'45%1%&2+.0! 5'*! 5.*1%! (%#! "01.('3!
<01%!(+05'&F.!(%#!2'&'2+4+%&1'!.(%2-.('!(%!#'0!+&1%*%0%0!(%!#.!:%&%*.#+1.1!%&!(%1%*4+&.('0!
0-5-%01'0N!
!
E%#!2.581-#'!bb!gH%#.2+'&%0!(%!#.!:%&%*.#+1.1!2'&!#.!h&+K&!"-*'5%.c!
!
XP_N! .c! L*182-#'! XOQ! gE+05'0+2+K&! F%&%*.#c3! 5'*! 2'&1%45#.*! (%! -&.! 4.&%*.!
%\2%0+D.4%&1%!.45#+.!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!%&!#'0!.0-&1'0!(%!#.!h&+K&3!-1+#+=.&('!
2'4'! 2*+1%*+'! (%! 2'&%\+K&! #.! %\5*%0+K&! `+&1%*%0%0! (%! /.1.#-6.a3! 2'4'! .#F'! (+Z%*%&1%! (%! #.0!
2'45%1%&2+.0![-%!2'**%05'&(%&!.!#.!/'4-&+(.(!L-1K&'4.N!
!
]RT
!
,c! L&1%! 1'('! 0%! .(D+%*1%! 5'*! %#! L,'F.('! (%#! "01.('! [-%! #.! 5.*1+2+5.2+K&! (%! #.!
:%&%*.#+1.1!%&!#.0!*%#.2+'&%0!2'&!#.!h&+K&!"-*'5%.!0%!#+4+1.!`.!#'0!1<*4+&'0![-%!%01.,#%2%&!%#!
5*%0%&1%!"01.1-1'!G!#.!#%F+0#.2+K&!(%#!"01.('a3!(%1%*4+&.2+K&![-%!.Z%21.*8.!.#!0%&1+('!(%!1'('0!
#'0!%&-&2+.('0![-%!#%!0+F-%&N!"0!(%2+*3!%#!"01.1-1'!@.,+#+1.!(%!4.&%*.!F%&%*.#!#.!5.*1+2+5.2+K&!
(%! #.! :%&%*.#+1.1! %&! #.! 4%(+(.! (%! #.! .Z%21.2+K&! (%! 0-0! 2'45%1%&2+.03! 5%*'! #'0! 0-5-%01'0!
2'&2*%1'0!G!#'0!1<*4+&'0!%&![-%!5-%(.!##%D.*0%!.!2.,'!#.!5.*1+2+5.2+K&![-%(.*8.&!*%4+1+('0!.!#.!
#%F+0#.2+K&!%01.1.#N!"&!2-.&1'!.!#.0!',C%2+'&%0!5#.&1%.(.0!%&!#.!(%4.&(.!0%!0%6.#.![-%!1+%&%&!
-&!.#2.&2%!5-*.4%&1%!2-.&1+1.1+D'3!5-%01'![-%!&'!',C%1.&!#.!5.*1+2+5.2+K&!%&!08!4+04.3!0+&'!0-!
%\1%&0+K&3! G! #'! @.2%&! (%! Z'*4.! F%&%*.#! %! +&(%1%*4+&.(.3! 0+&! *%Z%*+*0%! .! &+&FM&! 5*%2%51'!
2'&2*%1'!(%!#.!/'&01+1-2+K&3!0+&'!.!-&!+45*%2+0'!(%0,'*(.4+%&1'!(%!0-!4.*2'N!
!
$'*! '1*'! #.('! &'! %&1+%&(%! %#! *%5*%0%&1.&1%! (%#! :',+%*&'! [-%! %#! "01.1-1'! 0%! @.G.!
5*'5-%01'! -1+#+=.*! #.! %\5*%0+K&! `+&1%*%0%0a! 2'4'! .#F'! *%.#4%&1%! (+Z%*%&2+.('! (%! #.0!
2'45%1%&2+.03!5-%01'![-%!G.!%#!)*+,-&.#!/'&01+1-2+'&.#3!(%0(%!0-0!5*+4%*.0!0%&1%&2+.0!g>>)/!
QWXYOX3! (%! S! (%! Z%,*%*'e! SRWXYOX3! (%! XQ! (%! C-#+'c3! @+='! 2'+&2+(+*! -&'! G! '1*'! 2'&2%51'0N!
/-%01+K&! (+01+&1.! %0! [-%! #.! .45#+1-(! (%! #.0! 2'45%1%&2+.0! .0-4+(.0! 2'&(-=2.! .! -&.! 4?0!
Z*%2-%&1%! '! 4?0! +&1%&0.! Z'*4.! (%! 5.*1+2+5.2+K&3! 5%*'! #.0! 2-%01+'&%0! 5*?21+2.0! *%#.1+D.0! .! #'0!
1<*4+&'03! Z'*4.0! G! 2'&(+2+'&%0! (%! %0.! 5.*1+2+5.2+K&! 0'&! .C%&.0! .! #.! %01*+21.! @.,+#+1.2+K&!
%01.1-1.*+.3!%&!2-.&1'!0'4%1+(.3!5'*!%\5*%0.!##.4.(.!(%#!"01.1-1'3!.!#.!#%F+0#.2+K&!%01.1.#N!"&!%#!
"01.1-1'! 0%! %&2'&1*.*8.! +45#82+1'! [-%! #.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! &'! 5'(*?! 2'&01+1-+*!
',01?2-#'! 5*?21+2'! 5.*.! [-%! %#! "01.('! (%05#+%F-%! %Z+2.=4%&1%! 0-! #.,'*! 5*'5+.N! ).#! 2-%01+K&!
0%*8.!.C%&.!.!#.!2'&01+1-2+'&.#+(.(!(%!#'0!%&-&2+.('0!(%#!"01.1-1'3!(%,+%&('!0%*!#'0!K*F.&'0!(%#!
"01.('! #'0! [-%! (+02+5#+&%&! %01.! 2-%01+K&3! .C-01?&('#.! .! #.! 4%(+(.! (%! #.0! 5'0+,+#+(.(%03!
2+*2-&01.&2+.0!G!'5'*1-&+(.(%0!(%!1+5'!'5%*.1+D'N!
!
2c! k+%F.3! %&! 5*+4%*! #-F.*3! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! #.! 5.*1+2+5.2+K&! (%! #.0!
/'4-&+(.(%0! L-1K&'4.0! %&! #.! h&+K&! "-*'5%.! +&2+(.! %&! #.0! 2'45%1%&2+.0! %01.1.#%0! %&!
4.1%*+.! (%! *%#.2+'&%0! +&1%*&.2+'&.#%03! 5-%0! %&! #.! >)/! XTRWXYYQ3! (%! ST! (%! 4.G'3! G.! 0%!
5-0+%*'&! 2#.*.4%&1%! (%! 4.&+Z+%01'! #.0! 5.*1+2-#.*+(.(%0! [-%! 5*%0%&1.&! #.0! *%#.2+'&%0!
+&1*.2'4-&+1.*+.0! *%05%21'! (%! #.0! *%#.2+'&%0! +&1%*&.2+'&.#%0N! L(%4?0! %#! )*+,-&.#! @.!
*%2'&'2+('! .45#+.4%&1%3! %&! #.! >)/! SRSWXYOO3! (%! SP! (%! (+2+%4,*%3! #.! 5.*1+2+5.2+K&! (%! #.0!
/'4-&+(.(%0! L-1K&'4.0! %&! #.0! +&01+1-2+'&%0! %-*'5%.03! 0+! ,+%&! *%Z%*+(.! .! #.! %C%2-2+K&! (%#!
E%*%2@'!%-*'5%'N!/'&0%2-%&1%4%&1%!&.(.!5'(*8.!'5'&%*0%!.!#.!5.*1+2+5.2+K&!.-1'&K4+2.!%&!
!
]R_
#.! Z.0%! .02%&(%&1%! '! (%! Z'*4.2+K&! (%! #.! D'#-&1.(! (%#! "01.('! .&1%! #.0! +&01+1-2+'&%0!
2'4-&+1.*+.03! 2'&! #.! [-%! 0%! 1*.1.*8.! (%! 2'45%&0.*! #.! 5<*(+(.! (%! 2.5.2+(.(! 5.*.! (%1%*4+&.*!
5'#81+2.0! 5*'5+.0! [-%! 5.*.! #.0! /'4-&+(.(%0! L-1K&'4.0! 0-5'&%! #.! +&2'*5'*.2+K&! .! #.! h&+K&!
"-*'5%.e! %&! 2'&0%2-%&2+.3! &'! 0K#'! &'! 0%*8.! 2'&1*.*+.! .! #.! /'&01+1-2+K&3! 0+&'! [-%! D%&(*8.! .!
*%01.,#%2%*!%#!'*(%&!2'&01+1-2+'&.#!(%!(+01*+,-2+K&!(%!5'(%*%0N!
!
"#! *%2'&'2+4+%&1'! (%! #.! &%2%0.*+.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! %&! #'0! .0-&1'0!
*%#.2+'&.('0! 2'&! #.! h&+K&! "-*'5%.! 1%&(*8.! G.! -&.! %\5*%0+K&! %&! #.! U%G! SWXYY_3! (%! X]! (%!
4.*='3! 5'*! #.! [-%! 0%! *%F-#.! #.! /'&Z%*%&2+.! (%! L0-&1'0! H%#.2+'&.('0! 2'&! #.0! /'4-&+(.(%0!
"-*'5%.0! g/LH/"cN! L(%4?0! (%! [-%! %#! 5*'5+'! 2.*?21%*! 4-#1+#.1%*.#! (%! #.! /LH/"! %0!
2'45.1+,#%!2'&!#.!%\+01%&2+.!(%!'1*'0!+&01*-4%&1'0!,+#.1%*.#%0![-%!5*'5+2+%&!%0.!5.*1+2+5.2+K&3!
0'01+%&%! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! [-%! #.0! Z.2-#1.(%0! (%! 5.*1+2+5.2+K&! [-%! %#! "01.1-1'!
*%2'&'2%!.!#.!:%&%*.#+1.1!G.!0%!%&2'&1*.,.&!*%2'F+(.0!%&!#.0!Z-&2+'&%0![-%!#.!#%G!*%2'&'2%!.!
#.! /'&Z%*%&2+.3! 5'*! #'! [-%! (+Z82+#4%&1%! 5.*%2%! C-01+Z+2.('! [-%! %0.! 5*%D+0+K&! %01.1-1.*+.!
0-5'&F.! -&.! +&2+(%&2+.! 2'&1*.*+.! .#! 1%\1'! 2'&01+1-2+'&.#! %&! #.! 2'45%1%&2+.! (%#! "01.('! %&!
*%#.2+'&%0! +&1%*&.2+'&.#%03! &+! 2'45'*1%! -&.! .45#+.2+K&! (%#! ?4,+1'! (%! .21-.2+K&! (%! #.0!
/'4-&+(.(%0!L-1K&'4.0![-%!D.G.!4?0!.##?!(%#![-%!2'&01+1-2+'&.#4%&1%!1+%&%&!*%2'&'2+('N!
"&! 1'('! 2.0'3! %#! "01.1-1'! &'! 5*%1%&(%*8.! 0-01+1-+*! %#! 4.*2'! 4-#1+#.1%*.#! (%! *%#.2+K&3! 0+&'!
.*1+2-#.*! -&! 0+01%4.! (%! *%#.2+'&%0! %&! .[-%##.0! 4.1%*+.0! [-%! .Z%21%&! .! #.0! 2'45%1%&2+.0! %!
+&1%*%0%0! (%! #.! :%&%*.#+1.13! [-%! 0%! 2.&.#+=.*?&! .! 1*.D<0! (%! #'0! K*F.&'0! (%! 2''5%*.2+K&!
4-#1+#.1%*.#!'!,+#.1%*.#N!>%!*%2-%*(.3!5'*!'1*'!#.('3![-%!'1*.0!*%Z'*4.0!%01.1-1.*+.0!1.4,+<&!@.&!
+&2'*5'*.('! '! 0%! 5#.&1%.&! +&2'*5'*.*! *%F-#.2+'&%0! %05%28Z+2.0! 0',*%! *%#.2+'&%0! (%! #.!
*%05%21+D.!/'4-&+(.(!L-1K&'4.!2'&!#.!h&+K&!"-*'5%.N!
!
"&!2-.&1'!.!#.!+45-F&.2+K&!(%#!.*1N!XOQ3!0%!.#%F.!5'*!%#!"C%2-1+D'![-%!%#!.*1N!X]_!/"!
(%1%*4+&.![-%!#.!.-1'&'48.!*%2'&'2+(.!.!#.0!/'4-&+(.(%0!L-1K&'4.0!0%!D+&2-#.!.!#.!F%01+K&!
(%! 0-0! *%05%21+D'0! +&1%*%0%0! g>)/! SRWXYOX3! (%! XQ! (%! C-#+'cN! "&! #.! 4.G'*8.! (%! #'0! 2.0'0! %0.!
5.*1+2+5.2+K&! 0%! #+4+1.*?! .#! (%*%2@'! .! ',1%&%*! +&Z'*4.2+K&3! %\5*%0.4%&1%! 2'&Z+*4.('! 5'*! #.!
>)/!XTRWXYYQ3!(%!ST!(%!4.G'3!G![-%!G.!0%!5*%D%8.3!%&1'&2%0!5'*!*%Z%*%&2+.!.!#'0!1*.1.('0!G!
2'&D%&+'0!+&1%*&.2+'&.#%03!%&!%#!.*1N!S_NR!(%#!"01.1-1'!(%!XY_YN!
!
(c! U.! ',C%2+K&! (%#! *%2-*0'! .#! .*1N! XOQ! 2.*%2%3! 5.*.! %#! $.*#.4%&1'! 2.1.#?&3! (%!
Z-&(.4%&1'3! 5'*! 2-.&1'! %#! 5*'5+'! .*1N! X]_! /"! 0%6.#.! [-%! #.! .-1'&'48.! *%2'&'2+(.! .! #.0!
!
]RO
/'4-&+(.(%0! L-1K&'4.0! 0%! D+&2-#.! .! #.! F%01+K&! (%! 0-0! *%05%21+D'0! +&1%*%0%03! G! .08! #'! @.!
%&1%&(+('!1.4,+<&!#.!C-*+05*-(%&2+.!g>)/!SRWXYOX3!(%!XQ!(%!C-#+'cN!
!
XPON! .c! L*182-#'! XOR! g$.*1+2+5.2+K&! %&! #'0! 1*.1.('0! (%! #.! h&+K&! "-*'5%.c3! 2-G'!
.5.*1.('!X!.1*+,-G%!.!#.!:%&%*.#+1.1!-&!(%*%2@'!(%!+&Z'*4.2+K&!2'&!2.*?21%*!+45%*.1+D'!%&!#.!
*%D+0+K&! (%! #'0! 1*.1.('0! (%! #.! h&+K&3! 0+&! %01.,#%2%*! -&! D8&2-#'! (%! 2'&%\+K&! 2'&! #.0!
2'45%1%&2+.0! (%! #.! /'4-&+(.(! L-1K&'4.! %! +&2+(+%&('3! 5'*! 1.&1'3! %&! #.! Z'*4.2+K&! (%! #.!
D'#-&1.(!(%#!"01.('!%&!#.0!*%#.2+'&%0!+&1%*&.2+'&.#%03!2'&!+&Z*.22+K&!(%!#'0!.*10N!XQYNXN]!G!Y]!
G!0+F-+%&1%0!(%!#.!/'&01+1-2+K&N!
!
,c!>'01+%&%!%#!%02*+1'!(%!.#%F.2+'&%0!(%#!L,'F.('!(%#!"01.('![-%!%#!5*%2%51'!+&2#-G%!
-&.!4'(%01.!4%(+(.!(%!+&Z'*4.2+K&!.!#.!:%&%*.#+1.1!G!#.!5'0+,+#+(.(!(%![-%!#'0!K*F.&'0!(%!#.!
4+04.!Z'*4-#%&!',0%*D.2+'&%0!%&!4.1%*+.!(%!*%D+0+K&!(%!#'0!)*.1.('0!(%!#.!h&+K&!"-*'5%.N!
U.!.*F-4%&1.2+K&!(%!#.!(%4.&(.!&'!0%*8.!.2%51.,#%3!5-%03!5*%2+0.4%&1%!5'*[-%!#.!0-02*+52+K&!
'! *%D+0+K&! (%! (+2@'0! 1*.1.('0! %0! 2'0.! (%#! "01.('3! 0%! 2'&2+,%! -&.! Z'*4.! (%! 5.*1+2+5.2+K&N! U.!
2'45%1%&2+.!*%2%51'*.!(%!%01.!+&Z'*4.2+K&!&'!1+%&%![-%!(%*+D.*!(%!'1*.!(%!4.G'*!.#2.&2%!(%!#.!
[-%!*%.#4%&1%!'Z*%2%!0-!5*'5+.!G!'*+F+&.*+.!Z'*4-#.2+K&N!
!
2c! "#! "01.1-1'! !.#%F.! %#! :',+%*&'! 2.1.#?&!! 2'&1%45#.! ('0! &+D%#%0! (%! 5.*1+2+5.2+K&!
(%!#.!:%&%*.#+1.1!%&!#'0!.0-&1'0!%-*'5%'0N!h&'!(%!%##'0!0%!2'**%05'&(%!2'&!%#!(%*%2@'!.!*%2+,+*!
+&Z'*4.2+K&3! [-%! &'! D+%&%! (+*%21.4%&1%! D+&2-#.('! .#! %C%*2+2+'! (%! #.0! 2'45%1%&2+.0! G! 0%!
Z'*4-#.! 2'4'! -&! 5*+&2+5+'! F%&%*.#! (%! 2'#.,'*.2+K&! %&1*%! #'0! 5'(%*%0! 5M,#+2'0N! h&! 0%F-&('!
&+D%#3!%&!%#![-%!#.!5.*1+2+5.2+K&!%0!4?0!+&1%&0.3!1+%&%!5'*!Z+&.#+(.(!+&2+(+*!%&!#.!Z'*4.2+K&!(%!
#.0!5'0+2+'&%0!(%#!"01.('N!>%!1*.1.*8.3!0+45#%4%&1%3!(%#!(%*%2@'!.!0%*!+&Z'*4.('!G!.!Z'*4-#.*!
',0%*D.2+'&%03!5%*'!&'!2'45'*1.*8.!%#!*%2'&'2+4+%&1'!(%!5.*1+2+5.2+K&!.#F-&.!%&!%#!5*'2%0'!
(%!1'4.!(%!(%2+0+'&%0!2'4-&+1.*+.0N!
!
(c! U.! *%5*%0%&1.2+K&! (%#! $.*#.4%&1'! 0%! *%4+1%! .! #.0! .#%F.2+'&%0! *%.#+=.(.0! 0',*%! %#!
.*182-#'! .&1%*+'*3! 0%6.#.&('! .(%4?03! %&! 2-.&1'! .#! 2'&1%&+('! 4.1%*+.#! (%#! 5*%2%51'3! [-%! 0%!
1*.1.*8.!0+45#%4%&1%!(%#!(%*%2@'!(%!#.!:%&%*.#+1.1!.!0%*!+&Z'*4.(.!G!.!Z'*4-#.*!',0%*D.2+'&%0N!
!
XPYN!.c!L*182-#'!XOT!g$.*1+2+5.2+K&!%&!#.!Z'*4.2+K&!(%!#.0!5'0+2+'&%0!(%#!"01.('c3!2-G'!
.5.*1.('!X!2'&2*%1.!#.!5*%D+0+K&!(%#!.*1N!XOQ!%&!2-.&1'!.!#.!5.*1+2+5.2+K&!(%!#.!:%&%*.#+1.1!%&!
#.!Z'*4.2+K&!(%!#.!D'#-&1.(!(%#!"01.('!.&1%!#.!h&+K&!"-*'5%.3!%05%2+.#4%&1%!.&1%!%#!/'&0%C'!
!
]RY
(%! 7+&+01*'03!0+&!%05%2+Z+2.*3!.(%4?03![-%!`#.!#%F+0#.2+K&!0',*%!#.!4.1%*+.a!0%*?!%01.1.#! G! (%!
F%&%*.#! G! 4-#1+#.1%*.#! .5#+2.2+K&N! U%F+0#.2+K&! .! #.! [-%3! 5'*! 0-! 5.*1%3! &+! 0+[-+%*.! 0%! @.2%!
*%Z%*%&2+.!.#F-&.3!%&!&+&FM&!0%&1+('3!%&!%#!.5.*1.('!S3![-%!+45'&%!-&.!5.*1+2+5.2+K&!,+#.1%*.#!
%&!#'0!.0-&1'0!%-*'5%'0![-%!.Z%21%&!%\2#-0+D.4%&1%!.!#.!:%&%*.#+1.1N!"#!.5.*1.('!]3!.(%4?03!
2.#+Z+2.!.!#.!5'0+2+K&!%\5*%0.(.!5'*!#.!:%&%*.#+1.1!2'4'!`(%1%*4+&.&1%a!5.*.!#.!Z'*4.2+K&!(%!
#.!D'#-&1.(!(%#!"01.('!0+!.Z%21.!.!#.0!2'45%1%&2+.0!%\2#-0+D.0!(%!#.!/'4-&+(.(!L-1K&'4.!G!
0+! (%! #.! +&+2+.1+D.! '! 5*'5-%01.! 2'4-&+1.*+.0! *%0-#1.*.&! 2'&0%2-%&2+.0! Z+&.&2+%*.0! '!
.(4+&+01*.1+D.0!%05%2+.#4%&1%!*%#%D.&1%0!5.*.!#.!:%&%*.#+1.13!(+05'&+<&('0%![-%!%&!'1*'!2.0'!
#.! 5'0+2+K&! .-1'&K4+2.! 0%*?! '8(.! 5'*! %#! "01.('N! L! %01%! *%05%21'! #'0! .21'*%0! 0%! *%4+1%&! .! #.!
+45-F&.2+K&!(%!#.!(+05'0+2+K&!.(+2+'&.#!0%F-&(.3!G.!*%2-**+(.N!^+&.#4%&1%!%#!.5.*1.('!Q!(%#!
5*%2%51'! +45'&%! .#! "01.('! -&.! ',#+F.2+K&! (%! +&Z'*4.2+K&! 0',*%! #.0! +&+2+.1+D.0! G! 5*'5-%01.0!
5*%0%&1.(.0!.&1%!#.!h&+K&3!.#%F?&('0%!%&!%#!*%2-*0'![-%!%#!%01.,#%2+4+%&1'!%01.1-1.*+'!(%!-&!
(%,%*!%01.1.#!%0!+&2'45.1+,#%!2'&!#.!2'45%1%&2+.!(%#!"01.('!5.*.!#.!*%F-#.2+K&!2'&!2.*?21%*!
F%&%*.#!(%!0-0!.21-.2+'&%0!.&1%!#.!h&+K&!"-*'5%.N!
!
,c! L5.*1%! (%! *%Z%*+*0%! .! #.0! 0-01.&2+.#%0! 2'+&2+(%&2+.0! %&1*%! %#! .5.*1.('! X! (%! %01%!
5*%2%51'!G!%#!.*1N!XOQ3!.#%F.!%#!*%5*%0%&1.&1%!(%#!:',+%*&'![-%!#.!2'&1*+,-2+K&!.!#.!Z'*4.2+K&!
(%!#.0!5'0+2+'&%0!(%#!"01.('!%0!#.!2.-0.!G!*.=K&!(%!0%*!(%!#.!5*'5+.!5.*1+2+5.2+K&3!1*.1?&('0%!
(%![-%!-&'0!+&1%*%0%0!*%2'&'2+('0!2'4'!5*'5+'0!%&!#.!#%F+0#.2+K&!+&1%*&.!1%&F.&!1.4,+<&!0-!
&.1-*.#! 5*'G%22+K&! %&! %#! ?4,+1'! %\1%*+'*N! "&! 1.#! 0%&1+('! &'! 0%! .#2.&=.*8.! .! 2'45*%&(%*! #.!
',C%2+K&! (+*+F+(.! .! #.! 5.*1+2+5.2+K&! -&+#.1%*.#! %&! %0.0! 5'0+2+'&%0! (%#! "01.('3! G.! [-%! #.0!
2'45%1%&2+.0![-%3!%&!%#!'*(%&!+&1%*&'3!2'**%05'&(%&!2'4'!5*'5+.0!.!#.!:%&%*.#+1.1!0'&3!5'*!
.08! (%2+*3! -&+#.1%*.#%0! (%! [-+%&! #.0! '01%&1.N! L! 181-#'! (%! %C%45#'! 0%! @.2%! *%Z%*%&2+.! .#!
4%2.&+04'! (%! +&2'*5'*.2+K&! (%! (%#%F.('0! (%! #.! :%&%*.#+1.1! %&! #.0! (%#%F.2+'&%0! %05.6'#.0!
g.*1N! XORNS3! &'! +45-F&.('c3! ,.0.('! %&! %#! +&1%*<0! (%*+D.('! (%! #.0! 2'45%1%&2+.0! .-1'&K4+2.0!
%\2#-0+D.03![-%!*%05'&(%*?!.!-&.!5%*05%21+D.!-&+#.1%*.#3!%0!(%2+*3!(%#!#.('![-%!2'**%05'&(%!.!#.!
8&('#%! (%! #.! (%#%F.2+K&! [-%! 0%! +&01+1-G%3! 0+&! [-%! %##'! 0%.! ',C%1.,#%! 5'*! *.=K&! (%! #.! *%Z%*+(.!
(%#%F.2+K&! %&! 08! 4+04.! 2'&0+(%*.(.3! &+! (%0(%! #.! K51+2.! (%#! 2'&C-&1'! (%! #.! *%5*%0%&1.2+K&!
%05.6'#.N!/'0.!(+01+&1.!0%*8.![-%!%0.!(%Z%&0.!(%!#'0!5*'5+'0!+&1%*%0%0!@.G.!(%!0-,'*(+&.*0%!.!
#'0!F%&%*.#%0!G!2''*(+&.*0%!5'*!%#!"01.('!2'4'!*%05'&0.,#%!(%#!2'&C-&1'!(%!#.!k.2+K&N!$'*!#'!
(%4?0!&'!0%!C-01+Z+2.*8.!-&.!*%F-#.2+K&!4?0!%\5#82+1.!(%!%01.!2-%01+K&3!&+!5'*!#.!Z#-+(%=!(%!#.!
5*'5+.!4.1%*+.3!0-C%1.!.!2'&01.&1%0!2.4,+'03!&+!5'*!%#!Z'*='0'!*%05%1'!(%,+('!.!#.!#%F+0#.2+K&!
%-*'5%.3!(%!2'&Z'*4+(.(!2'&!#'0!1*.1.('0!0-02*+1'0!5'*!"05.6.N!
!
!
]TP
/'&! *%05%21'! .! #.! +45-F&.2+K&! (%#! .5.*1.('! S! 0%! ',C%1.! [-%! #'0! .21'*%0! &'! @.&!
*%5.*.('!%&!#.!5*'Z-&(.!(+Z%*%&2+.!%\+01%&1%!%&1*%!#'0!('0!.5.*1.('0!5-%01'0!%&!2'45.*.2+K&N!
"&! %#! 5*+4%*'! #.! 5.*1+2+5.2+K&! 0%! C-01+Z+2.! 5'*! #.! 1+1-#.*+(.(! (%! 2'45%1%&2+.0! .-1'&K4+2.03!
5%*'! &'! 0%! 2'&2+,%! 2'4'! ,+#.1%*.#3! G.! [-%! @.,*?! #KF+2.4%&1%! '1*.0! /'4-&+(.(%0! 2'&!
2'45%1%&2+.0! +(<&1+2.0! '! 0+4+#.*%0! [-%! 1.4,+<&! 5-%(.&! 1%&%*! +&1%*<0! %&! (+2@.! Z'*4.! (%!
5.*1+2+5.2+K&N!"&!2.4,+'!%#!.5.*1.('!S!*%F-#.!-&.!5.*1+2+5.2+K&!%&!#.0!5'0+2+'&%0!(%#!"01.('!
%&! `.0-&1'0! %-*'5%'0! [-%! #%! .Z%21%&! %\2#-0+D.4%&1%a3! (+0%6.&('! .08! -&.! 5*%D+0+K&! (%!
2'#.,'*.2+K&! %01*+21.4%&1%! ,+#.1%*.#N! $'*! %##'! @.,*8.! *%0-#1.('! +&2'&D%&+%&1%! #.! 4%&2+K&! (%!
0%21'*%0!(%#!V*(%&.4+%&1'!%&!%01%!2'&2*%1'!5-&1'd!5-%(%![-%!%#!.0-&1'!.Z%21%!%\2#-0+D.4%&1%!
.! -&! 1%**+1'*+'! (%! -&.! 4.&%*.! +&(%1%*4+&.(.! 0+&! -&.! 2'&%\+K&! 2#.*.! 2'&! 2'45%1%&2+.0!
2'&2*%1.03! G! %0! 4?0! [-%! 5*%D+0+,#%! 1.4,+<&! [-%3! (%! C-01+Z+2.*0%! #.! ,+#.1%*.#+(.(! %&! .#F-&.!
2'45%1%&2+.3! @-,+%*.! '1*.0! /'4-&+(.(%0! L-1K&'4.0! +&1%*%0.(.0! %&! %#! 4+04'! 5-&1'3! (%!
('&(%! *%0-#1.*8.! %#+4+&.('! %#! 5*%0-5-%01'! %\5#82+1.4%&1%! 5*%D+01'! %&! #.! &'*4.! (%! #.!
%\2#-0+D+(.(! (%! #.! .Z%21.2+K&3! G! 2'&! <#! %#+4+&.(.! 5.*.#%#.4%&1%! #.! 5'0+,+#+(.(! 4+04.! (%! #.!
,+#.1%*.#+(.(N!
!
"#! .5.*1.('! ]! &'! 5'(*8.! %&1%&(%*0%! .+0#.(.4%&1%! (%! #'! 5*%D%&+('! %&! #.! (+05'0+2+K&!
.(+2+'&.#! 0%F-&(.3! ('&(%! %#! 2.*?21%*! (%1%*4+&.&1%! (%! #.! 5'0+2+K&! (%! #.! :%&%*.#+1.1! [-%(.!
(%,+(.4%&1%!2'&2*%1.('!.#!5*%D%*0%!#.!0-01+1-2+K&!5*?21+2.!(%!0-0!5'1%&2+.#%0!%Z%21'0!5'*!-&!
(%,%*!(%!4'1+D.2+K&!'!C-01+Z+2.2+K&!.&1%!#.!/'4+0+K&!9+#.1%*.#!:%&%*.#+1.1I"01.('N!$'*!M#1+4'!
%#!.5.*1.('!Q!0%!#+4+1.!.!-&'0!4%2.&+04'0!+&Z'*4.1+D'0!(%#!"01.('!.!#.!:%&%*.#+1.1!G!.!-&.0!
Z.2-#1.(%0!(%!#'0!K*F.&'0!.-1'&K4+2'0!(%!Z'*4-#.*!',0%*D.2+'&%0!G!5*'5-%01.0N!k.(.!(%!%01'!
5'(*8.!%&1%&(%*0%!5*'@+,+('!0+&!%#!"01.1-1'3!5'*!#'![-%!&'!0%!.#2.&=.*8.!.!D%*!#.!*.=K&!(%!0-!
+&2'&01+1-2+'&.#+(.(!5'*!%\5#+2+1.*#'3!0+&![-%!#.!(%4.&(.!#'!.2#.*%N!$'*!'1*.!5.*1%!0%!(%01.2.!
[-%!#.!.22+K&!+&Z'*4.1+D.!.!#.0!/'4-&+(.(%0!L-1K&'4.0!(%!#.0!.21+D+(.(%0!G!5*'5-%01.0!(%!
#.0!+&01+1-2+'&%0!%-*'5%.0![-%!5-%(.&!.Z%21.*!.!#.0!2'45%1%&2+.0!.-1'&K4+2.0!0%!*%F-#.,.!G.!
%&! #.! *%0'#-2+K&! (%! #.! >%2*%1.*8.! (%! "01.('! (%! /''5%*.2+K&! )%**+1'*+.#! (%! SO! (%! Z%,*%*'! (%!
SPPR!2'4'!Z-&2+K&!%05%28Z+2.!(%!#.!/'&0%C%*8.!5.*.!L0-&1'0!L-1'&K4+2'0N!"01%!'*F.&+04'3!
.(02*+1'!.!#.!*%5*%0%&1.2+K&!5%*4.&%&1%!(%!"05.6.!.&1%!#.!h&+K&!"-*'5%.3!%01?!5*%2+0.4%&1%!
+&1%F*.('!5'*!Z-&2+'&.*+'0!5*'5-%01'0!5'*!#.0!/'4-&+(.(%0!L-1K&'4.0N!L08!5-%0!%#!"01.1-1'!
D%&(*8.!.!+&2'*5'*.*!.!0-!1%\1'!*%F#.0!G!5*'2%(+4+%&1'0!5*%%\+01%&1%0!.!0-!%&1*.(.!%&!D+F'*N!
!
2c!LZ+*4.!%#!:',+%*&'!(%!#.!:%&%*.#+1.1![-%!%01%!5*%2%51'!0%!*%Z+%*%!.#!0%F-&('!(%!#'0!
&+D%#%0! .&1%0! +(%&1+Z+2.('0! .#! (%Z%&(%*! #.! 2'&01+1-2+'&.#+(.(! (%#! .*182-#'! XOR! G! 5*%D<! #.!
!
]TX
%\+01%&2+.!(%!2.&.#%0!4-#1+#.1%*.#%03!5-%0!%#!?4,+1'!(%!.Z%21.2+K&!5-%(%!&'!0%*!%05%28Z+2'!(%!
/.1.#-6.N! k'! ',01.&1%3! 2-.&('! 0%! 1*.1%! (%! .0-&1'0! [-%! .Z%21%&! %\2#-0+D.4%&1%! .! %01.!
/'4-&+(.(! L-1K&'4.3! #.! 5.*1+2+5.2+K&! 1%&(*?! 2.*?21%*! ,+#.1%*.#! 5'*! %#! 2*+1%*+'! (%!
%05%2+Z+2+(.(!G.!*%2'&'2+('!%&!#.!U%G!SWXYY_N!
!
$'*! '1*.! 5.*1%! %#! 5*%2%51'! 0%! #+4+1.*8.! .! %01.,#%2%*! 4%*'0! 5*+&2+5+'0! +&Z'*4.('*%0! (%!
%0.!5.*1+2+5.2+K&3!2-G'!(%0.**'##'!2'**%05'&(%*?!.#!#%F+0#.('*!%01.1.#N!>K#'!2-.&('!#.!5'0+2+K&!
%01.1.#! .Z%21%! .! 2'45%1%&2+.0! %\2#-0+D.0! (%! #.! :%&%*.#+1.1! '! (%! %##.! 5-%(.&! (%*+D.*0%!
2'&0%2-%&2+.0! .(4+&+01*.1+D.0! '! Z+&.&2+%*.0! %05%2+.#4%&1%! *%#%D.&1%0! 0%! %01.,#%2%! [-%! #.!
5'0+2+K&!(%!#.!:%&%*.#+1.1!0%*?!(%1%*4+&.&1%N!U'![-%3!%&!.5#+2.2+K&!(%!#.!(+05'0+2+K&!.(+2+'&.#!
0%F-&(.3!0-5'&(*8.![-%!%#!"01.('!@.,*?!(%!4'1+D.*!%#!.5.*1.4+%&1'!(%!#.!5'0+2+K&!(%Z%&(+(.!
5'*!#.!:%&%*.#+1.1N!
!
^+&.#4%&1%! 0%! .#%F.! [-%! %#! .*1N! XOTNQ! *%2'F%! %#! (%*%2@'! (%! +&Z'*4.2+K&! %&! .0-&1'0!
2'4-&+1.*+'03! 2-G.! 2'&01+1-2+'&.#+(.(! G.! 0%! @.! (%Z%&(+('! 5'*! %#! %C%2-1+D'! .#! %\.4+&.*! %#!
.*182-#'!5*%2%(%&1%N!
!
(c! L! C-+2+'! (%#! $.*#.4%&1'! .-1'&K4+2'! %#! .*1N! XOT! 0%! #+4+1.! .! %01.,#%2%*! 4%*'0!
5*+&2+5+'0! 2-G'! (%0.**'##'! 2'45%1%*8.! .#! #%F+0#.('*! %01.1.#N! u&+2.4%&1%! 2-.&('! #.! 5'0+2+K&!
%01.1.#! .Z%21%! .! 2'45%1%&2+.0! %\2#-0+D.0! (%! #.! :%&%*.#+1.1! '! 0%! 5-%(.&! (%*+D.*! (%! #.! 4+04.!
2'&0%2-%&2+.0!.(4+&+01*.1+D.0!'!Z+&.&2+%*.0!(%!%05%2+.#!*%#%D.&2+.!5.*.!/.1.#-6.3!0%!5*%D<![-%!
#.! 5'0+2+K&! (%! #.! :%&%*.#+1.1! 0%.! (%1%*4+&.&1%3! %&! %#! 0%&1+('! G.! .#-(+('! [-%! *%2'F%! #.!
(+05'0+2+K&!.(+2+'&.#!0%F-&(.!(%#!"01.1-1'N!
!
XXPN! .c! L*182-#'! XO_! g$.*1+2+5.2+K&! %&! +&01+1-2+'&%0! G! '*F.&+04'0! %-*'5%'0c3! 2-G.0!
.5.*1.('0!X3!S!G!]!(+05'&%&![-%!#.!:%&%*.#+1.1!5.*1+2+5%!%&!#.0!(%#%F.2+'&%0!%05.6'#.0!.&1%!#.!
h&+K&!"-*'5%.![-%!1*.1%&!.0-&1'0!(%!#.!2'45%1%&2+.!#%F+0#.1+D.!(%!#.!:%&%*.#+1.1!!5-(+%&('!
<01.! %C%*2%*! #.! *%5*%0%&1.2+K&! (%#! "01.('! G! 5*%0+(%&2+.! (%! #'0! K*F.&'0! 2'4-&+1.*+'0! 0+! #.0!
2'45%1%&2+.0! .Z%21.(.0! #%! Z-%*.&! %\2#-0+D.0!3! .08! 2'4'! [-%! #.! :%&%*.#+1.1! 5.*1+2+5%! %&! #.!
(%0+F&.2+K&!(%!*%5*%0%&1.&1%0!%&!%#!4.*2'!(%!#.!*%5*%0%&1.2+K&!5%*4.&%&1%!(%#!"01.('!.&1%!#.!
h&+K&N! >%! +&0+01%! 5'*! #'0! *%2-**%&1%0! %&! [-%! %#! "01.1-1'! &'! %0! #.! 0%(%! 5%*1+&%&1%! 5.*.! 1.#%0!
5*%D+0+'&%03!.08!2'4'!%&![-%3!5'*!#'!(%4?03!2'&!%##.0!0%!F%&%*.!-&.!&'1.,#%!.0+4%1*8.!%&1*%!#.0!
/'4-&+(.(%0!L-1K&'4.0N!
!
!
]TS
,c!>%!.Z+*4.!5'*!%#!L,'F.('!(%#!"01.('![-%!#.0!',C%2+'&%0!.!%01%!5*%2%51'!D+%&%&!.!0%*!
-&.! *%5*'(-22+K&! (%! #.0! 5*%2%(%&1%4%&1%! Z'*4-#.(.0! Z*%&1%! .! #'0! .&1%*+'*%0! .*182-#'0N! U.!
+&1%F*.2+K&! %&! #.0! (%#%F.2+'&%0! %05.6'#.0! (%! 4+%4,*'0! 5*'5-%01'0! 5'*! #.0! /'4-&+(.(%0!
L-1K&'4.0! G! %#! %D%&1-.#! (%0%45%6'! 5%*0'&.#! 5'*! %01'0! 4+%4,*'0! (%! Z-&2+'&%0!
*%5*%0%&1.1+D.0!(%#!"01.('!0'&!4%(+(.0!5*%D+01.0!%&!#.!*%0'#-2+K&!2+1.(.!(%!SO!(%!Z%,*%*'!(%!
SPPRN!U'0!*%5.*'0!(%!-&.!5*%1%&(+(.!`.0+4%1*8.a!1%&(*8.&!4?0!(%!5*%(+22+K&!5'#81+2.![-%!(%!
%01*+21.! (+4%&0+K&! C-*8(+2.3! @.,+<&('0%! G.! +&0+01+('! %&! [-%! %#! 5*'5+'! "01.1-1'! 5.*1%! (%#!
*%2'&'2+4+%&1'!(%#!"01.('!2'4'!M#1+4.!G!(%Z+&+1+D.!Z-%&1%!(%2+0'*.!%&!%01%!?4,+1'N!
!
2c! $.*.! %#! :',+%*&'! (%! #.! :%&%*.#+1.1! #.! &'*4.1+D.! %-*'5%.! &'! %0! ',01?2-#'! 5.*.! %#!
*%2'&'2+4+%&1'! (%! #.! 5.*1+2+5.2+K&! 2'&1%45#.(.! %&! %#! 5*%2%51'3! 0+%45*%! [-%! 1%&F.! #-F.*!
(%&1*'! (%! #.! (%#%F.2+K&! %01.1.#N! "01.! 5.*1+2+5.2+K&! G.! 0%! *%2'&'2%3! .(%4?03! %&! #'0! .2-%*('0!
.('51.('0! %#! Y! (%! (+2+%4,*%! (%! SPPQ! %&! %#! 4.*2'! (%! #.! /LH/"! G3! (%0(%! %0.! Z%2@.3! 0%! @.!
@%2@'! %Z%21+D.! %&! #'0! /'&0%C'0! (%! 7+&+01*'0! G! %&! #'0! F*-5'0! (%! 1*.,.C'! (%#! /'&0%C'N! "#!
"01.1-1'! 0%! #+4+1.*8.! .! +&2'*5'*.*! %0.! 5.*1+2+5.2+K&3! 5'*! #'! [-%! &'! 5.*%2%! C-01+Z+2.('! .Z+*4.*!
[-%!0-5'&F.!-&.!D-#&%*.2+K&!(%!#.!2'45%1%&2+.!%\2#-0+D.!(%#!"01.('!%&!4.1%*+.!(%!*%#.2+'&%0!
+&1%*&.2+'&.#%0N! ).45'2'! 0%*8.! (%! *%2+,'! .Z+*4.*! [-%! 0%! '1'*F.! .! #'0! *%5*%0%&1.&1%0! (%! #.!
:%&%*.#+1.1! %01.1-1'! (+5#'4?1+2'3! 2'4'! (%4-%01*.! #.! %\5%*+%&2+.! @.,+(.! .#! .45.*'! (%! #'0!
+&(+2.('0! .2-%*('0! (%! (+2+%4,*%! (%! SPPQN! ^+&.#4%&1%! 0%! (%01.2.! [-%! %#! "01.1-1'! 0%! #+4+1.! .!
*%2'F%*! %#! 5*+&2+5+'! (%! 5.*1+2+5.2+K&3! *%4+1+<&('0%! .! #.0! 5*%D+0+'&%0! [-%! 0%! .('51%&! %&! %#!
`4.*2'!&'*4.1+D'a!'!2'&D%&2+'&.#!4-#1+#.1%*.#N!
!
(c! L! C-+2+'! (%#! $.*#.4%&1'! 2.1.#?&! #.! 5.*1+2+5.2+K&! 5*%D+01.! %&! %#! .*1N! XO_! &'! D+%&%!
+45%(+(.! 5'*! #.! &'*4.1+D.! (%! #.! h&+K&! "-*'5%.! 0+%45*%! [-%! 0%! ##%D%! .! 2.,'! (%&1*'! (%! #.!
(%#%F.2+K&! %01.1.#N! "#! "01.1-1'! +&2#-+*8.! 4%2.&+04'0! G.! %\5%*+4%&1.('0! 2'&! .&1%*+'*+(.(! G!
[-%!%&!&+&FM&!2.0'!0-5'&%&!D-#&%*.2+K&!(%!#.!2'45%1%&2+.!%\2#-0+D.!(%#!"01.('!%&!4.1%*+.!
(%! *%#.2+'&%0! +&1%*&.2+'&.#%0! &+! .1*+,-G%&! status! (+5#'4?1+2'! .! #'0! *%5*%0%&1.&1%0! (%! #.!
:%&%*.#+1.1![-%!5.*1+2+5%&!%&!#.!*%5*%0%&1.2+K&!5%*4.&%&1%!(%!"05.6.!.&1%!#.!h&+K&!"-*'5%.N!
!
XXXN!.c!L*182-#'!XOO!g$.*1+2+5.2+K&!%&!%#!2'&1*'#!(%!#'0!5*+&2+5+'0!(%!0-,0+(+.*+%(.(!G!
(%! 5*'5'*2+'&.#+(.(c3! 5'*! +45'&%*! #.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! 0+&! @.2%*! 4%&2+K&!
%\5*%0.! .! #.! #%F+0#.2+K&! (%#! "01.('3! [-%! @.,*?! (%! *%F-#.*! %0'0! 5*'2%(+4+%&1'0! 2'&! 2.*?21%*!
F%&%*.#!2-.&('!D%&F.&!+45-%01'0!5'*!#.!&'*4.1+D.!%-*'5%.N!
!
!
]T]
,c! "&1+%&(%! #.! *%5*%0%&1.2+K&! (%#! :',+%*&'! (%! #.! k.2+K&! [-%! %#! 2'&1*'#! (%! #'0!
5*+&2+5+'0!(%!5*'5'*2+'&.#+(.(!G!0-,0+(+.*+%(.(!(%,%!2'**%05'&(%*!.#!"01.('3!5*%0-5-%01'!&'!
2-%01+'&.('! 5'*! %01%! 5*%2%51'! .#! +&1*'(-2+*! -&.! .22+K&! (%! 5.*1+2+5.2+K&! [-%! *%0-#1.*8.!
2'@%*%&1%!2'&!-&!0+01%4.!.-1'&K4+2'![-%!5-%(%!D%*0%!.Z%21.('!5'*!#.!#%F+0#.2+K&!%-*'5%.!G!
%&!2-G.!.Z%21.2+K&!5-%(%&!(%05#%F.*0%!#'0!%Z%21'0!(%!1.#%0!5*+&2+5+'0N!U.!5.*1+2+5.2+K&!@.,*?!
(%!%&1%&(%*0%!%&!1<*4+&'0![-%!&'!+45+(.&!%#!(%0%&D'#D+4+%&1'!?F+#!(%#!"01.('!%&!%#!2'&1*'#!
(%!%01'0!5*+&2+5+'0N!L2.0'!#.!0%#%22+K&!(%#!$.*#.4%&1'!2'4'!K*F.&'!(%!2'&1*'#!5'(*8.!'*+F+&.*!
(+#.2+'&%0! 5*?21+2.0! %&! -&! 2'&1*'#! '*+%&1.('! 2'4'! 5*%D+'! .! #.! .5*',.2+K&! (%! #.! &'*4.!
2'4-&+1.*+.3! 5%*'! %##'! +&1%*%0.*8.! M&+2.4%&1%! .! #.0! 0'#-2+'&%0! 1<2&+2.0! G! &'! .Z%21.*8.! %&!
.,0'#-1'!.!#.!2'&01+1-2+'&.#+(.(!(%!#.!&'*4.N!
!
2c!"#!5*%2%51'3!.!C-+2+'!(%#!:',+%*&'!2.1.#?&3!0%!#+4+1.!.!%01.,#%2%*!#.!5.*1+2+5.2+K&!(%#!
$.*#.4%&1'!(%!/.1.#-6.!2-.&('!#.!5*'5-%01.!.Z%21%!.!2'45%1%&2+.0!(%!#.!:%&%*.#+1.13!5%*'!&'!
%01.,#%2%! 2K4'! (%,%! ##%D.*0%! .! 2.,'! %0.! 5.*1+2+5.2+K&3! .#! 1*.1.*0%! (%! -&.! (%1%*4+&.2+K&! [-%!
2'**%05'&(%! .('51.*! .#! #%F+0#.('*! 2'4-&+1.*+'3! .#! [-%! 0%! *%4+1%! %#! "01.1-1'N! U.! .-0%&2+.! (%!
-&.!*%Z%*%&2+.!%\5*%0.!.!#.!#%F+0#.2+K&!%01.1.#!&'!0-5'&(*8.!&%F.*!.#!"01.('!#.!2.5.2+(.(![-%!
'01%&1.!%&!%01%!?4,+1'N!
!
(c!"&!%#!.*1N!XOO!%#!"01.1-1'!0%!#+4+1.3!.!C-+2+'!(%!#.!/?4.*.!.-1'&K4+2.3!.!%01.,#%2%*!%#!
2*+1%*+'! (%! #.! 5.*1+2+5.2+K&! (%#! $.*#.4%&1'! (%! /.1.#-6.3! 5%*'! &'! 5*%D<! #.0! 4'(.#+(.(%0! (%!
(+2@.!5.*1+2+5.2+K&3!G.![-%!%##'!2'**%05'&(%!.#!#%F+0#.('*!2'4-&+1.*+'3!0+&![-%!%01.!*%4+0+K&!.#!
E%*%2@'! 2'4-&+1.*+'! +45#+[-%! &%F.*! .#! #%F+0#.('*! %01.1.#! #.! 5'0+,+#+(.(! (%! +&1%*D%&+*! %&! #.!
*%F-#.2+K&!(%!(+2@.!5.*1+2+5.2+K&N!
!
XXSN!.c!L*182-#'!XOY!gE%0.**'##'!G!.5#+2.2+K&!(%#!(%*%2@'!(%!#.!h&+K&!"-*'5%.c3![-%!
%&!0-!.5.*1.('!S!0-5%(+1.!#.!.('52+K&!(%!4%(+(.0!5'*!%#!"01.('!5.*.!#.!%C%2-2+K&!(%#!E%*%2@'!
%-*'5%'! .! #.! 5*%D+.! 2'&0-#1.! .! #.! :%&%*.#+1.1! %&! %#! 2.0'! (%! [-%! (+2@.0! 4%(+(.0! @-,+%*.&! (%!
1%&%*!.#2.&2%!0-5*..-1'&K4+2'!G!&'!5-(+%*.&!0%*!.('51.(.0!5'*!#.0!/'4-&+(.(%0!L-1K&'4.0!
4%(+.&1%! 4%2.&+04'0! (%! 2'#.,'*.2+K&3! +45'&+<&('0%! #.! 5.*1+2+5.2+K&! (%! #.! /'4-&+(.(!
L-1K&'4.! %&! #'0! K*F.&'0! %01.1.#%0! [-%! .('51%&! (+2@.0! 4%(+(.0! '3! (%! &'! 0%*! %##'! 5'0+,#%3!
%\+F+%&('! #.! %4+0+K&! (%! -&! +&Z'*4%! 5*%D+'! (%! #.! :%&%*.#+1.1N! "#! .5.*1.('! ]3! 5'*! 0-! 5.*1%3!
(+05'&%! [-%! %&! %#! 2.0'! (%! [-%! #.! #%F+0#.2+K&! %-*'5%.! 0-01+1-G.! .! #.! &'*4.1+D.! ,?0+2.! (%#!
"01.('!#.!:%&%*.#+1.1!5'(*?!.('51.*!#.!#%F+0#.2+K&!(%!(%0.**'##'!.!5.*1+*!(%!.[-%##.!#%F+0#.2+K&N!
"&! %#! 5*+4%*! 2.0'3! .! C-+2+'! (%! #'0! *%2-**%&1%03! 0%! 2'&(+2+'&.! +&(%,+(.4%&1%! %#! %C%*2+2+'! (%!
!
]TQ
2'45%1%&2+.0! %01.1.#%0e! %&! %#! 0%F-&('! 0%! #+4+1.*8.! #.! 2.5.2+(.(! (%#! "01.('! 5.*.! (+21.*!
#%F+0#.2+K&! ,?0+2.3! .1*+,-G%&('! .! #.! :%&%*.#+1.1! #.! Z.2-#1.(! (%! 2'#%F+*! 2-?&('! -&.! &'*4.!
%-*'5%.!.F'1.!#.!2'45%1%&2+.!(%#!"01.('!0',*%!#.0!,.0%0!(%!-&.!4.1%*+.N!
!
,c! $.*.! %#! L,'F.('! (%#! "01.('3! %#! .5.*1.('! S! (%#! 5*%2%51'! *%2'&'2%! [-%! #.!
2'45%1%&2+.!(%!.(.51.2+K&!(%#!E%*%2@'!2'4-&+1.*+'!%&!-&!?4,+1'![-%!%\2%(.!(%#!1%**+1'*+'!(%!
/.1.#-6.! 2'45%1%! .#! "01.('3! G! #.0! 4%(+(.0! (%! 2'#.,'*.2+K&! 2'&1%45#.(.0! &'! +45%(+*8.&! %#!
%C%*2+2+'! (%! %0.! 2'45%1%&2+.3! 5-%01'! [-%3! %&! M#1+4.! +&01.&2+.3! #+4+1.&! .! #.! /'4-&+(.(!
L-1K&'4.!.!-&.!Z.2-#1.(!(%!@.2%*!',0%*D.2+'&%0!5'*!4%(+'!(%!-&!+&Z'*4%!5*%D+'3!1<2&+2.!(%!
2'#.,'*.2+K&! .! #.! [-%! 0%! @.! @%2@'! *%Z%*%&2+.! .&1%*+'*4%&1%3! G! [-%! &'! 5-%(%! 2'&0+(%*.*0%!
2'&1*.*+.!.!#.0!1+1-#.*+(.(%0!2'45%1%&2+.#%0!0',*%!#.0![-%!0%!%4+1%!%#!+&Z'*4%!5*%D+'N!
!
E%! -&.! #%21-*.! .5*%0-*.(.! 5'(*8.! %&1%&(%*0%! [-%! #.! 0-01+1-2+K&! 5'*! #.! #%F+0#.2+K&!
%-*'5%.!(%!#.0!,.0%0!%01.1.#%0!5%*4+1%3!0+%45*%!G!%&!2-.#[-+%*!2.0'3!%#!(%0.**'##'!%\2#-0+D'!(%!
#.! &'*4.1+D.! %-*'5%.! 5'*! #.! .-1'&K4+2.3! (%! 4'('! [-%! %#! %05.2+'! 2'45%1%&2+.#!
2'&01+1-2+'&.#4%&1%!.1*+,-+('!.#!"01.('![-%(.*8.!%#+4+&.('!5.*.!%#!Z-1-*'N!k'!@.,*8.!*.='&%0!
(%!5*+&2+5+'!5.*.!+45%(+*![-%3!.!5.*1+*!(%!%0.!0+1-.2+K&3!0%!(%05#%F.*.!#.!*%F#.!2'&1%&+(.!%&!%#!
.5.*1.('!X3![-%3!%&!*%2'&'2+4+%&1'!(%!#.!*%+1%*.(.!C-*+05*-(%&2+.3!5%*4+1%!.!#.0!/'4-&+(.(%0!
L-1K&'4.0! #.! %C%2-2+K&! (%#! E%*%2@'! 2'4-&+1.*+'N! L@'*.! ,+%&3! .! C-+2+'! (%#! L,'F.('! (%#!
"01.('! (%,%! [-%(.*! .! 0.#D'! #.! 2'45%1%&2+.! %01.1.#! 5.*.! #.! 5*'4-#F.2+K&! (%! ,.0%03! [-%! &'!
5'(*8.!*%0-#1.*!+45'0+,+#+1.(.!%&!%#!Z-1-*'!5'*!-&.!.22+K&!0-01+1-1'*+.!(%#!#%F+0#.('*!%-*'5%'3!
(%! #.!4+04.!4.&%*.![-%!&'![-%(.*8.!1.45'2'!+45%(+(.!#.!5*'4-#F.2+K&!(%!Z-1-*.0!&'*4.0!
,?0+2.0! 5'*! 4'(+Z+2.2+'&%0! [-%! %&! 0-! 2'&1%&+('! '! .#2.&2%! @.G.! 5'(+('! *%.#+=.*! %#! 4+04'!
#%F+0#.('*!%01.1.#N!
!
2c!"#!:',+%*&'!(%!#.!:%&%*.#+1.1!0'01+%&%![-%!%#!.*1N!XOY!0%!#+4+1.!.!*%2'F%*!#.!('21*+&.!
(%#! )*+,-&.#! /'&01+1-2+'&.#! 0',*%! .5#+2.2+K&! (%#! E%*%2@'! 2'4-&+1.*+'3! +&D'2.&('! %&! %01%!
0%&1+('3! %&1*%! '1*.03! #.0! >>)/! SRSWXYOO3! (%! SP! (%! (+2+%4,*%e! _TWXYYX3! (%! XX! (%! .,*+#e! G!
]]WSPPR3!(%!X_!(%!Z%,*%*'N!
!
"#! .5.*1.('! S! 0%! #+4+1.*8.! .! *%2'F%*! #.! C-*+05*-(%&2+.! .! 5.*1+*! (%! #.! 2-.#3! 5%0%! .!
*%2'&'2%*0%![-%!#.!%C%2-2+K&!(%#!E%*%2@'!2'4-&+1.*+'!&'!(%,%!.Z%21.*!.#!0+01%4.!+&1%*&'!(%!
(+01*+,-2+K&!(%!2'45%1%&2+.03!0%!.(4+1%!%&!2+%*1'0!2.0'0!#.!+&1%*D%&2+K&!%01.1.#!%&!?4,+1'0!(%!
2'45%1%&2+.!.-1'&K4+2.!5.*.!#.!4%C'*!-1+#+=.2+K&!(%!#'0!*%2-*0'0!G!5.*.!5*%0%*D.*!#.!+F-.#(.(!
!
]TR
%&1*%! #'0! %D%&1-.#%0! ,%&%Z+2+.*+'0! g>>)/! SYWXYYQ3! (%! S_! (%! %&%*'e! G! QRWSPPX3! (%! XR! (%!
Z%,*%*'cN! "&! %01'0! 0-5-%01'0! 5.*%2%! 5*%2+0'! 2'&2+#+.*! #.! 2'45%1%&2+.! .-1'&K4+2.! 2'&! #.!
&%2%0+(.(! (%! -&.! .21-.2+K&! %01.1.#! 4%(+.&1%! #.! 5.*1+2+5.2+K&! (%! #.! :%&%*.#+1.1! %&! %#! K*F.&'!
[-%!.('51%!%0.!(%2+0+K&3![-%!+&2+(%!G!.Z%21.!.!-&!?4,+1'!(%!#.0!2'45%1%&2+.0!.-1'&K4+2.03!'!
[-%! 0%! 2'&0-#1%! .! #.! :%&%*.#+1.1! 2'&! 2.*?21%*! 5*%D+'N! k'! 0%! 1*.1.*8.! (%! @.2%*! (%5%&(%*! %#!
2-45#+4%&1'! (%! #.0! ',#+F.2+'&%0! [-%! 5%0.&! 0',*%! %#! "01.('! (%#! 5.*%2%*! (%! -&.! /'4-&+(.(!
L-1K&'4.3!0+&'!(%!.0%F-*.*!#.!5.*1+2+5.2+K&!(%!<01.!.!1*.D<0!(%!+&01*-4%&1'0!(%!2'#.,'*.2+K&3!
2'4'! 0'&! %#! +&Z'*4%! 5*%D+'! .! #.! .('52+K&! (%! #.! (%2+0+K&! '! #.! 5*%0%&2+.! %&! %#! K*F.&'! [-%!
.('51%!#.!(%2+0+K&N!
!
"#!.*1N!XOYN]!5%*4+1%![-%!#.!:%&%*.#+1.1!(+21%!#.!&'*4.1+D.!(%!(%0.**'##'!(%#!E%*%2@'!
2'4-&+1.*+'!2-.&('!<01%!0-01+1-G.!%#!%05.2+'![-%3!%&!#.0!4.1%*+.0!2'45.*1+(.03!2'**%05'&(%!.!
#.! #%F+0#.2+K&! ,?0+2.! %01