!

!"#$%&$'()"*+"'(",(-$.$/0&1(
"#$!%&'&(#!)*#+%$,$!
-.$/,&$!0$)12#*3!4/.*1$!

5*6)*)+!78!,*!9:7;!

2,3*"#1(4&,1.(
(

<)*=$)$,+!=$)$!*.!>$#?+!@#1*)$A*)&?$#+!,*!B*'$))+..+!

~BID
(
(

56786(92(-:!52!;9:(
<=! 6!52-292!52>(================================================================================================================(?!
@=! >;5A6-;B!(6-5A68(928(92>6CC:88:(92(8:>(!2D:-;:>()2C92>(2!(28(EA!9:(============(F!
1G!

8$'(-$,'H/&+$*"'(====================================================================================================================(F!

0G!

81'(5",+",%&1'(>"%3$*&1."'(=======================================================================================================(I!

%G!

81'(2,"*#J1'(6.3"*,13&K1'(========================================================================================================(<@!

+G!

2.(2%$3H*&'/$(L(".(D"$3H*&'/$(===============================================================================================(<M!

"G!

81'(5",+",%&1'(",(.1'(-&H+1+"'(==============================================================================================(<F!

NG! 81'(5",+",%&1'(+"(.$'(O1J'"'(====================================================================================================(<I!

P=! >;5A6-;B!(6-5A68(928(92>6CC:88:(92(8:>(!2D:-;:>()2C92>(Q(>:>52!;782>(2!(
-:8:E7;6R(86>(O:8S5;-6>(92>92(28(E69>(Q(:5C6>(;!>5;5A-;:!2>(-:!(-:EO252!-;6>(2!(
28(52E6(===============================================================================================================================(@M!
1G!

9"'1**$..$(+"(.$'(E"*%1+$'()"*+"'(",3*"(".(@TTT(L(".(@TT@(====================================================(@M!

0G!

2.(O"*&$+$(",3*"(".(@TT@(L(".(@TTM(==========================================================================================(P?!

%G!

2.(O"*&$+$(",3*"(".(@TTM(L(".(@T<@(==========================================================================================(PU!

?=! E6C-:(C2DA865:C;:(6-5A68(2!(-:8:E7;6(C242C2!52(6(86(D2!2C6-;B!(92(
!2D:-;:>()2C92>(===============================================================================================================(?P!
U=! -BE:(;92!5;4;-6C(!2D:-;:>()2C92>(=========================================================================(U?!
1G!

2/V*"'1'(7(============================================================================================================================(UU!

0G!

;,'3*H/",3$'()"*&N&%1+$'(V$*(5"*%"*$'(===================================================================================(UF!

%G!

;,'3*H/",3$'(+"()"*&N&%1%&W,()$.H,31*&1(5&V$(D.$01.(C"V$*3&,#(;,&3&13&K"(XDC;G(======================(UY!

+G!

>"..$'(L(-"*3&N&%1%&$,"'(===========================================================================================================(M<!

"G!

E"/0*"'J1(",(".(Z7->9(X-E29>G(=========================================================================================(M@!

NG! O1%3$(D.$01.(============================================================================================================================(MP!

M=! -C;52C;:>(92(OC;:C;[6-;B!(O6C6(86(D2!2C6-;B!(Q(4:E2!5:(92(!2#$%&$>()2C92>( MF!

F=! -C;52C;:>(5\-!;-:>](6E7;2!5682>](>:-;682>(Q(92(D:72C!6![6(^A2(9272CS6!(
-AEO8;C(8:>(!2D:-;:>()2C92>(=========================================================================================(FT!

9!

I=! >2-5:C2>(OC;:C;56C;:>(-:!(O:52!-;68(92(92>6CC:88:(92(!2D:-;:>()2C92>(Q(
6-5:C2>(O_78;-:(OC;)69:>(C286-;:!69:>(=====================================================================(F?!
Y=! ;!>5CAE2!5:>(:(`2CC6E;2!56>(92(>:>52!;7;8;969(O6C6(28(;EOA8>:(6(8:>(
!2D:-;:>()2C92>(===============================================================================================================(IT!
1G!

;,%",3&K$'(2%$,W/&%$'(===========================================================================================================(IT!

0G!

-&",%&1](5"%,$.$#J1("(;,,$K1%&W,(============================================================================================(I@!

%G!

C"%H*'$'(+"(4&,1,%&1%&W,(C""/0$.'10."'(L(!$(C""/0$.'10."'(===============================================(IU!

+G!

;,%H01+$*1'(+"(O*$L"%3$'(======================================================================================================(IY!

"G!

>"..$'(6/0&",31."'(=================================================================================================================(IY!

NG! E"%1,&'/$'(+"(O*$/$%&W,(=====================================================================================================(Y@!

<T=! 8;!26E;2!5:>(O6C6(O86!2>(92(!2D:-;:>()2C92>(==================================================(Y?!
<<=! 9;>2a:(OC28;E;!6C(92(A!6(DAS6(5\-!;-6](69E;!;>5C65;)6](;!5C6(2(;!52C(
;!>5;5A-;:!68(92(>:>52!;7;8;969(O6C6(28(4:C5682-;E;2!5:(92(!2D:-;:>()2C92>(===(<TT!
<@=! -:!-8A>;:!2>](C2-:E2!96-;:!2>(Q(O6>:>(6(>2DA;C(==========================================(<T@!
8"%%&$,"'(6V*",+&+1'(==================================================================================================================(<T@!
-W/$(>"#H&*(6K1,b1,+$(==============================================================================================================(<T?!

6!2c:(<=(4A!-;:!2>(92(86(:4;-;!6(92(E2C-69:>()2C92>(Q(>:>52!;782>(====================(<TY!
6!2c:(@=(282E2!5:>(C286-;:!69:>(-:!(86(OC:E:-;B!(92(!2D:-;:>()2C92>(2!(8:>(
O86!2>(92(6--;B!(@T<@d@T<U(92(9;2[(-:CO:C6-;:!2>(6A5B!:E6>(C2D;:!682>(========(<<@!
6!2c:(P=(C2>OA2>56>(6(2!-A2>56>(`2-`6>(6(2EOC2>6C;:>(2!(7;:2cO:(@T<@(=============(<<F!
6!2c:(?=(E6C-:(C2DA865:C;:(92(E2C-69:>()2C92>(===================================================(<@U!
6!2c:((U=(2>5e!96C2>():8A!56C;:>(==============================================================================(<?P!
!
!
!

;!

<= 6!52-292!52>(
!
B/)$#1*!.$!A&'&(#!,*!,&$.+D+!?+#!.$!-+A&'&(#!,*!EA=$.A*!,*.!F+6&*)#+!,*!-+.+A6&$!)*$.&3$,$!
*#! *.! A*'! ,*! G/.&+! ,*! 9:7:H! '*! &,*#1&I&?(! $! $A6&*#1*! ?+A+! /#! J)*$! *#! ,+#,*! *.! >@B! =/*,*!
$=+K$)! $.! #/*%+! D+6&*)#+! ,*! -+.+A6&$L! "#$! ,*! .$'! J)*$'! ,*! $=+K+! &,*#1&I&?$,$'! *'! .$! ,*!
+)D$#&3$)!.$!&#'1&1/?&+#$.&,$,!,*.!#/*%+!0&#&'1*)&+!,*!MA6&*#1*!K!B*'$))+..+!N+'1*#&6.*!O0MBNP!
=$)$! D$)$#1&3$)! *.! A$#*G+! &#1*D)$.! ,*! .+'! )*?/)'+'! #$1/)$.*'L! E.! #/*%+! 0MBN! *'! =$)1*!
I/#,$A*#1$.!,*!.$!&#'1&1/?&+#$.&,$,!,*.!#/*%+!D+6&*)#+H!K!*'1J!*#I+?$,+!$.!?/A=.&A&*#1+!,*!.$'!
?&#?+!*'1)$1*D&$'!=)&#?&=$.*'!6$G+!/#!A$)?+!,*!,*'$))+..+!*?+#(A&?+!K!'+?&$.!'/'1*#1$6.*!K!,*!
)*,/??&(#! ,*! =+6)*3$L! E'1$'! *'1)$1*D&$'! '+#Q! D*'1&(#! &#1*D)$.! ,*! .$! 6&+,&%*)'&,$,H! D*'1&(#! ,*.!
)*?/)'+!R2,)&?+H!D*'1&(#!'*?1+)&$.!K!/)6$#$H!?$A6&+!?.&AJ1&?+!K!6/*#!D+6&*)#+L!!
!
E.! >@B! '*! ?+A=)+A*1&(! $! $=+K$)! *.! ,&'*S+! ,*.! #/*%+! 0MBN! =$)$! )*'=+#,*)! $! *'1+'! )*1+'H!
$,*AJ'! ,*! &,*#1&I&?$)! K! *'1$6.*?*)! A*?$#&'A+'! ,*! ?++),&#$?&(#! &#1*)TA&#&'1*)&$.H! $.! '*)! .$!
'+'1*#&6&.&,$,!$A6&*#1$.!/#!1*A$!1)$#'%*)'$.!,*.!=.$#!,*!D+6&*)#+L!E'=*?2I&?$A*#1*H!*.!>@B!*'1$!
$=+K$#,+! .$'! &#&?&$1&%$'! D/6*)#$A*#1$.*'! '+6)*! +),*#$A&*#1+! $A6&*#1$.! 1*))&1+)&$.! K! '/!
)*.$?&(#!?+#!*.!?$A6&+!?.&AJ1&?+H!K!#*D+?&+'!%*),*'!K!'+'1*#&6.*'L!!
!
E'1$!&#&?&$1&%$!*'!/#$!?+#1&#/$?&(#!,*!.$!E'1)$1*D&$!,*!<$2'!,*.!>$#?+!=$)$!-+.+A6&$!9::UT9:7:H!
*#! .$! ?/$.! ?+A+! +6G*1&%+'! ,*! =$2'! *'1J! *.! V=)+A+%*)! *.! ,*'$))+..+! '+'1*#&6.*! A*,&$#1*! /#$!
D*'1&(#!$A6&*#1$.!K!,*.!)&*'D+WH!*#!,+#,*!'*!,*'1$?$#!?+A+!J)*$'!,*!&#1*)%*#?&(#!,*.!>$#?+H!*.!
I+)1$.*?&A&*#1+! &#'1&1/?&+#$.! ,*.! 0&#&'1*)&+! ,*! MA6&*#1*! K! ,*.! N&'1*A$! X$?&+#$.! MA6&*#1$.!
ON@XMPH!.$!D*'1&(#!&#1*D)$.!,*.!)*?/)'+!R2,)&?+H!.$!?+#'*)%$?&(#!,*!.$!6&+,&%*)'&,$,H!.$!A&1&D$?&(#!
,*.! ,*1*)&+)+! $A6&*#1$.H! .$! *'1)$1*D&$! ,*! $,$=1$?&(#! $.! ?$A6&+! ?.&AJ1&?+! K! .$! )*,/??&(#! ,*! .$!
%/.#*)$6&.&,$,!*#1)*!+1)$'L!
!
@D/$.A*#1*H!'*!6/'?$!?*))$)!.$!6)*?R$!*#!?+#+?&A&*#1+!=$)$!*.!#/*%+!0&#&'1*)&+!,*!MA6&*#1*!K!
B*'$))+..+!N+'1*#&6.*!O0MBNP!*#!-+.+A6&$H!$'+?&$,$!$.!,&'*S+!,*!/#$!*'1)$1*D&$!Y/*!=*)A&1$!.$!
D*#*)$?&(#!,*!/#!=)+?*'+!,*!$??*'+!$!#/*%+'!A*)?$,+'!,*!#*D+?&+'!%*),*'!K!'+'1*#&6.*'!K!$!

C!

1*A$'!)*.$?&+#$,+'!$!+),*#$A&*#1+!$A6&*#1$.!1*))&1+)&$.!K!'/!)*.$?&(#!?+#!*.!?$A6&+!?.&AJ1&?+L!
E'1*! #/*%+! =)+?*'+! *'1$)J! 6$'$,+! *#! *.! )*?+#+?&A&*#1+! ,*! .$! ?$=$?&,$,! &##+%$,+)$! *#!
1Z)A&#+'!,*.!/'+!,*!.$!6&+,&%*)'&,$,!K!.$!?+))*'=+#'$6&.&,$,!*#!.$!=)+1*??&(#!K!/'+!,*!6&*#*'!K!
'*)%&?&+'! $A6&*#1$.*'H! *.! I+)1$.*?&A&*#1+! ,*! *'1$! ?$=$?&,$,! K! '/! *#.$?*! ?+#! A*?$#&'A+'! ,*!
A*)?$,+H!&#%*)'&(#!,*!?$=&1$.*'!,*!)&*'D+!K!)*?/)'+'!&#1*)#$?&+#$.*'!,*!$=+K+!,*!*'1*!1&=+!,*!
&#&?&$1&%$'L!N*!6/'?$!1$A6&Z#!&#?)*A*#1$)!*.!?+#+?&A&*#1+!'+6)*!&#'1)/A*#1+'!$'+?&$,+'!$.!/'+!
,*.!'/*.+!K!$.!+),*#$A&*#1+!1*))&1+)&$.H!1*!1$.!A$#*)$!Y/*!.$!1+A$!,*!,*?&'&+#*'!1*#D$!*#!?/*#1$!
.$! ,&A*#'&(#! $A6&*#1$.! *#! .$! &#1*))*.$?&(#! /)6$#+T)/)$.! K! =*)A&1$! Y/*! '/! ,&'*S+! K! $=.&?$?&(#!
,*'$))+..*! *.! =)&#?&=&+! ,*! .$! ,&'1)&6/?&(#! *Y/&1$1&%$! ,*! ?$)D$'! K! 6*#*I&?&+'L! M.! ,*'$))+..$)! *'1$!
?$=$?&,$,!K!?+#+?&A&*#1+!$!#&%*.!#$?&+#$.H!'*!?+#1$)J!?+#!A*G+)*'!&#'1)/A*#1+'!=$)$!$6+),$)!
.$!$,$=1$?&(#!$.!?$A6&+!?.&AJ1&?+H!*.!+),*#$A&*#1+!$A6&*#1$.!1*))&1+)&$.!K!.+'!#*D+?&+'!%*),*'!K!
'+'1*#&6.*'H!J)*$'!=)&+)&1$)&$'!K!Y/*!?/*#1$#!?+#!/#!)+.!&A=+)1$#1*!K!*'=$?&+'!*'=*?2I&?+'!*#!.$!
*'1)/?1/)$!,*.!#/*%+!0MBNL!!
!
E'1$!?+#'/.1+)2$!'*!*#A$)?$!,*#1)+!,*.!?+A=+#*#1*!,*!&,*#1&I&?$?&(#!,*!A*G+)*'!=)J?1&?$'!?/K+!
+6G*1&%+! *'! *.! ,*! ,*I&#&)! /#$! *'1)$1*D&$! 1Z?#&?$H! $,A&#&'1)$1&%$! K! ,*! '+'1*#&6&.&,$,! =$)$! *.!
I+A*#1+! ,*! .+'! #*D+?&+'! %*),*'! K! '+'1*#&6.*'! *#! -+.+A6&$H! $! =$)1&)! ,*.! $#J.&'&'! ,*!
&#'1&1/?&+#$.&,$,! K! *.! &#%*#1$)&+! ,*! *[=*)&*#?&$'! &#1*)#$?&+#$.*'! *A=.*$#,+! /#$! A*1+,+.+D2$!
*#I+?$,$!*#!*.!$#J.&'&'!,*!'&'1*A$'H!Y/*!&#?./K$!.$!%$.+)$?&(#!,*!.$!?$=$?&,$,!#$?&+#$.!1$#1+!*#!
D*'1&(#! =\6.&?$! ?+A+! *#! *.! ,*'$))+..+! ,*! ?+#+?&A&*#1+! $?$,ZA&?+! K! .$'! ?+#,&?&+#*'! ,*.!
?+#1*[1+!=$)$!'/!&A=.*A*#1$?&(#L!]$!+)&*#1$?&(#!,*!*'1*!?+A=+#*#1*!*'!.$!D*#*)$?&(#!,*!/#!
A*,&+! &##+%$,+)! =$)$! .$! *[&1+'$! =$)1&?&=$?&(#! ,*! -+.+A6&$! *#! A*)?$,+'! &#1*)#$?&+#$.*'! K! *.!
,*'$))+..+! ,*! A*)?$,+'! #$?&+#$.*'! Y/*! )*?+#+3?$#! *.! ,*'$))+..+! ,*! $?1&%&,$,*'! %*),*'! K!
'+'1*#&6.*'!Y/*!?/*#1*#!?+#!.$!*'1)/?1/)$!Y/*!6/'?$!*.!0MBNH!*#!,+#,*!.$'!6/*#$'!=)$?1&?$'!'*!
=/*,$#!$,*?/$)!$!.$!)*$.&,$,!,*!-+.+A6&$L!
!
E.! =)*'*#1*! ,+?/A*#1+! =)*'*#1$! .+'! )*'/.1$,+'! ,*! .+'! +6G*1&%+'! *'=*)$,+'! *#! .$! ?+#'/.1+)&$H!
D*#*)$#,+! /#$! $K/,$! ,*! A*A+)&$! ,*! .+'! $%$#?*'! Y/*! *#! A$1*)&$! ,*! A*)?$,+'! %*),*'! '*!
1/%&*)+#! *#! *.! 0&#&'1*)&+! ,*! 0*,&+! MA6&*#1*! *#1)*! *.! 9:::! K! *.! 9::^H! /#$! A&)$,$! ,*! .$'!

8!

A*G+)*'! =)$?1&?$'! &#1*)#$?&+#$.*'H! ! K! /#$! ,*I&#&?&(#! =)$?1&?$! $! A$#*)$! ,*! .&#*$A&*#1+'! ,*! .+!
Y/*! '*! ,*6*)2$! ,*'$))+..$)! *#! .$! +I&?&#$! ,*! A*)?$,+'! %*),*'! ,*.! 0&#&'1*)&+! ,*! MA6&*#1*! K!
B*'$))+..+! N+'1*#&6.*L! E'1$! ?+#'/.1$)2$! =$)1*! ,*! .$! )*$.&3$?&(#! ,*! /#! 1$..*)! ,*#+A&#$,+!
V<+#DJA+'.+'!,*!M?/*),+W!*#!*.!?/$.!$'&'1&*)+#!=*)'+#$'!,*.!0MBN!*!&#'1&1/?&+#*'!)*.$?&+#$,$'!
?+#! *.! 1*A$! &#?./K*#,+! )*=)*'*#1$#1*'! ,*! .$'! -M_'L! ! M'&A&'A+H! =$)1*! ,*.! ,&$.+D+! ?+#! .$!
,&)*??&(#!$A6&*#1$.!'*?1+)&$.!!*#!?/K$!?$6*3$!*'1$!$!A$#*)$!,*!*#?$)D+!.$!,&)*??&(#!,*!.$!#/*%$!
+I&?&#$!,*!X*D+?&+'!`*),*'L!-$6*!)*'$.1$)!Y/*!*.!*Y/&=+!,*!#*D+?&+'!%*),*'!,*.!0&#&'1*)&+!$/#!
#+! *'1$! ?+#'+.&,$,+H! =+)! .+! ?/$.! *.! =)*'*#1*! ,+?/A*#1+! D*#*)$! &#'/A+'! Y/*! ,*6*#! '*)!
=)+I/#,&3$,+'! K! $?+),$,+'! /#$! %*3! '*! 1*#D$! ?+#'+.&,$,+! *.! D)/=+! ,*! #*D+?&+'! %*),*'! *#! *.!
0MBNL!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

^!

@= >;5A6-;B!( 6-5A68( 928( 92>6CC:88:( 92( 8:>( !2D:-;:>( )2C92>( 2!( 28(
EA!9:(
!
]$'!#/*%$'!)*D.$'!,*!.+'!A*)?$,+'!&#1*)#$?&+#$.*'!)*=+'&?&+#$#!.+'!,*'$I2+'!$A6&*#1$.*'!?+A+!
,*'$I2+'!*?+#(A&?+'L!]$!%*#1$G$!?+A=*1&1&%$!,*!.+'!$S+'!=)([&A+'!*'1$)J!*#!.+D)$)!?+A=*1&)!*#!
A*)?$,+'!,*!6$G$!&#1*#'&,$,!,*!?$)6+#+H!,+#,*!*.!/'+!'+'1*#&6.*!,*!.$!6&+,&%*)'&,$,!K!*.!$D/$!
$'2!?+A+!.$!*?+T*I&?&*#?&$!,*!1+,+'!.+'!=)+?*'+'!'+#!%$)&$6.*'!*'1)$1ZD&?$'H!K!.+'!*'I/*)3+'!,*!
&##+%$?&(#! %$#! *#! ,&)*??&(#! R$?&$! .$! '+'1*#&6&.&,$,! K! #+! R$?&$! .+'! =)+?*'+'! ,*! =)+,/??&(#!
&#1*#'&%+'!*#!?+#'/A+!,*!)*?/)'+'!#$1/)$.*'!K!*#*)D2$L!!
!
E#!*'1*!?+#1*[1+H!.+'!X*D+?&+'!`*),*'!'*!R$#!&,+!?+#'+.&,$#,+!?+#!/#$!1*#,*#?&$!?)*?&*#1*!*#!
1+,+'!.+'!=$2'*'!,*.!A/#,+H!K!*A=&*3$#!$!'*)!%&'1+'!*#!.$'!*'1$,2'1&?$'!,*!?)*?&A&*#1+!,*.!<@>!*#!
.+'! =$2'*'! Y/*! R$#! ?+#'+.&,$,+! *'1)$1*D&$'! ?.$)$'! ,*! ?+A=*1&1&%&,$,! K! Y/*! =)&+)&3$#! '*?1+)*'!
%*),*'!*#!'/'!*'1)$1*D&$'!,*!,&I*)*#?&$?&(#!K!=)+,/?1&%&,$,!'+'1*#&6.*L!!!
!
M! ?+#1&#/$?&(#! '*! ,$)J! /#$! A&)$,$! D*#*)$.! ,*! .$'! 1*#,*#?&$'! ,*',*! *.! =/#1+! ,*! %&'1$! ,*! .+'!
?+#'/A&,+)*'H! '*! ,$)J#! $.D/#+'! *G*A=.+'! ,*! '*?1+)*'! %*),*'! ?)*?&*#1*'H! '*! )*I*)&)J#! $.D/#$'!
1*#,*#?&$'! ,*! ! ?&/,$,*'! K! =$2'*'! K! I&#$.A*#1*! '*! R$6.$)$! ,*! ! .$! I+)A$! ,*! %*)&I&?$)! *A=)*'$'!
%*),*'!K!'+'1*#&6.*'!..*D$#,+!$!.$!1*#,*#?&$!,*!.$'!EA=)*'$'!>L!
!
1G

8$'(-$,'H/&+$*"'(

!
]+'! ?+#'/A&,+)*'! *'1J#! A$)?$#,+! .$! ,*A$#,$! R$?&$! .+'! =)+,/?1+'! %*),*'L! E#! .$! *#?/*'1$!
)*$.&3$,$! *#! E'1$,+'! "#&,+'! =+)! B*.+&11* 7 H! ?$'&! 1+,+'! .+'! ?+#'/A&,+)*'! *#?/*'1$,+'!
?+A=)$)2$#!%*),*a!?$'&!,+'!1*)?&+'!,*!.+'!?+A=)$,+)*'!6/'?$#!=)+,/?1+'!%*),*'!*#!?$,$!%&$G*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
7

!5&#,&#D! 1R*! F)**#! &#! 1+,$Kb'! 'R+==*)'L! N/'1$&#$6&.&1K! 1)*#,'! $#,! #*c! 'R+==*)! &#'&DR1L! B*.+&11*! $#,! 1R*!
M''+?&$1&+#! +I! I++,H! 6*%*)$D*! $#,! ?+#'/A*)! =)+,/?1'! ?+A=$#&*'L! E'1/,&+! )*$.&3$,+! $! ^:::! ?+A=)$,+)*'! =$)$!

U!

,*!?+A=)$L!N&#!*A6$)D+H!'+.+!*.!99e!,*!.+'!*#?/*'1$,+'!*#?/*#1)$#!=)+,/?1+'!%*),*'!Y/*!.*'!
&#1*)*'$#L!!<+)!1$#1+!R$K!/#$!,*A$#,$!&#?/A=.&,$!,*!D*#*)$)!K!=)+%**)!=)+,/?1+'!%*),*'L!
!
E'1$! A&'A$! *#?/*'1$! '*! R$! ..*%$,+! $! ?$6+! *#! >)$'&.! K! *#! -R&.*! K! .+'! )*'/.1$,+'! R$#! '&,+!
=$)*?&,+'L!E.!#\A*)+!,*!?+A=)$,+)*'!&#1*)*'$,+'!*#!=)+,/?1+'!%*),*'!*'!A/?R+!AJ'!D)$#,*!
,*!.+!*'=*)$,+H!K!*'1$!*#!?+#'1$#1*!?)*?&A&*#1+L!
!
E.!#/*%+!1*)A&#+!,*!]fgMNH!)*I*)&,+!$!!A+,*.+'!,*!%&,$'!*#!'$./,!K!'+'1*#&6&.&,$,H!Oh]&I*'1K.*'!
fI!g*$.1R!M#,!N/'1$&#$6&.&1KiPH!*#!/#$!1*#,*#?&$!$!#&%*.!A/#,&$.H!K!%$!A$'!$..J!,*!.+!%*),*!R$?&$!
?+#'/A&,+)*'!&#1*)*'$,+'!$,*AJ'!*#!.$!'$./,H!*.!*G*)?&?&+H!*.!,*'$))+..+!=*)'+#$.!K!*.!%&%&)!?+#!
=$)JA*1)+'! '+'1*#&6.*'L! M'&A&'A+H! *.! ?+#'/A+! ?+.$6+)$1&%+! *'! R+K! ,2$! /#$! 1*#,*#?&$! Y/*!
&A=.&?$!*.!/'+!,*!.$!1*?#+.+D2$!K!.$'!)*,*'!'+?&$.*'!=$)$!?$A6&$)!.+'!=$1)+#*'!,*!?+#'/A+L!!
!
<$)$!'$1&'I$?*)!*'1$'!,*A$#,$'!*.!'*?1+)!Y/*!A$'!?)*?*!*'!*.!,*!?+#'/A+!A$'&%+!,*!=)+,/?1+'!
Y/*!R$?*#!'*#1&,+H!,*',*!.$!?+A&,$!+)DJ#&?$!K!#$1/)$.!R$'1$!.$!)+=$!)*T/'$,$!+!)*?&?.$,$L!!
!
0G

81'(5",+",%&1'(>"%3$*&1."'(
!

]$'!1*#,*#?&$'!'*?1+)&$.*'!*#!1*A$'!%*),*'!'+#!?)*?&*#1*'L!!E#!*'1$!'*??&(#!'*!)*'/A*#!$.D/#$'!
1*#,*#?&$'!,*!A*)?$,+'!&#1*)*'$#1*'L!
!
8$'(!"#$%&$'(71'1+$'(",(.1(7&$+&K"*'&+1+(L(.$'(>"*K&%&$'(2%$'&'3f/&%$'(
!
E.!&#I+)A*!jEE>!O]$!E?+#+A2$!,*!.+'!E?+'&'1*A$'!K!.$!>&+,&%*)'&,$,P!,*'$))+..$,+!=+)!<X"0M!
,*'$))+..+! /#$! *%$./$?&(#! )*$.! ,*! ?(A+! .+D)$)! $=)+%*?R$'! .$! 6&+,&%*)'&,$,! K! .+'! *?+'&'1*A$'!
=$)$! .$! *?+#+A2$! A/#,&$.L! E#! *'1*! &#I+)A*! '*! ,*'1$?$#! $.D/#+'! A+,*.+'! *A=)*'$)&$.*'!
*A*)D*#1*'! Y/*! =)+=+)?&+#$#! 6*#*I&?&+'! =$)$! .$! 6&+,&%*)'&,$,! K! .+'! '*)%&?&+'! *?+'&'1ZA&?+'!
,*',*! /#$! =*)'=*?1&%$! ?+A*)?&$.! K! $,*AJ'H! $#$.&3$A+'! 1$#1+! .+'! +6'1J?/.+'! *[&'1*#1*'! ?+A+!

d!

.+'! A$)?+'! #*?*'$)&+'! =$)$! *'1&A/.$)! .$! &#%*)'&(#! =)&%$,$! K! *.! *'=2)&1/! *A=)*'$)&$.! #*?*'$)&+'!
=$)$! =+#*)! *#! =)J?1&?$! ,&?R$'! +=+)1/#&,$,*'L! E#! *'1*! &#I+)A*! '*! ,*'1$?$#! .$'! '&D/&*#1*'!
1*#,*#?&$'Q!
!
l!E#!9::UH!.$'!%*#1$'!A/#,&$.*'!,*!?+A&,$!K!6*6&,$!*?+.(D&?$!$'?*#,&*)+#!$!C^L:::!A&..+#*'!,*!
,(.$)*'!*'1$,+/#&,*#'*'H!*.!1)&=.*!Y/*!*#!7kkkL!
l!]$!%*#1$!,*!$.&A*#1+'!*?+.(D&?+'!'+.+!*#!EEL!""L!)*=)*'*#1(!*.!;H8e!,*.!A*)?$,+!$.&A*#1$)&+!
,*.! =$2'! K! *#! 9::d! *[=*)&A*#1(! /#! &#?)*A*#1+! ,*.! 78HdeH! AJ'! ,*.! 1)&=.*! ,*! .$! 1$'$! ,*!
?)*?&A&*#1+!,*!1+,+!*.!'*?1+)!$.&A*#1$)&+!*#!*.!A&'A+!$S+L!
l!]$'!%*#1$'!,*!=)+,/?1+'!I+)*'1$.*'!m'+'1*#&6.*'n!'*!?/$,)/=.&?$)+#!*#1)*!9::8!K!9::UL!
l! E#1)*! $6)&.! ,*! 9::d! K! A$)3+! ,*! 9::kH! *.! A*)?$,+! A/#,&$.! ,*! =)+,/?1+'! =*'Y/*)+'! ?+#!
*1&Y/*1$!*?+.(D&?$!?)*?&(!*#!AJ'!,*.!8:eH!$.?$#3$#,+!/#!%+./A*#!,*!%*#1$'!,*!7L8::!A&..+#*'!
,*!,(.$)*'!*'1$,+/#&,*#'*'L!
l! E#! 9::dT:kH! ,&%*)'+'! =)+=&*1$)&+'! ,*! A$)?$'! K! *'1$6.*?&A&*#1+'! A&#+)&'1$'! $S$,&*)+#!
$1)&6/1+'!,*!=)+,/?1+!m)*'=*1/+'+!?+#!*.!A*,&+!$A6&*#1*n!$!'/'!=)&#?&=$.*'!A$)?$'H!$!A*#/,+!
A*,&$#1*! =)+D)$A$'! ,*! ?*)1&I&?$?&(#! &#,*=*#,&*#1*'H! 1$.*'! ?+A+! 0$)'! O?$?$+! ?+#! .$!!
?*)1&I&?$?&(#!_$&#I+)*'1!M..&$#?*PH!-$,6/)K!O?$?$+!?+#!.$!?*)1&I&?$?&(#!5$&)1)$,*PH!o)$I1!O?$IZ!?+#!
.$! ?*)1&I&?$?&(#! _$&#I+)*'1! M..&$#?*! o*#?+P! K! "#&.*%*)! O=)+,/?1+'! <F! j&='! ?+#! .$! ?*)1&I&?$?&(#!
_$&#I+)*'1!M..&$#?*PL!
!
E#!.$!'&D/&*#1*!1$6.$!'*!)*'/A*#!.$'!=)&#?&=$.*'!1*#,*#?&$'!,*!$?/*),+!$!/#!*'1/,&+!)*$.&3$,+!
=+)!V5+)*'1!j)*#,'WH!,*.!?)*?&A&*#1+!K!%+./A*#!,*!A*)?$,+'!%*),*'!*#!*.!A/#,+!*#!*.!9::d!K!
=)+K*?1$,+!$.!9:9:!K!$.!9:8:L!-+A+!'*!+6'*)%$!*#!*'1$'!=)+K*??&+#*'H!*.!?)*?&A&*#1+!,*!*'1+'!
A*)?$,+'!'*)J!*[=+#*#?&$.!K!,*!D)$#!+=+)1/#&,$,!=$)$!.+'!=$2'*'!Y/*!?+#'+.&,*#!=+'&?&+#$)'*!
*#!*.!A*)?$,+L!
(
(
(
(

k!

Tahl"

2 MetCDC~ e'l'ergentes para III b.odl\letSldody los

!iefl/ICIOS

TOItlA"" (lei 'II"H"OOU

-----

-- -- - :?OI)s

------------

ecosrsterrucos

Idulm ....

pUI IIno)

_.--- -r-------- -----

r".""'.">tI:?O:?O

r.,flllId .Il>l,2(6(1

Productos agricolas certificados

(p.ej. oooI6gicos. grado de cooservaci6n)

40.000 millones$
(2.5% del mercado
a1imentario
y de bebidas mundial)

210.000 millones$

900.000 millones$

Productos forestales certificados

(p.ej., FSC,PEFC)

5.000 m810nes$
de procfuctosCOOta certif~
caci6n FSC

15.000millones$

SO.OOO
miliones$

Compensaciones forestalesl de biocarbono

(p.ei, COM. ves. REDO+)

21 millooes$
(2000)

Mas de 10.000
millones$

Mas de 100.000
millones$

Pagos por seMcios ecosist9micos

relacionadosoon eI ~
(gobierno)

5.200 m~lones$

6.000 millones$

20.000 millones$

Pagos por la gesti6n de cuencas

hidrograficas
(voluntario)

5 millones$
Varies piIotos
(Costa Rica, Ecuador)

2.000 millones$

10.000millones$

Otros pagos por selVicios ecosist9rricos

(financiadOS por el gobierno)

3.000 m~lones$

7.000 millones$

15.000 millooes$

Compensacionesde biodiversidad
obligatorias
(p.ej. bancos de mltlqacion de EE. UU.)

3.400 m~lones$

10.000 millones$

20.000 milloness

Compensaciones de biodiversidad
voluntarias

17millooes$

100 millones$

400 milloness

Contratos de bioprospeccicn

30 millooes$

100 millones$

500 malonesS

Fideicomisos inmobiliarios privados,

servidumbres de conservacion
(p.ej. America del Norte, Austraia)

8.000 millones$ solo

enEE. UU.

20.000 millones$

Dificilde predecir

RHlle: Adaplado de Faesl rrends and the Ef;osystem MarI<eIp/aCe(2OOBJ'"

!
M'&A&'A+H! *.! &#I+)A*! R$?*! /#! )*'/A*#! ,*! .+'! =)*))*Y/&'&1+'! =$)$! Y/*! .+'! A*)?$,+'! '*! ,*#H!
)*'/A&,+!*#!.$!'&D/&*#1*!1$6.$Q!!

7:!

Crsditos y debitos de biodiversidad y servicios scosistsmicos claramente definidos

Posibilidad de asegurar activos
de biodiversidad y servicios
scosistsmcos

Concienciaci60 de los inversores y apoyo a las incursiones

comerciales
Perfilde riesgo y remuneraci6n
competitivo
Combinaci6n de ecosistema,
desarrollo empresarialy pericia
financiera

Usc segura 0 derechos de propiedad sobre los activos y servicios de los ecosistemas
Referencias iniciales claras
para evaluar Ia .adicionalidad.
de las inversiones en materia
de biodiversidad y servicios
scosistemicos
Normas y metodos aprobados
para evaluar los debitos y Cfeditos
Incentivos fiscales (p.ej. CfOOtos fiscales para la conservaci6n)
Autorizaci6n legal para negociar con creditos y debitos
scoslstsrnicos Qncluidoa nivel
internacional)
Capacidad reguladora adecuada para hacer cumplir las
normas

Clases de ac1ivos definidas

claramente
Procesos eficientesde aprobaciOn de proyectos
Costes de transacci6n peque-

nos

Sistemas de \1giIancia, verificaciOn Y cumpfll1liento ampliamente aceptados

Registros asociadas para inscribir las operaciones (especialmente para las intangibles,
p.e], compensaciones)
Servicios intermediarios competitivos (p.ej. agentes, comprobadores)

!
!
E#! $A6$'! 1$6.$'! *'! *%&,*#1*! Y/*! .$'! =+'&6&.&,$,*'! ,*! D*#*)$)! #*D+?&+'! ,*! .$! 6&+,&%*)'&,$,! K!
'*)%&?&+'!*?+'&'1ZA&?+'!'+#!?)*?&*#1*'H!=*)+!Y/*!$/#!R$K!6$))*)$'!+!=)*))*Y/&'&1+'!Y/*!R$K!Y/*!
=*#'$)!=$)$!Y/*!'*$!/#$!D)$#!+=?&(#!$!#&%*.!&#1*)#$?&+#$.L!!
!
81(-$,'3*H%%&W,(>$'3",&0."(
!
]$'! ?+#'1)/??&+#*'! %*),*'! +! '+'1*#&6.*'! '+#! /#! D)$#! #*D+?&+! *#! ?)*?&A&*#1+L! N&! '+.+! #+'!
)*I*)&A+'! =+)! *G*A=.+! $! .$! ?*)1&I&?$?&(#! ]EEBH! '*! '$6*! Y/*! *#! *.! 9:7:! .+'! )*D&'1)+'! ,*!
*,&I&?$?&+#*'!]EEB!?)*?&*)+#!*#!/#!C8eL!9!E#!-+.+A6&$!*.!?+#'*G+!-+.+A6&$#+!,*!-+#'1)/??&(#!
'+'1*#&6.*!1&*#*!AJ'!,*.!1)&=.*!,*!*A=)*'$'!Y/*!*.!-E-fBENL!!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
9
!9:79!F)**#>&3!F)+/=!@#?L!OcccLD)**#6&3L?+APL!

77!

M.)*,*,+)! ,*! *'1*! #*D+?&+! R$K! A&.*'! ,*! &,*$'! ,*! #*D+?&+'! %*),*'H! ,*',*! 1$=*1*'! )*?&?.$6.*'!
R$'1$!*#*)D2$'!$.1*)#$1&%$'!K!A$1*)&$.*'!,*!?+#'1)/??&(#H!*Y/&=+'!,*!*I&?&*#?&$!K!$R+))+!,*!$D/$!
K! *#*)D2$L! ]$! 1*#,*#?&$! *'! Y/*! .+'! ?+#'1)/?1+)*'! Y/*! R$#! R*?R+! 6&*#! .$'! ?/*#1$'! '$6*#! Y/*!
R$?*)!*,&I&?$?&+#*'!%*),*'!=$D$!.$'!?/*#1$'!*#!=+?+'!$S+'!?+#!.+'!$R+))+'!*#!'*)%&?&+'!,*!$D/$H!
*#*)D2$!K!*I&?&*#?&$L!
!
8$'(!"#$%&$'(71g$'(",(-1*0$,$(
!
0*G+)$)!.$!R/*..$!,*!?$)6+#+!R$!D*#*)$,+!#*D+?&+'!*#!1+,+!*.!A/#,+L!B*!R*?R+H!?+A+!'*!%*)$!
A$'! $,*.$#1*H! =$2'*'! ?+A+! @#D.$1*))$! 6$'$#! '/'! A*)?$,+'! %*),*'! *#! *'1)$1*D&$'! 6$G$'! *#!
-$)6+#+L!!
!
<+)!+1)+!.$,+H!'*D\#!F)**#>&3H!*#!*.!9:77H!A$'!,*!;:::!?+A=$S2$'!&#?./K*#,+!$!A$'!,*.!d:e!
,*!.$'!?+A=$S2$'!,*.!VF.+6$.!8::!I&)A'WH!)*=+)1$)+#!'/'!*A&'&+#*'L!!!
!
g+K!*#!,2$!'*!=/*,*#!D*#*)$)!A&.*'!,*!#*D+?&+'!$'+?&$,+'!$!6$G$)!.$!R/*..$!,*.!?$)6+#+H!Y/*!
=/*,*#!'*)!,*!1$A$S+'!A/K!D)$#,*'!=/*'!'*!?+#%&*)1*#!*#!=$)1*!&#1*D)$.!,*!.+'!)*Y/&'&1+'!,*.!
?+A*)?&+L!!E#!-R&.*!=+)!*G*A=.+H!.$!&#,/'1)&$!%&#2?+.$!1/%+!Y/*!?$A6&$)!$!'*)!6$G$!*#!?$)6+#+!
=$)$! =+,*)! '*D/&)! ?+A=&1&*#,+! *#! .+'! A*)?$,+'! E/)+=*+'L! ]$! 1*#,*#?&$! ?)*?*! =$)$! A/?R+'!
=)+?*'+'!K!=)+,/?1+'!Y/*!$!.$!%*3!'*!%/*.%*!I/*#1*!,*!&##+%$?&(#!K!*I&?&*#?&$L!
!
%G

81'(2,"*#J1'(6.3"*,13&K1'(

(
B*!$?/*),+!?+#!*.!@#1*)#$1&+#$.!E#*)DK!f/1.++p!OE@MH!9:7:PH!$!9:;8!'*!=)*%Z!/#!$/A*#1+!*#!*.!
?+#'/A+!,*!*#*)D2$!$!#&%*.!A/#,&$.!,*!?$'&!*.!8:eL!!
!
E#!*'1*!?+#1*[1+H!K!$#1*!.$!?)*?&*#1*!=)*+?/=$?&(#!=+)!.+'!#&%*.*'!,*!D$'*'!*I*?1+!&#%*)#$,*)+!
*#! .$! $1A('I*)$H! .$'! *#*)D2$'! )*#+%$6.*'! )*'/.1$#! /#$! +=?&(#! $1)$?1&%$L! M,&?&+#$.A*#1*H! .+'!

79!

=)+K*?1+'! ,*! *#*)D2$! )*#+%$6.*! =/*,*#! '*)! A+1+)*'! =$)$! *.! ?)*?&A&*#1+! ,*! .$! &#,/'1)&$! K! .$!
D*#*)$?&(#! ,*! *A=.*+H! K! =+)! *#,*! /#$! R*))$A&*#1$! I/#,$A*#1$.! *#! .$! 1)$#'&?&(#! R$?&$! /#$!
*?+#+A2$!AJ'!%*),*L!
!
E#!.+'!\.1&A+'!$S+'!.$!D*#*)$?&(#!,*!*#*)D2$!$!=$)1&)!,*!I/*#1*'!)*#+%$6.*'!R$!$/A*#1$,+!*#!
D)$#!A*,&,$L!N*D\#!/#!*'1/,&+!)*$.&3$,+!=+)!.$!!"#"$%&'"()#"*+,(-.'/0,(1"2$.*3(4.*(25"(6782(
9"#2:*,!O_EX97H!9:77PH!*#1)*!I&#$.*'!,*!9::8!K!I&#$.*'!,*!9:77H!.$!?$=$?&,$,!,*!D*#*)$?&(#!,*!
*#*)D2$!$!=$)1&)!%$)&$'!,*!.$'!I/*#1*'!)*#+%$6.*'!O&#?./K*#,+!'+.$)!5`H!*(.&?$H!'+.$)!1Z)A&?$!,*!
?+#?*#1)$?&(#H!?$.*#1$,+)*'!,*!$D/$!'+.$)*'!K!6&+?+A6/'1&6.*'P!?)*?&(!$!1$'$'!,*!*#1)*!*.!78e!K!
*.! 8:eL! M,&?&+#$.A*#1*H! .$! A&1$,! ,*! .$! #/*%$! ?$=$?&,$,! *.Z?1)&?$! $,&?&+#$,$! *#! 9:7:! I/*! ,*!
*'1*!1&=+!,*!I/*#1*'L!
!
E#!?/$#1+!$!'/!=$)1&?&=$?&(#!*#!.$!*#*)D2$!1+1$.H!'*!*'1&A$!Y/*!*#!9:7:!*.!7^e!,*.!?+#'/A+!I&#$.!
,*! *#*)D2$! $! #&%*.! A/#,&$.H! K! ?*)?$! ,*.! 9:e! ,*! .$! +I*)1$! ,*! *.*?1)&?&,$,H! =)+%*#2$! ,*! I/*#1*'!
)*#+%$6.*'L!!
!
E.!$/A*#1+!*#!.$!?$=$?&,$,!,*!D*#*)$?&(#!R$!*'1$,+!$?+A=$S$,+!,*!/#!$/A*#1+!*#!*.!#\A*)+!
,*! =$2'*'! ?+#! A*1$'! +! =+.21&?$'! ,*! $=+K+! $! .$'! *#*)D2$'! )*#+%$6.*'L! M! ?+A&*#3+'! ,*! 9:77! $.!
A*#+'!77k!=$2'*'!1*#2$#!A*1$'!+!=+.21&?$'!#$?&+#$.*'!*#!*'1*!'*#1&,+H!*#!?+A=$)$?&(#!?+#!88!
=$2'*'!$!?+A&*#3+'!,*!9::8L!B*!*'1+'H!.$!A&1$,!*#!*.!?$'+!,*!.$'!A*1$'H!K!AJ'!,*!.$!A&1$,!*#!*.!
,*!.$'!=+.21&?$'!,*!$=+K+H!*)$#!=$2'*'!*#!,*'$))+..+L!
!
]+'!=$2'*'!*#!,*'$))+..+!'*!R$#!?+#%*)1&,+!*#!G/D$,+)*'!&A=+)1$#1*'!*#!*.!1*A$!,*!.$'!*#*)D2$'!
)*#+%$6.*'H! ?+#1$#,+! ?+#! AJ'! ,*! .$! A&1$,! ,*! .$! ?$=$?&,$,! ,*! =+1*#?&$! $! =$)1&)! ,*! I/*#1*'!
)*#+%$6.*'!$!#&%*.!A/#,&$.!*#!9:7:H!K!'/=*)$#,+!*#!*'1*!$S+!$!.+'!=$2'*'!,*'$))+..$,+'!*#!.$!
&#%*)'&(#!*#!?+A=$S2$'!,*.!'*?1+)!K!=)+K*?1+'!,*!D)$#!*'?$.$L!
!
<+)!=$2'H!-R&#$!*'!/#!?.$)+!.2,*)!*#!%$)&+'!&#,&?$,+)*'!,*!?)*?&A&*#1+!,*.!A*)?$,+L!E#!9:7:!I/*!
*.! =$2'! Y/*! &#'1$.(! A$'! 1/)6&#$'! *(.&?$'! K! '&'1*A$'! '+.$)*'! 1Z)A&?+'H! K! *.! =)&A*)! =)+,/?1+)! ,*!

7;!

R&,)+*.*?1)&?&,$,L!E#!?/$#1+!$!.+'!=$2'*'!.$1&#+$A*)&?$#+'H!>)$'&.!=)+,/?*!=)J?1&?$A*#1*!1+,+!
*.! *1$#+.! =)+%*#&*#1*! ,*! ?$S$! ,*! $3\?$)! ,*.! A/#,+H! K! R$! &#'1$.$,+! #/*%$'! =.$#1$'!
R&,)+*.Z?1)&?$'H!,*!6&+A$'$!K!,*!*#*)D2$!*(.&?$H!$'2!?+A+!?$.*#1$,+)*'!'+.$)*'L!
-R&#$! $,*AJ'! )*?&6&(! *#! *'*! A&'A+! $S+! ?*)?$! ,*! /#! 1*)?&+! ,*! .$! &#%*)'&(#! 1+1$.! *#! *#*)D2$'!
)*#+%$6.*'H!Y/*!$.?$#3(!.+'!q977!6&..+#*'!,*!,(.$)*'L!
!
E.!A/#,+!*#1*)+!*'1$!=*#'$#,+!*#!.$'!*#*)D2$'!,*.!I/1/)+L!]+'!#/*%+'!,*'?/6)&A&*#1+'!,*!NR*..!
D$'!K!.$'!+=+)1/#&,$,*'!,*!*[=.+)$?&(#!,*!*'1*!1&=+!,*!I/*#1*'!*#*)DZ1&?$'!*'!'&#!,/,$!/#$!,*!
.$'!1*#,*#?&$!=$)$!'$6*)!Y/*!1$#!D)$#,*'!'+#!.$'!)*'*)%$'!=)+6$,$'!,*!=*1)(.*+H!D$'!K!?$)6(#L!
!
0&*#1)$'!1$#1+H!.$'!*#*)D2$'!$.1*)#$1&%$'!K!)*#+%$6.*'!'&D/*#!'&*#,+!/#$!D)$#!1*#,*#?&$L!-+A+!
'*!=/*,*!%*)!*#!*.!'&D/&*#1*!?/$,)+H!.$!1*#,*#?&$!*'1$!*#!$/A*#1+L!]$!+1)$!?$)$!,*!.$!A+#*,$!
*'1$!*#!.$!*I&?&*#?&$!*#*)DZ1&?$L!B*!$?/*),+!$!0?o&#'*K!O9::kP!.$!*I&?&*#?&$!*#*)DZ1&?$!1&*#*!*.!
=+1*#?&$.! ,*! )*,/?&)! .+'! &A=$?1+'! #*D$1&%+'! $A6&*#1$.*'H! =+)! .+! ?/$.! '*! =+,)2$#! D*#*)$)!
&#D)*'+'!D.+6$.*'!,*!"Nq7L9!1)&..+#*'!,*!,(.$)*'!,*!.$!*?+#+A2$!D.+6$.L!
!
E#! *'1*! ?+#1*[1+H! .$'! ?/)%$'! ,*! $6$1&A&*#1+! Y/*! '*! *'1J#! &A=/.'$#,+! ,*',*! .$! A&)$,$! ,*!
*A&'&+#*'!,*!-f9!=+)!*.!D)/=+!,*!*#*)D2$'!$.1*)#$1&%$'!'+#!/#!D)$#!*'I/*)3+!R$?&$!&A=/.'$)!$!
.+'! '*?1+)*'! $! A&)$)! +=?&+#*'! K! #*D+?&+'! *#! A*G+)$'! ,*! *I&?&*#?&$! *#*)DZ1&?$! O6+A6&..+'H!
$./A6)$,+H! *Y/&=+'H! *1?LrPL! E.! ?+#'/A+! ,*! *#*)D2$! *#! -+.+A6&$! R$! ?)*?&,+H! K! $/#Y/*! *'+!
6*#*I&?&$!!$!.$'!?+A=$S2$'!D*#*)$,+)$'!1$A6&Z#!=)*'*#1$!/#!=)+6.*A$!,*!*I&?&*#?&$L!E.!o`!R+)$!
'&D/*!'&*#,+!*?+#(A&?+!)*'=*?1+!$.!)*'1+!,*.!?+#1&#*#1*L!

7C!

.. but per capita energy

conswnption is less

Energy~6on

has inaeas;dsubotantially
in the past 50 ymrs ...

...= -'

Cob!r.~
Ghb;l

,,0

pronounced, implying less

energyu...<:epe:r perSCJ1..

.= "i~

Cob!r.~
Ghbil

",
,,,

,,,
~Q

~o

",

",

tSO

tiO

~:.o

,,, -----------

;0

----------

.mlde:<presseri againstGDP
there isactually a sharp dedi~e
in the amountof energy
nudErlforaunitofGDP

,,0

"

!
!
E#! D*#*)$.! -+.+A6&$! 1&*#*! .$'! +=?&+#*'! ,*! *[=.+)$)! 1$#1+! *#*)D2$! *(.&?$H! '+.$)H! D*+1Z)A&?$L!
M'&A&'A+H!'/!A$1)&3!*'!*A&#*#1*A*#1*!R2,)&?$L!M.D/#+'!=$2'*'!?+A+!0Z[&?+!+=1$)+#!=+)!'*)!*.!
R/6! ,*! *#*)D2$! '+.$)L! -+.+A6&$! =+,)2$! &D/$.A*#1*! 1*#*)! =)&+)&,$,*'! AJ'! $6&*)1$'! R$?&$! .$'!
*#*)D2$'! $.1*)#$1&%$'H! %&*#,+! '&! =/*,*#! *#1)$)! $! .$! )*,H! $#$.&3$#,+! &#?*#1&%+'! K! $6)&*#,+!
+=?&+#*'L!

78!

Draft

Demand/or all types 0/ energy increases in non-OECD

countries, while demand/or coal& oil declines in the OECD

...with theinaenseinJossiI-basedpaar
generation in n"",DECD anmtries, oJ1 the
renewablesaddironsareonly kaping thegroulhgreen, bid not redudng theabrolute 1roe/...
$0=

:.~

lEA,Wto~~:lio=t.M:o'"
~:L~.!I$ SQ'....:~ o!,,~,~:oe:.~

-cec CO:\:l'!tf"

PwC

!
!
+G

2.(2%$3H*&'/$(L(".(D"$3H*&'/$(

!
M!#&%*.!A/#,&$.H!?+#1&#\$!.$!1*#,*#?&$!$!&A=.*A*#1$)!=+.21&?$'!Y/*!&#?)*A*#1*#!*.!*?+1/)&'A+!
O*#!*.!Y/*!'*!=)&%&.*D&$!.$!=)*'*)%$?&(#!,*.!A*,&+!$A6&*#1*!K!*.!6*#*I&?&+!,*!.$!?+A/#&,$,P!!K!*.!
D*+1/)&'A+H! O,*I&#&,+! =+)! .$! X$1&+#$.! F*+D)$=R&?! N+?&*1KH! ?+A+! *.! Vj/)&'A+! Y/*! $=+K$! K!
)*I/*)3$!*.!?$)J?1*)!D*+D)JI&?+!,*!/#!./D$)H!'/!A*,&+!$A6&*#1*H!.$!?/.1/)$H!.$!?+#'*)%$?&(#H!*.!
=$1)&A+#&+! K! *.! 6&*#*'1$)! ,*! '/'! R$6&1$#1*'WPL! ! E'1+! ?+#! *.! I&#! ,*! A&1&D$)! *.! &A=$?1+! Y/*! R$!
1*#&,+!*.!1/)&'A+!A$'&%+!*#!*.!?$A6&+!?.&AJ1&?+!K!*.!,*1*)&+)+!$A6&*#1$.!K!=*)A&1&)!$!.+'!=$2'*'!
$=)+%*?R$)!,*!A$#*)$!'+'1*#&6.*!'/!,&%*)'&,$,!6&+.(D&?$!K!?/.1/)$.L!
!
<$)$!.$'!*?+#+A2$'!,*!A/?R+'!=$2'*'H!*#1)*!*..+'!%$)&+'!*#!,*'$))+..+H!.+'!&#D)*'+'!=)+,/?&,+'!
=+)! *.! 1/)&'A+! '+#! ,*! D)$#! &A=+)1$#?&$H! K! =+)! *'$! )$3(#! '*! R$#! A+'1)$,+! &#1*)*'$,+'! *#!
$,+=1$)!*'1$'!#/*%$'!A+,$.&,$,*'!,*!1/)&'A+L!!!

7^!

-+.+A6&$! 1&*#*! /#$! D)$#! +=?&(#! 1$#1+! ,*! D*#*)$)! *?+1/)&'A+! ?+A+! /#! 1&=+! ,*! D*+1/)&'A+!
,&'1&#1&%+L! ! E#! F/$1*A$.$! K! g+#,/)$'! '*! $?+D&(! *.! F*+1/)&'A+! ?+A+! .$! *'1)$1*D&$! 1/)2'1&?$!
#$?&+#$.L! E#! >)$'&.H! 0Z[&?+! K! ")/D/$K! *[&'1*#! =)+K*?1+'! ,*! &A=+)1$#?&$L! ]+! A&'A+! '/?*,*! *#!
E'=$S$!K!>+1'c$#$L!N*!=)*%Z!Y/*!*'1$!1*#,*#?&$!'&D$!&#?)*A*#1J#,+'*L!
!
j$#1+! <)+*[=+)1! ?+A+! *.! <j<! 1&*#*#! /#! =)+D)$A$! R$?&$! .+'! '*?1+)*'! 1/)2'1&?+'H! =*)+! $/#! #+!
,*I&#*#!=)+$?1&%$A*#1*!.$'!+=?&+#*'!,*!*?+1/)&'A+!*#!-+.+A6&$H!*#!,+#,*!1$#!'+.+!*'1*!$S+!
O9:7;P! '*! *A=&*3$! $! R$6.$)! ,*! .$! ]*K! ,*! *?+1/)&'A+L! g$K! 0"-gfN! *G*A=.+'! $! #&%*.! A/#,&$.L!
B*',*! -+'1$! _&?$H! <*)\! K! E?/$,+)H! ,+#,*! *'1*! 1*A$! *'! /#$! &A$D*#! =$2'! K! /#$! *'1)$1*D&$!
*?+#(A&?$!R$'1$!,&%*)'+'!A+,*.+'!*#!+1)+'!=$2'*'L!
!
N&#! *A6$)D+H! '*! )*Y/&*)*! =+'&?&+#$).+! K! =*#'$)! *.! 1/)&'A+! #+! ?+A+! /#! '*?1+)! $6&*)1+! $! 1+,+H!
'&#+!/#!'*?1+)!?+#*?1$,+!?+#!.$'!1*#,*#?&$'!,*!*?+1/)&'A+!K!D*+1/)&'A+H!?+A+!=+1*#?&$.&,$,*'!
,*!-+.+A6&$L!
!
M.)*,*,+)!,*!*'1*!'*?1+)!R$K!A/?R$'!+=+)1/#&,$,*'!,*!#*D+?&+'!%*),*'H!#+!'+.+!*#!.$!R+1*.*)2$!
'&#+!*#!.+'!'*)%&?&+'H!O?+A&,$H!?/.1/)$'H!$)1*'$#2$'P!K!1$A6&Z#!.$!=$)1&?&=$?&(#!*#!.$!?+#'*)%$?&(#!
K!*#!.+'!'*)%&?&+'!*?+'&'1ZA&?+'L!
!
"G

81'(5",+",%&1'(",(.1'(-&H+1+"'(

((
E#!.$'!?&/,$,*'!*'1J#!%&%&*#,+!AJ'!,*!.$!A&1$,!,*!.$!=+6.$?&(#!A/#,&$.L!0/?R$'!?&/,$,*'!*'1J#!
'/)D&*#,+!?+A+!A+,*.+'!,*!&##+%$?&(#H!1*?#+.+D2$'H!A+,*.+'!,*!#*D+?&+H!*I&?&*#?&$!K!?$.&,$,!
,*!%&,$L!!E.!$.?$.,*!,*!X/*%$!s+)p!K!>&..!-.&#1+#!.$#3$)+#!.$!&#&?&$1&%$!,*!?&/,$,*'!'+'1*#&6.*'L!!E#!
*'1$! A&'A$! &#&?&$1&%$! '*! /#&*)+#! $.! >$#?+! 0/#,&$.! =$)$! D*#*)$)! /#$! $.&$#3$! =$)$! 6$G$)! .$'!
*A&'&+#*'!*#!.$'!?&/,$,*'L!E.!>@B!.$#3+!'/!*'1)$1*D&$!,*!?&/,$,*'!K!?$A6&+!?.&AJ1&?+L!
!
!

7U!

M.D/#$'!,*!.$'!&#&?&$1&%$'!A$'!,*'1$?$,$'!'+#Q!

E.!<.$#!,*!N*\.!=$)$!)*?+#'1)/&)!'+'1*#&6.*A*#1*!7::::!*,&I&?$?&+#*'!$.!9:;:L!

M/'1&#!1&*#*!/#!=.$#!,*!?*)+!)*'&,/+'!=$)$!*.!9:C:L!

]+#,)*'!Y/&*)*!1*#*)!7:::::!%*R2?/.+'!*.Z?1)&?+'!=$)$!*.!9:9:L!

j+p&+! *'1$! &#1)+,/?&*#,+! *.*%$,+'! *'1J#,$)*'! *#*)DZ1&?+'! =$)$! .+'! D)$#,*'! ,*'$))+..+'!
/)6$#+'L!!

N$+!<$/.+!1&*#*!/#$!A*1$!,*!7::e!,*!6&+?+A6/'1/6.*'!*#!1)$#'=+)1*!=$)$!*.!9:7UL!!

!
j+,$'! *'1$'! ,*?&'&+#*'! ,*! =+.21&?$'! =\6.&?$'! 1&*#*#! &#1)+,/?&,+! /#! 1*A$! ,*! =+.21&?$H! +1)+! ,*!
?+A$#,+! K! ?+#1)+.H! K! I&#$.A*#1*! +1)+! ,*! D*#*)$?&(#! ,*! A*)?$,+'! %*),*'! $.)*,*,+)! ,*! *'1$'!
,*?&'&+#*'L!!
!
NG

81'(5",+",%&1'(+"(.$'(O1J'"'(

!
<$)$!D*#*)$)!#*D+?&+'!%*),*'!.+'!=$2'*'!=&+#*)+'!R$#!D*#*)$,+!*'1)$1*D&$'!?.$)$'!*#!,+#,*!'*!
=)&+)&3$#! /#+'! '*?1+)*'! *'1)$1ZD&?+'H! $.&#*$#,+! .$! &A$D*#! =$2'! ?+#! .$'! =+.21&?$'! ?+R*)*#1*'!
$.&#*$,$'!*#1)*'!.+'!'*?1+)*'!=\6.&?+'!K!=)&%$,+'L!!
!
E#!D*#*)$.H!.+'!=$2'*'!Y/*!1&*#*#!#*D+?&+'!K!A*)?$,+'!%*),*'!R$#!'&,+!=+)Y/*!*[&'1*#!$D*#?&$'!
,*! =)+A+?&(#! ,*! #*D+?&+'H! K! #+! #*?*'$)&$A*#1*! =+)Y/*! .+'! 0&#&'1*)&+'! ,*! $A6&*#1*! R$K$#!
,*'$))+..$,+!*'1)$1*D&$'!,*!#*D+?&+'!%*),*'L!!
!
M!?+#1&#/$?&(#!'*!=)*'*#1$!/#!)*'/A*#!6$'$,+!*#!/#!6*#?RA$)p&#D!)*$.&3$,+!?+A+!6$'*!$!.$!
*'1)$1*D&$!$A6&*#1$.!,*!<)+*[=+)1!,*'$))+..$,+!=+)!E;!M'*'+)2$'!*#!*.!9:7:L!!
!
!
!

7d!

O"*hR(6V$'31,+$(1(.1(>$'3",&0&.&+1+(
!
<_f0<E_"!*'!.$!$D*#?&$!,*!=)+A+?&(#!,*!.$'!*[=+)1$?&+#*'!K!*.!1/)&'A+!,*!<*)\L!N/!=)&#?&=$.!
.+D)+! R$! '&,+! =+'&?&+#$)! $! .$! $D)&?/.1/)$! +)D$#&3$! ?+A+! /#! '*?1+)! *'1)$1ZD&?+! ,*! .$'!
*[=+)1$?&+#*'!,*!*'1*!=$2'L!]$'!?&I)$'!'+#!*.+?/*#1*'Q!*#!7kkkH!<*)\!*[=+)1$6$!"N!q^L7!A&..+#*'!
*#!=)+,/?1+'!$D)2?+.$'!+)DJ#&?+'a!*#!9::d!'/'!*[=+)1$?&+#*'!$.?$#3$)+#!.+'!"N!q998!A&..+#*'H!
?+#!9U8L:::!R*?1J)*$'!?*)1&I&?$,$'!K!;;L8::!=*Y/*S+'!=)+,/?1+)*'!O<*)\!*'!*.!'Z=1&A+!=$2'!*#!
*.! A/#,+! ?+#! *.! A$K+)! #\A*)+! ,*! =)+,/?1+)*'! +)DJ#&?+'PL! @)(#&?$A*#1*H! *'1*! =$2'! '*! R$!
?+#%*)1&,+! *#! *.! =)&A*)+! =)+,/?1+)! ,*! ?$IZ! +)DJ#&?+! *#! *.! A/#,+H! #+! '&*#,+! '/! =)&#?&=$.!
%+?$?&(#! $D)2?+.$L! <$)1*! ,*.! Z[&1+! ,*! <*)\! )$,&?$! *#! '/! =.$#*$?&(#! ,*! A*,&$#+! =.$3+! O<.$#!
E'1)$1ZD&?+!X$?&+#$.!E[=+)1$,+)!9::;T9:7;P!=$)$!*.!,*'$))+..+!,*.!'*?1+)!*[=+)1$,+)L!E'!,*?&)H!
#+!'+.+!'*!1)$1$!,*!=)+D)$A$'!I+A*#1+!*[=+)1$,+)!'&#+!,*!$??&+#*'!1)$#'%*)'$.*'!!,*!$=+K+!$!.$!
=)+,/??&(#!$D)2?+.$!+)DJ#&?$L!
!
"#!'*D/#,+!I)*#1*!,*!1)$6$G+!,*!<_f0<E_"!*'!*.!1/)&'A+!'+'1*#&6.*L!E'!&A=+)1$#1*!$#+1$)!Y/*!
*'1$!$D*#?&$!#+!'+.+!R$!1)$6$G$,+!'+6)*!*.!=&.$)!,*!.$!?/.1/)$!?+A+!,&I*)*#?&$,+)!,*!'/!+I*)1$L!
E#! .+'! \.1&A+'! $S+'H! *.! D+6&*)#+! =*)/$#+! ,*'$))+..(! *.! <.$#! E'1)$1ZD&?+! X$?&+#$.! ,*! j/)&'A+!
9::dT9:7dH!*.!?/$.!*'1$6.*?*!Y/*!V)'(2:*/8;.(8.82"#/&'"(8"(0.#82/2:,"(0.;.(&%8"(<"'(<"8%**.''.(
/#2"+*%'( <"'( =%>8?( =*.;.@/"#<.( "'( :8.( *"8=.#8%&'"( <"( '.8( *"0:*8.8( 0:'2:*%'"8( ,( #%2:*%'"8?(
;"A.*%#<.( '%( 0%'/<%<( <"( @/<%( <"( '%8( =.&'%0/.#"8( '.0%'"8( ,( 4.*2%'"0/"#<.( 8:( <"8%**.''.( 8.0/%'?(
0:'2:*%'?(;"</.(%;&/"#2%'(,("0.#B;/0.CD((
!
B*#1)+!,*!.$'!$??&+#*'!AJ'!&A=+)1$#1*'!Y/*!'*!R$#!*G*?/1$,+!*#!*.!A$)?+!,*.!=.$#!*'1)$1ZD&?+H!
'*! ,*'1$?$! *.! ,*'$))+..+! ,*! /#! A$#/$.! =$)$! +=*)$,+)*'! ,*! 6/*#$'! =)J?1&?$'! =$)$! 1/)&'A+!
'+'1*#&6.*H! *.! A$=*+! ,*! *[=*)&*#?&$'! *[&1+'$'! *#! 1/)&'A+! )/)$.H! K! .$! ?+#'1)/??&(#! ,*! /#!
=+)1$I+.&+! ,*! 1/)&'A+! ,*! #$1/)$.*3$! ?+#! Z#I$'&'! *#! .$! =)+A+?&(#! ,*! '/'! J)*$'! =)+1*D&,$'L! E#!
*'1*! ?$'+H! %/*.%*! $! )*&1*)$)'*! .$! &A=+)1$#?&$! ,*! .$! =.$#*$?&(#! ,*! A*,&$#+! =.$3+! ?+A+!
R*))$A&*#1$!,*!,&)*??&+#$A&*#1+!,*.!'*?1+)L!
!

7k!

2%H1+$*R(>$'3",&0&.&+1+(",(-$,'3*H%%&W,(
!
"#$! ,*! .$'! *[=*)&*#?&$'! AJ'! &#1*)*'$#1*'! *#! .$! ?+#'1)/??&(#! ,*! /#$! *'1)$1*D&$! $A6&*#1$.!
&#1*D)$.! *'! .$! ,*! E?/$,+)L! <+)! &#1*)A*,&+! ,*! '/! $D*#?&$! ,*! =)+A+?&(#! ,*! *[=+)1$?&+#*'! *!
&#%*)'&(#H!-f_<E@H!K!*.!0&#&'1*)&+!,*!j/)&'A+H!'*!R$!1)$6$G$,+!*#!.$'!'&D/&*#1*'!$??&+#*'Q!
!

E#! A$1*)&$! ,*! &A$D*#! =$2'H! E?/$,+)! R$! .$#3$,+! /#$! ?$A=$S$! =/6.&?&1$)&$! Y/*! '*!
I/#,$A*#1$!*#!'/!=+1*#?&$.!#$1/)$.H!E)0:%<.*?('%(@/<%("#("82%<.(=:*.DC!!
!

]$!=)+A+?&(#!,*!.$'!*[=+)1$?&+#*'!'+'1*#&6.*'!'*!I/#,$A*#1$#!*#!*.!V4.;"#2.(<"(0:'2:*%(,(
0%=%0/<%<("F=.*2%<.*%(0.#("#4.G:"(<"(0%<"#%8(%8.0/%2/@%8(,(=*/#0/=/.8((<"(*"8=.#8%&/'/<%<(
8.0/%'( ,( =*.2"00/B#( %;&/"#2%'CD! N/! =)+D)$A$! *'1)*..$! *'! *.! ,*'$))+..+! ,*.! '*?1+)! ,*!
6&+?+A*)?&+H!*.!?/$.!*'!/#!)*I*)*#1*!=$)$!.$!)*D&(#!$#,&#$L!

]$! $1)$??&(#! ,*! &#%*)'&(#! *[1)$#G*)$! '*! ?&A&*#1$! *#! ?/$1)+! VZ1&?$'W! +! =$)JA*1)+'!
)*.$?&+#$,+'! ?+#! *.! ?+#?*=1+! ,*! &#%*)'&(#! )*'=+#'$6.*Q! 7P! t1&?$! ?+#! *.! *A=.*$,+a! 9P! t1&?$!
?+#!*.!?+#'/A&,+)a!;P!t1&?$!?+#!*.!A*,&+!$A6&*#1*a!K!CP!t1&?$!1)&6/1$)&$L!

E#!?/$#1+!$.!1/)&'A+H!E?/$,+)!R$!)*=.&?$,+!.$!6/*#$!=)J?1&?$!,*!+1)+'!=$2'*'!,*!=.$#*$?&(#!
,*!A*,&$#+!=.$3+!?+A+!*.*A*#1+!)*?1+)!,*!'/!=+.21&?$!,*!,*'$))+..+!,*.!1/)&'A+!'+'1*#&6.*L!
N/! =.$#! '*?1+)&$.H! <.$#,*j/)! 9:9:H! *'1$6.*?*! Y/*! E"'( 0.;=*.;/8.( <"( =*.2"+"*( '%( ;"+%(
</@"*8/<%<( #%2:*%'?( 0:'2:*%'( ,( 5:;%#%( <"'( )0:%<.*( "8( "'( .&A"2/@.( =*/;.*</%'?( "A";='.( <"(
2:*/8;.(8.82"#/&'"("#(H;I*/0%(J%2/#%CD(

(
(
(
(
(

9:!

-$'31(C&%1R(V$*(".(5H*&'/$(>$'3",&0."(
!
E.! =$2'! AJ'! *[&1+'+! *#! *.! $=)+%*?R$A&*#1+! ,*! '/! =+1*#?&$.! #$1/)$.! ?+A+! *'1)$1*D&$! ,*!
,&I*)*#?&$?&(#!*#!*.!'*?1+)!1/)&'A+!*'!-+'1$!_&?$L!!N/!*'1)$1*D&$!,*!=)+A+?&(#!&A$D*#!=$2'!R$?*!
)*I*)*#?&$!,&)*?1$!$.!?+#?*=1+!,*!'+'1*#&6&.&,$,Q!E9.82%(!/0%?(8/#(/#+*"</"#2"8(%*2/4/0/%'"8DL!
!
!N*D\#!*.!@#'1&1/1+!-+'1$))&?*#'*!,*!j/)&'A+H!*'1*!=$2'!'*!R$!=+'&?&+#$,+!?+A+!/#!,*'1&#+!%*),*!
$.!E0.#@"*2/*("'(0.#0"=2.(<"(8.82"#/&/'/<%<("#(%'+.(*"%'?(=*K02/0.(,(#"0"8%*/.("#("'(0.#2"F2.(<"('%(
0.;="2/2/@/<%<( 2:*>82/0%( <"'( =%>8?( 0.#( ;/*%8( %( ;"A.*%*( '%( 4.*;%( "#( G:"( 8"( :2/'/L%#( '.8( *"0:*8.8(
#%2:*%'"8(,(8.0/%'"8?(/#0"#2/@%*('%(=%*2/0/=%0/B#(%02/@%(<"('%8(0.;:#/<%<"8('.0%'"8?(,(&*/#<%*(:#(
#:"@.(8.=.*2"(=%*%('%(0.;="2/2/@/<%<(<"'(8"02.*(";=*"8%*/%'CD!!
!
<$)$!.+D)$)!*'1*!+6G*1&%+H!'*!,*'$))+..(!.$!-*)1&I&?$?&(#!=$)$!.$!N+'1*#&6&.&,$,!j/)2'1&?$H!-NjH!Y/*!
=)*1*#,*! E'%( 0%2"+.*/L%0/B#( ,( 0"*2/4/0%0/B#( <"( ";=*"8%8( 2:*>82/0%8( <"( %0:"*<.( 0.#( "'( +*%<.( "#(
G:"(8:(.="*%0/B#(8"(%=*.F/;"(%(:#(;.<"'.(<"(8.82"#/&/'/<%<CD(E'1$!?*)1&I&?$?&(#!*'!,*!?$)J?1*)!
%+./#1$)&+!K!,*A/*'1)$!$.!1/)&'1$!*.!?+A=)+A&'+!,*!.+'!+=*)$,+)*'!1/)2'1&?+'!*#!.$!?+#'*)%$?&(#!
,*!.+'!)*?/)'+'!#$1/)$.*'L!
!
Efi&%$R(2,"*#J1(+".(4H3H*$(
!
"#$!*'1)$1*D&$!)*?/))*#1*!,*!,&I*)*#?&$?&(#!,*!.$!+I*)1$!*[=+)1$,+)$!$A6&*#1$.!,*!/#!=$2'!*'!.$!
=)+A+?&(#!,*!'*?1+)*'!%*),*'!?+#!=+1*#?&$.!,*!&#'*)?&(#!*#!A*)?$,+'!&#1*)#$?&+#$.*'L!0Z[&?+!
R$! $=+'1$,+! $! *'1$! *'1)$1*D&$! =+)! A*,&+! ,*.! '*?1+)! ,*! *#*)D2$'! )*#+%$6.*'L! B*! /#$! =$)1*H! '*!
=)+A+?&+#$! $.! =$2'! ?+A+! =+1*#?&$! *#! .$! D*#*)$?&(#! ,*! *#*)D2$'! )*#+%$6.*'! O'+.$)H! *(.&?$! K!
D*+1Z)A&?$P! ?+#! ?*)?$#2$! $! A*)?$,+'! ?+#! $.1$! ,*A$#,$! ,*! *'1*! 1&=+! ,*! =)+,/?1+! OEGLH!
-$.&I+)#&$PL! B*! +1)$! =$)1*H! '*! =)+A+?&+#$! *.! '*?1+)! ,*! =)+,/??&(#! ,*! ?+A=+#*#1*'! =$)$! .$!
&#,/'1)&$! ,*! D*#*)$?&(#! ,*! *#*)D2$H! K$! Y/*! EMIF/0.( =*"8"#2%( :#( +*%#( =.2"#0/%'( =%*%( '%(
4%&*/0%0/B#( <"( "G:/=.8( <%<.8( '.8( &%A.8( 0.82.8( /#<:82*/%'"8( ,( '%( ;%#.( <"( .&*%( %'2%;"#2"(
0%'/4/0%<%(G:"(.4*"0"CD(E#!*.!,*'$))+..+!,*!*'1$!*'1)$1*D&$!,*!=)+A+?&(#H!*'!&#1*)*'$#1*!)*'$.1$)!

97!

.$! &#1*D)$?&(#! ,*! *'I/*)3+'! ,*! .$! -$#?&..*)2$! ,*.! =$2'! K! '/! $D*#?&$! ,*! =)+A+?&(#! ,*!
*[=+)1$?&+#*'!!*!&#%*)'&(#H!<_f0Eu@-fH!*#!.$!=)+A+?&(#!&#1*)#$?&+#$.!,*.!'*?1+)L!
!
-j&."R(C"'V$,+&",+$(1.(C"3$(
!
N&D/&*#,+! .$! A&'A$! *'1)$1*D&$! ,*! =)+A+?&(#! '*?1+)&$.! ,*! 0Z[&?+H! -R&.*! R$! $=+'1$,+! =+)! *.!
,*'$))+..+! ,*! '/! '*?1+)! ,*! D*#*)$?&(#! *#*)D2$'! )*#+%$6.*'L! N*! ,&I*)*#?&$! =+)! '/'! $))*D.+'!
&#'1&1/?&+#$.*'! =$)$! =)+A+?&+#$)! .$! &#%*)'&(#! *#! *.! '*?1+)L! <+)! &#1*)A*,&+! ,*! '/! $D*#?&$! ,*!
,*'$))+..+! *?+#(A&?+H! -f_5fH! '*! R$! *'1$6.*?&,+! 1)*'! =)+D)$A$'! ,*! $=+K+! '*?1+)&$.H! Y/*!
=)*1*#,*#!?+#'+.&,$)!'/!+I*)1$!$A6&*#1$.Q!
!

N/6'&,&+! $! E'1/,&+'! ,*! <)*&#%*)'&(#! *#! .$! E1$=$! M%$#3$,$! =$)$! =)+K*?1+'! ,*! E#*)D2$'!
_*#+%$6.*'!X+!-+#%*#?&+#$.*'L!

<)+D)$A$!,*!<)*&#%*)'&(#!*#!E#*)D2$'!_*#+%$6.*'!X+!-+#%*#?&+#$.*'L!

<)+D)$A$!,*!<)*&#%*)'&(#!*#!0*,&+!MA6&*#1*!=$)$!<KA*'L!
!

<$)$.*.$A*#1*H! '/! $D*#?&$! ,*! =)+A+?&(#! ,*! *[=+)1$?&+#*'H! <_f-g@]E! R$! ?+#%*)1&,+! /#$!
=+1*#?&$.!$A*#$3$!,*!&A=+'&?&(#!,*!6$))*)$'!#+!?+A*)?&$.*'!$!'/'!=)+,/?1+'!1)$,&?&+#$.*'!*#!
/#$! +=+)1/#&,$,! ?+A*)?&$.L! E#! .+'! \.1&A+'! $S+'H! .+'! =$2'*'! */)+=*+'! R$#! ,&'?/1&,+! *.!!
,*'$))+..$,+! ,*! )*Y/&'&1+'! $A6&*#1$.*'! =$)$! Y/*! =)+,/?1+'! *[1)$#G*)+'! =/*,$#! *#1)$)! $!
?+A=*1&)! *#! '/'! A*)?$,+'L! "#+! ,*! *'1+'! )*Y/&'&1+'! *'! .$! R/*..$! ,*! ?$)6(#H! ?/K+! ?$'+! AJ'!
?+#+?&,+! *'! .$! V]*K! F)*##*..*WH! Y/*! +6.&D$)J! $! &#I+)A$)! *.! ?+#1*#&,+! ,*! ?$)6+#+! ,*! .+'!
=)+,/?1+'!Y/*!'*!&A=+)1*#!$!5)$#?&$!$!=$)1&)!,*.!7!,*!*#*)+!,*!9:77L!
!
M#1*! *'1$! =*)'=*?1&%$H! <_f-g@]E! ?)*(! /#$! F*)*#?&$! MA6&*#1$.! Y/*! 1&*#*! ?+A+! +6G*1&%+!
&#A*,&$1+! $=+K$)! $! *A=)*'$'! ?R&.*#$'! $! E/#0.*=.*%*( ;"</<%8( %;&/"#2%'"8( G:"( '"( ="*;/2/*K#(
0:;='/*( 0.#( '%8( 0%<%( @"L( ;K8( "'"@%<%8( "F/+"#0/%8( %;&/"#2%'"8( ,( <"( 0%'/<%<( <"( '.8( =%>8"8(
<"8%**.''%<.8CD(<$)$.*.$A*#1*H!*'1$!D*)*#?&$!*'1J!$!?$)D+!,*!$=+K$)!K!=)+A+?&+#$)!*.!'*?1+)!,*!
6&*#*'!K!'*)%&?&+'!$A6&*#1$.*'!?+#!Z#I$'&'!*#!*A=)*'$'!Y/*!+I)*?*#!?+#'/.1+)2$'!K!$'*'+)2$'!*#!
!

99!

D*'1&(#! $A6&*#1$.H! A+#&1+)*+! $1A+'IZ)&?+H! =)*%*#?&(#! K! 1)$1$A&*#1+! ,*! .$! ?+#1$A&#$?&(#H!

1)$#'=+)1*H! D*'1&(#! K! 1)$1$A&*#1+! ,*! )*'&,/+'! '(.&,+'! K! .2Y/&,+'H! ?+A=+'1$G*H! ,*'$))+..+! ,*!
&#D*#&*)2$H!*#1)*!+1)+'L!
!
>H"%&1R(5"%,$.$#J1'(8&/V&1'(
!
f1)+!=$2'!Y/*!R$!$=)+%*?R$,+!*.!=+1*#?&$.!,*!'/!+I*)1$!$A6&*#1$.!*'!N/*?&$H!Y/*!R$!=/*'1+!'/'!
*'I/*)3+'! *#! .$! =)+A+?&(#! ,*! &#%*)'&(#! *#! *.! '*?1+)! ,*! 1*?#+.+D2$'! .&A=&$'L! N/! $D*#?&$! ,*!
=)+A+?&(#!,*!&#%*)'&(#H!@#%*'1!&#!Nc*,*#!MD*#?KH!I/#,$A*#1$!'/!*'1)$1*D&$!,*!=)+A+?&(#!*#!
Y/*!VN:"0/%(5%(8/<.(=.*('%*+.(2/";=.(</82/#+:/<%(=.*(8:(2*%&%A.(%;&/"#2%'(,(8"*(=/.#"*%("#('%(
*"<:00/B#(<"(0.#2%;/#%0/B#(<"'(%/*"(,(<"'(%+:%CD!M.!A&'A+!1&*A=+H!%*#,*!$.!=+1*#?&$.!&#%*)'+)!
.$! &A$D*#! ,*! /#! =$2'! %*),*! *#! *.! ?/$.! E)#( 0%8/( 2.<%8( =%*2"8( "F/82"( "8=%0/.( ,( %00"8.( =%*%(
%02/@/<%<"8(%'(%/*"(('/&*"DL!M,&?&+#$.A*#1*H!?$6*!)*'$.1$)!*.!*'I/*)3+!)*$.&3$,+!=+)!*'1*!=$2'!=$)$!
=)+A+?&+#$)!'/!A+,*.+!,*!*?+T?&/,$,*'!OE'1+?+.A+!K!F+1R*#6/)DPL!
!
4*1,%&1R(81(8"L(D*",".."(
!
f1)$!,*!.$'!*'1)$1*D&$'!,*!=)+A+?&(#!,*!.$!+I*)1$!*[=+)1$,+)$!$A6&*#1$.!K!,*!&#%*)'&(#!,*!/#!
=$2'!*'!.$!&#?+)=+)$?&(#!,*!.*K*'!,*!=)+A+?&(#!'*?1+)&$.L!"#+!,*!.+'!*G*A=.+'!AJ'!&A=+)1$#1*'!
*'!5)$#?&$!?+#!.$!*[=*,&?&(#!,*!.$!]*K!F)*#*..*!*#!9::kL!E'1$!.*K!#$?*!,*!.$'!#*D+?&$?&+#*'!*#!*.!
A$)?+! ,*! .$! "#&(#! E/)+=*$! =$)$! .$! )*,/??&(#! ,*! *A&'&+#*'! ,*! D$'*'! &#%*)#$,*)+L!
M,&?&+#$.A*#1*H! *.! D+6&*)#+! ,*! 5)$#?&$! $=)+%*?R(! .$! ?+K/#1/)$! ,*! ?)&'&'! *?+#(A&?$!
&#1*)#$?&+#$.! =$)$! &#?+)=+)$)! *#! '/! =$Y/*1*! ,*! *'1&A/.+! I&'?$.! )*?/)'+'! ,*! &#%*)'&(#! =$)$! *.!
'*?1+)! ,*! 6&*#*'! K! '*)%&?&+'! $A6&*#1$.*'L! ]$! ]*K! F)*#*..*! $=+K$! =)+K*?1+'! Y/*! I+A*#1*#! *.!
V?)*?&A&*#1+!%*),*W!*#!.+'!'*?1+)*'!,*!?+#'1)/??&(#H!1)$#'=+)1*H!*#*)D2$!K!A$#*G+!,*!)*'&,/+'L!
N/'!=)&#?&=$.*'!A*1$'!'+#!.$!D*#*)$?&(#!,*!*A=.*+'H!!&##+%$?&(#!=+)!A*,&+!,*!.$!&#%*'1&D$?&(#!
?&*#12I&?$!K!.$!)*,/??&(#!,*!D$'*'!&#%*)#$,*)+!*#!/#!9Ce!=$)$!*.!9:9:L!
!

9;!

6."/1,&1(L(2'V1k1R(O*$/$%&W,(>"%3$*&1.(
!
M=)+%*?R$#,+!'/!.&,*)$3D+!*#!.$!&#,/'1)&$!,*!A$Y/&#$)&$!=*'$,$!=$)$!.$!D*#*)$?&(#!,*!*#*)D2$!
)*#+%$6.*!O'+.$)!K!*(.&?$PH!*I&?&*#?&$!*#*)DZ1&?$H!K!1*?#+.+D2$'!$A6&*#1$.*'H!M.*A$#&$!K!E'=$S$!
R$#! $=+'1$,+! $! .$! =)+A+?&(#! ,*! .$! &#%*)'&(#! *#! *'1+'! '*?1+)*'L! E#! ?+#1)$'1*! ?+#! .+'! =$2'*'!
.$1&#+$A*)&?$#+'H! '/! *'1)$1*D&$! ,*! ,&I*)*#?&$?&(#! '*! I/#,$A*#1$! *#! '*?1+)*'! $.1$A*#1*!
*'=*?&$.&3$,+'! Y/*! *[=+)1$#! 1*?#+.+D2$! ,*! =/#1$L! E'! ,*?&)H! .+'! *'I/*)3+'! ,*! =)+A+?&(#! ,*!
&#%*)'&(#! *'1J#! ,&)&D&,+'! $! *A=)*'$'! ,*! 1$..$! A/#,&$.! *#! *#*)D2$! )*#+%$6.*'! Y/*! =/*,$#!
*'1$6.*?*)! '/'! +=*)$?&+#*'! *#! *'1+'! =$2'*'H! $=)+%*?R$#,+! '/! A$#+! ,*! ! A$#+! ,*! +6)$!
*'=*?&$.&3$,$H!*.!$=+K+!$!&#%*'1&D$?&(#!+1+)D$,+!=+)!'/'!D+6&*)#+'!K!*.!,*'$))+..+!,*!?.\'1*)*'L!
!
C"&,$(A,&+$R(C"+H%%&W,(+"("/&'&$,"'(%$/$("'3*13"#&1(+"('$'3",&0&.&+1+(
!
E.!_*&#+!"#&,+!*'!*.!?$'+!?+#!A$K+)!,+?/A*#1$?&(#!,&'=+#&6.*!*#!A$1*)&$!,*!?+#'1)/??&(#!,*!
/#$! *'1)$1*D&$! $A6&*#1$.! =$)$! .$! =)+A+?&(#! ,*! #*D+?&+'! 6$G+'! *#! ?$)6+#+L! ]$! $D*#?&$!
*#?$)D$,$! ,*! *'1$! 1$)*$H! "o! j)$,*! v! @#%*'1A*#1H! R$! 1)$6$G$,+! *#! .$! =)+A+?&(#! ,*! 1)*'!
'*?1+)*'Q! 7P! 1*?#+.+D2$'! ,*! 6$G$'! *A&'&+#*'a! 9P! A*,&+! $A6&*#1*! K! $D/$a! K! ;P! 1*?#+.+D2$'! =$)$!
*#*)D2$!*(.&?$!K!,*!A$)*$'L!
!
E.!'*?1+)!,*!1*?#+.+D2$'!,*!6$G$'!*A&'&+#*'!R$!1+A$,+!6$'1$#1*!)*.*%$#?&$!*#!.+'!\.1&A+'!$S+'H!
'&*#,+! /#! *'I/*)3+! ,*.&6*)$,+! ,*.! D+6&*)#+! 6)&1J#&?+! ,*! =)+A+?&(#! &#,/'1)&$.L! E#! 9::dH! '*!
?$.?/.$6$!Y/*!*.!%$.+)!,*!A*)?$,+!,*!*'1*!'*?1+)!'*!$=)+[&A$6$!$!.+'!w7:^!6&..+#*'H!=+)!*#?&A$!
,*!'*?1+)*'!1)$,&?&+#$.*'!?+A+!.$!?+#'1)/??&(#!K!'$./,L!<+)!1$.!A+1&%+H!'/!$D*#?&$!,*!&#%*)'&(#!!
1&*#*! ?+A+! +6G*1&%+! A&'&+#$.! E0*"%*( :#%( ='%2%4.*;%( /#2"*#%0/.#%'( =%*%( =*.;.0/.#%*( "'(
'/<"*%L+.( <"( OP( "#( 8.':0/.#"8( ( 2"0#.'B+/0%8( <"( &%A%8( ";/8/.#"8( "#( </4"*"#2"8( 8"02.*"8?( 0.#( "'(
=*.=B8/2.(<"(0.#@"*2/*8"("#("'(*"4"*"#2"("#(;%2"*/%(<"(0.;"*0/.("(/#@"*8/B#("#(9Q6DC(
(
B+'!*.*A*#1+'!,*!,&I*)*#?&$?&(#!&#'1&1/?&+#$.!?$)$?1*)&3$#!$!"o!j)$,*!v!@#%*'1A*#1Q!'/!=)+?*'+!
,*!=.$#*$?&(#!6$G+!R+)&3+#1*'!,*!A*,&$#+!=.$3+!!O+6G*1&%+'!,*!?$)J?1*)!'*?1+)&$.P!K!?+)1+!=.$3+!

9C!

OA*1$'!?+)=+)$1&%$'Pa!!K!.$!&#?+)=+)$?&(#!,*!/#!=)+D)$A$!,*!+I&?&#$!'+'1*#&6.*!Y/*!1)$6$G$!*#!
A*G+)$)!.$!*I&?&*#?&$!*#*)DZ1&?$H!I$?&.&1$)!*.!)*?&?.$G*H!I+A*#1$)!*.!)*/'+!,*!A$1*)&$.*'!K!$K/,$)!$!
)*,/?&)!.$!R/*..$!,*!?$)6+#+!,*!.$!+)D$#&3$?&(#L!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
(
(
!
!

98!

P= >;5A6-;B!( 6-5A68( 928( 92>6CC:88:( 92( 8:>( !2D:-;:>( )2C92>( Q(

>:>52!;782>( 2!( -:8:E7;6R( 86>( O:8S5;-6>( 92>92( 28( E69>( Q( :5C6>(
;!>5;5A-;:!2>(-:!(-:EO252!-;6>(2!(28(52E6(
!
1G

9"'1**$..$(+"(.$'(E"*%1+$'()"*+"'(",3*"(".(@TTT(L(".(@TT@(

!
E.! 1*A$! ,*! A*)?$,+'! %*),*'! '/)D&(! *#! *.! =*)&+,+! 7kkdT9::9! *#! *.! 0&#&'1*)&+! ,*! MA6&*#1*H!
?+A+!=$)1*!I/#,$A*#1$.!,*.!V<)+K*?1+!-+.*?1&%+!MA6&*#1$.W!K!=$)$.*.$A*#1*!*#!.+'!@#'1&1/1+'!
,*! @#%*'1&D$?&(#! ,*.! N@XMH! K! *#! *'=*?&$.! *#! *.! @#'1&1/1+! M.*[$#,*)! %+#! g/A6+.,1! '*! %*! .$!
#*?*'&,$,!,*!&A=/.'$)!#/*%$'!$.1*)#$1&%$'!,*!$=)+%*?R$A&*#1+!'+'1*#&6.*!,*!.$!6&+,&%*)'&,$,!K!
*.!=$1)&A+#&+!?/.1/)$.!=$)$!6*#*I&?&+!*?+#(A&?+!K!'+?&$.!,*!.$'!)*D&+#*'H!?)*$#,+!.$!&#&?&$1&%$!,*!
>&+?+A*)?&+L!!
!
E'!$'2!?+A+!*.!=)+D)$A$!,*!A*)?$,+'!%*),*'!'*!?+#?*#1)(!*#!.$!&,*#1&I&?$?&(#!K!=)+A+?&(#!,*!
+=?&+#*'! ,*! =)+,/??&(#! K! A*)?$,*+! ,*! 6&*#*'! $A6&*#1$.A*#1*! '$#+'H! *.! &#?)*A*#1+! ,*! .$!
+I*)1$! ,*! '*)%&?&+'! $A6&*#1$.*'! ?+A=*1&1&%+'! *#! .+'! A*)?$,+'! #$?&+#$.! *! &#1*)#$?&+#$.L! ]$!
?+#'+.&,$?&(#! ,*! /#$! ,*A$#,$! *'=*?2I&?$! #$?&+#$.! K! *.! $??*'+! ,*! /#$! ,*A$#,$! &#1*)#$?&+#$.!
=$)$!*'1+'!6&*#*'!K!'*)%&?&+'!$A6&*#1$.*'!K!.$!*'1)/?1/)$?&(#!,*.!A*)?$,+!)*D/.$1+)&+!)*Y/*)&,+!
=$)$!'/!,*'$))+..+L!!
!
M'&A&'A+H!'*!,*?&,&(!,&%&,&)!.+'!=)+,/?1+'!%*),*'!*#!1)*'!D)$#,*'!J)*$'Q!
!
7L <)+,/?1+'! ,*)&%$,+'! ,*.! /'+! '+'1*#&6.*! ,*! .$! 6&+,&%*)'&,$,! Y/*! &#?./K*#! .+'! =)+,/?1+'!
A$,*)$6.*'! K! #+! A$,*)$6.*'H! .$! $D)&?/.1/)$! '+'1*#&6.*! K! .+'! =)+,/?1+'! ,*)&%$,+'! ,*! .$!
6&+=)+'=*??&(#L!!!
9L <)+,/?1+'! &#,/'1)&$.*'! A*#+'! ?+#1$A&#$#1*'H! Y/*! /1&.&3$#! 1*?#+.+D2$'! AJ'! .&A=&$'! +!
=)+,/?1+'! R*?R+'! $! =$)1&)! ,*.! $=)+%*?R$A&*#1+! ,*! .+'! )*'&,/+'! ,*! +1)+'! =)+?*'+'! K! .$'!
*#*)D2$'!)*#+%$6.*'!+!.&A=&$'L!

9^!

;L N*)%&?&+'! $A6&*#1$.*'! Y/*! &#?./K*#! *.! ?+#G/#1+! ,*! '*)%&?&+'! Y/*! $=)+%*?R$#! *.! A*,&+!
$A6&*#1*! ?+A+! =)+%**,+)! ,*! $A*#&,$,*'! ?+A+! *.! *?+1/)&'A+! K! .+'! '*)%&?&+'! Y/*! '*!
=)*'1$#!=$)$!)*,/?&)!.+'!&A=$?1+'!,*.!'*)!R/A$#+!'+6)*!*.!A*,&+!$A6&*#1*H!=+)!*G*A=.+!*.!
1)$1$A&*#1+! ,*! $D/$'! )*'&,/$.*'L! E#! *'1$! ?$1*D+)2$! *.! A*)?$,+! ,*! ?$)6+#+! *A=&*3+! $! '*)!
)*.*%$#1*L!
!
E.!,*'$))+..+!,*.!<)+D)$A$!,*!A*)?$,+'!%*),*'!'*!6$'(!*#!/#$!$A=.&$!&#%*'1&D$?&(#!)*$.&3$,$!
*#1)*! 7kkd! K! *.! 9:::! '+6)*! .+'! =+1*#?&$.*'! ,*! *'1+'! A*)?$,+'! $! #&%*.! #$?&+#$.! ?+A+!
&#1*)#$?&+#$.! ?+A+! ,&$D#('1&?+! )*Y/*)&,+! =$)$! *'1)/?1/)$)! .$'! R*))$A&*#1$'! ,*.! <.$#!
E'1)$1ZD&?+!X$?&+#$.!,*!0*)?$,+'!`*),*'!K!=+,*)!+)&*#1$)!.+'!*'I/*)3+'!,*.!=)+D)$A$!R$?&$!.+'!
'*?1+)*'!?+#!A$K+)!=+1*#?&$.L!!
!
E#!*'*!A+A*#1+!'*!*#?+#1)(!Y/*!*#!A*)?$,+!&#1*)#$?&+#$.!'*!*#?+#1)(!/#!D)$#!=+1*#?&$.!*#!
=)+,/?1+'! ,*! .$! 6&+,&%*)'&,$,! ?+#! /#$! '/A$! ,*! AJ'! ,*! "Nqk::! 6&..+#*'! $! #&%*.! A/#,&$.! $'2!
?+A+!=)+,/?1+'!$A&D$6.*'!?+#!*.!A*,&+!$A6&*#1*!?+#!?&I)$'!'/=*)&+)*'!$!"Nq!9::!6&..+#*'H!,*!
.+'! ?/$.*'! .+'! '*)%&?&+'! K! 1*?#+.+D2$'! ,*! $D/$! )*=)*'*#1$6$#! *.! C:e! ,*! .$'! *[=+)1$?&+#*'!
O"X-jMB! 9:::PL! M'&A&'A+H! '*! %&'./A6)$6$! ?+A+! %*#1$G$! ?+A=*1&1&%$! .$! 6&+,&%*)'&,$,H! K!
A*G+)$A&*#1+! ,*! =)+?*'+'! &#,/'1)&$.*'! &#?./K*#,+! '&'1*A$'! ,*! =)+,/??&(#! A$'! .&A=&$L! E#! .+'!
A*)?$,+'!#$?&+#$.*'!'*!%*2$!1$A6&Z#!*.!)*?&?.$G*!?+A+!/#!D)$#!=+1*#?&$.!$!#&%*.!#$?&+#$.!?+#!*.!
$1)$?1&%+!,*!D*#*)$)!+=?&+#*'!=$)$!A/?R$'!I$A&.&$'!,*!)*?&?.$,+)*'!'+?&$.*'L!
!
2.(O.1,(2'3*13f#&%$(!1%&$,1.(+"(E"*%1+$'()"*+"'(
!
E.!<.$#!E'1)$1ZD&?+!X$?&+#$.!,*!0*)?$,+'!`*),*'!O<EX0`PH!I/*!*.$6+)$,+!K!=/6.&?$,+!*#!G/.&+!
,*.! 9::9! =+)! *.! 0&#&'1*)&+! ,*.! 0*,&+! MA6&*#1*! OR+K! 0&#&'1*)&+! ,*! MA6&*#1*H! `&%&*#,$! K!
B*'$))+..+! j*))&1+)&$.P! ?+#! .$! =$)1&?&=$?&(#! ,*! *#1&,$,*'! ,*.! N&'1*A$! X$?&+#$.! MA6&*#1$.! *!
&#'1&1/?&+#*'!,*.!'*?1+)!=\6.&?+!K!=)&%$,+H!?+#!*.!+6G*1&%+!,*!?+#'+.&,$)!.$!=)+,/??&(#!#$?&+#$.!
,*!6&*#*'!K!'*)%&?&+'!$A6&*#1$.*'!K!$=)+%*?R$)!.$'!%*#1$G$'!?+A=$)$1&%$'!Y/*!1&*#*!-+.+A6&$!

9U!

*#!*'1+'!'*?1+)*'H!?+#!*.!I&#!,*!)*'=+#,*)!$!.$!?)*?&*#1*!,*A$#,$!&#1*)#$?&+#$.!K!#$?&+#$.!=+)!
=)+,/?1+'!AJ'!#$1/)$.*'H!'$./,$6.*'!K!$A&D$6.*'!?+#!*.!A*,&+!$A6&*#1*L!!
!
E.!<EX0`!=)+=+#2$!/#$!%&'&(#!$!7:!$S+'!K!=.$#1*$6$!?/$1)+!+6G*1&%+'Q!!
!
l!

@A=/.'$)!.$!,*A$#,$!#$?&+#$.!=+)!=)+,/?1+'!%*),*'!!

l!

<+'&?&+#$)!$!-+.+A6&$!?+A+!=)+%**,+)!,*!=)+,/?1+'!%*),*'!

l!

-+#'+.&,$)!*'1)/?1/)$'!+)D$#&3$1&%$'!,*!.+'!=)+,/?1+)*'!%*),*'!

l!

E'1$6.*?*)!&#'1)/A*#1+'!,*!$=+K+!$.!'*?1+)!,*!=)+,/?1+'!%*),*'!

!
B*!$?/*),+!?+#!.$!%&'&(#!,*.!<EX0`H!*#!.+'!0*)?$,+'!`*),*'!'*!1)$#'$#!=)+,/?1+'!K!'*)%&?&+'!
Y/*! D*#*)$#! /#! A*#+)! ,*1*)&+)+! '+6)*! .+'! )*?/)'+'! #$1/)$.*'H! $.! 6$'$)! '/! =)+,/??&(#! *#!
=)J?1&?$'! =)+,/?1&%$'! A*#+'! ?+#1$A&#$#1*'H! ?+A=$)$,$'! ?+#! .$'! ,*! =)+,/?1+'! '&A&.$)*'a!
$'&A&'A+H! )*'=+#,*! $! .$'! =)+6.*AJ1&?$'! $A6&*#1$.*'! K! ,*! ?+#'*)%$?&(#! ,*! .+'! )*?/)'+'!
#$1/)$.*'H! K! $! .+'! &A=+)1$#1*'! )*1+'! K! =.$#1*$A&*#1+'! '+?&$.*'! *#! .$'! =)&#?&=$.*'! ?/A6)*'!
A/#,&$.*'!'+6)*!A*,&+!$A6&*#1*!K!,*'$))+..+!'+'1*#&6.*L!!
!
]+'! =)+,/?1+'! x%*),*'x! '*! *#I+?$#! R$?&$! A*)?$,+'! *'=*?&$.&3$,+'! *#! 6&*#*'! K! '*)%&?&+'! Y/*!
$,*AJ'! ,*! =)+A+%*)! *.! /'+! '+'1*#&6.*! K! .$! ?+#'*)%$?&(#! ,*! .+'! )*?/)'+'! #$1/)$.*'H! I+A*#1$#!
/#$! ,&'1)&6/?&(#! AJ'! G/'1$! K! *Y/&1$1&%$! ,*! .+'! 6*#*I&?&+'! *?+#(A&?+'! D*#*)$,+'H! K$! Y/*!
&#?./K*#!%$)&$6.*'!,*!'+'1*#&6&.&,$,!'+?&$.!=$)$!.+'!D)/=+'!&#%+./?)$,+'!*#!'/!=)+,/??&(#L!
!
E.! <EX0`H! )*'=+#,2$! $! .$'! =)+6.*AJ1&?$'! $A6&*#1$.*'! K! ,*! ?+#'*)%$?&(#! ,*! .+'! )*?/)'+'!
#$1/)$.*'H! K! $! .+'! &A=+)1$#1*'! )*1+'! K! =.$#1*$A&*#1+'! '+?&$.*'! *#! .$'! =)&#?&=$.*'! ?/A6)*'!
A/#,&$.*'!'+6)*!A*,&+!$A6&*#1*!K!,*'$))+..+!'+'1*#&6.*L!
!
(
!
!

9d!

-13"#$*J1'(+"(E"*%1+$'()"*+"'(
!
0*)?$,+'!`*),*'!*#!*.!A$)?+!,*.!O<EX0`P!$6$)?$6$!1)*'!?$1*D+)2$'H!.$!=)&A*)$H!'+#!.+'!>&*#*'!
<)+%*#&*#1*'! ,*.! M=)+%*?R$A&*#1+! N+'1*#&6.*! ,*! .+'! )*?/)'+'! X$1/)$.*'! K! .$! >&+,&%*)'&,$,H! .$!
'*D/#,$!'+#!.+'!E?+=)+,/?1+'!&#,/'1)&$.*'!K!.$!\.1&A$!.+'!N*)%&?&+'!MA6&*#1$.*'L!!
!
6OC:)2-`6E;2!5:(
>:>52!;782(92(8:>(C2-AC>:>( 2-:OC:9A-5:>(;!9A>5C;682>(
!65AC682>(
<)+,/?1+'!X$1/)$.*'!0$,*)$6.*'! <)+,/?1+'!
0$#/I$?1/)$,+'!
O<X0P!(
0*#+'!-+#1$A&#$#1*'!!
j*?#+.+D2$'! ]&A=&$'! K! EY/&=+'!
MD)&?/.1/)$!E?+.(D&?$!(
,*!0&1&D$?&(#!,*!@A=$?1+'!!
M=)+%*?R$A&*#1+! ,*! )*'&,/+'! K!
>&+1*?#+.+D2$!(
)*?&?.$G*!!
<)+,/?1+'!X$1/)$.*'!0$,*)$6.*'!
E#*)D2$'!]&A=&$'!!
O<X0P!(

!5/*#1*Q!F)/=+!,*!0*)?$,+'!`*),*'!

>2C);-;:>(6E7;2!5682>(
E?+1/)&'A+!+!j/)&'A+!E?+.(D&?+!!
E,/?$?&(#!MA6&*#1$.!!
F*'1&(#! @#1*D)$.! ,*! _*'&,/+'!
N(.&,+'!!
<)+K*?1+'! ,*! @#I)$*'1)/?1/)$!
=$)$! *.! j)$1$A&*#1+! ,*!
`*)1&A&*#1+'!K!EA&'&+#*'!!

!
E.!<.$#!$!'/!%*3!*'1$6.*?2$!/#!?+#G/#1+!,*!*'1)$1*D&$'!=$)$!?/A=.&)!?+#!.+'!+6G*1&%+'!?+A+!'*!
A/*'1)$!*#!.$!'&D/&*#1*!D)JI&?$Q!
!

9k!

Plan Bstrategicode Mercados Verdes

BENEFICIOS:

Estrategia Financiera

Estrategia l'ecoordinaci6n de
iniciativas nacionales en
Mercados Verdes

Entidad Promotora
Nacional de Mercados
Verdes

I
I

Estrategia de sensibilizaci6n de
productos y consumidores

I
I
I

Estsategia de promoci6n de
MV en el sistema productivo
colombia no

Estrategia investigaci6n y
sistema de informaci6n

Conservacion biodiversidad.
Mejora en la calidad de los
recursos naturales.
Valoraci6n de los recursos naturales.
Cambio en la visi6n sobre el
ambiente y su protecci6n.
Integraci6n entre la producci6n y el
ambiente.
Cambio en las preferencias del
consumidor.
Aumento de las exportaciones.
Ceneraci6n de empleo.
Crecimiento econ6mico.
Desarrollo de nuevas alternativas de
producci6n.
Oportunidades de desarrollo
regional basad as en su riqueza natural.
Reconocimiento de los conocimientos
ancestrales asociados al desarrollo de los
prod uctos verdes.
Articulaci6n de diversos entidades
en torno al ambiente.

!5/*#1*Q!<)+K*?1+!-+.*?1&%+!MA6&*#1$.!7kkdT9::9!

!
M!'/!%*3!*'1*!=.$#!*'1$6$!?++),&#$,+!?+#!*.!<)+D)$A$!X$?&+#$.!,*!E?+*1&Y/*1$,+H!*#!,+#,*!'*!
*A=*3(!$!D*#*)$)!*.!'*..+!X$?&+#$.!MA6&*#1$.L!!
!
M'&A&'A+H!'*!*A=*3(!$!A*1*)!*#!.$'!MD*#,$'!0&#&'1*)&$.*'H!*#!*'=*?&$.!&A=/.'$#,+!.$!?)*$?&(#!
,*! .$'! ?$,*#$'! ,*! ?+A=*1&1&%&,$,! ,*! .+'! '*?1+)*'! ,*! $D)&?/.1/)$! *?+.(D&?$! K! ,*! =)+,/?1+'! #+!
A$,*)$6.*'!,*.!6+'Y/*H!.$!%&#?/.$?&(#!,*!<)+*[=+)1!?+A+!=)+A+1+)$!,*!.+'!A*)?$,+'!%*),*'!K!
*.!I+)1$.*?&A&*#1+!,*!.$!=+'&?&(#!#$?&+#$.!I)*#1*!$!.$'!#*D+?&$?&+#*'!?+#!.$!f0-L!!
!
<+)! +1)+! .$,+! '*! ?)*$)+#! .$'! ..$A$,$'! %*#1$#&..$'! ,*! $=+K+! $! .$! I+)A/.$?&(#! ,*! .+'! A*)?$,+'!
%*),*'L! ! E'1$'! %*#1$#&..$'! +=*)$6$#! *#! .$'! -+)=+)$?&+#*'! M/1(#+A$'! _*D&+#$.*'! ,*.! y/&#,2+H!
`$..*!,*.!-$/?$H!M.1+!0$D,$.*#$!K!*#!.+'!X+,+'!,*.!-*#1)+!X$?&+#$.!,*!<)+,/??&(#!A$'!]&A=&$L!!
j$A6&Z#! '*! ?)*$)+#! R*))$A&*#1$'! I&#$#?&*)$'! =$)$! A*)?$,+'! %*),*'H! *#! ,+#,*! *.! 5+#,+! ,*!
M??&(#!MA6&*#1$.!I/*!.$!=)&A*)$!I/*#1*!*'1$6.*?&,$L!

;:!

N*!&#?*#1&%$)+#!.+'!=.$#*'!,*!#*D+?&+!*#!,+#,*!,*',*!*.!9::7!K!A*,&$#1*!*.!-+#?/)'+!`*#1/)*'!
K!.$!)*%&'1$!B&#*)+!'*!=)*A&+!$!.+'!A*G+)*'!VX*D+?&+'!`*),*'WL!j+,+!*'1+!*#!?++),&#$?&(#!?+#!*.!
z+).,!_*'+/)?*'!@#'1&1/1*L!!
!
N*!?)*$)+#!1$A6&Z#!8!-$)1&..$'!,*!0*)?$,+'!`*),*'!Y/*!&#?./2$#Q!O7P!?)&1*)&+'!,*!.+'!'*?1+)*'!,*!
A*)?$,+'!%*),*'H!O9P!=$'+'!=$)$!?+#I+)A$)!/#$!*A=)*'$!*#!-+.+A6&$H!O;P!-+A+!R$?*)!/#!<.$#!
,*! X*D+?&+'H! OCP! -+A+! E[=+)1$)! *#! -+.+A6&$! K! O8P! -+A+! R$?*)! /#$! +I*)1$! -+A*)?&$.! =$)$!
E[=+)1$)L!!
!
N*!?)*+!.$!=JD&#$!zE>!,*!0*)?$,+'!`*),*'!=$)$!$??*,*)!$!&#I+)A$?&(#H!=)+,/?1+'H!?+#1$?1+'!K!
$=+K+'!&#'1&1/?&+#$.*'L!
!
M'&A&'A+H!K!R$6&*#,+!-+.+A6&$!I&)A$,+!*.!<)+1+?+.+!,*!o&+1+!$!I&#$.*'!,*.!9:::H!'*!*A=&*3$#!$!
D*#*)$)!.+'!A*)?$,+'!,*.!0B]!*#!,+#,*!K$!*#!*.!9::9!*.!0&#&'1*)&+!?+#1$6$!?+#!/#!=+)1$I+.&+!
,*!=)+K*?1+'!'/=*)&+)*'!$!9^!=)+K*?1+'L!
!
;,%",3&K$'(2%$,W/&%$'(lH"(j1,(;/VH.'1+$(!"#$%&$'()"*+"'(
!
E.! 0&#&'1*)&+! *#! 6$'*! $! .$! ]*K! kk! ,*! 7kk;H! =*#'(! *#! )*D.$A*#1$)! .+'! ,&%*)'+'! &#?*#1&%+'!
*?+#(A&?+'!Y/*!I$%+)*?&*)$#!.+'!#*D+?&+'!%*),*'!K!*#!D*#*)$.!D*#*)$)$#!'*S$.*'!*?+#(A&?$'L!
!
E#!*'1*!'*#1&,+H!?$6*!,*'1$?$)!,+'!Y/*!?&*)1$A*#1*!I$%+)*?*#!.$!?)*$?&(#!,*!#*D+?&+'!%*),*'Q!
!
l!

E.! $)12?/.+! d;! ,*.! *'1$1/1+! 1)&6/1$)&+! *#! -+.+A6&$! *.! ?/$.! '*S$.$! Y/*! '&! /#$! =*)'+#$!

#$1/)$.! +! G/)2,&?$! )*$.&3$! =.$#1$?&+#*'! ,*! )*I+)*'1$?&(#! =/*,*! ,*,/?&)! ?+A+! ?+'1+! *.! d:e! ,*.!
%$.+)!,*!.+'!&#D)*'+'!Y/*!=*)?&6$!=+)!.$!*[=.+1$?&(#L!E'1*!&#?*#1&%+!R$!'&,+!=+?+!/1&.&3$,+!=*)+!
)*$.A*#1*!1&*#*!=+1*#?&$.!=$)$!.$!D*#*)$?&(#!,*!A*)?$,+'!I+)*'1$.*'L!!
!

;7!

l!

M'&A&'A+H!*.!AJ'!/1&.&3$,+!*'!.$!*[*#?&(#!,*!@`ML!E'1*!6*#*I&?&+!=$)1*!,*!.$!]*K!99;!,*.!

7kk8! K! )*D.$A*#1$,+! =+)! *.! ,*?)*1+! 98;9! ,*.! 9::7L! E#! *'1*! ,*?)*1+! '*! *[+#*)$! ,*! @`M! $! .$!
=*)'+#$! #$1/)$.! +! G/)2,&?$! Y/*! )*Y/&*)*! $,Y/&)&)! +! &A=+)1$)! /#! 6&*#! =$)$! ,*'1&#$).+!
*[?./'&%$A*#1*! $! .$! ?+#'1)/??&(#H! &#'1$.$?&(#H! A+#1$G*! K! +=*)$?&(#! ,*! '&'1*A$'! ,*! ?+#1)+.! K!
A+#&1+)*+H! #*?*'$)&+'! =$)$! *.! ?/A=.&A&*#1+! ,*! .$'! ,&'=+'&?&+#*'H! )*D/.$?&+#*'H! K! *'1J#,$)*'!
$A6&*#1$.*'! %&D*#1*'L! j$A6&Z#! =$)$! .$! &A=+)1$?&(#! ,*! A$Y/&#$)&$! +! *Y/&=+! Y/*! #+! '*$!
=)+,/?&,+! *#! *.! =$2'! K! '*$#! ,*'1&#$,+'! $! )*?&?.$)! K! =)+?*'$)! 6$'/)$'! +! ,*'=*),&?&+'H! K! .+'!
,*'1&#$,+'!$!.$!)*?/=*)$?&(#!,*!.+'!)2+'!+!*.!'$#*$A&*#1+!6J'&?+!=$)$!.+D)$)!*.!A*G+)$A&*#1+!
,*.!A*,&+!$A6&*#1*L!!
!
-$6*!,*'1$?$)!Y/*!#+!'*!R$#!=+,&,+!)*D.$A*#1$)!#/*%+'!&#?*#1&%+'H!#&!*%$./$)!'&!.+'!$#1*)&+)*'!
)*$.A*#1*!R$#!D*#*)$,+!+=?&+#*'!=$)$!.+'!#*D+?&+'!%*),*'L!!
!
9".(O*$#*1/1(7&$%$/"*%&$(>$'3",&0."(1.(4$,+$(+"(7&$%$/"*%&$(
!
E.! <)+D)$A$! ,*! >&+?+A*)?&+! N+'1*#&6.*H! =)+A+%&,+! =+)! .$! -+#I*)*#?&$! ,*! X$?&+#*'! "#&,$'!
'+6)*!-+A*)?&+!K!B*'$))+..+!O"X-jMBPH!'*.*??&+#+!$.!@#'1&1/1+!M.*[$#,*)!%+#!g/A6+.,1!?+A+!
=/#1+! I+?$.! ,*.! 6&+?+A*)?&+L! ! B*',*! *.! &#&?&+H! *.! @#'1&1/1+! 1*#2$! ?.$)+! Y/*! $?1/$6$! ?+A+!
I$?&.&1$,+)! ,*.! 6&+?+A*)?&+H! =*)+! Y/*! $.! '*)! /#! &#'1&1/1+! ,*! @#%*'1&D$?&(#! '/! )+.! ,*6*)2$! *'1$)!
AJ'!.&D$,+!$!.$!&#%*'1&D$?&(#!,*!.$!6&+,&%*)'&,$,!=$)$!&A=/.'$)!&##+%$?&(#!*#!#*D+?&+'H!K!Y/*!*.!
&A=/.'$)! *A=)*'$'! ,*! 6&+?+A*)?&+! ,*6*)2$! *'1)/?1/)$)'*! *#! /#$! *#1&,$,! *'=*?&$.&3$,$! =$)$!
*'1*!I&#L!!M!'/!%*3!,*',*!/#!&#&?&+!*[&'1&(!/#$!?++),&#$?&(#!*#1)*!.$!fI&?&#$!,*!A*)?$,+'!%*),*'!
,*.!0&#&'1*)&+!?+#!*.!=)+D)$A$!,*!6&+?+A*)?&+L!!
!
E.!<)+D)$A$!&#&?&(!?+#!8!A(,/.+'!&#?./K*#,+!/#!O&P!=)+D)$A$!,*!&#I+)A$?&(#!,*!6&+?+A*)?&+H!
O&&P! *.! ,*'$))+..+! *A=)*'$)&$.H! O&&&P! .$! &#1*.&D*#?&$! ,*! A*)?$,+'H! O&%P! *.! ,*'$))+..+! ,*! =)+K*?1+'!
,*A+'1)$1&%+'!K!O%P!.$!&#%*)'&(#!K!R*))$A&*#1$'!I&#$#?&*)$'L!!

;9!

E.! <)+D)$A$! >&+?+A*)?&+! ,*'$))+..+! ,&I*)*#1*'! =)+K*?1+'H! ,*'$))+..+! *.! =.$#! ,*! $??&(#! ,*!
6&+,&%*)'&,$,!K!<.$#1$'!0*,&?&#$.*'H!,*'$))+..+!=)+K*?1+'!)*D&+#$.*'!,*!6&+?+A*)?&+!N+'1*#&6.*!
*#!.$!-`-H!-_yH!-$),*)H!-+)=+?$.,$'H!-+)#$)*H!-BM!K!-+)=+$A$3+#&$L!
!
E#! *.! 9::7! '*! ,*?&,&(! *#! .2#*$! ?+#! .+! *'1$6.*?&,+H! '$?$)! *.! =)+D)$A$! ,*.! @#'1&1/1+! K! ?)*$)! *.!
5+#,+!,*!>&+?+A*)?&+L!!
!
E.!5+#,+!>&+?+A*)?&+!?+A*#3(!$!+=*)$)!?+#!*.!$=+K+!I&#$#?&*)+!,*.!>$#?+!0/#,&$.!K!*.!5+#,+!
0/#,&$.! =$)$! *.! 0*,&+! MA6&*#1*! FE5H! $! 1)$%Z'! ,*.! =)+K*?1+! -+#'*)%$?&(#! ,*! .+'! M#,*'!
-+.+A6&$#+'H! Y/*! *G*?/1(! *.! @#'1&1/1+! ,*! @#%*'1&D$?&(#! ,*! _*?/)'+'! >&+.(D&?+'! M.*[$#,*)! %+#!
g/A6+.,1L!
!
E.!5+#,+!>&+?+A*)?&+!'*!?+#?&6&(!?+A+!/#!&#'1)/A*#1+!,*!D*'1&(#!$A6&*#1$.!,*!1&=+!I&#$#?&*)+!
Y/*!6/'?$6$!6)&#,$)!/#$!R*))$A&*#1$!,*!'+'1*#&6&.&,$,!$!.$'!,&I*)*#1*'!*A=)*'$'!Y/*!'*!R$#!
?+#'+.&,$,+! D)$?&$'! $.! $=+K+! ,*! =)+D)$A$'! ,*! $'&'1*#?&$! *A=)*'$)&$.! =\6.&?+'! K! =)&%$,+'! $'2!
?+A+!$.!*A=*S+!=$)1&?/.$)!,*!?+A/#&,$,*'H!I$A&.&$'!K!*A=)*'$)&+'!Y/*!R$#!'$?$,+!$,*.$#1*!'/!
&,*$!=)+,/?1&%$L!
!
E.!5+#,+!I/*!?)*$,+!=+)!*.!@#'1&1/1+!%+#!g/A6+.,1H!]$!I/#,$?&(#!<>MH!]$!5/#,$?&(#!X$1/)$H!.$!
"#&%*)'&,$,! MD)$)&$! ,*! -+.+A6&$H! .$! 5/#,$?&(#! "#&%*)'&1$)&$! {/$#! X! -+)=$'H! K! .$! -+)=+)$?&(#!
"#&%*)'&,$,! <&.+1+! ,*! -+.+A6&$H! $'2! ?+A+! /#! )*=)*'*#1$#1*! ,*! .+'! =)+,/?1+)*'! )*=)*'*#1$,+!
=+)!]$6+)$1+)&+'!]$6I$)%*L!
!
E.! 5+#,+! R$! )*?&6&,+! )*?/)'+'! ,*! .$! EA6$G$,$! ,*! g+.$#,$! K! ,*! .$! -M5! ?+#! *.! =)+D)$A$! ,*!
>&+?+A*)?&+! ,*.! FE5L! ].*D+! $! 1*#*)! /#! =+)1$I+.&+! &A=+)1$#1*! ,*! =)+K*?1+'! *#! ,&I*)*#1*'!
)*D&+#*'!,*.!<$2'L!M'&A&'A+!$=+K+!.$!*'1)$1*D&$!,*!6&+,&%*)'&,$,!,*.!=$2'!&#%+./?)$#,+!*.!1*A$!
*#!*.!?+#'*G+!,*!?+A=*1&1&%&,$,!,/)$#1*!.+'!$S+'!9::d!$.!9:7:L!
!

;;!

N&#! *A6$)D+! *.! 5+#,+! 1/%+! /#$! ?)&'&'! &#'1&1/?&+#$.! *#! *.! 9:7:H! K! *'1$! *#! /#! A+A*#1+! ,*! )*T
=*#'$A&*#1+!?+#!/#$!#/*%$!*'1)$1*D&$!I&#$#?&*)$L!!
!
0G

2.(O"*&$+$(",3*"(".(@TT@(L(".(@TTM(

!
E.! 1*A$! ,*! A*)?$,+'! %*),*'! '&D/&(! *%+./?&+#$#,+! *#1)*! *.! 9::9! K! *.! 9::^! *#! ,+#,*! '*!
I+)1$.*?&*)+#! ,&%*)'+'! 1*A$'! 1)$'%*)'$.*'! ,*! 1)$6$G+H! &#?./K*#,+! .$! ,*I&#&?&(#! ,*! =+.21&?$'!
)*D&+#$.*'H! .$! &#1*.&D*#?&$! ,*! A*)?$,+'H! .$! &#%*'1&D$?&(#! K! ,*'$))+..+! 1*?#+.(D&?+H! .$!
#+)A$1&%&,$,H!.$!.+D2'1&?$!K!?+A*)?&$.&3$?&(#H!.$!?+A/#&?$?&(#!K!=+'&?&+#$A&*#1+H!*.!,*'$))+..+!K!
I+)1$.*?&A&*#1+! *A=)*'$)&$.H! .$! ?*)1&I&?$?&(#! K! ?$.&,$,! $A6&*#1$.! K! *.! $??*'+! $! I/*#1*'! ,*!
I&#$#?&$A&*#1+L!!
!
B/)$#1*!*'*!=*)&+,+!'*!.+D)$#!,&%*)'+'!1*A$'!&#?./K*#,+Q!!!
!

C! -+#%*#&+'! ,*! ?+A*)?&$.&3$?&(#! =$)$! &#D)*'$)! $.! A*)?$,+! #$?&+#$.! T! -$))*I+/)H! -$)/..$H!
-$I$A!K!$.A$?*#*'!E[&1+Q!C8!$'+?&$?&+#*'L!%&#?/.$,$'a!%*#1$'!'/=*)&+)*'!$!.+'!^8:!A&..+#*'!
*#1)*!9::;!K!9::^a!D(#,+.$'!*'=*?&$.&3$,$'a!&#?)*A*#1+!*#!%*#1$'!,*.!77de!*#1)*!9::C!K!
9::8a! *'1)$1*D&$! ,*! ?+A/#&?$?&(#! &A=.*A*#1$,$! *#! =/#1+'! ,*! %*#1$! K! +)&*#1$,$! $.!
?+#'/A&,+)L!
!

9! _/*,$'! ,*! X*D+?&+! =$)$! <)+,/?1+'! E?+.(D&?+'! *#! 9::C! K! 9::8! *#! $.&$#3$! ?+#! -->L!
-$,*#$'H! 1&*#,$'! *'=*?&$.&3$,$'! K! )*'1$/)$#1*'! AJ'! ,*! 98:! ?&1$'! H! ?*)?$! ,*! C:! =*Y/*S+'!
=)+,/?1+)*'!*#!?$,$!*%*#1+!K!*#%2+!,*!A/*'1)$'!*#!/#!C:e!,*!.+'!?$'+L!
!

0+#1$G*! ,*! <.$3$! 0*)?$,+'! `*),*'! =$)$! >+D+1JH! &#&?&$.A*#1*! *#! *.! {$),2#! >+1J#&?+! ,*!
>+D+1JH! *#! 0$.+p$! K! -+,$6$'a! ;^! +)D$#&3$?&+#*'! %*#,&*#,+! =*)&(,&?$A*#1*a! %*#1$'!
$?/A/.$,$'! '+6)*! q^:L:::L:::a! *'1)$1*D&$! ,*! '*#'&6&.&3$?&(#! &A=.*A*#1$,$! K! ?+#'1&1/?&(#!
,*!.$!M'+?&$?&(#!,*!EA=)*'$)&+'!,*!<.$3$!0*)?$,+'!`*),*'L!M'+%*),*L!

!
!

;C!

B+'!%*)'&+#*'!,*!>&+*[=+!-+.+A6&$H!.$!=)&A*)$!*#!M)A*#&$!*#!9::;!*#!,+#,*!=$)1&?&=$)+#!
9^d! *[=+'&1+)*'! ,*! 9C! B*=$)1$A*#1+'! ?+#! %*#1$'! '/=*)&+)*'! $! q^:L:::L:::a! K! >&+*[=+!
0*,*..2#!?+#!9;8!*[=+'&1+)*'a!)/*,$!,*!#*D+?&+'!K!=)&A*)$!)/*,$!I&#$#?&*)$!=$)$!*A=)*'$'!
%*),*'!?+#!'+.&?&1/,!,*!?)Z,&1+!=+)!qdL8::L:::L:::!K!C^d!?&1$'L!

B+'! ?+A&'&+#*'! *[=.+)$1+)&$'H! E[=+*$'1! 9::8Q! <)&A*)$! 0&'&(#! *[=.+)$1+)&$! $.! A*)?$,+! ,*!
$.&A*#1+'! +)DJ#&?+'! ,*! "NMa! ,*.*D$?&(#! ?+.+A6&$#$! ,*! ;:! =$)1&?&=$#1*'! *#1)*! -M_L! -->H!
=)+,/?1+)*'H!*A=)*'$)&+'!K!?+A*)?&$.&3$,+)*'L!k#$!E[=+A/#,+!_/)$.!-R&.*!9::^Q!N*D/#,$!
A&'&(#!*[=.+)$1+)&$H!I/*)+#!&#%&1$,+'!9^!+)D$#&3$?&+#*'!K!)*$.&3$)+#!*.!$?+A=$S$A&*#1+!*.!
0&#&'1*)&+!,*!MD)&?/.1/)$!K!_*,!,*!<)+,/?1+)*'!MA6&*#1$.A*#1*!N+'1*#&6.*L!

-$=$?&1$?&+#*'!?+#!*.!NEXMH!1$..*)*'!,*!*?+1/)&'A+!K!=)+D)$A$'!?+#!.$!-JA$)$!,*!-+A*)?&+!
,*!>+D+1JH!$'2!?+A+!?$=$?&1$?&+#*'!)*D&+#$.*'L!

!
E#! *.! 9::^! '*! ,*?&,&(! $?$6$)! ?+#! .$! +I&?&#$! ,*! 0*)?$,+'! %*),*'! *#! *.! 0&#&'1*)&+H! K! '*! ,*G+! .$!
+I&?&#$!,*!$#J.&'&'!*?+#(A&?+!Y/*!#+!=/,+!'*D/&)!$,*.$#1$#,+!.$!,&#JA&?$!*#!A*)?$,+'!%*),*'!
Y/*!'*!%*#&$!&A=/.'$#,+L!
!
-$6*! ,*'1$?$)! Y/*! *.! )*?/*#1+! R*?R+! *#! *'1*! ,+?/A*#1+! '*! R$?*! ?+#! *.! *'=&)&1+! ,*! )*?$6$)!
.*??&+#*'H! K! =+,*)! =+)! 1$#1+! $=)*#,*)! ,*! /#! )*?+))&,+! ,*! ^! $S+'! *#! .+'! ?/$.*'! '*! %*#2$#!
D*#*)$#,+!,&#JA&?$'!?++),&#$,$'!,*!A*)?$,+'!%*),*'!K!6&+?+A*)?&+L!
!
%G

2.(O"*&$+$(",3*"(".(@TTM(L(".(@T<@(

!
E#1)*! *.! 9::^! K! *.! 9::79H! *.! 1*A$! ,*! A*)?$,+'! +! #*D+?&+'! %*),*'! Y/*,(! '&#! /#! #+)1*L! E'1*!
'*#1&A&*#1+! *'! )*?+#+?&,+! =+)! ,&%*)'+'! $?1+)*'! ,*.! N@XM! K! *#! *'=*?&$.! =+)! .$'! -M_! Y/*! R$#!
%*#&,+!,&'A&#/K*#,+!*'1$'!$?1&%&,$,*'!*#!'/'!=.$#*'!,*!$??&(#L!E.!F)/=+!,*!0*)?$,+'!`*),*'!
,*G$!,*!*[&'1&)!K!?+#!*.!.$!,&#JA&?$!=$)$!&A=/.'$)!*'1+'!1*A$'L!

;8!

E#!*.!9:7:!'*!'$?$!.$!<+.21&?$!,*!<)+,/??&(#!K!-+#'/A+!N+'1*#&6.*H!Y/*!=+)!=)&A*)$!%*3!R$6.$!
,*.!?+#'/A&,+)!K!#+!'+.+!'*!*#I+?$!*#!*.!=)+,/?1+)L!E'1*!?$A6&+!*'!I/#,$A*#1$.!$.!*#1*#,*)!
.+'!#*D+?&+'!%*),*'!*#!,+#,*!*'!*.!?+#'/A&,+)!*.!Y/*!,*?&,*!'/'!+=?&+#*'!,*!?+A=)$L!!
!
E#!*'1$!<+.21&?$!'*!$?1/$.&3$#!*!&#1*D)$#!.$!<+.21&?$!X$?&+#$.!,*!<)+,/??&(#!AJ'!]&A=&$!K!*.!<.$#!
X$?&+#$.! ,*! 0*)?$,+'! `*),*'! ?+A+! *'1)$1*D&$'! ,*.! E'1$,+! -+.+A6&$#+! Y/*! =)+A/*%*#! K!
*#.$3$#! *.! A*G+)$A&*#1+! $A6&*#1$.! K! .$! 1)$#'I+)A$?&(#! =)+,/?1&%$! $! .$! ?+A=*1&1&%&,$,!
*A=)*'$)&$.L!
!
E.! +6G*1&%+! ,*! .$! A&'A$! *'! +)&*#1$)! *.! ?$A6&+! ,*! =$1)+#*'! ,*! =)+,/??&(#! K! ?+#'/A+! ,*! .$!
'+?&*,$,!-+.+A6&$#$!R$?&$!.$!'+'1*#&6&.&,$,!$A6&*#1$.!?+#1)&6/K*#,+!$!.$!?+A=*1&1&%&,$,!,*!.$'!
*A=)*'$'!K!*.!6&*#*'1$)!,*!.$!=+6.$?&(#L!!
!
-+A+!'*!%*!*#!.$!'&D/&*#1*!D)JI&?$H!/#+!,*!.+'!*G*'!*'1)$1ZD&?+'!,*!.$!=+.21&?$!'+#!.+'!#*D+?&+'!
%*),*'L!!
!

;^!

Gratica 14 Ejes estraiegicos de la Poltica de Producci6n y Consumo Sostenible

8.Gesti6n e integraci6n
de diferentes adores
Infr.estructur.
sostenlble

1
Regulact6n
Amblental

Cultura y
auto,estl6n

Objetivode Poltica
.) de P&CS

.J

4
C'pacrtacl6n

I nvesbgacI6 n

Estrategiaspara la aplicaci6n
de las polticas

Estrategiase instrumentos
para la gesti6n de la poltica

!
!
E#! *'1$! *'1)$1*D&$! '*! $#+1$#! $.D/#$'! $??&+#*'! &#'1)/A*#1$.*'! ?+A+! '+#! Q! ]$! $A=.&$?&(#! ,*!
)*,*'!K!=)+D)$A$'!,*!&#?/6$?&(#!K!$?*.*)$?&(#!,*!*A=)*#,&A&*#1+'!%*),*'H!*.!I+)1$.*?&A&*#1+!
,*! I*)&$'! K! *'=$?&+'! ?+A*)?&$.*'H! .$! $)1&?/.$?&(#! ,*! I+#,+'! ,*! ?$=&1$.! '*A&..$H! *.! ,*'$))+..+! ,*!
/#$!=.$1$I+)A$!,*!&#I+)A$?&(#!=/6.&?$!K!.$!$)1&?/.$?&(#!,*!?+#?/)'+'!,*!=.$#*'!,*!#*D+?&+L!
!
N&#!*A6$)D+H!'+.+!Y/*,$!$!A$#*)$!,*!*#/#?&$,+!,*!=+.21&?$!=*)+!*#!.+'!,+'!$S+'!Y/*!..*%$!,*!
*[&'1*#?&$! $/#! #+! '*! R$! .+D)$,+! D*#*)$)! .$! *'1)$1*D&$! K! .$'! .2#*$'! ,*! $??&(#! ?+#?)*1$'! ?+#!
$)1&?/.$,+)*'!)*$.*'!,*!.$!=+.21&?$!*#!1*A$'!,*!A*)?$,+'!%*),*'L!!
!

;U!

8$'(8&,"1/&",3$'(+"(-$/V*1'(Oh0.&%1'(>$'3",&0."'(
!
E.! =)+?*'+! ,*! 0$))$p*?RH! &A=/.'$,+! =+)! .$! f)D$#&3$?&(#! ,*! X$?&+#*'! "#&,$'! OfX"P! =$)$! ,$)!
?/A=.&A&*#1+! $.! -$=21/.+! @@@! ,*.! <.$#! ,*! @A=.*A*#1$?&(#! ,*! .$! -/A6)*! 0/#,&$.! ,*!
{+R$##*'6/)D+! O9::9PH! *'1$6.*?&(! ?+A+! *'1)$1*D&$! *'=*?&I&?$! .$! V-+A=)$! )*'=+#'$6.*! ,*!
=)+,/?1+'! K! '*)%&?&+'! '+'1*#&6.*'W! Y/*! 1&*#*! ?+A+! +6G*1&%+! )*=*)?/1&)! *#! .$'! ,*?&'&+#*'! ,*!
?+A=)$!,*!=)+,/?1+)*'!K!?+#'/A&,+)*'!,*!6&*#*'!K!'*)%&?&+'!'+'1*#&6.*'L!
!!
E#! *'1*! '*#1&,+! -+.+A6&$! ,*?&,&,+! *#! *.! 9:7:! I+)A$)! =$)1*! ,*! .+'! =$2'*'! =&+#*)+'! Y/*! R$#!
*A=)*#,&,+!*.!=)+K*?1+!V5+)1$.*?&A&*#1+!,*!.$'!?$=$?&,$,*'!,*.!=$2'!=$)$!.$'!-+A=)$'!<\6.&?$'!
N+'1*#&6.*'W! *.! ?/$.! R$?*! =$)1*! ,*! .$! &#&?&$1&%$! *#1)*! *.! F+6&*)#+! N/&3+! K! *.! <)+D)$A$! ,*! .$'!
X$?&+#*'! "#&,$'! =$)$! *.! 0*,&+! MA6&*#1*! O<X"0MPH! ?+#! *.! =)+=('&1+! ,*! ,*'$))+..$)! .+'!
$?/*),+'! .+D)$,+'! =+)! *.! F)/=+! ,*! j)$6$G+! ,*! 0$))$p*?R! OFj0P! '+6)*! .$'! -+A=)$'! <\6.&?$'!
N+'1*#&6.*'!O-<NPL!!!
!
E#! *.! A$)?+! ,*! *'1*! =)+K*?1+! '*! ,*'$))+..(! /#! *'1/,&+! ?/K+'! +6G*1&%+'! =)&#?&=$.*'! I/*)+#Q! O&P!
B*'$))+..$)! .$! *%$./$?&(#! ,*! *'1$,+! ,*! '&1/$?&(#! ,*! .$'! -+A=)$'! <\6.&?$'! N+'1*#&6.*'! *#!
-+.+A6&$a! O&&P! =)*'*#1$)! /#! $#J.&'&'! .*D$.a! ! O&&&P! B*'$))+..$)! .$! A*1+,+.+D2$! ,*.! <X"0M! ,*!
=)&+)&3$?&(#! K! '*.*??&(#! ,*! 6&*#*'! ?+#! ?$=$?&,$,! ,*! &#D)*'$)! $! /#! A*)?$,+! ,*! =)+,/??&(#! K!
?+#'/A+! '+'1*#&6.*a! O&%P! -$)$?1*)&3$)! *.! A*)?$,+! =+1*#?&$.! ,*! -+A=)$'! <\6.&?$'! N+'1*#&6.*'!
=$)$!.+'!6&*#*'!=)&+)&3$,+'L!
!
M!1)$%Z'!,*!*'1*!*'1/,&+!,*!&,*#1&I&?$)+#!K!=)*'*#1$)+#!.+'!)*1+'!K!.$'!+=+)1/#&,$,*'!=$)$!Y/*!
.$'!-+A=)$'!<\6.&?$'!N+'1*#&6.*'!*A=&*?*#!$!'*)!I$?1&6.*'!*#!*.!=$2'H!A*,&$#1*!.$!&#?+)=+)$?&(#!
,*! 1*A$'! =/#1/$.*'! K! =)J?1&?+'H! Y/*! =/*,$#! D*#*)$)! ?+#?&*#?&$H! &A=/.'$)! .$! ?$=$?&1$?&(#! *!
&#1*)Z'!*#!.$'!*#1&,$,*'!=\6.&?$'!K!?+#1$)!?+#!/#!A*)?$,+!)*$.!=$)$!'/!&A=.*A*#1$?&(#L!!!
!
!

;d!

E#! *.! A$)?+! ,*! *'1*! =)+K*?1+! '*! =)&+)&3$)+#! 8! 6&*#*'! K|+! '*)%&?&+'! =&.+1+'! =$)$! &A=/.'$)! .$!
&#&?&$1&%$!,*!.$'!-+A=)$'!<\6.&?$'!N+'1*#&6.*'!*#!-+.+A6&$!?+A+!'+#!!?$IZH!A$1*)&$.*'!=Z1)*+'H!
=$=*.H! =/6.&?$?&+#*'H! K! I/*#1*'! ,*! &./A&#$?&(#! *I&?&*#1*'L! M! '/! %*3! '*! ,*?&,&(! &A=/.'$)! .$!
&#?./'&(#! ,*! ?)&1*)&+'! $A6&*#1$.*'! *#! .+'! =)+?*'+'! ,*! ?+#1)$1$?&(#! =$)$! .$! $,Y/&'&?&(#! ! ,*!
%*R2?/.+'! K! '/! A$#1*#&A&*#1+H! *,&I&?$?&+#*'! '+'1*#&6.*'H! *Y/&=+'! ,*! ?+A=/1+! *! &A=)*'&(#H! K!
$)12?/.+'!,*!$'*+!K!.&A=&*3$H!1+,$!%*3!Y/*!'+#!6&*#*'!K!'*)%&?&+'!Y/*!?+#1)&6/K*#!$!?/A=.&)!.$'!
A*1$'! *'1$6.*?&,$'! *#! .$! <+.21&?$! ,*! <)+,/??&(#! K! -+#'/A+! N+'1*#&6.*! *#! ?/$#1+! $R+))+! ,*!
*#*)D2$H!$D/$!K!I+)1$.*?&A&*#1+!,*!A*)?$,+'!'+'1*#&6.*'L!!
!
]$!?+#?./'&(#!,*!*'1*!$#J.&'&'!*'!Y/*!*#!*.!=$2'!R$K!A/K!=+?$!+I*)1$!,*!*A=)*'$'!Y/*!=/*,$#!
D*#*)$)!.+'!%+.\A*#*'!,*!6&*#*'!%*),*'!Y/*!=+,)2$!,*A$#,$)!*.!E'1$,+L!N&#!*A6$)D+H!?+A+!.$'!
?+A=)$'!=\6.&?$'!..*D$#!$!'*)!*.!78e!,*.!<@>H!'*!?+#'&,*)$!I/#,$A*#1$.!?+A+!*'1)$1*D&$!=$)$!
&A=/.'$)!.+'!#*D+?&+'!%*),*'H!I+)1$.*?*)!.$'!<KA*'!#$?&+#$.*'H!D*#*)$)!*A=.*+!K!$D)*D$)!%$.+)L!!!
N*!*#1&*#,*!Y/*!.+'!=$2'*'!Y/*!R$#!&A=/.'$,+!#*D+?&+'!%*),*'!?+A+!g+.$#,$!*!@#D.$1*))$!R$#!
I+)1$.*?&,+!.+'!#*D+?&+'!%*),*'!?+#'&,*)$6.*A*#1*L!
!
g+K!*#!,2$!-+.+A6&$!?/*#1$!?+#!/#$!#/*%$!+I&?&#$!,*!?+A=)$'!?*#1)$.H!*#!,+#,*!*.!1*A$!,*!
?+A=)$'!%*),*'!K!'+'1*#&6.*'!,*6*)J!'*)!?+#'+.&,$,+L!
!
8$'(E"*%1+$'(+"(-1*0$,$(
!
]$! fI&?&#$! ,*! -$A6&+! -.&AJ1&?+! ,*.! 0MBN! R$! *'1$,+! A/K! ?+#?*#1)$,$! ,*',*! '/! ?)*$?&(#! $!
&A=/.'$)!#*D+?&+'!6$'$,+'!*#!-$)6+#+L!B*!R*?R+!*.!=+)1$I+.&+!,*!A*)?$,+'!0B]!*#!-+.+A6&$!
..*D+! $! 1*#*)! /#! =&?+! *#! *.! 9:7:! ?+#! =)+K*?1+'! )+6/'1+'! Y/*! =$'$)+#! .+'! .&#*$A&*#1+'! ,*!
X$?&+#*'! "#&,$'! K! Y/*! R+K! ,2$! '&D/*#! ,$#,+! /#! I./G+! ,*! )*?/)'+'! $! =)+K*?1+'! ?+A+! *.!
j)$#'A&.*#&+H! *.! 6$'/)*)+! ,*! B+S$! {/$#$! K! %$)&+'! +1)+'! =)+K*?1+'L! E'1$! .2#*$! ?&*)1$A*#1*! *'!
=$)1*!,*!.+'!#*D+?&+'!%*),*'!$/#Y/*!'*!A$#*G$)$!,*',*!+1)$!,*=*#,*#?&$L!
!

;k!

}.1&A$A*#1*!.$!+I&?&#$!R$!,$,+!&A=/.'+!$!.$'!+=+)1/#&,$,*'!*#!=)+K*?1+'!_EBB!~!=*)+!?+A+!*'!
/#$! +=+)1/#&,$,! )*?&*#1*! $/#! #+! R$! D*#*)$,+! /#$! .2#*$! )*$.! ,*! =)+K*?1+'! *#! *'1$! A$1*)&$L!
-&*)1$A*#1*!.+'!A*)?$,+'!,*!?$)6+#+!'*)J#!.$!A&)$!,*!.+'!=$2'*'!*#!*.!I/1/)+H!K!$..2!.$!'&#*)D&$!
*#1)$!.$!*'1)$1*D&$!#$?&+#$.!,*!?$A6&+!?.&AJ1&?+!K!.+'!#*D+?&+'!%*),*'!,*6*!'*)!?+#'+.&,$,$L!!!
!
81(C"'3*H%3H*1%&W,(+".(E&,&'3"*&$(
!
-+#! .$! *#1)$,$! ,*.! F+6&*)#+! ,*! N$#1+'! *#! *.! 9:7:! '*! ,*?&,*! %+.%*)! $! ?)*$)! *.! 0&#&'1*)&+! ,*!
MA6&*#1*!K!B*'$))+..+!N+'1*#&6.*!K!$!.$!%*3!'*!?)*$!/#!#/*%+!+)D$#&D)$A$!*#!,+#,*!.$!fI&?&#$!
,*! X*D+?&+'! `*),*'! K! N+'1*#&6.*'! *'1$! =.$#1*$,$! =$)$! '*)! =$)1*! ,*! .$'! +I&?&#$'! $,'?)&1$'! $.!
0&#&'1)+L!!!
!
]$'! 5/#?&+#*'! Y/*! '*! .*! $,G/,&?$)+#! $! ,&?R$! +I&?&#$! OMXEuf! 7PH! '+6)*=$'$#! .$'! I/#?&+#*'! Y/*!
,*6*)2$!R$?*)!.$!A&'A$H!K$!Y/*!'*!?+#I/#,*#!.$'!I/#?&+#*'!,*!.$!+I&?&#$!,*!$#J.&'&'!*?+#(A&?+H!
$'2! ?+A+! I/#?&+#*'! Y/*! ,*6*#! '*)! )*%&'$,$'! *#! 1+)#+! $! .+! Y/*! )*$.A*#1*! *'! I/#?&(#! ,*.!
A&#&'1*)&+! *#?$)D$,+! ,*! &A=/.'$)! .$'! =+.21&?$'! K! *.! *#1+)#+! =)+=&?&+! =$)$! Y/*! *#! *.! =$2'! '*!
D*#*)*#!#*D+?&+'!%*),*'L!_*$.A*#1*!*#!*.!D+6&*)#+!?*#1)$.H!.$!I/#?&(#!,*!&A=/.'$)!#*D+?&+'!*'!
I/#?&(#!,&)*?1$!,*.!0-@j!K!'/'!*#1&,$,*'!$,'?)&1$'L!!
!
]$! +I&?&#$! R$! '&,+! A$#*G$,$! R$'1$! .$! I*?R$! 6$G+! *.! *#?$)D+! ,*! .$! B&)*??&(#! N*?1+)&$.! K! *#!
?++),&#$?&(#!?+#!.$!+I&?&#$!,*!$#J.&'&'!*?+#(A&?+H!=*)+!*#!)*$.&,$,!$/#!#+!R$!'&,+!+=*)$1&%$L!!
!
!
8$'(!"#$%&$'()"*+"'(",(.$'(O.1,"'(+"(6%%&W,(+"(.1'(-6C(
!
E#!*.!A$)?+!,*.!=)*'*#1*!1)$6$G+!'*!)*$.&3(!/#!'+#,*+!,*!.+'!<.$#*'!,*!M??&(#!9:79T!9:78!,*!
,&*3! -+)=+)$?&+#*'! M/1(#+A$'! _*D&+#$.*'H! =$)$! %*)! Y/Z! *.*A*#1+'! )*.$?&+#$,+'! ?+#! .$!
=)+A+?&(#!,*!#*D+?&+'!%*),*'!'*!R$62$#!&#?./&,+L!

C:!

]$'!-+)=+)$?&+#*'!M/1(#+A$'!_*D&+#$.*'!1&*#*#!/#!?+#1$?1+!AJ'!,&)*?1+!?+#!.+'!*A=)*'$)&+'!
%*),*'H!$?1/$.*'!+!=+1*#?&$.*'H!Y/*!*.!0MBNL!<+)!.+!1$#1+H!.+'!=)+D)$A$'!K!=)+K*?1+'!Y/*!..*%$#!
$!?$6+!=$)$!.$!=)+A+?&(#!,*!*'1*!1&=+!,*!#*D+?&+'!'+#!I/#,$A*#1$.*'!=$)$!.+D)$)!*.!,*'$))+..+!
,*!#*D+?&+'!%*),*'!*#!*.!=$2'L!M'2!=/*'H!?+#1$)!?+#!/#$!&,*$!,*!.+'!=)+D)$A$'!K!=)+K*?1+'!*#!
*'1*!'*#1&,+!Y/*!=.$#*$#!,*'$))+..$)!*#!.+'!=)([&A+'!1)*'!$S+'!)*'/.1$!)*.*%$#1*L!N&!6&*#!'+.+!'*!
)*%&'$)+#!.+'!<.$#*'!,*!M??&(#!,*!,&*3!,*!.$'!;C!-+)=+)$?&+#*'!Y/*!1&*#*#!*.!=$2'H!*'1+!*'!\1&.!
=$)$!?+#+?*)!*#!1Z)A&#+'!D*#*)$.*'!'2H!K!R$'1$!Y/Z!=/#1+H!,&?R$'!*#1&,$,*'!*'1J#!=*#'$#,+!*#!
*.!1*A$!,*!#*D+?&+'!%*),*'L!N*!$#*[$!/#$!1$6.$!?+#!.$!&#I+)A$?&(#!)*?+.*?1$,$!OMXEuf!9PL!!
!
B*! .$'! ,&*3! -+)=+)$?&+#*'! ?/K+'! <.$#*'! ,*! M??&(#! 9:79T! 9:78! I/*)+#! ?+#'/.1$,+'H! 1)*'! #+!
1&*#*#!*.*A*#1+'!)*.$?&+#$,+'!?+#!*.!1*A$H!;!1&*#*#!=)+D)$A$'!Y/*!1&*#*#!$.D/#$!)*.$?&(#!A$'!
?+#! 6&+?+A*)?&+! K! ?/$1)+! 1&*#*#! =)+D)$A$'! K! =)+K*?1+'! )*.$?&+#$,+'! ,&)*?1$A*#1*! ?+#! .$!
=)+A+?&(#!,*!A*)?$,+'!+!#*D+?&+'!%*),*'L!E'1+!)*'/.1$!&#1*)*'$#1*H!,$,+!Y/*H!?+A+!'*!,&G+!*#!
*.! &#I+)A*! $#1*)&+)H! *#! .+'! \.1&A+'! $S+'! .$! =)+A+?&(#! ,*! #*D+?&+'! %*),*'! #+! '*! R$! 1)$6$G$,+!
?+#!A/?R$!I/*)3$!,*',*!*.!0MBNL!!
!
E#1)*! *'1$'! -+)=+)$?&+#*'H! *.! ?$'+! ,*! .$! -M0! )*'/.1$! *'=*?&$.A*#1*! ..$A$1&%+! K$! Y/*! 1&*#*!
A*1$'!?+#?)*1$'!*#!1Z)A&#+'!,*.!#\A*)+!,*!*A=)*'$'!%&#?/.$,$'!$!A*)?$,+'!%*),*'!$!.$'!Y/*!
'*! .*'! 6)&#,$)J! $?+A=$S$A&*#1+! K! I+)1$.*?&A&*#1+! OU! *A=)*'$'Pa! *.! #\A*)+! ,*! &#&?&$1&%$'! ,*!
#*D+?&+'!%*),*'!Y/*!'*!=)+A+?&+#$)J#!OUPa!K!*.!#\A*)+!,*!*A=.*+'!Y/*!'*!D*#*)$)J#!$!1)$%Z'!
,*!#*D+?&+'!&#?./'&%+'!OUPH!*#1)*!+1)+'!O-M0H!9:79H!=Lk7Tk9PL!
!
-$6*! #+1$)! Y/*! %$)&$'! ,*! .$'! -+)=+)$?&+#*'! '*! )*I&*)*#! $.! I+A*#1+! ,*.! /'+! '+'1*#&6.*! ,*! .$!
6&+,&%*)'&,$,H!*[?./'&%$A*#1*H!AJ'!Y/*!$!.$!=)+A+?&(#!,*!#*D+?&+'!%*),*'L!
!
_*?)*$)! .$! ,&#JA&?$! ?+#! .$'! -M_N! K! *.! N@XM! *#! 1*A$'! ,*! #*D+?&+'! %*),*'! )*Y/*)&)J! /#$!
*'1)$1*D&$!,*!%&'&(#!?+#G/#1$!Y/*!=$)1$!,*!.$'!'*A&..$'!Y/*!'*!D*#*)$)+#!*#!.$!,Z?$,$!=$'$,$!K!
*'?$.*#!R$?&$!.$'!#/*%$'!1*#,*#?&$'L!

C7!

2,%H"'31'(1(2iV$'&3$*"'(",(7;:2cO:(@T<@(
!
M=)+%*?R$#,+!.$!I*)&$!>@fEu<f!9:79H!..*%$,$!$!?$6+!*#!M)A*#&$!$!I&#$.*'!,*!#+%&*A6)*H!'*!
1/%+! .$! &,*$! ,*! )*$.&3$)! *#! *'1*! *%*#1+! /#$'! *#?/*'1$'! $! *A=)*'$)&+'! =$)1&?&=$#1*'! *#! .$!
A/*'1)$! ?+A*)?&$.H! =$)$! )*?+.*?1$)! &#I+)A$?&(#! '+6)*! '/'! &,*$'! $?*)?$! ,*.! )+.! Y/*! ,*6*!
?/A=.&)!.$!#/*%$!fI&?&#$!,*!X*D+?&+'!`*),*'!K!N+'1*#&6.*'!,*.!0MBNL!
N*!)*$.&3$)+#!,&*3!*#?/*'1$'!$!*A=)*'$'!O'*!$#*[$#!.$'!)*'=/*'1$'!$!.$'!A&'A$'T!MXEuf!;PL!
M/#Y/*! .$! &#I+)A$?&(#! )*?+.*?1$,$! A*,&$#1*! *'1$'! *#?/*'1$'! *'! 1$#! '+.+! =*Y/*S$! /#$!
A/*'1)$H! =/*,*! '*)! \1&.! =$)$! ?+#+?*)! $.D/#+'! *.*A*#1+'! ,*! .$! %&'&(#! ,*! *A=)*'$'! Y/*!
+I)*?*#!=)+,/?1+'!K!'*)%&?&+'!%*),*'L!!
B*! .$'! 79! *A=)*'$'! *#?/*'1$,$'H! .$! A$K+)2$! +I)*?*#! '*)%&?&+'! )*.$?&+#$,+'! ?+#! *.! 1/)&'A+!
O8PH! 1)*'! =)+,/?*#! $)12?/.+'! ,*?+)$1&%+'! +! $??*'+)&+'H! ,+'! $.&A*#1+'H! /#$! A$1*)&$.*'! ,*!
?+#'1)/??&(#H!K!/#$!)*$.&3$!?+#'/.1+)2$'L!!
E.!#\A*)+!,*!*A=*.$,+'!,*!*'1$'!*A=)*'$'!%$!,*!7!$!7UH!?+#!/#!=)+A*,&+!,*!U!*A=.*$,+'L!
]$! A$K+)2$! '+#! A&?)+*A=)*'$'! O7:PH! ?+#! R$'1$! 7:! *A=.*$,+'H! A&*#1)$'! Y/*! '+.+! 9! '+#!
=*Y/*S$'!*A=)*'$'7L!
g$K!$.D/#+'!=/#1+'!&#1*)*'$#1*'!,*!.$!&#I+)A$?&(#!)*?+.*?1$,$!$!1)$%Z'!,*!.$'!*#?/*'1$'!Y/*!
%$.*!.$!=*#$!A*#?&+#$)Q!!

N&! 6&*#! .+'! *A=)*'$)&+'! '*! )*I&)&*)+#! $! ,&I*)*#1*'! A+1&%$?&+#*'! =$)$! ?)*$)! /#! #"+.0/.(
@"*<"H!.$!D)$#!A$K+)2$!,&G+!Y/*)*)!?+#1)&6/&)!$!.$!=)*'*)%$?&(#!,*.!A*,&+!$A6&*#1*!K|+!.$!
6&+,&%*)'&,$,L!

E#! )*.$?&(#! ?+#! .+'! +6'1J?/.+'! Y/*! R$#! 1*#&,+! Y/*! *#I)*#1$)H! /#! 6/*#$! =$)1*! ,*! .+'!
*A=)*'$)&+'!A*#?&+#(!.$!,&I&?/.1$,!=$)$!$??*,*)!$!)*?/)'+'L!

E.! $=+K+! =+)! =$)1*! ,*.! E'1$,+! Y/*! AJ'! *A=)*'$)&+'! ,&G*)+#! R$6*)! )*?&6&,+! I/*! $K/,$!
=$)$!=$)1&?&=$)!*#!I*)&$'!K!*%*#1+'!?+A*)?&$.*'L!

E#1)*!.+'!1&=+'!,*!$=+K+!Y/*!?)**#!Y/*!=+,)2$!6)&#,$).*'!.$!fI&?&#$!,*!X*D+?&+'!`*),*'!K!
N+'1*#&6.*'! ,*.! 0MBNH! .+'! *A=)*'$)&+'! A*#?&+#$)+#! ?+#! A$K+)! I)*?/*#?&$! *.! $??*'+! $!
I&#$#?&$?&(#L! M,&?&+#$.A*#1*H! R$6.$)+#! ,*! .$! =$)1&?&=$?&(#! *#! I*)&$'! K! *%*#1+'H! .$!
=/6.&?&,$,!,*!.+'!=)+,/?1+'!K!'*)%&?&+'H!K!?+.$6+)$?&+#*'!=$)$!?+#'*D/&)!?*)1&I&?$?&+#*'L!

]$! A$K+)2$! ,*! .+'! *A=)*'$)&+'! *#?/*'1$,+'! OUP! ,&G*)+#! R$6*)! I&#$#?&$,+! '/!
*A=)*#,&A&*#1+!*[?./'&%$A*#1*!$!1)$%Z'!,*!)*?/)'+'!=)+=&+'L!

X&#D/#+! ,*! .+'! *A=)*'$)&+'! ,&G+! 1*#*)! /#! =.$#! *[=+)1$,+)H! $/#Y/*! $.D/#+'! ,&G*)+#! K$!
R$6*)!*[=+)1$,+L!

C9!

?= E6C-:(C2DA865:C;:(6-5A68(2!(-:8:E7;6(C242C2!52(6(86(D2!2C6-;B!(
92(!2D:-;:>()2C92>((
!
E#!*.!A$)?+!,*!.$!?$1*D+)&3$?&(#!*A=)*'$)&$.!$!=$)1&)!,*!'/!$??&+#$)!*#!*.!?$A=+!,*.!A*)?$,+!
%*),*!*[&'1*#!;!?$1*D+)2$'H!$!'$6*)H!*.!$=)+%*?R$A&*#1+!'+'1*#&6.*!,*!.+'!)*?/)'+'!#$1/)$.*'H!.+'!
*?+=)+,/?1+'!&#,/'1)&$.*'!K!.+'!'*)%&?&+'!$A6&*#1$.*'L!
!
E'!?.$)+!Y/*!=$)$!D*#*)$)!/#!A*)?$,+!,*!=)+,/?1+'!$A&D$6.*'!?+#!*.!A*,&+!$A6&*#1*!'*!,*6*#!
?)*$)! *'1)$1*D&$'! Y/*! '&#! *.! $=+K+! ,*.! '*?1+)! =\6.&?+! Y/*,$)2$#! ?+A+! A*)+'! *#/#?&$,+'L!
E#1+#?*'H!.$!$.&#*$?&(#!*#1)*!*.!'*?1+)!=/6.&?+!K!=)&%$,+!R$!=*)A&1&,+!$!-+.+A6&$!D*#*)$)!,*',*!
7kUC! /#! ?/*)=+! G/)2,&?+! )*.$1&%$A*#1*! $A=.&+! ,*! )*D/.$?&(#! $! .$'! ,&'1&#1$'! A*#?&+#$,$'!
?$1*D+)2$'!,*!A*)?$,+'!%*),*'!*A*)D*#1*'L!O`*)!MXEuf!CPL!
!
E'1$! .*D&'.$?&(#! ,*#+1$! /#$! 1*#,*#?&$! *Y/&.&6)$,$! ,*.! =$2'! *#! .$! .*D&'.$?&(#! )*.*%$#1*! $! *'1+'!
1*A$'H! $'2! ?+A+! /#! )*?+#+?&A&*#1+! =)&A$)&+! ,*! .$! )&Y/*3$! 6&+.(D&?$! ,*.! =$2'! K! /#! ?.$)+!
=)+1*??&+#&'A+!*'1$1$.!,*!.+'!)*?/)'+'!#$1/)$.*'!K!,*!.$!6&+,&%*)'&,$,!?+.+A6&$#$L!
!
E#! ?/$#1+! $! .$! =)&A*)$! ?$1*D+)2$H!$=)+%*?R$A&*#1+! '+'1*#&6.*! ,*! .+'! )*?/)'+'!#$1/)$.*'H! K! *#!
*'=*?2I&?+!$!.$!6&+1*?#+.+D2$H!*.!=$2'!A/*'1)$!/#$!.*D&'.$?&(#!,*!?$)J?1*)!=)+1*??&+#&'1$H!&#?./'+!
$#1*)&+)!$.!-+#%*#&+!,*!B&%*)'&,$,!>&+.(D&?$H!$,+=1$,+!*#!*.!$S+!7kkCH!?+#!.$!]*K!9k!,*!7kk:!K!
.$!]*K!kk!,*!7kk;L!<+'1*)&+)!$.!-+#%*#&+!,*!B&%*)'&,$,!>&+.(D&?$!Y/*!'*!?+#'&,*)(!*.!=/#1+!,*!
=$)1&,$! =$)$! Y/*! 1+,+'! .+'! =$2'*'! &#&?&*#! '/'! ,*'$))+..+'! *#! I+)A/.$?&(#! ,*! =+.21&?$! =\6.&?$H!
*'1)$1*D&$'! K! =.$#*'! ,*! $??&(#! ! *#! 1*A$'! ,*! 6&+,&%*)'&,$,H! R/6+! /#! ,*'$))+..+! .*D&'.$1&%+! ,*!
?$)J?1*)!*A&#*#1*A*#1*!)*'1)&?1&%+!,*!.+'!1)$6$G+'!+!=)+,/?1+'!,*)&%$,+'!,*!.$!6&+1*?#+.+D2$!K!
=+?$! )*D.$A*#1$?&(#! Y/*! I+A*#1*! .$! &#%*'1&D$?&(#H! .$! &##+%$?&(#! +! .$! $=)+=&$?&(#! ,*! #/*%$!
1*?#+.+D2$!=$)$!*'1+'!*I*?1+'L!
!
E#! -+.+A6&$! *.! $??*'+! $! .+'! )*?/)'+'! D*#Z1&?+'H! '/'! =)+,/?1+'! ,*)&%$,+'! K! ?+A=+#*#1*!
&#1$#D&6.*! *'1J! )*D/.$,+! =+)! .$! B*?&'&(#! ;k7! ,*! 7kk^! ,*! .$! -+A/#&,$,! M#,&#$! ,*! X$?&+#*'!

C;!

OX*A+DJ! N+1+H! 9::dPL! E'1$! B*?&'&(#! *#! '/'! ?+#'&,*)$#,+'! '*S$.$! LLLY/*! .+'! <$2'*'! 0&*A6)+'!
'+#!'+6*)$#+'!*#!*.!/'+!K!$=)+%*?R$A&*#1+!,*!'/'!)*?/)'+'LLLH!=)&#?&=&+!Y/*!R$!'&,+!)$1&I&?$,+!
$,*AJ'!=+)!*.!-+#%*#&+!'+6)*!B&%*)'&,$,!>&+.(D&?$!'/'?)&1+!*#!_2+!,*!{$#*&)+!*#!G/#&+!,*!7kk9L!
E'! =+)! *'1$! )$3(#! Y/*! *#! *.! =$2'! =$)$! R$?*)! /'+! ,*! .+'! )*?/)'+'! D*#Z1&?+'! =$)$! I&#*'!
&#%*'1&D$1&%+'! +! ,*! $=.&?$?&(#! ?+A*)?&$.! *'! +6.&D$1+)&+! *.! ?/A=.&A&*#1+! ,*! *'1$! B*?&'&(#! K! '/'!
#+)A$'!)*D.$A*#1$)&$'L!<$)$!*.!?/A=.&A&*#1+!,*!*'1$'!,&'=+'&?&+#*'!'*!=)*%ZH!*#1)*!+1)+'H!/#$!
=$)1&?&=$?&(#! G/'1$! K! *Y/&1$1&%$! *#! .+'! 6*#*I&?&+'! ,*)&%$,+'! ,*.! $??*'+H! =)+A+%*)! .$!
?+#'*)%$?&(#!,*!.$!,&%*)'&,$,!6&+.(D&?$!K!.$!/1&.&3$?&(#!'+'1*#&6.*!,*!.+'!)*?/)'+'!6&+.(D&?+'H!K!
=)+A+%*)!.$!?+#'+.&,$?&(#!K!,*'$))+..+!,*!.$'!?$=$?&,$,*'!?&*#12I&?$'H!1*?#+.(D&?$'!K!1Z?#&?$'!$!
#&%*.!.+?$.H!#$?&+#$.!K!'/6)*D&+#$.L!!
!
M!=*'$)!,*.!$=$)$1+!#+)A$1&%+!,*.!=$2'!=$)$!)*D/.$)!*.!$??*'+!$!)*?/)'+'!D*#Z1&?+'H!.$!*G*?/?&(#!
,*!*'1*!R$!1*#&,+!$.?$#?*!.&A&1$,+!K!.+'!=)+?*,&A&*#1+'!$=.&?$,+'!#+!R$#!A+'1)$,+!'/!*I&?$?&$!
=$)$!?+#'*D/&)!.+'!+6G*1&%+'!=)+=/*'1+'L!]+'!A$)?+'!G/)2,&?+'!,*6&*)$#!'$1&'I$?*)!$.!A*#+'!.+'!
'&D/&*#1*'!)*Y/&'&1+'Q!?+#'&'1*#?&$!.*D$.H!?.$)&,$,!$?*)?$!,*!.+!Y/*!*'1J!=)+R&6&,+!K!=*)A&1&,+H!
A*?$#&'A+'!Y/*!=)+1*G$#!+!,*#!?*)1&,/A6)*!.*D$.!$!1+,$'!.$'!=$)1*'H!A*?$#&'A+'!,*!*G*?/?&(#!
Y/*!=/*,$#!&A=.$#1$)'*!*#!I+)A$!=)J?1&?$!K!)*D.$'!Y/*!'/'1*#1*#!'/!?+#'&'1*#?&$L!!!!
!
E.! ,&'*S+! ,*! 1$.*'! A$)?+'! G/)2,&?+'! &A=.&?$! .$! )*'=+#'$6&.&,$,! ,*.! 0&#&'1*)&+! ,*! MA6&*#1*! K!
B*'$))+..+!N+'1*#&6.*!?+A+!$/1+)&,$,!#$?&+#$.!?+A=*1*#1*!*'1$6.*?&,$!=+)!*.!B*?)*1+!U;:!,*!
7kkUH!$.!&D/$.!Y/*!,*!.+'!&#%*'1&D$,+)*'!*!&#'1&1/?&+#*'!,*!&#%*'1&D$?&(#!Y/*!=/*,*#!+=1$)!=+)!
&D#+)$)!.$'!#+)A$'!+!=+)!=$)1&?&=$)!*#!'/!$,*?/$?&(#!K!+=*)$?&(#L!!!
!
]+'! )*'/.1$,+'! Y/*! A/*'1)$! *.! =$2'! $! .+! .$)D+! ,*! .$! $=.&?$?&(#! ,*! .$! B*?&'&(#! ;k7! ,*! 7kk^!
A/*'1)$#! Y/*! AJ'! $..J! ,*! /#$! )*I+)A$! .*D$.H! *.! =$2'! *#I)*#1$! /#! =)+6.*A$! ?+A=.*G+! Y/*!
&#%+./?)$! ,&%*)'+'! $?1+)*'! ?/K$'! =$)1&?/.$)&,$,*'! '*! ,*6*#! 1*#*)! *#! ?/*#1$! $.! A+A*#1+! ,*!
,&'*S$)! A+,&I&?$?&+#*'! K! $G/'1*'! $.! A$)?+! G/)2,&?+L! E#! .$! +=*)$?&(#! ,*.! '&'1*A$! )*I*)*#1*! $! .$!
6&+1*?#+.+D2$H!.$!$/1+)&,$,!$A6&*#1$.!R$!1+A$,+!*.!?$A&#+!,*!,&I*)*#?&$)!*#1)*!'+.&?&1/,*'!,*!
$??*'+!?+#!I&#*'!?&*#12I&?+'!K!'+.&?&1/,*'!,*!$??*'+!?+#!I&#*'!&#,/'1)&$.*'!+!?+A*)?&$.*'!?+A+!.+!

CC!

R$62$#! '/D*)&,+! $#J.&'&'! #$?&+#$.*'! *! &#1*)#$?&+#$.*'! ?+A+! "X@{"N! ! *#! 9::;L! M?1/$.A*#1*H! K!
,*',*!*.!B*?)*1+!;:k!,*!9:::H!'*!R$!,$,+!/#!=$'+!&#&?&$.!=$)$!I$?&.&1$)!.$!&#%*'1&D$?&(#!?&*#12I&?$a!
'&#! *A6$)D+H! I$.1$! *'1$6.*?*)! ?+#,&?&+#*'H! )*Y/&'&1+'! K! +6.&D$?&+#*'! =$)$! *.! $??*'+! ?+#! I&#*'!
&#,/'1)&$.*'! K! ?+A*)?&$.*'H! K! AJ'! &A=+)1$#1*! $\#H! &,*#1&I&?$)! $,*?/$,$A*#1*! .+'! %2#?/.+'!
&##*D$6.*'!*#1)*!.$!&#%*'1&D$?&(#!?&*#12I&?$!K!.$!$=.&?$?&(#!?+A*)?&$.!,*!'/'!)*'/.1$,+'L!E#!*'1*!
'*#1&,+! *'! #*?*'$)&+! A&)$)! K! $=)*#,*)! ,*! .+'! *'I/*)3+'! *#?$A&#$,+'! $! *'1$6.*?*)! *'Y/*A$'!
&#'1&1/?&+#$.*'! K! .*D$.*'! '+6)*! &#%*'1&D$?&(#! ?&*#12I&?$! *#! )*?/)'+'! 6&+.(D&?+'! ! K$! Y/*H! *#! .$!
)*$.&,$,!$,A&#&'1)$1&%$!,*.!=$2'H!'*!*#?/*#1)$#!D)$#,*'!6$))*)$'!6/)+?)J1&?$'!*#!.+'!)*Y/&'&1+'!K!
*[&D*#?&$'! =+)! =$)1*! ,*! .$'! $/1+)&,$,*'! $A6&*#1$.*'! =$)$! +1+)D$)! =$1*#1*'! ,*! )*?/)'+'!
6&+.(D&?+'H!*'1+!'*!1)$,/?*!*#!/#$!'*)&*!,*!=)+?*,&A&*#1+'!Y/*!,*A*)&1$!*.!&#1*)Z'!*A=)*'$)&$.!
=+)!*[=.+)$)!*'1+'!)*?/)'+'L!!
!
]+'!&#?+#%*#&*#1*'!Y/*!AJ'!'*!=)*'*#1$#!*#!*.!1)JA&1*!$,A&#&'1)$1&%+!=$)$!$??*,*)!$!)*?/)'+'!
D*#Z1&?+'! )$,&?$#! *#! .$! I$.1$! ,*! ?+#+?&A&*#1+! 1Z?#&?+! K! ?&*#12I&?+! ,*! .$! $/1+)&,$,! $A6&*#1$.!
*#?$)D$,$!T!0&#&'1*)&+!,*!MA6&*#1*!K!B*'$))+..+!N+'1*#&6.*T!,*!+1+)D$)!.+'!=*)A&'+'!=/*'!$#1*!
*'1$!I$..$H!.+'!)*Y/*)&A&*#1+'!'+#!,*'+),*#$,+'!K!)*&1*)$1&%+'L!E.!+)&D*#!,*!*'1+!*'!?.$)$A*#1*!
.$!I$.1$!,*!&#I+)A$?&(#!'+6)*!.$!A*1+,+.+D2$!$!,*'$))+..$)!=$)$!?$,$!1&=+!&#%*'1&D$?&(#L!]+!Y/*!
'*! =)*'*#1$! $#1*! *'1$! )*$.&,$,! *'! Y/*! .$! $/1+)&,$,! $A6&*#1$.! R$! )*$.&3$,+! *#! ,*1*)A&#$,+'!
?$'+'!AJ'!,*!?/$1)+!?+#?*=1+'!1Z?#&?+'!'+6)*!/#$!A&'A$!'+.&?&1/,!.+!Y/*!$.$)D$!*.!1)$A&1*!*#!
A$'!,*!,+'!$S+'H!*#!./D$)!,*!*A&1&)!'+.+!/#!?+#?*=1+!1Z?#&?+!?+#!1+,+'!.+'!)*Y/*)&A&*#1+'!K!
$?.$)$?&+#*'!#*?*'$)&$'a!*'!&A=+)1$#1*!$?.$)$)!Y/*!=$)1*!,*!*'1*!&#?+#%*#&*#1*!)$,&?$!*#!Y/*!.$!
B*?&'&(#! ;k7! ,*! 7kk^! #+! *'! ?.$)$! '+6)*! ?/$#1+'! ?+#?*=1+'! 1Z?#&?+'! K! )*Y/*)&A&*#1+'! ,*6*!
)*$.&3$)!*.!0&#&'1*)&+!*#!*'1$'!'+.&?&1/,*'L!N*!,*6*!$?.$)$)!Y/*H!'&!6&*#!*.!F+6&*)#+!#$?&+#$.!R$!
.&,*)$,+! =)+K*?1+'! ,*! ?$=$?&1$?&(#! ! G/#1+! $! -+.?&*#?&$'H! ?+A+! $=+K+! ?*#1)$.! =$)$! *'1&A/.$)!
*'1+'!=)+?*'+'L!!
!
M'2!.$'!?+'$'H!*.!)*'/.1$,+!,*!/#!.$)D+!=)+?*'+!*'!.$!'/A$!,*!,&%*)'+'!=)+6.*A$'!Y/*!$I)+#1$!*.!
=$2'! ,*',*! .$! &#'1&1/?&+#$.&,$,! R$'1$! *.! A&'A+! ?+#+?&A&*#1+! ,*.! 1*A$H! *'1+! *'H! *.!
,*'?+#+?&A&*#1+! ,*! .$'! #+)A$'H! .$! I$.1$! ,*! D/2$'! ?.$)$'! '+6)*! .+'! =)+?*,&A&*#1+'H! .$!

C8!

&#1*)=)*1$?&(#!,*!.$'!#+)A$'!'+6)*!)*Y/&'&1+'!K!=)+?*,&A&*#1+'!=+)!=$)1*!,*!.+'!I/#?&+#$)&+'!K!
.+'!&#%*'1&D$,+)*'a!=)+,/?&*#,+!/#$!,&.$?&(#!*#!.+'!1)JA&1*'!K!.$!&#*I&?$?&$!*#!*.!?/A=.&A&*#1+!
,*!.+'!+6G*1&%+'!,*!.$!B*?&'&(#!;k7|k^L!!
!
<+,*A+'!?+#?./&)!Y/*H!?+#!)*'=*?1+!$!.$!6&+1*?#+.+D2$H!*'!.$!I$.1$!,*!?+#+?&A&*#1+!.$!=)&#?&=$.!
6$))*)$! $! .$! R+)$! ,*! &A=.*A*#1$).$! $,*?/$,$A*#1*H! ! $! =*'$)! ,*! Y/*! '*! ?/*#1$! ?+#! *.!
,+?/A*#1+!-+#=*'!;^kUH!#+!*[&'1*!/#$!=+.21&?$!)*$.!Y/*!,*'$))+..*!*'1*!*'1/,&+!K!Y/*!&A=/.'*!$!
*'1*! '*?1+)! K! .$! A$K+)2$! ,*! .$! .*D&'.$?&(#! *[&'1*#1*! *'! ,*! ?$)J?1*)! =)+?*,&A*#1$.! K! #+! ,*!
*#1*#,&A&*#1+! K! I+A*#1+L! ! ]$! =+.21&?$! K! .$'! $??&+#*'! &#'1&1/?&+#$.*'! )*.$?&+#$,$'! ?+#!
&#%*'1&D$?&(#! K! 1*?#+.+D2$! 1+,$%2$! *'1J#! *#! A+)$! ,*! &#?*#1&%$)! *.! ?+#+?&A&*#1+! K! /'+! ,*! .$!
,&%*)'&,$,!D*#Z1&?$!,*.!=$2'!K!=+)!.+!1$#1+!.$!,&'1)&6/?&(#!,*!6*#*I&?&+'!=)*%&'1$!*#!.$!B*?&'&(#!
;k7|k^L! j$A6&Z#! *'! #*?*'$)&+! I+)1$.*?*)! ?$=$?&,$,*'! #$?&+#$.*'! *#?$A&#$,$'! $! =)+A+%*)! .$!
&#%*'1&D$?&(#! ?+#! I&#*'! &#,/'1)&$.*'! K! ?+A*)?&$.*'! ,*#1)+! ,*! /#! A$)?+! G/)2,&?+! '+6)*! $??*'+! K!
,&'1)&6/?&(#!,*!6*#*I&?&+'!Y/*!)*?+#+3?$!.+'!,*)*?R+'!,*!.$!#$?&(#!K!,*!.+'!,&%*)'+'!1&1/.$)*'!,*!
,*)*?R+'!%&#?/.$,+'!?+#!.$!6&+,&%*)'&,$,!K!*.!?+#+?&A&*#1+L!!
!
<+)! +1)$! =$)1*H! *#! *.! I+A*#1+! ,*! .$! $D)&?/.1/)$! *?+.(D&?$! ?+A+! I+)A$! ,*! M=)+%*?R$A&*#1+!
'+'1*#&6.*!,*!.+'!)*?/)'+'!#$1/)$.*'H!*.!=$2'!=)*'*#1$!/#$!I$.1$!,*!.*D&'.$?&(#!Y/*!.$!,*'$))+..*!
=/*'! ?/*#1$! ?+#! .$! _*'+./?&(#! 7Cd! ,*! 9::CH! .$! ?/$.! ?)*$! *.! '*..+! ,*! $.&A*#1+! *?+.(D&?+! K! .$!
_*'+./?&(#! 7dU! ,*! 9::^H! =+)! A*,&+! ,*.! ?/$.! '*! $,+=1$! *.! _*D.$A*#1+! =$)$! .$! =)+,/??&(#!
=)&A$)&$H! =)+?*'$A&*#1+H! *A=$?$,+H! *1&Y/*1$,+H! $.A$?*#$A&*#1+H! ?*)1&I&?$?&(#H! &A=+)1$?&(#H!
?+A*)?&$.&3$?&(#!!K!'*!*'1$6.*?*!*.!N&'1*A$!,*!-+#1)+.!,*!<)+,/?1+'!MD)+=*?/$)&+'!E?+.(D&?+'L!
E'1$! I$.1$! ,*! .*D&'.$?&(#! '+6)*! *.! 1*A$! ?+#'1&1/K*H! /#! ,*'&#?*#1&%+! $.! ,*'$))+..+! ,*! *A=)*'$'!
Y/*!'*!Y/&*)$#!,*,&?$)!$!*'1*!1*A$!+H!/#$!I$.1$!,*!&#I+)A$?&(#!$!.$'!Y/*!K$!)*$.&?*#!$?1&%&,$,*'!
)*.$1&%$'!*#!?/$#1+!$.!?+A+!$??*,*)!$!6*#*I&?&+'!*?+#(A&?+'!,*)&%$,+'!,*!Z'1$L!M.!=$)*?*)!'*!
*'1$! &D#+)$#,+! Y/*! .$'! +=+)1/#&,$,*'! *#! *.! A*)?$,+'! ,*)&%$,+'! ,*! *'1*! 1&=+! ,*! =)+,/?1+'!
$D)2?+.$'!*?+.(D&?+'!'*!=)*%Z!)+#,$)J!*#!*.!9:9:!.+'!97:!A&..+#*'!,*!,(.$)*'!$#/$.*'L!!!
!

C^!

E#!.$!?$1*D+)2$!,*!E?+=)+,/?1+'!&#,/'1)&$.*'H!-+.+A6&$!R$!1*#&,+!/#!6/*#!,*'$))+..+!#+)A$1&%+!
*#!*.!1*A$!,*!1*?#+.+D2$'!]&A=&$'!K!*#*)D2$'!$.1*)#$1&%$'L!]$!=)*+?/=$?&(#!,*'*#?$,*#$,$!=+)!
.+'! *I*?1+'! $,%*)'+'! ,*.! ?$A6&+! ?.&AJ1&?+! =/*,*#! '*)! /#$! =)&A*)$! %&'&(#! ,*! *'1$! *%+./?&(#!
.*D&'.$1&%$!$/#Y/*!*.!1)$'I+#,+H!$!.$!.$)D$!'$1&'I$?1+)&+H!,*!A*,&,$'!,*!I+A*#1+!,*!/'+!)$?&+#$.!
,*!*#*)D2$H!R$!'&,+!*.!6*#*I&?&+!*?+#(A&?+!Y/*!1)$*#!?+#'&D+!=$)$!.$'!*A=)*'$'!#$?&+#$.*'L!-+#!
*'1+H!.$!=)&#?&=$.!?+#?./'&(#!*'!Y/*!.+'!?+'1+'!,*!*#*)D2$!'&D/*#!'&*#,+!*.!=)&#?&=$.!&A=/.'+)!,*!
.+'!*'I/*)3+'!,*!)*,/??&(#L!!
!
!M!=$)1&)!,*!.$!]*K!^kU!,*!9::7L!N*!*A=*3$)+#!$!=.$#1*$)!*'?*#$)&+'!,*!I+A*#1+!K!/'+!)$?&+#$.!
,*!*#*)D2$H!?+#!.+!Y/*!.$'!=+.21&?$'!,*!D+6&*)#+H!?+A+!.$!<+.21&?$!X$?&+#$.!,*!<)+,/??&(#!A$'!
]&A=&$!?+#?*6&,$!*#!7kkUH!R$#!'&,+!&A=.*A*#1$,$'!K!,*'$))+..$,$'!,$#,+!/#!%$.+)!,&)*?1+!$!.+'!
?+.+A6&$#+'L! E#! .$! $?1/$.&,$,H! '&#! *A6$)D+H! *.! $.&*#1+! $.! $R+))+! ,*! *#*)D2$! '*! R$! %&'1+!
'/=*,&1$,+! *#! D)$#! A*,&,$! $.! ?$A6&+! ,*! 6+A6&..$'! *! &./A&#$?&(#! *#! &#1*)&+)*'! .+! ?/$.! *'! /#!
&#?*#1&%+!,*A$'&$,+!6$G+!=$)$!$.*#1$)!$!.$'!?+A=$S2$'!$!*A6$)?$)'*!*#!&#&?&$1&%$'!,*!)*,/??&(#!
&A=+)1$#1*'L! E'1+! *'! ,*1*)A&#$#1*! 1*#&*#,+! *#! ?/*#1$! *.! =+1*#?&$.! Y/*! 1&*#*! -+.+A6&$! ,*!
=)+,/?&)! *#*)D2$! ,*! I/*#1*'! $.1*)#$'! ?+A+! *(.&?$H! '+.$)H! D*+1Z)A&?$L! <+'1*)&+)! $! *'1+!
*#?+#1)$A+'!*#!.$!.*D&'.$?&(#!?+.+A6&$#$!'/*)1*!,*!#+)A$'!?+A+!.+'!B*?)*1+'!9;;7!,*!9::UH!
dk8!,*!9::dH!;C8:!,*!9::d!+!.$!_*'+./?&(#!7^89!,*!9::UL!
!
E'! )*?+A*#,$6.*! *#1+#?*'! I+A*#1$)! $! .$'! *A=)*'$'! ?+#! $?1&%&,$,*'! ,*! ?$)J?1*)! &#,/'1)&$.! $!
R$?*)! *'I/*)3+'! ,*! )*,/??&(#! AJ'! )$,&?$.*'L! "#$! I+)A$! ,*! .+D)$)! *'1+! *'! &#?./&)! *#! '/'!
)*D.$A*#1+'!*'1)$1*D&$'!,*!D*'1&(#!*#*)DZ1&?$L!@A=.*A*#1$).$'!*!&#?./&).$'!*#!'/'!&#I+)A*'!,*!
D*'1&(#!K!,*!&#%*)'&(#!=$)$!$'2!1+A$)!,*?&'&+#*'!,*!?+A=)$L!
!
<+)!+1)+!.$,+H!#$,$!'*!*#?+#1)(!*#!.$!.*D&'.$?&(#!)*I*)&,$!'+6)*!.$!A&#*)2$!'+'1*#&6.*!.+!Y/*!,*G$!
%*)!*.!.$)D+!1)*?R+!Y/*!,*6*!)*?+))*)!*.!=$2'!=$)$!Y/*!.$!R+K!..$A$,$!.+?+A+1+)$!A&#*)$H!*'1*!
$?+),*!$!.+'!?+A=)+A&'+'!&#1*)#$?&+#$.*'!$'/A&,+'!=+)!-+.+A6&$!K!$!.$!+6.&D$?&(#!#$1/)$.!Y/*!
1*#*A+'!?+#!#/*'1)+'!)*?/)'+'!#$1/)$.*'L!!
!

CU!

M! .$! ?$1*D+)2$! ,*! N*)%&?&+'! $A6&*#1$.*'! ,*6*A+'! ,*'1$?$)! Y/*! $! =*'$)! ,*.! D)$#! =+1*#?&$.! ,*!
-+.+A6&$! =$)$! ,*'$))+..$)! *?+1/)&'A+L! N/! ,*'$))+..+! ?+A*#3(! ?+#! .$! ]*K! ;::! ,*! 7kk^H!
=+'1*)&+)A*#1*!'*!,*I&#&(!*.!&#?*#1&%+!1)&6/1$)&+!$.!*?+1/)&'A+!*#!*.!$)12?/.+!7d!,*!.$!]*K!Udd!,*!
9::9!Y/*!$,&?&+#(!*.!E'1$1/1+!j)&6/1$)&+!K!=+)!/.1&A+!.$!_*'+./?&(#!77d!,*!9::8!Y/*!*'1$6.*?&(!
6*#*I&?&+'! ,*! 1&=+! 1)&6/1$)&+! $! .$'! =*)'+#$'! #$1/)$.*'! +! G/)2,&?$'! Y/*! =)*'1*#! '*)%&?&+'! *?+!
1/)2'1&?+'L!!!
!
M#1*! *'1*! =$#+)$A$! *'! &A=+)1$#1*! )*?$.?$)! '+6)*! .$! %/.#*)$6&.&,$,! ,*! *'1$! ?$1*D+)2$! ,*!
A*)?$,+!$#1*!=+'&6.*'!,*'$'1)*'!D*#*)$,+'!=+)!*.!?$A6&+!?.&AJ1&?+L!]$'!A*,&,$'!,*!=)+1*??&(#!
Y/*! ,*6*! $,+=1$)! *.! F+6&*)#+! #$?&+#$.! '+#! ,*! $,$=1$?&(#! $#1*! *'1$'! ?&)?/#'1$#?&$'H! ,*! *'1$!
A$#*)$! '*! =)+1*D*! *.! ?+A*)?&+! 1/)2'1&?+! K$! *[&'1*#1*! *#! 3+#$'! ,*! $.1+! )&*'D+! ?+A+! .$! ?+'1$!
$1.J#1&?$!?+.+A6&$#$L!
!
E#! -/$#1+! $! .$! ?$1*D+)2$! ,*! E,/?$?&(#! $A6&*#1$.! -+.+A6&$! ?/*#1$! ?+#! .$! ]*K! 778! ,*! 7kkCH!
A*,&$#1*! .$! ?/$.! '*! ?+#1*A=.$! Y/*! 1+,+'! .+'! ?+.*D&+'! K! *'?/*.$'! ,*6*#! &#?./&)! ,*#1)+! ,*! '/'!
$?1&%&,$,*'! /#! <)+K*?1+! $A6&*#1$.! *'?+.$)! $! 1)$%Z'! ,*! .$! ?/$.! '*! ,*6*! &#?+)=+)$)! .$!
=)+6.*AJ1&?$! $A6&*#1$.! $.! =)+K*?1+! *,/?$1&%+L! ]+! $#1*)&+)! ,*#+1$! /#$! .*D&'.$?&(#! 1*AJ1&?$!
$#1&D/$!K!$&'.$,$!Y/*!#+!R$!1*#&,+!A$K+)!,*'$))+..+!G/)2,&?+L!N&#!*A6$)D+H!?$6*!)*'$.1$)!Y/*!*.!
0&#&'1*)&+!,*!E,/?$?&(#!X$?&+#$.!,*!.$!A$#+!?+#!*.!0&#&'1*)&+!,*!$A6&*#1*!,*'$))+..(!*#!*.!$S+!
9::9! .$! <+.21&?$! X$?&+#$.! ,*! E,/?$?&(#! MA6&*#1$.! .$! ?/$.! '*! ,&'*S+! 6/'?$#,+! ?+#1)&6/&)!
*I*?1&%$A*#1*H!*#!*.!,*'$))+..+!,*!/#$!=*)'=*?1&%$!$A6&*#1$.H!+)&*#1$,$!$!)*=*#'$)!.$!'+?&*,$,!
*#!'/!?+#G/#1+L!E#!*'1*!?+#1*[1+H!'*!6/'?(!Y/*!.$!*,/?$?&(#!$A6&*#1$.!'*!=+'&?&+#$)$!?+A+!/#!
=)+K*?1+!,*!1)$#'I+)A$?&(#!=*,$D(D&?$!K!,*!)*!'&D#&I&?$?&(#!,*.!'$6*)H!?*#1)$#,+!'/!1)$6$G+!*#!
.$! A+%&.&3$?&(#! ,*! /#! A$)?+! ,*! ?+A=*1*#?&$'! ?&*#12I&?$'H! '+?&$.*'H! .&#D2'1&?$'H! 1*?#+.(D&?$'! K!
?&/,$,$#$'H!&#,&'=*#'$6.*'!=$)$!*.!?+#+?&A&*#1+H!.$!?+A=)*#'&(#!,*!)*$.&,$,*'!K!.$!?)*$?&(#!,*!
/#! '&'1*A$! ,*! %$.+)*'! K! $?1&1/,*'H! K! I$%+)$6.*! =$)$! .$! I+)A$?&(#! ,*! &#,&%&,/+'! $/1(#+A+'H!
'*D/)+'! ,*! '/! )$3+#$A&*#1+H! =$)1&?&=$1&%+'! K! $/1+D*'1&+#$)&+'H! *#! .$! 1+A$! ,*! ,*?&'&+#*'!
)*'=+#'$6.*'!I)*#1*!$!'/'!)*.$?&+#*'!?+#!*.!$A6&*#1*L!E#!,*'$))+..+!,*!*'1$!=+.21&?$!*.!0&#&'1*)&+!
,*!E,/?$?&(#!?)*(!*.!<)+D)$A$!,*!E,/?$?&(#!$A6&*#1$.!?+A+!&#'1)/A*#1+!,*!$1*))&3$G*!,*!.+'!

Cd!

+6G*1&%+'! *'1$6.*?&,+'! *#! ,&?R$! =+.21&?$L! E#! *'1*! '*#1&,+! *[&'1*#! $?1/$.A*#1*! *'1)$1*D&$'!
#$?&+#$.*'! ?+A+! .+'! <)+K*?1+'! MA6&*#1$.*'! E'?+.$)*'H! <)+K*?1+'! -&/,$,$#+'! ,*! E,/?$?&(#!
MA6&*#1$.!K!-+A&1Z'!1Z?#&?+'!&#1*)&#'1&1/?&+#$.*'!,*!E,/?$?&(#!$A6&*#1$.H!*#1)*!+1)+'L!
!
]$!?.$)&,$,!Y/*!*A=*3(!$!1*#*)!*.!=$2'!,*',*!*.!$S+!7kk8!'+6)*!.+'!)&*'D+'!,*.!A$.!A$#*G+!,*!
.+'! )*'&,/+'H! ,*! '/'! *I*?1+'! *#! .$! '$./,! K! *.! A*,&+! $A6&*#1*H! $! ..*%$,+! $.! =$2'! $! 1*#*)! /#$!
.*D&'.$?&(#!*[1*#'$!)*.$1&%$!$!.$!D*'1&(#!&#1*D)$.!,*!*'1+'!)*'&,/+'H!+),&#$)&+'!K!=*.&D)+'+'L!E'!=+)!
*'1$! )$3(#! Y/*! *#! *.! ?/$,)+! $#*[+! ,*! .*D&'.$?&(#! ,*! *'1*! ,+?/A*#1+! '*! %*! $.! =$2'! ,+1$,+! ,*!
I/*)3$! )*D/.$1+)&$! ,*! D*'1&(#! ,*! )*'&,/+'! Y/*! 1&*#*! *#! ?/*#1$! .$! )*'=+#'$6&.&,$,! &#1*D)$.! ,*.!
=)+,/?1+)H! ?+A+! /#+! ,*! .+'! +6G*1&%+'! =$)$! .+D)$)! *'1$! D*'1&(#L! E'! *'1*! *.! A$K+)! &A=/.'+!
$A6&*#1$.! $.! '*?1+)! *A=)*'$)&$.! =/*'! .$! %&D&.$#?&$! K! ?+#1)+.! ,*! .+'! )*'&,/+'! ,*! .$! D*#*)$?&(#!
R$'1$! '/! ,&'=+'&?&(#! I&#$.! D$)$#1&3$! .$! 1)$#'%*)'$.&,$,! ,*.! ?/&,$,+! ,*.! A*,&+! $A6&*#1*! *#! .$!
?$,*#$!,*!=)+,/??&(#!K!?+#'/A+L!N+#!.$'!*A=)*'$'!,*,&?$,$'!$!*'1*!1&=+!,*!A*)?$,+!.$'!Y/*!
?/*#1$#! ?+#! .$! A$K+)! )*D/.$?&(#! $! .$! R+)$! ,*! )*?+.*?1$)H! 1)$#'=+)1$)H! $.A$?*#$)! K! ,&'=+#*)!
)*'&,/+'! =$)$! .+! Y/*! '*! ?+#'1&1/K*#! *#! D)$#,*'! $?1+)*'! *#! +1)+'! 1&=+'! ,*! A*)?$,+'! %*),*'!
?+A+! *#! .$! ?+A=)$! ,*! A$Y/&#$)&$! $A&D$6.*! ?+#! *.! A*,&+! $A6&*#1*! K! =)+,/?1+'! *?+.(D&?+'!
A$#/I$?1/)$,+'!/1&.&3$,+'!*#!'/!$?1&%&,$,L!
!
<+)!/.1&A+H!*#!.$!'/6?$1*D+)2$!,*!'*)%&?&+'!$A6&*#1$.*'H!*#?+#1)$A+'!.$!?+#'/.1+)2$!$A6&*#1$.!
,*#1)+! ,*! .$! ?/$.! #+! '*! *#?+#1)(! .*D&'.$?&(#! =)+=+'&1&%$! #&! )*D.$A*#1$)&$! $.! )*'=*?1+L! B*#+1$!
*'1+!/#$!$/'*#?&$!.*D&'.$1&%$!*#!.$!)*D/.$?&(#!,*!.$!$'*'+)2$!$A6&*#1$.a!#+!+6'1$#1*!$!=$)1&)!,*!
.$!]*K!kk!,*!7kk;!Y/*!?)*+!*.!N&'1*A$!X$?&+#$.!MA6&*#1$.H!'*!,*1*)A&#$)+#!K!+)D$#&3$)+#!.$'!
$/1+)&,$,*'! $A6&*#1$.*'! #$?&+#$.*'! K! )*D&+#$.*'! K! '*! .*'! $'&D#$)+#! I/#?&+#*'! *'=*?2I&?$'! ,*!
?/&,$,+!,*.!A*,&+!$A6&*#1*!K!.+'!)*?/)'+'!#$1/)$.*'H!*#!*.!A$)?+!,*!*'1$!.*KH!R+K!*#!,2$!*.!=$2'!
?/*#1$! ?+#! *.! 0&#&'1*)&+! ,*! MA6&*#1*! K! B*'$))+..+! N+'1*#&6.*! K! +1)$'! ;U! $/1+)&,$,*'!
$A6&*#1$.*'! )*D&+#$.*'! '*D\#! *'1&A$?&+#*'! ,*.! F)/=+! ,*! M#J.&'&'! E?+#(A&?+! K! 5&#$#?&*)+! ,*.!
0&#&'1*)&+!,*!MA6&*#1*L!s$!*#!*.!'*?1+)!=)&%$,+!'*!R$!*#?+#1)$,+!/#!A$)?$,+!?)*?&A&*#1+!,*!
*A=)*'$'!,*!?+#'/.1+)2$!$A6&*#1$.!K!/#$!1*#,*#?&$!$.!/'+!,*.!'*..+!$A6&*#1$.!?+.+A6&$#+!K!.$!

Ck!

?*)1&I&?$?&(#! $A6&*#1$.H! =$)$! *'1+! *.! =$2'! ?/*#1$! ?+#! ^! *#1&,$,*'! ?*)1&I&?$,+)$'! Y/*! =)*'1$#!
'*)%&?&+'!,*!$?)*,&1$?&(#!$A6&*#1$.L!
!
71**"*1'(L(C"%$/",+1%&$,"'(V1*1(.1(O*$/$%&W,(+"(!"#$%&$'()"*+"'(",(-$.$/0&1(
!
E.! '&D/&*#1*! ?/$,)+! =)*'*#1$! .$'! 6$))*)$'! Y/*! '*! =)*'*#1$#! $?1/$.A*#1*! *#! ?/$#1+! $! .$!
$=.&?$?&(#!A$1*)&$.!,*!.$'!?$1*D+)2$'!,*!A*)?$,+'!%*),*'!*#!.$!)*$.&,$,!*A=)*'$)&$.!?+.+A6&$#$!
G/#1+! ?+#! )*?+A*#,$?&+#*'! =$)$! '/=*)$).$'H! 6&*#! ,*',*! .$! &#'1&1/?&+#$.&,$,! ,*.! =$2'! ?+A+!
,*',*!*.!$??&+#$)!,*!.$'!*A=)*'$'!#$?&+#$.*'!,*,&?$,$'!$!*'1*!1&=+!,*!$?1&%&,$,*'L!
!
>2-5:C(

6V*$K"%j1/&",3$(
>$'3",&0."(+"(.$'(
*"%H*'$'(!13H*1."'(

R-*.<:02.8(
1%2:*%'"8(
M%<"*%&'"8?(
H+*/0:'2:*%(
"0.'B+/0%(,(
&/.2"0#.'.+>%S(

76CC2C6>(
C2-:E2!96-;:!2>(
T<)+?*'+'!*[?*'&%+'!Y/*!,*'&#?*#1&%$! TN*! ,*6*#! *'1$6.*?*)! .*D$.A*#1*!
$! *A=)*'$'! *! &#%*'1&D$,+)*'! $! 1Z)A&#+'!=$)$!*%$?/$)!?$,$!*1$=$!
&#%*)1&)!*#!6&+1*?#+.+D2$L!
=)+?*,&A*#1$.!
K!
D$)$#1&3$)!
1&*A=+'!?+)1+'!*#!*.!A$)?+!,*!/#$!
)*D.$A*#1$?&(#! ,*! .$! B*?&'&(#!
!
;k7|k^H! $'2! ?+A+! $D&.&,$,! *#! *.!
!
=)+?*'+!K!)*,/??&(#!*#!?+'1+'L!!
!

!
!

T<+?$! .*D&'.$?&(#! ,*! &#?*#1&%+'!

*?+#(A&?+'L! E.! E'1$1/1+! j)&6/1$)&+!
?+#1*A=.$! 6*#*I&?&+'! \#&?$A*#1*!
=$)$! .$! $,Y/&'&?&(#! ,*! A$Y/&#$)&$!
Y/*!I$%+)*3?$!.$!=)+,/??&(#!.&A=&$H!K!
*.! =)+?*'+! =$)$! +61*#*)! *'1$!
?*)1&I&?$?&(#! ,*! *[?./'&(#! ,*!
&A=/*'1+'L!O`*)!MXEuf!CP!

!
!
!
!
!
!
!
!
!

TE.! *'1$,+! ?+.+A6&$#+! ,*6*!

,*'$))+..$)!
*'1)$1*D&$'!
K!
=)+D)$A$'! ,*! $=+K+H! =$)$! *'1+!
,*6*! /#&)! *'I/*)3+'! A*,&$#1*!
$?/*),+'! &#1*)&#'1&1/?&+#$.*'! ?+#!
+1)$'! *#1&,$,*'! ,*! 1$.! A$#*)$!
Y/*H! I/*)$! ,*! .+! G/)2,&?+H! '*!
&#?*#1&%*#!*'1*!1&=+!,*!$?1&%&,$,*'!
$A=.&$A*#1*L!!!

M,*AJ'H! *#! ?$6*3$! ,*.! F+6&*)#+!

X$?&+#$.! '*! ,*6*#! &A=/.'$)!
)*I+)A$'!
1)&6/1$)&$'!
Y/*!
?+#1*A=.*#! ,&%*)'+'! &#?*#1&%+'!
G/#1+! ?+#! '/! )*D.$A*#1$?&(#!
$,A&#&'1)$1&%$! =$)$! ..*%$).+'! $!
?$6+L!
T]$'! *#1&,$,*'! ,*.! *'1$,+H!
=)+,/?1+)*'H!
$?$,*A&$H!
*[=+)1$,+)*'!
K!
*.!
@-fXjE-!
TX+!R$K!=)*'*#?&$!,*.!A*)?$,+!%*),*!
?+.+A6&$#+!
*#!
*.!
?$A=+! ,*6*)J#!/#&)!*'I/*)3+'!*!&#&?&$)!*.!

8:!

&#1*)#$?&+#$.H! ! ,*6&,+! $! .$! =+?$!

1)$,&?&(#! *[=+)1$,+)$! ,*.! =$2'!
?+#'*?/*#?&$! ,*! .$! I$.1$! ,*!
=)+,/??&(#! ,*! 1*?#+.+D2$! K! ,*!
*'1J#,$)*'! ,*! ?$.&,$,! =+?+!
?+A=*1&1&%+'! ?+#! *.! A*)?$,+!
&#1*)#$?&+#$.L!

,*'$))+..+! ,*! /#! '&'1*A$! ,*!

>/*#$'! <)J?1&?$'! MD)2?+.$'! Y/*!
D$)$#1&?*#!.$!=*)A$#*#?&$!,*!.+'!!
E[=+)1$,+)*'! ?+.+A6&$#+'! *#! *.!
A*)?$,+!&#1*)#$?&+#$.L!!!

TE.! +6'1J?/.+! Y/*! '*! =)*'*#1$!

)$,&?$! *#! /#$! I$.1$! ,*! ?/.1/)$!
T!g$K!=+?+!&A=/.'+!$.!?$A6&+!?/.1/)$.! $A6&*#1$.! ?&/,$,$#$! ,*! ?$)J?1*)!
,*.!?+#'/A&,+)L!
D*#*)$.&3$,+! K! $,*AJ'! K$!
*'1$6.*?&,+L! <$)$! '/=*)$)! *'1$!
!
6$))*)$! .$! )*?+A*#,$?&(#! #+! *'!
!
,*!1&=+!G/)2,&?+!'&#+!?+A*)?&$.L!]+'!
!
,&'1&#1+'!
?$#$.*'!
,*!
!
?+A*)?&$.&3$?&(#! K! $D*#1*'! ,*!
!
*'1$,+! ,*6*#! &#%+./?)$)! $! .+'!
!
A*,&+! ,*! ?+A/#&?$?&(#! =$)$!
!
&A=/.'$)! *.! ?$A6&+! ,*! ?+#'/A+!
!
*#! .+'! ?&/,$,$#+'! A*,&$#1*! .$!
!
,&%/.D$?&(#! ,*! .+'! 6*#*I&?&+'!
!
,*)&%$,+'! ,*.! /'+! ,*! =)+,/?1+'!
!
%*),*'L!

!
!
!
!

TN*! ,*6*#! $/A*#1$)! .+'! )*?/)'+'!

*?+#(A&?+'! ,*'1&#$,+'! *#! .$'!
%&D*#?&$'! I&'?$.*'! $! &#'1&1/1+'! ,*!
T! <+?$! )*D/.$?&(#! ,*! I+A*#1+! ,*! .$! &#%*'1&D$?&(#L!!
&#%*'1&D$?&(#H! *'! ,*?&)H! &#'/I&?&*#?&$!
,*! *A=)*'$)&+'H! 6&+1*?#+.(D&?+'H! T-+.?&*#?&$'! #+! ,*6*! I+)A/.$)!
&#%*'1&D$,+)*'a! =+?$! ?/.1/)$! ,*! =+.21&?$'! D*#*)$.*'! K! +I)*?*)!
I+#,+'! $! .$6+)$1+)&+'! ,*!
$.&$#3$!K!?++=*)$?&(#L!
&#%*'1&D$?&(#!
$&'.$,+'H!
'&#+!
!
=)+=+#*)! /#! =)+D)$A$! #$?&+#$.!
!
,*! ?)*$?&(#! ,*! /#! =)+,/?1+!
6&+1*?#+.(D&?+!
?+A*)?&$.!
,*1*)A&#$,+L!E'1*!=)+D)$A$!,*6*!
)*/#&)! .+'! )*?/)'+'! &#1*.*?1/$.*'! K!
*?+#(A&?+'! ,&'=+#&6.*'! *#! *.!
'*?1+)!K!=)+=+)?&+#$).*'!.$!?*)1*3$!
,*! 1)$6$G$)! *#! /#! =)+,/?1+!
#*?*'$)&+! =$)$! *.! =$2'H! Y/*! 1*#D$!
/#!A*)?$,+!D$)$#1&3$,+L!!
"#! =)+D)$A$! #$?&+#$.! $! .$)D+!
=.$3+H! )*$.&3$,+! =+)! *.! E'1$,+!
A&'A+H! ?+#! .$! $'&'1*#?&$! ,*!
*A=)*'$'! =)&%$,$'H! =*)A&1&)2$! $!

87!

.+'!&#%*'1&D$,+)*'!1)$6$G$)!?+#!/#!
R+)&3+#1*! ,*! =.$#*$?&(#! *#! /#!
$A6&*#1*!A*#+'!&#?&*)1+L!M'2H!/#$!
A*#+)! &#?*)1&,/A6)*! %$! $!
=*)A&1&)! Y/*! .+'! .$6+)$1+)&+'! ,*!
&#%*'1&D$?&(#! K! .+'! &#%*'1&D$,+)*'!
R$D$#! A$K+)! &#%*)'&(#! *#! .$'!
AJY/&#$'!K!*#!I+)A$?&(#L!

2%$V*$+H%3$'(
;,+H'3*&1."'(

R-*.<:02.8(
;%#:4%02:*%<.8(;"#.8(
0.#2%;/#%#2"8?(
T"0#.'.+>%8(J/;=/%8(,(
)G:/=.8(<"(M/2/+%0/B#(
<"(U;=%02.8?(
H=*.@"05%;/"#2.(<"(
*"8/<:.8(,(*"0/0'%A"?(
"#"*+>%8('/;=/%8?(,(
;/#"*>%(8.82"#/&'"S(

!
!
!

T<+?+! I+A*#1+! $! &#%*)'&+#*'!

*A=)*'$)&$.*'!)$,&?$.*'!,*6&,+!$!/#$!
.*D&'.$?&(#! *#I+?$,$! $! =*Y/*S+'!
?$A6&+'! *#*)DZ1&?+'! K! #+! $! A*1$'!
*?+#(A&?$'!D.+6$.*'L!!

T5$.1$! ,*! ,&I/'&(#! ,*! .$! &#I+)A$?&(#!

)*.$1&%$!
$!
?*)1&I&?$?&+#*'!
$A6&*#1$.*'L! B*6&,+! $! .$! I$.1$! ,*!
+)D$#&3$?&(#! &#'1&1/?&+#$.! ,*,&?$,$!
*'=*?2I&?$A*#1*!$.!A*)?$,+!%*),*L!!

!
!
!
!

>"*K&%&$'(
6/0&",31."'(

R)0.2:*/8;.(.(
T:*/8;.()0.'B+/0.?(
V"82/B#(U#2"+*%'(<"(
!"8/<:.8(NB'/<.8?(
-*.,"02.8(<"(
U#4*%"82*:02:*%(
=%*%("'(T*%2%;/"#2.(
<"(W"*2/;/"#2.8(,(
);/8/.#"8?(
)<:0%0/B#(
%;&/"#2%'(,(
0.#8:'2.*>%(
%;&/"#2%'S(

TE.! D+6&*)#+! #$?&+#$.! ,*6*! ?)*$)!

&#?*#1&%+'!I&'?$.*'!+!'/6'&,&+'!Y/*!
I$?&.&1*#!$!.+'!=)+,/?1+)*'!'/!=$'+!
,*!/#$!=)+,/??&(#!?+#%*#?&+#$.!$!
/#$!
=)+,/??&(#!
'+'1*#&6.*!
'/'?*=1&6.*!,*!'*)!?*)1&I&?$,$L!
TE'!#*?*'$)&+!Y/*!*.!0&#&'1*)&+!,*!
MA6&*#1*! K! B*'$))+..+! N+'1*#&6.*H!
,&I/#,$! $.! AJ[&A+! .$'! F/2$'!
*[&'1*#1*'! $! .+'! *A=)*'$)&+'! =$)$!
$'2! I$?&.&1$)! *.! $??*'+! $! .$!
?*)1&I&?$?&(#!*#1)*!.+'!=)+,/?1+)*'!
?+#! *.! I&#! ,*! Y/*! Z'1+'! ?+#+3?$#!
.+'! =)+D)$A$'! ,*! -*)1&I&?$?&+#*'!
*[&'1*#1*'L!

TE[&'1*#! =+?+'! &#?*#1&%+'! $! E.! *'1$,+! K! .$'! *A=)*'$'! =)&%$,$'!

,*'$))+..$)! *?+1/)&'A+! =+)! =$)1*! ,*! &#1*)*'$,$'! *#! *.! 1/)&'A+! ,*6*#!
=*Y/*S+'!*A=)*'$)&+'L!
&#&?&$)! .$! ?+#%*)'&(#! ,*.! 1/)&'A+!
,*! =$Y/*1*! R$?&$! *.! *?+1/)&'A+!
!
T0$)?$,$! )*'1)&??&(#! +! .&A&1$?&(#! ,*.! ?+A+!\#&?$!A*,&,$!=)*%*#1&%$!,*!
,+A&#&+!$!.+'!=)+=&*1$)&+'!,*!=)*,&+'! .$! ?+#'*)%$?&(#! ,*.! A*,&+!
*#! J)*$'! =)+1*D&,$'! K! =$)Y/*'! MA6&*#1*L! M'2! '*! =+1*#?&$)J! .$!
#$1/)$.*'! .+! Y/*! .&A&1$! .$! =+'&6&.&,$,! ?$=$?&,$,! 1/)2'1&?$! ,*! -+.+A6&$! K!
,*! *A=)*#,&A&*#1+! ,*! '*)%&?&+'! '*! ?+#'+.&,$)2$! .$! %*#1$! ,*! 6&*#*'!
K!'*)%&?&+'!$!1/)&'A+!?$.&I&?$,+L!!!
$A6&*#1$.*'!,*!1/)&'A+!*?+.(D&?+L!!

!
E.! $%$#?*! *#! 1Z)A&#+'! ,*! A*)?$,+'! %*),*'! *#! -+.+A6&$! ,*6*! '*)! *.! )*'/.1$,+! ,*.!
*#1*#,&A&*#1+! ,*! .+'! 6*#*I&?&+'! *?+#(A&?+'! &#R*)*#1*'! Y/*! 1)$*#! ?+#'&D+! =$)$! .$'! *A=)*'$'!

89!

Y/*! +=1*#! =+)! *..+'L! E'*! *#1*#,&A&*#1+! ,*6*! 1*#*)! ?+A+! =&*,)$! $#D/.$)! $.! *'1$,+! ?+A+!
=)&#?&=$.! $?1+)! D*'1$#1*H! *.! ?/$.! ,*6*! &A=.*A*#1$)! D/2$'! K! *'1)$1*D&$'! &#I+)A$1&%$'! =$)$!
*.&A&#$)!1)JA&1*'!&##*?*'$)&+'!*#!.$!&A=.*A*#1$?&(#!,*!#*D+?&+'!$A6&*#1$.A*#1*!'/'1*#1$6.*'H!
$'2!?+A+!?)*$)!#/*%$'!I+)A$'!,*!=$)1&?&=$?&(#!,*!.$!?+A/#&,$,!=$)$!*.!&#?*#1&%+!,*!=*Y/*S+'!
*A=)*'$)&+'L!B*'$I+)1/#$,$A*#1*!.$!&#'1&1/?&+#$.&,$,!,*.!F+6&*)#+!X$?&+#$.!'*!%&+!,&I/A&#$,$!
*#!*.!$S+!9::^!?+#!.$!*.&A&#$?&(#!,*!.$!+I&?&#$!,*!A*)?$,+'!%*),*'!,*.!0&#&'1*)&+!,*!MA6&*#1*!
K!B*'$))+..+!N+'1*#&6.*H!K!?+#!*..$H!.+'!$%$#?*'!Y/*!'*!R$62$#!,*'$))+..$,+!*#!.$!A$1*)&$L!!
!
E.!'&D/&*#1*!D)JI&?+!=)*'*#1$!.*K*'H!=+.21&?$'!K!B+?/A*#1+'!-fX<EN!Y/*!*#A$)?$#!.+'!#*D+?&+'!
%*),*'L! E.! D)JI&?+! 1+A$! $.D/#$'! ,*! .$'! .*K*'! K! =+.21&?$'! A*#?&+#$,$'! $#1*)&+)A*#1*! *! &#?./K*!
B+?/A*#1+'!-fX<ENH!Y/*!#+!'*!R$62$#!A*#?&+#$,+L!
!

8;!

U= -BE:(;92!5;4;-6C(!2D:-;:>()2C92>(
!
]$! ?)*?&*#1*! =)*+?/=$?&(#! =+)! .+'! *I*?1+'! ,*! .$'! $?1&%&,$,*'! =)+,/?1&%$'! ,*.! R+A6)*! '+6)*! *.!
$A6&*#1*H!$'2!?+A+!*.!$D+1$A&*#1+!,*!.+'!)*?/)'+'!K!,*!.+'!'*)%&?&+'!*?+'&'1ZA&?+'!R$#!R*?R+!
Y/*! '/)G$#! 6&*#*'! K! '*)%&?&+'! Y/*! 6$G+! ,&'1&#1+'! *#I+Y/*'! )*'$.1$#! &##+%$?&(#! K! 6*#*I&?&+'!
$A6&*#1$.*'! K! '+?&$.*'L! E'1$! 1*#,*#?&$! *'1$! $! .$! %*3! A$)?$,$! =+)! .$'! =)*I*)*#?&$'! ,*! .+'!
?+#'/A&,+)*'!K!=+)!=+.21&?$'!,*!.+'!D+6&*)#+'!K!.+'!E'1$,+'!=$)$!,&'A&#/&)!*.!?+#'/A+H!R$?*)!
AJ'!*I&?&*#1*!*.!?&?.+!,*!%&,$!,*!.+'!=)+,/?1+'!K!*#!D*#*)$.!*#%*),*?*)!.+'!'*?1+)*'!=)+,/?1&%+'L!
-+.+A6&$!'*!*#?/*#1)$!*#!A*,&+!,*.!=)+?*'+!=$)$!*#1)$)!$!.$!f-BE!K!?+#!*..+H!*'1J!*[=.+)$#,+!
*.!?$A&#+!,*.&#*$,+!=+)!*'$!+)D$#&3$?&(#!?+A+!*'!*.!,*.!?)*?&A&*#1+!%*),*L!-+A+!.+!?+A*#1$!
*.!N*?)*1$)&+!F*#*)$.!,*!.$!f-BEH!'*D/&)!?+#!/#!?)*?&A&*#1+!,*!V#*D+?&+'!?+A+!,*!?+'1/A6)*W!
'*)&$!=+?+!'*#'$1+!*!&#*%&1$6.*A*#1*!..*%$)2$!$!.+'!=$2'*'!$!'*)!&#'+'1*#&6.*'H!&A=.&?$#,+!)&*'D+'!
=$)$!*.!R+A6)*!K!=$)$!*.!?)*?&A&*#1+!K!,*'$))+..+L!!
!
E#! *'1*! ?+#1*[1+H! *.! ?)*?&A&*#1+! %*),*! '&D#&I&?$! &A=/.'$)! *.! ?)*?&A&*#1+! *?+#(A&?+! K! *.!
,*'$))+..+!$!.$!%*3!Y/*!'*!D$)$#1&3$!.$!?+#1&#/&,$,!*#!)*?/)'+'!#$1/)$.*'!=$)$!=)+%**)!)*?/)'+'!K!
'*)%&?&+'! $A6&*#1$.*'! ,*! .+'! ?/$.*'! ,*=*#,*! #/*'1)+! 6&*#*'1$)L! N*! 1)$1$! =+)! .+! 1$#1+! ,*!
&A=/.'$)!.$!=)+,/?1&%&,$,!,*',*!*.!=/#1+!,*!%&'1$!,*!.$!*I&?&*#?&$!*#!*.!/'+!,*!.+'!)*?/)'+'a!,*!
I+A*#1$)! .$! &##+%$?&(#! ?+#! =+.21&?$'! K! *#1+)#+'! =)+=&?&+'a! ,*! D*#*)$)! #/*%+'! A*)?$,+'!
*'1&A/.$#,+! .$! ,*A$#,$! ,*! 6&*#*'H! '*)%&?&+'! K! 1*?#+.+D2$'! AJ'! %*),*'H! Y/*! $! .$! %*3! D*#*)*#!
*A=.*+a! ,*! *'1&A/.$)! .$! ?+#I&$#3$! ,*! .+'! &#%*)'&+#&'1$'! *#! ?/$#1+! $! .$! *'1$6&.&,$,! ,*! '/'!
&#%*)'&+#*'!K!.$'!=+.21&?$'!*#!1+)#+!$!1*A$'!$A6&*#1$.*'!K!'+?&$.*'H!*'1$6&.&,$,!*#!.$!%+.$1&.&,$,!
,*! =)*?&+'! ,*! )*?/)'+'H! ?+#,&?&+#*'! A$?)+*?+#(A&?$'! AJ'! 6$.$#?*$,$'H! )*,*I&#&*#,+!
=)&+)&,$,*'!,*!&#%*)'&(#!K!?+#'/A+!K!?+#1$6&.&3$#,+!.+'!'*)%&?&+'!*?+'&'1ZA&?+'L!
!
X+!*[&'1*!/#$!)*?*1$!=$)$!&A=/.'$)!/#!?)*?&A&*#1+!%*),*L!-$,$!=$2'!*'1$!)*=*#'$#,+!'/!A$#*)$!
,*! *#1*#,*)! *.! ?)*?&A&*#1+! 6$'$,+! *#! '/'! =)+=&+'! )*?/)'+'! R/A$#+'! K! #$1/)$.*'H! *#! '/'!
%*#1$G$'!?+A=*1&1&%$'!KH!$#1*!1+,+H!*#!'/'!=)&+)&,$,*'!,*!=)+,/??&(#!K!?+#'/A+H!=)+K*?1$,$'!
R$?&$!/#$!*?+#+A2$!AJ'!1*#,&*#1*!$!.$!&##+%$?&(#H!Y/*!$!.$'!I+)A$'!=)&A$)&$'!,*!=)+,/??&(#L!

8C!

!
E#!*'1*!A$)?+H!R$#!*A=*3$,+!$!'/)D&)!,&%*)'+'!?)&1*)&+'!=$)$!&,*#1&I&?$)!#*D+?&+'!%*),*'!6$G+!
*#I+Y/*'!,&'1&#1+'L!M!?+#1&#/$?&(#!'*!,*'1$?$#!%$)&$'!I+)A$'!*#!.$'!Y/*!R+K!*#!,2$!'*!=/*,*#!
&,*#1&I&?$)!#*D+?&+'!AJ'!'+'1*#&6.*'H!,*',*!.$'!EA=)*'$'!>H!?/K+!+6G*1&%+H!AJ'!$..J!,*!D*#*)$)!
/1&.&,$,*'H!*'!D*#*)$)!6*#*I&?&+'!'+?&$.*'!K!$A6&*#1$.*'H!R$'1$!.$'!*A=)*'$'!A&*A6)+'!,*.!<$?1+!
F.+6$.! Y/*! '*! ?+A=)+A*1*#! $! )*$.&3$)! '/'! +=*)$?&+#*'! '&D/&*#,+! ,&*3! =)&#?&=&+'L! E.! '&D/&*#1*!
D)JI&?+!A/*'1)$!%$)&+'!&#'1)/A*#1+'H!,*',*!.+'!AJ'!)*'1)&?1&%+'!K!%*)&I&?$6.*'H!R$'1$!&#&?&$1&%$'!
,*!?$)J?1*)!%+./#1$)&+!K!,*!$/1+!%*)&I&?$?&(#L!
!
(
EA=)*'$'!>!
@#'1)/A*#1+'!
%*)&?$,+'!=+)!1*)?*)+'!
O=L*L&#,&?*'!,*!6+.'$P!
@#'1)/A*#1+'!,*!%*)&?$?&+#!
%+./#1$)&$!=+!F_@!
N*..+'!K!?*)?$?&+#*'!
!
0*A6)*?2$!*#!z>-NB!
!
<$?1+!F.+6$.!,*!.$'!X$?&+#*'!"#&,$'!

!
5/*#1*Q!E.$6+)$,+!=+)!E;T!E?+#+A2$H!E?+.+D2$!K!t1&?$!

!
(
;,'3*H/",3$'(2i&'3",3"'(V1*1(;+",3&N&%1*(2/V*"'1'(>$'3",&0."'(
!
1G

2/V*"'1'(7(

!
]$'! EA=)*'$'! >! '*! *#?/*#1)$#! *#! .$'! 1*#,*#?&$'! ,*.! ?/$)1+! '*?1+)! ,*! .$! *?+#+A2$L! N+#!
*A=)*'$'!Y/*!/1&.&3$#!*.!=+,*)!,*.!A*)?$,+!=$)$!D*#*)$)!6*#*I&?&+'!$A6&*#1$.*'!K!'+?&$.*'L!!

88!

]$'! *A=)*'$'! >! '*! *#?/*#1)$#! *#! .$'! 1*#,*#?&$'! ,*.! ?/$)1+! '*?1+)! ,*! .$! *?+#+A2$L! N+#!
*A=)*'$'!Y/*!/1&.&3$#!*.!=+,*)!,*.!A*)?$,+!=$)$!D*#*)$)!6*#*I&?&+'!$A6&*#1$.*'!K!'+?&$.*'L!!]+!
R$?*#! ,*! A$#*)$! %&#?/.$#1*! ,*',*! .$! ?)*$?&(#! .*D$.! A&'A$! ,*! .$! *A=)*'$H! *#! ,+#,*! '*!
?+A=)+A*1*#!$!1*#*)!/#$!,*I&#&?&(#!,*!Z[&1+!I&#$#?&*)+H!$A6&*#1$.!K!'+?&$.L!!
!
]$'!EA=)*'$!>!R$?*#!=$)1*!,*!/#$!?+A/#&,$,!D.+6$.!,*!*A=)*'$'!Y/*!?)*$#!%$.+)!=$)$!1+,+'!
'/'!D)/=+'!,*!&#1*)Z'!O#+!'+.+!'/'!$??&+#&'1$'PH!+=*)$#!?+#!.+'!AJ'!$.1+'!*'1J#,$)*'!'+?&$.*'!K!
$A6&*#1$.*'H!K!,*!1)$#'=$)*#?&$H!K!'*!'/G*1$#!%+./#1$)&$A*#1*!$!*'1$1/1+'!.*D$.*'!Y/*!'*..$!*'1*!
MBX!K!*[&D*!%*.$)!=+)!.$!?)*$?&(#!,*!%$.+)!'+?&$.H!$A6&*#1$.!K!*?+#(A&?+L!!E'1$!&,*#1&,$,!?+A\#!
D.+6$.! ,&I*)*#?&$! $! .$'! EA=)*'$'! >! *#! *.! A*)?$,+! ?+#! A$K+)! I$?&.&,$,! I)*#1*! $! ?+#'/A&,+)*'H!
=)+%**,+)*'H! &#%*)'&+#&'1$'! K! +1)+'! $?1+)*'! ?.$%*! Y/*! =/*,*#! *[1*#,*)! R*))$A&*#1$'! ,*!
A*)?$,+!Y/*!$K/,*#!$!*'1$'!*A=)*'$'!?)*?*)!K!*'?$.$)!'/!&A=$?1+L!
!
M?1/$.A*#1*! *[&'1*! /#! #\A*)+! &A=+)1$#1*! ,*! *A=)*'$'H! $! #&%*.! A/#,&$.! K! ?&*)1$A*#1*! *#!
N/,$AZ)&?$H!Y/*!'*!,&'1&#D/*#!=+)!'/!?$=$?&,$,!1)$#'I+)A$,+)$L!t'1$'!6/'?$#!'*)!V.$'!A*G+)*'!
<M_M!*.!A/#,+!K!#+!'+.+!.$'!A*G+)*'!BE]!A/#,+WL!j&*#*#!=)*'*#?&$!?$,$!%*3!AJ'!)*.*%$#1*!K!
.*G+'!,*!'*)!/#$!$#Z?,+1$!+?$'&+#$.H!?+#'1&1/K*#!K$!/#!A+%&A&*#1+!D.+6$.L!!
E#! MA*)&?$! .$1&#$! '*! *'1$! ?+#'+.&,$#,+! *'1$! 1*#,*#?&$! $! 1)$%Z'! ,*.! N&'1*A$! >L!
OcccL'&'1*A$6L+)DP! &#&?&$#,+! *#! -R&.*H! M)D*#1&#$H! >)$'&.! K! -+.+A6&$L! s$! *#! -R&.*! '*! *'1$!
1)$A&1$#,+! .$! ]*K! *A=)*'$'! >! ?+A+! /#$! #/*%$! %&'&(#! R$?&$! .$'! *?+#+A2$'! '+'1*#&6.*'L! E#!
-+.+A6&$H! '*! *'=*)$! D*#*)$)! /#! A+%&A&*#1+! ?)*?&*#1*H! Y/*! K$! ?/*#1$! ?+#! *A=)*'$'! >! K! /#!
'&'1*A$!,*!A*)?$,+'H!=+.21&?$'H!$?$,*A&$!K!%&'&(#!,*!I/1/)+!=$)$!&A=/.'$).+L!

8^!

0G

;,'3*H/",3$'()"*&N&%1+$'(V$*(5"*%"*$'(

!
M! =$)1&)! ,*.! &#1*)Z'! *#! .$! '+'1*#&6&.&,$,! ,*! .$'! &#%*)'&+#*'! =+)! =$)1*! ,*! ,&I*)*#1*'! $?1+)*'! ,*.!
'*?1+)!I&#$#?&*)+!$!#&%*.!A/#,&$.H!R$#!'/)D&,+!,&I*)*#1*'!'&'1*A$'!,*!&#,&?$,+)*'H!Y/*!=*)A&1*#!
*%$./$)!.$!'+'1*#&6&.&,$,!,*!*A=)*'$'!K!=)+K*?1+'L!
!
E#! D*#*)$.H! .+! Y/*! 6/'?$#! A*,&)! .+'! &#,&?$,+)*'! ,*! .$'! 6+.'$'! ,*! %$.+)*'! '+#! .+'! )&*'D+'!
$'+?&$,+'!$!/#$!&#%*)'&(#L!E#!*'1*!?+#1*[1+H!=+)!*G*A=.+H!*#!*.!B+c!{+#*'!N/'1$&#$6&.&1K!@#,*[!
*'1J#! '+.+! C! *A=)*'$'! -+.+A6&$#$'L! N(.+! /#! 7:e! ,*! .+'! %$.+)*'! Y/*! I+)A$#! =$)1*! ,*.! B+c!
{+#*'! F.+6$.! @#,*[H! ?+A=/*'1+! =+)! ?+A=$S2$'! ?+1&3$,$'! ,*! .+'! =)&#?&=$.*'! A*)?$,+'! ,*.!
A/#,+H! *'1J! =)*'*#1*! *#! *.! B+c! {+#*'! N/'1$&#$6&.&1K! @#,*[H! 1)$'! '*)! '+A*1&,$'! $! /#! )&D/)+'+!
=)+?*'+!,*!$#J.&'&'!K!'*.*??&(#L!E.!B+c!{+#*'!'*!G/#1(!?+#!NM0H!Y/&*#!,*'$))+..$!.+'!2#,&?*'!,*!
'+'1*#&6&.&,$,H!=$)$!?$.&I&?$)!$!.$'!*A=)*'$'L!!
!
]+'! &#,&?$,+)*'! Y/*! A$#*G$#! %$#! *#! 8! ?$1*D+)2$'Q! A$#*G+! ,*! .$! ?$,*#$! =)+,/?1&%$H! )*=+)1*!
$A6&*#1$.! K! '+?&$.H! ?+#! *'=*?&$.! Z#I$'&'! *#! 1*A$'! ,*! *I&?&*#?&$! K! $#J.&'&'! ,*! .+'! A$1*)&$.*'H!
&#,&?$,+)*'!,*!=)$?1&?$'!.$6+)$.*'!K!,*)*?R+'!R/A$#+'H!K!?)&1*)&+'!'*?1+)&$.*'!*'=*?2I&?+'L!
!
]$! '&D/&*#1*! 1$6.$! =)*'*#1$! %$)&+'! ,*! *'1+'! '&'1*A$'! ,*! &#,&?$,+)*'L! E.! F@@_N! K! *.! -NM! '+#!
*[?./'&%$A*#1*! A*?$#&'A+'! =$)$! *%$./$)! ?+A=$S2$'L! E.! F@@_N! *%$.\$! .$'! ?+A=$S2$'! Y/*! .+!
'+.&?&1*#H! A&*#1)$'! Y/*! *.! -NM! *%$.\$! .$'! 98::! AJ'! D)$#,*'! ,*.! A/#,+L! ]+'! +1)+'! &#,&?$,+)*'!
'+#!2#,&?*'!=$)$!'*D/&)!*.!,*'*A=*S+!*#!6+.'$!,*!.$'!$??&+#*'!,*!?+A=$S2$'!Y/*!?/A=.*#!?+#!
?&*)1+'!?)&1*)&+'!)*.$?&+#$,+'!?+#!.$!'+'1*#&6&.&,$,L!
!
E#! D*#*)$.H! ?$,$! /#$! ,*! *'1$'! R*))$A&*#1$'! ,*'$))+..$! '/'! =)+=&+'! &#,&?$,+)*'H! $.D/#+'!
R$?&*#,+! AJ'! Z#I$'&'! *#! 1*A$'! $A6&*#1$.*'! K! '+?&$.*'! K! +1)+'! 1$A6&Z#! *#I$1&3$#! .+'! 1*A$'!
.$6+)$.*'L!-&*)1+'!,*!*'1+'!&#,&?$,+)*'!K$!*A=&*3$#!$!$#$.&3$)!.$!D+6*)#$#3$!,*!.$!*A=)*'$!*#!
'/!?+#G/#1+H!?+A+!*'!*.!?$'+!,*!F@@_N!$'+?&$,+!$!>!-+)=+)$1&+#H!*#!,+#,*!'*!R$?*!/#!$#J.&'&'!
)*$.!,*!.$!*A=)*'$!*#!?/$1)+!J)*$'H!&#?./K*#,+!I/#,$A*#1$.A*#1*!.$!D+6*)#$#3$L!

8U!

!:E7C2(

E"%1,&'/$'(
V1*1("K1.H1*(
%$/V1kJ1'(

D;;C>(XD.$01.(
;/V1%3(
;,K"'3&,#(
C13&,#(
>L'3"/G(
(

-$*V$*13"(
>H'31&,10&.&3L(
6''"''/",3(
X->6G(+"(>6E(

9$m(n$,"'(
>H'31&,10&.&3L(
;,+"i"'(X9n>;G(
(

S,+&%"'(+"(
0$.'1(

45>2?D::9(

-$$*V$*13"(
>H'31&,10&.&3L(
;,+"id(
7Eo47:)2>O

-652D:CS6>(
2)68A696>(

OeD;!6(Z27(

F+6*)#$#3$!
j)$6$G$,+)*'!
-+A/#&,$,!
MA6&*#1*!

R11=Q||D&&)'L+)D
|!
!

5&#$#?&*)+'!!
MA6&*#1$.*'!
N+?&$.*'!

cccL'/'1$&#$
6&.&1KT
&#,*[*'L?+A!

5&#$#?&*)+'!!
MA6&*#1$.*'!
N+?&$.*'!

cccL'/'1$&#$
6&.&1KT
&#,*[*'L?+A!

MA6&*#1$.*'!
]$6+)$.*'!
F+6*)#$#3$!
5&#$#?&*)+'!

cccLI1'*L?+A
|@#,&?*'|5jNEC
F++,@#,*[N
*)&*'|&#,*[LG'=!!
!

MA6&*#1$.*'!
N+?&$.*'!
5&#$#?&*)+'!
F+6*)#$#3$!

cccL6AI6+%*
'=$L?+AL6)|*'T
*'|6AI6+%*'=
$|'+'1*#1$6&.&,

-6C6-52CS>5;-6>(

"1&.&3$,+! =$)$! &#%*)'&(#!

,*!&A=$?1+!
E.! +6G*1&%+! )*?+#+?*)! *.!
&A=$?1+!
'+?&$.!
K!
$A6&*#1$.! =)+$?1&%+! ,*!
.$'!?+A=$S2$'!
B$1+'!,*!6*#?RA$)p&#D!
7:e! '/G*1+! =$)$! )*%&'&(#!
*#!'&1/!!!
@#1*D)$!@_@N!
>$'*!
=$)$!
.$!
?+#'1)/??&(#! ,*.! B+c!
{+#*'!
N/'1$&#$6&.&1K!
@#,*[!!
E'1J#,$)*'!=+)!'*?1+)!
F*#*)$?&(#! ,*! %$.+)! $!
.$)D+!=.$3+!
-+A=$)$?&(#! ,*! 6/*#$'!
=)$?1&?$'! %&D*#1*'! *#! *.!
'*?1+)!
`+./#1$)&+!
_&*'D+'!
,*!
.$!
'+'1*#&6&.&,$,! =$)$! .$!
*A=)*'$!
-+A=$S2$'!
?+#!
*'1J#,$)*'!
,*!
)*'=+#'$6&.&,$,!
*A=)*'$)&$.!O_EP!!
#,&?*'! =$)$! ,&I*)*#1*'!
A*)?$,+'L!
N+.+!
A*)?$,+'!,*'$))+..$,+'L!
N*! *[?./K*#! '*?1+)*'!
O1$6$?+a! ?+A=+#*#1*'! K!
I$6)&?$?&(#! ,*! $)A$'!
#/?.*$)*'a!$)A$'P!
M,*AJ'! *'1J! 5jNECF++,!
E#%&)+#A*#1$.! ]*$,*)'!
E/)+=*! C:Q! ?+A=$S2$'!
*/)+=*$'! ,*#1)+! ,*!
5jNECF++,!?+#!=)J?1&?$'!
$A6&*#1$.*'!*G*A=.$)*'!
0*G+)*'!=)J?1&?$'!*#!_NE!
7d!'*?1+)*'!
@#,&?$,+)*'! $A6&*#1$.*'!
%$)2$#!=+)!'*?1+)!

8d!

6(

S,+&%"'(+"(
>31,+1*+(o(
O$$*p'(

`+./#1$)&+!
<)*D/#1$'!
*'=*?2I&?$'!
)*.$?&+#$,$'! ?+#! ?$A6&+!
?.&AJ1&?+H! *! &A=$?1+! ,*.!
=)+,/?1+!
j)*'! 1&=+'! ,*! 2#,&?*'!
\1&.*'Q!
ENFQ! ?+A=$S2$'! Y/*!
?/A=.*#! ?+#! ?)&1*)&+'!
ENF!!
-$)6+#+!
*I&?&*#1*Q!
6$'$,+! *#! Nv<! 8::H! '*!
*[?./K*#! ?+A=$S2$'! ?+#!
A$K+)*'! R/*..$'! ,*!
?$)6+#+!)*.$1&%$'!
j*AJ1&?+'Q! =+)! '*?1+)*'!
O=L*L!
*#*)D2$'!
)*#+%$6.*'H!
*#*)D2$'!
.&A=&$'H!
1*?#+.+D2$'!
%*),*'H!*?+.+D2$P!
<$)$!
,&I*)*#1*'!
A*)?$,+'Q!
D.+6$.a!
)*D&+#$.a!=$2'!

!
!
!
!

!
!

!
!

$,|'+'1*#1$6&.&
,$,L$'=[&,&+
A$*'T*'!
!

ENF!
MA6&*#1$.*'!
N+?&$.*'!
F+6*)#$#3$!
5&#$#?&*)+'!
-$)6+#+!
*I&?&*#1*Q!
g/*..$!,*!
?$)6+#+!
5&#$#?&*)+'!
j*AJ1&?+'Q!
<*)1*#*?*)!$.!
'*?1+)!
5&#$#?&*)+'!

cccL'1$#,$),
$#,=++)'L?+A
|&#,&?*'|1R*A
$1&?|*#|/'|$'
'*1X$A*jR*
A$1&?v$''*1@B
79977d^U:d^
:U!!

!
M! ,&I*)*#?&$! ,*! +1)$'! R*))$A&*#1$'H! *'1+'! '&'1*A$'! ,*! &#,&?$,+)*'! &A=.&?$#! .$! %*)&I&?$?&(#! ,*.!
,*'*A=*S+!,*!.$'!*A=)*'$'!=+)!=$)1*!,*!/#!1*)?*)+L!]+'!,&I*)*#1*'!'&'1*A$'!/1&.&3$#!I+)A$1+'!
,*! *%$./$?&(#! K! $/1+*%$./$?&(#H! Y/*! $! A*#/,+! '+#! %*)&I&?$,+'! A*,&$#1*! $/,&1+)&$'! K!!
?+A=$)$,+'!?+#!*'1J#,$)*'!=$)$!*.!'*?1+)L!!
!
%G

;,'3*H/",3$'(+"()"*&N&%1%&W,()$.H,31*&1(5&V$(D.$01.(C"V$*3&,#(;,&3&13&K"(XDC;G((

!
E.! F_@! *'! /#$! +)D$#&3$?&(#! #+! D/6*)#$A*#1$.! Y/*! ,&'*S$! K! ,&'1)&6/K*! /#$! F/2$! =$)$! .$!
E.$6+)$?&(#! ,*! _*=+)1*'! ,*! N+'1*#&6&.&,$,L! ! ]$! F/2$! $K/,$! $! .$'! *A=)*'$'! $! *%$./$)! '/!
,*'*A=*S+!*?+#(A&?+H!'+?&$.H!K!$A6&*#1$.H!?+#!6$'*!*#!/#$!'*)&*!,*!&#,&?$,+)*'L!B*!$?/*),+!
?+#!/#!)*=+)1*!,*!o<F0!O9:77PH!*.!d:e!,*!.+'!)*=+)1*'!$!#&%*.!A/#,&$.!'*!*.$6+)$#!'&D/&*#,+!.$!
A*1+,+.+D2$!,*.!F_@L!!
!

8k!

M?1/$.A*#1*H! '*! *'1J! ,&'*S$#,+! .$! ?/$)1$! %*)'&(#! ,*! .$! F/2$L! N&#! *A6$)D+H! .$! %*)'&(#! $?1/$.!
)*?+A&*#,$!$!.$'!*A=)*'$'!*%$./$)!'/!,*'*A=*S+!*#!.$'!,&I*)*#1*'!,&A*#'&+#*'!?+#!6$'*!*#!
&#,&?$,+)*'!=$)$!.+'!'&D/&*#1*'!$'=*?1+'Q!
!
DC;=( DHJ1( V1*1( .1( 2.10$*1%&W,( +"( C"V$*3"'( +"( >$'3",&0&.&+1+=( 9&/",'&$,"'( L( 1'V"%3$'( 1(
"K1.H1*=(
9;E2!>;B!(

6>O2-5:>(
B*'*A=*S+!*?+#(A&?+!
E?+#(A&?$!
<)*'*#?&$!*#!*.!A*)?$,+!
@A=$?1+'!*?+#(A&?+'!&#,&)*?1+'!
0$1*)&$.*'!
E#*)D2$!
MD/$!
>&+,&%*)'&,$,!
0*,&+$A6&*#1*!
EA&'&+#*'H!%*)1&,+'!K!)*'&,/+'!
<)+,/?1+'!K!'*)%&?&+'!
-/A=.&A&*#1+!#+)A$1&%+!
j)$#'=+)1*!
F*#*)$.!
@#%*)'&(#!K!<)J?1&?$'!,*!M,Y/&'&?&(#!!
X+!,&'?)&A&#$?&(#!
]&6*)1$,!,*!M'+?&$?&(#!K!#*D+?&$?&(#!?+.*?1&%$!
j)$6$G+!@#I$#1&.!
B*)*?R+'!g/A$#+'!
j)$6$G+!5+)3$,+!K!#+!?+#'*#1&,+!
<)J?1&?$'!,*!'*D/)&,$,!
B*)*?R+'!&#,2D*#$'!
E%$./$?&(#!
_*A*,&$?&(#!
-+A/#&,$,*'!.+?$.*'!
-+))/=?&(#!
N+?&$.!!
N+?&*,$,!
<+.21&?$'!=\6.&?$'!
-+A=+)1$A&*#1+!$#1&T?+A=*1&1&%+!
-/A=.&A&*#1+!
EA=.*+!
_*.$?&+#*'!*A=)*'$|1)$6$G$,+)*'!
<)J?1&?$'! .$6+)$.*'! K! Z1&?$! N$./,!K!'*D/)&,$,!*#!*.!1)$6$G+!
,*.!1)$6$G+!
5+)A$?&(#!K!*,/?$?&(#!
B&%*)'&,$,!*!&D/$.,$,!,*!+=+)1/#&,$,*'!
@D/$.,$,!,*!)*A/#*)$?&(#!*#1)*!A/G*)*'!K!R+A6)*'!
N$./,!K!'*D/)&,$,!,*.!?+#'/A&,+)!
<)+,/?1+'!
<)&%$?&,$,!,*.!?+#'/A&,+)!
-/A=.&A&*#1+!

^:!

+G

>"..$'(L(-"*3&N&%1%&$,"'(

!
]$! )*.$1&%$A*#1*! #/*%$! 1*#,*#?&$! ,*! .$! /1&.&3$?&(#! ,*! .+'! *'1J#,$)*'! %+./#1$)&+'! O?+A+!
5$&)1)$,*!@#1*)#$1&+#$.H!_$&#I+)*'1!M..&$#?*H!5+)*'1!N1*c$),'R&=!-+/#?&.H!*1?LP!'/)D&(!*#!.+'!$S+'!
d:H!,*!/#$!,*A$#,$!?)*?&*#1*!=+)!=$)1*!,*!.+'!?+#'/A&,+)*'!*/)+=*+'!,*!?+A=)$)!=)+,/?1+'!
Y/*! ,&%/.D/*#! &#I+)A$?&(#! '+6)*! .$'! =)J?1&?$'! '+?&$.*'! K! $A6&*#1$.*'! &#%+./?)$,$'! *#! '/!
=)+,/??&(#H!=)+?*'$A&*#1+H!K!?+A*)?&+L!!
!
_*?+#+?&,$!?+A+!.$!=)&A*)$!&#&?&$1&%$!I+)A$.!,*!.+'!*'1J#,$)*'!%+./#1$)&+'H!.$!fXF!g+.$#,*'$H!
N+.&,$)&,$,H! ?)*(! *#! 7kdd! /#! #/*%+! *#1*! Y/*! '*! *#?$)D(! ,*! *'?$.$)! =)+,/?1+'! ,*! ?+A*)?&+!
G/'1+! $! .+'! A&#+)&'1$'! AJ'! =+=/.$)*'! ,*! g+.$#,$! K! +1)+'! A*)?$,+'! ,*'$))+..$,+'! O5$&)1)$,*!
X*1R*).$#,'H!9:79PL!].$A$,+!*.!0$[!g$%*.$$)!5+/#,$1&+#H!'/!A$)?$!D$)$#1&3(!Y/*!.+'!6&*#*'!,*!
?+A*)?&+! G/'1+H! =$)1&?/.$)A*#1*! *.! ?$IZH! '$1&'I&?&*)$#! ?&*)1+'! *'1J#,$)*'! .$6+)$.*'! K! A*,&+!
$A6&*#1$.*'! O5$&)1)$,*! X*1R*).$#,'H! 9:79PL! ! ]/*D+! ,*! =+?+'! $S+'H! +1)$'! &#&?&$1&%$'! =$)*?&,$'!
?+A+! 5$&)1)$,*! 5+/#,$1&+#H! j)$#'5$&)H! K! _11%&'*A)p! *#1)$)+#! $! .+'! A*)?$,+'! */)+=*+'! K!
*'1$,+/#&,*#'*'! ?+#! *.! =)+=('&1+! ,*! $/A*#1$)! .$'! %*#1$'! ,*! %$)&+'! 6&*#*'! =)+,/?&,+'! K!
%*#,&,+'!$!1)$%Z'!,*!?$#$.*'!,*.!?+A*)?&+!G/'1+!O5$&)1)$,*!X*1R*).$#,'H!9:79PL!!
!
B*',*! *#1+#?*'H! #/*%+'! *'1J#,$)*'! R$#! '&,+! ,*'$))+..$,+'! =+)! /#$! %$)&*,$,! ,*! $?1+)*'H!
&#?./K*#,+! .$'! fXFH! .$'! ?+$.&?&+#*'! ,*! D)/=+'! ,*! &#1*)Z'H! D)*A&+'H! D+6&*)#+'H! +)D$#&3$?&+#*'!
&#1*)D/6*)#$A*#1$.*'H!K!*.!'*?1+)!=)&%$,+!O"XE<H!@#1*)#$1&+#$.!j)$,*!-*#1)*H!v!@-jNBH!9:79H!=L!
7PL!!
!
N*D\#!*.!-*#1)+!@#1*)#$?&+#$.!=$)$!*.!-+A*)?&+!K!B*'$))+..+!N+'1*#&6.*!O@-jNBH!=+)!'/'!'&D.$'!*#!
&#D.Z'PH! .$! ?)*$?&(#! ,*! *'1+'! *'1J#,$)*'! %+./#1$)&+'! *'1J! =)&A+),&$.A*#1*! *A=/G$,$! =+)! .$'!
fXF! K! *.! '*?1+)! =)&%$,+H! Y/&*#*'! *'1J#! 6/'?$#,+! ,&I*)*#?&$)! '/'! =)+,/?1+'! K! '*)%&?&+'! *#! *.!
A*)?$,+L! -+A+! ?+#'*?/*#?&$! ,*.! #\A*)+! ,*! $?1+)*'! Y/*! R$#! *#1)$,+! $! *'1*! '*?1+)! *#! .+'!
\.1&A+'! 9:! $S+'H! .$! ?$#1&,$,! ,*! ?*)1&I&?$?&+#*'! R$! $/A*#1$,+! K! '*! R$#! *#I+?$,+! *#! %$)&+'!

^7!

'*?1+)*'H!&#?./K*#,+!*.!$D)+=*?/$)&+H!,*!'&.%&?/.1/)$H!=*'?$H!A&#*)2$H!1*[1&.*'H!K!A$#/I$?1/)*)+H!
*#1)*!+1)+'!O@#1*)#$1&+#$.!j)$,*!-*#1)*H!N1$#,$),'!0$=H!9:79PL!!
!
E.!?)*?&A&*#1+!,*!*'1*!A*)?$,+!R$!'&,+!1$#!,*'1$?$6.*!K!1$#!)*.*%$#1*!=$)$!?+#'/A&,+)*'!*#!
=$2'*'! ,*'$))+..$,+'H! =)+,/?1+)*'! *#! =$2'*'! *#! %2$'! ,*! ,*'$))+..+H! K! .$! @EBH! Y/*! *.! -*#1)+!
@#1*)#$?&+#$.! ,*! -+A*)?&+! ,*! .$'! X$?&+#*'! "#&,$'! O@j-H! =+)! '/'! '&D.$'! *#! &#D.Z'P! ?)*(! *!
&A=.*A*#1(! /#$! 6$'*! ,*! ,$1+'! K! A$=*+! &#1*)$?1&%+! ,*! $=)+[&A$,$A*#1*! U:! *'1J#,$)*'!
%+./#1$)&+'!?+#!*.!I&#!,*!I+)1$.*?*)!.$!?$=$?&,$,!,*!=)+,/?1+)*'H!*[=+)1$,+)*'H!K!?+A=)$,+)*'!
*#! /#$! =)+,/??&(#! K! ?+A*)?&+! AJ'! '+'1*#&6.*! O@#1*)#$1&+#$.! j)$,*! -*#1)*H! N1$#,$),'! 0$=H!
9:79PL!!
!
B$,+! *.! ?)*?&A&*#1+! Y/*! *'1$! 1*#,*#?&$! R$! A+'1)$,+! $! .+! .$)D+! ,*! '/! *%+./?&(#H! '*! *'1J!
=)+#+'1&?$#,+!Y/*!'/!=+)?*#1$G*!,*!A*)?$,+!?+#1&#/$)J!$/A*#1$#,+!?+A+!?+#'*?/*#?&$!,*!
.+'!'&D/&*#1*'!I$?1+)*'!!O"XE<H!@#1*)#$1&+#$.!j)$,*!-*#1)*H!v!@-jNBH!9:79H!=L!7PQ!
!

.+'!*'1J#,$)*'!,*!'+'1*#&6&.&,$,!1&*#*#!?$,$!%*3!AJ'!,*A$#,$!*#!*?+#+A2$'!*A*)D*#1*'a!

.$'!?+A=$S2$'!A/.1&#$?&+#$.*'!'*!*'1J#!?+A=)+A*1&,$'!$.!,*'$))+..+!*!&A=.*A*#1$?&(#!,*!
=)J?1&?$'!'+'1*#&6.*'!,*!1*)?*)&3$?&(#!K!*.!/'+!,*!*'1J#,$)*'!,*!'+'1*#&6&.&,$,a!K!

.$!*[&'1*#?&$!,*!'+=+)1*!=+.21&?+!$!.+'!*'1J#,$)*'L!

!
E.!MXEuf!8!&#?./K*!/#!.&'1$,+!,*!%$)&+'!'*..+'!K!?*)1&I&?$?&+#*'L!
!
"G

E"/0*"'J1(",(".(Z7->9(X-E29>G(

!
E.!-+#'*G+!0/#,&$.!EA=)*'$)&$.!,*!B*'$))+..+!N+'1*#&6.*!)*\#*!$!9::!*A=)*'$'H!!,*!;8!=$2'*'H!
*#! 9:! '*?1+)*'! &#,/'1)&$.*'H! Y/*! ..*D$#! $! D*#*)$)! $.)*,*,+)! ,*.! 7:e! ,*.! <@>! 0/#,&$.L! E#!
-+.+A6&$!*.!?$=21/.+!,*.!-E-fBEN!?/*#1$!?+#!.$'!*A=)*'$'!$I&.&$,$'!$.!?$=21/.+!,*!-+.+A6&$!,*.!
-+#'*G+!,*!B*'$))+..+!N+'1*#&6.*L!!
!
!

^9!

NG

O1%3$(D.$01.(

!
E.!<$?1+!F.+6$.!*'!/#$!&#&?&$1&%$!%+./#1$)&$H!A*,&$#1*!.$!?/$.!.$'!*A=)*'$'!'*!?+A=)+A*1*#!$!
,*'$))+..$)! '/'! $?1&%&,$,*'! '&D/&*#,+! ,&*3! =)&#?&=&+'! *#! )*.$?&(#! ?+#! ?/$1)+! J)*$'Q! ,*)*?R+'!
R/A$#+'H!*'1J#,$)*'!.$6+)$.*'H!A*,&+!$A6&*#1*!K!$#1&T?+))/=?&(#L!O`*)!j$6.$!;P!
!
9"*"%j$'(
`H/1,$'(

7!
9!
;!

!$*/1'(
810$*1."'(

C!
8!
^!
U!

E"+&$1/0&",3"( d!
k!
6,3&%$**HV%&W,(

7:!

]$'!*A=)*'$'!,*6*#!$=+K$)!K!)*'=*1$)!.$!=)+1*??&(#!,*!.+'!,*)*?R+'!
R/A$#+'!=)+?.$A$,+'!$!#&%*.!&#1*)#$?&+#$.a!
K!*%&1$)!%*)'*!&#%+./?)$,$'!*#!$6/'+'!$!.+'!,*)*?R+'!R/A$#+'!
]$'!*A=)*'$'!,*6*#!,*I*#,*)!.$!.&6*)1$,!,*!$'+?&$?&(#!K!*.!)*?+#+?&A&*#1+!
,*!.+'!,*)*?R+'!$!.$!#*D+?&$?&(#!?+.*?1&%$L!
]$!*.&A&#$?&(#!,*!1+,$'!.$'!I+)A$'!,*!1)$6$G+!I+)3+'+!K!+6.&D$1+)&+L!
]$!$6+.&?&(#!,*.!1)$6$G+!&#I$#1&.L!
]$!*.&A&#$?&(#!,*!.$!,&'?)&A&#$?&(#!)*'=*?1+!,*.!*A=.*+!K!.$!+?/=$?&(#L!
]$'!*A=)*'$'!,*6*#!$=+K$)!.$!$=.&?$?&(#!,*!/#!?)&1*)&+!,*!=)*?$/?&(#!
)*'=*?1+!,*!.+'!=)+6.*A$'!$A6&*#1$.*'!
M,+=1$)!&#&?&$1&%$'!=$)$!=)+A+%*)!/#$!A$K+)!)*'=+#'$6&.&,$,!$A6&*#1$.L!
M.*#1$)!*.!,*'$))+..+!K!.$!,&I/'&(#!,*!1*?#+.+D2$'!&#+?/$'!=$)$!*.!A*,&+!
$A6&*#1*L!
]$'!*A=)*'$'!,*6*#!$?1/$)!?+#1)$!1+,$'!.$'!I+)A$'!,*!?+))/=?&(#H!
&#?./K*#,+!.$!*[1+)'&(#!K!*.!'+6+)#+L!

5/*#1*Q!"X!F.+6$.!-+A=$?1!!OR11=Q||cccL/#D.+6$.?+A=$?1L+)D|M6+/1jR*F-|jR*j*#<)&#?&=.*'|&#,*[LR1A.P!

!
M?1/$.A*#1*H! *.! <$?1+! F.+6$.! ?/*#1$! ?+#! AJ'! ,*! dU::! =$)1&?&=$#1*'H! *#1)*! ?+)=+)$?&+#*'! K!
+1)+'! D)/=+'! ,*! &#1*)Z'H! ,*! AJ'! ,*! 7;:! =$2'*'H! .+! Y/*! .+! R$?*! .$! &#&?&$1&%$! %+./#1$)&$! ,*!
)*'=+#'$6&.&,$,! *A=)*'$)&$.! AJ'! D)$#,*! *#! *.! A/#,+L! ! X+! +6'1$#1*H! #+! *'! /#$! &#&?&$1&%$!
%&#?/.$#1*L! ]$'! $??&+#*'! ,*! .$'! ?+A=$S2$'! #+! '*! A+#&1+)*$#H! K! *'1$'! #+! '+#! +6.&D$,$'! ,*!
#&#D/#$!A$#*)$!$!'*D/&)!*I*?1&%$A*#1*!.+'!=)&#?&=&+'!?+#!.+'!Y/*!'*!?+A=)+A*1&*)+#L!
!
81'(.J,"1'(+&*"%3*&%"'(+"(.1(:-92(
!
]$'!]2#*$'!B&)*?1)&?*'!'+#!/#$'!)*?+A*#,$?&+#*'H!,*!%+./#1$)&+!?/A=.&A&*#1+H!R*?R$'!=+)!.+'!
D+6&*)#+'!$!.$'!*A=)*'$'!A/.1&#$?&+#$.*'!Y/*!+=*)$#!,*',*!+!*#!'/!1*))&1+)&+L!g$?*#!=$)1*!,*!
.$! B*?.$)$?&(#! ,*! @#%*)'&(#! E[1)$#G*)$! K! EA=)*'$'! 0/.1&#$?&+#$.*'! ,*! .$! f-BEH! Y/*! I/*!

^;!

$,+=1$,$!=+)!-+.+A6&$!*#!,&?&*A6)*!,*!9:77H!*#!.2#*$!?+#!.+'!*'I/*)3+'!,*.!=$2'!=+)!&#D)*'$)!$!
.$!f-BE!O.+!?/$.!*'!/#+!,*!.+'!+6G*1&%+'!,*.!<.$#!,*!B*'$))+..+!9:7:T9:7CPL!
!
]+'!D+6&*)#+'!$,R*)*#1*'!1&*#*#!*.!?+A=)+A&'+!%&#?/.$#1*!,*!=+#*)!.$'!]2#*$'!B&)*?1)&?*'!*#!
=)J?1&?$H!.+!Y/*!*#!-+.+A6&$!'*!)*I.*G(!*#!.$!*[=*,&?&(#!,*.!B*?)*1+!7C::!,*!9:79L!
!
N/!+6G*1&%+!*'!$'*D/)$)!Y/*!.$'!+=*)$?&+#*'!,*!.$'!*A=)*'$'!A/.1&#$?&+#$.*'!*'1Z#!*#!$)A+#2$!
?+#!.$'!=+.21&?$'!D/6*)#$A*#1$.*'a!I+)1$.*?*)!.$!6$'*!,*!?+#I&$#3$!A/1/$!*#1)*!.$'!*A=)*'$'!K!
.$'!'+?&*,$,*'!*#!Y/*!+=*)$#a!?+#1)&6/&)!$!A*G+)$)!*.!?.&A$!,*!&#%*)'&(#!*[1)$#G*)$a!K!$/A*#1$)!
.$!?+#1)&6/?&(#!,*!.$'!*A=)*'$'!A/.1&#$?&+#$.*'!$.!,*'$))+..+!'+'1*#&6.*L!OfE-BH!9:77P!
!
N&!6&*#!#+!'&)%*#!=$)$!&,*#1&I&?$)!*A=)*'$'H!=/*'!#+!R$K!/#$!.&'1$!,*!*A=)*'$'!Y/*!?/A=.$#H!+!
'*!R$K$#!?+A=)+A*1&,+!$!?/A=.&)!?+#!.$'!]2#*$'!B&)*?1)&?*'H!'2!'+#!/#$!D/2$!&A=+)1$#1*!$?*)?$!
,*!.$'!?$)$?1*)2'1&?$'!,*'*$6.*'!,*!.$'!+=*)$?&+#*'!,*!.$'!*A=)*'$'H!*#!*'=*?&$.!=+)!'*)!.$'!Y/*!
)*?+A&*#,$#! .+'! D+6&*)#+'! Y/*! =)+A/*%*#! ,&?R$'! ]2#*$'! B&)*?1)&?*'L! M,&?&+#$.A*#1*H! .$'!
*A=)*'$'!=/*,*#!'*)!,*#/#?&$,$'!$#1*!.+'!</#1+'!,*!-+#1$?1+!X$?&+#$.*'!'&!&#?/A=.*#!?+#!.$'!
A&'A$'H!?+A+!'*!*[=.&?$)J!*#!A$K+)!,*1$..*!AJ'!$6$G+L!!
!
E#! .$! '&D/&*#1*! 1$6.$! '*! =)*'*#1$#! .$'! ,&)*?1)&?*'! ,*! .$! f-BE! ,*! A$#*)$! )*'/A&,$H! .$'! ?/$.*'!
,*6*#!'*D/&)!.$'!*A=)*'$'L!

<(

-+#1)&6/&)!$.!=)+D)*'+!*?+#(A&?+H!$A6&*#1$.!K!'+?&$.!?+#!A&)$'!$!.+D)$)!*.!,*'$))+..+!'+'1*#&6.*!

@(

_*'=*1$)!.+'!,*)*?R+'!R/A$#+'!&#1*)#$?&+#$.A*#1*!)*?+#+?&,+'!,*!$Y/*..+'!$I*?1$,+'!=+)!'/'!
$?1&%&,$,*'!

P(

5+A*#1$)!.$!?)*$?&(#!,*!?$=$?&,$,*'!.+?$.*'!A*,&$#1*!/#$!*'1)*?R$!?++=*)$?&(#!?+#!.$!
?+A/#&,$,!.+?$.H!&#?./K*#,+!$D*#1*'!*?+#(A&?+'H!$'2!?+A+!*.!,*'$))+..+!,*!.$'!$?1&%&,$,*'!,*!.$!
*A=)*'$!*#!A*)?$,+'!,+AZ'1&?+'!K!*[1)$#G*)+'H!,*!$?/*),+!$!=)J?1&?$'!?+A*)?&$.*'!.*$.*'!

?(

5+A*#1$)!.$!I+)A$?&(#!,*!?$=&1$.!R/A$#+H!*#!=$)1&?/.$)!A*,&$#1*!.$!?)*$?&(#!,*!+=+)1/#&,$,*'!
,*!*A=.*+!K!I$?&.&1$#,+!+=+)1/#&,$,*'!,*!?$=$?&1$?&(#!=$)$!.+'!*A=.*$,+'!

U(

M6'1*#*)'*!,*!6/'?$)!+!$?*=1$)!*[*#?&+#*'!#+!?+#1*A=.$,$'!*#!*.!A$)?+!.*D$.!+!)*D/.$1+)&+!*#!
A$1*)&$!,*!,*)*?R+'!R/A$#+'H!A*,&+!$A6&*#1*H!'$./,H!'*D/)&,$,H!&A=/*'1+'H!&#?*#1&%+'!
I&#$#?&*)+'H!/!+1)+'!

^C!

M(

M=+K$)!K!,*I*#,*)!6/*#+'!=)&#?&=&+'!,*!D+6*)#$#3$!?+)=+)$1&%$!K!,*'$))+..$)!K!$=.&?$)!6/*#$'!
=)J?1&?$'!,*!D+6*)#$#3$!?+)=+)$1&%$H!&#?./K*#,+!$!.+!.$)D+!,*!D)/=+'!*A=)*'$)&$.*'!

F(

B*'$))+..$)!K!$=.&?$)!=)J?1&?$'!*I*?1&%$'!,*!$/1+))*D/.$?&(#!K!'&'1*A$'!,*!D*'1&(#!Y/*!=)+A/*%$#!
/#$!)*.$?&(#!,*!?+#I&$#3$!A/1/$!*#1)*!.$'!*A=)*'$'!K!.$'!'+?&*,$,*'!*#!Y/*!+=*)$)$#!!

I(

<)+A+%*)!*.!?+#+?&A&*#1+!K!?/A=.&A&*#1+!=+)!=$)1*!,*!.+'!1)$6$G$,+)*'!*A=.*$,+'!=+)!*A=)*'$'!
A/.1&#$?&+#$.*'!,*!.$'!=+.21&?$'!,*!.$!*A=)*'$!$!1)$%Z'!,*!'/!$,*?/$,$!,&I/'&(#H!&#?./K*#,+!=+)!
A*,&+!,*!=)+D)$A$'!,*!?$=$?&1$?&(#!

Y(

M6'1*#*)'*!,*!1+A$)!A*,&,$'!,&'?)&A&#$1+)&$'!+!,&'?&=.&#$)&$'!?+#1)$!1)$6$G$,+)*'!Y/*H!,*!6/*#$!
I*H!)*=+)1*#!$!.$!D*)*#?&$!+H!'&!*'!*.!?$'+H!$!$/1+)&,$,*'!=\6.&?$'!?+A=*1*#1*'H!=)J?1&?$'!?+#1)$)&$'!
$!.$!.*KH!.$'!]2#*$'!B&)*?1)&?*'!+!.$'!=+.21&?$'!,*!.$!*A=)*'$!!

EA=.*$)!,*6&,$!,&.&D*#?&$!?+#!6$'*!*#!.+'!)&*'D+'!=$)1&?/.$)*'H!=+)!*G*A=.+H!&#?+)=+)J#,+.$!$!.+'!
'&'1*A$'!,*!D*'1&(#!,*.!)&*'D+!,*!.$!*A=)*'$H!=$)$!&,*#1&I&?$)H!=)*%*#&)!+!A&1&D$)!&A=$?1+'!
<T( #*D$1&%+'!)*$.*'!+!=+1*#?&$.*'H!,*'?)&1+'!*#!.+'!=J))$I+'!77!K!79H!K!*[=.&?$)!?(A+!)*$??&+#$#!$#1*!
,&?R+'!&A=$?1+'L!]$!#$1/)$.*3$!K!*.!$.?$#?*!,*!.$!,*6&,$!,&.&D*#?&$!,*=*#,*#!,*!.$'!?&)?/#'1$#?&$'!
,$,$'!*#!?$,$!'&1/$?&(#!
E%&1$)!?$/'$)!+!?+#1)&6/&)!$!&A=$?1+'!#*D$1&%+'!*#!.$'!A$1*)&$'!?/6&*)1$'!=+)!.$'!]2#*$'!B&)*?1)&?*'H!
<<( $!1)$%Z'!,*!.$'!$?1&%&,$,*'!,*!.$!*A=)*'$H!K!1+A$)!A*,&,$'!?+#!)*'=*?1+!$!1$.*'!&A=$?1+'!?/$#,+!
+?/))$#!
E'I+)3$)'*!=+)!&A=*,&)!+!A&1&D$)!/#!&A=$?1+!#*D$1&%+H!$\#!?/$#,+!#+!R$K$#!?+#1)&6/&,+!$.!
<@( A&'A+'H!=*)+!*'1*!*'1Z!,&)*?1$A*#1*!)*.$?&+#$,+!?+#!'/'!$?1&%&,$,*'H!=)+,/?1+'!+!'*)%&?&+'H!$!
1)$%Z'!,*!/#$!)*.$?&(#!?+A*)?&$.!!
M,*AJ'!,*!$6+),$)!&A=$?1+'!$,%*)'+'!*#!)*.$?&(#!$!$'/#1+'!?/6&*)1+'!=+)!.$'!]2#*$'!B&)*?1)&?*'H!
*'1&A/.$)H!?/$#,+!'*$!=+'&6.*H!$!.+'!'+?&+'!*A=)*'$)&$.*'H!&#?./K*#,+!=)+%**,+)*'!K!
<P(
'/6?+#1)$1&'1$'H!=$)$!Y/*!$=.&Y/*#!=)&#?&=&+'!,*!?+#,/?1$!*A=)*'$)&$.!)*'=+#'$6.*!?+A=$1&6.*'!
?+#!.$'!]2#*$'!B&)*?1)&?*'!!
@#%+./?)$)'*!?+#!.+'!D)/=+'!&#1*)*'$,+'!=$)$!+I)*?*).*'!+=+)1/#&,$,*'!'&D#&I&?$1&%$'!,*!Y/*!'/'!
+=&#&+#*'!'*$#!1+A$,$'!*#!?/*#1$!?+#!)*.$?&(#!$!.$!=.$#&I&?$?&(#!K!.$!1+A$!,*!,*?&'&+#*'!*#!
<?(
=)+K*?1+'!/!+1)$'!$?1&%&,$,*'!Y/*!=/*,$#!1*#*)!/#!&A=$?1+!'&D#&I&?$1&%+!*#!.$'!?+A/#&,$,*'!
.+?$.*'!!
<U( M6'1*#*)'*!,*!1+,$!=$)1&?&=$?&(#!&#,*6&,$!*#!$?1&%&,$,*'!*#!=+.21&?$'!.+?$.*'!
5/*#1*Q!fE-BH!9:77!

!
M,&?&+#$.A*#1*H!.$'!]2#*$'!B&)*?1)&?*'!R$?*#!)*?+A*#,$?&+#*'!=$)1&?/.$)*'!'+6)*!#/*%*!1*A$'Q!
</6.&?$?&(#! ,*! @#I+)A$?&(#H! B*)*?R+'! g/A$#+'H! EA=.*+! K! _*.$?&+#*'! ]$6+)$.*'H! 0*,&+!
MA6&*#1*H! ]/?R$! -+#1)$! .$! -+))/=?&(#H! @#1*)*'*'! ,*! .+'! -+#'/A&,+)*'H! -&*#?&$! K! j*?#+.+D2$H!
-+A=*1*#?&$!*!@A=/*'1+'L!!

^8!

!
M,*AJ'!,*!?+A=)+A*1*)'*!$!&A=.*A*#1$)!.$'!]2#*$'!B&)*?1)&?*'H!.+'!=$2'*'!$,R*)*#1*'!,*6*#!
*'1$6.*?*)! /#! </#1+! X$?&+#$.! ,*! -+#1$?1+! O<X-PH! ?+#! *.! +6G*1&%+! ,*! ,&%/.D$)H! =)+A+?&+#$)! K!
'*)%&)!?+A+!I+)+!,*!,&'?/'&(#!'+6)*!.$'!A&'A$'a!$'2!?+A+!'*)!/#$!=.$1$I+)A$!,*!A*,&$?&(#!K!
?+#?&.&$?&(#! *#1)*! .$'! *A=)*'$'! K! '/'! D)/=+'! ,*! &#1*)Z'H! )*'+.%&*#,+! '+.&?&1/,*'! )*.$?&+#$,$'!
?+#!*.!=+'&6.*!&#?/A=.&A&*#1+!'/!$=.&?$?&(#L!E#!-+.+A6&$H!*.!<X-!I/*!*'1$6.*?&,+!$!?+A&*#3+'!
,*!9:79H!*#!.$!B&)*??&(#!,*!@#%*)'&(#!E[1)$#G*)$!K!N*)%&?&+'!,*.!0-@jL!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

^^!

M= -C;52C;:>( 92( OC;:C;[6-;B!( O6C6( 86( D2!2C6-;B!( Q( 4:E2!5:( 92(

!2D:-;:>()2C92>(
!
E[&'1*#!/#+'!?)&1*)&+'!'/=*)&+)*'H!Y/*!,*6*#!'*)!.+'!Y/*!A$)Y/*#!.$!=$/1$!,*!.+'!1*A$'!Y/*!'*!
I+A*#1*#!,*',*!.$!+I&?&#$!,*!#*D+?&+'!%*),*'H!$,*AJ'!,*!.+'!?)&1*)&+'!*'=*?2I&?+'!$A6&*#1$.*'H!
'+?&$.*'H!1Z?#&?+'!K!,*!D+6*)#$#3$!Y/*!'*!,*'1$?$#!*#!*.!'&D/&*#1*!?$=&1/.+L!!
!
E'1+'!?)&1*)&+'!,*6*#!'*)!.$!..$%*!,*!*#1)$,$!=$)$!,&'1&#D/&)!.+'!#*D+?&+'!%*),*'!,*!+1)+!1&=+!,*!
#*D+?&+'! K! $! .$! %*3! ,*6*#! D*#*)$)! .$! ,&#JA&?$! *A=)*'$)&$.! Y/*! '*! )*Y/&*)*! =$)$! Y/*! '*$#!
*'?$.$6.*'!K!D*#*)*#!/#$!,&I*)*#?&$?&(#!*#!*.!<@>!,*.!=$2'L!
!
M!?+#1&#/$?&(#!'*!,*I&#*#!*'1+'!?)&1*)&+'Q!
;,3"#*1%&W,(",3*"(.1(V*$+H%%&W,(L(.$'('"*K&%&$'("%$'&'3f/&%$'(
!
E#!.$!A*,&,$!*#!Y/*!.+'!#*D+?&+'!'*$#!AJ'!?+#'?&*#1*'!,*!.+'!'*)%&?&+'!$A6&*#1$.*'!Y/*!/1&.&3$#!
K! =+)! 1$#1+! ,*! .$! #*?*'&,$,! ,*! =)*'*)%$).+'H! '*! D*#*)$)$#! +=?&+#*'! =$)$! =)+1*D*).+'! K!
?+#'*)%$).+'L! "#$! ?$)$?1*)2'1&?$! I/#,$A*#1$.! *'! =+)! 1$#1+! Y/*! .+'! #*D+?&+'! 1*#D$#! /#$!
*%$./$?&(#! ,*! '/'! '*)%&?&+'! *?+'&'1ZA&?+'H! Y/*! &#?./K*#! 1*A$'! ?+A+! $D/$H! *#*)D2$H! '/*.+'H!
6&+,&%*)'&,$,H!?.&A$!K!,&%*)'&,$,!?/.1/)$.H!=$)$!..*D$)!$!D*#*)$)!'*)%&?&+'!,*!$=)+%&'&+#$A&*#1+H!
$=+K+H!)*D/.$?&(#!K!,&%*)'&,$,!?/.1/)$.L!
A3&.&b1*(".(V$+"*(+".(/"*%1+$(V1*1(#","*1*(0","N&%&$'(1/0&",31."'(L('$%&1."'(
!
"#!1*A$!I/#,$A*#1$.!$!.$!R+)$!,*!&A=/.'$)!X*D+?&+'!`*),*'H!*'!Y/*!,*!%*),$,!'*$#!XEFf-@fN!
)*#1$6.*'L! E#! .$! A*,&,$! *#! Y/*! '*! =)+K*?1*! '/! )*#1$6&.&,$,! 1$A6&Z#! %$#! $! 1*#*)! A$K+)*'!
6*#*I&?&+'! $A6&*#1$.*'! K! '+?&$.*'! Y/*! 6*#*I&?&*#! $.! <$2'L! <+)! 1$#1+H! .$! fI&?&#$! ,*! X*D+?&+'!
`*),*'!K!N+'1*#&6.*'!I+A*#1$!#*D+?&+'!)*#1$6.*'H!*'?$.$6.*'H!Y/*!=/*,$#!?$,$!,2$!'*)!A*G+)*'!
=$)$!.$!'+?&*,$,!K!*.!=.$#*1$L!

^U!

D","*1*(&,,$K1%&W,(1(V1*3&*(+"(.1(*&lH"b1(1/0&",31.(+"(-$.$/0&1(
!
-+.+A6&$! *'! *.! '*D/#,+! =$2'! AJ'! )&?+! *#! 6&+,&%*)'&,$,! ,*.! =.$#*1$! K! $! .$! %*3! ?/*#1$! ?+#!
&A=+)1$#1*'!)*?/)'+'!R2,)&?+'H!*#*)DZ1&?+'!K!?/.1/)$.*'!Y/*!.*!R$?*#!1*#*)!/#!=+1*#?&$.!D)$#,*!
=$)$!D*#*)$)!&##+%$?&(#!*#!A$1*)&$!$A6&*#1$.L!!
!
E'!I/#,$A*#1$.!=+)!1$#1+!Y/*!.+'!X*D+?&+'!`*),*'!D*#*)*#!&##+%$?&(#!$!=$)1&)!,*!.+'!)*?/)'+'!
Y/*! '*! &A=/.'*#! ,*',*! .$! ?&*#?&$! K! .$! 1*?#+.+D2$H! 1*A$! Y/*! '*! 1)$1$)J! ?+#! AJ'! ,*1$..*! AJ'!
$,*.$#1*L!
-1/0&$(+"(.1'(V*"N"*",%&1'(+".(%$,'H/&+$*(
!
]+'! X*D+?&+'! `*),*'! ,*6*#! 1*#*)! /#! ?.$)+! %$.+)! $D)*D$,+! ,*! *,/?$)! $.! ?+#'/A&,+)H! K! ,$).*!
+=?&+#*'! =$)$! Y/*! A*G+)*! *.! =.$#*1$L! M'&A&'A+H! .+'! #*D+?&+'! %*),*'! ,*6*#! )*'=+#,*)! $! .$'!
,*A$#,$'!,*.!?+#'/A&,+)H!*#!,+#,*!*'!I/#,$A*#1$.!&#%+./?)$)!$.!E'1$,+!*#!D*#*)$)!?+A=)$'!
=/6.&?$'! '+'1*#&6.*'! *A=*3$#,+! ,*',*! *.! &A=/.'+! ,*.! A&'A+! F+6&*)#+L! E#! *'1*! '*#1&,+H! .+'!
X*D+?&+'! `*),*'! 1&*#*#! /#$! )*.$?&(#! ,*I&#&1&%$! ?+#! *.! ?$A6&+! ,*! ?+#?&*#?&$! $A6&*#1$.! ,*! '/'!
?+#'/A&,+)*'L!
!
<+)!.+!1$#1+H!*.!A*)?$,*+!K!.$!=)+A+?&(#!,*!.+'!X*D+?&+'!`*),*'!,*6*)J#!1*#*)!/#!%2#?/.+!?+#!
*.!?$A6&+!,*!?/.1/)$!$A6&*#1$.H!K!'*!,*6*#!=$1)+?&#$)!$Y/*..+'!#*D+?&+'!Y/*!1*#D$#!/#$!?.$)$!
*'1)$1*D&$!,&I*)*#?&$,+)$L!
E1,"g$(+"(#*HV$'(+"(&,3"*f'(L(/1,"g$(+"(V*$K""+$*"'(
!
]+'! X*D+?&+'! `*),*'! ,*6*#! 1*#*)! /#$! ?.$)$! &,*#1&I&?$?&(#! ,*! '/'! D)/=+'! ,*! &#1*)Z'H! ?+#! .+'!
?/$.*'! 1*#D$#! %$.+)*'! *#! ?+A\#! R$?&$! .$! N+?&*,$,! K! *.! <.$#*1$L! ! E#! *'1*! '*#1&,+H! '*! R$?*!
#*?*'$)&+!$,*AJ'!&#%+./?)$)!$!1+,+'!'/'!=)+%**,+)*'!*#!.$!A&'A$!I&.+'+I2$!,*.!#*D+?&+!%*),*!K!
'+'1*#&6.*! =$)$! =*)A*$)! $! /#! D)$#! #\A*)+! ,*! &#1*).+?/1+)*'! K! D*#*)$)! /#! %*),$,*)+! %$.+)!
$D)*D$,+!R$?&$!.$!'+?&*,$,L!

^d!

:V$*3H,&+1+"'(+"(+"'1**$..$(*"#&$,1.(L(#","*1%&W,(+"("/V."$((
!
E.! %$.+)! $D)*D$,+! ,*! .+'! X*D+?&+'! `*),*'! *'! .+D)$)! ,*'$))+..$).+'! K! I+A*#1$).+'! *#! ,&I*)*#1*'!
)*D&+#*'! ,*.! <$2'H! .+D)$#,+! Y/*! '*! D*#*)*! *A=.*+H! +=+)1/#&,$,*'! K! *'Y/*A$'! ,*! &##+%$?&(#!
6$'$,+'!*#!.+'!$1)&6/1+'!,*!.$'!)*D&+#*'L!!
!
C"%$,$%&/&",3$(+"(.$'(%$,$%&/&",3$'(1,%"'3*1."'(
!
E#!-+.+A6&$!R$K!/#$!,&%*)'&,$,!?/.1/)$.!\#&?$H!?+#!,&I*)*#1*'!*1#&$'!&#,2D*#$'!Y/*!R$#!'$6&,+!
A$#*G$)! .+'! )*?/)'+'! #$1/)$.*'! K! 1&*#*#! /#! ?+#+?&A&*#1+! ,*! *1#+6+1J#&?$! \#&?+L! E#! *'1*!
?+#1*[1+H! /#! %$.+)! $D)*D$,+! ,*! .+'! X*D+?&+'! `*),*'! *'! R$?*).+'! ,&)*?1$A*#1*! ?+#! .$'!
?+A/#&,$,*'! &#,2D*#$'H! #*D)$'! K! ?$A=*'&#$'! Y/*! 1&*#*#! ?+#+?&A&*#1+'! )*.*%$#1*'! K! =/*,*#!
?+#%*)1&).+'!*#!/#$!I/*#1*!,*!&#D)*'+'!=$)$!6*#*I&?&+!,*!*..+'!K!,*!1+,+'L!
!

^k!

F= -C;52C;:>( 5\-!;-:>]( 6E7;2!5682>]( >:-;682>( Q( 92( D:72C!6![6( ^A2(

9272CS6!(-AEO8;C(8:>(!2D:-;:>()2C92>((
!
E#! D*#*)$.H! 1+,$'! .$'! R*))$A&*#1$'! *[=/*'1$'! *#! *.! ?$=&1/.+! @@@! '*! R$#! %*#&,+! ,*'$))+..$#,+!
=+)Y/*!*[&'1*!/#$!#*?*'&,$,!A/#,&$.!,*!&,*#1&I&?$)!.+'!%*),$,*)+'!#*D+?&+'!%*),*'!K!*%&1$)!.$!
1*#,*#?&$!,*.!..$A$,+!V.$%$,+!%*),*WH!*#!*.!?/$.!.$'!*A=)*'$'!,&?*#!'*)!%*),*'!=*)+!$.!R$?*)!/#!
$#J.&'&'!)&D/)+'+!#+!.+!'+#L!
!
f1)+! 1*A$! I/#,$A*#1$.! *'! Y/*! R$K! ,+'! 1*#,*#?&$'Q! D*#*)$)! #*D+?&+'! %*),*'! ,*! *#1)$,$! K!
1$A6&Z#! R$?*)! AJ'! %*),*'! .+'! #*D+?&+'L! <$)$! *.! 0MBNH! $A6$'! 1*#,*#?&$'! '+#! &A=+)1$#1*'H! K!
$/#Y/*!.$!fI&?&#$!,*!X*D+?&+'!`*),*'!,*6*!$#1*!1+,+!%*.$)!=+)!.+'!#*D+?&+'!Y/*!,*!*#1)$,$!'*!
,*'1$?$#!=+)!'*)!%*),*'H!#+!'*!=/*,*!,*'?$)1$)!*.!&A=/.'+!Y/*!'*!.*!,*!$!R$?*)!AJ'!%*),*'!.+'!
#*D+?&+'L!
!

Negoclos
Yerdesy
SOSlenillles
MADS

!
!;/VH.'1*(,"#$%&$'()"*+"'(L(j1%"*(/q'()"*+"'(.$'(,"#$%&$'(
(
E#! *'1*! ?+#1*[1+H! .$! +I&?&#$! ,*6*! /1&.&3$)! 1+,+'! .+'! A*?$#&'A+'! $#1*)&+)A*#1*! ,*'?)&1+'! =$)$!
&,*#1&I&?$)! .+'! #*D+?&+'! Y/*! '*! *'1J#! R$?&*#,+! AJ'! %*),*'L! M! '/! %*3H! '*! =)+=+#*! /1&.&3$)! /#+'!
?)&1*)&+'! A2#&A+'! =$)$! &A=/.'$)! #*D+?&+'! %*),*'L! M! ?+#1&#/$?&(#! '*! ,*'1$?$#! .$'! A$K+)*'!
?$)$?1*)2'1&?$'Q!
!

U:!

-*&3"*&$'(5f%,&%$'(
-C;52C;:>(

C2^A;>;5:>(

9"'1**$..1*(3"%,$.$#J1'(+"(
/"g$*1(+"(.1(%1.&+1+(1/0&",31.(

j*?#+.+D2$'!=$)$!*.!A$#*G+!K!/'+!*I&?&*#1*!,*!.+'!)*?/)'+'L!
j*?#+.+D2$'!,*!6$G$!+!#/.$!,*=*#,*#?&$!,*!&#'/A+'!Y/2A&?+'L!
E.! ?&?.+! ,*! %&,$! ,*! .+'! =)+,/?1+'! ,*6*! '*)! *'1/,&$,+! ,*',*! .+'!
A$1*)&$.*'!Y/*!I/*)+#!/1&.&3$,+'H!.$!I+)A$!*#!Y/*!'*!=)+,/?*H!'*!/'$!
K!'*!,*'*?R$!$.!I&#$.!,*.!?&?.+!,*!%&,$L!

9",3*$(+".(%&%.$(+"(V*$+H%%&W,]((
#1*1,3&b1*(".(/1,"g$(+".(%&%.$(+"( ]$! *A=)*'$! ,*6*! ,$)! =)&+)&,$,! $! .$! /1&.&3$?&(#! ,*! A$1*)&$'! =)&A$'!
K&+1(+"(%1+1(V*$+H%3$(
?/K+! +)&D*#! '*$! A$1*)&$.*'! )*?&?.$,+'H! )*/1&.&3$,+'! +! Y/*! 6/'Y/*#!
Y/*!'/'!?$)$?1*)2'1&?$'!'*$#!?.$)$A*#1*!%*),*'L!
X+!*'!=*)A&1&,+!*.!/'+!,*!A$1*)&$'!=)&A$'!+!=*.&D)+'$'L!
-$,31*(%$,(j"**1/&",31'(+"(
"K1.H1%&W,(+"(&/V1%3$'(

]$'!*A=)*'$'!,*6*#!?+#1$)!?+#!/#!$#J.&'&'!)&D/)+'+!,*!'/'!=+'&6.*'!
&A=$?1+'! $A6&*#1$.*'! K! '+?&$.*'! K! ?+#1$)! ?+#! .$'! A*,&,$'! ,*!
=)*%*#?&(#!K!A$#*G+!$,*?/$,+L!

(
-*&3"*&$'(6/0&",31."'(
-C;52C;:(

C2^A;>;5:>(

-H/V.&/&",3$( +"( .1( ."#&'.1%&W,( E.!X*D+?&+!,*6*!?/A=.&)!?+#!1+,$'!.$'!#+)A$'H!1)$1$,+'!K!$?/*),+'!

,1%&$,1.(
L(
1%H"*+$'( &#1*)#$?&+#$.*'H! #$?&+#$.*'H! )*D&+#$.*'! K! .+?$.*'! =*)1&#*#1*'! K!
;,3"*,1%&$,1."'(
)*Y/*)&,+'! =$)$! '/! $,*?/$,+! I/#?&+#$A&*#1+L! E#! *'=*?&$.! '*! ,*6*!
1*#*)!*#!?/*#1$Q!
B*?)*1+! 9d77! ,*! 7kUC! ! -(,&D+! ,*! .+'! _*?/)'+'! X$1/)$.*'!
_*#+%$6.*'!
]*K! kk! ,*! 7kk;T! -)*$?&(#! ,*.! 00M! K! ,*.! N@XM! K! 1+,+! .+! Y/*! '*!
,*)&%$!,*!*'1$L!
78!1)$1$,+'!@#1*)#$?&+#$.*'!
7H",( H'$( L( %$,'"*K1%&W,( +"( .1( X*D+?&+'!Y/*!,*A/*'1)*#!A*,&,$'!=$)$!=)+A+%*)!.$!?+#'*)%$?&(#!
7&$+&K"*'&+1+(
K!=)+1*??&(#!,*!.$'!*'=*?&*'H!*.!/'+!'+'1*#&6.*!,*!.$!6&+,&%*)'&,$,!K!
.$!=)+1*??&(#!,*!.+'!*?+'&'1*A$'L!
]$'! *A=)*'$'! #+! ,*6*#! *'1$)! $I*?1$#,+! *?+'&'1*A$'! I)JD&.*'! +!
=)+1*D&,+'!O=)&#?&=&+!,*!=)*?$/?&(#PL!
X+! '*! 1&*#*#! *#! ?/*#1$! =)+K*?1+'! Y/*! &#%+./?)*#! *.!
$=)+%*?R$A&*#1+!,*!*'=*?&*'!&#?./&,$'!*#!*.!$=Z#,&?*!7H!@@!K!@@@!,*!.$!
?+#%*#?&(#!,*!-&1*'L!j$A=+?+!=)+K*?1+'!Y/*!*'1Z#!%*,$,$'!$!#&%*.!

U7!

)*D&+#$.!+!#$?&+#$.L!
]+'!=)+K*?1+'!Y/*!&#%+./?)*#!.$!&#1)+,/??&(#!,*!*'=*?&*'H!*'=*?&*'!
&#1)+,/?&,$'!#*/1)$.&3$,$'H!+)D$#&'A+'!%&%+'!A+,&I&?$,+'!+!)*$.&?*#!
$?1&%&,$,*'! ,*! )*=+6.$A&*#1+H! 1)$'=.$#1*! +! 1)$#'.+?$?&(#! ,*6*#!
?+#1$)! ?+#! .+'! =*)A&'+'! K! .&?*#?&$'! *A&1&,+'! =+)! .$! $/1+)&,$,!
$A6&*#1$.!?+))*'=+#,&*#1*L!
-$,31*(%$,(.1(`H"..1(+"(-1*0$,$( EA=)*'$'!Y/*!A&,$#!'/!R/*..$!,*!?$)6+#+!K!Y/*!=/*,$#!=+)!1$#1+!
?/A=.&)!)*Y/&'&1+'!&#1*)#$?&+#$.*'!,*!?$A6&+!?.&AJ1&?+L!
E"+&*( 'H( `H"..1( +"( 6#H1( L( ]$! *A=)*'$! ,*6*! ?+#1$)! ?+#! A*,&,$'! =$)$! R$?*)! AJ'! *I&?&*#1*! *.!
1V$*31*( 1.( /1,"g$( +"( '&'3"/1'( /'+!,*.!$D/$!K!*#!.$!A*,&,$!,*!.+!=+'&6.*!.+D)$)!=)*'*)%$)!I/*#1*'!
jJ+*&%$'(
,*!$D/$!K!)*?/)'+'!R2,)&?+'L!
`1%"*( H,( H'$( "N&%&",3"( +"( .1( ]$'! *A=)*'$'! ,*6*#! ?+#1$)! ?+#! '&'1*A$'! *I&?&*#1*'! ,*! /'+! ,*! .$!
","*#J1(
*#*)D2$L!
9"'1**$..1*( H,( /1,"g$(
*"'31H*1%&W,(+"('H".$'(

L( ]$'!*A=)*'$'!,*6*#!'*)!)*D*#*)$,+)$'!,*!%&,$H!?+#!*'=*?&$.!&#1*)Z'!
*#!.$!)*'1$/)$?&(#!K!=)+1*??&(#!,*!'/*.+'L!

-$,31*( %$,( /"+&+1'( +"( ]$'! *A=)*'$'! ,*6*#! R$?*)! /#! /'+! *I&?&*#1*! ,*! .+'! &#'/A+'H!
*"%&%.1g"]( *"H'$( ",( ".( %$,3"i3$( *#1*#,*)! *.! ?&?.+! ,*! %&,$! ,*! .+'! A&'A+'! K! D*#*)$)! =)+?*'+'! ,*!
+".( %&%.$( +"( K&+1( +"( .$'( )*?&?.$G*!+!)*!/'+L!
V*$+H%3$'(

(
-*&3"*&$'(>$%&1."'((
-C;52C;:>(

C2^A;>;5:>(

D","*1%&W,( +"( "/V."$( +"( ]$! D*#*)$?&(#! ,*! *A=.*+! ,*6*! '*)! ?+#! 1+,+'! .+'! )*Y/&'&1+'! K!
%1.&+1+(
=)*'1$?&+#*'! *[&D&,$'! =+)! .*K! K! 6)&#,$)! +=+)1/#&,$,*'! ,*!
?$=$?&1$?&(#! ?+#1&#/$! '&#! ,&'?)&A&#$?&(#! ,*! DZ#*)+H! A&#+)2$'! +!
,&'?$=$?&,$,*'L!
D","*1%&W,(
+"( ]$'! *A=)*'$'! ,*6*#! =)&+)&3$)! .$! &#?./'&(#! ,*! =)+%**,+)*'! .+?$.*'!
",%1+",1/&",3$'( V*$+H%3&K$'( ,*#1)+!,*!'/'!?$,*#$'!,*!%$.+)L!
K"*+"'(
E1,"g$(+"(.$'(#*HV$'(+"(;,3"*f'( ]$'!*A=)*'$'!,*6*#!,&'*S$)!A*?$#&'A+'!K!*'=$?&+'!,*!&#1*)?$A6&+!
?+#! '/'! D)/=+'! ,*! &#1*)Z'! =$)$! )*?&6&)! )*1)+$.&A*#1$?&(#! '+6)*! '/!
&A=$?1+L!
C"'V$,'10&.&+1+(
%$,'H/&+$*(

j1%&1(

".( ]$'!*A=)*'$'!,*6*#!,&'*S$)!A*?$#&'A+'!K!*'=$?&+'!,*!&#1*)?$A6&+!
?+#!*.!?+#'/A&,+)!=$)$!)*?&6&)!)*1)+$.&A*#1$?&(#!'+6)*!'/!&A=$?1+L!

;,K$.H%*1/&",3$( +"( .$'( #*HV$'( ]$'! *A=)*'$'! ,*6*#! $6)&)! .$'! &#'1$#?&$'! K! .$! =$)1&?&=$?&(#! ,*!
&,+J#",1']( 1N*$%$.$/0&1,$'( L( A&#+)2$'! *'1)$1ZD&?$'! ,*#1)+! ,*! '/'! G/#1$'H! $'$A6.*$'! /! +1)+'!

U9!

%1/V"'&,$'=(((

*'=$?&+'L!

O1*3&%&V1%&W,( 1%%&$,1*&1( +"( ]$'! *A=)*'$'! =)+A/*%*#! .$! =$)1&?&=$?&(#! $??&+#$)&$! ,*!
#*HV$'(+"(&,3"*f'(L(/&,$*J1'(
1)$6$G$,+)*'!K!)*=)*'*#1$#1*'!,*!?+A/#&,$,*'!,*#1)+!,*!.$!3+#$!,*!
&#I./*#?&$L!
6.&1,b1'("'3*13f#&%1'(

]$!*A=)*'$!&#%&*)1*!+!1)$6$G$!?+#!+)D$#&3$?&+#*'!,*!.$!'+?&*,$,!?&%&.!
=$)$!R$?*)!I)*#1*!$!,*'$I2+'!'&'1ZA&?+'!'+?&$.*'!K!$A6&*#1$.*'!*#!'/!
3+#$!,*!&#I./*#?&$L!

(
-*&3"*&$'(+"(D$0"*,1,b1(
-C;52C;:>(

C2^A;>;5:>(

;,K$.H%*1*(1(.$'(1%%&$,&'31'(",(.1( ]$!*A=)*'$!&#?./K*!,*#1)+!,*!.$'!I/#?&+#*'!,*!'/!{/#1$!B&)*?1&%$!*.!
+"N&,&%&W,( +"( fi&3$( "/V*"'1*&1.( A+#&1+)*+!K!,*'*A=*S+!'+?&$.!K!$A6&*#1$.!,*!.$!*A=)*'$L!
L(%$/V1*3&*(K1.$*"'(
;,K$.H%*1*( 1( .$'( #*HV$'( +"( ]$! *A=)*'$! ,&'*S$! K! R$?*! =\6.&?+! /#! A*?$#&'A+! =$)$! )*?&6&)!
&,3"*f'( ",( .$'( 3"/1'( K"*+"'( L( )*1)+$.&A*#1$?&(#!,*!'/'!D)/=+'!,*!&#1*)Z'L!
'$'3",&0."'(
-H",31( %$,( "'3q,+1*"'( +"( ]$! EA=)*'$! R$?*! =\6.&?+! '/! )*=+)1*! ,*! ,*'*A=*S+! '+?&$.! K!
3*1,'V1*",%&1((L(Ef3*&%1'(
$A6&*#1$.! K! ?/A=.&A&*#1+! ,*! A*1$'! =)**'1$6.*?&,$'! 6$G+! .$!
*%$./$?&(#!,*!AZ1)&?$'!,*!,*'*A=*S+!?/$#1&1$1&%$'!K!$%$.$,$'!=+)!
1*)?*)+'L!
:0g"3&K$( >$%&1.( %.1*1/",3"( ]$!*A=)*'$!1&*#*!/#$!A&'&(#!?+)=+)$1&%$!Y/*!?.$)$A*#1*!,*I&#*!'/!
+"N&,&+$( V$*( .1( %*"1%&W,( +"( ?+A=)+A&'+! $! .$! ?)*$?&(#! ,*! &A=$?1+! '+?&$.! A$1*)&$.! K! .&,*)$3D+!
&/V1%3$('$%&1.(L(1/0&",31.(
$A6&*#1$.H!Y/*!,*I&#*!.$!?/.1/)$!.$6+)$.!,*!.$!*A=)*'$!K!*'!/1&.&3$,$!
=$)$!*%$./$)!*.!,*'*A=*S+!,*!.$!D*)*#?&$L!
81( "/V*"'1( +"g1( %.1*$( 'H( ]$! *A=)*'$! '*! '/G*1$! %+./#1$)&$A*#1*! $! /#! A$#,$1+! .*D$.!
0","N&%&$( '$%&1.( L( 1/0&",31.( ",( %&#?/.$#1*!,*!D*#*)$)!%$.+)!'+?&$.!K!$A6&*#1$.!=$)$!1+,+'!'/'!D)/=+'!
.$'("'313H3$'(8"#1."'(
,*!&#1*)Z'!K!#+!'+.+!$!'/'!$??&+#&'1$'L!

!
!
!
!

U;!

I= >2-5:C2>( OC;:C;56C;:>( -:!( O:52!-;68( 92( 92>6CC:88:( 92( !2D:-;:>(

)2C92>(Q(6-5:C2>(O_78;-:(OC;)69:>(C286-;:!69:>(
!
E#!D*#*)$.!.$!D$A$!,*!#*D+?&+'!%*),*'!=/*,*!'*)!A/K!$A=.&$L!E[&'1*!/#$!D$A$!,*!#*D+?&+'!Y/*!
'*!=/*,*#!V%*),*$)W!+!R$?*)!AJ'!'+'1*#&6.*'!$'2!?+A+!#*D+?&+'!Y/*!,*',*!'/!?+#?*=?&(#!,*!
#*D+?&+'!*'1J#!,&'*S$,+'!=$)$!D*#*)$)!%$.+)!$A6&*#1$.L!!X+!'*!,*'?$)1$!#&#D\#!#*D+?&+!,*!.$!
1$6.$! '&D/&*#1*L! N&#! *A6$)D+H! ,*6*A+'! *A=*3$)! $! =)&+)&3$)H! *#1*#,&*#,+! ?/$.*'! '+#! #/*'1)$'!
%*#1$G$'!?+A=*1&1&%$'!6$'$,$'!*#!.$'!=+1*#?&$.&,$,*'!$A6&*#1$.*'!,*!-+.+A6&$L!!
M'&A&'A+H!*'!&A=+)1$#1*!..*D$)!$!D*#*)$)!/#$!D$A$!,*!D)$#,*'!#*D+?&+'!?+A+!*'!*.!?$'+!,*!.$'!
*#*)D2$'H!K!1$A6&Z#!=*#'$)!*#!.+'!#*D+?&+'!*#!.+'!*#?$,*#$A&*#1+'!=)+,/?1&%+'!Y/*!&A=/.'$#!*!
,*'$))+..+!,*!0&=KA*'!%*),*'H!I/*#1*'!,*!*A=.*+!*!&##+%$?&(#!=$)$!*.!=$2'L!
E#! *'1*! ?+#1*[1+! '*! ,*'$))+..+! .$! '&D/&*#1*! .&'1$! Y/*! A$)?$! /#$! )/1$! &#&?&$.! ,*! '*?1+)*'L! -$6*!
,*'1$?$)! Y/*! .$! =)&+)&3$?&(#! '*! ,*6*)2$! R$?*)! ?+#! 0-@j! K! *#! *'=*?&$.! ?+#! *.! <j<H! =*)+! *#!
)*$.A*#1*! ..*D$#,+! $! =)&+)&3$)! /#+'! 1)*'! '*?1+)*'! *#! ,+#,*! -+.+A6&$! 1*#D$! /#$! )*$.! %*#1$G$!
?+A=*1&1&%$L!
7L <)+,/?1+'! ,*)&%$,+'! ,*.! /'+! '+'1*#&6.*! ,*! .$! 6&+,&%*)'&,$,! Y/*! &#?./K*#! .+'! =)+,/?1+'!
A$,*)$6.*'! K! #+! A$,*)$6.*'H! .$! $D)&?/.1/)$! '+'1*#&6.*! K! .+'! =)+,/?1+'! ,*)&%$,+'! ,*! .$!
6&+=)+'=*??&(#L!!!
9L <)+,/?1+'! &#,/'1)&$.*'! A*#+'! ?+#1$A&#$#1*'H! Y/*! /1&.&3$#! 1*?#+.+D2$'! AJ'! .&A=&$'! +!
=)+,/?1+'!R*?R+'!$!=$)1&)!,*.!$=)+%*?R$A&*#1+!,*!.+'!)*'&,/+'!,*!+1)+'!=)+?*'+'!K!.$'!
*#*)D2$'!)*#+%$6.*'!+!.&A=&$'L!
;L N*)%&?&+'! $A6&*#1$.*'! Y/*! &#?./K*#! *.! ?+#G/#1+! ,*! '*)%&?&+'! Y/*! $=)+%*?R$#! *.! A*,&+!
$A6&*#1*! ?+A+! =)+%**,+)! ,*! $A*#&,$,*'! ?+A+! *.! *?+1/)&'A+! K! .+'! '*)%&?&+'! Y/*! '*!
=)*'1$#!=$)$!)*,/?&)!.+'!&A=$?1+'!,*.!'*)!R/A$#+!'+6)*!*.!A*,&+!$A6&*#1*H!=+)!*G*A=.+!
*.!1)$1$A&*#1+!,*!$D/$'!)*'&,/$.*'L!E#!*'1$!?$1*D+)2$!*.!A*)?$,+!,*!?$)6+#+!*A=&*3+!$!
'*)!)*.*%$#1*L!

UC!

(6OC:)2-`6E;2!5:(>:>52!;782( 2-:OC:9A-5:>(;!9A>5C;68(((
92(8:>(C2-AC>:>(!65AC682>((
<)+,/?1+'! X$1/)$.*'! 0$,*)$6.*'! <)+,/?1+'!
0$#/I$?1/)$,+'!
O<X0P!!
?+#!?$)$?1*)2'1&?$'!%*),*'!!
MD)&?/.1/)$!E?+.(D&?$!!
j*?#+.+D2$'! ]&A=&$'! K! EY/&=+'!
,*!0&1&D$?&(#!,*!@A=$?1+'!!
>&+1*?#+.+D2$!!
M=)+%*?R$A&*#1+! ,*! )*'&,/+'!
K!)*?&?.$G*!!
<)+,/?1+'!
X$1/)$.*'!
#+! E#*)D2$'!]&A=&$'!!
0$,*)$6.*'!!!
!!!
!

>2C);-;:>(6E7;2!5682>((
E?+1/)&'A+!
+!
j/)&'A+!
E?+.(D&?+!!
E,/?$?&(#!MA6&*#1$.!!
F*'1&(#!@#1*D)$.!,*!_*'&,/+'!!!

<)+K*?1+'! ,*! @#I)$*'1)/?1/)$!

=$)$! *.! j)$1$A&*#1+! ,*!
`*)1&A&*#1+'!K!EA&'&+#*'!!
0&#*)2$!N+'1*#&6.*!!
-+#'/.1$)2$!MA6&*#1$.!!
<)+,/?1+'! ?+#! R/*..$! 6$G$! *#! _*D*#*)$?&(#!,*!%&,$!O'/*.+'P!
?$)6+#+!

5/*#1*Q!F)/=+!0*)?$,+'!`*),*'!?+#!A+,&I&?$?&+#*'!,*!E;!M'*'+)2$'!

!
E#!6$'*!$!*'1$!1$6.$H!'*!,*'$))+..(!/#$!=)&+)&3$?&(#!,*!'*?1+)*'!*#!.+'!?/$.*'!.+'!#*D+?&+'!%*),*'!
*#!-+.+A6&$!=+,)2$#!'*)!?+A=*1&1&%+'L!<$)$!..*%$)!$!?$6+!/#$!*'1)$1*D&$!*I*?1&%$!,*!I+A*#1+!$!
.+'!#*D+?&+'!%*),*'!,*6*#!'*.*??&+#$)'*!/#+'!'*?1+)*'!=)&+)&1$)&+'!*#!.+'!?/$.*'!?+#?*#1)$)!.+'!
*'I/*)3+'L!]$!*[=*)&*#?&$!&#1*)#$?&+#$.!A/*'1)$!Y/*!.+'!=$2'*'!Y/*!R$#!.+D)$,+!=+#*)!$.!I)*#1*!
#*D+?&+'!%*),*'!?+A+!*G*!*'1)$1ZD&?+!,*!D*#*)$?&(#!,*!&#D)*'+'!=$)$!*.!<$2'H!=)&+)&3$#!'*?1+)*'!
?+#!?.$)$'!%*#1$G$'!?+A=*1&1&%$'L!!
j*#&*#,+! *'1+! *#! A*#1*H! '*! /'$)+#! .+'! '&D/&*#1*'! ?)&1*)&+'! =$)$! '*.*??&+#$)! .+'! '*?1+)*'!
=)&+)&1$)&+'!*#!.+'!Y/*!,*6*)2$#!I+A*#1$)'*!X*D+?&+'!`*),*'Q!
!
)",31g1'(%$/V"3&3&K1'(+".(O1J'!
-+.+A6&$!*'!)&?$!*#!)*?/)'+'!#$1/)$.*'H!I/*#1*!,*!6&+1*?#+.+D2$H!*#*)D2$'!$.1*)#$1&%$'H!$D/$!K!
'/*.+'L!M'&A&'A+!1&*#*!D)$#!,&%*)'&,$,!?/.1/)$.!K!?$=$?&,$,!R/A$#$L!]$!=)&A*)$!?+#'&,*)$?&(#!
*'!=)&+)&3$)!=+)!1$#1+!*'1$'!%*#1$G$'!?+A=*1&1&%$'!*#!.+'!'*?1+)*'!=)&+)&3$,+'L!!
!
D","*1%&W,(+"("/V."$(",("'V"%&1.(",('"%3$*"'(/",$'(N1K$*"%&+$'(
]+'!X*D+?&+'!%*),*'!,*6*#!'*)%&)!,*!I/*#1*!,*!D*#*)$?&(#!,*!+=+)1/#&,$,*'!K!*A=.*+L!N*D\#!
F)**#! >&3H! /#+! ,*! .+'! A$K+)*'! D*#*)$,+)*'! ,*! *A=.*+'! '+#! .+'! '*)%&?&+'! $'+?&$,+'! $! .$!

U8!

&A=.*A*#1$?&(#! ,*! *#*)D2$'! $.1*)#$1&%$'! ?+A+! .$! '+.$)L! @D/$.A*#1*H! *.! *?+1/)&'A+! K! *.!
D*+1/)&'A+H! *.! ?/.1&%+! ,*! I)/1$.*'! K! R+)1$.&3$'H! .$! *[=.+1$?&(#! '+'1*#&6.*! ,*! =)+,/?1+'!
A$,*)$6.*'!K!#+!A$,*)$6.*'H!K!.+'!#*D+?&+'!6$'$,+'!*#!*.!)*?&?.$G*!K!*.!=+'1T?+#'/A+H!1&*#*#!
/#!=+1*#?&$.!&A=+)1$#1*!,*!D*#*)$)!&#D)*'+'!=$)$!?+A/#&,$,*'!,*!6$G+'!&#D)*'+'H!K!=+)!1$#1+!
D*#*)$)!)&Y/*3$!K!6&*#*'1$)!*#!*'=*?&$.!$!.$!=+6.$?&(#!A$'!=+6)*!,*.!=$2'L!!
!
E"*%1+$(!1%&$,1.("(;,3"*,1%&$,1.(+"'+"(.1(V$3",%&1.&+1+(+"(.$'(58-(
E'! &A=+)1$#1*! =)&+)&3$)! '*?1+)*'! Y/*! ?/*#1*#! ?+#! /#$! ,*A$#,$! =+1*#?&$.! '&D#&I&?$1&%$! $! #&%*.!
#$?&+#$.!*!&#1*)#$?&+#$.L!B*!.+!?+#1)$)&+H!'*!?+))*!*.!)&*'D+!,*!Y/*!.+'!X*D+?&+'!`*),*'!?)*$,+'!
#+! 1*#D$#! ?+#'/A&,+)*'! &#1*)*'$,+'! *#! ?+A=)$)! '/'! =)+,/?1+'H! K! =+)! .+! 1$#1+! 1*)A&#*#!
I)$?$'$#,+L! ]*'! '*?1+)*'! =)&+)&3$,+'! )*'=+#,*#! $! /#! 6*#?RA$)p&#D! ,*! =$2'*'! *#! 1*A$'! ,*!
#*D+?&+'! '+'1*#&6.*'! K! $! .$'! '*?1+)*'! ,*! A$'! $.1+! ?)*?&A&*#1+! &#1*)#$?&+#$.L! M'&A&'A+H!
)*'=+#,*#!$!.$'!,*A$#,$'!=+1*#?&$.*'!,*!=$2'*'!*#!*.!A$)?+!,*!.+'!j]-L!
!
-.1*&+1+(",(/13"*&1(8"#1.("(&,'3&3H%&$,1.(1(,&K".(,1%&$,1.(
]$! =)&+)&3$?&(#! ,*! '*?1+)*'! )*'=+#,*! $! .$'! =+.21&?$'! $?1/$.*'! *#! -+.+A6&$! *#! ,+#,*! *[&'1*! /#!
&A=/.'+! $! .$'! A&'A$'H! $'2! ?+A+! $! .$! '*.*??&(#! ,*! '*?1+)*'! Y/*! K$! *'1J#! &A=/.'$#,+! 1*A$'!
*#I+?$,+'! $! #*D+?&+'! %*),*'! ?+#! Y/&*#*'! '*! =/*,*! 1)$6$G$)H! &#?./K*#,+! .+'! '*?1+)*'! ,*!
j)$#'I+)A$?&(#!<)+,/?1&%$L!
!
7","N&%&$'(1+&%&$,1."'(+"(V1*3&%H.1*(&/V$*31,%&1(
M.D/#+'! '*?1+)*'! ,*! X*D+?&+'! `*),*'! 1&*#*#! *[1*)#$.&,$,*'! =+'&1&%$'! *'=*?&$.A*#1*!
&A=+)1$#1*'!=$)$!*.!<$2'L!<+)!*G*A=.+H!*.!,*'$))+..+!,*!.$'!*#*)D2$'!$.1*)#$1&%$'!=+,)2$!=*)A&1&)!
..*%$)! *#*)D2$! *.Z?1)&?$! $! 3+#$'! )*A+1$'! #+! &#1*)?+#*?1$,$'H! A*G+)$#,+! .$! ?$.&,$,! ,*! %&,$! ,*!
'/'! R$6&1$#1*'H! K! )*,/?&)! .$! %/.#*)$6&.&,$,! ,*.! '/A&#&'1)+! *#*)DZ1&?+! $#1*! ?&*)1+'! *%*#1+'!
?.&AJ1&?+'L!<+)!'/!=$)1*H!.+'!#*D+?&+'!6$'$,+'!*#!*.!)*?&?.$G*!K!*.!=+'1T?+#'/A+H!'*)%&)2$#!=$)$!
)*,/?&)!.$!?$#1&,$,!,*!6$'/)$'!K!I+)A$.&3$)!$!.+'!)*?&?.$,+)*'H!/#+!,*!.+'!D)/=+'!=+6.$?&+#$.*'!
AJ'!=+6)*'!K!?/K$'!$?1&%&,$,*'!1&*#*#!*I*?1+'!#*D$1&%+'!*#!%$)&$'!?&/,$,*'!,*.!<$2'L!

U^!

!
j*#&*#,+!*#!?/*#1$!.+'!$#1*)&+)*'!?)&1*)&+'!'*!'*.*??&+#$)+#!+?R+!'*?1+)*'!*#!.+'!?/$.*'!*#I+?$)!
.+'! *'I/*)3+'! ,*! I+A*#1+! $! .+'! X*D+?&+'! `*),*'L! ! E.! &,*$.! *'! '*D/&)! =)&+)&3$#,+! =$)$! Y/*!
-+.+A6&$! *'?+G$! $.! A*#+'! ,+'! '*?1+)*'! ,*! *'1+'! Y/*! '*$#! ,*! 1$..$! A/#,&$.H! K! '*! D*#*)*! /#$!
*'1)$1*D&$!,*!<$2'!=$)$!I+A*#1$).+'L!]$!'&D/&*#1*!1$6.$!A/*'1)$!.+'!'*?1+)*'!'*.*??&+#$,+'L!
!
E#!*'1$!A&'A$!.2#*$!'*!R$#!&,*#1&I&?$,+!.+'!$?1+)*'!=\6.&?+'!K!=)&%$,+'!Y/*!,*6*#!=$)1&?&=$)!*#!
.+'!#*D+?&+'!%*),*'!Y/*!'*!=)&+)&3$#L!!-$6*!,*'1$?$)!Y/*!*.!$??&+#$)!,*.!'*?1+)!=\6.&?+!'+.+!#+!
*'!*I*?1&%+!=$)$!D*#*)$)!#*D+?&+'!%*),*'!K!Y/*!I$.1$!/#$!$)1&?/.$?&(#!)*$.!?+#!*.!'*?1+)!=)&%$,+!
=$)$!&A=/.'$).+'L!
!
>"%3$*"'(V*&$*&31*&$'(V1*1(".(N$/",3$(+"(!"#$%&$'()"*+"'=(
>2-5:C(

92>-C;O-;B!r-:!52c5:(

5H*&'/$(
XD"$3H*&'/$(L(
2%$3H*&'/$G(

E'! ,*I&#&1&%$A*#1*! /#$! $=/*'1$! ,*! =$2'L!

5+)A$! =$)1*! ,*! .+'! '*?1+)*'! *'1)$1ZD&?+'! ,*.!

<)+D)$A$!,*!j)$#'I+)A$?&(#!<)+,/?1&%$L!

6-5:C2>(;!):8A-C69:>(
`&?*A&#&'1*)&+!,*!j/)&'A+!
<j<!
<$)Y/*'!X$?&+#$.*'!X$1/)$.*'!

-+.+A6&$! *'! /#! =$2'! ?+#! $6/#,$#?&$! ,*!

*#*)D2$!R2,)&?$H!?+#!*.!oz!R+)$!*#1)*!.+'!AJ'!
*?+#(A&?+'!,*!MAZ)&?$!]$1&#$L!!
N&#! *A6$)D+H! 1$A6&Z#! 1&*#*! *.! =+1*#?&$.! ,*!
D*#*)$)! *#*)D2$! R2,)&?$! $! =*Y/*S$! *'?$.$H!
'+.$)H!*(.&?$!K!D*+1Z)A&?$L!!
2,"*#J1'(
1.3"*,13&K1'(

E#!*'=*?&$.H!.$!*#*)D2$!'+.$)!?)*$)2$!+=?&+#*'!

=$)$!.$'!3+#$'!#+!&#1*)?+#*?1$,$'H!'&*A=)*!K!

?/$#,+! R$K$! /#$! *'1)$1*D&$! VD)&,! &##WH! K!

$.D/#+'!6*#*I&?&+'!=$)$!'/!,*'$))+..+L!!

0&#0&#$'!
"<0E!
N*?1+)!=)&%$,+!

0Z[&?+! K$! *'! /#! VR/6W! ,*! *#*)D2$'!

$.1*)#$1&%$'H! %$.,)2$! .$! =*#$! %*)! '&! =/*,*#!
$=)*#,*)'*! $.D/#$'! .*??&+#*'! ,*.! ?$'+!
A*[&?$#+L!
7&$3"%,$.$#J1(

E[&'1*! /#! #/*%+! ,+?/A*#1+! -fX<EN! '+6)*!

6&+1*?#+.+D2$L!E#!*'1*!'*!&#?*#1&%$!$!&A=/.'$)!!

-+.?&*#?&$'!
_*,!,*!/#&%*)'&,$,*'!K!

UU!

/#$! *'1)$1*D&$! *#! ?&*#?&$! K! 1*?#+.+D2$H! ?+#!

)*?/)'+'! ,*! &#%*'1&D$?&(#! K! =+.21&?$'! )*$.*'!
=$)$!&A=/.'$)!*.!'*?1+)L!

!
g$K! D)$#! =+1*#?&$.&,$,! =$)$! '*?1+)*'!
$,&?&+#$.*'! ?+A+! .$! %$'/$%"h3&%1! K! .$!
,H3*1%"h3&%1L! E'1+'! '*?1+)*'! )*Y/&*)*#!
&#'/A+'! ,*! .$! 6&+1*?#+.+D2$H! =*)+! 1$.! %*3! *#!
*..+'!*.!<$2'!'2!=+,)2$!'*)!?+A=*1&1&%+L!
E[&'1*#!
,&%*)'$'!
+=+)1/#&,$,*'!
)*Y/*)&A&*#1+'!A/#,&$.*'!*#!.$!A$1*)&$L!!

?*#1)+'!,*!&#%*'1&D$?&(#!
0-@j!
0&#MD)&?/.1/)$!

K!

E#!*'1*!)/6)+!'*!,*'1$?$#Q!
f)DJ#&?+'! &#?./K*#,+! I)/1$.*'! K!
R+)1$.&3$'!
<.$#1$'! $)+AJ1&?$'H! A*,&?&#$.*'! K!
?+#,&A*#1$)2$'!

0$,*)$'!=.$#1$,$'!K!'+'1*#&6.*'!

<)+,/?1+'!#+!A$,*)$6.*'!,*.!6+'Y/*!
!
M.D/#+'! ,*! *'1+'! '*?1+)*'! K$! '*! *'1J#!
&A=/.'$#,+! ,*',*! *.! 0&#&'1*)&+! ,*!
MD)&?/.1/)$H! K! '*! 1&*#*#! =)&+)&3$,+'! *#! .+'!
<j<'L!

6#*&%H.3H*1(
'$'3",&0."(L(
O*$+H%3$'(
/1+"*10."'(L(
,$(/1+"*10."'(

0&#MD)&?/.1/)$!
-M_!
N*?1+)!=)&%$,+!

-+#! 6$'*! *#! .$! <+.21&?$! ,*! <)+,/??&(#! K!

-+#'/A+! N+'1*#&6.*! '*! D*#*)$)+#! #/*%+'!
#*D+?&+'!&#1*)*'$#1*'!*#!*'1*!'*?1+)L!!

!"#$%&$'(
01'1+$'(",(".(
*"%&%.1g"(L(
V$'3d%$,'H/$(

E.! N*?1+)! ?)*$! *A=.*+! K! ?/*#1$! ?+#! 6$'*'!

'(.&,$'!,*!*[=*)&*#?&$'!?++=*)$1&%$'L!

N*)2$#! #*?*'$)&+'! *#?$,*#$A&*#1+'! ?+#!

D)$#,*'! =.$1$I+)A$'! Y/*! D*#*)$#! *.!
?+#'/A+H! K! 1$A6&Z#! ?+#! .$'! #/*%$'!
*A=)*'$'!I+)A$,$'H!=$)$!.+D)$)!&A=/.'$)!.+'!
#*D+?&+'L!

EA=)*'$!=)&%$,$!
0-@j!
M.?$.,2$'!?+A+!.$!,*!>+D+1J!
0/#&?&=&+'!=&+#*)+'!?+A+!
N$#!F&.!K!N+?+))+!

MY/2!'*!*#?/*#1)$#!1*A$'!?+A+Q!*?+T,&'*S+H!
*?+T=)+,/?1+'! K! *?+T1*[1&.*'! OI&6)$'!
)*?&?.$,$'PL!

Ud!

E.! A/#,+! D&)$! R$?&$! /#$! *?+#+A2$! 6$G$! *#!

?$)6+#+L!!
!"#$%&$'(
01'1+$'(",(
"'3*13"#&1'(
01g1'(",(
%1*0$,$(

-$,'3*H%%&W,(
'$'3",&0."(

-+.+A6&$!R$!G/D$,+!/#!=$=*.!&#1*)*'$#1*!*#!

.+'!=)+K*?1+'!0B]!D)$#,*'L!!
]$! *?+#+A2$! 6$G$! *#! ?$)6+#+! &#?*#1&%$!
#*D+?&+'! *#! A/?R+'! '*?1+)*'H! ,*',*!!
#*D+?&+'! *#*)DZ1&?+'H! R$'1$! )*?+A=+'&?&(#!
,*! #*D+?&+'! $D)2?+.$'! K! =)+?*'+'!
'&.%+=$'1+)&.*'L!!
E.! &A=/.'+! $.! '*?1+)! &#A+6&.&$)&+! $'2! ?+A+! .$!
D*#*)$?&(#! ,*! &#I)$*'1)/?1/)$! '+'1*#&6.*!
D*#*)$! D)$#,*'! +=+)1/#&,$,*'! ,*! #*D+?&+'!
%*),*'L!!

E#!-+.+A6&$!*[&'1*!*.!-+#'*G+!-+.+A6&$#+!,*!
?+#'1)/??&(#!
'+'1*#&6.*H!
K!
,&%*)'$'!
)*D/.$?&+#*'!$.)*,*,+)!,*.!1*A$!=+)!*G*A=.+!
,*!$R+))+!K!/'+!*I&?&*#1*!,*!*#*)D2$H!D$'!*1?L!

0MBNT!B&)*??&(#!,*!-$A6&+!
-.&AJ1&?+!
MD*#,$'!'*?1+)&$.*'!
?.&AJ1&?$'!

0&#&'1*)&+!,*!`&%&*#,$!
N*?1+)!=)&%$,+!

(
!
!
!
!
!
!
!
!
!

Uk!

Y= ;!>5CAE2!5:>(:(`2CC6E;2!56>(92(>:>52!;7;8;969(O6C6(28(;EOA8>:(6(
8:>(!2D:-;:>()2C92>(
!
1G ;,%",3&K$'(2%$,W/&%$'(
!
E[&'1*#! ,&%*)'+'! &#?*#1&%+'! *?+#(A&?+'! ,*'?)&1+'! *#! .$! .*K! kk! ,*! 7kk;L! E#! /#! *'1/,&+!
,*'$))+..$,+! =+)! E?+%*)'$ ; H! '*! &,*#1&I&?$)+#! 9d! &#'1)/A*#1+'H! ,&%&,&,+! *#! 7:! &#'1)/A*#1+'!
*?+#(A&?+'H! k! &#'1)/A*#1+'! I&#$#?&*)+'! K! k! &#'1)/A*#1+'! 1)&6/1$)&+'L! 0/?R+'! ,*! *'1+'!
&#'1)/A*#1+'! *'1J#! $/#! *#! =$=*.! K! R$! '&,+! A/K! ,&I2?&.! '/! &A=.*A*#1$?&(#L! ]$! '&D/&*#1*! 1$6.$!
*#/A*)$!$Y/*..+'!Y/*!1&*#*#!A$'!'*#1&,+!=$)$!&A=/.'$)!#*D+?&+'!%*),*'L!
;!>5CAE2!5:(

92>-C;O-;B!(

E"%1,&'/$(+"(9"'1**$..$(
8&/V&$(d(E98(

<+'&6&.&,$,!
,*!
D*#*)$?&(#!
,*!
?*)1&I&?$,+'!
,*!
)*,/??&(#!+!?$=1/)$!,*!
D$'*'!
*I*?1+!
&#%*)#$,*)+! ?+#! %$.+)!
A+#*1$)&+! $! =)+K*?1+'!
Y/*!
?/A=.$#!
)*Y/&'&1+'!
,*.!
<)+1+?+.+!,*!o&+1+L!!

-"*3&N&%1+$(+"(;,%",3&K$(
_*?+#+?&A&*#1+!
4$*"'31.(+"(C"N$*"'31%&W,(( *?+#(A&?+!+1+)D$,+!=+)!
(
*.!E'1$,+!$!.$!
)*I+)*'1$?&(#!=)+1*?1+)$!
=)+,/?1+)$L!!
!

-"*3&N&%1+$(
+"(
;,%",3&K$( 4$*"'31.( +"(
-$,'"*K1%&W,!!

_*?+#+?&A&*#1+!
*?+#(A&?+!+1+)D$,+!=+)!
*.!*'1$,+!$!=)+=&*1$)&+'!

E6C-:(82D68(
(
_*'L!887|9::k!!
_*D/.$?&(#!
&#1*)#$?&+#$.! <)+1+?+.+!
,*!o&+1+L!!

]*K!7;k!,*!7kkC!!
B*?)*1+!7d9C!,*!7kkC!!

]*K!7;k!,*!7kkC!!
M)1L!98:!]*K!99;|7kk8!!
B*?)*1+!k::!,*!7kkU!!

C286-;B!(
-:!(
!2D:-;:>()2C92>(
N*! =/*,*! D*#*)$)!
#*D+?&+'!,*!0B]!?+#!
*A=)*'$'! =)&%$,$'H!
Y/*! 1*#D$#! ?.$)+'!
6*#*I&?&+'!
,*!
)*,/??&(#! ,*! D$'*'H!
?+#!
/#!
I./G+!
*?+#(A&?+!
&A=+)1$#1*! =$)$! .$!
*A=)*'$!
K!
.+'!
?+#'/.1+)*'!
$'+?&$,+'L!
"#+! ,*! .+'! D)$#,*'!
#*D+?&+'! *#! *.! =$2'!
*'! .$! )*I+)*'1$?&(#!
=)+1*?1+)$T
=)+,/?1+)$H! I/*#1*!
,*! 1)$6$G+! K! =+'&6.*!
I/*#1*! ,*! )*?/)'+'!
,*! )*I+)*'1$?&(#! *#!
*.!I/1/)+!,*!_EBB~L!
]+'!
&#?*#1&%+'!
I+)*'1$.*'!
,*!
?+#'*)%$?&(#!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
;

E?+%*)'$H!N*=1&*A6)*!,*.!9::kL!!_*?+=&.$?&(#H!*%$./$?&(#!K!$#J.&'&'!,*!.+'!&#'1)/A*#1+'!*?+#(A&?+'!K!1)&6/1$)&+'!
*[&'1*#1*'!*#!A$1*)&$!$A6&*#1$.L!

d:!

,*!1&*))$!O=\6.&?+'!+!
=)&%$,+'P!=+)!.$!
?+#'*)%$?&(#!,*!6+'Y/*!
#$1/)$.L!!
!

@X-EXj@`fN!j_@>"jM_@fN(
(
9"+H%%&$,"'(+"(;)6((
]$!$,Y/&'&?&(#!,*!*Y/&=+'! M)12?/.+'!C9CT8!K!C9dTIH!
(
K!*.*A*#1+'!#*?*'$)&+'!
,*.!E'1$1/1+!j)&6/1$)&+a!
=$)$!.+'!'&'1*A$'!,*!
B*?)*1+!9;;9!,*!9::7!!
?+#1)+.!K!A+#&1+)*+!
!
$A6&*#1$.H!.$!&A=+)1$?&(#!
,*!*Y/&=+'!=$)$!*.!
1)$1$A&*#1+!K!)*?&?.$G*!,*!
6$'/)$'!K!$D/$'!
)*'&,/$.*'!K!=$)$!
=)+K*?1+'!Y/*!)*,/3?$#!
.$'!*A&'&+#*'!,*!D$'*'!
*I*?1+!&#%*)#$,*)+H!$'2!
?+A+!.+'!*Y/&=+'!
#*?*'$)&+'!=$)$!
)*?+#%*)1&)!%*R2?/.+'!$!
D$'!#$1/)$.H!#+!?$/'$#!
@`ML!E.!$R+))+!=$)$!.+'!
*A=)*'$)&+'!*'!,*!7^e!
,*.!%$.+)!,*!?+A=)$!,*!
.+'!*Y/&=+'L!
9"+H%%&$,"'(+"(C",31((
E'!=+'&6.*!,*'?+#1$)!*.!
M)12?/.+'!78U!K!78d!!9H!
(
%$.+)!,*!.$!&#%*)'&(#!*#!
9:U!7!K!8H!,*.!E'1$1/1+!
?+#1)+.!K!A*G+)$A&*#1+!
j)&6/1$)&+!!
$A6&*#1$.!,*!.$!6$'*!,*!
!
.&Y/&,$?&(#!,*!)*#1$!
R$'1$!/#!A+#1+!Y/*!#+!
'/=*)*!*.!9:e!,*!.$!)*#1$!
.2Y/&,$L!E.!$R+))+!=/*,*!
$.?$#3$)!R$'1$!*.!^Lde!,*.!
1+1$.!,*.!&A=/*'1+!,*!
)*#1$!*#!/#!$S+L!!
2i",%&W,( +".( &/VH"'3$( E[*#?&(#!,*.!&A=/*'1+!
M?/*),+'!A/#&?&=$.*'!/!
V*"+&1.(V$*(%$,'"*K1%&W,(( =)*,&$.!=$)$!=)*,&+'!?+#! +),*#$#3$'!
(
?+6*)1/)$'!,*!6+'Y/*'!
,*=$)1$A*#1$.*'!OEGL!
#$1/)$.*'!!
f),*#$#3$!7:!,*!7kUU!
!
M'$A6.*$!,*!
M#1&+Y/&$PL!!
!

=*)A&1*#!
$!
.$'!
*A=)*'$'!
=+)!
*G*A=.+!,*!1/)&'A+!$!
?+#'*)%$)!
K!
D$)$#1&3$)!
.+'!
'*)%&?&+'!
$A6&*#1$.*'L!

E'1$! ,*,/??&(#! R$!

$R+))$,+!
A/?R+'!
)*?/)'+'!
$!
.$'!
*A=)*'$'!
Y/*!
&A=+)1*#!
*Y/&=+'!
$A6&*#1$.*'! ?+A+!
/#! &#?*#1&%+! $! $1)$*)!
1*?#+.+D2$!.&A=&$L!

]$! ,*,/??&(#! *#!

)*#1$!
=/*,*!
D$)$#1&3$)!/#!I./G+!,*!
?$G$! A$'! =+'&1&%+!
=$)$! .+'! #*D+?&+'!
%*),*'L!

B*=*#,*! ,*! .+'!

?+#'*G+'!
A/#&?&=$.*'H! =*)+! *'!
/#$! 6/*#$! I+)A$! ,*!
&#?*#1&%$)!1$A6&Z#!*.!
*?+1/)&'A+!
*#!
#*D+?&+'!%*),*'L!

d7!

!
E#!D*#*)$.!.+'!&#?*#1&%+'!*?+#(A&?+'!K!1)&6/1$)&+'!'+#!&A=+)1$#1*'H!=*)+!#+!'+#!*.!I$?1+)!=+)!*.!
?/$.!/#!#*D+?&+!'*!,*'$))+..$!+!#+!'*!,*'$))+..$L!!!
g$6)2$! +1)+'! &#?*#1&%+'! &A=+)1$#1*'! ?+A+! *'! *.! ?$'+! ,*.! =$D+! =+)! '*)%&?&+'! $A6&*#1$.*'H! Y/*!
$/#Y/*!*'1$!!=+)!]*K!$/#!*'!A/K!=+?+!.+!Y/*!'*!R$!=+,&,+!&A=.*A*#1$)!K!*#!)*$.&,$,!#+!*'!.$!
6$'*!=$)$!D*#*)$)!#*D+?&+'!%*),*'!'&#+!=$)$!'/'1*#1$)!.+'!'*)%&?&+'!$A6&*#1$.*'!,*!.+'!#*D+?&+'!
%*),*'L!!
]+'! +1)+'! 6*#*I&?&+'! *?+#(A&?+'! *[&'1*#1*'! ?+A+! .$'! 1$'$'! )*1)&6/1&%$'H! .$'! 1$'$'! =+)! /'+! ,*!
$D/$!$'2!?+A+!.+'!&#'1)/A*#1+'!I&#$#?&*)+'!?+A+!.$'!)*D$.2$'H!*.!=)*,&$.!+!.$'!?+A=*#'$?&+#*'!
%$#! ,&)*?1$A*#1*! $! .$'! $/1+)&,$,*'! $A6&*#1$.*'! =+)! .+! ?/$.! #+! 6*#*I&?&$! ,&)*?1$A*#1*! $! .$!
?)*$?&(#!,*!*A=)*'$'!%*),*'L!
!
0G -&",%&1](5"%,$.$#J1("(;,,$K1%&W,(
!
E.! E'1$,+! ?+.+A6&$#+! &#?./K(! ,*#1)+! ,*! '/'! =)&+)&,$,*'! *.! I+A*#1+! K! *'12A/.+! $.! ,*'$))+..+!
?&*#12I&?+H! 1*?#+.(D&?+! K! $! .$! &##+%$?&(#H! )*?+#+?&Z#,+.+'! ?+A+! )*Y/&'&1+! I/#,$A*#1$.! =$)$!
'/=*)$)!*.!$1)$'+!,*.!=$2'!K!.+D)$)!/#$!'+?&*,$,!*I&?&*#1*!K!?+A=*1&1&%$!,*#1)+!,*.!A/#,+!,*!.$'!
*?+#+A2$'!D.+6$.&3$,$'L!!
E.! -+#'*G+! M'*'+)! ,*! _*D$.2$'! $=)+6(! *.! M?/*),+! :9k! ,*! 9:7:! =$)$! I&#$#?&$)! =)+K*?1+'! ,*!
&#%*)'&(#! *#! -&*#?&$H! j*?#+.+D2$! *! @##+%$?&(#! O-j@P! ?+#! )*?/)'+'! ,&'=+#&6.*'! *#! *.! 5+#,+!
X$?&+#$.! ,*! _*D$.2$'L! ]+'! =)+K*?1+'! '/'?*=1&6.*'! ,*! I&#$#?&$?&(#! ,*6*)J#! *'1$)! +)&*#1$,+'! $.!
,*'$))+..+!)*D&+#$.!K!6*#*I&?&$)!$!.$'!*#1&,$,*'!1*))&1+)&$.*'H!1$.!?+A+!.+!'*S$.$!*.!M)12?/.+!9d!,*!
.$!]*K!79d^!,*!9::kL!
N*! I&#$#?&$)J#! =)+K*?1+'! ,*! &#%*'1&D$?&(#! 6J'&?$! $=.&?$,$! K! ,*! ,*'$))+..+! *[=*)&A*#1$.H! $'2!
?+A+! =)+K*?1+'! ,*! &##+%$?&(#! 1*?#+.(D&?$! K! '+?&$.L! @D/$.A*#1*H! '*! $=+K$)J! .$! ?)*$?&(#! K! *.!
I+)1$.*?&A&*#1+!,*!/#&,$,*'!)*D&+#$.*'!,*!&#%*'1&D$?&(#H!1$.*'!?+A+!?*#1)+'!,*!&#%*'1&D$?&(#!K!

d9!

,*'$))+..+! 1*?#+.(D&?+H! =$)Y/*'! ?&*#12I&?+'! K! 1*?#+.(D&?+'! *! &#?/6$,+)$'! ,*! 6$'*! 1*?#+.(D&?$H!

*#1)*!+1)+'a!K!=)+D)$A$'!)*D&+#$.*'!,*!I+)A$?&(#!,*!1$.*#1+!R/A$#+!=$)$!.$!&#%*'1&D$?&(#H!.$!
&##+%$?&(#!K!.$!D*'1&(#!,*!.$!-j@L!
-+.?&*#?&$'H! ?+A+! *#1&,$,! )*?1+)$! ,*.! '*?1+)! ,*! -j@H! '*)J! .$! *#?$)D$,$! ,*! %&$6&.&3$)! *'1+'!
=)+K*?1+'!=)*%&$!=)*'*#1$?&(#!=$)$!$=)+6$?&(#!=+)!=$)1*!,*.!-+#'*G+!M'*'+)!,*!_*D$.2$'L!
M/#Y/*! .+'! $?/*),+'! 6*#*I&?&$#! $#1*! 1+,+! $! .+'! *#1*'! 1*))&1+)&$.*'H! 1$A6&Z#! '*! &A=/.'$#!
$.&$#3$'!*#1)*!?*#1)+'!,*!&#%*'1&D$?&(#H!*A=)*'$'!K!*#1&,$,*'!=\6.&?$'L!E#!*'1*!'*#1&,+!*[&'1*!
/#$! D)$#! +=+)1/#&,$,! =$)$! Y/*! .$'! *A=)*'$'! .*! $=/*'1*#! $! D)$#,*'! =)+K*?1+'! ,*! ?&*#?&$! K!
1*?#+.+D2$!Y/*!)*'/.1*#!*#!1*A$'!,*!&##+%$?&(#!=$)$!.+'!A*)?$,+'!%*),*'L!
<+)! +1)+! .$,+H! K! ?+#! *.! A&'A+! +6G*1&%+! ,*! &A=/.'$)! .$! ?&*#?&$! K! .$! 1*?#+.+D2$H! .$! .*D&'.$?&(#!
1)&6/1$)&$!?+.+A6&$#$!?+#1*A=.$!,&I*)*#1*'!6*#*I&?&+'!Y/*!&#?*#1&%$#!.$'!$?1&%&,$,*'!,*!?&*#?&$H!
1*?#+.+D2$! *! &##+%$?&(#! O-j@PL! M! ?+#1&#/$?&(#! '*! )*'/A*#! *'1+'! 6*#*I&?&+'H! 1+,+'! .+'! ?/$.*'!
=/*,*#!6*#*I&?&$)!,*!$.D/#$!I+)A$!.$'!$.&$#3$'!+!=)&%$,$'!*#!&##+%$?&(#H!?&*#?&$!K!1*?#+.+D2$!
=$)$!&A=/.'$)!.+'!A*)?$,+'!%*),*'L!

d;!

2.(2'313H3$(5*&0H31*&$(-$.$/0&1,$(
!

E#!*.!M)12?/.+!78dT7H!.$'!,*,/??&+#*'!=+)!&#%*)'&(#!+!,+#$?&(#!*#!=)+K*?1+'!?$.&I&?$,+'!
?+A+! ,*! &#%*'1&D$?&(#! K! ,*'$))+..+! 1*?#+.(D&?+H! '*D\#! .+'! ?)&1*)&+'! K! .$'! ?+#,&?&+#*'!
,*I&#&,$'! =+)! *.! -+#'*G+! X$?&+#$.! ,*! >*#*I&?&+'! j)&6/1$)&+'! *#! -&*#?&$H! j*?#+.+D2$! *!
@##+%$?&(#!!-X>jH!$'2Q!
-/$.Y/&*)! =*)'+#$! Y/*! )*$.&?*! &#%*)'&+#*'! *#! =)+K*?1+'! ?$.&I&?$,+'! ?+A+! ,*!
&#%*'1&D$?&(#!K!,*'$))+..+!1*?#+.(D&?+H!'*D\#!.+'!?)&1*)&+'!K!.$'!?+#,&?&+#*'!,*I&#&,$'!=+)!
*.! -+#'*G+! X$?&+#$.! ,*! >*#*I&?&+'! j)&6/1$)&+'! *#! -&*#?&$H! j*?#+.+D2$! *! @##+%$?&(#!
1*#,)J#!,*)*?R+!$!,*,/?&)!,*!'/!)*#1$H!*.!?&*#1+!'*1*#1$!K!?&#?+!=+)!?&*#1+!O7U8eP!,*.!
%$.+)!&#%*)1&,+!*#!,&?R+'!=)+K*?1+'!*#!*.!=*)2+,+!D)$%$6.*!*#!Y/*!'*!)*$.&3(!.$!&#%*)'&(#L!
E'1$! ,*,/??&(#! #+! =+,)J! *[?*,*)! ,*.! ?/$)*#1$! =+)! ?&*#1+! OC:eP! ,*! .$! )*#1$! .2Y/&,$H!
,*1*)A&#$,$!$#1*'!,*!)*'1$)!*.!%$.+)!,*!.$!&#%*)'&(#L!j$.*'!&#%*)'&+#*'!'*)J#!)*$.&3$,$'!$!
1)$%Z'! ,*! @#%*'1&D$,+)*'H! F)/=+'! +! -*#1)+'! ,*! @#%*'1&D$?&(#H! B*'$))+..+! j*?#+.(D&?+! +!
@##+%$?&(#! +! "#&,$,*'! ,*! @#%*'1&D$?&(#H! B*'$))+..+! j*?#+.(D&?+! +! @##+%$?&(#! ,*!
EA=)*'$'H!)*D&'1)$,+'!K!)*?+#+?&,+'!=+)!-+.?&*#?&$'L!

E#! *.! M)12?/.+! C9dT7! .$! *[*#?&(#! ,*.! &A=/*'1+! ,*.! %$.+)! $D)*D$,+! O@`MP! $! .$'!
&A=+)1$?&+#*'! ,*! *Y/&=+'! ,*'1&#$,+'! $! =)+K*?1+'! ?$.&I&?$,+'! ?+A+! ,*! ?$)J?1*)!
?&*#12I&?+H!1*?#+.(D&?+!+!,*!&##+%$?&(#!'*D\#!.+'!?)&1*)&+'!K!.$'!?+#,&?&+#*'!,*I&#&,$'!=+)!
*.!-X>j!

<+)! '/! =$)1*H! .$! ]*K! Udd! ,*! 9::9! $D)*D(! /#! #/*%+! 6*#*I&?&+! ,*! )*#1$! *[*#1$! =+)! .$!
?+A*)?&$.&3$?&(#! ,*! #/*%+! '+I1c$)*! K! #/*%+'! =)+,/?1+'! A*,&?&#$.*'! *.$6+)$,+'! *#!
-+.+A6&$!K!?*)1&I&?$,+'!=+)!-+.?&*#?&$'!OM)1&?/.+!9:UT9!,*.!E'1$1/1+!j)&6/1$)&+PH!$'2Q!
C",31( "i",31( V$*( %"*3&N&%1%&W,( +"( ,H"K$( '$N3m1*"( %$,( 1.3$( %$,3",&+$( %&",3JN&%$R!
?/$.Y/&*)! =*)'+#$! Y/*! ,*'$))+..*! #/*%+'! =)+,/?1+'! ,*! '+I1c$)*! *.$6+)$,+'! *#!
-+.+A6&$H! ?+#! /#! $.1+! ?+#1*#&,+! ,*! &#%*'1&D$?&(#! ?&*#12I&?$! K! 1*?#+.(D&?$! #$?&+#$.H!
1*#,)J! ,*)*?R+! $! ,*,/?&)! ,*! )*#1$! .+'! &#D)*'+'! )*?&6&,+'! =+)! .$! ?+A*)?&$.&3$?&(#! ,*.!
A&'A+L!
C",31( "i",31( V$*( %"*3&N&%1%&W,( +"( ,H"K$'( V*$+H%3$'( /"+&%&,1."'( %$,( 1.3$( %$,3",&+$(
%&",3JN&%$R! ?/$.Y/&*)! =*)'+#$! Y/*! ,*'$))+..*! #/*%+'! A*,&?$A*#1+'! *.$6+)$,+'! *#!
-+.+A6&$H! ?+#! /#! $.1+! ?+#1*#&,+! ,*! &#%*'1&D$?&(#! ?&*#12I&?$! K! 1*?#+.(D&?$! #$?&+#$.H!
1*#,)J! ,*)*?R+! $! ,*,/?&)! ,*! )*#1$! .+'! &#D)*'+'! )*?&6&,+'! =+)! .$! ?+A*)?&$.&3$?&(#! ,*.!
A&'A+L!
5/*#1*Q!<$D&#$!c*6!,*!-+.?&*#?&$'!

dC!

-$6*!,*'1$?$)!$'2!A&'A+!.$!&A=+)1$#?&$!,*!R$?*)!$.&$#3$'!?+#!.+'!&#'1&1/1+'!,*!&#%*'1&D$?&(#!,*.!
N@XMH!*#!*'=*?&$.!*.!@#'1&1/1+!%+#!g/A6+.,1!K!*.!@#'1&1/1+!N&#?R&L!E'1+'!,+'!&#'1&1/1+'!R$#!1*#&,+!
1)$,&?&+#$.A*#1*! .2#*$'! ,*! A*)?$,+'! %*),*'! I/*)1*'H! &A=/.'$#,+! $.&$#3$'! =$)$! Y/*! '/'!
&#%*'1&D$?&+#*'! '&)%$#! ,*! &#'=&)$?&(#! $! .$! D*#*)$?&(#! ,*! *A=)*'$'! %*),*'! *#! *.! MA$3+#$'! K!
'+6)*!*.!/'+!,*!6&+,&%*)'&,$,!*#!*.!=$2'L!
!
E#!*'1*!'*#1&,+H!*.!)+.!,*!.$!+I&?&#$!,*!0*)?$,+'!%*),*'!*'1$!*#!$=+K$)!$.!1*A$!,*!$.&$#3$'!*#1)*!
?*#1)+'!,*!&#%*'1&D$?&(#!K!*A=)*'$'!Y/*!I+A*#1*!.$!&##+%$?&(#!%*),*L!M'&A&'A+H!*.!'+.%*#1$)!
1*A$'! 1$#! &A=+)1$#1*'! ?+A+! *.! ,*! =$1*#1*'H! K! 1*A$'! .*D$.*'! ?+A+! *.! $??*'+! $! )*?/)'+'!
D*#Z1&?+'!K!*Y/&,$,L!
!
%G

C"%H*'$'(+"(4&,1,%&1%&W,(C""/0$.'10."'(L(!$(C""/0$.'10."'(

!
8$'(C"%H*'$'(4&,1,%&"*$'(C""/0$.'10."'(
!
]+'! )*?/)'+'! I&#$#?&*)+'! )**A6+.'$6.*'! %$#! ,*',*! .+'! AJ'! 1)$,&?&+#$.*'! ?+A+! .+'! ?)Z,&1+'!
6$#?$)&+'H! R$'1$! .+'! AJ'! &##+%$,+)*'! ?+A+! .+'! I+#,+'! ,*! &#%*)'&(#! ,*! &A=$?1+! K! .+'! J#D*.*'!
&#%*)'&+#&'1$'L!!
E#! -+.+A6&$! ,&%*)'+'! >$#?+'! *'1J#! $6)&*#,+! .2#*$'! ,*! ?)Z,&1+! =$)$! &#?*#1&%$)! .$! ?)*$?&(#! ,*!
*A=)*'$'!K!R$K!$.D/#+'!Y/*!*[?./'&%$A*#1*!*'1J#!&A=/.'$#,+!*A=)*'$'!'+'1*#&6.*'!?+A+!*'!*.!
?$'+!,*!>$#?+.,*[L!E'1$'!.2#*$'!,$#!$.D/#+'!&#?*#1&%+'!*#!1Z)A&#+'!,*!1$'$'!K!=.$3+'H!K!'+#!/#$!
6/*#$!+=?&(#!=$)$!.+'!*A=)*#,*,+)*'!%*),*'L!
]+'!J#D*.*'!&#%*)'&+#&'1$'!'+#!.$!=)&A*)$!*1$=$!,*!.$!&#%*)'&(#L!]+'!?+#I+)A$#!I+#,+'!=)&%$,+'!
Y/*! ?)**#! *#! .$'! &,*$'! ,*! *A=)*'$)&+'! &##+%$,+)*'H! K! .*'! ,$#! '/'! =)&A*)+'! I+#,+'! =$)$! Y/*!
?)*3?$#L! B*! $..2! =$'$#! $! .+'! I+#,+'! ,*! &#%*)'&(#! ,*! &A=$?1+H! Y/*! '+#! .+'! Y/*! *'1J#!

d8!

)*%+./?&+#$#,+!.+'!#*D+?&+'!?+#!'*#1&,+!K!Y/*!=+,)2$#!'*)!.$!D)$#!I/*#1*!,*!I&#$#?&$A&*#1+!,*!
.+'!#*D+?&+'!%*),*'L!
]$'! &#%*)'&+#*'! ,*! &A=$?1+! '+#! /#$! #/*%$! 1*#,*#?&$! *#! *.! '*?1+)! I&#$#?&*)+! Y/*! 6/'?$!
*Y/&.&6)$)! *.! )*#,&A&*#1+! I&#$#?&*)+! *'=*)$,+! ,*! &#%*)'&+#*'! 1)$,&?&+#$.*'! ?+#! )*#,&A&*#1+'!
=+'&1&%+'!$!.$!'+?&*,$,!K!$.!A*,&+!$A6&*#1*L!N*D\#!*.!F.+6$.!@A=$?1!@#%*'1&#D!X*1c+)p!OF@@XPH!
.$'!&#%*)'&+#*'!,*!&A=$?1+!Vr'+#!&#%*)'&+#*'!)*$.&3$,$'!*#!?+A=$S2$'H!+)D$#&3$?&+#*'!K!I+#,+'!
?+#! .$! &#1*#?&(#! ,*! D*#*)$)! /#! &A=$?1+! '+?&$.! K! A*,&+! $A6&*#1$.! A*,&6.*H! =*)+! $.! A&'A+!
1&*A=+! /#! )*1+)#+! I&#$#?&*)+L! ]$! &#%*)'&(#! ,*! &A=$?1+! '*! =/*,*! R$?*)! 1$#1+! *#! A*)?$,+'!
,*'$))+..$,+'! ?+A+! *A*)D*#1*'! K! .*! $=/#1$#! $! /#! )$#D+! ,*! )*1+)#+'! ,*',*! =+)! ,*6$G+! ,*.!
A*)?$,+!R$'1$!)*#,&A&*#1+'!,*!A*)?$,+H!,*=*#,&*#,+!,*!.$'!?&)?/#'1$#?&$'W!OF@@XH!9:79PL!
M!=$)1&)!,*!*'1$!,*I&#&?&(#H!{<!0+)D$#!,*'1$?$!Y/*!V.$'!&#%*)'&+#*'!,*!&A=$?1+!'+#!&#%*)'&+#*'!
Y/*! =)*1*#,*#! D*#*)$)! &A=$?1+! =+'&1&%+! AJ'! $..J! ,*.! )*1+)#+! I&#$#?&*)+W! *! &#?./K*#! .+'!
'&D/&*#1*'! ?+A=+#*#1*'! O{L<L! 0+)D$#H! 9:7:PQ! O&P! <)+%&'&(#! ,*! ?$=&1$.H! O&&P! @#1*#?&(#! ,*! D*#*)$)!
/#! &A=$?1+! =+'&1&%+H! O&&&P! ]$! *'1)$1*D&$! ,*! #*D+?&+! ,*! .$! ?+A=$S2$! *#! .$! Y/*! '*! &#%&*)1*! ,*6*!
&#?./&)! *[=.2?&1$A*#1*! *.! &A=$?1+! '+?&$.! +! $A6&*#1$.! =+'&1&%+! K! ,*6*! 1*#*)'*! *#! ?/*#1$! ?(A+!
A*,&)! *.! D)$,+! ,*! Z[&1+! ,*! .$! &#%*)'&(#a! K! O&%P! _*1+)#+! I&#$#?&*)+! Y/*! ?/6)$! $.! A*#+'! *.! %$.+)!
#+A&#$.!,*.!?$=&1$.!&#&?&$.L!
j*#&*#,+!*#!?/*#1$!*'1$'!,*I&#&?&+#*'H!.$!D)JI&?$!*[=/*'1$!$6$G+!A/*'1)$!,+#,*!?$6*!.$!?.$'*!
,*!$?1&%+!,*!.$'!&#%*)'&+#*'!,*!&A=$?1+!,*#1)+!,*.!*'=*?1)+!D.+6$.!,*!&#%*)'&+#*'!?$)$?1*)&3$,+!
=+)!.$!&A=+)1$#?&$!Y/*!,$#!$!.$!D*#*)$?&(#!,*!&A=$?1+L!
(
(
(
(
(

d^!

2.(2'V"%3*$(+"(;,K"*'&W,(
Primer motive
es generar valor
Gencrocionde vator socialyfinorldero

social

Filantropfa

Empresas socrates con

Solo tmpoao

/mpOCfOprlmero

Coo~racl6n

Primermotivo es
generarvalor
financiel'o

rendimiento financiero

.-

Impocto compartldo

Impocto finone/ero

Inversl6n social
'nlleNi6n de Impodo

5/*#1*Q!O_$#D$#H!M==.*6KH!v!0++#H!9:77P!

!
N*D\#! *'1$! D)$I&?$H! *'! &A=+)1$#1*! )*'?$1$)! ,+'! *.*A*#1+'! ?.$%*'L! E#! =)&A*)! ./D$)H! #+! '*!
?.$'&I&?$#! .$'! &#%*)'&+#*'! ,*! &A=$?1+! ?+A+! I&.$#1)+=2$! OK$! Y/*! *'1$! ?.$'*! ,*! $?1&%+! 6/'?$! /#!
)*#,&A&*#1+!I&#$#?&*)+P!#&!?+A+!&#%*)'&+#*'|*A=)*'$'!1)$,&?&+#$.*'!OK$!Y/*!.$'!&#%*)'&+#*'!,*!
&A=$?1+! 6/'?$#! /#! &A=$?1+! '+?&$.! K|+! A*,&+! $A6&*#1$.! 1$#D&6.*PL! E#! '*D/#,+! ./D$)H! .+'!
&#%*)'&+#&'1$'! ,*! &A=$?1+! =*)1*#*?*#! $! /#$! ,*! ,+'! ?$1*D+)2$'L! <+)! /#! .$,+H! '*! *#?/*#1)$#!
$Y/*..+'!Y/*!%$.+)$#!=)&A*)+!*.!&A=$?1+!,*!'/'!&#%*)'&+#*'!K!=+)!*.!+1)+H!$Y/*..+'!Y/*!%$.+)$#!
=)&A*)+! *.! )*1+)#+! I&#$#?&*)+L! B$,$'! .$'! $#1*)&+)*'! ?.$'&I&?$?&+#*'H! *.! =)&#?&=&+! 6J'&?+! Y/*!
?$)$?1*)&3$! *'1*! '*?1+)! I&#$#?&*)+! #$?&*#1*! *'! .$! 6\'Y/*,$! K! *.! $.?$#?*! ,*! /#! 6$.$#?*! =+)!
=$)1&,$!1)&=.*H!+!2*/='"(&.22.;('/#"?(*Y/&.&6)$,+!*#1)*!/#!)*1+)#+!*?+#(A&?+H!'+?&$.H!K!$A6&*#1$.L!
-+#'&,*)$#,+! *.! J)*$! )*.$1&%$A*#1*! $A=.&$! Y/*! .$'! &#%*)'&+#*'! ,*! &A=$?1+! ?/6)*#! *#! *.!
*'=*?1)+! ,*! &#%*)'&+#*'H! *.! #\A*)+! ,*! $?1+)*'! &#%+./?)$,+'! *'! &D/$.! ,*! D)$#,*! *! &#?./K*!
&#'1&1/?&+#*'! I&#$#?&*)$'! ,*! ,*'$))+..+H! &#'1&1/?&+#*'! I&#$#?&*)$'! ,*! ,*'$))+..+! ,*! ?+A/#&,$,H!
I+#,+'! 6+/1&Y/*! ,*! &#%*)'&(#H! K! I/#,$?&+#*'a! &#'1&1/?&+#*'! I&#$#?&*)$'! ,*! D)$#! *'?$.$a! 6$#?+'!
?+A*)?&$.*'a!$,A&#&'1)$,+)*'!,*!=*#'&+#*'H!$,A&#&'1)$,+)*'!=)&%$,+'!,*!)&Y/*3$H!K!?+A=$S2$'!
=)&%$,$'L!
!
!

dU!

8$'(C"%H*'$'(4&,1,%&"*$'(,$(C""/0$.'10."'(
!
]+'!)*?/)'+'!I&#$#?&*)+'!#+!)**A6+.'$6.*'!'+#!.+'!AJ'!1)$,&?&+#$.*'!=$)$!&A=/.'$)!#*D+?&+'!*#!
'/! *1$=$! &#&?&$.! ,*! ?)*?&A&*#1+L! E'1+'! '+#! ,$,+'! =+)! *#1&,$,*'! ,*.! D+6&*)#+! K! 1$A6&Z#! =+)!
*#1&,$,*'!,*!,*'$))+..+!?+A+!>$#?+'!+!I/#,$?&+#*'L!
E'1+'! I+#,+'! 1&*#*#! .$! %*#1$G$! ,*! '*)! IJ?&.*'! ,*! +61*#*)! =*)+! $! .$! %*3! 1$A6&Z#! 1&*#*#! .$!
,*'%*#1$G$!,*!D*#*)$)!/#$!,*=*#,*#?&$!,*!,+#$?&(#!$!.$'!*A=)*'$'!Y/*!A/?R$'!%*?*'!#+!'$.*#!
,*!*'1$'!I/*#1*'!,*!I&#$#?&$?&(#!=$)$!%+.%*)'*!&#,*=*#,&*#1*'!K!)*#1$6.*'L!
M/#Y/*! *[&'1*#! ,&%*)'$'! I/*#1*'! I&#$#?&*)$'H! ! '*! R$! )*$.&3$,+! /#$! .&'1$! ,*! .$'! *#1&,$,*'! AJ'!
?+#I&$6.*'! *#! -+.+A6&$! =$)$! I&#$#?&$)! #*D+?&+'! %*),*'L! E'1$! .&'1$! #+! =)*1*#,*! '*)! *[R$/'1&%$H!
=*)+! '&! ,*A/*'1)$! .$! %$)&*,$,! ,*! +=?&+#*'! *[&'1*#1*'! $?1/$.A*#1*! Y/*! =+,)2$#! &A=/.'$)! .+'!
#*D+?&+'!%*),*'L!!
5;O:(92(C2-AC>:>(
C""/0$.'10."'(

5;O:(92(6-5:C(
2,3&+1+"'(4&,1,%&"*1'(
5*1+&%&$,1."'(
;,K"*'&$,&'31'(+"(;/V1%3$(

:3*$'(

!$(C""/0$.'10."'(

D$0&"*,$(

:*#1,&b1%&$,"'(
;,3"*,1%&$,1."'(

2!5;969(
>$#?$A2$!
-++A*%$!
5&#$#?&*)$!MAZ)&?$!
>$A6++!5&#$#?*!
M?/A*#!5/#,!
]Fj!`*#1/)*!<R&.$#1R)+=KH!5+#,+!M??*'+!
5+#,+!@#%*)'+)!
5+#,+!>&+?+A*)?&+!
#D*.*'!@#%*)'&+#&'1$'!,*!.+'!M#,*'!
M??&(#!@#1*)#$?&+#$.!
>$%$)&$T!_*,!,*!J#D*.*'!&#%*)'&+#&'1$'!
>$#?+.,*[!
@##=/.'$!0&=KA*!
5+#,+!EA=)*#,*)!
MD*#?&$!<)*'&,*#?&$.!,*!-++=*)$?&(#!
@#1*)#$?&+#$.!
5+#,+!X$?&+#$.!,*!_*D$.2$'!!
-+.?&*#?&$'!
>@BT5+A&#!
j*?R#+'*)%*!!
f[I$A!
zz5!
jX-!
-M5!

dd!

4H,+1%&$,"'(

5/#,$?&(#!>$%$)&$!
5/#,$?&(#!N+?&$.!
5/#,$?&(#!>+.2%$)!B$%&%&*#,$!
5/#,$?&(#!-+)+#$!
5+#,+!=$)$!.$!M??&(#!MA6&*#1$.!K!.$!
X&S*3!

!
+G ;,%H01+$*1'(+"(O*$L"%3$'(
g$! '/)D&,+! /#! #\A*)+! &A=+)1$#1*! ,*! =.$1$I+)A$'! ,*! &#?/6$?&(#! *#! .+'! \.1&A+'! $S+'! Y/*!
6/'?$#!$=+K$)!,&)*?1$!*!&#,&)*?1$A*#1*!$!.+'!X*D+?&+'!&##+%$,+)*'!*#!-+.+A6&$L!!]$!+I&?&#$!,*!
#*D+?&+'!%*),*'!=+,)2$!D*#*)$)!$.&$#3$'!?+#!*'1+'!I+#,+'!Y/*!*#!'/!A$K+)2$!1&*#*#!?+A+!/#+!
,*! '/'! +6G*1&%+'! &A=/.'$)! #*D+?&+'! &#?./'&%+'! K! %*),*'L! B*6$G+! '*! $,G/#1$! /#$! 6)*%*! .&'1$! ,*!
*'1$'!&#?/6$,+)$'!AJ'!)*=)*'*#1$1&%$'!,*.!=$2'Q!

NEXM!
M'R+p$!
M%&#$!
-+)=+)$?&(#!,*!.$!0/G*)!
5/#,$?&(#!`*#1/)*'!
-+##*?1!>+D+1J!_*D&(#!
-)*$A*!
E#,*$%+)!
g/6!>+D+1J!
@#?/6$)!-+.+A6&$!
-+)=+)$?&(#!,*!<.$#*$?&(#!,*!j)$#'I*)*#?&$!j*?#+.(D&?$!K!MD)+=*?/$)&$!!<.$#11$!
@#?/6$,+)$!,*!EA=)*'$'!-/.1/)$.*'!E!@#,/'1)&$'!-)*$1&%$'!<)$#$!
z$K)$!-+.+A6&$!
X*c!`*#1/)*'!-+.+A6&$!
MXB@!,*.!5/1/)+!

!
]$! fI&?&#$! ,*! X*D+?&+'! `*),*'! =+,)2$! ,&'*S$)! *'1)$1*D&$'! ?+#! .$'! &#?/6$,+)$'! =$)$! &A=/.'$)!
#*D+?&+'!%*),*'!K!'+'1*#&6.*'H!D*#*)$)!?$=$?&1$?&(#!*A=)*'$)&$.!K!*#!D*#*)$)!?)*$)!/#!D)/=+!,*!
*[=*)1+'!Y/*!.+D)*!D*#*)$)!.+'!#*D+?&+'!%*),*'!?+A=*1&1&%+'!Y/*!'*!)*Y/&*)*#!*#!*.!=$2'L!
!
"G >"..$'(6/0&",31."'(

dk!

!
-+A+!'*!A*#?&+#(!*#!.$!'*??&(#!@@@H!#/A*)$.!&%!OUUUC(9XMQ( UY)1TUZU9H!( 1)VQ9UQN( W)!Y)N( Q(
NQNT)1U[J)NH! @C( N"''.8( ,( 0"*2/4/0%0/.#"8PH! ,*',*! R$?*! $.D/#$'! ,Z?$,$'! R$#! %*#&,+!
,*'$))+..J#,+'*H! ?$,$! %*3! ?+#! A$K+)! I)*?/*#?&$H! *'1J#,$)*'! %+./#1$)&+'! ?+#! 6$'*! *#! ?)&1*)&+'!
'+?&$.*'!K!$A6&*#1$.*'!O'*..+'!K!?*)1&I&?$?&+#*'PL!
!
E.!=)&#?&=$.!/'+!,*!*'1+'!*'1J#,$)*'!*'!=*)A&1&)!$!.+'!=)+,/?1+)*'!,&I*)*#?&$)!'/'!=)+,/?1+'!*#!
*.! A*)?$,+H! $1)$K*#,+! $'2! $! ?+#'/A&,+)*'! &#1*)*'$,+'! *#! )*$.&3$)! /#! ?+#'/A+! VAJ'!
)*'=+#'$6.*WL!!
!
E#! -+.+A6&$! '*! ?/*#1$! =)&#?&=$.A*#1*! ?+#! *.! N*..+! ,*! M.&A*#1+! E?+.(D&?+H! *.! N*..+! MA6&*#1$.!
-+.+A6&$#+H!.$!?*)1&I&?$?&(#!X$1/)$!-*)1!K!.$!-*)1&I&?$?&(#!*#!-$.&,$,!j/)2'1&?$L!M,&?&+#$.A*#1*H!!
'*!/'$#!'*..+'!K!?*)1&I&?$?&+#*'!+)&D&#$)&+'!,*!+1)+'!=$2'*'L!
!
]$! '&D/&*#1*! D)JI&?$! O&#?./&,$! 1$A6&Z#! *#! *.! =)&A*)! &#I+)A*P! A/*'1)$! $.D/#+'! ,*! .+'! '*..+'! K!
?*)1&I&?$?&+#*'!Y/*!1&*#*#!=)+,/?1+'!,&'=+#&6.*'!*#!*.!A*)?$,+!?+.+A6&$#+L!
!
(
(
(
(
(
(
(
>"..$'(L(%"*3&N&%1%&$,"'(

k:!

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

.,
(u;\

EUREPGAp
!

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

BLUE

FLAG
!

5/*#1*Q!E.$6+)$?&(#!E;T!E?+.+D2$H!E?+#+A2$!K!t1&?$!!

!
<)+A+%*)!K!I$?&.&1$)!.$!?*)1&I&?$?&(#!,*!=)+,/?1+'!K!'*)%&?&+'!,*!#"+.0/.8(@"*<"8!=+,)2$!'*)!/#$!
R*))$A&*#1$!A/K!\1&.!=$)$!&A=/.'$)!*'1*!1&=+!,*!#*D+?&+'!*#!*.!=$2'L!M'2!'*!=+,)2$!.+D)$)!Y/*!.+'!
=)+,/?1+'! ,*! #"+.0/.8( @"*<"8! '*$#! )*?+#+?&,+'! *#! .+'! A*)?$,+'! =+)! =$)1*! ,*! .+'!
?+#'/A&,+)*'H!A*,&$#1*!&#,&?$,+)*'!?+#I&$6.*'L!
M,&?&+#$.A*#1*H!=)+A+%*)!.$!?*)1&I&?$?&(#!,*!.+'!=)+,/?1+'!,*!#*D+?&+'!%*),*'H!/'$#,+!'*..+'!K!
?*)1&I&?$?&+#*'! )*?+#+?&,+'H! =+,)2$! ?+#1)&6/&)! $! Y/*! .+'! *A=)*'$)&+'! %*),*'! $,+=1*#! =)J?1&?$'!
)*?+#+?&,$'!,*!A$#*)$!D*#*)$.&3$,$!?+A+!A*G+)*'!*#!1Z)A&#+'!$A6&*#1$.*'!K!'+?&$.*'L!
M\#!AJ'H!Y/*!.+'!=)+,/?1+'!,*!.+'!#*D+?&+'!%*),*'!*'1Z#!?*)1&I&?$,+'H!I$?&.&1$)2$!*[=+)1$).+'L!

k7!

E#! )*.$?&(#! ?+#! *'1*! 1*A$H! .$! fI&?&#$! ,*! X*D+?&+'! `*),*'! ,*.! 0MBN! =+,)2$! '*)%&)! ?+A+!
$)1&?/.$,+)$!*#1)*!.+'!+)D$#&'A+'!,*!?*)1&I&?$?&(#!K!.+'!*A=)*'$)&+'!%*),*'H!+!.$'!*#1&,$,*'!Y/*!
1*#D$#!?+#1$?1+!,&)*?1+!?+#!*..+'H!=$)$!Y/*!.+'!*A=)*'$)&+'!?+#+3?$#!K!.*'!'*$!AJ'!IJ?&.!)*$.&3$)!
.+'! =)+?*'+! ,*! ?*)1&I&?$?&(#L! N*)2$! ?+#%*#&*#1*! 1$A6&Z#! ,*'$))+..$)! +1)+'! A*?$#&'A+'! =$)$!
R$?*)!AJ'!IJ?&.!*.!=)+?*'+!,*!?*)1&I&?$?&(#!=$)$!.+'!*A=)*'$)&+'L!
!
NG E"%1,&'/$'(+"(O*$/$%&W,(
!
E[&'1*#!,&%*)'+'!A*?$#&'A+'!,*!=)+A+?&(#!,*!.+'!#*D+?&+'!%*),*'L!E.!=)&A*)+!!*'1$!)*.$?&+#$,+!
?+#!.$!&A$D*#!=$2'!K!.$'!+=+)1/#&,$,*'!,*!,*'$))+..+!*A=)*'$)&$.!K!$1)$??&(#!,*!&#%*)'&+#*'!Y/*!
=)&+)&?*!-+.+A6&$L!
!
E#!*'1*!?+#1*[1+H!.$!!#/*%$!&A$D*#!=$2'!*#!)*$.&,$,!#+!1&*#*!A/?R$!)*.$?&(#!?+#!.+'!#*D+?&+'!
%*),*'L!]$!&A$D*#!Y/&*)*!=)+A+%*)!$!-+.+A6&$!?+A+!.$!)*'=/*'1$!,*!1+,+H!K!,*=*#,&*#,+!,*!.$!
&#1*#?&(#!'*!=/*,*!/1&.&3$)!/#$!&A$D*#!A$'!)*.$?&+#$,$!?+#!.$!6&+,&%*)'&,$,L!N&#!*A6$)D+H!/#$!
,*! .$'! D)$#,*'! I/#?&+#*'! Y/*! 1*#,)2$! .$! +I&?&#$! ,*! #*D+?&+'! %*),*'! *'! .$! ,*! ?++),&#$)! ?+#! .$!
=)*'&,*#?&$!,*!.$!)*=/6.&?$!K!'/!+I&?&#$!,*!&A$D*#!=$2'H!.$!=)&+)&3$?&(#!,*!#*D+?&+'!%*),*'!K!.$!
&A$D*#!Y/*!=)+K*?1*!-+.+A6&$!'+6)*!'/'!D)$#,*'!+=+)1/#&,$,*'!*#!D*#*)$?&(#!,*!#*D+?&+'!$!
=$)1&)!,*!'/'!)&Y/*3$'!#$1/)$.*'L!
!
<+)! +1)+! .$,+H! *[&'1*#! +1)+'! A*?$#&'A+'! ,*! =)+A+?&(#! ,*! #*D+?&+'! %*),*'! A$'! 6$'$,+'! *#!
=.$1$I+)A$'! ,*! A*)?$,*+! R$?&$! =+)! *G*A=.+! D*#*)$)! *#?$,*#$A&*#1+'! =)+,/?1&%+'! %*),*'!
,*',*! *.! =$2'L! j$.! *'! *.! ?$'+! ,*! .$'! =.$1$I+)A$'! ,*! #*D+?&+'! ?+A+! zR+.*! 5++,'! *#! E'1$,+'!
"#&,+'! +! "#&.*%*)! *#! g+.$#,$! Y/*! '+#! D)$#,*'! *A=)*'$'! Y/*! 6/'?$#! =)+%**,+)*'! %*),*'! K!
'+'1*#&6.*'! K! .+'! &#'*)1$#! *#! '/'! =.$1$I+)A$'! ,*! =)+A&'&(#! ?+#! '/'! =)+,/?1+'! K! $1)&6/1+'!
$A6&*#1$.*'!K!'+?&$.*'L!
!
]$!1*#,*#?&$!$!=)+A+%*)!#*D+?&+'!%*),*'!$!1)$%Z'!,*!=.$1$I+)A$'!,*!*T?+A*)?&+!*'!?)*?&*#1*L!
E[&'1*#! ,&%*)'$'! )*,*'! ,*! ?+A*)?&+! G/'1+! K! %*),*! Y/*! '+#! ?+#'*?/*#1*'! ?+#! .$! 1*#,*#?&$! ,*!
!

k9!

R$?*)!AJ'!*I&?&*#1*'!.$'!?+A=)$'!K!.+D)$!..*D$)!$.!?+#'/A&,+'!?+#!+=?&+#*'!=$)$!=+,*)!$=+)1$)!
$.! =.$#*1$! K! R$?*)! ?+#?&*#?&$! %*),*L! 0/?R$'! *A=)*'$'! R+K! *#! ,2$! '*! *'1J#! =)+A+%&*#,+! $!
1)$%Z'!,*!*'1$'!=.$1$I+)A$'!,*!?+A*)?&+H!*#!,+#,*!#+!'+.+!*#?/*#1)$#!/#$!I+)A$!*I&?&*#1*!,*!
..*D$)!$!'/!=\6.&?+!,*!&#1*)Z'!'&#+!Y/*!$,*AJ'!'*!D*#*)$#!)*,*'!,*!=)+,/?1+'!K!'*)%&?&+'!?+#!
'*#1&,+!'+?&$.!K!$A6&*#1$.L!
!
<+)!/.1&A+H!.$'!1*#,*#?&$'!,*!?+A*)?&+!K!,*!$1)$??&(#!K!*[=+)1$?&(#!,*!&#%*)'&+#*'!R$?*#!Y/*!
.+'!=$2'*'!?+A=&1$#!=+)!=+'&?&+#$)!'/'!#*D+?&+'L!E#!*'1+H!.$'!$D*#?&$'!,*!&#%*)'&(#!1&*#*#!/#!)+.!
I/#,$A*#1$.H!K!AJ'!?/$#,+!.$'!#/*%$'!1*#,*#?&$'!'+#!$!=)+A+%*)!.$'!&#%*)'&+#*'!'+'1*#&6.*'!
?+A+!.+!,*'1$?$!*.!)*=+)1*!,*!&#%*)'&(#!,*.!9:79!,*!.$!"X-jMBL!-+.+A6&$!$,*AJ'!,*!?+#1$)!
?+#!<)+*[=+)1H!1&*#*!?$,$!,2$!A$'!$D*#?&$'!,*!&#%*)'&(#!$!#&%*.!,*!?&/,$,*'!K!)*D&+#*'!?+A+!*'!
*.! ?$'+! ,*! V@#%*'1! &#! >+D+1JWHW@#%*'1! &#! 0*,*..2#W! K! +1)$'! $D*#?&$'! ,*! &#%*)'&(#! ,*! .$'!
=)&#?&=$.*'!?&/,$,*'!,*.!=$2'L!!]$!+I&?&#$!,*!#*D+?&+'!%*),*'!1*#,)2$!Y/*!&A=/.'$)!/#$!*'1)$1*D&$!
?+#G/#1$! ?+#! *.! 0&#&'1*)&+! ,*! -+A*)?&+! K! .$'! +I&?&#$'! ,*! &#%*)'&(#! ,*.! =$2'H! =$)$! &A=/.'$)! .+'!
#*D+?&+'!%*),*'L!
!

k;!

<T=8;!26E;2!5:>(O6C6(O86!2>(92(!2D:-;:>()2C92>(
!
E.!=.$#!,*!#*D+?&+!*'!/#$!R*))$A&*#1$!?.$%*!=$)$!*.!,*'$))+..+!K!Z[&1+!,*!*A=)*#,&A&*#1+'!,*!
?/$.Y/&*)! 2#,+.*L! ! N+#! +=+)1/#&,$,*'! =$)$! *'1/,&$)! .+'! ?+#1*[1+'H! ?+A=*1*#?&$H! 6$))*)$'! ,*!
*#1)$,$H! $=$.$#?$A&*#1+! I&#$#?&*)+! K! 1+,+'! .+'! I$?1+)*'! *'*#?&$.*'! =$)$! ,$).*! ?.$)&,$,! $! .$!
*G*?/?&(#! ,*! /#$! &,*$! ,*! #*D+?&+! K! *.! ,&'*S+! I&#$.! ,*.! A+,*.+! *A=)*'$)&$.L! ! M! ,&I*)*#?&$! ,*.!
*A=)*#,&A&*#1+! 1)$,&?&+#$.H! .+'! X*D+?&+'! `*),*'! $A*)&1$#! =)+I/#,&3$?&+#*'! *'=*?&$.*'! *#! *.!
?$A=+!,*!A*,&?&(#!,*!&A=$?1+!'+?&$.!K!$A6&*#1$.H!1)$#'=$)*#?&$H!K!*'1)/?1/)$'!,*!D+6*)#$#3$L!!
E.! +6G*1&%+! ?*#1)$.! =+)! 1$#1+! *'! ?+#'1)/&)! /#$! =.$#*$?&(#! *'1)$1ZD&?$! Y/*! =*)A&1$! ,*I&#&)! .+'!
)*Y/&'&1+'! ,*! .$! +)D$#&3$?&(#! &#1*)#$! ,*! .$! *A=)*'$! K! .$! &#1*).+?/?&(#! ?.$)$! ?+#! 1*)?*)+'! Y/*!
=*)A&1$#!*.!*'?$.$A&*#1+!,*.!X*D+?&+!`*),*L!!
!
M! =*'$)! Y/*! .+'! X*D+?&+'! `*),*'! '*! ?+A&*#3$#! $! ?+#%*)1&)! *#! A+%&A&*#1+! A/#,&$.! '&D/*#!
'&*#,+! A*)?$,+'! #&?R+'! ?+#! $.?$#?*'! )*,/?&,+'L! ! E'1*! R*?R+! )*=*)?/1*! ,&)*?1$A*#1*! *#! .$!
,&I&?/.1$,!,*!=*#*1)$)!AJ'!*#!*.!A*)?$,+!,*!?+#'/A+!K!*#?+#1)$)!I/*#1*'!,*!I&#$#?&$?&(#!Y/*!
*#1&*#,$#! .$'! )*$.&,$,*'! ,*! *A=)*'$'! Y/*! '$?)&I&?$#! )*#1$6&.&,$,! =$)$! D*#*)$)! %$.+)! '+?&$.! K!
$A6&*#1$.!$!.$)D+!=.$3+L!!<+)!*..+!*.!<.$#!,*!X*D+?&+!'*!?+#%&*)1*!*#!/#$!R*))$A&*#1$!$\#!AJ'!
?.$%*! =$)$! /#! X*D+?&+! `*),*! K! *.! Z[&1+! ,*! '/! =+'&?&+#$A&*#1+H! ,&I*)*#?&$?&(#H! *'1)$1*D&$! ,*!
=*#*1)$?&(#!,*!A*)?$,+!K!$=$.$#?$A&*#1+!I&#$#?&*)+L!
!
E#! .+'! \.1&A+'! 8! $S+'! *.! $??*'+! $! I/*#1*'! ,*! I&#$#?&$A&*#1+! =$)$! X*D+?&+'! `*),*'! '*! R$!
$A=.&$,+! AJ'! $..J! ,*! .+'! )*?/)'+'! #+! )**A6+.'$6.*'! =$)$! &#?./&)! *.! '*?1+)! ,*! @#%*)'&(#! ,*!
@A=$?1+H!/#$!#/*%$!D*#*)$?&(#!,*!$?1+)*'!Y/*!$?1&%$A*#1*!&,*#1&I&?$#!*!&#%&*)1*#!*#!)*1+)#+'!
'+?&$.*'H!$A6&*#1$.*'!K!I&#$#?&*)+'L!!N*D\#!/#!*'1/,&+!I&#$#?&$,+!=+)!.$!5/#,$?&(#!_+?p*I*..*)!*.!
%$.+)!1+1$.!,*!&#%*)'&+#*'!,*!&A=$?1+!$!#&%*.!A/#,&$.!*#!*.!9:77!I/*!,*!"NqCHC!A&.!A&..+#*'!K!
]$1&#+$AZ)&?$! *'! *.! '*D/#,+! A*)?$,+! AJ'! D)$#,*! ,*'=/Z'! ,*! .+'! EE""LC!! E.! <.$#! ,*! X*D+?&+!
=+)!1$#1+!1&*#*!/#!)+.!&A=+)1$#1*!=$)$!,*A+'1)$)!%&$6&.&,$,!*?+#(A&?$!K!)*#1$6&.&,$,!?+#!*.!I&#!
,*!$1)$*)!&#%*)'&+#&'1$'L!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
C

!R11=Q||cccL)+?p*I*..*)I+/#,$1&+#L+)D||/=.+$,'|I&.*'|:^8C87::T*,C^TCC:^Td?^IT8d:^;k676?:IL=,I!

kC!

M!?+#1&#/$?&(#!'*!=)*'*#1$#!.+'!)*Y/&'&1+'!6J'&?+'!,*!?/$.Y/&*)!<.$#!,*!X*D+?&+!`*),*L!!M/#Y/*!
?$,$!'*??&(#!=/*,*!%$)&$)!?+#!*.!1&=+!,*!X*D+?&+!`*),*H!.+'!'&D/&*#1*'!'+#!*.*A*#1+'!6$'*!=$)$!
.$!*.$6+)$?&(#!,*!/#!6/*#!<.$#!,*!X*D+?&+Q!
(
:0g"3&K$(
(
!N*!R$?*!*[=.&?&1$!.$!A+1&%$?&(#!K!+=+)1/#&,$,!,*1)J'!,*!.$!&,*$!,*!#*D+?&+!K!.$!=)+=/*'1$!,*!
%$.+)! =$)$! *.! A*)?$,+H! ?+#'/A&,+)! K! D)/=+'! ,*! &#1*)Z'L! ! E#! .$! A$K+)2$! ,*! .+'! ?$'+'! .$!
?+#'1)/??&(#! ,*! /#! <.$#! ,*! X*D+?&+! '*! )*$.&3$#! ?+#! *.! +6G*1&%+! ,*! .*%$#1$A&*#1+! ,*!
I&#$#?&$?&(#!K!?+#1&*#*#!/#!*#I+Y/*!*#!.$!%&$6&.&,$,!*?+#(A&?$!K!%*#1$G$'!?+A=*1&1&%$'!,*!.$!
=)+=/*'1$!,*!%$.+)L!!<)*D/#1$'!?.$%*Q!
!

-/J.!*'!.$!A+1&%$?&(#!=$)$!*'1)/?1/)$)!*'1*!A+,*.+!,*!#*D+?&+!

M!Y/&*#!6*#*I&?&$!,&)*?1$!*!&#,&)*?1$A*#1*!*'1*!6&*#!+!'*)%&?&+!

<+)!Y/Z!*'!&##+%$,+)$!K!)*#1$6.*!*'1$!=)+=/*'1$!

-/J.*'!'+#!.$'!%*#1$G$'!?+A=*1&1&%$'!,*!.$!=)+=/*'1$!
!

E$+".$(+"(!"#$%&$(
(
B&'*S+!,*.!A*?$#&'A+!A*,&$#1*!*.!?/$.!'*!D*#*)$)J#!I/*#1*'!,*!&#D)*'+'!K!'*!,&'1)&6/K*!%$.+)!
=$)$! .+'! ,&I*)*#1*'! D)/=+'! ,*! &#1*)Z'L! ! E'1$! '*??&(#! ,*I&#*! *.! 6&*#! +! '*)%&?&+! $! +I)*?*)'*! K! .$!
I+)A$!?(A+!'*!A$1*)&$.&3$!*.!%$.+)!$D)*D$,+!'*$!=+)!*.!AZ1+,+!,*!=)+,/??&(#H!%*#1$'H!$.&$#3$'!
*'1)$1ZD&?$'! +! I&,*.&3$?&(#! ,*.! ?+#'/A&,+)L! ! ]$! I+)A$! ?(A+! '*! ?)*$#! 6*#*I&?&+'! '+?&$.*'! K!
$A6&*#1$.*'!*'!,*!D)$#!&A=+)1$#?&$!=$)$!*'1$!'*??&(#L!!<)*D/#1$'!?.$%*Q!
!

y/&Z#*'!'+#!A&'!?.&*#1*'!K!D)/=+'!,*!&#1*)Z'!K!?/J.!*'!.$!=)+=/*'1$!,*!%$.+)!=$)$!?$,$!/#+!
,*!*..+'!

k8!

-(A+!?$=1/)+!%$.+)!*?+#(A&?+H!'+?&$.!K!$A6&*#1$.!O*GL!5/*#1*'!,*!&#D)*'+'!I&#$#?&*)+'!K!
#+TI&#$#?&*)+'P!

-(A+!'*!=)+,/?*!K!Y/*!&#'/A+'!)*Y/&*)*!*'1*!6&*#!+!'*)%&?&+!

-/J.*'!'+#!A&'!?$#$.*'!,*!,&'1)&6/?&(#!

y/Z!1&=+!,*!$.&$#3$'!)*Y/&*)*!*.!Z[&1+!,*!*'1*!A+,*.+!,*!#*D+?&+!
!

6,q.&'&'(+"(E"*%1+$(
(
E'1/,&+!,*!.$!'*DA*#1$?&(#!K!=+1*#?&$.!,*.!A*)?$,+!+6G*1&%+!$.!Y/*!'*!.*!,&)&D*!.$!=)+=/*'1$!,*!
%$.+)L! ! E'1$! '*??&(#! *[&D*! ,*I&#&)! .+'! AZ1+,+'! ,*! ,&I*)*#?&$?&(#! K! =+'&?&+#$A&*#1+! *#! *.!
A*)?$,+H!?$#$.*'!,*!,&'1)&6/?&(#H!=)+A+?&(#!K!*'1)$1*D&$!,*!%*#1$'L!!j$A6&Z#!&#?./K*!*.!*'1/,&+!
,*!.$'!)*$.&,$,*'!?+A*)?&$.*'H!.*D$.*'!K!I&1+'$#&1$)&$'!,*.!A*)?$,+!+6G*1&%+!.+!?/$.!1&*#*!*'=*?&$.!
)*.*%$#?&$! =$)$! .+'! X*D+?&+'! `*),*'! Y/*! R$?*#! $=)+%*?R$A&*#1+! ,*! .$! 6&+,&%*)'&,$,! +!
?+A*)?&$.&3$?&(#!,*!$.&A*#1+'L!!<)*D/#1$'!?.$%*Q!
!

-/J.!*'!*.!,*'*A=*S+H!?)*?&A&*#1+!K!=+1*#?&$.!,*.!A*)?$,+!+6G*1&%+!!

-/J.*'!'+#!.$'!?$)$?1*)2'1&?$'!OI+)1$.*3$'!K!,*6&.&,$,*'P!,*.!'*DA*#1+!!

-/J.! *'! *.! =*)I&.! ,*.! ?+#'/A&,+)H! ?/$.*'! '+#! '/'! #*?*'&,$,*'! K! ?/$#1+! *'1$! ,&'=/*'1+! $!
=$D$)!

-(A+!*'!.$!*'1)$1*D&$!,*!A*)?$,*+!K!?$#$.*'!,*!%*#1$!

y/&Z#!*'!'/!?+A=*1*#?&$!K!?/$.*'!'+#!.$'!I+)1$.*3$'!K!,*6&.&,$,*'!

(
6,q.&'&'(4&,1,%&"*$(
!
<)+K*??&(#!,*!*'1)/?1/)$!,*!?+'1+'!*!&#D)*'+'!*#!*.!A*,&$#+!=.$3+!=$)$!?+A=)+6$)!%&$6&.&,$,!
*?+#(A&?$! ,*.! A+,*.+! ,*! #*D+?&+! *#! *.! 1&*A=+L! ! E.! $#J.&'&'! 1&*#*! /#+! ?+A=+#*#1*'! 6J'&?+'!
=*)+! $#1*! 1+,+! ,*6*! '*)! A*1&?/.+'+! K! )*$.&'1$L! ! ]+'! *.*A*#1+'! 6J'&?+'! '+#Q! >$.$#?*! F*#*)$.H!
E'1$,+!,*!<*),&,$'!K!F$#$#?&$'H!K!5./G+!,*!-$G$L!!E.!>$.$#?*!F*#*)$.!*'!/#$!I+1+!,*!'/!#*D+?&+!

k^!

*#!/#!A+A*#1+!*#!*.!1&*A=+!K!A/*'1)$!.$!*'1)/?1/)$!,*!$?1&%+'!K!?+A+!*'1+'!*'1J#!I&#$#?&$,+'!
=+)! =$'&%+'! K! *.! =$1)&A+#&+! 6$'*L! ! E.! E'1$,+! ,*! <*),&,$'! K! F$#$#?&$'! =)*'*#1$! .+'! &#D)*'+'! K!
D$'1+'!Y/*!&#?/))*!*.!A+,*.+!,*!#*D+?&+'!,/)$#1*!/#!1&*A=+!I&G+!O#+)A$.A*#1*!,*!/#!$S+P!K!.$'!
/1&.&,$,*'!Y/*!)*'/.1$#!,*.!A&'A+!*G*)?&?&+!=$)$!A+'1)$)!'/!%&$6&.&,$,!*?+#(A&?$L!!E.!5./G+!,*!
-$G$! *'! /#$! R*))$A&*#1$! =$)$! %&'/$.&3$)! .$! *#1)$,$! K! '$.&,$! ,*! *I*?1&%+! *#! *.! X*D+?&+! `*),*! K!
'+.+!&#?./K*!.+'!I./G+'!,*!,&#*)+!,&)*?1$A*#1*!)*.$?&+#$,+'!?+#!*.!I/#?&+#$A&*#1+!,*.!#*D+?&+L!!
<)*D/#1$'!?.$%*Q!
!

-/J.*'! '+#! .+'! '/=/*'1+'! 6$'*'! ,*! A&! #*D+?&+! O*GL! E[=*?1$1&%$'! ,*! %$)&$6.*'!
A$?)+*?+#(A&?$'H!?)*?&A&*#1+!*#!%*#1$'H!?+'1+!,*!A$1*)&$'!=)&A$'H!1$'$!&A=+'&1&%$H!*1?LP!

-/J.*'!'+#!A&'!*[=*?1$1&%$'!,*!&#D)*'+'!K!,*!Y/*!,*=*#,*#!

-/J.*'!'+#!?+'1+'!I&G+'!K!%$)&$6.*'!,*!+=*)$?&(#!

-/J.*'!'+#!A&'!D$'1+'!$,A&#&'1)$1&%+'!

-(A+!%+K!$!I&#$#?&$)!A&!+=*)$?&(#!*#!,*/,$!

-/J.!*'!A&!=/#1+!,*!*Y/&.&6)&+!

-/J.!*'!A&!.$!)*#1$6&.&,$,!,*!A&!#*D+?&+!

(
O.1,(:V"*13&K$(
!
E'1$! '*??&(#! *'1$6.*?*! *.! ?)+#+D)$A$! ,*! $??&+#*'H! $?1&%&,$,*'! K! +6G*1&%+'! =$)$! .$#3$)! K!
?+#'+.&,$)!*.!A+,*.+!,*!#*D+?&+!*#!*.!A*,&$#+!=.$3+L!!E'1$6.*?*!%&'/$.A*#1*!.$!)/1$!?)21&?$!=$)$!
$.?$#3$)!R&1+'!?.$%*'!,*.!X*D+?&+!`*),*L!!M.D/#+'!,*!*'1+'!R&1+'!=/*,*#!&#?./&)!.$!I+)A$.&3$?&(#!
,*!.$!*A=)*'$H!.$!?+#I+)A$?&(#!,*.!*Y/&=+!D*)*#?&$.H!*.!.*%$#1$A&*#1+!,*!)*?/)'+'!K|+!A*1$'!
?+A*)?&$.*'!K!*#!%*#1$'L!!<)*D/#1$'!?.$%*'Q!
!

-/J.*'!'+#!.+'!R&1+'!?.$%*'!*#!.+'!=)&A*)+'!^!A*'*'H!=)&A*)!$S+!K!'/6'&D/&*#1*'!$S+'!

-/J.*'!'+#!.+'!R&1+'!#*/)J.D&?+'!,*!A&!)/1$!?)21&?$!!
!

kU!

6,q.&'&'(+"(C&"'#$'(
!
E'1$! '*??&(#! )*Y/&*)*! $#$.&3$)! .+'! =+'&6.*'! )&*'D+'! *[1*)#+'! *! &#1*)#+'! Y/*! =/*,*! $I)+#1$)! *.!
A+,*.+! ,*! #*D+?&+! ,/)$#1*! '/! ,*'$))+..+! O*GL! _*?*'&(#! *?+#(A&?$H! 6$G$'! 6$))*)$'! ,*! *#1)$,$!
=$)$!?+A=*1&,+)*'H!%&+.$?&+#*'!,*!=)+=&*,$,!&#1*.*?1/$.H!*1?LP!K!.$'!A*,&,$'!*'1)$1ZD&?$'!=$)$!
?+A=*#'$)! =+)! 1$.*'! )&*'D+'L! ! <$)$! *'1*! $#J.&'&'! %$)&$'! R*))$A&*#1$'! '+#! /1&.&3$,$'! =$)$!
*#A$)?$)! *.! 1&=+! K! =*'+! ,*! ?&*)1+'! )&*'D+'! &#R*)*#1*'! ,*.! X*D+?&+! `*),*! =*)+! 1+,$'! 1&*#*#!
?+A+!6$'*!*.!$#J.&'&'!,*!5+)1$.*3$'H!B*6&.&,$,*'H!MA*#$3$'!K!f=+)1/#&,$,*'L!!<)*D/#1$'!?.$%*'Q!
!

-/J.*'!'+#!.+'!)&*'D+'!&#1*)#+'!K!*[1*)#+'!,*!A&!A+,*.+!,*!#*D+?&+!

-/J.*'!)&*'D+'!'+#!?$/'$,+'!=+)!,*6&.&,$,*'!,*.!A+,*.+!,*!#*D+?&+!K!?/J.*'!)*=)*'*#1$#!
$A*#$3$'!$!.$!'+'1*#&6&.&,$,!,*.!A&'A+!

-/J.*'! )&*'D+'! '+#! ?+A=*#'$,+'! =+)! #/*'1)$'! $! I+)1$.*3$'! K! ?/J.*'! '+#! 1)$#'I+)A$6.*'! $!
+=+)1/#&,$,*'!,*!A*)?$,+!
!

E"+&%&W,(+"(&/V1%3$(L(3*1,'V1*",%&1(
!
]$!.*D&1&A&,$,!K!)*=/1$?&(#!,*!/#$!*A=)*'$!%*),*!G/*D$!/#!)+.!*'1)$1ZD&?+!,*!'/A$!&A=+)1$#?&$!
*#! 1+,$'! .$'! J)*$'! ,*! .$! *A=)*'$! K! .$! 1+A$! ,*! ,*?&'&+#*'L! ! <+)! *..+! *.! ,&'*S+! ,*.! A+,*.+! ,*!
#*D+?&+!,*6*)2$!?+#1*A=.$)!I+)A$'!?/$#1&I&?$6.*'!,*!A+'1)$)!'/!?+A=)+A&'+!=+)!.$!D*#*)$?&(#!
,*!%$.+)!'+?&$.!K!$A6&*#1$.!K!A*,&)!'/!=)+=&+!,*'*A=*S+!*#!*.!1&*A=+L!!-+A+!*'1$!,*'?)&1+!*#!
*'1*! ,+?/A*#1+! *[&'1*#! %$)&$'! I+)A$'! ,*! ?*)1&I&?$)! K! $%$.$)! 1$.*'! ?+A=)+A&'+'! '*$#! =+)!
?*)1&I&?$?&+#*'H!*'Y/*A$'!,*!*"=.*2/#+H!,&)*?1)&?*'!&#1*)#$?&+#$.*'H!*1?L!!<)*D/#1$'!?.$%*Q!
!

-/J.*'! '+#! .+'! $'=*?1+'! *! &A=$?1+'! ,*! #/*'1)+! A+,*.+! ,*! #*D+?&+! Y/*! ,*6*)2$#! '*)!
A*,&6.*'!

-(A+!'*!$)1&?/.$#!*'1J#!AZ1)&?$'!$!#/*'1)$!*'1)$1*D&$!A&'&+#$.!K!?+A=*1&1&%$!

y/Z! ?*)1&I&?$?&+#*'! K! ,&)*?1)&?*'! '*! ?/A=.*#! +! '+#! V'/0"#0/%( =%*%( .="*%*W! *#! #/*'1)+!
A*)?$,+!+6G*1&%+!

kd!

y/Z!?*)1&I&?$?&+#*'!K!,&)*?1)&?*'!R$?*#!'*#1&,+!=$)$!,$)!A$K+)!.*D&1&A&,$,H!?)*,&6&.&,$,!K!
1)$#'=$)*#?&$!,*!#/*'1)$!A&'&(#!
!

2lH&V$(
!
M.!$#$.&3$)!.+'!=/#1+'!?.$%*'!,*.!A+,*.+!,*!#*D+?&+H!$A*)&1$!)*I.*[&+#$)!Y/*!'*!?/*#1$!?+#!*.!
*Y/&=+! ?+))*?1+! =$)$! &A=.*A*#1$)! *.! A+,*.+L! ! E'1$! '*??&(#! R$?*! /#$! =)*'*#1$?&(#! ,*! .+'!
&#1*D)$#1*'! ,*.! *Y/&=+! K! .$! ?+R*)*#?&$! ,*! '/'! )*'=*?1&%$'! *[=*)1&?&$'! ?+#! .+'! )*Y/&'&1+'! ,*.!
A+,*.+!,*!#*D+?&+L!!M,&?&+#$.A*#1*!'*!*[=.+)$!?+A+!'*!R$?*#!$.&$#3$'!?+#!+1)$'!*A=)*'$'!+!
$?1+)*'!=$)$!..*#$)!.$'!6)*?R$'!*#!?$=$?&,$,*'L!!<)*D/#1$'!?.$%*'Q!
!

X/*'1)+!*Y/&=+!?/A=.*!?+#!1+,+'!.+'!)*Y/&'&1+'!1Z?#&?+'!K!?+A*)?&$.*'!,*!#/*'1)+!A+,*.+!
,*!#*D+?&+!

-(A+! #*?*'&1+! ?$=$?&1$)! +! &#%*)1&)! *#! A&! *Y/&=+! =$)$! ..*D$)! $! .+'! )*Y/&'&1+'! A2#&A+'! ,*!
+=*)$?&(#!K!?+A=.*A*#1$)&*,$,!,*.!*Y/&=+!

y/Z! 1&=+! ,*! $.&$#3$'! '+#! #*?*'$)&$'! =$)$! ..*#$)! .$'! 6)*?R$'! *#! ?$=$?&,$,*'! K! )*?/)'+'!
R/A$#+'! =$)$! A$[&A&3$)! K! *'?$.$)! *.! &A=$?1+! ,*.! A+,*.+! ,*! #*D+?&+! O*GL! fXFH!
=)+%**,+)*'H!?.&*#1*'H!'*?1+)!=\6.&?+H!*1?LP!

!
]+'!<.$#*'!,*!#*D+?&+'!#+!,*6*#!'*)!.$)D+'!'&#+!*'1)$1ZD&?+'H!K$!Y/*!'*!?+#%&*)1*#!*#!.$!D/2$!,*!
#$%*D$?&(#!,*!.$!*A=)*'$!K!1$A6&Z#!,*!'/'!=+'&6.*'!&#%*)'&+#&'1$'L!
!

kk!

<<=9;>2a:( OC28;E;!6C( 92( A!6( DAS6( 5\-!;-6]( 69E;!;>5C65;)6]( ;!5C6( 2(

;!52C( ;!>5;5A-;:!68( 92( >:>52!;7;8;969( O6C6( 28( 4:C5682-;E;2!5:( 92(
!2D:-;:>()2C92>(
!
]$!!F/2$!jZ?#&?$!=)*1*#,*!'*)!/#$!R*))$A&*#1$!?+)1$!K!?+#?)*1$!Y/*!=/*,$!'*)!IJ?&.A*#1*!.*2,$!
=+)! .+'! /'/$)&+'! &#1*)*'$,+'! *#! &A=/.'$)! #*D+?&+'! %*),*'! K! '+'1*#&6.*'L! ]$! D/2$! ,*6*! ..*%$)! $.!
&#1*)*'$,+!$!=*#'$)!*#!.$'!+=+)1/#&,$,*'!,*!D*#*)$?&(#!,*!#*D+?&+'!%*),*'H!$!*#1*#,*)!?+A+!
*A=*3$)! '/! #*D+?&+H! ?+A+! )*D&'1)$).+H! ?+A+! +)D$#&3$)'*H! ,+#,*! 6/'?$)! I/*#1*'! ,*!
I&#$#?&$A&*#1+!K!%&'/$.&3$)!'/'!A*1$'!K!+=?&+#*'L!
M!?+#1&#/$?&(#!'*!D*#*)$!/#!2#,&?*!,*!.+!Y/*!,*6*)2$!..*%$)!/#$!D/2$!1Z?#&?$!K!$,A&#&'1)$1&%$!
=$)$!I+)1$.*?*)!.+'!#*D+?&+'!%*),*'L!
;!5C:9A--;B!(

>2( 96Ce( 28( -:!52c5:( 92( E:5;)6-;B!( O6C6(

;EOA8>6C(8:>(!2D:-;:>()2C92>(2!(-:8:E7;6(

s^Hf('$,(.$'(,"#$%&$'(K"*+"'t(

N*!*[=.&?$)J#!.+'!#*D+?&+'!%*),*'!K!.$!&A=+)1$#?&$!
,*!*'1+'!=$)$!-+.+A6&$L!

-*&3"*&$'(V1*1(&+",3&N&%1*(,"#$%&$'(K"*+"'(

E#!*'1$!'*??&(#!'*!%*)J#!1)*'!1*A$'Q!
]$'!1*#,*#?&$'!,*!#*D+?&+'!K!.$'!+=+)1/#&,$,*'!*#!
-+.+A6&$!
]+'! ?)&1*)&+'! $A6&*#1$.*'! K! '+?&$.*'! Y/*!
?$)$?1*)&3$#!.+'!#*D+?&+'!

O*$%"+&/&",3$'(V1*1(%*"1*(H,1("/V*"'1(K"*+"(

E#! *'1$! '*??&(#! '*! *%$./$)J#! .$'! ,&%*)'$'! I+)A$'!

Y/*! *[&'1*#! *#! -+.+A6&$! =$)$! ?)*$)! *A=)*'$H! '/'!
)*Y/&'&1+'! K! .*D&'.$?&(#! )*.*%$#1*L! N*! %*)J! .$!
?+#'1&1/?&(#!K!.$!I+)A$.&3$?&(#L!

2."/",3$'( "'3*13f#&%$'( V1*1( j1%"*( H,( V.1,( +"( 0&'!A*1$'!K!+6G*1&%+'Q!

,"#$%&$'(
0&! ,*I&#&?&(#! ,*! Z[&1+! $A6&*#1$.H! '+?&$.! K!
*?+#(A&?+!
E.!A+,*.+!,*!#*D+?&+!K!.+!Y/Z!.+!,&I*)*#?&$!
M#J.&'&'!,*!A*)?$,+!
M#J.&'&'!I&#$#?&*)+!

7::!

<.$#!+=*)$1&%+!
M#J.&'&'!,*!)&*'D+'!
0*,&?&(#!,*!&A=$?1+!K!1)$#'=$)*#?&$!
EY/&=+!
y/&*#*'!'+#!'+?&+'!K!$.&$,+'!
<)+%**,+)*'!K!*#?$,*#$A&*#1+'!%*),*'!
8"#&'.1%&W,(*"."K1,3"(

-+A=&.$?&(#!,*!.$!.*D&'.$?&(#!A$'!&A=+)1$#1*!=$)$!
.$!D*#*)$?&(#!,*!*A=)*'$'!%*),*'!

2,3&+1+"'( lH"( 1V$L",( $( *"#.1/",31,( .1( E#1&,$,*'!I&#$#?&$,+)$'!

#","*1%&W,(+"("/V*"'1'(
E#1&,$,*'!,*!)*D&'1)+!*A=)*'$)&$.!
N+?&+'!*#!&##+%$?&(#H!?&*#?&$!K!1*?#+.+D2$!
M/1+)&,$,*'!$A6&*#1$.*'!
E#1&,$,*'!,*!&A=/.'+!$.!?+A*)?&+!

!
]$!&,*$!,*!*'1$!D/2$!*'!Y/*!$.!?+.+?$).$!*#!.$!c*6!,*.!0MBN!=$)$!Y/*!'&)%$!,*!$=+K+!$!.+'!Y/*!
,*'**#!?)*$)!/#$!*A=)*'$!%*),*L!
E'1+!,*6*)J!'*)!$?+A=$S$,+!,*!/#$!.&'1$!,*!*A=)*'$'!%*),*'!)*?+#+?&,$'!=+)!*.!A&#&'1*)&+H!*#!
/#$! =$D&#$! c*6! ,*! *T?+A*)?&+! Y/*! $! .$! %*3! '&)%$! ,*! $=+K+! $! .$! *'1)$1*D&$! ,*! ?+A=)$'!
'+'1*#&6.*'!,*.!E'1$,+L!
E#!.$!A*,&,$!Y/*!'*!,*#!*G*A=.+'!,*!#*D+?&+'!%*),*'H!'*!?)*$)$!/#$!A$'$!?)21&?$!,*!*A=)*'$'!
Y/*!=*)A&1$#!D*#*)$)!&A=$?1+H!A*)?$,+'!K!*'?$.$)!.+'!#*D+?&+'!%*),*'!=$)$!$=$)*?*)!?+A+!/#!
'*?1+)!AJ'!,*!.$!*?+#+A2$L!
!
!

7:7!

<@=(-:!-8A>;:!2>](C2-:E2!96-;:!2>(Q(O6>:>(6(>2DA;C(
8"%%&$,"'(6V*",+&+1'(
!

E.!<)+D)$A$!,*!0*)?$,+'!`*),*'!I/*!/#$!&,*$!&##+%$,+)$!=$)$!$=)+%*?R$)!*.!D)$#!=+1*#?&$.!
$A6&*#1$.!*[&'1*#1*!*#!-+.+A6&$L!!

E.! <)+D)$A$! )J=&,$A*#1*! ,*'$))+..+! /#$! *'1)$1*D&$! Y/*! I/*! ?+A=$)1&,$! ?+#! .$'! &#'1$#?&$'!
,*.!N@XM!,*',*!'/!&#&?&+L!

E.!<)+D)$A$!?+#1(!?+#!/#!D)/=+!$,'?)&1+!$.!`&?*A&#&'1*)&+!,*!MA6&*#1*H!Y/*!'&*A=)*!*'1$6$!
?++),&#$#,+!$??&+#*'!?+#!.$'!,*AJ'!,*=*#,*#?&$'!,*.!0&#&'1*)&+!K!?+#!.$'!&#'1&1/?&+#*'!,*.!
N@XMH! *#! *'=*?&$.! ?+#! *.! @#'1&1/1+! %+#! g/A6+.,1! K! ?+#! $.D/#$'! -M_N! Y/*! ,*'$))+..$)+#!
=)+D)$A$'!A/K!&##+%$,+)*'L!

N&*A=)*!'*!1/%+!?.$)+!Y/*!/#$!?+'$!*)$#!.+'!1*A$'!,*!6&+?+A*)?&+H!&A=/.'$#,+!#*D+?&+'!,*!
.$!6&+,&%*)'&,$,!K!+1)$!AJ'!$A=.&$!*)$!*#!=)+D)$A$!,*!A*)?$,+'!%*),*'L!

-)*$)! /#! I+#,+! ,*! 6&+?+A*)?&+! I/*! A/K! 6&*#! =*#'$,+! =+)! I/*)$! ,*! .+'! &#'1&1/1+'! ,*!
@#%*'1&D$?&(#L!!5&#$.A*#1*!*.!&A=/.'+!,*!*A=)*'$'!,*6*!R$?*)'*!,*',*!*.!'*?1+)!=)&%$,+L!N&#!
*A6$)D+H!D*#*)$)!/#!I+#,+!,*!?$=&1$.!,*!)&*'D+!?+A+!&#'1)/A*#1+!I&#$#?&*)+!=$)$!$=+K$)!
.+'!#*D+?&+'!,*!6&+,&%*)'&,$,!*'!)&*'D+'+!K!$/#!=+?+!?+#'+.&,$,+!*#!1Z)A&#+'!I&#$#?&*)+'L!
N*! ,*6*! )*T=*#'$)! *.! A+,*.+! I&#$#?&*)+! K! .$! I+)A$! ,*! &A=/.'$)! .+'! #*D+?&+'! ,*! .$!
6&+,&%*)'&,$,L!

]+'! @#'1&1/1+'! ,*! @#%*'1&D$?&(#H! ,*6*#! ,$)! .$! .2#*$! ,*! &#%*'1&D$?&(#H! -&*#?&$! K! j*?#+.+D2$!
=$)$!Y/*!'*!D*#*)*#!&,*$'!,*!#*D+?&+L!!B*!$.D/#$!I+)A$!*'1*!&A=/.'+!'*!R$!=*),&,+!,*',*!
*.!9::^H!$/#Y/*!Y/*,$#!$.D/#$'!$?1&%&,$,*'!1$#1+!*#!*.!N@X-g@!?+A+!*#!*.!g/A6+.,1L!

M/#Y/*!*[&'1&*)+#!.$'!$D*#,$'!&#1*)A&#&'1*)&$.*'H!*#!)*$.&,$,!*.!&A=/.'+!,*!1*A$'!?+A+!*.!
$D)2?+.$!K!,*!+)DJ#&?+'!'*!R$!,$,+!AJ'!,*',*!*.!0&#MD)&?/.1/)$L!@D/$.A*#1*!#+!'*!R$!,$,+!
&A=/.'+!$!1*A$'!?+A+!=+)!*G*A=.+!.$'!*#*)D2$'!$.1*)#$1&%$'!?+#!*.!0&#&'1*)&+!,*!*#*)D2$L!

E#! D*#*)$.! *.! F+6&*)#+! #$?&+#$.! K! .+'! EA=)*'$)&+'! #+! .*! R$#! ,$,+! /#$! %&'&(#! ,*!
?+A=*1&1&%&,$,!$!.$'!+=+)1/#&,$,*'!D*#*)$,$'!=+)!.+'!A*)?$,+'!%*),*'L!X+!R$K!=)&+)&,$,*'!
#&!)*$.*'!&A=/.'+'!R$?&$!*'1+'!A*)?$,+'L!<)+*[=+)1!K!.+'!<j<'!'+.+!1&*#*!*.!1*A$!,*!1/)&'A+!

7:9!

,*!#$1/)$.*3$!K!$.D/#+'!1*A$'!*#!*.!'*?1+)!$D)2?+.$L!<*)+!#+!R$K!)*$.A*#1*!/#!=*#'$A&*#1+!
*'1)$1ZD&?+!R$?&$!?+#'+.&,$)!=)&+)&,$,*'!,*!#*D+?&+'!%*),*'L!

E.!&A=/.'+!,*!.$!fI&?&#$!,*!-$A6&+!?.&AJ1&?+!$!.+'!A*)?$,+'!,*!?$)6+#+!R$!'&,+!&#1*)*'$#1*!
*#! *'=*?&$.! *#! .+'! =)+K*?1+'! Y/*! '*! D*#*)$)+#! *#! 0B]L! N&#! *A6$)D+! I$.1$! /#$! %*),$,*)$!
?++),&#$?&(#!,*!*'I/*)3+'!*#!1*A$'!?+A+!=+)!*G*A=.+!.$'!+=+)1/#&,$,*'!,*!#*D+?&+!*#!.$!
*'1)$1*D&$!6$G$!*#!?$)6+#+H!Y/*!$/#!*'1$!*#!I+)A/.$?&(#L!

M.! $?$6$)! ?+#! .$! +I&?&#$! ,*! A*)?$,+'! %*),*'H! '*! ?+)1+! ?+#! /#! &A=/.'+! K! D/2$! ,*',*! *.!
0&#MA6&*#1*! R$?&$! *.! N@XM! $A=.&$,+L! ! E'*! #+)1*! *'! I/#,$A*#1$.H! K! ,*6*! &))$,&$)! $! .+'!
'*?1+)*'H!&#?./K*#,+!*.!$D)2?+.$H!*#*)DZ1&?+!K!,*!%&%&*#,$L!!!

<*)+! .$! .*??&(#! AJ'! ?+#1/#,*#1*! *'! Y/*! .+'! #*D+?&+'! .+'! D*#*)$#! .$'! *A=)*'$'! K! #+! *.!
D+6&*)#+L!<+)!1$#1+!*.!&A=/.'+!,*',*!*.!0MBN!,*6*!'*)!$!D*#*)$)!/#$!=.$1$I+)A$!$,*?/$,$!
,*!=+.21&?$'H!&#?*#1&%+'!K!?++),&#$?&(#!=$)$!Y/*!*.!'*?1+)!=)&%$,+!=/*,$!D*#*)$)!#*D+?&+'L!!

E.!0MBN!,*6*)J!=)+=+#*)!/#$!%&'&(#!*'1)$1ZD&?$!,*!E'1$,+!*#!.$!A$1*)&$!K!=)&+)&3$)H!?+A+!.$!
R$?*#!.+'!=$2'*'!I/*)1*'!*#!.$!A$1*)&$H!'*?1+)*'!%*),*'!,*!$.1+!=+1*#?&$.L!

!
E#! D*#*)$.! *.! 0&#&'1*)&+! K! *.! N@XM! #+! '*! =/*,*#! ?+#I/#,&)! *#! *.! )+.! Y/*! ,*6*#! *G*)?*)! =$)$!
=)+A+%*)!,*',*!.$'!=+.21&?$'!=\6.&?$'!*.!+6G*1&%+!,*!D*#*)$)!#*D+?&+'!%*),*'!*#!*.!=$2'L!0/?R$'!
?+)=+)$?&+#*'! K! .+'! A&'A+'! &#'1&1/1+'! $?$6$)+#! &A=/.'$#,+! K! $! %*?*'! I&#$#?&$#,+! #*D+?&+'!
%*),*'! ,*! =*Y/*S$! *'?$.$! ?+A+! *A=)*#,&A&*#1+'! =$)$! R$?*)! A*)A*.$,$'H! /1&.&3$)! I)/1$'!
*[(1&?$'!!+!$)1*'$#2$'H!Y/*!$.!I&#$.!#+!=)+'=*)$)+#L!!!E#!*'1*!'*#1&,+!R$K!Y/*!R$?*)!/#$!)*I.*[&(#!
=)+I/#,$! ,*! ?/$.! ,*6*)2$! '*)! *.! )+.! ,*.! A&#&'1*)&+! K! ,*.! N@XM! =$)$! Y/*! '*! D*#*)*#! .$'!
?+#,&?&+#*'!=)+=&?&$'!=$)$!&A=/.'$)!#*D+?&+'!%*),*'!*#!*.!=$2'H!*#1*#,*)!.$'!1)$6$'!K!D*#*)$)!
&#?*#1&%+'L!
!
E'! *'*#?&$.! D*#*)$)! .$! $)1&?/.$?&(#! ?+#! +1)$'! *#1&,$,*'! ,*.! E'1$,+! ?+A+! *.! 0&#&'1*)&+! ,*!
-+A*)?&+H!@#,/'1)&$!K!j/)&'A+H!.$'!-JA$)$'!,*!-+A*)?&+H!K!A/K!*'=*?&$.A*#1*!*.!'*?1+)!=)&%$,+!
'&#!*.!?/$.!#+'!*!D*#*)$!/#!$%$#?*!)*$.!*#!.$!+I*)1$!,*!#*D+?&+'!%*),*'L!
!
!

7:;!

-W/$(>"#H&*(6K1,b1,+$(
!
E'1*!,+?/A*#1+!'*)J!.$!6$'*!=$)$!*.!,*'$))+..+!,*!/#!1$..*)!=$)1&?&=$1&%+!*#!*.!?/$.!'*!,&'?/1&)J#!
.+'!=.$#1*$A&*#1+'!)*$.&3$,+'!K!'*!$%$#3$)$!*#!/#$!*'1)$1*D&$!,*!#*D+?&+'!%*),*'!Y/*!,*',*!*.!
0MBN!&#%&1*!$!.$!=$)1&?&=$?&(#!K!?++),&#$?&(#!?+#!*.!)*'1+!,*!$?1+)*'L!
!
"#$! %*3! '*! 1*#D$! /#! ,&)*?1+)! ,*! .$! +I&?&#$! ,*! #*D+?&+'! %*),*'! K! /#! *Y/&=+! ?+#'+.&,$,+H! '*!
=)+=+#*!$%$#3$)!*#!?/$1)+!D)$#,*'!1*A$'Q!
l!

B*I&#&)!*.!)+.!,*.!0&#&'1*)&+!K!,*.!N&#$!,*!A$#*)$!=$)1&?&=$1&%$L!

l!

0$=*$)!.+!Y/*!R$#!&A=/.'$,+!.$'!-M_N!K!.+'!&#'1&1/1+'!,*!&#%*'1&D$?&(#L!

l!

N*D/&)!$%$#3$#,+!K!*#1*#,&*#,+!1*#,*#?&$'L!

l!

B*.&#*$)!,*!A$#*)$!=$)1&?&=$1&%$!.$!*'1)$1*D&$!,*!#*D+?&+'!%*),*'L!

!
E#!*'1$!A$1*)&$H!'*!=)+=+#*!$%$#3$)!*#!.$'!'&D/&*#1*'!.2#*$'!*'1)$1ZD&?$'!,*!X*D+?&+'!`*),*'Q!
<= 2'3*13"#&1(+"(-$$*+&,1%&W,(>"%3$*&1.(+"(!"#$%&$'()"*+"'(
!
]$!+I&?&#$!'*!?+#?*#1)$)$!*#!D*#*)$)!$D*#,$'!'*?1+)&$.*'!,*!#*D+?&+'!%*),*'!?+#!.$'!,&I*)*#1*'!
*#1&,$,*'!)*.$?&+#$,$'!$!.+'!U!'*?1+)*'!=)&+)&1$)&+'L!!
!
E'1$'! $D*#,$'! '*?1+)&$.*'! ,*6*#! ?+#1$)! ?+#! =.$#*'! ,*! $??&(#! ?+#?)*1+'H! ,*'$))+..$,+'!
?+#G/#1$A*#1*!*#1)*!'*?1+)*'!K!'&*A=)*!?+#!.$!=$)1&?&=$?&(#!,*.!'*?1+)!=)&%$,+L!
!
E#!*'1$!'*!=)&+)&3$)$#!.$'!'&D/&*#1*'!$?1&%&,$,*'Q!
!

@,*#1&I&?$?&(#! ,*! 6&*#*'! K! '*)%&?&+'! =)+,/?&,+'! *#! -+.+A6&$! ,*#1)+! ,*! .+'! '*?1+)*'!
=)&+)&3$,+'L!

f=+)1/#&,$,*'!,*!,*'$))+..+!1*?#+.(D&?+!Y/*!'*!=/*,$#!=)&+)&3$)L!

-+#'+.&,$?&(#!,*!=.$#*'!*'1)$1ZD&?+'!=+)!'*?1+)L!

!
!

7:C!

@= 2'3*13"#&1(8"#1.(L(+"(;,%",3&K$'(V1*1(D","*1%&W,(+"(!"#$%&$'()"*+"'(
!
E#!1Z)A&#+'!.*D$.*'H!.$!*'1)$1*D&$!'*!*#I+?$)$!*#!$?$1$)!?/*..+'!,*!6+1*..$!=$)$!.$!D*#*)$?&(#!,*!
#*D+?&+'! %*),*'! $'2! ?+A+! ,*'$))+..+! ,*! A*,&,$'! =$)$! I$?&.&1$)! .$! $D&.&3$?&(#! *#! .$! ?)*$?&(#! ,*!
#*D+?&+'!%*),*'!?+#!?JA$)$'!,*!?+A*)?&+H!'/=*)&#1*#,*#?&$'!K!*#1&,$,*'!$=)+=&$,$'L!
!
]$'!.2#*$'!*'1)$1ZD&?$'!'*!?+#?*#1)$)$#!*#!.+'!'&D/&*#1*'!1*A$'Q!
!

M#J.&'&'!,*!.$!)*D/.$?&(#!=$)$!&A=/.'$)!*.!/'+!,*!.$!6&+,&%*)'&,$,!K!.$!6&+1*?#+.+D2$L!

M#J.&'&'!,*!)*D/.$?&(#!=$)$!&A=/.'$)!.$'!*#*)D2$'!$.1*)#$1&%$'L!

M#J.&'&'!,*!=$1*#1*'L!

M#J.&'&'!.*D$.!,*!.$'!%*#1$G$'!K!)*1+'!,*!.+'!j]-L!

M#J.&'&'!,*!+=+)1/#&,$,*'!*!&#?*#1&%+'!=$)$!.$!D*#*)$?&(#!,*!*A=)*'$'!%*),*'L!

!
P= 2'3*13"#&1(+"(;,N$*/1%&W,(1(.$'(O*$+H%3$*"'(L(-$,'H/&+$*"'(
!
B*'$))+..+! ,*! /#$! =.$1$I+)A$! ,*! &#I+)A$?&(#! #$?&+#$.! *#! 1*A$'! ,*! #*D+?&+'! %*),*'L! ]$!
*'1)$1*D&$!,*6*!&#?./&)J!.$'!#/*%$'!I+)A$'!,*!=.$1$I+)A$'!,*!*T?+AA*)?*L!
!
]$'!.2#*$'!*'1)$1ZD&?$'!&#?./K*#Q!
!

E'1/,&+!=$)$!%&$6&.&3$)!*'1$!=.$1$I+)A$!,*!/'+!=/6.&?+!Y/*!&#?./K$!*.!A$#*G+!K!'+'1*#&6&.&,$,!
,*!.$!A&'A$L!

@A=/.'+! ,*.! ,*'$))+..+! ,*! .$! A&'A$! +! ,*! %$)&$'! =.$1$I+)A$'! ,*',*! *.! '*?1+)! =/6.&?+! +!
=)&%$,+L!!

B*'$))+..+! ,*! .$'! 6$'*'! ,*! .$! =.$1$I+)A$! =$)$! I+A*#1$).$! ,*',*! .$! +I&?&#$! ,*! #*D+?&+'!
%*),*'L!

M?/*),+'!?+#!*#1&,$,*'!=)&#?&=$.*'!Y/*!R$?*#!=$)1*!,*!.$!=.$1$I+)A$L!!

E'1)$1*D&$!,*!?+A/#&?$?&(#!K!,&%/.D$?&(#L!

7:8!

?= 2'3*13"#&1(+"(;,K"'3&#1%&W,](-&",%&1(L(5"%,$.$#J1(
!
E'1$! *'1)$1*D&$! I+A*#1$)$! *.! &A=/.'+! ,*! .$! ?&*#?&$! K! .$! 1*?#+.+D2$! =$)$! &A=/.'$)! #*D+?&+'!
%*),*'L!N*!1)$1$!,*!D*#*)$)!$?/*),+'!,*!I$?&.&1$?&(#!?+#!*#1&,$,*'!*#?$)D$,$'!,*.!1*A$Q!
!
]$'!.2#*$'!*'1)$1ZD&?$'!&#?./K*#Q!
!

M?/*),+!?+#!-f]-@EX-@MN!=$)$!.$!D*#*)$?&(#!,*!/#$!.2#*$!,*!&A=/.'+!$!.+'!#*D+?&+'!%*),*'L!

M?/*),+! ?+#! .$'! *#1&,$,*'! ,*! &#%*'1&D$?&(#! ,*.! N@XM! =$)$! I+A*#1$)! &#%*'1&D$?&(#! R$?&$! .$!
D*#*)$?&(#!,*!#*D+?&+'L!!

@,*#1&I&?$?&(#!*#!?$,$!'*?1+)!,*!#*?*'&,$,*'!,*!&#%*'1&D$?&(#!*!&A=/.'+!$!.$!&##+%$?&(#L!

!
U= 2'3*13"#&1(+"(-$/V*1'(Oh0.&%1'(>$'3",&0."'(
!
E#!%$)&+'!=$2'*'!$.)*,*,+)!,*.!A/#,+H!.$'!?+A=)$'!=\6.&?$'!'+#!/#$!R*))$A&*#1$!=$)$!I+A*#1$)!
.$!?)*$?&(#!K!*.!?)*?&A&*#1+!,*!X*D+?&+'!`*),*'L!E'1*!*'!*.!?$'+!,*!@#D.$1*))$H!g+.$#,$!K!-+)*$H!
*#1)*!+1)+'!=$2'*'!Y/*!'*!%&*)+#!*#!*.!6*#?RA$)p&#D!,*!=$2'*'!)*$.&3$,+'!=+)!D)/=+!E;!NMNH!$'2!
?+A+!=+)!.$'!&#%*'1&D$?&+#*'!,*.!<X"0ML!]$'!?+A=)$'!=\6.&?$'!'+#!*'=*?&$.A*#1*!&A=+)1$#1*'!
*#!'+?&*,$,*'!?+A+!.$!?+.+A6&$#$!*#!.$!Y/*!*.!,*'$))+..+!,*!X*D+?&+'!`*),*'!*'!$\#!&#?&=&*#1*H!
K! .$! ,*A$#,$! =+)! 6&*#*'! K! '*)%&?&+'! &A=/.'$,$! ,*',*! *.! E'1$,+! D*#*)$)2$! /#$! )*'=/*'1$! ,*.!
A*)?$,+!=+)!=$)1*!,*.!'*?1+)!=)&%$,+H!&A=/.'$#,+!$'2!#*D+?&+'!%*),*'L!!
!
E#!*.!<$2'H!*.!D$'1+!=\6.&?+!)*=)*'*#1$!*.!78e!,*.!<@>!O*'1/,&+!)*$.&3$,+!=+)!F)/=+!E;!NMN!=$)$!
0MBNP! K! =+)! .+! 1$#1+! /#$! *'1)$1*D&$! ,*! ?+A=)$'! =\6.&?$'! '+'1*#&6.*'! =/*,*! 1*#*)! /#! D)$#!
&A=$?1+! '+6)*! *.! ,*'$))+..+! ,*! X*D+?&+'! `*),*'L! E#! *.! 9:7:! '*! )*$.&3(! /#! *'I/*)3+! =+)!
,*'$))+..$)! /#$! *'1)$1*D&$! ,*! *'1*! 1&=+! *#! *.! <$2'! ?+#! *.! =)+K*?1+! VZ.*2%'"0/;/"#2.( <"( '%8(
0%=%0/<%<"8(<"'(-%>8(=%*%('%8(9.;=*%8(-\&'/0%8(N.82"#/&'"8WH!*.!?/$.!R$?2$!=$)1*!,*!.$!&#&?&$1&%$!
*#1)*! *.! F+6&*)#+! N/&3+! K! *.! <)+D)$A$! ,*! .$'! X$?&+#*'! "#&,$'! =$)$! *.! 0*,&+! MA6&*#1*!
O<X"0MPH! ?/K+! =)+=('&1+! *)$! ,*'$))+..$)! .+'! $?/*),+'! .+D)$,+'! =+)! *.! F)/=+! ,*! j)$6$G+! ,*!
!

7:^!

0$))$p*?R! OFj0P! '+6)*! .$'! -+A=)$'! <\6.&?$'! N+'1*#&6.*'! O-<NPL! ! g+K! *#! ,2$H! *'1*! *'I/*)3+!
?+#1&#\$!K!,*6*!=*)A*$)!.$!#/*%$!MD*#?&$!X$?&+#$.!,*!-+#1)$1$?&(#!<\6.&?$T!-+.+A6&$!-+A=)$!
EI&?&*#1*H!?)*$,$!)*?&*#1*A*#1*L!!
!
]$'!.2#*$'!*'1)$1ZD&?$'!&#?./K*#Q!
!

F*#*)$?&(#!,*!/#!$?/*),+!,*!1)$6$G+!?+#!.$!$D*#?&$!X$?&+#$.!,*!-+#1)$1$?&(#!=\6.&?$H!?+#!
/#!=.$#!,*!$??&(#!?+#?)*1+L!

E'1/,&+!,*!A*)?$,+!'+6)*!+I*)1$!,*!?+A=)$'!,*.!E'1$,+L!

B*'$))+..+!,*!/#!=.$#!,*!$??&(#!?+#?)*1+L!

!
M= 2'3*13"#&1( 9"( ;/VH.'$( 6( 81( 63*1%%&W,( 9"( ;,K"*'&W,( 2i3*1,g"*1( 9&*"%31( O1*1( 81(
O*$/$%&W,(9"(8$'(!"#$%&$'()"*+"'(2(;/VH.'$(6(81(2iV$*31%&W,(9"(7&","'(Q(>"*K&%&$'(
)"*+"'=(
!
E'1$! \.1&A$! *'1)$1*D&$! *'1$! A/K! )*.$?&+#$,$! $.! *'I/*)3+! Y/*! '*! *'1$! ,*'$))+..$#,+! ,*',*! *.!
0@-j!=$)$!&A=/.'$)!&#%*)'&(#!'+'1*#&6.*L!E#!*'1*!?+#1*[1+H!$/#Y/*!*.!.&,*)$3D+!'*)J!?.$)$A*#1*!
,*.! 0@-jH! $! .$! +I&?&#$! ,*! #*D+?&+'! %*),*'! .*! ?+))*'=+#,*#! ,&I*)*#1*'! .2#*$'! ,*! $??&(#! Y/*!
1*#,)J!Y/*!?++),&#$)!?+#!+1)$'!*#1&,$,*'!Y/*!&A=/.'$#!.$!&#1*)#$?&+#$.&3$?&(#!,*!.$!*?+#+A2$L!
E#!*'1*!?+#1*[1+H!.$'!.2#*$'!,*!$??&(#!*'1$)J#!*#A$)?$,$'!*#!.+'!'&D/&*#1*'!1*A$'Q!
!
M1*#?&(#! $! .+'! j]-'! K! .+'! ?+#%*#&+'! A/.1&.$1*)$.*'! I&)A$,+'! =+)! -+.+A6&$! *#! .$! A$1*)&$H! *#!
,+#,*!*.!0MBN!K!.$!+I&?&#$!,*!A*)?$,+'!%*),*'!,*6*)J#!%*.$)!=+)!*.!?/A=.&A&*#1+!,*!?.J/'/.$'!
$A6&*#1$.*'!)*.$?&+#$,$'!$.!?+A*)?&+!,*!=)+,/?1+'!K!'*)%&?&+'!%*),*'L!
!

B*'$))+..+!,*!'*S$.*'!?.$)$'!=$)$!.$!$1)$??&(#!,*!&#%*)'&+#*'!Y/*!A+1&%*#!#*D+?&+'!%*),*'L!

E'1/,&+!,*!6$))*)$'!$)$#?*.$)&$'!$!.+'!A*)?$,+'!%*),*'L!

E'1/,&+!,*!+=+)1/#&,$,*'!,*!*[=+)1$?&(#!*#!A*)?$,+'!%*),*'L!

B*'$))+..+!,*!=)+D)$A$'!,*!?++),&#$?&(#!*#!.$!A$1*)&$!?+#!.$!"X-jMB!K!.$!f-BEL!

7:U!

<+)!\.1&A+!?$6*!,*'1$?$)!Y/*!#$,$!,*!*'1+!'*)J!=+'&6.*!'&#!/#$!?++),&#$?&(#!?.$)$!,*!=+.21&?$!*#!
*.! ,*'$))+..+! ,*! /#! -fX<EN! +! .*K! Y/*! A$)Y/*! .$! '*S$.! ?.$)$! ,*.! E'1$,+! *#! *'1$! A$1*)&$! K! I&G*!
?.$)$A*#1*!.$'!=)&+)&,$,*'L!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

7:d!

6!2c:(<=(4A!-;:!2>(92(86(:4;-;!6(92(E2C-69:>()2C92>(Q(>:>52!;782>(
!
N+#!I/#?&+#*'!,*!.$!fI&?&#$!,*!X*D+?&+'!`*),*'!K!N+'1*#&6.*'Q!
!
7L!M=+K$)!.$!*.$6+)$?&(#!,*!A$)?+'!*!&#'1)/A*#1+'!,*!=+.21&?$!Y/*!=)+A/*%$#!.$!)*$.&3$?&(#!,*!
&#%*'1&D$?&(#! 6J'&?$! K! $=.&?$,$! +)&*#1$,$! $.! ,*'$))+..+! K! I+)A/.$?&(#! ,*! =)+,/?1+'! #/*%+'! ,*!
%$.+)!$D)*D$,+H!,*)&%$,+'!,*!/1&.&3$?&(#!,*!.+'!)*?/)'+'!#$1/)$.*'!)*#+%$6.*'L!
!
9L!M'*'+)$)!K!$=+K$)!*.!=)+?*'+!,*!&#%*'1&D$?&(#!6J'&?$!K!$=.&?$,$!=$)$!.$!&##+%$?&(#!*#!*.!/'+!
,*!.+'!)*?/)'+'!#$1/)$.*'!)*#+%$6.*'H!*#!?++),&#$?&(#!?+#!.$'!&#'1&1/?&+#*'!,*!$=+K+!?&*#12I&?+!K!
1Z?#&?+!K!,*AJ'!,*=*#,*#?&$'!,*.!0&#&'1*)&+!KH!*.!N&'1*A$!X$?&+#$.!,*!-&*#?&$!K!j*?#+.+D2$L!
!
;L! M=+K$)! K! %*.$)H! *#! ?++),&#$?&(#! ?+#! *.! 0&#&'1*)&+! ,*! _*.$?&+#*'! E[1*)&+)*'! K! .$! fI&?&#$! ,*!
M'/#1+'! @#1*)#$?&+#$.*'H! =+)! .$! I+)A/.$?&(#! ,*! .+'! *.*A*#1+'! *'1)$1ZD&?+'! =$)$! '/'1*#1$)! .$!
=+'&?&(#!,*.!0&#&'1*)&+!*#!)*.$?&(#!?+#!.$'!,&'?/'&+#*'!&#1*)#$?&+#$.*'!*#!A$1*)&$!,*!?+A*)?&+!K!
$A6&*#1*H!*#!*.!?+#1*[1+!,*!.+'!$?/*),+'!?+A*)?&$.*'!6&.$1*)$.*'H!.$!f)D$#&3$?&(#!0/#,&$.!,*.!
-+A*)?&+H!.$!f)D$#&3$?&(#!=$)$!.$!-++=*)$?&(#!K!*.!B*'$))+..+!E?+#(A&?+!K!,*AJ'!*'?*#$)&+'!
)*.*%$#1*'L!
!
CL! @A=/.'$)! =+.21&?$'L! =.$#*'! K! =)+D)$A$'H! 1$#1+! $! #&%*.! #$?&+#$.! ?+A+! &#1*)#$?&+#$.H! Y/*!
=)+A/*%$#! .$! &#%*'1&D$?&(#H! *.! ,*'$))+..+! K! .$! &##+%$?&(#! *#! 1+)#+! $! =)+,/?1+'! ,*! .$!
6&+,&%*)'&,$,H! *#! ?++),&#$?&(#! ?+#!.$'!,*=*#,*#?&$'!,*.! 0&#&'1*)&+!K!.$'!*#1&,$,*'! ,*.!N*?1+)!
M,A&#&'1)$1&%+!,*!MA6&*#1*!K!B*'$))+..+!N+'1*#&6.*L!
!
8L! <)+=+#*)! *'1)$1*D&$'! ,*! #*D+?&+! =$)$! =+1*#?&$)! .$! ?+#'*)%$?&(#! ,*.! A*,&+! $A6&*#1*H! .$!
6&+,&%*)'&,$,H! K! *.! /'+! ,*! .+'! )*?/)'+'! D*#Z1&?+'H! *#! *.! ?+#1*[1+! ,*.! ,*'$))+..+! ,*! '*?1+)*'!
=)+,/?1&%+'!?+A=*1&1&%+'!?+#!$.1+!?+A=+#*#1*!$A6&*#1$.L!
!

7:k!

^L! M'*'+)$)H! ,&'*S$)H! *%$./$)! K! R$?*)! '*D/&A&*#1+! ,*! *'1)$1*D&$'! *! &#'1)/A*#1+'! *?+#(A&?+'H!
1)&6/1$)&+'! K! I&#$#?&*)+'! =$)$! ?+#'*D/&)! K! A+#&1+)*$)! )*?/)'+'! ,*.! '*?1+)H! ?+#! *.! I&#! ,*!
=)+A+%*)! .$! ?+#'*)%$?&(#H! )*?/=*)$?&(#H! ?+#1)+.! K! '+'1*#&6&.&,$,! ,*.! A&'A+H! $'2! ?+A+! =$)$!
A*,&)!.$!*I&?&*#?&$!,*!.+'!)*?/)'+'L!
!
UL!M'*'+)$)!$.!0&#&'1*)&+!*#!.$!,*I&#&?&(#!,*!A*?$#&'A+'!=$)$!D$)$#1&3$)!.$!&A=.*A*#1$?&(#!,*!
.+'!&#'1)/A*#1+'!*?+#(A&?+'!K!I&#$#?&*)+'!,*.!'*?1+)!$A6&*#1$.L!
!
dL! B*'$))+..$)! A*1+,+.+D2$'! *#! ?+#G/#1+! ?+#! .$'! ,*=*#,*#?&$'! ,*.! 0&#&'1*)&+! Y/*! =*)A&1$#! .$!
%$.+)$?&(#!*?+#(A&?$!,*.!,*1*)&+)+!K!.$!?+#'*)%$?&(#!,*.!$A6&*#1*!K!,*!.+'!)*?/)'+'!#$1/)$.*'!
)*#+%$6.*'L!
!
kL! _*$.&3$)! *'1/,&+'! K! ,&'*S$)! &#'1)/A*#1+'! *! &#?*#1&%+'! *?+#(A&?+'! =$)$! *.! ?+#1)+.! ,*! .$!
?+#1$A&#$?&(#H!.$!)*'1$/)$?&(#H!.$!?+#'*)%$?&(#!K!*.!A$#*G+!'+'1*#&6.*!,*!.+'!)*?/)'+'!#$1/)$.*'!
)*#+%$6.*'L!
!
7:L!<)*=$)$)!.+'!*'1/,&+'!=$)$!.$!I&G$?&(#!,*.!A+#1+!1$)&I$)&+!A2#&A+!,*!.$'!1$'$'!)*1)&6/1&%$'!K!
?+A=*#'$1+)&$'H!,*!$?/*),+!?+#!.$'!#+)A$'!.*D$.*'!%&D*#1*'L!
!
77L!<)+=+#*)!.+'!?J.?/.+'!*?+#(A&?+'!=$)$!*.!=$D+!+!)*?+#+?&A&*#1+!,*!.+'!,*)*?R+'!+!)*D$.2$'!
Y/*!'*!?$/'*#!$!I$%+)!,*!.$!X$?&(#!=+)!*.!/'+!,*!)*?/)'+'!D*#Z1&?+'L!
!
79L! <)+A+%*)! *.! /'+! '+'1*#&6.*! ,*! .+'! )*?/)'+'! D*#Z1&?+'! K! =)+,/?1+'! ,*)&%$,+'! ,*! .$!
6&+,&%*)'&,$,L!
!
7;L! <)+=+#*)! K! $=+K$)! .$! $,+=?&(#! ,*! A*?$#&'A+'! =$)$! .$! ,&'1)&6/?&(#! G/'1$! K! *Y/&1$1&%$! ,*!
6*#*I&?&+'! ,*)&%$,+'! ,*.! $??*'+! $! .+'! )*?/)'+'! D*#Z1&?+'! K! =$)1&?&=$)! *#! .$! I+)A/.$?&(#! ,*! .+'!
*.*A*#1+'!*'1)$1ZD&?+'!=$)$!D$)$#1&3$)!Y/*!.+'!'&'1*A$'!,*!=)+=&*,$,!&#1*.*?1/$.!)*'=*1*#!.+'!

77:!

,*)*?R+'!'+6)*!.+'!)*?/)'+'!6&+.(D&?+'!K!D*#Z1&?+'!,*.!=$2'L!*#!?++),&#$?&(#!?+#!.$!B&)*??&(#!,*!
>+'Y/*'H!>&+,&%*)'&,$,!K!N*)%&?&+'!E?+'&'1ZA&?+'!K!.$!N/6,&)*??&(#!,*!E,/?$?&(#!K!<$)1&?&=$?&(#L!
!
7CL! <)+A+%*)! *.! ,*'$))+..+! ,*! .$'! .2#*$'! K! +=+)1/#&,$,*'! ,*! 1)$#'I*)*#?&$! ,*! 1*?#+.+D2$! K!
?++=*)$?&(#! 1Z?#&?$! *#! ,*'$))+..+! ,*! .+'! $?/*),+'! A/.1&.$1*)$.*'! '+6)*! $A6&*#1*! K! +1)+'!
&#'1)/A*#1+'!6&.$1*)$.*'!+!)*D&+#$.*'!,*!.+'!Y/*!R$D$!=$)1*!*.!=$2'L!
!
78L!@A=.*A*#1$)H!A$#1*#*)!K!A*G+)$)!*.!N&'1*A$!@#1*D)$,+!,*!F*'1&(#!@#'1&1/?&+#$.L!
!
7^L! ]$'! ,*AJ'! I/#?&+#*'! Y/*! .*! '*$#! $'&D#$,$'! K! Y/*! ?+))*'=+#,$#! $! .$! #$1/)$.*3$! ,*! .$!
,*=*#,*#?&$L!
!

(
(
(
(
(
(
!
!
!
!

777!

6!2c:( @=( 282E2!5:>( C286-;:!69:>( -:!( 86( OC:E:-;B!( 92( !2D:-;:>(

)2C92>( 2!( 8:>( O86!2>( 92( 6--;B!( @T<@d@T<U( 92( 9;2[( -:CO:C6-;:!2>(
6A5B!:E6>(C2D;:!682>(
!
-6C(

282E2!5:>(C286-;:!69:>(-:!(86(OC:E:-;B!(92(!2D:-;:>(
)2C92>(X;!-8AQ2!9:(!2D:-;:>(76>69:>(2!(86(7;:9;)2C>;969G(2!(
28(O86!(92(6--;B!(@T<@d@T<U(

X+! '*! *#?+#1)$)+#! *.*A*#1+'! )*.$?&+#$,+'L! N&#! *A6$)D+H! *#! *.! <.$#! ,*!
-+)=+)$?&(#! M/1(#+A$! M??&(#!9::UT!9:79!'2!*[&'12$!/#!=)+K*?1+!'+6)*!*'1*!1*A$Q!!
_*D&+#$.!
,*!
<)+D)$A$! CT! B*'$))+..+! =)+,/?1&%+! '+'1*#&6.*a! <)+K*?1+! 77T! M=+K+! K!
-/#,&#$A$)?$!O-M_P!
=)+A+?&(#!,*!.$!=)+,/??&(#!AJ'!.&A=&$!K!.+'!A*)?$,+'!%*),*'!
<)+D)$A$! ;T! >+'Y/*'H! 6&+,&%*)'&,$,! K! '*)%&?&+'! *?+'&'1ZA&?+!"# $%&'(# )*!#
!"#$%&'!() *$+) ,-!.-/0/) ($) $123$1%-/4) 5$) 6!0$1%/-7) $) &0,3+(/-7) $+) 3(!)
'+'1*#&6.*!,*!.$!,&%*)'&,$,!6&+.(D&?$H!*.!=$1)&A+#&+!#$1/)$.!K!.$!=)+,/??&(#!
,*!6&*#*'!K!'*)%&?&+'!$A6&*#1$.A*#1*!'$#+'H!=$)$!6*#*I&?&+!*?+#(A&?+!K!
'+?&$.!,*!1+,+'!.+'!R$6&1$#1*'!,*.!,*=$)1$A*#1+!,*!]$!F/$G&)$a!!
<)+K*?1+!UT!<)+1*??&(#!K!?+#'*)%$?&(#!,*!.$!6&+,&%*)'&,$,a!M?1&%&,$,*'Q!
9L! <)+A+%*)! .$! ?+#'*)%$?&(#! K! *.! /'+! '+'1*#&6.*! ,*.! 6+'Y/*H! .$!
)*I+)*'1$?&(#H! .$! )*'1$/)$?&(#! *?+.(D&?$! K! *.! *'1$6.*?&A&*#1+! ,*!
=.$#1$?&+#*'!=)+,/?1+)$'L!
UL! 5+)1$.*?*)! .+'! '&'1*A$'! ,*! ?+#+?&A&*#1+! *! &##+%$?&(#! '+6)*! .+'!
?+A=+#*#1*'!K!/'+'!,*!.$!6&+,&%*)'&,$,L!
-+)=+)$?&(#! M/1(#+A$! 7:L!<)+A+?&(#!$!.$!?+#'*)%$?&(#!K!/'+!'+'1*#&6.*!,*!.+'!)*?/)'+'!#$1/)$.*'!
_*D&+#$.! ,*! .$! F/$G&)$! A*,&$#1*!*.!?+#+?&A&*#1+!,*.!/'+!=+1*#?&$.!,*!.$!6&+,&%*)'&,$,!#$1&%$!K!.$!
O-+)=+D/$G&)$P!
&,*#1&I&?$?&(#!,*!*'=*?&*'!=)+A&'+)&$'L!EG*)?&?&+'!,*!%$.+)$?&(#!,*!6&*#*'!K!
'*)%&?&+'!$A6&*#1$.*'L!
<)+K*?1+!dT!X*D+?&+'!%*),*'!K!'+'1*#&6.*'a!M?1&%&,$,*'Q!
7L! @A=/.'$)! *A=)*#,&A&*#1+! %*),*! *#! .$'! $?1&%&,$,*'! *?+#(A&?$'! ,*! ]$!
F/$G&)$L!
9L!5+)1$.*?*)!.$!=)+,/??&(#!K!?+#'/A+!'+'1*#&6.*L!
;L! <$)1&?&=$?&(#! *#! I*)&$'! K! *%*#1+'! ?+A*)?&$.*'H! Y/*! =*)A&1$#!
=)+A+?&+#$)!.+'!=)+,/?1+'!K!'*)%&?&+'!$A&D$6.*'!?+#!*.!A*,&+!$A6&*#1*L!
CL!<)+A+%*)!.$!&#%*'1&D$?&(#!6J'&?$!K!$=.&?$,$!=$)$!.$!&##+%$?&(#!*#!*.!/'+!
,*!.+'!)*?/)'+'!#$1/)$.*'!)*#+%$6.*'L!
8L! F*'1&+#$)! K! =)+A+?&+#$)! *'1)$1*D&$'! ,*! &#'1)/A*#1+'! *?+#(A&?+'H!

779!

1)&6/1$)&+'! K! I&#$#?&*)+'! ?+#! *.! I&#! ,*! =)+A+%*)! *.! /'+! '+'1*#&6.*! ,*! .$!
6&+,&%*)'&,$,L!
^L! 5+)1$.*?&A&*#1+! $! .$! =)+,/??&(#! 1)$,&?&+#$.! ,*! .$'! A&#+)2$'! Z1#&?$'! K!
?+A/#&,$,*'!#*D)$'L!
UL!M=+K+!K!I+)1$.*?&A&*#1+!$!.$!A*,&?&#$H!/'+'!K!?+'1/A6)*'!1)$,&?&+#$.*'!
,*!.$'!A&#+)2$'!Z1#&?$'!K!?+A/#&,$,*'!#*D)$'L!
EG*! *'1)$1ZD&?+Q! F*'1&(#! $A6&*#1$.! '*?1+)&$.! K! /)6$#$a! <)+D)$A$! UT!
<)+,/??&(#!'+'1*#&6.*a!!
-+#! *'1*! =)+D)$A$! '*! ,*'$))+..$)$#! $?1/$?&+#*'! +)&*#1$,$'! $! &#?&,&)!
=+'&1&%$A*#1*!*#!.$!$,A&#&'1)$?&(#!K!A$#*G+!&#1*D)$.!,*!.$!%$)&$,$!+I*)1$!
#$1/)$.!,&'=+#&6.*!*#!.$!)*D&(#H!$!=$)1&)!,*!.$!&,*#1&I&?$?&(#H!=)+A+?&(#!K!
*'1$6.*?&A&*#1+!,*!=$Y/*1*'!1*?#+.(D&?+'!K!,*!'&'1*A$'!,*!=)+,/??&(#!K!
1)$#'I+)A$?&(#!,*!A$1*)&$'!=)&A$'H!?+A=*1&1&%+'!K!'+'1*#&6.*'L!
j$A6&Z#! '*! 6/'?$! =)+A+%*)! .$! I&.+'+I2$! ,*! .+'! #*D+?&+'! %*),*'H! $=+K$)! $!
*A=)*'$'H! D)/=+'! $'+?&$1&%+'! K! ?+A/#&,$,! +)D$#&3$,$! Y/*! $=)+%*?R$! K!
?+A*)?&$.&3$! =)+,/?1+'! ,*! .$! ,&%*)'&,$,! 6&+.(D&?$H! =$)$! &A=.*A*#1$)!
'&'1*A$'!,*!$'*D/)$A&*#1+!,*!.$!?$.&,$,!K!.$!'+'1*#&6&.&,$,!$A6&*#1$.!*#!
'/'!'&'1*A$'!=)+,/?1&%+'L!
E#! $)$'! ,*! =)+A+%*)! .+'! =)+?*'+'! ,*! A*G+)$A&*#1+! ,*! .$! D*'1&(#!
$A6&*#1$.!*#!.$!=)+,/??&(#!)*D&+#$.!,*!6&*#*'H!'*!6/'?$!1+A$)!?+))*?1&%+'!
*#! *.! ,*'*A=*S+! ,*! .+'! '*?1+)*'! =)+,/?1&%+'H! *#! .+'! Y/*! .$! ,&A*#'&(#!
$A6&*#1$.!'*!?+#'1&1/K$!*#!/#$!+=+)1/#&,$,!,*!?+A=*1&1&%&,$,!K!I$?&.&1$)!
-+)=+)$?&(#! M/1(#+A$! *.!$??*'+!$!.+'!A*)?$,+'!#$?&+#$.*'!*!&#1*)#$?&+#$.*'L!!
_*D&+#$.! ,*! X$)&S+!
O-+)=+#$)&S+P!
!"#$%&'$()#*&+#,(&-($.$+#/"#.$0"1&#+&+2"034*"#+"52&(3$*"+#6&(.7*$/&+#"#
&A=.*A*#1$,+'H! 6$G+! *.! A$)?+! ,*! .+'! $?/*),+'! ,*I&#&,+'! *#! .$! .2#*$! ,*!
?+A=*1&1&%&,$,!*#!*.!,*=$)1$A*#1+!,*!X$)&S+L!
"#$! ,*! .$'! *'1)$1*D&$'! =$)$! *.! '*?1+)! A&#*)+! *'! ?+#1&#/$)! ?+#! .$!
=)+,/??&(#! '+'1*#&6.*! K! *.! I+A*#1+! ,*! 1*?#+.+D2$'! .&A=&$'! *#! .$! A&#*)2$!
,*! +)+! =$)$! .$! 3+#$! $#,&#$H! +)&*#1$,$! R$?&$! *.! ?$A6&+! ?/.1/)$.H!
A*G+)$A&*#1+!1*?#+.(D&?+!K!*.!'*D/&A&*#1+!,*!'&'1*A$'!,*!1)$1$A&*#1+!,*!
$D/$'! )*'&,/$.*'! =$)$! A&1&D$)! .+'! &A=$?1+'! D*#*)$,+'! !"# !$%!# $!&%'(#
!"#$%&'()#*+ ,-+ .#+ &#-&,"-(,-',+ /.+ 0,1#"/0(,-'#+ ',&-#.23(&#4+ ./+
!"#$"#%&'()* +"#,%-.&.#/*0 .-* %&"1$%2%1'.),"* 34.* 5%* 6.)'7"* #.%-'8%)7"* %*
=)+K*?1+'!,*!=)+,/??&(#!AJ'!.&A=&$!*#!*.!'*?1+)!A&#*)+r!!
<+)! +1)$! =$)1*! *#! ?/$#1+! $.! M?+A=$S$A&*#1+! $! =)+K*!"#$% &% '#()*#$% ()%
!"#$%&&'()* +,-* .'+!'/* 0* $1* $1-/""#..#* -#-21)'3.1* 1)* .#-* -1&2#"1-*
!"#$%&'()#*+ $,-+ .,!/"'/0,1'#2+ ,*!,&(/-0,1',+ ,1+ -#*+ *,&'#",*+ &%,"#2+
!"#$%$"&'() !'!') *) +"#,"-#.,%$"&'/) $"0) 1&) '!"#,1) 2.1) 31) #1'&45'#6) 71371) &'3)
$??&+#*'! Y/*! '*! *G*?/1$)$#! ?+!" #$%&#'('" )$*" +#(,#-.-" )$" $)&%-%/0!"
!"#$%&'!()* %(* +&,!-$-* -%* .!/0*1 2!3$!* %(* 34"5($"$%&'6* .%* (6-* 36"5/6"$-6-*
!"#$%$!&'( "%( )&'( *&%+"%$&'( !"( ,-&!.**$/%( 01'( )$0,$2( 3( 24"%!2'(

77;!

!"#$%&'!(%)*)+),-$'!)*,.&*/01203415607*!
!"#$%&' &#' ()*+,*-./%' ()*' 0.' )1#/.+,2,3.(,4!" #$%" &'()'*+*" #$" ,!-$!./0("
!"#$ %#$ &'&()*(+$ *$ ,&%$ -(&."/'&(#%$ .#%'*/*.&%$ -&($ %"$ *,'&$ .#%#0-#1&$
!"#$%&'!()*+,-.*($/!01*!*%((1*2%*$0%&'$3$4!56*"$78"%2*8*%"75%2!2*0%*#!2%*
?+A/#&1$)&$!=$)$!'*)!%&#?/.$,$'!$!.$!=+.21&?$!,*!A*)?$,+'!%*),*'L!
N*! R$#! +)&*#1$,+! $??&+#*'! R$?&$! *.! I+)1$.*?&A&*#1+! ,*! *'1)$1*D&$'! Y/*! '*!
?+#'1&1/K*#! *#! $.&$#3$'! K! ?++=*)$?&(#! 6&.$1*)$.! *#1)*! .+'! ,&I*)*#1*'!
$?1+)*'! '+?&$.*'! *! &#'1&1/?&+#$.*'! =$)$! .$! D*'1&(#! ,*.! ?+#+?&A&*#1+H!
$=.&?$?&(#! K! *[=$#'&(#! ,*.! A&'A+H! Y/*! 1)$,/?&,$! *#! 1*))*#+! '&D#&I&?$! .$!
A/.1&=.&?$?&(#! ,*! *'1)/?1/)$'H! +6)$'H! A*,&,$'! K! $?1/$?&+#*'! ,*!
)*?/=*)$?&(#H! ,&'A&#/?&(#H! ?+#1)+.! K! ?+A=*#'$?&(#! ,*! &A=$?1+'!
$A6&*#1$.*'! Y/*! =/*,$#! $))+G$)! .+'! )*'/.1$,+'! %*)&I&?$6.*'! K!
?/$#1&I&?$6.*'L!!
E#! *'1$! .2#*$! ,*! $??&(#H! '*! '*D/&)J#! &A=/.'$#,+! .$'! *'1)$1*D&$'! Y/*! '*!
%&*#*#! $=.&?$#,+! ,*',*! *.! 5+A*#1+! $! .$! <)+,/??&(#! N+'1*#&6.*H! =/*'!
$/#Y/*!*.!D)$,+!,*!)*?*=1&%&,$,!,*.!'*?1+)!=)+,/?1&%+!I)*#1*!$.!1*A$!'&D$!
*#! $/A*#1+H! R$K! Y/*! )*?+#+?*)! Y/*! '/! ,*'$))+..+! *'! $\#! $.1$A*#1*!
&A=$?1$#1*! ,*6&,+! $.! ,*'=*),&?&+! K! $=)+%*?R$A&*#1+! &#?+#1)+.$,+! ,*!
A$1*)&$'!=)&A$'!K!)*?/)'+'!#$1/)$.*'!O'/*.+H!$D/$H!$&)*H!%*D*1$?&(#H!I$/#$!
K! A&#*)$.*'PH! $.! *'?$'+! A$#*G+! ,*! )*'&,/+'! '(.&,+'H! .2Y/&,+'! K!
$1A+'IZ)&?+'H! $.! /'+! ,*! 1*?#+.+D2$'! K! 1Z?#&?$'! ?+#1$A&#$#1*'! +! .*'&%$'! $.!
$A6&*#1*!K!.$!6$G$!)*'=/*'1$!$!.$!.*D$.&3$?&(#!$A6&*#1$.L!
<)+D)$A$! 7T! >&+,&%*)'&,$,! K! '*)%&?&+'! *?+'&'1ZA&?+'a! <)+K*?1+! 7L;T! "'+'!
'+'1*#&6.*!,*!.$!6&+,&%*)'&,$,!K!#*D+?&+'!%*),*'a!0*1$'Q!!
M?+A=$S$A&*#1+! K! I+)1$.*?&A&*#1+! $! OUP! 0K=&A*'! K! *A=)*'$'! R/&.*#'*'!
%&#?/.$,$'!$!A*)?$,+'!%*),*'L!
<)+A+?&(#! ,*! '&*1*! OUP! &#&?&$1&%$'! ,*! #*D+?&+'! %*),*'! Y/*! )*=+)1$#!
?+A*)?&$.&3$?&(#!,*!6&*#*'!K!'*)%&?&+'L!
-+)=+)$?&(#! M/1(#+A$! F*#*)$?&(#!,*!'&*1*!OUP!#/*%+'!*A=.*+'!$!1)$%Z'!,*!#*D+?&+'!&#?./'&%+'L!
_*D&+#$.! ,*.! M.1+! <$)1&?&=$?&(#! *#! '*&'! O^P! I*)&$'! K! *%*#1+'! ?+A*)?&$.*'H! Y/*! =*)A&1$#!
0$D,$.*#$!O-M0P!
=)+A+?&+#$)!.+'!=)+,/?1+'!K!'*)%&?&+'!$A&D$6.*'!?+#!*.!A*,&+!$A6&*#1*L!
M=+K+!*#!.$!)*?+#%*)'&(#!,*!,+'!O9P!'&'1*A$'!,*!A$#*G+!K|+!=)+,/??&(#!$!
'&'1*A$'!=)+,/?1&%+'!'+'1*#&6.*'L!
-$)$?1*)&3$?&(#!K!*%$./$?&(#!,*!,+'!O9P!=)+,/?1+'!,*!.$!6&+,&%*)'&,$,!=$)$!
=)+A+%*)!'/!/'+!'+'1*#&6.*L!
<)+A+?&(#! ,*! 7C! *A=)*'$'! .$! $,+=?&(#! ,*! .$! *'1)$1*D&$! g/&.$! -+)$3(#!
`*),*!K!.$!&#?./'&(#!,*.!?+#?*=1+!$A6&*#1$.!*#!'/!=)+?*'+!=)+,/?1&%+L!
-+)=+)$?&(#! M/1(#+A$! <)+D)$A$!CT!F*'1&(#!MA6&*#1$.!")6$#$!K!N*?1+)&$.a!<)+K*?1+!CLCT!M=+K+!$!
_*D&+#$.! ,*.! -$/?$! .$! =)+,/??&(#! .&A=&$! *#! '&'1*A$'! =)+,/?1&%+'! K! *[1)$?1&%+'a! f6G*1&%+Q!

77C!

O-_-P!

M=+K$)! *.! ,*'$))+..+! ,*! 1*?#+.+D2$'! .&A=&$'! *#! *.! '*?1+)! $D)+=*?/$)&+H! .$!
A*,&$#$!K!=*Y/*S$!=)+,/??&(#!&#,/'1)&$.!K|+!$D)+&#,/'1)&$.!K!.$!=*Y/*S$!
A&#*)2$L!

-+)=+)$?&(#! M/1(#+A$!
_*D&+#$.! ,*.! -*#1)+! ,*!
X+!'*!*#?+#1)$)+#!*.*A*#1+'!)*.$?&+#$,+'!
M#1&+Y/&$!
O-+)$#1&+Y/&$P!
-+)=+)$?&(#! M/1(#+A$!
X+! '*! *#?+#1)$)+#! *.*A*#1+'! )*.$?&+#$,+'L! OE#! 1+,+! ?$'+H! R$K! =+?$!
_*D&+#$.! ,*.! -*'$)!
&#I+)A$?&(#!'+6)*!.+'!=)+D)$A$'!K!=)+K*?1+'!Y/*!'*!&A=.*A*#1$)J#P!
O-+)=+?*'$)P!
<)+D)$A$! ;T! >&+,&%*)'&,$,! K! '*)%&?&+'! *?+'&'1ZA&?+'a! f6G*1&%+Q! <)+A+%*)!
*.!?+#+?&A&*#1+H!!"#$%&'()*"$+,&#-#(!#.'%#'%'/(&+0!(#1(#!"#0+%1+*()'+1"1#-#
!"#$%&%'!( "&'!%!)*+%&'!,( -!.(/ &'+'( 0-( 1%!)#%23&%45( "63%)-)%$-( 1"( 0'!(
6*#*I&?&+'! ,*)&%$,+'! ,*! .$! /1&.&3$?&(#! ,*! *'1+'! =+)! .+'! ,&I*)*#1*'! $?1+)*'!
.+?$.*'H! )*D&+#$.*'H! #$?&+#$.*'! *! &#1*)#$?&+#$.*'a! <)+K*?1+! ;L9Q! 0$#*G+! K!
?+#'*)%$?&(#! ,*! .$! 6&+,&%*)'&,$,a! f6G*1&%+! ,*.! =)+K*?1+Q! @A=.*A*#1$)!
$??&+#*'! Y/*! =)+A/*%$#! .$! ?+#'*)%$?&(#! K! /'+! '+'1*#&6.*! ,*! .$!
6&+,&%*)'&,$,!?+A+!/#!%$.+)!*'1)$1ZD&?+!=$)$!*.!,*'$))+..+!'+'1*#&6.*!,*!.$!
)*D&(#a! ]2#*$! ,*! $??&(#Q! "'+! '+'1*#&6.*! ,*! .$! 6&+,&%*)'&,$,a! M?1&%&,$,Q!
M=+K$)!=)+K*?1+'!,*!/'+!'+'1*#&6.*!,*!.$!6&+,&%*)'&,$,L!
<)+D)$A$! CT! N+'1*#&6&.&,$,! $A6&*#1$.! =$)$! *.! ,*'$))+..+a! f6G*1&%+! ,*.!
=)+D)$A$Q! 5+)1$.*?*)! .+'! %2#?/.+'! ,*! ?++=*)$?&(#! K! 1)$6$G+! ?+#G/#1+! ?+#!
.$! ?+A/#&,$,! K! +)D$#&3$?&+#*'! =$)$! A&1&D$)! .+'! *I*?1+'! $A6&*#1$.*'!
D*#*)$,+'! =+)! .$'! $?1&%&,$,*'! =)+,/?1&%$'! ,*! .$! )*D&(#! $! =$)1&)! ,*! .$!
*G*?/?&(#!,*!=)+K*?1+'!'+'1*#&6.*'a!<)+K*?1+!CL7T!<)+,/??&(#!AJ'!.&A=&$!K!
-+)=+)$?&(#! M/1(#+A$! $=+K+!$.!*?+1/)&'A+!'+'1*#&6.*a!f6G*1&%+!,*.!=)+K*?1+Q!f)&*#1$)!K!$=+K$)!
_*D&+#$.! ,*.! F/$%&+! *.!?$A6&+!,*!.$'!=)J?1&?$'!,*!=)+,/??&(#!K!?+#'/A+!,*!.+'!R$6&1$#1*'!,*!
O-+)=+D/$%&+P!
.$! G/)&',&??&(#! ,*! -+)=+D/$%&+! R$?&$! .$! '+'1*#&6&.&,$,! $A6&*#1$.! =$)$!
D$)$#1&3$)!.$!?+A=*1&1&%&,$,!,*!'/'!'&'1*A$'!=)+,/?1&%+'!K!*.!6&*#*'1$)!,*!
.$!=+6.$?&(#a!]2#*$'!,*!$??&(#Q!!
<)+A+?&(#! ,*! .$! =+.21&?$! #$?&+#$.! ,*! =)+,/??&(#! .&A=&$! K! ?+#'/A+!
'+'1*#&6.*a!M?1&%&,$,*'Q!!
<)+A+%*)! *#! .+'! ,&I*)*#1*'! '*?1+)*'! =)+,/?1&%+'! ,*! .$! G/)&',&??&(#! .$!
=+.21&?$! #$?&+#$.! ,*! =)+,/??&(#! .&A=&$! K! ?+#'/A+! '+'1*#&6.*! K! *I*?1/$)!
$??&+#*'!,*!'*D/&A&*#1+!,*!.+'!?+#%*#&+'!,*!<0]!`&D*#1*'!
M=+K+! *#! .$! &,*#1&I&?$?&(#! *! &A=.*A*#1$?&(#! ,*! $.1*)#$1&%$'! ,*!
=)+,/??&(#!.&A=&$L!
]2#*$!,*!$??&(#Q!0*)?$,+'!%*),*'a!M?1&%&,$,Q!<)+A+?&(#!,*!.$!=)+,/??&(#!
.&A=&$!?+#!%$.+)*'!$D)*D$,+'!R$?&$!=)+?*'+'!,*!?*)1&I&?$?&(#L!!
E?+1/)&'A+a!M?1&%&,$,*'Q!

778!

M=+K$)! $! .+'! A/#&?&=&+'! *#! *.! ,*'$))+..+! ,*! =)+,/?1+'! +)&*#1$,+'! $!

I+)1$.*?*)!=)+?*'+'!,*!1/)&'A+!#$1/)$.!
<)+A+%*)! =)+K*?1+'! ,*! *?+1/)&'A+! =$)$! $=)+%*?R$)! .+'! $1)$?1&%+'!
#$1/)$.*'!,*!.+'!A/#&?&=&+'!,*!.$!G/)&',&??&(#!
-+)=+)$?&(#! M/1(#+A$! <)+D)$A$! 9T! >&+,&%*)'&,$,! K! '*)%&?&+'! *?+'&'1ZA&?+'a! <)+K*?1+Q! MA&D+'!
_*D&+#$.! ,*.! y/&#,2+! )*'=+#'$6.*'!,*!.$!6&+,&%*)'&,$,a!f6G*1&%+Q!M=)+%*?R$)!*#!I+)A$!)$?&+#$.!
O-_yP!
K!'+'1*#&6.*!.+'!6&*#*'!K!'*)%&?&+'!,*!.$!6&+,&%*)'&,$,!!
]2#*$! *'1)$1ZD&?$! 7T! <)+1*D*)! K! A*G+)$)! .+'! *?+'&'1*A$'! ?+#! 6$'*! *#! *.!
?+#+?&A&*#1+H! .$! )*?/=*)$?&(#! K! *.! $=)+%*?R$A&*#1+! '+'1*#&6.*! ,*! '/'!
'*)%&?&+'!*?+'&'1ZA&?+'a!<)+D)$A$!7T!F*'1&(#!&#1*D)$,$!,*!.+'!*?+'&'1*A$'!
*'1)$1ZD&?+'H! .$! 6&+,&%*)'&,$,! K! .+'! '*)%&?&+'! *?+'&'1ZA&?+'a! f6G*1&%+'! ,*.!
=)+D)$A$Q! <)+A+%*)! .$! ?+#'*)%$?&(#! ,*.! =$1)&A+#&+! #$1/)$.! =$)$! .$!
=)*'*)%$?&(#! K! D*#*)$?&(#! ,*! '*)%&?&+'! $A6&*#1$.*'! =$)$! /#$! A$K+)!
-+)=+)$?&(#! M/1(#+A$! ?+A=*1&1&%&,$,! ,*.! ,*=$)1$A*#1+H! &#?./K*#,+! .+'! *?+'&'1*A$'! A$)&#+!
_*D&+#$.! ,*.! `$..*! ,*.! ?+'1*)+'! K! .$! $?1&%&,$,! 1/)2'1&?$! %&#?/.$,$! $! .+'! *?+'&'1*A$'H! *#! .+'!
=)+,/?1+'Q!#$1/)$.*3$H!=.$K$'!K!?/.1/)$L!
-$/?$!O-`-P!
]2#*$! *'1)$1ZD&?$! UT! EA=+,*)$)! $! .+'! $?1+)*'! '+?&$.*'! *#! *.! /'+! K!
$=)+%*?R$A&*#1+!,*!.+'!)*?/)'+'!#$1/)$.*'H!=)+A+%&*#,+!.$!=$)1&?&=$?&(#!
*#!.$!D*'1&(#!$A6&*#1$.!,*!'/!1*))&1+)&+a!<)+D)$A$!dT!E,/?$?&(#!K!?/.1/)$!
$A6&*#1$.!=$)1&?&=$1&%$!*!&#?./K*#1*a!f6G*1&%+'!,*.!=)+D)$A$Q!B+1$)!$!.+'!
,&'1&#1+'! $?1+)*'! )*D&+#$.*'! ,*! .$'! R*))$A&*#1$'! $=)+=&$,$'! =$)$! .$!
+?/=$?&(#!,*.!1*))&1+)&+!K!*.!/'+!'+'1*#&6.*!,*!.+'!)*?/)'+'!#$1/)$.*'L!

!
!
!
!
!
!
!
!
!
!

77^!

!"#$%&'(&)#*+,#*-!*&!&#".,#*-!*&/#./!*&!&#0+)#*!)1%*&#"&21%#$+%&3453&

16789:;<=>6&?@6@9;A&*8B9@&C;&#:D9@E;&
"%02)#& F#& C!&
"I0#)%& F#& +#)*%"!& J,#&
+)%F,.-%G*H& 0#).!F%*G*H&
.!)?%&
#0+C#!F%*& )#*+%"F#&
C!&
#".,#*-!&
/%)0)1.(# '*#
$%&'()*+)(#
,#
9:+(#
$5;%'3.#
2)3'%)# 4)5.# 7#
8#
=%.4>'&)%>.#
-%.*&'%)(#
<)2.%)#
()*6%'#
GB.&:%>(2.H#
D'('%E)# F)&:%)5#
D'4%'('*&)*&'#
&:%>(2.# 3'# /:%>(2.#
!"#
7#
/)*>20.B)#
9'6)5#
)E'*&:%)#
F)B>.*)5#
I#
'M4.%&)B>.*'(##
K:)3:)H#4>(.(# )#
=)*)2NO#
J*3:6:)3:)#
!R#
9:B>)#D.S.#
$('(.%)#
'*#0)20L#
G(4)P)#
I#
Q:0)O# '*&%'#
.&%.(#
=)U:'&'(#
&:%+(&>B.(H#
W)>2'#
KX2'S# D'4%'('*&)*&'#
/%)*(;%.*&:%#
&>U:'&'(#
7#
,#
Q%:S#
9'6)5#
)V%'.(#
I#
;5:E>)5'(#

"%(&
F#&
#0+)#*!&
#".,#*-!&

.%))#%&

!#

)%&'()*>)(,;%.*&'%)(?@.&2)>5AB.2

C#

,#

T#

&)*>20.B)?I)@..AB.2

5:B>)%.S.?@.&2)>5AB.2

&%)*(;%.*&:%?62)>5AB.2

!!"#

Z#

c#

"#

Y#

#
8#

!R#

/>'*3)#
'*#
$%&'#
I# ].B.)A# ^'*&)#
)%&'()*+)#
)# &%)EV(# 3'#
G5# [>)\.7# $%&'# >*3+6'*)# 3'# 4N6>*)# _'0A#
J*3+6'*)#
E)%>.(#
`]:B@.(#
4:'05.(# 3'# B5>'*&'(# (.*#
=:&:2)I.#
&:%>(&)(#
'M&%)*1'%.(a#
e'%>E)3.(# 3'#
B@>5)B:)*O#
=%)3'%)# ^'%3'# ;%:&)# 'MX&>B)#
F)B>.*)5#
Gd#
3'#
5)#
$2)S.*+)#
B.5.20>)*)#
Q)%&'%)(O#
-'2'*>*.O#
0.5(.(#
I#
f_)*\)#Q%);&#
1:E'*>5#
I#
0>55'&'%)(# '*#
'1'B:&>E.#
;>0%)#3'#B.B.#
GB.&:%>(2.# I# 9.B)5O#
Q)U:'&N&%)E'5#
('%E>B>.(#
*)B>.*)5#
'#
)20>'*&)5'(# >*&'%*)B>.*)5#
D:&)(#$*3)U:>#

#
$(>(&'*B>)#
$0h%>6'*#
&VB*>B)O#
Q.*(:5&.%+)(#
)('(.%+)(O#
$20>'*&)5'(#
('%E>B>.(#
J*3:(&%>)#
Q@.B.)S:#
/.%%';)B&.%)# 3'5# `B.4.)S:aO#
f:%#
B);V#

!"# `3>%'B&.(#
=)05.#
CH# >*3>%'B&.(#
W)2>.I#
!Za#

"#

W:)*#
])%+*#

b'%*N*#

=%.4>'&)%>.#

])*:'5# e>%'B&.%#
Q.2'%B>)5#

0>)\.A)%&'>*3>6'*)?62)>5AB.2

B.2'%B>)5B.5.20>)'M.&>B)?62)>5AB.
2
#

C#

G%*'(&.# ^V5'S# DA#

K'%'*&'#
9I*&.*#

'%*'(&.)55>(5)*3'%?62)>5AB.2

"#

9'.*)%3.#K:)5I#

5'.*)%3.6:)5I?B.5.20>)AB.2

!#

g'55I#
Q)4'%)#

e>%'B&.%#

/)&>)*)# $('(.%)#
Q.2'%B>)5##

/:%>(2.#
I#
)6%>B:5&:%)#
Z#
(.(&'*>05'#

f'0)(&>N*# K)%B+)#
e>%'B&.%#
[)'*)#

9.B)5#

])%>(.5#D>E'%)#9#

,#

%:&)()*3)U:>?62)>5AB.2

)0.%>6'*?4%.I'B&.)0.%>6'*AB.2

D'4%'('*&)*&'#
B);')%.2)3'5))2)S.*>)?62)>5AB.2
9'6)5#

&
&
!!Y#

+9@KL6M;E&5&;&N&
&
3(&O.,PC#*&*%"&C%*&0!U%)#*&
5(&
O.,PC&
Q,#&
*,& %2*-P.,C%*& !& C%*& J,#& /!&
"%(&
F#&
#0+)#*!&
0%-1R!.1S"& +!)!& .)#!)& -#"1F%&J,#&#"Q)#"-!)*#&#"&
#".,#*-!&
,"&!"#$%&$'(")*"T&
#C& F#*!))%CC%& F#& #*-#&
+)%U#.-%T&
9)# B.2'%B>)5>S)B>X*# 4.%# 5)#
3>(&)*B>)#3'5#$2)S.*)(#
=.%#)4%.E'B@)2>'*&.#3'#5.(#
$%&'()*+)(#
,#
9)# ;)5&)# 3'# B'%&>;>B)B>X*# 3'#
!#
%'B:%(.(#
*)&:%)5'(#
-%.*&'%)(#
5.(# 4%.3:B&.(# 4'%.# ('# '(&N#
%'(4'&)*3.#5)#0>.3>E'%(>3)3#
&%)0)1)*3.# '*# '(.# B.*#
Q.%4.)2)S.*+)#
$4%'*3'%# 4)%)# B.24)%&>%# I#
9)#;)5&)#3'#%'B:%(.(#4)%)#4.3'%#
'*('P)%# 5)# >24.%&)*B>)# 3'#
D'('%E)# F)&:%)5#
3'()%%.55)%# '*# :*# B.%&.# &>'24.#
C#
4%.&'6'%# I# B.*('%E)%# 5.(#
/)*>20.B)#
2)I.%'(# 'M4'B&)&>E)(# 3'#
'B.(>(&'2)(# I# :*)# 0:'*)#
'24%'()#
;.%2)#'(#'5#'B.&:%>(2.#
9)# '24%'()# B:'*&)# B.*# TRR#
)(.B>)3.(# I# '(# )I:3)%# )# 5.(#
,#
J*3:6:)3:)#
9)#B.24'&'*B>)#
)(.B>)3.(# 3'# B.2'E)# )#
&'*'%#(:#'24%'()#
=.%U:'#B%'.#U:'#3'(3'#'(&'#
4:*&.# B.*&%>0:>%# B.*# 5)# F.# @'2.(# &'*>3.# .0(&NB:5.(#
T#
/%)*(;%.*&:%#
4%'('%E)B>X*# 3'5# 2'3>.# %'()5&)*&'(#
)20>'*&'#

'(& O.S0%&
*,+#)!F%T&

C%*&

/!&

N(& OJ,V& -1+%& F#& !+%U%& /!&

)#.121F%& +%)& +!)-#& F#C&
#*-!F%&#"&#*-#&+)%.#*%T&

=.%#
2'3>.#
3'#
=)%&>B>4)*3.# '*# ;'%>)(# Q.%4.)2)S.*+)O# 6.0'%*)B>X*#
*)B>.*)5'(#'#>*&'%*)B>.*)5'(# I# )5B)53+)# '*# )56:*)(#
.4.%&:*>3)3'(#
/%)0)1)*3.#
3'#
;.%2)#
B.*(&)*&'O#
@.*'(&)#
I#
F>*6:*.#
4%'(&)*3.# :*# ('%E>B>.#
'MB'5'*&'#

Q.*#4%'B>.#I#4:05>B>3)3#

F.#*>*6:*.#

=.%# 4)%&'# 3'# Q.%4.)2)S.*+)O#

L*>B)# :*>3)3# U:'# *.(# @)#
)4.I)3.#@)(&)#'5#2.2'*&.##

!!8#

Z#

G5# [>)\.7# $%&'#

J*3+6'*)#

c#

=%)3'%)#
Gd#

^'%3'#

-.%&)5'B'%#
5)(#
'M4%'(>.*'(# )%&+(&>B)(#
3'#5.(#4:'05.(#>*3+6'*)(#
3'5# =:&:2)I.O# I)# U:'#
2'3>)*&'# '55)(# ('#
B.*('%E)# I# 4%.2:'E'# 5)#
>3'*&>3)3# B:5&:%)5# U:'#
&>'*'#>*2'%()#'5##
:(.# 3'# 4%NB&>B)(# I# -)5&)# 3'# ;>*)*B>)B>X*# 4)%)# 5)#
>245'2'*&)B>X*# 3'# *:'(&%.#
B.*.B>2>'*&.(#
&%)3>B>.*)5'(# 4)%)# '5# 45)*#3'#*'6.B>.#
2)*'1.#
3'#
5)#
0>.3>E'%(>3)3#
U:'#
;)E.%'B'#
(:#
B.*('%E)B>X*#
)# 5)# 4)%# 3'# '(&.# ('#
6'*'%)# :*)# ;:'*&'# 3'#
>*6%'(.(# *'B'()%>)# 4)%)#
5)(#B.2:*>3)3'(#

Q.*# '(;:'%S.(# 'B.*X2>B.(#

>*3>E>3:)5'(# 3'%>E)3.(# 3'5#
3'('24'P.#
4%.;'(>.*)5#
B.2.#B.*(:5&.%#

=)%)#
0>'*'(&)%#
'B.*X2>B.#
I# '5# )4%.E'B@)2>'*&.# 9)#B.2'%B>)5>S)B>X*#
(.(&'*>05'#
3'#
5.(#
%'B:%(.(#3'#5)#%'6>X*#

Q.2.# '(&%)&'6>)# @'2.(#

4)%&>B>4)3.# '*# ;'%>)(# I#
'E'*&.(# )# *>E'5# *)B>.*)5O#
)B&:)52'*&'# )0%>2.(# :*#
4:*&.# 3'# E'*&)# 4%.4>.#

`/>'*3)# 3'# [>.B.2'%B>.#

Q.5.20>)#
GMX&>B)a#
'*#

]'3'55+*# '*# 5)# B:)5#

E'*3'2.(#
4%.3:B&.(#
3>;'%'*B>)5'(# 3'# '24%'()(#
2:I#
4'U:'P)(#
B.*#
4%>*B>4>.(# 3'# )5&.# ('*&>3.#
(.B>)5#I#)20>'*&)5#

$# 5)# ;'B@)# (.5.# '5# )4.I.# 4)%)#

5)# 4)%&>B>4)B>X*# '*# [>.'M4.#
CR!C# '*# 5.# %'5)B>.*)3.# )5#
4)6.#3'5#(&)*3#

$('(.%+)# '*# 4%.3:BB>X*#

5>24>)##
I#4)%&>B>4)B>X*#'*#)56:*.(#
'E'*&.(#)#*>E'5#*)B>.*)5#

!CR#

"#

Y#

8#

!R#

G*# 2># B)5>3)3# 3'# '(B:5&.%# I#

4>*&.%# @'# 3'()%%.55)3.# 2>#

f_)*\)# Q%);&# i#
&'2N&>B)# )%&+(&>B)# '*# )%&'#
=.()3)# F)&>E)#

'B.5X6>B.O# 'M&'*3>'*3.# '5#

9>S)%3#b.:('#
B.*B'4&.# )20>'*&)5# )# &.3)(#
2>(#)B&>E>3)3'(#
=)%)# U:'# .&%)(# 4'%(.*)(# 3'#
3>;'%'*&'(# 4)%&'(# 3'5# 4)+(# I#
3'5# 2:*3.# B.*.B>'%)*# '#
Q)U:'&N#/%)E'5#i# &'%%>&.%>.#3.*3'#.;%'SB.#2>(#
D:&)(#$*)3)U:># 45)*'(# &:%+(&>B.(# I# &:E>'%)*#
B.*B>'*B>)#
3'#
:*)#
B.*('%E)B>X*# 3'5# 2'3>.#
)20>'*&'#
$0h%>6'*#
Q.5)0.%)%# '*# 5)# 2'3>3)# 3'#
Q.*(:5&.%+)(#
5.#4.(>05'#B.*#'5#B:>3)3.#3'5#
$20>'*&)5'(#
'*&.%*.#*)&:%)5#I#B:5&:%)5#
j:'%'%# )I:3)%# )# U:'# '5#
B)24'(>*.#
*.#
(>6)#
J*3:(&%>)#
4'%3>'*3.# (:# B.('B@)# 3'#
/.%%';)B&.%)# 3'5#
B.4.)S:# I)# U:'# '(&'# '(# :*#
f:%#
4%.3:B&.#B.*#B)%)B&'%+(&>B)(#
'MB'4B>.*)5'(#

e>;>B:5&)3'(# 4)%)# )BB'3'%# )#

B%V3>&.#
)BB'3'%# )# 2)*.# 3'# .0%)#
B)5>;>B)3)# I# B.*# )B&>&:3# '*#

5)#>(5)#

9.(#6)(&.(#3'#&%)*(4.%&'#'*#
3.*3'# E)I)# )# .;%'B'%# 2>(#
45)*'(#&:%+(&>B.(#
B.*;5>B&.# )%2)3.# &'*>'*3.#
'*# B:'*&)# B)20>)%# 5)#
2'*&)5>3)3# 3'# 5)# 6'*&'#
4)%)# U:'# E)I)*# )# *:'(&%.(#
(>&>.(#
h0(&NB:5.(#&%>0:&)%>.(#
1:%+3>B.(#
;>*)*B>'%.(#

-)5&)#3'#&'B*.5.6+)#
I#B)4>&)5#3'#&%)0)1.#

K'*'%)*3.#
'24%'*3>2>'*&.(#
)5&'%*)&>E.(#
U:'#
;>*)*B>'*# 2># 3'()%%.55.#
'24%'()%>)5#'B.5X6>B.#
f)5>%# 3'# 5)# >(5)# 4)%)#
4%.3:B>%#'*#2)U:>5)(#'*#
'5#B.*&>*'*&'#

]'%B)3.(# ^'%3'(# 3'# 5)#

Q.%4.%)B>X*#Q.%)5>*)#I##
5)#h;>B>*)#3'#G24%'*3>2>'*&.#
3'5#fGF$#

e'2.(&%)*3.#)#5)#6'*&'#
U:'# 5)# S.*)# '(# 2:I#
('6:%)# (.5.# (.*# 2>&.(# .#
B.*B'4B>X*#U:'#5)#6'*&'#
&>'*'#

'24%'()%>.(#
U:'#
)*>2'*#)#5)#6'*&'#

$4.I.#
'*#
)20>'*&)5'(#
I#B)4)B>&)B>X*#

;'%>)(#

/.3)E+)# '*# 4%.B'(.# 3'#

F>*6:*.#
2'1.%)#

Q%V3>&.#0)*B)%>.#

=)%&>B>4)B>X*#'*#;'%>)(#

&
&
&
&
&
&
&
&

!C!#

+9@KL6M;E&W&;&X&
&
W(& OJ,V& -1+%& F#&
!+%U%& .)##& J,#&
"%(& F#&
+%F)Y!& 2)1"F!)C#&
#".,#*- #0+)#*!&
C!&
%Q1.1"!&
F#&
!&
"#?%.1%*& R#)F#*& U&
*%*-#"12C#*&
F#C&
0!F*T&
Q.2'%B>)5>S)B>X*#
3'#5.(#4%.3:B&.(#
$%&'()*+)(# ,#
!#
Q'%&>;>B)B>X*# 4)%)#
-%.*&'%)(#
4.3'%#
'M4.%&)%#
4%.3:B&.(#
Q.*&%.5)%#
I#
%'65)2'*&)%# )5# 3'(&>*.#
$2)S.*)(#4)%)#U:'#*.#
D'('%E)#
&'*6)# :*)# ()&:%)B>X*#
C#
F)&:%)5#
3'# '24%'()(# U:'# *.#
/)*>20.B)#
(.*# 5.B)5'(# I# 3)P)*# I#
4)()*# 5)(# B)4)B>3)3'(#
3'#B)%6)#
b)B'%# 2N(# ;'%>)(# (>*#
B.(&.#
4)%)#
5.(#
'24%'()%>.(# I# 6%)&>(# )5#
,#
J*3:6:)3:)#
4L05>B.# 4)%)# B%')%#
B.*B>'*B>)# (.0%'# '(&.(#
&'2)(#
9)#.4B>X*#3'#4)%&>B>4)%#
'*# 5.(# 3>;'%'*&'(#
T#
/%)*(;%.*&:%#
'E'*&.(#
U:'#
('#
%')5>S)*#'*#'5#4)+(#

[(&
OJ,V&
%-)!&
Z(& OJ,V& -1+%& F#&
#"-1F!F\%)?!"1]!.1S
!+%U%&
+%F)Y!"&
"& F#2#)Y!& %& +%F)Y!&
2)1"F!)C#&C!*&.!)*T&
!+%U!)&#C&-#0!T&

^(& OJ,V& Q,#"-#& F#&

Q1"!".1!.1S"& -,R%&
+!)!&
*,&
#0+)#"F101#"-%T&

$B.24)P)2>'*&.# 4)%)# K.0>'%*.# B'*&%)5# 4)%)#

5)# 'M4.%&)B>X*# 3'# 4.3'%#()B)%#5.(#4%.3:B&.(# D'B:%(.(#4%.4>.(#
4%.3:B&.(#
3'5#$2)S.*)(#

X(&
O-1#"#&
+C!"&
#$+%)-!F%)T& +%)&
Q!R%)& F#*.)Y2!C%&
2)#R#0#"-#&

G(.(# (.*# 5.(# )*@'5.(#

2+.(# I# 3'# &.3)# 5)#
)(.B>)B>X*#

G(&.(# '(4)B>.(# B.2.#

[>.'M4.# I# .&%)(# ;'%>)(#
(.*#
0:'*)(#
.4.%&:*>3)3'(# 4)%)#
2.(&%)%#)5#3'(&>*.#

$5B)53+)# I# K.0'%*)B>X*#
3'(4'%&)%#
B.*#
:*)# D'B:%(.(# 4%.4>.(# B.*#
7#
.4.%&:*>3)3# &)*# B5)%)# I# &%)0)1.#3>)%>.#
%')5#I#*.#('#)4%.E'B@)#

D:'3)#3'#*'6.B>.(#

=%>E)3)(#

$4.I.(# 5.6+(&>B.(# '*# $5B)*3+)(#

5.(#3>;'%'*&'(#'E'*&.(# 6.0'%*)B>.*'(#

[)*B.2'E)H# /:%>(B.H#
f+#@'2.(#'M4.%&)3.#
f'6:%.(#5)#GU:>3)3#

I#

D'B:%(.(#4%.4>.(#

F.#4.%#'5#2.2'*&.#

!CC#

Z#

G5#[>)\.7#$%&'#
J*3+6'*)#

c#

=%)3'%)#
^'%3'#Gd#

e)3.#U:'#*:'(&%.(#
4%.3:B&.(#
('#
'*;.B)*# )# :*#
2'%B)3.# .01'&>E.#
'(4'B>)5>S)3.O#
('%+)# 3'# 6%)*#
)I:3)# '(&:3>.(# 3'#
2'%B)3.#
4)%)#
*:'(&%.#('B&.%#
I# :*)# '(&%)&'6>)#
U:'#*.(#)I:3'#)#5)#
4%.2.B>X*#
3'#
*:'(&%)# '24%'()# )#
'(.(# 4.&'*B>)5'(#
B.24%)3.%'(#
=%.6%)2)(#
3'#
)BB'(.#
)#
;>*)*B>)B>X*##
=.%# 2'3>.# 3'#
4:05>B>3)3# 3'# 5.(#
4%.3:B&.(#
'*#
2'3>.(#
3'#
B.2:*>B)B>X*#
2)(>E.(#
B.2.#
%)3>.O# &'5'E>(>X*# I#
4%'*()O##
.&.%6)*3.# )# 5.(#
'24%'()%>.(#B.*#'5#
('6:>2>'*&.#
)3'B:)3.# )# (:#
4%.3:BB>X*# :*)#
B'%&>;>B)B>X*#
.%6N*>B)# 4)%)# 5.(#
4%.3:B&.(#

Q..%3>*)B>X*# B.*#
):&.%>3)3'(#
&%)3>B>.*)5'(# 4)%)#
'5# B:245>2>'*&.# I#
;.2'*&.# 3'# 5.(#
4%>*B>4>.(#
3'#
0>.B.2'%B>.#
$4.I.#
&VB*>B.#
4)%)#
5)#
'(&%:B&:%)B>X*# 3'#
5.(#
'24%'*3>2>'*&.(#
I#
4:'(&)#
'*#
2)%B@)# 3'# 5.(#
2>(2.(#

Q'%&>;>B)B>X*O#
.%6N*>B.#

9)# d*>3)3# 3'# =)%U:'(#

F)&:%)5'(# F)B>.*)5'(# B.*#
5)# 4%.2.B>X*# 3'# *:'(&%.#
('B&.%O# *.# (.5.# 3'5# N%')# D'B:%(.(#4%.4>.(#
3'5# 4)%U:'# (>*.# 3'# 5)#
%'6>X*# 3.*3'# &>'*'*#
>*;5:'*B>)#

('55.# /:%>(2.O#
'M&'%>.%#

B.2'%B>.#

F>*6:*.#

F.# &'*'2.(# :*# 45)*#

3';>*>3.O# (>*# '20)%6.#
@'2.(#
'*E>)3.#
)56:*.(# 4%.3:B&.(# 3'#
2:'(&%)#)#-%)*B>)#

F.#

!C,#

G*# B.*('6:>%# :*#

N*6'5#>*E'%(.%#
'*#
:*#
)B.24)P)2>'*&.#
)32>*>(&%)&>E.# I#
.%6)*>S)&>E.#

$I:3)%*.(# )# )3U:>%>%#
5)# ;>0%)# 3'5# B.B.# '*#
.&%)(#%'6>.*'(#B.2.#'5#
d%)0N# $*&>.U:'P.O# '5#
Q@.BXO# .# %'6>.*'(# 3'#
B.*B'*&%)B>X*#
3'#
B.B.&'%.(#
3.*3'#
.0&'*'%# '5# 2)&'%>)5#
B.*# 2)I.%# ;)B>5>3)3# I#
2'1.%#3>(4.(>B>X*#
=5)*')B>X*#
'(&%)&V6>B)# 4)%)# '5#
3'()%%.55.#
3'5#
'B.&:%>(2.O##
4'%2>(.(#
I#B)4)B>&)B>X*#
h4.%&:*>3)3'(#
3'#
)4)5)*B)2>'*&.#
3'#
4%.I'B&.(#

"#

f_)*\)# Q%);&#
i#
=.()3)#
F)&>E)# 9>S)%3#
b.:('#

Y#

->*)*B>)B>X*#
4)%)#
Q)U:'&N&%)E'
55'E)%# )# B)0.# '5#
5# i# D:&)(#
3'()%%.55.#
3'#
5)#
$*3)U:>#
'24%'()#

8#

$0h%>6'*#

Q.*(:5&.%+)(#
$20>'*&)5'(#

!R#

J*3:(&%>)#
$4.I.#'*#5)#4:05>B>3)3#

/.%%';)B&.%)# 3'# 5.(# 4%.3:B&.(#

3'5#f:%#
E'%3'(#

h4.%&:*>3)3'(# 3'#
;>*)*B>)2>'*&.#
)(>(&'*B>)#&VB*>B)#

G5#
fGF$O#
B.2'%B>)5>S)3.%)(#
*)B>.*)5'(#
.#
d*# B%V3>&.# 3'5# [)*B.#
>*&'%*)B>.*)5'(O#
3'# [.6.&NH# %'B:%(.(# F.O#45)*#3'#*'6.B>.(#
:*>E'%(>3)3'(O# '24%'()(#
4%.4>.(#
3'#
)B.24)P)2>'*&.#
.%6)*>S)B>.*)5#
I#
)32>*>(&%)&>E.#
h;>B>*)(# 3'# B..4'%)B>X*#
>*&'%*)B>.*)5#`('2>*)%>.(O#
B)4)B>&)B>.*'(a#
7#
Q.%4.)2)S.*+)O#
^>B'2>*>(&'%>.#
3'#
/:%>(2.#
eJ$FO#]>*b)B>'*3)#

F.#

=%.4>)O#
(>(&'2)#
;>*)*B>'%.#4%>E)3.#
#

9)#
$5B)53+)O#
5)#
D'6>(&%.(#JF^J]$#
K.0'%*)B>X*O#QN2)%)(#3'# [)*B)%>)#
%'6>(&%.#3'#2)%B)(#
Q.2'%B>.#

F.# &'*6.# *)3)# '(B%>&.#

4'%.# B%'.# U:'# '(&'#
4%.3:B&.# 6'*'%)# :*)#
0:'*)#
'M4'B&)&>E)#
4)%)#'M4.%&)%#

&

!CT#

6!2c:(?=(E6C-:(C2DA865:C;:(92(E2C-69:>()2C92>(
!
6C5;-A869:(Lr$(92>-C;O-;B!(
C282)6!52(

5;5A8:(
82Q2>(

<+)! *.! ?/$.! '*! ,&?1$!

*.! -W+&#$( !1%&$,1.(
+"(
C"%H*'$'(
!13H*1."'(
C",$K10."'( L( +"(
O*$3"%%&W,(
1.(
E"+&$(6/0&",3"!

!2-2>;9692>(92(
6nA>52](-C26-;B!(
-652D:CS6(92(
:(
E2C-69:()2C92(
-:EO82E2!56-;B
!(

B*'$))+..$! .$! )*D/.$?&(#! ,*! 1*A$'!

)*.$?&+#$,+'! ?+#! .+'! )*?/)'+'!
#$1/)$.*'H! Y/*! &A=.&?$#! *.! ?+#G/#1+! ,*!
*.*A*#1+'! Y/*! '*! *#?/*#1)$#! *#! .$!
#$1/)$.*3$!
A&'A$L!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
6C5;-A8:( U<=! E.! ,*)*?R+! ,*! /'$)! .+'!
)*?/)'+'! #$1/)$.*'! )*#+%$6.*'! =/*,*!
N*!
=/*,*!
'*)! $,Y/&)&,+! =+)! A&#&'1*)&+! ,*! .$! .*KH!
*#A$)?$)! *#! .$'! ;!
=*)A&'+H! ?+#?*'&(#! K! $'+?&$?&(#L!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
?$1*D+)&$'Q!
6C5;-A8:( @TTL! <$)$! =)+1*D*)! .$! I.+)$!
M=)+%*?R$A&*#1+!
'&.%*'1)*! '*! =+,)J#! 1+A$)! .$'! A*,&,$'!
N+'1*#&6.*! ,*! .+'!
1*#,&*#1*'!
$Q! !
)*?/)'+'!
$PL! @#1*)%*#&)! *#! *.! A$#*G+H!
X$1/)$.*'H!
$=)+%*?R$A&*#1+H!
1)$#'=+)1*!
K!
E?+=)+,/?1+'!
?+A*)?&$.&3$?&(#! ,*! *'=*?&*'! *!
@#,/'1)&$.*'!
K!
&#,&%&,/+'!,*!.$!I.+)$!'&.%*'1)*!K!,*!'/'!
N*)%&?&+'!
=)+,/?1+'! =)&A$)&+'H! ,*! =)+=&*,$,!
$A6&*#1$.*'!
=\6.&?$!
+!
=)&%$,$a!
6PL! 5+A*#1$)! K! )*'1$/)$)! .$! I.+)$!
'&.%*'1)*a!
?PL! -+#1)+.$)! .$'! *'=*?&*'! +! &#,&%&,/+'!
,*! .$! I.+)$! '&.%*'1)*! A*,&$#1*! =)J?1&?$'!
,*!+),*#!*?+.(D&?+L!
6C5S-A8:(
@TYQ!
]$!
I/#?&(#! ]$!
-+#'1&1/?&(#!
$,A&#&'1)$1&%$! *'1J! $.! '*)%&?&+! ,*! .+'! <+.21&?$!*#!-+.+A6&$!
&#1*)*'*'!
D*#*)$.*'!
K!! ,*! 7kk7H! *'1$6.*?*! N*!
=/*,*!
'*! ,*'$))+..$! ?+#! I/#,$A*#1+! *#! .+'! *.! ,*)*?R+! Y/*! *#A$)?$)! *#! .$'! ;!
=)&#?&=&+'! ,*! &D/$.,$,H! A+)$.&,$,H! 1&*#*#! 1+,$'! .$'! ?$1*D+)&$'Q!
*I&?$?&$H!!
=*)'+#$'! $! D+3$)! ,*! M=)+%*?R$A&*#1+!
*?+#+A2$H! ?*.*)&,$,H! &A=$)?&$.&,$,! K! /#! $A6&*#1*! '$#+H! N+'1*#&6.*! ,*! .+'!
=/6.&?&,$,H!
A*,&$#1*!
.$! ,*6&Z#,+'*!
)*?/)'+'!
,*'?*#1)$.&3$?&(#H!
.$!! D$)$#1&3$)!
.$! X$1/)$.*'H!
,*.*D$?&(#! K! .$! ,*'?+#?*#1)$?&(#! ,*! =$)1&?&=$?&(#! ,*! .$! E?+=)+,/?1+'!
I/#?&+#*'rrr!!
?+A/#&,$,H! ! $'2! @#,/'1)&$.*'!
K!
6C5S-A8:( @MFL! E.! ?+#1)+.! I&'?$.! *'! /#$! A&'A+H! *'1$6.*?*! *.! N*)%&?&+'!
I/#?&(#! =\6.&?$! Y/*! *G*)?*)J! .$! ,*6*)! ,*.! E'1$,+! ,*! $A6&*#1$.*'!
-+#1)$.+)2$!!
=)+1*D*)!
.$!
F*#*)$.!,*!.$!_*=\6.&?$H!.$!?/$.!%&D&.$!.$! ,&%*)'&,$,!
*!

798!

x<+)!.$!?/$.!'*!?)*$!
*.! 0&#&'1*)&+! ,*.!
0*,&+! MA6&*#1*H!
'*! )*+),*#$! *.!
N*?1+)!
<\6.&?+!
*#?$)D$,+! ,*! .$!
D*'1&(#!
K!
?+#'*)%$?&(#! ,*.!
A*,&+! $A6&*#1*! K!

D*'1&(#!I&'?$.!,*!.$!$,A&#&'1)$?&(#!K!,*! &#1*D)&,$,!
,*.!
.+'!!
$A6&*#1*L!!!!
=$)1&?/.$)*'! +! *#1&,$,*'! Y/*! A$#*G*#! E[&'1*! 1$A6&Z#! /#$!
I+#,+'! +! 6&*#*'! ,*! .$! X$?&(#! K! B&?R+! D$)$#12$!
?+#1)+.!
'*!! ?+#'1&1/?&+#$.! $! .$!
*G*)?*)J!*#!I+)A$!=+'1*)&+)!K!'*.*?1&%$! &#&?&$1&%$! =)+,/?1&%$!
?+#I+)A*! $! .+'! =)+?*,&A&*#1+'H! K! $! .$'! $?1&%&,$,*'!
'&'1*A$'!
K!! *?+#(A&?$'H!
Y/*!
=)&#?&=&+'! Y/*! *'1$6.*3?$! .$! .*KrL! ]$! D*#*)$#! ,*)*?R+'! K!
%&D&.$#?&$!,*!.$!D*'1&(#!I&'?$.!,*.!E'1$,+! +6.&D$?&+#*'! Y/*H!
&#?./K*!!
=$)$! '/! *[&D*#?&$H!
*.!*G*)?&?&+!,*!/#!?+#1)+.!I&#$#?&*)+H!,*! )*Y/&*)*#!
,*!
D*'1&(#! K! ,*! )*'/.1$,+'H! I/#,$,+! *#! .$!! =)&#?&=&+'!
K!
*I&?&*#?&$H!.$!*?+#+A2$H!.$!*Y/&,$,!K!.$! ,*'$))+..+'!
%$.+)$?&(#! ,*! .+'! ?+'1+'! $A6&*#1$.*'L! #+)A$1&%+'! ?+A+!
E#!
.+'!! .&A&1$#1*'L! ! E#! 1$.!
?$'+'! *[?*=?&+#$.*'H! =)*%&'1+'! =+)! .$! '*#1&,+H! .$! $)A+#2$!
.*KH!.$!-+#1)$.+)2$!=+,)J!*G*)?*)!?+#1)+.!! Y/*! ,*6*! ,$)'*!
=+'1*)&+)! '+6)*! ?/*#1$'! ,*! ?/$.Y/&*)! *#1)*! *.! ,*)*?R+!
*#1&,$,!1*))&1+)&$.!!
?+#'1&1/?&+#$.! $! /#!
$A6&*#1*! '$#+! K! .$'!
$?1&%&,$,*'!
=)+,/?1&%$'H!
'*!
*#A$)?$! ,*#1)+! ,*!
.$!
=)+1*??&(#!
$A6&*#1$.! ?+#! /#!
'&'1*A$!#+)A$1&%+!K!
*'1)/?1/)$.H! ?)*$,+!
K!
,&'*S$,+!
.*D$.A*#1*! =+)! *.!
E'1$,+H! *#! I/#?&(#!
,*! .$! ?+#'*)%$?&(#!
,*! .+'! )*?/)'+'H! ,*!
.$! =)*%*#?&(#! K! ,*.!
/'+! '+'1*#&6.*! ,*!
$Y/*..+'! )*?/)'+'!
?/K+! /'+! *'1Z!
?+#,&?&+#$,+!
+!
)*'1)&#D&,+L!!
V6C5S-A8:( <L! <)&#?&=&+'! F*#*)$.*'! ]$! ]*K! kk! ,*! 7kk;H!
MA6&*#1$.*'L! ]$! =+.21&?$! $A6&*#1$.! ,*1*)A&#$!
.+'!
?+.+A6&$#$! '*D/&)J! .+'! '&D/&*#1*'! =)&#?&=&+'! )*?1+)*'!
=)&#?&=&+'!
D*#*)$.*'L!! ,*!
.$!
=+.21&?$!
7L! E.! =)+?*'+! ,*! ,*'$))+..+! *?+#(A&?+! $A6&*#1$.a!
K! '+?&$.! ,*.! =$2'! '*! +)&*#1$)J! '*D\#! .+'! =.$#&I&?$?&(#H!
=)&#?&=&+'! /#&%*)'$.*'! K! ,*.! ,*'$))+..+! '/6'&,&$)&,$,!
K!
'+'1*#&6.*!?+#1*#&,+'!*#!.$!,*?.$)$?&(#! )*'=+#'$6&.&,$,a!
,*! _2+! ,*! {$#*&)+! ,*! {/#&+! ,*! 7kk9! $?*#1\$!
.$!

N*!
=/*,*!
*#A$)?$)! *#! .$'! ;!
?$1*D+)&$'Q!
M=)+%*?R$A&*#1+!
N+'1*#&6.*! ,*! .+'!
)*?/)'+'!
X$1/)$.*'H!
E?+=)+,/?1+'!
@#,/'1)&$.*'!
K!

79^!

.+'!
)*?/)'+'!
#$1/)$.*'!
)*#+%$6.*'H!
'*!
+)D$#&3$! *.! N&'1*A$!
X$?&+#$.!
MA6&*#1$.H! N@XMH! K!
'*! ,&?1$#! +1)$'!
,&'=+'&?&+#*'Lx!

'+6)*! 0*,&+! MA6&*#1*! K! B*'$))+..+L! $=)+=&$?&(#!

,*.!
OrP!!
*#I+Y/*!
,*!
6C5S-A8:( PL! B*.! ?+#?*=1+! ,*! ,*'$))+..+!
,*'$))+..+! '+'1*#&6.*L! N*! *#1&*#,*! =+)! '+'1*#&6.*a! ! ?)*$! *.!
,*'$))+..+! '+'1*#&6.*! *.! Y/*! ?+#,/3?$! N&'1*A$! X$?&+#$.!
$.! ?)*?&A&*#1+! *?+#(A&?+H! $! .$! MA6&*#1$.! ON@XMPa!
*.*%$?&(#! ,*! .$! ?$.&,$,! ,*! .$! %&,$! K! $.! G*)$)Y/&3$!
.$!
6&*#*'1$)! '+?&$.H! '&#! $D+1$)! .$! 6$'*! ,*! &A=.*A*#1$?&(#! ,*.!
)*?/)'+'! #$1/)$.*'! )*#+%$6.*'! *#! Y/*! N@XM!
*#1)*!
*.!
'*! '/'1*#1$H! #&! ,*1*)&+)$)! *.! A*,&+! 0&#&'1*)&+!
,*.!
$A6&*#1*! +! *.! ,*)*?R+! ,*! .$'! 0*,&+! MA6&*#1*H!
D*#*)$?&+#*'!I/1/)$'!$!/1&.&3$).+!=$)$!.$! .$'! -+)=+)$?&+#*'!
'$1&'I$??&(#!
,*!
'/'!
=)+=&$'! M/1(#+A$'!
#*?*'&,$,*'L!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!_*D&+#$.*'! K! .+'!
6C5;-A8:( ?LE.! N&'1*A$! X$?&+#$.! A/#&?&=&+'!a!K!)*D/.$!
MA6&*#1$.! N@XMH! *'! *.! ?+#G/#1+! ,*! *.! 1*A$! ,*! .$'!
+)&*#1$?&+#*'H! #+)A$'H! $?1&%&,$,*'H! .&?*#?&$'!
)*?/)'+'H! =)+D)$A$'! *! &#'1&1/?&+#*'! $A6&*#1$.*'H!!
Y/*! =*)A&1*#! .$! =/*'1$! *#! A$)?R$! ,*! '$#?&+#*'!K!A*,&,$'!
.+'! =)&#?&=&+'! D*#*)$.*'! $A6&*#1$.*'! ,*!
=+.&?2$H!
*!
?+#1*#&,+'! *#! *'1$! ]*KL! E'1$)J! &#1)+,/?*!
.$!
&#1*D)$,+!
=+)!
.+'!
'&D/&*#1*'! 1*AJ1&?$! ,*! .$!
?+A=+#*#1*'Q!!
=$)1&?&=$?&(#!
7P! ]+'! =)&#?&=&+'! K! +)&*#1$?&+#*'! ?&/,$,$#$! *#! *.!
D*#*)$.*'!
?+#1*#&,+'!
*#!
.$! 1*A$!
,*!
-+#'1&1/?&(#!X$?&+#$.H!*#!*'1$!]*K!K!*#! ?+#'*)%$?&(#L! ! E#!
.$! #+)A$1&%&,$,! $A6&*#1$.! Y/*! .$! *'1*! '*#1&,+! *'! .$!
,*'$))+..*L!!
#+)A$! $#D/.$)! Y/*!
9P! ]$! #+)A$1&%&,$,! *'=*?2I&?$! $?1/$.! ?+#'$D)$! *.! ,*6*)!
Y/*!#+!'*!,*)+D/*!=+)!*'1$!.*K!K!.$!Y/*! .*D$.!
,*!
.$'!
'*! ,*'$))+..*! *#! %&)1/,! ,*! .$! ]*KL!! $/1+)&,$,*'!
;P! ]$'! *#1&,$,*'! ,*.! E'1$,+! $A6&*#1$.*'!
,*!
)*'=+#'$6.*'! ,*! .$! =+.21&?$! K! ,*! .$! R$?*)! ?/A=.&)! ?+#!
$??&(#! $A6&*#1$.H! '*S$.$,$'! *#! .$! ]*KL!! .+'!
=)&#?&=&+'!
CP!]$'!+)D$#&3$?&+#*'!?+A/#&1$)&$'!K!#+! ?+#'1&1/?&+#$.*'! K!
D/6*)#$A*#1$.*'! )*.$?&+#$,$'! ?+#! .$! '/!)*D.$A*#1$?&(#!
=)+6.*AJ1&?$!
$A6&*#1$.L!!
8P! ]$'! I/*#1*'! K! )*?/)'+'! *?+#(A&?+'!
=$)$! *.! A$#*G+! K! .$! )*?/=*)$?&(#! ,*.!
A*,&+!
$A6&*#1*L!!
^P! ]$'! *#1&,$,*'! =\6.&?$'H! =)&%$,$'! +!
A&[1$'! Y/*! )*$.&3$#! $?1&%&,$,*'! ,*!
=)+,/??&(#!
,*!
&#I+)A$?&(#H!
&#%*'1&D$?&(#! ?&*#12I&?$! K! ,*'$))+..+!
1*?#+.(D&?+! *#! *.! ?$A=+! $A6&*#1$.L!
OrPW!!
<+)! .$! ?/$.! '*! -+#'$D)(! ?+A+! =)&#?&=&+'! ,*! .$! E#!%&)1/,!,*!.$!]$!.*K!
*[=&,*! *.! E'1$1/1+! ?+#1)$1$?&(#! *'1$1$.! .$! 1)$#'=$)*#?&$H! 778:! ,*! 9::UH!

N*)%&?&+'!
$A6&*#1$.*'!

N*!
=/*,*!
*#A$)?$)! *#! .$'! ;!

79U!

F*#*)$.!
,*!
-+#1)$1$?&(#! ,*! .$!
M,A&#&'1)$?&(#!
<\6.&?$!

*?+#+A2$H!!
A+,&I&?$1+)&$! ,*! .$!
)*'=+#'$6&.&,$,H!=)&#?&=&+!,*.!*Y/&.&6)&+! ]*K! d:! ,*! 7kk;H! *#!
I&#$#?&*)+!K!,*!.$!*?/$?&(#!?+#1)$?1/$.H! .+'! =)+?*'+'! ,*!
=)&#?&=&+!
,*!! ?+#1)$1$?&(#!
.$'!
.$! '*.*??&(#! +6G*1&%$H! K! .+'! =)&#?&=&+'! *#1&,$,*'!
)*?1+)*'! ,*! .$! $,A&#&'1)$?&(#! =\6.&?$H! '+A*1&,$'!
$.!
6/*#$!
I*H!! E'1$1/1+! F*#*)$.! ,*!
A+)$.&,$,H! *I&?&*#?&$! $,A&#&'1)$1&%$H! *! -+#1)$1$?&(#!
'*!
&#1*)Z'!D*#*)$.!*#1)*!+1)+'L!
=+,)J#!
&#?./&)!
I$?1+)*'!
,*!
*'?+D*#?&$!
K!
?$.&I&?$?&(#!
1*#&*#,+! *#! ?/*#1$!
?)&1*)&+'!
,*!
'+'1*#&6&.&,$,!
+!
?+#,&?&+#*'!1Z?#&?$'!
Y/*!
&#%+./?)*#!
$'=*?1+'!
$A6&*#1$.*'! *#! .$'!
+I*)1$'L! E#! *'1*!
'*#1&,+! $/#Y/*! #+!
'*!&#?./K*!*#!*'1$'!9!
.*K*'! ?)&1*)&+'! ,*!
'+'1*#&6&.&,$,!
,*!
I+)A$! *[=.2?&1$H! .$!
#+)A$1&%$!
,*G$!
$6&*)1$!
.$!
=+'&6&.&,$,!
,*!
&#?+)=+)$).$'! *#! .$'!
*'=*?&I&?$?&+#*'!
1Z?#&?$'! ,*! .+'!
=.&*D+'H! .+! $#1*)&+)H!
'&#! =*)G/&?&+! ,*! .$!
=+'&6&.&,$,! Y/*! *.!
F+6&*)#+!
?+.+A6&$#+! &A=/.'*!
/#$! )*I+)A$! .*D$.!
Y/*!
&#?./K$!
*[=)*'$A*#1*!
.$!
*[&D&6&.&,$,!
,*!
?)&1*)&+'!
,*!
'+'1*#&6&.&,$,!
?/$#,+!
.$'!
?+#,&?&+#*'! )*$.*'!
,*.! A*)?$,+! .+!
=*)A&1$#L!!
<+)! '*! *'1$6.*?*! *.! E'1$! .*K! ?+#'$D)(! Y/*! 1+,+! =.$#!
!
=)+D)$A$! =$)$! /'+! $A6&*#1$.! )*D&+#$.! K! A/#&?&=$.! ,*6*!

?$1*D+)2$'Q!
M=)+%*?R$A&*#1+!
N+'1*#&6.*! ,*! .+'!
)*?/)'+'!
X$1/)$.*'H!
E?+=)+,/?1+'!
@#,/'1)&$.*'!
K!
N*)%&?&+'!
$A6&*#1$.*'!

N*)%&?&+'!
$A6&*#1$.*'!

79d!

*I&?&*#1*!
K!! &#?+)=+)$)!
+6.&D$1+)&$A*#1*!
/#!
$R+))+!,*.!$D/$L!!
=)+D)$A$!=$)$!*.!/'+!*I&?&*#1*!K!$R+))+!
,*.! $D/$L! E'1$6.*?&(! $,*A$'! Y/*! .$'!
*#1&,$,*'! *#?$)D$,$'! ,*! =)*'1$)! *.!
'*)%&?&+! ,*! $?/*,/?1+! K! $.?$#1$)&..$,+H!
*#1)*! +1)+'H! ,*6*)J#! =)*'*#1$)!
+6.&D$1+)&$A*#1*! /#! =)+D)$A$! ,*! /'+!
*I&?&*#1*! K! $R+))+! ,*! $D/$! $#1*! .$'!
$/1+)&,$,*'!?+A=*1*#1*'L!
V0*,&$#1*! .$! ?/$.!
'*! I+A*#1$! *.! /'+!
)$?&+#$.! K! *I&?&*#1*!
B*?.$)(! *.! "'+! _$?&+#$.! K! EI&?&*#1*! ,*!
,*! .$! *#*)D2$H! '*!
.$! E#*)D2$! O"_EP! ?+A+! /#! $'/#1+! ,*!
=)+A/*%*!
.$!
&#1*)Z'! '+?&$.H! =\6.&?+! K! ,*!
/1&.&3$?&(#!
,*!
?+#%*#&*#?&$! #$?&+#$.L! g$! '&,+!
*#*)D2$'!
)*D.$A*#1$,+!*#!,*?)*1+'!'/?*'&%+'L!!
$.1*)#$1&%$'! K! '*!
,&?1$#!
+1)$'!
,&'=+'&?&+#*'W!
!
6C5S-A8:( <I=( :5C6>( C2!56>(
2c2!56>L! M,&?&(#$'*! *.! E'1$1/1+!
j)&6/1$)&+Q!
VM)12?/.+! 9:UT9L! f1)$'! )*#1$'! *[*#1$'Q!
N+#! )*#1$'! *[*#1$'! .$'! D*#*)$,$'! =+)!
.+'! '&D/&*#1*'! ?+#?*=1+'H! ?+#! .+'!
)*Y/&'&1+'!K!?+#1)+.*'!Y/*!*'1$6.*3?$!*.!
)*D.$A*#1+Q!
<=( `*#1$!,*!*#*)D2$!*.Z?1)&?$!D*#*)$,$!
?+#! 6$'*! *#! .+'! )*?/)'+'! *(.&?+'H!
6&+A$'$!+!)*'&,/+'!$D)2?+.$'H!)*$.&3$,$!
<+)! .$! ?/$.! '*!
\#&?$A*#1*! =+)! .$'! *A=)*'$'!
*[=&,*#! #+)A$'! *#!
D*#*)$,+)$'H!=+)!/#!1Z)A&#+!,*!Y/&#?*!
A$1*)&$!1)&6/1$)&$!K!
O78P! $S+'H! '&*A=)*! Y/*! '*! ?/A=.$#! .+'!
=*#$.! ,*.! +),*#!
'&D/&*#1*'!
)*Y/&'&1+'Q!
#$?&+#$.!
K!
$P! j)$A&1$)H! +61*#*)! K! %*#,*)!
1*))&1+)&$.a! K! '*!
?*)1&I&?$,+'! ,*! *A&'&(#! ,*! 6&([&,+! ,*!
,&?1$#!
+1)$'!
?$)6+#+H! ,*! $?/*),+! ?+#! .+'! 1Z)A&#+'!
,&'=+'&?&+#*'L!
,*.!
<)+1+?+.+!
,*!
oK+1+a!
6P! y/*! $.! A*#+'! *.! ?&#?/*#1$! =+)!
?&*#1+!O8:eP!,*!.+'!)*?/)'+'!+61*#&,+'!
=+)!.$!%*#1$!,*!,&?R+'!?*)1&I&?$,+'!'*$#!
&#%*)1&,+'! *#! +6)$'! ,*! 6*#*I&?&+! '+?&$.!
*#!.$!)*D&(#!,+#,*!+=*)$!*.!D*#*)$,+)L!
LLL!
U=( N*)%&?&+! ,*! *?+1/)&'A+! ?*)1&I&?$,+!
=+)!*.!0&#&'1*)&+!,*.!0*,&+!MA6&*#1*!+!
$/1+)&,$,!?+A=*1*#1*!?+#I+)A*!?+#!.$!
)*D.$A*#1$?&(#! Y/*! =$)$! *.! *I*?1+! '*! !

E?+=)+,/?1+'!
@#,/'1)&$.*'!

N*!
=/*,*!
*#A$)?$)! *#! .$'! ;!
?$1*D+)&$'Q!
M=)+%*?R$A&*#1+!
N+'1*#&6.*! ,*! .+'!
)*?/)'+'!
X$1/)$.*'H!
E?+=)+,/?1+'!
@#,/'1)&$.*'!
K!
N*)%&?&+'!
$A6&*#1$.*'!

79k!

92-C25:>(

<+)! *.! ?/$.! '*!

)*D.$A*#1$!
*.!
#/A*)$.! C! ,*.!
$)12?/.+! C9CT8! K! *.!
.&1*)$.!IP!,*.!$)12?/.+!
C9d! ,*.! E'1$1/1+!
j)&6/1$)&+L!!

<+)! *.! ?/$.! '*!

)*D.$A*#1$! .$! ]*K!
7C9!,*!7kkCH!.$!]*K!
^;9! ,*! 9:::! K! .$!
]*K! ^dk! ,*! 9::7H!
*#! )*.$?&(#! ?+#! .$!
=)*'1$?&(#!
,*.!
'*)%&?&+! =\6.&?+! ,*!

*[=&,$H! =+)! /#! 1Z)A&#+! ,*! %*&#1*! O9:P!

$S+'! $! =$)1&)! ,*! .$! %&D*#?&$! ,*! .$!
=)*'*#1*!
.*KL!
M=( M=)+%*?R$A&*#1+! ,*! #/*%$'!
=.$#1$?&+#*'! I+)*'1$.*'H! &#?./&,$! .$!
D/$,/$H! '*D\#! .$! ?$.&I&?$?&(#! Y/*! =$)$!
*.! *I*?1+! *[=&,$! .$! ?+)=+)$?&(#!
$/1(#+A$! )*D&+#$.! +! .$! *#1&,$,!
?+A=*1*#1*L!
!!
6*3J%H.$( ?uL! E[?./'&(#! ,*.! @`M! *#!
$=.&?$?&(#! ,*.! $)12?/.+! C9d! .&1*)$.! IP! ,*.!
E'1$1/1+! j)&6/1$)&+L! E.! 0&#&'1*)&+! ,*.!
0*,&+! MA6&*#1*! ?*)1&I&?$)J! *#! ?$,$!
?$'+H!Y/*!.$!A$Y/&#$)&$!K!*Y/&=+!$!Y/*!
R$?*!)*I*)*#?&$!*.!$)12?/.+!C9d!.&1*)$.!IP!
,*.!E'1$1/1+!j)&6/1$)&+H!'*$!,*'1&#$,$!$!
'&'1*A$'! ,*! ?+#1)+.! $A6&*#1$.! K!
*'=*?&I&?$A*#1*! $Q! )*?&?.$)! K! =)+?*'$)!
6$'/)$'! +! ,*'=*),&?&+'! O.$! A$Y/&#$)&$!
?+A=)*#,*!.$%$,+H!'*=$)$,+H!)*?&?.$,+!
K! *[1)/'&(#Pa! =$)$! .$! ,*=/)$?&(#! +!
1)$1$A&*#1+! ,*! $D/$'! )*'&,/$.*'H!
*A&'&+#*'! $1A+'IZ)&?$'! +! )*'&,/+'!
'(.&,+'a!=$)$!)*?/=*)$?&(#!,*!.+'!)2+'!+!
*.! '$#*$A&*#1+! 6J'&?+! =$)$! .+D)$)! *.!
A*G+)$A&*#1+! ,*.! A*,&+! $A6&*#1*H!
'&*A=)*! K! ?/$#,+! R$D$#! =$)1*! ,*! /#!
=)+D)$A$! Y/*! '*! $=)/*6*! =+)! *.!
0&#&'1*)&+! ,*.! 0*,&+! MA6&*#1*H! $'2!
?+A+!'+6)*!.+'!*Y/&=+'!=$)$!*.!?+#1)+.!
K! A+#&1+)*+! $A6&*#1$.H! &#?./&,+'!
$Y/*..+'!=$)$!?/A=.&)!.+'!?+A=)+A&'+'!
,*.! <)+1+?+.+! ,*! 0+#1)*$.L! O1*q#*1N$=!
]$'! $??&+#*'! =)*%&'1$'! *#! *.! =)*'*#1*!
$)12?/.+! ,*6*)J#! *'1$)! *#A$)?$,$'!
,*#1)+! ,*! /#! =)+D)$A$! $A6&*#1$.!
?+#I+)A*! ?+#! .$! ,*I&#&?&(#! =)*%&'1$! *#!
*.! $)12?/.+! '*D/#,+! ,*.! =)*'*#1*!
,*?)*1+L!
E.! =)*'*#1*! B*?)*1+! *'1$6.*?*! #+)A$'!
+)&*#1$,$'! $! )*D.$A*#1$)! *.! '*)%&?&+!
=\6.&?+! ,*! $'*+! *#! *.! A$)?+! ,*! .$!
D*'1&(#!&#1*D)$.!,*!.+'!)*'&,/+'!'(.&,+'!
+),&#$)&+'L! M.! *'1$6.*?*)! Y/*! *#! .$!
=)*'1$?&(#! ,*.! '*)%&?&+! ,*! $'*+H! '*!
+6'*)%$)J#! =)&#?&=&+'! 6J'&?+'! ! ?+A+! .$!
?$.&,$,! H! .$! ?/.1/)$! ,*! .$! #+! 6$'/)$H! *.!

!!

!!

M?1/$.A*#1*! ?+#! .$!

?)*$?&+#! ,*.! MX]MH!
.$!
I/#?&+#!
,*!
?*)1&I&?$?&+#!
,*!
*[?./'&+#!,*!@`M!,*.!
0&#&'1*)&+!
,*!
MA6&*#1*!
I/*!
,*.*D$,$! $! *'1$!
#/*%$! M/1+)&,$,L! ]$!
MX]M!#+!1&*#*!*#!'/!
=*)'+#$.!
=)+I*'&+#$.*'! =$)$!
*A&1&)!
*'1+'!
?+#?*=1+'! .+! Y/*!
,*A+)$!
*.!
?*)1&I&?$,+!
,*!
*[?./'&+#! ,*! @`ML! E'!
#*?*'$)&+!
?/6)&)!
*'1$!
I$.1$!
$,A&#&'1)$1&%$! =$)$!
$G/'1$)!
*'1*!
&#?*#1&%+! $! .+'!
1*)A&#+'!.*D$.*'!OUC!
,&$'! R$6&.*'P! K! ,$)!
?/A=.&A&*#1+! $! .$!
-+#'1&1/?&+#!
<+.&1&?$L!

E?+=)+,/?1+'!
@#,/'1)&$.*'!
N*)%&?&+'!
$A6&*#1$.*'!

N*)%&?&+'!
$A6&*#1$.*'!

K!

7;:!

$'*+H! K! *.! B*?)*1+!

]*K!9d77!,*!7kUC!K!
.$! ]*K! kk! ,*! 7kk;!
*#! )*.$?&(#! ?+#! .$!
F*'1&(#! @#1*D)$.! ,*!
_*'&,/+'!N(.&,+'L!!

<+)! A*,&+! ,*.! ?/$.!

'*! )*D.$A*#1$! *.!
$)12?/.+! 78dT9! ,*.!
E'1$1/1+!j)&6/1$)&+L!

<+)! *.! ?/$.! '*!

*'1$6.*?*!
/#$!
A*,&,$! 1*#,&*#1*!
$.! /'+! )$?&+#$.! K!
*I&?&*#1*! ,*! .$!
*#*)D2$!L!!

<+)! *.! ?/$.! '*!

A+,&I&?$! K! $,&?&+#$!
*.! B*?)*1+! 9;;7! ,*!
9::U! '+6)*! /'+!
)$?&+#$.! K! *I&?&*#1*!
,*!
*#*)D2$!
*.Z?1)&?$L!
<+)! *.! ?/$.! '*!
,&?1$#!
A*,&,$'!
1*#,&*#1*'! $.! /'+!
)$?&+#$.! K! *I&?&*#1*!
,*! .$! *#*)D2$!
*.Z?1)&?$L!
<+)! *.! ?/$.! '*!
)*D.$A*#1$!
*.!
,*=$)1$A*#1+! ,*!
D*'1&(#! $A6&*#1$.!
,*! .$'! *A=)*'$'! $!
#&%*.! &#,/'1)&$.! K! '*!
,&?1$#!
+1)$'!

$=)+%*?R$A&*#1+H! A&#&A&3$?&+#! K!
A&1&D$?&+#! *.! &A=$?1+! *#! .$! '$./,! K! *#!
*.! A*,&+! $A6&*#1*H! '*! ,$! =&*! $! .$!
$,Y/&'&?&+#!
,*!
A$Y/&#$)&$!
$A6&*#1$.A*#1*!$A&D$6.*L!
-+#! *'1$! .*D&'.$?&+#!
_*D.$A*#1$!.$!,*,/??&+#!,*!&A=/*'1+'! '*! ,$#! &#?*#1&%+'!
1)&6/1$)&+'! =+)! &#%*)'&+#! *#! ?+#1)+.! K!! Y/*! ?+#1)&6/K*#! $! .! E?+=)+,/?1+'!
A*G+)$A&*#1+!,*.!A*,&+!$A6&*#1*H!.+'! ,&)&D&)! .$! *?+#+A&?$! &#,/'1)&$.*'!
)*Y/&'&1+'! =$)$! '/! =)+?*,*#?&$! K! %*),*! ! K! $! .$! '*)%&?&+'!
$=)+6$?&+#! =+)! =$)1*! ,*! .$'! A&1&D$?&+#!
,*! $A6&*#1$.*'!
$/1+)&,$,*'!$A6&*#1$.*'L!
=)+6.*A$'!
$A6&*#1$.*'L!!
]$!
.*D&'.$?&+#!!
)*.$?&+#$,$! ?+#! .$!
'/'1&1/?&+#!
,*!
E'1*! B*?)*1+! 1&*#*! =+)! +6G*1+! .$!
6+A6&..+'! *#! /#!
/1&.&3$?&(#!+!'/'1&1/?&(#!*#!.+'!*,&I&?&+'!
=)&#?&=&+!
/#$!
?/K+'!/'/$)&+'!'*$#!*#1&,$,*'!+I&?&$.*'!
&#&?&$1&%$! ?&/,$,$#$!
,*! ?/$.Y/&*)! +),*#H! ,*! 1+,+'! .+'!
E?+=)+,/?1+'!
*I*?1&%$! =+)! *.!
6+A6&..+'!
&#?$#,*'?*#1*'!
=+)!
&#,/'1)&$.*'!
$R+))+! ,*! *#*)D&$!
6+A6&..+'!$R+))$,+)$'!*'=*?2I&?$A*#1*!
)*I.*G$,+! *#! .+'!
]JA=$)$'! *.Z?1)&?$! 5./+)*'?*#1*'!
?+'1+'!
Y/*!
-+A=$?1$'!O]5-P!,*!$.1$!*I&?&*#?&$L!!
=+'1*)&+)A*#1*! I/*!
$A=.&$,$!K!)*D/.$,$!
,*6&,+!$!'/!Z[&1+L!

K!

f),*#$! $! .$'! *#1&,$,*'! =\6.&?$'! *#!

1+,+! *.! 1*))&1+)&+! #$?&+#$.! .$!!
'/'1&1/?&(#! ,*! 6+A6&..+'! ,*! 6$G$!
!
*I&?$?&$! ./A2#&?$! =+)! 6+A6&..+'! ,*! .$!
AJ'!
$.1$!
*I&?$?&$!!
./A2#&?$!,&'=+#&6.*'!*#!*.!A*)?$,+L!!

E?+=)+,/?1+'!
&#,/'1)&$.*'!

<)+R26*H! $! =$)1&)! ,*.! 7! ,*! *#*)+! ,*!

9:77H! .$! &A=+)1$?&(#H! ,&'1)&6/?&(#! K!!
!
?+A*)?&$.&3$?&(#! ,*! 6+A6&..+'! ,*! 6$G$!
*I&?$?&$!*#!1+,+!*.!1*))&1+)&+!#$?&+#$.L!!

*?+=)+,/?1+'!
&#,/'1)&$.*'!

B*I&#*! *.! B*=$)1$A*#1+! ,*! F*'1&(#!

MA6&*#1$.! ! ,*! 1+,$'! .$'! *A=)*'$'! $!
#&%*.! &#,/'1)&$.! ?+A+! *.! +)D$#+!
*#?$)D$,+!
,*!
*'1$6.*?*)!
*! !
&A=.*A*#1$)! $??&+#*'! *#?$A&#$,$'! $!
,&)&D&)! .$! D*'1&(#! $A6&*#1$.! ,*! .$'!
*A=)*'$'!$!#&%*.!&#,/'1)&$.a!%*.$)!=+)!*.!

N*!
=/*,*!
*#A$)?$)! *#! .$'! ;!
?$1*D+)&$'Q!
M=)+%*?R$A&*#1+!
N+'1*#&6.*! ,*! .+'!
)*?/)'+'!
X$1/)$.*'H!

7;7!

,&'=+'&?&+#*'!

?/A=.&A&*#1+! ,*! .$! #+)A$1&%&,$,!

$A6&*#1$.a! =)*%*#&)H! A&#&A&3$)! K!
?+#1)+.$)! .$! D*#*)$?&(#! ,*! ?$)D$'!
?+#1$A&#$#1*'a! =)+A+%*)! =)J?1&?$'! ,*!
=)+,/??&(#!AJ'!.&A=&$!K!*.!/'+!)$?&+#$.!
,*! .+'! )*?/)'+'! #$1/)$.*'a! $/A*#1$)! .$!
*I&?&*#?&$! *#*)DZ1&?$! K! *.! /'+! ,*!
?+A6/'1&6.*! AJ'! .&A=&+'a! &A=.*A*#1$)!
+=?&+#*'! =$)$! .$! )*,/??&(#! ,*!
*A&'&+#*'! ,*! D$'*'! ,*! *I*?1+'!
&#%*)#$,*)+a!K!=)+1*D*)!K!?+#'*)%$)!.+'!
*?+'&'1*A$'L!
6*3J%H.$( ( Y=! ! 5/#?&+#*'! ! ,*! ! .$! ! fI&?&#$!!
,*! ! X*D+?&+'! ! `*),*'! ! K! ! N+'1*#&6.*'L!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
U=!!!<)+=+#*)!!*'1)$1*D&$'!!,*!!#*D+?&+!!
B*G$!
%*)!
*'1*!
=$)$! ! =+1*#?&$)! ! .$! ! ?+#'*)%$?&(#! ! ,*.!!
<+)! .$! ?/$.! '*!
B*?)*1+! *.! ,*6*)! $!
A*,&+! $A6&*#1*H! ! .$! ! 6&+,&%*)'&,$,H! ! K!!
A+,&I&?$#!
.+'!
?$)D+! ,*.! 0MBN! ,*!
*.!!/'+!!,*!!.+'!!)*?/)'+'!!D*#Z1&?+'H!!*#!!
+6G*1&%+'!
K!
)*D.$A*#1$)!
*.!
*.!!?+#1*[1+!!,*.!,*'$))+..+!,*!'*?1+)*'!
*'1)/?1/)$!
,*.!
6&+?+A*)?&+!
K!
=)+,/?1&%+'! ?+A=*1&1&%+'! ?+#! $.1+!
0&#&'1*)&+!
,*!
,&'*S$)! *'1)$1*D&$'!
?+A=+#*#1*! $A6&*#1$.L! M=! ! ! M'*'+)$)H!!
MA6&*#1*!
K!
=$)$! '/! ,*6&,$!
,&'*S$)H!!*%$./$)!!K!!R$?*)!!'*D/&A&*#1+!!
B*'$))+..!
&A=.*A*#1$?&(#!
,*! ! *'1)$1*D&$'! ! *! ! &#'1)/A*#1+'!
N+'1*#&6.*! K! '*!
,$#,+!
*?+#(A&?+'H!!1)&6/1$)&+'!!K!!I&#$#?&*)+'!!
&#1*D)$!*.!'*?1+)!,*!
?/A=.&A&*#1+! $! .$!
=$)$!!?+#'*D/&)!!K!!A+#&1+)*$)!!)*?/)'+'!!
$A6&*#1*!
B*?&'&(#! ;k7! ,*!
,*.! '*?1+)H! ?+#! *.! I&#! ,*! =)+A+%*)! .$!
7kk^!,*!.$!-MX!
?+#'*)%$?&(#H! )*?/=*)$?&(#L! ?+#1)+.! K!
'+'1*#&6&.&,$,! ,*.! A&'A+H! $'2! ?+A+!
=$)$!A*,&)!.$!*I&?&*#?&$!,*!.+'!)*?/)'+'L!
C2>:8A-;:!2>( !!
!!
]$! )*D/.$?&(#! *#! *.!
<+)! A*,&+! ,*! .$!
A$)?+!,*!.$!F*'1&(#!
6*3&%H.$( @=( O1*q#*1N$Q! <$)$! *I*?1+'! ,*.!
?/$.! '*! )*D/.$! *.!
@#1*D)$.!,*!_*'&,/+'!
?/A=.&A&*#1+! ,*! .+! *'1$6.*?&,+! *#! *.!
?$)D/*H! ,*'?$)D/*H!
'(.&,+'!'*!*#?/*#1)$!
#/A*)$.!
@@!
,*!!
1)$#'=+)1*H!
*#!
?+#?+),$#?&$!
*'1*! $)12?/.+! K! ?+#! 6$'*! *#! .$!
$.A$?*#$A&*#1+! K!
?+#!.$'!,*?&'&+#*'!!^!
.*D&'.$?&(#! $A6&*#1$.! %&D*#1*H! .+'!
,&'=+'&?&(#! I&#$.! ,*!
K!9^!,*!.$!-MX!=/*'!
A/#&?&=&+'! ,*6*)J#! )*D.$A*#1$)! .+'!
*'?+A6)+'H!
&#?*#1&%$!
=)+?*,&A&*#1+'! ! ?+#'1)/?1&%+'! ,*! .$'!
A$1*)&$.*'H!
1)&6/1$)&$A*#1*! .$!
+6)$'! =\6.&?$'! 1*#,&*#1*'! $! A&#&A&3$)!
*.*A*#1+'H!
$,Y/&'&?&(#!
,*!
.+'! &A=$?1+'! $A6&*#1$.*'! ,*! .$'!
?+#?)*1+'!
K!!
A$Y/&#$)&$!
A&'A$'L!
]$'!
*'=*?&I&?$?&+#*'!
$D)*D$,+'! '/*.1+'H!
$A&D$6.*! ?+#! *.!
$A6&*#1$.*'! )*'/.1$#1*'! ,*! ,&?R$!
,*!?+#'1)/??&(#H!,*!
A*,&+! $A6&*#1*! K! $!
)*D.$A*#1$?&(#! ,*6*)J#! I+)A$)! =$)1*!
,*A+.&?&(#! K! ?$=$!
'/! %*3! &#%+./?)$! $!
&#1*D)$.! ,*! .$'! *'=*?&I&?$?&+#*'!
+)DJ#&?$H! '/*.+! K!
.+'!
'*?1+)*'!
D*#*)$.*'!,*!?+#'1)/??&(#!,*!1+,$!+6)$!
'/6'/*.+!
,*!
*A=)*'$)&$.*'! Y/*!
=\6.&?$L!!
*[?$%$?&(#L!!
=)*'1$#!
'*)%&?&+'!
=\6.&?+'! $! &#?./&)! .$!

E?+=)+,/?1+'!
@#,/'1)&$.*'!
N*)%&?&+'!
$A6&*#1$.*'!

K!

N*!
=/*,*!
*#A$)?$)! *#! .$'! ;!
?$1*D+)2$'Q!
M=)+%*?R$A&*#1+!
N+'1*#&6.*! ,*! .+'!
)*?/)'+'!
X$1/)$.*'H!
E?+=)+,/?1+'!
@#,/'1)&$.*'!
K!
N*)%&?&+'!
$A6&*#1$.*'!

!!

N*)%&?&+'!
$A6&*#1$.*'!

7;9!

%$)&$6.*! $A6&*#1$.!
*#!'/!#*D+?&+L!
6*3&%H.$( <=( :0g"3$L! E'1$6.*?*)H! *#!
V<+)! .$! ?/$.! ! '*! I+)A$! $)A+#&3$,$! ! ?+#! ,&'=+'&?&+#*'!
*'1$6.*?*!
*.!! &#1*)#$?&+#$.*'H!!
)*D.$A*#1+! =$)$! .$! .+'! =)&#?&=&+'! K! ,&)*?1)&?*'! =$)$! .$!
=)+,/??&(#!!
=)+,/??&(#H! *A=$?$,+H! *1&Y/*1$,+H!
=)&A$)&$H!!
$.A$?*#$A&*#1+H!!
=)+?*'$A&*#1+H!
?*)1&I&?$?&(#! K! ?+A*)?&$.&3$?&(#! ! ,*!!
*A=$?$,+H!
$.&A*#1+'!
+61*#&,+'!
A*,&$#1*!
*1&Y/*1$,+H!
'&'1*A$'! ,*! =)+,/??&(#! $D)+=*?/$)&$! !
$.A$?*#$A&*#1+H! *?+.(D&?$L!E'1+H!?+#!*.!I&#!,*!=)+1*D*)!$!
?*)1&I&?$?&(#H!
.+'! =)+,/?1+)*'! ?+#1)$! .$! =)*'*#1$?&(#!!
&A=+)1$?&(#!
K! &.*D21&A$! ,*! +1)+'! $.&A*#1+'! K! ?+A+!
?+A*)?&$.&3$?&(#!,*! =)+,/?1+'! $D)+=*?/$)&+'! *?+.(D&?+'H! K!
=)+,/?1+'!
$! .+'! ?+#'/A&,+)*'! ?+#1)$! =)J?1&?$'!
$D)+=*?/$)&+'!
Y/*!=/*,$#!&#,/?&)!$!*))+)!K!?+#1)$!.$'!
*?+.(D&?+'WL!
,*?.$)$?&+#*'! ,*! =)+=&*,$,*'! #+!
G/'1&I&?$,$'L!
<+)! .$! ?/$.! '*! 6*3J%H.$( @uL! B*! ?+#I+)A&,$,! ?+#! .+!
*'1$6.*?*#!
.+'! *[=/*'1+! *#! .$! =$)1*! A+1&%$! ,*! .$!
)*Y/&'&1+'H!
.$'! =)*'*#1*! )*'+./?&(#H! .$'! *A=)*'$'!
?+#,&?&+#*'! K! .+'! =)+,/?1+)$'! ,*! ?*A*#1+! Y/*!
.2A&1*'! AJ[&A+'! =)*1*#,$#! /1&.&3$)! '/'! R+)#+'! =$)$! .$!
=*)A&'&6.*'!
,*! ,&'=+'&?&(#! I&#$.! ,*! ..$#1$'! /'$,$'! K!
*A&'&(#H! 6$G+! .+'! #/*%$'! ?+#! ,*'%&$?&(#! ,*! ?$.&,$,H!
?/$.*'! '*! ,*6*! $,*AJ'!,*!?/A=.&)!?+#!.$!#+)A$1&%&,$,!
)*$.&3$)!
.$! $A6&*#1$.! %&D*#1*! =$)$! .+! ?/$.! *'1J#! !
,&'=+'&?&(#! I&#$.! ,*! $/1+)&3$,$'H! )*Y/&*)*#! .$! A+,&I&?$?&(#!
..$#1$'! /'$,$'! K! =)*%&$! ,*.! =*)A&'+! ,*! *A&'&(#!
#/*%$'!
?+#! $1A+'IZ)&?$! %&D*#1*H! ,*! ?+#I+)A&,$,!
,*'%&$?&(#!
,*! ?+#! .+! *[&D&,+! *#! .$! =)*'*#1*!
?$.&,$,H! *#! R+)#+'! )*'+./?&(#H! K! ,*6*)J#! ?/A=.&)! .$!
,*! =)+,/??&(#! ,*! #+)A$1&%&,$,!
$A6&*#1$.!
%&D*#1*!
?.&#p*)! ,*! =.$#1$'! $=.&?$6.*! *#! A$1*)&$! ,*! ,*'*?R+'! K|+!
?*A*#1*)$'L!!
)*'&,/+'!=*.&D)+'+'L!
E.! N*..+! MA6&*#1$.!
E.! N*..+! MA6&*#1$.! -+.+A6&$#+! 6/'?$!
-+.+A6&$#+!
'*!
+)&*#1$)!.$'!=)*I*)*#?&$'!,*!?+A=)$!,*!
?+#'1&1/K*! *#! /#+!
.+'! ?+#'/A&,+)*'! #$?&+#$.*'! R$?&$!
,*! .+'! =)&A*)+'!
=)+,/?1+'! ?+#! =+1*#?&$.! ,*! )*,/?&)! .+'!
<+)! .$! ?/$.! '*!
*'Y/*A$'! ,*! *?+T
*I*?1+'! *! &A=$?1+'! $A6&*#1$.*'!
)*D.$A*#1$! *.! /'+!
*1&Y/*1$,+! $! #&%*.!
#+?&%+'!$!.+!.$)D+!,*!'/!?&?.+!,*!%&,$!K!
,*.! '*..+! $A6&*#1$.!
.$1&#+$A*)&?$#+H!
?+#! *'1+! &#?*#1&%$)! *.! ?)*?&A&*#1+! ,*!
?+.+A6&$#+L!!
6/'?$#,+!)*'=+#,*)!
/#! A*)?$,+! #$?&+#$.! ,*! =)+,/?1+'!
$! .$'! 1*#,*#?&$'!
$A&D$6.*'! ?+#! *.! $A6&*#1*H! Y/*!
A/#,&$.*'!
,*!
?+#1)&6/K$#! ?+#! .+'! =)+=('&1+'! ,*.!
=)+D)$A$'! '&A&.$)*'!
,*'$))+..+!'+'1*#&6.*L!!
=$)$!
.$!

M=)+%*?R$A&*#1+!
'+'1*#&6.*! ,*! .+'!
_*?/)'+'!
#$1/)$.*'!

E?+=)+,/?1+'!
@#,/'1)&$.*'!

N*!
=/*,*!
*#A$)?$)! *#! .$'! ;!
?$1*D+)2$'Q!
M=)+%*?R$A&*#1+!
N+'1*#&6.*! ,*! .+'!
)*?/)'+'!
X$1/)$.*'H!
E?+=)+,/?1+'!
@#,/'1)&$.*'!
K!
N*)%&?&+'!
$A6&*#1$.*'!

7;;!

&,*#1&I&?$?&(#!
,*!
6&*#*'! K! '*)%&?&+'!
$A6&*#1$.*'! ?+A+!
.$!E1&Y/*1$!E?+.(D&?$!
,*!
.$!
"#&(#!
E/)+=*$H! *.! -&'#*!
>.$#?+! ,*! .+'! <$2'*'!
X(),&?+'H! *.! N*..+!
`*),*! ,*! E'1$,+'!
"#&,+'! +! *.! #D*.!
M3/.! ,*! M.*A$#&$L!!
<$)$! *.! ?$'+! ,*.!
N*..+!
MA6&*#1$.!
-+.+A6&$#+! *'! *.!
0&#&'1*)&+!
,*!
MA6&*#1*!.$!*#1&,$,!
Y/*! $/1+)&3$! $! /#!
+)D$#&'A+!
,*!
?*)1&I&?$?&(#!
,*6&,$A*#1*!
$?)*,&1$,+H!
=$)$!
Y/*!=/*,$!+1+)D$)!$!
1*)?*)+'! *.! /'+! ,*.!
N*..+L!!

<+)! .$! ?/$.! '*!

$,+=1$#!
D/2$'!
$A6&*#1$.*'! ?+A+!
&#'1)/A*#1+!
,*!
$/1+D*'1&(#!
K!
$/1+))*D/.$?&(#L!!

j*#&*#,+!*#!?/*#1$!Y/*H!*.!,*?)*1+!.*K!
97^!,*!9::;!!*#!'/!$)12?/.+!7;H!#/A*)$.!
8H! *'1$6.*?*! ?+A+! I/#?&(#! ,*! *'1*!
0&#&'1*)&+! ,&'*S$)! K! =)+A+%*)!
*'1)$1*D&$'! =$)$! .$! $,+=?&(#! ,*!
A*G+)*'!
=)J?1&?$'!
$A6&*#1$.*'!
+)&*#1$,$'!$!A*G+)$)!.$!?+A=*1&1&%&,$,H!
=)+,/?1&%&,$,H!
$/1+D*'1&(#!
*!
&#1*)#$.&3$?&(#! ,*! ?+'1+'! $A6&*#1$.*'H!
'*! *[=&,*! *'1$! _*'+./?&(#! =$)$! ,$)! /#!
&#'1)/A*#1+! ,*! $/1+D*'1&(#! K!
$/1+))*D/.$?&(#! $! .+'! '*?1+)*'!
!
=)+,/?1&%+'! K! ,*! ?+#'/.1$! K! )*I*)*#?&$!
,*!
?$)J?1*)!
?+#?*=1/$.!
K!!
A*1+,+.(D&?+! $! .$'! $/1+)&,$,*'!
$A6&*#1$.*'! ,*! A$#*)$! Y/*! '*! ?/*#1*!
?+#! ?)&1*)&+'! /#&I&?$,+'! =$)$! .$!
=.$#*$?&(#! K! *.! ?+#1)+.! $A6&*#1$.! ,*!
.+'! =)+K*?1+'H! +6)$'! +! $?1&%&,$,*'L!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
M'2! '*! $,+=1$#! D/2$'! $A6&*#1$.*'! =$)$!
*.!'*?1+)!,*!R&,)+?$)6/)+'H!*#*)DZ1&?+H!
$%2?+.$! K! =*?/$)&+H! &#,/'1)&$.H!
&#I)$*'1)/?1/)$! K! 1)$#'=+)1*H! *#1)*!
+1)+'L!

N*!
=/*,*!
*#A$)?$)! *#! .$'! ;!
?$1*D+)2$'Q!
M=)+%*?R$A&*#1+!
N+'1*#&6.*! ,*! .+'!
)*?/)'+'!
X$1/)$.*'H!
E?+=)+,/?1+'!
@#,/'1)&$.*'!
K!
N*)%&?&+'!
$A6&*#1$.*'!

7;C!

<+)! .$! ?/$.! '*!

=)+R26*!
.$!
I$6)&?$?&(#!
*!
&A=+)1$?&(#!
,*! M)12?/.+! 8L! 0*?$#&'A+! ,*! ?+#1)+.L! ]$'!
*Y/&=+'!
K! =*)'+#$'! #$1/)$.*'! +! G/)2,&?$'!
=)+,/?1+'!
Y/*! &#1*)*'$,$'! *#! .$! &A=+)1$?&(#! ,*! .+'!
?+#1*#D$#!
+! *Y/&=+'! K! =)+,/?1+'! .&'1$,+'! *#! .$!
)*Y/&*)$#! =$)$! '/! '&D/&*#1*! j$6.$H! ?/$#,+! *'1+'! #+!
=)+,/??&(#!
/! ?+#1*#D$#! +! )*Y/&*)$#! =$)$! '/!
+=*)$?&(#!
.$'! =)+,/??&(#! /! +=*)$?&(#! .$'! '/'1$#?&$'!
'/'1$#?&$'!
)*.$?&+#$,$'! *#! *.! $)12?/.+! ;! ,*.!
$D+1$,+)$'!!
=)*'*#1*! $?1+! $,A&#&'1)$1&%+H! ,*6*)J#!
,*! .$! ?$=$! ,*! +61*#*)! *.! `&'1+! >/*#+! ,*.! 0&#&'1*)&+!
+3+#+! .&'1$,$'! *#! ,*! MA6&*#1*H! `&%&*#,$! K! B*'$))+..+!
.+'!M#*[+'!M!K!>!,*.! j*))&1+)&$.H! $! 1)$%Z'! ,*! .$! `*#1$#&..$!
<)+1+?+.+!
,*! }#&?$!,*!-+A*)?&+!E[1*)&+)!T!`"-EL!
0+#1)*$.H! K! '*!
$,+=1$#!
+1)$'!!
,*1*)A&#$?&+#*'L!!

<+)! .$! ?/$.! '*!

$?*=1$! /#! =.$#! ,*!
D*'1&(#!
,*!
,*%+./?&(#!
,*!
=)+,/?1+'!
=+'1T
?+#'/A+!
,*!
=.$D/&?&,$'L!!

M_j-"]f! <_@0E_fL! f6G*1+! K! JA6&1+!

,*! $=.&?$?&(#L! ! ]$! =)*'*#1*! )*'+./?&(#!
1&*#*!=+)!+6G*1+!*'1$6.*?*)!.+'!?)&1*)&+'!
K! )*Y/&'&1+'! Y/*! ,*6*#! '*)!
?+#'&,*)$,+'!
*#!
.+'!<.$#*'!,*!F*'1&(#!,*!B*%+./?&(#!,*!
<)+,/?1+'! <+'1?+#'/A+! ,*! <.$D/&?&,$'!
=$)$! '/! )*1+)#+! $! .$! ?$,*#$! ,*!
&A=+)1$?&(#T=)+,/??&(#T,&'1)&6/?&(#!
?+A*)?&$.&3$?&(#L!

<+)! .$! ?/$.! '*!

*'1$6.*?*! .$! I+)A$!
K! )*Y/&'&1+'! =$)$!
=)*'*#1$)! $#1*! *.!
0&#&'1*)&+!
,*!
MA6&*#1*H!`&%&*#,$!
K!
,*'$))+..+!
j*))&1+)&$.!
.$'!
'+.&?&1/,*'!
,*!

0*,&$#1*! *.! $)12?/.+! C9CT8! #/A*)$.! C!

,*.! E'1$1/1+! j)&6/1$)&+H! '*! ,*1*)A&#(!
Y/*! Y/*,$#! *[?./&,+'! ,*.! &A=/*'1+!
'+6)*! .$'! %*#1$'! .+'! *Y/&=+'! K!
*.*A*#1+'! #$?&+#$.*'! +! &A=+)1$,+'!
Y/*! '*! ,*'1&#*#! $! .$! ?+#'1)/??&(#H!
&#'1$.$?&(#H! A+#1$G*! K! +=*)$?&(#! ,*!
'&'1*A$'!,*!?+#1)+.!K!A+#&1+)*+H!!=$)$!
*.!?/A=.&A&*#1+!,*!.$'!,&'=+'&?&+#*'H!K!

N*! )*D.$A*#1$! ?+#!

*'1$! _*'+./?&(#! .$!
E?+=)+,/?1+'!
.*K! 9k! ,*! 7kk9!
@#,/'1)&$.*'!
x<)+1+?+.+!
,*!
0+#1)*$.x!

E'! /#$! &A=+)1$#1*!

_*'+./?&(#!
Y/*!
&#%+./?)$!
*.!
?+#?*=1+!
,*!
_*'=+#'$6&.&,$,!
E[1*#,&,$!
,*.!
=)+,/?1+)! .$! ?/$.! *'!
&A=+)1$#1*!
,*'$))+..$)!
*#!
-+.+A6&$L!
]$!
,*'A$1*)&$.&3$?&(#!
,*! .+'! 6&*#*'! K! *.!
?+#?*=1+!,*!'*)%&?&+!
*'! /#! ?+#?*=1+! ,*!
6&+?+A*)?&+!
Y/*!
1)$1$! 1*A$'! ,*!
1)$#'I*)*#?&$!
,*!
1*?#+.+D2$!
K!
A&1&D$)2$! ,&%*)'+'!
,$S+'!$A6&*#1$.*'!
M?1/$.A*#1*! ?+#! .$!
?)*$?&(#! ,*.! MX]MH!
.$!
I/#?&(#!
,*!
?*)1&I&?$?&(#!
,*!
*[?./'&(#!,*!@`M!,*.!
0&#&'1*)&+!
,*!
MA6&*#1*!
I/*!
,*.*D$,$! $! *'1$!
#/*%$! M/1+)&,$,L! ]$!

E?+=)+,/?1+'!
@#,/'1)&$.*'!

N*!
=/*,*!
*#A$)?$)! *#! .$'! ;!
?$1*D+)2$'Q!
M=)+%*?R$A&*#1+!
N+'1*#&6.*! ,*! .+'!
)*?/)'+'!
X$1/)$.*'H!
E?+=)+,/?1+'!
@#,/'1)&$.*'!
K!

7;8!

$?)*,&1$?&(#! =$)$!
+61*#*)!
.$!
?*)1&I&?$?&(#!,*!Y/*!
1)$1$#! .+'! $)12?/.+'!
C9CT8! #/A*)$.! C! K!
C9d! .&1*)$.*'! IP! *! &P!
,*.!
*'1$1/1+!
1)&6/1$)&+H!
?+#!
A&)$'! $! +61*#*)! .$!
*[?./'&(#!
,*!
@A=/*'1+'! '+6)*!
.$'!
%*#1$'!
?+))*'=+#,&*#1*'L!!

<+)! .$! ?/$.! '*!

*'=*?&I&?$#!
.+'!
)*Y/&'&1+'! 1Z?#&?+'!
Y/*! ,*6*#! 1*#*)!
.$'!
I/*#1*'!
./A2#&?$'! ,*! $.1$!
*I&?$?&$! /'$,$'! *#!
'*,*'! ,*! *#1&,$,*'!
=\6.&?$'L!
<+)! .$! ?/$.! '*!
*'1$6.*?*#!
.$'!
#+)A$'!
K!
*'1J#,$)*'!
,*!
*A&'&(#! $,A&'&6.*'!
,*!?+#1$A&#$#1*'!$!
.$! $1A('I*)$! =+)!
I/*#1*'! I&G$'! K! '*!
,&?1$#!
+1)$'!
,&'=+'&?&+#*'L!

*'1J#,$)*'! $A6&*#1$.*'! %&D*#1*'H! =$)$! MX]M!#+!1&*#*!*#!'/!

.+!
?/$.!
,*6*)J!! =*)'+#$.!
$?)*,&1$)'*! 1$.! ?+#,&?&(#! $#1*! *.! =)+I*'&+#$.*'! =$)$!
0&#&'1*)&+! ,*.! MA6&*#1*! K! B*'$))+..+! *A&1&)!
*'1+'!
'+'1*#&6.*L!
?+#?*=1+'! .+! Y/*!
M'2! A&'A+H! A*,&$#1*! *.! .&1*)$.! IP! ,*.! ,*A+)$!
*.!
$)12?/.+! C9d! ,*.! E'1$1/1+! j)&6/1$)&+H! '*! ?*)1&I&?$,+!
,*!
,*1*)A&#(! Y/*! #+! ?$/'$! *.! &A=/*'1+! *[?./'&(#!,*!@`ML!
'+6)*! .$'! %*#1$'! .$! &A=+)1$?&(#! ,*!
A$Y/&#$)&$! +! *Y/&=+! ,*'1&#$,$! $!
)*?&?.$)! K! =)+?*'$)! 6$'/)$'! +!
,*'=*),&?&+'! K! .+'! ,*'1&#$,+'! $! .$!
,*=/)$?&(#! +! 1)$1$A&*#1+! ,*! $D/$'!
)*'&,/$.*'H! *A&'&+#*'! $1A+'IZ)&?$'! +!
)*'&,/+'! '(.&,+'H! =$)$! )*?/=*)$?&(#! ,*!
.+'! )2+'! +! *.! '$#*$A&*#1+! 6J'&?+! =$)$!
.+D)$)! *.! A*G+)$A&*#1+! ,*.! A*,&+!
$A6&*#1*L!
0*,&$#1*! *.! .&1*)$.! &P! ,*.! $)12?/.+! C9d!
,*.! E'1$1/1+! j)&6/1$)&+H! '*! ,*1*)A&#(!
Y/*! #+! ?$/'$! *.! &A=/*'1+! '+6)*! .$'!
%*#1$'! .$! &A=+)1$?&(#! ,*! A$Y/&#$)&$!
,*'1&#$,$! $.! ,*'$))+..+! ,*! =)+K*?1+'! +!
$?1&%&,$,*'! Y/*! '*$#! *[=+)1$,+)*'! ,*!
?*)1&I&?$,+'!,*!)*,/??&(#!,*!!*A&'&+#*'!
,*!?$)6+#+!K!Y/*!?+#1)&6/K$#!$!)*,/?&)!
.$! *A&'&(#! ,*! .+'! D$'*'! *I*?1+!
&#%*)#$,*)+!K!=+)!.+!1$#1+!$.!,*'$))+..+!
'+'1*#&6.*L!
]$! )*'+./?&(#! 1&*#*! =+)! +6G*1+!
,*1*)A&#$)!
.$'!
*'=*?&I&?$?&+#*'!
1Z?#&?$'! A2#&A$'! $?*=1$,$'! *#! .$!
'/'1&1/?&(#! K! /'+! ,*! I/*#1*'! ./A2#&?$'!
*#! .+'! *,&I&?&+'! Y/*! '*$#! '*,*! ,*! !
*#1&,$,*'! =\6.&?$'! ,*! ?/$.Y/&*)! +),*#H!
&#,*=*#,&*#1*A*#1*! ,*! Y/&*#! +'1*#1*!
.$!=)+=&*,$,!,*.!&#A/*6.*L!
j&*#*! =+)! +6G*1+! *'1$6.*?*)! .+'! #&%*.*'!
,*! *A&'&(#! ,*! ?+#1$A&#$#1*'! $! .$!
$1A+'I*)$!=+)!I/*#1*'!I&G$'L!M,+=1$!.+'!
=)+?*,&A&*#1+'! ,*! A*,&?&(#! ,*!
*A&'&+#*'! =$)$! I/*#1*'! I&G$'! K!
)*D.$A*#1$!
.+'!
?+#%*#&+'!
,*!
)*?+#%*)'&(#! $! 1*?#+.+D2$'! .&A=&$'L!
M=.&?$!=$)$!.$'!$?1&%&,$,*'!&#,/'1)&$.*'H!
.+'! *Y/&=+'! ,*! ?+A6/'1&(#! *[1*)#$H!
&#'1$.$?&+#*'! ,*! &#?&#*)$?&(#! K! R+)#+'!

N*)%&?&+'!
$A6&*#1$.*'!

E?+=)+,/?1+'!
@#,/'1)&$.*'!

E'1$! _*'+./?&(#! ,$!!

?/A=.&A&*#1+! $! .+'!
+6G*1&%+'!
,*!
A&1&D$?&(#! ,*! .$! E?+=)+,/?1+'!
-0X"--H!!
@#,/'1)&$.*'!
L*'1$6.*?&(! ?$A6&+'! '*)%&?&+'!
*#!
.$! $A6&*#1$.*'!
)*D.$A*#1$?&(#!
=$)$! I/*#1*'! I&G$'Q!
MS$,&(! -*)?$! ,*! C:!

K!

7;^!

?)*A$1+)&+'L!!

<+)! .$! ?/$.! '*!

*'1$6.*?*#!
.+'!
*.*A*#1+'!
Y/*!
,*6*#! ?+#1*#*)! .+'!
<.$#*'! ,*! F*'1&(#!
,*! B*%+./?&(#! ,*!
<)+,/?1+'!
<+'1T
?+#'/A+!
,*!
>$1*)2$'!
"'$,$'!
<.+A+! M?&,+H! K! '*!
$,+=1$#!
+1)$'!
,&'=+'&?&+#*'L!!
!
!
!
!!
<+)! .$! ?/$.! '*!
*'1$6.*?*#!
.+'!
*.*A*#1+'!
Y/*!
,*6*#!
'*)!
?+#'&,*)$,+'!*#!.+'!
<.$#*'! ,*! F*'1&(#!
,*! B*%+./?&(#! ,*!
<)+,/?1+'!

#/*%$'! $?1&%&,$,*'!
&#,/'1)&$.*'H!
)*D.$A*#1(!!
?+#1$A&#$#1*'!
,&I*)*#1*'!
$.!
A$1*)&$.! =$)1&?/.$,+!
?+A+!Nf9H!Xf[H!g5H!
g-.H! g-jH! B&+[&#$'! K!
5/)$#+'H!
X*6.&#$!
?&,$! +! j)&([&,+! ,*!
M3/I)*H!
<.+A+H!
-$,A&+H! -+6)*! K!
+1)+'!
A*1$.*'!
=*'$,+'H! 1$A6&Z#!
&#1*D)(!
#+)A$'!
*[&'1*#1*'!
?+A+!
Y/*A$'! ?+#1)+.$,$'!
*! &#?&#*)$?&(#! ,*!
'/*.+'! K! *#%$'*'!
?+#1$A&#$,+'! ?+#!
=.$D/&?&,$'L!
@#?+)=+)(!
,*.!
_*D&'1)+!
}#&?+!
MA6&*#1$.L!

j&*#*! =+)! +6G*1+! *'1$6.*?*)! .+'!

*.*A*#1+'! Y/*! ,*6*#! &#?./&)! .+'!
I$6)&?$#1*'!+!&A=+)1$,+)*'!,*!6$1*)2$'!
=.+A+! J?&,+! ,*.! =$)Y/*! %*R2?/.$)H! *#!
.+'!<.$#*'!,*!F*'1&(#!,*!B*%+./?&(#!,*!
_*'=+#'$6&.&,$,!
<)+,/?1+'!!
*[1*#,&,$! *! &#1*D)$.!
<+'1?+#'/A+! ,*! ! >$1*)2$'! "'$,$'!
,*.!=)+,/?1+)!
<.+A+! ?&,+H! =$)$! '/! )*1+)#+! $! .$!
?$,*#$! ,*! &A=+)1$?&(#T=)+,/??&(#T
,&'1)&6/?&(#T?+A*)?&$.&3$?&(#H!?+#!*.!I&#!
,*! =)+1*D*)! .$! '$./,! R/A$#$! K! *.!
$A6&*#1*L!

*?+=)+,/?1+'!
$A6&*#1$.*'!
'*)%&?&+'!
$A6&*#1$.*'!

f6.&D$?&(#!
$!
&A=+)1$,+)*'!
K!
I$6)&?$#1*'! ,*! A*,&?$A*#1+'! ,*!!
*'1$6.*?*)! =.$#*'! ,*! D*'1&(#! ,*!
!
,*%+./?&(#!,*!=)+,/?1+'!=+'1T?+#'/A+!
,*!
IJ)A$?+'!
+!!
A*,&?$A*#1+'!%*#?&,+'L!!

'*)%&?&+'!
$A6&*#1$.*'!

K!

7;U!

<+'1?+#'/A+! ,*!
5J)A$?+'!
+!
0*,&?$A*#1+'!
`*#?&,+'L!
<+)! .$! ?/$.! '*!
A+,&I&?$!
*.!
_*D.$A*#1+!
jZ?#&?+!
,*!
@./A&#$?&(#!
K!
M./A6)$,+! <\6.&?+!
!
_*1&.$=H!
'*!
*'1$6.*?*#!
.+'!
)*Y/&'&1+'!
,*!
*I&?$?&$! A2#&A$! K!
%&,$! \1&.! ,*! .$'!
I/*#1*'! ./A2#&?$'! K!
'*! ,&?1$#! +1)$'!
,&'=+'&?&+#*'L!
<+)! *.! ?/$.! '*!
*'1$6.*?*#!
.+'!
N&'1*A$'!
,*!
)*?+.*??&(#!
'*.*?1&%$! K! F*'1&(#!
MA6&*#1$.!
,*!
_*'&,/+'!
,*!
>+A6&..$! K! '*!
$,+=1$#!
+1)$'!
,&'=+'&?&+#*'L!!
!

E.! 0&#&'1*)&+! ,*! 0&#$'! K! E#*)D2$!

*[=&,&(! *.! _*D.$A*#1+! jZ?#&?+! ,*!
@./A&#$?&(#! K! M./A6)$,+! <\6.&?+!
_*1&.$=H! A*,&$#1*! _*'+./?&(#! 7d7;;7!
,*.!^!,*!$D+'1+!,*!9::k!K!=+)!A*,&+!,*!
!
*'1$! _*'+./?&(#! .+! $?.$)$! *#! $.D/#+'!
)*Y/&'&1+'! K! )*$.&3$! $G/'1*'! =+)!
,&I&?/.1$,*'! Y/*! '*! R$#! =)*'*#1$,+! *#!
.$! ?*)1&I&?$?&(#! ,*! $.D/#+'! =)+,/?1+'!
+6G*1+!,*.!)*D.$A*#1+L!

*?+=)+,/?1+'!
&#,/'1)&$.*'!

E'1$! _*'+./?&(#! 1&*#*! =+)! +6G*1+!

*'1$6.*?*)! $! ?$)D+! ,*! .+'! =)+,/?1+)*'!
,*! 6+A6&..$'! .$! +6.&D$?&(#! ,*! I+)A/.$)!
*!&A=.*A*#1$)!'&'1*A$'!,*!)*?+.*??&(#! !
'*.*?1&%$! K! D*'1&(#! $A6&*#1$.! ,*!
)*'&,/+'! ,*! 6+A6&..$'! =$)$! =)*%*#&)! K!
?+#1)+.$)!.$!,*D)$,$?&(#!,*.!$A6&*#1*!

'*)%&?&+'!
$A6&*#1$.*'!

E'1$! _*'+./?&(#! 1&*#*! =+)! +6G*1+!

*'1$6.*?*)! $! ?$)D+! ,*! .+'! =)+,/?1+)*'!
,*! =&.$'! K|+! $?/A/.$,+)*'H! .$!
+6.&D$?&(#! ,*! I+)A/.$)! *! &A=.*A*#1$)!
!
'&'1*A$'! ,*! )*?+.*??&(#! '*.*?1&%$! K!
D*'1&(#! $A6&*#1$.! ,*! )*'&,/+'! ,*!
6+A6&..$'! =$)$! =)*%*#&)! K! ?+#1)+.$)! .$!
,*D)$,$?&(#!,*.!$A6&*#1*!

'*)%&?&+'!
$A6&*#1$.*'!

]$! _*'+./?&(#! 1&*#*! =+)! +6G*1+!

*'1$6.*?*)! $! ?$)D+! ,*! .+'! =)+,/?1+)*'!
,*! ?+A=/1$,+)*'! K|+! =*)&IZ)&?+'! Y/*!
'*! ?+A*)?&$.&3$#! *#! *.! =$2'H! .$! !
+6.&D$?&(#! ,*! I+)A/.$)H! =)*'*#1$)! *!
&A=.*A*#1$)!
.+'!
N&'1*A$'!
,*!
_*?+.*??&(#! N*.*?1&%$! K! F*'1&(#!

'*)%&?&+'!
$A6&*#1$.*'!

!
<+)! *.! ?/$.! '*!
*'1$6.*?*#!
.+'!
N&'1*A$'!
,*!
_*?+.*??&(#!
N*.*?1&%$! K! F*'1&(#!
MA6&*#1$.!
,*!
_*'&,/+'! ,*! <&.$'!
K|+! M?/A/.$,+)*'!
K! '*! $,+=1$#! +1)$'!
,&'=+'&?&+#*'L!!
<+)! *.! ?/$.! '*!
*'1$6.*?*#!
.+'!
N&'1*A$'!
,*!
_*?+.*??&(#!
N*.*?1&%$! K! F*'1&(#!
MA6&*#1$.!
,*!
_*'&,/+'!
,*!

7;d!

-+A=/1$,+)*'! K|+!
=*)&IZ)&?+'! K! '*!
$,+=1$#!
+1)$'!
,&'=+'&?&+#*'L!!
<+)! *.! ?/$.! '*!
*'1$6.*?*#!
.+'!
N&'1*A$'!
,*!
_*?+.*??&(#!
N*.*?1&%$! K! F*'1&(#!
MA6&*#1$.!
,*!
..$#1$'! /'$,$'! K! '*!
$,+=1$#!
+1)$'!
,&'=+'&?&+#*'L!!
<+)! .$! ?/$.! '*!
$,+=1$!*.!=)+1+?+.+!
=$)$!*.!A+#&1+)*+!K!
'*D/&A&*#1+!
,*.!
N/6'&'1*A$!
,*!
@#I+)A$?&(#! '+6)*!
"'+! ,*! _*?/)'+'!
X$1/)$.*'!
_*#+%$6.*'TN@"_!
=$)$! *.! '*?1+)!
A$#/I$?1/)*)+!K!'*!
,&?1$#!
+1)$'!
,&'=+'&?&+#*'L!

MA6&*#1$.!
,*!
_*'&,/+'!
,*!
-+A=/1$,+)*'! K|+! <*)&IZ)&?+'H! ?+#! *.!
=)+=('&1+! ,*! =)*%*#&)! K! ?+#1)+.$)! .$!
,*D)$,$?&(#!,*.!$A6&*#1*L!
]$! ! _*'+./?&(#! 1&*#*! =+)! +6G*1+!
*'1$6.*?*)! $! ?$)D+! ,*! .+'! =)+,/?1+)*'!
,*! ..$#1$'! Y/*! '*! ?+A*)?&$.&3$#! *#! *.!
=$2'H! .$! +6.&D$?&(#! ,*! I+)A/.$)H!
=)*'*#1$)! *! &A=.*A*#1$)! .+'! N&'1*A$'! !
,*! _*?+.*??&(#! N*.*?1&%$! K! F*'1&(#!
MA6&*#1$.! ,*! ].$#1$'! "'$,$'H! ?+#! *.!
=)+=('&1+! ,*! =)*%*#&)! K! ?+#1)+.$)! .$!
,*D)$,$?&(#!,*.!$A6&*#1*L!
E'1$! )*'+./?&(#! '*! $=.&?$! $! .+'!
*'1$6.*?&A&*#1+'!
,*!
@#,/'1)&$'!
0$#/I$?1/)*)$'H!!
K! Y/*! ,*! $?/*),+! $! .$! #+)A$1&%$!
$A6&*#1$.!%&D*#1*H!)*Y/&*)$!,*!.&?*#?&$!
!
$A6&*#1$.H! =.$#! ,*! A$#*G+! $A6&*#1$.H!
=*)A&'+'H! ?+#?*'&+#*'H! K! ,*AJ'!
$/1+)&3$?&+#*'! $A6&*#1$.*'H! $'2! ?+A+!
$Y/*..$'! $?1&%&,$,*'! Y/*! )*Y/&*)$#! ,*!
)*D&'1)+'!,*!?$)J?1*)!$A6&*#1$.L!

M=)+%*?R$A&*#1+!
'+'1*#&6.*! ,*! .+'!
_*?/)'+'!
#$1/)$.*'!
K!
*?+=)+,/?1+'!
&#,/'1)&$.*'!

!
!!

!
!!

!
!!

N/! +6G*1&%+! =)&A+),&$.! *'! .$! &#?./'&(#!

,*! .$! +)&*#1$?&(#! $A6&*#1$.! *#! .+'!
'*?1+)*'!=)+,/?1&%+'H!?+#!/#$!%&'&(#!,*!
=)*%*#?&(#H! A&#&A&3$?&(#! ,*! .+'!
&A=$?1+'!K!)&*'D+'!$A6&*#1$.*'L!!

B*#1)+!,*!.+'!.+D)+'!
$.?$#3$,+'! ! =+)! .$!
<+.21&?$! ,*! X$?&+#$.!
,*! <)+,/??&(#! AJ'!
]&A=&$H! =+,*A+'!
A*#?&+#$)!Y/*!*#!*.!
'*?1+)! =)+,/?1&%+!
*[&'1*#! U^! D/2$'!
$A6&*#1$.*'!
'*?1+)&$.*'H!
*.!
-*#1)+! X$?&+#$.! ,*!
<)+,/??&(#!
0J'!
]&A=&$!K!j*?#+.+D2$'!
MA6&*#1$.*'!
,*!
-+.+A6&$H! 8! #+,+'!
)*D&+#$.*'!
K!
%*#1$#&..$'!
$A6&*#1$.*'H! D)/=+'!
,*! 1)$6$G+! *#! .$'!

N*!
=/*,*!
*#A$)?$)! *#! .$'! ;!
?$1*D+)2$'Q!
M=)+%*?R$A&*#1+!
N+'1*#&6.*! ,*! .+'!
)*?/)'+'!
X$1/)$.*'H!
E?+=)+,/?1+'!
@#,/'1)&$.*'!
K!
N*)%&?&+'!
$A6&*#1$.*'!

O:8S5;-6>(

'*)%&?&+'!
$A6&*#1$.*'!

7;k!

$/1+)&,$,*'!
$A6&*#1$.*'! 1$#1+!
)*D&+#$.*'!
?+A+!
/)6$#$'L!!!

>/'?$! @A=*,&)! +! A&#&A&3$)! .+'! )&*'D+'!

=$)$! .+'! '*)*'! R/A$#+'! K! *.! A*,&+!
$A6&*#1*! Y/*! +?$'&+#$#! .+'! )*'&,/+'!
'(.&,+'! K! =*.&D)+'+'H! K! *#! *'=*?&$.! !
A&#&A&3$)!.$!?$#1&,$,!+!=*.&D)+'&,$,!,*!
.+'!Y/*!..*D$#!$!.+'!'&1&+'!,*!,&'=+'&?&(#!
I&#$.L!!
<)*%*#&)! .$! D*#*)$?&(#! ,*! .+'! _EN<E]! K!
=)+A+%*)!
*.!
A$#*G+!!
$A6&*#1$.A*#1*! $,*?/$,+! ,*! .+'! Y/*!
'*! D*#*)*#H! ?+#! *.! I&#! ,*! .+'! Y/*! '*!
!
D*#*)*#H!
?+#!
*.!
I&#!
,*!!
A&#&A&3$)! .+'! )&*'D+'! '+6)*! .$! '$./,!
R/A$#$! K! *.! $A6&*#1*! ?+#1)&6/K*#,+!
$.!,*'$))+..+!'+'1*#&6.*L!!
E.! +6G*1&%+! *'! *'1$6.*?*)! ,&)*?1)&?*'!
=$)$! *.! A$#*G+! '+'1*#&6.*! ,*! .$'! J)*$'!
/)6$#$'H! ,*I&#&*#,+! *.! =$=*.! K! $.?$#?*!
*!
&,*#1&I&?$#,+!
)*?/)'+'!
*!
&#'1)/A*#1+'! ,*! .+'! ,&I*)*#1*'! $?1+)*'!
&#%+./?)$,+'H! ,*! $?/*),+! ?+#! '/'!
?+A=*1*#?&$'!K!I/#?&+#*'H!?+#!*.!I&#!,*!
$)A+#&3$)! .$! D*'1&(#H! .$'! =+.21&?$'!
!
'*?1+)&$.*'! K! I+)1$.*?*)! .+'! *'=$?&+'! ,*!
?++),&#$?&(#! &#1*)&#'1&1/?&+#$.! K! ,*!
=$)1&?&=$?&(#!
?&/,$,$#$H!
=$)$!
?+#1)&6/&)!$!.$!'+'1*#&6&.&,$,!$A6&*#1$.!
/)6$#$! K! $! .$! ?$.&,$,! ,*! %&,$! ,*! '/'!
=+6.$,+)*'H!)*?+#+?&*#,+!.$!,&%*)'&,$,!
)*D&+#$.!K!.+'!1&=+'!,*!J)*$'!/)6$#$'!*#!
-+.+A6&$L!!
*'1$6.*?&(! Y/*! *.! 0&#&'1*)&+! ,*!
MA6&*#1*H! `&%&*#,$! K! B*'$))+..+!
j*))&1+)&$.!O0M`BjP!?++),&#$)JH!?+#!.$'!
,*AJ'! &#'1&1/?&+#*'! Y/*! I+A*#1$#! *.!
/'+! '+'1*#&6.*! ,*! .$! 6&+,&%*)'&,$,! .$!
,*I&#&?&(#! K! I+)A/.$?&(#! ,*.! <)+D)$A$!
X$?&+#$.! ,*! >&+?+A*)?&+! N+'1*#&6.*H! !
?+A+! =$)1*! ,*! .$! $?1/$.&3$?&(#! K!
)*%&'&(#! ,*.! <.$#! E'1)$1ZD&?+! X$?&+#$.!
,*!
0*)?$,+'!
`*),*'L!
E#! *'1*! '*#1&,+H! *.! 0M`Bj! *#! *'*!
*#1+#?*'H! R+K! 0MBNH! ?+A+( OH,3$(
4$%1.( O$.J3&%$! *#! A$1*)&$! ,*!

'*)%&?&+'!
$A6&*#1$.*'!

'*)%&?&+'!
$A6&*#1$.*'!

*?+=)+,/?1+'!
&#,/'1)&$.*'!
'*)%&?&+'!
$A6&*#1$.*'!

K!

N*!
=/*,*!
*#A$)?$)! *#! .$'! ;!
?$1*D+)&$'Q!
M=)+%*?R$A&*#1+!
N+'1*#&6.*! ,*! .+'!
)*?/)'+'!
X$1/)$.*'H!
E?+=)+,/?1+'!
@#,/'1)&$.*'!
K!
N*)%&?&+'!
$A6&*#1$.*'!

7C:!

>&+?+A*)?&+!$#1*!.$!-+#I*)*#?&$!,*!.$'!
X$?&+#*'! "#&,$'! '+6)*! -+A*)?&+! K!
B*'$))+..+! ! "X-jMBH! ,*.*D(! $! .$!
N*?)*1$)2$! jZ?#&?$! ,*.! -+A&1Z! jZ?#&?+!
X$?&+#$.! '+6)*! >&+,&%*)'&,$,! K!
-+A=*1&1&%&,$,H! ?+A+! OH,3$( 4$%1.(
5f%,&%$!$#1*!.$!"X-jMB!*#!A$1*)&$!,*!
>&+?+A*)?&+H! *'1J! *#?$)D$,$! ,*! .$!
I+)A/.$?&(#! *! &A=.*A*#1$?&(#! ,*.!
<)+D)$A$! X$?&+#$.! ,*! >&+?+A*)?&+!
N+'1*#&6.*!=$)$!-+.+A6&$L!
>/'?$!&A=/.'$)! .$! D*'1&(#!,*!.$!?$.&,$,!
,*! $&)*! *#! .! ?+)1+H! A*,&$#+! K! .$)D+!
=.$3+H!?+#!*.!I&#!,*!$.?$#3$)!.+'!#&%*.*'!
,*! ?$.&,$,! ,*.! $&)*! $,*?/$,+'! =$)$!
=)+1*D*)! .$! '$./,! K! *.! 6&*#*'1$)!
R/A$#+H! *#! *.! A$)?+! ,*.! ,*'$))+..+!
'+'1*#&6.*L! E'1$6.*?*! .+'! .&#*$A&*#1+'!
=$)$! *.! ,&'*S+! K! *G*?/?&(#! ,*! !
*'1)$1*D&$'!#$?&+#$.*'!K!.+?$.*'!=$)$!.$!
=)*%*#?&(#! K! *.! ?+#1)+.! ,*! .$!
?+#1$A&#$?&(#! ,*.! $&)*L! M'&A&'A+!
,*I&#*!.+'!=)&#?&=&+'!*!&#'1)/A*#1+'!,*!
=+.21&?$!=\6.&?$!Y/*!=*)A&1$#!D*'1&+#$)!
K! A$#*G$)! *#! )*?/)'+! $&)*! *#! .$'! J)*$'!
/)6$#$'!K!)/)$.*'L!!

-/K+! +6G*1+! *'! =)+A+%*)! *.! A$#*G+! K!

,*'$))+..+! ?++),&#$,+! ,*.! $D/$! *#!
&#1*)$??&(#! ?+#! .+'! ,*AJ'! )*?/)'+'!
#$1/)$.*'H! A$[&A&3$#,+! *.! 6&*#*'1$)!
!
'+?&$.! K! *?+#(A&?+! )*'/.1$#1*H! ,*!
A$#*)$!*Y/&1$1&%$H!'&#!?+A=)+A*1*)!.$!
'+'1*#&6&.&,$,! ,*! .+'! *?+'&'1*A$'!
%&1$.*'L!!

E#! 9:7:! .$! <+.21&?$! ,*! <)+,/??&(#! AJ'!

]&A=&$!I/*!)*%$./$,$!=$)$!&#%+./?)$)!*.!
?+#?*=1+!
,*!!
?+#'/A+! '+'1*#&6.*L! M?1/$.A*#1*! .$!
#/*%$!V<+.21&?$!X$?&+#$.!,*!<)+,/??&(#!
K! -+#'/A+! N+'1*#&6.*W! '*! +)&*#1$! $! !
?$A6&$)! .+'! =$1)+#*'! &#'+'1*#&6.*'! ,*!
=)+,/??&(#!K!?+#'/A+!=+)!=$)1*!,*!.+'!
,&I*)*#1*'! '*?1+)*'! ,*! .$! '+?&*,$,!
#$?&+#$.H!.+!Y/*!?+#1)&6/&)J!$!)*,/?&)!.$!
?+#1$A&#$?&(#H!!

'*)%&?&+'!
$A6&*#1$.*'!
*?+=)+,/?1+'!
&#,/'1)&$.*'!

K!

N*!
=/*,*!
*#A$)?$)! *#! .$'! ;!
?$1*D+)2$'Q!
M=)+%*?R$A&*#1+!
N+'1*#&6.*! ,*! .+'!
)*?/)'+'!
X$1/)$.*'H!
E?+=)+,/?1+'!
@#,/'1)&$.*'!
K!
N*)%&?&+'!
$A6&*#1$.*'!
N*!
=/*,*!
*#A$)?$)! *#! .$'! ;!
?$1*D+)2$'Q!
M=)+%*?R$A&*#1+!
N+'1*#&6.*! ,*! .+'!
)*?/)'+'!
X$1/)$.*'H!
E?+=)+,/?1+'!
@#,/'1)&$.*'!
K!
N*)%&?&+'!
$A6&*#1$.*'!

7C7!

?+#'*)%$)! .+'! )*?/)'+'H! I$%+)*?*)! .$!

&#1*D)&,$,! $A6&*#1$.! ,*! .+'! 6&*#*'! K!
'*)%&?&+'! K! *'1&A/.$)! *.! /'+! '+'1*#&6.*!
,*!.$!6&+,&%*)'&,$,!?+A+!I/*#1*'!,*!.$!
?+A=*1&1&%&,$,! *A=)*'$)&$.! K! ,*! .$!
?$.&,$,! ,*! %&,$L! M! '/! %*3H! *'1$! =+.21&?$!
)*'=+#,*!
$!
.+'!
?+A=)+A&'+'!
$,Y/&)&,+'!,*!A$#*)$!%+./#1$)&$!=+)!*.!
=$2'! *#! *.! A$)?+! ,*.! <)+?*'+! ,*!
0$))$p*?R! *.! ?/$.! *'! &A=/.'$,+! =+)! .$!
f)D$#&3$?&(#! ,*! X$?&+#*'! "#&,$'! T
fX"H! =$)$! ,$)! ?/A=.&A&*#1+! $.!
?$=21/.+!@@@!,*.!=.$#!,*!&A=.*A*#1$?&(#!
,*! .$! -/A6)*! 0/#,&$.! ,*!
{+R$##*'6/)D+! O9::9PL! E'1*! A&'A+!
=)+?*'+! )*$I&)A$! K! 6/'?$! $%$#3$)! AJ'!
$..J!,*!.$!MD*#,$!97H!Y/*!,&+!&#&?&+!$!/#!
=)+?*'+! &#1*)#$?&+#$.! +)&*#1$,+! $.!
*'12A/.+! ,*! /#$! =)+,/??&(#! AJ'!
.&A=&$H! $! =$)1&)! ,*! .$! -/A6)*! ,*! .$!
j&*))$H! +)D$#&3$,$! =+)! .$! A&'A$! fX"!
*#! *.! $S+! ,*! 7kk9L! ]$! #/*%$! <+.21&?$!
X$?&+#$.! -+.+A6&$#$! ,*! <)+,/??&(#! K!
-+#'/A+! N+'1*#&6.*! *'! *.! A$)?+!
$A6&*#1$.! =$)$! .$'! $??&+#*'! ,*!
?+A=)$'!'+'1*#&6.*'!*#!-+.+A6&$L!!
f6G*1&%+! D*#*)$.Q! -+#'+.&,$)! .$!
=)+,/??&(#! ,*! 6&*#*'! $A6&*#1$.A*#1*!
'+'1*#&6.*'! *! &#?)*A*#1$)! .$! +I*)1$! ,*!
'*)%&?&+'!*?+.(D&?+'!?+A=*1&1&%+'!*#!.+'!
N*!
=/*,*!
A*)?$,+'!#$?&+#$.*'!*!&#1*)#$?&+#$.*'H!
*#A$)?$)! *#! .$'! ;!
?+#1)&6/K*#,+! $.! A*G+)$A&*#1+! ,*! .$!
?$1*D+)2$'Q!
?$.&,$,!$A6&*#1$.!K!*.!6&*#*'1$)!'+?&$.L!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M=)+%*?R$A&*#1+!
E.! <EX0`! '*! *#A$)?(! *#! ?/$1)+!
N+'1*#&6.*! ,*! .+'!
+6G*1&%+'!
*'=*?2I&?+'Q! !
)*?/)'+'!
l! @A=/.'$)! .$! ,*A$#,$! #$?&+#$.! =+)!
X$1/)$.*'H!
=)+,/?1+'!
%*),*'L!
E?+=)+,/?1+'!
l! <+'&?&+#$)! $! -+.+A6&$! ?+A+!
@#,/'1)&$.*'!
K!
=)+%**,+)! ,*! =)+,/?1+'! %*),*'L!
N*)%&?&+'!
l! -+#'+.&,$)! *'1)/?1/)$'! +)D$#&3$1&%$'!
$A6&*#1$.*'!
,*!
.+'!
=)+,/?1+)*'!
%*),*'L!
l! E'1$6.*?*)! &#'1)/A*#1+'! ,*! $=+K+! $.!
'*?1+)!,*!=)+,/?1+'!%*),*'!

7C9!

6!2c:((U=(2>5e!96C2>():8A!56C;:>(
!

C-!M''+?&$1&+#!
M>Xj!E?+.$6*.!
M..&$#?*!I+)!_*'=+#'&6.*!0&#&#D!OM_0P!
M==$)*.!E[=+)1!<)+A+1&+#!-+/#?&.!!-+AA+#!-+A=.&$#?*!-+,*!
>*11*)!-+11+#!@#&1&$1&%*!O>-@P!
>+#'/?)+!!>*11*)!N/D$)!-$#*!@#&1&$1&%*!
>_-!F.+6$.!N1$#,$),'!!5++,!
>/'&#*''!N+?&$.!-+A=.&$#?*!@#&1&$1&%*!O>N-@P!
-$#$,$FM<!
-$)6+#!j)/'1!5++1=)&#1!-+A=$#K!O-$)6+#!]$6*.P!
-.*$#!-.+1R*'!-$A=$&D#!!-+,*!+I!]$6+/)!<)$?1&?*'!
-.&A$1*H!-+AA/#&1KH!$#,!>&+,&%*)'&1K!N1$#,$),'!O-->!N1$#,$),'P!
-+11+#!0$,*!&#!MI)&?$!
-+/#?&.!I+)!N/'1$&#$6.*!>&+A$''!<)+,/?1&+#!O-N><P!
-N-k:::j!
Ep+.$6*.!@#,+#*'&$!
E.*?1)+#&?!@#,/'1)K!-&1&3*#'R&=!-+$.&1&+#!!E@--!
E1R&?$.!j*$!<$)1#*)'R&=!OEj<P!
E1R&?$.!j)$,&#D!@#&1&$1&%*!OEj@P!
5$&)!5.+c*)'!5$&)!<.$#1'!O55<P!
5$&)!z*$)!5+/#,$1&+#!
5$&)1)$,*!@#1*)#$1&+#$.!
5$&)z&.,!
5]M!z+)p=.$?*!-+,*!+I!-+#,/?1!
5.+)%*),*!
5.+c*)!]$6*.!<)+D)$A!O5]<P!
5++,!M..&$#?*!
5++,!{/'1&?*!-*)1&I&*,!
5++,!N$I*1K!NK'1*A!-*)1&I&?$1&+#!99:::!
5+)*'1!N1*c$),'R&=!-+/#?&.!O5N-P!
F.+6$.!MY/$?/.1/)*!M..&$#?*!!>*'1!MY/$?/.1/)*!<)$?1&?*'!
F.+6$.!f)D$#&?!j*[1&.*!N1$#,$),!OFfjNP!
F.+6$.!_*,!0*$1!N1$#,$),!
F.+6$.!_*=+)1&#D!@#&1&$1&%*!OF_@P!
F.+6$.!FLML<L!
F++,z*$%*!
F)**#!N*$.!
F)**#T*!
@-j@!-M_E!
7C;!

@5fM0!>$'&?!N1$#,$),'!
@5N!5++,!`*)'&+#!8!
@#1*)#$1&+#$.!-+/#?&.!+#!0&#&#D!$#,!0*1$.'!
@#1*)#$1&+#$.!N/'1$&#$6&.&1K!$#,!-$)6+#!-*)1&I&?$1&+#!O@N--P!
o_M`!
]EM5!0$)Y/*!
0$)&#*!N1*c$),'R&=!-+/#?&.!O0N-P!
0<N!!M>-!
X$1&+#$.!E?+.$6*..&#D!<)+D)$AA*!!F)**#!-R+&?*!<R&.&==&#*'!
<E5-!@#1*)#$1&+#$.!
<*+=.*!C!E$)1R!
<)&A/'F5N!
<)+j*))$!5+/#,$1&+#!
_$&#I+)*'1!M..&$#?*!!NMX!
_*'=+#'&6.*!{*c*..*)K!-+/#?&.!O_{-P!
_+/#,1$6.*!+#!_*'=+#'&6.*!N+K!M''+?&$1&+#!
_+/#,1$6.*!+#!N/'1$&#$6.*!>&+I/*.'!O_N>P!
_+/#,1$6.*!+#!N/'1$&#$6.*!<$.A!f&.!
N$I*!y/$.&1K!5++,!<)+D)$A!ONy5P!
N*,*[!0*A6*)'!E1R&?$.!j)$,*!M/,&1!ON0EjMP!
N&#D$=+)*!0*A6*)'!]$6*..&#D!N?R*A*!
N+?&$.!M??+/#1$6&.&1K!@#1*)#$1&+#$.!!NMd:::!
Nf-@M]-M_>fX!N1$#,$),!
N+&.!M''+?&$1&+#!f)D$#&?!N1$#,$),'!
N/'1$&#$6.*!MD)&?/.1/)*!@#&1&$1&%*!ONM@P!<.$1I+)A!
N/'1$&#$6.*!5$&)!j)$,*!0$#$D*A*#1!NK'1*A!
N/'1$&#$6.*!5+)*'1)K!@#&1&$1&%*!ON5@P!
j*))$-R+&?*!!E?+]+D+j0!
jR$&!F)**#!]$6*.!
jR*!F+.,!N1$#,$),!
"#&+#!I+)!E1R&?$.!>&+j)$,*!O"E>jP!
"j4!-*)1&I&*,!F++,!@#'&,*!
`*)&I&*,!-$)6+#!N1$#,$),!O`-NP!
z+).,c&,*!_*'=+#'&6.*!M??)*,&1*,!<)+,/?1&+#!Oz_M<P!

5/*#1*Q!O@#1*)#$1&+#$.!j)$,*!-*#1)*H!9:79P!

(
!
!
!

7CC!