%&'() O*8,.7&02/.) P.3G;Q6 $.GR 88G ST?USQ?6 ?VV<
:S"M !9J!9`DO-'A+(@O:Kc!FD
!"#$#!$
%&'() *'+,-.)/0 12*' 0*3314 ,*1*(,056 *25/01 ()7 8.3/09&/7. 7* :*,2;6< ()7 =5,/12/)* >&''*,-?
!
"#$%&%'%( )*+ ,&*(%-&.$/ 0#&1(+$&%2 *) 344$%+&.-%/ 5*$%6'$ 7!7/ 7899 3: 344$%+&.-% 4#; 8<'6+(.-% =46*+4%*+2/ >(%-(+?4#;$ "#$%&%'%(
*) :(1(?*@A(#%4? ,&*?*B2/ 0@@$4?4?44# C/ DECF GH 0%+(.-%/ H-( >(%-(+?4#;$
D
H* I-*A .*++($@*#;(#.( $-*'?; 6( 4;;+($$(;J KLA4&?M BJ;(I(+%N&B(J'#&A44$J#?
@5* &1* .A 5&'() *'+,-.1 A., ,*1*(,05 .) *'+,-.)/0 12*' BCDE 0*331 /1 0&,,*)23- 5/F5 .) 25* *25/0(3 ()7 8.3/2/0(3
(F*)7( /) '()- 0.&)2,/*1G H*18/2* 25* 8.2*)2/(3 +*)*I2 .A &1/)F 5&'() CD 0*331 /) 25* 2,*(2'*)2 .A 7/1*(1*6 25*/, &1*
,*'(/)1 0.)2,.J*,1/(3 +*0(&1* .A 25*/, 7*,/J(2/.) A,.' *(,3- *'+,-.1G %*,*6 K* (77,*11 1.'* .A 25* *25/0(3 /11&*1
1&,,.&)7/)F 25* &1* .A 5&'() *'+,-.1 ()7 5&'() CD 0*331 /) 25* 0.)2*L2 .A 12(2*M.AM25*M(,2 ,*1*(,05 .) 25* 7*J*3M
.8'*)2 .A 12*' 0*33 +(1*7 2,()183()2(2/.) 25*,(8-G
!"# $%&'() .(?? %-(+4@2O.?*#&#BO(A6+2*$O(%-&.$O$%(A .(??$
#)2,.7&02/.)
<'A4# (A6+2*#&. $%(A .(??$ P-KQ .(??$R 4+( .'++(#%?2
;&$.'$$(; #*% *#?2 62 %-( 6&*?*B&$%$ 62 I-*A %-(2 I(+(
;&$.*1(+(; 6'% 4?$* 62 %-( A(;&.4? @+*)($$&*#/ A(;&4/ (%-&.&$%$/
B*1(+#A(#%$ 4#; @*?&%&.&4#$J H-(+( 4+( $(1(+4? +(4$*#$ )*+ %-&$J
S# %-( *#( -4#;/ %-($( T$'@(+ .(??$U -41( 4 A4V*+ .?&#&.4?
@*%(#%&4? &# %&$$'( +(@4&+/ I&%- %-(&+ @+*@*#(#%$ 6(?&(1&#B %-4%
%-(2 +(@+($(#% %-( )'%'+( +(?&() *+ .'+( *) 4 I&;( +4#B( *)
.*AA*# ;&$46&?&%&($W +(@?4.(A(#% *) ;()(.%&1( .(??$ &# 4 @4%&(#%
62 %+4#$@?4#%4%&*# *) -KQ .(??L;(+&1(; (X'&14?(#%$ I*'?;
+($%*+( #*+A4? )'#.%&*#J S# %-( *%-(+ -4#;/ %-( '$( *) -KQ
.(??$ &$ -&B-?2 .*#%+*1(+$&4? 6(.4'$( %-(2 4+( ;(+&1(; )+*A
-'A4# @+(L&A@?4#%4%&*# (A6+2*$J H* ;4%(/ A*$% (A6+2*$ '$(;
)*+ %-( ($%46?&$-A(#% *) -KQ .(?? ?&#($ -41( 6((# $@4+( (A6+2*$
)+*A "YZ/ 6'% %-( .+(4%&*# *) (A6+2*$ $@(.&[.4??2 )*+ ;(+&1&#B
-KQ .(??$ &$ 4?$* '#;(+ ;&$.'$$&*#J H-( A*$% .*#%+*1(+$&4?
14+&4#% *) %-&$ &$ %-( %+4#$)(+ *) 4 $*A4%&. .(??L#'.?('$ )+*A 4
@4%&(#% %* 4# (#'.?(4%(; **.2%( P'#)(+%&?&\(; (BBR &# *+;(+ %*
@+*;'.( -KQ .(??$ B(#(%&.4??2 &;(#%&.4? %* %-4% @4%&(#% )*+
T4'%*?*B*'$U %+4#$@?4#%4%&*# P$*L.4??(; T%-(+4@('%&.U .?*#&#BRW
%-&$ A42 @+(1(#% %&$$'( +(V(.%&*#J
H-( X'($%&*# TG4# %-($( .(??$ 6( &$*?4%(; 4#; '$(; 4#;/ &) $*/
'#;(+ I-4% .*#;&%&*#$ 4#; +($%+&.%&*#$U &$ @+($(#%?2 -&B- *# %-(
@*?&%&.4? 4#; (%-&.4? 4B(#;4/ I&%- @*?&.&($ 4#; ?(B&$?4%&*# 6(&#B
)*+A'?4%(; &# A4#2 .*'#%+&($ %* +(B'?4%( %-(&+ ;(+&14%&*#J H-(
0] -4$ 6((# %-( [+$% %* @4$$ 4 ?4I B*1(+#&#B %-( '$( *) -'A4#
(A6+2*$ )*+ $%(A .(?? +($(4+.-J H-( K'+*@(4# Q.&(#.(
Z*'#;4%&*# -4$ ($%46?&$-(; 4 .*AA&%%(( %* A4^( 4# &#1(#%*+2
*) %-( @*$&%&*#$ %4^(# 62 B*1(+#A(#%$ *) .*'#%+&($ I&%-&#
K'+*@( *# %-&$ &$$'( PK'+*@(4# Q.&(#.( Z*'#;4%&*#/ 899!RJ
"# *+;(+ %* ;&$.'$$ %-( A*+4? 4$@(.%$ *) %-( &$*?4%&*# 4#; '$(
*) -KQ .(??$/ I-&.- &$ %-( 4&A *) %-( @+($(#% 4+%&.?(/ &% &$ [+$%
($$(#%&4? %* '#;(+$%4#; (_4.%?2 I-4% %-($( .(??$ 4+(/ I-(+( %-(2
7d8
.*A( )+*A/ %-(&+ &#%(#;(; 4@@?&.4%&*#$ 4#; %* ;([#( %-( (%-&.4?
X'($%&*#$ %* 6( 4;;+($$(;J
:5(2 (,* B*'+,-.)/0E 12*' 0*331N
TQ%(A .(??$U 4+( @+&A&%&1( .(??$ I&%- %-( .4@4.&%2 %* ;&1&;( 4#;
B&1( +&$( %* A*+( &;(#%&.4? $%(A .(??$ *+ %* $@(.&4?&\( 4#; )*+A
$@(.&[. .(??$ *) $*A4%&. %&$$'($J ,+*4;?2 $@(4^&#B/ %I* %2@($ *)
$%(A .(?? .4# 6( ;&$%&#B'&$-(;M (A6+2*#&. $%(A PKQR .(??$
I-&.- .4# *#?2 6( ;(+&1(; )+*A @+(L&A@?4#%4%&*# (A6+2*$ 4#;
-41( 4 @+*1(# 46&?&%2 %* )*+A .(??$ *) 4?? %&$$'($ *) %-( 4;'?%
*+B4#&$A P%(+A(; T@?'+&@*%(#%UR/ 4#; T4;'?%U $%(A .(??$/ I-&.4+( )*'#; &# 4 14+&(%2 *) %&$$'($ &# %-( )(%'$ 4#; 4)%(+ 6&+%- 4#;
4+(/ '#;(+ #*+A4? .*#;&%&*#$/ A*+( $@(.&4?&\(; PTA'?%&@*%(#%UR
I&%- 4# &A@*+%4#% )'#.%&*# &# %&$$'( +(@?4.(A(#% 4#; +(@4&+J
-KQ .(??$ 4+( ;(+&1(; )+*A %-( $*L.4??(; T&##(+ .(?? A4$$U *)
6?4$%*.2$% $%4B( (A6+2*$ %-4% ;(1(?*@ &# .'?%'+( I&%-&# E ;42$
*) )(+%&?&\4%&*# *) %-( **.2%( PH-*A$*# "* +,J/ !``CW a('6&#*))
"* +,J/ 8999RJ b?%-*'B- -KQ .(??$ .4# )*+A 4?? $*A4%&. %&$$'($/
%-(2 .4##*% )*+A 4?? *) %-( *%-(+ T(_%+4(A6+2*#&.U %&$$'($
#(.($$4+2 )*+ .*A@?(%( ;(1(?*@A(#%/ $'.- 4$ %-( @?4.(#%4 4#;
A(A6+4#($/ $* %-4% %-(2 .4##*% B&1( +&$( %* 4 .*A@?(%( #(I
&#;&1&;'4?J H-(2 4+( %-(+()*+( ;&$%&#.% )+*A %-( T%*%&@*%(#%U
)(+%&?&\(; **.2%( 4#; 6?4$%*A(+( .(??$ ;(+&1&#B )+*A %-( [+$%
.?(414B( ;&1&$&*#$J -KQ .(??$ 4+( 4?$* &AA*+%4?/ (_@+($$&#B
-&B- ?(1(?$ *) 4 B(#( .4??(; %(?*A(+4$(/ %-( @+*%(&# @+*;'.% *)
I-&.- (#$'+($ %-4% %-( %(?*A(+( (#;$ *) %-( .-+*A*$*A($ 4+(
+(%4&#(; 4% (4.- .(?? ;&1&$&*# 4#; %-( .(??$ ;* #*% '#;(+B*
$(#($.(#.(J H-( *#?2 *%-(+ .(??$ I&%- @+*1(# @?'+&@*%(#.2
$&A&?4+ %* %-4% *) KQ .(??$ 4+( (A6+2*#&. B(+A PKcR .(??$/
I-&.- 4$ %-(&+ #4A( &A@?&($/ -41( 6((# ;(+&1(; )+*A T@+&AL
*+;&4? B(+A .(??$U %-4% I*'?; '?%&A4%(?2 )*+A %-( B4A(%($ &) %-(
)(%'$ -4; #*% 6((# 46*+%(;J "# -'A4#$/ -Kc .(??$ I(+( [+$%
($%46?&$-(; &# .'?%'+( &# !``C/ $-*+%?2 4)%(+ %-( [+$% -KQ .(??$/
! -.&%/"+0 1%23"*# %4 5.6+0 7"/&%'.2*3%0 +0' -68&#%,%9#
%&'() *'+,-.)/0 12*' 0*3314 ,*1*(,05 *25/01 ()7 8.3/0-
)+*A %&$$'( ;(+&1(; )+*A 4# 46*+%(; )(%'$ PQ-4A6?*%% "* +,J/
!``CRJ ,&*?*B&.4??2/ -Kc .(??$ -41( A4#2 @+*@(+%&($ &#
.*AA*# I&%- -KQ .(??$ PQ-4A6?*%% "* +,J/ 899!RJ
"# %-( 4;'?% &#;&1&;'4?/ 4 14+&(%2 *) %&$$'($ -41( 4?$* 6((#
)*'#; %* -4+6*'+ $%(A .(?? @*@'?4%&*#$J K_4A@?($ &#.?';( %-(
6+4&#/ $^(?(%4? A'$.?(/ 6*#( A4++*I 4#; 'A6&?&.4? .*+; 6?**;/
4?%-*'B- %-( -(4+%/ 62 .*#%+4$%/ .*#%4&#$ #* $%(A .(??$ 4)%(+
6&+%- P+(1&(I(; &# 3.]42 !``dW Z'.-$ 4#; Q(B+(/ 8999W e4%%
4#; <*B4#/ 8999W e(&$$A4# "* +,J/ 8999W ,?4' "* +,J/ 899!W
Q@+4;?&#B "* +,J/ 899!RJ H-($( 4;'?% $%(A .(??$ -41( B(#(+4??2
6((# +(B4+;(; 4$ -41&#B %-( .4@4.&%2 %* )*+A *#?2 %-( .(?? %2@($
*) %-( *+B4# &# I-&.- %-(2 4+( )*'#;/ 6'% +(.(#%?2 %-(2 -41(
6((# $-*I# %* (_-&6&% 4# '#(_@(.%(; 1(+$4%&?&%2 PZ(++4+& "* +,J/
!``CW ,V*+#$*# "* +,J/ !```W 5(%(+$(# "* +,J/ !```W 5&%%(#B(+
"* +,J/ !```W ,+4\(?%*# "* +,J/ 8999W G?4+^( "* +,J/ 8999W c4??&
"* +,J/ 8999W =4B4$$( "* +,J/ 8999W 3(\(2 "* +,J/ 8999W Q4#.-(\L
a4A*$ "* +,J/ 8999W b#;(+$*# "* +,J/ 899!W f4.^$*# "* +,J/ 899!W
S+?&. "* +,J/ 899!RJ K1&;(#.( &$ $%+*#B($% &# 4#&A4? (_@(+&A(#%$/
6'% &$ &#.+(4$&#B &# -'A4#$/ %-4% 4;'?% $%(A .(??$ *+&B&#4%&#B &#
*#( B(+A ?42(+ .4# )*+A 4 14+&(%2 *) *%-(+ ;(+&14%&1($ *) %-(
$4A( B(+A ?42(+ P(JBJ 6*#( A4++*IL%*LA'$.?( I&%-&# %-(
A($*;(+A4? ?&#(4B(R/ 4$ I(?? 4$ %+4#$;&))(+(#%&4%( %* ;(+&14L
%&1($ *) *%-(+ B(+A ?42(+$ P(JBJ 6*#( A4++*IL%*L6+4&# 6(%I((#
%-( A($*;(+A4? 4#; (.%*;(+A4? ?&#(4B($RJ H* I-4% (_%(#%
%+4#$;&))(+(#%&4%(; .(??$ 4+( &AA*+%4? *+ 4.X'&+( 4@@+*@+&4%(
)'#.%&*# &# -*$% %&$$'( +(A4&#$ ?4+B(?2 %* 6( ($%46?&$-(; 6'%
4;14#.($ &# %-&$ 4+(4 4+( +4@&;/ @4+%&.'?4+?2 )*+ A'?%&@*%(#%
4;'?% @+*B(#&%*+ .(??$ P3b5G$R *) 6*#( A4++*I Pa(2($ 4#;
Y(+)4&??&(/ 899!RJ b#$I(+$ %* %-($( X'($%&*#$ I&%- +($@(.% %*
3b5G$/ &# @4+%&.'?4+ I-(%-(+ %-(2 +(@+($(#% 6&*?*B&.4?
(X'&14?(#%$ %* -KQ 4#; .4# ?&^(I&$( 6( (_@4#;(; &#;([#&%(?2
I-&?$% +(%4&#&#B %-(&+ ;&))(+(#%&4%&*# @*%(#%&4?/ 4+( .'++(#%?2
6(&#B 4;;+($$(; Pf&4#B "* +,J 8998W Q.-I4+%\ "* +,J/ 8998W
Y(+)4&??&(/ 8998W g-4* "* +,J/ 8998RJ Z*+ *%-(+ 4;'?% $%(A .(??
%2@($/ $'.- 4$ %-*$( )+*A 6+4&#/ $^&# *+ &#%($%&#( PZ'.-$ 4#;
Q(B+(/ 8999R/ %-&$ A42 +(A4&# '#.?(4+ )*+ %-( &AA(;&4%( )'%'+(J
b?%-*'B- %-( ;&$.'$$&*# -(+( .*#.(+#$ -KQ .(??$ 4#; %-( '$( *)
(A6+2*$/ %-( $.&(#%&[. $%4%(L*)L%-(L4+% *# *%-(+ %2@($ *) $%(A
.(?? &$ &A@*+%4#% &# %-( .*#%(_% *) %-( T$'6$&;&4+&%2 @+&#.&@?(U
P$(( 6(?*IRJ
".2*)2/(3 (883/0(2/.)1 .A 5CD 0*331 ()7 12(2*M.AM25*M(,2
"# %-(*+2/ -KQ .(??$ .*'?; 6( '$(; )*+ A4#2 ;&))(+(#% @'+@*$($
P](??(+ 4#; Q#*;B+4$$/ !```RJ K_4A@?($ &# )'#;4A(#%4?
+($(4+.- *# (4+?2 -'A4# ;(1(?*@A(#% 4+( %-( .4'$($ *) (4+?2
@+(B#4#.2 ?*$$/ 4$@(.%$ *) (A6+2*#&. 4B(&#B 4#; %-( )4&?'+( *)
@+(B#4#.2 &# *?;(+ I*A(# PI-(+( B(#(%&. ;()(.%$ &# %-( **.2%(
4@@(4+ %* 6( &A@*+%4#%RJ b $(.*#; .4%(B*+2 A&B-% 6( %*_&.*?L
*B2/ A*+( $@(.&[.4??2 +($(4+.- *# @*$$&6?( %*_&. ())(.%$ *) #(I
;+'B$ *# (4+?2 (A6+2*#&. .(??$ I-&.- 4+( *)%(# A*+( $(#$&%&1(
%-4# 4;'?% .(??$ P;+'B $.+((#&#BRJ H-( A*$% &A@*+%4#% @*%(#%&4?
'$( *) -KQ .(??$ &$/ -*I(1(+/ .?&#&.4??2 &# %+4#$@?4#%4%&*#
A(;&.&#(/ I-(+( %-(2 .*'?; 6( '$(; %* ;(1(?*@ .(?? +(@?4.(L
A(#% %-(+4@&($J H-&$/ 4..*+;&#B %* A*$% +($(4+.-(+$ &# %-( [(?;
+(@+($(#%$ %-( +(4? T-*A( +'#U 4#; &% &$ %-( (%-&.$ *) '$&#B
(A6+2*$ &# %-&$ 4$@(.% *) A(;&.&#( %-4% I&?? 6( ;&$.'$$(; -(+(J
K_4A@?($ *) ;&$(4$($ .4'$(; 62 %-( ?*$$/ *+ ?*$$ *) )'#.%&*#/ *)
*#?2 *#( *+ 4 ?&A&%(; #'A6(+ *) .(?? %2@($ 4#; I-&.- .*'?;
6(#([% )+*A -KQ .(??L64$(; %-(+4@&($ &#.?';( ;&46(%($/
54+^&#$*#U$ ;&$(4$(/ $%+*^(/ 4+%-+&%&$/ A'?%&@?( $.?(+*$&$/ -(4+%
)4&?'+( 4#; $@&#4? .*+; ?($&*#$J b?%-*'B- &% &$ ^#*I# %-4% -KQ
.(??$ 4+( .4@46?( *) B(#(+4%&#B #('+4?/ .4+;&4./ $^(?(%4? A'$.?(/
@4#.+(4$ 4#; ?&1(+ .(??$ &# %(+4%*.4+.&#*A4$ 30 :3:% &#
&AA'#*;([.&(#% A&.( 4$ I(?? 4$ &# %&$$'( .'?%'+(/ &% I*'?;
6( 4# &??'$&*# %* .*#$&;(+ %-4% .(??L%-(+4@&($ I&?? -41(
I&;($@+(4; 4@@?&.4%&*# &# %-( $-*+% %(+A P&J(J I&%-&# 4 .*'@?(
*) 2(4+$RJ "% &$ '#)*+%'#4%( %-4% $(#$4%&*#4? %+(4%A(#% &# %-(
A(;&4/ I-&.- &A@?&(; %-( B(#(+4%&*# *) I-*?( *+B4#$ )+*A -KQ
.(??$/ &#&%&4??2 ?()% %-&$ &A@+($$&*# $* %-4% %-( A*+( +(4?&$%&.
1&(I (A(+B&#B &$ 4?+(4;2 4 ;&$4@@*&#%A(#% %* $*A( @4%&(#%
B+*'@$J >*#(%-(?($$/ 4 @+*@(+ $.&(#%&[. (14?'4%&*# *) %-(
%-(+4@('%&. @*%(#%&4? &$ 6(&#B .4++&(; *'% &# .*'#%+&($ %-4% 4??*I
%-( &$*?4%&*# 4#;O*+ '$( *) (_&$%&#B -KQ .(??$J H-( (%-&.4?
X'($%&*#$ -(+( %-(# 4?$* &#.?';( I-(%-(+ %-( ($%46?&$-A(#% *)
#(I -KQ .(?? ?&#($ .4# 6( V'$%&[(;/ &# %-( +(4?&$4%&*# %-4%
(1(#%'4? %-(+4@&($/ 64$(; *# (&%-(+ -KQ *+ 4;'?% $%(A .(??$ 4+(
?*#BL%(+A @(+$@(.%&1($J
H-(+( 4+(/ 4% ?(4$% &# %-(*+2/ 14+&*'$ $*'+.($ *) -KQ .(??$J "#
A*$% .4$($ %* ;4%(/ %-($( -41( 6((# $@4+( "YZ (A6+2*$/
4?%-*'B- "YZ (A6+2*$ -41( 6((# $@(.&[.4??2 .+(4%(; )*+ %-(
@'+@*$( *) $%(A .(?? &$*?4%&*# P=4#\(#;*+) "* +,J/ 899!RJ "# *#(
14+&4#% *) T(A6+2* .+(4%&*#U/ &% -4$ (1(# 6((# +(@*+%(; %-4%
#*+A4??2 *+B4#&\(; 6?4$%*.2$%$ ;(1(?*@ )+*A .-&A(+4$ *) %I*
A*+@-*?*B&.4??2 #*#L1&46?( (A6+2*$ Pb?&^4#& 4#; e&??4;$(#/
8998RJ H-( A*$% +(1*?'%&*#4+2 *@%&*# I*'?; 6( %-( .+(4%&*# *)
(A6+2*$ $@(.&[.4??2 )*+ %-( @'+@*$( *) &$*?4%&#B $%(A .(??$ 1&4
T#'.?(4+ %+4#$)(+U PT%-(+4@('%&. .?*#&#BURJ H-&$ *@%&*# &$
@'+@*+%(; %* 6( %-( *@%&A4? A(;&.4? '$( *) -KQ %(.-#*?*B2
$&#.( %-( #'.?(4+ :>b *) %-( .(??$ &$ ;(+&1(; )+*A 4 $*A4%&.
.(?? *) 4 @4%&(#% %* +(.(&1( %-( %+4#$@?4#%/ +(;'.&#B %-( .-4#.($
*) %&$$'( +(V(.%&*# P$(( ,4++&(#%*$ "* +,J/ !``CW 8999RJ "% &$ *)
#*%( %-4% %-( **.2%( &# %-&$ .4$( &$ #*% )(+%&?&\(;/ 6'% +(.(&1($
A4%(+#4? 4#; @4%(+#4? B(#*A($ )+*A %-( ;*#*+ .(?? #'.?('$J
Q&#.( 62 $*A( ;([#&%&*#$ 4# (A6+2* &$ %-( +($'?% *)
)(+%&?&\4%&*# *) 4# **.2%( 62 $@(+A/ %-(+( &$ #* 46$*?'%(
.*#$(#$'$ %-4% #'.?(4+ %+4#$)(+ B&1($ +&$( %* 4# (A6+2* P$((
6(?*IRJ
H-( ($%46?&$-A(#% *) (A6+2*#&. .(?? ?&#($ &$ 6(.*A&#B
&#.+(4$&#B?2 ()[.&(#%/ I&%- '@ %* E9h *) $@4+( "YZ (A6+2*$
%-4% ;(1(?*@ &#%* 6?4$%*.2$%$ 4)%(+ %-4I&#B 4% %-( CL.(?? $%4B(
+(@*+%(; %* 2&(?; .(?? ?&#($J H-(+( 4+( +(@*+%$ *) ()[.&(#.&($
A'.- ?*I(+ %-4# E9h/ -*I(1(+/ %-( X'4?&%2 *) %-( ;*#4%(;
(A6+2*$ 6(&#B 4# &A@*+%4#% ;(%(+A&#4#% *) $'..($$J c+*I%- *)
%-( .(?? ?&#($ *1(+ (_%(#;(; @(+&*;$ 4#; &# $*A( .4$($ '#;(+
;([#(; .*#;&%&*#$ Pi' "* +,J/ 899!R -4$ 4?$* 6((# +(@*+%(;/ 6'%
%-( .*#%+*??(; (_@4#$&*# 4#; ;&))(+(#%&4%&*# %* $@(.&[. .(??
%2@($ &$ 4# 4+(4 I-(+( .*#$&;(+46?( +($(4+.- I&?? 6( +(X'&+(;
6()*+( .(?? %+4#$@?4#%4%&*# 6(.*A($ .?&#&.4? @+4.%&.( P)*+
+(1&(I/ $(( 54$$&(+ 4#; 3'AA(+2/ 899DRJ "# 4;;&%&*#/ +($(4+.I&?? 6( +(X'&+(; *# -*I %* ;(?&1(+ .(??$ %* %-( 4@@+*@+&4%( $&%( &#
%-( @4%&(#% %* (#$'+( %-4% %-(2 $'+1&1(/ &#%(B+4%( &# %-( -*$%
%&$$'( 4#; 4;*@% 4@@+*@+&4%( )'#.%&*#J H-($( 4+( %-( .'++(#%
$.&(#%&[. .-4??(#B($ %-4% I&?? -41( %* 6( *1(+.*A( 6()*+( .(??
%-(+4@2 6(.*A($ .?&#&.4? @+4.%&.(W %-( @+*6?(A$ 4+( .*AA*# %*
6*%- -KQ 4#; 4;'?% $%(A .(??$J H-( ()[.&(#.2 *) ($%46?&$-&#B
7dD
9G7* :*,2 4#; =G>&''*,-
(A6+2*#&. $%(A .(?? ?&#($ )+*A #'.?(4+ %+4#$)(+ (A6+2*$ &$
.'++(#%?2 '#^#*I#/ 6'% (_@(.%(; %* 6( ?*I(+ %-4# )+*A "YZ
(A6+2*$J
C25/0(3 *L83.,(2/.)
"# %-( )*??*I&#B $(.%&*#/ %-( $%4%'$ *) -KQ .(??$ &$ [+$%
.*#$&;(+(;J H-( X'($%&*#$ *) I-(%-(+ &% &$ 4..(@%46?( %* '$(
@+(L&A@?4#%4%&*# (A6+2*$ 4$ 4 $*'+.( *) KQ .(??$ )*+ +($(4+.*# .(?? %+4#$@?4#%4%&*# %-(+4@2 4#; &) $*/ I-(%-(+ (A6+2* '$(
$-*'?; 6( ?&A&%(; %* $@4+( (A6+2*$ *+ A42 4?$* &#.?';( %-(
.+(4%&*# *) (A6+2*$ 1&4 #'.?(4+ %+4#$)(+ PT%-(+4@('%&. .?*#L
&#BUR/ 4+( %-(# 4;;+($$(;J
@5* 12(2&1 .A 5CD 0*331
e-4% &$ %-( *#%*?*B&.4? $%4%'$ *) -KQ .(??$j Q-*'?; %-(2 6(
.*#$&;(+(; (X'&14?(#% %* (A6+2*$ *+ #*%j =(% '$ [+$% .*#$&;(+
%-( $%4%'$ *) %-( T#4^(;U/ &$*?4%(; &##(+ .(?? A4$$ P"G3W %-(
$*'+.( )*+ ;(+&1&#B -KQ .(?? ?&#($RJ H-( "G3 &$ 4$ &% I(+( %-(
T($$(#.(U *) %-( @+(L&A@?4#%4%&*# (A6+2*/ %-( @+(.'+$*+ *) %-(
T(A6+2* @+*@(+UJ H-( &$*?4%(; "G3/ -*I(1(+/ #* ?*#B(+ -4$ %-(
@*%(#%&4? %* ;(1(?*@ &#%* 4 )(%'$ 4#; .-&?;/ 4$ %+*@-*6?4$% .(??$/
#(.($$4+2 )*+ &A@?4#%4%&*# 4#; #*'+&$-A(#% *) %-( (A6+2*/ 4#;
(_%+4L(A6+2*#&. (#;*;(+A/ 4+( 46$(#%J "% ;*($ #*% #(.($$4+&?2
)*??*I/ %-*'B-/ %-4% %-( &$*?4%(; "G3 &$ #* ?*#B(+ 4# (A6+2*k
I( $'BB($% %-4% %-( I-*?(/ &$*?4%(; "G3 .*'?; 6($% 6( X'4?&[(;
4$ 4 ;&$46?(;/ T#*#L1&46?(U (A6+2* P(1(# %-*'B- &% A&B-%/ 4%
?(4$% &# %-(*+2/ 6( T+($.'(;U 62 (#1(?*@&#B %-( "G3 I&%$')[.&(#% %+*@-*6?4$% .(??$RJ
e-4%/ %-(#/ &$ %-( $%4%'$ *) %-( &#;&1&;'4? .(??$ )+*A %-( "G3
*#.( &$*?4%(;/ 4#; %-( (A6+2*#&. $%(A .(?? ?&#($ ;(+&1(; )+*A
%-(Aj Q-*'?; I( .*#$&;(+ %-($( .(??$O.(?? ?&#($ %* 6( #*#L1&46?(
(A6+2*$ %**j e( I*'?; 4+B'( %-4% I-(# %-( .(??$ *) %-( "G3
6(B&# %* $@+(4; 4#; B+*I &# .'?%'+(/ %-( "G3 ;&$&#%(B+4%($ 4#;
%-( #*#L1&46?( (A6+2* @(+&$-($J Q*A( A&B-% 4+B'( %-4% -KQ
.(??$ 4+( (A6+2*$/ 6(.4'$(/ 4?%-*'B- -KQ .(??$ &# %-(A$(?1($
.4##*% ;(1(?*@ &#%* 4 -'A4# 6(&#B/ %-(2 A&B-% &) %-(2 I(+(
T6'&?% &#%*U 4 .(??'?4+ 64.^B+*'#; 46?( %* A4^( (_%+4L(A6+2*#&.
%&$$'($ #(.($$4+2 )*+ &A@?4#%4%&*# 4#; #'%+&%&*# *) %-( (A6+2*J
b% @+($(#% %-&$ &$ *#?2 @*$$&6?( 62 T(A6+2* +(.*#$%+'.%&*#U &#
I-&.- %-( "G3 *) 4# (_&$%&#B (A6+2* &$ +(@?4.(; 62 KQ .(??$
P>4B2 "* +,J/ !``DRJ G*AA(#%4%*+$ I-*/ 4B4&#$% %-&$ 64.^L
B+*'#;/ +(B4+; -KQ .(??$ 4$ (X'&14?(#% %* (A6+2*$/ 4@@4+(#%?2
%4^( +(.*'+$( %* %-( *@&#&*# %-4% 4#2 .(?? )+*A I-&.- 4 -'A4#
6(&#B .*'?; &# @+&#.&@?( 6( .+(4%(;/ (1(# I-(# -&B- %(.-#*?*B2
PA&.+*A4#&@'?4%&*#R I*'?; 6( +(X'&+(; %* 4.-&(1( %-&$/ $-*'?;
6( +(B4+;(; 4$ 4# (A6+2*J b# 46$'+; &A@?&.4%&*# *) %-&$
T&#.?'$&1(U ;([#&%&*# *) 4# (A6+2* &$ %-4% *#( $-*'?; %-(# 4?$*
+(B4+; 4?? $*A4%&. .(??$ 4$ (X'&14?(#% %* (A6+2*$k4)%(+ 4??/ 4
$*A4%&. #'.?('$ A42 6(.*A( 4# (A6+2* 4)%(+ #'.?(4+ %+4#$L
@?4#%4%&*# &# 4# (#'.?(4%(; **.2%(J "% &$ %-(+()*+( '#+(4$*#46?(
%* +(B4+; -KQ .(??$ 4$ (X'&14?(#% %* (A6+2*$J
#)12,&'*)2(3 &1* .A *'+,-.1
a($(4+.- &#%* %-( ;(1(?*@A(#% *) .(??L+(@?4.(A(#% %-(+4@2
+(X'&+($ %-( &#$%+'A(#%4? '$( *) @+(L&A@?4#%4%&*# (A6+2*$ )+*A
I-&.- -KQ .(??$ 4+( ;(+&1(; $&#.( .'++(#% %(.-#*?*B2 +(X'&+($
7dF
?2$&$ *) %-( %+*@-(.%*;(+A 4#; .'?%'+( *) %-( "G3W %-( (A6+2*
;&$&#%(B+4%($ 4#; &$ %-'$ ;($%+*2(;J b$ -4$ 4?+(4;2 6((#
;&$.'$$(; (_%(#$&1(?2 &# %-( (A6+2*L+($(4+.- ;(64%(/ .*#$&;L
(+46?( ;&))(+(#.($ *) *@&#&*# (_&$% I&%- +(B4+; %* %-( *#%*L
?*B&.4? 4#; A*+4? $%4%'$ *) %-( @+(L&A@?4#%4%&*# (A6+2*
P<'+$%-*'$(/ !`CdRJ S# *#( $&;( *) %-( $@(.%+'A 4+( %-(
T.*#.(@%&*#4?&$%U 1&(I PT%-( (A6+2* &$ 4 @(+$*#UR 4#; %-(
T$%+*#BU 1(+$&*# *) %-( @*%(#%&4?&%2L4+B'A(#% PT6(.4'$( *) %-(
@*%(#%&4? *) %-( (A6+2* %* ;(1(?*@ &#%* 4 @(+$*#/ &% *'B-% %* 6(
.*#$&;(+(; 4$ 4 @(+$*#URJ S# %-( *%-(+ $&;( *) %-( $@(.%+'A I(
[#; %-( 1&(I %-4% %-( (A6+2* P4#; (1(# %-( )(%'$R 4$ 4 T#*#L
@(+$*#U *'B-% #*% %* 6( 4%%+&6'%(; 4#2 A*+4? $%4%'$ 4% 4??J
,(%I((# %-($( (_%+(A($ 4+( 14+&*'$ &#%(+A(;&4%($J <(+(/ %-(+(
&$ 4 ^&#; *) T*1(+?4@@&#B .*#$(#$'$UM %-( (A6+2* -4$ 4 +(4?/ 6'%
+(?4%&1(?2 ?*I A*+4? 14?'(J H-( A*$% &A@*+%4#% 4+B'A(#%$ 4+(
%-( A*;(+4%( 1(+$&*# *) %-( @*%(#%&4?&%2 4+B'A(#% PT%-( (A6+2*
;($(+1($ $*A( @+*%(.%&*# 6(.4'$( *) &%$ @*%(#%&4? %* 6(.*A( 4
@(+$*#UR 4#; %-( 4+B'A(#% .*#.(+#&#B %-( $2A6*?&. 14?'( *) %-(
(A6+2* P%-( (A6+2* ;($(+1($ %* 6( %+(4%(; I&%- +($@(.% 6(.4'$(
&% +(@+($(#%$ %-( 6(B&##&#B *) -'A4# ?&)(RJ :&))(+(#.($ *)
*@&#&*# (_&$% *# %-( I(&B-% *) %-($( 4+B'A(#%$ P-*I A'.@+*%(.%&*# ;*($ %-( (A6+2* ;($(+1(jR 4#; %-(&+ (_%(#% P;* %-(2
4@@?2 %* @+(L&A@?4#%4%&*# (A6+2*$jRJ "# 1&(I *) %-( )4.% %-4% '@
%* !F ;42$ *) ;(1(?*@A(#%/ 6()*+( %-( @+&A&%&1( $%+(4^ ;(1(?*@$
4#; %-+(( B(+A ?42(+$ 4@@(4+/ (A6+2*$ .4# $@?&% 4#; B&1( +&$( %*
%I&#$ *+ %I* (A6+2*$ A42 )'$( &#%* *#(/ &% A42 +(4$*#46?2 6(
4+B'(; %-4% 4% %-($( (4+?2 $%4B($ %-(+( &$ &# @+&#.&@?( #*
*#%*?*B&.4? &#;&1&;'4?&%2W %-&$ ?&A&%$ %-( A*+4? 14?'( *) 4#
(A6+2*J
5+(L&A@?4#%4%&*# (A6+2*$ 4+( B(#(+4??2 +(B4+;(; )+*A %-(
(%-&.4? @*&#% *) 1&(I 4$ +(@+($(#%&#B 4 $&#B?( .?4$$/ I-(+(4$ &#
)4.% lE9m79h *) %-($( (A6+2*$ 4+( 4#('@?*&; 4#; A*$%?2 #*#L
1&46?(J Z*+ #*#L1&46?( (A6+2*$/ %-( 4+B'A(#% *) @*%(#%&4?&%2
;*($ #*% *) .*'+$( 4@@?2J H-(&+ A*+4? $%4%'$ &$ %-'$ *#?2 64$(;
*# %-(&+ $2A6*?&. 14?'(/ I-&.- &$ 4?+(4;2 ?*I &# T@+(L
&#;&1&;'4?&\(;U @+(L&A@?4#%4%&*# (A6+2*$J H-( @+(.&$( &A@?&L
.4%&*#$ *) %-&$ A*+4? ;&))(+(#.( )*+ %-( +(B'?4%&*# *) %-(
&#$%+'A(#%4? '$( *) (A6+2*$ &$/ -*I(1(+/ 6(2*#; %-( $.*@( *)
%-( @+($(#% 4+%&.?(J
H-( 1&(I %-4% +($(4+.- I&%- @+(L&A@?4#%4%&*# (A6+2*$
$-*'?; 6( .4%(B*+&.4??2 )*+6&;;(# &$ 64$(; *# $-4^2 @+(A&$($
4#; I*'?; 6( ;&)[.'?% %* +(.*#.&?( I&%- %-( I&;( $*.&4?
4..(@%4#.( *) .*#%+4.(@%&1( &#%+4'%(+&#( ;(1&.($J H-( ;*A&#4#%
1&(I &# (%-&.$ &$ %-4% %-( &#$%+'A(#%4? '$( *) @+(L&A@?4#%4%&*#
(A6+2*$/ &# %-( ?&B-% *) %-(&+ +(?4%&1( A*+4? 14?'(/ .4# 6(
V'$%&[(; '#;(+ .(+%4&# .*#;&%&*#$J H-( &#%(+#4%&*#4? ;(64%(
)*.'$($ *# ;([#&#B %-($( .*#;&%&*#$J
C25/01 .A &1/)F 1&,83&1 #PW *'+,-.1 (1 ( 1.&,0* .A 5CD
0*331
5*$$&6?( *6V(.%&*#$ 4+( .*##(.%(; %* %-( @+&#.&@?( *) @+*@*+L
%&*#4?&%2/ %-( $?&@@(+2 $?*@( 4+B'A(#%/ 4#; %-( @+&#.&@?( *)
$'6$&;&4+&%2J
!"#$#"%&#'()&%*
"% &$ B(#(+4??2 4B+((; %-4% +($(4+.- &#1*?1&#B (A6+2*$ $-*'?;
6( +(?4%(; %* 4# &A@*+%4#% B*4?/ $*A(%&A($ )*+A'?4%(; 4$ T4#
%&'() *'+,-.)/0 12*' 0*3314 ,*1*(,05 *25/01 ()7 8.3/0-
&A@*+%4#% -(4?%- &#%(+($%U P%-( @+&#.&@?( *) @+*@*+%&*#4?&%2RJ
S@&#&*#$ ;&))(+ *# -*I %-&$ $-*'?; 6( &#%(+@+(%(; 4#; A4;(
*@(+4%&*#4?J "# 4 #'A6(+ *) .*'#%+&($/ +($(4+.- *# @+(L
&A@?4#%4%&*# (A6+2*$ &$ @(+A&%%(; @+*1&;(; &% &$ +(?4%(; %*
-'A4# +(@+*;'.%&*#J "#%(+#4%&*#4??2/ -*I(1(+/ $'.- 4 ?&A&%4L
%&*# &$ 6(&#B &#.+(4$&#B?2 +(B4+;(; 4$ %** +($%+&.%&1( P:( e(+%
"* +,J/ 8998RJ H-( &$*?4%&*# *) -KQ .(??$ )*+ +($(4+.- &#%* .(??L
+(@?4.(A(#% %-(+4@&($ *@(+4%($ 4$ 4 .4%4?2$% )*+ %-&$ ;&$.'$$&*#J
"% &$ ;&)[.'?% %* 4+B'( %-4% +($(4+.- &#%* -KQ .(??$ &$
;&$@+*@*+%&*#4?J ") (A6+2*$ A42 6( '$(; )*+ +($(4+.- &#%* %-(
.4'$($ *+ %+(4%A(#% *) &#)(+%&?&%2/ %-(# &% &$ &#.*#$&$%(#% %* +(V(.%
+($(4+.- &#%* %-( @*$$&6?( %+(4%A(#% *) $(+&*'$ &#14?&;4%&#B
;&$(4$($ 4$ 6(&#B #*% $')[.&(#%?2 &A@*+%4#%J H-( ,+&%&$>')[(?; G*'#.&? *# ,&*(%-&.$ P>')[(?; G*'#.&? *#
,&*(%-&.$/ 8999R 4?$* $4I #* +(4$*# )*+ A4^&#B 4 A*+4?
;&$%&#.%&*# 6(%I((# +($(4+.- &#%* ;&4B#*$%&. A(%-*;$ *+
+(@+*;'.%&*# 4#; +($(4+.- &#%* @*%(#%&4? .(?? %-(+4@&($J
K1(# &) *#( 4+B'(; %-4% %-(+( &$ 4 ;&))(+(#.( 6(%I((# %-( %I*
%2@($ *) +($(4+.-/ +($(4+.- *# .(?? %-(+4@2 I*'?;/ &) 4#2%-&#B/
6( A*+( ;()(#$&6?( %-4# +($(4+.- *# +(@+*;'.%&*#J S#( P&# *'+
*@&#&*# $*A(I-4% ;'6&*'$R 4+B'A(#% &$ %* 6( )*'#; &# 3.c((
4#; G4@?4# P!```RW -(+( %-( $'BB($%&*# &$ A4;( %-4% &# '$&#B
(A6+2*$ )*+ .(?? %-(+4@2/ #* (A6+2*$ 4+( 4.%'4??2 $4.+&[.(;M
T"# %-( .4$( *) (A6+2*$ 4?+(4;2 $?4%(; %* 6( ;&$.4+;(; 4)%(+
"YZ/ %-( '$( *) $%(A .(??$ A42 4.%'4??2 ?(#; @(+A4#(#.( %* %-(
(A6+2*J S'+ @*&#% -(+( &$ %-4% %-( $4.+&[.( *) 4# (4+?2 -'A4#
(A6+2*/ I-(%-(+ &% &#1*?1($ 4 -'A4# @(+$*# *+ #*%/ &$ #*% %-(
$4A( 4$ %-( $4.+&[.( *) 4# 4;'?% 6(.4'$( ?&)( *) 4 !99L.(??
(A6+2* &$ .*#%4&#(; &# &%$ .(??$ #'.?(4+ :>bJU "# *%-(+ I*+;$/
%-( '#&X'( .-4+4.%(+&$%&. *) 4# (A6+2* &$ &%$ :>bW 62
%+4#$@?4#%&#B .(??$ .*#%4&#&#B %-&$ :>b %* 4 #(I &#;&1&;'4?/
%-( :>b &$ @+($(+1(; 4#; %-( (A6+2* %-(+()*+( #*% $4.+&L
[.(;k4 TI&#mI&#U $&%'4%&*# )*+ 6*%- %-( (A6+2* 4#; .(??
%+4#$@?4#% +(.&@&(#%J H-( &A@?&.4%&*# &$ %-'$ %-4% %-( '$( *)
(A6+2*$ )*+ .(?? %+4#$@?4#%4%&*# @'+@*$($ &$ (%-&.4??2 @+()(+L
46?( %* ;&$@*$&#B *) %-(A *+ '$&#B %-(A &# *%-(+ PT%+'?2
;($%+'.%&1(UR %2@($ *) +($(4+.-J H-&$ (_%+(A( B(#(%&. T+(;'.L
%&*#&$AU &$ -&B-?2 ;&$@'%46?( 4#; #*% .*#1&#.&#BM %-( )4.% %-4%
(A6+2*$ 4+( 4.%'4??2 $4.+&[.(; &# +($(4+.- &#%* .(?? %-(+4@2 &$
A4$^(;J b $(.*#;/ A*+( .*#1&#.&#B/ 4+B'A(#%/ %-4% %-(
&#$%+'A(#%4? '$( *) (A6+2*$ &$ &# @+&#.&@?( (4$&(+ %* V'$%&)2
)*+ &$*?4%&*# *) -KQ .(??$ %-4#/ )*+ (_4A@?(/ +($(4+.- ;&+(.%(;
%*I4+;$ &A@+*1&#B "YZ/ &$ %-4% &% -4$ @*%(#%&4??2 )4+ I&;(+
.?&#&.4? &A@?&.4%&*#$J "% %-(+()*+(/ '#X'($%&*#46?2 A((%$ %-(
@+*@*+%&*#4?&%2 +(X'&+(A(#%J
+)&$$,"* -)#$,
H-( $?&@@(+2 $?*@( 4+B'A(#% .4# 6( .*#$&;(+(; 4$ -41&#B %I*
14+&4#%$/ *#( (A@&+&.4? 4#; %-( *%-(+ ?*B&.4?J H-( (A@&+&.4?
1(+$&*# &#1*?1($ 4 @+(;&.%&*# *) %-( )'%'+(M Tb..(@%4#.( *)
@+4.%&.( i I&?? &#(1&%46?2 ?(4; %* 4..(@%4#.( *) P'#;($&+46?(R
@+4.%&.( nJ H* @+(1(#% n/ i A'$% 6( 64##(;UJ H-( ?*B&.4?
1(+$&*# .*#.(+#$ %-( @+($'A(; ?*B&.4? &A@?&.4%&*#$ +($'?%&#B
)+*A %-( A*+4? V'$%&[.4%&*# *) iM Tf'$%&[.4%&*# *) i 4'%*A4%L
&.4??2 &A@?&($ 4..(@%4#.( *) P'#;($&+46?(R @+4.%&.( nUJ "# %-&$
.*#%(_% %-( @+*6?(A *)%(# ?&($ &# %-( ?4.^ *) @+(.&$( ;([#&%&*#
*) iM TH-( ;&)[.'?%2 &# A4^&#B 4 .*#.(@%'4? ;&$%&#.%&*#
6(%I((# i 4#; n %-4% &$ $-4+@ (#*'B- %* V'$%&)2 i I&%-*'% 4%
%-( $4A( %&A( V'$%&)2&#B n/ &$ 4 +(4$*# %* ;&$4??*I iJU ,*%1(+$&*#$ *) %-( 4+B'A(#% @?42 4 +*?( &# %-( ;(64%( 46*'% %-(
&$*?4%&*# *) -KQ .(??$ )*+ +($(4+.- &#%* .(?? +(@?4.(A(#%
%-(+4@2J b# (_4A@?( *) %-( ?*B&.4? 1(+$&*# &$ %-4% 4..(@%4#.( *)
-KQ .(??$ )*+ %-( ;(1(?*@A(#% *) $%(A .(?? %-(+4@2 )*+ %-(
%+(4%A(#% *) $(+&*'$ ;&$(4$( 4'%*A4%&.4??2 A(4#$ %-(+( &$ #*
4+B'A(#% 4B4&#$% 4..(@%4#.( *) '$(/ )*+ (_4A@?(/ )*+ .*$A(%&.
+(V'1(#4%&*# P>')[(?; G*'#.&? *# ,&*(%-&.$/ 8999RJ H-( A4&#
;&)[.'?%2 &$/ 4..*+;&#B %* %-($( .+&%&.$/ %-( TB+(2 4+(4U 6(%I((#
%-($( %I* (_%+(A($J S#( 4#$I(+ %* %-&$ *6V(.%&*# &$ %* .*#$&;(+
(4.- .4$( &#;&1&;'4??2 +4%-(+ %-4# +(V(.% 4?? .4$($ *'% *) -4#;J
S#( .*'?; '$( %-( $4A( *6V(.%&*# )*+ (_4A@?( 4B4&#$% $'+B(+2/
I-&.- .4# (X'4??2 6( '$(; )*+ $(+&*'$ 4$ I(?? 4$ %+&1&4?
%+(4%A(#%$J
b# (_4A@?( *) %-( (A@&+&.4? 1(+$&*# *) %-( $?&@@(+2 $?*@(
4+B'A(#% &$ %-4% %-( '$( *) -KQ .(??$ )*+ %-( ;(1(?*@A(#% *) .(??
%-(+4@2 I*'?; &#(1&%46?2 ?(4; %* 4@@?&.4%&*#$ &# B(+AL?&#( B(#(
%-(+4@2 4#; &# %-(+4@('%&. .?*#&#B/ %-(# '?%&A4%(?2 +(@+*;'.%L
&1( .?*#&#BJ H-&$ 1(+$&*# *) %-( 4+B'A(#% &$ '#.*#1&#.&#B %**W
(1(# &) B(+A ?&#( B(#( %-(+4@2 4#; %-(+4@('%&. .?*#&#B I*'?;
6( .4%(B*+&.4??2 '#4..(@%46?(/ I-&.- &$ #*% $(?)L(1&;(#%/ &% ;*($
#*% #(.($$4+&?2 )*??*I )+*A %-&$ %-4% %-( '$( *) -KQ .(??$ )*+
.(??L%-(+4@2 &$ '#4..(@%46?(J H-( @+($'A(; 4'%*A4%&$A &# %-(
(A@&+&.4? 1(+$&*# *) %-( $?&@@(+2 $?*@( 4+B'A(#% &$ ;&$@'%46?(J
+./-&0&("&%*
b )'+%-(+ .*#;&%&*# )*+ %-( &#$%+'A(#%4? '$( *) (A6+2*$ &$ %-4%
#* $'&%46?( 4?%(+#4%&1($ (_&$% %-4% A42 $(+1( %-( $4A( B*4?$ *)
%-( +($(4+.-J H-&$ &$ %(+A(; T%-( @+&#.&@?( *) $'6$&;&4+&%2UJ
G+&%&.$ *) %-( '$( *) -KQ .(??$ .?4&A %-4% 4% ?(4$% %-+(( $'.4?%(+#4%&1($ (_&$%/ I-&.- -41( &# .*AA*# %-4% %-(2 ;* #*%
+(X'&+( %-( &#$%+'A(#%4? '$( *) (A6+2*$M P&R _(#*%+4#$@?4#%4L
%&*#W P&&R -'A4# (A6+2*#&. B(+A .(??$ P-Kc .(??$R/ 4#; P&&&R
4;'?% $%(A .(??$J
H-( X'($%&*# &$ #*% I-(%-(+ %-($( @*$$&6?( 4?%(+#4%&1($
+(X'&+( )'+%-(+ +($(4+.- P%-&$ &$/ 4% ?(4$% )*+ %-( ?4%%(+ %I*/
?4+B(?2 '#;&$@'%(;R/ 6'% I-(%-(+ *#?2 %-($( 4?%(+#4%&1($ $-*'?;
6( %-( $'6V(.% *) +($(4+.-J "$ 4 A*+4%*+&'A )*+ &$*?4%&#B -KQ
.(??$ +(X'&+(;/ *+ &$ &% @+()(+46?( %* .4++2 *'% +($(4+.- *# %-(
;&))(+(#% *@%&*#$/ &#.?';&#B %-( '$( *) -KQ .(??$/ &# @4+4??(?j
H-( 4#$I(+ %* %-&$ X'($%&*# ;(@(#;$ *# -*I %-( @+&#.&@?( *)
$'6$&;&4+&%2 *'B-% %* 6( 4@@?&(;J b?%-*'B- %-( @+&#.&@?( *)
$'6$&;&4+&%2 &$ A(4#% %* (_@+($$ .*#.(+# )*+ %-( P4?6(&% ?&A&%(;R
A*+4? 14?'( *) %-( (A6+2*/ &% &$ 4 $&B# *) (%-&.4? *#(L
;&A(#$&*#4?&%2 %* @+($(#% (1(+2 4?%(+#4%&1(/ I-&.- ;*($ #*% '$(
(A6+2*$/ 4$ + /&3%&3 $'@(+&*+J Z*+ %-( .*A@4+4%&1( (%-&.4?
4#4?2$&$ *) -KQ .(??$ )+*A @+(L&A@?4#%4%&*# (A6+2*$ *# %-( *#(
-4#;/ 4#; %-( @*$$&6?( 4?%(+#4%&1($ A(#%&*#(; *# %-( *%-(+/ 4
#'A6(+ *) +(?(14#% 4$@(.%$ $-*'?; 6( %4^(# &#%* 4..*'#%J H-($(
&#.?';(M %-( 6'+;(#$ 4#;O*+ +&$^$ *) %-( ;&))(+(#% *@%&*#$ )*+ %-(
@4%&(#% 4#; -&$ *+ -(+ (#1&+*#A(#%W %-( .-4#.( %-4% %-(
4?%(+#4%&1( *@%&*#$ -41( %-( $4A( P@+*646?2 6+*4;R 4@@?&.46&?L
&%2 4$ -KQ .(??$ )+*A @+(L&A@?4#%4%&*# (A6+2*$W 4#; %-( %&A(L
$.4?( &# I-&.- .?&#&.4??2 '$()'? 4@@?&.4%&*#$ 4+( %* 6( (_@(.%(;J
b 64$&$ )*+ &#&%&4%&#B 4 .*A@4+4%&1( (%-&.4? 4#4?2$&$ &$ $(% *'%
6(?*IM
P&R i(#*%+4#$@?4#%4%&*# &$ 1&(I(; 4% @+($(#% 4$ .4++2&#B 4
+&$^/ 4?6(&% ?&A&%(;/ *) .+*$$L$@(.&($ &#)(.%&*#$ 4#; 4# 4..*AL
7dE
9G7* :*,2 4#; =G>&''*,-
@4#2&#B %-+(4% %* @'6?&. -(4?%-J H-&$ +&$^ &$/ 4% ?(4$% )*+ %-( %&A(
6(&#B/ 4# (%-&.4? 4#; $4)(%2 %-+($-*?; )*+ .?&#&.4? %+&4?$J b@4+%
)+*A %-4%/ %-( X'($%&*# A42 6( +4&$(; )+*A 4 @(+$@(.%&1( *)
4#&A4? (%-&.$ I-(%-(+ &% &$ +(4$*#46?( %* 6+((; 4#; ^&?? 4#&A4?$
&# *+;(+ %* @+*;'.( %+4#$@?4#%$/ I-(# 4% %-( $4A( %&A( $@4+(
-'A4# (A6+2*$ 4+( 414&?46?( I-&.- I*'?; *%-(+I&$( 6(
;&$.4+;(;W
P&&R "# @+&#.&@?(/ %-( '$( *) -Kc .(??$ )+*A @+&A*+;&4? B(+A
.(??$ *) ;(4; )(%'$($ $((A$ )+*A 4 A*+4? @(+$@(.%&1( %* 6( A*+(
4..(@%46?( %-4# %-( &#$%+'A(#%4? '$( *) ?&1&#B @+(L&A@?4#%4%&*#
(A6+2*$/ @+*1&;(; %-4% %-( ;(.&$&*# %* 46*+% I4$ #*% A*%&14%(;
62 %-( '$( *) )(%4? A4%(+&4? )*+ %+4#$@?4#%4%&*# @'+@*$($J H*
;4%(/ -*I(1(+/ -Kc .(??$ -41( 6((# ;&)[.'?% %* &$*?4%( 4#;
.'?%'+(/ I&%- *#?2 *#( +($(4+.- B+*'@ +(@*+%&#B $'..($$
PQ-4A6?*%% "* +,J/ !``CW 899!RJ "# 4;;&%&*#/ +($(4+.- &# A&.(
$'BB($%$ 46#*+A4? +(@+*B+4AA&#B *) %-($( .(??$ &# .'?%'+(M
.-&A(+&. A&.( B(#(+4%(; 6(%I((# A*'$( PARKc .(??$ 4#; @+(L
&A@?4#%4%&*# (A6+2*$ ;(1(?*@ 46#*+A4??2 I-&?( .-&A(+4$
'$&#B A*'$( PARKQ .(??$ ;(1(?*@ 4$ #*+A4??2 4$ #*#L.-&A(+&.
A&.( PQ%(B-4'$L]*14./ !```W Q'+4#&/ 899!RJ H-&$ A4^($ %-(
*'%.*A( *) (1(#%'4? .?&#&.4? 4@@?&.4%&*# *) %-($( .(??$ ;&)[.'?%
%* @+(;&.% &# %(+A$ *) -(4?%- +&$^$ )*+ %-( +(.&@&(#%J
P&&&R b#4?2$&$ *) %-( ;(1(?*@A(#%4? @*%(#%&4? *) 4;'?% $%(A
.(??$ &$ 4 +4@&;?2 (1*?1&#B [(?; *) +($(4+.-/ @4+%&.'?4+?2 &#
4#&A4? A*;(? $2$%(A$J K_@(+&A(#%$ .4++&(; *'% I&%-&# %-( ?4$%
%I* 2(4+$ -41( ;(A*#$%+4%(;/ )*+ (_4A@?(/ %-4% 6*#( A4++*I
.(??$ .4# B&1( +&$( %* #(+1( .(??$ &# A*'$( 6+4&# P3(\(2 "* +,J/
8999R/ #('+4? .(??$ )+*A A*'$( 6+4&# .4# %'+# &#%* 6?**; 4#;
A'$.?( P,V*+#$*# "* +,J/ !```W c4??& "* +,J/ 8999R/ 4#; (1(#
@4+%&.&@4%( &# %-( ;(1(?*@A(#% *) .-&A(+&. A*'$( (A6+2*$ '@
%* A&;LB($%4%&*# PG?4+^( "* +,J/ 8999RJ b?%-*'B- 4@@4+(#%?2
$@(.%4.'?4+ &# ;(A*#$%+4%&#B %-4% #('+4? $%(A .(??$ )+*A A&.(
.4# )*+A A*$% .(?? %2@($ '#;(+ %-( 4@@+*@+&4%( .*#;&%&*#$/ &% &$
$%&?? '#.?(4+ I-(%-(+ %+'( @?4$%&.&%2 &# %(+A$ *) )'#.%&*# -4$
6((# ;(A*#$%+4%(; *+ I-(%-(+ %-( .(??$ $&A@?2 T@&BB2L64.^U
I&%- #*+A4? .(??$ ;'+&#B ;(1(?*@A(#%J 5'6?&$-(; (1&;(#.( *)
T@?4$%&.&%2U &# 4;'?% -'A4# $%(A .(??$ &$ A*+( ?&A&%(;/ 6'%
+(.(#% (1&;(#.( $'BB($%$ %-4% %-( 3b5G$ )+*A 6*#( A4++*I
A42 +(@+($(#% 4 6+(4^%-+*'B- Pf&4#B "* +,J/ 8998W Q.-I4+%\
"* +,J/ 8998WRJ H-(2 4+( 4..($$&6?(J G*??(.%&*# &$ +(?4%&1(?2 #*#L
;($%+'.%&1( )*+ $'++*'#;&#B %&$$'( .*A@4+(;/ )*+ (_4A@?(/ I&%%-( .*??(.%&*# *) #('+4? $%(A .(??$ )+*A 4;'?% 6+4&#/ 4?%-*'B%-(&+ #'A6(+$ 4+( ?*IM ! &# !9C *) %-($( .(??$ (_-&6&% %-( 46&?&%2
%* )*+A @*@'?4%&*#$ *) #(+1(/ A'$.?( 4#; 4 #'A6(+ *) *%-(+ .(??
%2@($ 4#; %-(2 *#?2 6(.*A( (1&;(#% 4)%(+ $(1(+4? A*#%-$ *)
.4+()'? .'?%'+(J G?*#4? 4#4?2$&$ -4$ @+*1&;(; +&B*+*'$ @+**) *)
@?4$%&.&%2M 4 $&#B?( -4(A4%*@*&(%&. $%(A .(?? .4# @*@'?4%( 4
14+&(%2 *) %&$$'($ I-(# &#V(.%(; &#%* ?(%-4??2 &++4;&4%(; A&.(
P]+4'$( "* +,J/ 899!R *+ &#%* 6?4$%*.2$% $%4B( (A6+2*$ %*
B(#(+4%( .-&A(+&. (A6+2*$ Pf&4#B "* +,J/ 8998RJ >*#(%-(?($$/
%-(+( 4+( @*%(#%&4? -4\4+;$ %* '$&#B .(??$ %-4% -41( 6((#
.'?%'+(; )*+ ?*#B @(+&*;$ )*+ %+4#$@?4#%4%&*# 4#; 4?%-*'B3b5G$ $((A %* -41( #*+A4? .-+*A*$*A($/ &% &$ &A@*+%4#% %*
($%46?&$- %-4% %-( @4%-I42$ B*1(+#&#B .(?? @+*?&)(+4%&*# 4+(
'#@(+%'+6(;J H-&$ &$ 4?$* %+'( )*+ -KQ .(??$J <*I(1(+/ %-(
@*I(+)'? @(+)*+A4#.( *) AKQ .(??$ &# +($%*+&#B )'#.%&*# &# 4
+4% A*;(? )*+ 54+^&#$*#U$ ;&$(4$( P]&A "* +,J/ 8998R/ -4$ #*% 2(%
6((# A4%.-(; 62 3b5G$J ,*#( A4++*I $%(A .(??$ -41( 6((#
7d7
$-*I# 1(+2 +(.(#%?2 %* +($%*+( )'#.%&*# %* $*A( (_%(#% &# 4
A*'$( -(4+% ;4A4B(; 62 .*+*#4+2 ?&B4%&*#/ 4# (_@(+&A(#% %-4%
A&A&.$ %-( .*#;&%&*#$ *) %-( -'A4# -(4+% $**# 4)%(+ &#)4+.%&*#
PS+?&. "* +,J/ 899!RJ b?%-*'B- .?&#&.4? +($%*+4%&*# *) )'#.%&*# &#
4 ;4A4B(; *+B4# &$ '$'4??2 $*'B-% +4%-(+ ?*#B(+ 4)%(+ %-(
*+&B&#4? &#V'+2 %-4# &# %-($( (_@(+&A(#%$/ I-&.- I(+( @(+L
)*+A(; 6()*+( $.4+ %&$$'( -4; )*+A(;/ %-&$ 4@@+*4.- I&??
.(+%4&#?2 6( I*+%- @'+$'&#BJ b# 4?%(+#4%&1(/ #*#L&#14$&1(/
-4(A4%*@*&(%&. $%(A .(?? $*'+.( &$ 'A6&?&.4? .*+; 6?**;J H-&$ &$
'$(; .?&#&.4??2 )*+ %+4#$@?4#%4%&*# 4$ 4# 4?%(+#4%&1( %* 6*#(
A4++*I &# @4%&(#%$ )*+ I-*A #* 6*#( A4++*I A4%.- &$
414&?46?(J G*+; 6?**; .*#%4&#$ @+(.'+$*+$ *) 4 #'A6(+ *)
?&#(4B($ 6'% &%$ @?'+&@*%(#.2/ *+ (1(# A'?%&@*%(#.2/ &$ )4+ )+*A
@+*1(#J >(1(+%-(?($$/ %-( @+*$@(.% *) 4'%*?*B*'$ %+4#$@?4#%4L
%&*# *) -4(A4%*@*&(%&. $%(A .(??$ *) 6*#( A4++*I &# %-( ?*#B
%(+A A4^($ %-&$ 4# &A@*+%4#% +($(4+.- 4+(4 &# %(+A$ *)
4?%(+#4%&1($ %* %-(+4@('%&. .?*#&#B P$(( 6(?*IRJ
b?%-*'B- $%';&($ I&%- 4;'?% $%(A .(??$ $* )4+ -41( 6((#
(#.*'+4B&#B/ c4??& P8999R/ 4'%-*+ *) %-( [+$% 4;'?% #('+4? $%(A
$%';&($ 4#; A'.- .&%(; 62 4;1*.4%($ *) %-( 1&(I %-4% 4;'?% $%(A
.(??$ -41( 4 @+*1(# ;(1(?*@A(#%4? @*%(#.2 (X'4? %* %-4% *) KQ
.(??$/ -&A$(?) ;&$4B+(($ (#%&+(?2 I&%- %-&$ 1&(I@*&#% P$((
K;&%*+&4?/ 8999RJ "% -4$ (1(# 6((# $'BB($%(; %-4% %-( +($'?%$
)+*A 4;'?% $%(A .(?? +($(4+.- 4+( 6(&#B A&$&#%(+@+(%(; )*+
@*?&%&.4? A*%&1($ 4#; T-&#%$ *) %-( 1(+$4%&?&%2 *) %-( 4;'?% .(??$
-41( 6((# *1(+ &#%(+@+(%(;/ *1(+@?42(; 4#; *1(+ -2@(;U
PY4$%4B/ 899!RJ S@@*#(#%$ *) KQ .(?? +($(4+.- 4+( #*I
-(+4?;&#B Y(+)4&??&(U$ 4;'?% $%(A .(??$ 4$ @+**) %-4% I*+^ *#
-KQ .(??$ &$ #* ?*#B(+ #((;(;J <*I(1(+ %-( $%(A .(?? +($(4+..*AA'#&%2 4#; Y(+)4&??&( -(+$(?) PY4$%4B/ 8998R -41( .4??(;
)*+ A*+( +($(4+.- *# 6*%- 4;'?% 4#; (A6+2*#&. $%(A .(??$J KQ
.(??$ %-4% .4# @(+)*+A 4$ @*I(+)'??2 4$ %-*$( ;($.+&6(; 62 ]&A
"* +,J P8998R &# %-( +4% 54+^&#$*# A*;(? A4^( &% )4+ %** (4+?2 &#
%-( B4A( )*+ %-(A %* 6( ;&$.*'#%(; PK;&%*+&4?/ 8998RJ
H-( X'($%&*# +(A4&#$/ -*I(1(+/ $-*'?; 4 A*+4%*+&'A 6(
&A@*$(; *# &$*?4%&#B -KQ .(??$ )*+ +($(4+.- &# .(?? %-(+4@2 &#
%-( ?&B-% *) %-( &#;&$@'%46?2 @+*A&$&#B +($'?%$ )+*A 4;'?% $%(A
.(?? +($(4+.-j H-( ?4.^ *) .*#$(#$'$ 4+&$($ ?4+B(?2 )+*A
;&$4B+((A(#% *# &#%(+@+(%4%&*# *) %-( $'6$&;&4+&%2 @+&#.&@?(J
bB4&#$% %-( +($%+&.%&1( 1&(I@*&#% %-4% +($(4+.- *# -KQ .(??$
A42 *#?2 %4^( @?4.( &) %-(+( &$ @+**) %-4% 4;'?% $%(A .(??$ 4+( #*%
*@%&A4??2 '$()'?/ %-(+( &$ %-( A*+( @(+A&$$&1( 1&(I@*&#% %-4%
-KQ .(?? +($(4+.- A42/ 4#; &#;((; $-*'?;/ %4^( @?4.( $* ?*#B &%
&$ '#.?(4+ I-(%-(+ 4;'?% $%(A .(??$ 4+( .*A@?(%( *+ (1(# @4+%&4?
4?%(+#4%&1($J
S# %-( 64$&$ *) %-( )*??*I&#B 4+B'A(#%$/ 4 ?($$ +($%+&.%&1(
&#%(+@+(%4%&*# *) %-( $'6$&;&4+&%2 @+&#.&@?( &$ A*+4??2 V'$%&[(;J
PQ%(A G(?? a($(4+.-/ 8999R H* 6(B&# I&%-/ %-( A*$% *@%&A&$%&.
(_@(.%4%&*# &$ %-4% *#?2 &# %-( ?*#B +'# I&?? 4;'?% $%(A .(??$
@+*1( %* -41( (X'4? @?4$%&.&%2 4#; ;(1(?*@A(#%4? @*%(#%&4? 4$
-KQ .(??$ P4#; 6( 4$ 6+*4;?2 4@@?&.46?( &# %-( .?&#&.R/ 4#; %-(+(
&$ 4 +(4$*#46?( .-4#.( %-4% %-&$ I&?? #(1(+ %'+# *'% %* 6( %-(
.4$(J ") -KQ .(??$ )+*A @+(L&A@?4#%4%&*# (A6+2*$ -41( A*+(
@*%(#%&4? .?&#&.4? 4@@?&.4%&*#$ &# %-( $-*+% %(+A/ %-(# %-( +&$^ *)
4 A*+4%*+&'A &$ %-4% @4%&(#%$ I&?? 6( ;(@+&1(; *) 6(#([%J H-&$ &#
&%$(?) &$ 4 +(4$*# %* )*+B* 4 A*+4%*+&'Ak4$$'A&#B %-4% %-(
-(4?%- &#%(+($%$ *) @4%&(#%$ *1(++'?( %-( +(?4%&1( A*+4? 14?'( *)
@+(L&A@?4#%4%&*# (A6+2*$J Q(.*#;?2/ %-( $&A'?%4#(*'$ ;(1(?L
%&'() *'+,-.)/0 12*' 0*3314 ,*1*(,05 *25/01 ()7 8.3/0-
*@A(#% *) ;&))(+(#% +($(4+.- $%+4%(B&($ &$ @+()(+46?(/ .*#$&;(+L
&#B %-4% +($(4+.- *# -KQ .(??$ I&?? @+*646?2 .*#%+&6'%( %*
$@((;&#B '@ 4#; *@%&A&$&#B .?&#&.4? 4@@?&.4%&*#$ *) 4;'?% $%(A
.(??$J "# @4+%&.'?4+/ %-( $%&A'?& %* ;+&1( .(??$ &# @4+%&.'?4+
;&+(.%&*#$ *) ;&))(+(#%&4%&*# A42 6( .*AA*# %* 6*%- .(?? %2@($/
I-&?( A(%-*;$ *) ;(?&1(+2 %* ;4A4B(; %&$$'( 4+( 4$ ?&^(?2 %* 6(
.*AA*# 4$ .*A@?(A(#%4+2J b A*+4%*+&'A *# -KQ .(??
+($(4+.- I*'?; +(A*1( %-( ;+&1&#B )*+.( 6(-&#; 4;'?% $%(A
.(?? +($(4+.-J
b [#4? 14+&4#% *# 4;'?% $%(A .(?? $*'+.($ .*#.(+#$ %-( '$( *)
(A6+2*#4? .4+.&#*A4 PKGR .(??$/ 4 $%(A .(?? @*@'?4%&*# )*'#;
&# %'A*'+$ P%(+4%*.4+.&#*A4$R *) 2*'#B 4;'?% @4%&(#%$J H-($(
.(??$ -41( @+*@(+%&($ 1(+2 $&A&?4+ %* -KQ .(??$J H-( +($'?%$ *) 4
@-4$( " P$4)(%2R %+&4? '$&#B %-($( .(??$ &# !! $%+*^( 1&.%&A$ &# %-(
0Qb -41( +(.(#%?2 6((# @'6?&$-(; 4#; @(+A&$$&*# B+4#%(; 62
%-( Z**; 4#; :+'B b;A&#&$%+4%&*# PZ:bR )*+ 4 @-4$( "" %+&4?
P())(.%&1&%2R P]*#;\&*?^4 "* +,J/ 8999RJ H-( @4%&(#%$ +(.(&1(;
#('+4? .(??$ ;(+&1(; )+*A +(%&#*&. 4.&; P1&%4A&# bR %+(4%A(#% *)
%(+4%*.4+.&#*A4 $%(A .(??$J b?%-*'B- %-( $.&(#%&[. 4#; (%-&.4?
.*#$(#$'$ &$ %-4% %-($( %+&4?$ I(+( @+(A4%'+( &# %(+A$ *)
@*%(#%&4? +&$^ *) %(+4%*.4+.&#*A4 ;(1(?*@A(#% 4% %-( %+4#$@?4#%
$&%(/ 4?? @4%&(#%$ $'+1&1(; I&%- #* *61&*'$ ;(%+&A(#%4? ())(.%$/
#* %'A*'+ )*+A4%&*# 4#; &# %I* .4$($ 4 $A4?? &A@+*1(A(#% &#
$2A@%*A$J b)%(+ %I* 2(4+$/ %-( %+4#$@?4#%(; .(??$ I(+( $%&??
;(%(.%46?( 62 $.4##&#B P]*#;\&*?^4 "* +,J/ 8999RJ :($@&%( &%$
.*#%+*1(+$&4? #4%'+(/ %-&$ %+&4? -4$ #(1(+%-(?($$ @+*646?2 $(% 4
@+(.(;(#% )*+ $&A&?4+ %+&4?$ '$&#B #('+4? ;(+&14%&1($ *) -KQ/ %-(
6($% .*#%+*??(; ;&))(+(#%&4%&*# @4%-I42 *) -KQ .(??$ 4% %-(
@+($(#% %&A( Pa('6&#*)) "* +,J/ 899!W g-4#B "* +,J/ 899!RJ
5+*@*#(#%$ 6(?&(1( %-4% $'.- %+&4?$ I*'?; 6( )(4$&6?( (1(# &#
%-( $-*+% %(+A P3.]42/ !``dRJ >('+4? ;&))(+(#%&4%&*# *) -KG
.(??$ &$ )4&+?2 (4$2 %* &#;'.( +(@+*;'.&6?2 6'% A*$% *%-(+ )*+A$
*) ;&))(+(#%&4%&*# 4+( #*%W (1(# &) '?%&A4%(?2 +(B4+;(; 4$ T$4)(U/
-KG .(??$ I&?? #*% +(@?4.( -KQ .(??$ &# %(+A$ *) ;(1(?*@A(#%4?
@*%(#%&4? 4#; 4+( %-(+()*+( #*% +(B4+;(; 4$ 4# 4?%(+#4%&1(J
"# 1&(I *) 6*%- %-( *#?2 +(?4%&1( A*+4? 14?'( *) @+(L
&A@?4#%4%&*# (A6+2*$ 4#; %-( '#.(+%4&#%&($ 4#; +&$^$ *) %-(
@*%(#%&4? 4?%(+#4%&1( $*'+.($ )*+ %-( ;(1(?*@A(#% *) .(??
%-(+4@2/ 4 A*+4%*+&'A )*+ &$*?4%&#B -'A4# (A6+2*#&. $%(A
.(??$ &$ '#V'$%&[(;J
@5*,(8*&2/0 03.)/)F
,()*+( ;&$.'$$&#B %-( (%-&.4? &$$'($ 4+*'#; T%-(+4@('%&.
.?*#&#BU/ %-( %(+A &%$(?) +(X'&+($ .*#$&;(+4%&*#J H* 41*&;
.*#)'$&*#/ &% -4$ 6((# @+*@*$(; %-4% %-( %(+A T.?*#&#BU 6(
+($(+1(; )*+ +(@+*;'.%&1( .?*#&#B 4#; %-4% T>'.?(4+ %+4#$@?4#L
%4%&*# %* @+*;'.( $%(A .(??$U I*'?; 6( 6(%%(+ %(+A&#*?*B2 )*+
%-(+4@('%&. .?*#&#B P>bQ +(@*+%/ 8998W Y*B(?$%(&# "* +,J/
8998RJ S%-(+$ -41( @*&#%(; *'% %-( ;&$4;14#%4B( *) %-&$
4?%(+#4%&1( %(+A/ #4A(?2 %-4% &% A4$^$ %-( )4.% %-4% 4# (A6+2* &$
.+(4%(; )*+ &#$%+'A(#%4? '$(J 3*+( &A@*+%4#% &# *'+ *@&#&*#
-*I(1(+/ &$ %-4% %-( '$( *) %-( 4;1(+6 T%-(+4@('%&.U $'BB($%$
%-4% -KQ .(?? %-(+4@2 &$ 4?+(4;2 4 +(4?&%2M (*&32*. ("0(. %-(+( .4#
*#?2 6( 4 X'($%&*# *) %-(+4@('%&. 4@@?&.4%&*#$ *#.( .?&#&.4?
%+&4?$ -41( $%4+%(;J "# %-( @-4$( 6()*+( .?&#&.4? %+&4?$/ &% &$ *#?2
+(4$*#46?( %* +()(+ %* +($(4+.- *# #'.?(4+ %+4#$)(+ 4$ T+($(4+.-
.?*#&#BU *+ T#'.?(4+ %+4#$@?4#%4%&*# )*+ )'#;4A(#%4? $.&(#%&[.
+($(4+.-U/ 4&A(; 4% )'%'+( 4@@?&.4%&*#$ *) %-(+4@('%&. .?*#&#BJ
Q*A( .*#$&;(+ %-&$ %(.-#*?*B2 %* 6( (%-&.4??2 #('%+4?W %-(2
.?4&A %-4% %-( T.*#$%+'.%U @+*;'.(; &$ #*% 4 P@+(L&A@?4#%4%&*#R
(A6+2*J o'4?&[.4%&*#$ $'BB($%(; )*+ %-($( .*#$%+'.%$ &#.?';(M
4.%&14%(; **.2%(/ *14$*A(/ %+4#$#'.?(4+ **.2%( .(??/ (%.J
P]&($$?&#B/ 899!W <4#$(#/ 8998R <*I(1(+/ %* +($%+&.% %-(
;([#&%&*# *) T(A6+2*U %* %-( @+*;'.% *) )(+%&?&\4%&*# &# %-( @*$%L
:*??2 (+4 &$ 4 A&$?(4;&#B 4#4.-+*#&$AJ b?%-*'B- %-( @'+@*$(
*) %-(+4@('%&. .?*#&#B &$ #*% %-( .+(4%&*# *) 4 #(I &#;&1&;'4?
4#; &% &$ '#?&^(?2 %-4% %-( 1&46&?&%2 *) %-( .*#$%+'.%(; @+*;'.% &$
(X'&14?(#% %* %-4% *) 4# (A6+2* ;(+&1(; )+*A $(_'4? +(@+*L
;'.%&*#/ &% &$ #*% .*++(.% %* $42 %-4% 4# (A6+2* -4$ #*% 6((#
.+(4%(;J
H-( .*+( *) %-( @+*6?(A &$ %-4% -(+( -'A4# (A6+2*$ 4+(
.+(4%(; $*?(?2 )*+ &#$%+'A(#%4? '$(J e-(%-(+ *+ #*% %-&$ .4# 6(
A*+4??2 V'$%&[(;k4#; &) $*/ '#;(+ I-4% .*#;&%&*#$k-4$
4?+(4;2 6((# 4# &$$'( *) ;(64%( )*+ 2(4+$ &# %-( .*#%(_% *)
%-( ;(1(?*@A(#% *) T4$$&$%(; +(@+*;'.%&1( %(.-#*?*B&($U
PbaHRJ "$ &% 4..(@%46?( %* .+(4%( (A6+2*$ )*+ +($(4+.-/ 4#; &)
$*/ &$ %-(+4@('%&. .?*#&#B A*+4??2 4..(@%46?( %**j
1 $",)&2&'("* 3.,-%&#'4 &- &% 5.-%&6,0 %# 7",(%, ,2/"*#- 8#"
",-,("79:
b+%&.?( !C *) %-( K'+*@(4# G*#1(#%&*# *# <'A4# a&B-%$ 4#;
,&*A(;&.&#( )*+6&;$ %-( .+(4%&*# *) (A6+2*$ )*+ 4?? +($(4+.@'+@*$($ PG*'#.&? *) K'+*@(/ !``7RJ <*I(1(+/ %-&$ ;*($ #*%
.?*$( %-( (%-&.4? 4#; @*?&%&.4? ;(64%($ &# &#;&1&;'4? K0 A(A6(+
$%4%($J
"# %-( T.?4$$&.4?U #*+A4%&1( ;(64%( *# (A6+2* +($(4+.-/ %I*
@(+$@(.%&1($ .4# 6( ;&$%&#B'&$-(;M 4 T)(%4?&$%U @(+$@(.%&1(
P)*.'$&#B *# %-( A*+4? 14?'( *) %-( (A6+2*R/ 4#; 4 T)(A&#&$%U
@(+$@(.%&1( PI&%- %-( &#%(+($%$ *) I*A(#/ @4+%&.'?4+?2 .4#;&L
;4%( **.2%( ;*#*+$/ @?42&#B 4 .(#%+4? +*?(R Pa42A*#;/ !`CdRJ
,*%- @(+$@(.%&1($ -41( 4 ;&))(+(#% *'%?**^ *# %-( X'($%&*# *)
I-(%-(+ *+ #*% %-(+( &$ 4 ;(.&$&1( A*+4? ;&$%&#.%&*# 6(%I((#
+($(4+.- I&%- $@4+( "YZ (A6+2*$ *# %-( *#( -4#;/ 4#; .+(4%&#B
(A6+2*$ )*+ +($(4+.- *# %-( *%-(+J "# *%-(+ I*+;$M &$ %-(
;&))(+(#.( 6(%I((# %-($( @+4.%&.($ $'.- %-4% %-( )*+A(+ .4# 6(
4..(@%46?( '#;(+ $@(.&[. .*#;&%&*#$/ 4#; %-( ?4%%(+ 46$*?'%(?2
#*%j
;"*+,3(* /"&(/"2*3:"
"#$%+'A(#%4?&\4%&*# *) %-( (A6+2* &$ $*A(%&A($ +(B4+;(; 4$ )4+
B+(4%(+ 4#; )'#;4A(#%4??2 ;&))(+(#% I-(# &% &#1*?1($ %-(
.+(4%&*# *) (A6+2*$ )*+ +($(4+.- @'+@*$($ +4%-(+ %-4# %-( '$( *)
$@4+( (A6+2*$J H-&$ ;&))(+(#.(/ -*I(1(+/ &$ V'$% B+4;'4?J >*%
*#?2 &$ %-( (A6+2* '$(; .*A@?(%(?2 &#$%+'A(#%4??2 &# 6*%.4$($/ %-( A*+4? $%4%'$ &$ 4?$* &;(#%&.4?J H-( ;&))(+(#.( &$ &# %-(
&#%(#%&*# 4% )(+%&?&\4%&*#/ I-&.-/ 4?%-*'B- 4 +(4? ;&))(+(#.(/ &$
+(?4%&1(J "% &$ 4 A&$.*#.(@%&*# %* %-&#^ %-4% &# %-( .*#%(_% *)
+(B'?4+ "YZ %+(4%A(#% (1(+2 (A6+2* &$ .+(4%(; 4$ 4 TB*4? &#
&%$(?)UM %-( B*4? &$ %-( $*?'%&*# *) &#1*?'#%4+2 .-&?;?($$#($$ 4#;
%-( ?*$$ *) $*A( (A6+2*$ &$ 4 .4?.'?4%(; +&$^ 6()*+(-4#;J
;"6303(* /"&(/"2*3:"
Z+*A 4 )(A&#&$% @(+$@(.%&1(/ %-( .+(4%&*# *) (A6+2*$ )*+
+($(4+.- $-*'?; 6( (14?'4%(; .+&%&.4??2 &# 4$ )4+ 4$ &% A42
7dd
9G7* :*,2 4#; =G>&''*,-
+(X'&+( -*+A*#( %+(4%A(#% *) 4 I*A4# %* *6%4&# **.2%($ )*+
+($(4+.- @'+@*$($M .4# %-&$ 6( A*+4??2 V'$%&[(; I-(# &% +(X'&+($
'#@?(4$4#% %+(4%A(#% *) %-( ;*#*+ I&%- #* 6(#([% 4% 4??/ *+ (1(#
4 ;(%+&A(#%4? *'%.*A(/ )*+ -(+ *I# $%4%( *) -(4?%-j b [+$%
*6V(.%&*# &$ %-4% I*A(# %-(A$(?1($ 6(.*A( *6V(.%$ *)
&#$%+'A(#%4? '$(J <(+(/ -*I(1(+/ 4# 4#4?*B2 .4# 6( A4;(
I&%- +(.+'&%&#B -(4?%-2 +($(4+.- $'6V(.%$J a(?(14#% .*#$&;(+L
4%&*#$ .*#.(+# I-(%-(+ *+ #*% %-( +($(4+.- $(+1($ 4# &A@*+%4#%
B*4?/ I-(%-(+ %-( 6'+;(#$ 4#; +&$^$ %* %-( $'6V(.%$ 4+(
@+*@*+%&*#4?/ 4#; I-(%-(+ 14?&; &#)*+A(; .*#$(#% *) %-(
+($(4+.- $'6V(.%O;*#*+ &$ B&1(#J H-( $(.*#; *6V(.%&*# &$ %-4%
%-( -(4?%- +&$^$ %* %-( I*A(# %-(A$(?1($ 4+( %** -&B- 4#; %-(
;(B+(( *) ;&$.*A)*+% ;&$@+*@*+%&*#4?J :&))(+(#.( *) *@&#&*#
(_&$%$/ -*I(1(+/ 4?$* 4A*#B I*A(#/ 46*'% %-( ;&$@+*@*+%&*#L
4?&%2 *) -*+A*#( %+(4%A(#%J H-(+( 4+(/ )'+%-(+A*+(/ $(1(+4?
@*%(#%&4? 4?%(+#4%&1($ %-4% ;* #*% +(X'&+( -*+A*#( %+(4%A(#% *)
-(4?%-2 I*A(#J S#( &#1*?1($ %-( &#L1&%+* A4%'+4%&*# P"Y3R *)
&AA4%'+( **.2%($ 4)%(+ %-(&+ &$*?4%&*# )+*A ;(4; ;*#*+$ *+
;*#*+$ -41&#B *14+&($ +(A*1(; )*+ *%-(+ +(4$*#$J "Y3 &$
$'..($$)'? &# .4%%?( 4#; $-((@ P()[.&(#.2 lF9hR/ 4?%-*'B- &% &$/
)*+ %-( A*A(#%/ A'.- ?*I(+ &# -'A4#$J
"# .*#.?'$&*#/ )+*A 6*%- 4 )(%4?&$% 4#; 4 )(A&#&$% @(+$@(.%&1(
%-(+( &$ #* *1(++&;&#B .4%(B*+&.4? *6V(.%&*# 4B4&#$% 6+&#B&#B
@+(L&A@?4#%4%&*# (A6+2*$ &#%* (_&$%(#.( )*+ &#$%+'A(#%4? '$(J
") %-( +($(4+.- .4##*% 6( .*#;'.%(; '$&#B $@4+( (A6+2*$ 4#; &%$
&A@*+%4#.( )*+ -'A4# -(4?%- &$ 6(2*#; ;*'6%/ I( 6(?&(1( %-(
.+(4%&*# *) (A6+2*$ $@(.&[.4??2 )*+ +($(4+.- &$ A*+4??2
V'$%&[(; $'6V(.% %* %-( +(X'&+(; **.2%($ 6(&#B *6%4&#(; &# 4
A*+4??2 $*'#; I42J
;%9&7- #8 %9,"($,.%&7 7)#'&'<
G4# %-(+4@('%&. .?*#&#B 6( A*+4??2 4..(@%46?(j H-( @+&#.&@?(
*) @+*@*+%&*#4?&%2/ %-( $?&@@(+2 $?*@(/ 4#; %-( @+&#.&@?( *)
$'6$&;&4+&%2 (#%(+ %-( ;(64%( 4B4&#/ 6'% &# 4 $?&B-%?2 ;&))(+(#%
I42J
!"#$#"%&#'()&%*
"% &$ ;*'6%)'? I-(%-(+ %-( @+&#.&@?( *) @+*@*+%&*#4?&%2 @+*1&;($
4 .*#1&#.&#B 4L@+&*+& *6V(.%&*# 4B4&#$% %-(+4@('%&. .?*#&#BJ ") &%
&$ .*#$&;(+(; 4..(@%46?( %* .+(4%( (A6+2*$ )*+ +($(4+.- 4&A(;
4% &A@+*1&#B baH P)+((\&#B *) **.2%($W "Y3 *) **.2%($/
(%.pR/ %-(# &% &$ &#.*#$&$%(#% %* +(V(.% %-(+4@('%&. .?*#&#B
6()*+(-4#; 4$ 6(&#B ;&$@+*@*+%&*#4?J 3426( (1(# $*A(
*@@*#(#%$ *) .+(4%&#B (A6+2*$ )*+ %-( &A@+*1(A(#% *) baH
.4# .*#;&%&*#4??2 4..(@% %-(+4@('%&. .?*#&#B 6(.4'$( *) %-(
&A@*+%4#% -(4?%- &#%(+($%$ *) @4%&(#%$J
+)&$$,"*=-)#$,
b .*#$(X'(#%&4?&$% *6V(.%&*# P)4$-&*#(; 4$ 4 T$?&@@(+2L$?*@(U
4+B'A(#%R &$ %-4% %-(+4@('%&. .?*#&#B I&?? &#(1&%46?2 ?(4; %*
+(@+*;'.%&1( .?*#&#BJ H-&$ *6V(.%&*# &$ #*% .*#1&#.&#BW &)
+(@+*;'.%&1( .?*#&#B &$ .4%(B*+&.4??2 '#4..(@%46?( P%-( ;(64%(
*# %-&$ &$$'( &$ $%&?? *#B*&#BR/ &% &$ +(4$*#46?( %* @+*-&6&% %-&$
$@(.&[. %(.-#*?*B2/ 4#; #*% %* 64# *%-(+/ #*#L+(@+*;'.%&1(/
4@@?&.4%&*#$ *) .?*#&#BJ b $(.*#; *6V(.%&*# %-4% .*'?; 6( +4&$(;
&# %-&$ .*#%(_% &$ %-4% %-( .+(4%&*# *) (A6+2*$ %-+*'B- .?*#&#B
)*+ %-( &$*?4%&*# *) $%(A .(??$ .*'?; &# %-( ?*#B %(+A 6( '$(; %*
V'$%&)2 %-( &#&%&4%&*# *) @+(B#4#.2 )+*A %-($( (A6+2*$ 4#; %-(&+
7dC
'$( $&A@?2 4$ 4 1(-&.?( )*+ B(#(+4%&#B $')[.&(#% .(??$ *) %-(
+(X'&+(; %2@( )*+ %+4#$@?4#%4%&*#W %-( @+(B#4#.2 I*'?; 6(
&#%(++'@%(; %-( A*A(#% %-( 4@@+*@+&4%( ;(1(?*@A(#%4? $%4B(
I4$ +(4.-(; P=4#\4 "* +,J/ 8998RJ a(?(14#% X'($%&*#$ -(+( 4+(M
&$ %-&$ 4 +(4?&$%&. $.(#4+&* &# %-( -'A4# P*+ V'$% $.&(#.( [.%&*#R/
I*'?; &% 6( '#4..(@%46?(/ 4#; &$ &% '#41*&;46?(j
"# %(+A$ *) 6(&#B 4 +(4?&$%&. A(4#$ *) B(#(+4%&#B B(#(%&.4??2
&;(#%&.4? P)(%4?R %&$$'( )*+ %+4#$@?4#%4%&*#/ &% .*'?; %-(*+(%&.4??2
6( 4# *@%&*#/ 6'% I-(%-(+ &% I*'?; 4.%'4??2 6( '$()'? I*'?;
;(@(#; *# %-( 4?%(+#4%&1($ 414&?46?( 4% %-( %&A( %+4#$@?4#%4%&*#
%(.-#&X'($ %-(A$(?1($ -41( 6((# @(+)(.%(; %* .?&#&.4? 4@@?&.L
46&?&%2 P$(( 6(?*IRJ
"# %(+A$ *) A*+4? 4..(@%46&?&%2/ A*$% @(*@?( I*'?; .*#$&;(+
@+(B#4#.2L4#;L46*+%&*#L)*+L%+4#$@?4#%4%&*# %* 6( )4+ A*+(
;&)[.'?% %* V'$%&)2 %-4# %-( .+(4%&*# *) @+(L&A@?4#%4%&*#
(A6+2*$ )*+ &#$%+'A(#%4? '$( 30 :3*&%/ [+$%?2 6(.4'$( *) %-(
-&B-(+ A*+4? $%4%'$O$2A6*?&. 14?'( *) %-( )(%'$/ 4#; $(.*#;?2
6(.4'$( *) %-( $&B#&[.4#%?2 B+(4%(+ 6'+;(# *) @+(B#4#.2L4#;L
46*+%&*#L)*+L%+4#$@?4#%4%&*# )*+ I*A(#J P:( e(+% "* +,J/ 8998R
K1(# %-*'B- A4#2 .*'#%+&($ ;* )*+6&; @+(B#4#.2L)*+L%+4#$L
@?4#%4%&*#/ &% -4$ 6((# 4+B'(; %-4% &% .*'?; 6( A*+4??2 V'$%&[(;
4$ 4 ?4$% +($*+%/ *# %-( 64$&$ %-4% $4.+&[.&#B 4 )(%'$ P4 @*%(#%&4?
@(+$*#R A42 6( V'$%&[(; &# *+;(+ %* +($.'( %-( ?&)( *) 4 @(+$*#J
Z&#4??2/ &# $.+'%&#&$&#B %-( $?&@@(+2 $?*@( 4+B'A(#%/ &% &$
&A@*+%4#% %* 4$$($$ I-(%-(+ &#$%+'A(#%4? '$( *) @+(L&A@?4#%L
4%&*# (A6+2*$ A4^($ @+(B#4#.2L)*+L46*+%&*# '#41*&;46?(J
bB4&#/ %-( 4@@4+(#% 4'%*A4%&$A &$ ;&$@'%46?(M &) I( +(V(.%
@+(B#4#.2L)*+L46*+%&*# 4$ 6(&#B '#4..(@%46?(/ I( .4# .*#%&#'(
&%$ @+*-&6&%&*#J
H4^&#B %-($( @*&#%$ )*+ 4#; 4B4&#$% %*B(%-(+/ %-( $?&@@(+2
$?*@( 4+B'A(#% ;*($ #*% @+*1&;( 4 .*#1&#.&#B 64$&$ )*+
64##&#B %-(+4@('%&. .?*#&#BJ
+./-&0&("&%*
H-(+4@('%&. .?*#&#B .4# *#?2 6( A*+4??2 4..(@%46?( &) %-(+( 4+(
#* B**; 4?%(+#4%&1($J "% &$ &A@*+%4#% %* #*%( %-4% %-(+4@('%&.
.?*#&#B (*&32*. ("0(. &$ #*% ?&^(?2 %* 6( $-*+%L%(+A @+*$@(.%J
b@4+% )+*A '#$*?1(; %(.-#&.4? ;&)[.'?%&($ I&%- #'.?(4+ %+4#$)(+
&%$(?) &# -'A4# **.2%($ PG&6(??& "* +,J/ 8998R/ A'.- 64$&.
+($(4+.- &$ $%&?? #((;(; %* ;(%(+A&#( I-(%-(+ %-( ;&))(+(#%&4%&*#
*) -KQ .(??$ .4# 6( .*#%+*??(; 4#; $')[.&(#% .(?? #'A6(+$
B(#(+4%(; %* 6( 4 '$()'? %-(+4@2J H-&$ +($(4+.- .4# 6( ;*#(
I&%- $@4+( "YZ (A6+2*$J "# %-&$ ?&B-%/ .+(4%&*# *) (A6+2*$ )*+
%-(+4@('%&. .?*#&#B &$/ &# *'+ *@&#&*#/ @+(A4%'+(J b?%-*'B.+&%&.$ *) %-&$ @*&#% *) 1&(I .*'?; '$( *'+ *I# 4+B'A(#% %-4%
;(?42 &# %-( ;(1(?*@A(#% *) +($(4+.- .?*#&#B .*'?;/ V'$% 4$ 4
A*+4%*+&'A *# -KQ .(?? &$*?4%&*# 4#; +($(4+.-/ -41( #(B4%&1(
.*#$(X'(#.($ )*+ @4%&(#%$/ %-( (1&;(#.( $'BB($%$ %-4% )'+%-(+
*@%&A&\4%&*# *) %-( %(.-#*?*B2 4$ $'.- .*'?; %4^( @?4.( &#
4#&A4?$J e( 6(?&(1( %-4% %-( ;'+4%&*# *) 4#2 T;(?42U &# *))(+&#B
%-(+4@2 %* @4%&(#%$ I*'?; #*% %-(# 6( *) +(4? $&B#&[.4#.(J
b% %-( $4A( %&A(/ +($(4+.- *# @*%(#%&4? 4?%(+#4%&1($ )*+
%-(+4@('%&. .?*#&#B/ I-&.- ?&^(I&$( 41*&; P*+ 4% ?(4$% +(;'.(R
%-( @+*6?(A *) +(V(.%&*# 6'% I-&.- ;* #*% &#1*?1( %-( .+(4%&*#
*) -'A4# (A6+2*$ )*+ &#$%+'A(#%4? '$(/ $-*'?; 6( $%&A'?4%(;J
Z*+ %-( .*A@4+4%&1( (%-&.4? 4#4?2$&$/ &% &$ 4B4&# &A@*+%4#% %*
41*&; %-( @&%)4?? *) *#(L;&A(#$&*#4?&%2J 5*$$&6?( 4?%(+#4%&1(
*@%&*#$ &#.?';(M P&R %-( '$( *) 4;'?% .(??$/ 6*%- $%(A .(??$ 4#;
%&'() *'+,-.)/0 12*' 0*3314 ,*1*(,05 *25/01 ()7 8.3/0-
;&))(+(#%&4%(; .(??$W P&&R A4^&#B *@%&A4? '$( *) $@4+( (A6+2*$M
(A6+2*L64#^$ 4#; &AA'#*L%*?(+4#.( 4#; P&&&R %-( '$( *)
(#%&%&($ I&%- 4# '#;(%(+A&#(; $%4%'$M T-26+&;$U 4#; T@4+%-(L
#*%($UJ
<'.,* 2",,(
b;'?% %&$$'( &$ 4 @*%(#%&4? $*'+.( *) %I* 4?%(+#4%&1($M $%(A .(??$/
I-&.- A42 6( &#;'.(; %* %+4#$;&))(+(#%&4%( 62 (_%+4.(??'?4+
$&B#4?$/ 4#; $*A4%&. .(??$ P#'.?(&R I-&.- +(X'&+( ;&+(.%
+(@+*B+4AA&#B $&B#4?$/ )*+ (_4A@?( )+*A 4# **.2%( 4)%(+
#'.?(4+ %+4#$)(+/ %* 4;*@% 4 #(I )4%(J ,*%- $*'+.($ I&??/
-*I(1(+/ +(X'&+( $'6$%4#%&4? +($(4+.- %* 6(.*A( +(4?&$%&.
4?%(+#4%&1($J 0#%&? &% -4$ 6((# $-*I# %-4% 4;'?% $%(A .(??$ 4%
$*A( @*&#% +(L(_@+($$ KQ .(?? A4+^(+$ I( I&?? #(1(+ ^#*I &)
%+4#$;&))(+(#%&4%&*# *+ ;&+(.% +(@+*B+4AA&#B 4+( %-( $4A( *+
#*%J
Z*+ ;&+(.% +(@+*B+4AA&#B *) $*A4%&. #'.?(&/ #(I A(%-*;$
A42 6( ;(1(?*@(; I-&.- ;* #*% +(X'&+( #'.?(4+ %+4#$)(+ %*
**.2%( .2%*@?4$AJ K_4A@?($ *) .'++(#% I*+^ &# %-&$ 4+(4
&#.?';( %-( $%';2 *) .(??'?4+ -26+&;$ ;(+&1(; )+*A %-( )'$&*# *)
P(A6+2*#&.R $%(A .(??$ I&%- $*A4%&. *+ 4;'?% $%(A .(??$
PQ'+4#&/ 899!W H(+4;4 "* +,J/ 8998W n&#B "* +,J/ 8998RJ b#
'#;(+$%4#;&#B *) %-( 64$&. A(.-4#&$A$ '#;(+?2&#B +(@+*B+4AL
A&#B &$ 4?+(4;2 6(&#B '#;(+%4^(# &# A&.(/ .4%%?( 4#; $-((@ 4#;
&#;((;/ %-( .+(4%&*# *) T:*??2U +(L&#&%&4%(; 4 I41( *) +($(4+.- &#
#'.?(4+ +(@+*B+4AA&#B &# A4AA4?$J H-( '?%&A4%( 4&A *) %-&$
+($(4+.- &# %-( .*#%(_% *) .(?? %+4#$@?4#%4%&*# %-(+4@2 I*'?; 6(
.-(A&.4??2L&#;'.(; #'.?(4+ +(L@+*B+4AA&#B &# %-( %($%L%'6( %*
;(+&1( %-( +(X'&+(; .(?? %2@(/ *61&4%&#B %-( #(.($$&%2 )*+
%-(+4@('%&. .?*#&#B 4?%*B(%-(+J Z&+$% (1&;(#.( %-4% %-&$ A&B-% 6(
)(4$&6?( ;(A*#$%+4%(; ;&+(.% +(@+*B+4AA&#B *) [6+*6?4$%$ %*
#('+4? .(??$ 4#; HL.(??$ &# .'?%'+( 62 %(A@*+4+2 @(+A(46&?&\4L
%&*# *) %-( [6+*6?4$%$ %* 4??*I %-(A %* %4^( '@ (_%+4.%$ *) #('+4?
4#; HL.(??$/ +($@(.%&1(?2 P<4^(?&(# "* +,J/ 8998RJ "# %-&$ $(#$(/
%-(+4@('%&. .?*#&#B A42 6( +(B4+;(;/ @(+-4@$/ 4$ 4 %(A@*+4+2
*@%&*#W &# %-( ?*#B %(+A &% I&?? 6( +(@?4.(; 62 4 ;&+(.%
+(@+*B+4AA&#B 4?%(+#4%&1(J
a($(4+.- *# ;&+(.% +(@+*B+4AA&#B *) 4;'?% $*A4%&. #'.?(&
A42 '?%&A4%(?2 +(X'&+( %-( .+(4%&*# *) -'A4# (A6+2*$ )*+
&#$%+'A(#%4? '$(J "# 1&(I *) %-( &A@*+%4#.( *) %-&$ +($(4+.-/
6*%- &# %(+A$ *) %-( .*#%+&6'%&*# %* %-( ;(1(?*@A(#% *) .(??
%-(+4@2 4#; %-( @*%(#%&4? '?%&A4%(?2 %* +(;'.( %-( &#$%+'A(#%4?
'$( *) -'A4# (A6+2*$ 62 ;(1(?*@&#B 4# 4?%(+#4%&1( )*+
%-(+4@('%&. .?*#&#B/ %-&$ +($(4+.- I*'?; #* ;*'6% 4?$* A((% %-(
@+&#.&@?( *) @+*@*+%&*#4?&%2J
=/*36+, .(" %4 (/+&" "68&#%(
Y4+&*'$ $%+4%(B&($ $-*'?; 6( .*#$&;(+(;J Z&+$%?2/ %-( B(#(+4%&*#
*) 4 64#^ *) -KQ .(?? ?&#($ )+*A 4 I&;( $@(.%+'A *) B(#*%2@($
&$ +(X'&+(; %* 6( 46?( %* *))(+ 4 +(4$*#46?( %&$$'( A4%.- )*+
(1(+2 @4%&(#% +(X'&+&#B 4 .(??'?4+ %+4#$@?4#%J K$%&A4%($ *) %-(
#'A6(+ *) &#;(@(#;(#% .(?? ?&#($ %-4% I*'?; 4.%'4??2 6(
+(X'&+(; )*+ %-&$ 14+2 B+(4%?2/ )+*A 4 )(I -'#;+(; %* $(1(+4?
%-*'$4#;J Q'.- 4 64#^ &$ 4?+(4;2 6(&#B ;&$.'$$(; &# %-( 0] 6'%
.*'?; '?%&A4%(?2 6( ($%46?&$-(; 4$ 4 K'+*@(4# +($*'+.(J
<*I(1(+/ (1(# 1(+2 B**; %&$$'( A4%.-($ 6(%I((# ;*#*+ 4#;
+(.&@&(#% +(X'&+( $*A( ;(B+(( *) &AA'#*$'@@+($$&1( %-(+4@2/
I-&.- -4$ ?*#B %(+A #(B4%&1( $&;(L())(.%$ )*+ @4%&(#%$/
&#.?';&#B &#.+(4$(; +&$^ *) %'A*+&B(#($&$
Q(.*#;?2/ %-(+( $-*'?; 6( )'+%-(+ ;(1(?*@A(#% 4#; 4@@?&.4L
%&*# *) T&AA'#*%*?(+4#.(U A(%-*;*?*B2J H-&$ A42 6( @4+%&.'L
?4+?2 '$()'? &# .*A6&#4%&*# I&%- A4%.-&#B )+*A 4# -KQ .(??
64#^J H-( *6$(+14%&*# %-4% @4%&(#%$ +(.(&1&#B 6*#( A4++*I
%+4#$@?4#%$ 4+( A*+( &AA'#*%*?(+4#% %* *%-(+ %&$$'( %+4#$@?4#L
%4%&*# )+*A %-( $4A( ;*#*+ -41( ?(; %* %-( $'BB($%&*# %-4%
&AA'#*%*?(+4#.( A42 4?$* 6( &#;'.(; 62 &#&%&4? &#V(.%&*# *)
-KQL;(+&1(; -4(A4%*@*&(%&. .(??$ )*??*I(; 62 %-( .(?? %2@( *)
&#%(+($% ;(+&1(; )+*A %-( $4A( -KQ .(?? ?&#( P]4')A4# "* +,J/
899!RJ H-( %+4#$@?4#% A42 %-(# 6( %*?(+4%(; I&%-*'% 6(&#B
B(#(%&.4??2 &;(#%&.4?/ 4#; ?*I(+ ;*$($ *+ #* &AA'#*$'@@+($L
$&1($ +(X'&+(;J H-( .*A6&#4%&*# *) T#(4+ A4%.-U I&%&AA'#*%*?(+4#.( &$ @+*646?2 4 @+*A&$&#B *@%&*#J
Z*+ .(+%4&# B(#(%&.4??2 64$(; ;&$(4$($/ 4'%*?*B*'$ %+4#$L
@?4#%4%&*# A42 #*% 4?I42$ 6( 4@@+*@+&4%( $&#.( %-( %+4#$@?4#%(;
%&$$'( I&?? 6(4+ %-( $4A( B(#(%&. ;()(.%J "AA'#*%*?(+4#.( -KQ
.(?? $%+4%(B&($ A42 %-(# 6( 4 @4+%&.'?4+?2 4%%+4.%&1( *+ %-( *#?2
*@%&*#J Q-*'?; %-( $'..($$ +4%($ 6( 1(+2 -&B-/ %-(# 4%%(A@%$ %*
.+(4%( B(#(%&.4??2 &;(#%&.4? %+4#$@?4#%46?( %&$$'( A42 6(.*A(
$'@(+q'*'$/ #*% *#?2 )*+ %-($(/ 6'% )*+ 4?? @4%&(#%$J ")/ -*I(1(+/
&% I*+^$ &A@(+)(.%?2 *+ *#?2 )*+ $*A( @4%&(#%$/ %-(# %-(+4@('%&.
.?*#&#B A42 I(?? +(A4&# 4# &A@*+%4#% *@%&*# )*+ %-( A4V*+&%2
*) 4?? *%-(+ @4%&(#%$J
>&"+*309 "0*3*3"( $3*? +0 .0'"@0"' (*+*.(
Y4+&*'$ 4?%(+#4%&1( *@%&*#$ +4&$( .?4$$&[.4%&*# @+*6?(A$/
4$ %-( (#%&%&($ .+(4%(; %* *6%4&# .(??$ -41( 4# '#;([#(;
$%4%'$J Z&+$%?2/ %+4#$@?4#%&#B %-( $*A4%&. #'.?('$ *) 4 @4%&(#%
&#%* 4# (#'.?(4%(; 4#&A4? **.2%(J H-( ?*B&. 6(-&#; %-&$
14+&4#% *) %-(+4@('%&. .?*#&#B &$ %I*)*?;M *#(/ 4$$'A&#B %-4%
%-( T'#&%$U %-'$ .+(4%(; 4+( #*% -'A4# (A6+2*$ 6(.4'$( *#?2
%-(&+ #'.?(4+ 6'% #*% A&%*.-*#;+&4? :>b &$ -'A4#/
4;1*.4%($ *) %-&$ $%+4%(B2 4+B'( %-4% &% .&+.'A1(#%$ %-(
.*#%+*1(+$&4? &$$'( *) %-( &#$%+'A(#%4? '$( *) -'A4# (A6+2*$J
HI*/ 4 %(.-#&.4? 4;14#%4B( *) %-&$ 4@@+*4.- I*'?; 6( %-4%
@?(#%2 *) 4#&A4? **.2%($ I*'?; 6( 414&?46?(W %-( )(A&#&$%
*6V(.%&*# %* .+(4%&#B -'A4# (A6+2*$ )*+ +($(4+.- I*'?;/ *)
.*'+$(/ #*% 4@@?2J
"% &$ #*% 2(% ^#*I# I-(%-(+ %-&$ &$ 4 $.&(#%&[.4??2 +(4?&$%&.
*@%&*# PI-(%-(+ -KQ .(??$ .4# 6( ())(.%&1(?2 *6%4&#(; )*??*IL
&#B %-&$ 4@@+*4.-RJ b#&A4? +($(4+.- -4$ $* )4+ 6((# ?&A&%(; 4#;
#*% B(#(+4??2 $'..($$)'? P,4++&(#%*$ "* +,J/ !``CW 899!RW
@*?2A*+@-&. &#%(+$@(.&($ ;&))(+(#.($ &# A&%*.-*#;+&4? :>b
4+( %-*'B-% %* A4^( $'.- +(.*#$%+'.%(; \2B*%($ #*#L1&46?( *+
@+*#( %* A4V*+ ;(1(?*@A(#%4? 46#*+A4?&%&($J H-(+( 4+( -*IL
(1(+/ '#14?&;4%(; +(@*+%$ *) $'..($$)'? 4@@?&.4%&*#$ *) %-(
%(.-#&X'( &# G-&#4J H-( :*#4?;$*# G*AA&%%(( 4;1*.4%(; 4
64# *# %-&$ 4@@+*4.-/ 6'% I&%-*'% 4#2 4+B'A(#%4%&*# PQ%(A
G(?? a($(4+.-/ 8999RJ <*I(1(+/ &) %-&$ I(+( 4 +(4?&$%&. *@%&*#
$.&(#%&[.4??2/ %-(# I( 6(?&(1( %-4% %-( &$$'($ &#1*?1(; ;($(+1(
)'+%-(+ (%-&.4? ;&$.'$$&*#J H-( A4V*+ X'($%&*#$ %-4% $-*'?; 6(
4;;+($$(; &#.?';(M &$ %-( +&$^ 4..(@%46?(j b$ )*+ _(#*%+4#$L
@?4#%4%&*#/ %-(+( &$ 4?$* -(+( %-( +&$^ *) .+*$$L$@(.&($ &#)(.%&*#/
4?%-*'B- %-&$ A42 6( (_%+(A(?2 $A4??/ 6(.4'$( %-( #'.?(4+
:>b *) %-( 4#&A4?/ I-&.- A42 -4+6*'+ 1&+'$($/ &$ +(A*1(;
)+*A %-( **.2%(J "$ &% +(4$*#46?( %* 4+B'( %-4% %-&$ T4+%&[.&4?
7d`
9G7* :*,2 4#; =G>&''*,-
.*A6&#4%&*#U $-*'?; #*% 6( .*#$&;(+(; (X'&14?(#% %* 4 -'A4#
(A6+2*j Q&#.( %-( (#%&+( #'.?(4+ :>b &$ -'A4#/ %-( +(.*#L
$%+'.%(; .*A6&#4%&*# $-*'?;/ I( %-&#^/ 6( +(B4+;(; 4$ 4 -'A4#
(A6+2*J H-( @+*.(;'+( $-*'?; %-'$ #*% 6( @+($(#%(; 4$ 4#
T(A6+2* $41&#BU 14+&4#% *) %-(+4@('%&. .?*#&#BJ <*I(1(+/ *#?2
)'+%-(+ &#L'%(+* +($(4+.- I&%- +(.*#$%+'.%(; 4#&A4? (A6+2*$/
)*+ (_4A@?( (A6+2*$ .+(4%(; 62 %+4#$@?4#%&#B %-( $*A4%&.
#'.?('$ *) 4 +4% &#%* 4# (#'.?(4%(; A*'$( **.2%(/ I&?? @+*1&;( 4
A*+( ;([#&%&1( 4#$I(+J Z&#4??2M &#L1&%+* +($(4+.- A42 I(??
$-*I %-4% (A6+2*$ *6%4&#(; 62 %+4#$@?4#%&#B 4 -'A4# $*A4%&.
#'.?('$ &#%* 4# (#'.?(4%(; 4#&A4? **.2%( 4+( #*#L1&46?( P?&^(
@4+%-(#*%($/ $(( 6(?*IRJ H-( A*+4? $%4%'$ *) #*#L1&46?( @+(L
&A@?4#%4%&*# (A6+2*$/ 4#; A*+( @4+%&.'?4+?2/ %-( X'($%&*# 4$ %*
I-(%-(+ %-( .*#;&%&*#$ )*+ +($(4+.- '$&#B #*#L1&46?( (A6+2*$
A42 6( A*+( @(+A&$$&1( %-4# %-( .*#;&%&*#$ )*+ '$&#B 1&46?(
(A6+2*$/ #((;$ )'+%-(+ ;(64%( P$(( (4+?&(+RJ
b $(.*#; *@%&*# A42 6( %-( B(#(+4%&*# *) @4+%-(#*B(#(%&.
(A6+2*$ )*+ %-( &$*?4%&*# *) -KQ .(?? ?&#($J <(+(/ 4#
'#)(+%&?&\(; P-4@?*&;R **.2%( &$ %+(4%(; .-(A&.4??2 $'.- %-4% &%
6(.*A($ ;&@?*&;/ I&%- %I* &;(#%&.4? $(%$ *) %-( A4%(+#4?
.-+*A*$*A($J H-($( '#&@4+(#%4? (A6+2*$ 4+( 62 ;([#&%&*#
B2#*B(#(%&. 4#; #(1(+ +($'?% &# 1&46?( *))$@+&#B/ 6(.4'$( %-(2
)4&? %* B(#(+4%( (_%+4L(A6+2*#&. %&$$'($J >(1(+%-(?($$/ &# A&.(
P$(( ,*(;&*#* "* +,J/ !```R 4#; &# 4@($ PG&6(??& "* +,J/ 8998R/
@4+%-(#*%($ -41( 6((# $-*I# %* ;(1(?*@ %* %-( 6?4$%*.2$% $%4B(
4#; 2&(?; .(?? ?&#($ I&%- @+*@(+%&($ #*% ;&$%&#B'&$-46?( )+*A KQ
.(??$ ;(+&1(; )+*A )(+%&?&\(; **.2%($J <*I(1(+/ &# 1&(I *) %-(
)4.% %-4% $*A( B(#($ 4+( B(#*A&.4??2 &A@+&#%(;/ $'.- %-4% %-(2
4+( (_@+($$(; *#?2 &) &#-(+&%(; 1&4 %-( A4?( B(+A ?&#(/ KQ .(??$
;(+&1(; )+*A @4+%-(#*%($ A42 I(?? 6( 46#*+A4?J Z&+$% 4%%(A@%$
4% @4+%-(#*B(#($&$ &# -'A4#$ -41( #*% 2&(?;(; -KQ .(?? ?&#($
PG&6(??& "* +,J/ 8998RJ "% &$ &A@*+%4#% %* +(4?&$( %-4% $'.- -KQ .(??
?&#($/ &) ;(1(?*@(; &# -'A4#$/ I*'?; *#?2 @+*1&;( 4 %&$$'(
A4%.- )*+ %-( **.2%( ;*#*+/ &J(J I*A(# *) +(@+*;'.%&1( 4B(J
b?%-*'B- &% -4$ 6((# $@(.'?4%(; %-4% %I* $(%$ *) A4?(
.-+*A*$*A($ .*'?; 4?$* 6( '$(; &# @4+%-(#*%($/ %-(+( &$ #*
(1&;(#.( %-4% %-&$ &$ 4 +(4? *@%&*#J
G&6(??& 4#; .*??(4B'($ -41( +()(++(; %* @4+%-(#*B(#($&$ 4$
.?*#&#BJ e-(%-(+ %-&$ &$ .*++(.% ;(@(#;$ *# %-( %&A&#B *)
@4+%-(#*B(#($&$M &) &#&%&4%(; 6()*+( %-( [+$% .*A@?(%( A(&*%&.
;&1&$&*#/ %-(# %-( @+*.(;'+( 4A*'#%$ %* .?*#&#B P%-( $4A(
B(#*%2@( 4$ %-( )(A4?(RW &) 4)%(+ %-( [+$% A(&*%&. ;&1&$&*# P&(
+(.*A6&#4%&*# 4#; ?*$$ *) -4?)R %-(# &% &$ #*% .?*#&#BJ "# %-&$
?&B-%/ %-( (_@(+&A(#%$ *) G&6(??& "* +,J P8998R I*'?; #*% X'4?&)2
4$ .?*#&#B &# %-( $%+&.% $(#$(J
Q*A( I&?? .(+%4&#?2 4+B'( %-4% %-( @4+%-(#*%( &$ #*% 4#
(A6+2*W @4+%-(#*B(#($&$ I*'?; %-(# 6( .?4$$&[(; 4$ 4#
T(A6+2*L$41&#BU $%+4%(B2J b$ %-( @4+%-(#*%( '#;(+B*($ %-(
[+$% ;&1&$&*#$ #*+A4??2 4#; &$ 4% %-($( $%4B($ #*% ;&$%&#B'&$-L
46?( )+*A (A6+2*$ ;(+&1(; 62 #*+A4? )(+%&?&\4%&*#/ I( I*'?;
4+B'( %-4% &% $-*'?; 6( +(B4+;(; 4$ 4 #*#L1&46?( (A6+2*J "# %-(
?&B-% *) &%$ #*#L1&46&?&%2/ %-( @*%(#%&4?&%2 4+B'A(#% &$ #*%
4@@?&.46?(J H-( A*+4? $%4%'$ *) @4+%-(#*%($ A42 %-(+()*+( 6(
+(B4+;(; 4$ 1(+2 ?*I/ ?*I(+ (1(# %-4# %-4% *) #*+A4? 1&46?(
(A6+2*$ 4% %-( $4A( $%4B( P$(( (4+?&(+RJ H-'$/ 4?%-*'B- #*% 4#
T(A6+2*L$41&#B 4?%(+#4%&1(U/ 4?? *%-(+ %-&#B$ 6(&#B (X'4?/
@4+%-(#*B(#($&$ A42 6( +(B4+;(; 4$ (%-&.4??2 @+()(+46?( %*
%-( B(#(+4%&*# *) 1&46?( (A6+2*$ 62 )(+%&?&\4%&*# *+ #'.?(4+
7C9
%+4#$)(+ P)*+ &#$%+'A(#%4? '$(RJ "# 4;;+($$&#B %-( X'($%&*# *)
I-(%-(+ %-&$ +($(4+.- &$ @+(A4%'+( B&1(# %-( .'++(#% ?4.^ *)
@+**) %-4% -'A4# KQ .(??$ 4+( .?&#&.4??2 '$()'? 4$ 4 $*'+.( *)
%+4#$@?4#%46?( .(??$/ %-( ?*I(+ A*+4? $%4%'$ *) @4+%-(#*%($
$-*'?; 6( %4^(# &#%* 4..*'#%J
=.)03&1/.)1 ()7 ,*0.''*)7(2/.)1
a(B4+;&#B A*+4? V';B(A(#%$ 4$ 4 TX'4$& $%46?( (X'&?&6+&'AU &$
@4+%&.'?4+?2 4@@+*@+&4%( I-(# 4@@?&(; %* %-( (%-&.$ *) &$*?4%&#B
-KQ .(??$ )*+ +($(4+.- &#%* .(?? +(@?4.(A(#% %-(+4@2J Q%(A .(??
+($(4+.- &$ -&B-?2 ;2#4A&./ I&%- A4#2 X'($%&*#$ 4#;
T'#^#*I#$UJ >(I &#$&B-%$ &#%* %-( ())(.%&1(#($$/ +&$^$ 4#;
'$()'?#($$ *) %-( 14+&*'$ 4?%(+#4%&1($ A42 -41( &AA(;&4%(
.*#$(X'(#.($ )*+ %-( (%-&.4? (14?'4%&*# *) %-( &$*?4%&*# *) -KQ
.(??$J
H-( $%4%'$ *) %-( @+(L&A@?4#%4%&*# (A6+2* &$ %-( A*$%
$(#$&%&1( 4#; ;&$@'%(; @*&#% &# %-( ;(64%( *# &$*?4%&*# *) -KQ
.(??$ )*+ +($(4+.-J H-( ;*A&#4#% 1&(I &# (%-&.$/ -*I(1(+/ &$
%-4% %-( A*+4? $%4%'$ *) %-( @+(L&A@?4#%4%&*# (A6+2* &$
+(?4%&1(?2 ?*I 4#; %-4% %-( &#$%+'A(#%4? '$( *) %-($( (A6+2*$
.4# 6( A*+4??2 V'$%&[(; '#;(+ $*A( .*#;&%&*#$J
H-( A*+4? $%4%'$ *) #*#L1&46?( @+(L&A@?4#%4%&*# (A6+2*$ &$
?*I(+ %-4# %-( A*+4? $%4%'$ *) 1&46?( @+(L&A@?4#%4%&*# (A6+2*$J
H-( @+(.&$( &A@?&.4%&*#$ *) %-&$ ;&))(+(#.( &# A*+4? $%4%'$ )*+
%-( +(B'?4%&*# *) %-( &#$%+'A(#%4? '$( *) (A6+2*$ #((; )'+%-(+
(%-&.4? $.+'%&#2J
,*%- %-( @+&#.&@?( *) @+*@*+%&*#4?&%2 4#; 4 @(+A&$$&1(
&#%(+@+(%4%&*# *) %-( @+&#.&@?( *) $'6$&;&4+&%2/ A4^( 4 A*+4%*+L
&'A *# %-( &$*?4%&*# *) -KQ .(??$ '#V'$%&[(;J
54+4??(? +($(4+.- *# 4?%(+#4%&1($ &$ &A@*+%4#% 4#; +(X'&+($
A4V*+ $'@@*+%J a($(4+.- *# -KQ .(??$ .4# @+*1&;( 4# &A@*+%4#%
&A@(%'$ &# %-&$ .*#%(_%J
H-( A*+4? ;&))(+(#.( 6(%I((# +($(4+.- *# $'+@?'$ (A6+2*$
4#; %-( .+(4%&*# *) (A6+2*$ )*+ +($(4+.- &$ *#?2 B+4;'4?J b
.*A@?(%( 64# *# .+(4%&#B (A6+2*$ )*+ &#$%+'A(#%4? '$( &#
+($(4+.- &$ A*+4??2 '#V'$%&[(;J
b .4%(B*+&.4? 64# *# +($(4+.- *# -'A4# %-(+4@('%&. .?*#&#B
&$ #*% V'$%&[(;/ 4?%-*'B- %-( .+(4%&*# *) (A6+2*$ 62 .?*#&#B )*+
%-( &$*?4%&*# *) -KQ .(??$ &$/ 4% %-( @+($(#% %&A(/ @+(A4%'+(J H-(
#(.($$4+2 +($(4+.- .4# .'++(#%?2 6( .4++&(; *'% '$&#B 4#&A4?
(A6+2*$ 4#; $'+@?'$ -'A4# "YZ (A6+2*$J
a($(4+.- &#%* @*%(#%&4? 4?%(+#4%&1($ )*+ %-(+4@('%&. .?*#&#B/
I-&.- ;*($ #*% +(X'&+( -'A4# (A6+2*$ *+ I-&.- +(X'&+($ *#?2
%-( '$( *) $@4+( (A6+2*$/ $-*'?; 6( $%&A'?4%(;J
,4##&#B %-( %+4#$@?4#%4%&*# *) 4 -'A4# $*A4%&. #'.?('$ %*
4# 4#&A4? **.2%( P4$ 4 14+&4#% *) %-(+4@('%&. .?*#&#BR &$
@+(A4%'+( 4#; A*+4??2 '#V'$%&[(;J
H-( X'($%&*# I-(%-(+ %-(+4@('%&. .?*#&#B $-*'?; 6( 4??*I(;/
6(.*A($ 4.'%( &) +($(4+.- I&%- $@4+( (A6+2*$ $'BB($%$ %-4%
'$46?( %+4#$@?4#%$ .4# 6( *6%4&#(; 30 :3*&% )+*A -KQ .(??$ 4#; &)
%-( @*$$&6?( 4?%(+#4%&1($ )*+ %-(+4@('%&. .?*#&#B 4+( ?($$
@+*A&$&#B *+ #((; A*+( %&A( )*+ ;(1(?*@A(#% %-4# &$ .'++(#%?2
(_@(.%(;J "# %-4% .4$(/ %-(+4@('%&. .?*#&#B .4# 6( A*+4??2
V'$%&[(; *# %-( 64$&$ *) 6*%- %-( @+&#.&@?( *) @+*@*+%&*#4?&%2
4#; %-( @+&#.&@?( *) $'6$&;&4+&%2J
%&'() *'+,-.)/0 12*' 0*3314 ,*1*(,05 *25/01 ()7 8.3/0-
X0Y).K3*7F*'*)21
e( 4+( B+4%()'? %* :+$ ]J=4I$*# 4#; fJc(+4(;%$ )*+ .*AA(#%$ *# %-(
A4#'$.+&@%J
O*A*,*)0*1
b?&^4#&/ 3J 4#; e&??4;$(#/ QJ3J P8998R <'A4# 6?4$%*.2$%$ )+*A 4BB+(B4%(;
A*#*L#'.?(4%(; .(??$ *) %I* *+ A*+( #*#L1&46?( \2B*%(L;(+&1(; (A6+2*$J
7"/&%'A B3%6"'A =0,30"/ Z/ E7mECJ
b#;(+$*#/ :JfJ/ c4B(/ ZJ<J 4#; e(&$$A4#/ "J=J P899!R G4# $%(A .(??$ .+*$$
?&#(4B( 6*'#;4+&($j C+*A D"'A/ T/ D`DmD`EJ
,4++&(#%*$/ bJ/ ](#2*#/ =J 4#; 3*+4($/ GJHJ P!``CR <'A4# _(#*L
A&%*.-*#;+&4? .26+&;$J G(??'?4+ A*;(?$ *) A&%*.-*#;+&4? .*A@?(_ "
;([.&(#.2J EA B3%,A >?"6A/ ?T</ !F8!9m!F8!dJ
,4++&(#%*$/ bJ/ 3'??(+/ QJ/ :(2/ aJ/ e(&#6(+B/ fJ 4#; 3*+4($/ GJHJ P8999R
G2%*.-+*A( . *_&;4$( 4$$(A6?2 &# @+&A4%($ &$ $(#$&%&1( %* $A4??
(1*?'%&*#4+2 14+&4%&*#$ &# 4A&#* 4.&; $(X'(#.(J D%,A B3%,A -:%,A/ ;T/
!E9Cm!E!`J
,*(;&*#*/ bJ/ Q'\'^&/ HJ/ =&/ =JnJ 4#; c*;^(/ abJ P!```RJ S))$@+&#B 6*+#
)+*A .-&A(+4$ +(.*#$%+'.%(; )+*A @4+%-(#*B(#(%&. 4#; &# 1&%+* )(+%&?&\(;
6*1&#( (A6+2*$J D%,A 7"/&%'A F":A/ Z</!E`m!d9J
,V*+#$*#/ GJaJ/ a&(%\(/ aJ=J/ a(2#*?;$/ ,JbJ/ 34B?&/ 3JGJ 4#; Y($.*1&/ bJ=J
P!```R H'+#&#B 6+4&# &#%* 6?**;M 4 -(A4%*@*&(%&. )4%( 4;*@%(; 62 4;'?%
#('+4? $%(A .(??$ &# 1&1*J 123"02"/ ?Q</ EDFmEDdJ
,?4'/ <J3J/ ,+4\(?%*#/ HJaJ 4#; e(&A4##/ fJ3J P899!R H-( (1*?1&#B .*#.(@%
*) 4 $%(A .(??J K#%&%2 *) )'#.%&*#j >",,/ ;VZ/ C8`mCF!J
,+4\(?%*#/ HJaJ/ a*$$&/ ZJ3J/ ]($-(%/ cJ"J 4#; ,?4'/ <J3J P8999R Z+*A
A4++*I %* 6+4&#M (_@+($$&*# *) #('+*#4? @-(#*%2@($ &# 4;'?% A&.(J 123"02"/
?[V/ !ddEm!dd`J
G&6(??&/ fJ,J/ c+4#%/ ]JbJ/ G-4@A4#/ ]J,J/ G'##&))/ ]J/ e*+$%/ HJ/ c+((#/ <J=J/
e4?^(+/ QJfJ/ c'%&#/ 5J<J/ Y&?#(+/ =J/ H464+/ YJ "* +,J P8998R 54+%-(#*B(#(%&.
$%(A .(??$ &# #*#-'A4# @+&A4%($J 123"02"/ ?[Z/ C!`J
G?4+^(/ :J=J/ f*-4#$$*#/ GJ,J/ e&?6(+%\/ fJ/ Y(+($$/ ,J/ >&?$$*#/ KJ/
]4+?$%+*A/ <J/ =(#;4-?/ 0J 4#; Z+&$(#/ fJ P8999R c(#(+4?&\(; @*%(#%&4? *)
4;'?% #('+4? $%(A .(??$J 123"02"/ ?QQ/ !EE`m!E7!J
G*'#.&? *) K'+*@( P!``7R G*#1(#%&*# *# <'A4# a&B-%$ 4#; ,&*A(;&.&#(J
Q%+4$6'+BJ
:( e(+%/ cJ/ ,(+B-A4#$/ aJ/ ,*(+/ cJfJ/ b#;(+$(#/ QJ/ ,+4A64%&/ ,J/ G4+14?-*/
bJQJ/ :&(+&.^_/ ]J3J/ K??&$%*#/ QJ/ >'#(\/ 5J/ S$$I4?;/ eJ "* +,J P8998R
K%-&.4? B'&;4#.( *# -'A4# (A6+2*#&. 4#; )(%4? %&$$'( %+4#$@?4#%4%&*#M b
K'+*@(4# *1(+1&(IJ D"'AG 5"+,*? >+&" +0' H?3,%(%/?#/ Z/ d`m`9J
K;&%*+&4? P8998R C+*.&"J
K'+*@(4# Q.&(#.( Z*'#;4%&*# P899!R <'A4# $%(A .(?? +($(4+.-M $.&(#%&[.
'#.(+%4&#%&($ 4#; (%-&.4? ;&?(AA4$J -.&%/"+0 123"02" ;%.0'+*3%0 H%,32#
B&3"@09/ !FJ
Z(++4+&/ cJ/ G'$(??4L:( b#B(?&$/ cJ/ G*?(%%4/ 3J/ 54*?'..&/ KJ/ Q%*+#4&'*?*/ bJ/
G*$$'/ cJ 4#; 341&?&*/ ZJ P!``CR 3'$.?( +(B(#(+4%&*# 62 6*#( A4++*IL
;(+&1(; A2*B(#&. @+*B(#&%*+$J 123"02"/ ?T[/ !E8Cm!ED9J
Z'.-$/ KJ 4#; Q(B+(/ fJbJ P8999R Q%(A .(??$M 4 #(I ?(4$( *# ?&)(J >",,/ ;VV/
!FDm!EEJ
c4??&/ aJ/ ,*+(??*/ 0J/ c+&%%&/ bJ/ 3&#4$&/ 3JcJ/ ,V*+#$*#/ GJ/ G*?(%%4/ 3J/
3*+4/ 3J/ :( b#B(?&$/ 3JcJ/ Z&*..*/ aJ/ G*$$'/ cJ "* +,J P8999R Q^(?(%4?
A2*B(#&. @*%(#%&4? *) -'A4# 4#; A*'$( #('+4? $%(A .(??$J C+*A C".&%(23A/
</ `C7m``!J
<4^(?&(#/ bJ3J/ =4#;$1(+^/ <J,J/ a*6?/ fJ3J/ Q^4??-(BB/ ,JQJ 4#; G*??4$/ 5J
P8998R a(@+*B+4AA&#B [6+*6?4$%$ %* (_@+($$ HL.(?? )'#.%&*#$ '$&#B .(??
(_%+4.%$J C+*A B3%*"2?0%,A/ ?V/ F79mF77J
<4#$(#/ fLKJQJ P8998R KA6+2*#&. $%(A .(?? @+*;'.%&*# %-+*'B- %-(+4@('%&.
.?*#&#B -4$ )(I(+ (%-&.4? @+*6?(A$ %-4# $%(A .(?? -4+1($% )+*A $'+@?'$ "YZ
(A6+2*$J EA D"'A -*?32(/ ?Q/ C7mCCJ
<'A4# Z(+%&?&$4%&*# 4#; KA6+2*?*B2 b.% P!``9R <ZKb/ =*#;*#
<'+$%-*'$(/ aJ P!`CdR B"9300309 ,3:"(J ,?4.^I(??/ S_)*+;J
f4.^$*#/ ]JbJ/ 34V^4/ QJ3J/ e4#B/ <J/ 5*.&'$/ fJ/ <4+%?(2/ GJfJ/ 34V($^2/
3JeJ/ K#%A4#/ 3J=J/ 3&.-4(?/ =J<J/ <&+$.-&/ ]J]J 4#; c**;(??/ 3JbJ
P899!R a(B(#(+4%&*# *) &$.-(A&. .4+;&4. A'$.?( 4#; 14$.'?4+ (#;*%-(?&'A
62 4;'?% $%(A .(??$J EA >,30A I0:"(*A/ ;VT/ !D`Em!F98J
f&4#B/ nJ/ f4-4B&+;4+/ ,J>J/ a(&#-4+;%/ aJ=J/ Q.-I4+%\/ aJKJ/ ]((#(/ GJ:J/
S+%&\Lc*#\4?(\/ iJaJ/ a(2($/ 3J/ =(#1&^/ HJ/ ='#;/ HJ/ ,?4.^$%4;/ 3J "* +,J
P8998R 5?'+&@*%(#.2 *) A($(#.-2A4? $%(A .(??$ ;(+&1(; )+*A 4;'?% 6*#(
A4++*IJ C+*.&"/ R;Q/ F!mF`J
]4')A4#/ :JQJ/ <4#$*#/ KJHJ/ =(I&$/ aJ=J/ b'(+64.-/ aJ 4#; H-*A$*#/ fJbJ
P899!R <(A4%*@*&(%&. .*?*#2 )*+A&#B .(??$ ;(+&1(; -'A4# (A6+2*#&. $%(A
.(??$J H&%2A C+*, <2+'A 123A J1</ [Q/ !9d!7m!9d8!J
](??(+/ cJ 4#; Q#*;B+4$$/ <JaJ P!```R <'A4# (A6+2*#&. $%(A .(??$M H-(
)'%'+( &$ #*IJ C+*A D"'A/ Z/ !E!m!E8J
]&($$?&#B/ bJ P899!R "# %-( $%(AL.(?? ;(64%(/ #(I .*#.(@%$ #((; #(I I*+;$J
C+*.&"/ R;</ FEDJ
]&A/ fL<J/ b'(+64.-/fJ3J/ a*;+&B'(\Lc*A(\/ fJbJ/ Y(?4$.*/ "Jc41&#/ :J/
='A(?$^2/>J/ =((/ QL<J/ >B'2(#/fJ/ Q4#.-(\L5(+#4'%(/ aJ/ ,4#^&(I&.\/ ]J
4#; 3.]42/ aJ P8998R :*@4A&#( #('+*#$ ;(+&1(; )+*A (A6+2*#&. $%(A
.(??$ )'#.%&*# &# 4# 4#&A4? A*;(? *) 54+^&#$*#"$ ;&$(4$(J C+*.&"/ R;Q/ E9LE7
]*#;\&*?^4/ :J/ e(.-$?(+/ =J/ c*?;$%(&#/ QJ/ 3(?%\(+/ GJ/ H-'?6*+#/ ]JaJ/
c(6(?/ fJ/ f4##(%%4/ 5J/ :(G($4+(/ QJ/ K?;(+/ KJ3J/ 3.c+*B4#/ 3J "* +,J
P8999RJ K&+0(/,+0*+*3%0 *) .'?%'+(; -'A4# #('+*#4? .(??$ )*+ @4%&(#%$ I&%$%+*^(J C".&%,%9#/ ZZ/ E7EmE7`J
]+4'$(/ :JQJ/ H-(&$(/ >J:J/ G*??(.%*+/ 3J"J/ <(#(B4+&'/ SJ/ <I4#B/ QJ/
c4+;#(+/ aJ/ >('%\(?/ QJ 4#; Q-4+^&$/ QJfJP899!R 3'?%&L*+B4#/ A'?%&L?&#(4B(
(#B+4)%A(#% 62 4 $&#B?( 6*#( A4++*IL;(+&1(; $%(A .(??J >",,/ ;VZ/ D7`mDddJ
=4B4$$(/ KJ/ G*##*+$/ <J/ b?L:-4?&A2/ 3J/ a(&%$A4/ 3J/ :*-$(/ 3J/
S$6*+#(/ =J/ e4#B/ iJ/ Z&#(B*?;/ 3J/ e(&$$A4#/ "J=J 4#; c+*A@(/ 3J
P8999R 5'+&[(; -(A4%*@*&(%&. $%(A .(??$ .4# ;&))(+(#%&4%( &#%* -(@4%*.2%($
&# 1&1*J C+*A D"'3230"/ S/ !88`m!8DFJ
=4#\4/ a5J/ G-'#B/ <JnJ/ n**/ fJfJ/ e(%%$%(&#/ 5JfJ/ ,?4.^I(??/ GJ/ ,*+$*#/ >J/
<*)A(&$%(+/ KJ/ Q.-'.-/ cJ/ Q*^(+/ QJ/ 3*+4($/ GJHJ "* +,JP8998R c(#(+4%&*#
*) -&$%*.*A@4%&6?( %&$$'($ '$&#B #'.?(4+ %+4#$@?4#%4%&*#J C+*.&" B3%*"2?J/
4;14#.( *#?&#( @'6?&.4%&*# :S"M !9J!9DCO#6%d9DJ
=4#\(#;*+)/ QJKJ/ ,*2;/ GJbJ/ e+&B-%/ :J=J/ 3'4$-(+/ QJ/ S(-#&#B(+/ QJ 4#;
<*;B(#/ cJ:J P899!R 0$( *) -'A4# B4A(%($ *6%4&#(; )+*A 4#*#2A*'$
;*#*+$ )*+ %-( @+*;'.%&*# *) -'A4# (A6+2*#&. $%(A .(?? ?&#($J ;"&*3,A
1*"&3,A/ TS/ !D8m!DdJ
3.c((/ cJ 4#; G4@?4#/ bJ P!```R H-( (%-&.$ 4#; @*?&%&.$ *) $A4?? $4.+&[.($ &#
$%(A .(?? +($(4+.-J !"00"'# I0(*3*.*" %4 -*?32( EA/ [/ !E!m!ECJ
3.]42/ aJ P!``dR Q%(A .(??$ &# %-( .(#%+4? #(+1*'$ $2$%(AJ 123"02"/ ?TS/
77md!J
3(\(2/ KJ/ G-4#;+*$$/ ]JfJ/ <4+%4/ cJ/ 34^&/ aJbJ 4#; 3.](+.-(+/ QJaJ P8999R
H'+#&#B 6?**; &#%* 6+4&#M .(??$ 6(4+&#B #('+*#4? 4#%&B(#$ B(#(+4%(; &# 1&1*
)+*A 6*#( A4++*IJ 123"02"/ ?[V/ !dd`m!dC8J
>4B2/ bJ/ a*$$4#%/ fJ/ >4B2/ aJ/ b6+4A*IL>(I(+?2/ eJ 4#; a*;(+/ fJGJ
P!``DR :(+&14%&*# *) .*A@?(%(?2 .(?? .'?%'+(L;(+&1(; A&.( )+*A (4+?2L
@4$$4B( (A6+2*#&. $%(A .(??$J H&%2A C+*, <2+'A 123A J1</ [V/ CF8FmCF8CJ
>bQ P8998R ,*4+; *# =&)( Q.&J/ >4%&*#4? a($(4+.- G*'#.&? 4#; ,*4+; *#
>('+*$.&(#.( 4#; ,(-41&*'+4? <(4?%-/ "#$%&%'%( *) 3(;&.&#(J Q%(A .(??$ 4#;
)'%'+( *) +(B(#(+4%&1( A(;&.&#(J >4%&*#4? b.4;(A2 5+($$J IIIJ#4@J(;'O
6**^$O9D9`9d7D9dO-%A?J
>')[(?; G*'#.&? *# ,&*(%-&.$ P8999RJ Q%(A G(?? H-(+4@2M %-( (%-&.4? &$$'($J b
;&$.'$$&*# @4@(+J b@+&?/ 8999J
S+?&./ :J/ ]4V$%'+4/ fJ/ G-&A(#%&/ QJ/ f4^*#&'^/ "J/ b#;(+$*#/ QJ3J/ =&/ ,J/
5&.^(?/ fJ/ 3.]42/ aJ/ >4;4?Lc&#4+;/ ,J/ ,*;&#(/ :J3J "* +,J P899!R ,*#(
A4++*I .(??$ +(B(#(+4%( &#)4+.%(; A2*.4+;&'AJ C+*.&"/ RV;/ d9!md9EJ
54$$&(+/ aJ 4#; 3'AA(+2/ GJ= P899DR H-( *+&B&# 4#; '$( *) (A6+2*#&. 4#;
4;'?% $%(A .(??$ &# ;&))(+(#%&4%&*# 4#; %&$$'( +(@4&+M +(1&(I &# Q@*%?&B-% "$$'(
*# G(?? K&+0(/,+0*+*3%0 4#; Q%(A .(??$ &# %-( G4+;&*14$.'?4+ $2$%(AJ
>+&'3%:+(2A 7"(A/ &# @+($$J
5(%(+$(#/ ,JKJ/ ,*I(#/ eJGJ/ 54%+(#(/ ]J:J/ 34+$ /eJ3J/ Q'??&14#/ bJ]J/
3'+4$(/ >J/ ,*BB$/ QJQJ/ c+((#6(+B(+/ fJQJ 4#; c*))/ fJ5J P!```R ,*#(
A4++*I 4$ 4 @*%(#%&4? $*'+.( *) -(@4%&. *14? .(??$J 123"02"/ ?QR/ !!7Cm!!d9J
5&%%(#B(+/ 3JZJ/ 34.^42/ bJ3J/ ,(.^/ QJGJ/ f4&$I4?/ aJ]J/ :*'B?4$/ aJ/ 3*$.4/
fJ:J/ 3**+A4#/ 3JbJ/ Q&A*#(%%&/ :JeJ/ G+4&B/ QJ 4#; 34+$-4^/ :JaJ P!```R
3'?%&?&#(4B( @*%(#%&4? *) 4;'?% -'A4# A($(#.-2A4? $%(A .(??$J 123"02"/
?QR/ !FDm!FdJ
a42A*#;/ fJcJ P!`CdR Z(%4?&$%$ 4#; )(A&#&$%$M %-(2 4+( #*% %-( $4A(J "#
Q@4??*#(/ 5J 4#; Q%(&#6(+B :J=J P(;$R/ D+'" *% =&'"&) K?" D#*? %4
7"/&%'.2*3:" +0' L"0"*32 H&%9&"((A 5(+B4A*# 5+($$/ S_)*+;/ @@J ECm7EJ
a('6&#*))/ ,JKJ/ 5(+4/ 3JZJ/ Z*#B/ GJnJ/ H+*'#$*#/ bJ 4#; ,*#B$*/ bJ P8999R
KA6+2*#&. $%(A .(?? ?&#($ )+*A -'A4# 6?4$%*.2$%$M $*A4%&. ;&))(+(#%&4%&*#
&# 1&%+*J C+*.&" B3%*"2?0%,A/ ;Q/ D``mF9FJ
a('6&#*))/ ,JKJ/ "%$2^$*#/ 5J/ H'+(%$^2/ HJ/ 5(+4/ 3JZJ/ a(&#-4+%\/ KJ/ "%\&^/ bJ
4#; ,(#L<'+/ HJ P899!R >('+4? @+*B(#&%*+$ )+*A -'A4# (A6+2*#&. $%(A
.(??$J C+*.&" B3%*"2?0%,A/ ;[/ !!DFm!!F9J
a(2($/ 3J 4#; Y(+)4&??&(/ GJ3J P899!R G-4+4.%(+&\4%&*# *) A'?%&@*%(#% 4;'?%
@+*B(#&%*+ .(??$/ 4 $'6@*@'?4%&*# *) A($(#.-2A4? $%(A .(??$J <00A CAMA
<2+'A 123A/ [<Q/ 8D!m8DDJ
Q4#.-(\La4A*$/ fJ/ Q*#B/ QJ/ G4+;*\*L5(?4(\/ ZJ/ <4\\&/ GJ/ Q%(;()*+;/ HJ/
e&??&#B/ bJ/ Z+((A4#/ HJ,J/ Q4@*+%4/ QJ/ f4#$$(#/ eJ/ 54%(?/ >J "* +,J P8999R
b;'?% 6*#( A4++*I $%+*A4? .(??$ ;&))(+(#%&4%( &#%* #('+4? .(??$ &# 1&%+*J -N/A
C".&%,A/ ;SR/ 8Fdm8E7J
Q.-I4+%\/ aJKJ/ a(2($/ 3J/ ]**;&(/ =J/ ,?4.^$+4;/ 3J/ ='#;/ HJ/ =(#1&^/ HJ/
7C!
9G7* :*,2 4#; =G>&''*,f*-#$*#/ QJ/ <'/ eL<J 4#; Y(+)4&??&(/ GJ P8998R 3'?%&@*%(#% 4;'?%
@+*B(#&%*+ .(??$ )+*A 6*#( A4++*I ;&))(+(#%&4%( &#%* )'#.%&*#4?
-(@4%*.2%(L?&^( .(??$J EA >,30A I0:"(*A/ ;V[/ !8`!mD98J
Q-4A6?*%%/ 3JfJ/ b_(?A4#/ fJ/ e4#B/ QJ/ ,'BB/ KJ3J/ =&%%?([(?;/ fJeJ/
:*#*14#/ 5JfJ/ ,?'A(#%-4?/ 5J:J/ <'BB&#$/ cJaJ 4#; c(4+-4+%/ fJ:J P!``CR
:(+&14%&*# *) @?'+&@*%(#% $%(A .(??$ )+*A .'?%'+(; -'A4# @+&A*+;&4? B(+A
.(??$J H&%2A C+*, <2+'A 123A J1</ [Z/ !Dd87m!DdD!J
Q-4A6?*%%/ 3JfJ/ b_(?A4#/ fJ/ =&%%?([(?;/ fJeJ/ ,?'A(#%-4?/ 5J:J/ <'BB&#$/
cJaJ/ G'& nJ/ G-(#B/ =J 4#; c(4+-4+%/ fJ:J P899!R <'A4# (A6+2*#&. B(+A
.(?? ;(+&14%&1($ (_@+($$ 4 6+*4; +4#B( *) ;(1(?*@A(#%4??2 ;&$%&#.% A4+^(+$
4#; @+*?&)(+4%( (_%(#$&1(?2 &# 1&%+*J H&%2A C+*, <2+'A 123A J1</ [Q/ !!Dm!!CJ
Q@+4;?&#B/ bJ/ :+'AA*#;L,4+6*$4/ :J 4#; ]4&/ HJ P899!R Q%(A .(??$ [#; %-(&+
#&.-(J C+*.&"/ R;R/ `Cm!9FJ
Q%(B-4'$L]*14./ QJ P!```R K%-&.4? ?**@-*?( .?*$&#B '@ )*+ $%(A .(??
+($(4+.-(+$J 123"02"/ ?QS/ D!J
Q%(A G(?? a($(4+.- P8999R D"'32+, /&%9&"(( $3*? &"(/%0(383,3*#A < &"/%&*
4&%6 *?" 2?3"4 6"'32+, %4@2"&O( "N/"&* 9&%./ &":3"$309 *?" /%*"0*3+, %4
'":",%/6"0*( 30 (*"6 2",, &"("+&2? +0' 2",, 0.2,"+& &"/,+2"6"0* *% 8"0"@*
?.6+0 ?"+,*?J :(@4+%A(#% *) <(4?%-/ 0]J
Q%(A .(??$ $-*I %-(&+ A'$.?( P8999RJ K;&%*+&4?J C+*.&" C".&%(23J/ </ `7!J
Q'+4#&/ 3JbJ P899!R a(L@+*B+4AA&#B *) B(#*A( )'#.%&*# %-+*'B- (@&B(#(%&.
&#-(+&%4#.(J C+*.&"/ R;R/ !88m!8CJ
H(+4;4/ >J/ <4A4\4^&/ HJ/ S^4/ 3J/ <*^&/ 3J/ 34$%(+?(+\/ :J3J/ >4^4#*/ nJ/
3(2(+/ KJ3J/ 3*+(?/ =J/ 5(%(+$(#/ ,JKJ 4#; Q.*%%/ KJeJ P8998R ,*#(
A4++*I .(?? 4;*@% %-( @-(#*%2@( *) *%-(+ .(??$ 62 $@*#%4#(*'$ .(?? )'$&*#J
C+*.&"/ R;S/ EF8mEFEJ
H-*A$*#/ fJbJ/ "%$^*1&%\LK?;*+/ fJ/ Q-4@&+*/ QJQJ/ e4^#&%\/ 3JbJ/ QI&(+B&(?/
7C8
fJfJ/ 34+$-4??/ YJQJ 4#; f*#($/ fJ3J P!``CR KA6+2*#&. $%(A .(?? ?&#($
;(+&1(; )+*A -'A4# 6?4$%*.2$%$J 123"02"/ ?Q?/ !!FEm!!FdJ
Y4$%4B/ ,J P899!R 34#2 $42 4;'?% $%(A .(?? +(@*+%$ *1(+@?42(;J E<D</ ?QS/
8`DJ
Y4$%4B/ ,J P8998R >(I 6&*(%-&.$ .*'#.&? *))(+$ #* +(.*AA(#;4%&*#$J E<D</
?QT/ 8`DFm8`DEJ
Y(+)4&??&(/ G3J P8998R <(A4%*@*&(%&. $%(A .(??$ )*+ %+4#$@?4#%4%&*#J EA C+*A
I66.0%,A/ </ D!FmD!dJ
Y*B(?$%(&#/ ,J/ b?6(+%$/ ,J 4#; Q-&#(/ ]J P8998R 5?(4$( ;*#U% .4?? &% .?*#&#Br
123"02"/ ?[Z/ !8DdJ
e4%%/ ZJ3J 4#; <*B4#/ ,J=J P8999R S'% *) K;(#M $%(A .(??$ 4#; %-(&+ #&.-($J
123"02"/ ?QT/ !F8dm!FD9J
e(&$$A4#/ "J=J P8999R Q%(A .(??$M '#&%$ *) ;(1(?*@A(#%/ '#&%$ *) +(B(#(+4%&*#/
4#; '#&%$ &# (1*?'%&*#J >",,/ ;VV/ !Edm!7CJ
i'/ GJ/ "#*^'A4/ 3JQJ/ :(#-4A/ fJ/ c*?;$/ ]J/ ]'#;' /5J/ c*?;/ fJ:J 4#;
G4+@(#%(+/ 3J]J P899!R Z((;(+L)+(( B+*I%- *) '#;&))(+(#%&4%(; -'A4#
(A6+2*#&. $%(A .(??$J C+*.&" B3%*"2?0%,A/ ;[/ `d!m`dFJ
n&#B/ oJ=J/ >&.-*?$/ fJ/ K14#$/ KJ5J 4#; QA&%-/ bJcJ P8998R G-4#B&#B @*%(#.2
62 $@*#%4#(*'$ )'$&*#J C+*.&"/ R;S/ EFEmEFCJ
g-4*/ =JaJ/ :'4#/ eJ3J/ a(2($/ 3J/ ]((#(/ GJ:J/ Y(+)4&??&(/ GJ3J 4#; =*I/
eJGJ P8998RJ <'A4# 6*#( A4++*I $%(A .(??$ (_-&6&% #('+4? @-(#*%2@($ 4#;
4A(?&*+4%( #('+*?*B&.4? ;([.&%$ 4)%(+ B+4)%&#B &#%* %-( &$.-(A&. 6+4&# *) +4%$J
-N/A C".&%,A/ ;TR/ !!m89J
g-4#B/ QJGJ/ e(+#&B/ 3J/ :'#.4#/ "J:J/ ,+'$%?(/ SJ 4#; H-*A$*#/ fJbJP899!R
"# 1&%+* ;&))(+(#%&4%&*# *) %+4#$@?4#%46?( #('+4? @+(.'+$*+$ )+*A -'A4#
(A6+2*#&. $%(A .(??$J C+*A B3%*"2?0%,A/ ;[/ !!8`m!!DDJ