VCI in China

8/7/2019 VCI in China

http://slidepdf.com/reader/full/vci-in-china 1/154

http://www.rand.org/pdfrd/


http://www.prgs.edu/

http://www.rand.org/pdfrd/publications/RGSD/RGSD180/

http://www.rand.org/pdfrd/research_areas/children/

http://www.rand.org/pdfrd/research_areas/civil_justice/

http://www.rand.org/pdfrd/research_areas/education/

http://www.rand.org/pdfrd/research_areas/energy_environment/

http://www.rand.org/pdfrd/research_areas/health/

http://www.rand.org/pdfrd/research_areas/international_affairs/

http://www.rand.org/pdfrd/research_areas/national_security/

http://www.rand.org/pdfrd/research_areas/population/

http://www.rand.org/pdfrd/research_areas/public_safety/

http://www.rand.org/pdfrd/research_areas/science_technology/

http://www.rand.org/pdfrd/research_areas/substance_abuse/

http://www.rand.org/pdfrd/research_areas/terrorism/


http://www.rand.org/pdfrd/research_areas/infrastructure/


http://www.rand.org/pdfrd/cgi-bin/Abstracts/e-getabbydoc.pl?RGSD-180

http://www.rand.org/pdfrd/publications/electronic/

http://www.rand.org/pdfrd/giving/contribute.html

http://www.rand.org/pdfrd/giving/contribute.html

http://www.rand.org/pdfrd/publications/electronic/

http://www.rand.org/pdfrd/cgi-bin/Abstracts/e-getabbydoc.pl?RGSD-180






http://www.rand.org/pdfrd/research_areas/substance_abuse/

http://www.rand.org/pdfrd/research_areas/science_technology/

http://www.rand.org/pdfrd/research_areas/public_safety/

http://www.rand.org/pdfrd/research_areas/population/

http://www.rand.org/pdfrd/research_areas/national_security/

http://www.rand.org/pdfrd/research_areas/international_affairs/

http://www.rand.org/pdfrd/research_areas/health/

http://www.rand.org/pdfrd/research_areas/energy_environment/

http://www.rand.org/pdfrd/research_areas/education/

http://www.rand.org/pdfrd/research_areas/civil_justice/

http://www.rand.org/pdfrd/research_areas/children/

http://www.rand.org/pdfrd/publications/RGSD/RGSD180/






Venture CapitalInvestments in China

FENG ZENG

This document was submitted as a dissertation in March 2004 in partialfulfillment of the requirements of the doctoral degree in policy analysis at thePardee RAND Graduate School. The faculty committee that supervised andapproved the dissertation consisted of Charles Wolf, Jr. (Chair), C.R. Neu, andHongbin Cai.



! """

!"#$%&#'

#$%! &%'()*%! +,-"(,.! "'/)0(*1! "'! ($%! 2'"(%/! 3(,(%0! "0! 4"/%.1! ,+5'64.%/7%/! ,0! ,!

-64%*8).! %',9.%*! 68! %'(*%-*%'%)*0$"-! ,'/! "''6&,("6'! "'! ($%! :;%*"+,'! %+6'6;1<!!

2'0)*-*"0"'7.1=! >$"',?0! &%'()*%! +,-"(,.! "'/)0(*1! "0! *%.,("&%.1! "'+6'0-"+)6)0=! "'+$6,(%=!.";"(%/!"'!0+,.%=!,'/!%;9%//%/!"'!,!&%*1!/"88%*%'(!+).()*,.!+6'(%@(!8*6;!($,(!68!($%!2'"(%/!

3(,(%0<!

! A%'7! B%'7?0! /6+(6*,.! /"00%*(,("6'! "0! ,! -"6'%%*"'7! %@-.6*,("6'! 68! ($%! %;%*7"'7!

&%'()*%! +,-"(,.! "'/)0(*1! "'! >$"',<! ! 20"'7! ,! ($%6*%("+,.! 8*,;%46*5! /%*"&%/! 8*6;! ($%!

-*"'+"-,.C,7%'(!."(%*,()*%!"'!%+6'6;"+0!,'/!8*6;!&%'()*%!+,-"(,.!0()/"%0!"'!($%!2<3<=!$%!

86*;).,(%0! ');%*6)0! $1-6($%0%0! *%.,("'7! (6! >$"',?0! *%+%'(! ,'/! -*60-%+("&%! &%'()*%!

+,-"(,.! %@-%*"%'+%=! (%0("'7! ($%0%! $1-6($%0%0! ,7,"'0(! (46! 6*"7"',.! /,(,! 0%(0! /%&%.6-%/!

($*6)7$!$"0!8"%./!46*5!"'!>$"',!,'/!8*6;!6($%*!"'(%*'%(!06)*+%0<!!#$%!*%0).(!"0!,!)'"D)%!

0()/1! ($,(! 0$6)./!9%! 68! "'(%*%0(! (6! -*,+("("6'%*0=! -6."+1;,5%*0=! ,'/! 0+$6.,*0!+6'+%*'%/!

4"($!"'&%0(;%'(=!+6*-6*,(%!76&%*','+%=!,'/!%+6'6;"+!7*64($!"'!>$"',<!!

! ! !!

! ! ! ! E*<!>$,*.%0!F6.8=!G*<!!



! &

()**%"+'

! H%'()*%!+,-"(,.! IH>J! $,0! 9%%'! 7*64"'7!*,-"/.1! "'!/%&%.6-"'7! +6)'(*"%0! 0"'+%!

KLLM=! 9)(! ."((.%! *%0%,*+$! $,0! 9%%'! /6'%! 6'! H>! "'! /%&%.6-"'7! +6)'(*"%0! 06! 8,*<! #$"0!

*%0%,*+$! +6'(*"9)(%0! (6! ($%! 5'64.%/7%! 68! H>! "'! /%&%.6-"'7! +6)'(*"%0! 91! 0()/1"'7! H>!

"'&%0(;%'(0! "'! >$"',<! >$"',! "0! ,'! ,((*,+("&%! 0(,*("'7! -6"'(! (6! 0()/1! H>! "'! /%&%.6-"'7!

+6)'(*"%0! 9%+,)0%! >$"',! "0! ($%! 0)-%*0(,*! 68! /%&%.6-"'7! +6)'(*"%0! "'! ,((*,+("'7! H>!

"'&%0(;%'(0<!E%(,".%/!*%0%,*+$!6'!H>!"'!>$"',!4"..!9%!68!7*%,(!"'(%*%0(0!(6!&,*"6)0!H>!

-*,+("("6'%*0!,'/!-6."+1!;,5%*0!"'!/%&%.6-"'7!+6)'(*"%0<!!!

! #$"0!($%0"0!-*6&"/%0! ,!/%(,".%/! /%0+*"-("6'!68! ($%!$"0(6*1! 68! &%'()*%!+,-"(,.!"'!

>$"',!91!)0"'7!,!)'"D)%!/,(,!0%(!68!H>C9,+5%/!8"*;0!+6..%+(%/!91!($%!,)($6*<!N(!8"'/0!($,(!

&%'()*%!+,-"(,.!%@-%*"%'+%/!/*,;,("+!+$,'7%!"'!>$"',!"'!($%!KLLM0<!O,P6*!8"'/"'70!68!($"0!

($%0"0!,*%!0);;,*"Q%/!,0!86..640R!

!

!"#$%&'()*+(,*-)$-.$/),#&)(,*-)(0$1#),2&#$3(4*,(0$52)67$*)$3"*)( !

! O60(! 68! ($%! &%'()*%! +,-"(,.! "'&%0(;%'(0! "'! >$"',! $,&%! 9%%'! +6'/)+(%/! 91!

"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0<!#$%!/6;"','+%!68!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!

"0! ;,"'.1! /)%! (6! >$"',?0! 0(*"+(! *%7).,("6'0! ,7,"'0(! 8)'/C*,"0"'7! "'! >$"',<! O60(! 68! ($%!

"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!4%*%!"'+6*-6*,(%/!,0!P6"'(!&%'()*%!8)'/0!4"($!0(,(%C

64'%/!%'(%*-*"0%0!I3ST0J!(6!%+6'6;"Q%!6'!(*,'0,+("6',.!+60(0!"'!>$"',!"'!($%!%,*.1!KLLM0<!U1!($%!%'/!68!($%!KLLM0=!,0!>$"',?0!;,*5%(C6*"%'(%/!*%86*;!/%%-%'%/!,'/!($%!*).%!68!.,4!

";-*6&%/=!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!4%*%!;)+$!.%00!."5%.1!(6!$,&%!3ST!-,*('%*0!!

!

$

3"-*8#7$9#,:##)$;%<7$()6$=&*>(,#$5*&?7 !

S'%!68!($%!;60(!/*,;,("+!+$,'7%0! "'!H>!"'&%0(;%'(0!"'!>$"',!"0!($%!0$"8(! 8*6;!

"'&%0("'7! "'!3ST0! (6!"'&%0("'7!"'!-*"&,(%!8"*;0<!N'! ($%! %,*.1!KLLM0=!LMV! 68!H>C9,+5%/!

8"*;0!4%*%!3ST0<!N'!+6'(*,0(=!8%4%*!($,'!KMV!68!($%!H>C9,+5%/!8"*;0!4%*%!3ST0!"'!($%!

.,(%!KLLM0<!!

N'(%*',("6',.!&%'()*%!+,-"(,."0(0!4%*%!4".."'7!(6!+6;-*6;"0%!76&%*','+%!0(*)+()*%!

91! "'&%0("'7! "'! 3ST0! "'!($%! %,*.1!KLLM0!9%+,)0%! 68!0%&%*,.! *%,06'0! *%.,(%/! (6!>$"',?0!

"'0("()("6',.!%'&"*6';%'(<!N'!($%!%,*.1!KLLM0=!3ST0!%'P61%/!($%!;60(!8,&6*,9.%!,++%00!(6!

Joint venture to private company later

because deregulation of China.state owned enterprise



! &"

*%06)*+%0!"'!>$"',=!"'+.)/"'7!+,-"(,.=!$);,'!*%06)*+%=!*,4!;,(%*",.0!,'/!,++%00!(6!NWS0<!

N'! +6'(*,0(=! -*"&,(%! 8"*;0! $,/! "'0%+)*%! -*6-%*(1! *"7$(0! ,'/! 4%*%! $%,&".1! /"0+*";"',(%/!

,7,"'0(!91!($%!>$"'%0%!76&%*';%'(!"'!($%!%,*.1!KLLM0<!!

N'(%*',("6',.!&%'()*%!+,-"(,."0(0!9%+,;%!"'+*%,0"'7.1!"'(%*%0(%/!"'!-*"&,(%!8"*;0!,0!

>$"',?0!;,*5%(C6*"%'(%/!*%86*;0!-*6&"/%/!7*%,(%*!*66;!86*!-*"&,(%!%'(%*-*"0%0!(6!7*64<!

#$%!*"0%!68!X:3E:Y!"'!($%!.,(%!KLLM0!-*6&"/%/!,'!"/%,.!-.,+%!86*!>$"',?0!H>C9,+5%/!

-*"&,(%!8"*;0!(6!$,&%!NWS0<!#$%0%!(46!8,+(6*0!;,/%!-*"&,(%!8"*;0!"'+*%,0"'7.1!,((*,+("&%!

(6!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!91!($%!%'/!68!KLLM0<!!

!

!@4#7$-.$13A9(8B#6$/)627,&*#7$$

N'! ($%! %,*.1! KLLM0=! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! 4%*%!7%'%*,..1! "'(%*%0(%/!"'!

.64C(%+$! "'/)0(*"%0<! Z64%&%*=! "'! ($%! .,(%! KLLM0=! "'86*;,("6'! (%+$'6.671! IN#J[*%.,(%/!

8"*;0!,++6)'(%/!86*!,96)(!LMV!68!($%!H>C9,+5%/!8"*;0!"'!($%!.,(%!KLLM0<!#$%!-%*+%'(,7%!

68! "'&%0(;%'(0!"'! $"7$C(%+$! "'/)0(*"%0! "'! >$"',! "'! ($%! .,(%! KLLM0! $,0! 9%%'! *%;,*5,9.1!

$"7$!+6;-,*%/!4"($!H>!"'&%0(;%'(0!"'!6($%*!+6)'(*"%0<!!N(!"0!,.06!"'+6'0"0(%'(!4"($!($%!

-*68".%!68!8,0(C7*64"'7!-*"&,(%!8"*;0!"'!>$"',<!#$%!*"0%!68!($%!X:3E:Y!,'/!($%!>$"'%0%!

76&%*';%'(?0!-6."+"%0!(6!-*6;6(%!$"7$C(%+$!"'/)0(*"%0!"'!>$"',!,*%!."5%.1!($%!;,"'!*%,06'!

9%$"'/!($%!/*,;,("+!0$"8(!8*6;!86+)0"'7!6'!.64C(%+$!(6!86+)0"'7!6'!$"7$C(%+$<!!

!

;,('#7$-.$13A9(8B#6$5*&?7 !

N'(%*',("6',.!&%'()*%!+,-"(,."0(0!4%*%!;6*%!"'(%*%0(%/!"'!%,*.1C0(,7%!8"*;0!91!($%!

%'/!68!($%!KLLM0<!#$%0%!H>C9,+5%/!%,*.1C0(,7%!8"*;0!(%'/%/!(6!+6'+%'(*,(%!6'!N'(%*'%(C

*%.,(%/!"'/)0(*"%0=!0)77%0("'7!($,(!($%!"'+*%,0%/!"'(%*%0(!"'!%,*.1C0(,7%!8"*;0!"0!."5%.1!(6!9%!

;,"'.1!/*"&%'!91!($%!X:3E:Y<!

!!

<C2*,@$;,(B#7$()6$1(02(,*-)7$

N'! ($%! .,(%! KLLM0=! ($%! ,&%*,7%! "'&%0(;%'(! ,;6)'(! 4,0! 0."7$(.1! $"7$%*! ,'/! ($%!

%D)"(1!0(,5%!$%./!91!&%'()*%!+,-"(,."0(0!/%+*%,0%/=!4$"+$!0)77%0(0!($,(!($%!&,.),("6'!68!

H>C9,+5%/! 8"*;0! $,/! "'+*%,0%/! /*,;,("+,..1! 91! ($%! %'/! 68! KLLM0<! #$"0! "'+*%,0%! "'!

&,.),("6'!,'/!*"05C(,5"'7!"'!($%!.,(%!KLLM0!"0!+6'0"0(%'(!4"($!($%!966;"'7!X:3E:Y=!,'/!

($%!-$%'6;%'6'!68!\;6'%1!+$,0"'7!/%,.0]!"'!H>!"'&%0(;%'(0!"'!($%!2'"(%/!3(,(%0<!!

initial public offering



! &""

!

D*78277*-)$()6$3-)8027*-)7 !!!

#$%!>$"'%0%!76&%*';%'(! -.,10!,'! ";-6*(,'(! *6.%! "'!0$,-"'7!H>!"'&%0(;%'(0!"'!

>$"',<!2'86*()',(%.1=!;60(!68!>$"',?0!+)**%'(!*%7).,("6'0!$,&%!'%7,("&%!";-,+(0!6'!H>!

"'&%0(;%'(0<!:!+6;;6'!($%;%!68!H>!"'&%0(;%'(0!"'!>$"',!"'!($%!KLLM0!"0!($%!/%0"*%!(6!

%&,/%!>$"'%0%!76&%*';%'(!*%7).,("6'0<!S8!,..!($%!-6."+1!+6'0(*,"'(0!6'!H>!/%&%.6-;%'(!

"'!>$"',=!'6(! 9%"'7!,9.%!(6! ."0(!"'! >$"',?0!/6;%0("+! 0(6+5!%@+$,'7%0! "0!."5%.1!(6! 9%!($%!

;60(!9"'/"'7!+6'0(*,"'(<!!

#$"0! *%0%,*+$! -*6&"/%0! ,'! ,88"*;,("&%! ,'04%*! (6! ($%! D)%0("6'! 68! 4$%($%*!

/%&%.6-"'7! +6)'(*"%0! +,'! /%&%.6-! ,'/! 9%'%8"(! 8*6;! H><! E%0-"(%! ,..! ($%! /"88"+).("%0! 68!

+6'/)+("'7! H>! "'&%0(;%'(0! "'! >$"',=! ($%0%! "'&%0(;%'(0! 0("..! %@-%*"%'+%/! /*,;,("+!

7*64($! "'! ($%! KLLM0! ,'/! $,&%! 0)++%008)..1! 7%'%*,(%/! 06;%! 06."/! ;).("[9".."6'! /6..,*!

8"*;0!."0(%/!"'! ($%! X:3E:Y<! >$"',?0!%@-%*"%'+%! 0$640!($,(!H>! +,'!-.,1!,! -*6;"'%'(!

*6.%!"'!.,*7%!/%&%.6-"'7!+6)'(*"%0<!!

#$%!*%0%,*+$!8"'/0!($,(!($%!"'86*;,("6'C,7%'+1!,--*6,+$!$,0!$,/! .";"(%/!0)++%00!

"'!%@-.,"'"'7!H>!"'&%0(;%'(0!"'!>$"',<!#$%!%88%+(0!-*%/"+(%/!91!($%!"'86*;,("6'C,7%'+1!

,--*6,+$! ,*%! ."5%.1! (6! 9%! 0%+6'/,*1! +6;-,*%/! 4"($! ($%! %88%+(0! 68! ($%! >$"'%0%!

76&%*';%'(?0!NWS!-6."+"%0!,'/!-*"&,(%!-*6-%*(1!-6."+"%0<!U%+,)0%!/%&%.6-"'7!+6)'(*"%0!

(1-"+,..1! $,&%! +);9%*06;%! 76&%*';%'(! *%7).,("6'0! ,'/! "'0%+)*%! -*6-%*(1! *"7$(0=! "(! "0!

";-6*(,'(!(6!0()/1!($60%!,*%,0!"'!-,*("+).,*!(6!)'/%*0(,'/!H>!"'!/%&%.6-"'7!+6)'(*"%0<!!!!!

!

avoid

ยุ ่งยาก



! "@

3%E!<E!;$

W^TA:>T <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< """!32OO:^_ <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< &!:>`XSFaTEbOTX#3 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< @&!>Z:W#T !̂KR!NX#^SE2>#NSX<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< K!

K<K<!3"7'"8"+,'+%!68!($%!^%0%,*+$ <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< K!K<c<!^%0%,*+$!Y)%0("6'0 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< d!K<d<!S*7,'"Q,("6'!68!($%!#$%0"0<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< e!

>Z:W#T !̂cR!aN#T^:#2^T!^THNTF<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< f!c<K<!H%'()*%!>,-"(,.R!:'!:7%'+1!W%*0-%+("&%<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< L!c<c<!NWS0!,'/!H%'()*%!>,-"(,.!N'&%0(;%'(0<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< cK!c<d<!a,4!,'/!A"','+%R!A"','+"'7!2'/%*!,!F%,5!N'0("()("6',.!T'&"*6';%'(<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< cd!c<g<!^%+%'(!^%0%,*+$!6'!H%'()*%!>,-"(,.!"'!E%&%.6-"'7!>6)'(*"%0 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< ce!c<h<!3);;,*1!68!($%!a"(%*,()*%!^%&"%4<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< ce!

>Z:W#T !̂dR!E:#:<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< cL!d<K<!E,(,!6'!H%'()*%!>,-"(,.!A)'/0!"'!>$"',<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< cL!d<c<!E,(,!6'!H%'()*%!>,-"(,.!N'&%0(;%'(0 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< dd!

>Z:W#T^!gR!KLLK!#S!KLLdR!!#ZT!AN^3#!F:HT!SA!HTX#2^T!>:WN#:a!NXHT3#OTX#3 <<<<<<<<<<<< hK!

g<K<!U,+57*6)'/ <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< hK!g<c<!3ST!W,*('%*0!,'/!>6''%+("6'!U)"./"'7<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< hi!g<d<!N'&%0(;%'(0<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< ig!g<g<!3);;,*1 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< ec!

>Z:W#T^!hR!KLLg!#S!KLLeR!NX!3T:^>Z!SA!XTF!EN^T>#NSX3<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< fM!h<K<!W%*86*;,'+%0!68!H>C9,+5%/!3ST0<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< fM!h<c<!#$%!,*"0%!68!H>C9,+5%/!W*"&,(%!A"*;0 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< fe!

>Z:W#T^!iR!KLLf!#S!cMMKR!#TT!3T>SXE!F:HT!SA!HTX#2^T!>:WN#:a!NXHT3#OTX#3<<<<<<<<< Lh!i<K<!#$%!E6;"','+%!68!W*"&,(%!A"*;0<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< Lh!i<c<!A)'/C*,"0"'7!"'!>$"',!"'!($%!.,(%!KLLM0<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< KMK!i<d<!#1-%0!68!N'/)0(*1!68!H>CU,+5%/!A"*;0 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< KMd!i<g<!#$%!3(,7%0!68!H>CU,+5%/!A"*;0 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< KMf!i<h<!W%*+%'(,7%!68!3(,5%!Z%./!91!H%'()*%!>,-"(,."0(0 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< KKM!i<i<!N'&%0(;%'(!-%*86*;,'+%0<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< KKK!

>Z:W#T^!eR!32OO:^_!:XE!>SX>a23NSX3<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< KKf!e<K<!3);;,*1!68!A"'/"'70 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< KKf!e<c<!W6."+1!N;-."+,("6'0<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< Kcd!

^%8%*%'+%0 <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<< KcL!



! @"

5/FGH<;$

A"7)*%!d<KR!E"0(*"9)("6'!68!H%'()*%!>,-"(,.!N'&%0(;%'(0!"'!>$"',=!KLLKjcMMKkkkkkkkkkk<<<gd



! "###

!"#$%&'

$%&'(!)*+,!-./0'(1(2(33!.4!5-6&%78(9!:#;/3!<%1%!=(1>>>>>>>>>>>>>>>>>>>>??!$%&'(!)*@,!<#31;#&A1#.2!.4!5-!=1%8(!%29!5-!B2C(31/(213!&D!$#/(!E(;#.9!%29!E;#C%1(!:#;/!>>>>>***??!

$%&'(!)*),!<#31;#&A1#.2!.4!5-6&%78(9!=FG3!%29!E;#C%1(!:#;/3!>>>>>>>>>>>>>>>>>?H!

$%&'(!)*?,!B29A31;D!<#31;#&A1#.2!.4!5-6&%78(9!:#;/3>>>>>>>>>>>>>>>>>>>>>?I!

$%&'(!)*H,!$.0!))!5(21A;(!-%0#1%'!:#;/3!.4!1J(!=%/0'(>>>>>>>>>>>>>>>>>>>>?K!$%&'(!)*I,!5--J#2%L3!)M!N.31!O71#C(!B21(;2%1#.2%'!5(21A;(!-%0#1%'!4#;/3!#2!-J#2%!%29!$J(#;!B2C(31/(213!

#2!1J(!=%/0'(>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>**?P!$%&'(!)*K,!5-6&%78(9!4#;/3!1J%1!;(7(#C(9!/.;(!1J%2!.2(!;.A29!.4!#2C(31/(21>>>>>>>>>>>*?M!

$%&'(!)*P,!<#31;#&A1#.2!.4!:#;31!Q.A29!C3*!R.2!:#;31!Q.A29!B2C(31/(213>>>>>>>>>>>>>**HS!

$%&'(!)*M,!T(.U;%0J#7%'!<#31;#&A1#.2!.4!5-6&%78(9!:#;/3!#2!-J#2%V!+MM+W@SS+>>>>>>>>>**HS!

$%&'(!?*+,!<#31;#&A1#.2!.4!:A296Q%#3#2U!&D!<./(31#7XB21(;2%1#.2%'!:A293>>>>>>>>>>>>**K)!$%&'(!?*@,!<#31;#&A1#.2!.4!B21(;2%1#.2%'!5(21A;(!-%0#1%'!:A29!=#Y(!&D!$#/(!E(;#.9>>>>>>>>>*K)!

$%&'(!?*),!<#31;#&A1#.2!.4!B21(;2%1#.2%'!5(21A;(!-%0#1%'!:A29!F;U%2#Y%1#.23!#2!-J#2%>>>>>>>>K?!$%&'(!?*?,!B21(;2%1#.2%'!5(21A;(!-%0#1%'!:A293!%29!$J(#;!Z.7%'!E%;12(;3>>>>>>>>>>>>>*KH!

$%&'(!?*H,!T;.[1J!.4!=FG3!%29!E;#C%1(!:#;/3!#2!+MMS3>>>>>>>>>>>>>>>>>>>>KP!

$%&'(!?*I,!T(.U;%0J#7%'!Z.7%1#.23!.4!E;#C%1(!:#;/3!#2!-J#2%>>>>>>>>>>>>>>>>>***KM!

$%&'(!?*K,!<#31;#&A1#.2!.4!=1%1(9!B2C(31/(21!=1%U(!E;(4(;(27(3>>>>>>>>>>>>>>>>>KM!

$%&'(!H*+,!BEF3!&D!5-6\%78(9!:#;/3>>>>>>>>>>>>>>>>>>>>>>>>>>>M)!$%&'(!H*@,!$J(!E(;4.;/%27(3!.4!Z#31(9!5(21A;(!-%0#1%'!:A293>>>>>>>>>>>>>>>>>*M?!$%&'(!I*+,!$J(!F;U%2#Y%1#.2!.4!G21(;0;#3(3![#1J!!:.;(#U2!B2C(31/(213!#2!-J#2%V!+MM+W@SSS>>>>**++?!

$%&'(!I*@,!@SS@!$.0!+SS!T;.[#2U!G21(;0;#3(3!#2!-J#2%>>>>>>>>>>>>>>>>>>>**++H!

$%&'(!I*),!O!](78#1!G31#/%1#.2!.4!5(21A;(!-%0#1%'!B2C(31/(21!%29!=1%8(!]('9!&D!5(21A;(!-%0#1%'!:#;/*++I!

$%&'(!I*?,!O!-./0%;#3.2!.4!^43.41!%29!_#2U9((>>>>>>>>>>>>>>>>>>>>>>*++K



! @&"

!

A"',..1!N!4,'(!(6!($,'5!;1!4"8%!U6.,'=!;1!0(*6'7%0(!0)--6*(%*<!3$%!$,0!-*6&"/%/!

+6'("'),.!0)--6*(!($*6)7$6)(!($%!.6'7!/"00%*(,("6'!4*"("'7!-*6+%00<!Z%*!.6&%!,'/!0)--6*(!

$,&%!9%%'!%00%'(",.!86*!;%!"'!4*"("'7!($"0!($%0"0<!#$"0!($%0"0!"0!/%/"+,(%/!(6!$%*<!!!!

!



! K

!

&,%!-#"'./'01-"23)&-021'

' '

K<K<!3"7'"8"+,'+%!68!($%!^%0%,*+$!

! #$%! ,;6)'(! 68! &%'()*%! +,-"(,.! $,0! 9%%'! 7*64"'7! 0"7'"8"+,'(.1! "'! >$"',! "'! ($%!

KLLM0<!#6(,.!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!>$"',!7*%4!8*6;!&"*(),..1!'6($"'7!"'!KLLM!(6!

mfhf! ;".."6'! "'! cMMM<! H%'()*%! +,-"(,.! "'&%0(;%'(0! $,&%! -*6/)+%/! 06;%! 06."/! ;).("C

9".."6'C/6..,*!8"*;0=!0)+$!,0!2#!3(,*+6;=!X%(%,0%=!,'/!3"',<+6;<!#$%!;60(!*%+%'(!+,0%!68!

&%'()*%! +,-"(,.! 0)++%00! "'! >$"',! "0! >#^NW=! ,'! %C(*,&%.! 8"*;<! >#^NW! 4,0! 0)++%008)..1!

."0(%/!6'!($%!X:3E:Y!"'!E%+%;9%*!L($=!cMMd=!,'/!"(!$6./0!,!*%+6*/!,0!9%"'7!($%!$"7$%0(!

6'%C/,1!7,"'%*!"'!X%4!_6*5!86*!($*%%!1%,*0<K!H%'()*%!+,-"(,.!"0!%@-%+(%/!(6!7*64!8,0(!"'!

($%!8)()*%!,0!>$"',?0!%+6'6;1!+6'("')%0!"(0!0(*6'7!7*64($<!!

#$%!8,0(!7*64($!68!&%'()*%!+,-"(,.!$,0!,((*,+(%/!($%!,((%'("6'!68!-6."+1!;,5%*0!"'!

>$"',<! H%'()*%! +,-"(,.! $,0! 86)'/! ;,'1! ,*/%'(! 0)--6*(%*0! "'! >$"',?0! 76&%*';%'(=!

"'+.)/"'7! ($%! &"+%! +$,"*;,'! 68! ($%! W%6-.%?0! X,("6',.! >6'7*%00=! ;%;9%*0! 68! -64%*8).!

;"'"0(*"%0=!,'/!.6+,.!76&%*';%'(!.%,/%*0<!#$%!%'($)0",0;!68!>$"',?0!-6."+1!;,5%*0!86*!

&%'()*%! +,-"(,.! "0! /%;6'0(*,(%/! 91! ,! 76&%*';%'(! /6+);%'(=! !"#"$%&' ()*+*,+-' ,+'

.-/%0&*-1*+2'%'3"+/4$"'5+#"-/6"+/'7"81%+*-6 =!*%.%,0%/!"'!X6&%;9%*!KLLL<!:--*6&%/!91!

($%!3(,(%!>6)'+".!,'/!P6"'(.1!"00)%/!91!0%&%'!-64%*8).!;"'"0(*"%0=c!($"0!/6+);%'(!688%*0!

7)"/%."'%0!86*!&%'()*%!+,-"(,.!*%7).,("6'!"'!>$"',<!#$%!/6+);%'(!*%7,*/0!&%'()*%!+,-"(,.!

,0!,'!";-6*(,'(!/*"&"'7!86*+%!86*!',("6',.!%+6'6;"+!-*67*%00<!N(!+.,";0!($,(R!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!K!$((-Rnn9"Q<1,$66<+6;n*8nMdKcMLn.%"0)*%o+(*"-o0(6+50od<$(;.<!!c!\3%&%*,.!S-"'"6'0!6'!T0(,9."0$"'7!,!H%'()*%!N'&%0(;%'(!O%+$,'"0;==]!X6&%;9%*!Ki($=!KLLL=!"00)%/!

P6"'(.1!91!($%!O"'"0(*1!68!3+"%'+%!,'/!#%+$'6.671=!($%!3(,(%!E%&%.6-;%'(!,'/!W.,''"'7!>6;;"00"6'=!($%!



! c

!:! $%,.($1! &%'()*%! +,-"(,.! "'&%0(;%'(! 010(%;! "0! ";-6*(,'(! (6! -*6-%.! ($%!%0(,9."0$;%'(! 68! ,! +6)'(*1?0! (%+$'6.671! "''6&,("6'! 010(%;=! -*6;6(%!',("6',.! %+6'6;1! ,'/! +6;-*%$%'0"&%! ',("6',.! +,-,+"(1=! ,'/! *%,."Q%!.%,-8*67!/%&%.6-;%'(!86*!>$"',<d!

!

O,'1!-6."+1!;,5%*0!$,&%!(*,'0.,(%/!($%"*!%'($)0",0;!"'(6!,+("6'<!N'(%'0"&%!%886*(0!

,*%!9%"'7!;,/%!"'!&%'()*%!+,-"(,.!.%7"0.,("6'<!36;%!.6+,.!76&%*';%'(0=!0)+$!,0!($60%!"'!

3$%'Q$%'! ,'/! b),'7Q$6)=! $,&%! %0(,9."0$%/! (%'(,("&%! *%7).,("6'0! ($,(! 7*,'(! 8,&6*,9.%!

+6'/"("6'0!86*!&%'()*%!+,-"(,.!"'&%0(;%'(< g!#$%!O"'"0(*1!68!A6*%"7'!#*,/%!,'/!T+6'6;"+!

>66-%*,("6'! $,0! ,.06! "00)%/! *%7).,("6'0! (6! 8,+"."(,(%! ($%! %'(*1! 68! "'(%*',("6',.! &%'()*%!

+,-"(,.! 8"*;0<h!#$%! >$"'%0%! 76&%*';%'(! $,0! "'&%0(%/! ;6*%! ($,'! mKi! 9".."6'! "'! 0(,(%C

64'%/!&%'()*%!+,-"(,.!8)'/0!0"'+%!KLLf<!

2'86*()',(%.1=! /%0-"(%! ($%! "'(%'0%! "'(%*%0(0! "'! &%'()*%! +,-"(,.! "'! >$"',=! ."((.%!

*%0%,*+$! $,0! 9%%'! /6'%! 6'! &%'()*%! +,-"(,.! "'! >$"',<! #$%! .,+5! 68! *%0%,*+$! ;,5%0! "(!

/"88"+).(!86*!-6."+1!;,5%*0!,'/!-*,+("("6'%*0!(6!;,5%!%'."7$(%'%/!/%+"0"6'0!"'!>$"',<!N'!

8,+(=! *%0%,*+$! 6'! &%'()*%! +,-"(,.! "'! /%&%.6-"'7! +6)'(*"%0! $,0! '6(! %;%*7%/! )'(".! &%*1!

*%+%'(.1!Ia%*'%*!,'/!3+$6,*=!cMMcp!>);;"'70!,'/!A.%;"'7=!cMMcJ<!O60(!68!($%!%@"0("'7!

*%0%,*+$!86+)0%0!6'!&%'()*%!+,-"(,.!"'!/%&%.6-%/!+6)'(*"%0<!:!0()/1!6'!&%'()*%!+,-"(,.!"'!

>$"',!"0!";-6*(,'(!(6!)'/%*0(,'/!&%'()*%!+,-"(,.!"'!/%&%.6-"'7!+6)'(*"%0!9%+,)0%!>$"',!"0!

,!0)-%*0(,*!,;6'7!/%&%.6-"'7!+6)'(*"%0!"'!,((*,+("'7!&%'()*%!+,-"(,.!"'&%0(;%'(0R!>$"',?0!

&%'()*%!+,-"(,.!0(6+5!,++6)'(%/!86*!ieV!,'/!hcV!68!($%!(6(,.!&%'()*%!+,-"(,.!0(6+5!"'!($%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!3(,(%!T+6'6;"+!,'/!#*,/%!>6;;"00"6'=!($%!O"'"0(*1!68!A"','+%=!($%!W%6-.%?0!U,'5!68!>$"',=!($%!b%'%*,.!U)*%,)!68!#,@,("6'!,'/!($%!>$"',!3%+)*"("%0!^%7).,(6*1!>6;;"00"6'<!!d:*("+.%!6'%=!\3%&%*,.!S-"'"6'0!6'!T0(,9."0$"'7!,!H%'()*%!N'&%0(;%'(!O%+$,'"0;=]!!g!:96)(!3$%'Q$%'=!\#,--"'7!($%!H%'()*%!>,-"(,.!O,*5%(R!:!a%7,.!W%*0-%+("&%=]!>$"',6'."'%!:*+$"&%0=!E%+%;9%*!Kc=!cMMM=!,96)(!b),'7Q$6)=!\b),'7Q$6)!b*,'(0!A,&6*,9.%!#*%,(;%'(!86*!H%'()*%!>,-"(,.!N'&%0(;%'(=]!$((-Rnn'%40<0"',<+6;<+'n+ncMMKCMfCcdnddehde<$(;.<!!



! d

/%&%.6-"'7! ',("6'0! 68!:0",!"'! KLLh! ,'/!cMMM! *%0-%+("&%.1<i!!:.($6)7$!>$"',!"0!4"/%.1!

*%7,*/%/! ,0! )'"D)%!,'/!>$"',?0! %@-%*"%'+%! ;,1! '6(! 9%! ,--."%/! (6! 6($%*! +6)'(*"%0=! ($%!

"'0"7$(0!8*6;!0()/1"'7!&%'()*%!+,-"(,.!"'!>$"',!4"..!9%!)0%8).!86*!*%%&,.),("'7!6)*!+)**%'(!

5'64.%/7%! ,96)(! &%'()*%! +,-"(,.! ,'/! -*6&"/"'7! '%4! /"*%+("6'0! (6! %@-.6*%! 86*! 8)()*%!

*%0%,*+$<!

!

K<c<!^%0%,*+$!Y)%0("6'0!!

S'%! 9"7! 690(,+.%! 68! 0()/1"'7! &%'()*%! +,-"(,.! "'! >$"',! "0! ($%! .,+5! 68! /,(,<! #6!

6&%*+6;%! ($"0!690(,+.%=!N! +6..%+(%/! (46! /,(,! 0%(0!6'!&%'()*%! +,-"(,.! "'!>$"',<! #$%!8"*0(!

/,(,! 0%(! +6'(,"'0! hi! "'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0! "'! >$"',! +6..%+(%/! 8*6;! 9-*%+'

3"+/4$"':%)*/%&';,4$+%& ?0! 9++4%&'<4*="'/,'3"+/4$"':%)*/%&'*+'9-*%<!#$%!0%+6'/!/,(,!0%(!

+6'(,"'0!cii!&%'()*%!+,-"(,.!"'&%0(;%'(0!91!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0<!#$"0!/,(,!

0%(!4,0!+6..%+(%/!8*6;!&,*"6)0!06)*+%0=!0)+$!,0! 9-*%+'3"+/4$"':%)*/%&';,4$+%& ! I 93:; J=!

"'"(",.!-)9."+!688%*"'7!INWSJ!-*60-%+()0%0=!,'/!($%!N'(%*'%(<!#$%0%!(46!/,(,!0%(0!,*%!($%!

8"*0(!/,(,!0%(0!)0%/!(6!0()/1!&%'()*%!+,-"(,.!"'!>$"',!"'!,+,/%;"+!*%0%,*+$<!!

#$%!*%0%,*+$!86+)0%0!6'!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!9%+,)0%!"'(%*',("6',.!

&%'()*%! +,-"(,.! 8)'/0! /6;"',(%! &%'()*%! +,-"(,.! "'&%0(;%'(0! "'! >$"',<! N'(%*',("6',.!

&%'()*%!+,-"(,.!8)'/0!,++6)'(%/!86*!;6*%!($,'!LhV!68!($%!&%'()*%!+,-"(,.!8)'/0!*,"0%/!"'!

>$"',! 9%86*%! KLLf! I0%%! #,9.%! g<KJ<! :.($6)7$! ($%! -%*+%'(,7%! /%+*%,0%/! ,8(%*! KLLf=!

"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!0("..!*%-*%0%'(!($%!9%0(!-*,+("+%!68!&%'()*%!+,-"(,.!8)'/0!

"'!>$"',<!:..!Kf!0)++%008).!NWS0!68!H>C9,+5%/!8"*;0!"'!>$"',!"'!($%!-,0(!/%+,/%!*%+%"&%/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!h!\#%;-6*,*1!^%7).,("6'!6'!T0(,9."0$"'7!N'(%*',("6',.!H%'()*%!>,-"(,.!A"*;0=]!#$%!O"'"0(*1!68!A6*%"7'!#*,/%!,'/!T+6'6;"+!>66-%*,("6'=!#$%!O"'"0(*1!68!3+"%'+%!,'/!#%+$'6.671=!,'/!($%!X,("6',.!U)*%,)!68!N'/)0(*1!,'/!U)0"'%00!:/;"'"0(*,("6'=!:)7)0(!f($=!cMMK!i!:)($6*?0!+,.+).,("6'=!9,0%/!6'!"'86*;,("6'!8*6;! 93:; =!cMMK<!!



! g

"'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0<! X6'%! 68! ($%;! *%+%"&%/! "'&%0(;%'(0! 8*6;! >$"',?0!

/6;%0("+!&%'()*%!+,-"(,.!8)'/0<!!

N'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!/6;"',(%!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!>$"',!

9%+,)0%!>$"',!$,0!0(*"+(!*%7).,("6'!,7,"'0(!8)'/C*,"0"'7<!:'1!8)'/C*,"0"'7!"'!>$"',!$,0!(6!

9%!,--*6&%/!91!($%!W%6-.%?0!U,'5!68!>$"',!Ia")=!KLLLJ=!,'/!($%!W%6-.%?0!U,'5!68!>$"',!

*,*%.1! ,--*6&%0! -)9."+! 8)'/C*,"0"'7<! W*"&,(%! 8)'/C*,"0"'7! 6*7,'"Q%/! 91! "'/"&"/),.0! 6*!

-*"&,(%!8"*;0!4"($6)(!76&%*';%'(!,--*6&,.!"0!0(*"+(.1!-*6$"9"(%/<!E)%!(6!($"0!*%0(*"+("6'=!

&%'()*%!+,-"(,.!8)'/0!($,(!+6'/)+(!"'&%0(;%'(0!"'!>$"',!,*%!%"($%*!"'(%*',("6',.!&%'()*%!

+,-"(,.!8)'/0=!6*!8)'/0!86)'/%/!91!($%!>$"'%0%!76&%*';%'(0!6*!0(,(%C64'%/!%'(%*-*"0%0!

I3ST0J! IF$"(%=! b,6! ,'/! B$,'7=! cMMcJ<! >6;-,*%/! 4"($! 3ST! &%'()*%! +,-"(,.! 8)'/0=!

&%'()*%!+,-"(,."0(0!"'!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!,*%!7%'%*,..1!9%((%*!(*,"'%/!,'/!

$,&%!0(*6'7%*! "'+%'("&%0! (6! -)*0)%! 8"','+",.!*%()*'0<! N'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0!

,*%!($%!-*";%!+$6"+%!68!%'(*%-*%'%)*0!"'!>$"',!,'/!($%1!,*%!($%!.%,/%*!"'!>$"',?0!&%'()*%!

+,-"(,.!;,*5%(<!!

#$"0! *%0%,*+$! ,//0! (6! 6)*! 5'64.%/7%! 68! &%'()*%! +,-"(,.! "'! (46! 4,10<! A"*0(=! "(!

-*6&"/%0!,!/%(,".%/!/%0+*"-("6'!68!($%!$"0(6*1!68!&%'()*%!+,-"(,.!"'!>$"',<!#$"0!/"00%*(,("6'!

,'04%*0!06;%!";-6*(,'(!D)%0("6'0R!F$,(!,*%!>$"',?0!*%7).,(6*1!8*,;%46*50!86*!&%'()*%!

+,-"(,.!"'&%0(;%'(0q!F$6!"'&%0(0!&%'()*%!+,-"(,.!"'!>$"',q!F$,(!5"'/0!68!8"*;0!*%+%"&%!

&%'()*%! +,-"(,.! "'&%0(;%'(0q! :'04%*0! (6! ($%0%! D)%0("6'0!,*%! %00%'(",.! (6! )'/%*0(,'/"'7!

($%! /*"&"'7! 86*+%0! 9%$"'/!>$"',?0! &%'()*%! +,-"(,.! "'&%0(;%'(0! ,'/! ;,5"'7! %'."7$(%'%/!

/%+"0"6'0!,96)(!($60%!"'&%0(;%'(0<!!

3%+6'/=!($%!/"00%*(,("6'!%@,;"'%0!$64!4%..!($%!"'86*;,("6'C,7%'+1!,--*6,+$!+,'!

%@-.,"'!+$,'7%0!"'!>$"',?0!&%'()*%!+,-"(,.!"'&%0(;%'(0<!T@"0("'7!&%'()*%!+,-"(,.!."(%*,()*%!



! h

7%'%*,..1!)0%0!,'!"'86*;,("6'C,7%'+1!,--*6,+$!(6!%@-.,"'!&%'()*%!+,-"(,.!"'&%0(;%'(0<!N(!

$,0! 9%%'! ,*7)%/!($,(!&%'()*%! +,-"(,.! "0!8*,)7$(! 4"($! "'86*;,("6'!,'/!,7%'+1! -*69.%;0<!

O,'1!&%'()*%!+,-"(,.!;%+$,'"0;0!,*%!/%0"7'%/!(6!;"("7,(%!($%0%!-*69.%;0R!0(,7%/!+,-"(,.!

"'8)0"6'!I3,$.;,'=!KLLMp!b6;-%*0=!KLLhJ=!)0%!68!+6'&%*("9.%!96'/0!Ib6;-%*0=!KLLeJ=!($%!

+6;9"'"'7! 68! +6'&%*("9.%! -*%8%**%/! 0%+)*"("%0! ,'/! 0(,7%/! +,-"(,.! "'8)0"6'! I>6*'%.."! ,'/!

_60$,=!cMMdJ=!,'/!($%!0%-,*,("6'!68!64'%*0$"-!,'/!+6'(*6.!*"7$(0!Ib6;-%*0=!KLLep!U.,+5!

,'/!b".06'=!KLLfJ<!#$"0!"'86*;,("6'C,7%'+1!,--*6,+$!$,0!9%%'!-*6&%'!(6!9%!0)++%008).!"'!

%@-.,"'"'7! &%'()*%! +,-"(,.! "'&%0(;%'(0! "'! /%&%.6-%/! +6)'(*"%0<! Z64%&%*=! "(! "0! )'+.%,*!

$64!4%..!"(!+,'!%@-.,"'!&%'()*%!+,-"(,.!"'!/%&%.6-"'7!+6)'(*"%0<!!

>$"',! -*6&"/%0! ,'! "/%,.! 0%(("'7! (6! %@,;"'%! $64! 4%..! ($%! "'86*;,("6'C,7%'+1!

,--*6,+$! +,'! %@-.,"'! &%'()*%! +,-"(,.! "'&%0(;%'(0! "'! /%&%.6-"'7! +6)'(*"%0<! >$"',?0!

"'0("()("6',.! %'&"*6';%'(! $,0! 9%%'! ";-*6&%/! 7*%,(.1! "'! ($%! KLLM0! 9%+,)0%! 68! ;,*5%(C

6*"%'(%/! *%86*;0<! #$%! "'86*;,("6'C,7%'+1! ,--*6,+$! -*%/"+(0! ($,(! ,'! ";-*6&%/!

"'0("()("6',.! %'&"*6';%'(! 0$6)./! *%/)+%! "'86*;,("6'! ,01;;%(*1! ,'/! ,7%'+1! +60(0! Ia,!

W6*(,=! ar-%QC/%C3".,'%0=!3$.%"8%*=!H"0$'1=! cMMMJ<!^%/)+%/! "'86*;,("6'! ,01;;%(*1! ,'/!

,7%'+1!+60(0!0$6)./=!"'!()*'=!%'+6)*,7%!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!-*6P%+(0!4"($!$"7$!

,7%'+1!+60(0=!0)+$!,0!$"7$C(%+$!8"*;0!6*!%,*.1C0(,7%!8"*;0!Ib6;-%*0!,'/!a%*'%*=!KLLiJ<!

#$%!'%%/!(6!)0%!,.(%*',("&%!76&%*','+%!;%+$,'"0;0=!0)+$!,0!64'"'7!,!.,*7%!0(,5%!"'!($%!

+6;-,'1=!0$6)./!/%+*%,0%!,0!,!*%0).(!I3$.%"8%*!,'/!H"0$'1=!KLLeJ<!U1!+6;-,*"'7!&%'()*%!

+,-"(,.!"'&%0(;%'(0!"'!>$"',!"'!($%!%,*.1!KLLM0!,'/!($%!.,(%!KLLM0=!($"0!*%0%,*+$!4"..!9%!

,9.%! (6! 0$64! $64! 4%..! ,'! "'86*;,("6'C,7%'+1! ,--*6,+$! +,'! %@-.,"'! ($%! +$,'7%0! 68!

&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!>$"',<!!



! i

#$"0! *%0%,*+$! 8"'/0! ($,(! &%'()*%! +,-"(,.! "'&%0(;%'(0! "'! >$"',! +$,'7%/!

/*,;,("+,..1!"'!($%!KLLM0=!,'/!($%!>$"'%0%!76&%*';%'(!-.,1%/!,'!";-6*(,'(!*6.%!"'!($60%!

+$,'7%0<!>$"',?0!0(*%'7($%'%/!-*6-%*(1!*"7$(0!,'/!"'+*%,0%/!%+6'6;"+!8*%%/6;!,*%!."5%.1!

($%!;,"'!*%,06'0!9%$"'/!($%!+$,'7%!8*6;!"'&%0("'7!"'!0(,(%C64'%/!%'(%*-*"0%0!I3ST0J!"'!

($%!%,*.1!KLLM0!(6!"'&%0("'7!"'!-*"&,(%!8"*;0!"'!($%!.,(%!KLLM0<!#$%!>$"'%0%!76&%*';%'(?0!

*%7).,("6'0!68!NWS0!,'/!($%!*"0%!68!($%!X:3E:Y!,*%!-*69,9.1!9%!($%!;,"'!/*"&"'7!86*+%0!

9%$"'/! ($%! "'+*%,0%/! "'&%0(;%'(0! "'! $"7$C(%+$! 8"*;0! ,'/! "'! %,*.1C0(,7%! 8"*;0! ,'/! ($%!

/%+*%,0%/!%D)"(1!0(,5%!$%./!91!&%'()*%!+,-"(,."0(0!"'!($%!.,(%!KLLM0<!S8!,..!($%!76&%*';%'(!

-6."+"%0! ($,(! ,*%! "'8.)%'+"'7! &%'()*%! +,-"(,.! "'&%0(;%'(0! "'! >$"',=! '6(! ,..64"'7! H>C

9,+5%/! 8"*;0!(6! 9%!."0(%/!6'! >$"',?0!/6;%0("+!0(6+5! %@+$,'7%0!"0! ."5%.1! (6!9%! ($%! ;60(!

9"'/"'7!+6'0(*,"'(<!!

#$"0! *%0%,*+$! ,.06! 8"'/0! ($,(! ($%! "'86*;,("6'C,7%'+1! ,--*6,+$! $,0! $,/! .%00!

0)++%00!"'!%@-.,"'"'7!&%'()*%!+,-"(,.!"'!>$"',<!H%'()*%!+,-"(,.!"'&%0(;%'(0!"'!($%!%,*.1!

KLLM0! (%'/%/! (6! 86+)0! 6'! "'&%0("'7! "'! 3ST0! /%0-"(%! ($%! 8,+(! ($,(! ($%0%! "'&%0(;%'(0!

(1-"+,..1!$,&%!4%,5!76&%*','+%!0(*)+()*% !"#$%!>$"'%0%!76&%*';%'(?0!*%7).,("6'0!68!NWS0!

"0!."5%.1!(6!-.,1!,!;6*%!";-6*(,'(!*6.%!($,'!($%!";-*6&%/!"'0("()("6',.!%'&"*6';%'(!"'!($%!

"'+*%,0%/! "'&%0(;%'(0! "'!$"7$C(%+$! 8"*;0! ,'/!%,*.1C0(,7%! 8"*;0! ,'/! ($%! /%+*%,0%! 68!($%!

%D)"(1!0(,5%!$%./!91!&%'()*%!+,-"(,."0(0<!S&%*,..=!($"0!*%0%,*+$!0)77%0(0!($,(!(6!)'/%*0(,'/!

&%'()*%! +,-"(,.! "'! /%&%.6-"'7! +6)'(*"%0=! "(! "0! ";-6*(,'(! (6! 0()/1! -*6-%*(1! *"7$(0! ,'/!

76&%*';%'(!*%7).,("6'0!"'!($60%!+6)'(*"%0!9%+,)0%!($%!86*;%*!(%'/!(6!9%!;6*%!"'0%+)*%!

,'/!($%!.,((%*!;6*%!"'(*)0"&%<!

!



! e

K<d<!S*7,'"Q,("6'!68!($%!#$%0"0!

#$%!*%0(!68!($%!($%0"0!"0!,**,'7%/!,0!86..640<!>$,-(%*!c!"0!,!*%&"%4!68!($%!&%'()*%!

+,-"(,.! ."(%*,()*%<! >$,-(%*! d! /"0+)00%0! ($%! /,(,! +6..%+(%/! (6! 0()/1!!"#$%&"' ()*+$),' "'!

>$"',<!>$,-(%*0!g=!h!,'/!i!/"0+)00!!"#$%&"'()*+$),'"'!>$"',!8*6;!KLLK!(6!KLLd=!KLLg!(6!

KLLe=! ,'/! KLLf! (6! cMMK! *%0-%+("&%.1<! >$,-(%*! e! +6'+.)/%0! 4"($! 8"'/"'70! ,'/! -6."+1!

";-."+,("6'0<! !!



! f

&,%!-#"'4/'50-#"%-)"#'"#60#7'

!

#$"0!+$,-(%*!*%&"%40!($%!."(%*,()*%!6'!&%'()*%!+,-"(,.!(6!"/%'("81!8,+(6*0!($,(!;,1!

"'8.)%'+%!&%'()*%!+,-"(,.!"'&%0(;%'(0<!N(!"0!46*($4$".%!(6!/%8"'%!&%'()*%!+,-"(,.!$%*%!(6!

,&6"/!+6'8)0"6'<!#$%!X,("6',.!H%'()*%!>,-"(,.!:006+",("6'!"'!($%!2'"(%/!3(,(%0!/%8"'%0!

&%'()*%!+,-"(,.!,0!\;6'%1!-*6&"/%/!91!-*68%00"6',.0!4$6!"'&%0(!,.6'70"/%!;,',7%;%'(!

"'! 16)'7=! *,-"/.1! 7*64"'7! +6;-,'"%0! ($,(! $,&%! -6(%'(",.! (6! /%&%.6-! "'(6! 0"7'"8"+,'(!

%+6'6;"+!+6'(*"9)(6*0<]e!#$"0!/%8"'"("6'!68!&%'()*%!+,-"(,.!"0!0";".,*!(6!6($%*!/%8"'"("6'0!

-*6&"/%/!91!F"..",;!3,$.;,'!IKLLgJ!,'/!G60%-$!U,*(.%((!IKLLLJ< !N(!/"88%*%'(",(%0!&%'()*%!

+,-"(,.! 8*6;! 6($%*! 86*;0! 68! "'&%0(;%'(0<! A"*0(=! &%'()*%! +,-"(,.! "0! /"88%*%'(! 8*6;! -)9."+!

%D)"(1! "'&%0(;%'(<! H%'()*%! +,-"(,.! '6*;,..1! 86+)0%0! 6'! 0;,..! 8"*;0! ($,(! $,&%! 7*%,(!

7*64($!-6(%'(",.<!#$%0%!8"*;0!)0),..1!,*%!'6(!;,()*%!%'6)7$!(6!9%!(*,/%/!"'!-)9."+!%D)"(1!

;,*5%(0<! >6;-,*%/! (6! -)9."+! %D)"(1! "'&%0(;%'(=! &%'()*%! +,-"(,.! "'&%0(;%'(! $,0! -66*%*!

."D)"/"(1=!;6*%!0%&%*%!"'86*;,("6'!,01;;%(*1!,'/!$"7$%*!"'&%0(;%'(!*"050<!!

3%+6'/=!($"0!/%8"'"("6'!,.06! /"0("'7)"0$%0!&%'()*%!+,-"(,.!"'&%0(;%'(!8*6;!\,'7%.!

+,-"(,.<]! O,',7%*0! 68! ,'7%.! +,-"(,.! )0%! ($%"*! -%*06',.! ;6'%1! (6! "'&%0(<! N'! +6'(*,0(=!

&%'()*%! +,-"(,.! "0! ;,',7%/! 91! "'&%0(;%'(0! -*68%00"6',.0! 4$6! *,"0%! ;6'%1! 8*6;! 6($%*!

"'&%0(6*0<!!

A"',..1=!&%'()*%!+,-"(,.!"0!/"88%*%'(!8*6;!'6'C&%'()*%!-*"&,(%!%D)"(1!"'&%0(;%'(0!

I"'+.)/"'7! 9)16)(0=! *%0(*)+()*%=! ,'/! ;%QQ,'"'%! 8)'/0J! 9%+,)0%! "(! 86+)0%0! 6'! *,-"/.1!

7*64"'7! 8"*;0<! A"*;0! 9,+5%/! 91! &%'()*%! +,-"(,.! )0),..1! $,&%! +6'0"/%*,9.%! 7*64($!

-6(%'(",.<!A6*!($%0%!8"*;0=!($%!+,0$!8.64!7%'%*,(%/!8*6;!6-%*,("6'0!"0!)0),..1!"'0)88"+"%'(!

(6!8"','+%!7*64($!,'/!/%9(!8"','+"'7!"0!)0),..1!'6(!,&,".,9.%!(6!($%;<!N'!+6'(*,0(=!'6'C



! L

&%'()*%!+,-"(,.!-*"&,(%!%D)"(1!8)'/0!(,*7%(!;6*%!;,()*%!8"*;0!($,(!$,&%!0(,9.%!+,0$!8.640!

,'/! .";"(%/! 7*64($! -6(%'(",.<!#1-"+,..1=! 9)1C6)(! 8"','+"'7!"0!,006+",(%/!4"($!$"7$!/%9(!

*,("60<!!

N(! "0! ";-6*(,'(! (6! '6(%! ($,(! ,.($6)7$! &%'()*%! +,-"(,.! "0! 68(%'! ,006+",(%/! 4"($!

"'&%0("'7!"'!$"7$C(%+$!8"*;0=!&%'()*%!+,-"(,.!"(0%.8!/6%0!'6(!(,*7%(!$"7$C(%+$!-%*!0%<!#$%!

(*)%!(,*7%(!"0!,!7*64"'7!8"*;<!A"*;0!"'!(*,/"("6',.!0%+(6*0!($,(!+,'!/%&%.6-!'%4!+6'+%-(0!

6*!'%4!-*6/)+(0=!0)+$!,0!A%/%*,.!T@-*%00=!,*%!,.06!(,*7%(%/!91!&%'()*%!+,-"(,.!8"*;0<!#$%!

+.60%! ,006+",("6'! 9%(4%%'! $"7$C(%+$! ,'/! &%'()*%! +,-"(,.! "'! ($%! 2'"(%/! 3(,(%0! +,'! 9%!

,((*"9)(%/!(6!($%!8,+(!($,(!$"7$C(%+$!8"*;0!(%'/!(6!9%!8"*;0!($,(!$,&%!$"7$!7*64($!-6(%'(",.<!!

!

c<K<!H%'()*%!>,-"(,.R!:'!:7%'+1!W%*0-%+("&%!!

O60(! 68!($%! %@"0("'7! ."(%*,()*%! 6'! &%'()*%! +,-"(,.! 7%'%*,..1!)'/%*0(,'/0! &%'()*%!

+,-"(,.!8*6;!,'!,7%'+1!-%*0-%+("&%<!#$%*%!,*%!0%&%*%!"'86*;,("6'!,'/!"'+%'("&%!-*69.%;0 '

)--.(+)$"/'0+$1'!%'()*%!+,-"(,.!9%+,)0%!!%'()*%!+,-"(,.!"0!86+)0%/!6'!"'&%0("'7!"'!16)'7!

,'/!)'-*6&%'!8"*;0<!3)++%008).!06.)("6'0!(6!($%0%!(46!-*69.%;0!,*%!+*"("+,.!(6!($%!0)++%00!

68!&%'()*%!+,-"(,.!8"','+"'7<!36.&"'7!($%0%!(46!-*69.%;0!"0!-,*("+).,*.1!+$,..%'7"'7!4"($!

&%'()*%! +,-"(,.! 9%+,)0%!;,'1! 68! ($%! ;%+$,'"0;0! )0%/! 91!-)9."+! +6*-6*,("6'0! (6! 06.&%!

"'86*;,("6'! ,'/! "'+%'("&%! -*69.%;0! ,*%! '6(! ,&,".,9.%! (6! &%'()*%! +,-"(,.! "'&%0(6*0<! A6*!

%@,;-.%=!/%9(!"0!,!8"','+"'7!"'0(*);%'(!($,(!$,0!;"'";,.!"'86*;,("6'!-*69.%;0!IO1%*0!

,'/!O,P.)8=!KLfgJ=!,'/!"(!"0!4"/%.1!)0%/!(6!8"','+%!%0(,9."0$%/!+6*-6*,("6'0<!Z64%&%*=!

/%9(! 8"','+"'7!"0!'6(! ,&,".,9.%! (6!%'(*%-*%'%)*",.! 8"*;0!9%+,)0%! '6! "'(%*%0(!*,(%!"0!$"7$!

%'6)7$! (6! +6;-%'0,(%! *"05! 6'! ($%! 6'%! $,'/! ,'/! ,&6"/! ,/&%*0%! 0%.%+("6'! 6'! ($%! 6($%*!

I3("7."(Q!,'/!F%"00=!KLfKJ<!T'(*%-*%'%)*",.!8"*;0!)0),..1!$,&%!8%4%*!(,'7"9.%!,00%(0!,'/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!e!$((-Rnn444<'&+,<6*7n<!! public corporation may not have incentive because

problem: severe information and incentive

problem.



! KM

.64!."D)"/,("6'!&,.)%<!#$%1!,*%!'6(!%@-%+(%/!(6!7%'%*,(%!,!-60"("&%!+,0$!8.64!066'<!#$%0%!

8,+(6*0! ;,5%! ($%;! 9,/! +,'/"/,(%0! 86*! /%9(! 8"','+"'7! IF"..",;06'=! KLffp! Z,**"0! ,'/!

^,&"&=! KLLMp! 3$.%"8%*! ,'/! H"0$'1=! KLLcJ<! ://"("6',..1=! '6! ."D)"/! 0(6+5! ;,*5%(! "0!

,&,".,9.%!86*!%'(*%-*%'%)*",.!8"*;0! (6! $%.-!"'&%0(6*0!%&,.),(%! ($%"*! -%*86*;,'+%!IG%'0%'!

,'/!O)*-$1=!KLLMJ!,'/!(6!7%'%*,(%!8"','+",.!*%()*'0<!H,.),("6'!68!%'(*%-*%'%)*",.!8"*;0!"0!

($)0!;)+$!;6*%!/"88"+).(!($,'!&,.),("6'!68!-)9."+!8"*;0<!N(!"0!,.06!/"88"+).(!86*!"'&%0(6*0!(6!

\&6(%! 4"($! ($%"*! 8%%(]! 6*! (6! *%.1! 6'! ,'! ,+("&%! (,5%6&%*! ;,*5%(! (6! ";-*6&%! 76&%*','+%!

IG%'0%'=! KLffp! 3+$,*80(%"'=! KLffp! 3(%"'=! KLffJ<! #$%0%! /"88%*%'+%0! '%+%00"(,(%! /"88%*%'(!

06.)("6'0!(6!,7%'+1!-*69.%;0!"'!&%'()*%!+,-"(,.!"'&%0(;%'(0<!!

!

c<K<K<!H%'()*%!>,-"(,.!A)'/C^,"0"'7!$

N'!*%0-6'0%!(6!($%!+$,..%'7%0!68!8"','+"'7!%'(*%-*%'%)*",.!8"*;0=!&%'()*%!+,-"(,.!

8"*;0! ,*60%! ,0! 8"','+",.! "'(%*;%/",*"%0! 9%(4%%'! &%'()*%! +,-"(,.! "'&%0(6*0! ,'/!

%'(*%-*%'%)*0<! U1! 0-%+",."Q"'7! "'! &%'()*%! +,-"(,.! "'&%0(;%'(=! ($%0%! 8"*;0! $,&%! ($%!

'%+%00,*1! 05"..0! (6! $%.-! &%'()*%! +,-"(,.! "'&%0(6*0! 06.&%! 76&%*','+%! -*69.%;0! "'! ($%!

%'(*%-*%'%)*",.!8"*;0!I>$,'=!KLfdJ<!#$%1!+,'!,.06!-*6&"/%!%+6'6;"%0!68!0+,.%!,'/!0+6-%!

"'!;,',7"'7!&%'()*%!+,-"(,.!"'&%0(;%'(<!!

#$%! *"0%! 68! &%'()*%! +,-"(,.! 8"*;0! +*%,(%/! '%4! ,7%'+1! -*69.%;0! 9%+,)0%! ($%0%!

8"*;0!,*%!,.06!,7%'(0<!H%'()*%!+,-"(,.!"'&%0(6*0!'%%/!(6!06.&%!76&%*','+%!-*69.%;0!9%86*%!

($%1! +,'!.%(! &%'()*%! +,-"(,.! 8"*;0! $%.-! ($%;! ;,',7%!($%"*! "'&%0(;%'(0<! O,'1! 0+$6.,*0!

9%."%&%!($,(!($%!.";"(%/!-,*('%*0$"-!"0!,! -64%*8).!06.)("6'!(6!,7%'+1!-*69.%;0!"'!&%'()*%!

+,-"(,.! 8)'/C*,"0"'7<! #$%! &%'()*%! +,-"(,.! .";"(%/! -,*('%*0$"-! "0! ($%! /6;"','(!

6*7,'"Q,("6',.! 86*;!86*!&%'()*%! +,-"(,.! 6*7,'"Q,("6'0! "'! ($%! 2'"(%/! 3(,(%0<! N'/%-%'/%'(!

in case of governmental corporation



! KK

&%'()*%!-,*('%*0$"-!,++6)'(%/!86*!efV!68!($%!(6(,.!&%'()*%!-66.!"'!KLLg!Ib6;-%*0!,'/!

a%*'%*=! KLLL=! -<! LJ<! N'!,! .";"(%/! -,*('%*0$"-=! "'&%0(6*0! ,*%! -,*('%*0!4$6! +6'(*"9)(%! ($%!

;,P6*"(1!68!($%!+,-"(,.!I'6*;,..1!LLVJ<!#$%1!,*%!'6(!"'&6.&%/!"'!($%!/,".1!6-%*,("6'!68!

($%! -,*('%*0$"-! "'! 6*/%*! (6! *%(,"'! .";"(%/! .",9"."(1! 0(,()0! ,'/! (6! *%+%"&%! 8,&6*,9.%! (,@!

(*%,(;%'(f!H%'()*%! +,-"(,."0(0! ,*%! 7%'%*,.! -,*('%*0!4$6!,*%! *%0-6'0"9.%! 86*! *)''"'7! ($%!

-,*('%*0$"-<! #$%! .";"(%/! -,*('%*0$"-! "0! '6*;,..1! /%0"7'%/! (6! 9%! 0%.8C."D)"/,("'7<! O60(!

&%'()*%!+,-"(,.!.";"(%/!-,*('%*0$"-0!+%,0%!(6!%@"0(!,8(%*!KM!1%,*0!I3,$.;,'=!KLLM=!-<!gLMJ<!

! 3-%+"8"+,..1=!($%!86..64"'7!;%+$,'"0;0!$,&%!9%%'!"/%'("8"%/!,0!%88%+("&%!,'04%*0!

(6!,7%'+1!-*69.%;0R!

!

c<K<K<K<!>6'(*,+(!+6&%','(0!

:7%'+1! -*69.%;0! +,'! 9%! &%*1! 0%&%*%! "'! .";"(%/! -,*('%*0$"-! 9%+,)0%! .";"(%/!

-,*('%*0!+,''6(!-,*("+"-,(%!"'!($%!/,".1!6-%*,("6'!68!($%!9)0"'%00<!:(!($%!0,;%!(";%=!0"'+%!

($%! .";"(%/! -,*('%*0$"-! "'(%*%0(! "0! $"7$.1! ".."D)"/=! ($%! ;,*5%(! 86*! +6*-6*,(%! +6'(*6.! "0!

)',&,".,9.%!86*!&%'()*%!+,-"(,.!"'&%0(6*0<!2'/%*!($"0!0"(),("6'=!,!4%..C/%0"7'%/!+6'(*,+(!"0!

-,*("+).,*.1!";-6*(,'(!(6!*%/)+%!,7%'+1!+60(0!91!.";"("'7!6--6*()'"0("+!9%$,&"6*0<!

! b6;-%*0! ,'/! a%*'%*! IKLLiJ! )0%! ($%! \+60(.1! +6'(*,+("'7]! ($%6*1! (6! %@-.,"'! ($%!

/%(%*;"','(0!68!+6'(*,+(!+6&%','(0<!:++6*/"'7!(6!($"0!($%6*1=!"'&%0(6*0!'%%/!(6!9,.,'+%!

($%! '%76(",("6'! ,'/! %'86*+%;%'(! +60(0! ,7,"'0(! ($%! 9%'%8"(0! 68! *%0(*"+("'7! 6--6*()'"0("+!

9%$,&"6*0<!S'.1!4$%'!($%!9%'%8"(0!68!*%0(*"+("'7!6--6*()'"0("+!9%$,&"6*0!,*%!$"7$%*!($,'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f!H%'()*%!+,-"(,.!.";"(%/!-,*('%*0$"-!+,'!6-%*,(%!(,@C8*%%!,0!;)(),.!8)'/0<!N'!,//"("6'=!($%!(*,'08%*!68!0%+)*"("%0!(6!"'/"&"/),.!.";"(%/!-,*('%*0!46'?(!$,&%!(,@!+6'0%D)%'+%0!)'(".!($%1!,*%!06./<!#$%0%!(,@!,/&,'(,7%0!+,'!9%!,+$"%&%!,0!.6'7!,0!($%!.";"(%/!-,*('%*0$"-!0,("08"%0!86)*!+6'/"("6'0R!!

,!8"'"(%!(%*;!."8%=!!

(*,'08%*!68!.";"(%/!-,*('%*0$"-!"'(%*%0(0!"0!*%0(*"+(%/=!!

%,*.1!4"($/*,4,.!8*6;!($%!-,*('%*0$"-!"0!-*6$"9"(%/!!

,'/!.";"(%/!-,*('%*0!+,'!'6(!-,*("+"-,(%!($%!,+("&%!;,',7%;%'(!68!($%!-,*('%*0$"-0!I3,$.;,'=!KLLMJ!

อยากได้เงนิมาก ๆ ไม่ต้องการ

venture capital investors



! Kc

($%!+60(0!68!'%76(",("6'!,'/!%'86*+%;%'(!0$6)./!;6*%!*%0(*"+("&%!+6&%','(0!9%!"'+.)/%/!

IF"..",;06'! KLfhp! 3;"($! ,'/! F,*'%*=! KLeLJ<! 3"'+%! ($%! 9%'%8"(0! 68! *%0(*"+("'7!

6--6*()'"0("+! 9%$,&"6*0! ,*%! ."5%.1! (6!9%! $"7$! 4$%'! %@-%+(%/!,7%'+1!+60(0! ,*%! $"7$=!($%!

+60(.1! +6'(*,+("'7! ($%6*1! -*%/"+(0! ($,(! ;6*%C*%0(*"+("&%! +6&%','(0! 0$6)./! 9%! "'+.)/%/!

4$%'! %@-%+(%/! ,7%'+1! +60(0! ,*%! $"7$<! b6;-%*0! ,'/! a%*'%*! "/%'("81! ($%! 86..64"'7!

&,*",9.%0!,0!-*6@"%0!86*!%@-%+(%/!,7%'+1!+60(0R!

9' >,84-' ,+' *+#"-/*+2' *+' "%$&?@-/%2"' >*$6-A' T,*.1C0(,7%! 8"*;0! (%'/! (6! $,&%! $"7$%*!

"'86*;,("6'!,01;;%(*1<!

9'>,84-',+'1*21@/"81+,&,2?'>*$6- <!Z"7$C(%+$!8"*;0!$,&%!$"7$%*!)'+%*(,"'(1!,'/!$"7$%*!

"'86*;,("6'! ,01;;%(*1! 9%+,)0%! 68! ($%"*! )'-*6&%'! (%+$'6.67"%0! ,'/! )'-*6&%'!

9)0"'%00!;6/%.0<!

B4+='-*C"A!H%'()*%!+,-"(,."0(0!$,&%!0(*6'7%*!"'+%'("&%0!(6!%'7,7%!"'!'%76(",("'7!,'/!

;6'"(6*"'7!4$%'!($%!8)'/!0"Q%!"'+*%,0%0<!#$%!+6'(*,+(!0$6)./!$,&%!;6*%!+6&%','(0!,0!

($%!8)'/!0"Q%!"'+*%,0%0<!

D%?6"+/' -"+-*/*#*/?'/,' )"$>,$6%+8"A!W,1;%'(!($,(!"0!;6*%!0%'0"("&%!(6!-%*86*;,'+%!

0$6)./!9%((%*!,."7'!($%!"'(%*%0(0!68!&%'()*%!+,-"(,."0(0!,'/!%'(*%-*%'%)*0<!#$%!');9%*!

68!+6'(*,+(!+6&%','(0!0$6)./!9%!*%/)+%/!,0!($%!0%'0"("&"(1!68!-,1;%'(!(6!-%*86*;,'+%!

"'+*%,0%0<!

20"'7!,!*,'/6;!0,;-.%!68!KgM!-,*('%*0$"-!,7*%%;%'(0!8*6;!(46!&%'()*%!+,-"(,.!

"'&%0(;%'(!7,(%5%%-%*0!,'/!6'%!"'&%0(6*=!b6;-%*0!,'/!a%*'%*!(%0(!($%!$1-6($%0%0!,96&%<!

N'!7%'%*,.=!($%!*%0).(0!,*%!+6'0"0(%'(!4"($!($%"*!-*%/"+("6'0<!b6;-%*0!,'/!a%*'%*!8"'/!($,(!

+6%88"+"%'(0! 68! 8"*;! 0"Q%! ,'/! -,1;%'(! 0%'0"("&"(1! ,*%! 0"7'"8"+,'(! ,'/! +6'0"0(%'(! "'!



! Kd

-*%/"+("'7!+6&%','(0!*%.,("'7!(6!6&%*,..!8)'/!;,',7%;%'(!,'/!(1-%!68!"'&%0(;%'(<!#$%0%!

*%0).(0!-*6&%!($,(!+6'(*,+(!+6&%','(0!+,'!9%!)0%/!(6!*%/)+%!%@-%+(%/!,7%'+1!+60(0<!!

!

c<K<K<c<!3%.8C."D)"/,("'7!;%+$,'"0;!

! #$%! &%'()*%! +,-"(,.! .";"(%/! -,*('%*0$"-! "0! /"88%*%'(! 8*6;! ;,'1! 6($%*!

6*7,'"Q,("6',.! 86*;0! 9%+,)0%! "(! "0! /%0"7'%/! (6! 9%! 0%.8C."D)"/,("'7<! #$%! .";"(%/! ."8%!

";-60%0!,!$%,.($1!/"0+"-."'%!6'!7%'%*,.!-,*('%*0R!#$%1!$,&%!(6!/%."&%*!*%0).(0!"'!,!+%*(,"'!

-%*"6/! 68!(";%<! #$%!.";"(%/!(%*;!,.06! 86*+%0!7%'%*,.!-,*('%*0! "'!.";"(%/!-,*('%*0$"-0! (6!

*,"0%! 8)'/0! +6'("')6)0.1! IA%''=! a",'7=! ,'/! W*640%=! KLLhJ<! A,".)*%! (6! 0,("081! -*%&"6)0!

+."%'(0! 4"..! .%,/! (6! 8.6)'/%*"'7! "'! 8)'/C*,"0"'7<! #$%! $%,&1! 9)*/%'! 68! 8)'/C*,"0"'7! +,'!

0%*&%!,0!,!0+*%%'"'7!;%+$,'"0;!(6!/%(%*!"'+6;-%(%'(!&%'()*%!+,-"(,."0(0!8*6;!%'(%*"'7!($%!

;,*5%(<!!

!

c<K<K<d<!W%*86*;,'+%C0%'0"("&%!+6;-%'0,("6'!

! 3,$.;,'!IKLLMJ!8"'/0!($,(!&%'()*%!+,-"(,."0(0!(1-"+,..1!*%+%"&%!c<hV!68!+,-"(,.!,'/!

cMV! 68! -*68"(0! ,0! +6;-%'0,("6'<! #$"0! +6;-%'0,("6'! -,+5,7%! "0! $"7$.1! 0%'0"("&%! (6!

&%'()*%! +,-"(,."0(! -%*86*;,'+%<! :! 0)++%008).! &%'()*%! +,-"(,."0(! 4$6! +,'! 7%'%*,(%! cMV!

*%()*'! 86*! "'&%0(6*0! +,'! %@-%+(! (6! $,&%! mK<c! ;".."6'! 8*6;! 0$,*%/! -*68"(0! ,'/! ,96)(!

mdhM=MMM!8*6;!($%!c<hV!,''),.!8%%<!#$%!0$,*%/!-*68"(!-,*(!68!+6;-%'0,("6'!"0!;6*%!($,'!

($*%%!(";%0!$"7$%*!($,'!($%!9,0%!-,1!-,*(<!:0!.6'7!,0!($%!+6;-6)'/!*%()*'!*,(%!"0!-60"("&%=!

0$,*%/! -*68"(0! 4"..! ,.4,10! "'+*%,0%! 8,0(%*! ($,'! 9,0%! -,1! ,0! -%*86*;,'+%! ";-*6&%0<! N'!

+6'(*,0(=! +6;-%'0,("6'! 86*! >TS0! "'! -)9."+! +6*-6*,("6'0! "0! *%.,("&%.1! "'0%'0"("&%! (6!

-%*86*;,'+%! IG%'0%'! ,'/! O)*-$1=! KLLMJ<! #$%! -%*86*;,'+%C0%'0"("&%! +6;-%'0,("6'! 86*!

7%'%*,.!-,*('%*0!+,'!$%.-!,."7'!&%'()*%!+,-"(,."0(0?!"'(%*%0(0!4"($!"'&%0(6*0?!"'(%*%0(0<!#$%!



! Kg

8,+(! ($,(! ;60(! +6;-%'0,("6'!+6;%0!8*6;!0$,*%/! -*68"(! +,'!,.06!-*%&%'(! .%00! +6;-%(%'(!

&%'()*%!+,-"(,."0(0!8*6;!%'(%*"'7!($%!;,*5%(<!!

!

c<K<K<g<!20%!68!"'(%*;%/",(%!"'0("()("6'0!

! :'6($%*!06.)("6'!(6!($%!"'86*;,("6'!,01;;%(*1!-*69.%;!"0!(6!)0%!,!-*68%00"6',.!

"'(%*;%/",(%! 0%*&"+%<! :'! ";-6*(,'(! +$,'7%! "'! ($%! KLfM0! 4,0! ($%! *"0%! 68! "'&%0(;%'(!

,/&"06*0=! 6*! \7,(%5%%-%*0]! Ib6;-%*0! ,'/! a%*'%*=! KLLL=! >$,-(%*! KJ<! #$%0%! "'&%0(;%'(!

,/&"06*0! $%.-! &%'()*%! +,-"(,.! "'&%0(6*0! 0%.%+(! &%'()*%! +,-"(,.! 6*7,'"Q,("6'0=! '%76(",(%!

+6'(*,+(0=! ,'/! ;6'"(6*! ($%! ";-.%;%'(,("6'<! #$%"*! -*68%00"6',.! 0%*&"+%0! 9*"'7! &%'()*%!

+,-"(,.! "'&%0(;%'(! %@-%*("0%! (6! "'&%0(6*0=! *%/)+%! "'86*;,("6'! ,01;;%(*1=! ,'/! $%.-!

&%'()*%!+,-"(,.!"'&%0(6*0!;,5%!9%((%*!/%+"0"6'0<!!

! !

c<K<c<!H%'()*%!>,-"(,.!N'&%0(;%'(!!$

:8(%*! *,"0"'7! ;6'%1! 8*6;! "'&%0(6*0=! &%'()*%! +,-"(,."0(0! '%%/! (6! "'&%0(! "'!

%'(*%-*%'%)*",.!8"*;0<!#$"0!(";%=!&%'()*%!+,-"(,."0(0!,*%!($%!-*"'+"-,.0!,'/!%'(*%-*%'%)*0!

,*%! ($%! ,7%'(0<! T88%+("&%! 06.)("6'0! (6! ,7%'+1! -*69.%;0! ,*%! +*"("+,.! 86*! 0)++%008).!

"'&%0(;%'(0<! #$%! 86..64"'7! ;%+$,'"0;0! ,*%! )0%/! 91! &%'()*%! +,-"(,."0(0! (6! ;"("7,(%!

,7%'+1!-*69.%;0!4$%'!($%1!"'&%0(R!

!

c<K<c<K<!3(,7%/!+,-"(,.!"'8)0"6'!

3(,7%/! +,-"(,.! "'8)0"6'! "0! 6'%! /"0("'+(! 8%,()*%! 68! &%'()*%! +,-"(,.! "'&%0(;%'(<!

H%'()*%! +,-"(,."0(0! '6*;,..1! /"&"/%! ($%"*! "'&%0(;%'(0! "'(6! 0%-,*,(%! 0(,7%0<! S'.1!

%'(%*-*"0%0! ($,(! ;%%(! -*%/%(%*;"'%/! ;".%0(6'%0!+,'! *%+%"&%! 8)*($%*! 8"','+"'7<! 3,$.;,'!



! Kh

IKLLMJ! ,*7)%0! ($,(! ($%! 0(,7%/! +,-"(,.! "'8)0"6'! "0! ($%! ;60(! -6(%'(! +6'(*6.! ;%+$,'"0;!

,&,".,9.%!(6!&%'()*%!+,-"(,."0(0<!N(!0%*&%0!,0!,!\0$6*(!.%,0$]!(6!-*%&%'(!%'(*%-*%'%)*0!8*6;!

"'&%0("'7!"'!8,"."'7!-*6P%+(0!Ib6;-%*0!KLLhJ<!#$"0!+*%/"9.%!($*%,(!68!9%"'7!,9,'/6'%/!"0!,!

-64%*8).!;%+$,'"0;!($,(!%'0)*%0!($,(!"'&%0(6*0?!"'(%*%0(0!,*%!0%*&%/<!!

! ^%8"','+"'7!"0!'6*;,..1!($%!(";%!4$%'!;,P6*!%&,.),("6'0!,'/!/%+"0"6'0!,*%!;,/%<!

b6*;,'!,'/!3,$.;,'!IKLfLJ!0$64!($,(!,.($6)7$!&%'()*%!+,-"(,."0(0!;,5%!0"(%!&"0"(0!,'/!

7,($%*!"'86*;,("6'!+6'0(,'(.1=!($%1!'6*;,..1!,*%!'6(!"'&6.&%/!"'!($%!/,".1!6-%*,("6'!68!($%!

%'(%*-*"0%0<! N'0(%,/=! ;,P6*! /%+"0"6'0! ,*%! ;,/%! ,(! ($%! %'/! 68! %,+$! 8)'/"'7! 0(,7%<! :0! ,!

+6'0%D)%'+%=!($%!/)*,("6'!68!($%!8)'/"'7!0(,7%!"0!,'!";-6*(,'(!-*6@1!86*!($%!"'(%'0"(1!68!

&%'()*%!+,-"(,."0(!;6'"(6*"'7<!

b6;-%*0!IKLLhJ!,*7)%0!($,(!&%'()*%!+,-"(,."0(0!4%"7$!-6(%'(",.!,7%'+1!+60(0!,'/!

;6'"(6*! ,'/! +6'(*6.! +60(0! 4$%'! /%(%*;"'"'7! ($%! "'(%'0"(1! 68! ;6'"(6*"'7! %886*(0<! N(! "0!

+60(.1!(6!;6'"(6*!,'/!+6'(*6.!%'(*%-*%'%)*",.!8"*;0<!#$%!$"7$%*!($%!-6(%'(",.!,7%'+1!+60(0=!

($%! ;6*%!%88"+"%'(!"(! "0!(6! 0)-%*&"0%! ($%! %'(%*-*"0%0!"'(%'0"&%.1! ,'/!($%!;6*%! ."5%.1! ($,(!

&%'()*%! +,-"(,."0(0! 4"..! 0$6*(%'! ($%! 8)'/"'7! /)*,("6'<! :7%'+1! ($%6*1! -*%/"+(0! ($,(! ($%!

86..64"'7!8"*;!+$,*,+(%*"0("+0!,*%!"'/"+,(6*0!86*!%@-%+(%/!,7%'+1!+60(0R!

!

E1"'+%/4$"',>'/1"'>*$6F-'%--"/-'

a"D)"/,("6'!&,.)%!68!,00%(0=!;%,0)*%/!91!($%!-6*("6'!68!(,'7"9.%!,00%(0!($%!

8"*;! -600%00%0! IF"..",;06'! KLffJ<! :! 0;,..%*! -6*("6'! 68! (,'7"9.%! ,00%(0!

"'/"+,(%0!$"7$%*!%@-%+(%/!,7%'+1!+60(0<!



! Ki

:00%(!0-%+"8"+"(1=!;%,0)*%/!91! ($%!"'(%'0"(1!68!*%0%,*+$!,'/!/%&%.6-;%'(!

I^sEJ! IF"..",;06'! KLehp! 3$.%"8%*! ,'/! H"0$'1! KLLcJ<! a%00! ,00%(!

0-%+"8"+"(1!/%+*%,0%0!%@-%+(%/!,7%'+1!+60(0<!

E%7*%%! (6! 4$"+$! ($%! 8"*;?0! &,.)%! "0! /%-%'/%'(! )-6'! 7*64($! -6(%'(",.=!

;%,0)*%/! 91! ($%! 8"*;?0! ;,*5%(C(6C9665! *,("6! IO1%*0! KLeep! ^,P,'! ,'/!

B"'7,.%0!KLLhJ<!:!$"7$%*!;,*5%(C(6C9665!*,("6!"'/"+,(%0!$"7$%*!%@-%+(%/!

,7%'+1!+60(0<!

'

E1"'1*-/,$?',>'/1"'>*$6'

A"*;0!($,(!$,&%!,!.6'7%*!$"0(6*1!4"..!9%!,9.%!(6!-*6&"/%!;6*%!"'86*;,("6'!06!($,(!&%'()*%!

+,-"(,."0(0!+,'!9%((%*!P)/7%!($%"*!-*60-%+(0<!:7%'+1!+60(0!0$6)./!9%!.64%*!86*!($%0%!8"*;0<!!

!

E1"'="#"&,)6"+/'-/%2"',>'/1"'>*$6'

! A"*;0!($,(!,*%!"'!($%!%,*.1!0(,7%0!68!/%&%.6-;%'(=!0)+$!,0!/)*"'7!($%!0%%/!6*!0(,*(C

)-! -$,0%=! -*6&"/%! 7*%,(%*! )'+%*(,"'(1! ,'/! .%00! "'86*;,("6'! 86*! -6(%'(",.! "'&%0(6*0<!

N'86*;,("6'! ,01;;%(*1! 0$6)./! 9%! ;6*%! 0%&%*%! 86*! ($%0%! %'(%*-*"0%0<! T@-%+(%/! ,7%'+1!

+60(0!0$6)./!9%!*%/)+%/!,0!8"*;0!;6&%!(64,*/!.,(%*!0(,7%0<!!

b6;-%*0!IKLLhJ!)0%0!,!*,'/6;!0,;-.%!68!eLg!&%'()*%!+,-"(,.!9,+5%/!8"*;0!8*6;!

G,'! KLiK! (6! G).1! KLLc! 8*6;! ($%! H%'()*%! T+6'6;"+0! /,(,9,0%! (6! (%0(! ($%0%! $1-6($%0%0!

%;-"*"+,..1<!Z%! )0%0! ,! $,Q,*/! ;6/%.!86*! 8"','+"'7! /)*,("6'! ,'/!8"'/0! ($,(! ,..! ($%! 8"*;!

+$,*,+(%*"0("+0!;%'("6'%/!,96&%=!%@+%-(!($%!0(,7%!68!($%!8"*;=!$,&%!($%!-*%/"+(%/!%88%+(0!

6'!8"','+"'7!/)*,("6'<!#$%0%!8"'/"'70!+6'8"*;!($%!$1-6($%0"0!($,(!0(,7%/!+,-"(,.!"'8)0"6'!

"0!)0%8).!(6!+6'(*6.!,7%'+1!+60(0<!!



! Ke

c<K<c<c<!3(,(%!>6'("'7%'(!TD)"(1!3(,5%!

! :! 0%+6'/! /"0("'+(! 8%,()*%! 68! H>! "'&%0(;%'(! "0! ($%! %D)"(1! 0(,5%! 64'%/! 91!

%'(*%-*%'%)*0! "0! /%-%'/%'(! )-6'! ($%! 8"','+",.! -%*86*;,'+%0! 68! ($%! 8"*;0! `,-.,'! ,'/!

3(*6;9%*7! IcMMdJ<! ! #$%! 0(,(%! +6'("'7%'(! +.,)0%! ;"'";"Q%0! ($%! "'86*;,("6'C,7%'+1!

-*69.%;0!9%+,)0%!&%'()*%!+,-"(,."0(0!$,&%!;6*%!+,0$!8.64!*"7$(0!4$%'!($%!8"*;!-%*86*;0!

9,/.1<! U,/! %'(*%-*%'%)*0! 4"..! 9%! *%.)+(,'(! (6! $,&%! ;,/%! 0)+$! ,! +.,)0%! 4"($! &%'()*%!

+,-"(,."0(0!9%+,)0%!($"0!+.,)0%!-*%&%'(0!($%;!8*6;!%@-.6"("'7!($%"*!"'86*;,("6'!,/&,'(,7%0<!!

!

c<K<c<d<!>6'&%*("9.%!0%+)*"("%0!

! :! ($"*/! /"0("'+(! 8%,()*%! 68! &%'()*%! +,-"(,.! "'&%0(;%'(! "0! ($%! )0%! 68! +6'&%*("9.%!

0%+)*"("%0<!b6;-%*0!IKLLeJ!,*7)%0!($,(!+6'&%*("9.%!%D)"(1!"0!4"/%.1!)0%/!9%+,)0%!"(!688%*0!

,'! %88%+("&%! 06.)("6'! (6! 76&%*','+%! -*69.%;0! "'! &%'()*%! +,-"(,.! "'&%0(;%'(<! #$%!

+6'&%*("9.%!%D)"(1!,..640!%'(*%-*%'%)*0!(6!$,&%!,!0)90(,'(",.!0$,*%!68!($%!9%'%8"(0!"8!($%!

%'(%*-*"0%!-%*86*;0!4%..<!#$%!-*%8%**%/!I/%9(J!-6*("6'!68!($%!+6'&%*("9.%!%D)"(1!+,'!0%*&%!

,0! ,! /"0+"-."'%! ;%+$,'"0;! 4$%'! ($%! %'(%*-*"0%! -%*86*;0! -66*.1<! #$"0! /"0+"-."'%!

;%+$,'"0;! +,'! ,.06! /%(%*! "'+6;-%(%'(! %'(*%-*%'%)*0! 8*6;! %'(%*"'7! ($%! ;,*5%(<! #$%!

%D)"(1!"0!'6(!+6'&%*(%/!"'(6!+6;;6'!0(6+5!)'.%00!&%'()*%!+,-"(,."0(0!*%+%"&%!,!&%*1!+.%,*!

0"7',.!($,(!($%!%'(%*-*"0%!"0!76"'7!(6!0)++%%/<!!

!

c<K<c<g<!3%-,*,("6'!68!64'%*0$"-!,'/!+6'(*6.!*"7$(0!

! :! 86)*($! /"0("'+(! 8%,()*%! 68! &%'()*%! +,-"(,.! "'&%0(;%'(! "0! ($%! 0%-,*,("6'! 68!

64'%*0$"-! ,'/! +6'(*6.! *"7$(0<! >6'(*6.! *"7$(0! (6! ,'! %'(%*-*"0%! ,*%! '6*;,..1! ,00"7'%/!

,++6*/"'7! (6! ;,P6*"(1! 64'%*0$"-<! Z64%&%*=! ($"0! ,..6+,("6'! ;%+$,'"0;! ;,1! '6(! 9%!



! Kf

6-(";,.!"'!&%'()*%!+,-"(,.!"'&%0(;%'(<!b6;-%*0!IKLLeJ!-6"'(0!6)(!($,(!&%'()*%!+,-"(,."0(0!

68(%'! 8,+%! ,! /".%;;,<! S'! ($%! 6'%! $,'/=! "(! "0! ";-6*(,'(! (6! 7"&%! ($%! %'(*%-*%'%)*! ,!

0)90(,'(",.!0$,*%!68!($%! %'(%*-*"0%! (6!-*6&"/%! $";! 4"($! -*6-%*! "'+%'("&%0<!S'!($%! 6($%*!

$,'/=!,!0)90(,'(",.!0$,*%!68!%D)"(1!,'/!"'0"/%*!0(,()0!;,1!7"&%!($%!%'(*%-*%'%)*!-.%'(1!68!

*66;!(6!%@-*6-*",(%!8*6;!"'&%0(6*0<!!

#6!06.&%!($"0!-*69.%;=!&%'()*%!+,-"(,."0(0!'6*;,..1!,00);%!+6'(*6.!*"7$(0!6&%*!($%!

8"*;!91!+6'(*,+(!+6&%','(0=!%&%'!($6)7$!($%1!;,1!'6(!64'!,!;,P6*"(1!0$,*%!68!($%!8"*;<!

#$%0%!+6'(*6.!*"7$(0!'6*;,..1!"'+.)/%R!!

,!;,P6*"(1!68!0%,(0!6'!($%!96,*/!

0)-%*C;,P6*"(1!*%D)"*%;%'(!86*!;,P6*!/%+"0"6'0!

;,'/,(6*1!*%/%;-("6'!

-*6$"9"("6'!6'!,00%(!0,.%0!

*%0(*"+("6'0!6'!+6'(*6.!(*,'08%*!

*%0(*"+("6'0!6'!%@-%'/"()*%0!

*%0(*"+("6'0!6'!'%4!0%+)*"("%0<!

U%+,)0%! 68! ($%0%! 0("-).,("6'0=! "(! "0! /"88"+).(! 86*! %'(*%-*%'%)*0! (6! ;,5%! ,! ;,P6*!

;6&%!4"($6)(!($%!%@-."+"(!,7*%%;%'(!68!($%!&%'()*%!+,-"(,."0(0<!H%'()*%!+,-"(,."0(0!+,'!8"*%!

%'(*%-*%'%)*0!"8!($%!-%*86*;,'+%!"0!'6(!0,("08,+(6*1<!

! #$%0%!+6'(*6.!*"7$(0!,*%!'6*;,..1!*%."'D)"0$%/!"8!&%'()*%!+,-"(,."0(0!*%+%"&%!,!&%*1!

+.%,*! 0"7',.! ($,(! ($%! %'(%*-*"0%! "0! 76"'7! (6! 0)++%%/=! 0)+$! ,0! ,'! NWS<! N'! ($,(! +,0%=!

%'(*%-*%'%)*0! 4"..! *%7,"'! +6'(*6.! *"7$(0! 6&%*! ($%"*! %'(%*-*"0%0<! #$%! 0%-,*,("6'! 68!

64'%*0$"-! ,'/! +6'(*6.! +,'! ($)0! -*6&"/%! ,'! ,//"("6',.! "'+%'("&%! 86*! %'(*%-*%'%)*0! (6!

-%*86*;! 4%..<! A6*! %'(*%-*%'%)*0! 9,+5%/! 91! &%'()*%! +,-"(,."0(0=! ($%! 0)++%00! 68! ($%!



! KL

%'(%*-*"0%!9*"'70!'6(!6'.1!;6'%(,*1!9%'%8"(0=!9)(!,.06!($%!-*"&,(%!9%'%8"(0!68!+6'(*6.."'7!

($%! %'(%*-*"0%<!O%,'4$".%=! ($%! 0%-,*,("6'! 68!64'%*0$"-! ,'/!+6'(*6.!+,'! ,.06! 0%*&%!,0!,!

0+*%%'"'7! ;%+$,'"0;<! b66/! %'(*%-*%'%)*0! 4"..! 9%! ;6*%! ."5%.1! (6! ,++%-(! ,! +.,)0%! ($,(!

;%,'0!0)**%'/%*"'7!+6'(*6.!*"7$(0!(%;-6*,*".1!9%+,)0%!($%1!,*%!+6'8"/%'(!($,(!($%1!+,'!

7%(!($%;!9,+5!"'!($%!8)()*%<!a%00C+6'8"/%'(!%'(*%-*%'%)*0!4"..!9%!.%00!."5%.1!(6!,++%-(!($%!

0%-,*,("6'!68!64'%*0$"-!,'/!+6'(*6.!*"7$(0<!!

N8!+6'(*6.! *"7$(0! ,*%! )0%/! (6!*%/)+%! ,7%'+1!+60(0=! ($%'! ($%! ,..6+,("6'! 68!+6'(*6.!

*"7$(0!(6!&%'()*%!+,-"(,."0(0!0$6)./!9%!;60(!."5%.1!(6!$,--%'!"'!8"*;0!($,(!$,&%!($%!$"7$%0(!

%@-%+(%/!,7%'+1!+60(0<!>6'(*,+(!+6&%','(0!,*%!+60(.1!(6!'%76(",(%!,'/!%'86*+%<!H%'()*%!

+,-"(,."0(0!,//!+6&%','(0!6'.1!4$%'!($%!9%'%8"(0!68!,//"'7!+6&%','(0!%@+%%/!($%!+60(0!68!

,//"'7!+6&%','(0!IF"..",;06'!KLfhp!3;"($!,'/!F,*'%*=!KLeLJ<!b6;-%*0!IKLLeJ!(%0(0!($"0!

$1-6($%0"0!%;-"*"+,..1!91!%@,;"'"'7!hM!&%'()*%!+,-"(,.!+6'(*,+(0!8*6;!($%!:%'%,0!b*6)-=!

,'! ,88".",(%! 68! ($%! Z,*&,*/! O,',7%;%'(! >6;-,'1<! E%-%'/%'(! &,*",9.%0! "'+.)/%! ($%!

',()*%!68!($%!8"*;!,00%(0!,'/!($%!/%&%.6-;%'(,.!0(,7%!68!($%!8"*;<!#$%!*%0).(0!0$64!($,(!

($%! +6%88"+"%'(0! 86*! ($%! %,*.1! 0(,7%! ,'/! ($%! ,&%*,7%! "'/)0(*1! *,("6! 68! ;,*5%(! &,.)%! 68!

%D)"(1!(6!9665!*,("6!,*%!-60"("&%!,'/!0"7'"8"+,'(!"'!-*%/"+("'7!($%!');9%*0!68!+6&%','(0<!

#$%0%!*%0).(0!,*%!*%;,*5,9.%!7"&%'!($%!0;,..!0,;-.%!0"Q%!,'/!($%!"'+6;-.%(%!/,(,!I)0"'7!

"'/)0(*1! /,(,! (6! ,--*6@";,(%! "'/"&"/),.! 8"*;! /,(,J<! #$%! +6%88"+"%'(! 86*! 96,*/! 0%,(!

+6;-60"("6'! "0! '6(! 0"7'"8"+,'(=! 0)77%0("'7! ($,(! 96,*/! 0%,(! +6;-60"("6'! /6%0! '6(!

+6;-.%;%'(!6*!0)90("()(%!86*!6($%*!+6'(*6.!;%+$,'"0;0<!!

!



! cM

c<K<c<h<!H%'()*%!%'(%*-*"0%!96,*/!+6;-60"("6'!!

#$%! 96,*/! $,0! ,'! ";-6*(,'(! *6.%! "'! 0)-%*&"0"'7! ($%! %'(%*-*"0%<! :7%'+1! ($%6*1!

-*%/"+(0!($,(!($%!$"7$%*!($%!%@-%+(%/!,7%'+1!+60(0=!($%!;6*%!";-6*(,'(!96,*/!0)-%*&"0"6'!

"0!IA,;,!,'/!G%'0%'!KLfdp!F"..",;06'!KLfdJ<!U6,*/!0)-%*&"0"6'!"0!'6*;,..1!;%,0)*%/!

91! ($%! -%*+%'(,7%! 68! 6)(0"/%*0! 6'! ($%! 96,*/<! a%*'%*! IKLLhJ! (%0(0! ($"0! $1-6($%0"0! "'!

9"6(%+$'6.671!&%'()*%!+,-"(,.!"'&%0(;%'(!91!)0"'7!,!;6/%.!0)77%0(%/!91!Z%*;,."'!,'/!

F%"09,+$!IKLffJ<!Z%*;,."'!,'/!F%"09,+$!0)77%0(!($,(!,!>TS!"0!."5%.1!(6!9%!*%-.,+%/!

4$%'! ($%! 6*7,'"Q,("6'!"0! "'! +*"0"0<! #$%! 96,*/! 0$6)./! ($%'! ;6'"(6*! ($%! %'(%*-*"0%! ;6*%!

+.60%.1! ,8(%*! ($%! *%-.,+%;%'(! 68! ($%! >TS<! #6! (%0(! ($%! $1-6($%0"0=! a%*'%*! +6'0(*)+(0! ,!

0,;-.%!68!ceK!9"6(%+$'6.671!8"*;0=!9,+5%/!91!&%'()*%!+,-"(,.!8*6;!KLef!(6!KLfL=!8*6;!

($%! H%'()*%! T+6'6;"+0! /,(,9,0%<! #$%0%! ceK! 9"6(%+$'6.671! 8"*;0! $,/! ,! (6(,.! 68! ihd!

8"','+"'7!*6)'/0<!Z%!8"'/0!($,(!($%!+6%88"+"%'(!68!>TS!()*'6&%*!"0!-60"("&%!,'/!0"7'"8"+,'(!

"'!-*%/"+("'7!($%!');9%*!68!'%4!96,*/!;%;9%*0!4$6!,*%!&%'()*%!+,-"(,."0(0<!Z"0!8"'/"'7!

0(*6'7.1!0)--6*(0!,7%'+1!($%6*1<!!

N'! ($%! 0,;%! -,-%*=! a%*'%*! ,.06! %@,;"'%0! ($%! *%.,("6'0$"-! 9%(4%%'! 7%67*,-$"+!

-*6@";"(1!,'/!($%!-*%0%'+%!68!&%'()*%!+,-"(,."0(!96,*/!;%;9%*0!91!)0"'7!($%!0,;%!/,(,<!

3"'+%!;6'"(6*"'7!"0!+60(.1=!7%67*,-$"+!/"0(,'+%!0$6)./!9%!,!8,+(6*!"'!/%+"/"'7!($%!+60(0!68!

;6'"(6*"'7!,'!%'(%*-*"0%!,'/!0$6)./!9%!*%.,(%/!(6!($%!-*69,9"."(1!68!0%*&"'7!6'!,!96,*/<!

a%*'%*!$1-6($%0"Q%0!($,(!($%!+.60%*!,!&%'()*%!+,-"(,."0(!"0!(6!($%!%'(%*-*"0%=!($%!;6*%!."5%.1!

$%!6*! 0$%! 0$6)./! 9%!(6! 0%*&%!6'! ($%! 96,*/<!#$%! -*69"(! *%7*%00"6'!0(*6'7.1! 0)--6*(0!($"0!

$1-6($%0"0<!!

!

c<K<c<i<!N'&%0(;%'(!01'/"+,("6'!! !



! cK

A"',..1=!($%! 01'/"+,("6'! 68!&%'()*%! +,-"(,.! "'&%0(;%'(! "0!,! 0"7'"8"+,'(!8%,()*%! 68!

&%'()*%!+,-"(,.!"'&%0(;%'(<!31'/"+,("6'!"0!+6;;6'!"'!&%'()*%!+,-"(,.!"'&%0(;%'(<!a%*'%*!

IKLLgJ! ,*7)%0! ($,(! ,'! ";-6*(,'(! *,("6',.%! 86*! &%'()*%! "'&%0(;%'(! 01'/"+,("6'! "0! ($,(!

01'/"+,("6'!+,'! -*6&"/%!,! &,.),9.%!0%+6'/! 6-"'"6'! ($,(!$%.-0!(6! ";-*6&%!($%!D),."(1!68!

-*6P%+(! 0%.%+("6'<! N8! ($"0! "0! ($%! +,0%=! ($%'! &%'()*%! +,-"(,."0(0! 0$6)./! (%'/! (6! +$660%!

%@-%*"%'+%/! &%'()*%! +,-"(,."0(0! (6! 01'/"+,(%! "'&%0(;%'(! "'! ($%! %,*.1! 0(,7%0! 68! ($%!

%'(%*-*"0%!4$%'!"'86*;,("6'!,01;;%(*1!"0!($%!7*%,(%0(<!H%'()*%!+,-"(,."0(0!0$6)./!9%!.%00!

0%.%+("&%! "'! ($%"*! 01'/"+,(%/! -,*('%*0! ,0! ($%! %'(%*-*"0%! -*67*%00%0! (64,*/! .,(%*! 0(,7%0<!

a%*'%*!IKLLhJ!)0%0!($%!0,;%!/,(,!(6!(%0(!($%!$1-6($%0"0<!#$%!*%7*%00"6'!0)--6*(0!($%!&"%4!

($,(!01'/"+,("6'!"0!)0%/!,0!,!/%&"+%!(6!";-*6&%!($%!D),."(1!68!-*6P%+(!0%.%+("6'<!!

!

c<c<!NWS0!,'/!H%'()*%!>,-"(,.!N'&%0(;%'(0!

3+$6.,*0! ,.06! 8"'/! ($,(! NWS0! $,&%! ,'! ";-6*(,'(! ";-,+(! 6'! &%'()*%! +,-"(,.!

"'&%0(;%'(0<!H%'()*%!+,-"(,.!%@"(!+,'!(,5%!0%&%*,.!86*;0R!NWS0=!,+D)"0"("6'=!."D)"/,("6'=!

,'/!.%&%*,7%/!9)1C6)(0<!:.($6)7$!($%!NWS!"0!6'.1!6'%!68!;,'1!4,10!86*!"'&%0(6*0!(6!%@"(!

&%'()*%! +,-"(,.! "'&%0(;%'(=! "(! $,0! ,'! ";-6*(,'(! ";-,+(! 6'! ($%! &%'()*%! +,-"(,.! ;,*5%(!

9%+,)0%! "(! "0! ($%! ;60(! -*68"(,9.%! 4,1! (6! %@"(<L!:! 0()/1! 91! 3"+/4$"' .8,+,6*8-! IKLffJ!

0$640!($,(!%&%*1!mK!"'&%0(%/!"'!,!8"*;!($,(!.,(%*!76%0!(6!,'!NWS!4"..!7%'%*,(%!mK<Lh!"'!

*%()*'<KM

!N'! +6;-,*"06'=!%&%*1!mK! "'&%0(%/!"'!,! 8"*;!($,(! "0!,+D)"*%/!.,(%*!4"..!7%'%*,(%!

6'.1!mM<gM!"'!*%()*'<!#$%*%!"0!'6!/6)9(!($,(!($%!NWS!"0!($%!-*%8%**%/!4,1!86*!"'&%0(6*0!(6!

%@"(!&%'()*%!+,-"(,.!"'&%0(;%'(<!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!L!a"D)"/,("6'!'6*;,..1!"'/"+,(%0!(6(,.!8,".)*%<!a%&%*,7%!9)1C6)(!'6*;,..1!"0!'6(!,&,".,9.%!(6!($%!'%4!%'(%*-*"0%0!9%+,)0%!($%1!,*%!0$6*(!68!+,0$<!!KM!N!$,&%!'6(!86)'/!($%!6*"7"',.!(%@(<!#$%!86..64"'7!(%@(!"0!+"(%/!8*6;!W<!cd=!3"+/4$"':%)*/%&':?8&"!91!b6;-%*0!,'/!a%*'%*<!!



! cd

"'&%0(;%'(<!:8(%*!+6'(*6.."'7!86*!.,96*!;,*5%(!*"7"/"("%0=!8"','+",.!*%-6*("'7!0(,'/,*/0=!($%!

0+,.%!68!-*"&,(%!-%'0"6'!8)'/0=!,'/!;,+*6%+6'6;"+!&,*",9.%0=!($%1!8"'/!($,(!NWS0!,*%!($%!

;60(!";-6*(,'(!/%(%*;"','(!68!&%'()*%!+,-"(,.!"'&%0(;%'(<!!

#$%! ');9%*! 68! &%'()*%C9,+5%/! NWS0! "0! +.60%.1! *%.,(%/! (6! 7%'%*,.! ;,*5%(!

+6'/"("6'0<! a%*'%*! IKLLgJ! 0()/"%0! ($%! (";"'7! 68! 9"6(%+$'6.671! NWS0! ,'/! 8"'/0! ($,(! ($%!

');9%*! 68! NWS0! (%'/0! (6! "'+*%,0%! 4$%'! ($%! 9"6(%+$'6.671! %D)"(1! "'/%@! "'! ($%! -)9."+!

;,*5%(! "'+*%,0%0<! H%'()*%! +,-"(,."0(0! ,*%! /%0-%*,(%! (6! *)0$! ($%"*! -6*(86."6! 8"*;0! (6! ($%!

-)9."+! ;,*5%(! 4$%'! ($%! \NWS! 4"'/64]! "0! 6-%'<! a%*'%*?0! 0()/1! 8)*($%*! +6'8"*;0! ($%!

";-6*(,'+%!68!($%!-)9."+!0%+)*"(1!;,*5%(!(6!&%'()*%!+,-"(,.!"'&%0(;%'(<!!

!

c<d<!a,4!,'/!A"','+%R!A"','+"'7!2'/%*!,!F%,5!N'0("()("6',.!T'&"*6';%'(!

! #$%!+)**%'(!."(%*,()*%!6'!&%'()*%!+,-"(,.! 7%'%*,..1!,00);%0!,!0(*6'7!"'0("()("6',.!

%'&"*6';%'(R! 0%+)*%! -*6-%*(1! *"7$(0=! ;,()*%! ;,*5%(! "'(%*;%/",(%! "'0("()("6'0=! 8*"%'/.1!

76&%*';%'(!*%7).,("6'0=!,'/!,'!"'/%-%'/%'(!P)/"+",.!010(%;<!Z64%&%*=!($%0%!+6'/"("6'0!

,*%!'6*;,..1!'6(!0,("08"%/!"'!/%&%.6-"'7!+6)'(*"%0<!3"'+%!."((.%!*%0%,*+$!$,0!9%%'!/6'%!6'!

&%'()*%!+,-"(,.!"'!/%&%.6-"'7!+6)'(*"%0=!($"0!."(%*,()*%!0%,*+$!()*'0!(6!."(%*,()*%!6'!.,4!,'/!

8"','+%!(6!0()/1!&%'()*%!+,-"(,.!"'!/%&%.6-"'7!+6)'(*"%0<!!

! #$%!."(%*,()*%!6'!.,4!,'/!8"','+%!0()/"%0!($%!";-,+(!68!"'0("()("6'0!6'!($%!-,((%*'!

68! %@(%*',.! 8"','+"'7<! b66/! "'0("()("6'0=! /%8"'%/! ,0! "'0("()("6'0! +6'/)+"&%! (6! %+6'6;"+!

7*64($=! ,*%! "'0("()("6'0! ($,(! +,'! 0,8%7),*/! -*"&,(%! -*6-%*(1! ,7,"'0(! 76&%*';%'(!

%@-*6-*",("6'! ,'/! -*"&,(%! %@-*6-*",("6'! IEP,'56&! %(! ,.<=! cMMdJ<! b6&%*';%'(! +,'!

%@-*6-*",(%! -*"&,(%! -*6-%*(1! /"*%+(.1! 91! 0%"Q"'7! "(! 8*6;! -*"&,(%! +"("Q%'0! )'/%*!

',("6',."Q,("6'! -*67*,;0! 6*! ($*6)7$! 9)*/%'06;%! *%7).,("6'0! ($,(! ,";! (6! %@,+(! -*68"(0!



! cg

8*6;! -*"&,(%! +"("Q%'0!IE%! 36(6=! cMMMp! EP,'56&! %(!,.<=! cMMKJ<!N'!F%0(%*'! +6)'(*"%0=! ($%!

-*69.%;!68!76&%*';%'(!%@-*6-*",("6'!"0!$,'/.%/!91!,!."9%*,.!/%;6+*,("+!010(%;!IX6*($=!

KLLMJ<! N'! /%&%.6-"'7! +6)'(*"%0=! "'0("()("6'0! (6! 7),*/! ,7,"'0(! 76&%*';%'(! ,'/! -*"&,(%!

%@-*6-*",("6'! ,*%! $"7$.1! )'/%*/%&%.6-%/<! W*"&,(%! +"("Q%'0! 8,+%! ,! +6'0"/%*,9.%! *"05! 68!

76&%*';%'(!%@-*6-*",("6'<!

#$%!-*%0%'+%!68!76&%*';%'(!,'/!-*"&,(%!%@-*6-*",("6'!$,0!,'!";-6*(,'(!%88%+(!6'!

($%!0)--.1!68!%'(*%-*%'%)*",.!8"*;0R!#$%!($*%,(!68!76&%*';%'(!%@-*6-*",("6'!/%+*%,0%0!($%!

0)--.1! 68! %'(*%-*%'%)*0$"-<! T'(*%-*%'%)*0$"-! "0! ,! /"88"+).(! -*6+%00<! T&%'! ,8(%*!

+6'0"/%*,9.%!*%06)*+%0!,*%!0-%'(=!($%!+$,'+%!68!0)++%008)..1!.,)'+$"'7!,!'%4!9)0"'%00!"0!

D)"(%!0;,..!I3,$.;,'=!3(%&%'06'=!^69%*(0! ,'/!U$"/%=!KLLLJ<! F$%'! 8,+"'7!,! \7*,99"'7!

$,'/]!76&%*';%'(=!-6(%'(",.!%'(*%-*%'%)*0!,*%!*%.)+(,'(!(6!0(,*(!'%4!9)0"'%00%0!9%+,)0%!

($%1!5'64!($,(!($%!76&%*';%'(!;"7$(!0%"Q%!($%"*!"'&%0(;%'(<!T&%'!"8!%'(*%-*%'%)*0!0(,*(!

8"*;0! )-=! ($%1! ,*%! *%.)+(,'(! (6! -)*0)%! 7*64($! 9%+,)0%! 7*64($! ;,1! ,((*,+(! )'4,'(%/!

76&%*';%'(!,((%'("6'<!!

W*"&,(%! %@-*6-*",("6'! ;%,'0! %@-*6-*",("6'! 91! 6($%*! -*"&,(%! +"("Q%'0! ($*6)7$!

8*,)/).%'(!6*!&"6.%'(!;%,'0=!0)+$!,0!($%8(=!9*%,+$!68!+6'(*,+(0=!,'/!"'0"/%*!(*,/"'7<!S'%!

-*6;"'%'(! 86*;! 68! -*"&,(%! %@-*6-*",("6'! "'! 8"','+"'7! "0! 91! ;%,'0! 68! ,7%'+1! +60(0R!

;,',7%*0! ;,1! %@-*6-*",(%! 8*6;! "'&%0(6*0! ,8(%*! "'&%0(6*0! (*)0(! ($%"*! ;6'%1! (6! ($%!

;,',7%*0<! Z,*(! IKLLhJ! ,*7)%0! ($,(! ;,',7%*0! /%."&%*! *%()*'0! (6! "'&%0(6*0! 9%+,)0%! ($%1!

$,&%!(6<!N'&%0(6*0!,+D)"*%!&,*"6)0!*"7$(0!91!;,5"'7!+6'(*,+(0!4"($!;,',7%*0!4$%'!($%1!

8"','+%! ;,',7%*0?! -*6P%+(0<! A,".)*%! (6! 86..64! ($%0%! +6'(*,+(0! 4"..! 9*"'7! ;,',7%*0!

)'/%0"*,9.%! +6'0%D)%'+%0=! 0)+$! ,0! ."D)"/,("6'<! Z,*(! ,*7)%0! ($,(! "'&%0(6*! -64%*! "0! ($%!

;60(!+*"("+,.!"00)%!"'!+6*-6*,(%!76&%*','+%<!!



! ch

X,()*,..1=! "'&%0(6*0?! -64%*! "0! /%(%*;"'%/! $%,&".1! 91! ,! +6)'(*1?0! "'0("()("6',.!

%'&"*6';%'(R! /"88%*%'(! +6)'(*"%0?! .,40! 7"&%! "'&%0(6*0! /"88%*%'(! *"7$(0! ,'/! /"88%*%'(!

+6)'(*"%0!$,&%!/"88%*%'(!+6'(*,+(!%'86*+%;%'(!+,-,9"."("%0<!N8!($%!"'&%0(6*!-64%*!($%6*1!"0!

+6**%+(=! 4%! 0$6)./! 690%*&%! ($,(! ($%! "'0("()("6',.! %'&"*6';%'(! 68! /"88%*%'(! +6)'(*"%0!

"'8.)%'+%0!($%!-,((%*'!68!%@(%*',.!8"','+"'7<!!

a,!W6*(,!%(!,.<!IKLLfJ!"/%'("81!,!0%*"%0!68!5%1!.%7,.!+.,)0%0!86*!"'&%0(6*!-*6(%+("6'<!

#$%1! /"0+6&%*! ($,(! 06;%! /"88%*%'+%0! 68! .,4! ,+*600! +6)'(*"%0! +,'! 9%! (*,+%/! (6! ($%!

/"88%*%'+%0!"'!.%7,.!6*"7"'0R!+6;;6'!.,4=!A*%'+$=!b%*;,'!,'/!3+,'/"',&",'<!#$%0%!86)*!

/"88%*%'(!.%7,.!010(%;0!4%*%!(*,'0-.,'(%/!(6!($%!46*./!($*6)7$!+6.6'"Q,("6'!,'/!%;).,("6'<!

#$)0!($%0%!.%7,.!010(%;0!+,'!9%!%@67%'6)0!(6!($%!-,((%*'!68!%@(%*',.!8"','+"'7<!a,!W6*(,!

%(! ,.<! IKLLfJ! 8"'/! ($,(=! 6&%*,..=! +6;;6'! .,4! -*6&"/%0! ($%! 9%0(! -*6(%+("6'! (6! "'&%0(6*0!

4$".%!A*%'+$!.,4!-*6&"/%0!($%!.%,0(!-*6(%+("6'<!!

#$%! /"88%*%'+%0! "'! "'&%0(6*! -*6(%+("6'! ,'/! .,4! %'86*+%;%'(! $,&%! -*686)'/!

+6'0%D)%'+%0!(6! ($%! -,((%*'! 68!%@(%*',.! 8"','+"'7<! a,!W6*(,!%(! ,.<! IKLLL,J! %@,;"'%! ($%!

-,((%*'!68!64'%*0$"-!,*6)'/!($%!46*./<!F$%'!"'0"/%*0!$,&%!;6*%!%D)"(1!"'!($%!8"*;0=!($%"*!

"'+%'("&%0!0$6)./!9%!;6*%!."5%.1!(6!9%!,."7'%/!4"($!($60%!68!"'&%0(6*0=!,'/!($%1!,*%!.%00!

."5%.1! (6! %@-*6-*",(%! 8*6;! "'&%0(6*0<! #$)0! 4$%'! "'&%0(6*! -*6(%+("6'! "0! 4%,5=! %@(%*',.!

"'&%0(6*0! 0$6)./! *%D)"*%! "'0"/%*0! (6! $6./! ;6*%! %D)"(1! ,0! ,! -*%+6;;"(;%'(! '6(! (6!

%@-*6-*",(%! 8*6;! %@(%*',.! "'&%0(6*0<! ^%0%,*+$! 6'! ($%! 9"77%0(! ."0(%/! 8"*;0! 7%'%*,..1!

0)--6*(0! ($"0! $1-6($%0"0! Ia,! W6*(,! %(! ,.<=! KLLfp! KLLL,p! >.,%00%'0=! EP,'56&! ,'/! a,'7=!

cMMM,J<!!

! #$%! /"88%*%'+%0! "'! "'&%0(6*! -*6(%+("6'! ,'/! .,4! %'86*+%;%'(! ,.06! "'8.)%'+%! ($%!

/%-($!,'/!9*%,/($!68!%@(%*',.!8"','+"'7<!F$%'!,!+6)'(*1!$,0!0(*6'7!"'&%0(6*!-*6(%+("6'=!



! ci

"'&%0(6*0!0$6)./!9%!;6*%!+6'8"/%'(!($,(!($%1!+,'!*%+%"&%!*%()*'0!6'!($%"*!"'&%0(;%'(0=!,'/!

($%! -*"+%0! 68! 8"','+"'7! 0$6)./! /%+*%,0%<! #$%! /%+*%,0%/! -*"+%0! 68! 8"','+"'7! 0$6)./!

%'+6)*,7%! %'(*%-*%'%)*0! ,'/! ;,',7%*0! (6! )0%! ;6*%! %@(%*',.! 8"','+"'7<! a,! W6*(,! %(! ,.<!

IKLLeJ!0()/1!($%!0"Q%!68!($%!0(6+5!;,*5%(=!($%!');9%*!68!."0(%/!+6;-,'"%0=!($%!');9%*!68!

NWS0! ,'/! ($%! 0"Q%! 68! /%9(! "'! gL! +6)'(*"%0<! #$%1! 8"'/! ($,(! +6)'(*"%0! ($,(! $,&%! 9%((%*!

"'&%0(6*!-*6(%+("6'!/6!$,&%!/%%-%*!,'/!9*6,/%*!8"','+",.!;,*5%(0<!!

! ^%0%,*+$! ,.06! 0$640! ($,(! 9%((%*! "'&%0(6*! -*6(%+("6'! ";-*6&%0! 8"*;! &,.),("6'<!

F$%'!,! +6)'(*1! $,0! 4%,5! "'&%0(6*!-*6(%+("6'=! "'&%0(6*0! '%%/! (6!(,5%!($%! -*69,9"."(1!68!

%@-*6-*",("6'!"'(6!,++6)'(=!,'/!($%1!,*%!4".."'7!(6!"'&%0(!6'.1!4$%'!($%!8"*;!&,.),("6'!"0!

.64!%'6)7$!(6!+6;-%'0,(%!($%!-*69,9"."(1!68!%@-*6-*",("6'<!a,!W6*(,!,(!,.!IKLLL9J!0()/1!,!

0,;-.%! 68! 8"*;0! "'! ce! 4%,.($! %+6'6;"%0<! #$%1! 8"'/! ($,(! 9%((%*! "'&%0(6*! -*6(%+("6'! "0!

,006+",(%/! 4"($! $"7$%*! #69"'?0! Y<! N'! ,//"("6'=! $"7$! "'0"/%*! 64'%*0$"-! "0! 4%,5.1!

,006+",(%/! 4"($! $"7$%*! &,.),("6'<! #$%! ."'5! 9%(4%%'! 64'%*0$"-! ,'/! &,.),("6'! "0! ;6*%!

-*6'6)'+%/!"'!+6)'(*"%0!4"($!4%,5%*!"'&%0(6*!-*6(%+("6'<!>.,%00%'0!%(!,.<!IcMMM+J!(%0(!($%!

0,;%! $1-6($%0"0! 4"($! ,! 0,;-.%! 68!8"*;0!"'!T,0(!:0",!+6)'(*"%0! ,'/! +6'8"*;! a,!W6*(,?0!

8"'/"'7<!

! 3+$6.,*0!,.06!,*7)%!($,(!06;%!,.(%*',("&%!76&%*','+%!0(*)+()*%!;,1!9%!)0%/!4$%'!

($%! "'0("()("6',.! %'&"*6';%'(! "0!4%,5<!3$.%"8%*!,'/! H"0$'1! IKLLeJ! ,*7)%!($,(! 64'"'7!,!

.,*7%! 0(,5%! "'! ($%! 8"*;! +6)./! 9%! ,'! ,.(%*',("&%! 76&%*','+%! 0(*)+()*%! 4$%'! "'&%0(6*!

-*6(%+("6'!"0!4%,5!9%+,)0%!.,*7%!64'%*0!,*%!;6*%!."5%.1!(6!$,&%!($%!*%06)*+%0!(6!;6'"(6*!

;,',7%*0!,'/!,*%!;6*%!."5%.1!(6!$,&%!"'0"/%!"'86*;,("6'<!!

$



! ce

c<g<!^%+%'(!^%0%,*+$!6'!H%'()*%!>,-"(,.!"'!E%&%.6-"'7!>6)'(*"%0!

! ^%0%,*+$! 6'! &%'()*%!+,-"(,.!"'! /%&%.6-"'7!+6)'(*"%0! $,0! '6(! %;%*7%/!)'(".! &%*1!

*%+%'(.1<! S'%! *%+%'(! *%0%,*+$! "0! ($%! *%0%,*+$! 6'! cKM! -*"&,(%! %D)"(1! (*,'0,+("6'0! "'!

/%&%.6-"'7!46*./!91!a%*'%*!,'/!3+$6,*!IcMMgJ<!#$"0!*%0%,*+$!/*,40!8*6;!($%!."(%*,()*%!

6'!.,4!,'/!8"','+%!,'/!0()/"%0!$64!+6'(*,+("'7!+$6"+%0!68!-*"&,(%!%D)"(1!;,1!9%!+$,'7%/!

,++6*/"'7! (6! .%7,.! *%7";%0! "'! /"88%*%'(! +6)'(*"%0<! N(! 8"'/0! ($,(! ($%! )0%! 68! +6'&%*("9.%!

-*%8%**%/! 0%+)*"("%0! "0! +.60%.1! ,006+",(%/! 4"($! ($%! .%7,.! *%7";%0! 68! ($%! +6)'(*"%0R!

(*,'0,+("6'0! "'! +6;;6'! .,4! +6)'(*"%0! ,*%! ;6*%! ."5%.1! (6! 9%! ,006+",(%/! 4"($! 7*%,(%*!

"'&%0(6*! -*6(%+("6'0! ,'/! ;6*%! 8*%D)%'(! )0%! 68! +6'&%*("9.%! -*%8%**%/<! N'! ,//"("6'=! 8"*;!

&,.),("6'!"0!7%'%*,..1!$"7$%*!"'!+6)'(*"%0!($,(!$,&%!9%((%*!*).%!68!.,4!,'/!,!+6;;6'!.,4!

(*,/"("6'<!!

! :'6($%*!*%+%'(!*%0%,*+$!"0!($%!*%0%,*+$!/6'%!91!>);;"'70!,'/!A.%;"'7!IcMMdJ<!

#$"0! *%0%,*+$! 0()/"%0! ($%! *%.,("6'0$"-! 9%(4%%'! .%7,.! *%7";%0! ,'/! &%'()*%! +,-"(,.! %@"(!

+$,''%.0! 91! 0()/1"'7! dii! &%'()*%! +,-"(,.! "'&%0(;%'(0! ,+*600! Kc! :0",'! +6)'(*"%0<! #$"0!

*%0%,*+$!8"'/0!($,(!"'&%0(;%'(0!"'!0;,..!,'/!$"7$C(%+$!8"*;0!,*%!;6*%!."5%.1!(6!$,--%'!"'!

+6)'(*"%0!4$%*%!"'&%0(6*!-*6(%+("6'0!,*%!0(*6'7%*<!N'!,//"("6'=!NWS!,'/!,+D)"0"("6'!%@"(0!

,*%!;6*%!."5%.1!(6!$,--%'!"'!+6)'(*"%0!($,(!$,&%!$"7$%*!.%7,."(1!"'/%@<!#$%!8"'/"'70!"'!($"0!

*%0%,*+$!,*%!9*6,/.1!+6'0"0(%'(!4"($!($%!*%0%,*+$!6'!.,4!,'/!8"','+%<!!

!

c<h<!3);;,*1!68!($%!a"(%*,()*%!^%&"%4!

! :!+6;;6'!($%;%!68!&%'()*%!+,-"(,.!."(%*,()*%!,'/!($%!.,4!,'/!8"','+%!."(%*,()*%!"0!

($,(! ($%1! 96($! )0%! ,'! ,7%'+1! -%*0-%+("&%! (6! 0()/1! %@(%*',.! 8"','+"'7<! >)**%'(! &%'()*%!

+,-"(,.! ."(%*,()*%! ,*7)%0! ($,(! ($%! ;%+$,'"0;0! 68! &%'()*%! +,-"(,.! +,'! 9%! )'/%*0(66/! ,0!

06.)("6'0! (6! ,7%'+1! -*69.%;0<! #$%! ."(%*,()*%! 6'! .,4! ,'/! 8"','+%! ,*7)%0! ($,(! ($%!



! cf

"'0("()("6',.! %'&"*6';%'(! "'8.)%'+%0! ($%! ;%+$,'"0;0! 68! 06.&"'7! ,7%'+1! -*69.%;0=! ,'/!

/"88%*%'(! ;%+$,'"0;0! 68! 06.&"'7! ,7%'+1! -*69.%;0! .%,/! (6! /"88%*%'(! 8"','+"'7! -,((%*'0<!

#$"0!($%0"0!/*,40!8*6;!($%0%!(46!0(*,'/0!68!."(%*,()*%!(6!0()/1!&%'()*%!+,-"(,.!"'&%0(;%'(0!

"'!>$"',<!>$"',?0!4%,5!"'0("()("6',.!%'&"*6';%'(!"'!($%!%,*.1!KLLM0!0$6)./!$,&%!;,/%!"(!

/"88"+).(! 86*! "'&%0(6*0! (6! 06.&%! ,7%'+1! -*69.%;! %88"+"%'(.1<! :0! ,! +6'0%D)%'+%=! &%'()*%!

+,-"(,."0(0! 0$6)./! $,&%! 9%%'! *%.)+(,'(! (6! "'&%0(! "'! $"7$! ,7%'+1! +60(! -*6P%+(0<! :'!

"'86*;,("6'C,7%'+1! ,--*6,+$! -*%/"+(0! ($,(! &%'()*%! +,-"(,.! "'&%0(;%'(0! 46)./! 9%! ;6*%!

"'(%*%0(%/!"'!$"7$C(%+$!"'/)0(*1!,'/!%,*.1C0(,7%!8"*;0!"'!($%!.,(%!KLLM0<!

F%,5! "'&%0(6*! -*6(%+("6'! "'! ($%! %,*.1! KLLM0! ;,1! ,.06! $,&%! 86*+%/! &%'()*%!

+,-"(,."0(0!(6!0%%5!,.(%*',("&%!76&%*','+%!0(*)+()*%0!0)+$!,0!64'"'7!,!.,*7%!0(,5%!"'!($%!

8"*;<! #$%! '%%/! 86*! ($%0%! ,.(%*',("&%! 76&%*','+%! 0(*)+()*%0! 0$6)./! /%+*%,0%! ,0! >$"',?0!

"'0("()("6',.! %'&"*6';%'(! ";-*6&%0<! #$)0=! 4%! 46)./! %@-%+(! ($%! %D)"(1! 64'%*0$"-! 91!

&%'()*%!+,-"(,."0(0!(6!/%+*%,0%!"'!($%!.,(%!KLLM0<!!

! >)**%'(!."(%*,()*%!6'!&%'()*%!+,-"(,.!,.06!0)77%0(0!($,(!($%!,&,".,9"."(1!68!NWS0!"0!

+*"("+,.! (6! &%'()*%! +,-"(,.! /%&%.6-;%'(<! #$"0! ($%0"0! 0()/"%0! >$"',?0! NWS! -6."+"%0! (6!

)'/%*0(,'/!$64!($%!+$,'7%!68!NWS!+$,''%.!$,0!"'8.)%'+%/!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!

>$"',<!!

!



! cL

&,%!-#"'8/'3%-%'

$

S'%!9"7!690(,+.%!68!0()/1"'7!&%'()*%!+,-"(,.!"'!>$"',!"0!($,(!'6!766/!/,(,!0%(!"0!

,&,".,9.%<!#6!,//*%00!($"0!"00)%=!N!+6..%+(%/!(46!/,(,!0%(0!6'!>$"',?0!&%'()*%!+,-"(,.<!#$%!

8"*0(!"0!,!/,(,!0%(!68!8)'/C*,"0"'7!91!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0<!#$%!0%+6'/!"0!,!

/,(,!0%(!68!"'&%0(;%'(0!91!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0<!#$"0!+$,-(%*!/"0+)00%0!($%!

(46!/,(,!0%(0!"'!/%(,".<!!

!

d<K<!E,(,!6'!H%'()*%!>,-"(,.!A)'/0!"'!>$"',!

#$%!8"*0(!/,(,!0%(!+6'(,"'0!/,(,!6'!&%'()*%!+,-"(,.!8)'/0!"'!>$"',<!H%'()*%!+,-"(,.!

8)'/0!"'!>$"',!+,'!9%!/%8"'%/!"'!(46!4,10R!U*6,/.1!/%8"'%/=!($%1!,*%!,'1!&%'()*%!+,-"(,.!

8)'/0!4$60%!"'&%0(;%'(!0+6-%!"'+.)/%0!O,"'.,'/!>$"',<!X,**64.1!/%8"'%/=!($%1!,*%!,'1!

"'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0! ($,(! ,*%! "'(%'/%/! (6! 86+)0!6'! "'&%0("'7! "'! O,"'.,'/!

>$"',<! #$"0! *%0%,*+$! )0%0! ($%! ',**64! /%8"'"("6'! 9%+,)0%! ($%! 6*7,'"Q,("6'! 68! ',**64.1!

/%8"'%/!8)'/0!"0!;6*%!0%'0"("&%!(6!+$,'7%0!"'!>$"',?0!"'0("()("6',.!%'&"*6';%'(<!A)'/0!

($,(! 4%*%! *,"0%/! (6! "'&%0(! "'! 6($%*!,*%,0! 9%0"/%0! O,"'.,'/! >$"',=!0)+$! ,0!:0",CW,+"8"+!

8)'/0!6*!b*%,(%*!>$"',!*%7"6'!8)'/0=!,*%!'6(!"'+.)/%/!"'!($%!,',.10"0!9%+,)0%!($%1!$,&%!

6'.1!.";"(%/!%@-60)*%!(6!>$"',?0!"'0("()("6',.!%'&"*6';%'(<!N'!,//"("6'=!($%*%!,*%!'6!/,(,!

6'!($%!-%*+%'(,7%!68!"'&%0(;%'(0!"'!>$"',!86*!($%0%!8)'/0<!!

:!&%'()*%!+,-"(,.!8)'/!"0!/%8"'%/!,0!,!8)'/!($,(!"'(%'/0!(6!"'&%0(!;6*%!($,'!hMV!68!

"(0!+,-"(,.!"'!)'."0(%/!8"*;0<!:!-)*%!&%'()*%!+,-"(,.!8)'/!"'&%0(0!%@+.)0"&%.1!"'!)'."0(%/!

+6;-,'"%0<!O,'1!&%'()*%!+,-"(,.!8)'/0!"'!($%!2'"(%/!3(,(%0!,*%!-)*%!&%'()*%!+,-"(,.!8)'/0<!

#$%! &%'()*%! +,-"(,.! -,*('%*0$"-! ,7*%%;%'(0! "'! ($%! 2'"(%/! 3(,(%0! )0),..1! 0-%+"81! ($,(!



! dM

&%'()*%! +,-"(,."0(0! +,''6(! "'&%0(! "'! ."0(%/! 0%+)*"("%0! Ib6;-%*0! ,'/! a%*'%*=! KLLLJ<!

Z64%&%*=!&%'()*%!+,-"(,."0(0!"'!>$"',!,*%!8*%D)%'(.1!,..64%/!(6!"'&%0(!"'!,!;"@!68!."0(%/!

,'/! )'."0(%/! 0%+)*"("%0<! #$%! 6-("6'! 68! "'&%0("'7! "'! ."0(%/! 0%+)*"("%0! +6;-."+,(%0! ($%!

,',.10"0! 68! &%'()*%! +,-"(,.! "'&%0(;%'(! 9%+,)0%! ($%! ;,',7%;%'(! 68! &%'()*%! +,-"(,.! "0!

8)'/,;%'(,..1!/"88%*%'(!8*6;!($%!;,',7%;%'(!68! ."0(%/!0%+)*"("%0<!#$"0!/"00%*(,("6'!)0%0!

hMV!"'!)'."0(%/!"'&%0(;%'(!,0!,!($*%0$6./!(6!/%8"'%!&%'()*%!+,-"(,.!8)'/0!9%+,)0%!,!8)'/!

"0! +6'0"/%*%/! (6! 9%! 0)88"+"%'(.1! \&%'()*%! +,-"(,.]! 4$%'! ($%! ;,P6*"(1! 68! "(0! 8)'/"'7! "0!

+6;;"((%/!(6!&%'()*%!+,-"(,.<!!

#$%!/,(,! 86*! &%'()*%! +,-"(,.! 8)'/0! "'! >$"',! ,*%! +6;-".%/! ;,"'.1! 8*6;! 93:; ?0'

<4*="'/,'3"+/4$"':%)*/%&'*+'9-*%! I 93:; =!KLLdp!KLLep!cMMKJ!,'/!&,*"6)0! 93:; !"00)%0<!

93:;' $,0!+6'0"0(%'(.1!+6..%+(%/!/,(,!6'!&%'()*%!+,-"(,.!"'!>$"',!0"'+%!KLff<!:!."0(!68!

>$"',!8)'/0!4,0!8"*0(!+6;-".%/!8*6;! 93:; ?0!,''),.!<4*="'/,'3"+/4$"':%)*/%&'*+'9-*%<!

#$%!."0(!-*6&"/%0!06;%!9,0"+!"'86*;,("6'=!0)+$!,0!($%!',;%!68!($%!8)'/=!($%!',;%!68!($%!

&%'()*%! +,-"(,.! 8"*;! ($,(! ;,',7%0! ($%! 8)'/=! ($%! 1%,*! ($%! 8)'/! 4,0! 86)'/%/=! ,'/! ($%!

,;6)'(! 68!;6'%1! *,"0%/<! :..! 8)'/0!86)'/%/! 9%(4%%'! KLLK! ,'/!cMMM!,*%! "'+.)/%/<!#$%!

"'"(",.!."0(!$,0!Kcd!&%'()*%!+,-"(,.!8)'/0<!!

S'%! -*69.%;! 4"($! )0"'7! 93:; ! /,(,! "0! ($,(! 93:;' /6%0! '6(! ;,5%! ,! /"0("'+("6'!

9%(4%%'!&%'()*%!+,-"(,.!,'/!9)1C6)(0<!A6*()',(%.1!($"0!-*69.%;!/6%0!'6(!0%%;!(6!9%!,'!

"00)%!86*!0()/1"'7!&%'()*%!+,-"(,.!"'!>$"',<!H%'()*%!+,-"(,."0(0!7%'%*,..1!,7*%%!($,(!($%*%!

"0!&"*(),..1!'6!.%&%*,7%/!9)1C6)(!,+("&"(1!"'!>$"',<KK

!36!($"0!*%0%,*+$!+,'!)0%! 93:;'/,(,!

4"($6)(!.60"'7!"(0!86+)0!6'!&%'()*%!+,-"(,.!"'!>$"',<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!KK!\#$%!O"//.%!`"'7/6;!U%+56'0=]!W<!Ke=! 93:; =!G)'%!cMMcp!($"0!-6"'(!"0!,.06!+6'8"*;%/!"'!($%!*%0%,*+$%*?0!"'(%*&"%40<!



! dK

#$%!'%@(!0(%-!68!($%!/,(,!+6;-".,("6'!-*6+%00!4,0!(6!/%(%*;"'%!4$%($%*!,!8)'/!"0!

,'!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/<!N!)0%/!"'86*;,("6'!"'! 93:; !(6!+.,00"81!($%!8)'/0<!N'!

;60(!+,0%0=!4$%($%*!,!8)'/!"0!"'(%*',("6',.!6*!/6;%0("+!"0!0(*,"7$(86*4,*/<!A6*!%@,;-.%=!,!

8)'/! ;,',7%/! 91! >"("7*6)-! "0! ,'! "'(%*',("6',.! 8)'/! ,'/! ,! 8)'/! ;,',7%/! 91! >$"',?0!

T&%*9*"7$(!b*6)-!"0!,!/6;%0("+!8)'/<!#$%!"/%'("8"+,("6'!-*6+%00!4,0!,"/%/!91!0%,*+$"'7!

6($%*!06)*+%0=! %<7<=! 9-*%G""H =! 9-*%6,+"?=! 9)0"'%00!0+$66.! +,0%! 0()/"%0! Ib*,1!,'/!b)"=!

KLLe=!3,$.;,'!,'/!b*%%'=!KLLhJ=!,'/!($%!$6;%-,7%0!68!8)'/0!,'/!8)'/!;,',7%*0<!N8!,!

&%'()*%! +,-"(,.! >$"',! 8)'/! 4,0! -)9."+.1! ."0(%/=! %886*(0! 4%*%! ;,/%! (6!0%,*+$! ($%! 8)'/?0!

,''),.!*%-6*(0<!:..!Kcd!8)'/0!4%*%!+.,00"8"%/!($*6)7$!($"0!-*6+%00<!:;6'7!($%!Kcd!8)'/0=!

eM!&%'()*%!+,-"(,.!8)'/0!4%*%!+.,00"8"%/!,0!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0<!!

#$%!"'"(",.!."0(!68!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!"'+.)/%/!06;%!b*%,(%*!>$"',!

8)'/0!,'/!06;%!>$"',!8)'/0!($,(!"'&%0(!-*";,*".1!"'!."0(%/!0%+)*"("%0<!#6!%@+.)/%!($%0%!

(46!(1-%0!68!8)'/0=!%&%*1!"00)%!68! 93:; !,'/!6($%*!;%/",!06)*+%0!4,0!0%,*+$%/!(6!+6'8"*;!

($,(!($%!8)'/0!"'!($%!."0(!;%%(!($%!/%8"'"("6'0<!:'1!*%-6*(%/!8)'/!($,(!IKJ!/"/!'6(!"'(%'/!(6!

"'&%0(! -*";,*".1! "'! O,"'.,'/! >$"',p! 6*! IcJ! -.,''%/! (6! "'&%0(! hMV! 6*! ;6*%! "'! ."0(%/!

0%+)*"("%0p!6*!IdJ!4,0!86)'/%/!91!86*%"7'!76&%*';%'(!,'/!)'"&%*0"("%0!4,0!/%.%(%/<!#$%!

8"',.!/,(,!0%(!+6'(,"'0!iK!"'(%*',("6',.!&%'()*%!+,-"(,.!>$"',!8)'/0<!#$%!*%0%,*+$!8"'/"'70!

,*%!"'0%'0"("&%!(6!($%!"'+.)0"6'0!68!($%!L!8)'/0!/%.%(%/<!!

N'!($"0!*%0%,*+$=!N!,;!"'(%*%0(%/!"'!($%!*%.,("6'0$"-!9%(4%%'!>$"',?0!"'0("()("6',.!

%'&"*6';%'(! ,'/! ($%! -*6-%'0"(1! 68! "'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0! (6! 86*;! P6"'(!

&%'()*%0!4"($!3ST!-,*('%*0<!:!P6"'(!&%'()*%!"0!/%8"'%/!,0!,'!"'(%*',("6',.!&%'()*%!+,-"(,.!

8"*;!($,(!"0!64'%/!91!,(!.%,0(!6'%!/6;%0("+!8"*;<!A6*!%@,;-.%=!>$"',!:00%(!O,',7%;%'(!

"0!,!P6"'(!&%'()*%!8)'/!9%+,)0%!"(!"0!64'%/!P6"'(.1!91!Z6'7!`6'7?0!3(,'/,*/!>$,*(%*%/=!



! dc

G,;%0!>$,-%.!,'/!>$"',?0!H%'()*%(%+$<!#$%!-*6+%00!68!+6'0(*)+("'7!&,*",9.%0!"0!0";".,*!

(6! ($%! "/%'("8"+,("6'! -*6+%00! 86*! "'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0<! N! 8"*0(! (*"%/! (6!

/%(%*;"'%! 4$%($%*! ,! 8)'/! "0! ,! P6"'(! &%'()*%! 8)'/! ($*6)7$! &,*"6)0! ;%/",! 06)*+%0! ,'/!

N'(%*'%(!0%,*+$<!N8!"(!+,''6(!9%!/%(%*;"'%/!8*6;!($%!;%/",!6*!N'(%*'%(!0%,*+$!4$%($%*!,!

8)'/!"0!,!P6"'(!&%'()*%!8)'/=!N!0%'/!%C;,".0!,'/!8,@%0!(6!,05!&%'()*%!+,-"(,.!8"*;0<!X6'C

*%0-6'/%'(0!,*%!86..64%/!)-!(4"+%!91!-$6'%<!2'86*()',(%.1=!N!,;!'6(!,9.%!(6!+,(%76*"Q%!

%&%*1! 8)'/! 86*! ($"0! &,*",9.%<!#$%! +6'0(*)+("6'! -*6+%00! -60"("&%.1! "/%'("8"%0! ci!8)'/0!,0!

P6"'(!&%'()*%0!4"($!.6+,.!8"*;0!"'!>$"',<!!

A6)*!8)'/0!4%*%!86)'/!($,(!$,/!/6;%0("+!-,*('%*0!,0!,/&"06*0!9)(!/"/!'6(!$,&%!

/6;%0("+! -,*('%*0! ,0! 8)'/! ;,',7%*0<! A)'/! ,/&"06*0! ,*%! /"88%*%'(! 8*6;! P6"'(! &%'()*%!

-,*('%*0! "'!($,(! ($%1!,*%! +6;-%'0,(%/! 9,0%/!6'!($%"*! ,9"."(1!(6!7%'%*,(%!/%,.0!,'/! ($%1!

$,&%!'6!&6("'7!*"7$(0!4"($!*%7,*/!(6!8)'/!;,',7%;%'(<!A6*!%@,;-.%=!>,($,1!>.%;%'(%!

*%."%/!6'!3(6+5!T@+$,'7%!T@%+)("&%!>6)'+".!I3TT>J!(6!7%'%*,(%!"'&%0(;%'(0!+,'/"/,(%0<!

N'!%@+$,'7%=!>,($,1!>.%;%'(%!7,&%!cV!68!($%!;,',7%;%'(!8%%!(6!0)--6*(!($%!6-%*,("6'!

68!($%! >$"',!3%+)*"("%0! N'/)0(*1!N'0("()(%=!,'!"'0("()(%! %0(,9."0$%/!91!($%! 3TT>! I 93:; =!

X6&%;9%*!KLLcJ<!NXb!U%"P"'7!7,&%!,!+6'0).(,'+1!8%%!68!M<KV!-%*!,'');!6'!($%!'%(!,00%(!

&,.)%!68! ($%! +6;-,'1! (6!"(0!,/&"06*=! ,'/!,! 8%%! 86*! 06)*+"'7!,'/! ;6'"(6*"'7! "'&%0(;%'(!

-*6P%+(0!+,.+).,(%/!,(!($%!*,(%!68!M<ihV!INXb!U%"P"'7!:''),.!^%-6*(=!cMMMJ<!

!X6! /6;%0("+!-,*('%*! 4,0! 86)'/!86*!cL! 8)'/0<! N(!"0!-600"9.%!($,(! 06;%!68!($%!cL!

8)'/0!"'/%%/!$,&%!/6;%0("+!-,*('%*0!9)(!($%0%!-,*('%*0!,*%!'6(!5'64'!(6!($%!*%0%,*+$%*<!

Z64%&%*=!($%!+$,'+%!($,(!($%1!$,&%!)'*%-6*(%/!/6;%0("+!-,*('%*0!0$6)./!9%!0;,..<!#$%!

*%,06'!"0!($,(!"8!,'!"'(%*',("6',.!&%'()*%!+,-"(,.!8"*;!4,'(0!(6!86*;!,!P6"'(!&%'()*%!4"($!

.6+,.! -,*('%*0=! "(! 0$6)./! 9%."%&%! ($,(! 766/! .6+,.! -,*('%*0! %@"0(=! ,'/! "(! 0$6)./! )0%! ($%!



! dd

%@"0(%'+%! 68! ($%0%! -,*('%*0! ,0! ,! 0%.."'7! -6"'(! (6! ,((*,+(! "'&%0(6*0<! :0! ,! +6'0%D)%'+%=!

"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!,*%!)'."5%.1!(6!$"/%!($%"*!P6"'(!&%'()*%!-,*('%*0!8*6;!

($%!;%/",<!#$%!96((6;!."'%!"0!($,(!($%!cL!8)'/0!,*%!,(!.%,0(!,!766/!-*6@1!86*!8)'/0!($,(!/6!

'6(! $,&%! /6;%0("+! -,*('%*0! "'! >$"',<! #$%! g! 8)'/0! ($,(! $,&%! 3ST! ,/&"06*0! ,'/!($%! cL!

8)'/0!($,(!$,&%!'6!-,*('%*!,*%!+.,00"8"%/!,0!'6'[P6"'(!&%'()*%!8)'/0<!!

#$%!6($%*!(46!8)'/0!,*%!*%-6*(%/!(6!$,&%!.6+,.!-,*('%*0=!9)(!"(!"0!)'+.%,*!4$%($%*!

($%!.6+,.!-,*('%*0!,*%!,/&"06*0!6*!P6"'(!&%'()*%!-,*('%*0<!#$%!(46!8)'/0!4%*%!/*6--%/!"'!

($%!86..64"'7!,',.10"0<!N!+6'/)+(%/!,!0%'0"("&"(1!,',.10"0!91!"'+.)/"'7!($%!(46!8)'/0!"'!

($%!,',.10"0!,'/!,00);"'7!($,(!IKJ!($%0%!(46!8)'/0!,*%!96($!P6"'(!&%'()*%!8)'/0p!IcJ!%"($%*!

6'%! "0! P6"'(! &%'()*%! 8)'/p! ,'/! IdJ! '%"($%*! "0! P6"'(! &%'()*%! 8)'/<! #$%! 8"',.! *%0).(0! ,*%!

"'0%'0"("&%!(6!($%!"'+.)0"6'!68!($%!(46!8)'/0<!!

!

d<c<!E,(,!6'!H%'()*%!>,-"(,.!N'&%0(;%'(0!

#$%!0%+6'/!/,(,!0%(!+6..%+(%/!+6'(,"'0!/,(,!6'!H>C9,+5%/!8"*;0!"'!>$"',<!#6!9%!

"'+.)/%/!"'!($%!/,(,!0%(=!,!8"*;!$,/!(6!9%!)'."0(%/!,'/!*%+%"&%!"'&%0(;%'(!8*6;!,(!.%,0(!6'%!

"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/<!:'!690%*&,("6'!;)0(!,.06!$,&%!+6;-.%(%!"'86*;,("6'!

6'!($%!86..64"'7!&,*",9.%0R!($%!',;%!68!($%!8"*;=!($%!"'/)0(*1!68!($%!8"*;!,'/!($%!',;%!68!

,(!.%,0(!6'%!&%'()*%!+,-"(,.!9,+5%*<!A"*;0!"'!($%!0,;-.%!$,/!(6!0,("081!,(!.%,0(!6'%!68!($%!

86..64"'7!($*%%!+6'/"("6'0R!9%!.6+,(%/!"'!>$"',=!$,&%!;,P6*!6-%*,("6'!,'/!;,')8,+()*"'7!

8,+"."("%0!"'!>$"',=! 6*!$,&%!>$"',!,0! ($%"*!;,P6*!;,*5%(0=! (6!%'0)*%! ($,(! ($%! 8"*;0!$,&%!

0)88"+"%'(! %@-60)*%! (6! >$"',?0! "'0("()("6',.! %'&"*6';%'(<! T,+$! 690%*&,("6'!*%-*%0%'(0!,!

*6)'/! 68! "'&%0(;%'(! ($,(! ;,1! "'+.)/%! ;).("-.%! &%'()*%! +,-"(,.! "'&%0(6*0<! :! *6)'/! 68!

"'&%0(;%'(! "0! ($%! ,--*6-*",(%! *%0%,*+$! )'"(! 9%+,)0%! &%'()*%! +,-"(,."0(0! ;)0(! ;,5%! ,!



! dg

/%."9%*,(%! /%+"0"6'!4$%($%*! (6!"'&%0(! 6*!'6(! "'!%,+$! *6)'/!68!"'&%0(;%'(<! #$%!8,+(!($,(!

;).("-.%!"'&%0(6*0!;,1!9%!"'&6.&%/!"'!%,+$!*6)'/!0$6)./!'6(!+6;-."+,(%!($%!,',.10"0!68!

,'! "'86*;,("6'C,7%'+1! ,--*6,+$! 0"'+%! ;).("-.%! &%'()*%! +,-"(,.! "'&%0(6*0! ,*%! 68(%'!

0";-."8"%/!,0!,!0"'7.%!"'&%0(6*!4$%'!8"','+",.!+6'(*,+("'7!($%6*"%0!,*%!,--."%/!(6!&%'()*%!

+,-"(,.!"'&%0(;%'(0!I`,-.,'!,'/!3(*6;9%*7=!cMMcp!Z,*(=!cMMKJ<!!

#$%! /,(,! 6'! H>C9,+5%/! 8"*;0! 4%*%! +6;-".%/! 8*6;! ($%! 86..64"'7! 06)*+%0<! #$%!

8"*0(! 06)*+%! "0! 93:; <! 93:; !8*%D)%'(.1!*%-6*(0!"'86*;,("6'!6'!"'&%0(%%0!"'!"(0!^%7"6',.!

X%40!0%+("6'!,'/!W*"&,(%!TD)"(1!N'&%0(%%!>6;-,'1!^%-6*(0!0%+("6'<!X"'%(1!8"*;0!4%*%!

+6..%+(%/! 8*6;! 93:; <! #$%! 0%+6'/! 06)*+%! "0! ($%! $6;%-,7%0! 68! "'(%*',("6',.! &%'()*%!

+,-"(,.!8)'/0<!O,'1!&%'()*%!+,-"(,.!8)'/0!."0(!($%"*!-6*(86."6!8"*;0!"'!($%"*!$6;%-,7%0<!N!

0%,*+$%/!($%!$6;%-,7%!68!%&%*1!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/!."0(%/!91!&,*"6)0!"00)%0!

68! 93:; ! 9++4%&'<4*="-=!H>>$"',?0!."0(!68!\ff!:+("&%!H%'()*%!>,-"(,."0(0!"'!>$"',]!,'/!

B%*6c"-6?0! ."0(! 68! \:+("&%! H%'()*%! >,-"(,."0(0! "'! >$"',! "'! cMMK]Kc

!"'! :)7)0(! ,'/!

3%-(%;9%*!cMMc<!#$%!($"*/!06)*+%!"0!."0(%/!8)'/0?!,''),.!*%-6*(0<!:(!.%,0(!%.%&%'!>$"',!

&%'()*%! +,-"(,.! 8)'/0! 4%*%! (*,/%/! 6'! &,*"6)0! 0(6+5! %@+$,'7%0<! #$%0%! ,''),.! *%-6*(0!

-*6&"/%! ($%! 9%0(! 06)*+%! 86*! /%0+*"9"'7! H>C9,+5%/! 8"*;0<! N! 69(,"'%/! ,''),.! *%-6*(0! 86*!

86)*! 8)'/0! ($*6)7$! ($%! N'(%*'%(<Kd

!#$%! 86)*($! 06)*+%! "0! ($*%%! Z,*&,*/! U)0"'%00! 3+$66.!

IZU3J!+,0%0!,96)(!&%'()*%!+,-"(,.!"'!>$"',R!^"+$"',!W,*('%*0!I3,$.;,'!,'/!b*%%'=!KLLhJ=!

:3NO>S! Ib*,1! ,'/! b)"=! KLLeJ! ,'/! >$%'74%"! H%'()*%0! IZ,*/1;6'=! a%*'%*=! ,'/!

a%,;6'=!cMMcJ<!#$%! 8"8($!06)*+%! "0!($%!W*60-%+()0%0! ,'/!:''),.!^%-6*(0!68! ."0(%/! H>C

9,+5%/!8"*;0<!N!;,',7%/!(6!7%(!,(!.%,0(!6'%!,''),.!*%-6*(!86*!%,+$!68!($%!Kf!H>C9,+5%/!

NWS0=! ,'/!Kc! -*60-%+()0%0! 68! ($%! Kf! H>C9,+5%/! NWS0<! #$%!.,0(! 06)*+%!"0!6($%*! ;%/",!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Kc!H>>$"',!,'/!B%*6c"-6!,*%!(46!+6'0).("'7!8"*;0!"'!>$"',<!!



! dh

*%-6*(0!0)+$!,0!3NX:!#%+$'6.671!X%40!,'/!3NX:!A"','+",.!X%40<!N!0%,*+$%/!($%!(46!

4%90"(%0!"'!cMMc!,'/!,//%/!(6!($%!/,(,!0%(!4$%'!,--*6-*",(%!&%'()*%!+,-"(,.!"'&%0(;%'(0!

4%*%!*%-6*(%/<!!

#$*6)7$!($%!0"@!06)*+%0=!N!"/%'("8"%/!,!(6(,.!68!dMe!"'&%0(;%'(0<!:8(%*!+6;-"."'7!

($%!dMe!"'&%0(;%'(0=!N!(*"%/!(6!"/%'("81!4$%($%*!($%0%!"'&%0(;%'(0!4%*%!;,/%!(6!3ST0<!:!

8"*;!"0!+.,00"8"%/!,0!,'!3ST!"8!($%!8"*;!$,/!,'!3ST!0$,*%$6./%*!9%86*%!,!&%'()*%!+,-"(,.!

"'&%0(;%'(! ,'/! ($%! 3ST! 0$,*%$6./%*! 0("..! *%;,"'! ,0! ,! 8"*;! 0$,*%$6./%*! ,8(%*! ($%!

"'&%0(;%'(<!:96)(!6'%C($"*/!68!($%!8"*;0!+,'!9%!/"*%+(.1!"/%'("8"%/!,0!3ST0!6*!,0!-*"&,(%!

%'(%*-*"0%0! 9%+,)0%! ($%"*! $6;%-,7%0=! 93:;' *%-6*(0=! NWS! W*60-%+()0%0=! 8)'/! ,''),.!

*%-6*(0! 6*! +,0%! 0()/"%0! %@-."+"(.1! ;%'("6'! ($%! ',()*%! 68! ($%! 8"*;0! 6*! ."0(! ($%! -*"'+"-,.!

0$,*%$6./%*0!68!($%!8"*;0<!A6*!($%!*%;,"'"'7!8"*;0=!N!0%,*+$%/! 93:; !,'/!($%!N'(%*'%(!(6!

8"'/!"'86*;,("6'!*%7,*/"'7! ($%0%! 8"*;0?!"'+6*-6*,("6'0! ,'/! &%'()*%! +,-"(,.! "'&%0(;%'(0<!

#$%!/%&%.6-;%'(!68!($%!N'(%*'%(!0%,*+$!%'7"'%0!,..64%/!;%!(6!8"'/!"'86*;,("6'!86*!;60(!

68!($%!8"*;0<!N! "'8%**%/!($,(!,! 8"*;!"0! -*"&,(%!"8!,! *%-6*(! %@-."+"(.1!;%'("6'0! ($,(!0%&%*,.!

"'/"&"/),.! -%*06'0! 0(,*(%/! ($%! 8"*;! ,'/! /6%0! '6(! ;%'("6'! ($,(! ($%! 8"*;! *%+%"&%0!

"'&%0(;%'(0!8*6;! >$"',?0! 3ST0! 6*! ($%! >$"'%0%! 76&%*';%'(<! N'!($%! %'/=! N! 4,0! ,9.%! (6!

+.,00"81!ceK!8"*;0=!6*!ffV!68!($%!8"*;0!"'!($%!6*"7"',.!0,;-.%<!

! #$"0!"'8%*%'+%!"0!6'.1!,!-*6@1!86*!($%!,+(),.!',()*%!68!($%!8"*;!0"'+%!"(!"0!-600"9.%!

($,(!,!8"*;!*%+%"&%/!)'*%-6*(%/!"'&%0(;%'(0!8*6;!($%!>$"'%0%!76&%*';%'(!6*!3ST0!9%86*%!

"(! 69(,"'%/! &%'()*%! +,-"(,.! "'&%0(;%'(<! #6! 7%(! ,'! "/%,! ,96)(! ($%! ,++)*,+1! 68! ($%!

+.,00"8"+,("6'=!N!0%'(!D)%0("6'',"*%0!(6!0%&%*,.!&%'()*%!+,-"(,.!8"*;0!(6!,05!($%;!($%!',()*%!

68!($%!8"*;0!"'!($%"*!-6*(86."60<!#$%!0)*&%1!0%*&%0!,0!(46!-)*-60%0<!#$%!8"*0(!"0!(6!8"'/!($%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Kd!#$%0%!86)*!8)'/0!,*%!>$"',!:00%(0!O,',7%;%'(!I>:OJ=!>$"',!O%*+$,'(!>$"',!E"*%+(!N'&%0(;%'(!I>O>ENJ=!3$,'7$,"!N'(%*',("6',.!3$,'7$,"!b*64($=!,'/!NXb!U%"P"'7<!!



! di

-%*+%'(,7%!68!;"0+.,00"8"+,("6'0<!#$%!0%+6'/!"0!(6!*%.1!6'!&%'()*%!+,-"(,."0(0!(6!+.,00"81!

8"*;0!,96)(!4$"+$!N!$,/!'6!"'86*;,("6'<!#$%!*%()*'%/!D)%0("6'',"*%0!"'/"+,(%/!6'.1!6'%!

;"0(,5%!6)(!68!($%!gM!+.,00"8"+,("6'0<!N!,.06!0%'(!,! ."0(!68!8"*;!+.,00"8"+,("6'0!(6!,!&%'()*%!

+,-"(,.!0+$6.,*!"'!U%"P"'7!,'/!,05%/!86*!$"0!6-"'"6'<!A6*!($%!8"*;0!($,(!$%!+6)./!*%+67'"Q%=!

($%! 0+$6.,*! ,7*%%/! 4"($! ;1! +.,00"8"+,("6'<! #$%! (46! -60"("&%! *%0-6'0%0! 0$64! ($,(! ($%!

+.,00"8"+,("6'0!,*%!*%.,("&%.1!,++)*,(%<!!

#,9.%! d<K! 0);;,*"Q%0! ($%! +6;-.%(%'%00! 68! ($%! /,(,<! N(! 0$640! ($,(! cii!

690%*&,("6'0=! 6*!fi<idV! 68!($%! (6(,.!0,;-.%=!$,&%! +6;-.%(%!/,(,! 6'!($%! 86)*! &,*",9.%0R!

.6+,("6'! 68! ($%! 8"*;=! ',()*%! 68! ($%! 8"*;=! (";%! 68! "'&%0(;%'(! ,'/! "'/)0(*1! 68! ($%! 8"*;<!

2'86*()',(%.1=!6'.1!$,.8!68!($%!690%*&,("6'0!$,&%!"'86*;,("6'!6'!($%!,;6)'(!68!&%'()*%!

+,-"(,.!"'&%0(;%'(!,'/!($%!0(,5%!$%./!91!&%'()*%!+,-"(,."0(0<!#$%!.,+5!68!"'86*;,("6'!6'!

($%0%! (46! &,*",9.%0! 0$6)./! '6(! 9%! 0)*-*"0"'7! 0"'+%! ;,'1! &%'()*%! +,-"(,."0(0! 7),*/!

&,.),("6'!"'86*;,("6'!+,*%8)..1<!!

IN'0%*(!#,9.%!d<KJ!

#$"0!*%0%,*+$! )0%0!($%!cii! 690%*&,("6'0! "'!($%! 86..64"'7! ,',.10"0<! #6!,&6"/!($%!

6;"((%/! 690%*&,("6'! 9",0=! N! +6;-,*%! ($%! cii! 690%*&,("6'0! 4"($! ($%! /%.%(%/! gK!

690%*&,("6'0<!#$%!690%*&,9.%!-,((%*'!86*!($%!gK!6;"((%/!690%*&,("6'0!"0!0";".,*!(6!($,(!68!

($%!cii!*%;,"'"'7!690%*&,("6'0R!+.60%!(6!iMV!68!($%!8"*;0!,*%!"'!$"7$C(%+$!"'/)0(*"%0!,'/!

;60(!68!($%!8"*;0!,*%!.6+,(%/!"'!U%"P"'7=!3$,'7$,"=!,'/!b),'7/6'7<!!

#$"0!/,(,!+6..%+("6'!;%($6/!;,1!"'(*6/)+%! 06;%!0%.%+("6'! 9",0!($,(!'%%/0!(6! 9%!

/"0+)00%/<! A"*0(! 68! ,..=! ($"0! *%0%,*+$! *%."%0! $%,&".1! 6'! ;%/",! *%-6*(! (6! +6..%+(! /,(,<!

2'*%-6*(%/! "'&%0(;%'(0!,*%!.%00!."5%.1!(6!9%! "'+.)/%/!"'! ($%! /,(,!0%(<!N(!"0!-600"9.%!($,(!

;%/",!,*%!0%.%+("&%!"'!*%-6*("'7!"'&%0(;%'(0R!.,*7%!,'/!0)++%008).!"'&%0(;%'(0!,*%!;6*%!



! de

."5%.1!(6!9%!*%-6*(%/<!:0!,!+6'0%D)%'+%=!($"0!*%0%,*+$!;,1!+6'(,"'!,!/"0-*6-6*("6',(%.1!

.,*7%!-%*+%'(,7%!68!.,*7%!,'/!0)++%008).!"'&%0(;%'(0<!!

#,9.%! d<c!-*%0%'(0!($%! /"0(*"9)("6'! 68!($%! &%'()*%! +,-"(,.! 0(,5%! &,*",9.%!,'/!($%!

&%'()*%!+,-"(,.!"'&%0(;%'(!,;6)'(!&,*",9.%!91!(";%!-%*"6/<!N(!0$640!($,(!96($!&,*",9.%0!

,*%! ;6*%!."5%.1!(6! $,&%! ;"00"'7!&,.)%0! "'!($%!.,(%!KLLM0!($,'!"'! ($%! %,*.1! KLLM0<Kg

!#$"0!

0$640!($,(!($%!\;"00"'7!+6;-.%(%.1!,(!*,'/6;]!,00);-("6'!"0!."5%.1!(6!9%!&"6.,(%/<!F$%'!

($"0!,00);-("6'!"0!&"6.,(%/=!,! ',t&%!%0(";,("6'!9,0%/!6'!+6;-.%(%!690%*&,("6'0!6'.1!4"..!

.%,/!(6!9",0%/!%0(";,(%0!I3$,8%*=!KLLeJ<!!

IN'0%*(!#,9.%!d<cJ!

N(!"0!,.06!-600"9.%!($,(!($%!;%/",!;,1!9%!0%.%+("&%!"'!*%-6*("'7!"'&%0(;%'(0<!A6*!

%@,;-.%=!"(!"0!-600"9.%!($,(!.,*7%!"'&%0(;%'(!"0!;6*%!."5%.1!(6!9%!*%-6*(%/!"'!;6*%!/%(,".!

,'/!($)0!/,(,!6'!.,*7%!"'&%0(;%'(!"0!.%00!."5%.1!(6!9%!;"00"'7<!N(!"0!,.06!-600"9.%!($,(!.,*7%!

"'&%0(;%'(!"0!.%00!."5%.1!(6!9%!*%-6*(%/!9%+,)0%!"'&%0(6*0!,'/!%'(*%-*%'%)*0!/6!'6(!4,'(!

(6! /"0+.60%! "'&%0(;%'(! ,;6)'(0! "8! ($%1! ,*%! .,*7%<! N8! ($%! -*69,9"."(1! 68! ($%! &,*",9.%?0!

;"00"'7!"0!/%-%'/%'(!6'!"(0!&,.)%=!($%!\;"00"'7!,(!*,'/6;]!,00);-("6'!"0!'6(!0,("08"%/=!

,'/!;).("-.%!";-)(,("6'!+,''6(!9%!)0%/!(6!7%'%*,(%!+6**%+(!%0(";,(%!I3$,8%*=!KLLeJ<!!

#$"0!*%0%,*+$!)0%0!,!Z%+5;,'!(46C0(,7%!;6/%.!(6!,//*%00!($%!-*69.%;!68!;"00"'7!

/,(,! 4$%'! +6;-,*"'7! "'&%0(;%'(0! ,;6)'(0! ,'/! "'&%0(;%'(! 0(,5%! $%./! 91! &%'()*%!

+,-"(,."0(0!"'!($%!%,*.1!KLLM0!,'/!($%!.,(%!KLLM0< Kh!#$%!Z%+5"(!;6/%.!)0%/!"'!($"0!*%0%,*+$!

,00);%0!($,(!($%!-*69,9"."(1!68!$,&"'7!;"00"'7!/,(,!,'/!($%!"'&%0(;%'(!,;6)'(!86..640!,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Kg!#$%!)'%&%'!/"0(*"9)("6'!68!($%!;"00"'7!&,.)%!,+*600!(";%!+,'!9%!%@-.,"'%/!91!($%!/,(,!+6..%+("6'!;%($6/6.671<!E,(,!6'!"'&%0(;%'(0!"'!($%!%,*.1!KLLM0!;60(.1!+,;%!8*6;!-*68%00"6',.!-*"&,(%!%D)"(1!

P6)*',.0!0)+$!,0! 93:; =!4$"+$!(%'/%/!(6!9%!;6*%!+6;-.%(%!"'!*%-6*("'7!"'&%0(;%'(!/%(,".0<!#$%!06)*+%0!86*!"'&%0(;%'(0!;,/%!"'!($%!.,(%!KLLM0!4%*%!;6*%!/"&%*0"8"%/<!36;%!06)*+%0=!0)+$!,0!($%!$6;%-,7%0!68!($%!&%'()*%C9,+5%/!8"*;0!,'/!&%'()*%!+,-"(,.!8)'/0=!,*%!)'."5%.1!(6!*%-6*(!($%!/%(,".0!68!"'&%0(;%'(0!0)+$!,0!"'&%0(;%'(!,;6)'(0!,'/!0(,5%0!$%./!91!&%'()*%!+,-"(,.!8"*;0<!Kh!#$"0!;%($6/!4,0!0)77%0(%/!91!G60$!a%*'%*<!



! df

9"&,*",(%!/"0(*"9)("6'<!:(!($%!8"*0(!0(,7%=!,!-*69"(!;6/%.!"0!)0%/!(6!%0(";,(%!($%!-*69,9"."(1!

68!$,&"'7!;"00"'7!/,(,<!:'!Sa3!"0!)0%/!"'!($%!0%+6'/!0(,7%!4$%*%! "0!,//%/!(6!,//*%00!

($%!9",0!/)%!(6!;"00"'7!/,(,<!!

3"'+%! "(! "0! %,0"%*! (6! +6..%+(! "'86*;,("6'! ,96)(! 8"*;0! "'&%0(%/! "'! *%+%'(.1=! "(! "0!

-600"9.%! ($,(! ($"0! /,(,! 0%(! ;,1! +6'(,"'! ,! /"0-*6-6*("6',(%.1! .,*7%! 0$,*%! 68! "'&%0(;%'(0!

;,/%!"'!($%!.,(%!KLLM0!,'/!%,*.1!cMMM0<!A"7)*%!d<K!+6;-,*%0!($%!cii!"'&%0(;%'(0!91!1%,*!

4"($! 93:;F-'/,(,!6'!(6(,.!&%'()*%!+,-"(,.!"'&%0(;%'(!"'!>$"',!,'/!+6'8"*;0!($,(!($"0!9",0!

%@"0(0<! U6($! /,(,! 0%(0! /%0+*"9%! (46! 0";".,*! +1+.%0! 68! &%'()*%! +,-"(,.! "'&%0(;%'(0! 8*6;!

KLLK! (6!cMMK=! ,.($6)7$! ($%! 93:; ! /,(,! ,*%! ;6*%! &6.,(".%<! b"&%'! ($,(! 93:; ! "'&%0(;%'(!

/,(,!"'+.)/%!"'&%0(;%'(0!91!96($!"'(%*',("6',.!&%'()*%!+,-"(,.!8"*;0!,'/!/6;%0("+!8"*;0=!

,'/! 8"*;0! "'! 4$"+$! /6;%0("+! &%'()*%! +,-"(,.! 4,0! "'&%0(%/! ,++6)'(%/! 86*! ,! 0"7'"8"+,'(!

-6*("6'!68!($%!(6(,.!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!>$"',!"'!($%!.,(%!KLLM0!9)(!'6(!"'!($%!

%,*.1!KLLM0!Ia")!,'/!Z)=!cMMKp! 93:; =!cMMcJ=!($%!/,(,!0%(!)0%/!"'!($"0!*%0%,*+$!"0!."5%.1!(6!

$,&%!,!/"0-*6-6*("6',(%.1!.,*7%!-%*+%'(,7%!68!8"*;0!4"($!"'&%0(;%'(!"'!($%!.,(%!KLLM0<!:0!

,!+6'0%D)%'+%=!($%!,',.10"0!9,0%/!6'!($"0!/,(,!0%(!$,0!(6!+6'(*6.!(";%!-%*"6/0<!!

IN'0%*(!A"7)*%!d<KJ!

#,9.%!d<d!-*%0%'(0!($%!/"0(*"9)("6'!68!H>C9,+5%/!3ST0<!#$"0!/,(,!0%(!+6'(,"'0!KeK!

3ST0=! Ld! -*"&,(%! 8"*;0=! ,'/! c! (64'0$"-! ,'/!&"..,7%! %'(%*-*"0%0! I#HT0J<! #$"0! *%0%,*+$!

/"&"/%0!H>C9,+5%/!8"*;0!"'(6!(46!+,(%76*"%0R!-*"&,(%!8"*;0!,'/!'6'C-*"&,(%!8"*;0<!#HT0!

,*%! +,(%76*"Q%/! 4"($! 3ST0! 9%+,)0%! ($%1! $,&%! ($%! 0,;%! 76&%*','+%!0(*)+()*%! ,0!3ST0R!

'%"($%*! #HT0! '6*! 3ST0! ,*%! 64'%/! 91! -*"&,(%! %'(*%-*%'%)*0<! S'%! -600"9.%! 9",0! 68! ($%!

/"0(*"9)("6'!68!H>C9,+5%/!-*"&,(%!8"*;0!"0!($,(!H>C9,+5%/!-*"&,(%!8"*;0!;,1!$,&%!9%%'!

)'/%*C*%-6*(%/! "'! ($%! %,*.1! KLLM0<! >$"',?0! -6."("+,.! ,(;60-$%*%! 4,0! 0("..! )'8*"%'/.1! (6!



! dL

-*"&,(%! 8"*;0! "'! ($%! %,*.1! KLLM0<! H%'()*%! +,-"(,."0(0! 4$6! "'&%0(%/! "'! -*"&,(%! 8"*;0! "'!

>$"',!"'!($%!%,*.1!KLLM0!;"7$(!$,&%!4,'(%/!(6!5%%-!,!.64!-*68".%!68!($%"*!"'&%0(;%'(0!"'!

-*"&,(%! 8"*;0!,'/!($)0! H>C9,+5%/!-*"&,(%! 8"*;0! 4%*%! .%00! ."5%.1! (6! 9%! *%-6*(%/! 91!($%!

;%/",<!#$"0!9",0!"0!-.,)0"9.%=!9)(!+6'&%*0,("6'0!4"($!&%'()*%!+,-"(,."0(0!,'/!0+$6.,*0!"'!

>$"',! 0$64! ($,(! "(! "0! )'."5%.1! (6! 9%! ($%! (*)($<! N(! "0! 7%'%*,..1! ,7*%%/! ($,(! "'(%*',("6',.!

&%'()*%!+,-"(,."0(0!7%'%*,..1!86+)0%/!6'!"'&%0("'7!"'!3ST0!"'!($%!%,*.1!KLLM0<!!

IN'0%*(!#,9.%!d<dJ!

#,9.%!d<g!0);;,*"Q%0!($%!"'/)0(*1!/"0(*"9)("6'!68!H>C9,+5%/!8"*;0<!#6!69(,"'!,!

/"0(*"9)("6'! 68!"'/)0(*1!86*! H>C9,+5%/! 8"*;0=! N! 8"*0(!+.,00"8"%/! %,+$! 8"*;! "'! ($%! 0,;-.%!

,++6*/"'7! (6! ($%! >$"'%0%! 3(,'/,*/! N'/)0(*",.!>.,00"8"+,("6'!I>$"'%0%!3N>J!+6;-".%/!91!

>$"',?0! X,("6',.! U)*%,)! 68! 3(,("0("+0<! N'! ;60(! +,0%0=! ,! (46C/"7"(! +6/%! 4,0! )0%/! (6!

"/%'("81! ($%! "'/)0(*1! 68! ,! 8"*;<! 36;%(";%0! ,! ;6*%! 0-%+"8"+! 86)*C/"7"(! +6/%! 4,0! )0%/!

9%+,)0%!($%!(46C/"7"(!>$"'%0%!3N>!/6%0!'6(!'%+%00,*".1!+6"'+"/%!4"($!($%!/%8"'"("6'!68!

$"7$C(%+$! I/%8"'%/! ,0! N#C*%.,(%/! ,'/! 9"6(%+$'6.671J! ,'/! .64C(%+$<! A6*! %@,;-.%=!

+6'0);%*!%.%+(*6'"+0!0)+$!,0!#H!0%(0!,'/!*%8*"7%*,(6*0!0$,*%!($%!0,;%!(46C/"7"(!>$"'%0%!

3N>! +6/%! 4"($! 6($%*! ;6*%! $"7$C(%+$! %.%+(*"+,.! %D)"-;%'(! 0)+$! ,0! (%.%+6;! %D)"-;%'(<!

#,9.%! d<g! +,(%76*"Q%0! +6'0);%*! %.%+(*6'"+0! )'/%*! +6'0);%*! -*6/)+(0! *,($%*! ($,'!

"'86*;,("6'!(%+$'6.671!IN#J!*%.,(%/!-*6/)+(0<!U,0%/!6'!($%!"'"(",.!>$"'%0%!3N>!+6/%=!,..!

8"*;0! 4%*%! +.,00"8"%/! "'(6! 0%&%*,.! +,(%76*"%0! (6! 8,+"."(,(%! +6;-,*"06'R! ,7*"+).()*%=!

"'86*;,("6'! (%+$'6.671! *%.,(%/=! ;%/"+,.n9"6(%+$'6.671=! "'/)0(*",.! ;,')8,+()*"'7=!

+6'0);%*!-*6/)+(0=!(*,'0-6*(,("6'=!)("."(1=!*%,.!%0(,(%!,'/!0%*&"+%0<!!

IN'0%*(!#,9.%!d<gJ!



! gM

#,9.%! d<h! ."0(0! ($%! ',;%0! 68! ($%! (6-! dd! &%'()*%! +,-"(,.! 8"*;0! 9%$"'/! ($%! cii!

"'&%0(;%'(0<! #$%! ;60(! ,+("&%! "'&%0(6*! "'! ($%! 0,;-.%! "0! ($%! &%'()*%! +,-"(,.! 9*,'+$! 68!

N'(%*',("6',.!E"7"(,.!b*6)-!INEbJ=!4$"+$!$,/!hd!"'&%0(;%'(0<!N'(%.!>,-"(,.!"0!,!/"0(,'(!

0%+6'/!4"($!cK!"'&%0(;%'(0=!86..64%/!91!KL!"'&%0(;%'(0!;,/%!91!368(9,'5<!#$%!(6-!KM!

;60(!,+("&%!"'&%0(6*0!"'!($%!0,;-.%!;,/%!Kei!"'&%0(;%'(0<!!

IN'0%*(!#,9.%!d<hJ!

#$%!/"0(*"9)("6'!68!&%'()*%!+,-"(,.!8"*;0!"'!($%!0,;-.%!"0!+6'0"0(%'(!4"($!-*%&"6)0!

*%0%,*+$!6'!&%'()*%!+,-"(,.!8)'/C*,"0"'7!"'!>$"',<!#$%!;60(!,+("&%!"'&%0(6*0!,8(%*!($%!cii!

"'&%0(;%'(0!(%'/! (6!9%!&%'()*%! +,-"(,.! 8"*;0! ($,(! $,/!($%! ;60(! +6;;"(;%'(0! (6!>$"',<!

X"'%(%%'!6)(!68!($%!(6-!dd!IhfVJ!;60(!,+("&%!"'&%0(6*0!"'!($%!0,;-.%!*,"0%/!,(!.%,0(!6'%!

>$"',!A)'/<!#,9.%!g<i!."0(0!($%!dL!;60(!,+("&%!"'(%*',("6',.!&%'()*%!+,-"(,.!8"*;0!"'!>$"',!

"'! ($%! .,(%! KLLM0=! ,0! +6;-".%/! 91! H>>$"',<! N(! 0$640! ($,(! ($%! $"7$%0(! *,'5%/! &%'()*%!

+,-"(,.!8"*;0!"'!H>>$"',?0!."0(!,.06!(%'/%/!(6!9%!($%!;60(!,+("&%!&%'()*%!+,-"(,.!8"*;0!"'!

($%!*%0%,*+$!/,(,!0%(!)0%/!"'!($"0!/"00%*(,("6'<!!

IN'0%*(!#,9.%!d<iJ!

#$%!cii! "'&%0(;%'(0!4%*%! ;,/%! (6!cde!8"*;0<! #,9.%! d<e!."0(0! ($%! cK! 8"*;0!($,(!

*%+%"&%/!;6*%!($,'!6'%!*6)'/!68!"'&%0(;%'(<!#$60%!cK!8"*;0!*%+%"&%/!,!(6(,.!68!hM!*6)'/0!

68!"'&%0(;%'(0<!#$%1!(%'/%/!(6!*%+%"&%!($%"*!8"*0(!"'&%0(;%'(0!"'!($%!;"/!6*!.,(%!KLLM0!,'/!

(%'/%/! (6! 9%! "'! N#C*%.,(%/! "'/)0(*"%0<! A"*;0! ($,(! *%+%"&%/! ;6*%! ($,'! 6'%! *6)'/! 68!

"'&%0(;%'(0!,++6)'(%/!86*!6'.1!,!0;,..!-%*+%'(,7%!68!($%!(6(,.!8"*;0!"'!($%!0,;-.%<!#$%!

.";"(%/! ');9%*! 68! ;).("-.%C*6)'/! "'&%0(;%'(0! +,'! -*69,9.1! 9%! %@-.,"'%/! 91! ($%! 0$6*(!

$"0(6*1!68!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!>$"',!,'/!($%!0(*,(%7"+!0$"8(!8*6;!"'&%0("'7!"'!

3ST0! (6! "'&%0("'7! "'! -*"&,(%! %'(%*-*"0%0! "'! ($%! ;"/! KLLM0<! N(! ;,5%0! ($"0! /,(,! 0%(!



! gK

)',((*,+("&%!86*! 0()/1"'7!0(,7%/!+,-"(,.!"'8)0"6'! "'!>$"',<! O6*%! /,(,! ,*%! '%%/%/!"'!($%!

8)()*%!(6!0()/1!($%!-,((%*'!68!0(,7%/!+,-"(,.!"'8)0"6'!"'!>$"',<!

IN'0%*(!#,9.%!d<eJ!

! #,9.%!d<f!0$640! ($%!7%67*,-$"+,.! /"0(*"9)("6'! 68! H>C9,+5%/! 8"*;0!"'! >$"',<!N'!

($"0!*%0%,*+$=!($%!.6+,("6'!68! ($%! 8"*;!"0!/%8"'%/!,0! ($%! +%'(%*!68! ($%!8"*;?0!6-%*,("6'<Ki

!

#,9.%! d<f! 0$640! ($,(! H>C9,+5%/! 8"*;0! +6'+%'(*,(%/! 7%67*,-$"+,..1<! #$%! (6-! ($*%%!

/%0("',("6'0=! U%"P"'7=! 3$,'7$,"! ,'/! b),'7/6'7=! ,++6)'(%/! 86*!;6*%!($,'! (46C($"*/0! 68!

($%!(6(,.!H>C9,+5%/!8"*;0<!#$"0!-,((%*'!"0!0";".,*!(6!($%!7%67*,-$"+,.!/"0(*"9)("6'!"'!($%!

2'"(%/!3(,(%0=!4$%*%!>,."86*'",=!O,00,+$)0%((0!,'/!X%4!_6*5!,++6)'(!86*!($%!;,P6*"(1!68!

&%'()*%!+,-"(,.!"'&%0(;%'(<!!

! IN'0%*(!#,9.%!d<fJ!

N'!0);;,*1=!/%0-"(%!06;%!0$6*(+6;"'70=!($%!/,(,!0%(!68!cii!"'&%0(;%'(0!0$6)./!

9%! 0)88"+"%'(.1! *%-*%0%'(,("&%! ,'/! ,++)*,(%! (6! 0()/1! &%'()*%! +,-"(,.! "'&%0(;%'(0! 91!

"'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0! "'! >$"',! 8*6;! KLLK! (6! cMMK<! S'%! +6'+%*'! "0! ($,(!

NEbH>! $,0! hd! 690%*&,("6'0! "'! ($%! 0,;-.%=! 4$"+$! ;%,'0! ($,(! ,96)(! cMV! 68! ($%!

690%*&,("6'0! "'! ($%! 0,;-.%! $,/! "'&%0(;%'(0! 8*6;! NEbH><! #6! ,&6"/! ($%! %@+%00"&%!

"'8.)%'+%! 68! NEbH>=! N! -%*86*;%/! 0%'0"("&"(1! ,',.10%0! 91! %@+.)/"'7! "'&%0(;%'(0! 91!

NEbH><!#$%!6)(+6;%0!,*%!0";".,*!(6!($%!6)(+6;%0!86*!"'+.)/"'7!"'&%0(;%'(0!91!NEbH><!!

#$%!*%0(!68!($%!($%0"0!4"..!/"0+)00!&%'()*%!+,-"(,.!"'!>$"',!9,0%/!6'!($%!(46!/,(,!

0%(0<!U%+,)0%!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!>$"',!,*%!&6.,(".%=!($%!KK!1%,*0!)'/%*!0()/1!

4%*%! /"&"/%/! "'(6! ($*%%! -%*"6/0jKLLK! (6! KLLd=! KLLg! (6! KLLe! ,'/! KLLf! (6! cMMKj(6!

0;66($! 06;%! 1%,*C(6C1%,*! 8.)+(),("6'<! #$%! ($*%%! -%*"6/0! ,*%! 0%-,*,(%/! 9,0%/! 6'! ($%!



! gc

";-6*(,'(!;".%0(6'%0!"'!>$"',?0!;,*5%(!*%86*;!$"0(6*1!,8(%*!KLLK!IY",'=!cMMMJ<!!N'!($%!

8"*0(! -%*"6/=! KLLK! (6! KLLd=! >$"',! ,''6)'+%/! +6;;"(;%'(0! (6! ;,*5%(! %+6'6;1<! #$%!

0%+6'/!-%*"6/!9%7"'0!"'!KLLg!9%+,)0%!>$"',!+,..%/!86*!%0(,9."0$"'7!,!*).%C9,0%/!;,*5%(!

%+6'6;1! ,(! ($%! %'/! 68! KLLd<! #$%! ($"*/! -%*"6/! 9%7"'0! "'! KLLf! 9%+,)0%! ($%! Kh($

! >>W!

>6'7*%00!4,0!+6'&%'%/!"'!.,(%!KLLe!,'/!-*6&"/%/!;6*%!0%+)*%!-*6-%*(1!*"7$(0!86*!-*"&,(%!

%'(%*-*"0%0<!3%'0"("&"(1!,',.10"0!0$640!($,(!*%0).(0!68!($"0!($%0"0!,*%!"'0%'0"("&%!(6!/"88%*%'(!

0%-,*,("6'!0+$%;%0<!!

!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Ki!2'/%*!($"0!/%8"'"("6'=!,!8"*;?0!.6+,("6'!"0!6&%*0%,0!"8!,!8"*;!$,0!;,')8,+()*"'7!8,+"."("%0!"'!>$"',!6*!$,0!>$"',!,0!"(0!;,P6*!;,*5%(!9)(!$,0!"(0!$%,/D),*(%*!"0!"'!6&%*0%,0<!Z64%&%*=!"8!,!8"*;!"0!,!$6./%*!68!,!86*%"7'!8*,'+$"0%!0)+$!,0!3(,*9)+50=!"(0!6-%*,("6'!+%'(%*!"0!+.,00"8"%/!,0!"'!>$"',<!!



! gg

!

#,9.%!d<KR!>6;-.%(%'%00!68!($%!H>C9,+5%/!A"*;0!E,(,!3%(!

#$"0!(,9.%!0);;,*"Q%0!($%!+6;-.%(%'%00!68!($%!H>C9,+5%/!8"*;!/,(,!)0%/!"'!($%!-,-%*<!N!+6..%+(%/!($"0!/,(,!0%(!8*6;!&,*"6)0!0%+6'/,*1!06)*+%0<!

! #6(,.! ^%0%,*+$!3,;-.%!

`%1!H,*",9.%0! O"00"'7! #6(,. V!68!O"00"'7! O"00"'7! #6(,.! V!68!O"00"'7!a6+,("6'!68!($%!A"*;! KM! dMe! d<ciV! M! cii! M<MMV!

X,()*%!68!($%!A"*;! di! dMe! KK<edV! M! cii! M<MMV!

#";%!68!($%!N'&%0(;%'(! cM! dMe! i<hKV! M! cii! M<MMV!

N'/)0(*1!68!($%!A"*;! M! dMe! M<MMV! M! cii! M<MMV!

3(,5%!Z%./!91!H>0! Kdf! dMe! gg<LhV! KKM! cii! gK<dhV!

:;6)'(!68!N'&%0(;%'(! KeK! dMe! hh<eMV! ! KgK! cii! hd<MKV!

!

!

#,9.%!d<cR!E"0(*"9)("6'!68!H>!3(,5%!,'/!H>!N'&%0(;%'(0!91!#";%!W%*"6/!,'/!W*"&,(%!A"*;!

#$"0!(,9.%!-*%0%'(0!($%!/"0(*"9)("6'!68!H>!"'&%0(;%'(!,;6)'(0!,'/!"'&%0(;%'(!0(,5%0!91!(";%!-%*"6/!,'/!4$%($%*!($%!8"*;!4,0!,!-*"&,(%!8"*;<!#$%!/6..,*!,;6)'(!"'!($%!(,9.%!"0!+6'0(,'(!cMMM!/6..,*<!

! ! ! ! ! ! ! ! ! ! !

W,'%.!:R!H>!N'&%0(;%'(!:;6)'(0! ! ! ! ! ! ! !

! 3ST!! W*"&,(%!

_%,*! X);9%*!

68!S90!V!68!

O"00"'7!O%,'!

Im!O".JO%/",'!Im!O".J! 3(/! ! X);9%*!

68!S90!V!68!

O"00"'7O%,'!

Im!O".J!O%/",'!Im!O".J! 3(/!

KLLKCCKLLd! KL! L<hcV! i<dc! g<Mh! i<dd! K! hM<MMV! i<ie! i<ie! C!

KLLgCCKLLe! hM! KM<eKV! Kg<Mc f<hg! Kg<cL cK! dc<ciV! L<ed! g<dh! Kh<Kc!

KLLfCCcMMK! KM! de<hMV! gd<Ki Kd<cK! Li<cK hh! iM<KgV! dh<de! KM! Kgd<dK

#6(,.! eL! Kh<MhV! Kh<fh e<hh! di<g! ! ee! hg<LeV! cf! L! KcK<ic

! ! ! ! ! ! ! ! ! ! !

! ! ! ! ! ! ! ! ! ! !

W,'%.!UR!V!68!H>!3(,5%0! ! ! ! ! ! ! ! !

! 3ST! W*"&,(%!

_%,*! X);9%*!

68!S90!V!68!

O"00"'7!O%,'!

V!O%/",'!

V! 3(/! ! X);9%*!68!S90!

V!68!O"00"'7

O%,'!V!

O%/",'!V! 3(/!

KLLKCCKLLd! KL! L<hcV! ce<gf cf! f<Mc! c! M<MMV! hM<e! hM<e! cc<c!

KLLgCCKLLe! hd! h<diV! de<iL dh! Kf<id cK! dc<ciV! cM<ec! KL<ef! Kc<eh!

KLLfCCcMMK! i! ic<hMV! f<ML! i<i! e<fc! cg! fc<iKV! ci! cM<e! Kf<de!

#6(,.! ef! Ki<KdV! dd<Ld dM! Kf<K! ! gi! ec<hKV! cg<iL! cM! Ki<hd!

!



! gh

!

!

#,9.%!d<dR!E"0(*"9)("6'!68!H>C9,+5%/!3ST0!,'/!W*"&,(%!A"*;0!#$"0!(,9.%!+6'(,"'0!/,(,!6'!cii!H>C9,+5%/!-6*(86."6!8"*;0!"'!>$"',!8*6;!KLLK!(6!cMMK<!#$%!',()*%!68!($%!

8"*;!*%8%*0!(6!4$%($%*!,!H>C9,+5%/!8"*;!"0!,'!3ST!6*!-*"&,(%!%'(%*-*"0%<!#$%!',()*%!68!($%!8"*;!4,0!"'8%**%/!;,"'.1!($*6)7$!;%/",!*%-6*(0=!8"*;0v!$6;%-,7%0!,'/!NWS!-*60-%+()0%0<!#HT!"'!($"0!(,9.%!;%,'0!8"*;0!+6'(*6..%/!91!>$"',v0!#64'0$"-!,'/!H"..,7%!76&%*';%'(0<!

! ! ! ! ! ! ! ! ! !

! ! X,()*%!68!($%!A"*;! ! #6(,.!

! ! 3ST! W*"&,(%! #HT! !!

_%,*! ! A*%D! V! A*%D! V! A*%D! V! ! A*%D!

KLLK! ! d! KMM<MMV! M! M<MMV! M! M<MMV! ! d!

KLLc! ! i! KMM<MMV! M! M<MMV! M! M<MMV! ! i!

KLLd! ! Kc! fh<eKV! c! Kg<cLV! M! M<MMV! ! Kg!

KLLg! ! ci! fK<chV! i! Kf<ehV! M! M<MMV! ! dc!

KLLh! ! Kf! eh<MMV! h! cM<fdV! K! g<KeV! ! cg!

KLLi! ! f! ge<MiV! L! hc<LgV! M! M<MMV! ! Ke!

KLLe! ! g! ch<MMV! KK! if<ehV! K! i<chV! ! Ki!

KLLf! ! d! cd<MfV! KM! ei<LcV! M! M<MMV! ! Kd!

KLLL! ! h! KM<gcV! gd! fL<hfV! M! M<MMV! ! gf!

cMMM! ! e! L<fiV! ig! LM<KgV! M! M<MMV! ! eK!

cMMK! ! K! g<hhV! cK! Lh<ghV! M! M<MMV! ! cc!

! ! ! ! ! ! ! ! ! !

KLLKCCKLLd! ! cK! LK<dMV! c! f<eMV! M! M<MMV! ! cd!

KLLgCCKLLe! ! hi! ic<LcV! dK! dg<fdV! c! c<chV! ! fL!

KLLfCCcMMK! ! Ki! KM<dLV! Kdf! fL<iKV! M! M<MMV! ! Khg!

! ! ! ! ! ! ! ! ! !

#6(,.! ! Ld! dg<LiV! KeK! ig<cLV! c! M<ehV! ! cii!!



! ge

!

#,9.%!d<hR!#6-!dd!H%'()*%!>,-"(,.!A"*;0!68!($%!3,;-.%!

#$"0!(,9.%!."0(0!($%!(6-!dd!&%'()*%!+,-"(,.!8"*;0!($,(!"'&%0(%/!"'!($%!cii!H>C9,+5%/!8"*;0<!:..!dd!&%'()*%!+,-"(,.!8"*;0!;,/%!,(!.%,0(!d!"'&%0(;%'(0!"'!($%!0,;-.%<!

!

H>v0!X,;%!

! X);9%*!68!

N'&%0(;%'(0!"'!($%!3,;-.%! !

X);9%*!68!N'&%0(;%'(0!"'!

($%!3,;-.%=!KLLfCCcMMK!

NEbH>!! hd! ! gL!

N'(%.!>,-"(,.! cK! ! cK!

368(9,'5! KL! ! Ki!

:3NO>S! Ke! ! M!

>$"',!:00%(!O,',7%;%'(!I>:OJ! Kg! ! c!

F,./%'!N'(%*',("6',.! Kc! ! i!

3$,'7$,"!N'(%*',("6',.!3$,'7$,"!b*64($! Kc! ! c!

b6./;,'!3,+$0! KK! ! L!>$"',!O%*+$,'(!>$"',!E"*%+(!N'&%0(;%'(!I>O>ENJ! KM! ! d!

>$"',!N'&%0(;%'(!s!E%&%.6-;%'(!A)'/!I>NEAJ! KM! ! M!

F,*9)*7!W"'+)0! f! ! h!

>$%'74%"! e! ! e!

FN!Z,*-%*! e! ! i!

>$"',H%0(! e! ! d!

H%*(%@!O,',7%;%'(! i! ! i!

NXb!U%"P"'7! i! ! K!

>,($,1!>.%;%'(%! i! ! M!

>$"',!N'&%0(;%'(!>6*-! i! ! M!

:+%*!>,-"(,.! h! ! h!

O6*'"'70"/%!3NN!H%'()*%0! h! ! h!

3>O! h! ! M!

3Z`! h! ! M!

ZsY!:0",! g! ! g!

>"("+6*-! g! ! d!

bN>! g! ! d!

^"+$"',!W,*('%*0! g! ! K!

:0",#%+$! d! ! d!

>,*.1.%!b*6)-! d! ! d!

E*,76'!#%+$! d! ! d!

X%40!b*6)-! d! ! d!

S*+$"/!:0",! d! ! d!

3)'%H"0"6'! d! ! d!

A"/%."(1! d! ! c!

!



! gL

di! 3)'%H"0"6'! d! d!

de! 2U3!F,*9)*7! M! M!

df! b.69,.!N'(%*'%(!H%'()*%0! M! M!

dL! >19%*!>"(1!>,-"(,.! M! M!

! ! ! !

3);! ! ccK! Keh!

:&%*,7%! ! h<f! g<i!

!

#,9.%!d<eR!H>C9,+5%/!8"*;0!($,(!*%+%"&%/!;6*%!($,'!6'%!*6)'/!68!"'&%0(;%'(!

#$"0!(,9.%!0);;,*"Q%0!cK!H>C9,+5%/!8"*;0!($,(!*%+%"&%/!;6*%!($,'!6'%!*6)'/!68!&%'()*%!+,-"(,.!"'&%0(;%'(<!E,(,!"'!($"0!(,9.%!+,;%!8*6;!($%!cii!H>C9,+5%/!8"*;0!+6..%+(%/!91!($%!,)($6*<!

A"*;!^6)'/0!68!

N'&%0(;%'(0_%,*!68!($%!8"*0(!*6)'/! !

_%,*!68!($%!.,0(!*6)'/! !

X,()*%!68!($%!8"*;0! ! NWS!6*!'6(

ffgf<'%(! c! KLLL! ! KLLL! ! W*"&,(%! ! X6!

:0","'86! d! KLLh! ! KLLL! ! W*"&,(%! ! _%0!

T,+$'%(<+6;! c! KLLL! ! cMMM! ! W*"&,(%! ! X6!

bF!>6;! d! KLLe! ! cMMM! ! W*"&,(%! ! X6!

a"'5,"*!! c! cMMM! ! cMMM! ! W*"&,(%! ! X6!

O%/",',("6'! d! KLLi! ! cMMK! ! W*"&,(%! ! _%0!

O%%(>$"',<+6;! d! KLLf! ! cMMM! ! W*"&,(%! ! X6!

X%(+6;! c! KLLL! ! cMMM! ! 3ST! ! X6!

X%(%,0%<+6;! c! KLLL! ! cMMM! ! W*"&,(%! ! _%0!

X%4(6'%! c! KLLL! ! cMMK! ! W*"&,(%! ! X6!

Y)8)!3,'56'7!U*%4%*1! c! KLLd! ! KLLg! ! 3ST! ! X6!

3$%'Q$%'!`"'7/%%!368(4,*%! c! KLLf! ! KLLL! ! W*"&,(%! ! _%0!

3$%'Q$%'!O"'/*,1!O%/"+,.! c! KLLe! ! cMMM! ! W*"&,(%! ! X6!

3"',<+6;! d! KLLe! ! cMMM! ! W*"&,(%! ! _%0!3ON>! c! cMMK! ! cMMK! ! W*"&,(%! ! X6!

36$)<+6;! d! KLLf! ! cMMM! ! W*"&,(%! ! _%0!

3(6+50(,*<+6;! c! KLLL! ! cMMM! ! W*"&,(%! ! X6!

3)-%*068(! c! KLLe! ! KLLL! ! 3ST! ! X6!

#"7%*-,+5! c! KLLi! ! KLLL! ! W*"&,(%! ! X6!

2#!3(,*+6;! g! KLLh! ! KLLL! ! W*"&,(%! ! _%0!

_,9)1<+6;! c! KLLL! ! cMMM! ! W*"&,(%! ! X6!

#6(,.! hM! ! ! ! ! ! ! ! !

!



! hM

!

#,9.%!d<fR!E"0(*"9)("6'!68!A"*0(!^6)'/!&0<!X6'!A"*0(!^6)'/!N'&%0(;%'(0!

#$"0!(,9.%!-*%0%'(0!($%!/"0(*"9)("6'!68!8"*0(!*6)'/!&0<!'6'!8"*0(!*6)'/!"'&%0(;%'(0!86*!($%!cii!"'&%0(;%'(0<!N8!,!H>C9,+5%/!8"*;!+6'(,"'0!6'.1!6'%!*6)'/!68!"'&%0(;%'(!"'!($%!0,;-.%=!"(0!

"'&%0(;%'(!"0!+,(%76*"Q%/!,0!8"*0(!*6)'/!"'&%0(;%'(<!

! 3ST! W*"&,(%!

#";%!W%*"6/!

#6(,.! X);9%*!68!

S90!

A"*0(!^6)'/!H%'()*%!>,-"(,.!

N'&%0(;%'(!

V!68!A"*0(!^6)'/!

H%'()*%!>,-"(,.!

N'&%0(;%'(0

#6(,.! X);9%*!68!

S90!

A"*0(!^6)'/!H%'()*%!>,-"(,.!

N'&%0(;%'(!

V!68!A"*0(!^6)'/!H%'()*%!

>,-"(,.!N'&%0(;%'(!

KLLKCCKLLd! cK! cK! KMM<MMV! c! c! KMM<MMV!

KLLgCCKLLe! hf! he! Lf<cfV! dK! dM! Li<eeV!

KLLfCCcMMK! Ki! Kg! fe<hMV! Kdf! KKh! fd<ddV!

#6(,.! Lh! Lc! Li<fgV! KeK! Kge! fh<LiV!

!

#,9.%!d<LR!b%67*,-$"+,.!E"0(*"9)("6'!68!H>C9,+5%/!A"*;0!"'!>$"',=!KLLKCCcMMK!#$"0!(,9.%!+6'(,"'0!($%!7%67*,-$"+,.!/"0(*"9)("6'!68!cii!H>C9,+5%/!8"*;0!+6..%+(%/!91!($%!,)($6*<!:!/%(,".%/!

/%0+*"-("6'!68!($%!/,(,!+6..%+("6'!-*6+%00!"0!-*6&"/%/!"'!($%!-,-%*<!#$%!.6+,("6'!68!($%!8"*;!;%,'0!($%!$%,/D),*(%*!.6+,("6'!68!($%!8"*;<!

! #6(,.! KLLKCCKLLd! KLLgCCKLLe! ! KLLfCCcMMK!

W*6&"'+%0! A*%D! V! A*%D! V! A*%D! V! ! A*%D! V!

U%"P"'7! fi! dc<ddV! M! M<MMV! Kf! cM<ccV! ! if! gg<KiV!

3$,'7$,"! gh! Ki<LcV! g! Ke<dLV! KK! Kc<diV! ! dM! KL<gfV!

b),'7/6'7! ge! Ke<ieV! d! Kd<MgV! Kg! Kh<edV! ! dM! KL<gfV!

B$%P",'7! Kd! g<fLV! h! cK<egV! g! g<gLV! ! g! c<iMV!

G",'70)! KM! d<eiV! d! Kd<MgV! h! h<icV! ! c! K<dMV!

3$,'/6'7! KK! g<KgV! d! Kd<MgV! f! f<LLV! ! M! M<MMV!S($%*!O,"'.,'/!W*6&"'+%0! dg! Kc<efV! d! Kd<MgV! Kf! cM<ccV! ! i! d<LMV!

S&%*0%,0! ! ! ! ! ! ! ! ! !

Z6'7!`6'7! Kd! g<fLV! K! g<dhV! h! h<icV! ! f! h<KLV!

#,"4,'! d! K<KdV! K! g<dhV! K! K<KcV! ! K! M<ihV!

>,."86*'",! KM! K<hMV! M! M<MMV! h! h<icV! ! h! d<chV!

! ! ! ! ! ! ! ! ! !

#6(,.! cii! KMM<MMV! cd! KMM<MMV! fL! KMM<MMV! ! Khg! KMM<MMV!

!

!



! hK

'

&,%!-#"'9/'.::.'-2'.::8/''

-,#'$0"(-'7%6#'2$'6#1-)"#'&%!0-%5'016#(-*#1-('

!

g<K<!U,+57*6)'/!

! H%'()*%!+,-"(,.!"0!,!*%.,("&%.1!'%4!-$%'6;%'6'!"'!>$"',<!2-!)'(".!KLfM0=!($%*%!

4,0! &"*(),..1!'6! &%'()*%! +,-"(,.! "'&%0(;%'(! "'!>$"',<! #$%! 8"*0(!4,&%!68! &%'()*%! +,-"(,.!

"'&%0(;%'(! "'! >$"',! 0(,*(%/! "'! KLLK<! 93:; ! /,(,! 0$64! ($,(! mKi! ;".."6'! 4,0! *,"0%/!86*!

&%'()*%! +,-"(,.! "'&%0(;%'(0! "'! KLLK<! N'! KLLc=! ($%! (6(,.! 8)'/0! *,"0%/! P);-%/! (6! mhfd!

;".."6'=! ,! ($"*(1C86./! "'+*%,0%! +6;-,*%/! 4"($! ($%! mKi! ;".."6'! "'! KLLK<! #$%! 8"*0(! 4,&%!

*%,+$%/!"(0!-%,5!"'!KLLh=!4"($!mief!;".."6'!"'!"'&%0(;%'(!I 93:; =!cMMKJ<!!

#$%! 8"*0(! 4,&%! 68! &%'()*%! +,-"(,.! "'&%0(;%'(0! 4,0! 9*6)7$(! 91! "'(%*',("6',.!

&%'()*%!+,-"(,."0(0<!#,9.%!g<K!0$640!($,(!"'(%*',("6',.!&%'()*%!+,-"(,.!8"*;0!,++6)'(%/!86*!

;6*%! ($,'! LhV! 68! ($%! (6(,.! 8)'/! *,"0%/! "'! ($%! %,*.1! ,'/! ;"/! KLLM0<! #$%! ,906.)(%!

/6;"','+%!68!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!"'!>$"',!"'!($%!%,*.1!,'/!;"/!KLLM0!4,0!

;,"'.1! /)%! (6! >$"',?0! 0(*"+(! *%7).,("6'0! ,7,"'0(! 8)'/C*,"0"'7! ,'/! ($%! 7%'%*,.! .,+5! 68!

,4,*%'%00! 68! &%'()*%! +,-"(,.! "'! >$"',! "'! ($%! %,*.1! KLLM0<! W*"&,(%! 8)'/C*,"0"'7! 91!

"'/"&"/),.0!6*!-*"&,(%!8"*;0!4"($6)(!76&%*';%'(!,--*6&,.!"0!0(*"+(.1!-*6$"9"(%/!"'!>$"',<!

#$"0!0(*"+(! *%7).,("6'! %00%'(",..1! *%;6&%0! ($%! -600"9"."(1! 86*! &%'()*%! +,-"(,."0(0! (6! *,"0%!

8)'/0! 4"($"'! >$"',<! N(! ;%,'0! ($,(! 6'.1! "'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0! ,'/! 3ST!

&%'()*%! +,-"(,.! 8)'/0! +,'! 6-%*,(%<! N'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0! +,'! 91-,00! ($%!

*%7).,("6'! 9%+,)0%! ($%1! ,*%! "'+6*-6*,(%/! ,'/! ($%1! *,"0%! 8)'/0! 6)(0"/%! 68! >$"',<! 3ST!

8)'/0!*%.1!6'! 76&%*';%'(!,--*6-*",("6'!,0!8)'/"'7!06)*+%0! ,'/! /6!'6(! $,&%! ($"0! 8)'/C



! hc

*,"0"'7! -*69.%;! %"($%*<! N'! ($%! %,*.1! KLLM0=! 8%4! 3ST! 8)'/0! 4%*%! 86*;%/! 9%+,)0%! 8%4!

-%6-.%! "'! >$"',! 5'%4! 4$,(! &%'()*%! +,-"(,.! 4,0<! N'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0!

9*6)7$(! ($%! +6'+%-(! 68! &%'()*%! +,-"(,.! (6! >$"',! ,'/! 9%+,;%! ($%! /6;"','(! -.,1%*! "'!

>$"',?0!&%'()*%!+,-"(,.!;,*5%(<!!

IN'0%*(!#,9.%!g<KJ!

#$%!8"*0(! 4,&%! 68!&%'()*%! +,-"(,.! "'&%0(;%'(! 4,0! (*"77%*%/!91! ($%! /%%-%'"'7!68!

*%86*;! "'! >$"',<! >$"',?0! ;,*5%(C6*"%'(%/! *%86*;=! 4$"+$! 0(,*(%/! "'! KLef=! %'+6)'(%*%/!

%'6*;6)0! -6."("+,.! -*%00)*%! ,8(%*! ($%! 9.66/1! KLfL! *%-*%00"6'<! Z64%&%*=! /%0-"(%! ($%!

"/%6.67"+,.! 9,+5.,0$=! ;,'1! ;,*5%(C6*"%'(%/! *%86*;0! 4%*%! +,**"%/! 6)(! D)"%(.1<! N'!

E%+%;9%*! KLLM=! >$"',! 6-%'%/! "(0! 8"*0(! +6;-)(%*C."'5%/! 0%+)*"("%0! (*,/"'7! 010(%;=! ($%!

3%+)*"("%0!#*,/"'7!:)(6;,("+!Y)6(,("6'!310(%;!I3#:YJ<!3$,'7$,"!3(6+5!T@+$,'7%!,'/!

3$%'Q$%'! 3(6+5! T@+$,'7%! 4%*%! 688"+",..1! 6-%'%/! "'! E%+%;9%*! KLLM! ,'/! :-*".! KLLK=!

*%0-%+("&%.1<!U!3$,*%0!4%*%!,.06!%0(,9."0$%/!"'!KLLK!06!($,(!86*%"7'%*0!+6)./!64'!>$"',?0!

."0(%/!0%+)*"("%0<!#$%0%!*%86*;0!.,"/!,!06."/!86)'/,("6'!86*!>$"',?0!8"','+",.!;,*5%(!966;!

"'!($%!KLLM0<!

#$%! "/%6.67"+,.! 9,+5.,0$! ,7,"'0(! ($%! ;,*5%(! %+6'6;1! ,8(%*! KLfL! 4,0! 86*;,..1!

9*65%'!91!E%'7!l",6-"'7!"'!%,*.1!KLLc!4$%'!$%!;,/%!$"0!8,;6)0!06)($%*'!(6)*<!E%'7!

,*7)%/! ($,(! ,! ;,*5%(! %+6'6;1! 4,0! P)0(! ,! (66.! (6! ";-*6&%! ',("6',.! 4%.8,*%! ,'/! ($,(!

"/%6.671!0$6)./!'6(!9%!($%!;,P6*!+*"(%*"6'!"'!%&,.),("'7!,!-6."+1<!Z"0!"/%,!4,0!%'/6*0%/!

,(! ($%! %'/! 68! KLLc! /)*"'7! ($%! Kg($

! >6'7*%00! 68! ($%! >$"'%0%! >6;;)'"0(! W,*(1! I>>WJ=!

4$"+$!+,..%/!86*!($%!%0(,9."0$;%'(!68!,!\06+",."0(!;,*5%(!%+6'6;1<]!!



! hd

E%'7?0! %'/6*0%;%'(! 68! ,! ;,*5%(! %+6'6;1! 0-)**%/! ,! '%4! 4,&%! 68! *%86*;0<Ke!

:.;60(! ";;%/",(%.1! ,8(%*! ($%! 688"+",.! %'/6*0%;%'(! 68! ,! ;,*5%(! %+6'6;1=! &,*"6)0!

76&%*';%'(!,7%'+"%0!9%7,'!(6!."9%*,."Q%!-*"+%0<!3"'+%!KLLd=!($%!;,P6*"(1!68!*%06)*+%0!$,0!

9%%'! ,..6+,(%/! &",! ;,*5%(! -*"+%0! *,($%*! ($,'! 91! ,! +%'(*,.! -.,'! IX,)7$(6'=!KLLg=! Y",'=!

KLLLJ<!:(! ($%! 0,;%! (";%=!;%,0)*%0!4%*%!(,5%'!(6! *%86*;! 3ST0<!>$"',?0!-6."+1!;,5%*0!

+,..%/!86*!($%!%0(,9."0$;%'(!68!,!\;6/%*'!%'(%*-*"0%!010(%;=]!3ST0!4%*%!7*,'(%/!;6*%!

/%+"0"6'C;,5"'7! -64%*! ,'/! 4%*%! ,..64%/! (6! 9%! ."0(%/! "'! 6&%*0%,0! ,'/! /6;%0("+! 0(6+5!

;,*5%(0! (6! *,"0%! ;6'%1<! >$"',! ,.06! 0(%--%/! )-! ($%! -*6+%00! 68! 6-%'"'7! "(0! %+6'6;1<!

:)($6*"(1!(6!,--*6&%!86*%"7'!"'&%0(;%'(!4,0!/%+%'(*,."Q%/!(6!;,'1!.6+,.!76&%*';%'(0!(6!

;,5%!"(!%,0"%*!86*!86*%"7'!"'&%0(6*0!(6!"'&%0(!"'!>$"',<!H,*"6)0!(,@!%@%;-("6'!,'/!(,@!

*%/)+("6'! -.,'0! 4%*%! 7*,'(%/! (6! 86*%"7'! "'&%0(6*0<! #$%0%! *%86*;! ;%,0)*%0! 0(";).,(%/!

>$"',?0!%+6'6;1!%'6*;6)0.1=!,'/!>$"',?0!bEW!7*%4!,(!/6)9.%!/"7"(0!8*6;!KLLK!(6!KLLg<!!

#$%! *%86*;0! ,'/! ($%! *69)0(! %+6'6;"+! 7*64($! "7'"(%/! ($%! ";,7"',("6'0! 68!

"'(%*',("6',.!"'&%0(6*0<!X6(!06!.6'7!,76=!"'!KLLK=!($%!/6;"','(!,(("()/%!4,0!\."8%!"0!(66!

0$6*(!(6!%'/)*%!($%!$,00.%0!68!>$"',<]Kf!:..!68!,!0)//%'=!>$"',!9%+,;%!$6(<!N'(%*',("6',.!

"'&%0(6*0! -6)*%/! ;6'%1! "'(6! ($%! +6)'(*1! ,(! ,'! )'-*%+%/%'(%/! *,(%R! A6*%"7'! /"*%+(!

"'&%0(;%'(! 7*%4! ,(! (*"-.%! /"7"(0! "'! 96($! KLLc! ,'/! KLLd<! N'(%*',("6',.! "'&%0(6*0! 4%*%!

-,*("+).,*.1!"'(%*%0(%/!"'!>$"',?0!',0+%'(!0(6+5!;,*5%(0<!U1!3%-(%;9%*!KLLc=!ci!>$"',!

"'&%0(;%'(!8)'/0!$,/!9%%'! .,)'+$%/! (6!"'&%0(! "'!>$"',?0!U! 3$,*%!0(6+5! ;,*5%(=!4"($! ,!

(,*7%(!,;6)'(!68!mK<Mh!9".."6'!"'!(6(,.<!N'!+6'(*,0(=!($%!(6(,.!U!0$,*%!;,*5%(!+,-"(,."Q,("6'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Ke!A6*!,!/%(,".%/!/"0+)00"6'!68!>$"',?0!*%86*;!,8(%*!KLLc=!*%8%*!(6!X,)7$(6'=!KLLg!,'/!Y",'=!KLLL!Kf! 93:; =!O,1!KLLc=!\#$%!>$"',!W%'/).);!34"'70<]!



! hg

"'! 3$,'7$,"! ,'/! 3$%'Q$%'! 4,0! P)0(! mK! 9".."6'<KL!O,'1! U! 3$,*%! 0(6+50! 4%*%! (*,/%/! ,(!

-*"+%0!($,(!4%*%!;6*%!($,'!hM!(";%0!($%!&,.)%!68!%,*'"'70<!!

N'(%*',("6',.! "'&%0(6*0! 4%*%! ,.06! %@+"(%/! ,96)(! >$"',?0! 8"*;0! 9%"'7! ."0(%/! 6'!

6&%*0%,0!0(6+5!%@+$,'7%0<!N'!S+(69%*!KLLc=!U*"..",'+%!:)(6;6("&%=!,'!3ST=!9%+,;%!($%!

8"*0(! >$"'%0%! 8"*;! (6! 9%! ."0(%/! 6'! ($%! X%4! _6*5! 3(6+5! T@+$,'7%<! N(0! 0$,*%! -*"+%! $,/!

,--*%+",(%/!dMV!($*%%!;6'($0!,8(%*!"(0!NWS<!N'!A%9*),*1!KLLd=!E%'4,1!N'&%0(;%'(=!,!+,*!

;,')8,+()*%*!($,(!"0!,!P6"'(!&%'()*%!9%(4%%'!,'!3ST!,'/!A*,'+%?0!W%)7%6(=!$,/!,'!NWS!"'!

Z6'7!`6'7<!#$%!8"*;?0!NWS!0(6+50!4%*%!6&%*0)90+*"9%/!91!ihe!(";%0R!mdK!9".."6'!4,0!

0)9;"((%/! (6! +$,0%! ($%! mhcC;".."6'! 688%*"'7<! N'! KLLd=! '"'%! 3ST0! ,'/! P6"'(! &%'()*%!

%'(%*-*"0%0!IGHT0J!4%*%!."0(%/!"'!Z6'7!`6'7<!#$%!'"'%!NWS0!06)7$(!(6!*,"0%!mK<cK!9".."6'!

"'!(6(,.!+,-"(,.=!,'/!($%1!,((*,+(%/!,--."+,("6'0!46*($!,96)(!mKMM!9".."6'!I3()/4%..=!cMMcJ<!!

3-)**%/! 91! ($"0! %'6*;6)0! %@+"(%;%'(=! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! 9%7,'! (6!

"'&%0(! "'! >$"',<! :.($6)7$! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! 7%'%*,..1! 5'%4! ."((.%! ,96)(!

"'&%0("'7!"'!>$"',=!($%1!4%*%!6-(";"0("+!($,(!($%1!+6)./!%,*'!/%+%'(!*%()*'0!91!"'&%0("'7!

"'!,!;,*5%(!4"($!K<c!9".."6'!-%6-.%!,'/!/6)9.%C/"7"(!7*64($!*,(%<!:!&%'()*%!+,-"(,."0(!0,10=!

\:0",!$,0!0)+$!7*64($!($,(!16)!+,'!-)(!(6".%(!0%,(0!"'!>$"',!,'/!%,*'!,!766/!*%()*']<cM

!!

3"'+%! >$"',! /"/! '6(! ,..64! 8)'/C*,"0"'7! "'! >$"',! ,'/! /"/! '6(! ,..64! .";"(%/!

-,*('%*0$"-0=!,'1! "'(%*',("6',.! &%'()*%! +,-"(,."0(! 4$6! 4,'(%/! (6!"'&%0(! "'!>$"',! $,/! (6!

"'+6*-6*,(%!6&%*0%,0!,'/!*,"0%!;6'%1!6&%*0%,0<!:0!4"($!&%'()*%!+,-"(,."0(0!"'!($%!2'"(%/!

3(,(%0=!&%'()*%!+,-"(,."0(0!"'!6($%*!+6)'(*"%0!,.06!;,"'.1!*,"0%/!8)'/0!8*6;!"'0("()("6',.!

"'&%0(6*0=! 0)+$! ,0! 4%,.($1! 8,;"."%0=! -%'0"6'! 8)'/0=! 9,'50=! "'0)*,'+%! +6*-6*,("6'0! ,'/!

"'/)0(*",.! +6*-6*,("6'0<! A6*! %@,;-.%=! "'&%0(6*0! "'! >:O! I>$"',! :00%(0! O,',7%;%'(J!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!KL! 93:; =!X6&<!KLLc=!W<!cd!cM!\U,'50!,'/!H%'()*%!>,-"(,.!"'!:0",=]!G,'!KLLh=! 93:; <!!



! hh

"'+.)/%/!3(,'/,*/!>$,*(%*!U,'50=!:99%1!a"8%!N'0)*,'+%!,'/!0%&%*,.!E)(+$!-%'0"6'!8)'/0<!

#$%!^,"'4,(%*!A,;".1=!B"88!A,;".1!,'/!3-,'7.%*!A,;".1!,..!"'&%0(%/!"'!^"+$"',!>,-"(,.!

W,*('%*0<!<!!

N'(*"7)%/! 91! ($%! %'6*;6)0! 7*64($! "'! >$"',=!"'(%*',("6',.! "'0("()("6',.! "'&%0(6*0!

*%0-6'/%/!(6!($%!8)'/C*,"0"'7!+,..0!%'($)0",0("+,..1<!E,*.,!O66*%=!,!;,',7%*!68!^"+$,*/!

^,"'4,(%*=!%@-.,"'%/!($%!/%+"0"6'!(6!"'&%0(!"'!^"+$"',R!

\k4%!($"'5!>$"',!4"..!9%!($%!'%@(!G,-,'!4"($!,'!%@(*,!Q%*6!6'!"(<!#$"0!"0!

,'! "'&%0(;%'(! 86*! ($%!'%@(! 7%'%*,("6'<! >$"',! $,0! ($%! -6(%'(",.! (6!9%! ($%!

.,*7%0(!%+6'6;1!"'!($%!46*./k!F$%'!N!8"*0(!0(,*(%/!*%,/"'7!$"0!I^"+$,*/!

_,'J! ;%;60!8*6;! >$"',!;1!-).0%!46)./!0(,*(! (6!*"0%! ,'/!;1!-,.;0! 76(!

04%,(1=!N!($6)7$(!N!4,0!*%,/"'7!,!0+*"-(!8*6;!^,"/%*0!68!($%!a60(!:*5<]!

I3,$.;,'!,'/!b*%%'=!KLLhJ!

!

S'%!68!($%!;60(!(%.."'7!0(6*"%0!68!"'&%0(6*0?!%'($)0",0;!"'!>$"',!4,0!:O3N>S=!,!

&%'()*%!+,-"(,.!8"*;!($,(!86+)0%/!6'!"'&%0("'7!"'!,)(6;69".%C*%.,(%/!-*6/)+(0!,'/!9%%*0!"'!

>$"',<!#$"0!&%'()*%!+,-"(,.!8"*;!4,0!86)'/%/!91!G,+5!W%*56405"=!,!&%(%*,'!"'&%0(;%'(!

9,'5%*!"'!($%!2'"(%/!3(,(%0<!N(!"'&%0(%/!"'!>$"',!;,"'.1!91!86*;"'7!P6"'(!&%'()*%0!4"($!

3ST0<!W%*56405"!9%7,'!8)'/C*,"0"'7!,8(%*!#$,'507"&"'7!"'!KLLd<!U%86*%!>$*"0(;,0=!$%!

$,/!,.*%,/1!*,"0%/!meh!;".."6'<!N'!0"@!4%%50!$%!$,/!*,"0%/!mKhM!;".."6'<!#$%!/%;,'/!4,0!

06!6&%*4$%.;"'7!($,(!$%!*,"0%/!,'6($%*!8)'/!"'!KLLh!4"($!mKiM!;".."6'!I3()/4%..=!cMMcJ<!

!N'(%*',("6',.!&%'()*%!+,-"(,.!"'&%0(6*0?!%'($)0",0;!86*!>$"',!4,0!,.06!*%8.%+(%/!"'!

($%! 0"Q%! 68! ($%! >$"',! 8)'/0<! #$%! ;%,'! 0"Q%! 68! "'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0! 4,0!

mhi<de!;".."6'!8*6;! KLLK! (6!KLLd! ,'/! mec<gf!;".."6'! 8*6;! KLLg! (6!KLLe! I#,9.%! g<cJ<!



! hi

#$"0!"0!%0-%+",..1!0(*"5"'7!7"&%'!($,(!($%!,&%*,7%!&%'()*%!+,-"(,.!8)'/!0"Q%!"'!($%!2'"(%/!

3(,(%0! 4,0! 6'.1!mhM<f!;".."6'! "'!KLLK=! mig<e!;".."6'!"'! KLLc! ,'/!mef<L! "'!KLLd<cK!#$%!

,&%*,7%!0"Q%!68!"'(%*',("6',.!&%'()*%!+,-"(,.!>$"',!8)'/0!8*6;!KLLK!(6!KLLe!4,0!*6)7$.1!

%D),.!(6!($%!,&%*,7%!8)'/!0"Q%!"'!($%!2'"(%/!3(,(%0!"'!KLLc!,'/!KLLd!/%0-"(%!($%!8,+(!($,(!

>$"',!4,0!)'+$,*(%/!(%**"(6*1!86*!&%'()*%!+,-"(,.!"'&%0(;%'(p!,'/!($%!2'"(%/!3(,(%0!$,/!,!

$%,/!0(,*(!68!;6*%!($,'!dM!1%,*0!"'!&%'()*%!+,-"(,.!"'&%0(;%'(<!#$%!.,+5!68!"'0("()("6',.!

"'&%0(6*0!"'!>$"',!/"/!'6(!0%%;!(6!9%!,!9"7!-*69.%;!86*!&%'()*%!+,-"(,."0(0!"'!>$"',!/)%!(6!

($%!"'(%*',("6',.!"'&%0(6*0?!%'($)0",0;<!!

!

g<c<!3ST!W,*('%*0!,'/!>6''%+("6'!U)"./"'7!

>6;-,*%/! 4"($! ($%! 2'"(%/! 3(,(%0=! >$"',! $,/! ,! ;)+$! 4%,5%*! "'8*,0(*)+()*%! 86*!

;,*5%(!%+6'6;1!"'!($%!%,*.1!KLLM0<!#$%!4%,5!"'8*,0(*)+()*%!-60%/!,!0%*"%0!68!/,)'("'7!

+$,..%'7%0!86*!"'(%*',("6',.!&%'()*%!+,-"(,."0(0<!#$%!8"*0(!+$,..%'7%!4,0!/%,.!8.64<!N'!($%!

2'"(%/!3(,(%0=!&%'()*%!+,-"(,.!8"*;0!*%.1!6'!($%"*!*%-)(,("6'!(6!,((*,+(!-6(%'(",.!/%,.0<!#$%1!

,.06! 7%(! /%,.! .%,/0! ($*6)7$! &,*"6)0! ;,*5%(! "'(%*;%/",*"%0! 0)+$! ,0! "'&%0(;%'(! 9,'50=!

,++6)'("'7! 8"*;0! ,'/! .,4! 8"*;0<! Z64%&%*=! 0)+$! ,! /%,.! 8.64! 0(*)+()*%! /"/! '6(! %@"0(! "'!

>$"',!"'!($%!%,*.1!KLLM0<!O60(!68!($%!&%'()*%!+,-"(,."0(0!4%*%!"'&%0("'7!"'!>$"',!86*!($%!

8"*0(! (";%R! ($%1!$,/! '%"($%*! %@-%*"%'+%! '6*! *%-)(,("6'<! O,*5%(! "'(%*;%/",(%! "'0("()("6'0=!

0)+$!,0!"'&%0(;%'(!9,'50=!,++6)'("'7!8"*;0!,'/!.,4!8"*;0=!4%*%!%D),..1!)'*%.",9.%!,0!,!

;%,'0!68! 7%'%*,("'7!/%,.!.%,/0<!N'!($%! %,*.1!KLLM0=! ($%0%!"'0("()("6'0!$,/! P)0(!9%7)'!(6!

/%&%.6-! "'! >$"',<! #$%1! 4%*%! 7%'%*,..1! 0(,(%C64'%/! ,'/! $%,&".1! *%7).,(%/! 91! ($%!

76&%*';%'(<!#$%"*!,9"."(1!(6!-*6&"/%!/%,.!.%,/0!4,0!.";"(%/<!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!cK!A%''=!a",'7!,'/!W*640%=!KLLh=!W<!Kd!



! he

#$%!0%+6'/!+$,..%'7%!86*!($%!&%'()*%!+,-"(,."0(0!4,0!7%(("'7!+6'(*6.!*"7$(0!6&%*!($%!

H>C9,+5%/!8"*;0<!N(!"0!+*"("+,.!86*!&%'()*%!+,-"(,."0(0!(6!$,&%!+6'(*6.!*"7$(0!68!($%!8"*;0!"'!

($%"*!-6*(86."6!(6!%'0)*%!($,(!($%"*!"'(%*%0(0!,*%!0%*&%/!IZ,*(=!cMMcp!b6;-%*0!,'/!a%*'%*=!

KLLLp!`,-.,'!,'/!3(*6;9%*7=!cMMcJ<!N'!($%!2'"(%/!3(,(%0=!64'%*0$"-!,'/!+6'(*6.!*"7$(0!

,*%! )0),..1! 0%-,*,(%/! "'! &%'()*%! +,-"(,.! "'&%0(;%'(0<! H%'()*%! +,-"(,."0(0! ,((,"'! +6'(*6.!

*"7$(0!($*6)7$!8"','+",.!"'0(*);%'(0!0)+$!,0!+6'&%*("9.%!-*%8%**%/!0%+)*"("%0!%&%'!($6)7$!

($%1! ;,1! '6(! $,&%! ;,P6*"(1!64'%*0$"-<! 2'86*()',(%.1=! >$"',?0! .,4! /6%0! '6(! ,..64!($%!

0%-,*,("6'!68!64'%*0$"-!,'/!+6'(*6.!*"7$(0<!:*("+.%!g!68!>$"',?0!TD)"(1!G6"'(!H%'()*%!a,4!

ITHG! .,4J! 0("-).,(%0! ($,(! ,..! P6"'(! &%'()*%! -,*('%*0! 0$6)./! 0$,*%! *"050! ,'/! 9%'%8"(0!

-*6-6*("6',.! (6! ($%"*! +,-"(,.! +6'(*"9)("6'<! #$"0! +.,)0%! "0! '64! 4"/%.1! "'(%*-*%(%/! ,0!

,..64"'7!($%!0%-,*,("6'!68!64'%*0$"-!,'/!+6'(*6.<!!

:'6($%*!/"88"+).(1!+6'+%*'"'7!+6'(*6.!*"7$(0!"'!>$"',!4,0!($,(!>$"',!/"/!'6(!$,&%!

,!0(*6'7!,'/!"'/%-%'/%'(!P)/"+",.!010(%;<!:'!%88"+"%'(!,'/!"'/%-%'/%'(!P)/"+",.!010(%;!"0!

+*"("+,..1!";-6*(,'(!(6!%'0)*%!($,(!%@(%*',.!"'&%0(6*0!+,'!%@%*+"0%!($%"*!+6'(*6.!*"7$(0!6&%*!

8"*;0!(6!-*%&%'(!"'0"/%*!,--*6-*",("6'!Ia,!W6*(,=!%(!,.<=!KLLe=!KLLfJ<!2'86*()',(%.1=!($%!

*).%!68!.,4!4,0!4%,5!"'!>$"',<!#$%!P)/"+",.!010(%;!"0!'6(!"'/%-%'/%'(!"'!>$"',R!"(!4,0!

0)9P%+(!(6!($%!.%,/%*0$"-!68!($%!,/;"'"0(*,("&%!9*,'+$<!W*68%00"6',.!0(,'/,*/0!"'!($%!.%7,.!

8"%./!"'!>$"',!4%*%!.64!+6;-,*%/!4"($!($60%!"'!($%!2'"(%/!3(,(%0!I:.8*%/=!KLLhJ<!G)/"+",.!

/%+"0"6'0!4%*%!68(%'!6-%'.1!+$,..%'7%/!6*!'6(!%'86*+%/!>.,*5%=!KLLhJ<!3%*"6)0!+6**)-("6'!

8)*($%*! %@,+%*9,(%/! ($%0%! -*69.%;0<! #$%0%! -*69.%;0! ;,/%! >$"',?0! P)/"+",.! 010(%;!

)'*%.",9.%! "'! ($%! ,*%,! 68! %'86*+"'7! +6'(*,+(0! ,'/! %@%*+"0"'7! +6'(*6.! *"7$(0! 86*! &%'()*%!

+,-"(,."0(0<!!



! hf

#$%!($"*/!+$,..%'7%!86*!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!4,0!$64!(6!;,5%!0)*%!($,(!

>$"',?0!76&%*';%'(!%@(%'/0!($%;!,!\$%.-"'7!$,'/]!*,($%*!($,'!,!\7*,99"'7!$,'/<]<!S'%!

/".%;;,!"'!%+6'6;"+!/%&%.6-;%'(!"0!$64!(6!;,5%!0)*%!($,(!76&%*';%'(!"0!0(*6'7!%'6)7$!

(6! %'86*+%! +6'(*,+(0! 6'! ($%! 6'%! $,'/! 1%(! ,9.%! (6! 5%%-! "(0%.8! 8*6;! ,--*6-*",("'7! 8*6;!

"'&%0(6*0! 6'! ($%! 6($%*! IX6*($=! KLLMJ<! #$"0! -*69.%;! "0! $,'/.%/! "'! ($%! 2'"(%/! 3(,(%0!

($*6)7$! ,'!"'/%-%'/%'(! P)/"+",.!010(%;! ,'/!,! ."9%*,.! /%;6+*,("+! 010(%;<! Z64%&%*=! ($%!

"'0("()("6'0! ($,(! 0%+)*%! "'&%0(6*0?! -*6-%*(1! *"7$(0! "'! ($%! 2'"(%/! 3(,(%0! /"/! '6(! %@"0(! "'!

>$"',<!>$"',!$,/!'%"($%*!,'!"'/%-%'/%'(!P)/"+",.!010(%;!'6*!,!."9%*,.!/%;6+*,("+!010(%;<!

>$"',?0!/%+"0"6'C;,5"'7!4,0!+.60%/!(6!($%!-)9."+<!N(!/"/!'6(!$,&%!8*%%/6;!68!($%!-*%00=!

8*%%/6;! 68! ,006+",("6'=! 6*! ,! /%;6+*,("+! %.%+("6'! 010(%;! ($,(! "'&%0(6*0! +6)./! )0%! (6!

"'8.)%'+%!-6."+1C;,5"'7<!#$%!*"05!($,(!"'(%*',("6',.!&%'()*%!+,-"(,.!;"7$(!9%!%@-*6-*",(%/!

91!($%!>$"'%0%!76&%*';%'(!4,0!$"7$<!!

:!+6;;6'!0(*,(%71!)0%/!91!"'(%*',("6',.!&%'()*%!+,-"(,.!8"*;0!"'!($%!%,*.1!KLLM0!

(6!/%,.!4"($! ($%0%!+$,..%'7%0!4,0!(6!86*;! P6"'(!&%'()*%!8)'/0!4"($!3ST0!"'!>$"',<!A6*!

%@,;-.%=!>:O!4,0!iMV!64'%/!91!>$"',!H%'()*%(%+$'6!N'(%*',("6',.=!($%!"'(%*',("6',.!

9*,'+$!68!>$"',!H%'()*%(%+$=!,'/!gMV!64'%/!91!G,;%0!>$,-%.!,'/!3(,'/,*/!>$,*(%*%/=!

(46!Z6'7!`6'7[9,0%/!8"','+",.!8"*;0<!3$,'7$,"!W,+"8"+!2'"6'!#%+$'6.671!H%'()*%!4,0!

,!hMnhM!P6"'(!&%'()*%!9%(4%%'!:;%*"+,?0!NEb!,'/!($%!3$,'7$,"!>6;;"00"6'!68!3+"%'+%!

,'/!#%+$'6.671<!#,9.%!g<d!0$640!($,(!ieV!68!($%!&%'()*%!8)'/0!"'!>$"',!"'!($%!%,*.1!

KLLM0! 4%*%! P6"'(! &%'()*%! 8)'/0<! #$%! .6+,.! P6"'(! &%'()*%! -,*('%*0! "'! ($%! "'(%*',("6',.!

&%'()*%!+,-"(,.!8"*;0!4%*%!,..!3ST0!4"($!0(*6'7!76&%*';%'(!9,+5"'7!I#,9.%!g<gJ<!!

IN'0%*(!#,9.%!g<d!,'/!#,9.%!g<gJ!



! hL

N'(%*',("6',.!&%'()*%!+,-"(,."0(0!4,'(%/!(6!$,&%!3ST!-,*('%*0!9%+,)0%!($%1!$6-%/!

($,(! 3ST! -,*('%*0! +6)./! 8).8"..! 06;%! ";-6*(,'(! 8)'+("6'0! (6! ;%%(! ($%! +$,..%'7%0! 68!

"'&%0("'7!"'!>$"',<!#$%1!9%."%&%/!($,(!3ST!-,*('%*0!+6)./!$%.-!($%;!06.&%!($%!/%,.!8.64!

-*69.%;!91! -*6&"/"'7! ($%! '%+%00,*1!"'86*;,("6'! ,96)(! 3ST0! '6(! ,&,".,9.%!"'!($%! 6-%'!

;,*5%(<!:!&%'()*%!+,-"(,."0(!%@-.,"'0!4$1!,!-,*('%*!"0!+*"("+,..1!";-6*(,'(R!

\#$*6)7$! 3);0(,*! I($%! -,*('%*! 68! 3"'6CW,+"8"+! a"7$(! N'/)0(*1! A)'/!

O,',7%;%'(J=! 4%! ,*%! ,9.%! (6! 69(,"'! ,! 766/! ."0(! 68! -6(%'(",.! (,*7%(0! 86*!

%&,.),("6'<! Z64%&%*=! ($%! %@%*+"0%! /6%0! '6(! %'/! ($%*%<! A6*! %@,;-.%! "(?0!

)'/%*0(66/!4$%'!16)!76!6)(! ,'/! (*1! (6!8"'/!766/!P6"'(! &%'()*%! -,*('%*0=!

($,(! 16)! '%%/! (6! 8%%.! 766/! ,96)(! ($%! -%6-.%! "'&6.&%/<! N8! 16)! 5'64! ,!

+6;-,'1?0!-,0(!($,(!4"..!$%.-!16)!(6!%&,.),(%!"(0!;,',7%;%'(<!#$"0!(1-%!

68! "'86*;,("6'! "0! *%D)"*%/! (6! ,00%00! -%6-.%?0! "'(%7*"(1j4"($6)(! 4$"+$!

16)*!+$,'+%0!68!0)++%00!,*%!7*%,(.1!/";"'"0$%/<!

!

3);0(,*!$%.-0!)0!(6!9)"./!)-!$"0(6*"+!*%+6*/0<!N'!($%!4%0(%*'!46*./!4$%*%!

*%+6*/0!,*%!*%,/".1!,&,".,9.%!($"0!*%.,("6'0$"-!;,1!'6(!9%!'%+%00,*1<!U)(!

4$%'!16)?*%!/%,."'7!4"($!>$"',=!06;%!+6;-,'"%0!,*%!/,*5!,'/!16)!'%%/!

($,(!."7$(]<cc

!!

N'! ;,'1! P6"'(! &%'()*%! 8"*;0=! /%,.! 8.64! 4,0! 7%'%*,(%/! ,0! 86..640R! 8"*0(=!

"'(%*',("6',.! &%'()*%! +,-"(,."0(0! -*6-60%/! 7%'%*,.! +*"(%*",! (6! 3ST! -,*('%*0! 86*! -6*(86."6!

8"*;! 0%.%+("6'<!U,0%/!6'! ($%!+*"(%*",! -*6-60%/! 91!"'(%*',("6',.! &%'()*%! +,-"(,."0(0=!3ST!

-,*('%*0! 46)./! )0%! ($%"*! +6''%+("6'0! ,'/! *%06)*+%0! (6! 9*"'7! +,'/"/,(%0! (6! ($%"*!

"'(%*',("6',.!-,*('%*0<!#$%"*!"'(%*',("6',.!-,*('%*0!46)./!($%'!+6'/)+(!/)%!/"."7%'+%!6'!



! iM

($%!-*6-60%/!"'&%0(;%'(0<!:!(1-"+,.!%@,;-.%!(6!"..)0(*,(%!($%!-*6+%00!4,0!($%!+,0%!68!($%!

>$"',! a"7$(! N'/)0(*1! A)'/<! #$%! 8)'/! 4,0! ,! P6"'(! &%'()*%! 9%(4%%'! Z6'7! `6'7[9,0%/!

3"'6CW,+"8"+!A)'/!O,',7%;%'(!,'/!>$"',?0!3);0(,*!b*6)-<!>$"',?0!3);0(,*!b*6)-!4,0!

,!+6*-6*,("6'!68!($%!>$"',!X,("6',.!>6)'+".!68!a"7$(!N'/)0(*1=!($%!,/;"'"0(*,("&%!,7%'+1!

($,(!;,',7%/!,*6)'/!eM=MMM!."7$(!"'/)0(*1!8"*;0!"'!>$"',<!#$%!"'&%0(;%'(!0(*,(%71!68!($%!

>$"',! a"7$(! N'/)0(*1! A)'/! 4,0! (6! 0%,*+$! ($%! eM=MMM! 3ST0! ;,',7%/! 91! ($%! X,("6',.!

>6)'+".! 68! a"7$(! N'/)0(*1! ,0! "'&%0(;%'(! (,*7%(0<! #$*6)7$! ($%! +66-%*,("6'! 68! ($%! 3ST!

-,*('%*0=! "'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0! ,&6"/%/! *%.1"'7! 6'! 3ST0?! *%-)(,("6'0! ,'/!

>$"',?0!4%,5!;,*5%(!"'(%*;%/",(%!"'0("()("6'0!(6!7%'%*,(%!/%,.0<!

N'!06;%!+,0%0=!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!46*5%/!4"($!($%"*!3ST!-,*('%*0!(6!

7%'%*,(%! -6(%'(",.! /%,.0! 9%86*%! ($%1! 9%7,'! 8)'/C*,"0"'7<! #$%! >$"',! :%*6',)("+,.!

#%+$'6.671! A)'/! 4,0! ,! P6"'(! &%'()*%! 9%(4%%'! #",'! a%%! N'(%*',("6',.! ,'/! >$"',?0!

O"'"0(*1!68!:%*6',)("+0!,'/!:%*60-,+%!N'/)0(*"%0<!U%86*%!#",'!a%%!N'(%*',("6',.!9%7,'!

(6!*,"0%!;6'%1!6&%*0%,0=!"(!46*5%/!4"($!"(0!-,*('%*0!+.60%.1!(6!7%'%*,(%!,!-6(%'(",.!."0(!68!

"'&%0(%%0<!#$%'!($%!."0(!68!"'&%0(%%0!4,0!-*%0%'(%/!(6!&%'()*%!+,-"(,.!"'&%0(6*0!,0!-,*(!68!

($%! -*60-%+()0<!#$%! -*,+("+%! 68!."'"'7! )-!/%,.0! 9%86*%! 8)'/C*,"0"'7! +,'!*%/)+%! "'&%0(6*!

*"050! ,'/!0%'/! ,! +*%/"9.%! 0"7',.! (6! "'&%0(6*0! ,96)(! &%'()*%! +,-"(,."0(0?!,9"."("%0! (6! 8"'/!

"'&%0(;%'(0<!N(!;,5%0!"(!%,0"%*!86*!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!(6!*,"0%!;6'%1!(6!

"'&%0(!"'!>$"',<!!

#$%! 0%+6'/! 8)'+("6'! 68! 3ST! -,*('%*0! 4,0! (6! $%.-! "'(%*',("6',.! &%'()*%! +,-"(,.!

"'&%0(6*0! ;6'"(6*! -6*(86."6! 8"*;0! ,'/! %@%*+"0%! +6'(*6.! *"7$(0<! N'! ;,'1! +,0%0=! ($%!

76&%*';%'(! ,7%'+1! ($,(! "0! *%0-6'0"9.%! 86*! 0)-%*&"0"'7! ($%! .6+,.! -,*('%*! "0! ,.06! ($%!

76&%*';%'(!,7%'+1!($,(!0)-%*&"0%/!($%!-6(%'(",.!-6*(86."6!8"*;<!A6*!%@,;-.%=!($%!>$"',!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!cc!\A"'/"'7!($%!a"7$(==]!G,'!KLLh=! 93:; <!!



! iK

a"7$(!N'/)0(*1!A)'/!-.,'0!(6!"'&%0(!"'!8"*;0!;,',7%/!91!($%!X,("6',.!>6)'+".!68!a"7$(!

N'/)0(*1<!#$%!X,("6',.!>6)'+".!68!a"7$(!N'/)0(*1!"0!,.06!($%!76&%*';%'(!,7%'+1!($,(!"0!

*%0-6'0"9.%!86*!0)-%*&"0"'7!3);0(,*!b*6)-=!($%!3ST!-,*('%*!68!($%!>$"',!a"7$(!N'/)0(*1!

A)'/<!#$%!X,("6',.!>6)'+".!68!a"7$(!N'/)0(*1!+,'!;69"."Q%!76&%*';%'(!*%06)*+%0!(6!7,"'!

(*)($8).!"'86*;,("6'!8*6;!($%!8)'/!,'/!/"0+"-."'%!;,',7%*0!4$%'!'%+%00,*1<!#$%!-64%*!

68! 3ST! -,*('%*0! (6! 7,"'! "'86*;,("6'! ,'/! /"0+"-."'%! ;,',7%*0! "0! +*"("+,..1! ";-6*(,'(!

9%+,)0%!68!>$"',?0!4%,5!;,*5%(!"'(%*;%/",(%!"'0("()("6'0!,'/!P)/"+",.!010(%;<!!

#$%! ($"*/! 8)'+("6'! 68! 3ST! -,*('%*0! 4"($! 0(*6'7! 76&%*';%'(! 9,+5"'7! "0! (6! 7,"'!

76&%*';%'(! -*6(%+("6'! ,7,"'0(! ,*9"(*,*1! 9)*%,)+*,(0<! W64%*8).! /6;%0("+! -,*('%*0! +,'!

9*"'7!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!"'(6!>$"',?0!/%+"0"6'C;,5"'7!+"*+.%!06!($,(!($%1!+,'!

"'8.)%'+%!/%+"0"6'C;,5"'7! "'!>$"',<!A6*! "'(%*',("6',.! "'&%0(6*0!4$6! ,*%! 6)(0"/%! 68!($%!

/%+"0"6'! ;,5"'7! -*6+%00=! "(! "0! ";-6*(,'(! (6! 8"'/! ,'! "'0"/%*! 4"($"'! >$"',?0! /%+"0"6'C

;,5"'7! 010(%;! ,0! ,! -,*('%*! (6! -*6(%+(! ($%"*! "'(%*%0(0<! S'%! %@,;-.%! 68! ($%! 9%'%8"(! 68!

86*;"'7!,'!,..",'+%!4"($! 76&%*';%'(! 4,0! ($%! ,--*6&,.! -*6+%00! 86*! P6"'(!&%'()*%0<! :'1!

P6"'(!&%'()*%0!4"($!3ST0!$,/!(6!9%!,--*6&%/!91!($%!>$"'%0%!76&%*';%'(<!#$%!/%+"0"6'!

4,0!(6(,..1!)'/%*!($%!76&%*';%'(!,7%'+1?0!/"0+*%("6'!,'/!($%*%!4,0!'6!%88%+("&%!%@(%*',.!

0)-%*&"0"6'!6&%*!($%!/%+"0"6'<!N8!,'!"'(%*',("6',.!"'&%0(6*!/"/!'6(!$,&%!,!766/!*%.,("6'0$"-!

4"($! ($%! 76&%*';%'(! ,7%'+1=! ($%! ,--*6&,.! -*6+%00! ;"7$(! 9%! 0.64=! 6*! ,--*6&,.! ;"7$(!

'%&%*!+6;%!($*6)7$<!N'(%*',("6',.!&%'()*%!+,-"(,."0(0!,.06!$6-%/!($,(!($%"*!3ST!-,*('%*0!

+6)./! $%.-! -)0$! 86*! -6."+1! +$,'7%0<! A6*! %@,;-.%=! ($*6)7$! H%'()*%(%+$=!>:O! (*"%/! (6!

.6991!86*!,..64"'7!P6"'(!&%'()*%0!(6!9%!."0(%/!6'!>$"',?0!0(6+5!%@+$,'7%0<!!

N'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0! 9%."%&%/! ($,(! ($%"*! 3ST! -,*('%*0! +6)./! $%.-!

($%;!$,'/.%!($%0%!-*69.%;0!9%+,)0%!3ST!-,*('%*0!$,/!";9%//%/!"'(%*%0(0!"'!($%!0)++%00!



! ic

68! ($%! &%'()*%! +,-"(,.! 8)'/0<! #$"0! 0(*,(%71!4,0! 4"/%.1! )0%/! 91! >$"',?0! #64'0$"-! ,'/!

H"..,7%!T'(%*-*"0%0!I#HT0J!,'/!-*"&,(%!%'(%*-*"0%0!"'!($%!KLLM0!(6!-*6(%+(!($%"*!"'(%*%0(0<!

3+$6.,*0!9%."%&%!($,(!*%+"-*6+"(1!9%(4%%'!8"*;0!,'/!>$"'%0%!76&%*';%'(!,7%'+"%0!"0!($%!

*%,06'! ($,(! >$"',! 4,0! ,9.%! (6! ,+$"%&%! 0)++%008).! ;,*5%(! *%86*;! 4"($6)(! +$,'7"'7! "(0!

-6."("+,.!010(%;!/*,;,("+,..1!IS"=!KLLdp!Y",'=!KLLeJ<!!

Z64%&%*=! ($%! 0(*,(%71! 68! $,&"'7! 3ST0! ,0!-,*('%*0! "'+)**%/! 0"7'"8"+,'(! +60(0R! "(!

4%,5%'%/!($%!76&%*','+%!0(*)+()*%!68!&%'()*%!+,-"(,.!8)'/0<!3ST!-,*('%*0!,*%!/"88%*%'(!

8*6;! &%'()*%! +,-"(,."0(0! "'! ($*%%! 4,10<! A"*0(=! 3ST! -,*('%*0! ,*%! '6(! -*68"(C;,@";"Q%*0<!

3ST0?!;,"'! ;6("&,("6'! "0!-.%,0"'7! -6."("+",'0=! '6(! -)*0)"'7!-*68"(0<!#$%1! ;,1! )0%!($%!

&6("'7! *"7$(0! 68!&%'()*%! +,-"(,.!8)'/0!(6! -)*0)%! ($%!"'(%*%0(! 68!($%! >$"'%0%! 76&%*';%'(!

*,($%*!($,'!($%!"'(%*%0(!68!($%!"'&%0(6*0<!A6*!%@,;-.%=!3ST!-,*('%*0!"'!P6"'(!&%'()*%!8)'/0!

;,1!0%%!($%!,**"&,.!68!"'(%*',("6',.!&%'()*%!+,-"(,.!"'&%0(6*0!,0!,!-%*8%+(!6--6*()'"(1!(6!

0,&%!8,"."'7!3ST0!,'/!-)0$!&%'()*%!+,-"(,.!"'&%0(6*0!(6!"'&%0(!"'!($%0%!8"*;0<!!

3%+6'/=!'6(!9%"'7!,9.%!(6!*,"0%!'%4!8)'/0!4,0!'6(!,!0%*"6)0!($*%,(!86*!3ST0<!S'%!

68!($%!;60(!-6(%'(!;%+$,'"0;0!"'!&%'()*%!+,-"(,.!8)'/C*,"0"'7!"0!($,(!&%'()*%!+,-"(,."0(0!

$,&%!(6!*,"0%!8)'/0!+6'0(,'(.1<!H%'()*%!+,-"(,."0(0!)'/%*0(,'/!($,(!"8!($%1!+,''6(!/%."&%*!

&,.)%!(6!"'&%0(6*0=!($%"*!8"*;0!,*%!76"'7!(6!8,".<!Z64%&%*=!3ST0!+6)./!,.4,10!+6)'(!6'!

76&%*';%'(!9,+5)-!4$%'!($%1!8,+%!8"','+",.!/"88"+).("%0=!,'/!($%!8,".)*%!68!"'&%0(;%'(!

46)./!'6(!.%,/!(6!($%"*!+.60)*%<!

#$"*/=!"'&%0(6*0!+6)./!'6(!*%.1!6'!($%!P)/"+",.!010(%;!(6!86*+%!($%"*!3ST!-,*('%*0!

(6! ,+(! "'! ($%! "'(%*%0(0! 68! "'&%0(6*0<! H%'()*%! +,-"(,."0(0! $6-%/! ($,(! 3ST! -,*('%*0! +6)./!

0)90("()(%! 86*! ($%! P)/"+",.! 010(%;! (6! $%.-! ($%;! *%06.&%! /"0-)(%0<! Z64%&%*=! &%'()*%!



! id

+,-"(,."0(0!$,/!."((.%!.%7,.!*%+6)*0%!"8!($%"*!3ST!-,*('%*0!/"/!'6(!,+(!"'!($%!9%0(!"'(%*%0(0!68!

"'&%0(6*0<!!

U%0"/%0!86*;"'7!P6"'(!&%'()*%!8)'/0=!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!+6)./!$,&%!

3ST0!,0!8)'/!,/&"06*0!*,($%*!($,'!+6C64'%*0!68!&%'()*%!+,-"(,.!8"*;0<!#$%!8"','+",.!0(,5%!

-*6&"/%/!(6!3ST!,/&"06*0!4,0!;)+$!0;,..%*!+6;-,*%/!4"($!3ST!P6"'(!&%'()*%!-,*('%*0<!

A6*!%@,;-.%=!>,($,1!>.%;%'(%!7,&%!cV!68!($%!;,',7%;%'(!8%%!(6!0)--6*(!($%!6-%*,("6'!

68! ($%! >$"',! 3%+)*"("%0! N'/)0(*1! N'0("()(%=! ,'! "'0("()(%! %0(,9."0$%/! 91! ($%! 3TT>p! NXb!

U%"P"'7!7,&%!,!+6'0).(,'+1!8%%!68!M<KV!-%*!,'');!6'!($%!'%(!,00%(!&,.)%!68!($%!+6;-,'1!

(6!"(0!,/&"06*=!,'/!,!8%%!86*!06)*+"'7!,'/!;6'"(6*"'7!"'&%0(;%'(!-*6P%+(0!+,.+).,(%/!,(!($%!

*,(%! 68!M<ihV<! 3ST!,/&"06*0! $,&%! .%00!8"','+",.!0(,5%!"'! ($%! 0)++%00!68!&%'()*%!+,-"(,.!

8)'/0! ($,'! 3ST! P6"'(! &%'()*%! -,*('%*0<! #$%! *"05! 68! "'(%*%0(! +6'8."+(0! "0! ,.06! *%/)+%/!

9%+,)0%!,/&"06*0!/6!'6(!$,&%!&6("'7!*"7$(0<!!

:!;"'6*"(1!68!8)'/0!"'!($%!%,*.1!,'/!;"/!KLLM0!$,/!'%"($%*!3ST!-,*('%*0!'6*!3ST!

,/&"06*0<!#$%!Ke!8)'/0!($,(!$,/!'6!3ST!-,*('%*0!*,"0%/!mLfg<Kg!;".."6'=!6*!dK<MgV!68!($%!

(6(,.!8)'/0!*,"0%/!8*6;!KLLK!(6!KLLe!I#,9.%!g<dJ<!#$%0%!8)'/0!(1-"+,..1!)0%/!"'86*;,.!6*!

-%*06',.! +6''%+("6'0! (6! *%/)+%! (*,'0,+("6'! +60(0! "'! >$"',<! A6*! %@,;-.%=! ,'! ";-6*(,'(!

06)*+%!68!^"+$,*/!_,'?0!+6'8"/%'+%!"'!86*;"'7!^"+$"',!A)'/!,'/!"'&%0("'7!"'!>$"',!"0!

$"0! +6''%+("6'0! "'!>$"',R! $"0! 7*%,(!7*,'/8,($%*!4,0! ($%! 86)'/%*! 68!>$"',?0! -*%0("7"6)0!

X,'5,"!2'"&%*0"(1!,'/!$"0!7*,'/8,($%*!4,0!($%!86)'/%*!68!($%!^6(,*1!>.)9!"'!>$"',<!#$%!

+6''%+("6'!4"($!X,'5,"!2'"&%*0"(1!;,/%!"(!%,01!86*!_,'!(6!%'."0(!($%!0)--6*(!68!X,'5,"!

2'"&%*0"(1!W*%00!4$%'!^"+$"',!"'&%0(%/!"'!>$"',!I3,$.;,'!,'/!b*%%'=!KLLhJ<!!

S&%*,..=! &%'()*%! +,-"(,."0(0! 86*;! P6"'(! &%'()*%! 8)'/0! "'! >$"',! (6! %+6'6;"Q%! 6'!

(*,'0,+("6',.!+60(0!"'!>$"',<!b6&%*','+%!0(*)+()*%!"0!-,*(",..1!0,+*"8"+%/!"'!($"0!-*6+%00<!



! ig

#$%!4"/%0-*%,/!)0%!68!P6"'(!&%'()*%!8)'/0!"'!($%!%,*.1!KLLM0!0$640!($,(!($%!"'0("()("6',.!

%'&"*6';%'(! "0! ,! ;6*%! ";-6*(,'(! +6'+%*'! 86*! "'&%0(6*0! ,'/! &%'()*%! +,-"(,."0(0! ($,'!

76&%*','+%!0(*)+()*%<!!

!

g<d<!N'&%0(;%'(0!

g<d<K<!#$%!86+)0!6'!3ST0!

#$%!"'&%0(;%'(!0(*,(%71!68!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!)0%/!"'!>$"',!"'!($%!

%,*.1!KLLM0!"0!/*,;,("+,..1!/"88%*%'(!8*6;!+6'&%'("6',.!&%'()*%!+,-"(,.!-*,+("+%0!"'!($%!

2'"(%/! 3(,(%0<! N'! ($%! %,*.1! KLLM0=! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! 4%*%! 7%'%*,..1! '6(!

"'(%*%0(%/! "'! "'&%0("'7! "'! -*"&,(%! 8"*;0! "'! >$"',p! ($%1! "'&%0(%/! ,.;60(! %@+.)0"&%.1! "'!

>$"',?0!3ST0<! #,9.%!d<d! 0$640!($,(! "'!($%!%,*.1! KLLM0=! LMV! 68!H>C9,+5%/!8"*;0! 4%*%!

3ST0<!

#$%! 86+)0! 91! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! 6'! 3ST0! "'! ($%! %,*.1! KLLM0! "0!

0)*-*"0"'7! 9%+,)0%! 3ST0! $,&%! 4%,5! +6*-6*,(%! 76&%*','+%! 86*! "'&%0(6*0<! :0! /"0+)00%/!

,96&%=!3ST0!$,&%!;)+$!.%00!"'+%'("&%!(6!-)*0)%!%'(%*-*"0%!7*64($!,'/!8"','+",.!0)++%00<!

#$%!*"05!($,(!($%1!4"..!'6(!,+(!6'!9%$,.8!68!&%'()*%!+,-"(,.!"'&%0(6*0!"0!;)+$!$"7$%*!($,'!

($%!*"05!86*!-*"&,(%!%'(*%-*%'%)*0<!!

N'!,//"("6'=!&%'()*%!+,-"(,."0(0!+,''6(!)0%!($%!/%,.!0(*)+()*"'7!(%+$'"D)%0!($,(!($%1!

)0%!"'!($%!2'"(%/!3(,(%0!4$%'!($%1!"'&%0(!"'!3ST0<!N'!($%!2'"(%/!3(,(%0=!+6'(*6.!*"7$(0!,'/!

64'%*0$"-!,*%!0%-,*,(%/!"'!&%'()*%!+,-"(,.!"'&%0(;%'(<!H%'()*%!+,-"(,."0(0!)0),..1!"'&%0(!

($*6)7$! +6'&%*("9.%! -*%8%**%/! 0%+)*"("%0! ($,(! 7"&%! ($%;! 0)-%*"6*! +6'(*6.! *"7$(0! %&%'!

($6)7$!($%1!/6!'6(!$,&%!(6!$,&%!;,P6*"(1!64'%*0$"-!Ib6;-%*0!,'/!a%*'%*=!KLLLp!`,-.,'!

,'/! 3(*6;9%*7=! cMMcJ<! 2'86*()',(%.1! "'! >$"',=! "(! "0! "..%7,.! (6! 0%-,*,(%! 64'%*0$"-! ,'/!



! ih

+6'(*6.! *"7$(0<! :'1! "'(%*',("6',.! &%'()*%! +,-"(,.! "'&%0(;%'(! 4"($! 3ST0! $,0! (6! 9%!

0(*)+()*%/!,0!P6"'(!&%'()*%!%'(%*-*"0%0!IGHT0J<!:*("+.%!g! 68!G6"'(!H%'()*%!T'(%*-*"0%!a,4!

"'!>$"',!0-%+"8"+,..1!86*9"/0!($%!0%-,*,("6'!68!64'%*0$"-!,'/!+6'(*6.!*"7$(0<!!

_%(!/%0-"(%!($%0%!/"88"+).("%0=!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!86+)0%/!6'!"'&%0("'7!

"'!>$"',?0!3ST0!"'! ($%!%,*.1! KLLM0<!#$%! .,+5!68!"'&%0(;%'(!"'! -*"&,(%!8"*;0! +,''6(! 9%!

%@-.,"'%/! 91!($%! .,+5! 68!-*"&,(%! 8"*;0!"'! >$"',<!>$"',!,..64%/! -*"&,(%! 8"*;0!8*6;! ($%!

9%7"''"'7! 68!($%!KLfM0=!,'/! ($%*%!4%*%!;6*%! ($,'!0"@!;".."6'!-*"&,(%!8"*;0!"'! >$"',!"'!

KLLc!I#,9.%!g<hJ<!#,9.%!g<h!,.06!0$640!($,(!($%!.,+5!68!"'&%0(;%'(!"'!-*"&,(%!8"*;!"0!'6(!

+,)0%/!91!($%!/"88%*%'+%!"'!7*64($!*,(%<!W*"&,(%!8"*;0!7*%4!;)+$!8,0(%*!($,'!3ST!8"*;0!"'!

($%!%,*.1!KLLM0<!N'!8,+(=!($%!7*64($!*,(%!7,-!9%(4%%'!3ST!8"*;0!,'/!-*"&,(%!8"*;0!"'!($%!

KLLM0!4,0!($%!4"/%0(!"'!($%!%,*.1!KLLM0<!!

IN'0%*(!#,9.%!g<hJ!

F$1! 4%*%! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! 4".."'7! (6! "'&%0(! "'! 3ST0! 4"($6)(!

;)+$! -*6(%+("6'q! 3%&%*,.! *%,06'0! *%.,(%/! (6! >$"',?0! "'0("()("6',.! %'&"*6';%'(! ;,1!

%@-.,"'! ($%! /6;"','+%! 68! 3ST0! "'! ($%! %,*.1! KLLM0<! A"*0(=! 3ST0! %'P61%/! ($%! ;60(!

8,&6*,9.%! ,++%00! (6! *%06)*+%0! "'! >$"',! INA>=! cMMMJ<! 3ST0! +6)./! 7%(! +,-"(,.=! $);,'!

*%06)*+%0=! ,'/! *,4! ;,(%*",.0! 8*6;! ($%! 76&%*';%'(! ,(! .64! 6*! '6! +60(<! 3ST0! $,/! ,!

;6'6-6.1!"'!;,'1!";-6*(,'(!9)0"'%00%0<!#$%1!)0),..1!$,/!9%((%*!;,')8,+()*"'7!8,+"."("%0!

,'/!;,*5%(!-60"("6'0<!#$%0%!8,&6*,9.%!-6."+"%0!7,&%!3ST0!%'6*;6)0!,/&,'(,7%0<!!

#$%!0%+6'/!*%,06'!86*!($%!"'&%0(;%'(0!"'!3ST0!4,0!($%!NWS!+$,''%.!86*!%@"("'7!

&%'()*%!+,-"(,.!"'&%0(;%'(0<!N'!($%!%,*.1!KLLM0=!($%!>$"'%0%!76&%*';%'(!*%7).,(%/!."0("'7!

/%+"0"6'0! ("7$(.1! ,'/! *%D)"*%/! ,'1! >$"'%0%! 8"*;! (6! 7%(! 76&%*';%'(! ,--*6&,.! 9%86*%! "(!

+6)./!9%!."0(%/!6'!%"($%*!/6;%0("+!6*!6&%*0%,0!0(6+5!%@+$,'7%0<!A,&6*,9.%!+6'0"/%*,("6'0!



! if

N'!%00%'+%=!E"+5!`4,'!,*7)%/!($,(!+6;-."+,(%/!+6'(*,+(0!,'/!8"','+",.!"'0(*);%'(0!4%*%!

'6(! )0%8).! (6!&%'()*%! +,-"(,."0(0! "'!>$"',! 9%+,)0%! ($%! P)/"+",.!010(%;! 4,0! 4%,5<! F$,(!

(*).1!*,'!>$"',!4%*%!+6''%+("6'0=!'6(!.,40!,'/!+6'(*,+(0<!:0!.6'7!,0!&%'()*%!+,-"(,."0(0!

+6)./!+).("&,(%!766/!+6''%+("6'0!4"($!($%!>$"'%0%!76&%*';%'(=!($60%!+6''%+("6'0!46)./!

(,5%!+,*%!68!"'&%0(6*!-*6(%+("6'!,'/!&%'()*%!+,-"(,."0(0!+6)./!%,*'!-*68"(<!!

:.6'7! ($"0! ."'%! 68! ($"'5"'7=! &%'()*%! +,-"(,."0(0! /%%;%/! +).("&,("'7! +6''%+("6'0!

4"($! ($%! >$"'%0%! 76&%*';%'(! ($%! 5%1! (6! 0)++%008).! "'&%0(;%'(0! "'! >$"',<! #$%!

+6'&%'("6',.!4"0/6;!"'!>$"',!"'!($%!%,*.1!KLLM0!4,0!($,(!"'(%*',("6',.!"'&%0(6*0!0$6)./!

'6(!76!"(!,.6'%!"'!>$"',<!#$%1!0$6)./!8"'/!-,*('%*0!,'/!9)"./!+6''%+("6'0!4"($!>$"'%0%!

76&%*';%'(! ,7%'+"%0! ,'/! "'/"&"/),.! 76&%*';%'(! 688"+",.0<! N'(%*',("6',.! &%'()*%!

+,-"(,."0(0!*%."%/!6'!+6''%+("6'0!(6!7%'%*,(%!3ST!/%,.!8.64!=!;6'"(6*!8"*;!-%*86*;,'+%0=!

-)0$!86*!-6."+1!*%86*;0=!7,"'!76&%*';%'(!,--*6&,.!68!NWS!,--."+,("6'0=!,'/!-*6(%+(!($%"*!

"'(%*%0(0<!!

!

g<d<c<!a,+5!68!"'(%*%0(!"'!-*"&,(%!8"*;0!

#$%! /"0+*";"',(6*1! -6."+"%0! 68! ($%! >$"'%0%! 76&%*';%'(! (64,*/! -*"&,(%! 8"*;0!

-.,1%/!,'!";-6*(,'(! *6.%!"'! ($%! .,+5!68! "'(%*%0(!"'!-*"&,(%!8"*;0<!N'!($%! %,*.1! KLLM0=! ($%!

/6;"','(!"/%6.671!0("..!(*%,(%/!-*"&,(%!8"*;0!,0!,!\'%+%00,*1!%&".]!"'!>$"',?0!%+6'6;1<!

W*"&,(%!8"*;0!4%*%!0)--60%/!(6!$,&%!06;%!7,-C8".."'7!8)'+("6'0!(6!0)--.%;%'(!3ST0!9)(!

4%*%! 0)--60%/! (6! +%,0%! (6! %@"0(! "'! ($%! .6'7! *)'<! N'! ,++6*/! 4"($! ($"0! $60(".%! "/%6.671=!

&,*"6)0! -6."+"%0! .";"(%/! ($%! 7*64($! 68! -*"&,(%! %'(%*-*"0%0! "'! ($%! %,*.1! KLLM0R! -*"&,(%!

%'(%*-*"0%0!$,/! (*%;%'/6)0!/"88"+).("%0!"'!,((,"'"'7!9,'5!.6,'0=!,++%00"'7!0(6+5!;,*5%(0=!

,'/!,+D)"*"'7!*,4!;,(%*",.0!,'/!$);,'!*%06)*+%0!INA>=!cMMMp!a,*/1=!KLLfJ<!E)%!(6!($"0!



! iL

$60("."(1=!;,'1!-*"&,(%!%'(*%-*%'%)*0!4%*%!*%.)+(,'(!(6! /"0+.60%!"'86*;,("6'!(6!6)(0"/%*0<!

N'(%*',("6',.! &%'()*%! +,-"(,."0(0! 4%*%! )'+%*(,"'! ,96)(! ($%! 8)()*%! 68! -*"&,(%! 8"*;0! ,'/!

*%.)+(,'(!(6!;,5%!.6'7C(%*;!+6;;"(;%'(!(6!>$"',?0!-*"&,(%!8"*;0<!!

N'!,//"("6'=!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!/"/!'6(!9%."%&%!($,(!-*"&,(%!8"*;0!"'!

>$"',! $,/! ($%! '%+%00,*1! +6''%+("6'0! (6! 0)++%%/<! >$"',! /"/! '6(! $,&%! ,'! "'/%-%'/%'(!

P)/"+",.!010(%;! ($,(!+6)./!%'86*+%! +6'(*,+(0!%88"+"%'(.1<! N'(%*',("6',.! &%'()*%! +,-"(,."0(0!

9%."%&%/!($,(!3ST0!$,/!,!9%((%*!+$,'+%!(6!;,5%!-*68"(0!"'!>$"',!9%+,)0%!($%1!$,/!9%((%*!

+6''%+("6'0!4"($!($%!>$"'%0%!76&%*';%'(!(6!$%.-!($%;!%'86*+%!+6'(*,+(0!4"($!0)--."%*0!

,'/!+)0(6;%*0<!!

N'!8,+(=!($%!(46!H>C9,+5%/!-*"&,(%!8"*;0!"'!($%!%,*.1!KLLM0!$,/!.";"(%/!%@-60)*%!

(6! >$"',?0! "'0("()("6',.! %'&"*6';%'(<! #$%0%! 8"*;0! 4%*%! 86)'/%/! 91! 6&%*0%,0!

%'(*%-*%'%)*0<!#$%"*!$%,/D),*(%*0!4%*%!.6+,(%/!6)(0"/%!>$"',!I#,9.%!g<iJ<!#$%"*!;,"'!*,4!

;,(%*",.0!4%*%!";-6*(%/!8*6;!6&%*0%,0!,'/!($%"*!;,P6*!;,*5%(0!4%*%!.6+,(%/!6&%*0%,0<!

A6*!%@,;-.%=!2-06'"+0!4,0!86)'/%/!91!,'!%'(*%-*%'%)*!8*6;!#,"4,'!(6!9)"./!+6;-)(%*!

-%*"-$%*1! -*6/)+(0<! B"'/,*(! 4,0! ,! (61! ;,')8,+()*%*! 86)'/%/! 91! ,'! %'(*%-*%'%)*! 8*6;!

Z6'7! `6'7<! B"'/,*(?0! 9"77%0(! +)0(6;%*! 4,0! ($%! 2<3<! Z,..;,*5! >,*/0<! #$%0%! 8"*;0!

"'&%0(%/!"'!>$"',!;,"'.1!(6!)0%!($%!+$%,-!.,96*!,'/!.,'/!"'!>$"',<!#$%"*!0(*6'7!6&%*0%,0!

+6''%+("6'0!;%,'(!($,(!($%1!+6)./!)0%!6&%*0%,0!P)/"+",.!010(%;0!(6!-*6(%+(!($%"*!-*6-%*(1!

*"7$(0! ,'/! %'86*+%! +6'(*,+(0<! #$%! 86+)0! 6'! -*"&,(%! 8"*;0! 86)'/%/! 91! 6&%*0%,0!

%'(*%-*%'%)*0! 0$640! ($,(! ($%! "'0("()("6',.! %'&"*6';%'(! $,0! ,'! ";-6*(,'(! "'8.)%'+%! 6'!

8"*;0?!6-%*,("'7!0(*,(%7"%0<!

IN'0%*(!#,9.%!g<iJ!

!



! eM

g<d<d<!3(,7%!68!H>C9,+5%/!8"*;0!,'/!(1-%!68!"'/)0(*1!!

N'! ($%! %,*.1!KLLM0=! ($%! H>C9,+5%/! 8"*;0!4%*%! 7%'%*,..1! %0(,9."0$%/! 8"*;0<! #$%!

/,(,! 0%(! 68! cii! "'&%0(;%'(0! /6%0! '6(! +6'(,"'! "'86*;,("6'! ,96)(! ($%! 0(,7%! 68! ($%! 8"*;<!

N'0(%,/=! ($"0! *%0%,*+$! )0%0! ($%! "'&%0(;%'(! -*%8%*%'+%0! 68! "'(%*',("6',.! &%'()*%! +,-"(,.!

8)'/0!"'! 93:; ?0! 9++4%&'<4*="-!,0!,!-*6@1!86*!"'(%*',("6',.!&%'()*%!+,-"(,."0(0?!"'(%*%0(0!

"'!%,*.1C0(,7%!8"*;0<!#,9.%!g<e!+6'(,"'0!di!8)'/0!6)(!68!($%!iK!>$"',!8)'/0!8*6;!KLLK!(6!

cMMK<!#$%!*%;,"'"'7!ch!>$"',!8)'/0!,*%!'6(!"'+.)/%/!"'!($%!(,9.%!86*!(46!*%,06'0<!A"*0(=!

06;%! &%'()*%! +,-"(,.! 8"*;0=! 0)+$! ,0! 34"00! a"8%! W*"&,(%! TD)"(1=! /6! '6(! *%-6*(! ($%"*!

"'&%0(;%'(! -*%8%*%'+%0<! 3%+6'/=! 06;%! "'(%*',("6',.! &%'()*%! +,-"(,.! 8"*;0=! 0)+$! ,0! FN!

Z,*-%*=!$,&%!;).("-.%!8)'/0!)'/%*!($%"*!;,',7%;%'(<!#$%"*!>$"',!8)'/0!,*%!6'.1!-,*(!68!

($%! 8)'/0! )'/%*! ($%"*! ;,',7%;%'(<! 3"'+%! ($%! 9++4%&' <4*="-! *%-6*(! "'&%0(;%'(!

-*%8%*%'+%0! 91! &%'()*%! +,-"(,.! 8"*;0=! "(! "0! ";-600"9.%! (6! 5'64! 4$%($%*! ($%! 0(,(%/!

"'&%0(;%'(!-*%8%*%'+%0!,+(),..1!*%8.%+(!($%!"'&%0(;%'(!-*%8%*%'+%0!68!($%"*!>$"',!8)'/0<!N!

%@,;"'%/! 6($%*! +$,*,+(%*"0("+0! 68! ($%! %@+.)/%/! ch! 8)'/0! ,'/! /"/! '6(! 8"'/! 010(%;,("+!

9",0%0<!!

IN'0%*(!#,9.%!g<eJ!

#,9.%! g<e!0$640!($,(! .%00! ($,'! gMV! 68! &%'()*%! +,-"(,.! 8)'/0! 4%*%! "'(%*%0(%/! "'!

%,*.1C0(,7%!8"*;0!"'!($%!%,*.1!KLLM0<!#$%!,+(),.!"'&%0(;%'(0!"'!%,*.1C0(,7%!8"*;0!0$6)./!9%!

;)+$! .64%*<! O,'1! &%'()*%! +,-"(,."0(0! /%0+*"9%/! ($%"*! "'&%0(;%'(! (,*7%(0! ,0! +6;-,'"%0!

4"($!0(*6'7!+,0$!8.64!,'/!%@-%+(%/!$"7$!/"&"/%'/!-,16)(<!>$"',!N'&%0(;%'(!>6*-6*,("6'!

I>N>J! /%0+*"9%/! "(0! (,*7%(! "'&%0(;%'(0! ,0! \0(*6'7! +,0$! 8.64=! 0(,9.%! ;,',7%;%'(! ,'/!

%@"0("'7!/"0(*"9)("6'!96($!$6;%!,'/!,9*6,/]<ci

!>N>!4,'(%/!(6!"'&%0(!"'!-60"("&%!+,0$!8.64!

+6;-,'"%0! ,'/! %@-%+(%/! $"7$! /"&"/%'/0! ,'/! *,-"/! %,*'"'70<! #$%! >$"',! a"7$(! N'/)0(*1!



! eK

A)'/!0(,(%/!($%"*!(,*7%(!8"*;0!$,/!\,'!6-%*,("'7!$"0(6*1=!0(*6'7!,00%(!9,+5"'7=!%@-%*"%'+%/!

;,',7%;%'(]! ,'/! *%D)"*%/! ,//"("6',.! +,-"(,.! (6! 8"','+%! %@-,'0"6'<ce!#$%! %;-$,0"0! 6'!

-*68"(,9.%!,'/!.,(%*C0(,7%!8"*;0!"0!)'/%*0(,'/,9.%!0"'+%!($%!*"05!68!"'&%0("'7!"'!%0(,9."0$%/!

,'/!-*68"(,9.%!8"*;0!"0!;)+$!0;,..%*!($,'!($%!*"05!68!"'&%0("'7!"'!16)'7!%'(*%-*%'%)*",.!

8"*;0<!!

#$%! /%0"*%! 68! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! (6! "'&%0(! "'! -*68"(,9.%! ,'/!

%0(,9."0$%/!8"*;0!"'!>$"',!;,1!,.06!$,&%!$)*(!($%!+$,'+%0!68!-*"&,(%!8"*;0!"'!>$"',!(6!7%(!

&%'()*%!+,-"(,.<!N'!($%!%,*.1!KLLM0=!"(!4,0!/"88"+).(!(6!8"'/!-*"&,(%!8"*;0!($,(!+6)./!0,("081!

($%0%! +6'/"("6'0<! #,9.%! g<h! 0$640! ($,(! ($%! ,&%*,7%! 0"Q%! 68! -*"&,(%! 8"*;0! "'! >$"',! 4,0!

%@(*%;%.1!0;,..R!6'.1!,96)(!ci=MMM!^OU!I,96)(!mh=MMMJ!,!1%,*<!_%,*0!68!/"0+*";"',(6*1!

-6."+"%0!$,/!.";"(%/!($%!0"Q%!68!-*"&,(%!8"*;0<!O,'1!-*"&,(%!%'(*%-*%'%)*0!4%*%!+,*%8).!'6(!

(6!.%(!($%"*!8"*;0!7*64!9"7!86*!8%,*!68!-6."("+,.!-*60%+)("6'<!:.($6)7$!>$"',?0!*%86*;0!"'!

($%!%,*.1!KLLM0!)'.%,0$%/!,'!%'6*;6)0!7*64($!68!-*"&,(%!8"*;0=!;60(!-*"&,(%!8"*;0!4%*%!

0("..!"'!,'!%,*.1!0(,7%<!#$%!,&%*,7%!3ST!4,0!;)+$!.,*7%*!=! ,'/!;,'1!3ST0!$,/!,! 766/!

7*64($! *,(%<! #$%0%! 8,+(6*0! ;,/%! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! 8%%.! ($,(! 3ST0! 4%*%!

9%((%*!9%(0<!!

N'! ($%! %,*.1! KLLM0=! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! 4%*%! 7%'%*,..1!"'(%*%0(%/!"'!

.64C(%+$! "'/)0(*"%0<! S8!($%!gh! "'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0! *,"0%/! 9%(4%%'! KLLK!

,'/!KLLe=!6'.1!8)'/0!%0(,9."0$%/!91!NEb=!ZsY!:0",!,'/!F,./%'!b*6)-!+.,";%/!(6!9%!

"'(%*%0(%/!"'!$"7$C(%+$!"'&%0(;%'(<!O60(!6($%*!8"*;0!/"/!'6(!4,'(!(6!"'&%0(!"'!$"7$C(%+$!

-*6P%+(0! "'! >$"',<! #$%! 0(6*1! 68! >:O! "0! "..)0(*,("&%<! #$%! /6;%0("+! -,*('%*! 68! >:O=!

H%'()*%(%+$=!4,0!86)'/%/!91!($%!>$"'%0%!76&%*';%'(!(6!-*6;6(%!$"7$C(%+$!"'/)0(*"%0!"'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ci! 9:3; =!O,1!KLLd<!ce! 93:; =!3%-(%;9%*!KLLd<!



! ec

>$"',<! >:O! "(0%.8! %@+.)/%/! $"7$C(%+$! "'/)0(*"%0! ,'/! 0(,*(C)-0! ,0! "'&%0(;%'(! (,*7%(0<cf!

#$%0%! %@+.)0"6'0! /%;6'0(*,(%/! ($%! .,+5! 68! +6'8"/%'+%! "'! $"7$C(%+$! "'/)0(*"%0! 91!

"'(%*',("6',.!&%'()*%!+,-"(,."0(0<!!

#,9.%!d<g!0$640!($,(!"'/)0(*",.!;,')8,+()*"'7!,'/!+6'0);%*!-*6/)+(0!,++6)'(%/!

86*!,96)(!efV!68!(6(,.!H>C9,+5%/!8"*;0!"'!>$"',!"'!($%!%,*.1!KLLM0<!#$%!6'.1!N#!8"*;!"'!

"'!($%!%,*.1!KLLM0!4,0!2-06'"+0=!86)'/%/!91!,!#,"4,'!%'(*%-*%'%)*!(6!-*6/)+%!+6;-)(%*!

-%*"-$%*1! -*6/)+(0<! #$%! 86+)0! 6'! .64C(%+$! 8"*;0! "0! +6'0"0(%'(! 4"($! ($%! -*%/"+("6'! 68!

,7%'+1!($%6*1R!:!4%,5!"'0("()("6',.!%'&"*6';%'(!0$6)./!"'+*%,0%!,7%'+1!+60(0!,'/!86*+%!

&%'()*%! +,-"(,."0(0! (6! 86+)0! 6'! .64C,7%'+1C+60(! -*6P%+(0! 0)+$! ,0! "'&%0("'7! "'! .64C(%+$!

8"*;0<!!

! ! ! !

g<g<!3);;,*1!

N'! ($%! %,*.1! KLLM0=! &%'()*%! +,-"(,."0(0! 06)7$(! (6! 86*;! P6"'(! &%'()*%! 8)'/0! 4"($!

3ST0! ,'/!"'&%0(%/! "'!3ST0<!#$%!;,"'! *%,06'0! 86*! /6"'7! 9)0"'%00! 4"($! 3ST0! 4%*%! (6!

*%/)+%!!(*,'0,+("6'!+60(0!,'/!(6!(,5%!,/&,'(,7%0!68!($%!-6."+1!9%'%8"(0!7*,'(%/!(6!3ST0!"'!

>$"',<!N'!96($!+,0%0=!76&%*','+%!0(*)+()*%!4,0!4%,5%'%/<!#$%!&%'()*%!+,-"(,.!"'&%0(;%'(!

-,((%*'!"'!($%!%,*.1!KLLM0!0$640!($,(!>$"',?0!"'0("()("6',.!%'&"*6';%'(!$,/!,'!";-6*(,'(!

%88%+(!6'!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!>$"',<!#$%!'%@(!(46!+$,-(%*0!4"..!0$64!($,(!,0!

>$"',?0! "'0("()("6',.! %'&"*6';%'(! ";-*6&%/=! ($%! '%%/! (6! %+6'6;"Q%! 6'! x;"'";"Q%y!

(*,'0,+("6',.! +60(0! /%+*%,0%/! ,'/! &%'()*%! +,-"(,."0(0! 9%+,;%!;6*%! *%.)+(,'(!(6! 0,+*"8"+%!

76&%*','+%!0(*)+()*%!"'!($%"*!"'&%0(;%'(0<!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!cf! 93:; =!G).1!KLLh=!W<h<!



! ed

!

#,9.%!g<KR!E"0(*"9)("6'!68!A)'/C^,"0"'7!91!E6;%0("+nN'(%*',("6',.!A)'/0!

#$"0!(,9.%!0);;,*"Q%0!($%!/"0(*"9)("6'!68!8)'/C*,"0"'7!91!/6;%0("+n"'(%*',("6',.!8)'/0!91!(";%!-%*"6/<!#$%!/,(,!86*!($%!(,9.%!+,;%!8*6;! 93:; v0!cMMc!b)"/%!(6!H%'()*%!>,-"(,.!"'!:0",<!E6..,*!,;6)'(0!,*%!

,/P)0(%/!86*!+6'0(,'(!cMMM!/6..,*0<!

! E6;%0("+! N'(%*',("6',.! #6(,.!

W%*"6/!! X);9%*!68!A)'/0

:&7!A)'/!3"Q%!

3);!Im!O".J!

V!"'!#6(,.!

X);9%*!68!A)'/0

:&7!A)'/!3"Q%!

3);!Im!O".J!

V!"'!#6(,.! #6(,.!Im!O".J

KLLKCCKLLd! d! Kg<cf! gc<fh! g<cdV cM! gf<gh! LiL<Mh Lh<eeV! KMKK<LK!

KLLgCCKLLe! K! f<ef! f<ef! M<dhV dK! fK<hc! chce<ci LL<ihV! chdi<Mg!

KLLfCCcMMM! ge! dh<gc! Kiig<iK ig<KgV Kc! ee<hg! LdM<hM dh<fiV! chLh<Kc!

3);! hK! dd<ih! KeKi<ch ce<LgV id! eM<ce! ggci<fc ec<MiV! iKgd<Mi!

!!

#,9.%!g<cR!E"0(*"9)("6'!68!N'(%*',("6',.!H%'()*%!>,-"(,.!A)'/!3"Q%!91!#";%!W%*"6/!#$"0!(,9.%!-*%0%'(0!iK!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/!/,(,!8*6;! 93:; =!cMMK<!N(!$,0!6'.1!iK!"'(%*',("6',.!

&%'()*%!+,-"(,.!8)'/0!*,($%*!($,'!id!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!"'!#,9.%!h<K!9%+,)0%!"(!/*6-0!(46!8)'/0!*,"0%/!91!"'(%*',("6',.!76&%*';%'(!,'/!)'"&%*0"("%0<!#$%!/6..,*!)'"(!"'!($%!(,9.%!"0!;".."6'!/6..,*<!#$"0!(,9.%! -*%0%'(0!96($!'6;"',.!,'/!/"0+6)'(!/6..,*!9%+,)0%!-*68%00"6',.!&%'()*%!+,-"(,.!P6)*',.0!'6*;,..1!-*%0%'(!/,(,!

"'!'6;"',.!/6..,*!4$".%!,+,/%;"+!*%0%,*+$!(%'/0!(6!-*%8%*!/,(,!"'!+6'0(,'(!/6..,*<!

X6;"',.!E6..,*! >6'0(,'(!cMMM!E6..,*!

W%*"6/! X);9%*!68!A)'/0!

:&7!A)'/!3"Q%!

O%/!A)'/!3"Q%! 3(/!E%&<!

:&7!A)'/!3"Q%!

O%/!A)'/!3"Q%! 3(/!E%&<! 3);! V!68!#6(,.

KLLKCCKLLd! cM! hi<de! gK<h! gi<he! if<gh! gL<gi! hi<KL! KdiL! cf<fgV!

KLLgCCKLLe! dM! ec<gi! hc<eh! he<df! fc<Ke! iM<gg! ig<dh! cgih<K! hK<LgV!

KLLfCCcMMM! KK! fK<Lf! hM! Kcg<fe! Lc<Lg! hK<if! Kcg<id! KMcc<dg! cK<hgV!

#6(,.! iK! if<L! hM! eM<gf! ee<fK! hf<K! eh<Mi! gegi<gK! KMM<MMV!

!



! eg

!

#,9.%!g<dR!E"0(*"9)("6'!68!N'(%*',("6',.!H%'()*%!>,-"(,.!A)'/!S*7,'"Q,("6'0!"'!>$"',!

#$"0!(,9.%!-*%0%'(0!($%!/"0(*"9)("6'!68!iK!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0v!6*7,'"Q,("6',.!86*;0!"'!>$"',!8*6;!KLLK!(6!cMMM<!#$%!/6..,*!,;6)'(!"'!($"0!(,9.%!"0!+6'0(,'(!cMMM!;".."6'!/6..,*<!G6"'(!H%'()*%!A)'/0!,*%!8)'/0!($,(!$,&%!3ST0!,0!($%"*!P6"'(!&%'()*%!-,*('%*0<!:/&"06*!8)'/0!,*%!8)'/0!($,(!$,&%!3ST0!,0!($%"*!,/&"06*0<!wX6!-,*('%*w!8)'/0!,*%!8)'/0!($,(!/6!'6(!$,&%!,!86*;,.!-,*('%*<!A"',..1!(46!8)'/0v!-,*('%*!0"(),("6'!"0!)'5'64'<!

! G6"'(!H%'()*%! :/&"06*! X6!W,*('%*!2'5'64'!W,*('%*!

3"(),("6'!

_%,*!u!68!

A)'/0!

:&7!A)'/!3"Q%!

V!S8!(6(,.!

u!68!A)'/0

:&7!A)'/!3"Q%!

V!S8!(6(,.!

u!68!A)'/0

:&7!A)'/!3"Q%!

V!S8!(6(,.!

u!68!A)'/0

:&7!A)'/!3"Q%

V!S8!(6(,.!

KLLKCCKLLd! Kc! ei<dd! ii<LMV c! Lf<KL! Kg<dgV h! gi<gg! Ki<LiV! K! cg<hh K<eLV

KLLgCCKLLe! Kc! Le<di! ge<dLV c! iL<ec! h<iiV! Kh! eg<df! gh<ciV! K! gK<eK K<iLV

KLLfCCcMMM! c! ic<fc! Kd<eeV M! M<MM! M<MMV! L! fe<gc! fi<cdV! M! M! M<MMV

#6(,.! ci! fg<LL! gi<hiV g! fd<Lh! K<eeV! cL! ed<iK! gg<LeV! c! dd<Kd K<gMV

!



! eh

!

#,9.%!g<gR!N'(%*',("6',.!H%'()*%!>,-"(,.!A)'/0!,'/!#$%"*!a6+,.!W,*('%*0!

#$"0!(,9.%!-*%0%'(0!($%!ci!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!86)'/%/!9%(4%%'!KLLK!,'/!KLLe!($,(!$,/!.6+,.! -,*('%*0<!#$%!06)*+%0!68!($%!/,(,!"'+.)/%/R! 93:; =! 9++4%&'<4*="'/,'3"+/4$"':%)*/%&'*+'9-*%!I&,*"6)0!"00)%0J=! 9-*%I""H !,'/! 9-*%7,+"?<!:..!.6+,.!-,*('%*0!4%*%!P6"'(!&%'()*%!-,*('%*0!)'.%00!"'/"+,(%/!"'!($%!.,0(!+6.);'<!

X,;%! ! _%,*!A6)'/%/! ! 3"Q%! A)'/!O,',7%*0! N'(%*',("6',.!H%'()*%!>,-"(,.!A"*;0! ! E6;%0("+!W,*('%*0!

>$"',!:00%(0!Z6./"'70! ! KLLK! ! ec!

>$"',!:00%(!O,',7%;%'(! !

G,;%0!>$,-%.=!3(,'/,*/!>$,*(%*%/! ! H%'()*%(%+$!

W%,*.!^"&%*!E%.(,!A)'/! !! KLLK! ! Kc<fc! ! 3)'!Z)'7!`,"!! ! 3)'!Z)'7!`,"!! !!

_)%!l)%!A"','+%!Ib),'7Q$6)!>"(1!b6&%*';%'(J!

US>!>$"',!A)'/0! !! KLLc! ! KhM! !

US>!>$"',!A)'/!O,',7%;%'(! ! Kg!+6*-6*,("6'0!"'!Z`! !! U,'5!68!>$"',!

>$"',!N'&%0(;%'(!

,'/!E%&%.6-;%'(!A)'/! !! KLLc! ! fh! ! `.%"'46*(!U%'06'!! `.%"'46*(!U%'06'!! !!

>$"',!N'(%*',("6',.!#*)0(!,'/!N'&%0(;%'(!>6*-6*,("6'=!W%6-.%v0!

N'0)*,'+%!>6;-,'1!I:/&"06*0J!

>.%;%'(%!:0",! !! KLLc! ! eh! ! >,($,1!>.%;%'(% ! >,($,1!>.%;%'(%! !!

3(6+5!T@+$,'7%!T@%+)("&%!>6)'+".!I3TT>J!I:/&"06*J!

`,!F,$!>$"',!A)'/! !! KLLc! ! iM! !

`F^!:00%(!O,',7%;%'(!I`,!F,$!U,'5=!^6($0+$"./!s!36'0J! !

`F^!:00%(!O,',7%;%'(!I`,!F,$!U,'5=!^6($0+$"./!s!36'0J! !!

b),'7/6'7!E%&%.6-;%'(!U,'5=!36;%!;)'"+"-,.!76&%*';%'(0!"'!b),'7/6'7!

`46'7!F,$!N'&%0(;%'(!A)'/! ! KLLc! ! cM! !

A"*0(!T,0(%*'!N'&%0(;%'(! !

A"*0(!T,0(%*'!N'&%0(;%'(! ! bN#N>!

U%"P"'7!W,+"8"+!2'"6'!#%+$'6.671!H%'()*%!A)'/! !! KLLd! ! ch! ! NEb!#%+$'6.671! ! NEb!#%+$'6.671! !!

U%"P"'7!W,+"8"+!2'"6'!#%+$'6.671!H%'()*%!

>$"',!O%*+$,'(0!>$"',!E"*%+(!N'&%0(;%'(0! !! KLLd! ! KMM! !

A"*0(!T,0(%*'!N'&%0(;%'(!b*6)- !

A"*0(!T,0(%*'!N'&%0(;%'(!b*6)-! !!

>$"',!O%*+$,'(0!>$"',!N'&%0(;%'(!O,',7%;%'(!

3$,'7$,"!W,+"8"+!2'"6'!

#%+$'6.671!H%'()*%!A)'/! !! KLLd! ! cM! ! NEb!#%+$'6.671! ! NEb!#%+$'6.671! !!

3$,'7$,"!W,+"8"+!

2'"6'!#%+$'6.671!H%'()*%!

3$,'7$,"!N'(%*',("6',.!3$,'7$,"!b*64($! !! KLLd! ! ig! !

`4,'7!Z),!:00%(!O,',7%;%'(! !

`4,'7!Z),!:00%(!O,',7%;%'(! !!

3$,'7$,"!N'(%*',("6',.!#*)0(!,'/!N'&%0(;%'(!>6*-6*,("6'!

>$"',!a"7$(!N'/)0(*1!A)'/! !! KLLd! ! dd! !

3"'6CW,+"8"+!A)'/!O,',7%;%'(! !

3"'6CW,+"8"+!A)'/!O,',7%;%'(! !!

3);0(,*!b*6)-!>6*-6*,("6'!



! ei

>$"',!:%*6',)("+,.!#%+$'6.671!A)'/!!! KLLd! ! Kfh! !

#"%'!a%%!N'(%*',("6',.! ! #"%'!a%%!N'(%*',("6',.! !!

O"'"0(*1!68!:%*6',)("+0!,'/!:%*60-,+%!N'/)0(*"%0

W3U!>$"',!A)'/! !! KLLd! ! ch! ! W3U!N'&%0(;%'(! ! W3U!N'&%0(;%'(! !!

U*6,/0"'6!IU,'5!68!

>$"',!G",'70)!U*,'+$!,'/!G",'70)!N'&%0(;%'(!>6;-,'1J!

NXb!U%"P"'7!N'&%0(;%'(!>6<!a(/! !! KLLg! ! KMM! !

U,*"'7!>,-"(,.!I>$"',J!O,',7%;%'(!a(/<! !

U,*"'7!>,-"(,.!I>$"',J!O,',7%;%'(!a(/<!! !!

U%"P"'7!N'&%0(;%'(!s!N'86*;,("6'!:/&"06*1!3%*&"+%!>%'(%*!IU%"P"'7!O)'"+"-,.!b6&%*';%'(J!I:/&"06*J!

b),'7/6'7!E%&%.6-;%'(!A)'/!a(/! !! KLLg! ! fh! !

b),'7/6'7!N'&%0(;%'(!O,',7%;%'(!A)'/!a(/nA"*0(!T,0(%*'!N'&%0(;%'(!b*6)- !

b),'7/6'7!E%&%.6-;%'(!A)'/!a(/nA"*0(!T,0(%*'!N'&%0(;%'(!b*6)-! !!

b),'7/6'7!E%&%.6-;%'(!A)'/!Ib),'7/6'7!W*6&"'+",.!b6&%*';%'(J!

b),'7/6'7!W,+"8"+!

#%+$'6.671!H%'()*%!A)'/! !! KLLg! ! KM! !

b),'7/6'7!W,+"8"+!#%+$'6.671!HTX#2^T!>:WN#:a!O,',7%;%'(!nNEb!#%+$'6.671!

H%'()*%!N'&%0(;%'(!N'+! !

b),'7/6'7!E%&%.6-;%'(!A)'/!a(/nNEb!#%+$'6.671!

H%'()*%!N'&%0(;%'(!N'+! !!

b),'7/6'7!W,+"8"+!#%+$'6.671!H%'()*%

>$"',!E1',;"+!b*64($!A)'/! !! KLLg! ! fd<c! !

ZsY!:0",!W,+"8"+!IZ`Jn>$"',!E1',;"+!N'&%0(;%'(!;,',7%;%'(IZ`J!a#E! !

ZsY!:0",!W,+"8"+!IZ`J=!:%(',!a"8%!,'/!>,0),.(1=!3".&%*+*%0(!N'(%*',("6',.! !! U,'5!68!>$"',!

#$%!>$"',!N'&%0(;%'(!s!

E%&%.6-;%'(!A)'/!a(/!NN! !! KLLg! ! cM! !

`.%'46*(!U%'06'!

>$"',!O,',7%;%'(!a(/< !

`.%'46*(!U%'06'!

>$"',!O,',7%;%'(!a(/<! !!

>$"',!N'(%*',("6',.!#*)0(!,'/!N'&%0(;%'(!>6*-6*,("6'=!W%6-.%v0!

N'0)*,'+%!>6;-,'1!I:/&"06*0J!

X6*($*"'+6!A)'/! !! KLLg! ! Kfc! !

>$"',!X6*($!N'/)0(*"%0!N'&%0(;%'(! ! Zb!:0",! !!

>$"',!X6*($!N'/)0(*"%0!b*6)-!



! ee

>"("+6*-!T&%*9*"7$(!>$"',!A)'/! !! KLLh! ! KMc! !

>"("+6*-!T&%*9*"7$(!>$"',!A)'/!O,',7%;%'(! ! >"("+6*-!:0",=!O"($*,0!!!

>$"',!T&%*9*"7$(!N'(%*',("6',.!#*)0(!s!N'&%0(;%'(!

>$"',!>,'(6'!N'&%0(;%'(0!a(/! !! KLLh! ! hd! !

A"*0(!T,0(%*'!

N'&%0(;%'(!b*6)-=!`%--%.!b*6)-! !

A"*0(!T,0(%*'!N'&%0(;%'(!b*6)-=!`%--%.!b*6)-! !!

_)%!l")!T'(%*-*"0%0=!

b),'7Q$6)!O)'"+"-,.!b6&%*';%'(!

#$%!>$"',!^%(,".!A)'/! ! KLLi! ! Kfi! !

:Nb!N'&%0(;%'(!+6*-6*,("6'!I:0",J!a(/! !

:Nb!N'&%0(;%'(!+6*-6*,("6'!I:0",J!a(/!!

O"'"0(*1!68!N'(%*',.!#*,/%!

3"'6+$%;!N'&%0(;%'(!a(/! !! KLLi! !! gh! !

A"*0(!T,0(%*'!N'&%0(;%'(!b*6)- !

A"*0(!T,0(%*'!N'&%0(;%'(!b*6)-! !! 3"'6+$%;!

>,-"(,.! !! KLLe! !! cMM! !

b,(%4,1!N'(%*',("6',.!N'&%0(;%'(!>6<!

a(/! ! T,0(!>$"',!>,-"(,.!! !!

B$%P",'7!O,(%*",.0!N'/)0(*1!b*6)-!

>6;-,'1!

3"'6C34"00!W,*('%*0$"-!A)'/! !! KLLe! !! hf! !

3(,(%!E%&%.6-;%'(!U,'5!68!>$"',! ! 34"00!b6&%*';%'(! !!

>$"'%0%!b6&%*';%'(0!

!



! ef

!

#,9.%!g<hR!b*64($!68!3ST0!,'/!W*"&,(%!A"*;0!"'!KLLM0!#$"0!(,9.%!+6;-,*%0!($%!7*64($!68!-*"&,(%!8"*;0!,'/!3ST0!"'!>$"',!"'!($%!KLLM0<!E,(,!"'!($"0!(,9.%=!%@+%-(!7*64($!*,(%=!,*%!/%'6;"',(%/!91!+6'0(,'(!KLLK!ÔU<!mK!4,0!%D),.!(6!h<h!ÔU! 9%86*%!KLLg!,'/!$,0!9%%'!%D),.!(6!9%(4%%'!f<c!,'/!f<f!0"'+%!KLLg<!I36)*+%R!>$"',!X,("6',.!

U)*%,)!68!3(,("0("+0=!cMMc=!:1*+%J-'!/%/*-/*8%&'K"%$0,,H J!! _%,*!

N(%;0! KLLc! KLLd! KLLg! KLLh! KLLi! KLLe! KLLf! KLLL!

#6(,.!X);9%*!68!W*"&,(%!A"*;0!I#$6)0,'/J!

i=dfe! i=fhg! e=LeK! f=MMe! h=iff! i=cKK! h=Leh! i=Mdg!

#6(,.!X);9%*!68!3ST0!I#$6)0,'/J!

KMh! KMd! KMh! KMc! KKf! Kcf! KKM! ih!

b*64($!*,(%!68!W*"&,(%!3%+(6*!

dfV! hfV! iMV! heV! cLV! diV! dV! KgV!

b*64($!*,(%!68!3ST!3%+(6*!

hV! hV! MV! KcV! KhV! cV! CgV! eV!

:&%*,7%!6)(-)(=!W*"&,(%!A"*;!I#$6)0,'/!ÔUJ!

ci! dh! hi! Kcg! Kge! cMe! cKK! cdf!

:&%*,7%!6)(-)(=!3ST!A"*;!I#$6)0,'/!ÔUJ!

Kh=cgd! Kh=ehh! Ki=cKM! Kh=eie! Ki=eiM! KL=fgf! dc=hKf! di=fih!

b*64($!68!W*"&,(%!A"*;!,&%*,7%!6)(-)(!

cfV! diV! hLV! KcKV! KLV! gKV! cV! KdV!

b*64($!68!3ST!

,&%*,7%!6)(-)(!eV! dV! dV! CdV! iV! KfV! igV! KdV!

!



! eL

!

#,9.%!g<iR!b%67*,-$"+,.!a6+,("6'0!68!W*"&,(%!A"*;0!"'!>$"',!

#$"0!(,9.%!0);;,*"Q%0!($%!.6+,("6'!68!KeK!H>C9,+5%/!-*"&,(%!8"*;0!"'!>$"',!8*6;!KLLK!(6!cMMK!

! #6(,.! KLLKCCKLLd! KLLgCCKLLe! KLLfCCcMMK!

a6+,("6'! A*%D! V! A*%D! V! A*%D! V! A*%D! V!

S&%*0%,0!IN'+.)/"'7!Z6'7!`6'7=!#,"4,'!,'/!($%!2'"(%/!3(,(%0J! ce! Kh<eLV! c! KMM<MMV! KK! dh<gfV! Kg! KM<KgV!

O,"'.,'/!>$"',! Kgg! fg<cKV! M! M<MMV! cM! ig<hcV! Kcg! fL<fiV!

#6(,.! KeK! KMM<MMV! c! KMM<MMV! dK! KMM<MMV! Kdf! KMM<MMV!

! ! ! ! ! ! ! ! !

U"'6;",.!#%0(!KR!V!68!6&%*0%,0!.6+,("6'!"'!KLLK!(6!KLLe!4,0!%D),.!(6!($%!V!68!6&%*0%,0!.6+,("6'!8*6;!KLLf!(6!cMMKR!WzM<MM!

!

!

#,9.%!g<eR!E"0(*"9)("6'!68!3(,(%/!N'&%0(;%'(!3(,7%!W*%8%*%'+%0!#$"0!(,9.%!0);;,*"Q%0!($%!0(,(%/!"'&%0(;%'(!0(,7%!-*%8%*%'+%0!68!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!"'!>$"',<!E,(,!"'!($"0!(,9.%!,*%!+6..%+(%/!8*6;!&,*"6)0!/"*%+(6*1!68! 9-*%'3"+/4$"':%)*/%&'

;,4$+%.v0!:''),.!E"*%+(6*1!(6!H%'()*%!>,-"(,.!"'!:0",<!:..!8)'/0!"'!($"0!(,9.%!,*%!*,"0%/!(6!;,"'.1!"'&%0(!"'!;,"'.,'/!>$"',<!

! KLLKCCKLLd! KLLgCCKLLe! KLLfCCcMMK!

3(,7%0! X);9%*! V! X);9%*! V! X);9%*! V!

3%%/n3(,*(C)-! h! df<giV! KM! ic<hMV! h! eK<gdV!

T@-,'0"6'! Kc! Lc<dKV! Ki! KMM<MMV! i! fh<eKV!

O%QQ,'"'%! d! cd<MfV! e! gd<ehV! c! cf<heV!

U)16)(n#)*',*6)'/! K! e<iLV! d! Kf<ehV! M! M<MMV!

#6(,.!! Kd! KMM<MMV! ! Ki! KMM<MMV! ! e! KMM<MMV!!



! fM

&,%!-#"';/'.::9'-2'.::</'01'(#%"&,'2$'1#7'30"#&-021('

!h<K<!W%*86*;,'+%0!68!H>C9,+5%/!3ST0!

#$%!1%,*!KLLg!4,0!,!(6)7$!1%,*!86*!&%'()*%!+,-"(,."0(0!4$6!"'&%0(%/!"'!3ST0!"'!

>$"',<! A"*0(=! ($%! .6'7C,'("+"-,(%/! -6."+1! +$,'7%! (6!,..64! GHT0! (6!9%! ."0(%/! 6'! >$"',?0!

/6;%0("+!0(6+5!%@+$,'7%0!/"/!'6(!;,(%*",."Q%<!O,'1!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!$,/!

"'&%0(%/!"'! >$"',!"'! ($%! %,*.1!KLLM0! 4"($!($%! %@-%+(,("6'!($,(!($%! >$"'%0%! 76&%*';%'(!

46)./!,..64!P6"'(!&%'()*%!8"*;0!(6!9%!."0(%/!066'<!Z64%&%*=!($%!>$"'%0%!76&%*';%'(!0,4!

($%!,**"&,.!68!0(6+5!;,*5%(0!"'!>$"',!,0!,!-%*8%+(!(66.!(6!*%86*;!,"."'7!3ST0<!#6!%'0)*%!

($,(! 3ST0! $,/! -*"6*"(1! "'! 7%(("'7! NWS0=! ($%! >$"'%0%! 76&%*';%'(! *%7).,(%/! ($%! NWS!

-*6+%00! ("7$(.1<! :! D)6(,! 010(%;! 4,0! %0(,9."0$%/! "'! ($%! %,*.1! KLLM0<! 2'/%*! ($%! D)6(,!

010(%;=! %,+$! 1%,*! ,'! NWS! D)6(,! 4,0! ,..6+,(%/! (6! &,*"6)0! 76&%*';%'(,.! ,7%'+"%0! ."5%!

U%"P"'7! O)'"+"-,.! b6&%*';%'(! ,'/! 3$,'7$,"! b6&%*';%'(<! #$%0%! ,7%'+"%0! +6)./! )0%!

($%"*!D)6(,!(6!*%+6;;%'/!(6!($%!>$"',?0!3%+)*"("%0!^%7).,(6*1!>6;;"00"6'!I>3^>J!($,(!

,! 8"*;! 9%! ."0(%/<! >3^>! )0),..1! ,--*6&%/! ($%0%! *%+6;;%'/,("6'0<! #$)0=! ($%! ;60(!

";-6*(,'(!0(%-!"'!7,"'"'7!,--*6&,.!86*!,'!NWS!6'!>$"',?0!0(6+5!%@+$,'7%0!4,0!(6!*%+%"&%!

,!*%+6;;%'/,("6'!8*6;!,! >$"'%0%!76&%*';%'(!,7%'+1!($,(!$,/! NWS! D)6(,<!3ST0!4%*%!

$%,&".1!8,&6*%/!)'/%*!($%!D)6(,!010(%;<!N(!4,0!$"7$.1!)'."5%.1!86*!P6"'(!&%'()*%!8"*;0!"'!

4$"+$!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!$,/!"'&%0(%/!(6!7,"'!NWS!,--*6&,.<!#,9.%!h<K!."0(0!

NWS!68!%,+$!H>C9,+5%/!8"*;!"'!>$"',<!S'.1!($*%%!H>C9,+5%/!8"*;0!4%*%!0)++%008).!"'!

7,"'"'7!NWS!,--*6&,.!8*6;!($%!>$"'%0%!76&%*';%'(<!!

IN'0%*(!#,9.%!h<KJ!

3%+6'/=!($%!>$"'%0%!76&%*';%'(!%',+(%/!"(0!8"*0(!>6*-6*,("6'!a,4!,(!($%!%'/!68!

KLLd<!#$"0!>6*-6*,("6'!a,4!"0!,!;".%0(6'%!"'!>$"',?0!*%86*;!9%+,)0%!"(!*%+67'"Q%0!86*!



! fc

#$%0%!,00);-("6'0!4%*%!D)"+5.1!-*6&%'!(6!9%!"'+6**%+(!"'!KLLg<!#$%!"'&%0(;%'(!;,'",!"'!

>$"',!"'!($%!%,*.1!KLLM0!6&%*$%,(%/!>$"',?0!%+6'6;1R!#$%!7*64($!*,(%!,'/!"'8.,("6'!*,(%!

"'!>$"',!*%,+$%/!Kd<hV!,'/!Kg<eV!"'!KLLdp!Kc<iV!,'/!cg<KV!"'!KLLg<!N'!*%0-6'0%!(6!($%!

6&%*$%,(%/!%+6'6;1=!($%!>$"'%0%!76&%*';%'(!,/6-(%/!;,'1!,)0(%*%!-6."+"%0!"'!KLLg!(6!

+)*9!"'8.,("6'<!#$%0%!-6."+"%0!/,;-%'%/!"'&%0(;%'(!*,(%0!0"7'"8"+,'(.1<!#$%!7*64($!*,(%!

/%+*%,0%/!(6!LV!"'!KLLh!4$".%!($%!"'8.,("6'!*,(%!/%+*%,0%/!(6!Ki<fV!"'!KLLh=!f<fV!"'!

KLLi!,'/!d<KV!"'!KLLe!I>$"',!X,("6',.!U)*%,)!68!3(,("0("+0=!cMMcJ<!:0!,!+6'0%D)%'+%!68!

($%!,)0(%*%!-6."+"%0=!($%!*%,."Q%/!-*68"(0!86*!3ST0!"'!6&%*0%,0!0(6+5!%@+$,'7%0!4%*%!;)+$!

.64%*! ($,'! %@-%+(%/<! A6*! %@,;-.%=! A"*0(! U60(6'! -*%/"+(%/! ($,(! ($%! -*"+%! 68! U*"..",'+%!

:)(6;6("&%!46)./!9%!mK<h!-%*!0$,*%!"'!KLLg!4$%*%,0!"(0!,+(),.!-*68"(!4,0!6'.1!mM<c!-%*!

0$,*%! I3()/4%..=! cMMcJ<! X6(! 0)*-*"0"'7.1=! ($%! -*"+%0! 68! ."0(%/! 3ST0! "'! 6&%*0%,0! 0(6+5!

;,*5%(0!/*6--%/!$%,&".1!"'!KLLg<!:0!68!:-*".!KLLg=!6'.1!(46!68!($%!'"'%!>$"',!3ST0!6*!

GHT0! ."0(%/! "'! Z6'7! `6'7! 4%*%! (*,/"'7! ,96&%! ($%"*! NWS! -*"+%0<! #$%! 6'+%! $"7$C8.1"'7!

E%'4,1!"'&%0(;%'(!.60(!fMV!68!"(0!&,.)%!"'!KLLg<!!

#$%! 0$,*-! /*6-! 68! 3ST! -*"+%0! 6'! 6&%*0%,0! 0(6+5! %@+$,'7%0! +,)7$(! &%'()*%!

+,-"(,."0(0! "'!0)*-*"0%<! O,'1! 68!($%"*! "'&%0(;%'(0!4%*%!;,/%!9,0%/!6'!($%! &,.),("6'! 68!

3ST0! 6'! 6&%*0%,0! 0(6+5! %@+$,'7%0<! #$%! 0$,*-! -*"+%! /*6-! ;%,'(! ($,(! ;,'1! 68! ($%"*!

"'&%0(;%'(0!46)./!9%!.60(<!#$%!+6./!*%0-6'0%!(6!3ST!0$,*%0!"'!6&%*0%,0!0(6+5!;,*5%(0!

86*+%/! ;,'1! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! (6! -60(-6'%! 0%%5"'7! ."0("'7! 6'! 6&%*0%,0!

0(6+5!;,*5%(0<!!

#6!;,5%!;,((%*0!46*0%!86*!&%'()*%!+,-"(,."0(0=!($%!>$"'%0%!76&%*';%'(!*%0-6'/%/!

(6!($%!/"0,--6"'("'7!-*"+%!-%*86*;,'+%0!68!."0(%/!3ST0!,'/!GHT0!"'!Z6'7!`6'7!'6(!91!

";-*6&"'7! +6*-6*,(%! 76&%*','+%! 9)(! 91! (%;-6*,*".1! %'/"'7! ($%! ,--*6&,.! 68! 6&%*0%,0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%'(%*-*"0%0<!



! fd

."0("'7! "'! KLLh<! #$"0! ,9*)-(! -6."+1! +$,'7%! /"0*)-(%/! ;,'1! &%'()*%! +,-"(,."0(0?! -.,'0<!

:.($6)7$!($"0!-6."+1!4,0!*%&%*0%/!"'!KLLh=!"(!$"7$."7$(%/!($%!%'6*;6)0!*"050!68!"'&%0("'7!

"'!>$"',<!

A6)*($=!($%!6&%*,..!8"','+",.!-%*86*;,'+%!68!3ST0!5%-(!/%(%*"6*,("'7!"'!($%!KLLM0<!

a"((.%! /"/! ;,'1! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! *%,."Q%! ($,(! ($%! KLLg! 4,0! P)0(! ($%!

9%7"''"'7! 68! ,! .6'7! /%+."'%! 86*! 3ST0! "'! >$"',?0! %+6'6;1! I3(%"'8%./=! KLLfJ<! O60(! 68!

>$"',?0!+%'(*,."Q%/!-.,''"'7!$,/!9%%'!,96."0$%/!"'!KLLd!/)%!(6!;,*5%(C6*"%'(%/!*%86*;0<!

:.($6)7$!3ST0!+6'("')%/!(6!*%+%"&%!8,&6*,9.%!(*%,(;%'(0!8*6;!($%!>$"'%0%!76&%*';%'(=!

($%! 76&%*';%'(! '6! .6'7%*! 7),*,'(%%/!*,4! ;,(%*",.0! ,'/!($%! 0,.%0!68!8"',.!-*6/)+(0!86*!

3ST0<! 3ST0! 4%*%! 7%'%*,..1! "..! -*%-,*%/! (6! +6;-%(%! 4"($! -*"&,(%! %'(%*-*"0%0! 86*! *,4!

;,(%*",.0! ,'/! +)0(6;%*0<! #$%"*! 8"','+",.! 0"(),("6'0! /%(%*"6*,(%/! ,0! ,! +6'0%D)%'+%<! :!

&"9*,'(! -*"&,(%! %+6'6;1! 9%'%8"(%/! 8*6;! >$"',?0! ;,*5%(C6*"%'(%/! *%86*;0! ,'/! -*"&,(%!

8"*;0?!0$,*%!68!($%!(6(,.!6)(-)(!"'!>$"',!"'+*%,0%/!0(%,/".1!"'!($%!KLLM0!I#,9.%!g<hJ<!!

O,'1!H>C9,+5%/!3ST0!4%*%!'6(!0-,*%/!($%!6&%*,..!/%+."'%!68!3ST0<!:.($6)7$!

"'(%*',("6',.!&%'()*%!+,-"(,."0(0!7%'%*,..1!5'%4!$64!(6!0)*&"&%!,'/!-*60-%*!"'!,!;,*5%(!

%+6'6;1=!($%1!86)'/!"(!/"88"+).(!(6!)0%!($%"*!05"..0!(6!$%.-!($%"*!3ST!"'&%0(;%'(0!9%+,)0%!

($%1! /"/! '6(! $,&%! +6'(*6.! *"7$(0<! O,'1! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! 06)7$(! (6! 7,"'!

+6'(*6.!*"7$(0!($*6)7$!$,&"'7!3ST!-,*('%*0<!Z64%&%*=!4$%'!($%0%!-,*('%*0!/%+"/%/!($,(!"(!

4,0! ;6*%! ";-6*(,'(! (6! 5%%-! +)**%'(! >TS0! ($,'! (6! .60%! ;6'%1=! "'(%*',("6',.! &%'()*%!

+,-"(,."0(0!$,/!."((.%!.%&%*,7%!6&%*!($%;<!!

O,P6*"(1!64'%*0$"-!/"/!'6(!0%%;!(6!$%.-!&%'()*%!+,-"(,."0(0!69(,"'!+6'(*6.!*"7$(0!

%"($%*<! 3"'+%! ($%! P)/"+",.! 010(%;! 4,0! 4%,5! "'! >$"',=! ;"'6*"(1! 64'%*0! "'! H>C9,+5%/!

3ST0! +6)./! 4"'! 6)(! 8*%D)%'(.1! "'! /"0-)(%0! ($*6)7$! ($%"*! 0(*6'7! +6''%+("6'0! 4"($! ($%!



! fg

>$"'%0%! 76&%*';%'(<! :'! %@+%..%'(! +,0%! (6! "..)0(*,(%! ($%! "'%88%+("&%'%00! 68! ;,P6*"(1!

+6'(*6.!"'!>$"',!"0!:3NO>S?0!"'&%0(;%'(!"'!($%!U%"P"'7!A"&%!3(,*<!:3NO>S!-)*+$,0%/!

idV!68!($%!A"&%!3(,*!U%%*!>6;-,'1!"'!U%"P"'7!"'!KLLh<!:++6*/"'7!(6!($%!,7*%%;%'(=!($%!

7%'%*,.!;,',7%*!68!($%!+6;-,'1!4,0!(6!9%!'6;"',(%/!91!($%!U%"P"'7!A"*0(!a"7$(!N'/)0(*1!

U)*%,)! IUAaNUJ=! ($%! ;"'6*"(1! $6./%*=! ,'/! :3NO>S! 4,0! (6! /%+"/%! 4$%($%*! "(! 46)./!

,++%-(!6*!*%P%+(!($%!+,'/"/,(%<!N'!KLLh=!($%!7%'%*,.!;,',7%*!68!($%!+6;-,'1!4,0!8"*%/!91!

:3NO>S!,'/!,!'%4!;,',7%*!4,0!'%%/%/<!UAaNU!'6;"',(%/!(46!+,'/"/,(%0<!#$%1!96($!

4%*%!*%P%+(%/!91!:3NO>S<!:3NO>S!-*%00%/!86*!;6*%!+,'/"/,(%0=!9)(!UAaNU!"'0"0(%/!"'!

6'%!-,*("+).,*!+,'/"/,(%!/%0-"(%!+6'("')%/!69P%+("6'0<!N'!($%!%'/=!:3NO>S!,++%-(%/!($%!

+,'/"/,(%!\-*6-60%/]!91!UAaNU<!!

#$%! +$,'7%0! /"0+)00%/! ,96&%! -*6/)+%/! %'6*;6)0! /"88"+).("%0! 86*! "'(%*',("6',.!

&%'()*%! +,-"(,."0(0! "'! >$"',<! Z64%&%*=! ;,'1! 68! ($%;! /"0;"00%/! ($%0%! /"88"+).("%0! ,0!

\0$6*(C(%*;]!,'/!%@-%+(%/!($%;!(6!/"0,--%,*!"'!($%!.6'7!*)'<!#$%1!$6-%/!($,(!,0!>$"',?0!

%+6'6;1!*%+6&%*%/!,'/!($%!>$"'%0%!76&%*';%'(!+$,'7%/!"(0!-6."+"%0=!($%1!46)./!9%!,9.%!

(6!*%,-!$)7%!-*68"(0<!:!&%'()*%!+,-"(,."0(!%@-.,"'0!"'!KLLhR!

\A6*! ,'16'%! (,5"'7! ,! 8"&%! (6! (%'! 1%,*! &"%4=! ($%! >$"',! ;,*5%(! $,0! 8,'(,0("+!

"'&%0(;%'(! 6--6*()'"("%0<! #*1"'7! (6! -"+5! ($%! *"7$(! (";%! (6! +6;%! "'! "0! ,.;60(!

";-600"9.%!(6!,+$"%&%=!,'/=!"'!;1!6-"'"6'=!"(?0!,!;"0(,5%!(6!(*1!,'/!/6!($,(<]dM!

2'/%*! ($"0! 9%."%8=! ;,'1! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! /"/! '6(! *%/)+%! ($%"*!

+6;;"(;%'(0!(6! >$"',<!A)'/0! +6'("')%/!(6! 8.64! "'(6! >$"',!"'! ($%! ;"/CKLLM0<!H%'()*%!

+,-"(,.!"'&%0(;%'(0!"'!>$"',!,+(),..1!*%,+$%/!,!-%,5!"'!KLLh!,'/!*%;,"'%/!,(!,!$"7$!.%&%.!

"'! KLLi! /%0-"(%! ($%! /"88"+).("%0! 68! 6-%*,("'7! "'! >$"',! I0%%! A"7)*%! d<KJ<! N'&%0(6*0! ,.06!

8,".%/! (6!'6("+%! ($%! +$,'7%!"'! "'0("()("6',.! %'&"*6';%'(! "'!>$"',!,'/! 0()+5!(6!($%"*! 6./!



! fh

0(*,(%71! 68! "'&%0("'7! "'! 3ST0! >$"',<! #,9.%! d<d! 0$640! ($,(! 3ST0! 0("..! ,++6)'(%/! 86*!

ic<LcV! 68!($%!"'&%0(;%'(0!"'!($%! ;"/CKLLM0<!>.60%!(6! $,.8!68! ($%! &%'()*%! +,-"(,.! 8)'/0!

Ige<dLVJ!4%*%!0("..!P6"'(!&%'()*%!8)'/0!4"($!3ST0!I0%%!#,9.%!g<dJ<!!

#$%! "'0"0(%'+%! 6'! ($%0%! 6./! 0(*,(%7"%0! 4,0! +60(.1! 86*! "'(%*',("6',.! &%'()*%!

+,-"(,."0(0<! O,'1! -6."+"%0! ($,(! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! $,/! $6-%/! 46)./! 9%!

D)"+5.1!*%&%*0%/!4%*%!'6(R!#$%!D)6(,!010(%;!4,0!'6(!,96."0$%/!)'(".!cMMMp!'6!*).%!$,0!

9%%'!;,/%!(6!,..64!GHT0!(6!9%!."0(%/!"'!>$"',?0!0(6+5!%@+$,'7%0p!($%!.%7,.!-%*06'!0$,*%!

*).%!0("..!%@"0(0p!,'/!3ST0!+6'("')%!($%"*!.6'7!/%+."'%!,0!%+6'6;"+!*%86*;0!/%%-%'!,'/!

-*"&,(%!8"*;0!*"0%<!:0!,!+6'0%D)%'+%=!,.;60(!,..!"'&%0(;%'(0!"'!3ST0!$,&%!$,/!/"0,0(*6)0!

6)(+6;%0<!!

#$%*%!"0!'6!/"*%+(!%&"/%'+%!6'!($%!-%*86*;,'+%!68!H>C9,+5%/!8"*;0!"'!($%!%,*.1!

,'/!;"/!KLLM0=!9)(!0%&%*,.!-*6@"%0!"'/"+,(%!($,(!"(!"0!."5%.1!(6!$,&%!9%%'!/"0;,.<!#$%!8"*0(!

-*6@1!"0!4$%($%*!,!&%'()*%!+,-"(,.!8"*;!($,(!*,"0%/!,!8)'/!(6!"'&%0(!"'!>$"',!4,0!,9.%!(6!

*,"0%! ,! 0%+6'/! 8)'/! (6! "'&%0(! "'! >$"',<!#$"0! "0! ,! 766/! -*6@1! (6! ;%,0)*%! -%*86*;,'+%!

9%+,)0%! ($%! 0%.8C."D)"/,("'7! ;%+$,'"0;! 68! ($%! .";"(%/! -,*('%*0$"-! "0! 6'%! 68! ($%! ;60(!

-64%*8).! ;%+$,'"0;0! (6! -*%&%'(! 6--6*()'"0;! "'! &%'()*%! +,-"(,.! 8"','+"'7<! A,".)*%! (6!

0,("081!-*%&"6)0!"'&%0(6*0!)0),..1!.%,/0!(6!8,".)*%!"'!*,"0"'7!'%4!8)'/0!IA%''=!a",'7!,'/!

W*640%=! KLLhJ<!S8! dd!"'(%*',("6',.! &%'()*%! +,-"(,.! 8"*;0!($,(!*,"0%/! ,! 8)'/! (6!"'&%0(! "'!

>$"',!9%(4%%'!KLLK!,'/!KLLe=!6'.1!6'%!8"*;!4,0!,9.%!(6!*,"0%!'%4!8)'/0!(6!"'&%0(!"'!

>$"',! ,8(%*! KLLe<! #$"0! 6'%! %@+%-("6'=! NEbH>=! "0! ,! +6*-6*,(%! &%'()*%! 8)'/! 4$60%!

+6*-6*,(%! -,*%'(! +6'(*"9)(%0! ,! 0"7'"8"+,'(! -6*("6'! 68! "(0! +,-"(,.<! 36;%! &%'()*%! +,-"(,.!

8"*;0=!0)+$!,0!F,./%'!N'(%*',("6',.!,'/!ZsY!:0",=!+6'("')%/!(6!9%!,+("&%!"'!>$"',!,8(%*!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!dM!\A)'/C*,"0"'7!"'!LhR!S)(.665=!X%40!,'/!H"%40==]!W<!cM=!:-*".!KLLh=! 93:; <!!



! fi

KLLe<!Z64%&%*=!($%1!/6!'6(!*,"0%!'%4!>$"',!8)'/0!9%+,)0%!68!%@+%00"&%!>$"',!*"05<!#$%1!

)0%!*%7"6',.!8)'/0!(6!"'&%0(!"'!>$"',<!!

#$%!0%+6'/! -*6@1!86*!-%*86*;,'+%!"0!($%! -%*86*;,'+%0! 68!."0(%/! &%'()*%! +,-"(,.!

8)'/0<!E)%!(6!($%!/"88"+).(1!68!7%(("'7!NWS!,--*6&,.!8*6;!($%!>$"'%0%!76&%*';%'(=!06;%!

&%'()*%!+,-"(,.!8)'/0!/%+"/%/!(6!."0(!($%;0%.&%0!(6!-*6&"/%!."D)"/"(1!86*!"'&%0(6*0<!O60(!68!

($%0%!8)'/0!4%*%!."0(%/!9%(4%%'!KLLc!,'/!KLLg<! 93:; !(*,+5%/!($%0%!8)'/0?!-%*86*;,'+%0!

;6'($.1<! #,9.%! h<c!-*%0%'(0!($%! -%*86*;,'+%! 68!($%! KK! &%'()*%! +,-"(,.! 8)'/0! 9,0%/! 6'!

93:; ?0!/,(,<!N(!0$640!($,(!"'!KLLf=!6'!,&%*,7%=!($%!0$,*%!-*"+%0!68!($%0%!8)'/0!4%*%!6'.1!

gfV!68!($%"*!NWS!-*"+%0<!!

IN'0%*(!#,9.%!h<cJ!

#$%! KK! ."0(%/! &%'()*%! +,-"(,.! 8)'/0! "'! #,9.%! h<c! "'+.)/%! 06;%! %@(*%;%.1! 4%..!

+6''%+(%/!&%'()*%!+,-"(,.!8)'/0<!Z64%&%*=!($%*%!"0!'6!"'/"+,("6'!($,(!,!766/!+6''%+("6'!

"0! $%.-8).! (6! 8)'/! -%*86*;,'+%<! S8! ($%0%! 8)'/0=! >$"',! :00%(! O,',7%;%'(! I>:OJ!

-*69,9.1!$,0!($%!;60(!-64%*8).!-,*('%*!"'!>$"',<!N(0!-,*('%*=!H%'()*%(%+$'6=!"0!($%!8"*0(!

3ST!&%'()*%!+,-"(,.!8"*;!"'!>$"',!9,+5%/!91!>$"',?0!O"'"0(*1!68!A"','+%!,'/!O"'"0(*1!

68!3+"%'+%!,'/!#%+$'6.671<!H%'()*%(%+$'6!"0!5'64'!,0!,!\-*"'+%."'7]!+6;-,'1!"'!>$"',!

9%+,)0%!($%!9,+5%*0!68!H%'()*%(%+$'6!"'+.)/%/!($%!/,)7$(%*!68!E%'7!l",6-"'7<!_%(!4"($!

,![eeV!/%+."'%!8*6;!"(0!NWS!-*"+%=!>:O!4,0!6'%!68!($%!46*0(C-%*86*;"'7!8)'/0<!!

#$%!($"*/!-*6@1!"0!($%!-%*86*;,'+%!68!."0(%/!H>C9,+5%/!3ST0<!S'%!68!($%!;60(!

-64%*8).!"'/"+,(6*0!68!&%'()*%!+,-"(,.!0)++%00!"0!4$%($%*!H>C9,+5%/!8"*;0!+,'!7*64!"'(6!

06."/!9.)%!+$"-!8"*;0<!#,9.%!h<K!0$640!($%!-%*86*;,'+%!68!."0(%/!H>C9,+5%/!3ST0<!:..!

%@+%-(! 6'%! H>C9,+5%/! 8"*;! .60(! &,.)%! +6;-,*%/! 4"($! ($%"*! NWS! -*"+%<! S'.1! 6'%! H>C

9,+5%/!3ST!4,0!,9.%!(6!/%."&%*!,!7*64($!*,(%!$"7$%*!($,'!cMV<!#$"0!+6'(*,0(0!;,*5%/.1!



! fe

4"($!>$"',?0!0(*6'7!%+6'6;"+!7*64($!"'!($%!KLLM0!,'/!($%!9)..!;,*5%(0!"'!($%!2'"(%/!

3(,(%0!,'/!Z6'7!`6'7<!!

N(!(665!,!8%4!;6*%!1%,*0!9%86*%!"(!9%+,;%!,--,*%'(!$64!)'4"0%!"(!4,0!(6!"'&%0(!"'!

3ST0<"#$%!');9%*!68!H>C9,+5%/!3ST0!"'!($%!0,;-.%!/%+*%,0%/!8*6;!ci!"'!KLLg!(6!g!"'!

KLLe!I0%%!#,9.%!d<dJ<!#$%!+6..,-0%!68!+6'8"/%'+%!"'!3ST0!;,/%!;,'1!"'&%0(6*0!.60%!8,"($!

"'!&%'()*%! +,-"(,.! "'&%0(;%'(! "'!>$"',<!N'! KLLe=! 8)'/C*,"0"'7! "'!>$"',!*%,+$%/! ,! ',/"*!

4"($!6'.1!mLi!;".."6'!*,"0%/=!.%00!($,'!KMV!68!($%!mK<Mcf!9".."6'!*,"0%/!"'!KLLh!I 93:; =!

cMMKJ<!#$%!(6(,.!"'&%0(;%'(!$"(!96((6;!($%!'%@(!1%,*!"'!KLLf!IA"7)*%!d<KJ<!!

$

h<c<!#$%!,*"0%!68!H>C9,+5%/!W*"&,(%!A"*;0!

:(!($%!0,;%!(";%!,0!($%!-60"("6'!68!3ST0!9%7,'!(6!/%(%*"6*,(%=!-*"&,(%!%'(%*-*"0%0!

9%7,'! (6! /%&%.6-! "'! >$"',<! #$%! ;,*5%(C6*"%'(%/! *%86*;0! -*6&"/%/! -*"&,(%! %'(%*-*"0%0!

7*%,(%*!*66;!(6!7*64<!#$%!7*64($!*,(%!68!($%!-*"&,(%!0%+(6*!4,0!;)+$!$"7$%*!($,'!($%!

7*64($!*,(%!86*!3ST0!"'!($%!KLLM0!I#,9.%!g<hJ<!#$%!8,0(!7*64($!68!-*"&,(%!8"*;0!"'!>$"',!

9%7,'!(6!+,(+$!($%!,((%'("6'!68!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!"'!($%!;"/!KLLM0<!U1!($,(!

(";%=!($%!-%*+%'(,7%!68!H>C9,+5%/!-*"&,(%!8"*;0!7*%4!8*6;!f<eV!(6!dg<fdV!I0%%!A"7)*%!

d<KJ<!

#$%!-*"&,(%!8"*;0!9,+5%/!91!&%'()*%!+,-"(,.!"'!($%!;"/!KLLM0!+,'!9%!/"&"/%/!"'(6!

($*%%!7*6)-0<!#$%!8"*0(!7*6)-!+6'0"0(0!68!8"*;0!86)'/%/!91!6&%*0%,0!%'(*%-*%'%)*0<!>$"',!

-)*0)%/!,'!%@-6*(C.%/!/%&%.6-;%'(!0(*,(%71!,77*%00"&%.1!"'!($%!KLLM0<!H,*"6)0!8,&6*,9.%!

(,@!9*%,50!4%*%!7*,'(%/!(6!%@-6*("'7!8"*;0<!A6*!%@,;-.%=!,!8"*;!($,(!4,0!;,"'.1!%'7,7%/!

"'! ($%! %@-6*("'7! 9)0"'%00! /"/! '6(! $,&%! (6! -,1! &,.)%C,//%/! (,@<! A"*;0! 4"($! 86*%"7'!

"'&%0(6*0!($,(!(,*7%(%/!"'(%*',("6',.!;,*5%(0!4%*%!-,*("+).,*.1!4%.+6;%!"'!>$"',<!3-%%/1!



! ff

,--*6&,.! 4,0! )0),..1! 7*,'(%/! (6! ($%0%! 8"*;0<! :((*,+(%/! 91! ($%0%! -6."+"%0! ,'/! >$"',?0!

+$%,-!.,96*=!;,'1!6&%*0%,0!%'(*%-*%'%)*0!;6&%/!($%"*!6-%*,("6'0!(6!>$"',!IA)=!cMMMJ<!

N'(%*',("6',.!&%'()*%!+,-"(,."0(0!+6'("')%/!(6!"'&%0(!"'!($%0%!8"*;0!86)'/%/!91!6&%*0%,0!

%'(*%-*%'%)*0!"'!($%!;"/CKLLM0<!#,!A)!N'(%*',("6',.=!,!466/!;,')8,+()*%*!86)'/%/!91!,!

#,"4,'%0%!%'(*%-*%'%)*=!,'/!T.%7,'+%!N'(%*',("6',.=!,!7.,00!;,')8,+()*%*!86)'/%/!91!,!

Z6'7!`6'7!%'(*%-*%'%)*=!,*%!%@+%..%'(!%@,;-.%0!68!H>C9,+5%/!-*"&,(%!8"*;0!86)'/%/!91!

6&%*0%,0!%'(*%-*%'%)*0<!#$%0%!8"*;0!(%'/%/!(6!9%!"'!.64C(%+$!"'/)0(*"%0!0)+$!,0!(610!,'/!

+6'0(*)+("6'!;,(%*",.0<!!

#$%! 0%+6'/! 7*6)-! 68! H>C9,+5%/! -*"&,(%! 8"*;0! +6'0"0(0! 68! 8"*;0! 86)'/%/! 91!

6&%*0%,0! *%()*'%%0<! E"88%*%'(! 8*6;! 6&%*0%,0! %'(*%-*%'%)*0=! ($%0%! 6&%*0%,0! *%()*'%%0!

(1-"+,..1!4%*%!96*'!,'/!*,"0%/!"'!>$"',<!O6*%!($,'!KMM=MMM!>$"'%0%!.%8(!>$"',!,8(%*!KLef!

(6!8"'/!'%4!6--6*()'"("%0!6&%*0%,0=!%0-%+",..1!"'! /%&%.6-%/!+6)'(*"%0!0)+$!,0!($%!2'"(%/!

3(,(%0=! G,-,'=! ,'/! T)*6-%<! >$"',?0! 8,0(C7*64"'7! %+6'6;1! $,0! ,((*,+(%/! 06;%! 68! ($%;!

9,+5! (6!>$"',!(6! 8"'/! '%4! 6--6*()'"("%0<! #$%0%! 6&%*0%,0! *%()*'%%0! ,*%! (1-"+,..1! $"7$.1!

%/)+,(%/! "'! 0+"%'+%! ,'/! (%+$'6.671<! #$%1! 0%%! >$"',! ,0! ($%! '%@(! 8*6'("%*! 68! ($%!

"'86*;,("6'!(%+$'6.671!*%&6.)("6'!,'/!4,'(!(6!9)"./!$"7$C(%+$!8"*;0!($,(!(,*7%(!>$"',!,0!

($%"*!;,P6*!;,*5%(0<!#$%1!,*%!&%*1!8,;".",*!4"($!($%!-*6+%00!68!%'(*%-*%'%)*0$"-!"'!($%!

2'"(%/!3(,(%0!,'/!-)*0)%!&%'()*%!+,-"(,.!,77*%00"&%.1<!!

N'(%*',("6',.! &%'()*%! +,-"(,."0(0! 8%%.! ($,(! 6&%*0%,0! *%()*'%%0! ,*%! ($%! *"7$(!

+,'/"/,(%0!(6!%@-.6"(!>$"',?0!;,*5%(!9%+,)0%!6&%*0%,0!*%()*'%%0!$,&%!+).()*,.!,/&,'(,7%0!

"'! )'/%*0(,'/"'7! >$"',! ,'/! ,! 766/! 5'64.%/7%! 68! ,! ;,*5%(! %+6'6;1<! >$,'7! 3)'=! ($%!



! fL

;,',7"'7!/"*%+(6*!68!F,*9)*7!W"'+)0=!+6;;%'(0!6'!($%!,/&,'(,7%0!68!4%0(%*'!%/)+,(%/!

>$"'%0%RdK!

!

\S'%!5%1!8,+(6*!"0!($,(!($%0%!6&%*0%,0!*%()*'%%0!5'64!($%!;%+$,'"0;0!68!

;,*5%(! %+6'6;1<! #$%1! .%,*'%/! 06;%! 8)'/,;%'(,.! +6'+%-(0! 68! ;,*5%(!

%+6'6;1<! S'%! 68! ($%! ;60(! ";-6*(,'(! +6'+%-(0! "0! (6! 9%! *%0-6'0"9.%! 86*!

0(6+5$6./%*0R!"(!"0!";-6*(,'(!(6!0)9;"(!*%-6*(0!(6!0(6+5$6./%*0=!(6!,((,"'!($%!

,7*%%;%'(!68!;"'6*"(1!$6./%*0!"'!;,P6*!/%+"0"6'C;,5"'7!,'/!(6!-*6(%+(!($%!

"'(%*%0(0!68!;"'6*"(1!$6./%*0<!#$%!0%+6'/!5%1!8,+(6*!"0!($,(!($%1!$,&%!9*6,/!

$6*"Q6'!,'/!($%1!68(%'!$,&%!)'"D)%!-%*0-%+("&%0!,96)(!;,'1!($"'70<!#$%!

($"*/!5%1!8,+(6*!"0!($,(!($%1!,*%!6-%'C;"'/%/!4"($!*%7,*/!(6!;,',7%;%'(<!

#$%1!,*%!4".."'7!(6!,906*9!($%!.,(%0(!;,',7%;%'(!5'64C$64!,'/!-*,+("+%!

"(<!A"',..1=!($%!%'(%*-*"0%0!($%1!86)'/!,*%!-*"&,(%!%'(%*-*"0%0<!#$%*%!"0!'6!

8)'/,;%'(,.! +6'8."+(! 68! "'(%*%0(0! I9%(4%%'! %'(*%-*%'%)*0! ,'/! &%'()*%!

+,-"(,."0(0J<]dc

!!

S'%! 68! ($%! %,*."%0(! 8"*;0! 86)'/%/! 91! 4%0(%*'! *%()*'%%0! 4,0! 2#! 3(,*+6;=! ,!

X:3E:YC."0(%/! (%.%+6;! %D)"-;%'(! ;,')8,+()*%*! 86)'/%/! 91! Z6'7.",'7! a)! ,'/! _"'7!

F)<!_"'7!F)!4,0!96*'!"'!U%"P"'7!,'/!*%+%"&%/!,'!%'7"'%%*"'7!/%7*%%!8*6;!X%4!G%*0%1!

N'0("()(%! 68!#%+$'6.671<! Z%! $,/!9%%'! ,'! %'7"'%%*! ,(! U%..! a,90! 9%86*%! $%! 86)'/%/! 2#!

3(,*+6;<!Z6'7.",'7!a)!4,0!96*'!"'!#,"4,'!,'/!*%+%"&%/!,!U,+$%.6*?0!/%7*%%!8*6;!2>!

U%*5%.%1<! 368(9,'5! "'&%0(%/! "'! ($%! 8"*;! "'! KLLh<! :'6($%*! %,*.1! 8"*;! 4,0! :0","'86=! ,!

(%.%+6;!010(%;!"'(%7*,(6*!,'/!(%.%+6;!068(4,*%!-*6&"/%*<!U6($!68!"(0!86)'/%*0=!T/4,*/0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!dK!>$,'7!3)'!$";0%.8!"0!,!4%0(%*'!%/)+,(%/!O,"'.,'/!>$"'%0%<!Z%!76(!$"0!OU:!/%7*%%!8*6;!F$,*(6'=!2'"&%*0"(1!68!W%''01.&,'",<!!dc!\#$%!U*"/7%!(6!>,-"(,.R!N'(%*&"%4!4"($!>$,'7!3)'=]!a"$)"!>$%'=!cMMM<!!



! LM

#",'!,'/!G,;%0!E"'7=!%,*'%/!($%"*!)'/%*7*,/),(%!/%7*%%0!"'!>$"',!,'/!7*,/),(%!/%7*%%0!

"'!($%!2'"(%/!3(,(%0<!:0","'86!4,0!"'"(",..1!86)'/%/!"'!#%@,0!,8(%*!#",'!,'/!E"'7!86)'/!

,'!,'7%.!"'&%0(6*<!#$%!8"*;!4,0!;6&%/!(6!>$"',!"'!KLLh!(6!9)"./!N'(%*'%(!"'8*,0(*)+()*%!"'!

>$"',<!F,*9)*7!W"'+)0=!>$"',H%0(=!,'/!A"/%."(1!"'&%0(%/!"'!:0","'86!"'!KLLe=!,'/!"(!4,0!

."0(%/!6'!($%!X:3E:Y!"'!%,*.1!cMMM<!!

:! +,(%76*1! 68! H>C9,+5%/! -*"&,(%! 8"*;0! "'! ($%! ;"/CKLLM0! "0! 8"*;0! 86)'/%/! 91!

/6;%0("+! %'(*%-*%'%)*0<! #$%0%! 8"*;0! 9%+,;%! ;6*%! ,((*,+("&%! (6! "'(%*',("6',.! &%'()*%!

+,-"(,."0(0! ,0! >$"',?0! ;,*5%(C6*"%'(%/! *%86*;! /%%-%'%/! ,'/! -*"&,(%! %'(%*-*"0%! 7,"'%/!

;6*%! *66;! (6! 7*64! "'! >$"',<! Z64%&%*=! "'&%0("'7! "'! 8"*;0! 86)'/%/! 91! /6;%0("+!

%'(*%-*%'%)*0!4,0!)0),..1!,!/"88"+).(!-*6+%00!9%+,)0%!;,'1!/6;%0("+!%'(*%-*%'%)*0!$,/!

."((.%! "/%,! 4$,(! &%'()*%! +,-"(,.! 4,0! "'! ($%! ;"/! KLLM0<! N'! ,//"("6'=! 1%,*0! 68! -6."("+,.!

-%*0%+)("6'! $,/! ;,/%! ($%;! *%.)+(,'(! (6! /"0+.60%! "'86*;,("6'! (6! 6)(0"/%*0<! H%'()*%!

+,-"(,."0(0! $,/! (6! (,5%! ($%! "'"(",("&%! (6! ,--*6,+$! ($%0%! 8"*;0! ,'/! 0-%'/! +6'0"/%*,9.%!

,;6)'(! 68! (";%! (6! %/)+,(%! /6;%0("+! %'(*%-*%'%)*0! ,96)(! ($%! ;%*"(0! 68! &%'()*%! +,-"(,.!

"'&%0(;%'(0<! U%+,)0%! 68! ($%0%! /"88"+).("%0=! ($%! +6;-.%(%! -*6+%00! 68! "'&%0("'7! "'! ($%0%!

8"*;0!68(%'!(665!,!.6'7!(";%!"'!($%!;"/!KLLM0<!!

S'%! 68! ($%! %,*."%0(! &%'()*%! +,-"(,.! "'&%0(;%'(0! "'! 8"*;0! 86)'/%/! 91! /6;%0("+!

%'(*%-*%'%)*0!4,0!"'!3(6'%!^"+$0"7$(!"'!KLLe<!#$%!8"*;!"0!,!068(4,*%!+6;-,'1!86)'/%/!

91! 6'%! 68! >$"',?0! 9%0(! -*67*,;;%*0=! B$"/6'7! F,'7<! #$%! 3(6'%! ^"+$0"7$(! /%,.! 4,0!

7%'%*,(%/! 91! U6! A%'7=! ,'! "'&%0(;%'(! 9,'5%*! 8*6;! ^69%*(06'! 3(%-$%'0<! A%'7! 8"*0(!

,--*6,+$%/! F,'7! ,'/!-%*0),/%/!$";! (6! +6'0"/%*! &%'()*%! +,-"(,.! "'! KLLh<! E)*"'7! ($,(!

(";%=!3(6'%!^"+$0"7$(!4,0!6'%!68!($%!.%,/"'7!068(4,*%!%'(%*-*"0%0!"'!>$"',<!N(!(665!F,'7!

%"7$(!;6'($0! (6!4*"(%! ,! 9)0"'%00! -.,'! ($,(! 4,0! 0,("08,+(6*1! (6!A%'7<!:8(%*!($%! 9)0"'%00!



! LK

-*6-60,.!4,0!8"'"0$%/=!F,'7!-,'"+5%/!6&%*!.60"'7!+6'(*6.!*"7$(0!,'/!4,'(%/!(6!4"($/*,4<!

A%'7!$,/!(6!-%*0),/%!F,'7!,7,"'!($,(!&%'()*%!+,-"(,.!8"','+"'7!4,0!+*"("+,.!(6!,+$"%&"'7!

8,0(!7*64($<!N(!(665!U6!A%'7!,96)(!(46!1%,*0!(6!+.60%!($%!/%,.!I3$%88=!cMMcJ<!!

#$%! "'&%0(;%'(! -*6+%00! 4,0! ,.06! /"88"+).(! ,.06! 9%+,)0%! ."((.%! 766/! "'86*;,("6'!

,96)(! -*"&,(%! 8"*;0! 4,0! ,&,".,9.%<! E%5,'7! 368(4,*%! "0! ,'! %@+%..%'(! %@,;-.%<! E%5,'7!

368(4,*%!"0!,!.%,/"'7!(%.%+6;;)'"+,("6'!9".."'7!068(4,*%!0)--."%*!"'!>$"',<!:8(%*!b6'7!

G",'$6'7=! ($%! 86)'/%*! 68! E%5,'7=!,7*%%/! (6! %@-.6*%! ($%! 6--6*()'"(1! 68! &%'()*%! +,-"(,.!

"'&%0(;%'(=! &%'()*%! +,-"(,."0(0! 8*6;! >$"',H%0(! 46*5%/! ,0! E%5,'7?0! 0(,88! ,(! E%5,'7?0!

688"+%!86*!(46!;6'($0!P)0(!(6!)'/%*0(,'/!($%!6-%*,("6'!68!($%!8"*;!I>$%'=!cMMKJ<!3)+$!,!

.6'7!/)%!/"."7%'+%!-*6+%00!"0!+60(.1!(6!&%'()*%!+,-"(,."0(0<!Z64%&%*=!($%1!8%.(!($,(!($%!$,*/!

46*5!4,0!'%+%00,*1!(6!6&%*+6;%!($%!4%,5!"'86*;,("6'!;,*5%(!"'!>$"',<!

:! '6(,9.%! +$,'7%! "'! ($%! ;"/CKLLM0! 4,0! ($,(! ;,'1! H>C9,+5%/! -*"&,(%! 8"*;0!

(,*7%(%/! >$"',! ,0!($%"*!;,P6*!;,*5%(0<!F$".%!8"*;0! 86)'/%/! 91!6&%*0%,0!%'(*%-*%'%)*0!

;,"'.1!(,*7%(%/!6&%*0%,0!;,*5%(0=!8"*;0!86)'/%/!91!/6;%0("+!%'(*%-*%'%)*0!,'/!6&%*0%,0!

*%()*'%%0!(1-"+,..1!+6'0"/%*%/!O,"'.,'/!>$"',!(6!9%!($%"*!;,P6*!;,*5%(<!#$%!"'+*%,0%/!

"'&%0(;%'(! "'! 8"*;0! ($,(! *%."%/! 6'! >$"',?0! ;,*5%(! 0$64! ($,(! &%'()*%! +,-"(,."0(0! $,/!

9%+6;%!;6*%!+6'8"/%'(!($,(!-*"&,(%!8"*;0!+6)./!0)++%%/!"'!>$"',<!!

#$%!'%4!0(*,(%71! 68! "'&%0("'7! "'! 8"*;0! 86)'/%/! 91! /6;%0("+! %'(*%-*%'%)*0! ,'/!

6&%*0%,0! *%()*'%%0! 4,0! 0("..! )'-*6&%'! "'! ($%! ;"/! KLLM0<! #$%! 9"77%0(! +6'+%*'! 4"($!

-)*0)"'7!($"0! 0(*,(%71! 4,0! 4$%($%*! ($%0%! 8"*;0! +6)./! $,&%! NWS0<! N'(%*',("6',.! &%'()*%!

+,-"(,."0(0!4$6!-)*0)%/!($"0!0(*,(%71!$6-%/!($,(!($%1!+6)./!%@"(!($*6)7$!6&%*0%,0!0(6+5!

;,*5%(0!."5%!X:3E:Y<!#$%!0)++%00!68!($"0!%@"(!0(*,(%71!/%-%'/%/!6'!,!');9%*!68!8,+(6*0=!

0)+$!,0!4$%($%*!6&%*0%,0!"'&%0(6*0!46)./!4%.+6;%!"'&%0(;%'(!"'!-*"&,(%!8"*;0!"'!>$"',<!



! Lc

#$%! '%@(! +$,-(%*! /"0+)00%0! 8,+(6*0! ($,(! "'8.)%'+%/! ($%! 0)++%00! 68! "'&%0("'7! "'! -*"&,(%!

8"*;0<!!



! Ld

!

#,9.%!h<KR!NWS0!91!H>CU,+5%/!A"*;0!

#$"0!(,9.%!-*%0%'(0!Kf!&%'()*%!9,+5%/!NWS0<!#$%0%!Kf!8"*;0!4%*%!"'&%0(%/!91!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!8*6;!KLLK!,'/!cMMK<!E,(,!"'!($"0!(,9.%!4%*%!+6..%+(%/!8*6;! 93:; !,'/!&,*"6)0!W*60-%+()0%0<

a"0(%/!A"*;0! N'/)0(*1! 3(6+5!T@+$,'7%! X,()*%!68!($%!A"*; NWS!E,(% :''),."Q%/!3(6+5!W*"+%!>$,'7%!3"'+%!

NWS!

:''),.!3,.%0!b*64($!

0"'+%!NWS

_)+$,"!E"%0%.! E"%0%.!O,')8,+()*"'7 X_3T! 3ST! KLLg! hV! dcV!

Z,'7Q$6)!`,"/"! #%@(".%! 3$%'Q$%'!:! 3ST! KLLi! [ciV! [ddV!

F)@"!a"((.%!34,'!>6'0);%*!T.%+(*6'"+0! 3$%'Q$%'!U! 3ST! KLLi! [g<fMV! h<hMV!

b),'7/6'7!`%.6'!>6'0);%*!T.%+(*6'"+0!

Z6'7!`6'7!3T! #HT! KLLi! [g<gMV! KMV!

a)5,'7!W$,*;,+%)("+,.! W$,*;,+%)("+,.0! 3$,'7$,"!:! 3ST! KLLe! [KM<gMV! KhV!

#,!A)!N'(%*',("6',.!F66/!,'/!#";9%*!W*6/)+(0!

Z6'7!`6'7!3T! W*"&,(%! KLLi! [ghV! [dgV!

B"'/,*(! #61! X:3E:Y! W*"&,(%! KLLe! [h<gMV! K<hMV!

T,7.%!U*,'/! >%*,;"+0! 3"'7,-6*%! #HT! KLLL! [L<eMV! [ceV!

:0","'86!#%.%+6;!0%*&"+%!s!368(4,*%! X:3E:Y! W*"&,(%! cMMM! [gL<hMV! [KeV!

2#3(,*+6;! #%.%+6;!%D)"-;%'(! X:3E:Y! W*"&,(%! cMMM! [f<fMV! idV!

3"',<+6;! N'(%*'%(!W6*(,.!3"(%! X:3E:Y! W*"&,(%! cMMM! f<cMV! gcV!

36$)<+6;! N'(%*'%(!W6*(,.!3"(%! X:3E:Y! W*"&,(%! cMMM! fdV! KcMV!

X%(%,0%<+6;! N'(%*'%(!W6*(,.!3"(%! X:3E:Y! W*"&,(%! cMMM! cKdV! KeMV!

`"'7/%%!368(4,*%! 368(4,*%!Z6'7!`6'7!bTO! W*"&,(%! cMMK! iMV! hLV!

35146*($!>6'0);%*!T.%+(*6'"+0!

Z6'7!`6'7!3T! W*"&,(%! cMMM! [g<iMV! dgV!

O%/",',("6'! :/&%*("0%;%'(!Z6'7!`6'7!bTO! W*"&,(%! cMMc! [edV! [ccV!

Z,*9"'!U*%4%*1! U%%*!Z6'7!`6'7!3T! W*"&,(%! cMMc! fhV! dLV!

>(*"-! N'(%*'%(!#*,&%.! X:3E:Y! W*"&,(%! cMMd! C! C!



! Lg

!

#,9.%!h<cR!#$%!W%*86*;,'+%0!68!a"0(%/!H%'()*%!>,-"(,.!A)'/0!

#$"0!(,9.%!-*%0%'(0!($%!."0(%/!8)'/!-*"+%!-%*86*;,'+%0!86*!KK!&%'()*%!+,-"(,.!>$"',!8)'/0!86)'/%/!9%(4%%'!KLLK!,'/!KLLe<!#$%!/,(,!6'!($"0!(,9.%!+,;%!8*6;! 93:; v0!;6'($.1!8)'/!;6'"(6*!"'!%,+$!"00)%!8*6;!KLLh!(6!

KLLf<!#$%!.,0(!86)*!+6.);'0!0(,'/!86*!($%!-*"+%!,0!68!($%!/,(%0!+6;-,*%/!4"($!NWS!-*"+%0<!

A)'/!X,;%!a,)'+$!

E,(%! T@+$,'7%!a"0("'7

W%*86*;,'+%!LhnMe!

*%.,("&%!(6!NWS=!V!

W%*86*;,'+%!LinMe!

^%.,("&%!(6!NWS=!V!

W%*86*;,'+%!LenMe!

^%.,("&%!(6!NWS=!V!

W%*86*;,'+%!LfnMe!

^%.,("&%!(6!NWS=!V!

>,($,1!N'&%0(;%'(!A)'/!a(/! Lc! Z6'7!`6'7! g<ff! L<ei! cg<dL! [cc<hi!

>$"',!:00%(0!O,',7%;%'(!IZ6./"'70J! LK! Z6'7!`6'7! [ih<LK! [ig<Ki! [df<cd! [ee<Mg!

>$"',!N'&%0(;%'(!s!E%&%.6-;%'(!A)'/! Lc! a6'/6'! [df<gf! [g<cL! [g<ei! [Kg<cL!

>$"',!N'&%0(;%'(!>6<! Lc! a6'/6'! [Kc<eg! [dM<KL! [gc<gh! [gc<gh!

>$"',!O%*+$,'(0!>$"',!E"*%+(!N'&%0(;%'(!a(/! Ld! Z6'7!`6'7! [L<Mg! [gf<fi! [cd<iL! [ih<fK!

>$"',!X6*($!N'/)0(*"%0!N'&%0(;%'(!a(/<! Lg! 3"'7,-6*%nE)9."' [g<fK! [hh<ee! [ii<fd! /%."0(%/!

>OT>!>$"',!N'/)0(*",.!Z6./"'70! Lg! E)9."'! ! CM<ei! [M<KL! /%."0(%/!

b),'7/6'7!E%&%.6-;%'(!A)'/! Lg! a6'/6'! [gd! [gM! [gM! [gM!

NXb!U%"P"'7!N'&%0(;%'(!>6! Lg! Z6'7!`6'7! [dL<fK! [ci<fh! h<hi! [ii<ie!

3$,'7$,"!N'(%*',("6',.!3$,'7$,"!b*64($!N'&%0(;%'(! Lg! Z6'7!`6'7! [gd<ce! [gc<eL! [de<h! [Ld<Ki!

3Z`!>$"',!N'/)0(*",.!N'&%0(;%'(0! Lc! Z6'7!`6'7! c<h! c<h! [e<h! Ceh!

O%,'! !! !! Cch<gh! [cf<cL! [cd<cg! Chc<eK!

!



! Lh

$

&,%!-#"'=/'.::>'-2'4??./'-##'(#&213'7%6#'2$'6#1-)"#'&%!0-%5'

016#(-*#1-('''

$

i<K<!#$%!E6;"','+%!68!W*"&,(%!A"*;0!

i<K<K<!N'0("()("6',.!>$,'7%0! !

3%&%*,.!";-6*(,'(!+$,'7%0!$,--%'%/!"'!($%!.,(%!KLLM0!($,(!8)'/,;%'(,..1!+$,'7%/!

"'(%*',("6',.! &%'()*%! +,-"(,."0(0?! -%*+%-("6'0! 68! -*"&,(%! 8"*;0! "'! >$"',<! A"*0(=! >$"',?0!

;,*5%(C6*"%'(%/!*%86*;0!-*6&"/%/!,!;)+$!;6*%!8*"%'/.1!%'&"*6';%'(!86*!-*"&,(%!8"*;0!(6!

7*64!"'!>$"',<!N'!KLLe=!>$"',?0!>6;;)'"0(!W,*(1!,''6)'+%/!($,(!($%!-*"&,(%!%+6'6;1!"0!

\,'!";-6*(,'(!+6;-6'%'(]!68!>$"',?0!%+6'6;1<!N'!($%!+6'(%@(!68!>$"'%0%!-6."("+0=!($"0!

.,'7),7%! +$,'7%! 4,0! ,! 8)'/,;%'(,.! +$,'7%! 68! -6."+"%0R! W*"&,(%! %'(%*-*"0%0! 4%*%! '6!

.6'7%*!%@-%+(%/!(6!+%,0%!(6!%@"0(!"'!($%!.6'7!*)'<!>$"',?0!>6'0("()("6'!4,0!,;%'/%/!"'!

KLLL!(6!8)*($%*!-*6;6(%!($%!0(,()0!68!-*"&,(%!64'%*0$"-<!W*"&,(%!8"*;0!4%*%!,..64%/!(6!9%!

."0(%/!6'!>$"',?0!/6;%0("+!0(6+5!%@+$,'7%0!"'!($%!.,(%!KLLM0<!#$%!."0("'7!D)6(,!010(%;!

($,(! $%,&".1! 8,&6*%/! 3ST0! 4,0! ,96."0$%/! "'! cMMM<! #$%0%! ;6*%C0%+)*%! -*6-%*(1! *"7$(0!

$,&%! %'+6)*,7%/! -*"&,(%! 8"*;0! (6! -.,'! 86*! .6'7C(%*;! /%&%.6-;%'(! ,'/! (6! 9%! ;6*%!

*%+%-("&%!(6!%@(%*',.!8"','+"'7<!!

>$"',! ,.06! 0(*%'7($%'%/! "(0! P)/"+",.! 010(%;! "'! ($%! KLLM0<! :(! ($%! %'/! 68! KLLd=!

>$"',!+,..%/! 86*! ($%! %0(,9."0$;%'(!68!,! *).%C9,0%/! 010(%;!86*! ($%! ;,*5%(! %+6'6;1! ,'/!

%;-$,0"Q%/!($%!";-6*(,'+%!68!9)"./"'7!"'0("()("6'0!(6!0)--6*(!($%!;,*5%(!%+6'6;1!IY",'=!

cMMMJ<! O%,0)*%0! 4%*%! (,5%'! (6! ";-*6&%! ($%! D),."(1! 68! -%*06''%.! ,'/! "'+*%,0%! ($%!

-*68%00"6',."Q,("6'! 68! >$"',?0! P)/"+",.! 010(%;<! #$%! ');9%*! 68! ."+%'0%/! .,41%*0! 7*%4!

D)"+5.1! 8*6;! iM=MMM! "'! KLLK! (6! ;6*%! ($,'! KMM=MMM! "'! cMMM! I>$"',! 3(,(%! >6)'+".!



! Li

N'86*;,("6'!S88"+%=!cMMMJ<!N'!KLLL=!($%!-*"'+"-.%!68!*).%!68!.,4!4,0!86*;,..1!"'+6*-6*,(%/!

"'!>$"',?0!>6'0("()("6'<!#$%!";-*6&%;%'(0!"'!($%!*).%!68!.,4!*%/)+%!($%!'%%/!(6!*%.1!6'!

+6''%+("6'0! (6! %'86*+%! +6'(*,+(0! "'! >$"',! Ib)($*"%=! KLLfJ<! N'(%*',("6',.! &%'()*%!

+,-"(,."0(0! +,;%! "'+*%,0"'7.1! (6! 9%."%&%! ($,(! -*"&,(%! 8"*;0! +6)./! 0)++%%/! "'! >$"',?0!

;,*5%(<!!

:(! ($%! 0,;%! (";%=! >$"',?0! ;,*5%(! "'(%*;%/",(%! "'0("()("6'0=! 0)+$! ,0! ,++6)'("'7!

8"*;0=!%@-%*"%'+%/!/*,;,("+!7*64($!"'!($%!KLLM0<!N'!($%!%,*.1!KLLM0=!>$"',!$,/!,!0;,..!

');9%*!68!(*,"'%/!,++6)'(,'(0<!:!0%*"%0!68!*%86*;!;%,0)*%0!"'!($%!KLLM0!7*%,(.1!9660(%/!

($%!7*64($!68!,++6)'("'7!8"*;0!"'!>$"',<!>$"',!,..64%/!P6"'(!&%'()*%!,++6)'("'7!8"*;0!"'!

KLLK! ,'/! %',+(%/! ($%! >%*("8"%/! W)9."+! :++6)'(,'(! a,4! "'! KLLd<! #$%! ');9%*! 68!

,++6)'("'7!8"*;0!,'/!+%*("8"%/!-)9."+!,++6)'(,'(0!$,0!7*64'!D)"+5.1!0"'+%!KLLd<!N'!cMMM=!

>$"',!$,/!g=fMM!,++6)'("'7!8"*;0!,'/!Kdh=MMM!>W:0!I:EU=!cMMMJ<!#$%!/%&%.6-;%'(!68!

,++6)'("'7!8"*;0!-*6&"/%/!9%((%*CD),."(1!"'86*;,("6'!86*!>$"',?0!;,*5%(<!#$%!'%%/!(6!*%.1!

6'!($%!>$"'%0%!76&%*';%'(!(6!7%'%*,(%!"'86*;,("6'!9%+,;%!.%00!+6;-%.."'7<!!

!

i<K<c<!S&%*0%,0!N'+6*-6*,("6'!!

3%+6'/=! &%'()*%! +,-"(,."0(0! /"0+6&%*%/! 4,10! (6! +"*+);&%'(! ($%! >$"'%0%! .,40!

,7,"'0(!+6'&%*("9.%!-*%8%**%/!0(6+5!,'/!0(6+5!6-("6'0<!:!+6;;6'!-*,+("+%!68!"'&%0("'7!"'!

-*"&,(%!8"*;0!"'!>$"',!"0!(6!"'+6*-6*,(%!H>C9,+5%/!-*"&,(%!8"*;0!6&%*0%,0!"**%0-%+("&%!68!

($%"*! (*)%! .6+,("6'! 68! 6-%*,("6'< dd !A6*! 8"*;0! ."5%! 3(6'%! ^"+$0"7$(! ($,(! $,&%! 9%%'!

"'+6*-6*,(%/! "'! >$"',=! &%'()*%! +,-"(,."0(0! '6*;,..1! *%D)"*%! ($%! 8"*;0! (6! *%7"0(%*! ,!

+6'(*6.."'7!0$%..!+6;-,'1!"'!,'!6&%*0%,0!(,@!$,&%'!0)+$!,0!($%!>,1;,'!N0.,'/0<!H%'()*%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!dd!A6*!%@,;-.%=!96($!:0","'86!,'/!2#!3(,*+6;!4%*%!"'+6*-6*,(%/!"'!E%.,4,*%!%&%'!($6)7$!($%"*!6-%*,("6'!+%'(%*0!,'/!;,*5%(0!4%*%!"'!>$"',<!!



! Le

+,-"(,.! "'&%0(;%'(0! ,*%! ;,/%! (6! ($%! 0$%..! +6;-,'1! "'0(%,/! 68! (6! ($%! *%,.! +6;-,'1! "'!

>$"',<!!

U1!"'+6*-6*,("'7!-6*(86."6!8"*;0!6&%*0%,0=!&%'()*%!+,-"(,."0(0!+,'!(,5%!,/&,'(,7%!

68! 6&%*0%,0! .,40! ,'/! 91-,00! >$"',?0! *%0(*"+("6'0<! N'(%*',("6',.! &%'()*%! +,-"(,."0(0!

8*%D)%'(.1!)0%/!/%,.C0(*)+()*"'7!(%+$'"D)%0!"'!($%!2'"(%/!3(,(%0!4$%'!"'&%0("'7!"'!>$"',!

"'!($%! .,(%! KLLM0<! I`,-.,'! ,'/! 3(*6;9%*7=! cMMcJ<!:! 0)*&%1! 68!Kd! "'(%*',("6',.! &%'()*%!

+,-"(,."0(0!0$640!($,(!eeV!68!*%0-6'/%'(0!0,"/!($%1!)0%!+6'&%*("9.%!-*%8%**%/!,'/!0(6+5!

6-("6'0! 8*%D)%'(.1! "'! /%,.! 0(*)+()*"'7=! KhV! 0,"/! ($%1! 8*%D)%'(.1! ;,5%! %'(*%-*%'%)*0?!

%D)"(1! 0(,5%! +6'("'7%'(! 6'! 8"','+",.! -%*86*;,'+%0=! ,'/! geV! 68! *%0-6'/%'(0! 0,"/! ($%1!

06;%(";%0!)0%!,!0(,(%!+6'("'7%'(!+.,)0%!IB$,'7=!cMMKJ<!

#$%! -*,+("+%! 68! "'+6*-6*,("'7! -6*(86."6! 8"*;0! 6&%*0%,0! ,.06! ,..640! &%'()*%!

+,-"(,."0(0!(6!/%(%*;"'%!($%!(";"'7!68!NWS0!"'!6&%*0%,0!0(6+5!;,*5%(0<!#$%!*%D)"*%;%'(!86*!

>$"'%0%!8"*;0!(6!69(,"'!,--*6&,.!8*6;!($%!>$"'%0%!76&%*';%'(!9%86*%!9%"'7!."0(%/!"0!,!

9"7!690(,+.%!86*!,'1!H>C9,+5%/!8"*;0<!N'+6*-6*,("'7!,!0$%..!+6;-,'1!"'!,'! 6&%*0%,0!(,@!

$,&%'!+,'!91-,00!($%!*%7).,("6'!9%+,)0%!($%!0$%..!+6;-,'1!"0!,'!"'(%*',("6',.!+6;-,'1<!

H%'()*%! +,-"(,."0(0! +,'! (,5%! ($%! 0$%..! +6;-,'1! (6! ,'! 6&%*0%,0! 0(6+5! ;,*5%(! 4"($6)(!

$,&"'7!(6!9%7!($%!>$"'%0%!76&%*';%'(!86*!-%*;"00"6'< dg!#46!H>C9,+5%/!-*"&,(%!8"*;0=!

#,!A)!N'(%*',("6',.!,'/!B"'/,*(=!4%*%!0)++%008)..1!."0(%/!"'!Z6'7!`6'7!"'!KLLi!,'/!6'!

($%!X:3E:Y!"'!KLLe=!*%0-%+("&%.1=!4"($6)(!($%!"'(%*&%'("6'!68!($%!>$"'%0%!76&%*';%'(<!!

N'(%*',("6',.!&%'()*%!+,-"(,."0(0!'6("+%/!($%!;%*"(0!68!6&%*0%,0!"'+6*-6*,("6'!,'/!

($"0! -*,+("+%! 7*,/),..1! 0-*%,/! (6! ($%! 4$6.%! "'(%*',("6',.! &%'()*%! +,-"(,.! +6;;)'"(1! "'!

>$"',<!#$%!0(*,(%71!68!*%7"0(%*"'7!,!0$%..!+6;-,'1!"'!6&%*0%,0!(,@!$,&%'!"0!'6(!,&,".,9.%!



! Lf

(6!H>C9,+5%/!3ST0!/)%!(6!>$"',?0!0(*"+(!*%7).,("6'!68!($%!(*,'08%*!68!0(,(%C64'%/!,00%(0<!

#$%!>$"'%0%!76&%*';%'(!*%D)"*%0!($%!,--*6&,.!68!($%!!+%'(*,.!76&%*';%'(!86*!,'1!3ST!"'!

>$"',! (6! *%7"0(%*! ,! 0$%..! +6;-,'1! 6&%*0%,0=! ,'/! ($%! -*6+%00! 68! ,--*6&,.! "0! ,! /"88"+).(!

-*6+%00<!#$"0! *%0(*"+("6'! ;,5%0! "(!&"*(),..1! ";-600"9.%! 86*! 3ST0! (6! 91-,00! ($%! >$"'%0%!

76&%*';%'(!(6!."0(!"'!6&%*0%,0!0(6+5!;,*5%(0<!!

!

i<K<d<!#$%!*"0%!68!X:3E:Y!

#$%! ($"*/! +$,'7%! "0! ($%! $"7$C(%+$! 966;! "'! ($%! X:3E:Y<! #$%! (%+$C$%,&1!

X:3E:Y!(665!688!"'!($%!;"/CKLLM0<!N'!6'.1!8"&%!1%,*0=!"(!7*%4!,96)(!0%&%'86./j8*6;!

ehh! "'! ($%! %,*.1! KLLh! (6! $"7$%*! ($,'! hMMM! "'! O,*+$! cMMM<! T'6*;6)0! 4%,.($! 4,0!

7%'%*,(%/<!a%7%'/0!0)+$!,0!X%(0+,-%=!_,$66!,'/!:;,Q6'<+6;!4%*%!96*'<!!

X:3E:Y!-.,1%/!,!+*"("+,.!*6.%!"'!&%'()*%!+,-"(,.!/%&%.6-;%'(!"'!>$"',!"'!($%!

.,(%! KLLM0<!A"*0(=! "(!%'+6)*,7%/! ');%*6)0!6&%*0%,0!*%()*'%%0! (6!+6;%!9,+5! (6!>$"',!(6!

0(,*(!($%"*!64'!8"*;0<!O,'1!>$"'%0%!',("6',.0!46*5%/!"'!3"."+6'!H,..%1!"'!($%!KLLM0!,'/!

69(,"'%/! 8"*0(C$,'/! %@-%*"%'+%! 68! ($%! "'86*;,("6'! (%+$'6.671! 966;! "'! ($%! X:3E:Y<!

O,'1!68!($%;!9%."%&%/!($,(!($%1!+6)./!,+$"%&%!%'6*;6)0!0)++%00!"'!>$"',!91!*%-."+,("'7!

9)0"'%00! ;6/%.0! "'! 3"."+6'! H,..%1<! #$%0%! 6&%*0%,0! *%()*'%%0! 4%*%! ($%! 8,&6*"(%!

%'(*%-*%'%)*0!68!"'(%*',("6',.!&%'()*%!+,-"(,.!/)%! (6!($%"*!5'64.%/7%!68! 96($!(%+$'6.671!

,'/! 4%0(%*'! 0(1.%! ;,',7%;%'(<! #$%"*! *%()*'! "'+*%,0%/! ($%! 0)--.1! 68! %'(*%-*%'%)*0! (6!

"'(%*',("6',.!&%'()*%!+,-"(,."0(0<!!

3%+6'/=!($%!X:3E:Y!9)..!;,*5%(!0%*&%/!,0!($%!9%0(!,/&%*("0%*!68!&%'()*%!+,-"(,.!

"'! >$"',<! A%4! -%6-.%! "'! >$"',! 5'%4! ,96)(! &%'()*%! +,-"(,.! "'! ($%! ;"/CKLLM0<! #$"0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!dg!#$%!>$"'%0%!76&%*';%'(!'6("+%/!($%!$6.%!"'!*%7).,("6'0!"'!($%!.,(%!KLLM0!,'/!;,/%!06;%!,((%;-(%/!(6!*%7).,(%!($%!6&%*0%,0!."0("'7!68!>$"',C9,0%/!8"*;0<!Z64%&%*!($%0%!*%7).,("6'0!,*%!7%'%*,..1!'6(!&%*1!



! LL

0"(),("6'!+$,'7%/!D)"+5.1!"'!($%!.,(%!KLLM0<!:0!X:3E:Y!+6'("')%/!(6!7*64=!($%!.%7%'/0!

68! O"+*6068(=! _,$66{! ,'/! >"0+6! 9%+,;%! 4"/%.1! 5'64'! "'! >$"',<! #$%! ',;%0! 68!

%'(*%-*%'%)*0! 0)+$! ,0! U"..! b,(%0! ,'/! G%**1! _,'7! 9%+,;%! $6)0%$6./! 46*/0! ,'/! ($%"*!

0(6*"%0! 4%*%! %,7%*.1! *%,/! "'! >$"',<! A*6;! ($%0%! 0(6*"%0=! ($%! >$"'%0%! .%,*'%/! ,96)(! ($%!

+*"("+,.!*6.%!68!&%'()*%!+,-"(,.!"'!860(%*"'7!($%0%!$)7%.1!0)++%008).!%'(%*-*"0%0=!,'/!($%1!

4%*%!%,7%*!(6!*%-."+,(%!($%!0)++%00!68!&%'()*%!+,-"(,.!"'!>$"',<!&%'()*%!+,-"(,.!0)//%'.1!

,--%,*%/!6'! ($%!8*6'(C-,7%!68!-6-).,*!;%/",! ,'/!9%+,;%!,! $6(! (6-"+!86*!-6."+1! ;,5%*0!

,'/!%'(*%-*%'%)*0<!:(!.%,0(!ge!3ST!&%'()*%!+,-"(,.!8)'/0!"'!>$"',!4%*%!86)'/%/!"'!($%!

.,(%!KLLM0!4$".%!6'.1!g!3ST!&%'()*%!+,-"(,.!8)'/0!4%*%!86)'/%/!9%86*%!KLLf!I#,9.%!g<KJ<!

E6;%0("+!%'(*%-*%'%)*0!0,4!U"..!b,(%0!,'/!G%**1!_,'7!,0!($%"*!*6.%!;6/%.0!,'/!-)*0)%/!

&%'()*%!+,-"(,.!,77*%00"&%.1<!!

N'(%*',("6',.!&%'()*%!+,-"(,."0(0!9%'%8"(%/!($%!;60(!8*6;!($"0!0)*7%!68!"'(%*%0(!"'!

&%'()*%! +,-"(,.! 9%+,)0%! ($%1! 4%*%! 4"/%.1! *%7,*/%/! ,0! ($%! -*";%! +$6"+%! 68! /6;%0("+!

%'(*%-*%'%)*0<! >$"',?0! %'(*%-*%'%)*0! 9%."%&%/! ($,(! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! $,/!

($%!'%+%00,*1!;,',7%;%'(!5'64C$64!,'/!+6)./!$%.-!($%;!."0(!6'!($%!X:3E:Y<!N'!($%!

.,(%!KLLM0=!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!'6!.6'7%*!$,/!(6!(,5%!($%!"'"(",("&%!(6!+6'&"'+%!

/6;%0("+!%'(*%-*%'%)*0!(6!)0%!&%'()*%!+,-"(,.!8"','+"'7<!!

#$"*/=! ;,'1! &%'()*%! +,-"(,.! 8"*;0! "'! ($%! 2'"(%/! 3(,(%0! 0)+$! ,0! 368(9,'5! $,/!

*%,-%/!%'6*;6)0!-*68"(0!,'/!*%-)(,("6'!8*6;!"'&%0("'7!"'!($%!2'"(%/!3(,(%0<!a"5%!>$"',?0!

6&%*0%,0!*%()*'%%0=!($%1!,.06!0,4!>$"',!,0!($%!'%@(!8*6'("%*!86*!"'86*;,("6'!(%+$'6.671!

*%&6.)("6'!,'/!4%*%!4".."'7!(6!9%(!6'!>$"',<!#$%"*!+,..!86*!8)'/C*,"0"'7!(6!"'&%0(!"'!>$"',!

4,0! %'($)0",0("+,..1! 0)--6*(%/! 91! "'0("()("6',.! "'&%0(6*0<! #$%"*! ,**"&,.! "'P%+(%/! 8*%0$!

9.66/!(6!($%!+6;;)'"(1!68!"'(%*',("6',.!&%'()*%!+,-"(,.!"'!>$"',<!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*%0(*"+("&%<!!



! KMK

9,+5%/!8"*;0!$,/!$%,/D),*(%*0!6)(0"/%!>$"',!,8(%*!KLLf=!4$".%!,96)(!gMV!68!H>C9,+5%/!

-*"&,(%!8"*;0!$,/!$%,/D),*(%*0!6)(0"/%!>$"',!9%86*%!KLLf<!#$%!"'+*%,0"'7!%;-$,0"0!6'!

($%! >$"'%0%! ;,*5%(! "0! +6'0"0(%'(! 4"($! ($%! ";-*6&%/! "'0("()("6',.! %'&"*6';%'(0! ,'/! ($%!

*%/)+%/!*%.",'+%!6'!+6''%+("6'0!"'!>$"',<!!

! !

i<c<!A)'/C*,"0"'7!"'!>$"',!"'!($%!.,(%!KLLM0!

:++6;-,'1"'7! ($%! /6;"',("6'! 68! H>C9,+5%/! -*"&,(%! 8"*;0! 4,0! ($%! /%+."'%! 68!

P6"'(! &%'()*%! 8)'/0! "'! >$"',<! #,9.%! g<K! 0$640! ($,(=! "'! ($%! .,(%! KLLM0=! \'6! -,*('%*]!

"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!,++6)'(%/!86*!fi<iLV!68!($%!(6(,.!+,-"(,.!4$".%!P6"'(!

&%'()*%!8)'/0!,++6)'(%/!86*!Kd<dKV!68!($%!(6(,.!+,-"(,.<!#$%!,&%*,7%!8)'/!0"Q%!68!($%!\'6!

-,*('%*]!7*6)-!Imfi<fi!;".."6'J!4,0!;)+$!9"77%*!($,'!($%!,&%*,7%!8)'/!0"Q%!68!($%!P6"'(!

&%'()*%! 7*6)-! ImiM! ;".."6'J<! N'! +6'(*,0(=! 9%(4%%'! KLLK! ,'/! KLLd=! (4%.&%! 6)(! 68! ($%!

'"'%(%%'!8)'/0!Iid<KcVJ!*,"0%/!"'!($%!-%*"6/!4%*%!P6"'(!&%'()*%!8)'/0<!#$%!,&%*,7%!8)'/!

0"Q%!86*!($%!\'6!-,*('%*]!!7*6)-!4,0!mdf<Kd!;".."6'=!;)+$!0;,..%*!($,'!($%!mid<Me!;".."6'!

86*!P6"'(!&%'()*%!8)'/0<!!

#$%!/%+*%,0%/!/%-%'/%'+%!6'!/6;%0("+!-,*('%*0!"0!'6(!)'"D)%!(6!&%'()*%!+,-"(,.!

8)'/0<! N'!($%! 0,;%! -%*"6/=! ($%! -%*+%'(,7%!68! 4$6..1! 86*%"7'! 64'%/!%'(%*-*"0%0!"'! (6(,.!

86*%"7'! /"*%+(! "'&%0(;%'(!"'! >$"',!4,0! *"0"'7! 0(%,/".1!"'! KLLM0<!#,9.%!i<K! -*%0%'(0!($%!

+$,'7%!68!86*%"7'!/"*%+(!"'&%0(;%'(!+6;-60"("6'!91!($%!6*7,'"Q,("6'!68!86*%"7'!"'&%0(%/!

%'(%*-*"0%0! "'! >$"',! 8*6;! KLLK! (6! cMMM<! N(! 0$640! ($,(! ,0! >$"',?0! "'0("()("6',.!

%'&"*6';%'(!";-*6&%/=!($%!-6*("6'!68!4$6..1C86*%"7'C64'%/!%'(%*-*"0%0!+.";9%/!0(%,/".1<!

4$".%! ($%! -6*("6'! 68! P6"'(! &%'()*%! %'(%*-*"0%0! /%+."'%/! IA)=! cMMMJ<! F$,(! /"0("'7)"0$%0!

&%'()*%! +,-"(,.! "'&%0(;%'(! 8*6;! 6($%*! 86*;0! 68! "'&%0(;%'(! "0! ($,(! ($%! 6*7,'"Q,("6'! 68!



! KMc

&%'()*%!+,-"(,.!8)'/0!"0!8,*!;6*%!0%'0"("&%!(6!+$,'7%0!68!"'0("()("6',.!%'&"*6';%'(<!#$%!

\'6!-,*('%*]!7*6)-!,++6)'(%/!86*!Ke<cKV!"'!($%!8"*0(!-%*"6/!,'/!fi<iLV!"'!($%!.,0(!-%*"6/=!

,!8"&%86./!"'+*%,0%<!N'!+6'(*,0(=!($%!-%*+%'(,7%!68!4$6..1C64'%/!86*%"7'!%'(%*-*"0%!'%,*.1!

/6)9.%/!8*6;!($%!8"*0(!-%*"6/!IcdVJ!(6!($%!.,0(!-%*"6/!IdLVJ<!!

IN'0%*(!#,9.%!i<KJ!

#$%!&%'()*%!+,-"(,.!8)'/0!86)'/%/!"'!($%!.,(%!KLLM0!"'!>$"',!4%*%!;,"'.1!*,"0%/!

91!,!'%4!9*%%/!68!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!."5%!U6!A%'7<!#$%0%!'%4!"'(%*',("6',.!

&%'()*%!+,-"(,."0(0!(1-"+,..1!%'P61%/!0)++%00!"'&%0("'7!"'!>$"',?0!$"7$C(%+$!-*"&,(%!8"*;0!

"'! ($%! ;"/CKLLM0! ,'/! 4%*%! ,9.%! (6! *,"0%! '%4! &%'()*%! +,-"(,.! 8)'/0! 8*6;! "'(%*',("6',.!

"'0("()("6',.! "'&%0(6*0! (6!"'&%0(! "'!>$"',<! A6*! %@,;-.%=! U6!A%'7! $%.-%/!3(6'%! ^"+$4"'!

,'/!:0","'86!7%(!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!($%!;"/CKLLM0!,'/!9)".(!$"0!*%-)(,("6'!,0!

6'%!68!($%!9%0(!&%'()*%!+,-"(,."0(0!"'!>$"',<!Z%!86)'/%/!>$%'74%"!H%'()*%0!"'!cMMM!,'/!

*,"0%/!;6'%1!8*6;!9.)%C+$"-!"'0("()("6',.!"'&%0(6*0!0)+$!,0!_,.%!T'/64;%'(<!!

N'!($%!.,(%!KLLM0=!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!"'!7%'%*,.!4%*%!;6*%!+,)("6)0!

"'!"'&%0("'7!"'!>$"',<!:.($6)7$!&%'()*%!+,-"(,.!"'&%0(;%'(0!,'/!8)'/C*,"0"'7!*%,+$%/!'%4!

$%"7$(0! "'! ($%! 1%,*! cMMM=! "'! ($%! .,(%! KLLM0! 6'.1! Kc! "'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0!

4%*%!*,"0%/!(6!"'&%0(!"'!>$"',j8,*!9%.64!($%!dK!8)'/0!*,"0%/!"'!($%!;"/!KLLM0!,'/!($%!cM!

8)'/0!*,"0%/!"'! ($%!%,*.1! KLLM0<!S'%! *%,06'! 86*! ($%! /"0-,*"(1! "0!($,(!;,'1! "'(%*',("6',.!

&%'()*%!+,-"(,."0(0=!0)+$!,0!F,./%'!N'(%*',("6',.!,'/!ZsY!:0",=!+$60%!(6!"'&%0(!"'!>$"',!

)0"'7!*%7"6',.!8)'/0!."5%!b*%,(%*!>$"',!A)'/0!"'0(%,/!68!>$"',!8)'/0!(6!,&6"/!%@+%00"&%!

%@-60)*%!(6!*"05<!U6($!F,./%'!N'(%*',("6',.!,'/!ZsY!:0",!$,/!%@-%*"%'+%/!"'&%0(;%'(!

8,".)*%0!"'! >$"',! ,'/!(*%;%'/6)0! 0)++%00! "'! #,"4,'<! #$%1! 8%.(! ($,(! ($%! b*%,(%*! >$"',!



! KMd

A)'/dh!6*!($%!:0",CW,+"8"+!A)'/di!+6)./!7"&%!($%;!;6*%!8.%@"9"."(1<!#$"0!0(*,(%71!0%%;0!

(6! $,&%! -,"/! 688! 4%..<! :;"/! ($%! X:3E:Y! /64'()*'! ,'/!&%'()*%! +,-"(,.! /64'()*'! "'!

>$"',=!F,./%'!N'(%*',("6',.!0("..!$,/!'6!(*6)9.%!*,"0"'7!;6*%!($,'!mK!9".."6'!86*!"(0!:0",C

W,+"8"+!A)'/<!!

$

i<d<!#1-%0!68!N'/)0(*1!68!H>CU,+5%/!A"*;0!

#$%! "'/)0(*"%0! 68! ($%! H>C9,+5%/! 8"*;0! "'! >$"',! ,.06! %@-%*"%'+%/! 8)'/,;%'(,.!

+$,'7%0!"'!($%!.,(%!KLLM0<!#,9.%!d<g!0$640!($,(!"'!($%!%,*.1!KLLM0=!"'(%*',("6',.!&%'()*%!

+,-"(,."0(0! 7%'%*,..1! 86+)0%/! 6'! .64C(%+$! ;,')8,+()*"'7<! N'/)0(*",.! ;,')8,+()*"'7! ,'/!

+6'0);%*!-*6/)+(0!4%*%!($%!(46!;60(!-6-).,*!"'/)0(*"%0<!#$%1!,++6)'(%/!86*!;6*%!($,'!

efV!68!($%!(6(,.!&%'()*%!+,-"(,.!8"*;0<!#$,(!-%*+%'(,7%!/%+."'%/!(6!,96)(!hLV!"'!($%!;"/!

KLLM0<! N'! ($%! .,0(! -%*"6/=! .%00! ($,'! gV! 68! ($%! H>C9,+5%/!8"*;0!4%*%! "'! ($%!+6'0);%*!

-*6/)+(0!6*!"'/)0(*",.!;,')8,+()*"'7!8"%./0<!N'!+6'(*,0(=!($%!-%*+%'(,7%!68!$"7$C(%+$!8"*;0!

P);-%/!8*6;!cMV!"'!($%!%,*.1!KLLM0!(6!LMV!"'!($%!.,(%!KLLM0<!U1!($%!%'/!68!($%!KLLM0=!

N'(%*'%(C*%.,(%/!0%*&"+%!8"*;0!,.6'%!,++6)'(%/!86*!;6*%!($,'!hMV!68!($%!(6(,.!H>C9,+5%/!

8"*;0<!#$%!0%+6'/!;60(!-6-).,*!"'/)0(*1!4,0!+6;-)(%*!068(4,*%=!,96)(!cKV!68!($%!(6(,.!

H>C9,+5%/!8"*;0<!!

#$%! 7%'%*,.! (*%'/! 68! "'/)0(*1! /"0(*"9)("6'! "0! +6'0"0(%'(! 4"($! ($%! -*%/"+("6'! 68!

,7%'+1!($%6*1R!";-*6&%;%'(0!"'!"'0("()("6',.!%'&"*6';%'(!0$6)./!*%/)+%!($%!,7%'+1!+60(0!

68! &%'()*%! +,-"(,.! "'&%0(;%'(! ,'/! %'+6)*,7%! "'&%0(;%'(0! "'! $"7$! ,7%'+1! +60(! -*6P%+(0!

0)+$! ,0! $"7$C(%+$! 8"*;0<! Z64%&%*=! ,! +,*%8).! ,',.10"0! 0$640! ($,(! ";-*6&%;%'(0! "'!

"'0("()("6',.!%'&"*6';%'(!,*%!)'."5%.1!(6!9%!($%!06.%!*%,06'!9%$"'/!($%!0$"8(!8*6;!.64C(%+$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!dh!A)'/0!($,(!"'&%0(!"'!>$"',=!#,"4,'!,'/!Z6'7!`6'7<!di!A)'/0!($,(!"'&%0(!"'!($%!23=!>$"',!#,"4,'=!Z6'7!`6'7!,'/!6($%*!:0",C-,+"8"+!+6)'(*"%0!,'/!*%7"6'0<!!



! KMg

(6!$"7$C(%+$!"'/)0(*"%0=!86*!(46!*%,06'0<!A"*0(=!($%!-%*+%'(,7%!68!$"7$C(%+$!8"*;!0%%;0!(6!

9%!(66!$"7$!+6;-,*%/!4"($!($,(!"'!6($%*!+6)'(*"%0<!:.($6)7$!&%'()*%!+,-"(,.!"'!($%!2'"(%/!

3(,(%0!86+)0%0!6'!"'&%0("'7!"'!$"7$C(%+$!%'(%*-*"0%0!IfMVJ=!&%'()*%!+,-"(,.!"'!;,'1!6($%*!

+6)'(*"%0!7%'%*,..1!86+)0%0!6'!.64C(%+$!"'/)0(*"%0<!A6*!%@,;-.%=!"'!T)*6-%,'!+6)'(*"%0=!

$"7$C(%+$! "'/)0(*"%0! 6'.1! *%+%"&%/! ,! D),*(%*! 68! ($%! (6(,.! &%'()*%! +,-"(,.! "'&%0(;%'(! "'!

KLLf<! #$%! -%*+%'(,7%! "'! G,-,'! 4,0! 6'.1! KMV<! #$%! ;60(! -6-).,*! "'/)0(*",.! 0%+(6*0! "'!

T)*6-%!4%*%!"'/)0(*",.!;,+$"'%*1!,'/!%D)"-;%'(=!8,0$"6'=!,'/!.%"0)*%!-*6/)+(0!IST>E=!

cMMMp!ST>E=!KLLhJ<!>6;-,*%/!4"($!T)*6-%,'!+6)'(*"%0=!>$"',!$,/!,!4%,5%*!*%0%,*+$!

,'/!/%&%.6-;%'(!+,-,+"(1=!,!-66*%*!"'(%..%+(),.!-*6-%*(1!*"7$(!-*6(%+("6'=!,'/!,'!"'8%*"6*!

"'8*,0(*)+()*%!86*!;,*5%(!%+6'6;1<!:..!($%0%!8,+(6*0!"'/"+,(%!($,(!($%!/"0(*"9)("6'!68!H>C

9,+5%/! 8"*;! "'! >$"',! 0$6)./! 9%! 6*"%'(%/! ;6*%! (64,*/! .64C(%+$! ($,'! ($,(! "'! T)*6-%,'!

+6)'(*"%0<!!

#$%!.,+5!68!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!.64C(%+$!8"*;0!+,''6(!9%!%@-.,"'%/!91!

($%!.,+5!68!7*64($!"'!.64C(%+$!-*"&,(%!8"*;0<!#,9.%!i<c!0$640!($%!"'/)0(*1!/"0(*"9)("6'!68!

($%! KMM! 8,0(%0(C7*64"'7! -*"&,(%! %'(%*-*"0%0! "'! >$"',<! #$%! KMM! 8"*;0! 4%*%! +6;-".%/!

($*6)7$! ,! P6"'(! 0)*&%1! +6'/)+(%/! 91! ($%! ;,7,Q"'%! :,+/"6),$%$?' 7%+%2"$-! ,'/! ($%!

:006+",("6'! 68!>$"',!W*"&,(%! T'(%*-*"0%0<! #$%!KMM! 8"*;0! 4%*%! 0%.%+(%/!8*6;! Lgc! 8"*;0!

9,0%/! 6'! ($%"*! 7*64($! *%+6*/0! 8*6;! KLLL! (6! cMMK=! ,! -%*"6/! *6)7$.1! %D),.! (6! ($%! .,0(!

-%*"6/! *%0%,*+$%/! "'! ($"0! -,-%*<! S'! ,&%*,7%=! ($%0%! %'(%*-*"0%0! 7*%4! ,(! cKMV! ,''),..1!

8*6;!KLLL!(6!cMMK<!#$%!,&%*,7%!*%&%')%!86*!($%0%!-*"&,(%!%'(%*-*"0%0!"'!cMMK!4,0!;6*%!

($,'!mKid!;".."6'<!#,9.%!i<c!0$640!($,(!($%!KMM!8,0(%0(C7*64"'7!-*"&,(%!%'(%*-*"0%0!4%*%!

+6'+%'(*,(%/! $%,&".1! "'! (*,/"("6',.! ;,')8,+()*"'7! "'/)0(*"%0! 0)+$! ,0! ;%+$,'"+,.!

;,')8,+()*"'7=! 866/=! +6'0(*)+("6'! ;,(%*",.0=! ,--,*%.=! ,'/! (%@(".%0<! N#C! *%.,(%/! 8"*;0!



! KMh

,++6)'(%/!86*!6'.1!KMV!68!($%!8"*;0!"'!($%!."0(<!O6*%!*%;,*5,9.1=!'6!N'(%*'%(!0%*&"+%!8"*;!

;,/%!($%!(6-!KMM!8"*;!."0(=!,.($6)7$!8"*;0!"'!N'(%*'%(!0%*&"+%!,++6)'(%/!86*!hMV!68!($%!

H>C9,+5%/!8"*;0!"'&%0(%/!"'!9%(4%%'!KLLf!,'/!cMMK<!!

IN'0%*(!#,9.%!i<cJ!

F$,(!+,'!%@-.,"'!($%!.,+5!68!"'&%0(;%'(!"'!.64C(%+$!-*"&,(%!%'(%*-*"0%0q!#$%!;60(!

";-6*(,'(! *%,06'! 4,0! -*69,9.1! ($%! 0-%+(,+).,*! -%*86*;,'+%! 68! X:3E:Y<! E)%! (6! ($%!

-6."+1!*%0(*"+("6'0!"'!>$"',=!"'(%*',("6',.!&%'()*%!+,-"(,.!8)'/0!$,/!(6!*%.1!6'!6&%*0%,0!

0(6+5!;,*5%(0!86*!%@"(=!,'/!($%!X:3E:Y!4,0!($%!-*";,*1!NWS!+$,''%.<!N'&%0(6*0!"'!($%!

X:3E:Y! 7,&%! $"7$C(%+$! 8"*;0!"'! >$"',=!0)+$! ,0! >$"',<+6;! ,'/! :0","'86=! "'+*%/"9.1!

$"7$!&,.),("6'<!N'!+6'(*,0(=!>$"',?0!."0(%/!.64C(%+$!8"*;0!*%+%"&%/!.64!&,.),("6'!6'!($%!

X:3E:Y<!A6*!%@,;-.%=!"'!KLLL=!B"'/,*(!4,0!&,.)%/!,(!6'.1!d[i!(";%0!"(0!KLLf!%,*'"'70<!

X,()*,..1=! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! 4,'(%/! (6! 86+)0! 6'! $"7$C(%+$! 8"*;0! (6! (,5%!

,/&,'(,7%!68!($%!$"7$!&,.),("6'<!!

:! 0%+6'/! *%,06'! 86*! ($%! 86+)0! 6'! $"7$C(%+$! "'/)0(*1! 4,0! ($%! -6."+"%0! 68! ($%!

>$"'%0%!76&%*';%'(<!#$%!>$"'%0%!76&%*';%'(!;,"'.1!0%%0!($%!/%&%.6-;%'(!68!&%'()*%!

+,-"(,.! ,0! ,! (66.! (6! -*6;6(%! >$"',?0! 0+"%'+%! ,'/! (%+$'6.671<! O,'1! &%'()*%! +,-"(,.!

-6."+"%0!4%*%!4*"((%'!0-%+"8"+,..1!(6!-*6;6(%!($%!/%&%.6-;%'(!68!0+"%'+%!,'/!(%+$'6.671!

"'!>$"',<!#$%!76&%*';%'(!,7%'+1!($,(!"0!*%0-6'0"9.%!86*!&%'()*%!+,-"(,.!-6."+1!;,5"'7!"0!

($%! O"'"0(*1! 68! 3+"%'+%! ,'/! #%+$'6.671! IO3#J=! 4$60%! -*";,*1! 76,.! "0! (6! -*6;6(%!

0+"%'+%!,'/!(%+$'6.671!"'!>$"',!IF$"(%=!b,6!,'/!B$,'7=!cMMcJ<!!

3%&%*,.!";-6*(,'(!-6."+"%0!4%*%!;,/%!"'!($%!.,(%!KLLM0!(6!-*6&"/%!"'+%'("&%0!86*!

&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!$"7$C(%+$!"'/)0(*"%0<!A"*0(=!($%!>$"'%0%!76&%*';%'(!0%(!)-!

;).("-.%! 8)'/0! (6! "'&%0(! "'! $"7$C(%+$! 8"*;0<! #$%! >$"'%0%! 76&%*';%'(! %'+6)*,7%/! ($%!



! KMi

%0(,9."0$;%'(!68!3ST!&%'()*%!+,-"(,.!8"*;0!"'!($%!.,(%!KLLM0!(6!"'&%0(!"'!$"7$C(%+$!8"*;0<!

O6*%! ($,'! hM! /6;%0("+! &%'()*%! +,-"(,.! 8"*;0! 4%*%! %0(,9."0$%/! 91! ($%! >$"'%0%!

76&%*';%'(0!,'/!3ST0!"'!($%!.,(%!KLLM0<!:.;60(!,..!($%!/6;%0("+!&%'()*%!+,-"(,.!8"*;0!

(,*7%(%/! "'&%0("'7!"'! $"7$C(%+$!8"*;0! IF$"(%=!b,6! ,'/!B$,'7=! cMMcJ<!N'! ,//"("6'=!O3#!

%0(,9."0$%/!,!mK<c!9".."6'!N''6&,("6'!A)'/!86*!3;,..!#%+$'6.671CU,0%/!A"*;0!"'!KLLL!(6!

$%.-!16)'7!$"7$C(%+$!8"*;0!7%(!8"','+"'7<!#$%0%!8)'/0!;,/%!"(!%,0"%*!86*!%'(*%-*%'%)*0!(6!

7%(!8"','+"'7!86*!$"7$C(%+$!0(,*(C)-0<!Z"7$C(%+$!%'(*%-*%'%)*0!)'/%*0(66/!($,(!%&%'!"8!($%1!

4%*%!)',9.%!(6!69(,"'!8"','+"'7!8*6;!"'(%*',("6',.!&%'()*%!+,-"(,.!8"*;0=!($%1!;"7$(!0("..!

9%!,9.%!(6!69(,"'!8"','+"'7!8*6;!76&%*';%'(!8)'/0<!#$%!"'+*%,0%/!');9%*0!68!$"7$C(%+$!

8"*;0!;,/%!"(!%,01!86*!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!(6!8"'/!/%,.0!86*!$"7$C(%+$!8"*;0<!!

3%+6'/=!-*%8%*%'(",.!(,@!(*%,(;%'(0!4%*%!7*,'(%/!(6!$"7$C(%+$!%'(%*-*"0%0<!N'!KLLL=!

O3#!"00)%/!,!*%7).,("6'!0("-).,("'7!($,(!(%+$'6.67"+,..1!,/&,'+%/!%'(%*-*"0%0!+%*("8"%/!91!

O3#!46)./!9%!%'("(.%/!(6!$,&%!,'!"'+6;%!(,@!*,(%!68!,96)(!hMV!68!($%!)0),.!*,(%< de!O,'1!

H>C9,+5%/!$"7$C(%+$!%'(%*-*"0%0<!0)+$!,0!2#!3(,*+6;!,'/!:0","'86<!4%*%!,++*%/"(%/!,0!

(%+$'6.67"+,..1!,/&,'+%/!%'(%*-*"0%0<!,'/!($%1!-,"/!($%!8,&6*,9.%!(,@!*,(%<!N'!cMMM=!($%!

3(,(%!>6)'+".!8)*($%*!/%+"/%/!(6!%@%;-(!068(4,*%!%'(%*-*"0%0!,'/!N>!I"'(%7*,(%/!+"*+)"(J!

8"*;0! 8*6;! &,.)%C,//%/!(,@<df

!#$%!.64%*!(,@! *,(%0! 86*! $"7$C(%+$! %'(%*-*"0%0! %'+6)*,7%/!

%'(*%-*%'%)*0!(6!0(,*(!$"7$C(%+$!8"*;0<!!

#$"*/=!($%!>$"'%0%!76&%*';%'(!-.,''%/!(6!7"&%!$"7$C(%+$!8"*;0!-*%8%*%'(",.!,++%00!

(6!NWS0<!>$"',?0!>6*-6*,("6'!a,4=!%',+(%/!"'!KLLg=!4,0!$60(".%!(6!NWS0!86*!H>C9,+5%/!

8"*;0!9%+,)0%!"(!86*9,/%!($%!'%76(",("6'!68!.%7,.!-%*06'!0$,*%0<!:(!($%!%'/!68!KLLL=!)'/%*!

.6991"'7!91!O3#=! ($%! >$"'%0%! 76&%*';%'(!,;%'/%/! ($%!>6*-6*,("6'! a,4!(6! 8,+"."(,(%!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!de!\X6("+%!,96)(!#,@!N00)%0!"'!N;-.%;%'("'7!3(,(%!>6)'+".?0!|E%+"0"6'!6'!3(*%'7($%'"'7!#%+$'6.67"+,.!N''6&,("6'=!E%&%.6-"'7!Z"7$C(%+$!,'/!^%,."Q"'7!"(0!N'/)0(*",."Q,("6'?=]!O3#=!X6&%;9%*!c'/=!KLLL<!



! KMe

NWS0!86*!$"7$C(%+$!8"*;0<dL!#$%!,;%'/;%'(!0(,(%/!($,(!($%!3(,(%!>6)'+".!+6)./!%0(,9."0$!,!

'%4! 0(6+5! ;,*5%(! 86*! ."0("'7! $"7$C(%+$! %'(%*-*"0%0=! ,'/! ($%! *%7).,("6'0! 68! ($"0! 0(6+5!

;,*5%(! /"/! '6(! $,&%! (6! 9%! +6'0"0(%'(! 4"($! ($%! >6*-6*,("6'! a,4<! #$%! -)*-60%! 68! ($"0!

,;%'/;%'(! 4,0! (6! 8,+"."(,(%! ($%! %0(,9."0$;%'(! 68! ,! X:3E:YC."5%! \0%+6'/! 96,*/]! "'!

>$"',! (6! ;,5%! "(! %,0"%*! 86*! $"7$C(%+$! %'(%*-*"0%0! (6! $,&%! NWS0R! S'.1! 8"*;0! ($,(! 4%*%!

,++*%/"(%/! 91!($%!O3#! ,0!\$"7$C(%+$]! 8"*;0!4%*%!,..64%/!(6! 9%!."0(%/!6'!($%! -*6-60%/!

0%+6'/! 96,*/<! :.($6)7$! ($%! -*6-60%/! 0%+6'/! 96,*/! ,'/! '%4! *%7).,("6'0! '%&%*!

;,(%*",."Q%/=! ($%! 0%'0%! 68!%@-%+(,("6'! %'+6)*,7%/! &%'()*%! +,-"(,."0(0! (6!"'&%0(! "'!$"7$C

(%+$!"'!>$"',!/)*"'7!($%!.,(%!KLLM0!,'/!%,*.1!cMMM0<!!

:!($"*/!*%,06'!86*!($%!.,+5!68!"'&%0(;%'(0!"'!.64C(%+$!8"*;0!4,0!-*69,9.1!($%!.,+5!

68!5'64.%/7%!,96)(!&%'()*%!+,-"(,.!,;6'7!.64C(%+$!%'(*%-*%'%)*0<!^%0%,*+$!$,0!0$64'!

($,(!($"0!.,+5!68!,4,*%'%00!"0!,'!";-6*(,'(!8,+(6*!,88%+("'7!($%!/%;,'/!86*!&%'()*%!+,-"(,.<!

A6*!%@,;-.%=!"'!($%!2`=!6&%*!hMV!68!0;,..!%'(%*-*"0%0!0)*&%1%/!/"/!'6(!5'64!($,(!($%1!

+6)./! 8"','+%! ($*6)7$! &%'()*%! +,-"(,.! "'&%0(;%'(! IA*%%.=! KLLLJ<! O60(! $"7$C(%+$!

%'(*%-*%'%)*0! "'! >$"',! ,*%! 16)'7! ,'/! $"7$.1! %/)+,(%/<! #$%! ',()*%! 68! ($%"*! -*"6*! P69!

%@-%*"%'+%!%',9.%0!($%;!(6!$,&%!;6*%!+6''%+("6'0!4"($!3"."+6'!H,..%1=!,'/!$%'+%!($%1!

,*%! ;6*%! ."5%.1! (6! 9%! 5'64.%/7%,9.%! ,96)(! &%'()*%! +,-"(,.! 6--6*()'"("%0<! #$%0%!

%'(*%-*%'%)*0! (1-"+,..1! $,&%! &%'()*%! +,-"(,.! "'! ;"'/! 4$%'! ($%1! 0(,*(! ($%"*! %'(%*-*"0%0<!

36;%! %'(*%-*%'%)*0! 0)+$! ,0! ($%! 86)'/%*0! 68! TC(,'7! *%+%"&%/! &%'()*%! +,-"(,.! 8)'/"'7!

9%86*%!($%1!0(,*(%/!($%"*!8"*;0<!N'!+6'(*,0(=!;,'1!%'(*%-*%'%)*0!"'!.64C(%+$!8"*;0!(%'/!(6!

9%! 6./%*!,'/! ;6*%! %0(,9."0$%/<!A6*!%@,;-.%=! b%'0$%'7!X")=!($%! 86)'/%*! 68!O%'7!X")=!

4,0! gd!1%,*0! 6./! 4$%'! $%!0(,*(%/!($%! +6;-,'1<! O,'1!86)'/%*0!68! .64C(%+$!8"*;0!0(,*(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!df!\W6."+1!86*!%'+6)*,7"'7!($%!068(4,*%!"'/)0(*1!,'/!-*6;6("'7!($%!N>!"'/)0(*1=]!3(,(%!>6)'+".=!cMMM!



! KMf

4"($!($%"*!64'!8)'/"'7!,'/!.6,'0<!#$%1!,*%!7%'%*,..1!.%00!8,;".",*!4"($!($%!6-%*,("6'!68!

&%'()*%!+,-"(,.!,'/!-)*0)%!&%'()*%!+,-"(,.!.%00!,77*%00"&%.1<!!

#$%!+).()*,.!/"88%*%'+%0!9%(4%%'!.64C(%+$!%'(*%-*%'%)*0!,'/!"'(%*',("6',.!&%'()*%!

+,-"(,."0(0! ,*%! ,.06! ."5%.1! (6! -.,1! ,! *6.%! "'! ($%! 86+)0! 6'! $"7$C(%+$! "'/)0(*1! "'! >$"',<!

N'(%*',("6',.! &%'()*%! +,-"(,."0(0=! 0)+$! ,0! >$,'7! 3)'!,'/! U6! A%'7=! ,*%! (1-"+,..1! $"7$.1!

%/)+,(%/!>$"'%0%!',("6',.0<!O60(!68!($%;!*%+%"&%/!($%"*!%/)+,("6'!"'!($%!2'"(%/!3(,(%0<!

#$%"*!9,+57*6)'/0!,*%!;6*%!0";".,*!(6!($%!9,+57*6)'/0!68!$"7$C(%+$!%'(*%-*%'%)*0<!#$%!

0";".,*!9,+57*6)'/!;,5%0!"(!%,0"%*!86*!($%;!(6!+6;;)'"+,(%!4"($!&%'()*%!+,-"(,."0(0!,'/!

(6!;%%(!($%"*!%@-%+(,("6'0<!!

!

i<g<!#$%!3(,7%0!68!H>CU,+5%/!A"*;0!

N'! ($%! .,(%! KLLM0=! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! 4%*%! ;6*%! "'(%*%0(%/! "'! .,(%C

0(,7%! 8"*;0<! #,9.%! g<f! 0$640! ($,(! eK<gdV! 68! &%'()*%! +,-"(,.! 8)'/0! +.,";%/! (6! 9%!

"'(%*%0(%/!"'!%,*.1C0(,7%!8"*;0!"'!($%!.,(%!KLLM0!+6;-,*%/!4"($!ic<hV!"'!($%!;"/CKLLM0<!

#$%! +$,'7%! "'! -%*+%'(,7%! 68! "'&%0(;%'(0! "'! %,*.1C0(,7%! 8"*;0! 0$6)./! 9%! ;)+$! ;6*%!

/*,;,("+<! T&%'! ($6)7$!;,'1! 8"*;0!+.,";%/! (6!9%! "'(%*%0(%/! "'!%,*.1C0(,7%! 8"*;0!"'! ($%!

;"/CKLLM0=!($%1!;,"'.1!"'&%0(%/!"'!%0(,9."0$%/!8"*;0<!A6*!%@,;-.%=!:3NO>S!0(,(%/!($,(!

"(!4,0!"'(%*%0(%/!"'!%,*.1C0(,7%!8"*;0<!N'!*%,."(1=!$64%&%*=!,..!:3NO>S?0!Kf!"'&%0(;%'(0!

"'! ($%! 0,;-.%! 4%*%! P6"'(! &%'()*%0! 4"($! %0(,9."0$%/! 3ST0<! H>C9,+5%/! -*"&,(%! 8"*;0!

"'&%0(%/!"'!/)*"'7!($%!.,(%*!-%*"6/=!."5%!:0","'86!,'/!3(6'%!^"+$0"7$(=!7%'%*,..1!$,/!,'!

6-%*,("6'0!$"0(6*1!,'/!4%*%!-*68"(,9.%!9%86*%!*%+%"&"'7!&%'()*%!+,-"(,.!"'&%0(;%'(0<!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!dL!\E%+"0"6'0!,96)(!:;%'/"'7!($%!W%6-.%?0!^%-)9."+!68!>$"',?0!>6*-6*,("6'!a,4=]!#$%!3(,'/"'7!>6;;"((%%!68!($%!W%6-.%?0!>6'7*%00!68!>$"',=!E%+%;9%*!ch($=!KLLL<!!



! KML

N'! ($%! .,(%! KLLM0=! &%'()*%! +,-"(,."0(0! 4%*%! 4".."'7! (6! (,5%! *"050! 6'! )'-*6&%'!

%'(*%-*%'%)*0! ,'/!8"*;0=! ,'/! "(! "0!;)+$! %,0"%*! (6! 8"'/! %,*.1C0(,7%!8"*;0!"'! ($%! 0,;-.%<!

3(6*"%0!,--%,*%/!"'!($%!;%/",!68!0()/%'(0!-*6+)*"'7!;).("C;".."6'C/6..,*!&%'()*%!+,-"(,.!

"'&%0(;%'(!0";-.1!91!4*"("'7!,!9)0"'%00!-*6-60,.<!A6*!%@,;-.%=!>$"',^%'!4,0!86)'/%/!

91!($*%%!>$"'%0%!0()/%'(0!,(!3(,'86*/<!#$%1!*%+%"&%/!;6*%!($,'!mKM!;".."6'!"'!&%'()*%!

+,-"(,.!"'&%0(;%'(!8*6;!9.)%!+$"-!8"','+",.!$6)0%0=!"'+.)/"'7!b6./;,'!3,+$0=!(6!0(,*(!,!

7%6+"("%0C."5%! 6'."'%! +6;;)'"(1! "'! >$"',<! #$%! 86)'/%*0! 68! TC(,'7=! ,.06! ,'! 6'."'%!

+6;;)'"(1!-6*(,.!0"(%=!4%*%!0%&%*,.!>$"'%0%!0()/%'(0!4$6!$,/!P)0(!%,*'%/!($%"*!OU:0!

8*6;!Z,*&,*/!U)0"'%00!3+$66.<!#$%1!46'!,!mgM!;".."6'!&%'()*%!+,-"(,.!"'&%0(;%'(!8*6;!

E*,-%*! A"0$%*! ,'/! 31+,;6*%! W,*('%*0! 91! 0)9;"(("'7! ,! 9)0"'%00! -*6-60,.<! O,'1! 6($%*!

8,;6)0!H>C9,+5%/!8"*;0=!0)+$!,0!T7)6!,'/!T,+$'%(=!$,/!."((.%!6*!'6!6-%*,("6'0!$"0(6*1!

9%86*%!*%+%"&"'7!&%'()*%!+,-"(,.!"'&%0(;%'(0<!!

#$%! /*,;,("+! "'+*%,0%/! "'(%*%0(! "'! %,*.1C0(,7%! 8"*;! "0! +6'0"0(%'(! 4"($! ($%!

-*%/"+("6'!68!,7%'+1!($%6*1R!N;-*6&%;%'(0!"'!($%!"'0("()("6',.!%'&"*6';%'(!0$6)./!*%/)+%!

"'86*;,("6'!,01;;%(*1!,'/!,7%'+1!+60(0!,'/!%'+6)*,7%!"'&%0(;%'(0!"'!%,*.1C0(,7%!8"*;0<!

Z64%&%*=!($%0%!%,*.1C0(,7%!"'&%0(;%'(0!4%*%!(1-"+,..1!;,/%!(6!N'(%*'%(!0%*&"+%!8"*;0!"'!

KLLL! ,'/! ($%! %,*.1! cMMM<! #$%! &,.),("6'! 68! ($%0%! 8"*;0! 4,0! %@(*%;%.1! $"7$<! :'/!

"'&%0(;%'(0!"'!%,*.1C0(,7%!8"*;0!/%+*%,0%/!D)"+5.1!,8(%*!($%!X:3E:Y!/64'()*'!"'!cMMM< "

#$%0%!8,+(0!0)77%0(!($,(!($%!"'(%*%0(0!"'!%,*.1C0(,7%!8"*;0!;"7$(!$,&%!9%%'!;,"'.1!/*"&%'!

91!($%!N'(%*'%(!;,'",!6'!X:3E:Y<!!

$



! KKM

i<h<!W%*+%'(,7%!68!3(,5%!Z%./!91!H%'()*%!>,-"(,."0(0!!

N'!($%!.,(%!KLLM0=!($%!-%*+%'(,7%!68!0(,5%!$%./!91!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!

/%+*%,0%/!/*,;,("+,..1<!#,9.%!i<d!/%;6'0(*,(%0!($%!*%0).(0!68!,!(46C0(,7%!Z%+5"(!;6/%.!

86*!($%!-%*+%'(,7%!68!0(,5%!$%./!91!&%'()*%!+,-"(,."0(0!,'/!($%!.67!"'&%0(;%'(!,;6)'(<!:!

Z%+5"(!;6/%.!"0!)0%/!(6!+6**%+(!86*!-600"9.%!0%.%+("6'!9",0!"'!($%!/,(,!0%(<!N'!($%!Z%+5"(!

;6/%.=!($%!8"*0(!0(,7%!"0!,!-*69"(!;6/%.!6'!($%!-*69,9"."(1!68!;"00"'7=!,'/!($%!0%+6'/!0(,7%!

"0!,'! Sa3<! #$%!-*69,9"."(1!68! ;"00"'7! "0!,00);%/! (6!9%!+6**%.,(%/! 4"($! ($%! /%-%'/%'(!

&,*",9.%=!,'/! !"0!,//%/!"'(6!($%!0%+6'/!0(,7%!;6/%.!(6!+6'(*6.!86*!($%!0%.%+("6'!9",0<!

#,9.%!i<d!0$640!($,(!"'!($%!"'&%0(;%'(!,;6)'(!;6/%.=!($%!+6%88"+"%'(0!86*!($%!8"*0(!

(";%! -%*"6/! ,'/! ($%! 0%+6'/! (";%! -%*"6/! ,*%! '6(! 0"7'"8"+,'(.1! /"88%*%'(! 8*6;! ($%! (";%!

-%*"6/!68!KLLf!(6!cMMK<!N'!($%!;6/%.!86*!0(,5%!$%./!91!&%'()*%!+,-"(,."0(0=!($%!+6%88"+"%'(!

86*! ($%! (";%! -%*"6/! KLLg[KLLe! ,*%! -60"("&%! IdK<KfJ! ,'/! 0"7'"8"+,'(! ,(! KMV<! #$%!

+6%88"+"%'(! 86*! KLLK[KLLd! "0! ,.06! -60"("&%! IdM<fiJ! 9)(! "'0"7'"8"+,'(! IKgVJ<! #$%! .64%*!

0(,5%!,'/!($%!*6)7$.1!%D),.!"'&%0(;%'(!,;6)'(0!0)77%0(!($,(!&%'()*%!+,-"(,."0(0!7,&%!H>C

9,+5%/!8"*;0!$"7$%*!&,.),("6'!"'!($%!.,(%!KLLM0<!!

IN'0%*(!#,9.%!i<dJ!!

#$%! /%+*%,0%! "'! "'&%0(;%'(! 0(,5%! "0! +6'0"0(%'(! 4"($! ($%! -*%/"+("6'! 68! ,7%'+1!

($%6*1R! 3$.%"8%*! ,'/! H"0$'1! IKLLeJ! -*%/"+(! ($,(! ,! .,*7%! "'&%0(;%'(! 0(,5%! +,'! 9%! ,'!

,.(%*',("&%!;%+$,'"0;!(6!-*6(%+(!%@(%*',.!"'&%0(6*0!4$%'!"'&%0(6*!-*6(%+("6'!"0!4%,5<!:0!

"'0("()("6',.! %'&"*6';%'(0! ";-*6&%=! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! 0$6)./! $,&%! .%00!

+6;-%.."'7! *%,06'0! (6! )0%! ,! .,*7%! 64'%*0$"-! 0(,5%! (6! -*6(%+(! ($%"*! "'(%*%0(0! ,'/! ($%!

-%*+%'(,7%!$%./!91!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!0$6)./!/%+*%,0%<!Z64%&%*=!,!0(*6'7!

+6;-%("'7!($%6*1!(6!%@-.,"'!($%!0";).(,'%6)0!/%+*%,0%!"'!0(,5%!,'/!"'+*%,0%!"'!&,.),("6'!



! KKK

"0!($%!\;6'%1!+$,0"'7!/%,.0]!-$%'6;%'6'!"'!&%'()*%!+,-"(,.!"'&%0(;%'(0!Ib6;-%*0!,'/!

a%*'%*=! cMMMJR! 0)//%'!"'8.64! 68! &%'()*%! +,-"(,.! "'&%0(;%'(0!+,'!9660(!8"*;! &,.),("6'0!

/*,;,("+,..1<!#$%!/%+*%,0%!68!&%'()*%!+,-"(,.!0(,5%0!;"7$(!9%!/*"&%'!91!($%!-%*86*;,'+%!

68!X:3E:Y! "'!($%! .,(%! KLLM0=!,'/!>$"',?0! "'0("()("6',.! %'&"*6';%'(! ;,1! $,&%! $,/!,!

*%.,("&%.1!;"'6*!";-,+(<!!

!

i<i<!N'&%0(;%'(!-%*86*;,'+%0!!

! N(!"0!-*69,9.1!(66!%,*.1!(6!5'64!($%!-%*86*;,'+%0!68!H>C9,+5%/!8"*;0!"'&%0(%/!"'!

/)*"'7!($%!0%+6'/!4,&%!68!&%'()*%!+,-"(,.!"'&%0(;%'(0<!#$%!%@"0("'7!%&"/%'+%!-*6&"/%0!,!

;"@%/!-"+()*%<!36;%! $,&%! +.,";%/! %@+%-("6',.! *%()*'! 6'!H>!"'&%0(;%'(!"'! >$"',<! A6*!

%@,;-.%=!($%!>TS!68!NEb!+.,";%/!($,(!($%!NEbH>!$,/!,'!,''),."Q%/!*%()*'!68!ghV!"'!

>$"',<gM

!Z64%&%*=!&%'()*%!+,-"(,."0(0!"'(%*&"%4%/!"'!.,(%!cMMK!7%'%*,..1!9%."%&%/!($,(!,!

&%'()*%!+,-"(,.!8)'/!4,0!+6'0"/%*%/!.)+51!"8!"(0!"'&%0(;%'(!"'!>$"',!9*65%!%&%'<!O,'1!

&%'()*%! +,-"(,."0(0! "'(%*&"%4%/! /%-.6*%/! ($%! 0$6*(! >$"',! $"7$C(%+$! 9)99.%! "'! ($%!

X:3E:YR!N(!.,0(%/!.%00!($,'!,!1%,*=!8*6;!($%!(";%!4$%'!>$"',<+6;!4,0!."0(%/=!"'!;"/!

KLLL=!(6!O,*+$!cMMM!4$%'!($%!X:3E:Y!*%,+$%/!,..!(";%!$"7$<!O,'1!H>C9,+5%/!8"*;0!

4%*%!&,.)%/!9,0%/!6'!($%!X:3E:Y!&,.),("6'!"'!KLLL=!,'/!;,'1!0)88%*%/!$%,&1!.600%0!

,8(%*!cMMM<!!

Z64%&%*=! ($"0! 0"(),("6'! +6)./! +$,'7%! 066'<! S'%! ";-6*(,'(! /"88%*%'+%! 9%(4%%'!

H>C9,+5%/!-*"&,(%!8"*;0!,'/!H>C9,+5%/!3ST0!"0!($,(!H>C9,+5%/!-*"&,(%!8"*;0!,*%!8,*!

;6*%!."5%.1!(6!/%."&%*!06."/!7*64($<!S8!($%!Kc!."0(%/!H>C9,+5%/!8"*;0=!0%&%'!8"*;0!$,&%!

9%%'!,9.%!(6!/%."&%*!,'! ,''),.! 0,.%0!7*64($!68!;6*%!($,'!dMV<!2#!3(,*+6;=!3"',<+6;=!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!gM!\O+b6&%*'R!>$"',!W*6&"/%0!($%!Z"7$%0(!H%'()*%!>,-"(,.!N'&%0(;%'(!^%()*'!86*!NEbH>=]!$((-Rnn444<+$"',<6*7<+'n+$"'%0%nT>C+ndffiLi<$(;!,'/!$((-Rnn"(<06$)<+6;nKKnKin,*("+.%cKcMhKiKK<0$(;.<!!



! KKc

36$)<+6;=!,'/!X%(%,0%<+6;!,*%!,..!;).("C9".."6'C/6..,*C&,.)%/! %'(%*-*"0%0!6'!X:3E:Y!

4"($!06."/!7*64($!,'/!-*68"(<!#$"0!+6'(*,0(0!0$,*-.1!4"($!($%!-%*86*;,'+%!68!."0(%/!H>C

9,+5%/! 3ST0! I#,9.%! h<KJ<! #$%! *%+%'(! 0-%+(,+).,*! -%*86*;,'+%0! 68! ($%0%! 8"*;0! 6'!

X:3E:Y! ,'/! ,! *"0"'7! X:3E:Y! $,0! *%5"'/.%/! &%'()*%! +,-"(,."0(0?! $6-%<! 36;%! H>C

9,+5%/! 8"*;0!"'! ($%! 0,;-.%! ,*%! 0,"/!(6!9%! -*%-,*"'7! 86*! ."0("'7! 6'!($%! X:3E:Y<! >(*"-!

4,0!0)++%008)..1!."0(%/!6'!X:3E:Y!"'!E%+%;9%*!cMMd=!,'/!"(0!-*"+%!06,*%/!"'!($%!8"*0(!

/,1!68!(*,/"'7<!#$%0%!NWS!+,'/"/,(%0?!0)++%008).!."0("'7!+6)./!+$,'7%!($%!6&%*,..!&%'()*%!

+,-"(,.!"'&%0(;%'(!*%()*'0!68!($%!.,(%!KLLM0<!"

! H%'()*%!+,-"(,."0(0! "'(%*&"%4%/!7%'%*,..1! 9%."%&%!($,(!($%! 6&%*,..!"'&%0(;%'(0!"'!

-*"&,(%!8"*;0!46)./!$,&%!9%%'!/*,;,("+,..1!/"88%*%'(!$,/!H>C9,+5%/!8"*;0!9%%'!,9.%!(6!

9%!."0(%/!6'!>$"',?0!/6;%0("+!0(6+5!;,*5%(0<!>)**%'(.1=!6'.1!e<hV!68!H>C9,+5%/!-*"&,(%!

8"*;0! "'! ($%! 0,;-.%! 4%'(! (6! NWS0=! ;)+$! .64%*! ($,'! ($%! dMV! "'! ($%! 2'"(%/! 3(,(%0!

Ib6;-%*0! ,'/! a%*'%*=! KLLLJ<! U%"'7! ,9.%! (6! ."0(! H>C9,+5%/! 8"*;0! 6'! /6;%0("+! 0(6+5!

%@+$,'7%0!0$6)./!"'+*%,0%!H>C9,+5%/!8"*;0?!+$,'+%!68!9%"'7!."0(%/<!N(!46)./!,.06!9660(!

($%!&,.),("6'!68!H>C9,+5%/!8"*;0<!S'%!8*%D)%'(.1!+"(%/!%@,;-.%!,96)(!($%!/"88%*%'+%!"'!

&,.),("6'!"0!($%!+6;-,*"06'!68!28068(!,'/!`"'7/%%!I#,9.%!i<gJ<!28068(!,'/!`"'7/%%!,*%!

($%! X6<K! ,'/!X6<c!-*6/)+%*0! "'!>$"',?0! %'(%*-*"0%! 068(4,*%!;,*5%(<! U6($! 8"*;0!"00)%/!

NWS0!"'!cMMKR!`"'7/%%!4,0!."0(%/!6'!Z6'7!`6'7?0!b*64($!T'(%*-*"0%!O,*5%(!,'/!28068(!

4,0!."0(%/!6'!($%!3$,'7$,"!3(6+5!T@+$,'7%<!#,9.%!i<g!0$640!($,(!28068(?0!&,.),("6'!"0!

,.;60(!8"&%!(";%0!68!`"'7/%%?0!&,.),("6'!,.($6)7$!`"'7/%%?0!(6(,.!0,.%0!,;6)'(!"0!,96)(!

iMV! 68! 28068(?0<! O,'1! "'/)0(*1! "'0"/%*0! 9%."%&%! ($,(! `"'7/%%?0! &,.),("6'! 46)./! $,&%!

9%%'! ,(! .%,0(! /6)9.%! $,/! `"'7/%%! 9%%'! ."0(%/! 6'! ($%! 3$,'7$,"! 3(6+5! T@+$,'7%<!

2'86*()',(%.1=!."0("'7!6'!3$,'7$,"!4,0!'6(!,'!6-("6'!86*!`"'7/%%!9%+,)0%!`"'7/%%!"0!,!



! KKd

H>C9,+5%/!8"*;<!a"0("'7!6'!,'!6&%*0%,0!0(6+5!%@+$,'7%!"0!($%!6'.1!4,1!86*!"(0!&%'()*%!

+,-"(,."0(0!(6!%@"(!8*6;!($%"*!"'&%0(;%'(0<!!

! IN'0%*(!#,9.%!i<gJ!

! !

$



! KKg

$

#,9.%!i<KR!#$%!S*7,'"Q,("6'!68!T'(%*-*"0%0!4"($!!A6*%"7'!N'&%0(;%'(0!"'!>$"',=!KLLKCCcMMM!

#$"0!(,9.%!-*%0%'(0!($%!+6;-60"("6'!68!86*%"7'!/"*%+(!"'&%0(;%'(!"'!>$"',!91!($%!6*7,'"Q,("6'!68!86*%"7'C"'&%0(%/!%'(%*-*"0%0<!E,(,!8*6;!KLLK!(6!KLLf!+,;%!8*6;!>$"',!T+6'6;"+!_%,*9665<!E,(,!6'!KLLL!,'/!cMMM!+,;%!8*6;!($%!4%90"(%!68!

>$"',v0!O"'"0(*1!68!A6*%"7'!#*,/%!,'/!T+6'6;"+!>66-%*,("6'<!_%,*! #6(,.!AEN!"'!>$"',!

Im!U".."6'J

V!68!N'&%0(;%'(!91!G6"'(!H%'()*%!

T'(%*-*"0%0!

V!68!N'&%0(;%'(! 91!>6'(*,+(),.!G6"'(!H%'()*%0!

V!68!N'&%0(;%'(!91!F$6..1!A6*%"7'!S4'%/!

T'(%*-*"0%0!

KLLK! g<de! gL<dMV! Ki<gMV! cg<dMV!

KLLc! KK<MK! hg<cMV! Kf<fMV! cc<dMV!

KLLd! ce<hc! hh<dMV! Kf<LMV! cd<gMV!

KLLg! dd<ee! hc<fMV! cK<MMV! cd<eMV!

KLLh! de<hc! hM<hMV! KL<LMV! ce<dMV!

KLLi! gK<ed! gL<dMV! KL<cMV! cL<LMV!

KLLe! gh<ci! de<cMV! Ke<MMV! dM<LMV!

KLLf! gh<gi! df<iMV! cM<gMV! dg<iMV!KLLL! gM<dK! dL<cMV! cM<gcV! df<hhV!

cMMM! gM<ec! dh<fcV! Kh<LiV! ge<MMV!

! ! ! ! !

KLLKCCKLLd! gc<L! hg<gKV! Kf<icV! cd<cKV!

KLLgCCKLLe! Khf<cf! gi<feV! KL<KcV! cf<chV!

KLLfCCcMMM! Kci<gL! de<LMV! Kf<LfV! dL<fhV!



! KKh

!

#,9.%!i<cR!cMMc!#6-!KMM!b*64"'7!T'(%*-*"0%0!"'!>$"',!#$"0!(,9.%!-*%0%'(0!($%!/"0(*"9)("6'!68!"'/)0(*1!86*!($%!\cMMc!KMM!8,0(!

7*64"'7!-*"&,(%!%'(%*-*"0%0!"'!>$"',<]!E,(,!"'!($"0!(,9.%!4%*%!+6;-".%/!91!:,+/"6),$%$?'7%+%2"$ !;,7,Q"'%!,'/!($%!:006+",("6'!

68!>$"',!W*"&,(%!T'(%*-*"0%0<!N'/)0(*1! W%*+%'(,7%!

! !

>6'7.6;%*,(%0! KcV!

O%+$,'"+,.!O,')8,+()*"'7! KKV!

>6'0(*)+("6'!O,(%*",.0! KKV!

>6;-)(%*!,'/!T.%+(*6'"+!TD)"-;%'(0! fV!

A66/! eV!

#%@(".%! iV!

:--,*%.! iV!

>6'0);%*!T.%+(*6'"+0! hV!

:7*"+).()*%n8"0$%*"%0! hV!

^%,.!T0(,(%! gV!

W.,0("+!O,')8,+()*"'7! gV!

^%(,".nF$6.%0,.%! gV!

O%/"+,.nU"6(%+$'6.671! dV!

#%.%+6;;)'"+,("6'! KV!

>6;-)(%*!3%*&"+%0! KV!

S($%*!N'/)0(*"%0! KcV!

#6(,.! KMMV!

$



! KKi

!

#,9.%!i<dR!:!Z%+5"(!T0(";,("6'!68!H%'()*%!>,-"(,.!N'&%0(;%'(!,'/!3(,5%!Z%./!91!H%'()*%!>,-"(,.!A"*;0!#$"0!(,9.%!-*%0%'(0!Z%+5"(!%0(";,(%0!68!*%7*%00"6'!6'!&%'()*%!+,-"(,.!"'&%0(;%'(!,;6)'(!,'/!0(,5%!$%./!91!&%'()*%!+,-"(,.

9,0%/!6'!($%!cii!&%'()*%!+,-"(,.!"'&%0(;%'(0!+6..%+(%/!91!($%!,)($6*<!#$%!(46!;6/%.0!,00);%!($,(!($%!-*69,9"."(1!68!;"00"'7!&,.)%!"'!/%-%'/%'(!&,*",9.%!"0!+6**%.,(%/!4"($!($%!(*)%!&,.)%!68!/%-%'/%'(!&,*",9.%<!:!-*69"(!;6/%.!"0!)0%/!(6!;6/%.!($%!-*69,9"."(1!68!;"00"'7!,'/!,'!Sa3!"0!)0%/!"'!($%!0%+6'/!0(,7%!,',.10"0<!#$"0!(,9.%!-*%0%'(0!($%!0%+6'/!-,*(!68!

($%!Z%+5;,'!O6/%.<!! ! O6/%.!K! O6/%.!c!

X);9%*!68!690%*&,("6'0R! Khi! Kch!

E%-%'/%'(!H,*",9.%R! a67!N'&%0(;%'(!:;6)'(! W%*+%'(,7%!3(,5%}KMM!

N'/%-%'/%'(!H,*",9.%R! >6%88"+"%'(!T0(";,(%! W*!~!(! >6%88"+"%'(!T0(";,(%! W*!~!(!

N'(%*+%-(! ! d<gL!IK<ifJ! M<Md! K<dc!Icf<fLJ! M<Li!

a6+,("6'! b),'7/6'7! [M<Md!IM<gcJ! M<Lg! [g<ei!Ii<chJ! M<dg!

! S&%*0%,0!! M<hf!IM<gMJ! M<Kh! [Kg<eg!IL<KMJ! M<KK!

! 3$,'7$,"! M<hg!IM<dKJ! M<Mf! [g<ML!If<hiJ! M<id!

! S($%*!W*6&"'+%0! [M<Md!IM<dMJ! M<Lc! [L<eh!Ie<ggJ! M<KL!

! U%"P"'7! ! ! ! !

W%*"6/!! KLLK[KLLd! [K<Kg}!IM<iMJ! M<Mi! dM<fi!IcM<ihJ! M<Kg!

! KLLg[KLLe! [M<gh!IM<hcJ! M<df! dK<Kf}!IKf<LMJ! M<KM!

! KLLf[cMMK! ! ! ! !

N'/)0(*1! >6'0);%*!W*6/)+(0! [M<fg!IM<ieJ! M<cK! c<cd!IKM<hKJ! M<fd!

! N'/)0(*",.!O,')8,+()*"'7! [M<iM!IM<ehJ! M<gc! KK<KM!IKM<MgJ! M<ce!

! S($%*!N'/)0(*"%0! [M<ig!IM<gLJ! M<KL! [M<gf!IKM<MKJ! M<Li!

! N'86*;,("6'!#%+$'6.671! C! C! C! C!

F$%($%*!($%!H>C9,+5%/!8"*;!"0!,!-*"&,(%!8"*;! [K<Mf}}!IM<ghJ! M<Mc! [KM<Mf!If<MfJ! M<cK!

F$%($%*!"'&%0(%/!"'!91!G6"'(!H%'()*%!A)'/0! [M<id}}!IM<dcJ! M<Mh! [g<ei!Ii<chJ! M<ie!

F$%($%*!($%!"'&%0(;%'(!"0!'6(!($%!8"*0(C!*6)'/!"'&%0(;%'(! M<fc!IM<LfJ! M<gM! g<hL!IKg<dLJ! M<eh!

F$%($%*!($%!"'&%0(;%'(!"0!"'&%0(%/!"'!!91!NEb!H%'()*%!>,-"(,.! [M<ch!IM<hiJ! M<ii! [h<ei!IKd<fhJ! M<ie!

! ! [M<ge!IK<LcJ! M<LM! ce<ei!IcK<cfJ! M<KL! ! [M<gd! ! K<cM! !

! K<ML! ! cd<Kd! !

F,./!+$"C0D!H,.)%! ! Kci<di! ! KcL<gK!

W*!~!+$"C0D! ! M<MMM! ! M<MMM!

^C3D),*%! ! ! M<dMKd! ! M<cfMg!! ! ! ! ! !}R!3"7'"8"+,'(!,(!KMV=!}}R!3"7'"8"+,'(!,(!hV !! !! ! !!



! KKf

&,%!-#"'</'()**%"+'%13'&21&5)(021('

$

e<K<!3);;,*1!68!A"'/"'70!

e<K<K<!b6&%*';%'(!W6."+"%0!,'/!H%'()*%!>,-"(,.!"'!>$"',!!

#$"0! ($%0"0! /%0+*"9%0! ($%! $"0(6*1! 68! &%'()*%! +,-"(,.! "'&%0(;%'(0! "'! >$"',! ,'/!

/"0+)00%0! ($%! ;,P6*! 8,+(6*0! ($,(! "'8.)%'+%! &%'()*%! +,-"(,.! "'! >$"',<! N(! 8"'/0! ($,(! ($%!

>$"'%0%!76&%*';%'(!-.,10!,'!";-6*(,'(!*6.%!"'!0$,-"'7!%&%*1!,0-%+(!68!&%'()*%!+,-"(,.!

"'&%0(;%'(0! "'! >$"',<! A"*0(=! &%'()*%! +,-"(,.! "'&%0(;%'(0! "'! >$"',! $,&%! 9%%'! .,*7%.1!

+6'/)+(%/! 91! "'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0<! #$"0! )'"D)%!8%,()*%! "0!;,"'.1! /)%!(6!

>$"',?0!*%7).,("6'0!,7,"'0(!8)'/C*,"0"'7!"'!>$"',<!:0!,!*%;','(!68!($%!-.,''%/!%+6'6;1=!

>$"',! /6%0! '6(! ,..64! -*"&,(%! "'/"&"/),.0! 6*! -*"&,(%! +6*-6*,("6'0! (6! *,"0%! ;6'%1! 8*6;!

-*"&,(%!"'/"&"/),.0<!N'!,//"("6'=!($%!.";"(%/!-,*('%*0$"-!"0!'6(!,!.%7,.!6*7,'"Q,("6',.!86*;!

86*!,!&%'()*%!+,-"(,.!8)'/<!>6'0%D)%'(.1=!&%'()*%!+,-"(,."0(0!4$6!4,'(!(6!"'&%0(!&%'()*%!

+,-"(,.!"'!>$"',!$,&%!(6!*,"0%!;6'%1!8*6;!"'0("()("6',.!"'&%0(6*0!6&%*0%,0<!#$%"*!&%'()*%!

+,-"(,.! 8)'/0!$,&%! (6!9%!"'+6*-6*,(%/! 6&%*0%,0! ,'/!($%! 6-%*,("6'! 68!($%! 8)'/0!;)0(! 9%!

+6'/)+(%/! 6880$6*%<! N'(%*',("6',.! &%'()*%! +,-"(,.! 8)'/0! 9*6)7$(! ($%! +6'+%-(! 68! &%'()*%!

+,-"(,.!"'&%0(;%'(0!(6!>$"',!,'/!/6;"',(%/!>$"',?0!&%'()*%!+,-"(,.!"'&%0(;%'(!;,*5%(!"'!

($%!;"/!,'/!%,*.1!KLLM0<!

#$%! *%0(! 68! ($%! &%'()*%! +,-"(,.! 8)'/0! "'! >$"',! $,&%! 9%%'! .,*7%.1! 3ST! &%'()*%!

+,-"(,.! 8)'/0<! #$%0%! 8)'/0! ;60(.1! *%.1! 6'! 76&%*';%'(! ,--*6-*",("6'! ,0! ($%"*! 8)'/"'7!

06)*+%<!#$%!>$"'%0%!76&%*';%'(!"'&%0(%/!;6*%!($,'!mK<i!9".."6'!"'!($%0%!8)'/0!"'!($%!.,(%!

KLLM0=!(*1"'7!(6!*%-."+,(%!($%!0)++%00!68!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!($%!2'"(%/!3(,(%0<!

Z64%&%*=! /%0-"(%! $%,&1! "'&%0(;%'(! 91! ($%! >$"'%0%! 76&%*';%'(=! "'(%*',("6',.! &%'()*%!



! KKL

+,-"(,.!8)'/0!0("..!/6;"',(%/!>$"',?0!&%'()*%!+,-"(,.!"'&%0(;%'(!;,*5%(!"'!($%!.,(%!KLLM0<!

:..! Kf! NWS0! 68! H>C9,+5%/! "'&%0(;%'(0! "'! ($%! /,(,! +6..%+(%/! 86*! ($"0! *%0%,*+$! 4%*%!

"'(%*',("6',.! H>C"'&%0(%/! 8)'/0<! X6'%! 68! ($%;! *%+%"&%/! ;6'%1! 8*6;! >$"',?0! 3ST!

&%'()*%!+,-"(,.!8)'/0<!!

T'(*%-*%'%)*0! 7%'%*,..1! -*%8%*! "'&%0(;%'(0! 8*6;! "'(%*',("6',.! &%'()*%! +,-"(,.!

8)'/0! (6! "'&%0(;%'(0! 8*6;! 3ST! 8)'/0! ;,"'.1! 9%+,)0%! ($%1! 9%."%&%! ($,(! "'(%*',("6',.!

&%'()*%!+,-"(,.!8)'/0!+,'!-*6&"/%!9%((%*!0%*&"+%0<!#$%!-%*06''%.!68!3ST!8)'/0!,*%!)0),..1!

-6."("+,.!,--6"'(%%0!4$6!,*%!-66*.1!(*,"'%/!86*!&%'()*%!+,-"(,.!"'&%0(;%'(0<!>6'&%*0,("6'!

4"($!3ST!&%'()*%!+,-"(,."0(0!0$640!($,(!06;%!3ST!&%'()*%!+,-"(,."0(0!/6!'6(!%&%'!5'64!

,96)(!$%!9,0"+!&%'()*%!+,-"(,.!8"','+",.!"'0(*);%'(0=!0)+$!,0!+6'&%*("9.%!-*%8%**%/!0(6+5<!

N'! ,//"("6'=! ($%! +6;-%'0,("6'! 0+$%;%! "'! 3ST! 8)'/0! "0! *"7"/=! ,'/! ;,',7%*0! $,&%!

"'0)88"+"%'(!"'+%'("&%!(6!-)*0)%!0)-%*"6*!*%()*'0<!S'.1!8"*;0!($,(!,*%!/%0-%*,(%!86*!8)'/0!

()*'!(6!3ST!&%'()*%!+,-"(,.!8)'/0!86*!$%.-<!#$%!*%()*'0!86*!($%!mK<i!9".."6'!"'&%0(%/!91!($%!

>$"'%0%!76&%*';%'(!,*%!."5%.1!(6!9%!%@(*%;%.1!.64<!!

! 3%+6'/=! ($%! 6*7,'"Q,("6'! 68! "'(%*',("6',.! H>! 8)'/0! "'! >$"',! $,0! 9%%'! $%,&".1!

"'8.)%'+%/!91!>$"',?0!;,*5%(C6*"%'(%/!*%86*;0<!N'!($%!%,*.1!KLLM0=!($%!P)/"+",.!010(%;0!

,'/! ;,*5%(! "'(%*;%/",(%! "'0("()("6'0! 4%*%! 4%,5<! N'(%*',("6',.! &%'()*%! +,-"(,."0(0!

8*%D)%'(.1!)0%/!P6"'(!&%'()*%!8)'/0!4"($!3ST0!(6!*%/)+% "(*,'0,+("6'!+60(0!"'!>$"',<!G6"'(!

&%'()*%!8)'/0!%+6'6;"Q%!6'!(*,'0,+("6'!+60(0!91!-*6&"/"'7!%;9%//%/!"'(%*%0(0!86*!3ST!

-,*('%*0!(6!46*5!86*!($%!0)++%00!68!($%!8)'/0!,'/!%'+6)*,7"'7!3ST!-,*('%*0!(6!+6'/)+(!

*%.,("6'C0-%+"8"+! "'&%0(;%'(0<! #$%! /"0,/&,'(,7%! 68! P6"'(! &%'()*%! 8)'/0! "0! ($,(! 3ST!

-,*('%*0!;,1!'6(!9%!-*68"(!;,@";"Q%*0!,'/!76&%*','+%!0(*)+()*%!"0!/,;,7%/!,0!,!*%0).(<!

#$"0! *%0%,*+$! 8"'/0! ($,(=! ,0! >$"',?0! *).%! 68! .,4! ,'/! ;,*5%(! "'(%*;%/",(%! "'0("()("6'0!



! KcM

";-*6&%/=!($%!'%%/!(6!86*;!P6"'(!&%'()*%!8)'/0!9%+,;%!.%00!+6;-%.."'7!,'/!P6"'(!&%'()*%!

8)'/0!4%*%!.%00!."5%.1!(6!9%!86*;%/!91!($%!%'/!68!($%!KLLM0<!!

#$"*/=!&%'()*%!+,-"(,.!/%,.C0(*)+()*"'7!"0!$%,&".1!$,;-%*%/!91!>$"',?0!.,40!,'/!

*%7).,("6'0<!>$"',?0!.,40!,'/!*%7).,("6'0!86*9"/!($%!0%-,*,("6'!68!64'%*0$"-!,'/!+6'(*6.<!

:'/! >$"',?0! .,40!/6!'6(! $,&%! -*6&"0"6'0!86*! 8"','+",.! "'0(*);%'(0!0)+$!,0! +6'&%*("9.%!

-*%8%**%/!0(6+5!,'/!0(6+5!6-("6'0!($,(!,*%!4"/%.1!)0%/!"'!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!

($%! 2'"(%/! 3(,(%0<! #$%0%! +);9%*06;%! *%7).,("6'0! .%,&%! &%'()*%! +,-"(,."0(0! 6'.1! (46!

+$6"+%0R! T"($%*! ($%1! /6! '6(! )0%! ($%0%! 8"','+",.! "'0(*);%'(0! 6*! ($%1! "'+6*-6*,(%! ($%"*!

"'&%0(;%'(0!6&%*0%,0!(6!%&,/%!>$"'%0%!*%7).,("6'0<!#$%!.,((%*!0(*,(%71!"0!4"/%.1!)0%/!"'!

"'&%0(;%'(0! "'! -*"&,(%! 8"*;0<! U%+,)0%! ($%! >$"'%0%! 76&%*';%'(! $,0! 0(*"+(! *%7).,("6'0!

,7,"'0(!6&%*0%,0!"'+6*-6*,("6'!86*!3ST0=!&%'()*%!+,-"(,."0(0!)0),..1!+,''6(!)0%!8"','+",.!

"'0(*);%'(0!0)+$! ,0!+6'&%*("9.%! -*%8%**%/! 0%+)*"("%0! ,'/!0(6+5!6-("6'0! "8! ($%1! "'&%0(! "'!

3ST0<!

! A6)*($=! ($%! >$"'%0%! 76&%*';%'(?0! -6."+"%0! $,&%! $%,&1! "'8.)%'+%/! "'(%*',("6',.!

&%'()*%! +,-"(,."0(0?! +$6"+%0! 9%(4%%'! 3ST0! ,'/! -*"&,(%! 8"*;0<! N'! ($%! %,*.1! KLLM0=! ($%!

>$"'%0%! 76&%*';%'(! 7,&%! 3ST0! -*%8%*%'(",.! ,++%00! (6! ;,'1! *%06)*+%0! "'+.)/"'7!

8"','+"'7=!$);,'!*%06)*+%0=!*,4!;,(%*",.0=!,'/!0,.%0!+$,''%.0<!#$"0!8,&6*,9.%!(*%,(;%'(!

-*6&"/%/! 0(*6'7! "'+%'("&%0! 86*! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! (6! "'&%0(! "'! 3ST0<! N'!

+6'(*,0(=!($%!-*6-%*(1!*"7$(0!68!-*"&,(%!8"*;0!4%*%!"'0%+)*%!"'!($%!%,*.1!KLLM0!,'/!-*"&,(%!

8"*;0! 4%*%! $%,&".1! /"0+*";"',(%/! ,7,"'0(! 91! ($%! >$"'%0%! 76&%*';%'(! "'! *%06)*+%!

,..6+,("6'<! #$%0%! /"0+*";"',(6*1! -6."+"%0! (64,*/! -*"&,(%! 8"*;0! /%(%**%/! "'(%*',("6',.!

&%'()*%!+,-"(,."0(0!8*6;!"'&%0("'7!"'!-*"&,(%!8"*;0!%&%'!($6)7$!-*"&,(%!%'(*%-*%'%)*0!,*%!

;6*%!;6("&,(%/!(6!-)*0)%!7*64($<!#$%!/%%-%'"'7!68!;,*5%(C6*"%'(%/!*%86*;0!"'!($%!KLLM0!



! Kcc

#$%! ($"*/! 690(,+.%! "0! ($,(! ($%! >$"'%0%! 76&%*';%'(! $,0! '6(! 86*;,..1! ,..64%/!

86*%"7'C"'&%0(%/! %'(%*-*"0%0! (6! 9%! ."0(%/! 6'! >$"',?0! 0(6+5! ;,*5%(0<! #$"0! *%0(*"+("6'! $,0!

(*%;%'/6)0! "'8.)%'+%! 6'! &%'()*%! +,-"(,.! "'&%0(;%'(0! "'! >$"',! 9%+,)0%! "'(%*',("6',.!

&%'()*%!+,-"(,.!8)'/0!,*%!($%!.%,/%*0!"'!>$"',?0!&%'()*%!+,-"(,.!;,*5%(<!#$%*%!$,&%!9%%'!

-%*0"0(%'(! +,..0! (6! ,..64! 86*%"7'C"'&%0(%/! 8"*;0! (6! 9%! ."0(%/! 6'! >$"',?0! /6;%0("+! 0(6+5!

%@+$,'7%0<!!!Z64%&%*=!'6!+$,'7%!"'!($%!*).%0!$,0!1%(!9%%'!;,/%<!

N'! 8,+(=! ($%! >$"'%0%! 76&%*';%'(! ,.06! *%D)"*%0! ($,(! ,'1! 8"*;0! 0%%5"'7! 6&%*0%,0!

."0("'7!;)0(!69(,"'!($%!,--*6&,.!68!($%!>$"'%0%!76&%*';%'(!8"*0(<!>)**%'(.1=!"'(%*',("6',.!

&%'()*%! +,-"(,."0(0! 91-,00! ($"0!*%D)"*%;%'(!91! "'+6*-6*,("'7! H>C9,+5%/! 8"*;0! 6&%*0%,0!

,'/!"00)"'7!NWS0!86*!($%!6&%*0%,0C"'+6*-6*,(%/!8"*;0<!:.($6)7$!($%!>$"'%0%!76&%*';%'(!

$,0! (,5%'!,! (6.%*,'(!,(("()/%!(6!($"0!0(*,(%71=! ($%*%!"0! '6!7),*,'(%%!($,(! ($%! 76&%*';%'(!

46'?(!(,5%!,+("6'!,7,"'0(!($%!0(*,(%71!"'!($%!8)()*%<!!

!

e<K<c<!:'!N'86*;,("6'C:7%'+1!W%*0-%+("&%!

! #$%! 0%+6'/! 8"'/"'7! 68! ($"0! ($%0"0! "0! ($,(! ($%! "'86*;,("6'C,7%'+1! ,--*6,+$! $,0!

.";"(%/! 0)++%00! "'! %@-.,"'"'7! &%'()*%! +,-"(,.! "'&%0(;%'(0! "'! >$"',<! #$%! "'86*;,("6'C

,7%'+1!-%*0-%+("&%!7%'%*,..1!)'/%*0(,'/0!($%!;%+$,'"0;0!68!&%'()*%!+,-"(,.!,0!%886*(0!(6!

*%/)+%!,7%'+1!+60(0!,'/!"'86*;,("6'!,01;;%(*1<!Z64%&%*=!($%!*%/)+("6'!68!,7%'+1!+60(0!

,'/!"'86*;,("6'! ,01;;%(*1! /6%0! '6(! 0%%;!(6!9%! ($%! 86+)0!68! &%'()*%!+,-"(,.!"'! >$"',<!

N'(%*',("6',.! &%'()*%! +,-"(,."0(0! "'! >$"',! 8*%D)%'(.1! -)*0)%! "'&%0(;%'(! 0(*,(%7"%0! ($,(!

/,;,7%! &%'()*%! +,-"(,.! 76&%*','+%! 0(*)+()*%<! A6*! %@,;-.%=! "'(%*',("6',.! &%'()*%!

+,-"(,."0(0!86*;%/!P6"'(!&%'()*%!8)'/0!4"($!3ST0!,'/!86+)0%/!6'!"'&%0("'7!"'!3ST0!"'!($%!



! Kcd

%,*.1! KLLM0<! ^%/)+"'7! (*,'0,+("6',.! +60(0! ,'/! ,((,"'"'7! 8,&6*0! 8*6;! ($%! >$"'%0%!

76&%*';%'(!0%%;!(6!9%!($%!;,P6*!+6'+%*'!86*!&%'()*%!+,-"(,."0(0!"'!>$"',<!!

#$%! "'86*;,("6'C,7%'+1! ,--*6,+$! -*%/"+(0! ($,(! ,0! >$"',?0! "'0("()("6',.!

%'&"*6';%'(! ";-*6&%0=! &%'()*%! +,-"(,."0(0! 0$6)./! 9%! ;6*%! ."5%.1! (6! +6'/)+(! &%'()*%!

+,-"(,.!"'&%0(;%'(0!"'! $"7$C,7%'+1C+60(0!-*6P%+(0!0)+$!,0! $"7$C(%+$!6*! %,*.1C0(,7%!8"*;0=!

,'/!($%!-%*+%'(,7%!68!%D)"(1!$%./!91!&%'()*%!+,-"(,.!"'&%0(6*0!0$6)./!/%+*%,0%<!:.($6)7$!

($%! %;-"*"+,.! 8"'/"'70! ,*%! +6'0"0(%'(! 4"($! ($%! -*%/"+("6'0! "'! 7%'%*,.=! ($%! %&"/%'+%!

-*%0%'(%/! "'! ($"0! -,-%*! (%'/0! (6! 0)--6*(! ($%! &"%4! ($,(! ($%! >$"'%0%! 76&%*';%'(?0! NWS!

-6."+"%0!-.,1!,!;6*%!+*"("+,.!*6.%!"'!($%0%!+$,'7%0<!!

N'! +6'(*,0(=! ($%! "'86*;,("6'C,7%'+1! ,--*6,+$! $,0! ;6*%! 0)++%00! "'! %@-.,"'"'7!

&%'()*%!+,-"(,.!"'!/%&%.6-%/!+6)'(*"%0<!#$%!/"88%*%'+%!"'!%@-.,',(6*1!-64%*!;,1!9%!/)%!

(6!($%!8,+(!($,(!"'!/%&%.6-"'7!+6)'(*"%0!76&%*';%'(!-6."+"%0!(%'/!(6!9%!;6*%!"'(*)0"&%!,'/!

-*6-%*(1!*"7$(0!(%'/!(6!9%!4%,5<!#$%!.";"(%/!0)++%00!68!($%!"'86*;,("6'C,7%'+1!,--*6,+$!

0)77%0(0!($,(!,!+,*%8).!,',.10"0!68!76&%*';%'(!-6."+"%0!,'/!-*6-%*(1!*"7$(0!"0!+*"("+,.!(6!

)'/%*0(,'/!&%'()*%!+,-"(,.!"'!/%&%.6-"'7!+6)'(*"%0<!!

!

e<c<!W6."+1!N;-."+,("6'0!

W6."+1!;,5%*0!4$6!,0-"*%!(6!/%&%.6-!+6'/"("6'0!+6'/)+"&%!(6!&%'()*%!+,-"(,.!"'!

>$"',! '%%/! (6! "'+*%,0%!($%!0)--.1! 68! ,'/!/%;,'/!86*! &%'()*%! +,-"(,.<! 3%&%*,.! *%86*;0!

+6)./!9%!;,/%!(6!"'+*%,0%!($%!0)--.1!68!&%'()*%!+,-"(,.<!A"*0(=!($%!>$"'%0%!76&%*';%'(!

0$6)./!7*,/),..1!,..64!8)'/C*,"0"'7!"'!>$"',<!A6*9"//"'7!8)'/C*,"0"'7!"'!>$"',!-*%&%'(0!

&%'()*%!+,-"(,."0(0!8*6;!*,"0"'7!;6'%1!8*6;!($%!"'&%0(6*0!4$6!,*%!($%!;60(!8,;".",*!4"($!

>$"',<!H%'()*%!+,-"(,."0(0!$,&%!(6!*,"0%!;6'%1!8*6;!"'(%*',("6',.!"'0("()("6',.!"'&%0(6*0!



! Kcg

4$6! ,*%! .%00! 8,;".",*! 4"($! >$"',! ,'/!,*%! .%00! ."5%.1! (6! "'&%0(! ($%*%<! :..64"'7! &%'()*%!

+,-"(,."0(0!(6!*,"0%!;6'%1!4"($"'!>$"',!0$6)./!"'+*%,0%!($%!-6(%'(",.!0)--.1!68!&%'()*%!

+,-"(,.!/*,;,("+,..1<!!

>)**%'(.1=! >$"',! /6%0! '6(! ,..64! 8)'/C*,"0"'7! "'! >$"',! -*";,*".1! 9%+,)0%! 68!

+6'+%*'! ,96)(! 8"','+",.! 8*,)/0<! #$"0! +6'+%*'! "0! .%7"(";,(%=! 9)(! "(! "0! '6(! ,'! )'06.&,9.%!

"00)%<! O,'1! /%&%.6-%/! +6)'(*"%0! ,.06! 8,+%! ,! 0";".,*! "00)%! "'! 8"','+",.! *%7).,("6'<! #$%!

06.)("6'!"'!($%!!2'"(%/!3(,(%0!"0!(6!$,&%!0(*"+(!*%7).,("6'!86*!8)'/C*,"0"'7!($,(!(,*7%(0!($%!

7%'%*,.!-)9."+!4$".%!8)'/C*,"0"'7!,;6'7!\D),."8"%/!"'&%0(6*0]!"0!*%.,("&%.1!)'*%7).,(%/<!

Y),."8"%/! "'&%0(6*0! "'+.)/%! *"+$! "'/"&"/),.0! ,'/! "'0("()("6',.! "'&%0(6*0! IZ,..6*,'! %(! ,.<=!

cMMK=!G,+506'=!KLLLJ<!#$%!"/%,!"0!($,(!D),."8"%/!"'&%0(6*0!0$6)./!$,&%!0)88"+"%'(!*%06)*+%0!

,'/!%@-%*("0%!(6!$,'/.%!+6;-."+,(%/!8"','+",.!(*,'0,+("6'0!,'/!(6!-*6(%+(!($%"*!"'(%*%0(0<!

S'.1!8)'/C*,"0"'7!($,(!(,*7%(0!0;,..!"'&%0(6*0!'%%/0!(6!9%!*%7).,(%/!0(*"+(.1<!>$"',!+6)./!

%00%'(",..1! +6-1! ($%! 2<3<! *%7).,("6'! (6! ,..64! 8)'/C*,"0"'7! ,;6'7! \D),."8"%/! "'&%0(6*0]!

,'/!(6!.";"(!8)'/C*,"0"'7!8*6;!($%!7%'%*,.!-)9."+<!#$"0!0$6)./!,//*%00!($%!+6'+%*'!,96)(!

8"','+",.!8*,)/!4"($6)(!0,+*"8"+"'7!8)'/C*,"0"'7!"'!>$"',<!!

>$"',!0$6)./!$,&%!%'6)7$!\D),."8"%/!"'&%0(6*0]!(6!,..64!&%'()*%!+,-"(,."0(0!7*%,(!

0-,+%!(6!*,"0%!8)'/0<!N(!"0!(*)%!($,(!>$"',!/6%0!'6(!$,&%!,!0(*6'7!7*6)-!68!"'0("()("6',.!

"'&%0(6*0!."5%!($%!2'"(%/!3(,(%0<!Z64%&%*=!1%,*0!68!%+6'6;"+!*%86*;0!$,&%!0)++%008)..1!

7%'%*,(%/!,!.,*7%!');9%*!68!*"+$!"'/"&"/),.0!4$6!,*%!%,7%*!(6!"'&%0(<!^%0%,*+$!$,0!0$64'!

($,(! ,--*6@";,(%.1! mLM! 9".."6'! $,0! 9%%'! *,"0%/! 8*6;! >$"',?0! "'/"&"/),.0! (6! "'&%0(! "'!

>$"',?0! 0(6+5! ;,*5%(0! Il",=! cMMKJ<! H%'()*%! +,-"(,.! 0$6)./! 9%! ,'! ,((*,+("&%! "'&%0(;%'(!

+$,''%.!86*!($%0%!*"+$!"'/"&"/),.0!"8!8)'/C*,"0"'7!"0!86*;,..1!,..64%/!"'!>$"',<!!



! Kch

>$"',?0!>6*-6*,("6'!a,4!,.06!'%%/0!(6!9%!,;%'/%/!(6!,..64!.";"(%/!-,*('%*0$"-!

,0! ,! 86*;! 68! &%'()*%! +,-"(,.! 8)'/! "'! >$"',<! >$"',?0! >6*-6*,("6'! a,4! 6'.1! ,..640!

"'+6*-6*,("6'!,0!.";"(%/!.",9"."(1!+6*-6*,("6'!,'/!0("-).,(%0!($,(!'6!+6*-6*,("6'!+,'!"'&%0(!

;6*%!($,'!hMV!68!"(0!+,-"(,.!"'!6($%*!8"*;0<!#$%0%!+.,)0%0!,*%!+.%,*.1!"'+6;-,("9.%!4"($!

($%!'%%/0!68!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!>$"',!,'/!,;%'/;%'(0!0$6)./!9%!;,/%<!!

:!0%+6'/!*%86*;!86*!"'+*%,0%!($%!0)--.1!68!&%'()*%!+,-"(,.!46)./!9%!(6!8,+"."(,(%!

&%'()*%!+,-"(,.!/%,.C0(*)+()*"'7!"'!>$"',<!#$%!.,+5!68!-*6&"0"6'!86*!+6'&%*("9.%!-*%8%**%/!

0%+)*"("%0! ,'/! 0(6+5! 6-("6'0! 86*+%0! "'(%*',("6',.! &%'()*%! +,-"(,."0(0! (6! "'+6*-6*,(%! H>C

9,+5%/! 8"*;0! 6&%*0%,0<! #$"0! 0(*,(%71! $,0! "(0! 64'! *"050R! #$%! %'86*+%,9"."(1! 68! 6&%*0%,0!

+6)*(!*)."'70!"0!-*69.%;,("+!"'!>$"',<!T'(*%-*%'%)*0!+6)./!*%0"0(!)'8,&6*,9.%!*)."'70!91!

,*7)"'7!"'!>$"',?0!+6)*(0!($,(!($%!+6'(*,+(!"0!"'+6'0"0(%'(!4"($!>$"',?0!.,40<!F"($6)(!($%!

+66-%*,("6'! 68! ($%! >$"'%0%! +6)*(0=! ($%! *)."'70! 68! 6&%*0%,0! +6)*(0!;,1! '6(! 9%! %'86*+%/!

0"'+%! ;60(! H>C9,+5%/! -*"&,(%! 8"*;0! $,&%! ;60(! 68! ($%"*! ,00%(0! "'! >$"',<! 3$6)./!

"'(%*',("6',.! &%'()*%! +,-"(,."0(0! 9%! ,9.%! (6! )0%! ($%0%! (%+$'"D)%0! "'! >$"',=! ($%! *"05! 68!

)'%'86*+%,9.%!+6'(*,+(0!0$6)./!/%+*%,0%=!,'/!&%'()*%!+,-"(,."0(0!0$6)./!9%!;6*%!4".."'7!

(6!"'&%0(!"'!>$"',<!!

#$"*/=! >$"',! 0$6)./! 6-%'! "(0! /6;%0("+! 0(6+5! %@+$,'7%0! (6! H>C9,+5%/! 8"*;0<!

>)**%'(.1=! ($%! *%0(*"+("6'0! 6'! ."0("'7! 6'! /6;%0("+! 0(6+5! %@+$,'7%0! ,*%! ."5%.1! (6! 9%! ($%!

;60(!9"'/"'7!+6'0(*,"'(!68!&%'()*%!+,-"(,.!/%&%.6-;%'(!"'!>$"',<!#$%!.,+5!68!"'0("()("6',.!

"'&%0(6*0!"'!>$"',!/6%0!'6(!0%%;!(6!9%!,!9)*'"'7!"00)%!86*!&%'()*%!+,-"(,.!/%&%.6-;%'(0!

"'!>$"',!9%+,)0%!"'(%*',("6',.!"'0("()("6',.!"'&%0(6*0!,*%!%'($)0",0("+!,96)(!"'&%0("'7!"'!

>$"',<! b"&%'! ($%! *"7$(! &%'()*%! +,-"(,."0(0! ,'/! ($%! *"7$(! >$"',! 0(6*"%0=! "'(%*',("6',.!

"'0("()("6',.! "'&%0(6*0! ,*%! *%,/1! (6! 6-%'! ($%"*! -6+5%(0! (6! -6)*! ;6'%1! "'(6! >$"',<! #$%!



! Kci

"'&%0(6*0!"'!H>!8)'/0!"'!>$"',!"'+.)/%!,'!";-*%00"&%!."0(!68!0)+$!9.)%C+$"-!%'/64;%'(0!

,0!($%!_,.%!,'/!3(,'86*/!%'/64;%'(0<!T&%'!,8(%*!;60(!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!($%!

%,*.1!,'/!;"/CKLLM0!-*6&%/!(6!9%!(6(,.!8,".)*%0=!"'(%*',("6',.!"'0("()("6',.!"'&%0(6*0!0("..!

/"/!'6(!0$1!,4,1!8*6;!"'&%0("'7!"'!>$"',<!#$%!\;6'%1!+$,0"'7!/%,.0]!,(!($%!%'/!68!($%!

KLLM0!"'!>$"',!0$640!($,(!($%*%!"0!%'6)7$!&%'()*%!+,-"(,.!;6'%1!"'!>$"',!(6!+,)0%!06;%!

9)99.%0<! S&%*0%,0! "'+6*-6*,("6'! +)**%'(.1! 91-,00%0! ($%! .,+5! 68! -*6&"0"6'! 86*! /%,.C

0(*)+()*"'7!(%+$'"D)%0<!:.($6)7$!"'(%*',("6',.!&%'()*%!+,-"(,."0(0!$,&%!%@-*%00%/!+6'+%*'!

,96)(!($%!%'86*+%,9"."(1!68!+6'(*,+(0!"'!>$"',=!'6!*%,.!+,0%!68!($"0!$,0!$,--%'%/!1%(<!#$%!

(*,);,("+! .%,/%*0$"-! +$,'7%0! "'! 06;%! H>C9,+5%/! 8"*;0! ."5%! ffgf<+6;! ,8(%*! ($%!

X:3E:Y! /64'()*'! .665! 0;66($R! H%'()*%! +,-"(,."0(0! 0)++%008)..1! *%-.,+%/! ;,'1!

86)'/%*0!4"($6)(!+,)0"'7!9"7!-*69.%;0<!!

#$%! NWS! +$,''%.! "0! *%-%,(%/.1! 9*6)7$(! )-! 91! &%'()*%! +,-"(,."0(0! "'! &,*"6)0!

"'(%*&"%40!,0!($%!;60(!9)*'"'7!"00)%!86*!&%'()*%!+,-"(,.!/%&%.6-;%'(!"'!>$"',<!X6(!9%"'7!

,9.%! (6! ."0(! 6'! >$"',?0! /6;%0("+! 0(6+5! %@+$,'7%0! -*%&%'(0! H>C9,+5%/! 8"*;0! 8*6;!

69(,"'"'7! ($%! 9%0(! &,.),("6'<! ^%+%'(! *%0%,*+$! 6'! 8"','+",.! %+6'6;"+0! $,0! 0$64'! ($,(!

"'&%0(6*0!$,&%!0(*6'7!.6+,.!-*%8%*%'+%0!9%+,)0%!($%1!,*%!."5%.1!(6!$,&%!;6*%!"'86*;,("6'!

,96)(!($%!-%*86*;,'+%!68!.6+,.!8"*;0!I>6&,.!,'/!O60564"(Q=!KLLLJ<!:0!,!+6'0%D)%'+%=!

($%1!,*%!;6*%!."5%.1!(6!7"&%!$"7$!&,.),("6'!(6!.6+,.!8"*;0!($,'!'6'C.6+,.!"'&%0(6*0<!O,'1!

&%'()*%! +,-"(,."0(0! ,*%! +6'8"/%'(! ($,(! ($%! &%'()*%! +,-"(,.! "'&%0(;%'(0! 0$6)./! "'+*%,0%!

0%&%*,.C86./!"8!>$"',!,..640!H>C9,+5%/!8"*;0!(6!."0(!"'!>$"',?0!0(6+5!%@+$,'7%0<!

#6!,..64!H>C9,+5%/!8"*;0!(6!$,&%!NWS0!"'!>$"',?0!0(6+5!%@+$,'7%0=!($%!>$"'%0%!

76&%*';%'(!'%%/0!(6!*%-%,.!($%!,*+,'%!\.%7,.!-%*06'!0$,*%]!+.,)0%<!#$"0!+.,)0%!4,0!;,/%!

,! /%+,/%! ,76!,0! ,! -6."("+,.!+6;-*6;"0%! 9%(4%%'! +6'0%*&,("&%0! ,'/!*%86*;0! ,'/!"(! $,0!



! Kcf

(6!0(";).,(%!($%!7*64($!68!&%'()*%!+,-"(,.<!#$%!O"'"0(*1!68!3+"%'+%!,'/!#%+$'6.671!$,0!

9%+6;%!($%!.%,/"'7!*%7).,(6*1!,7%'+1!68!&%'()*%!+,-"(,.!"'!>$"',<!!

:.($6)7$!($%!O"'"0(*1!68!3+"%'+%!,'/!#%+$'6.671!$,0!/6'%!,!*%0-%+(,9.%!P69!68!

-6-).,*"Q"'7!&%'()*%!+,-"(,.!"'!>$"',=!"(!"0!"'+6**%+(!(6!($"'5!($,(!\&%'()*%!+,-"(,.!%D),.0!

$"7$C(%+$<]!O60(!&%'()*%!+,-"(,.!"'&%0(;%'(0!"'!T)*6-%!,'/!G,-,'!$,&%!76'%!(6!.64C(%+$!

"'/)0(*"%0<!N'!($%!8)()*%=!"(!0%%;0!;6*%!,--*6-*",(%!(6!*%7).,(%!&%'()*%!+,-"(,.!8*6;!($%!

-%*0-%+("&%!68!"'&%0(6*!-*6(%+("6'<!#$%!>$"'%0%!76&%*';%'(!0$6)./!,..64!($%!;,*5%(!(6!

$,&%!;6*%!8*%%/6;!"'!/%+"/"'7!(6!4$,(!"'/)0(*"%0!&%'()*%!+,-"(,.!"'&%0(;%'(!0$6)./!76<!!

S&%*,..=! >$"',?0! %@-%*"%'+%! 0$640! ($,(! &%'()*%! +,-"(,.! "'&%0(;%'(! +,'!46*5! "'!

/%&%.6-"'7! +6)'(*"%0=! %0-%+",..1! .,*7%! /%&%.6-"'7! +6)'(*"%0<! #$%! >$"'%0%! 76&%*';%'(!

-.,10! ,! +*"("+,.! *6.%! "'! 0$,-"'7! &%'()*%! +,-"(,.! "'! >$"',<! Z%,.($1! &%'()*%! +,-"(,.!

/%&%.6-;%'(!"'!($%!8)()*%!$"'7%0!6'!8)*($%*!*%86*;0!91!($%!>$"'%0%!76&%*';%'(<!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!gK!W<gf=!NA>=!cMMM<!



! KcL

"@A@B@CD@E'

!:/.%*=! O"+$,%.! ,'/! E);,0! U%*',*/=! KLfd=! \N'(%*',("6',.! -6*(86."6! +$6"+%! ,'/!

+6*-6*,("6'!8"','+%R!:!01'($%0"0=]! ;,4$+%&',>'B*+%+8"=!dfIdJ<!

!:5%*.68=!b%6*7%=!KLeM=!\#$%!;,*5%(!86*!w.%;6'wR!D),."(,("&%!)'+%*(,"'(1!,'/! ($%!;,*5%(!;%+$,'"0;=]!L4%$/"$&?';,4$+%&',>'.8,+,6*8-=!fg=!gffChMM<!

!:.8*%/=!F"..",;=!KLLh=!\#,00%.%/!.6,8%*0!86*!9,*%866(!.,41%*0R!(*,'086*;,("6'!,'/!(%'0"6'!

"'!($%!46*./!68!>$"'%0%!.%7,.!46*5%*0=]!:1*+%'L4%$/"$&?=!KgK=!ccCdf<!!:0",'!E%&%.6-;%'(!U,'5=!cMMM=! B*+%+8*%&'7%+%2"6"+/'%+='<,#"$+%+8"'5--4"-'*+'/1"'

D",)&"J-'M")40&*8',>':1*+%=!:0",'!E%&%.6-;%'(!U,'5<!!:0",'!H%'()*%!>,-"(,.!G6)*',.=!&,*"6)0!1%,*0=!E1"'N'<4*="'/,'3"+/4$"':%)*/%&'*+'9-*%=!

93:; =!Z6'7!`6'7<!!:1.4,*/=! :'($6'1=! KLLf=! \#*%'/0! "'! &%'()*%! +,-"(,.! 8"','+%! "'! /%&%.6-"'7! +6)'(*"%0=]!

NA>!E"0+)00"6'!W,-%*!di=!F,0$"'7(6'!E>R!F6*./!U,'5<!!U,*(.%((=!G60%-$=!KLLL=! B4+=%6"+/%&-',>'3"+/4$"':%)*/%& =!a,'$,;=!OER!O,/"06'!U6650<!!U.,+5=! U%*',*/! ,'/!^6',./! b".06'=! KLLe=! \H%'()*%!+,-"(,.! ,'/!($%! 0(*)+()*%! 68! +,-"(,.!

;,*5%(0R!9,'50!&%*0)0!0(6+5!;,*5%(0]=!33^X!W,-%*<!!U.,+5=!U%*',*/!3<=!cMMM=!\#$%!.%7,.!,'/!"'0("()("6',.!-*%+6'/"("6'0!86*!0(*6'7!0%+)*"("%0!

;,*5%(0=]!O:P9'P%G'M"#*"G=!86*($+6;"'7!!U6',+"+$=! T/',=! KLed=! \:! #$%6*1! 68! ;"//.%;,'! ;"'6*"("%0=]! 96"$*8%+' !,8*,&,2*8%&'

M"#*"G=!dfR!hfd[hLg<!!U*)(6'=! b,**1! ,'/! E,&"/! :$.0(*6;=! cMMc=! \:'! "'0("()("6',.! &"%4! 68! >$"',?0! &%'()*%!

+,-"(,.!"'/)0(*1!%@-.,"'"'7!($%!/"88%*%'+%0!9%(4%%'!>$"',!,'/!($%!F%0(=]! ;,4$+%&'

,>'Q4-*+"--'3"+/4$*+2A!!U,17,'=! b)'0%."! ,'/! O"+$,%.! A*)%/%'9%*7=! cMMM=! \#$%! "'(%*',("6',."0,("6'! 68! &%'()*%!

+,-"(,.! ,+("&"(1! "'! ST>E! +6)'(*"%0R! ";-."+,("6'0! 86*! ;%,0)*%;%'(! ,'/! -6."+1=]!ST>E!F6*5"'7!W,-%*<!

!>$,'=!_)5C3$%%=!KLfd=!\S'!($%!-60"("&%!*6.%!68!8"','+",.!"'(%*;%/",("6'!"'!,..6+,("6'!68!

&%'()*%!+,-"(,.!"'!,!;,*5%(!4"($!";-%*8%+(!"'86*;,("6'=]! ;,4$+%&',>'B*+%+8"=!dfRh=!KhgdCKhif<!

!>$%'=! a"$)"=! .R)"=*/*,+' /,' S9!T9LU' E1"' P"2"+=-' ,>' 3"+/4$"' :%)*/%&' *+' :1*+%=!

3$%'1,'7=!>$"',R!a",6'"'7!W%6-.%!W*%00<!



! KdM

!>$"',!3(,(%!>6)'+".!N'86*;,("6'!S88"+%=!cMMM=!I1*/"'D%)"$',+':1*+%F-'V46%+'M*21/- =!

U%"P"'7=!>$"',!3(,(%!>6)'+".<!!!>.,%00%'0=! 3("P"'=! 3";%6'! EP,'56&=! G60%-$! W<Z<! A,'! ,'/! a,**1! Z<W<! a,'7=! cMMM,=!

\>6*-6*,(%!/"&%*0"8"+,("6'!"'!T,0(!:0",R!($%!*6.%!68!).(";,(%!64'%*0$"-!,'/!7*6)-!,88".",("6']=!F6*./!U,'5!W6."+1!^%0%,*+$<!!>.,%00%'0=! 3("P"'=! 3";%6'! EP,'56&=! G60%-$! W<Z<! A,'! ,'/! a,**1! Z<W<! a,'7=! cMMM9=!

\E"&%*0"8"+,("6'!,'/!%88"+"%'+1!68!"'&%0(;%'(!91!T,0(!:0",'!+6*-6*,("6'0]=!F6*./!U,'5!W6."+1!^%0%,*+$<!

!>.,%00%'0=! 3("P"'=! 3";%6'! EP,'56&=! G60%-$! W<Z<! A,'! ,'/! a,**1! Z<W<! a,'7=! cMMM+=!

\T@-*6-*",("6'!68!;"'6*"(1!0$,*%$6./%*0R!T&"/%'+%!8*6;!T,0(!:0",]=!F6*./!U,'5!W6."+1!^%0%,*+$<!

!

>.,*5%=! E6',./=! KLLh=! \#$%! %@%+)("6'! 68! +"&".! P)/7%;%'(! "'! >$"',=]! :1*+%'L4%$/"$&?=!KgKR!ihCfK<!!>6*'%.."=!A*,'+%0+,!,'/!S&%/!_60$,=!cMMc=!\3(,7%!8"','+"'7!,'/!($%!*6.%!68!+6'&%*("9.%!

/%9(=]! M"#*"G',>'.8,+,6*8'!/4=*"-A!!>);;"'70=! E6)7.,0! ,'/!b*,'(! A.%;"'7=!cMMd=! \:!.,4!,'/!8"','+%!,',.10"0!68! &%'()*%!

+,-"(,.!%@"(0!"'!%;%*7"'7!;,*5%(0]=!33^X!F6*5"'7!W,-%*<!!G60$),!E<!>6&,.!,'/!#69",0!G<!O60564"(Q=!\Z6;%!9",0!,(!$6;%R!.6+,.!%D)"(1!-*%8%*%'+%!

"'!/6;%0("+!-6*(86."60]=!KLLL=! ;,4$+%&',>'B*+%+8"=!H6.<!hg=!X6<!i<!!!E%!36(6=!Z%*','/6=!cMMM=! E1"'6?-/"$?',>'8%)*/%&U'G1?'8%)*/%&*-6'/$*46)1-'*+'/1"'I"-/'

%+='>%*&-'"#"$?G1"$"'"&-"=!X%4!_6*5R!U,0"+!U6650<!!EP,'56&=!3";%6'=!^,8,%.!a,!W6*(,=!A.6*%'+"6!a6-%Q!/%!3".,'%0!,'/!:'/*%"!3$.%"8%*=!cMMK=!

\#$%!*%7).,("6'!68!%'(*1=]!F6*5"'7!W,-%*<!!EP,'56&=! 3";%6'=! T/4,*/! b.,%0%*=! ^,8,%.! a,! W6*(,=! A.6*%'+"6! a6-%Q! /%! 3".,'%0! ,'/!

:'/*%"! 3$.%"8%*=! cMMd=! \#$%! '%4! +6;-,*,("&%! %+6'6;"+0=]! F6*5"'7! W,-%*=!Z,*&,*/!2'"&%*0"(1!E%-,*(;%'(!68!T+6'6;"+0<!!

!A,;,=! T)7%'%=! ,'/! O"+$,%.! G%'0%'=! KLfd=! \3%-,*,("6'! 68! 64'%*0$"-! ,'/! +6'(*6.]=!

;,4$+%&',>'P%G'%+='.8,+,6*8-=!ci<!!A%''=!b%6*7%=!X%.."%! a",'7!,'/!3(%-$%'! W*640%=! KLLh=! \#$%! %+6'6;"+0!68! ($%! -*"&,(%!

%D)"(1!;,*5%(=]!A%/%*,.!^%0%*&%!U,'5!3(,88!W,-%*!Kif<!!A*%%.=! O,*5=! KLLL=! \#$%! 8"','+"'7! 68! 0;,..! 8"*;! -*6/)+(! "''6&,("6'! 4"($"'! ($%! 2`=]!

E"81+,#%/*,+=!KL<!



! KdK

!A*%'+$=! `%''%($! ,'/! G,;%0! W6(%*9,=! KLLK=! \N'&%0(6*! /"&%*0"8"+,("6'! ,'/! "'(%*',("6',.!

%D)"(1!;,*5%(=]! 96"$*8%+'.8,+,6*8'M"#*"G=!fKIcJ<!!A)=!G)'=!cMMM=! 5+-/*/4/*,+-'%+='5+#"-/6"+/-U'B,$"*2+'T*$"8/'5+#"-/6"+/'*+':1*+%'T4$*+2'

%+'.$%',>'M">,$6-=!:''!:*96*=!ONR!2'"&%*0"(1!68!O"+$"7,'!W*%00<!!!b6;-%*0=!W,).=!KLLe=!\S4'%*0$"-!,'/!+6'(*6.!"'!%'(*%-*%'%)*",.!8"*;0R!:'! %@,;"',("6'!

68!+6'&%*("9.%!0%+)*"("%0!"'!&%'()*%!+,-"(,.!"'&%0(;%'(0=]!XUT^!F6*5"'7!W,-%*!!b6;-%*0=! W,).=! KLLh=! \S-(";,.! "'&%0(;%'(=! ;6'"(6*"'7=! ,'/! ($%! 0(,7"'7! 68! &%'()*%!

+,-"(,.=]! ;,4$+%&',>'B*+%+8"=!O,*+$!KLLh!!b6;-%*0=! W,).! ,'/! G60$! a%*'%*=! KLLi=! \#$%! )0%! 68! +6&%','(0R! :'! ,',.10"0!68! &%'()*%!

-,*('%*0$"-!,7*%%;%'(0]=! ;,4$+%&',>'P%G'%+='.8,+,6*8-=!S+(69%*!KLLi!!

b6;-%*0=!W,).!,'/!G60$!a%*'%*=!KLLL=!E1"'3"+/4$"':%)*/%&':?8&"=!U60(6'R!ON#!W*%00!!b6*;,'=!O"+$,%.!,'/!F"..",;!3,$.;,'=!KLfL=!\F$,(!/6!&%'()*%!+,-"(,."0(0!/6q]! ;,4$+%&'

,>'Q4-*+"--'3"+/4$*+2 =!gR!cdKCcgf!!!b*,1=!:''!T<=!,'/!G%''"8%*!U%'D"'7!b)"=!KLLe=!\:3NO>SR!#$%!,..",'+%!9*%4"'7!7*6)-=]!

Z,*&,*/!U)0"'%00!3+$66.!>,0%<!!b*600;,'=!3,'86*/!,'/!S."&%*!Z,*(=!KLfM=!\#,5%6&%*!9"/0=!($%!8*%%C*"/%*!-*69.%;=!,'/!

($%!($%6*1!68!($%!+6*-6*,("6'=]! Q"&&';,4$+%&',>'.8,+,6*8-=!KKIKJ<!!!b)($*"%=! E6)7<! KLLf<! \#$%! /%+."'"'7! 0"7'"8"+,'+%! 68! 7),'@"! "'! >$"',v0! %+6'6;"+!

(*,'0"("6'<]!:1*+%'L4%$/"$&?=!KhgRchgCfc!!Z,..6*,'=! O"+$,%.=! a%%! U%'(6'=! ^69%*(! b)'/%*06'! G*<=! G6*7%! /%.! >,.&6! ,'/! #$6;,0!

`"'(%*=! cMMK=! 3"+/4$"' :%)*/%&' %+=' D40&*8' (>>"$*+2' S"2,/*%/*,+=! d*/

! T/"("6'=!b,"($%*09)*7=!OER!:0-%'!a,4!s!U)0"'%00!

!Z,**"0=!O".(6'!,'/!:*($)0!^,&"&=!KLLM=!\>,-"(,.!0(*)+()*%!,'/!($%!"'86*;,("6',.!*6.%!68!

/%9(]=! ;,4$+%&',>'B*+%+8"=!ghRc=!KLLM!!Z,*(=! S."&%*=! KLLh=! B*$6-W' :,+/$%8/-' %+=' B*+%+8*%&' 5+8"+/*#"-=! >,;9*"/7%=! S@86*/!

2'"&%*0"(1!W*%00<!!Z,*(=!S."&%*=!cMMK=!\A"','+",.!+6'(*,+("'7=]!XUT^!F6*5"'7!W,-%*<!!Z,*/1;6'!b<!A%./,=!G60$!a%*'%*!,'/!:''!a%,;6'=!cMMc=!\>$%'74%"!&%'()*%0!,'/!$/(}!

"'&%0(;%'(=]! Z,*&,*/! U)0"'%00! 3+$66.! >,0%=! U60(6'=! O:R! Z,*&,*/! U)0"'%00!3+$66.!W)9."0$"'7!

!



! Kdc

Z%*;,."'=! U%'P,;"'! ,'$/! O"+$,%.! F%"09,+$=! KLff=! \#$%! /%(%*;"','(0! 68! 96,*/!+6;-60"("6']=! M9ST';,4$+%&',>'.8,+,6*8-=!KLRhfLCiMi!

!Z),'7=!_,0$%'7=!cMMK=!\#$%!*6.%!68!86*%"7'C"'&%0(%/!%'(%*-*"0%0!"'!($%!>$"'%0%!%+6'6;1R!

,'! "'0("()("6',.! 86)'/,("6'! ,--*6,+$=]! 3$)@)'! >$%'! ,'/! >$,*.%0! F6.8! G*<=! %/<=!

:1*+%W'/1"'O+*/"='!/%/"-'%+='/1"'<&,0%&'.8,+,6?=!3,'(,!O6'"+,=!>:R!^:XE<!!N'(%*',("6',.! A"','+%! >6*-6*,("6'=! KLLi=! \N'&%0(;%'(! 8)'/0! "'! /%&%.6-"'7! +6)'(*"%0=]!

NA>!F6*5"'7!W,-%*=!F,0$"'7(6'!E>R!F6*./!U,'5<!!N'(%*',("6',.! A"','+%! >6*-6*,("6'=! cMMM=! :1*+%F-' .6"$2*+2' D$*#%/"' .+/"$)$*-"-U'

D$,-)"8/-'>,$'/1"'S"G':"+/4$?=!NA><!!G,+506'=!Z64%..!,'/!T/4,*/0!31;6'0!G*<=!KLLL=! M"24&%/*,+',>'B*+%+8*%&'5+-/*/4/*,+- =!3(<!

W,).=!O"''R!F%0(!b*6)-!!

G%'7=! a%0."%=! ,'/! W$"."--%! F%..0=! KLLf=! \#$%! /%(%*;"','(0! 68! &%'()*%! +,-"(,.! 8)'/"'7R!%&"/%'+%!,+*600!+6)'(*"%0]=!XUT^!F6*5"'7!W,-%*!!G%'0%'=! O"+$,%.=! KLff=! \#,5%6&%*0R! ($%"*! +,)0%0! ,'/! +6'0%D)%'+%0]=! ;,4$+%&' ,>'

.8,+,6*8'D"$-)"8/*#"-=!c=!cKCgf!!G%'0%'=! O"+$,%.! ,'/! `%&"'! O)*-$1=! KLLM=! \W%*86*;,'+%! -,1! ,'/! (6-! ;,',7%;%'(!

"'+%'("&%0]=! ;,4$+%&',>'D,&*/*8%&'.8,+,6?=!:-*".=!KLLM!!`,-.,'=!3(%&%'=!,'/!W%*!3(*6;9%*7=!cMMc=!\A"','+",.!+6'(*,+("'7!($%6*1!;%%(0!($%!*%,.!

46*./R!,'!%;-"*"+,.!,',.10"0!68!&%'()*%!+,-"(,.!+6'(*,+(0=]! M"#*"G',>'.8,+,6*8-'

!/4=*"-=!86*($+6;"'7<!!!`6*',"=! G,'60=! KLfL=! \#$%! Z)'7,*",'! *%86*;! -*6+%00R! H"0"6'0=! $6-%0! ,'/! *%,."(1=]! "'!

H"+(6*!X%%!,'/!E,&"/!3(,*5=!%/<=! M"6%H*+2'/1"'.8,+,6*8'5+-/*/4/*,+-',>'!,8*%&*-6U'

:1*+%'%+='.%-/"$+'.4$,)"U'XYZ[\=!W,.6!:.(6=!>:R!3(,'86*/!2'"&%*0"(1!W*%00<!!`6*',"=!G,'60=!KLLM=!(+'/1"'M,%='/,'%'B$""'.8,+,6?U'!1*>/*+2'>$,6'%'!,8*%&*-/'!?-/"6 =!

X%4!_6*5R!X6*(6'!W*%00!!`);,*=! `*"0$',=! ^,7$)*,;! ^,P,'! ,'/! a)"7"! B"'7,.%0=! KLLL=! \F$,(! /%(%*;"'%0! 8"*;!

0"Q%q]=!XUT^!46*5"'7!W,-%*!ecMf<!!`6*();=!3,;)%.!,'/!G60$!a%*'%*=!cMMM=!\:00%00"'7!($%!+6'(*"9)("6'!68!&%'()*%!+,-"(,.!(6!

"''6&,("6'=]! M%+=';,4$+%&',>'.8,+,6*8-=!dK!IF"'(%*!cMMMJ!iegCiLc<!!!a,!W6*(,=!^,8,%.=!A.6*%'+"6!ar-%QC/%C3".,'%0=!:'/*%"!3$.%"8%*!,'/!^69%*(!H"0$'1=!KLLe=!

\a%7,.!E%(%*;"','(0!68!T@(%*',.!A"','+%=]! ;,4$+%&',>'B*+%+8"=!G).1!KLLe<!!



! Kdd

a,!W6*(,=!^,8,%.=!A.6*%'+"6!ar-%QC/%C3".,'%0=!:'/*%"!3$.%"8%*!,'/!^69%*(!H"0$'1=!KLLf=!\a,4!,'/!A"','+% W]';,4$+%&',>'D,&*/*8%&'.8,+,6?W'E%+%;9%*!KLLf<!

!a,!W6*(,=!^,8,%.=!A.6*%'+"6!ar-%QC/%C3".,'%0!,'/!:'/*%"!3$.%"8%*!\>6*-6*,(%!S4'%*0$"-!

:*6)'/!($%!F6*./=]! ;,4$+%&',>'B*+%+8"=!:-*".!KLLL,<!

!a,!W6*(,=!^,8,%.=!A.6*%'+"6!a6-%QC/%C3".,'%0=!:'/*%"!3$.%"8%*!,'/!^69%*(!H"0$'1=!KLLL9=!\N'&%0(6*!-*6(%+("6'!,'/!+6*-6*,("6'!&,.),("6'=]!XUT^!F6*5"'7!W,-%*!egMd<!

!a,!W6*(,=!^,8,%.=!A.6*%'+"6!a6-%QC/%C3".,'%0=!:'/*%"!3$.%"8%*!,'/!^69%*(!H"0$'1=!cMMM,=!

\:7%'+1!-*69.%;0!,'/!/"&"/%'/!-6."+"%0!,*6)'/!($%!46*./=]! ;,4$+%&',>'B*+%+8"<!!!a,!W6*(,=!^,8,%.=!A.6*%'+"6!ar-%QC/%C3".,'%0=!:'/*%"!3$.%"8%*!,'/!^69%*(!H"0$'1=!cMMM9=!

\N'&%0(6*!W*6(%+("6'!,'/!>6*-6*,(%!b6&%*','+%=]! ;,4$+%&',>'B*+%+8*%&'.8,+,6*8-=!S+(69%*!cMMMA!

!

a,*/1=! X"+$6.,0=! KLLf=! :1*+%F-' O+>*+*-1"=' .8,+,6*8' M"#,&4/*,+=! F,0$"'7(6'! E>R!U*665"'70!N'0("()("6'<!!a%%0=!A*,'+"0!:<!,'/!`<!#$6;,0!a",4=!KLLi=! B,$"*2+'D%$/*8*)%/*,+'*+':1*+%J-'Q%+H*+2'

%+='!"84$*/*"-'7%$H"/-=!F%0(-6*(=!>6''<R!Y)6*);!U6650<!!a%*'%*=! G60$=! KLLg=! \#$%! 31'/"+,("6'! 68! &%'()*%! +,-"(,.! "'&%0(;%'(0]=! B*+%+8*%&'

7%+%2"6"+/ =!:)();'!KLLg!!a%*'%*=!G60$=!KLLh=!\H%'()*%!+,-"(,."0(0!,'/!($%!6&%*0"7$(!68!-*"&,(%!A"*;0=]! ;,4$+%&',>'

B*+%+8"=!hMR!dMKCdKf!!a%*'%*=! G60$! ,'/! :'(6"'%((%! 3+$6,*=! cMMg=! \#*,'0,+("6'! 0(*)+()*%0! "'! ($%! /%&%.6-"'7!

46*./R! %&"/%'+%! 8*6;! -*"&,(%! %D)"(1]=! ON#! 3.6,'! 3+$66.! 68! O,',7%;%'(!F6*5"'7!W,-%*<!

!a"%9%*($,.=!`%''%($=!,'/!E,&"/!a,;-(6'!%/<=!KLLc=! Q4$"%48$%8?W'D,&*/*8-W'%+='T"8*-*,+'

7%H*+2'*+'D,-/@7%,':1*+%=!U%*5%.%1R!2'"&%*0"(1!68!>,."86*'",!W*%00!!a"%9%*($,.=! `%''%($=! ,'/! O"+$%.! S50%'9%*7=! KLff=! D,&*8?' 6%H*+2' *+' :1*+%U' &"%="$-W'

-/$48/4$"-W'%+=')$,8"--"-=!W*"'+%(6'=!X<G<R!W*"'+%(6'!2'"&%*0"(1!W*%00!!a"'=!_<A<!KLLc<!\^)*,.!^%86*;!,'/!:7*"+).()*,.!b*64($!"'!>$"',=]! 96"$*8%+'.8,+,6*8'

M"#*"GW'O,*+$!KLLc=!--<!dg[hK<!!a")=! G",+$%'=! KLLL=! \A"','+",.! 8*,)/! "'! >$"',! ,'/! ($%! 4,1! 6)(=]! 3-%%+$! "'! ($%!

N'(%*',("6',.!36+"%(1!6'!($%!^%86*;!68!>*";"',.!a,4=!KLLL=!O,.(,!!a")=! O,''"%! ,'/! U6! Z)=! cMMK=! \:! (%'(,("&%! ,',.10"0! 68! &%'()*%! +,-"(,.! "'! >$"',=]!

<4%+2=,+2'3"+/4$"':%)*/%&'5+#"-/6"+/ =!G)'%!cMMK<!!



! Kdh

3,$.;,'=! F"..",;=! KLLM=! \#$%! 0(*)+()*%! ,'/! 76&%*','+%! 68! &%'()*%C+,-"(,.!6*7,'"Q,("6'0=]! ;,4$+%&',>'B*+%+8*%&'.8,+,6*8-=!ce=!gedChcK<!

!3,$.;,'=! F"..",;=! KLLg=! \N'0"7$(0! 8*6;! ($%! &%'()*%! +,-"(,.! "'/)0(*1]=! Q4-*+"--'

.8,+,6*8-=!KLLgIeJ=!dhCde!

!3,$.;,'=!F"..",;!:<=!,'/!G,06'!b*%%'=!KLLh=!\^"+$"',!>,-"(,.!W,*('%*0!a(/=]!Z,*&,*/!U)0"'%00!3+$66.!>,0%<!!

!3,$.;,'=! F"..",;=! Z64,*/! 3(%&%'06'=! O"+$,%.! ^69%*(0! ,'/! :;,*! U$"/%=! KLLL=!

.+/$")$"+"4$*%&'3"+/4$"=!U60(6'=!O:R!Z,*&,*/!U)0"'%00!3+$66.!W)9."0$"'7<!!!3+$,*80(%"'=!E,&"/=!KLff=!#$%!/"0+"-."',*1!*6.%!68!(,5%6&%*0=! M"#*"G',>'.8,+,6*8'!/4=*"-=!

:-*".=!KLff!!3+$,8%*=!G<a<=!KLLe=! 9+%&?-*-',>'5+8,6)&"/"'74&/*#%$*%/"'T%/%=!>$,-;,'!s!Z,..=!a6'/6'<!!

!3$%88=!E,&"/=!cMMc=!:1*+%'T%G+U'E1"'!/,$?',>'%'E"81+,&,2?'%+='Q4-*+"--'M"#,&4/*,+=!Z,*-%*!U)0"'%00<!

!3$.%"8%*=!:'/*%"=!,'/!^69%*(!H"0$'1=!KLfi=!\a,*7%!0$,*%$6./%*0!,'/!+6*-6*,(%!+6'(*6.=]!

;,4$+%&',>'D,&*/*8%&'.8,+,6?=!G)'%!KLfi!!3$.%"8%*=! :'/*%"=! ,'/! ^69%*(! H"0$'1=! KLLc=! \a"D)"/,("6'! &,.)%! ,'/! /%9(! +,-,+"(1R! ,!

;,*5%(!%D)"."9*");!,--*6,+$=]! ;,4$+%&',>'B*+%+8"=!ge=!KdgdCKdii!!3$.%"8%*=!:'/*%"=!,'/!^69%*(!H"0$'1=!KLLe=!\:!0)*&%1!68!+6*-6*,(%!76&%*','+%=]! ;,4$+%&'

,>'B*+%+8"=!hc=!edeCefd!!3;"($=!>."886*/!F<!G*<!,'/!G%*6./!F,*'%*=!KLeL=!\S'!8"','+",.!+6'(*,+("'7R!:'!,',.10"0!68!

96'/!+6&%','(0]=!eRKKeCKiK=! ;,4$+%&',>'B*+%+8*%&'.8,+,6*8-=!eR!KKeCKiK!!3()/4%..=! G60%-$=! cMMc=! E1"' :1*+%' T$"%6U' E1"' L4"-/' >,$' /1"' P%-/' <$"%/' O+/%))"='

7%$H"/',+'.%$/1=!:(.,'("+!O6'($.1!W*%00!!3(%"'=! G%*%;1=! KLff=! \#,5%6&%*! ($*%,(0! ,'/! ;,',7%*",.! ;16-",]=! ;,4$+%&' ,>' D,&*/*8%&'

.8,+,6?=!A%9=!KLff!!3(%"'8%./=!T/4,*/=!KLLf=! B,$2*+2'M">,$6'*+':1*+%U'E1"'B%/"',>'!/%/"@(G+"='5+=4-/$? =!

>,;9*"/7%!2'"&%*0"(1!W*%00<!!!#6'7=!E,6+$"=!KLLL=! E1"'V"%$/',>'.8,+,6*8'M">,$6U':1*+%F-'Q%+H*+2'M">,$6'%+='!/%/"'

.+/"$)$*-"-'M"-/$48/4$*+2 =!3,'(,!O6'"+,R!^:XE!b*,/),(%!3+$66.!E"00%*(,("6'!!F,'7=!_)%=!cMMK=!\:+("&%!&%'()*%!+,-"(,.!8"*;0!"'!>$"',=]!H>>$"',!^%-6*(!!



F$"(%=! 3(%&%'=! G",'! b,6! ,'/! F%"! B$,'7=! cMMc=! \>$"',?0! &%'()*%! +,-"(,.! "'/)0(*1R!"'0("()("6',.! (*,P%+(6*"%0! ,'/! 010(%;! "'8*,0(*)+()*%=]! N'(%*',("6',.! >6'8%*%'+%! 6'!A"','+",.!310(%;0=!U*)00%.0=!U%.7");<!!

!F"..",;06'=!S."&%*=!KLeh=! 7%$H"/'%+='V*"$%$81?U'%+%&?-*-'%+='%+/*/$4-/'*6)&*8%/*,+-U'%'

-/4=?'*+'/1"'"8,+,6*8-',>'*+/"$+%&',$2%+*C%/*,+=!X%4!_6*5R!A*%%!W*%00!!F"..",;06'=! S."&%*=! KLfd=! \S*7,'"Q,("6',.! 86*;=! *%0"/),.! +.,";,'(0=! ,'/! +6*-6*,(%!

+6'(*6.]=! ;,4$+%&',>'P%G'%+='.8,+,6*8-=!ciR!dhKCdii!!F"..",;06'=! S."&%*=! KLff=! \>6*-6*,(%! 8"','+%! ,'/! +6*-6*,(%! 76&%*','+%=]! ;,4$+%&' ,>'

B*+%+8"=!gdRd=!hieChLK!!F6*./! U,'5=! KLLi=! E1"' :1*+"-"' .8,+,6?U' B*21/*+2' 5+>&%/*,+W' T"")"+*+2' M">,$60=!

F6*./!U,'5=!F,0$"'7(6'=!E<><=!H6.<!N!,'/!NN<!!

F6*./!U,'5=!KLLe,=!:1*+%'YaYa=!F6*./!U,'5=!F,0$"'7(6'=!E<><!!F6*./!U,'5=!KLLe9=!:1*+%'.+2%2"= =!F6*./!U,'5=!F,0$"'7(6'=!E<><!!l",=!U"'=!cMMK=!\:!*%-6*(!68!-*"&,(%.1!*,"0%/!8)'/0!"'!>$"',=]!3NX:!A"','+",.!X%40!!_%$=!`<><=!cMMK=!\>$"',?0!%+6'6;"+!7*64($R!*%+%'(!(*%'/0!,'/!-*60-%+(0]=!"'!:1*+%W'/1"'

O+*/"='!/%/"-W'%+='/1"'<&,0%&'.8,+,6? =!%/"(%/!91!3$)@)'!>$%'=!>$,*.%0!F6.8=!G*<!^:XE!W)9."+,("6'R!3,'(,!O6'"+,=!>:!

VCI in China

Documents

Transcript of VCI in China